€¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

311
Office for the Coordination of Humanitarian Affairs UNITED NATIONS DISASTER ASSESSMENT AND COORDINATION UNDAC Field Handbook 6th Edition (2013)

Transcript of €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

Page 1: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

Office for the Coordination of Humanitarian Affairs

UNITED NATIONS

DISASTER ASSESSMENT

AND COORDINATION

UNDAC

Field Handbook

6th Edition (2013)

Page 2: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&6& 7(+84&,5&%,)94)9:&

!"#$%&'(&)'*!%*!+&

&

,-%(")%&

&

".&/*!%-*"!/'*"$&012"*/!"-/"*&%2%-3%*)4&-%+,'*+%&(-"2%5'-6&

".7&/89:;<=>9?;8&

".@&!AB&0=CD8?9D:?D8&,:?8>?EFBG&

".H&!AB&18?9B<&*D9?;8G&

& $;1;0&7<4&%<(=94=&,5&9<4&!)>94*&"(9>,):&

& $;1;.&7<4&!)>94*&"(9>,):&?@:94A&

& $;1;1&B4)4=(8&$::4A+8@&C4:,8D9>,)&E6F0G.&

".I&/89B:8D9?;8DF&0=CD8?9D:?D8&-BGE;8GB&2B>AD8?GCG&

& $;E;0&7<4&HA4=34)I@&C48>45&%,,=*>)(9,=&

& $;E;.&7<4&J)94=K$34)I@&?9()*>)3&%,AA>9944&

& $;E;1&L55>I4&5,=&9<4&%,,=*>)(9>,)&,5&'DA()>9(=>()&$55(>=:&

& $;E;E&7<4&C4:>*4)9&%,,=*>)(9,=&

& $;E;M&7<4&'DA()>9(=>()&%,,=*>)(9,=&

& $;E;6&7<4&'DA()>9(=>()&%,D)9=@&74(A&

& $;E;N&7<4&%8D:94=&?@:94A&

& $;E;G&7<4&%4)9=(8&HA4=34)I@&C4:O,):4&PD)*&

& $;E;Q&R,>)9&?9=(943>I&28())>)3&()*&$OO4(8:&

".J&!AB&/"+)&!:D8GK;:CD9?LB&"MB8<D&

& $;M;0&%,)94S9&

& $;M;.&%(943,=>4:&,5&HA4=34)I@&

& $;M;1&7<4&'DA()>9(=>()&2=,3=(AA4&%@I84&

".N&(?BF<&-BGE;8GB&2B>AD8?GCG&

& $;6;0&C,84&()*&$OO=,(I<&,5&9<4&B,T4=)A4)9&

& $;6;.&J)94=)(9>,)(8&'DA()>9(=>()&$::>:9()I4&9,&B,T4=)A4)9:&

& $;6;1&!)>94*&"(9>,):&P>48*&C4:O,):4&?9=DI9D=4:&

".O&0=CD8?9D:?D8&-BGE;8GB&+9DPBA;F<B:G&

& $;N;0&%>T>8&?,I>49@&()*&B,T4=)A4)9&

& $;N;.&'DA()>9(=>()&L=3()>U(9>,):&

& $;N;1&L9<4=&$I9,=:&

&

#.&!0%&1*Q")&)'*)%,!&

#.7&/89:;<=>9?;8&

& V;0;0&%,AO,)4)9:&

& V;0;.&%,)I4O9&

& V;0;1&%,=4&$I9>T>9>4:&

& V;0;E&!"#$%&?9()*(=*&74=A:&,5&C454=4)I4&W7,CX&

#.@&1*Q")&2B9A;<;F;MR&

& V;.;0&7<4&%,=)4=:9,)4:&

#.H&!AB&1*Q")&+RG9BC&

& V;1;0&?@:94A&Y4A+4=:<>O&

#.I&!BDC&2BCSB:GA?E&

& V;E;0&PD)I9>,):&

Page 3: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&6& 7(+84&,5&%,)94)9:&

& V;E;.&ZD(8>5>I(9>,):&()*&7=(>)>)3&

& V;E;1&7<4&[>*4=&!"#$%&"49\,=-&

#.J&1*Q")&,D:98B:G&

#.N&+=EE;:9&2;<=FBG&

&

).&!0%&1*Q")&2/++/'*&)4)$%&

).7&/89:;<=>9?;8&

).@&,:BT2?GG?;8&

& %;.;0&2=4O(=4*)4::&

& %;.;.&Y,+>8>U(9>,)&

& %;.;1&J)>9>(8&28()&,5&$I9>,)&W2,$X&

).H&'8T2?GG?;8&">9?L?9?BG&

& %;1;0&$==>T(8&

& %;1;.&!O*(94&28()&,5&$I9>,)&

& %;1;1&HS4ID9>,)&

& %;1;E&%,):,8>*(9>,)&

).I&2?GG?;8&%8<&

& %;E;0&'()*,T4=&()*&HS>9&

& %;E;.&#4+=>45&

&

Q.&)''-Q/*"!/'*&

Q.7&/89:;<=>9?;8&

& #;0;0&'DA()>9(=>()&%,,=*>)(9>,)&

Q.@&);;:<?8D9?;8&2B9A;<;F;MR&

& #;.;0&%,,=*>)(9>,)&74I<)>]D4:&

& #;.;.&%,,=*>)(9>,)&V(==>4=:&

Q.H&!AB&'+'))&);8>BE9&

& #;1;0&L?L%%&?9=DI9D=4&

& #;1;.&%<4I-8>:9:&5,=&L?L%%&PD)I9>,):&

& #;1;1&L?L%%&?DOO,=9&

& #;1;E&%,,=*>)(9>,)&Y449>)3:&()*&?4=T>I4:&

& #;1;M&C4I4O9>,)&#4O(=9D=4&%4)9=4&WC#%X&

& #;1;6&!=+()&?4(=I<&()*&C4:ID4&W!?$CX&%,,=*>)(9>,)&

& & #;1;6;0&!?$C&$::4::A4)9:&

& & #;1;6;.&#4A,+>8>U(9>,)&,5&!?$C&74(A:&

& #;1;N&L?L%%&>)&^4T48&1&HA4=34)I>4:&

Q.I&/89B:T)F=G9B:&);;:<?8D9?;8&

Q.J&)?L?F&2?F?9D:R&);;:<?8D9?;8&

& #;M;0&!"#$%&()*&!"K%Y%,,=*&

& #;M;.&!"#$%&7J2?&

& #;M;1&L9<4=&LO4=(9>,)(8&!"K%Y%,,=*&J::D4:&9,&%,):>*4=&

& #;M;E&!"K%Y%,,=*&C454=4)I4:&

&

%.&"++%++2%*!&

%.7&"GGBGGCB89G&

& H;0;0&J)9=,*DI9>,)&

Page 4: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&6& 7(+84&,5&%,)94)9:&

& H;0;.&%<(884)34:&

& H;0;1&Y(>)&2=>)I>O84:&

& H;0;E&J)*>I(9,=:&

& H;0;M&_4@&J::D4:&

%.@&!AB&2=F9?T)F=G9B:U+B>9;:&/8?9?DF&-DE?<&"GGBGGCB89&

& H;.;0&7<4&YJC$&%,)I4O9&

& H;.;.&YJC$&L+`4I9>T4:a&2<(:4:&()*&2=,*DI9:&

%.H&!AB&1*Q")&!BDC&D8<&9AB&2/-"&

%.I&!AB&2/-"&,:;>BGG&

& H;E;0&LT4=T>4\&

& H;E;.&J)>9>(9>)3&9<4&YJC$&

& H;E;1&!)*4=9(->)3&9<4&?4I,)*(=@&#(9(&$)(8@:>:&

& H;E;E&!)*4=9(->)3&9<4&%,AAD)>9@&^4T48&$::4::A4)9&

& H;E;M&%,)*DI9>)3&9<4&P>)(8&J)94=K?4I9,=(8&$)(8@:>:&()*&#494=A>)>)3&2=>,=>9@&"44*:&

%.J&2/-"&'=9E=9G&

& H;M;0&?>9D(9>,)(8&$)(8@:>:&W2<(:4&0X&

& H;M;.&YJC$&C4O,=9&W2<(:4&.X&

%.N&!AB&"GGBGGCB89&-BM?G9:R&

%.O&"<<?9?;8DF&-BD<?8M&

&

(.&/*('-2"!/'*&2"*"3%2%*!&

(.7&/89:;<=>9?;8&

(.@&/8K;:CD9?;8&2D8DMBCB89&?8&9AB&1*Q")&2?GG?;8&)R>FB&

& P;.;0&2=4KY>::>,)&

& P;.;.&L)KY>::>,)&$I9>T>9>4:&

& P;.;1&Y>::>,)&H)*&

(.H&/8K;:CD9?;8&2D8DMBCB89&,:;>BGG&

& P;1;0&#(9(&%,884I9>,)&

& P;1;.&2=,I4::>)3b&%,88(9>)3&()*&?9=DI9D=>)3&

& P;1;1&$)(8@:>:&()*&HT(8D(9>,)&

& & P;1;1;0&LD9OD9:&5=,A&$)(8@:>:b&LT4=T>4\&

& & P;1;1;.&LD9OD9:&5=,A&$)(8@:>:b&7<4&!"#$%&?>9D(9>,)&C4O,=9&

& & P;1;1;1&LD9OD9:&5=,A&$)(8@:>:b&L9<4=&2=,*DI9:&

& P;1;E&B4,3=(O<>I(8&J)5,=A(9>,)&?4=T>I4:&WBJ?X&

& P;1;M&#>::4A>)(9>,)&

& & P;1;M;0&%,,=*>)(9>,)FJ)5,=A(9>,)&Y449>)3:&

& & P;1;M;.&7<4&L?L%%&

& & P;1;M;1&H84I9=,)>I&#>::4A>)(9>,)&7,,8:&

& & P;1;M;E&%,)9(I9&\>9<&Y4*>(&

& & P;1;M;M&?,I>(8&Y4*>(&

(.I&);89D>9&V?9A&')0"&0BD<W=D:9B:G&

&

3.&Q/+"+!%-&$'3/+!/)+&

3.7&/89:;<=>9?;8&

3.@&'LB:L?BV&

3.H&$;M?G9?>G&-;FBG&D8<&-BGE;8G?S?F?9?BG&

Page 5: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&E&,5&6& 7(+84&,5&%,)94)9:&

& B;1;0&7<4&!)>94*&"(9>,):&

& B;1;.&"(9>,)(8&$D9<,=>9>4:&

3.I&,FD88?8M&D&$;M?G9?>G&,:;M:DCCB&

& B;E;0&7<4&28())>)3&2=,I4::&

& B;E;.&?9=DI9D=>)3&9<4&^,3>:9>I:&LO4=(9>,)&

& B;E;1&2=,ID=4A4)9&

& B;E;E&#>:9=>+D9>,)&

& B;E;M&Y()(3>)3&^,3>:9>I:&J)5,=A(9>,)&

3.J&!AB&$;M?G9?>G&)F=G9B:&

&

0.&+"(%!4&"*Q&+%)1-/!4&

0.7&/89:;<=>9?;8&

0.@&18?9B<&*D9?;8G&+B>=:?9R&2D8DMBCB89&+RG9BC&

0.H&+B>=:?9R&-?GP&2D8DMBCB89&

& ';1;0&7<4&?4ID=>9@&C>:-&$::4::A4)9&

& ';1;.&Y>)>ADA&LO4=(9>,)&?4ID=>9@&?9()*(=*:&

& ';1;1&#494=A>)>)3&$II4O9(+84&C>:-&

0.I&+B>=:?9RT-BFD9B<&-BGE;8G?S?F?9?BGX&1*Q")&!BDC&$BD<B:&

0.J&+B>=:?9RT-BFD9B<&-BGE;8G?S?F?9?BGX&1*Q")&!BDC&2BCSB:G&

0.N&+9DR?8M&0BDF9AR&;8&2?GG?;8&

& ';6;0&2=4K#4O8,@A4)9&

& ';6;.&#D=>)3&9<4&Y>::>,)&

& ';6;1&$594=&9<4&Y>::>,)&

0.O&(;;<&D8<&5D9B:&

& ';N;0&P,,*&

& ';N;.&[(94=&

& ';N;1&Y()(3>)3&#>(==<,4(&

0.Y&2D8DM?8M&2?GG?;8&+9:BGG&

& ';G;0&%DAD8(9>T4&?9=4::&

& ';G;.&%=>9>I(8&J)I>*4)9&?9=4::&

0.Z&2B<?>DF&%CB:MB8>?BG&D8<&(?:G9&"?<&

&

/.&+1-[/[/*3&/*&1*/\1%&)$/2"!%&"*Q&!%--"/*&-%3/'*+&

/.7&/89:;<=>9?;8&

/.@&)F?CD9B&D8<&!B::D?8&];8BG&

/.H&+=:L?LDF&?8&,;FD:&-BM?;8G&

& J;1;0&7=(T48&()*&"(T>3(9>,)&

& J;1;.&%8,9<>)3&

& J;1;1&P,,9\4(=&

& J;1;E&?<4894=&

& J;1;M&P>=4&

& J;1;6&[(94=&

& J;1;N&'4(89<&

/.I&+=:L?LDF&D9&0?MA&"F9?9=<BG&

& J;E;0&H554I9:&,5&'>3<&$89>9D*4&,)&'DA():&

& J;E;.&?D=T>T>)3&>)&^,\&74AO4=(9D=4:&

Page 6: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&M&,5&6& 7(+84&,5&%,)94)9:&

/.J&+=:L?LDF&?8&!:;E?>DF&-BM?;8G&

& J;M;0&7@O4:&,5&7=,O>I(8&C43>,):&

& J;M;.&?<4894=&

& J;M;1&P,,*&()*&[(94=&

& J;M;E&J):4I9:F$)>A(8:&

& J;M;M&7=(T48&

& J;M;6&"(T>3(9>,)&

& J;M;N&'4(89<&

/.N&+=:L?LDF&?8&QBGB:9&-BM?;8G&

& J;6;0&#4:4=9&P4(9D=4:&

& J;6;.&%8>A(94&

& J;6;1&[(94=&

& J;6;E&?<4894=&()*&[(94=&

& J;6;M&%8,9<>)3&

& J;6;6&P,,*&

& J;6;N&'4(89<&

& J;6;G&#=>T>)3&

&

^.&!%$%)'221*/)"!/'*+&"*Q&!%)0*/)"$&%\1/,2%*!&

^.7&/89:;<=>9?;8&

^.@&,A;8BG&D8<&QD9D&

& R;.;0&'()*<48*&?(9488>94&7484O<,)4:&

& R;.;.&?(9488>94&#(9(&74=A>)(8:&

& R;.;1&24=:,)(8&^(O9,O:&

& R;.;E&Y,+>84&2<,)4:&

^.H&-D<?;G&

& R;1;0&C(*>,&?@:94A:&

& R;1;.&B4)4=(8&C(*>,&2=,I4*D=4:&

& R;1;1&C(*>,&74=A>),8,3@&

& R;1;E&?9=DI9D=>)3&7=():A>::>,):&

& R;1;M&?9()*(=*&!)>94*&"(9>,):&%(88&?>3):&

^.I&3F;SDF&,;G?9?;8?8M&+RG9BC&_3,+`&

& R;E;0&%,884I9>)3&#(9(&

& R;E;.&%,,=*>)(94:&()*&#(9DA:&

& R;E;1&[(@O,>)9:&()*&7=(I-:&

&

].&"**%a%+&"*Q&-%(%-%*)%&2"!%-/"$&

].7&);8LB:G?;8&!DSFBG&_/CEB:?DF&D8<&2B9:?>&2BDG=:BCB89G`&

].@&)AD:D>9B:?G9?>G&;K&"?:>:DK9&);CC;8FR&1GB<&Q=:?8M&%CB:MB8>?BG&

].H&)AD:D>9B:?G9?>G&;K&0BF?>;E9B:G&);CC;8FR&1GB<&Q=:?8M&%CB:MB8>?BG&

].I&"?:>:DK9&$;D<?8M&D8<&'KKF;D<?8M&2B9A;<G&

].J&">:;8RCG&

].N&,A;8B9?>&"FEADSB9&

].O&+BFB>9?8M&+?9BG&K;:&9AB&'+'))&D8<&#DGB&)DCE&

].Y&3=?<B&K;:&1*Q")&!BDC&$BD<B:G&

].Z&!AB&2/-"&(:DCBV;:P&

Page 7: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&6& 7(+84&,5&%,)94)9:&

].7b&+B>9;:DF&/8<?>D9;:G&K;:&%CB:MB8>R&,ADGB&"GGBGGCB89G&

].77&+;=:>BG&;K&+B>;8<D:R&/8K;:CD9?;8&

].7@&/*+"-"3&D8<&1+"-&)FDGG?K?>D9?;8&

].7H&(;:B?M8&2B<?>DF&!BDCG&_(2!G`X&)FDGG?K?>D9?;8&D8<&2?8?C=C&+9D8<D:<G&

Page 8: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&

!"#$%&#&

'()*+,-.)/+(0)+0)12034(,5++60777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777708!

3+90)+0&+()4.)0:&3%077777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777770;!

'()*+,-.)/+(0)+0)12034(,5++60

894&!):;4*&"(;:,)<&#:<(<;46&$<<4<<=4);&()*&%,,6*:)(;:,)&>!"#$%?&'()*+,,-&:<&:);4)*4*&

(<&()&4(<:@A&(774<<:+@4&645464)74&3B:*4&5,6&=4=+46<&,5&()&!"#$%&;4(=&+45,64&()*&*B6:)3&(&

=:<<:,)&;,&(&*:<(<;46&,6&4=4634)7AC&894&'()*+,,-&:<&),;&()&(B;9,6:;(;:D4&:)<;6B7;:,)E&+B;&

6(;946&64F64<4);<&()&(77B=B@(;:,)&,5&:)<;:;B;:,)(@&=4=,6A&64@(;4*&;,&F6,74<<4<&()*&

F6,74*B64<&5,6&7,,6*:)(;:,)&(<&<44)&:)&;94&<7,F4&,5&;94&!"#$%&G;()*(6*&846=<&,5&

H45464)74C&I;<&5,7B<&:<&,)&;94&J9,K&;,JE&+B;&(@<,&:)7@B*4<&<B55:7:4);&7,);4L;&;,&36,B)*&;94&

B<46&:)&;94&=()*(;4&,5&;94&M55:74&5,6&%,,6*:)(;:,)&,5&'B=():;(6:()&$55(:6<&>M%'$?C&

&

894&'()*+,,-&7,);(:)<&5,B6&=(:)&36,BF:)3<&,5&79(F;46<C&%9(F;46<&$&;96,B39&%&F64<4);&

!"#$%N<&7,);4L;E&=()*(;4&()*&7,64&=4;9,*,@,3AC&%9(F;46<&#&;96,B39&O&F6,D:*4&=,64&:)P

*4F;9&:)5,6=(;:,)&,)&7,64&!"#$%&5B)7;:,)<&Q&%,,6*:)(;:,)&>:)7@B*:)3&!G$H&7,,6*:)(;:,)&

()*&;94&MGM%%?E&$<<4<<=4);&>:)7@B*:)3&;94&RIH$&=4;9,*,@,3A?&()*&I)5,6=(;:,)&

R()(34=4);&>:)7@B*:)3&<:;B(;:,)(@&64F,6;:)3?C&%9(F;46<&S&;96,B39&T&7,D46&:)5,6=(;:,)&

)44*4*&;,&<B774<<5B@@A&()*&<(54@A&F465,6=&!"#$%&(7;:D:;:4<&Q&56,=&:=F@4=4);:)3&<47B6:;A&

=4(<B64<&;,&<B6D:D(@&<-:@@<&()*&;4@47,==B):7(;:,)<C&%9(F;46&U&:<&(&7,@@47;:,)&,5&645464)74&

=(;46:(@<E&:)7@B*:)3&;94&!"#$%&84(=&V4(*46&3B:*4&>UCW?C&$@;9,B39&;94&79(F;46<&(64&K6:;;4)&

(<&<;()*P(@,)4&*,7B=4);<E&;94A&(64&:);4)*4*&;,&+4&64(*&(<&(&K9,@4&(<&;94A&645464)74&

=(;46:(@&(76,<<&79(F;46<C&894&<4XB4)74&,5&79(F;46<&34)46(@@A&5,@@,K<&;94&F6,364<<:,)&,5&

;AF:7(@&!"#$%&=:<<:,)<C&

&

894&!"#$%&'()*+,,-&9(<&+44)&*4D4@,F4*&+A&;94&O:4@*&%,,6*:)(;:,)&GBFF,6;&G47;:,)&>O%GG?&

,5&;94&Y=4634)7A&G46D:74<&Z6()79&>YGZ?&,5&M%'$&K:;9&<BFF,6;&56,=&=4=+46<&,5&;94&

:);46)(;:,)(@&!"#$%&<A<;4=C&I;&*6(K<&,)&<,B674<&,5&:)5,6=(;:,)&56,=&(&K:*4&D(6:4;A&,5&

:);46)(;:,)(@&,63():[(;:,)<&()*&S,D46)=4);<C&O%GG&:<&36(;45B@&5,6&;94<4&7,);6:+B;:,)<&:)&

<BFF,6;&,5&;94&!"#$%&<A<;4=C&&

&

O%GG&:<&5:)()74*&4);:64@A&;96,B39&D,@B);(6A&7,);6:+B;:,)<&56,=&:);464<;4*&S,D46)=4);<C&&

&

$)A&7,==4);<&,)&;94&'()*+,,-&,6&F6,F,<(@<&5,6&:=F6,D4=4);<&<9,B@*&+4&(**64<<4*&;,&

O%GGC&

Page 9: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&1& 2645(74&

3+90)+0&+()4.)0:&3%0

<#=0>:"?0

&

!):;4*&"(;:,)<&'4(*XB(6;46<&<K:;79+,(6*&>:5&-),K)E&*:647;&)B=+46<&;,&M%'$&,55:746<&=(A&

(@<,&+4&B<4*?\&@-*/(A0:BB/.203+-*CD00E80F;8;G0HIJK8;JL&

0

'(0#M2*A2(./2CD0

&

O(7<:=:@4\&]0&>.0.?&^_1P^`W^a010.&

&

84@4L\&]&0^&0b&`/.&000`&

&

Y=(:@\0,79()A643:<;6AcB)C,63&

&

R(:@\&M55:74&5,6&;94&%,,6*:)(;:,)&,5&'B=():;(6:()&$55(:6<&

0&!):;4*&"(;:,)<&2@([(&

"4K&d,6-E&"d&0//0b&

!G$0

0

N#<#O%0

0

!):;4*&"(;:,)<&M55:74&(;&S4)4D(&<K:;79+,(6*&)B=+46&>:5&-),K)E&*:647;&)B=+46<&;,&M%'$&

,55:746<&=(A&(@<,&+4&B<4*?\&@-*/(A0:BB/.203+-*CD00EL80;;0H8P08;JL&

&

'(0#M2*A2(./2CD00EL80;;0H8P0;Q8Q&

&

M%'$PS4)4D(&=(:);(:)<&(&.`P9,B6&*B;A&<A<;4=&1_e&*(A<P(PA4(6C&894&7(@@&:<&6474:D4*&+A&()&

()<K46:)3&<46D:74E&#:3:7(@@E&K9:79&7,)D4A<&;94&=4<<(34&;,&;94&M%'$PS4)4D(&#B;A&M55:746&

K9,&;94)&7(@@<&+(7-C&

&

O(7<:=:@4\&]`0&..&^0b&//.1&

&

84@4L\&]`0&b^&./1&b_00&M%'$&#M&&

&

Y=(:@\&,79(3D(643:<;6AcB)C,63&

&

Page 10: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&1& 2645(74&

R(:@\&!):;4*&"(;:,)<&M55:74&5,6&;94&%,,6*:)(;:,)&,5&'B=():;(6:()&$55(:6<&

2(@(:<&*4<&"(;:,)<&

%'P0.00&S4)4D(&0/&

GK:;[46@()*&

0

R<@%&0M+5/S/T4)/+(04(,0M/CC/+(C&

$)&!"#$%&;4(=&:<&=,+:@:[4*&+A&O%GG&56,=&M%'$PS4)4D(C&#B6:)3&()&!"#$%&=,+:@:[(;:,)&

()*&=:<<:,)&;K,&<4F(6(;4&@:)4<&K:@@&+4&,F4)4*&+A&O%GGE&4L7@B<:D4@A&5,6&7,==B):7(;:,)<&K:;9&

;94&!"#$%&;4(=\&

&

29,)4\&]`0&..&^0b&0_//&

O(7<:=:@4\&]`0&..&^0b&/0^/a/00.&

YP=(:@\&B)*(7f(@46;cB)C,63&0

!

:)12*0U-*U+C2C&

O,6&()A&,;946&FB6F,<4E&,6&K94)&()&!"#$%&;4(=&9(<&),;&+44)&(7;:D(;4*E&O%GG&<9,B@*&+4&

B<4*&(<&;94&F,:);&,5&7,);(7;C&

&

V+/()0#(W/*+(M2()0R(/)&&

$D(:@(+@4&.`&9,B6<P(P*(AE&b&*(A<P(PK44-E&A4(6&6,B)*&;,&=,+:@:[4&(<<:<;()74C&I;&K,6-<&7@,<4@A&

K:;9&;94&,;946&<47;:,)<&56,=&YGZ&()*&K:@@&;(-4&(7;:,)&+(<4*&,)&;94&:)5,6=(;:,)&F6,D:*4*&+A&

;94&;4(=C&

&

YP=(:@\&,79(B)4FcB)C,63&

&

&

&

Page 11: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&.6& %7(894:&$&

!"#$%&'(%!&$)%!*#+,-!%$&!($!%#'-'(.'%/0#('12)%1'#3(!-'4)(5#

&

!"6#$789:;<=8>:7#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#6&

!"?#&@A#+<BC7>8C9>C7#29>7=>DEAF#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#?&

!"G#&@A#,7>8A;#%C8>:7F#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#G&

$;1;0&<74&%7(:94:&,5&974&!)=94*&"(9=,)>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&6&

$;1;.&<74&!)=94*&"(9=,)>&?@>94A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&B&

$;1;1&C4)4:(D&$>>4A+D@&E4>,DF9=,)&6GH0I.&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&G&

!"H#$78A97C8>:7CE#+<BC7>8C9>C7#(AFD:7FA#-A=@C7>FBF#""""""""""""""""""""""""""""""""""""""""""""""""""""""#I&

$;6;0&<74&JA4:34)K@&E4D=45&%,,:*=)(9,:&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&L&

$;6;.&<74&M)94:N$34)K@&?9()*=)3&%,AA=9944&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&L&

$;6;1&O55=K4&5,:&974&%,,:*=)(9=,)&,5&'FA()=9(:=()&$55(=:>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&I&

$;6;6&<74&E4>=*4)9&%,,:*=)(9,:&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&P&

$;6;B&<74&'FA()=9(:=()&%,,:*=)(9,:&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

$;6;G&<74&'FA()=9(:=()&%,F)9:@&<4(A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

$;6;L&<74&%DF>94:&?@>94A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

$;6;I&<74&%4)9:(D&JA4:34)K@&E4>8,)>4&QF)*&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&

$;6;P&R,=)9&?9:(943=K&2D())=)3&()*&$884(D>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&

!"J#&@A#$!1/#&9C7FK:9BC8>LA#!MA7;C#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#6G&

$;B;0&%,)94S9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&01&

$;B;.&%(943,:=4>&,5&JA4:34)K@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&06&

$;B;1&<74&'FA()=9(:=()&2:,3:(AA4&%@KD4&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0B&

!"I#3>AE;#(AFD:7FA#-A=@C7>FBF#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#6I&

$;G;0&E,D4&()*&$88:,(K7&,5&974&C,T4:)A4)9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0L&

$;G;.&M)94:)(9=,)(D&'FA()=9(:=()&$>>=>9()K4&9,&C,T4:)A4)9>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0L&

$;G;1&!)=94*&"(9=,)>&Q=4D*&E4>8,)>4&?9:FK9F:4>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0I&

!"N#+<BC7>8C9>C7#(AFD:7FA#18COA@:E;A9F#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#?P&

$;L;0&%=T=D&?,K=49@&()*&C,T4:)A4)9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&./&

$;L;.&'FA()=9(:=()&O:3()=U(9=,)>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.0&

$;L;1&O974:&$K9,:>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.1&

#

!"6#$789:;<=8>:7#

#

'FA()=9(:=()&(>>=>9()K4&=>&*448D@&:,,94*&=)&7=>9,:@&()*&KFD9F:4V&5:,A&497),N:4D=3=,F>&

+43=))=)3>&()*&8,>9NW(:&=)94:T4)9=,)>&9,&974&XA,*4:)Y&4:(&,5&7FA()=9(:=()=>A;&%,)>=*4:4*&

(>&974&*4>=:4&9,&D4)*&(>>=>9()K4&9,&,974:>V&7FA()=9(:=()&(K9=,)&=>&(>&,D*&(>&7FA()=9@&=9>4D5;&

<,&3=T4&84:>,)(D&74D8&9,&,974:>&=>&()&=)*=T=*F(D&+47(T=,F:&97(9&7(>&*W4D9&=)&A()-=)*&5:,A&

974&+43=))=)3;&<74>4&=)*=T=*F(D&(K9>&(:4&,594)&=)>K:=+4*&=)&>(K:4*&94S9>&,:&=)&:4D=3=,F>&

8:(K9=K4>&>FK7&(>&974&!"#"$%=)&M>D(A&,:&974&%7:=>9=()&K,)K489&,5&&'"()$*+%M)&97=>&>4)>4V&4T4:@&

K=T=D=U(9=,)&7(>&7(*&3:,F8>&W7,&7(T4&*4T,94*&974A>4DT4>&,)&(&>A(DD&>K(D4&9,&(K9>&,5&

K,A8(>>=,)&()*&9,&:4D=4T4&974&>F554:=)3&,5&,974:>;&<7=>&4S94)>=,)&,5&974&8:=)K=8D4&,5&

Page 12: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&.6& %7(894:&$&

=)*=T=*F(D&(>>=>9()K4&7(>&(D>,&+44)&A(3)=5=4*&9,&+4K,A4&974&+(>=>&5,:&,:3()=U4*&3:,F8>V&

K,)>9=9F9=)3&+,97&974=:&K,A=)3&=)9,&4S=>94)K4&()*&974=:&:4(>,)&5,:&+4=)3;&'FA()=9(:=()&

(K9=,)&K()&+4&*=>9=)3F=>74*&5:,A&>FK7&(K9>&=)&97(9&=9&>44->&9,&>@>94A(9=U4&974&,:3()=U(9=,)&

()*&A,+=D=U(9=,)&,5&T(:=,F>&7FA()&()*&D,3=>9=K(D&:4>,F:K4>&=)&,:*4:&9,&D4)*&(>>=>9()K4&9,&,)4&

,:&A,:4&>84K=5=K&8,8FD(9=,)&3:,F8>&()*&,)&974&+(>=>&,5&(),'$-%"./%.00/-V&:(974:&97()&K7(:=9@;&&&

&

<7=>&K7(894:&8:,T=*4>&!"#$%&A4A+4:>&W=97&()&=)9:,*FK9=,)&9,&974&8:=)K=8D4>V&(F97,:=9=4>V&

5:(A4W,:->&()*&34)4:(D&K,)94S9&F)*4:&W7=K7&A=>>=,)>&9(-4&8D(K4;&&

&

!"?#&@A#+<BC7>8C9>C7#29>7=>DEAF##

#

M)94:)(9=,)(D&7FA()=9(:=()&(>>=>9()K4&=>&9@8=K(DD@&()&4A4:34)K@&:4>8,)>4&9,&8:,T=*4&

(>>=>9()K4&9,&(&K:=>=>N(554K94*&8,8FD(9=,);&M9&(=A>&9,&>(T4&D=T4>&()*&(DD4T=(94&>F554:=)3;&

'FA()=9(:=()&(>>=>9()K4&AF>9&+4&8:,T=*4*&=)&(KK,:*()K4&W=97&974&+(>=K&8:=)K=8D4>&97(9&

8:,T=*4&974&5F)*(A4)9(D&5,F)*(9=,)>&5,:&7FA()=9(:=()&(K9=,);&'FA()=9(:=()&8:=)K=8D4>&(:4&

K4)9:(D&9,&4>9(+D=>7=)3&()*&A(=)9(=)=)3&(KK4>>&9,&(554K94*&8,8FD(9=,)>&Z&W74974:&=)&974&

K,)94S9&,5&(&*=>(>94:&K(F>4*&+@&(&)(9F:(D&7(U(:*V&()&(:A4*&K,)5D=K9&,:&(&K,A8D4S&4A4:34)K@;&

2:,A,9=)3&K,A8D=()K4&W=97&7FA()=9(:=()&8:=)K=8D4>&=)&:4>8,)>4&=>&()&4>>4)9=(D&4D4A4)9&,5&

4554K9=T4&7FA()=9(:=()&K,,:*=)(9=,);&<74>4&8:=)K=8D4>V&>49&,F9&=)&974&0P97&K4)9F:@&+@&'4):=&

#F)()9V&5,:A4*&974&+(>=>&,5&974&M)94:)(9=,)(D&%,AA=9944&,5&974&E4*&%:,>>&[M%E%\&()*&(:4&

),W&F)=T4:>(DD@&(*,894*&()*&4)*,:>4*&+@&!)=94*&"(9=,)>&C4)4:(D&$>>4A+D@&:4>,DF9=,)>&

6GH0I.&[0PP0\&()*&BIH006&[.//6\;&&

&

<74&8:=)K=8D4>&(:4]&

&

'!^$"M<_&

'FA()&>F554:=)3&AF>9&+4&(**:4>>4*&W74:4T4:&=9&=>&5,F)*;&<74&8F:8,>4&

,5&7FA()=9(:=()&(K9=,)&=>&9,&8:,94K9&D=54&()*&74(D97&()*&4)>F:4&:4>84K9&

5,:&7FA()&+4=)3>;&

"J!<E$`M<_&'FA()=9(:=()&(K9,:>&AF>9&),9&9(-4&>=*4>&=)&7,>9=D=9=4>&,:&4)3(34&=)&

K,)9:,T4:>=4>&,5&(&8,D=9=K(DV&:(K=(DV&:4D=3=,F>&,:&=*4,D,3=K(D&)(9F:4;&

M^2$E<M$`M<_&

'FA()=9(:=()&(K9=,)&AF>9&+4&K(::=4*&,F9&,)&974&+(>=>&,5&)44*&(D,)4V&

A(-=)3&),&*=>9=)K9=,)>&,)&974&+(>=>&,5&)(9=,)(D=9@V&:(K4V&34)*4:V&:4D=3=,F>&

+4D=45V&KD(>>&,:&8,D=9=K(D&,8=)=,)>;&

M"#J2J"#J"%J&

'FA()=9(:=()&(K9=,)&AF>9&+4&(F9,),A,F>&5:,A&974&8,D=9=K(DV&4K,),A=KV&

A=D=9(:@&,:&,974:&,+a4K9=T4>&97(9&()@&(K9,:&A(@&7,D*&=)&:4D(9=,)&9,&(:4(>&

W74:4&7FA()=9(:=()&(K9=,)&=>&+4=)3&=A8D4A4)94*;&

&

$9&974&74(:9&,5&974>4&7FA()=9(:=()&8:=)K=8D4>&=>&974&+(>=K&8:4K489&,5&b*,&),&7(:AcV&W7=K7&=>&

*4:=T4*&5:,A&A4*=K(D&497=K>;&M9&:4dF=:4>&7FA()=9(:=()&,:3()=U(9=,)>&9,&>9:=T4&9,&A=)=A=U4&974&

7(:A&974@&A=379&=)(*T4:94)9D@&*,&+@&+4=)3&8:4>4)9&()*&8:,T=*=)3&(>>=>9()K4;&O5&>84K=(D&

K,)K4:)&=>&4)>F:=)3&97(9&7FA()=9(:=()&(>>=>9()K4&),9&+4&F>4*&(>&()&=)>9:FA4)9&,5&W(:V&

Page 13: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&.6& %7(894:&$&

4=974:&*=:4K9D@&,:&=)*=:4K9D@&[4;3;V&a,+>V&9(S4>V&:4A,T(D&,5&>9(94&:4>8,)>=+=D=9@\;&<,&A=)=A=U4&

8,>>=+D4&D,)34:N94:A&7(:AV&7FA()=9(:=()&,:3()=U(9=,)>&>7,FD*&8:,T=*4&(>>=>9()K4&=)&W(@>&

97(9&:4K,3)=U4&()*&F9=D=U4&D,K(D&:4>,F:K4>&()*&K(8(K=9=4>V&()*&(:4&>F88,:9=T4&,5&:4K,T4:@&()*&

D,)3N94:A&*4T4D,8A4)9;&

&

M)&0PP6V&974&5,F:&5F)*(A4)9(D&8:=)K=8D4>&D=>94*&(+,T4&W4:4&=)943:(94*&=)9,&<74&%,*4&,5&

%,)*FK9&5,:&<74&M)94:)(9=,)(D&E4*&%:,>>&()*&E4*&%:4>K4)9&^,T4A4)9&()*&"CO>&=)&#=>(>94:&

E4D=45V&(&8:,*FK9&,5&974&?944:=)3&%,AA=9944&5,:&'FA()=9(:=()&E4>8,)>4&[K,)>=>9=)3&,5&

M)94:)(9=,)(D&Q4*4:(9=,)&,5&E4*&%:,>>&()*&E4*&%:4>K4)9&?,K=49=4>&eMQE%fV&974&M%E%&()*&>4T4)&

,5&974&W,:D*Y>&D(:34>9&),)N3,T4:)A4)9(D&,:3()=U(9=,)>\;&<74&%,*4&,5&%,)*FK9&D=>9>&974&

5,DD,W=)3&94)&8:=)K=8D4>&9,&W7=K7&(DD&7FA()=9(:=()&(K9,:>&>7,FD*&(*74:4&9,&W74)&:4>8,)*=)3&

9,&4A4:34)K=4>]&

&

0\ <74&7FA()=9(:=()&=A84:(9=T4&K,A4>&5=:>9;&&

.\ $=*&=>&3=T4)&:43(:*D4>>&,5&974&:(K4V&K:44*&,:&)(9=,)(D=9@&,5&974&:4K=8=4)9>&()*&W=97,F9&

(*T4:>4&*=>9=)K9=,)&,5&()@&-=)*;&$=*&8:=,:=9=4>&(:4&K(DKFD(94*&,)&974&+(>=>&,5&)44*&

(D,)4;&&

1\ $=*&W=DD&),9&+4&F>4*&9,&5F:974:&(&8(:9=KFD(:&8,D=9=K(D&,:&:4D=3=,F>&>9()*8,=)9;&&

6\ g4&>7(DD&4)*4(T,F:&),9&9,&(K9&(>&=)>9:FA4)9>&,5&3,T4:)A4)9&5,:4=3)&8,D=K@;&&

B\ g4&>7(DD&:4>84K9&KFD9F:4&()*&KF>9,A;&&

G\ g4&>7(DD&(994A89&9,&+F=D*&*=>(>94:&:4>8,)>4&,)&D,K(D&K(8(K=9=4>;&&

L\ g(@>&>7(DD&+4&5,F)*&9,&=)T,DT4&8:,3:(AA4&+4)45=K=(:=4>&=)&974&A()(34A4)9&,5&:4D=45&

(=*;&&

I\ E4D=45&(=*&AF>9&>9:=T4&9,&:4*FK4&5F9F:4&TFD)4:(+=D=9=4>&9,&*=>(>94:&(>&W4DD&(>&A449=)3&

+(>=K&)44*>;&&

P\ g4&7,D*&,F:>4DT4>&(KK,F)9(+D4&9,&+,97&97,>4&W4&>44-&9,&(>>=>9&()*&97,>4&5:,A&

W7,A&W4&(KK489&:4>,F:K4>;&&

0/\ M)&,F:&=)5,:A(9=,)V&8F+D=K=9@&()*&(*T4:9=>=)3&(K9=T=9=4>V&W4&>7(DD&:4K,3)=U4&*=>(>94:&

T=K9=A>&(>&*=3)=5=4*&7FA()&+4=)3>V&),9&7,84D4>>&,+a4K9>;&&

&

<74&%,*4&,5&%,)*FK9&(D>,&,F9D=)4>&7,W&>=3)(9,:=4>&>7,FD*&:4D(94&9,&C,T4:)A4)9>&()*&974&

!)=94*&"(9=,)>&>@>94A;&$D97,F37&T,DF)9(:@V&=9&7(>&+44)&>=3)4*&+@&,T4:&B//&7FA()=9(:=()&

,:3()=U(9=,)>&[(>&,5&RFD@&./01\;&<74&5FDD&94S9&=>&(T(=D(+D4&,)&974&MQE%&W4+>=94;&

#

!"G#&@A#,7>8A;#%C8>:7F#

&

<74&!)=94*&"(9=,)>&W(>&4>9(+D=>74*&,)&.6&OK9,+4:&0P6B&+@&B0&K,F)9:=4>&K,AA=994*&9,&

8:4>4:T=)3&84(K4&97:,F37&=)94:)(9=,)(D&K,,84:(9=,)&()*&K,DD4K9=T4&>4KF:=9@;&<,*(@V&)4(:D@&

4T4:@&)(9=,)&=)&974&W,:D*&+4D,)3>&9,&974&!)=94*&"(9=,)>&()*&A4A+4:>7=8&9,9(D>&0P1&

K,F)9:=4>&[(>&,5&R()F(:@&./01\;&g74)&?9(94>&+4K,A4&^4A+4:>&,5&974&!)=94*&"(9=,)>V&974@&

Page 14: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&.6& %7(894:&$&

(3:44&9,&(KK489&974&,+D=3(9=,)>&,5&974&%7(:94:&,5&974&!)=94*&"(9=,)>&[974&b%7(:94:c\V&()&

=)94:)(9=,)(D&9:4(9@&97(9&>49>&,F9&+(>=K&8:=)K=8D4>&,5&=)94:)(9=,)(D&:4D(9=,)>;&&

#

!"G"6#&@A#/@C98A9#:K#8@A#,7>8A;#%C8>:7F#

&

<74&%7(:94:&,5&974&!)=94*&"(9=,)>&W(>&>=3)4*&=)&?()&Q:()K=>K,&,)&.G&RF)4&0P6BV&(9&974&

K,)KDF>=,)&,5&974&!)=94*&"(9=,)>&%,)54:4)K4&,)&M)94:)(9=,)(D&O:3()=U(9=,)V&()*&K(A4&=)9,&

5,:K4&,)&.6&OK9,+4:&0P6B;&&

&

$KK,:*=)3&9,&974&%7(:94:&[$:9=KD4&0\V&974&!)=94*&"(9=,)>&7(>&5,F:&A(=)&8F:8,>4>]&&

&

• <,&A(=)9(=)&=)94:)(9=,)(D&84(K4&()*&>4KF:=9@;&

• <,&*4T4D,8&5:=4)*D@&:4D(9=,)>&(A,)3&)(9=,)>;&

• <,&K,,84:(94&=)&>,DT=)3&=)94:)(9=,)(D&8:,+D4A>&()*&=)&8:,A,9=)3&:4>84K9&5,:&

7FA()&:=379>;&

• <,&+4&(&K4)9:4&5,:&7(:A,)=U=)3&974&(K9=,)>&,5&)(9=,)>;&&

&

$:9=KD4&0;1&>84K=5=K(DD@&>9(94>&97(9&974&!)=94*&"(9=,)>&>44->&9,]&

&

1"&')020%).$0(."$)3."4%&35360("$)3.%).%-342).,%).$0(."$)3."4%6(37408-%39%".%

0&3.38)&:%-3&)"4:%&;4$;("4:%3(%';8".)$"()".%&'"("&$0(:%"./%).%6(383$).,%"./%

0.&3;(",).,%(0-60&$%93(%';8".%(),'$-%"./%93(%9;./"80.$"4%9(00/38-%93(%"44%<)$'3;$%

/)-$).&$)3.%"-%$3%("&0:%-0=:%4".,;",0:%3(%(04),)3.+%

&

M)&8F:>F=9&,5&974&8F:8,>4>&,5&974&!)=94*&"(9=,)>V&^4A+4:>&(K9&=)&(KK,:*()K4&W=97&>4T4)&

8:=)K=8D4>&,F9D=)4*&=)&$:9=KD4&.V&W7=K7&*4(D>&W=97&974&>,T4:4=3)9@&()*&(K9=,)>&,5&^4A+4:&

?9(94>;&!)*4:&974&%7(:94:V&4(K7&C,T4:)A4)9&:49(=)>&(+>,DF94&(F97,:=9@&W=97=)&974&+,:*4:>&

,5&=9>&,W)&94::=9,:@;&$>&>FK7V&974&:4>8,)>=+=D=9@&()*&(F97,:=9@&9,&(>>=>9&()*&A449&974&)44*>&,5&

(&>,K=49@&D=4>&W=97&974&C,T4:)A4)9;&$&C,T4:)A4)9&K()&(>-&,:&W4DK,A4&(>>=>9()K4&5:,A&

,974:&?9(94>&,:&,:3()=U(9=,)>V&+F9&(>>=>9()K4&K()),9&+4&5,:K4*&F8,)&974A&F)D4>>&(&A(a,:=9@&

,5&974&^4A+4:>&,5&974&!)=94*&"(9=,)>&?4KF:=9@&%,F)K=D&(3:44&97(9&974&A(994:&=>&,5&>FK7&

=A8,:9()K4&97(9&7FA()=9(:=()&(>>=>9()K4&AF>9&+4&=A8,>4*;&<,&*48D,@&9,&(),974:&K,F)9:@&

W=97,F9&+4=)3&:4dF4>94*&,:&=)&,974:&W(@>&=)T=94*&K()V&:43(:*D4>>&,5&=)94)9=,)>V&+4&

K,)>=*4:4*&()&(K9&,5&5,:K4&>=A=D(:&9,&()&=)T(>=,)&()*&A(@&+4&K,)>=*4:4*&(&T=,D(9=,)&,5&

=)94:)(9=,)(D&K,)T4)9=,)>;&%,)>4dF4)9D@V&(DD&=)94:)(9=,)(D&(>>=>9()K4&=>&K,)*FK94*&=)&>F88,:9&

,5&)(9=,)(D&(F97,:=9=4>&()*&F8,)&:4dF4>9V&=::4>84K9=T4&,5&974&*4>=:4&,5&=)94:)(9=,)(D&

,:3()=U(9=,)>&9,&:4>8,)*&=AA4*=(94D@;&

&

M)&D=)4&W=97&974&%7(:94:V&),&=)94:)(9=,)(D&,:3()=U(9=,)&7(>&974&(F97,:=9@&9,&94DD&(),974:&

,:3()=U(9=,)&W7(9&9,&*,;&Q,:&4S(A8D4V&974&!)=94*&"(9=,)>&=>&()&,:3()=U(9=,)&,5&?9(94>&

^4A+4:>&97(9&W,:->&97:,F37&K,)>4)>F>;&M9&=>&),9&(&W,:D*&3,T4:)A4)9&()*&=9&*,4>&),9&A(-4&

Page 15: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&B&,5&.6& %7(894:&$&

D(W>;&M9&*,4>V&7,W4T4:V&8:,T=*4&974&A4()>&9,&74D8&:4>,DT4&=)94:)(9=,)(D&K,)5D=K9>&()*&

5,:AFD(94&8,D=K=4>&,)&A(994:>&(554K9=)3&974&W7,D4&W,:D*;&g=97=)&974&!)=94*&"(9=,)>V&(DD&

^4A+4:>V&:43(:*D4>>&,5&>=U4V&8,D=9=K(D&T=4W>&,:&>,K=(D&>@>94A>V&7(T4&(&T,=K4&()*&(&T,94&=)&97=>&

8:,K4>>;&$>&(&:4>FD9V&>4T4:(D&!)=94*&"(9=,)>&(34)K=4>&,:&+,*=4>&7(T4&+44)&3=T4)&(&A()*(94&

9,&8:,T=*4&,:&K,,:*=)(94&=)94:)(9=,)(D&(>>=>9()K4&W=97=)&974=:&5=4D*V&+F9&W=97,F9&()@&

(F97,:=9@&9,&K,AA()*V&*=:4K9&,:&,:*4:;&<7=>&=>&(&8:=T=D434&97(9&:4A(=)>&W=97&?9(94&(F97,:=9=4>&

,)D@;&

&

g7=D4&A()@&?9(94>&7(T4&7=>9,:=K(DD@&:4dF4>94*&b+D()-49c&=)94:)(9=,)(D&(>>=>9()K4&*F:=)3&

D(:34N>K(D4&)(9F:(D&*=>(>94:>V&(&:4K4)9&9:4)*&=>&K,F)9:=4>&=)K:4(>=)3D@&8:454::=)3&9,&A()(34&

974=:&,W)&K:=>4>&W=97&*=:4K9&K,)9:,D&,5&=)94:)(9=,)(D&(>>=>9()K4;&M)&974>4&=)>9()K4>V&974&

!)=94*&"(9=,)>&E4>=*4)9&%,,:*=)(9,:H'FA()=9(:=()&%,,:*=)(9,:&A(@&>9=DD&(>-&5,:&>84K=5=K&

>F88,:9&5:,A&O%'$V&=)KDF*=)3&()&!"#$%&94(AV&9,&(F3A4)9&974&K(8(K=9=4>&,5&974&!)=94*&

"(9=,)>&%,F)9:@&<4(A;&<74&=)94:)(9=,)(D&7FA()=9(:=()&K,AAF)=9@V&+4&=9&974&!)=94*&"(9=,)>&

(34)K=4>&,:&),)N3,T4:)A4)9(D&,:3()=U(9=,)>&["CO>\&A(@&>9=DD&8D(@&(&:,D4&97:,F37&*=:4K9&

>F88,:9&9,&4S=>9=)3&8(:9)4:>V&(*T,K(K@&()*&=)5,:A(9=,)&>7(:=)3;&

&

M)&A,:4&K,A8D4S&4A4:34)K=4>&974&D43=9=A(K@&()*&94::=9,:@&,5&974&?9(94&A(@&+4&F)*4:&T=,D4)9&

*=>8F94;&M)&>,A4&>=9F(9=,)>&(&D43=9=A(94&C,T4:)A4)9&A(@&),9&4S=>9&[,:&=5&=9&*,4>V&=9&A(@&7(T4&

D=A=94*&(F97,:=9@&()*&K(8(+=D=9@\;&<7=>&>=9F(9=,)&A(@&A(-4&(*74:4)K4&9,&974&(5,:4A4)9=,)4*&

8:=)K=8D4>&8:,+D4A(9=K&=)&K,A8D4S&4A4:34)K=4>V&(9&W7=K7&A,A4)9&7FA()=9(:=()&(*T,K(K@&

+4K,A4>&(&>9:,)3&5,KF>;&$9&974&>(A4&9=A4V&K,,:*=)(9=,)&455,:9>&W=DD&)44*&9,&(K-),WD4*34&

974&D43=9=A(K@&,5&K,A849=)3&(F97,:=9=4>;&<7F>V&,)4&A(@&)44*&9,&*4T4D,8&()*&A(=)9(=)&

4554K9=T4&:4D(9=,)>7=8>&),9&,)D@&W=97&974&?9(94&+F9&(D>,&W=97&()9(3,)=>9>V&8,D=9=K(D&,88,>=9=,)&

()*&=)&>,A4&>=9F(9=,)>V&),)N>9(94&(K9,:>;&

#

!"G"?#&@A#,7>8A;#%C8>:7F#1QF8AB#

&

<74&!)=94*&"(9=,)>&?@>94A&K,)>=>9>&,5&974&>=S&8:=)K=8(D&,:3()>&,5&974&!)=94*&"(9=,)>&[974&

C4)4:(D&$>>4A+D@V&974&?4KF:=9@&%,F)K=DV&974&JK,),A=K&()*&?,K=(D&%,F)K=DV&974&<:F>944>7=8&

%,F)K=DV&974&M)94:)(9=,)(D&%,F:9&,5&RF>9=K4&()*&974&?4K:49(:=(9\V&0B&(34)K=4>&()*&>4T4:(D&

,974:&8:,3:(AA4>V&+,*=4>&()*&E4D(94*&O:3()=U(9=,)>;&$&5FDD&*=:4K9,:@&,5&974&?@>94AV&(>&W4DD&

(>&()&,:3()=U(9=,)&K7(:9V&=>&(T(=D(+D4&(9&WWW;F);,:3&()*&(9&WWW;F)>K4+;,:3&[974&W4+>=94&,5&

974&!)=94*&"(9=,)>&?@>94A&%7=45&JS4KF9=T4>&h,(:*&5,:&%,,:*=)(9=,)\;&&

&

O%'$&=>&8(:9&,5&974&!)=94*&"(9=,)>&?4K:49(:=(9&()*&=9>&74(*V&974&!)*4:N?4K:49(:@&C4)4:(D&

[!?C\HJA4:34)K@&E4D=45&%,,:*=)(9,:&[JE%\V&:48,:9>&*=:4K9D@&9,&974&?4K:49(:@NC4)4:(D&,5&974&

!)=94*&"(9=,)>;&^,>9&!)=94*&"(9=,)>&2:,3:(AA4>&()*&>84K=(D=U4*&(34)K=4>&7(T4&>48(:(94&

D4(*4:>7=8&()*&+F*349&8:,K4>>4>&5:,A&97,>4&,5&974&!)=94*&"(9=,)>&?4K:49(:=(9;&<74@&W,:-&

W=97&()*&97:,F37&4>9(+D=>74*&!)=94*&"(9=,)>&K,,:*=)(9=,)&A4K7()=>A>&()*&:48,:9&9,&974&

^4A+4:>&97:,F37&974=:&:4>84K9=T4&3,T4:)=)3&+,(:*>;&<74&!)=94*&"(9=,)>&(34)K=4>V&A,>9&,5&

Page 16: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&G&,5&.6& %7(894:&$&

W7=K7&(D>,&7(T4&8:4N4S=>9=)3&*4T4D,8A4)9N5,KF>4*&:4D(9=,)>7=8>&W=97&^4A+4:>V&8:,T=*4&

>4K9,:N>84K=5=K&>F88,:9&()*&4S84:9=>4&+45,:4V&*F:=)3&()*&(594:&(&*=>(>94:;&&

&

!"G"G#.A7A9CE#!FFABREQ#(AF:E<8>:7#HIS6T?#

#

g74)&974&=)94:)(9=,)(D&7FA()=9(:=()&K,AAF)=9@&8:,T=*4>&4A4:34)K@&(>>=>9()K4V&=9&=>&

3F=*4*&+@&:4>,DF9=,)&6GH0I.V&9=9D4*]&b?9:4)3974)=)3&,5&974&K,,:*=)(9=,)&,5&7FA()=9(:=()&

4A4:34)K@&(>>=>9()K4&,5&974&!)=94*&"(9=,)>;c&<74&:4>,DF9=,)V&(*,894*&0P&#4K4A+4:&0PP0V&

,F9D=)4>&()&4)7()K4*&5:(A4W,:-&5,:&7FA()=9(:=()&(>>=>9()K4&()*&>84K=5=4>&0.&3F=*=)3&

8:=)K=8D4>V&=)KDF*=)3&97,>4&:4D(94*&9,&974&:4>8,)>=+=D=9=4>&()*&(F97,:=9=4>&,5&974&?9(94>]&

&

• 'FA()=9(:=()&(>>=>9()K4&>7,FD*&+4&8:,T=*4*&W=97&974&K,)>4)9&,5&974&(554K94*&

K,F)9:@;&

• J(K7&?9(94&7(>&974&:4>8,)>=+=D=9@&5=:>9&()*&5,:4A,>9&9,&9(-4&K(:4&,5&974&T=K9=A>&,5&

)(9F:(D&*=>(>94:>&()*&,974:&4A4:34)K=4>&,KKF::=)3&,)&=9>&94::=9,:@;&

• ?9(94>&W7,>4&8,8FD(9=,)>&(:4&=)&)44*&,5&7FA()=9(:=()&(>>=>9()K4&(:4&K(DD4*&F8,)&9,&

5(K=D=9(94&974&W,:-&,5&974>4&,:3()=U(9=,)>&=)&=A8D4A4)9=)3&7FA()=9(:=()&(>>=>9()K4;&

$9&=9>&9=A4&,5&(*,89=,)V&:4>,DF9=,)&6GH0I.&>9:4)3974)4*&974&974)&4S=>9=)3&8,>=9=,)&,5&974&

b#=>(>94:&E4D=45&%,,:*=)(9,:c&[#E%\&()*&:4)(A4*&974&8,>=9=,)&974&bJA4:34)K@&E4D=45&

%,,:*=)(9,:c&[JE%\;&g7=D4&974&#E%&:,D4&7(*&(&D=A=94*&A()*(94&97(9&*=*&),9&=)KDF*4&K,A8D4S&

4A4:34)K=4>V&:4>,DF9=,)&6GH0I.&8:,T=*4*&974&JE%&W=97&)=)4&KD4(:&(:4(>&,5&:4>8,)>=+=D=9@;&

QF:974:&=)5,:A(9=,)&,)&974&:4>,DF9=,)&()*&974&:,D4&,5&974&JE%&=>&K,)9(=)4*&=)&974&)4S9&

>4K9=,);&&

&

M)&(**=9=,)&9,&:4>,DF9=,)&6GH0I.V&!"#$%&A4A+4:>&A(@&W=>7&9,&5(A=D=(:=U4&974A>4DT4>&W=97&

:4>,DF9=,)&BIH006]&b?9:4)3974)=)3&,5&974&K,,:*=)(9=,)&,5&4A4:34)K@&7FA()=9(:=()&

(>>=>9()K4&,5&974&!)=94*&"(9=,)>;c&h,97&:4>,DF9=,)>&K()&+4&5,F)*&,)&974&!)=94*&"(9=,)>&

W4+>=94;&&

&

!"H#$78A97C8>:7CE#+<BC7>8C9>C7#(AFD:7FA#-A=@C7>FBF#

&

$>&),94*&(+,T4V&:4>,DF9=,)&6GH0I.&>=3)=5=K()9D@&>9:4)3974)4*&7FA()=9(:=()&K,,:*=)(9=,);&M)&

(**=9=,)&9,&4>9(+D=>7=)3&974&JE%&8,>=9=,)V&=9&(D>,&8:,T=*4*&(F97,:=9=4>&5,:&974&K:4(9=,)&,5&-4@&

5F)*=)3&8:,3:(AA4>&[=;4;V&974&%4)9:(D&JA4:34)K@&E4>8,)>4&QF)*&()*&974&%,)>,D=*(94*&

$884(D&2:,K4>>V&),W&-),W)&(>&974&R,=)9&?9:(943=K&2D())=)3&()*&$884(D>&2:,K4>>\;&$D>,&

(F97,:=U4*&=)&974&:4>,DF9=,)&W(>&974&M)94:N$34)K@&?9()*=)3&%,AA=9944&[M$?%\V&W7=K7&

8:,T=*4*&5,:&>9:,)3&>F88,:9&9,&974&JE%&()*&5F:974:&*45=)4*&974&7FA()=9(:=()&:,D4&,5&974&

E4>=*4)9&%,,:*=)(9,:&[=)KDF*=)3&974&(+=D=9@&9,&4>9(+D=>7&=)NK,F)9:@&K,,:*=)(9=,)&4)9=9=4>\;&&

&

<74&5,DD,W=)3&>4K9=,)>&8:,T=*4&5F:974:&=)5,:A(9=,)&,)&974&=A8,:9()9&K,,:*=)(9=,)&

Page 17: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&L&,5&.6& %7(894:&$&

A4K7()=>A>&(F97,:=U4*&F)*4:&:4>,DF9=,)&6GH0I.;&&

&

!"H"6#&@A#'BA9MA7=Q#(AE>AK#/::9;>7C8:9

#

E4>,DF9=,)&6GH0I.&>F88,:94*&(&>9:4)3974)4*&D4(*4:>7=8&:,D4&,5&974&?4K:49(:@NC4)4:(D&9,&

4)>F:4&+4994:&8:48(:(9=,)&5,:V&(>&W4DD&(>&:(8=*&:4>8,)>4&9,V&)(9F:(D&*=>(>94:>&()*&,974:&

4A4:34)K=4>;&<,&97=>&4)*V&974&:4>,DF9=,)&K(DD4*&5,:&974&*4>=3)(9=,)&,5&()&JE%&(9&974&D4T4D&,5&

!)*4:N?4K:49(:@NC4)4:(D&[!?C\&5,:&'FA()=9(:=()&$55(=:>;&<74&JE%&=>&:4>8,)>=+D4&5,:&

A(=)9(=)=)3&()&,T4:T=4W&,5&(DD&4A4:34)K=4>&:4dF=:=)3&7FA()=9(:=()&(>>=>9()K4&()*&5,:&

bK,,:*=)(9=)3&()*&5(K=D=9(9=)3&974&7FA()=9(:=()&(>>=>9()K4&,5&974&!)=94*&"(9=,)>&>@>94A&9,&

97,>4&4A4:34)K=4>&97(9&:4dF=:4&(&K,,:*=)(94*&:4>8,)>4c;&<74&JE%&(D>,&(K9>&(>&974&K4)9:(D&

5,K(D&8,=)9&5,:&3,T4:)A4)9(DV&=)94:3,T4:)A4)9(D&()*&),)N3,T4:)A4)9(D&:4D=45&(K9=T=9=4>;&&

&

$)&=A8,:9()9&5F)K9=,)&,5&974&JE%&=>&9,&D4(*&974&M$?%V&(&F)=dF4&=)94:N(34)K@&5,:FA&5,:&

K,,:*=)(9=,)V&8,D=K@&*4T4D,8A4)9&()*&*4K=>=,)NA(-=)3&=)T,DT=)3&974&-4@&!)=94*&"(9=,)>&()*&

),)N!)=94*&"(9=,)>&[>44&+4D,W\;&&

&

!"H"?#&@A#$78A9U!MA7=Q#18C7;>7M#/:BB>88AA#

#

<74&M$?%&=>&974&8:=A(:@&A4K7()=>A&5,:&=)94:N(34)K@&K,,:*=)(9=,)&:4D(9=)3&9,&7FA()=9(:=()&

(>>=>9()K4&(9&974&3D,+(D&D4T4D;&M9&=>&(&F)=dF4&=)94:N(34)K@&5,:FA&5,:&K,,:*=)(9=,)V&8,D=K@&

*4T4D,8A4)9&()*&*4K=>=,)NA(-=)3&=)T,DT=)3&974&-4@&!)=94*&"(9=,)>&()*&),)N!)=94*&"(9=,)>&

7FA()=9(:=()&8(:9)4:>;&!)*4:&974&D4(*4:>7=8&,5&974&JE%V&974&M$?%&*4T4D,8>&7FA()=9(:=()&

8,D=K=4>V&(3:44>&,)&(&KD4(:&*=T=>=,)&,5&:4>8,)>=+=D=9@&5,:&974&T(:=,F>&(>84K9>&,5&7FA()=9(:=()&

(>>=>9()K4V&=*4)9=5=4>&()*&(**:4>>4>&3(8>&=)&:4>8,)>4V&()*&(*T,K(94>&5,:&4554K9=T4&

(88D=K(9=,)&,5&7FA()=9(:=()&8:=)K=8D4>;&&

&

M$?%&A4A+4:>7=8&=>&KF::4)9D@&D=A=94*&9,&-4@&!)=94*&"(9=,)>&()*&),)N!)=94*&"(9=,)>&

7FA()=9(:=()&8(:9)4:>;&M$?%&^4A+4:>&(:4]&&&

&

• Q,,*&()*&$3:=KFD9F:(D&O:3()=U(9=,)&,5&974&!)=94*&"(9=,)>&[Q$O\&

• !)=94*&"(9=,)>&#4T4D,8A4)9&2:,3:(AA4&[!"#2\&

• !)=94*&"(9=,)>&2,8FD(9=,)&QF)*&[!"Q2$\&

• !)=94*&"(9=,)>&'FA()&?499D4A4)9>&2:,3:(AA4&[!"N'$hM<$<\&

• <74&O55=K4&,5&974&!)=94*&"(9=,)>&'=37&%,AA=>>=,)4:&5,:&E45F344>&[!"'%E\&

• !)=94*&"(9=,)>&%7=D*:4)Y>&QF)*&[!"M%JQ\&

• g,:D*&Q,,*&2:,3:(A&[gQ2\&

• g,:D*&'4(D97&O:3()=U(9=,)&[g'O\&

• O%'$&

&

&

Page 18: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&I&,5&.6& %7(894:&$&

M$?%&?9()*=)3&M)T=944>&(:4]&&

&

• M)94:)(9=,)(D&%,AA=9944&,5&974&E4*&%:,>>&[M%E%\&

• M)94:)(9=,)(D&Q4*4:(9=,)&,5&E4*&%:,>>&()*&E4*&%:4>K4)9&?,K=49=4>&[MQE%\&&

• M)94:)(9=,)(D&%,F)K=D&,5&i,DF)9(:@&$34)K=4>&

• M)94:$K9=,)&

• M)94:)(9=,)(D&O:3()=U(9=,)&5,:&^=3:(9=,)&[MO^\&

• O55=K4&,5&974&'=37&%,AA=>>=,)4:&5,:&'FA()&E=379>&[O'%'E\&

• ?944:=)3&%,AA=9944&5,:&'FA()=9(:=()&E4>8,)>4&[?%'E\&

• O55=K4&,5&974&?84K=(D&E(88,:94F:&,)&974&'FA()&E=379>&,5&M)94:)(DD@&#=>8D(K4*&24:>,)>&

• g,:D*&h()-&

&

<74&M$?%&7(>&974&5,DD,W=)3&,+a4K9=T4>]&

&

• <,&*4T4D,8&()*&(3:44&,)&>@>94ANW=*4&7FA()=9(:=()&8,D=K=4>;&

• <,&(DD,K(94&:4>8,)>=+=D=9=4>&(A,)3&(34)K=4>&=)&7FA()=9(:=()&8:,3:(AA4>;&

• <,&*4T4D,8&()*&(3:44&,)&(&K,AA,)&497=K(D&5:(A4W,:-&5,:&(DD&7FA()=9(:=()&(K9=T=9=4>;&

• <,&(*T,K(94&5,:&K,AA,)&7FA()=9(:=()&8:=)K=8D4>&9,&8(:9=4>&,F9>=*4&974&M$?%;&

• <,&=*4)9=5@&(:4(>&W74:4&3(8>&=)&A()*(94>&,:&D(K-&,5&,84:(9=,)(D&K(8(K=9@&4S=>9;&

• <,&:4>,DT4&*=>8F94>&,:&*=>(3:44A4)9&(+,F9&()*&+49W44)&7FA()=9(:=()&(34)K=4>&,)&

>@>94ANW=*4&7FA()=9(:=()&=>>F4>;&

#

!"H"G#)KK>=A#K:9#8@A#/::9;>7C8>:7#:K#+<BC7>8C9>C7#!KKC>9F#

#

<74&JE%&=>&>F88,:94*&+@&974&O55=K4&5,:&974&%,,:*=)(9=,)&,5&'FA()=9(:=()&$55(=:>&[O%'$\;&&

&

2:=,:&9,&:4>,DF9=,)&6GH0I.V&974&>4K9=,)&=)&974&!)=94*&"(9=,)>&?4K:49(:=(9&97(9&*4(D9&W=97&

7FA()=9(:=()&(>>=>9()K4&W(>&974&#48(:9A4)9&,5&'FA()=9(:=()&$>>=>9()K4V&W7=K7&*=*&),9&

7(T4&(&A()*(94&5,:&K,A8D4S&4A4:34)K=4>;&M9>&>FKK4>>,:V&O%'$V&=>&:4>8,)>=+D4&5,:&+:=)3=)3&

9,34974:&7FA()=9(:=()&(K9,:>&9,&4)>F:4&(&K,74:4)9&:4>8,)>4&9,&4A4:34)K=4>;&O%'$&(D>,&

4)>F:4>&974:4&=>&(&5:(A4W,:-&W=97=)&W7=K7&4(K7&(K9,:&K()&K,)9:=+F94&9,&974&,T4:(DD&:4>8,)>4&

455,:9;&&

&

O%'$j>&A=>>=,)&=>&9,]&

&

• ^,+=D=U4&()*&K,,:*=)(94&4554K9=T4&()*&8:=)K=8D4*&7FA()=9(:=()&(K9=,)&=)&8(:9)4:>7=8&

W=97&)(9=,)(D&()*&=)94:)(9=,)(D&(K9,:>&=)&,:*4:&9,&(DD4T=(94&7FA()&>F554:=)3&=)&

*=>(>94:>&()*&4A4:34)K=4>;&

• $*T,K(94&5,:&974&:=379>&,5&84,8D4&=)&)44*;&

• 2:,A,94&8:48(:4*)4>>&()*&8:4T4)9=,);&

Page 19: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&P&,5&.6& %7(894:&$&

• Q(K=D=9(94&>F>9(=)(+D4&>,DF9=,)>;&

&

O%'$&(K9=T=9=4>&(:4&5,KF>4*&(:,F)*&5=T4&K,:4&(:4(>]&

&

• >33(/)."$)3.]&O%'$&=>&:4>8,)>=+D4&5,:&+:=)3=)3&9,34974:&7FA()=9(:=()&(K9,:>&9,&

4)>F:4&(&K,74:4)9&:4>8,)>4&9,&4A4:34)K=4>;&<74&(=A&=>&9,&(>>=>9&84,8D4&W74)&974@&

A,>9&)44*&:4D=45&,:&8:,94K9=,);&$&-4@&8=DD(:&,5&O%'$Y>&A()*(94&=>&9,&bK,,:*=)(94&

4554K9=T4&()*&8:=)K=8D4*&7FA()=9(:=()&(K9=,)&=)&8(:9)4:>7=8&W=97&)(9=,)(D&()*&

=)94:)(9=,)(D&(K9,:>;c&

• ?.93(8"$)3.%@".",080.$]&^()(3=)3&=)5,:A(9=,)&*F:=)3&(&7FA()=9(:=()&4A4:34)K@&

=>&(&K:FK=(D&8(:9&,5&()@&,84:(9=,);&$&>9:,)3&=)5,:A(9=,)&A()(34A4)9&)49W,:-&97(9&

>F88,:9>&4A4:34)K@&K,,:*=)(9=,)&:4dF=:4>&8:,K4>>4>&9,&K,DD4K9V&()(D@U4&()*&>7(:4&

=)5,:A(9=,)&(+,F9&974&>=9F(9=,)&(A,)3&974&T(:=,F>&,:3()=U(9=,)>&=)T,DT4*&=>&)44*4*&

9,&4)>F:4&K,,:*=)(9=,)&>@>94A>&:F)&455=K=4)9D@;&

• A;8".)$"()".%B).".&).,]&O%'$&A()(34>&>4T4:(D&8,,D4*&5F)*>&97(9&K()&+4&(KK4>>4*&

+@&7FA()=9(:=()&(K9,:>&=)&()&4A4:34)K@&9,&-=K-&>9(:9&:4>8,)>4&()*&D,)34:&94:A&

8:,3:(AA=)3;&

• C34)&*]&2,D=K@&*4T4D,8A4)9&(=A>&9,&>F88,:9&4554K9=T4&()*&8:=)K=8D4*&7FA()=9(:=()&

(K9=,)V&>(T=)3&D=T4>&()*&:4*FK=)3&>F554:=)3;&M9&(D>,&F)*4:8=)>&974&:,D4&,5&974&JE%&(>&

8:=)K=8(D&(*T=>,:&9,&974&?4K:49(:@NC4)4:(D&,)&7FA()=9(:=()&=>>F4>;&

• D/23&"&*]&O%'$&7(>&(&F)=dF4&A()*(94&9,&>84(-&,F9&,)&+47(D5&,5&974&84,8D4&W,:>9&

(554K94*&+@&7FA()=9(:=()&>=9F(9=,)>;&$>&974&,:3()=U(9=,)&9(>-4*&W=97&K,,:*=)(9=)3&

=)94:)(9=,)(D&7FA()=9(:=()&:4>8,)>4V&974&FD9=A(94&3,(D&=>&9,&>(T4&A,:4&D=T4>&()*&

:4*FK4&974&=A8(K9&,5&K,)5D=K9>&()*&)(9F:(D&*=>(>94:>;&g74974:&A,+=D=U=)3&:4D=45&

A,)4@&(594:&(&A(>>=T4&4(:97dF(-4V&4)>F:=)3&TFD)4:(+D4&K,AAF)=9=4>&(:4&8:,94K94*&

,:&:(=>=)3&(W(:4)4>>&,5&5,:3,994)&K:=>4>V&=9Y>&O%'$Y>&a,+&9,&-448&W,:D*&(994)9=,)&

5,KF>4*&,)&7FA()=9(:=()&=>>F4>;&&&&

&

<74&JE%&8D(@>&()&=A8,:9()9&:,D4&=)&(*T,K(9=)3&5,:&7FA()=9(:=()&=>>F4>&()*&:48,:9=)3&,)&974&

8:,3:4>>&,5&974&M$?%&9,&974&?4K:49(:@&C4)4:(D;&M)&(**=9=,)V&974&JE%&8D(@>&(&K:FK=(D&:,D4&=)&

8:4>>=)3&5,:&7FA()=9(:=()&(KK4>>&()*&8:,94K9=,)&8(:9=KFD(:D@&=)&K,A8D4S&4A4:34)K=4>;&

&

!"H"H#&@A#(AF>;A78#/::9;>7C8:9##

#

M)&(&3:4(9&A(a,:=9@&,5&K,F)9:=4>&W74:4&974&!)=94*&"(9=,)>&?@>94A&=>&8:4>4)9V&,T4:(DD&

K,,:*=)(9=,)&,5&!)=94*&"(9=,)>&(K9=T=9=4>&5(DD>&8:=A(:=D@&9,&974&!)=94*&"(9=,)>&E4>=*4)9&

%,,:*=)(9,:&[E%\&=)&K,)>FD9(9=,)&W=97&:4D4T()9&!)=94*&"(9=,)>&(34)K=4>;&<74&8,>=9=,)&4dF(D>&

974&>(A4&:()-&(>&()&$A+(>>(*,:&,5&(&5,:4=3)&>9(94&()*&=>&974&*4>=3)(94*&E48:4>4)9(9=T4&,5&

974&?4K:49(:@NC4)4:(D;&&&

&

<74&E%&(D>,&D4(*>&974&!)=94*&"(9=,)>&%,F)9:@&<4(A&[!"%<\;&<74&!"%<&4)>F:4>&=)94:N(34)K@&

Page 20: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&.6& %7(894:&$&

K,,:*=)(9=,)&()*&*4K=>=,)NA(-=)3&(9&K,F)9:@&D4T4D;&<74&A(=)&8F:8,>4&,5&974&!"%<&=>&5,:&

=)*=T=*F(D&(34)K=4>&9,&8D()&()*&W,:-&9,34974:&9,&4)>F:4&974&*4D=T4:@&,5&9()3=+D4&:4>FD9>&=)&

>F88,:9&,5&974&*4T4D,8A4)9&(34)*(&,5&974&C,T4:)A4)9;&^,>9&,594)V&+F9&),9&(DW(@>V&974&

E4>=*4)9&E48:4>4)9(9=T4&,5&974&!)=94*&"(9=,)>&#4T4D,8A4)9&2:,3:(A&[!"#2\&=>&*4>=3)(94*&

(>&974&E%;&M)&974&84:=,*&+45,:4&(&*=>(>94:&,KKF:>V&974&E%&()*&974&!"%<&K,,:*=)(94>&

8:48(:4*)4>>&()*&A=9=3(9=,)&(K9=T=9=4>V&A,)=9,:>&()*&8:,T=*4>&4(:D@&W(:)=)3&,5&8,94)9=(D&

4A4:34)K@&>=9F(9=,)>V&()*&D4(*>&K,)9=)34)K@&8D())=)3;&

&

!"H"J#&@A#+<BC7>8C9>C7#/::9;>7C8:9##

&

<74&JE%&A(@&(88,=)9&(&'FA()=9(:=()&%,,:*=)(9,:&['%\&9,&>4:T4&(>&974&!)=94*&"(9=,)>&>4)=,:&

,55=K=(D&=)&(&K,F)9:@&4S84:=4)K=)3&()&4A4:34)K@V&,:&W74:4&()&4S=>9=)3&7FA()=9(:=()&>=9F(9=,)&

W,:>4)>&=)&>=U4&,:&K,A8D4S=9@;&<74&5F)K9=,)>&,5&(&'FA()=9(:=()&%,,:*=)(9,:&['%\&(:4&

>48(:(94&5:,A&()&E%V&+F9&974>4&8,>=9=,)>&(:4&(DA,>9&(DW(@>&K,A+=)4*&=)&,)4&84:>,)&Z&974&

E%H'%;&g74)&(&7FA()=9(:=()&K:=>=>&4:F89>&,:&(&>=9F(9=,)&,5&K7:,)=K&TFD)4:(+=D=9@&>7(:8D@&

*494:=,:(94>V&974&E%&W=DD&K,)9=)F4&9,&D4(*&()*&K,,:*=)(94&974&=)94:N(34)K@&:4>8,)>4&(>&974&

'%&()*&W=DD&:48,:9&9,&974&JE%&,)&7FA()=9(:=()&A(994:>&5,:&974&*F:(9=,)&,5&974&4A4:34)K@;&

<74&'%&5F)K9=,)&),:A(DD@&87(>4>&,F9&,)K4&974&4A4:34)K@&>F+>=*4>;&&

&

!"H"I#&@A#+<BC7>8C9>C7#/:<789Q#&ACB##

&

O)K4&()&'%&=>&*4>=3)(94*V&974&!"%<&W=DD&+4&4S8()*4*&W=97&(**=9=,)(D&A4A+4:>&()*&+4K,A4&

(&'FA()=9(:=()&%,F)9:@&<4(A&['%<\;&<74&'%<&=>&()&=)NK,F)9:@&*4K=>=,)NA(-=)3&5,:FA&

5,KF>4*&,)&8:,T=*=)3&K,AA,)&>9:(943=K&()*&8,D=K@&3F=*()K4&,)&=>>F4>&:4D(94*&9,&

7FA()=9(:=()&(K9=,);&'%<&A4A+4:>7=8&34)4:(DD@&A=::,:>&97(9&,5&974&M$?%&(9&K,F)9:@&D4T4DV&

K,A8,>4*&,5&!)=94*&"(9=,)>&()*&),)N!)=94*&"(9=,)>&7FA()=9(:=()&,:3()=U(9=,)>&:4>=*4)9&

()*H,:&W,:-=)3&=)&974&K,F)9:@;&<74&'%<&=>&K7(=:4*&+@&974&'%V&,:&=)&974&(+>4)K4&,5&()&'%V&+@&

974&E%;&?F+a4K9&9,&974=:&=)*=T=*F(D&A()*(94>V&974&K,A8,)4)9>&,5&974&M)94:)(9=,)(D&E4*&%:,>>&

()*&E4*&%:4>K4)9&^,T4A4)9&A(@&8(:9=K=8(94&=)&()&'%<;&?,A4&'%<>&7(T4&(D>,&*4K=*4*&9,&

=)KDF*4&:48:4>4)9(9=T4>&,5&-4@&(>>=>9=)3&C,T4:)A4)9>&=)&974=:&A4A+4:>7=8;&

&

!"H"N#&@A#/E<F8A9#1QF8AB##

&

M)&.//BV&5,DD,W=)3&=9>&'FA()=9(:=()&E4>8,)>4&E4T=4WV&974&M$?%&4)*,:>4*&974&KDF>94:&

(88:,(K7&9,&5F:974:&4)7()K4&7FA()=9(:=()&K,,:*=)(9=,);&<74&KDF>94:&(88:,(K7&W(>&,)4&,5&

5,F:&-4@&(:4(>&,5&974&:45,:A&[974&97:44&,974:>&5,KF>4*&,)&8:4*=K9(+D4&()*&9=A4D@&5=)()K=)3V&

4)>F:=)3&974&8:,T=>=,)&,5&>9:(943=K&D4(*4:>7=8&(9&5=4D*&D4T4DV&()*&=A8:,T4A4)9&,5&

8(:9)4:>7=8>&+49W44)&,:3()=U(9=,)>&()*&C,T4:)A4)9>\;&&

&

<74&KDF>94:&(88:,(K7&4)>F:4>&KD4(:&D4(*4:>7=8V&8:4*=K9(+=D=9@&()*&(KK,F)9(+=D=9@&=)&

=)94:)(9=,)(D&:4>8,)>4>&9,&7FA()=9(:=()&4A4:34)K=4>&+@&KD(:=5@=)3&974&*=T=>=,)&,5&D(+,F:&

Page 21: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&.6& %7(894:&$&

(A,)3&,:3()=U(9=,)>&()*&+4994:&*45=)=)3&974=:&:,D4>&()*&:4>8,)>=+=D=9=4>&W=97=)&974&*=554:4)9&

>4K9,:>&,5&:4>8,)>4;&M9&=>&(+,F9&A(-=)3&974&=)94:)(9=,)(D&7FA()=9(:=()&K,AAF)=9@&

>9:FK9F:4*V&(KK,F)9(+D4&()*&8:,54>>=,)(DV&5,:&=9&9,&+4&(&+4994:&8(:9)4:&5,:&7,>9&

C,T4:)A4)9>V&D,K(D&(F97,:=9=4>&()*&D,K(D&K=T=D&>,K=49@;&&

&

!)*4:&974&>@>94AV&:4K,3)=U4*&>4K9,:>&,5&7FA()=9(:=()&(K9=T=9@&(:4&,:3()=U4*&=)&KDF>94:>&97(9&

W,:-&9,34974:&9,W(:*>&(3:44*&K,AA,)&7FA()=9(:=()&,+a4K9=T4>&+,97&(9&3D,+(D&D4T4D&[4;3;V&

8:48(:4*)4>>V&>9()*(:*>V&9,,D>V&>9,K-8=D4>&()*&K(8(K=9@N+F=D*=)3\&()*&(9&5=4D*&D4T4D&[4;3;V&

97:,F37&4T4:@&>948&,5&974&8:,3:(AA4&K@KD4&5:,A&K,,:*=)(94*&(>>4>>A4)9&()*&()(D@>=>&9,&

a,=)9&8D())=)3V&*4D=T4:@&()*&A,)=9,:=)3\;&%DF>94:&8(:9)4:>&A(@&=)KDF*4&!)=94*&"(9=,)>&

(34)K=4>V&)(9=,)(D&(34)K=4>V&MQE%&()*&M%E%V&()*&=)94:)(9=,)(D&),)N3,T4:)A4)9(D&

,:3()=U(9=,)>;&J(K7&KDF>94:&=>&K,,:*=)(94*&+@&(&8:4N>4D4K94*&%DF>94:&`4(*&$34)K@&()*&:48,:9>&

9,&974&!)=94*&"(9=,)>&JE%;&<74&%DF>94:&`4(*&$34)K@&=>&(D>,&:4>8,)>=+D4&5,:&4)>F:=)3&(&

>F55=K=4)9&D4T4D&,5&8:48(:4*)4>>&W=97=)&974=:&KDF>94:;&

&

<74&M$?%&7(>&*4>=3)(94*&CD,+(D&%DF>94:&`4(*&$34)K=4>&=)&4D4T4)&>4K9,:>&,5&7FA()=9(:=()&

(K9=T=9@]&&

&

/E<F8A9# .E:RCE#/E<F8A9#*AC;#

Q,,*&?4KF:=9@&& Q$O&k&gQ2&

%(A8&%,,:*=)(9=,)&k&%(A8&^()(34A4)9& !"'%E&[K,)5D=K9&>=9F(9=,)>\&k&MO^&[)(9F:(D&

*=>(>94:>\&

J(:D@&E4K,T4:@& !"#2&

J*FK(9=,)& !"M%JQ&k&?(T4&974&%7=D*:4)&

JA4:34)K@&?74D94:&()*&",)NQ,,*&M94A>&

["QM\&

!"'%E&[K,)5D=K9&>=9F(9=,)>\&&k&MQE%&[)(9F:(D&

*=>(>94:>\&

JA4:34)K@&<4D4K,AAF)=K(9=,)>& gQ2&

'4(D97& g'O&

`,3=>9=K>& gQ2&

"F9:=9=,)& !"M%JQ&

2:,94K9=,)& !"'%E&

g(94:V&?()=9(9=,)&()*&'@3=4)4&[g$?'\& !"M%JQ&

&

<74&KDF>94:>&A(@&+4&(K9=T(94*&W74)&974:4&=>&(&)4W&D(:34N>K(D4&4A4:34)K@&,:&>7(:8&

*494:=,:(9=,)&()*H,:&>=3)=5=K()9&K7()34&=)&()&4S=>9=)3&7FA()=9(:=()&>=9F(9=,)&D4(*=)3&9,&

K,,:*=)(9=,)&3(8>;&<74&KDF>94:>&W,FD*&+4&8(:9&,5&()&=)94:)(9=,)(D&4A4:34)K@&:4>8,)>4V&

+(>4*&,)&974&'%<Y>&()(D@>=>&,5&7FA()=9(:=()&)44*&()*&K,,:*=)(9=,)&K(8(K=9@&,)&974&3:,F)*&

()*&=)&K,)>FD9(9=,)&W=97&)(9=,)(D&8(:9)4:>&[>44&>4K9=,)&#;1;L&,)&=)94:NKDF>94:&K,,:*=)(9=,)\;&

<74&E%H'%&>7,FD*&,)D@&:4K,AA4)*&974&(K9=T(9=,)&,5&KDF>94:>&W74)&974:4&=>&()&=*4)9=5=4*&

)44*&97(9&=>&),9&(D:4(*@&+4=)3&(**:4>>4*;&

&

Page 22: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&.6& %7(894:&$&

<,&(K9=T(94&,)4&,:&A,:4&KDF>94:>&974&E%H'%&(3:44>&W=97&974&'%<&W7=K7&KDF>94:>&>7,FD*&+4&

(K9=T(94*V&+(>4*&,)&974&K,)9=)34)K@&8D()&()*&W=97&(&KD4(:&:(9=,)(D4&5,:&4(K7&K(>4&97(9&9(-4>&

=)9,&(KK,F)9&)(9=,)(D&K(8(K=9@&()*&)44*>;&<74&>4D4K9=,)&,5&%DF>94:&`4(*&$34)K@&=*4(DD@&

A=::,:>&974&3D,+(DND4T4D&(::()34A4)9>&+F9&97=>&=>&),9&(DW(@>&8,>>=+D4V&()*&=)&>,A4&K(>4>&

,974:&,:3()=U(9=,)>&A(@&+4&+4994:&8D(K4*&9,&9(-4&974&D4(*;&!8,)&(3:44A4)9&W=97=)&974&'%<V&

974&E%H'%&>4)*>&(&D4994:&9,&974&JE%&,F9D=)=)3&974&:4K,AA4)*4*&KDF>94:&(::()34A4)9>;&<74&

JE%&9:()>A=9>&974&8:,8,>(D&9,&M$?%&2:=)K=8(D>&()*&CD,+(D&%DF>94:&`4(*>&5,:&(88:,T(D&W=97=)&

.6&7,F:>&()*&=)5,:A>&974&E%H'%&(KK,:*=)3D@;&&

&

<74&M$?%&E454:4)K4&^,*FD4&5,:&%DF>94:&%,,:*=)(9=,)&(9&974&%,F)9:@&`4T4D&8:,T=*4>&5F:974:&

=)5,:A(9=,)&()*&=>&8,>94*&(9&7998]HHKDF>94:>;7FA()=9(:=():4>8,)>4;=)5,;&

&

!"H"T#&@A#/A789CE#'BA9MA7=Q#(AFD:7FA#3<7;#

&

<74&%4)9:(D&JA4:34)K@&E4>8,)>4&QF)*&[%JEQ\&=>&(&7FA()=9(:=()&5F)*&4>9(+D=>74*&+@&974&

!)=94*&"(9=,)>&C4)4:(D&$>>4A+D@&=)&.//G&9,&4)(+D4&A,:4&9=A4D@&()*&:4D=(+D4&7FA()=9(:=()&

(>>=>9()K4&9,&97,>4&(554K94*&+@&)(9F:(D&*=>(>94:>&()*&(:A4*&K,)5D=K9>;&&

&

^()(34*&+@&974&JE%&,)&+47(D5&,5&974&?4K:49(:@NC4)4:(DV&974&%JEQY>&,+a4K9=T4>&(:4&9,]&&

&

• 2:,A,94&4(:D@&(K9=,)&()*&:4>8,)>4&9,&:4*FK4&D,>>&,5&D=54;&&

• J)7()K4&:4>8,)>4&9,&9=A4NK:=9=K(D&:4dF=:4A4)9>;&&

• ?9:4)3974)&K,:4&4D4A4)9>&,5&7FA()=9(:=()&:4>8,)>4&=)&F)*4:5F)*4*&K:=>4>;&

&

%JEQ&W(>&K:4(94*&+@&(DD&)(9=,)>V&5,:&(DD&8,94)9=(D&T=K9=A>&,5&*=>(>94:>;&M9&:48:4>4)9>&(&:4(D&

K7()K4&9,&8:,T=*4&8:4*=K9(+D4&()*&4dF=9(+D4&5F)*=)3&9,&97,>4&(554K94*&+@&)(9F:(D&*=>(>94:>&

()*&,974:&7FA()=9(:=()&4A4:34)K=4>;&%JEQ&=>&=)94)*4*&9,&K,A8D4A4)9&N&),9&9,&>F+>9=9F94&N&

4S=>9=)3&7FA()=9(:=()&5F)*=)3&A4K7()=>A>;&M9&8:,T=*4>&>44*&5F)*>&9,&aFA8N>9(:9&K:=9=K(D&

,84:(9=,)>&()*&5F)*&D=54N>(T=)3&8:,3:(AA4>&),9&@49&K,T4:4*&+@&,974:&*,),:>;&

&

<74&%JEQ&=>&:48D4)=>74*&())F(DD@&97:,F37&K,)9:=+F9=,)>&5:,A&C,T4:)A4)9>V&974&8:=T(94&

>4K9,:V&5,F)*(9=,)>&()*&=)*=T=*F(D>V&()*&K,)>9=9F94>&(&8,,D&,5&:4>4:T4&5F)*=)3&9,&>F88,:9&

7FA()=9(:=()&(K9=,);&M9&7(>&(&3:()9&5(K=D=9@&,5&!?l6B/&A=DD=,)&()*&(&D,()&5(K=D=9@&,5&l1/&

A=DD=,);&<74&%JEQ&3:()9&K,A8,)4)9&7(>&9W,&W=)*,W>&Z&,)4&5,:&:(8=*&:4>8,)>4&()*&,)4&5,:&

F)*4:5F)*4*&4A4:34)K=4>;&

&

!"H"V#W:>78#189C8AM>=#2EC77>7M#C7;#!DDACEF#

&

^(a,:&7FA()=9(:=()&K:=>4>&()*&*=>(>94:>&:4dF=:4&A()@&(=*&(34)K=4>&,)&974&3:,F)*;&<,&

,84:(94&4554K9=T4D@V&974&(34)K=4>Y&=)*484)*4)K4&=>&K:=9=K(D;&',W4T4:V&974@&(D>,&)44*&9,&

Page 23: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&.6& %7(894:&$&

K,,:*=)(94&455,:9>&9,&(T,=*&3(8>&()*&*F8D=K(9=,)V&5,KF>&,)&F:34)9&)44*>V&>9:(943=K(DD@&

(**:4>>&974&K:=>=>&()*&W,:-&9,W(:*>&D,)34:N94:A&:4K,T4:@;&&

&

$&K,AA,)&>9:(943=K&(88:,(K7&Z&5,:A(D=U4*&=)&(&?9:(943=K&E4>8,)>4&2D()&Z&=>&4>>4)9=(D&5,:&()&

455=K=4)9&:4>8,)>4&97(9&+F=D*>&,)&4(K7&,:3()=U(9=,)Y>&>9:4)397>;&$&a,=)9&>9:(943=K&8D())=)3&

()*&+F*349=)3&8:,K4>>&[5,:A4:D@&-),W)&(>&974&%,)>,D=*(94*&$884(D>&2:,K4>>V&,:&%$2\&74D8>&

9,&(K7=4T4&97=>;&M9&+:=)3>&(=*&,:3()=U(9=,)>&9,34974:&9,&a,=)9D@&8D()V&K,,:*=)(94V&=A8D4A4)9&

()*&A,)=9,:&974=:&:4>8,)>4&9,&)(9F:(D&*=>(>94:>&()*&K,A8D4S&4A4:34)K=4>;&M9&(D>,&(DD,W>&

974A&9,&(884(D&5,:&5F)*>&K,74>=T4D@V&),9&K,A849=9=T4D@;&<7=>&A4()>&84,8D4&=)&)44*&K()&+4&

>F88,:94*&=)&(&9=A4D@V&8:4*=K9(+D4&()*&(KK,F)9(+D4&W(@;&

&

$&a,=)9&?9:(943=K&E4>8,)>4&2D()&*,KFA4)9&8:4>4)9>&(&>)(8>7,9&,5&974&,T4:(DD&>=9F(9=,)&()*&

>4K9,:HKDF>94:N>84K=5=K&:4>8,)>4&8D()>&()*&+F*349>;&?9:(943=K&:4>8,)>4&8D()>&()*&(>>,K=(94*&

+F*349>&>7,FD*&+4&F8*(94*&:43FD(:D@&9,&:45D4K9&()@&>F+>9()9=(D&K7()34>&=)&974&)44*>&,5&

(554K94*&84,8D4&,:&974&>=9F(9=,)&=)&34)4:(D;&

&

!"J#&@A#$!1/#&9C7FK:9BC8>LA#!MA7;C#

&

!"J"6#/:78AX8##

&

#4>8=94&974&'FA()=9(:=()&E45,:A&8:,K4>>&=)=9=(94*&=)&.//BV&:4K4)9&*=>(>94:>&7(T4&>7,W)&

97(9&K7(DD4)34>&>9=DD&:4A(=)&=)&>,A4&(>84K9>&,5&=)94:)(9=,)(D&7FA()=9(:=()&:4>8,)>4&[4;3;V&

*48D,@=)3&(*4dF(94&D4(*4:>7=8V&8F99=)3&=)&8D(K4&(88:,8:=(94&K,,:*=)(9=,)&A4K7()=>A>&(9&

T(:=,F>&D4T4D>&()*&4)>F:=)3&KD4(:&AF9F(D&(KK,F)9(+=D=9=4>\;&QF:974:A,:4V&974&(88D=K(9=,)&,5&

974&KDF>94:&(88:,(K7&7(>&(9&9=A4>&+44)&84:K4=T4*&9,&+4&,T4:D@&8:,K4>>N*:=T4);&M)&D=379&,5&974&

3:,W=)3&:4K,3)=9=,)&,5&974>4&K7(DD4)34>V&974&M$?%&2:=)K=8(D>&*4K=*4*&9,&:4T=4W&974&KF::4)9&

(88:,(K7&9,&7FA()=9(:=()&:4>8,)>4&()*&A(-4&(*aF>9A4)9>&+(>4*&,)&D4>>,)>&D4(:)4*&*F:=)3&

A(a,:&:4>8,)>4>&=)&./0/&()*&./00;&<74&M$?%&2:=)K=8(D>&(3:44*&=)&#4K4A+4:&./00&9,&(&>49&,5&

(K9=,)>&97(9&K,DD4K9=T4D@&:48:4>4)9&(&>F+>9()9=T4&=A8:,T4A4)9&9,&974&KF::4)9&7FA()=9(:=()&

:4>8,)>4&A,*4D;&&

&

<74>4&=)KDF*4]&

&

• $&A4K7()=>A&[974&M)94:N$34)K@&E(8=*&E4>8,)>4&^4K7()=>A\&9,&*48D,@&4S84:=4)K4*&

>4)=,:&7FA()=9(:=()&D4(*4:>7=8&9,&3F=*4&974&7FA()=9(:=()&:4>8,)>4&5:,A&974&,F9>49&

,5&(&A(a,:&K:=>=>;&&

• <74&>9:4)3974)=)3&,5&D4(*4:>7=8&K(8(K=9=4>&()*&:(8=*&*48D,@A4)9&,5&7FA()=9(:=()&

D4(*4:>&(9&T(:=,F>&D4T4D>&9,&4)>F:4&974&K,,:*=)(9=,)&(:K7=94K9F:4&5F)K9=,)>&W4DD;&&&

• MA8:,T4*&>9:(943=K&8D())=)3&(9&974&K,F)9:@&D4T4D&97(9&KD(:=5=4>&974&K,DD4K9=T4&:4>FD9>&

97(9&974&7FA()=9(:=()&K,AAF)=9@&>49>&,F9&9,&(K7=4T4&()*&=*4)9=5=4>&7,W&KDF>94:>&()*&

,:3()=U(9=,)>&W=DD&K,)9:=+F94&9,&974A;&&&

Page 24: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&06&,5&.6& %7(894:&$&

• J)7()K4*&(KK,F)9(+=D=9@&,5&974&'FA()=9(:=()&%,,:*=)(9,:&['%\&()*&A4A+4:>&,5&974&

'FA()=9(:=()&%,F)9:@&<4(A&['%<\&5,:&974&(K7=4T4A4)9&,5&K,DD4K9=T4&:4>FD9>;&

• ?9:4(AD=)4*&K,,:*=)(9=,)&A4K7()=>A>&(*(894*&9,&,84:(9=,)(D&:4dF=:4A4)9>&()*&

K,)94S9>&9,&+4994:&5(K=D=9(94&*4D=T4:@;&&

&

<74&:45,:A>&(:4&(=A4*&(9&>=A8D=5@=)3&8:,K4>>4>&()*&A4K7()=>A>V&=A8:,T=)3&=)94:N(34)K@&

K,AAF)=K(9=,)&()*&K,DD(+,:(9=,)V&()*&+F=D*=)3&K,)5=*4)K4&=)&974&>@>94A&(>&(&W7,D4&Z&5:,A&

974&=AA4*=(94&:4>8,)>4&9,&D,)34:N94:A&8D())=)3;&<74&M$?%&2:=)K=8(D>&7(T4&(3:44*&9,&(&>49&,5&

(K9=,)>&97(9&(:4&54(>=+D4&()*&9(-4&=)9,&(KK,F)9&5F9F:4&K7(DD4)34>V&=)KDF*=)3&974&)44*&5,:&

=A8:,T4*&455=K=4)K@&()*&3:4(94:&(KK,F)9(+=D=9@&9,&(554K94*&84,8D4;&

&

!)*4:D@=)3&974&(+,T4V&>F88,:9&9,&+F=D*=)3&K(8(K=9=4>&5,:&8:48(:4*)4>>&W=DD&K,)9=)F4&,)&+,97&

974&8:,3:(AA(9=K&()*&5=)()K=(D&>=*4;&M)&8(:9=KFD(:V&'%<&()*&M$?%&,:3()=U(9=,)>&W=DD&(K9&,)&

>84K=5=K&4(:D@&W(:)=)3&=)*=K(9,:>&9,&4)3(34&=)&=)94:N(34)K@&K,)9=)34)K@&8D())=)3&()*&

K,,:*=)(94*&8:48(:4*)4>>&9,&=A8:,T4&K,DD4K9=T4&:4>8,)>4&:4(*=)4>>;&M)&7=37N:=>-&K,F)9:=4>V&

'%<&()*&M$?%&,:3()=U(9=,)>&W=DD&W,:-&W=97&)(9=,)(D&3,T4:)A4)9>&()*&K=T=D&>,K=49@&

,:3()=U(9=,)>&9,&*4T4D,8&D,)34:N94:A&K,,:*=)(94*&8:48(:4*)4>>&8:,3:(AA4>&9,&>9:4)3974)&

:4>=D=4)K4&()*&4)7()K4&:4>8,)>4&K(8(K=9=4>;&

&

!"J"?#/C8AM:9>AF#:K#'BA9MA7=Q#

&

<74&<:()>5,:A(9=T4&$34)*(&(D>,&(*,894*&(&>@>94A&,5&K(943,:=U=)3&4A4:34)K=4>&=)9,&1&D4T4D>&

(KK,:*=)3&9,&>4T4:=9@&()*&)44*&5,:&(>>=>9()K4;&$&`4T4D&0&JA4:34)K@&=>&()&4A4:34)K@&W74:4&

974&)(9=,)(D&()*&=)94:)(9=,)(D&:4>,F:K4>&=)NK,F)9:@&K()&7()*D4&974&:4>8,)>4&()*&),&,F9>=*4&

(>>=>9()K4&=>&)44*4*;&M)&(&`4T4D&.&JA4:34)K@&>,A4&>F88,:9&5:,A&)4=37+,F:=)3&K,F)9:=4>V&

:43=,)(D&4)9=9=4>&()*&8,>>=+D@&(34)K@&74(*dF(:94:>&W=DD&+4&)44*4*;&$&`4T4D&1&[`1\&JA4:34)K@&

=>&(&A(a,:&>F**4)N,)>49&7FA()=9(:=()&K:=>=>&9:=334:4*&+@&)(9F:(D&*=>(>94:>&,:&K,)5D=K9&97(9&

:4dF=:4>&>@>94ANW=*4&A,+=D=U(9=,);&&

&

`1&JA4:34)K=4>&)4K4>>=9(94&(&5FDD&(K9=T(9=,)&,5&974&7FA()=9(:=()&>@>94A&9,&4)>F:4&974&A,>9&

4554K9=T4&:4>8,)>4&9,&974&)44*>&,5&(554K94*&84,8D4;&<74&*4KD(:(9=,)&,5&()&`1&JA4:34)K@&=>&

A(*4&+@&974&JE%V&=)&K,)>FD9(9=,)&W=97&974&M$?%&2:=)K=8(D>V&W=97=)&6I&7,F:>&,5&974&,)>49&,5&(&

K:=>=>;&<74&*4K=>=,)&=>&+(>4*&,)&()&()(D@>=>&,5&5=T4&K:=94:=(&Z&>K(D4V&K,A8D4S=9@V&F:34)K@V&

K(8(K=9@&()*&:48F9(9=,)(D&:=>-;&O)K4&A(*4V&974&*4KD(:(9=,)&=>&=)94)*4*&9,&4)(+D4&M$?%&

A4A+4:>&9,&8F9&=)&8D(K4&974&:=379&>@>94A>&()*&A,+=D=U4&:4>,F:K4>&9,&K,)9:=+F94&9,&974&

:4>8,)>4&(>&84:&974=:&A()*(94>;&<74&*45(FD9&:4>8,)>4&W=DD&+4&9,&*48D,@&(&3:,F8&,5&>4)=,:&

>9(55&97:,F37&974&M)94:N$34)K@&E(8=*&E4>8,)>4&^4K7()=>A&[M$EE^\&W,:-=)3&W=97=)&(3:44*&

>9:FK9F:4>&9,&4=974:&(F3A4)9&,:&5=DD&974&4>9(+D=>74*&K,:4&K,,:*=)(9=,)&5F)K9=,)>;&<7=>&A(@&

=)KDF*4&>4)=,:&O%'$&>9(55&9,&>F88,:9&974&'%&()*&'%<V&KDF>94:&K,,:*=)(9,:>&()*&"CO&

D4(*4:>7=8;&&

&

Page 25: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0B&,5&.6& %7(894:&$&

<74&*4KD(:(9=,)&,5&()&`1&JA4:34)K@&W=DD&9:=334:&(&)FA+4:&,5&(K9=,)>&97(9&W=DD&+4&:4D4T()9&5,:&

()&!"#$%&94(A&*48D,@=)3;&M)&8(:9=KFD(:&974&M$?%&(34)K=4>&W=DD&+4&A,+=D=U=)3&K,,:*=)(9=,)&

:4>,F:K4>V&(&?4)=,:HJA4:34)K@&'FA()=9(:=()&%,,:*=)(9,:&W=DD&+4&>4)9&W=97=)&L.&7,F:>&,5&

974&`1&*4KD(:(9=,)V&()&M$EE^&K,:4&94(A&W=DD&+4&>4)9V&(>>4>>A4)9&(K9=T=9=4>&K,)>=>94)9&W=97&

974&^ME$&Q:(A4W,:-&W=DD&K,AA4)K4&[>44&K7(894:&J\V&(&?=9F(9=,)(D&$)(D@>=>&W=DD&+4&:4dF4>94*&

[>44&K7(894:&J\V&4D(+,:(9=,)&,5&(&?9:(943=K&?9(94A4)9&W=DD&+4&4S84K94*&W=97=)&5=T4&*(@>&,5&974&

K:=>=>&()*&()&(884(D&W=DD&+4&=>>F4*;&&

#

!"J"G#&@A#+<BC7>8C9>C7#29:M9CBBA#/Q=EA#

&

h(>4*&,)&=)),T(9=,)>&97(9&7(T4&+4K,A4&3,,*&8:(K9=K4&=)&974&5=4D*&()*&(>&8(:9&,5&974&

<:()>5,:A(9=T4&$34)*(V&974&M$?%&2:=)K=8(D>&(3:44*&,)&974&(88D=K(9=,)&,5&974&K,)K489&,5&974&

7FA()=9(:=()&8:,3:(AA4&K@KD4&=)&(&A,:4&>@>94A(9=K&A())4:;&<74&7FA()=9(:=()&8:,3:(AA4&

K@KD4&=>&(&K,,:*=)(94*&>4:=4>&,5&(K9=,)>&F)*4:9(-4)&9,&74D8&8:48(:4&5,:V&A()(34&()*&*4D=T4:&

7FA()=9(:=()&:4>8,)>4;&M9&K,)>=>9>&,5&5=T4&4D4A4)9>&K,,:*=)(94*&=)&(&>4(AD4>>&A())4:V&W=97&

,)4&>948&D,3=K(DD@&+F=D*=)3&,)&974&8:4T=,F>&()*&D4(*=)3&9,&974&)4S9;&&

&

<74&5=T4&>948>&(:4]&&

&&&

0; "44*>&(>>4>>A4)9&()*&()(D@>=>;&

.; ?9:(943=K&:4>8,)>4&8D())=)3;&

1; E4>,F:K4&A,+=D=U(9=,);&

6; MA8D4A4)9(9=,)&()*&A,)=9,:=)3;&

B; O84:(9=,)(D&:4T=4W&()*&4T(DF(9=,);&

&&

<7=>&(88:,(K7&[=5&4S4KF94*&4554K9=T4D@\&W=DD&(K7=4T4]&&

&

• ?9:,)34:&4A87(>=>&,)&974&)44*>&,5&(554K94*&84,8D4;&&

• MA8:,T4*&9(:349=)3&,5&974&A,>9&TFD)4:(+D4;&&

• M)K:4(>4*&5F)*=)3&5,:&7FA()=9(:=()&8:=,:=9=4>;&&

• C:4(94:&(KK,F)9(+=D=9@&,5&7FA()=9(:=()&(K9,:>&()*&*,),:>&5,:&K,DD4K9=T4&:4>FD9>;&&&

&

?FKK4>>5FD&=A8D4A4)9(9=,)&,5&974&7FA()=9(:=()&8:,3:(AA4&K@KD4&=>&*484)*4)9&,)&4554K9=T4&

4A4:34)K@&8:48(:4*)4>>V&4554K9=T4&K,,:*=)(9=,)&W=97&)(9=,)(DHD,K(D&(F97,:=9=4>&()*&

7FA()=9(:=()&(K9,:>V&()*&=)5,:A(9=,)&A()(34A4)9;&g=97&:4>84K9&9,&974&D(>9&8,=)9V&=9&=>&

8(:9=KFD(:D@&=A8,:9()9&97(9&4(K7&:4>8,)>4&,84:(9=,)&7(>&(&K,A8D494&()*&F8N9,N*(94&bW7,&

*,4>&W7(9&W74:4c&[1g\&*(9(+(>4&[9,&+4994:&=*4)9=5@&K,T4:(34H3(8>&()*&,T4:D(8\&(>&W4DD&(>&

()&(>>4>>A4)9&:43=>9:@&[>44&K7(894:&J\;&

&

$K9=T=9=4>&,5&()&!"#$%&94(AV&34)4:(DD@&*48D,@4*&=)&974&5=:>9&97:44&W44->&5,DD,W=)3&(&

*=>(>94:V&W=DD&5,KF>&()*&>F88,:9&A,>9D@&,)&)44*>&(>>4>>A4)9&()*&()(D@>=>V&=)5,:A=)3&

Page 26: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0G&,5&.6& %7(894:&$&

>9:(943=K&:4>8,)>4&8D())=)3&()*&=A8D4A4)9(9=,);&

$)&,T4:T=4W&,5&974&7FA()=9(:=()&8:,3:(AA4&K@KD4&=>&+4D,W&[Q=3F:4&$;0\;&&

&

3>M<9A#!"6Y#&@A#+<BC7>8C9>C7#29:M9CBBA#/Q=EA#

^,:4&=)5,:A(9=,)&,)&974&7FA()=9(:=()&8:,3:(AA4&K@KD4&K()&+4&5,F)*&(9&

7998]HH:4D=45W4+;=)9H>=94>H:4D=45W4+;=)9H5=D4>H:4>,F:K4>HM$?%m./'FA()=9(:=()m./2:,3:(A

A4m./%@KD4;8*5;&

#

!"I#3>AE;#(AFD:7FA#-A=@C7>FBF#

g74)&(&*=>(>94:&,KKF:>V&K,F)9:@ND4T4D&K,,:*=)(9=,)&A4K7()=>A>&(:4&9:=334:4*&()*&974&

:4D4T()9&>9(-47,D*4:>&W=DD&+4&A,+=D=U4*;&!8,)&:4dF4>9V&=)94:)(9=,)(D&7FA()=9(:=()&(K9,:>&=)N

K,F)9:@&W,:-&KD,>4D@&W=97&M$?%&A4K7()=>A>&F)*4:&974&D4(*4:>7=8&,5&974&E%H'%;&&

$9&974&:43=,)(D&D4T4DV&974&7,>9&C,T4:)A4)9&K,FD*&:4(K7&,F9&9,&=)94:N3,T4:)A4)9(D&+,*=4>&9,&

8:,T=*4&(>>=>9()K4&()*&>F88,:9;&M)&>,A4&:43=,)>&974:4&(:4&4>9(+D=>74*&7FA()=9(:=()&

(>>=>9()K4&()*&K,,:*=)(9=,)&A4K7()=>A>&97(9&(:4&:(8=*D@&*48D,@(+D4&()*&W,:-&W=97&A4A+4:&

Page 27: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0L&,5&.6& %7(894:&$&

>9(94>&9,&K,,:*=)(94&:4D=45&>F88D=4>V&A=D=9(:@&(>>49&*48D,@A4)9&()*&(>>4>>A4)9&94(A>&[4;3;V&

974&JF:,84()&!)=,)V&974&$>>,K=(9=,)&,5&?,F97&J(>9&$>=()&"(9=,)>&()*&974&%(:=++4()&#=>(>94:&

JA4:34)K@&^()(34A4)9&$34)K@\;&<74>4&:43=,)(D&94(A>&(:4&=)K:4(>=)3D@&+4K,A=)3&(&5=:>9&

8,=)9&,5&K(DD&*F4&9,&974=:&8:,S=A=9@;&

&

!"I"6#(:EA#C7;#!DD9:C=@#:K#8@A#.:LA97BA78#

#

<74&C,T4:)A4)9&=)&(&*=>(>94:HK,)5D=K9N(554K94*&K,F)9:@&+4(:>&974&8:=A(:@&:4>8,)>=+=D=9@&5,:&

7FA()=9(:=()&(>>=>9()K4&()*&K,,:*=)(9=,);&<74&K(8(K=9=4>&()*&K(8(+=D=9=4>&9,&*,&>,&A(@&T(:@n&

),)4974D4>>&974:4&7(>&+44)&()&=)K:4(>=)3&9:4)*&5,:&>4D5NA()(34A4)9&=)&A()@&:4K4)9&

*=>(>94:>;&?9:FK9F:4>&9,&74D8&C,T4:)A4)9>&A()(34V&8:4T4)9&()*&:4>8,)*&9,&*=>(>94:>&7(T4&

+4K,A4&=)K:4(>=)3D@&>,87=>9=K(94*&()*&(:4&5,F)*4*&9@8=K(DD@&F8,)&(&K=T=D&8:,94K9=,)&

(88:,(K7&W=97&,84:(9=,)>&F>=)3&()&=)K=*4)9&A()(34A4)9&>@>94A;&$&34)4:(D&5:(A4W,:-&,5&

K,,:*=)(9=,)&W=97=)&974&C,T4:)A4)9&(9&974&K(8=9(D&D4T4D&=>&74(*4*&+@&(&^=)=>94:H?4K:49(:@&,5&

?9(94&()*&>F88,:94*&+@&%=T=D&#454)K4;&<74&>9:FK9F:4&W=DD&9@8=K(DD@&=)KDF*4&(DD&974&*=554:4)9&

>4K9,:>&[74(D97V&W(94:V&>()=9(9=,)V&5,,*V&D,3=>9=K>V&>4KF:=9@V&49K;\&74(*4*&+@&:4D4T()9&A=)=>9:@&

,55=K=(D>;&<74&>9:FK9F:4>&(:4&5F:974:&:45D4K94*&(9&8:,T=)K=(DV&*=>9:=K9V&AF)=K=8(D&()*&T=DD(34&

D4T4D>&W=97&974&:4D4T()9&74(*>&,5&,55=K4&=)&974>4&(:4(>;&

&

#4K4)9:(D=U(9=,)&,5&,84:(9=,)>&),:A(DD@&,KKF:>&W74)&974&>=94&,5&974&*=>(>94:&=>&5(:&5:,A&974&

K(8=9(D&W7=D4&8,D=9=K(D&()*&8,D=K@&*4K=>=,)NA(-=)3&:4A(=)>&(9&974&K(8=9(D&D4T4D;&`,K(D&()*&

=)94:)(9=,)(D&,:3()=U(9=,)>&W=DD&)44*&9,&K,,:*=)(94&()*&W,:-&=)&K,,84:(9=,)&W=97&>9:FK9F:4>&

(9&(DD&D4T4D>&(>&()*&W74)&:4dF=:4*;&

&

!"I"?#$78A97C8>:7CE#+<BC7>8C9>C7#!FF>F8C7=A#8:#.:LA97BA78F&

&

<74&-4@&,+a4K9=T4&,5&=)94:)(9=,)(D&7FA()=9(:=()&(K9=,)&=>&9,&>F88,:9&)(9=,)(D&455,:9>&=)&

8:,94K9=)3&974&D=T4>V&D=T4D=7,,*>&()*&*=3)=9@&,5&84,8D4&=)&)44*;&g74)&C,T4:)A4)9>&:4dF4>9&

=)94:)(9=,)(D&7FA()=9(:=()&>F88,:9&9,&:4>8,)*&9,&*=>(>94:>V&)(9=,)(D&D43(D&>@>94A>&(:4&974&

A(=)&:43FD(9,:@&5:(A4W,:->&9,&4)>F:4&974&8:,94K9=,)&,5&*=>(>94:N(554K94*&84,8D4;&&g74:4&

KDF>94:>&(:4&4>9(+D=>74*V&=)94:)(9=,)(D&()*&:43=,)(D&,:3()=U(9=,)>&F>F(DD@&+4K,A4&8(:9&,5&974&

KDF>94:&A4A+4:>7=8&W=97=)&974&M$?%&5:(A4W,:-;&<74&=)94:)(9=,)(D&7FA()=9(:=()&K,AAF)=9@&

=)94:(K9>&W=97&974&(554K94*&C,T4:)A4)9&(>&K,NK7(=:>&(9&*=554:4)9&D4T4D>V&5:,A&K(8=9(D&9,&5=4D*V&

(>&4S4A8D=5=4*&=)&Q=3F:4&$;.;&

&

Page 28: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0I&,5&.6& %7(894:&$&

&

3>M<9A#!"?Y#(AEC8>:7F@>D#RA8ZAA7#.:LA97BA78#C7;#$78A97C8>:7CE#189<=8<9AF#

!"I"G#,7>8A;#%C8>:7F#3>AE;#(AFD:7FA#189<=8<9AF#&

$9&974&5=4D*&D4T4DV&974&'%&=>&:4>8,)>=+D4&5,:&*4>=3)(9=)3&%DF>94:&`4(*&$34)K=4>&5,:&(DD&-4@&

7FA()=9(:=()&:4>8,)>4&>4K9,:>&=)&K,)>FD9(9=,)&W=97&974&'%<&()*&974&JE%;&$9&974&>9:(943=K&

D4T4DV&=)94:NKDF>94:&K,,:*=)(9=,)&9(-4>&8D(K4&W=97=)&974&'%<&F)*4:&974&D4(*4:>7=8&,5&974&'%;&

<74&'%<&K,A8:=>4>&974&%DF>94:&`4(*&$34)K=4>&[(9&974&%,F)9:@&E48:4>4)9(9=T4H#=:4K9,:&D4T4D\&

()*&>4D4K94*&,84:(9=,)(D&8(:9)4:>&=)T,DT4*&=)&974&:4>8,)>4V&()*&=9&=>&W=97=)&974&5:(A4W,:-&

,5&97=>&>9:(943=K&*4K=>=,)NA(-=)3&5,:FA&97(9&974&,T4:(DD&7FA()=9(:=()&:4>8,)>4&,84:(9=,)&=>&

3F=*4*&()*&D4*;&&

!"#$%&'%

(&)"*+,"+-%

./01%

02+23-*4%

02+23-*4%

02+23-*4%

5673-"*%

5673-"*%

5673-"*%

!58%

15!9%

15!9%

:9;5%;-*7<-7*"% (&)"*+,"+-%;-*7<-7*"%

9="<-"$%

>"&?6"%

Page 29: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0P&,5&.6& %7(894:&$&

&

M)&()&`1&JA4:34)K@&974&'%&W=DD&+4&(F97,:=U4*&9,&D4(*&974&:4>8,)>4&5,:&()&=)=9=(D&84:=,*&,5&

97:44&A,)97>;&<7=>&=)KDF*4>&*4K=>=,)>&)44*4*&9,&>49&974&,T4:(DD&>9:(943=K&*=:4K9=,)&,5&974&

:4>8,)>4V&>49&8:=,:=9=4>V&(DD,K(94&:4>,F:K4>V&A,)=9,:&84:5,:A()K4&()*&*4(D&W=97&

F)*4:84:5,:A()K4;&<7=>&D4(*4:>7=8&=>&*,)4&=)&K,)>FD9(9=,)&W=97&()*&=)&>F88,:9&,5&974&

)(9=,)(D&(F97,:=9=4>;&&&

&

&

g=97=)&5=T4&*(@>%,5&(&D(:34N>K(D4&4A4:34)K@V&974&'%&>7,FD*]&

&

• 2:,T=*4&974&JE%&W=97&(&>=A8D4&?9:(943=K&?9(94A4)9&,F9D=)=)3&974&>K(D4&()*&>K,84&,5&

974&K:=>=>&()*&()&=)=9=(D&8:=,:=9=U(9=,)&5,:&974&:4>8,)>4;&

• E4K,AA4)*&9,&974&JE%&974&,89=A(D&KDF>94:&K,)5=3F:(9=,)&5,:&974&:4>8,)>4&[=;4;V&

W7=K7&KDF>94:>&W=DD&)44*&9,&+4&(K9=T(94*&,:&>9:4)3974)4*\;&

&

g=97=)&>4T4)&9,&94)&*(@>!,5&974&K:=>=>V&974&'%&W=DD]&

&

• Q=)(D=U4&()&(884(DV%7(T=)3&974&5=)(D&>(@&,)&W7(9&8:,a4K9>&(:4&=)KDF*4*&,:&4SKDF*4*&5,:&

8:4>4)9(9=,)&9,&974&M$?%&2:=)K=8(D>;&

• `4(*&974&8:,K4>>&9,&(DD,K(94&(9&974&K,F)9:@&D4T4D&=)=9=(D&4A4:34)K@&5F)*=)3&97(9&7(>&

+44)&(DD,K(94*&5:,A&8,,D4*&5F)*>;&&

&

<7:,F37,F9&974&=)=9=(D&84:=,*&,5&974&:4>8,)>4V&974&'%&W=DD&+4&4A8,W4:4*&9,]&&

&

0; ^(-4&*4K=>=,)>&,)&+47(D5&,5&974&'%<&=)&K=:KFA>9()K4>&W74:4&974:4&=>&),&K,)>4)>F>V&

()*&W74:4&(&*4D(@&=)&A(-=)3&(&*4K=>=,)&K,FD*&7(T4&(&>4:=,F>&4554K9&,)&974&W4D5(:4&,5&

84,8D4&5,:&W7,A&974&7FA()=9(:=()&,84:(9=,)&4S=>9>;&&

.; $K9&(>&974&8:=A(:@&5,K(D&8,=)9&5,:&974&,84:(9=,)&(>&(&W7,D4&=)&*4(D=)3&W=97&>4)=,:&

C,T4:)A4)9&,55=K=(D>&>FK7&(>&(&2:4>=*4)9V&(&2:=A4&^=)=>94:V&974&^=)=>94:&,5&Q=)()K4&

()*&974&"(9=,)(D&#=>(>94:&^()(34A4)9&$F97,:=9@V&()*&=)&D4(*=)3&974&'%<&=)&*,),:&

K,,:*=)(9=,)&A449=)3>;&'%<&A4A+4:>&W,FD*&a,=)&974&'%&=)&>FK7&A449=)3>&(KK,:*=)3&

9,&974&9,8=KV&W7=D4&A(=)9(=)=)3&()*&+F=D*=)3&,)&974=:&,W)&:4D(9=,)>7=8>&W=97&

C,T4:)A4)9&()*&K=T=D&>,K=49@&8(:9)4:>&()*&*,),:>;&&

1; %,)5=:A&W=97&(34)K=4>&97(9&974@&>7(:4&W=97&974&'%&8F+D=K&>9(94A4)9>H8:4>>&:4D4(>4>&

974@&A(-4&=)&>F88,:9&,5&974=:&W,:-V&5,:&7=>H74:&=)5,:A(9=,)&[),9&KD4(:()K4\V&>7,:9D@&

(74(*&,5&974=:&:4D4(>4;&<7=>&W,FD*&(88D@&9,&=)5,:A(9=,)&8:,T=*4*&4=974:&+@&()&(34)K@&

(>&KDF>94:&D4(*&,:&+@&()&(34)K@&=)&=9>&,W)&K(8(K=9=4>;&

6; J)>F:4&9,&974&4S94)9&8,>>=+D4&97(9&A4>>(34>&(:4&K,AA,)D@&(3:44*&+@&974&'%<&9,&

3=T4&(&K,DD4K9=T4&T=4W&,5&974&>K(D4&,5&974&K:=>=>&()*&>9:(943@&9,&(**:4>>&=9;&

B; E(=>4&'%<&A4A+4:&()*&KDF>94:&D4(*&84:5,:A()K4&=>>F4>&W=97&'o>&,5&974&:4D4T()9&

,:3()=U(9=,)>;&

Page 30: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&.6& %7(894:&$&

$9&(&A,:4&,84:(9=,)(D&D4T4DV&=)94:NKDF>94:&K,,:*=)(9=,)&34)4:(DD@&9(-4>&8D(K4&W=97=)&974&

5:(A4W,:-&,5&()&=)94:NKDF>94:&K,,:*=)(9=,)&5,:FAH3:,F8V&5,:A4*&+@&%DF>94:&%,,:*=)(9,:>&

5:,A&4(K7&KDF>94:;&<74&%DF>94:&%,,:*=)(9,:&5,:&4(K7&=)*=T=*F(D&KDF>94:&8:,T=*4>&D4(*4:>7=8&

()*&W,:->&,)&+47(D5&,5&974&KDF>94:&(>&(&W7,D4V&5(K=D=9(9=)3&K,,:*=)(9=,)&(9&(&9(K9=K(D&D4T4D&

W=97=)&974&KDF>94:V&W7=D4&A(=)9(=)=)3&(&>9:(943=K&T=>=,)&()*&*4T4D,8=)3&()&,84:(9=,)(D&

:4>8,)>4&8D();&'4H>74&(D>,&4)>F:4>&K,,:*=)(9=,)&W=97&,974:&KDF>94:>&=)&:4D(9=,)&9,&=)94:N

KDF>94:&(K9=T=9=4>&()*&K:,>>NKF99=)3&=>>F4>;&&

JT4)&=5&974&K,,:*=)(9=,)&,5&7FA()=9(:=()&:4>8,)>4&=>&),9&7=4:(:K7=K(DV&974&34)4:=K&K,)K489&,5&

=)94:)(9=,)(D&7FA()=9(:=()&K,,:*=)(9=,)&34)4:(DD@&D,,->&D=-4&97=>&[Q=3F:4&$;1\]&

&

3>M<9A#!"GY#(AFD:7FA#189<=8<9A#

!"N#+<BC7>8C9>C7#(AFD:7FA#18COA@:E;A9F#

$>&=)*=K(94*&(+,T4V&!"#$%&94(A>&W=DD&W,:-&W=97&(&W=*4&T(:=49@&,5&>9(-47,D*4:>&*F:=)3&()@&

:4>8,)>4;&g7=D4&974&>84K=5=K&,:3()=U(9=,)>&()*&>9:FK9F:4>&W=DD&T(:@V&974&34)4:(D&:,D4>&()*&

:4>8,)>=+=D=9=4>&,5&974&>9(-47,D*4:>&(:4&5(=:D@&K,)>=>94)9;&$)&(*T()K4&5(A=D=(:=9@&W=97&974&

A(a,:&3:,F8>&W=DD&+4)45=9&94(A&A4A+4:>&(::=T=)3&=)&K,F)9:=4>&97(9&A(@&+4&F)5(A=D=(:;&?,A4&

K,AA,)&>9(-47,D*4:>V&>FK7&(>&:43=,)(D&8(:9)4:>H,:3()=U(9=,)>V&!:+()&?4(:K7&()*&E4>KF4&

[!?$E\&94(A>&()*&(:A4*&5,:K4>V&(:4&*=>KF>>4*&4D>4W74:4&=)&97=>&7()*+,,-;&&

!"N"6#/>L>E#1:=>A8Q#C7;#.:LA97BA78#&

$A,)3&974&A,>9&>=3)=5=K()9&>9(-47,D*4:>&(:4&974&C,T4:)A4)9&()*&(554K94*&8,8FD(9=,)>HK=T=D&

>,K=49@;&g7=D4&C,T4:)A4)9&=)94:(K9=,)&=>&*=>KF>>4*&97:,F37,F9&97=>&K7(894:&()*&,974:>V&

!"#$%&'(

!))'*+,-.),(

!"#$%&'(

!))'*+,-.),(

!"#$%&'(

!))'*+,-.),(

!"#$%&'(

!))'*+,-.),(

!"#$%&'(/&01&'$( !"#$%&'(/&01&'$(!"#$%&'(/&01&'$(!"#$%&'(/&01&'$(!')$$2!#3,4(5$$#&(

678(!)#,%'9(

:&;'&$&,%-.<&(

=,+%&*(6-.),$(>4&,?9(

:&;'&$&,%-.<&$(

=,+%&*(6-.),$(>4&,?9(:&;'&$&,%-.<&@(

A&-*()B(!"#$%&'(C&-*(>4&,?9(

!"#$"% &"!'%

!()*+,-*.,*+%"/(+-.0%12*)%

!"#$%&'$( !"#$%&'$(!"#$%&'$(!"#$%&'$(

Page 31: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&.6& %7(894:&$&

!"#$%&A4A+4:>&)44*&9,&:4A4A+4:&97(9&974&5=:>9&:4>8,)*4:>&=)&()@&4A4:34)K@&(:4&

*=>(>94:N(554K94*&84,8D4&()*&974=:&C,T4:)A4)9>;&h45,:4&()@&=)94:)(9=,)(D&,:&=)&A,>9&

=)>9()K4>&)(9=,)(D&:4>8,)>4&A4K7()=>A>&-=K-&=)V&=9&=>&84,8D4&(554K94*&+@&974&*=>(>94:&,:&

K,)5D=K9V&974=:&)4=37+,F:>&()*&D,K(D&K=T=D&>,K=49@&97(9&(:4&974&5=:>9&,)&974&>K4)4;&M)&974&5=:>9&

7,F:>&974@&F>4&W7(94T4:&:4>,F:K4>&(:4&(T(=D(+D4&9,&974A&9,&K(::@&,F9&(K9=T=9=4>&>FK7&(>&

>4(:K7&()*&:4>KF4V&8:,T=*=)3&>74D94:V&*=>9:=+F9=)3&5,,*&()*&W(94:V&49K;&O594)&97=>&:4>8,)>4&=>&

>F88D4A4)94*&97:,F37&K,AAF)=9@&+(>4*&,:3()=U(9=,)>&()*&)49W,:->V&=)KDF*=)3&:4D=3=,F>&

3:,F8>V&F)=,)>&()*&4T4)&D,K(D&+F>=)4>>4>;&

&

!"N"?#+<BC7>8C9>C7#)9MC7>[C8>:7F#

&

'FA()=9(:=()&,:3()=U(9=,)>&K,A4&=)&>4T4:(D&5,:A>V&5:,A&>A(DD4:&D,K(D&,:3()=U(9=,)>&9,&D(:34:&

W4DDN4>9(+D=>74*&=)94:)(9=,)(D&,:3()=U(9=,)>;&M)&974&D(>9&54W&*4K(*4>V&974:4&7(>&+44)&(&*:=T4&

9,W(:*>&8:,54>>=,)(D=U(9=,)&,5&7FA()=9(:=()&(>>=>9()K4&()*&97=>&7(>&>44)&A()@&

,:3()=U(9=,)>&8(@=)3&A,:4&(994)9=,)&9,&3,T4:)()K4V&>9()*(:*>&()*&(KK,F)9(+=D=9@;&

&

$9&974&74(:9&,5&8:,54>>=,)(D&7FA()=9(:=()&,:3()=U(9=,)>&=>&974&K,AA=9A4)9&9,&7FA()=9(:=()&

8:=)K=8D4>&*=>KF>>4*&(+,T4;&$&54W&,:3()=U(9=,)>&A(@&7(T4&(&8F:4D@&7FA()=9(:=()&A()*(94V&

5,:&4S(A8D4&^p*4K=)>&>()>&Q:,)9=q:4>V&W7=D>9&A,>9&),W&7(T4&(&*F(D&7FA()=9(:=()&()*&

*4T4D,8A4)9&(88:,(K7;&2:,54>>=,)(D&7FA()=9(:=()&,:3()=U(9=,)>&(:4&,594)&4)3(34*&W=97&

K,,:*=)(9=,)&>9:FK9F:4>&[(9&)(9=,)(DV&:43=,)(D&()*&3D,+(D&D4T4D>\&()*&(*74:4&9,&K,AA,)&

8:=)K=8D4>V&>9()*(:*>V&),:A>&()*&>9:(943=4>&9,&(**:4>>&974&)44*>&,5&974&(554K94*&8,8FD(9=,);&

&

&@A#(A;#/9:FF#C7;#(A;#/9AF=A78#-:LABA78#

<74&E4*&%:,>>&()*&E4*&%:4>K4)9&^,T4A4)9&=>&974&W,:D*Y>&D(:34>9&7FA()=9(:=()&)49W,:-V&

K,A8:=>=)3&)4(:D@&0//&A=DD=,)&A4A+4:>V&T,DF)944:>&()*&>F88,:94:>;&&

&

?9:FK9F:(DD@V&974&^,T4A4)9&=>&K,A8:=>4*&,5&97:44&K,:4&K,A8,)4)9>]&

&

• 0IP&"(9=,)(D&E4*&%:,>>&()*&E4*&%:4>K4)9&?,K=49=4>&

• M)94:)(9=,)(D&Q4*4:(9=,)&,5&E4*&%:,>>&()*&E4*&%:4>K4)9&?,K=49=4>&[MQE%\&

• M)94:)(9=,)(D&%,AA=9944&,5&974&E4*&%:,>>&[M%E%\&

&

<,34974:V&974>4&K,A8,)4)9>&,84:(94&W,:D*W=*4&W=97&(&A=>>=,)&9,&8:4T4)9&()*&(DD4T=(94&

7FA()&>F554:=)3&W74:4T4:&=9&A(@&+4&5,F)*V&9,&8:,94K9&D=54&()*&74(D97&()*&9,&4)>F:4&:4>84K9&

5,:&974&7FA()&+4=)3&[8(:9=KFD(:D@&=)&9=A4>&,5&(:A4*&K,)5D=K9&()*&,974:&4A4:34)K=4>\;&<74&

^,T4A4)9&W,:->&=)&(KK,:*()K4&W=97&=9>&5F)*(A4)9(D&8:=)K=8D4>&,5&7FA()=9@V&=A8(:9=(D=9@V&

)4F9:(D=9@V&=)*484)*4)K4V&T,DF)9(:@&>4:T=K4V&F)=9@&()*&F)=T4:>(D=9@;&

&

"(9=,)(D&E4*&%:,>>&()*&E4*&%:4>K4)9&?,K=49=4>&["(9=,)(D&?,K=49=4>\&,KKF8@&(&F)=dF4&8D(K4&(>&

(FS=D=(:=4>&9,&974&8F+D=K&(F97,:=9=4>&=)&974=:&K,F)9:=4>;&<74&b(FS=D=(:@&:,D4c&=>&(&94K7)=K(D&94:A&

Page 32: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&.6& %7(894:&$&

9,&4S8:4>>&974&F)=dF4&8(:9)4:>7=8&(&"(9=,)(D&?,K=49@&7(>&W=97&=9>&C,T4:)A4)9&=)&8:,T=*=)3&

8F+D=K&7FA()=9(:=()&>4:T=K4>;&$D97,F37&"(9=,)(D&?,K=49=4>&W,:-&(D,)3>=*4&C,T4:)A4)9>&()*&

8F+D=K&(F97,:=9=4>V&974@&(:4&=)*484)*4)9&()*&974=:&W,:-&=>&),9&K,)9:,DD4*&,:&*=:4K94*&+@&974&

)(9=,)(D&C,T4:)A4)9;&J(K7&C,T4:)A4)9&AF>9&:4K,3)=U4&=9>&"(9=,)(D&?,K=49@&(>&(&D43(D&4)9=9@&

()*&(DD,W&=9&9,&,84:(94&(KK,:*=)3&9,&974&5F)*(A4)9(D&8:=)K=8D4>&,5&974&^,T4A4)9;&"(9=,)(D&

?,K=49=4>&8:,T=*4&*=>(>94:&:4D=45V&>F88,:9&74(D97&()*&>,K=(D&8:,3:(AA4>V&()*&8:,A,94&

=)94:)(9=,)(D&7FA()=9(:=()&D(W&()*&7FA()=9(:=()&T(DF4>;&<74@&(:4&34)4:(DD@&974&5=:>9&8,=)9>&

,5&K,)9(K9&5,:&C,T4:)A4)9>&:4dF4>9=)3&(**=9=,)(D&>F88,:9&5:,A&MQE%&[=)&)(9F:(D&*=>(>94:>\&

()*&M%E%&[=)&>=9F(9=,)>&,5&(:A4*&K,)5D=K9\;&"(9=,)(D&>,K=49=4>&(:4&),9&"CO>V&()*&7(T4&(&

*=554:4)9&:4D(9=,)>7=8&W=97&C,T4:)A4)9>&()*&8F+D=K&(F97,:=9=4>&97()&:43=>94:4*&"CO>;&

"(9=,)(D&?,K=49=4>&W,:-&(D,)3>=*4&)(9=,)(D&()*&D,K(D&8F+D=K&(F97,:=9=4>&=)&*=>(>94:&>=9F(9=,)>;&

%

%:7UM:LA97BA78CE#:9MC7>[C8>:7F#\%.)F]##

%=T=DN>,K=49@&(K9,:>&K()&+4&*=T=*4*&=)9,&9W,&K(943,:=4>]&)(9=,)(D&()*&K,AAF)=9@N+(>4*&),)N

3,T4:)A4)9(D&,:3()=U(9=,)>&["CO>\&()*&=)94:)(9=,)(D&"CO>;&M)&(**=9=,)&9,&974=:&

=)*484)*4)9&:4D(9=,)>7=8>&W=97&C,T4:)A4)9>V&"CO>&(>>4A+D4&974A>4DT4>&(KK,:*=)3&9,&

)49W,:->&()*&K,)>,:9=(&,)&3D,+(DV&:43=,)(D&()*&K,F)9:@&D4T4D>;&

&

"(9=,)(D&()*&K,AAF)=9@N+(>4*&"CO>&(:4&K=T=DN>,K=49@&,:3()=U(9=,)>&97(9&5F)K9=,)&W=97=)&

)(9=,)(D&+,:*4:>&,)D@;&<74>4&"CO>&W,:-&=)*484)*4)9D@&9,&>F88,:9&974&4A4:34)K@&

8:48(:4*)4>>&()*&:4>8,)>4&(K9=T=9=4>&,5&C,T4:)A4)9>V&!)=94*&"(9=,)>&(34)K=4>&()*&D(:34:&

=)94:)(9=,)(D&"CO>;&<74@&34)4:(DD@&8,>>4>>&>9:,)3&K,AAF)=9@N+(>4*&)49W,:->&K:=9=K(D&9,&

:4(K7=)3&*=>(>94:N(554K94*&K,AAF)=9=4>;&"(9=,)(D&"CO>&K()&+4&4=974:&>4KFD(:&,:&5(=97N+(>4*&

4)9=9=4>;&<74@&(:4&,55=K=(DD@&:43=>94:4*&(>&)(9=,)(D&,:3()=U(9=,)>&W=97&7,>9&C,T4:)A4)9>;&&

&

M)&>,A4&:43=,)>V&)(9=,)(D&"CO>&K()&K,A4&9,34974:&(>&8(:9&,5&(&+:,(*4:&)49W,:-&,5&

7FA()=9(:=()&"CO>&()*&=)*44*&(&)FA+4:&A(@&(D>,&+4&(K9=T4&=)&=)94:)(9=,)(D&)49W,:->;&

?,A49=A4>&W=97&=)94:)(9=,)(D&"CO>V&974@&A(@&,:3()=U4&974A>4DT4>&(KK,:*=)3&9,&K,)>,:9=(&

97(9&=)94:5(K4&W=97&C,T4:)A4)9>&,)&>4K9,:N>84K=5=K&+(>4>;&

&

M)94:)(9=,)(D&"CO>&,84:(9=)3&=)&4A4:34)K@&8:48(:4*)4>>&()*&:4>8,)>4&=)KDF*4&

7FA()=9(:=()&,:3()=U(9=,)>&()*&AFD9=NA()*(94*&,:3()=U(9=,)>&97(9&,84:(94&=)*484)*4)9D@&

9,&8:,T=*4&7FA()=9(:=()&(>>=>9()K4;&<74&D(:34>9&=)94:)(9=,)(D&"CO>V&=)&94:A>&,5&())F(D&

4S84)*=9F:4V&(:4&34)4:(DD@&+(>4*&=)&",:97&$A4:=K(&()*&JF:,84V&W=97&:43=,)(D&()*&K,F)9:@&

,55=K4>&(K:,>>&974&W,:D*;&M)94:)(9=,)(D&"CO>&K()&(D>,&+4&4=974:&>4KFD(:&,:&5(=97N+(>4*;&<74@&

A(@&:4K4=T4&:43FD(:&5F)*=)3&5:,A&*,),:&C,T4:)A4)9>V&8:=T(94&5,F)*(9=,)>&()*&

K,:8,:(9=,)>V&+F9&(&3:,W=)3&8:,8,:9=,)&,5&974=:&:4>,F:K4>&K,A4&5:,A&974&34)4:(D&8F+D=K&=)&

974=:&K,F)9:=4>&,5&,:=3=)&()*&K,F)9:=4>&,5&,84:(9=,);&

&

M)94:)(9=,)(D&"CO>&(:4&:48:4>4)94*&(9&3D,+(D&K,,:*=)(9=,)&8D(95,:A>&+@&K,)>,:9=(&>FK7&(>&

974&M)94:)(9=,)(D&%,F)K=D&,5&i,DF)9(:@&$34)K=4>&[Mi%$\V&?944:=)3&%,AA=9944&5,:&

Page 33: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&.6& %7(894:&$&

'FA()=9(:=()&E4>8,)>4&[?%'E\&()*&M)94:$K9=,)V&(DD&97:44&,5&W7=K7&(:4&:48:4>4)94*&=)&974&

M)94:N$34)K@&?9()*=)3&%,AA=9944&[M$?%\;&O974:&K,)>,:9=(&K()&+4&5,:A4*&9,&(**:4>>&3D,+(D&

"CO&8:=,:=9=4>;&Q,:&4S(A8D4V&%$EJV&%(97,D=K&E4D=45&?4:T=K4>V&^4:K@&%,:8>V&OS5(AV&?(T4&974&

%7=D*:4)V&M)94:)(9=,)(D&E4>KF4&%,AA=9944&()*&g,:D*&i=>=,)&8(:9=K=8(94&=)&(&3D,+(D&=)=9=(9=T4&

K(DD4*&974&JA4:34)K@&%(8(K=9@NhF=D*=)3&[J%h\&2:,a4K9V&W7=K7&5,KF>4>&,)&*4T4D,8=)3&)(9=,)(D&

>9(55&>-=DD>V&5(K=D=9(9=)3&K,DD(+,:(9=,)&()*&K:4(9=)3&8:(K9=K(D&9,,D>&()*&(88:,(K74>&9,&*=>(>94:&

8:48(:4*)4>>&()*&:=>-&:4*FK9=,)&8:,3:(AA=)3;&

%

!"N"G#)8@A9#!=8:9F##

%

&@A#D9>LC8A#FA=8:9#

2:=T(94&>4K9,:&K,A8()=4>&(:4&=)K:4(>=)3D@&=)T,DT4*&=)&*=>(>94:&:4>8,)>4V&,594)&(>&8(:9&,5&

974=:&K,AA=9A4)9&9,&(&K,:8,:(94&>,K=(D&:4>8,)>=+=D=9@&>9:(943@;&<7=>&=)T,DT4A4)9&K()&9(-4&

A()@&5,:A>V&=)KDF*=)3&(>&*,),:>&()*&(>&*=:4K9&>4:T=K4&8:,T=*4:>&,5&(=*;&%,A8()=4>&D=-4&#'`&

()*&J:=K>>,)&7(T4&+44)&W,:-=)3&9,&>F88,:9&7FA()=9(:=()&D,3=>9=K>&()*&94D4K,AAF)=K(9=,)>&

5,:&@4(:>&()*&(:4&+4=)3&a,=)4*&+@&(&3:,W=)3&)FA+4:&,5&8:=T(94&>4K9,:&(K9,:>&),W&=)T,DT4*&=)&

*=>(>94:&:4>8,)>4;&<74&T(>9&A(a,:=9@&,5&8:=T(94&K,A8()=4>Y&=)T,DT4A4)9&=)&*=>(>94:&:4D=45&

,KKF:>&=)*484)*4)9D@;&

&

C,T4:)A4)9>&A(@&+4&(88:,(K74*&+@&8:=T(94&>4K9,:&K,A8()=4>&97(9&W=>7&9,&,554:&(>>=>9()K4&

()*&>7,FD*&4S(A=)4&97,>4&,554:>&,)&974=:&,W)&A4:=9>;&<74&A,*(D=9=4>&5,:&8:=T(94&>4K9,:&

(>>=>9()K4&(:4&T(:=4*&()*&=9&A(@&+4&K,)T4)=4)9&9,&:4(K7&,F9&9,&(&+:,(*4:&>84K9:FA&,5&

K,A8()=4>&=)94:4>94*&=)&K,)9:=+F9=)3&9,&*=>(>94:&:4D=45&97:,F37&974&)(9=,)(D&,:&D,K(D&D4T4D&

%7(A+4:&,5&%,AA4:K4&[,:&4dF=T(D4)9\;&

#

!;#@:=#C7;#>BD9:L>FA;#@<BC7>8C9>C7#M9:<DF#

$>&7FA()=9(:=()&4T4)9>&+4K,A4&A,:4&T=>=+D4&9,&974&3D,+(D&8,8FD(9=,)&97:,F37&A(>>&A4*=(&

()*&>,K=(D&)49W,:->V&974:4&(:4&()&=)K:4(>=)3&)FA+4:&,5&bC,,*&?(A(:=9()>c&-44)&9,&+4&

4)3(34*&=)&8:,T=*=)3&7FA()=9(:=()&:4D=45;&<74>4&:()34&5:,A&>8,)9()4,F>D@&5,:A4*&>A(DD&

3:,F8>&,5&84,8D4&9,&A,:4&>,87=>9=K(94*&94K7),K:(9>;&<74@&(:4&9@8=K(DD@&8(>>=,)(94V&W=DD=)3&9,&

74D8&()*&A(@&+4&(+D4&9,&A,+=D=U4&974=:&,W)&5F)*>&9,&,84:(94V&+F9&(:4&:(:4D@&4dF=884*&W=97&

-),WD4*34&,5&>9()*(:*>V&K,,:*=)(9=,)&>@>94A>&()*&A(@&+4&>7,:9&D=T4*&=)&974=:&,84:(9=,)>;&

g7=D4&(>>=>9()K4&=>&(DW(@>&)44*4*&()*&W4DK,A4*V&974:4&7(T4&+44)&=)>9()K4>&W74:4&>FK7&

3:,F8>&7(T4&K(F>4*&A,:4&7(:A&+@&K:4(9=)3&*484)*4)K4V&*F8D=K(9=)3&455,:9>&+@&=)94:)(9=,)(D&

>@>94A>&97F>&W(>9=)3&:4>,F:K4>&()*&A(@&=)&5(K9&T=,D(94&974&K,*4&,5&K,)*FK9&,5&,:3()=U(9=,)>&

>FK7&(>&974&MQE%&()*&,974:>;&

&

^>CFD:9C#

24:7(8>&974&D4(>9&F)*4:>9,,*V&,T4:D,,-4*&()*&@49&,594)&:4>,F:K45FD&3:,F8&,5&84,8D4&W7,&

A(@&+4&=)K:4(>=)3D@&=)T,DT4*&=)&7FA()=9(:=()&(>>=>9()K4&=>&974&*=(>8,:(;&<74&*=(>8,:(&

8,8FD(9=,)&=>&8,94)9=(DD@&()&=A8,:9()9&:4>,F:K4&9,&9(8&=)9,&(>&974@&A(@&7(T4&(&W4(D97&,5&

Page 34: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.6&,5&.6& %7(894:&$&

-),WD4*34&,5&974&KFD9F:4V&D()3F(34&()*&>,K=(D&)F()K4>V&()*&5=)()K=(D&:4>,F:K4>&9,&>F88,:9&

7FA()=9(:=()&(>>=>9()K4;&r),WD4*34&()*&F)*4:>9()*=)3&,)&=)94:)(9=,)(D&7FA()=9(:=()&

(>>=>9()K4&=>&F>F(DD@&D(K-=)3&97F>&974=:&(+>4)K4&=)&K,,:*=)(9=,)&A4K7()=>A>V&97,F37&974@&K()&

,594)&+4&9(:3494*&5,:&-4@&K,AAF)=K(9=,)&A4>>(34>&()*&K,,:*=)(9=,)&97:,F37&7,>9&K,F)9:@&

3,T4:)A4)9&()*&A4*=(&K7())4D>;&&

Page 35: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&.1& %6(7849&:&

!"#$%&#'()*+#+,(+&-$#

#

!".#/01234561730#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.&

:;0;0&%,<7,)4)8=&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0&

:;0;.&%,)>478&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.&

:;0;1&%,94&$>8?@?8?4=&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&1&

:;0;A&!"#$%&B8()*(9*&C49<=&,5&D45494)>4&EC,DF&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&G&

!"8#'()*+#9:1;343<3=>#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#?&

:;.;0&C64&%,9)49=8,)4=&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&H&

!"@#$;:#'()*+#A>B1:C#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.@&

:;1;0&BI=84<&J4<+49=6?7&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&01&

!"D#$:EC#9:CF:2B;7G#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.D&

:;A;0&KL)>8?,)=&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0A&

:;A;.&ML(N?5?>(8?,)=&()*&C9(?)?)3&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0O&

:;A;1&C64&P?*49&!"#$%&"48Q,9-&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0H&

!"H#'()*+#-E210:2B#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.I&

!"J#A5GG321#9345<:B#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#8K&

&

!".#/01234561730#

&

C64&!"#$%&=I=84<&?=&*4=?3)4*&8,&=L77,98&)(8?,)(N&R,@49)<4)8=S&864&!)?84*&"(8?,)=&?)T

>,L)89I&()*&?)>,<?)3&?)849)(8?,)(N&94=7,)*49=&Q?86&>,,9*?)(8?,)&*L9?)3&864&5?9=8&76(=4&,5&(&

=L**4)T,)=48&4<4934)>I;&C64&=I=84<&?=&*4=?3)4*&8,&*47N,I&()&!"#$%&84(<&(8&@49I&=6,98&

),8?>4&E0.TAU&6,L9=F&()IQ6494&?)&864&Q,9N*;&V8&(N=,&(?<=&8,&(*@?=4&()*&=894)3864)&)(8?,)(N&

()*&943?,)(N&*?=(=849&94=7,)=4&>(7(>?8I;&

&

!".".#+3CG30:01B#

&

C64&!"#$%&=I=84<&>,)=?=8=&,5&5,L9&>,<7,)4)8=W&

&

0F !"#$$W&29,54==?,)(N&()*&4X749?4)>4*&4<4934)>I&<()(349=&<(*4&(@(?N(+N4&5,9&!"#$%&

<?==?,)=&+I&864?9&94=74>8?@4&3,@49)<4)8=&,9&?)849)(8?,)(NY943?,)(N&E?)849T

3,@49)<4)8(N&,9&),)T3,@49)<4)8(NF&,93()?Z(8?,)=&8,348649&Q?86&[55?>4&5,9&864&

%,,9*?)(8?,)&,5&'L<()?8(9?()&$55(?9=&E[%'$F&=8(55;&!"#$%&84(<&<4<+49=&(94&

=74>?(NNI&89(?)4*&()*&4\L?774*&5,9&864?9&8(=-;&

&

.F %&"'()(*(+,W&294*45?)4*&<486,*=&5,9&>,,9*?)(8?,)&?)>NL*?)3&864&>,NN4>8?,)&()*&

<()(34<4)8&,5&?)5,9<(8?,)S&>,,9*?)(84*&(==4==<4)8&(=&Q4NN&(=&>,,9*?)(8?,)&

=L77,98&=89L>8L94=&*L9?)3&864&5?9=8&76(=4&,5&(&=L**4)T,)=48&*?=(=849;&&

Page 36: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&.1& %6(7849&:&

1F %(-.*./#".(0123(4&)53&6W&29,@4)&=I=84<=&8,&<,+?N?Z4&()*&*47N,I&()&!"#$%&84(<S&=,&

86(8&?8&Q?NN&(99?@4&Q?86?)&AU&6,L9=&,5&94\L4=8&(8&()I&*?=(=849&=?84&()IQ6494&?)&864&

Q,9N*;&

AF 785.29&0"W#249=,)(N&()*&<?==?,)&4\L?7<4)8&5,9&!"#$%&84(<=&8,&+4&=4N5T=L55?>?4)8&?)&

864&5?4N*&Q64)&*47N,I4*&5,9&*?=(=849=Y4<4934)>?4=;&

&

!"."8#+306:G1#

&

!"#$%&?=&(&5?9=8&94=7,)=4&8,,N&,5&[%'$&86(8&<(I&+4&*47N,I4*&?)&=L**4)&,)=48&4<4934)>?4=&

8,&4=8(+N?=6&,9&=L77,98&(&>,,9*?)(8?,)&<4>6()?=<&5,9&?)849)(8?,)(N&94=7,)=4;&V8&<(I&+4&

94\L4=84*&+I&(&R,@49)<4)8&,9&(&!)?84*&"(8?,)=&D4=?*4)8&%,,9*?)(8,9Y'L<()?8(9?()&

%,,9*?)(8,9&ED%Y'%F;&$)&!"#$%&84(<&Q,9-=&L)*49&864&=(<4&<()*(84&(=&[%'$&()*&<(I&?)&

<()I&>(=4=&+4&[%'$]=&5?9=8&794=4)>4&,)&864&39,L)*;&

&

$)&!"#$%&84(<&?=&(&)4L89(NS&?)849)(8?,)(N&(==48&86(8&79,@?*4=&4X749?4)>4*&4<4934)>I&

<()(349=&Q?86&@(9?4*&=-?NN=S&5944&,5&>,=8&()*&(8&@49I&=6,98&),8?>4;&$)&!"#$%&84(<&<(I&+4&

*47N,I4*&(8&864&,L8=48&,9&L7,)&4(9NI&Q(9)?)3&,5&()&4<4934)>I;&C64I&79,@?*4&?)849)(8?,)(N&

>(7(>?8I&8,&=L77,98&>9,==T=4>8,9(N&4<4934)>I&(==4==<4)8S&>,,9*?)(8?,)&,5&94N?45&()*&

?)5,9<(8?,)&<()(34<4)8;&!"#$%&84(<=&(94&94\L4=84*&+IS&()*&Q,9-&L)*49&864&(L86,9?8I&,5&

864&D%Y'%;&V)&=?8L(8?,)=&Q6494&86494&?=&),&!)?84*&"(8?,)=&794=4)>4S&864&!"#$%&84(<&<(I&

Q,9-&?)&*?94>8&=L77,98&,5&864&R,@49)<4)8&,5&()&(554>84*&>,L)89I&E=44&=4>8?,)&:;0;A&+4N,QF;&

&

P64)&94\L?94*S&()&!"#$%&84(<&<(I&4=8(+N?=6&()*&9L)&()&[)TB?84&[749(8?,)=&%,,9*?)(8?,)&

%4)894&E[B[%%F&()*&(&D4>478?,)&#47(98L94&%4)894&ED#%F&8,&(>8&(=&(&N?)-&+48Q44)&

?)849)(8?,)(N&94=7,)*49=&()*&)(8?,)(N&(L86,9?8?4=S&8,&5(>?N?8(84&>,,9*?)(8?,)&,5&?)849)(8?,)(N&

94=7,)=4S&()*&8,&79,@?*4&(&7N(85,9<&5,9&>,,749(8?,)S&>,,9*?)(8?,)&()*&?)5,9<(8?,)&

<()(34<4)8&(<,)3=8&?)849)(8?,)(N&6L<()?8(9?()&(34)>?4=;&$)&[B[%%&?=&(&9(7?*&94=7,)=4&

8,,N&86(8&<(I&=49@4&(=&(&+9?*34&59,<&4<4934)>I&94=7,)=4&8,&N,)349T849<&94N?45&()*&<(I&

+4>,<4&864&5,L)*(8?,)&,5&()&[%'$&5?4N*&,55?>4;&C64&[B[%%&=89L>8L94&Q?NN&(N<,=8&(NQ(I=&+4&

4=8(+N?=64*&?)&4(986\L(-4&=?8L(8?,)=&Q6494&?)849)(8?,)(N&!9+()&B4(9>6&()*&D4=>L4&E!B$DF&

84(<=&(94&(==?=8?)3&?)&864&94=>L4&,5&=L9@?@,9=&E=44&>6(7849&#F;&

&

!"#$%&84(<=&<(I&+4&94?)5,9>4*&Q?86&4X7498=&>,@49?)3&<,94&=74>?(N?Z4*&5?4N*=&,5&

4<4934)>I&<()(34<4)8&E4;3;S&4)@?9,)<4)8S&=L**4)T,)=48&84>6),N,3?>(N&()*&?)*L=89?(N&

(>>?*4)8=F;&$)&!"#$%&84(<&?=&=4N5T=L55?>?4)8&?)&+(=?>&84N4>,<<L)?>(8?,)=S&,55?>4&()*&

749=,)(N&4\L?7<4)8;&

#

'()*+#2:=730E<#1:ECB&

C64&!"#$%&84(<&?=&*?@?*4*&?)8,&86944&943?,)(N&84(<=W&&

&

• $59?>(S&J?**N4&^(=8&()*&^L9,74&&

Page 37: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&.1& %6(7849&:&

• $<49?>(=&E?)>NL*?)3&864&%(9?++4()F&

• $=?(&()*&864&2(>?5?>&

&

V)&4<4934)>?4=&,5&<(?)NI&)(8?,)(N&,9&943?,)(N&>,)>49)S&[%'$&Q?NN&<(?)NI&*9(Q&L7,)&864&

!"#$%&943?,)(N&84(<=&>,)=?=8?)3&,5&!"#$%&<4<+49=&59,<&864&(554>84*&943?,);&C6?=&

4)(+N4=&[%'$&8,&*47N,I&()&!"#$%&84(<&,5&4<4934)>I&<()(349=&Q6,&(94&Q4NN&@49=4*&?)&864&

N,>(N&>,)84X8S&N()3L(34=&()*&>LN8L94;&

&

V)&<(_,9&4<4934)>?4=&94\L?9?)3&N(934&,9&<LN8?7N4&*47N,I<4)8=S&[%'$&>()&*9(Q&,)&!"#$%&

<4<+49=&59,<&(NN&943?,)(N&84(<=&Q,9N*Q?*4&8,&>,<7,=4&864&84(<=;&&

&

$27==:2B#L32#C3F7<7ME1730#3L#E0#'()*+#1:EC&

V)*?>(8,9=&89?3349?)3&864&<,+?N?Z(8?,)&,5&()&!"#$%&84(<&?)>NL*4W&

&

• :#"53#*1(31"&4'0(*(+.4#*1).6#6"&36W&P64)&(&*?=(=849&(554>84*&>,L)89I&94\L4=8=&

?)849)(8?,)(N&(==?=8()>4&?)&>,7?)3&Q?86&(&)(8L9(N&,9&84>6),N,3?>(N&*?=(=849&()*&

94\L?94=&(**?8?,)(N&?)849)(8?,)(N&>,,9*?)(8?,)&94=,L9>4=S&,9&Q64)&(&*?=(=849&?=&

?<<?)4)8&E4;3;S&6L99?>()4=FS&!"#$%&84(<=&<(I&+4&794T7,=?8?,)4*&?)&864&>,L)89I;&

E",84W&$&>,L)89I&<(I&(N=,&94\L4=8&()&!"#$%&84(<&Q?86,L8&?==L?)3&(&+N()-&94\L4=8&

5,9&?)849)(8?,)(N&(==?=8()>4;&V)&5(>8S&(&R,@49)<4)8&<(I&94\L4=8&()&!"#$%&84(<&8,&

64N7&*4849<?)4&?5&?)849)(8?,)(N&(==?=8()>4&Q,LN*&+4&94\L?94*&,9&),8;F&&

• ;(92*&<1&9&3+&04.&6W#P64)&86494&?=&(&=L**4)&,)=48&,9&>6()34&?)&?)84)=?8I&,5&(&

>,<7N4X&4<4934)>IS&Q6?>6&?=&N?-4NI&8,&94=LN8&?)&()&L)5,94=44)&94\L?94<4)8&5,9&

(**?8?,)(N&?)849)(8?,)(N&>,,9*?)(8?,)&94=,L9>4=;&

&

V)&4(>6&>(=4S&864&*47N,I<4)8&()*&*48(?N4*&8(=-=&,5&()&!"#$%&84(<&(94&(3944*&+I&[%'$S&

864&D%Y'%&()*Y,9&864&94\L4=8?)3&R,@49)<4)8;&C64&84(<&),9<(NNI&=8(I=&?)&864&(554>84*&(94(&

5,9&864&?)?8?(N&94=7,)=4&76(=4&,5&8Q,&8,&5,L9&Q44-=;&&

&

!"."@#+32:#*617N717:B##

&

$)&!"#$%&84(<&,)&<?==?,)&Q?NN&?*4(NNI&+4&5N4X?+N4&4),L36&8,&>(99I&,L8&,9&+4&?)@,N@4*&?)&(&

Q?*4&9()34&,5&>,94&(>8?@?8?4=;&#474)*?)3&,)&864&)(8L94&()*&864&=>(N4&,5&864&

*?=(=849Y=?8L(8?,)S&()&!"#$%&84(<&,)&<?==?,)&<(IW&

&

• BL77,98&()*&5(>?N?8(84&864&Q,9-&,5&864&(554>84*&R,@49)<4)8S&864&D%Y'%&()*&(&

'L<()?8(9?()&%,L)89I&C4(<&E'%CF&?)&864&>,,9*?)(8?,)&,5&?)849)(8?,)(N&(==?=8()>4;&

• BL77,98&=4)?,9&=8(55&59,<&[%'$&()*&,8649&<4<+49&,93()?Z(8?,)=&,5&864&V)849T$34)>I&

B8()*?)3&%,<<?8844&EV$B%F&*47N,I4*&869,L36&864&V)849T$34)>I&D(7?*&D4=7,)=4&

J4>6()?=<&EV$DDJF&?)&*4>N(94*&`4@4N&1&^<4934)>?4=&E=44&>6(7849&$F;&&&

Page 38: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&A&,5&.1& %6(7849&:&

• ^=8(+N?=6&()*&9L)&()&[B[%%YD#%&8,&N?)-&?)849)(8?,)(N&455,98=&Q?86&)(8?,)(N&94N?45S&

5(>?N?8(84&>,,9*?)(8?,)&,5&?)849)(8?,)(N&94N?45S&=L77,98&!B$D&,749(8?,)=&E?)&

4(986\L(-4&=?8L(8?,)=FS&()*&>94(84&(&7N(85,9<&5,9&>,,749(8?,)S&*4>?=?,)T<(-?)3&()*&

?)5,9<(8?,)&<()(34<4)8;&

• BL77,98&864&=48TL7&,5&,9&=894)3864)&864&>,,9*?)(8?,)&>4)894&,5&864&R,@49)<4)8&5,9&

?)849)(8?,)(N&>,,9*?)(8?,)S&+,86&,)&(&=89(843?>&N4@4N&()*&(8&864&=?84&,5&864&*?=(=849;&

• 29,@?*4&4X7498?=4&?)&>,,9*?)(84*&(==4==<4)8&()*&=L9@4I&<486,*,N,3?4=&E4;3;S&864&

JLN8?T%NL=849YB4>8,9(N&V)?8?(N&D(7?*&$==4==<4)8&EJVD$F&K9(<4Q,9-F;&

• !)*498(-4& (& KN(=6& ^)@?9,)<4)8(N& $==4==<4)8& 8,& ?*4)8?5I& =4>,)*(9I& 4)@?9,)<4)8(N&

9?=-=&()*&94\L4=8&=74>?(N?Z4*&4X7498?=4&()*&5,NN,QTL7S&(=&)4>4==(9I;&&

• B894)3864)&*?=(=849&<()(34<4)8&()*&6L<()?8(9?()&94=7,)=4&(>8?@?8?4=&+IW&&

T BL77,98?)3&)(8?,)(N&*?=(=849&<()(34<4)8&(L86,9?8?4=&869,L36&,78?<?Z?)3&864&

L=4&,5&(@(?N(+N4&94=,L9>4=&8,&4)=L94&<(X?<L<&?<7(>8&()*&864&4=8(+N?=6<4)8&

,5&79?,9?8?4=&5,9&94=7,)=4&(>8?@?8?4=;&&

T BL77,98?)3&?)849)(8?,)(N&6L<()?8(9?()&94=7,)=4&869,L36&864&4=8(+N?=6<4)8&

,9&94?)5,9>4<4)8&,5&(&6L<()?8(9?()&>,,9*?)(8?,)&7N(85,9<S&(77N?>(8?,)&,5&

6L<()?8(9?()&79?)>?7N4=&()*&=8()*(9*=S&()*&79,@?=?,)&(*@?>4&()*&3L?*()>4&,)&

>,,9*?)(8?,)&=89L>8L94=S&8,,N=&()*&=49@?>4=&()*&6L<()?8(9?()&5?)()>?)3&

<4>6()?=<=;&

• BL77,98&947,98?)3S&7L+N?>&?)5,9<(8?,)&()*&?)5,9<(8?,)&<()(34<4)8;&&

• BL77,98&=(548I&()*&=4>L9?8I&<()(34<4)8;&

• 29,@?*4&N?(?=,)&5L)>8?,)=S&?)>NL*?)3W&

T P6494&94N4@()8S&?)?8?(N&79,@?=?,)&,5&6L<()?8(9?()&%?@?NTJ?N?8(9I&%,,9*?)(8?,)&

E%J%,,9*FS&Q?86&=L77,98&59,<&94N4@()8&=4>8?,)=&Q?86?)&[%'$&(=&)44*4*;&&&

T %94(8?)3&864&N?)-&+48Q44)&)(8?,)(N&4<4934)>I&<()(34<4)8&(L86,9?8?4=&()*&

!)?84*&"(8?,)=Y?)849)(8?,)(N&94=7,)=4&<4>6()?=<=;&

• 29,@?*4&<()(34<4)8&,5&84>6)?>(N&=L77,98&84(<=&?)>NL*?)3&V)5,9<(8?,)&

%,<<L)?>(8?,)=&C4>6),N,3I&EV%CF&(>8?@?8?4=;&

• $*<?)?=849&864&!"#$%&84(<&()*&*4@4N,7&6()*,@49&()*&4X?8&=89(843?4=;&

#

,51B74:#3L#47BEB1:2B#

:48Q44)&*?=(=849=S&[%'$&EK%BBF&(=&<()(349&,5&864&!"#$%&=I=84<W&

&

• %,,9*?)(84=&864&=4N4>8?,)&,5&)4Q&!"#$%&>()*?*(84=&59,<&R,@49)<4)8=&()*&

?)849)(8?,)(N&,93()?Z(8?,)=&?)&,9*49&8,&=L=8(?)&864&>(7(>?8I&,5&864&!"#$%&=I=84<&

Q,9N*Q?*4;&

• C9(?)=&)4Q&!"#$%&<4<+49=&?)&864&!"#$%&<486,*,N,3I;&

• #4@4N,7=&864&=-?NN=&,5&!"#$%&<4<+49=&869,L36&@(9?,L=&5L)>8?,)(N&89(?)?)3&

>,L9=4=S&7(98?>?7(8?,)&?)&94=7,)=4&>,,9*?)(8?,)&4X49>?=4=&()*&,8649&94N(84*&

89(?)?)3&4@4)8=;&

• a447=&!"#$%&<4<+49=&()*&!"#$%&5,>(N&7,?)8=&?)&R,@49)<4)8=&()*&(34)>?4=&

Page 39: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&G&,5&.1& %6(7849&:&

?)5,9<4*&,5&*4@4N,7<4)8=&?)&864&!"#$%&=I=84<;&

• %,)*L>8=&)(8?,)(N&*?=(=849&94=7,)=4&7947(94*)4==&<?==?,)=&(=&7(98&,5&(&Q?*49&

7947(94*)4==&79,>4==&+I&[%'$&()*&7(98)49=;&&

• K(>?N?8(84=&,9&7(98?>?7(84=&?)&5(<?N?(9?Z(8?,)&=4==?,)=&8,&4)6()>4&L)*49=8()*?)3&,5&

864&!"#$%&=I=84<&()*&[%'$]=&9,N4;&

&

!"."D#'()*+#A1E04E24#$:2CB#3L#O:L:2:06:#P$3OQ#

&

C64&V)849T$34)>I&B8()*?)3&%,<<?8844&EV$B%F&P,9-?)3&R9,L7&94>,3)?Z4*&864&@(NL4&,5&864&

!"#$%&=I=84<&(=&[%'$]=&9(7?*&94=7,)=4&8,,N&5,9&4<4934)>I&>,,9*?)(8?,)&?)&.//.&()*&

?==L4*&864&5,NN,Q?)3&=8(84<4)8&86(8&79,@?*4=&3L?*()>4&5,9&864&L=4&()*&*4@4N,7<4)8&,5&864&

>,)>478W&

1

!"#"$%&'((

=:>?;1.612#3"1($1@;A?B10("1#01.0)&2&0)&0"1(3+#0./#".(0C1D"619#.013(*&1.61"(1+.E&1"'&17F;1

"'&14#2#-.*.",1"(16522(3"1#19&9-&316"#"&1#$$&4"&)1-,1#01&9&3+&04,1-,123(E.).0+1"&4'0.4#*1

6&3E.4&6B150)&31"'&1*&#)&36'.21($1"'&1F;GA;C1?9(0+1"'&1"&4'0.4#*16&3E.4&61"'#"1=:>?;1

23(E.)&6B1"'&123.04.2#*1(0&61#3&1(0H6."&14((3).0#".(01#0)1.0$(39#".(01).66&9.0#".(01

6&3E.4&6C1

1

)*+,&"-("+"$."#/0"1'((

I'&13&62(06&1"(14(92*&<1&9&3+&04.&61.61$3&85&0"*,12(*.".4#**,16&06.".E&1#0)14*(6&1

4(065*"#".(01J."'.01"'&1=0."&)1:#".(061$#9.*,1.614#**&)1$(3C1K'&01=:>?;1"&#961#3&1

)&2*(,&)1.0"(1654'1&0E.3(09&0"61."1J.**10(39#**,1-&1.01"'&14(0"&<"1($1@;A?L61653+&1

4#2#4.",C1

1

211"11+"#3'((

!5-6"#0".E&16&4"(3#*1#66&669&0"61J.**10(39#**,1-&19#)&1-,1"'&1'(6"1+(E&309&0"B1=:1

#+&04.&6B1(3185#*.$.&)19&9-&361($1"'&1D?!;1$#9.*,C1?01=:>?;1"&#919#,1-&13&85&6"&)1"(1

23(E.)&1"&4'0.4#*16522(3"1.016522(3"1($1"'&1F;GA;1(31=:1;(50"3,1I&#9C1

1

4",*$30#.(%#5(%,,"%&1(,$*/"11'(((

=:>?;1J.**10("1.665&1#22&#*6C1=:>?;L613&2(3".0+1J.**1$(45610("1(0*,1(01"'&19#"&3.#*1

).9&06.(0C1I'.613&2(3".0+1J.**1#.91"(1+.E&1+(E&309&0"61#0)1("'&361#1-3(#)150)&36"#0).0+1

($1"'&164#*&1($1#01&9&3+&04,C1?0,1=0."&)1:#".(061#22&#*1J.**1-&19#0#+&)1-,1"'&1F;GA;1

#0)1"'&1=:1;(50"3,1I&#9C1

1

2."#/6(,%$30/0,%30*#(0#(7892)'((

D?!;1#+&04.&61J.**16&&M1"(19#M&1#E#.*#-*&1#1059-&31($16"#$$1$(31"3#.0.0+1#0)1)&2*(,9&0"1

(01=:>?;1"&#96C1

1

Page 40: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&O&,5&.1& %6(7849&:&

1

!*:"$#%#/"(%$$%#."+"#31'((

=:>?;1J.**1-&19#0#+&)1-,1@;A?C1?01=:>?;1?)E.6(3,1N(#3)1'#61-&&01&6"#-*.6'&)1"(1

9(3&14*(6&*,1.0E(*E&12#3"0&361#0)1"(123(E.)&1#)E.4&1"(1"'&17F;1(01"'&1)&E&*(29&0"1($1"'&1

=:>?;16,6"&9C1O#3".4.2#".0+1+(E&309&0"61#0)1D?!;19&9-&31#+&04.&61#3&1.0E."&)1"(1P(.01

"'&1-(#3)1J'.4'16'#**1-&14'#.3&)1-,1@;A?C1@;A?1J.**13&2(3"13&+5*#3*,1"(1"'&1D?!;1K(3M.0+1

Q3(521(01"'&1$504".(0.0+1($1"'&1=:>?;16,6"&91#0)1J.**14(065*"1"'&1D?!;1K(3M.0+1Q3(521

J."'13&62&4"1"(1#0,16.+0.$.4#0"12(*.4,123(2(6#*6C1

&

C64&=8(84<4)8&Q(=&5,NN,Q4*&+I&?==L()>4&,5&(&=48&,5&=8()*(9*&C49<=&,5&D45494)>4&EC,DF&86(8&

Q(=&(779,@4*&+I&864&^<4934)>I&D4=7,)=4&%,,9*?)(8,9&E^D%F&?)&",@4<+49&.//.;&C64=4&

6(@4&+44)&94>4)8NI&L7*(84*S&945N4>8?)3&>6()34=&?)&864&?)849)(8?,)(N&4<4934)>I&

4)@?9,)<4)8;&

&

K'&01(019.66.(0B1"'&1=:>?;1"&#9R1

1

SC K(3M6150)&31"'&1#5"'(3.",1($1"'&1=0."&)1:#".(061F&6.)&0"GA59#0."#3.#01;((3).0#"(31

.0H4(50"3,1T1#0)1.$1"'&3&1.610(1=0."&)1:#".(061U=:V123&6&04&B1.01).3&4"16522(3"1($1"'&1

Q(E&309&0"1T1#61(0&1($1"'&14(92(0&0"61($1@;A?L61.0"&+3#"&)1$.36"13&62(06&1"(1#01

&9&3+&04,1#0)1&0653&61*.0M#+&1-&"J&&01"'&10#".(0#*B1=:1#0)1J.)&31.0"&30#".(0#*1

3&62(06&C11

1

WC !522(3"61#0)1$#4.*."#"&61"'&1J(3M1($1"'&1#$$&4"&)1+(E&309&0"1#0)G(31"'&1=0."&)1

:#".(061A59#0."#3.#01;(50"3,1I&#91.0H4(50"3,B1.04*5).0+B1.$1#22*.4#-*&B1"'&1D0"&3H

?+&04,1F#2.)1F&62(06&1%&4'#0.691UD?FF%V1(31("'&314((3).0#".(01-().&61&6"#-*.6'&)1

.01"'&1.0.".#*13&62(06&12'#6&1($1#01&9&3+&04,B123.9#3.*,1.01"'&1#3&#61($R1

#C @0H6."&14((3).0#".(01

-C ;((3).0#"&)1#66&669&0"61

4C D0$(39#".(019#0#+&9&0"1

1

XC !522(3"61#0)1$#4.*."#"&61"'&14((3).0#".(01($1"'&1&9&3+&04,13&62(06&1&$$(3"61-&"J&&01

"'&1Q(E&309&0"B1"'&1=0."&)1:#".(061#0)1"'&1J.)&31.0"&30#".(0#*1'59#0."#3.#01

4(9950.",B1#0)B1J'&013&85&6"&)B19#,1&6"#-*.6'1#01@0H!."&1@2&3#".(061;((3).0#".(01

;&0"3&1U@!@;;V1(316522(3"1"'&1&6"#-*.6'9&0"1($1#01.0"&3H4*56"&3G6&4"(314((3).0#".(01

9&4'#0.691$(31"'&1&$$&4".E&14((3).0#".(01($1#**1.0"&30#".(0#*13&*.&$1#66&"61.016522(3"1

($1"'&1#223(23.#"&10#".(0#*1&9&3+&04,19#0#+&9&0"1#5"'(3.",C1

1

YC >53.0+1&#3"'85#M&61#0)1("'&31&9&3+&04.&61.0E(*E.0+14(**#26&)16"354"53&61J'&3&1

.0"&30#".(0#*153-#016&#34'1#0)13&645&1"&#961#3&1)&2*(,&)B1"'&1=:>?;1"&#919#,B1

52(013&85&6"1#0)125365#0"1"(1=:1Q&0&3#*1?66&9-*,13&6(*5".(01Z[GSZ\1UW\\WV1#0)1.01

#44(3)#04&1J."'1"'&1Q5.)&*.0&61($1"'&1D0"&30#".(0#*1!&#34'1]1F&645&1?)E.6(3,1Q3(521

UD:!?F?QVB1&6"#-*.6'1#1F&4&2".(01>&2#3"53&1;&0"3&1UF>;V1#0)1#162&4.#*./&)1@!@;;1

J."'1"'&1*(4#*1&9&3+&04,19#0#+&9&0"1#5"'(3.".&61"(1&0#-*&1"'&91"(19&&"1"'&1

"&4'0.4#*10&&)61($14((3).0#".(01($1"'&1.0"&30#".(0#*153-#016&#34'1#0)13&645&1"&#96C1

1

Page 41: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&H&,5&.1& %6(7849&:&

ZC K'.*&1)&"#.*&)195*".H6&4"(3#*1#66&669&0"61J.**10(39#**,1-&19#)&1-,1"'&1#$$&4"&)1

+(E&309&0"1#0)14*56"&3G6&4"(31*&#)61.0H4(50"3,B1"'&1=:>?;1"&#91J.**16522(3"1"'&1

23(4&661"'3(5+'14((3).0#".(01($1.0.".#*13#2.)1#66&669&0"6B1J."'1#1E.&J1"(1.)&0".$,.0+1

"'&16"3#"&+.41'59#0."#3.#0123.(3.".&61#61J&**1#6123.(3.",1.0"&3E&0".(0613&85.3&)1#0)1

&*#-(3#".0+1#14(04&3"&)1(2&3#".(0#*12.4"53&B1.04*5).0+1"'3(5+'1"'&1)&E&*(29&0"1($1#1

O3&*.9.0#3,1!4&0#3.(1>&$.0.".(01"(1.0$(391#1^*#6'1?22&#*1G1;&0"3#*179&3+&04,1

F&62(06&1^50)1U;7F^V13&85&6"1#0)1"'&1$53"'&314((3).0#"&)1#66&669&0"123(4&66C11

1

_C D0$(39#".(019#0#+&9&0"1.923(E&61"'&14#2#4.",1($16"#M&'(*)&361$(31#0#*,6.61#0)1

)&4.6.(0H9#M.0+1"'3(5+'16"3&0+"'&0&)14(**&4".(0B123(4&66.0+B1.0"&323&"#".(01#0)1

).66&9.0#".(01($1.0$(39#".(01#0)1.61"'&1$(50)#".(01(01J'.4'1)&4.6.(0H9#M.0+1$(31#1

4((3).0#"&)1#0)1&$$&4".E&13&62(06&1.61-#6&)C1D01"'.614(0"&<"B1"'&1=:>?;1"&#91J(3M61

"(16522(3"1#0)16"3&0+"'&01"'&1.0$(39#".(019#0#+&9&0"123(4&661-&"J&&010#".(0#*1

#0)1.0"&30#".(0#*13&62(0)&361.01"'&1&#3*,12'#6&1($1"'&13&62(06&1.01E.&J1($1$#4.*."#".0+1

6(50)1)&4.6.(0H9#M.0+C1

&

!"8#'()*+#9:1;343<3=>#

&

C64&!"#$%&<486,*,N,3I&?=&+(=4*&,)&+4=8&79(>8?>4=&59,<&<,94&86()&.1/&<?==?,)=&8,&,@49&

0//&>,L)89?4=&=?)>4&864&!"#$%&=I=84<]=&?)>478?,)&?)&0bb1;&V8&?=&(&<486,*,N,3I&86(8&>()&+4&

(*(784*&8,&=L?8&()I&3?@4)&4<4934)>I&=?8L(8?,)S&+4?)3&5N4X?+N4S&(*_L=8(+N4&()*&*I)(<?>&?)&864&

=4)=4&86(8&?8&4@,N@4=&Q?86&864&@(9?,L=&>6(NN4)34=&()&!"#$%&84(<&<(I&5(>4&,)&<?==?,);&^@4)&

Q64)&<?==?,)=&*4@4N,7&?)&(&*?94>8?,)&86(8&?=&),8&()8?>?7(84*&59,<&864&,)=48S&864&!"#$%&

84(<&L=L(NNI&5?)*=&(&3(7&?8&>()&5?NN&()*&(&9,N4&8,&7N(I&86(8&(**=&@(NL4&8,&864&94=7,)=4;&&

&

[9?3?)(NNI&864&!"#$%&<486,*,N,3I&394Q&,L8&,5&(&)44*&5,9&>,,9*?)(8?,)&?)&4(986\L(-4&

94=7,)=4=S&+9?)3?)3&8,348649&)(8?,)(N&*?=(=849&<()(34<4)8&()*&?)849)(8?,)(N&6L<()?8(9?()&

94=7,)=4&(>8,9=;&%,)=4\L4)8NIS&864&!"#$%&<486,*,N,3I&4@,N@4*&()*&8,,-&,)&(=74>8=&59,<&

*?55494)8&(779,(>64=&()*&4X749?4)>4=&8,&+4>,<4&(&>,,9*?)(8?,)&?)8495(>4&+48Q44)&*?=(=849&

<()(34<4)8&()*&6L<()?8(9?()&(>8?,);&C64&<486,*,N,3I&>,<+?)4=&4N4<4)8=&,5&*?=(=849&

<()(34<4)8S&5L)>8?,)(N&,93()?Z(8?,)(N&<,*4N=S&7,N?8?>(N&>,)=?*49(8?,)=&()*&(77N?>(8?,)&,5&

?)849)(8?,)(N&6L<()?8(9?()&79?)>?7N4=S&=8()*(9*=&()*&79(>8?>4=;&&&

&

`4==,)=&N4(9)4*&()*&+4=8&79(>8?>4=&59,<&!"#$%&<?==?,)=&(94&>(78L94*S&79,>4==4*&()*&54*&

?)8,&86?=&-),QN4*34&+(=4&5,9&?)>NL=?,)&?)&5L8L94&!"#$%&89(?)?)3&()*&<486,*,N,3I&

*4@4N,7<4)8;&&&&

#

!"8".#$;:#+320:2B130:B#

&

C64&!"#$%&<486,*,N,3I&?=&+L?N8&L7,)&5,L9&c>,9)49=8,)4=d&Q6?>6&L)*497?)&864&!"#$%&

=I=84<&()*&79,@?*4&864&+(=?=&5,9&6,Q&?)*?@?*L(N&<4<+49=&()*&*47N,I4*&84(<=&(779,(>6&

!"#$%&<?==?,)&,+_4>8?@4=;&C64&5,L9&>,9)49=8,)4=&(94W&&

Page 42: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&U&,5&.1& %6(7849&:&

&

R7=52:#!".S#$;:#'()*+#+320:2B130:B

!"#$%&!"#$%#

%,94&@(NL4=&(94&89(?8=&,9&\L(N?8?4=&86(8&(94&>,)=?*494*&),8&_L=8&Q,986Q6?N4S&+L8&94794=4)8&()&

?)*?@?*L(N]=&,9&,93()?Z(8?,)e=&6?364=8&79?,9?8?4=S&*447NIT64N*&+4N?45=&()*&5L)*(<4)8(N&*9?@?)3&

5,9>4!&!"#$%$#&'( !"#$%&'(')(*+&,-'(&.*-'&!"#$%&!!!"#$%&&'#()*+,)-./"#0(1&+)(1+

!"#$"%&'()*+$,)'-+##')./0)!123&$&/!!!"#$%&$#'()*+#,&-.!#$/#$%!#01234#$!&56#3$#$%!#%!&($#/7#

!"#$%&'()$*#!"+,+-+./$-0#$1#2!304$1+2#$53-6#7$!"3!$%&'()$*#*8#279$34,$!#3*79$32#$

!"#$%!"#$%&$'#("!"$%&$')$*'!%$&+$%(",!$-"-."!)(,*$'/#$!"#$%&!"#$"#%&'()#*+,,+!"-#&

• !85#*W&!"#$%&<4<+49=&N4(@4&864?9&43,=&()*&=8(8L=&(8&6,<4;&V)&(&84(<S&(NN&<4<+49=&

(94&4\L(N&()*&6,<4&7,=?8?,)=&?)>,)=4\L4)8?(N;&

• ;(99.""&)W&!"#$%&<4<+49=&(94&>,<<?884*&8,&=,N@4&864&<?==?,)&,+_4>8?@4S&8,&

>,)89?+L84&8,&(&>,<<,)&3,(NS&()*&7L8&?)*?@?*L(N&()*&749=,)(N&(34)*(=&,9&)44*=&

(=?*4;&

• ;(92&"&0"W&!"#$%&<4<+49=&(94&4X7498=&Q?86?)&864?9&5?4N*= ()*&(+N4&8,&(77NI&864?9&

4X7498?=4&?)849)(8?,)(NNI&?)&(&@(9?48I&,5&>,)84X8=&()*&*?=(=849&=?8L(8?,)=;&C64I&(94&

>,<<?884*&8,&<(?)8(?)&864?9&=-?NN=&()*&4X7498?=4S&8,&+4&7947(94*&()*&8,&-447&L7&8,&

*(84&,)&94N4@()8&?==L4=;&&

!"#$%&'$(&$%)

*(&%+&,-./)

!"#$%&'()'%*#+$,-$

"./0('123$(#.1&0*'123$

'/%0&40*'12$0(5$

'(5#%#(5#()#$0&#$

-.(50/#(10*$'($1"#$

6789:$+2+1#/$

$

01(.)2$-"./)

;<.0*$

:,//'=#5$

:,/%#1#(1$

>*#?'@*#$

A()*.+'B#$

C%#&04,(0*$

D.%%,&4B#$

$

3.$4.(/5&,)

6789:$'+$0$+2+1#/$

-,&$+.%%,&4(EF

%&,B'5'(E$*#05#&+"'%$

01$,%#&04,(0*$0(5$

10)4)0*$*#B#*+$G"'*#$

+.%%,&4(E$

*#05#&+"'%$01$0$

+1&01#E')$*#B#*$

6&/$/'.()

7$%$8.#.%')

H,,1#5$'($5'+0+1#&$

/0(0E#/#([email protected]$

'(I.#()#5$@2$

"./0('10&'0($

),,&5'(04,(3$

@&'5E'(E$1"#+#$

0%%&,0)"#+$

Page 43: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&b&,5&.1& %6(7849&:&

• ^*&<.-*&W&!"#$%&<4<+49=&(94&5N4X?+N4&()*&(*(78(+N4;&!"#$%&84(<=&(*_L=8&<?==?,)&

,+_4>8?@4=&8,&=?8L(8?,)(N&)44*=&()*&(?<&8,&=8(I&,)&8,7&,5&864&*4@4N,7<4)8=&(8&(NN&

8?<4=;&

• D04*56.E&W&!"#$%&<4<+49=&(94&?)>NL=?@4;&!"#$%&84(<=&=89?@4&8,&?)@,N@4&()*&

?)8439(84&7(98)49=&()*&,8649&=8(-46,N*49=&?)&864&>,,9*?)(8?,)&<4>6()?=<S&(?<?)3&8,&

>94(84&,)4&Q6,N4&Q6494&864&,L87L8&?=&N(9349&86()&864&=L<&,5&?8=&7(98=;&

• @2&3#".(0#*W&!"#$%&<4<+49=&(77NI&()&,749(8?,)(N&5,>L=;&!"#$%&84(<=&Q?NN&+(=4&

*4>?=?,)=Y94>,<<4)*(8?,)=&,)&,749(8?,)(N&)44*=&()*&),8&7,N?8?>(N&>,)=?*49(8?,)=;&

• !522(3".E&W&!"#$%&<4<+49=&=L77,98&4(>6&,8649&()*&?)T>,L)89I&>,L)8497(98=;&P64)&

,)&<?==?,)S&!"#$%&84(<=&4)*4(@,L9&8,&5?)*&(&9,N4&Q?86?)&()&4X?=8?)3&=89L>8L94&()*&

=L77,98S&>,(>6&()*&3L?*4&Q?86,L8&4=8(+N?=6?)3&),)T=L=8(?)(+N4&=I=84<=;&

&

C64&!"#$%&>,94&@(NL4=&=L77N4<4)8&864&>,94&@(NL4=&,5&864&!)?84*&"(8?,)=S&*45?)4*&(=W&

&

• D0"&+3.",W&#4<,)=89(84=&864&@(NL4=&,5&864&!)?84*&"(8?,)=&?)&*(?NI&(>8?@?8?4=&()*&

+46(@?,L9=;&$>8=&Q?86,L8&>,)=?*49(8?,)&,5&749=,)(N&3(?);&D4=?=8=&L)*L4&7,N?8?>(N&

794==L94&?)&*4>?=?,)T<(-?)3;&#,4=&),8&(+L=4&7,Q49&,9&(L86,9?8I;&B8()*=&+I&*4>?=?,)=&

86(8&(94&?)&864&[93()?Z(8?,)]=&?)8494=8S&4@4)&?5&864I&(94&L)7,7LN(9;&C(-4=&79,<78&

(>8?,)&?)&>(=4=&,5&L)79,54==?,)(N&,9&L)486?>(N&+46(@?,L9;&

• O3($&66.(0#*.69W&B6,Q=&79?*4&?)&Q,9-&()*&?)&(>6?4@4<4)8=;&#4<,)=89(84=&

79,54==?,)(N&>,<7484)>4&()*&<(=849I&,5&=L+_4>8&<(8849;&V=&>,)=>?4)8?,L=&()*&

455?>?4)8&?)&<448?)3&>,<<?8<4)8=S&,+=49@?)3&*4(*N?)4=&()*&(>6?4@?)3&94=LN8=;&V=&

<,8?@(84*&+I&79,54==?,)(N&9(8649&86()&749=,)(N&>,)>49)=;&B6,Q=&749=?=84)>4&Q64)&

5(>4*&Q?86&*?55?>LN8&79,+N4<=&,9&>6(NN4)34=;&D4<(?)=&>(N<&?)&=894==5LN&=?8L(8?,)=;&&

• F&62&4"1$(31).E&36.",W&P,9-=&4554>8?@4NI&Q?86&74,7N4&59,<&(NN&+(>-39,L)*=;&C94(8=&(NN&

74,7N4&Q?86&*?3)?8I&()*&94=74>8;&C94(8=&<4)&()*&Q,<4)&4\L(NNI;&B6,Q=&94=74>8&5,9&

()*&L)*49=8()*?)3&,5&*?@49=4&7,?)8=&,5&@?4Q&()*&*4<,)=89(84=&86?=&L)*49=8()*?)3&?)&

*(?NI&Q,9-&()*&*4>?=?,)T<(-?)3;&^X(<?)4=&,Q)&+?(=4=&()*&+46(@?,L9=&8,&(@,?*&

=8494,8I7?>(N&94=7,)=4=;&#,4=&),8&*?=>9?<?)(84&(3(?)=8&()I&?)*?@?*L(N&,9&39,L7;&

&

)7BEB1:2#CE0E=:C:01#

!"#$%&?=&()&[%'$&5?9=8&94=7,)=4&8,,N&86(8&<(I&=L77,98&()*Y,9&4=8(+N?=6&+(=?>&>,,9*?)(8?,)&

=49@?>4=&()*&9L)&864<&*L9?)3&864&>9?8?>(N&5?9=8&76(=4&,5&864&94=7,)=4;&$)&!"#$%&84(<&<(I&

4?8649&4)6()>4&4X?=8?)3&,9&[%'$&=L934&>(7(>?8I&?)T>,L)89IS&,9&<(I&?8=4N5&79,@?*4&[%'$&

=49@?>4=&?)>NL*?)3&(&5(>?N?8(8?,)&9,N4&Q?86&943(9*=&8,&6L<()?8(9?()&>,,9*?)(8?,);&&

&

C64&!"#$%&=I=84<&(N=,&6(=&=89,)3&9,,8=&?)&*?=(=849&<()(34<4)8&()*&86L=&>()&(**&

7(98?>LN(9&@(NL4&(8&864&8(>8?>(N&()*&,749(8?,)(N&N4@4N=&*L9?)3&864&N?54T=(@?)3&76(=4S&Q64)&

9(7?*&*4>?=?,)=&()*&>,)>9484&(>8?,)=&)44*&8,&+4&8(-4);&C64&!"#$%&84(<S&(=&(&8,,N&,5&[%'$S&

4)*4(@,L9=&8,&N?)-&(NN&94=7,)*49=S&?)>NL*?)3&6L<()?8(9?()&(>8,9=S&864&(554>84*&R,@49)<4)8S&

Page 44: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&.1& %6(7849&:&

+?N(849(N&94=7,)*49=S&864&<?N?8(9IS&864&79?@(84&=4>8,9S&48>;S&8,&>94(84&(&>,,9*?)(8?,)&7N(85,9<S&

4=8(+N?=6&+(=?>&=49@?>4=&()*&79,@?*4&N4(*49=6?7&Q64)&)44*4*;&&

V)&864&?<<4*?(84&(5849<(86&,5&<()I&*?=(=849=S&86494&<(I&+4&(&@,?*&Q6494&c4@49I86?)3d&

)44*=&8,&+4&>94(84*S&,9&94T>94(84*S&59,<&=>9(8>6;&B?<7N4S&8()3?+N4&=89L>8L94=&5,9&

>,,9*?)(8?,)S&4<4934)>I&,93()?Z(8?,)(N&<,*4N=&()*&+(=?>&=49@?>4=&)44*&8,&+4&4=8(+N?=64*&

+45,94&<,94&>,<7N4X&=89L>8L94=&>()&4@,N@4;&C64&=74>?5?>?8I&,5&864&!"#$%&84(<&()*&?8=&

<486,*,N,3I&?=&86(8&?8&79,@?*4=&()&?)8495(>4&+48Q44)&*?=(=849&<()(34<4)8&()*&864&

?)849)(8?,)(N&6L<()?8(9?()&94=7,)=4&=I=84<S&Q6494(=&8I7?>(NNI&864&6L<()?8(9?()&

>,,9*?)(8?,)&=89L>8L94=&*,&),8&?)>NL*4&864&*?=(=849&<()(34<4)8&(>8,9=&()*&(779,(>64=;&

C64&8Q,&849<=&>()&+4&*45?)4*&(=&5,NN,Q=W&

• #?=(=849&<()(34<4)8S&(N=,&9454994*&8,&(=&4<4934)>I&<()(34<4)8S&>()&+4&*45?)4*&

(=&864&,93()?Z(8?,)&()*&<()(34<4)8&,5&94=,L9>4=&()*&94=7,)=?+?N?8?4=&5,9&(**94==?)3&

(NN&(=74>8=&,5&4<4934)>?4=S&?)&7(98?>LN(9&7947(94*)4==S&94=7,)=4&()*&?)?8?(N&94>,@49I&

=847=;&C6?=&?)@,N@4=&7N()=&()*&?)=8?8L8?,)(N&(99()34<4)8=&8,&4)3(34&()*&3L?*4&864&

455,98=&,5&3,@49)<4)8S&),)T3,@49)<4)8S&@,NL)8(9I&()*&79?@(84&(34)>?4=&?)&

>,<79464)=?@4&()*&>,,9*?)(84*&Q(I=&8,&94=7,)*&8,&864&4)8?94&=74>89L<&,5&

4<4934)>I&)44*=;&

• 'L<()?8(9?()&>,,9*?)(8?,)&>()&+4&*45?)4*&(=&()&,@49(9>6?)3S&79?)>?7N4*&Q(I&,5&

<()(3?)3&*4N?@49I&,5&6L<()?8(9?()&(==?=8()>4&869,L36&=89(843?>&7N())?)3S&

7,N?>I<(-?)3&()*&5(>?N?8(8?,)&,5&>,,749(8?,)&()*&>,)=4)=L(N&*4>?=?,)T<(-?)3;&&

&

#

R7=52:#!"8S#$;:#O:<E1730B;7G#!:1T::0#)7BEB1:2#9E0E=:C:01#E04#%5CE071E27E0#

+332470E1730#

&

!"#"$%&%#'()*(+%,)-./%,(

!"#$%&%'()*+,)-.,)/0)

121%3143,)5,./-56,.)*/)

,'.-5,)$17%$-$)%$"16*)

*+5/-(+)*+,),.*143%.+$,'*)

/0)"5%/5%#,.)0/5)5,."/'.,)

16#2%#,.)

!"#"$%&%#'(01(2.3#/345%,(

8.*143%.+$,'*)/0)051$,9/5:)

1';).*1';15;.)0/5)

"15#6%"1#/')%')*+,);,3%2,5<)

/0)+-$1'%*15%1')1..%.*1'6,)

)

)

63,",'%.(!"#"$%&%#' ( ( (7-&"#3'".3"#(8)).93#":)#(

Page 45: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&.1& %6(7849&:&

:I&(>8?@4NI&N?)-?)3&864=4&8Q,&>,<7,)4)8=S&864&!"#$%&84(<&+9?)3=&(**4*&@(NL4&),8&),9<(NNI&

5,L)*&?)&864&?)849)(8?,)(N&6L<()?8(9?()&94=7,)=4&=I=84<;&C6?=&79,@?*4=&+(=?>&*?=(=849&

<()(34<4)8&=49@?>4=S&()*&86L=&c5?NN=&(&@,?*d&5,9&(554>84*&R,@49)<4)8=S&'L<()?8(9?()&

%,L)89I&C4(<=&()*&[%'$;&&

(

%5CE071E27E0#G27067G<:B#

C64&6L<()?8(9?()&79?)>?7N4=&(94&5L)*(<4)8(N&8,&864&!"#$%&=I=84<;&P64)&864&!)?84*&

"(8?,)=&R4)49(N&$==4<+NI&(*,784*&94=,NL8?,)&AOY0U.&?)&#4>4<+49&0bb0S&>94(8?)3&Q6(8&Q(=&

8,&+4>,<4&[%'$&()*&864&7,=?8?,)&,5&864&^D%S&,)4&,5&864&4==4)8?(N&3L?*?)3&79?)>?7N4=&Q(=&

86(8&c6L<()?8(9?()&(>8?,)&<L=8&+4&79,@?*4*&Q?86&79?)>?7N4=&,5&6L<()?8IS&)4L89(N?8I&()*&

?<7(98?(N?8I;d&V)&N(849&I4(9=S&864&5,L986&79?)>?7N4S&?)*474)*4)>4S&6(=&+44)&(*,784*S&

(>-),QN4*3?)3&86(8&6L<()?8(9?()&(==?=8()>4&<L=8&94<(?)&5944&()*&=4N5T3,@49)?)3;&EK,9&

5L98649&?)5,9<(8?,)&,)&864&4@,NL8?,)&,5&864&6L<()?8(9?()&79?)>?7N4=S&=44&>6(7849&$;F&&

1

C64&6L<()?8(9?()&79?)>?7N4=&(94&@?8(N&5,9&<,=8&6L<()?8(9?()&(>8,9=;&',Q4@49S&?)&94>4)8&

I4(9=S&86494&6(=&+44)&(&79,N?549(8?,)&()*&*?@49=?5?>(8?,)&,5&94=7,)=4&(>8,9=S&=,<4&,5&Q6,<&

<(I&(88(>6&*?55494)8&?)8497948(8?,)=&8,&864&6L<()?8(9?()&79?)>?7N4=;&'L<()?8(9?()&

94=7,)*49=&?)>94(=?)3NI&?)>NL*4&),8&,)NI&864&(34)>?4=Y,93()?Z(8?,)=&5,L)*&?)&864&V$B%S&+L8&

<()I&<,94&),)T3,@49)<4)8(N&,93()?Z(8?,)=&E"R[=FS&+L=?)4==4=S&?)*?@?*L(N=S&)48Q,9-=&,5&

,)N?)4&@,NL)8449=&()*&79,5?8T,9?4)84*&(?*&,9&=4>L9?8I&>,)89(>8,9=;&V)&(**?8?,)S&(&39,Q?)3&

)L<+49&,5&>,L)89?4=&()*&<LN8?N(849(N&,93()?Z(8?,)=&(94&4)3(3?)3&?)&6L<()?8(9?()&94N?45S&Q?86&

*?55494)8&,+_4>8?@4=&()*&>LN8L94=S&()*&@(9I?)3&N4@4N=&,5&4X7498?=4&()*&4X749?4)>4&?)&

6L<()?8(9?()&(55(?9=;&

&

C64&!"#$%&84(<S&+4?)3&,)&864&39,L)*&?)&864&?<<4*?(84&(5849<(86&,5&(&*?=(=849S&Q?NN&)44*&

8,&4)=L94&86(8&>,,9*?)(8?,)&(>8?@?8?4=&(94&>,)*L>84*&?)&(&Q(I&86(8&(*6494=&8,&864&

6L<()?8(9?()&79?)>?7N4=;&V8&?=&4\L(NNI&?<7,98()8&86(8&86?=&?=&(N=,&>,<<L)?>(84*&8,&84>6)?>(N&

7(98)49=S&=L77,98&=8(55&()*&,8649&(>8,9=&Q,9-?)3&Q?86&864&!"#$%&84(<;&&

&

U:E4:2B;7G#

29,@?*?)3&N4(*49=6?7&()*&<()(34<4)8&?)&(&<LN8?T,93()?Z(8?,)(NS&?)849)(8?,)(N&4)@?9,)<4)8&

+9?)3=&(+,L8&L)?\L4&>6(NN4)34=&86(8&>()&+4&*?55?>LN8&8,&(**94==&869,L36&89(*?8?,)(N&

,93()?Z(8?,)(N&<,*4N=&()*&79,>4*L94=;&$8&(&)(8?,)(N&N4@4NS&N4(*49=6?7&?)&>9?=?=&<()(34<4)8&

Q?NN&),9<(NNI&+4&*45?)4*&+I&)(8?,)(N&N43?=N(8?,)f&6,Q4@49S&N4(*49=6?7&(8&()&?)849)(8?,)(N&N4@4N&

*,4=&),8&6(@4&864&=(<4&5,L)*(8?,);&`4(*49=6?7&79,>4*L94=&()*&,93()?Z(8?,)(N&=89L>8L94=&

864945,94&94\L?94&*?=8?)>8&<4(=L94=&94>,3)?Z?)3&864&59(<4Q,9-&,5&?)849)(8?,)(N&4<4934)>I&

94=7,)=4;&EB44&>6(7849&$&5,9&<,94&?)5,9<(8?,)&,)&?)849)(8?,)(N&94=7,)=4&59(<4Q,9-=;F&&

&

C69,L36&864&'L<()?8(9?()&D45,9<&79,>4==&=8(984*&?)&.//GS&864&^D%&()*&864&V$B%&=,L368&8,&

?<79,@4&864&4554>8?@4)4==&,5&6L<()?8(9?()&94=7,)=4&869,L36&394(849&794*?>8(+?N?8IS&

(>>,L)8(+?N?8IS&94=7,)=?+?N?8I&()*&7(98)49=6?7=;&%,)=4\L4)8NI&?)849)(8?,)(N&4<4934)>I&

Page 46: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&.1& %6(7849&:&

94=7,)=4&>(7(>?8I&Q(=&94?)5,9>4*&(>>,9*?)3&8,&()&(3944*&*?@?=?,)&,5&N(+,L9;&',Q4@49S&

>6(NN4)34=&94<(?)4*&?)&*47N,I?)3&(*4\L(84&N4(*49=6?7&()*&7L88?)3&?)&7N(>4&(779,79?(84&

>,,9*?)(8?,)&<4>6()?=<=&(8&@(9?,L=&N4@4N=&,5&*4>?=?,)T<(-?)3&?)&N(934&4<4934)>?4=S&

>N(==?5?4*&(=&`4@4N&1&^<4934)>?4=;&C6?=&N4*&8,&864&V$B%&C9()=5,9<(8?@4&$34)*(&EVC$F&Q6?>6&

Q(=&(3944*&+I&864&V$B%&29?)>?7(N=&?)&./00&()*&./0.&Q6494&864&'%&6(=&+44)&3?@4)&864&

)4>4==(9I&<()*(84&8,&<(-4&*4>?=?,)=&()*&?)>NL*4*&864&?)89,*L>8?,)&,5&864&V$DDJ&5,9&

*47N,I<4)8&,5&=4)?,9&N4(*49=6?7&>(7(>?8?4=&?)&*4>N(94*&`4@4N&1&^<4934)>?4=;&C64&79,@?=?,)=&

6494?)&5,>L=&8,&(&N(934&*43944&,)&N4(*49=6?7&?)&=89(843?>&7,=?8?,)=;&

C9(*?8?,)(N&>9?=?=&<()(34<4)8&34)49(NNI&,749(84=&Q?86&86944&N4@4N=&,5&*4>?=?,)T<(-?)3W&

=89(843?>&*4>?=?,)T<(-?)3S&<?*TN4@4N&,749(8?,)(N&>,,9*?)(8?,)&()*&*?94>8&8(>8?>(N&

>,,9*?)(8?,)&,5&94=,L9>4=&,)&=?84;&C64&5,NN,Q?)3&<,*4N&=6,Q=&864&@(9?,L=&N4@4N=&,5&

N4(*49=6?7&?)&6L<()?8(9?()&,749(8?,)=&()*&864&9,N4&,5&!"#$%&943(9*?)3&864<;&

&R7=52:#!"@S#U:N:<B#3L#U:E4:2B;7G#70#&C:2=:067:B#

#474)*?)3&,)&864&=?8L(8?,)&()*&=>(N4&,5&864&*?=(=849S&!"#$%&84(<=&>()&4?8649&79,@?*4&,9&

=L77,98&N4(*49=6?7&,)&,749(8?,)(N&()*&8(>8?>(N&N4@4N=&?)&4<4934)>?4=;&!"#$%&84(<=&

34)49(NNI&*,&),8&79,@?*4&=89(843?>&N4(*49=6?7S&+L8&*,S&,)&,>>(=?,)S&79,@?*4&=89(843?>&(*@?>4&

8,&3,@49)<4)8=S&D%Y'%=&,9&'%C=;&!"#$%S&(=&(&>,)>478S&+4N,)3=&8,&864&,749(8?,)(N&()*&

8(>8?>(N&N4@4N=&Q?86&943(9*=&8,&N4(*49=6?7;&&

!"#$"%&'()*%+%,))

!"#$%"&'()*+$,-#./'

01231'"%4'315'

6$%$,/'

-.%#$/01$,)*%+%,))

!"#$%"&'78.,9.%:;'

<"%"9.8.%*'()*+$,-*;'

=%*.,>1&)/*.,'1$$,4-%"#$%'

<-&-*",;'

2$(/($,)*%+%,))

?$:"&'78.,9.%:;'<"%"9.8.%*'

()*+$,-*;'

1&)/*.,/'

5.:+%-:"&'@,$)A/'

200,3450#673'

)

B*,"*.9-:'4.:-/-$%'C$,)8'

B*,"*.9-:',./A$%/.'A&"%'

D)%4-%92"AA."&/'

200,3450#673'

)

EBE11'

B*"%4",4'/.F%9'

5.:+%-:"&'9)-4"%:.'

200,3450#673'

)

EA.,"#$%"&'A&"%%-%9'

EA.,"#$%"&'/)AA$,*'

89:;<=3)>0,%)

'

5$'A,$G-4.'

5$'"4G-/.'

%'

89:;<=3)>0,%)

'

5$'"4G-/.'

89:;<=3)>0,%)

'

5$'A,$G-4.'

5$'"4G-/.'

Page 47: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&.1& %6(7849&:&

!"@#$;:#'()*+#A>B1:C#

&

C64&!"#$%&=I=84<&?=&<()(34*&+I&864&K?4N*&%,,9*?)(8?,)&BL77,98&B4>8?,)&EK%BBF&Q?86?)&864&

^<4934)>I&B49@?>4=&:9()>6&E^B:F&?)&[%'$S&R4)4@(;&C64&!"#$%&84(<&<4<+49=&(94&<(*4&

(@(?N(+N4&+I&<4<+49&()*&7(98?>?7(8?)3&>,L)89?4=&,5&864&!"#$%&=I=84<S&(=&Q4NN&(=&+I&[%'$&

,9&,8649&!)?84*&"(8?,)=&(34)>IY?)849)(8?,)(NY943?,)(N&,9&"R[=;&&

&

^(>6&<4<+49&,9&7(98?>?7(8?)3&>,L)89I&()*&,93()?Z(8?,)&(>>478=&8,&<(?)8(?)&(&=?)3N4&!"#$%&

5,>(N&7,?)8&5,9&[%'$&8,&?)849(>8&Q?86&,)&(NN&<(8849=&*4(N?)3&Q?86&864&!"#$%&=I=84<;&C64&

!"#$%&5,>(N&7,?)8&(N=,&(>8=&(=&864&7,?)8&,5&>,)8(>8&5,9&!"#$%&<4<+49=&59,<&Q?86?)&864?9&

>,L)89I&,9&,93()?Z(8?,);&

&

C64&!"#$%&$*@?=,9I&:,(9*&<448=&())L(NNI&8,&79,@?*4&(*@?>4&()*&,9?4)8(8?,)&8,&[%'$&,)&

864&<()(34<4)8&,5&864&!"#$%&=I=84<;&V8&?=&>,<7,=4*&,5&94794=4)8(8?@4=&59,<&<4<+49&

>,L)89?4=&()*&,93()?Z(8?,)=&()*&>6(?94*&+I&[%'$;&",9<(NNI&864&94=74>8?@4&!"#$%&)(8?,)(N&

,9&,93()?Z(8?,)(N&5,>(N&7,?)8&(884)*=&864&$*@?=,9I&:,(9*;&&

&

!"@".#A>B1:C#9:CF:2B;7G#

&

$=&,5&K4+9L(9I&./01S&<4<+49=6?7&?)&864&!"#$%&=I=84<&>,<4=&59,<&<,94&86()&U/&<4<+49&

()*&7(98?>?7(8?)3&>,L)89?4=&()*&=,<4&./&!)?84*&"(8?,)=&(34)>?4=S&?)849)(8?,)(NS&943?,)(N&

()*&"R[=;&&

&

J4<+49&>,L)89?4=&(94&=4N5T5?)()>?)3&<4<+49=&,5&864&!"#$%&=I=84<&86(8&6,N*&!"#$%&

<?==?,)&(>>,L)8=&Q?86&[%'$YK%BB&869,L36&Q6?>6&5L)*=&(94&*47,=?84*&8,&>,@49&*47N,I<4)8&

>,=8=&,5&864?9&)(8?,)(N&!"#$%&<4<+49=;&J4<+49&>,L)89?4=&7(98?>?7(84&?)&864&())L(N&

!"#$%&$*@?=,9I&:,(9*&<448?)3=&86(8&79,@?*4&(*@?>4&()*&,9?4)8(8?,)&8,&[%'$&,)&864&

*4@4N,7<4)8&,5&864&!"#$%&=I=84<&Q,9N*Q?*4;&$=&,5&K4+9L(9I&./01S&864&!"#$%&=I=84<&6(=&

1G&<4<+49&>,L)89?4=;&

&

2(98?>?7(8?)3&R,@49)<4)8=&(94&=7,)=,94*&<4<+49=&,5&864&!"#$%&=I=84<S&Q6,=4&

7(98?>?7(8?,)&?=&5?)()>?(NNI&=L77,984*&+I&>,)89?+L8?,)=&8,&[%'$YK%BB&()*Y,9&869,L36&=74>?(N&

(3944<4)8=&Q?86&=,<4&=4N5T5?)()>?)3&<4<+49&>,L)89?4=;&&

&

C64&<4<+49&,93()?Z(8?,)=&,5&864&!"#$%&=I=84<&EQ648649&864=4&(94&!)?84*&"(8?,)=&

(34)>?4=S&V)849)(8?,)(N&K4*49(8?,)&,5&864&D4*&%9,==&()*&D4*&%94=>4)8&B,>?48?4=&EVKD%FS&,9&

,8649&?)849)(8?,)(NS&943?,)(N&,9&"R[=F&(94&(N=,&),9<(NNI&=4N5T5?)()>?)3&<4<+49=&86(8&

>,<<?8&8,&79,@?*?)3&=8(55&(=&!"#$%&<4<+49=&5,9&<?==?,)=&()*&89(?)?)3=;&&&

&

&

Page 48: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0A&,5&.1& %6(7849&:&

!"D#$:EC#9:CF:2B;7G#

&

!"#$%&84(<&<4<+49=&(94&4X7498=&86(8&(NN&6(@4&(&N?)-&8,&864?9&6,<4&,9&=7,)=,9?)3&>,L)89I&

,9&,93()?Z(8?,);&&&

&

!"#$%&84(<&<4<+49=&59,<&<4<+49&,9&7(98?>?7(8?)3&>,L)89?4=S&,584)&9454994*&8,&(=&

)(8?,)(N&!"#$%&<4<+49=S&6(@4&79,5?N4=&86(8&(94&+9,(*NI&*?@?*4*&+48Q44)&86,=4&Q,9-?)3&?)&

*?=(=849&<()(34<4)8&(8&864&)(8?,)(N&N4@4N&()*&86,=4&Q,9-?)3&?)&?)849)(8?,)(N&6L<()?8(9?()&

94=7,)=4;&!"#$%&84(<&<4<+49=&59,<&,93()?Z(8?,)=&),9<(NNI&6(@4&79,5?N4=&,5&?)849)(8?,)(N&

6L<()?8(9?()&>,,9*?)(8?,)&()*Y,9&4X749?4)>4&?)&(&=74>?5?>&=4>8,9&,5&6L<()?8(9?()&(>8?@?8I;&

[%'$&89(?)=&864=4&?)*?@?*L(N=&?)&864&!"#$%&<486,*,N,3I&5,9&=L**4)&,)=48&94=7,)=4&

>,,9*?)(8?,);&&

&

!"D".#R5061730B#####

&

^@49I&!"#$%&84(<&<L=8&6(@4&=L55?>?4)8NI&+9,(*&=-?NN=48=&8,&4)=L94&86(8&864&5L)*(<4)8(N&

9,N4=&()*&94=7,)=?+?N?8?4=&,L8N?)4*&?)&=4>8?,)&:;0;1&>()&+4&*4N?@494*&>,)=?=84)8NI&*L9?)3&864&

<?==?,);&C,&86?=&4)*S&=8()*(9*&5L)>8?,)=&(94&(==?3)4*&Q?86?)&*47N,I4*&84(<=;&[)&=<(NN49&

*?=(=849=&4(>6&!"#$%&84(<&<4<+49&<(I&+4&94=7,)=?+N4&5,9&<LN8?7N4&5L)>8?,)=S&Q6494(=&

*L9?)3&N(9349&*?=(=849=&<LN8?7N4&<4<+49=&<(I&+4&(==?3)4*&8,&864&=(<4&5L)>8?,);&&

&

C64&5L)>8?,)=&Q?86?)&()&!"#$%&84(<&(94W&&

&

C4(<&`4(*49& • 2N()&,5&$>8?,)&()*&,749(8?,)(N&L7*(84=&&

• $==?3)Y89(>-&76I=?>(N&N,>(8?,)=&,5&84(<&<4<+49=&

• #?94>8&N?)-YN?(?=,)&Q?86&D%Y'%S&'%CS&R,@49)<4)8S&

7(98)49=S&>NL=849=S&[%'$&943?,)(N&,55?>4&()*Y,9&

64(*\L(9849=&

• B89(843?>&7N())?)3Y*?94>8?,)&

• ^)=L94&>,64=?,)Y>,))4>8?@?8I&Q?86?)&864&84(<&

• K,>(N&7,?)8&5,9&=4>L9?8I&<(8849=&

• K,>(N&7,?)8&5,9&34)49(N&84(<&<(8849=&

#47L8I&C4(<&`4(*49& • B8()*&?)&5,9&C4(<&`4(*49&Q64)&)4>4==(9I&()*&5LN5?N&

C4(<&`4(*49]=&5L)>8?,)=&&

• `?(?=,)&Q?86&,749(8?,)(N&=L+T84(<=&

• #(?NI&<()(34<4)8&,5&,749(8?,)=S&[B[%%&<()(34<4)8&&

• B(548I&()*&=4>L9?8I&7N())?)3&5,9&864&84(<&&

• J()(34&84(<&6()*,@49Y4X?8&=89(843I&8,&=L+=4\L4)8&

84(<=S&)(8?,)(N&(L86,9?8?4=S&[%'$S&48>;&&&

• J?==?,)&=,58Q(94&Q,9-=7(>4&&

• [@49=44&947,98?)3&()*&?)5,9<(8?,)&<()(34<4)8&&

• V)849)(N&>,<<L)?>(8?,)&

• $779,@4Y?<7N4<4)8&<4*?(&7,N?>I&

Page 49: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0G&,5&.1& %6(7849&:&

C4(<&BL77,98&()*&`,3?=8?>=&

J()(34<4)8&

• %,,9*?)(8?,)&,5&N,3?=8?>=&&

• BL77,98&8,&?)849T(34)>I&(==4==<4)8=&

• J()(34<4)8&,5&84(<&94=,L9>4=&()*&84>6)?>(N&=L77,98&

=8(55&&

• [93()?Z(8?,)&,5&(>>,<<,*(8?,)S&89()=7,98S&N,>(N&

=L77,98S&89()=N(8,9=S&48>;&&&

• ^=8(+N?=6Y4)5,9>4&5?N?)3&=I=84<&

• K?)()>4=&<()(34<4)8&

V)5,9<(8?,)&J()(34<4)8& • J()(34<4)8&,5&?)849)(N&?)5,9<(8?,)&5N,Q&

• J?==?,)&=,58Q(94&Q,9-=7(>4&

• D47,98?)3&()*&?)5,9<(8?,)&<()(34<4)8&

• V)849)(N&>,<<L)?>(8?,)&

• $*@?=4&,)Y*4@4N,7&<4*?(&7,N?>I&

#?=(=849&J()(34<4)8&()*&

%,,9*?)(8?,)&&

29,@?*4=&(*@?>4&8,&C4(<&`4(*49&()*&Q,9-=&Q?86&>,)>49)4*&

(L86,9?8?4=&()*&*?=(=849&<()(34<4)8&7(98)49=&,)W&

• [78?<?Z?)3&864&L=4&,5&(@(?N(+N4&94=,L9>4=&()*&

79?,9?8?Z?)3&94=7,)=4&(>8?@?8?4=&&

• %,,9*?)(8?,)&,5&?)849)(8?,)(N&84(<=&

• BL77,98&8,&>,,9*?)(8?,)&,5&)44*=&(==4==<4)8&

• D47,98?)3&()*&?)5,9<(8?,)&<()(34<4)8&?)>NL*?)3&Q?86&

(554>84*&>,<<L)?8?4=&()*&(L86,9?8?4=&&

• V)7L8&,)&=(548I&()*&=4>L9?8I&<()(34<4)8&&

• `?(?=,)S&?)>NL*?)3&>94(8?)3&864&N?)-&+48Q44)&>?@?N&

79,84>8?,)&()*&!)?84*&"(8?,)=Y?)849)(8?,)(N&94=7,)=4&

<4>6()?=<=&

• J()(34<4)8&,5&!"#$%&=L77,98&84(<=&&

• V)7L8&8,&7L+N?>&?)5,9<(8?,)&?)?8?(8?@4=&

• '()*,@49&8,&N,)349&849<&[%'$&84(<Y4X?8&=89(843I&

'L<()?8(9?()&D4=7,)=4&

()*&%,,9*?)(8?,)&&

29,@?*4=&(*@?>4&8,&C4(<&`4(*49&()*&Q,9-=&Q?86&>,)>49)4*&

(L86,9?8?4=&()*&6L<()?8(9?()&7(98)49=&,)W&

• %,,9*?)(8?,)&,5&6L<()?8(9?()&(>8,9=&

• ^=8(+N?=6<4)8&,5&()&(>>,L)8(+N4&6L<()?8(9?()&

59(<4Q,9-S&79?)>?7(N=&()*&=8()*(9*=&?)&=L77,98&,5&

!)?84*&"(8?,)=S&D4*&%9,==&()*&D4*&%94=>4)8&

J,@4<4)8&()*&"R[=&79,@?*?)3&79,84>8?,)&()*&

(==?=8()>4&(>8?@?8?4=&&

• 29,@?=?,)&,5&(*@?>4&,)&6L<()?8(9?()&=4>8,9=&()*&

>NL=849=&()*&(*@?>4&,)&6L<()?8(9?()&5?)()>?)3&

<4>6()?=<=&

• BL77,98&8,&>,,9*?)(8?,)&,5&)44*=&(==4==<4)8&

• D47,98?)3&()*&?)5,9<(8?,)&<()(34<4)8S&?)>NL*?)3&

Q?86&(554>84*&>,<<L)?8?4=&()*&(L86,9?8?4=&&

• V)7L8&,)&=(548I&()*&=4>L9?8I&<()(34<4)8&&

• $==?=8()>4&?)&E+L8&),8&,@49(NN&94=7,)=?+?N?8I&5,9F&

*9(58?)3&,5&5L)*?)3&94\L4=8=&&

• $==?=8()>4&?)&6()*,@49&8,&N,)349&849<&[%'$&84(<Y4X?8&

Page 50: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0O&,5&.1& %6(7849&:&

=89(843I&&

%,,9*?)(84*&"44*=&

$==4==<4)8&&

29,@?*4=&(*@?>4&8,&C4(<&`4(*49&()*&Q,9-=&Q?86&>,)>49)4*&

(L86,9?8?4=S&*?=(=849&<()(34<4)8&()*&6L<()?8(9?()&

7(98)49=&,)W&

• 29,@?*?)3&4X7498?=4&?)&(==4==<4)8&<486,*,N,3?4=&E?;4;S&

JVD$F&

• #4@4N,7?)3S&(3944?)3&()*&(77NI?)3&=6(94*&(==4==<4)8&

>(7(>?8?4=&()*&<486,*,N,3?4=&&

• %,,9*?)(8?,)&,5&(==4==<4)8=&&

• $)(NI=?=&,5&(==4==<4)8&?)5,9<(8?,)S&?)>NL*?)3&864&

B?8L(8?,)(N&$)(NI=?=&&

• 294=4)8(8?,)=&()*&544*+(>-&8,&-4I&*4>?=?,)&<(-49=&

?)>NL*?)3&=4>8,9Y>NL=849&N4(*=&()*&,749(8?,)(N&(34)>?4=&

• 2947(9(8?,)&,5&(==4==<4)8&?)5,9<(8?,)&5,9&7L+N?>&

*?=>N,=L94&

• ^)=L9?)3&(>>,L)8(+?N?8I&5,9&864&>,994>8&L=4&()*&

*?==4<?)(8?,)&,5&(==4==<4)8&?)5,9<(8?,)&

• P,9-?)3&>N,=4NI&Q?86&,749(8?,)(N&(34)>?4=&()*&

>,,9*?)(8,9=&,)&5,NN,Q&L7&(==4==<4)8=&()*&<,)?8,9?)3&

?<7(>8&()*&79,394==&,5&?)849@4)8?,)=&Q?86?)&()&

(>>,L)8(+N4&6L<()?8(9?()&59(<4Q,9-&

$**?8?,)(N&(94(=S&(=&<(I&+4&

*4849<?)4*&+I&[%'$&

• K,9&4X(<7N4S&4)@?9,)<4)8(N&4<4934)>?4=S&!9+()&

B4(9>6&()*&D4=>L4S&>NL=849&4X7498?=4S&%J%,,9*S&<4*?(&

()*&7L+N?>&?)5,9<(8?,)&

&

",84W&[B[%%&5L)>8?,)=&(94&*48(?N4*&?)&=4>8?,)&#;1;.;&&

&

!"D"8#V5E<7L76E1730B#E04#$2E7070=###

&&

!"#$%&<4<+49=&6(@4&*?@49=4&=-?NN=48=&86(8&4)(+N4=&[%'$&8,&*47N,I&=74>?(N?Z4*&84(<=&

(*(784*&8,&864&>,)84X8&()*&=?8L(8?,);&!"#$%&84(<=&*4<,)=89(84&N4(*49=6?7&>(7(>?8?4=&86(8&

(94&>N,=4NI&(N?3)4*&8,&86,=4&94\L?94*&,5&[%'$&2TA&()*&2TG&=8(55&E?;4;S&864&8Q,&6?364=8&

>(843,9?4=&,5&79,54==?,)(N&!)?84*&"(8?,)=&=8(55&,55?>49=FS&8,&?<79,@4&(>>478()>4S&

L)*49=8()*?)3&()*&7495,9<()>4&,5&!"#$%&84(<=&,)&<?==?,);&C64&!"#$%&=I=84<&(N=,&

4)>,L9(34=&N4(*49=6?7&869,L36&>N,=4&5L)>8?,)(N&=I)493?4=&8,&86,=4&94\L?94*&,5&864&[%'$&

^<4934)>I&D4=7,)=4&D,=849&E^DDF&749=,))4NS&4=74>?(NNI&(8&=4)?,9&N4@4N=;&$)&(**4*&@(NL4&,5&

864&!"#$%&=I=84<&?=&864&*47N,I<4)8&,5&5LNNI&5L)>8?,)?)3&84(<=&(=&,77,=4*&8,&?)*?@?*L(N=;&

C6?=&4)(+N4=&()&!"#$%&84(<&8,&>,@49&(&Q?*4&@(9?48I&,5&5L)>8?,)=&()*&+9?*34&864&*?55494)8&

*4<()*=&,5&)(8?,)(N&*?=(=849&<()(34<4)8&()*&?)849)(8?,)(N&6L<()?8(9?()&94=7,)=4S&(=&Q4NN&

(=&*9(Q&,)&4X?=8?)3&943?,)(N&)48Q,9-=&()*&94N(8?,)=6?7=;&

&

V)&(**?8?,)&8,&864&>,)>478=&4)=69?)4*&?)&864&!"#$%&>,9)49=8,)4=&E=4>8?,)&:;.;0FS&(NN&!"#$%&

<4<+49=&(94&94\L?94*&8,&*4<,)=89(84&-),QN4*34&()*&L)*49=8()*?)3&Ec$Q(94)4==dF&?)&864&

5,NN,Q?)3&(94(=W&

Page 51: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0H&,5&.1& %6(7849&:&

• D0"&30#".(0#*1&9&3+&04,1&0E.3(09&0"S&?)>NL*?)3&864&=8(-46,N*49=&?)&4<4934)>I&

94=7,)=4S&*?55494)8&8I74=&,5&)(8?,)(N&*?=(=849&<()(34<4)8&=I=84<=S&<()*(84=&,5&

<(_,9&?)849)(8?,)(N&6L<()?8(9?()&,93()?Z(8?,)=&()*&(&34)49(N&L)*49=8()*?)3&,5&

?)849)(8?,)(N&N(Q&(77N?>(+N4&8,&?)849)(8?,)(N&*?=(=849&94=7,)=4;&

• :#"53#*1).6#6"&36S&?)>NL*?)3&>,)=4\L4)>4=&,5&*?55494)8&8I74=&,5&)(8L9(N&6(Z(9*=S&

@LN)49(+?N?8I&()*&94=7,)=4&>(7(>?8I&()*&,749(8?)3&?)&()&4<4934)>I&4)@?9,)<4)8;&

• 70E.3(09&0"#*1&9&3+&04.&6S&*45?)4*&(=&(&=L**4)T,)=48&*?=(=849&,9&(>>?*4)8&94=LN8?)3&

59,<&)(8L9(N&,9&6L<()T<(*4&5(>8,9=&E,9&(&>,<+?)(8?,)&,5&+,86F&86(8&>(L=4&,9&

8694(84)&8,&>(L=4&=4@494&4)@?9,)<4)8(N&*(<(34&(=&Q4NN&(=&N,==&,5&6L<()&N?@4=&()*&

79,7498I;&C4>6),N,3?>(N&*?=(=849=&(94&,)4&8I74&,5&4)@?9,)<4)8(N&4<4934)>IS&Q6?>6&

>()&+4&>(L=4*&+I&<()&,9&89?33494*&+I&(&)(8L9(N&*?=(=849&E?)&()&4@4)8&-),Q)&(=&

"(84>6F;&&

• A59#0."#3.#014((3).0#".(0S&?)>NL*?)3&6L<()?8(9?()&79?)>?7N4=&()*&=8()*(9*=S&

?)849)(8?,)(N&6L<()?8(9?()&(9>6?84>8L94&()*&5L)>8?,)?)3S&>,,9*?)(8?,)&=89L>8L94=S&

864&>NL=849&(779,(>6&()*&864&N(84=8&*4@4N,7<4)8=;&

• @;A?L619#0)#"&S&?)>NL*?)3&?8=&<?==?,)&=8(84<4)8S&=89L>8L94S&5L)>8?,)?)3S&864&9,N4&,5&

864&^<4934)>I&D4N?45&%,,9*?)(8,9S&4<4934)>I&94=7,)=4&8,,N=&()*&=49@?>4=&?)>NL*?)3&

6L<()?8(9?()&5?)()>?)3S&864&!"#$%&=I=84<S&>,)>478&()*&<486,*,N,3I&E?)>NL*?)3&

34)49?>&849<=&,5&945494)>4F&()*&!"#$%&+4=8&79(>8?>4=&59,<&<?==?,)=;&

• @0*.0&13&6(534&6S&?)>NL*?)3&864&<,=8&94N4@()8&Q4+=?84=S&*(8(+(=4=S&>,L)89I&

?)5,9<(8?,)S&945494)>4&=,L9>4=S&4X>6()34&7N(85,9<=S&48>;&

&

K,NN,Q?)3&=L>>4==5LN&>,<7N48?,)&,5&864&V)*L>8?,)&>,L9=4&()*&94\L?94*&=4>L9?8I&89(?)?)3&E=44&

>6(7849&'FS&)(8?,)(N&!"#$%&<4<+49=&<L=8&+4&?==L4*&Q?86&!)?84*&"(8?,)=&>,)89(>8=&79?,9&8,&

+4?)3&*47N,I(+N4;&C64&>,)89(>8=&(94&?==L4*&(8&864&*?=>948?,)&,5&K%BB&()*&(94&@(N?*&5,9&8Q,&

I4(9=;&$&@(N?*&!"#$%&>,)89(>8&*,4=&),8&3L(9()844&*47N,I<4)8;&C4(<&>,<7,=?8?,)&?=&

4=8(+N?=64*&+I&K%BB&+(=4*&,)&864&=74>?5?>&)44*=&,5&4(>6&<?==?,);&

&

!"D"@#$;:#W74:2#'()*+#(:1T32X!

&

C9(?)4*&!"#$%&<4<+49=S&Q6,&5,9&@(9?,L=&94(=,)=&(94&),8&*47N,I(+N4S&94794=4)8&(&6L34&

(==48&5,9&864&!"#$%&=I=84<;&C64I&(94&>,)=?*494*&(&=,L9>4&,5&=L77,98&5,9&864&!"#$%&=I=84<&

(=&(&Q6,N4S&(=&Q4NN&(=S&,)&,>>(=?,)S&=74>?5?>&=L77,98&8,&!"#$%&<?==?,)=&()*&(>8?@?8?4=;&C6?=&

3N,+(N&)48Q,9-&(N=,&?)>NL*4=&,8649=&Q6,&6(@4&+4>,<4&(Q(94&()*&=L77,98?@4&,5&!"#$%e=&

9,N4S&=49@?>4=&()*&<486,*,N,3I&E4;3;S&869,L36&5,9<49&<4<+49=6?7&,5&864&!"#$%&84(<S&

(Q(94)4==&>,L9=4=&,9&,8649&89(?)?)3&4@4)8=&,9&4X49>?=4=S&!"#$%&<?==?,)=S&7(98)49&

,93()?Z(8?,)=&()*&,8649&94=7,)=4&)48Q,9-=F;&C64&Q?*49&!"#$%&)48Q,9-&?=&4)>,L9(34*&8,&

79,<,84&L)*49=8()*?)3&()*&(>>478()>4&,5&!"#$%&Q?86?)&864?9&,Q)&,93()?Z(8?,)S&>,L)89I&,9&

943?,)S&(=&Q4NN&(=&79,@?*4&<?==?,)S&89(?)?)3&,9&,8649&-?)*=&,5&*?=8()>4&=L77,98&

&

Page 52: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0U&,5&.1& %6(7849&:&

!"H#'()*+#-E210:2B#

&

B?)>4&?8=&?)>478?,)S&!"#$%&6(=&Q,9-4*&>N,=4NI&8,&4=8(+N?=6&()*&=894)3864)&(&@(9?48I&,5&

7(98)49=6?7=&Q?86&,93()?Z(8?,)=&86(8&4?8649&Q,9-&?)&>,)_L)>8?,)&Q?86&!"#$%&,9&79,@?*4&

*?94>8&=L77,98&8,&!"#$%&84(<=&?)&864&5?4N*;&C64&5,NN,Q?)3&(94&7(98)49=&86(8&!"#$%&

<4<+49=&(94&<,=8&N?-4NI&8,&4)3(34&Q?86&,)&<?==?,)W&&

$;:#/01:20E1730E<#%5CE071E27E0#-E210:2B;7G#P/%-Q##

C64&V'2&?=&(&>,)=,98?L<&,5&>?@?N&79,84>8?,)&(34)>?4=&()*Y,9&6L<()?8(9?()&(34)>?4=&59,<&

",9Q(IS&BQ4*4)S&#4)<(9-S&K?)N()*S&^=8,)?(S&R49<()IS&864&!)?84*&a?)3*,<&()*&`LX4<+L93;&&

&

C64&V'2&(?<=&8,W&

• 29,@?*4&,749(8?,)(N&?)849)(8?,)(N&=L77,98&5,9&<LN8?N(849(N&,93()?Z(8?,)=Y(34)>?4=;&&

• K,=849&>,,749(8?,)&+48Q44)&7(98)49=&?)&6L<()?8(9?()&94=7,)=4;&

• V<79,@4&4554>8?@4)4==&()*&455?>?4)>I&?)&6L<()?8(9?()&94=7,)=4&,749(8?,)=;&&

• BL77,98&+48849&>,,9*?)(8?,)&,5&6L<()?8(9?()&(==?=8()>4;&

• 29,@?*4&(&79(>8?>(N&*4<,)=89(8?,)&,5&*,),9&>,,749(8?,)&()*&>,,9*?)(8?,);&

• #47N,I&=74>?(N?Z4*&=L934&>(7(>?8I&E4;3;S&74,7N4&()*&4\L?7<4)8F&5,9&864&!)?84*&

"(8?,)=&()*&,8649&(34)>?4=;&

• 29,@?*4&>(7(>?8I&+L?N*?)3&()*&89(?)?)3&+?N(849(NNI&()*&<LN8?N(849(NNI;&

• B6(94&864&5?)()>?(N&()*&84>6)?>(N&+L9*4)&?)&_,?)8&<?==?,)=;&

&

V'2&79,@?*4=&=L77,98&<,*LN4=&8,&(&N(934&)L<+49&,5&!"#$%&<?==?,)=;&P64)&*47N,I?)3&()&

!"#$%&84(<S&[%'$YK%BB&(==4==4=&N?-4NI&=L77,98&)44*=&()*&(N498=&864&%6(?9&,5&864&V'2S&Q6,&

?)&8L9)&N?(?=4=&Q?86&,8649&<4<+49&>,L)89?4=&8,&*4849<?)4&Q6,&>()&+4=8&*4N?@49&864&=L77,98&

94\L?94*&?)&864&8?<4&(@(?N(+N4;&C64&79,@?*?)3&>,L)89I&,9&>,L)89?4=&Q?NNS&L)N4==&,8649Q?=4&

(3944*S&>,@49&864&>,=8=&5,9&*47N,I<4)8&()*&,749(8?,);&&&&

(

210%;<%/0=0/(>?+%#03%$0%#(<%$3#"$1@0,(A2<><B(

C64&V'2&>,)>478&(N=,&4X?=8=&?)&864&$=?(T2(>?5?>&943?,)&Q?86&<4<+49=6?7&59,<&$L=89(N?(S&

%6?)(S&g(7()S&D47L+N?>&,5&a,94(S&"4Q&h4(N()*&()*&B?)3(7,94S&8,&=L77,98&4<4934)>?4=&?)&

864?9&943?,);&&

&

2+"$0/%1(C?,,*$3(D"%+(A2CDB(

V)&864&$<49?>(=&943?,)S&864&$BC&79,@?*4=&=L77,98&=49@?>4=&EVCS&[B[%%&<,*LN4S&48>;F&86(8&(94&

L=L(NNI&>,@494*&+I&864&V'2&,9&$2'2&?)&864&,8649&943?,)=;&C64&$BC&?=&79,@?*4*&+I&864&!)?84*&

B8(84=&$34)>I&5,9&V)849)(8?,)(N&#4@4N,7<4)8&E!B$V#F;&&

&523G:E0#'0730#P&'Q#C:6;E07BCB#

C64&!)?84*&"(8?,)=&6(=&(&=?3)?5?>()8&94N(8?,)=6?7&Q?86&864&^!&?)&943(9*&8,&6L<()?8(9?()&

(==?=8()>4&()*&>,,9*?)(8?,);&$8&864&+9,(*4=8&N4@4NS&864&^!&?=&(&<(_,9&*,),9&8,&!)?84*&

Page 53: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0b&,5&.1& %6(7849&:&

"(8?,)=&(34)>?4=&()*&79,39(<<4=;&C6?=&(=74>8&,5&864&94N(8?,)=6?7&?=&3,@49)4*&869,L36&(&

5?)()>?(N&()*&(*<?)?=89(8?@4&59(<4Q,9-&(3944<4)8&=?3)4*&?)&.//1;&J,94&=74>?5?>&8,&!"#$%S&

864&^L9,74()&%,<<?==?,)e=&'L<()?8(9?()&$?*&()*&%?@?N&29,84>8?,)&[93()?Z(8?,)&E^%'[F&?=&(&

943LN(9&7947(94*)4==&()*&94=7,)=4&7(98)49;&V)&(**?8?,)&8,&943LN(9&89(?)?)3&4X>6()34=S&

!"#$%&<4<+49=&<(I&Q,9-&Q?86S&,9&N?(?=4&Q?86S&864&^!]=&^<4934)>I&D4=7,)=4&%,,9*?)(8?,)&

%4)894&E^D%%F&,9&*47N,I4*&^L9,74()&!)?,)&%?@?N&29,84>8?,)&C4(<=&E^!%2C=F;&&

&

C64&^D%%S&(&7(98&,5&864&^L9,74()&%?@?N&29,84>8?,)&J4>6()?=<&()*&,749(84*&+I&^%'[S&?=&

,749(8?,)(N&(8&(NN&8?<4=;&V8&=49@4=&(=&864&^L9,74()&5,>(N&7,?)8&5,9&?)5,9<(8?,)&<()(34<4)8S&

,5549=&,5&(==?=8()>4&()*&864&>,,9*?)(8?,)&,5&*47N,I4*&(==48=&EQ6?>6&?)>NL*4&86?9844)&9(7?*&

94=7,)=4&<,*LN4=F;&C64&^!%2C=&(94&<(*4&L7&,5&6?36NI&89(?)4*&4X7498=&Q?86&=-?NN=&?)&(94(=&

=L>6&(=&>,,9*?)(8?,)&()*&(==4==<4)8;&#474)*?)3&,)&864&N,>(8?,)&()*&=>(N4&,5&()&4<4934)>IS&

864&94N(8?,)=6?7&+48Q44)&!"#$%&()*&()&^!%2C&>()&9()34&59,<&34)49(N&N?(?=,)&8,&

?)8439(8?,);&&

(

$:<:63CB#BE0B#R23017:2:B#P$ARQ(

CBK&?=&()&"R[&=74>?(N?Z?)3&?)&4<4934)>I&84N4>,<<L)?>(8?,)=;&V8&(?<=&8,&79,@?*4&+,86&

6L<()?8(9?()&,93()?Z(8?,)=&()*&@?>8?<=&,5&*?=(=849=&Q?86&(>>4==&8,&=L>6&=49@?>4=&Q?86?)&864&

5?9=8&*(I=&,5&(&*?=(=849;&CBK&6(=&,55?>4=&?)&=89(843?>&943?,)(N&N,>(8?,)=S&4)(+N?)3&9(7?*&

94=7,)=4&Q?86&84N4>,<<L)?>(8?,)=&4\L?7<4)8&()*&=8(55;&CBK&6(=&=L77,984*&<()I&!"#$%&

<?==?,)=S&4?8649&(N,)4S&,9&?)&>,,749(8?,)&Q?86&V'2S&$2'2&,9&$BC;&&

9EG*61730#

J(7$>8?,)&?=&()&"R[&=74>?(N?Z?)3&?)&<(77?)3&=49@?>4=&5,9&6L<()?8(9?()&4<4934)>?4=&()*&

943LN(9NI&*47N,I=&,)&!"#$%&<?==?,)=;&J(7$>8?,)&6(=&(&=<(NN&5LNNT8?<4&=8(55S&+L8&<,=8&,5&?8=&

>(7(>?8I&?=&79,@?*4*&+I&@,NL)8449=&=-?NN4*&?)&R4,39(76?>(N&V)5,9<(8?,)&BI=84<=&ERVBF&()*&

89(?)4*&8,&Q,9-&?)&*?=(=849&94=7,)=4&=?8L(8?,)=;&&

*BB:BBC:01#+EGE6717:B#-23Y:61#P*+*-AQ(

$%$2B&?=&()&?)?8?(8?@4&,5&86944&"R[=&E'4N7$34&V)849)(8?,)(NS&J49N?)&()*&",9Q43?()&D45L344&

%,L)>?NF&Q6?>6&Q,9-=&Q?86&(&)L<+49&,5&?)849)(8?,)(N&6L<()?8(9?()&(>8,9=S&?)>NL*?)3&864&V$B%&

"44*=&$==4==<4)8&C(=-&K,9>4&()*&[%'$e=&%,,9*?)(84*&$==4==<4)8&BL77,98&B4>8?,)&E%$BBFS&

8,&=L77,98&>,,9*?)(84*&)44*=&(==4==<4)8&79,>4==4=;&$%$2B&79,@?*4=&=L77,98&8,&[%'$&+,86&

Q?86&89(?)?)3&()*&864&*47N,I<4)8&,5&(==4==<4)8&=74>?(N?=8=;&#

,1;:2#GE210:2B#

[8649&>,<<,)&[%'$Y!"#$%&7(98)49=&?)>NL*4W&

#

• !"[B$CW&29,@?*4=&=(84NN?84&?<(349I&()*&<(77?)3&=49@?>4=&8,&864&6L<()?8(9?()&

>,<<L)?8I;&&

• #'`&#?=(=849&D4=7,)=4&C4(<=W&29,@?*4&(?97,98&6()*N?)3&()*&N,3?=8?>=&=49@?>4=&8,&864&

(554>84*&>,L)89I&()*&?)849)(8?,)(N&94=7,)*49=;&

Page 54: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&.1& %6(7849&:&

• ^9?>==,)W&29,@?*4=&4<4934)>I&84N476,)4&=49@?>4=&8,&()&(554>84*&(94(;&&

• $934)8?)(YP6?84&'4N<48=&%,<<?==?,)W&[%'$&?=&?)&864&79,>4==&,5&*4@4N,7?)3&(&

7(98)49=6?7&Q?86&864&P6?84&'4N<48=&%,<<?==?,)Y$934)8?)(&8,&=L77,98&864&!"#$%&

84(<&?)&864&943?,)&Q?86&N,3?=8?>(NYVC&=49@?>4=;&&

&

!"J#A5GG321#9345<:B#

&

!"#$%&84(<=&*47N,I?)3&8,&()&4<4934)>I&6(@4&8,&+4&5LNNI&,749(8?,)(N&()*&=4N5T=L55?>?4)8&

59,<&864&<,<4)8&864I&N()*&?)&864&(554>84*&>,L)89I;&C64&>6(,=&,584)&5,L)*&?<<4*?(84NI&

5,NN,Q?)3&(&*?=(=849&<(I&?)>NL*4&*(<(34*&?)59(=89L>8L94&()*&>,<<L)?>(8?,)=S&L)=(54&,9&

*4=89,I4*&+L?N*?)3=&()*&=49?,L=&*?=9L78?,)&8,&*(?NI&N?54S&(<4)?8?4=&()*&=49@?>4=;&!"#$%&

84(<=&<(I&6(@4&8,&+9?)3&864?9&,Q)&84N4>,<<L)?>(8?,)=S&84>6),N,3IS&,55?>4&4\L?7<4)8S&

84)84*&(>>,<<,*(8?,)&()*&5,,*;&J,+?N?Z?)3&86?=&-?)*&,5&=L77,98&5,9&()&!"#$%&84(<&?=&@?8(N&

8,&4)=L9?)3&864&84(<&>()&=8(98&8,&*,&?8=&_,+&(=&=,,)&(=&?8&(99?@4=&(8&864&*?=(=849&=?84;&&

C64&(?<&,5&864&!"#$%&=L77,98&<,*LN4=&?=&8,&4)=L94&9(7?*&*47N,I<4)8&,5&8(?N,94*&6?36NI&

<,+?N4&()*&5N4X?+N4&=L77,98&8,&!"#$%&<?==?,)=;&C64=4&<,*LN4=&(94&79,@?*4*&869,L36&V'2S&

$2'2&,9&$BC;&C64&=L77,98&<,*LN4=&79,@?*4&864&!"#$%&84(<&Q?86&=74>?5?4*&4\L?7<4)8&()*&

89(?)4*&=8(55S&Q6,&<(I&(N=,&+4&L8?N?Z4*&5,9&<,94&34)49(N&<?==?,)&8(=-=;&V)&34)49(NS&K%BB&Q?NN&

=44-&8,&<,+?N?Z4&()*&*47N,I&=L77,98&<,*LN4=&8,&(NN&!"#$%&<?==?,)=;&$8&(&<?)?<L<S&86?=&

<(I&?)>NL*4&()&!"#$%&^<4934)>I&[55?>4&a?8&E=8,94*&?)&R4)4@(&()*&[%'$&943?,)(N&,55?>4=F&

,9&()&cV%C&J,*LN4d&E=44&+4N,QF;&&

!"J".#93F7<7ME1730#

#

BL77,98&<,*LN4=&<(I&+4&<,+?N?Z4*&869,L36&K%BBW&&

• !7,)&94\L4=8&,5&[%'$&<()(34<4)8;&

• !7,)&94\L4=8&,5&864&!"#$%&C4(<&`4(*49&+45,94&*47(98L94&()*&?)&>,,749(8?,)&Q?86&

K%BB;&

• $L8,<(8?>(NNI&E?)&=?8L(8?,)=&Q6494&86494&?=&()&,+@?,L=&)44*&5,9&4\L?7<4)8&()*Y,9&

=8(55&=L77,98&8,&()&!"#$%&<?==?,)S&=L>6&(=&4(986\L(-4=&,9&,8649&*4@(=8(8?)3&=L**4)&

,)=48&*?=(=849=F;&

&

B8()*(9*&(3944<4)8=&=?<?N(9&8,&86,=4&L=4*&5,9&864&!"#$%&<,+?N?Z(8?,)&=I=84<&6(@4&+44)&

(99()34*&Q?86&V'2S&$2'2&()*&$BC&<4<+49&>,L)89?4=;&C64=4&=8()*?)3&(99()34<4)8=&4)(+N4&

K%BB&8,&<,+?N?Z4&864&=L77,98&<,*LN4=&(N,)3=?*4&864&!"#$%&84(<;&C64&(99()34<4)8=&5,9&864&

*47N,I<4)8&,5&864&=L77,98&84(<=&8,&864&5?4N*&(94&<(*4&,)&864&+(=?=&,5&>,,749(8?,)&+48Q44)&

864&94=7,)*?)3&>,L)89?4=&()*&864&K%BB;&

&

&

&

Page 55: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&.1& %6(7849&:&

!"J"8#A1ELL#

C64&=L77,98&<,*LN4=&Q?NN&+4&=8(554*&+I&=74>?(N?=8=&59,<&864&>,L)89IY>,L)89?4=&79,@?*?)3&864&

=L77,98;&C64=4&=8(55&<4<+49=&6(@4&94>4?@4*&=74>?5?>&89(?)?)3&?)&,749(8?,)&()*&<(?)84)()>4&

,5&864&4\L?7<4)8;&V)&(**?8?,)&8,&864?9&84>6)?>(N&=-?NN=S&864&=L77,98&=8(55&6(@4&(NN&L)*498(-4)&

!"#$%&=L77,98&=8(55&89(?)?)3S&Q6?>6&4)=L94=&86(8&864I&>()&(==?=8&?)&[B[%%&,749(8?,)=&()*&

,8649&8(=-=&,5&()&!"#$%&84(<;&C64&=L77,98&=8(55&<4<+49=&Q?NN&(NQ(I=&+9?)3&864?9&,Q)&

749=,)(N&-?8&()*&4\L?7<4)8&8,&4)=L94&864?9&(+?N?8I&8,&,749(84;&&&

J()I&!"#$%&=L77,98&=8(55&6(@4&4X84)=?@4&<?==?,)&4X749?4)>4;&C64I&=6,LN*&+4&5LNNI&

?)8439(84*&?)8,&864&84(<&()*&<(IS&?)&<()I&>(=4=S&8(-4&94=7,)=?+?N?8I&5,9&,)4&,9&=4@49(N&,5&

864&5L)>8?,)(N&(94(=&,5&864&84(<;&&

!"J"@#9345<:B#

C6494&(94&4?368&=8()*(9*&<,*LN4=&(@(?N(+N4&8,&=L77,98&!"#$%&*47N,I<4)8=;&C64&<(?)&

>,<7,)4)8=&,5&4(>6&=L77,98&<,*LN4&(94&*4=>9?+4*&+4N,QS&Q?86&(&5,>L=&,)&?8=&8(=-=&()*&

>(7(>?8?4=;&&

/0L32CE1730#Z#+3CC5076E1730B#$:6;03<3=>#P/+$Q#C345<:#

C64&7L97,=4&,5&864&V%C&<,*LN4&?=&8,&79,@?*4&?)5,9<(8?,)&()*&>,<<L)?>(8?,)=&84>6),N,3I&

=L77,98&8,&(&5?@4&8,&=?XT749=,)&84(<&,749(8?)3&?)&(&N,>(8?,)&Q6494&864&+(=?>&?)59(=89L>8L94&?=&

?)8(>8;&C64&<,*LN4&4)(+N4=&864&84(<&8,&4=8(+N?=6&+(=?>&>,<<L)?>(8?,)=S&79,@?*4=&V)849)48&

(>>4==&()*&(NN,Q=&84(<&<4<+49=&8,&,749(84&=?<LN8()4,L=NI&?)&*?55494)8&N,>(8?,)=;&C64&

<,*LN4&>()&(N=,&+4&L8?N?Z4*&5,9&4=8(+N?=6<4)8&,5&(&D4>478?,)&#47(98L94&%4)894&ED#%F&?)&

=?8L(8?,)=&Q?86&N(934T=>(N4&L9+()&=4(9>6&()*&94=>L4&E!B$DF&,749(8?,)=;&C64&4\L?7<4)8&?=&

=6?774*&?)&8Q,&89()=7,98&>(=4=&Q6?>6&?)*?@?*L(NNI&*,&),8&4X>44*&1G&-3&E86494+I&<448?)3&864&

6()*N?)3&N?<?8&()*&4)(+N?)3&89()=7,98&,)&>,<<49>?(N&(?9N?)4=F;&^==4)8?(N&>,<<L)?>(8?,)=&

4\L?7<4)8&?=&7947(94*&(=&>(99IT,)&NL33(34;&&

9707CE<#,G:2E1730E<#A:65271>#A1E04E24B#P9,AAQ#C345<:#

V)&4<4934)>?4=&Q6494&864&=4>L9?8I&=?8L(8?,)&*4<()*=&!)?84*&"(8?,)=&J[BB&>,<7N?()>IS&86?=&

=L77,98&<,*LN4&>()&+4&79,@?*4*&8,&4)=L94&86(8&(NN&=8(55&<4<+49=&(94&4\L?774*&8,&<448&

<?)?<L<&=(548I&=8()*(9*=;&C64&<,*LN4&Q?NN&+4&7947(94*&,)&(&>(=4T+IT>(=4&+(=?=&5,NN,Q?)3&

!"#BB&94>,<<4)*(8?,)=;&V8&>,)=?=8=&,5&i'K&9(*?,=S&(&+(=4&=8(8?,)S&R2BS&=(84NN?84&76,)4=S&

()*&749=,)(N&79,84>8?@4&4\L?7<4)8&E?5&94\L?94*F;&&

#

,0[A71:#,G:2E1730B#+332470E1730#+:012:#P,A,++Q#C345<:&

C64&7L97,=4&,5&864&[B[%%&<,*LN4&?=&8,&79,@?*4&(&84)84*&,55?>4&()*&4\L?7<4)8&5,9&864&=48L7&

()*&<()(34<4)8&,5&()&[)TB?84&[749(8?,)=&%,,9*?)(8?,)&%4)894&E[B[%%F&Q?86&L7&8,&4?368&

Q,9-=8(8?,)=;&C64&<,*LN4&79,@?*4=&6?36T=744*&V)849)48&(>>4==S&Q?94N4==&`$"S&N(=49&79?)849&

()*&76,8,>,7?49&5(>?N?8?4=;&C64&>,<<L)?>(8?,)=&4\L?7<4)8&?=&7(>-4*&?)&89()=7,98&>(=4=&

Q6?>6&?)*?@?*L(NNI&*,&),8&4X>44*&1G&-?N,39(<=;&[8649&=L77,98&4\L?7<4)8S&=L>6&(=&(&84)8&()*&

8(+N4=S&?=&89()=7,984*&,)&>(93,&7N()4=&(N,)3=?*4&,8649&94N?45&4\L?7<4)8;&C64&<,*LN4&?=&

Page 56: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&.1& %6(7849&:&

*47N,I4*&Q?86&8Q,&=L77,98&749=,))4N&()*S&?5&94\L?94*S&>()&+4&79,@?*4*&Q?86&864&[749(8?,)(N&

BL77,98&B8(55&<,*LN4&*4=>9?+4*&+4N,Q;&C6?=&<,*LN4&>()&+4&L=4*&5,9&*?55494)8&-?)*=&,5&5?4N*&

>,,9*?)(8?,)&>4)894=&()*&?=&),8&94=89?>84*&8,&()&[B[%%;&

&

,A,++#,G:2E1730E<#A5GG321#A1ELL#C345<:#

C64&7L97,=4&,5&864&<,*LN4&?=&8,&79,@?*4&+(=?>&=8(55&5L)>8?,)=&Q?86?)&()&[B[%%S&()*&?)&

7(98?>LN(9S&8,&864&[749(8?,)=&5L)>8?,);&C64&,749(8?,)(N&=L77,98&=8(55&>()&7495,9<&*L8?4=&

=L>6&(=&-447?)3&?)5,9<(8?,)&*?=7N(I=&L7*(84*S&7947(9?)3&,749(8?,)(N&7N()=&()*&+9?45?)3=S&

,93()?Z?)3&?)849)(N&?)5,9<(8?,)&=6(9?)3S&7947(9?)3&6()*T,L8&<(849?(N&E<(7=S&947,98=S&

+9?45?)3=S&48>;FS&=L77,98?)3&864&[B[%%&94>478?,)&*4=-S&(==?=8?)3&Q?86&N,3?=8?>(N&7N())?)3S&

>,,9*?)(8?)3&Q?86&4X849)(N&94=,L9>4&79,@?*49=&()*&<()(3?)3&864&[B[%%&N,3;&C64&<,*LN4&

>,)=?=8=&,5&8Q,&,749(8?,)(N&=L77,98&=8(55&<4<+49=&Q6,&6(@4&94>4?@4*&=74>?(N?Z4*&89(?)?)3&

()*&Q6,&Q?NN&+4&*47N,I4*&Q?86&864?9&,Q)&,749(8?,)(N&4\L?7<4)8&8,&5(>?N?8(84&864?9&Q,9-&?)&

864&[B[%%;&

%5CE071E27E0#/0L32CE1730#9E0E=:C:01#C345<:#

C64&7L97,=4&,5&864&<,*LN4&?=&8,&79,@?*4&864&)4>4==(9I&4\L?7<4)8&8,&=L77,98&?)849T>NL=849&

?)5,9<(8?,)&<()(34<4)8&=49@?>4=;&V'2&=L77,98&=8(55&Q?NN&+4&*47N,I4*&8,&=48&L7&864&<,*LN4&

()*&79,@?*4&?)?8?(N&?)5,9<(8?,)&<()(34<4)8&=L77,98&?5&94\L?94*;&D43LN(9&?)5,9<(8?,)&

<()(34<4)8&=8(55&Q?NN&+4&*47N,I4*&869,L36&=8()*(9*&=L934&<4>6()?=<=S&>,<79?=?)3&[%'$&

=8(55&59,<&864&94N4@()8&>,L)8I&()*&943?,)(N&,55?>4&(=&Q4NN&(=&^DD&()*&=8()*+I&7(98)49=;&

B74>?5?>(8?,)=&,5&864&<,*LN4S&(=&Q4NN&(=&864&*4>?=?,)&8,&*47N,IS&Q?NN&+4&<(*4&?)&>,)_L)>8?,)&

Q?86&[%'$e=&K?4N*&V)5,9<(8?,)&B49@?>4=&=4>8?,)&EKVBF;&

U7=;1#!EB:#+ECG#C345<:#

P64)&(&84(<&?=&*47N,I4*&8,&()&(94(&Q?86&?)=L55?>?4)8&?)59(=89L>8L94S&?8&>()&+4&=L77,984*&

Q?86&(&`?368&:(=4&%(<7&<,*LN4;&C6?=&79,@?*4=&>(7(>?8I&5,9&+(=?>&(>>,<<,*(8?,)&()*&,55?>4&

5(>?N?8?4=&5,9&L7&8,&./&74,7N4S&?)>NL*?)3&4\L?7<4)8&5,9&=N447?)3S&7947(9?)3&5,,*&()*&6()*N?)3&

+(=?>&6I3?4)4&5,9&(&749?,*&,5&L7&8,&5,L9&Q44-=;&E",84W&C64&`?368&:(=4&%(<7&<,*LN4&?=&),8&8,&

+4&>,)5L=4*&Q?86&864&:(=4&%(<7&<,*LN4&86(8&79,@?*4=&(&<L>6&6?3649&=8()*(9*&,5&=L77,98&?)&

N,)349&849<&,749(8?,)=;F&

#

!EB:#+ECG#C345<:#

C64&:(=4&%(<7&<,*LN4&79,@?*4=&8?<4NIS&=(54&()*&(779,79?(84&N?@?)3&()*&Q,9-?)3&>,)*?8?,)=;&

C64&:(=4&%(<7&<,*LN4&?=&(&>,<79464)=?@4&5?4N*&(>>,<<,*(8?,)&()*&,55?>4&>,)>478S&

79,@?*?)3&N?@?)3&()*Y,9&Q,9-?)3&5(>?N?8?4=;&C64&>,)>478&6(=&+44)&*4@4N,74*&,@49&(&N,)3&

749?,*&,5&8?<4S&?)&>N,=4&>,,749(8?,)&Q?86&?)849)(8?,)(N&7(98)49=S&8(-?)3&>LN8L9(N&6(+?8=&()*&

34)*49&?)8,&>,)=?*49(8?,);&C64&:(=4&%(<7&<,*LN4&>,)=?=8=&,5&=4@49(N&=47(9(84&<,*LN4=S&=,&

>(NN4*&=L+T<,*LN4=S&=L>6&(=W&(>>,<<,*(8?,)S&,55?>4S&Q(849&79,*L>8?,)S&6I3?4)4&=()?8(8?,)S&

-?8>64)&()*&>()844)S&7,Q49&=L77NI&j&86(8&(NN&>()&+4&*47N,I4*&=47(9(84NI&?5&)44*4*;&&

&

Page 57: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&.1& %6(7849&:&

!"#$%&84(<=&<(I&+4&94\L4=84*&8,&5(>?N?8(84&864&>(<7]=&(99?@(N&()*&8,&=L77,98&864&>6,?>4&,5&

N,>(8?,)&E5,9&<,94&?)5,9<(8?,)&,)&*4849<?)?)3&>(<7&N,>(8?,)=S&=44&=4>8?,)&h;HF;&&

\:;76<:#B5GG321#

i46?>N4&=L77,98&>()&+4&94\L4=84*&?)&=L77,98&,5&!"#$%&<?==?,)=;&$N86,L36&),8&>,)=?*494*&(&

<,*LN4S&(NN&@46?>N4=&<448&(3944*&<?)?<L<&=8()*(9*=&86(8&N(I&,L8&864&84>6)?>(N&

=74>?5?>(8?,)=;&i46?>N4=&?)>NL*4&AXA&(NNT8499(?)&@46?>N4=&86(8&>()&+4&4\L?774*&8,&<448&J[BB&

=8()*(9*=S&(=&Q4NN&(=&<?)?+L=4=&5,9&749=,))4N&89()=7,98;&$NN&@46?>N4=&(94&4\L?774*&Q?86&5LNN&

>,<<L)?>(8?,)=&4\L?7<4)8&Ei'KS&'KS&=(84NN?84&76,)4&()*&R2BFS&(=&Q4NN&(=&<(?)84)()>4&

4\L?7<4)8;&C64&@46?>N4=&(94&*?4=4N&*9?@4)&()*&6(@4&(&=7N?8&>6(93?)3&=I=84<;&C64&@46?>N4=&Q?NN&

+4&79,@?*4*&Q?86,L8&*9?@49=;&

#

!"J"D#*4C707B12E17N:#A5GG321#

$*<?)?=89(8?@4&=L77,98&5,9&()&!"#$%&<?==?,)&Q?NN&+4&79,@?*4*&<(?)NI&869,L36&864&[55?>4&,5&

864&D%Y'%&()*&Q?NN&L=L(NNI&?)>NL*4&(99()34<4)8=&5,9&4)89I&8,&864&(554>84*&>,L)89I&E4;3;S&@?=(&

,)&(99?@(NS&(?97,98&7?>-L7FS&(>>,<<,*(8?,)S&?)T>,L)89I&89()=7,98&()*&N?(?=,)&Q?86&)(8?,)(N&

()*&N,>(N&,55?>?(N=;&&

[%'$YK%BB&Q?NN&),9<(NNI&(L86,9?Z4&864&D%Y'%&8,&?)>L9&!"#$%&<?==?,)&4X74)*?8L94&L7&8,&(&

3?@4)&N?<?8&,)&+46(N5&,5&[%'$&5,91864&>,=8&,5&864&84(<e=&?)T>,L)89I&89(@4N&E?)>NL*?)3&94)8(N&,5&

@46?>N4=&?5&94\L?94*FS&6?9?)3&,5&N,>(N&=8(55&E*9?@49=&()*&?)849794849=&(=&94\L?94*FS&(=&Q4NN&(=&

94)8(N&,5&,55?>4&=7(>4&()*&4\L?7<4)8&?5&)4>4==(9I;&C64&!"#$%&C4(<&`4(*49&Q?NN&+4&?)5,9<4*&

,5&864&(<,L)8&?)&4(>6&>(=4&()*&(L86,9?Z4*&8,&>,NN4>8&5L)*=&()*Y,9&?)>L9&=L>6&4X74)*?8L94&

869,L36&864&!)?84*&"(8?,)=&#4@4N,7<4)8&29,39(<<4&EQ6494&(77N?>(+N4F;&&

&

Page 58: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&.6& %7(894:&%&

!"#$%&#'()*!#+,--,.(#!/!0&#

!"1#,23456783952#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#1&

!":#;4<=+9>>952#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#?&

%;.;0&2:48(:4*)4<<&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&=&

%;.;.&>,+?@?A(9?,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

%;.;1&B)?9?(@&2@()&,5&$C9?,)&D2,$E&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0=&

!"@#.2=+9>>952#*839A939<>#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#1B&

%;1;0&$::?F(@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&06&

%;1;.&!8*(94&2@()&,5&$C9?,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.0&

%;1;1&GH4CI9?,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&..&

%;1;=&%,)<,@?*(9?,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.1&

!"?#+9>>952#&26 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""":?

%;=;0&'()*,F4:&()*&GH?9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.=&

%;=;.&#4+:?45&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.J&

&

!"1#,23456783952#

$)&!"#$%&K?<<?,)&),:K(@@L&5,@@,M<&(&9L8?C(@&,84:(9?,)(@&CLC@4N&C,F4:?)3&97:44&?)94:O:4@(94*&

87(<4<&,5&(C9?F?9LP&8:4OK?<<?,)N&,)OK?<<?,)&()*&K?<<?,)O4)*;&$M(:4)4<<&,5&974&K?<<?,)&CLC@4&

M?@@&74@8&!"#$%&K4K+4:<&()9?C?8(94&()*&8@()&,84:(9?,)(@&(C9?F?9?4<&?)&974&5?4@*;&Q7?<&C7(894:&

8:,F?*4<&*49(?@4*&?)5,:K(9?,)&,)&4(C7&<9(34&,5&974&K?<<?,)&CLC@4N&?)C@I*?)3&(C9?,)<&9,&+4&

9(-4)&+L&?)*?F?*I(@&K4K+4:<&()*&974&Q4(K&R4(*4:;&&

Q74&K?<<?,)&CLC@4&?<&<IKK(:?A4*&?)&S?3I:4&%;0N&+4@,MP&&

C9D74<#!"1E#$F<#'()*!#+9>>952#!G8H<#

!"#$%&%''(

)(

*+,!-(

.%/01213145(

!"#$%&%''(

)(

*+,!-(

.%/01213145(

!"#$%&&%'"(

•  )**%+,-(

•  ./0,12(3-,"(

'4()56'"(

•  782596'"(

•  :'"&'-%0,6'"(

%''(

3*2#$%&&%'"(

•  3*2/,*20"2&&(

•  $';%-%<,6'"(

•  ="%6,-(3-,"('4(

)56'"(

$%&&%'"#7"0(

•  >,"0'+2*?

78%1(

•  @2;*%24(

Page 59: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&.6& %7(894:&%&

&

Q74&5,@@,M?)3&?<&(&@?<9&,5&(C9?F?9?4<&9L8?C(@@L&:4@(94*&9,&4(C7&87(<4&,5&974&!"#$%&K?<<?,)&

CLC@4;&",9&(@@&974&(C9?F?9?4<&@?<94*&74:4&(:4&(88@?C(+@4&(@@&974&9?K4T&4UI(@@LN&974:4&K(L&+4&

(**?9?,)(@&(C9?F?9?4<&97(9&(:4&),9&<9(94*&+4@,M;&Q74&@?<9&?<&8:?K(:?@L&K4()9&9,&+4&(&3I?*4&5,:&

!"#$%&K4K+4:<V&*?<C:49?,)(:L&I<4;&&&

&

;4<=+9>>952#I#;4<JK4<62<>>##

• G)<I:4&?)*?F?*I(@&8:48(:4*)4<<N&?)C@I*?)3&(&F(@?*&8(<<8,:9&DM?97&(9&@4(<9&<?H&K,)97<V&

F(@?*?9LEN&!"#$%&()*&84:<,)(@&K?<<?,)&-?9&8:48(:4*N&F(CC?)(9?,)<&()*&K4*?C(@&

5?9)4<<W8:48(:4*)4<<&C,K8@494N&F(@?*&!"#$%&C,)9:(C9&?)&8@(C4N&!)?94*&"(9?,)<&

C4:9?5?C(94&,+9(?)4*N&()*&I8*(94*&C,)9(C9&()*&84:<,)(@&?)5,:K(9?,)&,)&974&X?:9I(@&

Y)OZ?94&Y84:(9?,)<&()*&%,,:*?)(9?,)&%4)9:4&DXYZY%%E;&

• >(-4&84:<,)(@&(::()34K4)9<&D4;3;N&5(K?@L&8:48(:4*&5,:&8,<<?+@4&<I**4)&*48(:9I:4&

,)&K?<<?,)N&(::()34K4)9<&*I:?)3&(+<4)C4N&M?@@&()*&84:<,)(@&(55(?:<&?)&,:*4:E;&

• >(-4&8:,54<<?,)(@&(::()34K4)9<&D4;3;N&:(8?*&:4@4(<4&5:,K&4K8@,LK4)9&5,:&!"#$%&

K?<<?,)<N&C,)9?)I(9?,)&,5&<(@(:L&()*&+4)45?9<&M7?@4&,)&K?<<?,)E;&

• G)<I:4&)(9?,)(@&5,C(@&8,?)9&(::()34K4)9<&(:4&?)&8@(C4&D4;3;N&(3:44K4)9<N&?)<I:()C4<N&

5I)*?)3&(::()34K4)9<E;&&

• 2(:9?C?8(94&?)&:4@4F()9&9:(?)?)3<&()*&4H4:C?<4<;&&

• !)*4:9(-4&,)@?)4&9:(?)?)3<&5,:&?K8:,F4*&84:<,)(@&8:48(:4*)4<<&D4;3;N&?)*I<9:?(@&

(CC?*4)9<N&4)F?:,)K4)9(@&4K4:34)C?4<E;&&

&

;4<=+9>>952#I#+5L9H9MK3952##

• [4<8,)*&9,&K,+?@?A(9?,)&<L<94K&D4;3;N&?)*?C(9?,)&,5&(F(?@(+?@?9LN&:4@4F()9&<-?@@<49<E;&

• #494:K?)4&K?<<?,)&,+\4C9?F4N&94:K<&,5&:454:4)C4&DQ,[E&()*&@?-4@L&5I)C9?,)<;&

• B*4)9?5L&!)?94*&"(9?,)<N&Y%'$&()*&!"#$%&)49M,:-&K4K+4:<&?)&C,I)9:LW:43?,);&

• %,)5?:K&9:(F4@&(::()34K4)9<N&5@?379<N&F?<(&:4UI?:4K4)9<N&#(?@L&ZI+<?<94)C4&$@@,M()C4&

D#Z$EN&49C;&

• [4<4(:C7&C,I)9:LO<84C?5?C&?)5,:K(9?,)N&8,@?9?C(@&()*&<,C?,O4C,),K?C&<?9I(9?,)N&

C@?K(9?C&C,)*?9?,)<N&K4*?C(@&:4UI?:4K4)9<N&<4CI:?9L&<?9I(9?,)N&49C;&

• %,)<I@9&<4C,)*(:L&?)5,:K(9?,)&<,I:C4<&D?)94:)(9?,)(@W)(9?,)(@N&K4*?(N&<,C?(@&K4*?(N&

M4+<?94<N&49C;E;&

• Y+9(?)&*?<(<94:O<84C?5?C&?)5,:K(9?,)N&<IC7&(<&C,)<4UI4)C4<N&@?-4@L&@?F?)3&C,)*?9?,)<N&

84:<,)(@&@I33(34&:4UI?:4K4)9<N&4UI?8K4)9&)44*4*&()*&,974:&:4UI?:4K4)9<;&

&

;4<=+9>>952#I#,2939KH#;HK2#5N#*83952#O;5*P###

• %,)<?*4:&94(K&C,K8,<?9?,)N&C,)9(C9<N&C(8(+?@?9?4<N&8,<<?+@4&:,@4<&()*&:4<8,)<?+?@?9?4<N&

,)O<?94&<I88,:9&()*&974&*48@,LK4)9&8@();&&

• G<9(+@?<7&C@4(:&()*&C,)C?<4&K?<<?,)&DZ>$[Q0E&,+\4C9?F4D<E;&

1 Z84C?5?C&]&>4(<I:4(+@4&]&$C7?4F(+@4&]&[4(@?<9?C&]&Q?K4O+,I)*&&

Page 60: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&.6& %7(894:&%&

• G<9(+@?<7&()&?)5,:K(9?,)&5@,MN&:48,:9?)3&:4UI?:4K4)9<&()*&(3:44*&?)5,:K(9?,)&

8:,*IC9<;&&

• #4F4@,8&?)94:)(@&()*&4H94:)(@&C,KKI)?C(9?,)&8@()<;&&

• #:(59&974&?)?9?(@&2,$&*,CIK4)9;&

#

.2=+9>>952#I#*449AKH#

• %,K8@494&4)9:L&5,:K(@?9?4<&D4;3;N&?KK?3:(9?,)N&CI<9,K<&C@4(:()C4E;&&

• Z4CI:4&@,C(@&9:()<8,:9&()*&@,3?<9?C<;&

• >(-4&C,)9(C9<&?)OC,I)9:L&D4;3;N&[4<?*4)9&%,,:*?)(9,:W'IK()?9(:?()&%,,:*?)(9,:&

^[%W'%_N&)(9?,)(@&(I97,:?9?4<N&Y%'$&:43?,)(@@LW)(9?,)(@@LN&!)?94*&"(9?,)<&(34)C?4<N&

),)O3,F4:)K4)9(@&,:3()?A(9?,)<&^"`Y<_&()*&,974:&<9(-47,@*4:<E;&

• Y+9(?)&<4CI:?9L&<?9I(9?,)W+:?45?)3;&

• B*4)9?5L&-4L&?<<I4<N&*?<84@&8:4OC,)C4?F4*&?*4(<&()*&C@(:?5L&K?<<?,)&,+\4C9?F4<;&

&

.2=+9>>952#I#'J6K3<#;HK2#5N#*83952#O;5*P##

• %,)5?:K&,:&(*(89&Q,[<N&?)&(3:44K4)9&M?97&[%W'%N&'IK()?9(:?()&%,I)9:L&Q4(K&

D'%QEN&)(9?,)(@&(I97,:?9?4<&()*W,:&Y%'$&:43?,)(@W)(9?,)(@W74(*UI(:94:<;&

• %,)5?:K&K?<<?,)&,+\4C9?F4<;&

• #494:K?)4&(**?9?,)(@&)44*<WC,)<9:(?)9<&()*&?*4)9?5L&:4UI?:4*&:4<,I:C4<;&&

• Z49&,I9&974&:,@4<&,5&K4K+4:<&M,:-?)3&5:,K&,974:&@,C(9?,)<N&?5&*48@,L4*;&

• %,)<?*4:&(&7()*,F4:&()*&4H?9&<9:(943L;&

&

.2=+9>>952#I#&Q<873952#

• ZI88,:9&974&[%W'%N&'%QN&)(9?,)(@&(I97,:?9?4<&()*W,:&Y%'$&(9&974&

:43?,)(@W)(9?,)(@/74(*UI(:94:<&@4F4@D<E;&

• G<9(+@?<7&()*W,:&<I88,:9&C,,:*?)(9?,)&<9:IC9I:4<&D4;3;N&Y)OZ?94&Y84:(9?,)<&

%,,:*?)(9?,)&%4)9:4&DYZY%%EN&?)94:OC@I<94:&C,,:*?)(9?,)&K4C7()?<K<E;&&&

• 2:,F?*4&,:&<I88,:9&@4(*4:<7?8&(9&,84:(9?,)(@&()*W,:&9(C9?C(@&@4F4@<&(<&:4UI?:4*;&

• S(C?@?9(94&()*W,:&<I88,:9&(<<4<<K4)9&()*&?)5,:K(9?,)&K()(34K4)9&8:,C4<<4<;&

• ZI88,:9&,974:&<9(-47,@*4:<&M?97&C,,:*?)(9?,)&,5&:4<8,)<4&?5&)44*4*&D4;3;N&!)?94*&

"(9?,)<&(34)C?4<N&?)*?F?*I(@&C@I<94:<N&%>%,,:*&<9:IC9I:4<N&"`Y<N&5?4@*&@,C(9?,)<E;&&

&

.2=+9>>952#I#!52>5H96K3952##

• $)(@LA4&974&<?9I(9?,)N&:4OF?<?9&K?<<?,)&,+\4C9?F4<&()*&(*(89&974&2,$&?5&)4C4<<(:L;&

• G<9(+@?<7&)4M&,+\4C9?F4<&()*&(*\I<9&:,@4<&()*&:4<8,)<?+?@?9?4<&(<&)44*4*;&&

• $)(@LA4&M,:-@,(*&()*&(*\I<9&,:&:4UI4<9&(**?9?,)(@&:4<,I:C4<&?5&)44*4*;&

• G<9(+@?<7&)4M&94(K&:,I9?)4<N&4;3;N&K449?)3<W+:?45?)3<N&:48,:9?)3&*4(*@?)4<;&

• Z84C?5L&7()*,F4:&()*&4H?9&<9:(943L;&

&

#

Page 61: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&=&,5&.6& %7(894:&%&

+9>>952=&26#I#%K265A<4R&Q93##

• #45?)4&M7(9&<4:F?C4<&<7,I@*&+4&7()*4*&,F4:&()*&M7?C7&<7,I@*&+4&94:K?)(94*;&

• %,(C7&C,I)94:8(:9&97(9&M?@@&9(-4&,F4:&<9:IC9I:4<&()*&+:?)3&974K&,)M(:*<;&

• %,)*IC9&5?)(@&:48,:9?)3W*4+:?45&9,&?)OC,I)9:L&<9:(943?C&8(:9)4:<&D?;4;N&[%W'%N&'%QN&

)(9?,)(@&(I97,:?9?4<E&()*&7()*,F4:&()&4)*&,5&K?<<?,)&:48,:9;&&

• %,)5?:K&(*K?)?<9:(9?F4&8:,C4*I:4<&()*&@,3?<9?C<&,5&*48(:9I:4&?)&C,,84:(9?,)&M?97&

S%ZZ;&

• a74:4&(88@?C(+@4N&<I88,:9&S%ZZ&?)&(::()3?)3&()&4H94:)(@&4F(@I(9?,)&,5&974&K?<<?,);&&

&

+9>>952=&26#I#)<L49<N##

• ',@*&()&?)94:)(@&*4+:?45?)3&M?97&974&94(KN&?)C@I*?)3&()(@L<?<&974&,F4:(@@&K?<<?,)N&

ZaYQ&D<9:4)397<N&M4(-)4<<4<N&,88,:9I)?9?4<&()*&97:4(9<EN&K?<<?,)&C@,<I:4&()*&974&

8<LC7,@,3?C(@&?K8(C9&D8:,54<<?,)(@&5,@@,MOI8&?5&)4C4<<(:LE;&

• #4+:?45&4H94:)(@@L&M?97&974&S%ZZ&5,C(@&8,?)9N&Y%'$&[43?,)(@&Y55?C4N&<7(*,M&94(K&()*&

,974:&?)F,@F4*&8(:9?4<N&M?97&(&5,CI<&,)&K?<<?,)&<84C?5?C<&()*&@4<<,)<&?*4)9?5?4*&

DC,K8@494&(&*4+:?45&5,:KE;&

• %,)*IC9&84:5,:K()C4&4F(@I(9?,)<&D?)*?F?*I(@&()*&94(KE;&

• a:?94&K?<<?,)&:48,:9<&D?;4;N&(&5I@@&K?<<?,)&:48,:9&()*&*,),:&<IKK(:LE;&

• [4C,)C?@4&K?<<?,)&4H84)*?9I:4<N&(<&(88@?C(+@4&D4;3;N&8499L&C(<7&:4C,)C?@?(9?,)E;&

• ZI+K?9&?)*?F?*I(@&9:(F4@&C@(?K;&

&

!":#;4<=+9>>952#

&

!"#$%&K4K+4:<&C()&+4&*48@,L4*&()LM74:4&?)&974&M,:@*&M?97?)&0.O=b&7,I:<&(594:&(&:4UI4<9&

?<&K(*4;&Y%'$&7(<&M4@@O4<9(+@?<74*&()*&8:(C9?<4*&8:,C4*I:4<&9,&4)<I:4&97(9&(&94(K&C()&+4&

(@4:94*N&K,+?@?A4*&()*&*48@,L4*&M?97?)&97?<&9?K45:(K4;&!"#$%&K4K+4:&()*&8(:9?C?8(9?)3&

C,I)9:?4<&)44*&9,&4<9(+@?<7&974?:&?)94:)(@&8:,C4*I:4<&9,&+4&(+@4&9,&(@@,M&!"#$%&K4K+4:<&9,&

*48@,L&:(8?*@L;&Q74&<(K4&3,4<&5,:&?)*?F?*I(@&8:48(:4*)4<<&]&:4C4?89&,5&()&!"#$%&(@4:9&?<&),9&

974&9?K4&9,&<9(:9&97?)-?)3&,5&M7(9&9,&+:?)3N&M7,&9,&C(@@&9,&(<-&5,:&84:K?<<?,)&,:&9,&C74C-&?5&

8(<<8,:9&()*&F(CC?)(9?,)<&(:4&?)&,:*4:;&Q7?<&<4C9?,)&3?F4<&34)4:(@&(*F?C4&,)&8:4OK?<<?,)&

8:48(:4*)4<<&5,:&?)*?F?*I(@<&()*&*4<C:?+4<&7,M&!"#$%&94(K<&(:4&(@4:94*N&K,+?@?A4*&()*&

*48@,L4*;&&

&

!":"1#;4<JK4<62<>>#

#

!"#$%&K4K+4:<&(:4&4H84C94*&9,&K(?)9(?)&(&7?37&@4F4@&,5&:4(*?)4<<;&a7(9&97?<&4)9(?@<&F(:?4<&

5:,K&?)*?F?*I(@&9,&?)*?F?*I(@;&$<&(&:I@4&,5&97IK+N&(&84:<,)(@&8@()&,:&*49(?@4*&C74C-@?<9&<7,I@*&

+4&8:48(:4*&,5&4F4:L97?)3&97(9&)44*<&9,&+4&(**:4<<4*&]&5:,K&4)<I:?)3&97(9&9:(F4@&

*,CIK4)9<&(:4&?)&,:*4:&9,&C(:4&(::()34K4)9<&5,:&849<&()*&8@()9<&M7?@4&(+<4)9;&$&

C,K8:474)<?F4&8@()&,:&C74C-@?<9&M?@@&4)<I:4&97(9&),97?)3&?<&5,:3,994)&M74)&?)&(&7I::L&()*&

Page 62: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&c&,5&.6& %7(894:&%&

K,+?@?A?)3&5,:&K?<<?,)&*48@,LK4)9;&&

&

Q74&5,@@,M?)3&?<&<,K4&34)4:(@&(*F?C4&,)&M7(9&C,I@*&+4&?)C@I*4*&?)&974&C74C-@?<9P&

&

• $::()34K4)9<&M?97&5(K?@L&()*&4K8@,L4:W<I84:F?<,:&9,&@4(F4&,)&<7,:9&),9?C4;&

• 2(LK4)9&,5&84)*?)3&+?@@<&()*&C()C4@@?)3W:4<C74*I@?)3&,5&(88,?)9K4)9<&5,:&974&

4H84C94*&K?<<?,)&84:?,*;&

• 2,M4:&,5&(99,:)4L&,:&,974:&@43(@&?)<9:IK4)9<&*4(@?)3&M?97&L,I:&*(?@L&(55(?:<;&

• R?54&?)<I:()C4N&*?<(+?@?9L&?)<I:()C4N&84:<,)(@&+4@,)3?)3<&?)<I:()C4;&

• Q:(F4@&*,CIK4)9<&()*&K,)4L&DC(<7N&C:4*?9&C(:*<N&7(:*&CI::4)CLE;&

• 2:4<C:?89?,)&K4*?C?)4<N&K?<<?,)O<84C?5?C&K4*?C(@&:4UI?:4K4)9<&D4;3;N&K(@(:?(&

8:,87L@(H?<E;&&

• 24:<,)(@&@I33(34&()*&4UI?8K4)9;&

&

d4?)3&8:48(:4*&?<&K,<9@L&(+,I9&K4)9(@@L&C7()3?)3&34(:<&()*&4)94:?)3&(&*?554:4)9&K?)*<49&]&

()&4K4:34)CL&K?)*<49;&>,<9&4K4:34)CL&M,:-4:<N&M74974:&5:,K&(&5?:4&,:&74(@97&

*48(:9K4)9N&7IK()?9(:?()&,:3()?A(9?,)&,:&974&(:K4*&5,:C4<N&M?@@&94<9?5L&9,&97?<&()*&(3:44&

97(9&M?97&(&M4@@O8:48(:4*&8@()&?9&?<&(@@&(&K(994:&,5&4H4CI9?,);&a74)&974&e(@(:Kf&3,4<&,55N&,)4&

<M?9C74<&9,&()&4K4:34)CL&K?)*O<49&()*&5,@@,M<&974&<948<&8:48(:4*&?)&(*F()C4;&Q7?<&74@8<&

-448&(&C@4(:&K?)*&()*&K?9?3(94&974&4554C9<&,5&<9:4<<&97(9&)(9I:(@@L&3,&M?97&+4?)3&(@4:94*&5,:&

K?<<?,);&&&&&

#

)587S<23K3952#

Q74&5,@@,M?)3&*,CIK4)9<&M?@@&+4&)44*4*&()*&<7,I@*&+4&4(<?@L&(CC4<<?+@4&*I:?)3&9:(F4@P&&

&

• 2(<<8,:9N&8:454:(+@L&K(C7?)4&:4(*(+@4N&M?97&<4F4:(@&87,9,C,8?4<&()*&(**?9?,)(@&

8(<<8,:9&87,9,<&D5,:&?<<I()C4&,5&F?<(<&,)&(::?F(@&?5&)44*4*E;&

• B)94:)(9?,)(@&C4:9?5?C(94&,5&F(CC?)(9?,)<N&M?97&87,9,C,8?4<;&

• !)?94*&"(9?,)<&%4:9?5?C(94N&M?97&87,9,C,8?4<;&

• !"#$%&?*4)9?5?C(9?,)&C(:*;&

• Q:(F4@&?9?)4:(:L&()*&4@4C9:,)?C&9?C-49&D5:,K&Y%'$WS%ZZ&5,:&)(9?,)(@&!"#$%&

K4K+4:<E;&

• '(:*&C,8L&,5&9:(F4@&(994<9(9?,)&5:,K&Y%'$WS%ZZ&D?)&@?4I&,5&F?<(E;&

• R,C(@&CI::4)CL&,:&!Z&#,@@(:<WGI:,<&?)&C(<7&D8:454:(+@L&<K(@@&*4),K?)(9?,)<E&()*&

?)94:)(9?,)(@&C:4*?9&C(:*<&D()*&4K4:34)CL&)IK+4:<&?)&C(<4&,5&@,<<&,:&97459E;&

• >?<<?,)O<84C?5?C&C,I)9:L&?)5,:K(9?,)N&?)C@I*?)3&@(94<9&<?9I(9?,)&:48,:9<N&K(8<N&C,)9(C9&

?)5,:K(9?,)N&49C;&

• GK4:34)CL&C,)9(C9&)IK+4:<&DY%'$WS%ZZN&?)OC,I)9:L&()*&84:<,)(@E;&

• '(:*&,:&4@4C9:,)?C&C,8?4<&,5&@(94<9&:4@4F()9&:454:4)C4&K(94:?(@&D4;3;N&B)94:O$34)CL&

Z9()*?)3&%,KK?9944&^B$Z%_N&Y%'$&()*&,974:&-4L&3I?*4@?)4<E;&

• Q7?<&!"#$%&'()*+,,-;&

Page 63: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&J&,5&.6& %7(894:&%&

+<698KH#;4<JK4<62<>>#

!"#$%&K?<<?,)<&K(L&9(-4&8@(C4&?)&(:4(<&M74:4&,)4&?<&4H8,<4*&9,&C,KKI)?C(+@4&*?<4(<4<&

()*&,974:&74(@97&:?<-<;&B)&(**?9?,)N&*494:?,:(9?)3&8I+@?C&74(@97&C,)*?9?,)<&5,@@,M?)3&(&

*?<(<94:&K(L&5I:974:&?)C:4(<4&974&:?<-&,5&C,)9:(C9?)3&()&?@@)4<<&()*W,:&:4C4?F?)3&9:4(9K4)9;&

!"#$%&K4K+4:<&<7,I@*&97I<&K(-4&<I:4&974?:&F(CC?)(9?,)<&(:4&I8O9,O*(94&()*&:43?<94:4*&?)&

()&?)94:)(9?,)(@&C4:9?5?C(94&,5&F(CC?)(9?,)&D974&a,:@*&'4(@97&Y:3()?A(9?,)&<9()*(:*&?<&

:4C,KK4)*4*E&(<&?9&?<&7?37@L&I)@?-4@L&97(9&974:4&M?@@&+4&<I55?C?4)9&9?K4&9,&(::()34&

F(CC?)(9?,)<&+45,:4&*48(:9I:4&,)&K?<<?,);&&

&

Q74&5,@@,M?)3&F(CC?)(9?,)<&(:4&:4C,KK4)*4*&D()*&?)&<,K4&8(:9<&,5&974&M,:@*&,+@?3(9,:LEP&

&

• L4@@,M&54F4:&D,+@?3(9,:L&5,:&<,K4&C,I)9:?4<&]&?;4;N&),&4)9:L&M?97,I9&(&C4:9?5?C(94&,5&

F(CC?)(9?,)E&

• 949()I<N&?)&C,K+?)(9?,)&M?97&*?87974:?(&

• 8,@?,KL4@?9?<&

• 748(9?9?<&$&

• 748(9?9?<&d&

• 9L87,?*&

• C7,@4:(&&

• K4)?)3,C,CC(@&K4)?)3?9?<&

• ,974:&F(CC?)(9?,)<&(CC,:*?)3&9,&974&*?<4(<4<&4)*4K?C&?)&974&(:4(&,5&974&M,:@*&+4?)3&

F?<?94*&D4;3;N&g(8()4<4&4)C487(@?9?<N&:(+?4<E&

&

$&)IK+4:&,5&M4+<?94<&3?F4&I8*(94*&?)5,:K(9?,)&,)&:4UI?:4K4)9<&()*&:4C,KK4)*(9?,)<&5,:&

4(C7&C,I)9:LN&5,:&4H(K8@4N&974&%4)94:<&5,:&#?<4(<4&%,)9:,@&()*&2:4F4)9?,)&

DMMM;C*C;3,FW9:(F4@E&()*&974&a,:@*&'4(@97&Y:3()?A(9?,)&DMMM;M7,;?)9E;&B)94:)(9?,)(@&ZYZ&

(@<,&7(<&(&M4+<?94&()*&(88@?C(9?,)&97(9&8:,F?*4<&:4@4F()9&?)5,:K(9?,);&&

&

B9&?<&:4C,KK4)*4*&9,&7(F4&()&(K8@4&<I88@L&,5&C7,@4:(&F(CC?)4&(F(?@(+@4&9,&:45?@@&+45,:4&

*48@,L?)3&5,:&(&K?<<?,);&Q7?<&?<&(&*:?)-(+@4&F(CC?)4&97(9&)44*<&9,&+4&:4?)9:,*IC4*&9,&974&

+,*L&(9&C4:9(?)&?)94:F(@<&9,&+4&4554C9?F4;&$&<9()*(:*&C7,@4:(&F(CC?)4&K(L&(@<,&8:,F?*4&974&

+,*L&M?97&<,K4&*454)C4&(3(?)<9&<9()*(:*&9,I:?<9&*?(::7,4(;&!"#$%&K4K+4:<&(:4&(@<,&

(*F?<4*&9,&*494:K?)4&974?:&Qd&<9(9I<&()*&5,@@,M&974?:&*,C9,:V<&(*F?C4&:43(:*?)3&8,<<?+@4&

F(CC?)(9?,)&D?;4;N&d%`E;&Z44-&(*F?C4&5:,K&L,I:&84:<,)(@&87L<?C?()&,)&97?<;&&!

&

>(@(:?(&?<&(&<4:?,I<&:?<-&,)&K()L&K?<<?,)<&()*&!"#$%&K4K+4:<&<7,I@*&4<9(+@?<7&8:,C4*I:4<&

5,:&,+9(?)?)3&(88:,8:?(94&8:,87L@(H?<N&()*&9:4(9K4)9N&,)&<7,:9&),9?C4&D4;3;N&97:,I37&()&

(*F()C4&8:4<C:?89?,)&5:,K&(&*,C9,:E;&Z?)C4&),&K(@(:?(&8:,87L@(H?<&C()&+4&5I@@L&4554C9?F4N&?9&?<&

?K8,:9()9&9,&9(-4&8:4F4)9?F4&K4(<I:4<&D4;3;N&:484@@4)9<N&K,<UI?9,&)49N&(88:,8:?(94&

8:,94C9?F4&C@,97?)3E;&SI:974:&?)5,:K(9?,)&()*&C,I)9:L&3I?*()C4&C()&+4&5,I)*&,)&74(@97&

M4+<?94<&(<&?)*?C(94*&(+,F4;&&&

Page 64: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&.6& %7(894:&%&

&

!"#$%&K4K+4:<&<7,I@*&K(?)9(?)&84:<,)(@&74(@97&:4C,:*<N&M7?C7&K(L&+4&)44*4*&+L&74(@97&

8:,F?*4:<&?5&974L&5(@@&?@@&,)&K?<<?,);&BK8,:9()9&?)5,:K(9?,)&<7,I@*&?)C@I*4P&

&

• *(94<&()*&:4<I@9<&,5&74(@97&C74C-OI8<&D?)C@I*?)3&*4)9(@&()*&F?<I(@E&

• K4*?C(@&?@@)4<<4<&()*&K4*?C(9?,)&+4?)3&I<4*&

• +@,,*&9L84&

• (@@4:3?4<N&8(:9?CI@(:@L&9,&5,,*&,:&K4*?C(9?,)&

• F(CC?)(9?,)<&:4C,:*&

• 74(@97&?)<I:()C4&*49(?@<&

• )(K4&()*&C,)9(C9&*49(?@<&,5&L,I:&I<I(@&74(@97&C(:4&8:,F?*4:&D4;3;N&84:<,)(@&*,C9,:&,:&

K4*?C(@&<84C?(@?<9E&

&

Q7?<&?)5,:K(9?,)&D9,34974:&M?97&()L&:4@4F()9&C4:9?5?C(94<N&8:4<C:?89?,)<&()*&,974:&74(@97&

*,CIK4)9<E&<7,I@*&+4&I8*(94*&()*&C(::?4*&+L&!"#$%&K4K+4:<&M74)4F4:&974L&(:4&

*48@,L4*;&

&

GF4:L&!"#$%&K4K+4:&<7,I@*&C(::L&(&K4*?C(@&-?9&9,&9:4(9&K?),:&74(@97&?@@)4<<4<&,:&?)\I:?4<;&

Q7?<&<7,I@*&+4&8:48(:4*&?)&(*F()C4&()*&K4*?C?)4&4H8?:L&*(94<&C74C-4*&84:?,*?C(@@L;&Q74&

C,)94)9<&<7,I@*&+4&C@4(:@L&K(:-4*N&?)C@I*?)3&K4*?C(9?,)&)(K4&()*&8:,84:&I<(34;&$&<9I:*L&

M(94:8:,,5&C,)9(?)4:&?<&:4C,KK4)*4*N&M?97&C,K8(:9K4)9<&5,:&*?554:4)9&)44*<;&ZI334<94*&

C,)94)9<&?)C@I*4&974&5,@@,M?)3P&

&

• Z-?)&C(:4&&

O <I)&+@,C-W<I)&<C:44)&

O @?8&<(@F4&&

O K,?<9I:?A4:&

O 9(@CIK&8,M*4:&D8,<<?+@L&M?97&()9?O5I)3(@&K4*?C(9?,)E&

O M(94:8:,,5&8@(<94:<&?)&(<<,:94*&<7(84<W<?A4<&

O 7L*:,C,:9?<,)4&C:4(K&(3(?)<9&<-?)&(@@4:3?4<N&?)<4C9&+?94<N&49C;&

O ()9?<489?C&C:4(K&5,:&CI9<N&(+:(<?,)<N&49C;&

O ()9?<489?C&M?84<W<,(8&&

O ?)<4C9&:484@@4)9&

&

• >4*?C(9?,)&

O 54F4:N&(C74<N&8(?)&D4;3;N&8(:(C49(K,@N&(<8?:?)E#

O <,:4&97:,(9N&C,I37&D4;3;N&@,A4)34<E#

O :I))L&),<4&()*&(@@4:3?4<&D4;3;N&()9?7?<9(K?)4E#

O (+*,K?)(@&8(?)WC:(K8<#

O (+*,K?)(@&I8<49&D4;3;N&(C9?F(94*&C7(:C,(@N&()9(C?*<E#

O *?(::7,4(&D4;3;N&?K,*?IKE#

Page 65: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&b&,5&.6& %7(894:&%&

O :47L*:(9?,)&<(@9<#

O ()9?OK(@(:?(@&9:4(9K4)9&()*&8:,87L@(H?<#

O M?*4O<84C9:IK&()9?+?,9?C<#

O M(94:&8I:?5?C(9?,)&9(+@49<#

&

• Y974:<&

O (@C,7,@&M?84<&

O +()*(34<&D4;3;N&9:?()3I@(:N&4@(<9?CE&

O <I:3?C(@&3@,F4<&

O %2[&K(<-D<E&

&

!8,)&:4C4?89&,5&()&!"#$%&(@4:9N&K4K+4:<&<7,I@*&9(-4&974&5,@@,M?)3&<948<P&

&

• GF(@I(94&974?:&<9(94&,5&74(@97;&B5&974:4&(:4&()L&*,I+9<&(+,I9&4H?<9?)3&?@@)4<<4<N&?)\I:?4<&

,:&K4)9(@&74(@97&<9(9I<N&K4K+4:<&<7,I@*&),9&K(-4&974K<4@F4<&(F(?@(+@4&5,:&

*48@,LK4)9&I)9?@&974L&7(F4&+44)&:4<,@F4*&()*&<7,I@*&(*F?<4&Y%'$WS%ZZ&

(CC,:*?)3@L;&

• %74C-&97(9&974?:&?)*?F?*I(@&K4*?C(@&-?9&?<&8:48(:4*&()*&8(C-4*N&?)C@I*?)3&()L&

8:4<C:?89?,)&K4*?C(9?,)&,:&<I88@?4<&97(9&K(L&),9&+4&(F(?@(+@4&?)&974&*48@,LK4)9&

@,C(9?,);&&

• 2(C-&<8(:4&74(@97&(:9?C@4<&<IC7&(<&3@(<<4<N&C,)9(C9&@4)<4<N&49C;N&()*&()L&(<<,C?(94*&

:4UI?:4K4)9<;&&

• B)C@I*4&?)*?F?*I(@&74(@97&*,CIK4)9(9?,)&?)&974?:&7()*&@I33(34N&?)C@I*?)3&F(CC?)(9?,)&

C4:9?5?C(94<&()*&84:<,)(@&74(@97&*(9(;

• %74C-&974&74(@97&97:4(9<&()*&:4UI?:4K4)9<&?)&974&*48@,LK4)9&@,C(9?,)N&I8*(94&974?:&

K4*?C(@&-?9&(<&(88:,8:?(94&()*&C,KK4)C4&()L&8:,87L@(C9?C&9:4(9K4)9&)4C4<<(:L;

&

%7(894:&'&?)C@I*4<&(**?9?,)(@&?)5,:K(9?,)&:4@(94*&9,&<9(L?)3&74(@97L&,)&K?<<?,)&D';JEN&5,,*&

()*&M(94:&<(549L&D';6EN&K()(3?)3&K?<<?,)&<9:4<<&D';bE&()*&4K4:34)CL&5?:<9&(?*&8:,C4*I:4<&

D';hE;&%7(894:&B&C,)9(?)<&74(@97&9?8<&5,:&<84C?5?C&C@?K(94&()*&94::(?)&A,)4<;&&

!

;<4>52KH#<T79JS<23#

%@,97?)3&()*&4UI?8K4)9&:4UI?:4K4)9<&5,:&(&K?<<?,)&F(:L&(CC,:*?)3&9,&974&@,C(9?,)N&C@?K(94N&

CI@9I:4N&*?<(<94:&9L84N&4H94)9&,5&*(K(34&()*&,974:&5(C9,:<;&Q,&K(?)9(?)&(&7?37&@4F4@&,5&

:4(*?)4<<N&94(K&K4K+4:<&(:4&4H84C94*&9,&7(F4&(&<I?9(+@4&F(:?49L&,5&C@,97?)3&()*&4UI?8K4)9&

(F(?@(+@4&9,&4)(+@4&974K&9,&*48@,L&()LM74:4&?)&974&M,:@*N&M?97,I9&@,<?)3&9?K4&)44*4*&9,&

,+9(?)&4H9:(&-?9;&&

&

G(C7&?)*?F?*I(@&<7,I@*&I<4&974?:&,M)&\I*34K4)9&?)&8(C-?)3&5,:&(&K?<<?,)N&+I9&(<&(&:I@4&

<7,I@*&8(C-&@?379&()*&8(C-&<K(:9&]&?)C@I*?)3&+4?)3&(+@4&9,&84:<,)(@@L&C(::L&4F4:L97?)3&+L&

974K<4@F4<;&"4M&!"#$%&K4K+4:<&M?@@&:4C4?F4&(&K?<<?,)&-?9&M74)&974L&+4C,K4&*48@,L(+@4;&

Page 66: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&h&,5&.6& %7(894:&%&

B9&?)C@I*4<&)IK4:,I<&?94K<&<I?9(+@4&5,:&K?<<?,)<;&&

&

Q74&K?<<?,)&-?9&<7,I@*&+4&<I88@4K4)94*&M?97&C@,97?)3&()*&4UI?8K4)9&(CC,:*?)3&9,&84:<,)(@&

8:454:4)C4<;&Z84C?5?C(@@LN&K4K+4:<&<7,I@*&(**&5,,*&()*&M(94:&5,:&974&5?:<9&.=&7,I:<N&?)&C(<4&

),)4&?<&?)?9?(@@L&(F(?@(+@4;&$&C,)9?)34)CL&8@()&5,:&,+9(?)?)3&5,,*&()*&M(94:&,)&@,C(9?,)&?<&(@<,&

?K8,:9()9;&B)*?F?*I(@&K?<<?,)&-?9<&<7,I@*&(@<,&?)C@I*4&(9&@4(<9&9M,&C7()34<&,5&C@,97?)3&DUI?C-O

*:L&C@,97?)3&?<&:4C,KK4)*4*&(<&?9&4)(+@4<&L,I&9,&9:(F4@&@?379&()*&M(<7&L,I:&,M)&C@,974<E&

()*&<9I:*L&M(@-?)3&+,,9<&D(88:,8:?(94&5,:&974&*?<(<94:&9L84N&@,C(9?,)WCI@9I:4N&

C@?K(94W4@4F(9?,)&()*&4H84C94*&*I:(9?,)&,5&974&K?<<?,)E;&B9&?<&(@<,&?K8,:9()9&9,&?)C@I*4&,)4&

<49&,5&+I<?)4<<&C@,97?)3&D4;3;N&\(C-49&()*&9?4&5,:&K4)N&CI@9I:(@@LO(88:,8:?(94WC,)<4:F(9?F4&

C@,97?)3&5,:&M,K4)E&5,:&K449?)3<&M?97&@,C(@&,55?C?(@<;&Q74&<?3)?5?C()C4&,5&+4?)3&<K(:9@L&

*:4<<4*&5,:&,55?C?(@&K449?)3<&C()),9&+4&,F4:O4K87(<?A4*&(<&K()L&CI@9I:4<&*,&),9&9(-4&

<4:?,I<@LN&,:&(:4&4F4)&,554)*4*&+LN&84,8@4&M7,&(:4&),9&e8:,84:@Lf&*:4<<4*;&

&

Q74&5,@@,M?)3&?94K<&(:4&(@<,&:4C,KK4)*4*&5,:&974&?)*?F?*I(@&K?<<?,)&-?9P&&

&

• +(C-8(C-&,:&7,@*&(@@&D(<&C(::LO,)&@I33(34E&&

• :(?)&34(:&D\(C-49&()*&9:,I<4:<N&IK+:4@@(N&(88:,8:?(94&5,,9M4(:E&&

• <@448?)3&+(3&M?97&@?)4:&

• 9:(F4@&8?@@,MWC(<4&

• 5?4@*&K(99:4<<&&

• 4H9:(&3@(<<4<&()*&()&(K8@4&<I88@L&,5&C,)9(C9&@4)<4<&?5&:4UI?:4*&&

• 9M,&8(?:<&,5&<I)3@(<<4<&DL,I&C()&4(<?@L&@,<4&(&8(?:E&

• 7(9&()*W,:&,974:&74(*34(:&D5,:&<I)&,:&M(:K97&(<&(88:,8:?(94E&

• @?379M4?379&<9,F4&()*&,)4&@?9:4&+,99@4&5,:&5I4@&D4K89L&5,:&(?:&9:()<8,:9E&

• KI3N&8@(94N&C,,-?)3&<49&()*&4(9?)3&I94)<?@<&&

• 9,?@49&(:9?C@4<N&?)C@I*?)3&(&9,M4@&()*&M(<7?)3&34@&

• ()9?O+(C94:?(@&34@&,:&@?UI?*&

• 9,?@49&8(84:&

• 4(:8@I3<&D()*&<8(:4<E&

• 9,:C7W5@(<7@?379&M?97&<8(:4&+I@+&D,:&RG#E&()*&+(994:?4<&&

• 8,C-49&-)?54WKI@9?O9,,@N&ZM?<<&$:KL&-)?54N&R4(974:K()N&49C;&D),9&?)&7()*&@I33(34E&&

• <4M?)3&-?9&D),9&?)&7()*&@I33(34E&

• +(@@&,5&<9:?)3&

• 8@(<9?C&+(3<&&

• K(9C74<&()*&C()*@4<&&

• C7(:34:<&5,:&84:<,)(@&4UI?8K4)9N&I)?F4:<(@&(*(894:<&5,:&4@4C9:?C(@&(88@?()C4<&&

• !Zd&K4K,:L&<9?C-<&&

• K,+?@4&87,)4&M?97&8,<<?+?@?9L&5,:&I<?)3&@,C(@@L&+,I379&ZB>&C(:*<&&

• C(K4:(&

Page 67: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&.6& %7(894:&%&

• M(94:&+,99@4&M?97&8I:?5?C(9?,)O5?@94:&#

&

S,:&9:(F4@&9,&M(:K4:&C@?K(94<N&C,)<?*4:P&

#

• K,<UI?9,&)49&&

• K,<UI?9,&:484@@4)9&

• C,,@&+,,9<W<7,4<&&

#

S,:&C,@*&C@?K(94<N&C,)<?*4:P&&

#

• M?)*O8:,,5&\(C-49&&

• 5@44C4O\(C-49&

• M(:K&+,,9<&DM(94:O:4<?<9()9E&

• M(:K&<,C-<N&3@,F4<WK?994)<W7(9W<C(:5N&974:K(@&I)*4:M4(:&

&

Q74&5,@@,M?)3&K(L&(@<,&+4&74@85I@P&

&

• C,K8(<<W`2Z&

• (@(:K&C@,C-&

• 8,C-49O<?A4&+?),CI@(:<&

• e*,3&9(3f&M?97&)(K4N&)(9?,)(@?9L&()*&+@,,*&9L84&

• @(89,8&

&

!":":#+5L9H9MK3952#

#

>,+?@?A(9?,)&,5&()&!"#$%&94(K&M?@@&C,KK4)C4&,)&974&,CCI::4)C4N&,:&4(:@L&M(:)?)3N&,5&(&

<I**4)O,)<49&*?<(<94:&?)&M7?C7&8:4@?K?)(:L&?)5,:K(9?,)&?)*?C(94<&97(9&()&!"#$%&94(K&

K?379&+4&)44*4*;&a74:4&974:4&?<&<I55?C?4)9&M(:)?)3&D4;3;N&?)&CLC@,)4<EN&974&*4C?<?,)&K(L&+4&

K(*4&9,&8:4O8,<?9?,)&()&!"#$%&94(K&?)&974&C,I)9:L&D?5&9?K4&(@@,M<E;&

&

$@4:9&?<&F?(&974&X?:9I(@&YZY%%&97:,I37&(I9,K(94*&Z>Z&K4<<(34<&()*&4OK(?@<&9,&*48@,L(+@4&

!"#$%&K4K+4:<N&4?974:&3@,+(@@L&,:&9,&:43?,)(@&94(K<&(<&974&<?9I(9?,)&:4UI?:4<;&!"#$%&

)(9?,)(@&5,C(@&8,?)9<&(@<,&:4C4?F4&974<4&(@4:9<N&?5&974L&M?<7;&S,@@,M?)3&:4C4?89&,5&()&(@4:9N&

!"#$%&K4K+4:<&@,3&,)9,&974&X?:9I(@&YZY%%&9,&:4C4?F4&?)5,:K(9?,)&(+,I9&974&*?<(<94:&()*&

9,&?)*?C(94&974?:&(F(?@(+?@?9L&5,:&K?<<?,);&&

&

B9&?<&?K8,:9()9&9,&),94&97(9&M74)&()&!"#$%&K4K+4:&),9?5?4<&974?:&(F(?@(+?@?9L&9,&Y%'$WS%ZZ&

F?(&974&X?:9I(@&YZY%%N&Y%'$WS%ZZ&7(<&9,&(<<IK4&97(9&974&:4@4F()9&(F(?@(+?@?9L&C74C-<&7(F4&

(@:4(*L&+44)&*,)4&D?;4;N&84:<,)(@&()*&8:,54<<?,)(@&(F(?@(+?@?9L&]&?)C@I*?)3&M?97&974&!"#$%&

)(9?,)(@&,:&,:3()?A(9?,)(@&5,C(@&8,?)9&M74:4&:4UI?:4*E;&&

&

Page 68: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&.6& %7(894:&%&

>,+?@?A(9?,)&5,@@,M<&(&8:4O<49N&1O<9(34&:,I9?)4P&

&

• >0&]&$@4:9&&

• >.&]&Z9()*+L&&

• >1(&]&#?<8(9C7&&

&

Y)&<,K4&,CC(<?,)<N&?9&K(L&+4&*4C?*4*&9,&<7(:4&(*F()C4&?)5,:K(9?,)&,:&3?F4&4(:@L&M(:)?)3&,5&

(&8,<<?+@4&4K4:34)CL&9,&!"#$%&K4K+4:<N&+I9&M?97,I9&?<<I?)3&()&(@4:9;&B)&97?<&C(<4N&()&

?)5,:K(9?,)&K4<<(34N&,:&e>/fN&K(L&+4&<4)9&97:,I37&974&X?:9I(@&YZY%%;&$)&>/&?<&5,:&

?)5,:K(9?,)&,)@L&()*&),&(C9?,)&?<&:4UI?:4*&5:,K&*48@,L(+@4&!"#$%&K4K+4:<;&&

&

$)&!"#$%&K,+?@?A(9?,)&8:,C4*I:4&K(L&+4&?)94::I894*&(9&()L&9?K4&+L&974&9:()<K?<<?,)&,5&(&

<9()*O*,M)&K4<<(34&D>1+E;&

&

Y%'$WS%ZZ&7(<&()&4K4:34)CL&94@487,)4&)IK+4:&()*&4OK(?@&(**:4<<&5,:&I<4&*I:?)3&(&

K,+?@?A(9?,)E##&

&

Q4@487,)4P&i=0&D..E&h06&0J//&

GOK(?@P&I)*(Cj(@4:9kI);,:3&

&

",94P&a7?@4&974&94@487,)4&)IK+4:&(+,F4&K(L&+4&I<4*&9,&C,)9(C9&S%ZZ&?)&()L&4K4:34)CLN&

974&4OK(?@&(**:4<<&<7,I@*&,)@L&+4&I<4*&+L&!"#$%&K4K+4:<&9,&?)*?C(94&(F(?@(+?@?9LW),)O

(F(?@(+?@?9L&5,@@,M?)3&()&!"#$%&(@4:9N&(<&?9&?<&),9&K,)?9,:4*&(9&,974:&9?K4<;&B)*?C(9?,)<&,5&

(F(?@(+?@?9LW),)O(F(?@(+?@?9L&<7,I@*&(@M(L<&+4&K(*4&,)@?)4&,)&974&X?:9I(@&YZY%%N&I)@4<<&

I)5,:4<44)&C?:CIK<9()C4<&8:4F4)9&97?<;&

#

*H<43#O+1P#

0; a74)&(&K(\,:&*?<(<94:&,CCI:<N&,:&?<&()9?C?8(94*N&Y%'$&,84)<&I8&(&*?<CI<<?,)O9,8?C&

,)&974&XYZY%%&()*&(@4:9<&()&!"#$%&94(K&?5&:4UI?:4*;&&

.; $)&(I9,K(94*&Z>Z&()*&4OK(?@&?<&<4)9&9,&?)*?F?*I(@&!"#$%&K4K+4:<&()*&)(9?,)(@&

!"#$%&5,C(@&8,?)9<&?)5,:K?)3&974K&,5&974&(@4:9&D>0E&()*&(<-?)3&!"#$%&K4K+4:<&9,&

?)*?C(94&974?:&(F(?@(+?@?9L;&

1; !"#$%&K4K+4:<&C,)5?:K&974?:&84:<,)(@&()*&8:,54<<?,)(@&(F(?@(+?@?9LN&()*&?5&:4UI?:4*&

M?97&974&!"#$%&)(9?,)(@&,:&,84:(9?,)(@&5,C(@&8,?)9;&&

=; >4K+4:<&:48@L&,)@?)4&97:,I37&974&XYZY%%N&?)*?C(9?)3&974?:&(F(?@(+?@?9LN&C,)9(C9&

*49(?@<N&C@,<4<9&(?:8,:9&()*&4(:@?4<9&9?K4&(F(?@(+@4&9,&*48(:9;&

#

-3K26LG#O+:P&

0; Y%'$&<4@4C9<&()&!"#$%&94(K&5:,K&(K,)3<9&974&(F(?@(+@4&!"#$%&K4K+4:<&

(CC,:*?)3&9,&974&9L84&,5&*?<(<94:N&:4@4F()9&<-?@@<49<N&@()3I(34&<-?@@<N&49C;&&

.; Q7:,I37&974&XYZY%%N&S%ZZ&<4)*<&()&(I9,K(94*&Z>Z&()*&4OK(?@&<9()*+L&K4<<(34&

Page 69: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&.6& %7(894:&%&

D>.E&9,&?)*?F?*I(@&!"#$%&K4K+4:<&()*&)(9?,)(@&!"#$%&5,C(@&8,?)9<N&?)*?C(9?)3&

K4K+4:<&<4@4C94*&9,&+4&,)&<9()*+L;&

1; Z4@4C94*&K4K+4:<&C,)5?:K&:4C4?89&,5&974&>.&<9()*+L&K4<<(34&*?:4C9@L&9,&S%ZZ&()*&

C,K8@494N&<?3)&()*&:49I:)&974&>.O:48@L&5,:K&D(C-),M@4*3?)3&()*&C,)<4)9?)3&9,&974?:&

*48@,LK4)9E&()*&974&B)<I:()C4&2:,8,<(@&S,:K;&Q74L&974)&8:48(:4&5,:&*48(:9I:4;&

&

)9>JK38F#O+@KP&

0; Y%'$&9(-4<&974&*4C?<?,)<&,)&5?)(@&94(K&C,K8,<?9?,)&()*&*?<8(9C7;&

.; Q74&*?<8(9C7&K4<<(34&D>1(E&?<&<4)9&+L&S%ZZ&97:,I37&974&XYZY%%&9,&974&<4@4C94*&

!"#$%&94(K&K4K+4:<&+L&(I9,K(94*&Z>Z&()*&4OK(?@;&&&

1; S%ZZ&K(-4<&9:(F4@&(::()34K4)9<&5,:&974&94(K&K4K+4:<&()*&K(-4<&8:48(:(9?,)<&5,:&

974?:&(::?F(@&?)OC,I)9:L&DF?<(<&,)&(::?F(@N&(?:8,:9&8?C-I8N&7,94@&(::()34K4)9<E;&

G@4C9:,)?C&9?C-49<&(:4&<4)9&9,&974&<4@4C94*&!"#$%&K4K+4:<&+L&4OK(?@N&9,34974:&M?97&

(&9:(F4@&(994<9(9?,)&D?)&@?4I&,5&F?<(E&9,&+4&8:?)94*&()*&7()*OC(::?4*&*I:?)3&974&F,L(34;&

=; Y%'$&`4)4F(&(::()34<&?)<I:()C4&C,F4:?)3&K4*?C(@&4F(CI(9?,)&5,:&(@@&<4@4C94*&

K4K+4:<;&D",94P&$@@&,974:&)4C4<<(:L&?)<I:()C4&?<&974&:4<8,)<?+?@?9L&,5&974&<4@4C94*&

K4K+4:&,:&7?<W74:&<8,)<,:?)3&3,F4:)K4)9W,:3()?A(9?,)E;&

c; Z4@4C94*&K4K+4:<&*48(:9&,)&K?<<?,);&

&

$<&<,,)&(<&974&94(K&C,K8,<?9?,)&?<&-),M)N&5?)(@&?)*?F?*I(@&8:48(:(9?,)<&<7,I@*&+4&K(*4;&

Z84C?5?C(@@LN&*48@,L?)3&K4K+4:<&<7,I@*&C,)<?*4:&974&5,@@,M?)3P&&

&

!7H374KH#><2>939A93G#

%I@9I:(@N&8,@?9?C(@N&<,C?(@&()*&:4@?3?,I<&C,)<?*4:(9?,)<&K(L&?)5@I4)C4&7,M&974&94(K&

(88:,(C74<&?9<&K?<<?,)&,+\4C9?F4<&()*&KI<9&(@<,&+4&9(-4)&?)9,&C,)<?*4:(9?,)&+L&974&

?)*?F?*I(@&94(K&K4K+4:<&9,&4)<I:4&(*(89(9?,)&9,&@,C(@&CI<9,K<&()*&(F,?*&,554)*?)3&,:&

(@?4)(9?)3&@,C(@&C,I)94:8(:9<;&S,:&4H(K8@4N&74(*<C(:F4<&5,:&M,K4)&K?379&+4&C,)<?*4:4*&

K()*(9,:LN&<7,:9&<@44F4<&()*&<7,:9<&(:4&:(:4@L&(CC4894*&(<&+I<?)4<<&(99?:4N&C,)<IK89?,)&,5&

C4:9(?)&5,,*<9I55<&,:&(@C,7,@&K(L&+4&8:,7?+?94*N&49C;&Q74&M(L&K449?)3<&(:4&C,)*IC94*&()*&

@,C(@&7?4:(:C7?4<&:4<84C94*&C()&K4()&<ICC4<<&,:&5(?@I:4&,5&974&K?<<?,);&Q4(K&K4K+4:<&

<7,I@*&:4<4(:C7&CI@9I:(@&?)5,:K(9?,)&8:?,:&9,&*48@,LK4)9&()*&<44-&(&+:?45?)3&,)&CI<9,K<&

()*&9:(*?9?,)<&,5&974&C,I)9:L&,)&(::?F(@;&R,C(@&<9(55&()*&*:?F4:<&(:4&,594)&()&4HC4@@4)9&<,I:C4&

?)&97?<&:43(:*;&

&

$4KA<H#6587S<23>&

#48@,L?)3&94(K&K4K+4:<&M?@@&),:K(@@L&+4&?<<I4*&()&4@4C9:,)?C&9?C-49&+L&Y%'$WS%ZZ&5,:&

974?:&?)94:)(9?,)(@&9:(F4@&()*&(&!)?94*&"(9?,)<&Q:(F4@&$994<9(9?,)&?)&@?4I&,5&(&F?<(;&Q74<4&(:4&

4OK(?@4*&9,&974&94(K&K4K+4:&()*&<7,I@*&+4&8:?)94*&,55&()*&7()*OC(::?4*&*I:?)3&974&

F,L(34;&Q:(F4@@4:<&<7,I@*&3,&9,&974&(?:8,:9&(<&4(:@L&(<&8,<<?+@4&9,&7(F4&9?K4&9,&7()*@4&()L&

8:,+@4K<&M?97&974&*48(:9I:4&(::()34K4)9<;&Z,K4&(?:@?)4<&(:4&I)5(K?@?(:&M?97&974&!)?94*&

"(9?,)<&Q:(F4@&$994<9(9?,)&()*&K(L&:4UI?:4&4H8@()(9?,)&97(9&974&94(K&K4K+4:&?<&9:(F4@@?)3&

Page 70: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&.6& %7(894:&%&

,)&(&!)?94*&"(9?,)<&4K4:34)CL&:4@?45&K?<<?,)&()*&97(9&(&F?<(N&?5&)44*4*N&M?@@&+4&?<<I4*&,)&

(::?F(@&?)&974&(554C94*&C,I)9:L;&&&

&

+52<G&

Y)&!"#$%&K?<<?,)<N&974&!)?94*&"(9?,)<&#(?@L&ZI+<?<94)C4&$@@,M()C4&D#Z$E&?<&I<4*&9,&C,F4:&

84:<,)(@&4H84)*?9I:4<&5,:&!"#$%&94(K&K4K+4:<&()*&M?@@&+4&K(*4&(F(?@(+@4&97:,I37&974&

@,C(@&!)?94*&"(9?,)<&#4F4@,8K4)9&2:,3:(KK4&D!"#2E&,55?C4&?)&@,C(@&CI::4)CL;&Q7,<4&

K4K+4:<&M7,&*,&),9&M()9&#Z$&?<<I4*&97:,I37&!"#2N&()*&M,I@*&:(974:&7(F4&?9&:4?K+I:<4*&

@(94:&97:,I37&(&9:(F4@&C@(?KN&<7,I@*&),9?5L&Y%'$WS%ZZ&,5&97?<&+45,:4&*48@,LK4)9;&&&

&

Q4(K&K4K+4:<&<7,I@*&+4&(M(:4&97(9&?9&K(L&9(-4&<,K4&*(L<&+45,:4&974L&:4C4?F4&974?:&#Z$N&

4<84C?(@@L&?)&(&*?<(<94:&<?9I(9?,);&Q74L&<7,I@*N&974:45,:4N&C(::L&C(<7&D?)&<K(@@&

*4),K?)(9?,)<EN&9,&(&@?K?9&(CC489(+@4&5,:&<4CI:?9L&:4(<,)<&D*494:K?)4*&+L&974&9:(F4@@4:EN&?)&(&

CI::4)CL&(CC4894*&?)&974&(554C94*&C,I)9:L&DI<I(@@L&!Z&#,@@(:<N&GI:,<&,:&,974:&K(\,:&

?)94:)(9?,)(@&CI::4)C?4<E;&&&

&

Q:(F4@@4:<&<7,I@*&+4(:&?)&K?)*&97(9&?)&<,K4&C?:CIK<9()C4<&]&5,:&4H(K8@4N&?5&974&*?<(<94:&<?94&

?<&5(:&5:,K&974&!"#2&,55?C4&?)&974&C(8?9(@&]&?9&K(L&),9&+4&8,<<?+@4&5,:&974K&9,&C,@@4C9&974?:&

#Z$&I)9?@&\I<9&+45,:4&*48(:9I:4;&B)&(@@&C(<4<N&?5&974&#Z$&7(<&+44)&*?<8(9C74*&9,&974&!"#2&

,55?C4&?)OC,I)9:LN&?9&?<&4<<4)9?(@&97(9&?9&?<&C,@@4C94*&+45,:4&*48(:9I:4&()*&<I55?C?4)9&<9,8O,F4:&

9?K4&?)&974&C(8?9(@&?<&(@@,M4*&5,:&97?<&8I:8,<4;&

&

07DDKD<#

$<&974&\,I:)4L&9,&974&(554C94*&C,I)9:L&K(L&?)F,@F4&<4F4:(@&5@?379&C7()34<N&K4K+4:<&<7,I@*&

8(C-&974?:&84:<,)(@&4UI?8K4)9&?)&(&M(L&97(9&974L&C()&C(::L&,)O+,(:*&974&K,<9&F?9(@&?94K<&9,&

(@@,M&974K&9,&5I)C9?,)&?KK4*?(94@L&I8,)&(::?F(@;&B9&?<&:4C,KK4)*4*&97(9&974&),:K(@&

4)9?9@4K4)9<&5,:&7()*O@I33(34&(:4&I<4*&9,&974&K(H?KIK;&[4K4K+4:&9,&(@@,M&(K8@4&9?K4&

5,:&<4CI:?9L&C74C-<&(9&9:()<?9&8,?)9<&()*&:4<84C9&974&@(94<9&?)94:)(9?,)(@&(?:&9:(F4@&:43I@(9?,)<&

:43(:*?)3&5,:+?**4)&,+\4C9<&?)&7()*O@I33(34;&

&

B)&C(<4<&M74:4&94(K&K4K+4:<&K(L&7(F4&,)M(:*&?)94:)(@&5@?379<&9,&:4(C7&974&*?<(<94:&<?94N&

@I33(34&(@@,M()C4<&K(L&+4&C,)<?*4:(+@L&@4<<&97()&97,<4&(CC4894*&,)&?)94:)(9?,)(@&

C,KK4:C?(@&5@?379<;&Q7?<&<7,I@*&+4&9(-4)&?)9,&(CC,I)9N&+,97&?)&94:K<&,5&8(C-?)3&()*&?)&C7,?C4&

,5&@I33(34;&&

&

&2#4573<#&

a74)&9:(F4@@?)3N&?9&?<&?K8,:9()9&97(9&974&94(K&K4K+4:<&9(-4&974&,88,:9I)?9L&9,&349&(<&KIC7&

:4<9&(<&8,<<?+@4&(<&974L&M?@@&+4&4H84C94*&9,&9(-4&I8&M,:-&?KK4*?(94@L&I8,)&(::?F(@&?)&974&

(554C94*&C,I)9:L;&Z7,I@*&()L97?)3&I)5,:4<44)&,CCI:&*I:?)3&974&\,I:)4LN&<IC7&(<&K?<<?)3&(&

5@?379&C,))4C9?,)N&Y%'$WS%ZZ&<7,I@*&+4&?)5,:K4*&?KK4*?(94@L;&

&

Page 71: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0=&,5&.6& %7(894:&%&

!":"@#,2939KH#;HK2#5N#*83952#O;5*P#&

&

#4F4@,8K4)9&,5&(&K?<<?,)&2,$&?<&974&:4<8,)<?+?@?9L&,5&974&Q4(K&R4(*4:&()*&<7,I@*&+43?)&(<&

<,,)&(<&974&94(K&C,K8,<?9?,)&?<&-),M);&G(C7&K4K+4:&,5&974&94(K&?<&4H84C94*&9,&

8(:9?C?8(94&?)&974&8@())?)3&8:,C4<<N&M7?C7&?<&34)4:(@@L&?)?9?(94*&97:,I37&4OK(?@&+L&S%ZZ;&

Q,34974:&M?97&S%ZZN&974&Q4(K&R4(*4:&4)3(34<&M?97&974&Y%'$&%,I)9:LW[43?,)(@&Y55?C4N&

Y%'$&74(*UI(:94:<&()*&974&[%W'%&9,&C,,:*?)(94&*4F4@,8K4)9&,5&974&?)?9?(@&2,$;&&&&

&

YF4:(@@N&974&2,$&4<9(+@?<74<&974&5,I)*(9?,)&,5&974&K?<<?,)&()*&3?F4<&*?:4C9?,)&5,:&5I:974:&

8@())?)3;&B9&C()&+4&C:4(94*&F?:9I(@@LN&(<&<844*&,5&*48@,LK4)9&:(:4@L&(@@,M<&974&94(K&9,&K449&

+45,:4&(::?F(@&?)&C,I)9:L;&#4F4@,8?)3&974&?)?9?(@&2,$&4)3(34<&974&94(K&K4K+4:<&?)&eK?<<?,)&

K,*4f;&B9&(@@,M<&974K&9,&+:(?)<9,:K&?*4(<N&()9?C?8(94&C7(@@4)34<&()*&,88,:9I)?9?4<N&()*&

8@()&974&(88:,(C7;&>,:4&?K8,:9()9@LN&?9&(@@,M<&4(C7&94(K&K4K+4:&9,&+4&C@4(:&,)&?)?9?(@&

9(<-<&I8,)&(::?F(@;&&

&

a7?@4&KIC7&K(L&+4&I)-),M)&M74)&?)?9?(@&8@())?)3&C,KK4)C4<N&(&:4F?4M&,5&<4C,)*(:L&*(9(&

<,I:C4<&C()&8:,F?*4&?K8,:9()9&?)5,:K(9?,)&(+,I9&974&*4F4@,8?)3&<?9I(9?,);&Q,34974:&M?97&

+(<4@?)4&()*&8:4OC:?<?<&?)5,:K(9?,)N&?)OC:?<?<&<4C,)*(:L&*(9(&?<&,594)&974&,)@L&<,I:C4&,5&

?)5,:K(9?,)&?)&*?<(<94:&<?9I(9?,)<&M74)&C,KKI)?C(9?,)&@?)4<&K(L&+4&*?<:I894*&()*&

?)5,:K(9?,)&?<&<C(:C4N&5:(3K4)94*&()*&?)C,)<?<94)9;&B)&<,K4&C(<4<N&(&5,:K(@&Z?9I(9?,)(@&

$)(@L<?<&M?@@&+4&8I+@?<74*&9,&<IKK(:?A4&97?<&?)5,:K(9?,)&(74(*&,5&!"#$%V<&(::?F(@&D<44&

G;=;1E;&Q7?<&C()&+4&*,)4&5:,K&(&:4K,94&@,C(9?,)&M?97&<IKK(:?4<&+4?)3&8:,F?*4*&+L&

<84C?(@?<9<&5:,K&Y%'$&,:&,974:&8(:9)4:<;&Y974:&?K8,:9()9&<,I:C4<&,5&?)5,:K(9?,)&5,:&974&

?)?9?(@&2,$&(:4&974&!"#$%&Z9()*(:*&Q4:K<&,5&[454:4)C4&D<44&d;0;=E&()*&()L&8:4@?K?)(:L&

Q4:K<&,5&[454:4)C4&5,:&974&K?<<?,);&&

#

!523<23>#

Q74&2,$&<7,I@*&+4&-489&<7,:9N&<?K8@4&()*&9,&974&8,?)9N&84:7(8<&?)&+I@@49&8,?)9<N&(F,?*?)3&9,,&

KIC7&*49(?@4*&?)5,:K(9?,)&97(9&M?@@&C7()34&(<&974&<?9I(9?,)&*4F4@,8<;&Q74&5,@@,M?)3&C,)94)9&

<7,I@*&+4&?)C@I*4*P&&

&

• !"#$%#"&'P&Z7,I@*&?)C@I*4&-),M)&?)5,:K(9?,)&,)&974&*?<(<94:&4F4)9N&*(K(34N&)(9?,)(@&

:4<8,)<4N&?)94:)(9?,)(@&:4<8,)<4&()*&8:,\4C94*&*4F4@,8K4)9<&?)&974&4K4:34)CL&

<?9I(9?,)&]&?)C@I*?)3&<4C,)*(:L&:?<-<;&

• ("))"&'*+,-./#"0.)P#Z7,I@*&:45@4C9&974&!"#$%&Z9()*(:*&Q,[&()*&+4&+(<4*&,)&974&

*?:4C9?,)<&,5&974&G[%N&974&[%W'%N&974&`,F4:)K4)9N&974&4K4:34)CL&<?9I(9?,)&()*&?)O

C,I)9:L&<I88,:9&:4UI?:4K4)9<;&Q74&K?<<?,)&,+\4C9?F4<&<7,I@*&?)*?C(94&974&K(?)&5,CI<&

,5&974&K?<<?,)&D4;3;N&(<<4<<K4)9&<I88,:9N&?)5,:K(9?,)&K()(34K4)9N&!Z$[&

C,,:*?)(9?,)N&C@I<94:&C,,:*?)(9?,)&<I88,:9N&<I88,:9&9,&B$[[>N&4<9(+@?<7K4)9&,5&()&

YZY%%N&@?(?<,)EN&()*&974&4H84C94*&+(<4&,5&974&K?<<?,)&D4;3;N&?)&974&C(8?9(@&M?97&5?4@*&

9:?8<&,:&(9&974&4K4:34)CL&<?94&M?97&@?(?<,)&?)&974&C(8?9(@E;&B9&?<&F4:L&?K8,:9()9&97(9&974&

Page 72: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0c&,5&.6& %7(894:&%&

K?<<?,)&,+\4C9?F4<&(:4&Z>$[QP&#

O Z84C?5?C&]&Z?K8@?<9?C(@@L&M:?994)&()*&C@4(:@L&*45?)4&M7(9&?<&3,?)3&9,&+4&*,)4;&&

O >4(<I:4(+@4&]&Q,&8:,F?*4&9()3?+@4&4F?*4)C4&97(9&,+\4C9?F4<&7(F4&+44)&

(CC,K8@?<74*;&a7?@4&974&,F4:(@@&K?<<?,)&,+\4C9?F4&M?@@&+4&(&K4(<I:4&5,:&974&

K?<<?,)N&974:4&(:4&I<I(@@L&<4F4:(@&<7,:9O94:K&,:&<K(@@4:&K4(<I:4K4)9<&M7?C7&

M?@@&)44*&9,&+4&+I?@9&?);&

O $C7?4F(+@4&]&%7(@@4)3?)3&()*&(88:,8:?(94&9,&974&<?9I(9?,)N&+I9&<I55?C?4)9@L&

M4@@O*45?)4*&97(9&974L&C()&+4&(C7?4F4*;&Q74&94(K&KI<9&8,<<4<<&974&

(88:,8:?(94&-),M@4*34N&<-?@@<&()*&(+?@?9?4<&)44*4*&9,&(C7?4F4&974&,+\4C9?F4<;&

O [4(@?<9?C&]&$&3,(@&9,M(:*&M7?C7&974&94(K&?<&(+@4&9,&M,:-N&9(-?)3&(CC,I)9&,5&(@@&

974&:4@4F()9&5(C9,:<&()*&C,)<9:(?)9<;&&

O Q?K4O+,I)*&]&R?)-4*&9,&(&9?K45:(K4&+L&M7?C7&974L&<7,I@*&+4&:4(C74*;&

• +12%'"3%#"&'P#Z7,I@*&?)C@I*4&974&,:3()?A(9?,)&,5&974&94(K&?)&5I)C9?,)(@&(:4(<&

*484)*?)3&,)&974&K?<<?,)&,+\4C9?F4<N&(<&M4@@&(<&974&(<<?3)K4)9&,5&?)*?F?*I(@&

:4<8,)<?+?@?9?4<&(K,)3<9&974&94(K&K4K+4:<;&$&+(<?C&94(K&<9:IC9I:4&<7,I@*&?)C@I*4&

),9&,)@L&974&!"#$%&94(K&()*&<I88,:9&84:<,))4@N&+I9&(@<,&()L&,974:&Y%'$&<I:34&

*48@,LK4)9<N&()*&<7,I@*&C,F4:&5I)C9?,)<&<IC7&(<&@4(*4:<7?8&()*&K()(34K4)9&DQ4(K&

R4(*4:&()*&#48I9L&Q4(K&R4(*4:EN&?)5,:K(9?,)&K()(34K4)9&D(<<4<<K4)9N&()(@L<?<&

()*&:48,:9?)3EN&,84:(9?,)<&D5(C?@?9(9?,)&,5&C,,:*?)(9?,)N&@?(?<,)&M?97&*?<(<94:&

:4<8,)*4:<N&C@I<94:&C,,:*?)(9,:<N&49C;EN&@,3?<9?C<&D9:()<8,:9N&+,(:*&()*&@,*3?)3E&()*&

<I88,:9&D(*K?)?<9:(9?,)&()*&94@4C,KKI)?C(9?,)<E;&Q4(K&,:3()?A(9?,)&<7,I@*&(@<,&

?)C@I*4&974&@,C(9?,)<&,5&94(K&K4K+4:<&D5?4@*&()*W,:&C(8?9(@E&()*&974&+(<4;#

• 41&21%55.*&6*7&18P#Z7,I@*&?)C@I*4&(&<7,:9&*4<C:?89?,)&,5&974&(C9?F?9?4<&8@())4*&

M?97?)&974&5I)C9?,)(@&(:4(<&?)&,:*4:&9,&(C7?4F4&974&K?<<?,)&,+\4C9?F4<N&974&:4@(9?,)&

+49M44)&974<4&(C9?F?9?4<&()*&974&9?K45:(K4&5,:&974?:&4H4CI9?,);&B9&?<&?K8,:9()9&9,&

*45?)4&(C9?F?9?4<&*?:4C9@L&:4@(94*&9,&974&K?<<?,)&,+\4C9?F4<#()*&9,&-448&974<4&(C9?F?9?4<&

I8*(94*;#

• 9%':&0.1*%':*;<"#P#Z7,I@*&?)C@I*4&()&4<9?K(94&,5&M7(9&K?<<?,)&(C9?F?9?4<&<7,I@*&

C,)9?)I4&(594:&974&94(Kl<&*48(:9I:4N&9,&M7,K&974L&<7,I@*&+4&7()*4*&,F4:&9,N&()*&

M7(9&(C9?F?9?4<&<7,I@*&+4&94:K?)(94*;&$@97,I37&?K8:4C?<4&?)&974&4(:@L&<9(34<&,5&974&

K?<<?,)N&?9&?<&?K8,:9()9&9,&?)C@I*4&97?<&8,?)9&5,:&5I:974:&*4F4@,8K4)9&(<&974&K?<<?,)&

4F,@F4<;&[4K4K+4:&97(9&K?<<?,)<&(:4&I<I(@@L&<7,:9&()*&C@,<?)3&974&@,,8&<7,I@*&+4&

C,)<?*4:4*&5:,K&974&F4:L&+43?))?)3;&#

• ='>/&$'#1?*@&$'#.1A%1#)P&Z7,I@*&?)C@I*4&974&[%W'%N&I)*4:&M7,<4&(I97,:?9L&974&94(K&

M?@@&M,:-N&(<&M4@@&(<&,974:&?K8,:9()9&C,I)94:8(:9<&D4;3;N&'%Q&()*&,974:&C,,:*?)(9?,)&

K4C7()?<K<N&974&)(9?,)(@&4K4:34)CL&K()(34K4)9&(I97,:?9LE;&#

• B&2")#"/)*%':*C4<,I:C4<P&Z7,I@*&?)C@I*4&?)5,:K(9?,)&,)&94(K&@,3?<9?C(@&(::()34K4)9<&

?)&8@(C4&,:&:4UI?:4*N&<IC7&(<&(CC,KK,*(9?,)&()*&9:()<8,:9N&(<&M4@@&(<&94(K&

:4<,I:C4<&<IC7&(<&94@4C,KKI)?C(9?,)<&4UI?8K4)9&()*&K?<<?,)&<I88,:9&:4<,I:C4<&

D4;3;N&,55?C4&4UI?8K4)9&()*&K?<<?,)&5?)()C4<E;&&#

• ("))"&'*!$AA&1#P&Z7,I@*&?)C@I*4&?)5,:K(9?,)&,)&K4(<I:4<&?)&8@(C4&9,&+(C-<9,8&()*&

Page 73: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0J&,5&.6& %7(894:&%&

8:,F?*4&:4K,94&<I88,:9&9,&974&K?<<?,)&5:,K&Y%'$&[43?,)(@&Y55?C4&()*&Y%'$&

74(*UI(:94:<N&(<&M4@@&(<&?)5,:K(9?,)&,)&F(:?,I<&<I88,:9&94(K<W:4<,I:C4<&5:,K&,974:&

,:3()?A(9?,)<&D<44&<4C9?,)<&d;c&()*&d;JE;&&

• ='6&15%#"&'*(%'%2.5.'#*D*EF&G*%':*C.A&1#"'2P&Z7,I@*&?)C@I*4&?)<9:IC9?,)<&,)&

C,KKI)?C(9?,)&+49M44)&974&94(K&()*&974&Y%'$&[43?,)(@&Y55?C4N&Y%'$&

'4(*UI(:94:<N&5?4@*&@,C(9?,)<&()*&974&[%W'%;&Q74&5?:<9&:48,:9&9,&Y%'$&<7,I@*&(@M(L<&

+4&<4)9&(<&4(:@L&(<&8,<<?+@4&(594:&(::?F(@&?)&974&(554C94*&C,I)9:L;&Q74:4(594:N&974&94(K&

<7,I@*&<4)*&:43I@(:&<?9I(9?,)&:48,:9<WI8*(94<;&Q7?<&<4C9?,)&,5&974&8@()&<7,I@*&C@(:?5L&

974&5@,M&,5&?)5,:K(9?,)&+,97&?)94:)(@@L&M?97?)&974&94(K&()*&M7(9&M?@@&+4&:4UI?:4*&

M?97&C,I)94:8(:9<&D?;4;N&M74)&9,&:48,:9N&?)&M7(9&5,:K(9&()*&9,&M7,KE;&B9&M?@@&+4&

?K8,:9()9&?)&4(C7&K?<<?,)&9,&(@<,&*494:K?)4&7,M&974&94(K&<7,I@*&C,)9:?+I94&9,&

[%W'%Q&<?9I(9?,)&:48,:9<&(9&974&C,I)9:L&@4F4@&()*&Y%'$&<?9I(9?,)&:48,:9<&D5:,K&974&

[43?,)(@&Y55?C4&,:&3@,+(@@LE;&%7(894:&S&C,)9(?)<&*49(?@4*&?)5,:K(9?,)&,)&B)5,:K(9?,)&

>()(34K4)9;&#

• !%6.#?*%':*!./$1"#?P&Z7,I@*&?)C@I*4&?)5,:K(9?,)&,)&<(549L&()*&<4CI:?9L&C,)C4:)<&?)&

974&(554C94*&C,I)9:L&()*&(9&974&*?<(<94:&<?94N&?)C@I*?)3&?)<9:IC9?,)<&5,:&94(K&

K,F4K4)9<&D4;3;N&(&+I**L&<L<94KN&:48,:9?)3&()*&?*4)9?5?C(9?,)E;&%7(894:&'&C,)9(?)<&

*49(?@4*&?)5,:K(9?,)&,)&K?<<?,)&<4CI:?9L;&#

• H.%F"'2*G"#I*#I.*='#.1'%#"&'%FJB&/%F*(.:"%P&Z7,I@*&?)C@I*4&(&C,KKI)?C(9?,)&

<9:(943L&5,:&?)94:)(9?,)(@&()*&)(9?,)(@&K4*?(N&?)&C,)<I@9(9?,)&M?97&974&[%W'%N&Y%'$&

[43?,)(@&Y55?C4&()*N&?)&(&@(:34&4K4:34)CLN&Y%'$&'4(*UI(:94:<;&Q74&8@()<&<7,I@*&

?)C@I*4&-4L&K4<<(34<&(3:44*&I8,)&()*&I8*(94*&*(?@L;&Q74&94(K&<7,I@*&),K?)(94&(&

<8,-4<84:<,)&5,:&974&?)94:)(9?,)(@&K4*?(&D),:K(@@L&974&Q4(K&R4(*4:E&()*&974&

(3:44*&-4L&K4<<(34<&<7,I@*&+4&<7(:4*&M?97&(@@&94(K&K4K+4:<&,)&(&*(?@L&+(<?<;&B)&

4K4:34)C?4<&M?97&(&7?37&?)94:)(9?,)(@&K4*?(&8:4<4)C4N&*48@,LK4)9&,5&9:(?)4*&Y%'$&

K4*?(&,55?C4:<&<7,I@*&+4&8I:<I4*;&Q74:4&K(L&+4&(&)44*&9,&),K?)(94&(&*?554:4)9&

<8,-4<84:<,)&5,:&974&)(9?,)(@&K4*?(&?5&974&Q4(K&R4(*4:&?<&),9&5@I4)9&?)&974&@,C(@&

@()3I(34;&Z4C9?,)&S;1;c;=&C,)9(?)<&5I:974:&?)5,:K(9?,)&,)&974&*4F4@,8K4)9&,5&(&

K4*?(&C,KKI)?C(9?,)&8@();&&

&

",94P&B5&974&!"#$%&94(K&?<&8(:9&,5&(&M?*4:&Y%'$&:4<8,)<4N&974&94(KV<&?)94:)(@&,:3()?A(9?,)N&

5I)C9?,)<N&@4(*4:<7?8&()*&:48,:9?)3&@?)4<&M?@@&)44*&9,&+4&*45?)4*N&(3:44*&()*&M4@@&

I)*4:<9,,*&9,&4)<I:4&(&C,74:4)9&e,)4&Y%'$f&:4<8,)<4;&Q7?<&?<&,5&F?9(@&?K8,:9()C4&(<&?9&K(L&

,974:M?<4&@4(*&9,&*I8@?C(9?,)&,5&455,:9<N&3(8<&?)&<4:F?C4<N&@(C-&,5&@4(*4:<7?8&<I88,:9&9,&974&

[%W'%&()*&'%Q&()*&974&@,<<&,5&C:4*?+?@?9L&,5&Y%'$&M?97?)&974&7IK()?9(:?()&<L<94K;&

&

SI:974:K,:4N&?)&(&R4F4@&1&GK4:34)CL&D(&@(:34O<C(@4&4K4:34)CLEN&974&B$Z%&2:?)C?8(@<&K(L&9(-4&

974&*4C?<?,)&9,&*48@,L&974&B)94:O$34)CL&[(8?*&[4<8,)<4&>4C7()?<K&DB$[[>E&,5&<4)?,:&

%@I<94:&%,,:*?)(9,:<&()*W,:&9,&(88,?)9&(&<84C?(@?<9&'IK()?9(:?()&%,,:*?)(9,:&9,&,F4:<44&974&

:4<8,)<4;&B)&<IC7&(&C(<4N&974&!"#$%&94(K&M?@@&(@K,<9&C4:9(?)@L&5,:K&8(:9&,5&(&M?*4:&Y%'$&

:4<8,)<4&()*N&(3(?)N&?9&M?@@&+4&?K8,:9()9&9,&C@(:?5L&974&94:K<&,5&:454:4)C4&()*&C@4(:@L&*45?)4&

Page 74: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&06&,5&.6& %7(894:&%&

:,@4<&()*&5I)C9?,)(@&:4@(9?,)<&9,&4)<I:4&C@4(:&I)*4:<9()*?)3&()*&(F,?*&,F4:@(8&,:&@4(F?)3&

3(8<;&

&

!"@#.2=+9>>952#*839A939<>#

Q74&5?:<9&.=&7,I:<&(594:&(::?F(@&,5&974&!"#$%&94(K&?)&C,I)9:L&(:4&C:IC?(@&9,&4<9(+@?<7?)3&

C:4*?+?@?9L&()*&<I+<4UI4)9&5I)C9?,)?)3;&Q74:45,:4N&(C9?,)<&9,&+4&9(-4)&M?97?)&974&5?:<9&.=&

7,I:<&KI<9&+4&C,)<?*4:4*&()*&8:48(:4*&(<&C(:45I@@L&(<&8,<<?+@4;&Q7?<&?<&4<84C?(@@L&9:I4&5,:&

974&?)?9?(@&K449?)3&,5&974&!"#$%&94(K&,:&!"#$%&Q4(K&R4(*4:&M?97&974&[%W'%N&'%Q&()*W,:&

974&`,F4:)K4)9;&

!"@"1#*449AKH#

&

BKK4*?(94@L&I8,)&(::?F(@N&974&94(K&<7,I@*&C,K8@494&974&)4C4<<(:L&?KK?3:(9?,)&()*&

CI<9,K<&8:,C4*I:4<;&B)&<,K4&C,I)9:?4<N&<,K4&4UI?8K4)9N&<IC7&(<&<(94@@?94&

94@4C,KKI)?C(9?,)<N&K(L&7(F4&9,&+4&*4C@(:4*;&#,CIK4)9(9?,)&9,&5(C?@?9(94&4)9:L&?<&),:K(@@L&

3?F4)&+L&Y%'$WS%ZZ&9,&974&!"#$%&Q4(K&R4(*4:&,:&<I88,:9&<9(55&C(::L?)3&974&4UI?8K4)9;&

Q74&[%W'%V<&,55?C4&,:&974&Y%'$&C,I)9:L&,55?C4N&?5&8:4<4)9N&?<&(@M(L<&?)5,:K4*&,5&974&94(KV<&

(::?F(@&()*&<7,I@*&),:K(@@L&7(F4&K(*4&(@@&)4C4<<(:L&(::()34K4)9<N&?)C@I*?)3&&F?<(<&,)&

(::?F(@&DM74:4&)4C4<<(:LEN&4UI?8K4)9&4)9:LN&(?:8,:9&8?C-OI8&()*N&?5&8,<<?+@4N&7,94@&

:4<4:F(9?,)<;&G(C7&94(K&K4K+4:&<7,I@*&C(::L&C,)9(C9&*49(?@<&5,:&974&[%W'%V<&,55?C4&?)O

C,I)9:L&()*&,974:&-4L&C,)9(C9<&?)&C(<4&,5&8:,+@4K<&,)&(::?F(@;&

&

&>3KLH9>F#8523K83#

Y)4&,5&974&5?:<9&(C9?,)<&974&94(K&<7,I@*&I)*4:9(-4&,)&(::?F(@&?)&974&C(8?9(@&?<&9,&+:?45&974&

[%W'%&()*&974&'%Q;&B)&<,K4&C(<4<N&Y%'$&K(L&7(F4&:48:4<4)9(9?,)&?)&974&C,I)9:L&,:&<I:34&

<9(55&5:,K&974&Y%'$&[43?,)(@&Y55?C4&K(L&(@:4(*L&+4&974:4;&B)&<IC7&C(<4<N&974&!"#$%&94(K&

<7,I@*&@?)-&I8&M?97&Y%'$&<9(55&?KK4*?(94@L&()*&*4C?*4&9,34974:&,)&974&)4H9&C,I:<4&,5&

(C9?,)&()*&I8*(94&974&2,$;&B5&974&94(K&(::?F4<&(9&(&8,?)9&,974:&97()&974&C(8?9(@N&M74:4&974:4&

?<&),&:48:4<4)9(9?,)&,5&974&[%W'%&,:&Y%'$N&974L&<7,I@*&8:,C44*&?KK4*?(94@L&M?97&

4<9(+@?<7?)3&(&94(K&+(<4&,5&,84:(9?,)<&()*&349&?)&9,IC7&M?97&974&)(9?,)(@&(I97,:?9?4<&()*&

974&[%W'%&,:&Y%'$&,55?C4N&?5&8:4<4)9;&

&

&>3KLH9>F#3<KS#LK><#

B)&974&C(8?9(@N&974&94(K&+(<4&,5&,84:(9?,)<&<7,I@*&),:K(@@L&+4&4<9(+@?<74*&?)&974&K(?)&

!)?94*&"(9?,)<&,55?C4N&C@,<4&9,&974&[%W'%&,:&M?97&974&Y%'$&,55?C4&?5&8:4<4)9;&B5&97?<&8:,F4<&

?K8:(C9?C(@N&?)&C,)<I@9(9?,)&M?97&974&[%W'%&()*&Y%'$N&974&94(K&K(L&7(F4&9,&4<9(+@?<7&(&

+(<4&(9&(),974:&@,C(9?,);&Q7?<&C,I@*&+4&(9&(&7,94@N&?)&(),974:&!)?94*&"(9?,)<&(34)CL&,55?C4&,:&

(9&974&,55?C4&,5&(&)(9?,)(@&(I97,:?9L;&B5&974&94(K&(::?F4<&*?:4C9@L&(9&()&4K4:34)CL&<?94&M74:4&

974&[%W'%&,:&Y%'$&?<&),9&:48:4<4)94*N&974&94(K&<7,I@*&8:,C44*&9,&?*4)9?5L&(&+(<4&5:,K&

M7?C7&?9&C()&,84:(94&]&8:454:(+@L&(<&C@,<4&(<&8,<<?+@4&9,&974&)(9?,)(@&(I97,:?9?4<&?)&C7(:34&,5&

Page 75: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0b&,5&.6& %7(894:&%&

974&4K4:34)CL;&&

&

S,:&+4<9&I<4&,5&9?K4N&974&94(K&K(L&<8@?9&I8&(9&97?<&8,?)9N&4H4CI9?)3&*?554:4)9&9(<-<&(CC,:*?)3&

9,&974&?)?9?(@&2,$;&Y)4&K4K+4:&K(L&4<9(+@?<7&(&94(K&+(<4&M?97&<I88,:9&84:<,))4@&()*&<49&

I8&94@4C,KKI)?C(9?,)<&()*&,55?C4&4UI?8K4)9N&M7?@4&(),974:&7()*@4<&(*K?)?<9:(9?,)&()*&

@,3?<9?C<;&B)&974&K4()9?K4N&974&Q4(K&R4(*4:N&()*&8,<<?+@L&,974:&94(K&K4K+4:<N&C()&

8:,C44*&9,&K449?)3<&M?97&974&[%W'%N&'%Q&()*W,:&)(9?,)(@&(I97,:?9?4<;&&

&

,2939KH#L49<N92D#5N#3F<#U!R%!#K26#3F<#%!$#

Q74&?)?9?(@&+:?45?)3&+L&974&!"#$%&94(K&9,&974&[%W'%N&'%QN&,:&)(9?,)(@&(I97,:?9?4<N&?<&

4H9:4K4@L&?K8,:9()9N&(<&97?<&4)(+@4<&974&94(K&9,&4<9(+@?<7&?9<&:,@4N&I<45I@)4<<&()*&

C:4*?+?@?9L;&B9&?<&?K8,:9()9&9,&+4(:&?)&K?)*&97(9&K()L&?)OC,I)9:L&C,I)94:8(:9<&K(L&

974K<4@F4<&+4&(554C94*&+L&974&*?<(<94:&()*&544@&,F4:M74@K4*&+L&974&C7(@@4)34<&974L&(:4&

5(C?)3;&$9&974&<(K4&9?K4N&974&!"#$%&94(K&?<&()&4H94:)(@&:4<,I:C4&()*&K(L&+4&F?4M4*&(<&

C,K?)3&9,&e9(-4&,F4:f;&B9&?<&97I<&?K8,:9()9&9,&<7,M&4K8(97LN&4K87(<?A4&<,@?*(:?9L&()*&,554:&

974&94(KV<&8:,54<<?,)(@&<-?@@<&()*&4H84:?4)C4&9,&<I88,:9&974K&?)&K()(3?)3&974&*?<(<94:;&$&

M4@@O8:48(:4*&+:?45?)3&?<&()&?)*?C(9?,)&,5&8:,54<<?,)(@?<K&()*&<7,I@*&+4&C(:45I@@L&97,I379&

97:,I37&(<&8(:9&,5&974&?)?9?(@&2,$;&Q74&5,@@,M?)3&<7,I@*&+4&(**:4<<4*P&

&

• #4C?*4&M7,&?<&9,&3?F4&974&+:?45?)3&D),:K(@@L&974&Q4(K&R4(*4:E&()*&M7,&M?@@&(994)*;&

• #4C?*4&M7,&M?@@&()<M4:&<84C?(@?A4*&UI4<9?,)<N&+(<4*&,)&<84C?(@?9?4<&,5&!"#$%&94(K&

K4K+4:<;&&

• 2:48(:4&()&,I9@?)4&+:?45?)3&]&<7,:9N&:4@4F()9&()*&9,&974&8,?)9&D<44&+4@,ME;&

• X?<I(@?A4&974&+:?45&?5&8,<<?+@4&D+I9&:4K4K+4:&97(9&9?K4&M?@@&+4&@?K?94*EN&,:&8:48(:4&

7()*,I9<&,)&974&!"#$%&<L<94KN&()*&7(F4&+I<?)4<<&C(:*<&,:&(&C,)9(C9&@?<9&:4(*L&9,&

7()*&,F4:&D34)4:?C&94K8@(94<&C()&+4&5,I)*&?)&974&!"#$%&K?<<?,)&<,59M(:4E;&&

• >(-4&974&455,:9&9,&5?)*&,I9&M7,&974&K4K+4:<&,5&974&'%Q&(:4&()*&M7(9&,:3()?A(9?,)<&

974L&:48:4<4)9;&

• d4&:4(*L&9,&(<-&UI4<9?,)<&(+,I9&974&C,)94H9&()*&974&@(94<9&<?9I(9?,)&D?9&K(L&7(F4&

C7()34*&M7?@4&L,I&7(F4&+44)&9:(F4@@?)3EN&(<&M4@@&(<&C7(@@4)34<&()*&C,)<9:(?)9<;&&

• $<-&974?:&F?4M<&()*&,8?)?,)<&(+,I9&974&:4<8,)<4&()*&@?-4@L&4F,@I9?,)&,5&974&<?9I(9?,);&

&

*>J<83>#35#L<#85A<4<6#67492D#3F<#L49<N92D&

Q74&5,@@,M?)3&<7,I@*&+4&C,F4:4*&+L&974&94(K&*I:?)3&974&+:?45?)3P&

&

• $&<7,:9&?)9:,*IC9?,)&9,&974&!"#$%&C,)C489&D?;4;N&Y%'$V<&5(<9&:4<8,)<4&9,,@N&?)C@I*?)3&

:454:4)C4&9,&K,<9&:4@4F()9&!"#$%&K?<<?,)<&O&K(\,:&:4C4)9&4K4:34)C?4<N&<?K?@(:&

4K4:34)C?4<N&,974:&!"#$%&K?<<?,)<&?)&97(9&C,I)9:LE;&&

• $&<7,:9&+:?45&,)&4(C7&K4K+4:V<&4H84:?4)C4&D97?<&C,I@*&+4&(&7()*,I9E;&

• Q74&F(@I4O(**4*&9(<-<&97(9&974&!"#$%&94(K&C,I@*&I)*4:9(-4&?)&<I88,:9&,5&974&'%Q&

()*&8(:9)4:<N&?)C@I*?)3P&&

Page 76: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0h&,5&.6& %7(894:&%&

- %,,:*?)(9?)3&?)?9?(@&)44*<&(<<4<<K4)9&(CC,:*?)3&9,&974&>B[$&S:(K4M,:-&,:&

4H?<9?)3&?)OC,I)9:L&(<<4<<K4)9&8:,C4<<;&&

- ZI88,:9?)3&:4<,I:C4<&*48@,L4*&97:,I37&974&B)94:O$34)CL&[(8?*&[4<8,)<4&

>4C7()?<K&DB$[[>EN&?5&(88@?C(+@4;&&

- ZI88,:9?)3&?)5,:K(9?,)&K()(34K4)9;&&

- G<9(+@?<7?)3&C,,:*?)(9?,)&@?)-<&+49M44)&(@@&?)94:)(9?,)(@&:4<8,)*4:<N&?)C@I*?)3&

"`Y<N&*,),:<N&5,:4?3)&K?@?9(:L&(<<49<N&8:?F(94&<4C9,:N&?)94:)(9?,)(@&:4<CI4&94(K<N&

49C;&&

- G<9(+@?<7?)3&5I)C9?,)(@&:4@(9?,)<7?8<&M?97&)(9?,)(@&()*&@,C(@&4K4:34)CL&

K()(34K4)9&(I97,:?9?4<&()*&4)<I:4&?)94:5(C4&M?97&?)94:)(9?,)(@&:4<8,)<4&

D97:,I37&YZY%%W@?(?<,)&,55?C4:<N&49C;E;&

- ZI88,:9?)3&?)94:OC@I<94:&C,,:*?)(9?,)&()*&4<9(+@?<7K4)9&,:&:4?)5,:C4K4)9&,5&

7IK()?9(:?()&C,,:*?)(9?,)&<9:IC9I:4<N&?)C@I*?)3&(9&974&*?<(<94:&<?94;&

• $&<7,:9&+:?45?)3&,)&974&YZY%%&C,)C489&?5&97?<&?<&:4@4F()9&9,&974&*?<(<94:;&

• $&<7,:9&,I9@?)4&,5&974&?)?9?(@&2,$N&?)C@I*?)3&@?)-(34<&M?97&M?*4:&Y%'$&:4<8,)<4&()*&

7,M&(&C@,<4&M,:-?)3&:4@(9?,)<7?8&M?97&)(9?,)(@&(I97,:?9?4<&M?@@&+4&4<9(+@?<74*;&&

• $)&,F4:F?4M&,5&,974:&Y%'$&<4:F?C4<&97(9&K(L&+4&C(@@4*&I8,)N&?)C@I*?)3&

<4C,)*(:LW4)F?:,)K4)9(@&?K8(C9&(<<4<<K4)9;&#

#

)5>#K26#652V3>#WF9H<#L49<N92D#3F<#U!R%!X#%!$#K26R54#2K3952KH#K73F54939<>#

#,P&

• #:4<<&8:,54<<?,)(@@L&D\(C-49&()*&9?4&,:&4UI?F(@4)9&5,:&(9&@4(<9&974&5?:<9&K449?)3E;&&

• Z7,M&:4<84C9&()*&4K8(97LN&()*&4H8:4<<&<,@?*(:?9L;&&

• GK87(<?A4&974&5(C9&97(9&974&94(K&?<&974:4&9,&74@8&974K&+L&4)7()C?)3&4H?<9?)3&?)O

C,I)9:L&C(8(C?9L&9,&*4(@&M?97&974&4K4:34)CL;&

• GK87(<?A4&97(9&974&!"#$%&94(K&?<&(&<84C?(@?<9&4K4:34)CL&K()(34K4)9&9,,@&<4)9&+L&

974&G[%&()*&Y%'$&9,&(<<?<9;&

• !)*4:@?)4&97(9&Y%'$&()*&974&!"#$%&94(K&?<&),9&?9<4@5&?)F,@F4*&?)&:I))?)3&:4@?45&

8:,3:(KK4<&<,&?<&84:C4?F4*&9,&+4&)4I9:(@&+L&*,),:<&()*&,974:&:4<8,)*4:<;&

• Z9(94&97(9&974&94(K&C()&:(?<4&(M(:4)4<<&,5&974&<?9I(9?,)&()*&)44*<&(9&974&

?)94:)(9?,)(@&@4F4@;&

• GK87(<?A4&97(9&974&94(K&?<&<4@5O<I55?C?4)9&()*&M?@@&),9&*?F4:9&:4<,I:C4<&5:,K&'%Q&

K4K+4:<&,:&)(9?,)(@&(I97,:?9?4<;&

• $<-&UI4<9?,)<&(+,I9&974&<?9I(9?,)N&(554C94*&(:4(<&()*&?)OC,I)9:L&C,)94H9N&)(9?,)(@&

()*&?)94:)(9?,)(@&:4<8,)<4&<,&5(:N&8:?,:?9?4<N&C(8(C?9LN&3(8<N&C7(@@4)34<N&C,)<9:(?)9<N&

974&@?-4@L&4F,@I9?,)&,5&974&<?9I(9?,)N&49C;&

&

#,)V9P&

• '(F4&K,:4&97()&,)4&94(K&K4K+4:&9(@-&<?KI@9()4,I<@L;&

• a(<94&9?K4&]&4F4:L,)4&M?@@&+4&+I<L&()*&<9:4<<4*;&&

• Z7,M&<?3)<&,5&?K8(9?4)C4N&?::?9(9?,)&,:&*?<9:(C9?,)&D4;3;N&I<4&,5&K,+?@4&87,)4<E;&&

Page 77: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&.6& %7(894:&%&

• >(-4&C,KK?9K4)9<&,)&+47(@5&,5&Y%'$&,:N&?5&+:?45?)3&)(9?,)(@&(I97,:?9?4<N&,)&+47(@5&

,5&974&[%W'%&I)@4<<&*?<CI<<4*&()*&(3:44*&?)&(*F()C4;&

• >(-4&()L&5?)()C?(@&C,KK?9K4)9<;&&

&

Q7?<&K449?)3&?<&(@<,&()&,88,:9I)?9L&9,&?*4)9?5L&-4L&C,)9(C9<&?)&+,97&974&C(8?9(@&()*&974&

(554C94*&(:4(<;&Q7?<&K(L&?)C@I*4&?*4)9?5L?)3P&

&

• >4K+4:<&,5&974&'%Q&D?;4;N&C@I<94:&@4(*<E;&

• %@I<94:&C,,:*?)(9,:<N&?5&()&?)94:OC@I<94:&C,,:*?)(9?,)&5,:IK&4H?<9<;&

• m4L&<9(55&5:,K&)(9?,)(@&(I97,:?9?4<&?)&C7(:34&,5&974&4K4:34)CL&:4<8,)<4;&

• m4L&<9(55&5:,K&)(9?,)(@&(I97,:?9?4<&?)&C7(:34&,5&?)94:)(9?,)(@&:4@?45N&?5&),9&974&<(K4&(<&

(+,F4;&

• m4L&*?8@,K(9?C&K?<<?,)<&:48:4<4)9?)3&C,I)9:?4<&K,<9&@?-4@L&9,&:4<8,)*&9,&974&

4K4:34)CL;&

• B)94:)(9?,)(@&7IK()?9(:?()&,:3()?A(9?,)<N&?)C@I*?)3&"`Y<N&:48:4<4)94*&?)&974&

C,I)9:L;&

• "(9?,)(@&7IK()?9(:?()&,:3()?A(9?,)<;&

• !)?94*&"(9?,)<&(34)C?4<&:48:4<4)94*&(9&974&<?94;&&

• R,C(@&(I97,:?9?4<&?)&C7(:34&,5&974&4K4:34)CL&:4<8,)<4;&

• B)94:)(9?,)(@&,:3()?A(9?,)<&:4<8,)*?)3&9,&974&4K4:34)CL;&

• "(9?,)(@&:4@?45&,:3()?A(9?,)<&8:4<4)9&?)&974&(554C94*&(:4(<;&

&

-<87493G#L49<N92D#

!"#$%&K4K+4:<&,)&K?<<?,)&(:4&!)?94*&"(9?,)<&<9(55&()*&<I+\4C9&9,&!)?94*&"(9?,)<&

:43I@(9?,)<&5,:&<(549L&()*&<4CI:?9L;&

&

Q74&!)?94*&"(9?,)<&84:<,)&?)&,F4:(@@&C7(:34&,5&<4CI:?9L&?<<I4<&?)&(&C,I)9:L&?<&C(@@4*&974&

#4<?3)(94*&Y55?C?(@&D#YE&()*&?<&I<I(@@L&974&!"&[4<?*4)9&%,,:*?)(9,:&?)&97(9&C,I)9:L;&2:?,:&9,&

*48@,LK4)9N&Y%'$WS%ZZ&M?@@&7(F4&(88@?4*&9,&974&!)?94*&"(9?,)<&#48(:9K4)9&,5&Z(549L&()*&

Z4CI:?9L&D!"#ZZE&5,:&e<4CI:?9L&C@4(:()C4f&5,:&4(C7&!"#$%&94(K&K4K+4:&5,:&974&K?<<?,)&

()*&M?@@&7(F4&:4UI4<94*&<84C?(@&(I97,:?A(9?,)&5,:&974&94(K&9,&I<4&K?@?9(:L&(?:C:(59&,:&F4<<4@<&

?)OC,I)9:L;&GHC489&?)&<84C?(@&C?:CIK<9()C4<N&974&#Y&?<&974)&3:()94*&(I97,:?9L&9,&*4C?*4&?5&974&

94(K&K(L&*,&<,&()*&<7,I@*&+4&C,)<I@94*&?)&97?<&:43(:*;&n,I&KI<9&),9&I<4&K?@?9(:L&(?:C:(59&,:&

F4<<4@<&I)@4<<&L,I&7(F4&:4C4?F4*&<84C?5?C&<4CI:?9L&C@4(:()C4&5:,K&974&#Y;&&

&

$@@&94(K&K4K+4:<&KI<9&:4C4?F4&(&<4CI:?9L&+:?45?)3&5:,K&!"#ZZ&,55?C?(@<&?)OC,I)9:L&(<&<,,)&

(<&8,<<?+@4&(594:&(::?F(@;&B5&97?<&?<&),9&?)?9?(94*&+L&974&[%W'%&(<&#YN&974&94(K&<7,I@*&(<-&5,:&

,)4;&&

&

Q74&!)?94*&"(9?,)<&Z4CI:?9L&[?<-&>()(34K4)9&DZ[>E&K,*4@&?<&(&K()(34:?(@&9,,@&5,:&974&

()(@L<?<&,5&<(549L&()*&<4CI:?9L&97:4(9<&97(9&K(L&(554C9&?9<&84:<,))4@N&(<<49<&()*&,84:(9?,)<;&

Page 78: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&.6& %7(894:&%&

a?97?)&974&Z[>N&(&Z4CI:?9L&[?<-&$<<4<<K4)9&DZ[$E&M?@@&7(F4&+44)&C,)*IC94*&84:9(?)?)3&9,&

974&C,I)9:L&()*W,:&@,C(9?,)&974&!"#$%&94(K&*48@,L<&9,;&$@@&<4CI:?9L&*4C?<?,)<N&<4CI:?9L&

8@())?)3&()*&?K8@4K4)9(9?,)&,5&K4(<I:4<&9,&K()(34&<4CI:?9L&:?<-<&KI<9&+4&+(<4*&,)&974&

Z[$;&Q74&!"#$%&94(K&<7,I@*&K(-4&<I:4&9,&9(-4&(CC,I)9&,5&97?<&?)&974?:&8@()<;&>?<<?,)&

:4UI?:4K4)9<&M?@@&7(F4&9,&+4&+(@()C4*&M?97&<4CI:?9L&K4(<I:4<&D4;3;N&(I97,:?A(9?,)&5,:&I<4&,5&

K?@?9(:L&(?:C:(59N&?)OC,I)9:L&9:(F4@&<4CI:?9L&C@4(:()C4N&CI:54M<N&4<C,:9<N&I<4&,5&:(*?,<&()*&

<84C?(@?A4*&<4CI:?9L&4UI?8K4)9E;&$)L&8,94)9?(@&C,)5@?C9&+49M44)&K?<<?,)&:4UI?:4K4)9<&()*&

<4CI:?9L&K4(<I:4<&)44*<&9,&+4&?*4)9?5?4*&()*&(**:4<<4*&(9&974&4(:@?4<9&<9(34;&B)&<,K4&

C?:CIK<9()C4<N&()&!"#$%O9:(?)4*&<4CI:?9L&,55?C4:&5:,K&!"#ZZ&K(L&+4&8(:9&,5&974&!"#$%&

94(K;&%7(894:&'&C,)9(?)<&*49(?@4*&?)5,:K(9?,)&,)&K?<<?,)&<4CI:?9L&8:,C4<<4<;&

&

!"@":#'J6K3<#;HK2#5N#*83952#

&

S,@@,M?)3&974&5?:<9&C,)9(C9&M?97&974&[%W'%N&<4CI:?9L&+:?45?)3&()*&,974:&-4L&K449?)3<N&974&

94(K&<7,I@*&(55?:K&,:N&(@94:)(9?F4@LN&(*\I<9&?9<&K?<<?,)&,+\4C9?F4<&?)&@?379&,5&974&?)5,:K(9?,)&

:4C4?F4*&()*&974&,89?,)<&,84)&9,&974&94(K;&Q74&2,$&<7,I@*&+4&I8*(94*&,)&97?<&+(<?<&()*&

974&94(K&<7,I@*&C,KK4)C4&?9<&(C9?F?9?4<&M?97,I9&5I:974:&*4@(L;&a74)&I8*(9?)3&974&2,$&974&

!"#$%&94(K&<7,I@*&C,)<?*4:P&

&

• Z?9I(9?,)N&)44*<N&C(8(C?9L&()*&3(8<;&

• >?<<?,)&,+\4C9?F4<&:4F?<?,);&

• [48,:9?)3&@?)4<;&

• Q4(K&,:3()?A(9?,)N&?)C@I*?)3&Y%'$&<I:34&*48@,LK4)9<&()*&974?:&:,@4<;&

• `(8<&?)&94(K&4H84:9?<4&()*&8,<<?+@4&)44*&5,:&:4?)5,:C4K4)9;&

• SI:974:&K449?)3&)44*<;&

• %,,:*?)(9?,)&)44*<&()*&7,M&974&94(K&C,I@*&+4<9&<I88,:9&974K;&

• ZI88,:9WC(8(C?9L&,5&'%Q&()*&)(9?,)(@&(I97,:?9?4<;&

• R,3?<9?C(@&C(8(C?9L&()*&<I88,:9N&?)C@I*?)3&C,)<9:(?)9<&5:,K&*(K(34*&?)5:(<9:IC9I:4&

D:,(*<N&+I?@*?)3<N&8,M4:O@?)4<N&49C;E;&

• %I@9I:(@&?K8@?C(9?,)<&()*&<4)<?9?F?9?4<&D7,@?*(L<N&34)*4:W:,@4&*?554:4)C4<E;&

• B*4)9?5?C(9?,)&,5&-4L&8@(C4<W(:4(<&9,&F?<?9&()*&-4L&?)5,:K()9<&9,&<84(-&M?97;&

• Z4CI:?9L&?K8@?C(9?,)<;&

&

[4K4K+4:&97(9&974&2,$&?<&(&@?F?)3&*,CIK4)9&97(9&<7,I@*&+4&(*\I<94*&*I:?)3&974&K?<<?,)N&(<&

974&<?9I(9?,)&4F,@F4<;&m448?)3&?9&*L)(K?CN&7,M4F4:N&K?379&+4&C7(@@4)3?)3N&(<&?9&?<&(@@&9,,&4(<L&

9,&C:4(94&(&M:?994)&8@()&97(9&:4K(?)<&,)&8(84:&()*&?<&)4F4:&9I:)4*&?)9,&:4(@?9L;&$&2,$&<7,I@*&

+4&(&K()(34K4)9&9,,@&()*&I<4*&5,:&3I?*()C4;&$&F4:L&:?3?*N&*49(?@4*&8@()&K(L&+4&\I<9&(<&+(*&

(<&()&,F4:@L&<I84:5?C?(@&,)4;&Q74&5,:K4:&K(L&+4&9,,&*49(?@4*&()*&+4C,K4&,+<,@494&+45,:4&?9&

?<&,55&974&8:?)94:N&M7?@4&974&@(994:&K(L&+4&9,,&<7(@@,M&9,&(CCI:(94@L&:45@4C9&974&<?9I(9?,)&()*&

*45?)4&M7(9&)44*<&9,&+4&*,)4;&Q74&C7(@@4)34&@?4<&?)&5?)*?)3&974&+(@()C4&()*&C:4(9?)3&(&8@()&

97(9&?<&<,@?*&4),I37&9,&M,:-&5:,KN&+I9&5@4H?+@4&4),I37&9,&(*(89&9,&:(8?*&C7()34<&(<&974L&

Page 79: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&.6& %7(894:&%&

,CCI:;&&

!"@"@#&Q<873952#

Q74&*?F4:<?9L&,5&*?<(<94:&<?9I(9?,)<&()*&C,)94H9<&K(-4<&?9&F4:L&*?55?CI@9&9,&8:,F?*4&(&+@I48:?)9&

,5&4H(C9@L&7,M&9,&4H4CI94&K?<<?,)&(C9?F?9?4<;&a7?@4&<84C?5?C&(C9?F?9?4<&:4@(94*&9,&C,,:*?)(9?,)N&

(<<4<<K4)9&()*&?)5,:K(9?,)&K()(34K4)9&K497,*,@,3?4<&C()&+4&5,I)*&?)&974&:4<84C9?F4&

C7(894:<&,5&97?<&7()*+,,-N&4(C7&K?<<?,)&*4F4@,8<&?9<&,M)&?*4)9?9L&()*&K,F4<&(CC,:*?)3&9,&

?9<&,M)&*L)(K?C<;&&

Q74&<?9I(9?,)&M?@@&C,)<9()9@L&+4&C7()3?)3&()*&8:?,:?9?4<&K(L&+4&*?554:4)9&5:,K&*(L&9,&*(L;&B)&

<IC7&<?9I(9?,)<N&?9V<&?K8,:9()9&),9&9,&@,<4&<?379&,5&974&,F4:(@@&K?<<?,)&,+\4C9?F4<&*45?)4*&?)&

974&2,$;&Q,34974:&M?97&974&C,:)4:<9,)4<&,5&974&!"#$%&K497,*,@,3L&D<44&<4C9?,)&d;.;0E&

974L&<7,I@*&8:,F?*4&*?:4C9?,)&()*&<4:F4&(<&(&3I?*?)3&+4(C,)&5,:&974&K?<<?,);&&

+<K>7492D#J45D4<>>#

Q,&4)<I:4&97(9&974&2,$&:4K(?)<&*L)(K?C&()*&?<&I<4*&(<&(&K()(34K4)9&9,,@N&?9&K(L&+4&I<45I@&

9,&4H8@,:4&F(:?,I<&*?<8@(L&,89?,)<&()*&9,&*45?)4&+4)C7K(:-<&9,&K4(<I:4&8:,3:4<<;&Q7?<&C()&

+4&*,)4&?)&4@4C9:,)?C&5,:K(9N&I<?)3&*?554:4)9&<,59M(:4N&,:&+L&@(:34&<7449<&,5&8(84:&*?<8@(L4*&

,)&(&M(@@;&d4@,M&?<&()&4H(K8@4&,5&(&<?K8@4&<9:IC9I:4&M74:4&K?<<?,)&,+\4C9?F4<&7(F4&+44)&

:4*45?)4*&(<&+4)C7K(:-<&,)&(&9?K4@?)4;&&&

C9D74<#!":E#-KSJH<#+9>>952#;45D4<>>#.A<4A9<W#

Q(<-<&9,&+4&C,K8@494*&C,I@*&+4&+:,-4)&*,M)&?)&*45?)4*&(C9?F?9?4<N&4?974:&5,:&974&94(K&(<&(&

M7,@4N&,:&5,:&4(C7&5I)C9?,)(@&(:4(&,:&?)*?F?*I(@&94(K&K4K+4:;&B5&54(<?+@4N&974&94(K&<7,I@*&

C(::L&,I9&()&,84:(9?,)<&:4F?4M&4(C7&*(L&()*&:45@4C9&()L&C7()34<&?)&974&?KK4*?(94&M,:-&

!"#$%&'$()

*+,$)

•  !"!##$%&'()*+&,%-$

•  .+/0&$1+',$2#34#$567%8$

/(95/(*$(:',5;+9%&8$%'7<$

%&'()*+&,%-$

•  =/+9(*$/%%-&$(&&%&&>%/'&$

7(;;+%-$5:'$

•  "+':(95/(*$?/(*@&+&$

A/(*+B%-$

•  #*:&'%;&$%&'()*+&,%-$

•  =C$&%;D+7%&$%&'()*+&,%-$

•  =/-:&';+(*$,(B(;-&3

&%75/-(;@$%/D+;5/>%/'(*$

;+&0&$+-%/9A%-$(/-$

(--;%&&%-$

•  EF+'$&';('%G@$A/(*+B%-$

•  !"!##$;://+/G$

•  #*:&'%;&$;://+/G$

•  =C$&%;D+7%&$%FH(/-%-$

•  =4I$7(>H$H*(//%-$

•  C=2?$;%H5;'$A/+&,%-$

•  =/'%;J7*:&'%;$755;-+/(95/$

K:/795/+/G$

•  4(/-5D%;$/5'%$H;%H(;%-$

•  =4I$7(>H$A/(*+B%-$

•  4(/-5D%;$75>H*%'%-$

-$$.)/ ) ) ) )-$$.)// ) ) ) )-$$.)///)

Page 80: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&.6& %7(894:&%&

8@())4*&5,:&97(9&*(L&()*&974&5,@@,M?)3&84:?,*;&Q74&,84:(9?,)<&:4F?4M&<7,I@*&?)C@I*4P&

&

• "4M&*4F4@,8K4)9<&?)&974&<?9I(9?,);&

• $)L&C7()34<&9,&974&,+\4C9?F4<&,5&974&K?<<?,);&

• #(?@L&M,:-&8:,3:(KK4;&

• $)L&C7()34<&9,&94(K&,:3()?A(9?,)&()*&?)*?F?*I(@&(<<?3)K4)9<;&

• Q4(K&K,F4K4)9<;&

• [4<,I:C4<&(F(?@(+@4W)44*4*;&

• B)<9:IC9?,)<&,)&C,KKI)?C(9?,)<;&

• !8*(94&,)&<(549L&()*&<4CI:?9L;&

• R(94<9&,55?C?(@&<9(9?<9?C<&,)&974&*?<(<94:&()*&-4L&K4<<(34<&5,:&()L&4)C,I)94:<&M?97&974&

K4*?(&()*&,974:<;&

&

,23<42KH#8554692K3952#

>()(3?)3&974&*49(?@<&,5&974&?)94:)(@&M,:-&8:,C4<<4<&M?97?)&974&94(K&?<&I<I(@@L&974&

:4<8,)<?+?@?9L&,5&974&#48I9L&Q4(K&R4(*4:&,:&YZY%%&>()(34:;&$&-4L&9,&<ICC4<<&M?@@&,594)&+4&

9,&4)<I:4&<I55?C?4)9&?)5,:K(9?,)&5@,M&M?97?)&974&94(K;&Q74:4&?<&),&<?K8@4N&e,)4O<?A4O5?9<O(@@f&

<,@I9?,)&9,&(C7?4F4&97?<N&+I9&<,K4&<9:(943?4<&?)C@I*4P&

&

• $&M7?94+,(:*&5,:&-4L&?)5,:K(9?,)&D4;3;N&(C9?F?9L&+,(:*N&34)4:(@&?)5,:K(9?,)N&

,84:(9?,)(@&8@())?)3&+,(:*<E;&&

• $&e9,&:4(*f&@?<9&,5&?K8,:9()9&*,CIK4)9<;&

• $)&?)8I9&(:4(&?)&974&K?<<?,)&<,59M(:4WM,:-<8(C4;&

• [43I@(:W*(?@L&94(K&K449?)3<;&

• [43I@(:&+:?45?)3<&()*&<?9I(9?,)(@&I8*(94<;&

• $&5?F4OK?)I94&e<C:IKf&4F4:L&eHf&7,I:<&D?;4;N&(@@&94(K&K4K+4:<&<9,8&974?:&M,:-&5,:&(&

<7,:9&84:?,*&()*&4F4:L,)4&3?F4<&(&<7,:9&I8*(94&,5&974?:&(C9?F?9?4<N&+45,:4&:49I:)?)3&9,&

974?:&9(<-<E;&

• ZC74*I@4*&94@4C,)54:4)C4<&M?97&<I+O@,C(9?,)<W,55?C4<;&

&

a?97&<K(@@4:&94(K<N&?)94:)(@&?)5,:K(9?,)&5@,M&K(L&+4&4(<?4:&9,&(C7?4F4&97()&M74)&974&94(K&

?<&@(:34&()*W,:&<8:4(*&,I9&,F4:&(&M?*4:&34,3:(87?C(@&(:4(;&a?97&@(:34&94(K<N&()*&,594)&M74)&

C,K+?)4*&M?97&Y%'$&<I:34&()*&F(:?,I<&<I88,:9&<9(55N&K()(3?)3&M,:-&8:,C4<<4<&K(L&

:4UI?:4&<48(:(94&K()(34:<&,:&5,C(@&8,?)9<&5,:&4(C7&5I)C9?,)(@&(:4(&?)&(**?9?,)&9,&()&,F4:(@@&

94(K&K()(34:;&Z4C9?,)&d;=;0&C,)9(?)<&5I:974:&?)5,:K(9?,)&,)&94(K&5I)C9?,)<;&&

&

!"@"?#!52>5H96K3952#

&

Z,K4&*(L<&?)9,&974&K?<<?,)N&),:K(@@L&(:,I)*&7(@5M(L&,:&<,,)4:&*484)*?)3&,)&974&<?9I(9?,)N&

?9&?<&?K8,:9()9&9,&:4F?<?9&974&K?<<?,)&,+\4C9?F4<&9,&<44&?5&974L&)44*&9,&+4&(*(894*;&Q74&

<?9I(9?,)N&(<&,:?3?)(@@L&84:C4?F4*N&K(L&7(F4&C7()34*&(<&K,:4&?)5,:K(9?,)&+4C,K4<&(F(?@(+@4&

Page 81: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.=&,5&.6& %7(894:&%&

()*&?<&()(@LA4*;&>,:4&:4<,I:C4<&K(L&7(F4&+4C,K4&(F(?@(+@4N&()*&974:4&K(L&+4&(&)44*&9,&

4<9(+@?<7&)4M&,+\4C9?F4<&()*&K(-4&C7()34<&9,&:,@4<&()*&:4<8,)<?+?@?9?4<;&$)L&C7()34<&9,&974&

,F4:(@@&K?<<?,)&,+\4C9?F4<&<7,I@*&+4&K(*4&?)&C,)<I@9(9?,)&M?97&974&[%W'%N&974&Y%'$&

[43?,)(@&Y55?C4&()*&Y%'$&74(*UI(:94:<;&d45,:4&:4F?<?)3&974&2,$N&?9&?<&?K8,:9()9&9,&(<-&974&

UI4<9?,)<P&

&

• $:4&M4&,)&974&:?379&9:(C-o&

• $:4&974&:?379&84,8@4&*,?)3&974&:?379&\,+<o&

• B<&974:4&(&)44*&5,:&(**?9?,)(@&:4<,I:C4<N&7IK()&,:&K(94:?(@o&

• B<&974&M,:-@,(*&4F4)@L&*?<9:?+I94*N&,:&?<&974:4&(&)44*&9,&:,9(94o&

• Z7,I@*&974&K?<<?,)&84:?,*&+4&8:,@,)34*N&()*&<7,I@*&(**?9?,)(@&94(K&K4K+4:<&+4&

K,+?@?A4*o&

&

Q74&()<M4:<&9,&974<4&UI4<9?,)<&<7,I@*&@4(*&9,&(&:4F?<4*&2,$N&?)C@I*?)3&()L&C7()34<&9,&94(K&

,:3()?A(9?,)&()*&(:4(<&,5&:4<8,)<?+?@?9L;&&

&

$9&97?<&<9(34&?)&974&K?<<?,)N&?9&?<&?K8,:9()9&9,&5?)(@?A4&974&7()*,F4:&()*&4H?9&<9:(943L&9,&

4)<I:4&97(9&<L<94K<&(:4&?)&8@(C4&9,&(F,?*&(&+:4(-*,M)&,5&974&<9:IC9I:4<&974&94(K&7(<&<49&I8&

,)C4&974&K?<<?,)&4)*<;&B9&?<&?K8,:9()9&9,&(F,?*&*484)*4)CL&,)&974&94(KV<&<4:F?C4<&()*&

<9:IC9I:4<&()*&9,&<44-&<,@I9?,)<&97(9&(:4&<I<9(?)(+@4&(594:&974&94(K&@4(F4<;&a74)&

4<9(+@?<7?)3&(&<9:IC9I:4&,:&8:,F?*?)3&(&<4:F?C4N&?9&<7,I@*&+4&97,I379&97:,I37&5:,K&974&

+43?))?)3&M74974:&97?<&?<&<,K497?)3&97(9&8(:9)4:<&,)&974&3:,I)*&C,I@*&<I<9(?)&<?H&K,)97<&

?)9,&974&5I9I:4;&B9&K(L&+4&4(<L&9,&+I?@*&<,K497?)3N&+I9&?9&K(L&),9&+4&<I<9(?)(+@4&M?97,I9&974&

:4<,I:C4<&5:,K&974&94(K;&

&

!"?#+9>>952#&26#

&

Q74&*4C?<?,)&9,&94:K?)(94&974&!"#$%&94(KV<&K?<<?,)&?<&9(-4)&+L&Y%'$&74(*UI(:94:<&?)&

C,)<I@9(9?,)&M?97&974&[%W'%N&974&Y%'$&[43?,)(@&Y55?C4&()*&974&!"#$%&Q4(K&R4(*4:;&$594:&

974&*4C?<?,)&?<&9(-4)N&974&94(K&<7,I@*&+:?45&974&[%W'%N&974&'%Q&()*N&M74)&(88:,8:?(94N&974&

)(9?,)(@&(I97,:?9?4<;&&

&&

!"?"1#%K265A<4#K26#&Q93#

#

B9&KI<9&+4&C@(:?5?4*&(9&974&4(:@?4<9&8,<<?+@4&K,K4)9&M74974:&974&,84:(9?,)W*?<(<94:&?<&,5&(&

K(3)?9I*4&97(9&:4UI?:4<&()&4)7()C4*&,:&)4M&Y%'$&8:4<4)C4&?)&974&C,I)9:L&,:&?5&8(:9)4:<&

,)&974&3:,I)*N&M74974:&)(9?,)(@&,:&?)94:)(9?,)(@N&C()&9(-4&,F4:&5I)C9?,)<&4<9(+@?<74*&+L&974&

94(K;&$<&<,,)&(<&?9&<9(:9<&9,&+4C,K4&C@4(:&M7?C7&*?:4C9?,)&974&,84:(9?,)&?<&9(-?)3&D<C(@4N&

9?K45:(K4N&<4C,)*(:L&?K8(C9N&<C4)(:?,&*4F4@,8K4)9N&)(9?,)(@&()*&?)94:)(9?,)(@&:4<8,)<4N&

49C;EN&974&94(Kl<&4H?9W7()*,F4:&C()&+4&8@())4*&?)&K,:4&*49(?@;&QL8?C(@&?)*?C(9,:<&5,:&K?<<?,)&

87(<4O*,M)&(:4P&

Page 82: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.c&,5&.6& %7(894:&%&

&

• [,I9?)4&M,:-&*,K?)(94<&974&*(L;&

• a,:-?)3&7,I:<&+4C,K4&K,:4&:43I@(:&()*&974:4&?<&K,:4&<8(:4&9?K4;&

• [43I@(:&K4(@<&()*&<@448;&

• GOK(?@&5@,M&<@,M<&*,M);&

• S4M4:&?)UI?:?4<&9,&974&YZY%%W,84:(9?,)<&C4)9:4;&

• Z?9I(9?,)&?<&K,:4&()*&K,:4&5,:4<44(+@4;&

&

B5&()&4H94)<?,)&,5&974&K?<<?,)&?<&4)F?<(34*N&97?<&<7,I@*&+4&*?<CI<<4*&M?97&Y%'$WS%ZZ&()*&

974&Y%'$&[43?,)(@&Y55?C4&5,:&5,:M(:*&8@())?)3&D?;4;&(F(?@(+?@?9L&,5&!"#$%&94(K&K4K+4:<&9,&

8:,@,)3&974?:&K?<<?,)N&:,9(9?,)&M?97&(&)4M&94(K&,:&*48@,LK4)9&,5&,974:&Y%'$&<I:34&

C(8(C?9LE;&B9&?<&?K8,:9()9&9,&?*4)9?5L&9,&M7,K&5I)C9?,)<&()*&8:,F?<?,)&,5&<4:F?C4<&K(L&+4&

7()*4*&,F4:N&()*&9,&*4C?*4&M74974:&()L&,5&974&!"#$%&4UI?8K4)9&<7,I@*&+4&@459&+47?)*;&B9&

?<&(@<,&?K8,:9()9&9,&?*4)9?5L&94(K&(*K?)?<9:(9?F4&()*&@,3?<9?C(@&(C9?F?9?4<&97(9&)44*&9,&+4&

9(-4)&9,&4)*&974&K?<<?,);&

&

B)&974&+43?))?)3&,5&974&K?<<?,)N&974&4H?9&<9:(943L&?<&F?<?,)(:L&()*&<9:(943?C;&$<&974&K?<<?,)&

8:,C44*<N&?9&<7,I@*&+4&(*\I<94*&(<&)4C4<<(:L&()*&5I:974:&*4F4@,84*&M?97&*49(?@<&()*&-4L&

(C9?,)<&9,&K(-4&?9&K,:4&9()3?+@4;&a74)&974&K?<<?,)&4)*&(88:,(C74<N&?9&)44*<&9,&+4C,K4&

9(C9?C(@&D?;4;N&*49(?@4*&8@())?)3&5,:&974&@(<9&M44-W*(L<N&?)C@I*?)3&974&94(K&*4+:?45&()*&4)*&,5&

K?<<?,)&:48,:9?)3E;&$&*49(?@4*&7()*,F4:&),94&<7,I@*&+4&8:48(:4*&<84C?5L?)3&M7(9&5I)C9?,)<N&

(<<49<&()*&<4:F?C4<&(:4&+4?)3&7()*4*&,F4:&()*&9,&M7,K;&B)&K()L&C(<4<N&974&7()*,F4:&),94&

C()&+4&())4H4*&9,&974&G)*&,5&>?<<?,)&[48,:9;&S,:&97,<4&9(-?)3&,F4:&C,,:*?)(9?,)&5I)C9?,)<N&

97?<&<7,I@*&?)C@I*4P&

&

• !"#$%#"&'P&Z?9I(9?,)&:48,:9<N&K(8<N&I8*(94&,)&974&CI::4)9&<?9I(9?,)N&974K4<&()*&@?-4@L&

5I9I:4&*4F4@,8K4)9<;&

• ("))"&'*+,-./#"0.)P&2(<9&()*&CI::4)9N&@?-4@L&()*&5I9I:4N&4(:@L&:4C,F4:LN&C,)C4:)<&()*&

:4K(:-<;&

• K.?*L/#&1)J4%1#'.1)P&"(9?,)(@&(I97,:?9?4<N&"`Y<N&!)?94*&"(9?,)<N&K?@?9(:LN&*,),:<N&

49C;N&8:4<4)94*&(<&(&C,)9(C9&@?<9N&M7,OM7(9OM74:4&,F4:F?4MN&49C;&

• L/#"0"#".)*%':*41&/.)).)*#&*@&'#"'$.P&B)94:OC@I<94:&C,,:*?)(9?,)&<9:IC9I:4<N&@4(*4:<7?8&

5I)C9?,)<N&?)5,:K(9?,)&K()(34K4)9N&,974:&C,,:*?)(9?,)&5I)C9?,)<N&974&!"#$%&

94(Kl<&:48,:9?)3&@?)4<&()*&,:3()?A(9?,);&

• ;0%F$%#"&'*&6*@$11.'#*!#%#$)P&a7(9&7(<&+44)&(CC,K8@?<74*N&M7(9&7(<&),9&+44)&*,)4&

]&+I9&<7,I@*&+4N&<9:4)397<&()*&M4(-)4<<4<&,5&974&C,,:*?)(9?,)&K4C7()?<K<;&

• +A.1%#"&'%F*='6&15%#"&'P&Z(549LN&<4CI:?9LN&@,3?<9?C<N&C,KKI)?C(9?,)<;&

• L:5"'")#1%#"&'M*E"'%'/.M*='>/&$'#1?*!$AA&1#P&B)C@I*4<&M7(9&<7,I@*&C,)9?)I4&()*&974&

5?)()C?(@&?K8@?C(9?,)<&DM74)&974&!"#$%&94(K&*48(:9<N&K?<<?,)&4H84)<4<&C4(<4E;&

&

%,8?4<&D8:454:(+@L&4@4C9:,)?CE&,5&(@@&-4L&?)5,:K(9?,)&<7,I@*&+4&:49(?)4*&9,&<7(:4&M?97&

Page 83: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.J&,5&.6& %7(894:&%&

:4@4F()9&C,I)94:8(:9<&?)OC,I)9:L&()*&M?97?)&Y%'$WS%ZZ;&B9&?<&?K8,:9()9&9,&8:,F?*4&(&

*49(?@4*&@?<9&,5&K?<<?,)&4H84)*?9I:4<&()*&,:?3?)(@&:4C4?89<&D34)4:(@@L&9,&974&!"#2&,55?C4&?)O

C,I)9:LE&()*&9,&:4<,@F4&()L&,I9<9()*?)3&5?)()C?(@&?<<I4<&+45,:4&@4(F?)3&974&C,I)9:L;&B9&?<&(@<,&

?K84:(9?F4&97(9&(@@&!"#$%&94(K&K4K+4:<&7(F4&C,@@4C94*&974?:&#Z$&5:,K&!"#2&?)OC,I)9:L&

8:?,:&9,&*48(:9I:4N&I)@4<<&<84C?(@&(::()34K4)9<&M4:4&K(*4&?)&(*F()C4&,5&974&K?<<?,)&M?97&

Y%'$WS%ZZ;&

&

#I:?)3&974&4H?9&84:?,*N&?9&?<&(@<,&?K8,:9()9&9,&<49&(<?*4&9?K4&5,:&()&?)94:)(@&*4+:?45&M?97?)&974&

94(K&()*&9,&C(89I:4&-4L&8,?)9<&9,&+4&?)C@I*4*&?)&K?<<?,)&:48,:9?)3;&&

&

!"?":#)<L49<N#

#

$9&K?<<?,)&4)*N&()&?)94:)(@&*4+:?45&<7,I@*&+4&C,)*IC94*&M?97&974&M7,@4&94(K&M?97&974&

5,@@,M?)3&(?K<P&

&

• Q,&+:?)3&(&<4)<4&,5&C@,<I:4&9,&974&K?<<?,)&+45,:4&:49I:)?)3&7,K4&D4;3;N&:4F?4M&,5&974&

K?<<?,)N&(C7?4F4K4)9<N&C7(@@4)34<N&ZaYQ&()(@L<?<N&<4@5O4F(@I(9?,)&,5&94(K&

84:5,:K()C4N&94(K&K()(34K4)9&()*&?)*?F?*I(@&4H84:?4)C4<N&8<LC7,@,3?C(@&?K8(C9E;&&

• Q,&*45?)4&:4C,KK4)*(9?,)<&5,:&5I9I:4&?)OC,I)9:L&(C9?F?9?4<&D4;3;&8:48(:4*)4<<&5,:&

5I9I:4&*?<(<94:<E;&&

• Q,&*:(M&,I9&@4<<,)<&@4(:)4*&()*&4):?C7&?)<9?9I9?,)(@&K4K,:L&5,:&974&!"#$%&<L<94K;&

&

S,:&974&?)94:)(@&*4+:?45&?9&?<&?K8,:9()9&9,&+4&(M(:4&,5&()L&<9:4<<&:4(C9?,)<N&CIKI@(9?F4&<9:4<<&

,:&C:?9?C(@&?)C?*4)9&<9:4<<&97(9&)44*&9,&+4&(**:4<<4*;&S,:&K,:4&?)5,:K(9?,)&,)&K()(3?)3&

K?<<?,)&<9:4<<N&<44&<4C9?,)&';b;&&

&

Q74&-4L&8,?)9<&,5&974&*4+:?45&<7,I@*&+4&<IKK(:?A4*&?)&+I@@49&5,:K&I<?)3&974&<9()*(:*&

!"#$%&94(K&*4+:?45&5,:K&()*&<7,I@*&+4&<7(:4*&M?97&974&94(K&K4K+4:<&()*&Y%'$WS%ZZ&

,)@L;&Q74&*4+:?45&?<&9:4(94*&C,)5?*4)9?(@@L&()*&<7,I@*&),9&:4C4?F4&M?*4:&C?:CI@(9?,);&

&

B)&(<&KIC7&(<&974&94(K&<C74*I@4&(@@,M<&5,:&?9N&Y%'$WS%ZZ&()*&974&[43?,)(@&Y55?C4&M?@@&9:L&9,&

C,))4C9&9,&974&94(K&*4+:?45&F?(&94@4C,)54:4)C4&9,&+4&8(:9&,5&974&5?)(@&M:(8&I8;&&&

&

B)&974&C(<4&,5&(&K(\,:&*?<(<94:N&(&K,:4&5,:K(@&*4+:?45?)3&M?97&4H94:)(@&8(:9)4:<&K(L&(@<,&+4&

,:3()?A4*&+L&Y%'$&(<&8(:9&,5&974&M?*4:&:4<8,)<4&4F(@I(9?,)N&I<I(@@L&8,<9OK?<<?,)&()*&+L&

94@4C,)54:4)C4;&&

&

+9>>952#4<J54392D#

$9&974&4)*&,5&4(C7&K?<<?,)N&?9&?<&?K8,:9()9&9,&*:(59&()&G)*&,5&>?<<?,)&[48,:9;&Q7?<&?<&I<I(@@L&

:48,:94*&9,&974&[%W'%&,:N&(<&(88:,8:?(94N&9,&974&`,F4:)K4)9;&Q74&:48,:9&5,@@,M<&(&<9()*(:*&

5,:K(9&()*&5,CI<4<&,)&M7(9&974&94(K&7(<&*,)4;&B9&?<&(@<,&34)4:(@@L&5,:&<7(:?)3&M?97&974&

Page 84: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.6&,5&.6& %7(894:&%&

M?*4:&C,KKI)?9L&,5&:4<8,)<4&8(:9)4:<;&B9&<7,I@*&+4&<44)&(<&()&?)943:(@&8(:9&,5&974&4H?9&()*&

7()*,F4:&<9:(943L;&&

&

a7?@4&97?<&:48,:9&?<&974&:4<8,)<?+?@?9L&,5&974&!"#$%&Q4(K&R4(*4:N&(@@&94(K&K4K+4:<&<7,I@*&

C,)9:?+I94&9,&974&8:,C4<<;&>()L&!"#$%&94(K&K4K+4:<N&+(<4*&,)&974?:&K?<<?,)&

4H84:?4)C4<N&(:4&(+@4&9,&,554:&:4C,KK4)*(9?,)<&,)&5I9I:4&*?<(<94:&:4<8,)<4&8:48(:4*)4<<&

9,&4?974:&3,F4:)K4)9(@&?)<9?9I9?,)<&,:&?)OC,I)9:L&!)?94*&"(9?,)<&4)9?9?4<;&a7?@4&974&94(K&?<&

?)&(&I)?UI4&8,<?9?,)&9,&,554:&(*F?C4N&9,&+4&8:,84:@L&4554C9?F4N&?9&?<&?K8,:9()9&97(9&

:4C,KK4)*(9?,)<&C()&+4&5,@@,M4*&I8&(<&8(:9&,5&(&M?*4:N&,)3,?)3&:4<8,)<4&8:48(:4*)4<<&

8:,3:(KK4;&B9&?<&974:45,:4&?K8,:9()9&9,&C(89I:4&<IC7&:4C,KK4)*(9?,)<&?)&974&K?<<?,)&

:48,:9?)3&8:,C4<<&5,:&5,@@,MOI8&+L&974&Y%'$&[43?,)(@&Y55?C4&()*&,974:&:4@4F()9&8(:9)4:<;&&

Q74&:4C,KK4)*(9?,)<&K(L&+4&974&<9(:9?)3&8,?)9&5,:&K,:4&9(:3494*&*?<(<94:&:4<8,)<4&

8:48(:4*)4<<&(C9?F?9?4<&97(9&974&!"#$%&<L<94K&C,I@*&<I88,:9N&,:&544*&?)9,&?)?9?(9?F4<&

(@:4(*L&I)*4:M(L;&&

&

B)&(**?9?,)&9,&974&94(K&:48,:9N&Y%'$WS%ZZ&M?@@&8:48(:4&(&<7,:9&G)*&,5&>?<<?,)&[48,:9&97(9&

C(89I:4<&974&-4L&8,?)9<&5:,K&974&K?<<?,)&()*&M?@@&<7(:4&97?<&M?97&974&!"#$%&94(K&

K4K+4:V<&<8,)<,:?)3&`,F4:)K4)9W,:3()?A(9?,);&B9&M?@@&(@<,&+4&*?<9:?+I94*&(9&974&())I(@&

!"#$%&$*F?<,:L&d,(:*&K449?)3;&&&&

&

*6S929>34K39A<#SK33<4>#

$@@&!"#$%&94(K&K4K+4:<&<7,I@*&C,K8@494&(&!)?94*&"(9?,)<&9:(F4@&C@(?K&5,:K&(<&<,,)&(<&

8,<<?+@4&5,@@,M?)3&:49I:)&5:,K&K?<<?,)&9,&4)(+@4&:(8?*&<499@4K4)9&,5&974?:&4)9?9@4K4)9<;&

Y%'$WS%ZZ&<9(55&M?@@&(<<?<9&M?97&97?<&8:,C4*I:4;&B)&97?<&:43(:*N&974&5,@@,M?)3&*,CIK4)9<&M?@@&

+4&:4UI?:4*P&&&

&

• $&C,K8@494*&()*&<?3)4*&!)?94*&"(9?,)<&9:(F4@&C@(?K&5,:K&3?F?)3&+()-&(CC,I)9&*49(?@<&

D8:,F?*4*&+L&Y%'$WS%ZZE;&

• Y:?3?)(@<&,5&(@@&+,(:*?)3&8(<<4<&()*&()L&(?:&9?C-49<&?<<I4*;&&

• Y:?3?)(@<&,5&(@@&(99(C7K4)9<&:4@4F()9&9,&84:<,)(@&4H84)<4<&?)CI::4*&D4;3;N&4HC4<<&

+(33(34&C7(:34<N&F?<(&C,<9<N&(?:8,:9&9(H4<N&:4C4?89<&5,:&9(H?<N&,55?C?(@&87,)4&C(@@<&,:&

B)94:)49&I<(34N&(CC,KK,*(9?,)<E&()*&!"#2O?<<I4*&*,CIK4)9(9?,)&:4@(9?)3&9,&#Z$;&

2@4(<4&),94&97(9&!)?94*&"(9?,)<&(*K?)?<9:(9?F4&:I@4<&(:4&F4:L&<9:?C9;&GH84)<4<&M?@@&),9&

+4&:4?K+I:<4*&I)@4<<&,55?C?(@@L&(I97,:?A4*&()*&,:?3?)(@<&,5&,55?C?(@&:4C4?89<&8:,F?*4*;&

B9&?<&974:45,:4&?K8,:9()9&9,&C,)<I@9&M?97&974&!"#$%&Q4(K&R4(*4:&()*W,:&Y%'$WS%ZZ&

+45,:4&?)CI::?)3&<IC7&4H84)<4<;&&&

&

Q74&!"#$%&K4K+4:&<7,I@*&87,9,C,8L&(@@&,:?3?)(@&*,CIK4)9<&<4)9&9,&Y%'$WS%ZZ;&B5&()L&

*,CIK4)9<&(:4&K?<<?)3N&()&4H8@()(9,:L&K4K,&<7,I@*&+4&8:,F?*4*;&!"#$%&K4K+4:<&(:4&

(*F?<4*&9,&-448&%FF&,:?3?)(@&:4C4?89<&()*&+?@@<&5,:&%FF&84:<,)(@&4H84)*?9I:4<;&B5&974L&(:4&),9&

:4UI?:4*N&974L&M?@@&+4&:49I:)4*&+L&Y%'$WS%ZZ;&

Page 85: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&67& %8(9:4;&#&

!"#$%%&!'()*'%(#

#

!"+#',-./012-3/,#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#+&

#<0<0&'=>()?:(;?()&%,,;*?)(:?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.&

!"4#$//.03,5-3/,#67-8/0/9/:;#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<&

#<.<0&%,,;*?)(:?,)&@4A8)?B=4C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6&

#<.<.&%,,;*?)(:?,)&D(;;?4;C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0/&

!"<#*87#%=%$$#$/,27>-#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#++&

#<1<0&EFE%%&F:;=A:=;4&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&06&

#<1<.&%84A-G?C:C&5,;&EFE%%&H=)A:?,)C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0I&

#<1<1&EFE%%&F=99,;:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&./&

#<1<6&%,,;*?)(:?,)&J44:?)3C&()*&F4;K?A4C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.0&

#<1<I&L4A49:?,)&#49(;:=;4&%4):;4&ML#%N&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.0&

#<1<7&!;+()&F4(;A8&()*&L4CA=4&M!F$LN&%,,;*?)(:?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.6&

#<1<7<0&!F$L&$CC4CC>4):C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.O&

#<1<7<.&#4>,+?G?P(:?,)&,5&!F$L&@4(>C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.Q&

#<1<O&EFE%%&?)&R4K4G&1&S>4;34)A?4C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.T&

!"?#',-7.@$91A-7.#$//.03,5-3/,#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<+&

!"B#$3C39#6393-5.;#$//.03,5-3/,#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<<&

#<I<0&!"#$%&()*&!"U%J%,,;*&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&17&

#<I<.&!"#$%&@V2F&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&1O&

#<I<1&E:84;&E94;(:?,)(G&!"U%J%,,;*&VCC=4C&:,&%,)C?*4;&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6/&

#<I<6&!"U%J%,,;*&L454;4)A4C&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6I&

&

!"+#',-./012-3/,#

&

$&C=**4)&,)C4:&4>4;34)AW&C?:=(:?,)X&4C94A?(GGW&()&R1&S>4;34)AW&MC44&C4A:?,)&$<I<.NX&A()&

;4C=G:&?)&,K4;Y84G>?)3&)44*CX&A,>94:?)3&9;?,;?:?4CX&*4C:;,W4*&,;&*(>(34*&A,>>=)?A(:?,)&

()*&:;()C9,;:(:?,)&?)5;(C:;=A:=;4X&(&;(9?*&?)5G=Z&,5&9;,K?*4;C&,5&8=>()?:(;?()&(CC?C:()A4&

A,=9G4*&Y?:8&()&,=:+=;C:&,5&>=:=(G&(?*&5;,>&G,A(G&A?:?P4)CX&()*&8?38GW&C:;4CC4*&G,A(G&

3,K4;)>4):(G&()*&),)U3,K4;)>4):(G&?)C:?:=:?,)C<&%,,;*?)(:4*&(A:?K?:?4C&()*&C:;=A:=;4C&A()&

+;?)3&(&C4)C4&,5&,;*4;&:,&:84&;4C=G:?)3&A8(,C<&

&

%,,;*?)(:?,)&?)&34)4;(G&>(W&+4&*45?)4*&(C&?):4):?,)(G&(A:?,)C&:,&8(;>,)?P4&?)*?K?*=(G&

;4C9,)C4C&:,&>(Z?>?P4&?>9(A:&()*&(A8?4K4&CW)4;3W&[&(&C?:=(:?,)&Y84;4&:84&,K4;(GG&4554A:&?C&

3;4(:4;&:8()&:84&C=>&,5&:84&9(;:C<&V)&34)4;(GX&:84&>,;4&A,,;*?)(:?,)&:84;4&?C&[&:84&+4::4;<&

&

&

&

Page 86: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&67& %8(9:4;&#&

!"+"+#D1E5,3-5.35,#$//.03,5-3/,#

#

$:&?:C&+4C:X&A,,;*?)(:?,)&A,):;?+=:4C&:,&8=>()4X&)4=:;(G&()*&?>9(;:?(G&(CC?C:()A4\&?)A;4(C4*&

>()(34>4):&4554A:?K4)4CC\&(&C8(;4*&()(GWC?C&,5&)44*C&()*&(&C8(;4*&K?C?,)&,5&:84&+4C:&

9,CC?+G4&,=:A,>4C&5;,>&(&3?K4)&C?:=(:?,)\&(&C4(>G4CC&(99;,(A8&:,&C4;K?A4&*4G?K4;W\&()*&

*,),;&A,)5?*4)A4&;4C=G:?)3&?)&C=55?A?4):&;4C,=;A4C&:,&(A8?4K4&:84&*4C?;4*&,=:A,>4C&M?<4<X&:84&

G4(C:&9,CC?+G4&(>,=):&,5&8=>()&C=554;?)3&()*&>(:4;?(G&*(>(34X&(&;(9?*&;4:=;)&:,&),;>(G&

G?K?)3&A,)*?:?,)C&()*&:84&,)U3,?)3&9;,3;4CC&,5&*4K4G,9>4):N<&&

&

],,*&A,,;*?)(:?,)&4)C=;4C&:8(:&>=G:?G(:4;(G&8=>()?:(;?()&(A:,;C&,;3()?P4&:84>C4GK4C&?)&

C=99,;:&,5&:84&)(:?,)(G&;4C9,)C4&(C&(&CWC:4>X&;(:84;&:8()&(C&C49(;(:4&,;3()?P(:?,)C&Y?:8&

:84?;&,Y)&9;?,;?:?4C&()*&:?>4:(+G4C<&],K4;)>4):C&M?<4<X&)(:?,)(G&(=:8,;?:?4CNX&)(:?,)(G&(A:,;C&

()*&(554A:4*&94,9G4&Y,;-&>,;4&4(C?GW&Y?:8&:84&?):4;)(:?,)(G&8=>()?:(;?()&CWC:4>&Y84)&?:&?C&

Y4GG&,;3()?P4*&()*&8(C&AG4(;GW&*4C?3)(:4*&G4(*4;C8?9<&

&

@84&(+C4)A4&,5&A,,;*?)(:?,)&?C&A8(;(A:4;?P4*&+W&3(9C&?)&C4;K?A4&:,&(554A:4*&9,9=G(:?,)CX&

*=9G?A(:?,)&,5&455,;:X&?)(99;,9;?(:4&(CC?C:()A4X&?)455?A?4):&=C4&,5&;4C,=;A4CX&+,::G4)4A-CX&

?>94*?>4):CX&CG,Y&;4(A:?,)&:,&A8()3?)3&A,)*?:?,)CX&()*&5;=C:;(:?,)&,5&;4G?45&9;,K?*4;CX&

,55?A?(GC&()*&C=;K?K,;C<&&V)&34)4;(GX&()&(+C4)A4&,5&A,,;*?)(:?,)&G4(*C&:,&()&=)C(:?C5(A:,;W&

;4C9,)C4&:,&:84&4>4;34)AW<&

&

V)&()&?):4;)(:?,)(G&>=G:?U,;3()?P(:?,)(G&;4C9,)C4&4)K?;,)>4):X&A,,;*?)(:?,)&,5&(A:?K?:?4C&Y?GG&

;4B=?;4&(&>,;4&9(;:?A?9(:,;W&9;,A4CC&:8()&Y8(:&Y4&,5:4)&5?)*&?)&:W9?A(G&)(:?,)(G&*?C(C:4;&

>()(34>4):&C:;=A:=;4C&Y?:8&>,;4&8?4;(;A8?A(G&*4A?C?,)U>(-?)3&CWC:4>C<&%,,;*?)(:?,)&,5&

?):4;)(:?,)(G&8=>()?:(;?()&(CC?C:()A4&;(;4GW&?)K,GK4C&,)4&3;,=9X&,;3()?P(:?,)&,;&,:84;&

?):4;)(:?,)(G&+,*W&:4GG?)3&(),:84;&Y8(:&:,&*,&,;&8,Y&:,&*,&:84?;&Y,;-<&

&

@84&:4;>&8=>()?:(;?()&A,,;*?)(:?,)&>(W&+4&*45?)4*&(C&()&,K4;(;A8?)3X&9;?)A?9G4*&Y(W&,5&

>()(3?)3&*4G?K4;W&,5&8=>()?:(;?()&(CC?C:()A4&:8;,=38&C:;(:43?A&9G())?)3X&9,G?AW&>(-?)3&()*&

5(A?G?:(:?,)&,5&A,,94;(:?,)&()*&A,)C4)C=(G&*4A?C?,)U>(-?)3<&V:&?C&)4?:84;&(&CWC:4>&,5&

A,>>()*&()*&A,):;,GX&),;&C,G4GW&+=?G:&,)&(&A,)C4)C=C&(99;,(A8<&&

&

@84&3,(G&,5&8=>()?:(;?()&A,,;*?)(:?,)&?C&:,&4)C=;4&:8(:&8=>()?:(;?()&(A:,;C&;4C9,)*?)3&:,&

*?C(C:4;C&,;&4>4;34)A?4C&Y,;-&:,34:84;&:,&(A8?4K4&C8(;4*&C:;(:43?A&,+^4A:?K4C&()*&*4C?3)&

()*&*4G?K4;&:84?;&(CC?C:()A4&?)&(&A,>9G4>4):(;W&5(C8?,)&(AA,;*?)3&:,&:84?;&>()*(:4C&()*&

A(9(A?:?4C<&@84?;&(A:?K?:?4C&C8,=G*&+4&(*(9:4*&?)&;4C9,)C4&:,&>=:=(G&(3;44>4):&,)&A8()34C&

?)&A?;A=>C:()A4C&()*X&:8=CX&,5&)44*C<&%,,;*?)(:?,)&?C&(&5,=)*(:?,)(G&A,>9,)4):&,5&:84&

C=AA4CC5=G&(99G?A(:?,)&,5&:84&8=>()?:(;?()&9;,3;(>>4&AWAG4&:,&84G9&9;49(;4&5,;X&>()(34&

()*&*4G?K4;&8=>()?:(;?()&;4C9,)C4&MC44&C4A:?,)&$<I<1N<&

&

Page 87: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&67& %8(9:4;&#&

!"4#$//.03,5-3/,#67-8/0/9/:;#

&

%,,;*?)(:?,)&+43?)C&Y?:8&:84&?)?:?(:?,)&,5&Y,;-?)3&;4G(:?,)C8?9C&()*&;43=G(;&C8(;?)3&,5&

?)5,;>(:?,)<&D4A(=C4&;4G?45&9;,K?*4;C&A,>>=)?A(:4&()*&A,,94;(:4X&?)*?K?*=(GC&()*&

,;3()?P(:?,)C&(*(9:&()*&(*^=C:&:84?;&455,;:C&+(C4*&,)&A8()3?)3&)44*C&()*&3(9CX&()*&4(A8&

,:84;_C&C:;4)3:8C&()*&Y4(-)4CC4C<&

&

%,,;*?)(:?,)&?)&?):4;)(:?,)(G&8=>()?:(;?()&,94;(:?,)C&Y?GG&)4K4;&+4&:84&;4C=G:&,5&,)4&3;,=9&

,;&,;3()?P(:?,)&:4GG?)3&(),:84;&Y8(:&,;&8,Y&:,&*,&:84?;&Y,;-<&%4;:(?)GW&4Z(>9G4C&,5&

A,,;*?)(:?,)&(C&`*?;4A:?)3`&4Z?C:X&4C94A?(GGW&Y84;4&;4G?45&,94;(:?,)C&(;4&A,):;,GG4*&+W&(&

C:;,)3&)(:?,)(G&3,K4;)>4):X&+=:&:84C4&C?:=(:?,)C&(;4&;(;4<&V):4;)(:?,)(G&;4G?45&(A:,;C&(;4&

:;(*?:?,)(GGW&*?;4A:4*&>,;4&+W&:84?;&;4C94A:?K4&>()*(:4C&:8()&,=:C?*4&4):?:?4C<&@84&94;C,)&

,;&,;3()?P(:?,)&A8(;34*&Y?:8&9;,>,:?)3&()*&4)C=;?)3&A,,94;(:?,)&?CX&:84;45,;4X&Y,;-?)3&?)&

()&4)K?;,)>4):&Y84;4&:84&A,,;*?)(:?,)&(=:8,;?:W&8(C&54Y&?5&()W&;4C,=;A4C&:,&`;4B=?;4`&

A,,;*?)(:?,)<&$34)A?4C&()*&?)*?K?*=(GC&>=C:&C44&C,>4&(**4*&K(G=4&5;,>&9(;:?A?9(:?)3&?)&:84&

A,,;*?)(:?,)&9;,A4CC&()*&:84&+4)45?:C&>=C:&,=:Y4?38&:84&A,C:C&[&()*&:84;4&(;4&A,C:C&:,&

A,,;*?)(:?,)X&(C&?:&;4B=?;4C&:?>4&()*&*4*?A(:4*&;4C,=;A4C<&&

&

$C&(&A,)C4B=4)A4X&A,,;*?)(:?,)&?C&5(;&5;,>&(&C=;4&:8?)3<&@84&A,,;*?)(:?)3&,;3()?P(:?,)X&?)&

:8?C&A(C4&E%'$&()*&:84&!"#$%&:4(>&+W&4Z:4)C?,)X&>=C:&4C:(+G?C8&(&A,,;*?)(:?,)&9;,A4CC&

+(C4*&,)&A4;:(?)&B=(G?:?4C<&@,&(A8?4K4&:84&+4C:&9,CC?+G4&A,,;*?)(:?,)&,=:A,>4C&:84&9;,A4CC&

C8,=G*&+4a&

&

• !"#$%&%'"$(#)a&%,,;*?)(:?,)&,AA=;C&:8;,=38&:84&G43?:?>(AW&*4;?K4*&5;,>&?)K,GK4>4):<&

@84&:(C-C&,5&A,,;*?)(:?,)&>=C:&,AA=;&Y?:8?)&(&C:;=A:=;4&()*&9;,A4CC&(3;44*&:,&()*&

C=99,;:4*&+W&:84&(A:,;C&?)&:84&4>4;34)AW&C?:=(:?,)<&@84&A,,;*?)(:,;C&>=C:&C4A=;4&

()*&>(?):(?)&:84&A,)5?*4)A4&,5&:84&,:84;CX&5,C:4;?)3&()&(:>,C984;4&,5&;4C94A:&()*&

3,,*&Y?GG<&E;3()?P(:?,)C&)44*&:,&9(;:?A?9(:4&?)&*4A?*?)3&:84&9,G?A?4CX&9;,A4*=;4CX&

C:;(:43?4C&()*&9G()C&:8(:&Y?GG&(554A:&:84><&

• *+'"#$%",a#@84&A,,;*?)(:?,)&9;,A4CC&C8,=G*&),:&+4&C44)&:,&5(K,=;&,)4&,;3()?P(:?,)&

,K4;&(),:84;X&+=:&;(:84;&:,&?*4):?5W&:84&*?C:?)A:?K4&A,>94:4)A?4C&,5&4(A8<&

%,,;*?)(:?,)&C8,=G*&(*K,A(:4&:84&9;?)A?9G4&,5&?>9(;:?(G?:W&MC44&A8(9:4;&$NX&9;,K?*4*&

+W&:84&(A:,;&>,C:&G?-4GW&:,&(A8?4K4&:84&*4C?;4*&,=:A,>4C<&

• -#"./'"#0.$a&%,,;*?)(:?,)&;4B=?;4C&:;=C:&()*&:;=C:&;4B=?;4C&:;()C9(;4)AW&[&:84&

Y?GG?)3&5G,Y&,5&?)5,;>(:?,)X&,94)&*4A?C?,)U>(-?)3&9;,A4CC4C&()*&9=+G?AGW&C:(:4*X&

C?)A4;4&()*&8,)4C:&;(:?,)(G4C&5,;&*4A?C?,)C<&@8?C&Y?GG&?)AG=*4&:84&)44*&:,&(*>?:&

5(?G=;4X&,;&(:&G4(C:&5(GG?)3&C8,;:&,5&,+^4A:?K4C<&

• 1/023,a&@84&A,,;*?)(:?,)&9;,A4CC&>=C:&9;,*=A4X&C8(;4&()*&*?CC4>?)(:4&=C45=G&

9;,*=A:CX&9;,A4CC4C&()*&,=:A,>4C<&@84C4&>(W&?)AG=*4&(&9G(:5,;>&5,;&*4A?C?,)U

>(-?)3X&()&,99,;:=)?:W&:,&=C4&C8(;4*&;4C,=;A4CX&(&K4)=4&5,;&*,),;&;4A,3)?:?,)&()*&

C=99,;:X&,;&(&A,>5,;:(+G4&9G(A4&:,&C8(;4&5;=C:;(:?,)C&()*&:;W&,=:&)4Y&?*4(C<&

Page 88: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&67& %8(9:4;&#&

&

@8?C&A8(9:4;&G,,-C&(:&8,Y&!"#$%&(99;,(A84C&A,,;*?)(:?,)X&()*&Y8(:&9;(A:?A4C&()*&

9;,A4*=;4C&>(W&+4&=C4*&:,&(A8?4K4&:84&+4C:&9,CC?+G4&,=:A,>4&,5&:84&:4(>bC&Y,;-<&

&

!"4"+#$//.03,5-3/,#*728,3F17A#

#

$)&!"#$%&:4(>&)44*C&>,;4&:8()&(&>()*(:4<&V:&>=C:&9;,K?*4&C,>4:8?)3&:8(:&,:84;C&Y():&

()*&)44*&[&?)AG=*?)3&?)5,;>(:?,)X&5(A?G?:?4CX&C-?GGCX&4B=?9>4):X&A;4*?+?G?:W&()*&,:84;&

(>4)?:?4C<&V*4(GGW&(&A,>+?)(:?,)&,5&(GG&:84C4&:8?)3C&Y?GG&+4&>(*4&(K(?G(+G4&?)&(&Y(W&:8(:&

?)AG=*4C&4C:(+G?C8?)3&(&9G(A4&:,&>44:X&C=A8&(C&()&E)UF?:4&E94;(:?,)C&%,,;*?)(:?,)&%4):;4&

MEFE%%N&,;&A,,;*?)(:?,)&A4):;4X&Y?:8&,:84;C&Y8,&(GC,&A,>4&:84;4<&

&

2;(A:?A?)3&A4;:(?)&C-?GGC&,5&A,,;*?)(:?,)&Y?GG&84G9&5(A?G?:(:4&:84&A,,;*?)(:?,)&9;,A4CC<&@84&

5,GG,Y?)3&(;4&:4A8)?B=4C&()*&(99;,(A84C&:8(:&(;4&=C45=G&?)&(A8?4K?)3&A,,;*?)(:?,)&()*&

A?;A=>K4):?)3&A,>>,)&A,,;*?)(:?,)&+(;;?4;C&G?-4GW&:,&+4&4)A,=):4;4*&+W&!"#$%&:4(>C<&

&

G./E/-7#5,#1,07.A-5,03,:#/H#2/995I/.5-3,:#/.:5,3J5-3/,A#

@84&!"#$%&:4(>&>=C:&5?;C:&34:&:,&-),Y&:84&9G(W4;C<&E)GW&+W&=)*4;C:()*?)3&:84&>()*(:4C&,5&

K(;?,=C&,;3()?P(:?,)CX&:84?;&?):4):?,)C&()*&:84?;&A(9(A?:?4C&M;4C,=;A4C&+,:8&>(:4;?(G&()*&

94;C,))4GNX&A()&:84&:4(>&?)K,GK4&:84>&(99;,9;?(:4GW&()*&8(K4&;4(C,)(+G4&4Z94A:(:?,)C&,5&

:84?;&94;5,;>()A4&K(;?(:?,)C<&@84&!"#$%&:4(>&C8,=G*X&(C&C,,)&(C&54(C?+G4X&>44:&:84&

;49;4C4):(:?K4C&,5&:84&K(;?,=C&8=>()?:(;?()&(34)A?4C&(A:?K4&?)&:84&4>4;34)AW&C?:=(:?,)&()*X&

?5&?:&*,4C&),:&(G;4(*W&4Z?C:X&C:(;:&(&*(:(+(C4&Y?:8&A,):(A:C&()*&(A:?K?:?4C&M?<4<X&(&cY8,&*,4C&

Y8(:&Y84;4de1fgN<&V)&9;?)A?9G4X&(&94;C,)&C8,=G*&+4&(+G4&:,&Y(G-&?):,&(&A,,;*?)(:?,)&A4):;4&

()*&8(K4X&4(C?GW&(AA4CC?+G4X&(&A,9W&,5&*4CA;?9:?K4&?)5,;>(:?,)&,)&(GG&,94;(:?)3&(34)A?4C&()*&

:84&9(;:?A=G(;C&,5&:84?;&,94;(:?,)C<&@84C4&5?G4C&Y?GG&)44*&:,&+4&=9*(:4*&;43=G(;GW&()*&,)G?)4&

C,G=:?,)C&,;&C?>?G(;&5,;>(:&Y84;4&C:(-48,G*4;C&A()&+4&4)A,=;(34*&:,&4):4;&()*&=9*(:4&:84?;&

,Y)&?)5,;>(:?,)&?C&;4A,>>4)*4*<&

&

KA-5I93A8#5#>1.>/A7#

@84&A8(GG4)34&?)&()W&A,,;*?)(:?,)&9;,A4CC&?C&:,&4)C=;4&(&A,>9;484)C?K4&(99;,(A8&:,&:84&

*4C?3)&,5&:84&A,,;*?)(:?,)&>4A8()?C>X&+(C4*&,)&(&>=:=(G&=)*4;C:()*?)3&,5&()&,K4;(GG&

9=;9,C4&,5&:84&A,,;*?)(:?,)&(A:?K?:?4C<&V)&(&8?4;(;A8?A(G&C:;=A:=;4X&:84&4C:(+G?C8>4):&,5&

A,>>,)&3,(GC&?C&=C=(GGW&*45?)4*&?)&(&:,9U*,Y)&9;,A4CC<&V)&(&>=G:?U,;3()?P(:?,)(G&;4C9,)C4&

4)K?;,)>4):&:84&*45?)?:?,)&,5&A,>>,)&3,(GC&Y?GG&,5:4)&;4B=?;4&(&>=A8&>,;4&9(;:?A?9(:,;W&

9;,A4CC<&E)GW&Y?:8&(&AG4(;GW&*45?)4*&()*&(3;44*&9=;9,C4&M?<4<X&45)&Y4&)44*&:,&A,,;*?)(:4&

:8?C&Y(WN&Y?GG&?:&+4&9,CC?+G4&:,&*45?)4&:84&;4B=?;4*&A,,;*?)(:?,)&5=)A:?,)C&:,&C=99,;:&:84&

9;,A4CC&()*&*4:4;>?)4&:84&(A:?K?:?4C&M?<4<X&45"$&Y4&)44*&:,&*,&:,&(A8?4K4&:84&9=;9,C4N<&&

&

&

&

Page 89: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&I&,5&67& %8(9:4;&#&

$95.3H;#2//.03,5-3/,#>5.5E7-7.A#

@(-?)3&(&G?::G4&+?:&,5&:84&>WC:4;W&,=:&,5&A,,;*?)(:?,)&Y?GG&3,&(&G,)3&Y(W&?)&4)C=;?)3&:8(:&?:&

8(994)C<&%,,;*?)(:?,)&Y?GG&+4&(K,?*4*&?5&,;3()?P(:?,)C&544G&:8(:&?:&Y?GG&+4&^=C:&(&Y(C:4&,5&:?>4&

?)&4)*G4CC&>44:?)3C&,;&:8(:&:84&A,,;*?)(:?,)&455,;:&Y?GG&;4C=G:&?)&(&K4:,&,5&:84?;&9G()C&()*&

(A:?K?:?4C<&@84&+4C:&Y(W&:,&AG(;?5W&:84&A,,;*?)(:?,)&9(;(>4:4;C&?C&:,&8(K4&5;()-&()*&,94)&

*?CA=CC?,)C&(+,=:&:84&3,(GC&4Z94A:4*&:,&+4&;4(A84*&:8;,=38&:84&A,,;*?)(:?,)&455,;:C&()*&:84&

)44*C&,5&:84&K(;?,=C&,;3()?P(:?,)C&5,;&A,,;*?)(:?,)<&V:&?C&,5:4)&=C45=G&:,&^,?):GW&;4>?)*&(+,=:&

,;&C94A?5W&:84&,+^4A:?K4C&5,;&:84&8=>()?:(;?()&,94;(:?,)C&3?K4)&:84&:?>4&5,GG,Y?)3&:84&C:(;:&

,5&:84&A;?C?C&()*&:84&98(C4&,5&:84&8=>()?:(;?()&9;,3;(>>4&AWAG4<&

&

!7H3,7#5,#5:397#2//.03,5-3/,#A-.12-1.7##

%,,;*?)(:?,)&?C&>,C:&4554A:?K4&?5&+=?G:&(;,=)*&()&,;3()?P4*&4C:(+G?C84*&C:;=A:=;4X&C=A8&(C&:84&

(554A:4*&],K4;)>4):bC&C:;=A:=;4&,;&(AA,;*?)3&:,&:84&'=>()?:(;?()&%,=):;W&@4(>bC&M'%@N&

A,):?)34)AW&9G()<&f84)&8()*G?)3&G(;34UCA(G4&4>4;34)A?4C&Y?:8&>=G:?U(34)AW&9(;:?A?9(:?,)X&

8,Y4K4;X&?:&>(W&),:&+4&54(C?+G4&:,&+(C4&A,,;*?)(:?,)&,)&4Z?C:?)3&A,,;*?)(:?,)&C:;=A:=;4C&

+4A(=C4&:84C4&Y,=G*&),:&+4&(+G4&:,&8()*G4&:84&(**?:?,)(GX&C?:=(:?,)(G&;4B=?;4>4):C<&@84;4&

>(W&+4&(&)44*&:,&4?:84;&4)8()A4&3,K4;)>4):(G&C:;=A:=;4C&,;&4C:(+G?C8&(**?:?,)(G&C:;=A:=;4C&

M4<3<X&()&EFE%%N<&&

&

@,&+4&C=AA4CC5=G&:84&4>4;34)AW&A,,;*?)(:?,)&C:;=A:=;4&>=C:&C:;?K4&:,Y(;*C&(&8?38&G4K4G&,5&

(3?G?:W&:,&+4&(+G4&:,&5(A?G?:(:4&>=G:?U,;3()?P(:?,)(G&A,,;*?)(:?,)<&f8(:&>?38:&8(K4&Y,;-4*&

G(C:&:?>4X&>(W&),:&Y,;-&:8?C&:?>4&()*&4K4;W:8?)3&8(C&:,&+4&(*^=C:4*&:,&:84&C?:=(:?,)&(:&8()*<&

V)&(&5(C:&A8()3?)3&4>4;34)AW&4)K?;,)>4):&4C:(+G?C84*&,;3()?P(:?,)C&>,;4&,5:4)&:8()&),:&

(;4&Y,;-?)3&?)&C:;=A:=;4C&Y?:8,=:&:84&)4A4CC(;W&5G4Z?+?G?:W&:,&(*(9:&:,&C?:=(:?,)(G&

;4B=?;4>4):C<&&

&

K,A1.7#>./L3E3-;#

@84&!"#$%&:4(>&8(C&(&=)?B=4&,99,;:=)?:W&:,&(554A:&:84&A,,;*?)(:?,)&9;,A4CC&Y84)&

A8,,C?)3&()*&4C:(+G?C8?)3&:84&C?:4&5,;&:84&A,,;*?)(:?,)&A4):;4<&F4K4;(G&,5&:84&5=)A:?,)C&

?)?:?(GGW&:(-4)&A(;4&,5&+W&:84&:4(>&Y?GG&K4;W&C,,)X&,;&C?>=G:()4,=CGWX&+4&5?GG4*&+W&,:84;&

C:(-48,G*4;CX&5,;&4Z(>9G4X&:84&R,3?C:?AC&%G=C:4;&,;&!)?:4*&"(:?,)C&#49(;:>4):&5,;&F(54:W&()*&

F4A=;?:W&M!"#FFN<&@84C4&,;3()?P(:?,)C&9;,K?*4&C4;K?A4C&:84&8=>()?:(;?()&A,>>=)?:W&Y?GG&

Y():&:,&C:(W&?)&AG,C4&9;,Z?>?:W&:,<&&

&

@84&:4(>&C8,=G*&4)C=;4&:8(:&:84C4&4):?:?4C&4C:(+G?C8&:84>C4GK4C&?)C?*4X&,;&(C&AG,C4&(C&

9,CC?+G4&:,X&:84&A,,;*?)(:?,)&A4):;4<&@8?C&Y?GG&9;,K?*4&:84&8=>()?:(;?()&A,>>=)?:W&Y?:8&(&

c,)4UC:,9UC8,9d&()*&:84W&Y?GG&A,>4&:,&!"#$%&5,;&C4;K?A4C&()*&?)5,;>(:?,)&?)&(&)(:=;(G&Y(W&

[&(&C?:=(:?,)&Y84;4&?:&Y?GG&+4&4(C?4;&:,&(A8?4K4&:(C-C<&@84&A,,;*?)(:?,)&A4):;4&C8,=G*&+4&G?-4&(&

G?38:8,=C4&,;&(&9?K,:(G&9,?):&:8(:&:84&8=>()?:(;?()&,94;(:?,)C&()*&9G())?)3&:=;)&(;,=)*<&

&

Page 90: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&7&,5&67& %8(9:4;&#&

E:84;&8=>()?:(;?()&(34)A?4C&>(W&4K4)&Y():&:,&4C:(+G?C8&:84?;&,Y)&,55?A4C&?)&AG,C4&9;,Z?>?:W&

:,&:84&A4):;4&[&(&G,A(:?,)&:8(:&>(W&*4K4G,9&?):,&(&A,>9,=)*&5,;&:84&G,)34;U:4;>&,94;(:?,)&

Y84;4&(GG&:84&-4W&9(;:)4;C&()*h,;&(34)A?4C&Y,;-&,=:&,5&:84&C(>4&9G(A4<&@8?C&Y?GG&+4&(&3;4(:&

(*K():(34&5,;&:84&A,,;*?)(:?,)&9;,A4CC&(C&94,9G4&Y?GG&8(K4&4(CW&(AA4CC&:,&4(A8&,:84;&()*&

:84;4&Y?GG&+4&>,;4&,99,;:=)?:?4C&5,;&?)5,;>(G&)4:Y,;-?)3<&&

&

G./E/-7#-.5,A>5.7,2;#5,0#3,291A3C7,7AA#

f84)&()&,;3()?P(:?,)bC&(A:?,)C&(;4&:;()C9(;4):X&?:&?C&9,CC?+G4&:,&C44&8,Y&()*&Y8W&*4A?C?,)C&

(;4&+4?)3&>(*4<&@84&;4G=A:()A4&:,&:;()C9(;4)AW&;4C?*4C&?)&54(;&[&54(;&,5&*?C(99;,K(GX&:8(:&

?*4(C&Y?GG&+4&C:,G4)&,;&;4C,=;A4C&>,),9,G?P4*X&,;&:8(:&5;44*,>&,5&(A:?,)&,;&:84&(+?G?:W&:,&

A8()34&A,=;C4&Y?GG&+4&A?;A=>CA;?+4*<&DW&9;,>,:?)3&:;()C9(;4)AW&Y?:8,=:&)43(:?K4&

A,)C4B=4)A4C&:84&A,,;*?)(:?,)&C:;=A:=;4&>(W&+4&(+G4&:,&;4*=A4&:84&)(:=;(G&:4)*4)AW&:,&

8?*4&,;3()?P(:?,)(G&*4A?C?,)U>(-?)3&9;,A4CC4C<&$)*X&,5&A,=;C4X&:;()C9(;4)AW&+43?)C&(:&

8,>4<&@8=CX&:84&!"#$%&:4(>&>=C:&>,*4G&:;()C9(;4)AW&?)&?:C&,Y)&9;,A4CC4C<&E)4&Y(W&:,&*,&

:8?C&?C&:,&94;?,*?A(GGW&4K(G=(:4&8,Y&:84&A,,;*?)(:?,)&9;,A4CC&?C&3,?)3&()*&8,Y&?:&>?38:&+4&

?>9;,K4*<&%G(;?5W?)3&8,Y&:84&:4(>&A()&*,&?:C&^,+&+4::4;&()*&:84)&>(-?)3&:8,C4&A8()34C&Y?GG&

?>9;,K4&,94;(:?,)C&(:&:84&C(>4&:?>4&:8(:&:;()C9(;4)AW&?C&?)A;4(C4*<&

&

F:;?K4&:,&?)K,GK4&()*&?):43;(:4&9(;:)4;C&()*&,:84;&C:(-48,G*4;C&?)&:84&A,,;*?)(:?,)&

>4A8()?C>X&(?>?)3&:,&A;4(:4&,)4&Y8,G4&Y84;4&:84&,=:9=:&?C&G(;34;&:8()&:84&C=>&,5&?:C&9(;:C<&

$K,?*&C?G,U:8?)-?)3&()*&,;3()?P(:?,)(G&43,U+48(K?,=;C\&+4&C4G5U455(A?)3<&i,=&W,=;C4G5&(;4&

=)?>9,;:():X&G?-4&(&C9,;:C&;454;44&:8(:&?C&)4K4;&K?C?+G4X&W4:&)4K4;&G,C4C&,K4;C?38:&,;&A,):;,G&,5&

:84&3(>4<&DW&(K,?*?)3&,)4bC&,Y)&(34)*(X&()*&AG4(;GW&C8,Y?)3&:8(:&:84&:4(>&*,4C&),:&8(K4&

,)4X&?:&Y?GG&+4&4(C?4;&:,&(A8?4K4&:;=C:<!

!

!7C79/>#-.1A-#

V)&(&>=G:?U,;3()?P(:?,)(G&4>4;34)AW&4)K?;,)>4):&:;=C:&?C&4CC4):?(G&:,&A;4(:4&:84&3,,*&

Y,;-?)3&;4G(:?,)C8?9C&)44*4*&:,&A,GG(+,;(:4<&@84&)44*&5,;&5=)*?)3&>(W&A;4(:4&(&A,>94:?:?K4&

4)K?;,)>4):&Y84;4&9;4U4>4;34)AW&)4:Y,;-C&34:&8(>94;4*&+W&(&+=C?)4CC&(99;,(A8<&

F:(-48,G*4;C&>(W&+4A,>4&*;(Y)&+4:Y44)&G,W(G:?4C&()*&8(K4&:,&A8,,C4&+4:Y44)&,9:?,)C&

:8(:&(;4&4B=(GGW&=)(::;(A:?K4<&@;=C:&8(C&:,&+4&=)*4;C:,,*&?)&;4G(:?,)&:,&:84&A,):4Z:&?)&Y8?A8&

:84&,;3()?P(:?,)C&(;4&,94;(:?)3<&@,&+=?G*&:;=C:&()*&A,,94;(:?,)&(>,)3C:&,;3()?P(:?,)C&?)&:84&

4>4;34)AW&4)K?;,)>4):&?:&>(W&+4&()&(*K():(34&:,&C:(;:&Y?:8&C,>4&G4CC&A,):;,K4;C?(G&

5=)A:?,)C&C=A8&(C&4G4>4):(;W&?)5,;>(:?,)&C8(;?)3X&+45,;4&>,K?)3&?):,&>,;4&A,):;,K4;C?(G&

*,>(?)C<&E)4&C8,=G*&:;W&:,&-449&:8?)3C&C?>9G4&:,&+43?)&Y?:8&()*&+=?G*&,)&)4:Y,;-C&K4;W&

C?>?G(;&:,&C,A?(G&)4:Y,;-CX&:?4*&:,34:84;&+W&A,>>,)&?):4;4C:C&,;X&(C&?)&:8?C&4)K?;,)>4):X&+W&

C4A:,;(G&,94;(:?,)(G&?):4;4C:C&M4<3<X&:84&AG=C:4;CX&!F$LN<&L(GGW?)3&(;,=)*&:84&*4K4G,9>4):&,5&

(&A,>>,)&,;&^,?):&C:;(:43?A&8=>()?:(;?()&9G()&,;&5=)*?)3&(994(G&?C&,5:4)&(&3,,*&Y(W&:,&

+=?G*&A,,94;(:?,)<&

&

&

Page 91: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&O&,5&67& %8(9:4;&#&

M1390#/,#93,N5:7A#5,0#,7-O/.NA#

f84)&>44:?)3&:84&,;3()?P(:?,)CX&?:&Y?GG&+4&?>9,;:():&:,&?*4):?5W&Y?:8&Y8,>X&?)&9(;:?A=G(;X&

,;3()?P(:?,)C&C8,=G*&G?(?C4<&@8?C&>(W&+4&*4:4;>?)4*&+W&()W&)=>+4;&,5&K(;?(+G4C&C=A8&(C&

C4A:,;X&34,3;(98?A(G&(;4(&,5&,94;(:?,)X&3,K4;)>4):&,;&,99,C?:?,)&A,,;*?)(:?)3&(34):X&4:A<&

@84&:4(>&C8,=G*&4)C=;4&:8(:&:84&G?)-(34C&8(K4&+44)&>(*4<&V)&>()W&A(C4C&:8?C&Y?GG&?)K,GK4&

A,):(A:?)3&:84&9(;:?4CX&,;3()?P?)3&(&>44:?)3X&5(A?G?:(:?)3&:84&?):;,*=A:?,)C&,5&:84&

,;3()?P(:?,)(G&;49;4C4):(:?K4C&()*&9;,*=A?)3&()*&C8(;?)3&?)5,;>(:?,)&9;,*=A:C&C=A8&(C&

A,):(A:&G?C:CX&4:A<&

&

F,>4&?>9,;:():&()*&84G95=G&94;C,)(G&;4G(:?,)C8?9C&>(W&(G;4(*W&+4&,94;(:?)3<&@84&

4>4;34)AW&;4G?45&A,>>=)?:W&?C&;4G(:?K4GW&C>(GG&()*&:84&G?-4G?8,,*&,5&94,9G4&-),Y?)3&4(A8&

,:84;&,;&8(K?)3&Y,;-4*&Y?:8&,)4&(),:84;&?)&(&9;4K?,=C&4>4;34)AW&?C&B=?:4&8?38<&@84C4&9;4U

4Z?C:?)3&;4G(:?,)C8?9C&A()&3;4(:GW&(?*&:84&G?)-(34&9;,A4CC<&E5&A,=;C4X&:84&,99,C?:4&>(W&(GC,&

+4&:;=4&Y84;4&()&=)C(:?C5(A:,;W&9;?,;&;4G(:?,)C8?9&Y?GG&?>94*4&:84&A=;;4):&455,;:<&&

&

"4K4;:84G4CCX&)4:Y,;-C&+(C4*&,)&9;4U4Z?C:?)3&;4G(:?,)C8?9C&M4<3<X&Y,;-?)3&;4G(:?,)C8?9C&,;&

8(K?)3&*,)4&:;(?)?)3&A,=;C4C&:,34:84;N&8(K4&?>>4)C4&K(G=4&?)&4>4;34)AW&Y,;-<&j4;W&,5:4)&

?)5,;>(:?,)&C8(;?)3&()*&A,GG(+,;(:?,)&:(-4C&9G(A4&,=:C?*4&:84&5,;>(G&A,,;*?)(:?,)&C:;=A:=;4C&

()*&?C&A,)*=A:4*&?)C?*4&(&9;4K?,=CGW&4C:(+G?C84*&)4:Y,;-<&F=A8&)4:Y,;-C&C8,=G*&+4&=:?G?P4*&

?)&:84&A,,;*?)(:?,)&9;,A4CCX&(C&?:&Y?GG&+4&4(C?4;&5,;&94,9G4&:,&A,))4A:&()*&Y,;-&:,34:84;<&

E;3()?P(:?,)C&(;4&>(*4&=9&,5&94,9G4&()*&?)&4>4;34)A?4C&?:&?C&(GG&(+,=:&94,9G4<&&

&

f,;-&*,)4&:,&+=?G*&:84C4&;4G(:?,)C8?9C&?)&(*K()A4&,5&*?C(C:4;C&A()&3;4(:GW&?>9;,K4&

A,,;*?)(:?,)&455,;:C&*=;?)3&(&;4C9,)C4<&H,;&4Z(>9G4X&455,;:C&(;4&=)*4;Y(W&Y?:8?)&:84&'4(G:8&

%G=C:4;&:,&*4:4;>?)4&:84&;43?C:;(:?,)&9;,A4CC&()*&?):43;(:?,)&Y?:8&A,,;*?)(:?,)&>4A8()?C>C&

5,;&H,;4?3)&J4*?A(G&@4(>C&MHJ@CN&[&3;,=9C&,5&84(G:8&9;,54CC?,)(GC&Y8,&9;,K?*4&84(G:8&A(;4&

:,&*?C(C:4;&(554A:4*&9,9=G(:?,)C&,=:C?*4&:84?;&8,>4&A,=):;W&MC44&C4A:?,)&k<01N<&

&

P52393-5-7#5,#7,5I93,:#7,C3./,E7,-#

@84&4)K?;,)>4):&(;,=)*&:84&A,,;*?)(:?,)&9;,A4CC&C8,=G*&+4&4)(+G?)3X&(GG,Y?)3&(GG&(A:,;C&:,&

A,>>=)?A(:4X&C8(;4&?)5,;>(:?,)&()*&A,GG(+,;(:4&Y?:8&4(A8&,:84;<&V)&()&4)(+G?)3&

4)K?;,)>4):X&C:(-48,G*4;C&:(-4&:84&?)?:?(:?K4&:,&+4A,>4&?)K,GK4*X&:(-4&,)&;4C9,)C?+?G?:?4C&

()*&>,K4&5;,>&;4(A:?K4&:,&9;,(A:?K4<&@,&(A8?4K4&()&4)(+G?)3&4)K?;,)>4):&?:&?C&)4A4CC(;W&:,&

5(A?G?:(:4&A,,;*?)(:?,)&+W&>()(3?)3&:84&9;,A4CC&()*&(K,?*&*?;4A:?)3&?:<&V)&(&A,,;*?)(:?,)&

9;,A4CC&?:&C8,=G*&+4&4(CW&5,;&9(;:?A?9(:?)3&,;3()?P(:?,)C&:,&+4A,>4&()&(A:?K4&9(;:)4;<&E)4&

C8,=G*&:;W&:,&?)C:?GG&()&(::?:=*4&:8(:&A,,;*?)(:?,)&?C&(&C8(;4*&;4C9,)C?+?G?:W&()*&),:&

C,>4:8?)3&C,>4,)4&4GC4&*,4C&,)&+48(G5&,5&,:84;C<&&

&

=-5.-#O3-8#-87#,770A#/H#/-87.A#

V)&9;,>,:?)3&A,,;*?)(:?,)&?:&?C&:4>9:?)3&:,&C(WX&c$C&E%'$&Y4&)44*&:8?C&?)5,;>(:?,)&:,&+4&

(+G4&:,&A,,;*?)(:4d<&@8=CX&:84&)44*&5,;&A,,;*?)(:?,)&;4C?*4C&?)&E%'$&),:&?)&:84&,:84;&

Page 92: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&Q&,5&67& %8(9:4;&#&

9(;:?A?9(:?)3&,;3()?P(:?,)C<&@8?C&?C&:84&Y;,)3&(99;,(A8<&@84&:4(>&C8,=G*&5?;C:&(C-&8,Y&:84W&

A()&84G9&:84&(34)A?4C<&DW&C:(;:?)3&+W&>44:?)3&C,>4&,5&:84&(34)A?4Cb&)44*CX&:84&:4(>&?C&

A,>>?::?)3&:,&C4;K?A4&5?;C:&()*&4(;)?)3&C?3)?5?A():&A;4*?+?G?:W<&$C&9(;:&,5&:84&455,;:&,5&

?*4):?5W?)3&:84&)44*C&,5&,:84;C&?:&Y?GG&+4A,>4&AG4(;4;&),:&,)GW&Y8(:&A,,;*?)(:?,)&C8,=G*&

C44-&:,&(AA,>9G?C8&+=:&(GC,&8,Y&,;3()?P(:?,)C&>(W&+4&?)*=A4*&:,&9(;:?A?9(:4<&$*,9:&(&

>(;-4:?)3&(99;,(A8&Y84;4&W,=&:;W&:,&5?)*&,=:&:84?;&)44*C&()*&>44:&:84>X&(C&,99,C4*&:,&

C4GG?)3&:84>&Y8(:&W,=&8(K4&:,&,554;<&&

&

f8(:&*,&:84&,94;(:?,)(G&,;3()?P(:?,)C&)44*l&V*4):?5W&?:&()*&5?)*&Y(WC&,5&9;,K?*?)3&?:<&@8?C&

A,=G*&+4&4K4;W:8?)3&5;,>&:84&-4W&:,&(&5=)A:?,)?)3&:,?G4:&:,&:84&;?38:&?)5,;>(:?,)&:,&+(C4&

C:;(:43?A&*4A?C?,)C&,)<&@84&)44*C&(;4&,5:4)&+(C?A&:,,GC&()*&C4;K?A4CX&C=A8&(C&A,):(A:&G?C:CX&

>44:?)3&C9(A4CX&+(C4G?)4&?)5,;>(:?,)&()*&A,>>,)&;4C,=;A4C&C=A8&(C&V):4;)4:&(AA4CC&()*&

9;?):4;C<&L4G?(+G4&()*&:?>4GW&?)5,;>(:?,)&>()(34>4):&9;,*=A:C&(;4&=C=(GGW&:84&C4;K?A4&>,C:&

Y():4*&?)&(&*?C(C:4;&C?:=(:?,)<&V)5,;>(:?,)&>()(34>4):&?C&:84&+;4(*&()*&+=::4;&,5&:84&

A,,;*?)(:?,)&9;,A4CC<&

#

G./C307#1A7H19#3,H/.E5-3/,#5,0#A7.C327A#

V)&9(;:&:8?C&Y?GG&,AA=;&?5&W,=&9;(A:?A4&:84&:4A8)?B=4&,5&(C-?)3&,:84;C&Y8(:&:84W&)44*<&SK4)&C,X&

C,>4&:W94C&,5&?)5,;>(:?,)&Y?GG&(GY(WC&+4&=C45=G&:,&(G>,C:&4K4;W,)4<&V5&:84&:4(>&?C&:84&

;49,C?:,;W&,5&=C45=G&?)5,;>(:?,)X&94,9G4&Y?GG&Y():&:,&A,>4&:,&?:<&J(9CX&5,;&?)C:()A4X&,5:4)&

C44>&:,&+4&?)&C8,;:&C=99GW<&H=;:84;X&:84&A,,;*?)(:?,)&A4):;4&C8,=G*&+4&(&3,,*&9G(A4&:,&34:&(&

A,9W&>(*4X&34:&(&Y4(:84;&;49,;:X&A84A-&Y8(:&>?38:&+4&3,?)3&,)&C,>4Y84;4X&34:&(&C4A=;?:W&

=9*(:4&,;&^=C:&C44&(&C>?G?)3&()*&A,)34)?(G&A,,;*?)(:,;&Y?GG?)3&:,&:(-4&(&54Y&>,>4):C&:,&

G?C:4)<&

&&

Q77>#-87#I599#./993,:#

J,>4):=>&?)&A,,;*?)(:?,)&?C&4CC4):?(G&:,&>(?):(?)&?):4;4C:&()*&A,>>?:>4):<&E)4&Y(W&:,&

*,&:8?C&?C&:,&4)C=;4&;(9?*&;49,;:?)3&,5&)4Y&,;&=9*(:4*&?)5,;>(:?,)<&#4A?C?,)C&>(*4&?)&:84&

A,,;*?)(:?,)&9;,A4CC&>=C:&+4&*,A=>4):4*&?)&:84&5,;>&,5&>?)=:4C&,;&;49,;:C&()*&>(*4&

(K(?G(+G4<&SK4)&>,;4&?>9,;:():&?C&:,&4)C=;4&5,GG,YU=9&()*&5,GG,YU:8;,=38&,)&*4A?C?,)C<&

H(?G=;4&:,&?>9G4>4):&A,)AG=C?,)C&Y?GG&A(=C4&AW)?A?C>&(+,=:&:84&9;,A4CC&:,&*4K4G,9&()*&

=G:?>(:4GW&*4C:;,W&:84&:4(>bC&A;4*?+?G?:W<&2(;:&,5&-449?)3&>,>4):=>&?C&-449?)3&94,9G4&?)&

:,=A8&Y?:8&,)4&(),:84;&()*&-449?)3&A8())4GC&,5&A,>>=)?A(:?,)&,94)<&@8?C&>(W&?)K,GK4&

3,?)3&,=:&,5&W,=;&Y(W&:,&>(-4&:84&;?38:&A,))4A:?,)C<&

&

&7A>72-#>7/>97RA#-3E7#5,0#A2870197A#

#,)b:&G4:&:84&A,,;*?)(:?,)&>44:?)3C&+4A,>4&^=C:&(),:84;&>44:?)3<&S)C=;4&:8(:&:84&>44:?)3C&

)44*&:,&,AA=;&()*&:8(:&:84;4&?C&K?:(G&()*&?>9,;:():&Y,;-&:,&+4&*,)4<&#,)b:&+4&(5;(?*&:,&

A()A4G&(&C:()*?)3&>44:?)3&?5&:84&(34)*(&?C&),:&A,>94GG?)3&4),=38<&2=+G?C8&()&(34)*(&5,;&:84&

>44:?)3&()*&C:?A-&:,&:84&CA84*=G4X&?)AG=*?)3&+43?))?)3&()*&4)*?)3&>44:?)3C&,)&:?>4<&

Page 93: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&T&,5&67& %8(9:4;&#&

2;(A:?A4&3,,*&>44:?)3&5(A?G?:(:?,)&C-?GGC<&S)C=;4&:8(:&4K4;W,)4&8(C&(&A8()A4&:,&C(W&Y8(:&?C&,)&

:84?;&>?)*&()*&:8(:&(&C>(GG&3;,=9&,;&?)*?K?*=(GC&*,)b:&*,>?)(:4&:84&A,)K4;C(:?,)<&

!

S.3-7#3-#0/O,#

F,>4&,5&:84&;4C=G:C&,5&:84&A,,;*?)(:?,)&9;,A4CCX&+,:8&5;,>&G(;34&3;,=9&()*&+?G(:4;(G&

*?CA=CC?,)C&Y?GG&+4&A,)A;4:4&4),=38&:,&+4&*4K4G,94*&?):,&(&*,A=>4):<&F=A8&?:4>C&>?38:&

?)AG=*4&(&9;49(;4*)4CC&9G()&,;&9G()&,5&,94;(:?,)C<&%4;:(?)GW&(GG&C=A8&(3;44>4):C&Y?GG&;4B=?;4&

=9*(:?)3&()*X&4K4)&?)&:84&+4C:&,5&A(C4CX&;49;4C4):&()&?):4):?,)&:,&(A:&,;&()&(3;44>4):X&?)&

9;?)A?9G4X&C=+^4A:&:,&A8()34&(C&C?:=(:?,)C&A8()34<&L43(;*G4CCX&Y;?:?)3&A,)AG=C?,)Ch&

(3;44>4):C&*,Y)&9;,K?*4C&(&;4A,;*&5,;&5,GG,YU=9&()*&(AA,=):(+?G?:W<&

#

)00.7AA#AE599#>./I97EA#I7H/.7#-87;#:./O#

$&C>(GG&9;,+G4>X&+4&?:&(&>?C=)*4;C:()*?)3X&(&8=;:&544G?)3&,;&(&94;A49:?,)&,5&?)C4)C?:?K?:WX&

>(W&3;,Y&()*&54C:4;&;4C=G:?)3&?)&(&>=A8&+?334;&+(;;?4;&:,&A,>>=)?A(:?,)<&2(;:&,5&:84&;,G4&,5&

5(A?G?:(:?)3&9;,*=A:?K4&;4G(:?,)C8?9C&>(W&?)K,GK4&4)3(3?)3&?)&(A:?K4&A,)5G?A:&>()(34>4):&,;&

;4G(:?,)C8?9&A,)5?*4)A4&+=?G*?)3X&=C=(GGW&,=:C?*4&:84&5,;>(G&A,,;*?)(:?,)&9;,A4CC<&F:(;:?)3&

C>(GG&?C&34)4;(GGW&(&3,,*&?*4(&?)&()W&C?:=(:?,)&(C&A,)5?*4)A4&+=?G*C&?)&:84&A,,;*?)(:?,)&

9;,A4CC<&$C&(GY(WCX&!"#$%&C8,=G*&+4&G4(*?)3&+W&4Z(>9G4<&

&

M1390#/,#A-.7,:-8A#

V:&?C&?>9,;:():&:,&(C-&94,9G4&:,&*,&:8?)3C&:84W&A()&*,<&@,,&,5:4)&94,9G4&(3;44&:,&(&:(C-&:8(:&

:84W&A()b:&,;&Y,)b:&94;5,;>&=)*4;&:84&:8;4(:&,5&A,)C4)C=C&,;&(C&9(;:&,5&Y():?)3&:,&+4&(&

:4(>&9G(W4;<&@84;45,;4X&(C-&94,9G4&:,&*,&:8?)3C&:84W&A()&4(C?GW&(AA,>9G?C8X&4C94A?(GGW&(:&

5?;C:<&#,)b:&+4&(5;(?*&:,&(C-&:84>&,K4;&()*&,K4;&Y84:84;&:84W&(;4&C=;4&:84W&Y():&:,&:(-4&,)&

:84&:(C-<&E)A4&:84&;4G(:?,)C8?9&?C&C:;,)3X&?:&>(W&+4&9,CC?+G4&:,&(C-&:84>&:,&4)3(34&?)&>,;4&

*?55?A=G:&:(C-C<&

&&

(/#A1.>.3A7A#

",+,*W&G?-4C&:,&3,&:,&(&>44:?)3&()*&+4&4>+(;;(CC4*&+4A(=C4&:84W&*,)b:&-),Y&C,>4:8?)3&

:84W&C8,=G*&,;&:8(:&,:84;&94,9G4&-),Y<&@84&:4(>&Y?GG&)44*&:,&>44:&()*&+;?45&94,9G4&,=:C?*4&

,5&:84&5,;>(G&>44:?)3&9;,A4CC&:,&-449&:84>&=9*(:4*&,)&A=;;4):&,;&5(C:&A8()3?)3&4K4):CX&

C8?5:C&?)&;4C,=;A4C&,;&?>9,;:():&K?C?:,;C<&

&

D5,0#/C7.#H1,2-3/,A#-/#/-87.A#

V:&?C&()&,G*&AG?A8mX&+=:&:;W&:,&Y,;-&W,=;C4G5&,=:&,5&(&^,+<&V5&(&A,,;*?)(:?,)&A4):;4&?C&3,?)3&:,&

)44*&:,&5=)A:?,)&5,;&(&G,)3&:?>4&94;?,*X&?:&Y?GG&+4&+4C:&?5&(C&>()W&5=)A:?,)C&(C&9,CC?+G4&(;4&

8()*G4*&4?:84;&+W&:84&,:84;&(34)A?4C&,;&+W&G,A(G&C:(55&,5&:84&A4):;4<&V5&C,>4,)4&4GC4&A()&()*&

?C&Y?GG?)3&:,&*,&:84&^,+X&3?K4&:84>&:84&A8()A4<&V)&(G>,C:&4K4;W&C?:=(:?,)&:84;4&?C&>,;4&:,&*,&

:8()&A()&+4&*,)4<&]?K?)3&^,+C&:,&,:84;C&A()&,)GW&84G9&?)&5;44?)3&W,=&=9&:,&:(-4&,)&(),:84;&

:(C-<&

&

Page 94: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&67& %8(9:4;&#&

*85,N#>7/>97#5,0#52N,/O970:7#-873.#2/,-.3I1-3/,#

L4Y(;*?)3&9(;:?A?9(:?,)&?C&()&?>9,;:():&:4A8)?B=4&?)&+=?G*?)3&A,>>?:>4):&:,&:84&

A,,;*?)(:?,)&9;,A4CC<&f84)&,;3()?P(:?,)C&8(K4&*,)4&3,,*&Y,;-X&A8()34*&:84?;&9;,3;(>&,;&

,:84;Y?C4&3,)4&,=:&,5&:84?;&Y(W&:,&9=:&,:84;_C&)44*C&(84(*&,5&:84?;&,Y)&:84W&)44*&:,&+4&

:8()-4*&()*&(A-),YG4*34*X&9=+G?AGW<&H4Y&:8?)3C&Y?GG&?)C9?;4&>,;4&9(;:?A?9(:?,)&?)&

A,,;*?)(:?,)&:8()&:84&544G?)3&,5&+4?)3&(&K(G=4*&A,):;?+=:,;<&&

&

TA7#-87#3,H/.E59#-3E7#

@84;4&?C&(&>?)?>=>&(>,=):&,5&c*,Y)U:?>4d&*=;?)3&()&!"#$%&>?CC?,)X&+=:&:84;4&(;4&(GY(WC&

,99,;:=)?:?4C&:,&?):4;(A:&Y?:8&:84&;4C9,)C4&A,>>=)?:W&*=;?)3&,55U*=:W&94;?,*C&G?-4&>4(GC&,;&

(5:4;U8,=;C&C,A?(G?P?)3<&#,)b:&>?CC&:84&A8()A4&:,&+=?G*&4554A:?K4&;4G(:?,)C8?9C&(:&:84C4&:?>4C<&

F8(;?)3&?)5,;>(:?,)&,)&8,++?4CX&5(K,=;?:4&C9,;:C&:4(>CX&5(>?GWX&4:A<X&(GG&A,):;?+=:4&:,&

+=?G*?)3&:84&94;C,)(G&;43(;*&:8(:&Y?GG&4)A,=;(34&94,9G4&:,&Y():&:,&(CC,A?(:4&Y?:8&:84&

A,,;*?)(:?,)&9;,A4CC<&&

&

!"4"4#$//.03,5-3/,#M5..37.A#

#

L4A,3)?P?)3&()*&?*4):?5W?)3&+(;;?4;C&:,&A,,;*?)(:?,)&?C&:84&5?;C:&C:49&?)&,K4;A,>?)3&:84><&

F,>4&A,>>,)&+(;;?4;C&:,&A,,;*?)(:?,)&?)AG=*4a&

&

• @84&94;A49:?,)&:8(:&A,,;*?)(:?,)&Y?GG&G?>?:&(=:,),>W&()*&:8(:&:84&5;44*,>&:,&>(-4&

*4A?C?,)C&()*&;=)&9;,3;(>>4C&(C&*4C?;4*&Y?GG&+4&;4C:;?A:4*<&

• @,,&>()W&*4A?C?,)&>(-4;C&,;&:,,&>()W&,;3()?P(:?,)C&?)K,GK4*&Y8?A8&Y?GG&A,>9G?A(:4&

:84&9;,A4CC&()*&>(-4&A,)C4)C=CX&,;&(:&G4(C:&(3;44>4):X&:,,&*?55?A=G:&:,&(A8?4K4<&

• #?554;4):&4Z94A:(:?,)C&,;&+4G?45C&(+,=:&Y8(:&?C&?>9,;:():X&(&9;?,;?:W&,;&:84&c;?38:d&

:8?)3&:,&*,&?)&(&3?K4)&C?:=(:?,)<&

• R(A-&,5&;4C,=;A4C&:,&*4K,:4&:,&A,,;*?)(:?,)&,;&A,,;*?)(:?,)&C44)&(C&(&G,Y&9;?,;?:W&

3?K4)&G?>?:4*&:?>4&()*&;4C,=;A4C<&

• R?>?:4*&c5?4G*U+(C4*d&*4A?C?,)U>(-?)3&(=:8,;?:W&C=A8&:8(:&),&*4A?C?,)C&A()&+4&>(*4&

Y?:8,=:&84(*B=(;:4;C&(99;,K(G&:8=C&;4C=G:?)3&?)&*4G(WC&,;&8(K?)3&()&(3;44>4):&

,K4;:=;)4*<&

• F:(55&:=;),K4;&Y84;4&)4Y&C:(55&G(A-&(&A,>>?:>4):&:,&A,,;*?)(:?,)&,;&(;4&=)(Y(;4&,5&

A,,;*?)(:?,)&(3;44>4):C<&

• !)?G(:4;(G&(A:?,)C&:8(:&?3),;4&4C:(+G?C84*&A,,;*?)(:?,)&>4A8()?C>C&,5&:84&

A,,;*?)(:?,)&+,*W&Y84:84;&+W&*,),;C&,;&>4>+4;&,;3()?P(:?,)C<&

• V)4554A:=(G&,;&?)(99;,9;?(:4&A,,;*?)(:?,)&G4(*4;C8?9&(:&:84&G,A(G&()*h,;&AG=C:4;&G4K4GX&

5,;&4Z(>9G4X&Y84)&:84&A,,;*?)(:?,)&+,*W&4Z4;A?C4C&(=:,A;(:?A&G4(*4;C8?9&()*&

?>9,C4C&*4A?C?,)C&,)&,:84;C&Y?:8,=:&(&:;()C9(;4):&9;,A4CC&,5&?)K,GK4>4):X&,;&?C&:,,&

A,)A4;)4*&(+,=:&*=4&9;,A4CC&()*&=)(+G4&:,&A=:&:8;,=38&()*&>(-4&(&*4A?C?,)<&

• $&A,,;*?)(:?,)&9;,A4CC&:8(:&?C&),:&Y,;-?)3&Y4GGX&8(C&=)AG4(;&,+^4A:?K4C&()*&?C&C44)&:,&

Y(C:4&:?>4&Y?:8,=:&,+K?,=C&+4)45?:C&:,&:8,C4&9(;:?A?9(:?)3&?)&?:<&

Page 95: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&67& %8(9:4;&#&

&

!"<#*87#%=%$$#$/,27>-#

&

@84&EFE%%&A,)A49:&Y(C&,;?3?)(GGW&*4K4G,94*&+W&:84&V):4;)(:?,)(G&F4(;A8&()*&L4CA=4&

$*K?C,;W&];,=9&MV"F$L$]N&()*&E%'$&:,&(CC?C:&(554A:4*&A,=):;?4C&?)&A,,;*?)(:?)3&

?):4;)(:?,)(G&C4(;A8&()*&;4CA=4&455,;:C&5,GG,Y?)3&()&4(;:8B=(-4<&',Y4K4;X&:84&4>4;34)AW&

>()(34>4):&9;?)A?9G4C&,5&:84&EFE%%&A,)A49:&>(-4&?:&(&K(G=(+G4&:,,G&?)&()W&C=**4)U,)C4:&

*?C(C:4;&?)K,GK?)3&?):4;)(:?,)(G&;4G?45&;4C,=;A4C<&EK4;&:84&G(C:&*4A(*4&:84&EFE%%&A,)A49:&8(C&

+44)&4554A:?K4GW&=:?G?P4*&*=;?)3&)=>4;,=C&*?C(C:4;C&?)AG=*?)3&5G,,*CX&8=;;?A()4C&()*&

:C=)(>?CX&(C&Y4GG&(C&A,>9G4Z&4>4;34)A?4C<&

&

@84&EFE%%&A,)A49:&8(C&+44)&Y?*4GW&;4A,3)?P4*&(C&()&(99G?A(+G4&:,,G&5,;&:84&A,,;*?)(:?,)&,5&

?):4;)(:?,)(G&8=>()?:(;?()&,94;(:?,)C<&V:&8(C&+44)&=:?G?P4*&+W&C4K4;(G&?):4;)(:?,)(G&

,;3()?P(:?,)Ch9(;:)4;C8?9C&Y84)&;4C9,)*?)3&:,&4>4;34)A?4C&()*&?C&;,=:?)4GW&?)A,;9,;(:4*&

?):,&C?>=G(:4*&?):4;)(:?,)(G&*?C(C:4;&;4C9,)C4&:;(?)?)3&4Z4;A?C4C<&E%'$X&(C&A=C:,*?()&,5&:84&

A,)A49:X&A,,;*?)(:4C&()*&;43=G(;GW&9;4C4):C&EFE%%&()*&V"F$L$]&4Z4;A?C4C&?)&(**?:?,)&:,&

9;,K?*?)3&:;(?)?)3&5,;&C:(55&(CC?3)4*&:,&C=99,;:&()&EFE%%<&

#

%=%$$#A2/>7#

@84&EFE%%&A,)A49:&?C&?):4)*4*&(C&(&;(9?*&;4C9,)C4&C:;=A:=;4&:8(:&Y,;-C&?)&AG,C4&

A,,94;(:?,)&Y?:8&:84&(554A:4*&A,=):;WbC&R,A(G&S>4;34)AW&J()(34>4):&$=:8,;?:W&MRSJ$N<&@,&

,9:?>?P4&?:C&4554A:?K4)4CCX&?:&C8,=G*&+4&?)?:?(:4*&?)&:84&?>>4*?(:4&(5:4;>(:8&,5&(&*?C(C:4;&

;4B=?;?)3&?):4;)(:?,)(G&(CC?C:()A4&?*4(GGW&+45,;4X&,;&C?>=G:()4,=CGW&Y?:8X&:84&(;;?K(G&,5&

?):4;)(:?,)(G&;4G?45&;4C,=;A4C<&V:&?C&4Z94A:4*&:8(:&()&EFE%%&?)&C,>4&5,;>&Y,=G*&+4&

,94;(:?,)(G&*=;?)3&:84&;4G?45&98(C4&,5&()&4>4;34)AW&=):?G&:84&],K4;)>4):&,5&:84&(554A:4*&

A,=):;W&:,34:84;&Y?:8&!)?:4*&"(:?,)C&(34)A?4C&()*&),)U3,K4;)>4):(G&,;3()?P(:?,)C&M"]ECN&

A()&;4C=>4&:84&;4C9,)C?+?G?:W&,5&A,,;*?)(:?,)&,5&?):4;)(:?,)(G&;4C,=;A4C<&$)&EFE%%&C8,=G*&

+;?)3&:,34:84;&?):4;)(:?,)(G&;4G?45&9;,K?*4;C&,)UC?:4&:,&,9:?>?P4&:84&=C4&,5&(K(?G(+G4&(CC4:C&?)&

:84&5?;C:&Y44-C&5,GG,Y?)3&()&4>4;34)AW<&

&

$)&EFE%%&?C&+(C4*&,)&(&5=)A:?,)(G&>,*4G&5,;&A,,;*?)(:?,)&()*&*4A?C?,)U>(-?)3X&Y84;4&:84&

4G4>4):C&,5&:84&,;3()?P(:?,)&(;4&*?K?*4*&?)&K(;?,=C&5=)A:?,)(G&(;4(C&Y?:8&(&5G4Z?+G4&)=>+4;&

,5&C:(55&94;&(;4(&*494)*?)3&,)&C?:=(:?,)(G&)44*C<&$)&EFE%%&>(WX&?)&>()W&;4C94A:CX&

;4C4>+G4&V)A?*4):&%,>>()*&2,C:ChS>4;34)AW&E94;(:?,)C&%4):;4C&A,>>,)GW&=C4*&(:&(&

)(:?,)(G&G4K4G&Y84;4&C:;=A:=;4C&()*&9;,A4*=;4C&5,;&?)A?*4):&A,>>()*&()*&A,):;,G&(;4&

AG4(;GW&*45?)4*<&',Y4K4;X&?)C:4(*&,5&:(-?)3&,)&(&A,>>()*&;,G4X&:84&;,G4&,5&:84&EFE%%&?C&:,&

Y,;-&?)&AG,C4&G?(?C,)&Y?:8&:84&RSJ$&()*&?C&?):4)*4*&:,&5(A?G?:(:4&A,,94;(:?,)&Y?:8X&()*&

A,,;*?)(:?,)&,5X&?):4;)(:?,)(G&8=>()?:(;?()&(CC?C:()A4<&!"#$#%&"'()*"$+#,*-.+#+)/.#$"#01022#

!"#$#%#&#'!($)*+,$&*+#$-'.#/#'.#'!%0$1'.$&1,#$.#2-(-*'($)-!"-'$!"#-+$3-#%.$4'.#+$!"#$

!"#$%&'()*+)%)$(,#!&%-($)!"#"$%&!"#$%"&'()*"+*"',"-$%"')-.)-"-'/012*"-$%"3014%1"'.%10-+',!""

$)&EFE%%&?C&(GC,&?):4)*4*&:,&C4;K4&(C&(&9G(:5,;>&5,;&?)5,;>(:?,)&4ZA8()34&+4:Y44)&

Page 96: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&67& %8(9:4;&#&

)(:?,)(G&()*&?):4;)(:?,)(G&;4G?45&9;,K?*4;C&M4<3<X&!)?:4*&"(:?,)C&(34)A?4CX&:84&AG=C:4;CX&

"]ECN<&

&

$)&EFE%%&8(C&:8;44&9;?>(;W&,+^4A:?K4Ca&

&

0< @,&(A:&(C&(&G?)-&+4:Y44)&?):4;)(:?,)(G&;4C9,)*4;C&()*&:84&],K4;)>4):&,5&:84&

(554A:4*&A,=):;W<&

.< @,&9;,K?*4&(&CWC:4>&5,;&A,,;*?)(:?)3&()*&5(A?G?:(:?)3&:84&(A:?K?:?4C&,5&?):4;)(:?,)(G&

;4G?45&455,;:C&(:&:84&C?:4&,5&(&*?C(C:4;X&),:(+GW&?)&:84&A(C4&,5&()&4(;:8B=(-4&Y84;4&:84&

A,,;*?)(:?,)&,5&>()W&?):4;)(:?,)(G&!F$L&:4(>C&?C&A;?:?A(G&:,&4)C=;4&,9:?>(G&;4CA=4&

455,;:C<&

1< @,&9;,K?*4&(&9G(:5,;>&5,;&A,,94;(:?,)X&A,,;*?)(:?,)&()*&?)5,;>(:?,)&>()(34>4):&

(>,)3C:&:84&?):4;)(:?,)(G&8=>()?:(;?()&(34)A?4C<&

&

$)&EFE%%&?C&5?;C:&()*&5,;4>,C:&(&98WC?A(G&G,A(:?,)&Y84;4&:84&C:(-48,G*4;C&A()&A,>4&

:,34:84;&()*&C8(;4&?)5,;>(:?,)<&V:&C8,=G*&+4&*4C?3)4*&(C&(&A4):;4&Y84;4&?)5,;>(:?,)&A()&+4&

,+:(?)4*X&9;,A4CC4*X&K?C=(G?P4*&()*&4(C?GW&C8(;4*&Y?:8&:84&8=>()?:(;?()&A,>>=)?:W<&

&

$)&EFE%%&C8,=G*&5(A?G?:(:4&?)5,;>(:?,)&C8(;?)3X&+=:&(GC,&=)*4;:(-4&(&9;,(A:?K4&;,G4&?)&

9;,>,:?)3&^,?):&*4A?C?,)U>(-?)3<&%,,;*?)(:?,)&:8;,=38&5(A?G?:(:?,)&?)K,GK4C&+;?)3?)3&94,9G4&

:,34:84;&?)&,;*4;&:,&;4(A8&(3;44>4):&,)&8,Y&:,&A,,94;(:4<&$)&EFE%%&C8,=G*&?)?:?(:4&

C:;=A:=;4*&A,,;*?)(:?,)&>44:?)3C&+W&9;,K?*?)3&5(A?G?:(:?,)X&G4(*4;C8?9&()*&(&>44:?)3&K4)=4<&

&

@84&EFE%%&>(W&)44*&:,&4Z9()*&?)&C94A?5?A&(;4(C&Y?:8?)&?:C&5=)A:?,)(G&,;&C:;=A:=;(G&

;4C9,)C?+?G?:?4C&:,&>44:&(**?:?,)(G&,94;(:?,)(G&*4>()*C<&$)&EFE%%X&:,34:84;&Y?:8&,:84;&

C:(-48,G*4;CX&C8,=G*&5(A?G?:(:4&:84&*4K4G,9>4):&,5&(&'=>()?:(;?()&L4G?45&2G()&()*&?):;,*=A4&

CWC:4>C&()*&9;,A4*=;4C&:,&C=C:(?)&(&>,;4&9;,G,)34*&A,>>?:>4):<&@8?C&*4K4G,9>4):&

C8,=G*&+4&*,)4&?)&AG,C4&(3;44>4):hA,>>=)?A(:?,)&Y?:8&:84&A4):;(G&A,,;*?)(:?,)&A4):;4X&

,5:4)&(:&A(9?:(G&G4K4G<&n4W&9(;:)4;C&?)&*4K4G,9?)3&:84C4&9;,*=A:C&C8,=G*&?)K,GK4&:84&

],K4;)>4):&,5&:84&(554A:4*&A,=):;WX&:84&!)?:4*&"(:?,)C&L4C?*4):&

%,,;*?)(:,;h'=>()?:(;?()&%,,;*?)(:,;&ML%h'%NX&()*h,;&:84&'=>()?:(;?()&%,=):;W&@4(>&

M'%@N&?5&4C:(+G?C84*<&@84&?GG=C:;(:?,)&+4G,Y&C8,YC&8,Y&:84&EFE%%&?):4;;4G(:4C&Y?:8&,:84;&

4):?:?4C<&

&

Page 97: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&67& %8(9:4;&#&

P3:1.7#!"+U#%=%$$#&795-3/,A83>A#

&

@,&>44:&:84C4&)44*CX&()&EFE%%&>(W&;4B=?;4&(**?:?,)(G&;4C,=;A4C&()*&4Z94;:?C4&:,&>()(34&

:84&C94A?(G&;4B=?;4>4):C&,5&:84&4>4;34)AW&C?:=(:?,)<&@84C4&;4B=?;4>4):C&>(W&+4&;4G(:4*&:,&

9;,K?*?)3&C=99,;:&5,;&C4A:,;(G&;4C9,)C4&()*&()&?):4;UAG=C:4;&A,,;*?)(:?,)&5,;=>X&,;&:,&

4Z9()*&C=99,;:&?)&C=A8&(;4(C&(C&)44*C&(CC4CC>4):X&?)5,;>(:?,)&>()(34>4):X&V)5,;>(:?,)&

%,>>=)?A(:?,)C&@4A8),G,3W&MV%@N&()*&G,3?C:?AC<&

&

$G:8,=38&()&EFE%%&?C&(&:,,G&+4C:&C=?:4*&5,;&:84&?>>4*?(:4&;4G?45&98(C4&,5&(&*?C(C:4;&M4<3<X&

:84&!F$L&;4C9,)C4&5,GG,Y?)3&()&4(;:8B=(-4NX&?:&C8,=G*&+4&4C:(+G?C84*&Y?:8&4),=38&5G4Z?+?G?:W&

()*&5,;4C?38:&:,&(*^=C:&:,&:84&>(3)?:=*4&()*&A,>9G4Z?:W&,5&(&*?C(C:4;<&f84)&()&EFE%%&

+4A,>4C&5=GGW&4)3(34*&?)&:84&A,,;*?)(:?,)&,5&?):4;)(:?,)(G&8=>()?:(;?()&;4C9,)C4X&?:C&;,G4&

()*&(A:?K?:?4C&>(W&+4&4Z:4)*4*&:,&>44:&:84&A8()3?)3&;4B=?;4>4):C&*?A:(:4*&+W&()&4K,GK?)3&

C?:=(:?,)<&&

&

$C&(&A,)C4B=4)A4&,5&(&G,)34;U:4;>&8=>()?:(;?()&;4C9,)C4X&()&EFE%%&>(W&5,;>&:84&

5,=)*(:?,)&,5&()&E%'$&5?4G*&,55?A4&Y84)&:84&?)?:?(G&98(C4&4)*C<&$&C:;(:43W&5,;&:;()C?:?,)&,5&

;4C9,)C?+?G?:?4C&C8,=G*&+4&*4K4G,94*&(:&:84&4(;G?4C:&9,CC?+G4&,99,;:=)?:W<&@8?C&?)AG=*4C&

?*4):?5?A(:?,)&,5&Y8,&Y?GG&:(-4&:84&;4C9,)C?+?G?:?4C&,)Y(;*C&(C&Y4GG&(C&4C:(+G?C8?)3&(&:?>4G?)4&

5,;&:;()C?:?,)&,5&:(C-C<&V:&?C&?>9,;:():&:,&),:4&:8(:&(&9;,94;&:;()C?:?,)&>(W&+4&3;(*=(GGW&

?>9G4>4):4*&,K4;&:84&A,=;C4&,5&:84&>?CC?,)&()*&C8,=G*&),:&(GG&,AA=;&(:&:84&4)*&,5&:84&

>?CC?,)<&

#

!"!##$

"%&'!"!##$

()#$ ()#$

"%&'!"!##$

!"#$%&'()*+#'&$,'-%&.)

/$('0"+'()!"($"1)2"'3.)

*4*55)2"67&$6'()

4899%+0)2"'3.)

:%6'();807%+$-".)

<&0"+=5(8.0"+)

5%%+>$&'-%&)?%+83)

5@*5)A)5@5%%+>)

BCD;5)2"'3):"'>"+)

*5E;)BC)!5AE5)

E52)

Page 98: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&06&,5&67& %8(9:4;&#&

!"<"+#%=%$$#=-.12-1.7#

&

F:(55&5,;&:84&EFE%%&C8,=G*&A,>4&5;,>&:84&!"#$%&:4(>X&E%'$X&EFE%%&C=99,;:&C:(55X&

?):4;)(:?,)(G&,;3()?P(:?,)CX&!F$L&:4(>C&()*&"]EC<&F:(55?)3&C8,=G*&+4&A,>9G4>4):4*&Y?:8&

(**?:?,)(G&B=(G?5?4*&C:(55&(C&:84W&+4A,>4&(K(?G(+G4X&9;454;(+GW&5;,>&,:84;&E%'$&C=;34&

>4A8()?C>C&()*h,;&E%'$&9(;:)4;C<&@84&)=>+4;&,5&C:(55&)44*4*&:,&5=G5?GG&EFE%%&5=)A:?,)C&

Y?GG&*494)*&,)&:84&K,G=>4&()*&A,>9G4Z?:W&,5&(A:?K?:?4C&(:&:84&EFE%%&:,34:84;&Y?:8&:84&

)=>+4;&,5&Y,;-&94;?,*C&94;&*(W&:8(:&:84&EFE%%&Y?GG&+4&5=)A:?,)?)3<&@84&Y,;-G,(*&Y?GG&

=C=(GGW&;4B=?;4&(&.6UO&A,>>?:>4):<&@84;45,;4X&Y84)&A,)C?*4;?)3&:84&)=>+4;&,5&?)*?K?*=(GCX&

(&>?)?>=>&,5&:Y,&Y,;-&C8?5:C&:,&A,K4;&.6&8,=;C&C8,=G*&+4&4C:(+G?C84*<&@8?C&A,=G*&>4()&(&

*,=+G?)3&,5&:84&)=>+4;&,5&?)*?K?*=(GC&5?GG?)3&*?554;4):&EFE%%&5=)A:?,)C<&

&

@84&C?P4&()*&5=)A:?,)C&,5&:84&EFE%%&Y?GG&K(;W&(AA,;*?)3&:,&:84&CA(G4&,5&:84&*?C(C:4;<&V:C&+(C?A&

C:;=A:=;4&?C&*4CA;?+4*&84;4X&+=:&C8,=G*&+4&>,*?5?4*&:,&C=?:&:84&;4B=?;4>4):C&,5&:84&C?:=(:?,)<&

&

&

P3:1.7#!"4U#=-5,05.0#%=%$$#=-.12-1.7#

#

V)&*?C(C:4;C&,K4;&(&Y?*4C9;4(*&(;4(&:84;4&>?38:&+4&(&)44*&:,&4C:(+G?C8&,)4&,;&>,;4&C=+U

EFE%%MCN<&@8?C&?C&*,)4&Y84)&?:&?C&),:&9,CC?+G4&5,;&:84&EFE%%&:,&A,,;*?)(:4&()*&,K4;C44&

,94;(:?,)C&?)&>,;4&;4>,:4&()*&G4CC&(AA4CC?+G4&(;4(C<&$&C=+UEFE%%&?C&(&C49(;(:4&4):?:W&:8(:&

Y,;-C&=)*4;&C=94;K?C?,)&5;,>&:84&EFE%%<&f84)&?:&?C&4C:(+G?C84*X&:4;>C&,5&;454;4)A4&

AG(;?5W?)3&?:C&>(?)&,+^4A:?K4CX&4Z94A:4*&,=:A,>4C&()*&;49,;:?)3&G?)4C&C8,=G*&+4&9;,K?*4*<&V:&

C8,=G*&;4A4?K4&*?;4A:?,)&()*&3=?*()A4&5;,>&:84&EFE%%X&+=:&A;4(:4C&?:C&,Y)&G?)-C&Y?:8&:84&

RSJ$&()*&,:84;&8=>()?:(;?()&9(;:)4;C&G,A(GGW<&@84&C:;=A:=;4&,5&(&C=+UEFE%%&C8,=G*&5,GG,Y&

:84&C(>4&C4:&=9&(C&:84&>(?)&EFE%%&(C&;4B=?;4*<&

!"!##$%&'&()*)'+$

,'-./*&0.'$%&'&()*)'+$1$233)33*)'+3$

4.(53063$

!7)/&0.'3$

%)85&$

28*5'53+/&0.'$

"977./+$

45&53.'$

"&-)+:$1$")69/5+:$

"9;<!"!##$"9;<!"!##$

=>#$ =>#$

Page 99: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0I&,5&67& %8(9:4;&#&

&

@84&EFE%%&>(W&+4&C:;=A:=;4*&?):,&4?38:&5=)A:?,)(G&4G4>4):C&()*&,)4&C=99,;:&A4GG<&@8?C&?C&(&

34)4;?A&C:;=A:=;4&()*&?:&?C&?>9,;:():&:,&),:4&:8(:&),:&(GG&5=)A:?,)C&>(W&+4&)44*4*&?)&4K4;W&

4>4;34)AW<&#494)*?)3&,)&:84&>(3)?:=*4&,5&:84&4K4):X&C?:=(:?,)(G&*4>()*C&()*&(K(?G(+G4&

;4C,=;A4CX&C,>4&5=)A:?,)C&>(W&+4&>()(34*&C?>=G:()4,=CGW&+W&,)4&94;C,)&,;&+4&?;;4G4K():<&

V)&,:84;&C?:=(:?,)C&C,>4&5=)A:?,)C&>(W&;4B=?;4&>,;4&:8()&,)4&94;C,)X&,;&+4&C9G?:&?):,&

C49(;(:4&5=)A:?,)C<&H,;&4Z(>9G4X&4>4;34)A?4C&Y84;4&A,,;*?)(:4*&(CC4CC>4):C&(AA,;*?)3&:,&

:84&J=G:?U%G=C:4;hF4A:,;&V)?:?(G&L(9?*&$CC4CC>4):&MJVL$N&H;(>4Y,;-&(;4&+4?)3&,;3()?P4*&

,=:&,5&:84&EFE%%&>(W&;4B=?;4&(CC4CC>4):C&(C&(&C49(;(:4&5=)A:?,)(G&4G4>4):<&

&

$GG&EFE%%&C:(55&C8,=G*&8(K4&(&AG4(;&=)*4;C:()*?)3&,5&:84?;&C94A?5?A&;,G4&()*&4Z94A:4*&

,=:9=:C<&',Y4K4;X&(GG&EFE%%&C:(55&C8,=G*&(GC,&8(K4&()&=)*4;C:()*?)3&,5&:84&:(C-C&,5&,:84;&

5=)A:?,)(G&4G4>4):C&()*&8,Y&4(A8&94;C,)bC&(A:?K?:?4C&;4G(:4&:,&,:84;C<&V:&?C&4CC4):?(G&:,&

*4*?A(:4&C=55?A?4):&:?>4&5,;&:84&9G())?)3&,5&:84&EFE%%&C4:U=9<&@84&;,G4CX&:(C-C&()*&4Z94A:4*&

;4C=G:C&,5&?:C&>4>+4;CX&()*&?):4;(A:?,)&+4:Y44)&?:C&>4>+4;CX&8(K4&:,&+4&AG4(;GW&*45?)4*<&&

&

f84)&()&EFE%%&?C&,94;(:4*&+W&()&!"#$%&:4(>&:84&!"#$%&@4(>&R4(*4;&C8,=G*&),:&+4&

(99,?):4*&EFE%%&J()(34;X&+=:&C8,=G*&=)*4;:(-4&:(C-C&,)&(&>,;4&C:;(:43?A&G4K4G<&@84&

!"#$%&#49=:W&@4(>&R4(*4;&Y?GG&),;>(GGW&5?GG&:84&;,G4&,5&EFE%%&J()(34;<&&

&

!"<"4#$872N93A-A#H/.#%=%$$#P1,2-3/,A#

&

@84&5,GG,Y?)3&A84A-G?C:C&8(K4&+44)&*4K4G,94*&5,;&:84&K(;?,=C&9,C?:?,)C&?)&(&34)4;?A&EFE%%&

C4:U=9<&@84W&(;4&?):4)*4*&(C&(&3=?*4G?)4&+(C4*&,)&+4C:&9;(A:?A4C&()*&C8,=G*&+4&(*(9:4*&(C&

:84&C?:=(:?,)&;4B=?;4C<&@84&A84A-G?C:C&>(W&(GC,&+4&=C4*&5,;&:84&34)4;?A&5=)A:?,)C&?)&()&

!"#$%&:4(>&(C&*4CA;?+4*&?)&C4A:?,)&D<6<0<&

&

%=%$$#65,5:7.##

@(C-a&

#4K4G,9&(&Y,;-&9G()&5,;&:84&EFE%%X&(GG,A(:4&:(C-C&()*&C=94;K?C4&:84&Y,;-&,5&:84&5=)A:?,)(G&

4G4>4):C<&V)&A,,94;(:?,)&Y?:8&:84&!"#$%&@4(>&R4(*4;X&:84&J()(34>4):&5=)A:?,)&C8,=G*&

5(A?G?:(:4&:84&,;3()?P(:?,)&,5&;4C,=;A4C&:,&4)8()A4&:84&4554A:?K4)4CC&,5&:84&EFE%%<&

&

%84A-G?C:a&

• $CC?3)&94;C,))4G&:,&5=)A:?,)C&()*&>(?)&(;4(C&,5&;4C9,)C?+?G?:W<&

• SC:(+G?C8&A,):(A:&Y?:8&:84&RSJ$&()*&,:84;&;4G?45&,;3()?P(:?,)C<&

• %,)*=A:&?):4;)(G&>44:?)3C&()*&+;?45?)3C<&

• 2;,K?*4&:84&)4A4CC(;W&G4(*4;C8?9X&(*K?A4&()*&3=?*()A4&:,&4)C=;4&(&C>,,:8X&455?A?4):&

4>4;34)AW&,94;(:?,)<&

• %,)*=A:&A,,;*?)(:?,)&>44:?)3C&Y?:8&:84&RSJ$&()*&;49;4C4):(:?K4C&,5&?):4;)(:?,)(G&

;4G?45&;4C,=;A4CX&(C&(99;,9;?(:4<&

Page 100: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&07&,5&67& %8(9:4;&#&

• 2G()&()*&4Z4A=:4&()&4554A:?K4&:;()C?:?,)&,5&EFE%%&;4C9,)C?+?G?:?4C&,)A4&:84&EFE%%&

98(C4C&,=:<&

&

SZ94A:4*&;4C=G:a&

S)C=;4C&:8(:&C:(55&?C&,9:?>(GGW&4>9G,W4*X&:8(:&(GG&5=)A:?,)(G&4G4>4):C&8(K4&C=55?A?4):&

;4C,=;A4C&()*&:8(:&:84&EFE%%&>44:C&:84&,+^4A:?K4C&4C:(+G?C84*&+W&:84&RSJ$X&:84&!"#$%&

@4(>&R4(*4;&()*&:84&L%h'%<&

&

%=%$$#%>7.5-3/,A#

@(C-a&

J(?):(?)&()&,K4;K?4Y&,5&,)3,?)3&;4G?45&(A:?K?:?4C&()*&5(A?G?:(:4&:84&*4K4G,9>4):&,5&(&

'=>()?:(;?()&L4G?45&2G()&?)&A,,94;(:?,)&Y?:8&:84&RSJ$X&E%'$&()*&?):4;)(:?,)(G&;4G?45&(A:,;C&

M4<3<X&%G=C:4;&%,,;*?)(:,;CN<&

&

%84A-G?C:a&

• V)?:?(GGW&?*4):?5W&9;?,;?:W&(;4(C&5,;&*49G,W?)3&;4C,=;A4CX&*?;4A:&;4G?45&9;,K?*4;C&:,&8?38&

)44*&(;4(CX&:;(A-&9;,3;4CC&()*&(*^=C:&:84&;4C9,)C4&(C&;4B=?;4*<&

• 2;,K?*4&+;?45?)3C&,)&,)3,?)3&,94;(:?,)C<&

• %,,;*?)(:4&>(99?)3&,5&)(:?,)(G&()*&?):4;)(:?,)(G&,;3()?P(:?,)(G&;,G4CX&;4C,=;A4CX&

A(9(+?G?:?4C&()*&A,>9(;(:?K4&C:;4)3:8C<&

• V*4):?5W&3(9CX&*=9G?A(:?,)&()*&+,::G4)4A-C&+W&%G=C:4;C<&

• J,)?:,;&()*&5(A?G?:(:4&?):4;U(34)AW&A,,;*?)(:?,)&455,;:C&(A;,CC&%G=C:4;C<&

• H(A?G?:(:4&A,>>=)?A(:?,)&+4:Y44)&;4G?45U9;,K?*4;C&()*&)(:?,)(G&A,=):4;9(;:C<&

• J,)?:,;&()*&4K(G=(:4&:84&455?A?4)AWX&4554A:?K4)4CC&()*&?>9(A:&,5&,94;(:?,)C<&

• J,)?:,;&L#%&(A:?K?:?4C<&

• H(A?G?:(:4&!F$L&A,,;*?)(:?,)&?)&A,,94;(:?,)&Y?:8&!F$L&:4(>&G4(*4;C&?)&4(;:8B=(-4&

;4C9,)C4&,94;(:?,)C<&

&

SZ94A:4*&;4C=G:a&

$)&?):43;(:4*&9G()&5,;&A,,;*?)(:?,)&,5&;4G?45&(A:?K?:?4C<&

&

%=%$$#',H/.E5-3/,#65,5:7E7,-#V#)AA7AAE7,-A#

@(C-a&

%,GG4A:X&A,GG(:4X&()(GWP4&()*&*?CC4>?)(:4&?)5,;>(:?,)&*4;?K4*&5;,>&C4A,)*(;W&()*&9;?>(;W&

*(:(X&+W&A,)C,G?*(:?)3&?:&?):,&:84&(99;,9;?(:4&,=:9=:&5,;>(:C&5,;&*4A?C?,)&>(-4;C&()*&,:84;&

C:(-48,G*4;C&M4<3<X&+;?45?)3&>(:4;?(GX&C?:=(:?,)&;49,;:CX&2;?>(;W&FA4)(;?,&#45?)?:?,)&M2F#NX&

*(:(+(C4CX&A8(;:CX&>(9CN<&@84&V)5,;>(:?,)&J()(34>4):&o&$CC4CC>4):C&5=)A:?,)&Y,;-C&?)&

AG,C4&A,,94;(:?,)&Y?:8&(GG&,:84;&5=)A:?,)(G&4G4>4):CX&5,;&4Z(>9G4&A,,;*?)(:?,)&Y?:8&R,3?C:?AC&

:,&5(A?G?:(:4&(CC4CC>4):C<&F44&C4A:?,)&H<1<I<.&5,;&>,;4&?)5,;>(:?,)&,)&V)5,;>(:?,)&

J()(34>4):&?)&EFE%%<#

&

Page 101: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0O&,5&67& %8(9:4;&#&

%84A-G?C:a&

• %,GG4A:X&A,GG(:4X&()(GWP4&()*&*?CC4>?)(:4&?)5,;>(:?,)&,)&(GG&(A:?K?:?4C&,5&"]ECX&

*,),;CX&>4*?(X&!)?:4*&"(:?,)C&(34)A?4C&()*&,:84;&?):4;)(:?,)(G&()*&)(:?,)(G&;4G?45&

(A:,;C<&

• EK4;C44&:84&?)5,;>(:?,)&5G,Y&M?)9=:X&:8;,=389=:X&,=:9=:N&,5&:84&EFE%%&()*&L#%<&

• 2;49(;4&?)5,;>(:?,)&>()(34>4):&9;,*=A:C&()*&*?C:;?+=:4&:84C4&(AA,;*?)3GW<&

• #4K4G,9&()*&>(?):(?)&(&A4):;(G&;43?C:;W&,5&,;3()?P(:?,)C&?)AG=*?)3&?)5,;>(:?,)&,)&

A,):(A:CX&,94;(:?,)C&()*&Y8,UY8(:UY84;4&?)5,;>(:?,)<&

• %,,;*?)(:4&:84&*4K4G,9>4):&()*&?>9G4>4):(:?,)&,5&A,,;*?)(:4*&(CC4CC>4):C&

C=;K4WCX&B=4C:?,))(?;4C&()*&,:84;&?)5,;>(:?,)&3(:84;?)3&:,,GC<&

• R?(?C4&Y?:8&?)5,;>(:?,)&>()(34>4):&5,A(G&9,?):C&,5&%G=C:4;C&5,;&?):4;UAG=C:4;&

?)5,;>(:?,)&5G,Y<&

&

SZ94A:4*&;4C=G:a&

2;,K?C?,)&,5&:?>4GW&,=:9=:&,5&()(GWP4*&?)5,;>(:?,)&?)&(99;,9;?(:4&5,;>(:C<&

&

%=%$$#W/:3A-32A#

@(C-a&

2;,K?*4&G,3?C:?AC&C=99,;:&:,&:84&EFE%%&()*&4C:(+G?C8&G?)-C&Y?:8&,:84;&;4G?45&,;3()?P(:?,)C&()*&

:84&R,3?C:?AC&%G=C:4;&Y84)&4C:(+G?C84*<#

&

%84A-G?C:a&

• S)C=;4&(*4B=(:4&Y,;-?)3&C9(A4&()*&(AA,>>,*(:?,)&5,;&:84&EFE%%<&

• S)C=;4&(*4B=(:4&:;()C9,;:(:?,)&:,&>44:&:84&)44*C&,5&:84&EFE%%<&

• V*4):?5W&G,A(G&G,3?C:?AC&;4C,=;A4C&C=A8&(C&:;()C9,;:X&5=4G&()*&C4;K?A4CX&()*&C4A=;4&(C&

;4B=?;4*<&

• S)C=;4h4C:(+G?C8h>(?):(?)&:84&)4A4CC(;W&:4A8)?A(G&)44*C&?)AG=*?)3&4G4A:;?A?:WX&

G?38:?)3&4:A<X&:,&;=)&()*&C=C:(?)&()&EFE%%<&

• V*4):?5W&A(9(+?G?:W&3(9C&?)&4B=?9>4):&()*&5(A?G?:?4C<&

• R?(?C4&AG,C4GW&Y?:8&,:84;&;4G?45&,;3()?P(:?,)C&()*&:84&R,3?C:?AC&%G=C:4;X&?5&()*&Y84)&

4C:(+G?C84*X&:,&4)C=;4&:84&A,,;*?)(:?,)&,5&G,3?C:?A(G&A,>>,)&C4;K?A4C<&

• #4:4;>?)4&5;,>&:84&RSJ$&()*&9=+G?C8&9;,A4*=;4C&5,;&A=C:,>C&AG4(;()A4X&G,A(G&

*,A=>4):(:?,)&()*&:(Z4C<&

• H(A?G?:(:4&A,,94;(:?,)&()*&C8(;?)3&,5&5(A?G?:?4CX&C=99G?4C&()*&4B=?9>4):&Y?:8&,:84;&

;4G?45&,;3()?P(:?,)C<&

&

SZ94A:4*&;4C=G:a&

R,3?C:?AC&C=99,;:&5,;&:84&EFE%%&()*&5,;>(G&G?)-C&:,&(GG&G,3?C:?AC&4):?:?4C&,5&:84&;4G?45&

,94;(:?,)<&

&

&

Page 102: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0Q&,5&67& %8(9:4;&#&

%=%$$#W353A/,#

@(C-a&

SC:(+G?C8&()*&>(?):(?)&5,;>(G&?)5,;>(:?,)&4ZA8()34&9;,A4*=;4C&+4:Y44)&:84&EFE%%&()*&

,:84;&A,,;*?)(:?,)&+,*?4C&M4<3<X&)(:?,)(G&(=:8,;?:?4ChRSJ$N&()*h,;&=)*4;:(-4&%?K?G&J?G?:(;W&

%,,;*?)(:?,)&M%J%,,;*N&5=)A:?,)C&(C&;4B=?;4*<&

&

%84A-G?C:a&

• %,>>=)?A(:4&;43=G(;GW&Y?:8&,:84;&?):4;)(:?,)(G&A,,;*?)(:?)3&+,*?4C&()*&4)C=;4&(&

;43=G(;&?)5,;>(:?,)&4ZA8()34<&

• H(A?G?:(:4&>44:?)3C&,)&;4B=4C:&5,;&9G())?)3X&A,,;*?)(:?,)&()*&?)5,;>(:?,)&4ZA8()34&

Y?:8&,:84;&?):4;)(:?,)(G&A,,;*?)(:?)3&+,*?4C<&

• $CC?C:&Y?:8&:84&4C:(+G?C8>4):&,5&(&>4A8()?C>&5,;&A,,;*?)(:?,)&,5&8=>()?:(;?()&

?):4;(A:?,)&Y?:8&>?G?:(;W&5,;A4C&?)&:84&(;4(<&

• R?(?C4&()*&4)C=;4&?)5,;>(:?,)&4ZA8()34&Y?:8&>?G?:(;W&A,):?)34):C&?)&:84&(;4(&()*X&?5&

)4A4CC(;WX&(CC?C:&?)&:84&*4K4G,9>4):&,5&A,=):;Wh4>4;34)AW&C94A?5?A&%J%,,;*&

]=?*4G?)4C<&

&

SZ94A:4*&;4C=G:a&

FWC:4>(:?A&?)5,;>(:?,)&4ZA8()34&+4:Y44)&:84&EFE%%&()*&;4C94A:?K4&+,*?4Ch4):?:?4C<&

&

%=%$$#67035##

@(C-a&

%,,;*?)(:4&(GG&4Z:4;)(G&;4G(:?,)CX&>,)?:,;&>4*?(&()*&9;49(;4&>4*?(&5(A:&C844:C&(+,=:&

EFE%%&(A:?K?:?4C&(C&Y4GG&(C&C?:=(:?,)&=9*(:4C&5,;&9=+G?A&*?C:;?+=:?,)<&

&

%84A-G?C:a&

• V)&A,,94;(:?,)&Y?:8&:84&RSJ$X&:84&!"#$%&@4(>&R4(*4;X&L%h'%&()*&EFE%%&

J()(34;X&4C:(+G?C8&3=?*4G?)4C&5,;&?):4;(A:?,)&Y?:8&:84&>4*?(<&

• F4;K4&(C&EFE%%&5,A(G&9,?):&5,;&:84&>4*?(<&

• J,)?:,;&>4*?(&9=+G?A(:?,)C&A,)A4;)?)3&:84&;4G?45&,94;(:?,)<&

• V*4):?5W&()*&>(?):(?)&A,):(A:&Y?:8&;4G4K():&>4*?(&:,&9;,>,:4&(*K,A(AW&5,;&:84&;4G?45&

,94;(:?,)<&

• V)&A,,94;(:?,)&Y?:8&:84&V)5,;>(:?,)&J()(34>4):&A4GGX&9;49(;4&;4G4K():&?)5,;>(:?,)&

5,;&9=+G?A&*?C:;?+=:?,)<&

• F=99,;:&*,),;hjV2&K?C?:C&()*&5(A:U5?)*?)3&>?CC?,)C<&

• R?(?C4&AG,C4GW&Y?:8&:84&RSJ$&?)&>4*?(&B=4C:?,)C<&

&

SZ94A:4*&;4C=G:a&

S)C=;4&(&9;,(A:?K4&;4G(:?,)C8?9&Y?:8&)(:?,)(Gh?):4;)(:?,)(G&>4*?(&?C&4C:(+G?C84*<&

#

#

Page 103: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0T&,5&67& %8(9:4;&#&

%=%$$#=5H7-;#V#=721.3-;#

@(C-a&

J,)?:,;&:84&C(54:W&()*&C4A=;?:W&C?:=(:?,)X&4ZA8()34&;43=G(;&?)5,;>(:?,)&Y?:8&:84&!)?:4*&

"(:?,)C&#4C?3)(:4*&E55?A?(G&M#EN&5,;&C4A=;?:W&()*&C4A=;?:W&,55?A4;C&5;,>&,:84;&;4G?45&(A:,;CX&

?)AG=*?)3&:84&!"#FF&%8?45&F4A=;?:W&$*K?C,;X&()*&4C:(+G?C8&C(54:W&()*&C4A=;?:W&9;,A4*=;4C&5,;&

:84&EFE%%&MC44&A8(9:4;&'N<#

&

%84A-G?C:a&

• !9*(:4&EFE%%&C:(55&()*&,:84;&;4G?45&(A:,;C&,)&C4A=;?:W&?)5,;>(:?,)&()*&*4K4G,9&(&

C4A=;?:W&9G()&5,;&:84&EFE%%X&?)AG=*?)3&(&C:(55&4K(A=(:?,)&9G()<&

• S)C=;4&:8(:&C(54:W&()*&C4A=;?:W&>4(C=;4C&5,;&:84&EFE%%&(;4&4C:(+G?C84*<&

• J,)?:,;&:84&C4A=;?:W&C?:=(:?,)&()*&JEFF&A,>9G?()A4&MC44&C4A:?,)&'<1<.N<&

• $CC?C:&!"#FF&Y?:8&:84&4C:(+G?C8>4):&,5&(&G,A(G&C4A=;?:W&9G()&()*&=9*(:4&(C&;4B=?;4*<&&

• %,>>=)?A(:4&C4A=;?:W&9;,A4*=;4C&:,&(GG&(554A:4*&9(;:?4C&()*X&?5&)44*4*X&5(A?G?:(:4&:84&

?>9G4>4):(:?,)&,5&:84C4<&

• #4K4G,9&(&9G()&5,;&>4*?A(G&4K(A=(:?,)<&

&

SZ94A:4*&;4C=G:a&

F4A=;?:W&9G()&()*&94;?,*?A&=9*(:4&,)&:84&C4A=;?:W&?)5,;>(:?,)&:8;,=38&A,)C:():&C?:=(:?,)(G&

>,)?:,;?)3<&

&

%=%$$#)0E3,3A-.5-3/,#

@(C-a&

E;3()?P4&:84&(*>?)?C:;(:?,)&,5&:84&EFE%%&()*&4)C=;4&:8(:&?):4;)(G&9;,A4*=;4C&5,;&:84&*(WU

:,U*(W&;=))?)3&,5&:84&EFE%%&(;4&4C:(+G?C84*&()*&>(?):(?)4*<#

&

%84A-G?C:a&

• 2G()&(*>?)?C:;(:?K4&;4B=?;4>4):C<&

• #,A=>4):&()*&5?G4&?)A,>?)3&()*&,=:3,?)3&>4CC(34C&MC44&(GC,&H<1<I<.&5,;&*4:(?GC&,)&

G,3+,,-CN<&

• V):;,*=A4&(*>?)?C:;(:?K4&CWC:4>C&()*&9;,A4*=;4CX&?)AG=*?)3&G,33?)3&()*&5?G?)3&

CWC:4>C<&

• J()(34&5?)()A?(G&C=99,;:&5,;&:84&EFE%%&C=A8&(C&94::W&A(C8&()*&(AA,=):?)3<&

• 2;,A=;4&>(9CX&+,(;*CX&C:(:?,)4;W&()*&,:84;&C=99,;:&>(:4;?(GC&)4A4CC(;W&5,;&:84&

EFE%%<&

• 2;,A=;4&()*&>()(34&:;()CG(:?,)h?):4;9;4:(:?,)&C4;K?A4C<&

• E;3()?P4&()&EFE%%&C:(55?)3&;,C:4;<&

• SC:(+G?C8&()&EFE%%&4):;W&9,?):&5,;&4554A:?K4&A;,Y*&>()(34>4):<&

• $CC?C:&Y?:8&=9*(:4&,5&A,):(A:&G?C:C<&

• $;;()34&>44:?)3CX&+;?45?)3C&()*&,:84;&(A:?K?:?4C&(C&;4B=4C:4*&+W&:84&EFE%%&

J()(34;<&

Page 104: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&67& %8(9:4;&#&

• $;;()34&5,;&(*>?)?C:;(:?K4&C=99,;:&()*&4B=?9>4):X&(C&(99;,9;?(:4<#

• SC:(+G?C8&(&9,C:&+,Z&>(?G&CWC:4>&()*X&?5&9,CC?+G4X&4U>(?G&3;,=9C&5,;&*?C:;?+=:?,)&,5&

?)5,;>(:?,)<#

&

SZ94A:4*&;4C=G:a&

V):4;)(G&(*>?)?C:;(:?,)&,5&:84&EFE%%<&

#

!"<"<#%=%$$#=1>>/.-#

&

f84)&)4A4CC(;WX&E%'$&Y?GG&;4B=4C:&C=99,;:&:,&C4:&=9&()*&;=)&:84&EFE%%&5;,>&9(;:)4;C&:8(:&

9;,K?*4&9;4*45?)4*&C=99,;:&C4;K?A4C<&#?C(C:4;&>()(34>4):h8=>()?:(;?()&A,,;*?)(:?,)&

4Z94;:C&C8,=G*&>()(34&:84&EFE%%&5=)A:?,)(G&4G4>4):CX&+=:&K(;?,=C&9(;:)4;C&Y?GG&9;,K?*4&

:4A8)?A(G&C4;K?A4C&G?-4&V%@&C=99,;:X&>(99?)3X&(AA,>>,*(:?,)&()*&G,3?C:?AC&,)&;4B=4C:<&

&

@84&V):4;)(:?,)(G&'=>()?:(;?()&2(;:)4;C8?9&MV'2N&8(C&*4K4G,94*&(&>,*4G&:8(:&9;,K?*4C&

C=99,;:&:,&?):4;)(:?,)(G&8=>()?:(;?()&,94;(:?,)C&=C?)3&(&CWC:4>&,5&:(?G,;U>(*4&;(9?*GW&

*49G,W(+G4&>,*=G4C&:8(:&A()&+4&;4B=4C:4*&+W&?):4;)(:?,)(G&,;3()?P(:?,)C<&@84&9(;:)4;C8?9&

>,*4G&8(C&(GC,&+44)&4C:(+G?C84*&?)&:84&$C?(U2(A?5?A&;43?,)&M$C?(U2(A?5?A&'=>()?:(;?()&

2(;:)4;C8?9&e$2'2gN&()*&:84&$>4;?A(C&;43?,)&M$>4;?A(C&F=99,;:&@4(>&e$F@gN<&&S(A8&;43?,)&

8(C&;4C,=;A4C&()*&4B=?9>4):&>,*=G4C&*4C?3)4*&:,&C=99,;:&()&EFE%%&?)AG=*?)3&V%@&

4B=?9>4):X&C=99,;:&C:(55&()*&+(C4&A(>9&C=99,;:<&MF44&C4A:?,)&D<7&5,;&>,;4&?)5,;>(:?,)&,)&

>?CC?,)&C=99,;:<N&&

&

V)&>()W&*?C(C:4;C&,;3()?P(:?,)C&9;,K?*?)3&8=>()?:(;?()&A,>>,)&C4;K?A4C&>(W&*49G,W&

C?>=G:()4,=CGW&Y?:8&:84&!"#$%&:4(><&@84C4&>(W&?)AG=*4&:84&R,3?C:?AC&%G=C:4;X&E%'$&

V)5,;>(:?,)&J()(34>4):&>,*=G4CX&!"#FFX&@mGmA,>&F()C&H;,):?p;4C&M@FHNX&J(9&$A:?,)&()*&

,:84;C<&@84C4&(;4&:4A8)?A(G&9(;:)4;C&Y?:8&C=+C:():?K4&4Z94;:?C4&()*&C8,=G*&+4&5=GGW&

?):43;(:4*&?)&:84&(A:?K?:?4C&,5&:84&EFE%%&Y84)&*49G,W4*<&

&

EFE%%&4B=?9>4):&;4B=?;4>4):C&Y?GG&K(;W&*494)*?)3&,)&:84&*?C(C:4;&C?:=(:?,)&()*&:84&G4K4G&

(:&Y8?A8&:84&EFE%%&Y?GG&,94;(:4<&',Y4K4;X&V%@&4B=?9>4):&?C&(&K?:(G&)44*&5,;&()&EFE%%&?)&

,;*4;&:,&4C:(+G?C8&;4G?(+G4&()*&C=C:(?)(+G4&?)5,;>(:?,)&G?)-C&+4:Y44)&:84&*?C(C:4;&C?:4X&:84&

L%h'%&()*&:84&?):4;)(:?,)(G&A,>>=)?:W<&",;>(GGW&()&V%@&>,*=G4&Y?GG&+4&*49G,W4*&:,34:84;&

Y?:8&:84&!"#$%&:4(><&@84&V%@&4B=?9>4):&C8,=G*&8(K4&9;4UG,(*4*&C,5:Y(;4&()*&:,,GCX&C=A8&

(C&:84&!"#$%&>?CC?,)&C,5:Y(;4&:,&5(A?G?:(:4&:84&Y,;-&,5&:84&EFE%%<&

&

$&C94A?(GGW&*4C?3)4*&EFE%%&>,*=G4&>(W&+4&;4B=4C:4*&5;,>&9(;:)4;C8?9&A,=):;?4C<&V:&

A,)C?C:C&,5&:4):C&()*&K(;?,=C&,55?A4&()*&C=+C?C:4)A4&4B=?9>4):&C=?:(+G4&5,;&:84&

4C:(+G?C8>4):&()*&;=))?)3&,5&()&EFE%%<&

&

Page 105: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&67& %8(9:4;&#&

!"<"?#$//.03,5-3/,#677-3,:A#5,0#=7.C327A#

#

$*U8,A&>44:?)3C&(;4&,5:4)&A(;;?4*&,=:&+W&)4A4CC?:W&?)&:84&5?;C:&*(WC&,5&(&C=**4)U,)C4:&

*?C(C:4;X&+=:&CA84*=G4*&>44:?)3C&C8,=G*&+4&5,;>(G?P4*&(C&C,,)&(C&9,CC?+G4<&J44:?)3C&>(W&

K(;W&5;,>&(&G(;34&34)4;(G&A,,;*?)(:?,)&>44:?)3&:8(:&+;?)3C&:,34:84;&(&>=G:?:=*4&,5&K(;?,=C&

9G(W4;CX&*,Y)&:,&,)4U,)U,)4&>44:?)3C&5,A=C?)3&,)&(&9(;:?A=G(;&?CC=4<&D(C4*&,)&:84&C?:=(:?,)X&

()&EFE%%&C8,=G*&?*4):?5W&8,Y&>44:?)3C&C8,=G*&+4&9;?,;?:?P4*X&Y8,&C8,=G*&9(;:?A?9(:4X&Y8,&

C8,=G*&:(-4&:84&G4(*&()*&8,Y&:84W&C8,=G*&+4&>()(34*<&$C&>=A8&(C&9,CC?+G4X&)(:?,)(G&

(=:8,;?:?4C&C8,=G*&+4&G4(*?)3&,;&A,UG4(*?)3&A,,;*?)(:?,)&>44:?)3CX&()*&:84&EFE%%&C8,=G*&

C=99,;:&:84>&?)&5=G5?GG?)3&:8?C&;,G4<&L43(;*G4CC&,5&>44:?)3&:W94X&Y84:84;&?:&?C&(&!F$L&>44:?)3&

,;&()&?):4;UAG=C:4;&A,,;*?)(:?,)&>44:?)3X&()&EFE%%&C8,=G*&8(K4&:84&A(9(A?:W&:,&C=99,;:&

:84C4&:8;,=38&?)?:?(:?,)X&9G())?)3X&5(A?G?:(:?,)&()*&5,GG,Y&=9<&

&

$)&EFE%%&C8,=G*&+4&9;49(;4*&:,&9;,K?*4&(&Y?*4&;()34&,5&C4;K?A4C&:,&:84&8=>()?:(;?()&

A,>>=)?:W<&V:&>=C:&(;;()34&()*&9;,K?*4&(&K4)=4&5,;&>44:?)3CX&9;,A4CC&()*&*?C9G(W&

?)5,;>(:?,)X&()*&C4;K4&(C&(&5,A(G&9,?):&5,;&,94;(:?,)(GX&G,3?C:?A(G&()*&(*>?)?C:;(:?K4&>(::4;C<&

$C&9(;:&,5&:84&455,;:&,5&?*4):?5W?)3&:84&)44*C&,5&,:84;C&?:&Y?GG&+4A,>4&AG4(;4;&Y8(:&()&EFE%%&

C8,=G*&C44-&:,&(AA,>9G?C8&()*&(GC,&4(C?4;&:,&4)A,=;(34&,;3()?P(:?,)C&:,&9(;:?A?9(:4&?)&:84&

A,,;*?)(:?,)&9;,A4CC<&&

&

@W9?A(G&4Z(>9G4C&,5&C4;K?A4C&()&EFE%%&>(W&9;,K?*4&(;4a&

&

• D;?45?)3&,)&C?:=(:?,)X&)44*CX&9;?,;?:?4CX&,94;(:?,)CX&4:A<&&

• 2;,K?C?,)&,5&?)5,;>(:?,)&>()(34>4):&9;,*=A:C&C=A8&(C&>(9CX&A,):(A:&?)5,;>(:?,)X&

A,>>,*?:W&:;(A-?)3&()*&Y8,UY8(:UY84;4&?)5,;>(:?,)&MC44&A8(9:4;C&S&()*&H&5,;&>,;4&

?)5,;>(:?,)N<&&

• V*4):?5?A(:?,)&,5&)(:?,)(G&A,=):4;9(;:CX&AG=C:4;&5,A(G&9,?):C&()*&8,Y&:,&4C:(+G?C8&

;43=G(;&G?(?C,)&Y?:8&:84><&

• V)5,;>(:?,)&,)&G,A(G&9;,A4*=;4C&;43(;*?)3&A=C:,>CX&?>>?3;(:?,)&()*&(AA4CC&:,&

(554A:4*&(;4(C<&

• H(A?G?:(:?,)&()*&(*>?)?C:;(:?K4&C=99,;:&5,;&>44:?)3CX&(34)*(&9;49(;(:?,)&()*&

C4G4A:?,)&,5&K4)=4<&

• %,,;*?)(:?,)&,5&G,3?C:?A(Gh(*>?)?C:;(:?K4&>(::4;C&C=A8&(C&:;()C9,;:(:?,)X&5=4GX&D(C4&,5&

E94;(:?,)CX&Y(;48,=C?)3&()*&(AA4CC&:,&Y(:4;&()*&9,Y4;<&

• ]=?*()A4&,)&A=G:=;(G&?CC=4CX&C(54:W&()*&C4A=;?:WX&()*&>4*?(<&

• 2;,K?C?,)&,5&V%@&C,G=:?,)C<&

&

!"<"B#&727>-3/,#!7>5.-1.7#$7,-.7#X&!$Y#

&

@,&A,,;*?)(:4&()*&5(A?G?:(:4&()&455?A?4):&(;;?K(G&,5&?):4;)(:?,)(G&;4G?45&:4(>C&()*&5=;:84;&

*49G,W>4):&:,&:84&*?C(C:4;&C?:4X&(&>4A8()?C>&C8,=G*&+4&4C:(+G?C84*&(:&:84&(;;?K(G&9,?):&,5&

Page 106: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&67& %8(9:4;&#&

?):4;)(:?,)(G&;4G?45&:4(>C&()*&?:4>C<&$&G(;34&?)5G=Z&,5&;4G?45&:4(>C&()*&;4G?45&?:4>C&:,&(;;?K(G&

9,;:C&?)&:84&(554A:4*&A,=):;W&?C&(&)(:=;(G&A,)C4B=4)A4&,5&?):4;)(:?,)(G&;4C9,)C4&:,&(&C=**4)&

,)C4:&*?C(C:4;<&@8?C&>(W&;(9?*GW&,K4;Y84G>&:84&9,;:C&()*&(**?:?,)(G&;4C,=;A4C&>(W&+4&

)44*4*&:,&9;,K?*4&:84&)4A4CC(;W&C=;34&A(9(A?:W<&&

&

$&L4A49:?,)&#49(;:=;4&%4):;4&ML#%N&C8,=G*&+4&4C:(+G?C84*&(C&(&9(;:&,5&:84&EFE%%<&V:C&

;4C9,)C?+?G?:W&?C&:,a&

&

• L43?C:4;&:4(>CX&9;,K?*4&(&+;?45?)3&,5&:84&G(:4C:&?)5,;>(:?,)&()*&*?;4A:&:84>&:,&:84&

EFE%%<&

• 2(CC&9;,A4CC4*&?)5,;>(:?,)&,5&?)A,>?)3&:4(>C&:,&:84&EFE%%&?)&,;*4;&:,&5(A?G?:(:4&

,94;(:?,)(G&9G())?)3&?)&:84&EFE%%<&

• H=)A:?,)&(C&(&A,,;*?)(:?)3&+,*W&5,;&:84&?):4;)(:?,)(G&;4G?45&:;(55?A<&

• F=99,;:&:84&(?;9,;:&(=:8,;?:?4C&Y?:8&:84C4&(A:?K?:?4C<&

&

@84&L#%&>(W&+4&:84&5?;C:&9,?):&,5&A,):(A:&5,;&;4G?45&:4(>C&Y84)&(;;?K?)3&?)&:84&(554A:4*&

A,=):;W&()*X&:84;45,;4&:84&L#%&>=C:&+4&9;49(;4*&:,&5(A?G?:(:4&:84&C(>4&+(C?A&C4;K?A4C&(C&

:8(:&4Z94A:4*&,5&()&EFE%%<&F?:=(:?,)(G&=9*(:4CX&,94;(:?,)(G&?)5,;>(:?,)X&G,3?C:?A(G&C=99,;:&

()*&5(A?G?:(:?,)&,5&?>>?3;(:?,)hA=C:,>C&9;,A4*=;4C&5,;&C:(55X&4B=?9>4):&()*&8=>()?:(;?()&

(?*&(;4&C,>4&,5&:84&C4;K?A4C&:8(:&Y?GG&+4&4Z94A:4*&+W&()&L#%<&

&

@84&L#%&C=99,;:C&(?;9,;:&(=:8,;?:?4C&*=;?)3&(&:?>4&:8(:&>(W&+4A,>4&A8(,:?A&*=4&:,&:84&

;(9?*&?)5G=Z&,5&G(;34&)=>+4;C&,5&;4C9,)*4;C&()*&K,G=>4C&,5&(?*<&V:&?C&K?:(G&:,&4C:(+G?C8&

G?)-(34C&Y?:8&-4W&4):?:?4C&(:&:84&(?;9,;:&?)AG=*?)3&>()(34>4):&M5(A?G?:W&()*&,94;(:?,)CNX&

C4A=;?:WX&?>>?3;(:?,)X&A=C:,>CX&(?;&:;(55?A&A,):;,GX&3;,=)*&:;(55?A&A,):;,GX&3;,=)*&8()*G?)3&

5(A?G?:(:,;C&()*&>?G?:(;W&;49;4C4):(:?K4C&M?5&:84&(?;9,;:&?C&(&>?G?:(;WhA?K?G?()&A,>9G4ZN<&S(A8&

>=C:&+4&?)5,;>4*&,5&:84&;,G4C&()*&;4C9,)C?+?G?:?4C&,5&:84&L#%&:,&4)C=;4&A,,94;(:?,)<&$)&L#%&

?C&?):4)*4*&:,&(=3>4):&()&EFE%%X&+=:&:84&C(>4&9;?)A?9G4C&3,K4;)?)3&:84&4C:(+G?C8>4):&()*&

;=))?)3&,5&()&EFE%%&(;4&;4G4K():&5,;&()&L#%<&&

&

$&9;?,;?:W&5,;&:84&L#%&?C&:,&4)C=;4&(&Y4GGU5=)A:?,)?)3&CWC:4>&5,;&?)5,;>(:?,)&5G,Y&+4:Y44)&

:84&EFE%%&()*&:84&L#%<&V)&:84&?)?:?(G&98(C4&,5&(&C=**4)&,)C4:&*?C(C:4;X&:84&C?:=(:?,)&>(W&

A8()34&;(9?*GW&()*&?)5,;>(:?,)&+4:Y44)&:84&EFE%%&()*&L#%&>=C:&+4&4ZA8()34*&

(AA,;*?)3GW<&V)A,>?)3&:4(>C&Y?GG&4Z94A:&=9*(:4*&?)5,;>(:?,)&()*&:84&EFE%%&Y?GG&)44*&

?)5,;>(:?,)&(+,=:&?)A,>?)3&:4(>ChC8?9>4):C&:,&9;49(;4&5,;&:84&(;;?K(G&,5&:84C4&(:&:84&

*?C(C:4;&C?:4<&&

&

@84&L#%&?C&4C94A?(GGW&?>9,;:():&?)&4(;:8B=(-4&C?:=(:?,)C&*=4&:,&:84&(;;?K(G&,5&G(;34&)=>+4;C&

,5&?):4;)(:?,)(G&!F$L&:4(>C<&V)&(AA,;*()A4&Y?:8&:84&V"F$L$]&]=?*4G?)4CX&:84&5?;C:&(;;?K?)3&

!F$L&:4(>C&(;4&;4C9,)C?+G4&5,;&C4::?)3&=9&()*&C:(55?)3&(&9;,K?C?,)(G&L#%&=):?G&:84&!"#$%&

:4(>&(;;?K4C&()*&:(-4C&,K4;&:84&;4C9,)C?+?G?:W<&f84)&:84&],K4;)>4):&,5&:84&(554A:4*&

Page 107: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&67& %8(9:4;&#&

A,=):;W&:4;>?)(:4C&:84&!F$L&;4C9,)C4X&:84&L#%&:=;)C&?):,&(&#49(;:=;4&%4):;4&5(A?G?:(:?)3&

:84&;4:=;)&,5&:84&!F$L&:4(>C&:,&:84?;&8,>4&+(C4<&&

&

$)&L#%&?C&(&:,,G&?):4)*4*&5,;&:84&?)?:?(G&98(C4&5,GG,Y?)3&(&C=**4)&,)C4:&*?C(C:4;&()*&?:C&

C4;K?A4C&>(W&+4&:4;>?)(:4*&,)A4&:8?C&94;?,*&?C&,K4;&,;&)(:?,)(G&(=:8,;?:?4C&Y?:8&:84&C=99,;:&

,5&?):4;)(:?,)(G&,;3()?P(:?,)C&(;4&(+G4&:,&;4C=>4&A,,;*?)(:?,)&,5&:84&(**?:?,)(G&:;(55?A&

A;4(:4*&+W&:84&?):4;)(:?,)(G&8=>()?:(;?()&,94;(:?,)<&@84&>,*4G&+4G,Y&C8,YC&:84&+(C?A&

C:;=A:=;4&()*&5=)A:?,)C&,5&:84&L#%&()*&:84?;&?):4;(A:?,)&Y?:8&:W9?A(G&(?;9,;:&4):?:?4C<&

&

&

&

P3:1.7#!"<U#&!$#=-.12-1.7#5,0#&795-3/,A83>A#

#

$)&L#%&>(W&+4&C:;=A:=;4*&?):,&:8;44&5=)A:?,)(G&4G4>4):C<&F:(55?)3&5,;&:84C4&C8,=G*&A,>4&

5;,>&:84&!"#$%&:4(>&Y?:8&(**?:?,)(G&C=99,;:&5;,>&G?(?C,)&C:(55&5;,>&?)A,>?)3&:4(>C&,;&

,:84;&?):4;)(:?,)(G&,;3()?P(:?,)C<&S(A8&5=)A:?,)(G&4G4>4):&8(C&C94A?5?A&;4C9,)C?+?G?:?4Ca!

&

&!$#65,5:7.#

• F=94;K?C4&C4:&=9&()*&,94;(:?,)&,5&:84&L#%<&

• R?(?C4&Y?:8&;4C9,)C?+G4&(=:8,;?:?4C&()*&9;,K?*4&?)5,;>(:?,)&(+,=:&:84&9=;9,C4&()*&

A(9(A?:W&,5&:84&L#%&[&9;,K?*?)3&(CC?C:()A4&:,&(?;9,;:&(=:8,;?:?4C&?)&9;,A4CC?)3&(;;?K?)3&

?):4;)(:?,)(G&;4G?45&:4(>C&:,&5(A?G?:(:4&;(9?*&*49G,W>4):&:,&:84&*?C(C:4;&(554A:4*&(;4(<&

• SC:(+G?C8&(&C4B=4)A4&,5&C:(:?,)C&:,&(GG,Y&:84&;(9?*&9;,A4CC?)3&,5&(;;?K?)3&;4G?45&:4(>C<&

@84&C:(:?,)C&C8,=G*&?)AG=*4&?>>?3;(:?,)X&A=C:,>CX&;43?C:;(:?,)X&+;?45?)3X&G,3?C:?AC&()*&

!"#$%#&'()*+#,-.*

/&(0#&1*

2"1"0,#3*

45.'#"03*

/'60&76*

877"9#,:&(*

!"#;&#0*2,(,9575(0*

!"#.#,<*=,()1"(9*

>4>//*

!##"?"(9*+5,76* !##"?"(9*+5,76*!##"?"(9*+5,76*

!"#$%&'&()*)'+$

!"#$,-(./01/$ !"#$23*.'./+4&0-'$

Page 108: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.6&,5&67& %8(9:4;&#&

:;()C9,;:&:,&:84&C?:4<&

• F=94;K?C4&:84&(A:?K?:?4C&,5&L#%&C:(55&:8;,=38,=:&:84&,94;(:?,)<&

• S)C=;4&()&?)5,;>(:?,)&5G,Y&5;,>&:84&L#%&:,&:84&EFE%%&()*&:84&RSJ$<&

&

&!$#W/:3A-32A#

• H(A?G?:(:4&G,3?C:?AC&C=99,;:&5,;&(;;?K?)3&?):4;)(:?,)(G&;4G?45&:4(>C&?)&A,,94;(:?,)&Y?:8&

:84&RSJ$&()*&(?;9,;:&(=:8,;?:?4C<&@8?C&:(C-&?)AG=*4C&*4:4;>?)?)3&G,3?C:?AC&

;4B=?;4>4):C&,5&(;;?K?)3&!F$L&:4(>CX&>(-?)3&)4A4CC(;W&G,3?C:?AC&(;;()34>4):C&Y?:8&

:84&RSJ$&()*&+;?45?)3&)4YGW&(;;?K4*&;4G?45&:4(>C&(AA,;*?)3GW<&

• $CC?C:&Y?:8&:84&:;(A-?)3&,5&?):4;)(:?,)(G&A,):;?+=:?,)CX&?5&;4B=4C:4*&+W&:84&EFE%%&,;&

:84&RSJ$<&

• R?(?C4&Y?:8&:84&R,3?C:?AC&%G=C:4;&?5hY84)&4C:(+G?C84*<&

&

&!$#)0E3,3A-.5-3/,#

• S)C=;4&:84&4C:(+G?C8>4):&,5&:84&L#%X&?)AG=*?)3&:84&C:(:?,)C&5,;&;(9?*&9;,A4CC?)3&,5&

(;;?K?)3&;4G?45&:4(>C<&

• S)C=;4&:84&C4:&=9&()*&,94;(:?,)&,5&()W&4G4A:;,)?A&4B=?9>4):&:8(:&?C&;4B=?;4*&:,&A(;;W&

,=:&?:C&:(C-X&?)AG=*?)3&V%@&4B=?9>4):X&V):4;)4:&A,))4A:?K?:W&()*&A,>>=)?A(:?,)&

Y?:8?)&:84&L#%<&

• L43?C:4;&?)5,;>(:?,)&(+,=:&(;;?K?)3&;4G?45&:4(>C&(:&*4*?A(:4*&;4A49:?,)&C:(:?,)C&()*&

C8(;4&:8?C&?)5,;>(:?,)&Y?:8&:84&EFE%%&()*&,:84;&C:(-48,G*4;C<&

• SC:(+G?C8&(&CWC:4>&5,;&5?G?)3&()*&+(A-&=9&,5&4G4A:;,)?A&*,A=>4):C&,)&(&;43=G(;&+(C?C<&

#

H,;&5=;:84;&?)5,;>(:?,)&C44&:84&676889:3%;0,%.0/&M.//TNX&(K(?G(+G4&,)&:84&E%'$&Y4+C?:4<&

&

!"<"Z#T.I5,#=75.28#5,0#&7A217#XT=)&Y#$//.03,5-3/,#

&

V):4;)(:?,)(G&!;+()&F4(;A8&()*&L4CA=4&M!F$LN&?C&(&A,>9G4Z&5,;>&,5&?):4;)(:?,)(G&(CC?C:()A4&

),;>(GGW&9;,K?*4*&?)&C=**4)&,)C4:&4>4;34)A?4C&C=A8&(C&4(;:8B=(-4C&()*&A,GG(9C4*&

C:;=A:=;4C&(554A:?)3&()&=;+()?P4*&(;4(\&()*&>(W&(GC,&+4&(CC,A?(:4*&Y?:8&,:84;&4>4;34)AW&

,94;(:?,)C&M4<3<X&5G,,*CX&G()*CG?*4CN<&24,9G4&:;(994*&Y?:8?)&:84&K,?*C&()*&C9(A4C&,5&(&

A,GG(9C4*&+=?G*?)3&,5:4)&C=;K?K4&5,;&>()W&8,=;CX&4K4)&*(WCX&?)&:84&9,C:UA,GG(9C4&94;?,*<&@8?C&

c;4CA=4&Y?)*,Yd&9;,K?*4C&()&,99,;:=)?:W&5,;&C4(;A8&()*&;4CA=4&:4(>C&Y?:8&:84&)4A4CC(;W&

A(9(+?G?:?4C&()*&;4C,=;A4C&:,&;4CA=4&:8,C4&:;(994*&=)*4;&C=A8&A,)*?:?,)C<&&

&

%,,;*?)(:?)3&(&!F$L&,94;(:?,)&=)*4;&:84C4&A?;A=>C:()A4C&*,4C)b:&*?554;&C?3)?5?A():GW&5;,>&

A,,;*?)(:?)3&;4G?45&455,;:C&?)&,:84;&98(C4C&,5&()&4>4;34)AWX&8,Y4K4;&4K4;W:8?)3&>,K4C&

>=A8&5(C:4;&*=4&:,&:84&G?>?:4*&Y?)*,Y&,5&,99,;:=)?:W&?)&Y8?A8&C=AA4CC5=G&;4CA=4C&A()&+4&

>(*4<&@84;45,;4X&-),YG4*34&,5&!F$L&,94;(:?,)C&+W&:84&!"#$%&:4(>&?C&)4A4CC(;W&5,;&

4554A:?K4&A,,;*?)(:?,)<&J4>+4;C&,5&?):4;)(:?,)(G&!F$L&:4(>C&(;4&?)AG=*4*&?)&:84&EFE%%&:,&

Page 109: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.I&,5&67& %8(9:4;&#&

(=3>4):&()*&A,>9G4>4):&:84&!"#$%&:4(>&?)&:84&(;4(&,5&!F$L&A,,;*?)(:?,)&?)&,;*4;&:,&

5(A?G?:(:4&,94;(:?,)(G&9G())?)3&?)&:84&C(K?)3&,5&94,9G4&:;(994*&=)*4;&;=++G4<&&

&

V)&?)A?*4):C&;4B=?;?)3&?):4;)(:?,)(G&C4(;A8&()*&;4CA=4&:4(>CX&:84&EFE%%&Y?GG&+4&;4C9,)C?+G4&

5,;&C=99,;:?)3&:84&RSJ$&Y?:8&9G())?)3&()*&:(C-?)3&,5&:4(>C<&@8?C&C4;K?A4&;4B=?;4C&

C94A?(G?P4*&:4A8)?A(G&C:(55&()*&(&9(;:&,5&EFE%%&,94;(:?,)C&C8,=G*&+4&5=GGW&*4*?A(:4*&:,&:8?C<&

V)&!F$L&,94;(:?,)CX&4(A8&?):4;)(:?,)(G&;4G?45&:4(>&C8,=G*X&?5&;4B=?;4*X&C4A,)*&(&:4(>&

>4>+4;&(C&()&EFE%%&G?(?C,)&:,&Y,;-&Y?:8?)&:84&E94;(:?,)C&A4GG&?)&A,,;*?)(:?,)&,5&:84&

;4C9,)C4<&@84&(3;44>4):&()*&Y?GG?)3)4CC&:,&A,>>?:&94;C,))4G&()*&4B=?9>4):&:,&()&EFE%%&

>(W&+4&(&C?3)?5?A():&=)*4;:(-?)3&5,;&(&;4G?45&:4(><&V:&?C&A;=A?(G&:8(:&(C&>,;4&?):4;)(:?,)(G&

;4G?45&:4(>C&(;;?K4X&:84W&(;4&;4B=4C:4*&:,&C=99,;:&:84&94;C,))4G&()*&4B=?9>4):&)44*C&,5&

:84&EFE%%<&&

&

F?>?G(;GWX&!F$L&:4(>C&(;4&4Z94A:4*&:,&4C:(+G?C8&()*&,94;(:4&(&9;,K?C?,)(G&EFE%%&()*&

L4A49:?,)&#49(;:=;4&%4):;4&ML#%N&?5&:84W&(;;?K4&?)&:84&(554A:4*&A,=):;W&(84(*&,5&()&!"#$%&

:4(><&

&

f8?G4&:84&9;?)A?9G4C&5,;&A,,;*?)(:?,)&;4>(?)&:84&C(>4X&!"#$%&:4(>C&8(K4&(&C94A?5?A&;,G4&?)&

?):4;)(:?,)(G&!F$L&,94;(:?,)C&(C&*45?)4*&?)&:84&V"F$L$]&]=?*4G?)4C&MC44&C4A:?,)&k<0.&5,;&

V"F$L$]&?)5,;>(:?,)N<&L4C9,)C?+?G?:?4C&,5&:84&!"#$%&:4(>&C94A?5?A&:,&!F$L&,94;(:?,)C&

?)AG=*4a&

&

• SC:(+G?C8&()*&>(?):(?)&()&L#%&()*&()&EFE%%&:8;,=38,=:&:84&,94;(:?,)&Y?:8&

V"F$L$]&AG(CC?5?4*&:4(>C<&MF44&C4A:?,)&#<1&5,;&*4:(?G4*&EFE%%&?)5,;>(:?,)<N&

• H(A?G?:(:4&4C:(+G?C8?)3&G,A(:?,)C&5,;&D(C4C&,5&E94;(:?,)C&5,;&!F$L&:4(>C&()*&4)C=;4&

4(A8&?C&+;?454*&,)&A(>9&9;,:,A,GC&()*&;=G4C<&&&

• H(A?G?:(:4&:84&A,,;*?)(:?,)&,5&:84&!F$L&,94;(:?,)&Y,;-C?:4&(CC?3)>4):C&Y?:8&:84&

RSJ$<&

• H(A?G?:(:4&A=G:=;(G&()*&C(54:W&+;?45?)3C<&

• %,,;*?)(:4&(CC4CC>4):C&,5&5=;:84;&)44*CX&Y?:8&:84&C=99,;:&,5&!F$L&:4(>C<&

&

@84&5,GG,Y?)3&(A:?,)C&C8,=G*&+4&:(-4)&+W&EFE%%&94;C,))4G&?)&(&!F$L&,94;(:?,)&:,&

A,,;*?)(:4&(A:?K?:?4C&Y?:8&:84&RSJ$a&

&

• #4:4;>?)4&:84&;,G4&,5&:84&EFE%%&;43(;*?)3&:84&A,,;*?)(:?,)&,5&?):4;)(:?,)(G&(A:,;C&

()*&;4G?45<&

• SC:(+G?C8&()&?)5,;>(:?,)&4ZA8()34&9;,A4CC&+4:Y44)&:84&RSJ$&()*&EFE%%<&

• V*4):?5W&(&C=?:(+G4&G,A(:?,)&5,;&:84&EFE%%&4)C=;?)3&K?C?+?G?:W&5,;&?)A,>?)3&;4C,=;A4C&

M4<3<X&5G(3CX&*?;4A:?,)(G&C?3)CN<&

• SC:(+G?C8&A,>>=)?A(:?,)C&G?)-&:,&:84&L#%&()*&j?;:=(G&EFE%%&(C&C,,)&(C&9,CC?+G4<&

• %,)*=A:&:84&5,GG,Y?)3a&

Page 110: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.7&,5&67& %8(9:4;&#&

- ](:84;&A=;;4):&?)A?*4):&?)5,;>(:?,)&()*&=9*(:4&;49,;:C&(AA,;*?)3GW<&

- SC:(+G?C8&:84&9;?,;?:W&)44*C&,5&:84&(554A:4*&A,=):;W<&

- L4A,;*&!F$L&@4(>&H(A:&F844:&?)5,;>(:?,)&,5&?)A,>?)3&;4C,=;A4C<&

- V*4):?5W&9,:4):?(G&G,A(:?,)C&5,;&:84&D(C4&,5&E94;(:?,)C<&

- E+:(?)&(&>(9&,5&:84&?>9(A:4*&(;4(<&

- SC:(+G?C8&:84&C=;K?K,;&8()*U,K4;&9;,A4*=;4<&&

- V*4):?5W&:84&G,A(:?,)&,5&A;()4CX&G,(*4;CX&5,;-G?5:C&()*&R,;;?4CX&94:;,G4=>&9;,*=A:CX&

:?>+4;X&A,>9;4CC4*&3(C4CX&?):4;9;4:4;C&()*&3=?*4CX&()*&4C:(+G?C8&9;,A4*=;4C&:,&

3(?)&(AA4CC&:,&:84C4&;4C,=;A4C<&

- $;;()34&:;()C9,;:(:?,)&5,;&94;C,))4G&()*&4B=?9>4):&:,&()*&5;,>&Y,;-&C?:4C<&

- SC:(+G?C8&A,,;*?)(:?,)&C:;=A:=;4C&()*&>44:?)3&*4:(?GC<&

- SC:(+G?C8&(&9G()&:,&(**;4CC&C(54:W&()*&C4A=;?:W&?CC=4C<&

• $CC?C:&:84&RSJ$&Y?:8&(CC?3)?)3&!F$L&()*&,:84;&;4C,=;A4C&+(C4*&,)&:84&(+,K4U

>4):?,)4*&?)5,;>(:?,)<&

• L43?C:4;&()*&+;?45&?)A,>?)3&;4C,=;A4C<&

• ](:84;&()*&*,A=>4):&?)5,;>(:?,)&5;,>&EFE%%&2G())?)3&?)&,;*4;&:,a&

- $)(GWP4&:84&9;?,;?:W&)44*C&,5&:84&(554A:4*&A,=):;W&?)&;4G(:?,)&:,&:84&;4C,=;A4C&,)&

8()*<&

- %(9:=;4&()*&()(GWP4&?)5,;>(:?,)&C=99G?4*&+W&!F$L&:4(>C&()*&,:84;&(A:,;C<&

- #4:4;>?)4&3(9C&?)&,94;(:?,)C&()*&;4A,>>4)*4*&(99;,9;?(:4&A8()34C<&

- %,)C?*4;&G,)3U:4;>&9G()C&Y?:8&;43(;*&:,&(**?:?,)(G&;4C,=;A4C&()*&;4(CC?3)>4):<&

• #?C9G(W&?)5,;>(:?,)&,):,&?)A?*4):&>(9C<&

• SC:(+G?C8&(&*?C9G(W&(;4(&:8(:&?)AG=*4C&?)A?*4):&>(9CX&C?:=(:?,)&;49,;:CX&>44:?)3&

(34)*(CX&Y4(:84;&5,;4A(C:CX&4:A<&

• 2;49(;4&5,;&()*&5(A?G?:(:4&*(?GW&!F$L&,94;(:?,)C&>44:?)3C&:,&*?CA=CC&C94A?5?A&:4(>&

(CC?3)>4):CX&9;,3;4CC&()*&C8,;:5(GGC<&

• L4K?4Y&()*&=9*(:4&:84&2G()&,5&$A:?,)&+(C4*&,)&EFE%%&9G())?)3&>44:?)3&;4C=G:C&()*&

,:84;&?)5,;>(:?,)&;4A4?K4*a&

- R4)3:8&,5&,94;(:?,)(G&94;?,*C&:,&(AA,>9G?C8&(CC?3)4*&:(C-C<&

- D;?45?)3&CA84*=G4C<&

• 2;49(;4&!F$L&,94;(:?,)C&?)9=:&5,;&:84&!"#$%&F?:=(:?,)&L49,;:<&

&

!"#$%&Y?GG&)44*&:,&9;,K?*4&:84&RSJ$&Y?:8&?)5,;>(:?,)&;43(;*?)3&A(9(A?:W&()*&A(9(+?G?:W&,5&

?)A,>?)3&?):4;)(:?,)(G&!F$L&:4(>C<&@8?C&?)5,;>(:?,)&A()&+4&5,=)*&?)&:84&V"F$L$]&!F$L&

#?;4A:,;W&MYYY<?)C(;(3<,;3N<&

&

@84&A,,;*?)(:?,)&C:;=A:=;4&,5&()&?):4;)(:?,)(G&!F$L&?)A?*4):&A()&?)K,GK4&>()W&*?554;4):&

C:(-48,G*4;C&()*&A()&*?554;&Y?*4GW&(:&4(A8&*?C(C:4;<&',Y4K4;&:84&A,;4&C:;=A:=;4X&-4W&(A:,;C&

()*&8,Y&:84W&C8,=G*&?):4;(A:&C8,=G*&+4&:84&C(>4X&(C&,=:G?)4*&?)&H?3=;4&#<6<&

#

Page 111: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.O&,5&67& %8(9:4;&#&

P3:1.7#!"?U#T=)&#$//.03,5-3/,#

&

T=)&#$//.03,5-3/,#$799#XT$$Y#

@84&!F$L&%,,;*?)(:?,)&%4GG&M!%%N&?C&(&C94A?(G?C:&(**?:?,)&:,&(&C:()*(;*&EFE%%&MC44&C4A:?,)&

#<1<.N&:,&(CC?C:&Y?:8&()*&4)8()A4&:84&A,,;*?)(:?,)&,5&>=G:?9G4&!F$L&:4(>C&*=;?)3&:84&;4CA=4&

98(C4&,5&(&*?C(C:4;<&@84&!%%&?C&>())4*&+W&?):4;)(:?,)(G&!F$L&:4(>&>4>+4;C&()*&C=99,;:C&

:84&!"#$%&@4(>&R4(*4;&()*&EFE%%&J()(34;<&

&

=72-/.3J5-3/,##

$&*?C(C:4;&:8(:&Y(;;():C&?):4;)(:?,)(G&!F$L&;4C9,)C4&Y?GG&?)84;4):GW&+4&(&G(;34UCA(G4&4K4):<&

@84&CA(G4&,5&*4C:;=A:?,)&>(W ?)K,GK4&^=C:&,)4&A?:W&,;&?:&>(W&(554A:&(&8=34&(;4(&?)K,GK?)3&

)=>4;,=C&A?:?4C&()*&4K4)&>,;4&:8()&,)4&A,=):;W<&]4,3;(98?A(G&C4A:,;?P(:?,)&,5&:84&(554A:4*&

(;4(C&?C&(G>,C:&(GY(WC&)44*4*&:,&4)C=;4&4554A:?K4&A,,;*?)(:?,)&,5&C4(;A8&()*&;4CA=4&455,;:C<&

F4A:,;?P(:?,)&(GG,YC&+4::4;&,94;(:?,)(G&9G())?)3X&>,;4&4554A:?K4&*49G,W>4):&,5&:84&(;;?K?)3&

?):4;)(:?,)(G&!F$L&:4(>C&()*&+4::4;&,K4;(GG&>()(34>4):&,5&:84&?)A?*4):<&

#

!"<"Z"+#T=)&#)AA7AAE7,-A#

&

!F$L&(CC4CC>4):C&C8,=G*&+4&,;3()?P4*&+W&:84&!"#$%&:4(>&?)&A,,94;(:?,)&Y?:8&:84&RSJ$&

()*&!F$L&:4(>CX&()*&5,A=C&,)a&

&

• ,K4;(GG&C?:=(:?,)&

• 9;?,;?:W&)44*C&

• ;4C9,)C4&

!"#$%&'(

)*)++(

!"#$%"&'("&)*+,-.*

/$&01*2&1*#3$4*5$6)(47*

.89*2.$:$6'("*&"5*

8$6&%#;%$*9$"#%$7*

<,<99*2<"=,>#$*

<6$%&'("1*9((%5>"&'("*

9$"#%$7*>":);5>"?*+,-.*

9((%5>"&'("*9$))*

@;)'6)$*!"#$%"&'("&)*

+,-.*/$&01*

AB@-*2A(:&)*B0$%?$":4*

@&"&?$0$"#*-;#3(%>#47*

AB@-*A(:&)*/$&01*&"5*

.$1(;%:$1*

"*

@&

5>"&'(

<99*2<"=

<6

Page 112: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.Q&,5&67& %8(9:4;&#&

• 4Z:4):&,5&(554A:4*&(;4(&

• :W94&,5&A,GG(9C4*&C:;=A:=;4C&

• 8(P(;*,=C&>(:4;?(GC&M'$kJ$@N&

• C4A,)*(;W&:8;4(:C&

• G,3?C:?A(G&(;;()34>4):C&

• 9;4C4)A4&,5&84(KW&4B=?9>4):&()*&>(:4;?(GC&G,A(GGW&:8(:&A,=G*&+4&=:?G?P4*&M4<3<X&

+=GG*,P4;CX&4ZA(K(:,;CX&:?>+4;&5,;&C8,;?)3N&

&

$C&Y?:8&9G())?)3&,5&,94;(:?,)C&()*&C:(55?)3&,5&:84&EFE%%X&:84&!F$L&:4(>C&(;4&?)AG=*4*&?)&

(CC4CC?)3&:84&C?:=(:?,)X&9;?,;?:?4C&()*&)44*C&?)&(&!F$L&,94;(:?,)<&@84&!F$L&:4(>C&C8,=G*&+4&

4)A,=;(34*&:,&94;5,;>&(CC4CC>4):&(A:?K?:?4C&C?>=G:()4,=CGW&Y?:8&,94;(:?,)C&Y?:8?)&:84?;&

(CC?3)4*&(;4(<&@84?;&5?)*?)3C&(;4&:84)&;49,;:4*&:,&:84&!"#$%&:4(>&5,;&?)5,;>(:?,)&

9;,A4CC?)3&()*&*?C:;?+=:?,)<&&

&

@84&!"#$%&:4(>&5(A?G?:(:4C&:84&!F$L&9G())?)3&9;,A4CC&M9;4C4):&A,)C,G?*(:4*&?)5,;>(:?,)X&

;49;4C4):&?:&,)&>(9CX&(A:&(C&G?(?C,)&Y?:8&:84&RSJ$X&4:A<NX&+=:&:84&,94;(:?,)(G&*4:(?GC&(;4&G45:&

:,&:84&!F$L&:4(>C<&@8?C&?C&),:&:84&:?>4&:,&8(K4&G4)3:8W&A,,;*?)(:?,)&>44:?)3C&Y?:8&G,)3&

*?CA=CC?,)C&()*&*4A?C?,)C&>(*4&+W&A,)C4)C=C<&@84&!"#$%&:4(>&>?38:&Y():&:,&(CC=>4&(&

>,;4&5?;>&-?)*&,5&G4(*4;C8?9&()*&(=:8,;?:W&:8()&?)&,:84;&98(C4C&,5&*?C(C:4;&;4G?45&Y,;-<&V)&

,94;(:?,)(G&C?:=(:?,)C&,5&:8?C&C,;:X&?):4;)(:?,)(G&:4(>C&Y?GG&4Z94A:&AG4(;&()*&9;4A?C4&

*?;4A:?,)C&()*&:(C-?)3<&&

#

!"<"Z"4#!7E/I393J5-3/,#/H#T=)&#*75EA#

&

SK4)&(C&:84&;4CA=4&98(C4&A,):?)=4C&Y?:8&:84&455,;:C&,5&>,C:GW&J4*?=>&()*&'4(KW&:4(>CX&:84&

:8,=38:C&,5&>()W&!F$L&@4(>&R4(*4;C&()*&:8,C4&>()(3?)3&:84&EFE%%&:=;)&:,&

*4>,+?G?P(:?,)&()*&:84&:4(>Cb&;4:=;)&:,&:84?;&8,>4&A,=):;?4CX&(C&:84&;4CA=4&Y?)*,Y&C:(;:C&

:,&AG,C4<&

&

@8?C&:;()C?:?,)&+4:Y44)&:84&;4CA=4&98(C4&()*&:84&;4A,K4;W&98(C4&,5&()W&*?C(C:4;&?C&),:&

?>>4*?(:4&()*&,+K?,=C<&V)*44*X&?:&?C&),Y&A,)C?*4;4*&:8(:&+,:8&:84&;4CA=4&()*&;4A,K4;W&

98(C4C&;=)&?)&9(;(GG4G<&$C&()&?)A;4(C?)3&:;4)*X&>()W&!F$L&:4(>C&*49G,W&Y?:8&(**4*&

A(9(A?:?4C&:,&C:;4)3:84)&,)U3,?)3&8=>()?:(;?()&(CC?C:()A4&()*h,;&5=;:84;&C=99,;:&:84&

8=>()?:(;?()&(A:,;C&,)A4&:84&!F$L&98(C4&?C&,K4;<&@8?C&>(W&+4&?)&:84&5,;>&,5&G,3?C:?ACX&

?)5;(C:;=A:=;4X&A,;9C4&>()(34>4):X&Y(:4;&;4CA=4X&:4G4A,>>=)?A(:?,)CX&4:A<&

&

@8?C&?C&()&(**4*&K(G=4&,5&!F$L&:4(>C&:,&4)3(34&Y?:8&:84&,:84;&8=>()?:(;?()&;4G?45&

,94;(:?,)C<&@8?C&8=>()?:(;?()&Y,;-&,5&!F$L&:4(>C&c+4W,)*&:84&;=++G4d&?C&,5:4)&

C=99G4>4):4*&+W&*,)(:?,)C&,5&5,,*X&C84G:4;C&()*&4B=?9>4):&9;?,;&:,&:84&:4(>Cb&*49(;:=;4X&

,;&4Z:4)*4*&>4*?A(G&(CC?C:()A4&:,&:84&K?A:?>CX&?*4(GGW&(G;4(*W&(C&9(;:&,5&:84&'4(G:8&%G=C:4;&

?):4;K4):?,)<&&&

Page 113: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.T&,5&67& %8(9:4;&#&

&

@84&*4A?C?,)&:,&A4(C4&:84&G?54UC(K?)3&455,;:&,5&(&!F$L&,94;(:?,)&+W&?):4;)(:?,)(G&;4C9,)*4;C&

?C&>(*4&+W&:84&RSJ$X&+(C4*&,)&:84&;4A,>>4)*(:?,)C&5;,>&:84&!"#$%&@4(>&R4(*4;&?)&

AG,C4&A,)C=G:(:?,)&Y?:8&:84&?):4;)(:?,)(G&!F$L&:4(>C<&D(C4*&,)&:84C4&A,)C=G:(:?,)CX&:84&

!"#$%&@4(>&R4(*4;&A()&(*K?C4&:84&RSJ$&,5&:84&(99;,9;?(:4&:?>4&:,&4)*&:8?C&98(C4&+=:&:84&

5?)(G&*4A?C?,)&;4C:C&Y?:8&:84&RSJ$<&@8?C&?C&(&*?55?A=G:&*4A?C?,)&5,;&:84&RSJ$&:,&>(-4&(C&?:&,5:4)&

8(C&9,G?:?A(G&?>9G?A(:?,)C&5,;&:84&G,A(G&(=:8,;?:?4C<&V)&>,C:&?)C:()A4CX&)(:?,)(G&;4C9,)*4;C&

A,):?)=4&Y,;-&,)&*4UG(W4;?)3&,5&*(>(34*&C:;=A:=;4CX&Y?:8&.U1&?):4;)(:?,)(G&:4(>C&A,)C=G:4*&

()*&Y?GG?)3&:,&C:(W&+48?)*&:,&9;,K?*4&C94A?(G?P4*&:4A8)?A(G&C=99,;:&?5&)4A4CC(;W<&

&

@84&!"#$%&:4(>&()*&EFE%%&(CC?C:&Y?:8&:84&!F$L&*4>,+?G?P(:?,)&98(C4&+Wa&

&

• SC:(+G?C8?)3&(&*49(;:=;4&CA84*=G4<&@84&!F$L&:4(>C&C8,=G*&9;,K?*4&:84&EFE%%&Y?:8&

:84&)4A4CC(;W&?)5,;>(:?,)&5,;&:8?C&,)&(&C:()*(;*?P4*&5,;>&;43(;*?)3&;4B=4C:C&()*&

?)5,;>(:?,)&(+,=:&:84?;&*49(;:=;4<&@8?C&5,;>&?C&?)AG=*4*&?)&:84&!"#$%&>?CC?,)&

C,5:Y(;4&()*&(GC,&?)&:84&V"F$L$]&]=?*4G?)4C<&

• #4:4;>?)?)3&:84&:4(>Cb&G,3?C:?A(G&;4B=?;4>4):C<&V)&A,,94;(:?,)&Y?:8&:84&RSJ$X&:84&

EFE%%&C8,=G*&,;3()?P4&:84&G,3?C:?A(G&(;;()34>4):&,5&:84&:4(>Cb&*49(;:=;4C&5;,>&:84&

(554A:4*&(;4(&:,&:84?;&9,?):&,5&*49(;:=;4<&$C&>()W&:4(>C&Y?GG&+4&;4(*W&:,&G4(K4&(:&:84&

C(>4&:?>4X&(&84(KW&C:;(?)&,)&G,A(G&:;()C9,;:(:?,)&;4C,=;A4C&>(W&;4C=G:<&$&:?>4U

CA84*=G4&C8,=G*&+4&A(;45=GGW&9G())4*&?)&,;*4;&:,&(K,?*&3(9C&()*&+,::G4)4A-C<&

• S)C=;?)3&:8(:&:84&L#%&?C&A,)K4;:4*&?):,&(&#49(;:=;4&%4):;4&()*&*4+;?45&:84&*49(;:?)3&

?):4;)(:?,)(G&!F$L&:4(>C<&&

&

F4K4;(G&!F$L&:4(>C&>(W&(GC,&Y():&:,&*,)(:4&:84?;&4B=?9>4):&:,&:84&A,):?)=?)3&;4G?45U

,94;(:?,)<&@84&EFE%%&Y?GG&:84)&+4&;4C9,)C?+G4&5,;&A,,;*?)(:?)3&:84&*?C:;?+=:?,)&()*&

=:?G?P(:?,)&,5&:84C4&*,)(:?,)C&:,&:84&3,K4;)>4):<&&

&

2;?,;&:,&*49(;:=;4X&:84&EFE%%&()*&L#%&C8,=G*&+4&9;,K?*4*&Y?:8&(C&>=A8&?)5,;>(:?,)&(+,=:&

:84&C4(;A8&()*&;4CA=4&(A:?K?:?4C&(C&9,CC?+G4&5;,>&:84&!F$L&:4(>C&:,&A,):;?+=:4&:,&C?:=(:?,)&

;49,;:C<&

&

H,;& 5=;:84;& ?)5,;>(:?,)& C44& :84& *<7=>=:9 :3%;0,%.0/& M./0.NX& (K(?G(+G4& ,)& :84& V"F$L$]&

Y4+C?:4<&

#

!"<"[#%=%$$#3,#W7C79#<#KE7.:7,237A#

&

V)&G(;34UCA(G4&4>4;34)A?4C&:84;4&Y?GG&>,C:&G?-4GW&+4&(&:;()C?:?,)&94;?,*&Y84;4&:84&EFE%%&

>,*4G&>(W&+4&(&C=?:(+G4&:,,G&5,;&,94;(:?,)(G&8=>()?:(;?()&A,,;*?)(:?,)&+45,;4&(&>,;4&

94;>()4):&E%'$&C:;=A:=;4&A()&+4&4C:(+G?C84*<&@8?C&?C&:W9?A(GGW&?)&R4K4G&1&S>4;34)A?4CX&

Y8?A8&(;4&>(^,;&C=**4)&,)C4:&8=>()?:(;?()&A;?C4C&:;?334;4*&+W&)(:=;(G&*?C(C:4;C&,;&A,)5G?A:&

Page 114: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1/&,5&67& %8(9:4;&#&

:8(:&;4B=?;4C&CWC:4>UY?*4&>,+?G?P(:?,)<&@84C4&,AA(C?,)C&(;4&;(;4X&+=:&,94;(:?,)(G&)44*C&

>(W&+4&4Z:;(,;*?)(;W&()*&;4B=?;4&C4K4;(G&C:(-48,G*4;C&:,&+4&A,UG,A(:4*&Y?:8&:84&

EFE%%hE%'$&C:;=A:=;4&5,;&()&?):4;?>&94;?,*<&V)&:84C4&A(C4C&()&(*(9:4*&>,*4G&5,;&

C:;=A:=;?)3&,5&:84&EFE%%&Y?GG&+4&)44*4*<&&

&

@84&(>,=):&,5&:(C-C&()*&C4;K?A4C&;4B=?;4*&5;,>&()&EFE%%&?)&C=A8&4>4;34)A?4C&?C&G(;34X&

;4B=?;?)3&)=>4;,=C&C:(55&:,&5=G5?GG&:84><&@84&)44*&5,;&>,;4&?):4;)(G&A,,;*?)(:?,)X&

>()(34>4):&()*&G4(*4;C8?9&,5&:84&EFE%%&+4A,>4C&4B=(GGW&4Z9()*4*<&@84&>,*4G&+4G,Y&

C8,YC&8,Y&C=A8&()&4Z9()*4*&EFE%%&A()&+4&C:;=A:=;4*X&+=?G*?)3&,)&:84&,;?3?)(G&>,*4G&()*&

4Z9()*?)3&:84&>()(34>4):&G(W4;&,5&?:<&V)C:4(*&,5&8(K?)3&,)4&>()(34;&,K4;C44?)3&(GG&:84&

?):4;)(G&9;,A4CC4C&,5&()&EFE%%X&4(A8&5=)A:?,)(G&(;4(hC4A:?,)&8(C&?:C&,Y)&>()(34;&?)&:8?C&

>,*4G<&V:&?C&?>9,;:():&:,&),:4&:8(:&:8?C&?C&(&34)4;?A&>,*4G&()*&:84&?)AG=*4*&5=)A:?,)(G&(;4(C&

(;4&,)GW&=C4*&(C&()&4Z(>9G4<&&

&

&

&

&

P3:1.7#!"BU#KL>5,070#%=%$$#6/079#

&

SZ9()*?)3&:84&EFE%%&?C&A8(GG4)3?)3&5;,>&(&>()(34;?(G&94;C94A:?K4&(C&?:&?C&4(CW&:,&G,C4&

,K4;C?38:&()*&*?55?A=G:&:,&(A8?4K4&C=55?A?4):&?):4;)(G&?)5,;>(:?,)&5G,Y<&V:&A()&G4(*&:,&Y8(:&?C&

,5:4)&;454;;4*&:,&(C&cC?G,U:8?)-?)3d<&@84&C4A:?,)C&,5&:84&EFE%%&>(W&;?C-&+4A,>?)3&:,,&

?)*494)*4):X&,K4;GW&5,A=C?)3&,)&:84?;&,Y)&,=:9=:&()*&9,:4):?(GGW&;4(A8?)3&(&C?:=(:?,)&Y84;4&

:84;4&?C&G?::G4&,;&),&A,>>=)?A(:?,)&+4:Y44)&C4A:?,)C&()*&G?::G4&=)*4;C:()*?)3&,5&:84&

?):4;*494)*4)AW&,5&:84&EFE%%bC&G(;34;&,=:9=:<&

&

V:&?C&?>9,;:():&:,&(**;4CC&:8?C&A8(GG4)34&()*&4)C=;4&:8(:X&Y8?G4&C4A:?,)C&=)*4;C:()*&:84?;&

9;?>(;W&;,G4X&:84W&(;4&(GC,&AG4(;&,)&8,Y&:84W&C8,=G*&?):4;(A:&()*&Y8(:&:84W&)44*&5;,>&4(A8&

,:84;&()*&Y84)<&@8?C&;4B=?;4C&;43=G(;&>44:?)3C&,5&C4A:?,)&>()(34;CX&9;454;(+GW&4K4;W&

!"#$%

&'()*'+,-'+.%

/*0+'12+,-'3%

4+5)(6%7%4)89*1(6%

"(8:%

;1<1.=#1.1(+*6%

;--*>1'+,-'%

?-1'(%@+3A1'0%

"(8:%

&'()*=;.93()*%

;--*>1'+,-'%

B4$C%/D)*+,-'3%

49E=/4/;;3%

"(8:%

$>F1'13(*+,-'%

&'()*'+.%!-013,83%

"(8:%

;--*>1'+()>%

$33)33F)'(3%

$'+.6313%

&#%G*->98(3%

"(8:%

G9E.18%

&'5-*F+,-'%

$><-8+86%

#)33+0)3%

"(8:%

!"!##$%&'&()*$

#%#++*,$

%&'&()*$

-.&./+'$

%&'&()*$

%),.&$

%&'&()*$

!0)*&1+'/$

%&'&()*$

2,3.'$4$

-+(./15/$

%&'&()*$

6%$4$

2//)//3)'7$

%&'&()*$

8#9:# $ $ $ $:#;$

<=>2#$;)&3$-)&,)* $ $!#:2$")'.+*$"?*()$"7&@$

2//)

H+8A%/I8)%49DD-*(%

/;J$%JK%

&$

()*$

/4/;;%

49DD-*(

%

Page 115: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&10&,5&67& %8(9:4;&#&

>,;)?)3&:,&C4:&A,=;C4C&,5&(A:?,)X&Y?:8&*(?GW&5,GG,YU=9&()*&;43=G(;&(GG&C:(55&>44:?)3C&:,&

4)C=;4&4K4;W,)4&-),YC&Y8(:&:84&,K4;(GG&(?>C&()*&,+^4A:?K4C&,5&:84&EFE%%&(;4<&@84C4&

;,=:?)4C&)44*&:,&+4&*4K4G,94*X&?>9G4>4):4*&()*&>(?):(?)4*&?)&C=A8&(&Y(W&:8(:&3,,*&

?):4;)(G&A,,;*?)(:?,)&?C&(A8?4K4*<&&

&

!"?#',-7.@$91A-7.#$//.03,5-3/,#

#

V)&G(;34UCA(G4&4>4;34)A?4C&M?<4<X&R.&,;&R1&S>4;34)A?4CNX&,;&Y84)&:84&C?:=(:?,)&;4B=?;4C&?:X&:84&

AG=C:4;&(99;,(A8&Y?GG&+4&(A:?K(:4*&:,&A,,;*?)(:4&:84&;4C9,)C4&Y?:8?)&C4A:,;C&,5&

M?):4;)(:?,)(GN&8=>()?:(;?()&(A:?K?:W<&@84&S>4;34)AW&L4G?45&%,,;*?)(:,;&MSL%N&()*&:84&

9;?)A?9(GC&,5&:84&V):4;U$34)AW&F:()*?)3&%,>>?::44&MV$F%N&Y?GG&>(-4&:8?C&*4A?C?,)&5,GG,Y?)3&

A,)C=G:(:?,)C&Y?:8&:84&L%h'%&()*&:84&'%@<&MF44&C4A:?,)&$<6<O&5,;&>,;4&,)&AG=C:4;&(A:?K(:?,)<N&

&

@,&C=99,;:&455?A?4):&?):4;UAG=C:4;&A,,;*?)(:?,)&(:&:84&A,=):;W&G4K4GX&:84&V$F%&*4K4G,94*&(&

34)4;?A&@4;>C&,5&L454;4)A4<&F4A:,;hAG=C:4;&G4(*C&(:&:84&A,=):;W&G4K4G&(;4&(AA,=):(+G4&:,&:84&

'=>()?:(;?()&%,,;*?)(:,;&5,;&5(A?G?:(:?)3&(&9;,A4CC&:8(:&4)C=;4C&:84&5,GG,Y?)3a&

&

• V)AG=C?,)&,5&-4W&8=>()?:(;?()&9(;:)4;C<&

• SC:(+G?C8>4):&()*&>(?):4)()A4&,5&(99;,9;?(:4&8=>()?:(;?()&A,,;*?)(:?,)&

>4A8()?C>C<&

• %,,;*?)(:?,)&Y?:8&)(:?,)(GhG,A(G&(=:8,;?:?4CX&F:(:4&?)C:?:=:?,)CX&G,A(G&A?K?G&C,A?4:W&()*&

,:84;&;4G4K():&(A:,;C<&

• 2(;:?A?9(:,;W&()*&A,>>=)?:WU+(C4*&(99;,(A84C<&

• $::4):?,)&:,&9;?,;?:W&A;,CCUA=::?)3&?CC=4C&M4<3<X&(34X&*?K4;C?:WX&4)K?;,)>4):X&34)*4;N<&

• "44*C&(CC4CC>4):&()*&()(GWC?C<&

• S>4;34)AW&9;49(;4*)4CC<&

• 2G())?)3&()*&C:;(:43W&*4K4G,9>4):<&

• $99G?A(:?,)&,5&C:()*(;*C<&

• J,)?:,;?)3&()*&;49,;:?)3<&

• $*K,A(AW&()*&;4C,=;A4&>,+?G?P(:?,)<&

• @;(?)?)3&()*&A(9(A?:W&+=?G*?)3<&

• 2;,K?C?,)&,5&(CC?C:()A4&,;&C4;K?A4C&(C&(&G(C:&;4C,;:<&

&

V):4;UAG=C:4;&A,,;*?)(:?,)&?C&(&A,,94;(:?K4&455,;:&(>,)3&AG=C:4;C&()*&+4:Y44)&AG=C:4;C&()*&

:84&'%@&:,&(CC=;4&A,84;4)A4&?)&(A8?4K?)3&A,>>,)&,+^4A:?K4CX&(K,?*?)3&*=9G?A(:?,)&()*&

4)C=;?)3&(GG&(;4(C&,5&)44*&(;4&9;?,;?:?P4*<&$:&:84&C:;(:43?A&G4K4GX&?):4;UAG=C:4;&A,,;*?)(:?,)&?C&

G4*&+W&:84&L%h'%&:8;,=38&:84&'%@X&()*&Y?:8?)&:84&?)*?K?*=(G&AG=C:4;&+W&%G=C:4;&%,,;*?)(:,;C&

C=99,;:4*&+W&E%'$&;4C,=;A4C&M?<4<X&E%'$&C:(55&,;&!"#$%&Y,;-?)3&,=:&,5&()&EFE%%N<&V):4;U

AG=C:4;&A,,;*?)(:?,)&>(W&:(-4&9G(A4&(:&:8;44&G4K4GCa&

&

Page 116: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1.&,5&67& %8(9:4;&#&

0< @84&'%@X&Y?:8&%G=C:4;&R4(*&$34)A?4C&A,>?)3&:,34:84;&:,&>(-4&*4A?C?,)C&:8(:&9;,K?*4&

:84&,K4;(GG&C:;(:43?A&*?;4A:?,)&5,;&:84&;4C9,)C4<&

.< $)&?):4;UAG=C:4;&A,,;*?)(:?,)&5,;=>&+;?)3?)3&:,34:84;&(GG&%G=C:4;&%,,;*?)(:,;C&:,&

A;,CCU;454;4)A4&AG=C:4;&()(GWC?CX&?*4):?5W&?):4;UAG=C:4;&CW)4;3?4C&()*&A,K4;(34&3(9CX&

(**;4CC&A;,CCUA=::?)3&?CC=4C&()*&9;49(;4&C:;(:43?A&,9:?,)C&()*&(*K,A(AW&9,?):C&5,;&

:84&'%@<&$C&>4):?,)4*&(+,K4X&E%'$&;4C,=;A4C&=C=(GGW&5(A?G?:(:4&:8?C&3;,=9<&&

1< ];,=9C&,5&AG=C:4;C&4C:(+G?C84*&+W&:84&L%h'%X&?)&A,)C=G:(:?,)&Y?:8&:84&'%@X&:,&

A,,;*?)(:4&:84&?>9G4>4):(:?,)&,5&C94A?5?A&,+^4A:?K4C&?)AG=*4*&?)&:84&'%@bC&C:;(:43?A&

9G()&()*&:,&4)C=;4&A,>9G4>4):(;?:W&()*&A,84;4)A4&?)&:84&9G())?)3&()*&

?>9G4>4):(:?,)&,5&,94;(:?,)C<&

&

%,>>=)?A(:?,)&()*&A,,;*?)(:?,)&?C&K?:(G&+4:Y44)&(GG&:8;44&G4K4GC&,5&AG=C:4;&A,,;*?)(:?,)&:,&

4)C=;4&(&G?)-(34&+4:Y44)&:84&,94;(:?,)(G&G4K4G&?):4;UAG=C:4;&3;,=9C&()*&:84&C:;(:43?A&G4K4G&

9G())?)3&+W&:84&'%@<&@84&'%h'%@&>(W&;4B=4C:&E%'$&C=99,;:&:,&A,)K4)4&?):4;UAG=C:4;&

A,,;*?)(:?,)&>44:?)3C&(C&(&9;(A:?A(G&>4()C&:,&+=?G*&A,)C4)C=C&()*&*4K4G,9&3=?*()A4&()*&

?)5,;>(:?,)<&

&

V):4;UAG=C:4;&A,;4&5=)A:?,)C&>(W&?)AG=*4&:84&5,GG,Y?)3a&&

&

• %,)C,G?*(:?)3&()*&C=99,;:?)3&Y,;-&*,)4&+W&:84&AG=C:4;C&(;,=)*&:84&8=>()?:(;?()&

9;,3;(>>4&AWAG4&M4<3<X&,)&A,,;*?)(:4*&(CC4CC>4):CX&9G())?)3&()*&>,)?:,;?)3N<&

• S)C=;?)3&AG=C:4;&C:;(:43?4C&(;4&?)&G?)4&Y?:8&:84&,K4;(GG&C:;(:43?A&*?;4A:?,)&,5&:84&

;4C9,)C4X&()*&:8(:&,94;(:?,)(G&,+^4A:?K4C&()*&?)*?A(:,;C&A,>9G4>4):&4(A8&,:84;&()*&

*=9G?A(:?,)C&()*&3(9C&(;4&(K,?*4*<&

• H(A?G?:(:?)3&:84&*4C?3)&()*&?>9G4>4):(:?,)&,5&A,>>,)&(99;,(A84C&:,&?)5,;>(:?,)&

>()(34>4):&:,,GC<&

• F=99,;:?)3&AG=C:4;C&?)&C:;4)3:84)?)3&:84?;&(AA,=):(+?G?:W&:,&(554A:4*&94,9G4<&

• %,GG4A:?K4GW&(**;4CC?)3&A;,CCA=::?)3&?CC=4C&M4<3<X&34)*4;X&'Vjh$V#CX&(34X&4)K?;,)>4):X&

*?C(+?G?:?4CN&()*&;?C-C&M4<3<X&>?)4CX&)(:=;(G&*?C(C:4;&8(P(;*CN&(AA,;*?)3&:,&C94A?5?A&

)44*C&?*4):?5?4*&G,A(GGW<&&

• V*4):?5W?)3&A,;4&(*K,A(AW&A,)A4;)C&()*&;4C,=;A4&3(9CX&()*&9;49(;?)3&(*K,A(AW&

>4CC(34C&,;&;4A,>>4)*(:?,)C&5,;&;4C,=;A4&>,+?G?P(:?,)<&

• $**;4CC?)3&C94A?5?A&?CC=4C&;4G(:4*&:,&?):4;UAG=C:4;&C:;(:43?A&9G())?)3&()*&A,,;*?)(:?,)&

,5&4(;GW&;4A,K4;W&(C&(&A,>9,)4):&,5&:84&8=>()?:(;?()&;4C9,)C4<&

&

f8(:4K4;&:84&A,,;*?)(:?,)&>4A8()?C>&>(W&+4X&Y84;4&AG=C:4;C&(;4&(A:?K4&?:&?C&AG4(;&:8(:&

4554A:?K4&?):4;UAG=C:4;&A,,;*?)(:?,)&?C&)4A4CC(;W&:,&C=99,;:&:84&L%h'%&()*&'%@<&F:(55&5;,>&

:84&EFE%%X&4?:84;&5;,>&:84&!"#$%&:4(>&()*h,;&,:84;&E%'$&C:(55X&Y?GG&)44*&:,&C=99,;:&:84&

4C:(+G?C8>4):&()*&5(A?G?:(:?,)&,5&?):4;UAG=C:4;&A,,;*?)(:?,)&*=;?)3&:84&5?;C:&98(C4&,5&()&

4>4;34)AW<&&

&

Page 117: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&11&,5&67& %8(9:4;&#&

!"B#$3C39#6393-5.;#$//.03,5-3/,#

&

f84)&J?G?:(;W&()*&%?K?G&#454)A4&$CC4:C&MJ%#$N&(;4&*49G,W4*&:,&C=99,;:&*?C(C:4;&;4C9,)C4&

,94;(:?,)CX&()&!"#$%&:4(>&*49G,W4*&:,&:84&C(>4&4>4;34)AW&>(W&+4&4Z94A:4*&:,&?)?:?(GGW&

4C:(+G?C8&,;&;4?)5,;A4&()&4Z?C:?)3&'=>()?:(;?()&%?K?GUJ?G?:(;W&%,,;*?)(:?,)&M!"U%J%,,;*N&

>4A8()?C><&@8?C&?C&A;?:?A(G&:,&:84&4554A:?K4&()*&455?A?4):&=C4&,5&J%#$&:,&>44:&:84&

8=>()?:(;?()&)44*C&,5&(554A:4*&9,9=G(:?,)C<&

&

!"U%J%,,;*&?C&:84&4CC4):?(G&*?(G,3=4&()*&?):4;(A:?,)&+4:Y44)&A?K?G?()&()*&>?G?:(;W&(A:,;C&?)&

8=>()?:(;?()&4>4;34)A?4C&:8(:&?C&)4A4CC(;W&:,&9;,:4A:&()*&9;,>,:4&8=>()?:(;?()&

9;?)A?9G4CX&(K,?*&A,>94:?:?,)X&>?)?>?P4&?)A,)C?C:4)AWX&()*&Y84)&(99;,9;?(:4X&9=;C=4&

A,>>,)&3,(GC<&D(C?A&C:;(:43?4C&;()34&5;,>&A,U4Z?C:4)A4&:,&A,,94;(:?,)<&%,,;*?)(:?,)&?C&(&

C8(;4*&;4C9,)C?+?G?:W&5(A?G?:(:4*&+W&G?(?C,)&()*&A,>>,)&:;(?)?)3<&

&

!"U%J%,,;*&(?>C&:,a&&

&

• '4G9&9;4C4;K4&8=>()?:(;?()&C9(A4&+W&5(A?G?:(:?)3&8=>()?:(;?()&(AA4CCX&:84&9;,:4A:?,)&

,5&A?K?G?()C&()*&:84&C4A=;?:W&,5&8=>()?:(;?()&(?*&Y,;-4;C<&

• S)C=;4&()&(99;,9;?(:4&;4G(:?,)C8?9&+4:Y44)&8=>()?:(;?()&()*&>?G?:(;Wh(;>4*&

(A:,;C<&

• H(A?G?:(:4&(&A,84;4):&()*&A,)C?C:4):&8=>()?:(;?()&(99;,(A8&:,&>?G?:(;W&(A:,;C&(A;,CC&

!)?:4*&"(:?,)C&(34)A?4C&()*&:84&Y?*4;&8=>()?:(;?()&A,>>=)?:W<&

• S)C=;4&(99;,9;?(:4&()*&:?>4GW&=C4&,5&J%#$&:,&C=99,;:&8=>()?:(;?()&,94;(:?,)C<&

• S)C=;4&A,)C?C:4)AW&?)&;4G?45&455,;:C&+W&(K,?*?)3&*=9G?A(:?,)<&&

&

f?:8?)&E%'$X&!"U%J%,,;*&(A:?K?:?4C&(;4&3=?*4*&()*&C=99,;:4*&+W&:84&%?K?G&J?G?:(;W&

%,,;*?)(:?,)&F4A:?,)&M%J%FN&,5&:84&S>4;34)AW&F4;K?A4C&D;()A8&MSFDN&?)&E%'$&]4)4K(<&V)&

:84&4K4):&,5&()&!"#$%&*49G,W>4):&:,&()&4>4;34)AW&Y84;4&?):4;(A:?,)&Y?:8&>?G?:(;W&5,;A4C&

?C&?>>?)4):X&(&%J%F&8,:G?)4&Y?GG&+4&9;,K?*4*&:,&:84&!"#$%&:4(>&5,;&;4(GU:?>4&(*K?A4&()*&

Y?GG&G?-4Y?C4&+4&9,C:4*&?)&:84&j?;:=(G&EFE%%<&

#

!"U%J%,,;*&4)8()A4C&(&+;,(*&=)*4;C:()*?)3&,5&8=>()?:(;?()&(A:?,)&()*&84G9C&3=?*4&

;4C9,)*?)3&,;3()?P(:?,)C&,)&8,Y&:,&>,C:&(99;,9;?(:4GW&C=99,;:&:8(:&(A:?,)<&!"U%J%,,;*&

84G9C&:,&*4K4G,9&A,):4Z:UC94A?5?A&9,G?AW&5;(>4Y,;-C&+(C4*&,)&?):4;)(:?,)(GGW&(3;44*&

3=?*4G?)4C&MC44&C4A:?,)&#<I<6N<&V:&3=?*4C&:84&4C:(+G?C8>4):&,5&A,,;*?)(:?,)&C:;=A:=;4C&()*&

9;,A4*=;4CX&()*&*4:4;>?)4C&:84&;4G(:?,)C8?9&C:;(:43W&*494)*?)3&,)&:84&A,):4Z:&,5&:84&

4>4;34)AW&()*&:84&,94;(:?,)(G&4)K?;,)>4):<&!"U%J%,,;*&>4A8()?C>C&5(A?G?:(:4&*?(G,3=4&

()*&?):4;(A:?,)&+4:Y44)&8=>()?:(;?()&()*&>?G?:(;W&(A:,;C<&@84&;()34&,5&,94;(:?,)(G&

4)K?;,)>4):C&?)&Y8?A8&?:&A()&:(-4&9G(A4&C:;4:A84C&5;,>&(&+4)?3)&4)K?;,)>4):&(:&,)4&4)*&,5&

:84&A,,;*?)(:?,)&C94A:;=>&:,&(&A,>9G4Z&4>4;34)AW&()*&8?38U;?C-&4)K?;,)>4):&(:&:84&,:84;X&

Y84;4&(&>?G?:(;W&5,;A4&>(W&+4&(&9(;:W&:,&:84&A,)5G?A:<&&

Page 118: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&16&,5&67& %8(9:4;&#&

&

#?(G,3=4&Y?:8&>?G?:(;W&(A:,;C&?C&4CC4):?(G&(A;,CC&:84&,94;(:?,)(G&C94A:;=>&:,a&

&

• S)C=;4&:84&>,C:&4554A:?K4&()*&(99;,9;?(:4&=C4&,5&J%#$<&

• J(?):(?)&:84&A?K?G?()&A8(;(A:4;&,5&8=>()?:(;?()&,94;(:?,)C<&

• S)C=;4&C(54&8=>()?:(;?()&(AA4CCX&9;,:4A:?,)&,5&A?K?G?()C&()*&C4A=;?:W&,5&8=>()?:(;?()&

(?*&Y,;-4;C<&

&

P3:1.7#!"ZU#T(@$6$//.0#3,#!3A5A-7.#&7A>/,A7#

&

J()W&J4>+4;&F:(:4Cb&>?G?:(;?4C&,;&A?K?G&*454)A4&,;3()?P(:?,)C&(;4&5?;C:&;4C9,)*4;C&:,&

*?C(C:4;C&?)&:84?;&C,K4;4?3)&:4;;?:,;W<&J4>+4;&F:(:4C&>(W&(GC,&9;,K?*4&+?G(:4;(GGW&(3;44*&

(CC?C:()A4&:,&$554A:4*&F:(:4C&:8;,=38&:84&*49G,W>4):&,5&5,;4?3)&J%#$<&&&

&

@84&=C4&,5&5,;4?3)&()*h,;&)(:?,)(G&J%#$&:,&C=99,;:&8=>()?:(;?()&,94;(:?,)C&?C&()&,9:?,)&:,&

A,>9G4>4):&4Z?C:?)3&;4G?45&>4A8()?C>C&?)&,;*4;&:,&9;,K?*4&C=99,;:&:,&C94A?5?A&;4B=?;4>4):C&

5,;&(&*45?)4*&94;?,*&,5&:?>4X&?)&;4C9,)C4&:,&()&?*4):?5?4*&()*&(A-),YG4*34*&8=>()?:(;?()&

3(9<&f84)&:84C4&(CC4:C&(;4&=)*4;&!)?:4*&"(:?,)C&8=>()?:(;?()&A,):;,GX&:84W&(;4&;454;;4*&:,&

(C&!"&J%#$<&$GG&>?G?:(;W&()*&A?K?G&*454)A4&5,;A4C&*49G,W4*&,:84;&:8()&!"&J%#$X&?)AG=*?)3&

5,;A4C&*49G,W4*&+W&:84&$554A:4*&F:(:4&()*&()W&5,;4?3)&5,;A4C&*49G,W4*&=)*4;&+?G(:4;(G&

(3;44>4):C&,;&=)*4;&:84&(=C9?A4C&,5&,;3()?P(:?,)C&,:84;&:8()&:84&!)?:4*&"(:?,)CX&(;4&

;454;;4*&:,&(C&E:84;&#49G,W4*&H,;A4C<&

&

!"#$%$&&'()*&+,-.-)&/)012'&30/4)

56.).7.+83./.--)9/().:+0./+;)&*)

56.)+&1<0/.().7&'5)

!"#$%$&&'()*&+,-.-)&/)

10/010=0/4)+&12.88&/)

9/()(.#+&/>0+8/4)

!""#$%&'"()!"*$+,-.$(/$) !""%0,(&'"()

Page 119: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1I&,5&67& %8(9:4;&#&

&

P3:1.7#!"[U#TA7#/H#6$!)#3,#!3A5A-7.#&7A>/,A7#

&

J%#$&A,)C?C:&,5&;4G?45&94;C,))4GX&4B=?9>4):&M4<3<&(?;X&3;,=)*&()*&C4(&:;()C9,;:&()*&

A,>>=)?A(:?,)&(CC4:CNX&C=99G?4C&()*&C4;K?A4C&M4<3<&>4*?A(G&C=99,;:&C4;K?A4CN<&V:&?C&:84&

*4G43(:4*&;4C9,)C?+?G?:W&,5&:84&L%h'%X&?)&A,)C=G:(:?,)&Y?:8&:84&'%@&()*&:84&(99;,9;?(:4&

(=:8,;?:?4C&,5&:84&$554A:4*&F:(:4X&()*&Y?:8&:84&(*K?A4&,5&:84&E%'$&'4(*&,5&E55?A4&()*h,;&

E%'$h%J%FX&:,&>(-4&:84&*4A?C?,)&:,&;4B=4C:&5,;&,;&*?;4A:GW&=C4&!"&J%#$&:,&C=99,;:&

8=>()?:(;?()&,94;(:?,)C<&

&

T(@$6$//.0#5,0#-87#1A7#/H#6$!)!

!:?G?P(:?,)&,5&J%#$&?)&C=99,;:&,5&8=>()?:(;?()&,94;(:?,)C&C8,=G*&+4&?)&(AA,;*()A4&Y?:8&:84&

9;?)A?9G4C&()*&A;?:4;?(&C4:&,=:&?)&:84&?):4;)(:?,)(GGW&(3;44*&3=?*4G?)4C&MC44&C4A:?,)&#<I<6N<&-509

:3%;0,%.0/9(.9$5091/09(29?(#0%@.9A%,%$"#)9".;98%B%,9C020.&09=//0$/9%.9C%/"/$0#9>0,%029D$5096/,(9

:3%;0,%.0/E C44-C&:,&4)C=;4&:8(:&5,;4?3)&J%#$&*49G,W4*&?)&;4C9,)C4&:,&(&)(:=;(G&*?C(C:4;&

A()&C=99,;:&()*&A,>9G4>4):&:84&;4G?45&,94;(:?,)<&-509:3%;0,%.0/9(.9$5091/09(29A%,%$"#)9".;9

8%B%,9C020.&09=//0$/9$(973''(#$91.%$0;9<"$%(./9F3+".%$"#%".9=&$%B%$%0/9%.98(+',0G9

H+0#@0.&%0/9D$509A8C=9:3%;0,%.0/E&,=:G?)4C&(**?:?,)(G&A,)C?*4;(:?,)C&5,;&:84&=C4&,5&J%#$&

:,&C=99,;:&8=>()?:(;?()&,94;(:?,)C&?)&()&(;>4*&A,)5G?A:&,;&8?38U;?C-&4)K?;,)>4):<&V)&C8,;:X&

J%#$&C8,=G*a&

&

• 2;,K?*4&=)?B=4&(*K():(34C&?)&:4;>C&,5&A(9(+?G?:W&()*&:?>4G?)4CC<&

• J44:&(&K4;W&C94A?5?A&;4B=?;4>4):<&

• %,>9G4>4):&A?K?G?()&A(9(+?G?:?4C<&&

• D4&=C4*&5,;&(&G?>?:4*&*=;(:?,)<&

• D4&(:&),&A,C:&:,&:84&(554A:4*&A,=):;WX&8=>()?:(;?()&+=*34:C&,;&:84&!)?:4*&"(:?,)C<&

&

E%'$&G4(*C&:84&4C:(+G?C8>4):&()*&>()(34>4):&,5&*?(G,3=4&()*&?):4;(A:?,)&Y?:8&>?G?:(;W&

(A:,;C&:8;,=38&?)?:?(:?)3&G?(?C,)&()*&4C:(+G?C8?)3&8=>()?:(;?()&A?K?GU>?G?:(;W&A,,;*?)(:?,)&

C:;=A:=;4C&+4:Y44)&:84&8=>()?:(;?()&()*&>?G?:(;W&A,>>=)?:?4C<&E%'$&(GC,&(*K?C4C&,)&:84&

!""#$%&'$

())*)+,-."$

/&'"*0-$1*2*+,'3$4$5*6*2$

7"%"-)"$())"+)$

8-+"'-,9&-,2$5*6*2*,-$

:"2*"%$

;&.,2<!,9&-,2$:")=&-)"$

8-.2>#*-0$1*2*+,'3$

•  7"=2&3"#$

•  ?@&'+A+"'B$='")"-."$

•  C&$B""+$)=".*D.$@>B,-*+,'*,-$

'"E>*'"B"-+)$

•  (2'",#3$='")"-+<#"=2&3"#$

•  1*#A+"'B$='")"-."$

•  C&$.&B=2"B"-+$-,9&-,2$.,=,.*9")$

•  ;&-0A+"'B$='")"-."$

•  /*')+$'")=&-#"')$

!"#$"%&'()*" & & & &!"+,-"./&'()*"&

C*B"$

Page 120: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&17&,5&67& %8(9:4;&#&

(99;,9;?(:4&;4G(:?,)C&+4:Y44)&8=>()?:(;?()&()*&>?G?:(;W&;4C9,)*4;CX&:,&?)AG=*4&:84&9,CC?+G4&

=:?G?P(:?,)&,5&J%#$&:,&C=99,;:hA,>9G4>4):&8=>()?:(;?()&,94;(:?,)C<&

&

@84&?)K,GK4>4):&,5&J%#$&:,&C=99,;:&8=>()?:(;?()&,94;(:?,)C&>(W&8(K4&C4;?,=C&

A,)C4B=4)A4C&()*&A,=G*&?>9(A:&:84&94;A4?K4*&,;&(A:=(G&)4=:;(G?:WX&?>9(;:?(G?:W&()*&

,94;(:?,)(G&?)*494)*4)A4&,5&:84&8=>()?:(;?()&455,;:<&V:&?C&:84;45,;4&4CC4):?(G&:8(:&:84&=C4&,5&

J%#$&?C&+(C4*&,)&:84&(99;,9;?(:4&A(:43,;W&,5&;4G?45&:(C-C&:,&C=99,;:&8=>()?:(;?()&3(9C<&&

#

P3:1.7#!"\U#$5-7:/.37A#/H#D1E5,3-5.35,#)AA3A-5,27#*5ANA#

#

!"B"+#T(!)$#5,0#T(@$6$//.0#

&

V5&()&!"#$%&:4(>&*49G,WC&:,&()&,94;(:?,)(G&4)K?;,)>4):&Y84;4&:84;4&?C&(&9;4U4Z?C:?)3&

;4G(:?,)C8?9X&4)3(34>4):&()*h,;&A,,;*?)(:?,)&Y?:8&)(:?,)(GX&5,;4?3)&,;&!)?:4*&"(:?,)C&

>?CC?,)&>?G?:(;W&5,;A4CX&:84&8=>()?:(;?()&3=?*()A4&?)&9G(A4&3,K4;)?)3&:84&;4G(:?,)C8?9&

C8,=G*&+4&(*84;4*&:,<&V5&()&E%'$&A,=):;W&,55?A4&?C&9;4C4):X&:84;4&Y?GG&+4&(&C94A?(G?C:&!"U

%J%,,;*&C:(55&>4>+4;&,;&5,A(G&9,?):&Y?:8&Y8,>&A,):(A:&C8,=G*&+4&>(*4X&9;454;(+GW&9;?,;&

:,&*49G,W>4):<&@8?C&?C&+4C:&?)?:?(:4*&+W&:84&!"U%J%,,;*&5,A(G&9,?):&Y?:8?)&:84&!"#$%&

:4(><&J?G?:(;W&5,;A4C&>(W&,;&>(W&),:&+4&?)K,GK4*&?)&:84&;4G?45&,94;(:?,)X&+=:&>(W&8(K4&(&

C?3)?5?A():&?>9(A:&,)&C=A8&,94;(:?,)C&;43(;*G4CC<&

&

V5&:84;4&?C&>?G?:(;W&?)K,GK4>4):&,;&?)5G=4)A4&?)&:84&*?C(C:4;&;4C9,)C4X&+=:&),&9;4U4Z?C:?)3&

E%'$&9;4C4)A4X&:84;4&C8,=G*&+4&(&!"U%J%,,;*&C94A?(G?C:&?):43;(:4*&?)&:84&!"#$%&:4(><&&

$GG&!"#$%&:4(>&>4>+4;CX&8,Y4K4;X&C8,=G*&+4&(Y(;4&,5&:84&Y(W&+W&Y8?A8&:,&(99;,9;?(:4GW&

()*&4554A:?K4GW&?):4;(A:&Y?:8&>?G?:(;W&5,;A4C&,)&:84&3;,=)*X&5(A?G?:(:4&4CC4):?(G&*?(G,3=4&

+4:Y44)&8=>()?:(;?()&()*&>?G?:(;W&(A:,;CX&()*&4C:(+G?C8&(&A?K?GU>?G?:(;W&A,,;*?)(:?,)&

>4A8()?C>&:8(:&4)8()A4C&:84&*?C(C:4;&;4C9,)C4&+W&5(A?G?:(:?)3&?)5,;>(:?,)&C8(;?)3X&:(C-&

*?K?C?,)&()*X&Y84)&(99;,9;?(:4X&^,?):&9G())?)3<&J%#$&C8,=G*&+4&=:?G?P4*&()*h,;&A,,;*?)(:4*&

:,&4554A:&()&(99;,9;?(:4&?):4;(A:?,)&()*&+4C:&=C4&,5&;4C,=;A4C&:,&>44:&:84&)44*C&,5&:84&

(554A:4*&9,9=G(:?,)<&

Page 121: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1O&,5&67& %8(9:4;&#&

&

@84&>4A8()?C>&:,&5(A?G?:(:4&A,,;*?)(:?,)&Y?:8&>?G?:(;W&5,;A4C&A,=G*&:(-4&K(;W?)3&5,;>CX&

*494)*?)3&,)&:84&,94;(:?,)(G&4)K?;,)>4):<&&V:&A,=G*&+4&4C:(+G?C84*&(C&(&98WC?A(G&4):?:WX&

4?:84;&(C&()&?):43;(G&9(;:&,5&:84&EFE%%&,;&,:84;Y?C4<&&V:&C8,=G*&C=99,;:&:84&+;,(*4;&

8=>()?:(;?()&A,,;*?)(:?,)&>4A8()?C>&()*&;4?)5,;A4&,94;(:?,)(G&A,,;*?)(:?,)&(:&:84&AG=C:4;&

G4K4G<&

&

!"B"4#T(!)$#*'G=#

&

@84&!"#$%&@V2F&?C&(&C=334C:4*&B=?A-&;454;4)A4&5;(>4Y,;-&:,&3=?*4&!"U%J%,,;*&*W)(>?AC<&

V5&:84;4&?C&),&9;4U4Z?C:?)3&!"U%J%,,;*&5;(>4Y,;-X&:84&C944*&+W&Y8?A8&C=A8&(&>4A8()?C>&?C&

C4:&=9&?C&A;?:?A(G&:,&:84&(99;,9;?(:4&()*&4554A:?K4&=C4&,5&()*&A,,;*?)(:?,)&Y?:8&>?G?:(;W&

(CC4:C<&@84&5?;C:&C:49&C8,=G*&:84;45,;4&:(-4&9G(A4&(:&:84&4(;G?4C:&,99,;:=)?:W<&

&

T#@#!)*4;:(-4&()&(CC4CC>4):&,5&>?G?:(;W&(A:,;C&Y8,&(;4&(G;4(*W&?)K,GK4*h*49G,W4*h(+,=:&:,&

*49G,W&:,&:84&(554A:4*&(;4(ChA,=):;W<&S)C=;4&:8(:&:84?;&>()*(:4X&>?CC?,)&()*&G?)4C&,5&

A,>>()*&()*&A,):;,G&(;4&-),Y)&()*&:84?;&?>9G?A(:?,)C&(;4&=)*4;C:,,*<&

&

(#@#"(K?3(:4&:84&A?K?GU>?G?:(;W&4)K?;,)>4):&+W&-),Y?)3&:84&C?P4&()*&A(9(+?G?:W&,5&:84C4&

>?G?:(;W&(A:,;C&MG,3?C:?ACX&>4*?A(GX&4)3?)44;?)3X&A,>>=)?A(:?,)CX&(4;?(G&98,:,3;(98WX&C(:4GG?:4&

?>(34;WX&4:A<N\&:84&34,3;(98?A(G&(;4(C&:84W&A=;;4):GW&,;&Y?GG&A,K4;\&:84&G?-4GW&*=;(:?,)&,5&:84?;&

,94;(:?,)\&G?(?C,)&(;;()34>4):C&()*&-4W&A,):(A:C<&@84?;&34)4;?A&>?CC?,)C&>(W&+4&(C&5,GG,YCa&

&

• #?;4A:&C=99,;:&:,&8,C:&)(:?,)h(554A:4*&F:(:4<&

• #?;4A:&C=99,;:&:,&!)?:4*&"(:?,)C&5,;A4C<&

• %,K4;(34&,5h;4C9,)C?+?G?:W&5,;&(&34,3;(98?A&(;4(<&

• V)&C=99,;:&,5&!)?:4*&"(:?,)C&(34)A?4C<&

• F=99,;:&)(:?,)(G&(?*&(34)A?4Ch"]EC<&

&

!#@##4K4G,9&(&A?K?GU>?G?:(;W&A,,;*?)(:?,)&>4A8()?C>a&

&

• @8(:&?C&(99;,9;?(:4&:,&:84&,94;(:?,)(G&4)K?;,)>4):&?)&,;*4;&:,&4)C=;4&

;49;4C4):(:?K4C&,5&8=>()?:(;?()&,;3()?P(:?,)C&()*&>?G?:(;W&5,;A4C&A()&C8(;4&

?)5,;>(:?,)X&(3;44&,)&:(C-CX&()*X&(C&(99;,9;?(:4X&9G()&^,?):GW<&

• V5&;4B=?;4*X&:8?C&>4A8()?C>&C8,=G*&(GC,&4C:(+G?C8&(&;4B=4C:&5,;&(CC?C:()A4&MLH$N&

9;,A4CC&5G,Y&M(&C4G5U4Z9G()(:,;W&5G,YA8(;:&?C&(GY(WC&84G95=GN&:8(:&Y?GG&3=?*4&

8=>()?:(;?()&(A:,;CX&:8;,=38&:84&AG=C:4;CX&?)&9;?,;?:?P?)3&;4B=4C:C&5,;&M9;?>(;?GW&

5,;4?3)N&J%#$&?)&C=99,;:?)3&9;?,;?:W&(A:?K?:?4C&Y84;4&:84;4&(;4&),&A?K?G?()&

(G:4;)(:?K4C<&@84&C(>4&9;,A4CC&(GG,YC&>?G?:(;W&5,;A4C&:,&9G()&(AA,;*?)3GW<&@8?C&LH$&

9;,A4CC&;43=G(:4C&(*U8,A&;4B=4C:C&5,;&>?G?:(;W&(CC4:C&+W&"]EC&()*&,:84;&

,;3()?P(:?,)C&,=:C?*4&:84&AG=C:4;CX&C:;4)3:84)C&AG=C:4;&A,,;*?)(:?,)&()*&AG=C:4;&

Page 122: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1Q&,5&67& %8(9:4;&#&

G4(*Cb&;,G4X&()*&4)A,=;(34C&9;,94;&9G())?)3&(>,)3&;4B=4C:?)3&AG=C:4;C&()*&>?G?:(;W&

5,;A4C&+W&4C:(+G?C8?)3&(&9G())?)3&G4(*&:?>4&,5&6QUO.&8,=;C<&$&C8,;:4;&9;,A4CC&:,&

(**;4CC&?>>4*?(:4&G?54UC(K?)3&C?:=(:?,)CX&C=A8&(C&(&c8,:&G?)4dX&C8,=G*&(GC,&+4&

4C:(+G?C84*<&

• V5&;4B=?;4*X&:8?C&>4A8()?C>&C8,=G*&(GC,&4C:(+G?C8&(&c*4UA,)5G?A:?,)d&9;,A4CCX&Y84;4+W&

8=>()?:(;?()&,;3()?P(:?,)C&(;4&(+G4&:,&?)5,;>&>?G?:(;W&(A:,;C&,5&:84?;&G,A(:?,)C&()*&

>,K4>4):&5,;&C4A=;?:W&()*&C(54:W&9=;9,C4C<&

&

)#@#$CA4;:(?)&:84&G?-4GW&)44*&5,;&G,)34;U:4;>&!"U%J%,,;*&A(9(A?:W&()*&K(G?*(:4&:84&-4W&

:(C-C&()*&*4G?K4;(+G4C&:,&5,A=C&,)<&@8?C&)44*C&:,&+4&*,)4&?)&A,)^=)A:?,)&Y?:8X&?5&9;4C4):X&

,:84;&*49G,W4*&'=>()?:(;?()&$55(?;C&E55?A4;Ch!"U%J%,,;*&94;C,))4G<&

&

$#@#%;4(:4&()*&>(?):(?)&6fC&5,;&>?G?:(;W&(A:,;C&?*4):?5W?)3&45(&?C&*,?)3&45"$X&450#0&()*&

450.&:84W&(;4&4Z94A:4*&:,&*;(Y&*,Y)h:4;>?)(:4&:84?;&*49G,W>4):X&Y8?A8&?)AG=*4C&-4W&

A,):(A:C&G?-4&G?(?C,)&,55?A4;C&MR"ECNX&%,>>()*4;CX&%?K?GUJ?G?:(;W&%,,94;(:?,)&M%VJV%N&

E55?A4;CX&4:A<&L43=G(;GW&=9*(:4*X&:8?C&)44*C&:,&+4&C8(;4*&Y?:8&AG=C:4;&;49;4C4):(:?K4ChG?(?C,)&

,55?A4;C&()*&,:84;&;4G4K():&(A:,;C&5,;&:84?;&?)5,;>(:?,)&()*&;454;4)A4<&@84&6fC&A()&(GC,&+4&

C8(;4*&Y?:8&3,K4;)>4):&4):?:?4C&C=A8&(C&:84&)(:?,)(G&>?G?:(;W&()*&:84&)(:?,)(G&

*?C(C:4;h4>4;34)AW&>()(34>4):&(=:8,;?:W&M"#J$h"SJ$N<&$:&:84&4)*&,5&:84&!"#$%&

>?CC?,)X&:8?C&)44*C&:,&+4&8()*4*&,K4;&:,&:84&5,GG,Y&,)&!"#$%&:4(>X&?5&()WX&,;&G,)34;U:4;>&

E%'$&9;4C4)A4<&

&

*#@#@(-4&:84&?)?:?(:?K4&?)&?*4):?5W?)3&,)U3,?)3&(C&Y4GG&(C&9,:4):?(G&A;?:?A(G&?CC=4C&:8(:&)44*&:,&

+4&AG,C4GW&>,)?:,;4*X&5,GG,Y4*U=9&()*h,;&():?A?9(:4*&?)&:4;>C&,5&=C4&,5&J%#$X&=C4&,5&

(;>4*&4CA,;:CX&9(;:?A?9(:?,)&,5&>?G?:(;W&;49;4C4):(:?K4C&?)&;4G4K():&AG=C:4;CX&(*K?C?)3&AG=C:4;C&

,)&!"U%J%,,;*U;4G(:4*&?CC=4CX&(*K?A4&()*&C=99,;:&?)&:;()C?:?,)(G&9G())?)3&5,;&:84&>?G?:(;WbC&

*;(Y*,Y)X&()*&,:84;&;4G(:4*&?CC=4C&,)&8=>()?:(;?()U>?G?:(;W&?):4;(A:?,)&:8(:&>(W&?>9(A:&

8=>()?:(;?()&,94;(:?,)C<&@8?C&?)AG=*4C&(A:?K4GW&>,)?:,;?)3&:84&A,>9G4:?,)&,5&:(C-C&

=)*4;:(-4)&+W&>?G?:(;W&5,;A4C&:,&C=99,;:&9;?,;?:W&8=>()?:(;?()&(A:?K?:?4C<&

#

'#@#V)?:?(:4&?)5,;>(:?,)&C8(;?)3&Y?:8&>?G?:(;W&5,;A4CX&Y8?A8&?C&?)K(;?(+GW&;4B=?;4*<&V)&9(;:?A=G(;X&

:8(:&Y8?A8&>?38:&(554A:&:84&C4A=;?:W&,5&A?K?G?()C&()*h,;&8=>()?:(;?()&Y,;-4;C<&V)5,;>(:?,)&

C8(;?)3&+4:Y44)&8=>()?:(;?()&()*&(99;,9;?(:4&>?G?:(;W&(A:,;C&>(W&?)AG=*4a&&

&

• L4G?45&(A:?K?:?4C&,5&:84&>?G?:(;W&U&?)5,;>(:?,)&,)&;4G?45&455,;:C&=)*4;:(-4)&+W&:84&

>?G?:(;W<&

• 2,9=G(:?,)&>,K4>4):C&U&?)5,;>(:?,)&,)&>(^,;&>,K4>4):C&,5&A?K?G?()C&MV):4;)(GGW&

#?C9G(A4*&24;C,)C&eV#2Cg&()*h,;&;45=344CN<&

• '=>()?:(;?()&(A:?K?:?4C9U9:84&8=>()?:(;?()&9G()C&()*&?):4):?,)CX&?)AG=*?)3&;,=:4C&()*&

:?>?)3&,5&8=>()?:(;?()&A,)K,WC&()*&(?;G?5:C&?)&,;*4;&:,&A,,;*?)(:4&9G())4*&

,94;(:?,)CX&:,&(K,?*&(AA?*4):(G&C:;?-4C&,)&8=>()?:(;?()&,94;(:?,)C&,;&:,&Y(;)&,5&()W&

Page 123: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1T&,5&67& %8(9:4;&#&

A,)5G?A:?)3&(A:?K?:?4C<&

• F:(:=C&,5&>(?)&C=99GW&;,=:4C&MJFLCN&()*&-4W&?)5;(C:;=A:=;4C<&

• F4A=;?:W&?)5,;>(:?,)&U9?)5,;>(:?,)&;4G4K():&:,&:84&C4A=;?:W&,5&A?K?G?()C&()*&:,&:84&

C4A=;?:W&C?:=(:?,)&?)&:84&(;4(&,5&,94;(:?,)<&

• '=>()?:(;?()&G,A(:?,)C&U&:84&A,,;*?)(:4C&,5&8=>()?:(;?()&C:(55&()*&5(A?G?:?4C&?)C?*4&

:84&>?G?:(;W&,94;(:?)3&:84(:;4<&

• J?)4U(A:?,)&(A:?K?:?4C&U&?)5,;>(:?,)&;4G4K():&:,&>?)4U(A:?,)&(A:?K?:?4C<&&

• 2,C:UC:;?-4&?)5,;>(:?,)&U&?)5,;>(:?,)&,)&C:;?-4&G,A(:?,)C&()*&4Z9G,C?K4&>=)?:?,)C&

=C4*&*=;?)3&>?G?:(;W&A(>9(?3)C&:,&(CC?C:&:84&9;?,;?:?P(:?,)&()*&9G())?)3&,5&

8=>()?:(;?()&;4G?45&()*&>?)4U(A:?,)<9

&

VCC=4C&(;?C?)3&5;,>&?)5,;>(:?,)&C8(;?)3a&

&

• f8(:&-?)*&,5&?)5,;>(:?,)&C8,=G*hA,=G*&+4&C8(;4*X&Y?:8&Y8,>&()*&Y84)l&

• ',Y&A()&?)5,;>(:?,)&:8(:&>(W&+4&?>9,;:():&5,;&8=>()?:(;?()&9=;9,C4C&+4&

*?554;4):?(:4*&5;,>&?)5,;>(:?,)&:8(:&?C&9,G?:?A(GGWX&>?G?:(;?GW&,;&4A,),>?A(GGW&

C4)C?:?K4l&&

• ',Y&*,&Y4&*4:4;>?)4&Y8?A8&?)5,;>(:?,)&>?38:&C4;K4&9=;9,C4C&,:84;&:8()&:8,C4&

Y8?A8&(;4&C:;?A:GW&8=>()?:(;?()l&&H,;&4Z(>9G4X&8,Y&*,&Y4&4)C=;4&:8(:&?)5,;>(:?,)&

,)&9,9=G(:?,)&>,K4>4):C&,;&(?*&+4)45?A?(;?4C&Y?GG&),:&+4&>?C=C4*&5,;&>?G?:(;W&

9=;9,C4Cl&

• F8,=G*&?)5,;>(:?,)&:8(:&?C&C8(;4*&Y?:8&,)4&>?G?:(;W&3;,=9&+4&C8(;4*&Y?:8&(GG&,:84;&

>?G?:(;W&()*h,;&9,G?:?A(G&3;,=9C&(C&Y4GGl&&',Y&C8,=G*&Y4&4)C=;4&:8(:&),&+4GG?34;4):&?C&

5(K,=;4*&,K4;&(),:84;&Y8?G4&+4?)3&>?)*5=G&,5&C4)C?:?K?:?4C&?)K,GK4*&?)&?)5,;>(:?,)l&

• f84)&()*&8,Y&C8,=G*&?)5,;>(:?,)&9;,K?*4*&+W&:84&>?G?:(;W&+4&K4;?5?4*hK(G?*(:4*l&

• D4&(Y(;4&:8(:&>?G?:(;?4C&>(W&+4&3,K4;)4*&+W&C4A=;?:W&9,G?A?4C&:8(:&*?A:(:4&:84&:W94&

()*&B=():?:W&,5&?)5,;>(:?,)&:8(:&>(W&+4&C8(;4*<&

&

G#@#2;49(;4&(&A,)C,G?*(:4*&G?C:&,5&,94;(:?,)(G&!"U%J%,,;*&;4G(:4*&?CC=4C&:8(:&8(K4&+44)&

;4C,GK4*X&,=:C:()*?)3&M+W&9;?,;?:WNX&()*&,:84;&?CC=4C&:,&+4&():?A?9(:4*&+4W,)*&:84&*=;(:?,)&

,5&:84&!"#$%&>?CC?,)<&V)&?*4):?5W?)3&:84C4&?CC=4CX&?)*?A(:4&:84&5(A:,;C&:8(:&84G94*&,;&

8?)*4;4*&:84&;4C,G=:?,)&,5&C=A8&?CC=4C&()*h,;&:84&G?-4GW&5(A:,;MCN&:8(:&>?38:&:;?334;&5=:=;4&

?CC=4C&C=A8&(C&:84&?>9(A:&,5&A,):?)=4*&=C4&,5&J%#$&Y8?A8&>?38:&G4(*&:,&*494)*4)A4X&

*;(Y*,Y)&,5&>?G?:(;W&5,;A4C&()*&:;()C?:?,)(G&9G())?)3&()*&,:84;C<&S)C=;4&:8(:&%J%F&?C&

?)5,;>4*&,5&:84C4&?CC=4C<&

&

=#@#F4:&(&9;,94;&8()*,K4;&Y?:8&:84&G,)34;U:4;>&E%'$&9;4C4)A4X&?5&()WX&,;&:84&L%h'%bC&,55?A4&

:,&4)C=;4&A,):?)=?:W&,5&:84&!"U%J%,,;*&5=)A:?,)&(C&)44*4*<&

&

H=;:84;&?CC=4C&:,&A,)C?*4;&?)&()(GWP?)3&()*&5,;>=G(:?)3&()&4554A:?K4&()*&(99;,9;?(:4&!"U

%J%,,;*&>4A8()?C>&(;4&,=:G?)4*&?)&C4A:?,)&#<I<1&()*&*4:(?GC&,5&:84&3G,+(G&3=?*4G?)4C&

Page 124: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6/&,5&67& %8(9:4;&#&

;454;4)A4C&(;4&5,=)*&?)&C4A:?,)&#<I<6<&

&

6393-5.;#21A-/EA#5,0#2/1.-7A37A#

J?G?:(;W&A=C:,>C&()*&A,=;:4C?4C&8(K4&(&G,)3&:;(*?:?,)<&@84W&8(K4&34)4;(GGW&4K,GK4*&(C&(&

;4C=G:&,5&:84&)44*&5,;&,;*4;X&(&C4)C4&,5&G,W(G:W&()*&8,),=;&:8(:&?C&5,C:4;4*&(>,)3&>?G?:(;W&

A,GG4(3=4C<&@84W&3,&+4W,)*&+(C?A&9,G?:4)4CC&()*&(;4&()&?):;?A(:4&9(;:&,5&:84&*?CA?9G?)4X&

>,;(G4X&4C9;?:&*4&A,;9C&()*&>?CC?,)&4554A:?K4)4CC<&$C&(&A?K?G?()&?):4;(A:?)3&Y?:8&:84&>?G?:(;WX&

+(C?A&-),YG4*34&,5&C,>4&A=C:,>C&()*&A,=;:4C?4C&Y?GG&+4&84G95=Ga&

&

• SZ94A:&:,&+4&4CA,;:4*&Y84;4K4;&W,=&3,&?)&(&>?G?:(;W&?)C:(GG(:?,)<&

• D4&,)&:?>4<&J?G?:(;W&>44:?)3C&C:(;:&,)&CA84*=G4&M>,C:&,5&:84&:?>4N<&D4&(:&G4(C:&0/&

>?)=:4C&4(;GW&(:&:84&>44:?)3&G,A(:?,)<&$GG,Y&(**?:?,)(G&:?>4&5,;&?)U9;,A4CC?)3&

:8;,=38&C4A=;?:W<&

• f84)&(&C4)?,;&>?G?:(;W&,55?A4;&4):4;C&:84&;,,>X&?<4<X&?5&84hC84&,=:;()-C&()W&,:84;&

,55?A4;&(G;4(*W&9;4C4):X&:84&;,,>&Y?GG&+4&A(GG4*&:,&(::4):?,)<&i,=&(;4&4Z94A:4*&:,&

C:()*&=):?G&:84&,55?A4;&?C&C4(:4*&,;&C(WCX&c(C&W,=&Y4;4d&,;&c9G4(C4&+4&C4(:4*d<&&

• V)&(&>44:?)3X&>?G?:(;W&,55?A4;C&Y?GG&3?K4&W,=&:84?;&5=GG&(::4):?,)<&@84W&4Z94A:&W,=;C<&&

@=;)&,55&98,)4C&()*&*,&),:&+4&:4>9:4*&:,&()CY4;&A(GGC&,;&G,,-&(:&:4Z:C&Y8?G4&(&

>44:?)3&?C&3,?)3&,)<&V:&?C&*?CA,=;:4,=C&()*&Y?GG&+4&:(-4)&(:&+4C:&(C&(&C?3)&,5&

*?C?):4;4C:&()*&(:&Y,;C:&()&?)C=G:<&

• $GG&>?G?:(;W&94;C,))4G&(;4&(**;4CC4*&+W&:84?;&;()-&,;&:?:G4<&$&>?G?:(;W&>4>+4;&>(W&

?):;,*=A4&:84>C4GK4C&+W&:84?;&3?K4)&()*&C=;)(>4X&+=:&?)&:84&9;4C4)A4&,5&,:84;C&:84W&

(;4&(GY(WC&(**;4CC4*&+W&;()-&()*&C=;)(>4<&&

• f84)&?):;,*=A4*&:,&(&C4)?,;&,55?A4;X&W,=&C8,=G*&(**;4CC&:84>&+W&;()-&()*&C=;)(>4X&

;()-&,)GW&,;&C?;&,;&>(b(>X&Y8?A84K4;&?C&(99;,9;?(:4<&

• @84&C4)?,;&,55?A4;&Y?GG&+4&5?;C:&:,&G4(K4&(&;,,>&()*&34)4;(GGW&G(C:&:,&4):4;&(&;,,><&

• f84)&Y(G-?)3X&:84&C4)?,;&,55?A4;&Y?GG&34)4;(GGW&+4&,)&:84&;?38:<&

• V5&W,=&(;4&9;4C4):&Y84)&:84&>?G?:(;W&8,C:bC&)(:?,)(G&():84>&?C&9G(W4*X&?:&?C&A,=;:4,=C&

:,&C:()*&B=?4:GW&=):?G&:84&>=C?A&C:,9C<&@84&C(>4&9;?)A?9G4&(99G?4C&?5&:84&8,C:bC&

)(:?,)(G&5G(3&?C&+4?)3&A(;;?4*&+W&,;&9,C:4*&M;(?C4*&,;&:(-4)&*,Y)N<&

&

!"B"<#%-87.#%>7.5-3/,59#T(@$6$//.0#'AA17A#-/#$/,A307.#

&

@8?C&C4A:?,)&9;,K?*4C&(&G?C:&,5&?CC=4C&()*&B=4C:?,)C&:8(:&>(W&+4&,5&=C4&?)&A,>9?G?)3&()&

?)K4):,;W&,5&-4W&()*&C=99,;:?)3&(A:,;CX&4Z?C:?)3&A?K?GU>?G?:(;W&A,,;*?)(:?,)&>4A8()?C>CX&?5&

()WX&()*&9,:4):?(G&>,*4C&,5&?):4;5(A4&+4:Y44)&?):4;)(:?,)(G&8=>()?:(;?()&(A:,;C&()*&

)(:?,)(G&()*&?):4;)(:?,)(G&>?G?:(;W&(A:,;C<&

#

*87#52-/.A#5,0#-873.#./97A#3,#-87#03A5A-7.#.7A>/,A7#/>7.5-3/,A&

2,CC?+G4&*,>4C:?A&>?G?:(;W&()*&9(;(>?G?:(;W&(A:,;Ca&

&

Page 125: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&60&,5&67& %8(9:4;&#&

• "(:?,)(G&(;>4*&5,;A4C<&

• "(:?,)(GX&;43?,)(G&()*&G,A(G&9,G?A4<&

• 2(;(>?G?:(;W&C:;=A:=;4C&C=A8&(C&+,;*4;&()*&A=C:,>C&5,;A4C<&

• E:84;&?)*?34),=C&>?G?:(;W&,;&9(;(>?G?:(;W&5,;A4C<&

&

2,CC?+G4&?):4;)(:?,)(G&>?G?:(;W&(A:,;Ca&

&

• V):4;)(:?,)(G&5,;A4C&C:(:?,)4*&?)&:84&A,=):;W&,;&;43?,)<&

• !"&94(A4-449?)3&>?CC?,)C&?)&:84&A,=):;W&,;&;43?,)<&

• %,=):;?4C&Y?:8&>?G?:(;W&(::(A84C&?)&:84&A,=):;W<&

• L43?,)(G&(GG?()A4&>4>+4;C<&

• "(:?,)C&Y?:8&+?G(:4;(G&>?G?:(;W&(CC?C:()A4&(3;44>4):Ch+?G(:4;(GGWU*49G,W4*&>?G?:(;W&

5,;A4C<&

&

E+:(?)&()&?)*?A(:?,)&,5&:84?;&;,G4C&?)&:84&*?C(C:4;&;4C9,)C4&,94;(:?,)C&()*&A,)*=A:&(&B=?A-&

()(GWC?C&:,&(CA4;:(?)&?5&:84C4&(A:,;C&Y?GGhC8,=G*&8(K4&?):4;(A:?,)&Y?:8&:84&?):4;)(:?,)(G&

8=>()?:(;?()&A,>>=)?:W<&

&

',-7.H527A#

@84&5,GG,Y?)3&B=4C:?,)C&(;4&*4C?3)4*&:,&?*4):?5W&:84&A;?:?A(G&?):4;5(A4C&+4:Y44)&A?K?G?()&()*&

>?G?:(;W&4):?:?4C&M?)AG=*?)3&*,>4C:?A&()*&?):4;)(:?,)(G&4G4>4):C&,5&4(A8NX&4Z9,C4&:84&

?>9,;:():&A,,;*?)(:?,)&C:;=A:=;4C&()*&(CC?C:&?)&?*4):?5W?)3&()W&9,:4):?(G&?CC=4C&:8(:&>?38:&

?>9(A:&8=>()?:(;?()&A?K?GU>?G?:(;W&A,,;*?)(:?,)<&

&

#,>4C:?A&>?G?:(;W&()*&?):4;)(:?,)(G&>?G?:(;W&?):4;5(A4a&

&

• f8(:&?C&:84&C:(:=C&,5&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4Cl&

• $;4&?):4;)(:?,)(G&>?G?:(;W&5,;A4C&A,UG,A(:4*&Y?:8&*,>4C:?A&>?G?:(;W&5,;A4Cl&

• #,&:84W&C8(;4&?)C:(GG(:?,)C&,;&+(C4Cl&

• #,4C&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4&8(K4&5;44*,>&,5&>,K4>4):l&

• $;4&:84C4&;4G(:?,)C&9(;:&,5&(&;43?,)(G&(GG?()A4&CWC:4>l& &

• #,&>?G?:(;W&5,;A4C&8(K4&()W&(;;4C:&,;&*4:4):?,)&(=:8,;?:Wl&

• $;4&>?G?:(;W&5,;A4C&?)K,GK4*&?)&A,>+(:&,94;(:?,)Cl&

• @,&Y8,>&*,&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4C&;49,;:l&

&

#,>4C:?A&A?K?G?()&()*&)(:?,)(G&>?G?:(;W&?):4;5(A4a&

&

• VC&:84&>?G?:(;W&?)K,GK4*&(C&(&+4GG?34;4):&?)&?):4;)(G&,;&?):4;)(:?,)(G&A,)5G?A:&,;&A,=):4;&

?)C=;34)AWl&

• #,4C&:84&>?G?:(;W&8(K4&(&G43(G&,;&A,)C:?:=:?,)(G&;,G4&?)&*?C(C:4;&;4C9,)C4X&;4G?45&()*&

Page 126: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6.&,5&67& %8(9:4;&#&

;4A,)C:;=A:?,)l&

• f8(:&?C&:84&;4G(:?,)C8?9&+4:Y44)&;43?,)(G&>?G?:(;W&A,>>()*4;C&()*&3,K4;),;ChG,A(G&

A8?45&4Z4A=:?K4Cl&

• f8,&9;,K?*4C&:84&)(:?,)(GhG,A(G&A,,;*?)(:?,)&,;&,94;(:?,)C&A4):;4Cl&

• VC&:84&>?G?:(;W&:84&4ZAG=C?K4&9;,K?*4;&,5&-4W&;4C,=;A4C&C=A8&(C&G()*X&C4(&()*&(?;&

(CC4:Cl&

• f8(:&?C&:84&;4G(:?,)C8?9&+4:Y44)&:84&>?G?:(;W&()*&9,G?A4l&

• f8(:&?C&:84&;4G(:?,)C8?9&+4:Y44)&:84&>?G?:(;W&()*&A?K?G&*454)A4hA?K?G&9;,:4A:?,)&=)?:Cl&

• #,&(A:?K4&,;&;4:?;4*&>?G?:(;W&,55?A4;C&G4(*&-4W&A?K?G?()&>?)?C:;?4C&,;&(34)A?4Cl&

• $;4&:84;4&(;4(C&,5&:84&A,=):;W&=)*4;&*?;4A:&>?G?:(;W&A,):;,G&,;&>(;:?(G&G(Yl&

• VC&:84&>?G?:(;W&;4C9,)C?+G4&5,;&(?;A;(5:&,;&>(;?:?>4&C4(;A8&()*&;4CA=4&,94;(:?,)Cl&

• #,4C&:84&>?G?:(;W&>()(34&()W&>4*?A(G&5(A?G?:?4Cl&

• #,4C&:84&>?G?:(;W&8(K4&C94A?(GGW&:;(?)4*&C4(;A8&()*&;4CA=4&:4(>Cl&

• VC&:84&>?G?:(;W&*,>?)(:4*&+W&(&9(;:?A=G(;&4:8)?A&3;,=9l&

• $;4&:84;4&3;,=9C&,99,C4*&:,X&,;&5;?38:4)4*&+WX&:84&>?G?:(;Wh9,G?A4l&

• VC&:84;4&(&;4G(:?,)C8?9&+4:Y44)&:84&>?G?:(;W&()*&()W&A?K?G?()&C4;K?A4&9;,K?*4;Cl&

&

#,>4C:?A&>?G?:(;W&()*&?):4;)(:?,)(G&A?K?G?()&?):4;5(A4a&

&

• %()&:84&*,>4C:?A&>?G?:(;W&()*&9,G?A4&5,;A4C&9;,K?*4&(*4B=(:4&C4A=;?:Wl&

• $;4&:84C4&5,;A4C&;4C9,)C?+G4&5,;&:84&C4A=;?:W&,5&()W&+4)45?A?(;?4Cl&

• #,4C&:84&>?G?:(;W&A,):;,G&()W&5(A?G?:?4C&)44*4*&+W&?):4;)(:?,)(G&;4G?45&,;3()?P(:?,)Cl&

• #,4C&:84&>?G?:(;W&A,):;,G&(AA4CC&:,&(;4(C&:8(:&>(W&8,G*&+4)45?A?(;?4Cl&

• ',Y&*,4C&:84&>?G?:(;W&A,):;,G&(AA4CC&:,&;4C:;?A:4*&(;4(Cl&

• %()&()*&Y?GG&:84&>?G?:(;W&(CC?C:&?):4;)(:?,)(G&A?K?G?()&,;3()?P(:?,)Cl&&

• VC&:84&>?G?:(;W&?)K,GK4*&?)&()W&*?;4A:&*?C:;?+=:?,)&,5&;4G?45l&

• f8(:&?C&:84&9;,A4CC&5,;&(**;4CC?)3&()W&?CC=4C&Y?:8&>?G?:(;W&A,>>()*4;Cl&

• f8(:&?C&:84&>?G?:(;WbC&(::?:=*4&;43(;*?)3&Y,>4)&()*&54>(G4&?):4;)(:?,)(G&C:(55l&

• $;4&:84;4&K(G?*&8=>()&;?38:C&A,)A4;)C&(+,=:&:84&*,>4C:?A&>?G?:(;Wl&

• $;4&:84;4&A8?G*&C,G*?4;C&?)&()W&,5&:84&?)*?34),=C&>?G?:(;W&5,;A4Cl&

&

V):4;)(:?,)(G&>?G?:(;W&()*&*,>4C:?A&A?K?G?()&?):4;5(A4a&

&

• VC&:84;4&()&?):4;)(:?,)(G&>?G?:(;W&5,;A4&94;>()4):GW&+(C4*&?)&:84&A,=):;Wl&

• #,4C&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4&8(K4&(=:8,;?:W&:,&(CC?C:&A?K?G?()Cl&

• f8?A8&?):4;)(:?,)(G&>?G?:(;W&5,;A4C&8(K4&;4C9,)*4*&:,&9(C:&*?C(C:4;Cl&

• #,4C&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4&8(K4&*?;4A:&A,):(A:&Y?:8&:84&9,9=G(:?,)l&&

• ',Y&*,4C&:84&G,A(G&9,9=G(:?,)&K?4Y&?):4;)(:?,)(G&>?G?:(;W&5,;A4Cl&

• VC&:84&?):4;)(:?,)(G&>?G?:(;W&5,;A4&?)K,GK4*&?)&(&A(>9(?3)&:,&3(?)&(AA49:()A4&,5&:84&

G,A(G&9,9=G(:?,)l&

Page 127: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&61&,5&67& %8(9:4;&#&

• $;4&?):4;)(:?,)(G&>?G?:(;W&5,;A4C&?)K,GK4*&?)&*?;4A:&(CC?C:()A4&9;,^4A:Cl&

&

V):4;)(:?,)(G&>?G?:(;W&()*&?):4;)(:?,)(G&A?K?G?()C&?):4;5(A4a&

&

• $;4&A?K?G?()&(?*&,;3()?P(:?,)C&(CC,A?(:4*&Y?:8&()W&,5&:84&>?G?:(;W&5,;A4Cl&

• f8(:&?C&:84&;4G(:?,)C8?9&+4:Y44)&),)U3,K4;)>4):(G&,;3()?P(:?,)C&M"]ECN&()*&

>?G?:(;W&5;,>&:84&C(>4&A,=):;Wl&

• '(K4&>?G?:(;W&A,>>()*4;C&()*&C:(55C&Y,;-4*&Y?:8&:84&!)?:4*&"(:?,)C&,;&

?):4;)(:?,)(G&"]EC&+45,;4l&

• #,4C&:84&>?G?:(;W&5,;A4&8(K4&(&*,A:;?)4&5,;&;4G(:?)3&Y?:8&A?K?G?()&(A:,;Cl&

• #,4C&:84&5,;A4&8(K4&4Z9G?A?:&,;*4;C&:,&C=99,;:&,;&9;,:4A:&8=>()?:(;?()Cl&

&

$5:4;&:84C4&B=4C:?,)C&(;4&A,)C?*4;4*X&()CY4;4*&()*&(CC=>9:?,)C&AG(;?5?4*X&?:&C8,=G*&+4&

9,CC?+G4&:,&*4:4;>?)4&Y84;4&:84&>(?)&4>98(C?C&5,;&8=>()?:(;?()&A?K?GU>?G?:(;W&A,,;*?)(:?,)&

G?4C<&&

!

$//.03,5-3/,#A-.12-1.7A#5,0#E7285,3AEA#

@84&?):4;)(:?,)(G&;4G?45&A,>>=)?:WX&>?G?:(;W&()*&A?K?G?()C&8(K4&*4K4G,94*&()*&=:?G?P4*&C4K4;(G&

5,;>C&,5&A?K?GU>?G?:(;W&A,,;*?)(:?,)&9G(:5,;>C<&%,,;*?)(:?,)&C:;=A:=;4C&()*&>4A8()?C>C&>(W&

:(-4&K(;?,=C&5,;>CX&*494)*?)3&,)&:84&C94A?5?A&,94;(:?,)(G&4)K?;,)>4):<&F=A8&9G(:5,;>C&

>=C:&A,>9G4>4):&4Z?C:?)3&3,K4;)>4):&A,,;*?)(:?,)&C:;=A:=;4CX&?5&()WX&'%@&()*&,:84;&

A,,;*?)(:?,)&>4A8()?C>C&C=A8&(C&:84&EFE%%&()*&:84&j?;:=(G&EFE%%<&

&

$)W&9;,9,C4*&A?K?GU>?G?:(;W&A,,;*?)(:?,)&C:;=A:=;4C&()*&>4A8()?C>C&>=C:&+4&A,)C?C:4):&Y?:8&

:84&3=?*4G?)4C&*45?)?)3&A?K?GU>?G?:(;W&;4G(:?,)C&?)&(&8=>()?:(;?()&,94;(:?,)X&+4&:84W&3G,+(G&,;&

A,=):;W&C94A?5?AX&()*&4Z9G(?)&Y84)X&Y84;4&()*&8,Y&:84&A?K?GU>?G?:(;W&*?(G,3=4&()*&

?):4;(A:?,)&Y?GG&:(-4&9G(A4<&$C&*4:(?G4*&?)&H?3=;4&#<T&+4G,YX&?)&(&3?K4)&A,):4Z:X&?:&?C&9(;:&,5&:84&

!"U%J%,,;*&5=)A:?,)&:,&4C:(+G?C8&()*&>(?):(?)&:84&>,C:&(99;,9;?(:4&?):4;5(A4&+4:Y44)&

:84&8=>()?:(;?()&(A:,;C&()*&:84&>?G?:(;W<&&

&

Page 128: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&66&,5&67& %8(9:4;&#&

&

P3:1.7#!"]U#$3C39@6393-5.;#$//.03,5-3/,#=-.12-1.7A&

#

@84&:W94&,5&;4G(:?,)C8?9&4C:(+G?C84*&Y?:8&>?G?:(;W&4):?:?4C&K(;?4C&*494)*?)3&,)&:84&C?:=(:?,)&

()*&)(:=;4&,5&:84&>?G?:(;W&>?CC?,)<&V:&>(W&+4&(99;,9;?(:4&:,&A,UG,A(:4X&,;&?:&>(W&+4&

?)(99;,9;?(:4&5;,>&(&8=>()?:(;?()&C:()A4&:,&8(K4&*?;4A:&A,):(A:<&H,;&4Z(>9G4X&?:&>(W&+4&

(99;,9;?(:4&:,&A,UG,A(:4&?)&(&+4)?3)&4)K?;,)>4):&Y84;4&(&C:(+G4&C:(:4&3,K4;)>4):&4Z?C:C&

()*&:84;4&?C&),&,;&G?::G4&:8;4(:&:,&C4A=;?:WX&+=:&?:&?C&G?-4GW&:,&+4&?)(99;,9;?(:4&Y84;4&(&A,)5G?A:U

C?:=(:?,)&4Z?C:C&?)&(&A,=):;W<&

&

'AA17A#-/#I7#2/,A307.70#

• F8,=G*&:84&G?(?C,)&(;;()34>4):C&+4:Y44)&:84&8=>()?:(;?()&A,>>=)?:W&()*&:84&

>?G?:(;W&+4&A,)*=A:4*&?)&A,)5?*4)A4&,;&?)&:;()C9(;4)AWl&

• f8(:&Y,=G*&+4&:84&?>9G?A(:?,)C&,5&9=+G?A&-),YG4*34&,5&C=A8&G?(?C,)&(;;()34>4):C&,)&

:84&94;A49:?,)&,5&:84&)4=:;(G?:W&()*&?>9(;:?(G?:W&,5&8=>()?:(;?()&(A:?K?:?4Cl&

• ',Y&>(W&:;()C9(;4)AW&,5&:84&A?K?GU>?G?:(;W&G?(?C,)&(;;()34>4):C&+4&4)C=;4*&Y8?G4&

>(?):(?)?)3&:84&=)*4;C:()*?)3&,5&(&AG4(;&*?C:?)A:?,)&+4:Y44)&:84&>?G?:(;W&()*&

8=>()?:(;?()&(A:,;Cl

• ',Y&>(W&?)A,;;4A:&94;A49:?,)C&()*&A,)AG=C?,)C&+4&9;4K4):4*&;43(;*?)3&:84&)(:=;4&

()*&9=;9,C4&,5&A?K?GU>?G?:(;W&G?(?C,)&(;;()34>4):Cl&

• f8?A8&A?;A=>C:()A4C&A(GG&5,;&5,;>(G&G?(?C,)&(;;()34>4):Cl&f84)&?C&?:&+4::4;&:,&

>(?):(?)&G?(?C,)&,)&()&(*U8,A&+(C?Cl&

!""#$%&'"( ) ) ) ) )*&(+$,!"('(--.)"/)01%&1$+2$3)"/)4##%"&56$3 ) ) )!"7$8231$(5$)

!"#$%&'()(**+,$-./01*/$-20343525#6$5"#$#6527436"8#/5$2/,$823/5#/2/0#$*-$244$9*66374#$3/-#+#/0#$

!"#$%&'$(&$%)!"#$%&'$(&$%)!"#$%&'$(&$%)

*+%,"&')

-&$&.+%)

/012()

3&4&'$(5)

3&4&'$(5)

3&4&'$(5)

-&$&.+%)

/012()

!"79"5&'"() :2&23"()&%%&(+$.$(13) !"(;-21)

Page 129: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6I&,5&67& %8(9:4;&#&

• f8(:&?C&:84&(99;,9;?(:4&C?P4&()*&C:;=A:=;4&,5&:84&A?K?GU>?G?:(;W&G?(?C,)&A,>9,)4):l&

• f84)X&?5&4K4;X&C8,=G*&:84&G?(?C,)&,55?A4;C&,5&:84&8=>()?:(;?()&()*&>?G?:(;W&

A,>>=)?:?4C&+4&A,UG,A(:4*&?)&:84&C(>4&5(A?G?:Wl&&

#

&/97#/H#.7:195.^9/,:[email protected]#T(@$6$//.0#%HH327.A#5,0#A2/>7#/H#52-3C3-37A#

V)&4C:(+G?C8?)3&()*&*4K4G,9?)3&:84&!"U%J%,,;*&5=)A:?,)X&()&!"#$%&*49G,W>4):&>=C:&+4&

A,3)?P():&,5&G,)34;U:4;>&;,G4C&()*&;4C9,)C?+?G?:?4C&,5&!"U%J%,,;*&C:(55&:,&4)C=;4&:84&

A,;;4A:&5,=)*(:?,)C&(;4&G(?*&()*&(A:?K?:?4C&9(CC4*&,)&:,&5,GG,Y&,)&C:(55<&$)W&G,)34;U:4;>&!"U

%J%,,;*&5=)A:?,)&Y?GG&C=99,;:&:84&L%h'%X&=)*4;&:84&*?;4A:?,)&,5&:84&E%'$&'4(*&,5&E55?A4X&

()*&?)&A,)C=G:(:?,)&Y?:8&:84&'%@<&@84&!"U%J%,,;*&,55?A4;bC&;,G4&Y?GG&),;>(GGW&?)AG=*4&:84&

5,GG,Y?)3&5?K4&A;?:?A(G&5=)A:?,)Ca&

&

• F=99,;:&:84&4C:(+G?C8>4):&()*&C=C:(?)>4):&,5&*?(G,3=4&Y?:8&>?G?:(;W&5,;A4C<&&&&

• $CC?C:&?)&:84&*4K4G,9>4):&()*&*?CC4>?)(:?,)&,5&3=?*4G?)4C&5,;&:84&8=>()?:(;?()&

A,>>=)?:WbC&?):4;(A:?,)&Y?:8&>?G?:(;W&5,;A4C<&&&

• SC:(+G?C8&(&>4A8()?C>&5,;&:84&A,,;*?)(:?,)&,5&:84&8=>()?:(;?()&?):4;(A:?,)&Y?:8&

>?G?:(;W&5,;A4C<&&

• J,)?:,;&(CC?C:()A4&(A:?K?:?4C&=)*4;:(-4)&+W&:84&>?G?:(;W&5,;A4C<&&

• $CC?C:&?)&:84&)43,:?(:?,)&,5&?CC=4C&?)&A;?:?A(G&(;4(C&,5&A,,;*?)(:?,)<&

&

@84&;4G(:?K4&?>9,;:()A4&,5&:84C4&5=)A:?,)CX&(C&Y4GG&(C&8,Y&:84W&(;4&(AA,>9G?C84*X&Y?GG&K(;W&

*494)*?)3&,)&:84&,94;(:?,)(G&C?:=(:?,)<&

#

!"B"?#T(@$6$//.0#&7H7.7,27A#

&

D_#P/259#G/3,-#

@84&E%'$&%?K?GUJ?G?:(;W&%,,;*?)(:?,)&F4A:?,)&M%J%FN&?C&:84&5,A(G&9,?):&5,;&!"U%J%,,;*&()*&

:84&=C4&,5&J%#$<&&

&

f4+9(34a&8::9ahhYYY<=),A8(<,;3h=)A>A,,;*&&

E94)&F,=;A4&@;(?)?)3&o&L454;4)A4&J(:4;?(GCa&

8::9CahhC?:4C<3,,3G4<A,>hC?:4h,A8(3=?*()A45,;=>h8,>4h:;(?)?)3U8?38G?38:C&&

S>(?Ga&A>ACq=)<,;3&

@4Ga&r60&..&T0O&16Q6&

#

# #

Page 130: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&67&,5&67& %8(9:4;&#&

`130793,7A#

@84;4&(;4&C4K4;(G&C4:C&,5&3G,+(G&3=?*4G?)4CX&C,>4&34)4;(GX&,:84;C&C94A?5?A&:,&A4;:(?)&

,94;(:?,)(G&4)K?;,)>4):Ca&

&

E%'$&M.//ON&:3%;0,%.0/9(.9$5091/09(29?(#0%@.9A%,%$"#)9".;98%B%,9C020.&09=//0$/9%.9C%/"/$0#9

>0,%02&

8::9Cahh*,AC<=),A8(<,;3hC?:4Ch*>Ch#,A=>4):ChECG,s./]=?*4G?)4Cs./S"]RVF's./M",K4>

+4;s././/ON<9*5&

&

E%'$&M.//7N&8%B%,IA%,%$"#)9:3%;0,%.0/9".;9>020#0.&092(#98(+',0G9H+0#@0.&%0/9

8::9Cahh*,AC<=),A8(<,;3hC?:4Ch*>Ch#,A=>4):ChS"]RVF's./jSLFVE"s./]=?*4G?)4Cs./5,;

s./%,>9G4Zs./S>4;34)A?4C<9*5&

&

D5,0I//NA#

!)?:4*&"(:?,)C&%?K?GUJ?G?:(;W&%,,;*?)(:?,)&H?4G*&'()*+,,-&M=)*4;&;4K?C?,)&(C&94;&$=3=C:&

./01N&

]=?*4&5,;&:84&J?G?:(;W&M=)*4;&*4K4G,9>4):&(C&94;&$=3=C:&./01N&

&

Page 131: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&10& %6(7849&:&

!

"#!$%%"%%&"'(!

!

"#)!$**+**,+-.*!#######################################################################################################!)&

:;0;0&<)89,*=>8?,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0&

:;0;.&%6(@@4)34A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.&

:;0;1&B(?)&29?)>?7@4A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.&

:;0;C&<)*?>(8,9A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&C&

:;0;D&E4F&<AA=4A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&C&

"#/!(0+!&12.34521*.+67%+8.96!:-3.3;2!<;=3>!$**+**,+-.!###############################################!?&

:;.;0&G64&B<H$&%,)>478&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&D&

:;.;.&B<H$&I+J4>8?K4AL&26(A4A&()*&29,*=>8A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&M&

"#@!(0+!A'B$5!(+;,!;->!.0+!&:<$!##########################################################################!C&

"#D!(0+!&:<$!E698+**!###############################################################################################!F&

:;C;0&IK49K?4N&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&O&

:;C;.&<)?8?(8?)3&864&B<H$&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&P&

:;C;1&!)*498(-?)3&864&Q4>,)*(9F&#(8(&$)(@FA?A&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

:;C;C&!)*498(-?)3&864&%,RR=)?8F&S4K4@&$AA4AAR4)8&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0D&

:;C;D&%,)*=>8?)3&864&T?)(@&<)849UQ4>8,9(@&$)(@FA?A&()*&#4849R?)?)3&29?,9?8F&"44*A&;;;;;;&.D&

"#?!&:<$!G1.=1.*!####################################################################################################!/C&

:;D;0&Q?8=(8?,)(@&$)(@FA?A&V26(A4&0W&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.O&

:;D;.&B<H$&H47,98&V26(A4&.W&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.P&

"#H!(0+!$**+**,+-.!<+I3*.6J!####################################################################################!@K&

"#C!$>>3.39-;2!<+;>3-I!#############################################################################################!@K&

!

"#)!$**+**,+-.*!

!

"#)#)!:-.69>18.39-!!

&

$AA4AAR4)8&?A&()&4AA4)8?(@&>,R7,)4)8&,5&864&!"#$%&B?AA?,);&<8&?)>@=*4A&>,@@4>8?)3&()*&

79,>4AA?)3&*(8(&59,R&*?55494)8&A,=9>4A&+F&*?55494)8&84>6)?X=4A&?)&,9*49&8,&79,*=>4&=A(+@4&

?)5,9R(8?,)&5,9&*4>?A?,)UR(-?)3&?)&864&*?A(A849&94A7,)A4&A>4)(9?,;&<8&?A&(&79,>4AA&>@,A4@F&

94@(84*&8,&?)5,9R(8?,)&R()(34R4)8&V<BW&()*&>()&+4&>,)A?*494*&(A&864&)44*A&*(8(&?)7=8&8,&

864&<B&79,>4AA&VA44&>6(7849&TW;&

&

G64&(?R&,5&()&(AA4AAR4)8&?A&8,&=)*49A8()*&(&A?8=(8?,)&?)&,9*49&8,&?*4)8?5F&864&79,+@4RVAWL&

864&A,=9>4&,5&864&79,+@4RVAW&()*&864&>,)A4X=4)>4A&,5&864&79,+@4RVAW;&G64&7=97,A4&,5&()&

(AA4AAR4)8&?A&!"#$8,&?*4)8?5F&()&?)849K4)8?,)L&+=8&8,&5?)*&,=8&N648649&()&?)849K4)8?,)&?A&

Page 132: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&10& %6(7849&:&

)44*4*&,9&),8;&

&

G64&,K49(@@&7=97,A4&,5&()&(AA4AAR4)8&?A&8,&(AA?A8&864&Y,K49)R4)8&()*&864&'=R()?8(9?()&

%,=)89F&G4(R&V'%GW&,5&()&(554>84*&>,=)89F&?)&?8A&*4>?A?,)UR(-?)30L&+F&?*4)8?5F?)3&()*&

79?,9?8?Z?)3&)44*A&5,9&*?A(A849&94@?45&(AA?A8()>4;&$A&A=>6L&(AA4AAR4)8A&A6,=@*&79,K?*4&8?R4@F&

()*&94@4K()8&?)5,9R(8?,)&5,9&=A4&+F&*4>?A?,)&R(-49A;&[64)&=)*498(-?)3&(AA4AAR4)8AL&?8&?A&

?R7,98()8&8,&+(@()>4&864&)44*&5,9&(>>=9(>F&()*&*48(?@&N?86&864&)44*&5,9&A744*&()*&

8?R4@?)4AA;&

&

<8&?A&?R7,98()8&5,9&!"#$%&R4R+49A&8,&94R4R+49&86(8&(AA4AAR4)8A&(94&79,>4AA4AL&),8&

A?R7@F&(&*(8(&>,@@4>8?,)&5?4@*&89?7;&G64F&?)K,@K4&864&A488?)3&,5&(AA4AAR4)8&,+J4>8?K4A\&

>,@@4>8?,)L&>,@@(8?,)&()*&()(@FA?A&,5&A4>,)*(9F&*(8(\&>,@@4>8?,)L&>,@@(8?,)&()*&()(@FA?A&,5&

79?R(9F&*(8(\&()*&864&5,9R=@(8?,)&()*&947,98?)3&,5&94>,RR4)*(8?,)AL&#%&"'(%$)!$)*+,')#+$

-.$/#&'0#'&+$)!*$)$1&+2/+#$)!)34/5/$13)!;&

&

$AA4AAR4)8A&A6,=@*&>,)89?+=84&8,&864&,K49(@@&>,RR,)&,749(8?,)(@&7?>8=94;&G64F&A6,=@*&

*45?)4&864&A>(@4&()*&A>,74&,5&(&>9?A?A&(8&*?55494)8&R,R4)8A&?)&8?R4;&G64F&A6,=@*&?*4)8?5F&864&

R,A8&(554>84*&34,39(76?>&(94(AL&R,A8&(554>84*&7,7=@(8?,)A&()*&79?,9?8F&)44*A;&](A4*&,)&

86?AL&?)849K4)8?,)A&>()&+4&*4>?*4*&()*&>(78=94*&?)&(&A89(843?>&6=R()?8(9?()&(>8?,)&7@();&

&

"#)#/!50;22+-I+*!

&

G64&?RR4*?(84&(5849R(86&,5&(&*?A(A849&?A&(&>9?8?>(@&8?R4&?)&N6?>6&-4F&94A7,)A4&*4>?A?,)A&

)44*&8,&+4&R(*4L&+=8&86?A&?A&(@A,&N64)^&

&

• <)5,9R(8?,)&,)&864&*?A(A849&?R7(>8&?A&R,A8&@?R?84*;&&

• '=R()&()*&5?)()>?(@&94A,=9>4A&(K(?@(+@4&8,&>,@@4>8&*(8(&(94&>,)A89(?)4*;&&

• $>>4AA&8,&(554>84*&(94(A&R(F&7,A4&7(98?>=@(9&>6(@@4)34A;&&

• #(8(&?A&7?4>4R4(@L&94A=@8?)3&?)&()&?)>,R79464)A?K4_>,)5@?>8?)3&7?>8=94&,5&)44*A;&&

• #(8(&+4>,R4A&9(7?*@F&,+A,@484L&3?K4)&864&5@=?*?8F&,5&864&A?8=(8?,);&&

• #4R()*&5,9&?)5,9R(8?,)&,)&864&)4N&A?8=(8?,)&?A&6?36;&

&

!"#"$%!"#$%!!"#$"%&'(!

&

$@@&(AA4AAR4)8A&(94&+(A4*&,)&864&A(R4&79?)>?7@4&V864&?*4)8?5?>(8?,)&,5&K=@)49(+?@?8?4A&()*&

>(7(>?8?4AW&()*&5,@@,N&864&A(R4&79,>4AA&VA4>,)*(9F&*(8(&94K?4NL&,+A49K(8?,)L&?)849K?4NA&

()*&()(@FA?AW;&',N4K49L&864&N(F&?)&N6?>6&?)5,9R(8?,)&?A&>,@@4>84*&*474)*A&,)&864&8F74&,5&

(AA4AAR4)8;&&

0&G69,=36&864&R()*(84&,5&864&!)?84*&"(8?,)A&H4A?*4)8&%,,9*?)(8,9_'=R()?8(9?()&%,,9*?)(8,9&VH%_'%WL&()*_,9&864&!)?84*&

"(8?,)A&#?A(A849&B()(34R4)8&G4(R&V!"#BGW&,9&'=R()?8(9?()&%,=)89F&G4(R&V'%GW&

&

Page 133: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&10& %6(7849&:&

<;=3>!;**+**,+-.*!

I5&7(98?>=@(9&A?3)?5?>()>4&5,9&!"#$%&84(RA&N,9-?)3&?)&864&5?9A8&76(A4A&,5&()&4R4934)>FL&(&

9(7?*&(AA4AAR4)8`A&A>,74&()*&R486,*,@,3F&?A&,584)&@?R?84*&+F&864&8?R4&(K(?@(+@4;&G64&

5,@@,N?)3&79?)>?7@4AL&864945,94L&(77@F&8,&9(7?*&(AA4AAR4)8A^&&

&

• 6+0"!*)&4$5!7"&8)#5"!^&G6494&?A&@4AA&8?R4&8,&>,@@4>8&5?9A8U6()*&?)5,9R(8?,)&

V79?R(9F&?)5,9R(8?,)WL&A,&R,94&4R76(A?A&?A&7@(>4*&,)&A4>,)*(9F&?)5,9R(8?,);&&

• 9'8:+&$"7$3"0)#5"!/$;5/5#+*^&T4N49&A?84A&(94&K?A?84*L&A,&?8&?A&?R7,98()8&8,&>6,,A4&

864&A?84A&>(945=@@F&=A?)3&7=97,A?K4&A(R7@?)3&VA44&+4@,NW;&

• 9'8:+&$"7$1+"13+$5!#+&;5+<+*^&T4N49&74,7@4&(94&?)849K?4N4*&()*&?8&?A&>9=>?(@&8,&

>,)A=@8&(A&+9,(*&(&K(9?48F&,5&74,7@4&(A&7,AA?+@4&N?86?)&86?A&>,)A89(?)8&

• =//'81#5"!/^&<)&A,R4&>(A4A&86,A4&>,)*=>8?)3&(&9(7?*&(AA4AAR4)8&N?@@&6(K4&8,&

94@F&,)&(AA=R78?,)A;&$AA=R78?,)A&(94&+(A4*&,)&794K?,=A&4a749?4)>4&,5&A?R?@(9&

4R4934)>?4A&()*&-),N@4*34&,5&864&(554>84*&(94(;&<)&()&?)U*4786_*48(?@4*&,9&

>,)8?)=(@&(AA4AAR4)8L&86494&?A&R,94&8?R4&?)&864&5?4@*&()*&@4AA&)44*&8,&94@F&,)&

(AA=R78?,)A;&

&

59-.+L.!

<8&?A&?R7,98()8&8,&=)*49A8()*&864&>,)84a8L&(A&?8&R(F&+4&>9?8?>(@&8,&864&(779,79?(84&94A7,)A4&

5,9&864&(554>84*&7,7=@(8?,);&T,9&4a(R7@4L&864&+(A?>&)44*A&,5&*?A7@(>4*&74,7@4&R(F&A44R&

,+K?,=A;&!)*49&>498(?)&>,)*?8?,)AL&6,N4K49L&864&*?A89?+=8?,)&,5&4AA4)8?(@&?84RA&V4;3;&A64@849&

R(849?(@AW&R(F&4)*()349&864&+4)45?>?(9?4AL&(A&864&?84RA&R(F&+4&(889(>8?K4&8,&@,,849A;&

&

(J=+*!9M!;**+**,+-.*!!

$AA4AAR4)8A&>()&+4&8F74*&(>>,9*?)3&8,&864&@4K4@&,5&>,,9*?)(8?,)&+48N44)&,93()?Z(8?,)A;&&

&

>""&*5!)#+*$)//+//8+!#/&(94&86,A4&7@())4*&()*&>(99?4*&,=8&?)&7(98)49A6?7&+F&6=R()?8(9?()&

(>8,9AL&()*&,5&N6?>6&864&94A=@8A&(94&A6(94*&N?86&864&+9,(*49&6=R()?8(9?()&>,RR=)?8F&8,&

?*4)8?5F&864&)44*A&,5&(554>84*&7,7=@(8?,)A;&Q=>6&(AA4AAR4)8A&9()34&59,R&?)849U&()*&?)89(U

>@=A849_A4>8,9&J,?)8&(AA4AAR4)8A&8,&6(9R,)?Z4*&A?)3@4&(34)>F&(AA4AAR4)8A;&

&

?)&8"!5@+*$)//+//8+!#/&,>>=9&N64)&(34)>?4A&>,@@4>8L&79,>4AA&()*&()(@FZ4&*(8(&A47(9(84@FL&

+=8&N6494&864&>,@@4>84*&*(8(&?A&A=55?>?4)8@F&>,R7(9(+@4&V+4>(=A4&,5&864&=A4&,5&>,RR,)&

,749(8?,)(@&*(8(&A48AL&-4F&?)*?>(8,9AL&()*&34,39(76?>(@&()*&84R7,9(@&AF)>69,)?Z(8?,)W&8,&+4&

>,R7?@4*&?)8,&(&A?)3@4&*(8(+(A4&()*&=A4*&?)&(&A6(94*&()(@FA?A;&

&

A"5!#$)//+//8+!#/&,>>=9&N64)&*(8(&>,@@4>8?,)L&79,>4AA?)3&()*&()(@FA?A&5,9R&,)4&A?)3@4&

79,>4AA&(R,)3&(34)>?4A&N?86?)&()*&+48N44)&>@=A849A_A4>8,9AL&()*&@4(*&8,&864&79,*=>8?,)&,5&

(&A?)3@4&947,98;&G6?A&?A&A,R48?R4A&(@A,&9454994*&8,&(A&(&b>,RR,)&(AA4AAR4)8c;&

&

<)&>,)89(A8L&'!0""&*5!)#+*$)//+//8+!#/&(94&86,A4&?)&N6?>6&*(8(&A48A&(94&),8&?)849,749(+@4L&

Page 134: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&C&,5&10& %6(7849&:&

()*&94A=@8A&>()),8&+4&=A4*&8,&?)5,9R&864&,K49(@@&()(@FA?A;&

!

!"#"$%!"#$%&'()*!

&

$)&?)*?>(8,9&?A&(&X=()8?8(8?K4&,9&X=(@?8(8?K4&K(9?(+@4&86(8&79,K?*4A&(&A?R7@4&()*&94@?(+@4&+(A?A&

5,9&(AA4AA?)3&(>6?4K4R4)8L&>6()34&,9&7495,9R()>4;&<)*?>(8,9A&>()&+4&=A4*&8,&*4A>9?+4&()*&

R4(A=94&(&9()34&,5&(A74>8A&,5&(&3?K4)&6=R()?8(9?()&>,)84a8L&9()3?)3&59,R&864&A?8=(8?,)&8,&

94A7,)A4&()*&?R7(>8;&Q?8=(8?,)&?)*?>(8,9A&89(>-&+,86&864&+(A4@?)4&()*&)44*A&V?;4;&N6(8&4554>8&

864&>9?A?A&6(A&,)&864&7,7=@(8?,)L&?)59(A89=>8=94&()*&A49K?>4AW;&&

&

!A?)3&()&?)*?>(8,9U+(A4*&(779,(>6&64@7A&?)&A?R7@?5F?)3&864&=)*49A8()*?)3&,5&864&A?8=(8?,)&

()*&R,)?8,9?)3&>6()34&,K49&8?R4L&894)*A;&T,9&4a(R7@4L&>,R7(9?)3&864&79?>4&,5&A8(7@4&5,,*A&

N?86&*(?@F&@(+,=9&9(84A&R?368&3?K4&(&3,,*&?*4(&,5&7,K498F&894)*A&?)&()&=9+()&(94(;&

&

G64&Y@,+(@&<)*?>(8,9&H43?A89F&79,K?*4A&(&+()-&,5&?)*?>(8,9A&(3944*&+F&864&3@,+(@&>@=A849&

@4(*AL&N6?>6&?A&(K(?@(+@4&(8&6887^__?9;6=R()?8(9?()94A7,)A4;?)5,;&&

&

!"#"$%!"#$!!!"#!!

!

• >"!/5*+&$!"#$"!34$!++*/B$:'#$)3/"$+C5/#5!($0)1)05#5+/^&$AA4AAR4)8A&A6,=@*&),8&

,)@F&5,>=A&,)&6=R()?8(9?()&)44*AL&+=8&(@A,&,)&864&>,7?)3&R4>6()?ARA&()*&

)(8?,)(@&()*&@,>(@&>(7(>?8?4A&86(8&4a?A8;&G64&3(7&+48N44)&864A4&A6,=@*&+4&864&

5,>=A&,5&864&6=R()?8(9?()&>,RR=)?8FL&()*&864&+(A?A&5,9&?*4)8?5F?)3&6=R()?8(9?()&

79?,9?8?4A;&

• D)#)$/%"'3*$:+$0"!/5*+&+*$:4$/+CB$)(+$)!*$*5;+&/5#4^&QFA84R(8?>&*?(@,3=4&N?86&

R4)L&N,R4)L&+,FA&()*&3?9@A&(A&N4@@&(A&N?86&K=@)49(+@4&39,=7A&A6,=@*&+4&

=)*498(-4)&8,&(AA4AA&864?9&*?55494)8&)44*A;&T,9R?)3&34)*49U+(@()>4*&V()*&N6494&

94@4K()8L&486)?>(@@F&*?K49A4W&(AA4AAR4)8&84(RA&86(8&>()&>(78=94&4K49F&39,=7`A&

749A74>8?K4A&()*&(>>4AA&(@@&K=@)49(+@4&39,=7A&?A&?R7,98()8;&2,7=@(8?,)&5?3=94A&

A6,=@*&+4&*?A(33943(84*&+F&A4aL&(34&()*&34,39(76?>&(94(AL&N64)&(77@?>(+@4L&?)&

,9*49&8,&79,K?*4L&(8&R?)?R=RL&()&,K49(@@&79,5?@4&,5&864&A?8=(8?,)&,5&864&54R(@4&

()*&R(@4&7,7=@(8?,)A&5,9&*?55494)8&(34&39,=7A;&

• D5/#5!('5/%$:+#<++!$0&5/5/2&+3)#+*$581)0#$)!*$0%&"!50$!++*/$#%)#$)&+$

+C)0+&:)#+*^&294U>9?A?A&?)5,9R(8?,)&79,K?*4A&K49F&=A45=@&?)A?368A&,)&6,N&864&

*?A(A849L&(A&N4@@&(A&=)*49@F?)3&4>,),R?>L&A,>?(@L&7,@?8?>(@&()*&4)K?9,)R4)8(@&

5(>8,9AL&R(F&6(K4&(554>84*&864&@?K4@?6,,*AL&AFA84RA&()*&?)59(A89=>8=94A;&<8&N?@@&

(@@,N&(AA4AA,9A&()*&()(@FA8A&8,&*?55494)8?(84&+48N44)&N6(8&?A&),9R(@&5,9&864&

@,>(8?,)&()*&N6(8&?A&,>>=99?)3&+4>(=A4&,5&864&*?A(A849&A,&86(8&94@?45&>()&+4&

79,K?*4*&(8&864&9?368&@4K4@;&&!

• E+*'0+$:5)/$#%&"'(%$#%+$#&5)!('3)#5"!$"7$75!*5!(/^&]?(A&?A&(&7(98&,5&*,?)3&

(AA4AAR4)8A;&<8&R(F&+4&?)6494)8&8,&864&(AA4AA,9L&N6,&N?@@&=)*49A8()*&(&A?8=(8?,)&

Page 135: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&D&,5&10& %6(7849&:&

,9&(A-&(&X=4A8?,)&+(A4*&,)&6?A_649&79,54AA?,)(@L&>=@8=9(@&()*&749A,)(@&

+(>-39,=)*;&<8&R(F&+4&?)89,*=>4*&+F&?)849@,>=8,9A&N6,&R(F&(@849&6?A_649&

94A7,)A4&8,&94>4?K4&R,94&(AA?A8()>4&,9&+(A4*&,)&,8649&794AA=94A;&]?(A&R(F&+4&

>(=A4*&+F&864&A4@4>8?,)&,5&34,39(76?>&(94(A;&]?(A&>()),8&+4&4@?R?)(84*L&+=8&?8A&

4554>8A&>()&+4&R?)?R?Z4*&869,=36&>()*?*&*?A>=AA?,)&+48N44)&(AA4AAR4)8&84(R&

R4R+49AL&(A&N4@@&(A&+F&89?()3=@(8?)3&5?)*?)3A&(>9,AA&*?55494)8&A,=9>4A;&&

• F+$85!*7'3$"7$)//'81#5"!/$:+5!($8)*+^&<)&()&?)?8?(@&9(7?*&(AA4AAR4)8L&79?,9&

-),N@4*34&()*&4a749?4)>4L&R(F&@4(*&8,&R(-?)3&(AA=R78?,)A&(+,=8&N6(8&N?@@&+4&

5,=)*;&[6?@4&86?A&R(F&A744*&864&N,9-L&?8&?A&?R7,98()8&8,&+4&>@4(9&()*&(N(94&

(+,=8&864&bX=(@?5?4*&3=4AA4Ac&86(8&(94&R(*4L&()*&8,&@48&864R&3,&N64)&864F&79,K4&

?)(>>=9(84;&

• F+$)<)&+$"7$0"88'!5#4$1+&0+1#5"!/^&G64&(AA4AAR4)8&84(R&R=A8&+4&A4)A?8?K4&8,&

864&749>478?,)&,5&>,RR=)?8?4A&()*&864&X=?48&794AA=94&8,&?*4)8?5F&)44*A&86(8&

89?3349&94@?45&,749(8?,)A;&G64&84(R&)44*A&8,&A89=>8=94&?8A&X=4A8?,)A&A,&(A&8,&),8&

>94(84&4a74>8(8?,)A&,5&*4@?K49?)3&(AA?A8()>4&()*&A6,=@*&+4&>@4(9&N?86&?8A&

?)849@,>=8,9A&94@(8?K4&8,&?8A&9,@4;&G64&84(R&R(F&(@A,&4)>,=)849&864&59=A89(8?,)&,5&

>,RR=)?8?4A&N6?>6&6(K4&+44)&794K?,=A@F&(AA4AA4*&N?86,=8&K?A?+@4&94A=@8A;&!)*49&

A=>6&>?9>=RA8()>4AL&()&(AA4AAR4)8&?A&=)@?-4@F&8,&79,*=>4&=A45=@&?)5,9R(8?,);&

• G!/'&+$#%)#$:)/50$5!7"&8)#5"!$8)!)(+8+!#$/#)!*)&*/$)&+$8)5!#)5!+*^&G64&

(AA4AAR4)8&84(R&A6,=@*&R(-4&A=94&86(8&?)5,9R(8?,)&>,@@4>84*&?A&34,39(76?>(@@F&

()*&8?R4@F&945494)>4*;&<8&A6,=@*&(@A,&4)A=94&86(8&79,>4AA4A&5,9&864&>,@@(8?,)&()*&

79,>4AA?)3&,5&864&*(8(&(94&?)&7@(>4L&A,&86(8&864&94A=@8A&,5&864&(AA4AAR4)8&>()&+4&

79,K?*4*&5,9&()(@FA?A&?)&(&8?R4@F&R())49;&G64&H43?A89F&,5&%,RR,)&I749(8?,)(@&

#(8(A48A&V>(@@4*&%I#AL&864A4&(94&>9?8?>(@&*(8(A48A&86(8&(94&=A4*&8,&A=77,98&864&

N,9-&,5&6=R()?8(9?()&(>8,9A&(>9,AA&R=@8?7@4&A4>8,9AW&()*&T=)*(R4)8(@&

I749(8?,)(@&#(8(A48A&V>(@@4*&TI#AL&864A4&(94&*(8(A48A&86(8&(94&R,94&A74>?5?>&8,&(&

7(98?>=@(9&A4>8,9W&(94&(K(?@(+@4&(8&6887^__>,*;6=R()?8(9?()94A7,)A4;?)5,;&

• D"$!"#$7"&(+#$):"'#$/+0"!*)&4$581)0#/$"&$&5/H/^&B(-4&A=94&8,&?*4)8?5F&()*&(AA4AA&

864&7,84)8?(@&A4>,)*(9F&6(Z(9*A&7,A4*&+F&?)*=A89?(@&5(>?@?8?4AL&8(?@?)3&*(RA&()*&

?)59(A89=>8=94&8,&6=R()A&()*_,9&864&4)K?9,)R4)8&=A?)3&(779,79?(84&8,,@AL&A=>6&

(A&864&T@(A6&:)K?9,)R4)8(@&$AA4AAR4)8&G,,@&VT:$GW;&<)&864&!"#$%&>,)84a8L&86?A&

(AA4AAR4)8&8,,@&?A&=A4*&?)&864&794A4)>4&()*&A=77,98&,5&()&4)K?9,)R4)8(@&4a7498L&

?5&A=>6&()&4a7498&?A&*47@,F4*&N?86&864&84(R;&&&

• G#%50/^&$AA4AAR4)8&486?>A&94X=?94&>(945=@&R()(34R4)8&,5&864&>,)5?*4)8?(@?8F&()*&

>,)A4)8&8,&=A4&?)5,9R(8?,);&

!

"#/!(0+!&12.34521*.+67%+8.96!:-3.3;2!<;=3>!$**+**,+-.!

!

!"#"$%&'(%!"#$%&'()*+,!

&

<)&./00L&864&<)849U$34)>F&Q8()*?)3&%,RR?8844&V<$Q%W&(3944*&86(8&?)&864&5?9A8&8N,&N44-A&

Page 136: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&M&,5&10& %6(7849&:

5,@@,N?)3&(&A=**4)&,)A48&>9?A?AL&(!J,?)8&B=@8?UQ4>8,9_%@=A849&<)?8?(@&H(7?*&$AA4AAR4)8&VB<H$W&

A6,=@*&+4&=)*498(-4);&G64&B<H$&?A&>,)*=>84*&=)*49&864&@4(*49A6?7&,5&864&!)?84*&"(8?,)A&

H4A?*4)8&%,,9*?)(8,9_'=R()?8(9?()&%,,9*?)(8,9&VH%_'%W&()*L&N6494K49&7,AA?+@4L&?A&@4*&+F&

864&Y,K49)R4)8;&#4A?3)4*&8,&?*4)8?5F&6=R()?8(9?()&79?,9?8F&)44*A&*=9?)3&864&5?9A8&*(FA&()*&

N44-A&5,@@,N?)3&()&4R4934)>FL&864&B<H$&?A&864&5?9A8&A847&?)&864&'%G`A&94A7,)A4&8,&864&

A?8=(8?,);&](A4*&,)&?8A&5?)*?)3AL&6=R()?8(9?()&(>8,9A&>()&*4K4@,7&(&J,?)8&A89(843?>&7@()L&

R,+?@?Z4&94A,=9>4A&()*&R,)?8,9&864&A?8=(8?,)&()*&864&94A7,)A4;&G64&B<H$&N?@@&),8L&6,N4K49L&

79,K?*4&*48(?@4*&?)5,9R(8?,)&5,9&864&*4A?3)&,5&@,>(@?Z4*&94A7,)A4&79,J4>8A;&

G64&R(?)&+4)45?8&,5&864&B<H$&?A&864&4@(+,9(8?,)L&59,R&864&,)A48&,5&864&>9?A?AL&,5&(&>,)>4984*&

,749(8?,)(@&7?>8=94&+(A4*&,)&864&+4A8&?)5,9R(8?,)&(K(?@(+@4&59,R&79?R(9F&()*&A4>,)*(9F&

A,=9>4A&VA44&+4@,NW;&G6?A&?A&4a794AA4*&869,=36&8N,&-4F&79,*=>8A^&(&65#')#5"!)3$=!)34/5/$V864&

Q$WL&?*4(@@F&?AA=4*&COUd.&6,=9A&(5849&864&*?A(A849`A&,)A48L&()*&=7*(84*&(A&94X=?94*&()*&

7,AA?+@4&?)&864&5,@@,N?)3&*(FAL&()*&(&.-E=$E+1"&#&V),9R(@@F&94@4(A4*&(5849&8N,&N44-AW;&

B<H$&(>8?K?8?4A&(94&34)49(@@F&>(99?4*&,=8&N?86?)&864&>,)84a8&,5&864&5,@@,N?)3&R,*4@^&&

!

!

N3I16+!"#)O!&:<$!E0;*+*!;->!E69>18.*/$

G64&B<H$&A6,=@*&+4&>(99?4*&,=8&+F&(&84(R&,5&4R4934)>F&A74>?(@?A8AL&?)>@=*?)3&(AA4AAR4)8&

()*&A4>8,9(@&A74>?(@?A8AL&4)A=9?)3&86(8&@,>(@&-),N@4*34&?A&?)>@=*4*&?)&864&5?)*?)3A;&$**?8?,)(@&

64(*X=(9849A&()*&943?,)(@&A=77,98&R(F&+4&94X=?94*L&*474)*?)3&,)&864&A>(@4&,5&864&

4R4934)>F;&&

G64&B<H$&3=?*()>4&?A&(K(?@(+@4&(8&6887^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,_3=?*()>4;&&

!"#"#$!"#$%!!"#$%&'#()*!!"#$#%"&'%!!"#$%&'!

G64&B<H$&A49K4A&8,&?*4)8?5F&864&79?,9?8F&)44*A&,5&(554>84*&7,7=@(8?,)AL&794A4)8&(&>,RR,)&

()(@FA?A&,5&864&A?8=(8?,)L&?*4)8?5F&79?,9?8F&)44*A&()*&64@7&*45?)4&864&A?8=(8?,)`A&7,84)8?(@&

4K,@=8?,)&V+F&+=?@*?)3&A>4)(9?,AW;&

G64&B<H$&N?@@&+4&5,@@,N4*&+F&?)U*4786&A4>8,9(@&,9&(34)>F&(AA4AAR4)8AL&N6?>6&A6,=@*&+4&

.&<8&?A&?R7,98()8&8,&),84&864A4&76(A4A&(94&>,)>478=(@&?)&)(8=94L&()*&86494&?A&94>,3)?8?,)&86(8&),&A=**4)U,)A48&*?A(A849&

,749(84A&(@,)3&()&4a(>8&8?R4@?)4;&

!"#$%&'& !"#$%&(& !"#$%&)&

!"#$%&'($ $)$*++, $ $!$*++,($ $#$*++,($ $-$*++,($ $.$*++,($

/0$

/0$12%&3+4(5$

6780$

8+29:3$

;<=&>?3&:?&>$@&(AB9&:%$

7>"%+23A$(+C39:&D$&((+((=+>3($

6<D?E"CD<(3+:$&((+((=+>3($

!"#$%&*&

Page 137: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&d&,5&10& %6(7849&:&

>(99?4*&,=8&?)&(&>,,9*?)(84*&R())49;&"(8?,)(@&A4>8,9A_>@=A849A&N?@@&),9R(@@F&=)*498(-4&

864A4&A74>?5?>&*48(?@4*&(AA4AAR4)8A&()*&864?9&A>,74L&34,39(76?>&5,>=A&()*&*4A?3)&N?@@&+4&

?)5,9R4*&+F&864&B<H$;&

&

$A&A6,N)&?)&T?3=94&:;0L&864&B<H$&?A&(&8N,U76(A4*&79,>4AA^&

&

(0+!M36*.!=0;*+!!

%,)*=>84*&N?86?)&COUd.&6,=9AL&86?A&76(A4&N?@@&?)>@=*4&(&AFA84R(8?>&()(@FA?A&,5&794U()*&7,A8U

>9?A?A&A4>,)*(9F&*(8(&8,&*4849R?)4&864&4a84)8&,5&864&*?A(A849&()*&864&)=R+49&,5&74,7@4&

(554>84*;&#474)*?)3&,)&864&A?Z4&,5&864&4R4934)>FL&79?R(9F&*(8(&>,@@4>8?,)_5?4@*&K?A?8A&R(F&

+4&>,)*=>84*&?)&86?A&76(A4&VA44&:;C;C&e&%,RR=)?8F&S4K4@&$AA4AAR4)8W;&$&Q?8=(8?,)(@&$)(@FA?A&

VQ$W&79,K?*4A&()&?)?8?(@&,K49K?4N&,5&864&A?8=(8?,)L&79?,9?8F&6=R()?8(9?()&)44*A&()*&

?)5,9R(8?,)&3(7A;&<8&?)5,9RA&864&Q89(843?>&Q8(84R4)8&()*&864&?)?8?(@&*4>?A?,)UR(-?)3&(+,=8&

A>(@4&()*&94A,=9>4&(@@,>(8?,);&G64&Q$&A6,=@*&+4&=7*(84*&943=@(9@FL&=)8?@&864&)4a8&76(A4&,5&

864&(AA4AAR4)8&?A&>,R7@484;&

&

(0+!*+89->!=0;*+!!

G6?A&76(A4&?)>@=*4A&(&AFA84R(8?>&>,@@4>8?,)&,5&79?R(9F&?)5,9R(8?,)&869,=36&4)3(34R4)8&

N?86&(554>84*&>,RR=)?8?4A&()*&?)5,9RA&(&J,?)8&()(@FA?A&=A?)3&()&()(@F8?>(@&59(R4N,9-&()*&

79?,9?8?Z(8?,)&R,*4@;&G64&B<H$&H47,98&A6,=@*&+4&>,R7@484*&N?86?)&0/e0C&*(FA&,5&()&

4R4934)>F;&<8&?A&=A4*&+F&864&'%&()*&'%G&8,&*4K4@,7&(&Q89(843?>&H4A7,)A4&2@();&Q4>8,9A&()*&

>@=A849A&=A4&?8&8,&7@()&R,94&*48(?@4*&A4>8,9(@&(AA4AAR4)8A;&!

!

"#@!(0+!A'B$5!(+;,!;->!.0+!&:<$!

!

!"#$%&84(RA&6(K4&(&-4F&9,@4&94@(84*&8,&864&B<H$;!#474)*?)3&,)&864&A?8=(8?,)&()*&864&

>(7(>?8F&,5&864&Y,K49)R4)8&()*&864&'%GL&864&!"#$%&84(R&N?@@&+4&94A7,)A?+@4&5,9&@4(*?)3L&

*4K4@,7?)3L&>,,9*?)(8?)3&,9&A=77,98?)3&864&4@(+,9(8?,)&,5&864&B<H$1L&?)>@=*?)3&=A?)3&()*&

A488?)3&=7&79,749&>,,9*?)(8?,)&R4>6()?ARA&8,&4)A=94&864&7(98?>?7(8?,)&,5&*?55494)8&

6=R()?8(9?()&(>8,9A&()*&<B&A8(-46,@*49A&V4;3;L&]=94(=A&,5&S()*AL&Q8(8?A8?>A&()*_,9&

B484,9,@,3FW^&

!

• !"#$%&84(RA&A6,=@*&4)A=94&>@,A4&>,,9*?)(8?,)&N?86&864&)(8?,)(@&A49K?>4A&()*&@,>(@&

(=86,9?8?4A;&G64&84(R&A=77,98A&4a?A8?)3&>(7(>?8?4A&,5&864&'%GL&=)*49&864&@4(*49A6?7&,5&

864&H%_'%;&:a?A8?)3&4X=?7R4)8L&6=R()&94A,=9>4A&()*&,93()?Z(8?,)(@&A89=>8=94A&A6,=@*&

+4&=A4*&8,&=)*498(-4&()*_,9&A=77,98&(AA4AAR4)8AL&?)>@=*?)3&79?R(9F&()*&A4>,)*(9F&

*(8(&>,@@4>8?,)&()*&()(@FA?A;&&

• !"#$%&84(RA&A6,=@*&5(>?@?8(84&864&>,,9*?)(8?,)&,5&(AA4AAR4)8A&=)*498(-4)&+F&

6=R()?8(9?()&(>8,9AL&()*&N6494&)4>4AA(9FL&*?94>8&,9&A,@?>?8&A=77,98&>(7(>?8F&59,R&

7(98)49A&,)&864&39,=)*&,9&I%'$&64(*X=(9849A;&G6?A&4)A=94A&86(8&864&A(R4&

1&!)*49&864&@4(*49A6?7&,5&864&H%_'%&()*&?)&(3944R4)8&N?86&864&Y,K49)R4)8;&

Page 138: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&O&,5&10& %6(7849&:

?)5,9R(8?,)&?A&),8&>,@@4>84*&R=@8?7@4&8?R4A&()*&86(8&(AA4AAR4)8&84(RA&*,&),8&,K49@(7&

,9&@4(K4&?)5,9R(8?,)&3(7AL&86(8&*(8(&>,@@4>84*&?A&A8()*(9*?Z4*&()*&86(8&A4>8,9A&()*_,9&

34,39(76?>&(94(A&(94&),8&=)*49&,9&,K49U(AA4AA4*;&&

](A4*&,)&864&(+,K4L&!"#$%&84(RA&VN?86&I%'$W&N?@@&*4K4@,7&()&(*4X=(84&()*&455?>?4)8&

A89=>8=94&()*&5@,N&,5&?)5,9R(8?,)&R()(34R4)8&?)&,9*49&8,&*?AA4R?)(84&864&B<H$&94A=@8A&8,&

)(8?,)(@&(=86,9?8?4A&()*&8,&,8649&*?A(A849&94A7,)*49A&(A&A,,)&(A&7,AA?+@4L&?)&(&5,9R(8&()*&

@()3=(34&86(8&?A&=A45=@&5,9&*4>?A?,)UR(-?)3&VA44&>6(7849&T&5,9&*48(?@A&,)&<BW;&

!

"#D!(0+!&:<$!E698+**!

!"#"$%&'()'*(+!

G64&B<H$&79,>4AA&?A&864&N(F&?)&N6?>6&864&(AA4AAR4)8&?A&>,)*=>84*;&<8&A48A&,=8&864&K(9?,=A&

A847A&,9&R486,*A&86(8&A6,=@*&+4&(77@?4*&?)&,9*49&8,&64@7&864&X=(@?8F&,5&864&N,9-&()*&864&

,=8>,R4;&G64&B<H$&79,>4AA&(?RA&8,&+4&A=55?>?4)8@F&4a7@?>?8&A,&(A&),8&8,&+4&R?A?)84979484*L&

+=8&5@4a?+@4&4),=36&8,&+4&(*(784*&8,&864&A74>?5?>&>,)84a8A&,5&4(>6&>9?A?A&()*&8,&R?)?R?Z4&

*4@(FA&?)&864&(AA4AAR4)8&A>64*=@4;&&

G64&B<H$&79,>4AA&?)>@=*4A&5?K4&+9,(*&A8(34AL&N6?>6&>,K49&(@@&864&A847A&59,R&864&R,R4)8&864&

(AA4AAR4)8&?)?8?(84A&8,&864&*?AA4R?)(8?,)&,5&?8A&94A=@8AL&(A&5,@@,NA^&

0; <)?8?(8?)3&864&B<H$&VA4>8?,)&:;C;.W;&

.; !)*498(-?)3&864&A4>,)*(9F&*(8(&()(@FA?A&VA4>8?,)&:;C;1W;&

1; !)*498(-?)3&864&>,RR=)?8F&@4K4@&(AA4AAR4)8&VA4>8?,)&:;C;CW;&

C; %,)*=>8?)3&864&5?)(@&?)849UA4>8,9(@&()(@FA?A&()*&*4849R?)?)3&79?,9?8F&)44*A&VA4>8?,)&

:;C;DW;&

D; 2947(9?)3&()*&*?AA4R?)(8?)3&864&B<H$&,=87=8A&VA4>8?,)&:;C;MW;&

T,9&4(>6&A847L&>@4(9&94A7,)A?+?@?8?4A&R=A8&+4&(3944*&=7,)&()*&*?A89?+=84*&(R,)3&864&

A8(-46,@*49A;!

<)&R,A8&>(A4A&?)&N6?>6&()&!"#$%&84(R&?A&*47@,F4*L&864&84(R&N?@@&+4&94X=?94*&8,&

@4(*L&>,,9*?)(84L&>,)89?+=84&()*_,9&A=77,98&864&B<H$&79,>4AA&?)&>,=)89F;&!"#$%&

84(RA&N?@@&*,&A,&=)*49&864&3=?*()>4&,5&864&94A74>8?K4&I%'$&943?,)(@&,9&>,=)89F&

,55?>4L&(A&N4@@&(A&N?86&A=77,98&59,R&64(*X=(9849A&>6())4@4*&869,=36&T%QQ;&G64&

!"#$%&G4(R&S4(*49&N?@@&7@(F&(&>9?8?>(@&9,@4&?)&4A8(+@?A6?)3&864A4&@?)-AL&4?8649&?)&

?)?8?(8?)3&864&Q$&,9&?)&864&*4K4@,7R4)8&,5&864&B<H$&79,>4AA;&

Page 139: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&P&,5&10& %6(7849&:&

!"#"$!!"#$#%$#"&'$()'*!+,!

&

B+M3-+!*89=+P!*8;2+!;->!9QR+8.3S+*!

G64&,+J4>8?K4AL&A>(@4&()*&A>,74&,5&864&B<H$&R=A8&+4&?*4)8?5?4*&(8&864&+43?))?)3&,5&864&

79,>4AA&8,&4)A=94&86(8&(@@&(>8,9A&(3944&,)&()*&=)*49A8()*&864&N,9-&8,&+4&=)*498(-4);&&

&

Q74>?5?>&?AA=4A&5,9&>,)A?*49(8?,)&(94^&

&

• G64&34,39(76?>(@&A>,74&,9&>,K49(34&,5&864&(AA4AAR4)8^&[6?>6&(94(A&N?@@&+4&

(AA4AA4*f&

• G64&@4K4@&,5&(AA4AAR4)8^&<A&?)5,9R(8?,)&94X=?94*&(8&*?A89?>8L&79,K?)>?(@&,9&)(8?,)(@&

@4K4@f&G64&A4@4>8?,)&,5&(*R?)?A89(8?K4&@4K4@&*474)*A&=7,)&864&,+J4>8?K4A&()*&8F74&,5&

?)5,9R(8?,)&)44*4*;&

• G64&@?)-(34A&8,&*4>?A?,)UR(-?)3&()*&5=)*?)3&R4>6()?ARA^&<A&864&(AA4AAR4)8&

4a74>84*&8,&?)5,9R&,)3,?)3&*4>?A?,)UR(-?)3&()*&5=)*?)3&R4>6()?ARAf&[6?>6&,)4A&

()*&6,Nf&[6(8&(94&864&*4(*@?)4Af&

&

G64&,+J4>8?K4A&(94&),8&5?a4*&()*&R(F&+4&94K?A4*&(>>,9*?)3&8,&>6()34A&?)&864&A?8=(8?,)&,9&?5&

594A6&4K?*4)>4&+9?)3A&(&)4NL&R,94&(>>=9(84&=)*49A8()*?)3&,5&?)5,9R(8?,)&)44*A&()*&3(7A;&&

&

$>;=.!;->!;I6++!1=9-!.0+!&:<$!N6;,+T96U!

G64&B<H$&T9(R4N,9-&=)*497?)A&4(>6&A847&,5&A4>,)*(9F&*(8(&>,@@(8?,)&()*&79?R(9F&*(8(&

>,@@4>8?,)&()*&A49K4A&(A&(&8,,@&8,&A=77,98&*(8(&()(@FA?A;&G64&59(R4N,9-&?A&+(A4*&,)&4?368&

864R4A^&

&

0; #9?K49A&,5&864&>9?A?A&()*&=)*49@F?)3&5(>8,9A;&

.; Q>,74&,5&864&>9?A?A&()*&6=R()?8(9?()&79,5?@4;&

1; Q8(8=A&,5&7,7=@(8?,)A&@?K?)3&?)&(554>84*&(94(A;&

C; "(8?,)(@&>(7(>?8?4A&()*&94A7,)A4;&

D; <)849)(8?,)(@&>(7(>?8?4A&()*&94A7,)A4;&

M; '=R()?8(9?()&(>>4AA;&

d; %,K49(34&()*&3(7A;&

O; 29?,9?8F&)44*A;&

&

:(>6&864R4&?A&5=98649&*?K?*4*&?)&-4F&X=4A8?,)A;&G64&()AN49A&8,&864A4&X=4A8?,)A&4R4934&

869,=36&864&()(@FA?A&,5&A4>,)*(9F&()*&79?R(9F&*(8(;&G64&79,>4AA&,5&*(8(&()(@FA?A&?A&

A=77,984*&+F&864&5=98649&*4@?)4(8?,)&,5&864&864R4A&?)&5,=9&*?R4)A?,)A^&A8(8=A&()*&?R7(>8L&

K=@)49(+?@?8?4A&()*&9?A-AL&894)*AL&()*&?)5,9R(8?,)&3(7A;&

&

G64&5=@@&B<H$&T9(R4N,9-&*,>=R4)8&?A&>,)8(?)4*&?)&A4>8?,)&g;P&()*&>()&+4&*,N)@,(*4*&(A&(&

[,9*&5?@4&(8&6887A^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,;&Q4>8?,)&g;0/&>,)8(?)A&5=98649&

Page 140: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&10& %6(7849&:&

?)5,9R(8?,)&,)&A4>8,9(@&?)*?>(8,9A&5,9&=A4&*=9?)3&864&4(9@F&76(A4A&,5&()&4R4934)>F;&&

&

G64&Q?8=(8?,)(@&$)(@FA?A&()*&864&B<H$&H47,98&=A4&864&A(R4&4?368&864R4AL&-),N)&(A&864&

B<H$&()(@F8?>(@&59(R4N,9-L&8,&4)A=94&86(8&4K?*4)>4&>@4(9@F&A=77,98A&864&>,)>@=A?,)A&

94(>64*&*=9?)3&864&5?)(@&?)849UA4>8,9(@&()(@FA?AL&()*&8,&5(>?@?8(84&864&4(AF&89()A549(@&,5&864&

(AA4AAR4)8`A&5?)*?)3A;&

&

(3=*!M96!1*3-I!.0+!&:<$!N6;,+T96U!

!

• !)*49&864&@4(*49A6?7&,5&864&H%_'%&()*&?)&>,@@(+,9(8?,)&N?86&R4R+49A&,5&864&'%G&

()*&?*4(@@F&N?86&864&Y,K49)R4)8L&!"#$%&84(RA&A6,=@*&(*(78&864&B<H$&T9(R4N,9-&

8,&864&@,>(@&>,)84a8;&G64&864R4A&N?@@&@?-4@F&94R(?)&864&A(R4L&+=8&A,R4&,5&864&

X=4A8?,)A&R(F&)44*&8,&+4&94A6(74*;&

• I93()?Z4&864&?)5,9R(8?,)&>,@@4>84*&(>>,9*?)3&8,&864&>(843,9?4A&,5&864&B<H$;&Q4(9>6&

5,9&?)5,9R(8?,)&8,&()AN49&864&X=4A8?,)A&,5&864&B<H$&T9(R4N,9-&=)*49&864&>,@=R)A&

bA?8=(8?,)_?R7(>8c&()*&bK=@)49(+?@?8?4A_9?A-Ac;&&

• %,)A?*49&N6(8&5=8=94&894)*A&N?@@&+4;&](A4*&,)&?)5,9R(8?,)&>,@@4>84*&,)&864&A?8=(8?,)&

()*&K=@)49(+?@?8?4A_9?A-AL&>,)A?*49&N6(8&864&5=8=94&b894)*Ac&R?368&+4&?)&4(>6&864R4L&

>,R7@48?)3&864&b894)*c&>,@=R);&

• T@(3&?)5,9R(8?,)&3(7A;&[6494&86494&?A&?)A=55?>?4)8&?)5,9R(8?,)L&6?36@?368&()&

?)5,9R(8?,)&3(7L&?)&864&@(A8&b?)5,9R(8?,)&3(7c&>,@=R);&G6?A&N?@@&64@7&*?94>8&5=98649&

94A4(9>6;&

!

!"#"$%!"#$%&'()"*+&,$+!!"#$%&'()!!"!#!!"#$%&%!

&

Q4>,)*(9F&*(8(&7@(FA&(&>9=>?(@&9,@4&?)&864&4(9@F&A8(34A&,5&()&4R4934)>FL&N64)&>,@@4>8?)3&

79?R(9F&*(8(&?A&@?R?84*&+F&6=R()&94A,=9>4AL&8?R4&()*&(>>4AA&>,)A89(?)8A;&&

&

G6494&(94&8N,&8F74A&,5&A4>,)*(9F&?)5,9R(8?,)^&

!

• I&+20&5/5/$/+0"!*)&4$5!7"&8)#5"!!?A&7(98?>=@(9@F&?R7,98()8&(A&?8&64@7A&94>,3)?Z4&794U

4a?A8?)3&K=@)49(+?@?8?4A&()*&9?A-A&86(8&R(F&+4&4a(>49+(84*&*=4&8,&864&*?A(A849;&

S4AA,)A&@4(9)4*&59,R&A?R?@(9&7(A8&4K4)8A&h&?)&849RA&,5&79?,9?8F&)44*A&()*&

?)849K4)8?,)A&h&(94&(@A,&K(@=(+@4;&294U>9?A?A&?)5,9R(8?,)&>()&(@A,&A49K4&(A&864&+(A4@?)4&

5,9&(AA4AA?)3&864&?R7(>8&,5&864&*?A(A849;&

&

• -!20&5/5/$/+0"!*)&4$5!7"&8)#5"!!?)>@=*4A&(@@&864&?)5,9R(8?,)&*?94>8@F&94@(84*&8,&864&

*?A(A849&()*&),8&>,@@4>84*&869,=36&864&>,RR=)?8F&@4K4@&(AA4AAR4)8;&<8&3?K4A&()&

(>>=9(84&(7794>?(8?,)&,5&864&>=994)8&>9?A?A&()*L&N64)&>,R7(94*&N?86&794U>9?A?A&

?)5,9R(8?,)L&64@7A&(AA4AA&864&?R7(>8&,5&864&*?A(A849;&

&

Page 141: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&10& %6(7849&:

Q4>,)*(9F&*(8(&()(@FA?A&VQ#$W&=A4A&794U&()*&?)U>9?A?A&A4>,)*(9F&?)5,9R(8?,)&8,&5,9R&(&>@4(9&

()*&=7U8,U*(84&7?>8=94&,5&864&A?8=(8?,)&()*&79,R,84&(&>,RR,)&=)*49A8()*?)3;&&

G64&A4>,)*(9F&*(8(&()(@FA?A&79,7,A4*&+F&864&B<H$&R486,*,@,3F&+=?@*A&,)&864&+,*F&,5&

4K?*4)>4&*4K4@,74*&,K49&864&@(A8&*4>(*4A&8,&5,9R=@(84&79?,9?8F&)44*A;&

5922+8.3-I!*+89->;6J!>;.;!!

Q4>,)*(9F&*(8(&>,@@(8?,)&?A&*9?K4)&+F&864&,+J4>8?K4AL&A>,74&()*&59(R4N,9-&,5&864&

(AA4AAR4)8;&I)>4&+43=)L&A4>,)*(9F&*(8(&>,@@(8?,)&()*&()(@FA?A&A6,=@*&+4&>(99?4*&,=8&,)&(&

9,@@?)3&+(A?A&(A&)4N&?)5,9R(8?,)&+4>,R4A&(K(?@(+@4;&

G64&79,>4AA&,5&>,@@4>8?)3&A4>,)*(9F&?)5,9R(8?,)&A6,=@*&?)K,@K4^&

0; #45?)?)3&864&?)5,9R(8?,)&)44*4*;&

.; <*4)8?5F?)3&*(8(&A,=9>4A;&

1; %,@@4>8?)3&864&?)5,9R(8?,)L&?)>@=*?)3&(AA4AA?)3&?8A&=A45=@)4AA&V94@4K()>4&()*&

8?R4@?)4AAW&94@(8?K4&8,&?)5,9R(8?,)&)44*AL&()*&(AA4AA?)3&?8A&94@?(+?@?8F&()*&>94*?+?@?8F&

VA,=9>4`A&>94*4)8?(@AL&*(8(&>,@@4>8?,)&R486,*W;&&

C; G(33?)3&864&?)5,9R(8?,)&(>>,9*?)3&8,&864&B<H$&T9(R4N,9-&V?*4)8?5F&864&864R4&?8&

94@(84A&8,W&()*&8,&864&*(8(`A&,N)&>6(9(>849?A8?>A&V*(84L&@,>(8?,)L&A4>8,9L&K=@)49(+@4&

7,7=@(8?,)W;&

D; %,@@(8?)3&864&?)5,9R(8?,)&()*&5@(33?)3&()F&?)>,)A?A84)8&?)5,9R(8?,)&5,9&5,@@,NU=7&

?)5,9R(8?,)&3(8649?)3;&#(8(&A6,=@*&+4&=7*(84*&943=@(9@F;&

A'B$5V*!<92+!

!

<)&R,A8&>(A4AL&864&!"#$%&84(R&N?@@&94>4?K4&()&?)?8?(@&Q$&+(A4*&,)&A4>,)*(9F&*(8(&

()(@FA?A&>,R7@484*&+F&I%'$;&<8&N?@@&864)&+4&=7&8,&864&!"#$%&84(R&8,&=7*(84&864&

?)?8?(@&Q$ +(A4*&,)&)4N&?)5,9R(8?,)L&?)>@=*?)3&?)5,9R(8?,)&59,R&A74>?5?>&9(7?*&5?4@*&

K?A?8A&=)*498(-4)&?)&864&5?9A8&*(FA&,5&864&94A7,)A4;&&

&

G64&84(R&N?@@&(@A,&6(K4&(8&6()*&864&'(Z(9*&<*4)8?5?>(8?,)&G,,@&V'<GWL&N6?>6&?A&(&

*,>=R4)8&?*4)8?5F?)3&7,84)8?(@&4)K?9,)R4)8(@&6(Z(9*A&+(A4*&,)&?)5,9R(8?,)&

3(86494*&94R,84@F&+F&I%'$`A&:)K?9,)R4)8(@&:R4934)>?4A&Q4>8?,);&&

Page 142: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&10& %6(7849&:&

G64&5,@@,N?)3&8(+@4&@?A8A&4a(R7@4A&,5&A4>,)*(9F&*(8(&A,=9>4A^&&

&

E6+4863*3*!3-M96,;.39-! :-4863*3*!3-M96,;.39-&

"(8?,)(@&?)A8?8=8?,)A&VR?)?A89?4AL&94A4(9>6&

?)A8?8=84AL&=)?K49A?8?4AL&48>;W&

"(8?,)(@&?)A8?8=8?,)A&VR?)?A89?4AL&@,>(@&,55?>4A&

,5&4R4934)>F&7947(94*)4AAL&48>;W&

S(934&A=9K4F&V#'QL&B<%QL&>4)A=AL&48>;W& B4*?(& 947,98AL&A,>?(@&R4*?(&VT(>4+,,-L&

GN?8849L&>9,N*&A,=9>?)3W&

<)849)(8?,)(@&*4K4@,7R4)8&?)A8?8=8?,)A&V4;3;L&

[,9@*& ]()-W&

$AA4AAR4)8&947,98A&59,R&@,>(@&()*&

?)849)(8?,)(@&"YIA&

Q4>8,9& 5(>8&A6448A& Q?8=(8?,)&947,98A&VI%'$L&>@=A849AL&

3,K49)R4)8W&

%I#A& '=R()?8(9?()& 79,5?@4A&

!)?84*&"(8?,)AL&@,>(@&()*&?)849)(8?,)(@&"YI&

A=9K4F&947,98A&

Y4,A7(8?(@&*(8(&59,R&!"IQ$GL&Y,,3@4&:(986L&

48>;&

!)?84*&"(8?,)A&3@,+(@&*(8(&A48A&,9&>,=)89F&

7,98(@A&

Q(84@@?84&?R(349FL&!"IQ$GL&864&<)849)(8?,)(@&

%6(9849&,9&79?K(84&79,K?*49A&

Y4,A7(8?(@&*(8(& Q,>?(@&R4*?(&

I)@?)4&*(8(+(A4A&V4;3;L&:BU#$GdL&294K4)8?,)&

[4+W&

T=)*?)3&(774(@A&

294K?,=A&T@(A6&$774(@A&()*&%$2A& &

['I&>,=)89F&47?*4R?,@,3?>(@&79,5?@4A& &

$S"$2&4K(@=(8?,)&947,98AL&$5849&$>8?,)&

94K?4NA&

&

#4K<)5,L&[,9@*&]()-`A&N,9@*&*4K4@,7R4)8&

?)*?>(8,9AL&B?@@4))?=R&#4K4@,7R4)8&Y,(@A& &

&

&

Q4>8?,)&g;00&>,)8(?)A&(&@?A8&,5&(**?8?,)(@&A4>,)*(9F&*(8(&A,=9>4AL&?)>@=*?)3&=A45=@&N4+A?84A;&&

&

5922;.3-I!*+89->;6J!>;.;&

$&>@4(9&8?R459(R4&()*&>@4(9@F&?*4)8?5?4*&79?,9?8?4A&(94&4AA4)8?(@&5,9&*(8(&>,@@(8?,);&<8&?A&

?R7,98()8&86(8&(@@&A8(-46,@*49A&(94&(N(94&,5&()*&943=@(9@F&=7*(84*&,)&39,=7A&()*&

34,39(76?>(@&(94(A&,5&>,)>49);&G6?A&N?@@&64@7&864R&79?,9?8?Z4&864?9&A4>,)*(9F&*(8(&>,@@(8?,);&

$@@&?)5,9R(8?,)&3(8649?)3&>,R4A&(8&(&>,A8;&G64&84(R&A6,=@*&>,)A8()8@F&(A-&N6(8&864&V4a89(W&

>,A8&?A&?)&849RA&,5&8?R4&()*&R,)4F&94X=?94*&8,&3(8649&V4a89(W&?)5,9R(8?,)&()*&N6(8&(**4*&

K(@=4&*,4A&86(8&?)5,9R(8?,)&864)&+9?)3;&&

&

G6494&(94&8N,&@4K4@A&,5&()(@FA?A;&G64&5?9A8&?A&A4>8,9(@&A4>,)*(9F&*(8(&()(@FA?AL&N6494&*(8(&?A&

>,@@(84*&()*&()(@FZ4*&+F&A4>8,9(@&4a7498A&V(34)>?4A_>@=A849AW;&G64&94A=@8A&,5&864&K(9?,=A&

A4>8,9(@&A4>,)*(9F&*(8(&()(@FA4A&A6,=@*&864)&+4&*?A>=AA4*&()*&(779(?A4*&N?86&864&5?)*?)3A&

,5&,8649&A4>8,9A&*=9?)3&(&5(>?@?8(84*&79,>4AA&?)&,9*49&8,&>,R7?@4&(&>,RR,)&,K49K?4N&>(@@4*&

?)849UA4>8,9(@&A4>,)*(9F&*(8(&()(@FA?A;&G6?A&79,>4AA&64@7A&?*4)8?5F&?)?8?(@&79?,9?8?4A&()*&3(7A;&&

Page 143: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&10& %6(7849&:&

&

Q4>,)*(9F&*(8(&A6,=@*&+4&AFA84R(8?>(@@F&,93()?Z4*&V,9&8(334*W&=A?)3&864&864R4AL&-4F&

X=4A8?,)A&()*&*?R4)A?,)A&79,K?*4*&+F&864&B<H$&T9(R4N,9-&V864&T9(R4N,9-&>()&+4&=A4*&(A&

(&84R7@(84W;&

&

<)&(**?8?,)L&A4>,)*(9F&?)5,9R(8?,)&A6,=@*&+4&,9*494*&(9,=)*&5,=9&-4F&K(9?(+@4A^&*(84L&

@,>(8?,)L&39,=7&()*&A4>8,9;&

&

$A&*(8(&?A&>,@@(84*L&864&5,@@,N?)3&7,?)8A&A6,=@*&+4&-478&?)&R?)*^&

&

• J58+35!+//^!?)5,9R(8?,)&()*&()(@FA?A&A6,=@*&+4&79,K?*4*&?)&8?R4&8,&?)5,9R&-4F&

*4>?A?,)A&(+,=8&864&94A7,)A4&V4;3;&(&5@(A6&(774(@W&()*&864&*4A?3)&,5&A=+A4X=4)8&

79?R(9F&*(8(&>,@@4>8?,);&

• =*+,')04^!864&?)5,9R(8?,)&=A4*&A6,=@*&+4&b3,,*&4),=36c&e&86494&?A&),&7,?)8&?)&

A44-?)3&R,94&*48(?@&,9&794>?A?,)&86()&)44*4*;&G64&K(@=4&,5&864&*(8(&A,=368&A6,=@*&

J=A8?5F&864&8?R4&A74)8&A4(9>6?)3&?8;&

• E+3+;)!0+^&,)@F&*(8(&86(8&>()&+4&=A4*&A6,=@*&+4&>,@@4>84*;&G64&?)5,9R(8?,)&()*&

()(@FA?A&79,K?*4*&A6,=@*&+4&94@4K()8&8,&864&*4>?A?,)A&86(8&6(K4&8,&+4&R(*4&()*&(@N(FA&

A=77,98&864&?*4)8?5?>(8?,)&,5&A89(843?>&6=R()?8(9?()&79?,9?8?4A;&

• >";+&)(+$)!*$/0)3+^&?*4(@@FL&*(8(&A6,=@*&+4&>,@@(84*&,K49&864&N6,@4&(554>84*&(94(;&G64&

@4K4@&,5&34,39(76?>(@&*?A(33943(8?,)&A6,=@*&94@(84&8,&864&@4K4@&(8&N6?>6&A89(843?>&

?)849K4)8?,)A&N?@@&+4&7@())4*;&2,7=@(8?,)&5?3=94A&A6,=@*&+4&*?A(33943(84*&+F&A4aL&(34&

()*&34,39(76?>&(94(A&?)&,9*49&8,&79,K?*4L&(8&(&R?)?R=RL&()&,K49(@@&79,5?@4&,5&864&

A?8=(8?,)&,5&864&54R(@4&()*&R(@4&7,7=@(8?,)A&5,9&*?55494)8&(34&39,=7A;&

• J&)!/1)&+!04^&?8&?A&4AA4)8?(@&8,&+4&4a7@?>?8&(+,=8&864&(AA=R78?,)A&R(*4L&864&A,=9>4A&

()*&R486,*A&=A4*&()*&864&?)5,9R(8?,)&94@?4*&,)&8,&94(>6&864&>,)>@=A?,)AL&(A&N4@@&(A&

(+,=8&864&@?R?8A&,5&(>>=9(>F&,5&864&*(8(&=A4*;&

• K:L+0#5;5#4^&(&K(9?48F&,5&A,=9>4A&A6,=@*&+4&=A4*&N64)&>,@@4>8?)3&()*&()(@FZ?)3&

?)5,9R(8?,)&8,&79,K?*4&K(9?4*&()*&+(@()>4*&749A74>8?K4A&5,9&(**94AA?)3&79,+@4RA&()*&

94>,RR4)*?)3&A,@=8?,)A;&

&

$-;2JW3-I!*+89->;6J!3-M96,;.39-!

[64)&()(@FZ?)3&A4>,)*(9F&?)5,9R(8?,)L&?8&?A&)4>4AA(9F&8,^&

&

• %,R7(94&864&A?8=(8?,)&79?,9&8,&864&>9?A?A&N?86&864&?)U>9?A?A&A?8=(8?,)&(A&N4@@&(A&N?86&

?)849)(8?,)(@&A8()*(9*A&V4;3;L&Q2':H:W&,9&,8649&94@4K()8&8694A6,@*A;&:a749?4)>4&()*&

@4AA,)A&@4(9)4*&59,R&A?R?@(9&A?8=(8?,)A&>()&+4&=A4*&8,&?*4)8?5F&9?A-A&()*&)4N&,9&

4R493?)3&)44*A&()*&864&@?-4@F&4K,@=8?,)&,5&864&>9?A?A;&

• B(-4&(&>@4(9&*?55494)>4&+48N44)&864&>9?A?AU94@(84*&?R7(>8&()*&794U4a?A8?)3&

K=@)49(+?@?8?4A&V=)*49@F?)3&5(>8,9AW&86(8&(94&4a(>49+(84*&+F&864&>9?A?A&,9&86(8&N?@@&

?)>94(A4&864&K=@)49(+?@?8F&,5&(554>84*&7,7=@(8?,)A&,9&864&>9?A?A&?R7(>8&,)&864R;&294U

Page 144: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0C&,5&10& %6(7849&:&

>9?A?A&?)5,9R(8?,)&79,K?*4A&K49F&=A45=@&?)A?368A&,)&6,N&864&*?A(A849&R(F&6(K4&

(554>84*&864&@?K4@?6,,*AL&AFA84RAL&?)59(A89=>8=94A&()*&4)K?9,)R4)8;&

• %9,AAU()(@FZ4&-4F&*(8(&()*&=A4&(**?8?,)(@&?)5,9R(8?,)&A,=9>4A&8,&=)*49A8()*&,9&

R(-4&94(A,)(+@4&?)5494)>4A&(+,=8&=)R4(A=94*&>,)*?8?,)A&,9&A?8=(8?,)A;&G6?A&64@7A&

=)*49A8()*&+48849&),8&,)@F&N6(8&?A&6(774)?)3&()*&N6494&?8&?A&6(774)?)3&+=8&(@A,&

N6F&?8&?A&6(774)?)3;&

• S,,-&(8&864&*?55494)>4A&+48N44)&39,=7A&V?)>@=*?)3&R(@4A&()*&54R(@4AWL&A=+U39,=7AL&

A4>8,9A&()*&7@(>4A;&%,@@4>8&A4a&()*&(34&*?A(33943(84*&*(8(;&$&bR,94&,9&@4AAc&8F74&,5&

()(@FA?A&>()&+4&=A45=@^&[6(8&(94&864&R,A8&(554>84*&39,=7Af&[6(8&(94&864&R,A8&

(554>84*&(94(Af&[6(8&(94&864&A4>8,9A&94X=?9?)3&?RR4*?(84&?)849K4)8?,)Af&

• [6(8&(94&864&-4F&?AA=4Af&$94(AL&39,=7A&()*&?)849K4)8?,)A&A6,=@*&+4&79?,9?8?Z4*;&

• T?)(@@FL&864&*?55494)8?(@&?R7(>8A&,)&7,84)8?(@@F&K=@)49(+@4&39,=7A&V?)>@=*?)3&N,R4)L&

>6?@*94)L&,@*49&74,7@4&()*&749A,)A&@?K?)3&N?86&*?A(+?@?8?4AW&A6,=@*&+4&?*4)8?5?4*;&

• <*4)8?5F&>,)A89(?)8AL&?)5,9R(8?,)&3(7A&()*&)44*A&5,9&5=98649&(AA4AAR4)8;&<8&?A&

?R7,98()8&8,&(@N(FA&>,)A?*49&N6(8&?A&R?AA?)3;&

• !A4&(AA=R78?,)AL&J=*3R4)8&()*&b4*=>(84*&3=4AA4Ac&8,&,K49>,R4&864&b-),N)&

=)-),N)Ac;&

• :K(@=(84&864&94@?(+?@?8FL&>94*?+?@?8F&V@4K4@&,5&+?(AL&A,=9>4`A&>94*4)8?(@AL&*(8(&>,@@4>8?,)&

R486,*L&>,)5?*4)>4&?)849K(@AL&48>;W&()*&864&=A45=@)4AA&,5&864&*(8(&V?)5,9R(8?,)&

A=55?>?4)8@F&94>4)8&()*&94@4K()8&8,&864&()(@FA?A&,5&A4>,)*(9F&*(8(L&@4K4@&,5&

*?A(33943(8?,)L&48>;W;&&

• %,)*=>8&(&A4>8,9&()(@FA?A&+45,94&>,R+?)?)3&()*&>,)A,@?*(8?)3&5?)*?)3A&?)8,&(&>9,AAU

A4>8,9(@&()(@FA?A;&

• #9(N&,)&4a?A8?)3&>,=)89F&?)5,9R(8?,)&8,&?*4)8?5F&?)59(A89=>8=94&()*&?)*=A89?(@&

@,>(8?,)A&N?86&7,84)8?(@&A4>,)*(9F&6(Z(9*A&N?86?)&864&(554>84*&(94(;&G64A4&>()&+4&

79?,9?8?Z4*&5,9&5?4@*&K?A?8A&=A?)3&864&T@(A6&:)K?9,)R4)8(@&$AA4AAR4)8&G,,@&VT:$GW;&

&

$>>6+**3-I!3-M96,;.39-!I;=*!

G64&94K?4N&()*&AFA84R(8?>&,93()?Z(8?,)&,5&A4>,)*(9F&*(8(&()*&864&4K(@=(8?,)&,5&94@?(+?@?8F&

()*&=A45=@)4AA&,5&*(8(&4)A=94&86(8&864&7@())?)3&,5&864&79?R(9F&*(8(&>,@@4>8?,)&N?@@&+4&+(A4*&

,)&?*4)8?5?4*&3(7AL&N6494&?)5,9R(8?,)&?A&@(>-?)3&,9&N4(-;&<)&,9*49&8,&+48849&?)5,9R&864&B<H$&

947,98&()*&?)>94(A4&864&4K?*4)>4&+(A4&5,9&864&()(@FA?AL&864&?*4)8?5?4*&?)5,9R(8?,)&3(7A&N?@@&

+4&(**94AA4*&869,=36&864&%,RR=)?8F&S4K4@&$AA4AAR4)8&V%S$W;&

&

Page 145: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0D&,5&10& %6(7849&:

$>>3.39-;2!*1==96.!

#=9?)3&@(934UA>(@4&4R4934)>?4A&VS1WL&I%'$`A&%,,9*?)(84*&$AA4AAR4)8&Q=77,98&Q4>8?,)&

V%$QQW&N?@@&N,9-&?)&>,@@(+,9(8?,)&N?86&I%'$`A&%,,9*?)(8?,)&()*&H4A7,)A4&#?K?A?,)&V%H#W&8,&

A8(98&7947(9(8?,)A&?RR4*?(84@F&()*&8,&@?(?A4&N?86&>,=)89F_943?,)(@&,55?>4AL&>@=A849A&()*&

!"#$%&(A&(77@?>(+@4;&&

<)&R4*?=RUA>(@4&4R4934)>?4AL&A=77,98&59,R&%$QQ&()*&()F&,8649&I%'$&4)8?8F&>()&+4&

94X=4A84*&8,&*4K4@,7&(&5?9A8U*9(58&,5&864&Q?8=(8?,)(@&$)(@FA?A;&!"#$%L&,9&,8649&?)U>,=)89F&

94A,=9>4AL&N,=@*&864)&*4K4@,7&5=98649&*9(58A;&&

!"!!"#!"#$%&'()"*+&,$+!!""#$%&'(!!"!#$!!!"!!#"$%!

G64&%,RR=)?8F&S4K4@&$AA4AAR4)8&V%S$W&*4(@A&N?86&864&>,@@4>8?,)&()*&()(@FA?A&,5&79?R(9F&

*(8(L&869,=36&5?4@*&K?A?8A;&<8&5,>=A4A&R,A8@F&,)&X=(@?8(8?K4&?)5,9R(8?,)&()*&79,K?*4A&(&=)?X=4&

,77,98=)?8F&8,&(AA4AA&864&)44*A&()*&79?,9?8?4A&(A&749>4?K4*&+F&(554>84*&7,7=@(8?,)A&

V?)>@=*?)3&54R(@4&()*&R(@4&R4R+49AW&()*&?)>@=*4&?8&?)8,&864&+9,(*49&(AA4AAR4)8&,5&

A89(843?>&6=R()?8(9?()&)44*A&79?,9?8?4A;&&

!A?)3&()&(*(784*&()*&A8()*(9*?Z4*&(AA4AAR4)8&5,9RL&864&%S$&94@?4A&,)&(AA4AA,9A&8,&>,)*=>8&

*?94>8&,+A49K(8?,)&()*&?)849K?4NA&N?86&34)49(@?A8&()*&A74>?(@?A8&-4F&?)5,9R()8A;&G64&%S$&

?)>@=*4A&(&AFA84R(8?>&(779(?A(@&,5&864&A?8=(8?,)&+F&864&5?4@*&84(R&5,@@,N?)3&4(>6&K?A?8&V5?9A8&

@4K4@&,5&()(@FA?AW&8,&>(78=94&R,94&?)5,9R(@&V()*&=)A89=>8=94*W&4@4R4)8A&,5&864&5?4@*&

(AA4AAR4)8A&V4;3;&?)5,9R(@&,+A49K(8?,)A&()*&*?A>=AA?,)A&N?86&(554>84*&74,7@4W;&&

A'B$5V*!<92+!!

!

[6?@4&A4>8,9(@&A4>,)*(9F&*(8(&()(@FA?A&A6,=@*&+4&*,)4&+F&A4>8,9(@&4a7498AL&864&

!"#$%&84(R&R(F&+4&>(@@4*&=7,)&8,&79,K?*4&(&5(>?@?8(8?,)&9,@4L&()*&?)&A,R4&

?)A8()>4AL&>,)89?+=84&N?86&A4>8,9(@&4a7498?A4&,5&!"#$%&R4R+49A;&G64&!"#$%&

84(R&A6,=@*&864)&8F7?>(@@F&@4(*L&,9&A=77,98L&864&79,>4AA&8,&>,R7?@4&864&>,RR,)&

,K49K?4N&,)&?)849UA4>8,9(@&A4>,)*(9F&*(8(&()(@FA?A;&

&

G64&!"#$%&84(R&N?@@&@?-4@F&)44*&8,&*4*?>(84&A74>?5?>&>(7(>?8F&N?86?)&864&84(R&8,&

AFA84R(8?>(@@F&,93()?Z?)3&864&?)5,9R(8?,)&=A?)3&864&864R4AL&-4F&X=4A8?,)A&()*&

*?R4)A?,)A&,5&864&B<H$&T9(R4N,9-;&G6?A&>(7(>?8F&>()&>,R4&59,R&!"#$%L&I%'$&

943?,)(@&,9&>,=)89F&,55?>4AL&864&H%`A&I55?>4&,9&,8649&7(98)49AL&A=>6&'%G&R4R+49A;

&

Page 146: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0M&,5&10& %6(7849&:

G64&5,@@,N?)3&>6(98&79,K?*4A&()&,K49K?4N&,5&864&%S$&79,>4AA^&&

&

&

N3I16+!"#/O!(0+!5X$!E698+**

E2;--3-I!.0+!5X$

I)>4&864&*4>?A?,)&8,&*,&()&(AA4AAR4)8&6(A&+44)&R(*4L&86494&(94&>498(?)&?AA=4A&86(8&R=A8&+4&

(**94AA4*&+45,94&=)*498(-?)3&864&5?4@*&K?A?8A;&<)&86?A&749A74>8?K4L&864&%S$&R=A8&+4&3=?*4*&+F&

(&34)49(@&7@()&*4K4@,74*&?)&>,RR,)&(3944R4)8&N?86&864&A8(-46,@*49AL&?)>@=*?)3&864&?84RA&

*48(?@4*&+4@,N;&

!"##$%&'()*+,+*)-..+..#+%')

/01230)450)!*-)

67389:)450)!*-)

-;03)450)!*-)

!"#$%&'($)*$+,"#'%-)#'&')'"'.-*/*)

!"#$#%&'#())*)*+#

01)2345)6%$6'%$)&7$)89:)

•  ;$<"$)&7$),=>$+?@$*)'"#)A,B*)

•  ;$+/#$),")&-6$),1)'**$**C$"&)

•  B$@/$D)*$+,"#'%-)/"1,%C'?,")

•  4$.$+&)*/&$*)'"#)&'%E$&)6,6F.'?,")

•  G%E'"/H$)#'&')+,..$+?,")

•  I'&7$%)&7$)C$'"*)J7FC'")

%$*,F%+$*5)?C/"E5).,E/*?+*5)$&+KL)

01)MG5)D,%()/*)#,"$)

:"'.-*/*)N)B$6,%?"E)

G=*$%@'?,"*) 0"&$%@/$D*)

#%&'#())

A'B$5V*!<92+!

!

#474)*?)3&,)&4a?A8?)3&>(7(>?8?4A&,5&864&Y,K49)R4)8&()*&864&'%GL&864&!"#$%&

84(R&N?@@&)44*&8,&@4(*&()*_,9&>,,9*?)(84&,9&79,K?*4&84>6)?>(@&A=77,98&()*&(*K?>4&

8,&864&%S$&79,>4AAL&?)>@=*?)3&864&(*(78(8?,)&,5&(&A8()*(9*?Z4*&(AA4AAR4)8&5,9RL&

4@(+,9(8?,)&,5&864&%S$&7@()&()*&*4849R?)(8?,)&,5&(AA4AAR4)8&R486,*A&=A4*;&

&

Page 147: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0d&,5&10& %6(7849&:

&

%;,=23-I!;->!*3.+!*+2+8.39-!

<)&R,A8&?)A8()>4AL&79?R(9F&*(8(&>()&94(@?A8?>(@@F&+4&>,@@4>84*&,)@F&(8&864&@4K4@&,5&

>,RR=)?8?4A&*=9?)3&864&5?9A8&8N,&N44-A&5,@@,N?)3&(&R(J,9&4R4934)>F;&Y?K4)&864&8?R4L&

(>>4AA&()*&@,3?A8?>A&>,)A89(?)8AL&>,@@4>8?)3&R4()?)35=@&X=()8?8?4A&,5&*(8(&(8&6,=A46,@*&,9&

?)*?K?*=(@&@4K4@A&?A&,584)&=)94(@?A8?>;&

$A&8?R4&>,)A89(?)8A&),9R(@@F&*,&),8&749R?8&9()*,R&,9&A8(8?A8?>(@@F&94794A4)8(8?K4&A(R7@?)3L&

(&A(R7@4&,5&A?84A&86(8&94794A4)8&(&>9,AAUA4>8?,)&,5&8F7?>(@&943?,)A&()*&(554>84*&7,7=@(8?,)A&?A&

34)49(@@F&A4@4>84*;&Q=>6&A(R7@?)3&?A&-),N)&(A&1'&1"/5;+$/)8135!(&()*&?)>@=*4A&

>,)A?*49(8?,)A&A=>6&(A^&

• M&(+!#$!++*^&$8&864&64?368&,5&(&>9?A?AL&*(8(&>,@@4>8?,)&?A&(&X=?>-&4a49>?A4&@?R?84*&8,&

(94(A&A6,N?)3&864&394(84A8&)44*A&,9&N6494&K=@)49(+?@?8?4A&(94&+4@?4K4*&8,&+4&864&

6?364A8;&

• =00+//5:535#4$"7$#%+$/5#+/;&&

• N)1/$5!$+C5/#5!($H!"<3+*(+^&S,>(8?,)A&(+,=8&N6?>6&@?88@4&(94&-),N)&,9&-4F&

?)5,9R(8?,)&?A&@(>-?)3&N?@@&+4&A4@4>84*L&7(98?>=@(9@F&N6494&86494&(94&),&94@?45&(34)>?4A&

5X$!E2;--3-I!(+,=2;.+!

• G4(R&>,R7,A?8?,)&

• G4(R&R4R+49A&

• Y4)*49&+(@()>4&

• $34)>F_A4>8,9&

94794A4)8(8?,)&

• #?A89?+=8?,)&,5&8(A-A&

• G4(R&@4(*49&

• Q4>8,9UA74>?5?>&8(A-A&

• H4A7,)A?+?@?8?4A&5,9&&

@,3?A8?>AL&A4>=9?8FL&947,98?)3L&

R4*?(&&

• 294>?A4&*45?)?8?,)&,5&864&5?4@*&K?A?8A&

• Q?84&A4@4>8?,)&

• S,>(8?,)A&

• H,=84&7@())?)3&

• G?R459(R4&&

• $)(@FA?A&7@()!

• ]9,(*&,+J4>8?K4A!

• <)5,9R(8?,)&)44*A&VB<H$&

T9(R4N,9-W!

• $)(@FA?A&7@()&V>,)8`*W!

• <)*?>(8,9A&()*&A8()*(9*A!

• [6,&6(A&864&94X=?94*&

?)5,9R(8?,)&V-4F&?)5,9R()8&

A4@4>8?,)W!

• I+A49K(8?,)A&()*&-4F&

?)5,9R()8&?)849K?4NA&

• Q89=>8=94*&(AA4AAR4)8&8,,@A&

• $AA4AAR4)8&,=87=8A&

• S,3?A8?>A&()*&,93()?Z(8?,)!

• G9()A7,98&()*&R,K4R4)8&

7@()!

• $>>,RR,*(8?,)!

• %,RR=)?>(8?,)&()*&A=77@?4A!

• :X=?7R4)8!

• Q4>=9?8F&(99()34R4)8A!

• Q4>=9?8F&>@4(9()>4!

• BIQQ&>,R7@?()>4!

• G?R?)3A&()*&*4(*@?)4A&94@(8?K4&8,&

947,98?)3&()*&*?AA4R?)(8?,)

Page 148: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0O&,5&10& %6(7849&:

E16=9*3S+!%;,=23-I!S+6*1*!<;->9,!%;,=23-I!!

!

2=97,A?K4&A(R7@?)3&N?@@&?)K,@K4&864&A4@4>8?,)&,5&A?84A&?)&(&N(F&86(8&79,K?*4A&(&K(9?4*&

K?4N&,5&864&6=R()?8(9?()&?R7(>8&,5&(&*?A(A849;&Q?84A&N?@@&+4&>6,A4)&+4>(=A4&864F&(94&

b8F7?>(@c&,5&(&A74>?5?>&8F74&,5&(554>84*&943?,)&()*_,9&7,7=@(8?,);&G64&*?55494)8&A?84A&

N?@@&79,K?*4&(&>,R7,A?84&7?>8=94&,5&864&*?55494)8&8F74A&,5&6=R()?8(9?()&?R7(>8;&

&

H()*,R&A(R7@?)3&?A&*,)4&N64)&@,>(8?,)A&()*&6,=A46,@*A`&@?K4@?6,,*A&(94&A?R?@(9;&

S?A8&(@@&864&@,>(8?,)A&()*&9()*,R@F&7?>-&864&)=R+49&86(8&F,=&?)84)*&8,&K?A?8;&

,749(8?)3&F48;&G64&A(R7@?)3&A?Z4&,9&864&)=R+49&,5&K?A?84*&A?84A&?A&*4849R?)4*&+F&864&

(K(?@(+?@?8F&,5&A8(55L&8?R4&()*&@,3?A8?>(@&A=77,98L&(A&N4@@&(A&+F&864&34,39(76?>&A794(*&,5&

864&*?A(A849&()*&864&64849,34)4?8F_6,R,34)4?8F&,5&864&7,7=@(8?,);&I8649&79(>8?>(@&

>9?849?(&@?)-4*&8,&79,39(R&94A7,)A4&R(F&(@A,&3=?*4&864&A4@4>8?,);&

G,&4)A=94&864&8?R4@?)4AA&,5&864&(AA4AAR4)8L&864&B<H$&3=?*()>4&94>,RR4)*A&864&=A4&,5&

7=97,A?K4&A(R7@?)3;&G6?A&4)A=94A&86(8&*?55494)8&8F74A&()*&@4K4@A&,5&?R7(>8&(94&>(78=94*&?)&

864&(AA4AAR4)8;&G,&*4849R?)4&(&A(R7@4&5,9&A?84&K?A?8AL&864&5,@@,N?)3&A847A&>()&+4&8(-4)^&&

0; D+75!+$#%+$#)&(+#$(&"'1/^&G64&39,=7A&(94&>6,A4)&+(A4*&,)&>6(9(>849?A8?>A&86(8&(94&

>,)A?*494*&?R7,98()8&?)&*4849R?)?)3&864?9&K=@)49(+?@?8F;&G64A4&>6(9(>849?A8?>A&>()&+4&

94@(84*&8,&864&7,7=@(8?,)&?8A4@5&V94A?*4)>4L&486)?>?8FL&94@?3?,)L&(34L&34)*49L&*?A(+?@?8FL&

A,>?(@L&>=@8=9(@L&@43(@&A8(8=A&,9&A488@4R4)8&8F74AW&,9&8,&864&A?84A&?)&N6?>6&864F&(94&

@,>(84*&V()*&864&@4K4@&(8&N6?>6&864&>9?A?A&6(A&6(*&()&?R7(>8&U&*?94>8_?)*?94>8W;&

$554>84*&39,=7A&A6,=@*&5?9A8&+4&>(843,9?Z4*&()*&864)&A4@4>84*&?)&(&N(F&86(8&5,>=A4A&

,)&b6?3649&@4K4@c&>(843,9?4A&8,&4)A=94&94(A,)(+@4&*(8(&K,@=R4A;&

.; .)1$#%+$#)&(+#$(&"'1/$:4$#%+5&$3"0)#5"!^&I)>4&864&39,=7A&(94&>6,A4)L&?8&?A&?R7,98()8&

8,&@,>(@?Z4&864R;&#4A?3)&(&R(89?a&86(8&@?A8A&864&*?55494)8&39,=7A&VY0L&Y.W&?)&*?55494)8&

9,NAL&()*&864&(*R?)?A89(8?K4&@,>(8?,)A&?)&A47(9(84&>,@=R)A;&

1; 6+3+0#$#%+$8"/#$)11&"1&5)#+$/5#+/$7"&$)//+//8+!#^&$A&?8&?A&),8&7,AA?+@4&8,&K?A?8&(@@&A?84AL&

5,>=A&A6,=@*&+4&,)&K?A?8?)3&8(9348&39,=7A&?)&-4F&(94(A&N6494&?R7(>8A&(94&+4@?4K4*&8,&

+4&b8F7?>(@c&,5&86(8&39,=7;&G64&4@?3?+?@?8F&,5&(&A?84&N?@@&(@A,&*474)*&,)^&?W&X=()8?8F&,5&

?)5,9R(8?,)&,)&(&A?84\&??W&6,R,34)4?8F&+48N44)&A?84A\&???W&39,=7&*?K49A?8F&(8&(&3?K4)&

@,>(8?,)\ ?KW *(8(&94X=?94*&5,9&>,R7(9?A,)\&()*&KW&A4K49?8F&,5&?R7(>8;&[6494K49&

7,AA?+@4L&94*=>4&,K49@(7A&?)&A4@4>84*&A?84A;&Q?84&A4@4>8?,)&A6,=@*&+4&*,)4&+F&74,7@4&

N?86&4R4934)>F&A488?)3&4a749?4)>4L&-),N@4*34&,5&864&@,>(@&>,)84a8&()*&A-?@@4*&?)&

9(7?*&(AA4AAR4)8&84>6)?X=4A;&&&

Page 149: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0P&,5&10& %6(7849&:&

C; >%+0H$4"'&$&+/"'&0+/O!:)A=94&86(8&864&)4>4AA(9F&R4()A&V@,3?A8?>AL&A-?@@4*&A8(55L&

5?)()>4AW&(94&?)&7@(>4&8,&5,@@,N&864&A?84&A4@4>8?,)&7@();&G64&)=R+49&,5&A?84A&(AA4AA4*&

N?@@&*474)*&,)&864&(K(?@(+?@?8F&,5&A8(55L&8?R4L&@,3?A8?>(@&A=77,98L&34,39(76?>&A794(*&,5&

864&*?A(A849&()*&64849,34)4?8F&,5&8(9348&7,7=@(8?,)A;&#474)*?)3&,)&864&94A,=9>4AL&

F,=&R(F&)44*&8,&94*=>4&864&)=R+49&,5&A?84A&,9&864&A?Z4&,5&864&(AA4AAR4)8&84(R&749&

A?84;&G6494&?A&),&bR(864R(8?>(@&5,9R=@(c&5,9&*4849R?)?)3&864&?*4(@&)=R+49&,5&A?84A&e&

9(8649&?8&N?@@&+4&+(A4*&,)&J=*3R4)8;&<8&N?@@&+4&?R7,98()8&8,&-447&864&A(R7@4&A?Z4&

AR(@@&4),=36&8,&+4&R()(34(+@4&()*&@(934&4),=36&8,&34)49(84&=A45=@&?)5,9R(8?,);&$A&

(&9=@4&,5&86=R+L&86494&(94&54N&A?8=(8?,)A&?)&N6?>6&?8&?A&=A45=@&8,&?)>@=*4&R,94&86()&1/&

A?84A&5,9&7=97,A?K4&A(R7@?)3&e&9(8649&0DU./&A?84A&?A&=A45=@&?)&R,A8&>(A4A;&&

&

E63963.3W3-I!%3.+*!

!

I&5"&5#4$OP$=&+)$)!*Q"&$1"1'3)#5"!$*5&+0#34$)77+0#+*R!T,9&4a(R7@4L&()&4(986X=(-4&Z,)4L&()&

(94(&,5&(9R4*&>,)5@?>8L&(&7,7=@(8?,)&5,9>?+@F&*?A7@(>4*&59,R&864?9&6,R4A&,9&()&(554>84*&

7,7=@(8?,)&*=4&8,&6(Z(9*&R(849?(@&4a7,A=94;&

&

I&5"&5#4$SP$=&+)$)!*Q"&$1"1'3)#5"!$5!*5&+0#34$)77+0#+*R!T,9&4a(R7@4L&(94(A&4>,),R?>(@@F&

(554>84*&+F&>,)5@?>8&?)&(&)4?36+,9?)3&943?,)&,9&(94(A&N6494&74,7@4&6(K4&5@4*&,9&4K(>=(84*&

8,L&4;3;&6,A8&>,RR=)?8?4A;&

&

I&5"&5#4$TP$=&+)$)!*Q"&$1"1'3)#5"!$'!)77+0#+*$"&$85!58)334$)77+0#+*R!G64&4R4934)>F&6(A&),&

A?3)?5?>()8&?R7(>8&,)&@?K4A&()*&@?K4@?6,,*A&VK49F&=A45=@&5,9&>,R7(9?A,)&N?86&(554>84*&(94(AW;&

&

!

5922+8.3-I!=63,;6J!>;.;!

#(8(&A6,=@*&+4&>,@@4>84*&=A?)3&(&A89=>8=94*&(AA4AAR4)8&5,9R;&G64&A89=>8=94*&(AA4AAR4)8&

5,9R&94>,RR4)*4*&+F&864&B<H$&R486,*,@,3F&V(K(?@(+@4&(8^&

6887A^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,_3=?*()>4W&945@4>8A&864&B<H$&T9(R4N,9-&

()*&(@@,NA&*(8(&>,@@4>84*&8,&+4&=A4*&?)&864&+9,(*49&()(@FA?A&79,>4AA;&<8&A894AA4A&864&

=)*49A8()*?)3&,5&864&?R7(>8&,5&864&>9?A?A&()*&864&>,R7(9?A,)&,5&864&b+45,94c&()*&b(5849c;&&

&

!"#$%&R4R+49A&A6,=@*&(@N(FA&>64>-&N648649&(&A8()*(9*&*(8(&>,@@4>8?,)&84R7@(84&5,9&

9(7?*&(AA4AAR4)8A&6(A&+44)&*4K4@,74*&?)U>,=)89F;&<5&A,L&()*&N6494&7,AA?+@4L&?8&?A&

94>,RR4)*4*&8,&(*(78&?8&8,&864&,+J4>8?K4&,5&864&5?4@*&*(8(&>,@@4>8?,);&]4&A=94&8,&(@N(FA&7?@,8&

84A8&()*&945?)4&864&(AA4AAR4)8&5,9R&+45,94&=A?)3&?8;&&

&

<5&(*(78?)3&864&A8()*(9*&5,9R&8,&864&>,=)89F&>,)84a8L&F,=&R(F&94549&8,&A4>8?,)&g;0/&VA4>8,9(@&

?)*?>(8,9AW&8,&94R4R+49&864&8F74&,5&A4>8,9(@&?)5,9R(8?,)&F,=&R(F&N?A6&8,&>,@@4>8&5,@@,N?)3&(&

>9?A?A;&

&

Page 150: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&10& %6(7849&:&

]45,94&5?4@*N,9-&+43?)AL&(@@&84(R&R4R+49A&()*&A8(-46,@*49AL&?)>@=*?)3&89()A@(8,9A&()*&

*9?K49AL&A6,=@*&+4&+9?454*&,)^&

&

• G64&,+J4>8?K4A&()*&R486,*,@,3F&,5&864&(AA4AAR4)8;&

• G64&84>6)?X=4A&()*&8,,@A&86(8&N?@@&+4&=A4*;&

• G64&A>64*=@4&(A&N4@@&(A&864&>,RR=)?>(8?,)L&A4>=9?8F&()*&4R4934)>F&79,>4*=94A;&

• G64&(*R?)?A89(8?K4&()*&@,3?A8?>&(99()34R4)8AL&A=>6&(A&89()A7,98&()*&

(>>,RR,*(8?,);&

&

:(>6&(AA4AA,9&A6,=@*&+4&86,9,=36@F&5(R?@?(9&N?86&864&*(8(&>,@@4>8?,)&79,>4AA&()*&864&

?)5,9R(8?,)&4@?>?84*&+F&4(>6&X=4A8?,);&:(>6&A6,=@*&6(K4&94>4?K4*&),84A&8,&4a7@(?)&-4F&

849R?),@,3?4A&()*&,=8@?)4&A?84&A(R7@?)3;&&

&

G6494&(94&8N,&R(?)&R486,*A&94>,RR4)*4*&?)&864&B<H$&8,&>,@@4>8&79?R(9F&*(8(&e&*?94>8&

,+A49K(8?,)&()*&-4F&?)5,9R()8&?)849K?4NA;&&

!

"#$%&'!()*%$+,'#(-!

#?94>8&,+A49K(8?,)&?)K,@K4A&864&(AA4AA,9&@,,-?)3&5,9&(&A74>?5?>&+46(K?,9L&,+J4>8&,9&4K4)8&e&,9&

>,)K49A4@F&5,9&?8A&),)U4a?A84)>4;&T,9&4a(R7@4L&864&,+A49K49&?A&@,,-?)3&8,&A44&N648649&864&

7,7=@(8?,)&=A4A&A,(7&+45,94&()*&(5849&R4(@A;&G,&3=?*4&(&A89=>8=94*&,+A49K(8?,)L&(&

A8()*(9*?Z4*&>64>-@?A8&A6,=@*&+4&*4K4@,74*&()*&=A4*&8,&5=)>8?,)&(A&+,86&(&94R?)*49&()*&(&

A89=>8=94*&94>,9*?)3&8,,@;&

&

I+A49K(8?,)&8?7A^&

&

• Q8(98&864&(AA4AAR4)8&N?86&(&N(@-&(9,=)*&864&@,>(8?,);&&

• I+A49K(8?,)&?A&=A45=@&5,9&>9,AAU>64>-?)3&?)5,9R(8?,);&&

• [(@-?)3&869,=36&864&(94(&N?86&@,>(@&74,7@4&5(>?@?8(84A&*?A>=AA?,);&

• I+A49K(8?,)&?A&864&R,A8&A89(?3685,9N(9*&(779,(>6&8,&(AA4AA?)3&?)59(A89=>8=94&()*&

@,3?A8?>A;&&

• ]4&>=9?,=Ai&

&

H4R4R+49&e&,+A49K(8?,)&?A&),8&J=A8&(+,=8&A44?)3L&+=8&(@A,&(+,=8&64(9?)3L&AR4@@?)3L&544@?)3&

()*&8,=>6?)3;&

!

.%/!#-0($1,-'*!#-'%$+#%2*!

E4F&?)5,9R()8A!(94&74,7@4&N6,&6(K4&A74>?5?>&-),N@4*34&(+,=8&>498(?)&(A74>8A&,5&864&

>,RR=)?8F;&G64F&(94&=A45=@&A,=9>4A&,5&?)5,9R(8?,)&?)&9(7?*&,)A48&4R4934)>?4A&N6494&8?R4&

?A&@?R?84*;&GF7?>(@&4a(R7@4A&?)>@=*4&>,RR=)?8F&@4(*49AL&5(9R49AL&64(@86&N,9-49AL&

3,K49)R4)8&,55?>?(@AL&R4R+49A&,5&N,R4)`A&39,=7AL&>6?@*94)&()*&F,=)3&74,7@4L&@,>(@&"YI&

A8(55L&4)K?9,)R4)8(@&>,)8(R?)(8?,)&A74>?(@?A8A&()*&89(*49A;&&

Page 151: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&10& %6(7849&:&

&

<)&864&-4F&?)5,9R()8&?)849K?4NL&864&?)*?K?*=(@&N?86&79?,9&-),N@4*34&,5&864&(554>84*&

>,RR=)?8F&h&8F7?>(@@F&(&@,>(@&@4(*49L&N648649&>?K?@L&3,K49)R4)8&,9&94@?3?,=A&h&?A&X=4A8?,)4*&

8,&3(8649&-4F&?)5,9R(8?,)&,)&864&?R7(>8&,5&864&*?A(A849&()*&,)&79?,9?8F&>,RR=)?8F&)44*A;&

Q?)>4&>,RR=)?8F&@4(*49A&()*&A74>?(@?A8&-4F&?)5,9R()8A&?)&7,A?8?,)A&,5&(=86,9?8F&(94&

34)49(@@F&R4)L&?8&?A&?R7,98()8&8,&4)A=94&86(8&(&+(@()>4*&)=R+49&,5&N,R4)&()*&R4)&(94&

?)849K?4N4*&A,&86(8&864&)44*A&,5&+,86&>()&+4&945@4>84*L&4)6()>?)3&864&(>>=9(>F&()*&

?R7(98?(@?8F&,5&864&(AA4AAR4)8;&

&

$)&?)849K?4N&>()&+4&A4R?UA89=>8=94*&V>64>-@?A8WL&A89=>8=94*&VX=4A8?,))(?94W&()*&=)A89=>8=94*&

V),&7,?)8A&7947(94*&?)&(*K()>4W;&Q4R?UA89=>8=94*&?)849K?4NA&(94&(*K?A4*&(A&864F&(94&864&+4A8&

N(F&8,&348&3,,*&?)5,9R(8?,);&[?86&864&64@7&,5&864&>64>-@?A8L&F,=&N?@@&+4&(+@4&8,&>,K49&(@@&864&

7,?)8A&86(8&F,=&N()8&8,&9(?A4L&N6?@4&94R(?)?)3&5@4a?+@4&8,&(@@,N&864&*?A>=AA?,)&8,&8(-4&(&

*?55494)8&*?94>8?,)&?5&)44*&+4;&

&

<)5,9R(8?,)&A,=368&A6,=@*&+4&@,,-4*&(8&59,R&86944&749A74>8?K4A^&

&

• [6,&?A&V(94W&864&+4A8&749A,)VAW&8,&8(@-&8,&943(9*?)3&86?A&7(98?>=@(9&?)5,9R(8?,)f&

• <A&?8&+48849&8,&8(@-&8,&864&749A,)VAW&?)*?K?*=(@@F&,9&?)&(&39,=7f&

• [6?>6&8F74&()*&84>6)?X=4&,5&?)849K?4N&A6,=@*&+4&=A4*f&

&

3$(45!#-'%$+#%2*!

Y9,=7&?)849K?4NA!(@@,N&?)849(>8?,)&+48N44)&74,7@4;&]F&4)>,=9(3?)3&()&(8R,A76494&,5&

>,)A89=>8?K4&*4+(84L&F,=&>()&>9,AAU>64>-&?)5,9R(8?,)&()*&79,+4&?AA=4A;&T,9&4a(R7@4L&,)4&

749A,)&R(F&A(F&86(8&864&R,A8&A49?,=A&79,+@4RA&94@(84&8,&864&X=(@?8F&,5&64(@86&A49K?>4AL&+=8&

,8649A&R(F&),8&(3944;&$&*4+(84L&4K4)&?5&?8&?A&?)>,)>@=A?K4L&>()&3?K4&F,=&()&?R794AA?,)&,5&864&

*?K49A?8F&,5&79,+@4RA&86(8&(554>8&864&>,RR=)?8F;&

&

Y9,=7&?)849K?4NA&(94&=A45=@&5,9&8N,&7=97,A4A^&

&

• G,&3(8649&?)5,9R(8?,)&(+,=8&(&N?*4&9()34&,5&8,7?>A;&$AA4R+@4&(&39,=7&,5&74,7@4&N?86&

*?55494)8&+(>-39,=)*A&N6,L&8,348649L&>()&79,K?*4&()&,K49K?4N&,5&864&A?8=(8?,);&

• G,&3(?)&(&*44749&=)*49A8()*?)3&,5&7(98?>=@(9&?AA=4A&V>(A6U>9,7A&6(9K4A8&94A=@8AL&

5=)>8?,)?)3&,5&64(@86&A49K?>4A&5,9&@?K4A8,>-L&48>;W;&<)&86?A&>(A4L&(&39,=7&,5&74,7@4&N?86&

A?R?@(9&+(>-39,=)*A&?A&=A45=@;&G6?A&8F74&,5&?)849K?4N&?A&>(@@4*&(&b5,>=A&39,=7&

?)849K?4Nc;&

&

[64)&>(99F?)3&,=8&39,=7&?)849K?4NAL&+4&(N(94&86(8^&

&

• Q,R4&74,7@4&(94&)(8=9(@@F&R,94&,=83,?)3&86()&,8649A;&

Page 152: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&10& %6(7849&:&

• Q,R4&74,7@4&(94&>,)5?*4)8&N?86?)&(&39,=7&+4>(=A4&,5&864?9&A8(8=A&?)&@,>(@&A,>?48F;&

%,)K49A4@FL&74,7@4&59,R&R(93?)(@?Z4*&39,=7A&R(F&+4&94@=>8()8&8,&A74(-&,74)@FL&

7(98?>=@(9@F&?5&864?9&K?4NA&(94&>,)89,K49A?(@;&

!

6-7#+#74,8!#-'%$+#%2*!

<)*?K?*=(@&?)849K?4NA!(94&=A45=@&5,9&5,=9&7=97,A4A^&

&

• G,&,+8(?)&84>6)?>(@&?)5,9R(8?,)&59,R&74,7@4&94794A4)8?)3&A74>?5?>&79,54AA?,)AL&A=>6&

(A&64(@86&N,9-49A&,9&4R7@,F44A&,5&864&N(849&+,(9*L&4)K?9,)R4)8(@&>,)8(R?)(8?,)&

4a7498AL&5?9A8&94A7,)*49A&8,&>64R?>(@&()*&9(*?,@,3?>(@&4R4934)>?4A;&

• G,&3(?)&A74>?5?>&-),N@4*34&(+,=8&(&6,=A46,@*`A&@?K4@?6,,*A;&

• G,&*4@K4&?)8,&A4)A?8?K4&?AA=4A&N6?>6&(94&),8&(779,79?(84&5,9&39,=7&*?A>=AA?,)&V4;3;&

A4a=(@&(+=A4&(R,)3&945=344&7,7=@(8?,)AW;&

• G,&A(K4&8?R4L&N64)&86494&?A&),8&4),=36&8?R4&8,&,93()?Z4&(&39,=7&?)849K?4N;!

&

N3+2>!;**+**,+-.!=63-83=2+*!!

G64&5,@@,N?)3&79?)>?7@4A&A6,=@*&+4&(77@?4*&*=9?)3&5?4@*&(AA4AAR4)8A^&

&

• %,)A=@8&864&74,7@4&(554>84*;&:)>,=9(34&864&74,7@4&(554>84*&+F&864&4R4934)>F&8,&

4a7@(?)&6,N&864F&K?4N&864&A?8=(8?,);&:K4)&?)&9(7?*&,)A48&4R4934)>?4A&?8&?A&7,AA?+@4&8,&

A44-&864&,7?)?,)A&,5&@,>(@&74,7@4;&

• %,)A?*49&864&7(98?>=@(9&)44*A&,5&*?55494)8&39,=7A&()*&?)*?K?*=(@A&VR4)L&N,R4)L&864&

4@*49@FL&>6?@*94)L&48>;W;&24,7@4&N?@@&+4&(554>84*&*?55494)8@F&+F&864&4R4934)>F&()*&864?9&

)44*A&N?@@&*?5549&(>>,9*?)3@F;&

• %,)A?*49&864&94@?(+?@?8F&,5&?)5,9R(8?,);&<)5,9R(8?,)&R(F&+4&b5(>8c&V*45?)?84@F&89=4WL&

b,7?)?,)c&V*474)*&=7,)&864&749A74>8?K4&,5&864&749A,)&3?K?)3&864&?)5,9R(8?,)W&,9&

b9=R,=9c&V+(A4*&,)&=)K49?5?4*&?)5,9R(8?,)W;&

• %,)A?*49&+?(A;&:K49F+,*F&?A&+?(A4*;&$)(@FA?A&,5&?)5,9R(8?,)&A6,=@*&8(-4&?)8,&(>>,=)8&

864&7,84)8?(@&+?(A&,5&864&?)5,9R()8A&()*&,5&86,A4&>(99F?)3&,=8&864&(AA4AAR4)8;&

• Q44-&,=8&R(93?)(@?Z4*&39,=7A&()*&4)A=94&86(8&864?9&?)8494A8A&(94&8(-4)&?)8,&(>>,=)8;&

%,)A?*49&N6,&6(A&7,N49&()*&N6,A4&K,?>4&?A&),8&64(9*;&B(93?)(@?Z(8?,)&R(F&+4&

+(A4*&,)&34)*49L&486)?>?8FL&A,>?(@&A8(8=A&()*_,9&R()F&,8649&>6(9(>849?A8?>A;&

• S,,-&5,9&>6()34A&()*&894)*A&86(8&(554>8&A,>?48F;&G9F&8,&=)*49A8()*&N6(8&?A&>(=A?)3&

864A4&>6()34A;&

• %,)A?*49&864&7,84)8?(@&?R7(>8&,5&6(Z(9*,=A&A=+A8()>4A&86(8&>,=@*&+4&94@4(A4*&*=4&8,&

864&*?A(A849L&>(=A?)3&A4K494&*(R(34&8,&864&7,7=@(8?,)&64(@86L&N(849&=A(34&()*&5,,*&

A4>=9?8F&(A&N4@@&(A&(39?>=@8=94&5?4@*A&()*&@?K4A8,>-;&G6?A&A?8=(8?,)&94X=?94A&A74>?5?>&

94A7,)A4&R4>6()?ARA&()*&94A,=9>4A;&

• S,,-&,=8&5,9&864&=)4a74>84*;&]4&7947(94*&8,&6(K4&F,=9&(AA=R78?,)A&>6(@@4)34*;&]4&

(@498&()*&89F&8,&5?)*&,=8&N6(8&?AA=4A&(94&R,A8&?R7,98()8&8,&864&74,7@4&F,=&(94&8(@-?)3&

8,;&

Page 153: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&10& %6(7849&:&

• %,)A?*49&864&?R7(>8&,5&>498(?)&?AA=4A&,)&A,>?48F&(A&(&N6,@4;&T,9&4a(R7@4L&'<j_$<#Q&?A&

),8&J=A8&(&64(@86&?AA=4;&<)&R()F&7(98A&,5&864&N,9@*L&?8&6(A&(&*4K(A8(8?)3&A,>?(@&()*&

4>,),R?>&?R7(>8;&

• G69,=36,=8&864&(AA4AAR4)8L&86?)-&(+,=8&6,N&864&?)5,9R(8?,)&N?@@&+4&=A4*;&$A-&

F,=9A4@5&N6(8&A,98&,5&79,39(R&R?368&+4&(779,79?(84&8,&*4(@&N?86&864&?AA=4A&+4?)3&

9(?A4*;&%,)A?*49&864&7,84)8?(@&7,A?8?K4&()*&)43(8?K4&4554>8A&,5&(&79,39(R;&

• G?R4&5?4@*&K?A?8A&>(945=@@F;&G9F&8,&(K,?*&8?R4A&N64)&74,7@4&(94&7(98?>=@(9@F&+=AF&,9&

N64)&86494&?A&(&6,@?*(F&,9&>4@4+9(8?,);&Q,R4&74,7@4&(94&(+A4)8&*=9?)3&7(98?>=@(9&

A4(A,)AL&()*&(>8?K?8?4A&()*&K=@)49(+?@?8?4A&R(F&K(9F&59,R&A4(A,)&8,&A4(A,);&

&

$**+**3-I!.+80-929I38;2!>3*;*.+6!63*U!

[64)&>,)*=>8?)3&864&%S$L&!"#$%&84(R&R4R+49A&6(K4&864&94A7,)A?+?@?8F&8,&?*4)8?5F&(>=84&

4)K?9,)R4)8(@&?R7(>8AL&N6?>6&(94&*45?)4*&(A&86,A4&86(8&7,A4&4a?A8?)3&,9&?RR?)4)8&9?A-&8,&

6=R()&@?54&()*&N4@5(94&()*&)44*&8,&+4&(**94AA4*&N?86?)&864&?)?8?(@&94A7,)A4&8,&864&*?A(A849;&

<)&(**?8?,)L&!"#$%&R4R+49A&6(K4&()&?R7,98()8&9,@4&8,&7@(F&?)&?*4)8?5F?)3&-4F&

4)K?9,)R4)8(@&>,)A?*49(8?,)AL&?)>@=*?)3&=)*49@F?)3&K=@)49(+?@?8?4A&()*&>,)>49)AL&()*&

4)A=9?)3&864A4&(94&94>,3)?Z4*L&(AA4AA4*&()*&?)8439(84*&?)8,&*?A(A849&94A7,)A4;&

&

[6?@4&4)K?9,)R4)8(@&?AA=4A&(94&()&?)8439(@&7(98&,5&(@@&*?A(A849&94A7,)A4L&84>6),@,3?>(@&

*?A(A849A&7,A4&(&A74>?5?>&>6(@@4)34;&G64A4&8F74A&,5&(>>?*4)8A&>()&+4&>(=A4*&+F&R()&,9&

89?33494*&+F&(&)(8=9(@&*?A(A849L&()*&R(F&>(=A4&A4K494&4)K?9,)R4)8(@&*(R(34&(A&N4@@&(A&@,AA&

,5&6=R()&@?K4A&()*&79,7498F;&!"#$%&84(RA&>,R79?A?)3&A74>?5?>&4)K?9,)R4)8(@&4a7498?A4&

R(F&+4&*47@,F4*&8,&94A7,)*&8,&864&(5849R(86&,5&(&84>6),@,3?>(@&*?A(A849;&V",84^&H4A7,)A4&

8,&)=>@4(9&()*&9(*?,@,3?>(@&(>>?*4)8A&*,4A&),8&5(@@&?)8,&864&R()*(84&,5&()&!"#$%&84(R;&

G64A4&8F74A&,5&(>>?*4)8A&(94&864&94A7,)A?+?@?8F&,5&864&<)849)(8?,)(@&$8,R?>&:)493F&$34)>F;W&

&

[64)&(&A47(9(84&:)K?9,)R4)8(@&:a7498&?A&*47@,F4*&(A&7(98&,5&864&!"#$%&84(RL&86?A&749A,)&

N?@@&=)*498(-4&()&,K49(@@&9(7?*&4)K?9,)R4)8(@&(AA4AAR4)8&,5&864&*?A(A849;&I8649&84(R&

R4R+49A&(94&,+@?34*&8,&79,U(>8?K4@F&?*4)8?5F&()*&947,98&,)&(>=84&4)K?9,)R4)8(@&?R7(>8A&8,&

864&!"#$%&G4(R&S4(*49&()*&864&:)K?9,)R4)8(@&:a7498;&

&

<5&()&!"#$%&84(R&94X=?94A&A74>?(@?Z4*&4)K?9,)R4)8(@&?)5,9R(8?,)L&864&k,?)8&:)K?9,)R4)8&

!)?8&?A&864&5?9A8&7,?)8&,5&>,)8(>8&8,&79,K?*4&864&)4>4AA(9F&?)5,9R(8?,);&G64F&>()&79,K?*4&

3=?*4@?)4A&,)&(&9()34&,5&A?8=(8?,)A&N6?>6&()&!"#$%&84(R&>,=@*&>,)59,)8&*=9?)3&(&R?AA?,);&

&

Y(8649?)3&?)5,9R(8?,)&,)&(>=84&4)K?9,)R4)8(@&?R7(>8A&?A&+4A8&*,)4&+F&(A-?)3&864&9?368&

74,7@4&864&9?368&X=4A8?,)A;&G64&9?368&74,7@4&(94&,584)&@,>(@&4R4934)>F&R()(34R4)8&

(=86,9?8?4A&@?-4&7,@?>4&A49K?>4A&()*&5?94&+9?3(*4AL&@,>(@&3,K49),9AL&R=)?>?7(@&(=86,9?8?4A&()*&

4)K?9,)R4)8(@&,55?>?(@A;&G64F&N?@@&6(K4&864&R,A8&*48(?@4*&-),N@4*34&,5&864&(94(&()*&,584)&

N?@@&6(K4&+44)&86494&N64)&864&*?A(A849&6(774)4*&()*&864&94A7,)A4&+43();&$554>84*&

>,RR=)?8?4A&()*&74,7@4&A6,=@*&(@A,&+4&>,)A=@84*;&j(@=(+@4&?)5,9R(8?,)&R(F&(@A,&+4&

Page 154: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.C&,5&10& %6(7849&:&

,+8(?)4*&59,R&)(8?,)(@&()*&?)849)(8?,)(@&4)K?9,)R4)8(@&),)U3,K49)R4)8(@&,93()?Z(8?,)A&

V"YIAWL&(A&N4@@&(A&59,R&A>?4)8?A8A&794A4)8&?)&864&(94(;&"(8?,)(@&3,K49)R4)8&,55?>?(@A&()*&

!)?84*&"(8?,)A&A8(55&R(F&(@A,&79,K?*4&?)5,9R(8?,);&

&

G64&T@(A6&:)K?9,)R4)8&$AA4AAR4)8&G,,@&VT:$GW&64@7A&?*4)8?5F&7,84)8?(@&A4>,)*(9F&9?A-A&

7,A4*&+F&@(934&?)59(A89=>8=94&()*&?)*=A89?(@&5(>?@?8?4A&>,)8(?)?)3&6(Z(9*,=A&R(849?(@A;&

<)*=A89?(@&6(Z(9*&79,5?@4A&(94&(K(?@(+@4&,)&864&j?98=(@&IQI%%&5,9&(&)=R+49&,5&>,=)89?4A&()*&

>()&+4&(*(784*&8,&864&A74>?5?>&@,>(8?,)&?)&(&>,=7@4&,5&6,=9A&=A?)3&864&T:$G;&T,>=A?)3&,)&864&

b+?3L&,+K?,=A&()*&@?54U8694(84)?)3c&?R7(>8AL&864&T:$G&(@@,NA&!"#$%&R4R+49A&8,&?*4)8?5F&

?RR4*?(84&9?A-A&()*&)44*AL&8,&79?,9?8?Z4&5?4@*&K?A?8&@,>(8?,)A&()*&8,&3=?*4&94X=4A8A&5,9&

(**?8?,)(@&4a7498?A4;&G64&T:$G&8,,@&()*&,)@?)4&89(?)?)3&>()&+4&(>>4AA4*&,)&864&

:)K?9,)R4)8(@&:R4934)>?4A&%4)894&VNNN;44>4)894;,93W;&

&

]4@,N&?A&(&@?A8&,5&X=4A8?,)A&8,&(A-&@,>(@&,55?>?(@A;&$**?8?,)(@&?)5,9R(8?,)&>()&(@A,&+4&5,=)*&?)&

A4>8?,)&g;00;&&

&

0; $94&86494&?)*=A89?(@&5(>?@?8?4AL&5(>8,9?4AL&7@()8AL&7?74@?)4AL&*=R7?)3&A?84AL&

>64R?>(@_74A8?>?*4&*47,8AL&9484)8?,)_7,N49&*(RAL&48>;L&?)&,9&)4(9&864&(554>84*&(94(f&

<5&A,L&6(K4&864F&+44)&?)A74>84*f&<5&F4AL&N6(8&?A&864&94A=@8f&[6(8&?A&864&X=()8?8F&()*&

)(8=94&,5&A=+A8()>4A&?)K,@K4*f&

.; $94&86494&A4>,)*(9F&?R7(>8A&A=>6&(A&5?94AL&4a7@,A?,)AL&A7?@@AL&@4(-A&,9&@()*A@?*4A&

94A=@8?)3&59,R&864&*?A(A849f&$94&86494&947,98A&,5&A7?@@AL&@4(-(34AL&?)*=A89?(@&5?94AL&

94@4(A4A&,5&8,a?>&A=+A8()>4AL&48>;f&<5&F4AL&N6(8&?A&864&94A=@8f&[6(8&?A&864&X=()8?8F&()*&

)(8=94&,5&A=+A8()>4A&?)K,@K4*f&

1; $94&86494&947,98A&,5&>(A=(@8?4A&N6,A4&?)J=9?4A&(94&?)>,)A?A84)8&N?86&,8649&?)J=9?4A&

*?94>8@F&94A=@8?)3&59,R&864&)(8=9(@&*?A(A849f&

C; $94&86494&A49?,=A&@()*A@?*4AL&R=*A@?*4AL&A4>,)*(9F&5@,,*A&,9&N?@*5?94A&947,984*f&

&

<5L&869,=36&864A4&X=4A8?,)AL&()&4a?A8?)3&,9&7,84)8?(@&(>=84&4)K?9,)R4)8(@&?R7(>8&?A&?*4)8?5?4*&

864&5,@@,N?)3&?)5,9R(8?,)&A6,=@*&+4&3(86494*^&&

&

0; [6(8&?A&864&(>=84&4)K?9,)R4)8(@&?R7(>8f&

.; [64)&*?*&?8&6(774)f&!)*49&N6(8&N4(8649&>,)*?8?,)Af&

1; [6494&?A&?8f&]4&(A&A74>?5?>&(A&7,AA?+@4L&4;3;L&>?8F_K?@@(34_8,N)L&A8(84_79,K?)>4L&Y2Q&

>,,9*?)(84AL&=9+()L&9=9(@;&

C; ',N&R()F&74,7@4&(94&(554>84*f&[6(8&?A&864&)(8=94&,5&?)J=9?4A&()*&864&A4K49?8F&,5&

4a7,A=94f&

D; [6(8&?A&864&@,>(@&>(7(>?8Ff&

• $94&86494&()F&@,>(@&,9&)(8?,)(@&(=86,9?8?4A&94A7,)A?+@4&5,9&864&A?8=(8?,)f&[6(8&

(94&864&>,)8(>8&*48(?@A&,5&864&749A,)&?)&>6(934f&

Page 155: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.D&,5&10& %6(7849&:&

• [6(8&R4*?>(@&94A,=9>4A&V76(9R(>4=8?>(@AL&*4>,)8(R?)(8?,)L&@(+,9(8,9?4AW&

()*&5(>?@?8?4A&(94&(K(?@(+@4f&

• <A&(**?8?,)(@&A74>?(@?Z4*&4a7498?A4&)44*4*f&

• <A&86494&()F86?)3&86(8&94X=?94A&?RR4*?(84&R?8?3(8?,)f&

&

$)F&A?3)?5?>()8&(AA4AAR4)8&5?)*?)3A&94@(84*&8,&4)K?9,)R4)8(@&4R4934)>?4A&A6,=@*&+4&

?RR4*?(84@F&947,984*&8,&864&!"#$%&G4(R&S4(*49&()*&864&IQI%%;&$**?8?,)(@&A=77,98&>()&

+4&79,K?*4*&+F&864&k,?)8&!)?84*&"(8?,)A&:)K?9,)R4)8&29,39(R&V!":2W_I%'$&:)K?9,)R4)8&

!)?8;&<)&>,)A=@8(8?,)&N?86&)(8?,)(@&(=86,9?8?4AL&94>,RR4)*(8?,)A&5,9&5=98649&(>8?,)&()*&

94X=4A8A&5,9&5=98649&4a7498?A4&V4a7498AL&A(R7@?)3L&4X=?7R4)8W&>()&+4&R(*4;&&

!

59->18.!M36*.!;->!*+89->!2+S+2!;-;2J*3*!9M!5X$!3-M96,;.39-!

G64&>,@@4>8?,)&,5&5?4@*&*(8(&A6,=@*&+4&5,@@,N4*&+F&(&A89=>8=94*&*4+9?45?)3&+F&5?4@*&84(RA&

(5849&4(>6&K?A?8&8,&64@7&>(78=94&R,94&?)5,9R(@&V()*&=)A89=>8=94*W&4@4R4)8A&V*?A>=AA?,)AL&

,+A49K(8?,)AW;&

&

!A?)3&864?9&4a7498&J=*3R4)8L&84(R&R4R+49A&(AA4AA&864&A?8=(8?,)&V?*4)8?5F?)3&79?,9?8F&)44*AL&

>,)>49)AL&39,=7AL&48>;W&+(A4*&,)&5,9R(@&()*&?)5,9R(@&4@4R4)8A&,5&864&K?A?8L&()*&J=A8?5F&,9&

4a7()*&,)&864?9&>,)>@=A?,)A;&G6?A&N?@@&5=98649&A894)3864)&864&()(@FA?A&()*&?)8497948(8?,)&,5&

79?R(9F&*(8(&(8&864&>4)89(@&@4K4@;&

&

$&A4>,)*&@4K4@&()(@FA?A&A6,=@*&8(-4&7@(>4&N?86&(@@&5?4@*&84(R&@4(*49A;&<8&+9?)3A&8,348649&

?)5,9R(8?,)&59,R&864&K(9?,=A&A?84A&?)&,9*49&8,&?*4)8?5F&864&94>=994)8&?AA=4A&()*&>,R7(94&864&

A?8=(8?,)&+48N44)&A?84AL&54R(@4A&()*&R(@4AL&7,7=@(8?,)&39,=7AL&48>;&

&

%@=A849A_A4>8,9A&>()&(@A,&>(99F&,=8&A4>8,9UA74>?5?>&()(@FA?A&?5&94X=?94*;&G,&86?A&4)*L&*(8(&

3(86494*&869,=36&864&>,RR=)?8F&@4K4@&(AA4AAR4)8&V(7(98&59,R&A4)A?8?K4&*(8(W&A6,=@*&+4&

A6(94*&N?86&864&N?*49&>,RR=)?8F;&&

&

!"!!"!!"#$%&'(#)*'+,*!!"#$%!!"#$4!!"#$%&'!!!"#$%&%'"!('!!"!#$%&%&'(!!"#!"$%&!!!"#!

$

$)(@FA?A&?A&864&79,>4AA&N6494+F&?)5,9R(8?,)&59,R&(@@&864&*?55494)8&A,=9>4A&?A&AF)864A?Z4*&8,&

4)(+@4&F,=&8,&()AN49&864&5,@@,N?)3&X=4A8?,)A^&

&

• [6(8&(94&864&R(?)&79,+@4RAf&

• [6,&?A&(554>84*&+F&864A4&79,+@4RAf&

• [6(8&(94&864&>(7(>?8?4A&,5&864&(554>84*&7,7=@(8?,)f&',N&N4@@&>()&864F&>,74&N?86&864&

79,+@4RAf&

• <A&,8649&(AA?A8()>4&>=994)8@F&(K(?@(+@4&8,&864&(554>84*&7,7=@(8?,)f&

• <A&86494&(&)44*&5,9&?)849K4)8?,)f&<5&A,L&N6(8&8F74&,5&?)849K4)8?,)&?A&94X=?94*f&

&

Page 156: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.M&,5&10& %6(7849&:

I)>4&864&?)849UA4>8,9(@&A4>,)*(9F&*(8(&()(@FA?A&()*&()(@FA?A&,5&864&%S$&6(K4&8(-4)&7@(>4L&

B<H$&7(98?>?7()8A&>,)K4)4&8,&>,)*=>8&864&5?)(@&?)849UA4>8,9(@&()(@FA?A&()*&?*4)8?5F&A89(843?>&

6=R()?8(9?()&79?,9?8?4A;&G6?A&()(@FA?A&94X=?94A&(&*?A>=AA?,)&(R,)3&(@@&94@4K()8&(>8,9A&()*&

>,)A4)A=A&(9,=)*&-4F&5?)*?)3A&()*&94A=@8?)3&*4>?A?,)A;&

G64&B<H$&T9(R4N,9-&N?@@&394(8@F&?)5@=4)>4&864&?*4)8?5?>(8?,)&,5&79?,9?8F&)44*A;&<8&?A&

864945,94&4AA4)8?(@&86(8&(@@&7(98?>?7()8A&+4&5(R?@?(9&N?86&?8&()*&86(8&>,)A4)A=A&+4&94(>64*&,)&

?8A&A89=>8=94&59,R&864&A8(98&,5&864&79,>4AAL&(A&A=334A84*&+F&864&B<H$&(779,(>6;&G64&B<H$&

T9(R4N,9-L&N6?>6&?A&*4A?3)4*&(A&(&@,3?>(@&A847U+FUA847&()(@FA?A&7@()L&A6,=@*&+4&=A4*&8,&

()(@FZ4&864&?)5,9R(8?,)&()*&?*4)8?5F&79?,9?8F&)44*A;&

&

N;8323.;.+>!>3*81**39-!

G64&5?)(@&?)849UA4>8,9(@&()(@FA?A&?A&>(99?4*&,=8&869,=36&(&5(>?@?8(84*&*?A>=AA?,)&86(8&+9?)3A&

8,348649&864&-4F&B<H$&7(98?>?7()8A;&#=9?)3&864&*?A>=AA?,)L&?)89(U&()*&?)849UA4>8,9(@&*(8(L&

?)5,9R(8?,)&()*&-),N@4*34&(94&A6(94*&()*&>,)A,@?*(84*&?)&(&A89=>8=94*&R())49&?)&,9*49&8,&

+=?@*&(&>,RR,)&=)*49A8()*?)3&,5&864&A?8=(8?,);&

G64&79,>4AA&>()&+4&(A&5,@@,NA^&&

0; G64&5(>?@?8(8,9&+43?)A&+F&94*45?)?)3&()*&4)A=9?)3&(&>,RR,)&=)*49A8()*?)3&,5&864&

A>,74&,5&864&()(@FA?A&(R,)3&(@@&7(98?>?7()8A;&<)&,9*49&8,&?*4)8?5F&864&A89(843?>&

6=R()?8(9?()&79?,9?8?4AL&864&*?A>=AA?,)&5?9A8&5,>=A4A&,)&864&5,@@,N?)3&X=4A8?,)A^&

[6494&*,4A&864&6=R()?8(9?()&>,RR=)?8F&)44*&8,&94A7,)*&?)&79?,9?8Ff&[6,&A6,=@*&

+4&79,84>84*&()*_,9&(AA?A84*&?)&79?,9?8Ff&[6?>6&(94&864&79?,9?8F&>@=A849_A4>8,9&

94A7,)A4&*,R(?)Af&

.; G64&5(>?@?8(8,9&864)&*?94>8A&864&*?A>=AA?,)&(@,)3&864&4?368&864R4A&@?A84*&?)&864&B<H$&

T9(R4N,9-&=A?)3&864&>,994A7,)*?)3&-4F&X=4A8?,)A&()*&A=+UX=4A8?,)A;&

1; :(>6&864R4&?A&*?A>=AA4*&?)&864&,9*49&?)&N6?>6&?8&(774(9A&?)&864&T9(R4N,9-&()*&

(>>,9*?)3&8,&86944&*?R4)A?,)A^&A8(8=A&()*&?R7(>8L&K=@)49(+?@?8?4A&()*&9?A-AL&()*&

894)*A;&

C; G94)*A&94X=?94&7(98?>?7()8A&8,&()8?>?7(84&,)&864&bN,9A8c&()*&bR,A8&@?-4@Fc&4K,@=8?,)A&

,5&4(>6&864R4&?)&864&A6,98UL&R4*?=RU&()*&@,)3U849R;&G64&>,R7?@(8?,)&,5&()8?>?7(84*&

894)*A&N?@@&5,9R&864&+(A?A&,5&A>4)(9?,&+=?@*?)3;&

D; T,9&4(>6&X=4A8?,)L&7(98?>?7()8A&(94&(@A,&94X=4A84*&8,&-4F&,=8&?)5,9R(8?,)&3(7AL&

N6?>6&(94&>9?8?>(@&7?4>4A&,5&?)5,9R(8?,)&N64)&?*4)8?5F?)3&79?,9?8F&)44*A;&

A'B$5V*!<92+&&

&

G64&!"#$%&84(R&?A&8F7?>(@@F&94X=?94*&8,&5(>?@?8(84&,9&79,K?*4&84>6)?>(@&(*K?>4&8,&

864&*4+9?45?)3&79,>4AAL&+,86&N?86&864&5?9A8&@4K4@&()(@FA?A&,5&864&%S$&(A&N4@@&(A&N?86&

864&A4>,)*&@4K4@&()(@FA?A&N?86&(@@&84(R&@4(*49A;&&

Page 157: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.d&,5&10& %6(7849&:&

$

G64&5(>?@?8(8,9&(?RA&(8&+=?@*?)3&>,)A4)A=A&,)&4(>6&864R4&()*&X=4A8?,)&+45,94&R,K?)3&,)&8,&

864&)4a8&,)4;&<)&,9*49&8,&94(>6&>,)A4)A=AL&7(98?>?7()8A&A6,=@*&79,K?*4&4K?*4)>4&8,&A=77,98&

864?9&7,A?8?,)&()*&?)*?>(84&864?9&@4K4@&,5&>,)5?*4)>4&?)&864?9&()(@FA?A&()*&?)8497948(8?,);&<8&?A&

4AA4)8?(@&86(8&864&4K?*4)>4&79,K?*4*L&?)>@=*?)3&?)5,9R(8?,)&3(7AL&+4&94>,9*4*&N?86&864&

>,)>@=A?,)A;&

&

[64)&),&>,)A4)A=A&>()&+4&94(>64*L&864&5(>?@?8(8,9&N?@@&94>,9*&+,86&*?K493?)3&K?4NA&()*&

A=77,98?)3&4K?*4)>4&()*&864&*?A>=AA?,)&N?@@&>,)8?)=4&,)&8,&864&)4a8&864R4;&

&

%,)K49A4@FL&A,R4&864R4A&()*&X=4A8?,)A&e&?)>@=*?)3&86,A4&,)&N6?>6&),&>,)A4)A=A&N(A&

94(>64*&e&R(F&+4&94>,)A?*494*&(8&(&@(849&A8(34L&(A&)4N&4K?*4)>4&?A&=)>,K494*&*=9?)3&864&

*?A>=AA?,);&G64&>,)>@=A?,)A&A6,=@*&864)&+4&(R4)*4*&(>>,9*?)3@F;&

&

$-;2J*3*!89-*3>+6;.39-*!

G64&5,@@,N?)3&>()&+4&>,)A?*494*&N64)&>,)*=>8?)3&864&5?)(@&()(@FA?A^&&

• [6(8&6(A&>6()34*&A?)>4&864&4R4934)>F&A8(984*L&N64)&>,R7(9?)3&794&()*&?)U>9?A?A&

*(8(f&

• ',N&6(A&864&A?8=(8?,)&>6()34*f&

• [6,&6(A&+44)&(554>84*&()*&6,Nf&

• <A&864&A?8=(8?,)&@?-4@F&8,&>6()34&5=98649f&',NL&5,9&N6,R&()*&N6494f&

• <A&86494&()F86?)3&86(8&6(A&A8(F4*&864&A(R4f&<A&86?A&4a74>84*&8,&>6()34f&[6(8&N,=@*&

+9?)3&(+,=8&86(8&>6()34f&

• [6(8&?A&?R7,98()8&(+,=8&,)4&39,=7L&,)4&8?R4L&,)4&7@(>4&N64)&>,R7(94*&8,&

(),8649f&$94&86494&*?55494)>4Af&$94&86494&A?R?@(9&7(8849)A&(>9,AA&*?55494)8&39,=7Af&

• [6(8&*,&N4&-),NL&6,N&*,&N4&-),N&?8L&()*&6,N&N4@@&*,&N4&-),N&?8f&[6494&*,4A&

864&4K?*4)>4&>,R4&59,R&()*&6,N&A89,)3&?A&?8f&<A&?8&94@?(+@4L&N6F&()*&N6(8&?A&864&)4a8&

@4K4@&,5&*48(?@&94X=?94*f&$94&864&A,=9>4A&,5&?)5,9R(8?,)&84@@?)3&(&>,)A?A84)8&A8,9Ff&#,&

864F&R(-4&A4)A4f&

"#?!&:<$!G1.=1.*!

&

G64&B<H$&T9(R4N,9-&?*4)8?5?4A&>,94&79,*=>8A&(AA,>?(84*&N?86&26(A4&0&()*&26(A4&.&,5&(&

A=**4)U,)A48&4R4934)>F&e&864&Q?8=(8?,)(@&$)(@FA?A&VQ$W&()*&864&B<H$&H47,98;&&

&

G64&>=994)8&84R7@(84A&5,9&4(>6&,5&864A4&*,>=R4)8A&>()&+4&5,=)*&(8&&

6887A^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,;&&

&

<)5,9R(8?,)&,)&864&*?AA4R?)(8?,)&,5&?)5,9R(8?,)&>()&+4&5,=)*&?)&>6(7849&T;&&

Page 158: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.O&,5&10& %6(7849&:&

!

!"#"$%!"#$%#"&'%()*'%(+,",)!"#$%&'()!

&

$779,a?R(84@F&COUd.&6,=9A&(5849&864&,)A48&,5&(&A=**4)&4R4934)>FL&(&94(A,)(+@4&7?>8=94&,5&

864&A?8=(8?,)&A6,=@*&6(K4&4R4934*&59,R&864&A4>,)*(9F&()*&?)?8?(@&79?R(9F&*(8(&()(@FA?A;&]F&

864)L&(AA4AA,9A&A6,=@*&6(K4&89()A@(84*&864?9&>,)>@=A?,)A&?)8,&>@4(9&()*&4(A?@F&(>>4AA?+@4&

94A=@8A&A,&86(8&(&Q?8=(8?,)(@&$)(@FA?A&VQ$W&>()&+4&>?9>=@(84*;&

&

&<8A&(**4*&K(@=4&?A&8,&79,K?*4&(&A=RR(9F&,5^&

&

• *9?K49A&,5&864&>9?A?A&()*&=)*49@F?)3&5(>8,9A&

• A>,74&,5&864&>9?A?A&()*&6=R()?8(9?()&79,5?@4&

• A8(8=A&,5&7,7=@(8?,)A&@?K?)3&?)&(554>84*&(94(A&

• )(8?,)(@&>(7(>?8?4A&()*&94A7,)A4&

• ?)849)(8?,)(@&>(7(>?8?4A&()*&94A7,)A4&

• 6=R()?8(9?()&(>>4AA&

• >,K49(34&()*&3(7A&

• 79?,9?8F&)44*A&

&

$A&864&Q$&R=A8&+4&79,*=>4*&K49F&X=?>-@FL&R,A8&,5&?8&R(F&+4&+(A4*&,)&864&A4>,)*(9F&*(8(&

()(@FA?A;&<)&A,R4&?)A8()>4AL&?8&R(F&4K4)&+4&864&A,@4&A,=9>4&,5&?)5,9R(8?,);&<5&?8&?A&7,AA?+@4&8,&

?)K4A8?3(84&A?84A&*=9?)3&86?A&749?,*L&864&(779,(>6&79,7,A4*&?)&864&%S$&A6,=@*&+4&=A4*&8,&

4)A=94&>,)A?A84)>F&()*&>,)8?)=?8F&,K49&8?R4;&G64&(*(78(+?@?8F&,5&864&(AA4AAR4)8&5,9R&N?@@&

5(>?@?8(84&86?A&79,>4AA;&&

&

G64&Q$&945@4>8A&(&A6(94*&=)*49A8()*?)3&,5&864&A?8=(8?,)&(>9,AA&864&6=R()?8(9?()&>,RR=)?8F&

()*&?A&?)89?>(84@F&@?)-4*&8,&864&5,9R=@(8?,)&,5&(&Q89(843?>&Q8(84R4)8&()*&*4K4@,7R4)8&,5&

94A,=9>4&R,+?@?Z(8?,)&8,,@A;&

&

$A&A4>,)*(9F&*(8(&()(@FA?A&>,)8?)=4A&(8&864&A4>8,9(@&@4K4@&869,=36,=8&26(A4A&0&()*&.L&864&Q$&

R(F&+4&=7*(84*&749?,*?>(@@F&=)8?@&864&5?)(@&B<H$&H47,98&?A&N9?884);&:(>6&)4N&=7*(84&N?@@&+4&

864&94A=@8&,5&(&94K?A4*&?)849UA4>8,9(@&()(@FA?A;&!7*(84A&R(F&+4&7947(94*&=7,)&94X=4A8&,9&

(5849&()F&A?3)?5?>()8&>6()34A&?)&864&A?8=(8?,)&V4;3;L&()&?)>94(A4&?)&864&)=R+49&,5&(554>84*&

7,7=@(8?,)AL&(&947,98&,5&)4N&(554>84*&(94(A&,9&K=@)49(+@4&39,=7AL&()&?)>94(A4&?)&7,7=@(8?,)&

R,K4R4)8W;&

&

%8+-;639*!

G64&Q$&94X=?94A&864&*4K4@,7R4)8&,5&A>4)(9?,A;&]=?@*?)3&A>4)(9?,A&N?@@&?)K,@K4&>,)A?*49(8?,)&

,5&N6(8&74,7@4&R?368&*,L&N6(8&@?-4@F&)44*A&(94L&N6(8&864&@?-4@F&A744*&()*&A>(@4&,5&864&

94A7,)A4&N?@@&+4L&()*&N6(8&864&R,A8&@?-4@F&4K,@=8?,)&,5&864&A?8=(8?,)&N?@@&+4;&&

&

Page 159: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.P&,5&10& %6(7849&:

<8&N?@@&94@F&,)^&

• <*4)8?5F?)3&*9?K49A&86(8&>()&?)5@=4)>4&864&*?94>8?,)&86(8&864&5=8=94&N?@@&8(-4&V4;3;&

5=8=94&9?A-A_,77,98=)?8?4AL&94A?@?4)>4_K=@)49(+?@?8F&,5&(554>84*&74,7@4L&?)U>,=)89F&

>(7(>?8FW;&&

• #4K4@,7?)3&A74>?5?>L&?)5,9R4*&(AA=R78?,)A&,5&6,N&4(>6&*9?K49&N?@@&4K,@K4;&&&

• #45?)?)3&864&b(AA=R4*&?R7(>8c&+(A4*&,)&4(>6&*9?K49A`&(AA=R4*&4K,@=8?,)&V6,N&

39,=7A&(94&(554>84*L&N6(8&79?,9?8F&)44*A&(94&()*&,749(8?,)(@&>,)A89(?)8AW;&&

](A4*&,)&86?AL&A>4)(9?,A&R(F&+4&*45?)4*&,=8@?)?)3&864&@?-4@?6,,*&,5&,>>=994)>4&V79,+(+?@?8F&

@4K4@W&()*&864&5,94A44)&?R7(>8&A4K49?8F;&&

!

!"#"$%!"#$%#&'()*%+,-./&%01!

GN,&N44-A&(5849&864&*?A(A849L&(&B<H$&H47,98&?A&79,*=>4*&8,&?)5,9R&864&Q89(843?>&H4A7,)A4&

2@()&V5,9R49@F&-),N)&(A&864&94K?A4*&T@(A6&$774(@W;&G64&H47,98&>,)A,@?*(84A&864&>,)>@=A?,)A&

,5&864&5?)(@&?)849UA4>8,9(@&()(@FA?A;&<8&94A7,)*A&8,&864&A(R4&-4F&X=4A8?,)A&(A&864&Q?8=(8?,)(@&

$)(@FA?A&()*&=A4A&(&A?R?@(9&A89=>8=94L&(@A,&+(A4*&,)&864&B<H$&T9(R4N,9-;&

G64&7=97,A4&,5&864&B<H$&H47,98&?A&8,&64@7&*4>?A?,)&R(-49A&h&?)>@=*?)3&864&6=R()?8(9?()&

>,=)89F&84(RL&A4>8,9_>@=A849&@4(*A&()*&R4R+49AL&864&3,K49)R4)8&()*&*,),9A&e >,@@4>8?K4@F&

(7794>?(84&()*&>,RR=)?>(84&,)&864&)(8=94&()*&*F)(R?>A&,5&864&>9?A?A&()*&8,&5=98649&*45?)4&

A89(843?>&6=R()?8(9?()&79?,9?8?4A;&

A'B$5V*!<92+!!

&

G64&Q$&?A&,)4&,5&864&5?9A8&-4F&79,*=>8A&4a74>84*&,5&864&!"#$%&84(RL&943(9*@4AA&,5&

N648649&864&84(R&7@(FA&(&@4(*?)3L&5(>?@?8(8?)3&,9&A=77,98&9,@4&?)&?8A&>94(8?,);&

A'B$5V*!<92+&&

&

<*4(@@FL&864&!"#$%&84(R&N?@@&6(K4&(&A=77,98?K4&9,@4&?)&864&4@(+,9(8?,)&,5&864&

B<H$&H47,98&+(A4*&,)&864&Q$;&#474)*?)3&,)&864&A?8=(8?,)L&864&84(R&R(F&+4&

R,94&64(K?@F&?)K,@K4*&?)&864&*9(58?)3&,5&864&947,98;&]F&86(8&8?R4L&864&6()*,K49&

()*&4a?8&A89(843F&,5&864&84(R&A6,=@*&+4&>@4(9;&G64&B<H$&H47,98&A6,=@*&864)&+4&

())4a4*&8,&864&:)*&,5&B?AA?,)&947,98&?)&N6?>6&864&6()*,K49&,5&8(A-A&()*&

94A7,)A?+?@?8?4A&?A&>@4(9@F&?*4)8?5?4*;&&

Page 160: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1/&,5&10& %6(7849&:&

"#H!(0+!$**+**,+-.!<+I3*.6J!!

!

G64&$AA4AAR4)8&H43?A89F&V5,9R49&-),N)&(A&Q=9K4F&,5&Q=9K4FAW&?A&(&943?A89F&,5&864&K(9?,=A&

(AA4AAR4)8A&86(8&6(K4&8(-4)&7@(>4&?)&(&3?K4)&4R4934)>F&86(8&?A&>,R7?@4*&+F&I%'$_!"#$%&

N?86&864&?)84)8?,)&,5&(@@,N?)3&864&6=R()?8(9?()&>,RR=)?8F&8,&+4)45?8&59,R&864&(AA4AAR4)8&

N,9-&,5&,8649&39,=7A;&$**?8?,)(@@FL&864&$AA4AAR4)8&H43?A89F&(@@,NA&5,9&864&?*4)8?5?>(8?,)&,5&

3(7A&?)&(AA4AAR4)8&>,K49(34&V+F&34,39(76FL&A4>8,9&()*_,9&8?R4&749?,*W&()*&?A&864945,94&

=A45=@&?)&(AA4AAR4)8&7@())?)3;&

&

G64&-=6>$K1+&)#5"!)3$N'5*)!0+$"!$E+/1"!/5:535#5+/$"7$>3'/#+&Q6+0#"&$U+)*/$V$K>?=$5!$

-!7"&8)#5"!$.)!)(+8+!#&A74>?5?4A&86(8&864&Q=9K4F&,5&Q=9K4FA&?A&864&94A7,)A?+?@?8F&,5&864&

I%'$_!"#$%&(8&864&>,=)89F&@4K4@L&+=8&?8&?A&8,&+4&79,*=>4*&?)&>,@@(+,9(8?,)&N?86&864&

>@=A849A_A4>8,9A;&I%'$_!"#$%&(@A,&6(A&864&94A7,)A?+?@?8F&8,&(*K,>(84&5,9&864&=A4&,5&864&8,,@&

()*&8,&>,,9*?)(84&)48N,9-A&()*&?)5,9R(8?,)&5@,NA&5,9&864&8?R4@F&=7*(84A&,5&?)5,9R(8?,);&&

&

%@=A849&3=?*()>4&5,9&4554>8?K4&R()(34R4)8&,5&?)5,9R(8?,)&),84A&86(8&?8&?A&864&9,@4&,5&864&

>@=A849A&8,&79,K?*4&+(>-39,=)*&?)5,9R(8?,)&(+,=8&(AA4AAR4)8A&8,&7,7=@(84&864&$AA4AAR4)8&

H43?A89F;&

&

G64&$AA4AAR4)8&H43?A89F&*,4A&),8&(884R78&8,&6,@*&864&(>8=(@&(AA4AAR4)8&94A=@8AL&+=8&9(8649&

8,&A49K4&(A&(&943?A89F&,5&?)5,9R(8?,)&86(8&*4A>9?+4A&864&(AA4AAR4)8A;&<8&?A&(&@?A8&86(8&?)>@=*4A^&

&

• (AA4AAR4)8&8?8@4&

• >@=A849_A4>8,9&>,K494*&

• R486,*,@,3F&

• @,>(8?,)A&

• A8(8=A&&

• A8(98?)3&*(84&

• 4)*?)3&*(84&

• N6494&8,&,+8(?)&947,98&&

• >,)8(>8&*48(?@A&&

&

G64&943?A89F&?A&(K(?@(+@4&,)&(77@?>(+@4&>,=)89F&N4+7(34A&(8&&

6887^__6=R()?8(9?()94A7,)A4;?)5,;&&

!

"#C!$>>3.39-;2!<+;>3-I!

&

T=98649&?)5,9R(8?,)&,)&(AA4AAR4)8A&?A&(K(?@(+@4&?)&864&5,@@,N?)3&*,>=R4)8A^&&

&

<%H%&()*&<TH%&V.//OW&N'5*+35!+/$7"&$)//+//8+!#$5!$+8+&(+!05+/&

6887^__NNN;?59>;,93_Y@,+(@_2=+@?>(8?,)A_*?A(A849A_3=?*4@?)4A_3=?*4@?)4AU4R4934)>F;7*5&&&

Page 161: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&10&,5&10& %6(7849&:&

&

<)849U$34)>F&Q8()*?)3&%,RR?8844&V./0.W&J%+$.'3#52>3'/#+&Q6+0#"&$-!5#5)3$E)15*$=//+//8+!#$&

6887^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,_3=?*()>4&&

&

<)849U$34)>F&Q8()*?)3&%,RR?8844&V./0.W&K1+&)#5"!)3$N'5*)!0+$7"&$>""&*5!)#+*$

=//+//8+!#/$5!$?'8)!5#)&5)!$>&5/+/$$

6887^__(AA4AAR4)8A;6=R()?8(9?()94A7,)A4;?)5,_3=?*()>4&

&

:)K?9,)R4)8(@&:R4934)>?4A&%4)894^&G,,@AL&3=?*4@?)4A&()*&R486,*,@,3?4A&V?)>@=*?)3&864&

T@(A6&:)K?9,)R4)8(@&$AA4AAR4)8&G,,@&()*&<)*=A89?(@&$>>?*4)8&()*&#?A(A849&[(A84&

B()(34R4)8&4U@4(9)?)3W&

NNN;44>4)894;,93&

&

!

Page 162: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0&,5&.6& & & & %7(894:&;&

!"#$%!&'()*$&%#()%)+,(,%*#

#

!"-#$./01234/51.#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#-!

!"6#$.71089/51.#(9.9:;8;./#5.#/<;#=%>)?#(5@@51.#?A4B;#""""""""""""""""""""""""""""""""""""""""""""""""#6!

;<.<0&2:4=>?@@?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&.!

;<.<.&A)=>?@@?,)&$B9?C?9?4@&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&1!

;<.<1&>?@@?,)&D)*&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6!

!"C#$.71089/51.#(9.9:;8;./#D014;@@#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#E!

;<1<0&#(9(&%,EE4B9?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6!

;<1<.&2:,B4@@?)3F&%,EE(9?)3&()*&G9:HB9H:?)3&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&I!

;<1<1&$)(EJ@?@&()*&DC(EH(9?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&I!

;<1<1<0&AH98H9@&5:,K&$)(EJ@?@F&AC4:C?4L&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&I!

;<1<1<.&AH98H9@&5:,K&$)(EJ@?@F&M74&!"#$%&G?9H(9?,)&N48,:9&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&O!

;<1<1<1&AH98H9@&5:,K&$)(EJ@?@F&A974:&2:,*HB9@&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0.!

;<1<6&P4,3:(87?B(E&Q)5,:K(9?,)&G4:C?B4@&RPQGS&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&01!

;<1<T&#?@@4K?)(9?,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0T!

;<1<T<0&%,,:*?)(9?,)UQ)5,:K(9?,)&>449?)3@&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0T!

;<1<T<.&M74&AGA%%&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0T!

;<1<T<1&DE4B9:,)?B&#?@@4K?)(9?,)&M,,E@&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0V!

;<1<T<6&%,)9(B9&L?97&>4*?(&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0I!

;<1<T<T&G,B?(E&>4*?(&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&./!

!"E"#?1./94/#F5/<#&?G)#G;92H390/;0@#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#6C!

#

!"-#$./01234/51.#

&

Q)5,:K(9?,)&?@&974&:4@HE9&,5&8:,B4@@?)3W&7()*E?)3&()*&,:3()?X?)3&*(9(&9,&34)4:(94&(&

K,*?5?B(9?,)&RYH()9?9(9?C4EJ&,:&YH(E?9(9?C4EJS&?)&974&-),LE4*34&,5&974&@J@94K&97(9&L?EE&

:4B4?C4&?9&R@44&;?3H:4&;<0S<&'HK()?9(:?()&Q)5,:K(9?,)&>()(34K4)9&RQ>S&?@&974&@J@94K(9?B&

8:(B9?B4&,5&B,EE4B9?)3W&8:,B4@@?)3W&()(EJX?)3&()*&*?@@4K?)(9?)3&*(9(&()*&?)5,:K(9?,)&?)&

@H88,:9&,5&7HK()?9(:?()&:4@8,)@4<&M74&8H:8,@4&,5&Q>&?)&7HK()?9(:?()&(B9?,)&?@&*4B?@?,)&

@H88,:9<&M74&*?@@4K?)(9?,)&,5&9?K4EJ&()*&:4E?(+E4&*(9(&()*&?)5,:K(9?,)&9,&7HK()?9(:?()&

@9(-47,E*4:@&?@&4@@4)9?(E&5,:&4554B9?C4&()*&455?B?4)9&7HK()?9(:?()&(B9?,)<&&

&

M74&?K8E4K4)9(9?,)&()*&B,,:*?)(9?,)&,5&(&7HK()?9(:?()&:4@8,)@4&:4YH?:4@&(BB4@@&9,&974&

K,@9&:4E?(+E4W&H8=9,=*(94&()*&(BBH:(94&?)5,:K(9?,)&(C(?E(+E4<&#4B?@?,)&K(-4:@&)44*&9,&-),L&

L7,&7(@&+44)&(554B94*W&L?97&B,)@?*4:(9?,)&9,&34)*4:&()*&(34W&L7(9&974&)44*@&(:4&()*&7,L&

7HK()?9(:?()&(B9,:@&(:4&:4@8,)*?)3&?)&,:*4:&9,&*4C4E,8&(&@9:(943J&97(9&L?EE&*?:4B9&:4@,H:B4@&

9,&(**:4@@&8:?,:?9J&)44*@&()*&3(8@W&()*&K?9?3(94&:?@-@<&

&

&

Page 163: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&.6& %7(894:&;&

!"#"$%&#'()('#"*+&$

!"#"$,&-'(.#"&-%&/$

!"#"$0+&#'1#,"2%3"*+&$

4"0#5$)6+#+5$&,78'(5$

+8.'(9"*+&5$'#0:$

;&-'(.#"&-%&/$0",.'.$

<))2=%&/$)">'(&.$

!"#$%&'(&)

!"#"$%&#'

*"+#,-./#")

'.0.)

.1/#")

*"+

*+&$

"&-%&/$

%3"*+&$

&

!5:30;#!"-I##*<;#J.1FB;2:;#>A.9854@#

!"6#$.71089/51.#(9.9:;8;./#5.#/<;#=%>)?#(5@@51.#?A4B;#

M74&9J8?B(E&K?@@?,)&BJBE4&:4@9@&,)&(&-),LE4*34&+(@4&()*&B,)B489H(E&5:(K4L,:-W&:454::4*&9,&

(@&(L(:4)4@@W&()*&?)BEH*4@&97:44&?)94::4E(94*&87(@4@F&8:4=K?@@?,)W&,)=K?@@?,)&(B9?C?9?4@&()*&

K?@@?,)&4)*<&Q)5,:K(9?,)&K()(34K4)9&?@&(&-4J&()*&*J)(K?B&8:,B4@@&97(9&K(?)9(?)@&974&

@9:HB9H:4&,5&974&!"#$%&K?@@?,)&BJBE4W&?)943:(9?)3&?9@&8(:9@&()*&B,))4B9?)3&?9&L?97&974&

?)94:)(9?,)(E&*?@(@94:&5:(K4L,:-W&(@&*49(?E4*&+4E,L< $@&974&!"#$%&94(K&+H?E*@ 974&

,84:(9?,)(E&8?B9H:4&?9&KH@9&@7(:4&97(9&?)5,:K(9?,)&L?97&974&L?*4:&B,KKH)?9J<&

#H4&9,&4K4:34)BJ&8:48(:4*)4@@&()*&Q>&455,:9@&5:,K&C(:?,H@&4K4:34)BJ&:4@8,)@4&

?)@9?9H9?,)@W&(&BHKHE(9?C4&+,*J&,5&*?@(@94:&-),LE4*34&?@&(C(?E(+E4&9,&!"#$%&K4K+4:@&9,&

@H88,:9&974?:&B(8(B?9J&+H?E*?)3&?)&*?@(@94:&:4@8,)@4<&!"#$%&K4K+4:@W&(@&L4EE&(@&,974:&

7HK()?9(:?()&(B9,:@W&B()&(BB4@@&97?@&-),LE4*34&+(@4&()*&B,)B489H(E&5:(K4L,:-&97:,H37&

L4+@?94@&R4<3<W&Z?:9H(E&AGA%%W&N4E?45[4+W&N4*'HKS&()*&Q)94:=$34)BJ&G9()*?)3&%,KK?9944&

()*&A%'$&*,BHK4)9&B,EE4B9?,)@<&&&

!"6"-#D0;K(5@@51.##

[74)&()&!"#$%&K?@@?,)&?@&(88:,C4*W&()&Q>&455,:9&?@&?)?9?(94*&?)&A%'$&R;%GGW&N43?,)(E&,:&

%,H)9:J&A55?B4S&9,&8:,C?*4&H@45HE&E,3?@9?B&()*&?)5:(@9:HB9H:4&?)5,:K(9?,)&9,&974&!"#$%&94(K<&

Q)&K,@9&B(@4@W&974&!"#$%&94(K&L?EE&:4B4?C4&()&?)?9?(E&*?@(@94:&(@@4@@K4)9&+(@4*&,)&

@4B,)*(:J&*(9(&()(EJ@?@&B(::?4*&,H9&+J&A%'$\@&%,,:*?)(94*&$@@4@@K4)9&GH88,:9&G4B9?,)&

R%$GGS<&M7?@&?)?9?(E&(@@4@@K4)9&L?EE&8:,C?*4&974&94(K&L?97&()&?)?9?(E&?K8:4@@?,)&,5&974&@B,84&

()*&@B(E4&,5&974&4K4:34)BJ&97H@&74E8?)3&974&94(K&8:?,:?9?X4&?9@&(@@4@@K4)9&()*&?)5,:K(9?,)&

3(974:?)3&,84:(9?,)@<&M74&?)?9?(E&?)5,:K(9?,)&8(B-(34&?)BEH*4@&(&:()34&,5&?)5,:K(9?,)&+(@4*&

Page 164: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&1&,5&.6& & & & %7(894:&;&

,)&L7(9&?@&(C(?E(+E4W&974&4K4:34)BJ&B,)94]9&()*&(**?9?,)(E&:?@-&5(B9,:@&?)BEH*?)3&8,94)9?(E&

4)C?:,)K4)9(E&7(X(:*@<&Q9&?@&974&:4@8,)@?+?E?9J&,5&974&!"#$%&94(K&9,&8:,C?*4&H8*(94@&9,&974&

@4B,)*(:J&()(EJ@?@&+(@4*&,)&,+@4:C(9?,)@&()*&?)5,:K(9?,)&3(974:4*&?)&974&4K4:34)BJ&

B,)94]9&*H:?)3&974&5?:@9&*(J@&,5&974&:4@8,)@4W&()*&C4:?5J&974&@4B,)*(:J&*(9(&()(EJ@?@&L?97&?)=

B:?@?@&@4B,)*(:J&()*&8:?K(:J&*(9(&R4<3<W&974&94(K\@&,L)&,+@4:C(9?,)@W&K4*?(&:48,:9@&()*&

,974:&,:3()?X(9?,)@\&?)?9?(E&(@@4@@K4)9@S<&&

#

!"6"6#&.K(5@@51.#)4/5L5/5;@#

&

A)4&,5&974&8:?K(:J&:4@8,)@?+?E?9?4@&,5&974&!"#$%&94(K&?@&9,&(@@?@9&974&P,C4:)K4)9&,5&()&

(554B94*&B,H)9:J&?)&?9@&*4B?@?,)=K(-?)3&97:,H37&974&?*4)9?5?B(9?,)&()*&8:?,:?9?X(9?,)&,5&)44*@&

5,:&?)94:)(9?,)(E&*?@(@94:&:4E?45&(@@?@9()B4<0&M,&(BB,K8E?@7&97(9W&!"#$%&94(K@&KH@9&*4C4E,8&

()&(*4YH(94&()*&455?B?4)9&@9:HB9H:4&()*&5E,L&,5&?)5,:K(9?,)&?)&,:*4:&9,&*?@@4K?)(94&974&

()(EJ@?@&,5&4K4:34)BJ&)44*@&9,&)(9?,)(E&(H97,:?9?4@&()*&,974:&*?@(@94:&:4@8,)*4:@&?)&(&

9?K4EJ&K())4:<&M74&?)5,:K(9?,)&KH@9&+4&@7(:4*&?)&(&5,:K(9&()*&E()3H(34&97(9&?@&H@45HE&5,:&

*4B?@?,)=K(-?)3<&M7?@&?)5,:K(9?,)&@7,HE*&B,)C4J&*49(?E@&(+,H9&974&,84:(9?,)(E&8?B9H:4&

?)BEH*?)3F&974&7HK()?9(:?()&4554B9@&,5&974&4K4:34)BJ^&,84:(9?,)(E&B,)@9:(?)9@^&:4@,H:B4&

)44*@^&(C(?E(+E4&B(8(B?9?4@^&,)3,?)3&:4@8,)@4&(B9?C?9?4@^&*H8E?B(9?,)@&,5&455,:9^&()*&H)K49&

)44*@&R3(8@S<&Q>&?@&BE,@4EJ&:4E(94*&9,&(@@4@@K4)9&R@44&B7(894:&DS&()*&B,,:*?)(9?,)&R@44&

B7(894:&#SW&(@&(&-4J&@H88,:9&8:,C?*4*&?)&974&7HK()?9(:?()&:4@8,)@4&+J&!"#$%&94(K@<&

$9&974&,)@49&,5&974&K?@@?,)W&974&!"#$%&94(K&L?EE&)44*&9,&*494:K?)4&L?97&974&!)?94*&

"(9?,)@&N4@?*4)9&%,,:*?)(9,:U'HK()?9(:?()&%,,:*?)(9,:&RN%U'%S&974&4]94)9&,5&974&94(K\@&

?)5,:K(9?,)&K()(34K4)9&:4@8,)@?+?E?9?4@<&M74@4&:4@8,)@?+?E?9?4@&K(J&?)BEH*4&@,K4&,:&(EE&,5&

974&5,EE,L?)3&9J84@&,5&(B9?C?9?4@F&

&

• G4:C4&(@&974&5,B(E&8,?)9&5,:&(EE&?)5,:K(9?,)&,)&7HK()?9(:?()&(B9?C?9?4@^&*4C4E,8&()*&

K(?)9(?)&(&:4E(9?,)@7?8&L?97&,974:&?)5,:K(9?,)&@,H:B4@&@HB7&(@&974&_,B(E&DK4:34)BJ&

>()(34K4)9&$H97,:?9J&R_D>$SW&Q)94:)(9?,)(E&;4*4:(9?,)&,5&N4*&%:,@@&()*&N4*&

%:4@B4)9&G,B?49?4@&RQ;N%SW&(34)BJ&?)5,:K(9?,)&,55?B4:@&()*&K?E?9(:J&?)5,:K(9?,)&

E?(?@,)&,55?B4:@^&()*&BE(@@?5J&?)5,:K(9?,)&,)&?9@&B:4*?+?E?9J&()*&:4E?(+?E?9J<&

• D@9(+E?@7&:(8?*&()*&4554B9?C4&:48,:9?)3&)49L,:-@W&*4C4E,8&4E4B9:,)?B&B,KKH)?B(9?,)&

@J@94K@&()*&5(B?E?9(94&?)94:)(E&B,KKH)?B(9?,)&@J@94K@<&

• %,K8?E4&()*&K(?)9(?)&()&H8=9,=*(94&8?B9H:4&,5&974&7HK()?9(:?()&@?9H(9?,)&+J&BEH@94:U&

,:3()?X(9?,)U34,3:(87?B&(:4(^&5(B?E?9(94&974&5E,L&,5&?)5,:K(9?,)&9,&()*&5:,K&5?4E*&

,55?B4@^&()*&8:,C?*4&:4(E=9?K4&K,)?9,:?)3&()*&8E,99?)3&,5&7HK()?9(:?()&?)B?*4)9@<&&

• %,EE4B9W&B,EE(94W&()(EJX4&()*&*?@@4K?)(94&?)5,:K(9?,)&:43(:*?)3&974&8E()@W&

,84:(9?,)@W&@9,B-8?E4@W&?)5,:K(9?,)&)44*@&()*&,)3,?)3&:4@,H:B4&)44*@&,5&(@@?@9()B4&

0&M7:,H37&974&K()*(94&,5&974&!)?94*&"(9?,)@&N4@?*4)9&%,,:*?)(9,:U'HK()?9(:?()&%,,:*?)(9,:&RN%U'%SW&()*U,:&'HK()?9(:?()&

%,H)9:J&M4(K&R'%MS&

&

Page 165: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&6&,5&.6& & & & %7(894:&;&

8:,C?*4:@<&

• >,)?9,:&*,),:&B,)9:?+H9?,)@&()*&:4@,H:B4@&8:,C?*4*<&

• D@9(+E?@7&()*&K(?)9(?)&()&,)3,?)3&?)5,:K(9?,)&@J@94KU*(9(+(@4&,)&974&4K4:34)BJ&

9,&@4:C4&(@&974&?)@9?9H9?,)(E&K4K,:J<&

• 2:48(:4&()*&@H+K?9&84:?,*?B&7HK()?9(:?()&@?9H(9?,)&:48,:9@&()*&,974:&:48,:9@&(@&

*4B?*4*&?)&974&2E()&,5&$B9?,)<&

• 2:,C?*4&?)5,:K(9?,)&9,&974&K4*?(&()*&)4L@&(34)B?4@W&K,)?9,:&K4*?(&:48,:9@W&

,:3()?X4&()*&B,)C4)4&8:4@@&B,)54:4)B4@W&()*&E?(?@4&L?97&A%'$&@8,-4@84:@,)@<&

• 2:,C?*4&+:?45?)3@&5,:&@4)?,:=E4C4E&@9(55W&C?@?9?)3&*?3)?9(:?4@&()*&*,),:&K?@@?,)@<&

&

!"6"C#(5@@51.#,.2#

&

A)4&,5&974&-4J&5H)B9?,)@&(9&974&4)*&,5&()&!"#$%&K?@@?,)&?@&(&@HBB4@@5HE&7()*,C4:U9:()@?9?,)&

5,:&()J&?)5,:K(9?,)&97(9&7(@&+44)&B,EE4B94*&*H:?)3&974&*48E,JK4)9<&M74&?)5,:K(9?,)&L?EE&+4&

*4E?C4:4*&9,&974&4)9?9J&97(9&L?EE&B,)9?)H4&9,&@H88,:9&974&:4@8,)@4<&2,94)9?(E&8(:9)4:@&5,:&

7()*,C4:&?)BEH*4&A%'$&?)5,:K(9?,)&K()(34K4)9&,55?B4:@W&974&N4@?*4)9&%,,:*?)(9,:`@&

,55?B4W&974&_D>$&,:&,974:&:4@8,)@?+E4&+,*?4@<&D]84:?4)B4@&5:,K&!"#$%&K?@@?,)@&(:4&

B,)9?)H,H@EJ&B(89H:4*W&8:,B4@@4*&()*&54*&?)9,&974&-),LE4*34&+(@4&R(L(:4)4@@S&4)@H:?)3&

97(9&+4@9&8:(B9?B4@&(:4&K(*4&(C(?E(+E4&5,:&974&3E,+(E&!"#$%&94(K&()*&+4B,K4&8(:9&,5&974&

!"#$%&K497,*,E,3J<&

&

!"C#$.71089/51.#(9.9:;8;./#D014;@@#

&

Q)5,:K(9?,)&K()(34K4)9&+J&974&!"#$%&94(K&?)BEH*4@&974&5,EE,L?)3&@948@F&

&

• *(9(&B,EE4B9?,)&&

• *(9(&8:,B4@@?)3F&B,EE(9?,)&()*&@9:HB9H:?)3&&

• *(9(&4C(EH(9?,)&()*&()(EJ@?@&&

• *?@@4K?)(9?,)&,5&?)5,:K(9?,)&8:,*HB9@&R4<3<W&K(8@W&:48,:9@W&@8:4(*@7449@S&

&

!"C"-#>9/9#?1BB;4/51.#

!

#(9(&B,EE4B9?,)&?@&*45?)4*&(@&974&,)3,?)3&@J@94K(9?B&B,EE4B9?,)&,5&*(9(&RYH()9?9(9?C4&()*U,:&

YH(E?9(9?C4S&)4B4@@(:J&5,:&?*4)9?5J?)3&()*&8:?,:?9?X?)3&)44*@&5,:&*?@(@94:&:4E?45&(@@?@9()B4<&M74&

*(9(&B,EE4B9?,)&8:,B4@@&L?EE&?)C,EC4&(&L?*4&:()34&,5&@,H:B4@<&$BBH:(94&*(9(&B,EE4B9?,)&?@&

4@@4)9?(E&9,&K(?)9(?)?)3&974&?)943:?9J&,5&*?@(@94:&:4@8,)@4<&a,97&974&@4E4B9?,)&,5&(88:,8:?(94&

*(9(&B,EE4B9?,)&?)@9:HK4)9@&R4]?@9?)3W&K,*?5?4*&,:&)4LEJ&*4C4E,84*S&()*&BE4(:EJ&*4E?)4(94*&

?)@9:HB9?,)@&5,:&974?:&B,::4B9&H@4&:4*HB4&974&E?-4E?7,,*&,5&4::,:@&,BBH::?)3<&#?55?BHE9&

,84:(9?,)(E&4)C?:,)K4)9@&B()&K(-4&974&9?K4EJ&B,EE4B9?,)&,5&*(9(&B,K8E?B(94*<&$&+(E()B4&

KH@9&+4&5,H)*&9,&349&974&+4@9&(C(?E(+E4&,84:(9?,)(E&8?B9H:4&?)&(&9?K4EJ&K())4:<&

Page 166: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&T&,5&.6& & & & %7(894:&;&

&

$BBH:(94&()*&9?K4EJ&*(9(&B,EE4B9?,)&E4(*@&9,F&

&

• 2:?,:?9?X(9?,)&,5&)44*@<&

• D55?B?4)9&(EE,B(9?,)&,5&:4@,H:B4@<&

• bH?B-4:&:4@8,)@4&E4(*?)3&9,&8,94)9?(E&E?C4&@(C?)3&?)94:C4)9?,)@<&

• a4994:&:?@-&()(EJ@?@<&

• _?K?94*&*H8E?B(9?,)&?)&:4@8,)@4<&

&

#(9(&?@&BE(@@?5?4*&(@&8:?K(:J&,:&@4B,)*(:J&?)&(BB,:*()B4&L?97&974&@,H:B4F&

&

• D05890A#29/9F&*(9(&,+@4:C4*&,:&B,EE4B94*&*?:4B9EJ&5:,K&5?:@9=7()*&4]84:?4)B4<&&

• M;41.290A#29/9F&8H+E?@74*&*(9(W&*(9(&B,EE4B94*&?)&974&8(@9&()*&*(9(&B,EE4B94*&*H:?)3&

974&B:?@?@&+J&,974:&8(:9?4@<&&

&

$@&),94*&(+,C4W&974&?)?9?(E&*(9(&B,EE4B9?,)&+43?)@&4C4)&+45,:4&*48E,JK4)9&97:,H37&974&H@4&

,5&@4B,)*(:J&*(9(&@,H:B4@&()*&?@&@H88,:94*&?)&974&8:4=K?@@?,)&87(@4&+J&%$GG&()*&;%GG<&;,:&

5H:974:&?)5,:K(9?,)&,)&B,EE4B9?)3&8:?K(:J&()*&@4B,)*(:J&*(9(W&@44&B7(894:&D<&&

&

A)B4&B,EE4B94*W&*(9(&KH@9&+4&(@@4@@4*&5,:&:4E?(+?E?9JW&B:4*?+?E?9JW&@H?9(+?E?9J&()*&(*4YH(BJ<&&

#

';B59N5B5/A#9.2#40;25N5B5/A#17#29/9#

M74&5,EE,L?)3&@J@94K&5,:&(@@4@@?)3&*(9(&:4E?(+?E?9J&()*&B:4*?+?E?9J&L(@&*4C4E,84*&+J&974&

K?E?9(:J&()*&?@&L?*4EJ&H@4*&+J&(:K4*&5,:B4@&()*&E(L=4)5,:B4K4)9&(34)B?4@&(:,H)*&974&

L,:E*W&(@&L4EE&(@&7HK()?9(:?()&:4@8,)*4:@&@HB7&(@&Q;N%\@&;?4E*&$@@4@@K4)9&()*&%,,:*?)(9?,)&

M4(K&R;$%MS<&!"#$%&K4K+4:@&@7,HE*&H@4&97?@&@J@94K&(@&(&9,,E&L74)&8:,B4@@?)3&

?)5,:K(9?,)<&

&

M74&@J@94K&?*4)9?5?4@&974&:4E?(+?E?9J&,5&974&@,H:B4&8:,C?*?)3&974&?)5,:K(9?,)&()*&974)W&

@48(:(94EJW&974&B:4*?+?E?9J&,5&974&?)5,:K(9?,)&+4?)3&8:,C?*4*<&aJ&B,)@?@94)9EJ&(88EJ?)3&97?@&

(88:,(B7W&94(K&K4K+4:@&B()&4C(EH(94&974&@?3)?5?B()B4&,5&:48,:9@&:4B4?C4*&L?97&@,K4&

*43:44&,5&B,)5?*4)B4<&

&

';B59N5B5/A#17#@1304;# ?0;25N5B5/A#17#5.71089/51.#

$<&%,K8E494EJ&:4E?(+E4& 0<&%,)5?:K4*&+J&,974:&@,H:B4@&

a<&!@H(EEJ&:4E?(+E4& .<&2:,+(+EJ&9:H4&

%<&;(?:EJ&:4E?(+E4& 1<&2,@@?+EJ&9:H4&

#<&",9&H@H(EEJ&:4E?(+E4& 6<&#,H+95HE&

D<&!):4E?(+E4& T<&QK8:,+(+E4&

;<&N4E?(+?E?9J&B()),9&+4&cH*34*& d<&M:H97&B()),9&+4&cH*34*&

Page 167: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&d&,5&.6& & & & %7(894:&;&

#

M1304;#0;B59N5B5/A#09/5.:@#

'9/5.:# >;@405O/51.#

$& ?18OB;/;BA#0;B59NB;&:454:@&9,&(&9:?4*&()*&94@94*&@,H:B4&97(9&K(J&+4&*484)*4*&

H8,)&L?97&B,)5?*4)B4<&M74@4&(:4&4]9:4K4EJ&:(:4&()*&@7,HE*&+4&-489&5,:&@84B?(E&

,BB(@?,)@<&

a& =@39BBA#0;B59NB;&:454:@&9,&(&@,H:B4&97(9&7(@&+44)&@HBB4@@5HE&?)&974&8(@9&+H9&5,:&

L7?B7&974:4&?@&@9?EE&@,K4&4E4K4)9&,5&*,H+9&?)&(&8(:9?BHE(:&B(@4<&M7?@&@7,HE*&+4&

H@4*&5,:&@,H:B4@&,5&-),L)&?)943:?9J&@HB7&(@&!)?94*&"(9?,)@&(34)B?4@W&K?E?9(:J&

4)9?9?4@W&@,K4&K(c,:&"PA@W&49B<&&

%& !950BA#0;B59NB;&:454:@&9,&(&@,H:B4&97(9&7(@&,BB(@?,)(EEJ&+44)&H@4*&?)&974&8(@9&

()*&H8,)&L7?B7&@,K4&*43:44&,5&B,)5?*4)B4&K(J&+4&+(@4*<&G,K4&8:4@@&@,H:B4@&

()*&"PA@&B,HE*&5?9&?)&74:4<&

#& %1/#3@39BBA#0;B59NB;&:454:@&9,&(&@,H:B4&97(9&7(@&+44)&H@4*&?)&974&8(@9&+H9&7(@&

8:,C4*&K,:4&,594)&97()&),9&9,&+4&H):4E?(+E4<&G,K4&8:4@@&@,H:B4@&()*&"PA@&

B,HE*&5?9&?)&74:4<&

D& =.0;B59NB;&:454:@&9,&(&@,H:B4&97(9&7(@&+44)&H@4*&?)&974&8(@9&()*&7(@&+44)&

8:,C4)&H)L,:97J&,5&()J&B,)5?*4)B4<&

;& ';B59N5B5/A#49..1/#N;#P32:;2&:454:@&9,&(&@,H:B4&97(9&7(@&),9&+44)&H@4*&?)&974&

8(@9<&

&

Page 168: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&V&,5&.6& & & & %7(894:&;&

$.71089/51.#40;25N5B5/A#09/5.:@&

'9/5.:# >;@405O/51.#

0& ?1.7508;2#NA#1/<;0#@1304;@&?@&(88E?B(+E4&L74)&(&@,H:B4&*?554:4)9&97()&974&

,:?3?)(EEJ&:48,:9?)3&,)4&B,)5?:K@&974&?)5,:K(9?,)&?)*484)*4)9EJ&,5&974&5?:@9&

@,H:B4<&

.& D01N9NBA#/03;#?)*?B(94@&B,)5?:K(9?,)&,5&4@@4)9?(E&8(:9@&,5&:48,:94*&?)5,:K(9?,)&

+J&(),974:&@,H:B4<&$4:?(E&?K(34:J&?@&?)BEH*4*&?)&97?@&B(943,:J<&

1& D1@@5NBA#/03;&K4()@&97(9&?)C4@9?3(9?,)&,5&(&:48,:94*&5(B9&,:&(B9?,)&7(@&:4C4(E4*&

),&5H:974:&?)5,:K(9?,)W&7,L4C4:&974&?)5,:K(9?,)&?@&B,K8(9?+E4&L?97&8:4C?,H@&

(B9?,)@&,:&+(B-3:,H)*&?)5,:K(9?,)&(C(?E(+E4<#

6& >13N/73B&?@&(88E?B(+E4&9,&()&?94K&,5&?)5,:K(9?,)&?5&?9&94)*@&9,&B,)5E?B9&L?97&

8:4C?,H@EJ&:48,:94*&()*&C(E?*(94*&?)5,:K(9?,)<#

T& $8O01N9NB;&?@&(88E?B(+E4&?5&()&?94K&,5&?)5,:K(9?,)&B,)9:(*?B9@&8:4C?,H@EJ&

:48,:94*&()*&C(E?*(94*&?)5,:K(9?,)<#

d& *03/<#49..1/#N;#P32:;2&?@&(88E?B(+E4&?5&()J&5:4@7EJ&:48,:94*&?94K&,5&

?)5,:K(9?,)&B()),9&+4&B,K8(:4*&L?97&?)5,:K(9?,)&5:,K&()J&,974:&@,H:B4<&Q9&?@&

H@4*&L74)&0=T&B()),9&+4&(88E?4*<&Q9&?@&8:454::4*&9,&H@4&(&:(9?)3&,5&d&:(974:&

97()&()&?)(BBH:(94&0=T&:(9?)3<#

&

M74&@B(E4@&(:4&),9&8:,3:4@@?C4&*43:44@&,5&(BBH:(BJ&()*&(:4&?)94)*4*&,)EJ&9,&74E8&5,:K(E?X4&

974&B:4*?+?E?9J&,5&?)5,:K(9?,)&:4B4?C4*<&M74&@J@94K&?@&),9&5,,E8:,,5<&M74&E4994:@&()*&

)HK4:(E@&(:4&?)*484)*4)9&,5&4(B7&,974:&()*&3?C4&()&,C4:(EE&4C(EH(9?,)&,5&974&?)5,:K(9?,)<&

;,:&4](K8E4W&(&@,H:B4&-),L)&9,&+4&H):4E?(+E4&RDS&K?379&8:,C?*4&(BBH:(94&?)5,:K(9?,)&97(9&?@&

B,)5?:K4*&+J&,974:&@,H:B4@&()*&974:45,:4&3?C4)&974&:(9?)3&,5&D0<&$**?9?,)(EEJW&(&:48,:9&

4C(EH(94*&(@&;d&K(J&+4&9,9(EEJ&(BBH:(94&()*&@7,HE*&),9&+4&:,H9?)4EJ&*?@:43(:*4*<&

#

M35/9N5B5/A#17#29/9#

M74&*(9(&97(9&?@&@H?9(+E4&5,:&,)4&?)YH?:J&K(J&),9&)4B4@@(:?EJ&+4&@H?9(+E4&5,:&(),974:<&M74&

?)C4@9?3(9,:&KH@9&C4:J&B(:45HEEJ&@B:H9?)?X4&974&*45?)?9?,)&,5&C(:?,H@&H)?9@&()*&94:K@&,5&

B,EE4B9?,)&H@4*&(9&974&9?K4&,5&B,EE4B9?)3&974&*(9(&5:,K&974&8:?K(:J&@,H:B4&,:?3?)(EEJ<&

G?K?E(:EJ&974&,+c4B9?C4W&@B,84&()*&)(9H:4&,5&()&,:?3?)(E&?)YH?:J&KH@9&(E@,&+4&@9H*?4*<&Q5&974&

?)C4@9?3(9,:&5?)*@&*?554:4)B4@W&974&*(9(&L?EE&:4K(?)&H)@H?9(+E4&5,:&974&8:4@4)9&?)YH?:J&()*&

@7,HE*&),9&+4&H@4*<&

&

)2;H394A#17#/<;#29/9#

Q5&974&E4C4E&,5&(BBH:(BJ&(B7?4C4*&?)&*(9(&?@&5,H)*&9,&+4&?)(*4YH(94&5,:&974&8H:8,@4&,5&974&

8:4@4)9&?)YH?:JW&974J&L?EE&+4&B,)@?*4:4*&(@&?)(*4YH(94&()*&@7,HE*&),9&+4&H@4*&+J&974&

?)C4@9?3(9,:<&M74&*(9(&L?EE&(E@,&+4&B,)@?*4:4*&?)(*4YH(94&?5&974J&(:4&:4E(94*&9,&(&@B,84&97(9&

K(J&+4&4?974:&)(::,L4:&,:&L?*4:&97()&974&(:4(&,5&974&8:4@4)9&?)YH?:J<&

&

Page 169: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&I&,5&.6& & & & %7(894:&;&

!"C"6#D014;@@5.:I#?1BB9/5.:#9.2#M/034/305.:#

&

Z(EH(+E4&?)5,:K(9?,)&B()&B,K4&5:,K&(&L?*4&:()34&,5&@,H:B4@&()*&974&!"#$%&94(K&L?EE&)44*&

9,&B(89H:4&97(9&?)5,:K(9?,)&()*&8H9&974&*(9(&?)9,&(&@9:HB9H:4*&5,:K(9&@,&97(9&?9&B()&+4&

()(EJX4*<&M74&*(9(&C(EH4@&KH@9&+4&B,K8(:(+E4&9,&(EE,L&5,:&K4()?)35HE&()(EJ@?@<&M7?@&?@&974&

8:,B4@@&,5&B,EE(9?,)<&Q9`@&?K8,:9()9&9,&K()(34&974&5?E4@&B:4(94*&*H:?)3&97?@&8:,B4@@&?)&()&

455?B?4)9&()*&8:4*?B9(+E4&L(J&9,&K?9?3(94&974&:?@-&,5&B,)5E?B9?)3&,:&?)B,K8E494&*(9(@49@&+4?)3&

@7(:4*<&a4B(H@4&4(B7&*(J&L?EE&+:?)3&)4L&?)5,:K(9?,)&97(9&)44*@&9,&+H?E*&,)&4]?@9?)3&

*(9(@49@W&(&8E()&9,&K()(34&974&5?E4@&()*&-448&974K&H8*(94*&)44*@&9,&+4&4@9(+E?@74*&(9&974&

@9(:9&,5&974&K?@@?,)<&M74&94(K&L?EE&)44*&9,&K(?)9(?)&(&B,)@?@94)9W&+(B-4*&H8&*(9(@49&

+4B(H@4&?9&L?EE&@4:C4&(@&974&5,H)*(9?,)&5,:&974&)4]9&@948@&?)&974&Q>&BJBE4<&&&

!

!"C"C#).9BA@5@#9.2#,L9B39/51.#

&

M74&@9:HB9H:4*&*(9(&B()&),L&+4&()(EJX4*&9,&*:(L&B,)BEH@?,)@&97(9&?)5,:K&(&@9:(943?B&

:4@8,)@4<&M7,:,H37&()(EJ@?@&,5&974&?)5,:K(9?,)&3(974:4*&?@&(&B:?9?B(E&@948&?)&974&?)5,:K(9?,)&

K()(34K4)9&8:,B4@@<&M74&!"#$%&94(K&@7,HE*&+4&B(:45HE&9,&:4B,:*&()*&:48,:9&974&5(B9H(E&

?)5,:K(9?,)&(@&,+c4B9?C4EJ&(@&8,@@?+E4<&Q)&84:5,:K?)3&974&()(EJ@?@W&974&?)5,:K(9?,)&7(@&9,&+4&

E?)-4*&9,&974&B,H)9:J=@84B?5?B&@?9H(9?,)&@HB7&(@&*?@(@94:&7?@9,:JW&9:(*?9?,)(E&B,8?)3&

K4B7()?@K@W&34)*4:&:,E4@&?)&@,B?49JW&49B<&M74&!"#$%&94(K&@7,HE*&9:J&9,&*494B9&()*&

:4B,3)?X4&9:4)*@&()*&?)*?B(9,:@&,5&8:,+E4K@W&()*&9,&E?)-&974&?)5,:K(9?,)&9,&

:4B,KK4)*(9?,)@&5,:&(B9?,)&9,&+4&9(-4)<&M7?@&?@&L74:4&974&-),LE4*34&()*&4]84:9?@4&,5&974&

!"#$%&94(KW&B,K+?)4*&L?97&974&@?9H(9?,)(E&(L(:4)4@@W&E4(*@&9,&4554B9?C4&*4B?@?,)&@H88,:9<&

M74&BHKHE(9?C4&+,*J&,5&*?@(@94:&-),LE4*34&(C(?E(+E4&9,&!"#$%&K4K+4:@&R(L(:4)4@@S&?@&(&

5H)*(K4)9(E&9,,E&97(9&(EE,L@&974&!"#$%&94(K&9,&(BB,K8E?@7&974&*(9(&()(EJ@?@<&

&

!"C"C"-#&3/O3/@#7018#).9BA@5@I#&L;0L5;F##

&

M74&()(EJ@?@&97(9&?@&H)*4:9(-4)&?@&,594)&:48:4@4)94*&?)&974&5,:K&,5&C(:?,H@&8:,*HB9@<&M74&

B:4(9?,)&,5&974&8:,*HB9@&(EE,L@&974&94(K&9,&*4C4E,8&C?@H(E?X(9?,)@&,5&974&()(EJ@?@<&M74&

K()?8HE(9?,)&()*&C?@H(E&:48:4@4)9(9?,)&,5&974&*(9(&(EE,L@&974&94(K&*:(L&B,)BEH@?,)@&(+,H9&

974&8:?,:?9J&7HK()?9(:?()&)44*@&()*&3(8@&?)&974&:4@8,)@4<&A)B4&*4C4E,84*&?)9,&(&8:,*HB9W&?9&

B()&+4&@7(:4*&L?97&(&L?*4:&(H*?4)B4&5,:&5H:974:&B,)@?*4:(9?,)<&M74&L?*4:&B,KKH)?9J&B()&

74E8&9,&5?EE&974&?)5,:K(9?,)&3(8@&()*&B,)5?:KUB,)94@9&974&B,)BEH@?,)@&97(9&(:4&*:(L)<&M7?@&?@&

(&B:?9?B(E&@948&?)&*4C4E,8?)3&()&(3:44*&8E()&,5&(B9?,)&(K,)3@9&974&B,KKH)?9J<&

&

M74:4&?@&(&+:,(*&:()34&,5&8:,*HB9@&97(9&B()&+4&*4C4E,84*&?)&(&:4@8,)@4&,84:(9?,)<&M74&9J84@&

,5&8:,*HB9@&*4C4E,84*&L?EE&+4&*484)*4)9&,)&974?:&@H?9(+?E?9J&5,:&974&4K4:34)BJ&()*&974&

:4@,H:B4@&(C(?E(+E4&5,:&8:,*HB9&*4C4E,8K4)9<&A)4&,5&974&-4J&5H)B9?,)@&,5&974&!"#$%&94(K&

K(J&+4&9,&8:,C?*4&?)8H9@&?)9,&,974:&7HK()?9(:?()&8:,*HB9@&97(9&(:4&8(:9&,5&974&

7HK()?9(:?()&8:,3:(KK4&BJBE4&R@44&B7(894:&$S<&DC4)&?)&97?@&B(@4W&?9&?@&4@@4)9?(E&9,&*4E?C4:&

Page 170: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&O&,5&.6& & & & %7(894:&;&

()(EJ9?B&?)5,:K(9?,)&?)&(&5,:K(9&97(9&B,)9:?+H94@&9,&974@4&8:,*HB9@<&&

&

G?)B4&./00W&!"#$%&K?@@?,)@&7(C4&+44)&4]84B94*&9,&B,)9:?+H94&9,&974&G?9H(9?,)(E&$)(EJ@?@&

RG$SW&?@@H4*&?*4(EEJ&V.&7,H:@&(594:&974&*?@(@94:\@&,)@49&R()*&H8*(94*&(@&:4YH?:4*&()*&8,@@?+E4&

?)&974&5,EE,L?)3&*(J@SW&()*&(&>QN$&N48,:9&R>HE9?=G4B9,:U%EH@94:&Q)?9?(E&N(8?*&$@@4@@K4)9SW&

:4E4(@4*&?)&974&5,EE,L?)3&*(J@<&;,:&?)5,:K(9?,)&,)&*4C4E,8?)3&974@4&8:,*HB9@W&@44&B7(894:&D<&

&&

!"C"C"6#&3/O3/@#7018#).9BA@5@I#*<;#=%>)?#M5/39/51.#';O10/##

&

$./01234/51.#

!"#$%&94(K@&(:4&,594)&(K,)3&974&5?:@9&?)94:)(9?,)(E&:4@8,)*4:@&9,&(::?C4&?)&()&(554B94*&

B,H)9:J<&P?C4)&97?@W&!"#$%&K4K+4:@&(:4&4]84B94*&9,&+4&(+E4&9,&YH?B-EJ&*4C4E,8&()*&@7(:4&

?)5,:K(E&()*&@4K?=5,:K(E&@?9H(9?,)&:48,:9@&R@,K49?K4@&B(EE4*&@?9:48@S<&[7?E4&974@4&L?EE&C(:J&

?)&@B,84W&974J&@4:C4&(@&(&8:?K(:J&K4()@&5,:&974&!"#$%&94(K&9,&B,KKH)?B(94&?)5,:K(9?,)&

+(B-&9,&;%GG&,:&?)=B,H)9:J&R4<3<W&9,&974&A%'$&'4(*&,5&A55?B4S<&Q)&K()J&B(@4@W&!"#$%&

@?9H(9?,)&:48,:9@&L?EE&?)5,:K&974&A%'$&G?9H(9?,)&N48,:9<&&$&7?37&*43:44&,5&8:,B4@@W&

8:,54@@?,)(E?@K&()*&(BBH:(BJ&KH@9&974:45,:4&+4&(88E?4*&9,&974?:&8:,*HB9?,)<&&

&

?1./;Q/#

A%'$&*45?)4@&(&@?9H(9?,)&:48,:9&(@&(&e+:?45&,84:(9?,)(E&*,BHK4)9&?)94)*4*&9,&@H88,:9&

B,,:*?)(9?,)&?)&()&(BH94&B:?@?@<f&M74&A%'$&G?9H(9?,)&N48,:9&(?K@&9,&8:,C?*4&(&5(B9H(E&()*&

)4H9:(E&(BB,H)9&,5&BH::4)9&)44*@W&:4@8,)@4&455,:9@W&3(8@W&()(EJ@?@&()*&9:4)*@<&Q9&?@&?@@H4*&

L?97?)&.6&7,H:@&,5&974&,)@49&,5&(&K(c,:&B:?@?@W&,:&H8,)&*494:?,:(9?,)&,5&()&,)3,?)3&

4K4:34)BJ<&Q)&@,K4&B(@4@&?9&L?EE&+4&?@@H4*&5,:&()&?K84)*?)3&@?9H(9?,)&R4<3<W&(&9J87,,)&

(88:,(B7?)3&E()*5(EES<&Q5&?)5,:K(9?,)&9,&@H88,:9&(&5HEE&G?9H(9?,)&N48,:9&?@&),9&(C(?E(+E4W&A%'$&

B()&?@@H4&(&;E(@7&!8*(94&g&(&@7,:9&+HEE49?)&97(9&8:,C?*4@&974&K(?)&5(B9@W&BH::4)9&:4@8,)@4&

()*&5H9H:4&4]84B9(9?,)@&L74)&974&?K8(B9&()*&@B(E4&,5&()&?)B?*4)9&(:4&H)-),L)<&M74&A%'$&

'4(*&,5&A55?B4W&?)&B,)@HE9(9?,)&L?97&974&N%W&*4B?*4@&L7?B7&8:,*HB9&L?EE&+4&?@@H4*<&&

&

M74&B,)94)9@&,5&974&G?9H(9?,)&N48,:9&*?:4B9EJ&?)5EH4)B4&(*C,B(BJ&()*&:4@8,)@4&8E())?)3<&$@&

@HB7W&,)EJ&,)4&A%'$&G?9H(9?,)&N48,:9&?@&?@@H4*&(9&(&9?K4&()*&?9&5(EE@&H)*4:&974&(H97,:?9J&()*&

,L)4:@7?8&,5&974&'4(*&,5&A55?B4&5,:&974&(554B94*&B,H)9:J&R()*&?)&974?:&(+@4)B4W&974&N%U'%S<&

M74&:48,:9@&(:4&34)4:(EEJ&L:?994)&?)=B,H)9:J&+J&()&A%'$&'HK()?9(:?()&$55(?:@&A55?B4:&,:&

2H+E?B&Q)5,:K(9?,)&A55?B4:W&@H88,:94*&+J&()&Q)5,:K(9?,)&>()(34K4)9&A55?B4:<&Q)&E(:34:&

4K4:34)B?4@W&(&L7,E4&,5&,55?B4&(88:,(B7&K(J&+4&9(-4)&()*&()&4)9?:4&94(K&(@@?3)4*&9,&

:48,:9?)3<&!"#$%&K4K+4:@&K(J&+4&(@@?3)4*&9,&97?@&94(K<&&

&

N43(:*E4@@&,5&L7,&(H97,:@&974&A%'$&G?9H(9?,)&N48,:9&?)=B,H)9:JW&974J&L?EE&L,:-&BE,@4EJ&L?97&

A%'$\@&%,,:*?)(9?,)&()*&N4@8,)@4&#?C?@?,)&R%N#S<&A)B4&B,K8E494W&974&:48,:9&?@&?@@H4*&+J&

974&'4(*&,5&A55?B4W&34)4:(EEJ&?)&B,)@HE9(9?,)&L?97&974&N%<&;,:&_4C4E&1&DK4:34)B?4@&R@44&

@4B9?,)&$<T<.SW&974&%N#&*4@-&,55?B4:&L?EE&@H88E4K4)9&974&*:(59&G?9H(9?,)&N48,:9&()*&5,:L(:*&

Page 171: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0/&,5&.6& & & & %7(894:&;&

?9&5,:&(88:,C(E&+J&974&#?:4B9,:W&%N#<&&

&

A%'$&G?9H(9?,)&N48,:9@&(:4&*?@9:?+H94*&L?*4EJ&()*&@7(:?)3&?@&4)B,H:(34*<&M74&8:?K(:J&

(H*?4)B4@&?)BEH*4&7HK()?9(:?()&(B9,:@&R+,97&?)@?*4&()*&,H9@?*4&974&(554B94*&B,H)9:JSW&

*,),:@W&A%'$&@9(55W&P,C4:)K4)9@W&B?C?E&@,B?49J&,:3()?X(9?,)@W&974&8:?C(94&@4B9,:&()*&974&

K4*?(<&M74&A%'$&G?9H(9?,)&N48,:9&?@&(EL(J@&8H+E?@74*&,)&(&@9()*(:*&94K8E(94&97(9&?)BEH*4@&

B,)9(B9&?)5,:K(9?,)&5,:&974&?@@H?)3&(H97,:?9J<&&

&

=%>)?#@5/39/51.#0;O10/@##

$@&@9(94*&(+,C4W&!"#$%&@?9H(9?,)&:48,:9@&?)5,:K&*4B?@?,)=K(-?)3&g&,594)&97:,H37&974&

A%'$&G?9H(9?,)&N48,:9<&Q)&@,K4&B(@4@W&!"#$%&:48,:9@&L?EE&+4&B,KKH)?B(94*&C4:+(EEJ&9,&

;%GG&,:&974&'4(*&,5&A55?B4&H8,)&(::?C(E&?)&(&B,H)9:J<&$E94:)(9?C4EJW&(&YH?B-&:48,:9&K(J&+4&

3?C4)&,)&974&Z?:9H(E&AGA%%<&Q)&3?C?)3&?)?9?(E&:48,:9@W&4C4)&974&K,@9&+(@?B&?)5,:K(9?,)&B()&+4&

74E85HE<&;,:&4](K8E4W&974&(::?C(E&,5&974&!"#$%&94(KW&@9(9H@&,5&974&(?:8,:9W&*(K(34@&

C?@H(E?X4*&L7?E4&5EJ?)3&,C4:&974&(554B94*&(:4(W&?)5,:K(9?,)&,+9(?)4*&5:,K&?)?9?(E&?)94:(B9?,)@&

L?97&E,B(E&,55?B?(E@&()*&-4J&(B9?,)@&+4?)3&9(-4)&+J&974&94(K&R4<3<W&4@9(+E?@7?)3&(&N4B489?,)&

#48(:9H:4&%4)9:4S<&A)B4&4@9(+E?@74*W&974&94(K&@7,HE*&4)*4(C,H:&9,&?@@H4&(&K,:4&5,:K(E&

@?9H(9?,)&:48,:9W&5,EE,L?)3&B,)@HE9(9?,)&L?97&974&'4(*&,5&A55?B4<&&

&

$&9J8?B(E&!"#$%&L:?994)&@?9H(9?,)&:48,:9&@7,HE*&?)BEH*4&974&5,EE,L?)3&@4B9?,)@F&&

&

• GHKK(:J&R7?37E?379@&()*&-4J&?@@H4@S<&

• G?9H(9?,)&R34)4:(E&*4@B:?89?,)&,5&974&@?9H(9?,)W&:4@8,)@4&()*&:4B4)9&?)B?*4)9@S<&

• %,,:*?)(9?,)&,C4:C?4L&

= AC4:(EE&B,,:*?)(9?,)&K4B7()?@K@&?)&8E(B4W&+,97&)(9?,)(E&()*&?)94:)(9?,)(E<&

= GHKK(:J&,5&K449?)3&9?K4@&()*&5:4YH4)BJ<&

= %,)@9:(?)9@&?)&B,,:*?)(9?,)<&

• A84:(9?,)(E&B,)@?*4:(9?,)@&

= N4E?45&4)9:J&8,?)9<&

= _,3?@9?B(E&B,)@9:(?)9@&?)&:4E?45&*4E?C4:J<&

= N4E?45&*4E?C4:J&?@@H4@&R4<3<W&BH@9,K@&?)5,:K(9?,)S<&

= G84B?(E&(*K?)?@9:(9?C4&B,)B4:)@<&

= G4BH:?9J&?@@H4@<&

• !:+()&G4(:B7&()*&N4@BH4&R!G$NS&(B9?C?9?4@&R,)EJ&(88E?B(+E4&?)&!G$N&87(@4S&

= "HK+4:&,5&94(K@W&)(K4&()*&@4)*?)3&(:4(UB,H)9:J<&

= #?554:4)9?(9?,)&+49L44)&)(9?,)(E&()*&?)94:)(9?,)(E&:4@8,)@4<&

= $:4(@&B,C4:4*U),9&B,C4:4*<&

• %EH@94:&,C4:C?4L&

= _?@9&,5&,84:(9?,)&BEH@94:@<&

= AC4:C?4L&,5&B,,:*?)(9?,)&L?97?)&BEH@94:@<&

Page 172: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&00&,5&.6& & & & %7(894:&;&

= G84B?5?B&*49(?E@&5,:&4(B7&,84:(9?,)(E&BEH@94:&H)*4:&)4L&74(*?)3@<&

= %E4(:EJ&?*4)9?5?4*&)(9?,)(E&:4@8,)@4&?)&4(B7&BEH@94:<&

= _?@9&,5&:4E?45&8:,C?*4*&,:&?)&974&8?84E?)4&5,:&4(B7&BEH@94:<&

• "(9?,)(E&:4@8,)@4&

= A974:&)(9?,)(E&:4@8,)@4&),9&B,C4:4*&?)&974&BEH@94:&@4B9?,)<&

• a?=E(94:(E&:4@8,)@4&

= Q)=-?)*&B,)9:?+H9?,)@<&

= %(@7&B,)9:?+H9?,)@<&

• A974:&

= A974:&?@@H4@&,5&?)94:4@9&),9&(88E?B(+E4&?)&974&(+,C4=K4)9?,)4*&74(*?)3@<&

= P4)4:(E&B,)94]9&,5&974&@?9H(9?,)<&

= $99(B74*&K(8@&()*&E?@9@&L74:4&(88E?B(+E4W&,:&?)BEH*4*&?)&974&:48,:9&?9@4E5<&

&

R05/5.:#@5/39/51.#0;O10/@#

!"#$%&:48,:9&B,)94)9&B()&+4&34)4:(94*&5:,K&(&C(:?49J&,5&@,H:B4@<&Q)&974&?)?9?(E&87(@4&,5&()&

4K4:34)BJW&97?@&L?EE&34)4:(EEJ&B,)@?@9&,5&,+@4:C(9?,)@&()*&*?@BH@@?,)@&L?97&P,C4:)K4)9&

,55?B?(E@W&,974:&7HK()?9(:?()&(B9,:@W&(554B94*&8(:9?4@W&974&K4*?(&R:48,:94:@&?)=B,H)9:JS&()*&

C(:?,H@&,974:@<&[74:4&8,@@?+E4W&H@45HE&@,H:B4@&B()&+4&:4YH4@94*&9,&@4:C4&(@&4?974:&()&

?)5,:K(E&:48,:94:&,5&?)5,:K(9?,)&,:&(@&()&,55?B?(E&:48,:9?)3&5,B(E&8,?)9&R4<3<W&5,:&(&BEH@94:S<&&

&

A)B4&4),H37&?)5,:K(9?,)&7(@&+44)&B,EE4B94*&R(@&*?@BH@@4*&(+,C4&?)&@4B9?,)&;<1<0S&L:?9?)3&

+43?)@W&L?97&(&5,BH@&,)&+4?)3&B,)B?@4&()*&5(B9H(E<&G9(94&BE4(:EJ&L7(9&7(@&7(884)4*&?)&974&

:48,:9?)3&84:?,*&()*&7,L&97(9&:4E(94@&9,&974&+:,(*4:&B,)94]9&R4<3<W&e0/&84,8E4&L4:4&:4@BH4*&

*H:?)3&974&:48,:9?)3&84:?,*W&+:?)3?)3&974&9,9(E&:4@BH4*&@?)B4&974&K(?)@7,B-&,5&974&

4(:97YH(-4&9,&6VfS<&[74:4&(C(?E(+E4W&E?)-@&B()&+4&8:,C?*4*&9,&,974:&:48,:9@^&7,L4C4:W&

!"#$%&K4K+4:@&@7,HE*&4)@H:4&97(9&974J&(:4&),9&:48E?B(9?)3&?)5,:K(9?,)&,:&455,:9&:4E(94*&

9,&974&:4C?4L&,5&@4B,)*(:J&*(9(&(E:4(*J&B,)*HB94*<&&

&

$&-4J&5,BH@&,5&!"#$%&:48,:9?)3&@7,HE*&+4&,)&3(8@<&M74@4&B()&+4&7?37E?3794*&?)&974&

@HKK(:J&@4B9?,)&,5&974&:48,:9W&,:&,)&(&BEH@94:&+J&BEH@94:&+(@?@<&;,:&4](K8E4W&5,:&974&[$G'&

BEH@94:&?9&B,HE*&+4&@9(94*&97(9&,5&974&I//W///&84,8E4&L7,&7(*&E,@9&(BB4@@&9,&8,9(+E4&L(94:W&

*4E?C4:?4@&L4:4&+4?)3&K(*4&9,&./W///<&M74&3(8&?)&L(94:&B,C4:(34&?@&974)&VI/W///&84,8E4<&

$E94:)(94EJW&3(8@&K?379&:4E(94&9,&B,,:*?)(9?,)&,:&:48,:9?)3&g&L7(9&3(8@&?)&(@@4@@K4)9&()*&

-),LE4*34&4]?@9&*H:?)3&974&:48,:9?)3&84:?,*h&&

#

M5/39/51.#0;O10/#/;085.1B1:A#

M4:K?),E,3J&,594)&8,@4@&B7(EE4)34@&5,:&@?9H(9?,)&:48,:9&L:?94:@<&M74&5,EE,L?)3&(:4&B,KK,)&

A%'$&:48,:9&94:K@F&&

&

• !""#$%#&F&$EE&84,8E4&?K8(B94*&+J&(&B:?@?@<&

• '#()*#+,-+-##&F&24,8E4&(554B94*&L7,&)44*&(@@?@9()B4<&

Page 173: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0.&,5&.6& & & & %7(894:&;&

• ./01#%#&F&$EE&84,8E4&(&BEH@94:&,:&@4B9,:&?@&9:J?)3&9,&:4(B7&L?97&(@@?@9()B4<&

• 2#/$3#&F&24,8E4&L7,&7(C4&:4B4?C4*&@,K4&5,:K&,5&(@@?@9()B4&5:,K&(&BEH@94:<&

• 4(5#0#&F&24,8E4&L7,&7(C4&:4B4?C4*&4),H37&(@@?@9()B4&9,&B,C4:&974?:&)44*@&5,:&()&

4]94)*4*&84:?,*&,5&9?K4&R(3(?)@9&(&@9()*(:*&@HB7&(@&G874:4S<&

• 6/)F&!)K49&+4)45?B?(:J&)44*&R+4@9&4]8:4@@4*&?)&94:K@&,5&84,8E4&@9?EE&?)&)44*&:(974:&

97()&3,,*@&@9?EE&),9&*4E?C4:4*S<&M74&3(8&?@&*494:K?)4*&+J&974&5,EE,L?)3&4YH(9?,)F&

)44*@&K?)H@&:4@8,)@4&4YH(E@&3(8&R"=NiPS<&

• 4(-7%0/,-%F&$)&?@@H4&97(9&?@&7?)*4:?)3&(&:4@8,)@4&(B9?C?9J&5:,K&9(-?)3&8E(B4<&

&

*5O@#710#F05/5.:#@5/39/51.#0;O10/@&

!"#$%&K4K+4:@&K(J&5?)*&974&5,EE,L?)3&H@45HE&L74)&L:?9?)3&@?9H(9?,)&:48,:9@F&&

&

• N48,:9&(@&@,,)&(@&8,@@?+E4W&()*&(9&E4(@9&*(?EJ<&&

• _?(?@4&L?97&A%'$&:43?,)(E&,55?B4&,:&74(*YH(:94:@&9,&*494:K?)4&974&4@9(+E?@74*&

:48,:9?)3&BJBE4W&?)BEH*?)3&*4(*E?)4@&5,:&!"#$%&@?9H(9?,)&:48,:9@<&&

• #,&),9&*4E(J&(&@?9H(9?,)&:48,:9&+4B(H@4&(&@84B?5?B&8?4B4&,5&?)5,:K(9?,)&?@&E(B-?)3&g&?9&

B()&(EL(J@&+4&?)BEH*4*&?)&974&)4]9&:48,:9<&&

• #,&),9&:484(9&?)5,:K(9?,)&?)BEH*4*&?)&8:4C?,H@&:48,:9@W&H)E4@@&8:,C?*?)3&B,)94]9&

:4E4C()9&9,&974&BH::4)9&?)5,:K(9?,)&R4<3<W&+(@4E?)4&*(9(&,:&BHKHE(9?C4&@9(9?@9?B@S<&&

• a4&@84B?5?B<&[,:*@&@HB7&(@&e*(K(34*f&()*&e(554B94*f&7(C4&E?99E4&K4()?)3&L?97,H9&

:454:4)B4&9,&@B(E4@&,:&B,)94]9<&&

• Q5&),&?)5,:K(9?,)&?@&(C(?E(+E4W&,:&),97?)3&)4L&7(@&,BBH::4*W&@9(94&97?@&R4<3<W&e),97?)3&

9,&:48,:9&5,:&97?@&84:?,*fS<&

• $C,?*&8:4@4)9?)3&,8?)?,)@W&+?(@4@W&@84BHE(9?,)W&49B<&&

• %?94&@,H:B4@&,5&?)5,:K(9?,)&L74:4C4:&8,@@?+E4&R4<3<W&e$BB,:*?)3&9,&!"Q%D;W&I//W///&

84,8E4&:4YH?:4&8,9(+E4&L(94:fS<&&

• $C,?*&4@9?K(9?,)<&Q5&(88E?B(+E4W&@9(94&97(9&?)5,:K(9?,)&?@&4@9?K(94*&R4<3<W&ea(@4*&,)&(&

:(8?*&5EJ,C4:&,5&974&(:4(W&?9&?@&4@9?K(94*&97(9&H8&9,&VTj<<<fS<&&&

• $C,?*&:4E(9?C4&94:K@W&@HB7&(@&e7?37fW&eE,LfW&e+(*fW&49B<&Q)@94(*W&H@4&@84B?5?B&

*4@B:?89?,)@&R4<3<W&e!"'%N&:48,:9@&97(9&.TW1/.&,5&974&1/W///&84,8E4&4@9?K(94*&9,&

7(C4&+44)&*?@8E(B4*&(:4&),L&?)&B(K8@fS<&&

&

!"C"C"C#&3/O3/@#7018#).9BA@5@I#&/<;0#D01234/@##

&

$&L?*4&(::(J&,5&,974:&Q>&8:,*HB9@&B()&4K4:34&5:,K&974&!"#$%&K?@@?,)&()*&B()&+4&

*?@@4K?)(94*&9,&*?@(@94:&:4@8,)@4&@9(-47,E*4:@&()*&7HK()?9(:?()&)49L,:-@<&Q)&@,K4&B(@4@&

974&K,@9&C(EH(+E4&B,,:*?)(9?,)&8:,*HB9@&(:4&@?K8E4&9,,E@&E?-4&E?@9@W&E,B(9?,)&K(8@W&*(K(34&

K(8@&,:&(BB4@@&K(8@<&[74)&B,K+?)4*&L?97&?)5,:K(9?,)&(+,H9&974&)44*@W&974J&*?:4B9EJ&

?)5,:K&974&*4B?@?,)@&,5&974&:4@8,)@4&E4(*4:@7?8<&&

#

Page 174: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&01&,5&.6& & & & %7(894:&;&

?1./94/#250;4/10A&

$E97,H37&(&@?K8E4&B,)B489W&974&B:4(9?,)&,5&()&H8*(94*&B,)9(B9&*?:4B9,:J&?@&B:HB?(E&9,&

4554B9?C4EJ&B,,:*?)(94&(&:4@8,)@4<&Q9&?@&?K8,:9()9&97(9&:4@8,)*?)3&4)9?9?4@&()*&?)*?C?*H(E@&

B()&+4&B,)9(B94*&5,:&,84:(9?,)(E&455?B?4)BJ&()*&@4BH:?9J<&#484)*?)3&,)&974&K?@@?,)W&974:4&

K(J&+4&9,,E@&9,&74E8&L?97&97?@<&A974:L?@4W&(&@?K8E4&@8:4(*@7449&B()&+4&H@4*<&Q)&(**?9?,)&9,&

+(@?B&B,)9(B9&*49(?E@W&974&!"#$%&94(K&K(J&?)BEH*4&B,)9(B9&8,?)9@W&(:4(@&,5&,84:(9?,)W&

)(K4@&,5&-4J&84:@,))4E&()*&(@@49@<&&

#

%1/54;#N1902&

M74&!"#$%&94(K&B()&K(-4&(C(?E(+E4&(&+E()-&),9?B4&+,(:*&,)&L7?B7&:4E?45&,:3()?X(9?,)@&K(J&

E4(C4&),9?B4@&:43(:*?)3&:4E?45&,84:(9?,)@W&B,,:*?)(9?,)&K449?)3@W&(@@4@@K4)9&K?@@?,)@W&49B<&

M7?@&+,(:*&(EE,L@&974&)44*@&()*&:4@,H:B4@&,5&:4E?45&,:3()?X(9?,)@&9,&+4&K(9B74*W&(@&L4EE&(@&

(B9?)3&(@&(&5(B?E?9(9,:&,5&?)5,:K(9?,)&5E,L<&

&

(9O@#

Q)5,:K(9?,)&K(8@&K(J&*?@8E(J&974&5,EE,L?)3&?)5,:K(9?,)F&

&

• K(?)&(554B94*&(:4(&

• *?@8E(B4*&8,8HE(9?,)&E,B(9?,)@&()*&)HK+4:@&

• E,B(9?,)&,5&C(:?,H@&:4E?45&,:3()?X(9?,)@&()*&?)&!G$N&,84:(9?,)@&(E@,&K(:-&@4B9,:@&,5&

,84:(9?,)&,5&4(B7&94(K&

• E,B(9?,)&,5&-4J&_D>$&,:3()?X(9?,)@&@HB7&(@&5?:4&+:?3(*4@W&8,E?B4&@9(9?,)@W&7,@8?9(E@W&

B,KKH)?B(9?,)&B4)9:4@&()*&K?E?9(:J&74(*YH(:94:@&

• E,B(9?,)&,5&974&AGA%%&

• E,B(9?,)&,5&-4J&E,3?@9?B@&54(9H:4@&@HB7&(@&(?:5?4E*@&,:&:(?EL(J&@9(9?,)@&

• ()J&@4BH:?9J&?)B?*4)9@&

• 4)C?:,)K4)9(E&7(X(:*@&

• ,974:&?)5,:K(9?,)&97(9&B()&+4&C?@H(EEJ&*?@8E(J4*&

&

M74&C?@H(E&:48:4@4)9(9?,)&,5&@?9H(9?,)(E&()*&:4@8,)@4&?)5,:K(9?,)&?@&(&8,L4:5HE&9,,E&9,&+H?E*&

B,KK,)&H)*4:@9()*?)3<&$@&,H9E?)4*&+4E,LW&K(8@&B()&:()34&5:,K&974&@?K8E4&()*&+(@?B&9,&

974&*49(?E4*&()*&B,K8E4]W&(@&L(::()94*&+J&974&@?9H(9?,)&()*&84:K?994*&+J&974&:4@,H:B4@&

(C(?E(+E4<&

&

!"C"E#+;1:09O<549B#$.71089/51.#M;0L54;@#S+$MT##

#

>(884*&?)5,:K(9?,)&?@&C4:J&?K8,:9()9&5,:&B:4(9?)3&(&@7(:4*&,84:(9?,)(E&8?B9H:4&,5&(&*?@(@94:&

@?9H(9?,)W&()*&5,:&B,,:*?)(9?)3&974&:4@8,)@4<&'HK()?9(:?()&:4@8,)*4:@&K(J&(::?C4&L?97&),&

34,3:(87?B(E&-),LE4*34&,5&974&(554B94*&(:4(<&D554B9?C4&K(88?)3&,5&(@@4@@K4)9@&()*&(?*&

*4E?C4:J&?@&)44*4*&9,&(C,?*&3(8@&,:&,C4:E(8@&?)&:4@8,)@4&455,:9@<&

&

%,)@?*4:&L7(9&K(8@&()*&K(88?)3&@4:C?B4@&(:4&)44*4*&5:,K&974&,H9@49&,5&974&!"#$%&

Page 175: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&06&,5&.6& & & & %7(894:&;&

K?@@?,)<&Q5&(&*4*?B(94*&K(88?)3&94(K&R@HB7&(@&>(8$B9?,)S&?@&K,+?E?X4*W&974J&@7,HE*&+4&

?)C,EC4*&?)&(EE&:4E4C()9&(@84B9@&,5&K?@@?,)&8E())?)3&@,&974J&B()&H)*4:@9()*&974&*4B?@?,)=

K(-?)3&)44*@&()*&8:48(:4&@H?9(+E4&K(8&8:,*HB9@&5,:&4(B7&K?@@?,)&BJBE4&87(@4<&&

&

M74&5,EE,L?)3&9J84@&,5&K(8@&(:4&B,KK,)EJ&)44*4*&*H:?)3&!"#$%&K?@@?,)@F&

&

• P4)4:(E&9,8,3:(87?B&()*&:,(*&K(8@&=&5,:&34)4:(E&,:?4)9(9?,)&()*&)(C?3(9?,)<&

• !:+()&G4(:B7&()*&N4@BH4&,84:(9?,)@&K(8@&g&8,@@?+EJ&+(@4*&,)&P,,3E4&D(:97&,:&

@(94EE?94&?K(34@W&+H9&@9:449&)(K4@&(:4&(E@,&C4:J&?K8,:9()9&5,:&!G$N&9(@-?)3<&

• #(K(34&,:&5E,,*&4]94)9&K(8@&g&974@4&K(J&+4&+(@4*&,)&@(94EE?94&?K(34&

?)94:8:49(9?,)<&&

• ;?4E*&(@@4@@K4)9&8E())?)3&K(8@&g&?*4(EEJ&@7,L?)3&(*K?)?@9:(9?C4&+,H)*(:?4@W&()*&

8E(B4&:454:4)B4&B,*4@&R2=%,*4@S&?5&@HB7&(&@J@94K&4]?@9@<&&

• $554B94*&8,8HE(9?,)&()*&)44*@&K(8@&g&4)@H:?)3&97(9&(:4(@&,5&eX4:,&)44*@f&(:4&

BE4(:EJ&*?@9?)3H?@74*&5:,K&97,@4&L74:4&974:4&?@&e),&*(9(f<&

• [7,=L7(9=L74:4&R1[S&K(8@&g&E?)-4*&9,&(&B,)9?)H(EEJ&H8*(94*&1[&K(9:?]<&

&

Q5&),&*4*?B(94*&K(88?)3UPQG&94(K&?@&(C(?E(+E4W&KHB7&B()&+4&(B7?4C4*&+J&974&8E())4*&H@4&,5&

+(@?B&9,,E@&?)BEH*?)3&P,,3E4&D(:97W&2,L4:2,?)9W&49B<&DC4)&(&7()*=*:(L)&,C4:E(J&,)&(&

87,9,B,8?4*&:,(*&K(8&B()&+4&(*4YH(94&9,&B,KKH)?B(94&974&4@@4)9?(E&(@84B9@&,5&974&

,84:(9?,)(E&8?B9H:4<&

&

Q5&8,@@?+E4W&(@-&(&PQG&H)?9&9,&8:,C?*4&8:4=8:48(:4*&2,L4:2,?)9&K(8&@49@&97(9&B()&+4&4*?94*&

+J&(&),)=PQG&4]84:9W&9,&8:,*HB4&@?9H(9?,)&K(8@&5,:&:48,:9@<&&

&

M74&L,:E*&B,C4:(34&,5&6((1*#+8/)7U6((1*#+9/0%3&?@&4C4:=?)B:4(@?)3&()*&?9&?@&8,@@?+E4&9,&H@4&

P,,3E4&D(:97&L?97,H9&()&Q)94:)49&B,))4B9?,)&?5&J,H&8:48(:4&+J&eB(B7?)3f&K(8&*(9(&5,:&974&

(:4(&,5&?)94:4@9&L7?E4&J,H&(:4&@9?EE&,)E?)4<&#,&97?@&+J&e5EJ?)3f&,C4:&?9&(9&()&(88:,8:?(94&

e(E9?9H*4f^&974&*(9(&?@&974)&@(C4*&(H9,K(9?B(EEJ<&

&

:)#-;%0##%8/)&RAG>S&?@&(E@,&()&4]B4EE4)9&:4@,H:B4&5,:&+(@4&K(8@<&Q5&J,H&4]84B9&9,&+4&

,55E?)4W&J,H&B,HE*&BH9=()*=8(@94&K(8&(:4(@&,5&E?-4EJ&?)94:4@9&+45,:47()*&5:,K&AG>&?)9,&(&

8:,3:(K&@HB7&(@&2,L4:2,?)9<&Q)&(&E(:34&4K4:34)BJW&4]84B9&97(9&974&AG>&C,EH)944:&

B,KKH)?9J&K(J&4)7()B4&974&AG>&*(9(&5,:&974&(554B94*&(:4(W&@,&B74B-&+(B-&L74)&8,@@?+E4&

5,:&H8*(94@<&

&

PQG&94(K@&L?EE&(BB4@@&K(8&*(9(&5:,K&(&L?*4:&:()34&,5&@,H:B4@W&8,@@?+EJ&C?@?9?)3&974&Q$G%&

4(<<(-+:)#0/%,(-/*+=/%/7#%7&R%A#@S&N43?@9:J&L4+@?94&5,:&974&(554B94*&B,H)9:J&9,&

*,L)E,(*&PQG=:4(*J&*(9(<&Q9&?@&8(:9?BHE(:EJ&?K8,:9()9&9,&,+9(?)&B,8?4@&,5&974&K,@9&:4B4)9&

(*K?)?@9:(9?C4&+,H)*(:?4@&5,:&974&B,H)9:J&()*&974&+4@9&(C(?E(+E4&*(9(@49&,5&@499E4K4)9@W&(@&

Page 176: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0T&,5&.6& & & & %7(894:&;&

974@4&L?EE&+4&:454::4*&9,&?)&(@@4@@K4)9&:48,:9@&49B<&

&

!"#$%&L,:-@&?)&8(:9)4:@7?8&L?97&(&C(:?49J&,5&K(88?)3&8(:9)4:@&9,&:4YH4@9&K(8@&9,&@H88,:9&

?9@&,84:(9?,)@&()*&9,&B:4(94&K(8@&()*&?)5,:K(9?,)&3:(87?B@&9,&?)5,:K&974&+:,(*4:&:4@8,)@4<&

;%GG&L?EE&:4(B7&,H9&9,&8(:9)4:@&9,&4)@H:4&97(9&K(8@&(:4&8:,C?*4*&9,&974&!"#$%&94(K&9,&

@H88,:9&,84:(9?,)@<&N4B4)9&J4(:@&7(C4&(E@,&@44)&3:,L?)3&)HK+4:@&,5&C,EH)944:&()*&

94B7)?B(E&B,KKH)?9?4@&L,:E*=L?*4W&@HB7&(@&974&40,7,7+8/))#07&()*&=,1,%/*+>?</-,%/0,/-7W&

L7,&K(J&+4&(+E4&9,&74E8&L?97&(@84B9@&,5&K(88?)3<&N4E?(+E4&Q)94:)49&B,KKH)?B(9?,)@&(:4&

H@H(EEJ&)4B4@@(:J&9,&K(-4&5HEE&H@4&,5&974@4&:4@,H:B4@<&A%'$&;?4E*&Q)5,:K(9?,)&G4B9?,)&R;QGS&

,:&>(8$B9?,)&B()&(*C?@4&,)&7,L&9,&4)3(34&974&@H88,:9&,5&974@4&B,KKH)?9?4@&*H:?)3&(&

K?@@?,)<&&

&

!"C"U#>5@@;85.9/51.##

&

M74&!"#$%&94(K&@7,HE*&*?@@4K?)(94&(C(?E(+E4&?)5,:K(9?,)&9,&974&7HK()?9(:?()&B,KKH)?9J&

,)=@?94&?)&(&9?K4EJW&@9:HB9H:4*&()*&(88:,8:?(94&K())4:<&D55?B?4)9&*?@@4K?)(9?,)&@7,HE*&7(C4&

(&8,@?9?C4&4554B9&,)&974&94(K\@&B,,:*?)(9?,)&455,:9@&(@&?9&@7,L@&9:()@8(:4)BJ&()*&*4*?B(9?,)&

9,&974&8:,C?@?,)&,5&@4:C?B4@&9,&974&:4E?45&(34)B?4@&()*&"PA@<&M74&(B9&,5&*?@@4K?)(9?)3&

8:,*HB9@&?@&(&B:?9?B(E&8(:9&,5&974&Q>&BJBE4&(@&?9&4)B,H:(34@&8(:9)4:@&9,&,84)EJ&@7(:4&*(9(W&97H@&

?K8:,C?)3&974&B,EE4B9?,)&@9(34&,5&974&BJBE4<&M7?@&B()&+4&*,)4&97:,H37&*?554:4)9&B7())4E@W&(@&

*4@B:?+4*&+4E,L<&

#

!"C"U"-#?11025.9/51.V$.71089/51.#(;;/5.:@#

&

',E*&()*&B7(?:&34)4:(E&B,,:*?)(9?,)&K449?)3@&,)&(&:43HE(:&+(@?@&L74:4&(EE&8(:9)4:@W&4<3<W&974&

_D>$W&),)=3,C4:)K4)9(E&,:3()?X(9?,)@&RE,B(E&()*&?)94:)(9?,)(ESW&K?E?9(:J&()*&?)94:)(9?,)(E&

:4E?45&,:3()?X(9?,)@W&(:4&?)C?94*<&M7?@&?@&(&5?)4&C4)H4&5,:&@7(:?)3&?)5,:K(9?,)<&Q)&(**?9?,)W&,)4&

@7,HE*&7,E*&K449?)3@&L?97&'4(*@&,5&!)?94*&"(9?,)@&(34)B?4@&()*&BEH@94:&E4(*@&R@44&B7(894:&

#S<&M74&8:,*HB9@&*4C4E,84*&+J&974&!"#$%&94(K&(B9&(@&BE4(:&C?@H(E&(?*@&9,&74E8&5(B?E?9(94&974&

B,,:*?)(9?,)&,84:(9?,)@<&

&

M74&BEH@94:&E4(*&(34)B?4@&@7,HE*&+4&4]84B94*&9,&7,E*&()*&B7(?:&B,,:*?)(9?,)&K449?)3@&

L?97?)&974?:&@84B?5?B&BEH@94:<&k,H&K(J&)44*&9,&8:,C?*4&@?3)?5?B()9&@H88,:9&R4<3<W&B,)C4)?)3W&

,:3()?X?)3&()*&:48,:9?)3&,)&BEH@94:@S&?)&974&4(:EJ&*(J@&,5&974&4K4:34)BJ<&$@&BEH@94:&E4(*@&

9(-4,C4:W&9:J&9,&@?9&?)&,)&BEH@94:&K449?)3@&(@&,594)&(@&8,@@?+E4&()*U,:&K(-4&@H:4&974&K?)H94@&

(:4&5?E4*&()*&K(*4&(C(?E(+E4&97:,H37&974&AGA%%<&M74&!"#$%&94(K&@7,HE*&(E@,&+4&8:4@4)9&

(9&B,,:*?)(9?,)&K449?)3@&74E*&+J&974&E,B(E&(H97,:?9?4@&&

!"C"U"6#*<;#&M&??#

&

M74&A)=G?94&A84:(9?,)@&%,,:*?)(9?,)&%4)9:4&RAGA%%SW&*?@BH@@4*&?)&*49(?E&?)&B7(894:&#W&KH@9&

Page 177: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0d&,5&.6& & & & %7(894:&;&

+4&(+E4&9,&8:4@4)9&(C(?E(+E4&?)5,:K(9?,)&?)&(&BE4(:&()*&4(@?EJ&H)*4:@9()*(+E4&K())4:&9,&(EE&

C?@?9,:@<&$)&AGA%%&L?97&?)5,:K(9?,)&,:3()?X4*&()*&C?@H(EEJ&(BB4@@?+E4&()*&*?@8E(J4*&L?EE&

?)@8?:4&B,)5?*4)B4&?)&974&94(K&()*&@(C4&974&!"#$%&94(K&K4K+4:@\&9?K4&?)&()@L4:?)3&974&

@(K4&YH4@9?,)@&:484(94*EJ<&%,)5?*4)B4&97(9&H@45HE&?)5,:K(9?,)&L?EE&+4&4(@?EJ&3(?)4*&L?EE&

K(-4&974&AGA%%&()&(99:(B9?C4&8E(B4&5,:&:4E?45&L,:-4:@&9,&C?@?9&:43HE(:EJ&97H@&4)7()B?)3&

B,,:*?)(9?,)<&&

&

M74&5,EE,L?)3&9,,E@&(:4&@H334@94*&9,&B,EE(94&()*&8:4@4)9&?)5,:K(9?,)&?)&974&AGA%%F&

#

W1:N11X&

M74&AGA%%&@7,HE*&K(?)9(?)&(&E,3+,,-&?)9,&L7?B7&(EE&94E487,)4&()*&:(*?,&K4@@(34@&:4B4?C4*&

,:&@4)9&(:4&E,334*&L?97&(B9?,)&9(-4)<&M7?@&@7,HE*&+4&(&@?K8E4&E,3&L?97&974&B,EHK)@&lG4:?(E&

"HK+4:lW&lM?K4&N4B4?C4*UG4)9lW&l;:,KUM,lW&l>4@@(34&%,)94)9@lW&l$B9?,)&M(-4)l&()*&

lQ)?9?(E@l&,)&?9<&$)J,)4&:4B4?C?)3&,:&@4)*?)3&(&K4@@(34&@7,HE*&E,3&?9&?)9,&974&+,,-<&Q9&@7,HE*&

(E@,&B,)9(?)&(EE&4C4)9@&,5&34)4:(E&?)94:4@9<&$)&(BBH:(94&-448?)3&,5&974&E,3&L?EE&4)(+E4&AGA%%&

@9(55&9,&*4:?C4&974&5,EE,L?)3&+4)45?9@F&

&

• $&:H))?)3&:4B,:*&,5&(EE&?)5,:K(9?,)U(B9?,)@&?@&-489W&4)(+E?)3&@9(55&B,K?)3&9,&974&

AGA%%&(594:&()&(+@4)B4&9,&H8*(94&974K@4EC4@<&

• $&+(@?@&5,:&+:?45?)3@&()*&@?9:48@&?@&(C(?E(+E4&(9&(EE&9?K4@<&

• $&+(@?@&5,:&974&>?@@?,)&N48,:9&()*&974&_4@@,)@&_4(:)4*&K449?)3&L74)&,)4&B()&3,&

+(B-&()*&@44&L7(9&7(884)4*&L74)W&L74:4&()*&L?97&L7,K<&

&

N4K4K+4:&9,&@9(:9&974&E,3&+,,-&?KK4*?(94EJ&(594:&(::?C(E<&Q5&),9W&?9&L?EE&+4&*?55?BHE9&(9&(&E(94:&

@9(34&9,&5?EE&?)&K?@@?)3&4C4)9@&()*&:4B(89H:4&L7(9&9,,-&8E(B4<&M7?@&B,HE*&E4(C4&974&AGA%%&

,)4&@948&+47?)*<&G44&@4B9?,)&#<1<.&5,:&(&5H)B9?,)(E&B74B-E?@9&:4E(94*&9,&?)5,:K(9?,)&

K()(34K4)9&?)&974&AGA%%<&&

&

D5:;1.#<1B;@#&

2?34,)&7,E4@W&,:&(&B4)9:(E&E,B(9?,)&5,:&7(:*B,8?4@&,5&,974:&,:3()?X(9?,)@\&@?9H(9?,)&:48,:9@W&

K?)H94@&,5&K449?)3@&()*&,974:&?)5,:K(9?,)&5:,K&7HK()?9(:?()&8(:9)4:@W&@7,HE*&+4&8H9&H8&

)4(:&974&4)9:()B4&,5&974&AGA%%<&M74&K,:4&?)5,:K(9?,)&5:,K&(&C(:?49J&,5&@,H:B4@&J,H&K(-4&

(C(?E(+E4W&974&K,:4&L,:97L7?E4&?9&L?EE&+4&5,:&:4E?45&L,:-4:@&9,&C?@?9&974&AGA%%<&

&

R<1Y#F<9/Y#F<;0;#5.71089/51.&&

$EE&!"#$%&94(K&B,K8H94:@&(:4&8:4=E,(*4*&L?97&(&@?K8E4&eL7,W&L7(9W&L74:4f&*(9(+(@4&

L7?B7&B()&8:,*HB4&B,)9(B9&E?@9@&()*&34,3:(87?B&(B9?C?9J&?)5,:K(9?,)<&GJ@94K@&(:4&?)&

*4C4E,8K4)9&?)&A%'$&9,&@9:4(KE?)4&97?@&8:,B4@@&()*&K(-4&?9&(&8:4*?B9(+E4&9,,E&5,:&H@4&?)&

4K4:34)B?4@<&

!

Page 178: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0V&,5&.6& & & & %7(894:&;&

(;;/5.:#@4<;23B;#

$)&H8*(94*&K449?)3&@B74*HE4&@7,HE*&+4&(C(?E(+E4&()*&*?@8E(J4*&?)&974&AGA%%<&M74&:4@HE9&,5&

(EE&974@4&K449?)3@&L?EE&8:,C?*4&J,H&L?97&()&?K8,:9()9&?)5,:K(9?,)&+(@4&5,:&974&!"#$%&

@?9H(9?,)&:48,:9@<&DE4B9:,)?B&K449?)3&@B74*HE?)3&,89?,)@&(:4&+4?)3&*4C4E,84*&+J&A%'$&9,&

@H88,:9&,84:(9?,)@<&

&

(9O#25@OB9A#

$@&@9(94*&(+,C4W&C?@H(E?X4*&?)5,:K(9?,)&?@&()&4]B4EE4)9&9,,E&5,:&8:4@4)9?)3&?)5,:K(9?,)&g&()*&

(E@,&5,:&974&94(K&9,&-448&()&,C4:C?4L&,5&974&,84:(9?,)<&A)4&L(EE&,5&974&AGA%%&B()&+4&H@4*&

5,:&*?@8E(J?)3&?)5,:K(9?,)&K(8@&97(9&B,C4:&974&(:4(&,5&:4E?45&,84:(9?,)@<&A)&974&K(:3?)@&,5&

974&K(8&,)4&B()&E?@9&974&94E487,)4&)HK+4:@&,5&K(c,:&8(:9)4:@&?)&974&:4E?45&,84:(9?,)<&

D)B,H:(34&C?@?9,:@&9,&C?@?9&974&AGA%%&9,&H8*(94&?)5,:K(9?,)&,)&974&?)5,:K(9?,)&K(8&

B,)B4:)?)3&974?:&,:3()?X(9?,)@<&Q5&-489&H8*(94*W&J,H&L?EE&@,,)&5?)*&97(9&974:4&(:4&C4:J&54L&

8E(B4@&L74:4&(EE&974&(+,C4&?)5,:K(9?,)&?@&*?@8E(J4*&()*&97?@&?)5,:K(9?,)&K(8&L?EE&+4B,K4&(&

K(3)49&5,:&:4E?45&L,:-4:@<&

#

?1O5;@#

$EE,L&@9(-47,E*4:@&9,&349&B,8?4@&,5&974&?)5,:K(9?,)&(C(?E(+E4&?)&974&AGA%%&R4<3<W&K?)H94@W&

@?9H(9?,)&:48,:9@W&(@@4@@K4)9&:48,:9@W&B,KK,*?9J&9:(B-?)3&9(+E4@W&B,)9(B9&E?@9@S<&M7?@&?@&

H@H(EEJ&*(9(&97(9&(:4&5?E4*&(@&(&+(@?@&5,:&974&*?@8E(J4*&?)5,:K(9?,)W&+H9&B,HE*&+4&H@45HE&5,:&

@4C4:(E&:4E?45&,:3()?X(9?,)@<&M:J&9,&7(C4&(&@J@94K&97(9&(EE,L@&5,:&+,97&4E4B9:,)?B&()*&8(84:&

B,8?4@<&&

#

!"C"U"C#,B;4/01.54#>5@@;85.9/51.#*11B@#

&

M74&!"#$%&94(K&K(J&+4&?)&*?:4B9&B,)9(B9&L?97&A%'$\@&?)5,:K(9?,)&@J@94K@&9,&4]84*?94&

*?@@4K?)(9?,)&,5&?)5,:K(9?,)&9,&*,),:@W&(34)B?4@&()*&974&8H+E?B&(@&(&B,K8E4K4)9&9,&974&

A%'$&G?9H(9?,)&N48,:9@<&M74&4E4B9:,)?B&4]B7()34&,5&?)5,:K(9?,)&?@&),L&(&),:K(E&8(:9&,5&

*?@@4K?)(9?,)W&4C4)&?)&@,K4&,5&974&K,@9&*?55?BHE9&,84:(9?,)(E&4)C?:,)K4)9@<&M7?@&K(-4@&974&

H@4&,5&974@4&@J@94K@&()&?K8,:9()9&8(:9&,5&974&Q>&5H)B9?,)<&G,K4&,5&974@4&@J@94K@&(:4F&

&

• Z?:9H(E&AGA%%&?@&(&8(:9&,5&(EE&!"#$%&*48E,JK4)9@<&Q9&8:,C?*4@&(&8E(95,:K&5,:&

?)B,K?)3&()*&,H93,?)3&?)5,:K(9?,)&4]B7()34&97(9&?@&,84:(9?,)(EEJ&:4E4C()9&9,&974&

!"#$%&94(K<&!@4:@&K(J&8:,C?*4&B,KK4)9@&,)&4]?@9?)3&?)5,:K(9?,)&?)&:4(E=9?K4&()*&

*?@BH@@&?@@H4@&,5&B,)B4:)&L?97&,974:&!"#$%&@9(-47,E*4:@<&M74&Z?:9H(E&AGA%%&

8:,C?*4@&()&4554B9?C4&9,,E&9,&5(B?E?9(94&974&?)5,:K(9?,)&4]B7()34&+49L44)&:4@8,)*?)3&

3,C4:)K4)9@&()*&,:3()?X(9?,)@&97:,H37,H9&(&:4E?45&,84:(9?,)<&

• 'HK()?9(:?()N4@8,)@4<?)5,&?@&974&8E(95,:K&5,:&?)5,:K(9?,)&4]B7()34&5,:&974&L?*4:&

B,KKH)?9J<&2(34@&(:4&@49&H8&5,:&@84B?5?B&4K4:34)BJ&4)C?:,)K4)9@&()*&@H88,:9&974&

+:,(*4:&B,,:*?)(9?,)&455,:9&L?97&9,,E@&5,:&K449?)3&@B74*HE?)3W&B,)9(B9&*?:4B9,:?4@&

()*&8H+E?B(9?,)&,5&?)5,:K(9?,)&3:(87?B@&:4E(94*&9,&974&:4@8,)@4<&&

Page 179: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0I&,5&.6& & & & %7(894:&;&

• N4E?45[4+W&A%'$`@&7HK()?9(:?()&?)5,:K(9?,)&Q)94:)49&L4+&8(34W&8,@9@&?)5,:K(9?,)&

5:,K&(EE&7HK()?9(:?()&8(:9)4:@&?)&(**?9?,)&9,&A%'$\@&,L)&?)5,:K(9?,)<&&

• M74&Q)943:(94*&N43?,)(E&Q)5,:K(9?,)&"49L,:-&RQNQ"SW&L7?B7&?@&+(@4*&?)&97:44&

E,B(9?,)@&?)&$5:?B(&R"(?:,+?W&m,7())4@+H:3&()*&$+?*c()SW&@4:C4@&(@&(&7HK()?9(:?()&

)4L@&(34)BJ&97:,H37&5:44=,5=B7(:34&4K(?E&@H+@B:?89?,)<&QNQ"&:48,:9@&(:4&(E@,&8,@94*&

,)&N4E?45[4+<&

&

%7(894:&P&B,)9(?)@&?)5,:K(9?,)&,)&Q>&:4@,H:B4@&:4E(94*&9,&_,3?@9?B@<&$@@4@@K4)9=:4E(94*&

94K8E(94@&()*&:4@,H:B4@&(:4&:454:4)B4*&?)&B7(894:&D&()*&?)&974&)44*@&(@@4@@K4)9&@4B9?,)&,5&

974&7HK()?9(:?():4@8,)@4<?)5,&@?94<&&

&

!"C"U"E#?1./94/#F5/<#(;259#

&

[74)4C4:&974:4&?@&(&)4L@L,:97J&@?9H(9?,)W&974&K4*?(&L?EE&+4&974:4<&M7H@W&974&K4*?(&K(J&

(88:,(B7&()&!"#$%&94(K&K4K+4:&(9&()J&9?K4<&!"#$%&94(K&K4K+4:@&8E(J&(&C?9(E&:,E4&?)&

3?C?)3&(@@?@9()B4&9,&974&K4*?(&?)&(&*?@(@94:&@?9H(9?,)W&(@&3,,*&8:4@@&B()&74E8&:(?@4&(L(:4)4@@&

,5&974&3:(C?9J&,5&974&@?9H(9?,)&()*&(B9&(@&(&B(9(EJ@9&5,:&5H)*=:(?@?)3<&Q9&?@W&974:45,:4W&?K8,:9()9&

5,:&!"#$%&94(K@&9,&74E8&-448&974&K4*?(&?)5,:K4*<&n448?)3&3,,*&:4E(9?,)@&L?97&974&K4*?(&

7(@&5:4YH4)9EJ&:4@HE94*&?)&@JK8(9749?B&B,C4:(34&(@&L4EE&(@&74E8&+4?)3&3?C4)&+J&c,H:)(E?@9@&

L74)&74E8&L(@&),9&:4(*?EJ&(BB4@@?+E4&+J&,974:&K4()@<&!"#$%&94(K&K4K+4:@&@7,HE*&+4&

(L(:4&97(9&*?@B:48()B?4@&K?379&4]?@9&+49L44)&974&K4*?(&8:4@4)9(9?,)&,5&(&*?@(@94:&()*&974&

:4(E?9J<&

&

M74&M4(K&_4(*4:&@49@&974&3H?*4E?)4@&5,:&:4E(9?,)@&L?97&974&K4*?(<&",:K(EEJW&,)4&94(K&

K4K+4:&RH@H(EEJ&974&M4(K&_4(*4:S&@7,HE*&+4&(88,?)94*&(@&5,B(E&8,?)9&5,:&B,)9(B9&L?97&974&

K4*?(W&(594:&L7?B7&K4*?(&:4E(9?,)@&B,)B4:)?)3&974&!"#$%&K?@@?,)&(@&(&L7,E4&@7,HE*&3,&

97:,H37&97?@&84:@,)<&Q9&@7,HE*&+4&-489&?)&K?)*&97(9&?)5,:K(9?,)&3?C4)&9,&974&K4*?(&@7,HE*&

K(9B7&97(9&+4?)3&8:,C?*4*&+J&974&N%U'%&()*&97(9&(&K4*?(&8,E?BJ&@7,HE*&+4&(3:44*&H8,)&

+49L44)&974&!"#$%&M4(K&_4(*4:&()*&974&N%U'%<&;,:&?)@9()B4W&?5&974&K4*?(&(88:,(B74@&()&

?)*?C?*H(E&94(K&K4K+4:W&74U@74&@7,HE*&+4&(+E4&9,&3?C4&?)5,:K(9?,)&B,)B4:)?)3&974&@84B?5?B&

L,:-&97(9&74U@74&?@&BH::4)9EJ&B(::J?)3&,H9<&

&

Z9@54#03B;@#0;:9025.:#8;259#

'0#)/0/%,(-&

• >(-4&()&!"#$%&2:4@@&2(B-&9,&8:,C?*4&K4*?(&:48:4@4)9(9?C4@&L?97&+(B-3:,H)*&

?)5,:K(9?,)&,)&A%'$W&!"#$%&()*&974&BH::4)9&@?9H(9?,)<&

• M:J&9,&+4&974&5?:@9&9,&@H88EJ&?)5,:K(9?,)W&974:4+J&4@9(+E?@7?)3&974&94(K&(@&(&H@45HE&

@,H:B4&5,:&974&K4*?(<&

• M:J&9,&7(C4&()&H8=9,=*(94&*4@B:?89?,)&,5&!)?94*&"(9?,)@&4K4:34)BJ=:4E(94*&(B9?C?9?4@&

97(9&J,H&B()&3?C4&9,&974&K4*?(<&

Page 180: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&0O&,5&.6& & & & %7(894:&;&

• n),L&974&K(?)&8,?)9@&,5&L7(9&J,H&L()9&9,&@(J&=&()*&L7(9&J,H&*,&),9&L()9&9,&@(J&=&

+45,:4&J,H&@9(:9&9(E-?)3<&2:48(:4&J,H:@4E5&K4)9(EEJ&()*&87J@?B(EEJ<&

• #,&),9&5(C,H:&,)4&K4*?(&,H9E49&,:&@,H:B4&=&(EE&(:4&4)9?9E4*&9,&974&@(K4&9:4(9K4)9<&

• n),L&L?97&L7,K&J,H&(:4&9(E-?)3<&>(-4&(&K4*?(&E,3&Rc,H:)(E?@9`@&)(K4&()*U,:&974&

)4L@8(84:W&K(3(X?)4W&,:&:(*?,UMZ&@9(9?,)&74U@74&:48:4@4)9@W&()*&974&E,B(E&(**:4@@&

()*&94E487,)4&)HK+4:S<&

• Q5&974:4&?@&()&AGA%%W&?9&K(J&+4&974&B4)9:(E&K4*?(&B4)9:4&L74:4&c,H:)(E?@9@&-),L&

L74:4&()*&5:,K&L7,K&9,&,+9(?)&?)5,:K(9?,)<&

• 2:,C?*4&5HEE&()*&(BBH:(94&?)5,:K(9?,)&,)&(&:43HE(:&+(@?@<&

&

@(0A,-1+B,%3+0#)(0%#07&

• "4C4:&8?B-&(&5?379&L?97&974&)4L@&K4*?(&=&974J&(?:&,:&8:?)9&4C4:J&*(J&()*&J,H&*,)\9<&

• M74:4&(:4&),&@4B:49@<&$@@HK4&L7(9&J,H&@(J&()*&*,&L?EE&349&,)&974&(?:&,:&974&8:?)94*&

8(34<&

• [7?E4&J,H&B()&@(J&97?)3@&l,55&974&:4B,:*lW&97(9&*,4@)\9&K4()&974&K4*?(&L,)\9&8:?)9&?9&

()*&3?C4&J,H&(99:?+H9?,)<&

• #,)\9&(@@HK4&()J97?)3<&N48,:94:@&K(J&),9&+4&L4EE&?)5,:K4*&,:&94B7)?B(EEJ&8:,5?B?4)9&

(+,H9&J,H:&8:,54@@?,)&@,&4]8E(?)&94:K@&9,&4)@H:4&974J&(:4&H)*4:@9,,*<&

• n448&?9&@?K8E4<&%E(:?5J&()*&@HKK(:?X4&J,H:&K(c,:&8,?)9@&()*&L:?94&5(B9@&()*&*(9(&

*,L)&9,&7()*&,H9<&

• !@4&D)3E?@7&()*&9(E-&?)&(&:4E(]4*&@9JE4&97(9&?@&(?K4*&(9&E(J84:@,)@W&),9&@H+c4B9&

4]84:9@<&$C,?*&c(:3,)&()*&(B:,)JK@^&:4K4K+4:&97(9&974&(H*?4)B4&?@&974&34)4:(E&

8H+E?B<&

• P?C4&:48,:94:@&(&3,,*&@9,:J&9,&L:?94<&Q5&J,H&*,)\9&3?C4&974K&,)4W&974J&K(J&5?)*&,)4&

J,H&*,)\9&E?-4&()*&L:?94&?9<&

• _?@94)&5,:&9:4)*@&?)&974&YH4@9?,)@<&Q@&974&:48,:94:&(@-?)3&E4(*?)3&YH4@9?,)@h&$:4&974:4&

,+C?,H@&K?@B,)B489?,)@h&A554:&9,&BE(:?5J&,:&:4*?:4B9<&

• M:4(9&:48,:94:@&8:,54@@?,)(EEJW&L?97&:4@84B9&()*&?)?9?(94&+(B-3:,H)*&B,)C4:@(9?,)@<&

• $EL(J@&()@L4:&974?:&B(EE@&?)&(&9?K4EJ&5(@7?,)<&

• _4(C4&L,:*&?)&J,H:&,55?B4&L74:4&J,H&L?EE&+4&@,&J,H&(:4&(BB4@@?+E4<&

• #,)\9&E?4&()*&K(-4&@H:4&J,H:&?)5,:K(9?,)&?@&(BBH:(94<&Q9&*,4@)`9&7(C4&9,&+4&(EE&

4)B,K8(@@?)3W&(@&J,H&*,)\9&7(C4&9,&94EE&(&:48,:94:&J,H:&C?4L@&,)&4C4:J97?)3<&

• a45,:4&J,H&*,&()&?)94:C?4LW&*4B?*4&L7(9&J,H&B()&*?@BH@@&()*&L7(9&J,H&B()\9&=&()*&

@9?B-&9,&?9<&

• !@4&7HK,H:&9,&*45H@4&B,)5:,)9(9?,)(E&@?9H(9?,)@<&

• %7,,@4&J,H:&L,:*@&B(:45HEEJ&()*&L4EE&+4B(H@4&974J&L?EE&E?-4EJ&+4&:48,:94*&(@&J,H&@(J&

974K<&

• Q5&(&B:?9?B(E&,:&B,)9:,C4:@?(E&@9,:J&?@&3,?)3&9,&+4&L:?994)&()JL(JW&J,H:&8,?)9&,5&C?4L&

@7,HE*&+4&?)&974&@9,:J<&N4K4K+4:W&@?E4)B4&?@&),9&(EL(J@&3,E*4)<&

• N4849?9?,)&?@&974&4@@4)B4&,5&:494)9?,)^&974&8H+E?B&L?EE&:4K4K+4:&L7(9&974J&@44W&74(:&

Page 181: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&./&,5&.6& & & & %7(894:&;&

()*&:4(*&:484(94*EJ&?)&974&K4*?(<&

• A)B4&(&@9,:J&?@&,H9&97(9&J,H&*,)`9&E?-4W&?9&?@&H@H(EEJ&9,,&E(94&()*&5:H?9E4@@&9,&9:J&9,&

B,::4B9&?9<&

• !@4&,+c4B9?C4&()*&(H97,:?9(9?C4&@,H:B4@&,5&?)5,:K(9?,)&9,&+(B-&H8&J,H:&@9(94K4)9@&

9,&:48,:94:@&?5&J,H&B()<&#,)\9&K(-4&(@@4:9?,)@&J,H&B()\9&+(B-&H8&,:&K(-4&@9?B-<&

• M:J&9,&()9?B?8(94&YH4@9?,)@<&Q5&J,H&B()\9&,:&J,H&*,)\9&-),L&974&()@L4:W&349&+(B-&9,&

974&:48,:94:&(594:&J,H&(:4&(@-4*&@HB7&YH4@9?,)@&@,&J,H&B()&3?C4&(&B,)@?*4:4*&

:4@8,)@4<&

• $C,?*&B:?9?B?X?)3&974&3,C4:)K4)9&,:&!)?94*&"(9?,)@&:4@8,)@4<&

!

!1BB1FK3O#

Q)5,:K&974&N%U'%&R?5&J,H&(:4&974&M4(K&_4(*4:S&,:&974&M4(K&_4(*4:&R?5&J,H&(:4&974&94(K`@&

K4*?(&5,B(E&8,?)9&,:&(&94(K&K4K+4:S&L74)&()&?)94:C?4L&7(@&9(-4)&8E(B4<&Q5&(&94(K&K4K+4:&

7(@&+44)&K?@YH,94*W&974&N%U'%&@7,HE*&+4&B,)9(B94*&?KK4*?(94EJW&@,&97(9&:48:4@4)9(9?,)@&

B()&+4&K(*4&9,&974&K4*?(<&A)B4&(&@9,:J&?@&,H9&97,H37W&?9&?@&H@H(EEJ&9,,&E(94&9,&B,::4B9&?9&5,:&

974&8H+E?BW&+H9&974&K4*?(&@7,HE*&)4C4:974E4@@&+4&?)5,:K4*&,5&974&K?@9(-4<&

&

!"C"U"U#M1459B#(;259#

&

M74&94:K&e@,B?(E&K4*?(f&*4@B:?+4@&Q)94:)49=+(@4*&9,,E@&H@4*&9,&8H+E?@7W&@7(:4&()*&*?@BH@@&

?)5,:K(9?,)<&M74J&?)BEH*4&aE,334:W&k,HMH+4W&;E?B-:W&ML?994:W&[4?+,&()*&8E(95,:K@&97(9&5,BH@&

,)&@,B?(E&B,))4B9?,)@W&@HB7&(@&;(B4+,,-W&_?)-4*Q)W&P,,3E4o&()*&P,,3E4&P:,H8@<&

&

M74@4&9,,E@&8:,C?*4&(&L4(E97&,5&)4L&,88,:9H)?9?4@&5,:&B,KKH)?B(9?,)@W&4)3(34K4)9&()*&

?)5,:K(9?,)&@7(:?)3W&+H9&974J&B()&(E@,&*(K(34&()&,:3()?X(9?,)\@&:48H9(9?,)&?5&H@4*&

?)(88:,8:?(94EJ&,:&?)B,::4B9EJ<&"4L&@H88,:9&@J@94K@&(:4&+4?)3&@49&H8&L?97&A%'$&;QG&()*&?9@&

8(:9)4:@&9,&H@4&974@4&9,,E@&5,:&?)5,:K(9?,)&B,EE4B9?,)W&L74)&(88:,8:?(94<&&

&

a45,:4&H@?)3&@,B?(E&K4*?(&,)&+47(E5&,5&A%'$&R4<3<W&E(H)B7?)3&(&;(B4+,,-&8(34&,:&(&ML?994:&

(BB,H)9SW&!"#$%&K4K+4:@&KH@9&B,)@?*4:&L7J&()*&7,L&?9&L?EE&+4&H@4*<&Q9&L?EE&)44*&9,&+4&(&

5HEEJ&?)943:(94*&8(:9&,5&974&,C4:(EE&B,KKH)?B(9?,)@&@9:(943J&?)&()&4K4:34)BJ<&M7?@&L?EE&74E8&

9,&*494:K?)4&974&(88:,8:?(94&@9:(943J&()*&974&@H?9(+?E?9J&,5&974&B7,@4)&8E(95,:KW&()*&

?*4)9?5J&974&:4@,H:B4@&9,&:H)&?9<&

&

A%'$&(B-),LE4*34@&974&8,94)9?(E&,5&B,KKH)?B(9?,)&?)&,)E?)4&B,KKH)?9?4@&()*&(E:4(*J&

H@4@&@,B?(E&K4*?(&9,,E@&(@&8(:9&,5&?9@&B,:8,:(94&B,KKH)?B(9?,)@&@9:(943J<&>()J&A%'$&

B,H)9:J&,55?B4@&7(C4&(E@,&E(H)B74*&974?:&,L)&@,B?(E&K4*?(&8E(95,:K@&()*&K,:4&7(C4&

4]8:4@@4*&?)94:4@9&?)&*,?)3&@,<&A%'$&@9(55&(E@,&H@4&@,B?(E&K4*?(&?)&(&8:?C(94&B(8(B?9J<&M74&

A%'$&3H?*4E?)4@&4)@H:4&97(9&)4L&,55?B?(E&@,B?(E&K4*?(&8:,5?E4@&(:4&?)&E?)4&L?97&A%'$\@&

Page 182: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&.0&,5&.6& & & & %7(894:&;&

B,:8,:(94&B,KKH)?B(9?,)@&,+c4B9?C4@W&()*&8:,C?*4&@H88,:9&()*&*?:4B9?,)&9,&4]?@9?)3&@,B?(E&

K4*?(&(B9?C?9?4@&(B:,@@&974&,:3()?X(9?,)<&

&

>()J&A%'$&@9(55&(E:4(*J&H@4&@,B?(E&K4*?(&@HB7&(@&;(B4+,,-W&ML?994:W&+E,3@W&k,HMH+4&()*&

_?)-4*Q)&5,:&84:@,)(E&()*&L,:-=:4E(94*&8H:8,@4@<&G,B?(E&K4*?(&@7,HE*&+4&H@4*&4554B9?C4EJ&

()*&:4@8,)@?+EJW&L74974:&5,:&84:@,)(E&,:&L,:-=:4E(94*&8H:8,@4@<&G,B?(E&K4*?(&8E(95,:K@&(:4&

:4E(9?C4EJ&)4L&()*&974:4&(:4&BH::4)9EJ&),&,55?B?(E&!)?94*&"(9?,)@&@9()*(:*@&5,:&@9(55&H@4<&

',L4C4:W&!"#$%&K4K+4:@&(:4&(*C?@4*&9,&5,EE,L&974&!)?94*&"(9?,)@&G9(55&N43HE(9?,)@W&

L7?B7&),94&97(9F&&

&

@3,*#+7%/""+<#<C#07D+)#07(-/*+5,#B7+/-&+$(-5,$%,(-7E+,-$*?&,-1+%3#,0+)(*,%,$/*+/-&+

0#*,1,(?7+$(-5,$%,(-7E+0#</,-+,-5,(*/C*#E+7%/""+<#<C#07+73/**+#-7?0#+%3/%+%3(7#+5,#B7+

/-&+$(-5,$%,(-7+&(+-(%+/&5#07#*F+/""#$%+%3#,0+("",$,/*+&?%,#7+(0+%3#+,-%#0#7%7+("+%3#+

G-,%#&+H/%,(-7I+.3#F+73/**+$(-&?$%+%3#<7#*5#7+/%+/**+%,<#7+,-+/+</--#0+C#",%%,-1+%3#,0+

7%/%?7+/7+,-%#0-/%,(-/*+$,5,*+7#05/-%7+/-&+73/**+-(%+#-1/1#+,-+/-F+/$%,5,%F+%3/%+,7+

,-$(<)/%,C*#+B,%3+%3#+)0()#0+&,7$3/01#+("+%3#,0+&?%,#7+B,%3+%3#+G-,%#&+H/%,(-7I+.3#F+

73/**+/5(,&+/-F+/$%,(-+/-&E+,-+)/0%,$?*/0E+/-F+A,-&+("+)?C*,$+)0(-(?-$#<#-%+%3/%+</F+

/&5#07#*F+0#"*#$%+(-+%3#,0+7%/%?7E+(0+(-+%3#+,-%#10,%FE+,-&#)#-&#-$#+/-&+,<)/0%,/*,%F+

%3/%+/0#+0#J?,0#&+CF+%3/%+7%/%?7<&

&

$**?9?,)(E&?)5,:K(9?,)&?@&(C(?E(+E4&?)&974&#48(:9K4)9&,5&2H+E?B&Q)5,:K(9?,)\@&;($,/*+8#&,/+

6?,&#*,-#7W&(C(?E(+E4&,)E?)4<&M74&A%'$&%,KKH)?B(9?,)@&G4:C?B4@&G4B9?,)&R%GGS&@7,HE*&+4&

B,)@HE94*&?5&J,H&L?@7&9,&@49&H8&()&,55?B?(E&A%'$&@,B?(E&K4*?(&(BB,H)9&R4<3<W&9,&B,KKH)?B(94&

,)&+47(E5&,5&A%'$U!"#$%&,)&(&8(:9?BHE(:&B:?@?@&,:&?@@H4S<&&

&

A)&@,B?(E&K4*?(W&974&E?)4&+49L44)&8:?C(94&()*&8H+E?B&:4(EK@&?@&@,K49?K4@&+EH::4*<&k,H&

@7,HE*&-448&?)&K?)*&97(9&,)E?)4W&e84:@,)(Ef&?@&),9&(EL(J@&974&@(K4&(@&+4?)3&e8:?C(94f<&DC4)&

L74)&,)EJ&J,H:&eB,)9(B9@f&B()&@44&L7(9&?@&L:?994)W&974:4&?@&974&8,@@?+?E?9J&97(9&,)4&,5&974K&

L?EE&5,:L(:*&L7(9&?@&@(?*&()*&K(-4&?9&(C(?E(+E4&9,&(&L?*4:&(H*?4)B4<&[74)&H@?)3&@,B?(E&

K4*?(W&H@4&J,H:&cH*3K4)9&()*&B,KK,)&@4)@4<&k,H&(:4&84:@,)(EEJ&:4@8,)@?+E4&5,:&L7(9&J,H&

8H+E?@7&()*&7,L&J,H&+47(C4&,)&@,B?(E&K4*?(<&

&

[74)&H@?)3&@,B?(E&K4*?(W&!"#$%&K4K+4:@&(:4&4)B,H:(34*&9,F&&

&

• .3,-A+C#"(0#+)(7%,-1F&#,&),9&@(J&,:&L:?94&()J97?)3&J,H&L,HE*&),9&+4&B,K5,:9(+E4&

L?97&,L)?)3&8H+E?BEJ&R4<3<W&+J&+4?)3&YH,94*&?)&974&)4L@W&@44)&+J&J,H:&5(K?EJ&,:&+J&

J,H:&K()(34:S<&&

• !*B/F7+A##)+7/"#%F+/-&+7#$?0,%F+,-+<,-&F&a4&B(H9?,H@&(+,H9&L7(9&J,H&8,@9&,:&*?@BH@@&

,)E?)4W&8(:9?BHE(:EJ&?)&()&,84:(9?,)(E&B,)94]9<&%,)@?*4:&8,94)9?(E&?K8E?B(9?,)@&5,:&

@9(55&,:&,84:(9?,)(E&@4BH:?9J&,5&()J&?)5,:K(9?,)&J,H&8,@9<&

Page 183: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&..&,5&.6& & & & %7(894:&;&

• G7#+K?&1<#-%+/-&+&,7$0#%,(-F&$@-&J,H:@4E5&?5&974&?)5,:K(9?,)&J,H&(:4&@7(:?)3&?@&

8,94)9?(EEJ&@4)@?9?C4<&Q5&J4@W&(@-&J,H:@4E5&?5&J,H&@7,HE*&+4&@7(:?)3&?9&,)E?)4&()*&L7(9&

974&?K8E?B(9?,)@&B,HE*&+4<&&

• 6,5#+$0#&,%+B3#0#+,%+,7+&?#I&;,:&J,H:&,L)&8:,94B9?,)&(EL(J@&+4&@H:4&9,&:4@84B9&

B,8J:?379&E(L@W&B?9?)3&@,H:B4@&(@&)4B4@@(:JW&?)BEH*?)3&!)?94*&"(9?,)@&@,H:B4@W&5,:&

L,:-&97(9&*,4@&),9&+4E,)3&9,&J,H<&&

• .3,-A+/C(?%+3(B+F(?+)0#7#-%+F(?07#*"I&a4&8,E?94&?5&J,H&*?@(3:44&L?97&,974:@&()*&

:4@84B9&*?554:4)B4@&,5&,8?)?,)<&$C,?*&*?@:4@84B95HEW&@9?3K(9?X?)3&,:&*?@B:?K?)(9,:J&

E()3H(34<&

• =(+-(%+73/0#+,-%#0-/*+(0+$(-",&#-%,/*+,-"(0</%,(-F&$)J&?)5,:K(9?,)&J,H&@7(:4&

4]94:)(EEJ&@7,HE*&(E:4(*J&+4&?)&974&8H+E?B&*,K(?)<&Q5&?)&*,H+9W&(@-&974&,L)4:&,5&974&

?)5,:K(9?,)<&

• Q5&J,H&L?@7&9,&B,KKH)?B(94&(+,H9&L,:-=:4E(94*&?@@H4@&,)&@,B?(E&K4*?(W&-448&974&

M4(K&_4(*4:&?)&974&E,,8<&&

&

M74&5,EE,L?)3&+4@9&8:(B9?B4@&@7,HE*&(E@,&+4&-489&?)&K?)*F&&

&

• Q*4)9?5J&J,H:@4E5&(@&()&!"#$%&94(K&K4K+4:W&(@&L4EE&(@&J,H:&:,E4&()*&(:4(&,5&

4]84:9?@4<&

• a4&9:()@8(:4)9<&#,&),9&8H+E?@7&()J97?)3&:4E(94*&9,&974&!)?94*&"(9?,)@&@J@94KW&

A%'$W&!"#$%&,:&7HK()?9(:?()&?@@H4@&(),)JK,H@EJW&H)*4:&(&8@4H*,)JK&,:&5(E@4&

)(K4<&

• D)@H:4&L,:-=:4E(94*&B,)94)9&:45E4B9@&A%'$\@&,55?B?(E&8,@?9?,)<&Q5&?)&*,H+9W&(@-&J,H:&

@H84:C?@,:&9,&:4C?4L&J,H:&8,@9&()*&@44-&BE4(:()B4&+45,:4&8H+E?@7?)3<&

• $**&(&*?@BE(?K4:&9,&84:@,)(E&+E,3@&,:&ML?994:&8:,5?E4@&97(9&B,C4:&L,:-=:4E(94*&?@@H4@"#

>(-4&?9&BE4(:&97(9&974&,8?)?,)@&4]8:4@@4*&(:4&J,H:&,L)<&;,:&4](K8E4&,)&ML?994:W&

(**W&eML449@&(:4&KJ&,L)f&9,&J,H:&8:,5?E4<&a4L(:4F&(&*?@BE(?K4:&*,4@&),9&5:44&J,H&

5:,K&J,H:&,+E?3(9?,)@&H)*4:&974&!)?94*&"(9?,)@&%,*4@&,5&%,)*HB9<&

• $EL(J@&8,@9&(BBH:(94W&H8*(94*&?)5,:K(9?,)&()*&(C,?*&@7(:?)3&74(:@(J<&[74:4C4:&

:4E4C()9&,:&8,@@?+E4W&E?)-&+(B-&9,&974&,:?3?)(E&@,H:B4<&D)@H:4&J,H:&8,@9@&(:4&+(@4*&,)&

5(B9@W&),9&84:@,)(E&,8?)?,)@<&$C,?*&4)*,:@?)3&,:&8,@9?)3&E?)-@&9,&B,)94)9&97(9&J,H&

7(C4&),9&:4(*&97,:,H37EJ<&

• N4@84B9&J,H:&B,EE4(3H4@\&:?379&9,&8:?C(BJ<&%,)@HE9&974K&+45,:4&8,@9?)3&()J&B,)94)9&

:4E(94*&9,&974KW&()*&*,&),9&e9(3f&974K&?)&87,9,@&,:&,974:&B,)94)9&L?97,H9&974?:&

B,)@4)9<&

• G9?B-&9,&J,H:&(:4(&,5&4]84:9?@4<&Q5&J,H&*,)\9&-),L&974&()@L4:&9,&(&YH4@9?,)W&:454:&?9&9,&

@,K4,)4&L7,&*,4@&,:&@(J&97(9&J,H&L?EE&:4@8,)*&E(94:W&,)B4&J,H&7(C4&974&B,::4B9&

?)5,:K(9?,)<&

• $B-),LE4*34&()*&B,::4B9&K?@9(-4@&8:,K89EJ<&a4&974&5?:@9&9,&(*K?9&?9&?5&J,H&349&

@,K497?)3&L:,)3&=&K(-4&@H:4&J,H&5,EE,L&H8&()*&B,::4B9&?9<&

Page 184: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&.1&,5&.6& & & & %7(894:&;&

• $C,?*&H@?)3&,55?B?(E&A%'$&E,3,@&,:&+:()*?)3&,)&84:@,)(E&+E,3@&,:&@,B?(E&K4*?(&

8:,5?E4@<&M74&A%'$&E,3,&?@&:4@4:C4*&5,:&,55?B?(E&B,:8,:(94&B,KKH)?B(9?,)@<&G9(55&K(J&

),9&H@4&974&A%'$&)(K4&9,&8:,K,94&()J&8:,*HB9W&8,E?9?B(E&8(:9J&,:&8,E?9?B(E&,8?)?,)<&

• #,&),9&B,KK?9&A%'$&9,&()J&(B9?,)&,:&8,?)9&,5&C?4LW&H)E4@@&J,H&(:4&(H97,:?X4*&9,&*,&

@,<&

• $C,?*&8,@9?)3&87,9,@W&C?*4,@&,:&,974:&K4*?(&5:,K&?)94:)(E&A%'$U!"#$%&4C4)9@W&

?)BEH*?)3&@9(55&K449?)3@&()*&@,B?(E&4C4)9@W&,)&4]94:)(E&,:&8H+E?B&@?94@<&#,&),9&?*4)9?5J&

,:&e9(3f&(&3(974:?)3&(@&e!"A%'$f&?)&974&9?9E4&,:&?)&-4JL,:*@<&

• #,&),9&*,L)E,(*&,:&?)@9(EE&@,59L(:4&97(9&J,H&5?)*&97:,H37&@,B?(E&)49L,:-@&,)9,&J,H:&

,55?B4&B,K8H94:<&!)?94*&"(9?,)@&94B7),E,3J&:4@,H:B4@&@7,HE*&+4&H@4*&:4@8,)@?+EJ&

()*&?)&974&?)94:4@9@&,5&974&,:3()?X(9?,)<&&

• #,&),9&@7(:4&?)5,:K(9?,)&97(9&B,HE*&B,K8:,K?@4&@9(55&@4BH:?9J<&$EL(J@&:4(*&()*&

5,EE,L&@4BH:?9J&:4YH?:4K4)9@<&"4C4:&*?@BH@@&:,H94@&,:&9:(C4E&9?K4@<&"4C4:&8,@9&

84:@,)(E&*49(?E@&@HB7&(@&7,K4&(**:4@@4@&g&J,H:@&,:&J,H:&B,EE4(3H4@\<&

&

!"E"#?1./94/#F5/<#&?G)#G;92H390/;0@#

#

!?MM#9.2#/<;#';:51.9B#2;@X&

A)B4&974&*4B?@?,)&?@&9(-4)&9,&K,+?E?X4&()&!"#$%&94(KW&;%GG&),K?)(94@&(&K?@@?,)&5,B(E&

8,?)9&5,:&(EE&?@@H4@&:4E(9?)3&9,&@H88,:9&9,&974&!"#$%&K?@@?,)<&Q)&(**?9?,)W&A%'$\@&*4@-&5,:&

974&B,)B4:)4*&B,H)9:JU:43?,)&L?EE&+4&974&5,B(E&8,?)9&5,:&(EE&@H+@9()9?C4&?)5,:K(9?,)&

:43(:*?)3&974&4K4:34)BJ&()*&:4E(94*&5,EE,L=H8&(B9?,)@&:4YH?:4*&(9&974&A%'$&74(*YH(:94:@&

E4C4EW&(@&L4EE&(@&L?97&974&74(*YH(:94:@&,5&4]94:)(E&8(:9)4:@&R4<3<W&*,),:@&()*&(34)B?4@S<&&

&

a4@?*4@&974&:48,:9&L:?9?)3&:4YH?:4K4)9@&K4)9?,)4*&(+,C4W&*(?EJ&94E4B,)54:4)B4@&@7,HE*&

(E@,&+4&,:3()?X4*&+49L44)&974&M4(K&_4(*4:&R()*&()J&(**?9?,)(E&K4K+4:&,5&974&94(K&(@&

K(J&+4&*494:K?)4*&+J&974&M4(K&_4(*4:S&()*&974@4&9L,&5,B(E&8,?)9@<&M74&K,*4&,:&

:4@8,)@?+?E?9J&5,:&:4B,:*?)3&974@4&94E4B,)54:4)B4@&@7,HE*&+4&*494:K?)4*&5:,K&974&+43?))?)3&

,5&974&K?@@?,)<&M74:4&@7,HE*&(EL(J@&+4&(&:4B,:*&,5&5,EE,L=H8&(B9?,)@&97(9&(:4&:4YH4@94*&

()*U,:&(3:44*&H8,)<&

#

&/<;0#O90/@#17#&?G)&

M74&#4@-&()*&;%GG&(:4&:4@8,)@?+E4&5,:&4)@H:?)3&5,EE,L=H8&?)&B(@4&,5&(B9?,)@&,:&?)5,:K(9?,)&

:4YH4@94*&+J&974&!"#$%&94(K<&',L4C4:W&*?:4B9&B,)9(B9&K(J&,BBH:&L?97&,974:&8(:9@&,5&

A%'$<&&

&

M74&94(K&K(J&+4&B,)9(B94*&+J&,974:&8(:9@&,5&A%'$&5,:&?)5,:K(9?,)W&?)&8(:9?BHE(:&+J&974&%?C?E&

>?E?9(:J&%,,:*?)(9?,)&G4B9?,)&R%>%GSW&974&!)?94*&"(9?,)@&D)C?:,)K4)9(E&2:,3:(KK4&

R!"D2SUA%'$&m,?)9&D)C?:,)K4)9(E&!)?9W&974&DK4:34)BJ&N4@8,)@4&%,,:*?)(9,:&RDN%S\@&,55?B4&

,:&A%'$&@8,-4@84:@,)@&?)&P4)4C(&()*&"4L&k,:-<&

Page 185: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01&& & 2(34&.6&,5&.6& & & & %7(894:&;&

&

;QG&?)&"4L&k,:-&B()&8:,C?*4&(@@?@9()B4&?)&974&@,H:B?)3&,5&*(9(<&%,)9(B9&L?97&;QG&L?EE&+4&K(*4&

+J&;%GG<&M74:4&K(J&+4&,BB(@?,)@W&4@84B?(EEJ&?)&K(c,:&*?@(@94:@W&L74:4&;QG&K(J&*?@8(9B7&

*4*?B(94*&?)5,:K(9?,)&8:,B4@@?)3&,55?B4:@&R.=1&@9(55S&9,&5H)B9?,)&?)&()&AGA%%&4@9(+E?@74*&+J&

974&!"#$%&94(K<&&

&

&

&

Page 186: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&0.& %6(7849&:&

!"#$%&'&()*#+,!%&(%-&&

#

!".#%/012345062/#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#.!

!"7#,891869:#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7!

!";#+2<6=065=#*2>9=#?/3#*9=@2/=6A6>6069=#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#;!

:;1;0&<64&!)=84*&"(8=,)>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&1!

:;1;.&"(8=,)(?&$@86,9=8=4>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&A!

!"B#C>?//6/<#?#+2<6=065=#C12<1?DD9#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#B!

:;A;0&<64&2?())=)3&29,B4>>&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&C!

:;A;.&D89@B8@9=)3&864&E,3=>8=B>&F749(8=,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&G!

:;A;1&29,B@94H4)8&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&I!

:;A;A&#=>89=+@8=,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&J!

:;A;C&K()(3=)3&E,3=>8=B>&L)5,9H(8=,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&J!

!"E#(F9#+2<6=065=#->4=091#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#..!

#

!".#%/012345062/#

&

M4N&H=>>=,)>&N=??&>@BB44*&N=86,@8&()&(*4O@(84&?,3=>8=B>&79,39(HH4&=)&7?(B4;&<64&(+=?=8P&8,&

*4?=Q49&864&(779,79=(84&>@77?=4>&=)&864&(779,79=(84&(H,@)8>R&=)&,78=H(?&B,)*=8=,)&S&N6494&

()*&N64)&864P&(94&)44*4*&S&=>&(&79494O@=>=84&5,9&()&4554B8=Q4&4H4934)BP&,749(8=,);&&

&

T4B(@>4&!"#$%&8P7=B(??P&(99=Q4>&>,,)&(5849&864&,)>48&,5&(&*=>(>849R&,9&4Q4)&+45,94&=8R&84(H&

H4H+49>&(94&,584)&B(??4*&@7,)&8,&4=8649&H(-4&?,3=>8=B>&(99()34H4)8>&,9&8,&79,Q=*4&(*Q=B4&

,)&864&7?())=)3&()*&=H7?4H4)8(8=,)&,5&+(>=B&?,3=>8=B>&79,39(HH4>;&<6=>&H(P&+4&(>&>=H7?4&(>&

(99()3=)3&8,&@>4&()&F%'$&UH4934)BP&%(>6&:9()8&8,&>4B@94&(&B,)89(B8&5,9&7,8(+?4&N(849&

*4?=Q49=4>&(5849&(&>8,9H&,9&(99()3=)3&5,9&?,B(?&9,(*>&8,&+4&B?4(94*&,5&*4+9=>&+P&(&+@??*,V49;&L)&

H,94&B,H7?4W&>=8@(8=,)>R&!"#$%&H(P&+4&B(??4*&@7,)&8,&>@77,98&)(8=,)(?&(@86,9=8=4>&,9&

H4H+49>&,5&864&!)=84*&"(8=,)>&>P>84H&=)&7?())=)3&()*&=H7?4H4)8=)3&H,94&B,H7?4W&

?,3=>8=B>&79,39(HH4>R&7(98=B@?(9?P&=)&>=8@(8=,)>&N6494&864&E,3=>8=B>&%?@>849&6(>&),8&P48&+44)&

(B8=Q(84*;&&

&

<6=>&B6(7849&=)B?@*4>&()&,Q49Q=4N&,5&*=>(>849&?,3=>8=B>R&34)49(?&=)5,9H(8=,)&,)&7?())=)3&(&

?,3=>8=B>&79,39(HH4&X=)B?@*=)3&8,,?>&8,&H()(34&?,3=>8=B>&=)5,9H(8=,)Y&()*&=)5,9H(8=,)&,)&

864&E,3=>8=B>&%?@>849&X=)B?@*=)3&6,N&=8&=>&94O@4>84*&()*&(B8=Q(84*Y;&&

&

M,9&5@98649&=)5,9H(8=,)&,)&*=>(>849&?,3=>8=B>R&=)B?@*=)3&8,,?>&()*&84H7?(84>R&>44&864&E,3=>8=B>&

%?@>849Z>&!"#$%&$'%()*+,-&$".-/(01$2+&(8&NNN;?,3;?,3B?@>849;,93;&M,9&=)5,9H(8=,)&,)&!"#$%&

?,3=>8=B>&7(98)49>&()*&>@77,98&H,*@?4>R&>44&>4B8=,)>&T;C&()*&T;[;&&

#

#

Page 187: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&0.& %6(7849&:&

!"7#,891869:#

\E,3=>8=B>]&=>&(&*=Q49>4&()*&*P)(H=B&B,)B478&86(8&?(B->&(&>=)3?4&(3944*^@7,)&*45=)=8=,);&<64&

!"#$%&$'%()*+,-&$".-/(01$2+(X864&EF:Y&(*,78>&864&*45=)=8=,)&@>4*&+P&<6,H(>&()*&K=V@>6=H(0&

N6,&*4>B9=+4&?,3=>8=B>&(>_&&&

&

34+(*,"'+%%("5(*/-..$.#6($7*/+7+.&$.#(-.2('".&,"//$.#(&4+(+55$'$+.&6('"%&8+55+'&$9+(

5/":(-.2(%&",-#+("5(#""2%(-.2(7-&+,$-/%(-%(:+//(-%(,+/-&+2($.5",7-&$".6(5,"7(&4+(

*"$.&("5(",$#$.(&"(&4+(*"$.&("5('".%17*&$".(5",(&4+(*1,*"%+("5(7++&$.#(&4+(+.2(

;+.+5$'$-,<=%(,+>1$,+7+.&%?(

&

<64&EF:&5@98649&),84>&86(8&\?,3=>8=B>&=>&,)4&(B8=Q=8P&,5&864&4)*^8,^4)*&79,B4>>&,5&>@77?P&

B6(=)&H()(34H4)8]&()*&=>&34)49(??P&@)*49>8,,*&N=86=)&864&6@H()=8(9=()&B,)84W8&(>&

B,)>=>8=)3&,5&\>@77?P&`&H(849=(?>&H()(34H4)8&`&*=>89=+@8=,)];&L8&>8(84>_&&

&

!"#$%&$'%($%('".'+,.+2(:$&4(*4<%$'-/(7-&+,$-/(-.2($.5",7-&$".(5/":%(5,"7(,-:(

7-&+,$-/(&4,"1#4(&"(&4+(5$.-/(2+%&$.-&$".("5(&4+(5$.$%4+2(*,"21'&?(@-A",(+7*4-%$%($%(

.":(*/-'+2(".(&4+($7*",&-.'+("5($.5",7-&$".(-%(:+//(-%(*4<%$'-/(5/":%6(-.2(-.(

-22$&$".-/(-.2(9+,<(,+/+9-.&(5-'&",($%(&4-&("5(,+9+,%+(/"#$%&$'%(B(&4+(5/":("5(*,"21'&%(

-.2(*-'C-#$.#(;-'C(&4,"1#4(&4+(%<%&+7?(

(

L)&(779,(B6=)3&?,3=>8=B>&=)&(&*=>(>849&=8&=>&=H7,98()8&8,&*=>8=)3@=>6&+48N44)&),9H(?&

B,HH49B=(?&>P>84H>&()*&86,>4&=)&7?(B4&*@9=)3&*=>(>849>R&,9&=)&864&+9,(*49&6@H()=8(9=()&

B,)84W8;&<64&EF:&),84>&86(8&N6=?4&B,HH49B=(?&>@77?P&B6(=)>&B()&5,94B(>8&*4H()*&()*&

@8=?=V4&(*Q()B4*&H(864H(8=B(?&H,*4?>&8,&794*=B8&)44*>R&6@H()=8(9=()&>@77?P&B6(=)>&(94&

@)794*=B8(+?4&X4;3;R&@)-),N)&8=H=)3>R&B,HH,*=8=4>&()*&34,39(76PYR&(94&7@8&=)&7?(B4&,)&

>6,98&?4(*&8=H4>R&6(Q4&6=36&>8(-4>&X4;3;R&>(Q=)3&?=Q4>R&H4*=(&>B9@8=)PR&*,),9&(BB,@)8(+=?=8PY&

()*&,584)&?(B-&864&=)=8=(?&94>,@9B4>&94O@=94*&5,9&>@BB4>>5@?&=H7?4H4)8(8=,)&=)&864&4(9?P&

>8(34>&,5&(&*=>(>849;&:=Q4)&864>4&B,)>89(=)8>R&864&EF:&94B,HH4)*>&(779,(B6=)3&*=>(>849&

?,3=>8=B>&(>&(&\>P>84H>&4W49B=>4]&94O@=9=)3_&&

&

• #4?=Q49P&,5&864&(779,79=(84&>@77?=4>&=)&3,,*&B,)*=8=,)R&N64)&()*&N6494&864P&(94&

)44*4*;&

• $&N=*4&9()34&,5&89()>7,98R&,584)&=H79,Q=>4*&(8&864&?,B(?&?4Q4?;&

• E=H=84*R&9(7=*&()*&>74B=5=B&*4?=Q49=4>&59,H&,@8>=*4&864&(94(;&

• $&>P>84H&,5&79=,9=8=V=)3&Q(9=,@>&94?=45&=)7@8>;&

• D8,9=)3R&>8(3=)3&()*&H,Q=)3&+@?-&B,HH,*=8=4>;&

• K,Q=)3&74,7?4;&

0& $)=>P(& <6,H(>& ()*&K=8>@-,&K=V@>6=H(R& \E,3=>8=B>& 89(=)=)3_& )4B4>>=8P& ,9& ?@W@9Pa]& =)& D",'+2(@$#,-&$".( E+9$+:R& ",;& ..&

Xb()@(9P&.//CY;&

Page 188: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&0.& %6(7849&:&

• %,,9*=)(8=,)&()*&79=,9=8=V(8=,)&,5&864&@>4&,5&?=H=84*&()*&>6(94*&89()>7,98&(>>48>;&

• 2,>>=+?4&H=?=8(9P&=)Q,?Q4H4)8&=)&?,3=>8=B>&>@77,98&X4>74B=(??P&=)&B(>4>&,5&B=Q=?&B,)5?=B8Y;&

&

<64&(+=?=8P&8,&=H7?4H4)8&()P&?,3=>8=B>&79,39(HH4&N=??&+4&(554B84*&+P&5,@9&H(=)&5(B8,9>_&&

&

• %(7(B=8P&,5&864&=)59(>89@B8@94;&

• $Q(=?(+=?=8P&()*&O@()8=8P&,5&89()>7,98&(>>48>&=)&864&B,@)89P;&

• 2,?=8=B>&,5&864&>=8@(8=,);&

• %=Q=?&B,)5?=B8&=)&864&(94(&,5&,749(8=,)>;&

&

<,&+4&4554B8=Q4R&()P&*=>(>849&?,3=>8=B>&>P>84H&H@>8&+4&+(>4*&,)&+,86&=H7?4H4)8(8=,)&()*&

,749(8=,)>&7?()>R&*4Q4?,74*&=)&864&B,)84W8&,5&()&,Q49(??&?,3=>8=B>&79,39(HH4;&&

&

!";#+2<6=065=#*2>9=#?/3#*9=@2/=6A6>6069=#

&

L)849)(8=,)(?&=)Q,?Q4H4)8&=)&?,3=>8=B>&,749(8=,)>&Q(9=4>&394(8?P&59,H&>=8@(8=,)&8,&>=8@(8=,);&

F93()=V(8=,)>&B,HH,)?P&=)Q,?Q4*&=)&?,3=>8=B>&,749(8=,)>&=)B?@*4_&&

&

• c,9?*&M,,*&29,39(HH4&XcM2Y&&

• !)=84*&"(8=,)>&#4Q4?,7H4)8&29,39(HH4&X!"#2Y&

• F55=B4&5,9&%,,9*=)(8=,)&,5&'@H()=8(9=()&$55(=9>&XF%'$Y&

• !)=84*&"(8=,)>&'=36&%,HH=>>=,)49&5,9&d45@344>&X!"'%dY&

• !)=84*&"(8=,)>&%6=?*94)Z>&M@)*&X!"L%UMY&

• c,9?*&'4(?86&F93()=V(8=,)&Xc'FY&

• L)849)(8=,)(?&%,HH=8844&,5&864&d4*&%9,>>&XL%d%Y&

• L)849)(8=,)(?&M4*49(8=,)&,5&d4*&%9,>>&()*&d4*&%94>B4)8&D,B=48=4>&XLMd%Y&

• ),)^3,Q49)H4)8(?&,93()=V(8=,)>&X":F>Y&

• (9H4*&5,9B4>&

• 79=Q(84&>4B8,9&4)8=8=4>&

• )(8=,)(?&(@86,9=8=4>&

&

<64&5,??,N=)3&>4B8=,)>&,@8?=)4&6=36^?4Q4?&9,?4>&()*&94>7,)>=+=?=8=4>&94?(84*&8,&!)=84*&"(8=,)>&

()*&)(8=,)(?&:,Q49)H4)8&(@86,9=8=4>;&&

#

!";".#(F9#G/6093#H?062/=#

&

UQ4)&=)&864&4(9?P&>8(34>&,5&()&4H4934)BPR&H4H+49>&,5&864&!)=84*&"(8=,)>&%,@)89P&<4(H&

X!"%<Y&H(P&(?94(*P&6(Q4&4>8(+?=>64*R&,9&+4&4>8(+?=>6=)3R&(&?,3=>8=B>&B,,9*=)(8=,)&455,98;&<6=>&

N=??&),9H(??P&+4&?4*&+P&cM2R&(>&864&3?,+(?&?4(*&5,9&864&E,3=>8=B>&%?@>849;&L)&86=>&9,?4R&cM2Z>&

H=>>=,)&N=??&@>@(??P&+4&8,&(>>=>8&864&6@H()=8(9=()&B,HH@)=8P&=)&864=9&?,3=>8=B>&455,98>&()*&8,&

+4&(&5,B(?&7,=)8&5,9&()P&(94(>&,5&?,3=>8=B(?&B,,9*=)(8=,)&86(8&94O@=94&864&6,>8&:,Q49)H4)8Z>&

Page 189: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&A&,5&0.& %6(7849&:&

>@77,98;&&

&

<64&!)=84*&"(8=,)>&d4>=*4)8&%,,9*=)(8,9e'@H()=8(9=()&%,,9*=)(8,9&Xd%e'%Y&>6,@?*&(?>,&+4&

7947(94*&8,&*4>=3)(84&(&89()>7,98e?,3=>8=B>&>@77,98&39,@7;&<6=>&39,@7&N,9->&8,&4)>@94&

6@H()=8(9=()&79=,9=8=4>&(94&+4=)3&>@77,984*&()*&(*Q=>4>&864&E,3=>8=B>&%?@>849&,)&=*4)8=5=4*&

>@77?P&B6(=)&3(7>&94O@=9=)3&B,Q49(34&()*&>@77,98;&L)&>,H4&B(>4>&>@77,98&5,9&7,98&()*&

(=97,98&B?4(9()B4&N=??&+4&79,Q=*4*&869,@36&79=Q(84&>4B8,9&79,39(HH4>;&&

&

!";"7#H?062/?>#'40F216069=#

#

$>&=)&,8649&(94(>&,5&94?=45&N,9-R&=8&=>&Q=8(?&86(8&86494&=>&(&B?,>4&94?(8=,)>6=7&N=86&864&)(8=,)(?&

(@86,9=8=4>&N64)&B(99P=)3&,@8&?,3=>8=B(?&,749(8=,)>;&<64&5,??,N=)3&6(Q4&79,Q4*&8,&+4&B4)89(?&

=)&864&94?(8=,)>6=7&N=86&:,Q49)H4)8>&()*&864&4554B8=Q4)4>>&,5&?,3=>8=B(?&,749(8=,)>_&

&

• $3944H4)8&,Q49&864&5,9H&()*&B,)84)8&,5&864&?,3=>8=B>&7?()&X>44&+4?,NY;&

• $3944H4)8&,)&(@86,9=8=4>&8,&B,)89,?&B,HH,*=8P&H,Q4H4)8&()*&*=>89=+@8=,);&

• $3944H4)8&,)&>488=)3&@7&84?4B,HH@)=B(8=,)>&)48N,9->&X4;3;R&9(*=,&()*&>(84??=84&S&

>44&B6(7849&bY;&

• $99()34H4)8>&5,9&89(Q4?&8,&()*&=)&94>89=B84*&(94(>;&

• $&7@+?=B&B,HH=8H4)8&8,&864&>4B@9=8P&,5&!)=84*&"(8=,)>&>8(55&()*&(B8=,)>&8,&+4&8(-4)&

=)&864&4Q4)8&,5&>74B=5=B&=)B=*4)8>;&

• !>4&,5&!)=84*&"(8=,)>&94>,@9B4>&=)&>@77,98&,5&864&(@86,9=8=4>&=)&864&4Q4)8&,5&>74B=5=B&

4H4934)B=4>;&

• #@8P^5944e8(W(8=,)&4W4H78&>8(8@>&5,9&(??&4O@=7H4)8&()*&B,)>@H(+?4>;&

• <=H4?P&()*&455=B=4)8&B@>8,H>&79,B4*@94>&5,9&4H4934)BP&94?=45&=84H>&S&+,86&(=*&5,9&

+4)45=B=(9=4>&()*&>@77,98&=84H>&5,9&!)=84*&"(8=,)>&,749(8=,)(?&@>(34&X>44&';A;1&5,9&

H,94&=)5,9H(8=,)&,)&B@>8,H>Y;&

• M(Q,@9(+?4&5,94=3)&B@994)BP&4WB6()34&9(84>;&

• U(9?P&(3944H4)8&,)&864&>89(843P&5,9&76(>4^,@8&()*&6()*^,Q49&,5&864&,749(8=,)&8,&

)(8=,)(?&(@86,9=8=4>;&

&

!"B#C>?//6/<#?#+2<6=065=#C12<1?DD9#

#

$>&),84*&(+,Q4R&=)&>=8@(8=,)>&N6494&864&E,3=>8=B>&%?@>849&=>&),8&(B8=Q(84*R&864&!"#$%&84(H&

H(P&+4&94O@=94*&8,&>@77,98&864&*4Q4?,7H4)8&()*&=H7?4H4)8(8=,)&,5&(&?,3=>8=B>&79,39(HH4;&

<6=>&>4B8=,)&79,Q=*4>&34)49(?&3@=*()B4&8,&(??,N&84(H&H4H+49>&8,&B94(84&+(>=B&?,3=>8=B>&

7?()>;&<,,?>&8,&(>>=>8&N=86&H()(3=)3&?,3=>8=B>&=)5,9H(8=,)&(94&,@8?=)4*&+4?,N&=)&>4B8=,)&

:;A;C;&&

#

Page 190: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&C&,5&0.& %6(7849&:&

!"B".#(F9#C>?//6/<#C1259==##

2?())=)3&()*&()8=B=7(8=,)&(94&864&B,9)49>8,)4>&,5&3,,*&?,3=>8=B>&()*&H@>8&+4&+(>4*&,)&

-),N?4*34&,5&Q(9=,@>&(>74B8>&,5&864&>=8@(8=,)&X4;3;R&34,?,3=B(?R&84B6)=B(?R&7,?=8=B(?&()*&

76P>=B(?Y;&L)&(**=8=,)R&=8&H@>8&+4&94H4H+494*&86(8&?,3=>8=B>&=>&7(98&,5&()&,)^3,=)3&94?=45&

,749(8=,)&S&()P&?,3=>8=B>&7?())=)3&H@>8&+4&B,,9*=)(84*&N=86&864&7?()>&,5&,8649&>4B8,9>&,5&864&

94?=45&,749(8=,);&T4B(@>4&?,3=>8=B>&,749(8=,)>&@)*497=)&()*&>@77,98&864&3,(?>&,5&864&

6@H()=8(9=()&B,HH@)=8PR&=8&=>&=H7,98()8&8,&8(-4&=)8,&(BB,@)8&86(8&86494&H(P&+4&+94(-*,N)>&

5,9&Q(9=,@>&94(>,)>;&2?()>&H@>8&8(-4&86=>&=)8,&(BB,@)8R&+4=)3&(>&5?4W=+?4&(>&7,>>=+?4;&

<64&!"#$%&$'%()*+,-&$".-/(01$2+(,@8?=)4>&(&?,3=>8=B>&7?())=)3&BPB?4_&

I6<419#!".J#(F9#+2<6=065=#C>?//6/<#-K5>9#

c6=?4&=8&=>&=H7,98()8&8,&=H7?4H4)8&864&5@??&BPB?4R&()&=)=8=(?&?,3=>8=B>&7?())=)3&B64B-?=>8&=)&()&

4H4934)BP&>488=)3&B,@?*&+4&(>&>=H7?4&(>_&&

• >48&,+f4B8=Q4>&

• *4Q4?,7&7,?=B=4>&X,9&(*,78=)3&4W=>8=)3&,)4>&8,&B,Q49&79,B@94H4)8Y&

• N(946,@>=)3&

• *=>7,>(?e94Q49>4&?,3=>8=B>&

"#$%&'%(&!)&&*&&+*,'!

-*.%*/!0&&*&&+*,'!1*&23'&!0$0%,&'!41#$10+!

,**5&!

630,!

-*.%*/!430,&!0$0%,&'!%,'*,5*5!

#2'(#+*&!

7+43*+*,'!

8#,%'#1%,$!

9.0320'%#,!

9:%'!;'10'*$<!

"#$%&'%(&!)&&*&&+*,'!

-*.%*/!0&&*&&+*,'!1*&23'&!0$0%,&'!41#$10+!

,**5&!

630,!

-*.%*/!430,&!0$0%,&'!%,'*,5*5!

#2'(#+*&!

7+43*+*,'!

8#,%'#1%,$!

9.0320'%#,!

9:%'!;'10'*$<!

630,,%,$!!

=<(3*!

Page 191: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&[&,5&0.& %6(7849&:&

• 94>,@9B4>&94O@=94*&X4;3;R&Q46=B?4>R&9(*=,>R&B,H7@849>R&,55=B4&>7(B4R&>8,9(34&>7(B4&()*&

>8(55=)3Y&&

&

$&H,94&B,H79464)>=Q4&7?()&N,@?*&B,)>=*49&864&5,??,N=)3_&&

&

• 5=)()B=(?&94>,@9B4>&

• >8(55=)3&X=)B?@*=)3&(Q(=?(+=?=8PR&?,B(?&94B9@=8H4)8R&6@H()&94>,@9B=)3&B,)>=*49(8=,)>&

()*&89(=)=)3Y&&

• =)5,9H(8=,)&H()(34H4)8&8,,?>&X5,9&7?())=)3R&H()(3=)3&()*&947,98=)3Y&&

• 4W=>8=)3&B,)8=)34)BP&7?()>&

• (>>4>>H4)8&94>@?8>&&&

• E,3=>8=B>&%(7(B=8P&$>>4>>H4)8>&XB(??4*&E%$>&()*&(Q(=?(+?4&869,@36&864&E,3=>8=B>&

%?@>849Y&

• 4W849)(?&=)59(>89@B8@94&(Q(=?(+?4&

• >8,B->&()*&H,Q4H4)8>&

- H,Q4H4)8&>B64*@?4&8,&H448&79,39(HH4&94O@=94H4)8>&

- 794^7,>=8=,)=)3&,5&H(849=(?&()*&,749(8=,)(?&>8,B-&94O@=94H4)8>&

- N(946,@>4&7?())=)3&S&8(+?4&>6,N=)3&?,B(8=,)&,5&>8,9(34&5(B=?=8=4>R&B(7(B=8=4>R&

7?())4*&869,@367@8R&7?())4*&>8,B-&?4Q4?>&

- N(946,@>4&5(B=?=8=4>&()*&H()(34H4)8&

• 89()>7,98&=)5,9H(8=,)&(Q(=?(+?4&,)&E%$>&

- 7,98&,749(8=,)>R&=)B?@*=)3&6()*?=)3&4O@=7H4)8e,749(8=,)>&

- (=97,98&,749(8=,)>R&=)B?@*=)3&6()*?=)3&4O@=7H4)8e,749(8=,)>&

- 8(+?4&>6,N=)3&9,@84>R&H,*4>R&89(Q4?&8=H4R&B(7(B=8PR&7?())4*&869,@367@8R&

),84>&X(B8=,)>&8,&94*@B4&+,88?4)4B->&()*&=H79,Q4&455=B=4)BPY&

- 9,(*&89()>7,98_&@>4&()*&H()(34H4)8&,5&B,HH49B=(?R&3,Q49)H4)8&()*&,8649&

94?=45&5?448>&

- N(849&89()>7,98&

- 5@4?&()*&H(=)84)()B4&5,9&89()>7,98&@)=8>&

• *=>89=+@8=,)R&H,)=8,9=)3&()*&4Q(?@(8=,)&

- 7?()&()*&94>,@9B4>&5,9&=H7?4H4)8(8=,)&,5&*=>89=+@8=,)&

- 7?()&()*&94>,@9B4>&5,9&=H7?4H4)8=)3&H,)=8,9=)3&,5&>@77?P&B6(=)&7495,9H()B4&

- 7?()&()*&94>,@9B4>&5,9&4Q(?@(8=,)&,5&>@77?P&B6(=)&

• >4B@9=8P&(99()34H4)8>&

• 4W=8&>89(843P&

&

<64&\$>>4>>H4)8&()*&2?())=)3]&>4B8=,)&,5&864&,)?=)4&!"#$%&$'%()*+,-&$".-/(01$2+(B,)8(=)>&(&

Q(9=48P&,5&84H7?(84>&()*&B64B-?=>8>&94?(84*&8,&?,3=>8=B>&7?())=)3;&&

&

Page 192: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&G&,5&0.& %6(7849&:&

!"B"7#&01450416/<#0F9#+2<6=065=#,@91?062/##

#

$&?(B-&,5&,93()=V(8=,)&=)&864&5=9>8&76(>4&,5&()&4H4934)BP&B()&?4(*&8,&(&?,>>&,5&B,HH,*=8=4>&

()*&,8649&4Q4)&H,94&>49=,@>&B,)>4O@4)B4>;&L8&=>R&864945,94R&=H7,98()8&5,9&86,>4&(99=Q=)3&

4(9?P&X>@B6&(>&!"#$%Y&8,&8(-4&>847>&8,&>89@B8@94&864&,749(8=,)&(BB,9*=)3&8,&(&7?();&&

&

<64&>89@B8@94&()*&,93()=V(8=,)&,5&(&?,3=>8=B>&,749(8=,)&=>&+(>4*&,)&864&>@77?P&B6(=);&

%,H7,)4)8>&,5&86=>&B6(=)&(94_&&

&

• 7,=)8>&,5&,9=3=)&X79,*@B=)3&,9&*,),9&B,@)89=4>Y&&

• 7,98&,5&4)89P&X4;3;R&?()*R&>4(R&(=9Y&

• 79=H(9P&N(946,@>4&X)4(9&864&7,98&,5&4)89PY&&

• 5,9N(9*&N(946,@>4>&X5,9&6,?*=)3Y&&

• 849H=)(?&>8,9(34&7,=)8>&X59,H&N6=B6&94?=45&3,,*>&(94&89()>54994*&8,&*=>89=+@8=,)&

7,=)8>Y&

&

:4)49(??P&>74(-=)3R&864&89()>7,98(8=,)&H,*4>&94O@=94*&348&>H(??49&(>&,)4&H,Q4>&869,@36&

864&>@77?P&B6(=);&M,9&4W(H7?4R&864&B6(=)&N=??&@>@(??P&>8(98&N=86&>6=7>R&89(=)>&,9&(=9B9(58&()*&

864)&79,394>>&869,@36&+=3&89@B->&N=86&89(=?49>&,9&>4H=^89(=?49>&8,&>H(??49&89@B->&,9&4Q4)&5,@9^

+P^5,@9&Q46=B?4>;&

&

<64&B6(=)&=>&>@77,984*&+P&864&5,??,N=)3&5@)B8=,)>R&4(B6&,5&N6=B6&H@>8&6(Q4&(*4O@(84&

>8(55=)3R&5(B=?=8=4>&()*&4O@=7H4)8_&&

&

• H()(34H4)8&

• B4)89(?&>@77,98&

• 79,B@94H4)8&

• 7,98&B?4(9()B4&

• N(946,@>4e>8,9(34&

• 89()>7,98&

• >B64*@?=)3&

• B,HH@)=B(8=,)>&

• B,HH,*=8P&B,)89,?&

• *=>89=+@8=,)&B,)89,?&

&

M,9&(&?(934^>B(?4&?,3=>8=B>&,749(8=,)&864&5,??,N=)3&H(P&(?>,&+4&)44*4*_&&

&

• ,55=B4>&()*&(*H=)=>89(8=Q4&4O@=7H4)8&

• N(946,@>4>&(8&Q(9=,@>&?4Q4?>&

• 5@4?&()*&>7(94>&>8,94>&

Page 193: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&I&,5&0.& %6(7849&:&

• N,9->6,7>&

• Q46=B?4&7(9-=)3&

• Q46=B?4>&5,9&H()(34H4)8&>8(55&

• 5?448>&,5&89@B->&

• >74B=(?&Q46=B?4>&>@B6&(>&B9()4>R&8()-49>&()*&B(93,^6()*?=)3&H(B6=)4>&

• B,HH@)=B(8=,)>&4O@=7H4)8&

• (BB,HH,*(8=,)>&

• 6(V(9*,@>&N(>84&*=>7,>(?&5(B=?=8P&X5,9&4)3=)4&,=?R&8=94>R&+(8849=4>R&48B;Y&

#

!"B";#C125419D9/0#

&

<64&!"#$%&$'%()*+,-&$".-/(01$2+&*45=)4>&79,B@94H4)8&(>R&\864&79,B4>>&,5&=*4)8=5P=)3&()*&

,+8(=)=)3&3,,*>&()*&>49Q=B4>;]&L8&=)B?@*4>&>,@9B=)3&()*&7@9B6(>=)3R&()*&B,Q49>&(??&(B8=Q=8=4>&

59,H&=*4)8=5P=)3&7,84)8=(?&>@77?=49>&869,@36&8,&*4?=Q49P&59,H&(&>@77?=49&8,&864&@>49>&,9&

+4)45=B=(9P;&

&

<64&86944&=H7,98()8&79=)B=7?4>&,5&6@H()=8(9=()&?,3=>8=B>&79,B@94H4)8&(94_&

#

• 3,-.%*-,+.'<_&$??&76(>4>&=)&864&79,B@94H4)8&79,B4>>&(94&5(=9&()*&(BB@9(84?P&

*,B@H4)84*;&&

• F''"1.&-;$/$&<_&#,),9>&H(P&94O@=94&B498(=)&9@?4>&8,&+4&5,??,N4*&N64)&@>=)3&864&

H,)4P&864P&6(Q4&79,Q=*4*;&&

• G55$'$+.'<(-.2('"%&(+55+'&$9+.+%%_&K448=)3&864&>=W&9=368>&,5&>@77?P_&79=B4R&9=368&8=H4R&

9=368&O@()8=8PR&O@(?=8P&>49Q=B4>R&*4?=Q49P&8,&864&94O@=94*&7?(B4>&()*&59,H&864&H,>8&

B,>8&4554B8=Q4&>,@9B4;&

&

<64&79=)B=7?4>&()*&864=9&=H7,98()B4&>84H&59,H&86944&-4P&5(B8>_&

&

• d4>,@9B4>&@8=?=V4*&(94&@>@(??P&5@)*4*&+P&*,),9>;&&&

• <9()>7(94)BP&B,)89=+@84>&8,&864&4>8(+?=>6H4)8&,5&>,@)*&()*&94?=(+?4&+@>=)4>>&

94?(8=,)>&N=86&>@77?=49>;&&

• U55=B=4)BP&()*&B,>8&4554B8=Q4)4>>&6(>&(&*=94B8&=H7(B8&,)&,749(8=,)>R&()*&@?8=H(84?P&,)&

+4)45=B=(9=4>;&

&

<64&79,B@94H4)8&5@)B8=,)&H@>8&3@(9*&()*&H=8=3(84&(3(=)>8&9=>-R&@)*49>8()*&864&H(9-48R&

+@=?*&94?(8=,)>6=7>&N=86&>@77?=49>R&H448&)44*>&=)&(&8=H4?P&H())49&()*&B,)>8()8?P&H,)=8,9&

7495,9H()B4&8,&=H79,Q4&>49Q=B4&79,Q=>=,);&<,&(B6=4Q4&86=>R&864&?,3=>8=B>&7?()&H@>8&79,Q=*4&

5,9&B?4(9?P&*45=)4*&79,B@94H4)8&7,?=B=4>&()*&(@86,9=8=4>&86(8&(94&N4??&@)*49>8,,*;&L8&=>&

=H7,98()8&86(8&(??&>8(55&(94&5(H=?=(9&N=86&864&,9*49=)3&>P>84H&()*&86(8&B(>6&6()*?=)3&=>&

>P>84H(8=V4*&=)&()&,749(8=,)(?&5(>6=,)&86(8&*,4>&),8&?(P&@))4B4>>(9P&B,)>89(=)8>&,)&

,749(8=,)(?&(>74B8>;&&

Page 194: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&J&,5&0.& %6(7849&:&

&

L)&79,B@9=)3&()*&94B4=Q=)3&B,HH,*=8=4>&59,H&,@8>=*4&,5&864&(554B84*&B,@)89PR&=8&=>&=H7,98()8&

8,&94B,3)=V4&86(8&Q49P&54N&B@>8,H>&(*H=)=>89(8=,)>&(94&(*4O@(84?P&7947(94*&5,9&864&

7,>>=+=?=8P&86(8&864P&H(P&94B4=Q4&(&6@34&)@H+49&,5&@)4W74B84*&94?=45&5?=368>&=)&(&>6,98&749=,*&

,5&8=H4;&d47,98>&59,H&864&5=4?*&B,)8(=)&H@?8=7?4&4W(H7?4>&,5&*4?(P>&=)&*4?=Q49=)3&

6@H()=8(9=()&(>>=>8()B4&*@4&8,&864&),)^(77?=B(8=,)&,5&864&=)849)(8=,)(??P&94B,HH4)*4*&

H4(>@94>&+P&?,B(?&B@>8,H>&,55=B4>;&<6()->&8,&864&B,??(+,9(8=,)&N=86&864&c,9?*&%@>8,H>&

F93()=V(8=,)R&(&B@>8,H>&(3944H4)8&84H7?(84&6(>&+44)&*9(584*&8,&4)>@94&864&(77?=B(8=,)&,5&

>=H7?=5=4*&B@>8,H>&79,B4*@94>&=)&,9*49&8,&>744*&@7&864&*4?=Q49P&,5&=)849)(8=,)(?&

6@H()=8(9=()&(>>=>8()B4;&$)&4?4B89,)=B&Q49>=,)&B()&+4&5,@)*&=)&864&\%@>8,H>]&>4B8=,)&,5&864&

,)?=)4&!"#$%&$'%()*+,-&$".-/(01$2+;&&

#

!"B"B#$6=016A4062/#

#

#=>89=+@8=,)&8,&=)*=Q=*@(?>&()*&5(H=?=4>&=>&Q49P&*=55494)8&59,H&864&94>8&,5&864&>@77?P&B6(=)&()*&

B94(84>&864&+=334>8&79,+?4H>&(>>,B=(84*&N=86&864&*=Q49>=,)&,5&94?=45&(=*;&<64&4554B8=Q4)4>>&,5&

*=>89=+@8=,)&,749(8=,)>&*474)*>&,)&6,N&94B=7=4)8>&(94&B6,>4)&()*&=*4)8=5=4*;&<6,>4&=)&

B6(934&,5&>@B6&,749(8=,)>&)44*&8,&(?N(P>&8(-4&=)8,&(BB,@)8&864&(>>,B=(84*&B,H7?4W=8P&()*&

7,?=8=B(?&>4)>=8=Q=8=4>;&F93()=V(8=,)>&N=86&864&8(>-&,5&*=>89=+@8=,)&H@>8&6(Q4&4W84)>=Q4&

4W749=4)B4&=)&86=>&5=4?*&()*&H@>8&N,9-&59,H&(&>74B=5=B&*=>89=+@8=,)&7?();&M,9&864>4&94(>,)>R&

5=)(?&*=>89=+@8=,)&=>&,584)&@)*498(-4)&+P&)(8=,)(?&(@86,9=8=4>&,9&),)^3,Q49)H4)8(?&

,93()=V(8=,)>;&&

#

!"B"E#L?/?<6/<#+2<6=065=#%/M21D?062/#

#

<6494&(94&(&Q(9=48P&,5&8,,?>R&84H7?(84>&()*&,8649&94>,@9B4>&(Q(=?(+?4&8,&!"#$%&H4H+49>&8,&

(>>=>8&=)&,93()=V=)3&,9&>@77,98=)3&?,3=>8=B>&,749(8=,)>&*@9=)3&864&4(9?P&76(>4>&,5&()&

4H4934)BP;&K()P&,5&864>4R&=)B?@*=)3&864&!"#$%&$'%()*+,-&$".-/(01$2+&()*&864&B,@)89P^

>74B=5=B&E,3=>8=B>&%(7(B=8P&$>>4>>H4)8>&X+,86&945494)B4*&(+,Q4YR&(94&(Q(=?(+?4&(8&

NNN;?,3B?@>849;,93&,9&59,H&cM2;&T4?,N&(94&(**=8=,)(?&94>,@9B4>&5,9&H(77=)3&()*&89(B-=)3&

3,,*>;&&

&

!>2A?>#D?@@6/<#2M#9D91<9/5K#=025N@6>9=&

<6=>&79,f4B8R&?,B(84*&(8&NNN;6@H()=8(9=()=)5,;,93e>8,B-H(7R&=>&(&B,,749(8=Q4&455,98&,5&

F%'$&()*&864&:?,+(?&E,3=>8=B>&%?@>849&D@77,98&%4??;&L8>&>=)3?4^4)89P&=)8495(B4&H(7>&864&

B(7(B=8=4>&()*&94>,@9B4>&,5&6@H()=8(9=()&(B8,9>&8,&94>7,)*&8,&864&)44*>&,5&864&(554B84*&

7,7@?(8=,);&L8&>6(94>&>8()*(9*&=)5,9H(8=,)&,)&\N6,&6(>&N6(8&N6494]&(>&(&H4()>&8,&>@77,98&

7947(94*)4>>&=)=8=(8=Q4>&()*&94?=45&,749(8=,)>&=)&864&5,??,N=)3&N(P>_&&

&

H,+*-,+2.+%%(

• 3?,+(?&H(77=)3&,5&94?=45&>8,B->&

Page 195: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&0.& %6(7849&:&

• H@8@(?&(N(94)4>>&,5&B(7(B=8=4>R&79(B8=B4>&()*&+4)B6H(9->&

• =)5,9H(8=,)&8,&()8=B=7(84&()*&7?()&(*4O@(84&7947,>=8=,)=)3&,5&94?=45&=84H>&

• *(8(&5,9&94?=45&,93()=V(8=,)>&()*&B,@)89=4>&B,)>=*49=)3&4>8(+?=>6=)3&864=9&,N)&

4H4934)BP&>8,B-7=?4&

• =)849)(8=,)(?&+4>8&79(B8=B4>&

&

E+/$+5(

• 79,Q=*4>&\:4"(4-%(:4-&(:4+,+]&8,&H448&864&=HH4*=(84&)44*>&,5&864&(554B84*&

7,7@?(8=,)&

• 79,Q=*4>&(&@>45@?&>,@9B4&,5&=)5,9H(8=,)&8,&)(8=,)(?&4H4934)BP&>49Q=B4>&

• =)5,9H>&94O@4>8>&5,9&=)849)(8=,)(?&(>>=>8()B4&,)&(&+=?(849(?&+(>=>&

&

(1?5N6/<#6/ON6/3#52/016A4062/=##

E,3Lg&X6887_ee?,3=-;@),B6(;,93Y&=>&(&3?,+(?&,)^?=)4&*(8(+(>4&B94(84*&8,&94B,9*&=)849)(8=,)(?&

6@H()=8(9=()&B,)89=+@8=,)>&,5&94?=45&=84H>;&L8&3(8649>&?,3=>8=B>&*48(=?>&,)&=)^-=)*&

B,)89=+@8=,)>R&864&,9=3=)&()*&*4>8=)(8=,)&B,@)89P&()*&B=8PR&864&=84H>Z&*4>B9=78=,)R&N4=368R&

Q(?@4&()*&O@()8=8PR&864&89()>7,98&H,*4R&48B;&&

&

<64&>P>84H&B()&+4&@>4*&=)&864&5,??,N=)3&N(P>_&&

&

M,9&(554B84*&B,@)89=4>_&&

&

• #=>(>849&H()(34H4)8&(@86,9=8=4>&94B4=Q4&()&,Q49(??&7=B8@94&,5&=)B,H=)3&94?=45&

B,)>=3)H4)8>&=)B?@*=)3&=)5,9H(8=,)&,)&N6(8&=>&=)&864&7=74?=)4;&<6=>&64?7>&5(B=?=8(84&

864&=*4)8=5=B(8=,)&,5&,@8>8()*=)3&)44*>;&

• %@>8,H>&(*H=)=>89(8=,)>&348&=)5,9H(8=,)&,)&864&(99=Q(?&,5&94?=45&>@77?=4>;&<6=>&64?7>&

4)6()B4&864&9,?4&,5&B@>8,H>&=)&H(-=)3&864&)4B4>>(9P&(99()34H4)8>&8,&>744*&@7&864&

B?4(9()B4&()*&94?4(>4&,5&94?=45&B,)>=3)H4)8>;&

&

M,9&864&6@H()=8(9=()&B,HH@)=8P_&

&

• <64&>P>84H&79,Q=*4>&(&\,)4^>8,7&>6,7]&5,9&*(8(&,)&=)849)(8=,)(?&()*&943=,)(?&94?=45&

=84H&H,Q4H4)8>&XB,HH=884*R&*=>7(8B64*&()*&*4?=Q494*&=)^-=)*&B,)89=+@8=,)>Y;&

• '@H()=8(9=()&(B8,9>&()*&7(98)49>&94B4=Q4&*(=?P&@7*(84>&,)&864&,Q49(??&5?,N&,5&94?=45&

>@77?=4>;&&

• <64&>P>84H&79,Q=*4>&()(?P8=B(?&947,98>;&

&

M,9&*,),9>&,5&=)^-=)*&B,)89=+@8=,)>&()*&>4)*49>_&

&

• L)5,9H(8=,)&B()&+4&5,@)*&,)&N6(8&6(>&+44)&*4?=Q494*&S&>49Q4>&(>&(&+(>=>&5,9&

*4B=>=,)^H(-=)3&,)&N6(8&8,&*,)(84;&

Page 196: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&0.& %6(7849&:&

• #,),9>&94B4=Q4&394(849&Q=>=+=?=8P&5,9&864=9&B,)89=+@8=,)>;&

• '@H()=8(9=()&(*Q,B(BP&=>&5(B=?=8(84*&+P&864&=)5,9H(8=,)&>6,N);&&

&

!"E#(F9#+2<6=065=#->4=091#

c64)&(B8=Q(84*R&864&E,3=>8=B>&%?@>849&=>&94>7,)>=+?4&5,9&B,,9*=)(8=,)R&=)5,9H(8=,)&

H()(34H4)8&()*&N6494&)4B4>>(9PR&>49Q=B4&79,Q=>=,)R&=)&864&?,3=>8=B>&>4B8,9&*@9=)3&

4H4934)BP&94>7,)>4&,749(8=,)>;&<,&(B6=4Q4&86=>&3,(?R&864&E,3=>8=B>&%?@>849&5=??>&3(7>&=)&

?,3=>8=B>&B(7(B=8PR&H448>&864&)44*&5,9&?,3=>8=B>&B,,9*=)(8=,)&>49Q=B4>&()*&N6494&)4B4>>(9PR&

(B8>&(>&\79,Q=*49&,5&?(>8&94>,98];&:?,+(??PR&864&(B8=Q=8=4>&,5&864&E,3=>8=B>&%?@>849&(94&*9=Q4)&+P&

864&:?,+(?&E,3=>8=B>&%?@>849&D@77,98&%4??&X:E%D%YR&+(>4*&=)&d,H4;&&

<64&E,3=>8=B>&%?@>849&79,Q=*4>&(&@)=O@4&,77,98@)=8P&5,9&864&6@H()=8(9=()&?,3=>8=B>&

B,HH@)=8P&8,&4W7?,=8&>6(94*&(>>48>R&(78=8@*4>&()*&B,H7484)B=4>&,5&864&E,3=>8=B>&%?@>849&

?4(*&(34)BPR&864&7(98=B=7(8=)3&,93()=V(8=,)>&()*&4)8=8=4>&N,9-=)3&N=86=)&864&B?@>849&

(779,(B6;&<64&:?,+(?&E,3=>8=B>&%?@>849&?4(*Z>&9,?4&=>&8,&5(B=?=8(84&864>4&f,=)8&Q4)8@94>R&+,86&(8&

864&3?,+(?&()*&5=4?*&?4Q4?&8,&4)>@94&>P>84H^N=*4&7947(94*)4>>&()*&84B6)=B(?&B(7(B=8P&8,&

94>7,)*&8,&6@H()=8(9=()&4H4934)B=4>;&

c64)&(B8=Q(84*&=)&4H4934)B=4>R&E,3=>8=B>&%?@>849&,749(8=,)>&Q(9P&=)&>B(?4&59,H&=)5,9H(8=,)&

>6(9=)3R&B,,9*=)(8=,)&X>@B6&(>&=)59(>89@B8@94&(>>4>>H4)8R&7,98&()*&B,99=*,9&B,,9*=)(8=,)R&

89()>7,9849>&()*&9(84>R&B@>8,H>R&4O@=7H4)8&>@77?=49&=)5,9H(8=,)Y&8,&86,>4&=)Q,?Q=)3&

B,HH,)&(=9R&,B4()&()*&,Q49?()*&89()>7,98R&>8,9(34R&48B;&&

'5068?062/

<64&*4B=>=,)&8,&(B8=Q(84&864&:?,+(?&E,3=>8=B>&%?@>849&?=4>&79=H(9=?P&=)&864&)44*&,5&864&5=4?*&

,749(8=,);&<64&'%ed%R&=)&B?,>4&B,)>@?8(8=,)&N=86&864&%,@)89P&<4(HR&=>&94>7,)>=+?4&5,9&

>4B@9=)3&(3944H4)8&,)&864&4>8(+?=>6H4)8&,5&(779,79=(84&>4B8,9>eB?@>849>&()*&>4B8,9(?&

39,@7>R&()*&5,9&864&*4>=3)(8=,)&,5&>4B8,9eB?@>849&?4(*>;&<6=>&>6,@?*&+4&+(>4*&,)&(&B?4(9&

(>>4>>H4)8&,5&)44*>&()*&3(7>R&()*&,)&(&H(77=)3&,5&94>7,)>4&B(7(B=8=4>R&=)B?@*=)3&86,>4&,5&

864&6,>8&:,Q49)H4)8R&?,B(?&(@86,9=8=4>R&?,B(?&B=Q=?&>,B=48PR&=)849)(8=,)(?&6@H()=8(9=()&

,93()=V(8=,)>&()*&,8649&(B8,9>R&(>&(779,79=(84;&&&

&&

",84_&c64)&864&E,3=>8=B>&%?@>849&=>&(B8=Q(84*R&864&d4?=45&L84H&<9(B-=)3&$77?=B(8=,)&XdL<$Y&

89(B->&=)5,9H(8=,)&(+,@8&94?=45&=84H>&89()>=8=)3&869,@36&864&E,3=>8=B>&%?@>849Z>&B,HH,)&

>@77?P&B6(=);&E,3Lg&B,)8=)@4>&8,&79,Q=*4&(&+9,(*49&7=B8@94&,5&864#,Q49(??&94?=45&>=8@(8=,)&+P&

4)B,H7(>>=)3&=)849)(8=,)(?#B,)89=+@8=,)>R&N648649&864P&(94&B6())4??4*&869,@36&864&

E,3=>8=B>&%?@>849&,9&),8;&

Page 197: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&0.& %6(7849&:&

c64)&=8&=>&*4849H=)4*&86(8&3?,+(?&B?@>849&(B8=Q(8=,)&=>&)44*4*_&&

&

• <64&'%ed%&=)5,9H>&864&UH4934)BP&d4?=45&%,,9*=)(8,9&XUd%Y;&&

• <64&:?,+(?&E,3=>8=B>&%?@>849&?4(*&*4849H=)4>&864&)(8@94&,5&864&94>7,)>4&94O@=94*;&&

• %,@)89P^?4Q4?&B?@>849>&(94&4>8(+?=>64*&N=86&(B8=Q=8=4>&(BB,9*=)3&8,&864&>B(?4e)(8@94&,5&

)44*;&&

L5&(B8=Q(8=,)&,5&864&E,3=>8=B>&%?@>849&=>&5,94>44)R&(&E,3=>8=B>&d4>7,)>4&<4(H&XEd<Y&=>&>4)8&8,&

864&5=4?*&8,&(>>4>>&864&>=8@(8=,)R&*4849H=)4&N648649&(B8=Q(8=,)&,5&(&E,3=>8=B>&%?@>849&=>&

)44*4*&()*e,9&N6(8&?,3=>8=B>&>@77,98&H=368&+4&)44*4*&=)&B,@)89P;&L5&(B8=Q(84*R&864&Ed<&

@>@(??P&=)=8=(84>&E,3=>8=B>&%?@>849&,749(8=,)>;&

<64&Ed<&B()&+4&B,H79=>4*&,5&H4H+49>&59,H&*=55494)8&,93()=V(8=,)>R&=)B?@*=)3&>8(55&59,H&864&

:?,+(?&E,3=>8=B>&%?@>849&D@77,98&%4??&=)&d,H4;&L8&=>&=H7,98()8&5,9&5=4?*&?,3=>8=B=()>&X()*&

7,>>=+?P&!"#$%Y&8,&348&=)&8,@B6&N=86&864&H4H+49>&59,H&864&Ed<R&(>&864=9&=)7@8>&B,@)8&

7(98=B@?(9?P&(8&86=>&>8(34;&D,H48=H4>R&864&(>>4>>H4)8&H=368&B,)B?@*4&86(8&86494&=>&),&)44*&

5,9&E,3=>8=B>&%?@>849&(B8=Q=8=4>R&=)&N6=B6&B(>4&86=>&=>&947,984*&+(B-&8,&864&d%e'%&()*&),&

B,@)89P&?4Q4?&B?@>849&=>&4>8(+?=>64*;&

(

&

Page 198: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&.6& %7(894:&'&

!

"#!$%&'()!%*+!$',-./()!

!

"#0!/12345672841!#################################################################################################################!0&

"#9!-182:5!*;2841<!$:76382=!>;1;?:@:12!$=<2:@!##############################################################!9&

"#A!$:76382=!.8<B!>;1;?:@:12!###########################################################################################!C&

';1;0&<74&=4>?:@9A&B@C-&$CC4CCD4)9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&E&

';1;.&F@)@D?D&G84:(9@)3&=4>?:@9A&=9()*(:*C&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&E&

';1;1&#494:D@)@)3&$>>489(+H4&B@C-&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&I&

"#C!$:76382=D.:E;2:5!.:<F41<8G8E828:<H!-*+%,!(:;@!I:;5:3!###############################################!J&

"#K!$:76382=D.:E;2:5!.:<F41<8G8E828:<H!-*+%,!(:;@!>:@G:3<!###########################################!L&

"#M!$2;=81?!":;E2N=!41!>8<<841!########################################################################################!00&

';I;0&2:4J#48H,AD4)9&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&

';I;.&#?:@)3&974&F@CC@,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&

';I;1&$594:&974&F@CC@,)&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0E&

"#O!&445!;15!P;2:3!#########################################################################################################!0K&

';K;0&L,,*&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0M&

';K;.&N(94:&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0I&

';K;1&F()(3@)3&#@(::7,4(&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0I&

"#J!>;1;?81?!>8<<841!$23:<<!############################################################################################!0O&

';O;0&%?D?H(9@P4&=9:4CC&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0O&

';O;.&%:@9@>(H&Q)>@*4)9&=9:4CC&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&./&

"#L!>:587;E!'@:3?:178:<!;15!&83<2!%85!#############################################################################!99&

!

"#0!/12345672841&

&

",&D@CC@,)&@C&R@97,?9&:@C-;&<4(D&D4D+4:C&D(A&5(>4&C4>?:@9AJ:4H(94*&97:4(9C&C?>7&(C&(:D4*&

>,)5H@>9S&7@37&H4P4HC&,5&>:@D4S&(>9C&,5&94::,:@CD&()*&>@P@H&*@C,:*4:;&Q)&(**@9@,)S&C(549A&97:4(9C&

:4C?H9@)3&5:,D&(>9?(H&,:&8,94)9@(H&*@C(C94:C&(:4&,594)&8:4C4)9;&L,:&4T(D8H4S&974&:@C-&,5&

H()*CH@*4CS&+?@H*@)3&>,HH(8C4CS&*,R)4*&8,R4:&H@)4CS&4)P@:,)D4)9(H&7(U(:*C&V4T8,C?:4&9,&

7(U(:*,?C&>74D@>(HCS&3(C&H4(-CS&49>;WS&5H,,*&R(94:C&()*&*@C4(C4;&!"#$%&D4D+4:C&D?C9&

4C9(+H@C7&()*&R,:-&R@97@)&(&H4P4H&,5&X(>>489(+H4&:@C-Y;&<7@C&@C&(>7@4P4*&+A&*,@)3&4P4:A97@)3&

:4(C,)(+H4&9,&:4*?>4&:@C-&()*&974)&+(H()>@)3&()A&:4D(@)@)3&:@C-&R@97&974&>:@9@>(H@9A&,5&974&

D@CC@,)&(>9@P@9A&@)&Z?4C9@,);&Q)&,974:&R,:*CS&@C&974&(>9@,)&@D8,:9()9&4),?37&9,&[?C9@5A&

(>>489()>4&,5&:4C@*?(H&:@C-&V@;4;S&974&:@C-&:4D(@)@)3&,)>4&(HH&:4(C,)(+H4&D4(C?:4C&(:4&@)&

8H(>4W\&&

&

N@97@)&974&!)@94*&"(9@,)C&CAC94D&974&C4)@,:&G%'$&C9(55&D4D+4:&@)J>,?)9:A&@C&:4C8,)C@+H4&

5,:&974&C(549A&()*&C4>?:@9A&,5&974&!"#$%&94(D;&N7@H4&97@C&@)*@P@*?(HS&(H,)3&R@97&C4>?:@9A&()*&

Page 199: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&.6& %7(894:&'&

C(549A&8:,54CC@,)(HC&R@97@)&974&!)@94*&"(9@,)C&#48(:9D4)9&,5&=(549A&]&=4>?:@9A&V!"#==WS&

R@HH&*,&4P4:A97@)3&:4(C,)(+H4&9,&:4*?>4&974&:@C-&5,:&974&!"#$%&94(DS&4(>7&D4D+4:&@C&

4T84>94*&9,&9(-4&:4C8,)C@+@H@9A&5,:&974@:&,R)&C(549A&()*&C4>?:@9A;&&

<7@C&>7(894:&8:4C4)9C&>,)94T9&:4H(94*&9,&C(549A&()*&C4>?:@9A&D4>7()@CDC&R@97@)&974&!)@94*&

"(9@,)C&CAC94D&()*&8:,P@*4C&!"#$%&D4D+4:C&R@97&9,,HC&()*&3?@*()>4&9,&74H8&4)C?:4&974@:&

84:C,)(H&74(H97S&C(549A&()*&C4>?:@9A;&=4>9@,)C&';.&97:,?37&';E&8:,P@*4&>,)94T9&()*&,?9H@)4&

:,H4C&()*&:4C8,)C@+@H@9@4C&:4H(94*&9,&C4>?:@9AS&@)>H?*@)3&(88H@>(9@,)&,5&974&!)@94*&"(9@,)C&

=4>?:@9A&B@C-&F()(34D4)9&^&()&(88:,(>7&97(9&(88H@4C&()&,P4::@*@)3&>,)>4:)&5,:&974&C(549A&

,5&!)@94*&"(9@,)C 84:C,))4HS&R@97&(&C4>,)*(:A&>,)C@*4:(9@,)&5,:&974&C(549A&,5&4CC4)9@(H&

:4C,?:>4C;&<74&:4D(@)@)3&C4>9@,)C&,5&974&>7(894:&*@C>?CC&84:C,)(H&C(549A&:4H(94*&9,&D@CC@,)CS&

@)>H?*@)3&@)5,:D(9@,)&,)&74(H97J:4H(94*&@CC?4CS&R7(9&9,&4(9&()*&*:@)-S&()*&R7(9&9,&*,&@)&974&

4P4)9&,5&(&D4*@>(H&4D4:34)>A;&=84>@5@>&74(H97&()*&C(549A&@)5,:D(9@,)&:4H(94*&9,&,84:(9@)3&@)&

?)@Z?4&>H@D(94&U,)4C&@C&>,)9(@)4*&@)&>7(894:&Q;&!"#$%&D4D+4:C&(:4&4)>,?:(34*&9,&:4(*&

:4H4P()9&C4>9@,)C&,5&97@C&>7(894:&8:@,:&9,&D,+@H@U@)3&,)&4(>7&D@CC@,);&&

&

!

"#9!-182:5!*;2841<!$:76382=!>;1;?:@:12!$=<2:@&

<74&!)@94*&"(9@,)C&=4>?:@9A&F()(34D4)9&=AC94D&V!"=F=W&@C&(&CAC94DJR@*4&(88:,(>7&9,&

C4>?:@9A&97(9&4)>,D8(CC4C&8,H@>@4CS&3?@*4H@)4CS&8:,>4CC4C&()*&C4>?:@9A&84:C,))4H&(@D4*&(9&

D()(3@)3&C4>?:@9A&:@C-C&9,&974&!)@94*&"(9@,)C&CAC94D&@)&,:*4:&9,&4)(+H4&CAC94D&(>9@P@9@4C&

R,:H*R@*4;&G)4&,5&974&-4A&8:@)>@8H4C&,5&974&CAC94D&@C&97(9&974&8:@D(:A&:4C8,)C@+@H@9A&5,:&974&

C4>?:@9A&()*&8:,94>9@,)&,5&!)@94*&"(9@,)C 84:C,))4H&:4C9C&R@97&974&7,C9&_,P4:)D4)9;&<74&

!)@94*&"(9@,)CS&(C&()&4D8H,A4:S&7(C&(&*?9A&9,&:4@)5,:>4&()*&VR74:4&)4>4CC(:AW&C?88H4D4)9&

974&>(8(>@9A&,5&974&7,C9&_,P4:)D4)9;&&

!)@94*&"(9@,)C&C(549A&()*&C4>?:@9A&@C&974&:4C8,)C@+@H@9A&,5&974&=4>:49(:A&_4)4:(H&()*&974&!"&

#48(:9D4)9&,5&=(549A&()*&=4>?:@9A&V!"#==WS&R7@>7&@C&74(*4*&+A&()&!)*4:J=4>:49(:A&

_4)4:(H;&$9&974&>,?)9:A&H4P4H&974&C4)@,:&!)@94*&"(9@,)C&C9(55&D4D+4:&@C&),:D(HHA&(88,@)94*&

(C&974&#4C@3)(94*&G55@>@(H&V#GW&5,:&=4>?:@9A&()*&@C&:4C8,)C@+H4&5,:&974&C(549A&()*&C4>?:@9A&,5&

(HH&C9(55&@)&974&>,?)9:A;&<74&#G&@C&(*P@C4*&@)&974@:&*4>@C@,)JD(-@)3&+A&974&C4>?:@9A&

D()(34D4)9&94(D&V=F<WS&R7@>7&@C&D(*4&?8&,5&974&74(*C&,5&(HH&(34)>@4C&@)&974&>,?)9:A;&&

",94`&Q)&(**@9@,)&9,&H4(:)@)3&()*&(88HA@)3&974&C(549A&()*&C4>?:@9A&>,)94)9&,5&97@C&>7(894:S&

(HH&!"#$%&D4D+4:C&(:4&:4Z?@:4*&9,&9(-4&974&5,HH,R@)3&>,?:C4C`&&

&

• a(C@>&=4>?:@9A&@)&974&L@4H*&QQ&

• $*P()>4*&=4>?:@9A&@)&974&L@4H*&&

Page 200: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&.6& %7(894:&'&

!"#$%&D4D+4:C&C7,?H*&+4&5(D@H@(:&R@97&974&5,HH,R@)3&C4>?:@9AJ:4H(94*&8,C@9@,)C&97(9&D(A&

+4&4)>,?)94:4*&R7@H4&,)&D@CC@,)`&&

&

• !"#$%&'()$#*"+',%-).$/%"$'0*.'1)0%$2'3'1%45.#$2'6!(,117`&bC9(+H@C74*&@)&.//MS&

!"#==&C4:P4C&(C&974&!)@94*&"(9@,)Cc&(*P@C,:A&()*&>,,:*@)(9@)3&*48(:9D4)9&5,:&

C4>?:@9A&:@C-&D()(34D4)9S&+,97&(9&'4(*Z?(:94:C&()*&@)&974&5@4H*;&Q9&>(::@4C&,?9&

C4>?:@9A&:@C-&(CC4CCD4)9CS&:4>,DD4)*C&C4>?:@9A&:@C-&D()(34D4)9&D4(C?:4CS&

5,:D?H(94C&8,H@>AS&>,)*?>9C&C4>?:@9A&8H())@)3&()*&:4C8,)*C&9,&4D4:34)>A&C@9?(9@,)C;&&&

• ,%+#8")$%&'900#4#):'0*.'1%45.#$2'6,97`&Q)&4(>7&>,?)9:A&,:&*4C@3)(94*&(:4(&R74:4&974&

!)@94*&"(9@,)C&@C&8:4C4)9S&974&C4)@,:JD,C9&!)@94*&"(9@,)C&,55@>@(H&@C&),:D(HHA&

(88,@)94*&+A&974&=4>:49(:AJ_4)4:(H&(C&974&#4C@3)(94*&G55@>@(H&5,:&=4>?:@9AS&()*&@C&

(>>:4*@94*&9,&974&7,C9&_,P4:)D4)9&(C&C?>7;&<74&#G&@C&(>>,?)9(+H4&9,&974&=4>:49(:AJ

_4)4:(HS&97:,?37&974&!)*4:J=4>:49(:AJ_4)4:(H&5,:&=(549A&()*&=4>?:@9AS&()*&@C&

:4C8,)C@+H4&5,:&974&C4>?:@9A&,5&!)@94*&"(9@,)C&84:C,))4HS&8:4D@C4C&()*&(CC49C&

97:,?37,?9&974&>,?)9:A&,:&*4C@3)(94*&(:4(;&<74&#G&@C&(HC,&:4C8,)C@+H4&5,:&4)C?:@)3&

97(9&974&3,(HC&,5&974&!)@94*&"(9@,)C&=4>?:@9A&B@C-&F()(34D4)9&=AC94D&(:4&D49&@)&

974@:&>,?)9:A&,:&(:4(;&

• 1%45.#$2';)")8%/%"$'<%)/'61;<7`&&%,)C@C9C&,5&974&#GS&R7,&(>9C&(C&>7(@:S&974&74(*&

,5&4(>7&!)@94*&"(9@,)C&,:3()@U(9@,)&8:4C4)9&(9&974&*?9A&C9(9@,)&()*&974&%7@45&

=4>?:@9A&$*P@C4:;&F4D+4:C&,5&974&=F<&(:4&:4C8,)C@+H4&5,:&C?88,:9@)3&974&#G&@)&

*@C>7(:3@)3&974@:&D()*(94&:4H(94*&9,&974&C(549A&()*&C4>?:@9A&,5&(HH&!)@94*&"(9@,)C&

84:C,))4HS&8:4D@C4C&()*&(CC49C;&

• =>#%0'1%45.#$2'?&@#+*.A1%45.#$2'?&@#+*.'6=1?A1?7`&$)&@)94:)(9@,)(HHA&:4>:?@94*&C4>?:@9A&

8:,54CC@,)(H&(88,@)94*&+A&!"#==&R7,&C4:P4C&(C&974&8:@D(:A&(*P@C,:&9,&974&#G&()*&

974&=F<&,)&(HH&D(994:C&:4H(94*&9,&C4>?:@9A;&<74A&(:4&974&C4)@,:&C4>?:@9A&,55@>@(H&(9&

4(>7&*?9A&C9(9@,)&()*&(:4&(>>,?)9(+H4&9,&!"#==;&N7@H4&974&#G&7(C&974&:4C8,)C@+@H@9A&

5,:&974&*(AJ9,J*(A&D()(34D4)9&,5&974&%=$S&,)&C?+C9()9@P4&D(994:C&974&%=$&R@HH&

:48,:9&>,)>?::4)9HA&9,&974&#G&()*&!"#==;&

• B#%:&'1%45.#$2'=**.&#")$#*"'900#4%.'6B1=97`&Q)&H(:34:&*?9A&C9(9@,)CS&@)94:)(9@,)(HHA&

:4>:?@94*&L=%GC&D(A&+4&*48H,A4*&9,&(CC@C9&()*&R,:-&?)*4:&974&C?84:P@C@,)&,5&974&

%=$;

• ?.%)'1%45.#$2'=**.&#")$*.'6?1=7`&F(A&+4&(88,@)94*&+A&974&#G&9,&>,)9:,H&()*&

>,,:*@)(94&C4>?:@9A&(::()34D4)9C&@)&(:4(C&,5&H(:34:&>,?)9:@4C&97(9&(:4&C48(:(94*&

5:,D&974&>(8@9(H&@)&94:DC&,5&+,97&*@C9()>4&()*&4T8,C?:4;&&

• C).&%"')"&',%-5$2'C).&%"`&N(:*4)C&(:4&(88,@)94*&+A&974&#Gd$=%S&@)&>,)C?H9(9@,)&

R@97&974&=F<S&9,&(CC@C9&@)&974&@D8H4D4)9(9@,)&,5&974&C4>?:@9A&8H();&N(:*4)C&(:4&

(>>,?)9(+H4&9,&974&#Gd$=%&5,:&974@:&C4>?:@9A&:4H(94*&5?)>9@,)CS&@::4C84>9@P4&,5&974@:&

4D8H,A@)3&,:3()@U(9@,);&&

&

$C&@C&974&>(C4&R@97&(HH&!)@94*&"(9@,)C&C9(55S&!"#$%&D4D+4:C&(:4&:4Z?@:4*&9,&(+@*4&+A&974&

C4>?:@9A&8,H@>@4CS&3?@*4H@)4CS&*@:4>9@P4CS&8H()C&()*&8:,>4*?:4C&,5&974&!)@94*&"(9@,)C;&<7@C&

@)>H?*4C&D449@)3&974&:4Z?@:4D4)9&9,&:4>4@P4&(&!"#==&C4>?:@9A&+:@45@)3&(C&C,,)&(C&8:(>9@>(H&

Page 201: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&E&,5&.6& %7(894:&'&

?8,)&(::@P(H&@)J>,?)9:A;&$C&C9(94*&(+,P4S&974&C4)@,:&G%'$&,55@>@(H&@)J>,?)9:A&@C&:4C8,)C@+H4&

5,:&974&C(549A&()*&C4>?:@9A&,5&974&!"#$%&94(D;&<7@C&@)*@P@*?(H&@C&,594)&974&G%'$&'4(*&,5&

G55@>4S&+?9&>,?H*&+4&974&!"#$%&<4(D&e4(*4:S&R74)&974:4&@C&),&G%'$&,55@>4&@)&974&>,?)9:AS&

,:&(),974:&*4C@3)(94*&G%'$&,55@>@(H;&&

&

F,:4&@)5,:D(9@,)&,)&C84>@5@>&!)@94*&"(9@,)C&C4>?:@9A&8,H@>A&()*&8:,P@C@,)C&>()&+4&5,?)*&@)&

974&!)@94*&"(9@,)C&=4>?:@9A&2,H@>A&F()?(H&V=2FWS&(P(@H(+H4&@)&974&D@CC@,)&C,59R(:4;&<4(D&

D4D+4:C&C7,?H*&(HC,&+4>,D4&5(D@H@(:&R@97&:4H4P()9&!)@94*&"(9@,)C&=4>?:@9A&#@:4>9@P4C&()*&

D(A&R@C7&9,&>,)C?H9&974&,H*4:&!)@94*&"(9@,)C&L@4H*&=4>?:@9A&'()*+,,-&V97@C&*,>?D4)9&@C&

+4@)3&:48H(>4*&+A&974&=2FS&+?9&C,D4&8(:9C&:4D(@)&:4H4P()9W;&&

&

"#A!$:76382=!.8<B!>;1;?:@:12&

&

N@97@)&974&!)@94*&"(9@,)C&=4>?:@9A&F()(34D4)9&=AC94DS&974&=4>?:@9A&B@C-&F()(34D4)9&

V=BFW&D,*4H&8:,P@*4C&(HH&C9(55&R@97&C4>?:@9A&:4C8,)C@+@H@9@4C&R@97&9,,HC&9,&(CC4CC&()*&D()(34&

:@C-;&<74&D,*4H&+43@)C&R@97&974&=4>?:@9A&B@C-&$CC4CCD4)9&V=B$WS&*?:@)3&R7@>7&974&H4P4H&,5&

:@C-&8,C4*&+A&@*4)9@5@4*&?)*4C@:(+H4&4P4)9C&@C&*494:D@)4*&()*&C4>?:@9A&:@C-&D()(34D4)9&

,89@,)C&(:4&*4P4H,84*;&<74&#G&()*&=F<&C4H4>9S&(88:,P4S&@D8H4D4)9&()*&D,)@9,:&@*4)9@5@4*&

C4>?:@9A&:@C-&D()(34D4)9&D4(C?:4C;&&

&

L?:974:&@)5,:D(9@,)&,)&=BF&>()&+4&5,?)*&@)&>7(894:&Qf&,5&974&=4>?:@9A&2,H@>A&F()?(H;&&&

&

"#A#0!(N:!$:76382=!.8<B!%<<:<<@:12!

&

<74&=B$&@C&974&8:,>4CC&,5&@*4)9@5A@)3&97,C4&97:4(9C&R7@>7&>,?H*&(554>9&!"&84:C,))4HS&(CC49C&

,:&,84:(9@,)C&()*&974&!"cC&P?H)4:(+@H@9A&9,&974DS&(CC4CC@)3&:@C-C&9,&974&!"&@)&94:DC&,5&

H@-4H@7,,*&()*&@D8(>9S&8:@,:@9@U@)3&97,C4&:@C-C&()*&@*4)9@5A@)3&8:4P4)9@,)&()*&D@9@3(9@,)&

C9:(943@4C&()*&D4(C?:4C;&&

!

"#A#9!>818@6@!QF:3;281?!$:76382=!$2;15;35<!&

&

<74&F@)@D?D&G84:(9@)3&=4>?:@9A&=9()*(:*C&VFG==W&(:4&974&D@)@D(H&4CC4)9@(H&C4>?:@9A&

8:(>9@>4C&5,:&974&!)@94*&"(9@,)C;&b(>7&>,?)9:A&,:&*?9A&C9(9@,)&D?C9&*4P4H,8&()*&@D8H4D4)9&

(&%,?)9:A&FG==&,?9H@)@)3&D4(C?:4C&97(9&R@HH&:4*?>4&:@C-C&@*4)9@5@4*&97:,?37&974&=B$;&

&&

L,HH,R@)3&=F<&(88:,P(HS&974&D4(C?:4C&@)&974&%,?)9:A&FG==&<(+H4&(:4&+@)*@)3&()*&(88HA&9,&

(HH&!)@94*&"(9@,)C&,:3()@U(9@,)C&,84:(9@)3&@)&97(9&>,?)9:A&^&@)>H?*@)3&!"#$%&D4D+4:C;&L,:&

97@C&:4(C,)S&(HH&!"#$%&D4D+4:C&C7,?H*&+4&5(D@H@(:&R@97&FG==&()*&(HH&C(549A&()*&C4>?:@9A&

D4(C?:4C;&!"#$%&<4(D&e4(*4:C&V@)&>,,:*@)(9@,)&R@97&974&G%'$&'4(*&,5&G55@>4S&@5&@)&8H(>4W&

(:4&:4C8,)C@+H4&5,:&974&@D8H4D4)9(9@,)&,5&FG==&5,:&974&!"#$%&,84:(9@,)S&5(>@H@9@4CS&

P47@>H4C&()*&C9(55;&&

Page 202: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&M&,5&.6& %7(894:&'&

&

<74&FG==&7(C&)@)4&>(943,:@4C;&<74&5,HH,R@)3&9(+H4&@C&(&>,)*4)C4*&P4:C@,)&,5&D4(C?:4C&97(9&

D(A&+4&>,)9(@)4*&@)&974&%,?)9:A&FG==;&!"#$%&D4D+4:C&(::@P@)3&@)&(&>,?)9:A&C7,?H*&

(HR(AC&:4>4@P4&(&C84>@5@>&+:@45@)3&+(C4*&D@)@D?D&:@C-&D()(34D4)9&D4(C?:4C;&&

&

,;2:?43=!! R4<<8GE:!>:;<63:<!

<4H4>,DD?)@>(9@,)C&

&

• bD4:34)>A&>,DD?)@>(9@,)C&CAC94D&

• B(*@,&>,DD?)@>(9@,)C&

=4>?:@9A&@)5,:D(9@,)&

()*&C9:?>9?:4&

&

• #,>?D4)9(9@,)&:4Z?@:4D4)9C&5,:&,55@>4C&

• N(:*4)&CAC94DC&

• %:@C@C&F()(34D4)9&2H()C&()*&a?@H*@)3&bD4:34)>AdbP(>?(9@,)&

2H()&

• =F<&D449@)3C&

• =4>?:@9A&>H4(:()>4&()*&9:(P4H&),9@5@>(9@,)&CAC94D&

• Q)>@*4)9&:48,:9@)3&CAC94D&

F4*@>(H&

&

• %(C?(H9A&()*&D4*@>(H&4P(>?(9@,)&8H()C&&

• F(CC&>(C?(H9A&8H()&

• F4*@>(H&9:(@)@)3&&

• F4*@>(H&4Z?@8D4)9&&

bZ?@8D4)9&()*&

C?88H@4C&

&

• bD4:34)>A&8,R4:&C?88HA&

• bD4:34)>A&5,,*S&R(94:S&D4*@>(HS&C()@9(:A&()*&C74H94:&C?88H@4C&&

• Q)*@P@*?(H&4D4:34)>A&+(3C&

f47@>H4C& • f47@>H4&()*&,84:(9,:&C9()*(:*C&

• =9()*(:*&4Z?@8D4)9&V4;3;S&5@:4&4T9@)3?@C74:S&R(94:S&5,,*W&

G55@>4CS&8:4D@C4C&()*&

5(>@H@9@4C&8:,94>9@,)&

&

• a?@H*@)3S&C(549A&()*&5@:4&:43?H(9@,)C&&

• $>>4CC&>,)9:,H&D4(C?:4C&

• =4>?:4*&8(:-@)3&

• $H94:)(94d4D4:34)>A&4T@9C&&

• =4>?:@9A&()*d,:&3?(:*&5,:>4&&

• =9()*J,55&*@C9()>4&&

• =9:?>9?:(H&:4@)5,:>4D4)9&

• =7(994:&:4C@C9()9&&

• a?)-4:Cd:4@)5,:>4*&:,,DC&

• =?:P4@HH()>4&()*&(>>4CC&>,)9:,H&CAC94DC&

=4>?:@9A&9:(@)@)3&()*&

+:@45@)3C&

&

• %,?)9:AJC84>@5@>&C4>?:@9A&,:@4)9(9@,)&+:@45@)3&5,:&(HH&(::@P@)3&

84:C,))4H&V@)>H?*4C&C?DD(:Ad4T9:(>9&,5&%,?)9:A&=4>?:@9A&2H()&

()*&bP(>?(9@,)&2H()S&:4H4P()9&>,?)9:Ad(:4(JC84>@5@>&

8:,>4*?:4C&()*&8,H@>@4CS&>,8A&,5&974&FG==S&D4*@>(H&

(::()34D4)9CS&49>;W&

• <:(@)@)3&V4;3;S&$*P()>4*&=4>?:@9A&Q)&<74&L@4H*W&

• %?H9?:(H&C4)C@9@P@9A&+:@45@)3C&(88:,8:@(94&9,&974&>,?)9:A&

B4C@*4)9@(H&C4>?:@9A&

D4(C?:4C&

• G?9H@)4*&@)&974&F@)@D?D&G84:(9@)3&B4C@*4)9@(H&=4>?:@9A&

=9()*(:*C&*,>?D4)9&

$**@9@,)(H&D4(C?:4C&& • bT(D8H4C&@)>H?*4&84:C,)(H&8:,94>9@P4&4Z?@8D4)9&V22bW&()*&

(:D,?:4*&P47@>H4C&

Page 203: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&I&,5&.6& %7(894:&'&

&

F,:4&C84>@5@>&9,&!"#$%S&974&@D8H4D4)9(9@,)&,5&FG==&D?C9&+4&>,)*?>94*&+45,:4&

8:,3:(DD4C&(:4&*4H@P4:4*;&Q5&97@C&@C&),9&8,CC@+H4&*?4&9,&974&:(8@*&:4C8,)C4&:4Z?@:4*S&!"#==&

R@HH&(CC4CC&974&@)>:4(C4*&:@C-&9,&974&94(D&()*&G%'$&R@HH&*494:D@)4&R74974:&974&@)>:4(C4*&

:@C-&@C&(>>489(+H4;&&&

!

"#A#A!+:2:3@8181?!%77:F2;GE:!.8<B!

&

",&D@CC@,)&(>9@P@9A&@C&R@97,?9&:@C-;&bP4)&R@97&974&D,C9&4554>9@P4&@D8H4D4)9(9@,)&,5&(HH&

:4(C,)(+H4&C4>?:@9A&:@C-&D()(34D4)9&D4(C?:4CS&974:4&@C&C9@HH&(&:4C@*?(H&:@C-;&!"#$%&94(DC&

R@HH&7(P4&9,&(>>489&C,D4&H4P4H&,5&:@C-;&

&

<74&8:,>4CC&5,:&*494:D@)@)3&R74974:&97(9&:@C-&@C&(>>489(+H4&@C&+(C4*&5,?:&C948C&()*&974&

(C-@)3&,5&C4P4:(H&Z?4C9@,)C`&

&

0; Q*4)9@5A&D@CC@,)&3,(HC;&

.; Q*4)9@5A&()*&(CC4CC&974&97:4(9C&5(>4*;&

1; Q*4)9@5A&974&:@C-C;&

E; Q*4)9@5A&7,R&9,&D()(34&974&:@C-C&@*4)9@5@4*;&

&

<74&5,HH,R@)3&Z?4C9@,)C&D?C9&+4&(C-4*&@)&,:*4:&9,&>,)C@*4:&R74974:&974&4T8,C?:4&9,&974&

:@C-C&@*4)9@5@4*&@C&(>>489(+H4&,:&),9`&

&

0; ',R&@D8,:9()9&@C&974&(>9@P@9A\&

.; N@HH&974&()9@>@8(94*&3(@)C&[?C9@5A&(>>489@)3&(&7@37&H4P4H&,5&:@C-\&

1; '(C&4),?37&+44)&*,)4&9,&H,R4:&974&:@C-&9,&(&H4P4H&97(9&@C&:4(C,)(+H4&9,&4T84>9&C9(55&

9,&9(-4\&

E; $:4&974&V:4D(@)@)3W&:@C-C&97(9&7(P4&+44)&@*4)9@5@4*&D()(34(+H4&@)&97(9&>,)94T9\&&

&

Q5&974&()CR4:C&9,&974&H(C9&97:44&Z?4C9@,)C&(:4&XA4CYS&974)&(>9@P@9@4C&C7,?H*&>,)9@)?4;&<74&

5,HH,R@)3&9(+H4&C?88,:9C&(&:@C-&()(HAC@C&:4H(94*&9,&()A&!"#$%&(>9@,)C&R74:4&(>>489(+H4&:@C-&

D(A&)44*&9,&+4&*494:D@)4*;&Q9&>,D8(:4C&974&H@-4H@7,,*&,5&()&?)*4C@:(+H4&4P4)9&R@97&974&

@D8(>9&,5&97(9&4P4)9&()*&8:,P@*4C&(&>,::4C8,)*@)3&:@C-&H4P4H&(CC,>@(94*&R@97&974&4P4)9&V4;3;S&

+4@)3&974&P@>9@D&,5&P@,H4)9&>:@D4&R7@H4&(CC4CC@)3&@)&(&C84>@5@>&(:4(W;&&

&

&

&

&

&

&

Page 204: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&K&,5&.6& %7(894:&'&

./$S!%*%I)$/$!

(%TI'!

/>R%,(!

"43H@3@+H4& F@),:& F,*4:(94& =4P4:4& %:@9@>(H&

&

e&

Q&

g&

b&

e&

Q&

'&

G&

G&

#&

&

f4:A&e@-4HA&

&

e,R&

&

F4*@?D&

&

'@37&

&

f4:A&'@37&

&

!)(>>489(+H4&

&

e@-4HA&

&

e,R&

&

F4*@?D&

&

'@37&

&

'@37&

&

f4:A&'@37&

&

F,*4:(94HA&e@-4HA&

&

f4:A&e,R&

&

e,R&

&

F4*@?D&

&

'@37&

&

'@37&

&

!)H@-4HA&

&

f4:A&e,R&

&

e,R&

&

e,R&

&

F4*@?D&

&

F4*@?D&

&

f4:A&!)H@-4HA&

&

f4:A&e,R&

&

f4:A&e,R&

&

f4:A&e,R&

&

e,R&

&

e,R&

!

&8?63:!"#0H!$:76382=!.8<B!%1;E=<8<!(44E!

&

N74)&>,)*?>9@)3&()(HAC@C&+(C4*&,)&974&9(+H4&(+,P4S&974&5@:C9&>,)C@*4:(9@,)&C7,?H*&+4&()A&

(>9@P@9@4C&R@97&(&:4C@*?(H&,:&?)D()(34*&:@C-&97(9&@C&(CC4CC4*&(C&Xf4:A&e@-4HAd%:@9@>(HY&V+H(>-W;&

<74C4&:@C-C&(:4&(HR(AC&?)(>>489(+H4&5,:&(&!)@94*&"(9@,)C&C9(55&8:4C4)>4;&<74&,)HA&:@C-&

D()(34D4)9&,89@,)&@)&97@C&C@9?(9@,)&@C&9,&(P,@*&974&:@C-S&5,:&4T(D8H4S&+A&>,)*?>9@)3&974&

(>9@P@9A&:4D,94HA&,:&+A&R,:-@)3&97:,?37&(&8(:9)4:&V5,:&4T(D8H4S&9,&>,)*?>9&5@4H*&(CC4CCD4)9&

@)&()&(:4(&,5&(>9@P4&>,)5H@>9W;&Q)&C?>7&4)P@:,)D4)9CS&974&!)@94*&"(9@,)C&D?C9&@)P4C9&@)&:@C-&

D()(34D4)9&()*&H,R4:&974&:@C-&?)9@H&974&:4C@*?(H&:@C-&@C&(9&H4(C9&Xf4:A&'@37Y;&

&

N74974:&:@C-&@C&(>>489(+H4&(9&()A&H4P4H&H,R4:&97()&X?)(>>489(+H4Y&@C&(&Z?4C9@,)&,5&

8:,3:(DD4&@D8,:9()>4;&<74&9(+H4&+4H,R&H@C9C&974&5,?:&(3:44*&>(943,:@4C&,5&8:,3:(DD4&

>:@9@>(H@9A&V2%0&9,&2%EW&()*&C7,RC&974&>,::4C8,)*@)3&7@374C9&H4P4H&,5&(>>489(+H4&H4P4H&,5&:@C-&

?)*4:&R7@>7&,84:(9@,)C&D(A&+4&>,)*?>94*;&L,:&4(>7&H4P4H&974&:@C-&D?C9&+4&(>>4894*&+A&(&

C84>@5@>&,55@>@(H&+45,:4&+4@)3&?)*4:9(-4);&L,:&4T(D8H4S&(&2%.&D@CC@,)&(>9@P@9A&@)&()&

4)P@:,)D4)9&(CC4CC4*&+A&974&#G&(C&7(P@)3&(&X'@37Y&:@C-&D?C9&+4&(88:,P4*&+A&974&#G&8:@,:&

9,&+4@)3&>,)*?>94*;&&

& &

Page 205: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&O&,5&.6& %7(894:&'&

&

R34?3;@@:!

,38287;E82=!!

U$:2!G=!%?:17=V!

%?:17=!+:78<841!

>;B:3!

.:<856;E!.8<B!

U'<2;GE8<N:5!G=!+QV!

&81;E!+:78<841!

U.8<B!%77:F2;17:V!

",9&$88H@>(+H4&

&

=4>:49(:AJ

_4)4:(Hd2,H@>A&

!)(>>489(+H4& =4>:49(:AJ_4)4:(H&

2%0&

&

bT4>?9@P4&'4(*C& f4:A&'@37& !)*4:J=4>:49(:AJ

_4)4:(HS&!"#==&

2%.&

&

B48:4C4)9(9@P4&]&

'4(*Z?(:94:C&

'@37& #G&

2%1&

&

B48:4C4)9(9@P4&]&

'4(*Z?(:94:C&

F4*@?D& #G&

2%E&

&

B48:4C4)9(9@P4& e,Rdf4:A&e,R& #G&

!

&8?63:!"#9H!.8<B!%77:F2;17:!+:78<841!W385!

&

&

"#C!$:76382=D.:E;2:5!.:<F41<8G8E828:<H!-*+%,!(:;@!I:;5:3&

&

b(>7&!"#$%&<4(D&e4(*4:&@C&:4C8,)C@+H4&5,:&974@:&94(DcC&(*74:4)>4&9,&!)@94*&"(9@,)C&C(549A&

()*&C4>?:@9A&:4Z?@:4D4)9C;&Q9&@C&974:45,:4&,5&?9D,C9&@D8,:9()>4&97(9&@9&+4&>,D8H494HA&>H4(:&

97(9&974&<4(D&e4(*4:&@C&(HR(AC&:4C8,)C@+H4&5,:&974&94(DcC&C(549A;&$C&(&:4C?H9S&74dC74&@C&

(HR(AC&D()*(94*&9,&:45?C4&9(C-C&97(9&8,C4&()&?)(>>489(+H4&:@C-&9,&974&94(DcC&C(549A;&

&

<74&C84>@5@>&:4C8,)C@+@H@9@4C&5,:&974&!"#$%&<4(D&e4(*4:&>,)>4:)@)3&C(549A&()*&C4>?:@9A&@)&

C@9?(9@,)C&R74:4&974:4&@C&()&G%'$&G55@>4&@)J>,?)9:A&(:4`&

&

• b)C?:4&(HH&94(D&D4D+4:C&:4>4@P4&(&C4>?:@9A&+:@45@)3&+A&!"#==;&

• b)C?:4&97(9&974&(::()34D4)9C&*49(@H4*&@)&:4H4P()9&G%'$S&!"#==&()*&>,?)9:AJ

C84>@5@>&C4>?:@9A&8,H@>@4C&()*&8:,>4*?:4C&V@)>H?*@)3&FG==W&(:4&+4@)3&@D8H4D4)94*&

R@97&974&(@D&,5&D(@)9(@)@)3&974&C4>?:@9A&()*&C(549A&,5&G%'$&84:C,))4HS&,84:(9@,)C&

()*&5(>@H@9@4C;&

• b)C?:4&97(9&C(549A&()*&C4>?:@9A&@C&(&>,:4&>,D8,)4)9&,5&(HH&!"#$%&(>9@P@9@4C&@)&974&

>,?)9:A;&

Page 206: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&.6& %7(894:&'&

• $88HA&974&=4>?:@9A&B@C-&F()(34D4)9&(88:,(>7&9,&(HH&!"#$%&(>9@P@9@4C&()*&

,84:(9@,)C&V@)>H?*@)3&*494:D@)@)3&974&(>>489(+H4&H4P4H&,5&:@C-&5,:&4(>7W;&

• F()(34&()*&*@:4>9&(HH&C4>?:@9AJ:4H(94*&(>9@P@9@4C&,5&!"#$%&@)&974&>,?)9:A;&

• b)C?:4&97(9&974&#G&@C&8:,P@*4*&R@97&:43?H(:HA&?8*(94*&H@C9C&,5&!"#$%&C9(55&@)&974&

>,?)9:A;&

• $*P@C4&974&#GS&%=$S&G%'$&=4>?:@9A&L,>(H&2,@)9&()*d,:&,974:&*4C@3)(94*&,55@>@(HC&,)&

974&8(:9@>?H(:&>,)>4:)C&,5&974&94(D&:43(:*@)3&C4>?:@9A;&

• b)C?:4&5?HH&()*&>,D8H494&>,D8H@()>4&,5&!"#$%&84:C,))4H&@)&974&>,?)9:A&R@97&(HH&

C4>?:@9AJ:4H(94*&@)C9:?>9@,)C;&

• B48,:9&(HH&C4>?:@9AJ:4H(94*&@)>@*4)9C&9,&974&#G&()*&G%'$&=4>?:@9A&L,>(H&2,@)9;&

• b)C?:4&97(9&(HH&!"#$%&84:C,))4H&(:4&(88:,8:@(94HA&4Z?@884*&R@97&974&:4Z?@:4*&

C(549A&()*&C4>?:@9A&4Z?@8D4)9&V(C&C84>@5@4*&@)&FG==W&()*&9:(@)4*&@)&974@:&?C4;&&

• g448&G%'$&'4(*Z?(:94:C&()*&974&G%'$&=4>?:@9A&L,>(H&2,@)9&@)5,:D4*&,5&(HH&

*4P4H,8D4)9C&@)&974&>,?)9:A&97(9&7(P4&(&+4(:@)3&,)&974&C4>?:@9A&()*&C(549A&,5&

!"#$%&84:C,))4HS&,84:(9@,)CS&8:4D@C4C&()*&(CC49C;&

• b)C?:4&>,HH(+,:(9@,)&,)&C4>?:@9A&D(994:C&R@97&@D8H4D4)9@)3&8(:9)4:C;&

&

N74)&974:4&@C&),&G%'$&G55@>4&@)J>,?)9:AS&974&5,HH,R@)3&*?9@4C&D?C9&(HC,&+4&84:5,:D4*&+A&

974&!"#$%&<4(D&e4(*4:&V(C&974&G%'$&=4>?:@9A&L,>(H&2,@)9&9,&974&=F<W`&

&

• =4:P4&(C&(&D4D+4:&,5&974&=F<&()*&(994)*&(HH&=F<&D449@)3C&()*&9:(@)@)3;&

• g448&!"#$%&C9(55&5?HHA&(88:@C4*&,5&C4>?:@9AJ:4H(94*&@)5,:D(9@,)&()*&D4(C?:4C&+4@)3&

9(-4)&@)&974&>,?)9:A;&

• b)C?:4&97(9&974:4&@C&(&5?HHA&5?)>9@,)@)3&()*&,84:(9@,)(H&>,DD?)@>(9@,)C&CAC94D&5,:&

C4>?:@9A&D()(34D4)9&R@97@)&!"#$%&()*&97(9&97@C&@C&5?HHA&@)943:(94*&@)9,&974&!)@94*&

"(9@,)C&>,?)9:A&bD4:34)>A&%,DD?)@>(9@,)C&=AC94D;&

• b)C?:4&97(9&!"#$%&C9(55&C4H4>94*&9,&+4&N(:*4)C&,:&$:4(&=4>?:@9A&%,,:*@)(9,:C&(:4&

3@P4)&(88:,8:@(94&C?88,:9&()*&(:4&8:,P@*4*&R@97&(88:,8:@(94&9@D4&5,:&:4H4P()9&

9:(@)@)3;&

• Q)P4C9@3(94&@)C9()>4C&,5&),)J>,D8H@()>4&,5&C4>?:@9A&8,H@>@4C&+A&!"#$%&C9(55&

D4D+4:C&()*&9(-4&(88:,8:@(94&(>9@,)&(C&)4>4CC(:A;&

&

"#K!$:76382=D.:E;2:5!.:<F41<8G8E828:<H!-*+%,!(:;@!>:@G:3<!

!

b(>7&!"#$%&D4D+4:&8H(AC&()&@D8,:9()9&:,H4&@)&4)C?:@)3&97(9&!)@94*&"(9@,)C&=4>?:@9A&

F()(34D4)9&=AC94D&8,H@>@4C&()*&8:,>4CC4CS&@)>H?*@)3&FG==S&(:4&(88H@4*&(9&(HH&9@D4C&,)&(HH&

D@CC@,)C;&a:4(>74C&@)&C(549A&()*&C4>?:@9A&8:,>4*?:4C&+A&94(D&D4D+4:C&D(A&P4:A&R4HH&

4)*()34:&974&94(D&,:&4P4)&974&D@CC@,);&&

&

& &

Page 207: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&.6& %7(894:&'&

b(>7&!"#$%&94(D&D4D+4:&C7,?H*`&&

&

• L(D@H@(:@U4&974DC4H5&R@97&@)5,:D(9@,)&8:,P@*4*&9,&974D&:43(:*@)3&C4>?:@9A&

D()(34D4)9&(9&974@:&H,>(9@,);&

• G+9(@)&C4>?:@9A&>H4(:()>4&8:@,:&9,&9:(P4H;&

• $994)*&C4>?:@9A&+:@45@)3C&()*&C@3)&(&*,>?D4)9&>4:9@5A@)3&97(9&974A&7(P4&+44)&+:@454*;&

• g),R&974&-4A&84,8H4&:4C8,)C@+H4&5,:&C4>?:@9A&D()(34D4)9&(9&974@:&H,>(9@,);&

• a4&(88:,8:@(94HA&4Z?@884*&5,:&C4:P@>4&(9&(HH&*?9A&C9(9@,)C;&

• %,D8HA&R@97&(HH&!"#==&()*&G%'$&C4>?:@9A&:43?H(9@,)C&()*&8:,>4*?:4C&(9&974&*?9A&

C9(9@,)S&R74974:&,)&,:&,55&*?9A;&

• %,D8,:9&974DC4HP4C&@)&(&D())4:&R7@>7&R@HH&),9&4)*()34:&974@:&C(549A&()*&C4>?:@9A&

()*&97(9&,5&,974:C;&

• B48,:9&(HH&C4>?:@9A&@)>@*4)9C&@)&(&9@D4HA&D())4:;&

• $994)*&()*&>,D8H494&C4>?:@9A&9:(@)@)3&:4H4P()9&9,&974@:&H4P4H&()*&:,H4;&

• %,D8H494&974&a(C@>&=4>?:@9A&@)&974&L@4H*&QQ&>,?:C4&()*&974&$*P()>4*&=4>?:@9A&@)&974&

L@4H*&>,?:C4&V8:@,:&9,&()A&5@4H*&*48H,AD4)9W;&

&

Q)&(**@9@,)&9,&974&*?9@4C&H@C94*&(+,P4S&974&C@)3H4&D,C9&@D8,:9()9&8@4>4&,5&(*P@>4&()&!"#$%&

D4D+4:&>()&5,HH,R&@C&9,&)--:2')'+)0%$2')"&'+%45.#$2'/#"&D+%$'E>%"'*"'/#++#*";&<74&5,HH,R@)3&

@C&(&34)4:(H&H@C9&,5&C(549A&()*&C4>?:@9A&D4(C?:4C&97(9&D(A&+4&,5&74H8&@)&P(:@,?C&C@9?(9@,)C`&

&

• a4&(R(:4&,5&R7(9&@C&7(884)@)3&(:,?)*&A,?&()*&:4(>9&(>>,:*@)3HAS&+45,:4&(&8,94)9@(H&

C@9?(9@,)&+4>,D4C&C4:@,?C&J&H4(:)&9,&+4&XC9:449&R@C4Y;&&&

• G+C4:P4&H,>(H&+47(P@,?:S&@)>H?*@)3&>7()34C&@)&974&),:D(H&7(+@9C&,5&974&H,>(H&

8,8?H(9@,)S&(C&97@C&D(A&@)*@>(94&@DD@)4)9&,?9+?:C9C&,5&D([,:&9:,?+H4S&C74HH@)3S&49>;&&

• #,&),9&>(::A&H(:34&(D,?)9C&,5&D,)4A;&<74&D,)4A&A,?&*,&>(::A&C7,?H*&+4&*@P@*4*&

@)9,&CD(HH4:&(D,?)9C&()*&-489&@)&C48(:(94&8H(>4C;&b),?37&C7,?H*&+4&>(::@4*&@5&974&

)44*&(:@C4C&9,&8(A&5,:&C4:P@>4CS&544CS&9(T4CS&49>;&&

• #,&),9&(::()34&A,?:&*(AC&@)&:,?9@)4CS&(C&97@C&R@HH&D(-4&@9&4(C@4:&5,:&8,94)9@(H&

(33:4CC,:C&9,&4H(+,:(94&8H()C&(3(@)C9&A,?;&

• N74)&(9&974&!"#$%&+(C4S&H@P@)3&Z?(:94:CS&7,94HCS&49>;S&@)P4C9@3(94&8,CC@+H4&4C>(84&

:,?94C&@)&>(C4&974&+?@H*@)3&@C&(99(>-4*&,:&(&5@:4&+:4(-C&,?9;&G+C4:P4&974&)?D+4:&,5&

R@)*,RC&@)&4(>7&:,,D&()*&R74:4&974A&(:4&C@9?(94*S&974&+4C9&R(AC&,?9&,5&:,,DCS&974&

+4C9&8H(>4C&9,&C44-&>,P4:S&49>;&g),R&974&5@:4&4C>(84&8H()&J&,:&>:4(94&,)4&5,:&A,?:C4H5;&

F(-4&974C4&97@)3C&(&7(+@9;&

• Q5&A,?&H4(P4&974&94(D&+(C4S&D(-4&C?:4&97(9&C,D4,)4S&8:454:(+HA&974&<4(D&e4(*4:&,:&

C,D4,)4&(88,@)94*&9,&D()(34&94(D&C4>?:@9AS&-),RC&R74:4&A,?&(:4&3,@)3S&7,R&H,)3&

974&9:@8&R@HH&9(-4&()*&974&4C9@D(94*&9@D4&97(9&A,?&R@HH&:49?:);&

• Q5&A,?&:43?H(:HA&9:(P4H&+49R44)&9R,&5@T4*&8H(>4C&V4;3;S&+49R44)&H@P@)3&Z?(:94:C&()*&

974&+(C4WS&9:A&),9&9,&9:(P4H&(9&974&C(D4&9@D4&4(>7&*(A&()*&9:A&9,&>7()34&974&:,?94C&,5&

9:(P4H;&

Page 208: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&.6& %7(894:&'&

• N74)&,?9C@*4&974&!"#$%&+(C4S&(HR(AC&C9(A&9,34974:&R@97&(),974:&94(D&D4D+4:;&

• N74)&3,@)3&@)9,&974&5@4H*S&(C-&84,8H4&R7,&7(P4&[?C9&+44)&9,&974&C(D4&8H(>4&()*&

9:(P4HH4*&974&C(D4&:,?94&(+,?9&974&C4>?:@9A&()*&C(549A&C@9?(9@,);&

• Q5&A,?&(:4&4Z?@884*&R@97&(&74HD49&()*d,:&(&5H(-&[(>-49&,:&+?HH49J8:,,5&P4C9S&D(-4&

C?:4&A,?&?C4&974Dh&974A&*,&R,:-&()*&D(A&C(P4&A,?:&H@54;&

• N74)&8(:-@)3S&+4&C?:4&9,&8(:-&@)&(&R(A&97(9&@9&R@HH&+4&5(C9&()*&4(CA&9,&*:@P4&(R(A&@5&

)4>4CC(:A&V4;3;S&*,&),9&8(:-&R@97&974&5:,)9&,5&974&P47@>H4&(3(@)C9&(&R(HH&,:&()A&,974:&

,+C9:?>9@,)W;&

• F(-4&@9&(&:?H4&97(9&A,?&)4P4:&8@>-&?8&84,8H4&R()9@)3&(&:@*4S&(C&A,?&*,&),9&-),R&R7,&

974A&(:4&,:&R7(9&974@:&@)94)9@,)C&D(A&+4;&bC84>@(HHAS&*,&),9&8@>-&?8&D@H@9(:A&

84:C,))4H&,:&8,H@>4S&(C&974A&D(A&+4&*()34:,?C&,:&974A&D(A&+4&9(:3494*&^&R7@>7&R@HH&

974)&4)*()34:&A,?;&$HC,S&@5&A,?&(:4&C9:()*4*&V4;3;S&+4>(?C4&,5&+:4(-*,R)W&*,&),9&

(>>489&:@*4C&5:,D&974&8,H@>4&,:&D@H@9(:A&5,:&974&C(D4&:4(C,)C;&

• Q5&A,?&C7,?H*&+4&974&9(:349&,5&(&:,++4:AS&A,?&C7,?H*`&9:A&9,&-448&>(HDS&+4&8(CC@P4&()*&

9(H-&,)HA&R74)&C8,-4)&9,S&,+4A&,:*4:CS&+4&>,,84:(9@P4S&(P,@*&4A4&>,)9(>9S&()*&V@)&

D,C9&C@9?(9@,)CW&D(-4&@9&?)*4:C9,,*&97(9&A,?&(:4&(&!)@94*&"(9@,)C&:48:4C4)9(9@P4;&

#,&),9&+4&8:,P,>(9@P4&,:&8H(A&974&74:,S&7,R4P4:S&?)*4:C9()*&97(9&),&9R,&C@9?(9@,)C&

(:4&(H@-4&()*&A,?&D(A&)44*&9,&C9()*&,?9&5:,D&,974:C&@5&(88:,8:@(94;&

• N74)&*:@P@)3S&C944:&(:,?)*&8,97,H4C;&<74A&D(A&(>9?(HHA&+4&>:(94:C&R@97&?)4T8H,*4*&

,:*)()>4&,:&7,H4C&R@97&D@)4C;&a4&4C84>@(HHA&(R(:4&,5&CD(HH&7,H4CS&(C&974C4&D(A&+4&

974&4)9:A&7,H4&,5&C74HHC;&i?C9&+4>(?C4&,974:&P47@>H4C&7(P4&3,)4&97:,?37&(&8,97,H4&

*,4C&),9&D4()&97(9&974:4&@C&),9&?)4T8H,*4*&,:*)()>4h&@9&D(A&C?:P@P4&1M&P47@>H4CS&

R7@H4&974&1I97&R@HH&9:@334:&@9;&

• Q5&A,?&7(P4&(&>(D4:(S&+4&>(?9@,?C&R74:4&A,?&?C4&@9;&27,9,C&C7,?H*&)4P4:&+4&9(-4)&

R74:4&974:4&@C&D@H@9(:A&(>9@P@9AS&C,H*@4:C&,:&>74>-8,@)9C;&

• a4&8:48(:4*&5,:&4P(>?(9@,)&+A&(HR(AC&7(P@)3&(&+(3&8(>-4*&R@97&8:@P(94&@94DCS&R(:D&

>H,974CS&4T9:(&5,,*&()*&*:@)-S&(&5@:C9J(@*&-@9S&()*&A,?:&74HD49&()*&5H(-&[(>-49&V@5&

C?88H@4*W;&

• $HR(AC&>(::A&!)@94*&"(9@,)C&>:4*4)9@(HC&()*&A,?:&8(CC8,:9;&=7,?H*&,55@>@(HC&*4D()*&

9,&7(P4&974&8(CC8,:9S&(&87,9,>,8A&,5&@9&D(A&+4&?C45?H&9,&7()*&,?9&@)C94(*&,5&974&

8(CC8,:9&@9C4H5;&bP4)&(&*?8H@>(94&8(CC8,:9&D(A&+4&?C45?H;&

&

"#M!$2;=81?!":;E2N=!41!>8<<841!

&

!"#$%&D@CC@,)C&D(A&+4&+,97&87AC@>(HHA&()*&4D,9@,)(HHA&>7(HH4)3@)3;&G84:(9@)3&,)&D@CC@,)&

,594)&4)9(@HC&H,)3&R,:-*(AC&R@97&D@)@D(H&,88,:9?)@9@4C&5,:&CH448&()*&:4C9;&<74&C@9?(9@,)&

>7()34C&>,)C9()9HA&()*&974&D@)*&7(C&9,&R,:-&(9&5?HH&C844*&9,&-448&,)&9,8&,5&97@)3C;&<74:4&

D(A&+4&54RS&@5&()AS&C()@9(:A&5(>@H@9@4C&()*&94(D&D4D+4:C&D(A&),9&7(P4&:43?H(:&(>>4CC&9,&

9,@H49C&,:&C7,R4:C;&$>>,DD,*(9@,)&D(A&+4&(&CD(HH&94)9&,)&974&3:,?)*&()*&5,,*&D(A&>,D4&

@)&974&5,:D&,5&5@4H*J:(9@,)C;&$HH&8?9&9,34974:S&974&>,)*@9@,)C&D(A&+4&*4D()*@)3&5,:&974&D@)*&

()*&+,*A;&<4(D&D4D+4:C&D?C9&+4&8:48(:4*&5,:&7(:*C7@8&()*&D?C9&-),R&7,R&9,&>,84;&&&

Page 209: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&.6& %7(894:&'&

&

N74)&*48H,A@)3&9,&()&4D4:34)>A&,)4&@C&D,:4&4T8,C4*&9,&>,DD?)@>(+H4&*@C4(C4C&*?4&9,&

974&C?**4)&>7()34&@)&>H@D(94S&5,,*&()*&R,:-H,(*;&<74&+,*AcC&)(9?:(H&*454)>4&D4>7()@CDC&

D(A&),9&>,84&R@97&97@C&>7()34&()*&97@C&D(A&D(-4&,)4&D,:4&P?H)4:(+H4&9,&*@C4(C4C;&F@),:&

@)54>9@,)C&97(9&(:4&4(C@HA&>?:(+H4&D(A&7(P4&D,:4&*@:4&>,)C4Z?4)>4C&()*&4P4)&974&CD(HH4C9&

CAD89,D&,5&C@>-)4CC&C7,?H*&+4&9(-4)&C4:@,?CHA;&&

&

"#M#0!R3:D+:FE4=@:12!

!

!"#$%&D4D+4:C&C7,?H*&+4&@)&3,,*&87AC@>(H&C7(84&()*&5@9&9,&D449&()A&>7(HH4)34C&,)4&D(A&

4)>,?)94:&,)&()&4D4:34)>A&:4C8,)C4&D@CC@,);&<74A&C7,?H*&7(P4&:43?H(:&74(H97&

C>:44)@)3Cd>74>-J?8C&9,&4)C?:4&97(9&974A&:4D(@)&@)&974&+4C9&,5&74(H97;&=?>7&C>:44)@)3C&

4)(+H4&974&4(:HA&*494>9@,)&,5&D4*@>(H&8:,+H4DCS&R7@>7&>()&974)&+4&D()(34*&4554>9@P4HA;&<74&

74(H97&C>:44)@)3C&C7,?H*&@)>H?*4S&+?9&),9&+4&H@D@94*&9,`&

&

• _4)4:(H&D4*@>(H&4T(D@)(9@,)S&R@97&+H,,*&()*&?:@)4&94C9C&

• %74C9&jJ:(A&()*&4H4>9:,>(:*@,3:(D&Vb%_dbg_W&

• #4)9(H&4T(D&

• bA4&4T(D&

• a:4(C9&4T(D@)(9@,)&()*&2(8&94C9S&(C&(88H@>(+H4&

• b)C?:@)3&(HH&P(>>@)(9@,)C&(:4&?8J9,J*(94&VC44&C4>9@,)&%;.;0W&

&

'(P@)3&8:,84:&34(:&()*&>H,97@)3&@C&(HC,&@D8,:9()9&9,&-448@)3&74(H97A&,)&D@CC@,);&<7@C&

@)>H?*4C&>(::A@)3&R(94:8:,,5&>H,97@)3S&34(:&V>,)C@*4:&(88HA@)3&>,DD4:>@(HHAJ(P(@H(+H4&

R(94:8:,,5@)3&>,(9@)3CW&()*&5,,9R4(:&C?@94*&9,&974&>H@D(94;&a4>(?C4&!"#$%&D@CC@,)&

>,)*@9@,)C&>()&>7()34&Z?@>-HA&()*&?)4T84>94*HAS&+4&C?:4&9,&8(>-&(HH&-@9&^&4P4)&@5&@)@9@(HHA&

*48H,A4*&9,&(&7,94H;&Q94DC&C?>7&(C&D,CZ?@9,&)49CS&R(94:&8?:@5@>(9@,)&>()@C94:C&()*&(&R(:D&

CH448@)3&+(3&>()&8:4P4)9&(&P(:@49A&,5&74(H97&@CC?4C;&%7(894:&Q&>,)9(@)C&(**@9@,)(H&(*P@>4&,)&

974&9A84C&,5&34(:&()*&>H,97@)3&:4Z?@:4*&@)&C84>@5@>&>H@D(94&U,)4C;&

&

"#M#9!+6381?!2N:!>8<<841!

!

#?:@)3&974&5@:C9&*(AC&@)&(&*@554:4)9&>,?)9:AS&974&)4R>,D4:&^&?)?C4*&9,&974&>,)*@9@,)C&,5&H@54&

()*&>H@D(94&^&@C&H@-4HA&9,&7(P4&(&H,R4:&:4C@C9()>4&9,&*@C4(C4&()*&@HH)4CC;&F4(C?:4C&(C&C@D8H4&

(C&3499@)3&:4C9S&D(@)9(@)@)3&(&74(H97A&*@49S&(P,@*@)3&>,)9(D@)(94*&R(94:S&5,HH,R@)3&8:,84:&

7A3@4)4&3?@*4H@)4C&()*&D,)@9,:@)3&,)4cC&4)P@:,)D4)9&5,:&7(U(:*C&>()&74H8&4)C?:4&3,,*&

74(H97&R7@H4&,)&D@CC@,);&&

&

.:<2!

bP4)&97,?37&,)&D,C9&!"#$%&D@CC@,)C&974:4&@C&:(:4HA&4),?37&9@D4&5,:&:4C9S&@9&@C&@D8,:9()9&

97(9&,)4&9(-4&(C&D?>7&9@D4&(C&8,CC@+H4&9,&CH448&()*&:4H(T&,)&(&:43?H(:&+(C@CS&4P4)&@5&@9&@C&[?C9&

Page 210: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&.6& %7(894:&'&

5,:&(&>,?8H4&,5&7,?:C;&B4D4D+4:&97(9&(&C@>-&D4D+4:&@C&(&H@(+@H@9A&()*&),9&()&(CC49&9,&974&

94(D;&

&

+8:2!

<7@C&C7,?H*&+4&R4HH&+(H()>4*;&'4(PA&D4(HC&C7,?H*&+4&(P,@*4*&()*&(H>,7,H@>&*:@)-C&4@974:&

4T>H?*4*&,:&>,)C?D4*&@)&D,*4:(94&Z?()9@9@4CS&,)HA&@)&974&4P4)@)3C;&G)&974&,974:&7()*&

4),?37&H@Z?@*&C7,?H*&+4&*:()-&9,&>,D84)C(94&5,:&84:C8@:(9@,)&H,CC4C;&Q9&D(A&+4&)4>4CC(:A&9,&

@)>:4(C4&C(H9&@)9(-4&@)&974&>(C4&,5&8:,5?C4&84:C8@:(9@,);&$D,4+@>&*AC4)94:A&()*&,974:&4)94:@>&

@)54>9@,)CS&,594)&R@*4C8:4(*&@)&9:,8@>(H&:43@,)CS&(:4&9:()CD@994*&+A&5,,*C&4(94)&:(R&,:&

>,)9(D@)(94*&+A&*@:9A&7()*C&,:&?)>H4()&R(94:;&<7@C&>(?C4C&(>?94&,:&>7:,)@>&*@34C9@P4&

9:,?+H4C&R7@>7&D(A&+4&8:4P4)94*&+A&9(-@)3&C@D8H4&7A3@4)@>&8:4>(?9@,)C;&

&

=4>9@,)&';K&8:,P@*4C&*49(@H4*&@)5,:D(9@,)&,)&5,,*&()*&R(94:&C(549A&*?:@)3&(&D@CC@,);&

%7(894:&Q&>,)9(@)C&@)5,:D(9@,)&,)&5,,*&()*&R(94:&>,)C@*4:(9@,)C&8(:9@>?H(:&9,&C84>@5@>&

>H@D(94C;&&

&

"=?8:1:!

#?:@)3&(&D@CC@,)&974:4&(:4&C4P4:(H&D4(C?:4C&97(9&C7,?H*&+4&9(-4)&9,&(P,@*&4T8,C?:4&9,&

8,CC@+H4&@)54>9@,)C;&<74&D,C9&>,DD,)&R(A&,5&>,)9:(>9@)3&(&*@C4(C4&>,D4C&5:,D&8,,:&

C()@9(9@,)&()*&7A3@4)4;&<74:45,:4&,)4&C7,?H*&+4&4T9:4D4HA&>(?9@,?C&+A&>,)*?>9@)3&:43?H(:&

7()*&R(C7@)3S&8(:9@>?H(:HA&+45,:4&D4(HC;&N(94:&?C4*&5,:&,:(H&()*&*4)9(H&7A3@4)4&C7,?H*&+4&

8?:@5@4*&,:&+,@H4*&+45,:47()*;&&

&

!)H4CC&8:,P@*4*&R@97&:4H@(+H4&(CC?:()>4C&97(9&R(94:&@C&C(54S&CR@DD@)3&,:&+(97@)3&@)&H(-4CS&

:@P4:CS&49>;S&C7,?H*&+4&(P,@*4*&(9&(HH&9@D4C&(C&@9&D(A&H4(*&9,&(&P(:@49A&,5&?)*4C@:(+H4&

>,)C4Z?4)>4C;&L,:&4T(D8H4S&=>7@C9,C,D@(C@C&V(HC,&-),R)&(C&+@H7(:U@,C@C&,:&C)(@H&54P4:W&@C&,)4&

,5&D()A&8(:(C@9@>&*@C4(C4C&5,?)*&@)&>,)9(D@)(94*&R(94:&@)&D()A&8(:9C&,5&974&R,:H*;&&

&

R342:72841!;?;81<2!81<:72<!

%4:9(@)&@)C4>9CS&()*&8(:9@>?H(:HA&>4:9(@)&D,CZ?@9,4CS&D(A&9:()CD@9&@)54>9@,)C&C?>7&(C&

D(H(:@(;&N74)&D,CZ?@9,4C&(:4&)?D4:,?C&@)&()&(:4(&R74:4&D(H(:@(&@C&4)*4D@>S&(HH&4T8,C4*&

(:4(C&,5&974&C-@)&C7,?H*&+4&9:4(94*&R@97&D,CZ?@9,&:484HH4)9&@)&,:*4:&9,&8:4P4)9&+@94C&R7@>7S&

+4C@*4C&+4@)3&8(@)5?HS&(:4&(HC,&*()34:,?C;&Q)&(**@9@,)S&@9&@C&?C45?H&9,&R4(:&>H,97@)3&97(9&

>,P4:C&974&(:DC&()*&H43C&@)&974&4P4)@)3;&

&

Q9&C7,?H*&+4&:4D4D+4:4*&97(9&D,CZ?@9,&)49C&,)HA&8:,P@*4&8:,94>9@,)&?)*4:&>4:9(@)&

>,)*@9@,)C`&D(94:@(H&C?55@>@4)9HA&5@)4HA&D4C74*S&5,H*4*&>,::4>9HA&*?:@)3&974&*(A&()*&974&)49&

8:,84:HA&>H,C4*&(9&)@379&C,&97(9&@)C4>9C&>()),9&349&@);&Q)C@*4&7,?C4C&@)C4>9C&D?C9&+4&

*4C9:,A4*&+A&C8:(A@)3&R@97&()&@)C4>9@>@*4;&=8:(AC&D(*4&5:,D&8:,*?>9C&R@97&(&8A:497:?D&

+(C4&*4C9:,A&:(8@*HAS&+?9&974@:&(>9@,)&@C&C7,:9&H@P4*;&&

&

Page 211: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0E&,5&.6& %7(894:&'&

";X;3546<!@;2:38;E<!U";X@;2V!!

$HH&4)P@:,)D4)9(H&4D4:34)>@4C&(:4&*()34:,?C&C@9?(9@,)C&()*&D?C9&+4&*4(H9&R@97&+A&9:(@)4*&

4T84:9C;&'(UD(9&@)>@*4)9CS&@)&8(:9@>?H(:S&C7,?H*&+4&9:4(94*&P4:A&>(:45?HHA;&Q5&A,?&5@)*&A,?:C4H5&

@)&974&(:4(&,5&()&4)P@:,)D4)9(H&4D4:34)>A&&*'"*$'E):F'#"$*'*.'$*54>'+-#::%&'/)$%.#):+;&

Q)C94(*S&9(-4&974&5,HH,R@)3&(>9@,)`&&

&

• =9(A&(R(A&5:,D&5?D4CS&CD,-4&()*&P(8,?:&^&:4D(@)&?8R@)*&4P4)&@5&974:4&@C&),&CD4HH;&&&

• a4&(R(:4&,5&>7()3@)3&R4(974:&>,)*@9@,)C&()*&>7()3@)3&R@)*&*@:4>9@,)C;&",94&974&

R@)*&C844*S&*@:4>9@,)S&9A84&,5&8:4>@8@9(9@,)S&94D84:(9?:4&()*&>H,?*&>,P4:;&&

• #,&),9&,84:(94&:(*@,CS&D,+@H4&87,)4C&,:&,974:&4H4>9:,)@>&*4P@>4C&R@97@)&(&*@C9()>4&

,5&M//&D49:4C;&&&

• e4(P4&974&(:4(&@DD4*@(94HA;&&

• ",9@5A&H,>(H&4D4:34)>A&,55@>@(HC&,:&>,DD?)@9A&H4(*4:C&,5&974&C@9?(9@,)&C,&97(9&974A&

D(A&@C,H(94&974&C>4)4;&

&

N74)&5(>4*&R@97&(&8,94)9@(H&7(UD(9&C@9?(9@,)S&>,)C@*4:&974&5,HH,R@)3&@)5,:D(9@,)&:4H(94*&9,&

R4(974:`&&

&

• G)&(&R(:D&*(AS&>74D@>(H&C?+C9()>4C&R@HH&94)*&9,&4P(8,:(94&D,:4&Z?@>-HA&97()&,)&(&

>,H*&*(A;&&

• '@37&R@)*C&R@HH&*@C84:C4&3(C4CS&P(8,?:C&()*&8,R*4:C;&&

• 2:4>@8@9(9@,)&D(A&+4&8:,+H4D(9@>&@5&(&R4(974:J:4(>9@P4&C?+C9()>4&@C&:4H4(C4*;&G)&974&

,974:&7()*S&8:4>@8@9(9@,)&D(A&+4&(&+4)45@9&(C&@9&D(A&CH,R&*,R)&974&*@C84:C@,)&,5&

(@:+,:)4&D(94:@(HC&()*&:4*?>4&974&(:4(&,5&@D8(>9;&

B4D4D+4:S&974&:,H4&,5&!"#$%&94(D&D4D+4:C&R@97,?9&4)P@:,)D4)9(H&4T84:9@C4&@C&9,&

@*4)9@5A&R74974:&974:4&@C&()&4T@C9@)3&,:&8,94)9@(H&(>?94&4)P@:,)D4)9(H&:@C-&()*&9,&@)5,:D&

H,>(H&()*d,:&@)94:)(9@,)(H&(?97,:@9@4C;&$994D89C&9,&C,HP4&974&8:,+H4D&R@97,?9&(88:,8:@(94&

94>7)@>(H&-),RH4*34&()*&8:,94>9@P4&D4(C?:4C&>()&8?9&A,?:C4H5&()*d,:&974&4)9@:4&!"#$%&

94(D&(9&:@C-;&&

&

#484)*@)3&,)&974&C@9?(9@,)&()*&?:34)>AS&(**@9@,)(H&4T84:9@C4&>()&+4&:4Z?4C94*&97:,?37&974&

i,@)9&!)@94*&"(9@,)C&b)P@:,)D4)9&2:,3:(DD4&V!"b2WdG%'$&b)P@:,)D4)9&!)@9;&&

&

"#M#A!%Y2:3!2N:!>8<<841!

!

!"#$%&D4D+4:C&C7,?H*&C44-&D4*@>(H&>,)C?H9(9@,)&()*&9:4(9D4)9&8:,D89HA&@5&974A&7(P4&

C@3)C&,5&()A&@HH)4CC&,:&@)[?:A&5,HH,R@)3&974&*48H,AD4)9;&G5&8(:9@>?H(:&>,)>4:)&@C&84:C@C94)9&

54P4:S&>,?37&,:&(+*,D@)(H&?8C49&R@97&*@(::7,4(&(C&974C4&D(A&+4&*?4&9,&(&*@C4(C4&

>,)9:(>94*&*?:@)3&974&*48H,AD4)9;&&

&

Page 212: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0M&,5&.6& %7(894:&'&

$)A&D4*@>(9@,)C&C9(:94*&8:@,:&9,&,:&*?:@)3&974&D@CC@,)&C7,?H*&+4&>,)9@)?4*&?)9@H&974&

8:4C>:@89@,)&@C&>,D8H494&,:&(C&@)*@>(94*&+A&974&D()?5(>9?:4:&,5&974&D4*@>(9@,);&<7@C&

@)5,:D(9@,)&D(A&+4&5,?)*&@)&974&8(>-(3@)3&,5&974&D4*@>(9@,)&()*&(88H@4C&4C84>@(HHA&9,&()9@J

D(H(:@(H&*:?3C;&&

&

Q5&D4D+4:C&7(*&()A&C4T?(H&>,)9(>9&*?:@)3&974&*48H,AD4)9S&974A&C7,?H*&>,)C@*4:&+4@)3&

94C94*&5,:&P4)4:4(H&*@C4(C4&()*&'Qfd$Q#=;&'Qf&94C9C&D(A&),9&@)*@>(94&(&8,C@9@P4&:4C?H9&?)9@H&

(+,?9&97:44&R44-C&(594:&974&4T8,C?:4&9,&974&P@:?C;&&

&

F4D+4:C&C7,?H*&?8*(94&974@:&@)*@P@*?(H&74(H97&:4>,:*C&@5&974A&*4P4H,8&()A&@HH)4CC&5,HH,R@)3&

*48H,AD4)9&R@97&!"#$%;&<74A&C7,?H*&(HC,&(*P@C4&G%'$&R7@>7&D(A&974)&(H4:9&,974:&!"#$%&

D4D+4:C&9,&+4&(R(:4&,5&974&74(H97&97:4(9&@)&974&*48H,AD4)9&H,>(9@,)&,:&974&H,>(H&74(H97&

(?97,:@9@4C&@)&974&*48H,AD4)9&C@94;&

&

"#O!&445!;15!P;2:3!

&

G)4&,5&974&D(@)&:4(C,)C&5,:&9:(P4HH4:C&+4>,D@)3&@HH&@C&4(9@)3&()*&*:@)-@)3&R@97,?9&9(-@)3&@)9,&

>,)C@*4:(9@,)&C,D4&C@D8H4&:?H4C;&<74&:@C-&,5&>,)9(D@)(9@,)&5:,D&5,,*+,:)4&()*&R(94:+,:)4&

@HH)4CC4C&@C&,594)&4P4)&3:4(94:&5,HH,R@)3&(&*@C(C94:;&L,HH,R@)3&974&(*P@>4&@)&974&C4>9@,)C&

+4H,R&D(A&C8(:4&!"#$%&D4D+4:C&(&>,)C@*4:(+H4&(D,?)9&,5&C7,:9J94:D&()),A()>4&()*&

>,?H*&8:4P4)9&C4:@,?C&H,)3J94:D&*@C4(C4C;&&

!

"#O#0!&445!

&

<74&5,HH,R@)3&:4>,DD4)*(9@,)C&5,:&(P,@*@)3&5,,*+,:)4&@HH)4CC&(88HA&9,&(HH&C@9?(9@,)CS&5:,D&

C9:449&P4)*,:C&9,&974&5@)4C9&7,94H&:4C9(?:()9C`&

&

• %,,-4*&5,,*&97(9&7(C&+44)&74H*&(9&:,,D&94D84:(9?:4&5,:&C4P4:(H&7,?:C&>,)C9@9?94C&

,)4&,5&974&3:4(94C9&:@C-C&,5&5,,*+,:)4&@HH)4CC;&F(-4&C?:4&A,?:&5,,*&7(C&+44)&

97,:,?37HA&>,,-4*&()*&@C&C9@HH&7,9&R74)&C4:P4*;&

• $P,@*&()A&?)>,,-4*&5,,*S&(8(:9&5:,D&5:?@9C&()*&P4349(+H4C&97(9&>()&+4&844H4*&,:&

C74HH4*&V+?9&(P,@*&5:?@9C&R@97&*(D(34*&C-@)W;&&B4D4D+4:S&k%,,-&@9S&844H&@9&,:&H4(P4&

@9;k&

• Q>4&>:4(D&5:,D&?):4H@(+H4&C,?:>4C&@C&5:4Z?4)9HA&>,)9(D@)(94*&()*&D(A&>(?C4&@HH)4CC;&&

Q5&@)&*,?+9S&(P,@*&@9;&

• Q)&C,D4&>,?)9:@4CS&>4:9(@)&C84>@4C&,5&5@C7&()*&C74HH5@C7&D(A&>,)9(@)&8,@C,),?C&+@,J&

9,T@)C&4P4)&R74)&974A&(:4&R4HH&>,,-4*;&e,>(H&84,8H4&>()&(*P@C4&A,?&(+,?9&97@C;&

&

Page 213: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0I&,5&.6& %7(894:&'&

"#O#9!P;2:3!

!

N74)&9:(P4HH@)3&J&@5&A,?&7(P4&()A&*,?+9&J&(HH&R(94:&C7,?H*&+4&84:>4@P4*&(C&+4@)3&

>,)9(D@)(94*;&$3(@)S&(C&@)&974&>(C4&,5&5,,*S&@9&@C&P@9(H&9,&5,HH,R&C,D4&C@D8H4&:?H4C&9,&8:4P4)9&

*@C4(C4C&>(?C4*&+A&?)>H4()&R(94:`&

&

• N74)&974&C(549A&,5&*:@)-@)3&R(94:&@C&*,?+95?HS&7(P4&@9&+,@H4*&,:&*@C@)54>9&@9&R@97&

:4H@(+H4S&CH,RJ:4H4(C4S&*@C@)54>9()9&9(+H49C;&<74C4&(:4&34)4:(HHA&(P(@H(+H4&@)&

87(:D(>@4C;&

• $P,@*&@>4&?)H4CC&A,?&(:4&C?:4&97(9&@9&@C&D(*4&5:,D&C(54&R(94:;&a4&(R(:4&97(9&@>4&5:,D&

(88(:4)9HA&>H4()&C,?:>4C&V4;3;S&7,94H&@>4&D(>7@)4CW&@C&),9&(HR(AC&C(54;&

• a4P4:(34CS&C?>7&(C&7,9&94(&,:&>,5544S&R@)4S&+44:S&()*&>(:+,)(94*&C,59&*:@)-C&,:&5:?@9&

[?@>4C&R7@>7&(:4&4@974:&+,99H4*&,:&,974:R@C4&8(>-(34*S&(:4&?C?(HHA&C(54&9,&*:@)-;&

• !)8(C94?:@U4*&D@H-&C7,?H*&+4&+,@H4*&+45,:4&>,)C?D89@,);&

• Q9&@C&8,CC@+H4&9,&+?A&+,99H4*&>H4()&R(94:&@)&D,C9&8H(>4C;&Q9&@C&:4>,DD4)*4*&97(9&

R(94:&+4&8?:>7(C4*&()*&?C4*&R74)4P4:&8,CC@+H4&J&4P4)&5,:&+:?C7@)3&94497;&&

• B4D4D+4:&97(9&R(94:&5@H94:C&*4C@3)4*&5,:&7,?C47,H*&?C4&D(A&),9&:4D,P4&(HH&

>,)9(D@)(94C&97(9&>()&>(?C4&@HH)4CC;&a,@H@)3&D(A&C9@HH&+4&:4Z?@:4*&@5&?C@)3&C?>7&(&5@H94:;&&

!

"#O#A!>;1;?81?!+8;33N4:;!

!

#@(::7,4(&@C&974&D,C9&>,DD,)&74(H97&8:,+H4D&4)>,?)94:4*&*?:@)3&5@4H*&D@CC@,)C;&Q)&,:*4:&

9,&(P,@*&*@(::7,4(S&4)C?:4&97(9&7()*&R(C7@)3&()*&7A3@4)4&@C&3@P4)&(994)9@,)&()*&974&C,?:>4&

,5&R(94:&>,)C?D4*&@C&C(54;&F,C9&*@(::7,4(H&(99(>-C&(:4&P@:(H&@)&,:@3@)S&(:4&C4H5JH@D@9@)3&()*&

>H4(:&?8&@)&(&54R&*(AC;&Q9&@C&@D8,:9()9&9,&(P,@*&+4>,D@)3&*47A*:(94*;&$C&C,,)&(C&*@(::7,4(&

C9(:9CS&*:@)-&D,:4&5H?@*CS&C?>7&(C&+,99H4*S&+,@H4*&,:&9:4(94*&R(94:S&,:&R4(-&94(;&L:?@9&[?@>4&

V*@H?94*&R@97&C(54&R(94:W&,:&C,?8&D(A&(HC,&+4&9(-4);&#(@:A&8:,*?>9C&C7,?H*&+4&(P,@*4*&(C&

974A&>()&C,D49@D4C&(33:(P(94&*@(::7,4(;&

&

N74)&*@(::7,4(&@C&C4P4:4S&974&+,*A&H,C4C&R(94:S&C(H9C&V4C84>@(HHA&C,*@?D&()*&8,9(CC@?DWS&

R(94:&C,H?+H4&P@9(D@)C&()*&,974:&@D8,:9()9&9:(>4&D@)4:(HC;&&Q)&,:*4:&9,&:48H4)@C7&C,D4&,5&

974C4&H,CC4C&(C&R4HH&(C&:4C9,:4&4)4:3AS&974&5,HH,R@)3&D@T&7(C&8:,P4)&C?>>4CC5?H&@)&!"#$%&

D@CC@,)C`&

&

• R(94:&

• ,:(H&:47A*:(9@,)&C,H?9@,)&VGB=W&@)&974&>,::4>9&*@H?9@,)&

• 7@37&*,C4C&,5&4554:P4C>4)9&f@9(D@)&%&V@;4;S&(&D@)@D?D&0///&D3WS&8:,P@*4*&974:4&@C&),&

7@C9,:A&,5&3(C9:@9@CS&()*&D?H9@P@9(D@)C&R@97&aJ%,D8H4T&

• >(H>@?D&VI//J0///&D3W&

&

Page 214: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0K&,5&.6& %7(894:&'&

G)4&C7,?H*&9:A&9,&*:@)-&(C&D?>7&,5&97@C&D@T&*?:@)3&974&>,?:C4&,5&974&*@(::7,4(&(C&8,CC@+H4;&Q9&

@C&:4>,DD4)*4*&97(9&(9&H4(C9&97:44&H@9:4C&,5&H@Z?@*&+4&>,)C?D4*&R@97@)&974&5@:C9&97:44&7,?:C&

(594:&974&,)C49&,5&*@(::7,4(;&LH?@*C&C7,?H*&974)&>,)9@)?4&?)9@H&CAD89,DC&(:4&:4H@4P4*;&$9&(HH&

9@D4CS&:43?H(:&*@49&C7,?H*&>,)9@)?4;&&

",94`&N74)&?C@)3&()&,:(H&:47A*:(9@,)&C,H?9@,)&(*?H9C&D(A&34)4:(HHA&>,)C?D4&()&?)H@D@94*&

(D,?)9&V5,:&>7@H*:4)cC&*,C4CS&>,)C?H9&974&8(>-(3@)3&,:&(&D4*@>(H&8:,54CC@,)(HW;&Q9&@C&(*P@C4*&

97(9&@9C&?C4&+43@)&@5&*@(::7,4(&>,)9@)?4C&5,:&D,:4&97()&,)4&*(A;&&

<74&+4C9&@)*@>(9,:&97(9&974&5H?@*&@)9(-4&@)&(&*@(::7,4(H&C9(94&@C&C?55@>@4)9&@C&R74)&974:4&@C&

(*4Z?(94&*@?:4C@C&V@;4;S&3,,*&(D,?)9C&,5&?:@)4&(:4&8:,*?>4*&(9&()&(P4:(34&,5&I/&DH&84:&

7,?:W;&N(9>7&,?9&5,:&C@3)C&,5&C4P4:4&*47A*:(9@,)&()*&4H4>9:,HA94&VC(H9&()*&R(94:W&@D+(H()>4&

C?>7&(C&8,,:&?:@)(:A&,?98?9S&>:(D8C&@)&H43C&()*&*@UU@)4CCd5(@)9@)3&C84HHC;&

$>9@P(94*&>7(:>,(H&9(+H49C&D(A&+4&>,)C?D4*&9,&:4*?>4&@::@9(9@,)&()*&(+C,:+&C,D4&,5&974&

8,CC@+H4&9,T@)C&@)&974&3(C9:,@)94C9@)(H&9:(>9;&$)9@J*@(::7,4(HC&C7,?H*&),9&+4&?C4*&:,?9@)4HA&

()*&D4*@>(H&(CC4CCD4)9&@C&:4>,DD4)*4*&@)&C4P4:4&*@(::7,4(&9,&:4H@4P4&CAD89,DC&+?9&5H?@*&

@)9(-4&D?C9&+4&(*4Z?(94;&$)9@J*@(::7,4(HC&C7,?H*&"%@%.&+4&?C4*&R@97&>7@H*:4)&R@97,?9&

D4*@>(H&(*P@>4&()*&C?84:P@C@,);&

"#J!>;1;?81?!>8<<841!$23:<<!

N,:-@)3&@)&4D4:34)>A&:4H@45&4)P@:,)D4)9C&R@HH&4T8,C4&!"#$%&D4D+4:C&9,&(&)?D+4:&,5&

C@9?(9@,)C&()*&>,)*@9@,)C&97(9&>:4(94&C9:4CC&()*&D(A&H4(*&9,&(&C9:4CC&:4(>9@,);&=@9?(9@,)C&97(9&

(:4&5,?)*&9,&+4&C9:4CC5?H&5,:&,)4&@)*@P@*?(H&D@379&),9&+4&C9:4CC5?H&5,:&(),974:;&Q)&(**@9@,)S&

974&9A84&,5&:4(>9@,)&>()&P(:A&C@3)@5@>()9HA&5:,D&,)4&84:C,)&9,&(),974:;&&

",9&(HH&C9:4CC&@C&+(*;&<74&8:4CC?:4C&@)&974&*@C(C94:&4)P@:,)D4)9&>()&+4&74H85?H&(C&974A&94)*&

9,&5,>?C&A,?:&(994)9@,)S&@)>:4(C4&>,)>4)9:(9@,)S&D,+@H@U4&A,?:&4)4:3A&()*&>,)C,H@*(94&A,?:&

R@HH&9,&(>7@4P4;&',R4P4:S&5(@H?:4&9,&>,84&4554>9@P4HA&R@97&C9:4CC&D(A&>(?C4&(&*4>H@)4&@)&

>(8(>@9AS&(&*4>:4(C4&@)&8:,*?>9@P@9A&()*&>()&8:,P4&*49:@D4)9(H&9,&94(D&5?)>9@,)@)3;&

<74:45,:4S&@9&@C&@D8,:9()9&5,:&+,97&974&94(D&()*&974&@)*@P@*?(H&9,&(>-),RH4*34&97@C&()*&+4&

8:48(:4*&9,&*4(H&R@97&C9:4CC&()*&@9C&>,)C4Z?4)>4C&5:,D&974&P4:A&+43@))@)3&,5&974&D@CC@,)S&

=44-&D4*@>(H&74H8&@5&974:4&(:4&()A&+H,,*&*@(::74(H&C9,,HC&,:&(>>,D8()A@)3&54P4:&()*&

P,D@9@)3;&#@(::7,4(&97(9&H(C9C&5,:&D,:4&97()&97:44&*(AC&(HC,&:4Z?@:4C&D4*@>(H&(994)9@,);&

N74)&974:4&@C&),&D4*@>(H&74H8&(P(@H(+H4&()*&974:4&@C&+H,,*&@)&974&C9,,HS&(&5@P4J*(A&>,?:C4&

,5&%,9:@D,T(U,H4&D(A&+4&9(-4);&F49:,)@*(U,H4&VLH(3AHW&@C&(HC,&(&?C45?H&*:?3&9,&+4&9(-4)&

,P4:&5@P4&9,&C4P4)&*(AC&9,&9:4(9&8,CC@+H4&8(:(C@9@>&@)54>9@,);&#,&),9&>,)C?D4&(H>,7,H&

R74)&,)&()9@+@,9@>C&(C&974A&D(A&>(?C4&>,D8H@>(9@,)C&()*d,:&:4(>9@,)C;&

Page 215: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0O&,5&.6& %7(894:&'&

97?C&8:4P4)9@)3&974&C9:4CC&:4(>9@,)&5:,D&4C>(H(9@)3&@)9,&(&8:,+H4D&5,:&974&@)*@P@*?(H&()*&974&

94(D;&

&

<74:4&(:4&9R,&9A84C&,5&C9:4CC&,)4&C7,?H*&+4&(R(:4&,5&R74)&R,:-@)3&@)&*@C(C94:C`&

&

• =5/5:)$#@%'+$.%++`&=9:4CC&97(9&@C&+?@H9&?8&,P4:&9@D4&+A&974&),:D(H&>,)*@9@,)C&,5&(&

*@C(C94:&D@CC@,)&()*S&@5&),9&7()*H4*S&>()&3:(*?(HHA&H4(*&974&@)*@P@*?(H&9,&84:5,:D&H4CC&

4554>9@P4HA;&=,D4&5,:D&,5&C9:4CC&,)&D@CC@,)C&@C&@)4P@9(+H4&()*&5(@H?:4&9,&(**:4CC&

>?D?H(9@P4&C9:4CC&D(A&H4(*&9,&+?:)J,?9;&

• =.#$#4):'#"4#&%"$'+$.%++H!=9:4CC&>(?C4*&+A&4T84:@4)>@)3&,)4&,:&D,:4&9:(?D(9@>&

@)>@*4)9C;&<7@C&9A84&,5&C9:4CC&D(A&H4(*&9,&D4)9(H&()*&87AC@>(H&74(H97&8:,+H4DC&97(9&

>()c9&+4&*4(H9&R@97&(9&5@4H*&H4P4H;&

&

"#J#0!,6@6E;28Z:!$23:<<!

!

<7@C&9A84&,5&C9:4CC&*4P4H,8C&@)&974&>,D8H@>(94*S&?))(9?:(H&()*&,594)&4T7(?C9@)3&C@9?(9@,)C&,5&

(&D@CC@,);&Q9&@C&@D8,:9()9&9,&-),R&@9C&>(?C4CS&:4>,3)@U4&@9C&C@3)C&()*&(88HA&>,8@)3&C9:(943@4C&

@)&,:*4:&9,&(P,@*&D,:4&C4:@,?C&74(H97&@D8H@>(9@,)C&(CC,>@(94*&R@97&C9:4CC;&&

&

R4<<8GE:!7;6<:<!4Y!76@6E;28Z:!<23:<<&

<74&5,HH,R@)3&(:4&8,94)9@(H&>(?C4C&,5&>?D?H(9@P4&C9:4CC`&

&

• 8:,+H4DC&(CC,>@(94*&R@97&D449@)3&+(C@>&)44*C&V4;3;S&7,?C@)3&*@C>,D5,:9CS&H(>-&,5&

8:@P(>AS&(&H(>-&,5&5,,*&Z?(H@9A&,:&P(:@49AS&R(94:&C7,:9(34CW&

• 9:(P4H&*4H(AC&

• H(>-&,5&C(549A&()*&C4>?:@9Ad74(H97&7(U(:*C&

• @DD,+@H@9AS&@)(>9@P@9AS&H(>-&,5&4T4:>@C4&

• 8:,+H4DC&(9&7,D4&,:&D@CC@)3&5(D@HA&()*&5:@4)*C&

• R@9)4CC@)3&P@,H4)>4d9:(34*Ad9:(?D(&

• @)(+@H@9A&9,&D(-4&(&*@554:4)>4d),&8:,3:4CCd(8(97A&(D,)3C9&:4C8,)*4:C&,:&C?:P@P,:C&

• ),@CAd>7(,9@>&4)P@:,)D4)9&

• D(H5?)>9@,)@)3&4Z?@8D4)9&

• @)C?55@>@4)9&:4C9d:4H(T(9@,)&84:@,*C&

• ?)>H4(:d>,)C9()9HA&C7@59@)3&9(C-CS&?):4(H@C9@>&4T84>9(9@,)C&VC4H5&,:&,974:CW&

• D4*@(&(994)9@,)&

• ),)J:4>,3)@9@,)&,5&R,:-d7,C9@H@9A&9,&455,:9C&

• 8:4CC?:4&9,&(>7@4P4&

• ?)C?88,:9@P4&,:&*@55@>?H9&>,HH4(3?4CS&C?84:@,:C&

• ()T@49A&(+,?9&D@CC@,)S&(>>,D8H@C7D4)9CS&:4C8,)C@+@H@9@4CS&C-@HHC&

• H(>-&,5&:4C,?:>4CS&H@D@94*&>,)9:,H&,5&C@9?(9@,)&

Page 216: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&06&,5&.6& %7(894:&'&

• >?H9?:(HdH()3?(34&*@554:4)>4&

• F?:87AcC&e(R&VX$)A97@)3&97(9&>()&3,&R:,)3S&R@HH&3,&R:,)3YW&

&

/1587;243<!4Y!76@6E;28Z:!<23:<<!!

Q9&@C&@D8,:9()9&9,&-),RS&()*&974:4+A&+4&(+H4&9,&:4>,3)@U4S&@)*@>(9,:C&,5&>?D?H(9@P4&C9:4CC&

97(9&D@379&,>>?:;&Q9&@C&),9&,)HA&P@9(H&9,&:4>,3)@U4&974D&R@97@)&A,?:C4H5S&+?9&(HC,&@)&A,?:&

>,HH4(3?4C;&&

&

<74&@)*@>(9,:C&D(A&@)>H?*4&C,D4&,5&974&5,HH,R@)3`&

&

• @)(+@H@9A&9,&D(-4&*4>@C@,)C&()*&C44D@)3HA&8(:(HAU4*&+A&>7,@>4&

• )(::,R@)3&,5&(994)9@,)d@D8(@:4*&[?*3D4)9dH,CC&,5&84:C84>9@P4&&

• *@C,:@4)9(9@,)S&5,:3495?H)4CC&

• @D8(9@4)>4&,:&P4:+(H&(33:4CC@,)d,P4:HAJ>:@9@>(H&

• ()34:d:(34&

• @)(88:,8:@(94S&8?:8,C4H4CCS&,:&4P4)&*4C9:?>9@P4&+47(P@,?:&

• ,P4:J(>9@P@9A&

• CH448&*@C,:*4:C&&

• C?C>489@+@H@9A&9,&P@:?C4Cd8CA>7,C,D(9@>&>,D8H(@)9C&

• 7A84:J4D,9@,)C&V4;3;S&3:@45S&4H(9@,)S&R@*4&D,,*&CR@)3CW&

• 87AC@>(H&94)C@,)S&74(*(>74C&

• C?+C9()>4&(+?C4&

• 4(9@)3&*@C,:*4:C&V4;3;S&H(>-&,5&(8849@94S&4(9@)3&9,,&D?>7W&

• H(>-&,5&4)4:3AS&@)94:4C9S&4)97?C@(CD&

• R@97*:(R(Hd*48:4CC@,)dH,CC&,5&C4)C4&,5&7?D,?:&

• @)(+@H@9A&9,&84:5,:D&

• Z?4C9@,)@)3&+(C@>&+4H@45CdP(H?4Cd>A)@>@CD&

&

,4F81?![82N!76@6E;28Z:!<23:<<!

bT84:@4)>4&7(C&C7,R)&97(9&-),RH4*34&V4C84>@(HHA&97:,?37&9:(@)@)3W&(+,?9&>?D?H(9@P4&C9:4CCS&

(R(:4)4CC&,5&974&4(:HA&,)C49&@)*@>(9,:C&()*&8:,D89&(>9@,)&9,&4C9(+H@C7&>,8@)3&CAC94DC&7(C&

7(*&(&8,C@9@P4&4554>9&,)&:4*?>@)3&>?D?H(9@P4&C9:4CC&()*&(P,@*@)3&+?:),?9;&Q9&@C&),:D(H&9,&

4T84:@4)>4&>?D?H(9@P4&C9:4CC&*?:@)3&(&*@C(C94:&,84:(9@,)&()*&D,C9&:4(>9@,)C&9,&C9:4CC&(:4&

>,)C@*4:4*&),:D(H&+47(P@,?:C;&%?D?H(9@P4&C9:4CC&D(A&+4&@*4)9@5@4*&()*&D()(34*;&&

&

L,HH,R@)3&(:4&C,D4&R(AC&9,&D@)@D@U4&>?D?H(9@P4&C9:4CC&*?:@)3&(&*@C(C94:&,84:(9@,)`&

&

• g),R&A,?:&H@D@9(9@,)CS&D()(34&A,?:&4T84>9(9@,)C&()*&(>>489&974&C@9?(9@,);&

• _49&:4C9S&:4H(T(9@,)S&CH448&()*&4T4:>@C4;&

• b(9&:43?H(:HA;&

Page 217: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&./&,5&.6& %7(894:&'&

• %7()34&9(C-C&()*&:,H4C;&

• Q*4)9@5A&()*&(>9&,)&974&C,?:>4&,5&C9:4CC;&

• <(-4&9@D4&,55;&

• %:4(94&84:C,)(H&C4D@J8:@P(94&C8(>4;&

• %,)9:,H&C?+C9()>4&?C4;&

• <(H-dH(?37d>:A&R@97&A,?:&>,HH4(3?4C;&

• 2:(>9@>4&8:(A4:S&D4*@9(9@,)&,:&8:,3:4CC@P4&:4H(T(9@,);&

• 2(D84:&A,?:C4H5&^&C7,8S&:4(*S&C@)3S&*()>4S&R:@94S&H@C94)&9,&,:&8H(A&D?C@>S&R,:-&,)&(&

7,++AS&9(-4&(&C(?)(S&>,,-&(&D4(HS&49>;&

• 2(:9@>@8(94&@)&C,>@(H&(>9@P@9@4C&?):4H(94*&9,&974&D@CC@,);&&&

&

"#J#9!,38287;E!/1785:12!$23:<<!

!

%:@9@>(H&@)>@*4)9&C9:4CC&@C&>(?C4*&+A&C?**4)&9:(?D(9@>&@)>@*4)9C&,?9C@*4&974&:()34&,5&),:D(H&

4T84:@4)>4C;&<74C4&D@379&@)>H?*4`&

&

• N@9)4CC@)3&>(C?(H9@4C&()*&*4C9:?>9@,);&

• =4:@,?C&@)[?:A&9,&C4H5&,:&@)[?:Ad*4(97&,5&(&:4H(9@P4S&>,JR,:-4:&,:&5:@4)*;&

• bT84:@4)>@)3&4P4)9C&97(9&(:4&H@54&97:4(94)@)3;&

• bT84:@4)>@)3&4P4)9C&97(9&>(?C4&4T9:4D4&87AC@>(H&,:&4D,9@,)(H&H,CC;&&

&

/1587;243<!4Y!738287;E!81785:12!<23:<<!

Q)*@>(9,:C&,5&>:@9@>(H&@)>@*4)9&C9:4CC&D(A&+4&C48(:(94*&@)9,&@DD4*@(94&()*&*4H(A4*&:4(>9@,)C;&&

&

<74&5,HH,R@)3&H@C9&@C&),9&>,)>H?C@P4S&+?9&8:4C4)9C&C,D4&,5&974&D,C9&>,DD,)&CAD89,DC`&

&

QDD4*@(94`&

&

#4H(A4*`&

• )(?C4(S&CR4(9@)3d>7@HHC&

• *@UU@)4CC&

• 7A84:P4)9@H(9@,)&

• >,)5?C@,)&

• *4>@C@,)JD(-@)3d8:,+H4DJC,HP@)3&

*@55@>?H9A&

• D4D,:A&H,CC&

• 54(:d()T@49Ad()34:&

• @::@9(+@H@9Ad3?@H9d3:@45d7,84H4CC)4CC&

• H(>-&,5&84:>489@,)&

• @::(9@,)(H&(>9@P@9@4C&

• 5(9@3?4&

• [?D8@)4CC&

• C?+C9()>4&(+?C4&

• CH448&*@C,:*4:C&

• *4>:4(C4*&(994)9@,)&

• *@55@>?H9A&>,)>4)9:(9@)3&

• D4D,:A&8:,+H4DC&

• 5H(C7+(>-C&

• *48:4CC@,)dR@97*:(R(H&

• :4C4)9D4)9d)?D+)4CC&

&

! !

Page 218: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.0&,5&.6& %7(894:&'&

,4F81?![82N!738287;E!81785:12!<23:<<!

G84:(9@,)(H&*4+:@45@)3C&97(9&@)P,HP4&>H(:@5A@)3&4P4)9C&()*&8:,P@*@)3&4*?>(9@,)&(+,?9&),:D(H&

:4C8,)C4C&()*&>,8@)3&D4>7()@CDC&(:4&(HD,C9&(HR(AC&74H85?H;&#4+:@45@)3C&5,HH,R@)3&>:@9@>(H&

@)>@*4)9C&VC,D49@D4C&>(HH4*&*45?C@)3W&C7,?H*&@*4(HHA&+4&>(::@4*&,?9&+A&9:(@)4*&8:,54CC@,)(HC&

R@97&()&?)*4:C9()*@)3&,5&974&C@9?(9@,)d4)P@:,)D4)9d4P4)9&R@97&974&8,94)9@(H&9,&>(?C4&

C9:4CC&:4(>9@,)C;&$&*4+:@45@)3&D(A&+4&)44*4*&4P4)&R74)&974:4&(:4&),&,+P@,?C&C9:4CC&

:4(>9@,)C&8:4C4)9S&(C&C9:4CC&:4(>9@,)C&D@379&+4&*4H(A4*&,:&4P4)&C?88:4CC4*;&&

&

bT84:@4)>4&C7,RC&97(9&(&C9:?>9?:4*&3:,?8&D449@)3&C9(:94*&R@97@)&974&5@:C9&.EJEO&7,?:C&(594:&

974&4P4)9&74H8C&94(D&D4D+4:C&>,84;&<7@C&8:,>4CC&C7,?H*&+4&@)@9@(94*&+A&974&<4(D&e4(*4:&

R@97&974&94(D&D4D+4:C&R7,&R4:4&@)P,HP4*&R@97&974&@)>@*4)9VCW;&<74&5,HH,R@)3&(:4&7,84*&

5,:&,?9>,D4C&,5&(&*45?C@)3`&

&

• %H(:@5A&84:>489@,)CdD@C>,)>489@,)Cd>,)C4Z?4)>4C;&

• B4>,3)@U4&()*&(>>489&544H@)3C&()*&:4(>9@,)C;&

• B4*?>4&CAD89,DC&()*&H,)3J94:D&84:C,)(H&>,)C4Z?4)>4C;&

• L(>@H@9(94&D,?:)@)3&()*&3:@45;&

• =9:4)3974)&()*&*4484)&H4(:)@)3&5:,D&974&4P4)9;&

• '4H8&4(>7&,974:&()*&@D8:,P4&>,DD?)@>(9@,);&

• %,)C,H@*(94&94(D&>,74C@,);&

• QD8:,P4&>(8(>@9A&9,&:49?:)&9,&(>9@,);&

• Q*4)9@5A&94(D&D4D+4:C&(9J:@C-&()*&:454:&5,:&5?:974:&>,)C?H9(9@,);&&

&

%:@9@>(H&Q)>@*4)9&=9:4CC&#4+:@45@)3&@C&(&C9:?>9?:4*&D497,*&*4P4H,84*&5,:&:4C8,)*4:C&9,&

:4P@4R&(&C9:4CC5?H&4T84:@4)>4;&Q9&C7,?H*&+4&8(:9&,5&()&,P4:(HH&%:@9@>(H&Q)>@*4)9&=9:4CC&

F()(34D4)9&CAC94D;&Q9&@C&*4C@3)4*&9,&+4&>,)*?>94*&@)&(&3:,?8&5,:D(9;&Q9&@C&),9&(&5,:D&,5&

974:(8A;&<74:4&@C&H@99H4&:4C4(:>7&4P@*4)>4&97(9&*4+:@45@)3&8:4P4)9C&8CA>7,8(97,H,3A;&$&

84:C,)&@*4)9@5@4*&9,&7(P4&2,C9J<:(?D(9@>&=9:4CC&#@C,:*4:&V2<=#W&C7,?H*&+4&:454::4*&9,&

8:,54CC@,)(H&D4)9(H&74(H97&84:C,))4H;&

&

<74&5,HH,R@)3&8,@)9C&(:4&@)94)*4*&9,&8:,P@*4&3?@*()>4&@)&,:3()@U@)3&(&%:@9@>(H&Q)>@*4)9&=9:4CC&

#4+:@45@)3`&

&

• %7,,C4&()&@)5,:D(H&()*&8:@P(94&C499@)3;&

• ",94&97(9&(994)*()>4&@C&),9&D()*(9,:AS&+?9&97(9&@9&@C&74H85?H&@5&(HH&8(:9@>@8(94;&

• ",&,)4&C7,?H*&+4&5,:>4*&9,&9(H-;&

• <74&H4(*4:&8:,P@*4C&(&:,(*&D(8;&

• =7(:4&R7,S&R7(9S&R74:4;&

• =7(:4&84:>489@,)C&()*&:4(>9@,)C;&

• #,)c9&H,,-&5,:&4::,:C&J&4T8H(@)&5(>9C;&

• Q*4)9@5A&C9:4CC,:Cd9:@334:C;&

Page 219: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&..&,5&.6& %7(894:&'&

• bT8H(@)&97(9&D,C9&:4(>9@,)C&(:4&),:D(H&()*&,-;&

• e@C94)S&H@C94)S&H@C94)&^&*,)c9&[?*34;&&

"#L!>:587;E!'@:3?:178:<!;15!&83<2!%85!

<7@C&C4>9@,)&>,)9(@)C&P4:A&+(C@>&@)5,:D(9@,)&,)&D4*@>(H&4D4:34)>@4C&()*&5@:C9&(@*;&F,C9&5@4H*&

D4*@>(H&C@9?(9@,)C&A,?&4)>,?)94:&(:4&),9&@DD4*@(94HA&H@54&97:4(94)@)3;&<74&54R&97(9&(:4&>()&

34)4:(HHA&+4&(**:4CC4*&+A&()A,)4&R@97&+(C@>&5@:C9&(@*&C-@HHC&()*&(&:(9@,)(H&(88:,(>7&97(9&

@)>H?*4C&(&>(HD&()*&97,?3795?H&D())4:;&2()@>&R@HH&>(?C4&,:&>,)9:@+?94&9,&(&XC7,>-Y&:4C8,)C4&

@)&974&8(9@4)9&()*&D(A&>(?C4&,974:C&9,&(>9&@::(9@,)(HHA&(C&R4HH;&N74)&>,)5:,)94*&+A&(&

D4*@>(H&4D4:34)>AS&A,?:&5@:C9&C948&@C&9,&*494:D@)4&R74974:&,:&),9&A,?&>()&C(54HA&()*&

4554>9@P4HA&:4)*4:&(CC@C9()>4;&#,&),9&D,P4&974&8(9@4)9&?)H4CC&A,?&7(P4&9,&^&4@974:&5,:&A,?:&

C(549A&,:&97(9&,5&974&8(9@4)9;&G)>4&A,?&7(P4&*494:D@)4*&97(9&A,?&(:4&),9&4)*()34:@)3&

A,?:C4H5&()*&97(9&974&8(9@4)9&@C&@)&(&:4H(9@P4HA&C(54&8,C@9@,)S&349&74H8&@5&A,?&(:4&(+H4&9,&*,&C,;&

(N:!81828;E!%T,<!4Y!@:587;E!:@:3?:178:<\Y83<2!;85!

<74&+(C@>&C948C&@)&(CC4CC@)3&A,?:&8(9@4)9&()*&@)@9@(9@)3&9:4(9D4)9&(:4&(C&5,HH,RC`&

• $@:R(AC&^&G84)&()*&D(@)9(@)&()&(*4Z?(94&(@:R(A;&

• a:4(97@)3&^&%74>-&5,:&+:4(97@)3&+A&H@C94)@)3&(9&974&D,?97&()*&R(9>7@)3&974&:@C4&,5&

974&>74C9;&

• %@:>?H(9@,)&^&%74>-&5,:&>@:>?H(9@,)&+A&544H@)3&5,:&(&8?HC4&(9&974&R:@C9S&()-H4&,:&97:,(9;&

,N4B81?!;15!7;3584F6E@41;3=!3:<6<782;2841!U,R.V!

<74&8(9@4)9&R@HH&+4&?)(+H4&9,&C84(-&,:&+:4(974&4554>9@P4HA&@5&974@:&(@:R(A&@C&,+C9:?>94*;&Q5&

974A&(:4&>,?37@)3&,:&3(C8@)3&C9:,)3HA&5,:&(@:S&H4(P4&974D&(H,)4;&Q5&974A&(:4&?)(+H4&9,&C84(-S&

9:A@)3&9,&>H4(:&974@:&97:,(9&,:&>,?37@)3&R4(-HAS&C9(A&R@97&974D&()*&>(:45?HHA&D,)@9,:&974@:&

+:4(97@)3;&Q5&974&8(9@4)9&@C&?)(+H4&9,&C84(-&()*&8?9C&974@:&7()*C&(:,?)*&974@:&97:,(9S&(>9&

8:,D89HAh&97@C&@C&974&?)@P4:C(H&C@3)&5,:&>7,-@)3;&&

%H4(:@)3&974&(@:R(A&@C&4(C@4C9&@5&974&8(9@4)9&@C&C9()*@)3;&=948&+47@)*&974DS&D(-4&(&5@C9&R@97&

,)4&7()*&()*&8H(>4&@9&,P4:&974&(+*,D4)S&97?D+&C@*4&9,R(:*C&974&8(9@4)9S&+49R44)&974@:&

<74:4&D(A&+4&(&:@C-&9,&974&5@:C9&(@*&:4C8,)*4:&5:,D&974&+,*@HA&5H?@*C&,5&974&8(9@4)9;&<74C4&

@)>H?*4&+H,,*S&D?>?CS&?:@)4&()*&,974:&C4>:49@,)C;&l,?&C7,?H*&9(-4&C948CS&-),R)&(C&

XC9()*(:*&8:4>(?9@,)CYS&)4>4CC(:A&9,&8:,94>9&A,?:C4H5&+45,:4&(994D89@)3&9,&9:4(9&974&

8(9@4)9;&!C4&C?:3@>(H&3H,P4C&@5&A,?&7(P4&974D;&$HC,S&@9&@C&C9:,)3HA&(*P@C4*&97(9&A,?&?C4&(&

>(:*@,8?HD,)(:A&:4C?C>@9(9@,)&V%2BW&+(::@4:&*4P@>4&@5&3@P@)3&D,?97&9,&D,?97;&N74:4&

8:(>9@>(H&(&D(C-S&3,R)&,:&,974:&+(::@4:&D(A&+4&@)*@>(94*;&F,:4&@)5,:D(9@,)&,)&C9()*(:*&

8:4>(?9@,)C&@C&(P(@H(+H4&,)&974&N,:H*&'4(H97&G:3()@U(9@,)&VN'GW&R4+C@94;&&

Page 220: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.1&,5&.6& %7(894:&'&

)(P4H&()*&974&+,99,D&,5&974@:&:@+&>(34;&N@97&A,?:&,974:&7()*S&3:(C8&A,?:&R:@C9;&N@97&(&C7(:8&

@)R(:*&()*&?8R(:*&97:?C9S&>,D8:4CC&974&(+*,D4);&B484(9&?)9@H&974&(@:R(A&@C&>H4(:;&&

&

Q5&974&84:C,)&7(C&8(CC4*&,?9S&@C&9,,&+@3&5,:&A,?&9,&:4(>7&(:,?)*&,:&>()),9&+4&C9,,*&?8S&H(A&

974D&5H(9&,)&974@:&+(>-S&9?:)&974@:&74(*&9,&,)4&C@*4&()*&?C4&()&(+*,D@)(H&97:?C9&R@97&+,97&

7()*C;&Q)&(&5?HHA&?)>,)C>@,?C&84:C,)&A,?&>()&>H4(:&974&(@:R(A&+A&?C@)3&(&X5@)34:&CR448Y&

:4(>7@)3&@)9,&974&+(>-&,5&974&97:,(9&9,&:4D,P4&(&P@C@+H4&,+[4>9S&+4@)3&>(:45?H&),9&9,&8?C7&974&

,+[4>9&@)&5?:974:;&Q5&974&8(9@4)9&@C&),9&?)>,)C>@,?CS&+4&>(:45?H&),9&9,&349&+@994);&&

&

%,)9@)?4&9,&D,)@9,:&974&$a%C&()*&9:4(9&5,:&C7,>-S&@5&@)*@>(94*;&

&

Q5&A,?&(:4&(+H4&9,&>H4(:&974&+H,>-(34S&+?9&974&8(9@4)9&7(C&),9&:4C?D4*&+:4(97@)3S&84:5,:D&

D,?97J9,JD,?97&:4C?C>@9(9@,)S&8(:9&,5&>(:*@,8?HD,)(:A&:4C?C>@9(9@,)&V%2BW;&

&

0; 2,C@9@,)&974&8(9@4)9&J&e(A&974&8(9@4)9&,)&974@:&+(>-;&g)44H&()*&8,C@9@,)&A,?:C4H5&(9&(&

:@379&()3H4&9,&974&8(9@4)9cC&+,*AS&R@97&A,?:&-)44C&84:84)*@>?H(:&9,&974&8(9@4)9cC&)4>-&

()*&C7,?H*4:C;&

.; '4(*&9@H9d>7@)&H@59&J&2,C@9@,)&A,?:&8(HD&,)&974&84:C,)cC&5,:474(*&()*&34)9HA&8?C7&

+(>-R(:*S&8H(>@)3&974&C4>,)*&()*&97@:*&5@)34:C&,5&A,?:&,974:&7()*&(H,)3&974&C@*4&,5&

974@:&[(RS&9@H9@)3&974&74(*&()*&H@59@)3&974&>7@)&5,:R(:*&9,&,84)&974&(@:R(A;&

1; F,*@5@4*&[(R&97:?C9&J&Q5&A,?&C?C84>9&(&)4>-&@)[?:AS&(&D,*@5@4*&[(R&97:?C9&VR@97,?9&974&

74(*&9@H9W&D(A&+4&?C4*;&<7@C&@C&*,)4&+A&8H(>@)3&A,?:&7()*C&,)&4(>7&C@*4&,5&974&

8(9@4)9cC&5(>4S&A,?:&97?D+C&,)&974&>744-+,)4C&V+?9&),9&8?C7@)3W&()*&8?HH@)3&974&[(R&

5,:R(:*&R@97&A,?:&@)*4T&5@)34:C;&$3(@)&4T(D@)4&974&D,?97&5,:&5,:4@3)&,+[4>9C;&Q5&A,?&

5@)*&()AS&?C4&974&5@)34:&CR448&9,&>H4(:&974D;&

E; %74>-&5,:&+:4(97@)3&(3(@)&J&2?9&A,?:&4(:&*@:4>9HA&,P4:&974&8(9@4)9cC&D,?97&9,&H@C94)&

()*&544H&5,:&(@:&+4@)3&4T7(H4*;&e,,-&(9&974&8(9@4)9cC&>74C9&9,&C44&@5&@9&@C&:@C@)3&,:&

5(HH@)3;&

M; F,?97J9,JD,?97&:4C?C>@9(9@,)&J&2,C@9@,)&A,?:C4H5&(9&(&:@379&()3H4&9,&974&8(9@4)9cC&

C7,?H*4:;&!C4&974&74(*&9@H9d>7@)&H@59&D(),4?P:4&()*&8@)>7&974&8(9@4)9cC&),C4&>H,C4*&

?C@)3&A,?:&97?D+&()*&5,:45@)34:;&G84)&A,?:&D,?97&R@*4&()*&8H(>4&@9&9@379HA&,P4:&974&

8(9@4)9cC&D,?97;&bT7(H4&@)9,&974&8(9@4)9&[?C9&4),?37&9,&C44&974&>74C9&:@C4;&<(-4&

(),974:&+:4(97&()*&:484(9;&%74>-&9,&C44&@5&974&8(9@4)9cC&>74C9&@C&:@C@)3&R74)&A,?&

4T7(H4;&Q5&974&C9,D(>7&+?H34C&974&(@:&@C&3,@)3&@)9,&974&C9,D(>7&()*&),9&974&H?)3C;&<74&

(@:R(A&D(A&C9@HH&+4&+H,>-4*;&%74>-&974&(@:R(A&(3(@);&

I; %74>-&5,:&(&8?HC4&J&$594:&A,?&7(P4&*4H@P4:4*&A,?:&9R,&+:4(97C&@)9,&974&8(9@4)9S&>74>-&

5,:&(&8?HC4&?C@)3&9R,&5@)34:C&[?C9&9,&974&C@*4&,5&974&97:,(9;&Q5&974&8(9@4)9&7(C&(&8?HC4S&

+?9&@C&),9&+:4(97@)3S&>,)9@)?4&D,?97J9,JD,?97&:4C?C>@9(9@,)S&?C@)3&974&C(D4&

94>7)@Z?4&,5&+@3&+:4(97C&4P4:A&5@P4&C4>,)*C&V0.&9@D4C&84:&D@)?94W;&B4D,P4&A,?:&

D,?97&+49R44)&+:4(97C;&%,)9@)?4&9,&>74>-&5,:&C@3)C&,5&+:4(97@)3&()*&R(9>7&5,:&

>74C9&D,P4D4)9;&Q5&974&8(9@4)9cC&+:4(97@)3&@C&R4(-S&A,?&D(A&7(P4&9,&>,)9@)?4&

Page 221: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.E&,5&.6& %7(894:&'&

D,?97J9,JD,?97S&5,HH,R@)3&974&8(9@4)9cC&+:4(97@)3&8(994:)S&4)C?:@)3&(&+:4(97&(9&

H4(C9&4P4:A&5@P4&C4>,)*C;&

K; B4C9,:4&>@:>?H(9@,)&J&Q5&A,?&(:4&?)(+H4&9,&5@)*&(&8?HC4&@)&974&8(9@4)9S&A,?&D?C9&+43@)&

74(:9&>,D8:4CC@,)C&9,&:4C9,:4&>@:>?H(9@,);&<74&>,D8:4CC@,)C&D?C9&+4&>,,:*@)(94*&

R@97&974&D,?97J9,JD,?97&:4C?C>@9(9@,);&g)44H&()*&8,C@9@,)&A,?:C4H5&(9&(&:@379&()3H4&

9,&974&8(9@4)9cC&>74C9;&L@)*&974&+(C4&,5&974&+:4(C9+,)4&(9&974&>4)9:4&,5&974&>74C9&

R74:4&974&:@+C&5,:D&(&f;&2,C@9@,)&974&744H&,5&,)4&7()*&,)&974&>74C9&@DD4*@(94HA&

(+,P4&974&fh&R@97&974&,974:&7()*S&3:(C8&974&5@:C9&7()*&5:,D&(+,P4S&@)94:9R@)@)3&974&

5@)34:C;&=7@59&A,?:&R4@379&5,:R(:*&()*&?8R(:*&C,&97(9&A,?:&C7,?H*4:C&(:4&,P4:&A,?:&

7()*Ch&C9:(@3794)&A,?:&(:DC&()*&H,>-&A,?:&4H+,RC;&=7@59&A,?:&R4@379&,)9,&A,?:&7()*C&

9,&*48:4CC&974&8(9@4)9cC&>74C9&V.;M&9,&M&>D&@)&()&(*?H9W;&%,?)9&(H,?*&(C&A,?&*,&@9S&

CH@379HA&5(C94:&97()&,)4&>,D8:4CC@,)&84:&C4>,)*&VO/J0//&+4(9C&84:&D@)?94W;&B484(9&

974&8(994:)&5,:&(&9,9(H&,5&1/&>74C9&>,D8:4CC@,)C;&

O; %,)9@)?4&+:4(97@)3&5,:&974&8(9@4)9&J&l,?&D?C9&>,)9@)?4&9,&3@P4&974&8(9@4)9&,TA34)&

97:,?37&D,?97J9,JD,?97&:4C?C>@9(9@,);&_@P4&9R,&+:4(97C;&B484(9&R@97&1/&)4R&>74C9&

>,D8:4CC@,)C;&&

6; $H94:)(94&8?D8@)3&()*&+:4(97@)3&J&2?D8&974&8(9@4)9cC&>74C9&1/&9@D4C&()*&974)&

+:4(974&5,:&974D&9R@>4;&%,?)9&(H,?*&9,&4C9(+H@C7&:7A97D;&%74>-&974&8?HC4&()*&

+:4(97@)3&(594:&5,?:&>A>H4C;&%,)9@)?4&?)9@H&74H8&(::@P4CS&@5&8,CC@+H4;&

0/; 24:5,:D@)3&%2B&,)&(&>7@H*&J&<74&8:,>4*?:4&@C&4CC4)9@(HHA&974&C(D4S&+?9&A,?&?C4&,)HA&

,)4&7()*&5,:&>74C9&>,D8:4CC@,)C&()*&8?D8&974&>7@H*cC&>74C9&5@P4&9@D4C;&l,?&974)&

+:4(974&5,:&974&>7@H*&,)>4S&D,:4&34)9HA&97()&A,?&+:4(974&5,:&()&(*?H9;&

00; <R,J84:C,)&%2B&J&G)4&84:C,)&8:,P@*4C&+:4(97@)3&(CC@C9()>4&R7@H4&974&,974:&8?D8C&

974&74(:9;&2?D8&974&74(:9&(9&(&:(94&,5&O/&9,&0//&+4(9C&84:&D@)?94;&$594:&4(>7&1/&

>,D8:4CC@,)CS&(&8(?C4&@)&8?D8@)3&@C&(HH,R4*&5,:&.&+:4(97C&9,&+4&3@P4)&+A&974&,974:&

84:C,);&

&

Q2N:3!:@:3?:17=!<826;2841<!

G)>4&A,?&-),R&97(9&A,?:&8(9@4)9cC&$a%C&(:4&,-S&A,?&D(A&D,P4&,)&9,&*494:D@)@)3&R7(9&

,974:&8:,+H4DC&974A&D(A&7(P4;&Q5&A,?&C(R&974&@)[?:A&,>>?:&()*&974&8(9@4)9&@C&>,)C>@,?C&()*&

(+H4&9,&>,DD?)@>(94&4554>9@P4HA&R@97&A,?S&97@C&C948&@C&5(@:HA&C@D8H4;&

&

Q5&(&H()3?(34&+(::@4:&4T@C9C&,:&974&8(9@4)9&@C&),9&>,)C>@,?CS&@9&+4>,D4C&D,:4&*@55@>?H9;&a4&

C4)C@9@P4&9,&>?H9?:(H&*@554:4)>4CS&4C84>@(HHA&R74)&A,?:&8(9@4)9&@C&,5&(),974:&>?H9?:4&,:&

34)*4:;&

&

$N47B!

<74&D,C9&>,DD,)HA&4)>,?)94:4*&5,:D&,5&C7,>-&@)&974&5@4H*&@C&9:(?D(9@>&C7,>-S&@)*?>4*&+A&

@)[?:A;&Q5&H459&?)9:4(94*S&@9&D(A&:4C?H9&@)&*4(97;&$HR(AC&D,)@9,:&5,:&C@3)C&,5&C7,>-&()*&

:,?9@)4HA&9:4(9&5,:&@9&@)&>(C4C&,5&C4P4:4&@)[?:A;&<74&8(9@4)9&D(A&+4&>,H*&()*&>H(DDAS&7(P4&

8(H4&C-@)S&(&:(8@*&R4(-&8?HC4S&:(8@*&C7(HH,R&+:4(97@)3&,:&(&>,D+@)(9@,)&,5&974C4&CAD89,DC;&

Page 222: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.M&,5&.6& %7(894:&'&

bT>489&@)&>(C4C&,5&74(*&@)[?:AS&7(P4&974&8(9@4)9&H@4&5H(9&,)&974@:&+(>-&()*&4H4P(94&974@:&H43C;&

%,P4:&974D&R@97&(&+H()-49&,:&,974:&974:D(H&>,P4:&()*&D,)@9,:&974@:&$a%C;&

&

TE::581?!

<74:4&(:4&C4P4:(H&R(AC&9,&>,)9:,H&974&+H44*@)3;&<74C4&C7,?H*&+4&(994D894*S&@)&974&5,HH,R@)3&

,:*4:`&

&

• !C@)3&C94:@H4&3(?U4S&(88HA&8:4CC?:4&*@:4>9HA&,P4:&974&R,?)*;&N74)&974&+H44*@)3&

C9,8CS&9(84&,:&,974:R@C4&C4>?:4&974&3(?U4&@)&8H(>4;&QDD4*@(94HA&:4D,P@)3&974&3(?U4&

D(A&>(?C4&974&+H44*@)3&9,&:4C9(:9;&

• Q5&A,?&7(P4&-),RH4*34&,5&974&(:94:@(H&8:4CC?:4&8,@)9CS&(88HA&8:4CC?:4&?C@)3&,)4&,:&

+,97&97?D+C&,P4:&974&(:94:A;&G)>4&97@C&7(C&>,)9:,HH4*&974&+H44*@)3S&(88HA&8:4CC?:4&

+()*(34C&9,&974&R,?)*&C@94;&

• Q5&974&R,?)*&@C&+H44*@)3&74(P@HA&V4;3;S&(&3?)C7,9JR,?)*WS&A,?&>,?H*&8?C7&C4P4:(H&

C94:@H4&3(?U4C&,:&8@4>4C&,5&+()*(34C&@)C@*4&974&R,?)*&?C@)3&(&5@)34:;&B4D4D+4:&974&

)?D+4:&,5&3(?U4C&A,?&8?9&@)C@*4&974&R,?)*&C,&974&C(D4&)?D+4:&>()&+4&C(54HA&

:4D,P4*&*?:@)3&H(94:&9:4(9D4)9&()*&),9&>(?C4&@)54>9@,)C;&

• Q5&A,?&(:4&?)(+H4&9,&>,)9:,H&974&+H44*@)3&@)&()A&,974:&R(A&()*&8:,54CC@,)(H&74H8&@C&

D()A&7,?:C&(R(AS&(88HA&(&9,?:)@Z?49&9,&974&(554>94*&4T9:4D@9A;&<74:4&@C&(&7@37&:@C-&

,5&H,C@)3&974&4T9:4D@9AS&8(:9@>?H(:HA&@5&8:,54CC@,)(H&(994)9@,)&@C&),9&@DD4*@(94HA&

(P(@H(+H4;&<7@C&@C&(&H(C9&:4C,:9;&

• aH44*@)3&5:,D&974&9,:C,&*,4C&),9&H4)*&@9C4H5&9,&>,)9:,H&+A&()A&D497,*&,974:&97()&

*@:4>9&8:4CC?:4&9,&974&R,?)*;&bH4P(9@,)&D(A&74H8&()*&@5&@>4&@C&(P(@H(+H4&@)&C?55@>@4)9&

Z?()9@9AS&@9&R@HH&(HC,&74H8;&

• aH44*@)3&5:,D&974&74(*&>()&?C?(HHA&+4&>,)9:,HH4*&+A&*@:4>9&8:4CC?:4S&4H4P(9@,)S&@>@)3S&

,:&(&>,D+@)(9@,)&,5&(HH&97:44;&#,&),9&(88HA&(&9,?:)@Z?49;&

&

T631<!

a?:)C&D(A&+4&97:44&+(C@>&9A84C`&>74D@>(HS&4H4>9:@>(HS&()*&974:D(H;&<74&9:4(9D4)9&5,:&4(>7&@C&

*@554:4)9S&+?9&@)&4P4:A&>(C4S&9:4(9D4)9&5,:&9:(?D(9@>&C7,>-&C7,?H*&+4&8(:9&,5&974&(88:,(>7;&

&

!"#$%&'()*+,-.))

<74C4&D(A&(:@C4&5:,D&@)(*P4:94)9&C8@HHC&R74)&7()*H@)3&>74D@>(HCS&>,D@)3&@)&>,)9(>9&R@97&

@D8:,84:HA&*@C8,C4*&,5&>74D@>(HC&()*&>74D@>(H&R(C94S&,:&5:,D&>74D@>(H&R(:5(:4&(34)9C;&Q)&

,:*4:&9,&*4>:4(C4&:@C-&,5&4T8,C?:4S&:4C8,)*4:C&C7,?H*&7(P4&(>>4CC&9,&@)5,:D(9@,)&,)&

@)*?C9:@(H&5(>@H@9@4C&@)&974&(:4(S&+4&,+C4:P()9&,5&974@:&C?::,?)*@)3C&V>,)9(@)4:CS&9()-CS&5?4H&

C9(9@,)CS&C9,:(34CW&()*&(CC,>@(94*&:@C-CS&-),R&974&H,>(9@,)&,5&)4(:+A&7,C8@9(HC&()*&

9:4(9D4)9&5(>@H@9@4CS&7(P4&(>>4CC&9,&84:C,)(H&8:,94>9@P4&4Z?@8D4)9&()*&),9&74C@9(94&9,&

:4Z?4C9&(*P@>4&5:,D&H,>(H&(?97,:@9@4C&,:&74(H97&C4:P@>4&8:,P@*4:C;&

&

Page 223: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.I&,5&.6& %7(894:&'&

#,&),9&(88:,(>7&*(D(34*&5(>@H@9@4C&,:&9,?>7&?)-),R)&>74D@>(HC&R@97,?9&974&(88:,8:@(94&

4T84:9@C4&()*&84:C,)(H&8:,94>9@P4&4Z?@8D4)9&V3H,P4CS&C?@9CS&+,,9CS&D(C-S&49>;W;&$HR(AC&

:4Z?4C9&(*P@>4&5:,D&5@:4&,:&74(H97&C4:P@>4C&,)&*@554:4)9&9A84C&,5&8:,94>9@P4&4Z?@8D4)9&()*&

7,R&9,&?C4&@9;&

&

Q5&4T8,C4*&9,&>74D@>(HCS&9(-4&974&5,HH,R@)3&C948C`&

&

• B4D,P4&>,)9(D@)(94*&>H,97@)3&()*&@C,H(94&+A&8H(>@)3&@)&(&>H,C(+H4&>,)9(@)4:&V4;3;S&(&

H(:34&8H(C9@>&+(3W;&$P,@*&8?HH@)3&>H,97@)3&,P4:&A,?:&74(*&^&>?9&974&>H,974C&,55&@5&

)4>4CC(:A;&&

• N(C7&A,?:C4H5&R@97&C,(8&V8:454:(+HA&H@Z?@*&C,(8W&()*&948@*&R(94:S&,:&R@97&R(94:&

(H,)4;&B@)C4&C-@)&R@97&>,8@,?C&(D,?)9C&,5&R(94:&5,:&(9&H4(C9&./&D@)?94C;&&

• B@)C4&4A4C&R@97&R(94:;&

• =44-&D4*@>(H&(994)9@,)&@5&)44*4*h&5,:&4T(D8H4S&@)&>(C4&,5&H(:34&+?:)CS&8,@C,)@)3&

CAD89,DC&V+4@)3&C@>-S&*:,RC@)4CCS&74(*(>74CS&54P4:S&C4@U?:4CW&,:&>,)9(>9&R@97&()&

?)-),R)&>74D@>(H;&

• Q)&>(C4&,5&@)34C9@,)S&*,&),9&@)*?>4&P,D@9@)3;&%(HH&(&8,@C,)&>4)9:4&()*d,:&C44-&

D4*@>(H&(CC@C9()>4;&

&

Q5&(&>74D@>(H&:4H4(C4&@C&C?C84>94*S&9(-4&974&5,HH,R@)3&C948C`&

&

• Q5&@)C@*4&(&+?@H*@)3&,:&(&>H,C4*&C8(>4`&5@)*&>H4()&(@:&Z?@>-HA&+A&4T@9@)3&974&+?@H*@)3&

R@97,?9&8(CC@)3&97:,?37&974&>,)9(D@)(94*&(:4(&,:&+A&+:4(-@)3&(&R@)*,R;&

• Q5&,?9*,,:C`&(P,@*&()A&,+P@,?C&8H?D4&,:&P(8,?:&>H,?*;&%,P4:&A,?:&D,?97&()*&),C4&

()*S&@5&8,CC@+H4S&()A&4T8,C4*&C-@)&V4;3;&:,HH&*,R)&CH44P4CS&+?99,)&?8&>,(9d[(>-49W;&

F,P4&(R(A&5:,D&974&C,?:>4&974&5(C94C9&R(A&8,CC@+H4S&8:454:(+HA&+A&D,P@)3&

>:,CCR@)*&,:&?8R@)*;&%,)9(>9&974&(?97,:@9@4C&()*&A,?:&94(D&@DD4*@(94HA&9,&:48,:9&

974&@)>@*4)9&()*&:4>4@P4&(**@9@,)(H&@)C9:?>9@,)C;&&

&

",94`&"?>H4(:&()*&:(*@,H,3@>(H&4D4:34)>@4C&:()34&5:,D&8,R4:&8H()9&(>>@*4)9C&9,&CD(HH&

@)>@*4)9C&R@97&:(*@,H,3@>(H&D(94:@(HC;&L,:&974C4S&,84:(9,:C&9,34974:&R@97&H,>(H&()*&)(9@,)(H&

(?97,:@9@4C&7(P4&974&8:@D(:A&:4C8,)C@+@H@9A&5,:&4D4:34)>A&:4C8,)C4;&2,CC@+H4&@)94:)(9@,)(H&

(CC@C9()>4&@)&974&>(C4&,5&C?>7&@)>@*4)9C&@C&>,,:*@)(94*&97:,?37&974&Q)94:)(9@,)(H&$9,D@>&

b)4:3A&$CC,>@(9@,)&VQ$b$W;&

&

/(#&0,%&'()*+,-.)

<74C4&?C?(HHA&C94D&5:,D&4H4>9:@>(H&C7,>-;&a45,:4&(88:,(>7@)3&974&8(9@4)9S&+4&>4:9(@)&97(9&),&

5?:974:&:@C-&,5&@)[?:A&@C&8:4C4)9;&Q5&A,?&-),R&974&8(9@4)9&@C&C9@HH&@)&>,)9(>9&R@97&974&4H4>9:@>(H&

C,?:>4&()*&A,?&-),R&@9&@C&H,R&P,H9(34S&A,?&D(A&D,P4&974&R@:4&,:&974&8(9@4)9&9,&(&C(54&

8,C@9@,)&R@97&(&*:A&8,H4&,:&:,84;&Q5&974&R@:4&@C&,5&?)-),R)&,:&7@37&P,H9(34S&349&8:,54CC@,)(H&

Page 224: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.K&,5&.6& %7(894:&'&

74H8&9,&C7?9&,55&974&8,R4:&,:&D,P4&974&R@:4;&$994D89@)3&9,&D,P4&R@:4C&A,?:C4H5&@C&

*()34:,?C&()*&C7,?H*&),9&+4&*,)4;&&

&

• $C&C,,)&(C&@9&@C&C(54&9,&*,&C,S&>74>-&974&8(9@4)9cC&$a%C&()*&>,)9@)?4&9,&D,)@9,:&974D&

^&8(9@4)9C&R@97&4H4>9:@>(H&+?:)C&,594)&C?554:&>(:*@(>&,:&:4C8@:(9,:A&(::4C9;&

• Q5&974:4&(:4&4P@*4)9&+?:)CS&>,P4:&974D&H,,C4HA&R@97&C94:@H4&*:4CC@)3C;&

• =44-&8:,54CC@,)(H&74H8&@)&9:4(9@)3&974&+?:)C;&#,&),9&(88HA&+?:)&>:4(DC&,:&,@)9D4)9C;&&

&

1"#,$'()*+,-.)

<74C4&:()34C&5:,D&D@H*&C?)+?:)&9,&974&C4P4:4&+?:)C&(CC,>@(94*&R@97&,84)&5H(D4CS&74(94*&

D49(H&()*&C>(H*@)3&R(94:;&<74:D(H&+?:)C&(:4&>(943,:@U4*&+A&*43:44;&$88:,8:@(94&9:4(9D4)9&

@C&-4A4*&9,&974&C4P4:@9A&,5&974&+?:);&

&

$6F:3Y878;E!UY83<2!5:?3::!

G631V!

R;328;E!2N87B1:<<!U<:7415!

5:?3::!G631V!

&6EE!2N87B1:<<!U2N835!5:?3::!

G631V!

&

=AD89,DC&(:4&D@),:&

CR4HH@)3&()*&:4*)4CC&,5&974&

(554>94*&(:4(;&&

&

$88HA&>,,H&:?))@)3&R(94:&,:&

R49&>,D8:4CC4C&(C&C,,)&(C&

8,CC@+H4S&>,)9@)?@)3&?)9@H&974&

8(@)&C?+C@*4C;&e4(P4&974&

+?:)4*&(:4(&4T8,C4*&()*&*,&

),9&(88HA&,@)9D4)9C&,:&

C(HP4C;&Q5&8(@)&:4>?:CS&:4(88HA&

>,,H&R(94:;&

&

&

=AD89,DC&(:4&*45@)@94&

:4*)4CC&,5&974&(554>94*&(:4(S&

CR4HH@)3&()*&+H@C94:@)3;&

&

<:4(9&(C&5,:&5@:C9&*43:44&

+?:)C&5,:&0M&9,&1/&D@)?94CS&

8:454:(+HA&?C@)3&C94:@H4&

R(94:;&%,P4:&R@97&(&*:AS&

C94:@H4&+()*(34&()*&4H4P(94&

974&+?:)4*&(:4(&()*&9:4(9&

974&8(9@4)9&5,:&9:(?D(9@>&

C7,>-;&&

&

=44-&8:,54CC@,)(H&74H8;&

&

<A8@>(HHAS&974C4&(:4&(:4(C&,5&

*4484:&+?:)@)3S&C?::,?)*4*&

+A&(:4(C&97(9&*@C8H(A&5@:C9&

()*&C4>,)*&*43:44&+?:)&

>7(:(>94:@C9@>C;&%7(::@)3&,:&

H4(974:A&(884(:()>4C&(:4&

(HC,&>,DD,);&&

&

%74>-&974&$a%C&()*&>,)9@)?4&

9,&D,)@9,:&974D;&<:4(9&5,:&

9:(?D(9@>&C7,>-&()*&>,P4:&

974&+?:)4*&(:4(&R@97&(&

C94:@H4S&),)J(*74C@P4&

*:4CC@)3;&bH4P(94&974&+?:)4*&

(:4(;&&

&

=44-&8:,54CC@,)(H&74H8&

@DD4*@(94HA;&

&

)

&3;7263:<!UG34B:1!G41:<V!

!C?(HHAS&974&8(9@4)9&R@HH&-),R&@5&974A&7(P4&+:,-4)&(&+,)4;&<74&CAD89,DC&(:4&+:?@C@)3&

(:,?)*&974&5:(>9?:4&C@94S&H,>(H@U4*&8(@)S&*45,:D@9A&()*&CR4HH@)3;&Q)&9:4(9@)3&(&5:(>9?:4S&974&

,+[4>9@P4&@C&@DD,+@H@U(9@,)&,5&974&4)*C&,5&974&+:,-4)&+,)4;&QDD,+@H@U4&()A&5:(>9?:4&+45,:4&

D,P@)3&974&8(9@4)9;&<7@C&@C&4C84>@(HHA&@D8,:9()9&@)&974&>(C4&,5&-),R)&,:&C?C84>94*&C8@)(H&

@)[?:A;&N74)&C8H@)9@)3&(&5:(>9?:4S&@DD,+@H@U4&974&(*[(>4)9&[,@)9C&(C&R4HH&(C&974&5:(>9?:4&C@94;&

$594:&C8H@)9@)3&@C&>,D8H494*&()*&,)&(&>,)9@)?@)3&+(C@C&?)9@H&8:,54CC@,)(HHA&9:4(94*S&>74>-&

>@:>?H(9@,)&@)&974&(554>94*&4T9:4D@9@4C;&Q)&974&>(C4&,5&()&,84)&5:(>9?:4&VR74)&974&+,)4&

Page 225: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.O&,5&.6& %7(894:&'&

+:4(-C&974&C?:5(>4&,5&974&C-@)WS&A,?&R@HH&D,C9&H@-4HA&)44*&9,&>,)9:,H&974&+H44*@)3&?C@)3&

8:4CC?:4&8,@)9C&@)C94(*&,5&(88HA@)3&*@:4>9&8:4CC?:4;&<:4(9&5,:&C7,>-&:,?9@)4HA&@)&5:(>9?:4C&,5&

D([,:&+,)4C&()*&,84)&5:(>9?:4CS&R7@H4&>,)9@)?@)3&9,&D,)@9,:&5,:&974&,)C49&,5&9:(?D(9@>&

C7,>-&CAD89,DC;&G84)&V>,D8,?)*W&5:(>9?:4C&:4Z?@:4&@DD4*@(94&D4*@>(H&(994)9@,);&&

&

&34<2G82:!

L:,C9+@994)&9@CC?4&R@HH&544H&>,H*&9,&A,?:&9,?>7S&()*&544HC&4@974:&)?D+&,:&8(@)5?H&9,&974&

8(9@4)9;&$)&4(:HA&C@3)&R@HH&+4&R7@94)@)3&,5&974&C-@)S&R7@>7&>,?H*&+4&9:4(94*&+A&7,H*@)3&(&

R(:D&8(:9&,5&974&+,*A&,)&974&>,H*&8(:9;&L,:&4T(D8H4S&>,H*&>744-J+,)4C&D(A&+4&R(:D4*&?8&

R@97&974&8(HD&,5&974&7()*;&Q)&4T9:4D4&>(C4CS&974&9@CC?4&R@HH&9?:)&R7@94&()*&7(:*4);&#,&),9&

(994D89&9,&97(R&5:,U4)&9@CC?4&?)9@H&A,?&>()&4)C?:4&@9&R@HH&),9&+4&@DD4*@(94HA&:45:,U4);&Q9&@C&

+4994:&9,&*4H(A&9:4(9D4)9&(&54R&7,?:C&97()&9,&:45:44U4&8:4P@,?CHA&5:,U4)&9@CC?4;&<,&9:4(9S&

34)9HA&R(:D&974&(554>94*&(:4(C&@)&(&74(94*&C8(>4S&?C@)3&H?-4R(:D&R(94:&R74:4&@9&@C&8,CC@+H4&

9,&@DD4:C4&974&(554>94*&(:4(;&_@P4&974&8(9@4)9&R(:D&5H?@*C&()*&+4&(H4:9&9,&C@3)C&,5&C7,>-;&

B4JR(:D@)3&97(9&@C&9,,&:(8@*&R@HH&>(?C4&>@:>?H(9,:A&8:,+H4DC&()*&8,CC@+HA&R,:C4)&974&9@CC?4&

*(D(34;&Q5&974&9@CC?4&+H@C94:CS&(P,@*&+:4(-@)3&974&+H@C94:C&()*&>,P4:&974&(554>94*&(:4(&R@97&(&

*:A&3(?U4&+()*(34;&2:4P4)9&@)[?:4*&5@)34:CS&9,4CS&49>;S&5:,D&:?++@)3&(3(@)C9&4(>7&,974:&+A&

8H(>@)3&3(?U4&8(*C&+49R44)&974D;&=44-&D4*@>(H&(994)9@,)&5,:&(HH&+?9&D@H*&>(C4CS&(C&974:4&@C&

:@C-&,5&C489@>(4D@(&()*&3()3:4)4&@)&D,:4&C4P4:4&>(C4C;&

&

":;2!:]N;6<2841!

<74&8(9@4)9&?C?(HHA&CR4(9C&8:,5?C4HAS&544HC&>H(DDA&9,&974&9,?>7S&D(A&>,D8H(@)&,5&(&

74(*(>74&,:&)(?C4(&()*&D(A&+4&*@C,:@4)94*&()*&544H&R4(-;&Q5&A,?&C?C84>9&74(9&4T7(?C9@,)&

+?9&974&8(9@4)9&@C&),9&CR4(9@)3S&C44&74(9&C9:,-4S&+4H,R;&_49&974&8(9@4)9&,?9&,5&974&*@:4>9&C?)&

()*&>,,H&974D&*,R)&+A&(88HA@)3&>,H*&>,D8:4CC4C&()*&5())@)3;&Q5&974A&(:4&>,)C>@,?CS&3@P4&

,:(H&:47A*:(9@)3&C,H?9@,)&()*&R(94:S&,:&8H(@)&R(94:;&Q5&:4>,P4:A&@C)c9&5(@:HA&@DD4*@(94&?8,)&

9:4(9D4)9S&C44-&D4*@>(H&(994)9@,);&&

&

":;2!<234B:!!

<74&8(9@4)9&R@HH&7(P4&7,9S&*:A&C-@)&()*&(&94D84:(9?:4&R4HH&(+,P4&),:D(H;&<7@C&C@9?(9@,)&@C&H@54&

97:4(94)@)3&()*&D?C9&+4&9:4(94*&@DD4*@(94HA&()*&(33:4CC@P4HA;&Q)&D,:4&(*P()>4*&>(C4CS&974&

8(9@4)9&R@HH&H,C4&>,)C>@,?C)4CC&()*&D(A&>,)P?HC4;&_49&974&8(9@4)9&,?9&,5&974&C?)&()*&@)9,&(&

>,,H&C8(>4;&B4D,P4&974@:&>H,97@)3&()*&@DD4:C4&974D&@)&>,H*&V),9&@>AW&R(94:&?)9@H&974&,)C49&

,5&C7@P4:@)3;&=44-&D4*@>(H&(994)9@,);&l,?&D?C9&@DD4*@(94HA&H,R4:&974&+,*A&94D84:(9?:4&,:&

974&8(9@4)9&D(A&*@4;&&

&

"=F42N:3@8;!

<74&8(9@4)9&R@HH&C7@P4:&@)&974&4(:HA&C9(34C&,5&7A8,974:D@(S&+?9&,)>4&974&+,*A&>,:4&

94D84:(9?:4&3,4C&+4H,R&(+,?9&1.m%&V6/mLWS&C7@P4:@)3&D(A&C9,8;&<74&8(9@4)9&R@HH&+4&

?)>,,:*@)(94*&()*&D(A&*4D,)C9:(94&D4)9(H&>,)5?C@,)S&CH?::4*&C844>7&()*&@::(9@,)(H&

+47(P@,?:;&F4:4HA&+:@)3@)3&974&8(9@4)9&@)9,&(&R(:D&C8(>4&R@HH&),9&:4P4:C4&C4P4:4&>(C4C;&

Page 226: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.6&,5&.6& %7(894:&'&

B4D,P4&()A&R49&,:&>,)C9:@>9@)3&>H,97@)3S&8H(>4&974&8(9@4)9&@)&(&8:4JR(:D4*&+4*&,:&CH448@)3&

+(3&()*&(**&R(94:&+,99H4C&,5&R(:D&V),9&7,9W&R(94:&(:,?)*&974&9,:C,;&Q5&R(:D&R(94:&@C&),9&

(P(@H(+H4S&?C4&,)4&,:&D,:4&R(:DS&*:A&84,8H4&@)&974&CH448@)3&+(3&,:&+4*&9,34974:&R@97&974&

8(9@4)9&9,&8:,P@*4&74(9;&

&

Q5&974&8(9@4)9&@C&C?55@>@4)9HA&>,)C>@,?C&9,&8:,94>9&974@:&(@:R(AS&3@P4&974D&R(:D&V1O&J&EMm%d0//&

J&00MmLW&5H?@*C&C?>7&(C&H4D,)(*4;&<7@C&8:,P@*4C&:4(*@HA&(+C,:+4*&5?4H&VC?3(:W&()*&(&D4()C&9,&

8:,P@*4&74(9&9,&974&+,*A&>,:4;&#,&),9&3@P4&>,5544S&94(S&,974:&C9@D?H()9C&,:&()A&5,:D&,5&

(H>,7,H;&<74&8(9@4)9&7(C&H,C9&974&(+@H@9A&9,&8:,*?>4&C?55@>@4)9&74(9&()*&74(9&D?C9&+4&

8:,P@*4*&4T94:)(HHA;&N7@H4&97@C&@C&(&X>,H*Y&@)[?:AS&@9&@C&D,C9&>,DD,)&(9&94D84:(9?:4C&(+,P4&

5:44U@)3&()*&@)&R49S&R@)*A&>,)*@9@,)C;&

&

B4D4D+4:`&<74&@)C9:?>9@,)C&(+,P4&(:4&),9&@)94)*4*&9,&+4&(&:48H(>4D4)9&5,:&5@:C9&(@*&

9:(@)@)3;&$HH&!"#$%&D4D+4:C&(:4&4)>,?:(34*&9,&,+9(@)&()*&D(@)9(@)&>4:9@5@>(9@,)&@)&5@:C9&

(@*&()*&%2B;&&

Page 227: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&06& %7(894:&;&&

!"#$%&'!'!()#!(#%(!*%+#,-!./0+#/(1#0+&&/!(#&+)!2($#

&

!"3#!456789:5;74#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3&

!"<#,=;>?5@#?48#0@66?;4#A74@B#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<&

!"C#$96D;D?=#;4#E7=?6#&@F;74B#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#C&

;<1<0&=:(>4?&()*&"(>@3(9@,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&1&

;<1<.&%?,97@)3&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&A&

;<1<1&B,,9C4(:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&D&

;<1<A&E74?94:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&D&

;<1<D&B@:4&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&F&

;<1<F&G(94:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&F&

;<1<H&'4(?97&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&F&

!"G#$96D;D?=#?5#H;FI#/=5;598@B#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#J&

;<A<0&I554J9K&,5&'@37&$?9@9L*4&,)&'LM()K&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&H&

;<A<.&EL:>@>@)3&@)&N,C&=4M84:(9L:4K&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&6&

!"K#$96D;D?=#;4#067L;:?=#&@F;74B#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3M&

;<D<0&=O84K&,5&=:,8@J(?&P43@,)K&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0/&

;<D<.&E74?94:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&00&

;<D<1&B,,*&()*&G(94:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&00&

;<D<A&;)K4J9KQ$)@M(?K&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&00&

;<D<D&=:(>4?&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0.&

;<D<F&"(>@3(9@,)&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&01&

;<D<H&'4(?97&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0A&

!"N#$96D;D?=#;4#1@B@65#&@F;74B#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3K&

;<F<0&#4K4:9&B4(9L:4K&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0D&

;<F<.&%?@M(94&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0D&

;<F<1&G(94:&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0F&

;<F<A&E74?94:&()*&B@:4&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0H&

;<F<D&%?,97@)3&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0H&

;<F<F&B,,*&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0R&

;<F<H&'4(?97&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0R&

;<F<R&#:@>@)3&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&0R&

&

!"3#!456789:5;74#

&

!"#$%&M@KK@,)K&J()&,JJL:&@)&(&>(:@49O&,5&J?@M(94K&()*&94::(@)K&(:,L)*&974&C,:?*<&G7@?4&

M()O&:4K8,)K4K&,JJL:&@)&L:+()@S4*&94M84:(94&(:4(K&97(9&34)4:(??O&*,)T9&:4UL@:4&K84J@(?&

K(549O&,:&KL:>@>(?&-),C?4*34&+4O,)*&97(9&@)J?L*4*&@)&,974:&8(:9K&,5&97@K&7()*+,,-V&!"#$%&

M4M+4:K&K7,L?*&+4&(C(:4&,5&K84J@(?&J,)K@*4:(9@,)K&C74)&,84:(9@)3&@)&K84J@5@J&

4)>@:,)M4)9K&97(9&8,K4&L)@UL4&KL:>@>(?&J7(??4)34K<&=7@K&J7(894:&+43@)K&C@97&()&,>4:>@4C&,5&

974&C,:?*TK&M(W,:&J?@M(94&S,)4K&()*&94::(@)K&()*&974)&8:,>@*4K&KL:>@>(?&(*>@J4&()*&9@8K&5,:&

Page 228: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&06& %7(894:&;&&

,84:(9@)3&@)&5,L:&8(:9@JL?(:&:43@,)K&X&8,?(:V&7@37&(?9@9L*4V&9:,8@J(?&()*&*4K4:9<&=7@K&

@)5,:M(9@,)&@K&),9&M4()9&9,&:48?(J4&974&@)*@>@*L(?&8:4YM@KK@,)&:4K4(:J7&97(9&K7,L?*&+4&

J,M8?494*&+O&4(J7&94(M&M4M+4:<&&

&

!"<#,=;>?5@#?48#0@66?;4#A74@B#

!

=74&5,??,C@)3&8:,>@*4K&(&KLMM(:O&,5&M(W,:&J?@M(94&()*&94::(@)&S,)4K&(:,L)*&974&C,:?*<&&

!

E7=?6#6@F;74B#

2,?(:&:43@,)K&@)J?L*4&$)9(:J9@J(V&974&$:9@J&Z$?(K-(V&[:44)?()*V&),:974:)&%()(*(V&),:974:)&

PLKK@(V&8(:9K&,5&EJ()*@)(>@(V&;J4?()*V&49J<\V&8(:9K&,5&%4)9:(?&$K@(&()*&974&'@M(?(O(K<&=74K4&

(:4(K&:4M(@)&J,?*&M,K9&,5&974&O4(:&()*&J,?*&C4(974:&K-@??K&C@??&?@-4?O&+4&)44*4*&C74)&

,84:(9@)3&@)&974M<&%,?*&C4(974:&K-@??K&M(O&(?K,&+4&)44*4*&(9&7@37&(?9@9L*4K&4?K4C74:4<&&

&

09486?#

=L)*:(&@K&5,L)*&M,K9?O&@)&974&),:974:)&74M@K874:4V&+L9&M(O&,JJ(K@,)(??O&+4&5,L)*&K,L97&,5&

@9<&;9&*4KJ:@+4K&(&94::(@)&C74:4&974&KL+K,@?&@K&84:M()4)9?O&5:,S4)&()*&>4349(9@,)&K9L)94*<&&

&

(765I@64#:74;O@679B#O76@B5#

!8&9,&01//&-@?,M49:4K&*448V&97@K&94::(@)&?@4K&+49C44)&974&(:J9@J&9L)*:(&()*&94M84:(94&?()*K<&

;9&M(O&(?K,&+4&:454::4*&9,&(K&974&+,:4(?&5,:4K9&,:&9(@3(<&G@)94:K&(:4&?,)3&()*&K4>4:4V&+L9&

J,M8(:4*&9,&974&9L)*:(V&974&J?@M(94&,5&974&5,:4K9&@K&J7(:(J94:@S4*&+O&(&?,)34:&()*&C(:M4:&

3:,C@)3&K4(K,)<&=:44K&()*&8?()9K&5?,L:@K7&(?,)3&974&3:4(9&:@>4:K&97(9&5?,C&9,&974&$:J9@J&

]J4()<&G@?*?@54V&:()3@)3&5:,M&4?-&()*&+4(:&9,&KUL@::4?K&()*&+@:*KV&@K&8?4)9@5L?<&^4?94*&K),C&

J:4(94K&KC(M8K&@)&974&+:@45&KLMM4:<&B(??4)&9:44K&()*&*4)K4&3:,C97&M(-4&,55Y:,(*&9:(>4?&

*@55@JL?9&()*&@)K4J9KV&KLJ7&(K&M,KUL@9,4KV&M(O&+4&(&)L@K()J4<&^,>4M4)9&@K&4(K@4:&@)&C@)94:<&

=74:4&@K&3:(>4?&(?,)3&974&:@>4:KV&C74:4&5@K7@)3&@K&3,,*V&()*&(&:(59&M(O&+4&M(*4&5:,M&*4(*&

5(??<&

&

1@:;8979B#O76@B5#

](-V&+44J7V&M(8?4&()*&7@J-,:O&(:4&974&M(@)&K84J@4K&@)&",:97&$M4:@J(V&C7@?4&,(-V&+44J7V&

J74K9)L9&()*&?@M4&(:4&8:4>(?4)9&@)&IL:(K@(<&=74&:@J7&K,@?&KL88,:9K&M()O&8?()9K<&EL:>@>(?&@K&

4(KOV&4_J489&@)&>4:O&7@37&(?9@9L*4K&C74:4&9L)*:(&,:&K),C5@4?*&J,)*@9@,)K&(88?O<&

&&

0@>L@6?5@#F6?BB=?48#

=74K4&(:4(K&(:4&5,L)*&@)&974&J4)9:(?&J,)9@)4)9(?&(:4(K&,5&",:97&$M4:@J(&()*&IL:(K@(<&',9&

KLMM4:KV&J,?*&C@)94:K&()*&M,*4:(94&:(@)5(??&7(>4&M(*4&974K4&974&3:4(9&5,,*&8:,*LJ@)3&

(:4(K&,5&974&C,:?*<&

&

#

#

Page 229: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&06& %7(894:&;&&

.@8;5@66?4@?4#6@F;74B#

N()*K&+,:*4:@)3&974&^4*@94::()4()&(:4&K4M@Y(:@*&C@97&?,)3&7,9&KLMM4:K&()*&K7,:9&*:O&

C@)94:K<&=:44K&(:4&54C&()*&C(94:&@K&KJ(:J4<&

#

067L;:?=#P94F=@#

IUL(9,:@(?&:(@)&WL)3?4V&KL+9:,8@J(?&:(@)&5,:4K9&()*&M,L)9(@),LK&5,:4K9&(??&54(9L:4&7@37&:(@)5(??&

()*&:L334*&M,L)9(@)KV&C7@J7&*:(@)&@)9,&?(:34V&KC@59Y5?,C@)3&:@>4:K&C@97&J,(K9(?&()*&?,CY?O@)3&

:43@,)K&(K&KC(M8&?()*<&

&

$?D?44?I#

=:,8@J(?&3:(KK?()*K&5,L)*&@)&$LK9:(?@(V&`4)4SL4?(V&%,?,M+@(V&a:(S@?&()*&$5:@J(<&[:(KK&3:,CK&

L8&9,&1&M49:4K&Z0/&5449\<&=4M84:(9L:4K&(:4&7@37&(??&O4(:&:,L)*<&G(94:&@K&KJ(:J4&+L9&C74:4&@9&

@K&5,L)*&974:4&C@??&+4&?LK7&>4349(9@,)&()*&8?4)9O&,5&C@?*?@54<&&&

&&

1@B@65#

])4Y5@597&,5&974&4(:97TK&?()*&KL:5(J4&@K&*4K4:9V&,5&C7@J7&,)?O&KM(??&8(:9K&(:4&K()*b&M,K9&@K&5?(9&

3:(>4?&JL9&+O&*:@4*YL8&C(94:&J,L:K4K&ZC(*@K\<&`4:O&7@37&94M84:(9L:4K&,JJL:&+O&*(OV&5(??@)3&9,&

+4?,C&5:44S@)3&(9&)@379<&EL:>@>(?&@K&*@55@JL?9<&

&

H;FI#?=5;598@#>7945?;4B#

=74:4&(:4&?(:34&8,:9@,)K&,5&%4)9:(?&$K@(&()*&974&'@M(?(O()&P43@,)V&(K&C4??&(K&M,L)9(@)&

:()34K&@)&E,L97&$M4:@J(V&C74:4&974:4&@K&K@3)@5@J()9&7(+@9(9@,)&@)&7@37&(?9@9L*4&M,L)9(@),LK&

(:4(K&Z@<4<V&,>4:&1///&M49:4K\<&BL)J9@,)@)3&(9&974K4&(?9@9L*4K&M4()K&),:M(??O&9(-@)3&@)9,&

(JJ,L)9&?,C&(9M,K874:@J&8:4KKL:4V&4_9:4M4&J,?*&()*&K9:,)3&C@)*K<&ELJ7&(:4(K&:4UL@:4&

K84J@(?&(JJ?@M(9@S(9@,)&8:,J4*L:4K<&

&

!"C#$96D;D?=#;4#E7=?6#&@F;74B#

&

G@)94:&94M84:(9L:4K&@)&974K4&:43@,)K&(:4&C4??&+4?,C&5:44S@)3&()*&7L::@J()4&5,:J4&C@)*K&J()&

C7@8&K),C&1/&M49:4K&@)9,&974&(@:<&$&1.&-MQ7&C@)*&J()&M(-4&(&Y0Ac%&974:M,M494:&:4(*@)3&

544?&?@-4&Y1Ac%<&&;)&(**@9@,)V&974&(M,L)9&,5&*(@?O&KL)?@379&>(:@4K&5:,M&9,9(?&*(:-)4KK&@)&C@)94:&

9,&(:,L)*Y974YJ?,J-&*(O?@379&@)&M@*KLMM4:<&&

&&

=74&5,??,C@)3&K4J9@,)K&8:,>@*4&(*>@J4&()*&9@8K&5,:&KL:>@>@)3&@)&8,?(:&:43@,)K<&&

&

!"C"3#06?D@=#?48#(?D;F?5;74##

#

• ;5&K9:()*4*V&4K9(+?@K7&(&K74?94:&(K&)4(:&9,&974&(@:J:(59&,:&>47@J?4&(K&8,KK@+?4<&^,>4&

,)?O&@5&:4KJL4&@K&@M8:,+(+?4&(9&97(9&?,J(9@,)<&%,?*&*L??K&974&M@)*<&2?()&C7@?4&O,L&J()&

K9@??&97@)-&J?4(:?O<&

Page 230: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&A&,5&06& %7(894:&;&&

• "(>@3(9@,)&@K&*@55@JL?9&@)&54(9L:4?4KK&94::(@)&()*&974&3,@)3&@K&9:4(J74:,LK<&#,)T9&M,>4&

@)&(&+?@SS(:*<&&

• !K4&J(L9@,)&@)&974&KLMM4:&Y&K4(&@J4&9L:)K&9,&K?LK7&()*&974&9L)*:(&M(O&+4&+,33O<&

• %,M8(KK4K&(:4&L):4?@(+?4&)4(:&974&8,?4K<&!K4&[2E&,:&9:(>4?&+O&)@379&C@97&974&

3L@*()J4&,5&K9(:&J,)K94??(9@,)K<&&

• #,&),9&LK4&@J4+4:3K&,:&*@K9()9&?()*M(:-K&9,&5@_&*@:4J9@,)<&B?,4K&M,>4&J,)K9()9?O&()*&

:4?(9@>4&8,K@9@,)K&J7()34<&&

• ;5&+:4(-@)3&@J4&5,:J4K&O,L&9,&(),974:&5?,4V&?4(8&9,&(&K8,9&(9&?4(K9&F/&J4)9@M49:4K&5:,M&

974&4*34<&

• ]+K4:>4&974&+@:*K<&;)&974&97(C&C@?*5,C?&5?O&9,&?()*&()*&K4(+@:*K&5?O&,L9&9,&K4(&+O&*(OV&

:49L:)@)3&(9&)@379<&

• "4C&@J4&8:,*LJ4K&3:4O@K7&:45?4J9@,)KV&C7@?4&M,99?4*&:45?4J9@,)K&@)*@J(94&8(J-&@J4&,:&

*:@594*&K),C<&

• B,??,C&:@>4:K&()*&9:(>4?&*,C)K9:4(MV&+O&:(59&,:&,)&@J4&X&4_J489&@)&(:4(K&C74:4&:@>4:K&

5?,C&),:97<&])&5:,S4)&:@>4:K&-448&9,&974&4*34K&()*&,L94:&JL:>4&,)&+4)*K<&G74:4&

:@>4:K&W,@)&5,??,C&974&,L9K@*4&4*34&,:&9(-4&9,&974&,L94:&+()-<&;5&974&:@>4:&7(K&M()O&

+4)*KV&9(-4&9,&?()*<&

• ;J4&J,?*&C(94:&@K&(&-@??4:<&B(??@)3&@)9,&@JO&C(94:&-),J-K&974&+:4(97&,L9&,5&O,L<&=74&+,*O&

?,K4K&MLKJL?(:&J,)9:,?V&J,)KJ@,LK)4KK&5(*4K&()*&*4(97&5,??,CK&@)&0DY./&M@)L94K<&a4&

97,L3795L?&+45,:4&9(-@)3&(J9@,)<&!K4&(&:,84&9,&:4KJL4&(&J,??4(3L4&C7,&7(K&5(??4)&

97:,L37&974&@J4<&;5&O,L&7(>4&),&:,84KV&LK4&(&?,)3&K9@J-<&#,&),9&(994M89&9,&C(?-&9,&974&

84:K,)<&$88:,(J7&974&84:K,)&+O&?O@)3&8:,)4&,)&974&@J4&K,&(K&9,&K8:4(*&O,L:&+,*O&

C4@379&(J:,KK&974&3:4(94K9&8,KK@+?4&(:4(<&;5&O,L&5(??&97:,L37&M,>4&9,&974&4*34&,5&974&

J:(J-&()*&5?,(9&,)&O,L:&+(J-&(?,)3&974&4*34<&N@59&,)4&?43&L8&,)9,&974&@J4&()*&974)&

O,L:&K7,L?*4:&()*&(994M89&9,&:,??&L8&,)9,&974&@J4V&*@K9:@+L9@)3&O,L:&C4@379&(J:,KK&(K&

+:,(*&()&(:4(&(K&8,KK@+?4<&^,>4&9,&974&?()*<&P,??&@)&K),C&9,&(+K,:+&C(94:<&[49&9,&

K74?94:&()*&*:O&-@9&(9&,)J4<&

&

!"C"<#,=75I;4F#

#

E4>4:4&J,?*&5:44S4K&4_8,K4*&5?4K7&@)&M@)L94K<&%,>4:&4>4:O&8(:9&,5&974&+,*O&()*&4K84J@(??O&

974&74(*V&C7@J7&@K&974&M,K9&>L?)4:(+?4&X&()*&@M8,:9()9&X&8(:9<&G4(:&(&C,,??4)&7(9&()*&

J,>4:&@9&C@97&(&*:(CK9:@)3&7,,*b&(&5L:&9:@M&8:4>4)9K&+:4(97&5:44S@)3&,)&974&5(J4&()*&@)WL:@)3&

974&K-@)<&;5&J?,97@)3&7(K&),&*:(CK9:@)3V&9@4&K?44>4K&(+,>4&JL55KV&LK4&M@994)K&C@97&7@37&JL55K&

()*&9LJ-&9:,LK4:K&@)&9,&8:4>4)9&74(9&4KJ(8@)3<&;5&KC4(9@)3V&?,,K4)&J,??(:&()*&JL55K&,:&:4M,>4&

(&?(O4:<&&

&

]L94:&3(:M4)9K&K7,L?*&+4&C@)*8:,,5V&+L9&),9&C(94:8:,,5&X&C7@J7&J,L?*&9:(8&>(8,L:&@)K@*4<&

$)@M(?&K-@)K&(:4&@*4(?<&!)*4:&?(O4:K&K7,L?*&9:(8&(@:&5,:&@)KL?(9@,)<&G,,?&@K&+4K9&5,:&@))4:&

3(:M4)9K<&;9&*,4K&),9&(+K,:+&C(94:&()*&@K&C(:M&4>4)&C74)&*(M8<&%,99,)&(+K,:+K&M,@K9L:4&

Page 231: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&D&,5&06& %7(894:&;&&

()*&:(8@*?O&?,K4K&74(9&C74)&C49<&G(94:8:,,5&J?,97@)3&K7,L?*&,)?O&+4&LK4*&@)&:(@)&()*&C74)&

8:,84:?O&>4)9@?(94*<&&

&

E4>4:(?&?(O4:K&,5&J?,97@)3&(:4&+4994:&97()&,)4&74(>O&?(O4:<&=74&,L94:&?(O4:&K7,L?*&+4&,5&(&

+:4(97(+?4&M(94:@(?&Z[,:4Y=4_V&J,99,)\<&",)Y+:4(97(+?4&M(94:@(?K&J,)9(@)&*(M8&()*&

M,@K9L:4&)4(:&O,L:&+,*O<&P4M4M+4:&974&(J:,)OM&%<]<N<#<d&

&

• ,?4()<&e448&O,L:K4?5&()*&O,L:&J?,97@)3&J?4()&(K&*@:9&()*&3:4(K4&+?,J-&(@:&K8(J4K<&

• 2>4:74(9@)3<&$>,@*&,>4:74(9@)3&O,L:&+,*O<&`4)9@?(94&C74)&84:K8@:@)3<&

• -,,K4<&G4(:&J?,97@)3&?,,K4&()*&(??,C&(@:&9,&J@:JL?(94<&

• 1:O<&^,@K9L:4&J,)*LJ9K&J,?*&()*&*:O&(@:&@)KL?(94K<&e448&*:O&X&-448&C(:Mf&

&&

;)&C(:M4:&C4(974:V&J,>4:&K-@)&5:,M&@)K4J9K&+O&C4(:@)3&(&)49&,>4:&974&74(*&()*&J,)K@*4:&

+L:)@)3&3:44)&C,,*&9,&-448&974M&(9&+(O<&

&

!"C"C#Q775R@?6#

#

• ^L-?L-KV&C(94:8:,,5&J()>(K&,:&?4(974:&+,,9K&C@97&:L++4:&K,?4K&(:4&@*4(?<&=74O&

K7,L?*&7(>4&()&@)KL?(94*&?@)4:<&

• G4(:&K4>4:(?&8(@:K&,5&K,J-KV&3:(*4*&@)&K@S4&9,&5@9&,>4:&4(J7&,974:&()*&),9&C:@)-?4<&=,&

@M8:,>@K4&5,,9C4(:&LK4&?(O4:K&,5&5(+:@J<&%()>(K&K4(9&J,>4:K&M(-4&3,,*&+,,9K<&

• E-@@)3&@K&5@)4&5,:&5@:M&K),CV&+L9&K),C&K7,4K&(:4&+4K9&@)&K,59&K),C<&N@59&4(J7&5,,9&

C@97,L9&()3?@)3&@9V&-448@)3&974&K7,4&(K&5?(9&9,&974&3:,L)*&(K&8,KK@+?4<&a,97&M497,*K&

:4UL@:4&KL55@J@4)9&9:(@)@)3&+45,:4&LK4<&

#

!"C"G#$I@=5@6#

#

• [49&,L9&,5&974&C@)*f&N,,-&5,:&(&)(9L:(?&K74?94:&9,&@M8:,>4&,)V&+L9&(>,@*&K@94K&C74:4&(&

K),C*:@59V&(>(?()J74&,:&:,J-&5(??&M@379&,JJL:<&&

• ;)&C(:M4:&C4(974:V&*,)T9&M(-4&K74?94:&)4(:&C(94:&X&974&7(+@9(9&,5&974&+?(J-&5?OV&

M,KUL@9,&()*&*44:5?O<&

• $>,@*&K),CY?(*4)&9:44K&Z+:()J74K&M(O&5(??\&L)?4KK&?,C4:&+,L37K&(:4&KL88,:94*<&

• #,)T9&+?,J-&4>4:O&7,?4&(3(@)K9&*:(L379K<&g,L&MLK9&7(>4&>4)9@?(9@,)V&4K84J@(??O&@5&O,L:&

K74?94:&7(K&(&5@:4<&

• G74)&@)K@*4&(&K?448@)3&+(3V&9(-4&,55&,L94:&3(:M4)9K&Z4_J489&974&C,,??4)&7(9\&()*&

)4>4:&C4(:&K7,4K<&g,L:&+,*O&74(9&C@??&C(:M&L8&974&(@:&@)K@*4&974&K?448@)3&+(3&()*&

J,)9(@)&@9V&J:4(9@)3&(&J,M5,:9(+?4&94M84:(9L:4&9,&:4K9&@)<&

&&

Page 232: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&F&,5&06& %7(894:&;&&

!"C"K#Q;6@#

#

• BL4?&K,L:J4K&(:4&?@M@94*&@)&8,?(:&:43@,)K<&%,)K@*4:&LK@)3&*:@59C,,*V&K4(?&()*&+@:*&5(9V&

,:&5L4?&5:,M&()O&C:4J-(34<&;)&4_9:4M4&J,?*V&*:(@)&5L4?&+45,:4&@9&J,)34(?K<&;9&M(O&974)&

+4&LK4*&K,?@*&@5&*:(@)4*&,)&3:,L)*<&'@37Y,J9()4&5L4?&M(O&+4&?459&@)&9()-K<&

• ])&974&9L)*:(V&C@??,CV&+@:J7&KJ:L+&()*&WL)@84:&M(O&+4&5,L)*<&

• %(KK@,84@(&@K&(&?,CV&K8:4(*@)3&74(974:Y?@-4&8?()9&C@97&9@)O&?4(>4K&()*&C7@94&+4??Y

K7(84*&5?,C4:K<&;9&J,)9(@)K&K,&MLJ7&:4K@)&@9&+L:)K&C74)&C49<&

• E8:LJ4&97(9&7(K&K9(:94*&9,&*@4&5:,M&974&@)K@*4&(?K,&J,)9(@)K&(&:4K@)&97(9&M(-4K&3,,*&

5@:4C,,*<&

&

!"C"N#S?5@6#

#

• ;)&KLMM4:&C(94:&@K&8?4)9@5L?<&2,)*&C(94:&M(O&?,,-&+:,C)&()*&9(K94&+:(J-@K7V&+L9&

>4349(9@,)&3:,C@)3&@)&@9&-448K&@9&5:4K7<&',C4>4:V&:L))@)3&C(94:&@K&(?C(OK&+4994:&97()&

K9@??<&;5&@)&*,L+9V&+,@?&@9<&&

• ;)&C@)94:&(?C(OK&M4?9&@J4&()*&K),C<&#,&),9&4(9&J:LK74*&@J4&,:&K),Cb&@9&J()&@)WL:4&

O,L:&M,L97&()*&J(LK4&5L:974:&*47O*:(9@,)<&!)97(C4*&@J4&,:&K),C&C@??&:4*LJ4&O,L:&

J,:4&94M84:(9L:4&()*&J7@??&O,L:&+,*O&X&4K84J@(??O&@5&(?:4(*O&J,?*&()*&9@:4*<&

• ;5&974:4&(:4&),&,974:&,89@,)K&5,:&97(C@)3&,5&K),CV&8L9&K,M4&@)&(&C(94:&+,99?4&()*&

C4(:&@9&J?,K4&9,&974&+,*O&L)9@?&@9&M4?9K<&

&

!"C"J#H@?=5I#

#

• B:,K9+@94V&7O8,974:M@(&()*&K),C&+?@)*)4KK&(:4&974&M(@)&7(S(:*K&@)&8,?(:&:43@,)K<&&

• I55,:9K&9,&4_J?L*4&*:(L379K&@)&K74?94:K&M(O&?4(*&9,&?(J-&,5&,_O34)&()*&J(:+,)&

M,),_@*4&8,@K,)@)3<&

• =7@)-@)3&M(O&+4J,M4&K?L33@K7<&e448&(?4:9&()*&(J9@>4V&+L9&(>,@*&5(9@3L4&()*&J,)K4:>4&

4)4:3O&5,:&LK45L?&9(K-K<&E?448&(K&MLJ7&(K&8,KK@+?4&X&O,L&C,)h9&5:44S4&@)&O,L:&K?448&

L)?4KK&O,L&(:4&K,&4_7(LK94*&O,L&J()),9&:434)4:(94&974&74(9&O,L&?,K4&9,&974&(@:<&&

• I_4:J@K4&5@)34:K&()*&9,4K&9,&@M8:,>4&J@:JL?(9@,)<&=(-4&8:4J(L9@,)K&(3(@)K9&5:,K9+@94<&

^@994)K&(:4&+4994:&97()&3?,>4K<&

• $>,@*&K8@??@)3&849:,?&,)&+(:4&5?4K7&(K&@9&C@??&5:44S4&(9&,)J4&()*&*(M(34&974&K-@)<&

• #,)h9&8L9&,55&*454J(9@,)&X&97@K&J()&J(LK4&J,)K9@8(9@,)<&=:O&9,&9@M4&@9&J,)>4)@4)9?O&

+45,:4&?4(>@)3&O,L:&K74?94:&K,&O,L&J()&9(-4&C(K94&,L9&C@97&O,L<&

• E),C&3?(:4&J()&J(LK4&+?@)*)4KK<&2:,94J9&974&4O4K&C@97&3,33?4K&,:&(&K9:@8&,5&J?,97&C@97&

)(::,C&K?@9K&JL9&5,:&4O4K<&a?(J-4)&L)*4:)4(97&974&4O4&C@97&J7(:J,(?&9,&5L:974:&:4*LJ4&

3?(:4<&&&

• %,:4&94M84:(9L:4&Z+,*O&()*&74(*\&@K&>@9(?<&G74)&974&+,*O&5:44S4K&@9&4_9:(J9K&+?,,*&

5:,M&974&?@M+K&9,&C(:M&974&J,:4<&&

Page 233: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&H&,5&06& %7(894:&;&&

• I(9&()*&*:@)-&M,:4&97()&:43L?(:?O&(K&974&+,*O&LK4K&M,:4&4)4:3O&@)&J,?*&J?@M(94K&

97()&@)&94M84:(94<&B,,*&K7,L?*&+4&:@J7&@)&5(9&()*&8:,94@)&9,&:4K9,:4&974&J(?,:@4K&97(9&

+L:)&,55&M,:4&:(8@*?O&(K&974&+,*O&C,:-K&9,&-448&C(:M<&&&

#

!"G#$96D;D?=#?5#H;FI#/=5;598@B#

&&

;9&@K&8,KK@+?4&97(9&!"#$%&M@KK@,)K&M(O&9(-4&O,L&9,&(?9@9L*4K&,>4:&.H//&M49:4K<&=74K4&(:4&

J,)K@*4:4*&7@37&(?9@9L*4&:43@,)K&()*&K84J@(?&(994)9@,)&9,&,)4TK&C4??Y+4@)3&7(K&9,&+4&8(@*&@)&

KLJ7&(:4(K<&

&

!"G"3#+OO@:5B#7O#H;FI#/=5;598@#74#H9>?4B#

#

;)&M4*@J(?&94:MK&7@37&(?9@9L*4&@K&34)4:(??O&(JJ4894*&9,&+4&74@379K&(+,>4&.H//&M49:4K<&

I_9:4M4&(?9@9L*4&@K&:43(:*4*&(K&97,K4&(:4(K&(+,>4&DD//YDR//&M49:4K<&G7@?4&7LM()K&7(>4&

KL:>@>4*&()*&?@>4*&(9&4_9:4M4&(?9@9L*4KV&974:4&@K&),&KLJJ4KK5L?&()*&84:M()4)9&

(JJ?@M(9@S(9@,)&5,:&KLJ7&(?9@9L*4K<&&

&&

;)KL55@J@4)9&,_O34)&@)&974&:(:45@4*&Z?,C4:&8:4KKL:4\&(@:&(9&7@37&(?9@9L*4&@M8,K4K&J4:9(@)&

K9:4KK4K&,)&974&7LM()&+,*O<&]>4:J,M@)3&97,K4&@*4)9@5@(+?4&87OK@,?,3@J(?&J7()34KV&@5&

KLJJ4KK5L?V&C@??&?4(*&9,&K(9@K5(J9,:O&(JJ?@M(9@S(9@,)<&B(@?L:4&9,&*,&K,&M@379&8:,>4&?@54&

97:4(94)@)3<&]974:&97()&974&J,?*&()*&974&:(:45@4*&(9M,K874:4V&,974:&J,)9:@+L9,:K&9,&

@??)4KK4K&8(:9@JL?(:&9,&7@37&(?9@9L*4&(:4&?,C&7LM@*@9O&()*&K,?(:&()*&L?9:(>@,?49&:(*@(9@,)<&

&

$?97,L37&974:4&@KV&(K&O49V&),&L)@>4:K(?&J?(KK@5@J(9@,)&,5&7@37&(?9@9L*4&M4*@J(?&8:,+?4MKV&

4_84:@4)J4&(9&974K4&74@379K&(??,CK&(&94)9(9@>4&?@K9@)3<&E7,L?*&974&8:,J4KK&,5&(JJ?@M(9@S(9@,)&

+4&(554J94*&@)&()O&C(OV&974&@??)4KK4K&M(O&>(:O&5:,M&974&(JL94&9,&974&J7:,)@Jd&

&

• !"#$%&'(#)$*+)&,+"-)%..&/!',0d&$&97:,++@)3&5:,)9(?&74(*(J74&97(9&@K&(33:(>(94*&+O&

4_4:9@,)<&;9&@K&974&M,K9&J,MM,)&(@?M4)9V&8(:9@JL?(:?O&@)&M,:)@)3K<&]974:&KOM89,MK&

@)J?L*4&M(?(@K4V&?(KK@9L*4V&*@K@)J?@)(9@,)&9,&C,:-V&?,KK&,5&(8849@94V&)(LK4(V&>,M@9@)3V&

K7,:9)4KK&,5&+:4(97&,)&4_4:9@,)&()*&*@K9L:+4*&K?448<&&

• 1+23&!4$+$#5%&6#47()*89&:%5%7*&/1!6:0;&%()&:4KL?9&5:,M&L)9:4(94*&$^E<&;9&@K&

J(LK4*&8:@M(:@?O&+O&:(8@*&(KJ4)9V&J,?*V&:4Y4)9:O&()*&4_4:9@,)<&;9&@K&8,94)9@(??O&?@54&

97:4(94)@)3<&a43@))@)3&C@97&(&74(*(J74V&974:4&@K&+,*O&(J74V&J,L37&()*&

+:4(97?4KK)4KK&,)&4_4:9@,)&ZC7@J7&@K&8:,3:4KK@>4\V&),)Y()3@)(?&J74K9&8(@)V&?(J-&,5&

(8849@94V&*@K9L:+4*&K?448V&>,M@9@)3&()*&3@**@)4KK<&$9&9@M4K&(&54>4:&M(O&+4&974&

8:4K4)9@)3&KOM89,M<&&

• 1+23&!4$+$#5%&<%8%=8*4&:%5%7*&/1!<:0;&=74&M,K9&*:4(*4*V&+L9&(?K,&974&?4(K9&

J,MM,)V&,5&7@37&(?9@9L*4&@??)4KK4K<&=74&,)K49&@K&(K&C@97&$^E&()*&974&(?94:(9@,)&,5&

J,)KJ@,LK)4KK&@K&974&M,K9&@M8,:9()9&54(9L:4&,5&'$%]<&%,M8?(@)9K&,5&*@M)4KK&,5&

>@K@,)V&*@SS@)4KK&()*&>,M@9@)3V&C7@J7&M(O&8:,3:4KK&9,&K9L8,:&()*&J,M(<&

Page 234: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&R&,5&06& %7(894:&;&&

• 6#47()*89&!8$%8+*4&19>%8$%).+()&(?&1+23&!4$+$#5%d&=74&,)K49&@K&LKL(??O&C@97&455,:9&

@)9,?4:()J4V&()3@)(?&J74K9&8(@)V&7(4M,89OK@K&()*&KC4??@)3&,5&974&5449&()*&5(J4&(?,)3&

C@97&*@M@)L9@,)&@)&974&L:@)4&,L98L9<&

• <38()+"&'(#)$*+)&,+"-)%..T&N(:34?O&:4K9:@J94*&9,&O,L)3&,:&M@**?4Y(34*&M4)&()*&

8(:9@JL?(:?O&(M,)3K9&KM,-4:K<&=74&4(:?O&()*&*,M@)()9&KOM89,MK&(:4&5,L)*&@)&974&

J4)9:(?&)4:>,LK&KOK94M&C@97&74(*(J74V&K,M),?4)J4V&?,KK&,5&M4M,:OV&*@SS@)4KKV&

8(:(4K974K@(&()*&)4L:,8KOJ7@(9:@J&KOM89,MK&(K&974&M,K9&J,MM,)<&]974:&KOM89,MK&

@)J?L*4&455,:9&@)9,?4:()J4V&+?44*@)3&M()@54K9(9@,)K&()*&?(94:V&(?K,V&M@?*&J(:*@(J&

5(@?L:4<&

&

'@37&(?9@9L*4&@??)4KK4K&L):4?(94*&9,&(JJ?@M(9@S(9@,)&@)J?L*4d&

&

• 1+23&!4$+$#5%&@%$+)(>*$39T#$+,L9&(&97@:*&9,&(?M,K9&7(?5&,5&97,K4&4_8,K4*&9,&4_9:4M4&

7@37&(?9@9L*4K&(:4&?@-4?O&9,&+4&(554J94*&+O&:49@)(?&7(4M,::7(34K<&G7@?4&974&4_(J9&

J(LK4&@K&),9&-),C)V&974:4&@K&()&@)J:4(K4&@)&:49@)(?&+?,,*&5?,C&C@97&>(K,*@?(9(9@,)<&;)&

(**@9@,)V&KL**4)&KL:34K&@)&+?,,*&8:4KKL:4&,)&4_4:9@,)&M(O&(33:(>(94&,:&8:4J@8@9(94&

:49@)(?&7(4M,::7(34<&;9&M(O&+4&:4K,?>4*&K8,)9()4,LK?O<&

• ,)(A&=4+)5)%..T#N4KK&J,MM,)&97()&@K&+4?@4>4*&()*&@K&J(LK4*&+O&974&4_8,KL:4&9,&

L?9:(>@,?49&:(*@(9@,)&97(9&@K&:4?(9@>4?O&7@374:&(9&974K4&(?9@9L*4KV&(K&C4??&(K&974&

@)J:4(K4*&:45?4J9@,)&,5&KLJ7&:(*@(9@,)&5:,M&974&K),C&KL:5(J4<&

• 19>($3%87+*T##@(3),K4*&C74)&974&J,:4&+,*O&94M84:(9L:4&5(??K&+4?,C&1Dc%V&()*&

+4?,C&.Dc%&@9&@K&?497(?<&!8&9,&11c%&974&,)K49&@K&KL+9?4&()*&974:4&@K&(&*4J:4(K4&@)&

K7@>4:@)3<&$K&974&J,:4&94M84:(9L:4&5(??K&5L:974:&974&@)*@>@*L(?&+4J,M4K&J(:4?4KK&

(+,L9&J?,97@)3&?4(*@)3&9,&(&>@J@,LK&J@:J?4<&=74&@)*@>@*L(?&+4J,M4K&L)J,,84:(9@>4V&

M4M,:O&@K&(554J94*V&974:4&@K&K,M),?4)J4&Z*:,CK@)4KK\&?4(*@)3&9,&K9L8,:V&J,M(&()*&

5@)(??OV&*4(97<&

&&

N,J(?@S4*&J,?*&@)WL:@4K&@)J?L*4d&

&

• <3+44&=4*+).T#=74&),)Y5:44S@)3&@)WL:O&9,&974&K-@)&,JJL:K&(9&94M84:(9L:4K&WLK9&(+,>4&

5:44S@)3<&=74&(554J94*&8(:9&@K&:4*&()*&J(LK4K&@)94)K4&@::@9(9@,)<&

• B8%)"3&?(($T#=7@K&,JJL:K&C74)&(&?@M+&7(K&4_84:@4)J4*&8:,?,)34*&J,)9(J9&C@97&M,@K9&

J,?*&KLJ7&(K&C(94:&,:&ML*&(9&94M84:(9L:4K&(+,>4&5:44S@)3<&EOM89,MK&(:4&?,KK&,5&

544?@)3&()*&(&)LM+)4KK&,5&974&(:4(&97(9&M(O&?(K9&5,:&*(OK&(594:&974&4_8,KL:4<&&

• C8(.$=+$%T#=74&M,K9&K4:@,LK&,5&974K4&@)WL:@4K&LKL(??O&,JJL:K&(9&94M84:(9L:4K&+4?,C&

5:44S@)3&()*&@K&J(LK4*&+O&974&5:44S@)3&,5&4_9:(&J4??L?(:&5?L@*&C@97&974&5,:M(9@,)&,5&@J4&

J:OK9(?K<&=7@K&@K&(33:(>(94*&+O&5:44S@)3&,5&C(94:&@)&974&J4??K&()*&@)7@+@9@,)&,5&4)SOM4&

KOK94MK<&=74&,)K49&@K&LKL(??O&@)K@*@,LK&C@97&8(@)&()*&)LM+)4KK&5,??,C4*&+O&?,KK&,5&

K4)K(9@,)<&=74&K4>4:@9O&,5&5:,K9+@94&*484)*K&,)&974&*L:(9@,)&,5&4_8,KL:4&()*&974&

94M84:(9L:4V&()*&(9&@9K&M,K9&K4:@,LK&M(O&?4(*&9,&974&?,KK&,5&?@M+K<&

&

Page 235: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&6&,5&06& %7(894:&;&&

!"G"<#$96D;D;4F#;4#-7R#0@>L@6?596@B#

#

=74&KLMM4:&94M84:(9L:4K&(9&7@37&(?9@9L*4K&>(:O&5:,M&0/c%&*,C)&9,&Y./c%<&=74&C@)94:&

(>4:(34&94M84:(9L:4&+:(J-49&@K&Y0Dc%&9,&Y1Dc%<&E,M49@M4K&94M84:(9L:4K&M(O&5(??&(K&?,C&(K&Y

DDc%<&=7@KV&J,M+@)4*&C@97&C@)*&J7@??&5(J9,:V&J:4(94K&4_9:4M4&KL+YS4:,&8,?(:&4554J9K&()*&

J(LK4KV&KLJ7&(Kd&&&

&

• $&?(:34&)LM+4:&,5&J,?*&@)WL:O&J(KL(?9@4K<&;9&@K&4KK4)9@(?&9,&7(>4&K84J@(?&4_9:4M4&J,?*&

J?,97@)3&()*&K84J@(?&K74?94:K&5,:&KLJ7&()&4)>@:,)M4)9<&

• B(@?L:4&,5&4UL@8M4)9&?@-4&:(*@,K&+4J(LK4&,5&J,?*&(::4K9<&E84J@(?&4_9:4M4&C@)94:@S4*&

4UL@8M4)9&@K&)4J4KK(:O<&

• B(@?L:4&,5&i,>4:YK),Cj&>47@J?4K&*L4&9,&(&5:,S4)&KOK94M<&=7@K&:4UL@:4K&K84J@(?&K74?94:KV&

M(@)94)()J4&:,L9@)4K&()*&4_84:9&7()*?@)3&,5&KLJ7&>47@J?4K<&

• ;)(+@?@9O&,5&974&(>(@?(+?4&74?@J,894:K&9,&L)*4:9(-4&M@KK@,)K&L)9@?&?(94&@)&974&M,:)@)3K&

+4J(LK4&,5&@)(+@?@9O&,5&974&3:,L)*&94J7)@J(?&J:4C&9,&*,&8:4Y5?@379&K4:>@J@)3&@)&974&J,?*&

(@:<&

&

=74&5,??,C@)3&,84:(9@,)(?&@M84:(9@>4K&4M4:34&@)&7@37&(?9@9L*4Kd&

&

• ,#8D+D*4d#=74&5,JLK&,5&(??&?,3@K9@J&KL88,:9&(9&974K4&(?9@9L*4K&7(K&9,&+4&5,:4M,K9&,)&

KL:>@>(?&@)&974&4_9:4M4&7(:K7&4)>@:,)M4)9&Y&8:,>@*@)3&974&8:,84:&J?,97@)3V&7@37&>(?L4&

:(9@,)K&()*&K(54&()*&J,M5,:9(+?4&K74?94:K<&=74&4)>@:,)M4)9(?&J(KL(?9O&:(94&@K&>4:O&

7@37<&

• 6.9"3(4(2+"*4&7($+D*$+()d&24,8?4&C7,&L)*4:K9()*&974&4)>@:,)M4)9V&8:48(:4&5,:&@9&

8:,84:?O&()*&*4(?&C@97&@9&C@97&(&8,K@9@>4&5:(M4&,5&M@)*&C@??&KL:>@>4&()*&84:5,:M&C4??&

@)&974&4)>@:,)M4)9<&`4:O&J(:45L?&()*&8,K@9@>4&8KOJ7,?,3@J(?&M,9@>(9@,)&@K&4KK4)9@(?<&

• B8*+)+)2T#B,:&974&K84J@(?&4)>@:,)M4)9&,5&7@37&(?9@9L*4KV&8:4Y@)*LJ9@,)&9:(@)@)3&@K&(&

MLK9<&

• E(2+.$+".T#$&K,L)*&?,3@K9@JK&8?()&9,&KL88,:9&974&94(M&J,MM@994*&9,&974&4)>@:,)M4)9&

@K&(&MLK9<&;9&MLK9&@)943:(94&(??&?,3@K9@JK&:4K,L:J4K&()*&8:,>@*4&5,:&(*4UL(94&K(549O&

M(:3@)K&9,&8:,>@*4&5,:&*@K:L89@,)K&*L4&9,&8:,?,)34*&K84??K&,5&+(*&C4(974:&()*&,974:&

4)>@:,)M4)9(?&7(S(:*K&?@-4&(>(?()J74K<&

• !""4+7*$+F*$+()T#;9&@K&@M84:(9@>4&5,:&(??&84:K,))4?&,84:(9@)3&(9&7@37&(?9@9L*4K&9,&

(JJ?@M(9@S4<&=74:4&@K&),&JL:4&5,:&7@37&(?9@9L*4&K@J-)4KK4K&KLJ7&(K&8L?M,)(:O&,4*4M(V&

4_J489&M,>@)3&974&84:K,)&9,&+4?,C&1///&M49:4K<&

• E(2+.$+".&*+8&.#>>(8$T#=74&?@54?@)4&()*&974&9(J9@J(?&J(8(+@?@9O&,5&974&94(M&(:4&4)9@:4?O&

*484)*4)9&,)&?,3@K9@JK&(@:&KL88,:9&+(K4*&,)&(&M@_&,5&(@:J:(59&()*&74?@J,894:K<&

$*4UL(94&?4>4?&,5&97@K&KL88,:9&7(K&9,&+4&4)KL:4*<&

Page 236: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&06& %7(894:&;&&

!"K#$96D;D?=#;4#067L;:?=#&@F;74B#

&

=7@K&K4J9@,)&*4(?K&C@97&KL:>@>(?&@)&9:,8@J(?&WL)3?4&(:4(K<&;9&@K&L)?@-4?O&97(9&!"#$%&M4M+4:K&

C@??&+4&8?(J4*&@)&KLJ7&(&K@9L(9@,)V&7,C4>4:V&:454:4)J4&-),C?4*34&,5&KLJ7&K-@??K&@K&J,)K@*4:4*&

*4K@:(+?4&(K&!"#$%&94(MK&*,&5L)J9@,)&@)&9:,8@J(?&J?@M(94K<&

&&

I>4:O97@)3&@)&974&WL)3?4&97:@>4KV&@)J?L*@)3&*@K4(K4&()*&8(:(K@94K<&I>4)&@5&K(9L:(94*&+O&

84:K8@:(9@,)V&J?,97@)3&(55,:*K&8:,94J9@,)&5:,M&K9@)3K&()*&+@94K<&I_J489&(9&7@37&(?9@9L*4KV&

4UL(9,:@(?&()*&KL+9:,8@J(?&:43@,)K&(:4&J7(:(J94:@S4*&+O&7@37&94M84:(9L:4KV&74(>O&:(@)5(??&

()*&,88:4KK@>4&7LM@*@9O<&`@,?4)9&K9,:MK&M(O&,JJL:&9,C(:*K&974&4)*&,5&974&KLMM4:<&&

&

!"K"3#0UL@B#7O#067L;:?=#&@F;74B#

&

+V9?576;?=#6?;4#O76@B5B#

=4M84:(9L:4K&:()34&5:,M&1/c%&@)&974&*(O&9,&./c%&(9&)@379<&kL)3?4&9:44K&:@K4&5:,M&+L99:4KK&

:,,9K&9,&F/&M49:4K&7@37<&;)&97@K&8:@M(:O&WL)3?4&974&J(),8O&8:4>4)9K&?@379&:4(J7@)3&974&WL)3?4&

5?,,:<&;9&@K&:4?(9@>4?O&J,,?V&C@97&?@99?4&L)*4:3:,C97&9,&7(M84:&M,>4M4)9V&+L9&>@K@+@?@9O&@K&

?@M@94*<&;9&@K&4(KO&9,&?,K4&O,L:&K4)K4&,5&*@:4J9@,)&()*&*@55@JL?9&5,:&:4KJL4:K&9,&K8,9&O,L<&

&

$@:748?6U#P94F=@#

$?,)3&:@>4:+()-K&()*&974&5:@)34K&,5&974&WL)3?4&KL)?@379&*,4K&84)49:(94&9,&974&5?,,:&()*&

3:,C97&@K&8:,?@5@J<&!)*4:3:,C97&:4(J74K&74@379K&,5&1&M49:4K&@)&(&O4(:<&^,>@)3&@K&K?,CV&7,9&

C,:-&97(9&,594)&@)>,?>4K&7(J-@)3&(C(O&>4349(9@,)&C@97&(&M(J7494<&

&

$9WX567L;:?=#6?;4#O76@B5B#

B,L)*&C@97@)&0/c&,5&974&IUL(9,:V&974K4&5,:4K9K&7(>4&(&K4(K,)&,5&:4*LJ4*&:(@)5(??V&4>4)&

*:,L379V&C@97&M,)K,,)K&J,M@)3&@)&JOJ?4K<&^,:4&*4J@*L,LK&9:44K&3:,C&74:4&()*&

L)*4:3:,C97&@K&*4)K4<&

&

.7945?;4#O76@B5B#

$9&(?9@9L*4K&(+,>4&0///&M49:4K&(&J:(94:Y?@-4&?()*KJ(84&J,>4:4*&@)&M,KK&+49C44)&@J4YJ(884*&

84(-K&4_@K9K&Z974&PLC4)S,:@&P()34&,5&%4)9:(?&$5:@J(&@K&9O8@J(?\<&2?()9&3:,C97&@K&K8(:K4V&9:44K&

K9L)94*&()*&*@K9,:94*<&N,C&+:()J74K&M(-4&974&3,@)3&7(:*<&"@379K&(:4&J,?*&()*&*(OK&(:4&7,9&

()*&M@K9O<&EL:>@>(?&@K&*@55@JL?9<&&

&&

$?=5R?5@6#BR?>LB#

;)&J,(K9(?&(:4(K&KL+W4J9&9,&9@*(?&5?,,*@)3V&M()3:,>4&9:44K&97:@>4V&:4(J7@)3&74@379K&,5&0.&

M49:4K<&=74@:&9()3?4*&:,,9K&(:4&()&,+K9(J?4&(+,>4&()*&+4?,C&974&C(94:?@)4<&`@K@+@?@9O&@K&?,C&

()*&8(KK(34&*@55@JL?9<&E,M49@M4K&J7())4?K&(:4&C@*4&4),L37&9,&:(59V&+L9&34)4:(??O&8:,3:4KK&@K&

,)&5,,9<&B@K7V&M,??LKJKV&(UL(9@J&()@M(?K&()*&>4349(9@,)&(:4&8?4)9@5L?V&+L9&@9&@K&(&7,K9@?4&

4)>@:,)M4)9&C@97&C(94:&?44J74KV&J(@M()K&()*&J:,J,*@?4K<&G74:4&:@>4:&J7())4?K&@)94:K4J9&

Page 237: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&06& %7(894:&;&&

974&KC(M8&O,L&M(O&+4&(+?4&9,&M(-4&(&:(59<&;5&5,:J4*&9,&K9(O&@)&(&KC(M8V&*494:M@)4&974&

7@37Y9@*4&?4>4?&+O&974&?@)4&,5&K(?9&()*&*4+:@K&,)&974&9:44K&()*&5@9&(&:(@K4*&+4*&(+,>4&@9<&%,>4:&

O,L:K4?5&5,:&8:,94J9@,)&(3(@)K9&()9K&()*&M,KUL@9,4K<&&

&

Q6@BIR?5@6#BR?>LB#

B,L)*&@)&?,CY?O@)3&@)?()*&(:4(KV&974@:&97,:)O&L)*4:3:,C97&M(-4K&974&3,@)3&*@55@JL?9&()*&

:4*LJ4K&>@K@+@?@9O<&EL:>@>(?&@K&4(KO&()*&KC(M8K&(:4&,594)&*,994*&C@97&@K?()*K<&=74:4&(:4&,594)&

)(>@3(+?4&J7())4?K&()*&:(C&M(94:@(?K&(:4&(>(@?(+?4&5:,M&C7@J7&9,&+L@?*&(&:(59<&&

&

!"K"<#$I@=5@6#

#

=74:4&(:4&(M8?4&M(94:@(?K&5,:&+L@?*@)3&K74?94:&@)&M,K9&9:,8@J(?&:43@,)K<&G74:4&94M84:(9L:4K&

(:4&7@37&()*&K74?94:K&4_8,K4*&9,&974&KL)V&M(-4&:,,5K&@)&9C,&?(O4:K&C@97&(@:K8(J4&./Y1/&

J4)9@M49:4K&+49C44)&9,&(@*&J,,?@)3<&#,L+?4&?(O4:K&,5&J?,97&C@??&74?8&-448&,L9&:(@)&@5&()3?4*<&

&

I>4:O97@)3&@K&?@-4?O&9,&+4&*(M8<&B,:&5@:4C,,*V&9(-4&K9()*@)3&*4(*&C,,*V&K7(>4&,55&974&

,L9K@*4&()*&LK4&97(9&9,&K9(:9&O,L:&5@:4<&#:O&+(M+,,&()*&94:M@94&)4K9K&M(-4&3,,*&9@)*4:<&

&

;)&J7,,K@)3&J(M8&K@94K&M(-4&KL:4&O,L&(:4&(+,>4&8,94)9@(?&5?,,*@)3<&

&

!"K"C#Q778#?48#S?5@6#

#

$&C@*4&>(:@49O&,5&5:L@9KV&:,,9K&()*&?4(>4K&(:4&(>(@?(+?4<&a()()(V&8(8(O(V&M()3,&()*&5@3K&(:4&

4(K@?O&:4J,3)@S4*V&+L9&O,L&M(O&5@)*&974&C4(?97&,5&9:,8@J(?&5,,*K&+4C@?*4:@)3<&$&C@*4&:()34&

,5&M(MM(?KV&:489@?4KV&+@:*K&()*&5@K7&M(O&+4&7L)94*V&9:(884*&()*&5@K74*<&B@K7&(:4&4(K@?O&

*@34K94*V&+L9&@)&974&9:,8@JK&974O&K8,@?&UL@J-?O<&%?4()&974M&97,:,L37?OV&*@KJ(:*&4)9:(@?K&()*&

4(9&974M&(K&K,,)&(K&8,KK@+?4<&#,&),9&8:4K4:>4&5@K7&+O&KM,-@)3&,:&*:O@)3<&&

&&

B@K7&@)&K?,CYM,>@)3&C(94:&M(O&+4&@)54K94*&C@97&9(84C,:MK&()*&,974:&7LM()&8(:(K@94K<&

=74O&K7,L?*&+4&+,@?4*&5,:&./&M@)L94K&8:@,:&9,&4(9@)3<&&

&

G(94:&@9K4?5&M(O&+4&@)54J94*&C@97&(M,4+(K&97(9&J(LK4&*OK4)94:OV&974:45,:4&(?C(OK&+,@?&@9<&

&

!"K"G#!4B@:5BY/4;>?=B##

&

Z@@B[#R?BLB#?48#I764@5B#

^,>@)3&97:,L37&974&WL)3?4&M(O&*@K9L:+&+44V&C(K8&,:&7,:)49&)4K9K<&$)O&+(:4&K-@)&@K&

>L?)4:(+?4&9,&(99(J-<&;5&(99(J-4*V&:L)<&[,33?4K&C@??&8:,94J9&974&4O4KV&+L9&@)K4J9KV&K4(:J7@)3&

5,:&K(?9V&C@??&M(-4&5,:&974&KC4(9O&8(:9K&,5&974&+,*O<&=74&3:,@)&()*&(:M8@9K&K7,L?*&+4&

8:,94J94*&C74)&@)&9:,8@J(?&:43@,)K<&&

&

Page 238: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&06& %7(894:&;&&

.7BV9;57@B#

G4(:&(&)49&,:&K7@:9&,>4:&974&74(*V&4K84J@(??O&(9&*(C)&()*&*LK-<&$&K9:@8&,5&J?,97&AD&

J4)9@M49:4K&*448&()*&?,)3&4),L37&J()&(?K,&+4&9@4*&(:,L)*&974&74(*&()*&JL9&K,&(K&9,&M(-4&(&

5:@)34&,5&>4:9@J(?&K9:@8K&7()3@)3&5:,M&(&+()*&,>4:&974&5(J4&()*&)4J-<&e448&J,>4:4*&(9&)@379V&

@)J?L*@)3&O,L:&7()*K<&]@?V&5(9&,:&ML*&K8:4(*&,)&7()*K&()*&5(J4&M(O&74?8&:484?&@)K4J9K<&!K4&

+(M+,,&,:&(&K(8?@)3&9,&KL88,:9&(&94)9&,5&J?,97@)3&()*&?(:34&?4(>4K&:@334*&,>4:&O,L:&L884:&

7(?5<&$&KM,-O&5@:4&C@??&74?8&-448&@)K4J9K&(9&+(O<&

#

,@45;L@8@B#

[,,*&5,,9C4(:&()*&8:,94J9@,)&5,:&974&?43K&@K&4KK4)9@(?<&a@)*&+(:-&,:&J?,97&:,L)*&5449&()*&9@4&

@9&9,&M(-4&C:(88@)3K&5,:&974&?43K&(K&(&*454)J4&(3(@)K9&J4)9@84*4K<&=(-4&J(:4&,)&C(-@)3V&(K&

J4)9@84*4K&)4K9?4&5,:&C(:M97&@)&974&M,:4&8:@>(94&+,*O&:43@,)K<&&

&

H?;6U#:?5@6L;==?6B#

$?C(OK&+:LK7&,55&@)&974&*@:4J9@,)&974O&(:4&9:(>4??@)3&,:&KM(??&@::@9()9&7(@:K&M(O&K9(O&@)&O,L:&

K-@)&()*&J(LK4&()&@9J7O&:(K7V&C7@J7&M(O&54K94:&@)&974&74(9<&

&

$L;8@6B[#B4?\@B#?48#B:76L;74B#

e448&J?,97@)3&()*&5,,9C4(:&,55&974&3:,L)*&K,&97(9&KJ,:8@,)KV&K)(-4K&()*&K8@*4:K&*,)h9&J:448&

@)<&E7(-4&,L9&J?,974K&()*&J74J-&+,,9K&+45,:4&8L99@)3&974M&,)<&a4&C(:O&C74)&8L99@)3&7()*K&

@)&8,J-49K<&&

&

-@@:I@B#

=74@:&+@94&@K&M4KKO&+L9&),9&8(@)5L?<&N459&(?,)4&974O&*:,8&,55&C74)&974O&7(>4&974@:&5@??<&#,&),9&

8L??&974M&,55&(K&974&74(*&M(O&J,M4&,55V&?4(>@)3&974&W(CK&@)&974&+@94&ZC7@J7&J,L?*&9L:)&

K489@J\<&P4M,>4&?44J74K&C@97&(&*(+&,5&K(?9V&(?J,7,?&,:&(&+L:)@)3&J@3(:4994&4)*V&4M+4:&,:&

5?(M4<&

&

&;D@6B#

P@>4:K&M(O&+4&7,M4&9,&*()34:,LK&J:4(9L:4K&KLJ7&(K&8@:()7(KV&K9@)3:(OK&()*&4?4J9:@J&44?K<&

N,,-&,L9&5,:&J:,J,*@?4K&,:&(??@3(9,:K&()*&9(-4&J(:4&@)&7()*?@)3&J(95@K7V&C7@J7&7(>4&K7(:8&

*,:K(?&5@)K&()*&K8@)4K&,)&974@:&3@??&J,>4:K<&

&

!"K"K#06?D@=##

#

[:,L)*&,+K4:>(9@,)&@)&WL)3?4&(:4(K&>(:@4K&(JJ,:*@)3&9,&974&9O84&,5&>4349(9@,)<&;)&K,M4&9O84K&

,5&WL)3?4V&974&5,:4K9&J(),8O&@K&K,&97@J-&97(9&@9&JL9K&,55&M,K9&KL)?@379&()*&3:,L)*&,+K4:>(9@,)&

@K&?@M@94*&9,&(88:,_@M(94?O&./&M49:4K<&;)&974&WL)3?4&C@97&(&9()3?4&,5&K4J,)*(:O&3:,C97V&

3:,L)*&,+K4:>(9@,)&M(O&+4&?@M@94*&9,&D&M49:4K&,:&?4KK<&;)&,974:&9O84K&,5&WL)3?4V&974&>@K@+@?@9O&

M(O&>(:O&5:,M&0D&9,&./&M49:4K&9,&(K&MLJ7&(K&0//&M49:4K<&

&

Page 239: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&06& %7(894:&;&&

]+K4:>(9@,)&C@??&+4&3:4(9?O&:4K9:@J94*&*L:@)3&974&M,)K,,)&84:@,*&()*&C@)94:&M,)97K&*L4&9,&

74(>O&:(@)&()*&3:,L)*&5,3&C7@J7&M(O&84:K@K9&@)&974&>(??4OK&5,:&K4>4:(?&7,L:K&(594:&KL):@K4<&

=74&74@379K&,5&:@*34K&()*&7@??K&,554:&K?@379?O&@M8:,>4*&,+K4:>(9@,)&(K&974&>4349(9@,)&9,C(:*K&

974&74@379K&@K&97@))4:&97()&97(9&5,L)*&@)&974&>(??4OK<&

&

^,>4M4)9&@)&974&WL)3?4V&+,97&,)&5,,9&()*&@)&M4J7()@J(?&9:()K8,:9V&@K&(&K?,C&()*&?(+,:@,LK&

8:,J4KK&,C@)3&9,&974&K?LK7&J(LK4*&+O&974&:(@)K&()*&974&*@55@JL?9O&,5&?4(>@)3&974&9:(J-<&

^,>4M4)9&,)&5,,9&8(:9@JL?(:?O&8,K4K&(&)LM+4:&,5&*@55@JL?9&8:,+?4MK<&=74&:,L94&7(K&9,&+4&

J(:45L??O&K4?4J94*&9,&(>,@*&L))4J4KK(:O&J?@M+K&()*&*4KJ4)9KV&()*&7(J-@)3&97:,L37&97@J-&

WL)3?4&5,?@(34<&=74&9:(>4??4:&@K&(?K,&KL+W4J94*&9,&974&*@KJ,M5,:9K&,5&7@37&7LM@*@9O&4K84J@(??O&

C74)&M,>@)3&97:,L37&J()4&()*&+(M+,,&5,:4K9K<&

&

=74:4&@K&(&94)*4)JO&9,&L)*4:&4K9@M(94&974&9@M4&9(-4)&9,&M,>4&+49C44)&9C,&8,@)9K&@)&974&

WL)3?4<&E@)J4&J,)*@9@,)K&,5&J?@M(94&()*&94::(@)&M(O&J(LK4&C@*4&>(:@(9@,)K&@)&974&9@M4&9(-4)&

9,&J,M8?494&(&M,>4V&(??&M,>4K&@)&974&WL)3?4&K7,L?*&+4&8?())4*&,)&974&+(K@K&,5&9@M4&9(-4)&9,&

M,>4&+49C44)&974&9C,&8,@)9KV&:(974:&97()&974&*@K9()J4&+49C44)&974M<&

&

!"K"N#(?D;F?5;74##

#

kL)3?4&)(>@3(9@,)&@K&),9&4(KOV&+L9&974&*@55@JL?9@4K&(:4&,594)&,>4:K9(94*V&8:,>@*4*&M497,*@J(?&

M(8&K9L*O&()*&8?())@)3&(:4&L)*4:9(-4)V&5,??,C4*&+O&J(:45L?&LK4&,5&9,,?K&KLJ7&(K&(&J,M8(KK&

,:&[2E<&

&&

=74&-4O&4?4M4)9K&,5&WL)3?4&)(>@3(9@,)&(:4&-448@)3&*@:4J9@,)&()*&-),C@)3&974&*@K9()J4&

9:(>4??4*<&=74&(+@?@9O&9,&LK4&974&5,??,C@)3&(@*K&(K&(&J,??4J9@>4&M4()K&9,&WL)3?4&)(>@3(9@,)&M(O&

,)?O&+4&3(@)4*&5:,M&J,)K9()9&8:(J9@J4d&

&

• !&A*$"3;&I>4:O&WL)3?4&)(>@3(9,:&MLK9&7(>4&(&:4?@(+?4&()*&C(94:8:,,5&C(9J7&K49&9,&

974&J,::4J9&9@M4<&

• '*>.T#=74K4&M(O&+4&:4(K,)(+?O&(JJL:(94&(K&:43(:*K&9,&54(9L:4K&Z4<3<V&7@??K&()*&

K9:4(MK\<&;9&K7,L?*&+4&+,:)4&@)&M@)*V&7,C4>4:V&97(9&M,K9&M(8K&(:4&8:,*LJ4*&5:,M&

(4:@(?&87,9,K&C7@J7V&C74)&9(-4)&,>4:&(:4(K&,5&WL)3?4V&K7,C&974&5,:M&,5&974&9:44&

J(),8O&()*&),9&974&3:,L)*&5,:M(9@,)<&=74:45,:4V&KM(??&54(9L:4K&KLJ7&(K&J?@55K&()*&

C(94:5(??K&,594)&4_@K9&,)&974&3:,L)*V&+L9&(:4&),9&K7,C)&,)&974&M(8<&^(8K&(:4&,594)&

@)(JJL:(94&@)&:43(:*&9,&+,L)*(:@4KV&:,(*KV&9:(J-KV&>@??(34K&()*&J?4(:@)3K&+4J(LK4&

974K4&54(9L:4K&(:4&KL+W4J9&9,&J,)9@)L(?&J7()34<&&

• !%8+*4&>3($(28*>3.T#$&>(?L(+?4&KL88?4M4)9&9,&M(8K&()*&,594)&974&,)?O&M4()K&,5&

+:@)3@)3&(&M(8&L8Y9,Y*(94&,:&,5&,+9(@)@)3&J,>4:(34&,5&L)M(884*&(:4(K<&=74O&(:4V&

7,C4>4:V&,5&>4:O&?@M@94*&LK4&@)&WL)3?4&J,>4:4*&(:4(K<&

• <(7>*..T#=74&J,M8(KK&@K&974&M,K9&(JJL:(94&M4()K&,5&M(@)9(@)@)3&*@:4J9@,)<&;)&K,M4&

(:4(K&M(3)49@J&>(:@(9@,)&M(O&+4&8:4K4)9&*L4&9,&974&8:4K4)J4&,5&M@)4:(?K<&P4?O&,)&

Page 240: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0A&,5&06& %7(894:&;&&

974&J,M8(KK&()*&(>,@*&974&94M89(9@,)&9,&LK4&,)4TK&K4)K4&,5&*@:4J9@,)<&",&8(:9O&

K7,L?*&(994M89&9,&M,>4&@)&974&WL)3?4&C@97,L9&(&J,M8(KKV&L)?4KK&97@K&@K&L)(>,@*(+?4&

()*&@)&()&4M4:34)JO<&&

&&

#@K9()J4&9:(>4??4*&C@??&>(:O&C@97&974&87OK@J(?&J,)*@9@,)&()*&C@??&,5&974&@)*@>@*L(?<&=74&),:M(?&

4::,:&@K&9,&,>4:4K9@M(94&974&*@K9()J4&9:(>4??4*V&+L9&9@M4&@K&(&M,:4&8:(J9@J(?&M4(KL:4&,5&974&

3,@)3<&=74&5,??,C@)3&M(O&+4&:43(:*4*&(K&(&:,L37&3L@*4&9,&974&*@K9()J4&J,>4:4*&@)&,)4&7,L:d&

&&

• =7:,L37&8:@M(:O&WL)3?4&ZJ,)9,L:@)3\d&0///&9,&.///&M49:4K<&

• =7:,L37&8:@M(:O&WL)3?4&ZJ:,KKY3(@)\d&H//&9,&0///&M49:4K<&

• =7:,L37&K4J,)*(:O&WL)3?4d&D//&9,&R//&M49:4K<&

• =7:,L37&KC(M8Kd&0//&9,&.//&M49:4K<&

• =7:,L37&9(??&3:(KKd&D//&9,&0///&M49:4K<&

&

!"K"J#H@?=5I##

#

;)&974&WL)3?4V&K()@9(9@,)&()*&84:K,)(?&7O3@4)4&(:4&M,:4&@M8,:9()9<&;)94K9@)(?&*@K4(K4K&(:4&

*@K4(K4K&LKL(??O&9:()KM@994*&+O&J,)9(M@)(94*&5,,*&,:&@M8L:4&C(94:<&%,)9(M@)(9@,)&,5&5,,*&

M(O&+4&J(LK4*&+O&LK4&,5&*@:9O&L94)K@?KV&5?@4K&,:&,974:&KLJ7&@)K4J9KV&()*&5,,*&7()*?4:K<&

G(94:+,:)4&*@K4(K4K&M(O&+4&J(LK4*&+O&@M8L:4&C(94:&97(9&@K&LK4*&5,:&*:@)-@)3V&J,,-@)3&()*&

+(97@)3&8L:8,K4K<&I_(M8?4K&,5&97@K&9O84&,5&*@K4(K4&(:4&*OK4)94:O&()*&J7,?4:(<&;)K4J9K&()*&

()@M(?Y+,:)4&*@K4(K4K&(:4&9:()KM@994*&*@:4J9?O&97:,L37&+@94K&,5&+?,,*&KLJ-@)3&@)K4J9K&?@-4&

M,KUL@9,4K&()*&9@J-K<&#@K4(K4K&,5&97@K&9O84&(:4&M(?(:@(V&O4??,C&54>4:V&5@?(:@(K@K&()*&9O87LK<&

&

BL)3LK&*@K4(K4&M4:@9K&K84J@(?&(994)9@,)&+4J(LK4&974&J?@M(94&@)&974&WL)3?4&5(>,L:K&974&

3:,C97&,5&M@J:,KJ,8@J&8?()9K&J(??4*&5L)3@V&C7@J7&8:,*LJ4&974K4&*@K4(K4K<&EC4(9&K,(-4*&K-@)&

@)>@94K&(99(J-&+O&5L)3LK<&=74&8:@)J@8(?&5L)3LK&*@K4(K4K&(:4&:@)3&C,:M&()*&(97?494TK&5,,9<&

&&

I>4:O&84:K,)&@K&:4K8,)K@+?4&5,:&974@:&,C)&J?4()?@)4KK&()*&97(9&,5&974@:&KL::,L)*@)3K<&

B:4UL4)9&@)K84J9@,)K&,5&974&+,*O&MLK9&+4&J(::@4*&,L9&5,:&?@J4&,:&9@J-&+@94K<&%?,974K&

@M8:43)(94*&C@97&@)K4J9&:484??4)9&(:4&>4:O&4554J9@>4&(3(@)K9&M@94&+@94K&()*&:4*LJ4&974&

@)J@*4)J4&,5&9O87LK<&$??&KJ:(9J74K&()*&C,L)*K&MLK9&+4&(994)*4*&9,&(9&()&4(:?O&K9(34<&

I_J4KK@>4&74(9&()*&7LM@*@9O&J:4(94&M,@K9&KC4(9O&J,)*@9@,)K&+4J(LK4&,5&C7@J7&974&KJ:(9J74K&

(:4&?@-4?O&9,&+4J,M4&K489@J<&=74&+,*O&K7,L?*&+4&8:,94J94*&(3(@)K9&@)K4J9&+@94K&+O&LK4&,5&

@)K4J9&:484??4)9K&,:&M,KUL@9,&)49K<&&

&

G74)4>4:&8,KK@+?4V&974&+,*O&K7,L?*&+4&+(974*&()*&4_8,K4*&9,&KL)&()*&(@:<&%?,974K&K7,L?*&

+4&?,,K4&5@99@)3V&J?4()&()*&*:O<&G74)&8,KK@+?4V&974&+,,9K&K7,L?*&+4&:4M,>4*&()*&974&5449&

M(KK(34*&()*&*LK94*&C@97&5,,9&8,C*4:<&a,,9K&K7,L?*&+4&:4M,>4*&+45,:4&K?448@)3<&

&

Page 241: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0D&,5&06& %7(894:&;&&

!"N#$96D;D?=#;4#1@B@65#&@F;74B#

&

=74&*4K4:9&@K&(&>(K9&(:@*&C(K94?()*&C@97&?@99?4&>4349(9@,)&()*&K8(:K4&8,8L?(9@,)<&;9&@K&

34)4:(??O&54(9L:4?4KKV&+L9&J,)9(@)K&K()*&*L)4KV&:,J-O&,L9J:,8K&()*&J?(O&8?(@)K<&=74&3,@)3&@K&

34)4:(??O&3,,*&,>4:&(?M,K9&(??&9O84K&,5&94::(@)<&=7@K&@K&8(:9@JL?(:?O&9:L4&C74)&LK@)3&9:(J-4*&

,:&7(?5Y9:(J-4*&>47@J?4K<&G744?4*&>47@J?4K&M(O&(?K,&+4&*:@>4)&,>4:&M,K9&*4K4:9&94::(@)V&

8:,>@*4*&974&*:@>4:K&(:4&C4??&9:(@)4*<&',C4>4:V&(:4(K&,5&K,59&K()*&()*&97,K4&(:4(K&C7@J7&

J,??4J9&C(94:&*L4&9,&:(@)5(??&+4J,M4&@M8(KK(+?4&9,&9:(55@J&5,:&J4:9(@)&84:@,*K&,5&9@M4<&&

&

!"N"3#1@B@65#Q@?596@B#

&

$?48#894@B#

E()*&*L)4K&M(O&+4&5:,M&H/&9,&0//&M49:4K&@)&74@379&()*&1&9,&D&-@?,M49:4K&@)&?4)397<&

#@K9()J4&+49C44)&*L)4K&M(O&>(:O&5:,M&A//&9,&0.//&M49:4K<&=74&K9448&8,:9@,)&,5&(&K()*&

*L)4&@K&),:M(??O&:454::4*&9,&(K&@9K&-)LJ-?4&()*&974&3:(*L(?&8,:9@,)&(K&@9K&5@)34:K<&;9&@K&

4KK4)9@(?&97(9&974&J,)5@3L:(9@,)&,5&K()*&*L)4K&+4&J?4(:?O&L)*4:K9,,*<&E()*&*L)4&(:4(K&

8:,>@*4&974&3:4(94K9&,+K9(J?4K&9,&M,+@?@9O<&

&

&7:\U#795:67LB#

=74K4&,L9J:,8K&M(O&+4&5:,M&D/&9,&0//&M49:4K&@)&74@379&()*&1&9,&D&-@?,M49:4K&@)&?4)397<&

=74@:&@)3:4*@4)9K&(:4&34)4:(??O&C4(974:4*&:,J-K&,5&K4*@M4)9(:O&)(9L:4&()*&7(:*&3:(>4?<&=7@K&

M(94:@(?&@K&974&M(@)&@94M&,5&:,(*&J,)K9:LJ9@,)&@)&M()O&*4K4:9&(:4(K<&^,>4M4)9&@)&974K4&

(:4(K&@K&34)4:(??O&3,,*<&&

&&

,=?U#L=?;4B#

=74K4&(:4&,84)&8?(@)K&5,L)*&@)&*48:4KK@,)K&*L4&9,&974&*48,K@9@,)&,5&J?(O&5:,M&974&5?,C&,5&

:(@)C(94:<&^,>4M4)9&@)&97@K&(:4(&@K&>4:O&3,,*V&(K&?,)3&(K&@9&@K&*:O<&;5&974:4&@K&:(@)V&974)&974&

(:4(&+4J,M4K&@M8(KK(+?4&9,&(??&9O84K&,5&>47@J?4K&5,:&8:,?,)34*&84:@,*K<&&

&

!"N"<#,=;>?5@#

#

=74&J?@M(94&,5&*4K4:9&94::(@)&7(K&974&5,??,C@)3&5(J49Kd&

&

• @*+)?*44T&=74&(>4:(34&:(@)5(??&@K&>4:O&?,C<&N,)3&K84??K&,5&*:,L379&(:4&UL@94&5:4UL4)9<&

• B%7>%8*$#8%d&=74&*4K4:9&@K&34)4:(??O&(KK,J@(94*&C@97&4_9:4M4&J,)*@9@,)K&,5&

94M84:(9L:4<&#L:@)3&KLMM4:V&974&M(_@MLM&94M84:(9L:4&4_J44*K&ADc%<&#L:@)3&974&

C@)94:&94M84:(9L:4K&5(??&*,C)&)4(:?O&9,&974&5:44S@)3&8,@)9<&#(OK&(:4&7,9&()*&M(O&+4&

8?4(K()9&*L:@)3&974&C@)94:&()*&L)+4(:(+?4&*L:@)3&974&KLMM4:<&"@379K&(:4&34)4:(??O&

J,,?&97:,L37,L9&974&O4(:<&

• G+)5T#',9&C@)*K&()*&K()*K9,:MK&(:4&(&:43L?(:&54(9L:4<&E,M49@M4K&974K4&:4(J7&(&

>4?,J@9O&,5&L8&9,&A/&-MQ7&()*&M(O&?(K9&5,:&(&)LM+4:&,5&7,L:K&(9&(&K9:49J7<&

Page 242: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0F&,5&06& %7(894:&;&&

%,)K4UL4)9?O&*LK9&()*&7(S4&(:4&8:4>(?4)9&()*&:4K9:@J9&>@K@+@?@9OV&+,97&5:,M&974&(@:&(K&

C4??&(K&5:,M&974&3:,L)*<&]+K4:>(9@,)&+4J,M4K&(&M(W,:&8:,+?4M&*L:@)3&KLJ7&

J,)*@9@,)K<&`@K@+@?@9OV&7,C4>4:V&@K&3,,*&*L:@)3&M,,)?@9&)@379K<&&

• G*$%8T#=74:4&@K&()&(JL94&KJ(:J@9O&,5&C(94:<&$?M,K9&(??&(>(@?(+?4&C(94:&@K&+:(J-@K7<&

G(94:&(KKLM4K&K@3)@5@J()J4&@)&?,3@K9@JK&8?())@)3<&E9,:(34&()*&9:()K8,:9(9@,)&,5&C(94:&

(:4&8:4:4UL@K@94K&5,:&,84:(9@,)K<&

• H%.%8$&$8*"-.T#=74&(:4(&M(O&+4&J:@KKYJ:,KK4*&+O&J(M4?&9:(J-K<&=:(J-K&34)4:(??O&

J,))4J9&C(94:&K,L:J4K&,)&C7@J7&>(:@,LK&>@??(34K&*484)*<&",:M(??O&974&:,(*K&()*&

9:(J-K&5,??,C&974&3:(@)&,5&974&J,L)9:O&4_J489&C74:4&K7,:94:&:,L94K&9,&C(94:&K,L:J4K&

(:4&:4UL@:4*<&^,K9&*4K4:9&9:(J-K&(:4&C4??&*45@)4*&C74)&@)&LK4b&,974:C@K4&974O&349&

,+?@94:(94*&UL@J-?O&+O&+?,C@)3&K()*K<&&

&&&

=,&KL:>@>4&@)&97@K&J?@M(94&O,L&MLK9&M(-4&974&M,K9&,5&()O&(>(@?(+?4&K7(*4V&J:4(94&8:,94J9@,)&

5:,M&974&KL)V&JL9&M,@K9L:4&?,KK&()*&:4K9:@J9&(J9@>@9O&*L:@)3&974&74(9&,5&974&*(O<&#LK9&,:&K()*&

K9,:MK&:4*LJ4&>@K@+@?@9O<&2:,94J9@,)&@K&)44*4*&(3(@)K9&K()*&4)94:@)3&4>4:O&,:@5@J4<&

&&

!"N"C#S?5@6#

#

G74)&8?())@)3&9:(>4?&9,&*4K4:9&(:4(KV&4)KL:4&97(9&974&:,L94&9(-4K&@)9,&(JJ,L)9&974&?,J(9@,)K&

,5&,(K4KV&C4??K&()*&C(94:7,?4K<&;5&K9:()*4*V&M(-4&(&8?()&+(K4*&,)&974&(M,L)9&,5&C(94:&O,L&

7(>4&()*&9(-4&M4(KL:4K&9,&:4*LJ4&5?L@*&?,KK<&;)&K,M4&J(K4K&@9&M(O&+4&+4K9&9,&K9(O&@)&,)4&

8?(J4V&4K84J@(??O&@5&C@97&(&>47@J?4&ZC7@J7&J()&M,:4&4(K@?O&+4&?,J(94*&+O&K4(:J7&94(MK\<&;)&

,974:&J(K4K&M,>4M4)9&9,&5@)*&C(94:&M(O&+4&)4J4KK(:O&9,&(>,@*&*4(97&5:,M&*47O*:(9@,)<&&

&

;)&?,,-@)3&5,:&C(94:&@)&974&*4K4:9V&-448&@)&M@)*&97(9&C4??K&M(O&:4UL@:4&(&J,)9(@)4:&?,C4:4*&

,)&(&?@)4&9,&:4(J7&C(94:&()*&97(9&KM(??&C(94:7,?4K&@)&C(*@&+,99,MK&Z*:O&:@>4:+4*K\&(:4&,594)&

K4(K,)(?<&=74O&(:4&LKL(??O&J,>4:4*&C@97&(&K9,)4&,:&+:LK7C,,*<&$C(O&5:,M&-),C)&

C(94:7,?4KV&*@3&(9&974&?,C4K9&8,@)9&,5&974&,L9K@*4&+4)*&,5&(&*:O&K9:4(M&+4*&,:&974&?,C4K9&

8,@)9&+49C44)&*L)4K<&#@3&(9&)@379&9,&(>,@*&5?L@*&?,KK&9,&84:K8@:(9@,)<&;)&*4J@*@)3&C74974:&9,&

*@3V&(?C(OK&+(?()J4&5?L@*&?,KK&(3(@)K9&8,KK@+?4&3(@)<&

&

N@54&4_84J9()JO&*484)*K&,)&974&C(94:&(>(@?(+?4&()*&974&(+@?@9O&9,&M@)@M@S4&84:K8@:(9@,)<&

'LM()K&J()&?@>4&C@97,L9&C(94:&5,:&(+,L9&9C,&*(OK&(9&ARc%V&@5&:4K9@)3&@)&974&K7(*4&()*&*,@)3&

),97@)3<&;5&C(?-@)3&@K&:4UL@:4*V&@9&K7,L?*&+4&+(K4*&,)&(&J(:45L??O&J,)K@*4:4*&8?()&97(9&@K&

+(K4*&,)&974&(M,L)9&,5&C(94:&(>(@?(+?4<&G@97&),&C(94:&()*&(&94M84:(9L:4&,5&ARc%V&C(?-@)3&

(9&)@379&()*&:4K9@)3&+O&*(OV&(&84:K,)&J()&9:(>4?&(+,L9&A/&-@?,M49:4K<&G(?-@)3&+O&*(O&C,L?*&

,)?O&J,>4:&R&-@?,M49:4K&+45,:4&J,??(8K4<&G@97&9C,&?@9:4K&,5&C(94:&(&84:K,)&J,L?*&J,>4:&L8&9,&

DF&-@?,M49:4K&,>4:&97:44&*(OK&+45,:4&J,??(8K@)3<&&

&

Page 243: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0H&,5&06& %7(894:&;&&

!"N"G#$I@=5@6#?48#Q;6@#

#

;5&K9:()*4*&@)&974&*4K4:9V&5@)*&@MM4*@(94&K7(*4<&;5&+L@?*@)3&(&K74?94:&@K&)4J4KK(:OV&*,&97@K&@)&

974&4>4)@)3<&#,&),9&K9(O&@)&(&M49(?&>47@J?4&,:&8?()4<&!K4&@9&9,&KL88,:9&(&K74?94:&,:&M(-4&LK4&

,5&974&K7(*,C&+4)4(97&()&(@:J:(59TK&C@)3<&2@?4&:,J-K&9,&M(-4&(&C@)*+:4(-&()*&M(-4&LK4&,5&

C(*@&C(??K&Z4_J489&C74)&5?(K7&5?,,*K&K44M&?@-4?O\<&;5&LK@)3&5(+:@JKV&?4(>4&974&+,99,M&4*34K&

?@594*&()*&?,,K4&+O&*(O&9,&@)J:4(K4&(@:&J@:JL?(9@,)<&G4@379&974M&*,C)&C@97&:,J-K&(9&)@379<&

E?448&,)&(&:(@K4*&+4*&9,&(??,C&(@:&9,&J@:JL?(94<&&

&

g,L&M(O&)44*&(&5@:4&5,:&C(:M97&(9&)@379&()*&5,:&+,@?@)3&C(94:<&=74&KM,-4&C@??&(?K,&+4&LK45L?&

5,:&K@3)(??@)3<&#4K4:9&KJ:L+&@K&*:O&()*&+L:)K&4(K@?O<&;5&974&?()*&@K&9,9(??O&+(::4)V&>47@J?4&5L4?&

()*&,@?&M@_4*&C@97&K()*&@)&(&J,)9(@)4:&C@??&+L:)<&$)@M(?&*L)3&@K&(?K,&5?(MM(+?4<&

&

!"N"K#,=75I;4F#

#

%?,97@)3&74?8K&:4*LJ4&5?L@*&?,KK&()*&3@>4K&8:,94J9@,)&5:,M&KL)+L:)&()*&@)K4J9&+@94KV&(K&C4??&

(K&C(:M97&(9&)@379<&;)&34)4:(?V&*4K4:9&J?,97@)3&K7,L?*&+4&?@379&()*&?,,K4&5@99@)3V&C@97&(@:&

K8(J4&+49C44)&974&3(:M4)9K&()*&974&+,*O<&&

&

H@?886@BB#

$&7(9&C@97&(&8@4J4&,5&J?,97&(99(J74*&9,&974&+(J-&C@??&74?8V&+L9&974&+4K9&8:,94J9@,)&@K&8:,>@*4*&

+O&(&9:(*@9@,)(?&$:(+&74(**:4KK&Z-),C)&+O&K4>4:(?&)(M4KV&@)J?L*@)3&-455@O47Q-L5@O(&()*&

K74M(37\<&;)&34)4:(?V&97@K&J()&+4&J:4(94*&+O&5,?*@)3&(&8@4J4&,5&J?,97&Z(+,L9&0./&J4)9@M49:4K&

KUL(:4\&*@(3,)(??O&()*&974)&8?(J@)3&@9&,>4:&974&74(*&C@97&974&?,)3&4*34&5(J@)3&5,:C(:*&()*&

,)4&4*34QJ,:)4:&K7,:94:&97()&974&,974:<&=74&K7,:9&J,:)4:&@K&974)&+:,L379&L)*4:&974&J7@)&

()*&974&?,)34:&J,:)4:&3,4K&(J:,KK&974&5(J4&()*&C:(8K&+47@)*&974&74(*<&=74&9C,&J,:)4:K&(:4&

974)&9@4*&+47@)*&974&74(*&,:&)4(:&,)4&4(:<&&

&

+U@#L675@:5;74#

EL)3?(KK4K&M(O&),9&8:,>@*4&KL55@J@4)9&4O4&8:,94J9@,)&@)&974&*4K4:9<&B,:&(**@9@,)(?&8:,94J9@,)&

5:,M&3?(:4V&i4O4&+?(J-j&3:4(K4&J()&+4&(88?@4*<&;5&),9&(>(@?(+?4V&K,,9&5:,M&(&5@:4&J()&(?K,&

C,:-<&;)&(**@9@,)V&974&4O4K&J()&+4&K7@4?*4*&+O&5(+:@J&C@97&K?@9KV&,:&974&74(**:4KK<&&

&

Q775R@?6##

2:,84:&5,,9C4(:&@K&-4O&9,&(>,@*@)3&974&+L:)@)3&()*&+?@K94:@)3&,5&5449&L)(JJLK9,M4*&9,&974&

94::(@)<&;)&(**@9@,)&9,&KL@9(+?4&5,,9C4(:V&974&?43K&K7,L?*&+4&C:(884*&,:&J,>4:4*&@)&?,)3&

8()9K<&&

&

Page 244: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0R&,5&06& %7(894:&;&&

!"N"N#Q778#

#

'4(9&J()&J(LK4&(&?,KK&,5&(8849@94V&+L9&97@K&J()&+4&74?85L?&+4J(LK4&8:,94@)&5,,*K&@)J:4(K4&

M49(+,?@J&74(9&()*&C(94:&?,KK<&;5&C(94:&@K&KJ(:J4V&4(9@)3&K7,L?*&+4&-489&9,&(&M@)@MLM<&

G74:4&8,KK@+?4V&5,,*&4(94)&K7,L?*&+4&7@37&@)&C(94:&J,)94)9&Z4<3<V&5:L@9K&()*&>4349(+?4K\<&

e448&@)&M@)*&97(9&5,,*&K8,@?K&UL@J-?O&@)&974&*4K4:9<&])J4&,84)4*V&@9&K7,L?*&+4&4(94)&

@MM4*@(94?OV&,:&-489&J,>4:4*&()*&K7(*4*<&

&

#4K8@94&KJ(:J4&>4349(9@,)V&*4K4:9K&,594)&KL88,:9&(&>(:@49O&,5&()@M(?K<&;)K4J9KV&:489@?4KV&

:,*4)9K&()*&K,M4&KM(??&M(MM(?K&+L::,C&,:&7@*4&*L:@)3&974&*(OV&C7@?4&?(:34&M(MM(?K&(:4&

()&@)*@J(9@,)&97(9&974:4&@K&C(94:&J?,K4&(9&7()*<&

&

!"N"J#H@?=5I#

#

• ^,K9&*4K4:9&@??)4KK4K&(:4&J(LK4*&+O&4_J4KK@>4&4_8,KL:4&9,&KL)&()*&74(9<&B,??,C@)3&

974&(*>@J4&(+,>4&@)J?L*@)3&-448@)3&974&74(*&()*&+,*O&J,>4:4*V&C@??&74?8<&&

• %,)K9@8(9@,)&()*&8(@)&@)&8(KK@)3&L:@)4&(:4&J,MM,)&()*&K(?9&*45@J@4)JO&M(O&?4(*&9,&

J:(M8K<&

• '4(>O&KC4(9@)3V&J,L8?4*&C@97&3(:M4)9K&97(9&:L+&(3(@)K9&974&K-@)V&M(O&+?,J-&974&

KC4(9&3?()*K&()*&:4KL?9&@)&()&L)J,M5,:9(+?4&K-@)&@::@9(9@,)&-),C)&(K&8:@J-?O&74(9<&

• '4(9&J:(M8KV&74(9&4_7(LK9@,)V&74(9&K9:,-4&()*&K4:@,LK&KL)+L:)&(:4&(??&:@K-K&@)&974&

*4K4:9<&$&3:(*L(?&@)J:4(K4&@)&(J9@>@9O&()*&*(@?O&4_8,KL:4&9,&974&KL)&C@??&+L@?*&L8&(&

*454)J4V&8:,>@*4*&97(9&8?4)9O&,5&*:@)-@)3&C(94:&@K&(>(@?(+?4<&

• e448&M,@K9&(:4(K&,5&974&+,*O&Z@<4<V&J:4>@J4K&,5&(:M8@9KV&974&3:,@)&()*&9,4K\&J?4()&()*&

*:O&9,&8:4>4)9&@)54J9@,)<&

• I>4)&974&M,K9&9:@>@(?&K,:4&J()&+4J,M4&@)54J94*&@5&),9&*4(?9&C@97&K9:(@379&(C(O<&2L??&

,L9&()O&97,:)K&(K&K,,)&(K&8,KK@+?4&9,&(>,@*&8(@)5L?&K,:4K&97(9&M(O&*4>4?,8&()*&

8:4>4)9&C(?-@)3<&a()*(34&(??&JL9K&C@97&J?4()&*:4KK@)3K&()*&LK4&C7(9&M4*@J(?&(@*K&(:4&

(>(@?(+?4<&

&

!"N"]#16;D;4F#

#

=74&5,??,C@)3&(:4&9@8K&5,:&*:@>@)3&@)&974&*4K4:9d&&

• ^(@)9(@)&(&J,)9@)L@9O&,5&M,9@,)&()*&*,)T9&K9,8&@)&(&K()*O&8(9J7<&&

• #,)T9&(JJ4?4:(94&C74)&974&>47@J?4TK&C744?K&7(>4&?,K9&J,)9(J9&C@97&974&3:,L)*<&&

• $>,@*&*:@>@)3&@)&?,C&34(:&L))4J4KK(:@?O&()*&M,)@9,:&4)3@)4&94M84:(9L:4&(9&(??&9@M4K<&&

• $>,@*&+:(-@)3&@)&K,59&K()*<&$??,C&974&>47@J?4&9,&:,??&9,&(&7(?9&@)K94(*<&&

• #,)h9&8(KKQ,>4:9(-4&,974:&>47@J?4K&@)&K()*O&8(9J74K<&

• #,)h9&5,??,C&974&9:(J-K&,5&,974:&>47@J?4K&C74)&*:@>@)3&@)&K()*O&8(9J74K<&

• $>,@*&K7(:8&9L:)K&()*&*,)h9&9(@?3(94&,974:&>47@J?4K<&&

Page 245: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&06&,5&06& %7(894:&;&&

• ;5&(&>47@J?4&@)&5:,)9&+4J,M4K&K9LJ-V&M(@)9(@)&(&K(54&*@K9()J4&9,&(>,@*&4)J,L)94:@)3&

974&K(M4&J,)*@9@,)K<&&

• #,)h9&,>4:?,(*&O,L:&>47@J?4<&

&

&

&

Page 246: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0&,5&01& %6(7849&:&&

!"#$%&%'())*+,'-$,(+.#-+/#$%'0+,'-&#%1*,2)%+$#

&

!"3#,456789:5;74#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3&

!"<#2=74>?#@48#/@5@#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3&

:;.;0&'()*64<*&=(84<<>84&?4<476,)4@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0&

:;.;.&=(84<<>84&#(8(&?49A>)(<@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&.&

:;.;1&249@,)(<&B(78,7@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&C&

:;.;C&D,+><4&26,)4@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&E&

!"A#B@8;7?#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#C&

:;1;0&F(*>,&=G@84A@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&H&

:;1;.&I4)49(<&F(*>,&29,J4*K94@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&H&

:;1;1&F(*>,&?49A>),<,3G&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&H&

:;1;C&=89KJ8K9>)3&?9()@A>@@>,)@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&L&

:;1;E&=8()*(9*&!)>84*&"(8>,)@&%(<<&=>3)@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0/&

!"D#EF7G@F#27?;5;74;4H#.I?5>J#KE2.L#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#33&

:;C;0&%,<<4J8>)3&#(8(&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&00&

:;C;.&%,,9*>)(84@&()*&#(8KA@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&

:;C;1&M(G7,>)8@&()*&?9(J-@&;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;&0.&&

!"3#,456789:5;74#

&

$&@K55>J>4)8&()*&94<>(+<4&84<4J,AAK)>J(8>,)@&@G@84A&>@&()&>A7,98()8&J,A7,)4)8&,5&()G&

!"#$%&84(AN@&2<()&,5&$J8>,)&O@44&@4J8>,)&%;.;1P;&Q)&(**>8>,)&8,&J,)89>+K8>)3&8,&4554J8>R4&

>)5,9A(8>,)&A()(34A4)8&O(@&*>@JK@@4*&>)&J6(7849&SPT&@KJ6&(&@G@84A&>@&(<@,&-4G&8,&864&84(AN@&

(+><>8G&8,&J,A7<G&U>86&@(548G&94VK>94A4)8@&,K8<>)4*&>)&864&@74J>5>J&D>)>AKA&=4JK9>8G&

W749(8>)3&=8()*(9*@&ODW==P&5,9&R(9>,K@&J,K)89>4@&O@44&@4J8>,)&';1;.&5,9&A,94&>)5,9A(8>,)&

,)&DW==P;&Q8&>@T&864945,94T&>A7,98()8&86(8&!"#$%&A4A+49@&+4&5(A><>(9&U>86&864&84J6)>J(<&

4VK>7A4)8&(R(><(+<4&>)&864&!"#$%&=K77,98&D,*K<4@&O@44&@4J8>,)&X;HP;&F43K<(9&6()*@Y,)&

89(>)>)3&()*&79(J8>J4&>@&(<@,&94J,AA4)*4*;&&

&&

?6>@&J6(7849&79,R>*4@&>)5,9A(8>,)&,)&!"#$%&84J6)>J(<&4VK>7A4)8&K@4*&8,&J,AAK)>J(84&

+48U44)&84(A&A4A+49@&>)&864&5>4<*T&864&W)Y=>84&W749(8>,)@&%,,9*>)(8>,)&%4)894&OW=W%%P&

()*&!)>84*&"(8>,)@&F43>,)(<&W55>J4@&,9&'4(*VK(9849@;&Q)5,9A(8>,)&,)&864&K@4&,5&I<,+(<&

2,@>8>,)>)3&=G@84A&*4R>J4@&>@&(<@,&>)J<K*4*&O5,9&A,94&>)5,9A(8>,)&,)&864&K@4&,5&I4,39(76>J&

Q)5,9A(8>,)&=G@84A@T&@44&@4J8>,)&S;1;CP;&&

&

!"<#2=74>?#@48#/@5@#

&

!"<"3#0@48=>F8#.@5>FF;5>#$>F>M=74>?!

&

WR49&864&<(@8&G4(9@T&@(84<<>84&84<4J,AAK)>J(8>,)@&4VK>7A4)8&6(@&*4R4<,74*&59,A&6K34&

@K>8J(@4Y+(@4*&84<476,)4@&8,&@A(<<&6()*64<*&*4R>J4@&86(8&(94&,749(84*&(<A,@8&<>-4&(&A,+><4&

Page 247: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&.&,5&01& %6(7849&:&&

76,)4;&M6><4&86494&>@&),&@8()*(9*&A,*4<&,5&@(84<<>84&76,)4&K@4*&U>86>)&864&!)>84*&"(8>,)@T&

A,*4<@&79,R>*4*&>)&864&=K77,98&D,*K<4@&(94&34)49(<<G&4(@G&8,&K@4&Z&79,R>*4*&@,A4&+(@>J&

<>A>8(8>,)@&(94&K)*49@8,,*[&&

&

• ?64G&*,&),8&79,R>*4&>)*,,9&J,R49(34T&U>86,K8&()&4\849)(<&()84))(;&&

• ",8&(<<&@G@84A@&6(R4&5K<<&3<,+(<&J,R49(34;&&

• ?64G&J()&8(-4&@4R49(<&A>)K84@&8,&J,))4J8&8,&864>9&)48U,9-;&&

• ?64G&6(R4&<>A>84*&*(8(&J(7(+><>8G;&&

• X()*U>*86&J,)34@8>,)&>@&7,@@>+<4&>)&<(934Y@J(<4&4A4934)J>4@;&&

• ?64G&(94&34)49(<<G&4\74)@>R4&8,&K@4&O(8&<4(@8&!=]0&749&A>)K84P;&&

&

?,&K@4&(&@(84<<>84&76,)4T&8(-4&864&5,<<,U>)3&@847@[&&

&

0; ^\84)*&864&()84))(;&&

.; ?K9)&,)&864&76,)4&O>5&()G&2Q"&J,*4&>@&>)&K@4&864&J,*4&AK@8&+4&U4<<&-),U)&U>86>)&864&

84(AP;&&

1; M(>8&5,9&864&)48U,9-&J,))4J8>,)&8,&+4&4@8(+<>@64*&O(R,>*&8(<<&+K><*>)3@T&@8447&R(<<4G@&

()*&*4)@4&5,94@8@P;&&

C; #>(<&864&)KA+49&O864&J,K)89G&J,*4&@6,K<*&(<U(G@&+4&>)J<K*4*&U64)&K@>)3&(&@(84<<>84&

84<476,)4P;&&

&

!"<"<#.@5>FF;5>#/@5@#$>6J;4@F?#

!

^@8(+<>@6>)3&J,))4J8>,)@&8,&864&Q)849)48&()*_,9&,55>J4&)48U,9-@&>@&>A7,98()8&5,9&()&!"#$%&

84(A;&M64)&84<4J,AAK)>J(8>,)@&>)59(@89KJ8K94&>)&864&5>4<*&>@&*(A(34*&,9&6(@&<,U&J(7(J>8GT&

864&K@4&,5&@(84<<>84&*(8(&849A>)(<@&U><<&+4&G,K9&+4@8&J6,>J4;&?64&A,@8&U>*4<G&K@4*&@G@84A&>@&

864&X9,(*+()*&I<,+(<&$94(&"48U,9-&OXI$"PT&U6>J6&,5549@&+,86&*(8(&()*&84<476,)4&

J(7(+><>8G&@>AK<8()4,K@<G;&?6494&(94&@4R49(<&A,*4<@&,5&XI$"&849A>)(<@T&+K8&864G&,749(84&>)&

)4(9<G&864&@(A4&U(G;&=,A4&+(@>J&-),U<4*34&>@&)4J4@@(9G&8,&348&(&@8(+<4&()*&455>J>4)8&

J,))4J8>,);&D,@8&>A7,98()8&>@&7(G>)3&@74J>(<&(884)8>,)&8,&4)@K9>)3&864&849A>)(<N@&()84))(O@P&

7,>)8&*>94J8<G&8,U(9*@&864&@(84<<>84;&

&

267:>896>#N76#7M>6@5;4H#@#OE-+#

?64&5,<<,U>)3&79,J4*K94&5,9&,749(8>)3&XI$"&849A>)(<@&(77<>4@&8,&864&A,@8&J,AA,)&

849A>)(<@&Z&864&?69()4&`&?69()4&^\7<,949&E//&()*&a//&A,*4<@[&&

&

0; %,))4J8&864&7,U49&()*&)48U,9-&J(+<4@&O864&>)849)(<&+(8849G&U><<&<(@8&5,9&@,A4&6,K9@T&

+K8&4<4J89>J>8G&AK@8&+4&(R(><(+<4&5,9&J6(93>)3P;&

.; #4849A>)4&U6>J6&*>94J8>,)&8,&7,>)8&864&()84))(T&K@>)3&864&A(7&+4<,U;&?64&()84))(&

@6,K<*&+4&7,>)84*&8,U(9*@&864&J4)894&,5&864&(77<>J(+<4&J,<,K94*&J>9J<4&94794@4)8>)3&

864&943>,)&>)&U6>J6&864&849A>)(<&>@&<,J(84*&O4;3;T&$@>(Y2(J>5>J&>@&*(9-&+<K4&,)&864&A(7P;&&

Page 248: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&1&,5&01& %6(7849&:&&

&

P;H96>#!"3Q#OE-+#.@5>FF;5>#'7R>6@H>#

Q)&7,>)8>)3&864&()84))(&>8&>@&R49G&>A7,98()8&8,&6(R4&(&J<4(9&<>)4&,5&@>368&8,U(9*@&864&

@(84<<>84@;&?64&>)J<>)(8>,)&,5&864&()84))(&U><<&R(9G&U>86&864&849A>)(<N@&*>@8()J4&59,A&

864&4VK(8,9;&?6>@&A4()@&86(8&864&5K98649&59,A&864&4VK(8,9>(<&A49>*>()&864&849A>)(<&

>@T&864&A,94&*>55>JK<8&>8&U><<&+4&8,&(R,>*&,+@8(J<4@&<>-4&+K><*>)3@&()*&6><<@;&?6>@&>@&(&

5(J8,9&86(8&AK@8&+4&8(-4)&>)8,&J,)@>*49(8>,)&U64)&J6,,@>)3&(&<,J(8>,)&5,9&(&5>4<*&

,55>J4&,9&()&W=W%%;&

1; ?K9)&864&849A>)(<&,);&

C; S>)4Y8K)4&864&()84))(N@&*>94J8>,)_>)J<>)(8>,)&K@>)3&864&849A>)(<N@&@>3)(<&@894)386&

A4849&()*_,9&7><,8&8,)4&O864&@>3)(<&@894)386&U><<&>*4(<<G&+4&(+,R4&E/&*XY'bP;&%,)5>9A&

864&@>3)(<&+G&794@@>)3&864&cWde&+K88,);&&

E; =4JK94<G&5>\&849A>)(<_()84))(&>)&7,@>8>,);&

?64&849A>)(<&U><<&+4&A,@8&455>J>4)8&U64)&K@4*&,K8*,,9@T&+K8&J()&+4&K@4*&>)*,,9@&J<,@4&8,&

U>)*,U@&>)&@,A4&+K><*>)3@;&Q8&U><<&),9A(<<G&U,9-&>)&A,@8&84)8@;&Q5&864&@4JK9>8G&@>8K(8>,)&

749A>8@T&864&849A>)(<&J()&+4&7<(J4*&,K8*,,9@&O4;3;T&,)&(&9,,58,7P&()*&J(+<4@&J()&+4&9K)&>)8,&

864&U,9-&7<(J4;&M64)&7<(J4*&,K8*,,9@&5,9&4\84)*4*&749>,*@&864&849A>)(<&@6,K<*&+4&

79,84J84*&59,A&*K@8&()*&U4(8649&U>86&(&7<(@8>J&+(3T&,9&@>A><(9;&

'@95;74Q#$&@(54&*>@8()J4&,5&(8&<4(@8&,)4&O0P&A4894&AK@8&+4&A(>)8(>)4*&(9,K)*&864&59,)8&,5&

()G&@(84<<>84&*(8(&849A>)(<&()84))(;&?64@4&()84))(@&4A>8&9(*>,&594VK4)JG&4)493G&86(8&

J,K<*&>)fK94&()G,)4&J<,@49&86()&,)4&A4894;##

Page 249: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&C&,5&01& %6(7849&:&&

'@M@:;5I#@48#G@48S;85=#

?64&XI$"&6(@&(&+()*U>*86&O@744*P&,5&K7&8,&/;E&A43(+>8@&749&@4J,)*&OD+7@P;&?6>@&>@&5(9&<4@@&

86()&A,@8&6,A4&,9&,55>J4&Q)849)48&J,))4J8>,)@;&?6>@&+()*U>*86&>@&@6(94*&(A,)3&(<<&K@49@&

U6,&(94&J,))4J84*&8,&864&849A>)(<;&Q)&(**>8>,)T&(<<&K@49@&>)&864&@(A4&34,39(76>J(<&(94(&U><<&

@6(94&864&@(A4&c@7,8Y+4(Ae&59,A&864&@(84<<>84;&?64@4&5(J8,9@T&(<,)3&U>86&J,@8@&,5&K7&8,&

!=]H&749&A43(+G84&,5&*(8(&()*&K7&8,&!=]0H&749&A>)K84&,5&@894(A>)3T&A(-4&>8&R49G&

>A7,98()8&8,&(*(78&59,A&4R49G*(G&J,A7K849&U,9->)3&6(+>8@&>)&,9*49&8,&@(R4&+()*U>*86;&S,9&

4\(A7<4T&,)4&@6,K<*&),8&U(8J6&R>*4,T&*,U)<,(*&<(934&4YA(><&(88(J6A4)8@T&,9&K@4&@,J>(<&

A4*>(&544*@&,9&=-G74&K)<4@@&>8&>@&@89>J8<G&)4J4@@(9G&8,&*,&@,;&!@49@&@6,K<*&(<@,&8K9)&,55&864>9&

J,A7K849@N&(K8,A(8>J&K7*(84&5K)J8>,)@;&?6>@&+4J,A4@&4@74J>(<<G&>A7,98()8&>)&<(934Y@J(<4&

4A4934)J>4@&U6494&A()G&(J8,9@&@6(94&864&@(A4&<>A>84*&@(84<<>84&J(7(J>8G;&&

&

(5=>6#8@5@#:744>:5;R;5I#7M5;74?#

#4@7>84&>8@&A()G&(*R()8(34@T&@KJ6&(@&+4>)3&<>368U4>368&()*&5(>9<G&4(@G&8,&K@4T&XI$"&@G@84A@&

6(R4&<>A>8(8>,)@&<>-4&J(7(J>8GT&6>36&J,@8&()*&*>55>JK<8>4@&U>86&>)*,,9&K@4;&M6494&7,@@>+<4T&>8&>@&

,584)&+48849&8,&J,))4J8&8,&4\>@8>)3&>)59(@89KJ8K94&Z&(5849&J,)@>*49>)3&@8(+><>8G&()*_,9&

J(7(J>8G;&B,J(<&(K86,9>8>4@&()*&84<4J,AAK)>J(8>,)@&79,R>*49@&J()&,584)&(@@>@8;&Q5&*47<,G4*&8,&

(&J,K)89G&U>86&,)3,>)3&!)>84*&"(8>,)@&,749(8>,)@T&!)>84*&"(8>,)@&84<4J,AAK)>J(8>,)@&@8(55&

@6,K<*&+4&J,)8(J84*&8,&*>@JK@@&7,@@>+<4&@,<K8>,)@;&

&

Q5&864&4\>@8>)3&>)59(@89KJ8K94&>@&*(A(34*&,9&,R49<,(*4*&()*&>8&>@&(77(94)8&86(8&864&A>@@>,)&

U><<&+4&<(934&()*&,)3,>)3T&J,)@>*49(8>,)&@6,K<*&+4&3>R4)&8,&94VK4@8>)3&(&R49G&@A(<<&(7498K94&

849A>)(<&Og=$?P;&$&g=$?&>@&(&@(84<<>84&*(8(&849A>)(<&>)84)*4*&5,9&O@4A>P749A()4)8&

>)@8(<<(8>,)&()*&6(@&6>3649&J(7(J>8G&86()&(&XI$";&?64&4VK>7A4)8&>@&AKJ6&<(9349&86()&864&

XI$"&()*&@74J>(<<G&89(>)4*&84J6)>J(<&749@,))4<&(94&)44*4*&5,9&>)@8(<<(8>,);&Q5&)44*4*T&>8&

@6,K<*&+4&,9*494*&4(9<G&>)&864&A>@@>,);&!

!

!"<"A#2>6?74@F#&@M57M?#

!

!"#$%&A4A+49@&J,AA,)<G&+9>)3&864>9&749@,)(<&J,A7K849@_<(78,7@&,)&A>@@>,);&$&54U&

86>)3@&@6,K<*&+4&8(-4)&>)8,&J,)@>*49(8>,)&U64)&*,>)3&@,[&&

&

• %,A7K849@&U>86&^)3<>@6&<()3K(34&54(8K94@&()*&-4G+,(9*@&(94&A,94&4(@><G&(JJ4@@4*&

+G&A>@@>,)&@K77,98&@8(55;&&

• D4A+49@&@6,K<*&6(R4&5K<<&(*A>)>@89(8,9&79>R><434@&,)&()G&J,A7K849&864G&+9>)3;&

D()G&J,A7()G&J,A7K849@&6(R4&@4JK9>8G&@,<K8>,)@&86(8&94VK>94&7(@@U,9*@&,9&

@,58U(94&8,&J6()34&864>9&@488>)3@;&D4A+49@&@6,K<*&(@-&864>9&4A7<,G49&8,&79,R>*4&5K<<&

(*A>)>@89(8>R4&(JJ4@@&8,&()G&J,A7K849&+9,K368&,)&A>@@>,);&&

• 2,U49&,K8(34@&J()&+4&J,AA,)&>)&864&5>4<*;&D>@@>,)&J,A7K849@&@6,K<*&6(R4&(&

64(<86G&+(8849GT&794549(+<G&,5&(&6>36YJ(7(J>8G&8G74;&F4A4A+49&8,&(<@,&+9>)3&@,J-48Y

Page 250: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&E&,5&01& %6(7849&:&&

(*(78,9@T&()*&4)@K94&86(8&864&J,A7K849N@&7,U49&@K77<G&J()&6()*<4&+,86&00/R_H/'b&

()*&.1/R_E/'b&R,<8(34;&&

• ?,&94*KJ4&864&)48U,9-&<,(*T&(K8,A(8>J&K7*(84@&O4;3;T&M>)*,U@T&()8>R>9K@&@,58U(94P&

@6,K<*&+4&*>@(+<4*;&?,&-447&864&J,A7K849&79,84J84*&59,A&6(9A5K<&@,58U(94T&J64J-&

5,9&()*&>)@8(<<&864&<(84@8&K7*(84@&79>,9&8,&<4(R>)3&5,9&864&5>4<*;&&

• !=X&A4A,9GY@8>J-@&(94&594VK4)8<G&K@4*&,)&A>@@>,);&?64G&(94&(&J,AA,)&@,K9J4&,5&

R>9K@4@&()*&()8>R>9K@&@,58U(94&@6,K<*&6(R4&864&(+><>8G&8,&(K8,A(8>J(<<G&J64J-&864@4&

U64)&>)@4984*;&

&

P;F>#?576@H>#

?64&A>@@>,)&@K77,98&@8(55&,584)&@48&K7&(&<,J(<&(94(&)48U,9-&>)&864&W=W%%;&Q)&(**>8>,)&8,&(&

@6(94*&Q)849)48&J,))4J8>,)&()*&79>)8>)3T&864&)48U,9-&A(G&79,R>*4&J,AA,)&5><4&@8,9(34;&

M64)&K@>)3&J,AA,)T&@6(94*&@8,9(34&O(&c5><4Y@49R49ePT&>8&>@&>A7,98()8&8,&A(>)8(>)&(&79,749&

@89KJ8K94&()*&6(R4&@8()*(9*&79,J4*K94@&5,9&5><4&)(A4@&()*&R49@>,)@&,5&5><4@;&$&@89KJ8K94&

@6,K<*&+4&@48&K7&+G&864&W=W%%N@&>)5,9A(8>,)&A()(34A4)8&5K)J8>,)T&>)&J,,749(8>,)&U>86&

84J6)>J(<&@8(55;&F43K<(9&A,)>8,9>)3&,5&864&@89KJ8K94&@6,K<*&+4&*,)4&8,&4)@K94&79,749&K@4T&(@&

864&)KA+49&,5&5><4@&86(8&)44*&8,&+4&@8,94*&A(G&4\7()*&R49G&VK>J-<G;&$&3,,*&5><4&@89KJ8K94&

U><<&4)@K94&864&VK>J-&9489>4R(<&,5&>)5,9A(8>,);&&&

&

!"<"D#)7G;F>#2=74>?#

!

D,@8&J,K)89>4@&6(R4&(&A,+><4&84<476,)4&>)59(@89KJ8K94&()*&864&A(f,9>8G&,749(84&,)&864&

I=D&@8()*(9*&OI<,+(<&=G@84A&5,9&D,+><4&J,AAK)>J(8>,)@P;&M64)&(&<,J(<&)48U,9-&>@&

(R(><(+<4&>)&864&5>4<*T&@K77,98&@8(55&U><<&34)49(<<G&79,R>*4&A,+><4&76,)4@&4VK>774*&U>86&<,J(<&

=QD&J(9*@_)KA+49@;&?6>@&A(-4@&J,AAK)>J(8>,)&U>86&<,J(<&7(98)49@&4(@>49&()*&394(8<G&

94*KJ4@&J,@8@;&

&

D4A+49@&U>@6>)3&8,&K@4&864>9&,U)&76,)4@&@6,K<*&J,)@>*49&U648649&864G&U><<&6(R4&J,R49(34&

>)&864&(94(&,5&,749(8>,)@&()*&864&J,@8@&(@@,J>(84*&U>86&864>9&79,R>*49N@&9,(A>)3&(3944A4)8;&&

&

!"A#B@8;7?#

&

F(*>,&@G@84A@&J()&,749(84&()GU6494&()*&(94&),8&*474)*4)8&,)&4\>@8>)3&>)59(@89KJ8K94;&

?64G&(94&34)49(<<G&K@4*&,)&!"#$%&A>@@>,)@&U64)[&&

&

• ?6494&>@&),&5K)J8>,)>)3&A,+><4&84<476,)4&)48U,9-;&&

• ?64>9&K@4&>@&94VK>94*&+G&864&DW==;&&

• ?6494&>@&(&*4@>94&8,&94(J6&AK<8>7<4&K@49@&@>AK<8()4,K@<G;&&

&

Page 251: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&H&,5&01& %6(7849&:&&

?6>@&@4J8>,)&79,R>*4@&>)5,9A(8>,)&,)&!"#$%N@&K@4&,5&9(*>,T&34)49(<&9(*>,&79,J4*K94@T&

(JJ4784*&9(*>,&849A>),<,3G&()*&864&K@4&,5&!)>84*&"(8>,)@&J(<<&@>3)@;&&

&

!"A"3#B@8;7#.I?5>J?##!

&

?64&9(*>,@&K@4*&+G&!"#$%&(94&A,@8<G&()(<,3K4&g'S&Og49G&'>36&S94VK4)JGP&U>86&(&<>A>84*&

9()34&O>;4;T&(&54U&-><,A4894@P;&?64&9()34&A(G&+4&4\84)*4*&+G&864&K@4&,5&9474(849@;&=74J>(<&

4VK>7A4)8&()*&89(>)4*&@8(55&(94&)44*4*&8,&>)@8(<<&()*&A(>)8(>)&@KJ6&(&@G@84A;&Q)&@,A4&

(94(@T&'S&O'>36&S94VK4)JGP&9(*>,@&(94&@8><<&+4>)3&K@4*&5,9&<,)3Y9()34T&<,UYJ,@8&R,>J4&

J,AAK)>J(8>,)@;&#K9>)3&(&8G7>J(<&!"#$%&A>@@>,)&864&K@4&,5&'S&9(*>,@&>@&9(94&()*&@(84<<>84&

84<476,)4@T&,9&,8649&A486,*@&,5&84<4J,AAK)>J(8>,)T&(94&79454994*;&

&

M6><4&@,A4&!"#$%&7(98)49@&6(R4&A>39(84*&8,&*>3>8(<&@G@84A@&5,9&9(*>,&J,AAK)>J(8>,)@T&>8&

>@&>A7,98()8&5,9&@(548G&()*&@4JK9>8G&94(@,)@&86(8&4R49G&(J8,9&>)&()&4A4934)JG&,749(8>,)&K@4@&

864&@(A4&9(*>,&@G@84A&()*&79,J4*K94@;&&

&

!"A"<#E>4>6@F#B@8;7#267:>896>?!

&

?64&5,<<,U>)3&>@&()&,R49R>4U&,5&9(*>,&J,AAK)>J(8>,)&79,J4*K94@&86(8&A>)>A>b4&9(*>,&8>A4T&

A(-4&9(*>,&8>A4&A,94&4554J8>R4&()*&94*KJ4&A>@>)8497948(8>,)&,5&9(*>,&A4@@(34@;&?64&

!"#$%&84(A&@6,K<*&(<U(G@&5,<<,U&864@4&79,J4*K94@;&Q8&>@&>A7,98()8&86(8&(<<&K@49@&,5&864&

9(*>,&@G@84A&79(J8>J4&@89>J8&9(*>,&*>@J>7<>)4&(8&(<<&8>A4@;&&

&

• #4J>*4&,)&864&A4@@(34&+45,94&89()@A>88>)3;&&

• X4&J<4(9&()*&+9>45;&

• D(-4&@K94&),&,)4&4<@4&>@&@74(->)3&+45,94&89()@A>88>)3;&

• #>R>*4&A4@@(34@&>)8,&@4)@>+<4&769(@4@&U>86&7(K@4@&U6494&(779,79>(84;&&&

• =74(-&>)&(&)(8K9(<&96G86A;&

• $R,>*&4\J4@@>R4&()*&K),55>J>(<&89()@A>@@>,)@;&

• M64)&94(*G&8,&89()@A>8T&7K@6&864&89()@A>@@>,)&-4G&()*&U(>8&(&@4J,)*&+45,94&

@74(->)3;&M64)&5>)>@64*&89()@A>88>)3&U(>8&+45,94&94<4(@>)3&864&-4G;&

• !@4&@8()*(9*&79,)K)J>(8>,)&()*&4A76(@>b4&R,U4<@;&$R,>*&4\894A4@&,5&6>36&7>8J6&()*&

@74(-&>)&(&A,*49(84<G&@89,)3&R,>J4&O*,&),8&@6,K8P;&

• d447&(&*>@8()J4&,5&(+,K8&E&JA&+48U44)&864&A>J9,76,)4&()*&G,K9&<>7@;&=6>4<*&G,K9&

A>J9,76,)4&59,A&+(J-39,K)*&),>@4@;&

• F4A4A+49[&86>)-T&7K@6T&@74(-;&&

&

!"A"A#B@8;7#$>6J;47F7HI#&

#

?,&4(@4&J,AA,)&K)*49@8()*>)3&()*&(R,>*&499,9@T&34)49(<<G&(JJ4784*&849A>),<,3G&>@&K@4*&

(J9,@@&A,@8&,5&864&6KA()>8(9>()&J,AAK)>8G;&S,9&4\(A7<4T&864&Q)849)(8>,)(<&26,)48>J&

Page 252: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&a&,5&01& %6(7849&:&&

$<76(+48&O$<76(T&X9(R,T&%6(9<>4T&48J;P&>@&K@4*&(@&864&+(@>@&5,9&J(<<&@>3)@&()*&()G&8>A4&86(8&

J,A7<4\&@74<<>)3@&,9&>)5,9A(8>,)&AK@8&+4&89()@A>884*;&Q8&>@&(*R>@(+<4&86(8&(<<&!"#$%&

A4A+49@&(94&5(A><>(9&U>86&864&76,)48>J&(<76(+48&O@44&@4J8>,)&h;HP;&&

&

Q)&(**>8>,)&8,&864&76,)48>J&(<76(+48T&,8649&@8()*(9*&79,J4*K9(<&U,9*@&O79,U,9*@P&(94&

34)49(<<G&K@4*;&?64&5,<<,U>)3&8(+<4&>@&(&<>@8&,5&864&A,@8&J,AA,)&79,U,9*@&()*&864>9&

A4()>)3@;&

&

267S768# )>@4;4H#

$%d"WMB^#I^& %,)5>9A&86(8&G,K&6(R4&94J4>R4*&AG&A4@@(34&

()*&U><<&J,A7<G;&

$SSQFD$?Qg^&Z&"^I$?Qg^& i4@_%,994J8&Y&",_Q)J,994J8;&

$BB&$S?^F&,9&$BB&X^SWF^& ^R49G86>)3&86(8&G,K&OQP&89()@A>884*&(5849;;;&

Od4GU,9*P;&

^R49G86>)3&86(8&G,K&OQP&89()@A>884*&+45,94;;;&

Od4GU,9*P;&

%WFF^%?&O?'$?&Q=&%WFF^%?P& M6(8&G,K&6(R4&89()@A>884*&>@&J,994J8;&

%WFF^%?QW"& $)&499,9&6(@&+44)&A(*4&>)&86>@&89()@A>@@>,);&

Q8&U><<&J,)8>)K4&U>86&864&<(@8&U,9*&O39,K7P&

J,994J8<G&89()@A>884*;&

&

$)&499,9&6(@&+44)&A(*4&>)&86>@&89()@A>@@>,);&

%,994J8&R49@>,)&>@;;;&

&

?6(8&U6>J6&5,<<,U@&>@&(&J,994J8&R49@>,)&>)&

()@U49&8,&G,K9&94VK4@8&5,9&R49>5>J(8>,);&

&

MFW"I& i,K9&<(@8&89()@A>@@>,)&U(@&>)J,994J8;&?64&

J,994J8&R49@>,)&>@;;;&

=QB^"%^&Z&=QB^"%^&Z&=QB^"%^& %4(@4&(<<&89()@A>@@>,)@&,)&86>@&)48&

>AA4*>(84<G;&M><<&+4&A(>)8(>)4*&K)8><&<>584*;&

=QB^"%^&BQS?^#& =><4)J4&>@&<>584*;&?64&)48&>@&5944&5,9&89(55>J;&

^"#&WS&D^==$I^&Z&Wg^F&OW!?P& ?6>@&J,)J<K*4@&864&A4@@(34&fK@8&89()@A>884*&

O()*&864&A4@@(34&>)@89KJ8>,)@&7498(>)>)3&8,&

(&5,9A(<&A4@@(34P;&

Page 253: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&j&,5&01& %6(7849&:&&

SQI!F^=& "KA49(<@&,9&)KA+49@&U><<&5,<<,U;&&

&

Q)&34)49(<T&)KA+49@&(94&89()@A>884*&*>3>8&+G&

*>3>8&4\J478&86(8&4\(J8&AK<8>7<4@&,5&6K)*94*@&

()*&86,K@()*@&(94&@7,-4)&(@&@KJ6;&&

Wg^F& ?6>@&>@&864&4)*&,5&AG&8K9)&,5&89()@A>88>)3;&$&

A4@@(34&>@&4\74J84*;&I,&(64(*;&

?'FW!I'&D^& Q&(A&>)&J,)8(J8&U>86&864&@8(8>,)&G,K&(94&

J(<<>)3k&Q&J()&(J8&(@&(&94<(G&@8(8>,);&&&

D^==$I^&2$==^#&?W& i,K9&A4@@(34&6(@&+44)&7(@@4*&8,;;;&

FWI^F& Q&6(R4&94J4>R4*&G,K9&<(@8&89()@A>@@>,)&

@(8>@5(J8,9><G;&

FWI^F&=W&S$Fl& '(R4&G,K&94J4>R4*&86>@&7(98&,5&AG&A4@@(34&

@(8>@5(J8,9><Gl&

MQB%W& Q&6(R4&94J4>R4*&G,K9&A4@@(34T&K)*49@8()*&>8T&

()*&U><<&J,A7<G;&O?,&+4&K@4*&,)<G&+G&864&

(**94@@44;P&&

FWI^F&()*&MQB%W&(94&)4R49&K@4*&8,348649;&

!"d"WM"&=?$?QW"& ?64&>*4)8>8G&,5&864&@8(8>,)&J(<<>)3&,9&U>86&

U6,A&Q&(A&(884A78>)3&8,&4@8(+<>@6&

J,AAK)>J(8>,)&>@&K)-),U);&

M$Q?&OM$Q?YM$Q?P&& Q&AK@8&7(K@4&5,9&(&54U&@4J,)*@;&

M$Q?&Z&W!?& Q&AK@8&7(K@4&<,)349&86()&@,A4&@4J,)*@&()*&

U><<&J(<<&G,K&(3(>)&U64)&94(*G;&

W!?& ?6>@&>@&864&4)*&,5&AG&89()@A>@@>,)&8,&G,K;&&

",&()@U49&,9&(J-),U<4*34A4)8&>@&

4\74J84*;&

W!?&?W&iW!& #,&),8&()@U49k&Q&6(R4&),86>)3&A,94&5,9&G,K;&&

Q&@6(<<&),U&J(<<&(),8649&@8(8>,)&,)&864&)48;&

F^$#&X$%d& F474(8&864&4)8>94&5,<<,U>)3&89()@A>@@>,)&

+(J-&8,&A4&4\(J8<G&(@&94J4>R4*;&

Page 254: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&L&,5&01& %6(7849&:&&

Q&F^$#&X$%d& ?64&5,<<,U>)3&>@&AG&947<G&8,&G,K9&94VK4@8&8,&

94(*&+(J-;&

=$i&$I$Q"& F474(8&(<<&,5&G,K9&<(@8&89()@A>@@>,);&

&

S,<<,U4*&+G&$BB&$S?^FT&$BB&X^SWF^T&MWF#&

$S?^FT&MWF#&X^SWF^&48J;&A4()@[&F474(8;;;&

O7,98>,)&>)*>J(84*P;&

&

Q&=$i&$I$Q"& Q&(A&9474(8>)3&AG&89()@A>@@>,)&,9&7,98>,)&

>)*>J(84*;&

=^"#& I,&(64(*&U>86&G,K9&89()@A>@@>,);&

=^"#&iW!F&D^==$I^& I,&(64(*T&89()@A>8k&Q&(A&94(*G&8,&J,7G;&

=2^$d&=BWM^F& F4*KJ4&864&@744*&,5&G,K9&89()@A>@@>,);&

Q&=2^BB& Q&@6(<<&@74<<&864&)4\8&U,9*T&39,K7&,9&

4VK>R(<4)8&76,)48>J(<<G;&O",8&K@4*&U64)&

89()@A>88>)3&J,*4*&39,K7@&,)<G;P&

&

!"A"D#.569:596;4H#$6@4?J;??;74?##&

&

!@>)3&864&79,U,9*@&()*&864&76,)48>J&(<76(+48T&89()@A>@@>,)@&(94&34)49(<<G&@89KJ8K94*&(@&

5,<<,U@[&&

&

0; $B2'$T&?'Q=&Q=&%'$FBQ^&Y&D^==$I^T&Wg^F&

.; ?'Q=&Q=&$B2'$&Y&=^"#T&Wg^F&

1; ?'Q=&Q=&%'$FBQ^&Y&M$?%'&SWF&S$BB^"&FW%d=&W"&FW$#&XQFd^?&Y&Q&=2^BB&Y&XF$gWT&

Q"#Q$T&FWD^WT&dQBWT&^%'WT&?$"IW&Y&XQFd^?T&Wg^F&

C; ?'Q=&Q=&$B2'$&Y&MQB%WT&W!?;&

!

?64&5,<<,U>)3&769(@4@&(94&5,9&K@4&U64)&>)>8>(8>)3&()*&()@U49>)3&VK49>4@&J,)J49)>)3&@>3)(<&

@894)386&()*&94(*(+><>8G[&&

&

• F$#QW&%'^%d&Z&U6(8&>@&AG&@>3)(<&@894)386&()*&94(*(+><>8Gk&6,U&*,&G,K&94(*&A4l&

• iW!&$F^m&,9&Q&F^$#&iW!m&Z&G,K9&@>3)(<&@894)386&()*&94(*(+><>8G&>@&(@&5,<<,U@[&

• BW!#&Z&G,K9&@>3)(<&>@&@89,)3&

• IWW#&Z&G,K9&@>3)(<&>@&3,,*&

• M^$d&Z&Q&J()&,)<G&64(9&G,K&U>86&*>55>JK<8G&

• g^Fi&M^$d&Z&Q&J()&,)<G&64(9&G,K&U>86&394(8&*>55>JK<8G&

• "W?'Q"I&'^$F#&Z&Q&J()),8&64(9&G,K&(8&(<<&

Page 255: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0/&,5&01& %6(7849&:&&

#

$&@(A7<4&9(*>,&J64J-&>@&(@&5,<<,U@[&&

0; $B2'$T&?'Q=&Q=&%'$FBQ^&Y&F$#QW&%'^%dT&Wg^F&

.; ?'Q=&Q=&$B2'$&Y&iW!&$F^&BW!#&$"#&F^$#$XB^T&Wg^F&

1; ?'Q=&Q=&%'$FBQ^&Y&iW!&$F^&BW!#&$"#&F^$#$XB^&$=&M^BBT&W!?;&

!

!"A"C#.5@48@68#*4;5>8#+@5;74?#'@FF#.;H4?#

!

M64)&K@>)3&9(*>,&J,AAK)>J(8>,)@&,)4&*,4@&),8&K@4&)(A4@T&+K8&J(<<&@>3)@;&?64@4&J(<<&@>3)@&

945<4J8&864&"#$%&'($&()*&),8&864&>)*>R>*K(<&86(8&G,K&U()8&8,&94(J6;&?64&!"&6(@&*4R4<,74*&(&

@G@84A&5,9&864&(<<,J(8>,)&,5&J(<<&@>3)@&86(8&>@&(77<>J(+<4&U,9<*U>*4;&Q8&94VK>94@&A>)>AKA&

(*A>)>@89(8>,)T&>@&4(@G&8,&K@4&()*&K)>VK4<G&*45>)4@&@8(8>,)@&()*&K@49@;&?64&@G@84A&>@&

(77<>J(+<4&5,9&+,86&!)>84*&"(8>,)@&(34)J>4@&()*&,8649&6KA()>8(9>()&7(98)49@;&&

&

M>86>)&864&!)>84*&"(8>,)@&J(<<&@>3)&@G@84AT&864&5>9@8&<48849&>)*>J(84@&864&<,J(8>,)&,5&864&

)48U,9-;&?64&5>9@8&<48849&,5&864&<,J(8>,)&)(A4&>@&K@K(<<G&*4@>3)(84*;&Q5&86>@&<48849&>@&(<94(*G&>)&

K@4&+G&(),8649&)48U,9-&U>86>)&864&J,K)89GT&864&<(@8&<48849&>@&K@4*;&?6>@&J,)8>)K4@&K)8><&()&

(R(><(+<4&<48849&>@&5,K)*&>)&864&<,J(8>,)&)(A4;&S,9&4\(A7<4T&(&)48U,9-&,749(8>)3&>)&2(->@8()&

U,K<*&K@4&D>-4&5,9&DK<8()T&#4<8(&5,9&DKb(55(9(+(*T&()*&",R4A+49&5,9&D()@649(;&&&

&

?64&@4J,)*&<48849&,5&(&J(<<Y@>3)&>)*>J(84@&864&(34)JG[&

&

&>55>6& (6H@4;T@5;74& &>55>6& (6H@4;T@5;74&

$<76(& S$W& ",R4A+49& !"S2$&

X9(R,& M,9<*&X()-_QDS& W@J(9& W%'$_!"#$%&

%6(9<>4& !"Q%^S& 2(7(& !"W2=&

#4<8(& !"#2& nK4+4J& !"#2dW&

^J6,& !"^=%W& F,A4,& !"'%F&

S,\89,8& MS2& =>499(& !"#==&

I,<5& & ?()3,& !"'$XQ?$?&

',84<& M'W& !)>5,9A& !"&=4J948(9>(8&

Q)*>(& & g>J8,9& &

:K<>48& & M6>@-G& &

d><,& & oY9(G& F4@49R4*&5,9&"IW@&

B>A(& !":B%& i()-44& F4@49R4*&5,9&"IW@&

D>-4& QWD& hK<K& F4@49R4*&5,9&"IW@&

&

& &

Page 256: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&00&,5&01& %6(7849&:&&

?64&5>9@8&*>3>8&,5&864&J(<<&@>3)&>)*>J(84@&864&7,@>8>,)&U>86>)&864&(34)JG[&&

/;H;5# />M@65J>45#

0& D()(34A4)8&()*&A>@J4<<()4,K@&@4)>,9&@8(55&

.& S>)()J4&_&$*A>)>@89(8>,)&

1& B,3>@8>J@&

C& 29,39(AA4&

E& =8(55&@4JK9>8G&_&3K(9*@&

H& $34)JG&@74J>5>J&

a& #9>R49@&

j& ?4J6)>J(<&@K77,98&@8(55T&4;3;&?4<4J,AT&Q?T&48J;&

L& g>@>8,9@&_&$34)JG&@74J>5>J&

&

?64&<(@8&,)4&,9&8U,&*>3>8@&>)*>J(84&864&*>55494)8&>)*>R>*K(<@&>)&864&*47(98A4)8;&S,9&4\(A7<4T&

864&!"#$%&?4(A&B4(*49&>)&DKb(55(9(+(*&U,K<*&+4&#4<8(YW@J(9Y0k&864&!"#$%&#47K8G&?4(A&

B4(*49&U,K<*&+4&#4<8(YW@J(9Y0Y0;&

&

!"D#EF7G@F#27?;5;74;4H#.I?5>J#KE2.L#

&

!"D"3#'7FF>:5;4H#/@5@#!

&

W+8(>)>)3&J,994J8&J,,9*>)(84@&>@&5K)*(A4)8(<&8,&864&@KJJ4@@&,5&R(9>,K@&!"#$%&(J8>R>8>4@T&

>)J<K*>)3&864&J,AAK)>J(8>,)&,5&,749(8>,)(<&<,J(8>,)@&O4;3;T&864&W=W%%T&94@JK4&@>84@P&()*&864&

J,<<4J8>,)&,5&(@@4@@A4)8&*(8(&O4;3;T&J(A7&<,J(8>,)@T&9,(*&,+@89KJ8>,)@T&76G@>J(<&

>)59(@89KJ8K94P;&?64>9&J,,9*>)(84@&J()&+4&<,J(84*&K@>)3&*4R>J4@&@KJ6&(@&(&6()*Y64<*&I2=&K)>8T&

(&@A(98&76,)4&,9&(&8(+<48&J,A7K849&U>86&I2=&J(7(+><>8G;&=,A4&A,*4<@&,5&@(84<<>84&76,)4&J()&

(<@,&79,R>*4&I2=&J,,9*>)(84@;&&

&

M64)&J,<<4J8>)3&I2=&>)5,9A(8>,)&>)&864&5>4<*T&6()*Y64<*&I2=&K)>8@&(94&>*4(<&+4J(K@4&864G&

6(R4&(&<,)3&+(8849G&<>54&()*&(94&K@K(<<G&A,94&9,+K@8&86()&,8649&4<4J89,)>J@;&M6(84R49&*4R>J4&

>@&K@4*T&!"#$%&A4A+49@&AK@8&+4&5(A><>(9&U>86&>8@&K@4&()*&@6,K<*&+4&(+<4&8,&*>@7<(G&

J,,9*>)(84@&()*&94J,9*&U(G7,>)8@&>)&864&*4R>J4&A4A,9G;&O",84[&=A(9876,)4@&A(G&)44*&(&

@74J>(<>b4*&(77<>J(8>,)&8,&+4&(+<4&8,&*>@7<(GT&@8,94&()*&4\7,98&J,,9*>)(84@;&F43K<(9&A(77>)3&

(77<>J(8>,)@&A(G&),8&+4&@K>8(+<4&5,9&86>@&5K)J8>,);P&

&

Page 257: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&0.&,5&01& %6(7849&:&&

I2=&*4R>J4@&@6,K<*&+4&cU(9A4*&K7e&+45,94&@488>)3&,K8;&?6>@&U><<&4)@K94&()&(JJK9(84&@(84<<>84&

5>\T&4@74J>(<<G&>)&@>8K(8>,)@&U6494&864&*4R>J4&A(G&6(R4&+44)&A,R4*&6K)*94*@&,5&-><,A4894@&

@>)J4&>8@&<(@8&K@4;&?6>@&J()&8(-4&@4R49(<&A>)K84@&*474)*4)8&,)&<,J(8>,)&O>8&U><<&8(-4&<,)349&>)&

+K><8&K7&(94(@T&>)&R(<<4G@T&48J;P;&&

&

!"D"<#'7768;4@5>?#@48#/@59J?&

#!

#4*>J(84*&I2=&K)>8@&J()&*>@7<(G&A()G&*>55494)8&34,39(76>J(<&J,,9*>)(84&@G@84A@T&+K8&864&

A,@8&J,AA,)&()*&K@45K<&,)4@&(94&<(8>8K*4_<,)3>8K*4&O<(8_<,)3P&()*&!)>R49@(<&?9()@R49@4&

D49J(8,9&O!?DP;&&

&

B(8_<,)3&>@&864&A,@8&U>*4<G&K)*49@8,,*&J,,9*>)(84&@G@84A;&M>86>)&864&@G@84AT&J,,9*>)(84@&

J()&+4&*>@7<(G4*&>)&86944&*>55494)8&U(G@[&

&

• *43944@T&A>)K84@T&@4J,)*@&O#D=PT&4;3;T&c10[0E[1/&=e&O=&p&=,K86P&

• *4J>A(<&*43944@&O##PT&4;3;T&cY10;.EEe&

• *4J>A(<&A>)K84@&O#DPT&4;3;T&c10[0E;E&=e&&

&

",84&J(945K<<G&86(8&(<<&864&(+,R4&<(8>8K*4&4\(A7<4@&(94&(J8K(<<G&864&@(A4;&?6494&(94&H/&

A>)K84@&>)&(&*43944T&@,&0E&A>)K84@&4VK(<@&/;.E&*43944@;&Q8&>@&(<@,&>A7,98()8&8,&),84&86(8&

<(8>8K*4@&@,K86&,5&864&4VK(8,9T&()*&<,)3>8K*4@&U4@8&,5&864&I944)U>J6&Ob49,P&A49>*>()T&

K@K(<<G&6(R4&(&A>)K@&@>3)&U64)&U9>884)&>)&*4J>A(<&*43944@&O(@&@6,U)&(+,R4&>)&864&@4J,)*&

4\(A7<4P;&

&

!?D&J,,9*>)(84@&(94&K@4*&<4@@&,584);&?64G&J,A79>@4&,5&o&()*&i&J,A7,)4)8@T&>)&86(8&,9*49T&

()*&(94&@,A48>A4@&794J4*4*&+G&864&8644YJ6(9(J849&!?D&b,)4;&",84&86(8&864&o&()*&i&R(<K4@&

A(G&+4&94J,9*4*&(@&K)4VK(<&)KA+49@&,5&*>3>8@;&S,9&4\(A7<4[&c1/"&0EC..a&0jCECLLe;&?64&

5>9@8&7(98&>@&864&!?D&b,)4T&864)&864&o&J,,9*>)(84T&()*&5>)(<<G&864&i&J,,9*>)(84;&&

&

I4,*48>J&@G@84A@&(94&K@4*&8,&89()@<(84&@(84<<>84&)(R>3(8>,)&7,@>8>,)@&U>86>)&864&*4R>J4&8,&

(J8K(<&7,@>8>,)@&,)&864&4(986;&#(8KA@&(94&@48@&,5&R(<K4@&K@4*&8,&*45>)4&(&@74J>5>J&34,*48>J&

@G@84A;&#(8KA@&J()&@44A&J,)5K@>)3T&+K8&>)&(<A,@8&(<<&J(@4@&G,K&J()&@(54<G&@48&G,K9&I2=&

*4R>J4&8,&864&3<,+(<&MI=&jC&*(8KA&U6>J6&>@&K@4*&+G&A,@8&@A(9876,)4@&()*&79,39(A@&@KJ6&

(@&I,,3<4&^(986;&

#

!"D"A#U@IM7;45?#@48#$6@:V?#

&

$&U(G7,>)8&O,9&fK@8&7,>)8P&>@&(&@>)3<4&7<(J4&94J,9*4*&>)&864&I2=&*4R>J4T&4>8649&+45,94&864&89>7&

O5,9&)(R>3(8>,)P&,9&8,&J(78K94&864&J,,9*>)(84@&,5&7<(J4@&*K9>)3&864&89>7&O4;3;T&(&+9>*34T&U(849&

U4<<&,9&J(A7P;&M64)&94J,9*>)3&U(G7,>)8@&>)8,&(&I2=&*4R>J4T&+4&@K94&8,&94J,9*&(&84\8K(<&

94J,9*&,5&864&>)5,9A(8>,)&94<(84*&8,&864&U(G7,>)8;&S,9&4\(A7<4T&cM2.C&Y&84A7,9(9G&

Page 258: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

!"#$%&'()*+,,-&./01& 2(34&01&,5&01& %6(7849&:&&

U(946,K@4e&,9&cM2.E&Y&9,(*&U(@6,K8&Z&7(@@(+<4&+G&C\C&R46>J<4@e;&F4J,9*>)3&864&U(G7,>)8&

*48(><@&,)&7(749&>@&K@K(<<G&A,94&79(J8>J(<&86()&89G>)3&8,&>)7K8&84\8&>)8,&()&4<4J89,)>J&*4R>J4&

>)&864&5>4<*;&&

&

=,A4&I2=&*4R>J4@&(<<,U&(&89(J-<,3T&,9&fK@8&89(J-T&8,&+4&94J,9*4*&>)&864&+(J-39,K)*&(@&G,K&

A,R4;&?64&89(J-&5><4&J()&864)&+4&*,U)<,(*4*&,)8,&(&J,A7K849&()*&*>@7<(G4*&,)&(&A(7&

K@>)3&I,,3<4&^(986&,9&IQ=&@,58U(94;&Q5&K@>)3&89(J-&<,33>)3T&U,9-&,K8&6,U&8,&@U>8J6&864&

89(J->)3&,)&()*&,55&+45,94&3,>)3&,)&(&89>7;&=,A4&I2=&K)>8@&6(R4&89(J-@&749A()4)8<G&,)T&U>86&

864&,<*4@8&89(J-&7,>)8@&+4>)3&J,)8>)K(<<G&,R49YU9>884);&

&

M64)&+(J-&59,A&(&89>7T&*,U)<,(*&()*&@(R4&864&U(G7,>)8@&()*&89(J-@&J,,9*>)(84@&5><4@&59,A&

864&I2=&@,&86(8&864&*4R>J4&J()&+4&K@4*&(3(>)&,)&(),8649&8(@-;&2(@@&864&5><4@T&8,348649&U>86&

864&(@@,J>(84*&7(749&94J,9*@&Z&864&U(G7,>)8&*48(><@&Z&8,&864&IQ=&84(A&U6,&J()&A(7&864&

*(8(&8,&+K><*&K7&864&,749(8>,)(<&7>J8K94&5,9&(<<;&

Page 259: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 1 of 53 Chapter Z

Z. ANNEXES AND REFERENCE MATERIAL

Z.1 Conversion Tables (Imperial and Metric Measurements) .............................................. 2

Z.2 Characteristics of Aircraft Commonly Used During Emergencies ................................... 3

Z.3 Characteristics of Helicopters Commonly Used During Emergencies.............................. 5

Z.4 Aircraft Loading and Offloading Methods ..................................................................... 6

Z.5 Acronyms .................................................................................................................... 8

Z.6 Phonetic Alphabet ..................................................................................................... 11

Z.7 Selecting Sites for the OSOCC and Base Camp ............................................................. 12

Z.8 Guide for UNDAC Team Leaders ................................................................................. 16

Z.9 The MIRA Framework ................................................................................................ 26

Z.10 Sectoral Indicators for Emergency Phase Assessments .............................................. 33

Z.11 Sources of Secondary Information ............................................................................ 41

Z.12 INSARAG and USAR Classification ............................................................................. 44

Z.13 Foreign Medical Teams (FMTs): Classification and Minimum Standards .................... 49

Page 260: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 2 of 53 Chapter Z

Z.1 Conversion Tables (Imperial and Metric Measurements)

Metric to Imperial

Imperial to Metric

Length Length

1cm = 0.394 inches 1 inch = 2.54 cm

1 m = 39.4 inches 1 foot = 30.5 cm

1 m = 3.28 feet 1 foot = 0.305 m

1 m = 1.09 yards 1 yard = 0.914 m

1 km = 0.621 miles 1 mile = 1.609 km

Weight Weight

1 g = 0.035 ounces 1 ounce = 28.3 g

1 kg = 2.2 pounds 1 pound = 454 g

1 ton = 2200 pounds 1 pound = 0.454 kg

1 ton = 0.984 tons (US) 1 ton (US) = 1.02 tons

Surface Surface

1cm2 = 0.155 sq in 1 sq inch = 6.45 cm

2

1 m2 = 10.76 sq ft 1 sq foot = 929 cm

2

1 m2 = 1.2 sq yd 1 sq foot = 0.093 m

2

1 ha = 2.47 acres 1 sq yard = 0.836 m2

1 km2 = 247 acres 1 acre = 0.405 ha

1 km2 = 0.386 sq miles 1 sq mile = 2.59 km

2

Volume Volume

1 cm3 = 0.061 cu in 1 cu inch = 16.4 cm

3

1 m3 = 35.3 cu ft 1 cu foot = 0.028 m

3

1 m3 = 1.31 cu yd 1 cu yard = 0.765 m

3

1 ml = 0.035 fl. oz 1 fl once = 28.4 ml

1 l = 1.76 pints 1 pint = 0.568 l

1 l = 0.22 UK gal. 1 UK gal. = 4.55 l

1 US gal. = 0.833 UK gal.

1 UK gal. = 1.2 US gal.

Temperature

(Celsius x 1.8) + 32 = Fahrenheit

(Fahrenheit - 32) x 0.555 = Celsius

Page 261: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 3 of 53 Chapter Z

Z.2 Characteristics of Aircraft Commonly Used During Emergencies

Aircraft type

Cruising

speed

(knots)

Maximum

cargo weight

metric tons

(2,200 lb)

Cargo hold size

L x W x H

(cm)

Door size

W x H

(cm)

Usable cargo

volume

(m3)

Pallet qty.

224 x 318

(cm)

Desired

runway

length

(ft)

AN-12 15 1,300 x 350 x 250 310 x 240 100 n/a n/a

AN-22 60 3,300 x 440 x 440 300 x 390 630 n/a n/a

AN-26 5.5 1,060 x 230 x 170 200 x 160 50 n/a n/a

AN-32 6.7 1,000 x 250 x 110 240 x 120 30 n/a n/a

AN-72/74 10 1,000 x 210 x 220 240 x 150 45 n/a n/a

AN-124 450 120 3,300 x 640 x 440 600 x 740 850 n/a 10,000

A300F4-100 40 3,300 x 450 x 250 360 x 260 320 20 8,200

A300F4-200 42 3,300 x 450 x 250 360 x 260 320 20 8,200

A310-200F 38 2,600 x 450 x 250 360 x 260 260 16 6,700

A310-300F 39 2,600 x 450 x 250 360 x 260 260 16 6,700

B727-100F 16 2,000 x 350 x 210 340 x 220 112 9 7,000

B737-200F 12 1,800 x 330 x 190 350 x 210 90 7 7,000

B737-300F 16 1,800 x 330 x 210 350 x 230 90 8 7,000

B747-100F 99 5,100 x 500 x 300 340 x 310 525 37 9,000

B747-200F 490 109 5,100 x 500 x 300 340 x 310 525 37 10,700

B747-400F 113 5,100 x 500 x 300 340 x 310 535 37 n/a

B757-200F 39 3,400 x 330 x 210 340 x 220 190 15 5,800

B767-300F 55 3,900 x 330 x 240 340 x 260 300 17 6,500

DC-10-10F 56 4,100 x 450 x 250 350 x 260 380 23 8,000

DC-10-30F 70 4,100 x 450 x 250 350 x 260 380 23 8,000

IL-76 430 40 2,500 x 330 x 340 330 x 550 180 n/a 2,800

L-100 275 22 1,780 x 310 x 260 300 x 280 120 6 n/a

L-100-20 275 20 1,780 x 310 x 260 300 x 280 120 6 n/a

Page 262: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 4 of 53 Chapter Z

Aircraft type

Cruising

speed

(knots)

Maximum

cargo weight

metric tons

(2,200 lb)

Cargo hold size

L x W x H

(cm)

Door size

W x H

(cm)

Usable cargo

volume

(m3)

Pallet qty.

224 x 318

(cm)

Desired

runway

length

(ft)

L-100-30 280 23 1,780 x 310 x 260 300 x 280 120 6 n/a

MD-11F 90 3,800 x 500 x 250 350 x 260 365 26 n/a

Note: The cargo capacities and cruise speeds listed in the table above are averages for that type of aircraft. Actual capacities will vary based on

the altitude, ambient air temperature and actual fuel on board.

Page 263: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 5 of 53 Chapter Z

Z.3 Characteristics of Helicopters Commonly Used During Emergencies

Helicopter type Fuel type

Cruising

speed

(knots)

Typical allowable

payload for

hovering In

ground effect

(kg/lb)1

Typical allowable payload for

hovering out of ground effect

(kg/lb)2

Number of

passenger

seats

Aerospatiale SA 315B Lama Jet 80 420/925 420/925 4

Aerospatiale SA-316B Allouette III Jet 80 526/1,160 479/1,055 6

Aerospatiale SA 318C Allouette II Jet 95 420/926 256/564 4

Aerospatiale AS-332L Super Puma Jet 120 2,177/4,800 1,769/3,900 26

Bell 204B Jet 120 599/1,20 417/920 11

Bell 206B-3 Jet Ranger Jet 97 429/945 324/715 4

Bell 206L Long Ranger Jet 110 522/1150 431/950 6

Bell 412 Huey Jet 110 862/1900 862/1,900 13

Bell G-47 Aviation Gas 66 272/600 227/500 1

Bell 47 Soloy Jet 75 354/780 318/700 2

Boeing H 47 Chinook Jet 130 12,210/26,918 12,210/26,918 33

Eurocopter (MBB) BO-105 CB Jet 110 635/1,400 445/980 4

Eurocopter BK-117A-4 Jet 120 599/1,320 417/920 11

MI-8 Jet 110 3,000/6,6139 3,000/6,6139 20-30

Sikorsky S-58T Jet 90 1,486/3,275 1,168/2,575 12-18

Sikorsky S-61N Jet 120 2,005/4,420 2,005/4,420 n/a

Sikorsky S-64 Skycrane Jet 80 7,439/16,400 7,439/16,400 n/a

Sikorsky S-70 (UH-60) Black Hawk Jet 145 2,404/5,300 1,814/4,000 14-17

1 Use when takeoff and landing areas are relatively flat and load is non-jettisonable. Actual payload will vary based on elevation and temperature, amount of fuel and other factors.

2 Use for sling load missions (cargo is placed in a net or suspended from a line and picked up and moved by the helicopter using a belly hook), and adverse terrain (landing areas on top of

steep ridges or adjacent to cliffs) or weather. Actual payload will vary based on elevation and temperature, amount of fuel and other factors.

Page 264: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 6 of 53 Chapter Z

Z.4 Aircraft Loading and Offloading Methods

Aircraft may be loaded in four ways:

· Bulk Loaded: Cargo is loaded on the floor and held in place by nets, straps or ropes.

This may increase the usable cargo space on an aircraft; however, securing cargo in

place may be more difficult. Bulk loading also slows loading, offloading, sorting,

distribution and customs processing.

· Palletized: Cargo is preloaded onto wood or metal pallets and held in place by nets,

straps or ropes. This method is commonly used to store and ship humanitarian

supplies. Military pallets, officially called HCU-6/E or 463L pallets (nicknamed “cookie

sheets”), measure 224 centimetres wide and 274 centimetres long (213 x 264 of

usable space). They are made of wood with a thin aluminum coating and weigh 160

kilograms (with netting). The loaded pallets can be as heavy as 4500 kilograms.

These pallets are reusable and must be returned. They are commonly used on

aircraft such as the C-5, C-17, C-141 and C-130. Some commercial aircraft also use

them. For logistical planning purposes, when building pallets, limit the height of a

stack to 243 centimetres (96 inches) for these aircraft unless authorized to stack

higher by the crew chief. The size of commercial pallets varies greatly depending on

the country or region and the intended use. They are generally wood, but may also

be metal or plastic. They are used on aircraft such as the DC-8, B727, DC-10 and

B747. These pallets are also reusable. It is possible to stack pallets on an aircraft, but

it is more difficult and very time-consuming. Remember, flight crew duty time is

ticking!

· Containerized: Cargo is preloaded into closed containers and then loaded onto the

aircraft. This method is used to load large commercial aircraft such as B747s and DC-

10s. Cargo containers come in a great variety of shapes and sizes and their maximum

loaded weights range from less than 450 kilograms to over 11 tons. Each type is

designed to be loaded and offloaded with cargo in place using a mechanized loading

system or a forklift. Containerizing is very difficult and time-consuming, and

sometimes it is impossible to hand-load or unload containers once they are on the

aircraft. If a forklift will be used to load or offload containers or pallets, make sure

that the forklift can carry the largest pallet, has tines long enough to counterbalance

the weight and that the highest point of the forklift is lower than that portion of the

aircraft (wing, tail or door in open position) where it must move to retrieve the

container or pallet.

· External (helicopters only): Cargo is placed in a net or suspended from a line and

picked up and moved by the helicopter using a belly hook. Helicopters normally lift

and move more cargo externally (slinging) than internally. The external cargo is

loaded into specially made nets that are connected to a cargo hook on the belly of

Page 265: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 7 of 53 Chapter Z

the helicopter. Cargo may also be suspended on cables (lead lines). Make sure lead

lines and nets are approved for slinging cargo.

Pallets, containers, nets and lead lines are reusable. They may also need to be returned

quickly to their point of origin so they can be used for loading more cargo. Always think in

terms of “back hauling” cargo equipment for reuse or when it is no longer needed.

Page 266: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 8 of 53 Chapter Z

Z.5 Acronyms

The following table lists some of the most commonly used acronyms associated with UNDAC

missions.

Acronym Full name

APHP Asia-Pacific Humanitarian Partnership

ASC Area Security Coordinator (UNDSS)

ASEAN Association of Southeast Asian Nations

CAP Consolidated Appeals Process

CASS Coordinated Assessment Support Section

CDEMA Caribbean Disaster Emergency Management Agency

CERF Central Emergency Response Fund

CHAP Common Humanitarian Action Plan

CMCoord Civil Military Coordination

CMCS Civil Military Coordination Section (OCHA)

CMOC Civil-Military Operations Centre

CRD Coordination and Response Division (OCHA)

CSA Chief Security Advisor (UNDSS)

DART Disaster Assistance Response Team (USA)

DEMA Danish Emergency Management Agency (Denmark)

DFID Department for International Development (United Kingdom)

DO Designated Official (for United Nations security in-country)

DSA Daily Subsistence Allowance

DSB Directorate for Civil Protection (Norway)

ECCAS Economic Community of Central African States

ECHO European Commission Humanitarian Aid Office (European Union)

ECOWAS Economic Community of West African States

ERC United Nations Emergency Relief Coordinator

ESB Emergency Services Branch (OCHA)

EU European Union

FACT Field Assessment and Coordination Team (IFRC)

FAO Food and Agricultural Organisation (UN)

FCSS Field Coordination Support Section (OCHA)

FIS Field Information Section (OCHA)

FMT Foreign Medical Team (WHO)

FRF Finn Rescue Force (Finland)

FSCO Field Security Coordination Officer (UNDSS)

GA United Nations General Assembly

GDACS Global Disaster Alert and Coordination System

HAZMAT Hazardous materials

HCT Humanitarian Country Team

HIC Humanitarian Information Centre (OCHA)

IASC Inter-Agency Standing Committee

Page 267: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 9 of 53 Chapter Z

ICC Inter Cluster Coordination

ICRC International Committee of the Red Cross

ICT Information and Communication Technology

ICVA International Council of Voluntary Agencies

IFRC International Federation of Red Cross and Red Crescent Societies

IHP International Humanitarian Partnership

INSARAG International Search and Rescue Advisory Group

IOM International Organization for Migration

JEU Joint UNEP/OCHA Environment Unit

LEMA Local Emergency Management Authority

MCDA Military Civil Defence Assets

MIRA Multi-Cluster/Sector Initial Rapid Assessment

MSB Swedish Civil Contingencies Agency

NGO Non-Governmental Organization

OCHA United Nations Office for the Coordination of Humanitarian Affairs

OFDA Office of Foreign Disaster Assistance (USA)

OHCHR United Nations High Commissioner for Human Rights

OSOCC On-Site Operations Coordination Centre

PHT Pacific Humanitarian Team

PoA Plan of Action

PSD Preliminary Scenario Definition

RC/HC United Nations Resident Coordinator/Humanitarian Coordinator

SAARC South Asian Association for Regional Cooperation

SADC South African Development Community

SCLS Surge Capacity and Logistics Section

SMT Security Management Team (United Nations in-country)

SPC Somalia Protection Cluster

SRSA Swedish Rescue Services Agency (Sweden)

SRSG Special Representative of the Secretary-General

ToR Terms of Reference

UNDMT United Nations Disaster Management Team

UNDSS United Nations Department of Safety and Security

UNCT United Nations Country Team

UNDAC United Nations Disaster Assessment and Coordination (OCHA)

UNDP United Nations Development Programme

UNEP United Nations Environment Programme

UNFPA United Nations Population Fund

UNHAS United Nations Humanitarian Air Service

UNHCR Office of the United Nations High Commissioner for Refugees

UNICEF United Nations Children’s Fund

UNJLC United Nations Joint Logistics Centre

UNOG United Nations Office in Geneva

USAID United States Agency for International Development

USAR Urban Search and Rescue

USG Under Secretary General

VO Virtual OSOCC

Page 268: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 10 of 53 Chapter Z

WFP World Food Programme

WHO World Health Organization

Page 269: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 11 of 53 Chapter Z

Z.6 Phonetic Alphabet

Letter Pronunciation Letter Pronunciation Letter Pronunciation

A ALPHA J JULIET S SIERRA

B BRAVO K KILO T TANGO

C CHARLIE L LIMA U UNIFORM

D DELTA M MIKE V VICTOR

E ECHO N NOVEMBER W WHISKY

F FOXTROT O OSCAR X X-RAY

G GOLF P PAPA Y YANKEE

H HOTEL Q QUEBEC Z ZULU

I INDIA R ROMEO

Page 270: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 12 of 53 Chapter Z

Z.7 Selecting Sites for the OSOCC and Base Camp

The OSOCC location plays an important role in the coordination process. Its establishment is

a priority, but its location should be carefully planned. The location must be readily visible

and accessible to all who would benefit from its services. Failure to meet these criteria could

lead to organizations falling outside the coordination process.

The location of the OSOCC should ideally be in close proximity to the disaster site, the LEMA

and other agencies/organizations providing humanitarian assistance. This will facilitate

cooperation and information exchange. The location will, to some extent, depend on the

situation. In an earthquake, the OSOCC is best situated centrally onsite, but in a widespread

flood situation, it might be best to find an easily accessible location just outside the affected

areas.

The physical location should also maximize the possibilities of effectively utilizing

communication equipment (e.g., on higher ground and not surrounded by hills or other

natural obstructions). The site should slope and drain effectively. The site should facilitate

proper security procedures including ease of access and evacuation, a perimeter easily

guarded and distance from actual or potential armed conflict.

The building housing the OSOCC should be structurally sound and not damaged during the

emergency. Ideally there will be several separate rooms to use as offices. There should be a

general area for receiving and registering visitors, preferably with some pleasant ambiance

such as a coffee machine. There should also be a general situation room with tables and

chairs sufficient for meetings of 12-15 people (larger, if possible). There should be some

private offices where confidential discussions may take place. The building should be large

enough to accommodate the co-location of staff from the national Government and other

agencies that wish to operate within the OSOCC structure. Communication equipment

should be in a secure communications room. Office equipment like copiers should be

accessible but not in general meeting space areas.

Constructing the OSOCC using several tents is many times the best solution, as one is not

limited to available rooms in a building. It will be useful to think about traffic control in

designing the physical layout of the OSOCC. Certain areas will need to be secure and not

accessible to the public or even other responders. Some areas will be required for open

meetings, and the private and public areas should be well separated.

In large-scale emergencies it is important to think big from the start. The OSOCC may need

to provide office space and service areas for a large number of people as OCHA surge

capacity and other international organizations needing to have office space in the OSOCC

start to deploy. It is usually better to plan for more space than originally thought and not

Page 271: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 13 of 53 Chapter Z

end up having just a limited area at your disposal.

Base camp

In large scale emergencies, a camp for accommodation and offices for United Nations

agencies may be requested (see section B.6). These camps provide facilities such as sleeping

area, offices, kitchen, bathroom, showers, etc., and also all the infrastructure needed for

running such a camp.

The UNDAC team might be tasked with finding and selecting the site for such a camp, and

several considerations must be taken before making the final decision. If possible, one

should try to establish contact with the Team Leader of the camp module before the

module arrives in order to investigate the exact requirements of the camp that is planned. A

contract for the use of the site should be secured before the support module arrives. Once

the team arrives, things can get very busy and the owners may have second thoughts when

they assess the site.

Site considerations

· Area requirements: When selecting a site for the camp there is a rule of thumb

regarding minimum requirements for the size of the area. A minimum 1000 m² is

required for the core of the camp. This area will later be used for common facilities,

(e.g., kitchen, bathrooms, storage, generators). To that one adds 15 m² per

accommodated person, 10 m² per office-space, and 15 m² per vehicle (e.g., a camp

for 25 persons with 10 office-spaces and parking area for 10 vehicles will need 1575

m²).

· Security: The area should be easily secured to keep out unwanted visitors. Also

consider hazards within the compound (e.g., a wall at risk from collapse). In the post-

emergency environment look for secondary hazards such as overhead power lines,

gas pipelines, large trees or other unstable buildings.

· Traffic flow: How will vehicles enter and exit the compound? Minimize turning areas

and allow for heavy trucks (especially during set up).

· People flow: Apart from the people living in the compound, who else will be visiting?

Try and design the layout to allow visitors access to the office/work area of the

compound without having to go through the accommodation area.

· Tents: Will be brought in for office space, accommodation, kitchen and dining,

showers and ablutions. Estimate a tent being 10m x 8m (some may be smaller),

allow an extra 1.5m - 2m on all sides for a fire break and passage between the tents.

The dining tent and kitchen may be joined to make one 20m x 8m tent. Space should

be allowed for at the rear of the kitchen for access to the refrigerator.

· Flat grassed area: The tents will be erected with little preparation of the site, so the

flatter the better. The tents may be erected on hard stand however this may

produce some issues over securing them against strong wind or helicopter wash.

Page 272: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 14 of 53 Chapter Z

· Gravel: When building the camp on grass or earth the tents will need a base of gravel

underneath in order to prevent decomposition of the soil and a foul smell in the

camp. Locate a place nearby where this gravel can be procured and transported to

the camp site. Check out what logistical arrangements have to be made for this

before the module arrives.

· Drainage: Tropical monsoons may dump huge amounts of water in a very short

space of time. Allow for the site to be well drained – another reason why hard stand

for tents may be a problem. Provision for drainage of showers and water points

should also be considered.

· Paths: Gravel paths will be put in place between the tents. As an alternative, a

boardwalk may be put in place, but the module doesn’t come equipped for this.

· Hard stand: The team will come with several vehicles. Other UN agencies will also

have their vehicles. A hard stand for 30 vehicles should be provided within the

compound. Visitor’s vehicles should not be allowed in the compound.

· Generators: One or two large generators will be brought to the site. Position these as

far away as possible from sleeping and working areas, but allow for easy re-fuelling.

· Toilets: Either black bag (single use, take-it-away) or chemical toilets may be used. In

either case a minimum of four toilets will be required (male, female, diarrhoea and

nurse/cook). Disposal of waste should be considered. Hand washing facilities will be

required next to the toilets.

· Water supply: A small water treatment facility comes with the unit and has a

footprint of about 1.5m x 3m. A second unit (approx. 2m x 4m - bladder) is also

required to provide a head of water. This second unit will need to be above ground

on the roof of a building or on scaffolding (the module does not necessarily come

with something to raise the bladder off the ground). Ensure the above ground

bladder will not create an earthquake hazard. Remember the weight involved (1m3

of water is 1 ton). Allow for truck access to top-up the water supply if no other

source is available.

· Helipad: If possible, provide for a helipad with clear access and egress both on the

ground and for take-off and landing. The helipad should be easily secured during

operational periods. A helipad should be as far from tents as possible and at least

150-200m away. Where possible flight paths should avoid passing over the camp.

Ideally, the helipad should be on hard stand. The cordoned area should measure

40m x 80m (80m being preferred for approach and departure paths) and be lit. A

windsock or other wind indicator (e.g., smoke) should be considered.

· Normality: Consider the space you are using when things start returning to normal.

Are you taking over a space that will be required (e.g., school grounds, sports arenas,

public parks)? Try and have a minimal impact to speed the return to normal

conditions.

Page 273: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 15 of 53 Chapter Z

Camp construction

When the module and the team arrive they will listen to your considerations for camp

layout and then adapt that to suit the limitation of the equipment they have and the site

chosen. Establish a point of contact, preferably the Support Team Leader, and liaise with

this person on a regular basis.

· Time: Camps are not erected overnight and a camp for 80-90 staff will take a

minimum three to four days for construction.

· Unloading: In total, approximately seven truckloads of equipment will be delivered

and unloaded. Ideally, these should be unloaded on to hard stand immediately

adjacent to the construction area. A forklift will be used and where this is used on

the grassed area it can very quickly turn to mud and become quite rutted. Allow

approximately 180m2 for the unloaded equipment prior to camp construction. This

does not include vehicles. The hardstand may be used for vehicle parking once camp

construction is completed if this meets with security requirements.

· Food: Will be delivered in bulk and will easily fill a standard garage (over and above

the space required for unloading). Ideally, there should be a secure area to lock up

food and water, preferably the size of a two-car garage.

Other considerations

· Daily coordination meetings may have up to 100 people present, for each meeting.

· Think about heat and rain issues – 30 people on the floor of a hot tent in the pouring

rain is not recommended.

· The compound may have armed guards – can they shelter out of the sun and rain?

· Is there an evacuation plan for the compound? Under what conditions and who

activates the plan?

· GPS the site and promote the address and GPS coordinates with the agencies that

need to know.

· Name the areas of your site – if you have a mapping unit get them to draw a site

plan. This will be useful from a management point of view (e.g., who is in which tent,

evacuation routes).

Page 274: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 16 of 53 Chapter Z

Z.8 Guide for UNDAC Team Leaders

The following is intended as a quick guide for UNDAC Team Leaders and includes hints and

tips on team leadership and mission management. References to important material in this

UNDAC Handbook are included.

Preparedness

Team Leader hints:

· As a potential UNDAC Team Leader, have an in-depth knowledge of the UNDAC

concept, support mechanisms and recent mission deployments, as well as OCHA, its

mandate and structure, and its various tools and services, including humanitarian

financing mechanisms.

· Keep updated on developments in the IASC as well as international humanitarian

response policy, thinking and architecture, disaster trends, lessons learned and

international evaluations carried out following major international disasters.

· Remain in close contact with OCHA/FCSS and participate in regular training activities

between missions.

References:

A.4 to A.7, chapter B, C.2.1

Mobilization

Team Leader hints:

· Ensure that the deployment is seen as part of OCHA’s wider response and that surge

deployments from other parts of OCHA are merged as much as possible with the

UNDAC team ("one OCHA").

· Assess team composition (professional and soft skills, experience, gender,

regional/local knowledge and languages, etc.).

· Start the planning process as soon as possible and anticipate next steps.

· Engage the team in discussion of preliminary mission objectives and have an open

discussion on team roles and individual tasks within this.

· Assess requirements for additional support from partners (e.g., IHP, APHP, AST, TSF,

MapAction, ACAPS).

· Seek out contact information on the affected country.

· Start an initial plan, including entry into the affected country (e.g., resources,

equipment, documentation, visas).

· Take steps to ensure a secondary data review is available to the team as quickly as

possible.

Page 275: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 17 of 53 Chapter Z

References:

C.2.2

Initial Planning

Team Leader hints:

· Brainstorm ideas and plan your approach.

· Make an inventory of assets.

· Anticipate challenges and opportunities.

· Establish “mission mode”.

· Prioritize and assign tasks, including OCHA surge and support staff.

· Establish a preliminary timeline.

· Ensure the initial plan establishes a direction and a foundation for further planning,

even if it has to be changed.

· Create the initial plan virtually due to speed of deployment as there is rarely an

interim marshalling point before entry into the country.

· Any plan is better than no plan at all – remember: “If you fail to plan, you plan to

fail.”

Reference:

C.2.3

Meeting with RC/HC and/or HCT

Team Leader hints:

· The meeting is a two way interaction where information received is just as important

as information presented.

· Keep your brief short, simple and to the point.

· Emphasize that the team is there to assist/support the RC/HC and HCT, and will

report to them.

· The outcome of the meeting should define the overall mission objective and the

framework of the Plan of Action.

· Ask about the current United Nations Country Team and coordination arrangements.

For example, is there an HCT including non-United Nations actors and an updated

contingency plan?

· Discuss the benefits of current humanitarian coordination structures, accountability

and predictability of response with the enhanced sector approach (clusters).

· Have agencies and/or organizations been designated as lead in key areas of response

(as per any contingency plan)?

· Are there Government counterparts or a designated national emergency

Page 276: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 18 of 53 Chapter Z

management authority?

· Are those responsible from the international humanitarian system (e.g., cluster

leads) already liaising with Government counterparts?

Reference:

A.4, C.3.1

Plan of Action (PoA)

Team Leader hints:

· Think strategically from the beginning and don’t get caught up in day-to-day tactical

matters. They should not dominate your workday as one may easily lose oversight.

· Think about what is possible to achieve as opposed to what you want to achieve. You

can’t do more than what your resources, capacity and operational framework

dictates.

· No plan survives contact with reality. It’s the best you can predict, it will not happen

that way. You can still succeed.

· It's not the plan that is important, but having gone through the planning processes

and thought through possible challenges that may occur further down the road.

Having made a PoA gives you something to be flexible around. You can make

appropriate changes even if the detail does not work the way you planned.

· Define the overall mission objective first. The Handbook offers a generic format of

what the plan should contain, but it is the mission objectives that determine how the

plan should be formulated, structured, displayed and implemented.

· Consider what your exit strategy will be from the very beginning of your mission, and

adapt this part of the plan in the light of developing experience.

· Identify when and where physical presence is required and what team member(s)

are most suited to go where.

· Catalogue resources required to ensure the team’s effectiveness.

· Ensure that the objectives are achievable given resource constraints (e.g., number of

team members).

PoA as a management tool:

· May be created as a checklist with questions on what you need to know to achieve

your objectives.

· Remember, the plan is more about process management than a product.

· May be displayed as a timeline with benchmarks and then used to review

implementation of achievements and failures.

· Tasks may be broken down in smaller responsibilities that can be assigned to certain

members.

· Should serve as a record of what the team has planned and achieved and be an

Page 277: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 19 of 53 Chapter Z

institutional memory of mission development.

· Use the PoA to define your support requirements, but don’t let the resources control

your plan.

References:

C.2.3, C.3.2, C.3.3

Team management

Team Leader hints:

· Be aware of the difference between leadership and management. Management is

about procedures, structures and processes. Leadership is about vision, providing

direction, setting ethical standards, decision-making and social skills. Remember:

“Leaders do the right thing; managers do things right.”

· If a Deputy Team Leader is not already appointed, do so, and see what management

responsibilities can be covered by him/her.

· Leadership is based on one’s behaviour. Skills alone do not make leaders; style and

behaviour do, especially your behaviour towards others.

· There are different leadership styles; from autocratic (i.e., makes all decisions by

him/herself) and to a service-oriented style (i.e., what do I have to do to make you

perform better). The situation at hand defines what style to apply. For example, it

might be appropriate to choose a firm decisive style in an urgent operational setting,

but an inclusive style when formulating ideas and plans.

· When geographically spread out, define clear reporting lines and responsibilities.

Not every location has to do everything.

· Remember your responsibility for team members in other locations. Call them on a

regular basis.

· Keep the team work communal and social and be aware of the risk of cumulative

stress and fatigue in your team.

References:

B.4.1, C.3.3, D.3.2

Coordination, scope, approach and techniques

Team Leader hints:

· Remember the cornerstones of the UNDAC methodology (i.e., the UNDAC core

values, bridging disaster management and humanitarian coordination, the

humanitarian principles, and how UNDAC supports or provides leadership).

· Assess existing structures and decision-making processes, and adapt your structures

accordingly.

Page 278: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 20 of 53 Chapter Z

· Identify the main stakeholders, their requirements for coordination support and how

you best may establish yourself alongside them.

· Remember that proximity to local decision makers is vital.

References:

D.1, D.2, D.3.4, D.3.7, D.4.1

OSOCC

Team Leader hints:

· The Team Leader should not undertake the role of OSOCC Manager.

· Think clearly about your choice of location to ensure proximity to national

authorities and other key entities.

· The Handbook offers the generic OSOCC functions but it will be the situation that

dictates which are needed and which should be given the highest priority.

· Remember that the OSOCC is a service provider to the whole humanitarian

community. It may start as a structure for direct coordination of life saving activities

(e.g., USAR), but evolve into an OCHA field office and/or support centre for the HCT

in the longer term.

References:

D.3

Civil Military Coordination (CMCoord)

Team Leader hints:

· When military forces play a significant part in the humanitarian response, a

dedicated CMCoord structure is usually needed.

· Be aware of the purpose, scope and dimensions of humanitarian civil-military

coordination.

· Establish a civil-military coordination skills inventory amongst the UNDAC team.

· Request civil-military coordination personnel and/or expertise through OCHA’s Civil-

Military Coordination Section (CMCS).

· Consider, upon consultation with the RC/HC, the release of context-specific civil-

military coordination guidance.

· Establish, together with the RC/HC or dedicated operational coordinator, clear lines

of communications.

· Define the tasks of a dedicated civil-military coordination officer according to the key

strategies of UN-CMCoord.

· Identify international and domestic military actors in your area of operations, and

establish and maintain an appropriate interface depending on the political context of

Page 279: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 21 of 53 Chapter Z

the intervention.

· Overcome challenges with your counterparts through transparent exchange of

information, constant dialogue, and establish trust and confidence in each other’s

work.

References:

D.4

Assessments

Team Leader hints:

· Assessments should inform decision-making. Initial assessments mainly inform

strategic decisions and preliminary emergency funding allocations in the early

phases; while in later phases they inform programming and monitoring.

· Assessment is a process that starts with preparedness. In the emergency response

context, an assessment is an on-going process by which we gather available

information, collate it and analyze it in order to inform our response (i.e., to make

decisions). Do not think of a field trip when saying assessment.

· The assessment process is iterative, where the next step builds on the previous one,

and we keep repeating the process to get more detail. The findings of each phase will

drive the assessment design and focus of the next phase.

· Always start the process with collection of secondary data to compare with actual

findings to identify disaster impact.

· First start with the big picture and only go more in depth on issues identified by the

previous assessment afterwards. Assessments move from a life-saving focus to

increasing recovery oriented assessments.

· Identify the right team composition.

· Initially time is key. Only a rough picture of the situation is needed. How big a

problem is it? What are major issues? Any particular groups/sectors/geographical

areas that are specifically affected with urgent needs? Is there need for specific

expertise in the team (e.g., related to hazardous materials)? It is better to get the full

picture half-right, than only parts of the picture completely right.

· Assessments should be coordinated, involve joint analysis, identify secondary risks

and contribute to a shared understanding of the operational picture.

· UNDAC’s role is to ensure that assessments are conducted, not necessarily carry

them out. Nevertheless, any UNDAC team must be prepared to initiate and take

charge of the assessment process themselves, especially in the early stages of an

emergency.

References:

Chapter E

Page 280: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 22 of 53 Chapter Z

Information management

Team Leader hints:

· Collect, collate and analyze to create and disseminate a product.

· The function should be assigned to one or several dedicated team member(s) early

on in the mission, but all members are part of the process.

· A strategy for the information management should be developed and incorporated

in the PoA.

· The information management collection and collation strategy must be started

immediately.

· Analysis is the process of asking “So what?” or “What does this mean?” when

presented with collated information or data.

· Don't let yourself and the team be driven by technology and software solutions.

· The success of a mission is often measured on the quality of the information

produced and disseminated.

References:

E.6, Chapter F, G.4.5

Situation report

Team Leader hints:

· In many countries with existing HCT structures, the UNDAC team will need to

contribute to the HCT situation report. Make sure you agree on when and what to

contribute and to whom.

· Try to imagine yourself at the receiving end and anticipate what information you

would need.

· Define your primary audience for the situation report (this may change over the

course of the mission).

· Depending on context and situation, your field situation report might only be an

input to a consolidated, more comprehensive report written on a higher level.

· Even when the report is written by other team members it should be approved by

the Team Leader before distribution.

References:

F.3.3.2

Page 281: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 23 of 53 Chapter Z

Operational briefings for the UNDAC team

Team Leader hints:

· Should preferably be held on a daily basis.

· Use the PoA to define next day’s tasks and assign responsibilities.

· Ensure all team members are briefed, either in-person, by voice or virtually.

· Utilize the operational briefing for regular debriefs and look for signs of cumulative

stress and fatigue.

References:

C.3.3, H.8

Media

Team Leader hints:

· Always discuss media strategy with the RC/HC. She/he knows the country and

potential pitfalls.

· If a major emergency, expect OCHA headquarters to issue key messages for media.

· Always have the latest official and key figures (death toll, injured, number of USAR

teams in-country, etc.) in hand.

· Normally the Team Leader should be the focal point for media. If not, the Team

Leader must ensure an overall media strategy and appoint a spokesperson.

· Media is a good tool for advocacy, but stick to the team’s area of expertise.

· The media message should reflect what is being reported in situation reports and

asked for in appeals (key messages).

· Specific media messages should be cleared with the RC/HC.

· Ensure all team members are aware of the key figures and messages of the day to

avoid them being caught unaware.

· Give only factual statements not your opinion, and never lie to the press.

References:

F.3.5.4, F.3.5.5

Funding

Team Leader hints:

Central Emergency Response Fund (CERF):

· The RC/HC must endorse agency proposals to access the CERF; agencies cannot

submit directly to the ERC.

· Proposals should be sent as a package to the ERC and the CERF Secretariat at

[email protected].

Page 282: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 24 of 53 Chapter Z

· Budgets must follow the CERF template and a project allocation table is required.

· Situations requiring CERF funds should normally also generate an appeal. The RC/HC

allocates available CERF funds to the highest-priority most urgent life-saving

projects.

· CERF doesn’t replace an appeal, it interacts with it. Appeals and CERF requests are

developed in tandem, where CERF is a tool for fast funding to cover the time lag

between issuance of the appeal and receipt of commitments and funds from donors.

· Ideal: Simultaneously prepare appeal and prioritize projects within it for CERF

funding and show CERF allocations in summary financial tables within the appeal

document. However, CERF funds must not exceed more than 25% of the total sum

covered in the appeal.

Appeals:

· RC/HC and HCT must own both process and end product.

· UNDAC may support the HCT, but is neither its brains nor author.

· Consult the CAP Section (OCHA Geneva) or the OCHA Regional Office and try to get

an experienced appeal writer.

· State USD requirements of United Nations agencies and their implementing

partners.

· Must decide whether to include acute relief needs only or also include transitional

needs.

· Must be short and produced very quickly (a few days to a week).

· Draws on CAP methodology but much slimmed down.

· Uses sector/cluster system in its production by delegation to lead agencies.

· Must have Government support and sometimes its involvement as an implementing

partner, but not always.

· Use UNDAC members to support key cluster leads, but be careful not to let appeal

support consume all your team’s resources and monopolize the efforts of your team.

· Team Leader agrees on strategy and process with RC/HC at the outset. Review

progress, and stay in close contact with him/her throughout.

· Ensure consistency of approach and of the key messages, at field level, in the capital

and at headquarters.

· Resist efforts to inflate financial requirements.

· Protect and help your appeal writer. Dedicate a good national staff assistant for

translation.

· Be prepared for “curve balls”; the situation and deadlines will, likely, change during

production.

References:

A.4.8, A.4.9

Page 283: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 25 of 53 Chapter Z

End of mission

Team Leader hints:

· An exit and handover/transition strategy should have been considered from the very

earliest PoA and in every interim plan and team operational briefing, otherwise the

issue is easily lost sight of in the urgency of the mission. Failure to properly plan and

execute a handover/transition strategy may seriously imperil your achievements and

long-term success of the mission resulting in lost opportunities to stabilize changes

and innovations. It may also leave a serious hiatus in the management of the

operation when the UNDAC team leaves.

· Typically, an effective strategy requires an ongoing inventory of assets and processes

under the team’s control; identifying local partners at the earliest opportunity that

will assume key-functions performed by your team; and, if necessary, building up

their capacity before the handover takes place. It is important to note that a proper

handover/transition strategy may be implemented over the course of the mission, as

partners are identified and determined ready, and should not all occur at the end of

the mission.

References:

C.4, F.2.3

Page 284: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 26 of 53 Chapter Z

Z.9 The MIRA Framework

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

Dri

ve

rs o

f th

e c

risi

s a

nd

un

de

rly

ing

fa

cto

rs

1. What are the main

drivers of the crisis

and what are the

underlying factors of

increased

vulnerability?

} What are the main drivers

of the crisis (including

environmental, socio-

political, climatic and

economic factors)?

} What are the underlying

factors (often pre-

existing conditions) of

the crisis (including

environmental, socio-

cultural and economic

context as well as

demographic,

governance) that may

lead to increased

vulnerabilities?

} How are the main drivers likely

to evolve in the short, medium

and/or long term?

} How are underlying factors

expected to evolve in the

short, medium and/or long

term?

}

Sco

pe

of

the

cri

sis

an

d h

um

an

ita

ria

n p

rofi

le

2. What is the

geographical extent of

the affected area?

} Which areas are affected?

} What is the severity and

nature of the crisis in each

area (e.g. which areas are

most affected?)

} What are the pre-

existing conditions in

those different areas

that may lead to

increase vulnerabilities?

} Are other areas expected to be

affected in the short, medium

and/or long term? Which ones

and how?

} Is the geographical extent of

the crisis likely to decrease?

}

3. How many people are

affected?

} How many people are

affected (ratio

male/female)? Where are

they?

} How many girls, women,

boys and men affected?

} Identify which groups

are most at risk?

} How many are they and

where are they?

} How differently are

those groups affected?

} How are the number, type and

location of people affected

likely to change in the short,

medium and/or long term?

}

Page 285: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 27 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

Where are they?

Sta

tus

of

po

pu

lati

on

s

liv

ing

in

aff

ect

ed

are

as

4. What are the main

characteristics

(mortality, morbidity

and dignity/quality of

life) of affected

populations?

} What is the status of - and

impact of the crisis on -

mortality, morbidity and

dignity/quality of life of

affected populations?

} Identify which areas or

groups are in the worse

condition or most at

risk?

} How are girls, women,

boys and men distinctly

affected?

} How differently are

those areas or groups

affected?

} What is the predicted

evolution in terms of

mortality, morbidity and

dignity/quality of life?

}

5. What is the condition

of affected

populations in terms

of protection?

} What is the status of

protection?

} What was the impact of the

crisis on protection?

} What is the predicted

evolution in terms of

protection?

}

6. What is the condition

of affected

populations in terms

of livelihoods?

} What is the status of local

livelihoods and income

opportunities?

} What was the impact of the

crisis on local livelihoods

and income opportunities?

} What is the predicted

evolution in terms of

livelihoods and income

opportunities?

}

7. What is the condition

of affected

populations in terms

of access to and

} What is the status of access

to/utilization of basic

services and goods?

} What was the impact of the

crisis on access to and

} What is the predicted

evolution in terms of access to

ad utilization of basic services

and goods?

Page 286: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 28 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

utilization of basic

services and goods?

utilization of basic services

and goods?

Na

tio

na

l C

ap

aci

tie

s

an

d R

esp

on

se

8. What are the local

coping mechanisms of

affected communities?

} What are the known coping

mechanisms of local

communities and how were

they affected?

} Are they adaptable and

sustainable?

} Are coping mechanisms

weaker for certain areas

or groups and which

ones?

} How sustainable are known

coping mechanisms in the

short, medium and long term?

}

9. What are the national/

sub-national, private

sector, non-

governmental and

government capacities

to respond?

} What are the existing

capacities (both regular

capacities and those

specifically designed for

crisis response) and how

have they been affected by

the crisis?

} How sustainable are these capacities in the short, medium

and/or long term?

} Can these capacities be expected to scale up, where and

how?

}

10. What are their

interventions to date

in response to the

crisis?

} Have the actors identified

undertaken any initial

assistance or interventions

in response to the crisis?

} Where, how many people

were targeted, reached and

covered by the different

types of interventions?

}

Page 287: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 29 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

Inte

rna

tio

na

l C

ap

aci

tie

s

an

d R

esp

on

se

11. What is the

international

response capacity

and how has it been

affected?

} What is the international

response capacity (both

regular capacities & those

specifically designed for

crisis response) and how

were they affected?

} Are there any preparedness

and coordination

procedures in place?

} How sustainable are these capacities in the short, medium

and/or long term?

} Can these capacities be expected to scale up, where and

how?

}

12. Which agencies/

organizations are

operating where and

in what sectors of

intervention?

} Which

agencies/organizations are

operating where and in

what sectors?

}

13. What are their

interventions to date

in response to the

crisis?

} What interventions are the

actors identified already

providing?

}

Page 288: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 30 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

Hu

ma

nit

ari

an

Acc

ess

14. What are the logistic

considerations in

terms of effects of

the emergency and

options for

response?

} What are the main

considerations affecting

the response (availability

and quality of

air/road/water

transportation networks,

telecommunications and

storage facilities)?

} Which affected areas or

groups are most likely to

be affected by these

constraints?

} How are logistics constraints

expected to evolve?

}

15. What are the

security

considerations?

} What are the main

considerations affecting

the local population and

the delivery of assistance

(armed groups, gender-

based violence, sexual

exploitation and abuse, and

UXOs) and where are they?

} Are security considerations likely to evolve in the short,

medium and/or long term? Where and how?

}

16. How do civil-military

relations feature in

the context?

} What are, if any, the civil-

military relations?

} How do they affect the

local population and the

response?

} Are civil-military relations likely to evolve and how? }

Page 289: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 31 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

17. What proportion of

the affected

population

(disaggregated by

sex and age and

according to sector)

reachable for

humanitarian

interventions?

} What proportion of the

affected population is

reachable by humanitarian

interventions?

} Are there groups or

areas in need or specific

needs (sectors) that are

not or not sufficiently

reachable? Which and

where?

} How is the proportion of the

affected population reachable

by humanitarian interventions

likely to evolve in the short,

medium and/or long term?

}

Co

ve

rag

e

an

d G

ap

s

18. To what extent are

the conditions of

affected populations

(disaggregated by

sex and age and

according to sector)

being addressed?

} What proportion of the

affected population is

protected and assisted?

} Are there vulnerabilities

in the population that

need to be particularly

addressed?

} Do the male and female

populations have equal

access to aid?

} How is the proportion of the

affected population protected

and assisted likely to evolve?

}

Page 290: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 32 of 53 Chapter Z

Themes Key questions

Dimensions

Status and Impact Vulnerabilities and Risks Trends Information Gaps

Str

ate

gic

Hu

ma

nit

ari

an

Pri

ori

tie

s

19. What are the

strategic priorities

for humanitarian

interventions?

} Based on the information

gathered through the

above questions, what are

the strategic priorities for

humanitarian interventions

in terms of geographical

areas, affected groups and

priority cluster/sector

response domains?

} What are the priority

geographical areas and

affected groups to be

targeted and how (core

areas of interventions –

e.g. cash for work; food;

provision of health

services or drugs)?

} How are the distinct

needs for protection

and for assistance of

girls, boys, women and

men addressed in the

priorities?

} Are these priorities expected

to evolve over time? In which

timeframe and how?

}

20. Are there other key

issues to be

considered

(environment, HIV,

disability, etc.)?

} What are the key cross-

cutting issues to be

considered in the

prioritization of

humanitarian

interventions?

} How are these cross-cutting

issues expected to evolve over

time over the short, medium,

and/or long term? } Would addressing these make

interventions more efficient

and/or sustainable?

}

Page 291: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 33 of 53 Chapter Z

Z.10 Sectoral Indicators for Emergency Phase Assessments

The following are some general descriptions of some of the sectors that might be prioritized

in the emergency phase of a disaster. These can support you in the development or

adaptation of the questionnaire by indicating key pieces of information one may seek to

collect to understand sectoral issues.

Additional to below, see the Global Indicator Registry which provides a bank of indicators

agreed by the global cluster leads, which is available at http://ir.humanitarianresponse.info.

Urban search and rescue (USAR)

Information sources include:

· Public officials of affected

area/town

· Local engineers

· Community leaders

· USAR teams

· City maps

Areas to Consider Indicative Information

Predominant

building and

construction

material

· Masonry buildings (adobe, brick, concrete blocks, stone

masonry)

· Reinforced concrete structures (frames with brick infill,

frames with load bearing masonry walls, bearing walls,

prefabricated structures)

· Steel frames

· Timber structures

· Roof covering, e.g., tiles, lightweight asbestos, cement,

metal sheets

Number or

percentage of

buildings

destroyed

· No significant damage

· Major damage (structure is not habitable, major repairs

required)

Destruction and

extent of damage

to types of

buildings

· Public buildings, e.g., religious facilities, schools,

community centres

· Multi-family housing

· Single-family housing

· Industrial buildings/clinics/hospitals (use HIT)

· What is the nature of the destroyed materials? Any

reusable materials?

· Have arrangements for disaster waste management

mechanisms been made/exist?

Damage that

include hazardous

materials

· Presence of gas, chemical, or other possible lethal

substances (use of FEAT methodologies to clarify presence

of substances with the potential to negatively impact

human health, life-support functions and the

environment)

Page 292: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 34 of 53 Chapter Z

Response

· How many teams, national and/or international, and

where are they working?

· Which areas are not covered by USAR teams?

Shelter

Information sources include:

· Aerial surveys

· Local authorities

· Communities

· Observation

· SPHERE handbook

· USAR checklist

Areas to Consider Indicative Information

Shelter

requirements

· Climate factors: need to resist rain, wind, sun, cold. Does

the procurement damage the local environment? What

local materials can be used to minimize environmental

impacts?

Physical status of

existing shelter

· Description, percentage not adequate according to

requirements (from above)

· Reasons for inadequacy, e.g., earthquake damage,

temporary shelter, etc.

People lacking

shelter

· Number of people/households lacking adequate shelter

Essential

household

items

· Proportion of affected population lacking adequate

essential items

Fuel

· Do people have access to fuel for cooking and heating?

· Where does the fuel come from?

· Is fuel collection damaging the environment?

· How is the fuel collected? Where and what is the main fuel

source?

Health

Information sources include:

· Ministry of Health

· Local clinics

· Community health workers

· Humanitarian actors

· Women in communities

· SPHERE handbook

Areas to Consider Indicative Information

Level of

destruction of

health services

· Status of health care: facilities, equipment, medicines,

supplies, vaccines, number of staff

· State of health-care waste management

Injuries

· Type of injuries – lethal and non-lethal

· Infections and other disaster-related injuries

Page 293: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 35 of 53 Chapter Z

Can the surviving

facilities in the

disaster area cope

with the caseload

of injured

patients?

· Have arrangements been made, or are they required, to

bring specific types of equipment/services/medicaments

to the disaster area from other medical centers?

· Has there been any damage to specific medical equipment

or installations of key importance for treating disaster

victims, e.g., x-ray facilities following an earthquake?

· Is any action being taken to evacuate injured patients to

emergency medical centers outside the disaster area? If

yes, provide details.

· What health-care waste disposal facilities exist/are still

functional? If none are, what is the way of disposal?

Access to health

services for

affected

population

· Proportion of population that has access to medical,

surgical, gynecology, obstetrics, mother and child health

services; distance from nearest health centre.

· Groups/individuals excluded from access

How is the

national health

system organized?

· Ambulance system? Referral system available and/or

functioning?

· Evacuation routines

Other health

actors

· List

Availability of

drugs

· Are drug sales regulated? Are drugs available on the open

market? What are the implications for safety?

Measles coverage

· Problem if less than 90% immunization coverage for

children aged 6 months to 12 years

Expanded program

on immunization

coverage

· Problem if less than 85% coverage

HIV prevalence · Data on prevalence at current time

Tuberculosis

· Does a national policy exist? Does a directly observed

treatment, short course program exist?

Sexually

Transmitted

Infections

· Do treatment protocols exist?

Reproductive

health

· Is there widespread access to such services or knowledge?

Any additional

existing (endemic)

diseases?

· Description

Mental health · Mental health of those affected by current disaster

· Are support systems intact? For example, families,

spiritual/social network, government

· Are the affected people able to resume normal activities?

Are they actively engaged in other activities?

Page 294: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 36 of 53 Chapter Z

Water and sanitation

Information sources include:

· Ministry of Health

· Ministry of Water

· Local water authority

· Local clinics

· Humanitarian organizations

· Communities

· Observation

· SPHERE handbook

Areas to Consider Indicative Information

Level of

destruction of

water and

sewerage facilities

· Status of health care: facilities, equipment, medicines,

supplies, vaccines, number of staff

· How do the destroyed water and sewage facilities impact

the local environment, water sources?

Quantity and

quality of water

· At least 15 liters per person per day

· In extreme cases: 5 liters per person per day for drinking

and cooking

· Have the water sources been tested for water quality,

potential contamination? What is the source of the

contamination?

· Details of source (is it obviously contaminated)?

· Is water treated and/or chlorinated?

Water transport

and storage

· Means of carrying and storing (can water be

contaminated)?

· Distance and time to water point (no more than 500m

walking distance)

· Household water storage

· Availability at institutions

Defecation and

urination

· Are there toilets or open defecations? Are there signs of

defecation near dwellings?

· No more than 20 people per latrine or toilet, no more than

50 m from dwellings

Women’s use of

communal

facilities

· Safe and/or culturally acceptable? Give details.

Hand-washing

and/or bathing

facilities

· Do facilities exist? Are they used? Is soap available?

· Are facilities secure and private for women and girls?

· 50 people per bathing facility

Diarrheal disease · Normal/increasing/decreasing

Acute watery

and/or bloody

diarrhea

· Normal/increasing/decreasing

· If increasing, details of age group and area. Encourage

authorities to isolate area.

Disease-carrying

vectors (flies,

mosquitoes, body

lice, rodents)

· Ares such vectors present?

· Are there breeding grounds (stagnant water, refuse)?

Page 295: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 37 of 53 Chapter Z

Food and nutrition

Information sources:

· Ministry of Health

· Nutrition surveys

· Demographic health surveys

· Local clinics

· Humanitarian organizations

· Communities (particularly

women)

· SPHERE handbook

Areas to Consider Indicative Information

Food consumption

pattern

· Describe the normal food consumption pattern of the

affected population, specify unacceptable food.

· Availability (market, stocks, variety, price, and trends in

pricing). Is there a government/agencies distribution? Is

there a possibility for local sourcing of food?

· Are households able to prepare food for family meals and

for small children?

Nutrition

information

· See SPHERE handbook for indicators

Risk of

malnutrition due

to inadequate care

· Change in composition of households, e.g., large numbers

of separated children or orphans

· Normal infant feeding practices (bottle feeding,

breastfeeding, manufactured complementary foods)

Nutrition

intervention or

community-based

support already in

place prior to

disaster

· Mandate, policies and experience of relocation of

commodities and programmes

· Local community capacity to participate in the food

distribution and their coping mechanism

Logistics

Information sources include:

· Transport authorities

· Military entities

· Observation

· Community

· Transport companies

Areas to Consider Indicative Information

What is the status

of roads

connecting the

affected area with

main supply

centers?

· Describe condition of road, including seasonal factors,

travel times and appropriate vehicle types.

Page 296: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 38 of 53 Chapter Z

Possible

bottlenecks

· Bridges, landslides, flooding, tunnels, intersections in

towns, etc.

· Suggest secondary options

Are there some

areas that are not

accessible by

road?

· Locations and suggest transport options

Where is the

nearest airport,

seaport, railway

station?

· Location (GPS-coordinates) and name, current condition,

elevation, operational 24-7, usable runway lengths and

condition, usable aircraft types, operational navigational

and communication facilities, cargo handling equipment

(forklifts, scissors lift, cargo dollies, trucks with drivers and

hand-labor), and customs arrangements

· Details of condition of road leading to airport and routines

for movement of cargo

Are warehouses

and/or storage

facilities available?

· Size, condition, ownership, capacity, and loading/

unloading equipment

Who will receive

and take

responsibility for

goods dispatched

to the area?

· Details of receivers

Commodities

available locally

· Details of available fuel, construction materials, including

estimate of quantity that can be procured

Local transport

capacity

· Details of availability and price of rental

Communications

· Do telephone and/or radio systems exist? What is their

reliability/usefulness?

· Is there cell phone coverage? If yes; what system, i.e.,

roaming or procurement of scratch cards?

ENVIRONMENT

Information sources include:

· Environmental authorities

· Industry representatives

· Country environmental profile

· National statistics, management

and development plans

· Local environmental

organizations, including NGOs

The following table lists typical environmental impacts that may arise in natural disasters.

Type of disaster Potential environmental impacts

Earthquake Natural gas leaks and release of toxic, industrial, flammable

substances from damage to industrial facilities; may cause

floods, fires, eruptions, landslides (see below)

Page 297: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 39 of 53 Chapter Z

Flood, tsunamis,

storms, hurricanes,

typhoons and

cyclones

Sewage overflow and chemical releases from roads, farms

and factories; unsafe water supplies; water-damaged

household chemicals (paint, pesticides, solvents); destroyed

forests and agricultural lands; soil erosion

Forest fires Loss of biodiversity (flora and fauna) and ecologically

sensitive habitats; air and water pollution from smoke and

haze; degraded soil quality; carbon dioxide emissions

Droughts Habitat and crop destruction; reduction in water

quality/quantity; land degradation and desertification

Volcanic eruptions Toxic chemicals and ash from eruption resulting in damage

to soil, crops, water bodies; occurrence of mudslides;

carbon dioxide emissions

Landslides/mudslides Damage to habitat and crop destruction,

deforestation/change of forest cover; degraded quality of

soil and surface water through sediments

Industrial facilities

and infrastructure

· Fires, explosions and chemical leakages at industrial

facilities or other areas like tailing sites or mines

· Major infrastructure damage (dams, power stations,

sewage plants)

(Use the Flash Environmental Assessment Tool (FEAT) to

identify the big and obvious secondary risks posed by

industrial facilities.)

Hazardous materials

(in addition to those

present above)

· Identify HAZMAT materials3

· Localized leaks of chemicals such as paints, pesticides,

fertilizers and their storage facilities

· Dead marine animals indicate toxic leaks into water

bodies

· General concern to be given to asbestos4 exposure from

collapsed buildings and debris (wear a protective mask)

· Toxic chemicals released as a result of fires,

earthquakes, volcanic eruptions, or from fire

extinguishing agents

Disaster waste · Dumping in inappropriate areas and/or proliferation of

scattered dump sites

· Collapse of municipal solid waste services, including

possible loss of experienced waste managers

· Recyclable debris (no asbestos-containing) can be used

for reconstruction and recovery

· Identify and classify temporary waste sites

3 Hazardous Materials (HAZMAT) are substances that pose or have the potential to pose a threat to the community

(human health, property and environment) due to their characteristics such as toxicity, and physical and chemical

properties.

4 Asbestos is a set of minerals that was widely used in the construction sector due to its advantageous characteristics.

Asbestos is resistant to fire (up to 1000 degrees), heat, chemicals and in building materials usually mixed with building

cement or woven into fabrics. It is especially critical if asbestos becomes airborne after collapsed buildings and debris.

Page 298: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 40 of 53 Chapter Z

· Asbestos can become airborne through collapsed

buildings and debris and is highly resistant against fire

and chemicals

· Ordinary domestic waste which accumulates in the

streets

· Rubble and debris from damaged buildings and

structures

· Health-care waste from hospitals and clinics

· Internally displaced person (IDP) and refugee camp

waste

Reconstruction and

recovery

· Procurement: Source and kind of materials, source of

food, seeds for crops and their impact on local

ecosystems

· Livelihoods: Underlying risk factors, social, economic

and institutional environment

· Build back safer – reduce underlying risk

· Account for local customs, weather conditions and

community involvement when commencing

reconstruction

Page 299: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 41 of 53 Chapter Z

Z.11 Sources of Secondary Information

General Information / Country Profiles

Databases / Indicators

UNFPA (demographic data) www.unfpa.org

UN Statistics Service/Database http://unstats.un.org/unsd/databases.htm

International Disaster Database www.emdat.be/country-profile

World Health Organization www.who.int

UNICEF (statistics) http://www.unicef.org/statistics/index.ht

ml

World Bank (indicators) http://data.worldbank.org/indicator

Human Development Reports http://hdr.undp.org/en/

ELDIS Country Profiles http://www.eldis.org/go/country-profiles

Disaster Risk Reduction / Preparedness

ISDR Country Profiles http://www.eird.org/country-profiles/

Preparedness/Early Warning Service www.hewsweb.org/hazcal/

Global Disaster Alert Coord. System www.gdacs.org

Food Early Warning System www.fews.net

Maplecroft(global risk index) http://maplecroft.com/portfolio/

Prevention (disaster risk reduction) www.preventionweb.net

Useful Websites

Virtual OSOCC

http://vosocc.unocha.org/

Humanitarian Response www.humanitarianresponse.info

ReliefWeb www.reliefweb.int

CIA Factbook https://www.cia.gov/library/publications/t

he-world-factbook/index.html

Global Hazards Atlas (Pacific Disaster

Centre)

Red Cross and Red Crescent Movement

http://atlas.pdc.org/atlas/

Int’l Fed. of Red Cross & Red Crescent www.ifrc.org

Int’l Committee of the Red Cross www.icrc.org

Media

Reuters Foundation www.alertnet.org

CNN www.cnn.com

BBC www.bbc.co

Donors

ECHO www.ec.europa.eu/echo/index

USAID www.usaid.gov

Page 300: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 42 of 53 Chapter Z

By Disaster Type

Hurricane/Cyclone/Typhoon

National Hurricane Center www.nhc.noaa.gov

Weather.com www.weather.com

Tropical Weather www.wunderground.com/tropical

Hurricane Watch Net http://hwn.org/

28Storms http://28storms.com/

Joint Typhoon Warning Centre http://www.usno.navy.mil/JTCW/

Earthquake

US Geological Survey - earthquake www.earthquake.usgs.gov

Earthquake News www.earthquakenews.com

Landslide

US Geological Survey - landslides http://landslides.usgs.gov/

Floods

Dartmouth Flood Observatory http://floodobservatory.colorado.edu/

Complex Emergencies

International Displacement Monitoring http://www.internal-displacement.org/

Environmental Emergencies

Environmental Emergencies Centre

Emergency Response Guide (ERG)

Emergency Notification/Request

for International Assistance (ENRA)

www.eecentre.org

http://hazmat.dot.gov/pubs/erg/gyde

book.htm

http://ochaonline.un.org/webpage.asp

?Page=645

By Sector

Food Security

Global Food Security Index http://foodsecurityindex.eiu.com/Countr

y

WFP Assessment Bank http://www.wfp.org/food-

security/assessment-bank

Global Hunger Index http://www.ifpri.org/publication/2012-

global-hunger-index

FAO Statistics – FAOSTAT http://faostat.fao.org/site/339/default.as

px

FEWSNet - Livelihoods http://www.fews.net/pages/livehome.as

px

Int’l Food Policy and Research http://www.ifpri.org/

IFAD http://www.ruralpovertyportal.org/

Page 301: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 43 of 53 Chapter Z

Health

WHO GHO www.who.int/gho/database/en

WHO Global Health Atlas www.who.int/globalatlas/

Demographic Health Surveys www.measuredhs.com

DFID Malaria Country Profiles www.dfid.gov.uk/

AIDS Alliance www.aidsalliance.org

WHO Trends in Maternal Mortality www.who.int/healthinfo/statistics/indma

ternalmortality/en

Shelter

IFRC www.ifrc.org

UNHCR www.unhcr.org

IDMC www.internal-displacement.org

Shelter Centre Library www.shelterlibrary.org

Nutrition

WHO Nutrition Country Profile www.who.int/nutrition/

UNICEF www.unicef.org/nutrition

Protection

Human Rights Watch www.hrw.org

Amnesty International www.amnesty.org

Minority Rights Group www.minorityrights.org

UNHCR www.unhcr.org

OHCHR www.ohchr.org

World Economic Forum www.weforum.org

UN Mine Action www.mineaction.org

Handicap International www.handicap-international.org

HelpAge www.helpage.org

Logistics

Logistics Cluster www.logcluster.org

WASH

UN Water www.unwater.org

Lessons Identified

ALNAP

www.alnap.org

Disaster Summary Sheets www.acaps.org

Other Types

Geospatial Images

www.eurimage.com

Satellite images www.ssd.noaa.gov

Page 302: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 44 of 53 Chapter Z

Z.12 INSARAG and USAR Classification

The International Search and Rescue Advisory Group (INSARAG) is a network of disaster-

prone and disaster-responding countries and organizations dedicated to urban search and

rescue (USAR) and operational field coordination.

INSARAG was formed in 1991, as a cooperative effort by countries that are either prone to

earthquakes or disasters that may cause structural collapse, or countries and organizations

that are providers of international USAR assistance, the United Nations, International

Federation of Red Cross and Red Crescent Societies (IFRC) and other international

responders. The United Nations was chosen as the INSARAG secretariat to facilitate

international participation and coordination. FCSS functions as the INSARAG secretariat.

The INSARAG mandate entails:

· The development of effective international USAR procedures and operational

standards, implementation of resolution 57/150 of 22 December 2002 on

“Strengthening the effectiveness and coordination of USAR assistance”.

· Improving cooperation and coordination amongst international USAR teams at

disaster sites.

· Promoting activities to improve USAR preparedness in disaster prone countries.

· Development of standardized guidelines and procedures and sharing of best

practices amongst national and international USAR teams.

· Defining standards for minimum requirements of international USAR teams.

In periods between disasters, INSARAG aims to increase awareness in international USAR

response through training and facilitation of exercises, and to develop international USAR

best practice and international relationships.

During times of disaster, affected and responding countries apply the INSARAG

methodology and Guidelines. This ensures that USAR teams understand the roles and

responsibilities of the LEMA and are able to integrate effectively, resulting in a coordinated

and efficient rescue effort.

The INSARAG Guidelines address international USAR response using a five-phase cycle:

· Preparedness: the period between disaster responses during which time lessons

learned from previous experiences are reviewed, changes are made to improve

Standard Operating Procedures (SOPs), and training and exercises are conducted.

Page 303: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 45 of 53 Chapter Z

· Mobilization: Immediately following the occurrence of a disaster, an international

USAR team takes action to ready for response in the affected country. These actions

occur within designated timelines in order to maximize the time available for rescue.

· Operations: Disaster response activities that begin when an international USAR team

arrives at the Reception Departure Centre (RDC) in an affected country. The team

will register with the OSOCC, report to the LEMA and perform search and rescue

operations until it is instructed to end operations by the host country.

· Demobilization: Following a decision by the host country to cease USAR operations,

the team begins its withdrawal from the disaster response. Departure is coordinated

through the OSOCC and the team leaves the affected country through the RDC, in a

planned exit procedure.

· Post-Mission: When an international USAR team has returned home following a

disaster response, they are required to complete and submit a post-mission report.

The team will also conduct a lessons learned review. Lessons learned from the

reports are also used in case studies and at INSARAG exercises.

All USAR teams, irrespective of their capacity classification and operational involvement,

should be comprised of the following five components:

Component Functions

Management · Command

· Coordination/operational control

· Planning

· Liaison/media/reporting/RDC/OSOCC/USAR

Operations Cell

· Structural assessment/analysis

· Safety/security

Search · Technical search

· Dog search

· Hazardous materials (HAZMAT) assessment

Rescue · Breaking/breaching/cutting/shoring/tactical rope

· Lifting/moving

Medical · Team care (personnel/search dogs)

· Patient care

Logistics · Base of operations management

· Food and water supply/base camp

operations/transport capacity/fuel Supply

· Communications

Page 304: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 46 of 53 Chapter Z

In a disaster, the community will typically rescue the majority of people affected by a

disaster that causes structural collapse. This is done in the immediate aftermath of the

disaster and requires very little equipment. However, when victims are trapped in

structures, particularly heavily reinforced concrete structures, highly specialized skills and

equipment are required to locate, gain access to and rescue victims.

The chance of a trapped victim surviving decreases rapidly with time and it is therefore of

utmost importance that the appropriate resources are assigned to the appropriate sites as

soon as possible. It is critical to note that there is no automatic stopping point for when

USAR operations should end; only the government of the affected country can make the

decision to stop USAR operations.

While deployment of international USAR teams has been of great benefit to trapped victims

and the affected country, it has been recognized that responding USAR teams need to be

integrated within a well-coordinated system to ensure the most appropriate use of available

resources. Part of this system includes the ability to classify international USAR teams

according to their operational capabilities in order to ensure that only qualified and

appropriate USAR resources are deployed to an emergency.

The INSARAG External Classification (IEC) system is designed to ensure that assisting

countries send a team with the required skills and equipment as indicated by the impact of

the disaster. It also plays a major role in ensuring that the appropriate resources are

assigned to the appropriate sites as soon as possible.

The IEC system enables USAR teams, and others, to have a common understanding of the

different classification capabilities. USAR teams of the same classification are able to

integrate effectively as they will have the same basic structure, be comprised of the same

components and have standardized qualifications for the primary aspects of a USAR team

response. This results in a safe, effective multi-national operational response.

The IEC system has identified three levels of classification for international USAR teams

based on capacity and capability – Light, Medium and Heavy:

· Light USAR Teams have the operational capability to assist with surface search and

rescue at one site in the immediate aftermath of the disaster. Light USAR teams

usually come from the affected country and neighbouring countries. It is normally

not recommended that Light USAR teams deploy internationally to emergencies.

· Medium USAR Teams have the operational capability for technical search and rescue

operations in structural collapse incidents and are required to be able to search for

entrapped persons. A Medium USAR team is required to have the capability of either

Page 305: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 47 of 53 Chapter Z

search dogs or technical search (specialized cameras and/or acoustic/seismic

devices). Deployed international Medium USAR teams have a recommended

compliment of 38 members and should be operational in the affected country within

32 hours of the posting of the disaster on the Virtual OSOCC. A Medium team must

be adequately staffed to allow for 24-hour operations at one site for up to 7 days.

· Heavy USAR Teams have at least 55 people and the operational capability for

difficult and complex technical search and rescue operations, and are required to be

able to search for entrapped persons using both dogs and technical systems. Heavy

USAR teams are envisaged for international assistance in disasters resulting in the

collapse of multiple structures, typically found in urban settings, when national

response capacity has either been overwhelmed or does not possess the required

capability. International Heavy USAR teams deployed to a disaster should be

operational in the affected country within 48 hours of the posting of the disaster on

the Virtual OSOCC. A Heavy team must be adequately staffed to allow for 24-hour

operations at two separate sites for up to 10 days.

Figure Z.1: USAR Response Framework

Local first responders and national USAR teams, where they exist, support the first

responders and bring increased capacity and rescue capability. International Heavy and

Medium USAR teams in turn augment these teams, and bring increased capacity capabilities

to rescue those trapped deep within the rubble of collapsed buildings.

USAR teams that meet the requirements of the IEC system for a specific level of

classification will be registered in the INSARAG USAR Directory. Details of the requirements

that teams need to achieve in order to be classified are listed in the INSARAG Classification

Guide for Minimum Acceptable Capacities.

Through the IEC system, affected countries will be aware of the type of assistance they can

expect to receive and INSARAG classified USAR teams working alongside each other will

Page 306: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 48 of 53 Chapter Z

know the capacities each can offer – a professional response meeting the standards set in

the INSARAG Guidelines and a common global USAR language.

INSARAG classified teams are identifiable by this patch:

Figure Z.2: INSARAG USAR Classification Patch

UNDAC members can review the INSARAG Guidelines, along with other relevant

INSARAG documentation, at http://insarag.org.

Page 307: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 49 of 53 Chapter Z

Z.13 Foreign Medical Teams (FMTs): Classification and Minimum Standards

The term Foreign Medical Team (FMT) refers to groups of health professionals and supporting staff

outside their country of origin, aiming to provide health care specifically to disaster affected

populations. They include governmental (both civilian and military) and non-governmental teams.

Each FMT has staff to provide basic and/or advanced healthcare based on international classification

levels and minimum standards during a limited time period in existing or temporary structures, with

or without field hospitals.

Existing classification systems for international response teams are used by agencies in Europe

(European Civil Protection Modules, AECID), the Federated Red Cross/Red Crescent Movement

(Emergency Response Units), the United Nations and several others. In general three levels exist for

each system, with escalating complexity and capacity for each level. No one model is applicable to all

FMTs internationally; therefore a specific FMT classification using elements of several pre-existing

systems has been generated. In comparison to previous standards for the use of Foreign Field

Hospitals, the focus of the FMT classification and standards are on the services provided by the

medical personnel rather than the physical structure in which they work.

The chart on the following pages lists the various types of FMTs, including their capabilities and the

standards to which they must adhere at each level.

The new FMT classification level system and minimum standards were produced through the WHO’s

Global Health Cluster (GHC) and its Foreign Medical Team Working Group, with the first edition of

the “Classification and Minimum Standards for Foreign Medical Teams in Sudden Onset Disasters”

being endorsed by the GHC in September 2013. It can be found at:

www.who.int/hac/global_health_cluster/fmt/en/. Further work is under way to determine the

registration process for FMTs arriving in country, how FMTs will link with United Nations

coordination mechanisms such as the OSOCC and Virtual OSOCC, and to strengthen host country’s

ability to select, task and coordinate arriving FMTs. In general, FMTs will be required to register and

declare their own level of classification and capability, as well as their ability to provide a field

hospital or not. It will be for the coordinating body and the affected country to decide which

registered team and facilities they choose to accept.

Page 308: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 50 of 53 Chapter Z

Classification of and standards for Foreign Medical Teams

FMT

Type Definition Services Key Characteristics

Minimal Benchmark

Indicators

Opening

Hours

1.

Ou

tpa

tie

nt

Em

erg

en

cy C

are

Outpatient

initial

emergency care

of injuries and

other significant

health care

needs

§ Triage, assessment, first aid

§ Stabilization and referral of severe trauma

and non-trauma emergencies

§ Definitive care for minor trauma and non-

trauma emergencies

§ Light, portable and adaptable

§ Care adapted to context and

scale

§ Staffed and equipped for

emergency care for all ages

§ 100

patients/day

Day time

services

2.

Inp

ati

en

t S

urg

ica

l

Em

erg

en

cy C

are

Inpatient acute

care, general

and obstetric

surgery for

trauma and

other major

conditions

§ Surgical triage, assessment and advanced life

support

§ Definitive wound and basic fracture

management

§ Damage control surgery

§ Emergency general and obstetric surgery

§ Inpatient care for non-trauma emergencies

§ Basic anaesthesia, x-ray, blood transfusion,

lab and rehab services

§ Acceptance and referral services

§ Use existing or deployable

facility structures

§ Clean operating theatre

environment

§ Care appropriate to context

and changing burden of

disease

§ Multidisciplinary team

experienced to work in

resource scarce settings

§ 1 operating

theatre with 1

operating room:

20 inpatient

beds

§ 7 major or 15

minor

operations/day

Day and

night

services

3.

Inp

ati

en

t R

efe

rra

l C

are

Complex

inpatient

referral surgical

care including

intensive care

capacity

§ Capacity to provide type 2 services

§ Complex reconstructive wound and

orthopaedic care

§ Enhanced x-ray, blood transfusion, lab and

rehab services

§ High level paediatric and adult anaesthesia

§ Intensive care beds with 24h monitoring and

ability to ventilate

§ Acceptance and referral services

§ Use existing or deployable

facility structures

§ Sterile operating theatre

environment

§ Enhanced multidisciplinary

teams providing advanced

care

§ Care appropriate to support

referrals from type 1 and 2

FMTs and national health

system

§ 1 operating

theatre with at

least 2

operating

rooms: 40

inpatient beds

§ 15 major or 30

minor

operations per

day

§ 4-6 intensive

care beds

Day and

night

services

Page 309: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 51 of 53 Chapter Z

Ad

dit

ion

al

Sp

eci

ali

zed

Ca

re

FM

T

Additional

specialized care

cells within a

type 2 or 3 FMT

or a hospital

§ Context specific specialist care

supplementary to type 2 and 3 FMT services

or local hospital

§ Specialized services may include: burn care,

dialysis and care for crush syndrome,

maxillofacial surgery, orthoplastic surgery,

Intensive rehabilitation, maternal health*,

neonatal and paediatric transport and

retrieval*

*Units that may be self-contained, not embedded

§ Responds to an expressed

need for specialized services

§ Embedded in and operates

from type 2 or 3 FMTs,

national hospital or health

system

§ May be self-contained for

some services

§ Depending on

capacity

On

request

Page 310: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 52 of 53 Chapter Z

Foreign Medical Team (FMT) Self Registration Form

Date: _________________

Country/Agency: ___________________

Recent deployment experience: ___________________

Name and position of person reporting: _______________________

Contact details: ______________________

Agreement to comply with FMT guiding principles and standards: ___________________

FMT Type: ___________________

FMT Type Outpatient

capacity

Inpatient

capacity

Surgical

capacity

Length

of stay

No. of

international

/local staff

Time to

deploy

Estimated

time to be

operational

Logistics

and

support

required

List services offered/

Field Hospital (Y/N)

1. Outpatient

Emergency

Care

Not

applicable

Not

applicable

2. Inpatient

Surgical

Emergency

Care

3. Inpatient

Referral Care

Additional

Specialized

Care FMT

Embedded

in type 2 or

3 FMT or

local health

service

Page 311: €¦ · !"#$%&'()*+,,-&./01& 2(34&0&,5&1& 2645(74&!"#$%&# & '()*+,-.)/+(0)+0)12034(,5 ...

UNDAC Handbook 2013 Page 53 of 53 Chapter Z

Explanatory notes: Comply to standards: Y/N. All FMTs that want to register must comply with FMT guiding principles and standards and minimal service standards.

Outpatient Capacity: Maximum number of patients that may be seen per day.

Inpatient Capacity: Maximum number of patients that can be hospitalized at one time (i.e. bed numbers).

Surgical capacity: Maximum number of major and minor surgical procedures per day.

Length of stay: Maximum number of days that you may be deployed.

No. of international/local staff: Number of staff that will accompany the FMT and number of local staff required to run FMT (and their specialty).

Time to deploy: How long (hours) it will take you to be deployed from origin after disaster has occurred.

Estimated time to be operational at site of disaster: How long (hour/weeks) you estimate from the disaster onset to provision of patient care (< 72 hours, within 1 week or

within 1 month).

List services offered: Specify functions, capacities and services that are available with the FMT. Include whether field facility is provided or not.

Logistics and support required: List elements not supplied by the FMT but required on site to be operational (e.g., water, fuel, sanitation, transportation, security).