TPDCo Annual Report 2013 [FINAL].2
Transcription
TPDCo Annual Report 2013 [FINAL].2
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`C" @;C" H;?DF" :?" B@=C" G@A<P<:@:CF" :BC" C8:;I" ?G" 9<M" R6S" 8CT" B?:CP9" TB<AB" @FFCF" 6Y6" :?" :BC" FC9:<8@:<?8K9" ;??E" 9:?A_!" 4D;" W2a" H;?>;@EEC" ;C@ABCF" 9?EC" &%ZZ" T?;_C;9" <8" G<=C" ;C9?;:" @;C@9" @8F" TB<PC" :BC;C" <9" 9:<PP" BC9<:@:<?8" :?" H@;:<A<H@:C" :BC" GCCFL@A_" B@9" LCC8" H?9<:<=C!"" .)OQ?" <8G?;E@:<?8" ?GG<AC;9" @P9?" ;CE@<8CF" =C;I" @A:<=C" ?=C;" :BC" HC;<?F" T<:B"?=C;"5Y#NZZZ"HC;9?89"D:<P<^<8>"?D;" _<?9_9!" );?FDA:" OC=CP?HEC8:" F<F" T?;_" :B@:" T@9" A;DA<@P" <8" BCPH<8>" D9" :?" E@<8:@<8" ?D;" G<8@8A<@P" =<@L<P<:I" :B;?D>B" @8" <8A?EC"?G"bD9:"D8FC;"3?;:I"3?D;",<PP<?8" O?PP@;9" RU77,S!" " 2:" <9" 8?:CT?;:BI" :B@:" C@;8<8>9" TC;C" 6ZV" @L?=C" :BC" &Z%%" c" &Z%&" G<>D;C9!" " /8" @HH;CA<@:<?8" G?;" :BC" <EH?;:@8AC" ?G" :BC" @C9:BC:<A9" ?G" ?D;" ;C9?;:" :?T89" @8F" <:9" <EH@A:" ?8" :BC" FC9:<8@:<?8K9" ?=C;@PP" @HHC@P" E@FC" :BC" E@<8:C8@8AC" @8F" LC@D:<G<A@:<?8" ?G" :BC9C"@;C@9"@"H;<?;<:I"@8F"?D;"H;C9C8AC" T@9" GCP:!" " 'C=C;@P" H;?bCA:9" TC;C" A?EHPC:CF"<8APDF<8>"E@b?;";C8?=@:<?89" :?" OC=?8" W?D9CN" ;C9:?;@:<?8" ?G" :BC" W?PITCPP" :;@<P9" @8F" 4AB?" 0<?9" AP?A_" ! :?TC;!" " 4AB?" 0<?9" @P9?" A@EC" <8" G?;" P@8F9A@H<8>" @8F" ;CB@L<P<:@:<?8" ?G" 9<FCT@P_9!" " *@8F9A@H<8>" ?G" ,?8:C>?" ]@IK9" CPC>@8:" A?;;<F?;N" ;C9:?;@:<?8" ?G" :BC" 4PFC" 3?;:" WC;<:@>C" H@;_" @8F" :BC" .;CP@T8I" )@;<9B" QBD;ABN" ;CB@L<P<:@:<?8" ?G" ]PC8BC<EN" APC@8<8>" ?G" -C>;<P" LC@ABC9N" DH>;@F<8>" ?G" :BC" *?=C;K9" *C@H" @::;@A:<?8N" A?89:;DA:<?8" ?G" @" L<?c F<>C9:C;"9I9:CE"@:",<P_"0<=C;"W?:CP"@8F" 'H@" @E?8>" 9C=C;@P" ?:BC;" H;?b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a<PP@>CN" 289:<:D:C" ?G" J@E@<A@N" Q?;8T@PP" Q?D;:9N" .;C@9D;C" ]C@AB"@8F"J@E@<A@"#Z"JDL<PCC!"`C"T<PP" A?8:<8DC" :?" LC" ;C9H?89<=C" :?" :BC" <8FD9:;IK9" 8CCF9N" TB<PC" ACEC8:<8>" @PP<@8AC9" :B@:" T<PP" @99<9:" D9" <8" ;C@AB<8>" E?;C"HC;9?89"<8":BC"<8FD9:;I!"" /9" .)OQ?" A?8:<8DCF" :?" G@A<P<:@:C" A?EED8<:I" L@9CF" @::;@A:<?89N" ?8c >?<8>":CAB8<A@P"@99<9:@8AC"T@9"?GGC;CF" :?" 9C=C;@P" P?A@:<?89" <8APDF<8>" 'C@G?;F" .?T8N"4MG?;F"Q@=C9N"];@C9"0<=C;N"-<8C" ,<PC9N" )?;:P@8F" Q;@G:" a<PP@>C" bD9:" :?" 8@EC" @" GCT!" " 28" _CCH<8>" T<:B" <:9" E@8F@:C" 9?EC" %5Z" F<;CA:<?8@P" 9<>89" TC;C" @P9?" <89:@PPCF" @A;?99" :BC" <9P@8F!"" 3D8F<8>" G;?E" :BC" .?D;<9E" ! +8B@8ACEC8:" 3D8F" .+3" ?G" U%&!#,<PP<?8" @PP?TCF" G?;" 6&#" 9:DFC8:9" :?" LC8CG<:" G;?E" ?D;" :?D;<9E" 9DEEC;" <8:C;8" H;?>;@EEC" TB<AB" H;?=<FCF" @" 9D9:@<8CF" CMH?9D;C" @8F" T?;_" CMHC;<C8AC" <8" =@;<?D9" @9HCA:9" ?G" :BC" <8FD9:;I!"" .BC" FCA<9<?8" :@_C8" :?" G?;C>?" :BC" EC;>C;" ?G" :BC" .?D;<9E" +8B@8ACEC8:" 3D8F"R.+3S"@8F":BC".)OQ?"T@9"@"E?=C" TB<AB" L;?D>B:" @L?D:" ;C8CTCF" A?EE<:EC8:" @8F" =<>?;" @E?8>" :BC" 9:@GG!" " `C" A@8" LC" H;?DF" ?G" :BC" T?;_" :B@:" TC" B@=C" F?8C" @8F" :BC" ;?PC" TC" B@=C" HP@ICF" <8" G@A<P<:@:<8>" 9D9:@<8@LPC" FC=CP?HEC8:"<8":BC"9CA:?;!""" 2" T<9B" :?" :B@8_" :BC" ECELC;9" ?G" :BC" L?@;FN" E@8@>CEC8:" @8F" 9:@GG" G?;" :BC" A?EE<:EC8:" :BCI" B@=C" F<9HP@ICF" @8F" :BC" B@;F" T?;_" HD:" <8" ?=C;" :BC" HC;<?F!" .BC" .?D;<9E" +8B@8ACEC8:" 3D8F" B@9" LCA?EC" ?D;" E@b?;" 9?D;AC" G?;" A@H<:@P" <8bCA:<?8";C\D<;CF"G?;":BC"CMCAD:<?8"?G" E@8I"?G"?D;"H;?bCA:9!""`C"T<9B":?"@P9?" :B@8_" :BCE" G?;" @" 9B@;CF" =<9<?8" TB<AB" T<PP" DP:<E@:CPI" ;CF?D8F" :?" :BC" @F=@8ACEC8:"?G"?D;"HC?HPC!"""" /9" TC" >?" G?;T@;F" TC" ;CA?>8<^C" :B@:" HDLP<A" H;<=@:C" H@;:8C;9B<H9" T<PP" LCA?EC" <8A;C@9<8>PI" ;CPC=@8:" 8?:" ?8PI" :?" ?D;" 9D9:@<8@L<P<:I" @9" @" A?EH@8I" LD:" :?" >;?T<8>" :BC" 9CA:?;" @8F" TC" T<PP" A?8:<8DC":?"HD;9DC":B<9"=<>?;?D9PI!""`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d<8>9:?8" 0C9?;:" :B;?D>B" ?D;" 8CT9PC::C;"ed<8>9:?8"Q@PP<8>!f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`C" A?8:<8DC" :?" T?;_" AP?9CPI" T<:B" :BC" J@E@<A@" .?D;<9:" ]?@;F" RJ.]S" @8F"?:BC;"9:@_CB?PFC;9"@8F"FD;<8>":B<9" HC;<?F" FC=CP?HCF" '4)9" G?;" 9C=C;@P" 9CA:?;9" <8APDF<8>" :?D;" A?EH@8<C9N" A?8:;@A:" A@;;<@>CN" L<_C" ;C8:@P9N" A;@G:N" T@:C;9H?;:9" @8F" E?;C!" " `<:B" :BC" 'H@" @8F" B<>B" @8>PC" 9:@8F@;F9" 8?T" >@^C::CF" LI" :BC" ]D;C@D" ?G" ':@8F@;F9" :B<9" <9" CMHCA:CF" :?" :@_C" GDPP" CGGCA:!" ,@8I" H@;:8C;9B<H9" TC;C" G?;ECF" @8F" E@<8:@<8CF" T<:B" @" =<CT" :?" <EH;?=<8>" :BC"H;?FDA:!" ! .BC");?FDA:"OC=CP?HEC8:"OCH@;:EC8:" C@;8CF" 9?EC" U75!X" E<PP<?8" <8" E@8@>CEC8:" GCC9" TB<AB" @P:B?D>B" LCP?T" H;?bCA:<?89" BCPHCF" :BC" ?;>@8<^@:<?8" :?" ?=C;A?EC" 9?EC" ?G" <:9" AB@PPC8>C9!" " Q?8:<8D?D9" E@<8:C8@8AC" @8F" LC@D:<G<A@:<?8" ?G" ;C9?;:" @;C@9N" DH>;@FC9" :?" A;@G:" E@;_C:9N" BC;<:@>C" 9<:C9N" 8@:D;CcL@9CF" @::;@A:<?89" @8F" HP@AC9" ?G" <8:C;C9:" TC;C" bD9:" 9?EC" @9HCA:9" ?G" :BC" T?;_" ?G" :B<9" FCH@;:EC8:!" .BC" G?;E@:<?8" ?G" @" );?bCA:",@8@>CEC8:"4GG<AC"R),4S"@8F" @FBC;C8AC" :?" H;?bCA:" E@8@>CEC8:" H;<8A<HPC9" @8F" H;@A:<AC9" @PP?TCF" G?;" E?;C" CGG<A<C8:" E@8@>CEC8:" ?G" H;?b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d<8>9:?8" Q;@G:" ,@;_C:g" 0CF" Q@H" )?;:C;9g" /AA?D8:@8:" hC8C;@PK9" OCH@;:EC8:g" <8" @FF<:<?8" :?" 9C=C;@P" ! B?:CP9" TB?" 9?D>B:" <8:C;=C8:<?8" <8" A?8GP<A:" E@8@>CEC8:" @8F" AD9:?EC;" 9C;=<AC!""" " `C" A?8:<8DCF" :?" A?PP@L?;@:C" :?" G@A<P<:@:C" FC=CP?HEC8:" ?G" ?D;" A?EED8<:I" L@9CF" @8F" BC;<:@>C" @::;@A:<?89" @A;?99" :BC" <9P@8F" T<:B" HP@AC9" P<_C" 'C@G?;F" .?T8N" -<8C" ,<PC9N" ];@C9" 0<=C;N" 0<?" h;@8FC" @8F" *?=C;9" *C@H"A?E<8>"<8"G?;"9?EC"@::C8:<?8!" " 2:" <9" T<:B" BC@;:GCP:" >;@:<:DFC" :B@:" 2" HP@AC" ?8" ;CA?;F" EI" 9<8AC;C" @HH;CA<@:<?8"G?;":BC"T?;_"?G":BC":C@E" TB<AB" FC9H<:C" :BC" ?FF9" B@9" ;CE@<8CF" :;DC" :?" <:9" E<99<?8" ?G" G@A<P<:@:<8>" :BC" F<=C;9<G<A@:<?8N" FC=CP?HEC8:" @8F" <EH;?=CEC8:" ?G" J@E@<A@K9" :?D;<9E" H;?FDA:" G?;" :BC" 9?A<?cCA?8?E<A" @F=@8ACEC8:"?G"?D;"8@:<?8!" ! ! !2%42%#/+*1#/#** & " & " 89:;3</=&3>>;$9(& $35"/<?&;<>385/!;3<&& * * "+#1*277$!+Q* S+R)$/+*#11%+))Q* .BC".?D;<9E"QC8:;CN"7:B"3P??;" 67c$Z"d8D:9G?;F"]?DPC=@;FN"d<8>9:?8"#"" .CPi"X6Yc577%g"X6Yc56&6g"3@Mi"X&XcY&6X" &2'/+,2*R#=Q* );@<9C" Q?8A?D;9C" )P@^@N" %Y" [DCC89" O;<=C!"" TTT!:HFA?!?;>" ,?8:C>?"]@IN"':!"J@EC9" .CPi" X$Xc$XY$g" X$Xc$XYYg" X7ZcZ5$7g" 3@Mi"X#&c&Y6Y"" " R#'T+%)Q* .BC" ]@8_" ?G" -?=@" 'A?:<@" J@E@<A@" *<E<:CF" " #.1$/2%)Q* 2!"2*%$2)Q* );<AC`@:C;B?D9CQ??HC;9" 4GG<AC" j" 5N" 4AC@8" a<PP@>C" 'B?HH<8>" QC8:;C"" " 4AB?"0<?9N"':!"/88" #//2%'+=)B#/B8#S* .CPi"X$7c&ZX5g"X$7c$$Z#g"3@Mi"X$7c&#Y6" h;@8:N"':CT@;:N")B<PP<H"@8F"Q?EH@8IN" /8F;C@"`@P:C;9" &#'1+0$88+* " 'D<:C" j#" .BC" /9BP@;N" $%" ,@8ABC9:C;" 0?@F"" " ,@8FC=<PPCN",@8ABC9:C;" .CPi"6Z5c7$Y&c5g"3@Mi"6Z5c7$Y&" " ! !2%42%#/+*1#/#** ! !2%42%#/+*1#/#** ! %+42%/)** -.*"*/."$&0.12$.12+,&& ! !"#"$%"&'( "#$%&! '()(*+(! ,#'! $-(! ,.*%*/.%&! 0(%'! (*1.*2!3%'/-!456!7854!9%:!;<75=743! '(>'(:(*$.*2! %! 1(/'(%:(! #,! ;77=?@! #'! 4A! B(	! $-(! '()(*+(! #,! ;<@4=<<3! '(%&.C(1! ,#'! $-(! ,.*%*/.%&! 0(%'! (*1.*2! 3%'/-! 456! 7857=! "-(! *($! 1(/'(%:(! .*! $#$%&! '()(*+(! .:! 1+(! &%'2(&0! $#! %! :-#'$,%&&! .*! >'#D(/$! '(&%$(1! '()(*+(! 9.$-.*!$-(!0(%'=!!! ! ( !")%**"$+(,-."$/0+%*"&( E(/+''(*$! (F>(*1.$+'(! ,#'! $-(! ,.*%*/.%&!0(%'!9%:!;@?4=?G3!'(,&(/$.*2! %! '(1+/$.#*! #,! ;H?=<8I! #'! 57=H?A! B(	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	('! $-%*! %*$./.>%$(1! >'#D(/$! .I>&(I(*$%$.#*! ! %/$.).$.(:! %*1! ,+*1.*2! %I#+*$:! ,'#I! $-(!"#+'.:I!L*-%*/(I(*$!M+*1=! ( 45+23(6&&"+&( "#$%&! )%&+(! #,! ,.F(1! %::($:! %/N+.'(1! 9.$-.*!$-(!0(%'!9%:!;4=<?3=!O($!B##P! )%&+(! 1(/'(%:(1! $#! ;5J=<<3! %:! %$! 3%'/-!456!7854!/#I>%'(1!$#!;77=453! $-(!>'().#+:!0(%'=!! ! 7%*.3%&89":0)0+( "-(!,.*%*/.%&!:$%$(I(*$!.:!'(,&(/$.*2!%*! #)('%&&! :+'>&+:! #,! ;4?=J83! Q%,$('! $%F%$.#*! %*1! 1(>'(/.%$.#*R! /#I>%'(1! $#! %! 1(,./.$! #,! ;@H=8J3! '(/#'1(1! &%:$! 0(%'=! "-(! /+''(*$! :+'>&+:! .:! &%'2(&0! %$$'.B+$(1! $#! $-(! .*/&+:.#*! #,! STU! /#II.$I(*$! 9.$-.*! $-(! ,.*%*/.%&! :$%$(I(*$!,#'!:$%,,!'($'#!/#I>(*:%$.#*! %I#+*$:! #,! 9-./-! ;7J3! 9%:! %//'+(1! .*! $-(! >'().#+:! ,.*%*/.%&! 0(%'=! ! "-.:! 9%:! *(/(::%'0! $#! '(,&(/$! S#)('*I(*$! /#II.$I(*$! $#! >%0! $-(:(! %''(%':6! 9-./-! 9('(! %! >%'$! #,! $-(! ;@H=8J3! '(/#'1(1!&%:$!0(%'=!! "-(! /#I>%*0! %&:#! '(/(.)(1! >'#2'%II(! :+>>#'$! %::.:$%*/(! ,'#I! $-(! "LM! $#9%'1:! "#+'.:I! "'%.*.*2! %*1!V.:.$#'!W*,#'I%$.#*!X'#2'%II(=!!!!! ! "-(! Y+1.$(1! ,.*%*/.%&! :$%$(I(*$:! %*1! $-(!,.2+'(:!>'(:(*$(1!$-('(.*!-%:!B((*! '().(9(1! %*1! /%*! B(! '(&.(1! #*! %:! '(,&(/$.*2! %! $'+(! %*1! ,%.'! ).(9! #,! $-(! :$%$(! #,! $-(! /#I>%*0Z:! %,,%.':! %:! %$! 3%'/-!456!7854=!! %+42%/)** "#$%&!'()*#'+()!,! %-$.&.)/'%/.*&! "-(! 0(%'! 9%:! 1(1./%$(1! $#! /#*$.*+.*2! $-(! >'#2'%II(! #,! 1()(&#>.*2! Q$#! .*$('*%$.#*%&! :$%*1%'1:R! %*1! I#$.)%$.*2! #+'! I#:$! )%&+%B&(! '(:#+'/(6!#+'!(I>�((:=! :$%*1%'1:=! ! [.$-! $-.:! (I>-%:.:! .*! I.*1! I#'(! $-%*! H?! (I>�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�((:! >('! '(2.#*!%*1!$-(!(I>�((!%*1!I%*%2('! #,! $-(! 0(%'=! ! ! "-(! ,+*/$.#*! 9%:! 9(&&! '(/(.)(1!B0!$-#:(!9-#!%$$(*1(1=! ! T*(! /#II#*! ,%/$#'! %,,(/$.*2! #,,./(! ,%/.&.$.(:! -%:! B((*! $-(! ,.*%*/.%&! /#*:$'%.*$:! #,! $-(! /#I>%*0=! ! 3+/-! (,,#'$!-%:!-#9()('!B((*!I%1(!$#!P((>! /#:$:! $#! %! I.*.I+I! B0! (I>�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verview :+>>#'$.*2! '(2+&%$#'0! %2(*/.(:! :+/-! %:! $-(! X+B&./! `(%&$-! _(>%'$I(*$6! $-(! "#+'.:I! a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b! DEDCF!!!!!!!!!!!!!!( 3#*.$#'(1!%&&!:+B\:(/$#':!.=(=! Y//#II#1%$.#*6!Y$$'%/$.#*:6![%$('!:>#'$:! T>('%$.#*:6!c%'!E(*$%&:6!d.P(!E(*$%&:6!"#+'! T>('%$.#*:6!"'%)(&!Y2(*/.(:6!W*!d#*1!e-#>:6! c#*$'%/$!c%''.%2(!#>('%$#':!%*1!c'%,$!e.$(:=! ( ! ! ( 7= M%/.&.$%$(!$#+'.:I!(*$('>'.:(:!.*! $-(.'!1()(&#>I(*$!>'#/(::!$-'#+2-!!!!!!! !!!!!!!!/#*:+&$%$.#*:=! c#I>&($(1!FEGGH!%::(::I(*$:!#,!(*$.$.(:!.*! $-(!:(/$#'=!T,!$-(:(6!DEDGC!I($!$-(!'(N+.'(1! :$%*1%'1:!%*1!IEBJI!1.1!*#$!I(($!$-(! '(N+.'(1!:$%*1%'1:=!E(>#'$:!9('(!>'#).1(1! 9-./-!-.2-&.2-$(1!/#''(/$.)(!%/$.#*!'(N+.'(1! .*!#'1('!,#'!(*$.$.(:!$#!'(I%.*!/#I>($.$.)(=! c#I>&($(1!$9(*$0!KBDL(/#*:+&$%$.#*:!9.$-! *(9!%*1!(F.:$.*2!#>('%$.#*:!! ( !BF(.32$$"/(:5*(*".5*+0$>(."*05/! 4= c#&&(/$.*2!%*1!/#&&%$.*2!1%$%!#*!$-(!! ( !!!!!!!!!:(/$#'!!.*!#'1('!$#!.*,#'I!%*1!2+.1(!! ! !!!!!!!!!1()(&#>I(*$=! ( MENBN(.32$$"/! & ! !FEGJG(%>>&./%$.#*:!>'#/(::(16!DEHDO(9('(! %>>'#)(1!B0!$-(!U%I%./%!"#+'.:$!d#%'1!%*1! 9-('(!%>>&./%B&(6!$-(!d#%'1!9%:!.*,#'I(1!#,! B'(%/-(:!%*1!.::+(:!.*!$-(!:(/$#'=! %+42%/)** OBJECTIVES ACHIEVEMENTS @= X'#I+&2%$(!:$%*1%'1:!%//#'1.*2!$#! !!!!!!!!!I%'P($!$'(*1:!%*1!.*$('*%$.#*%&!!! 7+2$/2*/(@."*2+05$23(;*5)"/%*"&(K7@;P&L! ,#'!$-(!,#&	.*2!(*$.$.(:!9('(!/#I>&($(1!B0! $-(!X'#1+/$!^+%&.$0!$(%I=!!!"#$%&'()*+,$" #$%&'(" !!!!!!!!!:$%*1%'1:=! - -./!"0.12'%+$3" 4.%"5.&$(" 0.%&!'6&"0'!!+'7$" 0!'8&"9'!,$&" :'&$!32.!&3" ! - _'%,$!`#$(&!eTX!-%:!B((*!/#I>&($(1! !!!!!!!!!!!!!! ! ! ! 7.2( 7+2$/2*/&f! "-(! e>%! e$%*1%'1:! -%)(! B((*! %>>'#)(1! %*1! 2%C($$(1! %:! O%$.#*%&! e$%*1%'1:!B0!$-(!d+'(%+!#,!e$%*1%'1:=! !! ! Q0>R( 6$>3"( 4")R$0S%"( 7+2$/2*/&'! "-(! `.2-! Y*2&(! "(/-*.N+(! e$%*1%'1:! -%:! B((*! %>>'#)(1! %*1! 2%C($$(1! %:! O%$.#*%&! e$%*1%'1:!B0!$-(!d+'(%+!#,!e$%*1%'1:=!! ( ! ! ! ! _'%,$!e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	:f! - 3.*.:$'0!#,!"#+'.:I!%*1!L*$('$%.*I(*$!\! g"#$%&'(!)$*+##,!-.(&/0%h!U+*(!5?!\!5H6!7857! Q3#*$(2#!d%0R! - T,,./(!#,!_.:%:$('!X'(>%'(1*(::!%*1!LI('2(*/0! 3%*%2(I(*$!\!g92<2>"(6&&"&&<"$+( ?5*\&R5.1!U+*(!7H!\!7<6!7857!Qi.*2:$#*R! T,,./(!#,!_.:%:$('!X'(>%'(1*(::!%*1!LI('2(*/0! 3%*%2(I(*$!\!g92<2>"(6&&"&&<"$+( ?5*\&R5.1!U+&0!4!\!@6!7857!Q3#*$(2#!d%0RR! d+'(%+!#,!e$%*1%'1:!\!gU2<20)2(7+2$/2*/&( W"+]5*\(<""+0$>(^(7.2(2$/(Q0>R(6$>3"( 4")R$0S%"&(7+2$/2*/&1!-.2*.(3.%!456!7857! Qi.*2:$#*R! 3.*.:$'0!#,!O%$.#*%&!e(/+'.$0!j!g45%*0&<( 7")%*0+T(?5*\&R5.h!T/$#B('!77\!7H6!7857! Q3#*$(2#!d%0R! WMcKOMXY!jgA0*"(632*<(15/"(@#"*#0"]( 7"<0$2*h\!T/$#B('!5H!j!5<6!7857!Q3#*$(2#! d%0R! 3.*.:$'0!#,!`(%&$-!g60*&#/0+!789:-"8! ;%#<%0((.!4=%>!?//$0+!@.*%.0*!0/>! ;+0//&/<!gO#)(IB('!7H!\7J6!7857Qi.*2:$#*R! d'.$.:-!`.2-!c#II.::.#*(_(`(7T<.5&0%<(5$( 6&&0&+2$)"(+5(V*0+0&R(W2+05$23&(0$(U2<20)2a! M(B'+%'0!5G6!7854!Q!i.*2:$#*R! - - ! WI>&(I(*$(1!I#*$-&0!I(($.*2:!9.$-! '(&()%*$!%2(*/.(:!.*!#'1('!$#!/#&&%B#'%$(!#*! .::+(:!.*!$-(!:(/$#'!%*1!$#!%''.)(!%$!(,,(/$.)(! :#&+$.#*:!$#!,%/.&.$%$(!1()(&#>I(*$!%*1!B+.&1! %&&.%*/(:=! %+42%/)** OBJECTIVES <= "#!>'#).1(!/#*$.*+(1!#)(':.2-$! :+>>#'$!,#'!$-(!1()(&#>I(*$!#,!$-(! d(1!%*1!d'(%P,%:$!:(/$#'!$#! .*1+:$'0!:$%*1%'1:=! ! ACHIEVEMENTS " " Y::(::(1! *.*(! KHL! d(1! %*1! d'(%P,%:$! %//#II#1%$.#*:6! ,.)(! KGL! I($! $-(! N+%&.$0! %::+'%*/(! :$%*1%'1:! %*1! #,! $-(:(6! $-'((! KDL! I($! $-(!'(2+&%$#'0!'(N+.'(I(*$:=!! ! "-(! d(1! %*1! d'(%P,%:$! c##'1.*%$#'! #'2%*.C(1! %*1! %$$(*1(1! I(($.*2:! 9.$-! /#II+*.$0! 2'#+>:! $#!.*,#'I!$-(I!%B#+$!$-(!'(2.:$'%$.#*!>'#/(::!,#'! $-(! d(1! %*1! d'(%P,%:$! >'#2'%II(! %*1! 1.:$'.B+$(1!'(2.:$'%$.#*!P.$:f! ! 0b 7.*0$>R033E(;5*+32$/(^( 00b =2$)R5$"03E(;5*+32$/(_(( V2T([0"](Q5+"3E(;5*+32$/(^(*!.*$('\%2(*/0!I(($.*2! 9%:! #'2%*.C(1! ,#'! $-(! M.'(! ! %*1! 6! X+B&./! `(%&$-! _(>%'$I(*$:!%*1!$-(!"#+'.:I!X#&./(!a.%.:#*!]*.$!$#! 1.:/+::! .::+(:! '(2%'1.*2! $-(! '(N+.'(I(*$:! 9.$-! #>('%$#':!,'#I!X($(':,.(&16![(:$I#'(&%*1=! ! " "-(! d(1! %*1! d'(%P,%:$! c##'1.*%$#'! I%1(! >'(:(*$%$.#*:!#*!$-(!>'#2'%II(!%$!$-(!,#&	.*2! ,#'+I:f! ! - d&+(,.(&1:!d%0!Y'(%6!"#+'.:I!c#*,('(*/(f!#*! gAB0%*.%&/<!&*'!"#$%&'(!C.'*&/Dh!! - 3%*/-(:$('!X%'.:-!_()(&#>I(*$!c#II.$$((6! Y&&.2%$#'! X#*1! 2'#+>k! e$%P(-#&1(':! [#'P:-#>!-(&1!.*!"'(%:+'(!d(%/-!$#!'().(9! $-(! c&+:$('! c#I>($.$.)(*(::! WI>'#)(I(*$! X&%*! - U%I%./%! E($.'(I(*$! LF>#:.$.#*! -(&1! %$!! 3%*/-(:$('!`.2-!e/-##&!%*1!U%I%./%!c#&&(2(! j!! - X#'$&%*1!E(:#'$!d#%'1!I(($.*2!!!!!! - e#+$-!c#%:$!E(:#'$!d#%'1!I(($.*2! - X'#1+/$! ^+%&.$0K"#+'.:I! "'%.*.*2! e+B\ c#II.$$((!I(($.*2! ! " "-(! d(1! %*1! d'(%P,%:$! c##'1.*%$#'! >%'$./.>%$(1! .*! %! /'#::! $'%.*.*2! (F('/.:(! %$! $-'((! Q4R! E.)('! E%,$.*2!#>('%$.#*:!.*!e$=!L&.C%B($-!%:!,#&	:f! ! ;"<!+$"='8'!+" ;"*('6,"#+>$!"='8'!+" ;"=&?"@(+A'B$&C"='8'!+!! ! %+42%/)** /*#'.)$!(&/./3!$%&%4($(&/! )3)/($!56789:! ! "-(! "#+'.:I! L*$.$0! 3%*%2(I(*$! e0:$(I! Q"L3eR! 9%:! /#*/(>$+%&.C(1! $#! ,%/.&.$%$(! %! I#'(! (,,./.(*$! %*1! (,,(/$.)(! 9%0! $#! I%*%2(!$-(!I#*.$#'.*2!%*1!%::(::I(*$!#,! $#+'.:I! (*$.$.(:6! $-(! >'#/(::.*2! #,! %>>&./%$.#*:! ,#'! &./(*:.*2! %*1! #$-('! 1%$%! 9.$-.*!$-(!$#+'.:I!:(/$#'=!!! %*1! E%,$! c%>$%.*:Z! a./(*/(:! %:! :##*!%:!>#::.B&(=!!( ( ! d0! $-(! (*1! #,! $-(! &%:$! N+%'$('! #,! $-(! ,.:/%&! 0(%'! Q3%'/-! 7857! j! 7854R6! $-(! EEY! 9%:! %B&(! $#6! 9.$-! $-(! %::.:$%*/(! #,! $-(! d&%/P! E.)('! 3%'.*(! X#&./(k! 1(\:$%B.&.C(! $-(! .&&(2%&! B#%$.*2! $#+':! #*! $-(! d&%/P! E.)('=! M.:-('I(*! ,'#I! )%'0.*2! 1.:$'./$:! .*! %*1! %'#+*1! d&%/P! E.)('! 9('(! /#*1+/$.*2! B#%$! $#+':! 9.$-#+$! $-(! '(N+.'(1! X('I.$! #'! a./(*/(! ,'#I! $-(! EEY=!! e(*:.$.C%$.#*! I(($.*2:! 9('(! -(&1! 9.$-! $-(! X#&./(! .*! d&%/P! E.)('! $-'#+2-#+$! $-(! 0(%'6! B+$! $-(! .&&(2%&! $#+':! /#*$.*+(1=! `#9()('6! .*! M(B'+%'0! 78546! $-(! *(9! e+>('.*$(*1(*$!#,!$-(!d&%/P!E.)('! 3%'.*(! X#&./(! '(N+(:$(1! %! I(($.*2! 9.$-! $-(! Y+$-#'.$0=! "-(! %.I! #,! $-(! I(($.*2! 9%:! $#! ,%I.&.%'.C(! $-(I! 9.$-! $-(! E.)('! E%,$.*2! Y/$! %*1! $-(! *(/(::%'0! >('I.$:K&./(*/(:! *((1(1! $#! /#*1+/$! B#%$! $#+':! #*! $-(! '.)('=! "-.:! (,,#'$! 9%:! %! :+//(::! %:! %,$('! $-(! I(($.*26! $-(! X#&./(! 9('(! 1($('I.*(1!.*!$-(.'!I#*.$#'.*2!#,! $-(! '.)('! %*1! ()(*$+%&&0! >+$! %*! (*1!$#!.&&(2%&!B#%$!$#+':=! ! ! W*! $-(! ,.*%&! N+%'$('! #,! $-.:! '(>#'$.*2! >('.#16! $-(! EEY! %*1! '(>'(:(*$%$.)(:! ,'#I! "X_c#! I($! 9.$-! $-(! ,.:-('I(*! #,! d&%/P! E.)('! '(2%'1.*2!.&&(2%&!B#%$!$#+':=!"-('(! 9%:! '(:.:$%*/(! ,'#I! #*(! 2'#+>k! -#9()('6! 9.$-! $-(! >(':.:$(*/(! #,! $-(! 3%'.*(! X#&./(! '(2%'1.*2! I#*.$#'.*2! %2%.*:$! .&&(2%&! #>('%$#':6!1($(''(1!$-(!,.:-('I(*! ,'#I!2#.*2!#*!$-(!d&%/P!E.)('=!"-(! EEY! -%:! :.*/(! '(/(.)(1! /%&&:! ,'#I! $-(! )%'.#+:! 2'#+>:! :((P.*2! .*,#'I%$.#*! #*! -#9! $#! %>>&0! ,#'! $-(! *(/(::%'0! >('I.$:! %*1! ! "-(! .I>&(I(*$%$.#*! -%:! -%1! :()('%&! :($! B%/P:! B+$! 9.$-! %! '().:(1! I($-#1! 2#.*2! ,#'9%'16! .$! .:! (F>(/$(1! $-%$! $-.:! 9.&&! B(! %/-.()(1!B0!!Y+2+:$!785@=!! ! !c[,!(!6A4cWd(6Z4Q@!c4M( K!!6L( "-(! E.)('! E%,$.*2! Y+$-#'.$0! -%:! B((*! I%*1%$(1! $#! I#*.$#'! %&&! 2%C($$(1! '.)(':! %*1! $#! (*:+'(! $-%$! %&&! #>('%$#':! %'(! .*! /#I>&.%*/(!%//#'1.*2!$#!$-(!E.)('!E%,$.*2! Y+$-#'.$0! Y/$=! Y:! :+/-! ,#'! $-(! '(>#'$.*2! >('.#1!$-(!,#&	.*2!-%:!B((*!%/-.()(1f! ! ! ! "-(!E.)('!E%,$.*2!Y+$-#'.$0!QEEYR! ,%/.&.$%$(1! %! $'%.*.*2! :(::.#*! ,#'! $-(!E%,$!c%>$%.*:!,'#I!E.#!S'%*1(! 9.$-! `LYE"! "'+:$KO"Y=! ! "-(! c%>$%.*:! 9('(! $'%.*(1! .*! T//+>%$.#*%&!`(%&$-!%*1!e%,($0=!! ! "-(! "(/-*./%&! E().(9! e+B\ c#II.$$((! Q"EcR! /#*1+/$(1! %! /#*:+&$%$.#*! ).:.$! 9.$-! $-(! ,.:-('I(*! ,'#I! "'(%:+'(! d(%/-! QdEL_e! e#+'/(R! .*! 3%'/-! 7857=! "-(0!>%'$./.>%$(1!.*!$-(!B#%$!$#+'! #,,('(1! B0! $-.:! 2'#+>6! ,'#I! "'(%:+'(!d(%/-!$#!$-(!d&%/P!E.)('=! "-(! ,.:-('I(*! 9('(! (*/#+'%2(1! $#! %>>&0! ,#'! $-(.'! E%,$.*2! X('I.$! %+42%/)** &./(*/(:! $#! #>('%$(! #*! $-(! d&%/P! E.)('=! c%>$%.*:! %'(! .*:.:$.*2! $-%$! $-.:! (F>(*:(!:-#+&1!B(!>%.1!,#'!B0!$-(! #9*('! #,! $-(! (*$.$0! 9-('(! $-(0! #>('%$(! \! E.)('! E%,$! a.I.$(1! Q3%'$-%! d'%(R=! "-(! #>('%$#'! -%:! '(,+:(1!$#!$%P(!#*!$-.:!(F>(*:(!%:! $-(! c%>$%.*:! %'(! W*1(>(*1(*$! c#*$'%/$#':! %*1! *#$! (I>�((:! #,! $-(! (*$.$0=! "-(! .::+(! -%:! B((*! '(>#'$(1! $#! $-(! 3.*.:$'0! #,! "#+'.:I! %*1! L*$('$%.*I(*$! -.2-&.2-$.*2!$-(:(!/-%&&(*2(:=! ! ! X&%**.*2!Y2(*/0!QOLXYR!%*1!$-(.'! X+B&./! a.%B.&.$0! W*:+'%*/(! c('$.,./%$(! $#! /#I>&($(! $-(! %>>&./%$.#*=! ! "-(! "Ec! %&:#! /#*1+/$(1! /#*:+&$%$.#*! ).:.$:! $#! $9#! Q7R! (*$.$.(:=! ! W:&%*1! S+&&0! M%&&:6! 9-./-! .:! &#/%$(1! .*! e$=! Y**! %*1! S'(%$! V%&&(0!E%,$.*26!&#/%$(1!.*!`%*#)('=! "-(! #>('%$#':! 9('(! %1).:(1! #*! $-(! >'#/(1+'(! $#! %>>&0! ,#'! $-(! '(N+.'(1! E%,$.*2! X('I.$! %*1! a./(*/(:=! ! ! ! "9(&)(! #>('%$#':! 9('(! &./(*:(1! ,#'!$-(!>('.#1!.*!'().(9f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c%>$%.*:! %$! 3%'$-%! d'%(! "-(! :(/$#'! -%:! -%1! :#I(! /-%&&(*2(:! %*1! %'(! :$.&&! '(,+:.*2! $#! :+BI.$! $-(.'! 2'#9$-!1+'.*2!$-(!>('.#1=!"-('(!-%:!B((*! %>>&./%$.#*:! ,#'! '(*(9%&:! #,! $-(.'! .*/'(%:(1! /##>('%$.#*! 9.$-! '(2%'1! $#! a./(*/(:! %*1! W1(*$.,./%$.#*! c%'1:=!! %::(::I(*$:! %*1! :#I(! >'#>('$.(:! -%)(! B((*! I%P.*2! %*! (,,#'$! $#! I(($! $-(! "-(0! -%)(! %&:#! '(,+:(1! $#! I%P(! '(2+&%$#'0!'(N+.'(I(*$:=!!! >%0I(*$! ,#'! $-(.'! 3(1./%&! c('$.,./%$(:! %*1! E#0%&! a.,(! e%).*2! ! e#/.($0! QEaeeR! c('$.,./%$(:=! ! "-(! C$%&/<!*B.!D.0%!'&E!FGH!/.I!B#*.+'!./*.%.>!*B.!'.J*#%!0/>!*B.D!0%.!0'!K#++#I'L!! ! W2<"(5:(@."*2+05$( d'%/#!V.&&%2(!`#$(&!%*1!e>%!! e0'0*.$0!X&%/(! c.$0!V.(9!`#$(&! U(9(&:! E+*%9%0! d%0! d(%/-! l! S#&,!E(:#'$! e(%:-#'(!d%0!d(%/-!E(:#'$! d'.12(!X%&I!E(:#'$!a$1=! 45+23( ! Y5)2+05$( 3#*$(2#!d%0! 3#*$(2#!d%0! i.*2:$#*! T/-#!E.#:!! e(5:(*55<&( 77H! 75! 58! 7HH! O(2'.&! e#+$-!c#%:$! ( 57J! 4?! NCN( %+42%/)** 4.&$D""<%"'EE+&+.%"&."&C$"'B.>$F"3+G&$$%"FMGH"4.%"5.&$(3"H>+(('3)7/$3&"C./3$3I"$%&$!$E"&C$"3$6&.!?"! "B.! K&/0+! J#$/*! #K! B#*.+! 0JJ#((#>0*&#/'! F+&JL:$/+&JLH! 0'! 0*! N0%JB! 4OM=! K#%! *B.! '.J*#%! &/J+$>.>!*B.!K#++#I&/<P! !">05$( i.*2:$#*!! e$=!c%$-('.*(! e$=!"-#I%:! c&%'(*1#*! 3%*/-(:$('! e$=!L&.C%B($-! e$=!3%'0! e$=!Y**! X#'$&%*1! e$=!U%I(:! "'(&%9*0! `%*#)('! [(:$I#'(&%*1! 45+23( e(5:(Q5+"3&( 5H! 7! 4! 7! @! H! J! 7J! ?! 44! H! 55! ?5! IOG( e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c%'! E(*$%&! %*1! d.P(! E(*$%&! #>('%$.#*:=! Y:! %$! 3%'/-! 456! 7854! $-('(! 9('(! :()(*$0\(.2-$! QOCR! c%'! E(*$%&! ! #>('%$.#*:! .*! $-(! :(/$#'! #,! $-.:! ,.,$0\#*(! QGIR!9('(!&./(*:(1=!! ! "-(! X'#1+/$! ^+%&.$0! _(>%'$I(*$! /#*$.*+(:! $#! >'#).1(! :(/'($%'.%$! :+>>#'$! ,#'! $-(! _+$0! c#*/(::.#*! >'#2'%II(! %*1! .:! '(:>#*:.B&(! ,#'! I#*.$#'.*2! $-(! #>('%$#':! $-%$! '(/(.)(1! $-(! 1+$0! /#*/(::.#*:=!!! ! Y:!%$!3%'/-!456!7854!$-('(!9('(!$(*!QIJR! d.P(! E(*$%&! #>('%$.#*:! .*! $-(! :(/$#'=! ! M#'! $-.:! '(>#'$.*2! >('.#1! #*&0! :.F! KNL( #>('%$.#*:!9('(!&./(*:(1=! ( 45%*(@."*2+5*&( Y:! %$! 3%'/-! 456! 7854! $-('(! 9('(! #*(! -+*1'(1!%*1!$9(*$0\*.*(!KIBHL!_#I(:$./! "#+'! #>('%$#':=! ! ! "-(:(! .*/&+1(! $#+'! %+42%/)** #>('%$#':! 9.$-! )(-./&(:6! 1(:$.*%$.#*! I%*%2(I(*$!/#I>%*.(:!%:!9(&&!%:!! ! .*1(>(*1(*$! /#*$'%/$! /%''.%2(! #>('%$#':! $-%$! %'(! %::#/.%$(1! 9.$-! $#+'! /#I>%*.(:! :+/-!%:!U]"Y6!UcYa!%*1!3%F.=!!! ! 03456378&9:;<:6==>& ! cW4!@9Z14c@W(( "-.:!,.:/%&!0(%'!QY>'.&!7857!\!3%'/-!7854R! $-(!`WV!X'#2'%II(!%/$.).$.(:!9('(!'#&&(1! #+$! #)('! %! >('.#1! #,! *.*(! QGR! I#*$-:6! Y>'.&!j!O#)(IB('!1+(!$#!'(1+/(1!,+*1.*2=!! c#'(! %/$.).$.(:! 9-('(! $-(! +*.$! '(/#2*.C(1! .$! 9#+&1! B(! I#:$! .I>%/$,+&! 9('(! I%.*$%.*(1!%:!,#&	:f!!! " • • • @&',!?''.''(./*'! 789!".'*&/<!0/>!! Q#%,2+0J.!;#+&JD!C.R.+#2(./*L!! T)('%&&!,((1B%/P!,'#I!>(':#*:!B(*(,.$$.*2! ,'#I! $-(! `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`WV!,'#I! %*!.*,(/$(1!>(':#*=!! ! "-(!`WV!%/$.).$.(:!$-%$!9('(!/#*)(*(1! '(%/-(1!#)('!$9#!$-#+:%*1!#*(!-+*1'(1! QBIJJL(>(':#*:!.*!,.)(!KGL!'(:#'$!%'(%:! .*/&+:.)(!#,!/'%,$!)(*1#':6!/#*$'%/$! /%''.%2(!#>('%$#':6!3.*.:$'0!#,!"#+'.:I! %2(*/.(:!%*1!:$%,,!%:!9(&&!%:!`#$(&! 9#'P(':!,'#I!&%'2(!%*1!:I%&&!>'#>('$.(:=!! ! %+42%/)** 034&?@3!&& ! 9#+$/*0%D! A#$/'.++&/<! 0/>! ".'*&/<! K#%! S?*!@&',T!-*0KK!N.(3.%'! W*! $-(! $#+'.:I! :(/$#'! mJ&" #+3,K! :$%,,! I(IB(':! %'(! $-#:(! 9-#! (*2%2(! .*! %/$.).$.(:! $-%$! -%)(! %! 2'(%$('! /-%*/(! #,! /#*$'%/$.*2! `WV=! "-(:(! .*/&+1(! $'%*:%/$.#*%&! :(F6! I+&$.>&(! >%'$*(':-.>:! %*1! +*>'#$(/$(1! :(F=! ! c('$%.*! /%$(2#'.(:! #,!:$%,,!-%)(!B((*!.1(*$.,.(1!%:!I#'(!&.P(&0! $#! B(! .*! $-.:! 2'#+>! *%I(&0! 9%$('! :>#'$:6! ,'#*$! 1(:P6! -#+:(P((>.*26! B%'! :$%,,6! (*$('$%.*I(*$! %*1! :>%=! ! Y! :>(/.%&! (,,#'$! -%:!$#!B(!I%1(!$#!(*/#+'%2(!>%'$./.>%$.#*! .*! `WV! $(:$.*2! %/$.).$.(:! %*1! %9%'(*(::! :(::.#*:!,#'!$-(:(!2'#+>:!#,!9#'P(':=!! ! 60*&#/0+!789:-"8!;%#<%0((.!@.*%.0*! "-(!O%$.#*%&!`WVKe"W!X'#2'%II(!-%1!.$:! 74'1! Y**+%&! E($'(%$! X&%**.*2! E().(9! [#'P:-#>! %$! $-(! `.&$#*! E#:(-%&&6! 3#*$(2#! d%0! ,'#I! O#)(IB('! 7H! \! 7J6! 7857=!!! ! "-(!#BD(/$.)(:!#,!$-(!'($'(%$!9('(!$#f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d%*P! ,#'! :#I(! %:>(/$:! #,! $-(! >'#2'%II(! (*1(1! %:! #,! _(/(IB('! 56! 7857=! ! "-(! /+''(*$! ,#/+:! .:! *#9!$-(!)+&*('%B&(!>#>+&%$.#*:!$#!.*/&+1(! 3(*! [-#! `%)(! e(F! 9.$-! 3(*! Q3e3R! %*1! c%:+%&!e(F![#'P(':!Qce[:R=! ! -0K.%!-.E!?J*&R&*&.'!4OM=!U!"#$%&'(!#/!0! N&''&#/!*#!V.%#!C&'J%&(&/0*&#/! "-(! `WV! ]*.$! /##'1.*%$(1! %! :($! #,! :I%&&! %/$.).$.(:! $%'2($(1! %$! $-(! 9#'P(':! 9.$-.*! $-(! 3.*.:$'0! #,! "#+'.:I! l! L*$('$%.*I(*$! %*1! .$:! %2(*/.(:=! "-(:(! %2(*/.(:! .*/&+1(1! $-(!U%I%./%!"#+'.:$!d#%'1!QU"dR6!"#+'.:I! X'#1+/$! _()(&#>I(*$! c#I>%*0! a.I.$(1! Q"X_c#R!%*1!"#+'.:I!L*-%*/(I(*$!M+*1! Q"LMR=!! ! Q#%+>! 7.0+*B! Q..,! ?J*&R&*&.'! 4OM=! U! "#$%&'(! #/! 0! N&''&#/! *#! V.%#! C&'J%&(&/0*&#/! "X_c#! ,#'! $-(! ,.':$! $.I(! :.*/(! $-(! .*/(>$.#*!#,!.$:!`WV!X'#2'%II(!#B:(')(1! g:.!(E" 5$'(&C" :$$,X! 1+'.*2! $-(! 9((P! #,! Y>'.&!J!j!576!7854=!"-(!,#&	.*2!%/$.).$.(:! 9('(! /##'1.*%$(1! B0! $-(! +*.$=! Q5R! X&%/.*2! #,! $-(! %1)('$#'.%&! .*! $-(! S&(%*('! 1+'.*2! $-(! 9((P! &(%1.*2! +>! $#! [#'&1! YW_e! _%0! 7857! 9.$-! `WV! .*,#'I%$.#*! $#! .*/&+1(! .*,#'I%$.#*! #*! `WV! '(&%$(1! :$.2I%! %*1! 1.:/'.I.*%$.#*! #*! $-(! 9(B:.$(! %*1! .*$'%*($! #,! "X_c#6! 3T"lL! %*1! U"d! Q7R! [(%'.*2!#,!B&%/P!#!>#&#!:-.'$:!(*$.$&(1! YZ$!." 5<M" N+36!+1+%'&+.%" +%" -./!+31X! #*! M'.1%0! Y>'.&! 576! 7854! Q4R! X#9('! >#.*$! >'(:(*$%$.#*! #*! `WV! d%:./! e(*:.$.C%$.#*! ,#'! $-(! :$%,,! #,! 3T"lL6! "X_c#6! "LM! %*1! U"d! Q4R! X#9('! >#.*$! >'(:(*$%$.#*! #*! $-(! >'#>('! +:(! #,! I%&(! /#*1#I:! %*1! &+B'./%*$:!B0!cYEW3L_=!! ! %+42%/)** ! (*:+'(!$-%$!>'()(*$.#*!'(I%.*:!%!>'.#'.$0! %'(%!,#'!$-(!$#+'.:I!:(/$#'=! A)6AWX-8)6! L)(*!9.$-!%!'(:$'./$(1!B+12($!%*1!&.I.$(1! $.I(!$#!/#*1+/$!%/$.).$.(:6!$-(!>'(:(*/(!#,! $-(! `WV! X'#2'%II(! 9%:! :$.&&! ,(&$! $-'#+2-#+$! $-(! :(/$#'=! "-(! .I>%/$! $-%$! $-(!e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`%'%::I(*$! X'#2'%II(! 9-./-! ,%&&:! +*1('! $-(! I%*1%$(! %*1! :+>(').:.#*! #,! "#+'.:I! X'#1+/$!_()(&#>I(*$!c#I>%*0!a.I.$(1=! ! M#'!$-.:!'(>#'$.*2!>('.#1!$-(!,#&	.*2!.:! %*!(:$.I%$.#*!#,!%/$.).$.(:!%$!$-(! W*,#'I%$.#*!i.#:P:!.:&%*19.1(!,#'!$-.:! '(>#'$.*2!>('.#1!Y>'.&!7857!\!3%'/-! 7854f & Z76d,(@A(cWA@!=64c@W(fc@f7E(=@W4,d@(V6M(!,dc@W(KQc74@!c1(A6Y=@Z4Q(;c,!L(g( @1Q@(!c@7( !">05$&( T/-#!E.#:!! 3#*$(2#!d%0!l! `.:$#'./!M%&I#+$-! c'+.:(!e-.>!X.('! 45+23( W%<X"*(5:($5$_*"&0/"$+&( W%<X"*(5:(*"&0/"$+&( +R2+(%+030h"(\05&\&( +R2+(%+030h"(0$:5*<2+05$( \05&\&( ,$S%0*0"&( 7765J8! 4H4644<! ?HG! 46@8J! 5G65G5! 4HH67J?! DCGEGIO( DEHOO( DCGEFON( ! 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Ocho Rios Montego Bay Total Non Residents ! Enquiries ! %+42%/)** 0;<=>?6!-7@7A<B87C6! -7BD;687C6! ( c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	!$-(!>'#D(/$(1!$%'2($!%*1! %>>'#F.I%$(&0!74A!&(::!$-%*!&%:$! 0(%'Z:!,.2+'(:=!!"-(!I%.*!/#*$'.B+$.*2! ,%/$#':!,#'!$-.:!0(%'Z:!:-#'$!,%&&!9%:! %$$'.B+$(1!$#!$-(!>#:$>#*(I(*$!%*1! '(\:/#>.*2!#,!:()('%&!>'#D(/$:=!!( 7+2::0$>( "-(! 1(>%'$I(*$Z:! %/-.()(I(*$:! 9('(! #*&0! >#::.B&(! $-'#+2-! $-(! -%'1! 9#'P! #,! .$:! :$%,,! 9-./-! /#*:.:$:! #,f! >'#D(/$! I%*%2(':6! >'#D(/$! #,,./(':6! N+%*$.$0! :+')(0#':6! %! 1'%,$:I%*! %*1! %1I.*.:$'%$.)(!:+>>#'$=! V%/>"+(( M#'!$-(!,.*%*/.%&!0(%'!7857K78546!$-(! 1(>%'$I(*$!B+12($(1!%>>'#F.I%$(&0! ;587=?3!$#!/#)('!(F>(*1.$+'(k!#,!$-.:! %I#+*$!%>>'#F.I%$(&0!;J?3!9%:! :>(*$=!!"-.:!9%:!%/-.()(1!B0!+:.*2! /#:$!(,,(/$.)(!I(%:+'(:!.*!(F(/+$.*2! .$:!,+*/$.#*:k!,#'!(F%I>&(6!+:(!#,! (I%.&:!.*:$(%1!#,!I(I#:6!/%'>##&.*26! I.*.I+I!:$#>#)(':!%*1!'(:$'./$.*2! $'%)(&.*2!$#!(::(*$.%&!>+'>#:(:!#*&0=! ( ;*5i")+&( "-(!,#&	.*2!X'#D(/$:!9('(!+*1('$%P(*!1+'.*2!$-(!7857K7854!>('.#1f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i")+0#"!#,!$-(!"#+'.:I!"'%.*.*2! _.).:.#*!.:!! n! "#!1(:.2*6!#'2%*.C(!%*1!/#*1+/$! $'%.*.*2!>'#2'%II(:!9-./-!9.&&! ,%/.&.$%$(!-+I%*!'(:#+'/(! 1()(&#>I(*$!.*!$-(!$#+'.:I!:(/$#'=! "-(!d523&!#,!$-(!$'%.*.*2!%*1! 1()(&#>I(*$!>'#2'%II(:!%'(f! 5=! "#!%::.:$!.*!$-(!1()(&#>I(*$!#,!%! :$%*1%'1.C(1!%>>'#%/-!$#!$#+'.:I! $'%.*.*2!%*1!-+I%*!'(:#+'/(! 1()(&#>I(*$!B0!%::.:$.*2! (1+/%$.#*%&!.*:$.$+$.#*:!.*!$-(! 1(:.2*!%*1!1(&.)('0!#,!$#+'.:I! >'#2'%II(:6!!(=2=!"(%I!U%I%./%!%*1! eP.&&:!]>2'%1.*2!!,#'!.*:$.$+$.#*%&! :$'(*2$-(*.*2=! 7=! "#!>'#).1(!:+.$%B&(!%//(::!$#! :>(/.%&.C(1!$'%.*.*2!,#'!$-(!$#+'.:I! :(/$#'!$-'#+2-!!:/-(1+&(1!T>(*\ e(/$#'!$'%.*.*26!c#II+*.$0!2'#+>:! %*1!W*\`#+:(!$'%.*.*2!g#*!1(I%*1h! B0!.*1+:$'0!:$%P(-#&1(':=!! 4=! "#!,#:$('!"(%I!e>.'.$!%*1!.I>'#)(! $-(!'%$(!#,!/('$.,./%$.#*!,#'!"(%I! U%I%./%!%*1!eP.&&:!]>2'%1.*2! >'#2'%II(:!,,'#*$.(':!! 4!6cWcWd(;!@d!6==,7(M,6!(4@( 964,(( K6.*03(BJIB(^(=2*)R(BJIDL( "Y?N"Z?N?8A?!"EYWOWOSf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f!!!54@! 45+23(;2*+0)0.2$+&f!!!!!76<@J! 45+23(1"*+0:0"/f!!!!!!!!!!!76??4! ! -[8WW-!X;\@?C86\f!! M#'$0\*.*(!Q@GR!eP.&&:!]>2'%1.*2! >'#2'%II(:!9('(!1(&.)('(1!$#!#*(! $-#+:%*16!,.)(!-+*1'(1!%*1!:()(*$0!*.*(! Q56?<GR!'(2.:$('(1!>%'$./.>%*$:!#,!9-./-! (.2-$!-+*1'(1!%*1!$9(*$0!,.)(!QJ7?R!9('(! /('$.,.(1=!!!"-(!$#$%&!*+IB('!#,! >%'$./.>%*$:!'(2.:$('(1!.*!$-(!eP.&&:! ]>2'%1.*2!>'#2'%II(:!.*/&+1(:!:()(*! -+*1'(1!%*1!,.,$0!,#+'!Q<?@R!:$+1(*$:! .*)#&)(1!.*!$-(!7857!e>'+/(\]>! >'#2'%II(=!! 45%*0&<(7%<<"*(c$+"*$(;*5>*2<<"'((((((( "#+'.:I!:(*:.$.C%$.#*!:(::.#*:!9('(!-(&1! .*!%&&!'(:#'$!%'(%:=!!Y!$#$%&!#,!:()(*! ! -+*1'(1!%*1!,.,$0!,#+'!Q<?@R!:$+1(*$:! >%'$./.>%$(1=!!! 2'#+>:6!:+/-!%:!,'#I!O.*(!3.&(:6!e$=!Y**k!! E%:$%,%'.%*!W*1.2(*#+:!V.&&%2(6!`%-\E\ 3#*(0!L*$('$%.*I(*$!6!c#'*9%&&!c#+'$! e$((&!d%*1!c#II+*.$0!R6!W*:$.$+$(!#,! U%I%./%k!!"'(%:+'(!d(%/-k!U%I%./%!?8!! U+B.&((!V.&&%2(!! ! 1@==ZWc4M(d!@Z;7'(((((((("(%I!U%I%./%! "'%.*.*2!%*1!eP.&&:!+>2'%1.*2! >'#2'%II(:!9('(!1(&.)('(1!$#! '(>'(:(*$%$.)(:!,'#I!)%'.#+:!/#II+*.$0! ( ( 4!6cWcWd(4@46Y7(4@(964,'(((IHHN(^(=6!1Q(BJID( 4M;,(@A(4!6cWcWd(( e(5:(;*5>*2<<"&( e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e.2*%2(!!X'#D(/$=!!"-.:!9%:!1#*(!.*! /#&&%B#'%$.#*!9.$-!$-(!O%$.#*%&![#'P:! Y2(*/0=!! X-%:(!7!/#*:.:$:!#,!$-(!.*:$%&&%$.#*!#,!@4! %$$'%/$.#*:!:.2*:=! X&%**.*2!,#'!X-%:(!4!#,!$-(!e.2*%2(! >'#D(/$!/#*$.*+(1=! ! /.$)#-,.01%22'")#3*4-5.&*6%'$)52** 15<<%$0+T((V2&"/(45%*0&<( ! +.-7%$&*6%8"* T*!2#.*2!$(/-*./%&!%::.:$%*/(!9%:! >'#).1(1!$#!$-(!e(%,#'1!"#9*! c#II+*.$0!"#+'.:I!>'#D(/$=!"-(! /#*:$'+/$.#*!#,!$-(!:%*.$%'0! /#*)(*.(*/(:!,#'!$-(!I+:(+I!9%:! 9)".*:);.5* "-(!_(>%'$I(*$!/#*$.*+(1!$#!>'#).1(! $(/-*./%&!%::.:$%*/(!$#!$-(!O.*(!3.&(:! ]*.$(1!_.:$'./$:!Y::#/.%$.#*=!!e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c#II+*.$0!_()(&#>I(*$!M+*1!#,!$-(! 3.*.:$'0!#,!O%$.#*%&!e(/+'.$0=!!3(($.*2:! /#*$.*+(1!$#!B(!-(&1!9.$-!$-(!c.$.C(*:Z! Y::#/.%$.#*6!"X_c#!%*1!$-(!e#/.%&! _()(&#>I(*$!c#II.::.#*=! ! 4$-.A5*B)>.$* "-(!&%+*/-!#,!$-(!d'%(Z:!E.)('!>'#1+/$! mc#I(!3(($!%!U%I%./%*!V.&&%2(Z!9%:!-(&1! #*!3%0!7<6!7857=! "(/-*./%&!%::.:$%*/(!/#*$.*+(1!%*1! >&%*:!%'(!.*!>&%/(!,#'!%!U%*2%!%*1! _%:-((*!M(:$.)%&!.*!3%0!7854=! ! ! ! C-$D'E-$A5*4.-(E* 3(($.*2:!/#*$.*+(1!$#!B(!-(&1!9.$-! I(IB(':!#,!$-(!c.$.C(*:Z!Y::#/.%$.#*=! "-(!3.&P!E.)('!c.$.C(*:Z!Y::#/.%$.#*! -%)(!(F>'(::(1!%*!.*$('(:$!.*!%::.:$.*2! 9.$-!$-(!M%'N+-%'Z:!d(%/-!c%/$+:! Y$$'%/$.#*!X'#D(/$=! "-(!>'#D(/$!9%:!-(&1!.*!%B(0%*/(!1+(!$#! $-(!>##'!'#%1!/#*1.$.#*:=! ! B%-$)",*B)>.$*?-$F*-"&*1->.* O(2#$.%$.#*:!/#*$.*+(1!1+'.*2!$-(! >('.#1!+*1('!'().(9!%*1!/+&I.*%$(1!.*! $-(!'(/(.>$!#,!%!,.*%&!1'%,$!&(%:(! 1#/+I(*$!,'#I!$-(!e+2%'!c#I>%*0!#,! U%I%./%=!!3(($.*2:!9('(!-(&1!9.$-!$-(! /#II+*.$0!I(IB(':!%*1!:.$(!).:.$:! 9('(!/#*1+/$(1!B0!"X_c#!.*!#'1('!$#! %::(::!$-(!/#*1.$.#*!#,!$-(!>-0:./%&! ,%/.&.$.(:!#,!$-(!%$$'%/$.#*6!%*1!1()(&#>!%! :/#>(!#,!9#'P:=! M+*1.*2!$#!$-(!$+*(!#,!%>>'#F.I%$(&0! ;57=43!9%:!%>>'#)(1!B0!$-(!"LM!$#! /%''0!#+$!>-0:./%&!.I>'#)(I(*$!9#'P:! $#!$-(!,%/.&.$0=! C-;2%'#E*+8-2G*+-7-$)* "-(!%$$'%/$.#*!9%:!#>(*(1!.*!_(/(IB('! 7855!%*1!-%:!B((*!.*!#>('%$.#*!#*!%! 1%.&0!B%:.:=!!! T>('%$.#*:!#,!$-(!%$$'%/$.#*!-%:!B((*! (F>('.(*/.*2!*#.:(!%*1!1+:$!*+.:%*/(! ,'#I!$-(!%1D#.*.*2!,%/$#'0=!!! c#*:+&$%$.#*!9.$-!$-(!'(&()%*$! :$%P(-#&1(':!$#!I.$.2%$(!$-(:(!*+.:%*/(:! %'(!$%P.*2!>&%/(=! ! B-7#)",*%"*#E.*B)%*H$-"&.* "X_c#!-%:!B((*!#>('%$.*2!$-(!,%/.&.$0=!! "-(!%$$'%/$.#*!#:!B(!'(*#)%$(1!%*1!%! ! >'.)%$(!#>('%$#'!9.&&!B(!:#+2-$! $-('(%,$('=! ! B-7#)",*%"*#E.*:-$#E-*4$-.* "-(!%$$'%/$.#*!.:!#>('%$.#*%&!%*1! &./(*:(1!B0!$-(!U%I%./%!"#+'.:$!d#%'1=!W$! .:!/+''(*$&0!&(%:(1!$#!>'.)%$(!#>('%$#':=! ! ?%$#;-"&*1$-7#*I);;-,.* "-(!:.$(!9%:!-%*1(1!#)('!$#!$-(! X#'$&%*1!X%'.:-!c#+*/.&!.*!_(/(IB('! 7857!B0!$-(!`#*#+'%B&(!3.*.:$('6! [0P(-%I!3/O(.&&=!!"-(!X%'.:-!c#+*/.&! /#II(*/(1!>-0:./%&!.I>'#)(I(*$:=! ! /-$&8-$*H-G* "-(!,%/.&.$0!/#*$.*+(1!$#!B(!>&%2+(1!B0!%! :-#'$%2(!#,!9%$('=!!"-(!1(>&#'%B&(!'#%1! /#*1.$.#*:!/#*$.*+(1!$#!B(!%!/-%&&(*2(! $#!$-(!(,,(/$.)(!#>('%$.#*!#,!$-(!,%/.&.$0=! "-(!,%/.&.$0!.:!#>(*(1!,'#I!"-+':1%0:!$#! e+*1%0:=! _.:/+::.#*:!-%)(!B((*!-%1!9.$-!$-(! U%I%./%!c#*:(')%$.#*!_()(&#>I(*$! "'+:$!QUc_"R!'(2%'1.*2!:#+'/.*2!9%$('! ,'#I!$-(.'!:#+'/(!%*1!%!'(:>#*:(!.:! %9%.$(1=! WI>'#)(I(*$!9#'P:!$#!$-(!>-0:./%&! ,%/.&.$0!Q1(/P6!P.$/-(*!%*1!B%$-'##I:R! 9('(!/%''.(1!#+$!B0!$-(!c#*/(::.#*%.'(=!! "-(!,%/.&.$0!9%:!B'#P(*!.*$#!$9./(!%*1! /-%.':!%*1!$%B&(:!%*1!#$-('!2##1:!9('(! :$#&(*=! ! J%>.$5A*J.-G*K##$-(#)%"5* "-(!Y$$'%/$.#*:!9%:!#>(*(1!#*!3%'/-! 576!7857!%,$('!%!/&#:+'(!#,! ! %>>'#F.I%$(&0!(.2-$((*!I#*$-:!%*1! /#*$.*+(1!$#!B(!#>('%$(1!B0!"X_c#=!! "-(!Y$$'%/$.#*:!.:!#>(*(1!:()(*!1%0:! >('!9((P=! ! H'"L%-#*4.-(E* _+(!$#!$-(!X%&.:%1#(:!e-#'(&.*(! E(-%B.&.$%$.#*!X'#D(/$6!(*/'#%/-I(*$!#,! $-(!S+*B#%$!:.$(!B0!$-(!O%$.#*%&![#'P:! Y2(*/0!I%1(!.$!.I>#::.B&(!$#!/#II(*/(! .I>&(I(*$%$.#*!#,!$-(!1()(&#>I(*$! >&%*=!!3(($.*2:!-%)(!B((*!-(&1!9.$-!$-(! >%'$.(:!.*)#&)(1!9.$-!%!).(9!$#!'(:#&)(! $-(!.::+(:!$-%$!/+''(*$&0!%'(!:$%&&.*2!$-(! >'#D(/$=! ! @+R"*(;*5i")+&( 9-#)%"-;*J-L%'$*M-3*?$%@.(#5* "-(!1(>%'$I(*$!:+//(::,+&&0! :>(%'-(%1(1!$-(!:>#*:#':-.>!#,!$-(! O%$.#*%&!a%B#+'!_%0!7857!X'#D(/$!9-./-! .*/&+1(1!$-(!.I>'#)(I(*$!%*1!'(>%.':! $#!$-(!O%$.#*%&!`('#(:Z!I#*+I(*$:!%*1! &%*1:/%>.*2!%$!$-(!X%'P=!!! <$-",.*4-304;-(F*/);;*C.-5)L);)#3*+#'&3* [#'P!/#*$.*+(1!#*!$-(!:$+106!-#9()('! $-.:!9%:!:()('(&0!-%I>('(1!B0!$-(! 9(%$-('!/#*1.$.#*:6!%*1!$-(!$.I(!.$!$##P! ,#'!$-(!/#II+*.$0!1()(&#>I(*$! /#II.$$((!$#!>'#).1(!.*,#'I%$.#*!%*1! $#!,%/.&.$%$(!$-(!(F(/+$.#*!#,!$-(!:.$(! ).:.$:=!!"-(!/#II+*.$0!/#*:+&$%$.#*:! 9('(!/#*1+/$(1=!!e/-(I%$./!1(:.2*:!%'(! B(.*2!>'(>%'(1!,#'!$-(!)%'.#+:!:.$(:=! "-(!%'(%!9%:!:()('(&0!1%I%2(1!B0! `+''./%*(!e%*10!.*!T/$#B('!7857=! 9-#)%"-;*4.5#*1%22'")#3*1%2G.#)#)%"*-"&* ?$%,$-22.* "-(!1(>%'$I(*$!/#*$.*+(1!.$:!%::.:$%*/(! $#!$-(!>'#2'%II(!%*1!9%:!%B&(!$#! ! 2%'*('!:>#*:#':-.>!,#'!%>>'#F.I%$(&0! G8A!#,!$-(!'(,'(:-I(*$:!,#'!$-(!Y9%'1:! c('(I#*0=! ! 9-#'$.*?$.5.$>-#)%"*C%'"&-#)%"*N/%G.* H-$&."5O* "-(!_(>%'$I(*$!>'#).1(1!$(/-*./%&! %::.:$%*/(!$#!$-(!%::($!+$.&.C%$.#*! /#II.$$((! B.5%$#*4%-$&5* "-(!_(>%'$I(*$!>'#).1(1!$(/-*./%&! %::.:$%*/(!$#!$-(!E(:#'$!d#%'1:!%*1! >'(>%'(1!$-(!1'%,$!1#/+I(*$!9-./-! #+$&.*(:!$-(!#>('%$.#*:!#,!$-(!B#%'1:=! ! ! $%&%4($(&/!.&J*'$%/.*&! )3)/($)! !!,H&!+*%$#!$T%&'(7=&4!$;!(H74!.#$%&'(!*#&! ($!*'H7&=&_! • A:!&:(&#.#74&G971&!4-4(&+!1&472:&1! 97(H!;6&S7T767(-!($!40..$#(!T047:&44! 2#$9(H!*:1!'H*:2&! • 8&10'(7$:!7:!(H&!(7+&!7(!(*L&4!($! .#$'&44!*..67'*(7$:4!! • A0($+*(7$:!$;!+*:0*6!.#$'&44&4!97(H! #&406(*:(!4*=7:24!7:!(7+&!*:1!'$4(4! • ?+.#$=&+&:(4!7:!?:4.&'(7$:4!*:1! `0*67(-!D*:*2&+&:(!T047:&44! .#$'&44&4! • ?+.#$=&1!<$'0+&:(!D*:*2&+&:(! *:1!8&(#7&=*6! •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a*(7$:]!! A4! *! #&406(! $;! (H74! 7:7(7*(7=&K! (H&! '$+.*:-! 9$061! 4&&! 7+.#$=&+&:(! 7:! (H&! +*:*2&+&:(! $;! 7(4! H0+*:! '*.7(*6K! (H#$02H! (H&! 04&! $;! *:! *0($+*(&1! '$+.0(a&1!4-4(&+]!!! ,H&! ;7#4(! .H*4&! $;! (H&! .#$%&'(! &+T*#L&1! $:! 10#7:2! (H&! 6*4(! ;74'*6! -&*#! WNYRR@NYRNX! 9*4! (H&! T047:&44! #&b07#&+&:(! 2*(H:2! .#$'&44]! ! >$9&=&#! 10&! ($! #&4$0#'&! '$:4(#*7:(4! (H&! .#$%&'(! 9*4! (&+.$#*#76-! .6*'&1!$:!H$61]!! ! ,H&! .#$%&'(! 9*4! #&*'(7=*(&1! 10#7:2! (H&! 6*4(! b0*#(&#! $;! (H&! ;7:*:'7*6! -&*#K! 9H7'H! 4*9! (H&! '$:(7:0*(7$:! $;! (H&! T047:&44! #&b07#&+&:(! .#$'&44]! ! ?(! 74! 46*(&1! ;$#! '$+.6&(7$:!T-!D*#'H!IRK!NYRJ]! !0906"''#*%6.+%"*(5.+%"*.9%:.+%"*( ;$"/$.''0( "#$=717:2! *! '$:=&1! 7:;#*4(#0'(0#&! 9H&#&!=$7'&!*:1!1*(*!'$++0:7'*(7$:!;6$9! $=&#! *! '$++$:! (#*:4.$#(! +&170+! *'#$44! (H&! D7:74(#-! *:1! 7(4! *2&:'7&4K! 06(7+*(&6-K! 67:L7:2! *66! "/c4! ($2&(H&#]! 5S*+.6&_! ,5ZK! D$,K!,"<E$@d,/!2%<0<(.99($0/%"*.9(;=>&3<(!! ,H&! 4$60(7$:! 74! 7:(&:1&1! ($! #&10'&! '*66! 'H*#2&4K! 7:'6017:2! '&66! .H$:&! '*664! 9H7'H! 9$061!*66$9!&S(&:47$:!($!&S(&:47$:!17*67:2! *'#$44!(H&!#&27$:4e!"#$=717:2!*!;#*+&9$#L! ;$#! ;0(0#&! 4&#=7'&4! 7:'6017:2! U$?"! (&'H:$6$2-K!7]&]K!U71&$!E$:;&#&:'7:2]!! ! ?0+@"$A(B*C$.&+$#6+#$0(D8/$.E0( ,H&! '0##&:(! ?:;$#+*(7$:K! E$++0:7'*(7$:! ,&'H:$6$2-! W?E,X! 7:;#*4(#0'(0#&! 9H7'H! 40..$#(4! (H&! $#2*:7a*(7$:K! (H&! ,$0#74+! 5:H*:'&+&:(!Z0:1!W,5ZXK!D7:74(#-!$;!,$0#74+! *:1!5:(&#(*7:+&:(!*:1!d*+*7'*!U*'*(7$:4!9*4! 4(#&('H&1! *:1! #&b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e! - ?:(#*:&(!30..$#(e! - ?:(&#:&(!3&#=7'&4e! - 3&'0#7(-_!!A:(7G=7#04!"#$(&'(7$:K! ?:(#047$:!<&(&'(7$:!*:1! D$:7($#7:2!3-4(&+e! - E$:406(*:'-e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a*(7$:]!!! ! ! ! +'%J/!-(I(2*0$(&/M! %&&#%2!'(0*'/!! OVERVIEW: "-(!I#:$!'(/(*$!:+')(0!#*!/'%,$! Qe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c#*:(N+(*$&06!c'%,$!1()(&#>I(*$!,.$:! 9.$-.*!"#+'.:I!X'#1+/$!_()(&#>I(*$! c#I>%*0Z:!/#'>#'%$(K1()(&#>I(*$! ,'%I(9#'P!%*1!.:!&.*P(1!$#!$-(! #BD(/$.)(:!#,!$-(!7885!3%:$('!X&%*!,#'! e+:$%.*%B&(!"#+'.:I!_()(&#>I(*$!.*! U%I%./%=!"-(!I%.*!#BD(/$.)(:!#,!$-.:! 3%:$('!X&%*!B(.*2f! W=! S'#9$-!B%:(1!#*!%!:+:$%.*%B&(! I%'P($!>#:.$.#*!!\!9-./-!.*)#&)(:!$-(! >'#I#$.#*!#,!$-(!+*.N+(!U%I%./%*! -('.$%2(!,(%$+'(:6!.*/&+1.*2!.$:!*%$+'%&! :+''#+*1.*2:k!.$:!/+&$+'(k!-.:$#'06! -.:$#'./!B+.&1.*2:!%*1!:.$(:k!%*1! I(/-%*.:I:!$-%$!/%*!%*$./.>%$(!%*1! '(:>#*1!$#!I%'P($!$'(*1:=! ! WW=! L*-%*/(I(*$!#,!).:.$#'! LF>('.(*/(!j!"-.:!(*$%.&:!$-(! >'(:(')%$.#*!#,!-('.$%2(!%::($:6!%:!9(&&! %:!%11'(::.*2!$-(!'##$!/%+:(:!%*1! >'#B&(I:!%::#/.%$(1!9.$-!-%'%::I(*$k! +:.*2!'(/'(%$.#*%&!%*1!(*$('$%.*I(*$! #>>#'$+*.$.(:!$#!(*-%*/(!$-(!:%&(!#,! /'%,$!.$(I:=! WWW=! c#II+*.$0!d%:(1!1()(&#>I(*$!\! $-.:!#BD(/$.)(!.:!B(.*2!>+':+(1!$-'#+2-! $-(!.*)#&)(I(*$!#,!/#II+*.$.(:!.*!$-(! 1(:.2*6!1()(&#>I(*$!%*1!I%*%2(I(*$! #,!$-(!$#+'.:I!>'#1+/$!%*1!%!9.1('! 1.:$'.B+$.#*!#,!B(*(,.$:!:#!$-%$!-#:$! /#II+*.$.(:!9.&&!$%P(!>'.1(!.*!$-(! >'#1+/$!%*1!%::+I(!'(:>#*:.B.&.$0!,#'! ).:.$#'!(F>('.(*/(=! WV=! d+.&1.*2!%*!.*/&+:.)(!W*1+:$'0!j! $-.:!%>>'#%/-!.:!,#+*1(1!#*!$-(!*((1!$#! (*:+'(!$-%$!$-(!B(*(,.$:!#,!$#+'.:I! 2'#9$-!%'(!:>'(%1!#)('!%!2'(%$('! >#'$.#*!#,!$-(!:#/.($0=! V=! L*).'#*I(*$!:+:$%.*%B.&.$0!\!$-(! +*1('&0.*2!>'.*/.>&(!#,!$-.:!#BD(/$.)(!.:! $-%$!9-.&(!$-(!.*1+:$'0!>'#).1(:!$-(! B%:.:!,#'!(/#*#I./!%*1!:#/.%&! 1()(&#>I(*$6!/%'(!:-#+&1!B(!$%P(*!$#! (*:+'(!:+:$%.*%B.&.$0!#,!'(:#+'/(!+:(=!!! GF0$F%0@( "-(!"X_c#!c'%,$!_()(&#>I(*$! X'#2'%II(!%:!,+*1(1!B0!$-(!"#+'.:I! L*-%*/(I(*$!M+*1!Q"LMR!.:!1(:.2*(1!.:! $#!:$'(*2$-(*!$-(!/#I>($.$.)(*(::!#,!$-(! c'%,$!e(/$#'!%*1!.$:!:+B\:(/$#':!,#'!%! I#'(!I(%*.*2,+&!%*1!).:.B&(! /#*$'.B+$.#*!$#!.*1+:$'.%&!%*1!(/#*#I./! 1()(&#>I(*$!B0!.*/'(%:.*2!.$:! /#I>($.$.)(*(::=!! ! ! "-.:!9.&&!B(!%/-.()(1!B0!:$'(*2$-(*.*2! %*1!%//(&('%$.*2!%&&!(,,#'$:!/+''(*$&0! +*1('9%0!.*!$-(!"#+'.:I!X'#1+/$! _()(&#>I(*$!c#I>%*0!X&%*!QY! e+:$%.*%B&(!S'#9$-!X&%*!,#'!$-(!c'%,$! W*1+:$'0R!,#'!$-(!_()(&#>I(*$!#,!/'%,$! .*!U%I%./%=!"-.:!X&%*!.:!%&:#!1(:.2*(1!$#! >'#I#$(!%*1!1()(&#>6!*%$.#*\9.1(!$-(! c'%,$!:(/$#'!.*!'+'%&!%*1!+'B%*!%'(%:6!%:! 9(&&!%:!%*!(,,(/$.)(!c'%,$! >'#1+/(':K)(*1#':!:+>>#'$!:0:$(I!,#'! $(/-*./%&6!,.*%*/.%&!%*1!I%'P($.*2!%*1! :P.&&:!%::.:$%*/(!1()(&#>I(*$=!!!!!! ! H%'&(.*E(GIJ06+%F0&K((( ! • • • ,$!(#*:4;$#+!(H&!=747($#!4H$..7:2! &S.&:'&!!7:!'#*;(!+*#L&(4!! ?:'#&*4&!*##7=*64!*(!(H&!+*#L&(4!T-!IYf!7:! (9$!-&*#4! ?:'#&*4&!2#$44!;$#&72:!&S'H*:2&!&*#:7:24! ;#$+!($0#74+!&S.&:17(0#&4!7:'#&*4&!!T-!*(! 6&*4(!RYf!*::0*66-!;#$+!NYRR!($!NYRN! +#$-#.,).5*#%*2..#*#E.5.*K)25*-"&* <L@.(#)>.5P** ! • • • • • • ! <&=&6$.+&:(!$;!'06(0#*6!(H&+&4!($! (#*:4;$#+!(H&!4H$..7:2!&S.&:'&!T-! (#*:4;$#+7:2!(H&!b0*67(-!$;!!(H&!'#*;(! +*#L&(4!&:=7#$:+&:(!7:!(&#+4!$;!(H&! '06(0#&!*:1!4(#0'(0#&! ?+.#$=7:2!(H&!4(*:1*#1!$;!'04($+&#! 4&#=7'&!! ?+.#$=7:2!(H&!b0*67(-!*:1!17=/7'*(7$:! $;!(H&!.#$10'(4! 5:H*:'&+&:(!$;!(H&!'#*;(!+*#L&(4^! .H-47'*6!!&:=7#$:+&:(!! Q.2#*1&! *:1! +*7:(*7:! (H&! =747($#! '$:=&:7&:'&!*+&:7(7&4!! ?:;#*4(#0'(0#*6! 7+.#$=&+&:(! *:1! #&;0#T74H7:2! `%).*2!'().(9(1!$-(!%B#)(6!$-(! ,#&	.*2!.*.$.%$.)(:!9('(!+*1('$%P(*f! ! -.$A0+%*/(.*E(;$"E#6+(L0F09"8'0*+( ! [.$-!'(2%'1:!$#!$-(!%B#)(6!:()('%&! .*.$.%$.)(:!-%)(!B((*!+*1('$%P(*!9.$-! '(2%'1!$#!>'#1+/$!1()(&#>I(*$!'(&%$.*2! $#!:>(/.,./!:.$(:=!"-(:(!.*/&+1(!$-(! 1'%,$.*2!#'!1(:.2*!#,!:$#'0!B#%'1:!$#! :-#9/%:(!U%I%./%Z:!:>#'$:!I(*!%*1! 9#I(*6!/+&$+'(!%*1!-.:$#'0!%*1!$#!$(&&! $-(!g:$#'.(:h!#,!%!>%'$./+&%'!'(2.#*=! 3#:%./:!%*1!I+'%&:!%'(!%&:#!1(:.2*(1!$#! /'(%$(!$-(!%IB.(*/(!%*1!$#!1()(&#>!$-(! )%'.#+:!$-(I(:!,#'!$-(!1.,,('(*$!c'%,$! e.$(:!9-./-!9.&&!B(!1#*(!#)('!%!>('.#1!#,! $.I(!.*!P((>.*2!9.$-!$-(!'(,+'B.:-I(*$! #,!(%/-!c'%,$!3%'P($=!!! X'#1+/$!a.*(:!9#+&1!B(!1()(&#>(1!%&#*2! $-(!>'.*/.>%&!g:$#'0h=!M#'!(F%I>&(6!%!&.*(! 1(>./$.*2!M#&P!`('#(:!:+/-!%:!O%**0! %*1!$-(!3%'##*:!9#+&1!/#*:.:$!#,!$%B&(! I%$:6!$%B&(!/&#$-:6!/-(::!:($:6!>(*1%*$:! %*1!1#&&:!.*!>#$$('06!9##1(*!:$%$+$(:! %*1!1'+I:=! e$#'.(:!9#+&1!B(!$#&1!.*!I+:./6!1%*/(! %*1!:#*2!9.$-!$-(!/'%,$:I(*!%&:#! 1(I#*:$'%$.*2!$-(.'!:P.&&:=! Y&&!$-.:!9#+&1!B(!1#*(!.*!/#&&%B#'%$.#*! 9.$-!$-(!U%I%./%!c+&$+'%&!_()(&#>I(*$! c#II.::.#*!QUc_cR=!"-(!c'%,$!"'%1(':! $-(I:(&)(:!9#+&1!>%'$./.>%$(!.*!$-(! $'%1.$.#*%&!:#*2:6!1'%I%6!I+:./!%*1! 1%*/(:!,#'!1((>('!%>>'(/.%$.#*!#,!$-(! U%I%./%*!c+&$+'(=! 3%'P($.*2!#,!$-(!>'#1+/$!9.&&!B(! $%'2($(1!%$!$-(!/'+.:(!:-.>!>%::(*2(':6! 9%&P\.*!).:.$#':!%*1!&#/%&:=!"-(! 3%'P($.*2!e$'%$(20!%*1!e$'%$(2./!X&%*:! ! 9-./-!9('(!>'(>%'(1!B0!U%I%./%! d+:.*(::!_()(&#>I(*$!c(*$'(!QUd_cR! 9.&&!B(!.I>&(I(*$(1!%:!:##*!%:! '(,+'B.:-.*2!.:!/#I>&($(1!%$!T&1!M#'$! c'%,$!3%'P($!%*1!:+B:(N+(*$&0!.*!%*0! #$-('!#,!$-(!c'%,$!I%'P($:=!!! ! G6M"(5%"&(7$.C+(7"*C0$0*60( ! T*(!-+*1'(1!%*1!$9(*$0!$-'((!/'%,$! $'%1(':!%$$(*1(1!$-(!c'%,$!c#*,('(*/(! -(&1!%$!"-(!Y*2&./%*!c-+'/-!`%&&!.*! T/-#!E.#:!#*!3%06!7857=!e()('%&!.::+(:! 9('(!1.:/+::(1!%*1!:#&+$.#*:!,#+*1!$#! .*/'(%:(!:%&(:!%*1!$#!/'(%$(!$-(!N+%&.$0! %*1!)%'.($0!$-%$!.:!:#!.*!1(I%*1!.*!$-(! c'%,$!e(/$#'=!! ! -.$A0+%*/( ! _+'.*2!$-(!>('.#1!3%0!7857!j!3%'/-! 78546!3%'P($.*2!X'#>#:%&:!9('(! 1(:.2*(1!9.$-!$-(!%::.:$%*/(!#,!$-(! W*,#'I%$.#*!"(/-*#!_(>%'$I(*$! %*1!>'#>#:%&:!9('(!%&:#!'(N+(:$(1!,'#I! '(>+$%B&(!I%'P($.*2!/#*:+&$%*$:!,#'!$-(! %>>'#)%&!#,!$-(!$-(*!LF(/+$.)(!_.'(/$#'! ,#'!I%'P($.*2!$-(!/'%,$!I%'P($:6!.*! >%'$./+&%'!T&1!M#'$!c'%,$!3%'P($!%*1! 9#+&1!.*)#&)(!$-(!>'(>%'%$.#*!#,f! • • • • /#$'H0#&4! E$++0:7'*(7$:4! "6*:! ;$#! *(! 6&*4(! 47SWCX! E#*;(!+*#L&(4! ,$! 7+.6&+&:(! 4-4(&+4! ;$#! (*#2&(7:2! ($0#! $.&#*($#4!*:1!'#074&!4H7.4!!! "#&.*#*(7$:!$;!7:;$#+*(7$:!@.#$+$(7$:*6! .*'L*2&4!;$#!174(#7T0(7$:]! ! ;$"E#6+(L0F09"8'0*+((( ! ! "-.:!9%:!%!I%D#'!/#*/('*!%*1!:$.&&!.:! :.*/(!$-(!>##'!N+%&.$0!#,!/'%,$!-%:! '(I%.*(1!#*!$-(!:-(&)(:!#,!$-(!/'%,$! I%'P($:=!!"-('(!.:!:$.&&!%!)('0!#B).#+:! &%/P!#,!)%'.($0!#,!/'%,$!.$(I:!$#!/-##:(! ,'#I!%*1!.*!:#I(!/%:(:!g,#'(.2*!/'%,$h! -%:!B((*!U%I%./%*.C(1h!$#!>'#).1(!$-(! )%'.($0!$-%$!.:!:#!&%/P.*2=!c#*:(N+(*$&0! :>(/.,./!>&%*:!9('(!%&:#!I%1(!$#!$%'2($! (F>('.(*/(1!/'%,$!>'#1+/(':!.*!$-(!,.(&1k! 9-#!9('(!(*/#+'%2(1!$#!B(!2+.1(1!B0! $-(!/&./-o!g(%/-!#*(!$(%/-!#*(=!g!"-(! /'%,$!>'#1+/(':!9('(!2.)(*!.1(%:!%*1! :#I(!$'%.*.*2!:>(/.,./%&&0!'(&%$(1!$#! $-(.'!%'(%!#,!9#'P!%:!.$!'(&%$(:!$#! 1(:.2*:!6!+:(!#,!/#&#+'!6B%&%*/(!%*1! 1+'%B.&.$0!%&&!(*/#I>%::(1!.*!%!9#'P!#,! %'$=!! X'(:(*$&0!$-(!I%D#'.$0!#,!$-(!>'#1+/$:! B(.*2!:#&1!.*!$-(!c'%,$!3%'P($:!.*/&+1(! /'+1(!+*'(,.*(1!9##1(*!/'%,$!.$(I:6! D(9(&'06!1'(::(:6!$\:-.'$6!$#9(&:6! :$'%9KP*.$$(1!-%$:!%*1!B%2:6!I#:$!#,! 9-./-!%'(!%$!$-(!I%$+'(!$#!1(/&.*.*2! :$%2(!#,!$-(!>'#1+/$!&.,(!/0/&(=!"-(!*(9! $-'+:$!,#'!T&1!M#'$!,#'!7857!\7854!9.&&! B(!,#'!B+.&1.*2!I%'P($!:-%'(!%*1! %9%'(*(::k!)(*1#':!9.&&!B(!$'%.*(1!$#! %.I!,#'!9#'&1!/&%::!N+%&.$0!%*1! 1.,,('(*$.%$.#*!j!$'%1.*2!>'#1+/$:!%*1! :(')./(:!$-%$!%'(!>('/(.)(1!%:!B(.*2! +*.N+(!%*1!U%I%./%*=! ! Y!*+IB('!#,!9(%P*(::(:!-%)(!B((*! .1(*$.,.(1!9.$-!'(2%'1:!$#!$-(!>'#1+/$:! >'(:(*$&0!B(.*2!#,,('(1!.*!$-(!/'%,$! I%'P($:!%:!,#&	:f! n! a%/P!#,!)%'.($0!! n! X##'!^+%&.$0! n! X'./.*2!#,!%'$./&(:!! n! _(&.)('0!#,!>'#1+/$:!! ! ! ! !$.%*%*/(.*E(;$"E#6+(L0F09"8'0*+( ! !$.&M(+"(7.&M(!$.%*%*/( ! X'#1+/$!_()(&#>I(*$!.:!#,!/#*/('*!$#! $-(!c'%,$!e(/$#'!%:!:+/-!I%*0!0#+*2! >(':#*:!%'(!(*/#+'%2(1!$#!D#.*!$-(! /&%::(:!$#!2($!*(9!.1(%:!%*1!.*$('(:$=! "-.:!.:!%&:#!1(:.2*(1!$#!>%::!#*!$-(! :P.&&:!:($=!"-(:(!0#+*2!>(':#*:!%'(! %$$(I>$.*2!%!`%I>('!d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`(%'$!"'+:$KO"Y!$-%$! 1(&.)('(1!$-(!/#+':(:!#*!:.$(6!:#!%:!$#! %//#II#1%$(!$-(!$'%1(':=!"-(!/#+':(:! .*/&+1(1f! -.*./0'0*+(.*E(G80$.+%"*.9( 50&+$#6+#$%*/((((( ! n! L*$'(>'(*(+':-.>! n! e%&(:I%*:-.>!%*1!3('/-%*1.C.*2! [.$-!$-(!.I>'#)(I(*$!%*1!'(,+'B.:-.*2! #,!T&1!M#'$!c'%,$!3%'P($!B0!U%*+%'0! 78556!.$!B(/%I(!*(/(::%'0!$#!,+'$-('! .I>'#)(!$-(!:.$+%$.#*!%$!$-(!I%'P($!B0! 1()(&#>.*2!$-(!/'%,$!$'%1(':6!%*1!$#!!! .I>'#)(!$-(!>-0:./%&!/#*1.$.#*!#,!$-(! ,%/.&.$.(:!%*1!%I(*.$.(:=!M#&	.*2!$-.:!%! :.I>&(!I%*%2(I(*$!:$'+/$+'(!9%:!>+$! .*!>&%/(!I%*%2(1!B0!$-(!a%*1&#'1!e$=! U%I(:!X%'.:-!c#+*/.&!%*1!$-(!T&1!M#'$! c'%,$!3%'P($!LF(/+$.)(:!%&#*2!9.$-! :#I(!#>('%$.#*%&!'(:$'+/$+'.*2=!c'.$./%&! ,%/$#':!.*!$-(!#>('%$.#*%&!'(:$'+/$+'.*2! /#I>#*(*$:!9('(f! n! X(':#*%&!_()(&#>I(*$!! ! n! c+:$#I('!e(')./(! • ! ! "'%.*.*2!X'#2'%II(:!9('(!1(:.2*(1!$#! -(&>!#>('%$#':!.*!$-(!/'%,$!I%'P($!$#! .I>'#)(!$-(.'!B+:.*(::(:!%*1!$#! +>2'%1(!$-(I!$#9%'1:!I%.*$%.*.*2! .*$('*%$.#*%&!:$%*1%'1:=! "'%.*.*2!9%:!/#*1+/$(1!.*!"#+'.:I! Y9%'(*(::!%*1!"(%I!U%I%./%!9.$-!%! :$'#*2!,#/+:!#*!/+:$#I('!:(')./(=! ! 54(*T674H7:2!*!4&'0#7(-@4*;&(-!.6*:_! $.&#*($#4!9766!T&!#&b07#&1!($!&:40#&!(H*(! (H&!4(*:1*#1!+7:7+0+!#&b07#&+&:(4!*#&! +&(!7:!(&#+4!$;!.#$=747$:!$;!4*;&(-!*:1! 4&'0#7(-!;$#!*66!$''0.*:(4!*:1!=747($#4]!!! ! • 54(*T674H7:2!*!+*7:(&:*:'&!.6*:_! $.&#*($#4!9766!T&!#&b07#&1!($!.#&.*#&!*:1! &b07.!(H&!$.&#*(7$:4!97(H!*!4(#0'(0#&1! +*7:(&:*:'&!.6*:!#&6*(7:2!($!(H&! +*7:(&:*:'&!$;!(H&!.H-47'*6!;*'767(7&4!*:1! ! 2#$0:14K!4*:7(*(7$:!*:1!4$671!9*4(&! 174.$4*6]! ! • 54(*T674H+&:(! $;! *! )*(7$:*6! E#*;(! <&=&6$.+&:(! E$++7((&&! *:1! O$'*6! E#*;(! <&=&6$.+&:(!E$++7((&&4!!! ! • O7'&:47:2! *:1! #&206*(7$:4_! (H74! 9766! *66$9! (H&!47(&4!($!$.&#*(&!*''$#17:2!($!(H&!6*94! *:1!2071&67:&4!$;!2$=&#:+&:(]! ! • %:>(/$:!#,!$-(!d+:.*(::!X&%*!9('(! .I>&(I(*$(1!%:!'(&%$(1!$#!$'%.*.*2!%*1! I('/-%*1.C.*2=!"-(!/'%,$!$'%1(':!%$!$-.:! &#/%$.#*!%'(!B(.*2!$'%.*(1!9.$-!:P.&&:! $-%$!9#+&1!:(')(!$#!(*-%*/(!$-(!).:.$#':Z! (F>('.(*/(!%*1!%*!#>>#'$+*.$0!9#+&1!B(! >'#).1(1!,#'!T&1!M#'$!$#!B(!1()(&#>(1!%:! %!gI#1(&h!/'%,$!I%'P($k!,'#I!9-./-!$-(! #$-(':!9#+&1!,#&	=!T&1!M#'$!c'%,$! 3%'P($!.:!1#.*2!9(&&!2(*('%&&0!%*1!-%:! %>>&.(1!$-(.'!#9*!I%'P($.*2!:$'%$(2.(:! $#!.I>'#)(!$-(!:%&(!#,!c'%,$!%$!$-(.'! I%'P($=! ! A! D&+$#*:10+! $;! ! Q:1(*:17:2! 97(H! *66!O*:16$#14!$;!(H&!E#*;(!+*#L&(4! ! "-(!T&1!M#'$!e$'(($!c'%,$!3%'P($!9%:! $'%.*(1!.*!$-(!,#&	.*2!/#+':(:f! ! !".5*+(5$(c$:*2&+*%)+%*23( 9"#"35.<"$+(5:(1*2:+(=2*\"+&( n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! ! n! c+:$#I('!e(')./(! T&1!M#'$!c'%,$!3%'P($!j!E(2+&%'! 3(($.*2:!9('(!-(&1!1+'.*2!$-(!>('.#1! Y>'.&!856!7857!j3%'/-!456!7854!%$!$-(!e$! U%I(:!X%'.:-!c#+*/.&!9.$-!$-(!LF(/+$.)(! 3(IB(':!#,!T&1!M#'$!c'%,$!3%'P($!$#! 1.:/+::!.::+(:!'(&%$.*2!$#!$-(!I%'P($=! "-(!I%$$('!#,!$-(!*%I(!#,!$-(!c'%,$! 3%'P($!9%:!'%.:(1!%*1!%!:+22(:$.#*!9%:! I%1(!$#!-%)(!$-(!*%I(!/-%*2(1!,'#I! T&1!M#'$!c'%,$!3%'P($!$#!T&1!M#'$!c'%,$! %*1!`('.$%2(!X%'P=!"-(!T&1!M#'$!c'%,$! V(*1#':!Y::#/.%$.#*!.:!%9%.$.*2!%! '(:>#*:(!,'#I!$-(!e$!U%I(:!X%'.:-! /#+*/.&=! n! 3('/-%*1.:.*2!! n! e>%*.:-! ! B'890'0*+.+%"*(;9.*(O(G9E(P"$+(7$.C+( -.$A0+( ! T&1!M#'$!c'%,$!3%'P($!-%:!B(*(,.$$(1! ,'#I!$-(!+>2'%1.*26!$-('(,#'(!:#I(! ! 4.$I"#$(1+$00+(7$.C+(-.$A0+(Q(( ! "#\1%$(!,.,$0!>('/(*$!Q?8AR!#,!$-(! `%'B#+'!e$'(($!c'%,$!3%'P($!-%:!B((*! /#I>&($(1!Q'(,+'B.:-(1R=!"-.:!/#*$.*+(:! $#!B(!#,!/#*/('*!%:!$-(!#$-('!$'%1(':!%'(! :$.&&!9%.$.*2!,#'!$-(!/#I>&($.#*!#,!$-(.'! :-#>:=!!"-(!`%'B#+'!e$'(($!c'%,$!3%'P($! 9%:!$'%.*(1!.*!$-(!,#&	.*2!/#+':(:f! ! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! ! n! X(':#*%&!_()(&#>I(*$! ! T/-#!E.#:!c'%,$!3%'P($!j!d($9((*!U+*(!\! U+&0!7857!:#I(!>'#2'(::!9%:!I%1(!9.$-! $-(!+>2'%1.*2!#,!$-(!T/-#!E.#:!c'%,$! 3%'P($=!"-(!:/#>(!#,!9#'P:!,#'!$-.:! I%'P($!.*/&+1(1!$-(!,(*/.*26!+>2'%1.*2! #,!$-(!>%$-9%06!B%$-'##I!,%/.&.$.(:!%*1! :-#>:=!M.*%&&0!$-(!md&+(!"%'>%+&.*:h! 9('(!'(I#)(1!%*1!'(>&%/(1!9.$-! >'%/$./%&!%9*.*2:!$-%$!/%*!B(!9%:-(1=! "-(!>('.I($('!,(*/.*2!*((1:!$#!B(! '(>%.'(1!%:!)%2'%*$:!%*1!.*$'+1(':! /#*:$%*$&0!>&%2+(!$-(!I%'P($=! "#\1%$(!$-(!/'%,$!I%'P($!.:!I%.*$%.*(1! B0!$-(!&%*1&#'1!%*1!$'((:!%*1!#)('! 2'#9$-!%'(!I%*./+'(1!$#!P((>!$-(!/'%,$! :.$(!%$$'%/$.)(=! "-(!T/-#!E.#:!c'%,$!3%'P($!9%:!$'%.*(1! .*!$-(!,#&	.*2!/#+':(:f! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! "-('(!%'(!>&%*:!%*1!>'#>#:%&:!I%1(!,#'! c'%,$!eP.&&:!]>2'%1.*2!$#!B(!$%+2-$!%$! T/-#!E.#:!c'%,$!3%'P($=!! X.*(%>>&(!X&%/(!c'%,$!3%'P($!j!X&%*:!,#'! $-(!I%'P($!.*/&+1(!$-(!'(I#1(&.*2!#,! :#I(!:-#>:!#*!$-(!	('!&()(&!%*1!$-(! '(B+.&1.*2!#,!#$-('!:-#>:!.,!*(/(::%'0=! T$-('!>&%*:!.*/&+1(1!$-(!+>2'%1.*2!%*1! ,(*/.*2!#,!$-(!9%&P!9%0=!3(%:+'(I(*$:! 9('(!$%P(*!B0!$-(!^+%*$.$0!e+')(0#'! %*1!/#:$.*2!9%:!>'(>%'(1!.*!Y>'.&!7857=! "-(!$'%1(':!%$!$-.:!c'%,$!3%'P($!%'(!)('0! ,'+:$'%$(1!%:!$-('(!.:!*#$!(*#+2-! ! B+:.*(::!$#!,%/.&.$%$(!#*(!-+*1'(1!%*1! :.F$0!,.)(!Q5H?R!>(':#*:=! "-(!X.*(%>>&(!c'%,$!3%'P($!9%:!$'%.*(1! .*!$-(!,#&	.*2!/#+':(:f! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! n! X(':#*%&!_()(&#>I(*$!! ! c#/#*+$!S'#)(!c'%,$!3%'P($!j!"-('(!%'(! )('0!,(9!).:.$#':!$#!$-.:!/'%,$!I%'P($! %*1!B+:.*(::!-%:!19.*1&(1! /#*:.1('%B&(=!c'%,$!eP.&&:!B%:(1!$'%.*.*2! 9%:!/#*1+/$(1!%$!$-(!c#/#*+$!S'#)(! c'%,$!3%'P($!%:!%!I%'P($.*2!:$'%$(20k! *#$!9.$-:$%*1.*2!$-('(!.:!:$.&&!%!)('0!	! ).:.$#'!$+'*!#+$=! "-(!c#/#*+$!S'#)(!c'%,$!3%'P($!9%:! $'%.*(1!.*!$-(!,#&	.*2!/#+':(:f! ! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! n! !X(':#*%&!_()(&#>I(*$! ! 3+:2'%)(!3%'P($!]>2'%1(!j_+'.*2!$-.:! >('.#1!$-(!%'/-.$(/$+'%&!I(%:+'(1! :+')(0!9%:!/#I>&($(1!%*1!9%:!+:(1!$#! 2(*('%$(!$-(!Y'/-.$(/$+'%&!E(*#)%$.#*:! %*1!$-(!L*2.*(('.*2!e(')./(:=!"-('(!.:! :$.&&!:#I(!1.:/#*$(*$!9.$-!$-(! '(*#)%$.#*!#,!$-.:!c'%,$!3%'P($=!T)('!$-(! ! >%:$!I#*$-:!%!,(9!0%/-$:!-%)(!/#I(! .*$#!-%'B#+'!%$!X#'$!Y*$#*.#!%*1!-%)(! B((*!)('0!:+>>#'$.)(!#,!$-(!/'%,$! $'%1(':=!! "-(!3+:2'%)(!c'%,$!3%'P($!9%:!$'%.*(1! .*!$-(!,#&	.*2!/#+':(:f! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! n! X(':#*%&!_()(&#>I(*$! !!! R%6+"$%.(;%0$(7$.C+(-.$A0+(O(( "-(!V./$#'.%!c'%,$!3%'P($!.:!,.*%&&0! '(>%.'(1!%*1!$-(!B%$-'##I!,%/.&.$.(:!%'(! .*!2##1!9#'P.*2!#'1('=!!"-(!/'%,$! $'%1(':!%'(!)('0!2'%$(,+&!,#'!$-(! '(-%B.&.$%$.#*!#,!$-.:!/'%,$!I%'P($=! X'(:(*$&0!$-(!$'%1(':!%'(!I%P.*2!(,,#'$! $#!'(>&%*$!,	(':!%*1!:#I(!-('B:!%*1! :>./(:!$#!(*-%*/(!$-(!(*).'#*I(*$=!"-(! B(*/-(:!B+.&$!.*!%*1!%'#+*1!$-(!2'#+*1:! %'(!)('0!9(&/#I(!%:!).:.$#':!$#!$-(! I%'P($!,.*1!.$!)('0!'(&%F.*2!%:!$-(0!:.$!.*! ,'#*$!#,!$-(!:(%=! ?0/$%9(7$.C+(-.$A0+(2BB3(O( !"-(!c'%,$!3%'P($!)(*1#':!9('(! :(*:.$.C(1!$#!$-(!>&%*:!.*!>&%/(!$#! .I>'#)(!).:.B.&.$0!%*1!$-(.'!I%'P($.*2! :$'%$(20=! M#&	.*2!/#*:+&$%$.#*:!9.$-!$-(!X'#D(/$! T,,./(':!$-(!,#&	.*2!'(/#II(*1%$.#*:! 9('(!I%1(f!! "-(!'(*#)%$.#*!#,!$-(!O(2'.&!c'%,$! 3%'P($!9.&&!B(!1#*(!#*!%!>-%:(1!B%:.:=! "-(!O(2'.&!c'%,$!I%'P($!*((1:!:#I(! +'2(*$!%$$(*$.#*!%:!$-(!I%'P($!.:!N+.$(! 9#'*!1#9*=!3%*0!#,!$-(!:-#>:!%'(! >'.)%$(&0!#9*(1!%*1!$-(!#9*(':!-%)(! *#$!'(>%.'(1!$-(I=!"-(0!%'(!*#9! +*:.2-$&0=!"-(!:-#>:!$#!$-(!,'#*$!#,!$-(! /'%,$!I%'P($!%'(!.*!,%.'!/#*1.$.#*=!! "-(!,#&	.*2!%'(!%11.$.#*%&! '(,+'B.:-.*2!*((1(1!$#!$-(!O(2'.&!c'%,$! 3%'P($! ! • • • 8&.6*'&+&:(!$;!T0#:(!T$*#14!*:1!#$((&:! T$*#14! 8&.*7:(7:2!$;!(H&!#&;0#T74H&1!4H$.4!*:1! *66!4H$.4! 8&.*7#4!($!(H&!6&*L7:2!#$$;4!*:1! #&.6*'&+&:(!$;!$61!a7:'!4H&&(4! <#*7:*2&!V!#&17#&'(7:2!9*6L9*-4! 7+.#$=&+&:(!*:1!#&.*7#4!! Y''%*2(I(*$!9%:!I%1(!,#'!$-(!$'%1(':! %$!"-(!V./$#'.%!c'%,$!3%'P($!$#!B(! $'%.*(1!.*!$-(!,#&	.*2!/#+':(:f! • n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! "-(!O(2'.&!c'%,$!3%'P($!9%:!$'%.*(1!.*! $-(!,#&	.*2!/#+':(:f! n! 3('/-%*1.:.*2!! n! e>%*.:-! n! X(':#*%&!_()(&#>I(*$! ! ! ! ! n! L*$'(>'(*(+'.%&!eP.&&:Kd+:.*(::! n! c+:$#I('!e(')./(! n! 3('/-%*1.:.*2!! n! e>%*.:-! ! n! !X(':#*%&!_()(&#>I(*$! ! !M0(!"#$%&'(-.$A0+( ! '(&%$(:!$#!$-(!>'#1+/$.#*!%*1!I%'P($.*2! #,!/'%,$=!U%I%./%!d+:.*(::!_()(&#>I(*$! c(*$'(!9%:!/#II.::.#*(1!$#!>'(>%'(! d+:.*(::KT>('%$.#*:!X&%*:!,#'!:.F!#,!$-(! ,.,$((*!/'%,$!I%'P($:!*%I(&0f! n! T&1!M#'$!c'%,$!3%'P($! n! `%'B#+'!e$'(($!c'%,$!3%'P($! n! 3+:2'%)(!3%'P($! ! n! T/-#!E.#:!c'%,$!3%'P($! 1#660&&(7$.C+(-.$A0+( ! n! O(2'.&!c'%,$!3%'P($! n! X.*(%>>&(!c'%,$!3%'P($! c'%,$!$'%1(':!%'(!%&:#!.*$('(:$(1!$#!&(%'*! %B#+$!$-(!"#+'.:I!3%'P($!$-%$!$-(0! #>('%$(!.*!%*1!$-(0!1#!$%P(!*#$(:==!D+:$! :#!$-(0!1#!*#$!,#'2($pp! e()('%&!I(($.*2:!9('(!-%1!9.$-!$-(! e+//(::!c'%,$!3%'P($!%:!$-.:!I%'P($!9%:! %&:#!#*!$-(!>&%*!,#'!+>2'%1.*2=!W*! O#)(IB('!788J6!$-(!e+//(::!c'%,$! 3%'P($!9%:!'(,+'B.:-(1!%*1!'(>%.*$(1! %*1!$-(!/'%,$!$'%1(':!%'(!*#9!N+.$(! >&(%:(1=!"#!1%$(!7857!\78546!$-('(!.:! #*&0!:>#'%1./!B+:.*(::!B(.*2!1#*(!%$!$-(! e+//(::!c'%,$!3%'P($!%*1!.$!.:!#>(*(1! #*&0!#*!1%0:!$-%$!$-(0!(F>(/$!B+:.*(::=! Y!*+IB('!#,!#>>#'$+*.$.(:!-%)(!B((*! #,,('(1!$#!$-(!$'%1(':!B+$!B(/%+:(!#,! .*,.2-$.*2!$-(0!-%)(!&#:$!I%*0!#,!$-(:(! #>>#'$+*.$.(:=! ! G6M"(5%"&N7"6"*#+(S$"F0(7$.C+(-.$A0+&K( ! U%I%./%!d+:.*(::!_()(&#>I(*$!c(*$('! QUd_cRf!! ! "-(!U%I%./%!d+:.*(::!_()(&#>I(*$! c(*$('!QUd_cR!%*1!"X_cT!-%)(!9#'P(1! $#2($-('!$#!%11'(::!$-(!)%'.#+:!.::+(:! >'(:(*$&0!%,,(/$.*2!$-(!/'%,$!:(/$#'=! "X_cTZ:!'#&(!.:!>'.I%'.&0!'(&%$(1!$#!$-(! /'%,$!I%'P($:!%*1!$-(!$'%1(':!9-#! #>('%$(!.*!$-(Ik!9-.&(!Ud_cZ:!'#&(! ! ! "#!1%$(!#*&0!,#+'!9%:!/#I>&($(1!%:!.$! 9%:!*#$!*(/(::%'0!$#!/#I>&($(!$-(! #$-(':!+*$.&!$-(!/'%,$!I%'P($!-%:!B((*! '(,+'B.:-(1=!W*!$-.:!9%0!.$!9#+&1!B(! ,(%:.B&(!$#!.I>&(I(*$!$-(!d+:.*(::! KT>('%$.#*:!X&%*=!!! ! c'%,$!$'%1(':!%'(!)('0!.*$('(:$(1!%:!$-(0! $'0!%!*(9!/'%,$!:P.&&!:($=!c'%,$!$'%1(':!%'(! )('0!(%2('!$#!&(%'*!*(9!1(:.2*:!%*1! .1(%:!%:!.$!'(&%$(:!$#!/'%,$!1()(&#>I(*$=! ! ;.$+*0$&M%8(@%+M(T.'.%6.(=#&%*0&&( L0F09"8'0*+(70*+$0( ! Y!2'#+>!#,!O.2('.%*!LF>('$!c%')(':!9('(! .*).$(1!$#!U%I%./%!$#!$'%.*!#+'!&#/%&! /%')(':!9.$-!*(9!:P.&&:!#)('!7?8! U%I%./%*!/%')(':!B(*(,.$$(1!,'#I!$-(! $'%.*.*2=!O(9!$##&:!9('(!.*$'#1+/(1!%*1! :.I.&%'&0!*(9!:P.&&:!9('(!$%+2-$=! ! ! S"#$EQ(H*(0*E.*/0$0E(8$"E#6+( ! "-(!2#+'1!#'!g>%PP.h!.:!*#$!%:!(%:0!$#! 9#'P!9.$-!%:!.$!%>>(%':!%:!.$!2($:!)('0! -%'1!%*1!*((1:!:>(/.%&!$(/-*.N+(:!$#! >.('/(!.$!9.$-#+$!B'(%P.*2!.$=!"-(! $'%1(':!'(/#2*.C(1!$-.:!1+'.*2!$-(! $'%.*.*2=!"-.:!'(:#+'/(!.:!)('0!:/%'/(! %*1!(,,#'$!9.&&!-%)(!$#!B(!I%1(!$#! >'#1+/(!.$!%:!.$!.:!.*!1(I%*1!,#'!I#'(! '(%:#*!$-%*!#*(=!! 1'+I:=!e$#'.(:!9#+&1!B(!$#&1!.*!I+:./6! 1%*/(!%*1!:#*2!%*1!$-(!/'%,$:I(*!%&:#! 1(I#*:$'%$.*2!$-(.'!:P.&&:=!! ! "#!,+'$-('!(*-%*/(!$-(!).:.$#':Z! (F>('.(*/(!$#!$-(!/'%,$!I%'P($:!$-(! ,#&	.*2!9%:!:+22(:$(1!$#!1.,,('(*$.%$(! (%/-!I%'P($!B%:(1!#*!.$:!`.:$#'0!%*1! $-(!c#II+*.$0!.*!9-./-!.$!.:!:.$+%$(1k! :+22(:$.#*:!%'(!%:!,#&	:f! ! • _()(&#>I(*$f!c+&$+'%&!"-(I(:!$#! "'%*:,#'I!$-(!e-#>>.*2!LF>('.(*/(! • • ! "-.:!/#I>#*(*$!#,!$-(!c'%,$! _()(&#>I(*$!X&%*!1(%&$!9.$-!$-(!I%*0! .::+(:!'(&%$.*2!$#!$-(!&()(&!#,!).:.$#'! :%$.:,%/$.#*=!"-(!c'%,$!_()(&#>I(*$! X&%*!9%:!1()(&#>(1!$#!,%/.&.$%$(! .I>'#).*2!$-(!:$%*1%'1!#,!$-(!:(')./(:6! $-(!N+%&.$0!#,!$-(!>'#1+/$!%*1!$-(! N+%&.$0!#,!$-(!>-0:./%&!(*).'#*I(*$!%*1! $-(!).:.$#'!/#*)(*.(*/(!%I(*.$.(:!$#! &()(&:!$-%$!9#+&1!%&	!$-(!,%/.&.$.(:!$#! I(($!$-(!:$%*1%'1!'(N+.'(I(*$:!#,! N+%&.$0!%*1!&./(*:.*2!%2(*/.(:=!W*!$-.:! '(2%'1!:()('%&!.*.$.%$.)(:!9.&&!B(! +*1('$%P(*!9.$-!'(:>(/$!$#!>'#1+/$! 1()(&#>I(*$!#*!%!>-%:(1!B%:.:=!!! ! e#I(!#,!$-(:(!.*.$.%$.)(:!9#+&1!.*/&+1(! $-(!('(/$.#*!#,!B#%'1:!$#!:-#9/%:(! U%I%./%Z:!:>#'$:!I(*!%*1!9#I(*6! /+&$+'(!%*1!-.:$#'0!%*1!$(&&!$-(!g:$#'.(:h=! X'#1+/$!&.*(:!9#+&1!B(!1()(&#>(1!%&#*2! $-(!>'.*/.>&(!#,!%!>%'$./+&%'!:$#'06!,#'! (F%I>&(!%!&.*(!1(>./$.*2!O%**0!#,!$-(! 3%'##*:!9#+&1!/#*:.:$!#,!$%B&(!I%$:6! $%B&(!/&#$-:6!/-(::!:($:6!>(*1%*$:!%*1! 1#&&:!.*!>#$$('06!9##1(*!:$%$+$(:!%*1! ! • • • • 3($#-! /$*#14! 1&.7'(7:2! H74($#7'*6! &=&:(4! `0*67(-! E#*;(! ?(&+4! V#&.67'*(7:2! H74($#7'*6!47(&4!*:1!'H*#*'(! E06(0#&!g*#1!V!8&6727$:K!<*:'&K!D047'K! *:1!E0747:&!! >&#T4!*:1!3.7'&4!!!W1&=&6$.!*!.6*'&!$;! 7:(&#&4(!97(H!H&#T4!*:1!4.7'&4X! ,H&! )*(7$:*6! >&#$&4! VH72H672H(7:2! 3*+! 3H*#.&! W47:'&! H&! $#727:*(&1! 7:! D$:(&2$!/*-!X! 3.$#(4+&:!*:1![$+&:! )*(0#&! V3(! d*+&4! Z6$#*! *:1! Z*0:*! W9H&#&!.$447T6&X!! ! 7$.C+(.*E(!M0()*F%$"*'0*+( ! T*!%!'(/(*$!/#*,('(*/(!#*!c'%,$!#*!$-(! L*).'#*I(*$6!.$!9%:!.*$('(:$.*2!$#!&(%'*! $-%$!$-(!L*).'#*I(*$!.:!#,!>%'$./+&%'! .I>#'$%*/(!%*1!:()('%&!1.:/+::.#*:! :+''#+*1(1!,%/$#':!%,,(/$.*2!$-(! (*).'#*I(*$!%*1!$-(!>'#1+/$.#*!#,! -%*1./'%,$=![.$-!$#+'.:I!$-('(!%'(! .*/'(%:.*2!1(I%*1:!#,!2##1:!%*1! :(')./(:!$-%$!9.&&!%,,(/$!$-(!(*).'#*I(*$! %*1!*%$+'(!%*1!$-(!/-%'%/$('.:$./!.I>%/$! #*!:#/.%&!1()(&#>I(*$!9-./-!.*,&+(*/(:! $-(!%'$.:%*=!c('$%.*!/#II+*.$.(:!-%)(! B((*!.*,&+(*/(1!*(2%$.)(&0!(=2=!.*! L/+%1#'6!c#&+IB.%!%*1!d#&.).%!9-('(! ,#'!0(%':!%*$-'#>#.:$:!-%)(!(F>&#.$(1! ! B'./P:!%*1!$'((:!%*1!-%:!&(,$!$-(!%'$.:%*! 9.$-#+$!'%9!I%$('.%&:!%*1!/.$.(:!-%)(! B((*!&(,$!9.$-#+$!>&%*$:!$-%$!9('(! .*1.:/'.I.*%$(&0!+:(1!%:!'%9!I%$('.%&:=!! B*+0$0&+%*/(;"%*+&(C$"'(+M0(7"*C0$0*60( ! ,H*(! (H&#&! 74! *:! *447+76*(7$:! .#$'&44! 7:! (H&! '06(0#&! $;! $T%&'(4K! 9H&#&K! 7:7(7*66-! (H&#&! 74! *! .$1! $;! h7+7(*(7$:i! 7:! 9H7'H! (H&! +$4(! 7:(&#&4(7:2! *:1! 7::$=*(7=&! &S.#&447$:4!$;!(H&!+*(*6!'06(0#&!$;!(H&! '06(0#&! 97(H! 9H7'H! 9&! *#&! ;*'&1! *#&! 7+7(*(&1! 7:! (H&7#! &S(#&+&! ;$#+! 97(H$0(! *! #&*6! '$+.#&H&:47$:! $;! (H&7#! (&'H:7'*6! 2&:&474]! ,H74! 7:7(7*6! 9$#L! $;! h(#*:46*(7$:i! *66$94! $T%&'(4! ($! 'H*:2&! (H&7#! 71&:(7(-_! (H&-! (*L&! $:! 17;;&#&:(! =*60&4K! *:1! $;(&:! T&'$+&!h;&(74Hi!$T%&'(4]!!! ! • h3$0=&:7#7a*(7$:i_!(H&!*'(!$;!(#*:4;$#+7:2! (#*17(7$:*6! *#(74*:*6! .#$10'(4! 7:($! $T%&'(4! ;$#! '$++&#'7*6! '$:40+.(7$:K! 174($#(7:2! 7(4! $#727:! *:1! .0#.$4&K! 'H*:27:2! 7(4! .#$.$#(7$:4! *:1! 17+&:47$:4K! 40T4(7(0(7:2! #*9!+*(*64!*:1!(&'H:7b0&4K!7:!$#1&#!($! T#7:2! 7(! 7:($! 67:&! 97(H! *! '$:'&.(! $;! 6$9! V .#7'&!+*44!'$:40+.(7$:]!! ! • ,H&!E$++&#'7*67a*(7$:!$;!H*:17'#*;(4!! ! • A4!7(!#&6*(&4!($!(H&!&:=7#$:+&:(!9&!1$:^(! :&&1! ($! 4&66! (H&! ;$#&4(! 9&! :&&1! ($! 4&66! h.*#(!$;!$0#!H74($#-!*:1!'#*;(4+*:4H7.i!! ! • ! ! • ! • 4H$061! T&! (H&! &:=7#$:+&:(*6! 4(017&4! ($! H*:17'#*;(!*=*76*T767(-]!! ,H&! .#$10'(7$:! $;! >*:17'#*;(! 4H$061! T&! (H&! h'$0:(#-^4! '06(0#&! *'(7$:! ($! .#$+$(&! +*#L&(7:2! *:1! 4*6&4! *:1! H74($#7'*6! 47(&4! 3+*66! '$0:(#7&4! 4H$061! +*#L&(! 2#&&:! ($0#74+K!#*7:!($0#74+K!*:1!:*(0#&!($0#74+! *:1!4*=&!(H&!&:=7#$:+&:(! ! ! ! !M0(?.+%"*.9(7$.C+(L0F09"8'0*+( 7"''%++00( ! "-(!O%$.#*%&!c'%,$!_()(&#>I(*$! c#II.$$((!9%:!,#'I(1!$#!2.)(!1.'(/$.#*! %*1!%1)./(!$#!$-(!/'%,$!:(/$#'!2(*('%&&0! %*1!I#'(!:>(/.,./!$#!(*:+'(!$-%$!N+%&.$0! /'%,$!.:!>'#1+/(1k!%*1!$-(!/'%,$!:(/$#'! B(/#I(:!I#'(!).%B&(=!! g$#!/#*$'.B+$(!$#!$-(!1.)(':.,./%$.#*!%*1! 1()(&#>I(*$!#,!$-(!c'%,$!e(/$#'6!9.$-!%! ,#/+:!#*!(*-%*/.*2!$-(!"#+'.:I!X'#1+/$! B0!+>2'%1.*2!$-(!.*,'%:$'+/$+'(!%*1! ,%/.&.$.(:!:+>>#'$.*2!$-(!c'%,$!W*1+:$'0!! 9-.&:$6!$'%.*.*2!c'%,$!X'#1+/(':!%*1! "'%1(':!%*1!%::.:$.*2!.*!$-(!I%'P($.*2! #,!c'%,$!X'#1+/$:6!&#/%&&0!%*1!#)(':(%:h! ! "-(!/#I>#:.$.#*!#,!$-(!O%$.#*%&!%*1! a#/%&!c'%,$!_()(&#>I(*$!c#II.$$((:! 9%:!%&:#!:.2*(1!#,,!#*!$#!:%0!$-%$!$-(! ,#&	.*2!Y2(*/.(:K3(IB(':!:-#+&1!B(! '(>'(:(*$(1!#*!(%/-!/#II.$$((!%:! ,#&	:f! • • • • • "#$%&'(!E$$#17:*($#4!V,"<EM! "#&471&:(4!VE#*;(!D*#L&(4! 3$'7*6!<&=&6$.+&:(!E$++7447$:!!! >]5]A]8],! Q]<]E]! ! • • d*+*7'*!,$0#74(!/$*#1! O7'&:47:2!M;;7'&#!V,"<EM! ,#&	.*2!/#+':(:!9('(!$-(!-.2-&.2-$:!#,! $-(!$'%.*.*2f!! ! ! 6$-)")",*7%$*1$-7#*6$-&.$5** ! n! L*$'(>'(*(+':-.>! n! d+:.*(::!_()(&#>I(*$! Y!I%D#'!/#*/('*!-%:!B((*!$#!%''%*2(! 1()(&#>I(*$%&!$'%.*.*2!,#'!$-(!/'%,$! $'%1(':!9-#!-%)(!*#$!:-#9*!I+/-! .*$('(:$!.*!$'%.*.*2!,#'!$-(!,#&	.*2! '(%:#*:f! • • • Z#04(#*(7$:! *(! (H&! 46$9! .*'&! $;! #&.*7#4! ($! (H&!'#*;(!+*#L&(4! Z&&67:24!$;!0:;*7#!#&b07#&+&:(!;$#!(#*17:2! '#*;(!! "$$#!9$#L7:2!'$:17(7$:4!*(!(H&!+*#L&(! "&#'&7=&1!0:;*7#!+*#L&(!'$+.&(7(7$:!!!! "-(!#BD(/$.)(:!#,!$-.:!$'%.*.*2!%'(!%:! ,#&	:f! ! • • • ,H*(! '#*;(! (#*1! 9766! T&! *T6&! ($! 174.6*-! (H&7#!2$$14!+$#&!.#$;&447$:*66-! ,H*(! '#*;(! (#*1! 9766! *..#&'7*(&! *:1! 04&! +*#L&(7:2!4L7664!6&*#:(! ,H*(!E#*;(!,#*1!9766!04&!(H&!(&'H:7b0&4! 6&*#:(!($!7+.#$=&!4*6&4! Z$#! E#*;(! ,#*1! ($! 0(767a&! '04($+&#! 4&#=7'&!4L7664!!!! ! T&1!M#'$!$'%1(':!-%)(!B(*(,.$$(1!,'#I! $'%.*.*2!.*!$-(!,#&	.*2!%'(%:k!$-(! $'%.*.*2!.:!>'(:(*$&0!#*!-#&1!B+$!:-#+&1! /#*$.*+(!%:!:##*!%:!`LYE"!"'+:$KO"Y! -%:!.1(*$.,.(1!%!'(>&%/(I(*$!$#!/#*$.*+(! $-(!$'%.*.*2=!U%I%./%!d+:.*(::!_()(&#>! c(*$'(!-%:!%::.:$(1!%:!'(:#+'/(! >(':#**(&!.*!$-(!$'%.*.*2!#,! I('/-%*1.C.*2!%*1!:%&(:I%*:-.>=!"-(! ! c+:$#I('!e(')./(!! c'%,$!3%'P($!Y::#/.%$.#*!3(($.*2:! "-(!c'%,$!c##'1.*%$#'Ke>(/.%&.:$! %$$(*1(1!%!*+IB('!#,!I(($.*2:!%$!$-(! /'%,$!I%'P($:!,#'!)%'.#+:!'(%:#*:! '(&%$(1!$#!$-(!,#&	.*2f! ! ! • n! ! ! • n! 3('/-%*1.:.*2!%*1!:%&(:I%*:-.>! ,#'!c'%,$! • • • • • • <74'7.67:*#-!.#$T6&+4!*(!(H&!47(&! 56&'(7$:!$;!M;;7'!! Q.1*(&!$;!7:;$#+*(7$:!$:!(H&!#&;0#T74H7:2! $;!(H&!+*#L&(! 8&=7&9!$;!(H&!M.&#*(7$:4@/047:&44!.6*:4! O7'&:47:2! *:1! *1H:2! ($! (H&! #06&4! *:1! #&206*(7$:4!! "6*::7:2!*:1!$#2*:7a7:2!;$#!(#*7:7:2!7:!(H&! =*#7$04!*#&*4!+&:(7$:&1!! ! Y11.$.#*%&&06!$-(!T>('%$.#*:!d+:.*(::! X&%*:!:>(%P:!$#!g$-(I.*2!g!#,!(%/-! I%'P($!%:!%!>&%/(!#,!.*$('(:$!6!$-.:!9.&&! %&:#!B(!'().(9(1!%&#*2!9.$-!$-(! "X_cTZ:!!$(%I=!"-(!U%I%./%!e/-##&!,#'! $-(!V.:+%&!Y'$:!%::.:$(1!9.$-!$-(! >'#).:.#*!#,!1(:.2*:!,#'!$-(!>'#$#$0>(:=! c#&&%B#'%$.#*!9%:!:#+2-$!9.$-!U%I%./%! d+:.*(::!_()(&#>I(*$!c(*$('!,#'! .1(*$.,0.*2!/'%,$!>'#1+/(':!$#!B(!$'%.*(1! $#!>'#1+/(!.$(I:!,'#I!$-(:(!1(:.2*:=! ! ! /%;)&-3*!""*1$-7#*:-$F.#* ! c#*2'%$+&%$.#*:!%'(!.*!#'1('!,#'!$-(! $'%1(':!%$!`#&.1%0!W**!c'%,$!3%'P($!9-#! -%)(!:+,,('(1!%:!%!'(:+&$!#,!$-(! (F>%*:.#*!#,!$-(!'#%1!*($9#'P!+*1('! $-(!O#'$-!c#%:$!`.2-9%0!]>2'%1.*2! X'#2'%II(=!"-(!`#&.1%0!W**!c'%,$! 3%'P($!-%1!$#!B(!'(&#/%$(1!1+(!$#!.$:! /&#:(!>'#F.I.$0!$#!$-(!+>2'%1(1!'#%1=! "-(!O%$.#*%&![#'P:!Y2(*/0!9-./-!-%:! $-(!'(:>#*:.B.&.$0!,#'!'(/#*:$'+/$.*2!$-(! I%'P($k!-%:!2.)(*!.$:!/#*$'.B+$.#*!#,!,.)(! I.&&.#*!1#&&%':!Q;?3R6!9-./-!$-(! X'(:.1(*$!3:=!U#%**(!S%'1(*('!:%0:!-%:! B((*!>&%/(1!.*!"-(!`#&.1%0!W**!c'%,$! 3%'P($Z:!d%*P!Y//#+*$=!"-.:!%I#+*$! '(>'(:(*$:!"-(!O%$.#*%&![#'P:! Y2(*/0Z:!/#*$'.B+$.#*!$#!$-(! '(-%B.&.$%$.#*!#,!"-(!`#&.1%0!W**!c'%,$! 3%'P($=!`#9()('6!"X_c#!-%:!B((*! '(N+(:$(1!$#!>'#).1(!%::.:$%*/(!9.$-!$-(! '(\1(:.2*.*2!%*1!&%0\#+$!#,!$-(!I%'P($! /#+>&(1!9.$-!$-(!+>2'%1.*2!#,!$-(!'##,=!! ! "-(!c'%,$!)(*1#':!%$!$-.:!I%'P($!! 9#'P(1!%::.1+#+:&0!$#!B+.&1!$-(.'! I%'P($!%*1!-%)(!%/-.()(1!.$=!"-(!c'%,$! 3%'P($!/%*!B(!D+12(1!%:!#*(!#,!$-(!B(:$!! .*!$-(!W:&%*1=!W$!.:!9(&&!B+.&$!%*1!$-(! >&%*$:!(*-%*/(!$-(!I%'P($!%*1!%'(! I%.*$%.*(1!B0!$-(!$'%1(':=!!! ! !7857!\7854!-%:!:((*!$-(!`#&.1%0!W**! c'%,$!3%'P($!2'#9!,'#I!:$'(*2$-!$#! :$'(*2$-6!$-(0!%'(!*#9!.*!$-(!>'#/(::!#,! '(>&%*$.*2!%*1!&%*1:/%>.*2!!$-(!2'#+*1:! $#!(*-%*/(!$-(!/'%,$!I%'P($=! ! I)(#%$)-*1$-7#*:-$F.#* ! ! "-(!N+%&.$0!#,!$-(!'##,!%$!$-(!I%'P($! *((1:!'(,+'B.:-.*2=!"#!1%$(!"-(!]_c!-%:! *#$!/%''.(1!#+$!.$:!/#II.$I(*$!$#!%,,(/$! $-(!>&%**(1!+>2'%1.*2!9#'P:!,#'!$-(! I%'P($!9-./-!.:!>'#D(/$(1!%$! %>>'#F.I%$(&0;5G3=!Y&$-#+2-!"LM!-%:! %>>'#)(1!%*!%I#+*$!#,!;H3!$#9%'1:! $-(!]_cZ:!/#I>#*(*$!Q(F$('*%&!9#'P:R! %*1!;?3!,#'!$-(!.*$('*%&!9#'P:!$#!B(! (,,(/$(1!B0!"X_c=!! "-(!>%.*$.*2!#,!$-(!I%.*!B+.&1.*2!9%&&:! • • • 8&:$=*(7$:!$;!(H&!E*;&(*!*:1! #&4(#$$+4! 372:*2&! /&*0(7;7'*(7$:!*:1!.#$.$4&1!=740*6!*714! ;$#!(H&!+*#L&(!WZ6*(!3'#&&:!D$:7($#4!($! 174.6*-!7:;$#+*(7$:!*T$0(!(H&!+*#L&(4X! ! E(/(*$&0!$-(!>%.*$.*2!#,!$-(!(F$('.#'!#,! $-(!I%.*!B+.&1.*2!9%:!1#*(!B0!"-(! U%I%./%!_(,(*:(!M#'/(=! ! 7"*69#&%"*( ! W$!-%:!$%P(*!:#I(!$.I(!$#!/#I>&($(!$-(! '(,+'B.:-.*2!#,!$9#!/'%,$!I%'P($:!%:! :+/-!$-(!#$-('!>'#/(::(:!$-%$!9#+&1! >'#>('&0!,.$!,#&	.*2!%!'(,+'B.:-(1!/'%,$! :.$(!/#+&1!*#$!B(!.I>&(I(*$(1!#'!.,! .I>&(I(*$(1!9#+&1!*#$!-%)(!-%1!$-(! .I>%/$!$-%$!9%:!.*$(*1(1=! ! "-(!>'#/(::!.:!/&(%'!%*1!.:!>'(:/'.B(1!.*! $-(!d+:.*(::KT>('%$.#*:!>&%*!%*1! ./%&&0!:#!$-%$!(*-%*/(I(*$!,#&	:! $-(!'(,+'B.:-.*2!#,!$-(!/'%,$!:.$(=! O#$9.$-:$%*1.*26!$'%.*.*2!9%:!:$%'$(1!%$! T&1!M#'$!c'%,$!3%'P($!%:!$'%1(':!9('(!:#! I#$.)%$(1=!! ! ! X&%*:!%'(!*#9!.*!>&%/(!$#!/%>$+'(!%&&!$-(! 10.*2!/'%,$K%'$!,#'I:!$-'#+2-!$'%.*.*2! %*1!$#!.I>'#)(!$#!2($!B($$('!B(*(,.$:! ,'#I!/'%,$!B0!1(&.)('.*2!(F/(&&(*$! /+:$#I('!:(')./(=!"#!$-.:!(*1!$'%.*.*2!.:! >&%**(1!$#!$'%.*!.*!/'%,$!:P.&&!+>2'%1.*2! %*1!.*!L*$'(>'(*(+'.%&!:P.&&:!,#'!/'%,$! $'%1(':=!!!!! ! W*!/&#:.*2!$-('(!%'(!d+:.*(::!X&%*:!,#'! $-(!c'%,$!3%'P($:!$-%$!9('(! /#II.::.#*(1!$#!B(!>'(>%'(1!B0!Ud_c! ,#&	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
Similar documents
The Kalam Cosmological Argument
e'"030&"0-0#0'0f%(0'0'+g0/"'"00#0"$('"0*"d0&0 #'%'0h""30hi0jk4klk2.R'%#"30m3d'30k4no2.R3.0p
More information