Docsity
Docsity

Prepara i tuoi esami
Prepara i tuoi esami

Studia grazie alle numerose risorse presenti su Docsity


Ottieni i punti per scaricare
Ottieni i punti per scaricare

Guadagna punti aiutando altri studenti oppure acquistali con un piano Premium


Guide e consigli
Guide e consigli


Controllo manageriale (6 cfu), Appunti di Programmazione e controllo

Appunti completi del primo modulo (6 cfu) di Controllo manageriale del corso tenuto dalla prof.ssa Bassani, sufficienti per superare l'esame con ottimi voti. Argomenti: - Introduzione - CO.GE e CO.AN - Costo dei fattori produttivi - Classificazione dei costi - Configurazione dei costi - Break-even analysis e leva operativa - Analisi di sensibilità - Processi produttivi e sistemi di costing - Determinazione dei costi di prodotto, full costing - Direct costing - Analisi differenziale - Scelta tra alternative di produzione con fattore scarso - Costi congiunti - Activity based costing

Tipologia: Appunti

2023/2024

In vendita dal 20/02/2024

sharibrignoli
sharibrignoli 🇮🇹

4.8

(4)

25 documenti

1 / 49

Toggle sidebar

Questa pagina non è visibile nell’anteprima

Non perderti parti importanti!

bg1
!"
!"#$%"&&"'()#)*+%,)&+'
!"#$%&%'%()*+,-.#(,)"/%0,)*+,!!,%-(%1"2*(,)"%"%3+,1"**4#(,)"%-(%.)%
2(2*"54%-(%0,)*+,!!,%
!"#$%"&&"'()#)*+%,)&+'#+&&-+!"#"(,)').,+#/)&+'+'#+&&-).,+#/)!
"#$%&'(!%#)&)*$#(
+!,-./$(!$0!12)30%*(!%#)&)*$#)4!#5%!#%2#(!/$!%6$/%&'$(2%!$0!7(1!-2(!$!3$,)7&$!%!$!*%''$!1%2!,)//$,8(20$9!
:0! 12)30%*(! %#)&)*$#)! 1.;! %,,%2%! ,-./$(-)! /(00<%#)&)*$(! ('$%&/(0%4! *(! &)&! ,)0)! /(! =.%00(! >(&#5%! /(!
*$#2)?*(#2)%#)&)*$(@9!
A#)&)*$(!('$%&/(0%
+!32(&#(! /%00(! ,#$%&'(! %#)&)*$#(4! 0(!1$B! 6$#$&(! (00)! ,-./$)! /%00<('$%&/(9! "#$%&'(! #5%! ,- ./$(! 0%!
#)&/$'$)&$!/$!%,$,-%&'(!%!0%!*(&$8%,-('$)&$!/$!6$-(!/%00<('$%&/(9!
C(772.11(!D!
,$,-%*$
+!
E9
F27(&$''('$)&%
+!
#)&/$'$)&$!,-2.--.2(0$! /%00<$*12%,(! ,-%,,(4! ),,$(! #)*%! G! )27(&$''(-(! %! ,-2.--.2(-(! 0<('$%&/(9!
H$,#$10$&%+!)27(&$''('$)&%!('$%&/(0%4!1,$#)0)7$(4!,)#$)0)7$(!
I9
J%,-$)&%
+!
#)*12%&/%!-.--%!0%!(--$6$-K!#5%!2$7.(2/(&)!0(!12%,(!/$!/%#$,$)&$!$&!.&<('$%&/(!%!-.--%!0%!)1%2('$)&$!#5%!
&%!#)&,%7.)&)!
D9
C$0%6('$)&%
+
!2$7.(2/(!-.--%!0%!$&8)2*('$)&$!(!0$6%00)! ('$%&/(0%4!#5%!,)&)! %,,%&'$(0$!1%2!0(! 12%,(!/$!/%#$,$)&$!%!
=.$&/$!1%2!0(!7%,-$)&%4!*(!#5%!$*1(--(&)!(&#5%!,.00(!,-2.--.2(!/%00<('$%&/(!
L$#2)%#)&)*$(
+!32(&#(!/%00(!,#$%&'(!%#)&)*$#(9!M)#(0$''(-(!,.0!#)&,.*(-)2%!%!,.00<$*12%&/$-)2%!&%00%!,.%!(--$6$-K!&)&!
0%7(-%!(00<('$%&/(9!
&-0123450'24'64'07823493':37;<2=3'
N00<$&-%2&)! /$! .&! (*3$%&-%! ,%*10$#%4! 0<.&$#)! ,#)1)! /%00<$*12 %&/$-)2%! G! =.%00)! /$! -2(,8)2*(2%! 70$! $&1.-! $&! ).-1.-9! "%!
0<(*3$%&-%!G!,%*10$#%4!#$;!#5%!6$%&%!12)/)--)!6$%&%!(&#5%!#)*12(-)4!&)&!#$!,$!/%6%!1)22%!$0!12)30%*(!/$!8(20)!(#=.$,-(2%!
($!#0$%&-$9!
&-0123450'24'64'07823493'=>7;<3::>'
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c
pf2d
pf2e
pf2f
pf30
pf31

Anteprima parziale del testo

Scarica Controllo manageriale (6 cfu) e più Appunti in PDF di Programmazione e controllo solo su Docsity!

!"

A#)&)$(! ('$%&/(0%+! 32(&#(! /%00(! ,#$%&'(! %#)&)$#(4! 0(! 1$B! 6$#$&(! (00)! ,-./$)! /%00<('$%&/(9! "#$%&'(! #5%! ,-./$(! 0%!

C(772.11(!D!

E9 F27(&$''('$)&%+! #)&/$'$)&$! ,-2.--.2(0$! /%00<$12%,(! ,-%,,(4! ),,$(! #)%! G! )27(&$''(-(! %! ,-2.--.2(-(! 0<('$%&/(9!

H$,#$10$&%+!)27(&$''('$)&%!('$%&/(0%4!1,$#)0)7$(4!,)#$)0)7$(!

I9 J%,-$)&%+!#)*12%&/%!-.--%!0%!(--$6$-K!#5%!2$7.(2/(&)!0(!12%,(!/$!/%#$,$)&$!$&!.&<('$%&/(!%!-.--%!0%!)1%2('$)&$!#5%!

D9 C$0%6('$)&%+!2$7.(2/(!-.--%!0%!$&8)2*('$)&$!(!0$6%00)!('$%&/(0%4!#5%!,)&)!%,,%&'$(0$!1%2!0(!12%,(!/$!/%#$,$)&$!%!

L$#2)%#)&)*$(

+!32(&#(!/%00(!,#$%&'(!%#)&)$#(9!M)#(0$''(-(!,.0!#)&,.(-)2%!%!,.00<$*12%&/$-)2%!&%00%!,.%!(--$6$-K!&)&!

N00<$&-%2&)! /$! .&! (3$%&-%! ,%10$#%4! 0<.&$#)! ,#)1)! /%00<$12%&/$-)2%! G! =.%00)! /$! -2(,8)2(2%! 70$! $&1.-! $&! ).-1.-9! "%!

0<(3$%&-%!G!,%10$#%4!#$;!#5%!6$%&%!12)/)--)!6$%&%!(%!#)12(-)4!&)&!#$!,$!/%6%!1)22%!$0!12)30%(!/$!8(20)!(#=.$,-(2%!

#"

O<(3$%&-%!%,-%2&)!$&80.%&'(!0<(3$%&-%!,%*10$#%!/%00<('$%&/(9!!

$%&'()+,"-./0")12%3435+,"1"&+5+),4+66,6+3%1"+%"'%7,6+1%&,"8,%+9,))'+1,."$%)1,6+3%1"),":1(3%1"1"3551))+"

H)*(&/%+!

• F3$%--$6$+!#),(!,$!6.)0%!2(77$.&7%2%P!Q%2#5R!6$%&%!#2%(-(P!H)*(&/(!#5%!3$,)7&(!#)&-$&.(2%!(!1)2,$!1%2#5R!

• "-2(-%7$(+!#)*%!1%2,%7.$2%!70$!)3$%--$6$P!!

• N'$)&$+!=.(0$!('$)&$!$&-2(12%&/%2%!1%2!%,,%2%!,),-%&$3$0$!>,)12(66$6%2%!%/!%##%00%2%@!

• Q2)#%,,$+! #5$! 8(! 0%! ('$)&$! %! #)%P! Q2)#%,,$! /(! $10%*%&-(2%! 1%2#5R! $&! ('$%&/(! -.--$! ,$(&)! (00$&%(-$! &%0!

C.)0)+!2(##)70$%2%4!7%,-$2%!%!)&$-)2(2%!0%!$&8)2('$)&$!$&!*)/)!#)&-$&.)9!N!#),(!,%26)&)P!

• S)12%&/%2%!0<(3$%&-%!%,-%2&)+!#),(!8(&&)!$!#)*1%-$-)2!

• M)2.0(2%4!$10%%&-(2%4!#)&-2)00(2%!0(!,-2(-%7$(+!%6%&-.(0%&-%!#(*3$(2%!,-2(-%7$(!

• Q2)72(**(2%!%!#)&-2)00(2%!70$!)3$%--$6$!

N'$%&/%!#5%!5(&&)!)/$8$#(-)!$!,$,-%$!/$!7%,-$)&%!%!#)&-2)00)!(!#(.,(!/%0!S)6$/!

;<="(:,"

>6+1%&,"2?1":3&'21"5,%'4,)3+"@+&'23%3"1"(8+%'66,%3"41"238:3%1%)+":4,()+2?1"3"&+",4)+"8,)1+,4+"&,"+')+4+66,1"1&"+8:4181%),1"%14":321((3"

:3&'))+A3B"%,),"%14"!CDC","E'&13.">54+"+%+6+"&14"#/#/":1%(,A,"&+"2?+'&11":12?F"54+"3&+%+"(+"1,%3",%%'44,)+"1"+"A34'8+"&+":3&'6+3%1"1,%3"2344,)+."

G1"H'1()3I"?,"212,)3"&+"2,:+1"8154+3"2?+"93((13"+"('3+"24+1%)+"9,21%&3"'%7,::393%&+),",%,4+(+"&+"812,)3I"83%+)3,%&3"+"94'((+"9+%,%6+,+"1&"123%38+2+"

:1"2,:+1"2381"51()+1"54+"()+:1%&+"1"+8:4181%),%&3"'%"%'3A3"(+()18,0"23%)3443"9+%,%6+,+3"H'3)+&+,%3"1"83%+)3,55+3"123%38+23")+81(),41."

J:+%),",447+%%3A,6+3%1"&+":3&3))30":,4,1"23%"93%+)3+"1"24+1%)+"1":3:31"+%%3A,6+3%+"&+":3&3))3"@!/"8,22?+%1"+%":+K":1"24+1%)+"&+A1*(+B."L1A+(+3%1"

&1+"21%)+"&+"23()30"2,:+1"H',%)1"31"(1A+A,%3":1"43"(A+4'::3"&+"%'3A+":3&3))+.";3%)344+"3:1,)+A+"2?1"+1%),%3"%1+"23%)*344+"&+"51()+3%1."E'&51)"

23()'+)3"23+%A3451%&3",%2?1"+"8+&&41"8,%,51."

;>LEMJ$NO"(:,"

>6+1%&,"2?1":3&'21":1"47+%&'()+,"&1447,')383)+A1"2?1"?,"+%+6+,)3",":3&'1"%'3A+":3&3))+"%3%"&+1)),81%)1"234415,)+"23%"47,')383)+A1":1*"%121((+)P"

&+"(,)',1"4,":3&'6+3%1.";3()'6+3%1"&+"'%"(+()18,"&+"51()+3%1"&1+"23()+"&+"23881((,0"+4":1663":+8,"1*,"(),Q+4+)3"&,4"24+1%)1."

$ORL;S$<$;>"(:,"

G3Q418,0":1663"&14471%15+,"1"1:1+81%)3"8,)1+1":+81"+(34)3"23%"'%,"1A+(+3%1"&144,"+21)),I"3((+,"&1+"8,)1+,4+"&,"')+4+66,1":1"1,4+66,*1"+4"

:*3&3))3"9+%+)3."

T)!7)6%2&+!#)&-2)00(2%4!(6%2%!$0!#)&-2)00)!/$4!7)6%2&(2%4!7.$/(2%!>-)!#)&-2)0!(!#)*1(&U+!#)&-2)00(2%!.&(!,)#$%-K@9!

T)!C%7.0(-%+!#)&-2)00(2%4!2%7)0(2%4!#)*(&/(2%!>-)!#)&-2)0!-2(88$#+!2%7)0(2%!$0!-2(88$#)@!

T)!S5%#V?T)!S.23+!#)&-%&%2%4!0$*$-(2%4!#)&-2)00(2%4!2%7)0(2%!>-)!#)&-2)0!%W1%&/$-.2%+!#)&-%&%2%!0(!,1%,(@!

T)!X%2$8U+!6%2$8$#(2%4!$,1%'$)&(2%4!#)&-2)00(2%!>-)!#)&-2)0!12)/.#-!=.(0$-U+!#)&-2)00(2%!0(!=.(0$-K!/%0!12)/)--)@!

T)!L(,-%2+!/)$&(2%4!1(/2)&%77$(2%4!#)&-2)00(2%!>:!#).0/&<-!#)&-2)0!U!-%(2,+!&)&!2$.,#$$!(!82%&(2%!0%!0(#2$*%@!

$,A"&"*,+'/,'!"#$%"&&"'+'&"%"'BC#.,"#,'

"-%%2$&7!#)&-2)0! Q2%6$,$)&%! /%$! 2$,.0-(-$! %! #)22%'$)&%! /%00(! /$2%'$)&%! /$!

Y%,Z&)!#)&-2)0! J0$!,-(-$!/$!(6(&'(*%&-)!,)&)!,.3)2/$&(-$!(!6%2$8$#5%!

Q),-!(#-$)&!#)&-2)0! L$,.2('$)&%! %! 6%2$8$#(! /%$! 2$,.0-(-$! (/! ('$)&$! #)�.,%+!

  • "

:!,$,-%$!/$!#)&-2)00)!%!7%,-$)&%!,$!/%#$/)&)!(00(!8$&%4!1%2#5R!12$(!3$,)7&(!#)&,$/%2(2%!.&(!,%2$%!/$!1(2(*%-2$!1%2!1)$!

^@!XNC:N^:O:!S]:NXA!HN!SF_TCFOONCA!

• Q%2!0<$*12%,(+!$&/$#(-)2$!/$!,.##%,,)!

o C%//$-.(0%+!CF:4!2%//$-)!)1%2(-$6)?8(--.2(-)!

o S)1%-$-$6)+!=.)-(!/$!%2#(-)!(,,)0.-(!)!2%0(-$6(4!72(/)!/$!#)1%2-.2(!

S@!SNCNTTAC:"T:S]A!HAO!":"TALN!H:!SF_TCFOO!

N2-$#)0('$)&%+!&.%2),$-K!/%0!,$,-%(9!_.%2)!/$!0$6%00$!/$!(&(0$,$!/(!#)&,$/%2(2%9!N&/(&/)!6%2,)!0(!3(,%!/%00(!1$2($/%4!

$!0$6%00$!(.%&-(&)!%!=.$&/$!$0!,$,-%(!/$!#)&-2)00)!G!1$B!(2-$#)0(-)9!

F77%--)!/$!#(0#)0)?#)&-2)00)+!.&$-K!>0$6%00)@!(!#.$!,$!$1.-(&)!$&8)2('$)&$9!

:0!,$,-%(!/$!#)&-2)00)!/%6%!%,,%2%!$&!72(/)!/$!,$&-%-$''(2%!0%!$&8)2('$)&$!/%--(70$(-%!/%$!0$6%00$!1$B!3(,,$9!

U"

C$0%6(&'(+!2$7.(2/(!0(!-$1)0)7$(!/$!$&8)2*('$)&$!&%#%,,(2$%!1%2!0(!12%,(!/$!/%#$,$)&$!(--.(0$!2$7.(2/(&-$!$0!8.-.2)9!

"%0%--$6$-K+!,%0%'$)&(2%!0%!$&8)2('$)&$!6%2(%&-%!2$0%6(&-$9!C(11)2-)!-2(!$&8)2*('$)&$!2$0%6(&-$!%!$22$0%6(&-$9!

F2$%&-(%&-)+!/)6%!,$!6.)0%!2$6)07%2%!0)!,7.(2/)9!M)#.,!/%0!,$,-%(!/$!#)&-2)00)9!S),(!%!#)%!(&(0$''(!$0!,$,-%(!/$!

C%,1)&,(3$0$''('$)&%!8)2*(0%

+!(--2$3.'$)&%!/$!.&(!2%,1)&,(3$0$-K!(70$!)77%--$!/$!#)&-2)00)!-2(*$-%!$0!2%,1)&,(3$0%!/%00(!

C$7$/$-K!12)#%/.2(0%+!/%8$&$'$)&%!/%00%!)/(0$-K!/$!#)1)2-(*%&-)!/(!(--.(2%!/(!1(2-%!/%$!0(6)2(-)2$!$&!('$%&/(9!

"-$0%!/$!#)&-2)00)+!)2$%&-(-)!(00(!1%2,)&(4!)2$%&-(-)!(70$!)3$%--$6$!>1%2,)&(!)!8.&'$)&%@9!H$1%&/%!$&!12$$,!/(0!(&(7%29!

Q2)&-%''(+!/$1%&/%!/(0!-$1)!/$!,$,-%*(4!,%!)2$%&-(-)!(0!8.-.2)!/%6%!%,,%2%!(0-(4!,%!$&6%#%!6%2$8$#(!('$)&$!7$K!#)�.,%!

H@!"TCaLA_T:!C:OAXN_T:!QAC!O<:_MFCLNb:F_A!A"TAC_N!

A,$,-)&)!)0-$!,-2.%&-$!/$!#)&-2)00)!%!7%,-$)&%9!:0!,$,-%(!/$!#)&-2)00)!/$1%&/%!)0-)!/(00(!#)10%,,$-K!(3$%&-(0%!%!

/(00(!#)10%,,$-K!,-2.--.2(0%!/%00<$12%,(4!$&8(--$!&)&!5(!,%&,)!$10%%&-(2%!,$,-%$!-2)11)!#)10%,,$!=.(&/)!&)&!,)&)!

&%#%,,(2$4!1%2#5R!=.%,-)!$10$#(!.&!/$,1%&/$)!%#)&)$#)!*(77$)2%!%!-.--)!6(!8(--)!$&!)--$#(!/$!(&(0$,$!-2(!#),-$!%!3%&%8$#$9!

D"

!,%!"&)%,$D'/+&'A%"!+EE"'/,'A,)#,B,!).,"#+'+'!"#$%"&&"!

Q$(&$8$#('$)&%+!)3$%--$6$!(!-%&/%2%4!#5%!1%2;!&)&!,)&)!,.88$#$%&-$9!

Q2)72(('$)&%+!,#)1),$'$)&%!/%$!(#2)Z)3$%--$6$!$&!*$#2)Z)3$%--$6$9!

N'$)&%+!(--$6$-K!1%2!$0!2(77$.&7$*%&-)!/$!)3$%--$6$!

S)&-2)00)+!6%2$8$#(!(!#5%!1.&-)!,$()!#)&!70$!)3$%--$6$4!1),,$3$0$-K!/$!)/$8$#(20$9!

!"#$%6%'%0,$1"$%"%0,$4)$%

E92<3'52'012>43'277352090'F:':92<3'52';2042?2=012>43'

N'$)&%!$%/$(-(+!#)1$%2%!('$)&$!#)&-$&.(%&-%4!,%&'(!.&(!12%#%/%&-%!1$(&$8$#('$)&%!#)&!$0!12)30%*(!#5%!,1%,,)!

,)!1%2#5R!0)!,-)!8(#%&/)!%!/)6%!,-)!(&/(&/) 9!

!>49@><<>'52@312>40<3'G>'52'H3:92>43I'

:0!#)&-2)00)!/$2%'$)&(0%!G!$0!12)#%,,)!(--2(6%2,)!#.$!,$!%--)&)!$&!(--)!0%!12)#%/.2%!(&(7%2$(0$!1%2!12)72(**(2%4!1)22%!

$&!(--)!%!#)&-2)00(2%!0%!(--$6$-K!/$!.&<)27(&$''('$)&%9!Q2)72(**('$)&%4!('$)&%!%!#)&-2)00)!/%00%!(--$6$-K9!

O%! (--$6$-K! /%0! 12)#%,,)! $�./)&)! 0<$&/$6$/.('$)&%4! 0(! $,.2('$)&%4! 0<(##..0('$)&%4! 0<(&(0$,$4! 0(! 12%1(2('$)&%4!

W"

J0$!,-2.%&-$!/%0!#)&-2)00)!/$!7%,-$)&%!,)&)!SF9JA4!SF9N_4!(&(0$,$!/$!3$0(&#$)4!2%1)2-$&7!%!3./7%-$&79!F66$(%&-%4!0(!

,#%0-(!/%00)!,-2.%&-)!1$B!(/(--)!/$1%&/%!,$(!/(00(!#)10%,,$-K!,-2.--.2(0%!/%00<$12%,(!#5%!/(00<(3$%&-%!$&!#.$!G!1),-(4!

$&!1(2-$#)0(2%!/(0!0$6%00)!/$!/$&($,)!%!/$,#)&-$&.$-K 9!

• S)&-2)00)!%WZ1),-+!#)&-(3$0$-K!7%&%2(0%4!(&(0$,$!/$!3$0(&#$)9!

• S)&-2)00)!%WZ(&-%+!3./7%-$&7!

• S)&-2)00)!$&!$-$&%2%+!2%1)2-$&7!>2(##)0-(!/$!$&8)2('$)&$!1%2!6%2$8$#(2%!#)%!,-(!(&/(&/)!0<)1%2(-)@!

SF_TN^:O:Tc!JA_ACNOA!

"$,-%(!8$&(0$''(-)!(00(!2$0%6('$)&%!/%00(!/$%&,$)&%!%#)&)*$#)Z8$&(&'$(2$(!/%00%!)1%2('$)&$!/$!7%,-$)&%4!,.00(!3(,%!

/%00%! 2$0%6('$)&$! ,6)0-%! ,%#)&/)! .&! 3%&! 12%#$,)! %-)/)! >1(2-$-(! /)11$(@9! F2$%&-(-(! 12%6(0%&-%%&-%! 6%2,)! 0(!

#)*.&$#('$)&%!%,-%2&(4!1%2!=.%,-)!G!)330$7(-)2$(9!

SF_TN^:O:Tc!H:CAb:F_NOA!

:&,$%%!/%70$!,-2.%&-$!8$&(0$''(-$!(!2$0%6(2%4!)27(&$''(2%!%/!$&-%212%-(2%!0%!$&8)2('$)&$!%#)&)$#)Z8$&(&'$(2$%!%!(%!

2$,)2,%9! N! ,.11)2-)! /%00%! /%#$,$)&$! /%0! (&(7%%&-! >(&(0$,$! /%70$! (,1%--$! $&-%2&$! /%00(! 7%,-$)&%@9! d! )1'$)&(0%4! *(! ,%!

SF_TN^:O:Tc!N_NO:T:SN!

S)&-(3$0$-K!(&(0$-$#(!6,!S)&-(3$0$-K!/$2%'$)&(0%!

O(! S)&-(3$0$-K! H$2%'$)&(0%! G! 0<$&,$%%! /$! ,-2.%&-$! 8$&(0$''(-$! (! 2$0%6(2%4! )27(&$''(2%! %/! ($.-(2%! (/! $&-%212%-(2%! 0%!

$&8)2('$)&$!/$!-$1)!%#)&)$#)Z8$&(&'$(2$)!%/!(%!&)&!*)&%-(2$)4!$&!2%0('$)&%!(!12%,#%0-$!)77%--$!/$!(&(0$,$!#5%!,$(&)!

2$0%6(&-$!1%2!0(!8)2.0('$)&%!/$!,-2(-%7$%4!0)!,6)07$%&-)!/$!(--$6$-K!/$!1$(&$8$#('$)&%!%!#)&-2)00)4!0<%88%--.('$)&%!/$!/%#$,$)&$4!

0<$1$%7)!%88$#$%&-%!/%00%!2$,)2,%4!$0!$70$)2(%&-)!/%00%!12%,-('$)&$9!_)2(0%&-%!,-2.--.2(-(!&%00%!('$%&/%!1$B!,%10$#$!

"1%,,)!,)&)!#)&,$/%2(-%!,$&)&$$4!(!&)$!/%8$&$()!0(!#)&-(3$0$-K!/$2%'$)&(0%!#)%!$0!#)&-2)00)!/$2%'$)&(0%4!#5%!G!=.$&/$!

1$B!(1$)!/%00(!#)&-(3$0$-K!(&(0$-$#(9!O(!#)&-(3$0$-K!(&(0$-$#(!G!.&!,)--)$&,$%%!/$!=.%00(!/$2%'$)&(0%!%/!G!1$B!,1%#$8$#(4!

M.&'$)&$!/%00(!#)&-(3$0$-K!(&(0$-$#(!

L$,.2('$)&%!/%00<%88$#$%&'(+!%88$#$%&'(!G!0(!#(1(#$-K!/$!12)/.'$)&%!/$!.&!/(-)!()&-(2%!/$!3%&$!%?)!,%26$'$!#)&!$0!$&$)!

/%-%2$&(2%!$0!12%'')!/%$!12)/)--$4!&%00%!,#%0-%!/$!(V%!)2!3.U4!&%00%!,#%0-%!/$!%0$*$&('$)&%!/$!0$&%%!/$!12)/)--)!)!.&$-K!

)1%2(-$6%4!&%00(!6(0.-('$)&%!%!#)&82)&-)!-2(!0%!2%//$--$6$-Ke!/%00%!/$6%2,%!0$&%%!/$!12)/.'$)&%9!!

Q2)72(('$)&%! %! #)&-2)00)! /$! 7%,-$)&%+! 0(! /%-%2$&('$)&%! %! 0<(&(0$,$! /%$! #),-$! #),-$-.$,#)&)! %0%%&-$! $&8)2*(-$6$!

3(,%!1%2!$0!#)&82)&-)!#)&!$!12%6%&-$6$!%!0<(&(0$,$!/%00%!#(.,%!/%00%!6(2$('$)&$!>(&(0$,$!/%70$!,#),-(*%&-$@9!O(!#)&-(3$0$-K!

X(0.-('$)&$!/$!3$0(&#$)

!/"

'B&C;C598=&D;&E?:5=F;B;5A&=:=B;5;E=&

-?:5=F;B;5A&G96&B=&D;69>;?:9&

%0!%,%!/$!/$#%32%!.&<$12%,(!#)&,%7&(!(!.&!#0$%&-%!.&!(##5$&(2$)!/%0!6(0)2%!/$!f!Egg9ggg9!%0!,.##%,,$6)!*%,%!

/$!7%&&($)!G!8(--.2(-)!(0!#0$%&-%!.&!$1)2-)!1(2$!(!f!EIg9ggg9!:0!(77$)2!12%'')!2$,1%##5$(!(0#.&%!*)/$8$#5%!2$#5$%,-%!/(0!

:!2%,1)&,(3$0$!/%00(!SF9JA9!,$!12%)##.1(&)!/$!/%-%2*$&(2%!=.(0%!,$(!0<%,%2#$'$)!(0!=.(0%!(--2$3.$2%!$!2$#(6$!%!$!#),-$!>/$!

#)1%-%&'(@!#)22%0(-$!(!#$(,#.&(!1(2-%!/%00(!6%&/$-(!>6(0%!(!/$2%!$0!(##5$&(2$)!3(,%4!0%!8.&'$)&(0$-K!(77$.&-$6%4!0<(--$6$-K!

:!2%,1)&,(3$0$!/%0!#)&-2)00)!/$!7%,-$)&%!,$!12%)##.1(&)4!$&6%#%4!/$!8)2&$2%!$&8)2('$)&$!.-$0$!($!(&(7%29!O(!0)2)!(--%&'$)&%!

G!2$6)0-(!(70$!%88%--$!/$!=.%,-%!-2(&,('$)&$!,.00(!2%//$-$6$-K!/%00<$*12%,(!%!/%00%!,.%!.&$-K!)27(&$''(-$6%4!,.00(!6(0.-('$)&%!

,%!$0!12)/)--)!G!2$,.0-(-)!#)&8)2%!(00%!,1%#$8$#5%!2$#5$%,-%!/(0!#0$%&-%4!,%!0(!#)&,%7&(!G!(66%&.-(!&%$!-%1$!12%6$,-$!%!,%!

$0!#0$%&-%!G!2$*(,-)!,)//$,8(--)9!

:!2%,1)&,(3$0$!#)**%2#$(0$4!(!0)2)!6)0-(4!6)70$)&)!#(1$2%!1%2#5R!$0!#0$%&-%!(33$(!,#%0-)!=.%0!12)/)--)4!1%2#5R!(33$(!/%#$,)!

/$!(77$.&7%2%!=.%00%!1(2-$#)0(2$!8.&'$)&(0$-K!(0!12)/)--)!3(,%!%!$&!#5%!1%2$)/)!G!,-(-(!2%(0$''(-(!0(!6%&/$-(!>(00)!,#)1)4!

:0!2%,1)&,(3$0%!/%00(!-%,)2%2$(!G!$&-%2%,,(-)!$&6%#%!(!,(1%2%!=.(&/)!$0!#0$%&-%!1(75%2K!0(!8(--.2(9!

• "$,-%(!/.10$#%!$,-)+ 0%!/.%!#)&-(3$0$-K!,)&)!#)10%-(%&-%!,-(##(-%!%!,$!(66(07)&)!/$!,-2.*%&-$!/$6%2,$9!O(!

SF9JA9!"$!(66(0%!/%$!#)&-$!%!/%00%!,#2$--.2%!/)11$%4!0(!SF9N_9!G!$&!8)2*(!0$3%2(!

• "$,-%(!/.10$#%!#)&-(3$0%+!0%!/.%!#)&-(3$0$-K4!1.2!,6)07%&/),$!(.-)&)(*%&-%4!#)&!,%2$%!12)12$%!/$!#)&-$4!,$!

":"TALN!HaQO:SA!L:"TF!

O(!SF9JA9!%!0(!SF9N_9!,)&)!,6)0-%!,%1(2(-(%&-%4!#)&!%-)/)0)7$%!/$6%2,%+!

- SF9JA9!$&!Q(2-$-(!H)11$(4!#5%!2$0%6(!$!8(--$!/$!7%,-$)&%!%,-%2&(!$,.2(-$!/(!6(2$('$)&$!&.%2(2$%!

- SF9N_9!$&!8)2%!0$3%2%!#)&!,$&-%,$!1%2$)/$#5%4!#5%!-$%&%!#)&-)!/%$!8(--$!$&-%2&$4!/$!&(-.2(!&)&!&.%2(2$(!

- H(00(!SF9JA9!,$!)--$%&%!$0!2$,.0-(-)!%#)&)$#)!/%0!1%2$)/)!#)&,$/%2(-)4!%&-2%!/(00(!SF9N_9!,$!)--%&7)&)!2$,.0-(-$!

!!"

QCF! SF_TCF!

N/(--(3$0$-K! /%00(! SF9N_9! (/! )7&$! ,#)1)! /$! #(0#)0)! /%$!

Q),,$3$0$-K!/$!%,12$*%2%!/$6%2,%!#)&8$7.2('$)&$!/$!#),-)!)!

L(&#(&'(!/$!#)00%7(*%&-$!#)&!0(!SF9JA9!

H$88$#)0-K!/$!#)&-2)00$!,.00(!#)22%--%''(!/%00%!2$0%6('$)&$!

":"TALN!HaQO:SA!SF_TN^:OA!

O(!SF9JA9!%!0(!SF9N_9!,)&)!,6)0-%!,%1(2(-(%&-%4!.-$0$''(&/)!0)!,-%,,)!,-2.%&-)+!0%!,#2$--.2%!/)11$%9!O(!SF9N_9!,$!

(66(0%!/%00%!,#2$--.2%!/)11$%!1%2#5R!$!6(0)2$!(##)0-$!,)&)!#0(,,$8$#(-$!,%#)&/)!.&!/.10$#%!(,1%--)+!

- Q%2!_(-.2(+!#)&-$!/$!#)00%7(*%&-)!#)&!SF9JA9!

- Q%2!H%,-$&('$)&%+!#)&-$!,1%#$8$#$!(1%2-$!($!(7(''$&$4!($!8(--)2$!%0%%&-(2$4!($!#%&-2$!/$!#),-)4!($!0(6)2$!$&!#)2,)4!($!

QCF! SF_TCF!

S)&,%&-%!0(!6%2$8$#(!#)&!$!/(-$!/%00(!SF9JA9!

S)&,%&-%!$0!#)&-2)00)!/%00(!Q(2-$-(!H)11$(!

S)*10%,,$-K!%!2$7$/$-K!

#(2$#)! /%00(! SF9JA94! 70$! (*)2-(%&-$! #)&! 70$! ,-%,,$!

#2$-%2$4!(0-2$*%&-$!G!&%#%,,(2$)!$&-2)/.22%!h#)&-$!/%0-(i!

":"TALN!a_:SF!SF_TN^:OA!^:ON_S:N_TA!

QCF! SF_TCF!

N11%,(&-$%&-)!/%00%!,#2$--.2%!#)&!2$-(2/$!&%00<)--%&$%&-)!

O<.-$0%!/%00<%,%2#$'$)!&)&!G!/(-)!/(00(!/$88%2%&'(!-2(!2$#(6$!

!"#$%7%'%(!%0,2,%-"(%84,+(%3+,-.*(9(%

C$1(2-%&/)!/(00(!SF9N_9!

jk5(-!7%-,!%((,.2%/!7%-,!(&(7%/9!:8!:!#(&<-!%(,.2%!$-4!:!#(&<-!(&(7%!$-l9!

S)&! $0! -%2$&%! /$! SF9N_9! >/%$! #),-$! )! $&/.,-2$(0%@! ,$! $&-%&/%! .&! #)10%,,)! /$! 2$0%6('$)&$! ,$,-%*(-$#5%4! (! 1%2$)/$#$-K!

$&82(&&.(0%4! 6)0-%! (00(! /%-%2*$&('$)&%! /%$! #),-$4! 2$#(6$! %! 2$,.0-(-$! (&(0$-$#$! /%00(! 12)/.'$)&%! ('$%&/(0%9! O(! SF9N_9!

.&$-(*%&-%!($!^./7%-!8(!1(2-%!/%00(!S)&-(3$0$-K!H$2%'$)&(0%!>#)&-2)00)!/$!7%,-$)&%@9!

!T"

-?C5;&D9;&@=55?6;&G6?D755;H;&:?:&D769H?B;&

")&)!$!#),-$!/%$!8(--)2$!12)/.--$6$!#5%!1(2-%#$1(&)!(/!.&!,)0)!12)#%,,)!12)/.--$6)4!&%0!=.(0%!%,(.2$,#)&)!0(!0)2)!.-$0$-K+!

O(! 6(0)2$''('$)&%! /%$! #)&,.*$! /$! (-%2$%! 12$%! (66$%&%! (--2(6%2,)! 0(! #)&-(3$0$-K! /$! (7(''$&)9! :0! 12)30%(! /(!

#)&,$/%2(2%!&%00(!#)&-(3$0$-K!/$!*(7(''$&)!G!0(!6(0)2$''('$)&%!/%$!#(2$#5$!%!,#(2$#5$9!

O(! 6(0.-('$)&%! /%$! )6$%&-$! 1)2-(! (/! )--%&%2%! $&! )7&$! )%&-)! $0! 6(0)2%! /(! (--2$3.$2%! (00%! C:LN_A_bA9! S$(,#.&!

_%00(! ,#%0-(! /%0! 12)#%/$*%&-)4! 3$,)7&(! -%&%2%! #)&-)! /%00(! &%#%,,$-K! /$! ,)//$,8(2%! 0%! /$6%2,%! %,$7%&'%! #)&),#$-$6%!

('$%&/(0$4!#$)G!/%70$!,#)1$!1%2!#.$!(66$%&%!0(!6(0)2$''('$)&%!/%70$!"SNC:S]:!%!/%00%!C:LN_A_bA!>69!A,%2#$'$)!D9I@9!

!"#$%:%'%0!422(8(04#(,)"%-"(%0,2*(%

hH$88%2%&-!#),-,!8)2!/$88%2%&-!1.21),%,i+!$0!#)&#%--)!/$!#),-)!&)&!1),,$%/%!.&!,$7&$8$#(-)!.&$6%2,(0% 9!

0;G;&D;&E?C5;&;:&F=C9&=BB?&CE?G?&D9BB=&B?6?&D95968;:=>;?:9&

A@>8<37092=J3'53<<0'5393@724012>43'532'=>:92'

m.(&/)!,$!1(,,(!(00(!8(,%!/$!/%-%2$&('$)&%!/%$!#),-$!3$,)7&(!/%8$&$2%!#5$(2(%&-%+!

• :0!8(--)2%!2$,1%--)!(0!=.(0%!$0!#)1)2-(%&-)!G!,-./$(-)4!),,$(!$0!#),-!/2$6%2+!=.%0!8(--)2%!#5%!/%-%2*$&(!$0!#),-)!

!-"

• O<$&-%26(00)! /$! 6(2$('$)&%! /%0! #),-! /2$6%2! #)&,$/%2(-)! 2$0%6(&-%! &%00<(&(0$,$! >(2%(! /$! 2$0%6(&'(+! 0<$&-%26(00)! /$!

6(2$('$)&%!/%0!0$6%00)!/$!(--$6$-K!%&-2)!$0!=.(0%!,$!(&-%&7)&)!6(0$/%!0%!$1)-%,$!/$!#)1)2-(*%&-)!/%$!#),-$!2%0(-$6$!

• :0!1%2$)/)!/$!-%1)!12%,)!(!2$8%2$%&-)!>/$1%&/%!/(0!#)&-%,-)!/%#$,$)&(0%!$&!#.$!,$!#)00)#(!0<(&(0$,$@+!&%0!*%/$)Z

0.&7)!1%2$)/)!-.--$!$!#),-$!1),,)&)!%,,%2%!/%8$&$-$!6(2$(3$0$4!#$)G!(6%2%!.&!*(27$&%!/$!/$,#2%'$)&(0$-K!1$B!(0-) 9!

3(1'(I'%'04&#$'&-"/0'&1'/+$00"&(%&3"%J!$&#'&(00'3'04&

• S),-$!8$,,$!>#),-(&-$@+!&)&!6(2$(&)!(0!6(2$(2%4!%&-2)!#%2-$!0$$-$ 4 !/%00(!=.(&-$-K!12)/)--(?6%&/.-(4!8%2%!2%,-(&/)!0%!

(0-2%!#)&/$'$)&$9!:!#),-$!8$,,$!#5%!&)&!#(3$(&)!,)&)!=.%00$!-)-(0$4!%&-2%!=.%00$!.&$-(2$!/%#2%,#)&)!1%2#5R!#$!,)&)!

1$B!.&$-K!,.!#.$!/$,-2$3.$2%!$0!#),-)9!

• S),-$!6(2$(3$0$!>80%,,$3$0$@+!6(2$(&)!(0!6(2$(2%4!(%!$&$)4!/%00(!=.(&-$-K!/$!12)/.'$)&%4!),,$(!$&!8.&'$)&%!/%00%!

.&$-K!12)/)--%9!X%&7)&)!,.//$6$,$!$&+!

o S),-$! 12)1)2'$)&(0$+! 6(2$(&)! $&! (,,)0.-(! 12)1)2'$)&(0$-K! (0!

o S),-$!/%72%,,$6$+!#2%,#)&)!$&!$,.2(!%&)!#5%!12)1)2'$)&(0%!

o S),-$! 12)72%,,$6$+! #2%,#)&)! 1$B! #5%! 12)1)2'$)&(0*%&-%!

• S),-$!,%*$Z8$,,$+!1.2!6(2$(&/)!(!$&-%26(00$!/$!12)/.'$)&%4!2%,-(&)!#),-(&-$!(00<$&-%2&)!/%$!,$&7)0$!$&-%26(00$9!")&!

#)&,$/%2(-$!#),-$!/$!,-2.--.2(!)!/$!#(1(#$-K!&%0!,%&,)!#5%!8$&)!(!=.(&/)!&)&!,$!,.1%2(!0(!,-2.--.2(!)!#(1(#$-K!

• S),-$!,%$Z6(2$(3$0$+!#)&-%&7)&)!,$(!.&(!1(2-%!8$,,(!#5%!.&(!6(2$(3$0%9!A,%1$+!

o N*)2-(%&-$! )! *(&.-%&'$)&$! #5%! /%6)&)! %,,%2%! %88%--.(-$! =.(0.&=.%! ,$(! 0<.-$0$'')! /%00%!

o S),-$!/$!%&%27$(+!(#=.(4!0.#%!%!7(,!

o S),-$!&%00<.-$0$'')!/%0!#%00.0(2%!

-"/0'&/$-"#"&%(&1',$1'I'%'04&(#&J&"))$00"'

S),-$!,1%#$(0$

(#=.$,-(-(!1%2!12)/.22%!.&!12)/)--)4!)/(0$-K!/$2%--(%&-%!$1$%7(-(!&%00%!0(6)2('$)&$4!()2-(%&-)!/$!.&!

$1$(&-)!(0!2%1(2-)!$&!#.$!G!.-$0$''(-)@9!Q%2!/%-%2$&(2%!$0!#),-)!3$,)7&(+!

o H%-%2$&(2%!$0!#)&,.)!/$!8(--)2%!12)/.--$6)!$&!-%2$&$!/$!.&$-K!/$!$,.2(!>%,9!V74!*4!0@!

o X(0)2$''(2%!$0!#)&,.)!,.00(!3(,%!/$!/%-%2$&(-$!12%''$!>%,9!1%2!0%!LQ+!12%'')!%/$)!1)&/%2(-)4!-%1)4!

8)2&$-)2$n!1%2!0(!LFH+!#),-)!*%/$)!)2(2$)!/$!2%1(2-)@!

• S),-$!#).&$+!#),-$!/$!8(--)2$!$1$%7(-$!#)&-%1)2(&%(%&-%!/(!1$B!)77%--$!1%2!$!=.(0$!&)&!G!1),,$3$0%!$/%&-$8$#(2%!

0%!=.(&-$-K!/$!8(--)2%!#)&,.(-) 9 O(!0)2)!(--2$3.'$)&%!($!6(2$!)77%--$!&)&!(66$%&%!/$2%--(%&-%4!*(!,.00(!3(,%!/$!

#)&6%&'$)&(0$! #2$-%2$! /$! 12)1)2'$)&(0$-K! >#2$-%2$! /$! (,,)23$%&-)@9! A,9! ()2-(%&-)! /%0! %/%,$)! $*1$(&-)!

Q$B!G!2$,-2%--(!0(!3(,%!/%00<)77%--)!/$!#),-)!%!-%&/%&'$(0%&-%!#$!,(2(&&)!1$B!#),-$!#).&$!/$!=.%00$!,1%#$(0$9!

SF"T:!SFLa_:!

")&)!&)2(0%&-%!#0(,,$8$#(-$!,%#)&/)!I!(,1%--$+!8.&'$)&%!('$%&/(0%!%!2$1(2-$'$)&%!-2(!/.2%6)0$!%!&)& 9!

!V"

-?C5;&D;6955;&HC&E?C5;&;:D;6955;&

O(!/$,-$&'$)&%!-2(!#),-)!/$2%--)!%!#),-)!$&/$2%--)!(--$%&%!(00(!j*)/(0$-K!/$!(--2$3.'$)&%l!(70$!)77%--$!/$!#),-)9!A/!G!=.%,-(!

#0(,,$8$#('$)&%!#5%!1$B!$&-%2%,,(!&%00<(*3$-)!/%$!#(0#)0$!/%00(!SF9N_9!!

-?C5;&@;CC;&9&H=6;=F;B;&HC&E?C5;&D;6955;&9&;:D;6955;&

X(!%6$/%&'$(-(!0(!/$88%2%&'(!%,$,-%&-%!-2(!$!#),-$!8$,,$!%!6(2$(3$0$4!/(!.&!0(-)4!%!#),-$!/$2%--$!%/!$&/$2%--$!/(00<(0-2)9!:0!#2$-%2$)!

/$,-$&-$6)!G!/$!&)2(!=.%00)!/%00(!j6(2$(3$0$-K!2$,1%--)!(0!0$6%00)!/$!12)/.'$)&%l!1%2!$!12$$!%!=.%00)!/%00(!j*)/(0$-K!/$!

(--2$3.'$)&%l!($!6(2$!)77%--$!/$!#(0#)0)!1%2!$!,%#)&/$9!J%&%2(0%&-%!$!#),-$!6(2$(3$0$!,)&)!-.--$!#),-$!(/!$1.-('$)&%!/$2%--(4!

'&-"/0'&/$-"#"&%2'!+'$)"&$%%$&#$-'/'"'&1$%(0'3$&(&+"//'I'%'&(%0$1(0'3$'

• S),-$!2$0%6(&-$+!/$88%2$,#)&)!-2(!0%!/$6%2,%!(0-%2&(-$6%!/$!,#%0-(4!=.$&/$!$&80.$,#)&)!,.0!2$,.0-(-)!%#)&)*$#)!8$&(0%!

S),-$!$22$0%6(&-$!

• S),-$!/$88%2%&'$(0$+!,$!)--%&7)&)!8(#%&/)!0(!/$88%2%&'(!-2(!0%!/$6%2,%!(0-%2&(-$6%!

• S),-$!)11)2-.&$-K+!$,.2(&)!0(!1%2/$-(!$&!-%2$&$!/$!(&#(-)!7.(/(7&)!$&!$1)-%,$!/$!$1$%7)!(0-%2&(-$6)!/%$!8(--)2$!

• S),-$! 12%6%&-$6$+! ,-$*%! #5%! *$2(&)! (! 2$12)/.22%! $0! #),-)! #5%! ,$! ,),-%22K! ,6)07%&/)! .&(! #%2-(! 12)/.'$)&%!

&%00<$12%,(!#),o!#)%!G!(--.(0%&-%!#)&8$7.2(-(9!_)&!6(&&)!#)&8.,$!#)&!$!#),-$!,-(&/(2/4!#5%!$10$#(&)!.&(!

2$80%,,$)&%!1$B!(112)8)&/$-(!/%00<('$%&/(4!1%2#5R!/%8$&%&/)!.&!#),-)!,-(&/(2/!,$!/%8$&$,#%!(%!.&!-(27%-!/$!

#),-)! /(! *(&-%&%2%! $0! 1$B! 1),,$3$0%! 1%2! #)&82)&-(2%! $0! #),-)! %88%--$6)! #5%! ,$! ,),-$%&%! /(0! #)&,-)! ,-(&/(2/!

• S),-$!#)&,.&-$6$+!$,.2(&)!$0!6(0)2%!/%00%!2$,)2,%!.-$0$''(-%!%WZ1),-4!#$)G!/)1)!0)!,6)07$%&-)!/%$!12)#%,,$!

• S),-$!,-(&/(2/+!#),-$!12%6%&-$6$!2$8%2$-$!(!#)&/$'$)&$!)1%2(-$6%!$1)-%-$#5%9!"%26)&)!#)%!1.&-)!/$!2$8%2$%&-)!1%2!

S),-$! #)&-2)00(3$0$! 6,! #),-$! &)&! #)&-2)00(3$0$

"$! $&/$6$/.(&)! $! SA_TC:! H:! CA"QF_"N^:O:Tc+! .&$-K! )27(&$''(-$6(! 7.$/(-(! /(! .&! *(&(7%2! 2%,1)&,(3$0%!

/%00<(--$6$-K! %! /%$! 2$,.0-(-$9! :0! 2%,1)&,(3$0%! /%6%! (%! /%#$/%2%! $! #),-$! /(! ,),-%&%2%! &%00(! ,.(! (2%(! /$!

2%,1)&,(3$0$-K4!=.$&/$!$!#%&-2$!/$!2%,1)&,(3$0$-K!,)&)!(%!#%&-2$!/$!#),-) 9 !:!2%,1)&,(3$0$!1),,)&)!)##.1(2,$!

(%!/%$!2$#(6$!>%,9!(2%(!6%&/$-%@4!=.$&/$!$!#%&-2$!/$!2%,1)&,(3$0$-K!1),,)&)!%,,%2%!(%!#%&-2$!/$!2$#(6) 9!

-"/0'&/$-"#"&%(&+(10$-'+(.'"$&(%%$&(1$$&,J.'"(%'&

• S),-$!-%#&$#$!>$&/.,-2$(0$@+!#)*12%&/)&)!-.--$!$!#),-$!#5%!,$!,),-%&7)&)!8$&)!(!=.(&/)!$0!12)/)--)!G!)--%&.-)!>#),-$!

• S),-$!/$!6%&/$-(!>#)%2#$(0$@+ #),-$!0%7(-$!(00%!(--$6$-K!/$!#)00)#(%&-)!/%$!12)/)--$!,.0!%2#(-)!>#)*12%&/)&)!$!

#),-$!1),-Z6%&/$-(@!

• S),-$!($&$,-2(-$6$+!#)&&%,,$!(00(!7%,-$)&%!/<('$%&/(!>#),-$!#).&$!(*$&$,-2(-$6$4!('$%&/(0$4!8$&(&'$(2$@!

!D"

• S),-$!%88%--$6$+!#%2#(&)!/$!2(112%,%&-(2%!0(!2%(0-K9!")&)!#),-2.$-$!*%/$(&-%!0<),,%26('$)&%!>#),-)!#)&,.&-$6)@!)!

0(!12%6$,$)&%!/$!/%-%2$&(-%!=.(&-$-K!%#)&)$#5%!

• S),-$! *%/$+! &)&! #)22$,1)&/)! (! 6(0)2$! %88%--$6$! /$! .&(! ,$&7)0(! )1%2('$)&%! )! 12)/)--)4! *(! (! 6(0)2$! *%/$! #)&!

S),-$!$1)-%-$#$

!>(0-%2&(-$6$@+!1)-2%33%2)!6%2$8$#(2,$!1),-%!/%-%2*$&(-%!#)&/$'$)&$9!_)&!#%2#(&)!/$!2(112%,%&-(2%!

0(!2%(0-K4!(!/$!8)2&$2%!(0-%2&(-$6%!>%,9!#),-)!,-(&/(2/?#),-)!1(2(%-2$#)@!

-"/0'&J*'0(1'&$&-"/0'&0"0(%'&

:!#),-$!6(2$(3$0$!%!$!#),-$!8$,,$!#(3$(&)!(&/(%&-)!,%!,$!#)&,$/%2(!$0!#),-)!-)-(0%!)!$0!#),-)!.&$-(2$)9!S)&!2$8%2$*%&-)!(/!

• S),-)!-)-(0%+!,)**(!/%$!#),-$!-)-(0$!('$%&/(0$!8$,,$!%!6(2$(3$0$!

• S),-)!.&$-(2$)+!2(11)2-)!-2(!#),-)!-)-(0%!?!6)0.*%!/$!12)/.'$)&%!

:0! #),-)! .&$-(2$)! ,$! #)*1)&%! /$! .&(! 1(2-%! #),-(&-%! %! /$! .&(! 1(2-%! 6(2$(3$0%+! 0(! 1(2-%! #),-(&-%! G! /(-(! /($! #),-$! .&$-(2$!

6(2$(3$0$4!0(!1(2-%!6(2$(3$0%!G!/(-(!/($!#),-$!8$,,$!.&$-(2$9!

ST+!S),-$!-)-(0$!

SXT+!S),-$!6(2$(3$0$!-)-(0$!!

SMT+!S),-$!8$,,$!-)-(0$!!

#6.+!S),-$!6(2$(3$0$!.&$-(2$!!

m+!X)0.*%!/$!12)/.'$)&%!!

#.+!S),-)!.&$-(2$)!

!"#$%;%'%0,)8(1.+4#(,)"%-"(%0,2*(%

/3?24212>43'3'93=42=J3'52'=0<=><>'

a&(!#)&8$7.2('$)&%!/$!#),-)!G!#),-$-.$-(!/(!.&(!,)*(!12)72%,,$6(!/$!6(0)2$!/$!#),-)!(0!8$&%!/$!)--%&%2%!$&8)2('$)&$!

%#)&)*$#)Z8$&(&'$(2$%!#5%!1),,(&)!%,,%2%!.-$0$!1%2!0%!/%#$,$)&$9!a&(!#)&8$7.2('$)&%!/$!#),-)4!=.$&/$!G!.&<(772%7('$)&%!

O%!#)&8$7.2('$)&$!/$!#),-)!1),,)&)!%,,%2%!#),-2.$-%!(%!#)&!2$8%2$*%&-)!(!/$6%2,$!)77%--$!/$!#(0#)0)!>%,9!12)/)--$4!#%&-2$!

O%!-%#&$#5%!/$!#(0#)0)!.-$0$''(-%!,)&)+!$0!H:CAST!SF"T:_J!%!$0!MaOO!SF"T:_J9!

!C"

)#)&,E,'/+&&)'!"#$%,LC.,"#+'

d!.&)!,-2.%&-)!)0-)!.-$0%!1%2!0(!/%8$&$'$)&%!/%$!#),-$!/$88%2%&'$(0$!%!1%2!$00.,-2(2%!0%!2%0('$)&$!%!0%!/$88%2%&'%!-2(!#),-$!

L%+)MN+O+#')#)&PE,E'

O<(&(0$,$! /$! #),-$Z6)0.$Z12)8$--)! >32%(VZ%6%&! (&(0U,$,@! #)&,$,-%! &%00(! /%-%2$&('$)&%4! 72(8$#(! )! (-%(-$#(4! /%0!

=.(&-$-(-$6)!/$!6%&/$-(!$&!#)22$,1)&/%&'(!/%0!=.(0%!$!#),-$!-)-(0$!%7.(70$(&)!$!2$#(6$!-)-(0$9!S)&,%&-%!/$!/%8$&$2%!0<%0(,-$#$-K!

/%00<('$%&/(! $&! 2%0('$)&%! (00(! ,-2.--.2(! /%$! ,.)$! #),-$9! O<(&(0$,$! #)&,%&-%! /$! =.(&-$8$#(2%! 0(! #(1(#$-K! /%00<('$%&/(! /$!

(,,)23$2%! ),#$00('$)&$! &%$! 6)0.$! /$! 12)/.'$)&%! %! /%8$&$,#%! $0! 6)0.%! /$! (--$6$-K! /$! 1(2%77$)4! )66%2)! $0! 0$6%00)! /$! (--$6$-K!

>=.(&-$-K!)!8(--.2(-)@!1%2!$0!=.(0%!,$!5(!0<.7.(70$(&'(!-2(!$0!6(0)2%!/%00(!12)/.'$)&%!%!$!#),-$!/%00(!12)/.'$)&%9!

O(!32%(VZ%6%&!(&(0U,$,!,%26%!(+!

E9 :&/$6$/.(2%!$0!^AQ+!6(0)2%!/$!6%&/$-(!>m@!$&!#)22$,1)&/%&'(!/%0!=.(0%!$!S),-$!T)-(0$!q!C$#(6$9!:0!^AQ!G!$0!1.&-)!

I9 X%2$8$#(2%!%88%--$!/$!6(2$('$)&$!/$!=.(&-$-K!%#)&)$#5%!,.0!2%//$-)+!^AN!8)2&$,#%!$&/$#('$)&$!,.!#)%!$0!2%//$-)!

_%00(!32%(VZ%6%&!(&(0U,$,!(,,.*%!.&!1%,)!2$0%6(&-%4!)0-2%!(00(!,.//$6$,$)&%!-2(!#),-$!8$,,$!%!#),-$!6(2$(3$0$4!0(!,.//$6$,$)&%!

• S),-$!,1%#$8$#$+!#),-$!6(2$(3$0$!)!8$,,$!2%0(-$6$!(!8(--)2$!12)/.--$6$!#)$&6)0-$!%,#0.,$6(*%&-%!&%00(!2%(0$''('$)&%!/$!.&!

• S),-$!#).&$+!#),-$!2%0(-$6$!(!8(--)2$!12)/.--$6$!#)$&6)0-$!&%00(!2%(0$''('$)&%!/$!1$B!12)/)--$4!$1.-(3$0$!(/!.&!,$&7)0)!

#),-$!2$8%2$3$0$!(/!.&!$**)3$0%4!%##9@ 9 !C(112%,%&-(&)!$!#),-$!/$!,-2.--.2(!

O$*$-$!!

• C$8%2$-(!(0!32%6%!1%2$)/)!

  • _)&!6$%&%!#)&,$/%2(-)!$0!*(7(''$&)+!,$!$1)-$''(!#5%!C:!q!CM!)!#5%!-.--(!0(!12)/.'$)&%!,$(!6%&/.-(!

• :0!6)0.*%!/$!12)/.'$)&%!G!#)&,$/%2(-)!0<.&$#)!/2$6%2!/%$!#),-$!2$0%6(&-%!

• "$!3(,(!,.!.&(!/$,-$&'$)&%!&)&!,%*12%!(--.(3$0%!/%$!#),-$!$&!8$,,$!%!6(2$(3$0$!>%,9!LFH@!

• "$!.-$0$''(&)!,%$2%--%+!2%0('$)&$!0$&%(2$!-2(!0%!6(2$%!=.(&-$-K!%#)&)$#5%9!S$;!&)&!,$!6%2$8$#(!&%00(!2%(0-K4!*(!1%2!

%,%7.$2%! (&(0$,$! $&! -%1$! 32%6$! %! $&! (3$-$! 3%&! 12%#$,$! /$! 6(2$(3$0$-K! >(2%(! /$! ,$7&$8$#(-$6$-K@! 1)2-(! (/! %22)2$!

LATFHFOFJ:A!!

N&(0$,$!72(8$#(!r!72(8$#)!/$!2%//$-$6$-K!

S)&,$,-%! &%00(! /%-%2*$&('$)&%! /%$! 72(8$#$! /$! 2%//$-$6$-K! #5%! 5(&&)! $0! 6(&-(77$)! /$! 2%&/%2%! $&! *)/)! #5$(2)! $! 2(11)2-$!

Q%2!#)&/.22%!0(!^AN!72(8$#(*%&-%!G!&%#%,,(2$)!/$,%7&(2%!0%!#.26%!/%$!#),-$!8$,,$4!6(2$(3$0$!%!0(!#.26(!/%$!2$#(6$9!m.%,-%!

=.(&-$-K!%#)&)$#5%!6%&7)&)!2(112%,%&-(-%!.-$0$''(&/)!,%$2%--%!>12%6$,$)&%!/$!2%0('$)&$!0$&%(2$!-2(!0%!6(2$%!=.(&-$-K!

%#)&)$#5%!#)&,$/%2(-%@ 9 !:0!^AQ!,$!5(!=.(&/)!0(!,%$2%--(!/%$!ST!$&-%2,%#(!0(!,%*$2%--(!/%$!CT9!

#/"

:0!72(8$#)!/$!2%//$-$6$-K!#)&,%&-%!/$!/%-%2*$&(2%!$&!(&-$#$1)!0%!#)&,%7.%&'%!

,.0!12)8$--)?2%//$-)?CN:!>2$8%2$-)!(!.&!,$&7)0)!12)/)--)!)!(/!.&<('$%&/(!#5%!

12)/.#%!.&!,)0)!12)/)--)@!/%00%!*)/$8$#5%!12%6%&-$6(-%!/$+!12%'')4!=.(&-$-K!

/$!12)/.'$)&%?6%&/$-(4!#),-$!6(2$(3$0$4!#),-$!8$,,$9!d!.&!.-$0%!,-2.*%&-)!1%2!

1%2#5R!%6$/%&'$(4!(%!$&!6$(!12%6%&-$6(4!$!2$,.0-(-$!/$!-(0$!('$)&$9!

:0!1.&-)!/$!%=.$0$32$)!)!32%(VZ%6%&!1)$&-!,$!)--$%&%!/$6$/%&/)!$!#),-$!8$,,$!

-)-(0$!>SMT@!1%2!0(!/$88%2%&'(!-2(!$0!12%'')!/$!6%&/$-(!.&$-(2$)!>1@!%!$0!#),-)!

"$7&$8$#(-)!/%0!^AQ

  • ")0.'$)&%! 8$&(&'$(2$(! >&%$! #),-$! ,)&)! %,#0.,$! =.%00$! #5%! &)&! #)22$,1)&/)&)! (! .,#$-%! &.*%2(2$%! r! %,9!

()2-(%&-$@+! $0! 1.&-)! /$! %=.$0$32$)! G! .&! 1.&-)! 8$&(&'$(2$)+! $&/$#(! $0! 6)0.%! /%00%! 6%&/$-%! &%#%,,(2$)! (/!

H(0! ^AQ! G! 1),,$3$0%! $&/$6$/.(2%! 0<.-$0%! )3$%--$6)4! ),,$(! $0! 0$6%00)! /$! 6%&/$-%! $&! -%2*$&$! /$! =.(&-$-K! %! 6(0)2%! (0! 8$&%! /%0!

N&(0$,$!(-%(-$#(!r!=.(&-$-K!/$!%=.$0$32$)!

H(0!1.&-)!/$!6$,-(!(-%(-$#)!,$!5(+!

- ,%*$2%--(!/%$!SMT!#),-(&-%!

  • ,%*$2%--(!/%$!SXT!q!#6.m!>#6.!G!$0!#),-)!6(2$(3$0%!.&$-(2$)!%!m!0(!=.(&-$-K!/$!12)/.'$)&%@!
  • ,%*$2%--(!/%$!ST!q!SMT!p!#6.m!
  • ,%*$2%--(!/%$!CT!q!1m!>1+!12%'')!.&$-(2$)!/$!6%&/$-(@!

L(27$&%!/$!#)&-2$3.'$)&%!

/%0!#)&-)!%#)&)$#)!%/!G!.-$0%!(!6(0.-(2%!0<%88%--)!/$!6(2$('$)&$!/%0!6)0.%!/$!

L(27$&%!/$!#)&-2$3.'$)&%!.&$-(2$)!q!2$#(6$!.&$-(2$!r!#),-$!6(2$(3$0$!.&$-(2$!

L(27$&%!/$!#)&-2$3.'$)&%!/$!:!0$6%00)!q!C$#(6$!Z!S),-$!6(2$(3$0$!

CF!7%,-$)&%!#(2(--%2$,-$#(!q!C$#(6$!Z!#),-$!6(2$(3$0$!Z!#),-$!8$,,$!

O(! ,)**(! /%$! *(27$&$! /$! #)&-2$3.'$)&%! .&$-(2$! 2%0(-$6$! (! .&! 1%2$)/)!

2(112%,%&-(! $0! *(27$&%! /$! #)&-2$3.'$)&%! /$! 1%2$)/) 9! m.(&/)! $0! *(27$&%! /$!

#)&-2$3.'$)&%!G!.7.(0%!(0!-)-(0%!/%$!#),-$!8$,,$!/%0!1%2$)/)!,$!2(77$.&7%!$0!1.&-)!

/$! 1(2%77$) 9! m.(&/)! $0! *(27$&%! /$! #)&-2$3.'$)&%! G! *(77$)2%! /%$! #),-$! ,$!

7%&%2(!0<.-$0%9!:0!C$,.0-(-)!F1%2(-$6)!/%00(!7%,-$)&%!#(2(--%2$,-$#(!2(112%,%&-(!$0!#)&-2$3.-)!(00(!#)1%2-.2(!/%$!#),-$!%W-2(Z

N&(0$,$!(-%(-$#(!r!8(--.2(-)!/$!%=.$0$32$)!