cP4M23mc0 0LLQGKxP00HNMOPGxc0031A773023D1605319977WaQOZMSORSRcS - PDF document

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12 ]nkbg`ma^r^Zkp^k^mhbfie^f^gmk^\hff^g]Zmb
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13 lZg]hk`ZgbsZmbhglbgma^fZkd^ml*Dlblg^\^ll
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14 gikh\^]nk^lZg]l^eebg`ikZ\mb\^lh_\)mbhgf^
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15 ^\mh_Zgnf[^kh_lb`gb_b\Zgmk^\hff^g]Zmbhgl
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16 xI?00;@SC&#xIB@0;JHHDNNDJIma^rfZr^lmZ[eb
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17 ^pZrmhfZd^bfikho^f^gmlbgbmll^kob\^mhma^i
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18 ]Pl^h_@e^\mkhgb\?ZmZ)Kkh\^llbg`@jnbif^gm
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19 ^__^\mbo^nihgma^]^m^kfbgZmbhgmaZmma^rp^k
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20 kbmrh_ma^l^k^jn^lmlpZl[Zl^]hgma^]b__b\ne
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21 bhgZ]him^]M^`neZmbhg&#xm000;-0(l^mmbg`_h
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22 00;hffbllbhginklnZgmmhma^k^`neZmbhg*N^\m
00;hffbllbhginklnZgmmhma^k^`neZmbhg*N^\mbhg-.&b'ikhob]^l(bg^__^\m(maZm_hkl^\nkbmb^lblln^][r[Zgdl(ma^k^lihglb[bebmr_hkZ]fbgblm^kbg`Zg]^g_hk\bg`N^\mbhgl-.(-/(-0&Z'(-0&\'Zg]-2h_ma^@q\aZg`^\blo^lm^]bgma^&#xm000;hfimkhee^kh_ma^&#xm000;nkk^g\r(ma^=hZk]h_Bho^kghklh_ma^A^]^kZeM^l^ko^Nrl)m^fZg]ma^A^]^kZe?^ihlbmDglnkZg\^&#xm000;hkihkZmbhg(]^i^g]bg`hgpab\aZ`^g\raZlikbfZkrlni^koblhkrcnkbl]b\mbhgho^kZiZkmb\neZkN^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3330&?^\^f[^k/,*-521'* z ()�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJI[Zgd*Oa^&#xIB@0;hffbllbhgng]^klmZg]lmaZmbg_hkfZmbhgk^`Zk]bg`ma^hi^kZmbhgh_ma^N^\nkbmb^l\h_-520pbmak^li^\mmh[Zgdlng]^kma^lni^koblbhgh_ma^l^Z`^g\b^lbl]bl\nll^]bgma^bkk^li^\mbo^ZggnZek^ihkmlhkblhma^kpbl^ZoZbeZ[e^_khfma^f(!@q^fimbhglAkhfM^`blmkZmbhgN^\mbhg-.&a'h_ma^\Znmahkbs^lma^&#xm000;hffbllbhg(^bma^k[rkne^lZg]k^`neZmbhglhk[rhk]^knihgZiieb\Zmbhgh_Zgbgm^k^lm^]i^klhg(mh`kZgmZ\hfie^m^hkiZkmbZe^q^fimbhg_khfma^ikhoblbhglh_N^\)mbhgl-.&`'(-/(-0(-1&]'(hk-2b_ma^&#xm000;hffbllbhg_bg]lmaZm[^\Znl^h_ma^gnf[^kh_in[eb\bgo^lm

23 hkl(ma^Zfhngmh_mkZ]bg`bgm^k^lmbgma^l^\nk
hkl(ma^Zfhngmh_mkZ]bg`bgm^k^lmbgma^l^\nkbmb^l(ma^gZmnk^Zg]^qm^gmh_ma^Z\mbobmb^lh_ma^blln^k(ma^bg\hf^hkZll^mlh_ma^blln^k(hkhma^kpbl^(ma^^q^fimbhgblghmbg\hg)lblm^gmpbmama^in[eb\bgm^k^lmhkma^ikhm^\mbhgh_bgo^lmhkl*?nkbg`ma^_bl\Zer^Zk(..Ziieb\Zmbhgl_hk\hfie^m^hkiZkmbZe^q)^fimbhglp^k^_be^]7.-Ziieb\Zmbhgl_be^]]nkbg`ma^ikbhkr^Zkp^k^i^g]bg`*J_ma^l^0/Ziieb\Zmbhgl(..p^k^`kZgm^](%.p^k^]^gb^](3p^k^pbma]kZpg(Zg]-.p^k^i^g]bg`Zmma^^g]h_ma^r^Zk*@q)^fimbhglp^k^`kZgm^]_hkZpb]^oZkb^mrh_k^Zlhgl*N^o^kZefnmnZehk\hhi^kZmbo^hk`ZgbsZmbhglpab\a]b]ghmf^^mZeeh_ma^m^\agb\Ze\kbm^kbZh_N^\mbhg-.&`'&.'&A'_hk^q\enlbhg6_khfk^`blmkZmbhgng]^kN^\mbhg-.&`'p^k^`kZgm^]\hfie^m^^q^fimbhgl*N^o^kZeblln^klpab\ap^k^bgma^ikh\^llh_ebjnb]Zmbhghkh_mZdbg`lm^ilpab\aphne]lahkmerm^kfbgZm^ma^in[eb\hpg^klabih_ma^bkl^\nkbmb^l(Zg]pahl^k^`blmkZmbhglphne]ma^k^_hk^[^lahkmerm^kfbgZm^]p^k^Zelh^q^fim^]\hfie^m^er*@q^fimbhgl_khfN^\mbhg-0&\'hgerp^k^`kZgm^]mhl^o^kZehma^kblln^kl(hgerZlfZeei^k\^gmZ`^h_pahl^l^\nkbmb^lp^k^a^e][rma^in[eb\Zg]pahl^hi^kZmbhgl\hglblm^]lhe^erh_ma

24 ^k^\^bimh_k^gmZel_hkikhi^kmre^Zl^]lhZ__b
^k^\^bimh_k^gmZel_hkikhi^kmre^Zl^]lhZ__bebZm^l*N^\mbhg-.&`'&.'^q^fimloZkbhnlmri^lh_l^\nkbmb^l_khfma^k^`)blmkZmbhgk^jnbk^f^gmlh_N^\mbhg-.&`'bg\en]bg`ma^l^\nkbmb^lh_ZgbglnkZg\^\hfiZgrb_&-'ma^\hfiZgrblk^jnbk^]mhZg]]h^l_be^ZgZggnZelmZm^f^gm\hg_hkfbg`mhmaZmik^l\kb[^][rma^IZmbhgZe)\bZmbhgh_DglnkZg\^&#xllh0;hffbllbhg^kl&#xO000;&!Ipbmama^bglnkZg\^k^`neZmhkrZnmahkbmrh_bml]hfb\bebZkrlmZm^7&.'ma^\hfiZgrbkk^`)neZm^]bgma^lheb\bmZmbhgh_ikhqb^lZlik^l\kb[^][rma^&#xO000;IZg]&/'Z_m^kEner-(-522(ma^ink\aZl^Zg]lZe^h_l^\nkbmb^lblln^][rma^\hfiZgrZk^ln[c^\mmhk^ihkmbg`Zg]mkZ]bg`k^`neZmbhgl[rbml4N^^1.g]M^ihkmh_=hZk]h_Bho^kghklh_A^]^kZeM^l^ko^Nrlm^f(ii*..1)..27M^ihkmh_A^]^kZe?^ihlbmDglnkZg\^&#xggnZ;hkihkZmbhg&-521'ii*-4).,*k^jnbk^][rma^\(^q^fimbhglp^k^`kZgm^]hgerZ_l^jghmb\^Zg]hiihk)mngbmr_hka^Zkbg`*Iha^Zkbg`lp^k^k^jn^lm^]ZllhZgrZiieb\Zmbhglpab\ap^k^`kZgm^]* z -2�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJIM^`neZmbhgh_=khd^k)?^Ze^klRahIhmH^f[^klh_M^`blm^k^]N^\gkbmb^l\Kkbhkmhma^-520Zf^g]f^gml([khd^k)]^Ze^klk^`blm^k^]pbmama^&#

25 xllhb;&#xZmbh;&#xgl00;hffbllbhgpahp^k^gh
xllhb;&#xZmbh;&#xgl00;hffbllbhgpahp^k^ghmf^f[^klh_ma^IZmbhgZe\h_N^\nkbmb^l?^Ze^kl(Dg\*&I(hkhg^h_ma^ikbg\biZe^q\aZg`^l(p^k^ghmln[c^\mmhZgr\hfik^a^glbo^k^`neZmbhg\hg\^kgbg`jnZeb_b\Z)mbhgl(^qi^kb^g\^bgma^l^\nkbmb^l[nlbg^ll(hk_Zbk[nlbg^llikZ\mb\^l*fZchkh[c^\mbo^h_ma^Zf^g]f^gmlpZl!mhbglnk^maZmma^�hffbl)lbhgaZlma^g^\^llZkrZnmahkbmrmhikhob]^k^`neZmbhgh_ghg)f^f[^k[khd^klZg]]^Ze^kl\hfiZkZ[e^mhmaZmbfihl^][r&l^e_)k^`neZmhkr'Zllh\bZmbhglhgma^bkf^f[^klabi(bg\en]bg`ma^k^jnbk^f^gmmaZmma^l^ghg)f^f[^k[khd^klZg]]^Ze^kliZr_^^lpab\apbee\hfi^glZm^ma^�hffbllbhg_hkmablZ]]bmbhgZek^`neZmbhg*!.&.I^pln[l^\mbhgl&4'(&5'(Zg]&-,'h_N^\mbhg-1&['h_ma^@q)\aZg`^\Znmahkbs^ma^&#xm000;hffbllbhgmhZ]himkne^lZg]k^`neZmbhglik^l\kb[bg`lmZg]Zk]lh_mkZbgbg`(^qi^kb^g\^Zg]hma^kjnZeb_b\Zmbhgl_hkln\a[khd^klZg]]^Ze^klZg]i^klhglZllh\bZm^]pbmama^f(Zlp^eeZlmhZ]himkne^lZg]k^`neZmbhgl_hkghg)f^f[^k[khd^k)]^Ze^kl]^lb`g^]mhikhfhm^cnlmZg]^jnbmZ[e^ikbg\bie^lh_mkZ]^(mhikhob]^lZ_^`nZk]lZ`Zbglmngk^ZlhgZ[e^ikh_bmlhkngk^ZlhgZ[e^kZm^lh_\hffbllbhglhkhma^k

26 \aZk`^l(Zg]bg`^g^kZemhikhm^\mbgo^lmhklZg
\aZk`^l(Zg]bg`^g^kZemhikhm^\mbgo^lmhklZg]ma^in[eb\bgm^k^lmZg]mhk^fho^bfi^]bf^gmlmhZg]i^k_^\mma^f^\aZgblfh_Z_k^^Zg]hi^gfZkd^m*?nkbg`ma^iZlm_bl\Zer^Zk(ma^&#xm000;hffbllbhg\hgmbgn^]mhbfie^f^gmma^l^ikhoblbhgl*DgN^im^f[^k-521(ma^&#xm000;hffbllbhgZ]him^]Mne^-1[4)-pab\a(Zfhg`hma^kmabg`l(^lmZ[ebla^]jnZeb_b\Zmbhgk^jnbk^)f^gml_hkk^`blm^k^][khd^k)]^Ze^klpah]hZgho^k)ma^)\hngm^k[nlb)g^llZg]pahZk^ghmf^f[^klh_Zk^`blm^k^]l^\nkbmb^lZllh\bZmbhg(Zg]_hkma^bkikbg\biZel(lZe^lf^gZg]hma^kZllh\bZm^]i^klhgl*!Nn[c^\mmh\^kmZbg^q^fimbhgl(^o^krZllh\bZm^]i^klhg^g`Z`^]]bk^\merhkbg]bk^\merbgl^\nkbmb^lZ\mbobmb^lfnlmghpln\\^ll_neer\hfie^m^Z*jnZeb_b\Zmbhgl^qZfbgZmbhg(Zg][khd^k)]^Ze^klln[c^\mmhma^kne^fnlm_be^Zi^klhgg^e_hkf_hk^o^krln\aZllh\bZm^]i^klhgpbmama^&#xm000;hffbllbhg*DgEZgnZkr-522(ma^&#xm000;hffbllbhg%l`^g^kZel^\nkbmb^l^qZfbgZmbhg(Z]fbgblm^k^][rma^I(pZl`bo^g_hkma^_bklmmbf^*Oa^^qZfb)gZmbhg\ho^klZ[khZ]kZg`^h_l^\nkbmb^lln[c^\ml(bg\en]bg`\hkihkZm^lmkn\mnk^(_bgZg\bZelmZm^f^gmlZg]Z\\hngmbg`ma^hkr(bgo^lmf^gm\hf)iZgb^l(ma^l^\nkbmb^leZpl(]

27 ^mZbelh_ng]^kpkbmbg`(mkZ]bg`Zg]]bl)mkb[n
^mZbelh_ng]^kpkbmbg`(mkZ]bg`Zg]]bl)mkb[nmbhgl(Zg]hma^kA^]^kZekne^lZg]k^`neZmbhglln\aZlM^`neZmbhgl!O!Zg]!P!h_ma^A^]^kZeM^l^ko^=hZk]*=rma^^g]h_ma^_bl\Zer^Zk(4(/-1^qZfbgZmbhglaZ][^^g`bo^gbgho^k3,m^lmbg`\^gm^klbge%Chnl^M^ihkmIh*CD4(44ma&#xN?00;hg`h.]N^ll*(i*-.*--N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3253&N^im^f[^k3(-521'* -4�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJIN^\mbhg-1&['&-,'\hg\^kgbg`ma^[nlbg^ll\hg]n\mZg]l^eebg`ikZ\)mb\^lh_[khd^k)]^Ze^kl(Zg]Z]]bmbhgZekne^l\hg\^kgbg`Z]o^kmblbg`Zg]lZe^lebm^kZmnk^Zk^[^bg`ik^iZk^]*NnffZkrNnli^glbhgh_&#xIB@0;Jo^k)ma^)hngm^kOkZ]bg`N^\mbhg-1&\'&1'h_ma^-520Zf^g]f^gmlZnmahkbs^lma^&#xIB@0;hffbl)lbhgmhlnli^g]ho^k)ma^)\hngm^kmkZ]bg`bgZgrl^\nkbmr&^q\^imZg^q^fim^]l^\nkbmr'lnffZkber_hk-,]Zrlb_ma^&#xIB@0;hffbllbhg[^eb^o^lma^in[eb\bgm^k^lmZg]ikhm^\mbhgh_bgo^lmhkllhk^jnbk^*=khd^k)]^Ze^klZk^ikhab[bm^]_khfmkZ]bg`bgZgrln\al^\nkbmr]nkbg`ma^i^kbh]h_lnli^glbhg*OablikhoblbhgblZ\hngm^kiZkmmhN^\mbhg-5&Z'&0'pab\aikhob]^l_hklnffZkrlnli^glbhgh_mkZ]bg`bgl^\n)kbmb^leblm^]hgZgZmbhgZel^\nkbmb^l^q\aZg`^*?

28 nkbg`ma^-522_bl\Zer^Zk(ma^&#xIB@0;hffbll
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29 #xIB@0;hffbllbhg_hng]bmg^\^llZkrlhlnli^g
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30 &#xIB@0;hffbllbhgphne]mhlhf^^qm^gm]bo^km
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31 h__^k^]_hklZe^[rma^nl^h_ma^fZbelhkbglmkn
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51 k\^f^gmlmZ__*NmZ[bebsZmbhgNmZ[bebsZmbhgb
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52 fbllbhg(mkZglfbmbg_hkfZmbhg\hfiZkZ[e^mhi
fbllbhg(mkZglfbmbg_hkfZmbhg\hfiZkZ[e^mhikhqrfZm^)kbZemhl^\nkbmrahe]^kl_khfpahfikhqb^lZk^ghmlheb\bm^]*?nkbg`ma^_bl\Zer^Zkma^&#xm000;hffbllbhgZ]him^]M^`neZmbhg&#xm000;-0bfie^f^gmbg`mabllmZmnmhkrikhoblbhg*ZNmZmblmb\lM^eZmbg`mhKkhqrZg]Nmh\dahe]^kDg_hkfZmbhgNmZm^f^gml?nkbg`ma^-522_bl\Zer^Zk(0(-,5ikhqrlmZm^f^gmlbg]^_bgbmbo^_hkfp^k^_be^]ng]^kma^&#xm000;hffbllbhg%lM^`neZmbhg-0_hkma^lheb\b)mZmbhgh_ikhqb^lh_l^\nkbmrahe]^kl70(,40h_ma^l^p^k^_be^][rfZg)Z`^f^gmZg].1[rghg)fZgZ`^f^gm`khnilhkbg]bob]nZelmh\d)ahe]^kl*Oa^l^0(-,5lheb\bmZmbhglk^eZm^]mh/(33/\hfiZgb^l(lhf^//2h_pab\aaZ].lheb\bmZmbhgl]nkbg`ma^r^Zk(ma^l^\hg]`^g^kZeer_hkZli^\bZef^^mbg`ghmbgoheobg`ma^^e^\mbhgh_]bk^\mhkl*Oa^k^p^k^/(2/.lheb\bmZmbhglh_ikhqb^l_hkma^^e^\mbhgh_]bk^\mhkl(002_hkli^\bZef^^mbg`lghmbgoheobg`ma^^e^\mbhgYP]bk^\mhkl(Zg]/-_hkZll^gmlZg]ZnmahkbsZmbhgl*?nkbg`_bl\Zer^Zk-522(ma^ohm^lh_l^\nkbmrahe]^klp^k^lheb\bm^]pbmak^li^\mlhma^_heehpbg`mri^lh_fZmm^kl(hma^kmaZgma^^e^\mbhgh_]bk^\mhkl6H^k`^kl(\hglheb]Zmbhgl(Z\jnblbmbhglh_[nlbg^ll^l(ink\aZl^lZg]lZe^lh_

53 ikhi^kmr(Zg]]bllhenmbhglh_\hfiZgb^lYYYYY
ikhi^kmr(Zg]]bllhenmbhglh_\hfiZgb^lYYYYYYYYYYYYYYYYYYYYYYYY/53h_g^phkZ]]bmbhgZel^\nkbmb^l(fh]b_b\Zmbhglh_^qblm)bg`l^\nkbmb^l(Zg]k^\ZibmZebsZmbhgieZgl&hma^kmaZgf^k`^kl(\hg)lheb]Zmbhgl(^m^*'35/@fiehr^^i^glbhgZg]k^mbk^f^gmieZgl&bg\en]bg`Zf^g]f^gmlmh^qblmbg`ieZgl'YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY30=hgnlhkikh_bm)laZkbg`ieZglZg]]^_^kk^]\hfi^glZmbhgZkZg`^f^gml&bg\en]bg`Zf^g]f^gmlmh^qblmbg`ieZglZg]ZkkZg`^f^gml'YYYYYY-1-Nmh\dhimbhgieZgl&bg\en]bg`Zf^g]f^gmlmh^qblmbg`ieZgl'YYYYYYYY035Nmh\dahe]^kZiikhoZeh_ma^l^e^\mbhg[rfZgZ`^f^gmh_Dg]^i^g]^gmZn]bmhkl-(/51Hbl\^eeZg^hnlZf^g]f^gmlmh\aZkm^kZg][r)eZplZg]fbl\^eeZg^hnlhma^kfZmm^kl&^q\en]bg`mahl^eblm^]Z[ho^'-(/5-N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3330&?^\^f[^k/,(-521'* z �OCDMOT*N@JI?M@KJMO-+fZgZ`^f^gmZg]ghg)fZgZ`^f^gm(_be^]]^mZbe^]lmZm^f^gmlZliZk)mb\biZgmlng]^kma^k^jnbk^f^gmlh_Mne^-0Z)ee*KkhqrlmZm^f^gmlbg.0\Zl^lbgoheo^]\hgm^lml_hk\hgmkheh_ma^[hZk]YP]bk^\mhklZg]mahl^bg-/\Zl^lbgoheo^]\hgm^lml_hkk^ik^l^gmZmbhghgma^[hZk]*HZgZ`^f^gmk^mZbg^]\hgmkhebg-,h_ma^.

54 0\hgm^lml_hk\hgmkheh_ma^[hZk]h_]bk^\mhkl
0\hgm^lml_hk\hgmkheh_ma^[hZk]h_]bk^\mhkl(.p^k^l^mme^][rg^`hmbZmbhg(ghg)fZgZ`^f^gmi^klhglphg2Zg]2p^k^i^g]bg`Zlh_Eng^/,(-522*J_ma^-/\Zl^lpa^k^k^ik^l^gmZmbhghgma^[hZk]h_]bk^\mhklpZlbgoheo^](fZgZ`^f^gmk^mZbg^]ZeeieZ\^lhgma^[hZk]bg2\hgm^lml(hiihlbmbhg\Zg]b]Zm^lphgieZ\^lhgma^[hZk]bg2\Zl^lZg]-pZll^mme^][rg^`hmbZmbhg*DIND?@MN%&#xG000;N@PMDOTCJG?DIBN�OM�hkihkZm^bglb]^kl([robkmn^h_ma^bkihlbmbhg(fZraZo^dghpe^]`^h_Z\hfiZgr%l\hg]bmbhgZg]ikhli^\mlpab\ablngZoZbeZ[e^mhma^`^g^kZein[eb\Zg]fZr[^Z[e^mhnl^ln\abg_hkfZmbhgmhma^bki^k)lhgZeZ]oZgmZ`^bgmkZ]bg`bgma^\hfiZgr%ll^\nkbmb^l*N^\mbhg-2h_ma^N^\nkbmb^l@q\aZg`^\Zg]\hkk^lihg]bg`ikhoblbhglbgN^\mbhgl-3h_ma^Kn[eb\PmbebmrChe]bg`&#xm000;hfiZgr\h_-5/1Zg]N^\mbhg/,&_'h_ma^Dgo^lmf^gm&#xm000;hfiZgr\h_-50,Zk^]^lb`g^]mhikhob]^hma^klmh\dahe]^klZg]bgo^lmhklpbmabg_hkfZmbhgZlmhbglb]^kl%l^\nkbmrmkZglZ\mbhglZg]ahe]bg`l(Zg]mhik^o^gmma^ng_Zbknl^h_\hg_b]^gmbZebg_hkfZmbhg[rbglb]^klmhikh_bm_khflahkm)m^kfmkZ]bg`bgZ\hfiZgr%ll^\nkbmb^l*Jpg^klabiM^ihkmlN^\mbhg-2&Z'h_ma^N^\nkbmb^l@q\aZg`

55 ^\(ZlZf^g]^](k^jnbk^l^o^kri^klhgpah[^g^_
^\(ZlZf^g]^](k^jnbk^l^o^kri^klhgpah[^g^_b\bZeerhpgl(]bk^\merhkbg]bk^\mer(fhk^maZg-,i^k\^gmh_Zgr\eZllh_^jnbmrl^\nkbmrpab\ablk^`blm^k^]ng]^kN^\mbhg-.&['_hk^q\aZg`^eblmbg`hkng]^kN^\mbhg-.&`'_hkho^k)ma^)\hngm^kmkZ]bg`(hkpahblZ]bk^\mhkhkZgh__b\^kh_ma^blln^kh_Zgrln\al^\nkbmr(mh_be^lmZm^f^gmlpbmama^&#xm000;hffbllbhg]bl\ehlbg`ablhpg^klabih_ma^blln^k%l^jnbmrl^\nkbmb^lZg]\aZg`^lbghpg^klabi*&#xm000;hib^lh_ln\almZm^f^gmlfnlmZelh[^_be^]pbma^q\aZg`^lhgpab\al^\nkbmb^lZk^eblm^]*NbfbeZkikhoblbhglZiieb\Z[e^mhbglb]^klh_k^`blm^k^]in[eb\)nmbebmrahe]bg`\hfiZgb^lZg]k^`blm^k^]\ehl^])^g]bgo^lmf^gm\hfiZgb^lZk^\hgmZbg^]bgN^\mbhg-3&Z'h_ma^Kn[eb\PmbebmrChe]bg`&#xm000;hfiZgr\Zg]N^\mbhg/,"P#h_ma^Dgo^lmf^gm&#xm000;hfiZgr\Oa^Z]fbgblmkZmbhgh_ma^bglb]^kk^ihkmbg`ikhoblbhglh_ma^mak^^\bl\hf[bg^]bghg^l^\mbhgbgma^?boblbhgh_&#xml00;hkihkZ)mbhgAbgZg\^*?nkbg`ma^_bl\Zer^Zk(52(./.hpg^klabik^ihkml&./(545bgbmbZelmZm^)f^gmlh_hpg^klabihgAhkf/Zg]3.(.0/lmZm^f^gmlh_\aZg`^lbghpg^klabihgAhkf0'p^k^_be^]pbmama^&#xml00;hffbllbhg*Oablk^ik^) �OCDMOT*N@

56 JI?M@KJMOM@BPGJA=MJF@M)?@&#xI?00;JQ@M)OC
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57 YYYYYYYYYYYYYYYYYYYYYYYY/1M^`blmkZmbhglk
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58 [khd^k)]^Ze^k%lk^`blmkZmbhg_hkZi^kbh]ghm
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59 ma^_bkf(ikbfZkberbgGhk(k^lnem^]bgobheZmb
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60 ^klZg\mbhglZ`Zbglmma^_bjfphne]Z__^\mfZgr
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61 nkbg`ma^iZlm_bl\Zer^Zk(obheZmbhglh_ma^g^
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62 ]h_ma^-lmZg]1mafhgmalZ_m^kma^^__^\mbo^]Z
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63 g`^kne^l]^l\kb[^]Z[ho^*!DgZ]himbg`e^`ble
g`^kne^l]^l\kb[^]Z[ho^*!DgZ]himbg`e^`bleZmbhgi^kfbmmbg`ma^_hkfZmbhgZg]k^`blmkZmbhgh_gZmbhgZel^\nkbmb^lZllh\bZmbhgl(&#xN?00;hg`k^llikhob]^]Zgbg\^gmbo^mhf^f[^klabi[ri^kfbmmbg`ln\aZllh\bZmbhglmhZ]himkne^lpab\aik^)\en]^Zf^f[^k_khf]^Zebg`pbmaZghg)f^f[^k^q\^imhgma^lZf^m^kflZg]\hg]bmbhglZlma^f^f[^kZ__hk]lma^bgo^lmbg`in[eb\*Oa^IaZlZ]him^]ln\akne^l*\\(f^f[^klabiblg^\^llZkrmhikh_bmZ[e^iZkmb\biZmbhgbgng]^kpkbmbg`llbg\^f^f[^klfZrikhi)^ker`kZgmikb\^\hg\^llbhgl(]bl\hngmlZg]lbfbeZkZeehpZg\^lhgerlhhma^kf^f[^kl*Ghllhk]^gbZeh_f^f[^klabi]n^mh^qinelbhghklnli^glbhghkhma^kbg^eb`b[bebmr]n^mhZlmZmnmhkr]bljnZeb_b\Zmbhg(hkma^_Zbenk^lhf^^mlmZg]Zk]lh_jnZeb_b\Zmbhg^lmZ[ebla^]bgIkne^l(fZrmanl\hglmbmnm^Zl^o^k^^\hghfb\lZg\mbhg*ma^\ehl^h_ma^_bl\Zer^Zkma^IaZ]/(3,3f^f[^kl(k^_e^\mbg`Zg^m]^\k^Zl^h_-14f^f[^kl]nkbg`ma^r^Zk*Oabl]^)\k^Zl^pZlma^g^mk^lnemh_..5Z]fbllbhglmhZg]/43m^kfbgZmbhglh_f^f[^klabi*ma^^g]h_ma^r^ZkIf^f[^k_bkflaZ]1(,.1[kZg\ah__b\^l(k^_e^\mbg`Zg^mbg\k^Zl^h_-53h__b\^l]nkbg`ma^r^Zk*Oablbg\k^Zl^pZlma^g^mk^lnemh_ma^hi^gbg`h_324g^p

64 h__b\^lZg]ma^\ehlbg`h_13-h__b\^l*?nkbg`m
h__b\^lZg]ma^\ehlbg`h_13-h__b\^l*?nkbg`ma^r^Zkma^k^`blm^k^]k^ik^l^gmZ)mbo^ihineZmbhg(pab\a`^g^kZeerbg\en]^lZeeiZkmg^kl(h__b\^kl(mkZ]^kl(lZe^lf^gZg]hma^ki^klhgl^fiehr^][rhkZ__bebZm^]pbmaf^f[^k_bkflbg\ZiZ\bmb^lpab\abgoheo^ma^bk]hbg`[nlbg^ll]bk^\merpbmama^in[eb\(bg\k^Zl^][r2(354mhlmZg]Zm4/(20-Zlh_Eng^/,(-522*Oablbg\k^Zl^pZlma^g^mk^lnemh_-/(0.0bgbmbZek^`blmkZmbhgl(--(0-4k^)k^`blmkZmbhglZg]-4(,00m^kfbgZmbhglh_k^`blmkZmbhgl]nkbg`ma^r^Zk*I?bl\biebgeee3%\Oa^&#xmbhg;&#xl000;hffbllbhgk^\^bo^l_khfma^I\hib^lh_bml]^\blbhglbgZee]bl\biebgZkrZ\mbhglZ`Zbglmf^f[^klZg]k^`blm^k^]k^ik^l^gmZmbo^l*Dg`^g^kZe(ln\aZ\mbhglZk^[Zl^]hgZee^`ZmbhglmaZmma^k^lihg]^gmlobheZm^]li^\b_b^]ikhoblbhglh_ma^IMne^lh_AZbkKkZ\mb\^*Ra^k^obheZmbhglZk^_hng]ma^IfZrbfihl^hg^hkfhk^lZg\)mbhglnihgZf^f[^k(bg\en]bg`^qinelbhg(lnli^glbhg(_bg^(hk\^glnk^*D_ma^obheZmhkblZgbg]bob]nZe(ablk^`blmkZmbhgZlZk^ik^l^gmZmbo^fZr[^lnli^g]^]hkk^ohd^](a^fZr[^lnli^g]^]hk[Zkk^]_khf[^bg`Zllh\bZm^]pbmaZeef^f[^kl(Zg]a^fZr[^_bg^]Zg]+hk\^glnk^]*Pg]^kN^\mbhg-1h_ma^@q\aZg`^\Zg]ma^I[r

65 )eZpl(gh[khd^k)]^Ze^kfZr[^Z]fbmm^]mhhk\h
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66 lp^k^i^g]bg`[^_hk^ma^&#xN?00;hffbllbhghg
lp^k^i^g]bg`[^_hk^ma^&#xN?00;hffbllbhghgk^ob^p*?nkbg`ma^r^Zk-/Z]]b)mbhgZe\Zl^lp^k^[khn`amni_hkk^ob^p*N^o^gm^^g\Zl^lp^k^]blihl^]h_[rma^&#xN?00;hffbllbhg*Dg-0h_ma^l^\Zl^l(ma^&#xN?00;hffbllbhglnlmZbg^]ma^]bl\biebgZkrZ\mbhgmZd^g[rma^I(bghg^bml^mZlb]^ma^\Z\mbhg(!Zg]bgma^k^fZbgbg`mph\Zl^lma^&#xllhb;&#xZmbh;&#xg000;hffbllbhgk^]n\^]ma^i^gZemb^lbfihl^][rma^\Ab_m^^g\Zl^lp^k^i^g]bg`Zlh_ma^^g]h_ma^r^Zk*Dgma^\hnkl^h_ma^r^Zkma^k^p^k^mphbfihkmZgm]^\blbhgl\hg)\^kgbg`ma^h[eb`Zmbhgh_f^f[^klmh^q^k\bl^Z]^jnZm^lni^koblbhgho^k^fiehr^^l*Oa^&#xllhb;&#xZmbh;&#xg*!0;hffbllbhglnlmZbg^]ma^IZ\mbhg^qi^eebg`A'7'GSQc&"Z"WbWSaD]`^]`ObW]\_khff^f[^klabibgma^\Zg]k^ohdbg`ma^k^`blmkZmbhgZlZk^`blm^k^]k^ik^l^gmZmbo^h_M*=+HZkq(bmlik^l)b]^gmZg]lhe^lmh\dahe]^k*!Oa^Z\mbhgh_ma^IpZlbgeZk`^iZkm[Zl^]nihgma^Z\mbobmb^lh_&#xN?00;*HZ\db^=khpg(Ek*(ZlZe^lfZg(pahpZl_hng]mhaZo^obheZm^]ma^\_kZn]kne^[r\Znlbg`ma^_bkfmhl^g]\hg_bkfZmbhgl_hkma^ink\aZl^h_lmh\dh_G*A*Khi^ee$&#xllhb;&#xZmbh;&#xg%l0;h*(Dg\*&!Khi^ee!'mhmph\nlmhf^klpahaZ]g^o^khk]^k^]ma^lmh\d*-0N^\nkbmb

67 ^l@q\aZg`^\M^e^Zl^Ihl*321.&Ener..(-521'7
^l@q\aZg`^\M^e^Zl^Ihl*321.&Ener..(-521'73232&-,(-521'73252&N^im^f[^k/(-521'733-4&J\mh[^k1(-522'733.5&J\mh[^k..(-521'7332.&?^\^f[^k3(-521'734,2&EZgnZkr.4(-522'734,5&EZgnZkr/-(-522'734./&A^[knZkr-1(-522'734/0&HZk\a3(-522'73412&4(-522'73431&.5(-522'7344,&HZr/(-522'7Zg]35,3&Eng^.5(-522'*7DeeN^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*322,&Ener.4(-521'*-4N^\nkbmb^l@q\aZg`^\M^e^Zl^Ihl*324.&.0(-521'Zg]3420&-4(-522'*--N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*34,2&EZgnZkr.4(-522'* .0�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJIZ]^Ze^k%l\hgm^fihkZg^hnl\hlmblma^[^lm^ob]^g\^h_\nkk^gmfZkd^mikb\^*\\hgm^g]^]maZmma^rp^k^fZdbg`pahe^lZe^fZk)d^mlZg]maZmma^Ilahne]aZo^\hfinm^]ma^fZkdnilhgma^[Zlblh_ma^bkhpgbglb]^h__^kbg`ikb\^l([nmma^&#xN?00;hffbllbhg_hng]maZmma^rp^k^l^eebg`ma^lmh\dlbgjn^lmbhg^gmbk^erhkZefhlm^g)mbk^ermhk^mZbe\nlmhf^klZg]maZmma^_^plZe^lfZ]^[rma^NmkZma)fhk^_bkfmhhma^k[khd^k)]^Ze^klp^k^ghmfZ]^ZmbmlZld^]jnhmZmbhgl*Oa^&#xN?00;hffbllbhg\hg\en]^]maZmng]^kma^l^\bk\nflmZg\^lma^IaZ]ikhi^ker]blk^`Zk]^]mahl^jnhmZmbhgl*Chp^o^k(ma^&#xN?00;hffbl)lb

68 hgk^o^kl^]ma^I_bg]bg`lk^li^\mbg`0-lZe^lf
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69 ^gm^k^]hgerZ_m^kma^fZmm^kaZl[^^gln[fbmm^
^gm^k^]hgerZ_m^kma^fZmm^kaZl[^^gln[fbmm^]bgbmbZeermhma^\[rma^f^f[^khkZiieb\Zgm_hkf^f[^klabi*Oa^\bgbml]bl)\k^mbhgfZrma^g_be^ZgZiieb\Zmbhgpbmama^&#xllhb;&#xZmbh;&#xg000;hffbllbhghg[^aZe_h_ma^i^mbmbhg^k*D_ma^\k^_nl^lmhlihglhkln\aZgZiieb)\Zmbhgma^[khd^khk]^Ze^kfZrZiier]bk^\merlhma^&#xllhb;&#xZmbh;&#xg000;hffbllbhg_hkZghk]^k]bk^\mbg`ma^\mhZ]fbmhk\hgmbgn^abfbgf^f)[^klabi*ma^[^`bggbg`h_ma^_bl\Zer^Zk(hg^Ziieb\Zmbhg_hkZiikhoZeh_Z]fbllbhglhhk\hgmbgnZg\^bgf^f[^klabipZli^g]bg`*?nkbg`ma^r^Zk-4Z]]bmbhgZeZiieb\Zmbhglp^k^_be^](--p^k^Zi)ikho^](-pZlpbma]kZpg(Zg].p^k^]^gb^](!e^Zobg`1Ziieb\Zmbhgl*i^g]bg`Zmma^r^Zk%l^g]*Oa^&#xm000;hffbllbhg]^gb^]ZgZiieb\Zmbhg[rma^ImaZmZf^f[^k[^\hgmbgn^]bgf^f[^klabipbma?S`][S='H`cS\'bgbml^fiehr*!--N^\nkbmb^l@q\aZg`^\M^e^Zl^Ihl*``.+&Iho^f[^k-5(-,,1'Zg]3421&.-(-522'*7DDN^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3-1.&Iho^f[^k-5(-521'* �OCDMOT)N@JI?M@KJMO.1Oa^Z\mbhgl`bobg`kbl^mhOkn^g%l]bljnZeb_b\Zmbhgh\\nkk^]pabe^a^pZl^fiehr^]ZlZlZe^lfZg[rI*Kbgld^k$&#xG000;h*(Dg\*&!Kbgld^k!'[^mp^^gN^im^f[^k-513Zg]HZk\

70 a-515(pa^ga^^g`Z`^]bgZgbgm^g)lbo^ab`a)ik
a-515(pa^ga^^g`Z`^]bgZgbgm^g)lbo^ab`a)ik^llnk^m^e^iahg^\ZfiZb`gmhl^eemphab`aerli^\neZmbo^lmh\dlmh\nlmhf^klbkk^li^\mbo^h_ma^bkbgo^lmf^gmg^^]lZg]h[c^\)mbo^l*/5Dg-52.Okn^g%l^Zkeb^kfbl]^^]lpbmama^Kbgld^k_bkf_hkf^]ma^[Zlbl_hkma^&#xG000;hffbllbhg%lZ\mbhg]^grbg`ZgZiieb\Zmbhg[r4&=&DO`ORSOal$))'%&#xG000;\Q'_hkk^`blmkZmbhgZlZ[khd^k)]^Ze^kZg]_bg]bg`Okn^gZ\Znl^h_ln\a]^gbZe*oOkn^gpZl&#xG000;ZkZ]^Zg%lik^lb]^gmZg]hpg^]1,i^kvgmh_eellmh\dDlpZl\hgm^g]^][rOkn^gZg]hgabk[^aZe_maZmma^&#xG000;hffbllbhglahne]`kZgmma^\hgmbgnZg\^Ziieb\Zmbhg[^\Znl^Okn^gpZlrhng`Zg]bg^qi^kb^g\^]Zmma^mbf^h_ma^obheZmbhglZg]abk]nmb^lpbmama^ikhli^\mbo^^fiehr^kphne][^\hg_bg^]mhma^Zk^Zlh_f^k`^kl(Z\jnblbmbhgl(Zg]ng]^kpkbmbg`l(pa^k^a^phne]phkdbgZlni^kobl^]\ZiZ\bmr*Dgbmlhibgbhg(ma^&#xG000;hffbllbhgk^_^kk^]mhbml^Zkeb^klmZm^f^gmfZ]^Zmma^mbf^h_ma^]^gbZeikh\^^]bg`maZmOkn^g%l\hg]n\m]^f)hglmkZm^]!`khllbg]b__^k^g\^mhma^[Zlb\]nmrh__Zbk]^Zebg`k^jnbk^]h_l^\nkbmb^llZe^lf^g*!Oa^&#xG000;hffbllbhgZelhghm^]ma^k^ik^l^gmZ)mbhgfZ]^[rOkn^g%likhli^\mbo^^fiehr^kmaZmOkn^gphne]

71 ghm[^i^kfbmm^]mh^g`Z`^bgk^mZbelZe^lhkmkZ
ghm[^i^kfbmm^]mh^g`Z`^bgk^mZbelZe^lhkmkZ]bg`([nmihbgm^]hnmmaZmma^lmZg]Zk]h_\hg]n\mk^jnbk^]bghma^kZli^\mlh_ma^l^\nkbmb^l[nlbg^llbl!ghe^llab`aZg]^qZ\mbg`*!Pg]^kma^\bk\nflmZg\^lma^&#xG000;hffbllbhg_hng]maZmOkn^g%likbhk\hg]n\m]b]ghm!bglibk^\hg_b]^g\^!maZma^phne]fZbgmZbgab`almZg]Zk]lh__Zbk]^Zebg`bgma^Zk^Zh_ablikhihl^]^fiehrf^gm*Dg]^grbg`ma^Ziieb\Zmbhgma^&#xG000;hffbllbhg\hg\en]^]maZmOkn^gaZ]_Zbe^]mhfZd^Zihlbmbo^lahp)bg`maZmabk\hg]n\mlbg\^abkobheZmbhglaZ][^^ghg!ln\aZab`aieZg^Zlmh]^fhglmkZm^maZma^aZl\aZg`^]abkpZrl*!&#xG000;hffbllbhgDgli^\mbhglh_ma^IPg]^kma^k^`neZmhkrl\a^f^h_ma^@q\aZg`^\ma^&#xm000;hffbllbhgblZelh\aZk`^]pbma`^g^kZeho^klb`amh_gZmbhgZel^\nkbmb^lZllh\bZ)mbhglbgma^i^k_hggZg\^h_ma^bkl^e_)k^`neZmhkrZ\mbobmb^l*Dg\Zkkr)bg`hnmmablk^lihglb[bebmrma^&#xm000;hffbllbhglmZ__\hg]n\mli^kbh]b\bgli^\mbhglh_oZkbhnliaZl^lh_IZ\mbobmr*Oa^l^bgli^\mbhglZllblmma^&#xN?00;hffbllbbhgbgbglnkbg`maZmma^Ibl\hfierbg`pbmabmll^e_)k^`neZmhkrk^lihglb[bebmb^lZg]^gZ[e^ma^&#xN?00;hffbllbhgmhk^\hf)f^g]bfikho^f^gml]^lb`g^]mhbg\k^Zl^ma^

72 ^__^\mbo^g^llh_ln\al^e_)k^`neZmbhg***Kbg
^__^\mbo^g^llh_ln\al^e_)k^`neZmbhg***Kbgld^k%l[khd^k)]^Ze^kk^`blmkZmbhgpZlk^ohd^]_hk(Zfhg`hma^kmabg`l(\hg]n\mbg`_kZn]ne^gmlZe^lZ\mbobmb^lpbmak^li^\mmhhg^h_ma^l^lmh\dl*0,&#xN?00;N*@**.41&-52,'**N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*25,/&J\mh[^k-(-52.'* z �OCDMOT*N@JI?M@KJMO3-ikhqrlheb\bmZmbhgl(pZlZf^g]^]mhlmZm^li^\b_b\ZeermaZmma^_bebg`h_ikhqrfZm^kbZepbmama^&#xG000;hffbllbhghkma^^qZfbgZmbhgh_ln\afZ)m^kbZe[rma^&#xG000;hffbllbhgblghmmh[^]^^f^]Z_bg]bg`[rma^&#xG000;hffbl)lbhgmaZmln\afZm^kbZeblZ\\nkZm^hk\hfie^m^hkghm_Zel^hkfble^Z])bg`hkmaZmma^&#xG000;hffbllbhgaZliZll^]nihgma^f^kbmlh_ma^lmZm^f^gml\hgmZbg^]ma^k^bghkZgrfZmm^kmh[^Z\m^]nihg[rl^\nkbmrahe]^kl*Dm^f-0h_N\a^]ne^-0li^\b_b^lma^bg_hkfZmbhgmh[^_nkgbla^]pa^k^ikhqb^lZk^lheb\bm^]bgk^`Zk]mhZikhihl^]f^k`^k(\hglheb]Z)mbhg(Z\jnblbmbhghklbfbeZkfZmm^k*Oa^bm^fik^obhnlerk^jnbk^]\^k)mZbgbg_hkfZmbhgmh[^_nkgbla^]pbmak^li^\mmh^Z\ai^klhg(hma^kmaZgma^blln^k(bgoheo^]bgma^ikhihl^]mkZglZ\mbhg*DlpZlZf^g]^]mh\h]b_rik^l^gmZ]fbgblmkZmbo^ikZ\mb\^bgk^jnbkbg`maZmln\abg_hk)fZmbhg[^_n

73 kgbla^]_hkma^blln^kZelhbghk]^kmaZml^\nkb
kgbla^]_hkma^blln^kZelhbghk]^kmaZml^\nkbmrahe]^klfZraZo^Z\hfie^m^ib\mnk^h_ma^gZmnk^Zg]^__^\mh_ma^ikhihl^]mkZglZ\mbhg*Oa^Zf^g]^]bm^fZelh\h]b_b^lik^l^gmZ]fbgblmkZmbo^ikZ\mb\^bgk^jnbkbg`bg_hkfZmbhgpbmak^li^\mmhma^^qblmbg`Zg]ikh_hkfZ\ZibmZebsZmbhgZg]ZiikhikbZm^lnffZkb^lh_^Zkgbg`lhgZgablmhkb\ZeZg]ikh_hkfZ[Zlbl_hkma^i^klhglbgoheo^]bgma^ikhihl^]mkZglZ\mbhg*DgZ]]bmbhg(ma^l\hi^h_Dm^f3&_'h_N\a^]ne^-0(\Zeebg`_hkZ]^l\kbimbhgh_ZgrfZm^kbZebgm^k^lmh_\^kmZbgi^klhglbgmkZglZ\mbhglpbmama^blln^k(pZl\eZkb_b^]Zg]^qm^g]^]*]^mZbe^]]^l\kbimbhgh_Zeeh_ma^Zf^g]f^gmlbl\hgmZbg^]bgN^\nkbmb^l@q\aZg`^\M^e^Zl^Ihl*3331&?^\^f[^k..(-521'Zg]34,0&EZgnZkr.3(-522'*h_Mne^-1[2)-Zg]h_M^eZm^]Ahkf=?ROa^&#x]him;hg0;hffbllbhgZf^g]^]Mne^-1[2)-mhk^jnbk^maZmghmb\^h_pbma]kZpZe_khfk^`blmkZmbhgZlZ[khd^k)]^Ze^k[^_be^]hgZg^p_hkf]^lb`gZm^]Ahkf=?RZg]mhikhob]^Z2J)]ZrpZbmbg`i^kbh][^mp^^gma^_bebg`h_ma^_hkfZg]ma^^__^\mbo^]Zm^h_pbma]kZpZE*.-Ahkf=?Rk^jnbk^lZ[khd^k)]^Ze^kl^^dbg`mhpbma]kZpmh_nkgblali^\b_b^]bg_hkfZmbhg6&Z'pa^ma^ka^hp^lZgrfhg^rhkl^\nkbmb^lmhZgr\nl

74 mhf^k([khd^k(hk]^Ze^k&Zg]b_a^]h^l(a^fnlm
mhf^k([khd^k(hk]^Ze^k&Zg]b_a^]h^l(a^fnlmlahpma^Zfhngmbgoheo^]Zg]ZkkZg`^f^gmlfZ]^_hkiZrf^gmZg]ln[fbmZ\nkk^gm_bgZg\bZelmZm^f^gm'7&['pa^ma^ka^blbgoheo^]bgZgre^`ZeZ\mbhglhkikh\^^]bg`lZg]pa^ma^kma^k^Zk^ZgrnglZmbl_b^]cn]`)f^gmlhkeb^glZ`Zbglmabf7&\'ma^gZf^Zg]Z]]k^llh_ma^i^klhgpahpbeeaZo^\nlmh]rhkihll^llbhgh_abl[hhdlZg]k^\hk]lk^jnbk^]mh[^ik^l^ko^]ng]^kMne^-3Z)07Zg]&]'ma^Z]]k^llpa^k^ln\a[hhdlZg]k^\hk]lZk^eh\Zm^]*Oa^_hkfZelh\hgmZbglZ\hgl^gm[rma^pbma]kZpbg`[khd^k)]^Ze^kmhfZd^ma^[hhdlZg]k^\hk]la^blk^jnbk^]mhik^l^ko^ZoZbeZ[e^_hk^qZfbgZmbhg[rZnmahkbs^]f^f[^kl*(N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3403&-(-522'* 3.�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJIh_ma^&#xIB@0;hffbllbhglmZ__Zg]ZgZnmahkbsZmbhgmhma^\nlmh]bZgh_ln\a[hhdlZg]k^\hk]lmhfZd^ma^flhZoZbeZ[e^*M^gnf[^kbg`h_Mne^lPg]^kN^\mbhgl-1&['Zg]-1Zg]h_Mne^l)-4V*%)$-3Z)1(Zg]-5Z/)-mh^g];^gm;hg_hkfKkbhkmhma^N^\nkbmb^l\h_-520(N^\mbhg-1&['\hg)lblm^]h_0nggnf[^k^]iZkZ`kZial*Zk^lnemh_mahl^Zf^g])f^gmlma^N^\mbhgghp\hglblmlh_-,gnf[^k^]iZkZ`kZial*Oa^k^)_hk^(ma^&#xl000;hffbllbh

75 gk^gnf[^k^]bmlkne^lng]^kN^\mbhg-1&['mhb]
gk^gnf[^k^]bmlkne^lng]^kN^\mbhg-1&['mhb]^gmb_rma^li^\b_b\gnf[^k^]iZkZ`kZiah_maZmN^\mbhgmhpab\a^Z\akne^ikbfZkberk^eZm^l*DgZ]]bmbhg(mhZohb]\hg_nlbhgma^&#xl000;hf)fbllbhgk^gnf[^k^]ma^kne^lng]^kN^\mbhg-1[r\aZg`bg`ma^bg)bmbZeehp^k\Zl^e^mm^k!Z!bgma^]^lb`gZmbhgh_^Z\ah_mahl^kne^lmhma^nii^k\Zl^e^mm^k!Oa^&#x*!00;hffbllbhgZelhZf^g]^]k^gnf)[^k^]Mne^*.6Z+&*Zg]Mne^l-3Z)1Zg]-5Z/)-lhmaZmma^k^_^k)^g\^lbgmahl^kne^lmhma^k^gnf[^k^]kne^lng]^kN^\mbhg-1&['k^_e^\mma^g^p]^lb`gZmbhgh_ln\akne^l*!h_Mne^-,,).Zf^g]f^gmmhMne^-2Z).Z]him^]]nkbg`ma^_bl\Zer^Zk(k^eZm)bg`mhma^f^mah]h_\hfinmbg`i^k\^gmZ`^hpg^klabing]^kN^\)mbhg-2&Z'h_ma^\&ma^bglb]^kk^ihkmbg`ikhoblbhg'(pZl]^l\kb[^]bgma^/-lmM^ihkm*!Kkhihl^]h_Mne^-,,)2?nkbg`ma^_bl\Zer^Zkma^^g];^gm;hffbllbhgbgobm^]in[eb\\hff^gmlhgZikhihl^]Zf^g]f^gmh_Mne^-2Z)2mhk^jnbk^ma^k^ihkmbg`h_\^kmZbgZ]]bmbhgZemkZglZ\mbhglng]^kN^\mbhg-2&Z'h_ma^\5-Oa^l^phne]bg\en]^ma^Z\jnblbmbhghk]blihlbmbhgh_Zgrinm(\Zee(lik^Z](lmkZ]]e^hkhma^khimbhghkikbobe^`^(ma^ie^]`^(bg\en]bg`ma^arihma^\Zmbhg(h_Zl^\nkbmrhkma^k^e^Z

76 l^h_Zl^\nkbmr_khfZie^]`^(Zg]ma^ehZgh_Zl^
l^h_Zl^\nkbmr_khfZie^]`^(Zg]ma^ehZgh_Zl^\nkbmrhkma^k^iZrf^gmh_ln\aZehZg*h_Mne^-2[)/Mne^-2-:)/^q^fiml_khfN^\mbhg-2&['h_ma^\&ikhob]bg`_hkma^k^\ho^krh_!lahkmlpbg`!mkZ]bg`ikh_bmlk^Zebs^][rbglb]^kl'Z\jnblbmbhglh_laZk^lh_lmh\d&hma^kmaZglmh\dZ\jnbk^]nihgma^^q^k\bl^h_Zghimbhg(pZkkZgmhkkb`am'[rZgh__b\^khk]bk^\mhkink)lnZgmmhZlmh\d[hgnl(ikh_bmlaZkbg`(k^mbk^f^gm(bg\^gmbo^(makb_m(lZobg`lhklbfbeZkieZg(b_ln\aieZgf^^mlma^\hg]bmbhglli^\b_b^]bgma^kne^*Oa^kne^Zelh^q^fimlma^Z\jnblbmbhgh_Z!jnZeb_b^]!hkZ!k^lmkb\m^]!lmh\dhimbhginklnZgmlhZjnZeb_b^]hkZk^lmkb\m^]lmh\dN^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*33,,&N^im^f[^k-,(-521'*N^^ii*5J*5G**N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*3350&EZgnZkr.,(-522'* z z �OCDMOT*N@JI?M@KJMO31Oa^k^obl^]_hkflikhob]^maZmma^]h\nf^gmlaZee[^lb`g^][rZeeh_ma^ohmbg`mknlm^^lhk[rZgre^ll^kgnf[^kpab\apbeee^`Zeer[bg]Zeema^mknlm^^l*D_bmbllb`g^][re^llmaZgZeeh_ma^mknlm^^lbmfnlmbg\en]^Zghibgbhgh_\hngl^eZlmhma^Znmahkbmrh_ma^i^klhglb`gbg`mh[bg]ma^hma^kl*Kkhihl^]M^oblbhglh_AhkfS)-3)Zg]HbgbfpgM^jnbk^f^gmlKkhihl^]k^oblbhglh_Ahk

77 fS)-3)&ma^_hkf_hkma^ZggnZe_bgZg\bZek^ihk
fS)-3)&ma^_hkf_hkma^ZggnZe_bgZg\bZek^ihkmk^jnbk^]lh[^_be^][r[khd^klZg]]^Ze^klng]^kMne^-3Z)1'Zg]h_ma^fbgbfnfZn]bmk^jnbk^f^gmlng]^kMne^-3Z)1p^k^Zgghng\^][rma^ကhffbllbhg]nkbg`ma^r^Zk*0,Oa^ikhihl^]\aZg`^lh_ma^_hkfZk^]^lb`g^]mhlmk^g`ma^gbm[r^qiZg]bg`Zg]\eZkb_rbg`ma^k^jnbk^f^gml(^li^\bZeer_hkma^[^g^_bmh_ma^lfZee^k[khd^k)]^Ze^klpahfZraZo^]b__b\nemrbgik^iZkbg`ma^ik^l^gm_hkf*Oa^ikhihl^]k^oblbhgh_ma^fbgbfnfZn]bmk^jnbk^f^gmlphne]^f)iaZlbs^&-'maZmma^inkihl^h_ma^Zn]bmblmh^gZ[e^ma^Z\\hngmZgmmh^qik^llZghibgbhghgma^^__^\mbo^g^llh_ma^bgm^kgZe\hgmkheZg]ikh\^]nk^l_hklZ_^`nZk]bg`l^\nkbmb^lZlp^eeZlhgma^_bgZg\bZejn^l)mbhggZbk^(Zg]&.'maZmma^k^jnbk^f^gmlZk^ZfbgbfnfhgerZg]lahne]ghm[^bgm^kik^m^]Zlebfbmbg`hki^kfbmmbg`ma^hfbllbhgh_Zgrhma^kZn]bmikh\^]nk^pab\afZr[^g^\^llZkrng]^kma^\bk\nflmZg\^l***N^\nkbmb^l@q\aZg`^\M^e^Zl^Ih*324/&./(-521'* 0(�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJI@Zlm^kgBZlZg]An^e\(Zg^q^fimahe]bg`\hfiZgrpab\ahpglZeema^hnmlmZg]bg`lmh\dh_=hlmhgBZl&#xllhb;&#xZm^l;hfiZgr(aZl_be^]ZgZiieb\ZmbhgmhZ\jnbk^(inklnZgm

78 mhZgbgobmZmbhg_hkm^g]^kl(ma^lmh\dh_=kh\d
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89 Zgr\`^g^kZeerk^jnbk^maZmma^[Zlb\bg_hkfZm
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93 h_ma^\_hkma^ikhihl^]bllnZg\^h_lmh\dhimbh
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94 gDgo^lmf^gm&#xm*00;hfiZgr\M^e^Zl^Ih*0/,1
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99 kbZe]nkbg`ma^r^Zk*Aheehpbg`ma^\ehl^h_ma^
kbZe]nkbg`ma^r^Zk*Aheehpbg`ma^\ehl^h_ma^_bl\Zer^Zk(ma^]blmkb\m\hnkmk^g]^k^]Z]^\blbhgZ`k^^bg`pbma\^kmZbgh_ma^\hgm^gmbhglh_ma^ZT0;hffbllbhg[hmaZlmheZpZg]_Z\mZg]]blZ`k^^bg`pbmahma^kl*Dl]blfbll^]ma^ZT0;hffbllbhg%l\hfieZbgmZ`ZbglmO^qZlBne_NneiankZT0;h*Zg]-,bg)]bob]nZe]^_^g]Zgml[nm_hng]maZm.hma^kbg]bob]nZe]^_^g]Zgml\hf)fbmm^]obheZmbhglh_N^\mbhg-,&['h_ma^N^\nkbmb^l@q\aZg`^\h_-5/0Zg]Mne^-,-)1ng]^kmaZm\[rink\aZlbg`O^qZlBne_lmh\dhgma^[Zlblh_fZm^kbZebglb]^bg_hkfZmbhg*O^qZlBne_[^`Zg^qiehkZmhkr]kbeebg`g^ZkObffbgl(JgmZkbh(bgIho^f[^k-52/*Jg-2(-520(bmblln^]Zik^llk^e^Zl^Zgghng\bg`maZmbmaZ]fZ]^ZfZchk]bl\ho^krh_\hii^k(sbg\Zg]lbeo^k*Oa^&#xikbe;hffbllbhg\aZk`^]maZmh__b\^kl(]b)k^\mhkl(Zg]^fiehr^^lh_O^qZlBne_obheZm^]N^\mbhg-,&['Zg]Mne^-,-)1[rink\aZlbg`O^qZlBne_lmh\dZg]\Zeel]nkbg`ma^bgm^ko^g)bg`i^kbh]hgma^[Zlblh_ng]bl\ehl^]bglb]^bg_hkfZmbhgZ[hnmma^]kbeebg`k^lnemlZg][r]bone`bg`mablbg_hkfZmbhgmhma^bkk^eZmbo^lZg]_kb^g]llhmaZmma^l^!mbii^^l!\hne]Zelhink\aZl^O^qZlBne_l^\nkbmb^lhgmabl[Zlbl*Nhf^h_ma^bg]bob]nZe]^_^g]Zgmlp

100 ^k^Zelh\aZk`^]pbmaZ\\^imbg`lmh\dhimbhgl_
^k^Zelh\aZk`^]pbmaZ\\^imbg`lmh\dhimbhgl_khfma^\hkihkZmbhg]nkbg`mabli^kbh]pbmahnm]bl\ehlbg`ma^bg_hkfZmbhgbgma^bkihll^llbhgZ[hnmma^]kbeebg`k^lnemlmhmahl^fZdbg`ma^]^\blbhgmhblln^ma^himbhgl*AbgZeer(ma^&#xikbe;hffbllbhg\aZk`^]ma^\hkihkZmbhgpbmabl)lnbg`Z_Zel^Zg]fble^Z]bg`ik^llk^e^Zl^0]Zrl[^_hk^ma^ik^llk^e^Zl^Zgghng\bg`ma^]bl\ho^kr*Oa^\hnkmk^c^\m^]]^_^g]Zgml%\hgm^gmbhglmaZmma^&#xikbe;hffbllbhgfnlmikho^aQWS\bS`%bgm^gmmh]^\^bo^(k^ebZg\^Zg]\ZnlZmbhgbghk]^kmh^lmZ[eblaobheZmbhglh_Mne^-,-)1Zg]maZmN^\mbhg-2h_ma^-5/0\blma^hgerebfbmZmbhghgbglb]^kmkZ]bg`*Dla^e]maZmng]^kMne^-,-)1!Zgbglb]^k%lebZ[bebmr_hk_Zbenk^mh]bl\ehl^fZm^kbZebg_hkfZmbhgpab\aa^nl^l_hkablhpgZ]oZgmZ`^bgma^ink\aZl^h_l^\nkbmb^l^qm^g]lmhink\aZl^lfZ]^hggZmbhgZel^\nkbmb^l^q\aZg`^lZlp^eeZlmhink\aZl^lbg%_Z\^)mh)_Z\^%mkZglZ\mbhgl*!Oa^\hnkm_nkma^kkne^]maZm!bglb]^klln[c^\mmhma^]bl\ehlnk^k^jnbk^f^gmlh_N^\mbhg-,&['Zg]Mne^-,-)1fZrbg\en]^^fiehr^^lZlp^eeZlh__b\^kl(]bk^\mhkl(Zg]\hgmkheebg`lmh\dahe]^klpahZk^bgihll^llbhgh_fZm^kbZeng]bl\ehl^]bg_hkfZmbhgh[mZbg^]bgma^\hnkl^

101 h_ma^bk^fiehrf^gm*!%.14A*Nnii*.2.&N*?*I*
h_ma^bk^fiehrf^gm*!%.14A*Nnii*.2.&N*?*I*T*(-522'*4/-lmM^ihkm(ii*-..)-./* �O__bMOT)N@JI?M@KJMO..2Jgma^[Zlblh_ma^l^e^`Zeknebg`lma^\hnkm_hng]obheZmbhgl[rma^mphbg]bob]nZe]^_^g]Zgmlpahink\aZl^]O^qZlBne_l^\nkbmb^lhg-1(Zg]-2(-520*Dlk^c^\m^]ma^bk\hgm^gmbhglmaZmma^rp^k^_k^^mhmkZ]^f^k^er[^\Znl^knfhklZ[hnmma^]bl\ho^krp^k^\nkk^gmbgma^ik^llZg]_bgZg\bZe\bk\e^l(ZgZkmb\e^^fZgZmbg`_khfma^\hkihkZmbhgaZ]Zii^Zk^]bgZmkZ]^in[eb\Zmbhgh_ebfbm^]\bk\neZmbhgZg]Zgh__b\bZeh_ma^&#xikbe;ZgZ]bZg`ho^kgf^gmaZ]blln^]ZlmZm^f^gmh_ng]^m^kfbg^]\bk\neZmbhg*Dlk^_^kk^]mhma^ik^llk^e^Zl^[rma^\hkihkZmbhgZlma^!h__b\bZeZgghng\^f^gm*!&#xikbe;hgmkZkrmhma^ihlbmbhgnk`^][rma^&#xikbe;hffbllbhg(ma^\hnkma^e]maZmhma^kbglb]^klpahink\aZl^]lmh\dZg]`Zo^mbilhg-2(-520(]b]ghm\hffbmobheZmbhgl(lmZmbg`maZmbglb]^klZk^_k^^mhmkZ]^hgma^[Zlblh_bglb]^bg_hkfZmbhghg\^mablbg_hkfZmbhgaZl[^^g]^ebo^k^]mhma^g^plf^]bZ(^o^gmahn`abmaZlghmZii^Zk^]Zgrpa^k^*Oa^\hnkmZelh]^\b]^]maZmink\aZl^lh_lmh\dZg]\ZeelZg]ma^`bobg`h_mbil[rbglb]^klikbhkmh5]b]ghmobheZm^Mne^-,-)1[^\Znl^ma^k^lneml

102 h_ma^fbg^kZe^qiehkZmbhg]b]ghm\hglmbmnm^f
h_ma^fbg^kZe^qiehkZmbhg]b]ghm\hglmbmnm^fZm^kbZe_Z\mlZmmaZmmbf^*Oa^\hnkmZ`k^^]pbmama^&#xikbe;hffbllbhgmaZm\hkihkZm^h__b\bZelk^lihglb[e^_hkma^bllnZg\^h_lmh\dhimbhglZk^^gmbme^]mhk^erhgma^bg_hkfZmbhg_nkgbla^]mhma^f[rfZgZ`^f^gm*Dl\hg)\en]^]maZmZf^f[^kh_ma^ab`a^k^\a^ehgh_fZgZ`^f^gmpahZ\\^imlZlmh\dhimbhgpbmahnm]bl\ehlbg`mhma^k^lihglb[e^h__b\^klZeefZm^kbZebg_hkfZmbhgobheZm^lN^\mbhg-,&['Zg]Mne^-,-)1([nmmaZm^fiehr^^lpahZk^ghmf^f[^klh_ma^ab`a^k^\a^ehgZk^^gmbme^]mhZllnf^maZmbg_hkfZmbhgZek^Z]rdghpgmhma^bklni^kbhklpbee[^k^ihkm^][rma^fmhma^ZiikhikbZm^\hkihkZm^h__b\bZel*Dg\e^Zkbg`ma^\hkihkZmbhgh_\aZk`^lh_obheZmbhgma^\hnkmkne^]maZmZik^llk^e^Zl^blln^][rZ\hkihkZmbhgblblln^]!bg\hgg^\mbhgpbmama^ink\aZl^hklZe^h_Zgrl^\nkbmr!Zg](ma^k^_hk^(\hf^lpbmabgN^\mbhg-,&['Zg]Mne^-,-)1hger!b_bmlinkihl^blmhZ__^\mma^fZkd^mikb\^h_Z\hfiZgr%llmh\dmhma^Z]oZgmZ`^h_ma^\hfiZgrhkbmlbglb]^kl*!Dl_hng]ghln\ainkihl^bgmabl\Zl^*(ma^\hnkma^e]maZmma^Z\\nkZ\rh_ma^ik^llk^e^Zl^fnlm[^cn]`^]hgerhgma^[Zlblh_bg_hkfZmbhgZ\mnZeerdghpgmhma^]kZ_m^klh_ma^k^e^Zl^Zmma

103 ^mbf^h_bmlbllnZg\^(Zg]maZmhgma^[Zlblh_ln
^mbf^h_bmlbllnZg\^(Zg]maZmhgma^[Zlblh_ln\abg_hk)fZmbhgma^k^e^Zl^bgmabl\Zl^pZlghm_Zel^hkfble^Z]bg`*Oa^m^k;&#xgZmb;&#xo^er;hf)fbllbhgaZlZii^Ze^]*Dg1:')'o*D]`^]`ObW]\`ma^]^_^g]Zgml\hg)l^gm^]lhma^^gmkrh_Z]^\k^^^gchbgbg`ma^f_khfobheZmbg`N^\mbhg-,&['h_ma^@q\aZg`^\Zg]Mne^l-,-)1Zg]-,-)2ma^k^ng]^k*B^hk`bZ)KZ\b_b\aZ]^gm^k^]bgmhZ`k^^f^gmlmhink\aZl^ma^Zll^mlhklmh\dh_l^o^kZe\hkihkZmbhglmakhn`ama^bllnZg\^h_B^hk`bZ)KZ\b_b\N*?*I*T*(22&#xm000;bo*-.-1(HZr./(-522* z F9=FDFK&E97A@8f5?D9BADF--5l^eebg`ngk^`blm^k^]laZk^lh_OZqN^kob\^(Dg\*Oa^blln^kblma^in[ebla^kZg]]blmkb[nmhkh_!OZq�Ze\neZmhkl!pab\a\hgmZbgZl^kb^lh_mZ[e^l_hkma^nl^h_Zmmhkg^rl(Z\\hngmZgmlZg]hma^kl^g`Z`^]bgik^iZkbg`bg\hf^mZqk^mnkgl*Oa^\hnkma^e]maZmma^h__^khklZe^h_ma^l^l^\nkbmb^l(Zemahn`aebfbm^]mhma^blln^k%lln[l\kb[^klZg]mhma^f^f[^klh_Zeh\Ze[ZkZllh\bZmbhg(]b]ghmf^^mma^k^jnbk^f^gml_hkZikboZm^h__^kbg`^q^fim_khfk^`blmkZmbhgng]^kma^N^\nkbmb^l\DllmZm^]maZmg^bma^kZgh__^k^^%lihlbmbhgZlZln[l\kb[^kghkma^`^g)^kZeZ\nf^gh_Zmmhkg^rlbgmZqfZmm^klaZlZgr[^Zkbg`hgma^bkZ\

104 \^llmhma^dbg]h_bg_hkfZmbhgpab\ak^`blmkZm
\^llmhma^dbg]h_bg_hkfZmbhgpab\ak^`blmkZmbhgphne]fZd^ZoZbeZ[e^Zg]maZm!h[obhnler(_ZfbebZkbmrpbmama^blln^k%lin[eb\Zmbhglphne]ghm\hgghm^_ZfbebZkbmrpbmama^blln^k%l_bgZg\bZelmZmnl*!?^\blbhglh_ma^&#xm*00;hffbllbhg]blfbllbg`Ziieb\Zmbhgl_hkk^ob^ph_]bl\biebgZkr%Z\mbhgmZd^g[rma^IZmbhgZe\h_N^\nkbmb^l?^Ze^kl(Dg\*&Ip^k^nia^e]bgBS``Wbb%JWQYS`a%&#xN?'0;\Q'o*G':'D%*0Zg]=O\RZSg&#xN?'0;\dSab[S\bD][^O\go*G':'D'*1Dgma^BS``Wbb%JWQYS`a\Zl^(ma^IaZ]_hng]maZmma^_bkfZg]bmlikbg\biZelobheZm^]Ikne^l[rl^eebg`l^\nkbmb^lZmikb\^lghmk^ZlhgZ[erk^)eZm^]mhma^\nkk^gmfZkd^m7bfikhi^ker^qm^g]bg`\k^]bm7_Zbebg`mhfZbgmZbgk^jnbk^][hhdlZg]k^\hk]l7Zg]_Zbebg`mh]bl\ehl^ma^_bkf%l]nZeZ`^g\rkhe^Zg]]hn[e^\hffbllbhglk^\^bo^]*M^c^\mbg`ma^\hg)m^gmbhgmaZmma^Ibfikhi^kerk^eb^]hgma^%%ibgdla^^ml!bgZl)l^llbg`ma^_Zbkg^llh_fZkd)nil(ma^\hnkmZ`k^^]pbmama^&#xN?00;hffbllbhgmaZm!Zemahn`ama^jnhmZmbhglbgma^la^^mlZk^ghm_bkfh__^kl_hkZ_bq^]gnf[^kh_l^\nkbmb^l(Zg]_bgZeikb\^lZk^ln[c^\mmh\aZg`^(ma^r\hglmbmnm^ln__b\b^gmikhh_h_ik^oZbebg`fZkd^mikb\^l%bgma^Z[l^g\^h_^ob]^g\^mhma^\hgm

105 kZkr%*!K^mbmbhg^klnk`^]maZmma^&#xN?00;hf
kZkr%*!K^mbmbhg^klnk`^]maZmma^&#xN?00;hffbllbhglahne]aZo^i^kfbmm^]ma^fmhZ]]n\^Z]]bmbhgZe^ob]^g\^[^Zkbg`hgma^_Zbkg^llh_ma^fZkd)nil(\eZbfbg`maZmma^r]b]ghmk^jn^lmikh]n\mbhgh_ln\a^ob]^g\^bgma^a^Zkbg`l[^_hk^ma^I[^\Znl^bmphne]aZo^[^^g_nmbe^bgob^ph_ma^IeZ\dh_ln[ih^gZihp^k*Oa^\hnkm_hng]ma^Zk`n)f^gm!ghmi^klnZlbo^(!lmZmbg`maZm!ma^k^blghmabg`bgma^k^\hk]mh]^fhglmkZm^maZmikh\^llphne]aZo^[^^gk^jnbk^]mhh[mZbgma^]^)lbk^]bg_hkfZmbhg*H^k^li^\neZmbhg\Zgghml^ko^ZlZg^q\nl^_hk_Zbenk^mhikh]n\^k^e^oZgm^ob]^g\^[^_hk^ma^IDgma^=O\RZSg\Zl^(ma^\hnkmk^c^\m^]ma^Zk`nf^gmmaZmma^I]bl\biebgZkrikh\^^]bg`lp^k^Zdbgmh\kbfbgZeikh\^^]bg`lZg]maZmobheZmbhglaZ]mh[^^lmZ[ebla^][r\hgobg\bg`^ob]^g\^ho^k)\hfbg`Zik^lnfimbhgh_bggh\^g\^*Oa^\hnkmbg]b\Zm^]maZmma^IZg]&#xN?00;hffbllbhglahne]aZo^pb]^eZmbmn]^bg^lmZ[eblabg`ikh)_^llbhgZelmZg]Zk]l(lmZmbg`(.4/1/A*.].5/&#xN?00;&*.(-521'*-4/10A*.]20&#x*000;&*-,(-521'* ()'�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJI!\hglmbmnmbhgZehklmZmnmhkrbg_bkfbmb^l(ghg^h_pab\aZii^Zka^k^(ma^ikh_^llbhgZelmZg]Zk]l^lmZ[ebla^][rIZg

106 ]&#xN?00;N@_hkmahl^^g`Z`bg`bgho^k)ma^)\h
]&#xN?00;N@_hkmahl^^g`Z`bg`bgho^k)ma^)\hngm^kl^\nkbmb^l[nlb)g^llpbeeghm[^nil^m[rma^\hnkml*K^mbmbhg^k_Zbe^]mhZ[b]^[rmahl^lmZg]Zk]l*Oa^]bl\biebgZkrZ\mbhgpZlghm^q\^llbo^(hiik^llbo^(hkZgZ6[nl^h_]bl\k^mbhg*!DgB'9OdWa$))'%*B'o*&#x'000;D]VS\%2ma^\hnkm`kZgm^]ma^&#x'000;hf)fbllbhg%lfhmbhg_hklnffZkrcn]`f^gm]blfbllbg`ZgZ\mbhgmh^gchbgma^&#x'000;hffbllbhg_khf\hgmbgnbg`Zin[eb\ikh\^^]bg`bglmbmnm^]mh]^m^kfbg^pa^ma^kma^[khd^k)]^Ze^kk^`blmkZmbhgYPma^\hkihkZm^ieZbgmb__lahne][^k^ohd^]Zg]pa^ma^k\hkk^lihg]bg`lZg\mbhgllahne][^bfihl^]Z`Zbglmma^bg]bob]nZeieZbgmb__l*Dg\hglb]^kbg`ma^jn^lmbhgh_bmlcnkbl]b\mbhgmh^gm^kmZbgZgZ\mbhg_hkbgcng\mbo^k^eb^_Z`Zbglmma^&#x'000;hffbllbhgikbhkmh^qaZnlmbhgYPZ]fbgblmkZmbo^k^f^]b^lma^\hnkmlmZm^]6!***Z?blmkb\m&#x'000;hnkmng]^kbml`^g^kZe_^]^kZejn^lmbhg^jnbmrcnkbl]b\mbhg(.4&#x'000;P*N**-//-(bl^fihp^k^]mh\hkk^\mZ`^g\r\hg]n\m%bg^q\^llh_bml]^e^`Zm^]ihp^klZg]\hgmkZkrmhli^\b_b\ikhab[bmbhgh_ma^\****Oa^m^lmmh[^Ziieb^]bg]^m^kfbgbg`pa^ma^kmabl%gZkkhp%^q\^imbhgmhma^\nlmhfZkrZo^gn^lh_k^)ob^pfZr[^bgohd^]***bl%pa

107 ^ma^kma^&#xm%00;hffbllbhgaZllm^ii^]ieZbg
^ma^kma^&#xm%00;hffbllbhgaZllm^ii^]ieZbger[^rhg]ma^[hng]lh_bmllmZmnmhkrZnmahkbmr(hkaZlZ\m^]bg\e^Zk]^_bZg\^h_VieZbgmb__l%X\hglmbmnmbhgZekb`amlmhVma^bkXbkk^iZkZ[e^]ZfZ`^%*!Oa^hibgbhgZelhikhob]^lZgbfihkmZgmbgm^kik^mZmbhgh_N^\mbhg-1&['&3'h_ma^@q\aZg`^\(pab\apZliZkmh_ma^-520Zf^g])f^gmlmhmaZm\Dla^e]maZmma^ikhoblbhglh_maZmN^\mbhg(i^k)fbmmbg`\^glnk^([Zkkbg`(hklnli^glbhgh_Zgri^klhg(fZr[^Ziieb^]pbmak^li^\mmhlmZmnmhkrobheZmbhglpab\ah\\nkk^]ikbhkmhma^^gZ\m)f^gmh_ma^ikhoblbhg*KeZbgmb__laZ]Zk`n^]Z`Zbglmln\aZ!k^mkh)Z\mbo^!Ziieb\Zmbhg([nmma^\hnkmh[l^ko^]maZm!ma^Zf^g]f^gmlbfierikhob]^lma^&#xm*00;hffbllbhgpbmaZikh\^]nkZe]^ob\^_hkZ\\hfieblabg`ma^lZf^^g_hk\^f^gmh[c^\mbo^lpab\a\hne]_hkf^ker[^Z\ab^o^]hger\bk\nbmhnler(!Zg]kne^]maZm!lZe^lf^gpahaZo^\hffbmm^]l^\nkbmb^lobheZmbhglbgma^iZlm\hne]pbmacnlmb_b\Zmbhg[^^q\en]^]hklnli^g]^]_khfZikh_^llbhg]^fZg]bg`ma^nmfhlmbgikh[bmr_khfbmlf^f[^kl*!Dg=]Z[Sao*DO`g%+)ma^&#xm*00;hnkmh__hkma^Ab_ma&#xii^Z;l00;bk\nbmZ__bkf^]^S`Qc`WO[Z]^\blbhgh_ma^Pgbm^]NmZm^l?blmkb\m&#xii^Z;l00;hnkm_hkma

108 ^Ihkma^kg?blmkb\mh_B^hk`bZ.-maZmma^&#xii
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109 ^mahl^h_Z`kZg]cnkr(fb`am)[^mapZkm^]b_pbm
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130 Oa^l^kb^lhgma^phkdbg`\ZibmZeihlbmbhgh_Ze
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131 hgZggnZeerin[ebla^lZeblmbg`h_\hfiZgb^lk^
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132 ]M^ihkml*DgZ]fbgblmkZmbo^ikh\^^]bg`lpab\
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133 ]^kma^N^\nkbmb^l@q\aZg`^\hkma^N^\nkbmb^l
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135 Z]berZoZbeZ[e^_hk^qZfbgZmbhg[rbgm^k^lm^]
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glmH]eS`%-1pab\ama^\hnkm]blfbll^]hgma^`khng]maZmma^i^mbmbhgbg`\k^]bmhkl]b]ghmaZo^oZeb]\eZbfl*ma^\ehl^h_ma^_bl\Zer^Zk(mak^^]b__^k^gm\k^]bmhkl_be^]Zghma^kbgoheng)mZkr&#x_m^k;aZim^kSi^mbmbhgZ`ZbglmH]cbS`'!**?*M*D*(Ih*2/)=)-3**/-lmM^ihkm(%Ki*-, )-,17.5maM^ihkm(KK*51)52*..-A*Nnii*52-&?*M*D*(-52/'*''G'7'8'o*7c`b]\%/0.A*.]34.&#xggnZ;&*(-521'd PN*?*AeZ*(Ih*21)4-.)=d)^Az **H*?*AeZ*(Ih*22)4-)=d)O***H*?*AeZ*(Ih*22)-3-)=d)O**+0&.,+&&./&&&&0 z %! z �D7AE:7C�A8E:75A??;DD;A@�5;G;VTE;93E;A@Oa^l^o^kZelmZmnm^lZ]fbgblm^k^][rma^�hffbllbhgZnmahkbs^ma^�hffbllbhgmhl^^dbgcng\mbhglZ`Zbglm\hgmbgnbg`hkmak^Zm^g^]obh)eZmbhglh_ln\almZmnm^l*Nn\aobheZmbhglfZrbgoheo^Zpb]^kZg`^h_bee^`ZeikZ\mb\^l(bg\en]bg`ma^ink\aZl^hklZe^h_l^\nkbmb^l[r_kZn](Zg]ma^lZe^h_l^\nkbmb^lpbmahnm\hfiebZg\^pbmama^k^`blmkZmbhgk^)jnbk^f^gmlh_ma^N^\nkbmb^l\Oa^&#xm*00;hffbllbhgZelhiZkmb\biZm^lbgoZkbhnlhma^kmri^lh_ikh\^^]bg`l(bg\en]bg`Zii^ZkZg\^lZlO[WQcaM^[SKObgebmb`Zmbhg[^mp^^gikboZm^iZkmb^lpa^k^bmblbfihkmZgmmaZmbmlob^plk^`Zk

169 ]bg`ma^bgm^kik^mZmbhgh_ma^lmZmnmhkrikhob
]bg`ma^bgm^kik^mZmbhgh_ma^lmZmnmhkrikhoblbhglbg)oheo^][^_nkgbla^]mhma^\hnkm(\hkihkZm^k^hk`ZgbsZmbhgikh\^^]bg`lng]^k&#xm*00;aZim^kSh_ma^=Zgdknim\r\(Zg]oZkbhnlmri^lh_\bobeZii^eeZm^ikh\^^]bg`l*OZ[e^l-,Zg]-.bgma^Zii^g]bqmhmablk^ihkm\hgmZbglmZmblmb\lpbmak^li^\mmhma^oZkbhnlmri^lh_\bobeikh\^^]bg`lbgpab\ama^&#xm000;hf)fbllbhgiZkmb\biZm^]ikbhkmhZg]]nkbg`ma^_bl\Zer^Zk*lnffZkrh_bgcng\mbhgikh\^^]bg`lbglmbmnm^][rma^�hffbllbhglbg\^-5/0fZr[^_hng]bgOZ[e^--*Oabll^\mbhg]^l\kb[^lZ_^ph_ma^fhk^ghm^phkmar\Zl^lpab\ap^k^i^g]bg`]nkbg`ma^_bl\Zer^Zk(ghmbg)\en]bg`(ahp^o^k(\Zl^lZkblbg`ng]^kma^Kn[eb\PmbebmrChe]bg`�hfiZgr\hk&#xm000;aZim^kSh_ma^=Zgdknim\r\ln\a\Zl^lZk^]bl\nll^]bgma^l^\mbhglh_mablk^ihkm]^Zebg`pbmamahl^lmZmnm^l*DgZgbfihkmZgm]^\blbhgbgoheobg`ma^l\hi^h_ma^!bglnkZg\^!^q)^fimbhglmhma^]bl\ehlnk^Zg]k^`neZmhkrikhoblbhglh_ma^N^\nkbmb^l\h_-5//Zg]ma^Dgo^lmf^gm&#xm000;hfiZgr\h_-50,(ma^&#xm000;hnkmh__hkma^?blmkb\mh_&#xii^Z;l00;henf[bZ&#xii^Z;l00;bk\nbm(bg1:')'o*I\WbSR7S\STWbAWTS&#xii^Z;l00;\ac`O\QS))%*Z__

170 bkfbg`ma^]^\blbhgh_ma^]blmkb\m\hnkm(!a^e
bkfbg`ma^]^\blbhgh_ma^]blmkb\m\hnkm(!a^e]maZmma^!Ae^qb[e^Ang]h__^k^]Zg]lhe][rma^Pgbm^]=^g^_bmGb_^DglnkZg\^&#xggnb;&#xmr!0;hfiZgrblZ\hgmkZ\mh_bglnkZg\^Zg]ma^k^)_hk^^q^fim_khfma^\ho^kZ`^h_ma^-5//Zg]-506,\[robkmn^h_ma^lmZmnmhkr^q^fimbhglk^eZmbg`mhbglnkZg\^Zg]Zggnbmb^l*Oa^&#xml00;hffbllbhgaZ]nk`^]maZmma^bglnkZg\^^q^fimbhglp^k^ng)ZoZbeZ[e^[^\Znl^ma^Ae^qb[e^Ang]\hgmkZ\mblh__^k^]Zg]ikhfhm^]-/15A*.]2-5&#xml00;&#x*?*0;&*(-522'*N^^/-lmM^ihkm(i(-.3*--. z �OCDMOT*N@JI?M@KJMO)++mbhgl(maZmma^r[^lh\^kmb_b^]*Oa^oZen^h_\^kmb_b\Zmbhg[rjnZeb_b^]Z\\hngmZgmlaZl[^^g\hg\^]^]_hkfZgrr^Zkl([nmma^k^jnbk^f^gmZlmhbg]^i^g]^g\^(ehg`k^\h`gbs^]Zg]Z]a^k^]mh[rlhf^bg]bob]nZeZ\\hngmZgml(pZl_hkma^_bklmmbf^ZnmahkbmZmbo^erZg]^qieb\bmerbgmkh)]n\^]bgmheZpbg-5//*Pg]^kma^&#xG000;hffbllbhg%lkne^l(ZgZ\\hngmZgmpahbljnZeb_b^]mhikZ\mb\^bgabkhpglmZm^bljnZeb_b^]mhikZ\mb\^[^)_hk^ma^&#xG000;hffbllbhgnge^lla^aZl^gm^k^]bgmh]bljnZeb_rbg`k^eZmbhg)labilpbmaZiZkmb\neZk\eb^gm(ln\aZl[^\hfbg`Zikhfhm^k(ng]^kpkbm^k(ohmbg`mknlm^^(]bk^\mhk(h__b\^k(^fiehr^^(h

171 klmh\d)ahe]^k715aZl]^fhglmkZm^]bg\hfi^m^
klmh\d)ahe]^k715aZl]^fhglmkZm^]bg\hfi^m^g\^hkln[l^kob^g\^mhfZgZ`^)f^gm7hkaZl^g`Z`^]bgng^mab\Zehkbfikhi^kikh_^llbhgZe\hg]n\m*!Oa^&#xG000;hffbllbhg^g]^Zohklmh^g\hnkZ`^Zg]_hlm^kma^bg]^i^g]^g\^h_ma^Z\\hngmZgmbgablk^eZmbhglabilpbmaabl\eb^gmlhmaZma^fZr[^mm^k[^Z[e^mhi^k_hkfma^l^kob\^mhma^in[eb\\hgm^fieZm^][rma^&#xG000;hg`k^llbgma^oZkbhnl\Z]fbgblm^k^][rma^&#xml00;hffbllbhg*=^)\Znl^h_abkli^\bZelmZmnlZg]k^lihglb[bebmr(ma^Z\\hngmZgmaZlZngbjn^hiihkmngbmrmh[^Ze^Z]^kbgkZblbg`lmZg]Zk]lh_bgo^lmhkikh)m^\mbhg*Oa^_bgZg\bZelmZm^f^gmlikhob]^ma^d^rbg_hkfZmbhg[hmabgma^]blmkb[nmbhgZg]mkZ]bg`h_l^\nkbmb^l*Oa^phkdh_ma^Z\)\hngmZgmbgma^bkik^iZkZmbhgZg]in[eb\ZmbhgbkobmZe*Dg]^i^g]^gmZ\\hngmZgmle^g]ZnmahkbmrmhfZgZ`^f^gm%lk^ik^l^gmZmbhgl[rma^bkhibgbhglZl^qi^kml(Zg]ma^rhi^kZm^ZlZ\a^\dhgfZgZ`^f^gmbgZllnkbg`maZmma^_bgZg\bZe]ZmZZk^_Zbkerik^l^gm^]bgZ\\hk]Zg\^pbma`^g^kZeerZ\\^im^]Z\\hngmbg`ikbg\bie^l*Oa^&#xml00;hffbllbhgblob`beZgmbgbml^__hkmlmhZllnk^bml^e_maZmma^Zn]bmlpab\abmk^jnbk^lZk^i^k_hkf^][rbg]^i^g]^gmZ\\hngmZgml7maZmma^bg_hkfZmbhg\h

172 gmZbg^]bgma^_bgZg\bZek^ihkmlk^ik^l^gml_n
gmZbg^]bgma^_bgZg\bZek^ihkmlk^ik^l^gml_neeZg]_Zbk]bl\ehlnk^7Zg]maZmZiikhikbZm^Zn]bmbg`Zg]Z\\hngmbg`ikZ\mb\^lZg]lmZg]Zk]laZo^[^^g_heehp^]bgma^bkik^iZkZmbhg*DgZ]]bmbhg(bmk^\h`gbs^lmaZm\aZg`^lZg]g^p]^o^ehif^gmlbg_bgZg\bZeZg]^\hghfb\\hg]bmbhglZ__^\mma^hi^kZmbhglZg]_bgZg\bZelmZmnlh_ma^l^o^kZemahnlZg]\hff^k\bZeZg]bg]nlmkbZe\hfiZgb^lk^jnbk^]mh_be^lmZm^f^gmlpbmama^&#xml00;hffbllbhgZg]maZmZ\\hngmbg`Zg]Zn]bm)bg`ikh\^]nk^l\Zgghmk^fZbglmZmb\Zg]\hgmbgn^mhl^ko^p^eeZ]r)gZfb\^\hghfr*Oa^&#xml00;hffbllbhg%lZ\\hngmbg`lmZ__(ma^k^_hk^(lmn]b^lma^\aZg`^lZg]g^p]^o^ehif^gml_hkma^inkihl^h_^lmZ[eblabg`Zg]fZbgmZbgbg`ZiikhikbZm^Z\\hngmbg`Zg]Zn]bmbg`iheb\b^l(ikh\^]nk^lZg]ikZ\mb\^l_hkma^ikhm^\mbhgh_bgo^lmhkl*Oa^ikbfZkrk^lihglb)[bebmr_hkmablikh`kZfk^lmlpbmama^&#xml00;ab^_\\h_ma^&#xhngm;&#xZgm0;hf)fbllbhg(pahaZl`^g^kZelni^koblbhgpbmak^li^\mmhZ\\hngmbg`Zg]Zn]bmbg`iheb\b^lZg]ma^bkZiieb\Zmbhg***N^^(_hk^qZfie^(Mne^.)),-h_M^`neZmbhgN)S++k^^Mne^.&^'h_Mne^lh_KkZ\mb\^* z (-+�N@PMDOD@N&#xI?00;@SC&#xIB@0;JHHDNNDJIOG'&7Z]QYRWab`WPcbW]\a

173 ]Tab]QYa`S^]`bSRPgSfQVO\USaVQZen^Dgmahnl
]Tab]QYa`S^]`bSRPgSfQVO\USaVQZen^DgmahnlZg]lh_]heeZkl'Ni^\bZeh__^kbg`l@q\aZg`^]blmkb[nmbhglN^\hg]Zkr]blmkb[nmbhglT\ZkInf)NaZk^lQZen^Inf)NaZk^lQZen^Inf)NaZk^lQZen^[^klhe][^klhe][^klhe]-50.354-.(/5,"..(250--2.(/53(010"4.(40,-50/4,-(,53(//4,*%).-&&&4-0(.3,(14,-.3(02.-50043-(,1/(223/.(010&&&&&&500(,53(.54-/1(32,-501**35503*./-.5(434&&&--15(013(/14-5-(52--502**YYYYYYYYYYY .//,4(-/0--(,,.%%%%%%%%%%%%%%%%%%%%%%%%%%%%-,,2(04-(.5-./.(/54-503**YYYYYYYYYYY .0/-0(.3,5(-//v)))))))%%%&&%%%%%%%%3//(52-(13.-.0(23--504.-./4(4351(022%%%%%%%%%%%%%%%%%%%%%%%%%%%%513(/,.(0.,-31(55--505**/.1,,(.---,(512&%%%%%%%42/(3/3(.05-,0(,2.-51,.,-1,(/,40(50,330(.4,(24-44(30/-51G.3/./(,-/-,(31-441(-5/(312-02(015-51.../13(4535(5/-320(../(.14-05(--3-51/YYYYYYYYYYYYY -3/4,(2/,-,(042)))))13))))%3,1734-)".07220)242(5,2(,-3-,4(..5-510YYYYYYYYYYYYY -0-45(33.2(23,401(3/4(/15.-4(05,-511 5-2-(41,3(../-5.14(/04-,(.----22(312(323/00(43--5124-/-(3110(113-3-12(04-0(201-02--(252(-301.,(522-513 12/(0,4-(401///5,(4/.-1(411555(/.0(155//5(,2.-512YYYYYYYY

174 YYYYY 144(-1./(.42/42-5(432.5(010-..5(1,
YYYYY 144(-1./(.42/42-5(432.5(010-..5(1,4(1,1/2-(442-515YYYYYYYYYYYYY ///(1,,/(3/,.4101(,/4.2(05--04-3(//,(50-4..(//2-52,YYYYYYYYYYYYY /2/(22/1(0/5.,00-(220--(-,45.--(0/5(,210.0(244-52-*YYYYYYYYYYYY ./1(,,,-(1,0//-(-.3(.2214(,3.-/,-5(5-,(,-/5.2(1-0-52.YYYYYYYYYYYYY .04(.,,1440-.(/01(,3221(01515-.(-0/(212214(34,-52/YYYYYYYYYYYYY ,,,3..(45.(.//-,3(054-,,-4(5/3(5/14-0(540-520YYYYYYYYYYYYY ,,,24.(11/(./353(3----,-5(02.(/0/5,5(4.--521YYYYYYYYYYYYY ,,,13.(//0(.3342(035-0./-(-1/(/-5-(2,/(-,3IJO@*)Oa^_bklmli^\bZeh__^kbg`ieZgpZlfZ]^^__^\mbo^A^[*-0(-50.(ma^ieZgh_^q\aZg`^]blmkb[nmbhgpZlfZ]^^m_^^mko^.-(-51/(l^\hg]Zkr]blmkk[nmbhglZk^ghmfZ]^inklnZgmmhZgribZn[nm`^g^kZeer^q\aZg`^lk^jnbk^f^f[^klmhh[mZbgZiikhoZeh_ma^^q\aZg`^mhiZkmb\biZm^bgZl^\hg]Zkr]blmkb[nmkhgZg]Zk^ihkmhgln\a]mlmg[nmbhgDN_be^]RbmamablJhfggllmhg*O2'&I\ZWabSRGb]QYaD\:fQVO\USaKYWMOJA&#x=G@0;NOJFNJIOC@&#x=G@0;@SCJAEPI@/,(-522-Gblm^]^g]k^`blm^k^]hgZghma^k^q\aZg`^Pgeblm^]@q\aZg`^lhger%ikbhkmhlbg\^HZk*D(HZk*-*-5/0Z-5/0^g\^gYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

175 YYYYYYYYYYYYYYYYYY 52-10=hlmhgYYYYYYYYYY
YYYYYYYYYYYYYYYYYY 52-10=hlmhgYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ,--3.50ab\Z`h=hZk]h_OkZ]^,/,bg\fgZmk(YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY,,-1-?^mkhbm(,-/-42Chghenen-/,,Hb]p^lm*YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY ,,-/0KZ\b_b\hZlm*YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY -1--22KabeZ]^eiabZ)=lemkfhk^)RZlaf`mhgYYYYYYYYYYYYYYYYYYYYYYYYYYY --5././Kbmml[nk`aYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY,-024NZemGZd^YYYYYYYYYY***YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY .,-NihdZg^*YYYYYYYY *Y*YYYYYYYYYYYYYYY**YYYY **YYYYYYYYYYYYYYYYYYY /-.OhmZe)L&%&%--20,2-(/.5 YYYYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYYYY %%%%%%% % YYYYYYYYYYY %%%%%%%%%%%% %%%%%%% % YYYYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%%% % YYYYYYYYYYYYY %%%%%%%%%%%%%%%%%%%%%%%%%%% % YYYz YYYYYz YYY YYYYYYYYYYYYY

176 YYYYYYYYYYYYzYYYYYzYYYYYYY zYYYYYYY
YYYYYYYYYYYYzYYYYYzYYYYYYY zYYYYYYY YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYzYYYYYzYYYYYYY YYYYzYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY zYYYYYYY zYY %%%)%%%%d%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% % z 43 THIRTY-SECOND ANNUAL REPORT
Foreign St& on Exchanges The market value on December 31,1965, df all shares and certificates replgsenting foreign stocks on U.S. stock exchanges mas $18.8 billion, of which $15.3 billion represented Canadian and $3.5 billion repre- sented other foreign stocks. The market values of the entire Canadian stock issues were included in these aggregates. Most of the other for- eign stocks were represented by American Depository Receipts or American shares, only the outstanding amounts of which were used in determining market values. Foreign stocks on elehanges Canadian Other foreim Totd Dec. 31,1965 --- Lsues Value Issues Vdue Issues Valae Exchange: NewYod................ 14 L6.849.183,WU 12 $2 154610 MO 26 $9, W3.719.WO
American.................

177 a 8,393,351.W 36 1:2&4(*1:W 98 9,651.75
a 8,393,351.W 36 1:2&4(*1:W 98 9,651.759,WO
Others only............... 2 33.420.000 3 4&WS,MO 5 78.49S.WO
Total................... 79 15,275,874. W 51 3.452 W,WO I30 18,133,973, 000
The number of foreign stocks on the exchanges has declined in recent years, from as of the end of 1960 to 130 in 1965. During this period, the American Stock Exchange had a net decline from 145 to 99 issues, while the New York Stock Exchange had an i,ncrease of 1and the remaining exchanges an increase of 2. Trading in foreign stocks on the American Stock Exchange has fallen from 17.9 percent of the reported share volume in 1960 to 15.1 percent in 1965. On the New York Stock Exchange trading in eign stocks has declined from 2.7 percent of its reported share volume in 1960 to 2 percent in 1965. Comparative Exchange Statistics During fiscal year 1966, there was a moderate increase in the num- ber of stocks listed on the New York Stock Exchange, consistent with the trend of recent years. The number listed on

178 the American Stock Exchange increased s
the American Stock Exchange increased slightly, representing the second eonsec- utive year in which a gain occurred. The number of stocks avail- able for trading exclusively on the other exchanges continued to decline. Net number of sloeks on ~xchanoes New Ymk American Erdusively Totd stah / 1 1 1 June30 8UL 8tak mothe on Exohmga Exchange erohanges erohsnges 44 SECURITIES AND EXCHANGE COMMISSION In 1965, the aggregste value of shares listed on the New York Stock Exchange represented an increasing proportion of total share values on all exchanges as it has in most years since the late 1940's. Share values on ezchanges, in percentages New York Amerlcsn Exolualvely 8U Ibck on other / Exohmge I Exohawe 1 ertbanees The ratio of share volume on the regional exchanges to the total on all exchanges has continued to decline over the years. However, in 1965 the regional exchange percentage of dollar volume increased slightly. The American Stock Exchange percentages of share and dollar volume have

179 increased steadily since 1963 while the
increased steadily since 1963 while the percent- ages of the New York StockExchange have decreased. In the fol- lowing presentation stocks, mnnnnts and rights are included An-nual data since 1935 are shown in Appendix 'lbble 7 in this Annual ~e~drt. Annual sales of stock on erehamges, in percentages Pertant of share oh me P-t of dollar volume Cdendl~ye= - 1940........................... 75.44 13.20 1l.m 85.17 7.88 7.16 1M6........................... 05.87 21.31 12.E 82.76 10.81 6.44 1950........................... 70.82 18.64 10.14 65.91 6.85 7.24 1%........................... 180........................... €8.85 68.48 18.19 22.27 11.96 9.26 88.81 a81 b98 9.36 6.71 1981 ......................... 84.89 26.68 9.4 m.~ la71 6.85 1902.......................... 1% .......................... 71.32 72.M 20.U 18.84 8.558.n 88.M a.19 6.81 6.87 1061........................... 72.64 18.86 8.11 81.49 8.46 8.05 1G35........................... 8.91 22.53 75

180 5 81.78 0.91 8.31 IOBB(1st 6 months)
5 81.78 0.91 8.31 IOBB(1st 6 months)............ 55. 81 26. m 7.15 78.W 13.40 7.82 DELISTING OF SECURITIES FROM EXCEANGES Application may be made to the Commission by exchanges to strike securities or by issuers to withdraw their securities from listing and registration on exchanges pursuant to Rule 12d2-2 under &don 12(d) of the Securities Exchange Ad. During the fiseal year ended June 30,1966, the Commission granted applications by exchanges and issuers to remove 63 stock issues and 2 bond issues, representing 60 issuers, from listing and registration. Since 5 stocks were each delisted by two exchanges, there was a total of 68 stock removals, as follows: -- THIRTY-SECOND ANNUAL REPORT 81 FINANCING OF ACllVE REGISTERED PUBLICUlTLlTY EOWlNG
COMPANIES AND THEIR SUBSIDIARIES
During the fiscal year 1966, 11active registered holding-company systemssold 36 issuesof long-term debt and capital stock aggregating $823 million lato the public and financial institutions cash pursuant to a

181 uthorizations by the Commissionunder Sec
uthorizations by the Commissionunder Sections 6 and 7 of tbAct. All of thm issues were sold for the purpose of raising new capital. Thefollowing table shows the amounts and types of securities issued and sold for cashby registered holding companies and their subsidiary companies during 6scal1966 : lo Securities iaaued and sold for cash to the public andfinamial institutions by regialered holding companied and their subsidiaries, fMcn1 yem 1966 (Inmllllonsl Holdlog mmpany system Boa& %-Pr;idd ow 1 1 --- I 1 "Debt securities are computed at their principal amount, preferred stock at par value or at PrIce to the company fi no par stated, and common stock at otPer- ing or subseriptlon price. The active registered holding-company systems which did not issue and sell low-term debt or eapltal ~tmk for ash were Delrnarva Power & I.ig.ht ('0.. Ensr. ern Utilities Associates. Northeast Ctllitles. Ohio Edi~on Oo., Penneoil Company, Pblladelphla Electric Power Co., and Utah Power & Llght Co. I F
!

182 THIRTY-SECONDANNUAL REPORT 99 COMPANIE
THIRTY-SECONDANNUAL REPORT 99 COMPANIES REGISTERED UNDER THE ACT As of June 30, 1966, there were 775 investment companies regis- tered under the Act, including 70 small business investment cornpan&. Of this total, 667 were "active" companies, wl~ose assets had an aggre- gate market value of approximately $49.8 billion. Compared with the corresponding totals at June 30, 1965, these figures represent an overall increase of approximately $5.2 billion in the market value of assets and an increase of 51 in the number of active registered com- panies. The asset is partly due to the appreciation in assets of previously registered companies and partly to the large increase in the number of registered companies. The classification of the regis- tered wmpanies and the approximate market value of the assets in each category as of June 30, 1966, are shorn in the following table: l.lmwment -4md ......................... 408 S18.175
Man ment olosed-md........................ 6, SBP
~n~tTvestment .-...

183 ................... 4.013
t~st la F
................... 4.013
t~st la Fao%emount wrti8oste ........................ 8 : 1,074
~otal.................................... 6~7 108 775 a.811
."lnacrlve' rarer~lor%btomdeoxn~rutlaewlrlrhasolIund30 IM,aerdln'thenrwessort~el~ailqtrldnled or me WI ~urrua~~i ir 01t1.e he, lor dercg#stral!on,or rhlch or have filed an ~p~~~car~ort IO seetior, b hsv~3~;w190aone ComruWonllNos ma of exlswncs and rrm~tnreg~.romdoillg unt,lmch t~neaarhe orders under Seerloo 810 formloattnp tbclrregls~rallou. The approximately $4billion of assets of the "active" registered unit investment trusts include approximately $3.5 billion of assets of regis- tered unit investment trusts which invest in securities of other reg- istered investment companies, substantially all of them management open-end wmpanies. During the fiscal vear. 78 new com~anies. including 5 small business --" , - investment companies, registered under the Act while the registrations of 30 companies, including 3 small business investment wm

184 panies, were terminated. The classificat
panies, were terminated. The classification of these companies is as follows: Rwbtersd Rqlstnrtion during the temloated &"~alYBar d"d"8 the I I hcal yea. Msnagement oven-end....................................................... 13
Mana ementolored-end..................................................... 16
Unit fnupstment tru* .......................................................
Bacbamaunt owate SECURITIES AND EXCHANGE COMMISSION
THE COMMISSION
THE JLCIETARI
I u THE OFFICE OF OPlNlDNI *HI) I I
I I 1 THE OFFICE OF THE DIVISION OF THE DlVlllDN OF THC DIYIIOH OF
CENLRALCOUNSEL POLICY CORPORATION CORPORATE CNlLF ACCOUNTANT
RESEARCH FINANCE RECULATIOH
THE DFFlCE OF THE OFFICE OF THEOFFICEOF COMPTROLLER RECORDS AND SERVlCE I THE REGIONAL OFFICES "EX IORX REClWAL BOSTON RFCIOXAL IIL1NTA REGIONAL CHICACO eECIONAL DENVER RPOIOHIL IAN FRANCISCO SEATTLE eECIOMAL IIIflIYCIO* O.C. OFFACE OFF~CI OFFICE O-IICE IEE,t:I;%%;&I OFF~CE OFFICE OPF~CL RECLONALO( a

185 ~~,ourr CI...l.nd.0*,.8.."r* ..., 0 I.
~~,ourr CI...l.nd.0*,.8.."r* ..., 0 I. a"' DnI.il. Hi.*. B.."c~ H.".,.".T La".* I.,ILok.Ci!,: "I*h L..A"..,... S.,,,.I*.PO",. *inn. B,."c~ 8lsnrh Bnnrh I,' LO",.. Y.. %..".* AS OF �"WE 10, lebb
05.a617 159 THIRTY-SECOND ANNUAL REPORT
Taece 3.-Bvokcrs and dealers registered under the Securities Ezchange Ad,of 193'4 1-efective registratirms as of June 3'0, 1980, classifid by type of organizatron and by location of principal ofice Number oi pio~netors partners, omcsn, eto.ai THIRTP-SECOND ANNUAL REPORT 161 TABLE5.-Vdue of stocks on ezchanges (inbillim of dollars) New York Amerloan Exclusively Dwmber 31 stock 1t1Y onotb~ Totdl 1 ExDhanm Erohmge exchanges 1836............................................ $59.8 $148 .............. 1747
1837............................................ 83.8 10.2 .............. 49.1
1838............................................ 47.5 10.8 .............. W3
1939............................................ 46.6 10.1 ......:....... M

186 .6
1840............................
.6
1840............................................ 41.8 86 .............. 50.6
1941............................................ 35.8 7.4 .............. 43.2
1042............................................ 38.8 7.8 .............. 466
I043............................................ 47.6 8.8 .............. 57.5
1644............................................ 55.5 11.2 .............. 66.7
194.5 ............................................ 73.8 14.4 .............. 58.2
1946............................................ M.6 13.2 .............. 81.8
1047............................................ 89.3 12.1 .............. 80.4
1848............................................ 67. 0 11.9 Od. 0 81.8
1949............................................ 76.3 12.2 3.1 91.8
1950............................................ 83.8 13.8 3.3 llL0
1851............................................ 109.6 16.5 3.2 128.a
1952........................................

187 .... 120.6 16.9 81 1M.5
1853.......
.... 120.6 16.9 81 1M.5
1853............................................ 117.3 15. 3 2.8 la4
1934............................................ 169.1 22.1 3.6 1W8
1953. ........................................... 207.7 27. 1 4.0 ZIg8
2340 1B58............................................ 219.2 31.0
3.8
1957............................................ 195.6 2b 5 3.1 2242 1958............................................ 278 7 31.7 43 31Z7 1059............................................ 307.7 26.4 42 3384 1880............................................ 3W. 0 24 2 41 a5.3 1881............................................ 837.8 33.0 h3 %2 1W2............................................ 3958 244 4.0 3742 1861............................................ 411 3 2%1 43 441.7 1884............................................ 474 3 z.2 43 5068 1885............................................ 537.5 30.0 4= 67X1 1Total -dues 1EO047incluriware for