• No results found

Affärsrelationer på den svenska elmarknaden

N/A
N/A
Protected

Academic year: 2021

Share "Affärsrelationer på den svenska elmarknaden"

Copied!
98
0
0

Loading.... (view fulltext now)

Full text

(1)Mälardalen University Licentiate Thesis 279 Lennart Haglund AFFÄRSRELATIONER PÅ DEN SVENSKA ELMARKNADEN. ISBN 978-91-7485-430-5 ISSN 1651-9256. 2019. Address: P.O. Box 883, SE-721 23 Västerås. Sweden Address: P.O. Box 325, SE-631 05 Eskilstuna. Sweden E-mail: info@mdh.se Web: www.mdh.se. Affärsrelationer på den svenska elmarknaden Lennart Haglund.

(2)  

(3) 

(4)  

(5)  

(6)     .  

(7)     .   !. 

(8)  

(9)  ! "

(10) 

(11) ".

(12) #$

(13) "%. &"  '( )*(+*,+-', )(.,(,. 

(14)  /(3ULQW$% 6WRFNKROP 2 .

(15)

(16) . . .

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

(18) . (897')9. %DJ>;;7HBO I J>;;B;9JH?9?JOC7HA;J?D.M;:;DM7I:;H;=KB7J;:?D 7D;<<EHJJE9H;7J;9ECF;J?J?ED />;7?CM7IJE9H;7J;CEH;9ECF;J?J?ED M>?9>MEKB:9H;7J;CEH;9>E?9;I =H;7J;H<H;;:EC 7D:J>;H;8O8;JJ;H FH?9;I<EHKI;HI .?D9;J>;:;H;=KB7J?ED C7DOD;M9ECF7D?;II;BB?D= ;B;9JH?9?JO ;B;9JH?9?JO JH7:?D= 9ECF7D?;I >7L; 8;;D ;IJ78B?I>;: 7D: JE:7OIC7HA;J7BIEE<<;HI7B7H=;H7D=;E<I;HL?9;I %DJ>;?D:KIJH?7B C7HA;J9ECF7D?;I8KO;B;9JH?9?JOJE7B7H=;;NJ;DJ?DEH:;HJEC7?DJ7?D FHE:K9J?ED  7D: CK9> ADEMB;:=; 78EKJ J>; FH?9?D= ?I H;GK?H;:  EDI;GK;DJBO  J>; 9ECFB;N?JO E< J>; 8KI?D;II ;NJ;D:I 8;OED: J>; 9ECF;J?J?ED EL;H FH?9;  />?I J>;I?I ?I 87I;: ED 7 IKHL;O J>7J 9B;7HBO I>EMI;B;9JH?9?JOJH7:?D=J7A;IFB79;?DIJ78B;7D:BED= J;HC8KI?D;II H;B7J?EDI>?FI  />; IJ78?B?JO C7D?<;IJI ?JI;B< ?D J;HCI E< JHKIJ  9ECC?JC;DJ 7:7FJ7J?ED 7D:?DJ;H:;F;D:;D9;  />;?CFB?97J?EDJ>?I>7IEDJ>;.M;:?I>;B;9JH?9?JOC7HA;J?IJ>7JM>?B; 9ECF;J?J?ED EL;H FH?9; 97D 8; E< ?CFEHJ7D9;  EJ>;H <79JEHI 7H; ;L;D CEH; ?CFEHJ7DJ IK9> 7I JHKIJ ?D 7 F7HJD;H  7I ?D ]ADEM?D= M>7J ED; =;JI]  J>KI 9H;7J?D= IJHED= H;B7J?EDI>?FI 8;JM;;D ;B;9JH?9?JO JH7:?D= 9ECF7D?;I 7D: J>;?H 9KIJEC;HI  !L;D JE:7O M?J> D;7HBO B?C?JB;II ?D<EHC7J?ED 7L7?B78B; 7J EKH <?D=;H J?FI 7D: J>; 9B?C7J; E< 9EDIJ7DJ 9ECF7H?IED I>EFF?D= ?J ?I J>; IJH;D=J> E< J>; H;B7J?EDI>?F 8;JM;;D IKFFB?;HI7D:8KO;HIM>?9>:;J;HC?D;IJ>;JHK;B;L;BE<9ECF;J?J?ED   . L.

(19)

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

(21) .  . L??.

(22) . 44+.@228,A79+)14/4-.   %*(! *%*#   !BIECH;IKHIE9>?DI7JIL7H7   /?:?=7H;IJK:?;HE9><EHIAD?D=   D=H;FFIITJJ <EHIAD?D=I<HU=EHE9>IO<J;   "EHIAD?D=IFHE@;AJ;J    !BFHE:K9;DJ;H   !BDTJI<WH;J7=   !B7DLTD:7H;   !B>7D:;BI<WH;J7=   !B8WHI;D*EH:,EEB   .L;DIA7AH7<JDTJ   .J7J;DI;D;H=?COD:?=>;J!D;H=?COD:?=>;J;D   !D;H=?C7HAD7:I?DIF;AJ?ED;D    ;DIL;DIA7;BC7HAD7:;D[;DI7CC7D<7JJ7D:;AECC;DJ7H   ""Q-.-!(/%+*!-+$!(   !B7LJ7BE9>;D;H=?J@TDIJ;H    <<THIH;B7J?ED;H    ;=HTDI7:AEDJHEBBIEC=HKD:    "WHJHE;D:;E9>;B?7<<THIH;B7J?ED;H    !D=7=;C7D=E9>;B?7<<THIH;B7J?ED;H    DF7IID?D=E9>;B?7<<THIH;B7J?ED;H    SCI;I?:?=J8;HE;D:;E9>;B?7<<THIH;B7J?ED;H   <<THIDTJL;HAH;B7J?ED;HD7IAEFFB?D=7H     ;DIL;DIA7;BC7HAD7:;DI7AJWH;HIEC;JJH;B7J?EDIDTJL;HA   "EHIAD?D=ICE:;BB  . L???.

(23) .  )!/+    +F;H7J?ED7B?I;H?D=   0D:;HIWAD?D=IECHU:;E9>H;IFED:;DJ;H     17B7LH;IFED:;DJ=HKFF   0D:;HIWAD?D=E9>I7CF;B    ;IAH?LD?D=7L:;BJ7=7D:;<WH;J7=   .JK:?;DIH;B?78?B?J;JE9>L7B?:?J;J   *(3.1-!(/%+*!-*.'-'/Q-   =HKD:BT==7D:;<WHH;B7J?ED;HD7IA7H7AJTH    17B7LB;L;H7DJWH    ;JO:;BI;D7L;B<WHL;HAI7C>;J;D    LJ7B    %DAWF7LJ@TDIJ;H   0J8OJ;D    %D<EHC7J?EDIKJ8OJ;    ,;HIEDB?=AEDJ7AJ   ;J;;D:;JIL?AJ?=7;B;C;DJ    "WHJHE;D:;     !D=7=;C7D=    DF7IID?D=    SCI;I?:?=J8;HE;D:;    .KCC;H?D=E9>:?IAKII?ED   *(3.1,R1!-'*"-R** -)+/,-/!-   /H;:@;F7HJIFUL;HA7DFU<WHJHE;D:;   /H;:@;F7HJIFUL;HA7DFU;D=7=;C7D=   #;D;H;BBFUL;HA7D<HUDWLH?=7JH;:@;F7HJ;H    ?IAKII?EDE9>IKCC;H?D=7LFUL;HA7D<HUDJH;:@;F7HJ   .(0/./.!-+$"+-/.//"+-.'*%*#   -;IKBJ7J   .BKJI7JI;H     ,H7AJ?IA7?CFB?A7J?ED;H    "EHJI7JJ<EHIAD?D=  -!"!-!*.!-  . ?N.

(24) . /-:7,A79+)14/4-. "?=KH -;B7J?ED;HC;BB7D;BC7HAD7:;DI7AJWH;H  "?=KH 'EFFB7:;H;B7J?ED;H;DB?=JB7DA;D8KH=$EBC  "?=KH "EA7B7E9>AEFFB7:;H;B7J?ED;HFU;BC7HAD7:;D  "?=KH "EHIAD?D=ICE:;BB         . N.

(25) . $'(+22,A79+)14/4-. /78;BB ;IJWHIJ7;BFHE:K9;DJ;HD7?.L;H?=; FHE:KAJ?ED?.L;H?=;  E9> /2>  /78;BB DJ7BAKD:;H<WHBEA7BDTJI<WH;J7=   /78;BB "HU=EH<HUD;DATJ;DIEC7DLTDJI?IJK:?;D  /78;BB *TH?D=I=H;D7H.*%    /78;BB SL;HI?AJ7L7DJ7BC;:L;HA7D:;<WH;J7=?IJK:?;D  /78;BB );:L;HA7D:;<WH;J7=;<J;H7DJ7B;J7DIJTBB:7?  /78;BB );:L;HA7D:;<WH;J7=;<J;H.*% AE:7DJ7B

(26) FHE9;DJ  /78;BB 1?AJ?=7<7AJEH;H<WHL7B7L;B>7D:;BI8EB7=  /78;BB !B;DI8;JO:;BI;<WH?D:KIJH?<WH;J7=;DIL;HAI7C>;J   /78;BB *KL7H7D:;7LJ7BC;:;B>7D:;BI<WH;J7=  /78;BB %DAWF7L;B;D;H=?J@TDIJ;HKD:;H:;JI;D7IJ;UH;J  /78;BB %D<EHC7J?EDIKJ8OJ;C;:;B>7D:;BI8EB7=  /78;BB ,;HIEDB?=7AEDJ7AJ;HC;:;B>7D:;BI8EB7=;DKD:;H;JJUH /78;BB -;B7J?ED;DJ?BB;B>7D:;BI8EB7=;D[<WHJHE;D:;  /78;BB -;B7J?ED;DJ?BB;B>7D:;BI8EB7=;D[;D=7=;C7D=  /78;BB -;B7J?ED;DJ?BB;B>7D:;BI8EB7=;D[7DF7IID?D=  /78;BB  -;B7J?ED;DJ?BB;B>7D:;BI8EB7=;D[8;HE;D:;   /78;BB /H;:@;F7HJI7AJWH;HIFUL;HA7DFU<WHJHE;D:;JJ?BB ;B>7D:;BI8EB7=;D  N?.

(27) . /78;BB /H;:@;F7HJI7AJWH;HIFUL;HA7DFU;D=7=;C7D=;J?H;B7J?ED;D J?BB;B>7D:;BI8EB7=;D  /78;BB /H;:@;F7HJI7AJWH;H=;D;H;BB7FUL;HA7DFUH;B7J?ED;DJ?BB ;B>7D:;BI8EB7=;D  /78;BB SLH?=77AJWH;HIFUL;HA7DFUH;B7J?ED;DJ?BB ;B>7D:;BI8EB7=;D    . N??.

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

(30) 42+*4/4-. 7LH;=B;H7JIE9>:;JTHH?CB?=J7JJ7DJ77JJ;BKJ8OJI?7<<THIH;B7J?ED;HIEC B?AD7H 7D:H7 FU :;D ?D:KIJH?;BB7 C7HAD7:;D  IAKBB; :;D IF;9?;BB7 IJHKAJKH;D C;: WL;HL7AD?D= E9> CEDEFEB ? :?IJH?8KJ?EDIDTJ;J  I7CJ *EH: ,EEBI HEBB AKDD7 ?DD;8TH7 7JJ H;B7J?ED;HD7 C;BB7D AWF7H; E9> ITB@7H;7L;BFUL;HA7I !BC7HAD7:;D;<J;H7LH;=B;H?D=;DTH;DAECFB;N <WH;J;;BI; LTH:7JJIJK:;H7IL;J;DIA7FB?=J  LH;=B;H?D=;D 7L ;BC7HAD7:;D C;:<WH:; 7JJ >7D:;BD C;: ;B AEDAKHH;DIKJI7JJ;IL?BA;JAEC7JJ<WHTD:H7H;B7J?ED;DC;BB7D;BAWF7D:; <WH;J7=E9>;B>7D:;BI<WH;J7= SA7:L7B<H?>;JWFFD7:;KFFCW@B?=>;J;H <WH;B>7D:;BI<WH;J7=;D7JJ:?<<;H;DJ?;H7I?D7;H8@K:7D:;EC;B7LJ7BE9> EB?A7J?BBT==IJ@TDIJ;H<WH:;;BAWF7D:;<WH;J7=;D  !BFH?I;HD7<BKAJK;H7HWL;HUH;J;<J;HKJ8K:E9>;<J;H<HU=7DE9><WH:; ;BAWF7D:;<WH;J7=;DA7D;BAEIJD7:;HD7L7H78;JO:7D:; IF;9?;BBJ?DEC ;B?DJ;DI?L ?D:KIJH?  .JTD:?=J <WHTD:H7:; FH?I;H  ? AEC8?D7J?ED C;: ;BAWF7HD7I?DJH;II;7JJAWF7;BJ?BBBT=IJ7CW@B?=7FH?IE9>=7H7DJ?7JJ ;B;D :?IJH?8K;H7I KJ7D 7L8HEJJ  WFFD7H <WH AECFB;N?J;J ? H;B7J?ED;D C;BB7D;BAWF7D:;<WH;J7=E9>;B>7D:B7H;$7=BKD: 'EL7B7 (?D:>    .  28537+8:785)./48'98;'7' "WH;J7= 7DLTD:;H ;B;AJH?9?J;J <WH ;D CTD=: EB?A7 TD:7CUB ? I?D L;HAI7C>;J !BIECFHE:KAJTH;DA;BE9>IJ7D:7H:?I;H7: !BA7D?DJ; B7=H7I ? :?IJH?8KJ?EDIB;:;J KJ7D :;D FHE:K9;H7I E9> AEDIKC;H7I ? I7CC7 IJKD: 27D=;DIJ;;D     !B;D;H=? TH 7JJ 8;JH7AJ7 IEC ;D >ECE=;DFHE:KAJ :LI:;DA7DL7H7ILUH7JJ:?<<;H;DJ?;H7 L?BA;JTL;D =TBB;H <WH :?IJH?8KJ?ED;D 7L ;B L?7 ;BDTJI<WH;J7=;D '?HI9>;D     )W@B?=>;J;HD7J?BB:?<<;H;DJ?;H?D=B?==;H?IJTBB;J??DD;>UBB;J?:;;B7LJ7B IECIBKJIC;BB7DF7HJ;HD7=TBB7D:;L7B7L;D;H=?ATBB7 ;B7LJ7B;JIBTD=:  FH?IJ7H?<<;HE9>;HITJJD?D=7HL?:;B7L8HEJJE9>?:;<EHJI7JJ7AEDJ7AJ;HD7 KD:;H 7LJ7BIF;H?E:;D .7D:E<<    !B;D;H=?D TH 7BBJIU ?DJ; TH 8;HE;D:;7L7D:H7H;IKHI;HIEC7DLTD:I?FHE:KAJ?EDIFHE9;II;DE9> <WH;J7=;J IEC AWF;H ;B >7H CW@B?=>;J 7JJ <H?JJ LTB@7 L?BA;J ;B>7D:;BI<WH;J7=IEC7LJ7BIA7IBKJ7IC;: %:;JJ7<7BBTH:;JFH?I;JIEC IJOHL7B;J7L;B>7D:;BI<WH;J7=  TH;CEJ8WH:;J<?DD7IIA?BBD7:;HC;BB7D EB?A7 <WH;J7= IEC AWF;H ;B DTH :;J =TBB;H ;B;DI 8;JO:;BI; <WH L;HAI7C>;J;D  0H;JJ7DLTD:7HF;HIF;AJ?L;BB;HDOJJEF;HIF;AJ?LA7D;BI;IIEC;D AECFB;N FHE:KAJ ;<J;HIEC ;B;D >7H EB?A7 8;JO:;BI; E9> LTH:; <WH A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(31) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. ;BAWF7HD78;HE;D:;FUL7:;B;D7DLTD:IJ?BBI7CJ>KHCO9A;J;BIEC 7DLTD:I B7D:<WH;J7=IECAWF;H;BTH;B;DI7D:;B7L<WHT:B?D=ILTH:;J L7H?;H7D:;E9>:TH?=;DEC8WH;B;DIDOJJE<KDAJ?EDIA?B@7I?=UJC;BB7D EB?A7<WH;J7=IJOF;H  ;JJ78;JO:;H7JJ;BAWF7HD7>7HEB?A7H;B7J?ED;HJ?BB ;BIECH;IKHIE9>:THC;:TL;DEB?A7H;B7J?ED;HJ?BB;B>7D:;BI<WH;J7=;D  ;DD7IODFU;B;DIEC;DH;IKHI<WH<WH;J7=TH7DDEHBKD:7  U;B;D ITJJI?;JJI7CC7D>7D=E9>8B?H;DFHE:KAJ?LH;IKHI :LI 7DLTD:I?;JJ IF;9?<?AJ IO<J;  FUL;HA7I ?DD;>UBB;J ? 7<<THIH;B7J?ED;D ;<J;HIEC IO<J;J C;:;B7DLTD:D?D=;DL7H?;H7HE9>IOD;DFU;B;DIECAH?J?IAH;IKHITH EB?A7<WHEB?A7<WH;J7=  "WH>UBB7D:;J C;BB7D KJ8K: E9> ;<J;H<HU=7D 7L ;B WL;H UH;J =WH 7JJ FH?I;J<BKAJK;H7HWL;HUH;J IF;9?;BBJ<WH:;<WH;J7=IECAWF;H;BJ?BB;JJ HWHB?=JC7HAD7:IFH?I I A IFEJFH?I ,H?IL7H?7J?ED;HD7B;:;HJ?BBEITA;H>;J AH?D=L?BA;JJOF7L7LJ7BIEC=;HBT=IJ7FH?IL?BA;J=WH7<<THIH;B7J?ED;HD7 FU;BC7HAD7:;DAECFB;N7  .7CC7D<7JJD?D=IL?IA7DIT=7I7JJ;BIECKJ8OJIC;BB7D;B>7D:B7H; E9>;BAWF7D:;<WH;J7=A7D8;JH7AJ7IIEC;D>;J;HE=;DH;IKHI 8;HE;D:; FU:;IIIO<J;E9>7JJ:;DD7AWF E9>ITB@H;B7J?EDTHC;HAECFB?9;H7: TD7JJ:;IIW:;7L=WHI7LL?BA;DITB@7H;IEC<WHJ?BB<TBB;J>7H:;JBT=IJ7 FH?I;J .  $/*/-'7+89:*/+75).,57814/4- !B;AJH?9?J;JFHE:K9;H7I<HUD<WHDO87H7E9>?9A;<WHDO87H7;D;H=?ATBBEH  /?BB:;<WHDO87H7;D;H=?ATBBEHD7HTAD7I8B 7 L7JJ;DAH7<J IEB L?D:AH7<J I7CJ8?EC7II7 B7D::;?9A;<WHDO87H7;D;H=?ATBBEHD7<?DDIATHDAH7<J  =7I AEBE9>EB@7 %.L;H?=;IJUHL7JJ;DAH7<JE9>ATHDAH7<J<WH9?HA7  7L:;DJEJ7B7FHE:KAJ?ED;D7L;B !AEDEC?<7AJ7    !<J;H<HU=7DFU;BTHE;B7IJ?IA;<J;HIEC:;JAHTL;HIJEH7?DL;IJ;H?D=7H 7JJ 8OJ7 ;D;H=?ATBB7 TL;D EC :;JJ7 L7H?;H7H C;BB7D EB?A7 JOF;H 7L ?D:KIJH?AKD:;H 8;HE;D:; FU L;HAI7C>;J;DI ?DH?AJD?D= E9> >KH J ;N  KFFLTHCD?D=E9>:H?<J7LL;HAI7C>;J;D=UHJ?BB 1?:7H;A7DIT=7I7JJ AEDIKCJ?ED;D 7L ;B TH FH?I8;HE;D:; C;D FH?I;B7IJ?9?J;J;D TH CO9A;J EITA;H  !B7IJ?9?J;J;D TH >W=H; FU BUD= TD AEHJ I?AJ '?HI9>;D    27D=;DIJ;;D     !DB?=J ;D IAH?<J <HUD 'ED@KDAJKH?DIJ?JKJ;J >7H F7FF;HI  E9> C7II7?D:KIJH?DI ;<J;H<HU=7D FU ;B ;D BT=H; ;=;DFH?I;B7IJ?9?J;J C;:7D @THD  E9> IJUB?D:KIJH?D >7H ;D >W= ;=;DFH?I;B7IJ?9?J;J L?BA;J >7H 7JJ =WH7 C;: 8;=HTDI7:;. . +44'79'-2:4*.

(32) 42+*4/4-. IK8IJ?JKJ?EDICW@B?=>;J;H C;BB7D EB?A7 ?DI7JI<7AJEH;H <WH F7FF;HI  E9> C7II7?D:KIJH?D'ED@KDAJKH?DIJ?JKJ;J    ;J<?DDI;JJIJEHJ7DJ7BIJK:?;HIEC>7HKD:;HIWAJ;BC7HAD7:;DKH ;JJAEDAKHH;DIF;HIF;AJ?L !DIJK:?;L?I7H7JJ:;IJEH7;D;H=?8EB7=;D?DJ; A7D IT=7I >7 KJDOJJ@7J I?D C7HAD7:IC7AJ <WH 7JJ WA7 FH?I;HD7 E9> 7JJ AEDAKHH;DI;D <KD=;H7H LTB "H?:EB<IIED  /7D=;HUI     &KIJ FH?IC;A7D?IC;D<H7CJHT:;HIEC9;DJH7B<WH7JJ<WHAB7H7;BC7HAD7:;DI <KDAJ?EDIITJJE9>>KHFH?I;JIJOH;<J;H<HU=7DFU;B 7CI=77H:"H?JP    0JWL;H:;II7;N;CF;B=WHIH;=;B8KD:;JH7FFEHJ;HFUKFF:H7=7L H;=;H?D=E9>*TH?D=I:;F7HJ;C;DJ;JAH?D=<HU=EHEC;BC7HAD7:;DE9> >KH:;DA7D;<<;AJ?L?I;H7IKH;JJ7DLTD:7HF;HIF;AJ?L<WH;J7=IECAWF;H ;B IBKJAEDIKC;DJ 1?:7H;TH!B<EHIA IECT=I7L.L;DIA!D;H=? E9> .L;DIA7 'H7<JDTJ  :H?L7D:; ? :;D 8H7DI9>=;C;DI7CC7 <EHIAD?D=;DAH?D=;BC7HAD7:;DIKJL;9AB?D=  .7D:E<<   KD:;HIWAJ; ? I?D :EAJEHI7L>7D:B?D= ;B>7D:;BI8EB7=;DIIJH7J;=?;H<WH7JJKFFDUAEDAKHH;DIAH7<JKH;JJH;IKHI  E9>7AJ?L?J;JI87I;H7JF;HIF;AJ?L L>7D:B?D=;DL?BB;<?DD7IL7HFUEC ;B>7D:B7HD7I IJEHB;A FUL;HA7H CW@B?=>;J;HD7 7JJ KFFDU AEDAKHH;DI<WH:;B7H E9> >KH AEDAKHH;DI<WH:;B7HD7 I7CIF;B7H C;: 8H7DI9>;DI LTH:;:H?L7H; <WH IA7F7D:;J 7L AEDAKHH;DIAH7<J  % IJK:?;D KD:;HIWAJ;I :TH<WH ICU  C;BB7D E9> IJEH7 ;B>7D:;BI<WH;J7= C;: KJ=UD=IFKDAJ ? <WHITB@D?D= 7L ATHDFHE:KAJ;D ;B E9> ;H8@K:7D:; 7L AH?D=J@TDIJ;H  .JK:?;D L?I7:; 7JJ IJEHB;A;D ?DJ; >7H 8;JO:;BI; <WH AEDAKHH;DIAH7<J;D E9> 7JJ <WHKJITJJD?D=7HD7 <WH 7JJ 8;:H?L7 ;D <H7C=UD=IH?A L;HAI7C>;J ?DJ; IA?B@;H I?= UJ C;BB7D :; EB?A7 <WH;J7=IA7J;=EH?;HD7  #H7:;D 7L A7F79?J;JIKJDOJJ@7D:; TH ;D 7L :H?LAH7<J;HD7 <WH 8H7DI9>;D J?BBI7CC7DI C;: IJHTL7D:; ;<J;H WA7: AKD:7DF7IID?D=<WH7JJIJTHA7AKD:BE@7B?J;J;D  % .7D:E<<I IJK:?;   <H7CAEC 7JJ KJWL;H FH?I;J L7H DTH>;J J?BB ;B>7D:;BI<WH;J7=;JL?AJ?=7IJ *TH>;JKJJHO9AJ;I?BEA7B<WH7DAH?D= =E:7 H;B7J?ED;H J?BB ;B>7D:;BI<WH;J7= I7CJ ATDD;:EC EC L?BA7 F;HIED;H >7D:BT==7H;

(33) ITB@7H;IEC:;;BAWF7D:;<WH;J7=;D>7:;AEDJ7AJC;: % ;H=C7IJ>.JH?:IIJK:?; 7D=;H 7L:;<WH;J7=IECAWF;H ;B7JJL7B;J87I;H7IFU7JJ;D;H=?8EB7=;DA7D;H8@K:7BU=7E9>IJ78?B7 ;BFH?I;HL7H<WH:;DBEA7B7<WH7DAH?D=;DI8;JO:;BI;?DJ;IA7WL;HIA7JJ7I  ;JJ7 8WH JO:7 FU 7JJ ?DAWF 7L ;B;D;H=? E9> ;D;H=?J@TDIJ;H ?DJ; ? I?= 8;>WL;H ?DD;8TH7 7JJ ;BAWF7HD7 I;H BUD=L7H?=7 H;B7J?ED;H C;: ;B>7D:;BI<WH;J7=;JIEC9;DJH7B7 . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(34) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. !D IJK:?; 7L .KCC;HJED  )?:JJKD  8;IAH?L;H >KH DEH:?IA7 ;B:?IJH?8KJWH;H>7H7DF7II7JI?=J?BB;BC7HAD7:;DI7LH;=B;H?D= .JK:?;D KJ=UH <HUD ;JJ IJH7J;=?F;HIF;AJ?L FU C7HAD7:;D C;D :;J <WH;AECC;H TL;D H;B7J?EDI8;=H;FF IEC 7DF7IID?D=  BE@7B?J;J ;J 9;J;H7  RJIA?BB?=7 IJK:?;H 8;IAH?L;H >KH 7AJWH;HD7 FU ;BC7HAD7:;D >7H >7DJ;H7J 7LH;=B;H?D=;D =;DEC KFFAWF E9> <KI?ED;H (?D:8BEC  D:;HIIED    ;J<?DDI;D8;JO:7D:;<EHIAD?D=AH?D=;BC7HAD7:;HIECKJ=UJJ<HUD ;JJD7J?ED7B;AEDEC?IAJF;HIF;AJ?L:THFH?I;JI8;JO:;BI;<WHKJ8K:E9> ;<J;H<HU=7D 7L ;B FH;I;DJ;H7I  "U IJK:?;H >7H =@EHJI IEC <EAKI;H7H FU H;B7J?ED;HD7 C;BB7D 7AJWH;HD7 FU ;BC7HAD7:;D :TH :?IJH?8KJ?ED E9> >7D:;BC;:;BIA;HC;:7D:;J<?DDI<B;H7IJK:?;HIEC>7DJ;H7HH;B7J?ED;H J?BB IBKJAKD:IC7HAD7:;D FH?L7J7 >KI>UBB  ?ED=  .?BAEI;J   KD:;HIWAJ;?D:KIJH?<WH;J7=I8;J;;D:;DL?:?DAWF7L;B;AJH?9?J;JE9>>KH ;JJ <WH:@KF7J I7C7H8;J; C;: ;BB;L;H7DJWH;H B;:;H J?BB ;D C?DIA7: FH?I<EAKI;H?D=E9>BUD=I?AJ?=7H;B7J?ED;H  #7F;J ? <EHIAD?D=;D EC ;BC7HAD7:;D WFFD7H <WH ;D <WH:@KF7D:; IJK:?; EC 8;J;;D:;D C;BB7D AWF7H; E9> ITB@7H; E9> ? L?II CUD TL;D IJK:?;H7LH;B7J?ED;HC;:7D:H77AJWH;HIECEC=;H:;II7H;B7J?ED;H :U :;DI?JK7J?ED;D?>W==H7:THKD?A<WH;BC7HAD7:;D  )W@B?=>;J;D7JJ<WH>7D:B7ECFH?I;JIJOHIJ?BBIJEH:;B7LLEBOC;DFU <WH8HKA7:;B :LI ECC7DTHIJEHAKD:;BB;H?DJ;J?BB;B>7D:;BI8EB7=;J  DF7IID?D=IA;H=;DEC7JJ<WH;J7=;JIECAWF;H;B<WH>7D:B7HEC7LJ7B FH?I;H

(35) J7H?<<;H E9> IJHTL7H ;<J;H 7JJ C?DIA7 ;BAEDIKCJ?ED;D ? I?D L;HAI7C>;JIEC;D:;B?7JJ;<<;AJ?L?I;H7FHE:KAJ?ED;D %<WH;J7=IEC 7DLTD:;H IJEH7 CTD=:;H ;B A7D AEIJD7:;HD7 <WH ;B ? <WH>UBB7D:; J?BB <WHT:B?D=ILTH:;JFU:;JIECFHE:K9;H7IL7H78;JO:7D:;E9>;<J;HIEC FH?I;JFU;BL7H?;H7H8EH:;BUD=I?AJ?=77LJ7BAH?D=B;L;H7DIITA;H>;JE9> FH?I;H L7H7 L?AJ?=7 <WH <WH;J7=;J IEC AWF;H ;B  0J<EHCD?D=;D 7L E9> ?DD;>UBB;J ? ;N?IJ;H7D:; ;B7LJ7B 8WH I; EB?A7 KJ <WH EB?A7 JOF;H 7L ;BAEDIKC;DJ;H FU <WH;J7=IC7HAD7:;D L?BA;J B;:;H <H7C J?BB 7JJ H;B7J?ED;HD7C;:;B>7D:;BI8EB7=;DKFF<7JJ7IEB?A7 . 

(36) 4-7+6688?99,57814/4-8,7@-575).8<,9+ -;B7J?ED;D;JJ;B>7D:;BI8EB7=8O==;HKFFC;:;BAWF7D:;<WH;J7=A7D L7H?;H7 :U 8;HE;D:;J J?BB ;B;D IEC H;IKHI L7H?;H7H  THC;: IAKBB; H;B7J?ED;D J?BB ;B>7D:;BI8EB7=;J L7: =TBB;H L?AJ;D 7L BUD=I?AJ?=>;J ? H;B7J?ED;D E9> FH?I;JI 8;JO:;BI; <WH L7B;J 7L ;B>7D:;BI8EB7= L7H?;H7 . +44'79'-2:4*.

(37) 42+*4/4-. C;BB7DEB?A7;BAWF7D:;<WH;J7= %;B?DJ;DI?L78H7DI9>;HTH:;JCW@B?=J 7JJ FH?I;J TH L?AJ?=7H;  L?BA;J JEH:; C;:<WH7 IJWHH; 8OJ;IL?B@7 TD ? 8H7DI9>;HC;:;DBU=;B<WH8HKAD?D= 0H;B>7D:;BI8EB7=;JIIODL?DA;BTH :;JL?AJ?=J7JJ?<WHIJ7>7D:L?I7FUB?JB?=>;JL7:=TBB;H;BB;L;H7DI C;D E9AIU 7JJ AECF;J;DI <?DDI 7JJ IA7F7 ;B7LJ7B IEC TH 7DF7II7:; ;<J;H ;BAWF7H;DI8;>ELE9>AKDD7;H8@K:7EB?A7<EHC;H7L;D;H=?J@TDIJ;H  .OD;DFU;BIEC8;IAH?LIEL7D?D:?A;H7H7JJ:;DTH;DH;IKHIIECTH C;H AECFB?9;H7: TD L7: :;D L;HA7H  ;J IJ7HA7 8;HE;D:;J 7L ;B <WH FHE:KAJ?ED?AEC8?D7J?EDC;:H?IA;D<WH<WHBKIJL?:7L8HEJJAHTL;H7JJ <WH;J7=IECAWF7D:;F7HJ?;DH;B7J?EDCUIJ;;D=7=;H7I?=CO9A;J?7JJ <U;JJ8H77LJ7B !<J;H<HU=7DFU;B;D;H=?<WHAB7H7I7L>KHEB?A7H;IKHI;H AEC8?D;H7I?DJ;HDJE9>L?BA7H;IKHI;HIECKJ8OJIC;:7D:H77AJWH;H  L7H<WHIJ78?B?J;J?;B<WHIWH@D?D=;DTH7LOJJ;HIJ7L?AJ<WH:;J;BAWF7D:; <WH;J7=;J  /?BB=UD= E9> ;<J;H<HU=7D FU ;B =WH 7JJ ;BFH?I;J L7H?;H7H E9> ?DEC ;B?DJ;DI?L ?D:KIJH? A7D FH?I>W@D?D=7H FU ;B FUL;HA7H FHE:KAJ?EDIAEIJD7:;HD7  THJ?BB ITJJI FH?I;HD7 FU ;B ;D =UD= ? J?CC;D FU ;D 8WHI E9> 7JJ >7DJ;H7:;J L?BA;J=WHI<HUDITB@7H;DII?:7 AHTL;HAECF;J;DI?7JJ<WHIJU FH?IITJJD?D=;D E9> ;D <WHIJU;BI; <WH ;BAWF7D:; <WH;J7=I 8;>EL 7L ;B  'ECFB;N?J;J;D =;H IJ7HA7 IATB 7JJ IJK:;H7 AWF  E9> ITB@H;B7J?ED;D FU ;BC7HAD7:;DIECDU=EJIECIA;H?FU=U;D:;KJ8OJ;IH;B7J?ED;H ID7H7H; TDIEC;DIA?B:7JH7DI7AJ?ED;H:TH7BBJ?:BT=IJ7FH?I;JL?DD;H  ?J7J;J ? ?DB;:D?D=;D J7H KFF <WHJHE;D:; 8O==J FU <WHCU=7D 7JJ <WH>7D:B7 <H7C BT=IJ FH?I IEC ;D L?AJ?= AECFED;DJ ? H;B7J?ED;D  ;J DTCD;H E9AIU 7JJ <WHIJU;BI; <WH FHE:KAJ?ED;D <WH 7JJ AKDD7 ;H8@K:7 AH?D=J@TDIJ;HTHL?AJ?=J U:7:;II7AECFED;DJ;HJO:;HFU7JJF7HJ;HD7 8;>WL;HBTH7ATDD7L7H7D:H7 <WH7JJ:;B7AKDIA7FECFHE:KAJ?EDE9> IA7F7JHO==>;JEC<WHCU=77JJ<WH>7D:B78TIJFH?I  !BC7HAD7:;DI7AJWH;H8;<?DD;HI?=?;DEL7DB?=C7HAD7:II?JK7J?ED :U :;D :;BL?I TH ;JJ 7L IJ7J;D AEDIJHK;H7J CEDEFEB  TL;D EC IJHTL7D <HUDIJ7J;DII?:7TH7JJ7LH;=B;H7<WH7JJ;BC7HAD7:;DIA7>7;DL7DB?= C7HAD7:IIJHKAJKH  #;DEC 7JJ IJK:;H7 7<<THIH;B7J?ED;H E9> 7AJ?L?J;J;H C;BB7D;BAWF7D:;<WH;J7=E9>;B>7D:B7H;8;IL7H7HIJK:?;D<OH7<HU=EH    17: ATDD;J;9AD7H 7<<THIH;B7J?ED;H FU :;D IL;DIA7 ;BC7HAD7:;D #;DECKJL;9AB7D:;J7L;JJJ;EH;J?IAJH7CL;HAIEC?DD;>UBB;HAED9;FJ  87I;H7:; FU ;J78B;H7:; IJK:?;H 7L 7<<THIH;B7J?ED;H  A7D <WH;AECIJ 7L 8;J;;D:;H;B7J;H7:;<7AJEH;HCTJ7I  TH?=;DECIA7F7IAKDIA7FE9>C;H A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(38) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. KJ<WHB?=8;IAH?LD?D=7L:;II7H;B7J?ED;H 'KDIA7FI8?:H7=;JTH7LI;JJ<WH 8U:; 8;IBKJI<7JJ7H; ? <WH;J7= E9> <EHJI7JJ <EHIAD?D=  L?BA;J <WHJO:B?=7I =;DEC:;JLU<HU=EHD7   1?BA7 ?CFB?A7J?ED;HD7 7L IJK:?;D TH L?AJ?=7 <WH <WH;J7= ?DLEBL;H7:;?H;B7J?ED;HD7   1?BA7?CFB?A7J?ED;H<WH<EHJI7JJ<EHIAD?D=EC7<<THIH;B7J?ED;H E9>;BC7HAD7:;H<UHIJK:?;D !DH;B7J?ED<WH:@KF7I<WH7JJ:;JC?DIA7HEITA;H>;J;D"EH:)EKP7I    TL;DEC:;D:;BL?ITHH;=B;H7:=;DEC:;IJH?AJ7H;=B;HE9>:;D WL;HL7AD?D= IEC IA;H 7L ;BC7HAD7:;D <HUD COD:?=>;JI>UBB  JJ 7DLTD:7H;B7J?EDIIODITJJ<WH7JJKD:;HIWA7H;B7J?ED;HFU;BC7HAD7:;D CEJ?L;H7I7LAECFB;N?J;J;D?AWF ITB@H;B7J?ED;D-?JJ;H 2?BA?DIED &E>DIJED   .EC:?IAKII?ED;DL?I7J>7D:B7H:;JJ7EC<WHJHE;D:; C;BB7DF7HJ;H >KH:;;D=7=;H7HI?=?H;B7J?ED;DE9>>KH:;7DF7II7HI?=  I7CJFUL;HA7D<HUD8;HE;D:;J  ;D J;EH;J?IA7 KJ=UD=IFKDAJ;D <WH IJK:?;D L7H IUB;:;I :; 7<<THICTII?=7H;B7J?ED;HIEC<?DDIC;BB7D:;<WH;J7=IECAWF;H;BE9> ;B>7D:;BI8EB7=;D  .JK:?;H C;: H;B7J?EDIIODITJJ J7H >TDIOD J?BB 7JJ ;JJ <WH;J7=8;<?DD;HI?=?<B;H7EB?A7H;B7J?ED;HI7CJ?:?=J E9>7JJ:;JIEC >TD:;H ? ;D H;B7J?ED A7D FUL;HA7 <WH;J7=;JI WLH?=7 H;B7J?ED;H  ;JJ7 ;J78B;H7:; IODITJJ TH <HTCIJ ATDJ IEC ?D:KIJH?;BBJ DTJL;HAIF;HIF;AJ?L I; $UA7DIIED    )7JJIIED   #;8;HJ ,;HIIED  )7JJIIED  S8;H=   L?BA;J8;JO:;H;HATDD7D:;7L:;AEFFB7:;H;B7J?ED;HIEC <?DDI J?BB 7D:H7 7AJWH;H KJ7D<WH :; <EA7B7 :O7:?IA7 H;B7J?ED;HD7  D:;HIED $UA7DIIED&E>7DIED -?JJ;H;J7B   "WH IJK:?;D 7L 7<<TH;H FU ;BC7HAD7:;D TH :; :O7:?IA7 H;B7J?ED;HD7 <EAKI E9> =;DEC 7JJ IJK:;H7 :;C A7D :;H7I ?DD;>UBB <WHIJUI 8TJJH; 9>HEB -;L;.J;HD D:;HIED;J7B  !C;BB;HJ?:KJ=WHI ;BC7HAD7:;D7LCUD=7EB?A77AJWH;H L?BA;JL?I7IA7F?J;B<?=KH   '7F?J;B  AECC;H 7JJ L?I7 TH :;J ?DJ; ;DA;BJ 7JJ <WHIJU 7BB7 H;B7J?ED;H :;C;C;BB7D E9>;L;DJK;BBFUL;HA7D<HUDJH;:@;F7HJ   . . +44'79'-2:4*.

(39) 42+*4/4-. !<J;HIEC<B;HH;B7J?ED;HTD:;DC;BB7DAWF7H;E9>ITB@7H;A7DFUL;HA7 :; 7<<THIH;B7J?ED;H IEC IJK:;H7I  J7H IJK:?;D >TDIOD TL;D J?BB :;C =;DEC7JJ8;IL7H7;D<@TH:;<HU=7   %L?BA;DEC<7JJD?D=FUL;HA7IH;B7J?ED;DC;BB7DAWF7H;E9> ITB@7H;FU;BC7HAD7:;D7L7D:H77AJWH;HIECAWF7H;E9> ITB@7H;>7HKJ8OJ;DC;: ,UL;HA7D<HUDJH;:@;F7HJIJK:;H7I <WH7JJE9AIUL?I7>KH:;JDTJL;HA7L H;B7J?ED;HHKDJECAH?D=AWF7H;E9>ITB@7H;FUL;HA7H:;H7IH;B7J?ED !D KD:;HIWAD?D=C;:;BAWF7D:;<WH;J7=IECH;IFED:;DJ;H=;DEC<WHI C;: >@TBF 7L ;J78B;H7:; AED9;FJ KJL;9AB7:; ?DEC J;EH?;H EC 7<<THIDTJL;HAE9>7<<THIH;B7J?ED;H !DATJ;DI<HU=EH87I;H7JIFUJ?:?=7H; <EHIAD?D=EC7<<THIH;B7J?ED;HFU?D:KIJH?;BB7C7HAD7:;H  0FFI7JI;DI<EHJI7JJ7KFFBT==THIEC<WB@;H<WH7JJWA7<WHIJU;BI;<WH FHE8B;C;JE9>:;IIAEDJ;NJ>7H:;DIL;DIA7;BC7HAD7:;DFH;I;DJ;H7JI A7F   <WB@J 7L A7F?J;B   IEC =;H ;D J;EH;J?IA 87A=HKD: EC 7<<THIH;B7J?ED;H ? DTJL;HA  E9> ;B;DI FEJ;DJ?;BB7 HEBB ? :;C <WH 7JJ 7LIBKJ7I C;: ;JJ H7CL;HA <WH IJK:?;D  ;JJ7 H7CL;HA >7H I;:7D EF;H7J?ED7B?I;H7JI ? A7F?J;B   IEC TL;D ?DD;>UBB;H ?D<EHC7J?ED EC ;DATJ E9> :7J7?DI7CB?D=  I7CJ ;D 8;IAH?LD?D= 7L IJK:?;DI I7CF;B  % A7F?J;B<?DDI:;D:;IAH?FJ?L77D7BOI;DIECL?I7H<WH;AECIJ;D7L :;;B;C;DJ?H;B7J?ED;HD7E9>AEFFB7:;H;B7J?ED;HIEC8;IAH;LIFU;JJ AED9;FJK;BBJFB7D?A7F?J;B '7F?J;B:?IAKJ;H7HE9>:H7HIBKJI7JI;H  I7CJWFFD7H<WH<EHJI7JJ<EHIAD?D= .  57814/4-86750+19+9 D7BOI;D?KFFI7JI;DEC<7JJ7H;DIJEH7D:;B7L<HU=EHD7<HUD;DATJ;D E9> >7H IEC >KLK:I7AB?=7 CUB 7JJ L?I7 :;J :;IAH?FJ?L7 H;IKBJ7J;J 7L KD:;HIWAD?D=;D .@TBL7KD:;HIWAD?D=;D E9>IUTL;DKFFI7JI;D TH:;B 7L;JJIJWHH;FHE@;AJIEC?D?J?;H7JI<WH7JJ:@KF7H;IJK:;H77<<TH;HFU:;D :;B7L:;DIL;DIA7;BC7HAD7:;DIECKJ=WH7L?D:KIJH?;BB7AWF7H;IEC 7DLTD:;HCO9A;J;B?I?DFHE:KAJ?ED D7BOI;D?KFFI7JI;D8;IAH?L;H 7<<THIH;B7J?ED;HD7E9>FUL;HA7DFU:;C<HUDH;B7J?ED;HHKDJECAH?D=  ,HE@;AJ;J IEC :;JJ7 IA;H ?DEC <?D7DI?;H7I 7L "EHIA7HIAEB7D C7D7=;C;DJ E9> %/ )%/ E9> )TB7H:7B;DI >W=IAEB7 E9> EC<7JJ7H <WH:@KF7:;7D7BOI;H7L:7J7IECFH;I;DJ;H7I>TH C;DTL;D?DI7CB?D=. A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(40) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. 7L AECFB;JJ;H7D:; :7J7 I;AKD:TH  AL7B?J7J?L E9> FK8B?9;H?D= 7L 7HJ?AB7H??DJ;HD7J?ED;BB7J?:IAH?<J;H .  . +44'79'-2:4*.

(41) . 23'714'*+45).*+88'19A7+7. LH;=B;H?D=;D7L:;DIL;DIA7;BC7HAD7:;D?IBKJ;J7L J7B;JE9> IA7F7D:;J7L;D=;C;DI7C>7D:;BIFB7JI<WH>7D:;BC;:;B *EH:,EEB L7H:;J<WHIJ7IJ;=;JCEJ;D=;C;DI7CDEH:?IA;BC7HAD7: .;:7D  >7H :?IAKII?ED;H <WHJI AH?D= 7JJ IA7F7 ;D =;C;DI7C DEH:?IA IBKJAKD:IC7HAD7: E9> ? <WHBTD=D?D=;D AKDD7 ;H8@K:7 ;BAKD:;H 7JJ J;9AD77LJ7BE9>AWF7;B<HUD7D:H7;KHEF;?IA7;B>7D:;BI8EB7= H8;J; FU=UH<EHJ<7H7D:;E9>CUD=7>EFF7IFU7JJ;D=;C;DI7C;BC7HAD7: IA7 AKDD7 H;7B?I;H7I J?BB UH    !KHEF;?IA7 AECC?II?ED;D     ;DIL;DIA7;BC7HAD7:;DA7D8;IAH?L7IIEC;DCE=;DC7HAD7::TH ;JJ7DJ7BIJEH77AJWH;H?DECFHE:KAJ?ED :?IJH?8KJ?EDE9>>7D:;BC;:;B :EC?D;H7H  % <H7CJ?:;D 8;:WCI 7DLTD:D?D=;D 7L ;B ?DEC ?D:KIJH?D WA7 <HUD :7=;DI  /2>J?BB[ /2>UH  !D;H=?COD:?=>;J;D     !B I;I IEC ;JJ AB?C7JD;KJH7BJ 7BJ;HD7J?L J?BB 7D:H7 ;D;H=?IB7=  1EBOC7DLTD:D?D=;D7L;B8;>WL;H?DJ;WA7;<J;HIEC7DLTD:D?D=7L;B <H7C<WH7D:H7;D;H=?ATBBEHTHBTJJ7H;7JJ;D;H=?;<<;AJ?L?I;H7=;DECDO J;AD?A .L;DIA !D;H=?     QL;D ?DEC JH7DIFEHJI;AJEHD AECC;H ;B;DI8;JO:;BI;7JJWA7=;DEC?DJHE:KAJ?ED;D7L;B<EH:EDL?BA;JE9AIU TH ;D CUBITJJD?D= ? H;=;H?D=;DI AB?C7J  E9> ;D;H=?FHEFEI?J?ED <HUD   ,UI?AJ8;:WCI;BIJTHA7I?DAEDAKHH;DIAH7<J=;DJ;CEJAEBE9> D7JKH=7I E9> UH    AECC;H FH?I;J FU ;B L7H7 FU I7CC7 D?LU IEC EL7DDTCD:7;D;H=?ATBBEH  ;JJ7THDU=EJIEC?<WHIJ7>7D:AECC;H 7JJ =ODD7 :; ?D:KIJH?;H IEC ?:7= 7DLTD:;H IJEH7 CTD=:;H AEB E9> D7JKH=7I?I?DFHE:KAJ?ED J ;N ?DECFHE9;II?D:KIJH?D.L;DIA!D;H=?     . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(42) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. .;JJ KH ;JJ ;KHEF;?IAJ F;HIF;AJ?L >7H :; IL;DIA7 ?D:KIJH?<WH;J7=;DI AEIJD7:;H<WH;BKD:;HBUD=J?:L7H?JBU=7L?BA;JA7D<WHAB7H7I7L=E: J?BB=UD=7L;B<HUDL7JJ;DAH7<JE9>KJ8O==D7:;D7LATHDAH7<J;DKD:;H  E9> J7B;J .L;DIA?D:KIJH?>7H:TH?=;DECAKDD7JIA7<<7I?= AEDAKHH;DI<WH:;B7H?<WH>UBB7D:;J?BBI?D7;KHEF;?IA7AEDAKHH;DJ;H?DEC ;B?DJ;DI?L?D:KIJH?IECF7FF;HI E9>C7II7?D:KIJH?D A;C?IA?D:KIJH? E9>:;DC;A7D?IA7?D:KIJH?D  ;JH;IJWHIJ77AJWH;HD7 17JJ;D<7BB "EHJKC!BB;L?EE9>! +*TH L;HJ?A7BJ ?DJ;=H;H7:; ;D;H=?AED9;HD;H E9> :EC?D;H7H ;BFHE:KAJ?ED  ;B>7D:;B E9> ;B:?IJH?8KJ?ED !D;H=?COD:?=>;J;D     ,U =HKD: 7L :;D IJ7HA7 T=7HAED9;DJH7J?ED;D E9> I7CT=7D:; A7D :;D IL;DIA7 ;BC7HAD7:;D 8;JH7AJ7I IEC ;JJ EB?=EFEB  :LI  ;D C7HAD7: IEC ATDD;J;9AD7I7L<UJ7BIAEDAKHH;DI"H?:EB<IIED/7D=;HUI    !D;H=?AED9;HD;HD7IC7HAD7:I:EC?D7DIA7D:TH<WHJTDA7IFUL;HA7 <WHKJITJJD?D=7HD7<WH;D<H?AEDAKHH;DIFU;BC7HAD7:;DE9>C?II=ODD7 :; C?D:H; 7AJWH;HD7 ?DEC ;B>7D:;BIECHU:;J E9> ? <WHBTD=D?D=;D ;BAEDIKC;DJ;HD7  ; 7<<THICTII?=7 H;B7J?ED;H IEC <?DDI C;BB7D ;B>7D:;BI  E9> ;BDTJI<WH;J7= IA?B@;H I?= :TH<WH UJ 8;HE;D:; FU EC ;B>7D:;BI E9>;BDTJI<WH;J7=;D?D=UH?I7CC7;D;H=?AED9;HD;BB;H?DJ;  -;B7J?ED;HD7FUL;HA7H?I?DJKHH;IF;AJ?L;F7HJIH;B7J?EDJ?BB<WH;J7=;J IEC AWF;H ;B ;<J;HIEC :;J A7D 7DJ7I <?DD7I IF;9?<?A7 8;HE;D:;<WH>UBB7D:;D C;BB7D :;II7 F7HJ;H  !DB?=J ;H=C7IJ> ;J 7B   TH :;J H;B7J?LJ L7DB?=J 7JJ ;B>7D:;BI8EB7=;J AWF;H ?D 7:C?D?IJH7J?L7J@TDIJ;H<HUDDTJ8EB7=;JE9><UHJ?BB=UD=J?BB?D<EHC7J?ED EC;BAEDIKC;DJ;HD7IEC<H?IJU;D:;;B>7D:;BI<WH;J7=?DJ;>7HJ?BB=UD= J?BB  ;IIKJEC A7D ;BDTJI<WH;J7=;J ? ;=;DIA7F 7L CE:;H8EB7= =; AED9;HD8?:H7=J?BB;B>7D:;BI8EB7=;J;H=C7IJ>.JH?:      . . +44'79'-2:4*.

(43) 42+*4/4-. *;:7D<WB@;H;D8;IAH?LD?D=7L:;7AJWH;HIECTH?D8B7D:7:;? FHE:KAJ?ED :?IJH?8KJ?EDE9>>7D:;BC;:;BI7CJ:;7AJWH;HIEC KJWL7HJ?BBIODE9>AEDJHEBB7L;BC7HAD7:;D . -+85   )0%7-32)51)00%2)01%5/2%()26%/7>5)52)5+-*>5)7%+)2  6

(44) . ; 87B7DI7DIL7H?=7 7AJWH;HD7 H;:EL?I7I ?DJ; I;F7H7J ;<J;HIEC 87B7DI7DIL7H;J A7D ?DD;>7I 7L <WH;J7= ?DEC FHE:KAJ?ED  :?IJH?8KJ?ED ;BB;H >7D:;B C;: ;B   7B7DI7DIL7H;J ?DD;8TH ;JJ 7DIL7H <WH 7JJ ;BB;L;H7DI;D CEJIL7H7H :;D CTD=: ;B IEC ;B7DLTD:7HD7 <WH8HKA7H  7B7DI7DIL7H?=7 7AJWH;H TH IJEH7 <WH8HKA7H;  ;B>7D:;BI<WH;J7= E9> ;BFHE:K9;DJ;H .  2675*:)+49+7 !BFHE:K9;H7I?AH7<JIJ7J?ED;HHKDJEC?.L;H?=;E9>:?IJH?8K;H7IKJL?7 ;BDTJ;J  % .L;H?=; IA;H C;HF7HJ;D 7L ;BFHE:KAJ?ED;D C;: >@TBF 7L L7JJ;DAH7<JE9>ATHDAH7<J AH7<JLTHC;?<@THHLTHC;DTJ;DE9>?D:KIJH?D I7CJAEBAED:;DI 0JWL;H:;JJ7<?DDI;BFHE:KAJ?ED?C?D:H;IA7B7?DEC EB@;AED:;DIAH7<J =7IJKH8?D;HI7CJL?D:AH7<JE9>IEB;D;H=? %.L;H?=; FHE:K9;H7:;I UH   I7CC7DB7=J 9?HA7   /2> ;B;D;H=? IEC :?IJH?8K;H7IKJJ?BB;B7DLTD:7H;=;DEC;BDTJ;D.L;DIA!D;H=?    ?IJH?8KJ?ED;D7L;BIA;H=;DECIJ7CDTJ H;=?EDDTJE9>BEA7B7DTJKJ J?BB IBKJ7DLTD:7HD7 L?7 ;BDTJIT=7HD7  !BFHE:KAJ?ED;D TH AED9;DJH;H7:. A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(45) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. J?BBJH;IJWHH;<WH;J7=17JJ;D<7BB "EHJKCE9>! +*IECJ?BBI7CC7DI IJUH<WH7LFHE:KAJ?ED;D?.L;H?=; .L;DIA!D;H=?    "%&)00  )67>567%)0453(8')27)52%-!9)5-+)453(8/7-32-!9)5-+)

(46) 3', "$, . !BFHE:KAJ?ED? .L;H?=;   /2>             . !BFHE:KAJ?ED? .L;H?=;   /2>              . D:;B?.L;H?=;  

(47)   7LHKD:7J 

(48)  

(49)  

(50)  

(51)  

(52)  

(53)  

(54) . 17JJ;D<7BB "EHJKC ! +* .J7JJAH7<J .L;H?=; .A;BB;<J;U'H7<J .KCC7 SLH?=7 FHE:K9;DJ;H /EJ7B;BFHE:KAJ?ED       ?.L;H?=; 'TBBEH.L;DIA!D;H=?  !D;H=?<WH;J7=;D   I7CC7DIJTBBD?D=7L:7J7  ! +* :;B7:;I   KFF ? JLU <WH;J7= ! +D C;: <WHDO87H ;B I7CJ ;BDTJ E9> ;BDTJIL;HAI7C>;JE9>0D?F;HC;:IL;DIAL7JJ;D E9>ATHDAH7<J.  'WF7HD7 7L ;B TH ;B>7D:;BI<WH;J7=  IJWHH; ;B7DLTD:7H; ?DEC FHE:KAJ?EDI?D:KIJH?D  C;D :;D IJWHIJ7 :;B;D ITB@I L?7 ;B8WHI;D *EH: ,EEB .  24?98,A7+9'- !B;AJH?9?J;J;D:?IJH?8K;H7IL?7IJ7CDTJ;DKJJ?BB:;H;=?ED7B7E9>BEA7B7 ;BDTJ;DE9>L?:7H;KJJ?BB;B7DLTD:7HD7 .J7CDTJ;JT=I7L:;DIL;DIA7 IJ7J;D E9> :H?LI 7L 7<<THIL;HA;J .L;DIA7 AH7<JDTJ  ; H;=?ED7B7 E9> BEA7B7;BDTJ;DT=IJ?BBIJWHIJ7:;B7L17JJ;D<7BB !BB;L?EE9>! +* !BDTJ.L;H?=;E9>IJWHH;AECCKD7B7;BDTJI<WH;J7=HKDJEC?.L;H?=;  RH   <7DDI 9?HA7   H;=?IJH;H7:; ;BDTJI<WH;J7= ? .L;H?=; IEC :?IJH?8K;H7:; KJ ;B J?BB 9?HA7   C?B@ED;H AKD:;H  L :;II7 L7H  AECCKDT=:7%1     . . +44'79'-2:4*.

(55) 42+*4/4-. "%&)00  27%0/82()5*>503/%02<76*>5)7%+   !BB;L?E !ED!BDTJ.L;H?=; 17JJ;D<7BB!B:?IJH?8KJ?ED SLH?=7BEA7BDTJI<WH;J7= /EJ7BJ7DJ7B78EDD;C7D=?.L;H?=;. *TJL;HAI7C>;J 8EDD;C7D= (.,      . D:;B?.L;H?=;          . (U=IFTDD?D= 'TBB7!D;H=?C7HAD7:I?DIF;AJ?ED;D  7. 

(56) 2'4;?4*'7+ 0D:;H KFF=?9A:;DJEJ7B7;BAEDIKCJ?ED;DJ?BB9?HA7 /2> L :;DJEJ7B7AEDIKCJ?ED;D7L;BIJUH?D:KIJH?D<WHL7H7LC7II7 E9> F7FF;HI?D:KIJH? J?BBI7CC7DI C;: IJUB E9> C;J7BBL;HA IJUH <WH C;H TD >TB<J;D 7L :;DD7 ;BAEDIKCJ?ED  EIJ7:I E9> I;HL?9;I;AJEHD  :TH >KI>UBB;D?D=UH IJE:<WH7L:;DJEJ7B7;B7DLTD:D?D=;D -;IJ;DTH WL;H<WH?D=I<WHBKIJ;HIEC:H7887HDTJ<WH;J7=;D.L;DIA!D;H=?   % .L;H?=; <?DDI 9?HA7   C?B@ED;H ;B78EDD;DJ;H 7DIBKJD7 J?BB BU=IFTDD?D=IDTJ;DL7H7L C?B@ED;HTH>KI>UBBIAKD:;HE9>H;IJ;DTH <WH;J7=IAKD:;H !D;H=?C7HAD7:I?DIF;AJ?ED;D     $W=IFTDD?D=IAKD:;HD7 <?DDI ? >KLK:I7A ? ;B?DJ;DI?L7 DTH?D=7H IEC IAE=I IJUB A;C? E9>=HKL?D:KIJH?DE9>7DJ7B;J>W=IFTDD?D=IAKD:;H L7H UH   9?HA7    IJ  !D;H=?C7HAD7:I?DIF;AJ?ED;D   9  !B7DLTD:D?D=;D <WH EB?A7 I;AJEH;H >7H B;=7J FU ;D H;B7J?LJ @TCD D?LU KD:;H  J7B;J JHEJI ;D WA7: ?D:KIJH?FHE:KAJ?ED L?BA;J <WHAB7H7I 7L EB?A7 <EHC;H 7L ;<<;AJ?L7H; FHE:KAJ?ED E9> ;D;H=?;<<;AJ?L?I;H?D=7H .L;DIA!D;H=?   .7CJ?:?=J>7H8;HE;D:;J7L;BWA7JFU=HKD:7L WA7D:; AEIJD7:;H <WH <EII?B7 8HTDIB;D I7CJ WA7: 7KJEC7J?I;H?D= E9> %/ 7DLTD:D?D=!AEDEC?<7AJ7   .  2.'4*+28,A7+9'- !B>7D:;BI<WH;J7=;DAWF;H?D;B<HUD*EH:,EEB;BB;H<HUD;D;BFHE:K9;DJ E9> ITB@;H L?:7H; J?BB ;B7DLTD:7HD7 E9> >7H :; 7<<THICTII?=7 AEDJ7AJ;HD7C;::;C !B>7D:;BI<WH;J7=;DAWF;H?D;B?AEDAKHH;DIC;: 7D:H7;B>7D:B7H;E9><WHF79A7H;B7LJ7B;JJ?BB;BAKD:;D . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

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

(58) 42+*4/4-. ) 

(59) 

(60) . 0JWL;HEL7D8;IAH?LD77AJWH;H<?DDI<B;H7EB?A7JOF;H 7L COD:?=>;J;H C;: KFF=?<J;H ?DEC ECHU:;J IEC >7H KJWL7J ;D ?D<BOJ7D:; FU ;BC7HAD7:;DI KJL;9AB?D= =;DEC 7JJ :H?L7 FU ;D H7J?ED7B?I;H?D=E9>;<<;AJ?L?I;H?D=7L;BC7HAD7:;D L?BA;JC;:<WHJ7JJ 7DJ7B;J 7AJWH;H C?DIA7J ?DEC :?IJH?8KJ?ED E9> <WHITB@D?D= 7L ;B  )UBITJJD?D=;D >7H L7H?J 7JJ CWJ7 AKD:AH7L;D L7: =TBB;H ;BAL7B?J;J  I;HL?9; :H?<J ITA;H>;JE9>IJWHD?D=I8;H;:IA7F.7D:E<<   . #9'9+48+4+7-/3<4*/-.+9 4+7-/3<4*/-.+9+4 !D;H=?COD:?=>;J;D L;HA7H <WH 7JJ IA7F7 L?BBAEH;D <WH ;D >UBB87H E9> ;<<;AJ?L ;D;H=?7DLTD:D?D=  !D;H=?COD:?=>;J;D 7H8;J7H C;: KJH;:D?D=7H E9> 7D7BOI;H FU KFF:H7= 7L H;=;H?D=;D E9> EB?A7 :;F7HJ;C;DJ  1;HAI7C>;J;D IJOHI 7L *TH?D=I:;F7HJ;C;DJ;J  !D;H=?COD:?=>;J;D J7H <H7C KD:;HB7= <WH COD:?=>;J;DI 7H8;J; C;: <EHIAD?D=I<?D7DI?;H?D=  <WHDO87H ;D;H=? E9> <WHIWH@D?D=IJHO==>;J  !D;H=?COD:?=>;J;D  . 4+7-/3'714'*8/486+19/54+4 !D;H=?C7HAD7:I?DIF;AJ?ED;D TH J?BBIODICOD:?=>;J WL;H ;D;H=?C7HAD7:;HD7 L?BA;J?DD;8TH7JJCOD:?=>;J;DKJ<EHC7HH;=B;H<WH ;D;H=?C7HAD7:;HD7 I7CJ AEDJHEBB;H7H 7JJ H;=B;HD7 <WB@I  )OD:?=>;J;D IA7IJTHA7;D;H=?AEDIKC;DJ;HD7IIJTBBD?D=E9>L;HA7<WH7JJAKD:;HD7 =WH 7AJ?L7 L7B =;DEC 7JJ J?BB>7D:7>UBB7 ?D<EHC7J?ED I7CJ <HTC@7 ;D;H=?AEDIKC;DJ;HD7I HTJJ?=>;J;H  )OD:?=>;J;D IA7 <WB@7 E9> 7D7BOI;H7KJL;9AB?D=;DFUEB?A7;D;H=?C7HAD7:;HI7CJ<WH;IBUUJ=TH:;H <WH 7JJ <WH8TJJH7 C7HAD7:;HD7I <KDAJ?ED E9> ;<<;AJ?L?J;J  !D;H=?C7HAD7:I?DIF;AJ?ED;D ? KFF=?<J 7JJ AEDJHEBB;H7 DTJT=7HD7I 7L=?<J;H <WH 7DIBKJD?D= J?BB ;BDTJ I7CJ :?IJH?8KJ?ED 7L ;B TH IATB?=7  )OD:?=>;J;D >7H TL;D ? KFF=?<J 7JJ WL;HL7A7 ;BDTJ;DI AL7B?J;J E9> ITA;H>;J;D ? ;B:?IJH?8KJ?ED;D J?BB 7DLTD:7HD7 !D;H=?C7HAD7:I?DIF;AJ?ED;D   . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(61) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. +48;+481'+23'714'*+4C+4 8'33'4,'99'4*+1533+49'7 BBJI;:7D7LH;=B;H?D=;DUH>7H:;DIL;DIA7;BC7HAD7:;D<EHJI7JJ L7H7 <WH;CUB <WH KJH;:D?D=7H E9> <WHIB7= FU DO7 CE:;BB;H <WH >7D:;B C;:;B  ;DIL;DIA7;BC7HAD7:;DA7D8;IAH?L7IIEC;JJEB?=EFEBC;: ;JJ <UJ7B IJWHH; ;BFHE:K9;DJ;H IEC TL;D >7H AEDJHEBB WL;H :?IJH?8KJ?ED E9>>7D:;BC;:;B +B?=EFEBI?JK7J?ED;DIECHU:;H>7HI?JJKHIFHKD=? T=7H<WH>UBB7D:;JIECHU::;<WH;7LH;=B;H?D=;DE9>JHEJI?DJ;DJ?ED;H7JJ IA7F7 <H? AEDAKHH;DI ?DEC ;B>7D:;BIECHU:;J >7H :; IJWHH; ;BFHE:K9;DJ;HD7=;DEC7JJ:;I7CJ?:?=J8;:H?L;H;B>7D:;BWL;HJ?:;D IJTHAJ I?D IJTBBD?D= L?BA;J A7D <WHAB7H7I 7L 7JJ :;J ? >KLK:I7A TH JLU ;D;H=?ATBBEHIEC:EC?D;H7H;BFHE:KAJ?ED;D L7JJ;DAH7<JE9>ATHDAH7<J E9>:;II7T=I7L:;IJEH7;BFHE:K9;DJ;HD7  !DB?=J;JJ<WHIB7=<HUD!D;H=?C7HAD7:I?DIF;AJ?ED;DIA7;D9;DJH7B ?D<EHC7J?EDI>7DJ;H?D=ICE:;BB  ;D I A  ;BC7HAD7:I>K88 ?D<WH7I UH    !BC7HAD7:I>K88;D AECC;H 7JJ 8B? ;JJ AECCKD?A7J?EDID7L C;BB7D7AJWH;HD7FU;BC7HAD7:;D:TH?D<EHC7J?EDECB;L;H7DJWHI8OJ;D  <BOJJ  CTJLTH:;I>7DJ;H?D= E9> DTJ7LHTAD?D= >7DJ;H7I  !BC7HAD7:I>K88;D IO<J7H J?BB 7JJ WA7 ?D<EHC7J?EDI<BW:;J C;BB7D 7AJWH;HD7FU;BC7HAD7:;DE9>=;C?D:H;;B>7D:;BI<WH;J7=KJ7D;=;D FHE:KAJ?EDE9>:?IJH?8KJ?EDCW@B?=>;J7JJAEDAKHH;H7FUI7CC7L?BBAEH  QL;D 7AJWH;H KJ7D<WH ;BC7HAD7:;D =;I J?BB=UD= J?BB ?D<EHC7J?ED EC AKD:;HD7I;B<WH8HKAD?D= / ;N A7DC7HAD7:;D<WHEB?A7;D;H=?J@TDIJ;H =ODD7I7L<WHIB7=;J  "WHIB7=;J?DD;8TH7JJ;B>7D:;BI<WH;J7=;D<7AJKH;H7HIBKJAKD:;HD7<WH 8U:;;BDTJI E9>;B>7D:;BIAEIJD7:;HD7 !B>7D:;BI<WH;J7=;D8B?H:THC;: IBKJAKD:;DI>KLK:I7AB?=7AEDJ7AJFKDAJ "WH:;B7HD7<WH;BAKD:;HD7TH ;D IJWHH; AEDJHEBB WL;H I?D7 KFF=?<J;H  IEC CTJLTH:;D E9> 7JJ ;BAKD:;HD7 <WH ;D WA7: C;:L;J;D>;J EC ;D;H=?UJ=TH:;H <WH ;D;H=?;<<;AJ?L?I;H?D= "WH;B>7D:B7HD7A7D;BC7HAD7:I>K88;D?DD;8TH7 <THH;AEDJ7AJFKDAJ;HE9>7JJ:;J7HWL;H7<<THIH;B7J?ED;DC;:AKD:;D E9> :TH?=;DEC <WHIJTHA;H H;B7J?ED;D C;: ;BAKD:;D E9> <UH ;D 8TJJH; KFF<7JJD?D= EC L7: ;BAKD:;D ;<J;H<HU=7H  !D;H=?C7HAD7:I?DIF;AJ?ED;D  8 . . +44'79'-2:4*.

(62) .

(63) ,,?787+2'9/54+75).+2. .JK:?;H 7L ?D:KIJH?;BB7 C7HAD7:;H  :TH <WH;J7= =WH 7<<TH;H C;: L7H7D:H7 L?I7H7JJ7<<TH;HD7J?BBIJEH:;BT=;HHKC?I7CC7D>7D=IEC A7D 8;IAH?L7I IEC IJ78?B7 E9> FU=U;D:; 7<<THIH;B7J?ED;H $EBC  !H?AIIED&E>7DIIED $UA7DIIED.D;>EJ7 &E>7DIED  -?JJ;H   %7<<THIH;B7J?ED;HD7IA;HKJ8OJ;DC;BB7DF7HJ;HD7  !DB?=J$UA7DIIEDA7DKJ8OJ;J:;B7I?D?<OH7EB?A7AECFED;DJ;H  L7HEHE9>J@TDIJ;H ?D<EHC7J?ED F;D=7HI7CJ;JJIE9?7BJKJ8OJ; 0H;JJ H;B7J?EDIF;HIF;AJ?LB?==;H<EAKIFU:;JLU<WH;J7=IECTH;D=7=;H7:;? 7<<THIKJ8OJ;J E9> >KH :; ?DJ;H7=;H7H  %DJ;H7AJ?ED;D KFFIJUH DTH 8U:7 F7HJ;HD7 ?DI;H :;H7I WCI;I?:?=7 8;HE;D:; E9> TH ?DJH;II;H7:; 7L L7H7D:H7I H;IKHI;H KDD?D=>7C    )7JJIED    #;DEC FU=U;D:; 7<<TH;H E9> ?DJ;H7AJ?ED IJTHAI H;B7J?ED;H E9> 8B?H 7BBJ C;H LTH:;<KBB7I?D7F7HJ;HB7DA;D8KH=$EBC !H?9IIED&E>7DIED  !BJ@TDIJ;HIECKJ8OJIC;BB7D<WH;J7=:TH;B;DTHCO9A;JL?AJ?=<WH L;HAI7C>;J;D >EI AWF7H;D EC<7JJ7H KJ8OJ;D 7L ?D<EHC7J?ED  F;D=7H E9>IE9?7BJKJ8OJ; "WH7JJIJK:;H7>KH;BJ@TDIJ;HD7IFEJ;DJ?;BB7HEBB? 7<<THIH;B7J?ED;H <EHC7I E9> L?BA;D A7H7AJTH :;II7 H;B7J?ED;H >7H  <EHCKB;H7I?:;JJ7A7F?J;B;JJJ;EH;J?IAJH7CL;HA  ;JJ7L?B7HFUB?JJ;H7JKH EC7<<THIH;B7J?ED;HFU?D:KIJH?;BB7C7HAD7:;H JJ7<<THIH;B7J?ED;HE9> 7BBJIECFUL;HA7H<WH;J7=;J?DJ;IJUHKD:;H:;H7IAEDJHEBB :?IAKJ;H7I  <WH 7JJ JO:B?==WH7 >KH <WH;J7= 8;J;H I?= ? 7<<THIH;B7J?ED;H  I7CJ L?BA7 WLH?=7 CEJF7HJ;H IEC A7D ?D<BK;H7 ;D H;B7J?ED  :LI :; AEFFB7:; H;B7J?ED;HD7  )E:;BB;D IEC A7F?JB;J 7LIBKJ7I C;: L?I7H <WH IJK:?;D H;B;L7DJ7 AED9;FJ >THB;::7 KH B?JJ;H7JKH=;DEC=UD=;D E9> EF;H7J?ED7B?I;H7I?A7F?JB;J;<J;H . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(64) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4.

(65)  2';9'25).+4+7-/90?489+7 !D;H=?8EB7=;DI ;H8@K:7D:;D AH?D= ;B7LJ7B <H7CIJUH L?: <WHIJ7 7D8B?9A H;B7J?LJ >ECE=;D7 ;H=C7IJ>  .JH?:     :U ;B7LJ7B;J IF;9?<?9;H7HECFH?I;JFU;BIA7L7H7<7IJ HWHB?=J;BB;HC?N7LHWHB?=JE9> <7IJ FH?I  U ;BFH?I;HD7 <BKAJK;H7H WL;H J?:;D ?DD;8TH :;J IA?BBD7:;H ? L7B;JC;BB7D<7IJE9>HWHB?=JFH?I !JJ<7IJFH?IA7D=;WA7:JHO==>;J<WH ;BAWF7H;D ;<J;HIEC AEIJD7:;HD7 <WH ;B TH :;<?D?;H7:;  C;D I7CJ?:?=J A7DI@KDA7D:;;BFH?I;H?DD;8TH77JJ;BAWF7H;D>7:;AKDD7J<U;JJBT=H; FH?IC;:;JJ7LJ7BECHWHB?=JFH?I !DIJK:?;7L?ED=.?BAEI;J  L?I7:;7JJC;HF7HJ;D7L:;DEHIA7?D:KIJH?<WH;J7=IEC:;BJE=?IJK:?;D >7:;J;9AD7J;JJ<7IJFH?I 7LJ7B "WH;B>7D:;BI<WH;J7=;J?DD;8TH;JJ<7IJ FH?I;BB;HBUD=7;B7LJ7BC?DIA7:H?IA;NFED;H?D='?HI9>;D   JJ IJTD:?=J>UBB7I?=?D<EHC;H7:ECFH?I;J IECITJJIL7H@;J?CC;FU;D 8WHI TH;DAECFB;NKFF=?<J L?BA;JFUL;HA7H7D=H;FFITJJ;J<WHIJK:?;D ;B>7D:;B ? I7CC7D>7D= :U :;D ITB@I ? IJEH7 AL7DJ?J;J;H E9> TH 7L 7L=WH7D:;8;JO:;BI;<WHL;HAI7C>;J;D  0JWL;H FH?IITJJD?D=;DI AECFB;N?J;J  J?BBAECC;H AH?D=J@TDIJ;H  WA7D:; 7<<THICTII?=>;J E9> AKD:<EAKI;H?D= TH ;N;CF;B FU 7DF7IID?D=7HIEC=@EHJI<WH7JJ>7DJ;H7:;DO7<WHKJITJJD?D=7HD7<WH7JJ ITB@7E9>:?IJH?8K;H7;B.7D:E<<   "WH;AECIJ;D7LEB?A7<EHC;H 7L ;D;H=?J@TDIJ;H ? IO<J; 7JJ C?DIA7 ;D;H=?AEDIKCJ?ED;D E9> ;<<;AJ?L?I;H77DLTD:D?D=;D7LJ ;N ;B>7HKD:;H:;I;D7IJ;UH;DAECC?J 7JJ <U IJWHH; 8;JO:;BI; 8B7D: :; J@TDIJ;H IEC ;B>7D:;BI  E9> ;BDTJI<WH;J7=;D I7CJ 7D:H7  <H?IJU;D:; ;D;H=?AEDIKBJ;H  ;H8@K:;H <WH;J7=;DIECAWF;H;B !D;H=?COD:?=>;J;D    /?BB ;N;CF;B ;H8@K:I ;D;H=?J@TDIJ;HD7 7L 8U:; ;B>7D:;BI<WH;J7=  ;BDTJI<WH;J7= E9> <H?IJU;D:; AEDIKBJ<WH;J7=  !DB?=J ;H=C7IJ> ;J 7B  ?DD;8THEB?A7;D;H=?J@TDIJ;HL7H?;H7D:;=H7:7LEITA;H>;JAH?D= DOJJ7D C;: J@TDIJ;D  !B>7D:;BI<WH;J7=;D ;H8@K:;H EB?A7 JOF;H 7L AH?D=J@TDIJ;H <WH 7JJ BE9A7 J?BB I?= <WH;J7=IAKD:;H  7BBJ <HUD ;<<;AJ?L?I;H?D=IJ@TDIJ;H  ;D;H=?:;AB7H7J?ED;H  F;HIEDB?=7 I?:EH  =;C;DI7CC7 ?DAWF 7L ;B E9> 7D7BOI;H 7L ;BC7HAD7:;D I7CJ ;D;H=?IJ7J?IJ?A  ;8EB7=IEC;H8@K:;H;D;H=?J@TDIJ;HA7DKFFDUBT=H; AKD:ECITJJD?D= E9> 7JJH7>;H7 DO7 AKD:;H E9> :;IIKJEC <H?=WH7 A7F79?J;J ? FHE:KAJ?ED E9> :?IJH?8KJ?ED =;DEC 7JJ KJ@TCD7 ;D;H=?8;>EL;D 8B7D: AKD:;HD7 !D;H=?COD:?=>;J;D     !D;H=?J@TDIJ;H I;I IEC ;D CW@B?=>;J 7JJ IJTHA7 AKD:H;B7J?ED;HD7 E9> AECF;DI;H7 <WH ;D C?DIA7: LEBOC<WHITB@D?D= 7L ;D;H=? !D;H=?COD:?=>;J;D     !D;H=?J@TDIJ;H 7DLTD:I <WH 7JJ IA7F7  . +44'79'-2:4*.

(66) ,,A787+2'9/54+75).+2. AECCKD?A7J?EDC;:;BAKD:;DE9>FUI?AJWA7;D;H=?<WHITB@D?D=;DE9> BWDI7C>;J;D;H=C7IJ>.JH?:    #;DEC 7JJ ?DABK:;H7 ;D;H=?J@TDIJ;H ? AKD:;H8@K:7D:;J A7D ;B>7D:;BI8EB7=;D :?<<;H;DJ?;H7 I?D7 ;H8@K:7D:;D E9> :TH?=;DEC =WH7 ;H8@K:7D:;J >;J;HE=;DJ  !D;H=?J@TDIJ;HD7 TH ?DJ; IJ7D:7H:?I;H7:; KJ7D 7DF7II7IJ?BBH;IF;AJ?L;;BAKD:I8;>EL?L7H?;H7D:;=H7:;<J;H>KH;DA;B ;BB;HAECFB;N;D;H=?J@TDIJ;DKFF<7JJ7IL7H77L;BAKD:;D;H=C7IJ> .JH?:    !DB?=J .7D:E<<   <WH;B?==;H L7H?;H7D:; =H7: 7L ?D<EHC7J?EDI7IOCC;JH? C;BB7D AWF7H; E9> ITB@7H; 8;HE;D:; FU FHE:KAJ;DIIWA ;H<7H;D>;JI E9><WHJHE;D:;AL7B?J;J;H "WHFHE:KAJ;H IEC AKD:;D FU <WH>7D: A7D 8;:WC7 LTH:; FU TH :;J <HTCIJ IWA;=;DIA7F;H IEC :EC?D;H7H L?BA;J .7D:E<<   AEFFB7H J?BB FHE:KAJ;D;B !D;H=?J@TDIJ;HFHT=B7I7L;H<7H;D>;JI;=;DIA7F;H;<J;HIEC :;J TH <WHIJ ;<J;H :;J 7JJ J@TDIJ;D AWFJI IEC AKD:;D A7D 8;:WC7 FHE:KAJ;DI LTH:; E9> ;D ?DJ;H7AJ?ED >7H IA;JJ C;BB7D ITB@7H; E9> AWF7H;  &K C;H AECFB;N7 ;D;H=?J@TDIJ;H TH :;IJE C;H AECC;H FHE:KAJ;DI <WHJHE;D:;;=;DIA7F;H 7JJ L7H7 L?BA;J =TBB;H <WH J ;N  ;D;H=?;<<;AJ?L?I;H?D=IJ@TDIJ;HE9>;D;H=?HU:=?LD?D=.7D:E<<    !DWL;HLT=7D:;:;B7L;BAKD:;HD7LTB@;H7JJAWF7;D;H=?J@TDIJ;H<HUD I7CC7 ;B>7D:;BI<WH;J7= IEC B;L;H;H7H ;B;D;H=?D <H7C<WH 7JJ 7DB?J7 7D:H7;B>7D:;BI<WH;J7=;BB;H<H?IJU;D:;;D;H=?AEDIKBJ;H ;H=C7IJ> .JH?:   L?I7H ? I?D KD:;HIWAD?D= 7JJ 8U:; ;B?DJ;DI?L E9> ?9A; ;B?DJ;DI?L?D:KIJH? E7LI;JJIJEHB;A 7DB?J7H;DE9>I7CC7B;L;H7DJWH7L ;BE9>;D;H=?J@TDIJ;H  ;JJ7L?I7H7JJJ?:?=7H;H;B7J?ED;HE9>KJ8OJ;DTH 9;DJH7B7  % ;D IJK:?; 7L 79ABKD: ;J 7B   <H7CAEC 7JJ ?D:KIJH?<WH;J7=L?BB>7BUD=I?AJ?=7H;B7J?ED;HC;:;D;H=?J@TDIJ;<WH;J7= DTH :;J =TBB;H ;D;H=?;<<;AJ?L?I;H?D=IJ@TDIJ;H  !D <WHKJITJJD?D= <WH BUD=I?AJ?=7 H;B7J?ED;H TH 7JJ :;J A7D IA7F7I ;JJ <WHJHE;D:; C;BB7D B;L;H7DJWH;D E9> 8;IJTBB7H;D 7L :;DD7 JOF 7L J@TDIJ;H E9> J?BBHT9AB?= AECF;J;DI>EI8U:7F7HJ;HD7DJ>;I?I#HEKF   0H ;D;H=?AKD:;DI F;HIF;AJ?L ?DD;8TH H787JJ;H E9> 7D:H7 ;DAB7H; J@TDIJ;H BU= EITA;H>;J C;:7D ;D;H=?;<<;AJ?L?I;H?D=IJ@TDIJ;H E9> 7D:H7 AECFB;N7J@TDIJ;H?DD;8TH>W=H;EITA;H>;J &KC;HAECFB;N7J@TDIJ;H <WH;J7=;D 7LJ7B7H C;: ;D;H=?AKD:;D :;IJE C;H WA7H ?DJ;=H7J?ED;D C;BB7D:?IJH?8KJ?ED7L;D;H=?E9>AEDIKCJ?ED7L;D;H=?E9>:;J<WH;J7= IECAWF;H;BA7D>7CD7?;D8;HE;D:;IJTBBD?D=IECA7DKJDOJJ@7I7L ;D;H=?8EB7=;J;H=C7IJ>.JH?:   . A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(67) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4.

(68)  ,,?787+2'9/54+7 ;J IEC B?==;H J?BB =HKD: <WH H;B7J?ED;HD7 TH 7<<THIKJ8OJ;J  =;DEC L?BA;J8U:7F7HJ;H;H>UBB;HDU=EJ:;?DJ;>7:;J?:?=7H;C;D>7H8;>EL 7L #;DEC7<<THIKJ8OJ;JWA7H7BBJIULTH:;JB:;HIED)7HJ?D  7=EPP? E9>:;JC;:<WHTL;D7JJ:;JIA;H?D<EHC7J?EDIKJ8OJ;D EC J?BB ;N;CF;B FHE:KAJ;H  B;L;H7DI E9> FHE:KAJ?ED C;BB7D F7HJ;HD7 &E>7DIED  )7JJIED   ;II7AECFED;DJ;HKJ=WH=HKD:;D <WH :;D 7<<THIH;B7J?ED;D IEC <?DDI C;BB7D F7HJ;HD7 ? H;B7J?ED;D E9> IT=;HDU=EJECH;B7J?ED;DI?DD;>UBBE9>8;JO:;BI;  ;8U:7F7HJ;HD7 AEEH:?D;H7H E9> 7DF7II7H I?D7 L;HAI7C>;J;H J?BB CEJF7HJ;D E9> WL;H J?:;D KJL;9AB7I ;JJ <WHJHE;D:; E9> ;D=7=;C7D= C;BB7D F7HJ;HD7 IEC A7D<WH:@KF7H;B7J?ED;DD:;HIED2;?JP EEA!C;HIED  )EH=7D$KDJ   !DH;B7J?ED:THFH?I;JFUL;HA7HKJ8OJ;JA7BB7IKJ8OJ;<WHJH7DI7AJ?ED;H E9> KFFH;F7:; JH7DI7AJ?ED;H 2;8IJ;H    ;JJ7 ?DD;8TH 7JJ KFFH;F7:; JH7DI7AJ?ED;H TH ;D <WHKJITJJD?D= <WH ;D :@KF7H; H;B7J?ED ;<J;HIEC JH7DI7AJ?ED;HD7 IA7F7H <WHJHE;D:; E9> JHELTH:?=>;J C;BB7D F7HJ;HD7 )9D?9EBB E9>(7C8; .F;AC7D$KDJ  I;H E9AIU JH7DI7AJ?ED;H IEC ;D <WHKJITJJD?D= <WH KJL;9AB7D:;J 7L ;D H;B7J?ED  <<THIH;B7J?ED;HA7DL7H7C;H;BB;HC?D:H;KJL;9AB7:; "WH;J7=;D? ;D 7<<THIH;B7J?ED KJL;9AB7H ;D DTH7 H;B7J?ED DTH :; A7D KFFDU WA7:; ?DJTAJ;H;BB;HC?DIA7:;AEIJD7:;H"EH:    ;:?H;AJ7H;B7J?ED;HD7 8;IAH?LI ? J;HC;H 7L 7AJ?L?J;J;H  H;IKHI;H E9> 7AJWH;H $UA7DIIED  .D;>EJ7  SL;HJ?:;D<WHTD:H7H<WH;J7=;DI?D7L;HAI7C>;J;H<WH 7JJ KFFDU >W=H; ;<<;AJ?L?J;J =;DEC EB?A7 7DF7IID?D=7H 7L I?D7 7AJ?L?J;J;H E9> DO7 ITJJ 7JJ 7DLTD:7 E9> AEC8?D;H7 H;IKHI;HD7 IEC KJ8OJI  ; ?D:?H;AJ7 H;B7J?ED;HD7 FUL;HA7H ? I?D JKH :; :?H;AJ7 H;B7J?ED;HD7L?BA;JADOJ;HI7CC7D<B;H7AJ?L?J;J;H H;IKHI;HE9>7AJWH;H J?BB;JJ7<<THIDTJL;HA7LH;B7J?ED;HD:;HIED;J7B $EBCBKD: /WHDHEEI   ;BB;H ;D DTJL;HAIAEDJ;NJ D:;HIED ;J 7B    !N;CF;B FU ?D:KIJH?;BB7 7AJ?L?J;J;H TH FHE:KAJ?ED 7L L7HEH  FHE:KAJKJL;9AB?D=  ?DAWF ;BB;H C7HAD7:I<WH?D=  -;IKHI;HD7 IEC 7DLTD:IE9>KJ8OJIA7DL7H77LEB?A7IB7=J ;N HUC7J;H?7B AKDIA7F  ?D<EHC7J?ED  C7IA?D;H E9> 7D:H7 JOF;H 7L L7HEH  F;D=7H E9> 7H8;JIAH7<J . . +44'79'-2:4*.

(69) ,,A787+2'9/54+75).+2.

(70)   +-7?48'*15497522853-7:4* ;JLU7AJWH;HIECTH?DLEBL;H7:;?;DH;B7J?ED>7H?DJ;<KBBAEDJHEBB WL;H 7BB7 H;IKHIIB7=  L?BA;J IA7F7H ;JJ 8;HE;D:; J?BB 7D:H7 7AJWH;HI H;IKHI;HE9>:;7AJ?L?J;J;H:;KJ<WH ;HE;D:;KFFAECC;H<HUDCUB;J ;BB;H WDIA7D 7JJ IA7<<7 ;BB;H IA7F7 IF;9?<?A7 H;IKHI;H  ;HE;D:;J IEC <?DDIC;BB7D<WH;J7=8;IJTCI7L>KHL?AJ?=H;IKHI;DTH L?BA;DAEDJHEBB ;D 7L F7HJ;HD7 >7H WL;H H;IKHI;D I7CJ L?BA7 7BJ;HD7J?L ;BB;H IK8IJ?JKJ IEC <?DDI J?BB=TD=B?=7 ,<;<<;H  .7B7D9?A    !C;HIEDI  :;<?D?J?ED7LIE9?7BJ8;HE;D:;7DLTD:IE<J7<WH7JJ8;IAH?L7AED9;FJ;J   ]$.+*+6+4*+4)+5,')957:654/8 */7+)96756579/54'2 95D8359/;'9/54'2/4;+893+49/4-5'283+*/'9+*(>'4*  /4;+78+2>6756579/54'2959.+';'/2'(/2/9>5,9.58+-5'28 5:98/*+5,9.+7+2'9/54]3+7854  6   ;JJ78;JO:;H7JJITB@7D:;E9>AWF7D:;F7HJCUIJ;87B7DI;H78;>EL;J 7L ITA;H>;J IEC BUD=L7H?=7 H;B7J?ED;H =;H C;: 8;>EL;J 7JJ C?DIA7 8;HE;D:; J?BB :;D 7D:H7 F7HJ;D  /?:?=7 IJK:?;H AH?D= 8;HE;D:;<WH>UBB7D:;D<EAKI;H7:;FU:;DAWF7D:;F7HJ;DI8;HE;D:;7L :;DITB@7D:;F7HJ;DI;J ;N !B DI7HO7D:.J;HD  .;D7H;IJK:?;H >7H ?IJTBB;J AECC?J 7JJ IJK:;H7 8;HE;D:;<WH>UBB7D:;D <HUD 8U:7 F7HJ;HD7IF;HIF;AJ?LK9>7D7D #;OIA;DI;J7B .9>;;H;J 7B    !JJ<WH;J7=IECTH?;D8;HE;D:;IJTBBD?D=J?BB:;D7D:H7F7HJ;D IEC >7HC7AJ;DWL;HH;IKHI;D KFFB;L;H;DIJWHH;EITA;H>;JAH?D=AEDJHEBB;D 7L E9> J?BB=UD=;D J?BB H;IKHI;D  % :;II7 <7BB 8;IAH?LI 8;HE;D:;<WH>UBB7D:;J IEC 7IOCC;JH?IAJ  ,<;<<;H  .7B7D9?A    SA7D:; 8;HE;D:; C;BB7D F7HJ;HD7 L?I7H FU ;D >W=H; D?LU 7L ;D=7=;C7D=?H;B7J?ED;D MO;H .9>KHH+>  +C:;J<?DDI ;D>W==H7:7LWCI;I?:?=J8;HE;D:;C;BB7DF7HJ;HD7TH:;JL?AJ?=J<WH 8U:7F7HJ;HD77JJH;B7J?ED;D8?8;>UBBIE9>KJL;9AB7IK9>7D7D   ;HE;D:;IJHKAJKH;D?;DH;B7J?EDFUL;HA7HBUD=I?AJ?=>;J;D?H;B7J?ED;D E9>L?BA7JOF;H7LAEDJH7AJ

(71) 7LJ7BIEC7DLTD:I(KI9>HEMD   !NFB?9?J7 7LJ7B 7DLTD:I EC :;J <?DDI ;JJ 7IOCC;JH?IAJ 8;HE;D:;<WH>UBB7D:;C;BB7DF7HJ;HD7 +C;DF7HJTHC;H8;HE;D:;7L :;D 7D:H7 F7HJ;D TH EITA;H>;J;D IJWHH; E9> 8;>EL;J 7L ;NFB?9?J7 AEDJH7AJIJWHH;<WH7JJH;:K9;H7EITA;H>;J;D(KI9>HEMD  % H;B7J?ED;H C;: IJ7HAJ WCI;I?:?=J 8;HE;D:; AECC;H TL;D DEHC7J?L7 EIAH?LD7 AEDJH7AJ 7JJ <?DD7I (KI9>  HEMD    A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(72) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. *EHC7J?L7

(73) IE9?7B7 AEDJH7AJ TH AEFFB7:; J?BB WA7D:; ;D=7=;C7D= #KD:B79>  9>HEB  );DJP;H   IOCC;JH?IAJ 8;HE;D:;<WH>UBB7D:;C;BB7DF7HJ;HD7JO:;HFUEB?A7;D=7=;C7D=L?BA;J 8WHWA7H?IA;D<WHEFFEHJKD?IJ?IAJ8;J;;D:;<HUD:;DC?D:H;;D=7=;H7:; F7HJ;D#KD:B79> 9>HEB);DJP;H  *THH;B7J?ED;DTHL7H7AJ?= E9> BUD=I?AJ?= KJL;9AB7I <WHJHE;D:;  ;D=7=;C7D= E9> =H7:;D 7L 7DF7IID?D=WA7HC;BB7DF7HJ;HD7L?BA;JIA7F7H;JJWCI;I?:?=J8;HE;D:; C;BB7DF7HJ;HD7E9>8B?H;JJCUJJFUIJOHA7D?H;B7J?ED;D"EH:   .>;J> #7H:D;H#7HH;J  .

(74)   A7975+4*+5).+2/',,?787+2'9/54+7 "WHJHE;D:;>7D:B7HEC:;KFFE<<H?D=7HF7HJ;HD7THL?BB?=77JJ=WH7<WH 7JJ8;>UBB7H;B7J?ED;DE9>8O==IE<J7L?:F;HIEDB?=7CWJ;D)EH=7D $KDJ #KD:B79>;J7B  "WHJHE;D:;TH:;D;D7F7HJ;DIJHE FU7JJ:;D7D:H7F7HJ;DIFH;IJ7J?ED;H=;HFEI?J?L;EKJ9EC;I;JJFEI?J?LJ H;IKBJ7J<WH:;D<WHIJDTCD:7F7HJ;DE9>7JJ:;D7D:H7F7HJ;D?DJ;7=;H7H IU 7JJ ;JJ D;=7J?LJ H;IKBJ7J KFFIJUH D:;HIED  *7HKI    #HK;D  .KCC;HI9?JE   "WHJHE;D:;8O==;H7BBJIUFU:;<WHLTDJD?D=7H IEC<?DDIC;BB7DF7HJ;HD7FU:;D7D:H7I7=;H7D:;BE?I   "WHJHE;D:;IA7F7IC;BB7D;B>7D:B7H;E9>;BAWF7D:;<WH;J7==;DEC :;7LJ7BIECF7HJ;HD7IBKJ?JAH?D=B;L;H7DI7L;DL?IIAL7DJ?J;J;BJ?BB;JJ L?IIJFH?I ,H?I<BKAJK7J?ED;HFUL;HA7H:;;BAWF7D:;<WH;J7=;DIF;9?;BBJ ?DEC ;B?DJ;DI?L ?D:KIJH? E9> A7D ?DD;8TH7 WA7:; ;BAEIJD7:;H <WH :; ;BAWF7D:;<WH;J7=;DIFHE:KAJ?ED  H?<JIIJWHD?D=7HA7D?DD;8TH7IJEH7 ;AEDEC?IA7 <WHBKIJ;H <WH ;BAWF7HD7 L7H<WH ;B>7D:;BI<WH;J7=;D E<J7 ;H8@K:;H EB?A7 <EHC;H 7L I;HL?9;7LJ7B IEC IA7 C?D?C;H7 H?IA;D <WH IJWHD?D=7H !BAWF7D:;<WH;J7=IECAWF;H;D;H=?J@TDIJ;H?<EHC7LJ ;N  IJ7J?IJ?A  HU:=?LD?D= E9> ;D;H=?EFJ?C;H?D=IJ@TDIJ;H <WHLTDJ7H I?= 7JJ :;JJ7IA7B;:7J?BBWA7:AEDJHEBBWL;H;BAEIJD7:;HD7E9>FUBTD=H;I?AJ C?DIA7:;B7DLTD:D?D= "WHJHE;D:;<H7CIJUHIEC;DL?AJ?=AECFED;DJ ? :;D <EA7B7 H;B7J?ED;D IEC IJK:;H7I  +ITA;H>;J AH?D= ;BFH?IKJL;9AB?D=;DE9><WH;AECIJ;D7L;D;H=?J@TDIJ;H8EH:;8;JO:77JJ <WHJHE;D:;AECFED;DJ;DTHL?AJ?=E9><WH:@KF7IWL;HJ?:;D .

(75)  

(76) 4-'-+3'4-5).+2/',,?787+2'9/54+7 !DB?=J )EH=7D  $KDJ  B;:;H ;JJ WA7J <WHJHE;D:; J?BB IJ7HA7H; ;D=7=;C7D=L?BA;J?I?DJKHIJTHA;HE9><WH:@KF7HH;B7J?ED;D C;D:;J . +44'79'-2:4*.

(77) ,,A787+2'9/54+75).+2. THE9AIU;D=7=;C7D=;JIECIA7F7H<WHJHE;D:; "WHJHE;D:;H;:K9;H7H EITA;H>;J ? 7<<THIH;B7J?ED;H E9> WA7H :THC;: L?BB?=>;J;D 7JJ =WH7 7DF7IID?D=7HE9>BT==7D;:;D=7=;C7D= D:;HIED*7HKI   )EH=7D$KDJ  !D=7=;C7D=8HKA7H?B?JJ;H7JKH;D8;IAH?L7I? J;HC;H 7L 7JJ?JO:CTII?=J E9> 8;J;;D:;CTII?=J ;D=7=;C7D=  :LI  >KH F7HJ;HD7 KFF<7JJ7H E9> 7=;H7H ? :;J KJ8OJ; IEC IA;H C;BB7D F7HJ;HD7 #KD:B79>;J7B  !D=7=;C7D=>7D:B7HEC>KHCO9A;J?DJH;II;  J?:E9>7H8;J;<WH;J7=;D?DL;IJ;H7H?H;B7J?ED;D;BB;HL?BA7AEHJI?AJ?=7 KFFE<<H?D=7H:;=WH<WH7JJ=ODD77<<THIKJ8OJ;JFUBTD=H;I?AJD:;HIED 2;?JP EEA!C;HIED   ;D7JJ?JO:CTII?=7:;B;D7L ;D=7=;C7D= 7D=;H EC :;J <?DDI ;D L7H7AJ?= WDIA7D 7JJ 8;>UBB7 E9> KJL;9AB7;DH;B7J?ED)EEHC7D 47BJC7D ;I>F7D:; )EH=7D $KDJ E9>>7HL?:IJK:?;H7LH;B7J?ED;HC;BB7DEH=7D?I7J?ED;H 8B7D:7DD7JIJK:;H7JI7L#KD:B79> 9>HEBE9>);DJP;H'KC7H ;J 7B   JJ?JO:CTII?=J ;D=7=;C7D= 8;IAH?LI IEC =H7:;D 7L J?BB=?L;D>;J IEC F7HJ;HD7 ATDD;H J?BB L7H7D:H7 C;D TL;D KJ?<HUD C;H H7J?ED;BB7 CEJ?L IEC =HKD:7I FU ;D 7LLT=D?D= C;BB7D :; 8;BWD?D=7H E9> AEIJD7:;H IEC ;D <EHJI7JJ H;B7J?ED B;:;H J?BB D:;HIED  2;?JP   ;J8;J;;D:;CTII?=7;D=7=;C7D=;JL?I7H>KHF7HJ;HD77=;H7H? <WH>UBB7D:;J J?BB L7H7D:H7 =;DEC :; H;IKHI?DL;IJ;H?D=7H IEC =WHI ? H;B7J?ED;D?<EHC7LF;D=7H F;HIED7B;J9;J;H7  %DEC;B?DJ;DI?L?D:KIJH?KJ=WH;BAEDIKCJ?ED;D;D8;JO:7D:;:;B7L FHE:KAJ?EDIAEIJD7:;HD7 L?BA;J ?DD;8TH 7JJ ;BAWF7HD7 8;>WL;H >7 AEDJHEBB WL;H >KH <WHTD:H?D=7H ? ;BFH?I;HD7 FUL;HA7H :;D ;=D7 FHE:KAJ?ED;D  #;DEC 7JJ 7AJ?LJ <WB@7 FH?IKJL;9AB?D=;D A7D :; ;BAWF7D:; <WH;J7=;D FB7D;H7 I?D FHE:KAJ?ED <WH 7JJ KD:L?A7 FHE:KAJ?EDIJEFF7H DTH ;B;D TH :OH7H;  !B>7D:;BI<WH;J7=;D ;H8@K:;H EB?A7<EHC;H7L;B7LJ7BIECIO<J7HJ?BB7JJ@TCD7KJ;BFH?I;HD7WL;HJ?:;D  #;DEC :; ;D;H=?J@TDIJ;H IEC ;H8@K:I ;BAWF7D:; <WH;J7= A7D ;B>7D:;BI<WH;J7=;D<U;D8TJJH;<WHIJU;BI;<WH:;8;>EL:;;BAWF7D:; <WH;J7=;D >7H E9> :TH?=;DEC AKDD7 7DF7II7 I?D7 ;H8@K:7D:;D  % H;B7J?ED;DC;BB7DF7HJ;HD7A7D;D=7=;C7D=;J<WH:@KF7IWL;HJ?:;D@K BTD=H;H;B7J?ED;DFU=UH .

(78)   46'884/4-5).+2/',,?787+2'9/54+7 !JJ 7DD7J L?AJ?=J 8;=H;FF IEC >TD=;H ?>EF C;: ;D=7=;C7D= TH 7DF7IID?D= H;DD7D/KHD8KBB :;<?D?;H7H7DF7IID?D=C;BB7D AWF7H;E9>ITB@7H;IECG*>'*/)'*'69'9/548'7+*+,/4+*'8(+.';/57'2. A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

(79) ,,A787+2'9/54+76B*+48;+481'+23'714'*+4. 5757-'4/?'9/54'235*/,/)'9/548'99.+/4*/;/*:'2-75:657)57657'9+ 2+;+2)'77/+*5:9(>54+57-'4/?'9/54<./).'7+*+8/-4+*953++99.+ 86+)/,/)4++*85,54+59.+757-'4/?'9/54HI   ;JA7D>7D:B7EC 7DF7IID?D=7H 7L FHE:KAJ;H  B;L;H7DIITJJ  8;J7BD?D=IITJJ E9> 7D:H7 HKJ?D;H IEC <WH;J7=;D =WH <WH 7JJ 7<<THIKJ8OJ;J IA7 <KD=;H7 $7BBVD  &E>7DIED .;O;: )E>7C;:  &E>7DIEDE9>)7JJIIED DTCD;H <;C EB?A7 JOF;H 7L 7DF7IID?D=7H IEC <WH;J7= A7D =WH7 J;AD?IA7 BE=?IJ?IA7 7:C?D?IJH7J?L7 AKDIA7FICTII?=7I7CJ<?D7DI?;BB7  ;7DF7IID?D=7HIECF7HJ;HD7=WHTH?I?=;JJJ;9A;DFU;D=7=;C7D= E9> ;JJ CUJJ FU ;D=7=;C7D= TH >KH ;D=7=;C7D=;J KFFB;LI 7L CEJF7HJ;D  ,HE:KAJ;D ;B TH >ECE=;D E9> 7DF7II7I ?DJ; ? I?= ;<J;H AKD:;DI 8;>EL  DF7IID?D= C;BB7D F7HJ;HD7 ? H;B7J?ED;D 7LI;H ?IJTBB;J 7JJ ;BAWF7D:; <WH;J7= A7D FB7D;H7 I?D FHE:KAJ?ED ;<J;H >KH ;BFH?I;HD7 L7H?;H7H E9> ;B>7D:;BI<WH;J7=;DI EB?A7 ;B7LJ7B 7DF7II7I ;<J;H ;BAWF7H;DI 8;>EL E9> WDIA;CUB  "WH ;JJ ;BAWF7D:; <WH;J7= A7D :H?<JIIJWHD?D=7HE9>IA;D7D:;;BAEIJD7:;HC;:<WH7IJEH7AEDI;AL;DI;H <WH :;D ;=D7 L;HAI7C>;J;D  #;DEC :; J?BBT==IJ@TDIJ;H IEC ;B>7D:;BI<WH;J7=;D ;H8@K:;H WA7H ?D9?J7C;DJ;D <WH ;BAWF7D:; <WH;J7= 7JJ7DF7II7I?D;B7DLTD:D?D=;<J;HHU:7D:;;BFH?I;HE9>?:;<7BB7LJ7B J;9AD7JI AH?D= C;H AECFB;N7 ;D;H=?J@TDIJ;H AH?D= J ;N  ;D;H=?;<<;AJ?L?I;H?D=A7D:;JJ7?DD;8TH7=;DEC=H?F7D:;<WHTD:H?D=7H? :;J;BAWF7D:;<WH;J7=;JI;BAEDIKCJ?ED .

(80)  >38+8/*/-9(+75+4*+5).+2/',,?787+2'9/54+7 AJ?L?J;J;HIEC?DD;8TH;D=7=;C7D=E9>7DF7IID?D=FU=UH?H;B7J?ED;D E9>WL;HJ?:;DB;:;H:;J?BB7JJ;JJWCI;I?:?=J8;HE;D:;LTN;H<H7CE9> 7JJH;B7J?ED;DIJTHAI  ;J;D=7=;C7D=IECB7=JID;:E9>7DF7IID?D=7H IEC =@EHJI TH E<J7IJ ?DJ; WL;H<WH87H7 ? IJWHH; KJIJHT9AD?D= J?BB 7D:H7 7<<THIF7HJD;HI  L?BA;J ?DD;8TH 7JJ :;J AEIJ7H C;H 7JJ IA7<<7 ;D DO 7<<THIF7HJD;HTD7JJ8;>UBB7;D8;<?DJB?= D:;HIED*7HKI   0JWL;H:;JIF;9?<?A78;HE;D:;<WH>UBB7D:;IEC<?DDIC;BB7D:;8U:7 F7HJ;HD7 <?DDI TL;D ;JJ 8;HE;D:; J?BB :;D ECAH?D=B?==7D:; EC=?LD?D=;DI 7AJWH;H ? <EHC 7L ?D:?H;AJ7 H;B7J?ED;H  ;HE;D:;J A7D KJJHO9A7I IEC 7JJ :;J <?DDI AEFFB7:; H;B7J?ED;H J?BB JH;:@;F7HJI7AJWH;H IEC FUL;HA7H F7HJ;HD7 ? ;D :O7:?IA H;B7J?ED $UA7DIIED  .D;>EJ7    #H7DEL;JJ;H  C;D7H 7JJ KJ8OJ;IH;B7J?ED;D C;BB7D JLU F7HJ;H A7D <WHIJUI 8TJJH; =;DEC 7JJ H;B7J?ED;D I;I IEC ?D8T::7: ? ;D. . +44'79'-2:4*.

(81) ,,A787+2'9/54+75).+2. DTJL;HAIIJHKAJKH:TH:;J<?DDIWCI;I?:?=7H;B7J?ED;HC;BB7DUJC?DIJED; JH; 7AJWH;H E9> KJ8OJ;D7 8?B:7H ;JJ I7CC7DAEFFB7J DTJ 7L H;B7J?ED;H 7=EPP?    %DEC IE9?EBE=?IA J;EH?8?B:D?D= :;<?D?;H7I KJ8OJ;IDTJL;HA IEC ;D KFFITJJD?D= 7L JLU ;BB;H <B;H7 AEFFB7:; KJ8OJ;IH;B7J?ED;H  :TH AEFFB?D=;D ?DD;8TH 7JJ KJ8OJ;J ? ;D :O7:?IA H;B7J?ED TH 8;HE;D:; 7L KJ8OJ;J ;BB;H ?9A; KJ8OJ;J ?D 7D:H7 :O7:?IA7 H;B7J?ED;HEEA!C;HIED   0JWL;H I@TBL7 ;B>7D:;BD A7D EB?A7 <EHC;H 7L ;D;H=?J@TDIJ;H IEC ;B>7D:;BI8EB7=;D;H8@K:;HB;:7J?BB7JJ:;;BAWF7D:;<WH;J7=;DWA7HI?JJ 8;HE;D:;J?BB;JJIF;9?<?AJ;B>7D:;BI8EB7= !D;H=?J@TDIJ;HIECIO<J7HJ?BB 7JJ ;<<;AJ?L?I;H7 ;B7DLTD:D?D=;D E9> C?DIA7 ;BAEIJD7:;HD7 A7D ?DD;8TH77JJ:;J;BAWF7D:;<WH;J7=;J8B?H8;HE;D:;7L:;DAECF;J;DI ;B>7D:;BI<WH;J7=;D 8;I?JJ;H E9> ;B>7D:;BI<WH;J7=;DI AKDIA7F;H EC ;BAWF7H;D WA7H  SL;H J?:;D 8EH:; :;J WCI;I?:?=7 8;HE;D:;J C;BB7D F7HJ;HD7WA7J?BB<WB@:7L7<<THIKJ8OJ;JC;BB7DF7HJ;HD7?:;DFU=U;D:; 7<<THIH;B7J?ED;D  !BC7HAD7:;DIIJHKAJKHC;::;7AJWH;HIEC<?DDI?:;JAH?D=B?==7D:; DTJL;HA;J A7D >7 ;D ?D:?H;AJ FUL;HA7D FU :;D <EA7B7 H;B7J?ED;D  )UBITJJD?D=;D<WH;D;B>7D:B7H9;DJH?IACE:;BB<WH;BC7HAD7:;DJO:;H FU7JJ;BDTJI<WH;J7=;DFUL;HA7DFU:;D<EA7B7H;B7J?ED;DTH8;JO:7D:; E9> :;D ;B>7D:B7H9;DJH?IA7 CE:;BB;D IO<J7H J?BB 7JJ IJTHA7 H;B7J?ED;D C;BB7D ;B>7D:B7H; E9> ;BAWF7D:; <WH;J7= E9> <WH;DAB7 ?D<EHC7J?EDIKJ8OJ;J?:;D<EA7B7H;B7J?ED;D .

(82) 

(83) ,,?784?9;+717+2'9/54+74'815662/4-'7 .EC L?I7I ? A7F?J;B JLU <?=KH   8;IJUH ;BC7HAD7:;D 7L <B;H7 EB?A7 7AJWH;H E9> CUD=7 EB?A7 H;B7J?ED;H  .JK:?;D TCD7H ? <WHIJ7 >7D: =; AKDIA7F EC 7<<THIH;B7J?ED;HD7 C;BB7D ;BAWF7D:; <WH;J7= E9> ;B>7D:B7H;  C;D ;<J;HIEC :;DD7 C7HAD7: TH H?A FU 7AJWH;H E9> DTJL;HAIIODITJJ;JFUH;B7J?ED;H7DLTD:IJ7HIJK:?;DTL;DKFFDU=H77L :; AEFFB7:; H;B7J?ED;H IEC <?DDI FU ;BC7HAD7:;D  % IJK:?;H 7L 7<<THIH;B7J?ED;H IEC >7H DTJL;HAIIODITJJ J7I 8U:7 F7HJ;HI WLH?=7 H;B7J?ED;H?8;7AJ7DIECFEJ;DJ?;BB7FUL;HA7H;FU:;D<EA7B7H;B7J?ED;D &E>7DIED $7L?B7   B7DA;D8KH= $EBC  KD:;HIWAJ; AEFFB7:; H;B7J?ED;H ? ?D:KIJH?;BB7DTJL;HAE9>>KH:;II7FUL;HA7H:;<EA7B7H;B7J?ED;HD7?;JJ 7<<THIKJ8OJ; I7CJ >KH 7AJWH;HD7 ? :;D <EA7B7 H;B7J?ED;D >7DJ;H7:; FUL;HA7D .JK:?;DAKD:;L?I77JJ:;AEFFB7:;H;B7J?ED;HD7>7:;EB?A7. A2'7*'2+4%4/;+78/9>!7+88/88+79'9/548. .

References

Related documents

Enkäten har utgjort den största delen av primärdatainsamlingen. Olika alternativ för genom- förande av enkätundersökningen har undersökts och diskuterats. Det alternativ

Den framställda priselasticiteten och marknadens koncentrationsmått har sedermera legat till grund för beräkningen av marknadsstyrka, som uppvisats, med hjälp av Lerner

Den minskade handeln i EPAD-kontrakt för SE3 och för systempriskontrakten kan också till viss del ses i kvoterna mellan handlade volymer och fysisk förbrukning samt produktion..

För att kunna skapa en jämförande studie mellan hur svenska och filippinska företag förhåller sig till tillit i affärsrelationer intervjuades även ett antal svenska företag

Detta framhåller framförallt köpcentrumledningens beroende av hyresgästerna, men även hyresgästernas bidrag till varandra för att skapa ett mervärde för samtliga parter

Så länge balansen i nätet garanteras finns inga fy- siska hinder för att dessa avtal träffas på en decentraliserad marknad med konkur- rens mellan olika säljare.. Frågan är då

utsläppsrätter kan i enlighet med IAS 20 Statliga Bidrag värderas till verkligt värde, där utsläppsrätterna klassificeras som ett icke-monetär bidrag (Drefeldt &amp; Törning

Förväntad maximal handelskapacitet (MW) mellan Sveriges elområden för import till Sverige från angränsande elområden vintern 2019/2020.. Summorna