hofbauer strategic plan 2013-10-15-whitepaperoct15

8/12/2019 Hofbauer Strategic Plan 2013-10-15-WhitePaperOct15

1/44

!

!"#$%&' )*+)*

, -'",'%./& !0,1 2#" 3#04 "#-,"4 -&3##0 /1 5%-' -%,''0%

2#" '3% 4%,"-

)*678)*69

)*698)*6:

)*6:8)*6;

)*6;8)*68)*)*

, !"/1&/!,0- 53/'% !,!%"

?4

.%#".% 3#2?,@%" #&'#?%" )6A )*67

888888BCDEF 67G6888888

H/F IJ EKC LDMN KE D OIJIKP FQDF D RSKRLS RSCIJQSJGT

!"#U%"?-

# $%&'%()*+ ,-'. +/.0*0%0 /1 ' &(1-(+%*/. /. %2( 3'0% '.4 ' 3-'. 1/& %2( 15%5&(6 #. *.0%*%5%*/.70

8(.%(..*'- *0 ' 3(&1(+% %*9( %/ *.*%*'%( ' 3&/:(+% -*;( %2*06 %/ 4/ '

0%&'%()*+ 3-'.6 @4('--> %2(> %';( 3-'+( /A(& ' %=/ /& %2&((?>('& 3(&*/46 B5% '. *.0%*%5%*/. *0 1/&+(4 %/4('- =*%2 %2( +/.0%&'*.%0C 3&(005&(0C '.4 &('-*%*(0 *% 2'06 %2*0 =*-- D(+/9( '33'&(.% *. %2*0

J,&*.+*3'-70 K2*%( ,'3(&L6


2/44

F

!"#$ &' # ()*&+,&-#./' !"&$0 )#-0*12 @% *0 %2( D()*..*.) /1 ' 0%&'%()*+ 3-'.6 @. %2*0 3'3(& @C '0

%2( JI('4 /1 %2( $+2//-L =*-- '%%(93% %/ D5*-4 ' +'0( 1/& '.4 5.4(&0%'.4*.) /1 ' -*0% /1 &(+/99(.4'%*/.0

%2'% @ =*-- D( 9';*.)6 *.) 1*.'.+*'- 0%'%(9(.%0 1/& D/%2 %2( 3'&*02 '.4 %2( 0+2//-6 @ '9 =&*%*.) %2*0 3'3(&

1&/9 ' J1*&0% 3(&0/.L 3(&03(+%*A(6 ./% D((. '&/5.4

I/-> M/0'&> %2'% -/.)6 @ 2'A(C 2/=(A(& D((. *.A/-A(4 *. 8'%2/-*+ N45+'%*/. 1/& /A(& 1/&%> >('&06 O5&*.)

%2'% %*9( @ 2'A( =/&;(4 '% P7O('C $'*.% Q/0(32C $'*.% R(/ *. 82*+')/C =*%2 %2( S'%*/.'- 8'%2/-*+

N45+'%*/. #00/+*'%*/.C %2( M'*.D/= $+2//-0C T5-+&59C '.4 %2( #&+24*/+(0( /1 $('%%-(6 $/ @ 4/ 2'A(

0/9( (U3(&*(.+( =*%2 %2( 0>0%(9C '.4 @ 0(( 0/9( A(&> D'0*+ 0*9*-'&*%*(0 *. 0+2//-0 '.4 %2(*& 2*0%/&*(0

'.4 (A/-5%*/. ???? /& -'+; %2(&(/16

A/%( /. %2( &(+/99(.4'%*/.0 '1%(& &(+(*A*.) *.35%6 9'>C/& 9'> ./% '44 /%2(& &(+/99(.4'%*/.0 %2'% '&( 05))(0%(4 D> *.4*A*45'- 3'&(.%06 ,'&(.% #00/+*'%*/.

P11*+(&0C =2/9 @ '0059(C 2'A( ' D(%%(& 5.4(&0%'.4*.) /1 %2( 4'> ?%/ ?4'> 1-/= /1 %2( 0+2//-C '&( D/5.4

/.-> D> %2(*& /=. +/.0+*(.+(0 *. 9';*.) %2(*& 4(+*0*/.06

/& 9'> ./%

'44 %2(*& /=. &(+/99(.4'%*/.06 A/%( /.

%2( &(+/99(.4'%*/.0 '.4 4(+*4( *1 %2(> ='.% %/ '44 .(= /.(0C =2*+2 %2(> '-0/ A/%( /.6 @ =*-- D(

3&(0(.% 1/& %2( (U3-'.'%*/. /1 %2( 9/%*/.0 '.4 3-'.C D5% %2( V*+(?,&*.+*3'-0 =*-- +//&4*.'%( %2(

'./.>9/50 A/%*.) '.4 0*93-> )*A( 9( %2( %/%'-06 ,'&(.% P11*+(&0 +'. A/%( /. %2(9C D5% '-- /1 %2(*&0C

9('.*.) %2( 0%'11C =2*+2 2'A( D((. 3'00(4 D> %2( 0%'11C '&( 1/&='&4(4 %/ %2( $+2//- 8/99*00*/.6

W/A(&.'.+( '% I/-> M/0'&> *0 ' -*%%-( D*% +/.150*.) %/ 9(6 (,334' &+ $"0

4&$,"0+15'.4 ('+2 0((90 %/ D( %2( "0#6 ,"076 35D-*+*Z(4 %/ %2(

+/995.*%>6

@ D(-*(A( %2(&( 950% D(C '% -('0%C ' +'05'- /D0(&A'%*/. /1 JM/D(&%0 M5-( /1 P&4(&LC '.4 4(+*0*/.0950% D( =&*%%(. /5% =2(. %2(> '&( 1/&9'--> 3&/3/0(4 '.4 A/%(4 /.6 '&( %2(. 9/A(4 %2&5 %2(

0%&5+%5&( *. '. '33&/3&*'%( ='>6 *%0(-1C *0 '1%(& '-- 'D/5% ' [H 9*--*/. D50*.(00 =*%2 /A(&

\G 0%'116 K2(. >/5 '44 %2( 825&+2 /. *% *0 /A(& [E 9*--*/. =*%2 '&/5.4 ]G 0%'116

@ 2'A( %2(&(1/&( +&('%(4 %2( 1/--/=*.) JP&)'.*Z'%*/.'- T-/= 82'&%L %/ +-'&*1> %2( ='> @ 0((

%2*.)0C '.4 %2(&(1/&( %2( ='> @ '9 3&/+(00*.) 4(+*0*/. 9';*.) '+%*A*%>^


3/44

H

,#$


4/44

E

'3% !,-'

R*;( '-- 8'%2/-*+ $+2//-0 *. #9(&*+' %2'% 0%'&%(4 !GG /& 9/&( >('&0 ')/C I/-> M/0'&> ='0 0%'&%(4

02/&%-> '1%(& %2( 3'&*02 D()'.6 /1 .5.0C ='0 &(+&5*%(4 %/ &5. %2(

0+2//-6 @. %2( +'0( /1 %2*0 *.0%*%5%*/.C *% ='0 %2( O/9*.*+'. $*0%(&0 /1 0 '.4 0/9(%*9(0 /. $5.4'>06 +-('.(46 /&)'.*Z(46 %'5)2% &(-*)*/. %/

%2( +2*-4&(. =2/ =(&( '%%(.4*.) 35D-*+ 0+2//-06 /5 ='.%(4 >/5& +2*-4&(. %/ )/ %/ I('A(. %2(. 0(.4 %2(9 %/ %2( 8'%2/-*+

$+2//-C '.4 %2( $+2//- ='0 1&((6 95+2 =(.% %/ %2( 0+2//- '.4 )(.(&'- 3'&*02 53;((36 B//;0 4*4 ./%

+2'.)(6 85&&*+5-59 4*4 ./% +2'.)(6 #33&/'+2(0 %/ %('+2*.) 4*4 ./% +2'.)(6

+/0%06 B5*-4*.)0 =(&( &(-'%*A(-> .(= %250 -'+;(4 25)( 9'*.%(.'.+( +/0%06 %/ 35% '0*4( 9/.(> 1/& 4(1(&&(4 9'*.%(.'.+( +/0%06

C '.4 *. %2( 8'%2/-*+ 825&+26

=(&( ./% 3-'..(4 1/&6 =(&( ./% 1/&(0((.6 =(&( ./% (A(. 5.4(&0%//4 '% %2( %*9(6 4(+&('0(6 _'.> =2/ =(&( *. &(-*)*/50 -*1( -(1% /& 0'= %2(*& 9*.*0%&>

D(*.) 0/9(%2*.) /%2(& %2'. %('+2*.)6 =(&( ./% 1*.'.+*'--> 0533/&%*A( '.4 8NP70 d82&*0%9'0 '.4 N'0%(& P.->e6

f(% %2(> 0'= %2(90(-A(0 '0 8'%2/-*+0 '.4 ./D/4>C *. %2(*& 9*.4C +/5-4 0'> %2(> =(&( ./%6 I(.+(C 0%*--

%2(&( ='0 %2( (U3(+%'%*/. 1/& 15.(&'-0C =(44*.)0C D'3%*090 ???? %2( 0(&A*+(0 /1 %2( 825&+2 *. %2(*& %*9(

/1 .((46

/1 %2/0( %2( 825&+2 0(&A(4 =(.% 1&/9 3'&*02*/.(&0 '.4

3'&(.%0 %/ J8/.059(&0L6 #.4 %2(0( +/.059(&0 D(+'9( 9/&( Y5(0%*/.*.) '.4 :54)9(.%'-6 !cGG70 8'%2/-*+0 '.4 3'&*02 9(9D(&0 =(&( 0((. '0 JO*0+*3-(0L6

D/5)2% *.%/ (A(&>%2*.) =2/-(2('&%(4->6 4*4 ./% Y5(0%*/.6 3'&%.(&(4 '0 1/--/=(&06

W/A(&.'.+( ='0 1'& -(00 +/93-*+'%(46


5/44

\

#% 1*&0% J9/%2(&0L =(&( 2*&(4 '0 %('+2(&0 *. 8'%2/-*+ 0+2//-06 %//; %2( 3-'+( /1

4*0'33('&*.) .5.0C D&/%2(&0C '.4 3&*(0%0 =2/ 2'4 D((. *. %2( +-'00&//96 $/9( =(&( ./% (A(. +/--()(

)&'45'%(06 =(&( 3'*4 A(&> -*%%-(6 #.4 %2*0 ='0 '++(3%'D-( D(+'50( *% ='0 .*+( (U%&' *.+/9( D5% ./%

&('--> .(+(00'&>6 B> %2( ('&-> !cbG70 #9(&*+' D()'. %/ (.%(& ' %*9( =2(. %=/ '45-% *.+/9(0 =(&(

.((4(4C '.4 %2(> 2'4 %/ D( J&('- *.+/9(0L6 0%'11 %/ 4/ *%6 0'-'&*(0 ?????? (A(.%5'--> %2(>

'-0/ 2'4 %/ 3&/A*4( ' D(.(1*% 3'+;')(6 D(>/.4 ./&9'-

*.1-'%*/.'&> &('-*%*(0 ???? '.4 0%*-- 4/(06

./% /. 3'& =*%2 %2( 8,@6 @. %2( D'4 %*9(0C ./

*.+&('0(0 %//; 3-'+(C '.4 %2(> =(&( .(A(& 9'4( 53 1/&6

O5&*.) %2( !ciG70 I/-> M/0'&> (A(. 0%'&%(4 ' I*)2 $+2//- 1/& )*&-06 @% ='0 ' A(&> (U3(.0*A(

5.4(&%';*.) '.4 %2( 3'&*02 2('A*-> 15.4(4 *%6 B5%C '0 ='0 9(.%*/.(4 ('&-*(&C %2*0 ='0 %2( %*9( 45&*.)

=2*+2 &(-*)*/50 A/+'%*/.0 0%'&%(4 %/ 3-599(%C '.4 9'.> =2/ &(9'*.(4 *. &(-*)*/50 -*1( 4(+*4(4 W/4 ='0

+'--*.) %2(9 %/ 4/ 0/9(%2*.) (-0( 0/ %2(> -(1% %('+2*.)6 @% ='0 '-0/ %2( D()*..*.) /1 ' 4(+-*.( *. 1*.'.+*'-

0533/&% '.4 825&+2 '%%(.4'.+(6 C -*;( 9'.> 0+2//-0C *0 +/9*.) *.%/ ' %*9( =2(.(U3(.0*A( (U3(.4*%5&(0 1/& '. ')*.) D5*-4*.) =*-- 2'A( %/ %';( 3-'+(6 /5 '&( ./% 'D-( %/ '11/&4C

>(% %2(&( '&( %2*.)0 >/5 950% 4/ *1 >/5 '&( %/ +/.%*.5( %/ (U*0%6 @ 2'4 /.( 3'&(.% %(-- 9( %2'% %2(&( =(&(0/9( =2/ ='.%(4 %/ %5&. I/-> M/0'&> *.%/ '. J(-*%*0% 3&*A'%( 0+2//-6L @ 2'4 &(3-*(4 %2'% @ 4/5D%(4 %2'%C

'.4 %2'% @ ='0 05&( ./ /.( 2'4 50(4 %2'% %(&9*./-/)>6 K2'% *0 505'--> 9('.% D> %2*0 0%'%(9(.% *0 %2'%

0/9( *.4*A*45'-0 &('-*Z( %2'% %2( %5*%*/. 950% D( 4&'0%*+'--> *.+&('0(4 /A(& ' 02/&% 3(&*/4 /1 %*9(6

O&'0%*+ 9('.0 4*11(&(.% %2*.)0 1/& 4*11(&(.% 3(/3-(6 #.4 '.> 05D0%'.%*'- *.+&('0( *. %5*%*/. 950%

D( '++/93'.*(4 D> *.+&('0(0 *. 1*.'.+*'- '*46 B5% %/ 4/ %2*0C 0/9( 3(&+(*A(4 +/99'.49(.%0 /1 8'%2/-*+

(45+'%*/. 950% D( D&/;(.6


6/44

]

0'.+%*/.(4 D> '.> 1/&9'- D/4> /1 %2( +25&+2C D5% %2(> '&( =(-- ;./=. d0/9(%*9(0 (A(. D(%%(& %2'. %2(

/&*)*.'- %(.e '.4 2(-4 /.%/ %*)2%-> '.4 4(1(.4(4 4('&-> D> 9'.>6 '&(^

8/99'.49(.% !!^ )*A(. %/ '-- '.4

./% .((4? D'0(46

8/99'.49(.% !\^ 2'0 D&/;(. +/99'.49(.% !]C D5% @ 2/3( %/ 2(-3 >/5 D&(';

+/99'.49(.%0 !!C !FC !HC !E '.4 !\ '0 =(--6

'QS 2DXILY !LDP+ /P !DCIJQ 'WIFIKP+ &DFQKLIM+ 1KP8&DFQKLIM 'WIFIKP

@ 4/ ./% %2*.; %2( 1'9*-> 3-'. *0 W/03(-?D'0(46 O/ =( &('--> %2*.; %2'% Q(050 =/5-4 0'> %2'%

%2/0( =2/ 2'A( 9/&( +2*-4&(. 02/5-4 3'> -(00j P& =/5-4 2( 0'> %2/0( =2/ 2'A( %2( )&('%(0% .((4

02/5-4 3'> -(00j O/ =( &('--> D(-*(A( %2'% Q(050 =/5-4 0'> %2'% %2( 0*.)-( 9*./&*%> 3'&(.% =2/ *0 ./% '

8'%2/-*+ 02/5-4 3'> 9/&( %5*%*/. %2'. %2( %=/?*.+/9( 1'9*-> =*%2 ' 95+2 2*)2(& .(% *.+/9( =2/2'33(. %/ D(-/.) %/ I/-> M/0'&> 825&+2j O/(0 $'*.% V*.+(.% O(,'5- &5. %2*0 ='>j O/ /5& 1//4 D'.;0

/& 02(-%(&0 &5. %2*0 ='>j #&( %2/0( =2/ +/9( %/ %2( 4//& /1 %2( &(+%/&> *. .((4 %&('%(4 %2*0 ='>j

8'%2/-*+0C =2/ '&( 9(9D(&0 /1 %2( 3'&*02C +/9( 1*&0%6 D( :50% 8P70h #.4 @ =&*%( %2*0 '0 /.( =2/ 1*.'.+*'-->

0533/&%0 %2( 825&+2 &()5-'&-> '.4 9/&( %2'. %2( ./&9C '.4 /.( =2/ )/(0 %/ _'00 '-9/0% (A(&> 4'>6

B5% @ '9 &('-*0%*+6 @ '9 '-0/ 3&')9'%*+6

$+2//- 4('- =*%2 %2( 1'+% %2'% %2(&( *0 ./% (./5)2

%5*%*/. *.+/9( %/ +/A(& (A(. %2( 0'-'&*(0 '.4 D(.(1*%0 /1 %2( 0%'116 #.4 %2(&( *0 ./ &('- &(0(&A( 15.4

D5*-% 53 1/& 9':/& &(3'*&0C /& (A(. %2( 15.4*.) /1 0*+; D'.;06 2'0 D((. 0(%

'0*4( 1/& '.> -/.)?%(&9 0*+;.(00C 3&().'.+*(0C d*. =2*+2 D/%2 1'%2(&0 '.4 9/%2(&0 '&( (.%*%-(4 %/

-('A(0eC /& *005(0 %2'% 4(9'.4 #49*.*0%&'%*A( -('A(6 #.4 %2(&( *0 ./% (./5)2 9/.(> D(*.) D54)(%(4 %/

%';( +'&( /1 %2( ./&9'- .((40 /1 %2( 0+2//- *. %2*0 '&('6 ((0 =2/ .((4 0/9(/.( %/


7/44

i

%2(&( %/ %';( %2(*& 3-'+( =2(. %2(> '&( /5%6 f/5 +'../% 0*93-> 0'>C JPk 0%54(.%0C %';( +'&( /1

>/5&0(-A(0 1/& %2( 4'> >/5& %('+2(& *0 /5%L ???? ./ 9'%%(& 2/= 95+2 %2(> 9*)2% -*;( %2'% /3%*/.6 NA(.

%2( 1&/.% /11*+(C 1/& 0'1(%> &('0/.0C 950% 2'A( 0/9(/.( '% %2'% 0%'%*/.6 _'&> $*930/. '.4 @ &(+(.%->

+'-+5-'%(4 %2'% %2( 0+2//- /=(0 ' -'&)( .59D(& /1 4'>0 %/ *%0 0%'11 '0 0*+; -('A(6 #% %2( 'A(&')( 3'> 3(&

4'> %2'% ' 02/&%?%(&9 05D0%*%5%( %('+2(& +/0%0 '% I/-> M/0'&> %2'% =/5-4 D( ' D'.; /1 '33&/U*9'%(->

[HFGCGGG6 ('&0 )/ D>6

@1 %2( *.0%*%5%*/. 950% 2*&( -/.)?%(&9 05D0%*%5%(0 1/& 3&().'.+> /& 9':/& 9(4*+'- *005(0C %2'% +/5-4 ('0*->

*.+&('0( %/ '% -('0% [EGGCGGG6 K2'% 4/ =( 2'A( *. ' &(0(&A( '++/5.% %/ '44&(00 %2*0j K( 2'A( ./%2*.)6

K( 2'A( ./% (A(. D((. &('-*0%*+'--> D54)(%*.) 1/& ./&9'- >('&-> 0*+; D'.; 50( /& 1/& &(3-'+(9(.% /1

0%'11 =2(. %2(&( *0 '. *93/&%'.% -('&.*.) =/&;02/3 1/& %2(9 %/ '%%(.46 S/=C *% *0 %&5( %2'% %2( 9/.(> *0

./% /=(4 5.-(00 *% *0 50(4C D5% *% *0 D(%%(& %/ D( 3&(3'&(4 %2'. 5.3&(3'&(46 #.4 D(0*4(0C /.+( %2'%

9/.(> *0 0%/&(4 53 %2( 0+2//- +'. 2'A( ' JY5'0*?(.4/=9(.%L =2(&( %2( *.%(&(0% *0 50(4 1/& 1*.'.+*'-

'*46

#./%2(& 9':/& +2'--(.)( *0 %2'% %2( ,'&*02 +'../% '11/&4 %2( 05D0*4*(0 *% *0 )*A*.) %/ %2( 0+2//-6

6 %2(*& /=. D*--06 P.-> *. %2*0 +'0( ?????? =( '&( !GG >('&0 /-4h

T*.'-->C *% 4/(0 ./% 0((9 -*;( '4(Y5'%( '44*%*/.'- %5*%*/. *.+&('0(0 =(&( '44(4 *. '0 (U%&' 0%'11

=(&( '44(4 %/ %2( 0+2//-6 $3'.*02C 950*+C '&% '.4 +-'00&//9 '*4(0 =(&( '-- '44*%*/.0 %2'% 05D0%'.%*'-->

*.+&('0(4 %2( +/0% /A(& %2( >('&0C D5% *% 4/(0 ./% 0((9 %2'% %2(> =(&( 3&/3(&-> D54)(%(4 1/&6 K( 950%

;((3 *. 9*.4 %2'% (.&*+29(.% +/5&0(0 -*;( %2(0( 4/ ./% 2'A( '.> '44*%*/.'- +-'00 /1 0%54(.%0 )(.(&'%*.)

%5*%*/. '.4 '0 %*9( )/(0 /. %2(> D(+/9( 9/&( '.4 9/&( (U3(.0*A(6 2'A( %/ D( 3'*4 1/& /& &(9/A(46 #0 ' 3/0*%*/. *0 '44(4 /. %2( 3/0*%*/. 950% D(

*.+&('0(4 D> '. (U%&' 3(&+(.% /& %=/C /. %/3 /1 %2( ./&9'- *.+&('0(C =2*+2 02/5-4C '% %2*0 3/*.%C D(

'&/5.4 \l6 #.4 =2(. %5*%*/. *.+&('0(0 -(00 %2'. *% 02/5-4 ???????? %2(&( 950% D( 05D0(Y5(.% d/.( %*9(e

9';(?53 *.+&('0(0 /. %/3 /1 %2( ./&9'- *.+&('0(6 #.4 D(-*(A( 9( %5*%*/. 2'0 ./% D((. *.+&('0*.) '% %2(

&'%( *% 02/5-4 D( *.+&('0*.)6

#0 %5*%*/.0 =(&( D(*.) 0(%C *% 4/(0 ./% 0((9 %/ 2'A( %';(. 3-'+( =*%2*. %2( +/.%(U% /1 ' -/.)?

%(&9 3-'.6 =(&( 0*93-> 0(% >('&->6 S/ %2/5)2% ='0 )*A(. %/ (.&/--9(.% 4(+-*.(0C /& *.+&('0*.)

.((4 1/& 1*.'.+*'- '*4C =2*+2C *. 0/9( +'0(0 ='0 0*93-> 5.3'*4 %5*%*/.6 ('&C D/%2 *. %(&90 /1 '+%5'- 4/--'&0 '.4 *. %(&90 /1 J%5*%*/.

&(9*00*/.L =2*+2 *0 0*93-> 5.3'*4 %5*%*/.6 ' %'&)(% .59D(& 1/& N.4/=9(.%

@.+/9(6

K*%2 2*)2(& %5*%*/.0 %2(&( 2'0 %/ D( 9/&( 1*.'.+*'- '*46 $/ =2(&( 4/(0 %2'% +/9( 1&/9j K(--

%2(&( '&( 1/5& D'0*+ '&('0^

#6


8/44

b

B6 $5D0*4>86 O(A(-/39(.%O6 N.4/=9(.%

H3S VQK IJ DECDI\ KE \KIP[ FKK XWMQ DLVDYJ \KSJFKK LIFFLSGT .SCXDP !CKOSCZ

'WIFIKP3&*+*.) 2'0 %/ D( 9/&( &('-*0%*+6 #.4 %2/0( *. .((4 950% D( %';(. +'&( /16 %2( 15-- +/0%6 #+%5'--> %2( 0'9( %2*.) %';(0 3-'+(

=*%2 '*&3-'.( %*+;(%0C '.4 0/ 9'.> /%2(& D50*.(00 &('-*%*(06 6 3-'.6 T/& D(%%(& /& =/&0(C

1*.'.+*'- &(?4*0%&*D5%*/.0 D/%2 '0 *.+/9( '.4 (U3(.0( '&( &('-*%*(0 /1 -*1(6

@1 0/9(/.( *0 ' 8'%2/-*+C %2'% 4/(0 ./% 9('. %2(> '&( (*%2(& (.%*%-(4 %/ /& 02/5-4

D( 3'>*.) ' -/=(& %5*%*/.6 6L #)'*.C 2(&(C @ D(-*(A( %2'%

*% *0 0*93-> ' 9'%%(& /1 %2/0( =2/ +'. 3'>C 02/5-4 3'>C '.4 %2/0( =2/ +'../% ?????

02/5-4 ./%6R/=%5*%*/. *0 '% %2( +/0% /1 3//&-> 3'*4 0%'11C 4(%(&*/&'%*.) D5*-4*.)0 '.4 )&/5.40C*.1(&*/& +5&&*+5-59 9'%(&*'-0C Y5(0%*/.'D-( 0'1(%> 3&'+%*+(0 '.4 3&/%/+/-0C '.4 *.'4(Y5'%(

%(+2./-/)> 3&/)&'906

@ '-0/ =/.4(& 2/= 9'.> 8'%2/-*+0 /. *.?3'&*02 %5*%*/. 3'>9(.% 0+2(45-(0 '&( %&5->J%*%2*.)LC d'.4 +/.%*.5*.) %/ 4/ 0/ /.+( %2(*& -'0% +2*-4 2'0 )&'45'%(4 1&/9 %2( 0+2//-e '.4 )/*.)

%/ 9'00 (A(&> $5.4'>C '.4 15--> 3&'+%*+*.) '.4 1/--/=*.) #RR %2( 4(9'.40 /1 %2( 8'%2/-*+ 1'*%26

O/ =(C @ =/.4(&C 0/9(%*9(0 (.+/5&')( 3(/3-( ??? (A(. W/4 1/&D*4 ??? +2*-4&(. %/ D(

4*0*.)(.5/50j

"SMKXXSP\DFIKP^ #PS

-FDCFIP[ VIFQ FQS YSDC )*6=8)*6> DZDP\KP IP8RDCIJQ DP\ KWF8 KE8 RDCIJQ FWIFIKP DP\ &DFQKLIM DP\ PKP8

&DFQKLIM FWIFIKPG %XRLKY FQS WJS KE KPLY KPS FWIFIKP JMDLS EKC SOSCYKPSG

"SMKXXSP\DFIKP^ '5#


9/44

c

'QS EKLLKVIP[ VILL ZS FQS _/1/_@_ 3KLY "KJDCY -MQKKL FWIFIKP JMQS\WLS EKC FQS PS`F ; YSDCJG


10/44

!G

!"#$%#&

'( *+,'-. /.'01,2(

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

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

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

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

!"#$%#&

345 36 *+,'-. /.'01,2(

! +#!$, !' +#$*" !' +#$+) !' +#-)* !' +#,", !' +#"-+ $' +#)*

$ !%#$"* !' !%#,!- !' !%#")) !' !%#),$ !' !%#(!* !' !)#*)( $' !)#,$

- $,#-)" !' $,#%!( !' $,#+%" !' $"#!!, !' $"#-%" !' $"#%!+ $' $%#!-

" -$#"** !' -$#+$" !' --#!"- !' --#,+" !' --#+$* !' -,#!"+ $' -,#+,

,2/3772(121 54'5'3( -/.21402!"#$%%%%%!"!" !"#$%%%%%!"!"

!"#8%!"

!"#&%#9 !"#9%#: !"#:%#; !"#;%#< !"#* 6**

2ISL\ FCIR ESSc 9* 9* 9* 9* 9: 9:

"KKX RDCSPF ESS 6: 6: 6: 6: )* )*

,WMFIKP RCKdSMF 6: 6: 6: )* ):eeeeeeeeeee):

'S`FZKKN ESS ): 7* 7* 9* 9* :*

"S[SJFCDFIKP RCKMSJJ :: ;: ;: ;: ;: ;:

'#',0 f)): f)9: f):* f)


11/44

!!

"SMKXXSP\DFIKP^ 2/U%

'QS EKLLKVIP[ VILL ZS FQS !CS8-MQKKL FWIFIKP JMQS\WLS

67+69 69+6: 6:+6; 6 6>+)*

'QCSS DP\ 2KWC

4SDC #L\J 7 \DYJ 7*:7 7)** 79** 7::* 7;** :6** :7:*

T*.'-->C /. %2( %/3*+ /1 %5*%*/.C *% *0 *93/&%'.% %/ &('-*Z( %2( +/..(+%*/. D(%=((. 0'-'&*(0 '.4

%5*%*/.6 #.4 =2(. @ 50( %2( =/&4 0'-'&*(0C @ '9 %'-;*.) 'D/5% D/%2 %2( '+%5'- 9/.(> 3'*4 /5%

'.4 %2( +/93(.0'%*/. 3'+;')( %2'% )/(0 =*%2 *%6 B(+'50( /1 9(4*+'- 3-'.0 %2( +/93(.0'%*/.

+'. 3&/)&(00 '% ' 2*)2(& &'%( %2'. %2( 8,@ /& 0'-'&*(06 C '% %2(

0'9( &'%( '0 0'-'&*(0 '.4 +/93(.0'%*/.6 B5% =2(. (U%&' 0%'11 *0 '44(4 /.C %5*%*/. 950%

*.+&('0( (A(. 9/&( %2'. %2( %>3*+'- 0'-'&> *.+&('0(6 _*.*9'--> +/93(.0'%*/. '.4 %5*%*/.

*.+/9( 02/5-4 D( (Y5'-6 6 @% *0 '&)5'D-( %2'% 15.4(4 1*.'.+*'- '*4 +'. D(

+/5.%(4 '0 3'&% /1 %5*%*/. *.+/9( *. %2*0 %>3( /1 %2*.;*.)6

#. '44*%*/.'- +2'--(.)( +'. D( 1/5.4 *. %2( 1'+% %2'% I/-> M/0'&> 3&/D'D-> 50(4 %*%2*.)

'0 ' ='> %/ 3'> %5*%*/. 1/& ' 95+2 -/.)(& %*9( %2'. '-9/0% '.> /%2(& 0+2//- *. %2( #&+24*/+(0(6

9*0-(4 /. D/%2 5.4(&0%'.4*.) %5*%*/. '.4 %/%'--> 1((-*.) *%0 +/0%

D(+'50( /1 4(45+%*D-( %'U D(.(1*%0 =2*+2 9'> ./% &('--> 2'A( D((. 4(45+%*D-(6

-WZJI\Y *.+/9( 02/5-4 1*&0% /1 '-- D( *4(.%*1*(4 '0 05D0*4> *.+/9( '0 '-- 3'&*02(0 4/6 B5% %2*0

05D0*4> 02/5-4 D( *4(.%*1*(4 '.4 50(4 1/& 0/9(%2*.) 03(+*1*+6 @4('--> *% *0 '-- 50(4 1/& 1*.'.+*'-

'*4 1/& 3'&*02*/.(&06

0%*35-'%(4 3(&*/4 /1 %*9(6 ,'&*02 %/='&40

I/-> M/0'&> $+2//- *.2*D*%0 '49*.*0%&'%*A( *.*%*'%*A(C -('4(&02*3 '.4 '+%*/.6 K2(. %2( 3'&*02

0*93-> 3*+;0 53 =2'%(A(& %2( 0+2//- +'../% 3'> 1/& '.4 '4:50%0 %2( 3&/3/0(4 0+2//- D54)(% %/

9((% %2( 0%'.4'&40 /1 %2( 3'&*02 1*.'.+( +/99*%%(( *% 'D&/)'%(0 '.> 0(.0( /1 /=.(&02*3 D> %2(

0+2//- '.4 0+2//- '49*.*0%&'%*/.6 @% +'. +&('%( .((4-(00 %(.0*/. D(%=((. 0+2//- '.4 3'&*026


12/44

!F

"SMKXXSP\DFIKP^ -/g a&QDP[S\ #MFKZSC 67G )*67b

-FDCFIP[ VIFQ FQS YSDC )*)68)*)) DLL JWZJI\ISJ ECKX FQS RDCIJQ VILL ZS WJS\ DJ EIPDPMIDL DI\ FK

RDCIJQIKPSCJ IP PSS\G

"%__%1B,'/#1^ -%U%1

!QDJS KWF \IEESCSPF FWIFIKP JFCWMFWCSJG 3DOS KPS FWIFIKP JFCWMFWCS EKC FQS JMQKKL VQSFQSC RSKRLS DCS

IP8 !DCIJQ KC #WF8KE8 !DCIJQ 8888 &DFQKLIM KC 1KP8 &DFQKLIM

"SMKXXSP\DFIKP^ %/.3'

'QS JWZJI\Y EKC )*678)*69 VILL ZS f)>*A***

'QS JWZJI\Y EKC )*698)*6: VILL ZS f)=*A***

'QS JWZJI\Y EKC )*6:8)*6; VILL ZS f)8)*)* VILL ZS f)


13/44


14/44

!E

-FIRSP\ JMQS\WLS

_DJFSCJ 6A*** DLCSD\Y IP RCDMFIMS

&WCCIMWLWX MQDIC 6A*** DLCSD\Y IP RCDMFIMS

BSRDCFXSPF MQDIC 6A*** DLCSD\Y IP RCDMFIMS

#OSCPI[QF 6): RSC PI[QF DLCSD\Y IP RCDMFIMS

&DFSMQSFIMDL MSCF :** CSMKXXSP\S\ JFDCF 6:86;

H'QSCS DCS PK JQKCFMWFJ FK DPY RLDMS VKCFQ

[KIP[GT ?SOSCLY -ILLJ

BSOSLKRXSPF*.+/9( *0 %2( %2*&4 -() /1 %2( %'D-( %2'% 0533/&%0 ' 8'%2/-*+ $+2//-6 3&/:(+%(4 &(A(.5( 0%&('90 /A(& 3(&*/40 /1 %*9(6 ,-'.0 950% D( 4(A(-/3(4 %/

'+2*(A( %2(0( )/'-06 @% 0((90 %2'%C *. %2( ./%? %//? 4*0%'.% 3'0% %2( ,'&(.% #00/+*'%*/. ='0

D'0*+'--> %2( 4(A(-/39(.% /&)'.*Z'%*/. /1 %2( 0+2//-6 #0 0+2//-0 )&/= '.4 %2( 3&/)&'90

D(+/9( 9/&( 4(9'.4*.) '.4 0%&(0015-C *.0%*%5%*/.0 505'--> 2'A( %/ %';( %2(9 9/&( J*.?2/50(L

'.4 2*&( 3(/3-( %/ &5. %2(96 @% &('--> 4/(0 ./% %';( %2( 0%&(00 /11 /1 %2( 3'&(.%0 %/ =/&; /.

%2(9 '.4 2(-3 =*%2 %2(9C D5% *% '--/=0 '. '49*.*0%&'%/& %/ 2'A( 0/9(/.( '++/5.%'D-( %/ %2(96

I/-> M/0'&> +'. ./ -/.)(& 4(3(.4 %/%'--> /. A/-5.%((&*096

@ 2'A( .(A(& 2('&4 /1 ' +/9D*.(4 0+2//- '.4 3'&*02 0%(='&402*3 +/99*%%((6 ,(&0/.'-->C @D(-*(A( *% *0 5.=*0(6 @ D(-*(A( %2( 0+2//- 02/5-4 2'A( *%0 /=. O(A(-/39(.% 8/99*%%((6 # 2*&(4

0%'11 9(9D(& 02/5-4 0*% /. %2( 3'&*02 $%(='&402*3 8/99*%%(( '.4 ' 2*&(4 0%'11 3(&0/. 02/5-4

0*% /. %2( 0+2//- O(A(-/39(.% 8/99*%%((6 02/5-4 D( *. 4*'-/) =*%2 ('+2 /%2(&6


15/44

!\

?W\[SF FQS EKLLKVIP[ EKC BSOSLKRXSPF /PMKXS

,WMFIKP 67869 f67*A*** RLWJ f7*A*** IP 2WP\8 ,P8 /FSX IPMKXS

_D[DhIPSJ 67869 f;*A***

'CSSJ 67869 f77A)**

,RRSDL 67869 )**A***5SJF 2SJF 67869 f6:A***

&SPFSPPIDL 67869 6**A***

,WMFIKP 6986: f69*A*** RLWJ f7*A*** IP 2WP\8 ,P8 /FSX IPMKXS

_D[DhIPSJ 6986: f;9A***

'CSSJ 6986: f79A***

,RRSDL 6986: )7*A***

5SJF 2SJF 6986: f6;A***

&SPFSPPIDL 6986: 7**A***

,WMFIKP 6:86; f6:*A*** RLWJ f7*A*** IP 2WP\ ,P8 /FSX8 /PMKXS

_D[DhIPS 6:86; f;9A***

'CSSJ 6:86; f7:A***

,RRSDL 6:86; ):*A***

5SJF 2SJF 6:86; f6


16/44

!]

,WMFIKP 6>8)* f)**A*** RLWJ f7:A*** IP EWP\ DP IFSX IPMKXS

_D[DhIPSJ f;;A***

'CSSJ 6>8)* f7=A***

,RRSDL 6>8)* f7)*A***5SJF 2SJF 6>8)* f)6A***

&SPFSPPIDL f:*A***

H'QS VKCL\ JFDP\J DJI\S FK LSF DPYKPS RDJJ

VQK NPKVJ VQSCS QS IJ [KIP[GT BDOI\ -FDCC

.KC\SP

&SPFSPPIDL>('&0 '&( *93/&%'.% %*9(0 *. %2( 2*0%/&> /1 '.> *.0%*%5%*/.6 M/0'&> $+2//-6 1/& 'D/5% ' =((;6

`05'-->C '. *.0%*%5%*/. *0 3-'..*.) 1/& '% -('0% %2&(( >('&0 3&*/& %/ %2(*& 8(.%(..*'- >('&6 @ +'../%

0(( %2'% ' )&('% 4('- /1 3-'..*.) /& /&)'.*Z*.) 2'0 %';(. 3-'+(6 @ 2'A(C %2(&(1/&(C &('--> 2'4 %/

:50% :593 *. /. %2*06 1/& ' 1('0*D*-*%> 0%54> 1/& ' 8'3*%'-8'93'*).C D5% '1%(& 9'.> 4*0+500*/.0 '.4 /D0(&A'%*/.0 @ &('-*Z( %2( .((4 *0 %2(&(6

@ %2(&(1/&( 9'4( ' 3&/3/0'- %/ %2( $+2//- 8/99*00*/. +/.+(&.*.) %2( 8(.%(..*'-C '.4 @

'0;(4 %2( ,'&(.% #00/+*'%*/. P11*+(&0 %/ +//&4*.'%( ' +(-(D&'%*/. (A(.%6


17/44

!i

'-0/ '33&/A(4 %2( 0/-*+*%'%*/. /1 (A(&>/.( =*%2 ' J%&*3-( '0;L6 P.( =/5-4 D( 1/& %2( +25&+2

3-(4)(6 P.( =/5-4 D( 1/& %2( 0+2//- '..5'- '33('-6 P.( =/5-4 D( 1/& %2( 8(.%(..*'- 8'3*%'- 8'93'*).6

M/0'&> $+2//-6N.4/=9(.%0 '&( )&/=*.) (U3/.(.%*'--> *. *93/&%'.+( 1/& %2( 15%5&( 05&A*A'- /1 8'%2/-*+

(45+'%*/.6 '&( ./%C 2/=(A(&C )&/=*.) (U3/.(.%*'--> *. %2( 0*Z( /1 %2(*& +/&3506 T/& '

8'%2/-*+ )&'4( 0+2//- I/-> M/0'&> 4/(0 2'A( ???? +/93'&'%*A(-> ????? ' )//4 '9/5.% /1 9/.(> *.*%0 (.4/=9(.%6 B5% %&5-> *% *0 :50% ' D()*..*.)6 C %2( %'&)(% 02/5-4 D( [!GGCGGGCGGG6

@4('-->C 8'%2/-*+ 0+2//-0 02/5-4 D( %&>*.) %/ 15--> (.4/= %2(*& 0+2//- 1/& 15%5&( )(.(&'%*/.06

&(%*&(9(.%

3-'.0 '&( D(+/9*.) ' %2*.) /1 %2( 3'0%6 NA(. %2( 15%5&( /1 )/A(&.9(.% &(%*&(9(.% 3-'.0 *0

+/9*.) *.%/ Y5(0%*/. '0 3(/3-( =2/ 4/ ./% 2'A( %2(*& /=. )5'&'.%((4 &(%*&(9(.% '&( 1*)2%*.)

')'*.0% *.+&('0*.) %'U(0 %/ 15.4 3-'.0 1/& )/A(&.9(.% (93-/>((06 L *.+/9( %2'% 50(4 %/ )/ 1/& %5*%*/. '.4 &('-->Y5(0%*/. *1 %2(> +'. &(03/.0*D-> 9';( %2'% (U3(.4*%5&(6 $2/5-4 %2(> D( *.A(0%*.) *.8'%2/-*+

(45+'%*/.j @1 3(/3-( 1((- %2(> +'. )(% %2( 0'9( %>3( /1 J0*%(? D'0(4L 3'&(.%? *.A/-A(4

(45+'%*/. *. ' 82'&%(& $+2//- '0 %2(> +'. *. ' 8'%2/-*+ 0+2//-C D5% *% :50% 4/(0 ./% 2'A( &(-*)*/.

'.4 *% *0 %5*%*/. 1&((C =2'% =*-- %2(> 4/j @ %2*.; %2( '.0=(& *0 /DA*/506 ('& *. /5&

2*0%/&> =2(. %2(&( '&( 9/&( +2*-4&(. (.&/--(4 *. 82'&%(& $+2//-0 '+&/00 %2( +/5.%&> %2'. %2(&(

'&( *. 8'%2/-*+ 0+2//-06 #.4 %2*0 >('& %2(&( =*-- D( ' .59D(& /1 82'&%(& $+2//-0 *.%&/45+(4 *.%/

K'02*.)%/.6

$/ >(0 ???? )&/=*.) /5& (.4/=9(.%0 '&( *93/&%'.%6 K( 2'A( %/ +/.A*.+( 3(/3-( %/ =&*%( %2(9

*.%/ %2(*& =*--06 5S QDOS FK VCIFS FQSX IPFK KWC VILLJG K( 02/5-4 9';( *% ;./=. %2'% =2(. =(

4*( =( ='.% %2( 0+2//- 3-'+(4 *. /5& '../5.+(9(.% '0 ' +'50( &'%2(& %2'. )*1%0 /1 1-/=(&06


18/44

!b

#0 @ -('A( %2( *.+/9( 3/&%*/. /1 %2*0 3'3(& @ ='.% %/ *.4*+'%( %2'% *4('--> ' 0+2//- 02/5-4 2'A(

iGl /1 %2(*& *.+/9( +/9( 1&/9 %5*%*/. '.4 1((0C FGl +/9( 1&/9 4(A(-/39(.% =/&; '.4 !Gl

+/9( 1&/9 (.4/=9(.% ('&.*.)06 NU3(.0(0 %2(. +/5-4 9*&&/& %2*0 *. %2'% iGl =/5-4 D( 1/& %/%'-

+/93(.0'%*/.C FGl =/5-4 D( 3&/)&'90 '.4 !Gl =/5-4 D( D5*-4*.)0 '.4 )&/5.406 9/&( 9/.(> 1/& %2( 0+2//-C =( 950% 9';( 05D0%'.%*'- +5%0

*. %2( 0+2//-6 # )&/53 D(*.) 0(&A(4 +'../% 4(9'.4 %/ ;((3 %2( 0(&A*+(0 %2(> '&( &(+(*A*.) =2(. %2(>

'&( ./% 'D-( %/ 3'> 1/& %2(9 ???? d5.-(00 >/5 '&( %2( 1(4(&'- )/A(&.9(.%e6 #.4 =( '&( ./% %2( 1(4(&'-

)/A(&.9(.%6 1/& %2(96

,(/3-( +'. /11(& *.35% /. %2(0( 3/%(.%*'- d'.4 @ 0%&(00 %2( =/&4 3/%(.%*'-e +5%0 D5% @C '0 %2( 82*(1

#49*.*0%&'%/&C *. +/.05-%'%*/. =*%2 %2( V*+( ,&*.+*3'-0C '.4 -*0%(.*.) %/ %2( ,'&(.% P11*+(&0 ???? =*-- 9';(

%2( 4(+*0*/.6

,&(0(.%-> =( (U3(.0( /A(& [HGGCGGG >('&-> 1/& %2( (.&*+29(.%0 /& (U%&'0 '% %2( 0+2//-6 #.4

%2( &('-*%> *0 %2'% %2(0( (U3(.0(0 %';( '='> 1&/9 %2( *.0%*%5%*/.70 'D*-*%> %/ *.+&('0( 0'-'&*(0 1/& %2( &(0%

/1 %2( 0%'116 3'> 1/& %2(0(C =2*+2 9('.0 =( '&( 'D-( %/ %';( +'&( /1 /5& 4(1*+*% d =2*+2 @ 0(( '0 %2( .59D(&

%2( 3'&*02 950% 3'> D(>/.4 %2( D54)(%(4 05D0*4>eC @ 0(( %2( +5%0 %';*.) 3-'+( *. %2( 1/--/=*.) /&4(&C

&('-*Z*.) %2'% 95+2 /1 =2'% *0 D(*.) +5% =/5-4 D( %2( &(03/.0*D*-*%> /1 %2( +-'00&//9 %('+2(&6

!QKPIMJ

-SMKP\ .CD\S &LDJJCKKX ,I\J

2ICJF [CD\S MLDJJCKKX DI\J

jIP\SC[DCFSP MLDJJCKKX DI\J

-!,1/-3

_WJIM

,CF

"SD\IP[ -RSMIDLIJF


19/44


20/44

FG

'+%5'- 0'-'&> %2(> =*-- 2'A( ' JW&'.41'%2(& $%*3(.4L6 #.4 *. ./ ='> 02/5-4 %2( 0'-'&> /1 %2( %('+2*.)

0%'11 D( -*.;(4 %/ %2( 0'-'&*(0 /1 3'&*02 0%'116 2'A( %=/ 4*11(&(.% +/93(%*%*A( (.A*&/.9(.%0 *.

=2*+2 %2(> (U*0%6

3( /1 ' 0+'-( *0 95+2 ('0*(& %/ D54)(% =*%2C '.4 *% '--/=0C 3/%(.%*'--> %2( D5*-4*.) 53 /1

15.40 =2*+2 +'. D( 4*0%&*D5%(4 %/ %2( 0%'11 /.+( ' >('& /. (*%2(& '. (Y5'- D'0*0 /& ' 3(&1/&9'.+( D'0*06

T*.'--> /. %2( *005( /1 $'-'&*(0 ????? *% *0 *93/&%'.% %/ &('-*Z( %2'% (A(&> 0533/&% 0%'11 9(9D(& %2'%

*0 '44(4 /. ????? 3/%(.%*'--> %';(0 '='> 1&/9 =2'% +'. D( 4*0%&*D5%(4 *. %2( 1/&9 /1 0'-'&>6 $+2//-6 @% =/5-4 2'A( %/ D( 32'0(4 *. /A(& %*9(C D5% @ %2*.; *% =/5-4 D( =*0( '.4 =/5-4

2(-3 %/ &(%'*. 0%'11 /A(& %2( -/.) %(&96 $//.C @ D(-*(A( =*%2*. %2( .(U% %2&(( /1 1/5& >('&0C %2(&( =*-- D(

9'00*A( &(%*&(9(.%0 1&/9 %2( 35D-*+ 0+2//- 0>0%(96 _'.> %('+2(&0 '&( *. 9> ')( &'.)(6 $/9( 2'4

*.%(.4(4 %/ &(%*&( D5% D(+'50( /1 %2(*& 3/&%1/-*/0 %2(> 4(+*4(4 %/ &(9'*. 1/& ' 1(= (U%&' >('&06 0%(96 &('0/.0

/5& +/93(.0'%*/. 3'+;')( 950% D( *.+&('0(46

&@""/&@0@_

85&&*+5-590 950% D( 534'%(4 '% 0+2//-0 /. ' &()5-'& '.4 3-'..(4 /5% D'0*06 B5% *% 4/(0 ./

)//4C '.4 *% +'. D( Y5*%( 1&50%&'%*.) %/ 2'A( ' 0%'11 0%54> ' 05D:(+% '&('C *.A(0%*.) ' )&('% 4('- /1 %*9(

'.4 (.(&)> C (U+*%*.) '.4 *.A*)/&'%*.) ' )&/53 /1 %('+2(&0 /A(& %2(*& 4*0+/A(&*(0 '.4 &(+/99(.4'%*/.0C

/.-> %/ &('-*Z( %2(&( *0 ./ 9/.(> %/ 9';( %2( 4(0*&(4 35&+2'0(6

@4('-->C ' 0+2//- 02/5-4 D( +/.0*4(&*.) '&/5.4 [!GG 3(& 0%54(.% *. %2( '4/3%*/. /1 ' .(=

3&/)&'96 ('& D(1/&( '.4 %2( >('& /1 '. '4/3%*/.6 &('--> 2'A( D((.C (03(+*'--> =2(. %2( %5*%*/. 4/(0 ./%

'+%5'--> +/A(& %2( 0'-'&*(0 '.4 %2( D(.(1*%06 @4('-->C %2*0 =/5-4 '-='>0 D( 3'&% /1 %2( #..5'- T5.4 O&*A(

'.4 %2( 9/.(> =/5-4 D( &'*0(4 /.( >('& '2('4 /1 %2( 35&+2'0(6

*0 ' )&/=*.) '&(' /1 *93/&%'.+( *. (45+'%*/.6 @% *0 '-0/ ' )&/=*.) '&(' /1 (U3(.0(6

_'+2*.(0 ')( *. %(&90 /1 =('&C D5% %2(> '-0/ ')( D(+'50( D50*.(00 35&3/0(15--> 9';(0 D(%%(& '.4

D(%%(& 3&/)&'90 %2'% .((4 .(=(& '.4 .(=(& 9'+2*.(06 2'0 D(+/9( D/%2 ' 05D:(+% %'5)2%

'3'&% 1&/9 /%2(&0C D5% '-0/ /.( %2'% *0 9/&( '.4 9/&( *.%()&'%(4 *.%/ (A(&>%2*.)6 K( 2'A( /A(& !GG+/935%(&0 ./= '% %2( 0+2//-6 P5& 1'D5-/50 +/935%(& %('+2(& +'../% D( (U3(+%(4 %/ %('+2 '.4 %/

0(&A*+( '-- %2( 9'+2*.(06 K( +'../% 4(3(.4 ????? 1/&(A(& ???? 53/. ' =/.4(&15- 4(4*+'%(4 A/-5.%((& %/

4/ /5& K(D 0*%(6 K( .((4 ' 3(&0/. /. 0%'11 +/93-(%(-> 4(4*+'%(4 %/ %2( /A(&0*)2% '.4 &(3'*& /1 /5&

0>0%(9C '.4 /5& %(+2./-/)> 3&/45+%06 #.4 =( .((4 0/9(/.( %/ D( /. %/3 /1 *.1/&9'%*/. '.4

3&/9/%*/.'- '+%*A*%> %2&5 T'+(D//;C /%2(& 0>0%(90 /1 =2*+2 @ .(*%2(& ;./= %2(


21/44

F!

.'9(0 ./& 5.4(&0%'.4 %2( 3&/+(006 B5% @ 4/ ;./= *% *0 '. '&(' %2'% *0 (U3/.(.%*'--> )&/=*.) *. *%0

*93/&%'.+( 1/& %2( 05++(00 /1 '.> *.0%*%5%*/.6

@% *0 '-0/ %*9( 1/& %2( 0+2//- %/ 4(A(-/3 '. (U%&(9(-> 4(%'*-(4 %(+2./-/)> 3-'.6 K( 0(.% ' 1(=

0%'11 %/ '. @ ,'4 3&/)&'9 *. 82*+')/ %2*0 0599(& '.4 %2(> 2'A( +/9( D'+; (U+*%(4 'D/5% %2( 50( /1 %2( @

,'4 *. %2( +-'00&//96 _> 3&(0(.% %2*.;*.) *0 %/ 50( 0/9( /1 %2( 9/.(> =( 2'A( 1/& %(+2./-/)> 1/& %2(35&+2'0( /1 ' 0(% 1/& %2( %2*&4 )&'4( 0%54(.%06 4*11(&(.% -(A(-0 0*95-%'.(/50->6 #D*-*%> -(A(-0 +'. D( '44&(00(4 '.4 0%54(.%0 +'. D( +2'--(.)(4

'% %2(*& '33&/3&*'%( -(A(-06 @ =/5-4 -*;( %/ 0(( @ ,'40 '44(4 /. *. )&'4(0 \?b6 2'A( -('&.(4 *0 ' ='0%( /1 %*9( '.4 9/.(>6 #

.(= )&'4( -(A(- =/5-4 D( '44(4 ('+2 >('&6 O(A(-/39(.% '+%*A*%> =/5-4 2'A( %/ %';( +'&( /1 %2(

15.4*.)6

,&(0(.%-> =( 2'A( %=/ &('4*.) 03(+*'-*0%0C ' 9'%2 03(+*'-*0%C '.4 32/.*+0 03(+*'-*0%06 @ %2*.; %2*0

*0 ' )//4 1/5.4'%*/. 1/& ' %&5( /&)'.*Z(4 -('&.*.) &(0/5&+( 3&/)&'96

+//&4*.'%( %2( 3&/)&(00C '00*0%'.+(C '.4 3-'.0 1/& D/%2 2*)2 (.4 '.4 -/= (.4 0%54(.%06 K( =/5-4

3&/D'D-> 2'A( %/ *.+&('0( %2( 0%'11*.) D> /.( 3(&0/. =2/ &('--> 03(+*'-*Z(0 *. %2*0 '&(' '.4 0%*3(.4 /.(

/1 %2( *.4*A*45'-0 =( 3&(0(.%-> 2'A( %/ +//&4*.'%( ' 0%54> /. %2*0 '.4 4(A(-/3 ' 3-'.6

"SMKXXSP\DFIKP^ 2#@"'%%1

3ICS D FSMQPKLK[Y JRSMIDLIJF EKC FQS )*6;8)*6< DMD\SXIM YSDCG

%JFIXDFS\ &KJF EKC JDLDCISJ DP\ ZSPSEIFJ f '.4 35&+2'0(6 M/0'&> ='0 &('4> %/ '+% /. *%0 -'.)5')( '&%0 3&/)&'9 =2(. *.%(&(0% '.4 (.(&)> ='0

0544(.-> &(4*&(+%(4 %/='&40 %2( 9'%2 3&/)&'96 @ %2(&(1/&( 0(( %2( 1/--/=*.) '0 %2( .(= +5&&*+5-59

+>+-(6

)*678)*69 IXRLSXSPFA IP8JSCOIMSA DP\ SODLWDFS XDFQ

JFW\Y DP\ CSMKXXSP\ LDP[WD[S DCFJ\SOSLKR D FSMQPKLK[Y RLDP

)*698)*6: IXRLSXSPFA SODLWDFS DP\ IP8JSCOIMS LDP[WD[S DCFJ MWCCIMWLWX

D\KRF D FSMQPKLK[Y RLDP

JFW\Y JKMIDL JFW\ISJ

JFW\Y KWC DMD\SXIM CSJKWCMS RCK[CDX DP\ \SJI[P D LSDCPIP[ CSJKWCMS RCK[CDX DP\ D

RLDP FK DMQISOS IF


22/44

FF

)*6:8)*6; IXRLSXSPFA SODLWDFS DP\ IP8JSCOIMS JKMIDL JFW\ISJ

JFW\Y D CKZKFIMJ RCK[CDX

DRRCKOS D EIOS YSDC FSMQPKLK[Y RLDP DP\ ZW\[SF DRRCKOS D RLDP EKC D LSDCPIP[

CSJKWCMS RCK[CDX

JFW\Y DP\ CSMKXXSP\ D CSLI[IKP MWCCIMWLWX

)*6;8)*6< IXRLSXSPFA SODLWDFS DP\ IP8JSCOIMS FSMQPKLK[Y RLDP

IXRLSXSPF DP\ IP8JSCOIMS CSLI[IKP MWCCIMWLWX

IPFCK\WMS D CKZKFIMJ MWCCIMWLWX IPFK FQS JMQKKL

JFW\Y DP\ CSMKXXSP\ SPCIMQXSPFJ aXWJIMA -RDPIJQA "SD\IP[A !G%Gb

)*6 / DX QKL\IP[ JRDMS QSCS EKC FQS DMMCS\IFDFIKP JFW\Y YSDC DP\ OIJIF YSDC

)*6>8)*)* / DX QKL\IP[ JRDMS QSCS EKC FQS DMMCS\IFDFIKP JFW\Y DP\ OIJIF YSDC

,B_/1/-'",'/#1

@ 2'A( /.-> +/99*%%(4 %/ /.( >('&6 #-%2/5)2 %2(&( 9'> D( 9'.>C =2/C '1%(& &('4*.) %2*0

JK2*%( ,'3(&L 9'> %2*.; %2'% /.( >('&C *0 /.( %// 9'.>h @ '9 *. ' 5.*Y5( 3/0*%*/. *. %2'% @ 2'A( D((.

&'%2(& '+%*A( *. %2( #&+24*/+(0'. 0>0%(9 1/& EF >('&06 $/ @ 2'A( 2'4 %2( 3&*A*-()( %/ ;./=C '.4 =/&;

=*%2 9'.> /1 %2( 3'0% 3&*.+*3'-0 /1 I/-> M/0'&>6 1&'.;

+/.A(&0'%*/.06 @ 2'A( ;./=.C '.4 +/5.% '0 9> 1&*(.40 _*+2'(- 8'.%5C M'.4> ,(%(&0C k&*0 B&/=.C $2(*-'

$5%2(&-'.4C '.4 $*0%(& #.. ,*Z(--/ $SQ_6 @ 2'A( '-0/ ;./=. ' .59D(& /1 %2( ,'0%/&06

$/ @ 2'A( 0/9( /D0(&A'%*/.0 '.4 /3*.*/.0 (A(. %2/5)2 @ '9 .(= %/ %2( 0+(.(6 I/-> M/0'&>

&(9'*.0 '. (U+(--(.% 0+2//- 4(03*%( '49*.*0%&'%*A( %5&./A(&6 $+2//-6 2'A( 4/.( '. (U+(--(.% :/D6 =(-- /. %2(*& %(0%0 '.4 %2(*&

'+'4(9*+ =/&;6 W&'45'%(0 1&/9 %2( 0+2//- '&( 2*)2-> 4(0*&(4 D> %2( 2*)2 0+2//-06 +/9( =*%2

-('4(&02*3 0;*--0C ' =/&; (%2*+ '.4 ' D'.; /1 ;./=-(4)( '33&/3&*'%( 1/& %2(*& +/.%*.5*.) (45+'%*/.6 6 '&( A(&> 95+2 *.A/-A(4 =*%2 %2(

95-%*%54( /1 '+%*A*%*(0 '00/+*'%(4 =*%2 %2( 0+2//-6

# +2'--(.)( 2/=(A(& +'. D( 1/5.4 *. %2( 3'&*02 '%%(93% %/ 0(&A( %2( D50*.(00 '.4

'49*.*0%&'%*A( /A(&0*)2% /1 %2( 0+2//-6 # +(&%'*. '9/5.% /1 5.*.%(.4(4 +/.150*/.C 5.4(&0%'.4'D-(

9*0+/995.*+'%*/.C '.4 9*05.4(&0%//4 4(+*0*/.? 9';*.) 3&/+(00(0 0((9 %/ %';( 3-'+(6 #.4 %2'% *0

5.4(&0%'.4'D-( =2(. ' 09'--(& *.0%*%5%*/. '%%(93%0 %/ 0(&A*+( %2( 9':/& '49*.*0%&'%*A( .((40 /1 '

-'&)(& *.0%*%5%*/.6 @% +'. '-0/ 1/&9 '+'4(9*+ '49*.*0%&'%/&0 =2/ 5.*.%(.%*/.'--> 4*0(.)')( 1&/9 0/9(

1*.'.+*'- '.4 )/A(&.*.) %'0;0 %2'% %2(> 02/5-4 1((- +/93-(%( &(03/.0*D*-*%> 1/&6 @ &(1(& %/ /A(&'--


23/44


24/44

FE

'QS JMQKKL VILL QICS IFJ KVP JSMCSFDCY FK MKLLSMF DLL CSMSIODZLSJ DP\ VCIFS MQSMNJ EKC DLL RDYDZLSJ \WCIP[

FQS )*6;8)*6< DMD\SXIM YSDCG a'3/- _,4 ?% ,22#"B%B 5/'3 #@" !"%-%1' -'"@&'@"%b

"SMKXXSP\DFIKP^ %/.3'%%1

'QS ELKV MQDCF KP FQS PS`F RD[S VILL ZS IPJFIFWFS\ IXXS\IDFSLYG

,#$


25/44

F\

"SMKXXSP\DFIKP 1/1%'%%1

'QS JMQKKL VILL QICS D EWLL8FIXS MKWPJSLKC IP FQS )*6:8)*6; DMD\SXIM YSDCG

!DYXSPF !LDP 88888 FQSCS VKWL\ ZS D )k IPMCSDJS IP FWIFIKP KOSC FQS RCSJSPF RCKdSMFS\ IPMCSDJSG

&('--> ;./= =2'% *% .((40j

O*11(&(.% 3(/3-( 9'> ;./= =2'% %2(> ='.%C '.4 %2(> 9'> ./% ')&((C D5% =2/ ;./=0 =2'% *0 .((4(4j

#. /&)'.*Z'%*/. .((40 4*11(&(.% %>3(0 /1 -('4(&02*3 '% 4*11(&(.% 3/*.%0 *. *%0 2*0%/&>6

@ 3(&0/.'--> D(-*(A( %2'% 0/9(/.( =2/ 2'0 ' -/)*+'- '.4 3&')9'%*+ D50*.(00 9*.4C 0/9(/.(

=2/ +'. +&('%( ' 0%&5+%5&( =2(&( 4(+*0*/.0 +'. D( 5.4(&0%//4C 3&/+(00(4 '.4 +-('&-> +/995.*+'%(4C

0/9(/.( =2/ +'. /&'--> +/995.*+'%( %/ )&/530 '.4 *.4*A*45'-0 *. ' ='> %2'% (.+/5&')(0 '.4 *.03*&(0C

'.4 +'. 4/ %2( 0'9( *. ' =&*%%(. 1/&9'% ?????? *0 =2'% >/5 '&( -//;*.) 1/&6 *0 ?????? 2'A( D((. 4/*.) %2( &(0%C '.4 95+2 95+2 9/&(6

@ %/-4 %2( ,'0%/& @ ='0 /.-> 'A'*-'D-( 1/& /.( >('&C '.4 @ %/-4 2*9 %2'%C '% '.> %*9(C 2( +/5-4 '0;

1/& 9> &(0*).'%*/. '.4 @ =/5-4 )*A( *% %/ 2*96 @1 0/9(/.( *0 1/5.4 %2'% *0 D(%%(& @ =*-- 0%(3 '0*4(6 C 0/9(%2*.) %2'% @ +'../% D( *.A/-A(4 *.6

@% 9'> D( %2/5)2 ????? '.4 @ &('--> 0%&(00 %2( =/&4 _#fC %2'% @ 9*)2% 0%'> /. 1/& '. '44*%*/.'-

>('& /& %=/6 T/& %2'% %/ %';( 3-'+( @ ???? '.4 >/5 ???? =/5-4 2'A( %/ 0(( 9( '0 D(*.) (11(+%*A(6 *1 9> *4('0 '&( ./% (9D&'+(46 '&( '-- '4/3%(4 (U'+%-> '0 %2(> '&( 0%'%(4C D5% '% -('0% %2( )(.(&'- %2*.;*.) 02/5-4 D(

'++(3%(46 # 4>.'9*+ 4*0+500*/. 950% %';( 3-'+(6 950% ='.% %/ &('-*0%*+'--> '%%(93% %/

A*05'-*Z( %2( 15%5&( '.4 3-'. 1/& *% &('-*Z*.) %2'% *% *0 %2(*& 0'+&(4 &(03/.0*D*-*%> %/ 3-'. '.4 D5*-4 1/& '

15%5&( %2'% )/(0 =(-- D(>/.4 %2(*& .((406 1((-*.)0 '&( ./% 25&%m @ '9 ./% *.05-%(4m @ '9 ./% 4(3&(00(4m '.4 .(*%2(& 9> +'&((& ./& 9>

1*.'.+*'- .((40 '&( 4'9')(4 *. '.> ='> *1 *% *0 4(+*4(4 %2'% .(*%2(& @C 9> *4('0C ./& 9> '33&/'+2 '&(

='.%(46 '+%5'--> &'%2(& 03*&*%5'--> '.4 30>+2/-/)*+'-->

*.A*)/&'%*.) '.4 1&((*.)6

P1 +/5&0(C '-- %2'% D(*.) 0'*4 ??????9> 2('-%2 950% D( 'D-( %/ %';( =2'% -*(0 '2('4h


26/44

F]

(8390 +3:5 .0$ ;' '0$ $"&+EF@GH IJEKHJIF

I/-> M/0'&> *0 ' 8'%2/-*+ 0+2//-C D5% *% *0 '-0/ ' D50*.(00 ???? ' 8'%2/-*+ D50*.(006 @% 950% D( &5.

&(03/.0*D-> '.4 :54*+*/50->6 R/.) %(&9 %2/5)2% '.4 3-'..*.) 950% %';( 3-'+( 1/& %2( 0';( /1 /5&

(U*0%(.+(C %2( Y5'-*%> /1 /5& =/&;C %2( 0'1(%> /1 %2/0( =2/ (.%(& /5& D5*-4*.)0 '.4 %2( :50%*+( *. /5&

'+%*/.06 *0 ./%C

2/=(A(&C 050%'*.'D-(6

#% %2( 3&(0(.% %*9( %2( $+2//- (.:/>0 ' A(&> )(.(&/50 05D0*4> 1&/9 %2( 3'&*026 # +2'.)( *.

,'0%/& +/5-4 -*%(&'--> 0(( %2'% +2'.)( /A(&.*)2%6 #.4 0544(. 1*.'.+*'- +2'.)(0 +'. 2'A( 4*0'0%&/50

*93'+%0 /. ' 0+2//-6 #.4 =2(. d@ 4/ ./% 0'> *1C D(+'50( /5& 05&A*A'- 4(9'.40 *%70 '++/93-*029(.%e %2(

0+2//- 4/(0 9';( ' 1*.'.+*'- %5&. '&/5.4 '.4 )(.(&'%(0 3/0*%*A( +'02 D'-'.+(0C *% 950% 50( ' 3/&%*/. /1

%2/0( 15.40 ('+2 >('& %/ 3'> D'+; =2'% *% /=(0 %2( 3'&*02 1&/9 %2( 9'.> >('&0 =2(. %2( 3'&*02 )'A(

95+2 -'&)(& 05D0*4*(0 %2'. =(&( D54)(%(4 D(+'50( /1 0+2//- *.+/9( 02/&%1'--06 #.4 *. 0/ 4/*.) *%

3-'+(4 )&('% 0%&(00 /. *%0 /=. 1*.'.+*'- 0%&5+%5&(6

"SMKXXSP\DFIKP^ '5%1'4

('&-> *.+/9( /A(& (U3(.0( ('&.*.)0 5.%*- *% 3'>0 /11 ' 4(D% /1

[FGGCGGG6 M(0%&*+%(4 4/.'%*/.0 =/5-4 ./% D( 3'&% /1 %2( \Gl %2'% )/(0 D'+; %/ %2( 0+2//-6 dP5&

'++/5.% +/5-4 3&/A*4( ' %2/&/5)2 1*.'.+*'- &(A(-'%*/. /. %2*06e

# 0%&'%()*+ 3-'. %2'% *0 5.4(& +/.0%&5+%*/. D> %2( #&+24*/+(0'. $+2//-0 P11*+( *0 05))(0%*.) %2(

3/00*D*-*%> /1 ' %&5( 0+2//- 0>0%(9C 1/& %2/0( =2/ 4(0*&( *%C &'%2(& %2'. %2( 3&(0(.% J0>0%(9 /1 0+2//-0L

=( 2'A(6 /1 ' +/99/. 0%&5+%5&( %2'% *0 9/&( +-/0(->

+/..(+%(4 %/ %2( #&+24*/+(0( '.4 %2( #&+2D*02/36 P.( /1 %2( D'0*+ *4('0 D(2*.4 %2*0 *0 %2( (U3(&%*0(

'.4 JD(0% 3&'+%*+(0L /1 ' 0>0%(9 =*%2 (U3(&*(.+( '.4 (U3(&%*0(6 =/&%2 /5&

+/.0*4(&'%*/.6

+2'.)(4 /A(& %2( -'0% %=(.%> >('&06

45( %/ *.+&('0*.) %5*%*/.0C 3'&%-> %/ 4/ =*%2 %2( 1'+% %2'% &(-*)*/50 /&4(&0 '.4 +/995.*%*(0

'&( ./ -/.)(& &5..*.) %2( 0+2//-0C 3'&%-> %/ 4/ =*%2 %2( 1'+% %2'% 9/0% 2/9(0 '&( (*%2(& 45'- *.+/9(0 /&

0*.)-( 3'&(.%0 %2(&(1/&( )(.(&'%*.) ' D*% /1 ' 30>+2/-/)*+'- 3&(005&( 1/& 3'&(.%0 %/ D( 9/&( *.1/&9(46

#.4 %2*0 '-- -('40 %/ %2( ')( /1 +/.059(&*096 ,'&(.%0 %&5-> '&( +/.059(&06 #9(&*+'.6 @% *0

./% .(+(00'&*-> A(&> J8'%2/-*+ 825&+2LC D5% 2(&( *0 >(% './%2(& '&(' =2(&( %2( 825&+2 9'> 2'A( %/ +'%+2


27/44


28/44


29/44

Fc

"%.%-'",'/#1 2%% 888 1#1 "%2@1B,?0% aMQDP[S\ #MFKZSC 69 )*67b

69+6: 6:+6; 6;+6< 6 6>+)*

'%&31#0#.4 2%% * >* 6**

2/%0B '"/! 2%%c 9* 9* 9* 9* 9: 9:

"##_ !,"%1' 2%% 6: 6: 6: 6: )* )*

,@&'/#1 !"#$%&' 6: 6: 6: )* ): ):

'%g'?##j 2%% ): 7* 7* 9* 9* :*

"%.%-'",'/#1 !"#& :: ;: ;: ;: ;: ;:

'#',0 )): )9: ):* )+)*

'QCSS DP\ 2KWC

4SDC #L\J 7 \DYJ 7*:7 7)** 79** 7::* 7;** :6** :7:*

"SMKXXSP\DFIKP^ -/g a&QDP[S\ #MFKZSC 67A )*67b

-FDCFIP[ VIFQ FQS YSDC )*)68)*)) DLL JWZJI\ISJ ECKX FQS RDCIJQ VILL ZS WJS\ DJ EIPDPMIDL DI\ FK

RDCIJQIKPSCJ IP PSS\G

U#'% "%-@0'-888888

!DCIJQ -FDEE 8888888888888888888888888888888888888888888888YSJ a#MFKZSC )*67b

-MQKKL -FDEE 888888888888888888888888888888888888888888888YSJ a#MFKZSC )*67b

!DCSPF &LWZ 8888888888888888888888888888888888888888888881Ka#MFKZSC )*67b

!CIPMIRDLJ ,\OIJKCY 2IPDPMS &KXXIFFSS 88888888YSJ a#MFKZSC )*67b

"%__%1B,'/#1^ -%U%1


30/44

HG

!QDJS KWF \IEESCSPF FWIFIKP JFCWMFWCSJG 3DOS KPS FWIFIKP JFCWMFWCS EKC FQS JMQKKL VQSFQSC

RSKRLS DCS IP8 !DCIJQ KC #WF8KE8 !DCIJQ 8888 &DFQKLIM KC 1KP8 &DFQKLIM

"SMKXXSP\DFIKP^ %/.3'

'QS JWZJI\Y EKC )*678)*69 VILL ZS f)>*A***

'QS JWZJI\Y EKC )*698)*6: VILL ZS f)=*A***

'QS JWZJI\Y EKC )*6:8)*6; VILL ZS f)8)*)* VILL ZS f)


31/44

H!

"#$ % '()*+ %,-%. / '012$ %.-%3 , '012$ %3-%4 . '()*+ %4-%5 3 '()*+ %5-%6 4 '()*+ %6-%7

8$19:

;9$10? 37BCCC 4CBCCC 37B5.C 4CB.5% 4%B%7, 4%B7C, %7 /C

" 4%BCCC 4/BCCC 4%B6CC 4%B3,/ 4/B/63 4,BC/6 /C /%

K 4/B3CC 4.BCCC 4,B64C 4,B43. 4,B,56 4.B%3. /% //

L 4/B53C 4.BCCC 43B7/C 43B554 43B34. 43B/6C // /,

A 4,B/3C 4.B3CC 43B7/C 45B676 45B5.7 45B3,% /, /.

8 4,B53C 4.B53C 44B.,3 45B676 47B7,3 47B56/ /. /3

M 4.BCCC 43BCCC 44B47, 46B./6 47B7,3 5/BC,, /3 /4

11 4.B/3C 43B/3C 44B73C 46B47, 5CB.6% 5/BC,, /4 /5

DD 43BCCC 43B3CC 45B/C6 46B737 5CB53. 5/B373 /5 /6

00 43B/3C 43B53C 45B.43 47B//. 5%BC/5 5/B655 /6 /7

EE 43B3CC 44BCCC 45B5/, 47B.67 5%B,CC 5,B%36 /7 ,C

$$ 43B53C 44B/3C 45B76C 47B53. 5%B35. 5,B.,7 ,C ,%

FF 44BCCC 44B3CC 46B/,6 5CBC%7 5%B6.5 5,B5/% ,% ,/

@@ 44B/3C 44B53C 46B.73 5CB/63 5/B%/C 5.BCC/ ,/ ,,?? 44B3CC 45B53C 46B53, 5CB33C 5/B,7, 5.B/6. ,, ,.

< 45BCCC 45B/3C 47B56, 5CB6%3 5/B444 5.B343 ,. ,3

G 45B3CC 46BCCC 47B/46 5%B654 5/B7.C 5.B6.4 ,3 ,4

9$0=II$#E$E


32/44


33/44


34/44


35/44


36/44


37/44


38/44

Hb

/"_,'/#1 #2 !,"/-3 _%_?%"-3/! 2#" )*698)*6:

,'&*026 '%%(.40 $5.4'> 9'00

I'0 ' 0%(='&402*3 3-(4)( /. 1*-( '.4 *0 9';*.) &()5-'& 3'>9(.%0

!,-'#" #" !,"/-3 ,B_/1/-'",'#"^

$@WS@


39/44


40/44

EG

2"/B,4 #&' 6='3

-&3##0 2/1,1&% U#'% #1 "%__%1B,'/#1- 6A;A=A>A6*A66

1#U%_?%" A6*A66

'@%-B,4 1#U 6>'3

!,"%1'- B/-&@-- "%__%1B,'/#1- )A7A:

!,"%1' &0@? #22/U%"- U#'% #1 )A7A:

5%B1%-B,4 $,1 6:'3

!,"%1'- B/-&@-- "%__%1B,'/#1- 9A


41/44


42/44

EF

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

"#$%&' ()%& !""# !""$ !""% !""& !""' !""( !"") !"*" !"** !"*! !"*# !"*$

*+,-../0+1 234 !"! !"# !$% !"& !'& !()

*+,-../0+1 5,02 #& #* #*

6-17. *+,-../0+1 !"! !$% )%& )&* !$'

81799 #! #! #) !$ )%

:71;-.


43/44


44/44

hofbauer strategic plan 2013-10-15-whitepaperoct15

Documents