Indonesia

Report 0 Downloads 20 Views
This chapter is from Legal Aspects of Doing Business in Asia – Second Edition. © Juris Publishing, Inc. 2015 www.jurispub.com

/0120$'3&! ! !"#$%&'())*& !"#(+,-".&/"0&1(#+& 2"3"#4"5&6%78%$*("&

& !"#$%&'(#)%"* /0120$'3&!3'!20$!24!56$!72'5!8&931%:!1$;$%29300583$'!30!56$!?28%1!521&:@!/5!3'! 56$!?28%1A'!%&87&58&B! G&;&B! H&%37&05&0! "I280$2.B!F>%&?$'3!"J$%$E$'.B!&01!K&9>&!"?$'5$80!L$?!M>30$&.@!N6$!&8=639$%&84&=$! &8$&! $P>&%! 52! 42>8! 537$'! 56$! 5$883528:! 24! Q8&0=$@! N6$! 929>%&5320! 3'! &9982&=6308=$'B!30=%>130$'!4827!56$!E22730'58:!?$8$!'>443=3$05!52! =&88:!56$!=2'5'!24!'%:! &! 8&56$8! &8E358&8:! ':'5$7! 24! 5&C! =2%%$=5320@! X5! 56$! '&7$! 537$B! 56$! 9! 52! ,++! 9$8! =$05! 24! %2=&%! =279&03$'B! &5! %$&'5!428!56$!438'5!,-!:$&8'@!

+,-./*012#,3* 4)2#%$1*."&*0%'$(,2*%5*+.6* Q827! 56$! $&8%3$'5! 1&:'! 24! W>5=6! =2%203Y&5320B! 306&E35&05'! 24! 56$! /0120$'3&0! &8=639$%&'! Z929>%&5320! 9'A! "98)8%9"%& #"3-"45&

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,!![&?!L>7E$8!DB![&?!L>7E$8!\B!&01![&?!L>7E$8!T!24!,ST]@! *!![&?!L>7E$8!SB![&?!L>7E$8!,+B!&01![&?!L>7E$8!,,!24!,SS(B!&01!'>E'$P>$05!8$%&5320'@! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$12

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! :$;8)3(%9*& 9#8$5$1`!35!?&'!=&883$1!5682>5=6!=2%203&%!$05%:B! /0120$'3&0! '2=3$5:! ?&'! 13;31$1!3052!568$$!9830=39&%!9'_!W>5=6!8$'31$05'!24!56$!&8=639$%&829$&0! 1$'=$05B! 562'$! $P>&5$1! ?356! ^>829$&0'! "'>=6! &'! X7$83=&0'B! X>'58&%3&0'B! F2>56! X483=&0'B! &01! G&9&0$'$.! &01! Z$P>&%3Y$1A! 3013'! /0120$'3&0'& "+(*.`! J630$'$! &01! 256$8! 428$3856$8! 8$%&5320'! 7&1$! 56$! W>5=6! =3;3%! &01! =277$8=3&%! %&?! "?356! '27$! 1$%$5320'.! &99%3=&E%$! 52! 56$! $5603=! J630$'$! &01! %&5$8! 52! 020RJ630$'$! 428$3528:B! ?&'! 20=$! 8$%&5320@! U2?$;$8B! 563'! 18&45! 4&3%$1! 52! $! 52! 6$&;:! =8353=3'7! E:! 56$! 4&56$8! 24! "7"4! %&?B! K824$''28! J! ;&0! a2%%$062;$0B-! ?62! 83#(7(*=.& =8%D$=4($0$#3B! &! b>8313=&%! Z8$&1:R7&1$! '>35A! "379%:308030&%3'7B! &01! 56$! 98$'$8;&5320! 24! "7"4!%&?!?&'!20=$!728$!'$=>8$1@!O053%!56$!G&9&0$'$!30;&'320!1>8301:B!&01!1$'=8395320@! N6$8$! 6&'! 0$;$8! E$$0! 13;$8'35:! 24! 9$0&%! %&?! E$=&>'$! 56$! ?$'5$80! 9$0&%! =21$B! E$4:8$3& ;"%& ,4#"D#$=.4! "!(4":& F%7"%9GF%7"%9& H>3>+& B(7"%"B& HOUK.B! 6&'! E$$0! &99%3=&E%$! 52! &%%! 9$8'20'! 30! /0120$'3&B! 388$'9$=53;$! 24! 56$38! 929>%&5320! 9!'30=$!,S,T@!d0!,\!X>'5!,S(-B!56$!#$9>E%3=!24!/0120$'3&!982=%&37$1!35'! 301$9$01$0=$@! d0$! 24! 56$! E&'3=! 982E%$7'! 428! 56$! 0$?! 301$9$01$05! /0120$'3&0! %1! E$!7&305&30$1@!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ]!!,4""4*:)"7!"F5&5$!M&Y$55$.!,S,\B!L>7E$8!,*@! (!!,4""4*:)"7!,S,\B!L>7E$8!,*S!&01!,4""4*:)"7!,S*(B!L>7E$8!--DB!8$'9$=53;$%:@! -!!a&0!a2%%$062;$0B!H$4&"7"4#$=.4&;"%&I$7$#)"%7*=.G6%7($B!;2%!/!"[$31$0!,S,D),S,T.@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$13

/5!?&'!2E;32>'!56&5!'27$!&'9$=5'!24!56$!%$%&5320! 9'B! $&=6! ?356! 1344$8$05!%&?'B!=2>%1!025!E$!7&305&30$1@!! O0343=&5320! 24! %&?! 30! &'! 7&0:! 43$%1'! &'! 92''3E%$! 3'! 98$'$05%:! 56$! &37@!N63'! 6&'! E$$0! 8$=2%%:! &118$''! 56$! 0$$1'!24!56$!E>'30$''!=277>035:@!N6$!$0538$%:!0$?!%&?'!&%8$&1:!30!$44$=5!&5!56$! 537$! 24! 563'! 8$;3'320! "%&5$! *++].! 30=%>1$! &! '>E'5&053&%! 8$;3'320! 24! 56$! 2%1! I&0V8>95=:![&?`!&!=&935&%!7&8V$5!%&?`!&!0$?!=279&0:!%&?!&%%2?30=6! &'! 7$87$05'`! &! K"-"'"%!"42>01&5320'.!%&?`!&!720$:R%&>01$830&%! K829$85:! #3=6! '>E28130&5$! =2>85'! &'! 7&:! E$! $'5&E%3'6$1! E:! %&?@D! N6$! I&'3=! [&?! 20! G>8313=&%! K2?$8'! "F%7"%9GF%7"%9& 4$%4"%9& !$3>"*""%& !$."3(+"%& I8+8#& LM& N".>%& OPPQ.\! '$5'! 2>5! 42>8! E8&0=6$'! 24! 56$! b>13=3&8:_! 85'B! 8$%3'! =2>85'B! 73%35&8:!=2>85'B!&01!&17303'58&53;$!=2>85'@!! N6$! '5&5$! =2>85'! "B$%9"7()"%& I$9$#(! 28! 13'583=5! =2>85'.! &8$! 56$! =2>85'! 24! 438'5! 30'5&0=$!&01!58:!&%%!=83730&%!&01!=3;3%!=&'$'!$C=$95!428!E&0V8>95=:!&01!/K#!=&'$'B! ?63=6! &8$! 02?! 6&01%$1! E:! 56$! 0$?! =277$8=3&%! =2>85'! "B$%9"7()"%& I("9".@! N6$8$! 3'! &! 13'583=5! =2>85! 30! $;$8:! &>520272>'! 8$7E$8! ,S! 24! ,S\+B! &7$01$1! E:! [&?! L>7E$8! (! 24! *++(.B!&85!,\",.@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$14

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! W$=3'320'!24!56$!U385!7&:!E$!E82>#"4&A7"#"%& '".3"+".&C9>%9.B!30!&1135320!52!8$01$830185'!98$'31$!2;$8!=3;3%!=&'$'!428!9$8'20'!9824$''30%1!E$!b>185!52!$C$=>5$!&!1$=3'320!24!56$!8$%3'!=2>85@!! e3%35&8:!=2>85'!6$&8!=83730&%!=&'$'!30!?63=6!7$7E$8'!24!56$!/0120$'3&0!X87$1! Q28=$'! "N$%4"#"& I"*(8%")& 6%78%$*("5! NL/.! &8$! 56$! &==>'$1@! ^&=6! 24! 56$! 568$$! NL/!'$8;3=$'!"&87:B!0&;:B!&38!428=$.!6&'!35'!2?0!'9$=3&%!=2>85B!&'!12$'!56$!92%3=$! 428=$@! F9$=3&%! 73%35&8:! =2>85'! 7&:! E$! '$5! >9! 52! 7$$5! $C58&28130&8:! $7$838$7$05'B!'>=6!&'!583&%!428!58$&'20!28!8$E$%%320@! X!'5&5$!&17303'58&53;$!b>13=3&%!':'5$7!?&'!$'5&E%3'6$1!30!,STDB,,!?63=6!30=%>1$'! &!'5&5$!&17303'58&53;$!=2>85!30!$;$8:!&>520272>'!8$1$'! '27$! =2>85'! ?356! P>&'3Rb>13=3&%! 92?$8'! 52! '$55%$!=$85&30!&17303'58&53;$!7&55$8'B!'>=6!&'!56$!J2>0=3%!428!U2>'3085!3'! 02?! &0! 301$9$01$05! E21:! &01! 02! %201$1! >01$8! 56$! &17303'58&53;$! ':'5$7@! K82'$=>528'! &=5! 20%:! 30! =83730&%! 7&55$8'B! $C=$95! 30! =$85&30! $C=$95320&%! =3;3%! =&'$'B!'>=6!&'!562'$!=20=$803095=:!&01!305$%%$=5>&%!9829$85:! &=5320'!&8$!025!6&01%$1!E:!56$!13'583=5!=2>85'!24!438'5!30'5&0=$B!E>5!&8$!02?!?35630! 56$!b>83'13=5320!24!56$!=277$8=3&%!=2>85'@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,+!![&?!L>7E$8!\!24!,STSB!&'!&7$01$1!E:![&?!L>7E$8!]!24!*++DB!=21343$'!8$%&5320'! 8$7E$8!-!24!,STDB!&'!&7$01$1!E:![&?!L>7E$8!S!24!*++(!&01![&?!L>7E$8!-,! 24!*++S@! ,*!!N6$! 982=$1>8$! 3'! 7E$8! -\f,T(TB! 56282>5$! 24! L&5320&%! [$5! 6&'!025!:$5!=27$!3052!29$8&5320@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$15

N6$! =279$5$05! =2>85!24! 438'5!30'5&0=$! 3'! 56&5! 24! 56$!1$4$01&05A'! 1273=3%$! 28! 63'! $44$=53;$!8$'31$0=$@!/4!56$8$!3'!728$!56&0!20$!1$4$01&05B!56$!9%&305344!6&'!56$!835$! 63'! &=5320@! c6$0! 56$! 1$4$01&05A'! 1273=3%$! 28! 63'! $44$=53;$! 8$'31$0=$! 3'! >0V02?0B! 982=$$13085!?3%%!E$!56$! =2>85!6&;3083'13=5320!30!56$!9%&=$!24!35'!%2=&5320@,]! W$=3'320'! =20=$803001'@!/0!56$!%&'5!30'5&0=$B!=&''&5320!3'!29$0!52!56$!F>98$7$!J2>85B!30!?63=6! 982=$1>8$! 56$! 6$&830892'$! 24! =&''&5320! E$3085! 6&'! &99%3$1! 56$! %&?! =288$=5%:B! 025! ?6$56$8! 56$8$! ?&'! &0:! =204>'320! 8$03428735:! 30! 56$! 305$898$5&5320! &01! &99%3=&5320!24!56$!%&?@! 7)8)/*+.6*."&*7%33,$()./*+.6* 6%&V$%$#")& N6$! %$8&%3'53=@! N6$! J3;3%! J21$! &01! 56$! J277$8=3&%! J21$! ?$8$! 9827>%$1! 52! 98$;&3%! &45$8! 56$!K82=%&7&5320!24! /01$9$01$0=$! 24!,\! X>'5! ,S(-@,-! N21&:B! 428! 8$&'20'! 24! 98&=53=&%35:! &01! =$85&305:B! ?8355$0! %&?! 3'! >53%3Y$1! 428! E>'30$''! E:! $;$8:20$! 30! /0120$'3&B! $C=$95! 30! =$85&30! 8$725$! &8$&'! &01! '7&%%! 6272'! ;3%%&
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b$=5! 7&55$8! 7>'5! E$! =%$&8%:! 1$430$1@!/4! 0$=$''&8:B! 56$!P>&%35:! &01! P>&0535:!24!56$!'>Eb$=5!7&55$8!'62>%1!E$!$C98$''%:!'5&5$1@!N6$!2E%3'5!E$!=%$&8@! Q30&%%:B! 56$! =2058&=5! 7>'5! E$! 428! &! 9$873''3E%$! %$892'$@! L2! 2E%3E%3=!281$8B!28!9>E%3=!728&%35:@! /4! $356$8! 56$! 438'5! 28! '$=201! =20135320! 3'! 025! 7$5B! 56$! =2058&=5! 3'! ;231&E%$B! &01! &00>%7$05!24!56$!=2058&=5!=&0!E$!1$7&01$1!4827!&!b>15! 56$! '>Eb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d0!,D!X>'5!*++\B!56$!0$?!J279&0:![&?*\!?&'!9827>%'5!*++T@!! J279&03$'!56&5!6&1!025!&7$01$1!56$38!&853=%$'!E:!56&5!537$!=2>%1!E$!13''2%;$1! E:!56$!13'583=5!=2>85!20!56$!8$P>$'5!24!56$!X55280$:!M$0$8&%A'!2443=$!28!8$%&5$1! 9&85:@!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! *,!!J3;3%!J21$B!&85'!,(S!&01!,]]T@! **!!J3;3%!J21$B!&85!,]]T@! *]!!L25!0$=$''&83%:!30!?83530'30$''! $05353$'! >01$8! 56$! J277$8=3&%![&?B!>0%$''!'9$=343=&%%:!?&3;$1@! *-!!J277$8=3&%!J21$B!J6&95$8!///B!'!*@! *D!!J277$8=3&%!J21$B!&85!,S@! *\!![&?!L>7E$8!(+!24!*++\@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$18

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! N6$!0$?![&?!30=%>1$'!'$;$8&%!0$?!982;3'320'B!'>=6!&'!982;3'320'!20!=28928&5$! '2=3&%! 8$'920'3E3%35:! 428! =279&03$'! ?356! &=53;353$'! $0'$!24!$%$=58203=! 1&5&!58&0'4$8!428!56$!&9982;&%!24!56$!e303'5$8!24!G>'53=$B!&01!256$8'@! X!%3735$1!%3&E3%35:!=279&0:!28!KN!3'!&!=279&0:!?356!43C$1!=&935&%!13;31$1!3052! '6&8$'@!N6$!'6&8$'!&8$!6$%1!E:!9$8'20'!?62!&8$!%3&E%$!20%:!52!56$!$C5$05!24!56$! ;&%>$! 24! 56$38! '6&8$'@! X! %3735$1! %3&E3%35:! =279&0:! 7>'5! &=5! >01$8! 35'! 2?0! "=279&0:.!0&7$@!N6$!KN!7>'5!6&;$!&5!%$&'5!5?2!'6&8$62%1$8'`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e303'5$8! 025! %&5$8! 56&0! D+! 1&:'! 4827! 56$! 1&5$! 24! '3%43%%$1B! 56$! e303'5$8! ?3%%! 3''>$! &! 1$=8$$! 8$'53=$! 52! E$! 8$01$8!56$!e303'58:!24!G>'53=$@!N6$!e303'5$8!?3%%!&002>0=$!56$! 1$$1! 24! $'5&E%3'67$05! 24! 56$! =279&0:! &01! 56$! e303'5$83&%! W$=8$$! 30! 56$! F>99%$7$05! 52! 56$! ,4"4$& V"U$44$! "J$#(4"& I$9"#".! 24! 56$! #$9>E%3=! 24! /0120$'3&! ?35630!,(!1&:'!4827!56$!3''>&0=$!1&5$!24!56$!e303'5$83&%!W$=8$$@!/0!98&=53=$B!56$! 8$E%3=! ?62! 6&'! 18&?0! >9! 56$! &853=%$'@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! *T!!J279&0:![&?B!&85!\@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$19

B#(+"#-&W."#"=4$#(*4(=*& N6$!9837&8:!=6&8&=5$83'53=!24!&!KN!3'!56$!%3735$1!%3&E3%35:!24!35'!'6&8$62%1$8'@!X! '6&8$62%1$8!3'!20%:!%3&E%$!52!56$!&72>05!24!63'!'6&8$'@!X!KN!3'!=20'31$8$1!52!E$! &0!301$9$01$05!%$%! E21:! 24! 56$! KN@! /5! 1$5$8730$'! 56$! 9$8;3'28'!6&'!&!'>9$8;3'28:!4>0=5320@!X=530'>&%%:! 2E%38=6&'$!28!'$%%!7&b28!&''$5'B!7&V$!28!5&V$!%2&0'B!28!9$84287!256$8!7&b28!&=5320'@!! N6$! T$0"%! !8+(*"#(*! &%'2! 7&:! 5$7928&83%:! '>'9$01! &! 138$=528! 428! 4&3%>8$! 52! 9$84287! 9829$8%:@! N6$! '>'9$0'320! ?3%%! E$! 1$=31$1! &5! 56$! 0$C5! '6&8$62%1$8'A! '5!6&;$!&0!299285>035:!52!E$! 6$&81!20!56$!7&55$8@!! K8$;32>'%:B! 56$! J277$8=3&%! J21$! 131! 025! 8$P>38$! 56&5! $;$8:! KN! 6&;$! &! T$0"%! !8+(*"#(*B*S! &%562>&%R E2&81!':'5$7!&01!56>'!52!&992305!&5!%$&'5!20$!7$7E$8!52!56$!T$0"%!!8+(*"#(*@! ,."#("&,>
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$1:;

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! =20'3'5'!24!20$! 28! 728$!,."#("! $C9$85'B! &992305$1!E:! 56$! '6&8$62%1$8'A!$1! &01! 4>%%:! 9&31@! N6$! '6&8$! =&935&%! =&0! E$! 8$7355$1!30!56$!4287!24!720$:!&01f28!256$8!4287'!'>=6!&'!5&0'2)",22* @%$,)-"*B)$,(#*!"8,2#3,"#*7%3=."1* Q28$38'$B! 20! 56$! 5:9$! &01! 9>892'$! 24! 56$! E>'30$''@! X'! &! %$B! 428$3&%%:!29$0!E8&0=6!2443=$'!?35630!/0120$'3&B!&01!56$'$!&8$!=%2'$%:!8$%&5$1!E:! 56$!e303'58:!24!Q30&0=$@! N21&:B! 428$39! ,++! 9$8! =$05! 428$3%%! 428$3=5>8$! ?2>%1!E$!1230'30$''!?356!/0120$'3&@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ],!!J279&0:![&?B!&85!\(@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$1::

@%$,)-"*B)$,(#*9.$#)()=.#)%"*)"*!"&%",2)."*7%3=."),2** /0!*++\B!/0120$'3&!9&''$1!&!0$?!/0;$'57$05![&?B]*!?63=6!1$&%'!025!20%:!?356! 127$'53=! E>5! &%'2! 428$3%'! 7303'583$'! &01! 1$9&857$05'B! 6&;$! '5$&13%:! 7&1$! 35! &! %355%$! $&'3$8! &01! 728$! &558&=53;$! 428! 428$3%1! =20'>%5! %2=&%! =2>0'$%! 52! &'=$85&30!56$!$C&=5!E$0$435'!&01!'58>=5>8$'!&;&3%&E%$!&5!56$!8$%$;&05!537$@! KeX!=279&03$'!&8$!8$%&5$1!E:!&0!&38$1!30!&99%:308'>&05!52!X853=%$!,*"(.B!56$!%$1! &01! 98$'$05%:! $44$=53;$! L$$1!30!*+,+]D!&01!3'!&;&3%&E%$!20%30$@]\!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ]*!![&?!L>7E$8!*-!24!*++\@! ]]!![&?!L>7E$8!,!24!,SD\@! ](!![&?!L>7E$8!D!24!,SDT@! ]-!!K821>=5320B! 58&0'73''320B! &01! 13'583E>5320! 24! $%$=583=! 92?$8! ?&'! 283$05%:! 29$0$1! 52! 428$37E$8!]\!24!,SS*B!&'!&7$01$1!E:!K8$'31$053&%!#$%&5320!L>7E$8!,,,!24!*++\@! ]D!!K8$'31$053&%!W$=8$$!L>7E$8!]S!24!*+,(@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$1:2

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! N6$!L$'53;$B!62?$;$8@!/0!&1135320!52!56$!'$=528'!56&5!&8$! 2443=3&%%:!=%2'$1!>01$8!56$!528B!&01!56&5!=279&0:!7&:!13'583E>5$!12?0!52! 56$! 8$5&3%$8! %$;$%B! E>5! '53%%! 7&:! 025! 13'583E>5$! 52! 56$! >%537&5$! =20'>7$8@! #$5&3%! '&%$'!24!&%%!%%:!127$'53=!305$8$'5'@! X! KeX! =279&0:! 7&:! 30;$'5! 30! 256$8! /0120$'3&0! =279&03$'B! $356$8! 5682>9! 52! S-! 9$8! =$05! 24! 56$! $P>35:B! 30! ?63=6!=&'$!56$8$!3'!02!%20856$8!13;$'57$05!8$P>38$1@!! /0!'27$!43$%1'B!428$30'9$=343$1B!52!/0120$'3&0!305$8$'5'!?35630!,-!:$&8'@!L25&E%:B!&%562>'30$''! '$=528'! 3'! 20! 99! S),,`! 56$! %3'5! 24! E>'30$''! '$=528'! 29$0! 52! 30;$'57$05B! ?356! =$85&30! =20135320'B! 3'! 20! 99! ,*),+,! "56$! 0$?! K8$'31$053&%! W$=8$$! 6559_ff???(@EV97@'5B! 5205'.!&01!053%!56$!&853=%$'!6&;$!E$$0! &9982;$1!E:!56$!e303'58:!24!G>'53=$@!W38$=528'!&%'2!?3%%!8$7&30!9$8'20&%%:!%3&E%$! 428!56$38!&=5'!>053%!56$!&853=%$'!6&;$!E$$0!9>E%3'6$1!30!56$!,4"4$&V"U$44$@!O01$8! 56$!0$?! J279&0:! [&?B! 138$=528'! &8$! 025!4>%%:! &E'2%;$1!4827! &%%! %3&E3%35:! $;$0! &45$8!56$!&853=%$'!6&;$!E$$0!9>E%3'6$1@! 7%3=/)."(,*?,E')$,3,"#2* X99%3=&05'!&8$!$0=2>8&E'$P>$05%:!&%'2!&88&0&0=$! 24! &1135320&%! E$0$435'! &'! 8$%$;&05! 5&C! 4&=3%353$'B! 34! &0:! m! '>=6! &'! 92'5920$7$05!24!;&%>$R&11$1!5&C!"aXN.!&01!$C$795320!4827!379285!1>53$'!428! $P>397$05!28!'>99%3$'!'9$=343$1!E:!56$!9&853$'!20!56$!7&'5$8!%3'5!m!&01!&9982;&%! 24! 8$'31$0=$! ;3'&'! &01! ?28V! 9$8735'! 428! 56$! 0>7E$8! 24! $C9&583&5$! 9$8'200$%! 8$P>38$1B!&'!'9$=343$1!30!56$!&99%3=&5320!&01!56$!7&092?$8!9%&0@!! d0=$! 56$! KeX! =279&0:! 3'! 4287$1B! 35! 7>'5! &99%:! 428! 35'! 0$=$''&8:! E>'30$''! %3=$0'$'B! $C9&583&5$! ?28V! 9$8735'B! 5&C! 8$'30$''! '$=528'! &558&=530'58:!"!OF!g+@D!E3%%320.`! Q221! J829'! &01! K%&05&5320! "OF! g+@D! E3%%320.`! &01! K&9$8! &01! K830530'58:! "OF!g+@-!E3%%320.@! N6$! %&8
%$-.$1:5

C#'2)",22*?,/.#)%"2=4(8%&,."#(%9&W8%4#"=4*&(%&[()&"%7&V"*&,$=48#& /0;$'57$05! 92%3=:! 30! 23%! &01! %&5$'! 56&5! &%%! 24! 56$! 0&5>8&%! ?$&%56! =205&30$1! 30! 56$! %&01!&01!?&5$8!24!/0120$'3&!?3%%!E$!=20582%%$1!E:!56$!'5&5$!&01!>53%3Y$1!52!7&C373Y$! 982'9$835:! &01! 982725$! 56$! ?$%4&8$! 24! 56$! 9$29%$! 24! /0120$'3&`! 56$8$428$B! 428$30=5320!6&'! E$=27$! 728$! &01! 728$! %3735$1! 52! 12?0'58$&7! &=53;353$'B! '>=6! &'! 8$430$83$'! &01!13'583E>5320@! '(%$#")&"%7&W8")&'(%(%9&6%;$*4+$%4*&& !"*G,",$./H*N6$!:$&8!*++S!7&8V$1!&!0$?!$8&!428!73030
-.$1:6

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$!

&01!J2&%!e30308$!$'5&E%3'6$1!E:!56$!e30305!73030'30$''!%3=$0'$AB!&;&3%&E%$!428!$C9%28&5320! &01! 9821>=5320! 29$8&5320B! &01! ?63=6! 3'! 020R58&0'4$8&E%$@! ^C3'5305! ?$8$! 8$P>38$1! 52! =20;$85! 52! 56$! 0$?! 73030'30$''! %3=$0'$'! E:! ,! e&:! *+,+@! I)")"-*>'2)",22*+)(,"2,2H!e3030'30$''!%3=$0'$'!&8$!*>*B! /OKH.@! cKL'! &8$! 98328353Y$1! 428! '5&5$R2?0$1! &01! 8$%1! 20%:! E$! &E%$! 52! 9&853=39&5$! 5682>7E$8!(!24!*++S@! ((!!M2;$807$05!#$%&5320!L>7E$8!**!24!*+,+!20!e3030'30$''!X=53;353$'@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$1:7

'$9&8&5$%:! &99%:! 428! &0! /OK! ?35630! 43;$! E>'30$''! 1&:'! 24! 56$! &002>0=$7$05`! 256$8?3'$B! 56$! c/OK! &01! 56$! E31! E201! 9&31! 428! 56$! 5$01$8! ?3%%! E$! 4284$35$1@! Q>856$8!1$5&3%'!24!56$!5$01$8!982=$''!&8$!52!E$!'$5!2>5!30!&0!>9=2730=5320! 29$8&5320! 3'! &8&05$$1! 52! 56$! 62%1$8!24!&!%3=$0'$!428!$C9%28&5320!>01$8!56$!0$?!e3030=5$1@!^C9%28&5320!%3=$0'$'!&8$!7! 24! $3=5320! 29$8&5320! %3=$0'$'! &8$! 7!24!*+!:$&8'!&01!*-B+++!6$=5&8$'`!E256!7&:!E$!$C5$01$1! 5?3=$!428!,+!:$&8'!$&=6@!^C9%28&5320!%3=$0'$'!428!=2&%!&8$!7! 24! '$;$0! :$&8'! &01! -+B+++! 6$=5&8$'B! &01! 9821>=5320! 29$8&5320! %3=$0'$'! &8$! 7!24!*+!:$&8'!&01!,-B+++!6$=5&8$'B!E256!24!?63=6!&%'2!7&:! E$!$C5$01$1!5?3=$!428!,+!:$&8'!$&=6@! J,1* 9$%8)2)%"2* %5* #3'67$05! 24! 73030=$! 56$! '9$=343$1! 730300%$''! 56$8$! 3'! 02! %2=&%! 730305!98328!9$873''320!
%$! N6$! 8$98$'$05&53;$! 2443=$! &%'2! =&0! 5&V$! 56$! 4287! 24! &! '$%%304&=5>830:30527&53=&%%:!E$!$0535%$1!52!56$!0$=$''&8:! ?28V!9$8735!&01!8$'31$0=$!;3'&@! X! 8$98$'$05&53;$! 2443=$! 30! /0120$'3&! 6&'! %3735$1! &>562835:@! /5! 6&'! &>562835:! 52! $0=5305!7&:!025!138$=5%:!$&80!&0:! 720$:!20!35'!2?0!30!/0120$'3&@! J20'$P>$05%:B! 34! 35! ?3'6$'!52! 982;31$!7E$8!24!2443=$'!5682>5!56$!=2>058:@! X0! 379285! %3=$0'$! 4827! 56$! W$9&857$05! 24! N8&1$! 3'! 8$P>38$1! 428! 56$! 379285! 24! &0:!8;3$?! 24! 56$! W$9&857$05!24!/01>'58:B!20!56$!E&'3'!24!56&5!W$9&857$05A'!%$55$8!24!8$=2'58:! &01! 56$! 8$P>38$7$05'!428!&!'2%$!&'583&%!5!30!e303'5$8!24!/01>'58:!W$=8$$!L>7E$8!*S-!24!,ST*@!N63'!%$7E$8!,+feRWXMfK^#f]f*++D@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$1:9

K825$=5$1! '$62%1! &99%3&0=$'B! 72528! ;$63=%$'B! &01! 6$&;:! $P>397$05B! &%%! 24! ?63=6! &8$! '539>%&5$1! 4827!537$!52!537$!E:!56$!e303'5$8!24!/01>'58:!30!4>856$8!1$=8$$'@!X38$7$05'! 24! 56$! e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e303'58:!>053%!&%%!7&55$8'!8$%&5$1!52! 56$!=&0=$%%&5320!24!56$!&'5! E$! '>E7355$1! 52! /0120$'3&0! &8E358&5320B! >01$8! 56$! 8>%$'! 24! 56$! /0120$'3&! L&5320&%! I2&81! 24! X8E358&5320! "J"7"%& C#:(4#"*$& I"*(8%")& 6%78%$*("5! IXL/."4>856$8! 13'=>''$1! 30! 56$! '$=5320! ZW3'9>5$!#$'2%>5320A.@! /4!56$!9821>=5'!52!E$!379285$1!&8$!025!&720'58:A'!379%$7$0530%&5320'!52!W$=8$$!*S-B!56$!&56283Y$! %2=&%! 13'583E>5320! &01f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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (T!![&?!L>7E$8!,+!24!,SS(@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$12:

/4!56$!5$=603=&%!&''3'5&0=$!3'!9$84287$1!30!/0120$'3&!E:!9$8'200$%!24!56$!428$3&%! 9829$85:! 838'$B! '27$?6&5! 728$! =279%3=&5$1B! &01! 379%$7$0530%&5320'!&8$!'53%%!30!982=$''B!E>5!35!3'!56$!=%$&8!305$05320!24!56$! 35$!=27720!30!/0120$'3&@! Q8&0=63'$'!&01!256$8!%3=$0'30'30$''! 8$%&5320'639'B! 56$! 9&853$'! &8$! 48$$! 52! =2058&=5! 428! '>=6! 7&55$8'! 30! &==281&0=$! ?356! 56$38! 2?0! 8$P>38$7$05'B! ?35630! 56$!Eb$=5!52!56$!8$%$;&05!%&?'@! 1(%"%=(")&,$=48#& Q28$38$'! 30! 56$! 430&0=3&%! '$=528B! '>=6! &'! E&0V'B! %$&'308&0=$!=279&03$'B!&01!=&935&%!7&8V$5!28!;$05>8$!=&935&%!=279&03$'B!&%'2!&8$! 9$87355$1@! N6$'$! b2305! ;$05>8$'! &8$! 8$%&5$1! 025! E:! 56$! IHKe! E>5! 138$=5%:! 5682>8$'! 30! 56$! 430&0=3&%! '$=528! &8$! 8$'! "13'=>''$1! 30! 56$! $&8%3$8! '$=5320! ZQ287'! 24! Q28$3'30$''A.@! N6$!20%:!1344$8$0=$'!&8$!56&5!56$!8$P>38$1!=&935&%3Y&5320!?3%%!1344$8B!1$9$0130'30$''!52!E$!58&0'&=5$1`!56$!430&0=3&%!'5&E3%35:!24!56$!9&853$'!3'!728$! =%2'$%:!'=8>5303Y$1`! &01B! &%562>7! 428$338$7$05!52!13;$'5!E$%2?!56$!30353&%!%$;$%!%&5$8!20@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (S!!Q2>856!X7$017$05!52!56$!/0=27$!N&C![&?!"[&?!L>7E$8!]D!24!*++T.@! -+!![&?!L>7E$8!,-!24!*++,@! -,!![&?!L>7E$8!,S!24!*++*@! -*!!M2;$807$05!#$%&5320!L>7E$8!\\!24!*++\B!&'!&7$01$1!E:!M2;$807$05!#$%&5320! L>7E$8!,,,!24!*++\@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$122

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! +,-)2/.#)8,*@$.3,6%$K*5%$*F-$,,3,"#2L*+)(,"2,2L*."&*9,$3)#2* F-$,,3,"#2* 18#+")&S$\>(#$+$%4*& L25&83&%!1$$1'!&01!256$8!&Eb$=5!52!130=5320!'6&8308$! &1%1!&!13'9>5$!&83'$!56&5!7>'5!E$!6$&81! 30! &0! /0120$'3&0! =2>85B! 35! 3'! E$'5! 52! 6&;$! =62'$0! /0120$'3&0! %&?! 52! %1!E$!58&0'%&5$1!3052!/0120$'3&0@!N6$!/0120$'3&0! %&0&443=3$05%:! 98$=3'$! 428! 56$! 305$898$5&5320! 24! =279%$C! E>'30$''! 92305'B! &01! 56>'! 35! 3'! ?3'$! 52! 2E5&30! &! ;$8:! 8$!56&5!56$!&5!?6&5!6&'!E$$0!&5320!?3%%! E$!E301305320B! 56$! '38$'! '62>%1! E$! %$7$05'!7>'5!E$!$C$=>5$1!30!56$!4287!24!&!025&83&%!1$$1!52! E$!$44$=53;$@!N6$'$!30=%>1$!12=>7$05'!24!58&0'4$8'!24!8$&%!9829$85:!28!'6&8$'! 30!/0120$'3&0!=279&03$'B!1$$1'!24!$'5&E%3'67$05!24!/0120$'3&0!=279&03$'B!28! &7$017$05'! 52!56$!1$$1'!24! $'5&E%3'67$05B!&01!=$85&30!430&0=3&%! 30'58>7$05'! 56&5!6&;$!56$!428=$!24!%&?@!/0!&!025&83&%!1$$1B!025!20%:!56$!$C$=>5320!E>5!&%'2! 56$!&=5>&%!=205$05'!24!56$!12=>7$05!&8$!'?280!52!&01!025&83Y$1@! K2?$8'! 24! &55280$:! 28! 256$8! 12=>7$05'! $C$=>5$1! 2>5'31$! /0120$'3&! '62>%1! E$! $C$=>5$1! E$428$! &0! /0120$'3&0! J20'>%&5$! 30! 56$! =2>058:! 30! ?63=6! 56$:! &8$! $C$=>5$1! 52! 6&;$! %$'5! E$! %$13=3&%! 982=$''! 3'! '%2?! &01! >0=$85&30@! U2?$;$8B! 34! &0! &5$! 8$'2%>5320B! 56$! 8$%$;&05! &5>&%%:! 1$'3%$'@!#$4$8$0=$! 52!IXL/!&8E358&5320!7>'5!E$!=%$&8%:!'9$=343$1!30!56$!&%1!256$8?3'$!E$!7>5>&%%:!&920B!30!?835305$!#$'2%>5320@! -(!![&?!#$4287!J2773''320B!S$0583$'@--! N6$! 7&b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e&092?$8@!N6$'$!=&0!20%:!E$!2E5&30$1!5682>&%343$1!28! E$=&>'$!24!&!0$=$''35:!28!E$0$435!52!56$!/0120$'3&0!$=2027:!28!256$8!305$8$'5'@!! c28V!9$8735'!&8$!3''>$1!20!&0!&00>&%!E&'3'!&01!7&:!E$!$C5$01$1B!&%562>8'$@! Q28$3 !"8,2#3,"#*)"*?,./*:2#.#,* M)#/,*#%*."&*?)-0583$'@!/0120$'3&0!%&01!%$5! 3'! &;&3%&E%$! 20%:! 52! /0120$'3&0! 3013;31>&%! =353Y$0'! &01! =$85&30! 256$8! $05353$'! 1$'3&%%:! Z2?0A! %&01! 30! 56$! '$0'$! 56&5! 3'! 01$8'5221! 30! ?$'5$80!=2>0583$'@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! --!![&?!L>7E$8!D!24!*+,,@! -D!!M2;$807$05!#$%&5320!L>7E$8!]T!24!*++S@! -\!!M2;$807$05!#$%&5320!L>7E$8!]T!24!*++SB!&85!]@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$125

N6$!X3%1!20!56$!%&01!"H"3&V>%"&J"%9>%"%5&UMI.B!&01!56$!83'$! "H"3&B"3"(.@! UMOB! 28! 56$! %&01! =>%53;&5320! 83E'$P>$05%:@!! UMO! 3'! 8$.!=279&03$'!"13'=>''$1!30!56$! $&8%3$8!'>E'$=5320!ZQ28$3'$1!&'! =2%%&5$8&%@! UMI! 3'! 56$! 83856$8! ]+! :$&8'B! 982;31$1! 56$! %&01! =20530>$'! 52! E$! 9829$8%:! >53%3Y$1@D+! UMI& 7&:! E$! 6$%1!E:!3013;31>&%'!28!=279&03$'B!30=%>130892'$! 428! &! =$85&30! 9$8321B! 3'! 02?! E$'52?$1!428!&!9$8321!24!*-!:$&8'B!$C5$01&E%$!428!&0256$8!*+!:$&8'B!&01!7&:!E$! 8$0$?$1!428!>9!52!*-!728$!:$&8'@!N63'!83%$05! 8$%&5320'! &%'2! '$5! 2>5! 9&8&7$5$8'! 428! 2?0$8'639! 24! 1?$%%30'$'! E:! 428$3'$! 24! 56$! '>9$832835:! 24! 56$! H"3& '()(3! 535%$B! 56$! &%!'6&8$62%1$8!52!5&V$!28!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! -T!![&?!L>7E$8!-!24!,SD+B&,4"4$&V"U$44$!,SD+B!L>7E$8!,+(@! -S!!/0;$'57$05![&?B!&85!**&@!X85!**!6&'!E$$0!=288$=5$1!E:!56$!J20'535>5320&%!J2>85!30!35'! W$=3'320!30!J&'$!L>7E$8!*,R**fKOORaf*++\B!'5&530%&5320!L>7E$8!(+!24!,SSD@! D+!!M2;$807$05!#$%&5320!L>7E$8!(+!24!,SSD@! D,!!M2;$807$05!#$%&5320!L>7E$8!(+!24!,SSD@! D*!!M2;$807$05!#$%&5320!L>7E$8!(+!24!,SSD@! D]!!M2;$807$05!#$%&5320!L>7E$8!(,!24!,SSD@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$126

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! 8$5&30!&!H"3&'()(3&535%$!30!56$!%&01!&01!%$&'$!56$!%&01!52!56$!=279&0:!20!&!%20856$8! '$=>8$1! E:! 56$! 96:'3=&%! 62%130&%! 535%$! 12=>7$05! ",$#4($1!52!=2;$8!&0:!9&8=$%!24!%&01B!&01!&!1>9%3=&5$!=&0025!E$! 3''>$1!?3562>5!'>88$01$8!24!56$!$C3'530&0=$! 24! 1>9%3=&5$! ,$#4(01&83$'! 428! 9>892'$'! 138$=5%:! 8$%&5$1! 52! 56$38! E>'30$''! %3=$0'$B! 30! '27$! =&'$'! $;$0! ?6$0! 56$! %&01! 3'! 6$%1! E:!256$8!9$8'20'!E:! &!H"3& '()(3! 28! &! %$''$8! 535%$@!c6$0! 30;$'528'!?&05! 52! >'$! 56$! %&01! 428! &! 1344$8$05!9>892'$B! &! '9$=3&%! &99%3=&5320! 7>'5! E$! 7&1$! 52! 56$! e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`!6$!7&:!025!'379%:!&9982983&5$!35@!! X! 72855! 30! &! %2&0! &856$8! &1;&0=$'! 28! 4>5>8$! 1$E5'@! N6$! 728556$053=!&=5! 28! 1$$1! &01! 56>'! 7>'5! E$! 18&?0! >9! E:! &! 025&8:! 28! 256$8! &>56283Y$1! 9>E%3=! 2443=3&%@!F>==$''3;$!72858$B! E>5! 7&:! 025! 9>8=6&'$! &5! &! 428$=%2'>8$! '&%$! >0%$''! 56$! 535%$!3'!&!H"3&B"3"(@! X'! &! 98&=53=&%! 7&55$8B! 56$! 72855$B!30!4&;28!24!56$!%$01$8B!&!92?$8! 24!&55280$:!52!=8$&5$!&!7285=6!92?$8'!24!&55280$:!52!20$!72056! 20%:B!&01!56>'!35!3'!$''$053&%!52!&44$=5!8$'!24!56$!7285&5320B!56$!&=5>&%! 72;&E%$!9829$85:!24!56$!1$E528!3'!1$%3;$8$1!52! 56$! =8$13528! 28! 52! &! 56381! 9&85:! 52! 62%1B! 9$0130%5'!20!56$!1$E5B!56$!9829$85:!7&:!E$!'2%1!E:!56$!=8$13528!&5!9>E%3=! &>=5320!28B!?356!56$!=2>85A'!9$873''320B!56$!=8$13528!7&:!8$5&30!56$!9829$85:!428! 35'$%4! 30! 9&85! 28! 4>%%! '&53'4&=5320! 24! 56$! 1$E5B! ?356! &0:! '62854&%%! 28! $C=$''! 52! E$! 8$=279$0'$1B!&'!281$8$1!E:!56$!=2>85@!! F6&8$'!30!&!=279&0:!7&:!E$!9%$15!56$!9%$1835:!305$8$'5!&01!95=:@! I:! 563'! 30'58>7$05B! ?63=6! 8$P>38$'! &! 025&83&%! 1$$1! &01!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! D(!![&?!20!I&0V8>95=:!"[&?!L>7E$8!]\!24!*++(.B!$44$=53;$!'30=$!,T!d=52E$8!*++(@! D-!![&?!L>7E$8!(*!24!,SSS@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$128

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! 7>'5! E$! 8$397$05B! ?63%$! '53%%! 8$5&3030=6! =2%%&5$8&%! ?6$0! 56$! 7&=630$8:! 28!$P>397$05!3'!8$P>38$1!30!35'!29$8&5320!28!9821>=5320@!! X! 431>=3&8:! 8305'! 8$=$3;&E%$!&01!30'>8&0=$!982=$$1'@!N6$!58&0'4$8!24!56$'$!835$1!30!&! 431>=3&8:! =&9&=35:! &01! 428! 56$! 9>892'$! 24! '$=>835:@! /4! 56$8$! &8$! &0:! 12=>7$05'! $;31$0=3038$1!52!7&305&30!56$!9829$85:!9829$8%:!&01!52!V$$9!56$!9829$85:! 30'>8$1B!&'!3'!=>'527&8:!?6$0!62%130'5@! X!431>=3&8:!83%5!E:! 28! E&0V8>95=:! 24! 56$! 1$E528B! 56$! =8$13528! 7&:! =%&37! &01! '$%%! 56$! =2%%&5$8&%! 138$=5%:@! C=3%80)$79+$%4&8D&6%7$:4$7%$**& X0256$8!4287!24!12=>7$05&8:!'$=>835:!428!&!%2&0!56&5!6&'!$;2%;$1B!&%562>05! &01! ?3%%! 8$9&:! 56$! &72>05! 20! &! =$85&30!1&5$@!! /0!=&'$!24!020R9&:7$05B!563'!12=>7$05!$'5&E%3'6$'!56$!1$E5!&5!56$!2>5'$5B!&01!56$! 1$E5!35'$%4!0$$1!025!E$!982;$1!30!=2>85B!&%562>%1!'53%%!0$$1!52! &99%:!52!56$!=2>85!52!&55&=6!28!'$%%!&0:!&''$5'@! [4.$#&18#+*&8D&,$=>#(4-& d56$8! 0287&%! 4287'! 24! '$=>835:B! '>=6! &'! &''305'! 8$=$3;&E%$B! %$55$8'! 24! =8$135B! &01! E&0V! &8&05$$'B! &'! ?$%%! &'! 9$8'20&%! &01! =28928&5$! &8&05$$'!&01!56$!%3V$B!&%'2!&8$!=27720%:!>'$1B!&'!&9982983&5$@![$&'$!430&0=3053%3Y$1B!E256!428!35'!'$=>835:!&01!35'!5&C!&1;&05&9!&!I&0V! #$'58>=5>8307E$8! ,-! 24! *++(! "8$920!35'!13''2%>5320@!

M.N.#)%"* +,-)2/.#)8,*@$.3,6%$K* /0!,ST]B!/0120$'3&!$0&=5$1!568$$!0$?!5&C!%&?'!56&5!E82>'%:!&!8&56$8!&8E358&8:!':'5$7!24!5&C! =2%%$=5320@DD!! F>E'5&053&%! &7$017$05'! ?$8$! 7&1$! 52! $&=6! 24! 56$'$! %&?'! 30! *++(! 52! &118$''! '27$! 24! 56$! =20=$80'! 56&5! 6&1! &83'$0! 8$C>8:! M221'B\,!&'!&7$01$1@\*!Q>856$8!&7$017$05'!&8$!>01$8!=20'31$8&5320B!&01!256$8! 5&C! %&?'! 6&;$! E$$0! 28! &8$! 30! 56$! 982=$''! 24! E$303830&%!5&C!8$5>80!E:!56$!$01!24! e&8=6!30!56$!:$&8!42%%2?3080!8$%&5$'B!9&:30%%!E&%&0=$!24!56$38!30=27$!5&CB!E&'$1!20!56$38!?28%1?31$!30=27$@!! I&'$1! 20! 56$! 8$%&5320! 20! 30=27$! 5&CB! 56$! $&8%3$8! 5&C! 8&5$! 428! =28928&5$! 8$'31$05! 5&C9&:$8'! &5! &! '308$!&37$1!52!&558&=5!728$!30;$'528'!&'!?$%%!&'!52!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! DD!!N63'!'$=5320!3'!&!;$8:!E83$4!'>77&8:!24!56$!/0120$'3&0!5&C!%&?'@!W$5&3%$1!304287&5320! 3'!982;31$1!30!56$!%22'$R%$&4!9>E%3=&5320!N"X"4(8%&/"0*&8D&6%78%$*("B!9>E%3'6$1!E:!56$! /05$80&5320&%!I>8$&>!24!Q3'=&%!W2=>7$05&5320!"X7'5$81&7.@! D\!![&?!L>7E$8!D!24!,ST]@! DT!!I:![&?!L>7E$8!S!24!,SS(!&01!35'!&7$017$05B![&?!L>7E$8!,D!24!*+++B!?63=6!6&'! &7E$8! *T! 24! *++\! &01! [&?! L>7E$8! ]D! 24! *++T! "Q2>856!X7$017$05!24!56$!/0=27$!N&C![&?.@! DS!![&?!L>7E$8!\!24!,ST]@! \+!!I:![&?!L>7E$8!\!24!,SS,B![&?!L>7E$8!,+!24!,SS(B!![&?!L>7E$8!,\!24!*+++B!&01![&?! L>7E$8!]D!24!*++T@! \,!![&?!L>7E$8!T!24!,ST]@! \*!!I:![&?!L>7E$8!,,!24!,SS(!&01![&?!L>7E$8!,T!24!*+++@!! \]!![&?!L>7E$8!]D!24!*++TB!&85!,\"*&.@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$13;

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! 982725$! 56$! 1$;$%297$05! 24! '7&%%! &01! %2=&%! $05$8983'$'! 30! 56$! 983;&5$! '$=528@! I&'$1! 20! 56$! 99285! 428! &0! 377$13&5$! 30=27$! 5&C! =>5! 52! *-! 9$8! =$05! '5&8530058:! 728$! =279$5353;$! 30! 0$5530'! ':'5$7! 30! 56&5! 35! 6&'! 568$$! '=&%$'B!1$9$0130%$B! &! 428$3Eb$=5!52!56$!127$'53=!30=27$!5&C!%&?'!&'!&!8$'31$05@! N63'!982;3'320!30=%>1$'!&0:!428$3=5320! 982b$=5B! 730$B! 28! 0&5>8&%! 8$'2>8=$! '35$`! 28! 982;31$'! =20'>%530Eb$=5!52!&!430&%!?35662%13001$8! 56$! /0=27$! N&C! [&?! 28! ">'>&%%:.! &5! &! 8$1>=$1! 8&5$! 34! 1273=3%$1!30!&!=2>058:!56&5!6&'!&!5&C!58$&5:!?356!/0120$'3&@!! X!KeX!=279&0:!3'!&0!/0120$'3&0!=279&0:!&01!56>'!=%$&8%:!&!8$'31$05!5&C9&:$8B! '>Eb$=5! 52! &%%! 56$! 127$'53=! 30=27$! 5&C! %&?'@! d?0$8'639! 24! '6&8$'! 30! &! KeX! =279&0:!12$'!025B!30!35'$%4B!=20'535>5$!&!9$87&0$05!$'5&E%3'67$05!428!56$!428$3=6! &'! 982;3'320! 24! 5$=603=&%!'$8;3=$'!30!/0120$'3&B!7&:!12!'2@!! #$'31$05! 5&C9&:$8'! &%'2! &8$! 8$P>38$1! 52! V$$9! 9829$8! E22V'! 24! &==2>05! &01! 52! 7&V$!?35662%130=5320'! '$8;3=$B!=20'>%5&05!'$8;3=$'B!&01!256$8!'$8;3=$'!?63=6!&8$!'>Eb$=5!52!?35662%130&%! 30=27$! 5&C! 2E%3'!'5&=$1! ?35662%1300$8&5320!24!56$! 8$=393$05! "$79%2:$$.@! N6$! >'>&%! 98&=53=$B! &%562>4&=5>8$1!5! 7&:! E$! =8$135$1! &93$'B!&01f28!2E5&30'!56$!>53%35:!24!56$!37982;$7$05'!20!%&01B! 3'! 8$P>38$1! 52! 9&:! 9829$85:! 5&CB! =&%=>%&5$1! &5! 56$! 8&5$! 24! +@-! 9$8! =$05! 24! 56$! Z5&C&E%$!'&%$!;&%>$A!24!56$!9829$85:!"B"@"3&J>+(&7"%&J"%9>%"%.@\-!! N6$!5&C&E%$!'&%$!;&%>$!3'!1$5$8730$1!&'!*+!9$8!=$05!24!56$!Z'&%$!;&%>$AB!?63=6!3'! 1$5$8730$1! E:! 56$! '5$1!&==28130=5! 4827! 56$! '&%$! ;&%>$! 24! &! 8$'31$0=$!&0!&72>05!24!>9!52!/W#!TB+++B+++!&'!020R5&C&E%$!;&%>$@! N&C9&:$8'! 7&:! &99%:! 428! &! 8$1>=5320! 24! 56$! 5&C! 34! 56$:! =&0! '62?! 56&5! 56$! Z'&%$! ;&%>$A!1$5$8730$1!E:!56$!5!56$8$! &8$!8$92853038$7$05'!428!58&0'4$8'!?356!&!;&%>$!$P>3;&%$05!52!OF!g,+B+++! 28!728$@!N6$!Q28$30562835:! &17303'5$8'! I&5&7B! &01! &99%3=&5320'! 428! 30;$'57$05! &9982;&%'! 20! 56$! 3'%&01! 7>'5! E$! 7&1$! 138$=5%:! 52! 56$! X>562835:@! X99%3=&5320'! 4827! 428$33%1! &1135320&%! E201$1! &8$&'! 52! 4&=3%35&5$! 305$80&5320&%! 58&1$! &01! 301>'58:@! :"#$,=P#2*5%$*:N=%$#2* K>8'>&05!52!&!'!24!E201$1! Y20$'B!1$'3'58:@!! Q&=5283$'!30!'>=6!$'5&5$'B!30=%>130
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! \D!!M2;$807$05!#$%&5320!L>7E$8!**!24!,STDB!&'!&7$01$1!E:!M2;$807$05!#$%&5320! L>7E$8!,(!24!,SS+@! \\!!M2;$807$05!#$%&5320!L>7E$8!,(!24!,SS+@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$134

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! 379285!1>5:@!J279&03$'!29$8&5309!52!*-! 9$8!=$05!24!56$38!9821>=5320!E&=V!3052!/0120$'3&@\T!

7%3=,#)#)%"*+.6* +.6*%"*I%"%=%/)2#)(*9$.(#)(,2*."&*Q"5.)$*>'2)",22*7%3=,#)#)%"* /0! 56$! &45$87&56! 24! 56$! X'3&0! $=20273=! =83'3'! 30! ,SSTB! 56$! 42=>'! 20! 58&1$! &01! 30;$'57$05!%3E$8&%3Y&5320!E$=&7$!&!7&b28!3''>$!30!/0120$'3&@!X!V$:!7$&'>8$!52! 982725$!30;$'57$05B!58&1$B!&01!'58208$! $P>35&E%$! 299285>0353$'! 52! 0$?! 7&8V$5! $058&05'!&01!52!982725$!=20'>7$8!?$%4&8$@! N6$! [&?! J20=$8030'30$''! J279$535320! "56$! J279$535320! [&?.\S! ?&'! $0&=5$1! 20! -! e&:! ,SSSB! 7B!&01!%&8'30$''$'`!52!98$;$05!720292%3'53=!98&=53=$'!&01! >04&38!=279$535320`!&01!52!37982;$!56$!2;$8&%%!$443=3$0=:!24!E>'30$''!29$8&5320'@! N6$! J279$535320! [&?! =205&30'! '9$=343=! 982;3'320'! 20! 98263E35$1! &8'! =&>'30=5320! &01f28! 7&8V$530%53004&38! E>'30$''!=279$535320!&01!=&0!=&>'$!1&7&E%3=!305$8$'5'@AT(! O04&38!E>'30$''!=279$535320!3'!1$430$1!&'_! ZO04&38!E>'30$''!=279$535320!3'!56$!=279$535320!&7208'!30! =201>=530=5320!&=53;353$'!&01f28!30!7&8V$53004&38!28!=2058&13=528:!52!56$! %&?!28!6&79$830'30$''!=279$535320@AT-!! N6$! J279$535320! [&?! &%'2! =205&30'! '$;$8&%! 982;3'320'! 20! 98$'>795320'! E&'$1! 20!7&8V$5!'6&8$@!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! \T!!X1135320&%! 304287&5320! "30! /0120$'3&0.! 3'! &;&3%&E%$! 20! 56$! J>'527'! &01! ^C=3'$! ?$E'35$!&5!6559_ff???@E$&=>V&3@7E$8!-!24!,SSS@! T+!!J279$535320![&?B!&85'!(),D@! T,!!J279$535320![&?B!&85'!,\)*(@! T*!!J279$535320![&?B!&85'!*-)*T@! T]!!J279$535320![&?B!&85!-+&!52!-+3@! T(!!J279$535320![&?B!&85!,"*.@! T-!!J279$535320![&?B!&85!,"D.@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$135

J279&03$'! &8$! 98263E35$1! 4827! $05$830=5320!&01f28!56$!7&8V$53004&38!E>'30$''! =279$535320@!! J279&03$'! 7&:! E$! 1$$7$1! 52! b2305%:! =20582%! 9821>=5320! 34! 5?2! 28! 568$$! =279&03$'! 28! 9'! 24! =279&03$'! 2?0! 728$! 56&0! \-! 9$8! =$05! 24! 56$! 7&8V$5! '6&8$!24!&!9&853=>%&8!5:9$!24!9821>=5!28!'$8;3=$@TD! J279&03$'!&8$!98263E35$1!4827!=20582%%30=5320!&01f28!7&8V$530=5'! &01f28! '$8;3=$'! 56&5! =2>%1! 8$'>%5! 30! 720292%3'53=! 98&=53=$'! 28! >04&38! E>'30$''! =279$535320@! N6$:! 7&:! E$! '>'9$=5$1! 24! 12305&E%$! &5! 56&5! 537$B! 28! ?6$0! 56$38! =201>=5!98$;$05'!256$8!=279&03$'!4827!$05$8309!24!=279&03$'!=20582%'! 728$! 56&0!-+!9$8!=$05!24! 56$! 7&8V$5! '6&8$! 24!20$! 5:9$!24! =$85&30!9821>=5'!28! '$8;3=$'@T\!! J279&03$'!&8$!98263E35$1!4827!=20582%%30%5!30! 720292%3'53=! 98&=53=$'! &01f28! >04&38! E>'30$''! =279$535320@! N6$:! 7&:! E$! '>'9$=5$1!24!1230'30$''! '$=528! 30! 56$! '&7$! 8$%$;&05! 7&8V$5! 28! 4827! $'5&E%3'630%5'!30!20$!=279&0:!28!&!9! 24!=279&03$'!=20582%%30=5'!28! '$8;3=$'@TS! N6$!98263E35320'!20!&053R=279$5353;$!98&=53=$'!30!56$!J279$535320![&?!'$$7!52! 30=%>1$! E256! 8>%$! 24! 8$&'20! "&'! 3013=&5$1! E:! 56$! 968&'$! Z56&5! 7&:! 8$'>%5! 30! 720292%3'53=!98&=53=$'!&01!>04&38!=279$535320A.!&01!3%%$=5!'>Eb$=5!52!56$!8>%$!24!8$&'20!8$1$'! Z56$! 305$05320! 52! 13;31$! 56$! 7&8V$530$0=$!56$!983=$!E:! 1$5$873030=5320! &01f28! 7&8V$530=5320!&01f28!7&8V$530
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TD!!J279$535320![&?B!&85!(@! T\ J279$535320![&?B!&85!,\@! TT!!J279$535320![&?B!&85!,T@! TS!!J279$535320![&?B!&85!*\@! S+!!J279$535320![&?B!&85!S@! S, J279$535320![&?B!&85!,,@!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$136

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$!

'$! 24! 12730&05! 92'35320`SD!&01!=82''R'6&8$!2?0$8'639@S\!! 0'=,$8)2)%"*%5*>'2)",22*7%3=,#)#)%"* N6$! J279$535320! [&?! $'5&E%3'6$1! 56$! I>'30$''! J279$535320! F>9$8;3'28:! J2773''320! "!8+(*(& B$%9"0"*& B$#*"(%9"%& F*"."B! HKKO.BST! ?63=6! 3'! 8$'920'3E%$! 428! 56$! $0428=$7$05! 24! 56$! [&?@! N6$! HKKO! 3'! &>56283Y$1! 52! 30;$'533031$%30$'!&01!92%3=:!'5&5$7$05'@!N2!563'!$01B!56$!HKKO!30;$'5304&38! 98&=53=$'B!&01!9>E%3'6$'!56$!8$P>38$1!31$%30$'@! N6$!HKKO!7&:!30353&5$!&0!$0P>38:!3052!&%%$%&5320'!56&5!30=%>1$!73037>7! ?&01$8!=20'31$8&5320! &5! 56$! 537$! 24! ?8353088$05%:! &99%3=&E%$! 8$%&5320'! &01! 98&=53=$'! &8$! '>77&83Y$1!E$%2?@! R%$K*4%'$2* N6$! '5&01&81! ?28V! ?$$V! =20'3'5'! 24! (+! ?28V308'@! N6$'$! =&0! E$! '98$&1! &=82''!>9!52!'3C!1&:'@!d;$8537$!3'!9&:&E%$!428!?28V!30!$C=$''!24!$38'!30! &0:!20$!1&:!28!30!$C=$''!24!(+!62>8'!30!&0:!20$!?$$V@,+,! O.(.#)%"*."&*+,.8,! #$%&5320',+*!8$P>38$!&!73037>7!&00>&%!;&=&5320!24!,*!?28V307!?&3;&%$05!24!OF!g,]+!9$8!72056!30!G&V&85&.B!'27$!63&%343$1!5$=603=&%B! 430&0=3&%B! 28! &17303'58&53;$! 9$8'200$%! 7&:! =277&01! =279$0'&5320! 0$&8300$8&5320!'=&%$@!! U2?$;$8B! $;$0! 56$! 63&%%:! 30=%>1$! 62>'3053%353$'B! '=622%30E!7$7E$8'639@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ,++!![&?!L>7E$8!,]!24!*++]!=20=$80307E$8!,*!24!,S(T!=20=$80307E$8! *,! 24! ,S-(! 20! X7E$8! ,(! 24! ,SDS! 20! I&'3=! #$%&5320'! =20=$80307E$8! ,! 24! ,S\+! 8$%7E$8!,]!=20=$80307E$8!\\*fe^LfT(!24!,ST(@! ,+*!![&?! L>7E$8! ,]! =20=$8030
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e303'58:!24![&E28!&01!e&092?$8!8$%&5320'B!4287>%&5$1!'2!&'! 52!9825$=5!$79%2:$$'!P>35$!'5820
-.,*."&-

%$-.$139

M,$3)".#)%"* N$8730&5320! 982=$1>8$'! '62>%1! E$! '$5! 2>5! 30! 56$! =279&0:A'! '5&44! 8>%$'! &01! 8$%&5320'B! ?63=6! '62>%1! E$! &9982;$1! E:! 56$! W$9&857$05! 24! [&E28! &01! e&092?$8@!a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e28$2;$8B!2E5&303085A'!&9982;&%!=&0!5&V$!'27$!537$B!1>830'5! $356$8!8$7&30!$07E$05!20!$79%2:$8'!52!982;31$!20&%%:! 52! 56$! W$9&857$05!24![&E28!&01!e&092?$8B!&01!982;3'320!'62>%1!E$!7&1$!428!
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e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

7%"(/'2)%"* c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
%$-.$142

! F==,"&)N* FT* M.N* M$,.#1* ?.#,2* %"* B)8)&,"&2* ."&* !"#,$,2#* ."&* %"* ?%1./#),2*."&*>$."((=3& S$D$#$%=$& V>(7$! "e&8=6!!*++S.B!&;&3%&E%$!&5!6559_ff???@V97$'X01/0'3E%3=&5320'fW2=>7$05'fN&CN8$&53$'Rn#MRQ$E8>&8:R*++S@914@! ,+T!!K$8=$05&
%$J2>058:! J2>058:!

-.$143

W3;31$01'! J20135320'!428! L287&%! [2?$8 [2?$8,+T!

/05$8$'5! L287&% [2?$8

L$56$8%&01'!

,+!

R!

R!

,+!

+!

L$?!u$&%&01! L28?&:! K&V3'5&0!

,-! ,-! ,-!

R! R! ,+!

R! R! *-o!

,+! ,+! ,-!

+! +! +!

K63%39930$'!

*+!

,-!

*-o!

,-!

,+f+!

K2%&01! K285>''3&! F$:=6$%%$'! F308V$:! OX^! O035$1!H30$%&! a3$50&7!

,-! ,-! ,+! ,-! ,-! ,+! ,+! ,-! ,*! ,-! ,+! ,-! ,-! ,-! ,+! ,-! ,-!

,+! R! R! +! ,+! R! R! R! R! ,+! R! ,+! *+! ,+! R! ,+! R!

*-o! R! R! *-o! *-o! R! R! R! R! *-o! R! ,-o!;2530
,+! ,-! ,+! ,+! ,+! ,+! ,+! ,-! ,*! ,+! -! ,+! ,+! ,+! ,+! ,+! ,-!

+! +! +! +! R! R! +! +! +! +! +! +! +! +! R! +! +!

M2;$807$05! M2;$807$05! M2;$807$05! M2;$807$05! R! R! M2;$807$05! M2;$807$05! M2;$807$05! M2;$807$05! M2;$807$05! M2;$807$05! M2;$807$05! R! R! M2;$807$05! M2;$807$05!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$-.$144

!

F==,"&)N*FXT*M.N*M$,.#1*?.#,2*%"*?%1./#),2*."&*>$."(058:!

#2:&%53$'!

! X%'58&%3&! X>'583&! I&0397$05f304287&5320,,, ,+! R! R! ,+! R! R! ,+! R! R! ,-! +! M2;$807$05! ,+! R! R! ^C=%>1$'!5$=603=&%! ,+! R! '$8;3=$'! ,+! R! R!

J&0&1&! J630&! JY$=6! #$9>E%3=! W$07&8V! ^056! H>?&35! [>C$7E2>8
,+!

L$?!u$&%&01! L28?&:!

,-! ,-!

R!

I8&0=6!K82435'!N&C!8&5$'! LfX!52!'27$!KFJ'! ! ,+! ,-! ,+! ,+! ,+! ,+! ,-! ,-! ,+! ,*@-!

R! ,-! R! ,-! J29:831$'!>'$!24! R! ,+! $P>397$05! ^P>397$05B!304287&5320f! ,+f\@,+! 5$=603=&%!'$8;3=$'! R! R! *+!34!58&0'4$88$1f+!34!025! R! R! ,+! ,+! ^P>397$05f!304287&5320! ,*! R! R! ,+! R! R! *+! R! R! ,+! R! R! ,+! R! R! ,+! ,+! N$=603=&%!'$8;3=$'! ,+! R! R! ,*@-! R! R! ,+! R! R! ,+! ^C=%>1$'!5$=603=&%! R! ,+! '$8;3=$'! R! R! *+! ,+! d56$8!56&0!=29:83'583&%B!'=3$05343=B!=277$8=3&%!$P>397$05f304287&5320B!>0%$''!256$8?3'$!'9$=343$1@! "#$%$&'$!(!)!*+,-.!

-.,*."&-

%$-.$145

I8&0=6!K82435'!N&C!8&5$'! LfX!52!'27$!KFJ'! ! L287&%! [2?$8 [2?$8!&99%3$'!52_! ! K&V3'5&0! ,-! R! R! ,+! K63%39930$'! ,-! R! R! *+! K2%&01! ,-! R! R! ,+! K285>058:!

#2:&%53$'!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%$&'$!(!)!*+,-.!

-.$146

!"#$!%$&'"()&%*+%,*-.#%/0&-."&&%-.%$&-

%$! F==,"&)N*>T*Q2,5'/*F&&$,22,2! /0;$'57$05!J228130&530'58:!! G%@!G$01@!M&525!F>E8252!H&;@!-*)-]! G&V&85&!F$%&5&0! N$%_!"D**,.!-*-!--+S! c$E'35$_!6559_ff???@19830@7E$8!-! G&V&85&!K>'&5! N$%_!"D**,.!]T,SD,! N6$!e303'58:!24!e&092?$8!! &01!N8&0'73E8252!H&;@!-,! G&V&85&!F$%&5&0! N$%_!"D**,.!-*-!-\]]! N6$!e303'58:!24!Q30&0=$! G%@![&9&0'&5! N$%_!"D**,.!]((!S*]+! c$E'35$_!6559_ff???@1$9V$>@7V&7@E8252!L>7E$8!(+)(*! G&V&85&!F$%&5&0! N$%_!"D**,.!-*-!,D+SB!-*-!+*+TB!28! -*D!*TT+! c$E'35$_!6559_ff???@9&b&V@562835:! G%@!e&:b$0!W/!K&0b&35&0!H&;!*(! G&V&85&!N37>8! N$%_!"D**,.!T-T!+++S!28!T-T!++,+R,,! I/WX!I>3%130'&05&8&! "N&0b>0562835:.! G%@!#&:&!J&V>0
Recommend Documents