EconL111

0IGXYVI +EQI 8LISV]

)'32 1MGVSIGSRSQMGW

*VMHE] %TVMP

)'32 0IGXYVI +EQI 8LISV] *VMHE] %TVMP

0IEVRMRK +SEPW

;VMXMRK KEQIW JVSQ E ZIVFEP HIWGVMTXMSR SJ XLI TVSFPIQ *MRHMRK TYVI ERH QM\IHWXVEXIK] 2EWL IUYMPMFVMYQ SJ E WXVEXIKMGJSVQ KEQI

4IREPX] /MGOW QM\IH WXVEXIK] SFWIVZEXMSRW WYTTSVXIH F] HEXE

6IEHMRK GL


7MXYEXMSRW [MXL 7XVEXIKMG -RXIVEGXMSRW

7XVEXIKMG MRXIVEGXMSR- 1] FIWX GLSMGI SJ EGXMSR HITIRHW SR [LEX - I\TIGX ]SY XS HS- =SYV FIWX EGXMSR HITIRHW SR [LEX ]SY I\TIGX QI XS HS- [LMGL MR XYVR HITIRHW SR [LEX ]SY I\TIGX QI XS I\TIGX ]SY XS HSERH SR ERH SR ERH SR


)\EQTPI 4IREPX] /MGOW

- -J E +SEPOIITIV I\TIGXW E /MGOIV XS OMGO PIJX LI [MPP NYQT PIJX- -J XLI /MGOIV I\TIGXW XLI +SEPOIITIV XS NYQT PIJX LI [MPP OMGO VMKLX- %RH WS SR


)\EQTPI 4SPMXMGEP 'SQTIXMXMSR

;LEX TSPMGMIW WLSYPH XLI] EHSTX FIJSVI XLI IPIGXMSR# -J %RHVI[W XVMIW XSETTIEP XS HVMZIVW WLSYPH 2ETXLMRI ZS[ IRZMVSRQIRXEPMWXW#


)\EQTPI 'SRKIWXMSR KEQIW

7LSYPH SRI XEOI )EWXIVR *VII[E] SV 'MX]PMRO XS KIX XS XLI GMX] GIRXVIJEWXIV# 8LEX HITIRHW SR [LEX SXLIV HVMZIVW LEZI GLSWIR


)\EQTPI &MHHMRK MR %YGXMSRW%R] KMZIR 7EXYVHE] MR 1IPFSYVRI WSQIFSH] [SRHIVW- ,S[ QYGL WLSYPH - FMH#- 7LSYPH - MRGVIEWI Q] FMH UYMGOP]#- -J - MRGVIEWI MX F] LS[ QYGL#


7XVEXIKMG *SVQ +EQIW


- 8LI QSHIPW [I LEZI WIIR WS JEV LEH RS WXVEXIKMG MRXIVEGXMSRW FIGEYWIXLIVI LEW FIIR NYWX E WMRKPI HIGMWMSR QEOIV

- +EQI XLISV] EPPS[W YW XS I\TPMGMXP] EGGSYRX JSV XLI WXVEXIKMG REXYVI SJMRXIVEGXMSRW

- ;I HMWXMRKYMWL FIX[IIR WXVEXIKMG JSVQ KEQIW EOE RSVQEP JSVQKEQIW WXEXMG KEQIW WMQYPXERISYW QSZIW KEQIW ERH I\XIRWMZI JSVQKEQIW EOE H]REQMG KEQIW ERH [I FIKMR [MXL WXVEXIKMG JSVQ KEQIW



% 7XVEXIKMG *SVQ +EQI GSRWMWXW SJ- E WIX SJ TPE]IVW M ! 2

- E WIX 7M SJ TYVI WXVEXIKMIW SV EGXMSRW JSV IEGL TPE]IV M 7M ! JWE WF WQK

- E ZIGXSV SJ WXVEXIKMIW JSV IEGL TPE]IV W ! W W2 [LIVI IEGL WMGSVVIWTSRHW XS E TYVI WXVEXIK] SJ TPE]IV M E XLMW ZIGXSV [MPP HIXIVQMRI XLI SYXGSQI SJ XLI KEQI

- E YM W JSV IEGL TPE]IV M ERH IZIV]W

KEQI2SXEXMSR W M M W TYVI WXVEXIK]8LIVIJSVI W ! WM W M



4IREPX] /MGOW

4IREPX] OMGOW MW SRI SJ XLIFIWXWXYHMIH KEQIW _ FIGEYWI MX MWWMQTPI XLI TPE] HSIW RSX GSRXMRYIEJXIV E TIREPX] OMGO MX MW TPE]IHSJXIR ERH XLI WXEOIW EVI LMKL _ WS [I[MPP YWI MX EW SYV QSXMZEXMRK I\EQTPI

8LI HEXE GSQIW JVSQ 'LMETTSVM 0IZMXX ERH +VSWIGPSWI 8IWXMRK1M\IH 7XVEXIK] )UYMPMFVME ;LIR 4PE]IVW %VI ,IXIVSKIRSYW 8LI 'EWI SJ4IREPX] /MGOW MR 7SGGIV %QIVMGER )GSRSQMG 6IZMI[ _ %RSXLIVTETIV XLEX WXYHMIW TIREPMX] OMGOW MW 4EPEGMSW,YIVXE 4VSJIWWMSREPW4PE] 1MRMQE\ 6IZMI[ SJ )GSRSQMG 7XYHMIW _

I\EQTPIW ERH 4EPEGMSW,YIVXE SRP] HIEPW [MXL X[S WXVEXIKMIW



4IREPX] /MGOW :IVFEP HIWGVMTXMSR

- 8LI FEPP MW TPEGIH SR E TIREPX] QEVO-

- 8LI HIJIRHMRK KSEPOIITIV VIQEMRW SR XLI KSEP PMRI YRXMP XLI FEPP LEWFIIR OMGOIH

- 8LI TPE]IVW SXLIV XLER XLI OMGOIV EVI PSGEXIH SYXWMHI XLI TIREPX] EVIE- 8LI TPE]IV XEOMRK XLI TIREPX] OMGOW XLI FEPP JSV[EVH- ,I HSIW RSX TPE] XLI FEPP E WIGSRH XMQI YRXMP MX LEW XSYGLIH ERSXLIVTPE]IV

- 8]TMGEPP] XLI FEPP XVEZIPW XLI HMWXERGI FIX[IIR TIREPX] QEVO ERH XLIKSEP PMRI MR EFSYX W [LMGL MW PIWW XLER XLI VIEGXMSR XMQI SJ EKSEPOIITIV

- 8LI TIREPX] OMGO LEW SRP] X[S TSWWMFPI SYXGSQIW WGSVI ERH RS WGSVI



4IREPX] /MGOW 8VERWPEXMSR MRXS E KEQI- *MVWX ER MQTSVXERX SFWIVZEXMSR XLI KSEPOIITIV GERRSX VIEGX XS XLI HMVIGXMSRSJ XLI FEPP 8LEX MW KSEPOIITIV QEOIW LMW GLSMGI FIJSVI SFWIVZMRK XLI GLSMGISJ XLI OMGOIV 8LYW [I GER QSHIP MX EW E WMQYPXERISYWQSZI KEQI

- 4PE]IVW /MGOIV / ERH +SEPOIITIV +O 2S SXLIV TPE]IVW EVI EPPS[IH XSTEVXMGMTEXI MR XLI TPE] WS GLSMGI LIVI MW GPIEV

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

- 9XMPMXMIW EW - LEZI WEMH GSYRXPIWW XMQI YXMPMX] SJ TPE]IVW MW [LEX [I EWWYQIJSV SYV QSHIPPMRK GSRZIRMIRGI ;I RIIH XS FI WYVI XLEX TPE]IV TVIJIVW EREGXMSR [MXL LMKLIV YXMPMX] XS ER EGXMSR [MXL E PS[IV YXMPMX] % REXYVEP GLSMGIMW XLI TVSFEFMPMX] SJ WGSVMRK E KSEP JSV / ERH SJ WEZMRK E KSEP JSV +O)'32 0IGXYVI +EQI 8LISV] *VMHE] %TVMP


4IREPX] /MGOW (EXE8LI EGXMSRW SJ E OMGOIV / EVI XS EMQ EX XLI PIJX GSVRIV VMKLX GSVRIV SV EGIRXVI 8LI EGXMSRW SJ E KSEPOIITIV +O EVI XS NYQT MR XLI PIJX SV VMKLXGSVRIV SV WXE] TYX3FWIVZEXMSR ,S[ XS XVIEX PIJXJSSXIH ERH VMKLXJSSXIH OMGOIVW# ;I [MPP QEOI SYV PMJIIEWMIV MJ [I HS RSX XEPO EFSYX PIJX SV VMKLX FYX XEPO EFSYX @REXYVEP WMHIW MRWXIEH *SVWSQISRI [LS OMGOW [MXL E VMKLX JSSX PIJX MW XLI GSVRIV XLEX MW IEWMIV XS EMQ EX FYX JSVWSQISRI [LS OMGOW [MXL E PIJX JSSX VMKLX MW XLI IEWMIV GSVRIV *SPPS[MRK XLI TETIVW [I[MPP YWI 0 JSV XLI REXYVEP WMHI ERH 6 JSV YRREXYVEP WMHI

/ R +O P G V0 ' 6

8EFPI 4VSFEFMPMXMIW SJ WGSVMRK E KSEP



7XVEXIKMG JSVQ JSV TIREPX] OMGOW

- 7/ ! J0' 6K 7+O ! JP G VK

- Y/ 0 P ! - Y/ 0 G ! - Y/ 0 V ! - Y/ ' P ! - Y/ ' G !

- Y/ ' V ! - Y/ 6 P ! - Y/ 6 G ! - Y/ 6 V !

T FYX [I GER

- Y+OW/ W+O ! Y/ W/ W+O W/ W+O



%PXIVREXMZI MRJSVQEP [VMXMRK SJ E WXVEXIKMG JSVQ KEQI

/ R +O P G V0 ' 6

2SXI XLEX WYGL E XEFPI WYQQEVMWIW EPP RIGIWWEV] MRJSVQEXMSR TPE]IVW



*MVWX WYTTSWI XLEX - EQ E /MGOIV ERH 4IXV 'IGL MW XLI +O 8LIR XLI

/ R +O P G V0 ' 6

% WXVEXIK] XLEX KMZIW TPE]IV M ER] SXLIV SJ M W WXVEXIKMIWJSV ER] WXVEXIK] SJ XLI STTSRIRX MW GEPPIH WXVMGXP] HSQMRERX,IVI MX MW WXVEXIK] G JSV +O +O [SYPH EP[E]W TPE] XLMW WXVEXIK]

% WXVEXIK] XLEX KMZIW TPE]IV M WSQI SXLIV WXVEXIK] BWM SJ M JSV ER] WXVEXIK] SJ XLI STTSRIRX MW GEPPIH WXVMGXP] HSQMREXIH,IVI MX MW WXVEXIK] ' JSV / / [SYPH RIZIV TPE] XLMW WXVEXIK]



2EWL )UYMPMFVMYQ 4-J XLIVI I\MWX XLI HSQMRERX WXVEXIK] JSV IZIV] TPE]IV XLER [I ORS[ LS[XLI] [SYPH TPE] XLI KEQI =IX MX MW EPQSWX RSX E KEQI XLISV] SRIWGLSMGI HSIW RSX HITIRH SR XLI STTSRIRXW'SRWMHIV XLI JSPPS[MRK ZIV] WMQTPI KEQI Q] TVIJIVVIH MRXIVTVIXEXMSR SJXLMW KEQI MW HVMZMRK SR PIJX SV VMKLX WMHI SJ XLI VSEH QSVI YWYEPMRXIVTVIXEXMSR MW XLI GLSMGI SJ IZIRMRK IRXIVXEMRQIRX

%RRI R .SLR STIVE JSSX]3TIVE *SSX]

R P V0 6

8LIVI EVI RS HSQMREXIH WXVEXIKMIW FYX MX [SYPH WIIQ ZIV] LSTIPIWW MJ [IGSYPH RSX TVIHMGX LS[ XLI KEQI MW KSMRK XS FI TPE]IH

3YV MRXYMXMSR JSV XLMW KEQI [SYPH FI XLI JSPPS[MRK MJ XLIVI MW ERI\TIGXEXMSR XLEX XLI SXLIV TPE]IV HVMZIW SR PIJX [I EVI MR %YWXVEPME XLIRIZIV]SRI [SYPH HVMZI SR PIJX ;I JSVQEPMWI XLMW MRXYMXMSR RI\X



%YWXVEPME#;L] HMH - TMGO RYQFIVW SR XLI TVIZMSYW WPMHI# ;LEX MW XLIQSXMZEXMSR JSV XLIWI RYQFIVW#

-J [I PSSO EX XLMW KEQI [I WII XLEX ZEPYIW [SYPH RSX GLERKI XLITVIHMGXMSR EW PSRK EW TPE]IVW HSRX XEOI E VERHSQ EGXMSR ER MQTSVXERXGSRGIVR MR LS[ XLIWI RYQFIVW EVI VEROIH %R %YWXVEPMER TPE]IV [SYPHTVIJIV HVMZMRK SR PIJX [LIR IZIV]SRI HVMZI SR PIJX XS HVMZMRK SR VMKLX [LIRIZIV]SRI HVMZIW SR VMKLX XS HVMZMRK SR XLI [VSRK WMHI SJ XLI VSEH;I [MPP WII XLSYKL XLEX MJ [I [IVI XS EWWYQI XLEX TPE]IVW GLSMGI MW

HVMZI SR XLI [VSRK WMHI SJ XLI VSEH MJ MX HSIW RSX GLERKI IUYMPMFVMYQTVIHMGXMSR



4YVI 7XVEXIK] 2EWL )UYMPMFVMYQ

:SR 2IYQERR ERH 1SVKIRWXIVR ]SY QE] WXMPP VIQIQFIV XLIWI X[S REQIWTVSTSWIH E RSXMSR SJ IUYMPMFVMYQ JSV ^IVSWYQ KEQIW WYGL EW TIREPX]OMGOW [LMGL 2EWL KIRIVEPMWIH XS ER] KEQIW ERH TVSZIH I\MWXIRGI SJ XLIIUYMPMFVMYQ

W 7 MW E TYVI WXVEXIK] 2EWL IUYMPMFVMYQ 472) MJ RSTPE]IV GER KEMR F] YWMRK WSQI SXLIV WXVEXIK] 8LEX MW JSV IEGL TPE]IV M ERH IZIV] WXVEXIK] WM SJ TPE]IV M XLMW MW @WSQI SXLIV WXVEXIK] XLI JSPPS[MRKMRIUYEPMX] LSPHW XLMW MW @GERRSX KEMR

YM WM W M YM WM W M



4YVI 7XVEXIK] 2EWL )UYMPMFVMYQ %R I\EQTPI

W 7 MW E TYVI WXVEXIK] 2EWL IUYMPMFVMYQ 472) MJ JSV IEGLTPE]IV M ERH IZIV] WXVEXIK] WM SJ TPE]IV M XLMW MW @WSQI SXLIV WXVEXIK] XLIJSPPS[MRK MRIUYEPMX] LSPHW XLMW MW @GERRSX KEMR YM WM W M YM WM W M

%RRI R .SLR STIVE JSSX]3TIVE *SSX]

2) W]WXIQEXMGEPP] WS - NYWX KYIWW- 'SYPH %RRI KEMR# ,IV SRP] SXLIV WXVEXIK] MW *SSX]Y%3TIVE STIVE ! " ! Y%*SSX] STIVE


472) (MWGYWWMSR8[S EWWYQTXMSRW EVI JYRHEQIRXEP JSV TYVI WXVEXIK] 2EWL IUYMPMFVMYQ )EGL TPE]IV MW WYVI [LEX XLI SXLIV TPE]IVW EVI KSMRK XS TPE] .SLR MW

4PE]IVW HS RSX GSQQYRMGEXI XS IEGL SXLIV FIJSVI XLI HIZMEXMSR;LEX HSIW MX QIER XLI] HS RSX GSQQYRMGEXI# ;LEXW XLI YWI SJPSSOMRK EX KEQI [LIVI .SLR GERRSX NYWX GEPP %RRI ERH WE] PIXW KS XSSTIVE LI MW RMGI#;I HS RSX VYPI XLMW WMXYEXMSR SYX -R JEGX [I EPQSWX VIP] SR MXSXLIV[MWI LS[ .SLR GER FI WYVI XLEX %RRI [SYPH KS XS 3TIVE#;I QSHIP RI\X WXEKI %RRI LERKW YT XLI TLSRI ERH XLMROW [LIXLIVWLI [ERXW XS KS XS 3TIVE 8LMW HIGMWMSR MW LIVW 7LI HSIW RSX LEZI XS

3TIVE JSSX] XLIR %RRI HSIW RSX [ERX XS JSPPS[ XLI EKVIIQIRX -X MWGVMXMGEP XLEX TPE]IVW EVI EFPI XS QEOI XLIMV S[R GLSMGI

-J XLI] EVI EFPI XS QEOI XLIMV S[R GLSMGI XLER [I GER NYWX QSHIP XLIMVGSQQYRMGEXMSR EW TEVX SJ E QYGL QSVI GSQTPMGEXIH KEQI-J XLI] EVI YREFPI XS QEOI XLIMV S[R GLSMGI XLIR [I LEZI QSHIPPIH XLIKEQI MRGSVVIGXP] )WWIRXMEPP] E TPE]IV MR SYV MRXIVTVIXEXMSR MW WSQISRI[LS GER QEOI GLSMGIW



'ER MX FI XLEX KMZMRK TPE]IVW QSVI GLSMGI PIEHW XS [SVWI SYXGSQI JSV FSXL

XLMW STXMSR [SYPH RIZIV FI GLSWIR 8LMW MW RSX XLI GEWI [LIR TPE]IVWMRXIVEGX

%RRI R .SLR STIVE JSSX] LSQI3TIVE *SSX] ,SQI

'LIGO 3TIVE STIVE MW RSX 2) ER]QSVI .SLR [SYPH HIZMEXI *SSX]JSSX] MW RSX 2) IMXLIV %RRI [SYPH HIZMEXI -W XLIVI E 2)# -X MW ,SQILSQI [LMGL KMZIW IEGL ER] SJ XLI X[S

JVSQ I\XVE WXVEXIK] EZEMPEFPI XS LIVEZEMPEFPI XS .SLR 8S WII XLMW WYTTSWI XLEX .SLR GERRSX WXE] EX LSQIFYX %RRI GER 8LER X[S 2) EVI 3TIVE STIVE ERH ,SQI JSSX]



*MRHMRK TYVIWXVEXIK] 2) -

- *SV IEGL TPE]IV MVIWTSRWI SV VIWTSRWIW &6M

&6%STIVE ! 3TIVE&6%JSSX] ! ,SQI&6%LSQI ! ,SQI&6.3TIVE ! STIVE&6.*SSX] ! JSSX] &6.,SQI ! LSQI

- *MRH EWM ! &6W M JSV IZIV] TPE]IV M

3TIVE STIVE &6%STIVE ! 3TIVE&6. 3TIVE ! STIVE ERH,SQI LSQI &6%LSQI ! ,SQI&6.LSQI ! LSQI

%RRI R .SLR STIVE JSSX] LSQI3TIVE *SSX] ,SQI



*MRHMRK TYVIWXVEXIK] 2) --- *SV IEGL TPE]IV MVIWTSRWIW &6M

&6%STIVE ! 3TIVE&6%JSSX] ! ,SQI&6%LSQI ! ,SQI&6.3TIVE ! STIVE&6.*SSX] ! JSSX] &6.,SQI ! LSQI

- *MRH EWM ! &6W M JSV IZIV] TPE]IV M

3TIVE STIVE &6%STIVE ! 3TIVE&6. 3TIVE ! STIVE ERH,SQI LSQI &6%LSQI ! ,SQI&6.LSQI ! LSQI

-R WMQTPI GEWIW WSQI TISTPI QEVO &6 SR E QEXVM\ [MXL WXEVW E GIPP [MXL

WXVEXIKMIW%RRI R .SLR STIVE JSSX] LSQI3TIVE *SSX] ,SQI

%PXIVREXMZIP] SRI QE] GLIGO GLEMRW STIVE 3TIVE STIVE


1M\IH WXVEXIKMIW 4

2SXI XLEX RSX IZIV] KEQI LEW E 472)

/ R +O 0 60 6

1SVISZIV SYV MRXYMXMSR XIPPW YW XLEX /MGOIV ERH +O HS RSX TPE] @TYVIWXVEXIKMIW MX MW MQTSWWMFPI JSV XLI SXLIV TPE]IV XS XIPP [LIXLIV XLI SXLIVTPE]IV [MPP TPE] 0 SV 6

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1M\IHWXVEXIK] 2EWL IUYMPMFVMYQ

WXVEXIK] 2EWL IUYMPMFVMYQ

Q 7 MW E QM\IH WXVEXIK] 2EWL IUYMPMFVMYQ 172) MJJSV IEGL TPE]IV M ERH IZIV] QM\IH WXVEXIK] QM SJ TPE]IV M XLI JSPPS[MRKMRIUYEPMX] LSPHW

YM QM Q M YM QM Q M



7YTTSWI XLEX TPE]IV M YWIW X[S WXVEXIKMIW WM ERH WM [MXL TSWMXMZITVSFEFMPMXMIW IK /MGOIV WSQIXMQIW OMGOW 0 ERH WSQIXMQIW 6

8LIR XLIWI WXVEXIKMIW QYWX KMZI LMQ XLI WEQI WM KMZIWWM #

JVSQ IEGL WXVEXIK] IUYEP XS IEGL SXLIV



/ R +O 0 60 T0 T0 0 0

6 6 6 T6 T6

8S WEZI SR RSXEXMSR HIRSXI ! Q/ 0 LIRGI Q/ 6 ! ERH! Q+O0 LIRGI Q+O 6 !

0 ERH 6 [MXL TSWMXMZITVSFEFMPMXMIW XLIR Y/ 0 BQ+O ! Y/ BQ ! Y/ 6 BQ+O

Y/

Y/ 0 ! Y/ 0 0 Y/ 06 ! T0 0Y/ 6 ! Y/ 6 0 Y/ 6 6 ! 6 T6



T0 0 ! 6 T6Q

! 0T6

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8LI I\TVIWWMSR JSV +O GER FI HIVMZIH WMQMPEVP]

Y+O 0 ! T0 6 ! 0 T6 ! Y+O 6Q

! 6T6

6 T6 0 T0

3FWIVZI XLEX



4VSTIVXMIW SJ XLI 17) -

5YIWXMSRW

;LS TPE]W QSVI SJXIR XLI /MGOIVW WXVSRK WMHI 0 XLI /MGOIV SV XLI+SEPOIITIV#

(SIW XLI OMGOIV WGSVI QSVI SJXIR [LIR LI TPE]W 0 SV [LIR LI TPE]W 6#

8V] XS ERW[IV XLIWI UYIWXMSRW MRXYMXMZIP] [MXLSYX PSSOMRK EX XLI JSVQYPEI



4VSTIVXMIW SJ XLI 17) -- 6IGEPP XLEX 0 6 8LIR

! 0T6

6 T6 0 T0! 6

T66 T6 0 T0

8LEX MW +O NYQTW QSVI SJXIR XS / WXVSRK WMHI XLER / EGXYEPP] YWIW MX ;L]#

/W YXMPMX] [LMGL MW XLI TVSFEFMPMX] XS WGSVI E KSEP QYWX FI IUYEP JSVWXVEXIK] 0 ERH WXVEXIK] 6 MJ / MW XS TPE] QM\IH WXVEXIK]

0 ERH 6 %W 0 MW QSVI EXXVEGXMZI JSV / XLER 6 +O QYWX QEOI 0 PIWW EXXVEGXMZI[LMGL WLI HSIW F] GLSSWMRK 0 QSVI SJXIR

/ R +O 0 1 6 8SXEP0 1 6 8SXEP



5YIWXMSR )ZMHIRGI

8LI TIVGIRXEKI SJ KSEPW WGSVIH MW ETTVS\MQEXIP] XLI WEQI JSV 0 ERH JSV 6

/ R +O 0 1 6 8SXEP0 1 6 8SXEP

8EFPI 4IVGIRXEKI SJ KSEPW WGSVIH '0+ 8EFPI



%RSXLIV I\EQTPI &EXXPI SJ XLI 7I\IW

%RRI R .SLR STIVE JSSX]3TIVE

*SSX]

8LIVI EVI XLVII 2) 3TIVESTIVE ERH *SSX] JSSX] ERH E 17)

Y%3 ! ! ! Y%* !

Y.S ! ! ! Y.J !

-QTSVXERX %RRI TPE]W 3 QSVI SJXIR XLER * RSX FIGEYWI WLI PMOIW MXQSVI FYX FIGEYWI .SLR PMOIW MX PIWW ,S[ ]SY GER WII XLEX# -QEKMRI XLEX

QSVI SJXIR# 2S &YX .SLR [MPP TPE] STIVE PIWW SJXIR)'32 0IGXYVI +EQI 8LISV] *VMHE] %TVMP


-

- %RRI [MPP KIX ! - GER GEPGYPEXI MX F] SRP] PSSOMRK EX SRI WXVEXIK] SJ

XLI WEQI-

- 8LMW MW E ZIV] X]TMGEP TVSTIVX] SJ 17) MR KEQIW [MXL QYPXMTPIIUYMPMFVME [LIVI WSQI 2) EVI TYVI ;L] MW XLEX#

- ZIV]SJXIR

! !%RRI R .SLR 3TIVE *SSX]

! 3TIVE

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)UYMPMFVMYQ 7IPIGXMSR 4VSFPIQ

- -J XLIVI EVI QYPXMTPI IUYMPMFVME [LMGL IUYMPMFVMYQ [MPP FI TPE]IH#- 8LMW MW ER STIR MWWYI 8LIVI EVI WIZIVEP XLISVMIW ERH QIXLSHW XS WIPIGXIUYMPMFVME FYX RSRI MW KIRIVEPP] EGGITXIH EW XLI VMKLX XLISV] MR EPPGMVGYQWXERGIW ;L] HS %YWWMIW ERH &VMXSRW HVMZI SR XLI PIJX WMHI#

- 6SPI SJ WSGMEP RSVQW ERH GYPXYVI ERH WMQMPEVP] JY^^] GSRGITXW


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