Page 1

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

´6H YROHWH FRVWUXLUH XQD EDUFD GRYUHWH UDGXQDUH JOL XRPLQL SHU FHUFDUH OD OHJQD SUHSDUDUH JOL DWWUH]]L H VXGGLYLGHUH L FRPSLWL 0D SULPD GL WXWWR VYHJOLDWH LQ ORUR LO GHVLGHULR GHO PDUH LPPHQVR HG LQILQLWR µ ŘǼŸÞŘs _s ǢʳrɮȖƼwNjɴ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ Ř ɚ Ķ NjOÌÞǼsOǼȖNjs ˓ Ŏ NjÞŘs sضÞŘssNjÞض

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

$%287

DŸNjŘ ŸŘ ˠˣ ō NjOÌ ˠ˨ˤ˥ ÞŘ Ǣʳō Nj¶ÌsNjÞǼ ĵÞ¶ȖNjs ʹÝǼ Ķɴʺ ĵÞɚsǣ ÞŘ Ǣʳō Nj¶ÌsNjÞǼ ĵÞ¶ȖNjs NJs¶ÞǣǼNjs_ Ǽ NŸ ǣǼ µȖ Nj_ Ÿ¯ µsŘŸ ǣ ŗ ɚ Ķ NjOÌÞǼsOǼ ŘNjʳˡˣ˧ ōsŎEsNj Ÿ¯ ǢʳƻNJŷʳŗ ʳ^Ý ÝÞǼ ĶÞ Ř ǣǣŸOÞ ǼÞŸŘ Ÿ¯ ɳ OÌǼ ^sǣÞ¶ŘsNjʺ NJs¶ÞǣǼNjs_ Ǽ ĵ ɠNŸȖNjǼ Ÿ¯ OÌÞ ɚ NjÞ ǣ ǢȖNjɚsɴŸNj Ř_ rɮƼsNjǼ Ÿ¯ ŗ ɚ Ķ Ř_ ō NjÞŘs NJs¶ÞǣǼNjs_ Ǽ NJÝŗ ʰ Dəʰ ĵNJ ǣ ǢǼ EÞĶÞǼɴ sɮƼsNjǼ ŷ¯¯ÞOÞ Ķ NJÝŗ ˅ǣ ƼĶs ǣȖNjs ONj ¯Ǽ ǣȖNjɚsɴŸNj ʹŗrǢʺ ®NjŸŎ ˡ˟˟ˤ ǼŸ ˡ˟ˠˡ ŗ ɚ Ķ ^sǣÞ¶Ř Ǽs OÌsNj Ǽ ǼÌs ȕŘÞɚsNjǣÞǼɴ Ÿ¯ NjOÌÞǼsOǼȖNjs ÞŘ µsŘŸ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

8PEHUWR 7DJOLDYLQL


ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

:25. (;3(5,(1&(

µsŘŸ Ř ɚ Ķ Ÿ¯¯ÞOs Ř_ ǣȖNjɚsɴŸNjǣ ¯ŸNj ǣÌÞƼ

ˠ˨˧˟

ˠ˨˧ˠ sŎƼĶŸɴss

ǢǻD˚Ýǻ ĵÝ

µsŘŸ Ř ɚ Ķ Ř_ ɴ OÌǼ ƼNjŸĠsOǼ Ÿ¯¯ÞOs

µsŘŸ Ř ɚ Ķ Ř_ ɴ OÌǼ ƼNjŸĠsOǼ Ÿ¯¯ÞOs

ˠ˨˧ˤ sŎƼĶŸɴss

ǢǻD˚ǻrNŗÝN

Ǣʳō Nj¶sNjÞǼ ĵÞ¶ȖNjs ɴ OÌǼ ǣÌÞƼɴ Nj_

ˠ˨˧˧ sŎƼĶŸɴssˀ Ƽ NjǼŘsNj

ō NJÝŗr ɟŷNJħŷ®®ÝNr

ˠ˨˨˟ OÌÞs¯ ǼsOÌŘÞO Ķ _sƼ NjǼŎsŘǼ

ŷǻ ō

Ǣʳō Nj¶sNjÞǼ ĵÞ¶ȖNjsˀNJ Ƽ ĶĶŸ ŗ ɚ Ķ Ř_ ɳ OÌǼ ƼNjŸĠsOǼˀ ǢȖNjɚsɴŸNj Ÿ¯¯ÞOs

µsŘŸ ɳ OÌǼ DNjŸOĨsNjǣˀ ƼNjŸĠsOǼˀǣȖNjɚsɴŸNj Ÿ¯¯ÞOs

ˠ˨˨ˡ Ƽ NjǼŘsNj

ō NJÝŗr ^rǢݵŗ ˓ ǢrNJəÝNrǢ

ˠ˨˨ˤ Ƽ NjǼŘsNj

NŷĵȕōDȕǢ ɳ NËǻÝŗµ DNJŷNħrNJǢ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

Ǣʳō Nj¶sNjÞǼ ĵÞ¶ȖNjsˀNJ Ƽ ĶĶŸ ŗ ɚ Ķ Ř_ ɳ OÌǼ ƼNjŸĠsOǼˀ ǢȖNjɚsɴŸNj Ÿ¯¯ÞOs

Ƽ NjǼŘsNj

ō NJÝŗr ^rǢݵŗ ˓ ǢrNJəÝNrǢ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

$&7,9,7,(6

ɳ OÌǼǣ ÝŘǼsNjÞŸNj ƻĶ ŘŘÞض ^sǣÞ¶Ř ƻĶ ŘŘÞض _sǣÞ¶Ř ¯ŸNj NŸŘǣǼNjȖOǼÞŸŘʰ ǼNj Řǣ¯ŸNjŎ ǼÞŸŘ Ř_ ŎŸ_Þ¯ÞO ǼÞŸŘ ¯ŸNj ƻĶs ǣȖNjs ɳ OÌǼǣ ƻĶs ǣȖNjs DŸ Ǽǣ Ř_ ōŸǼŸNjɴ OÌǼ ɚ ĶȖǼ ǼÞŸŘ ®ȖĶĶ ǢÌÞƼ ŷɠŘsNj ǣǣÞǣǼ ŘOs _ȖNjÞض NŸǣǼNjȖŘǣǼÞŸŘ Ř_ ɠŸNjĨǣ ŸŘEŸ Nj_ ÞŘ ÝǼ ĶÞ Ř ǢÌÞƼ DȖÞĶ_sNjǣ ǻsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs ɠÞǼÌ ÝǼ ĶÞ Ř ǻŸƼ ɳ Nj_ǣ ®ÞĶsǣ ¯ŸNj ƼƼNjŸɚ Ķ NJÝŗ NsNjǼÞ¯ÞO Ǽs Ř_ ŸǼÌsNj NĶ ǣǣÞ¯ÞO ǼÞŸŘ NJs¶ÞǣǼsNjǣ Nr ƼƼĶÞO ǼÞŸŘǣ Ř_ ǣǣÞǣǼ ŘOs ¯ŸNj ɚ NjÞŸȖǣ ǢÌÞƼɴ Nj_ǣʹŷɠŘsNj˅ǣ Ŏ ŘȖ ĶʰǣǼ EÞĶÞǼɴ sǼOʺ ®ÞĶsǣ ¯ŸNj ÞǣǣȖÞض Ř_ NjsŘŸȖɚ Ķ Ÿ¯ ǣ ¯sǼɴ Ř_ NĶ ǣǣ NsNjǼÞ¯ÞO Ǽsǣ ®ÞĶsǣ ¯ŸNj Nr ŸŎŸĶŸ¶ ǼÞŸŘ ¯ŸNj ƼĶs ǣȖNjs EŸ Ǽǣ ^sǣÞ¶Ř ¯ŸNj OŸŘǣǼNjȖOǼÞŸŘʰ ǼNj Řǣ¯ŸNjŎ ǼÞŸŘ Ř_ ŎŸ_Þ¯ÞO ǼÞŸŘ Ÿ¯ ɠŸNjĨ EŸ Ǽǣʰ ƼŸŘǼŸŸŘʰ ǼȖ¶ǣʰ ƼÞĶŸǼEŸ Ǽǣ µNj ƼÌÞO Ř_ ɚÞǣȖ Ķ _sǣÞ¶Ř ¯ŸNj ɳ OÌǼ Ř Ŏsǣ ÝŘǣȖNj ŎOs ǢȖNjɚsɴ Ř_ Ŏ Ř ¶sŎsŘǼ Ÿ¯ ÝŘǣȖNj ŘOs OĶ ÞŎǣ ^ Ŏ ¶sǣ sǣǼÞŎ ǼÞŸŘ Ř_ ɚ ĶȖǼ ǼÞŸŘ ǢȖNjɚsɴ Ÿ¯ ĵ ɠNŸȖNjǼ ōsŎEsNj Ÿ¯ ǢƻNjŸŗ ^Ý

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

%85($8 7($0

ō NjÞŘs _sǣÞ¶Ř ǣǼȖ_ÞŸ Þǣ EŸNjŘ ¯NjŸŎ ǼÌs _sǣÞNjs Ÿ¯ ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ř_ ¯NjŸŎ ǼÌs Es¶ÞŘŘÞض ÞǼ Ì ǣ EssŘ ǣǣÞǣǼs_ Eɴ ǼÌs OŸĶĶ EŸNj ǼÞŸŘ Ÿ¯ Ķ_Ÿ ǢOŸNjʊŸŘÞʱ ĶǣŸ NĶ Nj ōŸĶǼs_Ÿ Ì ǣ Ǽ ĨsŘ Ƽ NjǼ ÞŘ ǼÌs ǣǼȖ_ɴʳʳ

&ODUD 0ROWHGR

$OGR 6FRU]RQL

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

8PEHUWR 7DJOLDYLQL

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

%85($8 /2&$7,21

5DSDOOR

6 0DUJKHULWD /LJXUH *(

*(

8PEHUWR 7DJOLDYLQL PDULQH GHVLJQ VHUYLFHV

Ǣ Ř ōÞOÌsĶs _Þ ƻ ¶ Ř Þǣ ǣŎ ĶĶ µsŘŸɚsǣs əÞĶĶ ¶s EsǼɠssŘ NJ Ƽ ĶĶŸ Ř_ Ǣ ŘǼ ō Nj¶ÌsNjÞǼ ĵÞ¶ȖNjsʱ ĠȖǣǼ ¯sɠ ŎsǼsNjǣ ¯NjŸŎ ǼÌs Es OÌsǣ Þǣ ǼÌs Ŏ NjÞŘs _sǣÞ¶Ř ǣǼȖ_ÞŸʳ

9LHZ EHWZHHQ 6DQWD 0DUJKHULWD /LJXUH DQG 5DSDOOR

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

35(66

ĵ ǢǼ ŎƼ ĵȖ¶ĶÞŸ ˠ˨˨˨

ɳ OÌǼ ^Þ¶sǣǼ ƼNjÞĶs ˠ˨˨˦

ȖǼŸ˓^sǣÞ¶Ř ĵȖ¶ĶÞŸ ˠ˨˨˧

ĵ ǢǼ ŎƼ ŷǼǼŸENjs ˡ˟˟˟

ĵ ǢǼ ŎƼ ƼNjÞĶs ˡ˟˟˟

ĵ ǢǼ ŎƼ ŷǼǼŸENjs ˡ˟˟˟

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

# NŸŘǼ OǼǣ

ƻNjsǣǣ

ƻNjŸĠsOǼǣ

35(66 (QFRXQWHUV

8PEHUWR 7DJOLDYLQL

%

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³KDYLQJ D ERDW´ HYHQ D VPDOO RQH OHW \RX DSSUHFLDWH D QG JHW WR NQRZ WKH VHD DQG DERYH DOO H[SHULHQFH LW L Q D GLIIHUHQW ZD\ IURP QRU PDO *HQRHVH

8PEHUWR 7DJOLDYLQL IRXQGHU RI WKH 0DULQH 'HVLJQ 6HU YLFHV VWXGLR

FLWL]HQ V 6R P\ ORYH IRU \DFKWLQJ EHJD Q HD UO\ DQG LW¶V VWLOO ZLWK PH $IWHU \HDUV RI VWXG\LQJ DW XQLYHUVLW\ , FDPH DZD\ ZLWK D GLSORPD LQ 1DYDO $UFKLWHFWX UH , EHJD Q ZRUNLQJ LQ 67% ,7$/,$ ZRUNLQJ RQ WKH QDYDO GHVLJQ RI ELJ VKLSV D QG VR , OHDUQHG WR OHQJWKHQ DQG PRGLI \ YHVVHOV 7KH IUVW W LPH IRU H[D PSOH , ZRUNHG RQ D P VKLS FXW LW DQG OHQJWKHQ WKDW E\ P LW ZDV DQ LQWHUHVW LQJ H[SHULHQFH ,Q WKH VWXGLR ZH GRQ¶W MXVW KDQGOH \DFKWLQJ ZRUN EXW DOVR ZRUN LQJ YHVVHOV JDV FDUULHUV SRQWRRQV HWF $QRWKHU SURMHFW ZDV D ED UJH

17B B B,17# LQGG

ZLWK DQ RSHQLQJ ERWWRP WR EH XVHG WR W UDQVSRUW PXG IURP 6WRSSD QL WKLV ZDV WKH IUVW MRE , IRO ORZHG SUDFWLFDOO\ RQ P\ RZQ D JUHDW H[ SHULHQFH 7KHQ WKHUH ZDV W KH GHVLJ Q RI D P DQWLSROOXWLRQ WXJ IRU WKH %ODFN 6HD 0\ HDUO\ WUDLQL QJ ZDV WKXV RQ ZRUNLQJ ERDWV DOW KRXJK

D NjOÌs ŷǼǼŸENjs ˡ˟˟˧

$ VPDOO VWXGLR EXW LW KDQGOHV PDQ\ SURMHFWV ODUJH RQHV WRR \RX FDQ¶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

RQ WKH EDVLV RI W KH NLQG RI FOLHQW \RX¶UH GHDOLQJ ZLWK )RU H[DPSOH P\ UHJXODU FROODERUDW LRQ ZLWK &DWDOGR $SUHD RI $SUHDPDUH LV YHU\ SDUWLFXOD U DQG VDWLVI\LQJ ,Q DQ\ FDVH DV LV RQH RI W KH IQHVW MREV QR WZR GD\V D UH WKH VDPH \RX WUDYHO D ORW DQG YLVLW ZRQGHUI XO SODFHV ,¶YH DOZD\V KDG D ORW RI IXQ 7RGD\ \RX KDYH VHYHUDO SURMHFWV XQGHUZD\ ZKLFK DUH WKH PRVW LQWHUHVWLQJ" $W WKH PRPHQW ZH KDYH LQ KDQG SURMHFWV IRU DPEXOD QFH ERDWV VWLOO RQ SDSHU IRU QRZ EXW , PXVW VD\ WKHUH DUH LQWHUHVWLQJ ERDWV DQG DOVR I XQ $ VHULHV RI UDWKHU QHZ SURMHFWV

QRYHPEHU

9DOHQWLQD 6ROHUD

7KH SDUWLFXODU K\SHUEDULF OLIHERDW GHVLJQHG DQG EXLOW WR IROORZ DQG DVVLVW GLYHUV

WKRVH WHFK QLFDO DVSHFW V WKDW PRVW RI WKH RWKHU GHVLJQHUV FRQVLGHU VHFRQGD U\ ZLWK UHVSHF W WR ³H[WUHPH GHVLJ Q´ , GLGQ¶W DEDQGRQ P\ ROG FOLHQWV HLWKHU DQG FRQVROLGDWHG UHODW LRQVKLSV RI GLUHFW OR\D OW\ EHWZHHQ GHVLJQHU D QG FOLHQW ZKLFK VWLOO WRGD\ EHD UV PH IUXLW $V RI WHQ KDSSHQV KX PDQ UHODW LRQVKLSV FRQW LQXH GHVSLWH EOH DN SHU LRGV DQG WKDQNV WR WKHVH FRQW DFWV , VORZO\ GHYHORS P\ DFWLYLW\ 6R DIWHU \HDUV RI ZRUNLQJ OLIH , DP VWLOO WLHG WR W ZR ZRUOGV \DFKWV XS WR P DQG ZRUNLQJ ERDWV PHGLX P RU VPDOO ODX QFKHV SRQWRRQV IUHIJKW LQJ ERDWV HWF

6DQ 0LFKHOH GL 3DJDQD LV D VPDOO *HQRHVH YLOODJH EHWZHHQ 5DSDOOR DQG 6DQWD 0DUJKHULWD ZLWK IHZ LQKDELWDQWV EXW D SRSXODWLRQ VZROOHQ GXULQJ WKH VXPPHU E\ WRXULVWV ZKR FRPH WR EDWKH RQ LWV VPDOO EHDFKHV 0RUH WKDQ RWKHU WRZQV LW KDV D OLIH FORVHO\ ERXQG WR WKH VHD DQG MXVW D IHZ PHWUHV IURP WKH EHDFKHV LV WKH 0DULQH 'HVLJQ 6HUYLFHV VWXGLR FUHDWHG DQG UXQ E\ GHVLJQHU 8PEHUWR 7DJOLDYLQL

, ZDV DOVR NHHQ RQ \DFKW LQJ DQG OLIH RQ ERD UG /DWHU LQ 5,1$ FKDQJHG WKH \DFKWLQJ UHJXODWLRQV (YHU\ \DUG WKDW GHVLJQHG DQG EXLOW \DFKWV ZDV REOLJHG WR XVH WHFK QLFDO GUDZLQJV VWUXFWXUDO FDOFXODWLRQV DQG H[HF XWLRQDO GHWD LOV W KDW KDG WR GHIQH W KH SURMHFW LQ GHWDLO 7KHVH GUDZLQJV KDG WR EH SUHVHQWHG WR 5 ,1$ IRU DSSURYDO ,W ZDV WKHQ WKDW \DFKWLQJ ORVW ³W KDW FUDI W IHHO´ WKDW ³VHDW RI WKH SDQWV´ IDYRXU VPLOHV <DFKWLQJ ZDV QR ORQJHU MXVW D VW ULFWO\ ERDW \DUG H[SHU LHQFH KDQGOHG E\ FUDIWVPHQ EXW WKHUH ZHU H SURSHU SURMHFW V GHIQHG DQG UHGHI QHG IUVW RQ SDSHU WKHQ SDVVHG WR WKH ERDW\D UG , GHFLGHG WR JR DORQJ ZLWK WKLV DQG WR OHDUQ DV EHVW , FRXOG VR LQ WKH HYHQLQJV LQ P\ URRP DIWHU ZRUN , VWD UWHG VWXG\LQJ DQG GUDZLQJ OHDUQLQJ DOO WKH WULFNV RI UHSUHVHQW DWLRQ IURP WKH FUHDW LRQ RI D SURMHFW WR W KH FRQVWUXFWLRQ SODQ 7KD QNV WR D QXPEHU RI FRQWDF WV ZKLFK ZH FRXOG VW LOO GHIQH DV ³LQ W KH YLOODJH´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¶V DGPLW LW PRQH\ , GLGQ¶W DEDQGRQ

QRYHPEHU

QRYHPEHU

7HFKQRORJ\ DQG HQJLQHHULQJ LQVWUXPHQWV WKH WZR VRXOV RI WKH SURMHFW

1RW MXVW \DFKWLQJ

ZH¶YH WKURZQ RXUVHOYHV LQWR WKHP 5HFHQW O\ ZH¶YH GHYHORSHG D UDW KHU ERUGHUOLQH DFWLYLW\ LQ W KH VWXGLR WKDW RI FRQVXOWD QF\ EHWZHHQ FO LHQW DQG ERDW \DUG , GR WKLV PDLQO\ IRU ERDWV XS WR P ,W¶V QRW VWULFWO\ VSHDNLQJ D GHVLJQ MRE EXW LW¶V DQRWKHU VLGH WR DGG WR WKH DFWLYLW\ :KHUH IROORZLQJ D SURMHFW IRU [ P SRQWRRQ ZLWK D W FUDQH DQG WKHUH DUH FDELQV L QVLGH :HUH DOVR ZRUNLQJ RQ D ZRRGHQ ERDW IRU &URDWLD D P , PXVW VD\ WKDW WKH VPDOO SURMHFW V WR D ZRUWK\ RI UHVSHFW MXVW OLNH W KRVH IRU D ELJ ERDW RI P (YHQ PRUH VR $Q\ZD\ ZH¶YH SOHQW\ RI ZRUN LQ KDQG /HW¶V KRSH LW JRHV RQ DQG LW DOO JRHV ZHOO W KHUH¶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¶UH YHU \ JRRG DW NHHSLQJ IHHW LQ GLIIHUHQW FD PSV DQG , WKLQ N WKLV LV D JRRG WKLQJ EHFDXVH LQ WKLV ZD\ \RX DOZD\V KDYH D ORW RI SRVVLELOLWLHV DQG

$ KLVWRULF UHIW E\ 7 DJOLDYLQL WKH P 6DLORU <DFKW %DP ED %RQD

17B B B,17# LQGG

17B B B,17# LQGG

YDOXH DW D SHUVRQ DO OHYHO , KDYH WR VD\ WKDW LW¶V EHHQ D JUHDW VDWLVIDFWLRQ DI WHU DOO LI D JURXS RI XQLYHUVLW\ OHFWX UHUV LQYLWH \RX WR KDYH WKLV H[SHULHQFH WR LPSDUW \RXU NQRZOHGJH WR WKH VWXGHQWV , W KLQN LW¶V SHUVRQDOO\ YHU \ JUDWLI\LQJ , WKLQN D ORW RI VWXGHQWV DSSUHFLDWHG LW D QG WKLV LV IDWWHULQJ :KDW DUH WKH SURMHFWV WKDW KDYH PRVW

7KH OHQJWKHQLQJ FKDUDFWHULVHG \RXU ZRUNLQJ H[SHULHQFH" RI WKH 0<B 7+$/,$B([B 7KH IUVW LV FHU WDLQO\ WKH 02175(9(/ 0DJQXP WKH %ODFN 7KH WKUHH %XOOHW , IROORZHG W KH HQWLUH SKDVHV DV LW ZDV RULJLQDOO\ UHVWUXFWXULQJ SURMHFW E\ FXWWLQJ WR OHQJWKHQ DQG WKH P\VHOI 7KHQ LQ , ZRUNHG RQ D 7HFQRPD U IQDO UHVXOW

ZKHQ RQH VHFWRU LV L Q FULVLV WKHUH¶V DOZD\V DQRWKHU RQH 8QIRUWXQDWHO\ DIWHU FXWWLQJ VWDII EHFDXVH RI W KH GLIIFX OW WLPH WKH ZKROH VHFWRU LV JRLQJ WKURXJK ZH¶YH KDG WR UROO XS RXU VOHHYHV 7RGD\ \RX KDYH WR ZRUN PRUH ZRUN EHWWHU D QG HDUQ OHVV 7KH JROGHQ GD\V DUH RYHU DQG LQ WKH HQG LW¶V OLNH JRLQJ EDFN WR ZKHUH \RX VWD UWHG IURP ,Q W KH V \DFKWLQJ ZDV OLNH W KLV QRW D VHFWRU RI ELJ PXOW LQDWLRQDO EUD QGV RU VXSHU \DFKW V WKDW ZHUH GHYHORSHG EHIRUH W KH FULVLV D VPDOO UHD OLW\ RI \DUGV DQG FUDIWVPHQ

7R \RXU ORQJ FD UHHU ZH DOVR KDYH WR DGG \RXU H[SHULHQFH DV D XQLYHUVLW\ OHFWXUHU <HV LW¶V DQ H[SHULHQFH WKDW LV HQULFKHG PH D ORW DQG KDV DGGHG DQRWKHU HOHPHQW WR P\ JUHDW SDVVLRQ IRU \DF KWLQJ LQ DGGLWLRQ ,¶YH EHHQ DEOH WR W UDQVPLW LW WR \RXQJ SHRSOH RU DW OHDVW WU\ WR VPLOHV ,Q WKHVH SDVW VHYHQ \HD UV DV D FRQWUDFW OHFWX UHU ZLWK *HQRD 8QLYHUVLW\ RQ WKH QDYDO DQG QDXWLFDO VHFWRU RI WKH LQGXVW ULDO GHVLJQ GHJUHH FRXUVH , WKLQ N ,¶YH DFTX LUHG DGGLWLRQDO

ERDW D IRRWHU Z LWK WKUHH HQJLQHV LW ZDV D QHZ \D UG DQG IRU WKDW WLPH LW ZDV D YHU\ LQWHUHVW LQJ ERDW :LW K WKUHH HQJLQHV LW FRXOG HYHQ UHDFK NQ ZH PDQDJHG WR JR IURP 9LDUHJJLR WR 3DOHUPR LQ MXVW KRXUV , KDYH KDG D ORW RI UDWKHU VWUDQJH DQG VRPHWLPHV IXQQ\ H[SHU LHQFHV EXW , OHDUQHG IURP WKHP IRU H[DPSOH SRQWRRQ IRU ODXQFKLQJ IUHZRUN V WKDW FUHDWHG D ORW RI VWDELOLW\ FKDOOHQJHV ,¶YH DOVR GHVLJ QHG D ERDW IRU UHVFXLQJ GLYHUV LW ZDV D VDIHW\ ODXQFK ZLWK D IRDWLQJ GHFRPSUHVVLRQ FK DPEHU ,¶YH DOVR KD QGOHG WKH UHIWWLQJ RI KLVWRU LF ERDWV VXFK DV D 'LQJ K\ ZKHUH , GHVLJ QHG VRPH X OWUDOLJKW VWUXFWXUHV WKDW VW LOO PD NH LW WRGD\ YHU\ FRPSHWLWLYH LQ UDFLQJ , UHD OO\ ZDQWHG WR GR WKLV MRE DQG KDYLQJ ZRUNHG LQ /LJX ULD SOD\HG D YHU\ LPSRUWDQW UROH EXW VR GLG SDVVLRQ DQG D JUHDW GHVLUH WR ZRUN DOZD\V ) $// 5,*+76 5(6(59('

ŗ ȖǻsOÌ ŷǼǼŸENjs ˡ˟ˠˢ OD IDEEULFD GHOOH LGHH 6SHFLDOH GHVLJQHU LWDOLDQL

8PEHUWR 7DJOLDYLQL

/R 6WXGLR 0DULQH 'HVLJQ 6HUYLFHV q QDWR GDOOD YRORQWj GL 8PEHUWR 7DJOLDYLQL H ILQ GDOO¶LQL ]LR q VWDWR FRDGLXYDWR GDOOD FROODERUD]LRQH GL

$OGR 6FRU]RQL 6YLOXSSD GD VHPSUH XQD SURJHWWD]LRQH D HVVHQGR FRLQYROWR VLD QHO VHWWRUH \DFKWLQJ VLD QHO VHJ PHQWR GL LPEDUFD]LRQL WHFQLFKH H GD ODYRUR /D SURJHWWD]LRQH H O¶DVVLVWHQ]D IRUQLWD GDOOR VWXGLR LQ TXHVWL DQQL KDQQR SURGRWWR XQD QRWHYROH HVSHULHQ]D LQ WXWWL L VHWWRUL QDYD OL ILQDOL]]DWD VRSUDWWXWWR DO SURJHWWR GL FDUHQH H VWUXWWXUD ULVWUXWWXUD]LRQL H UHILWWLQJ GL \DFKW GL JUDQGL GLPHQVLRQL 6L q LQROWUH DPSOLDWR LO VHWWRUH GHO VXUYH\ SHU PHJD \DFKW GL QXRYD FRVWUX]LRQH R PRGLILFDWH GRYH VL FXUDQR SHU FRQWR DUPDWRULDOH WXWWL L UDSSRUWL FRQ LO FRVWUXWWRUH 3DUODUH GL XQD R GHOO¶DOWUD VLQJROD LPEDU FD]LRQH QRQ VDUHEEH JLXVWR SRLFKp OD ILORVRILD GHOOR 6WXGLR SRUWD GD VHP SUH D FRQVLGHUDUH RJQL SURJHWWR FRPH ³LO SLX LPSRUWDQWH´

6RSUD $SUHDPDUH 6PHUDOGR D ILDQFR XQR VSRUWILVKHUPDQ VRWWR LO 1XPDULQH +W ,Q EDVVR D GHVWUD )DELR 7UDIIDQR H $OGR 6FRU]RQL 1HOOD SDJLQD D ODWR LQ DOWR 8PEHUWR 7DJOLDYLQL LQ EDVVR D VLQLVWUD O¶2WDP DO FHQWUR XQ ([SORUHU GL PHWUL

ĵ ǢǼ ŎƼ ŷǼǼŸENjs ˡ˟˟ˤ

ĵ ǢǼ ŎƼ ŷǼǼŸENjs ˡ˟˟˥

&ROODERUD]LRQL

/¶DWWLYLWj QHOOR \DFKWLQJ LQL]LD DOOD ILQH GHJOL DQQL RWWDQWD FRQ LO FDQWLHUH 2WDP H DOFXQL IDPRVL FDQWLHUL GHL ODJKL ORPEDUGL FRPH 7XOOLR $EEDWH %UXQR $EEDWH &RORPER 3LDQWRQL $OOD ILQH GHJOL DQQL QRYDQWD LQL]LD D FROODERUDUH FRQ $SUHDPDUH $ODOXQJD 3RUWRILQR 0DULQH 6HD&XEH H FDQWLHUL WXUFKL FRPH 1XPDULQH 6L ULQQRYDQR LQROWUH YDULH FROODERUD]LRQL FRQ DUPDWRUL SULYDWL PHQWUH SHU LO VHWWRUH GHOOH LPEDUFD]LRQL GD ODYRUR VRQR PROWHSOLFL L SURJHWWL SHU LO &DQWLHUH 0DULQR 0DUUq 3HU LO UHILWWLQJ GL PHJD\DFKW FROODERUD FRQ DOFXQL FDQWLHUL GHOO¶DUHD JHQRYHVH FRPH $UUHGDPHQWL 3RUWR $OID\DFKW H 2WDP

%$5&+( IHEEUDLR

D NjOÌs ®sEENj ÞŸ ˡ˟ˠˣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

D NjOÌs ǢsǼǼsŎENjs ˡ˟ˠˣ


ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

# NŸŘǼ OǼǣ

ƻNjsǣǣ

ƻNjŸĠsOǼǣ

35(66 &RS 6(77(0%5( 3DJLQD

6(77(0%5( 6(37(0%(5

,1&2175, 5$99,&,1$7, &/26( (1&2817(56

)HGHULFR 5RVVL H )XOYLR 'H 6LPRQL =XFFRQ ,QWHUQDWLRQDO 3URMHFW 2IILFLQD ,WDOLDQD 'HVLJQ %HUQDUG '¶$OHVVDQGUL

7(67 75,$/6 $1' 7(676

)HUUHWWL 0DJHOODQR E\ $]LPXW 4XLFNVLOYHU $FWLY %pQpWHDX 2FHDQLV

3RVWH ,WDOLDQH V S D 6SHGL]LRQH LQ $EERQDPHQWR 3 RVWDOH ' / FRQYHU WLWR LQ /HJJH Q DUW FRPPD

&29(5 6DQORUHQ]R 6'

/

D IDEEULFD GHOOH LGHH WKH LGHD IDFWRU\

2WDP PHWUL &RQ TXHVWD QDYH VHPL GLVORFDQWH VL DSUH XQD QXRYD LPSRUWDQWH IDVH SHU LO FDQWLHUH ?HQRYHVH 7KLV VHPL GLVSODFHPHQW VKLS LV RSHQLQJ D QHZ LPSRUWDQW VWDJH ?RU WKH *HQRYHVH DUG ? 0DVVLPR /RQJRQL

/2 0,

$=,(1'( &203$1,(6 $=,(1'( &203$1,(6

$17(35,0$ $17(35,0$ 3 35(0,(5( 5(0,(5(

+HHVHQ P &UD]\ 0H $112 <($5 1 8. &+ &+) &+ 7LFLQR &+) ' R &+) '

¼ ) ¼ ( ¼

$ ¼

*5 ¼ 3 &RQW ¼

% ¼

$UFDGLD &PP <DFKW 6HUYLFH %UDPD %UDPD

6HWWHPEUH 6HSWHPEHU

X /¶27$0 6' Ê 81$ 1$9( '$ '?32572 &21 FRQ VHUYL]L ]RQH GL VWLYJJLR H ?YQGHUL ??I IX??I 75( 3217? /81*$ )825?E78772 0(75?E( RZQHU GHFN VX?ISRQWH VXSHULRUH q VWWR YR?XWR G?I /$5*$ q LQ FRVWUX]LRQH SHU XQ UPWRUH F?LHQWH ULSURSRQHQGR XQ FRQFHWWR VHPUH SL LQ LW?LQR FKH HU ?? ULFHUF GL XQ QYH FXVWRP XVR H ULFKLHVWR G UPWRUL FKH YRJ?LRQR L?IPVVL LQ ??XPLQLR G FUHUH VX PLVXU SHU VRGGLVIUH PR GH?? SULYF\ H GH??¶HVF?XVLYLWj /H ?LQHH GL F ?H HVLJHQ]H GH?I VXR VWL?H GL YLW / FRVWUX]LRQH UHQ GH??¶UFKLWHWWR QY?H 8PEHUWR 7DJLD?LQL GH??¶2WP 6' VW SURFHGHQGR QHL WHP FRQVHQWLUQQR XQ YH?RFLWj PVVLP VWL SL SUHYLVWL G?IFQWLHUH H ?R VWWR WWX?H PW GL QRGL /·DXWRQRPLD GHL ?YRUL q ?I GL YQ]PHQWR $ GL ? PL?OLD QDXWLFKH D ?? QRGL RJJL ?R VFIR q FRP?HWWR ?¶LPEUFR X 7KH 2WDP 6G LV D UH?UHDWLRQD GL YHORFLWj GHL PRWRUL H GHL JHQHUWRUL q YYHQX ?HVVH ZLWK WKUHH GH?NV R?HU D WR PHQWUH ? VRYUVWUXWWXU q YLFLQ ?I PHWHUV RQJ DQG ZLGH LW FRP?HWPHQWR /H ?LQHH HVWHUQH H L?I GL LV EHLQJ EXL?W IRU Q ?W?LQ RZQHU ZKR VHJQR GHJ?L LQWHUQL VRQR IILGWL ??R VWXGLR GL ZV ?RRNLQJ IRU FXVWRP ?XPLQXP VKLS 7RPPDVR 6SDGRLQL / VW]] q GL *57 WL?RUHG WR KLV ?LIHVW\?H 7KH FRQVWUXFWLRQ RI WKH /H TXWWUR FELQH YLS FRQ ?HWWL PWULPRQL?L H VLQ 2WP 6' LV SURFHHGLQJ V VFKHGX?HG E\ WKH JR?L FRQ L UH?WLYL VHUYL]L VRQR SRVL]LRQWH VX?I ?R VLWH QG WKH FXUUHQW VWWXV RI WKH ZRUN LV ZHU GHFN PELHQWH FR??HJWR WUPLWH FRUULGRLR FRP?HWH 7R GWH WKH KX??I LV FRP?HWHG WKH ??¶UH GHVWLQW ??¶HTXLSJJLR LQ PRGR G SR HQJLQHV QG JHQHUWRUV KYH EHHQ ERUGHG WHU JUQWLUH FFHVVLEL?LWj ?I SHUVRQ?H GL VHUYL ZKL?H WKH VXSHUVWUXFWXUH LV F?RVH WR FRP?HWLRQ ]LR VHQ] LQWHUIHUHQ]H VX?? SULYF\ GHJ?L RVSLWL 7KH H[WHULRU ?LQHV QG LQWHULRU GHVLJQV KYH EHHQ / ]RQ GLELW ??¶HTXLSJJLR q GRWW GL FELQH HQWUXVWHG WR 7RPPDVR 6SDGRLQL¶V VWXGLR 7KH WRQQJH LV *57 7KH IRXU 9?3 FELQV ZLWK 0DWWHR %HODUGLQHOOL VDOHV PDQDJHU GRXE?H QG VLQJ?H EHGV ZLWK WKH UH?WHG VHUYLFHV UH ?RFWHG RQ WKH ?RZHU GHFN FRQQHFWHG WKURXJK WKH K??Z\ UH IRU WKH FUHZ WR HQVXUH FFHVV WR WKH VHUYLFH SHUVRQQH?I ZLWKRXW LQWHUIHULQJ ZLWK JXHVWV¶ SULYF\ 7KH FUHZ UH LV HTXLSSHG ZLWK FELQV QG WRL?HWV VWRZJH UHV QG ?XQGU\ 7KH IX??I RZQHU GHFN RQ WKH XSSHU GHFN ZV UHTXHVWHG E\ WKH FXVWRPHU SURSRVLQJ FRQFHSW LQFUHVLQJ?\ GRSWHG QG UHTXHVWHG E\ RZQHUV ZKR ZQW X?WLPWH SULYF\ QG H[F?XVLYLW\ 7KH KX??I ?LQHV E\ WKH QY?IUFKLWHFW 8PEHUWR 7DJLD?LQL ZL??I URYLGH Q HVWLPWHG WRS VSHHG RI NQRWV Z ZZ RWP LW

0

$W D VSHHG RI NQRWV WKH UDQJH LV RI QD?WLFDO LOHV?

(852 ,WDO\ RQO\

%$5&+( 6HWWHPEUH 6HSWHPEHU

D NjOÌs ǢsǼǼsŎENjs ˡ˟ˠˤ

ɳ OÌǼÞض ĵȖ¶ĶÞŸ ˡ˟ˠ˥

D NjOÌs ŗŸɚsŎENjs ˡ˟ˠ˥

D NjOŸǣ ĵȖ¶ĶÞŸ ˡ˟ˠ˥

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

DŸ Ǽ ÝŘǼsNjŘ ǼÞŸŘ Ķ ʹŸŘĶÞŘsʺ ŷǼǼŸENjs ˡ˟ˠ˥


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

ƻNjsǣǣ

35(66 7KH 6+2:%2$76 '(6,*1 $:$5'6

6+2:%2$76 '(6,*1 $:$5'6 ),1$/,67 $11281&('

ǻŸƼ ɳ OÌǼ ^sǣÞ¶Ř ʹŸŘĶÞŘsʺ ĵȖ¶ĶÞŸ ˡ˟ˠ˥

ɳ OÌǼÞض ʹŸŘĶÞŘsʺ ŷǼǼŸENjs ˡ˟ˠ˥

ɭʊʑʔʚ ʊʔ ʂ ɹʉʐʘɨʐʂʕʔ ɪʆʔʊʈʏ ɧʘʂʓʅ ̧̥̦̬ ʇʊʏʂʍʊʔʕ

DŸ Ǽ ÝŘǼsNjŘ ǼÞŸŘ Ķ ʹŸŘĶÞŘsʺ ^ÞOsŎENjs ˡ˟ˠ˥

ɳ OÌǼ ÝŘǼsNjŘ ǼÞŸŘ Ķ ʹŸŘĶÞŘsʺ ĵȖ¶ĶÞŸ ˡ˟ˠ˥

ǻÌs DsǣǼ Ÿ¯ ɳ OÌǼÞض ʹŸŘĶÞŘsʺ ĵȖ¶ĶÞŸ ˡ˟ˠ˥

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

35(66

DŸ Ǽ ÝŘǼsNjŘ ǼÞŸŘ Ķ ʹŸŘĶÞŘsʺ ®sEENj ÞŸ ˡ˟ˠ˦

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

35(66

®ŸNjEsǣ ʹŸŘĶÞŘsʺ ō ¶¶ÞŸ ˡ˟ˠ˦ 4XRWLGLDQR

'DWD 3DJLQD )RJOLR

ÝĶ µÞŸNjŘ Ķs ō ¶¶ÞŸ ˡ˟ˠ˦

ŗ ȖǼO NJsƼŸNjǼ ō ¶¶ÞŸ ˡ˟ˠ˦

DŸ Ǽ ÝŘǼsNjŘ ǼÞŸŘ Ķ ʹŸŘĶÞŘsʺ ǢsǼǼsŎENjs ˡ˟ˠ˦

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

35(66 ȤȲȸ

Dŷ ǻ ÝŗǻrNJŗ ǻÝŷŗ ĵ ō ¶¶ÞŸ ˡ˟ˠ˧

ÝĶ D ǼǼsĶĶÞsNjs ō ¶¶ÞŸ ˡ˟ˠ˦

ÝĶ D ǼǼsĶĶÞsNjs ō ¶¶ÞŸ ˡ˟ˠ˧

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ƻNjŸĠsOǼǣ


EŸȖǼ

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

%

35(66

D NJNËr ĵȖ¶ĶÞŸ˚ǢsǼǼsŎENjs ˡ˟ˠ˧

D NJNËr ǢƼsOÞ Ķs ® EENjÞO _sĶĶs Ý_ss ĵȖ¶ĶÞŸ ˡ˟ˠ˧

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

35(66

Dŷ ǻ ŷǼǼŸENjs ˡ˟ˠ˧

D NJNËr µÞȖ¶ŘŸ ˡ˟ˠ˨

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

# &217$&76

NŸŘǼ OǼ Ȗǣ ŷ®®ÝNrʲ ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ əÞ ®ÞŸNjÞ ˥ˀˡ ˠ˥˟ˢˤ NJ Ƽ ĶĶŸ ʹµrʺ ÝǼ Ķɴ ÞŘ¯Ÿ˔Ŏ NjÞŘs_sǣÞ¶ŘʳÞǼ

DȖǣÞŘsǣǣ O Nj_

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ Ř ɚ Ķ NjOÌÞǼsOǼȖNjs ˓ Ŏ NjÞŘs sضÞŘssNjÞض NJs¶ʳ ǻsOŘʳ N ƻ µr ŗ ɚʳ NjOÌʳ Řʳˡˣ˧ ƻsNjÞǼŸ ǻNjÞEȖŘ Ķs ˚ ǢŸOÞŸ ǣƻNjŸŗ ^Þ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ˠ˥˟ˢˤ NJ Ƽ ĶĶŸ ʹµrʺ ÝǼ Ķɴ ɚÞ ®ÞŸNjÞ ˥ˀˡ ƼÌŸŘs ̛ˢ˨ʳ˟ˠ˧ˤʳˡˢˢˤˡˠ ŎŸEÞĶs ̛ˢ˨ʳˢˢˤʳ˥ˡˤˡˤ˨˥ ÞŘ¯Ÿ˔Ŏ NjÞŘs_sǣÞ¶ŘʳÞ Ǽ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

352-(&76 ʳ ō NjÞŘs _sǣÞ¶Ř ǣǼȖ_ÞŸ Ì ǣ Ķɠ ɴǣ _sɚsĶŸƼs_ ˢ˥˟̨ _sǣÞ¶Ř EsÞض ÞŘŸĶɚs_ ÞŘ EŸǼÌ ǼÌs ɴ OÌǼÞض ÞŘ_ȖǣǼNjɴ Ř_ ÞŘ ǼÌs ǼsOÌŘÞO Ķ Ř_ ONj ¯Ǽ EŸ Ǽǣʳ ǻÌs _sǣÞ¶Ř Ř_ ǼÌs ǣǣÞǣǼ ŘOs ƼNjŸɚÞ_s_ Eɴ ǼÌs ǣǼȖ_ÞŸ ÞŘ NjsOsŘǼ ɴs Njǣ Ì ɚs ƼNjŸ_ȖOǼs_ ǣȖEǣǼ ŘOÞ Ķ sɮƼsNjÞsŘOs ÞŘ ĶĶ Njs ǣʰ sǣƼsOÞ ĶĶɴ ÞŎs_ Ǽ ǼÌs ƼNjŸĠsOǼ Ÿ¯ ÌȖĶĶǣ Ř_ ǣǼNjȖOǼȖNjsʰ NjsŘŸɚ ǼÞŸŘ Ř_ Njs¯ÞǼǼÞض Ÿ¯ Ķ Nj¶s ɴ OÌǼǣʳ ÝǼ Ì ǣ ĶǣŸ ɠÞ_sŘs_ ǼÌs ǣOŸƼs Ÿ¯ ǣȖNjɚsɴ ¯ŸNj Ŏs¶ ɴ OÌǼǣ ŘsɠĶɴ EȖÞĶǼ ŸNj ŎŸ_Þ¯Þs_ʰ ɠÌsNjs ǼÌsɴ ǼNjs Ǽ ŸŘ EsÌ Ķ¯ Ÿ¯ ǼÌs ǣÌÞƼ ŷɠŘsNj ĶĶ NjsĶ ǼÞŸŘǣ ɠÌÞǼ Ŏ ŘÞ¯ OǼȖNjsNjʳ

ĶĶ ƻNjŸĠsOǼǣ Ř_ NJs ĶÞʊ ǼÞŸŘǣ _ÞɚÞ_s_ ÞŘǼŸʲ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ

˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƻNjŸĠsOǼǣ


+XOO GHVLJQ DQG SURMHFW PDLQ VWUXFWXUDO GHVLJQ DQG WHFKQLFDO DVVLVWDQFH IRU

0 \ 27$0 6'

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ÝŘǼsNjÞŸNjˀrɮǼsNjÞŸNj _sǣÞ¶Řʲ ğŸǣsƼÌ ^ÞNj Ř_

DV %HVW 1DYDO $UFKLWHFWXUH

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

27$0 *76

ˡ˟ˠ˥ ˢˤ ŎǼ

ˡˣ ŎǼ ˡ˟ˠ˨

6SDGROLQL H[WHULRU GHVLJQ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

0 \ 27$0

ˡ˟ˠ˦

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

rɮǼsNjÞŸNj _sǣÞ¶Řʲ ǢǼȖ_ÞŸ ǢƼ _ŸĶÞŘÞ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

0 \ 27$0 0LOOHQQLXP ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 27$0 0LOOHQQLXP ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

32572),12 0$5,1(

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ǢƼŸNjǼ ®ÞǣÌʰ ǢƼÞ_sNjʰ NŸȖƼuʰ ®Ķɴʰ ®ÞǣÌsNjŎ Ř

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

32572),12 0$5,1( ¶ ®Ķɴ

32572),12 0$5,1( ¶ ®Ķɴ

32572),12 0$5,1(

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

32572),12 0$5,1( ɟ ĶĨ NjŸȖŘ_ʰ®ĶɴʰǢƼÞ_sNj

32572),12 0$5,1( ®Ķɴʰ ǢƼÞ_sNjʰ Ëǻ

32572),12 0$5,1( ¶ Ëǻʰ ®Ķɴ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

5,==$5', &86720

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

O˟ˠ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

7XQLFUDIW &$%,1 2ULRQ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 6(&21'2 3,62/2 Ķ ĶȖض ˥ˢ˅ ğsǼ

&2/20%2 ¶ ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

0 \ *(1(6,$

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

9DOOLFHOOL VWXGLR GHVLJQ VWXGLR 9DOOLFHOOL H[WHULRU GHVLJQ ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ˡ˟ˠ˦ ˣ˟ ŎǼ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ

ˡ˟ˠˣ ˢ˧ ŎǼ

0 \ $6/(& ˡ˟ˠ˟ ˢˡ ŎǼ

0 \ %/,66

˓ ĶsضÌǼsŘÞض

ˡ˟˟˧ ˡ˧ ŎǼ ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 08&+2 *8672 ,,,

ˡ˟ˠˤ

0 \ $6/(&

ˡ˟ˠˡ ˣˢ ŎǼ

0 \ 3$3,128

ˡ˟˟ˤ ˢˢʰ˦˟ ŎǼ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

0 \ 3DSLQRX

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

NDÝ ŗ əÝ ˢˢʰ˦˟ ŎǼ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

0 \ DQG PW &257(

0 \ 1DYDMR $PHULFDQ 0DULQH 7H[DQR 23(1 ˠ˥ ŎǼ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 63257 ),6+(5 ˠ˧ ŎǼ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ËȖĶĶ ƼNjŸĠsOǼǣ

0 \ )25&( %/8(

ˡ˟ˠˣ ǢǼ EÞĶÞǼɴ Ř_ ǣǣÞǣǼ ŘOs

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

0 \ 6$8'$'(6

ˡ˟˟˧ ˢˤ ŎǼ NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

˥ˢʰˢ˟ ŎǼ

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

0 \ 0$,7 ,,,

ˡ˟˟ˠ ˢˠʰˤ˟ ŎǼ

$/$/81*$ F

ˡˢŎǼ

6 \ 0217,*1( ˡ˟ˠˣ ǢǼ EÞĶÞǼɴ ˤ˦ ŎǼ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

rɮǼsNjÞŸNj _sǣÞ¶Řʲ ǢǼȖ_ÞŸ ǢƼ _ŸĶÞŘÞ ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

7(5 , 9

ȖŘ_sNj OŸŘǣǼNjȖOǼÞŸŘ ˡ˟ˠ˨ ˡˢʰ˨ˤ ŎǼ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

0 \ 35(0,(5 H

ˠ˥ʰ˦˟ ŎǼ ˠ˧ʰ˥˟ ŎǼ

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 6($&8%( ¶

ˠˡʰˤ˟ŎǼ

0 \ ,7$/&5$)7 ¶

ˢˡŎǼ

ˡˢʰ˦˟ ŎǼ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


OǼÞɚÞǼÞsǣ

&DQ <DOPDQ H[WHULRU GHVLJQ

ˡ˟ˠ˥˚ˡ˟ˠ˦˚ˡ˟ˠ˧ ˢˡ ŎǼ

DȖNjs Ȗ

ǻs Ŏ

0 \ 180$5,1(

+XOO GHVLJQ DQG SURMHFW PDLQ VWUXFWXUDO GHVLJQ DQG WHFKQLFDO DVVLVWDQFH IRU

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

0 \ 180$5,1( ;3

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

&DQ <DOPDQ H[WHULRU GHVLJQ ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ˡ˟ˠˣ ˡ˟ ŎǼ ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

0 \ 180$5,1( ;3

ˣˣ ŎǼ

0 \ 180$5,1( ;3

ˢˡ ŎǼ

0 \ 180$5,1( ;3 ˡˣ ŎǼ

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 180$5,1( ¶ ʹˡ˟ˠˢʺ ˢˡ ŎǼ

0 \ 180$5,1( ¶ ʹˡ˟ˠˢʺ ˡˣ ŎǼ

0 \ 180$5,1( ¶ ʹˡ˟ˠ˥ʺ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


EŸȖǼ

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

+XOO GHVLJQ DQG SURMHFW WHFKQLFDO DVVLVWDQFH IRU

$35($0$5( *2==2 H ¶

ˡ˟ˠ˨

ÝŘǼsNjÞŸNjˀrɮǼsNjÞŸNj _sǣÞ¶Řʲ ō NjOŸ N ǣ ĶÞ ǻŸŸ _sǣÞ¶Ř ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

$35($0$5( 60(5$/'2 ¶

ˡ˟˟˨

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

$35($0$5( 0$(6752 ¶

$35($0$5( 0$(6752 ¶

$35($0$5( 0$(6752 ¶ ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

$35($0$5( *2==2 ¶ &RPIRUW 2SHQ

$35($0$5( *2==2 ¶ &RPIRUW 2SHQ ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

NŸĶĶ EŸNj ǼÞŸŘ ɠÞǼÌ ǢOÌŘ ǣs ÝŘǼsNjÞŸNj ^sǣÞ¶Ř ǢǼȖ_ÞŸ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ËȖĶĶ ƼNjŸĠsOǼǣ

ō ¶ŘȖŎ ˥ˢ˂ ˚ Njs¯ÞǼ ˡ˟ˠ˥ˀˡ˟ˠ˦

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

VRPH 0DLQ GHVLJQ DQG DVVLVWDQFH IRU

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ō ¶ŘȖŎ ˥ˢ˂

0 \ *+267%867(5 ˣ˟ ŎǼ 0 \ ,) 21/<

0 \ *+,%/,

0 \ )25 0( ō ¶ŘȖŎ ˥ˢ˂

ō ¶ŘȖŎ ˥ˢ˂ 0 \ )5(('20

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

ˡ˟ˠˤ ˡ˥ ŎǼ ˡ˟ ŎǼ 0 \ 681*($5 ˡ˟ˠ˟

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


0 \ $6/(&

ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

EHIRUH

ǻs Ŏ

DIWHU

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

rɮǼsNjÞŸNj _sǣÞ¶Řʲ ǢǼȖ_ÞŸ ǢƼ _ŸĶÞŘÞ ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ˡ˟ˠ˥ ˣ˥ʰˢ˟ ŎǼ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

0 \ 0$;,0 = ˡ˟˟ˡ ˣˢ ŎǼ

0 \ ,1',3(1'(17 2) /21'21

Ķs¶ÌǼsŘÞض ǼŸ ˣˡ ŎǼ ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

0 \ 02175(9(/

6 \ %$0%$

˧ ŎǼ OŸŘǣǼNjȖOǼÞŸŘ ɴs Nj ˠ˨ˡ˨ ʹɳ OÌǼ ^Þ¶sǣǼ ɠ Nj_ ¯ŸNj DsǣǼ NJsǣǼŸNjs ÞŘ ˠ˨˨˦ʺ

ō ĶǼsǣs ˤˤ˂

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ˡ˟ˠ˥ ˠˢʳˤ˟ ŎǼ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

6: ¶ 3LORW ˡ˟ˠ˟

6: ¶ 3LORW 0RRULQJ 6: ¶ 3LORW 0RRULQJ

6: -HW ¶ ),1&$17,(5, ˡˢ ŎǼ ˡ˟ˠ˟ ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

6: ¶ 3DWURO %RDW ˠˣ ŎǼ ˡ˟ˠˢ

6: ¶ ,7$/,$1 ),5(0$16 ˠˣ ŎǼ ˡ˟ˠˢ

+\SHUEDULF /LIH %RDW ɟŸNjĨ DŸ Ǽǣ ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

EŸȖǼ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

# NŸŘǼ OǼǣ

ƻNjsǣǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

<2'$

ˢˤ ŎǼ ǼŸ Es EȖÞĶǼ

%/

%/

ËȖĶĶ ƼNjŸĠsOǼǣ

P ULP 3$%/,72 ˠˣ ŎǼ

ˡ˟ ŎǼ ˡ˟ˠ˟

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

ˡ˟ˠ˟

0

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

IDOFKHWWD

SRQWH GL FRSHUWD DO FHQWUR SRQWH GL FRSHUWD LQ PXUDWD

SRQWH GL FRSHUWD DO FHQWUR SRQWH GL FRSHUWD LQ PXUDWD

SRQWH GL FRSHUWD DO FHQWUR SRQWH GL FRSHUWD LQ PXUDWD &DVVH $FTXD

&DVVH 1DIWD

*HQHUDWRUH

N Ǣǻ ĵÝ HFROPDU

/:/DOOD SURYD VWDELOLWD ',&

,00(56,21( 0$5&$

,00(56,21( 0$5&$

%/

%/ %/

P E SDVV $662 ˢ˟ ŎǼ

P E SDVV 6+2&.

ˡˢ ŎǼ

ˡ˧ʰ˥ˠ ŎǼ

ˡ˟ˠˠ

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

P E SDVV IRU %DWWHOLHUL &DPRJOL ˡˢ ŎǼ

ʹˡ˟ˠ˧ʺ

P E SDVV 5(/$; ˢ˟ ŎǼ

EDUJH 1$86$/*21 ˣˤʰˤ˟ ŎǼ

VRPH 0DLQ GHVLJQ DQG DVVLVWDQFH IRU

ɟŸNjĨ DŸ Ǽǣ ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

DȖNjs Ȗ

ǻs Ŏ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ʹˡ˟ˠˡ ƼNjŸĠsOǼʺ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

P \ *5$1' 586$/,1$

ʹˡ˟ˠˣ ƼNjŸĠsOǼʺ

P \ 0$*180

ʹˡ˟ˠˣ ƼNjŸĠsOǼʺ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

&XFLQD SHU 9LOOD

ʹˡ˟ˠˤ ƼNjŸĠsOǼʺ

P \ ;;; VWHHO ERDW ʹˡ˟ˠˢ ƼNjŸĠsOǼʺ

P \ *,1 721,& ,,

ʹƼNjŸĠsOǼʺ

ŷǼÌsNj ƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

P \ )HUUHWWL ʹˡ˟ˠ˥ Njs ĶÞʊ ǼÞŸŘʺ

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

P \ PW

ʹƼNjŸĠsOǼʺ

ŷǼÌsNj ƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

%RDW

ʹˡ˟ˠ˦ ƼNjŸĠsOǼʺ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

27$0 ʹˡ˟ˠ˦

ƼNjŸĠsOǼʺ

ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

27$0 2SHQ

ʹˡ˟ˠ˦ ƼNjŸĠsOǼʺ

ŷǼÌsNj ƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ Ŏ NjÞŘs _sǣÞ¶Ř ˓ ǣsNjɚÞOsǣ

EŸȖǼ

ɟŸNjĨ rɮƼsNjÞsŘOsǣ

OǼÞɚÞǼÞsǣ

ǻs Ŏ

DȖNjs Ȗ

ƻNjsǣǣ

# NŸŘǼ OǼǣ

ƻNjŸĠsOǼǣ

ǻsOÌŘÞO Ķ ƼNjŸĠsOǼǣ

ǢȖNjɚsɴ ˓ ǼsOÌŘÞO Ķ ǣǣÞǣǼ ŘOs

27$0 ʹˡ˟ˠ˦

ƼNjŸĠsOǼʺ

ËȖĶĶ ƼNjŸĠsOǼǣ

˓ ǣǼNjȖOǼȖNj Ķ _sǣÞ¶Ř

NJs¯ÞǼǼÞض

˓ ÞŘǼsNjÞŸNj _sǣÞ¶Ř

ǻNj Řǣ¯ŸNjŎ ǼÞŸŘ ˓ ĶsضÌǼsŘÞض

27$0

ʹˡ˟ˠ˦ ƼNjŸĠsOǼʺ

08* PW ʹˡ˟ˠ˧ ƼNjŸĠsOǼʺ ɟŸNjĨ DŸ Ǽǣ

ƼNjŸĠsOǼ ˓ NjsǣǼŸNjs

ŷǼÌsNj ƼNjŸĠsOǼǣ

&DWDPDUDQR PW ʹˡ˟ˠ˨

ƼNjŸĠsOǼʺ

27$0 ʹˡ˟ˠ˨ ƼNjŸĠsOǼʺ ŷǼÌsNj ƻNjŸĠsOǼǣ

ƻŸNjǼ¯ŸĶÞŸ ¯ŸNj ȕŎEsNjǼŸ ǻ ¶ĶÞ ɚÞŘÞ ˚ Ŏ NjÞŘs _sǣÞ¶Ř Ř_ ǣsNjɚÞOsǣ Eɴ NĶ Nj ōŸĶǼs_Ÿ ȖƼ_ Ǽs_ ˡ˟ˠ˨ ĶĶ NjÞ¶ÌǼǣ NjsǣsNjɚs_


Millions discover their favorite reads on issuu every month.

Give your content the digital home it deserves. Get it to any device in seconds.