Page 1

ISSUE #22

WORLD MENTAL HEALTH DAY 2017

LET’S TALK.


Table Of Contents 


03# Editor’s Editor’sMessage Message Chapter Activities 05# Chapter Activities Mental Health in the Workplace 12# Mental Health in the Workplace AMSC 2017 Seoul, South Korea ALSA Profile 56# ALSA Profile AMSA Chapter Profiles 58# AMSA Chapter Profiles AMSA University Profiles 60# AMSA University Profiles AMSAUniversity University Activities 64# AMSA Activities Photography 79# Photography EAMSC2018 2018Nepal Nepal Promotional Promotional 88# EAMSC


EDITOR’S# MESSAGE# 


AMSA# Interna7onal# eNewsle1er# is# a# media# that# provide# informa7ons# related# to# the# ac7vi7es#of#AMSA#members#from#various#chapters.This#eNewsle1er#also#is#a#place#for# every# individual# who# joined# AMSA# to# voice# their# work# and# aspira7on# in# the# form# of# wri7ng,#opinion,#and#even#photography.## The#goal#of#AMSA#Interna7onal#eNewsle1er#is#as#a#medium#of#inter]Chapter#to#share# informa7on#and#experiences#that#are#expected#to#give#benefit#for#each#other.#Through# the# AMSA# Interna7onal# eNewsle1er# also# hopefully# will# able# to# give# updates# about# AMSA#Interna7onal#ac7vi7es#to#every#chapter.## This#Edi7on#will#be#about#World#Mental#Health#Day:#Mental#Health#in#the#Workplace.# This# theme# is# taken# from# World# Federa7on# of# Mental# Health# (WFMH)# in# order# to# commemorate#a#World#Mental#Health#Day#this#year.## We#have#a#high#hopes#that#this#eNewsle1er#will#bring#us#more#closer#to#each#other,#will# give#us#more#Knowledge#and#Friendship,#and#more#trigger#us#to#do#an#Ac7on.## Editorial#Board# AMSA#Interna7onal#eNewsle1er#2017/2018#

Newsle1er#22nd#Edi7on# World#Mental#Health#Day#2017:## Mental#Health#in#the#Workplace# Hanifan#Nugraha# Chief&Editor& Si7#Zakiaturrahmah# Woro#Ayu#Sekararum# Layout&Designers& Yao#Pei#Chi# Jasmine#Chua# Sankorat#Visedsintop# Joseph#M.#Husein# Oliver#Perez# Chen#Po#Yuan# Chapter&Representa6ve&





CHAPTER#ACTIVITIES#





REPORT# INDONESIA& THAILAND& CHINA&


AMSA]INDONESIA# 


RAKERNAS#2017#:#Establish)Your) Personal)Hygene)&)Your)Reproduc9on.# AMSA$Jambi* University* is* located* in* jambi* province,* Sumatera* and* it* has* became* an* ac<ve*member*of*AMSA$Indonesia*in*2016* at* AMSA$Indonesia* Na<onal* Congress,* in* Solo.* A* challenge* and* pride* on* September* 8$10,* 2017,* AMSA$Unja* for* the* first* <me* has*the*opportunity*hos<ng*one*of*the*five* AMSA$Indonesia* na<onal* events,* it* is* AMSA$Indonesia's* Na<onal* Working* M e e < n g* ( R a k e r n a s )* i n* t h e m e d* reproduc<ve* health* with* the* topic* "Estrogen"*(Establish*your*personal*hygene* and* your* reproduc<on)* which* is* the* first* agenda* of* AMSA$Indonesia* tenure* 2017/2018.* Every* events* in* AMSA* must* involve* three* philosophies,* that* are* knowledge,*ac<on*and*friendship.*

On* the* first* day* at* Rakernas,* there* was* a* welcoming*party*to*welcome*all*delegates.* The*party*included*a*tradi<onal*dance*from* Jambi,* namely* “Sekapur* Sirih”* dance.* The* dance*is*to*invited*the*guests*to*eat*“sirih”* that* is* given* by* the* dancers* as* a* symbolic* of*warm*welcome.*On*the*next*day,*we*had* lecture* about* adenomyosis* and* work* mee<ng* with* AMSA$Indonesia* execu<ve* board* approval* circuit,* AMSA$University* work* program* and* bidding* for* the* next* na<onal* event* that* was* presented* by* universi<es*who*applied*the*bidding.** At*night,*we*had*a*farewell*party*in*themed* “AMSA*Movie*Award”*which*was*filled*with* musical* performances* from* the* delegates* and*the*commiYees,*nomina<on*reading*at*

Rakerna delegate show* o AMSA* f closed*b of*AMSA ac<on*in bicycles how* to The*last which*is a*relic*o in* this* intraper beau<fu grow*la to*provi


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as* award* which* was* given* to* the* most* ac<ve* e*and*university*during*Rakernas,*and*the*fashion* of* the* execu<ve* board* and* the* representa<ves* from* all* over* Indonesia.* The* farewell* party* was* beau<fully*by*the*celebra<on*of*21st*anniversary* SA$Indonesia.*Then*on*the*last*day,*we*had*social* in*Muaro*Jambi*village,*the*delegates*were*riding* s*to*reach*the*villagers*house*and*socialized*about* o* maintain* personal* hygene* and* contracep<on.* t*ac<vity*was*a*city*tour*to*Muaro*Jambi*Temple,* s*the*largest*temple*complex*in*Southeast*Asia*as* of*the*Buddhist*kingdom*in*Indonesia.*Hopefully,* * Rakernas,* all* delegates* could* increase* the* rsonal* and* interpersonal* skills* and* have* a* ul*impression*and*hopefully*AMSA$Indonesia*will* arger*because*of*its*togetherness*and*keep*going* ide*great*beneďŹ ts*to*the*society.*


AMSA#THAILAND#

!#

STOP#TEEN#MOM# AMSA* Thailand* is* more* than* happy* to* address* our* most* remarkable* and,* so* far,* most* successful* event* of* 2017* $* Community* Service* Trip.* This* year* we* arranged* our* 11th* trip* "STOP* TEEN* MOM"* f o c u s i n g* o n* t e e n a g e* p r e g n a n c y .* T h r o u g h* community* service,* we* aim* t o* e n c o u r a g e* m e d i c a l* students* to* expand* their* knowledge,* build* friendships,* and*at*the*same*<me,*benefit* the*community.*

STOP*TEEN*MOM*was*held*in* September* 2017* at* Ban* Na* D i st r i c t ,* N a k h o n* N ayo k* Province.* Despite* efforts* to* solve* teenage* pregnancy* problems,* Ban* Na* is* among* the* highest* prevalence* in* Thailand.* To* understand* the* problem,* our* students* had* a* chance* to* interview* people* f r o m* t h e* c o m m u n i t y* $* teachers,* local* poli<cians,* nurses,*public*health*officers,* and* teenage* parents.* Aaer* the* interview,* they* could*

discuss* about* the* problem,* l e a r n* a b o u t* a d o l e s c e nt* pregnancy* situa<ons* in* Thailand,* and* then* design* i n t e r v e n < o n s* f o r* t h e* community.*


“"!# ”"


AMSA#CHINA# AMSA#Medical#Drama#English# Dubbing#Contest#

AMSA* Medical* Drama* English* Dubbing* Contest* 2017,* held* from* October* 18,* 2017* t o* N o v e m b e r* 1 3 ,* 2 0 1 7 ,* i s* a n* unprecedented* contest* for* all* the* medical* students.* The* event* will* be* promoted* through* the* AMSA* CHINA* We* Chat* publicity.* We* really* want* all* the* students* could* par<cipate* in* this* ac<vely.* To* take* part* in* this* Dubbing* Contest,* you* can* choose* to* compete* individually* or* as* a* team,*but*there*are*no*more*than*3*people* in* one* team.* This* contest* is* mostly* online.* So* you* just* need* to* sign* up* through* WeChat,* then* finish* your* dubbing* works* and*send*it*to*the*specified*mailbox*within*

the*specified*<me.*You*can*choose*medical* film*related*materials*selected*by*the*AMSA* Organizing* CommiYee.* The* Ac<vi<es* Department* will* adapt* some* fragments* related* to* AMSA* which* is* used* for* the* AMSA*propaganda*in*advance.*Then*people* will*vote*for*their*favourite*works*online*by* WeChat,*and*the*vo<ng*is*limited*to*one*ID* can* only* vote* once* within* a* certain* period* of* <me.* At* the* same* <me,* we* want* to* expand*the*influence*of*AMSA*through*the* WeChat*vo<ng.*We*set*up*different*sorts*of* awards* and* the* AMSA* OC* will* present* the* Cer<ficate* of* merit* to* the* winning* teams* and* all* the* par<cipants.* Plus* there* will* be* AMSA*China*souvenirs*for*winners.*


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11#


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AN#OVERVIEW#


During* our* adult* lives,* a* large* propor<on* of* our* <me* is* spent* at* work.* Our* experience* in* the* workplace* is* one* of* the* factors* determining* our* overall* wellbeing.* Employers* and* managers* who* put* in* place* workplace* ini<a<ves* to* promote* mental* health* and* to* support* employees* who* have* mental* disorders* see* gains* not* only* in* the* health* of* their*employees*but*also*in*their*produc<vity* at* work.* A* nega<ve* working* environment,* on* the* other* hand,* may* lead* to* physical* and* mental* health* problems,* harmful* use* of* substances* or* alcohol,* absenteeism* and* lost* produc<vity.*(WHO*2017)* Depression*and*anxiety*disorders*are*common* mental* disorders* that* have* an* impact* on* our* ability* to* work,* and* to* work* produc<vely.* Globally,*more*than*300*million*people*suffer* from* depression,* the* leading* cause* of* disability.* More* than* 260* million* are* living* with*anxiety*disorders.*Many*of*these*people* live* with* both.* A* recent* WHO$led* study* es<mates* that* depression* and* anxiety* disorders* cost* the* global* economy* US$* 1* trillion*each*year*in*lost*produc<vity.

Mental&health&in&the&workplace*is*the*theme* of* World* Mental* Health* Day* 2017.* World* Mental* Health* Day* is* observed* on* 10* October* every* year,* with* the* overall* objec<ve* of* raising* awareness* of* mental* health* issues* and* mobilizing* efforts* in* support* of* beYer* mental* health.* (WHO* 2017)* World* Federa<on* for* Mental* Health* (WFMH)* is* an* interna<onal* membership* organiza<on* founded* in* 1948* to* advance,* among* all* peoples* and* na<ons,* the* preven<on* of* mental* and* emo<onal* disorders,*the*proper*treatment*and*care*of* those* with* such* disorders,* and* the* promo<on*of*mental*health.* World* Mental* Health* Day* was* observed* for* the* first* <me* on* 10* October* 1992.* It* was* started* as* an* annual* ac<vity* of* the* World* Federa<on* for* Mental* Health* by* the* then* Deputy* Secretary* General* Richard* Hunter.* The* day* is* officially* commemorated* every* year*on*October*10th.**


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1 In 5

in the workplace experience a mental health condition

OVERVIEW THE IMPORTANCE OF THE WORLD MENTAL HEALTH DAY THEME Work life balance is priority for many empoloyees. Millenials are ooking for a good word/life balance and strong diversity policies to support their wellbeing at work. The workplace and workforce are changing and traditional ways of looking at the workforce may not hold for long. Many employees are beginning to favour a workplace that cares for their wellbeing.

10%

Of the employed population have taken time off work for depression.

36%

An average of 36 workdays are lost per depression episode.

50%

Of people with depression are untreated.

94%

Cognitive symptoms of depression such as for instance a difficulitie in concetrating making decision and remembering. Are present up to 94% of the time during an episode of depression. Causing significant impairment in work function and productivity.

43%

Of managers want better policies. People find it difficult to disclose that they have mental health difficulities in the workplaceyet nobody is immune from mental health difficulties.


â&#x20AC;Š

Since* the* early* days,* the* Federa<on* has* chosen* a* theme* to* be* promoted* in* its* planning*kit*each*year.*


â&#x20AC;Š

The&themes&we&have&used&are:& 1996$$$$

Women$and$Mental$Health

2009$$$Mental$Health$in$Primary$Care:$

1997$$$$

Children$and$Mental$Health

$

Enhancing$Treatment$and$$

1998$$$$

Mental$Health$and$Human$Rights

$

Promoting$Mental$Health

1999$$$$

Mental$Health$and$Ageing

2010$$$Mental$Health$and$Chronic$$

2000=2001$$$Mental$Health$and$Work

$

2002$$$$

The$Effects$of$Trauma$and$$

2011$$$$The$ Great$ Push:$ $ Investing$ in$

$

$

Violence$on$Children$&$$

$

$

$

Adolescents

2012$$$Depression:$A$Global$Crisis

2003$$$$

Emotional$and$Behavioural$$

2013$$$Mental$Health$and$Older$Adults

$

$

Disorders$of$Children$&$$

2014$$$Living$with$Schizophrenia

$

$

Adolescents

2015$$$Dignity$in$Mental$Health

2004$$$$

The$Relationship$Between$$

2016$$ Psychological$and$Mental$$

$

$

Physical$ &$ Mental$ Health:$ co=

$

$

$

occurring$$disorders

2017$$ Mental$Health$in$the$Work$$

2005$$$$

Mental$and$Physical$Health$$

$

$

Across$the$Life$Span

$

2006$$$$

Building$ Awareness$ =$ Reducing$

$

Risk:$Mental$Illness$&$Suicide

$

2007$$$$

Mental$ Health$ in$ A$ Changing$

$

$

World:$The$Impact$of$Culture$and$

$$$

$

Diversity

2008$$$$

Making$ Mental$ Health$ a$ Global$

$

$

Priority:$ Scaling$ up$ Services$

$

$

through$ Citizen$ Advocacy$ and$

$

$

Action

Physical$Illnesses Mental$$Health

Health$First$Aid Place


WHY WORKPLACE STRESS IS A COLLECTIVE CHALLENGE AND WHAT TO DO ABOUT IT VALENTINA FORASTIERI

The relationship between workplace stress and poor mental health is well established. In our recent publication. Workplace stress: A Collective Challenge, the ILD’s Safety and Health at Wor ream surveyed the most recent studies on workplace stress from around the world including among others. Asia and the pacific the America’s, Australia and Europe. We found that work related stress costs global society untold billions in direct and indicrect cost annually. And that is quite apart from the human price paid in misery, suffering and event according to some of the reports we looked at in suicide. Growing Pressure at Work We often hear we live increassingly stressful working lives but what does recent experience tell us

??

Well, let’s begin with globuli competitive processes have organization, working realtio patterns, contributing to the related stress and its associ With the pace of work dictat communications and high le competition, the lines separa are becoming more and mor An appropriate balance betw life is difficult to achieve.

And the phenomenon is inde

For instance, we note a stud found 32.4 percent of worke from strong anxiety worry an in the previous year. In Chile percent of workers and 13.8 reported that stress and dep were present in their anterpr were found in practically eve considered for this report.

And then, there is the hango global economic crisis and r many enterprises to scale do activity in order to remain co includes and increase in rec merging, outsourcing and su precatious work and a highe massive layoffs or workers, poverty and social exclussio


â&#x20AC;Š

ization. Global e transformed work ons and employment e increase od workiated disorders. ted by instant evels of global rating work from life ore difficult to identify. ween work and private

eed global in its impact.

dy from Japan that ers reported suffering nd stress from work e, 2011data show 27.9 8 per cent of employers pression prises. Similiar figures ery country we

over from the recent recssion that forced down their economic ompetitive. This cstructuring, downsizing, ubcontracting, er likelihood of unemployment, on.

These working practices are a source of what is known in the field as â&#x20AC;&#x153;psychosocial hazardsâ&#x20AC;? Within the workplace they contrubuted to increace competition, higher expectations as regards performance, fast-paced and intensive work, irregular and longer working hours higher job demans and job insecurtiy and a slac of control over the content and organization of work and reduce work opportunities. Add to that fear of losing their jobs, reduce motivation of staff, decerease financial stability and you and up with the serious consequences for workers mental health and weleing with a significant financial bottom line. These related direct and indirect costs are only beginning to be quntifed. Still, some develop countries assess the economic impact of work-related depression in 617 billion a year, which includes the costs to employers of absenteism and presenteeism liss of productivity, healthcare costs and social welfare costs in the form of disabilty benefit payments.


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10#

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G r e e < n g s* P e o p l e* o f* Tomorrow.* I*am*Soon*Kuen*Wong*from* Malaysia,* the* Overall* Chairperson* of* AMSA* I n t e r n a < o n a l* fo r* t h e* t e n u r e* 2 0 1 7 / 2 0 1 8 .* Currently,* I* am* pursuing* my* final* year* of* degree* of* Doctor* of* Medicine* (MD)* at* The* Na<onal* University* of* Malaysia* (Universi6& Kebangsaan& Malaysia,& UKM).* It* is* my* honour* to* l e a d* t h e* p e a k* r e p r e s e n t a < v e* organisa<on* for* medical* students* across* Asia,* Asia$ Pacific*and*beyond.*

Every* year,* AMSA* Interna<onal* supports* World* Mental* Health* Day* by* raising* awareness* of* mental* health* issues* and* mobilizing* efforts* in* support* of* beYer* mental* health.* This* year,* the* theme* of* World* Mental* Health* Day* 2017* is* “Mental*Health*in*the*Workplace”.*The*theme*is* closely* related* to* medical* students* due* to* the* fact* that* a* nega<ve* study* or* work* environment* can* take* a* toll* on* the* students’* mental* health.* Medical* students* are* more* likely* to* suffer* depression* than* their* peers* with* a* rate* of* 15$30%*higher.*It*is*mainly*due*to*the*notoriously* stressful*and*compe<<ve*medical*training*which* needs* long* hours* of* studying,* training* and* commitment* aaer* you* become* part* of* the* member*of*medical*school.*Thus,*being*the*final$ year* medical* student,* it* is* absolutely* necessary* for* me* to* share* with* you* some* ways* to* reduce* stress*level*throughout*my*medical*studies.**

On* account* of* the* bu medical*student,*it*canno is*stressful*to*juggle*betw extra$curriculum*ac<vi<e year* studies* in* UKM.* In* stress,* I* would* like* to* posi<ve* mindset.* Posi<v that*we*approach*unplea posi<ve*and*produc<ve*w us* to* reduce* our* stres confidence* level* and* im well$being* and* outlook mindset*would*not*help*t would*even*worsen*the*s us* feeling* more* stressfu oaen* starts* with* self$t telling* yourself* today,* “Y “Something*good*will*be* do*not*give*up.”*


usy* schedule* as* a* ot*be*denied*that*it* ween*academic*and* es*throughout*the*5$ * order* to* overcome* emphasise* on* the* ve* thinking* means* asantness*in*a*more* way.*It*actually*helps* ss* level,* boost* our* mprove* our* overall* k.* Having* nega<ve* the*situa<on,*but*it* situa<on*and*cause* ul.* Posi<ve* thinking* talk.* Hence,* starts* Yes,* I* can* make* it!”,* *happening*soon*if*I*

AMSA#MALAYSIA#

SOMETHING)GOOD)WILL)BE) HAPPENING)IF)I)DO)NOT)GIVE)UP

/

“"

Soon&Kuen&Wong&

Posi2ve# thinking# means# that# we# approach# unpleasantness# in# a# more#posi2ve#and#produc2ve#way.#It#actually#helps#us#to#reduce# our# stress# level,# boost# our# confidence# level# and# improve# our# overall#wellZbeing#and#outlook.


My* name* is* Chai* Kar* Yee,* a* fourth* year* medical* student* from* The* Na<onal* University* of* Malaysia.* I* am* currently* the* regional* chairperson* of* AMSA* Malaysia.* I* think* that* the*theme*is*suitably*tailored* to*what*medical*students*are* facing* now.* A* number* of* them* are* aware* of* their* stressful*lives*but*they*do*not* know* the* correct* coping* mechanisms.* This* arises* issues* such* as* substance* abuse,* depression* among* medical*students.**

I* hope* from* this* event,* we* can*help*the*medical*students* to* establish* their* own* ‘stress* kit’* and* to* guide* them* to* overcome* their* stressors* effec<vely.* Perhaps* prior* to* that*we*should*introduce*the* ‘stress*kit’*concept*to*them.*A* ‘stress* kit’* is* anything* that* provides* instant* relief* of* stress.* Generally,* the* criteria* of* a* ‘stress* kit’* are* easily* available,* suitable* to* be* used* in* public* situa<ons* and* effec<ve* to* reduce* the* stress* level.**

Moreover,* I* also* hope* that* t h i s* e v e n t* c o u l d* r a i s e* awareness* on* depression* among*medical*students.*It*is* gekng* more* common* and* oaen*leads*to*its*most*severe* complica<on* –* suicide.* By* bringing* up* this* issue,* I* hope* that*more*people*realize*their* illness* and* seek* medical* aYen<on*from*the*beginning.** There* should* also* be* a* clear* guideline* on* what* they* should* do* if* they* find* out* themselves* suffering* from* depression.**


AMSA#MALAYSIA#

A)‘STRESS)KIT’)IS)ANYTHING)THAT) PROVIDES)INSTANT)RELIEF)OF)STRESS.

/

“"

Chai&Kar&Yee

Generally,# the# criteria# of# a# ‘stress# kit’# are# easily# available,# suitable# to# be# used# in# public# situa7ons# and# effec7ve# to# reduce# the#stress#level.


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Hey*AMSA$nians!** It*is*an*honour*for*me*to*be*given*an* opportunity*to*be*featured*as*a*part* of* the* AMSA* Magazine!* My* name* is* Irene* Iksarnronnachai* from* ALSA* Thailand* (Na<onal* Chapter),* I* am* currently* a* part* of* the* ALSA* Interna<onal* Board* serving* as* the* V i c e* P r e s i d e n t* o f* A c a d e m i c* Ac<vi<es.* As* we* all* know,* the* plethora*of*books*and*texts*that*law* students* are* required* to* read* rival* those* of* medical* students.* Thus,* I* find* that* the* theme* of* ‘Mental* Health* in* Workplace’* to* be* very* fikng*as*it*is*something*that*many*of* us*can*relate*to.** Being*a*college*student,*be*it*a*law*or* medical*student,*is*not*just*physically* <ring* but* also* mentally* exhaus<ng.* When* we* are* physically* exhausted,* we* can* take* a* short* nap* (or* a* long* one!)* to* feel* refreshed* again,* but* when*it*comes*to*mental*exhaus<on,* a* nap* simply* does* not* cure* it.* A* physically* healthy* person* does* not* equate*to*a*mentally*healthy*person.**

For*this*year’s*World*Mental*Health*Day,* I* hope* to* see* more* emphasis* being* put* in*raising*awareness*for*different*mental* health* issues* and* ways* to* tackle* or* help* those*in*need.*As*a*law*student,*I*believe* that* a* healthy* mind* is* essen<al* in* our* career.*Therefore,*I*would*like*to*also*see* people* becoming* more* accep<ng* towards* mental* health* issues* and* realising*that*it*is*a*real*problem*and*not* a*figment*of*someone’s*imagina<on.*And* with*such*realisa<on*and*understanding,* I* hope* that* people* will* ask* for* help* or* reach* out* to* those* who* are* in* need* of* help* in* order* for* us* to* all* achieve* a* healthy*mind*together.** Kind#regards,## Irene*Iksarnronnachai
 Vice#President#of#Academic#Ac2vi2es#Asian# Law# Students’# Associa2on# Interna2onal# Board#2017/18#


“$ 


I"am"clinically"diagnosed" with" Major$ Depressive$ Disorder.$ I*am*a*2nd*year*midyear*student*in*FEU$NRMF*Ins<tute* of*Medicine.*I*am*part*of*the*AMSEP*commiYee.*And,*I* am*clinically*diagnosed*with*Major*Depressive*Disorder.* I* have* been* clinically* diagnosed* since* my* 1st* year* in* medical*school*proper*but*I*have*been*experiencing*my* symptoms*since*my*undergraduate*study.*Just*recently,* I*have*been*in*a*remission,*it*is*difficult*because*I*have* not*been*on*medica<on*and*I*only*took*one*dose*aaer* seeing*a*Psychiatrist.*Just*because,*me*being*diagnosed* with*MDD*was*not*accepted*by*my*family.*Acceptance* is* the* primary* thing* that* everyone* with* depression* needs* because* they* always* feel* alone* and* want* to* be* alone.**


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It*is*easier*said*than*done.*Honestly,*I’ve*been*through* all* that.* Once* my* anhedonia* strikes* in,* it* is* difficult* to* climb* back* up.* FIGHT* IT.* FIGHT* IS* AS* MUCH* AS* YOU* CAN.*No*one*can*help*you*unless*you*help*yourself.*You* are*the*only*person*that*can*pull*yourself*up*again.*If*all* else* won’t* work,* seek* help* no* maYer* what* others* say* because* in* the* end,* all* that* maYers* is* the* fact* that* everyone* needs* to* LIVE* LIFE.* Take* your* own* pace,* no* one* is* rushing* you.* You* just* need* to* hold* on* and* be* with*yourself,*have*someone,*your*“constant*person”*to* be*with*at*all*<mes.*It*could*be*anyone,*but*should*be* someone*you*trust*other*than*yourself.*Falling*into*the* deep*well*of*depression*is*hard*but*one*should*be*able* to*climb*back*up;*no*maYer*how*much*you*think*about* it,*no.

ffgh

Advice*for*those*who*get*depressed?*


Hello!* I* am* Carmelle* Marie* Joson,* the* Execu<ve* Assistant* for* Publica<ons* of* AMSA$ UST.* Let* me* introduce* you* to* two* monsters* that* live* inside* my* head:* Anxiety* and* Depression.*I*have*been*living*with*anxiety*and* depression* for* about* ten* years* now,* and* believe* me* when* I* tell* you* that* it* is* not* a* preYy*sight;*at*least*in*my*perspec<ve*anyway.* This* is* because,* in* reality,* no* one* really* ever* no<ced*my*pain.*Everyone*around*me*assumes* that* I’m* doing* just* fine,* but* liYle* did* they* know,* I* was* drowning* in* my* own* sorrow.* People*don’t*usually*pay*aYen<on*to*my*cries* for*help*because*they*mostly*assume*that*I*am* being* overdrama<c.* It* was* a* difficult* <me* growing* up* all* alone,* burdened* by* my* anxie<es* which* seemed* like* an* endless* spiral* into* the* void.* Even* with* all* these* thoughts* going* through* my* head,* I* just* kept* telling*

myself* that* everything* will* be* fine.* But* to* tell* you*the*truth*–*it*only*got*worse.*It*came*to*a* point* that* I* wasn’t* the* only* one* hur<ng* anymore;*I*was*hur<ng*the*people*around*me.* So*about*two*years*ago,*I*finally*sat*down*with* my* family* and* decided* to* get* some* professional* help.* It* was* difficult* at* first,* but* gekng*help*and*support*from*my*family*made* it* a* lot* easier.* Now,* I* can’t* say* that* the* monsters* are* completely* gone,* but* somehow,* I’ve*learned*to*tame*them*and*live*with*them.* So,* to* people* out* there* who* have* the* same* monsters*as*I*do,*you*are*not*alone.*I*may*not* be* the* right* person* to* give* you* proper* advice* on*how*to*make*them*go*away,*but*know*that* you* will* be* found,* and* there* are* people* out* there,* like* me,* who* will* make* you* feel* less* alone.* We* can* all* fight* these* monsters* together,*alright?*


AMSA#PHILIPPINES#

SO,)TO)PEOPLE))OUT)THERE)WHO)HAVE)THE)SAME) MONSTER)AS)I)DO,)YOU)ARE)NOT)ALONE.

/

“"

Carmelle&Marie&Joson&

It# was# difficult# at# first,# but# gehng# help# and# support# from# my# family#made#it#a#lot#easier.


A* man* with* a* disheveled* hair,* reeking* a* malodorous* stench,* wearing* a* soot* blackened* shorts* sikng* and* usually* staring* blankly* on* a* sidewalk* pavement* is* a* picture* of* a* person* having* a* mental* health* problem* to* a* layman.*However,*we*should* b e* a w a r e* t h a t* a* j o l l y* colleague* or* a* kind* boss* at* work*might*also*be*a*portrait* of*this.*

Recently,*a*well$known*celebrity*hos<ng*a* noon<me* show* of* one* of* the* biggest* television*networks*of*the*Philippines*had* given* his* opinion* on* air* regarding* people* suffering* from* depression,* insis<ng* that* depression*is*just*a*make*up*illness*as*he* quoted,*“Wag&niyo&yang&tulungan.&GawaO gawa& lang& yan”* (Transla6on:& “Don’t& help& those&people,&they&are&just&making&it&up”).* Although* a* co$host* tried* to* explain* the* maYer,* he* s<ll* denied* the* existence* and* validity* of* such* illness* which* has* caused* an* uproar* in* social* media* sites.* People* pointed*out*that*mental*health*should*be* g i v e n* i m p o r t a n c e* w h e r e* p r o p e r* informa<on*dissemina<on*is*the*start.*

Mental* health* awarenes especially* since* more* an are*suffering*from*these*m I n* t h e s e* < m e* a n d* bombarded* with* stresse workplaces* where* peop keep* up* with* increasin their* work.* On* top* of* pressures* in* the* societa success.* With* these* p factors* like* familial* pr person*might*be*prone*t illnesses.*


AMSA#PHILIPPINES# 


ss* is* a* necessity* nd* more* people* *mental*illnesses.* d ay,* we* a re* ses* especially* in* ple* are* forced* to* ng* demands* of* f* these* are* the* al* tug* of* war* to* plus* other* risk* redisposi<on,* a* to*mental*health*

)BE)AWARE)TO)CARE:)BREAK)THE)STIGMA)OF) MENTAL)ILLNESSES

/ People* usually* ignore* or* downplay* the* reality* of* this* mental* illnesses* because* of* the* s<gma* it* brings* to* a* person.*Like*in*any*maYer*at* hand,* awareness* is* key* to* understanding.* Through* understanding* we* may* be* able* to* iden<fy* people* who* have* mental* illnesses* and* encourage* them* to* seek* help,* where* they* can* find* solu<ons* and* assistance* that*they*definitely*need.*

Chanelle&Filio

“"

Through# understanding# we# may# be# able# to# iden2fy# people# who# have# mental# illnesses# and# encourage# them# to# seek# help,# where# they# can# find# solu2ons# and# assistance# that# they#definitely#need.


How* to* maintain* stress* as* medical* students?* Thoughts,* Advice* for* people* who* oaen* get* depressed. Hi,*I’m*Johnaliz*Khow,*a*second*year*medical*student* and* a* member* of* UERM$AMSA,* Philippines.* We* all* dream* of* that* en<cing* white* coat* symbolizing* our* status* as* a* medical* prac<<oner* at* the* end* of* this* journey.* But* to* what* extent* are* you* willing* to* sacrifice*for*it?*To*anyone*who’s*struggling*each*day* to*fight*for*that*dream,*I*know*that*you*are*<red*and* stressed.*I*know*that*there*are*<mes*that*you*think* you* don’t* belong* in* this* path* or* that* you’re* not* good* enough* to* be* here.* I* know* that* many* <mes* you*have*thought*of*quikng*all*together.*

Figh<ng* and* working* hard* for* a* dream* is* good,* but* don’t* forget* to* live* your* life.* You’re*s<ll*a*human*being.*It’s*okay*to*cry.* It’s* okay* to* fail.* It’s* okay* that* you* don’t* have* life* figured* out* yet.* Believe* me,* you* have* a* life<me* to* spend* learning* from* mistakes*and*build*yourself*up*from*them.* Don’t*be*afraid*to*ask*for*help.*No*one*will* think* of* you* any* less.* Don’t* lose* sight* of* what* is* important,* spend* <me* with* your* family*and*friends.*Do*what*you*love.*Sing.* Dance.* Laugh.* Take* a* deep* breath,* and* clear*your*mind.**


AMSA#PHILIPPINES#

)TAKE)A)DEEP)BREATH,)AND)CLEAR)YOUR)MIND.))

/ Each* one* of* us* may* struggle* from* different* stressors* in* life,* but* that* doesn’t* change* the* fact* that* mental* health* should* be* taken* seriously.* To* those* people* who* are* suffering* from* any* mental* disorders/illness* such* as* depression,* anxiety,* etc.* Please* don't* hesitate*to*reach*out*and*seek*help.*It's* dangerous* to* be* lea* alone* with* your* thoughts.* You* are* not* alone* in* this* fight.* There* are* plenty* of* people* out* there* who* are* willing* to* listen* and* understand*you.*

Johnaliz&Khow&

And* lastly,* just* because* things* aren't* going*your*way*now,*doesn't*mean*you* can't* do* it.* Pick* yourself* up* and* try* again.*You*got*this.*

“"

Figh2ng# and# working# hard# for# a# dream# is# good,# but# don’t# forget# to# live# your# life.# You’re#s2ll#a#human#being.


"How* to* maintain* stress* as* a* medical* student?* How* do* you* cope* with* <ght* schedule*and*curriculums?”* My* name* is* Suchaya* Nuntnarumit* $* a* first* year* medical* student* at* Thammasat* University.* Currently,* I* am* a* local* coordinator* of* AMSA* Thailand.* In* my* opinion,* mental* health* is* a* topic* that* people*oaen*overlook*nowadays*and*I*hope* that* more* awareness* will* be* raised* on* this* year’s* World* Mental* Health* Day.* WHO* has* stated* that* “Health* is* a* state* of* complete* physical,* mental* and* social* well$being* and* not* merely* the* absence* of* disease* or* infirmity”.*Thus,*mental*health*is*something* that* should* not* be* underes<mated* since* it* is*as*important*as*physical*health,*not*less.**

The* key* to* maintaining* stress* for* me* is*knowing*that*stress*is*not*a*terrible* thing.*An*ideal*level*of*stress*will*not* put* you* under* burdensome* pressure* and*at*the*same*<me,*will*be*enough* to*push*you*forward*to*success.*As*a* medical* student,* I* maintain* my* level* of* stress* by* understanding* the* differences* between* expecta<ons* and* real* abili<es.* If* you* have* an* unrealis<c,* high* expecta<on,* it* will* m a k e* y o u* s t r e s s* o u t* m o r e .* Meanwhile,* if* you* know* your* true* abili<es* and* set* yourself* small,* realis<c,* measurable* goals* –* you* will* not* be* accumula<ng* stress* and* may* even*gain*more*self$confidence!***

Since* the* medic wise* that* you* o hand.*It*is*crucia the*<me*betwee and* spending* < Moreover,* the* c so*make*sure*th single*day*rathe as* the* exam* ap that* medical* li cannot* do* ever There*will*be*<m in*yourself*–*just learn* from* your great* prac<<on failures* stress* y forward!*


cal* schedule* is* very* <ght,* it* is* organise* your* plan* long* before* al*that*you*know*how*to*divide* een*studying,*res<ng,*exercising* <me* with* families* and* friends.* curriculum* is* extremely* dense* hat*you*start*revising*a*bit*every* er*than*cramming*in*everything* pproaches!* Lastly,* we* all* know* life* is* tough* and* we* simply* rything* amazingly* all* the* <me.* mes*when*you*are*disappointed* st*be*reminded*that*you*have*to* r* mistakes* now* and* become* a* ner* in* the* future.* Don’t* let* you* out,* make* them* move* you*

AMSA#THAILAND#

DON’T)LET)FAILURE)STRESS)YOU)OUT,)) MAKE)THEM)YOU)MOVE)FOWARD!

/

“"

Suchaya&Nuntnarumit&

An#ideal#level#of#stress#will#not#put#you#under#burdensome# pressure#and#at#the#same#2me,#will#be#enough#to#push#you# forward#to#success.


I* am* Cai* Sicheng* from* Tongji* medical* college*of*HUST,*Wuhan*China.*And*I*am* the*PIC*of*AMSA$Tong*ji.*The*concept*of* mental* health* is* gaining* popularity* nowadays,*which*mo<vates*me*to*share* some* of* my* opinions* upon* it.* Mental* h e a l t h ,* a l s o* c a n* b e* c a l l e d* a s* psychological* health,* used* to* be* kept* in* the*doghouse,*but*now*is*becoming*the* centre*of*aYen<on.*This*phenomenon*is* probably* due* to* the* rapid* social* development* which* draws* people’s* aYen<on* to* themselves.* We* begin* to* aYach*more*importance*to*the*quality*of* our* lives* and* want* to* improve* it.* Since* mental* health* imposes* a* profound* impact* on* life* quality,* more* and* more* people* are* gekng* familiar* with* this* theme.*

In* my* view,* mental* health* is* vital* to* one’s* life* quality.* Jack* London* once* said,* the* proper* func<on* of* man* is* to* live,* not* to* exist.* To* some* extent,* physical* health* can* only* ensure* your* “existence”,* while* mental* health* can* offer* you* the* true* meaning* of* “life”.* “Exis<ng”* means* a* low* life* quality* while* “living”* means* that* you* can* realize* your* life* values.* In* a* sense,* mental* health*means*keeping*posi<ve* and* op<mis<c.* Of* course,* this* is* not* the* whole* story* of* mental* health.* however* I* do* think* this* idea* does* make* sense*to*us.*

The* topic* of* 2017* world* mental* health* day* is* about* harmony* of* family.* And* I* believe* this* topic* is* prac<cal* and* meaningful.* Family$of$ origins* can* exert* a* profound* and* indelible* influence* on* everyone,* which* can* be* good* or* bad.* To* some* extent,* it* is* one’s*family*that*shapes*his*or* her* mind* and* therefore* dominates*further*lives.*I*hope* 2017* world* mental* health* day* can* truly* make* a* contribu<on* to* the* harmony* of* every* family,* and* make* the* concept* of*mental*health*widely*known* by*more*people.*


KEEP)POSITIVE)AND)OPTIMISTIC AMSA#CHINA#

/

“"

Cai&Sicheng&

Family# can# exert# a# profound# and# indelible# influence# on# everyone,#which#can#be#good#or#bad.


I* am* Selma* Zein* Syafira,* a* medical* student* from* Padjadjaran* University* and* now* serving* as* the* Ambassador* of* Public* Health* AMSA$Indonesia* for* District*3.* Now,* please* list* down* the* names* of* four*people*that*you*loved*the*most.* Done?* Here’s* a* fact* :* one* of* them* may* suffer* from* a* mental* health* problem.* That* person* may* not* be* aware,*or*it’s*just*us*who*don’t*care.* Then,*what*can*we&do?*

The*one*simple*thing*we*can*do* is* to* acknowledge* ourselves* about* mental* health.* Mental* health*is*a*state*of*well$being*in* which* the* individual* can* cope* with* the* normal* stresses* of* life.* This* is* important* because* it* builds* up* an* integral* part* of* an* individual's* capacity* to* run* a* fulfilling* life.* Most* people* (who* don’t*know)*would*see*the*signs* of* mental* health* problems* as* a* normal*emo<onal*response.*

Another* simple* thing aYen<on.* As* stated* b factors* that* deter individual*aYributes*a economic* circumstan factors.*Thus,*having*a is*not*a*personal*failu to*be*found*in*the*wa people* with* the* pro know*what*someone* her* current* situa<on* going* to* say,* whatev think&first.**


g* we* can* do* is* to* pay* by* WHO,* there* are* three* rmine* mental* health;* and*behaviour,*social*and* nces,* and* environmental* a*mental*health*problem* ure.*If*there*is*failure,*it*is* ay*we*have*responded*to* oblems.* We* never* fully* has*been*through*or*his/ * is.* So,* whatever* you’re* ver* you’re* going* to* do,*

AMSAZINDONESIA#

THINK)FIRST

/

“"

Selma&Zein&Syafira&

Let’s#mobilize#efforts#in#support#of#be+er#mental#health# by# figh2ng# the# s2gma# together# and# spreading# the# understanding#about#mental#health.


To* Chapter* Representa<ve* of* A M S A $ I n t e r n a < o n a l* eNewsleYer*Editorial*Board*and* Regional* Chairperson* of* AMSA$ Indonesia.* With* this* essay,* I* would* like* to* express* my* interest* in* “How* am* i* manage* <me* between* studying* and* doing*my*hobbies”.*First,*let*me* to*introduce*myself.*My*name*is* Nadhilah.* I* am* currently* studying*in*Faculty*of*Medicine* at* Jenderal* Achmad* Yani* University.* This* is* my* second* year* as* a* member* of* AMSA$ Unjani*and*I*get*a*responsibility* to* be* the* captain* of* Research* Division.*

Being*a*medical*student*is*tough.*You*must*work* hard,* sleepless,* and* gekng* moody* so* easier.* At* least* those* are* based* on* my* experience.* So* that* is* why* i* want* to* share* my* opinion* how* i* could* manage* <me* between* my* hobbies* and* my* studying.*At*first,*i*am*a*person*who*is*difficult*to* stay* focus* on* something* for* a* long* <me.* Its* difficult* to* just* studying.* So* i* manage* to* do* my* hobbies* between* my* <ght* schedules.* Such* as* listening* music* while* reading* Guyton.* I* am* drawing* when* making* summaries* from* SoboYa.* Also* i* am* singing* when* it* <mes* to* memorize,* such*as*you*could*make*a*song*to*remember*Cell* Life* Cycle.* For* me* doing* those* things* are* fun.* I* know* that* we* as* medical* student* do* not* have* many* <mes* to* do* our* hobbies,* but* if* you* were* me.* Why* are* not* we* doing* our* hobbies* and* studying*at*the*same*<mes?*Sure*we*can.*


AMSAZINDONESIA# 


WHY)ARE)NOT)WE)DOING)OUR)HOBBIES)AND) STUDYING)AT)THE)SAME)TIME)?

/ Lastly,* with* the* remembrance* of* world* mental* health* day,* I* hope* the* mental* health* can* con<nue* to* be* a* concern* for* doctors,* health* workers,* and* of*course*the*public.*A*healthy* soul* for* a* beYer* life.* Healthy* life* condi<ons* in* the* family* will* make* a* state* ci<zen* with* strong* mental* so* that* a* country* to* be* dominated* to* figh<ng*challenges.*

“"

Nadhilah&Amaliah&Santoso&

A#Healthy#life#condi2ons#in#the#family#will#make#a# state#ci2zen#with#strong#mental#so#that#a#country# to#be#dominated#to#figh2ng#challenges.


Thankfully* in* 2017* there* are* a* lot* more* people* who* finally* speak* up* about* the* importance* of* mental* h e a l t h .* A n d* fortunately,*I*am*one*of* t h o s e* p e o p l e .* M y* name* is* Ruth* Syeela* Widianty,* I’m* currently* studying* as* a* second* y e a r* p r e $ c l i n i c a l* student* at* Universitas* Hasanuddin,* Makassar,* and* an* ac<ve* member* of* AMSA$Unhas* from* AMSA$Indonesia.*

Despite* of* diverse* cultural* background* in* our* community,* I* believe* that* for* some* people,* mental* disease* is* s<ll* a* ‘taboo’* topic* to* talk* about,* due* to* the* s<gma* in* the* society.* But,* what* the* society* is* missing* out* is* this* disease* is* so* much* more* than* what*the*eyes*can*see.*Some*appear*to*be*perfectly* fine,* but* who* knows* if* they’re* mentally* ill?* That’s* exactly* what* makes* it* very* noxious* if* somebody* doesn’t* want* to* talk* about* what* they’re* going* through.* Because* the* longer* their* illness* is* lea* untreated,*the*more*likely*it*is*to*interfere*with*their* ability* to* do* their* job* and* effec<vely* interact* with* others.* Sadly,* most* of* us* don’t* know* much* about* mental* health,* so* we* can’t* decide* if* we* need* help.* Also* some<mes,* instead* of* trying* to* figure* out* what’s*happening*with*our*brains,*we*choose*to*be* denial* towards* our* disease,* while* it* rapidly* grows* and* start* undermining* our* minds.* The* fear* of* not*

being* able* to* be* seen leads* us* to* neglect* t other*hand,*people*th the* symptoms* can* surroundings.* Only* b okay?”*and*crea<ng*a* towards* those* who* ar disorders* have* a* rea others.* I* really* hope* t health* day* can* waken back* upon* this* proble that* are* struggling* w that*it’s*okay*not*to*be


AMSAZINDONESIA# 


n* as* a* normal* person* these* issues.* On* the* hat*aren’t*dealing*with* actually* help* their* by* asking,* “are* you* *culture*of*acceptance* re* affected* by* mental* ally* huge* impact* on* hat* this* year’s* mental* * those* who* turn* their* em,* and* remind* those* with* mental* disorder,* e*okay.*

BECAUSE)THE)LONGER)THEIR)ILLNESS)IS)LEFT) UNTREATED,)THE)MORE)LIKELY)IT)IS)TO) INTERFERE)WITH)THEIR)ABILITY)TO)DO)THEIR) JOB)AND)EFFECTIVELY)INTERACT)WITH) OTHERS.

/

“"

Syeela&Widianty

Only# by# asking,# “are# you# okay?”# and# crea2ng# a# culture# of# acceptance# towards# those# who# are# affected# by# mental# disorders#have#a#really#huge#impact#on#others.#


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Dƌ tŽŶŐ ^ŽŽŶ <ƵĞŶ ŝƐ ŽƵƌ KǀĞƌĂůů ŚĂŝƌƉĞƌƐŽŶ ŽĨ D^ /ŶƚĞƌŶĂƟŽŶĂů ϮϬϭϳͬϭϴ͘ ,Ğ ũŽŝŶĞĚ D^ ƐŝŶĐĞ LJĞĂƌ ϮϬϭϯ͘ ^ŝŶĐĞ ƚŚĞŶ͕ ŚĞ ŝƐ ǀĞƌLJ ĂĐƟǀĞ ŝŶ D^ ĂĐƟǀŝƟĞƐ ĂŶĚ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ ŽƌŐĂŶŝƐŝŶŐ ĐŚĂŝƌƉĞƌƐŽŶ ŝŶ ƐŽŵĞ D^ ƉƌŽŐƌĂŵŵĞƐ ŝŶĐůƵĚŝŶŐ DĂůĂLJƐŝĂŶ DĞĚŝĐĂů ^ƚƵĚĞŶƚƐΖ ŽŶĨĞƌĞŶĐĞϮϬϭϲĂŶĚDĞĚŝĐƐ/ŶƚĞƌǀĂƌƐŝƚLJ'ĂŵĞƐϮϬϭϲ͘&Žƌ D^ DĂůĂLJƐŝĂ ,ŽŶŽƌĂƌLJ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ŚĞ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ WƵďůŝĐ ,ĞĂůƚŚ KĸĐĞƌ ŝŶ LJĞĂƌ ϮϬϭϰ͕ sŝĐĞ WƌĞƐŝĚĞŶƚ ;/ŶƚĞƌŶĂůͿ ŝŶ LJĞĂƌ ϮϬϭϱ͕ ĂŶĚ ůĂƐƚůLJ ZĞŐŝŽŶĂů ŚĂŝƌƉĞƌƐŽŶŝŶLJĞĂƌϮϬϭϲ

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ĞŶŐĂŐĞŝŶĂƐŵĂŶLJ ĂĐƟǀŝƟĞƐĂƐƉŽƐƐŝďůĞƚŽ ǁŝĚĞŶŽƵƌƐŽĐŝĂůĐŝƌĐůĞ ĂŶĚŬŶŽǁůĞĚŐĞĂƐǁĞůůĂƐ ŚĞůƉƵƐĚĞǀĞůŽƉ ŵĂŶĂŐĞŵĞŶƚĂďŝůŝƚLJ͕ ůĞĂĚĞƌƐŚŝƉĐĂƉĂĐŝƚLJĂŶĚ ĐŽŵŵƵŶŝĐĂƟŽŶƐŬŝůůƐ

tŝƚŚƚŚĞďĞůŝĞĨŽĨŵĞĚŝĐĂůƐƚƵĚĞŶƚƐĐĂŶĐŽŶƚƌŝďƵƚĞƚŽ ƚŚĞ ƐŽĐŝĞƚLJ͕ ŚĞ ĨŽƵŶĚĞĚ D^ ŽŵŵƵŶŝƚLJ ^ĞƌǀŝĐĞ͕ Ă ĐŚĂƌŝƚLJƉƌŽŐƌĂŵŵĞƚŚĂƚůĞƚƚŚĞŵĞŵďĞƌƐƚŽƐĞƌǀĞƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ĞƐƉĞĐŝĂůůLJƚŚĞƵŶĚĞƌƉƌŝǀŝůĞŐĞĚƌĞŐƵůĂƌůLJƚŽ ƉƌŽŵŽƚĞĂǁĂƌĞŶĞƐƐĂŶĚƉƵďůŝĐŚĞĂůƚŚŝƐƐƵĞƐ͘^ŝŶĐĞŚĞ ǁĂƐ ĂƉƉŽŝŶƚĞĚ ĂƐ ZĞŐŝŽŶĂů ŚĂŝƌƉĞƌƐŽŶ͕ ŝƚ ŝƐ Ă ƐŝŐŶŝĮĐĂŶƚŵŝůĞƐƚŽŶĞŝŶƚŚĞŚŝƐƚŽƌLJŽĨD^DĂůĂLJƐŝĂ ǁŚĞƌĞD^DĂůĂLJƐŝĂŝƐŶŽǁĂůĞŐĂůůLJƌĞŐŝƐƚĞƌĞĚŶŽŶͲ ŐŽǀĞƌŶŵĞŶƚĂů ŽƌŐĂŶŝƐĂƟŽŶ ĂŶĚ ĂǁĂƌĚĞĚ ƚŚĞ ĞƐƚ ŽůůĂďŽƌĂƟŽŶWĂƌƚŶĞƌǁĂƌĚ͕ŝŶĐůŽƐĞƉĂƌƚŶĞƌƐŚŝƉĂŶĚ Đ Ž ů ů Ă ď Ž ƌĂ Ɵ Ž Ŷ  ǁ ŝ ƚ Ś  Ě ŝ īĞ ƌ Ğ Ŷ ƚ  Ž ƌ ŐĂ Ŷ ŝ Ɛ Ă Ɵ Ž Ŷ Ɛ ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ŚĞ ŝƐ ĂĐƟǀĞůLJ ŝŶǀŽůǀĞĚ ŝŶ ƐĐŝĞŶƟĮĐ ƌĞƐĞĂƌĐŚĞƐ ĂŶĚ ŚĞ ũŽŝŶĞĚ ĂĐĂĚĞŵŝĐ ĐŽŵƉĞƟƟŽŶƐ ŝŶ D^ ϮϬϭϱ ĂŶĚ ϮϬϭϲ͕ ĂŶĚ ǁŽŶ ƚŚĞ ĮƌƐƚ ƉƌŝnjĞ ŝŶ ^ĐŝĞŶƟĮĐWŽƐƚĞƌŽŵƉĞƟƟŽŶŝŶD^ϮϬϭϲ͘ KƵƚƐŝĚĞŽĨD^͕ŚŝƐŚŽďďLJŝƐŐƌĂƉŚŝĐĚĞƐŝŐŶĂŶĚŚĞ Ś Ă Ě  ǁ Ž Ŷ  ƌĞ ǁ Ă ƌĚ Ɛ  Ĩ ƌŽ ŵ  Ě ŝ īĞ ƌĞ Ŷ ƚ  Ě Ğ Ɛ ŝ Ő Ŷ ŝ Ŷ Ő ĐŽŵƉĞƟƟŽŶƐ͘ ,Ğ ďĞůŝĞǀĞƐ ƚŚĂƚ ͞Ăůů ǁŽƌŬ ĂŶĚ ŶŽ ƉůĂLJ ŵĂŬĞƐ :ĂĐŬ Ă ĚƵůů ďŽLJ͕͞ ĂŶĚ ĨƵƌƚŚĞƌ ĞdžƉůĂŝŶĞĚ ƚŚĂƚ ƵŶŝǀĞƌƐŝƚLJ ůŝĨĞ ƐŚŽƵůĚŶΖƚ ďĞ ŽŶůLJ ƐƚƵĚLJŝŶŐ͕ ǁĞ ƐŚŽƵůĚ ĞŶŐĂŐĞŝŶĂƐŵĂŶLJĂĐƟǀŝƟĞƐĂƐƉŽƐƐŝďůĞƚŽǁŝĚĞŶŽƵƌ ƐŽĐŝĂůĐŝƌĐůĞĂŶĚŬŶŽǁůĞĚŐĞĂƐǁĞůůĂƐŚĞůƉƵƐĚĞǀĞůŽƉ ŵĂŶĂŐĞŵĞŶƚ ĂďŝůŝƚLJ͕ ůĞĂĚĞƌƐŚŝƉ ĐĂƉĂĐŝƚLJ ĂŶĚ ĐŽŵŵƵŶŝĐĂƟŽŶƐŬŝůůƐ͘


&ůŽƌĞŶĐĞ

ɭ ɫ ɴ ɫ ɸ ɧ ɲ ɹ ɫ ɩ ɸ ɫ ɺ ɧ ɸ ɿ ͞&ůŽƌĞŶĐĞŝƐŽŶĞŽĨƚŚĞŵŽƐƚƚĂůĞŶƚĞĚŐŝƌů/ŬŶŽǁŝŶƚŚĞǁŽƌůĚ͊ƐŶŽƚŽŶůLJ ĂĐůĂƐƐŵĂƚĞĂŶĚĐŽͲǁŽƌŬĞƌŝŶD^ͲdĂŝǁĂŶďƵƚĂůƐŽŚĞƌďŽƐŽŵĨƌŝĞŶĚ͕/ ƌĞĂůůLJĂƉƉƌĞĐŝĂƚĞŚĞƌŝŶŵĂŶLJĂƐƉĞĐƚƐ͘ƉĂƌƚĨƌŽŵŚĞƌĂĐƟǀĞĂƩĞŶĚĂŶĐĞ ŝŶŝŶƚĞƌŶĂƟŽŶĂůĂīĂŝƌƐ͕ƐŚĞŚĂƐƐŽŵĂŶLJŽƚŚĞƌŚŽďďŝĞƐƐƵĐŚĂƐƐŝŶŐŝŶŐ͕ ƉůĂLJŝŶŐŐƵŝƚĂƌ͕ƌĞĂĚŝŶŐ͕ĂŶĚůĞĂƌŶŝŶŐůĂŶŐƵĂŐĞƐĂŶĚĐƵůƚƵƌĞƐ͟

ĞĂŶKǁLJĂŶŐ

ɼ ɯ ɩ ɫ ɵ ɼ ɫ ɸ ɧ ɲ ɲ ɩ ɮ ɧ ɯ ɸ ɶ ɫ ɸ ɹ ɵ ɴ ɯɴɺɫɸɴɧɲ

ĞĂŶKǁLJĂŶŐŝƐŝŶŚŝƐϱƚŚLJĞĂƌŽĨŵĞĚŝĐĂůƐĐŚŽŽůĂƚYƵĞĞŶΖƐhŶŝǀĞƌƐŝƚLJ ĞůĨĂƐƚ͕hŶŝƚĞĚ<ŝŶŐĚŽŵ͘,ĞŝƐ^ŝŶŐĂƉŽƌĞĂŶďƵƚůŝǀĞĚŝŶŵĂŶLJǀĂƌŝŽƵƐ ĐŝƟĞƐƐƵĐŚĂƐ>ŽŶĚŽŶ͕ƵďůŝŶ͕ĞůĨĂƐƚ͕WƌĂŐƵĞĚƵĞƚŽƚŚĞǁŽƌŬŝŶŐŶĂƚƵƌĞ ŽĨŚŝƐĚĂĚ͘,ĞŝƐĂŵĂƐƐŝǀĞĨŽŽĚŝĞĂŶĚĞŶũŽLJƐŐŽŝŶŐŽƵƚƚŽĞdžƉůŽƌĞŶĞǁ ĐƵŝƐŝŶĞƐĂŶĚƌĞƐƚĂƵƌĂŶƚƐ͖ŚĞůŽǀĞƐĐŽŽŬŝŶŐŚŝƐŽǁŶŵĞĂůƐƚŽŽ͘,ĞĞŶũŽLJƐ ƉůĂLJŝŶŐƐƉŽƌƚƐĚƵƌŝŶŐŚŝƐĨƌĞĞƟŵĞ͖,ĞŚĂƐďĞĞŶĚŽŝŶŐ:ƵĚŽĨŽƌŽǀĞƌϳ LJĞĂƌƐŶŽǁĂŶĚƌĞĐĞŝǀĞĚŚŝƐϭƐƚĂŶůĂĐŬĞůƚƌĞĐĞŶƚůLJ͘

ƌŝŬĂ/ŶĚƌĂũĂLJĂ

ɼ ɯ ɩ ɫ ɵ ɼ ɫ ɸ ɧ ɲ ɲ ɩ ɮ ɧ ɯ ɸ ɶ ɫ ɸ ɹ ɵ ɴ ɫɾɺɫɸɴɧɲ

ƌŝŬĂ ŝƐ Ă ϰƚŚ LJĞĂƌ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚ ďŽƌŶ ĂŶĚ ƌĂŝƐĞĚ ŝŶ /ŶĚŽŶĞƐŝĂ͘ ƵƌƌĞŶƚůLJ ƉƵƌƐƵŝŶŐ ŚĞƌ ĚĞŐƌĞĞ ŝŶ ƚŵĂ :ĂLJĂ ĂƚŚŽůŝĐ hŶŝǀĞƌƐŝƚLJ ŽĨ /ŶĚŽŶĞƐŝĂ͕ƐŚĞŚĂƐďĞĞŶĂĐƟǀĞůLJŝŶǀŽůǀĞĚŝŶŶƵŵďĞƌƐŽĨĂĐƟǀŝƟĞƐƐŝŶĐĞ ƚŚĞĮƌƐƚLJĞĂƌ͘/ŶŚĞƌĨƌĞĞƟŵĞƐŚĞůŽǀĞƐƚŽƌĞĂĚŬƐĂŶĚƚŽƉĂŝŶƚŝŶ ǁĂƚĞƌ ĐŽůŽƌ͘ ^ŚĞ ŝƐ ƉĂƐƐŝŽŶĂƚĞ ŽŶ ŝŵƉƌŽǀŝŶŐ ŚĞƌƐĞůĨ ĂŶĚ ƚŚƌŽƵŐŚ ĐŽŶĨĞƌĞŶĐĞƐƌĞůĂƚĞĚƚŽůĞĂĚĞƌƐŚŝƉĂŶĚŚĂƐŝŶƚĞƌĞƐƚŚƵŵĂŶŝƚĂƌŝĂŶŝƐƐƵĞƐ͘ ŽŶƚĂĐƚŚĞƌŝĨLJŽƵŚĂǀĞĂŶLJŝŶƋƵŝƌŝĞƐŽŶŝŶŝƟĂƟŶŐĂƉƌŽũĞĐƚŽƌĞdžƚĞƌŶĂů ƌĞůĂƟŽŶƐǁŝƚŚD^/ŶƚĞƌŶĂƟŽŶĂů͘


ĚƌŝĂŶ

ɯ ɺ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ĚƌŝĂŶ ŝƐ Ă ϰƚŚ LJĞĂƌ DĞĚŝĐĂů ƐƚƵĚĞŶƚ Ăƚ ƚŚĞ hŶŝǀĞƌƐŝƚLJ ŽĨ ĚŝŶďƵƌŐŚ͕ hŶŝƚĞĚ<ŝŶŐĚŽŵ͘tŚĞŶŚĞŝƐŶΖƚŐůƵĞĚƚŽĂĐŽŵƉƵƚĞƌƐĐƌĞĞŶ͕ŚĞĞŶũŽLJƐ ŐŽŝŶŐ ŽƵƚ ǁŝƚŚ ŚŝƐ ĨƌŝĞŶĚƐ Žƌ ƚƌLJŝŶŐ ŚŝƐ ďĞƐƚ ŶŽƚ ƚŽ ďĞ ƚŚĞ ǁŽƌƐƚ ĂĚǀĞŶƚƵƌĞƌŝŶĚŝŶďƵƌŐŚ͘,ĞŝƐŝŶƚĞƌĞƐƚĞĚŝŶǀŽůƵŶƚĂƌLJƉƌŽŐƌĂŵŵĞƐĂŶĚ ĂĐĂĚĞŵŝĐĐŽŶĨĞƌĞŶĐĞƐ͘,ĞŝƐĚƌŝǀĞŶďLJƚŚĞƉĂƐƐŝŽŶĂŶĚĚĞĚŝĐĂƟŽŶŽĨŚŝƐ ƚĞĂŵ ǁŚĞŶ ĐĂƌƌLJŝŶŐ ŽƵƚ ƉƌŽũĞĐƚƐ͕ ŵĂLJ ŝƚ ďĞ ĂĐĂĚĞŵŝĐ͕ ǀŽůƵŶƚĂƌLJ Žƌ ƐŽĐŝĂů ĞǀĞŶƚƐ͘ ,Ğ ƚŚƌŝǀĞƐ ŝŶ ƌĂƉŝĚůLJ ŐƌŽǁŝŶŐ ĂŶĚ ĞŶƚŚƵƐŝĂƐƟĐ ŽƌŐĂŶŝƐĂƟŽŶƐ͘zŽƵĐĂŶƌĞĂĐŚŚŝŵĂƚŝƚΛĂŵƐĂͲŝŶƚĞƌŶĂƟŽŶĂů͘ŽƌŐŽƌĚƌŽƉ ŚŝŵĂŵĞƐƐĂŐĞƚŚƌŽƵŐŚƚŚĞĐŽŶƚĂĐƚĨŽƌŵ͘

,ĂŶŝĨĂŶEƵŐƌĂŚĂ

ɩ ɮ ɯ ɫ ɬ ɫ ɪ ɯ ɺ ɵ ɸ ɵ ɬ ɴ ɫ ɽ ɹ ɲ ɫ ɺ ɺ ɫ ɸ Η,ĂŶŝĨĂŶŽƌLJŽƵĐĂŶĐĂůůŚŝŵ/ǀĂŶ͕ŽƌŝŐŝŶĂůůLJĨƌŽŵD^Ͳ/ŶĚŽŶĞƐŝĂ͘,ĞŝƐ ĐƵƌƌĞŶƚůLJϰƚŚLJĞĂƌŵĞĚŝĐĂůƐƚƵĚĞŶƚĂƚDĂƌĂŶĂƚŚĂŚƌŝƐƟĂŶhŶŝǀĞƌƐŝƚLJ͕ /ŶĚŽŶĞƐŝĂ͘,ĞŝƐŝŶƚĞƌĞƐƚĞĚŝŶƉŚŽƚŽŐƌĂƉŚLJ͕ŐƌĂƉŚŝĐĚĞƐŝŐŶ͕ǀŝĚĞŽŐƌĂƉŚLJ ĂŶĚůŝƚĞƌĂƚƵƌĞƐƐƵĐŚĂƐƌĞĂĚŝŶŐĂŶĚǁƌŝƟŶŐ͘,ĞĂůƐŽŚĂƐŚŽďďŝĞƐŝŶŵƵƐŝĐ ĞƐƉĞĐŝĂůůLJƉůĂLJŝŶŐƉŝĂŶŽ͕ŐƵŝƚĂƌĂŶĚǀŝŽůŝŶ͘/ĨLJŽƵŚĂǀĞƐŽŵĞƚŚŝŶŐƚŽĂƐŬ ĂďŽƵƚD^/ŶƚĞƌŶĂƟŽŶĂůĞEĞǁƐůĞƩĞƌŽƌĞůƐĞ͕ĨĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚŚŝŵ͊Η

ŶĂƐƚĂnjŝĂ

ɹ ɫ ɩ ɸ ɫ ɺ ɧ ɸ ɿ ɬ ɵ ɸ ɶ ɻ ɨ ɲ ɯ ɩ ɧ ɺ ɯ ɵ ɴ ɹ ̛ ɶ ɸ ɵ ɳ ɵ ɺ ɯ ɵ ɴ ɹ

ŶĂƐƚĂnjŝĂǁĂƐďŽƌŶŝŶ/ŶĚŽŶĞƐŝĂ͕ǁŚĞƌĞƐŚĞůŝǀĞĚĨŽƌĂůůŚĞƌůŝĨĞ͘dŚŝƐŝƐ ŚĞƌƚŚŝƌĚLJĞĂƌĂƐĂŵĞĚŝĐĂůƐƚƵĚĞŶƚŝŶhŶŝǀĞƌƐŝƚĂƐ,ĂƐĂŶƵĚĚŝŶ͕DĂŬĂƐƐĂƌ͕ /ŶĚŽŶĞƐŝĂ͘^ŚĞŚĂƐĂǀĂƌŝĞƚLJŽĨŝŶƚĞƌĞƐƚƐĂŶĚŚŽďďŝĞƐ͕ƐƵĐŚĂƐǀŽůƵŶƚĂƌLJ ƉƌŽŐƌĂŵƐ͕ĞdžƉůŽƌŝŶŐŶĞǁĞdžŽƟĐƌĞŐŝŽŶƐ͕ĂƐǁĞůůƐĞƩůŝŶŐĚŽǁŶƚŽƌĞĂĚĂ ŐŽŽĚ Ŭ͘ WůĞĂƐĞ ĐŽŶƚĂĐƚ ŚĞƌ ŝĨ LJŽƵ ŚĂǀĞ ĂŶLJ ƉƵďůŝĐĂƟŽŶƐ ĂŶĚ ƉƌŽŵŽƟŽŶƐͲƌĞůĂƚĞĚŝŶƋƵŝƌŝĞƐĨŽƌD^/ŶƚĞƌŶĂƟŽŶĂů͘


ůŝĐĞ

ɹ ɫ ɩ ɸ ɫ ɺ ɧ ɸ ɿ ɵ ɬ ɬ ɯ ɴ ɧ ɴ ɩ ɫ ůŝĐĞŝƐĂǀŝďƌĂŶƚ͕ĐŚĞĞƌĨƵů͕ĂŶĚĞŶĞƌŐĞƟĐƉĞƌƐŽŶǁŚŽǁŝůůƐƚŽƉĂƚŶŽƚŚŝŶŐ ƚŽĂĐŚŝĞǀĞŚĞƌŐŽĂůƐ͘^ŚĞŝƐĐƵƌƌĞŶƚůLJƐƚƵĚLJŝŶŐŚĞƌϯƌĚƉƌĞĐůŝŶŝĐĂůLJĞĂƌŝŶ &ĂĐƵůƚLJ ŽĨ DĞĚŝĐŝŶĞ͕ hŶŝǀĞƌƐŝƚLJ ŽĨ /ŶĚŽŶĞƐŝĂ͘ KŌĞŶ ĞŶŐĂŐĞĚ ŝŶ ĐŽŵŵƵŶŝƚLJ ŽƵƚƌĞĂĐŚ ƉƌŽŐƌĂŵƐ͕ ƐŚĞ ĂůƐŽ ĞŶũŽLJƐ ǁĂƚĐŚŝŶŐ ŵŽǀŝĞƐ͕ ƐůĞĞƉŝŶŐ͕ĂŶĚŚĂŶŐŝŶŐŽƵƚǁŝƚŚŚĞƌĨƌŝĞŶĚƐŝŶŚĞƌĨƌĞĞƟŵĞ͘^ŚĞĐĂŶďĞ ƋƵŝƚĞƌĂŶĚŽŵĂƚƐŽŵĞŵŽŵĞŶƚƐďƵƚƐŚĞŝƐŽƉĞŶĨŽƌĂůůƐƵŐŐĞƐƟŽŶƐĂŶĚ ĂůƐŽŚĂƉƉLJƚŽŚĞůƉLJŽƵŽŶĂŶLJƚŚŝŶŐƚŚĂƚƐŚĞŵŝŐŚƚďĞĂďůĞƚŽŚĞůƉŽŶ͊

ĚǁŝŶ

ɹ ɫ ɩ ɸ ɫ ɺ ɧ ɸ ɿ ɬ ɵ ɸ ɧ ɩ ɧ ɪ ɫ ɳ ɯ ɩ ɹ

ĚǁŝŶǁĂƐďŽƌŶŝŶ/ŶĚŽŶĞƐŝĂ͕ŚĞŝƐĐƵƌƌĞŶƚůLJϯƌĚLJĞĂƌŵĞĚŝĐĂůƐƚƵĚĞŶƚĂƚ DĂƌĂŶĂƚŚĂ ŚƌŝƐƟĂŶ hŶŝǀĞƌƐŝƚLJ͕ /ŶĚŽŶĞƐŝĂ͘ ,Ğ ůŝŬĞƐ ƌĞĂĚ ĐŽŵŝĐƐ ĂŶĚ ǁĂƚĐŚĂŶŝŵĞŵŽǀŝĞ͕ŚĞƐƉĞŶĚƐŚŝƐĨƌĞĞƟŵĞǁŝƚŚŚŝƐĨƌŝĞŶĚƐƚŽŚĂŶŐŝŶŐ ŽƵƚĂůƐŽŚĞůŝŬĞƐĐLJĐůŝŶŐĞǀĞƌLJ^ĂƚƵƌĚĂLJǁŝƚŚŚŝƐĨĂŵŝůLJ͘,ĞůŝŬĞƐƚŚĞƚŚŝŶŐ ƚŚĂƚ ƌĞůĂƚĞĚ ǁŝƚŚ ĂĐĂĚĞŵŝĐ͘ ŽŶƚĂĐƚ Śŝŵ ŝĨ LJŽƵ ŚĂǀĞ ĂŶLJ ĂĐĂĚĞŵŝĐͲ ƌĞůĂƚĞĚŝŶƋƵŝƌĞƐĨŽƌD^/ŶƚĞƌŶĂƟŽŶĂů͘

&ĂƟŵĂ<ŚĂǁĂƌ

ɫ ɪ ɯ ɺ ɵ ɸ ̢ ɯ ɴ ̢ ɩ ɮ ɯ ɫ ɬ ɰ ̢ ɧ ɳ ɹ ɧ

&ĂƟŵĂ<ŚĂǁĂƌǁĂƐďŽƌŶŝŶWĂŬŝƐƚĂŶ͕ĂĐŽƵŶƚƌLJǁŚĞƌĞLJŽƵĐĂŶĞŶũŽLJĂůů ĨŽƵƌƐĞĂƐŽŶƐĂƚĂŶLJƟŵĞŽĨĂŶLJĞĂƌ͘^ŚĞŝƐƉƵƌƐƵŝŶŐŚĞƌŵĞĚŝĐĂůĐĂƌĞĞƌƚŽ ďĞĐŽŵĞĂƉƵďůŝĐŚĞĂůƚŚƐƉĞĐŝĂůŝƐƚĨƌŽŵhŶŝǀĞƌƐŝƚLJDĞĚŝĐĂůĂŶĚĚĞŶƚĂů ĐŽůůĞŐĞ͕ ĨĂŝƐĂůĂďĂĚ͕ WĂŬŝƐƚĂŶ͘ ^ŚĞ ůŽǀĞƐ ǁŽƌŬŝŶŐ ĨŽƌ D^͘ /Ŷ D^ ŝŶƚĞƌŶƐŚĞŚĂƐǁŽƌŬĞĚĂƐĞĚŝƚŽƌŝŶ:D^͘^ŚĞŚĂƐƐĞƌǀĞĚĂŵƐĂWĂŬŝƐƚĂŶ ĂůƐŽ͘ZĞƐĞĂƌĐŚĂŶĚŵĞĚŝĐĂůũŽƵƌŶĂůƐĂƌĞŚĞƌƉĂƐƐŝŽŶ͘^ŚĞŝƐĂůƐŽǁŽƌŬŝŶŐ ĂƐ ƌĞǀŝĞǁĞƌ ŝŶ ƐŽŵĞ ŚŝŐŚ ŝŵƉĂĐƚ ĨĂĐƚŽƌ ũŽƵƌŶĂůƐ ĂůƐŽ͘ ,Ğƌ ŚŽďďŝĞƐ ŝŶĐůƵĚĞ dƌĂǀĞůůŝŶŐ ĂŶĚ ĐŚĂƫŶŐ ǁŝƚŚ ƉĞŽƉůĞ ĨƌŽŵ ĚŝīĞƌĞŶƚ ĐŽƵŶƚƌŝĞƐ͘ ^ŚĞŝƐǀĞƌLJĨƌŝĞŶĚůLJ͕ƉĂƐƐŝŽŶĂƚĞĂŶĚůŽǀŝŶŐLJŽƵĐĂŶĐŽŶƚĂĐƚŚĞƌĂŶLJƟŵĞŝĨ LJŽƵŶĞĞĚĂŶLJŐƵŝĚĂŶĐĞŝŶƌĞƐĞĂƌĐŚĂŶĚƉƵďůŝĐĂƟŽŶƐ͘


zƵĚŝƐ

ɹ ɫ ɩ ɸ ɫ ɺ ɧ ɸ ɿ ɬ ɵ ɸ ɳ ɧ ɸ ɱ ɫ ɺ ɯ ɴ ɭ ̛ ɹ ɶ ɵ ɴ ɹ ɵ ɸ ɹ ɮ ɯ ɶ ,ĂŝůŝŶŐĨƌŽŵĂĐƵůƚƵƌĂůůLJĚŝǀĞƌƐĞĐŽƵŶƚƌLJ͕/ŶĚŽŶĞƐŝĂ͕zƵĚŝƐŝƐĂϰƚŚLJĞĂƌ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚ ŝŶ ^ƌŝǁŝũĂLJĂ hŶŝǀĞƌƐŝƚLJ͘ ,Ğ ŚĂƐ Ă ŐƌĞĂƚ ƉĂƐƐŝŽŶ ĨŽƌ ƉŚLJƐŝĐĂůĂĐƟǀŝƟĞƐĞƐƉĞĐŝĂůůLJƐǁŝŵŵŝŶŐĂŶĚŚĞĂůƐŽƉůĂLJƐƚŚĞǀŝŽůŝŶ͘,ŝƐ ŝŶƚĞƌĞƐƚƐŝŶĐůƵĚĞĞŶŐĂŐŝŶŐŝŶĐŚĂƌŝƚLJǁŽƌŬƐĂŶĚŚĂŶŐŝŶŐŽƵƚǁŝƚŚŚŝƐ ĨĞůůŽǁĨƌŝĞŶĚƐ͘,ĞΖƐŽƉĞŶƚŽĂŶLJƚŽƉŝĐƐŽĨĐŽŶǀĞƌƐĂƟŽŶĂŶĚĂďůĞƚŽŬĞĞƉ ƚŚĞŵ ŐŽŝŶŐ͘ ,Ğ ĂůƐŽ ĞŶũŽLJƐ ƌĞĂĚŝŶŐ ĂŶĚ ůŝƐƚĞŶŝŶŐ ƚŽ ƚŚĞ ŵƵƐŝĐ͘ ,ĞΖƐ ĚĞĮŶŝƚĞůLJƚŚŽƵŐŚƞƵů͕ƌĞůŝĂďůĞ͕ĂŶĚǁĂƌŵ͕ƐŽŵĞŽŶĞǁŚŽƉĞŽƉůĞůŽǀĞƚŽ ďĞĂƌŽƵŶĚǁŝƚŚ͘&ĞĞůĨƌĞĞƚŽďƵnjnjŚŝŵŝĨLJŽƵĂƌĞŝŶƚĞƌĞƐƚĞĚŝŶďĞĐŽŵŝŶŐ D^/ŶƚĞƌŶĂƟŽŶĂůΖƐƐƉŽŶƐŽƌŽƌƉĂƌƚŶĞƌ

DŝĐŚĞůůĞ

ɲ ɯ ɧ ɯ ɹ ɵ ɴ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ɺ ɵ ɧ ɹ ɫ ɧ ɴ DĞĞƚ ƚŚĞ >K ƚŽ ƚŚĞ ^E͗ DŝĐŚĞůůĞ ĨƌŽŵ D^Ͳ/ŶĚŽŶĞƐŝĂ͘^ŚĞ ŚĂƐ ĐŽŵƉůĞƚĞĚϯLJĞĂƌƐŽĨDĞĚŝĐĂů^ĐŚŽŽůŝŶhŶŝǀĞƌƐŝƚĂƐ/ŶĚŽŶĞƐŝĂ͘tŚĂƚƐŚĞ ŝƐ ƉĂƐƐŝŽŶĂƚĞ ĂďŽƵƚ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶ ƚŚĂƚ ƐŚĞ / ƉĂƌƚ ŽĨ ƚŚĞ ƚĞĂŵ͕ ŝƐ ĐƌĞĂƟŽŶŐĐŽŶŶĞĐƟŽŶǁŝƚŚƉĞŽƉůĞ͘/ĨLJŽƵǁĂŶƚƚŽŬŶŽǁĂďŽƵƚ^E(Ɛ ĞǀĞŶƚƐ͕ƉƌŽŐƌĂŵƐ͕ĞƐƉĞĐŝĂůůLJƚŚĞŝƌƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚD^/ŶƚĞƌŶĂƟŽŶĂů͕ ĨĞĞůĨƌĞĞƚŽƌĞĂĐŚŚĞƌ͊

WƌŝŵĂ

ɲ ɯ ɧ ɯ ɹ ɵ ɴ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ɺ ɵ ɧ ɳ ɪ ɧ

WƌŝŵĂŝƐĂŵĞĚŝĐĂůƐƚƵĚĞŶƚĨƌŽŵ^ƌŝǁŝũĂLJĂhŶŝǀĞƌƐŝƚLJďĂƚĐŚϮϬϭϰ͘ŚĞŝƐ ďŽƌŶ ŝŶ WĂŶŐŬĂůĂŶďƵŶ͕ <ĂůŝŵĂŶƚĂŶ dĞŶŐĂŚ͕/ŶĚŽŶĞƐŝĂ͘ ,ŝƐ ŚŽďďLJ ŝƐ ƐǁŝŵŵŝŶŐ ĂŶĚ ǁĂƚĐŚŝŶŐ Ă ĨŽŽƚďĂůů ŵĂƚĐŚ͘ ,Ğ ŚĂƐ Ă ĨĂǀŽƌŝƚĞ ĨŽŽƚďĂůů ;ƐŽĐĐĞƌͿƚĞĂŵƐ͘dŚĞLJĂƌĞ&ĂƌĐĞůŽŶĂĂŶĚŚĞůƐĞĂ&͘ƵƌƌĞŶƚůLJ͕,ĞŝƐ ƉůĂLJŝŶŐ͞hŶĐŚĂƌƚĞĚ>ŽƐƚ>ĞŐĂĐLJ͟ǀŝĚĞŽŐĂŵĞ͘,ĞůŽǀĞƐĐĂƚǀĞƌLJŵƵĐŚ͘ >ĂƐƚ͕ ŝĨ LJŽƵ ŶĞĞĚ ŵLJ ŚĞůƉ ƌĞŐĂƌĚŝŶŐ ƌĞůĂƟŽŶ ďĞƚǁĞĞŶ D^ /ŶƚĞƌŶĂƟŽŶĂůĂŶĚD͕ũƵƐƚĐŽŶƚĂĐƚŚŝŵ


ďďLJ

ɲ ɯ ɧ ɯ ɹ ɵ ɴ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ɺ ɵ ɧ ɲ ɹ ɧ DĂƚŚŝůĚĂ ďŝŐĂŝů /ƌŝĂŶƟ͕ ďŽƌŶ ŽŶ Ɖƌŝů ϮϱƚŚ͕ ϭϵϵϴ ŝŶ :ĂŬĂƌƚĂ͘ ^ŚĞ ŝƐ ĐƵƌƌĞŶƚůLJ Ă ϰƚŚ LJĞĂƌ DĞĚŝĐĂů ^ƚƵĚĞŶƚ ŽĨ ŚƌŝƐƟĂŶ hŶŝǀĞƌƐŝƚLJ ŽĨ /ŶĚŽŶĞƐŝĂ͘^ŚĞůŝŬĞƐƚŽŐŽĂŶLJǁŚĞƌĞƚŽƚƌĂǀĞů͕ĞŝƚŚĞƌŝƚƐƐƉĞŶĚŝŶŐƟŵĞ ǁŝƚŚĨƌŝĞŶĚƐŽƌŐŽĨŽƌĂƐŽůŽƚƌĂǀĞůŝŶŐ͘^ŚĞŝƐŝŶƚŽƐƉŽƌƚƐůŝŬĞŵŽƵŶƚĂŝŶ ŚŝŬŝŶŐ ĂŶĚ ĚŝǀŝŶŐ͘ ůƐŽ ĨŽƌ Ă ƐŽĐŝĂů ĂŶĚ ĂĐĂĚĞŵŝĐ ƚŚŝŶŐƐ͕ ƐŚĞ ŝƐ ǀĞƌLJ ŝŶƚĞƌĞƐƚĞĚ ŝŶ ĞdžĐŚĂŶŐĞ ƉƌŽŐƌĂŵ͕ ĐŽŶĨĞƌĞŶĐĞƐ ĂŶĚ ǀŽůƵŶƚĂƌLJ ƚŚŝŶŐƐ͘ ŽŶƚĂĐƚ ŚĞƌ ŝĨ LJŽƵ ŚĂǀĞ ĂŶLJ ĐŽŶĚŝƟŽŶ ĂďŽƵƚ >^ ĨŽƌ D^ /ŶƚĞƌŶĂƟŽŶĂů͘

:ŽŚŶĂDĂŶĚĂĐ

ɲ ɯ ɧ ɯ ɹ ɵ ɴ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ɺ ɵ ɽ ɮ ɵ

:ŽŚŶĂ DĂŶĚĂĐ ŝƐ ĐƵƌƌĞŶƚůLJ Ă ŵĞĚŝĐĂů ŝŶƚĞƌŶ ŝŶ ƚŚĞ hŶŝǀĞƌƐŝƚLJ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ͘ ƉĂƌƚ ĨƌŽŵ ƉƵƌƐƵŝŶŐ ŚĞƌ ŵĞĚŝĐĂů ĚĞŐƌĞĞ͕ ƐŚĞ ĞŶũŽLJƐ ĂƩĞŶĚŝŶŐ ĐŽŶĨĞƌĞŶĐĞƐ͕ ƉĂƌƟĐŝƉĂƟŶŐ ŝŶ ƉƵďůŝĐ ŚĞĂůƚŚ ĂĐƟǀŝƟĞƐ ĂŶĚ ĐƌĞĂƟŶŐ ƐŽŶŐ ĂŶĚ ŐƵŝƚĂƌ ĐŽǀĞƌƐ͘ ^ŚĞ ŝƐ ƚŚĞ ŽŶĞ ŽĨ ƚŚĞ ŽĸĐŝĂů ƌĞƉƌĞƐĞŶƚĂƟǀĞƐŽĨD^/ŶƚĞƌŶĂƟŽŶĂůƚŽƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƟŽŶ ĨŽƌƚŚŝƐƚĞŶƵƌĞ͘&ĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚŚĞƌĨŽƌĂŶLJƉƌŽƉŽƐĂůƐŽƌŝŶƋƵŝƌŝĞƐ ƌĞŐĂƌĚŝŶŐt,KƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚƉƌŽũĞĐƚƐ͘

^KW<

ɲ ɯ ɧ ɯ ɹ ɵ ɴ ɵ ɬ ɬ ɯ ɩ ɫ ɸ ɺ ɵ ɽ ɮ ɵ

^ŽƉĂŬŝƐŽƌŝŐŝŶĂůůLJĨƌŽŵdŚĂŝůĂŶĚ͘,ĞŝƐĐƵƌƌĞŶƚůLJŝŶϰƚŚLJĞĂƌŽĨdŽŬLJŽ DĞĚŝĐĂůĂŶĚĞŶƚĂůhŶŝǀĞƌƐŝƚLJŝŶdŽŬLJŽ͕:ĂƉĂŶ͘,ĞůŝŬĞƐƚŽƚƌĂǀĞů͕ůŝƐƚĞŶƚŽ ŵƵƐŝĐ͕ĂŶĚǁĂƚĐŚƌĂŶĚŽŵŵŽǀŝĞƐ͘,ĞĨĂůůƐŝŶůŽǀĞǁŝƚŚ'ůŽďĂů,ĞĂůƚŚĂŶĚ ǁĂŶƚĞĚƚŽĞŶĐŽƵƌĂŐĞƚŚĞĂĐƟŽŶďLJLJŽƵƚŚ͘,ĞǁŝůůƐĞƌǀĞĂƐƚŚĞ>ŝĂŝƐŽŶ KĸĐĞƌ ƚŽ t,K ĨŽƌ D^ /ŶƚĞƌŶĂƟŽŶĂů ŝŶ ƚŚĞ ĐŽŵŝŶŐ ϮϬϭϳͲϮϬϭϴ ƚĞŶƵƌĞ͕ĂŶĚŚŽƉŝŶŐƚŽďƌŝŶŐƚŚĞŽƚŚĞƌŵĞŵďĞƌƐƚŽĞdžƉůŽƌĞŵŽƌĞĂďŽƵƚ t,K͘


̤ ̤ ɽ ɮ ɧ ɺ  ɯ ɹ  ɧ ɲ ɹ ɧ ̴

ɧɲɹɧʔʕʂʏʅʔʇʐʓɧʔʊʂʏ ɲʂʘɹʕʖʅʆʏʕʔ̜

ɧʔʔʐʄʊʂʕʊʐʏ̣ɯʕʊʔʂʏʐʏ̢

ʑʐʍʊʕʊʄʂʍʂʏʅʏʐʏ̢ʑʓʐʇʊʕ

ʐʓʈʂʏʊʔʂʕʊʐʏʕʉʂʕʂʊʎʔʕʐ ʄʐʏʏʆʄʕʍʂʘʔʕʖʅʆʏʕʔ ʇʓʐʎʂʍʍʂʓʐʖʏʅɧʔʊʂ ʕʉʓʐʖʈʉʂʔʆʓʊʆʔʐʇ

ʂʄʕʊʗʊʕʊʆʔʕʉʂʕʆʏʓʊʄʉʆʔ ʕʉʆʎʘʊʕʉʈʍʐʃʂʍʂʏʅ

ʓʆʈʊʐʏʂʍʌʏʐʘʍʆʅʈʆ̝ʃʐʕʉ ʍʆʈʂʍʂʏʅʏʐʏ̢ʍʆʈʂʍ̞




ƵƌƌĞŶƚůLJ͕ ǁĞ ŚĂǀĞ ŽǀĞƌ ϭϮϱϬϬ ŵĞŵďĞƌƐ ĨƌŽŵ ϭϲ ĚŝīĞƌĞŶƚEĂƟŽŶĂůŚĂƉƚĞƌƐĂŶĚϮKďƐĞƌǀĞƌŚĂƉƚĞƌ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ǁĞ ĂƌĞ ĂůƐŽ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ƵƌŽƉĞĂŶ>Ăǁ^ƚƵĚĞŶƚƐΖƐƐŽĐŝĂƟŽŶ͕ƵƐƚƌĂůŝĂ>Ăǁ ^ƚƵĚĞŶƚƐΖƐƐŽĐŝĂƟŽŶ͕EĞǁĞĂůĂŶĚ>Ăǁ^ƚƵĚĞŶƚƐΖ ƐƐŽĐŝĂƟŽŶĂŶĚŽŵŝŶŝĐĂŶZĞƉƵďůŝĐ>Ăǁ^ƚƵĚĞŶƚƐΖ ƐƐŽĐŝĂƟŽŶ͘

> ^

 Ŷ Ŷ Ƶ Ă ů ů LJ͕ ǁĞ Ž ƌŐĂ Ŷ ŝ Ɛ Ğ ƚ Ś Ğ  > ^  &Ž ƌ Ƶ ŵ ͕  > ^   Ž Ŷ ĨĞ ƌ Ğ Ŷ Đ Ğ ͕  > ^  / Ŷ ƚ Ğ ƌ Ŷ Ă Ɵ Ž Ŷ Ă ů D Ž Ž ƚ  Ž Ƶ ƌ ƚ ŽŵƉĞƟƟŽŶ͕ >^ /ŶƚĞƌŶĂƟŽŶĂů >ĞŐĂů dƌĂŝŶŝŶŐ Θ tŽƌŬƐŚŽƉĂŶĚƚŚĞƐŝĂWĂĐŝĮĐZĞŐŝŽŶĂůZŽƵŶĚƐŽĨ ƚŚĞ ƵƌŽƉĞĂŶ DŽŽƚ ŽƵƌƚ ŽŵƉĞƟƟŽŶ ĨŽƌ ŽƵƌ ŵĞŵďĞƌƐ͘dŚĞƌĞĂƌĞĂůƐŽĞdžĐŚĂŶŐĞƉƌŽŐƌĂŵƐĨŽƌŽƵƌ ŵ Ğ ŵ ď Ğ ƌƐ Ă Ɛ ǁĞ ů ů Ă Ɛ ƚ ƌĂ ŝ Ŷ ŝ Ŷ Ő ŝ Ŷ Ž Ƶ ƌ Ɖ Ă ƌ ƚ Ŷ Ğ ƌƐ Ζ ŝŶƐƟƚƵƟŽŶ͘DĂŶLJEĂƟŽŶĂůŚĂƉƚĞƌƐĂůƐŽŚĂǀĞůŽĐĂů ĞǀĞŶƚƐ ƚŚĂƚ ůĂǁ ƐƚƵĚĞŶƚƐ ĨƌŽŵ ĞĂĐŚ ůŽĐĂů ůĂǁ ƵŶŝǀĞƌƐŝƟĞƐĐŽŵĞƚŽŐĞƚŚĞƌŝŶĞŝƚŚĞƌĐŽŵƉĞƟƟŽŶƐŽƌ ĐŽŶǀĞŶƟŽŶĂůŵĞĞƚͲƵƉͬŶĞƚǁŽƌŬŝŶŐ͘

ɵ ɻ ɸ ɺ ɮ ɵ ɻ ɭ ɮ ɺ ɹ ̤ ̤ ɵ ɴ ɧ ɳ ɹ ɧ D^ŝƐĂƌŽďƵƐƚŽƌŐĂŶŝƐĂƟŽŶƚŚĂƚŚĂƐƐŝŵŝůĂƌĂŝŵƐ ǁŝƚŚ >^ ƐƵĐŚ ƚŚĂƚ ŝƚ ĂŝŵƐ ƚŽ ĐŽŶŶĞĐƚ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚƐ ŽǀĞƌ ƐŝĂͲWĂĐŝĮĐ ďƌŝŶŐŝŶŐ ƚŚĞŵ ƚŽŐĞƚŚĞƌ ƚŽ ĐƌĞĂƚĞ Ă ŶĞƚǁŽƌŬͶƉůĂƞŽƌŵ ƚŚĂƚ ƐĞƌǀĞƐ ĂƐ Ă ĐŽŶĚƵŝƚďĞƚǁĞĞŶŵĞŵďĞƌƐ͘Ɛ>^ΖƐĐŽƵŶƚĞƌƉĂƌƚ͕ D^ΖƐ ŽďũĞĐƟǀĞ ŝƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĐƌŽƐƐͲĐƵůƚƵƌĂů ƚƌĂŶƐĨĞƌŽĨŵĞĚŝĐĂůŬŶŽǁůĞĚŐĞĂĐƌŽƐƐũƵƌŝƐĚŝĐƟŽŶ͘ dŽ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ ƚŚĞ ŽŶůLJ ĚŝīĞƌĞŶƚ ďĞƚǁĞĞŶ >^ĂŶĚD^ǁŽƵůĚďĞƚŚĂƚƚŚĞĨŽƌŵĞƌŝƐƉƵƌƐƵŝŶŐ ĚĞŐƌĞĞ ŝŶ ůĂǁ ǁŚŝůĞ ƚŚĞ ůĂƩĞƌ ŝŶ ŵĞĚŝĐŝŶĞ͘ Ɛ ŽƵƌ ƉĂƌƚŶĞƌƐŚŝƉ ƉƌŽŐƌĞƐƐ͕ ƚŚŝƐ ĚŝƐƟŶĐƟǀĞ ůŝŶĞ ĚƌĂǁŶ ƚŽĚĂLJǁŝůůďĞŐƌĂĚƵĂůůLJďůƵƌƌĞĚĂƐŽƵƌƉĂƌƚŶĞƌƐŚŝƉ ƐƚƌĞŶŐƚŚĞŶ͘

D

tŝƚŚƚŚŝƐ͕ƚŚĞǀŝƐŝŽŶƚŚĂƚǁĞŚĂǀĞĨŽƌ>^ĂŶĚD^ ǁŽƵůĚ ďĞ Ă ƐƚƌŽŶŐ ĐŽůůĂďŽƌĂƟŽŶ ǁŚĞƌĞďLJ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚƐĂŶĚůĂǁƐƚƵĚĞŶƚƐũŽŝŶŚĂŶĚƐƚŽƵŶĚĞƌƚĂŬĞ ĞdžĐŚĂŶŐĞ ŽĨ ŬŶŽǁůĞĚŐĞ ĂŶĚ ŝĚĞĂůƐ ĂĐƌŽƐƐ ĐƵůƚƵƌĞ ĂŶĚ͕ŵŽƌĞƐŽ͕ĂĐƌŽƐƐĮĞůĚƐƐŽĂƐƚŽĂůůŽǁďŽƚŚ>^ Ă Ŷ Ě  D ^  Ζ Ɛ ŵ Ğ ŵ ď Ğ ƌ Ɛ ƚ Ž ď Ğ Ŷ Ğ Į ƚ Ĩ ƌ Ž ŵ ƚ Ś Ğ ƉĂƌƚŶĞƌƐŚŝƉ͘ dƌĂŶƐĨĞƌ ŽĨ ŬŶŽǁůĞĚŐĞ ĂƐ ĞŶǀŝƐŝŽŶĞĚ ĐŽƵůĚďĞĚŽŶĞƐŽďLJŵĞĂŶŽĨũŽƵƌŶĂůƐ͕ĚŝƐĐƵƐƐŝŽŶƐ͕ ŵĞĞƚͲƵƉƚŽĚŝƐĐƵƐƐŽŶĐĞƌƚĂŝŶŝƐƐƵĞƐĂŶĚĞƚĐ͘ tĞ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ĨŽƌ ƐƚƌŽŶŐĞƌ ĐŽůůĂďŽƌĂƟŽŶ ďĞƚǁĞĞŶ>^ĂŶĚD^ŝŶƚŚŝƐŶĞĂƌĨƵƚƵƌĞƐƵĐŚƚŚĂƚŽƵƌ ŵĞŵďĞƌƐ ĐŽƵůĚ ǁŽƌŬ ƐŝĚĞ ďLJ ƐŝĚĞ ƚŽ ƉƌŽŐƌĞƐƐ ďŽƚŚ ƉĞƌƐŽŶĂůůLJĂŶĚŽƌŐĂŶŝƐĂƟŽŶĂůůLJ͘


& d h Z    D ^   ,  W d  Z W ZK & / >  ͗

ɧɳɹɧ̢ɩɮɯɴɧ

ʫ

̤ ̤ ̧ ̥ ̦ ̬ ɧ ɳ ɹ ɧ ̢ ɩ ɮ ɯ ɴ ɧ ɫ ɾ ɫ ɩ ɻ ɺ ɯ ɼ ɫ ɳ ɫ ɳ ɨ ɫ ɸ ɹ


KE^d/dhd/KE

ɬɵɻɴɪɧɺɯɵɴ

DDZ^,/W

ɸ ɫ ɩ ɫ ɴ ɺ ɫ ɼ ɫ ɴ ɺ ɹ ̛ ɬ ɻ ɺ ɻ ɸ ɫ

̤ ̤ ̧ ̥ ̦ ̬ ɧ ɳ ɹ ɫ ɶ ɹ ɮ ɧ ɴ ɭ ɮ ɧ ɯ


&   d h Z    D ^  h E


E / s  Z ^ / d z W Z K & / > 


&+,1$)'8

&hE h E / s  Z ^ / d z͗ D^W WZK&/>

&ƵĚĂŶhŶŝǀĞƌƐŝƚLJǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶϭϵϬϱĂƐ&ƵĚĂŶ WƵďůŝĐ ^ĐŚŽŽů͘ /ƚ ǁĂƐ ƚŚĞ ĮƌƐƚ ŝŶƐƟƚƵƟŽŶ ŽĨ ŚŝŐŚĞƌ ĞĚƵĐĂƟŽŶ ƚŽ ďĞ ĨŽƵŶĚĞĚ ďLJ Ă ŚŝŶĞƐĞ ƉĞƌƐŽŶ͕ ƌĞŶŽǁŶĞĚ ŵŽĚĞƌŶ ĞĚƵĐĂƚŽƌ DĂ yŝĂŶŐďŽ͘ dŚĞ ƐĐŚŽŽů͛Ɛ ŶĂŵĞ ǁĂƐ ĐŚŽƐĞŶ ĨƌŽŵ ƚŚĞ ͞ŝŽŐƌĂƉŚLJ ŽĨ zƵdžŝĂ͟ŝŶƚŚĞůĂƐƐŝĐŽĨ,ŝƐƚŽƌLJ;Ϳ͕ ljቊҖབྷՐ㲎༿ՐNJ ǁŚĞƌĞƚŚĞƚǁŽĐŚĂƌĂĐƚĞƌƐĨƶ༽;͟ƌĞƚƵƌŶ͟ͿĂŶĚĚăŶᰖ ;͟ĚĂǁŶ͟ͿĂƌĞĨŽƵŶĚŝŶƚŚĞĨĂŵŽƵƐůŝŶĞƐ͞ƌŝůůŝĂŶƚĂƌĞ ƚŚĞƐƵŶƐŚŝŶĞĂŶĚŵŽŽŶůŝŐŚƚ͕ĂŐĂŝŶƚŚĞŵŽƌŶŝŶŐŐůŽƌLJ ĂŌĞƌƚŚĞŶŝŐŚƚ͕͟ƐŝŐŶŝĨLJŝŶŐĐŽŶƟŶƵŽƵƐƐĞůĨͲƌĞŶĞǁĂů͕ ĂŶĚĞdžƉƌĞƐƐŝŶŐƚŚĞŚŽƉĞƚŚĂƚŚŝŶĂĐŽƵůĚďĞĐŽŵĞĂ ĐŽƵŶƚƌLJǁŝƚŚĂƐƚƌŽŶŐŚŝŐŚĞƌĞĚƵĐĂƟŽŶƐLJƐƚĞŵƌƵŶďLJ ŚŝŶĞƐĞŝŶƚĞůůĞĐƚƵĂůƐ͘


d,/^zZΖ^D^WdtE^,E',/E ,KE'<KE't^KZ'E/z^dhEd^ &ZKD&hEhE/sZ^/dz/E:h>z͕t,/,/^ >^Kd,&/Z^dD^Wd,dt^,>,Z͘ d,WZK'ZD/^'KK,E&KZ KDDhE/d/KEEWZ/Kh^DDKZz &KZsZzKE͘t,KWd,dd,/^/^'KK ^dZd^Kd,dtE,sDKZ KKWZd/KEEKEddt/d,D/> ^dhEd^&ZKDKd,ZKhEdZ/^͘

/ŶϭϵϭϳƚŚĞŶĂŵĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵ&ƵĚĂŶWƵďůŝĐ^ĐŚŽŽůƚŽ&ƵĚĂŶWƌŝǀĂƚĞ^ĐŚŽŽů͖ŝŶϭϵϯϳĂŌĞƌƚŚĞŽƵƚďƌĞĂŬŽĨƚŚĞŶƟͲ :ĂƉĂŶĞƐĞtĂƌ͕ƚŚĞƐĐŚŽŽůŵŽǀĞĚƚŽĞŝƉĞŝŝŶŚŽŶŐƋŝŶŐ͕ĂŶĚŝŶϭϵϰϭŝƚďĞĐĂŵĞƐƚĂƚĞͲƌƵŶ͖ŝŶϭϵϰϲŝƚŵŽǀĞĚďĂĐŬƚŽŝƚƐ ŽƌŝŐŝŶĂůůŽĐĂƟŽŶŝŶ:ŝĂŶŐǁĂŶ͕^ŚĂŶŐŚĂŝ͘ŌĞƌƚŚĞŶĂƟŽŶǁŝĚĞƌĞƐƚƌƵĐƚƵƌŝŶŐŽĨŝŶƐƟƚƵƟŽŶƐŽĨŚŝŐŚĞƌĞĚƵĐĂƟŽŶŝŶϭϵϱϮ͕ &ƵĚĂŶhŶŝǀĞƌƐŝƚLJďĞĐĂŵĞĂĐŽŵƉƌĞŚĞŶƐŝǀĞƵŶŝǀĞƌƐŝƚLJŽĨĂƌƚƐĂŶĚƐĐŝĞŶĐĞƐ͖ŝŶϭϵϱϵŝƚďĞĐĂŵĞŽŶĞŽĨƚŚĞĮƌƐƚEĂƟŽŶĂů <ĞLJhŶŝǀĞƌƐŝƟĞƐĂůŽŶŐǁŝƚŚ^ŚĂŶŐŚĂŝ&ŝƌƐƚDĞĚŝĐĂůŽůůĞŐĞ;ůĂƚĞƌŬŶŽǁŶĂƐ^ŚĂŶŐŚĂŝDĞĚŝĐĂůhŶŝǀĞƌƐŝƚLJͿ͘^ŚĂŶŐŚĂŝ DĞĚŝĐĂůhŶŝǀĞƌƐŝƚLJǁĂƐĨŽƵŶĚĞĚŝŶϭϵϮϳ͘/ƚŝƐŽŶĞŽĨƚŚĞƚŽƉŵĞĚŝĐĂůƵŶŝǀĞƌƐƟĞƐǁŚŝĐŚŚĂǀĞŵĂĚĞŐƌĞĂƚĐŽŶƚƌŝďƵƟŽŶƚŽ ƚŚĞŵĞĚŝĐĂůĚĞǀĞůŽƉŵĞŶƚŽĨŚŝŶĂ͘dŚĞƐĞƚǁŽƵŶŝǀĞƌƐƟĞƐǁĞƌĞĐŽŵďŝŶĞĚŝŶϮϬϬϬ͘


dŽŶŐũŝŵĞĚŝĐĂůĐŽůůĞŐĞŽĨ,h^d͕ůŽĐĂƚĞĚŝŶ tƵŚĂŶ͕ŝƐŽŶĞŽĨŚŝŶĂΖƐƚŽƉŵĞĚŝĐĂůƐĐŚŽŽůƐ͘

tƵŚĂŶ͕ĐĂƉŝƚĂůĐŝƚLJŽĨ,ƵďĞŝWƌŽǀŝŶĐĞ͕ŝƐƚŚĞůĂƌŐĞƐƚĐŝƚLJŝŶ ĞŶƚƌĂů ŚŝŶĂ͕ ĞŶũŽLJŝŶŐ Ă ǁĞůůͲĚĞǀĞůŽƉĞĚ ƚƌĂŶƐƉŽƌƚĂƟŽŶ ƐLJƐƚĞŵ ǁŚŝĐŚ ŚĂƐ ĂĐĐĞƐƐĞƐ ƚŽ Ăůů ƉĂƌƚƐ ŽĨ ƚŚĞ ǁŽƌůĚ͘ ZĞŶŽǁŶĞĚ ĨŽƌ ŝƚƐ ůŽŶŐ ŚŝƐƚŽƌLJ ĂŶĚ ƌĂƉŝĚ ĚĞǀĞůŽƉŵĞŶƚ͕ tƵŚĂŶŝƐŽŶĞŽĨƚŚĞŵŽƐƚƉƌŽƐƉĞƌŽƵƐĐŝƟĞƐŝŶŚŝŶĂ͘dŚĞ zĂŶŐƚnjĞZŝǀĞƌƌƵŶƐĂĐƌŽƐƐtƵŚĂŶĂŶĚĚŝǀŝĚĞƐŚĞƌŝŶƚŽƚǁŽ ƉĂƌƚƐ͕ǁŚŝĐŚďƌŝŶŐƐĂĚĞƋƵĂƚĞƌĂŝŶŝŶŐƚŽŚĞƌĂŶĚŵĂŬĞƐŚĞƌ ǀĞƌLJ ĚLJŶĂŵŝĐ͘ Ɛ Ă ĐŽŵďŝŶĂƟŽŶ ŽĨ ŵŽĚĞƌŶ ƟŵĞƐ ĂŶĚ ƚƌĂĚŝƟŽŶ͕ tƵŚĂŶ ŚĂƐ ǁŝƚŶĞƐƐĞĚ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ŚŝŶĂ ŝŶ ƚŚŽƵƐĂŶĚƐŽĨLJĞĂƌƐ͘zŽƵŵĂLJĮŶĚďƵŝůĚŝŶŐƐŽĨĚŝīĞƌĞŶƚĂŐĞƐ ŽŶƚŚĞƐƚƌĞĞƚƐŽĨtƵŚĂŶ͘


dŽŶŐũŝ ŵĞĚŝĐĂů ĐŽůůĞŐĞ ŽĨ ,h^d͕ ŽƌŝŐŝŶĂƚĞĚ ĨƌŽŵ ^ŚĂŶŐŚĂŝ 'ĞƌŵĂŶ DĞĚŝĐŝŶĞ ^ĐŚŽŽů ĨŽƵŶĚĞĚďLJƌ͘ƌŝĐŚWĂƵůƵŶ͕ŵŽǀĞĚƚŽtƵŚĂŶ ĚƵĞƚŽŚŝƐƚŽƌŝĐĂůƌĞĂƐŽŶƐ͘EŽǁĂĚĂLJƐ͕ŝƚŝƐƚŚĞ ŵĞĚŝĐĂůĐĞŶƚĞƌŽĨƚŚĞĞŶƚƌĂůŽĨŚŝŶĂ͘dŽŶŐũŝ ŵĞĚŝĐĂůĐŽůůĞŐĞ͕ǁŝƚŚϵĚŝƌĞĐƚůLJƐƵďŽƌĚŝŶĂƚĞĚ Ś Ž Ɛ Ɖ ŝ ƚ Ă ů Ɛ ͕ Ś Ă Ɛ Ŷ Ğ Ă ƌ ů LJ ϵ Ϭ Ϭ Ϭ Ɛ ƚ Ƶ Ě Ğ Ŷ ƚ Ɛ ŝ Ŷ ĚŝīĞƌĞŶƚŐƌĂĚĞƐ͘^ŚĞĞŶũŽLJƐĂŚŝŐŚƉŽƉƵůĂƌŝƚLJ ŶŽƚŽŶůLJĂƌŽƵŶĚƚŚĞĐŝƟnjĞŶƐŝŶtƵŚĂŶďƵƚĂůƐŽ ĂůůŽǀĞƌŚŝŶĂ͘^ŚĞŝƐŽŶĞŽĨƚŚĞƚŽƉϭϬŵĞĚŝĐĂů ƐĐŚŽŽůƐŝŶŚŝŶĂ͘

D^ͲdŽŶŐũŝ͕ĂƐĂďƌĂŶĐŚŽĨD^ͲŚŝŶĂ͕ŵĂŝŶůLJĂŝŵƐĂƚŵĂŬŝŶŐƐƚƵĚĞŶƚƐŝŶdŽŶŐũŝŝŶǀŽůǀĞĚŝŶD^ ŚŝŶĂΖƐĂĐƟǀŝƟĞƐĂŶĚĐĂƌƌLJŝŶŐŽƵƚƐŽŵĞĂĐƟǀŝƟĞƐĂĐĐŽƌĚŝŶŐůLJ͘tĞŚĂǀĞĐĂƌƌŝĞĚŽƵƚĂƐĞƌŝĞƐŽĨĂĐƟǀŝƟĞƐ ƐƵĐŚĂƐDŽĚĞůtŽƌůĚ,ĞĂůƚŚƐƐĞŵďůĞ;ŝŵŝƚĂƟŽŶŽĨtŽƌůĚ,ĞĂůƚŚƐƐĞŵďůĞŽĨt,K͕ŝŶǁŚŝĐŚƚŚĞƐƚƵĚĞŶƚƐ ĐĂŶ ĚŝƐĐƵƐƐ ĂďŽƵƚ ƚŚĞ ƉƵďůŝĐ ŚĞĂůƚŚ ƉƌŽďůĞŵƐͿ ĂŶĚ /ŶƚĞƌŶĂƟŽŶĂů ĂLJ ƉƌŽŐƌĂŵƐ͘ /Ŷ ƚŚĞƐĞ ƉƌŽŐƌĂŵƐ͕ ƐƚƵĚĞŶƚƐŝŶŽƵƌƐĐŚŽŽůĂƌĞǁŝĚĞůLJŝŶǀŽůǀĞĚŝŶ͕ǁŚŝĐŚŵĂŬĞƐƚŚĞŵŵŽƌĞĨĂŵŝůŝĂƌǁŝƚŚD^͘/ŶƚŚĞĨƵƚƵƌĞ͕ D^ͲdŽŶŐũŝǁŝůůŚŽůĚŵŽƌĞĂĐƟǀŝƟĞƐƚŽŐĞƚŚĞƌǁŝƚŚŽƚŚĞƌƐƚƵĚĞŶƚŽƌŐĂŶŝnjĂƟŽŶƐŽƌĚĞƉĂƌƚŵĞŶƚƐŝŶƚŚĞ ƐĐŚŽŽůŝŶŽƌĚĞƌƚŽŝŵƉŽƐĞĂĨƵƌƚŚĞƌƉŽƐŝƟǀĞŝŵƉĂĐƚ͘:ƵƐƚĂƐŽƵƌĐŝƚLJĂŶĚŽƵƌƐĐŚŽŽů͕D^ͲdŽŶŐũŝŝƐĂůƐŽ ƚŚƌŝǀŝŶŐƌĂƉŝĚůLJ͕ǁĂŝƟŶŐƚŽƐĞĞLJŽƵŝŶD^WƚŚŝƐLJĞĂƌ͘


^ŽƵƚŚĞƌŶ DĞĚŝĐĂů hŶŝǀĞƌƐŝƚLJ ;^DhͿ dŚĞ ^ŽƵƚŚĞƌŶ DĞĚŝĐĂů hŶŝǀĞƌƐŝƚLJ͕ ĨŽƌŵĞƌůLJ ƚŚĞ &ŝƌƐƚ DŝůŝƚĂƌLJ DĞĚŝĐĂůhŶŝǀĞƌƐŝƚLJŽĨƚŚĞŚŝŶĞƐĞƉĞŽƉůĞΖƐůŝďĞƌĂƟŽŶĂƌŵLJ͕ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϵϱϭ ĂŶĚ ĐŚĂŶŐĞĚ ŝƚƐ ŶĂŵĞ ƚŽ ^ŽƵƚŚĞƌŶ DĞĚŝĐĂů hŶŝǀĞƌƐŝƚLJ ŝŶ ƵŐƵƐƚ ϮϬϬϰ͘ EŽǁ ŝƚ ŝƐ ůŽĐĂƚĞĚ ŝŶ 'ƵĂŶŐnjŚŽƵ͕ 'ƵĂŶŐĚŽŶŐƉƌŽǀŝŶĐĞ͘dŚĞƵŶŝǀĞƌƐŝƚLJďŽƚŚĨŽĐƵƐŽŶĐůŝŶŝĐĂůƐŬŝůůƐ ĂŶĚƐĐŝĞŶƟĮĐƌĞƐĞĂƌĐŚ͕ŝŶϮϬϬϰǁĂƐĂƉƉƌŽǀĞĚĂƐŽŶĞŽĨƚŚĞϴ ĐŽůůĞŐĞƐĐĂŶĐŽŶĚƵĐƚĞŝŐŚƚLJĞĂƌƐĐůŝŶŝĐĂůŵĞĚŝĐĂůĞĚƵĐĂƟŽŶ͕ƚŚĞ ĞdžŝƐƟŶŐ ƚǁŽ ĐĂŵƉƵƐ͗ dŚĞ ŽƌŝŐŝŶĂů ĚŝƐƚƌŝĐƚ ĂŶĚ dŚĞ ^ŚƵŶĚĞ ĚŝƐƚƌŝĐƚ͘dŚĞŽƌŝŐŝŶĂůĚŝƐƚƌŝĐƚŝƐƚŚĞŵĂŝŶŚĞĂĚƋƵĂƌƚĞƌƚŽĐŽŶƚĂĐƚ D^͘


ɹ ɿ ɯ ɧ ɮ ɱ ɻ ɧ ɲ ɧ ɻ ɴ ɯ ɼ ɫ ɸ ɹ ɯ ɺ ɿ ŌĞƌdƐƵŶĂŵŝdƌĂŐĞĚLJŝŶĞĐĞŵďĞƌϮϲƚŚ͕ϮϬϬϰ͕D^ΖƐ ŝŶƚĞƌŶĂƟŽŶĂů ŵĞŵďĞƌƐ ŵĂĚĞ Ă ŵĞĞƟŶŐ ŝŶ :ĂƉĂŶ ƚŽ ĚĞĐŝĚĞƚŚĞǀŽůƵŶƚĞĞƌƐƚŽďĞƐĞŶƚƚŽĐĞŚ͘dŚĞLJǀŽůƵŶƚĂƌŝůLJ ĚĞĚŝĐĂƚĞĚƚŚĞŵƐĞůǀĞƐƚŽŚĞůƉĐĞŚΖƐƌĞĐŽǀĞƌLJĂŌĞƌƚŚĞ ƚƌĂŐĞĚLJ͘ EŽƚ ŽŶůLJ ǁĂƐ ƚŚĂƚ͕ D^ͲŝŶƚĞƌŶĂƟŽŶĂůΖƐ ǀŽůƵŶƚĞĞƌƐǁĞƌĞĂůƐŽƚŚĞƚƌŝŐŐĞƌƐŽĨD^Ͳ^LJŝĂŚ<ƵĂůĂ hŶŝǀĞƌƐŝƚLJΖƐĞƐƚĂďůŝƐŚŵĞŶƚ͘D^Ͳ^LJŝĂŚ<ƵĂůĂhŶŝǀĞƌƐŝƚLJ ǁĂƐ ĮŶĂůůLJ ĞƐƚĂďůŝƐŚĞĚ ŝŶ DĂLJ͕ ϮϬϬϱ͕ ĂƐ ĂŶ ŽďƐĞƌǀĞƌ ƵŶĚĞƌƚŚĞƐƵƉĞƌǀŝƐŝŽŶŽĨD^ͲhŶŝǀĞƌƐŝƚLJŽĨ/ŶĚŽŶĞƐŝĂ ĨŽƌĂLJĞĂƌĂŶĚŽĸĐŝĂůůLJƌĞŐŝƐƚĞƌĞĚĂƐD^Ͳ/ŶĚŽŶĞƐŝĂΖƐ ĨƵůůŵĞŵďĞƌƐŝŶ:ƵůLJϭϱƚŚ͕ϮϬϬϲ͘

D^Ͳ^LJŝĂŚ<ƵĂůĂhŶŝǀĞƌƐŝƚLJŝƐůŽĐĂƚĞĚŝŶĐĞŚWƌŽǀŝŶĐĞ͕dŚĞ tĞƐƚĞƌŶ ƉĂƌƚ ŽĨ /ŶĚŽŶĞƐŝĂ͘ &ŽůůŽǁŝŶŐ D^ΖƐ ƉŚŝůŽƐŽƉŚŝĞƐ͕ D^Ͳ^LJŝĂŚ<ƵĂůĂhŶŝǀĞƌƐŝƚLJŚĂƐƐŽŵĞŚŝŐŚůŝŐŚƚƉƌŽũĞĐƚƐƐƵĐŚ ĂƐD^dZ;ƐŽĐŝĂůĂĐƟŽŶƚŽƌƵƌĂůĂƌĞĂƐŝŶƚŚƌĞĞĚĂLJƐǁŚŝĐŚ ŝŶĐůƵĚĞŝƌĐƵŵĐŝƐŝŽŶ͕DĂƐƐDĞĚŝĐĂůdƌĞĂƚŵĞŶƚ͕,ŽŵĞsŝƐŝƚ͕ ĂŶĚŵĂŶLJŵŽƌĞͿĂĐĂĚĞŵŝĐƚƌĂŝŶŝŶŐĨŽƌŵĞŵďĞƌƐĂŶĚŚĞĂůƚŚ ĞĚƵĐĂƟŽŶĨŽƌŚŝŐŚƐĐŚŽŽůƐƚƵĚĞŶƚƐŝŶĐĞŚ͘

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̤ ̤ ɧ ɧ ɩ ̧ ̥ ̦ ̫


ĐĞŚ ŝƐ Ă ƉĞĂĐĞ ƉƌŽǀŝŶĐĞ ǁŝƚŚ /ƐůĂŵŝĐ ƚĞŶĚĞŶĐLJ ŝŶ /ŶĚŽŶĞƐŝĂ͘ DŽƐůĞŵƐ͕ ďŽLJƐ ĂŶĚ ŐŝƌůƐ͕ ƐŚŽƵůĚ ǁĞĂƌ ƚŚĞŝƌ ĐůŽƚŚĞƐďĂƐĞĚŽŶ/ƐůĂŵΖƐƌƵůĞĂŶĚŽďůŝŐĂƟŽŶ͘ĐĞŚĂůƐŽŚĂƐ ŵĂŶLJŵƵƐƚͲǀŝƐŝƚĞĚƉůĂĐĞƐƐƵĐŚĂƐĐĞŚdƐƵŶĂŵŝDƵƐĞƵŵ͕ ĂŝƚƵƌƌĂŚŵĂŶ'ƌĂŶĚDŽƐƋƵĞ͕^ĂďĂŶŐĂŶĚŵĂŶLJďĞĂƵƟĨƵů ǁŚŝƚĞƐĂŶĚďĞĂĐŚĞƐ͘ŶĚLJĞƐ͊dŚĞǁŚŝƚĞƐĂŶĚďĞĂĐŚĞƐĂƌĞ ƚƌƵůLJďĞĂƵƟĨƵůĂŶĚĐůĞĂŶ͕ŵĂŬŝŶŐƚŚĞŵǀĞƌLJĂƩƌĂĐƟǀĞĨŽƌ ĚŽŵĞƐƟĐƚŽƵƌŝƐƚƐĂŶĚĨŽƌĞŝŐŶĞƌ͘^Ž͕ŝĨLJŽƵĐŽŵĞĨŽƌĂǀŝƐŝƚƚŽ /ŶĚŽŶĞƐŝĂ͕ŵĂŬĞƐƵƌĞLJŽƵĂůƐŽǀŝƐŝƚƚŚĞŽƵƚƐƚĂŶĚŝŶŐĐĞŚ͕ ƉĞŽƉůĞ͊zŽƵǁŝůůŶĞǀĞƌƌĞŐƌĞƚŝƚ͊

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D ŝ Đ Ś Ă Ğ ů ů Ă  Ő Ƶ ŝ ů Ă ƌ Ă Ŷ Ě W Ă Ƶ ů : Ž Ɛ Ğ Ɖ Ś ^ ŝ Ő Ƶ Ğ Ŷ nj Ă

͞^ĂŶĂ ŵĂŝŶƟŶĚŝŚĂŶ ŶŝŶLJŽ ΖLJƵŶŐ ŵŐĂ ŬĂƌĂŶĂƐĂŶ ŶĂŵŝŶ͟ ;tĞŚŽƉĞLJŽƵƵŶĚĞƌƐƚĂŶĚŽƵƌĞdžƉĞƌŝĞŶĐĞƐͿ͘dŚĞƐĞǁĞƌĞ ƚŚĞǁŽƌĚƐŽĨĂƌŽůLJŶĂŐĂŶŝ͕WƌĞƐŝĚĞŶƚŽĨƚŚĞWŚŝůŝƉƉŝŶĞ &ĞĚĞƌĂƟŽŶ ŽĨ ƚŚĞ ĞĂĨ /ŶĐ͘ ;W&Ϳ͕ ĂƐ ƐŚĞ ƌĞĐĂůůĞĚ ƚŚĞŝƌ ĞŶĐŽƵŶƚĞƌƐ ĂƐ ƉĞŽƉůĞ ǁŝƚŚ ŚĞĂƌŝŶŐ ĚŝƐĂďŝůŝƟĞƐ ŝŶ ƚŚĞ ŚŽƐƉŝƚĂů ƐĞƫŶŐ͘ tŚĂƚ ƌĞƐŽŶĂƚĞĚ ůŽƵĚůLJ ǁĂƐ ƚŚĞ ĂƉƉƌĞŚĞŶƐŝŽŶŽĨƚŚĞĚĞĂĨĐŽŵŵƵŶŝƚLJŝŶƐĞĞŬŝŶŐŵĞĚŝĐĂů ĐŽŶƐƵůƚĚƵĞƚŽƚŚĞŐĂƉŝŶĐŽŵŵƵŶŝĐĂƟŽŶ͘DƐ͘ĂŐĂŶŝǁĂƐ ŚŽƉŝŶŐƚŚĂƚƚŚĞLJŵĂLJďĞĂďůĞƚŽĐŽŵŵƵŶŝĐĂƚĞĞīĞĐƟǀĞůLJ ǁŝƚŚŚĞĂůƚŚĐĂƌĞƉƌŽǀŝĚĞƌƐ͘dŚŝƐŝƐƐŽƚŚĂƚƚŚĞLJŵĂLJǀŽŝĐĞ ŽƵƚ ƚŚĞŝƌ ĐŽŶĐĞƌŶƐ ĂŶĚ ƚŚĂƚ ƚŚĞLJ ŵĂLJ ƌĞĐĞŝǀĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŵĞĚŝĐĂůĂƩĞŶƟŽŶƚŚĂƚƚŚĞLJŶĞĞĚ͘ DƐĂŐĂŶŝΖƐǁŽĞŝƐŶŽƚĂŶŝƐŽůĂƚĞĚŽŶĞ͘dŚŝƐŝƐŚĂƉƉĞŶŝŶŐŝŶ ĂĚĂŝůLJďĂƐŝƐ͕ŶŽƚŽŶůLJŝŶƚŚĞĐŽƵŶƚƌLJďƵƚŝŶƚŚĞǁŚŽůĞǁŽƌůĚ͘ dŽďĞƵŶĚĞƌƐƚŽŽĚʹŝƐŶΖƚǁŚĂƚƚŚĞĚĞĂĨĐŽŵŵƵŶŝƚLJŝƐĂƐŬŝŶŐ ĨŽƌ ŝƐ Ă ďĂƐŝĐ ƚŚŝŶŐ͖ ƐŽŵĞƚŚŝŶŐ ƚŚĂƚ ĞǀĞƌLJ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽǀŝĚĞƌƐŚŽƵůĚŝŶƚŚĞŝƌǀĞƌLJĐŽƌĞĐĂŶĂŶĚƐŚŽƵůĚĚŽ͍Ɛ ĨƵƚƵƌĞƉŚLJƐŝĐŝĂŶƐ͕ŝƚŝƐŽƵƌĚƵƚLJƚŽƌĞĂĐŚŽƵƚĂŶĚůĞĂƌŶƚŚĞ ŵĞĂŶƐ ŝŶ ĞīĞĐƟǀĞůLJ ĐŽŵŵƵŶŝĐĂƟŶŐ ǁŝƚŚ ŽƚŚĞƌƐ͘ dŽ ďĞ ĂďůĞƚŽĞŵƉĂƚŚŝnjĞĂŶĚƚƌƵůLJĐŽŶŶĞĐƚǁŝƚŚŽƚŚĞƌƐƚŚƌŽƵŐŚ ĐŽŵŵƵŶŝĐĂƟŽŶ͕ ŵŽƐƚ ĞƐƉĞĐŝĂůůLJ ǁŝƚŚ ƚŚŽƐĞ ǁŚŽ ŚĂǀĞ ŚĞĂƌŝŶŐ ĚŝƐĂďŝůŝƟĞƐ͕ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĨƵŶĚĂŵĞŶƚĂů ĐŽŵƉŽŶĞŶƚƐŽĨƉƌŽǀŝĚŝŶŐĂŚŽůŝƐƟĐŚĞĂůƚŚĐĂƌĞ͘

ƐŝĂŶ DĞĚŝĐĂů ^ƚƵĚĞŶƚƐΖ ƐƐŽĐŝĂƟŽŶ ʹ &h EZD& ƌĞĐŽŐŶŝnjĞƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ƌŽůĞ ŽĨ ƉŚLJƐŝĐŝĂŶƐ ŝŶ ďƌŝĚŐŝŶŐ ƚŚĞ ŐĂƉ ďĞƚǁĞĞŶ ƚŚĞ ĞĂĨ ĐŽŵŵƵŶŝƚLJ͘ >ĂƐƚ ^ĞƉƚĞŵďĞƌ ϮϬ ϮϬϭϳ͕ D^ &hͲEZD&ΖƐ ^ƚĂŶĚŝŶŐ ŽŵŵŝƩĞĞŽŶDĞĚŝĐĂůĚƵĐĂƟŽŶ͕ŝŶĐŽŽƉĞƌĂƟŽŶǁŝƚŚƚŚĞ WŚŝůŝƉƉŚŝŶĞ&ĞĚĞƌĂƟŽŶŽĨƚŚĞĞĂĨ/ŶĐ͘ŚĂĚƚŚĞǀĞƌLJĮƌƐƚ ďĂƐŝĐ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƐĞŵŝŶĂƌͲǁŽƌŬƐŚŽƉ ĨŽƌ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚƐĞŶƟƚůĞĚ͞<ƵŵƉĂƐ͟ŚĞůĚĂƚƚŚĞůĨŽŶƐŽ,Ăůů͕&h EZD&͘dŚĞƉƌŽŐƌĂŵĂŝŵĞĚƚŽƚĞĂĐŚŵĞĚŝĐĂůƐƚƵĚĞŶƚƐďĂƐŝĐ ƐŝŐŶ ůĂŶŐƵĂŐĞ ƚŚƌŽƵŐŚ Ă ůŝŶŐƵŝƐƟĐ͕ ĐŽŵŵƵŶŝĐĂƟǀĞ ĂŶĚ ĐƵůƚƵƌĂůĂƉƉƌŽĂĐŚƚŽǁĂƌĚƐƚŚĞĞĂĨĐŽŵŵƵŶŝƚLJ͘ dŚĞ ƐĞŵŝŶĂƌͲǁŽƌŬƐŚŽƉ ǁĂƐ ĂƩĞŶĚĞĚ ďLJ ϭϯϬ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚƐ ĨƌŽŵ ĚŝīĞƌĞŶƚ LJĞĂƌ ůĞǀĞůƐ͘ ůů ŽĨ ƚŚĞ ŝŶǀŝƚĞĚ ƐƉĞĂŬĞƌƐ ĂŶĚ ĨĂĐŝůŝƚĂƚŽƌƐ ĂƌĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĞĂĨ ĐŽŵŵƵŶŝƚLJ͘ /ŶƚĞƌƉƌĞƚĞƌƐ ǁĞƌĞ ŝŶǀŝƚĞĚ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĂŶ ĞīĞĐƟǀĞ ĐŽŵŵƵŶŝĐĂƟŽŶ ďĞƚǁĞĞŶ ƚŚĞ ƐƉĞĂŬĞƌƐ ĂŶĚ ƚŚĞ ĂƵĚŝĞŶĐĞ͘dŚĞƉƌŽŐƌĂŵƐƚĂƌƚĞĚǁŝƚŚĂŶŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞ ĚĞĂĨ ĐƵůƚƵƌĞ ĨƌŽŵ DƐ͘ zǀĞƩĞ ^͘ ƉƵƌĂĚŽͲĞƌŶĂƌĚŽ͕ ƚŚĞ sŝĐĞWƌĞƐŝĚĞŶƚŽĨƚŚĞWŚŝůŝƉƉŝŶĞ&ĞĚĞƌĂƟŽŶŽĨƚŚĞĞĂĨ͘


DƐ͘ ƉƵƌĂĚŽͲĞƌŶĂƌĚŽ ǁĂƐ ĂďůĞ ƚŽ ĞŶůŝŐŚƚĞŶ ƚŚĞ ƉĂƌƟĐŝƉĂŶƚƐ ĂďŽƵƚ ƚŚĞ ǁĂLJƐ ŽĨ ŝĚĞŶƟĨLJŝŶŐ ĂŶĚ ĚŝīĞƌĞŶƟĂƟŶŐ ĨĂĐƚƐ ĂŶĚ ŵŝƐĐŽŶĐĞƉƟŽŶƐ ĂďŽƵƚ ĚĞĂĨŶĞƐƐ ĂŶĚ ĚĞĂĨ ĐƵůƚƵƌĞ͘ dŚŝƐ ĂůƐŽ ĨŽƐƚĞƌĞĚ ƚŚĞ ĞůĞǀĂƟŽŶ ŽĨ ĂǁĂƌĞŶĞƐƐĂŶĚƉƌŽŵŽƟŽŶŽĨƐĞŶƐŝƟǀŝƚLJƚŽƚŚĞĐŚĂůůĞŶŐĞƐ ĂŶĚƐƉĞĐŝĮĐŶĞĞĚƐŽĨƚŚĞĞĂĨ͕ĞƐƉĞĐŝĂůůLJĚƵƌŝŶŐŵĞĚŝĐĂů ĐŽŶƐƵůƚĂƟŽŶ͘ ͞^ŝŐŶ ůĂŶŐƵĂŐĞ ŵĂŬĞƐ ĂĐĐĞƐƐŝďŝůŝƚLJ ĨŽƌ ĞĂĨ ƉĞŽƉůĞ ƉŽƐƐŝďůĞ͖ ǁŝƚŚŽƵƚ ĂĐĐĞƐƐŝďŝůŝƚLJ͕ ĞĂĨ ƉĞŽƉůĞ ǁŝůů ďĞ ŝƐŽůĂƚĞĚ͘dŚĞƌĞŝƐŶŽĐƵůƚƵƌĞǁŝƚŚŽƵƚůĂŶŐƵĂŐĞ͕ƚŚĞƌĞŝƐŶŽ ůĂŶŐƵĂŐĞǁŝƚŚŽƵƚĐƵůƚƵƌĞ͕͘͟ƐĂŝĚďLJDƐ͘ƉƵƌĂĚŽͲĞƌŶĂƌĚŽ ĂƐƐŚĞĞŶĚĞĚŚĞƌƚĂůŬ͘

ʫ

ĐƟǀĞĚŝƐĐŽƵƌƐĞƐƉĂƌŬĞĚďĞƚǁĞĞŶƚŚĞƉĂƌƟĐŝƉĂŶƚƐĂŶĚƚŚĞ ĞĂĨ͕ǁŚĞƌĞŝŶŝŶƐŝŐŚƚƐǁĞƌĞĚŝƐĐƵƐƐĞĚƚŚƌŽƵŐŚƋƵĞƐƟŽŶƐ͘ dŚĞ ƉĂƌƟĐŝƉĂŶƚƐ ǁĞƌĞ ƚŚĞŶ ĚŝǀŝĚĞĚ ŝŶƚŽ ƐŵĂůů ŐƌŽƵƉƐ ǁŚĞƌĞŝŶďĂƐŝĐƐŝŐŶůĂŶŐƵĂŐĞǁĂƐƚĂƵŐŚƚďLJƚŚĞĨĂĐŝůŝƚĂƚŽƌƐ ĨƌŽŵW&͘/ŶĐůƵĚĞĚŝŶƚŚĞƚĂƵŐŚƚƐŝŐŶůĂŶŐƵĂŐĞǁĞƌĞďĂƐŝĐ ĐŽŵŵƵŶŝĐĂƟŽŶǁŽƌĚƐ͕ĂŶĚŵŽƐƚŝŵƉŽƌƚĂŶƚůLJǁŽƌĚƐƚŚĂƚ ĂƌĞƐŝŐŶŝĮĐĂŶƚŝŶƚŚĞĮĞůĚŽĨŵĞĚŝĐŝŶĞ͘



ƐĂĚŽĐƚŽƌ͕LJŽƵŵƵƐƚŬŶŽǁƚŚĂƚ ƚŚĞLJĞdžŝƐƚĂŶĚŝŶƐƉŝƌĞŽƚŚĞƌƐƚŽůĞĂƌŶ ďĂƐŝĐƐŝŐŶůĂŶŐƵĂŐĞĨŽƌƚŚĞƟŵĞƚŽ ĐŽŵĞƚŚĂƚƚŚĞŵĞŵďĞƌƐŽĨƚŚĞĚĞĂĨ ĐŽŵŵƵŶŝƚLJǁŽŶΖƚďĞƐĐĂƌĞĚĂŶLJŵŽƌĞ ƚŽŐŽƚŽŚŽƐƉŝƚĂůƐ͘ĞĐĂƵƐĞďŝŐƉĂƌƚŽĨ ƚŚĂƚŝƐƉƌŽƉĞƌĐŽŵŵƵŶŝĐĂƟŽŶ͕ĂŶĚ ǁŝƚŚƚŚĂƚ͕LJŽƵĚŽĐƚŽƌƐĐĂŶŵĂŬĞĂ ĚŝīĞƌĞŶĐĞƚŽŐŝǀĞĂƉŽƐŝƟǀĞŝŵƉĂĐƚ͘ ŶĚĨŽƌƵƐĐĂƉĂďůĞŽĨŚĞĂƌŝŶŐ͕ƚŚĞ ƌĞĂůĐŚĂůůĞŶŐĞŝƐ͕ΖŽLJŽƵǁĂŶƚŽƚŚĞƌƐ ƚŽŬŶŽǁƚŚĞŝƌĐƵƌƌĞŶƚƐŝƚƵĂƟŽŶ͍ΖƌĞ ǁĞŵŽƌĞǁŝůůŝŶŐƚŽƐŚĂƌĞƚŚĞ ŬŶŽǁůĞĚŐĞƚŚĂƚŚĂĚďĞĞŶŝŵƉĂƌƚĞĚŝŶ ƚŚŝƐĨŽƵƌƐŝĚĞƐŽĨĐůĂƐƐƌŽŽŵ͍tŝƚŚ ƚŚĂƚ͕ǁĞŚŽƉĞƚŚĂƚǁŚĞŶƚŚĞƟŵĞ ĐŽŵĞƐ͕ǁĞĂƌĞŶŽƚƚŚĞŽŶůLJŽŶĞǁŚŽ ƐŚŽǁƐƚŚĂƚǁĞĐĂƌĞĂďŽƵƚƚŚĞŵ͘

ʬ

ƐŚĂƌĞĚďLJDƐ͘ďďLJĂƐŝŶŐĂů͕ŽŶĞŽĨŽƵƌƐŝŐŶ ůĂŶŐƵĂŐĞŝŶƚĞƌƉƌĞƚĞƌƐ


ʬ

ɧɨɩ

K &  / ^  ^ d  Z D   /  / E 


ɧ ɨ ɩ ʔ ɵ ɬ ɪ ɯ ɹ ɧ ɹ ɺ ɫ ɸ ɳ ɫ ɪ ɯ ɩ ɯ ɴ ɫ < Ă ƌ Ğ Ŷ / ǀ LJ  ͘  Ă Đ Ɛ Ă ŝ Ŷ Ă Ŷ Ě < Ž Ŷ Ɛ ƚ Ă Ŷ Ɵ Ŷ Z ͘  Ă ƌ ƌ ŝ Ğ ƚ Ă

 ŚŽůŝƐƟĐ ĂƉƉƌŽĂĐŚ ƚŽ ƵŶŝǀĞƌƐĂů ŚĞĂůƚŚĐĂƌĞ ŶŽƚ ŽŶůLJ ĐŽŶĐĞƌŶƐ ŝƚƐĞůĨ ǁŝƚŚ ƚŚĞ ďŝŽůŽŐŝĐĂů ĂŶĚ ƉƐLJĐŚŽůŽŐŝĐĂů ĂƐƉĞĐƚƐ ŽĨ ŵĞĚŝĐŝŶĞ ďƵƚ ĂůƐŽ ƌĞĐŽŐŶŝnjĞƐ ŚŽǁ ŝŵƉŽƌƚĂŶƚ ƐŽĐŝŽĞĐŽŶŽŵŝĐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĨĂĐƚŽƌƐƉůĂLJĂƌŽůĞŝŶŝƚƐ ĚĞǀĞůŽƉŵĞŶƚ͘ ŝƐĂƐƚĞƌŵĞĚŝĐŝŶĞŝƐŽŶĞďƵŝůĚŝŶŐďůŽĐŬƚŚĂƚŝƐǀĞƌLJĐƌƵĐŝĂů ƚŽĂƉƌŽƉĞƌĂŶĚĂĚĞƋƵĂƚĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŽƵƌƌŽůĞƐĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐĂƐŵĞĚŝĐĂůƐƚƵĚĞŶƚƐĂŶĚƉŚLJƐŝĐŝĂŶƐĨŽƌƵƐ ƚŽ ƚĂĐŬůĞ ƚŚĞ ĞǀĞƌͲŝŶĐƌĞĂƐŝŶŐ ƚŚƌĞĂƚƐ ƚŚĂƚ ǁĞ ĞŶĐŽƵŶƚĞƌ ĨƌŽŵƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝŶƚŚĞĨŽƌŵŽĨŶĂƚƵƌĂůŽƌŵĂŶͲŵĂĚĞ ĐĂůĂŵŝƟĞƐĂŶĚĚŝƐĂƐƚĞƌƐƚŚĂƚĐĂƵƐĞĐĂƚĂƐƚƌŽƉŚŝĐĚĂŵĂŐĞƚŽ ŚƵŵĂŶůŝǀĞƐĂŶĚƉƌŽƉĞƌƚLJŽĨĞĐŽŶŽŵŝĐǀĂůƵĞ͘

/ŶůŝŶĞǁŝƚŚƚŚŝƐ͕ƚŚĞƐŝĂŶDĞĚŝĐĂů^ƚƵĚĞŶƚƐΖƐƐŽĐŝĂƟŽŶͲ hŶŝǀĞƌƐŝƚLJŽĨ^ĂŶƚŽdŽŵĂƐ;D^Ͳh^dͿŚĞůĚŝƚƐĂŶŶƵĂůŽŶĞͲ ĚĂLJ ŇĂŐƐŚŝƉ ƐĞŵŝŶĂƌ ĂŶĚ ǁŽƌŬƐŚŽƉ ĐĂůůĞĚ ƚŚĞ Ɛ ŽĨ ŝƐĂƐƚĞƌ DĞĚŝĐŝŶĞ͕ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ůůŝĂŶĐĞ ĨŽƌ /ŵƉƌŽǀŝŶŐ ,ĞĂůƚŚ KƵƚĐŽŵĞƐ͕ /ŶĐ͘ ;/,KͿ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ZĞĚ ƌŽƐƐ ;WZͿ ĂŶĚ DĞĚĞĐŝŶƐ ^ĂŶƐ &ƌŽŶƟĞƌĞƐͬŽĐƚŽƌƐ tŝƚŚŽƵƚŽƌĚĞƌƐ;D^&Ϳ͘

<ŶŽǁŝŶŐ ƚŚĂƚ ŽƵƌ ŶĂƟŽŶ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ͕ ŚĂƐ Ă ĐĞƌƚĂŝŶ ƉƌĞĚŝƐƉŽƐŝƟŽŶ ƚŽ ĨƌĞƋƵĞŶƚ ƐĞŝƐŵŝĐ ĂĐƟǀŝƚLJ͕ ǁĞĂƚŚĞƌ ĚŝƐƚƵƌďĂŶĐĞƐ ĂŶĚ ƉĞƌĞŶŶŝĂů ŇŽŽĚŝŶŐ͕ ŐŝǀĞŶ ŝƚƐ ůŽĐĂƟŽŶ ĂůŽŶŐ ƚŚĞ WĂĐŝĮĐ KĐĞĂŶΖƐ ZŝŶŐ ŽĨ &ŝƌĞ͖ ŶŽƚǁŝƚŚƐƚĂŶĚŝŶŐ ƐŽĐŝĞƚĂů ŝƐƐƵĞƐ͕ ĐŽƵŶƚƌLJƐŝĚĞ ŝŶƐƵƌŐĞŶĐŝĞƐ͕ ĐƌŝŵĞ͕ ĐŽƌƌƵƉƟŽŶĂŶĚƵŶĚĞƌĨƵŶĚĞĚĂŶĚƵŶĚĞƌŵĂŶŶĞĚĐĂůĂŵŝƚLJͲ ĐĞŶƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂŐĞŶĐŝĞƐʹƚŚĞƚŚƌĞĂƚƐƚŚĞƐĞŝƐƐƵĞƐ ƉŽƐĞƚŽƚŚĞŐĞŶĞƌĂůŚĞĂůƚŚŽĨƚŚĞ&ŝůŝƉŝŶŽƉƵďůŝĐ͕ŝƚŝƐŶŝŐŚ ƟŵĞƚŚĂƚǁĞďĞĐŽŵĞĂĚǀŽĐĂƚĞƐĂŶĚŐŝǀĞĚƵĞŝŵƉŽƌƚĂŶĐĞ ƚŽ ĚŝƐĂƐƚĞƌ ĂǁĂƌĞŶĞƐƐ͕ ƉƌĞƉĂƌĞĚŶĞƐƐ ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͘



dŚŝƐĞǀĞŶƚĐĂƚĞƌĞĚƚŽŵĞĚŝĐĂůƐƚƵĚĞŶƚƐǁŚŽǁŽƵůĚůŝŬĞƚŽ ůĞĂƌŶŵŽƌĞĂďŽƵƚĚŝƐĂƐƚĞƌŵĞĚŝĐŝŶĞ͕ŵĞĚŝĐĂůƉƌĂĐƟĐĞŝŶ ĐŽŶŇŝĐƚĂƌĞĂƐĂŶĚƚŚĞŽƉƉŽƌƚƵŶŝƟĞƐƚŚĞLJĐĂŶƉƌŽǀŝĚĞƚŽ ŝŶƚĞƌĞƐƚĞĚŝŶĚŝǀŝĚƵĂůƐ͕ĂƐǁĞůůĂƐƚŚĞďĂƐŝĐƐŽĨĮƌƐƚĂŝĚĂŶĚ ůŝĨĞƐƵƉƉŽƌƚƚƌĂŝŶŝŶŐǁŚŝĐŚĂƌĞǀŝƚĂůƚŽŽƵƌĐŽŵƉĞƚĞŶĐĞĂŶĚ ƉƌĞƉĂƌĞĚŶĞƐƐĂƐĂůůŝĞĚŚĞĂůƚŚƉƌŽĨĞƐƐŝŽŶĂůƐŝŶƚŚĞĨĂĐĞŽĨ ǁŝĚĞƐƉƌĞĂĚĐĂůĂŵŝƚLJ͘


^ƚĂƌƟŶŐŽīǁŝƚŚƚŚĞĮƌƐƚƐĞŐŵĞŶƚŽĨƚŚĞƉƌŽŐƌĂŵǁĂƐĂ ƉƌĞƐĞŶƚĂƟŽŶ ŽŶ ͞/ŶƚƌŽĚƵĐƟŽŶ ƚŽ ŝƐĂƐƚĞƌ ZŝƐŬ ĂŶĚ DĂŶĂŐĞŵĞŶƚ͟ďLJDŝŐƵĞůDĂŶƵĞů͘ŽƌŽƚĂŶ͕DŽĨ/,K͘ dŚĞ ƐƉĞĂŬĞƌ ďƌŝĞĨĞĚ ƵƐ ŽŶ ƚŚĞ ďĂƐŝĐƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ŽƌŐĂŶŝnjĂƟŽŶ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐĨŽƌĚĞĂůŝŶŐǁŝƚŚĂůůŚƵŵĂŶŝƚĂƌŝĂŶĂƐƉĞĐƚƐ ŽĨĞŵĞƌŐĞŶĐŝĞƐ͘ŝƐĂƐƚĞƌƐĐĂŶďĞĚŝǀŝĚĞĚŝŶƚŽƉŚĂƐĞƐĂƐŚĞ ĞŵƉŚĂƐŝnjĞĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƉƌĞƉĂƌĞĚŶĞƐƐ͕ ƌĞƐƉŽŶƐĞ ĂŶĚ ƌĞĐŽǀĞƌLJ ĂƐ ƚŽ ůĞƐƐĞŶ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ĂŶLJ ŝŵƉĞŶĚŝŶŐ ĚŝƐĂƐƚĞƌƐ͘ ,Ğ ĨŽĐƵƐĞĚ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ͕ ĨŽƌ ŝƚ ŝƐ ŽŶĞ ĂŵŽŶŐ ƚŚĞ ƐŝĂŶ ĐŽƵŶƚƌŝĞƐ ŝŶĐůƵĚĞĚŝŶƚŚĞZŝŶŐŽĨ&ŝƌĞ͕ĂŶĚĞŶƵŵĞƌĂƚĞĚƚŚĞĚŝīĞƌĞŶƚ ƉŽůŝĐŝĞƐ ŽŶ ĚŝƐĂƐƚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĂƐ ǁĞůů ĂƐ ŝŶƚƌŽĚƵĐŝŶŐ ƚŚĞŬĞLJƉŽŝŶƚƐĂďŽƵƚŚŽǁƚŽƌĞƐŽůǀĞĂŶLJƉŽƚĞŶƟĂůĐƌŝƐŝƐ͘

dŚĞƐĞĐŽŶĚƐƉĞĂŬĞƌǁĂƐ<ĂƌŝŶĂDĂƌŝĞsĞƌĂŐƵŝůĂƌŽĨD^&͘ tŚĂƚ ŵĂĚĞ ƚŚŝƐ ůĞĐƚƵƌĞ ŝŶƚĞƌĞƐƟŶŐ ǁĂƐ ƚŚĞ ƐƉĞĂŬĞƌΖƐ ƉĞƌƐŽŶĂů ŝŶƐŝŐŚƚ ƚŽ ŚĞƌ ǀĂƌŝŽƵƐ ĞdžƉĞƌŝĞŶĐĞƐ ĂƐ ĂŶ ĂŶĞƐƚŚĞƐŝŽůŽŐŝƐƚǁŚŽǀŽůƵŶƚĞĞƌĞĚŝŶŶƵŵĞƌŽƵƐǁĂƌͲƚŽƌŶ ĐŽƵŶƚƌŝĞƐŝŶƚŚĞDŝĚĚůĞĂƐƚ͘^ŚĞƚĂůŬĞĚŽĨĚĞĂůŝŶŐǁŝƚŚ ŚĞĂůƚŚ ĐĂƌĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ ĨƌŽŵ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ ǁŚŽ ƐŚĂƌĞĚ ŚĞƌ ŽǁŶ ƉĂƐƐŝŽŶ ĨŽƌ ǀŽůƵŶƚĞĞƌŝŶŐ ƚŽ ŵŝŶŝƐƚĞƌ ƚŽ ĐŽƵŶƚƌŝĞƐǁŚŽǁĞƌĞŝŶĐŚĂŽƐĚƵĞƚŽŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂů ƚƵƌŵŽŝů͘

^ŚĞƚĂůŬĞĚŽĨƉƌŝŽƌŝƟnjŝŶŐǁŚŝĐŚƉĂƟĞŶƚƐƚŽƚƌĞĂƚʹĂƌĞĂůŝƚLJ ǁŚŝĐŚĞŶƚĂŝůƐŐŽŽĚĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂƐŝƚĐŽƵůĚĚĞƚĞƌŵŝŶĞ ǁŚŝĐŚƉĂƟĞŶƚƐƵƌǀŝǀĞƐƐŝŶĐĞƟŵĞĂŶĚƌĞƐŽƵƌĐĞƐĂƌĞƚǁŽ ƚŚŝŶŐƐ ƚŚĂƚ ŝŶŇƵĞŶĐĞ ŵĞĚŝĐĂů ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ƌĞŵŝŶŝƐĐĞĚ ŚĞƌ ĚĂŝůLJ ĞŶĐŽƵŶƚĞƌƐ ǁŝƚŚ ŚĞƌ ƉĂƟĞŶƚƐ͕ ƌĞŵŝŶĚŝŶŐ ŚĞƌ ŽĨ ǁŚLJ ƐŚĞ ďĞĐĂŵĞ Ă ĚŽĐƚŽƌ ŝŶ ƚŚĞ ĮƌƐƚ ƉůĂĐĞʹƚŚĂƚŝƐ͕ƚŽƐĂǀĞůŝǀĞƐ͕ĂůůĞǀŝĂƚĞƐƵīĞƌŝŶŐĂŶĚƐĞƌǀĞ ƚŚŽƐĞŝŶŶĞĞĚĂƐƐŚĞƐĞĞƐƚŚĞƐŵŝůĞƐŽĨŐƌĂƟƚƵĚĞŽĨƚŚŽƐĞŝŶ ĂŐŽŶLJŝŶƌĞƐƉŽŶƐĞƚŽŚĞƌŵĂŬŝŶŐĂĚŝīĞƌĞŶĐĞŝŶƚŚĞŝƌůŝǀĞƐ͘




dŚĞŶĞdžƚƐĞŐŵĞŶƚĨŽĐƵƐĞĚŽŶĞŵĞƌŐĞŶĐLJƚƌŝĂŐĞƉƌŝŶĐŝƉůĞƐ͕ ƚƌŝĂŐĞ͕ ďĂŶĚĂŐŝŶŐ ĂŶĚ ƐƉůŝŶƟŶŐ͘ dŚĞ ƐƉĞĂŬĞƌ ǁĂƐ Ă ŬŶŽǁůĞĚŐĞĂďůĞ ŽĸĐĞƌ ĨƌŽŵ ƚŚĞ h^d ZĞĚ ƌŽƐƐ zŽƵƚŚ ŽƵŶĐŝů͕:ŽƐĞDĂƌŝĞWƌŽƚĂĐŝŽ͘,ĞǁĂƐĂůƐŽĂůŝĐĞŶƐĞĚ&ŝƌƐƚ ŝĚƉƌŽǀŝĚĞƌǁŚŽŐĂǀĞƚŚŽƌŽƵŐŚŝŶĨŽƌŵĂƟŽŶĂďŽƵƚŚŽǁ ďĞƐƚƚŽŵĂŶĂŐĞĂƐŝƚƵĂƟŽŶŝŶĂŵĞĚŝĐĂůĂŶĚĐůŝŶŝĐĂůƉŽŝŶƚŽĨ ǀŝĞǁ͘,ĞĂůƐŽƚĂůŬĞĚĂďŽƵƚĐĂƌĚŝŽƉƵůŵŽŶĂƌLJƌĞƐƵƐĐŝƚĂƟŽŶ ĂŶĚ ŚŽǁ ƚŽ ĂƉƉůLJ ĂŶĚ ĂƐƐĞƐƐ ĞĂĐŚ ƉĂƟĞŶƚ͘ ,Ğ ĂůƐŽ ĚŝƐĐƵƐƐĞĚĂďŽƵƚĞůĞĐƚƌŝĐĂů͕ĐŚĞŵŝĐĂůĂŶĚƚŚĞƌŵĂůďƵƌŶƐĂƐ ǁĞůů ĂƐ ŽƚŚĞƌ ĞŵĞƌŐĞŶĐLJ ŵĞĚŝĐĂů ƐŝƚƵĂƟŽŶƐ ƚŚĂƚ ŵĂLJ ŽĐĐƵƌ͘dŚĞƐƉĞĂŬĞƌǁĂƐůĂƚĞƌũŽŝŶĞĚďLJƚŚĞŽƚŚĞƌŽĸĐĞƌƐŽĨ ZzƚŽďĞĂďůĞƚŽĚĞŵŽŶƐƚƌĂƚĞƚŚĞǀĂƌŝŽƵƐƚĞĐŚŶŝƋƵĞƐŝŶ ƉƌŽƉĞƌ ďĂŶĚĂŐŝŶŐ͕ ƐƉůŝŶƟŶŐ ĂƐ ǁĞůů ĂƐ ƚƌĂŶƐƉŽƌƟŶŐ ŽĨ &ŽůůŽǁŝŶŐ ĂŌĞƌǁĂƌĚƐ͕ Ă ĐĂƐĞ ƐŝŵƵůĂƟŽŶ ƌĞƉůŝĐĂƟŶŐ Ɛŝdž ƉĂƟĞŶƚƐ ĚŝīĞƌĞŶƚƐĐĞŶĂƌŝŽƐǁĂƐĐŽŶĚƵĐƚĞĚƚŽƚĞƐƚƚŚĞƉĂƌƟĐŝƉĂŶƚƐΖ ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƚŚƌĞĞůĞĐƚƵƌĞƐĚĞůŝǀĞƌĞĚ͘ĂĐŚƐĐĞŶĂƌŝŽ ǁĂƐ ŚĞůĚ ŝŶ ĚŝƐƟŶĐƚ͕ ƐĞƉĂƌĂƚĞ ƐƚĂƟŽŶƐ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ ĐŽƌƌĞƐƉŽŶĚŝŶŐĂĐƚŽƌƐƚŽĂĐƚŽƵƚƌŽůĞƐĂƐƐƉĞĐŝĮĞĚďLJƚŚĞŝƌ ŝŶũƵƌLJŽƌĐĂƐĞ͘dŚĞƉĂƌƟĐŝƉĂŶƚƐǁĞƌĞŐŝǀĞŶĂƟŵĞůŝŵŝƚƚŽ ƐŽůǀĞƚŚĞĐĂƐĞƐ͕ǁŝƚŚĂŶĞǀĂůƵĂƚŽƌĨƌŽŵƚŚĞh^dZĞĚƌŽƐƐ zŽƵƚŚŽƵŶĐŝůƉƌĞƐĞŶƚƚŽĐƌŝƟƋƵĞƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ ŐƌŽƵƉƐ ůůͲŝŶͲĂůů͕ǁŚĂƚƚƌĂŶƐƉŝƌĞĚďĞĐĂŵĞĂǁŽŶĚĞƌĨƵůĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚǁŽƵůĚƌĞŵŝŶĚƵƐŽĨŚŽǁŵƵĐŚǁĞŚĂǀĞLJĞƚƚŽůĞĂƌŶĂƐ ŵĞĚŝĐĂů ƐƚƵĚĞŶƚƐ ʹ ŽĨ ŚŽǁ ŵƵĐŚ ǁĞ ĂƌĞ ƌĞůĂƟǀĞůLJ ƵŶƉƌĞƉĂƌĞĚŝŶƚŚĞĨĂĐĞŽĨĐĂůĂŵŝƚLJĂŶĚĚŝƐĂƐƚĞƌƚŚĂƚǁĞŵƵƐƚ ƐƚƌŝǀĞƚŽďĞĐŽŵƉĞƚĞŶƚĞŶŽƵŐŚƚŽƐĞƌǀĞƚŚŽƐĞŝŶŶĞĞĚĂŶĚ ǁŝƚŶĞƐƐ ƚŚĞ ƐŵŝůĞƐ ŽĨ ŐƌĂƟƚƵĚĞ ĨƌŽŵ ŽƵƌ ƉĂƟĞŶƚƐ ĂŶĚ ď Ğ ĐŽ ŵ Ğ  Ă Ě ǀŽ ĐĂƚĞ Ɛ  ĨŽ ƌ  Ě ŝ Ɛ Ă ƐƚĞ ƌ  ĂǁĂ ƌĞ Ŷ Ğ Ɛ Ɛ  Ă Ŷ Ě ƉƌĞƉĂƌĞĚŶĞƐƐƐŽƚŚĂƚǁĞĂƌĞĂďůĞƚŽ͕ĂƐŵƵĐŚĂƐƉŽƐƐŝďůĞ͕ ƉƌĞǀĞŶƚĂŶĚŵŝŶŝŵŝnjĞƚŚĞůŽƐƐŽĨůŝǀĞƐĂŶĚƚŚĞŝŵƉĂĐƚƚŚĞƐĞ ĞǀĞŶƚƐŚĂǀĞƚŽǁĂƌĚƐŽƵƌĨĂŵŝůŝĞƐĂŶĚŽƵƌĚĂŝůLJůŝǀĞƐĂŶĚďĞ ĂďůĞƚŽƌĞĐŽǀĞƌďĂĐŬƚŽŽƵƌŶŽƌŵĂů͕ĨƵŶĐƟŽŶĂůůŝǀĞƐĂƐǁĞ ůŽŽŬďĂĐŬŽŶŽƵƌĞdžƉĞƌŝĞŶĐĞƐ͘

&ŽůůŽǁŝŶŐ ĂŌĞƌǁĂƌĚƐ͕ Ă ĐĂƐĞ ƐŝŵƵůĂƟŽŶ ƌĞƉůŝĐĂƟŶŐ Ɛŝdž ĚŝīĞƌĞŶƚƐĐĞŶĂƌŝŽƐǁĂƐĐŽŶĚƵĐƚĞĚƚŽƚĞƐƚƚŚĞƉĂƌƟĐŝƉĂŶƚƐΖ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ƚŚƌĞĞ ůĞĐƚƵƌĞƐ ĚĞůŝǀĞƌĞĚ͘ ĂĐŚ ƐĐĞŶĂƌŝŽ ǁĂƐ ŚĞůĚ ŝŶ ĚŝƐƟŶĐƚ͕ ƐĞƉĂƌĂƚĞ ƐƚĂƟŽŶƐ ĂĐĐŽŵƉĂŶŝĞĚďLJĐŽƌƌĞƐƉŽŶĚŝŶŐĂĐƚŽƌƐƚŽĂĐƚŽƵƚƌŽůĞƐĂƐ ƐƉĞĐŝĮĞĚ ďLJ ƚŚĞŝƌ ŝŶũƵƌLJ Žƌ ĐĂƐĞ͘ dŚĞ ƉĂƌƟĐŝƉĂŶƚƐ ǁĞƌĞ tĞ ǁŽƵůĚ ůŝŬĞ ƚŽ ƚŚĂŶŬ ƚŽ ŽƵƌ ŽƌŐĂŶŝnjĞƌƐ͕ ƉĂƌƟĐŝƉĂŶƚƐ͕ ŐŝǀĞŶĂƟŵĞůŝŵŝƚƚŽƐŽůǀĞƚŚĞĐĂƐĞƐ͕ǁŝƚŚĂŶĞǀĂůƵĂƚŽƌĨƌŽŵ ƐƉŽŶƐŽƌƐĂŶĚƉĂƌƚŶĞƌŽƌŐĂŶŝnjĂƟŽŶƐĨŽƌƚŚĞĞǀĞŶƚ͘tĞŚŽƉĞ ƚŚĞh^dZĞĚƌŽƐƐzŽƵƚŚŽƵŶĐŝůƉƌĞƐĞŶƚƚŽĐƌŝƟƋƵĞƚŚĞ ƚŽǁŽƌŬǁŝƚŚLJŽƵĂŶĚŽƌŐĂŶŝnjĞĂŶŽƚŚĞƌƐƵĐĐĞƐƐĨƵůĞǀĞŶƚůŝŬĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŐƌŽƵƉƐ ƚŚŝƐŝŶƚŚĞĨƵƚƵƌĞ͊


81


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POST8HOSTING$ 20168


â&#x20AC;©

REFLECTION$ 17"$


Table Of Date:$24$September–$4$October,$2017** Contents

Table Of *Country:$Singapore* Contents*

Editor’s Message Chapter Activities

Number$of$delegates:$10*

Editor’s Message Chapter Activities

Mental Health in the Workplace

Mental Health in the Workplace

ALSA Profile

ALSA Profile

AMSEP$Hong$Kong$2017$was$

Kong$ s<mula<ng$ AMSC 2017 Seoul, South KoreaThe$ exchange$ department$ of$ AMSC 2017 Seoul, Souththrough$ Korea

a$ great$ success.$ We$ were$

ac<vi<es$such$as$visits$to*the$ AMSAHK$aYributes$this$success$ AMSA Chapter Profiles AMSA Chapter Profiles

very$ delighted$ to$ have$ hosted$ a$ wonderful* group$ of$

Profiles p rAMSAAMSAeUniversity s< g i o u s$ M i n i m a l l AMSAy$University Activities to$ the$ rigorous$ and$ detailed$ University Activities AMSA University Profiles

Photography Photography Invasive$Surgical$Skills$Centre,$

p r e $ t r i p* p l a n n i n g$ a n d$

10$delegates$from$Singapore,$

aYending$ PBL$ sessions,$

o r ga n i s a < o n ,$ a s$ w e l l$ a s$

who$ thoroughly$ enjoyed$ the$

academic$ lectures* and$ talks$

involving$ more$ local$ students$

trip$and$the$warm$hospitality$

b y$ i n t e r n a < o n a l$ g u e s t$

in$ hos<ng$ the$ Singaporeans.$

of* our$ outgoing$ delegates$

speakers.$They$also$soaked$in$

More*importantly,$we$also$took$

and$ AMSAHK’s$ execu<ve$

Hong$ Kong’s$ diverse$ culture$

t h e$ d e l e g a t e s ’$ p e r s o n a l$

commiYee.$ Delegates$ had$

by$ visi<ng* iconic$ aYrac<ons$

preferences$ and$ needs$ into$

t h e$ o p p o r t u n i t y$ t o*

a n d$ i n d u l g i n g$ o n$ l o ca l$

considera<on$ by* incorpora<ng$

experience$ the$ life$ of$ a$

delicacies$during$their$stay$in$

their$ Google$ form$ (sent$ prior$

medical$ student$ in$ Hong$

Hong$Kong.*

to$ their$ arrival)$ responses$ into$

EAMSC 2018 Nepal Promotional

EAMSC 2018 Nepal Promotional

our$i<nerary.*


â&#x20AC;Š

On$day$one,$we$welcomed$the$

We$ ended$ the$ night$ with$ a$

delegates$ to$ Hong$ Kong$ with$

mouth$ watering$ seafood$

our$famous$dim$sum$for$lunch$

meal$ and$ strolled$ along$ the$

$$a$meal*that$cannot$be$missed$

magical*Victoria$Harbour$with$

when$ one$ steps$ foot$ into$ the$

the$ city$ lights$ shining$ over$

city.$ They$ then$ spent$ the$

us.* On$ days$ two$ and$ three,$

aaernoon$ at$ the$ Hong* Kong$

the$ delegates$ aYended$ PBL$

Science$ Museum$ and$ Hong$

s e s s i o n s ,$ l e c t u re s ,$ a n d$

Kong$ Museum$ of$ History$

human$ dissec<on$ lab$ with*

where$ they$ brushed$ up$ on$

local$medical$students$of$the$

their$ basic* science$ knowledge$

University$of$Hong$Kong.$This$

and$ travelled$ through$ <me$ to$

was$ followed$ by$ a$ guided$

learn$ about$ the$ fast$paced$

toured$ around* the$ oldest$

development$ of$ Hong* Kong.$

campus$ within$ the$ city,$ with$

nts

plenty$of$photo$opportuni<es$ ( # a e s t h e < c ) .$ W e$ a l s o$ travelled$ to* Sheung$ Wan$ to$ indulge$ in$ the$ best$ milk$ tea$ and$ egg$ tarts$ in$ town,$ and$ experienced$ Hong$ Kongâ&#x20AC;&#x2122;s$ wild*nightlife$in$Central$$$the$ central$ business$ district$ and$ entertainment$ hub$ of$ Hong$ Kong.*


On$day$four,$we$had$a$fun$filled$day$at$

On$ day$ se

Ocean$ Park,$ which$ is$ recognised$ as$

the$day$at$

the$ world’s$ top$ theme* parks$ with$

Hong$ Kong

thrilling$ rides,$ cute$ pandas,$ marine$

hands$ inv

mammals$ and$ exhilara<ng$ scenery.$

dissec<on$

That$ night,$ our* stomachs$ were$ filled$

friendly$ m

with$ authen<c$ fish$ ball$ noodles$ and$

then$ trans

local$ Chinese$ desserts$ as$ we$ explored*

hospital,$ P

Causeway$Bay$and$went$on$a$massive$

where$ the$

shopping$spree.**

Club$ Mini

On$ day$ five,$ it$ was$ China’s$ Na<onal$ Day.$ In$ the$ midst$ of$ the$ busy$ crowd,$ the$ delegates$ navigated* their$ way$ through$the$streets$of$Mong$Kok$like$a$ true$local,$haggling$for$the$best$prices$ in$ the$ markets* and$ grabbing$ mouth$ watering$ street$ food$ on$ the$ go.$ We$ then$ headed$ up$ to$ Victoria$ Peak$ and$ took$ a* short$ 3.5$km$ hike$ on$ the$ fantas<c$ Peak$ Circle$ Walk,$ where$ we$

Skills$ Centr

delegates$w on$ exper

surgery$sim

fulfilling$ da students$

feas<ng$ on

sum$at$Tim

delicious$th

seconds$du

gazed$ down$ on$ the$ stunning$ skyline*

On$day$eig

and$harbour$from$the$tallest$mountain$

farewell$ to

on$Hong$Kong$Island.**

hearty$ Ho

On$ day$ six,$ the$ delegates$ took$ a$ nostalgic$ route$ on$ the$ ferries$ across$ Victoria$Harbour$all$the$way$to*one$of$ Hong$ Kong’s$ many$ islands$ known$ as$ Cheung$ Chau.$ This$ was$ definitely$ a$ des<na<on$ for$ the* wanderlust,$ as$ the$ island$ was$ filled$ with$ liYle$ treasures$ from$ historical$ temples,$ tradi<onal$ villages,* nature$ trails,$ beaches$ and$ fresh$seafood.*

(cheese$no

anybody?).

students$ m

with$their$

the$ volun

during$ the

tradi<onal$ However,$

goodbye$an

see$each$o


Of Contes

even,$ the$ delegates$ spent$

In$ this$ short$ amount$ of$ <me,$ not$

$the$Chinese$University$of$

only$ did$ the$ Singaporean$ delegates$

ng,$ where$ they$ got* their$

gain$ first$hand$ experience$ of$ the* life$

volved$ in$ the$ human$

as$ a$ medical$ student$ in$ Hong$ Kong$

$ session$ alongside$ our$

and$the$vibrant$city’s$culture,$we$also$

medical$ students.$ They*

learned$ a$ lot$ about* Singapore$ and$

si<oned$ to$ the$ teaching$

our$ new$ friends$ that$ we$ made.$ It$

Prince$ of$ Wales$ Hospital,$

was$a$great$pleasure$to$host$students$

e$ pres<gious$ CUHK* Jockey$

from* AMSA$Singapore,$ and$ we$ will$

nimally$ Invasive$ Surgical$

always$ treasure$ the$ deep$ friendships$

tre$ was$ located;$ here$ the$

and$memories$that$were*made....as$a$

were$able$to*have$hands$

true$Hong$Konger$would$say,$

rience$ on$ laparoscopic$

!*

mulators.$Aaer$a$long$but$

day$ at$ the* university,$ the$ ended$ the$ night$ by$

n$ Michelin$star$ rated$ dim$

m$Ho$Wan,*which$was$so$

hat$the$students$went$for$

uring$the$week!*

ght,$we$bid$an$emo<onal$

o$ the$ delegates$ aaer$ a$

ong$ Kong$ style$ breakfast*

oodles$with$tomato$soup,$

.$ The$ lovely$ Singaporean$

made$ our$ hearts* fluYer$

$handwriYen$cards$for$all$

nteers$ that$ helped$ out$

e$ week,$ paired$ with* their$

$ meat$ snack$ souvenirs.$ we$ knew$ it$ was$ not$

and$that$we$would*always$

other$in$the$future.*

!

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W r i Y e n$ b y :$ S a l l y$ L a u$ ($sally.lau@amsahk.org$)
 Edited$ by:$ Jasmine$ Hadiwibawa$ ($jasmine.hadiwibawa@amsak.org$)*


W , K d K ' Z  W , z ^   d / K E


 K > K Z & h > h E / d z dĂŬĞŶĂƚ>^ŽŶĨĞƌĞŶĐĞ/ŶĚŽŶĞƐŝĂϮϬϭϳ͕ƚŚĞ>^ŵĞŵďĞƌƐĨƌŽŵĂůů ŽǀĞƌƐŝĂũŽŝŶŚĂŶĚƐƚŽĚĞĐŽƌĂƚĞĂǁĂůůŽĨŽŶĞƌƵƌĂůĐŽŵŵƵŶŝƚLJ͘ŝƉƉŝŶŐ ƚŚĞŝƌŚĂŶĚƐŝŶĚŝīĞƌĞŶƚƉĂŝŶƚ͕ƚŚĞĐƵůƚƵƌĂůďĂƌƌŝĞƌƐĂƌĞůŝŌĞĚǁŚŝĐŚ ĐŽŶƐƟƚƵƚĞĂŚĞĂƌƚͲǁĂƌŵŝŶŐƐĐĞŶĞŽĨ͞ŽůŽƌĨƵůhŶŝƚLJ͟ ƐŝĂŶ>Ăǁ^ƚƵĚĞŶƚƐ͛ƐƐŽĐŝĂƟŽŶ;>^Ϳ͕/ŶĚŽŶĞƐŝĂ


 Z   d / E ' W  Z   / ^  /͛ǀĞƐƉĞŶƚŵŽƐƚŽĨŵLJƐƵŵŵĞƌǀĂĐĂƟŽŶƐŝŶĂŶŝƐůĂŶĚďĞLJŽŶĚĐŝǀŝůŝƐĂƟŽŶ͖ ǁŚĞƌĞƉĞŽƉůĞŚĂƌŶĞƐƐƐŽůĂƌĞŶĞƌŐLJƚŽůŝŐŚƚƵƉĚŝŶŶĞƌƚĂďůĞƐĂƚŶŝŐŚƚ͕ǁĂůŬĂ ĨĞǁŵŝůĞƐŚŽŵĞĂŶĚĐŽŵĞďĂĐŬǁŝƚŚŐĂůůŽŶƐŽĨǁĂƚĞƌĨƌŽŵƚŚĞĐŽŵŵƵŶŝƚLJ ǁĞůů͕ĂŶĚƐĞƚƐĂŝůǁŝƚŚŚŽŽŬƐĂŶĚŶĞƚƐǁŚĞŶƚŚĞƐƵŶƌŝƐĞƐĂŶĚƌĞƚƵƌŶǁŚĞŶƚŚĞ ƐƵŶƐĞƚƐ͘/ƚ͛ƐŶŽƚƚŚĞƚƌŽƉŝĐĂůƉĂƌĂĚŝƐĞLJŽƵ͛ĚŝŵĂŐŝŶĞŽƌƐĞĞŽŶŵĂŐĂnjŝŶĞƐŽƌ ŽŶƚĞůĞǀŝƐŝŽŶ͖ƚŚĞƌĞĂƌĞŶŽĐŚĂŵƉĂŐŶĞŶŽƌĨĂŶĐLJĐŚĞĞƐĞ͘Ƶƚ/ŬĞĞƉĐŽŵŝŶŐ ďĂĐŬ͘EŽƚďĞĐĂƵƐĞ/ŵĂĚĞƚŚŝƐŵLJŚŽŵĞ͘ƵƚďĞĐĂƵƐĞƚŚĞƐĞŬŝĚƐƐŚŽǁĞĚŵĞ ŚŽŵĞ͘^ĂŝůĂŶĚƌĞĂĐŚŽƵƚƚŽǁŚĞƌĞLJŽƵĂƌĞŶĞĞĚĞĚ͘WĂƌĂĚŝƐĞŝƐďĞLJŽŶĚƚŚĞ ǁŚĂƚƚŚĞǁŽƌůĚŚĂƐƚŽŽīĞƌ͕ŝƚ͛ƐŝŶǁŚĂƚLJŽƵŚĂǀĞƚŽŽīĞƌ͘Η ƌƌǁLJŶ/ŶĚĂŶĂŶĂƵĚ͕WŚŝůŝƉƉŝŶĞƐ


d ,     h d z / E   d  ^ d Z K W ,  ŌĞƌŽĨƚŚĞĐĂƚĂĐůLJƐŵŝĐĞƌƵƉƟŽŶŽĨDŽƵŶƚWŝŶĂƚƵďŽŝŶϭϵϵϭ͕ ůĂŚĂƌƐďůŽĐŬĞĚƚŚĞĚƌĂŝŶĂŐĞŽĨƚŚĞŵĂŝŶƌŝǀĞƌĂŶĚŝƚƐƚƌŝďƵƚĂƌŝĞƐ ǁŚŝĐŚŐĂǀĞďŝƌƚŚƚŽƚŚĞŶĂƚƵƌĂůĚĂŵƚŚĂƚŇŽŽĚĞĚƚŚĞ DĂƉĂŶƵĞƉĞsĂůůĞLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚŝƚƐƐĞƩůĞŵĞŶƚƐ͘tŚĂƚ͛ƐůĞŌŽĨ ƚŚĞĂŌĞƌŵĂƚŚŝƐƚŚĞDĂƉĂŶƵĞƉĞ>ĂŬĞ͘dŚĞŽŶůLJŵĞŵŽƌLJůĞŌŽĨ ƚŚĞǀŝůůĂŐĞŝƐƚŚĞƐƚĞĞƉůĞŽĨĐŚƵƌĐŚďĂĚũĂŽĞŶ͕ƉƌŽƚƌƵĚŝŶŐŝŶƚŚĞ ŵŝĚĚůĞŽĨƚŚĞůĂŬĞ͘ĞŶĞĂƚŚƚŚĞůĂŬĞ͛ƐďĞĂƵƚLJ͕ĂƌĞůĞŐĞŶĚĂƌLJ ĨŽůŬƚĂůĞƐƚŚĂƚǁŝůůƐĞŶĚĐŚŝůůƐĚŽǁŶLJŽƵƌƐƉŝŶĞ ƌƌǁLJŶ/ŶĚĂŶĂŶĂƵĚ͕WŚŝůŝƉƉŝŶĞƐ


^   ^   W  / E d ,  / >  E  /Ĩ/ŚĂǀĞĂĨƌĞĞƟŵĞ͕/ůŝŬĞƚŽƚƌĂǀĞůĂƌŽƵŶĚŵLJĐŽƵŶƚƌLJ͘ dŚŝƐƉŝĐƚƵƌĞǁĂƐĐĂƉƚƵƌĞĚŝŶZĂLJŽŶŐ͕dŚĂŝůĂŶĚ


h W  K D / E '  s  E d ^


  ^ d  ^ /  E D   /   > ^ d h   E d ^ ͛  K E &  Z  E   ;   D ^  Ϳ Ϯ Ϭ ϭ ϴ

< Ă ƚ Ś ŵ Ă Ŷ Ě Ƶ ͕ E Ğ Ɖ Ă ů Ϯ ϭͲ Ϯ ϲ ͕ : Ă Ŷ Ƶ Ă ƌ LJ Ϯ Ϭ ϭ ϴ ͞ D  d  Z E  >  E  E  K E  d  > ,   > d , ͟


W  Z d E  Z ^ Î&#x2DC; ^ W K E ^ K Z ^


W  Z d E  Z ^ Î&#x2DC; ^ W K E ^ K Z ^


ISSUE #22

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AMSA International eNewsletter Issue #22  
AMSA International eNewsletter Issue #22  
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