Aalborg Universitet Virksomheds-Screening Bord Dæk Dig Fisker, Anna Marie; Bagger, Nini Camilla; Heilmann, Anna Eva Utke; Christensen, Jeppe Heden

123  Download (0)

Full text

(1)

Aalborg Universitet

Virksomheds-Screening Bord Dæk Dig

Fisker, Anna Marie; Bagger, Nini Camilla; Heilmann, Anna Eva Utke; Christensen, Jeppe Heden

Publication date:

2018

Document Version

Også kaldet Forlagets PDF

Link to publication from Aalborg University

Citation for published version (APA):

Fisker, A. M., Bagger, N. C., Heilmann, A. E. U., & Christensen, J. H. (2018). Virksomheds-Screening: Bord Dæk Dig. Aalborg Universitet, Institut for Byggeri og Anlæg. DCE Technical Memorandum Nr. 70

General rights

Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights.

- Users may download and print one copy of any publication from the public portal for the purpose of private study or research.

- You may not further distribute the material or use it for any profit-making activity or commercial gain - You may freely distribute the URL identifying the publication in the public portal -

Take down policy

If you believe that this document breaches copyright please contact us at vbn@aub.aau.dk providing details, and we will remove access to the work immediately and investigate your claim.

Downloaded from vbn.aau.dk on: March 24, 2022

(2)

1AJCKGE@=<K.;J==FAF?

9;.F531

FF9(9JA=!AKC=J )AFA9??=J FF9 N9#=ADE9FF

%=HH=#=<=F@JAKL=FK=F

$..) /=;@FA;9D(=EGJ9F<ME)G

(3)
(4)

U5":C/82O)CF2JR 8FJ2JMJ,:CR//)C2:/U85/

CM==)8O8

!$

(3;5<972/.<%-;//8381

U88C2)2F4)C 282//)C U88O )25788 )==) )')80C2FJ)8F)8

)=J)7")CLT;+

&U5":C/82O)CF2J)J

(5)

" $#!%"##$#!'!(

!#"8O)8')FJ25)8')52/,C==:CJ)C28/,,:CF4828/FC)FM5JJ)C:/O2')8F4")52/J C")3')M',<CJO)'8FJ2JMJ,:CR//)C2:/U85/= U5":C/82O)CF2J)JA)C2)8/2O)C7M52/0)',:C J,C)75//)J):C2%,:CF</F")F4C2O)5F)C:/C)FM5JJ)C2,M5'FJ8'2/:/M,:C4:CJ)J,:C7%0O254)J:,J) 244)J255')F2O2')8F4")52/)J2'FF4C2,J)CA

! M'C")3')F J25 =C52728C M'/2O)5F) , O2')8F4")52/J C")3') M',<CJ , 8FJJ)O)'8FJ2JMJ,:CR//)C2:/U85/%0O:C')JF4<88)F=FF)8')A:4M7)8J)C,')88)JR=) 48OC)M,M5'FJ8'2/)%72'5)CJ2'2/)O)CF2:8)C)55)C')5),)JFJ<CC)C")3')A)JJ)F450:5')F28 7)8J)%8 C=M"524J2:8)C2F)C2)8C),)C)C)FA

#!# !#"")8RJJ)FJ25,C==:CJ)C28/,C)4O2C)C)JO2')8F4")52/JC")3')A)88)JR=)=M"1 524J2:8)CCM77)C,:CJC:52/J7J)C25)%F:74M8O25OC)J25/8/)52/J,:CC)4O2C)8J)8:/8FJ2JMJ,:C R//)C2:/U85/A)C,:CO25:8JC#J)=:CJFF'O852/O2F244)"52O)M'/2O)J:,,)8J52/JA

#$!#"28')0:5')CM8')CO2F828/F7J)C25M'C")3')J,M8')CO2F)C)8FJO)'8FJ2JMJ,:C R//)C2:/U85/A)JJ)48OC)4MCFMF8:J)C%5C)"</)C%:=/O)4:7=)8'2)C%,:CF</F78M5)C )55)CO)35)'828/)CJ25#:7=MJ)C=C:/C77)CM'O245)JO)'8FJ2JMJ,:CR//)C2:/U85/A

""iÀ“œ˜œ}À>wiÀiiÀ>À̈ŽiÃ>“ˆ˜}iÀ«ÕLˆViÀiÌ̈>vÀ>««œÀÌiÀˆ˜}>vۈ`i˜ÃŽ>Liˆ}Ì>ÀLi`i M',<CJO)'8FJ2JMJ,:CR//)C2:/U85/F:75)'2:=8 )5F)8,)8=0A'A1)55)C':4J:C/C'AU,081 '528/)C8))C:,,)8J52/JJ25/8/)52/)),J)CFM##)F,M5'J,:CFOC,')84')72F4)/C'A

#"#&"CM77)C8R0)')C:7')JO2')8F4")52/)C")3')M',<CJO)'8FJ2JMJ,:CR//)C2:/

U85/7)'0)8"524= JF4")'25:/%28,:C7J2:8:/4:8J4J:72/8/OC)8'),:CF4828/A)JJ) 2845M')C)C FJJMF , ,:CF4828/F=C:3)4J)C% M'O24528/ 2 5":CJ:C2)C% 28,:C7J2:8 :7 F7C")3') :/

8R)FJ),:CF4828/FC)FM5JJ)CA

'/2O)JLT;+, U5":C/82O)CF2J)J

8FJ2JMJ,:CR//)C2:/U85/

0:7F88F)3LK

19LTTU5":C/%87C4

CR4J= U5":C/82O)CF2J)J%<")80O8

;9T;1GLG+

)#082#5)7:C8'M7:AGT

(6)

"#$%"! !$"!

(7)

7,+66+1/?3;5<972/./;

.;@MJ+9;C=FE9JC

.;@MJ$FL=JF9LAGF9D .;@MJ!D=PA:=DK

GF+D9KL

+D9FL+D9KL

+DMK+9;C

)=E;G E:9DD9?=.

!_J;@+D9KL"JGMH.

./+'./.

!9KL+D9KL.

UUUUUI

-+.MH=J>GK.

MFA.

(*-!' 3$' .H.

).

(MDLA'AF=.

'$)..

!$ '1$ H.

"J==FO9Q=FE9JCH.

#4/28/C:M=U

:C'234)C=4428/)88'7 6=/;8+=3?:6+<=

9L9+D9L=

FF=9FFA;C++G-)

7"

UU

"+55/7+<538?3;5<972/./;

.;@MJ$FL=JF9LAGF9D.

(MDLADAF=

)=E;G

-.* .

+(+9;C.

UUI

$FL=;@$FL=JF9LAGF9D.

$F?N9D<@JAKL=FK=F.(9KCAF>9:JAC

.;9F+9;C9?AF?.

+=/;3+6/9?/;<31=

!;.09;56+;381 36./63<=/

66><=;+=398/;

36+1 (ACJGGNFKCMJKMK)GN=E:=J

(8)

(9)

+8<5//7,+66+1/?3;5<972/./;

$ <=L >aD?=F<= =J DAKL=L =F GN=JKA?L GN=J >GJKC=DDA

?=<9FKC=NAJCKGE@=<=JKGEHJG<M;=J=JG?=DD=J K_D?=J=E:9DD9?=LAD>a<=N9J=AF<MKLJA=F1AJCKGE

@=<=JF= =J M<N9D?L H^ :9??JMF< 9> <=J=K KQFDA?

@=<H^<=L<9FKC=E9JC=<

1AJCKGE@=<=JF==JJ=HJ_K=FL=J=LN=<CGFL9CLGH DQKFAF?=J CGJL :=KCJAN=DK= 9> NAJCKGE@=<=F <=FK HJG<MCLAGFG?9J:=B<KGEJ^<=JK9EL=FC=DL=Fa?

D=L9D>J9NAJCKGE@=<=FKaCGFGEA#=JLAD=JG?K^=F J=HJ_K=FL9LAGF9>NAJCKGE@=<=FKHJG<MCL=JAKK=

=J:9K=J=LH^<=LE9L=JA9D=NAJCKGE@=<=F@9JHM:

DA;=J=LG?KGE=JG>>=FLDA?LLAD?_F?=DA?L+JG<MCL=J F= =J :D=N=L NMJ<=J=L K^D=<=K 9L NAJCKGE@=<=FK CGEH=L=F;=J G? LQHAKC >J=EKLADD=<= HJG<MCL=J =J J=HJ_K=FL=J=L G? @N9< >a<=N9J==E:9DD9?=:J9F

;@=F=JAKL9F<LAD1AJCKGE@=<=FKHJG<MCL=J=J<=J

>GJACC=J=HJ_K=FL=J=L>MD<KL_F<A?LAJ9HHGJL=F<9 FG?D==J:D=N=L>J9N9D?L?JMF<=LEAF<J=N9JA9LAGF=J

=DD=J?=FL9?=DK=JNAJCKGE@=<=JF=AE=DD=E

(10)

(11)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

#0MC#4)87C4IF AA#0MCF)3;

%+GTT :CF)8F

0JJ=F$IIPPPAF#0MCA#:7I)8 )5$B.-GHLGL+L9

725$F='!F#0MCA#:7 5))FJ)C/C' )RU##:M8J8/)C :"25$B.-L.H9.;TL

1AJCKGE@=<=F=J`L9><9LL=JK=DKC9:=J=B=L9>

.;@MJ$FL=JF9LAGF9D9K1AJCKGE@=<=F=J9FKN9JDA?

>GJ GJ?9FAK9LAGF=FK H9H G? C9JLGF=E:9DD9?=

HJG<MCLAGF A 9FE9JC G? @B_DH=J CMF<=J E=<

J^<?ANFAF?G?N=BD=<FAF?AF<=F>GJ:^<=E9<N9J=

=E:9DD9?=G?ACC=E9<N9J==E:9DD9?=.;@MJ

&9JLGFG?H9H=E:9DD9?=

&9JLGF G? H9H=E:9DD9?= HJG<M;=J=K H^ =?=F

>9:JACA#GJK=FK9FE9JC +9HC9JLGFHD9KLAC

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(12)

(QNFPKPI /WNKIIÔT CV ƃGTG

=E:9DD9?=J>QD<=JEAF<J=N=<

LJ9FKHGJL

Z:FAF?(MDDA??aJ9LE9F>GJJ :JM?=J=FC9FCGEE=ACGFL9CL E=<HJG<MCL=L

_J=F<=(MDDA??aJ9L=E:9D D9?=FC9FLJ9FKHGJL=J=K +;=9891:+:/7,+66+1/&/583<5/7,+66+1/

/JQC KGE C9F GN=J>aJ=K LAD =F LK@AJL.;@MJX+JAFL*F!MF DE=FLHJAFL

#aB?D9FKD9C=>>=CL /GVCNNKUMVT[MRÁGPQXGTƃCFG NA9N9JE=#GL>GAD

#_N=<= G? K_FC=<= LJQC

E:GKKAF? '9C=>>=CL=J

+;=9891:+:/7,+66+1/&;B5

(13)

.E9JLDMCFAF?(MDA??aJ9L

HJG<MCL=LC9F?=FDMCC=K =N_?=DA?@=<(MDA??aJ AFL=J9CLAGFE=DD=E:JM?=JG?

=E:9DD9?=

-M<=9>HD9KL(MDA??aJ9L :JM?=J=FC9FK=HJG<MCL=L +;=9891:+:/7,+66+1/5=3?/7,+66+1/

&a< !AKC .9DL

+;=9891:+:/7,+66+1/G./?+;/;/7,+66+1/

&GKE=LAC 1_JCLaB '=?=LaB

+;=9891:+:/7,+66+1/55/0G./?+;/;/7,+66+1/

(14)

(15)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

#0MC8J)C8J2:85IF AA#0MCF)3;

%+GTT :CF)8F

0JJ=F$IIPPPAF#0MCA#:7I)8 )5$B.-GHLGLGLG

725$1

1AJCKGE@=<=F =J =F EG<=JNAJCKGE@=< KGE J^<=JGN=J<9LL=JK=DKC9:=JKHJ=<LM<GN=J@=D=

N=J<=F 9LL=JK=DKC9:=JF= @9J @N=J AK_J <=J=K 9FKN9JKGEJ^<=JAF<=F>GJ>GJKC=DDA?=E9KCAFKQKL=

E=JC9JLGFG?HD9KL=E:9DD9?=G?=F?9F?KHJG

<MCL=J.;@MJ

+9HAJC9JLGFG?H9H=E:9DD9?=

+D9KL=E:9DD9?=

F?9F?KHJG<MCL=J

+9CC=E9ADJGGEG?<AKLJA:MLAGFKKQKL=E=J

&9JLGF=E:9DD9?= G? =F?9F?KHJG<MCL=J HJG<M;

=J=KH^=?=F>9:JACA#GJK=FK9FE9JC

\NJA?=HJG<MCL=JHJG<M;=J=KM<=F>GJ9FE9JC +9H+9HAJ+D9KL

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(16)

(QNFPKPI/WNKIIÔTCVƃGTG

=E:9DD9?=J>QD<=JEAF<J=N=<

LJ9FKHGJL

0<KC_JFAF?(MDDA??aJ9L E9F>GJ:JM?=J=FC9FCGEE=

ACGFL9CLE=<HJG<MCL=L

_J=F<=(MDDA??aJ9L=E:9D D9?=FC9FLJ9FKHGJL=J=K +;=9891:+:/7,+66+1/&/583<5/7,+66+1/

/JQCKGEC9FGN=J>aJ=KLAD=F LK@AJL.;@MJX+JAFL*F!MF DE=FLHJAFL

#aB?D9FKD9C=>>=CL /GVCNNKUMVT[MRÁGPQXGTƃCFG NA9N9JE=#GL>GAD

#_N=<=G?K_FC=<=LJQC

E:GKKAF? '9C=>>=CL=J

+;=9891:+:/7,+66+1/&;B5

(17)

.E9JLDMCFAF?(MDA??aJ9L

HJG<MCL=LC9F?=FDMCC=K =N_?=DA?@=<(MDA??aJ AFL=J9CLAGFE=DD=E:JM?=JG?

=E:9DD9?=

-M<=9>++HD9KL(MDA??aJ9L :JM?=J=FC9FK=HJG<MCL=L +;=9891:+:/7,+66+1/5=3?/7,+66+1/

6GƂNVGT

+9HAJHGK=LADE9<N9J= F?9F?K:9?=>GJE=

81+81<:;9.>5=/;"+:3;

.;@MJX.L9J.QKL=E E:9D D9?==KA?F=LLAD.;@MJXKL9J KQKL=E

5AHH=JHGK=&9FL_LKDMLL=K K^D=<=K9L@GD<:9J@=<=F

>GJD_F?=K

.=DNKL^=F<=HGK=(MDA??aJ 9LE9FC9FKLADD=HGK=F>J9KA?

M<=F9L<=FN_DL=J

"6+<=/7,+66+1/

(18)

.9D9LHGK= .HJaBL=HGK= $KL=JFAF?=HGK=

81+81<:;9.>5=/;"6+<=35

(19)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

#0MC5)Q2"5)F :5'28/)F7"

< &-Ø`Ċ-ÌÀ>~i£Ċ"LiŽÌxäĊ>Õà LK-;2)8)C)M':C,

UU

…ÌÌ«Ã\ÉÉÜÜÜ°ÃV…ÕÀyi݈LiðVœ“

)5$B.KLL-LLHHT;.

“>ˆ\ˆ˜vœJÃV…ÕÀyi݈LiðVœ“

.;@MJ!D=PA:=DK@GD<AF?K=J=FEG<=JNAJCKGE@=<

LAD <9LL=JK=DKC9:=J G? >9:JACC=J A @=D= N=J

<=F"=F=J=DL9J:=B<=J<=E=<HJG<MCLAGF=F9>

ƂNOQINCOKPCVGTKPFGPHQTDÁFGOCFOGFKEKP CGKE=LADCG?LG:9CAF<MKLJA=F.;@MJ!' 3$ '.

!ADE>9:JAC9LAGF '9EAF9L>9:JAC9LAGF +D9KLAC>9:JAC9LAGF E:9DD9?=>GJK=BDAF?

2TQFWMVKQPCH2'ƂNOQIHQTUMGNNKIGUNCIUHQTUGLNKP IGTƂPFGTUVGFRÁGIGPHCDTKMK5NCIGNUGQI$LGTV 9FE9JC

\NJA?=HJG<MCL=JHJG<M;=J=KM<=F>GJ9FE9JC + ++ 1*#+ + /++++9HAJDMEAFAME

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

&MF<9L9>J9<9FKC9><=DAF?

(20)

!GJE!ADD.=9D!!. FKLGJ TWNNGƂNODNKXGTHQTOGVRÁH[NFV G?>GJK=?D=L

!DGOOJ9H#GJAKGFL9D=E:9D

=JAF?KE=LG<= 19CCME=E:9DD=JAF?&9FN_J=

DÁFGKRQUGƃQYYTCRUMKPF G?L=JEG>GJE

"6+<=/7,+66+1/

GD<K=9D!GJK=?DAF?M<=

:JM?9>N9JE= '^?!GJK=?DAF?!GJKC=DDA?= 2J9HHAF?

LQH=J9>>GJK=?DAF?KE9L=JA9D=J LAD:^<=LGHG?:MF<

#_N=<=G?K_FC=<=LJQC E:GKKAF?

#NWOKPKWOUƂNOYTCRRKPI >L=J:=9J:=B<FAF?D9C=JAF?9>

9DMEAFAME=E:9DD9?=

6>7383>7/7,+66+1/

(21)

1GCKH9HAJ

DMEAFAME'^?KC_J=KM<

MF<=JHJ=K LAC=LL=J

+D9KLAC'^?KC_J=KM<MF<=J HJ=K

0:=@9F<D=LH9HAJ

+9HAJ'^?KC_J=KM<MF<=J HJ=K

"+:3;/7,+66+1/

E13/>=

(22)

(23)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

ULTTKUI 8'MFJC2O)3;;1;K

%.;+T:C<

0JJ=$IIPPPA':8=5FJA'4 )5$B.-GTLTHTTK 725$28,:!':8=5FJA'4 5MF:F)8,)5'J

5/:/'7282FJCJ2:8 :"25$B.-.THTKTTL

*)+'./=J=F<9FKCNAJCKGE@=<KGEHJG<M

;=J= >GJEN_JCLaB=J G? N9CMME>GJE=L HD9KL=E :9DD9?=J LAD @GN=<K9?=DA?L >a<=N9J=:J9F;@=F GFHD9KL

/=JEG>GJE=LHD9KL=E:9DD9?=

DD= NAJCKGE@=<=FK HJG<MCL=J HJG<M;=J=K H^

=?=F>9:JACA.GJa9FE9JC + /+.*+.+'

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

(24)

E:9DD9?=E=<`LJME E:9DD9?=E=<EAF<J=

GJF9E=FL=JAF?

E:9DD9?=E=<EAF<J=JME AF<=FA

"6+<=/7,+66+1//.6E1

E:9DD9?=E=<E9F?=JME

<=JC9F9<KCADD=>a<=N9J=J E:9DD9?=>GJEKLa:LLADHJG

<MCL=L E:9DD9?=<=JHJ_K=FL=J=J

HJG<MCL=LAFL=J=KK9FL

"6+<=/7,+66+1/'./86E1

E:9DD9?=E=<`LJME 'ODCNNCIGOGFƃGTGTWOVKN

9<KCADD=DK= E:9DD9?=E=<:Da<=>GJE=J

"6+<=/7,+66+1//6<=G,=

(25)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

58JL5FJUI )55)7:F)O)3;.

%-H+K C"R 0JJ=F$II=58JL=5FJA#:7 )5$B.-H.H-KLGG

725$=:FJ!=58JL=5FJA'4

<C)82C4)/C'2)5F)8 2C)4J<C

:"25$B.-LK.G.9.T

+D9FL+D9KL=J=F<9FKCNAJCKGE@=<KGEHJAE_JL LAD:Q<=J =F?9F?K9JLACD=J G? L9C=9O9Q=E:9DD9

?= 1AJCKGE@=<=F >GCMK=J=J @GN=<K9?=DA?L H^

:_J=<Q?LA?= G? EADBaJA?LA?= DaKFAF?=J A >GJKC=D DA?=?=F9FN=F<=DA?=G?F=<:JQ<=DA?=E9L=JA9D=J +D9FL+D9KL

+9HAJ&9JLGFG?+9H=E:9DD9?=

+D9KL=E:9DD9?=

F?9F?KHJG<MCL=J

9>NAJCKGE@=<=FKHJG<MCL=JHJG<M;=J=KH^

=?=F>9:JACA&AF9=J=KL=J=F<=HJG<MCL=JHJG

<M;=J=K9>K9E9J:=B<KH9JLF=J=A&AF9=DD=J 0 /J_9?9KK=+9DE=:D9<=+9H&9JLGF+9HAJ++

+'+ /+.+ +.+.(#+

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(26)

+9HCGHLADN9JE=N_KC=JE=<

>GJKC=DDA?=E9F;@=LL=J +D9KLCJMKA>GJKC=DDA?=LQH=J

HD9KL>=CK:AGHD9KL+' +D9KLCJMKA>GJKC=DDA?=<=KA?FK

>=CKJa<NAFK?D9K 6+<9159::/;

_J=HGK=AH9HAJE=<@9FC

<=JEMDA??aJF=ELJ9FKHGJL _J=HGK=AH9HAJE=<NAF<M=

<=JEMDA??aJ9L:JM?=J=FC9F K=HJG<MCL=L

+9H_KC=E=<E=<@9FC

>GD<=LK^<=FDMCC=JKA?K=DN

"9</;918.:+58381

+9HAJHGK=LADE9<HJG<M;=J=K E=<>GJKC=DDA?=AFN=F<A?=

:=D_?FAF?=JA>=CK9DMEAFAME

+D9KLAC:_J=HGK=E=<@9FC +9HAJG?HD9KLACHGK=LAD

>a<=N9J=J<=JEMDA??aJ9L :JM?=J=FC9FK=HJG<MCL=L

(27)

9CC=9>:9?9KK=E=<`LJME

G?LAD@aJ=F<=D^? /9DD=JC=F9>:9?9KK=GH<=DLA

ƃGTGTWO .H=;A9D<=KA?F=LL9DD=JC=FA :9?9KK=

&+66/;5/8/;,+55/;91<5E6/

+9HL9DD=JC=F /9DD=JC=FD9N=L9>H9DE=:D9<=

QRFGNVKƃGTGTWO /J_KC^D

E:9DD9?=9>:9?9KK=GH<=DL

KƃGTGTWO E:9DD9?=9>H9H E:9DD9?=9>H9HE=<NAF<M=

>GJ9L:JM?=J=FC9FK=HJG

<MCL=L G./?+;//7,+66+1/

(28)

[KC=9>C9JLGF>GD<=LKGE

:^<=:MF<G?D^? $CMMGCHRNCUVOGFTWƃGV

:MF< E:9DD9?=9>HD9KL@=DKLa:L

E=<D^?

(29)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

5MF#4UI 8)C/2O)3.T

%-LHT')8F) 0JJ=F$II=5MF=#4A#:7 )5$B.-H--THTTT

725$28,:!=5MF=#4A#:7 7255 MFJCM= )C78F)8

MF28)FF)O)5:=7)8J8'C4)J28/

:"25$B.-LK;T9K.T

+DMK+9;C=J=F<9FKCNAJCKGE@=<KGEHJG<M;=J

=JHD9KLG?9DMEAFAME=E:9DD9?=LADD9F<=A@=D=

N=J<=F+DMK+9;CLAD:Q<=J9LN_J=E=<>J9<=KA?F

>9K=F9>=E:9DD9?=FLADHJG<MCLAGF=F9><=L=F<=

DA?=HJG<MCL+DMK+9;C DMEAFAME=E:9DD9?=

/=JEG>GJEHD9KL=E:9DD9?=

=KA?FG?=E:9DD9?=GHLAE=JAF?

2GJCK@GHK

1AJCKGE@=<=F@9JHJG<MCLAGFH^=?F=>9:JACC=JA 9FE9JCG?=D?A=F

DMEAFAME+ /+ /J+ /+.++++&9DC

#$+.

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(30)

E:9DD9?=<=KA?F=LLAD

:=KL=EL=GHD=N=DK=J

'ODCNNCIGOGFƃGTGTWO

#=DKLa:L=E:9DD9?=

!GJEKLa:L=E:9DD9?=

E:9DD9?=E=<?=FF=EKA?

LA?LD^?

(ADBaN=FDA?=E:9DD9?=AEAFA E9DAKLAKC<=KA?F

E:9DD9?=AEAFAE9DAKLAKC

<=KA?F

'ODCNNCIGOGFƃGTGTWO E:9DD9?=E=<HD9<KLADKC=A :MF<=F

"6+<=/7,+66+1/

(31)

DMEAFAMEK:9CC=LAD=F?9F?K

:JM? DMEAFAMEK>9<LADK=JN=JAF? #NWOKPKWOUDCMMGOGFƃGTG

JME 6>7383>7/7,+66+1/

DMEAFAMEK:9CC=A>GJKC=DDA?=

>GJE=J DMEAFAMEK=E:9DD9?=AHGJLA

GFKKLaJJ=DK=

+J9CLAKCG?EAFAE9DAKLAKC 9DMEAFAMEK:9CC=

(32)

(33)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

)7#:7"55/)UI R8//)C;K

%LHT-C<8'"R 0JJ=$IIPPPA8)7#:A'4 )5$B.-.K.-HTTT

725$=#4/28/!8)7#:A'4 27)OF"4

5)F2C)#J:C

:"25$B.-LK.HTHT+

0GOEQ'ODCNNCIGGTÅPWFCHƃGTGFCVVGTUGNUMC :=J=B=L9>)=E;G.KGED=N=J=JE9KCAF=JLAD

=FC=DLHJG;=K=DD=J>MD<=HJG<MCLAGFKDAFB=J)=E

;G E:9DD9?=KL^J>GJCGF;=JF=FKK9D?9>>GDA=G?

CJQEH=HGK=JLAD9DD=?J=F=9>>a<=N9J=J:J9F;@=FA FGJ<=F)=E;G

.9D?9>>GDA=G?CJQEH=HGK=J

-^<?ANFAF?GEE9KCAF=JLADH9CFAF?

1AJCKGE@=<=FKHJG<MCLAGF>GJ=?^JN=<=MJGH_A KC=K9E9J:=B<KH9JLF=J=

+D9KL

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(34)

19CMME=E:9DD=JAF?

19CMME=E:9DD=JAF?H^:9CC=

a?=J@GD<:9J@=<9>>_J<A?J=L L=J

Z:FAF?A:MF<=FEMDA??aJ=F F=EG?@MJLA?K=JN=JAF?>J9

=E:9DD9?=LADL9DD=JC=F

'^?E=<>GJK=?DAF?K=>>=CL UQOMCPVCIGUCHQIRÁƃGTG

?9F?=

19CMME=E:9DD=JAF?E=<

:MF<N_KC=J>J9HJG<MCL=L C9FDa:=N_C

)=E^:F=E=C9FAKE=EMDA?

?aJ9LE9FMF<?^J:=KN_J E=<^:FAF?9>=E:9DD9?=

6QNCIUƂNOVÂVUNWVPKPIOWNKI IÔTCVOCPMCPJCXGƃGTG HJG<MCL=JAK9EE==E:9DD9?=

!ADEG?D^?(MDA??aJ9LHJG

<MCL=L@GD<=JD_F?=J= "=FDMCFAF?9>=E:9DD9?=

?=FF=E>9KLKA<<=F<=HD9KL :^F<

"6+<=/7,+66+1/

(35)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

C#05FJC:M=UI F7MFC#0F)3;

%G-TT :5FJ)"C:

0JJ=$IIPPPA,)C#0=5FJA#:7 )5$B.-KLKT+..9

725$'4!,)C#0=5FJA#:7

!_J;@HD9KL?JGMH=J=FKLGJAFL=JF9LAGF9DNAJCKGE

@=< =?=L 9> C9HAL9D>GF<=F <N=FL $FL=JF9LAGF9D 1AJCKGE@=<=F@9JK9D?KCGFLGJ=JG?HJG<MCLAGFA

@=D= MJGH9G?M<NACD=J<=KA?F=JG?HJG<M;=J=J HD9KL=E:9DD9?=LAD@=D=>a<=N9J=AF<MKLJA=F!_J;@

+D9KL

+D9KL=E:9DD9?=

1AJCKGE@=<=FK HJG<MCLAGF >GJ=?^J A 9FE9JC F?D9F</B=CCA=L.H9FA=FG?!J9FCJAF?

+ /+ /++(+ /X$$G?++ 1*#+

-=KMDL9L EAGCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(36)

19CMME=E:9DD=JAF?

-='G;C >MFCLAGF EMDA??aJ 9L E9FC9F?=FDMCC=(+>GJK=?

D=L=E:9DD9?=

&D9KKAKC= HD9KLAC :9CC=J E=<

>GJ<Q:FAF?=JA:MF<LAD9L9:

KM:=J=N_KC=JCa<K9>L

.=H;A=DD= LG>9JN=<= =E:9D D9?=J LAD >_J<A?J=LL=J KGE D=L C9F?^>J9>JQK=JLADGN=F

.L9:DAF?KKQKL=E ?aJ 9L E9F C9F @9N= <=L K9EE= 9FL9D :9CC=JH^EAF<J=HD9<K

.H=;A9D<=KA?F=L;9LGJAF?=E :9DD9?=KGED=LC9F@^F<L=J=K G?KL9:D=K

"6+<=/7,+66+1/

E:9DD9?= A LJ=<AE=FKAGF=D

>GJE

E:9DD9?=E=<KLGJLGH E:9DD9?= KLa:L A >GJKC=DDA?=

>9JN=J

"6+<=/7,+66+1//6<=G,=

(37)

(AF<J= =E:9DD9?= LAD EAF<J=

HJG<MCL=J .LGJ:9CC=LADK=JN=JAF? 'ODCNNCIGOGFƃGTGHCTXGT

"6+<=/7,+66+1//.6E1

'^? E=< =CKLJ9 DMCC= ^:F=

>MFCLAGF '^? KGE =J LADH9KK=L :MF<

(MDA??aJD=LKL9:DAF?

'ODCNNCIGOGFƃGTGTWO

E:9DD9?= >GJEKLa:L =>L=J HJG<MCL

'ODCNNCIGOGFƃGTGTWO E:9DD9?= >GJE=L K^D=<=K 9L 9F<=F =E:9DD9?= C9F H^K_L L=K

(38)

&D9J !9JN=LCD9J !9JN=LE9L=DD=J:D9FCL

"6+<=/7,+66+1/+;?/;

E:9DD9?=KC^DLADK=JN=JAF?

/9DD=JC=F LAD >_J<A?J=LL=J GH FGNVKƃGTGTWO

'ODCNNCIGOGFƃGTGTWO

'ODCNNCIG QRFGNV K ƃGTG TWO E=<EMDA?@=<>GJ9<KCADD=DK=

(AF<J= =E:9DD9?= LAD EAF<J=

HJG<MCL=J

!GJEKLa:L JMEGH<=DL =E:9D D9?=

"6+<=/7,+66+1/'./86E1

(39)

(9KCAFN_JCLaB/=CKLMJD9N=K N=<@B_DH9>E9KCAFLJQC

L;@AF?/=CKLMJD9N=KN=<

@B_DH9>KQJ=

.9F<:D_KFAF?/=CKLMJD9N=K N=<9L:D_K=K9F<H^=E:9D D9?=FE=<KLGJCJ9>L

.H9JC JGKAGF/=CKLMJD9N=K N=<@B_DH9>KLJaE

"6+<=/7,+66+1/&/5<=>;

(40)

(41)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

UUI 54)O)3K

%HGT-F"3)C/

0JJ=$IIPPPAFJ1=5FJA'4 )5$B.-G-.GT.T.

725$F5)F!FJ1=5FJA'4

./+'./=J=F<9FKCNAJCKGE@=<KGEM<NACD=J G?HJG<M;=J=JHD9KL=E:9DD9?=LAD=FKLaJJ=<=D9>

>a<=N9J=AF<MKLJA=F@=JMF<=JLADC9?=J?JaFLK9?=J LJ9FKHGJL:9CC=JG?K9D?K<AKHD9Q./+D9KL

+D9KL=E:9DD9?=

1AJCKGE@=<=FKHJG<MCLAGF>GJ?^JH^=?=F>9:JAC A K:B=J?9FE9JC

+ /*+.+.

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(42)

E:9DD9?=E=<`LJME E:9DD9?=>GJEKLa:L=>L=J

HJG<MCL 'ODCNNCIGOGFƃGTGTWO

"6+<=/7,+66+1//.6E1

'ODCNNCIGOGFƃGTGTWO

E:9DD9?=E=<`LJME E:9DD9?=<=JHJ_K=FL=J=J

HJG<MCL=LAFL=J=KK9FL

"6+<=/7,+66+1/'./86E1

E:9DD9?=E=<`LJME 'ODCNNCIGOGFƃGTGTWOVKN

9<KCADD=DK= E:9DD9?=E=<>GJEKLa:L=

TWOVKNURGEKƂMMGRTQFWMVGT

"6+<=/7,+66+1//6<=G,=

(43)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

FJ5FJUI 250)57F":C/O)3L

%GGTT02FJ)' 0JJ=$IIPPPA,FJ=5FJA'4 )5$B.-9H;GL;TT 725$725!,FJ=5FJA'4

!9KL+D9KL=J=F<9FKC=?=LNAJCKGE@=<KGEK_D

?=JG?HJG<M;=J=J=F?9F?KHJG<MCL=JG?=E:9D D9?= LAD >a<=N9J=J G? KMF<@=<KAF<MKLJA=F !9KL +D9KL

+D9KL=E:9DD9?=

F?9F?:=KLAC

1AJCKGE@=<=FK HJG<MCL=J =J <=DNAKL HJG<M;=J=L H^ =?=F >9:JAC A 9FE9JC =DD=J AEHGJL=J=L >J9

=MJGH_AKC=D=N=J9F<aJ=J + +++.

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(44)

/9DD=JC=F +GJLAGFKKC^D =KK=JLKC^D

(^D=CGH

+D9KLAC?D9K +D9KLAC?D9KE=<>G<

&D9KKAKCHD9KLAC:9CC= 0A?=FF=EKA?LA?HD9KLAC:9CC= =KA?F=LHD9KLAC:9CC=

"6+<=/7,+66+1/+55/;

"6+<=/7,+66+1/&+66/;58/;91<5E6/

"6+<=/7,+66+1/6+<9159::/;

(45)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

UUUUUI O)0:57FO)3-G%;A

%LH9TC5F5M8')

0JJ=F$IIPPPAFM)'=#4A#:7I )5$B.-.K9GTGTG

725$F#8'28O2!FM)'=#4A#:7 27 8F)8

5)F)=C)F)8JJ2O) B.-KTL;.TT;

427A08F)8!FM)'=#4A#:7

.b<H9;C =B=L 9> LQKC= .]+& 1=JH9;CMF?=F

"E:#G&" J=FNAJCKGE@=<KGEHJG<M;=

TGRNCUVKMƂNOUCOVVT[M5¸&2#%-8GTRCEMWPIGP

2NCUVKMƂNO

2TKPVRÁRNCUVKMƂNO

1AJCKGE@=<=F@9JHJG<MCLAGFA.;@O=AR!J9FCJA?

+GD=FG?0.

+ /+ ++*++)QDGF 1*#P+ /

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(46)

5VKXQITKIKFƂNO 0GOÁDPGHWPMVKQPVKNƃQY

OJ9HHAF?

(KNOVKNƃQYYTCRRKPI

8GTCRNGZŠ6[PFGTGƂNOOGF DA?=K^KL_JC=:9JJA=J==?=F KC9:=J

(NGMUKDGNƂNOVKNF[DVTÂMPKPI Z2'6ƂNO'POQPQƂNOUQO

@9JK9EE=:9JJA=J==?=FKC9 DGTUQOGPRQN[ƂNO

)=E^:F=>MFCLAGF=9KQH==D !ADEKGEC9F9>?AN=<9EH

MF<=JGHN9JEFAF? "=FDMC>MFCLAGF 2NCUVKMƂNO

(47)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

M=)C,:FUI

=:J:C8:U55*+

%LHKTFJCM=

0JJ=$IIFM=)C,:FA#:7 )5$B.--9;;;;;T

725$FM=)C,:F!C=#1FM=)C,:FA#:7

-+.MH=J>GK=B=L9>:JALAKC=-+"JGMH+D;=J

=F AFL=JF9LAGF9D NAJCKGE@=< E=< :=DA??=F@=< A D9F<=1AJCKGE@=<=FHJG<M;=J=JG?M<NACD=J KHJaBL=KLa:LG?L=JEG>GJE=LHD9KLAC=E:9DD9?=LAD 9DD=>GG<G?FGF>GG<:J9F;@=J-+.MH=J>GK .HJaBL=KLa:LHD9KLAC=E:9DD9?=

/=JEG>GJE=LHD9KLAC=E:9DD9?=

1AJCKGE@=<=FK HJG<MCLAGF >GJ=?^J H^ =?F= >9 :JACC=JA@@N9FE9JC.N=JA?=/QKCD9F<+GD=F

=D?A=F!J9FCJA?GKFA=F F?D9F?G?0.

+++ /+.+ /

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(48)

E:9DD9?=E=<D^?KGED=L

C9F<J=B=K9> &D9JLD^?E=<EMDA?@=<>GJ

=CKLJ9JME E:9DD9?=E=<KC=AFL=?J=J=L

AD^?=L

'ODCNNCIGQRFGNVKƃGTGTWO E:9DD9?=KGEK=DNC9F<GK=

J=@NGJE=?=L<=JCGEE=J M<

E:9DD9?=E=<D=L9><JQH FAF?KKQKL=E

E:9DD9?=E=<L_LD^? E:9DD9?=E=<D^?KGED=L

C9FL9?=K9> E:9DD9?=E=<>GJKC=DDA?=

@^F<L9?AE=L9D=DD=JHD9KLAC

"6+<=/7,+66+1/

(49)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

M82UI

R8/"R :O)'/')K9%L

%L+TT/FAR8/"R 0JJ=F$IIPPPA'M82A#:7I' )5$B.-..+.+.LL

725$28,:!'M82A'4

MFA.=B=L9>KN=FKC=MFA=J=FAFL=JF9LA GF9DNAJCKGE@=<KGEHJG<M;=J=JG?K_D?=J:GJ<

<_CFAF?KCGF;=HL=J =E:9DD9?=J G? L9C=9O9Q DaKFAF?=JMFA

GJ<<_CFAF?KCGF;=HL=J F?9F?KHJG<MCL=J +D9KL=E:9DD9?=

+9HAJ&9JLGFG?+9H=E:9DD9?=

1AJCKGE@=<=F@9J@GN=<CGFLGJA(9DEaG?HJG

<MCLAGFK=F@=<=JA.N=JA?=/QKCD9F<+GD=F)=O 5=9D9F<G?/@9AD9F<

9?9KK= &9JLGF +9HAJ J+ / +' +' + / + /+.+++.+ +.CJQDAGHD9KL

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(50)

E:9DD9?=KLa:LLAD9F<=L=E

:9DD9?=AEA<L=F &D9J=E:9DD9?=E=<EMDA?@=<

>GJ9LKL9:D=

E:9DD9?= KGE L9DD=JC=F GH FGNVKƃGTGTWO

+D9KLL9DD=JC=FLADEAF<J=

K=JN=JAF?=J

/9DD=JC=FA:9?9KK= +D9KLL9DD=JC=FE=<HD9<KLAD

?D9K .C^DLADK=JN=JAF? *GNUVÔDVGODCNNCIGOGFƃGTG

JME E:9DD9?= LAD >GJK=BDAF? E=<

ƃGTGTWO

"6+<=/7,+66+1/

&+66/;5/8/;

(51)

.C^DLADK=JN=JAF? E:9DD9?=>GD<=LAC9JLGF

E=<NAF<M=JAHD9KLAC E:9DD9?=E=<AF<:Q??=L

D^?

E:9DD9?=E=<CD9JLD^?A

HD9KLAC #=DKLa:L=E:9DD9?= E:9DD9?=>GJEKLa:L=>L=J

HJG<MCL +1+<<//7,+66+1/

"+:3;915+;=98/7,+66+1/

(52)

(53)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

UU=

JJ28/O)3;T

%+GTT :CF)8F 0JJ=F$IIPPPA7#:CA#:7 )5$B.-GT;K;.TT 725$1

E;GJ!D=PA:=DK=J=F<=D9>=FAFL=JF9LAGF9DCGF

;=JFC9D<=LE;GJE;GJ@9JHJG<MCLAGFA@=D=

N=J<=FAFCDMKAN9FE9JCE;GJ!D=PA:=DKHJG<M

;=J=J=E:9DD9?=>GJ>GG<G?FGF>GG<:J9F;@=J E=<EMDA?@=<>GJ9LH=JKGFDA??aJ=@N=JLHJG<MCL E;GJ

+D9KL=E:9DD9?=

F?9F?KHJG<MCL=J DMEAFAMEK=E:9DD9?=

1AJCKGE@=<=FKHJG<MCLAGF>GJ=?^JA@=D=N=J<=F

@=JMF<=J #GJK=FK & /QKCD9F< $F<A=F &AF9 MKLJ9DA=F.Q<9>JAC90.GKN

+ / 1*#+ ++*+++'+1+9HAJ

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(54)

'=L^:F=>MFCLAGFE=<TLJ_C

C=9>U>MFCLAGF '=L DMCC= G? ^:F= >MFCLAGF Z:F=>MFCLAGF>J9LGHH=F E=<TDQFD^KU>MFCLAGF

+GK=9>H9HAJE=<NAF<M=

+D9KLHGK=E=<N=FLAD9LAGFKKQ

KL=ELADEA;JG:aD?=GN=F +D9KLHGK=E=<^:=FLF=LK^

:JM?=J=FC9FCGEE=ACGF L9CLE=<HJG<MCL=L

2J9HHAF? '=L DMCC= G? ^:F= >MFCLAGF

KGEHD9KLN=D;JG>MFCLAGF '=L DMCC= G? ^:F= >MFCLAGF E=<:^F<

"6+<=/7,+66+1/>55/7/=9./;

"9<//7,+66+1/

(55)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

UUUI /)5M8'K-

%HLTTU")8C 0JJ=F$IIPPPA")8A'4 )5$B.-G.K;;+;+

725$28,:!")8A'4

:=F9=J=FAFL=JF9LAGF9D<9FKC=B=L=F?JGK@9F

<=DKNAJCKGE@=<KGE:=KL^J9><9LL=JK=DKC9:=J JMF<L GECJAF? A @=D= N=J<=F :=F9 HJG<M;=J=J

<=JM<GN=J G?K^ KMF<@=<K9JLACD=J KGE :D==J G?

AFCGFLAF=FKHJG<MCL=J:=F9 .9D?9>>GJ:JM?KN9J=J

+JG<MCLAGF9>KMF<@=<K9JLACD=J

1AJCKGE@=<=FHJG<M;=J=JK=DNHJG<MCL=JLADKMF<

@=<KK=CLGJ=F=DD=JKCGEE=JNAJCKGE@=<=FKHJG

<MCL=J>J9=CKL=JF=HJG<M;=FL=J

+ +++. +.+ /+ /+ /+'9?9KK=

/J_+9DE=:D9<=+9HAJ&9JLGF+9HDMEAFAME

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(56)

/GO=J+9;=E:9DD9?=KGEC9F

KCJM?=KK9EE=FAD^?=L>GJD=L G?KACC=JLJ9FKHGJL

E:9DD9?=E=<D^?

'ODCNNCIGDCMMG OGF ƃGTG JME

#=DKLa:L +.=E:9DD9?=E=<

ƃGTGTWO

#=DKLa:L +.=E:9DD9?= +.:9CC=

#=DKLa:L=E:9DD9?= #=DKLa:L=E:9DD9?=E=<CD9JL

D^? #=DKLa:L=E:9DD9?=>GJEKLa:L

=>L=JHJG<MCL

"6+<=/7,+66+1/

"%7,+66+1/

(57)

2CNOGDNCFUVCNNGTMGPOGFƃGTG

JME 9?9KK==E:9DD9?=E=<+ /

&9JLGF=E:9DD9?= D^?

9CC=E=<D^? 9CC=LADK=JN=JAF? $CMMGOGFƃGTGTWO

"6+<=/7,+66+1/

F;/.B1=31/:;9.>5=/;

(58)

(59)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

M5J228)UI 2C4)"3)C/O)3;G

%.;+T:C<

0JJ=$IIPPPA7M5J2528)A'4 )5$B.-GT;TGGTT 725$28,:!7M5J2528)A'4 CF A)')CF)8

)RU##:M8J8/)C B.-LH+++++L

5CFA=)')CF)8!7M5J2528)A'4

(MDLA'AF==J=F<9FKC=F?JGK@9F<=DKNAJCKGE@=<

=B=L9>GFRD#GD<AF?K.=FKLGJAFL=JF9LAGF9D NAJCKGE@=<KGE9J:=B<=JE=<=F?JGKG?<AKLJA :MLAGF (MDLA'AF= @9F<D=J E=< >GJ:JM?KN9J= G?

E9KCAF=JLAD>GG<G?FGF>GG<:J9F;@=J(MDLA' AF=

.9D?9>>GJ:JM?KN9J=J

.9D?9>E9KCAF=JLAD<AKLJA:MLAGF

1AJCKGE@=<=FHJG<M;=J=JACC=K=DNHJG<MCL=J +++ /+.+ /+ /*+.+' +.DMEAFA ME/J_9?9KK=+9DE=:D9<=+9H&9JLGF+9HAJ

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(60)

&D9KKAKCC9JLGFL9DD=JC=F /9DD=JC=F9>:9?9KK=GH<=DLA

ƃGTGTWO /9DD=JC=FAH9DE=:D9<=

+.=E:9DD9?=E=<`LJME E=<EMDA?@=<>GJCD9JLHD9KLAC D^?

#=DKLa:L +.=E:9DD9?= #=DKLa:L +.=E:9DD9?=E=<

ƃGTGTWO

!GD<=D^?EMDA??aJ9L=E:9D D9?=FD=LC9F^:F=KG?DMCC=K A?=F

E:9DD9?=FHJ_K=FL=J=J

HJG<MCL=L -M<=9>HD9KL(MDA??aJ9L :JM?=J=FC9FK=HJG<MCL=L +;=98/7,+66+1/

&+66/;58/;

"%/7,+66+1/

(61)

9CC=LADK=JN=JAF?

(=<`LJME

6>7383>7/7,+66+1/

"6+<=/7,+66+1/

/GFƃGTGTWOHQTCVOWNKI

?aJ==FGH<=DAF?9>HJG<MCL

=J /GFƃGTGTWO

#=DKLa:L=E:9DD9?= #=DKLa:L=E:9DD9?=E=<CD9JL D^?

'ODCNNCIGOGFƃGTGTWO E:9DD9?=E=<`LJME

-NCUUKUMOCFDCMMGOGFƃGTG JME

(62)

(63)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973

UI 5N#0)CFO)3K

%G.+T25'"3)C/

0JJ=F$IIPPPA528'FA'4 )5$B.-999LTLKK 725$725!528'FA'4

'AF<K=J=F<9FKC=F?JGK@9F<=DKNAJCKGE@=<KGE

@9F<D=JE=<>GJ:JM?KG?K=JNA;=N9J=JAF<=F>GJ D9F<:JM? <9?DA?N9J=J CGFLGJ 9J:=B<KLaB EG:AD L=D=>GFAG?KHGJL

.9D?9>>GJ:JM?KN9J=J

1AJCKGE@=<=FHJG<M;=J=JACC=K=DNHJG<MCL=J +++ /+.+ /+ /*+.+' +.DMEA FAME /J_ 9?9KK= +9DE=:D9<= +9H &9JLGF +9HAJ

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(64)

/9DD=JC=F9>C9JLGF /9DD=JC=F9>HD9KL /9DD=JC=F9>:9?9KK=

.=JN=JAF?K:9CC=

#=DKLa:L +.=E:9DD9?=E=<

ƃGTGTWO Q:L9DD=JC=F

&9JLGF:9CC=JKGEC9FKL9

:D=K &9JLGF=E:9DD9?=>GD<=L9>`L

KLQCC= &9JLGF=E:9DD9?=E=<C9JLGF

D^?

+;=98/7,+66+1/

&+66/;5/8/;

"%/7,+66+1/

(65)

&D9KKAKCCa<:9CC= #=DKLa:L=E:9DD9?=E=<`L

'ODCNNCIGOGFNÁIKƃGTG JME

>GJE=J

#=DKLa:L=E:9DD9?=>GJEKLa:L

=>L=JHJG<MCL

*GNUVÔDVGODCNNCIGOGFƃGTG

JME &D9J=E:9DD9?=E=<L_LD^?

9CC=E=<`LJME $CMMGOGFƃGTGTWO .=JN=JAF?K:9CC=

6>7383>7/7,+66+1/

"6+<=/7,+66+1/

(66)

(67)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

UU=

M/28FO)3;-

%.;TT28/FJ)'

…ÌÌ«Ã\ÉÉÜÜÜ°wi`>`ۈVi°˜iÌ )5$B.-.+.;;T+K

“>ˆ\ˆ˜vœJwi`>`ۈVi°˜iÌ

!A=D<<NA;==J=F<9FKC=F?JGK@9F<=DKNAJCKGE

@=<KGE@9F<D=JE=<=F?9F?KK=JNA;=G?=E:9D D9?=1AJCKGE@=<=F@9J>GCMKH^K9D?9>EADBaN=F DA?= G? :AGDG?AKC F=<:JQ<=DA?= HJG<MCL=J !A=D<

<NA;=

.9D?9>=F?9F?KK=JNA;=G?=E:9DD9?=

1AJCKGE@=<=FHJG<M;=J=JACC=K=DNHJG<MCL=J + +.+++ /&9JLGF+9DE=:D9<9?9KK=/J_

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(68)

+9DE=:D9<KL9DD=JC=FE=<

ƃGTGTWO #=DKLa:L=E:9DD9?=9>:9?9K

UGOGFƃGTGTWO /J_:9CC=E=<HD9KLACD^?

&9JLGFKC^DE=<D^?

+ /KC^D=E=<D^? !GJKC=DDA?=HD9KLACKC^D=KGE

C9FH9CC=KA@AF9F<=F E:9DD9?=>GD<=LE=<NAF

<M= E:9DD9?=>GD<=LE=<UJAH

G>>U>MFCLAGF E:9DD9?=>GJE=L=>L=JHJG

<MCLE=<NAF<M=

+;=98/7,+66+1/

396913<58/.,;B./631/:;9.>5=/;

"6+<=/7,+66+1/

(69)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

C))8PR1)87C4U=F :58)O)3;KK%:58)

%9+GT28'5

0JJ=F$II/C))8PR1')87C4A'4 )5$B.-9+.H;---

725$28,:!/C))8PR1')87C4A'4

<C)8U8'C)FF)8 )8)C58/)C B.-L+..GTT-

F:)C8!/C))8PR1')87C4A'4

"J==FO9Q=FE9JC=J=L<9FKC=F?JGK@9F<=DK NAJCKGE@=<KGE=J@GN=<D=N=J9F<aJ9>HJG<MC L=J>J9:=D?AKC=F9LMJ=KK=X1AJCKGE@=<=F@9J>G CMKH^K9D?9>:AGF=<:JQ<=DA?=G?CGEHGKL:9J=

HJG<MCL=J"J==FO9Q=FE9JC

.9D?9>=F?9F?KK=JNA;=G?=E:9DD9?=

1AJCKGE@=<=FHJG<M;=J=JACC=K=DNHJG<MCL=J +'+'&9JLGF+9DE=:D9<9?9KK=/J_

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(70)

QLL9DD=JC=F .H=;A9D<=KA?F=LL9DD=JC=FE=<

M<KC_JAF?LAD=F?9F?KCGH /9DD=JC=FE=<M<KC_JAF?LAD

=F?9F?KCGH

.C^DE=<@_D<=LM<

Q:K=JN=JAF?KKC^D .=JN=JAF?KKC^D>GJE=LKGE

:D9<

#=DLKa:L=E9DD9?= $CMMGOGFƃGTGTWO 5GTXGTKPIUDCMMGOGFƃGTG

JME +1+<</+55/;

+1+<</&+66/;58/;

+1+<</%5E6/

(71)

MJ?=J=E:9DD9?= .=JN=JAF?K:9CC= -MF<K=JN=JAF?K:9CC=

&GEHGKL:9J=F?9F?KCGH9>

.H=;A9D>GJE=L:9E:MK:D9< +'

KC^D &GEHGKL:9JL=F?9F?K:=KLAC

9>+'

#=DKLa:L=E:9DD9?= *GNUVÔDVGODCNNCIGKƃGTG

>9JN=J .C^DE=<D^?

"/7,+66+1/

+;=98

6=/;8+=3?/:;9.>5=/;

(72)

(73)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

#4/28/C:M=U F428O/)8;%M8'%P)')8

%LL;TT

0JJ=F$IIPPPAC1=#4/28/A#:7 )5$B.H.HL+GKKTT

Z-+9;C9?AF?=J=F9><=>aJ=F<=C9JLGF=E:9DD9

?=HJG<M;=FL=JA MJGH9<=D=N=J=J:^<=C9JLGF GODCNNCIG QI ƃGMUKDNG RNCUVKMGODCNNCIGT 8KTM KGE@=<=F@9J@GN=<CGFLGJG?HJG<MCLAGFA.N=

JA?=JH9;C9?AF?

&9JLGF=E:9DD9?=

+D9KL=E:9DD9?=

/JQCH^C9JLGF=E:9DD9?=

1AJCKGE@=<=F@9JHJG<MCLAGFA.N=JA?=

+ J+ / + / +' *++ )QDGF 1*# +9HAJ

&9JLGFDMEAFAME

(74)

"=FF=EKA?LA?L+ /HD9KL

:9CC=JE=<J+ / 9CC=AHD9KLKGEDA?F=JG?

>aD=KKGEH9HAJE9L=JA9D=

J+ /HD9KL:9CC=

&9JLGF=E:9DD9?=E=<MFACC=

>GD<

&9JLGF:=@GD<=JE=<HD9KLAC

D^? &9JLGF=E:9DD9?=E=<MFAC

>GJE

0A?=FF=EKA?LA?L>GJK=?DAF? !ADELAD<Q:LJ_CFAF? "=FF=EKA?LA?>GJK=?DAF?

2NCUVKMƂNO

"6+<=/7,+66+1/

+;=98/7,+66+1/

(75)

&9JLGFCGHH=J &9JLGFE=<F=E^:F=>MFCLA

GF &9JLGF:9CC=E=<HD9KLAC

AF<D_?

(76)

(77)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<+;,/4.<97;E./;

(3;5<972/./8<:;9.>5=398<09;296.

+=/;3+6/;

:C'234)C=4428/)88'7 23O)C0)2'F#)8JCM7K+

LGH;)O)80M2S)8> ?

0JJ=$IIPPPA0:C'234O)C=4428/)8A#:7 )5$BK;>T?;+T.-THHH

725$0F=O!0:C'234A85

#GJ<ABC=J=L=F@GDD9F<KCNAJCKGE@=<KGEHJG

<M;=J=J L=JEG>GJE=L HD9KLAC=E:9DD9?= 1AJC KGE@=<=F=J=F<=D9>#GJ<ABC?JGMHKGEG?K^

HJG<M;=J=J +.+JG<MCL=J#GJ<ABCN=JH9CCAF?=F

/=JEG>GJE=LHD9KL=E:9DD9?=

1AJCKGE@=<=F@9JHJG<MCLAGFA#GDD9F<

+ /+ /+ /++

(78)

E:9DD9?=E=<LGJMEKGE

C9F<=D=KGHALG E:9DD9?=E=<EAF<J=JME

LAD>=CK:=KLAC

#=DKL^:L=E:9DD9?=

'ODCNNCIGOGFƃGTGTWO E:9DD9?=E=<EAF<J=JME

LAD9<KCADD=DK=9>HJG<MCL=J 'ODCNNCIGOGFƃGTGTWO

E:9DD9?=E=<`LJMEACD9J

HD9KL E:9DD9?=E=<`LJMEA

>9JN=LHD9KL E:9DD9?=A`LJMEE=<KH=

;A=D>GJE

&/;7909;7/=:6+<=35/7,+66+1/

(79)

6=/;8+=3?:6+<=

/GPU ƃGTG XKTMUQOJGFGT CTDGLFGT MQPXGPVKQPGNV OGFRNCUVQIHÔFGXCTGGODCNNCIGƂPFGUFGTQIUÁ NAJCKGE@=<=J KGE MF<=JKa?=J HD9KL9DL=JF9LAN=J

#=JMF<=J =J =CK=EHD=J H^ NAJCKGE@=<=J KGE 9J :=B<=JE=<=F9DL=JF9LAN>GJE>GJHD9KL>J=EKLADD=L K^D=<=K 9L NAJCKGE@=<=FK L9FC=?9F?= G? LQHAKC=

HJG<MCL=J:DAN=JKQFDA??BGJL

(80)

(81)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

J5J) R=C4)8.T%

L;TTFJ)C"C:

0JJ=$IIPPPA)J=5J)A'4 )5$B.-9;HH-TTT

725$4:8J4J!)J=5J)A'4

J 5J) )C )8 O2C4F:70)' F:7 =C:'M#)C)C F=2F)52/) )8/8/F")FJ24 5O)J , ;TT@ 0O)')1 452'%')JO25F2/)J=C:'M4J)J8)'"CR')F28JMC)8 2 5<")J , KT '/)A C:'M4J)C8) 48 :=")OC)F 2,CRF)C)8:/:=OC7)F2:O8:/724C:"<5/):O8 :/)C')C,:CO)5)/8)JJ25F)CO)C28/," ')4:5') :/ OC7) C)JJ)A :/ O25 =C:'M4J)J :=5<F)F O)' 4:8J4J7)'OF4)258/)C))8'KT728AC:1 'M4J)J)CM'O245)JF:7)J7253<O)852/J5J)C8J2OJ25 )8/8/F=5FJ24")FJ24:/244),:CJF7/)/:'J

>J=5J)?A

.HAK=DA?L)8/8/F")FJ24A

1AJCKGE@=<=FK HJG<MCL=J HJG<M;=J=K 9> HGDKC=

$*/- (A+GD=FAGL=JE

.C^D

/9DD=JC=F &GHH=J

(82)

+?8

.;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

U88)882#4%U:

M5528//').L

%-GTTO)8'":C/

0JJ=$II88)"882#4A'4 )5$B.-L.L-L-HL

725$725!88)"882#4A'4

U88)882#4:/)8)')8F)8=C:'M#)C)C)J

"C)'R/J2/J5J)C8J2OJ25)8/8/FF)CO2F)F:7)C ')F2/8)J:/M'O245)J7)',:4MF= ,M84J2:852J)J%

"C)'R/J2/0)':/FJ)J24A'/8/F=M84J)JOC 882#4F J84)C :74C28/ J55)C4)8)8 :/ ")FJ241 4)JF28'J:/2O)C')8)8%0O:C78,<CF)CO)C)') F287'= ,A)4FA)JFJR44)"C<'>M8FJ28'MFJC27M1 F))J?A)C,:C0CJ2'52/)C)')F2/8FOC)J5O)J=

«>˜ÌiwLÀiܓ}ՏiÀ©``iÀ]«œÀÀiÀœ}ŽF]ÃFi1 ')FJ=C:'M4J)C8)O255)4M88)F=2F)F),J)C"CM/A C:'M4J)C8)=C:'M#)C)F2'/27)C)4:77)C#2)51 5)%7)8FJ'2/;TT@"2:8)'"CR')52/)7J)C25)C

>U88)882#4?A

AGF=<:JQ<=DA?L=F?9F?K:=KLAC

1AJCKGE@=<=FKHJG<MCL=JHJG<M;=J=KA9FE9JC

/9DD=JC=FE=<KHGJC

/9DD=JC=FE=<EAF<J=<AHKC^D -MEGH<=DL=E:9DD9?=LAD 9<KCADD=DK=9>>a<=N9J=JMF<=J D=N=JAF?

(83)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

98=+5=:/;<98

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

7"

"LiÀi >…˜ÃÌÀ>~iÓä

%L;.H-)8J:C,

0JJ=F$IIPPPAFM=)CF)O)8A)M )5$B.9>T?.THT-9TH...

725$28,:!FM=)CF)O)8A)M O)8))O)CF

8/28/CJ8)C B.9>T?;GT+LH-LT-

O)8AF))O)CF!FM=)CF)O)8A)M

M=)CF)O)8)C)8JRF4O2C4F:70)'F:7=C:'M#)1 C)C7253<O)852/)=5FJ24=C:'M4J)CA2C4F:70)')8 J25"R')C:O)C:C'8)JF)JJC),:CF4)552/)=C:'M4J)C%

03)71 :/ 0O)=C:'M4J)C% 8'MFJC2=C:'M4J)C :/

/)88O)8'J) =C:'M4J)CA 3)71 :/ 0O)=C:'M41 J)C8))C5O)J,#)55M5:F)F:7)C)J"2:8)'"CR1 ')52/J7J)C25)%0O2F=C:'M4J)CO25:=5<F)F2/F)5O

= .L'/)0O2F')52//)C23:C')8A8'MFJC2=C:1 'M4J)C8))C=C:'M4J)CF:7)C4:7=:FJ"C)%'2FF)

=C:'M4J)C)C=C:'M#)C)J,)8"58'28/7)55)7

#)55M5:F)%==2C:/FJ2O)5F)A)/)88O)8'J)=C:1 'M4J)C)C=C:'M#)C)J,2:1%')JJ))C=C:'M41 J)CF:7)C)8"58'28/,J2'52/)C)"CM/J:/

FJ2O)5F)% FM44)CC:)C )55)C 0O)')4:C8A 2FF) =C:1 'M4J)C482/)88)'"CR')F:/7J)C25)J48 /)8"CM/)F)8'8M)8/8/>M=)CF)O)8?A

(ADBaN=FDA?LHD9KLE9L=JA9D=

1AJCKGE@=<=FKHJG<MCL=JHJG<M;=J=KA/QKCD9F<

(84)

'ODCNNCIGVKNƃQYRCEMKPI

E:9DD9?=E=<JMF<:MF< E:9DD9?=E=<>GD<=L:MF<

;/"#+;./8

'ODCNNCIGVKNƃQYRCEMKPI E:9DD9?=E=<>GD<=L:MF<

G?^F<=@MD E:9DD9?=LADGH@_F?

;/"#8.><=;B

E:9DD9?=LADGH@_F?KGE=J D=LLAD?_F?=DA?L

E:9DD9?=E=<>GD<=L:MF< _J=HGK=

;/"#$/-B-6/

(85)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

UU

F:::")CJ284JML;

TT;LT )5F2842%:MJ0)C82858' 0JJ=F$IIPPPAFM5=#A#:7

)5$BK-+.T+LHH+-.

725$=)CJJMAF:CF!FM5=#A#:7

M5=#4 5O)C =C:'M4J)C , JCF= 8)C F:7 0C F77))/)8F4")CF:7F:52')=5FJ24=C:'M4J)CA J)C25)J )C ;TT@ "2:8)'"CR')52/J :/ 7)' )J

")JR')52/J 728'C) L ,JCR4A C:'M4J)C8) 48

=C:'M#)C)F2)8")FJ)7J<8F4)J,:C7:/7)')8

")FJ)7J <8F4)J ,CO)% 0O:C ')J )8')52/) M'JCR4 5J2'O25OC)=C/)J,JCFJCM4JMC)827J)C25)JA C:'M4J)J )C J257)' /:'4)8'J J25 ,<')OC)"CM/

>M5=#%LT;+?A

AGE9L=JA9D=KGEC9F=JKL9LL=HD9KLAC

1AJCKGE@=<=FKHJG<MCL=JHJG<M;=J=KA!AFD9F<

+JG<MCL=JA>GJKC=DDA?=>9JN=J +JG<MCL=JA>GJKC=DDA?=KLaJJ=D

K=J 0<NACDAF?9>FQ=G?:Da<=

HJG<MCLLQH=JH^N=B

(86)

(87)

+<538/;913<=;3,>=398

$>aD?=F<=9>KFAL=JDAKL=L=FJ_CC=<9FKC=NAJCKGE

@=<=JKGE=FL=FHJG<M;=J=J=DD=JK_D?=J>GJKC=DDA

?=KD9?KE9KCAF=JLAD>a<=N9J=G?=E:9DD9?=@^F<

VGTKPI8KTMUQOJGFGTPGJCTV[RKUMƃGTGHQTUMGNNKIG 9J:=B<KGEJ^<=J=F<<=FF=J9HHGJLKCAD<J=J<9<=J

@=J>GCMK=J=KH^E9KCAF=J<=JC9FN_J=:JM?:9J=

AGJ<_CA?HJGB=CL=L=DD=J>GJ!_DD=KCaCC=F=L

$.

(88)

(89)

(9KCAF=LAD@^F<L=JAF?9>

HJG<MCL=J

(9KCAF=LADH^K_LFAF?9>

=LAC=LL=J

.;@MJX.L9JKQKL=EH9CC=

E9KCAF=

(9KCAF=LAD9LH9CC=HJG<MCL=J AC9KK=JLAD<AKLJA:MLAGF

(9KCAF=LADL9HFAF?9>C9KK=J

(9KCAF=LAD9LH9CC=HJG<MCL=J AC9KK=JLAD<AKLJA:MLAGF

&9JLGF>GD<=E9KCAF= &9JLGFDMCC=E9KCAF=

(90)

#9DN9MLGE9LAGKC>GJK=?DAF?K E9KCAF=E=<EMDA?@=<>GJ (+

.AEH=DHGK=N9CMMEH9CC=

E9KCAF=

!MD<9MLGE9LAKC>GJK=?DAF?K E9KCAF=E=<EMDA?@=<>GJ (+

9CC=<AKH=FK=J9<KCAD<=J :9CC=J>J9@AF9F<=FN=<DM>L 19CMMEH9CC=E9KCAF= (9FM=D>GJK=?DAF?KE9KCAF=

(91)

&aD=G?N9JE=E9KCAF=J

!MD<9MLGE9LAKC>GJK=?DAF?K E9KCAF=E=<EMDA?@=<>GJ (+

(9KCAF=JLAD>GJ9J:=B<FAF?9>

>a<=N9J=J#9CC=E9KCAF=

(9KCAF=LAD(+H9CFAF?9>

HGK=J

!MD<9MLGE9LAKCN9CMME

<M:LJ_CFAF?KE9KCAF= 19JLAC9DH9CC=E9KCAF=

#9DN9MLGE9LAKC>GJK=?DAF?K E9KCAF=E=<EMDA?@=<>GJ (+

(9KCAF=JLADHGJLAGF=JAF?9>

>a<=N9J=J G9LAF?E9KCAF=LADE9JAF=

JAF?9>>a<=N9J=J

(92)

(93)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

(3;5<972/./8<G598973(3;5

UUI 28)C5O)3H1+

%9LLTU5":C/FJ 0JJ=$II#CF:)A'4 )5$B.-9+L.LHL.

725$28,:!#CF:)A'4

9JKG==J=F<9FKCNAJCKGE@=<E=<HJG<MCLAGF A9FE9JC)GJ?=G?0.1AJCKGE@=<=FHJG<M

;=J=JG?<=KA?F=JE9KCAF=JLAD>GJKC=DDA?=HJG;=K K=JA>a<=N9J=AF<MKLJA=F9JGK=

(9KCAF=JLAD@^F<L=JAF?9>=E:9DD9?=

(9KCAF=JLADHJG;=KK=JAF?9>>a<=N9J=J (9KCAF=JLAD@^F<L=JAF?9>>a<=N9J=J F428)CJ25O4MM7=4828/

1AJCKGE@=<=FHJG<M;=J=JK=DN<=J=KHJG<MCL=JA 9FC9JE)GJ?=G?0.

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

(94)

1=JLAC9D:9CC=<AKH=FK=J

<KCAD<=J:9CC=J>J9@AF9F<=F N=<DM>L

#GJAKGFL9D:9CC=<AKH=FK=J

<KCAD<=J:9CC=J>J9@AF9F<=F N=<DM>L

(9KCAF=LADF=<CaDFAF?9>

HJG<MCL=J

19CMMEH9CC=E9KCAF= .LGJN9CMMEH9CC=E9KCAF=

(9KCAF=LADGH:=N9JAF?G?

RTQEGUUGTKPICHƃ[FGPFG HJG<MCL=J

(9KCAF=LAD9LDa>L=G?@^F<L=

J=HJG<MCL=J (9KCAF=LADHGJLAGF=JAF?9>

HJG<MCL=J

(95)

+?8 .;/<</

4/77/<3./

98=+5=9:6B<8381/;

9;=,/<5;3?/6</+0?3;5<972/./8

(3;5<972/./8<=36,B./;

(3;5<972/./8<:;9.>5=398<09;296.

(3;5<972/./8<G598973(3;5

0<J=?F=LM<>J9NAJCKGE@=<=FK^JKJ9HHGJL

#4UI J)552JO)3G

%+GTT :CF)8F 0JJ=F$II=7=#4A'4 )5$B.-G-HTLTTT 725$725!=7=#4A'4

+(+9;C=J=F<9FKC=B=LNAJCKGE@=<KGED=N=J=J H9CC=DaKFAF?=JLAD>a<=N9J=AF<MKLJA=FA@=D==MJG H9+(+&.

.9D?9>E9KCAF=JLAD@^F<L=JAF?9>=E:9DD9?=

.9D?9>H9CC=E9KCAF=J

.9D?9>E9KCAF=JLADHJG;=KK=JAF?9>>a<=N9J=J .=JNA;=9>E9KCAF=J

1AJCKGE@=<=FHJG<M;=J=JACC=K=DN<=J=KHJG<MC L=J

-=KMDL9L LCJ

!GJJ=FLFAF?9>=?=FC9HAL9D

.GDA<AL=LK?J9<

Figure

Updating...

References

Related subjects :