"

!""#$%&'%#( #* +%,-#. +%$/("//" 0/12#-.(/

34 5#6 789 3.&:.&(; <%$'#.%&; 7=>=

???@&11A@#.B C $#AA%''//D&11A@#.B

#$% &''()"*+"(, (- ."/0(1 .")%,'%%' 2%34(01,% 5&..26 1%71%'%,+ +$% ",+%1%'+' (-

8")+(1"*, 3"/0(1 3")%,'%9 :%,0%'; <01 =%=4%1' *1% 71%9(=",*,+3> +$% 71(71"%+(1' (- 4*1'

*,9 ,"?$+)304'; <01 '7$%1% (- ",-30%,)% *,9 9%?1%% (- 1%)(?,"+"(, "' %:%1 ",)1%*'",? '(

+$*+ @% ,(@ $*:% *, &0'+1*3"* @"9% 1%*)$;

The &..2 welcomes the opportunity to comment on the above applications for authorisation

as part of the Australian Competition and Consumer Commission’s process of consultation

with interested parties. We are disappointed however, that many valid points of view on

APRA’s claims have been excluded through the extremely limited timeframe for response.

This public consultation has been further limited due to APRA’s timing this to clash with the

Australian Law Reform Commission paper on Copyright and the Digital Economy.

#$% &..2 +*A%' * :%1> '%1"(0' 7%1'7%)+":% (, &BC&D' *0+$(1"'*+"(, *773")*+"(,; #( +$"'

%E+%,+F "+ $*' -(1=%9 * '04G)(=="++%% +( *''%'' +$% &BC& *773")*+"(,; H$*+ -(33(@' "'

+$*+ *''%''=%,+;

I(01' '",)%1%3>F

J")$(3*' &34(,

.*@>%1

&..2 K L%)1%+*1>

&..2 K &BC& L04 M(=="++%%

""

EXECUTIVE SUMMARY

H% $*:% )(=71%$%,'":%3> 9%)(,'+10)+%9 &BC&D' *773")*+"(, +( '%7*1*+% +$%"1 -*41")*+%9

*''%1+"(,' -1(= $*19 -*)+'F *,9 +$"' $*' 3%-+ :%1> 3"++3% (- +$%"1 *773")*+"(, +( 1%3> (, *'

'04'+*,+"*+%9 +*,?"43% %:"9%,)%; H% +$%1%-(1% $*:% $*9 +( '>'+%=*+")*33> ,*:"?*+% +$1(0?$

&BC&D' ,*11*+":%F +( )(,'+10)+":%3> (--%1 +$%= * )$*,)% +( 71(:"9% * +1*,'7*1%,+ *773")*+"(,

+$*+ *991%''%' +$% 4*3*,)% 4%+@%%, +$% 7043") ",+%1%'+ *,9 9%+1"=%,+; L$(039 &BC& *991%''

+$%'% )(,)%1,'F +$% 7043") @(039 4% *43% +( (--%1 *, $(,%'+ *''%''=%,+F 40+ "- +$% )3*"='

1%71%'%,+%9 ", +$"' *773")*+"(, *1% -",*3F +$%, *0+$(1"'*+"(, =0'+ 4% 1%N%)+%9; &BC&

'0==*1"'%' +$"' 4%'+ +$%='%3:%'O

!"#$%& ()**+,,+)- ,%)./0 1& &-#+#/&0 #) 2,,.*& #%2# ,#2#&*&-#, )3 32(# *20&

+- ,.1*+,,+)-, #) +# 24& 3.-02*&-#2//5 2((.42#&6 2-0 ,%)./0 )-/5 %27& #) 0&2/

8+#% 249.*&-#, 2072-(&0 )- #%2# 12,+,:;<

P, '0==*1>F +$"' 1%'7(,'% 9(%' ,(+ '077(1+ &BC&D' *773")*+"(,' -(1 *0+$(1"'*+"(, -(1 +$%

-(33(@",? 1%*'(,'O

G &BC& "' * =(,(7(3> +$*+ *40'%' "+' =*1A%+ 7(@%1

G &BC& *40'%' "+' %E)30'":% ",70+ *?1%%=%,+' +( 7%17%+0*+% "+' *0+()1*)>

G &BC& -('+%1' * )(17(1*+% )03+01% (- *??1%''"(, *,9 ",+"="9*+"(,

G &BC& 9(%' ,(+ 1%7*+1"*+% 1(>*3+"%' +( "+' =%=4%1' ", * +1*,'7*1%,+ *,9 %--%)+":% =*,,%1

G &BC& (,3> *773"%' )(,9"+"(,' 0,9%1 MQ *,9 MR ", * +(A%,F ,(,G%--%)+":% ,*+01%

G &BC& ,%?3%)+' +$% ,%%9' (- +$% ",9%7%,9%,+ 0'%1' +$*+ -(1=' "+' )$*1+%1

G &BC& "' )(,'"'+%,+3> ="'3%*9",? ", N0'+"->",? "+' *)+"(,' 0,9%1 +$% 7043") ",+%1%'+

P- &BC& "' +( 4% *0+$(1"'%9F 7%,9",? -01+$%1 +*,?"43% %:"9%,)%F +$% -(33(@",? )(,9"+"(,' '$(039

*773>O

G * +@( >%*1 *0+$(1"'*+"(, 7%1"(9

G *, ",9%7%,9%,+F *--(19*43% *,9 %/0"+*43% =(9%1*+"(, 71()%''

G )(=73%+% +1*,'7*1%,)> (, +$% 9"'+1"40+"(, (- 1(>*3+"%'

G ",9%7%,9%,+ )(==0,"+>F )(==%1)"*3 *,9 ?3(4*3 ,(,G%E)30'":% 3")%,'",?

G +$% -033 %E+%,+ (- &BC&D' 1%7%1+("1% +( 4% 7043"'$%9 71(?1%''":%3>

G *, ",9%7%,9%,+ 1%:"%@ (- 3")%,'",? ')$%=%'F ", +10% )(,'03+*+"(, @"+$ )(,+%,+ 0'%1'

G * )3%*1 41%*A9(@, (- 3%?*3F ",-1*'+10)+01%F 9%:%3(7=%,+ *,9 *9=","'+1*+"(, )('+'

Q &BC&D' M(==%,+' <, L04="''"(,' #( #$% &MMM S> P,+%1%'+%9 B*1+"%'F RTQTF 7; U

"

TABLE OF CONTENTS

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

+,&-.)*%& /.001'2 **

3145& $6 #$7)&7)8 !

#$%& $' ()&%*+,-&(*) $)+ (+.)&(/(-$&(*) */ $---01 /()+()21() &3. 45!5

+.&.%6()$&(*) &3$& -*)&(),. &* $##78 9 %:;<=>;: ?

!@5 ()&%*+,-&(*) 9 %:;<=>;:

4@5 45!5 /()+()21 &3$& -*)&(),. &* A. B$7(+ 9 %:;<=>;:

9:" ;7)'$<.-)*$7 = '&8>$78&

9:9 ?1-@A'$.7< = '&8>$78&

#$%& A -3$)2.1 () 6$%C.&1 1()-. 45!5 9 %:;<=>;: !!

?@5 -3$)2.1 (6#7.6.)&.+ A8 $#%$

B:" #C17A&8 17< D&%&5$>0&7)8 *7 EFGEH8 #$7<.-) 17< F'$-&<.'&8

B:9 EDG IE5)&'71)& D*8>.)& G&8$5.)*$7J

D@5 *&3.% -3$)2.1 () &3.6$%C.& 9 %:;<=>;:

K:" ;7 E.8)'15*1

K:9 ;7)&'71)*$71552

E@5 -3$)2.1 () &3.6$%C.& F 7(C.78 +,%$&(*) 9 %:;<=>;:

#$%& - .//.-& */ -3$)2.1 () 6$%C.&1 *)G.(23()2 */ A.)./(& $)+

+.&%(6.)& F %:;<=>;: !H

I@5 .//.-& */ -3$)2.1 /*% A.)./(& $)+ +.%&(6.)& $)$781(1 9 %:;<=>;:

L:" ;7)'$<.-)*$7 9 %:;<=>;:

L:9 3C& #C17A&8 9 %:;<=>;:

L:B +66&-) $6 #C17A&8 $7 E71528*8 $6 ?&7&6*)8 17< D&)'*0&7)8 F %:;<=>;:

L:K #$7-5.8*$7 $7 )C& &66&-) $6 )C& -C17A&8 $7 4&7&6*) 17< <&)'*0&7) 9 %:;<=>;:

L:M D.'1)*$7 $6 E.)C$'*81)*$7 9 %:;<=>;:

H@5 -*)-7,1(*) 9 %:;<=>;:

"

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

,"-! . / !0% ")))1+ ,-%23'4+ (3*.3*5+ '* !0% %6!%*! '( !0% .%!-37%*!

"*. !0% -%"+'*"#$%*%++ '( !0% )'+!+ '( %*('-)%7%*! 3* !0%

)'4*!%-(")!4"$ +0'4$. *'! #% "))%,!%. 3* !0%)4--%*! )3-)47+!"*)%+ 8

-9:;<=:9 >?

@AB ")))1+ (3*.3*5+ !0"! +0'4$. *'! #% "))%,!%. ('- !0% ,4-,'+%+ '( -%8

"4!0'-3+"!3'* ",,$3)"!3'*+A 8 -9:;<=:9

CAB "*!38)'7,%!3!32% .%!-37%*! (-'7 ",-" 3*,4! "--"*5%7%*!+

)'7,"-%. !' *'*8%6)$4+32% )'4*!%-(")!4"$ 8 -9:;<=:9

DBAB )'+!+ '( .%!%)!3'* "*. %*('-)%7%*!E3!0 *'*8%6)$4+32% 3*,4!

$3)%*+3*5 8 -9:;<=:9

DDAB )'*)$4+3'* 8 -9:;<=:9

+4,,$%7%*!"-F .')47%*!"!3'* >G

>A +HIH9J9=H <= ",-"1: <;9KIHL<=:

"..3!3'*"$ 3*('-7"!3'* ?@

"

PART A

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

,-.- !"!"/ #$%# &'(&)'(&*+ *&, #---.+ /,*,01'23*'425 67* *&, 83)'/'*9 4: *&, +*3*,1,2*

!"#$%$ #'( )$$* *+ ,$-$.+/0$*" +% 1#'*2$ (3*1$ 4565 "#'" 7+8., 98("3:; "#$ <=== %$'1#3*2 '

,3::$%$*" 1+*1.8(3+* 3* 456>? '+ 1'+),3/'2(;

<'0+*)95 #$%# '+ 3+='2( :40 +'> 9,30+5 24* *&, 3??04>'13*,)9 *&0,, 32/ 3 &3): ?0,8'47+)9

(032*,/; @&'+ '+ 24* *032+?30,2* 3* 3)); A,B42/)95 *&, #--- (032*'2( 37*&40'+3*'42 /4,+ 24*

1,32 *&3* 329 ?0,8'47+ 30(71,2*+ B,3+, *4 6, 83)'/; C2 :3B*5 *&047(&47* *&'+ 0,+?42+, '* '+

?048,2 *&3* *&, DEFE :'2/'2(+ 30, 7+,/ 3* G')) 69 #$%# G&,2 '* +7'*+ *&,15 32/ /'+B30/,/

G&,2 '* /4,+ 24*;

#$%# 17+* +76+*32*'3*, &4G *&, ?76)'B 6,2,:'* G47)/ 24* 6, 6,+* +,08,/ G'*& 242H

,>B)7+'8, '2?7* 3(0,,1,2*+5 ('8,2 *&, #--- '*+,): &38, &'(&)'(&*,/ 0,?,3)'2( +,B*'42

IFJ"K 4: *&, -41?,*'*'42 32/ -42+71,0 #B*5 '2 )'(&* 4: #$%#.+ 6,&38'40; L+?,B'3))9

+'(2':'B32* *4 *&'+ 3??)'B3*'42 '+ *&, 30(71,2* ?7* :40G30/ 69 *&, #--- *&3* *&,0, '+ 24

,04+'42 4: B0,3*40.+ 0'(&*+ 32/ 720,3+4236), B4+*+ 3++4B'3*,/ G'*& 242H,>B)7+'8,

)'B,2+'2(;F

,-.- !"/"! #**3B&,/ '+ 3 /,*3'),/ 3++,++1,2* &'(&)'(&*'2( B42B,02+ G'*& #$%#.+

4?,03*'42+ +*3*,1,2*;D C2 60',:5 *&,0, 30, 1329 72+76+*32*'3*,/ B)3'1+ 13/, 69 #$%#

G'*&'2 *&, 4?,03*'42+ +*3*,1,2*5 32/ *&,9 17+* 3//0,++ ,3B& 0,+?42+, /'0,B*)9 6,:40, *&,

?76)'B B32 B411,2* ,::,B*'8,)9; C* '+ 32*'B'?3*,/ :041 *&, *42, 4: *&, DEFE 0,+?42+,+ *4

+761'++'42+5 *&3* #$%# G')) *09 32/ /'+M73)':9 *&,+, B411,2*+ G'*& 6043/ +G,,?'2(

?4)'*'B'+,/ 0&,*40'B5 32/ #$%# 17+* ?048'/, B),30 32/ +76+*32*'3*,/ ,B'/,2B, *4 *&, #---

32/ '2*,0,+*,/ ?30*',+;

F A,,N &**?NOOGGG;3)0B;(48;37O+'*,+O/,:37)*O:'),+O+76+OFPI;Q40(Q3BBB;?/:D A*3*,1,2* 42 #$%#.+ 4?,03*'42+5 ?; DR

"

!"#" %&'&' # $%&'() (* +', -%.&+ '+ %,/%++'0%1 +2(34) 52% .352(&'+.5'(6 7% 8&.65%) .5 .449

:'0%6 52% .//%4%&.5%) 5&.6+*(&;.5'(6 (* 5%/26(4(8- (0%& 52% 4.+5 +', -%.&+1 '5 <(34) 7%

'&&%+$(6+'74% 5( #=>#?+ ;%;7%&+ 5( %,$%/5 *%<%& /2.68%+ '6 52% ;.&@%5 $4./%9 A- <.- (*

%,.;$4%1 <% &%*%& 5( 52% 5.74% 7%4(< 52.5 (354'6%+ 52% &.$') )'0%&+'*'/.5'(6 (* )'8'5.4

;3+'/ +%&0'/%+ '6 #3+5&.4'. (0%& 52% 4.+5 )%/.)%9 B6 +';$4% 5%&;+1 '* #=># '+ +388%+5'68

52.5 52% /3&&%65 *&.;%<(&@ '+ $&%$.&%) 5( .//(365 *(& <2.5 ;.- 2.$$%6 '6 52% 6%,5 +',

-%.&+1 . )%5.'4%) (354'6% +2(34) 7% $374'/4- $&(0')%)9 B5 '+ .4+( )%%$4- /(6/%&6'68 52.5

52%'& 5%/26(4(8- +5&.5%8- 2.+ 7%%6 ;.)% /(6*')%65'.49

!"#$%& () *"+&,"-& ./ 01& "-0%.2$30".- ./ 2"#"04, 5&%6"3&5 "- 7$50%4,"48

!"#" %&'&( C2'+ +5.5%;%65 '+ 6(5 .//3&.5%9

!"#" %&'&) #=>#?+ 2.+ 6( &'825 5( /4.'; <2.5 52% /(&&%/5 /(3&+% (* ./5'(6 '+ *(& 52% #DDD9

!"#" %&'&* #=>#?+ .55%;$5 5( /4.'; /%&5.'6 $.&5+ (* 52% EFGF )%5%&;'6.5'(6 .+

H3+5'*'/.5'(6 (* 52%'& ./5'(6+1 -%5 (52%& ;(&% /&'5'/.4 $.&5+ .+ 6(5 .$$4'/.74%1 '+ 5-$'/.4 (*

52%'& .&&(8.65 .6) .35(/&.5'/ 7%2.0'(&9 #44 (* 52%+% '++3%+ .&% /3&&%654- 36)%& $374'/

+/&35'6-1 '&&%+$%/5'0% (* 2(< #=># /2((+% 5( *&.;% 52% $&(/%++9

I !"#! !%"& '()*+''+,-. /01/. 255$JKK<<<9.4&/98(09.3K+'5%+K)%*.345K*'4%+K+37+KE"G9L(&8L.&'.9$)*

"

!" !$%$ &'()'(*+ ,-., /0(,'(12 ,0 32 4.5')

!"% '(,60)1/,'0(

7898 !"%"% : !"%"! #$ %$&$%'$ ()$ %*+)( (, -%,'*.$ / 0,%$ .$(/*1$. &230*&&*,4 *5 ()$

*4&255*6*$46*$& ()%,2+),2( 7897:& /--1*6/(*,4 /%$ $'$% &2--,%($. ;*() )/%. $'*.$46$<

!"! 3./;*601()

7898 !"!"% =4 -%*46*-1$> ()$&$ .$5*4*(*,4& /%$ &(*11 '/1*.> ;*() (;, $?6$-(*,4&@ 1*6$46$

3/6AB,-( ,2( CD<DEF /4. ()$ G,.$ ,5 G,4.26( 5,% G,-H%*+)( G,11$6(*,4 I,6*$(*$& CD<JE K

D<JLF< =( 4$$.& (, 3$ &(%$&&$. ()/( ()$ -231*6 &),21. )/'$ ()$ %*+)( (, *4'$&(*+/($ /4.

52%()$% .$5*4$ ()$&$ -%,'*&*,4& ()%,2+) -%/6(*6/1 /--1*6/(*,4<

=( *& &(*11 2461$/% ),; 7897 .$($%0*4$& M%$/&,4/31$ 6,&(&: ;*() 1*6$46$ 3/6AB,-( ,2(< =4

0/4H 6/&$& ()*& 5$$ C6/--$. /( NDEE -$% (%/4&/6(*,4FO0/A$& ()$ ,-(*,4 24;,%A/31$< 71&,

,5 4,($> ()$ G,.$ ,5 G,4.26( 5,% G,-H%*+)( G,11$6(*,4 I,6*$(*$& *& ',124(/%H> /4. ()$%$5,%$

7897 02&( 61/%*5H *5 /4H ,5 ()*& 6)/%($% *& /6(2/11H $45,%6$/31$> 4/0$1H ;)/( -,;$% ()$

G,.$ 9$'*$;$% )/& (, /55$6( 6)/4+$P

7898 !"!"! =4 -%*46*-1$> ()$ %,1$ ,5 6,11$6(*,4 &,6*$(*$& *& 4$6$&&/%H< Q,;$'$%> 3$(;$$4

&$6(*,4& D<L K D<R ,5 ()$ DELE S$($%0*4/(*,4 ()$%$ /%$ *&&2$& ;*() ()$ 5,11,;*4+ -,*4(&T

6< 7898 !"% : !"= >!$%$ ./// )<?<9@AB8?ACBD 7 6,11$6(*,4 &,6*$(H ;*() &26)

/.$U2/($ -%,($6(*,4 24.$% 72&(%/1*/4 1$+*&1/(*,4> /4. / (/? 5%$$ *46,0$ *4 ()$

)24.%$.& ,5 0*11*,4&> &),21. 3$ .*%$6(1H %$-/(%*/(*4+ /66%2$. %,H/1(*$& 51,;*4+

5%,0 2-;/%.& ,5 OVW ,5 ()$*% &0/11 32&*4$&& 1*6$4&$$&> 4,( X2&( 3H /4/1,+H<" 7897

(/A$& +%$/( -%*.$ *4 )*+)1*+)(*4+ / LD<YDW /.0*4*&(%/(*,4 (, 6,&( %/(*,<Z [*'$4 ()$

&(/++$%*4+ /0,24( ,5 1*6$4&$& %$-/(%*/($. 3H /4/1,+H> 7897 02&( -%,'*.$ 52%()$%

6,&( $?-$4.*(2%$ /4/1H&*& &, ()$ -231*6 6/4 24.$%&(/4. ()$ (%2$ '/12$ ,5 ()$

$55*6*$46H\(,\/662%/6H %/(*,<

O )((-TBB;;;</-%/\/06,&<6,0</2B02&*66%$/(,%&B0/4/+*4+H,2%%*+)(&</&-?" 7897:& S*&(%*32(*,4 /4. 8%/6(*6$& .,620$4(> DELDZ 7897:& 7442/1 9$-,%( DELD> -<O

"

#$%&' ($&)(* )+ &', -./& &'.& 0120 3$,+ ($& +&.&, )( &')+ +,/&)$( &'.& &',4 %,56)%, &',

,7/86+)9, 6+, $- :,%-$%;.(/, %)*'&+< =')/' /$(&%.+&+ =)&' &', 6+, $- &',)% &,%;

>9$86(&.%4?@ A', 0BBB .%, /$%%,/& )( &',)% CDEC 0F2B +6G;)++)$( &'.& &',%, =)88 G, ($

3,&%);,(& &$ /%,.&$%+ )- &',+, .*%,,;,(&+ =,%, ($(H,7/86+)9,@

!"#" %&%&' #')8, +,/&)$(+ IDJK0L< JKML< J"L< JNL .(3 JOL )( &', !"#$%&'&'"( *(+ !"(,-#%.

/0& 1!!/2 :%$9)3, &', G.+)/ -%.;,=$%P -$% &')+ .6&'$%)+.&)$( .::8)/.&)$(< &', 0BBB?+

+6**,+&)$( &'.& +,/&)$( KEJQL $- &', !!/ G, %,:,.8,3 ;6+& G, /$(+)3,%,3@ R- ;$+& /$(/,%(

&$ 6+ )+ &', .;G)*6)&4 .%$6(3 +,/&)$( S"JEL< ,+:,/).884 JGL 13$.%4%(&'(5 &6% %(&.7 "8 *

$%.,"( '(&" &6*& ". *(7 "&6%. #*.9%&:2 .(3 J/L 13+%&%..'(5 ". $.%4%(&'(5 * $%.,"( 8."#

%(5*5'(5 '( 0"#$%&'&'4% 0"(+-0& '( &6*& ". *(7 "&6%. #*.9%&:2 &'.& =$683 .::,.% )(',%,(&

)( &')+ .::8)/.&)$(@ T& )+ /$(/,%()(* &'.& +,/&)$( SO 13/ 0".$".*&'"( ". "&6%. $%.,"( ,6*;; ("&

%(5*5% '( &6% $.*0&'0% "8 .%,*;% $.'0% #*'(&%(*(0%:2 )+ /$;:%$;)+,3 G4 0120?+ /$(36/&@

%&' ()*+,-

!"#" %&'&. A')+ 3,-)()&)$( )+ +6--)/),(& -$% &')+ .::8)/.&)$(< G6& )& +'$683 G, ($&,3 &'.& &',

&,%; >/$;:,&)&)$(? '.+ :.%&)/68.% %,8,9.(/,@

!"#" %&'&% T( &,%;+ $- G.%*.)()(* :$=,%< &', :')8$+$:'4 G,')(3 &', 0BBB?+ -)(3)(*+

(,,3+ &$ G, /$(+)3,%,3@ T& +'$683 G, ($&,3 &'.& &', *%.++ %$$&+ /$(&,7& $- &')+ '.+ G,,(

8$+&@ #)&' 0120 '.9)(* . 3)+&)(/& .39.(&.*, )( G.%*.)()(* :$=,%< &', ='$8, :%$/,++

=$683 .::,.% &$ -.9$% ')*'H,(3 /$;;,%/).8 ,(&)&),+@ T& )+ /$;;$( P($=8,3*, &'.& 0120

%,:.&%).&,+ &$ ;.U$% 8.G,8 .%&)+&+ .(3 &',)% +6G+)3).%),+ :%);.%)84< =')8, )(3,:,(3,(&

.%&)+&+ .%, )(/)3,(&.8 )( 0120?+ G6+)(,++ ;$3,8@ A', -./& &'.& ;.(4 )(3,:,(3,(& .%&)+&+

.%, ;$+&84 :8.4,3 )( )(3,:,(3,(& 9,(6,+ &'.& /.&,% -$% /%,.&)9, .(3 )(3)9)36.8 =$%P+<

')*'8)*'&+ &', :%$G8,;.&)/ (.&6%, $- &', /6%%,(& .6&'$%)+.&)$(@ A', %,+68& )+ . -%.*;,(&,3

)(36+&%4 =,%, ;.U$% %,/$%3 /$;:.(),+< ='$ /.( .--$%3 &$ .++,%& &',)% %)*'&+< '.9, &',

:%$&,/&)$( $- &',+, .%%.(*,;,(&+@ M4 /$;:.%)+$(< )(3,:,(3,(& .%&)+&+ +,, . +;.88,%

G,(,-)& .(3 9,(6,+ .%, -$%/,3 &$ (,*$&).&, =)&' .( $%*.()+.&)$( &'.& '.+ .8;$+&

6(:.%.88,8,3 8,*.8 %,+$6%/,@

"

#$ $%&'$$'( )* %+' #,,, -. %+' /010 ('%'&2-.3%-4.5 3.( %+'-& #67, $8)2-$$-4.5 #97# -$

3):' %4 ';<:4-% %+-$ 24.4<4:* <4$-%-4. %4 ='.'&3%' $-=.->-?3.% <8):-? ('%&-2'.%@ A+'*

>8&%+'& .4%' %+3% %+' ('=&'' 4> )3&=3-.-.= <4B'& #97# ';'&?-$' =4'$ >3& )'*4.( %+3%

B+-?+ B48:( )' .'?'$$3&* %4 &'(&'$$ 3.* -2)3:3.?' )'%B''. -.(-C-(83: 2'2)'&$ 3.(

8$'&$@

D3C-.= C'.8' 4<'&3%4&$ )'-.= >4&?'( %4 .'=4%-3%'5 48% 4> %+'-& ('<%+5 B-%+ 3 ?4&<4&3%'

'.%-%* :-E' #97#5 +3$ .4 )'3&-.= 4. %+' >8%8&' 4> 28$-?3: ?&'3%-C-%*@ 9''&F&'C-'B'(

&'$'3&?+ 28$% )' <&4C-('( %4 $8)$%3.%-3%' 3.* )'.'>-%$ %4 -.('<'.('.% ?42<4$'&$G

B':>3&' -. #8$%&3:-3 %+&48=+ #97# 2'2)'&$+-<5 $+48:( 3.* ?:3-2 %4 %+-$ )' 23(' -. %+-$

3<<:-?3%-4.@

!"# %&' ()*% +,-'+. /)01%'234/%04+

5676 !"#"8 #. -('3: 24(': -$ +3C-.= 4.' .4.F';?:8$-C' ?'.%&3: ?4::'?%-4. $4?-'%* >4&

?42<4$'&$ &-=+%$ B+-:' 3:$4 3::4B-.= %&8' 3.( %&3.$<3&'.% ?42<'%-%-4.@ A+' 3)-:-%* %4

'$%3):-$+ (-&'?% ('3:$ B-%+ 8$'&$ 4> 28$-?3: ?4.%'.% -$ -. %+' )'$% -.%'&'$% 4> 3 >3-& 3.(

'H8-%3):' 23&E'%@ A+' ?8&&'.% $*$%'2 4> :-?'.$' )3?EI4<% 48% ('%'&$ 8$3=' )* -%$ %4E'.

.3%8&'@

5676 !"#"! A+' >3?% %+3% 1/J ?42<4$'&$ 4C'& %+' :3$% %+&'' *'3&$ 8$'( #97#G$ :-?'.$'

)3?EI4<% 48% ?4.?'$$-4.$ +-=+:-=+%$ .4%+-.= 3)48% %+'-& C3:-(-%*@ A+-$ (4'$5 +4B'C'&5

-.(-?3%' %+3% %+'* 3&' $%-:: C'&* )8&'38?&3%-? -. .3%8&' 3.( 8.('&F8%-:-$'(@ ,42<'%-%-4.

$+48:( )' $8<<4&%'( %+&48=+ .4.F';?:8$-C' -.<8% 3=&''2'.%$5 3.( #97#G$ ?:3-2$ %+3%

%+-$ B-:: 3(C'&$':* 3>>'?% %+' &-=+%$ 4> ?42<4$'&$ 28$% )' &'K'?%'(5 )3$'( 4. %+' #,,,G$

<&'C-48$ >-.(-.=$@

"

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

%010 !"#"2 #$%& %& ' ()*+,*%'--. /'-%0 0+1%,%*%), )1 (23-%4 3+,+1%*5 32* *$+6+ %& ', %&&2+

7%*$ 3'-',4%,8 8+,+6'- 4)992,%*. /'-2+& 7%*$ *$+ '%9& (26&2+0 3. &)4%+*.5 ',0 *$+

'4$%+/+9+,* )1 *$+ +4),)9%4 8)'-& )1 +11%4%+,4. ',0 (6)86+&&:

%010 !"#"! ;$%-+ *$+6+ %& (23-%4 3+,+1%* 1-)7%,8 16)9 3-',<+* -%4+,&%,85 %, &)9+ 4),*+=*&5

0%6+4* 0+'-%,8 %& 9)6+ %, *$+ (23-%4 3+,+1%* %, )*$+6 2&+&: >,+ %9()6*',* 0%&*%,4*%), %& *$'*

3-',<+* -%4+,&%,8 ',0 ?@A? '6+ 0%11+6+,* +,*%*%+&: B* 92&* 3+ '4<,)7-+08+0 *$'* ?@A?

&$)2-0 ,)* 3+ *$+ ),-. '44+&& ()%,* 1)6 4)9(-%',* 92&%4'- 4),*+,*5 %, )60+6 *) 3+

4)9(+*%*%/+: ?, +,0& C2&*%1%+& *$+ 9+',& '((6)'4$ %& ,) -),8+6 ' /'-%0 9)0+-5 8%/+, *$+

0%8%*'- 6+('*6%'*%), *+4$,)-)8. ',0 (-'*1)69& %, *$+ 4266+,* 9'6<+*(-'4+:

%010 !"#"3 ?@A?D& &+-1E'&&+&&9+,* *$'* '-- 1%,',4%'- %,1)69'*%), 16)9 *$+ (6+/%)2&

'2*$)6%&'*%), (+6%)0 6+9'%, /'-%0 %& (26+-. *$+%6 '&&+6*%), ',0 %, ,) 7'. 6+1-+4*& *$+

6+'-%*. )1 *$+ 4266+,* 9'6<+*(-'4+: ?@A? 92&* (23-%4-. (6)/%0+ 0+*'%-+0 1%,',4%'-

%,1)69'*%), *) (6)/+ *$'* *$+&+ ()%,*& 6+9'%, /'-%0: #$+ 1%,',4%'- ('6*%42-'6& )1 *$+%6

9),%*)6%,8 ',0 0+/+-)(9+,* '4*%/%*%+&5 &*'*%&*%4'- 1)692-'& 2&+0 ',0 &%8,%1%4',4+ &$)2-0

3+ (6)/%0+05 %1 ?@A? %& *) 3'&+ 4-'%9& ), *$+9:

?@A?D& ',,2'- 6+()6*& &288+&* &$'6( %,46+'&+& %, 6+/+,2+ &%,4+ FGHG5 7$%4$ 7'66',*& '

4)9(-+*+ '20%* %, )60+6 *) $)-%&*%4'--. 2,0+6&*',0 *$+ %9('4* )1 *$+&+ 4$',8+&: I&(+4%'--.5

8%/+, *$'* (23-%4 (+61)69',4+ %& ,)* 36)<+, 0)7, '4426'*+-. ',0 *$+ ','-)8)2& ,'*26+ )1

6+('*6%'*%), '* *$+ 3)'60D& 0%&46+*%),:J

%010 !"#"4 ?& &*'*+0 (6+/%)2&-.5 3-',<+* -%4+,&%,8 4', (6)024+ (23-%4 3+,+1%*5 %, &)9+

4),*+=*&: K)7+/+65 ?@A? &$)2-0 $'/+ 9)6+ *$', ' 4)(.E('&*+ '6829+,* %, 6+8'60 *) ,),E

+=4-2&%/+ -%4+,&%,8:

B1 ?@A?D& '6829+,* %& *$'* ,),E+=4-2&%/+ -%4+,&%,8 7)2-0 3+ 1%,',4%'--. "#$%&'()$'*+&,5

7$+, 4-+'6-. %* 7)6<& 1)6 *$+ @@L?5 ',0 *$+ ?LLL 4),*6'0%4* *$%& %, *$+ FGHG

0+*+69%,'*%),5 ?@A? &$)2-0 (6)/%0+ *6',&('6+,* 1%,',4%'- 9)0+-& *) (6)/+ %*:

J ?@A? M%&*6%32*%), ',0 @6'4*%4+& 0)429+,*5 FGHN

"

!"#" %&'&' #$%#& '(')*& +', -..+ /0)(123 4. )*56.'+.7 )* *8*9.:5;<+)=. ;)5.*+)*(> ?* 867.6

28 0'@. 21.+. 5;')0+& #$%# 0<+2 A<4;)5;, +<4+2'*2)'2. 21.)6 A8+)2)8*& .+A.5)';;, )* 21.

58*2.:2 8- 21. ;'+2 '<2186)+'2)8* A.6)87> #$%# )*5866.52;, 5;')0+ )* 51'A2.6 B 8- 21.)6

'AA;)5'2)8* 21'2 *8*9.:5;<+)=. ;)5.*+)*( C8<;7 *82 4. !"#$%&'(#&)*%+ '*7 21'2 '*, -)*7)*(+

)* 21. 58<6+. 8- 21. A6.+.*2 6.9'<2186)+'2)8* A685.++ C8<;7 *82 4. C.;; -8<*7.7>

?2 )+ 58*5.6*)*( 21'2 #$%# )+ 8- 21. =).C 21'2 )0A;.0.*2.7 51'*(.+ '*7 7.=.;8A0.*2+

+)*5. DEFE 1'7 21. .--.52 8- +)(*)-)5'*2;, 6.7<5)*( '*2)9580A.2)2)=. 7.26)0.*2+ -;8C)*(

-680 21.)6 8A.6'2)8*+ '*7 4.1'=)86 )* 21. 0'6@.2A;'5.> G1.+. '++.62)8*+ 78 *82 C'66'*2

'<2186)H'2)8*>

!"#" %&'&( ?66.+A.52)=. 8- #$%#3+ '6(<0.*2'2)8* )* 51'A2.6 " 8- 21.)6 'AA;)5'2)8*& 21.

A6.+.*5. 8- .:5;<+)=. ;)5.*+)*( '66'*(.0.*2+ )+ *82 A68=.* 28 .I<'2. 28 1)(1.6 6.=.*<.

+26.'0+ -86 58A,6)(12 8C*.6+ 4, #$%#3+ 'AA;)5'2)8*> J=)7.*5. 8- *8*9.:5;<+)=. )*A<2

'66'*(.0.*2+ )* 821.6 2.66)286).+ K.>( L*)2.7 M2'2.+ 8- #0.6)5'N& '*7 C)21 ;85'; 58;;.52)8*

'(.*5).+ K)>.> $$O#N& 78 *82 7.08*+26'2. '*, ;.++.*)*( 8- 21. 58A,6)(12 8C*.63+ '4);)2, 28

;.=.6'(. .I<)=';.*2 )*580. ;.=.;+>

!"#" %&'&) $;.'+. A68=)7. 21)+ '+ 6.I<.+2.7 '48=.>

!"#" %&'&* #*, 5800.*2 )+ 6.+.6=.7 <*2); 21. 76'-2 7.2.60)*'2)8* +2'(.>

%&( +,-./01 .2,. 3++3-.45367 84.49,.3 :3.0483;.

!"#" %&(&< P)21 8*;, FDQ 0.04.6+ <+)*( 21)+ 8A2)8* )* 21. ;'+2 216.. '*7 ' 1';- ,.'6+& )2

C8<;7 'AA.'6 21'2 21. ;)5.*+. 4'5@ '*7 8A2 8<2 58*5.++)8*+& '*7 21.)6 0'6@.2)*(& '6. *82

.--.52)=.> #(')*& ' 7.2');.7 '*7 +A.5)-)5 46.'@78C* )* 580A'6)+8* 28 *8*9.:5;<+)=.

;)5.*+)*( *..7+ 28 4. A<4;)5;, A68=)7.7 28 +<4+2'*2)'2. 21)+ 5;')0 '*7 28 -<621.6

7.08*+26'2. 21. A6'52)5';)2, -86 56.'286+ '*7 <+.6+ )* 287',3+ )*7<+26)'; ;'*7+5'A.>

!"#" %&(&% ?- 21.6. )+ (6.'2.6 580A.2)2)8* -;8C)*( -680 21.+. A68=)+)8*+& '+ '++.62.7 4,

#$%#& +<4+2'*2)'2.7 )*-860'2)8* 8* 21. (6.'2.6 4.*.-)2+ 28 0<+)5)'*+& 0<+2 4. A<4;)5;,

A687<5.7> G1)+ )+ .+A.5)';;, 6.;.='*2 -86 )*7.A.*7.*2 0<+)5)'*+& C)21 ;)22;. 28 *8 +<AA862

"#

$%&' (&%)&%*+, )-./012,%1 *34 %,(&%4 (&')*30,15 *1 *11,%+036 +2,0% %062+1 70+2 ,8-0+9

7*1 +2, 6,3,101 &$ :;<:=1 )-./0( .,3,$0+>

!"#" %&'&( ? %&'&)% :39 $-%+2,% (&'',3+ &3 +201 1,(+0&3 *)),*%1 +& ., )&03+/,11 -3+0/

:;<: )-./0(/9 @*/04*+, +2,0% (/*0'1 *34 +*A, +201 )%&(,11 1,%0&-1/9> :;<: 01 1),(0$0(*//9

%,8-0%,4 +& )%&@, +2*+ +2, 03+,%3*//9 '*3*6,4 *34 *4'0301+,%,4 :/+,%3*+, B01)-+,

<,1&/-+0&3 C:B<D )%&(,11 2*1 3&+ $-%+2,% 4,+,%%,4 /0(,31,,1 $%&' (&')/*03036 *.&-+

:;<:=1 )%*(+0(,1 *34 .,2*@0&%>

%&* +,-.-/0,/10 23 4-1-3/+ 516 6-+7/8-1+

!"#" %&*&) 9 %&*&: E0+2 /0'0+,4 )*%+0(0)*+0&3 03 +2, :B< )%&(,115 *34 /0'0+,4

)*%+0(0)*+0&3 03 +2, &)+ &-+F/0(,3(, .*(A $*(0/0+0,15 +2,%, 01 3& (/,*% *%6-',3+ +2*+ +2,1,

',(2*301'1 2*@, .,,3 *))/0,4 70+2 +%*31)*%,3(9> G+ '-1+ ., *(A3&7/,46,4 +2*+ +2,

*))/0(*+0&3 &$ +2,1, )%&@010&31 01 +&A,3 03 3*+-%,5 *34 4&,1 3&+ %,$/,(+ *39 )&10+0@, 0')*(+

&3 +2, )-./0( .,3,$0+> H2,1, $*(0/0+0,1 *%,5 .9 *// 03+,3+1 *34 )-%)&1,15 0')&1,4 -)&3 :;<:

*1 *3 *++,')+ +& %,4-(, 4,+%0',3+*/ ,$$,(+1 %,1-/+036 $%&' :;<:=1 &),%*+0&3> :1 1+*+,4

)%,@0&-1/95 +2, *(+-*/ ,$$,(+0@,3,11 *34 @0*.0/0+9 &$ 1*04 )%&@010&31 3,,41 +& .,

4,'&31+%*+,4 .9 +20%4I)*%+9 %,1,*%(25 *34 4,+*0/,4 '*%A,+ *3*/91015 03 &%4,% +& *1(,%+*03

*39 )&10+0@, 0')*(+ &3 %,4-(036 )-./0( 4,+%0',3+>

G+ 01 401(&3(,%+036 +2*+ :;<: (/*0'5 03 *3 -31-.1+*3+0*+,4 '*33,%5 4,@,/&)',3+1 03 +2,

'*%A,+ 2*@, ,%&4,4 *39 1(&), $&% +2,' +& .,2*@, -3(&31+%*03,4 *34 70+2 03(%,*1,4

,$$0(0,3(9> H201 1+*+,',3+ (&3+%*40(+1 JK L0346%,3=1 $0340361 -34,% +2, KM (&340+0&31

%,)&%+ &$ :;<:=1 (-%%,3+ *-+2&%01*+0&35 1-.'0++,4 70+2 +201 *))/0(*+0&3>N O$ '&1+ (&3(,%3

01 +2*+ :;<: *)),*% +& *.-1, +2,0% '*%A,+ )&7,% .9 %,4-(036 *39 03(,3+0@,1 $&% '-10(

1-))/0,%15 *(8-0%,%1 *34 (&'),+0+&%1> :;<: '-1+ )%&@04, )-./0(5 3&3I(&3$04,3+0*/

,@04,3(, 70+2 %,1),(+ +& )%0(036 *%%*36,',3+1 '*4, 03 %,6*%4 +& 40%,(+ 4,*/0365 *34 2&7

+201 2*1 ,32*3(,4 *39 )-./0( .,3,$0+1>

N P,, 1-))&%+036 4&(-',3+*+0&3 &$ :;<:=1 *))/0(*+0&3>

""

PART B

!"#$ & '(")*+, -) ."#/+$, ,-)'+ 0121

34 '(")*+, -.!5+.+)$+6 &7 "!#"

342 '(")*+, ")6 6+8+59!.+)$, -) "!#":, '9)6;'$ ")6 !#9'+6;#+,

!<=< 34242 > 342402 #$%# &''(&)* +, -.&/0 +1( ./-(2*( 3&-4 &25 ,'+ ,6+ 7&-/./+/(* &* +1(/)

,82 -,2-('+*9 (:(2 +1,6;1 +1(*( '),:/*/,2* 8()(9 /2 7&-+9 (27,)-(5 &* '&)+ ,7 +1( )(:/(8

'),-(** ,) &* #$%# 5(*-)/3(* <! #$%&'!()#* +),-(#!.,(/= #;&/29 & -,0')(1(2*/:( 7/2&2-/&.

-,0'&)/*,2 3(+8((2 +1( )(&*,2&3.( -,*+* ,7 (>-.6*/:( &25 2,2?(>-.6*/:( &))&2;(0(2+*

*1,6.5 3( '),:/5(5 +, (2&3.( /27,)0(5 -,00(2+ ,2 +1( '()-(/:(5 /0'./-&+/,2* +, +1(

'63./- 3(2(7/+= @1( '&)&;)&'1* 4('+ -,27/5(2+/&. *1,6.5 2,+ 3( -,2*/5()(5 /2 +1( 5)&7+

5(+()0/2&+/,2=

340 "6# ?"5$+#)"$+ 6-,!;$+ #+,95;$-9)@

!<=< 34042 > 3404A A1/.( (>'()+ 5(+()0/2&+/,2 &* '&)+ ,7 +1( #B% '),-(** /* &:&/.&3.( /2

5/*'6+(*9 /+ /* -,00,2 7,) #$%# +, 6*( <(0#$!($,.,% +),1#),(!(.),!' '!,%&!%$/ 3(7,)(

0(2+/,2/2; +1( #B% '),-(** /2 +1(/) ')(?.(;&. -,))(*',25(2-( 8/+1 06*/- 6*()* *((4/2;

-,0'./&2-(= C

#* +1( #B% /* &50/2/*+()(5 3D #$%#9 +1/* 4/25 ,7 ,6+8&)5.D &;;)(**/:( 3(1&:/,)

/2+/0/5&+(* -,0'./&2-( *((4()*9 &25 +1( +1)(&+ ,7 & E,'D)/;1+ @)/362&. 1(&)/2; /27()* &

'),1/3/+/:( &0,62+ ,7 0,2(D= @1( 0/2/0&. 6*&;( ,7 +1( #B% '),-(** /* 2,+ & */;2 ,7

*&+/*7&-+/,29 36+ & */;2 ,7 /2+/0/5&+/,2 3D & 2-&3$#45),)3)'*/="F

G+ /* &.*, ,7 ;)(&+ -,2-()2 +1&+ +1()( /* 2, 7,)60 7,) H6*+/-( ,6+*/5( #$%#I* E,0'.&/2+*

J77/-()= G2 *1,)+9 +1()( &)( ./4(.D 1625)(5* ,7 5/*'6+(* +1&+ 8/.. 2(:() 0&4( /+ +, #$%#I*

E,0'.&/2+* J77/-()9 &* +1()( /* 2, ;6&)&2+(( +1&+ #$%# 8/.. 2,+ 6*( +1/* /27,)0&+/,2

&;&/2*+ +1( ./-(2*((*= #;&/29 +1( 7&-+ +1&+ +1/* '),-(** /* ./++.( 6*(59 /* H6*+ &* 06-1 & */;2 ,7

7(&)9 +1&2 /+ /* & */;2 ,7 *&+/*7&-+/,29 &* #$%# -.&/0* /2 +1(/) &''./-&+/,2=

C K6,+( KE L/25;)(29 MF"N E,..(-+/,2 O,-/(+/(* E,5( %(:/(8 %(',)+"F J8(2 %,D&. E,00/**/,2

"#

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

!"1 .+ *2-%(*3.*

4565 !"1"1 $% &' ()*+,-./%&0 %1/% *2 *2- 1/23 4564 0,/&. 2*% .701 1/' 01/28-3 '&20-

#9"9: ;-% *2 %1- *%1-) 1/23 %1- <1*,- &237'%)&/, ,/23'0/(- 1/' '1&=%-3 '&82&=&0/2%,;> $% &'

/,'* 0*20-)2&28: %1/% .701 *= %1&' &2=*)./%&*2 &' <&%11-,3 =)*. %1- (7+,&0 /23 ?-(%

0*2=&3-2%&/,> @1&' ./?-' / +/,/20-3 )-'(*2'- /,, %1- .*)- 3&==&07,%>

4565 !"1"78 !"1"79 $% 2--3' %* +- '%)-''-3: /8/&2: %1/% +,/2?-% ,&0-2'&28 !"# %" &' 0)70&/,

/23 +-2-=&0&/, %* %1- (*'&%&A- 3-A-,*(.-2% *= %1- .7'&0 &237'%); &2 47'%)/,&/ /23

<*),3<&3-> @1- =/0% %1/% %1-)- /)- B9 3&==-)-2% 3&8&%/, .7'&0 '-)A&0-' 07))-2%,; *(-)/%&28

&2 %1- 47'%)/,&/2 ./)?-% &' / (*'&%&A- &23&0/%*) %1/% %1&' &' / =720%&*2/, /(()*/01 *2 /

+7'&2-'' %* 0*2'7.-) ,-A-, /23 2--3' %* +- <-,0*.-3>

C*<-A-): %1-)- &' 0*20-)2 /' %* <1; ,/)8-) ,&0-2'--' &%""' () *"!+#( %,-.,/,0+.(12 /#)3 (4"

("#3% )/ (4"%" 1,0".0" %04"3"%5> D1&,- EF G&238)-2H' =*)-'&81% &2 8&A&28 %1- F*(;)&81%

@)&+72/, %1- '0*(- %* /33)-'' &''7-' ,&?- ,&0-2'&28 =--': %-).' /23 0*23&%&*2' 2--3' %* +-

)-'(-0%-3: &% '1*7,3 /,'* +- 2*%-3 %1/% %1- 0*2=&3-2%&/, 2/%7)- *= 0*..-)0&/, /8)--.-2%'

8&A- 4564 / I'%)*28 1/23H &2 2-8*%&/%&28 *7%'&3- %1- '0)7%&2; *= +*%1 %1- F*(;)&81%

@)&+72/, /23 %1- (7+,&0>"" $= %1- F*(;)&81% @)&+72/, ()*A&3-3 -J7&%; &2 %-).' *= ,-8/,

0*'%': %1-2 EF G&238)-2H' 1*2*)/+,- /%%-.(%' %* ()*A&3- / %)/2'(/)-2% =*)7. =*) %1-'-

&''7-' <*7,3 +- =7)%1-) -21/20-3> $2 '1*)%: %1-'- 0*.(/2&-' <*7,3 )/%1-) 2-8*%&/%- <&%1

4564 3&)-0%,; *2 %1- +/,/20- *= %1- (-)0-&A-3 /23 )-/, ,-8/, 0*'%' /''*0&/%-3 <&%1 %1-

F*(;)&81% @)&+72/,> @1- 0*2%)/); (*'&%&*2 &' %* /00-(% /23 2-8*%&/%- *2 /2 /)+&%)/);

0*..-)0&/, ,&0-2'-: /' %1&' &' .*)- -0*2*.&0/,,; A&/+,- %1/2 .*72%&28 / ,-8/, 3-=-2'-

/8/&2'% 4564: <1* 1/A- 72(/)/,,-,-3 /00-'' %* ,-8/, )-'*7)0-'> @1&' ./; /,'* -K(,/&2

4564H' &''7-' <&%1 (*%-2%&/, ,&0-2'--' =&23&28 &% 3&==&07,% %* /3*(% 4564H' '%/23/)3 '-%' *=

/8)--.-2%' =*) %1-&) 0*..-)0&/, *==-)&28': /23 %1- ,/287/8- 0*2%/&2-3 <&%1&2 %1-.>

"" 1%%(LMM<*),3,&&>/7'%,&&>-37>/7M/7MN*7)2/,'MO-3PQ01*,M#99RMS>1%.,

"#

!"#" %&'&() * %&'&+' $%&$ ' $()*+ ,-./01 23 45657 758915 . -/,5415:"; <3=5657> /2 /1

,79,/.- 23 94?5712.4? 2@.2 $%&$ .4? /21 1/1257 37A.4/1.2/34 $()*+ ,.4 0.B5 /2 8/4.4,/.--C

946/.D-5 837 /4?5E54?542 .4? 10.-- 3E57.2371 23 -5A.--C 54257 2@5 ?30512/, 0.7B52 =/2@ .

-/,54,5: F/654 2@5 @/1237C 38 8/-5G1@.7/4A .4? 2@5 @.7? -511341 -5.745?> 2@5 6.-95 38 2@/1

127.25AC 23 $%&$ 050D571 /1 ?/1E92.D-5:

H2 /1 .-13 ?527/0542.- 23 27C .4? ?/75,2-C .,,3942 837 2@5 ,3121 38 34-/45 E/7.,C 2@739A@

2@315 =@3 .75 =/--/4A 23 E.C 837 091/,> .1 $%&$ .2250E2 23 87.05 /4 2@/1 15,2/34: $%&$

E7/?5 /215-8 34 /21 1@.7E /4,75.151 /4 7565495 =@54 /2 19/21 2@50> D92 .A./4 E-.C1 /2 ?3=4

=@54 2@5C 455? -5657.A5: I@5 ?.4A57 38 2@/1 E73,511 /1 275.2/4A -/,5415 155B571 .1

JE32542/.--C ,7/0/4.-K> =@54 2@5C .75 2@5 3451 27C/4A 23 E.C 837 2@5 915 38 ,3EC7/A@25?

091/,.- ,342542: H2 455?1 23 D5 .,B43=-5?A5? 2@.2 2@575 .75 /412.4,51 38 91571 2@.2 @.65 .

75?9,5? =/--/4A4511 23 -/,54,5 091/, 837 ,572./4 75.1341> D92 2@515 75.1341 .75 1@.75?:

<3=5657> $%&$K1 -/,541/4A 388/,571 1@39-? 83,91 34 2@/1 2.7A52 A739E /4 . E31/2/65 =.C>

432 275.2 2@315 =@3 .75 =/--/4A 23 E.C 837 2@5 915 38 091/, =/2@ 45A.2/6/2C: H8 $%&$ =.1

,30E52/2/65> 2@575 =39-? D5 .4 /48-9L 38 -/,541551> .1 =/2@ .4C 32@57 75A9-.25? /4?9127C

432 E7325,25? .1 . 0343E3-C:

,-./#-01/-23 456732829:

%&'&+( * %&'&+; $%&$K1 /4/2/.2/651 =/2@ 75A.7? 23 /0E-50542/4A 2@5 /42574.2/34.- MMNO

75E372/4A 12.4?.7? .75 =5-,305? .4? .EE75,/.25?: <3=5657> /2 /1 .-13 94?571233? .4?

.,,5E25? 2@.2 2@5 /42574.2/34.- MMNO 75E372/4A 12.4?.7? =39-? E32542/.--C E736/?5 2@5

87.05=37B 837 0.4.A5.D-5 434G5L,-91/65 -/,541/4A: P@/-5 $%&$ 0.?5 .4 588372 23 ,.257

837 45= ?/A/2.- ,3419057 1576/,51 .4? .?5Q9.25 75E372/4A /4 2@.2 75A.7?> /2 455?1 23 D5

Q9512/345? =@C $%&$ 12/-- 75E.27/.25 .,,795? 73C.-2/51 837 3657 RS>SSS 38 2@5/7

.EE73L/0.25-C TS>SSS -/,541551 DC .4.-3AC: MMNOG,30E-/.42 25,@43-3AC 837 ?/75,2 JE.C

837 E-.C 837 915K @.1 D554 8.,/-/2.25? /4 2@5 -3,.- 0.7B52E-.,5 837 C5.71> .4? =39-?

1/A4/8/,.42-C ,3427/D925 23 . 0375 27.41E.7542 .4? 588/,/542 73C.-2C ?/127/D92/34 052@3?:

I@/1 .EE73.,@ ?/75,2-C D5458/21 $%&$K1 050D571 .4? 54.D-51 . 0375 .,,97.25 ,.-,9-.2/34

38 .,,795? 73C.-2/51:

"; $%&$K1 3E57.2/341 ?3,90542> E.7. T;

"#

$% &'( )*+&,*-.&*/% ,(0/,&+ 0,/1*)() -2 34536 &'(,( *+ %/ 78(9, :92 /; 9+7(,&9*%*%< '/:

&'(+( =9%98/<*(+> 9,( 7987.89&()6 (?7(0& 9& &'( @/9,)>+ )*+7,(&*/%A 3453 B.+& 0.-8*782

0,/1*)( +0(7*;*7 *%;/,B9&*/% &/ +.-+&9%&*9&( &'*+ 789*B6 9%) &/ 0,/1( &'9& 9& 8(9+& CDE /;

7/88(7&() ,/298&*(+ 9,( <(&&*%< &/ &'( ,*<'&+ '/8)(,6 9+ 0(, &'(*, *%&(,%9&*/%98 ,(7*0,/798

9<,((B(%&+A F/& +.-+&9%&*9&*%< &'*+ 9,<.B(%& :/.8) -( .%977(0&9-8( ;/, 9 7/,0/,9&*/%

:*&' +.7' 8/: /1(,'(9)+6 +.7' '*<' &9?G;,(( 7/02,*<'& *%7/B(6 9%) 9 7'9,&(, &'9& 0.&+

&'(*, B(B-(,+ ;*,+&A

H.,&'(,B/,(6 *& %(()+ &/ -( B9)( 78(9, :'(&'(, 3453 ;/,7(+ 8*7(%+((+ &/ *%+&988

0,/0,*(&9,2 B.+*7 ,(7/<%*&*/% &(7'%/8/<2 I*A( JK L/%*&/,M6 /, *; &'*+ *+ 1/8.%&9,2N 3453

+'/.8) 98+/ 0.-8*782 0,/1*)( &'( 7/+&G-(%(;*&G977.,972 ,9&*/ ;/, &'*+ ;/,(*<% &(7'%/8/<2 &/

)9&(A O/ -( 7/B08(&(82 &,9%+09,(%& &/ &'(*, /:% B(B-(,+6 B/,( *%;/,B9&*/% /% &'(

0,97&*798 9008*79&*/% /; &'*+ &(7'%/8/<2 9%) *&+ 0/&(%&*98 977.,972 %(()+ &/ -( 0,/1*)()A

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

1.2. 345467 8 345439 3453 +&9&( &'9& &'(2 9,( 9-8( &/ 0,/1*)( (?9B08(+ /; &'( &(7'%/8/<2

&'9& 988/:+ &'(*, 7/%&,*-.&*/% &/ &'( 0.-8*7 -(%(;*& &',/.<' &'(+( )*+7/.%&+ &/ -( B9)(

78(9,6 -.& ;9*8 &/ 0,/1*)( *&A O'( 0.-8*7 %(()+ &/ -( 9-8( &/ ,(1*(: &'*+ B9&(,*986 9+ B/+& /;

&'(+( 09,9<,90'+ 9,( 19<.( 9%) %/%G+0(7*;*76 9%) :*&' B/+& /; &'( B9&(,*98 (*&'(,

7/%;*)(%&*98 /, :*&''(8)6 *& ,(9)+ 9+ 9% .%+.-+&9%&*9&() 789*B B/,( +/ &'9% ;97&A

3453 *%'*-*& &'( %(</&*9&*/% 0,/7(++ -2 %/& 0.-8*782 )*+78/+*%< &'( (?&(%& /; &'(*,

,(0(,&/*,(A O'*+ B9P(+ )*+7/.%&() -89%P(& 8*7(%+*%< .%:/,P9-8( *% 9 0,97&*798 +(%+(A

O'(,( 9,( B9%2 +*&.9&*/%+ &'9& 7/.8) -(%(;*& ;,/B )*+7/.%&() -89%P(& 8*7(%+(+6 (+0(7*9882

*% ;*&%(++6 '/+0*&98*&2 9%) ,(&9*8 (%1*,/%B(%&+A $& *+6 '/:(1(,6 (1*)(%& *% &'( 5(0/,& .%)(,

Q/%)*&*/% QR ;,/B SQ T*%)<,(% &'9& 3453 *+ &,2*%< &/ +U.((V( &'/+( :*&' &'( 9-*8*&2 &/

0,/1*)( 977.,9&( )9&9 /.& /; &'( B9,P(& I+(( )*+0.&( ,(0/,& #MA"W

"W 5(0/,& .%)(, Q/%)*&*/% QR6 SQ T*%)<,(%6 RD"R

"#

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

234325 6 234372 $%&'& ('& ( )*+,&' -. /00*&0 1%(1 ('& (22('&)1 3/1% 1%& 4-5& -. 4-)5*61

7&8/&39 ,*1 1%& +-01 5(+)/): /0 1%(1 -);< /).-'+(1/-) 0*,+/11&5 1%'-*:% =>7= +(?&0

/10 3(< 1- 1%& 6-5& '&8/&3&'@ $%/0 /) /10&;. 0%-*;5 ,& ( 3(')/): 0/:)9 (0 /1 :/8&0 =>7= 1%&

5/06'&1/-) 1- .'(+& 5/02*1&09 ()5 /. ( ;/6&)0&& 3(0 /)1/+/5(1&59 3-*;5 (61 (0 ( 5&1&''&)1@

=>7=A0 6;(/+ 1%(1 1%& ;(6? -. 5/02*1&0 1%'-*:% 1%& 6-5& '&8/&3 2'-6&00 0/)6& 1%& ;(01

(*1%-'/0(1/-) +/:%1 ,& 0&&) (0 ( 0/:) -. 0(1/0.(61/-) 3/1% 1%&/' 6-)5*619 /0 :'-00;<

*)0*,01()1/(1&5@ $%/0 6-*;5 (;0- 0/:)(; 1%(1 1%&'& /0 6-+2;&1& 5/00(1/0.(61/-) 3/1%9 ()5 -'

.&(' -. 1%& 2'-6&00@ $%& 2-/)10 '(/0&5 ,< 1%& =B= ()5 =C44 /) DE"E (,-*1 F4 G*'6%&11

()5 %/0 /)(,/;/1< 1- 2*,;/6;< 6'/1/6/0& =>7= ('& /)/1/(;;< &8/5&)1 /) 1%& .(61 =>7= -+/11&5

F4 C/)5:'&)A0 DE"H 4-;;&61/-) I-6/&1< 4-5& 7&8/&3 .'-+ 1%/0 (22;/6(1/-)@ $%/0 3-*;5 ,&

.*'1%&' 0*,01()1/(1&5 /. 0*,+/00/-)0 1- 1%& =4449 ()5 6-+2;(/)10 *)5&' 1%& )&3 6-5&

'&8/&3&' /)6'&(0& 0/:)/./6()1;<@ $%/0 5/0+/00/8& '&;(1/-)0%/2 3(0 %/:%;/:%1&5 /) 1%& =B= J

=C44 0*,+/00/-) /) DE"E K!"#" %&'(%L9 ()5 =>7=A0 '&02-)0& (1 1%& 1/+& 3(0 (:(/)

M5/0+/00/8&A K!"#" )*L@"N O)01&(5 -. 2'-8/): 1%&/' 6(0&9 =>7= -8&',*'5&)&5 1%& =444 3/1%

/).-'+(1/-) 1%(1 %(5 )- /+2('1/(; 6-)1&)19 ,;(+/): 1%& =B= J =C44@

$%&'& /0 (;0- ( 6-++-) +/06-)6&21/-) 1%(1 =>7= 6-8&' (;; 6-010 (00-6/(1&5 3/1% 1%&

=;1&')(1& B/02*1& 7&0-;*1/-) 2'-6&00 -. PQ2&'1 B&1&'+/)(1/-)@ $%& 2*,;/6 0%-*;5 ,&

+(5& (3('& -. 1%& 1'*& ;&:(; 6-010 0*''-*)5/): 1%/0 2'-6&00@ R%/;& =>7= 2(< .-' 1%& 6-010

-. 1%& M&Q2&'1A /) 0-+& 6(0&09 3%/6% /0 ( 6-)6&') /) /10&;.9 1%& ;&:(; 6-010 0*''-*)5/): 1%&

2'-6&00 ('& 0*,01()1/(;@ =>7= 5/06;-0& 1%&/' ;&:(; 6-010 /) 1%& 4-5& 7&8/&39 3%/6% +(?&0

/1 (22&(' 1%&< 6-8&' (;; &Q2&)0&0 /)8-;8&5 /) 1%/0 2'-6&00 ()5 1%& 8&)*&0 6-010 ('&

3/1%%&;5@ $%/0 +(< +(?& /1 (22&(' 1%(1 1%& 2'-6&00 /0 (61*(;;< (..-'5(,;& -' &S*/1(,;&9

3%&) /) 2'(61/6& /1 /0 2'-%/,/1/8&;< &Q2&)0/8&9 &Q6;*5/): +()< ;/6&)0&&0@

"N

%112TUU1'()0/1/-)@(666@:-8@(*U6-)1&)1U1'/+V/;&@2%1+;W1'/+V/;&$/1;&XBEYZ"[#E\[@25.J1'/+V/;&V'-+]&'0/-)O5X"E^"YYEJ1'/+V/;&_(+&XBEYZ"[#E\[@25.

"#

!"# %&'()&*'+,&*--. / $%&'(&)* +)(,-).(&/).0 /)0&), 0&1,)'&)* .*-,,2,)('

0*)* !"# / !"#"11 +( &' &)1-,.'&)*03 4.-5 (/ 6-/7&5, 2,.)&)*890 1/22,)( :4,) '/ 2914 &'

2.5, 1/)8&5,)(&.0; +( &' 5&'.66/&)(&)* (4,-, &' )/ 0&1,)', <.1= 8/- 1/22,-1&.0 /)0&), 9',;

+( :/905 <, 1/22/) ',)', (4.( (/ <,'( ',-7, >?@> 2,2<,-'A .00 /6(&/)' '4/905 <,

.7.&0.<0, (/ (4,2A )/( B9'( )/)C1/22,-1&.0A -,*.-50,'' /8 4/: >?@> 6.1=.*, .)5 8-.2,

(4&' .' (,14)&1.003 1/260&.)( :&(4 (4, (,-2' /8 .9(4/-&'.(&/);

D<7&/9'03A )/)C,%109'&7&(3 :/905 <, 6-,8,-,)(&.0; >?@>E' 5&'(-&<9(&/) 2/5,0 5/,' )/(

*9.-.)(,, . (-9, -,6.(-&.(&/) /8 FGH (/ .00 69<0&'4,-' .)5 (4,3 .-, )/( .<0, (/ -,6.(-&.(,

(4, 8900 .2/9)( /8 .11-9,5 -/3.0(&,' &) . 10,.- .)5 (-.)'6.-,)( 2.)),-; > 5,(.&0,5

<-,.=5/:) /8 4/: >?@> 4.7, 1.0190.(,5 (4&' 5&88,-,)1, 29'( <, 6-/7&5,5A .' (4&' &'

-4,(/-&1 .)5 )/( '9<'(.)(&.(,5 8.1(;

2-,3*- 4(5()',+)( 6*'*3*7( 82469

0*)* !"# / !"#"1# I4&0, (4,-, J2.3E <, <,),8&(' 80/:&)* 8-/2 (4, K@LA (4, 8.1( (4.( >?@>

1.))/( 5,(,-2&), (4, 89(9-, &260&1.(&/)' 4&*40&*4(' (4, 8.1( (4.( . '4/-(,- .9(4/-&'.(&/)

6,-&/5 &' B9'(&8&,5A &8 .)3;

:" ;<=>2?@ %> A<?B=4C?A / D%C?DE 6F4=A%G>

0*)* :"1"1H:"1"I M4, 1/)1,-)' :,-, .0-,.53 4&*40&*4(,5 :&(4 0&1,)', <.1= .)5 /6( /9(

6-/1,59-,'A 6.-(&1&6.(&/) &) (4, >L@ .)5 1/260&.)1, :&(4 (4, 1/5, /8 1/)591(

(4-/9*4/9( ?.-( N /8 (4&' -,'6/)',; M4&' 5&-,1(03 1/)(-.'(' >?@>E' 10.&2;

I&(4 >?@> .0'/ 9).<0, (/ 6-,5&1( .)3 &260&1.(&/)' /8 (4, K@LA (4,&- 10.&2 (/ .) ,%(,)5,5

6,-&/5 /8 .9(4/-&'.(&/) :/905 .66,.- <.',5 2/-, /) -4,(/-&1 (4.) '9<'(.)(&.(,5

,7&5,)1,; M4, 1/2<&).(&/) /8 (4,', ,0,2,)(' 2,.)' (4.( (4,-, '4/905 <, . -,591,5

6,-&/5 /8 .9(4/-&'.(&/)A &8 .)3;

"#

PART C

"#$% & '(('&% )( &*#+,'- .+ /#$0'%- )+ 1'.,*.+, )( 2'+'(.%

#+3 3'%$./'+%

45 '(('&% )( &*#+,'- ()$ 2'+'(.% #+3 3'$%./'+% #+#67-.-

458 .+%$)39&%.)+

":;: 45858 $% &'(&)*+),*- .//,0,.+01 %2 /-.3,(,-,)1 (.+./,)& )4*) 52%6%). 0%65.),),%+ 7.2.

.&)*(-,&4.8 ,+ 9*2) : %/ ;9<;=& *55-,0*),%+> ?4. .3).+) %/ ;9<;=& -*0@ %/ )2*+&5*2.+01 4*&

(..+ 4,A4-,A4).8 ,+ A2.*) 8.)*,- ,+ )4,& 2.&5%+&. &% /*2> B,)4 )4. *552%52,*). ,+/%26*),%+

5'(-,0-1 52%C,8.8 (1 ;9<;D * 6%2. 8.)*,-.8 2.&5%+&. 0%'-8 (. &'(6,)).8 *) * -*).2 &)*A.>

":;: 4585< E+-.&& )4.&. 0-*,6.8 04*+A.& *2. &'(&)*+),*).8D )4.2. ,& +% *2A'6.+) /%2

;9<; 4.2.D *+8 )4,& &.0),%+ F9*2) GH ,& 6%&)-1 2.5.*),+A )4. 52.C,%'& &.0),%+ F9*2) :HD

74,-. 02.*),+A '++.0.&&*21 7%2@-%*8 /%2 )4. ;GGG>

45< %*' &*#+,'-

":;: 45<58 ?4.&. 5*2)& *2. &'66*2,&.8 F* )42%'A4 4H ,+ 9*2) : %/ )4,& 8%0'6.+)>

I%7.C.2D ;9<; 4*& /*,-.8 )% &'//,0,.+)-1 &'(&)*+),*). )4.6> ?4'&D .*04 5%,+) 6.+),%+.8

,+ 9*2) : +..8& )% (. &'(&)*+),*).8 (*&.8 %+ )4. 0'22.+) .+C,2%+6.+)D 7,)4 )*+A,(-. /,2&)

4*+8 .C,8.+0.>

45= '(('&% )( &*#+,'- )+ #+#67-.- )( 2'+'(.%- #+3 3'%$./'+%-

":;: 45= > 45=5? ?4. &'66*2,.& %/ )4.&. *2A'6.+)& 2./.2 )% 8*)* /2%6 )4. JK"K

8.).26,+*),%+D 74.+ ,) ,& )4. 0'22.+) ,+/%26*),%+ )4*) &4%'-8 (. '+8.2 2.C,.7 8'2,+A )4,&

*')4%2,&*),%+ *55-,0*),%+> ?4. ;GGG 8,8 *')4%2,&. ;9<; ,+ JK"KD (') *-&% *0@+%7-.8A.8

)4*) 6*+1 %/ )4.,2 52*0),0.& %+ )4.&. ,&&'.& *2. ,+ )4. 5'(-,0 8.)2,6.+)>

"#

$%& '((( )&*&+ ,-.-&/ -%.- 01 2+.)-3)2 -%& 45"5 .6-%7+3,.-37) -%.- '89':, /&-+3;&)-

<., )&2.-&/= $%& '((( ,3;>?1 ,-.-& 3) 45"5 -%.- -%&+& 3, )7 @A7;>&-3)2: 7>-37)= '89' -+1

.)/ A?.3; -%.- 7)?1 -%& >7,3-3*& >73)-, B+7; -%& 45"5 .6-%7+3,.-37) .>>?1 -7 -%&; )7<C

<%3?& A?.3;3)2 .?? -%& /&;7),-+.-&/ )&2.-3*& 0&%.*37+ A.))7- 0& A7),3/&+&/= '89' 3,

-+13)2 -7 ;.D& 6> -%&3+ 7<) +6?&, .)/ -%3, ,%76?/ 0& -+&.-&/ <3-% A7)-&;>-=

$%3, /&-+3;&)- %., 3)A+&.,&/ <%3?& -%& 0&)&B3- %., +&/6A&/ 3) A7++&?.-37) <3-% -%&

2+7<-% 3) ?3A&),&&, .)/ -%& ?.AD 7B .AA6+.A1 3) +&>.-+3.-37) 7B +71.?-3&, ,3)A& 45"5= $%&+&

.+& . ?7- 7B 6),60,-.)-3.-&/ ?3)D, 0&-<&&) -%& 45"5 B3)/3)2,C .)/ .)1 >7-&)-3.? 0.?.)A&

0&-<&&) -%& >60?3A 0&)&B3- .)/ /&-+3;&)- -%.- ,&&; -7 .A- ., . ;&A%.)3,; -7 &EA?6/&

;.)1 >7-&)-3.? *3&<, 7) -%3, >+7A&,,= $%3, 3, .) &F63-1 A7)A&+) B7+ ;.)1 7B -%& ?3A&),&&,

-%.- A.))7- .BB7+/ +&>+&,&)-.-37) &F63>>&/ -7 A76)-&+ ,6A% . ?7./&/ /7A6;&)-= '89'

6,&/ . ,3;3?.+ -&A%)3F6& 3) -%& 455G (7>1+32%- $+306).? /&A3,37) 7) -%& H.AD2+76)/

I6,3A $.+3BB, .)/ I6,3A 7) J7?/C .)/ -%3, <., +&>+3;.)/&/ 01 K( L3)/2+&) ., 0&3)2

>7-&)-3.??1 /&A&>-3*&="M

!"# %&'#()*+,+,- (,. /'0)0&+0, 01 234256 *+7#,6# 8(79 /'07#.:'#6

!"#" %&'&( $%& )7)NA7;;&+A3.? ).-6+& 7B -%&,& >+7*3,37),C &EA?6/& -%& *&+1 .>>?3A.-37),

-%.- <76?/ A+&.-& A7;>&-3-37)= ')1 A?.3; -%.- -%3, %., A+&.-&/ A7;>&-3-37) A7)-+./3A-,

'89':, 7<) ,-.-&;&)- -%.- -%&+& %.*& 0&&) 7)?1 "4M A.,&, 7*&+ -%& ?.,- -%+&& .)/ . %.?B

1&.+,= '89':, .--&;>-, -7 ;.+D&- -%& >+7A&/6+& .+& /3+&A-?1 A7)-+./3A-&/ 01 -%&,& 6,.2&

,-.-3,-3A,= ', 3, -%& .+26;&)- -%.- 3- %., 0&&) 7B .)1 >60?3A 0&)&B3-C 23*&) -%& )7)N

A7;;&+A3.? ).-6+&C .)/ -%& /&B3)3-37) 7B 0&)&B3- ,6++76)/3)2 -+.),.A-37).? &E>&),&,= OB

'89' A?.3;, -%.- -%3, 3, <%.- @-3>, -%& 0.?.)A&: 7B -%& >60?3A /&-+3;&)- .)/ >60?3A 3)-&+&,-C

-%&) . -%7+762% 3)*&,-32.-37) 7B -%& .>>?3A.-37) 7B -%3, >+7A&,,C .)/ ;&;0&+ ,&)-3;&)-

,6++76)/3)2 3-C ,%76?/ 0& 3)/&>&)/&)-?1 6)/&+-.D&)= '89' ;6,- .?,7 ;.D& -+.),>.+&)-

%7< -%&1 A.?A6?.-& -%& P455 ./;3)3,-+.-37) B&&C .)/ 3B -%3, ;.D&, .)1 3;>.A- 7) -%&

*3.03?3-1 7B -%& >+7A&,, B7+ ;&;0&+,="G

"M %-->QRR<<<=S6/2;&)-,=B&/A76+-=27*=.6RS6/2;&)-,RT6/2;&)-,R-+306).?,R.A7>1-R455GR455G.A7>1-555U"G %-->QRR<<<=.>+.N.;A7,=A7;=.6R/7<)?7./,RB3?&RI6,3AV45(+&.-7+,RW6;;.+1N7BN/3BB&+&)A&,N0&-<&&)NXXYLH=>/B

"#

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

!"#" %&'&% $%&' %(' )**+ ,&'-.''*, &+ /0*(1 ,*1(&2 &+ 3(01 4 56 1%&' 0*'75+'*8 (+, 93:9

(0* -5+6.'&+/ 1%&+/' %*0* ,*2&)*0(1*2;< =1 &' (20*(,; )**+ ,*>5+'10(1*, %5? 62(?*, 1%&'

705-*'' &' .+,*0 93:9@' (,>&+&'10(1&5+< =1 -5.2, (2'5 )* (0/.*, 1%(1 6.01%*0 7.)2&-

,*10&>*+1 %(' )**+ -0*(1*,8 +51 1%05./% 1%* -0*(1&5+ 56 1%*'* 705-*,.0*'8 ).1 &+ 93:9@'

(772&-(1&5+ 56 1%*><

1$' 2+03*$ 04 (,2,*%) 5/-,& 5%+6'*- ,# 7/-*+%),%

8%+% 9:;:<=9:;:> 93:9@' '1(1*>*+1' %*0* (0* .+'.)'1(+1&(1*,8 (+, 1%&' %(' (20*(,; )**+

(,,0*''*, &+ 3(01 4 56 1%&' 0*'75+'*< 93:98 (/(&+8 705A&,*' +5 1(+/&)2* *A&,*+-* 56 1%*

*66*-1 5+ 1%* )(2(+-* 56 7.)2&- &+1*0*'1<

?0+' -0.$,-*,&%*'( *'&$#0)02@ '#%A),#2 .,+%&@

8%+% 9:;:B $%&' %(' (2'5 )**+ (,,0*''*, &+ 3(01 4< 3**0B0*A&*?*, &+,*7*+,*+1 0*'*(0-%

(05.+, 1%* -500*'75+,*+-* )*1?**+ 93:9@' %&/% 6**'8 1*-%+525/; '10(1*/;8 (+, >.'&-

7&0(-; (+, -57;0&/%1 &+60&+/*>*+1 >.'1 )* 705A&,*, 15 )* -5>72*1*2; 10(+'7(0*+18 15

>(C* (+; -2(&>' (05.+, 1%*'* &''.*'<

C,-*+,A/*,0# '44,&,'#&@ ,5.+0D'( *$+0/2$ *'&$#0)02@

8%+% 9:;:EF $%&' &' ( A(/.* (+, )05(, '1(1*>*+1 1%(1 -5.2, )* >&'2*(,&+/8 (' &1 ,5*' +51

,&0*-12; 0*6*0 15 (+; '.)'1(+1&(2 &+650>(1&5+< $%&' ?(' (,,0*''*, &+ 1%&' 0*'75+'* 15 3(01

4 (+, 93:9 >.'1 705A&,* 6.01%*0 7.)2&- &+650>(1&5+ 5+ ?%(1 1%*&0 (,>&+&'10(1&5+ -5'1'

?5.2, )* &6 1%*&0 (--.0(-; &+ 0*>&11&+/ 05;(21&*' ?(' %&/%*0< =+ 7(01&-.2(08 &1 +**,' 15 )*

('C*, &6 1%*; ?5.2, >(&+1(&+ 1%* '(>* 6&/.0* 56 (05.+, "D<EDF8 &6 1%*&0 GH8HHH

"#

$%&'()*+,- .+/0& 10&2,/2 )*3%1402/ 52)2 )2.0442- -0)2&4136 %/ *77*/2- 4* $3 %,%1*(36 %,-

%4 482 -0/&)240*, *9 482 :*%)- *9 ;0)2&4*)/<

!"#$ &'$()*'$ *'+,-$. ')/$,0$0 .1#"231 .$/1,"'"3)/+' 4$5$'"67$,.0

!"#" %&'&(( ) %&'&(* =(%0,6 % )2/7*,/2 8%/ %1)2%-3 $22, .%-2 0, 482 &*..2,4/ *, >%)4 :

*9 =>?=@/ %7710&%40*,< A*) % $2/4 7)%&40&2 .*-216 =>?= .+/4 9*11*5 482 >>B=@/ 12%- 0,

7)*C0-0,( % -*&+.2,4 48%4 -0/&1*/2/ 482 %,,+%1 2D42,4 *9 4820) .2.$2)@/ 5*)'/<

!"#$ $&&$/.)5$ /"76')+,/$ ." .1$ 8"4$ "& 8",42/. &"# 920.#+')+, /"''$/.)", 0"/)$.)$0

!"#" %&'&(' =,3 &1%0./ %$*+4 $2,2904/ 48%4 91*5 9)*. =>?=@/ &*,-+&4 0, 480/ /4%42.2,4

,22-/ 4* $2 )2E2&42-< = )2/7*,/2 5%/ %1)2%-3 7)*C0-2- 0, *+) &*..2,4/ *, >%)4 : *9

=>?=@/ %7710&%40*,< F4 0/ 5*)48 ,*40,( 4* 482 0,C2/40(%4*) 48%4 482 *.0//0*, *9 482 ,25

B*-2 ?2C0252) GB H0,-()2,@/ "#IJ B*112&40*, K*&02402/ B*-2 *9 B*,-+&4 ?27*)46 %,- 482

/+$.0//0*, $3 482 =;= %,- =HBB %$*+4 482 7)2C0*+/ B*-2 ?2C0252)/ GB :+)&8244@/

0,%$01043 4* &)040&0/2 =>?=<

:()0.),3 ')7).+.)",0 ", ),.$#,+.)",+' ')/$,0),3; 4$5$'"67$,. "& .1$ <'"*+' =$6$#.")#$

>+.+*+0$ +,4 6".$,.)+' 0"'2.)",0?

!"#" %&'&(+ = )2/7*,/2 5%/ %1)2%-3 7)*C0-2- 0, *+) &*..2,4/ *, >%)4 : *9 =>?=@/

%7710&%40*,< L82 %77%)2,4 1%&' *9 9+4+)2 /4)%42(3 0, 480/ /4%42.2,4 80(810(84/ 482 ,22- 9*)

% )2-+&2- %+48*)0/%40*, 72)0*-6 09 %,3<

@?A 8",/'20)", ", .1$ $&&$/. "& .1$ /1+,3$0 ", *$,$&). +,4 4$.#)7$,.

!"#" %&+&( ) %&+&* = )2/7*,/2 5%/ %1)2%-3 7)*C0-2- 0, *+) &*..2,4/ *, >%)4 : *9 =>?=@/

%7710&%40*,< A+)482)6 .*/4 *9 482/2 &8%,(2/ 52)2 9*)&2- +7*, =>?=6 ,*4 +,-2)4%'2, *+4

*9 (**- 5011<

"#

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

!"#" %&'&( ) %&'&' $% &'() *+),-%)+. / 0-%)()&+%& /*123+%& /1/(%)& 45647) )&/&+3+%&) '/)

8++% +)&/89()'+: ;-* / )'-*&+* /2&'-*()/&(-% ,+*(-:. (; /%<= >'(9+ 4564 0-3,9/(%) -;

&'+(* 9+1/9 0-)&). (& () /,,/*+%& (% &'+(* /,,9(0/&(-% &'/& (; &'+(* 3-:+9 ?/) 3-*+

&*/%),/*+%&. &'+*+ ?-29: %-& 8+ / %++: ;-* 0-3,9+@ 9+1/9 :-023+%&)= A'() () 45647)

0'-(0+. %-& &'/& -; (&) 3+38+*) -* 9(0+%)++)=

A'*-21'-2& &'() *+),-%)+ &- 5/*& 4. B /%: C -; &'() :-023+%&. (& () 09+/* &'/& / 9-%1+*

/2&'-*()/&(-% ,+*(-: ?-29: 8+ :+&*(3+%&/9 &- 45647) 3+38+*). 9(0+%)++) /%: &'+ 1+%+*/9

,289(0= 4564 32)& 8+ ;-*0+: &- )28)&/%&(/&+ '-? &'+< 0/% ,*+:(0& &+0'%-9-1(0/9

:+D+9-,3+%&) / :+0/:+ (%&- &'+ ;2&2*+=

E(D+% &'+ (%;-*3/&(-% ,*-D(:+: F/%: ?(&''+9: 8< 4564G. / ,+*(-: -; &?- <+/*) ?-29: 8+

/,,*-,*(/&+. (; 1*/%&+: /& /99=

*& +,-+./01,-

!"#" *&(&( 2"3 A'*-21' 5/*& 4HC -; &'() *+),-%)+ &- 45647) /,,9(0/&(-%. &'+ ,-(%&) -;

:(;;+*+%0+ ?(&' &'() 8*-/: )&/&+3+%& '/D+ 8++% '(1'9(1'&+: (% 1*+/& :+&/(9= I2*&'+*. JC

K(%:1*+%7) 0-33+%&) -% 45647) )&*/&+1< -; /38(12(&< -% &'+)+ 3/&&+*) '(1'9(1'&) &'+(*

)<)&+3(0 /&&(&2:+ &-?/*:) &*/%),/*+%0<= #L

!"#" *&(&( 243 45647) :(*+0& :+/9(%1 ;/0(9(&(+) '/D+ 8++% /::*+))+: (% :+&/(9 &'*-21'

,/*&) 4HC -; &'() *+),-%)+ &- 45647) /,,9(0/&(-%= A'+*+ ?/) %- +D(:+%0+ )2,,-*&(%1 &'+

,*/0&(0/9 /%: ,-)(&(D+ 8+%+;(&) &- &'+ ,-(%& -; /::(%1 &- &'+ ,289(0 (%&+*+)&. +),+0(/99< (%

*+9/&(-% &- (%&+*%/&(-%/9 :+/9(%1)=

!"#" *&(&( 253 45647) 0-%:20& /%: &'+ 9(3(&) -; (&) *+129/&(-% '/D+ 8++% :()02))+:

&'*-21' ,/*& 4HC -; &'() *+),-%)+ &- &'+(* /,,9(0/&(-%= A'+*+ () %- +D(:+%0+ &'/& 4564 ()

?(99(%1 &- /,,9< ;9+@(89+ 9(0+%)(%1 /1*++3+%&) ?(&'(% &'() /,,9(0/&(-%= I2*&'+*. 4564

#L '&&,MNN???=O2:13+%&)=;+:0-2*&=1-D=/2NO2:13+%&)NP2:13+%&)N&*(82%/9)N/0-,<&N"QQRN"QQR/0-,<&QQQS

""

#$%&' () &**)+, ,) -&,$./ ,0& &1,&(, )* ,0&.+ 2$,$/)34&5 60&+& $+& .(2)('.',&(2.&' 7.,0

,0&'& 8).(,' 9),0 .(-.:.-4$//;< $(- $' $88/.&- 2)//&2,.:&/; .( ,0.' 8$+$3+$805

"#$# %&'&' ()* 60& *)//)7.(3 $''4#8,.)(' $+& #.'/&$-.(3 .( +&3$+- ,)=

>= 0)7 ,0& ',+42,4+& )* ,0& #$+%&, 7.// +&#$.( 4(20$(3&- *)+ ,0& (&1, '.1 ;&$+'?

"= 0)7 @AB@ :.&7 $(; %.(- )* ,+$('8$+&(2; $' $ !"#$%&'()"* ,)-.("'/-(0< &'8&2.$//;

,0.' (&3$,.:& 2)((),$,.)(?

C= $ 8&+2&.:&- /$2% )* .(2&(,.:&'< $(- $9./.,; ,) +&',+.2, '488/; )+ .(2+&$'& 8+.2&' $'

9&.(3 ,0& )(/; 8).(,' )* 2)('.-&+$,.)( .( ,0.' $88/.2$,.)(< .5&5 ,0&+& .' ,0& 2)(-42,

)* /.2&('.(3 +&8+&'&(,$,.:&' $(- ,0& #$($3&#&(, )* ,0.' 9; ,0& &1&24,.:&? @AB@

2$( (&3),.$,& /.2&('& *&&'< ,&+#' $(- 2)(-.,.)(' )4,'.-& )* ,0& D)8;+.30, 6+.94($/

9; 2)('4/,.(3 )(/; 7.,0 2&+,$.( 8$+,' )* $ '&2,)+< ,0&( %&&8 ,0& ,&+#' 2)(*.-&(,.$/

$' 8$+, )* ,0& 2)##&+2.$/ $3+&&#&(,5 @' 0.30/.30,&- .( ,0& "E>C D)-& )* D)(-42,

+&:.&7 4(-&+ 2)(-.,.)( D" 9; FD G.(-3+&(< @AB@ 0$:& $94'&- ,0&.+ #$+%&, 8)7&+

.( +&3$+- ,) $3&(,' ,0$, 0$:& &1.',&- *)+ ):&+ "E ;&$+'5

"#$# %&'&+ @AB@H' ',+42,4+& $(- )8&+$,.)( -)&' (), )4,7&.30 $(; 2)#8&,.,.:& -&,+.#&(,

,0+)430 .,' .(84,< )4,84, $(- -.',+.94,.)( $++$(3&#&(,' $(- 2)(-42, $' &:.-&(2&- .( ,0.'

+&'8)('&5 I0./& @AB@ $-#.(.',&+' 9),0 D> $(- D"< ,0&'& 2)(-.,.)(' 2$++; /.,,/&

2)(2&''.)( ,) 2)#8&,.,.)(5 J* $(; $4,0)+.'$,.)( .' ,) 9& 3+$(,&-< ,0&'& 2)(-.,.)(' '0)4/-

9& &18$(-&- 48)( $(- $-#.(.',&+&- 9; $( .(-&8&(-&(, 9)-;5 @AB@H' +&8)+,.(3 )(

.(,&+($,.)($/ -&:&/)8#&(,' '0)4/- $/+&$-; 9& -)(& )( $ :)/4(,$+; 9$'.'< (), 4'&- $' $(

$#9., 8).(, *)+ (&3),.$,.)(5 60&+& .' () :$/.- $+34#&(, .( ,0.' $88/.2$,.)( *)+ $( &1,&(-&-

$4,0)+.'$,.)( )* $(; %.(-5 @3$.(< ,7) ;&$+' 7)4/- 9& #)+& $88+)8+.$,&< .* 3+$(,&- $, $//5

"#$# %&'&, @AB@ 2/&$+/; ',$,&- ,0$, ,0& 9$/$(2.(3 )* ,0& 849/.2 9&(&*., .' ,0& +)/& )* ,0&

@DDD< (), @AB@5>K @AB@ *4+,0&+ ',$,& ,0$, ,0&.+ ')/& )9L&2,.:& .' ,) 84, *)+7$+- ,0& 9&',

.(,&+&',' )* ,0&.+ )7( #&#9&+'5 M4+,0&+< @AB@ .(2)++&2,/; 2/$.# ,0$, $' /)(3 $' ,0&+& .'

')#& 9&(&*.,< +&3$+-/&'' )* '2$/&< ,0&; '0)4/- 9& *+&& ,) )8&+$,& .( ,0.' 2)(,&1,5

>K @AB@ D)##&(,' )( N49#.''.)('< "E>E

"#

$%&$ '()* (+(,- ./,*0 .1 *-21/3* .'*,/ 14- (5.*/-(.* 51+,3 '*/*6 (-0 (-7 31/81/(.,1- 4,.'

9:3' ;*-.,.5*<*-.= .1 814*/6 9'1:50 >* /*+:5(.*0 (-0 31-9./(,-*0?

"#$# %&'&( @'* 9:<<(/7 12 .',9 (-(579,9 12 $%&$=9 (885,3(.,1- 8/1),0*9 ( 9./1-+

2/(<*41/A .1 31-./(0,3. .',9 9.(.*<*-.? $%&$ '(9 -1. 8/1),0*0 9:22,3,*-. *),0*-3* .1

+/1:-0 .'*,/ 35(,<96 /*+(/05*99 12 .'* 5*+(5 B(/+1- .'(. 9://1:-09 <(-7 12 .'*9*

31-35:0,-+ 9.(.*<*-.9?

"#$# %&'&) @',9 9.(.*<*-. ,9 :-9:>9.(-.,(.*0? @'* $CCC ,<819*0 31-0,.,1-9 CD (-0 C" ,-

"EDE6 >*3(:9* .'*7 4*/* -1. 9(.,92,*0 4,.' $%&$=9 18*/(.,1-96 (-0 .'*,/ /*981-9*9 .1

9:><,99,1-9 3/,.,F:,-+ .'*,/ 18*/(.,1-9? G. ,9 '(/0 .1 ,<(+,-* '14 $%&$ 8*/3*,)*0 .',9 (9

31<85*.* B:9.,2,3(.,1- 12 .'* 8:>5,3 0*./,<*-. 2514,-+ 2/1< .'*,/ >*'(),1/? @'*/*21/*6 .',9

35(,< 3(--1. >* .(A*- 9*/,1:957? $5.'1:+'6 ( 9'1/.*/ 8*/,10 12 (:.'1/,9(.,1- 4,.' -1-H

*I35:9,)* ,-8:. (+/**<*-.9 12 (/1:-0 .41 7*(/9 41:50 >* 31-9,0*/*0 ( /*(91-(>5*

31<8/1<,9*6 ,2 (:.'1/,9(.,1- ,9 +/(-.*0?

"#

PART D

"#$% & ' %() #***+, "$)-./0, 1.2&.23, /2 %() )4%)2% /1 %()

&)%$.5)2% #2& %() $)#,/2#67)2),, /1 %() */,%, /1

)21/$*)5)2% .2 %() */02%)$1#*%0#7 ,(/07& 2/% 6) #**)"%)&

.2 %() *0$$)2% *.$*05,%#2*),

89 #***+, 1.2&.23, %(#% ,(/07& 2/% 6) #**)"%)& 1/$ %() "0$"/,), /1 $):

#0%(/$.,#%./2 #""7.*#%./2,9

89;9;9 ' 89;9< $%&'& () *+ ,-.(/0 1'+2*3) +' 4.''.*5 5+ )266+'5 7897:) ;.--.,< 5%.5 5%&

,+//&*5) '&=&,5(*1 5%& 7>>>:) 6+)(5(+* +* !"#$%&'(#&)*% ,('-'. )%+2-3 ?& &@,-23&3 ;'+/

.*< 3(),+2')&0 .5 .*< )5.1&0 '&-.5(*1 5+ 7897:) .25%+'().5(+* .66-(,.5(+*)A

B5 () %.'3 5+ (/.1(*& %+4 7897 &C&* ,+*,&(C& 5%.5 5%() () . C.-(3 .'12/&*50 4%&* 5%&

7>>> %.C& /+'& '&,&*5-< '&6&.5&3 5%&)& ,-.(/) (* 5%&(' )2?/())(+* 5+ 5%& 7D9> 6.6&' +*

>+6<'(1%5 .*3 5%& E(1(5.- F,+*+/< (* "GH"A

!"#$ &'( )*** +,-./0+ 0'10 +(20/34 5!678 39 0'( **) +'3,:; -( <(=(1:(;"

&'( )*** 430(+ 0'10 /4 30'(< >,</+;/20/34+? +,2' 1+ 0'( @4/0(; A010(+? BC

</D'0+ 1<( +,->(20 03 0'( +1.( 23.=(0/0/34 :1E+ 1+ 1:: 30'(< =<3=(<0F </D'0+"

&'( )*** 9,<0'(< 430(+ 0'10 /4 0'(+( >,</+;/20/34+? 0'(<( '1+ -((4 4(/0'(< 14

(<3+/34 39 BC </D'0+ 93< 2<(103<+ 43< 14F 1==1<(40 /.=120 34 0'( /42(40/G(+

93< 0'( =<3;,20/34 39 23=F</D'0 .10(</1:"!H

$%() () . ;2*3./&*5.- ;-.4 (* 5%&(' .66-(,.5(+* .*3 5%& 62?-(, /2)5 3()'&1.'3 .*< *+5(+*

5%.5 7897 %.) 5%& 6+4&' 5+ 3(,5.5& 4%.5 ,.* ?& .*3 ,.**+5 ?& 2)&3 .) &C(3&*,&

5%'+21%+25 5%() 6'+,&))A $%() .55&/65 +;;&') .* (*)(1%5 (*5+ %+4 7897 +6&'.5&) 5%'+21%

3&,&65(C& .*3 /()-&.3(*1 ,+*32,5A 7897 3+ *+5 +*-< ,'(5(,()& 5%& 7>>>:) ;(*3(*1)0 ?25 5'<

5+ 2*3&'/(*& 5%&(' .25%+'(5<A

HI444A.-',A1+CA.2J)(5&)J3&;.2-5J;(-&)J)2?)JHKLAM+'1M.,,,A63;

"#

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

,#2#&*&-#, )3 32(# *20& +- ,.1*+,,+)-, #) +# 24& 3.-02*&-#2//5 2((.42#&6 2-0 ,%)./0 )-/5

%27& #) 0&2/ 8+#% 249.*&-#, 2072-(&0 )- #%2# 12,+,:4"5 6()&)78&)* .)9':8; < = >5 .(8%1? @)

&)A)9')? @B '() +CCC4

!" $%&'()*+,-&'&'.- /-&0'+-%& 10*+ $,0$ '%,2& $00$%3-+-%&4

)*+,$0-/ &* %*%(-5)624'.- )*2%&-01$)&2$6

+,-+ /DD&)..:2)1B /;? 0:.1)/?:;D1B /..)&' '(/' / 980@:;/':8; 87 :'. 1:9);9) @/9E /;? 8F'

8%' 7/9:1:':).* 980@:;)? G:'( '() )H91%.:8; 87 .%@.'/;':/')? ?/'/ .%&&8%;?:;D '()

&)/.8;/@1) 98.'. 87 ;8;I)H91%.:2) 1:9);.:;D* 2/1:?/') '():& /%'(8&:./':8;4 J%) '8 '() 7/9'

'(/' '(:. G(81) .)9':8; &)1:). 8; '() ?)9)F':2) /;? /&@:'&/&B %.) 87 '() "5>5 7:;?:;D.* /. :;

.)9':8; < 87 +,-+K. /FF1:9/':8;* '() 9800);'. 8; L/;':I980F)':':2) ?)'&:0);' 7&80 +,-+

:;F%' /&&/;D)0);'. 980F/&)? '8 ;8;I)H91%.:2) 98%;')&7/9'%/1K .(8%1? @) &)D/&?)? /.

7/1.) /;? &)A)9')? :; '():& );':&)'B4

78" )*4&4 *1 /-&-)&'*% $%/ -%1*0)-+-%& 9'&: %*%(-5)624'.- '%,2&

6')-%4'%3

+,-+ /DD&)..:2)1B /;? 0:.1)/?:;D1B /..)&' '(/' / 980@:;/':8; 87 :'. 1:9);9) @/9E /;? 8F'

8%' 7/9:1:':).* 980@:;)? G:'( '() )H91%.:8; 87 .%@.'/;':/')? ?/'/ .%&&8%;?:;D '()

&)/.8;/@1) 98.'. 87 ;8;I)H91%.:2) 1:9);.:;D* 2/1:?/') '():& /%'(8&:./':8;4 J%) '8 '() 7/9'

'(/' '(:. G(81) .)9':8; &)1:). 8; '() ?)9)F':2) /;? /&@:'&/&B %.) 87 '() "5>5 7:;?:;D.* /. :;

.)9':8; < 87 +,-+K. /FF1:9/':8;* '() 9800);'. 8; L98.'. 87 ?)')9':8; /;? );78&9)0);'

G:'( ;8;I)H91%.:2) :;F%' 1:9);.:;DK .(8%1? @) &)D/&?)? /. 7/1.) /;? &)A)9')? :; '():&

);':&)'B4

M)B8;? '(:.* +,-+ (/2) F&82:?)? 8;1B .F)9%1/':2) /..)&':8;. /;? ;8 '/;D:@1) )2:?);9) '8

.%FF8&' '():& /%'(8&:./':8;4

"5 (''F3NN'&/;.:':8;4/9994D824/%N98;');'N'&:0$:1)4F('01O'&:0$:1)6:'1)PJ>5Q>5554F?7R'&:0

$:1)$&80S)&.:8;T?P>5U>VV5R'&:0$:1)W/0)PJ>5Q>5554F?7

"#

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

$% &'(()*+, -. /)& 011% 1&.)02-&/13 ./).4

5)6 -. -& 78%71*%-%9 ./). :;<: =*13-7. ;)*. > ?-22 01 *1@17.13, )2./8'9/ ./-& -& 80A-8'&

506 ./1 21B-7)2 (17/)%-&( !"#$% '()'$(*+ ,--$--$./ -& '&13 -% ) !0)%1()%2,23)%,* ,%.

2#($,2$%3%4/()%%1*

576 ./-& &17.-8% -& 0)&13 ='*12+ 8% &=17'2).-A1 )&&1*.-8%& )%3 ?-.//823-%9 A)2-3

-%C8*().-8%

D8%1./121&&, 1A1% ?-./ ;)*. > *1@17.13, ./1 2)7E ='02-7 01%1C-.& -31%.-C-13 -% ;)*.& : )%3 F

)08A1 %8 28%91* 78%.-%'1 .8 8'.?1-9/ )%+ 78(=1.-.-A1 31.*-(1%. 8C ./1 .+=1& -31%.-C-13

0+ ./1 :GGG -% ./1 "HIH >1.1*(-%).-8%J K/1 -%C8*().-8% =*8A-313 -% ./1 *1&=8%&1 .8 ;)*.

G C'*./1* &'0&.)%.-).1& ./-&J

"#

SUPPLEMENTARY DOCUMENTS

Comments on APRA’s Operations Statement

$%&'& ('& ( )*+,&' -. /0&+1 0%(0 ('& -. 2-)2&') /) 0%/1 3-2*+&)04 ()3 0%&5 ('& )-0

.-'+(00&3 /) -'3&' -. /+6-'0()2&7

"# $%&% '(

!"#$%&$'()*# ,) -./0,*1 ,2 )&3 4#%,)#4 ,) 35#

6&-7$,853 9*3: /.3 5(2 /##) 3(;#) 3& '#() ()7

-#$%&$'()*# 35(3 ,2 )&3 ,) ( 4&'#23,* &$ <.(2,=

4&'#23,* *&)3#>3? 6&''.),*(3# ,2 4#%,)#4 ,) 35#

6&-7$,853 9*3 (2 3& '(;# (@(,0(/0# &)0,)# &$ 3&

3$()2',3 #0#*3$&),*(007? A5# $,853 3&

*&''.),*(3# B&$;2 3& 35# -./0,* ,2 #>#$*,2#4 /7

/$&(4*(23#$2: /7 35&2# B5& &-#$(3# B#/2,3#2

35(3 *&)3(,) '.2,*: ()4 /7 35&2# B5& 3$()2',3

'.2,* &@#$ 3#0#-5&)# 2723#'2? C9"D9 E-#$(3,&)2

F3(3#'#)3G

$%/1 10(0&+&)0 /1 +/18&(3/)9 ()3 0%&'& ('& 1-+& /)0&'&10/)9 2-)2&')1 -:&' ,'-(32(1017

;<*,8/2 <&'.-'+()2&; /1 () (+,/9*-*1 0&'+ 3*& 0- 0%& .'(9+&)0&3 8&9(8 /)0&'6'&0(0/-)7

;<&'.-'+()2&; /1 3&./)&3 ,5 0%& =-65'/9%0 >204 ,*0 ;6*,8/2; /1 )-07 $%& 0&'+ ?6*,8/2@ '&8/&1

-) 0%& /)0&'6'&0(0/-)1 -. 0%& 2-*'017 <&'.-'+()2& 1&&+1 0- ,& :&'5 ,'-(3 /) 0%/1

3&./)/0/-)4 ()3 (668/&1 0- (8+-10 ()5 2-)0&A0 B%&) +*1/2 /1 68(5&37 $%/1 +&()1 0%& -)*1

/1 -) %-B ;6*,8/2; 0%& 6&'.-'+()2& /17 $%& 28&('&10 3&./)/0/-) -. ;<*,8/2; 1&&+1 0- /).&'

,&/)9 ?/) 0%& 2-+6()5 -. +-'& 0%() -)& 6&'1-)@C %-B&:&' 0%&'& /1 ( .-2*1 /) 0%& 2-*'01

3&2/1/-)1 0%(0 /).&' ,*1/)&11 *1& -. ()5 D/)3 /1 6*,8/27 $%/1 +(D&1 0%& 3&./)/0/-) +-'&

2-).*1/)94 ()3 /0 +*10 ,& (11*+&3 /0 B-*83 %(:& 0- ,& ('9*&3 ,&.-'& ( 2-*'0 -) ( 2(1& ,5

2(1& ,(1/17

"#

$%&'& ('& ()*+ &,-&./0+1* 2+' 3&-/0+1* 45 (16 78597:9(: +2 /%& ;+.<'0=%/ >-/ ())+?01=

@A*0- /+ B& .)(<&6 (/ .'&@0*&* ?%&'& .&'*+1* '&*06& +' *)&&. ?0/%+A/ 012'01=01= /%&

-+.<'0=%/ 01 /%& ?+'C +' *+A16 '&-+'601=D 3&-/0+1 7EE9": +2 /%& ;+.<'0=%/ >-/ .'+F06&*

/%(/ ( .&'*+1 ?%+ -(A*&* @A*0- /+ B& .)(<&6 01 .AB)0- F0( '(60+ +' /&)&F0*0+1 B'+(6-(*/*G

6+&* 1+/ %(F& /+ %(F& ( )0-&1-& 2+' /%& .)(<01= +2 /%& *+A16 '&-+'601=D

> .&'*+1 .)(<01= @A*0- 01 /%&*& -0'-A@*/(1-&* ?+A)6 */0)) 1&&6 ( )0-&1*& 2+' /%&

.&'2+'@(1-& +2 @A*0-() (16 )0/&'('< ?+'C* A16&' >HI> 01 >A*/'()0(D $%0* .A/* >HI> (/ (

@(J+' (6F(1/(=& -+@.('&6 /+ /%& H%+1+='(.%0- H&'2+'@(1-& ;+@.(1< +2 >A*/'()0(

9HH;>:G ?%0-% 0* 1&(')< /&1 /0@&* *@())&' B< -+@.('0*+1D $%&*& &,-&./0+1* ()*+ @(C& 0/

.+**0B)& 2+' -+@.(10&* /+ 012&' /%(/ /%&'& ('& 1+ HH;> .AB)0- .&'2+'@(1-& 2&&* '&KA0'&6

01 /%&*& -0'-A@*/(1-&*D

The APRA Repertoire

$%& ;'&(/0F& ;+@@+1* *AB@0**0+1* 2'+@ "878 01 '&=('6 /+ >HI>L* 01.A/ (='&&@&1/*

'&@(01 A1'&*+)F&6D > -'&(/+' 0* */0)) )&=())< +B)0=&6 /+ (..)< 2+' ( )0-&1*& /+ .AB)0-())< A*&

/%&0' +?1 @A*0-G &F&1 +1 /%&0' +?1 ?&B*0/&D ;'&(/+'* (16 A*&'* *%+A)6 %(F& (--&** /+

1+1M&,-)A*0F& +./0+1* /%(/ 6+ 1+/ '&KA0'& /%& .&'@0**0+1 +2 >HI>D"7

$%&'& ('& ()*+ -+1-&'1* /%(/ ?0/% 6(/( -+))&-/0+1 /&-%1+)+=< /+ (--+A1/ 2+' '(16+@ A*(=&G

'+<()/0&* ('& */0)) 60*/'0BA/&6 B< (1()+=< (/ /%& 60*-'&/0+1 +2 >HI>L* N+('6D O(1< +2 /%&

48G888 N(-C='+A16 OA*0- )0-&1*&&* 01-)A6&6 01 >HI>L* )(/&*/ 60*/'0BA/0+1 6+-A@&1/ %(F&

1+ /'(1*.('&1-< 01 /%&0' /'(1*(-/0+1G 0D&D ?%&1 /%&< .(< /%&0' )0-&1*& 2&& /%&'& 0* 1+

=A('(1/&& /%(/ /%0* @+1&< ?0)) &F&1/A())< 20)/&' B(-C (/ /%& 01/&'1(/0+1() */(16('6

@010@A@ +2 P8Q /+ /%& '0=%/* +?1&'D

Further, in 2010 the ACCC determined the following in regard to predictable '&KA0'&@&1/*:

"73&&R%//.RSS???D(.'((@-+*D-+@D(AS6+?1)+(6*S20)&SOA*0-Q"8;'&(/+'*STU$VI>;$TWVQ"8;+@.Q"8X0-&1-&Q"82+'Q"8H&'*+1()Q"8Y&B*0/&Q"8Q"8>HI>Q"8@&@B&'Q"8+1)<D.62

"#

!"#$% $%& '((( )*+&, +%-+ .*/ 0-)1 2,&/, 34+% 2)5/&647+-89&

/&:24/&0&)+, .*/ -77&,, +* - 9-/;& /&5&/+*4/& *. 02,47< 64/&7+ 6&-94);

34+% 7*05*,&/, 4, 2)94=&91 +* 8& - 6&,4/-89& -9+&/)-+4>& .*/ &4+%&/ 5-/+1?

$/-),-7+4*) -)6 &).*/7&0&)+ 7*,+, 3*296 8& 7*),46&/-891 4).9-+&6 -)6

94=&91 +* 345& *2+ +%& ;-4), ./*0 7*05&+4+4>& 5/474);?

!"#$! $%& '((( 7*),46&/,< %*3&>&/< +%-+ .*/ 7&/+-4) 2,&/, 34+%< .*/

&@-059&< 5/&647+-89& /&:24/&0&)+, A&4+%&/ 4) 5-/+ */ 4) +*+-9B .*/ -77&,,

+* 02,47-9 3*/=,< 64/&7+ 6&-94); 7-) 5/&,&)+ -) -++/-7+4>& *5+4*)? C*/

&@-059&< 5&/.*/04); /4;%+, .*/ .490,< +&9&>4,4*) 5/*;/-0, -)6

-6>&/+4,&0&)+, A.*/ +&9&>4,4*)< /-64* -)6 74)&0-B 7*296 8& )&;*+4-+&6 -+

,*2/7& A-9*); 34+% ,1)7%/*)4D-+4*) /4;%+,B -)6 *.+&) -+ +%& ,-0& +40&

-, 7*004,,4*)4); +%& 3*/=,? E+%&/ 5*,,48494+4&, .*/ 64/&7+ */ ,*2/7&

947&),4); 3*296 -55&-/ +* 8& +%& 2,& *. 5/&F5-7=-;&6 02,47 4)< .*/

&@-059&< 74)&0- .*1&/, */ .4+)&,, 79-,,&,? ""

G+ 4, 3*/+% )*+4); +%-+ 74)&0-, 7*296 5*,4+4>&91 8&)&.4+ ./*0 5/*>4,4*), +%-+ -77*2)+ .*/

5/&647+-89& 2,&,? C4+)&,, (&)+&/, -9/&-61 %->& +%&,& ,1,+&0,< 82+ 'HI' -/& 2)34994); +*

/&>&-9 +%& &@+&)+ *. +%&4/ /&5&/+*4/& +* &)-89& &..&7+4>& 64,7*2)+ 89-)=&+ 947&),4);?

$%4, .2/+%&/ 4992,+/-+&, %*3 -)1 -2+%*/4,-+4*) 5&/4*6 ,%*296 8& ,%*/+&/ +%-) +%& 5/&>4*2,

+%/&& -)6 %-9. 1&-/,< 4. ;/-)+&6 -+ -99? ', %-, 8&&) 6&0*),+/-+&6< ,4@ 1&-/, -;* +%&/& 3-,

)* A02,47B >46&* *) 6&0-)6 A&?;? J*2$28&B< )* 02,47 ,28,7/45+4*) ,&/>47&, A&?;? K5*+4.1<

I64*B -)6 &>&) C-7&8**= -)6 ,0-/+5%*)&, 3&/& 4) +%&4/ 4).-)71? K4@ 1&-/, 4) +%4,

&)>4/*)0&)+ %-, 8&7*0& -) &+&/)4+1< -)6 3*296 )*+ /&5/&,&)+ +%& 8&,+ 4)+&/&,+, *.

0&08&/,?

"" !""" $%&% '()(*+,-.),/-0 1.2( 33

"#

Collective administration of copyright

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

"#$" %&'()*+, - .+/0-1),. 20)/0 34&50+&, 50+

%467)/ )15+&+,5 )10+&+15 )1 /'%8&)905 68:

;-< +1/'4&-9)19 /&+-5)()58= 68 +1,4&)19 50-5

,'192&)5+&, -1* %467),0+&, -&+ -*+>4-5+78

/'.%+1,-5+* 3'& ,'.+ 4,+, '3 50+)& 2'&?,@ -1*

ABC

$%&$ -.*' ,.( /.01 +, (2* 3*'( +,(*0*'(' .4 +(' 5*53*0'6 ),- (2* 7.+,(' 0)+'*- 38 (2*

$9'(0):+), ;+<+(): $::+),=* ),- (2* $9'(0):+), >+30)0+*' ?.780+<2( ?.55+((** @$;$ ),-

$>??A +, 0*<)0- (. (2* $%&$ B.)0- 3*+,< :.)-*- +, 4)C.0 .4 +,-9'(086 2)C* ,*C*0 3**,

70.C*, 9,(09*D

E90(2*05.0*6 =.57),+*' 2)C* 3**, -*C*:.7+,< )==90)(* 7)8 4.0 7:)8 -)() 4.0 8*)0'D

$==90)(* 7:)8 -)() /.9:- *,'90* (2)( 7)85*,(' /*0* -+'(0+39(*- =.00*=(:8 4.0 5),8

3)=1<0.9,- ),- 4.0*<0.9,- 59'+= 9'*'6 ),- 0*-9=* (0),')=(+.,): =.'(' /2+:* *,2),=+,<

(0),'7)0*,=8D F2+:* $%&$ /+(22.:- (2*+0 (*=2,.:.<8 )(()=25*,( 40.5 5*53*0' ),- (2*

793:+=6 +( +' ,.( =:*)0 /2)( '8'(*5 $%&$G' B.)0- .4 ;+0*=(.0' =900*,(:8 9'*' (. -+'(0+39(*

0.8):(+*' (. 5*53*0'D H2*0* +' ) =.,=*0, (2)( $%&$ /+:: 9'* (2*+0 5)01*( 7./*0 (.

-*(*05+,* (2* 49(90* .4 (*=2,.:.<8 9'*- +, (2+' )0*) +, ), )9(.=0)(+= 5),,*0D H2*

-+'(0+39(+., ),- 70)=(+=*' -.=95*,( '()(*' (2)( $%&$G' B.)0-6 5.'(:8 70.4*''+.,):

793:+'2*0'6 2)C* -+'=0*(+., (. -+0*=( 0.8):(+*' /+(2 ,. )==.9,()3+:+(8D H2+' +' .4 <0*)(

=.,=*0, (. (2* 793:+= +,(*0*'( ),- =.,(0)-+=(' $%&$G' ./, 5*53*0'2+7 =2)0(*0D

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

;6< 3-/)7)5-5)19 -//+,, 5' 50',+ 2'&?,= 68

+1-67)19 .+.6+&, '3 50+ %467)/ 5' 0-(+ &+-*8

-1* +33)/)+15 -//+,, 5' 50+ .)77)'1, '3 .4,)/-7

2'&?, )1 "#$"D, &+%+&5')&+ 68 9&-15)19 7)/+1,+,

"#

!"# %&' ()*+,- ('#!"#./0-' /01 -"..)0,-/%,"0

"! %&"2' 3"#425 678

$% &'%'()*+ ,-' (.*' ./ 0.**'0,1.% 2.01',1'2 3.'2 -)4' 0'(,)1% 5'%'/1,2+ )%3 ,-' *'&)* 62' ./

76210 -)2 ) 8.21,14' /*.9:,-(.6&- ,. ,-' 9-.*' 1%362,(;< =.9'4'(+ 1% ,-' /6,6(' ) 7.('

2'%215*' 2.*6,1.% ,-), )**.92 /.( 0.78',1,1.% 12 1% ,-' 5'2, 1%,'('2, ./ 5.,- 0('),.(2 )%3

62'(2<

!" $%&% '()

9:5 ;<=; 2)*.,%2 %&/% -"++'-%,>' /1.,0,2%#/%,"0

#'./,02 %&' "0+? (#/-%,-/+ 3/? %&/% %&,2 -/0 *'

/-&,'>'15

$% 8(1%018*'+ ) 5*)%>', *10'%21%& 2;2,'7 2-.6*3 ('360' ,()%2)0,1.%)* 0.2,2 /.( 0('),.(2 )%3

62'(2 1% 7)%; 0.%,'?,2+ 1/ )371%12,'('3 '//'0,14'*;< @'/'((1%& 5)0> ,. ,-' 8('41.62

8)()&()8-+ 0('),.(2 )(' %., 06(('%,*; .//'('3 ) ,()%28)('%, 7.3'* ,. 6%3'(2,)%3 ,-'

312,(156,1.% ./ (.;)*,1'2 5; AB@A )%3 1,2 C.)(3< D6210 62'(2 )(' )*2. 6%)5*' ,. )00.6%, /.(

76210 0.2,2 1% ) ('*1)5*' 7)%%'(< E-12 8.1%, 9)2 ()12'3 1% ,-' FG#G )6,-.(12),1.%

26571221.% 5; ,-' AHA )%3 AIJJ+ )%3 ('7)1%2 4)*13 )%3 6%('2.*4'3K

@A&' -"01)-% "! ;<=; ,2 %&' ,22)'B 0"% %&' -"0-'(% "! &/>,0C / -"++'-%,0C

2"-,'%? !"# .)2,- ('#!"#./0-' #,C&%25 D' /C#'' ,0 (#,0-,(+' 3,%& %&'

."1'+ "! -"++'-%,0C 2"-,'%,'2 /01 %&' >,%/+ #"+' %&/% %&'? (+/?5 E"3'>'#B 3'

1,2/C#'' 3,%& %&' -"#("#/%' .'0%/+,%? "! ;<=;B 3&,-& 1'(/#%2 !#". %&'

-"0-'(% "! -"++'-%,0C 2"-,'%,'2 /2 -""('#/%,>'2 /-%,0C !"# %&' ()*+,-

*'0'!,%5 A&,2 .'0%/+,%? &/2 #'2)+%'1 ,0 %&' ./4,0C "! )0#'/2"0/*+'

(#"("2/+2 1)#,0C +,-'02' !'' 0'C"%,/%,"02B -"0%,0)/+ ."0'%,2/%,"0 "! 0'3

)2'2B /01 /0 /1>'#2/#,/+ /01 -".*/%,>' 0/%)#' 3,%& 2".' +,-'02''25F:G

F" AHA )%3 AIJJ FG#G L6571221.%+ 8< F

"#

APRA’s Board structure

!" $%&% '( ) '*+ $%& '())(*+,- .%/&& 0(+,.1 '/(2 345361 (0&/7.+(,7) 8(9:2&,. 7/&

788/&11&8 ;&)(*<

!"# %&'% ()*+ ,- ./0(12 ,2 (-3 4+ ()),5-*(.1/ *,

4*+ 6/6./7+#

!8# 9(-(:/6/-* ,2 %&'% 4+ ;/+*/3 4- *0/ .,(73#

<0/ =,(73 ,2 >47/)*,7+ ,2 %&'% 4+ /1/)*/3 .?

%&'%@+ 6/6./7+# A4B C74*/7 6/6./7+ (7/ /1/)*/3

*, *0/ =,(73 .? *0/ C74*/7 6/6./7+04D (-3 +4B

D5.14+0/7 6/6./7+ (7/ /1/)*/3 *, *0/ .,(73 .?

*0/ D5.14+0/7 6/6./7+04D#

!E# <04+ +*75)*57/ /-+57/+ *0(* ( 64B ,2 C74*/7

(-3 D5.14+0/7 4-*/7/+*+ (7/ 7/D7/+/-*/3 ,- *0/

=,(73# <04+ 64B /-+57/+ *0(* %&'% 7/6(4-+

7/+D,-+4;/ (-3 ()),5-*(.1/ *, *0/ 5+/7+ C0,

4-*/7()* C4*0 .,*0 C74*/7 (-3 D5.14+0/7

6/6./7+#

$%& 9(,9&/,1 7,8 /&9(22&,87.+(,1 /7+1&8 ;= .%& 3>3 7,8 .%& 3?@@ +, .%&+/ #ABA

1:;2+11+(, /&27+, C7)+8 7,8 :,/&1()C&8D E:/.%&/2(/&F .%& )(,-&/ .%& 3@@@ 9(,.+,:&1 .(

)&7C& 345361 ;(7/8 :,2(,+.(/&8G &H0(,&,.+7) /+1I .( .%& 0:;)+9 +1 9(20(:,8&8D

J&)(* 7/& .%& 07117-&1 '/(2 .%& 3>3 7,8 3?@@ #ABA 1:;2+11+(, .( .%& 3@@@ (, 345361

7:.%(/+17.+(, 700)+97.+(, .%7. /&27+, :,/&1()C&8 .%/(:-% .%& 0/&C+(:1 8&.&/2+,7.+(,<

""

!"#$%%"&'()*$& ,- !"./"0"&)()*$& $& 12!130 4$(/'

5$&#"/&0

678 "# $%# &'(&#%(#) *+$* *+# ,'$%) -#-,#%.+/0 '1 2342 '(56

%#0%#.#(*. %/7+*.+'5)#%.8 23429. ,'$%) &'(./.*. '1 ./: 0;,5/.+#%

%#0%#.#(*$*/<#. #5#&*#) ,6 0;,5/.+#% -#-,#%. $() ./: =%/*#%

%#0%#.#(*$*/<#. #5#&*#) ,6 =%/*#% -#-,#%.8 "# .;,-/* *+$* *+# /(*#%#.*.

%#0%#.#(*#) '( 23429. ,'$%) $%# ;(,$5$(&#)8 >+/. +$. 5#) *' *+# *%';,5#)

)6($-/& =/*+ -'.* 5/&#(.## 7%';0.? $() %#.;5*#) /( $ -#(*$5/*6 =+#%#

2342 '0#%$*#. 5#.. 5/@# $ &''0#%$*/<# $&*/(7 1'% *+# 0;,5/& ,#(#1/* $()

-'%# 5/@# $ &'--#%&/$5 0%'1/* )%/<#( '%7$(/.$*/'(8

698 "# $%# &'(&#%(#) *+$* 2342 +$. $ */#%#) <'*/(7 .6.*#- =+#%#,6

<'*#%. =/*+ -'%# -'(#6 7#* -'%# <'*#.8 2* $((;$5 7#(#%$5 -##*/(7.?

-#-,#%. '1 2342 %#&#/<# $( $))/*/'($5 <'*# 1'% #<#%6 ABCC /( #$%(/(7.

&'55#&*#) 1'% *+# -#-,#%8DE "# .;,-/* *+$* .-$55#% $() /()#0#()#(*

-;./&/$(. $%# ('* $)#F;$*#56 %#0%#.#(*#) '( 23429. ,'$%)8 G'-#

/()#0#()#(* -;./&/$(. +$<# %#0'%*#) .;&+ 0''% %#.;5*. *+$* *+#6

*#%-/($*#) *+#/% -#-,#%.+/0 =/*+ 23428

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

6:8 "# %#&'--#() *+$* 2342 ,# %#F;/%#) *' $-#() /*. &'(.*/*;*/'( *'

0%'</)# 1'% ,%'$)#% .*$@#+'5)#% %#0%#.#(*$*/'( '( /*. ,'$%)8 "# &'(./)#%

*+$* 23429. &'(.*/*;*/'( .+';5) -$@# 0%'</./'( 1'% /()#0#()#(* )/%#&*'%.

=+' $%# ('* $..'&/$*#) =/*+ /*. -$H'% 0;,5/.+#% $() =%/*#% 7%';0.8

I()#0#()#(* )/%#&*'%. =';5) 0%'</)# $ -;&+ (##)#) #5#-#(* '1 ,$5$(&#

'( 23429. ,'$%)8 "# &'(./)#% *+$* *+/. =';5) +#50 *' &'(.*%$/( *+#

0'*#(*/$5 1'% 2342 *' #(7$7# /( -'('0'56 &'();&*8

6;8 "# &'(./)#% *+$* /()#0#()#(* )/%#&*'%. .+';5) ,# #5#&*#) $.

%#0%#.#(*$*/<#. '1 *+%## &$*#7'%/#.8 J/%.*? $ -#-,#% %#0%#.#(*$*/<# 1'%

/()#0#()#(* -;./&/$(.8 >+#6 +$<# (' %#0%#.#(*$*/'(? ,#&$;.# =+/5# *+#6

&'(.*/*;*# *+# -$H'%/*6 '1 23429. -#-,#%.+/0? /* /. ,6 (;-,#% ('* ,6

%#<#(;#8 G#&'()? $ -#-,#% %#0%#.#(*$*/<# 1'% &%#$*'%. =/*+ $ ,$&@7%';()

"#

!" $%& '()$(*+) ,&'$-*. /%& !,,(&, 0+'!"1 '()$(*+) !",$!$($!-", +"2 3(4)!'

4*-+2'+,$&*, *&'&!5& "- 3*-6!"&"'& -" 7897:, 4-+*2. /%!*2; + )!'&",&&

*&3*&,&"$+$!5& <!$% &=3&*!&"'& !" $%&4*-+2'+,$!"1 ,&'$-*. /%!, ,&'$-*

*&3*&,&"$, $%& 6+>-*!$? -0 7897:, *&5&"(&; ?&$ ,&'$-* %+, "-

*&3*&,&"$+$!-" -" 7897:, 4-+*2.

!"# @& "-$& $%+$ $%& A-3?*!1%$ 71&"'? B!6!$&2 C$%&D %+, $%*&&

!"2&3&"2&"$ 2!*&'$-*, +"2 3*&5!-(,)? %+2 + *&3*&,&"$+$!5& 0-* $%& )!4*+*?

,&'$-*. @& +'E"-<)&21& $%+$ A7B !, + 2&')+*&2 '-))&'$!"1 ,-'!&$? +"2 !,

%&)2 $- + %!1%&* ,$+"2+*2. F-<&5&*; <& ,(46!$ $%+$ 7897 ,%-()2

6+!"$+!" $%& ,$+"2+*2, -0 !$, 3&&*,.

Regulatory environment

Re para 17(a):

GH. I!"'& !$, &,$+4)!,%6&"$ !" GJKL; 7897 %+,

4&&" C+"2 '-"$!"(&, $- 4&D ,(4>&'$&2 $- 5+*!-(,

)&5&), -0 ,'*($!"? 0*-6 '-63&$!$!-" 3-<&*,

!"')(2!"1 $%& M<&" 9-?+) A-66!,,!-"; $%& 7AAA

+"2 $%& 7(,$*+)!+" A-63&$!$!-" /*!4("+); <%!'%

%+5& 5+*!-(,)?N

C+D '-"0!*6&2 $%& 4&"&0!$, -0 $%& 7897 ,?,$&6O

+"2

$%&' &' () *)'*+',(),&(,-. /0(&12 (). &, '%(3405 /6),3(.&/,' +6,% ,%- 3-7-3-)/-. ().

'*+',(),&(,-. 46&),' 3(&'-. +5 ,%- 898 (). 8:;; &) ,%-&3 <=>= '*+1&''&6)? @7 163-

/6)/-3) &' ,%- 8;;;A' 3-/-), ',(,-1-), 6) 3-,(&0 43&/&)B (). (+*'- 67 1(3C-, 46D-3E

"#

!"#$%&' )*+,- &. $/" 001

"#$% &'(()*+,-. /)0+12* 3"4%5 26 +7) &&8 9(2:1;)/ < ,1=1+); )>0)9+12* 62(

0)(+<1* ,10)*0) 02*;1+12*/ 6(2= +7) 02=9)+1+12* 9(2:1/12*/ 26 +7) &&8

4=1/'/) 26 =<(?)+ 92@)( <*; ()/<,) 9(10) =<1*+)*<*0) <() *2+ )>0)9+);5#

A71,) +7) )>+)*+ 26 +7) )>0)9+12* 1/ '*0,)<(. 1+ 92+)*+1<,,- )>0,';)/

/1B*1610<*+ <*+1C02=9)+1+1:) 02*;'0+. @1+7 /'D/+<*+1<, ;)+(1=)*+<, )66)0+/ 2*

)66101)*0- <*; @),6<(). 6(2= +7) <99,10<+12* 26 +7) &&8# 8((<*B)=)*+/

@7107 <() 02*/1;)(); +2 D) 92+)*+1<,,- @1+71* +7) <=D1+ 26 +7) )>0)9+12*

1*0,';) 0(2//C,10)*/1*B 1* !"#$%& (%)*+ <*; 02,,)0+1:) ,10)*/1*B 1* ,-.,/0

"#$E F7) 8&&& /'D=1+/ +7<+ /)0+12* 3"4%5 26 +7) &&8 /72',; D) ()9)<,);#

F7) 8&&& *2+)/ +7<+ 1* 2+7)( G'(1/;10+12*/. /'07 </ +7) H*1+); I+<+)/. JK

(1B7+/ <() /'DG)0+ +2 +7) /<=) 02=9)+1+12* ,<@/ </ <,, 2+7)( 9(29)(+- (1B7+/#

F7) 8&&& 6'(+7)( *2+)/ +7<+ 1* +7)/) G'(1/;10+12*/. +7)() 7</ D))* *)1+7)( <*

)(2/12* 26 JK (1B7+/ 62( 0()<+2(/ *2( <*- <99<()*+ 1=9<0+ 2* +7) 1*0)*+1:)/

62( +7) 9(2;'0+12* 26 029-(1B7+ =<+)(1<,#

"#$3 L10)*/1*B <((<*B)=)*+/ +7<+ <() <+ (1/? 26 D()<071*B K<(+ JM 26 +7) &&8

D'+ @7107 <() ,1?),- +2 9(2;'0) 266/)++1*B 9'D,10 D)*)61+/. 0<* D) B(<*+); <*

)>)=9+12* 6(2= +7) (),):<*+ 9(2:1/12*/ 26 +7) &&8 +7(2'B7 +7) '/'<,

*2+1610<+12* 2( <'+72(1/<+12* 9(20)//)/#

F7) 8&&& 0<* B(<*+ 9(2+)0+12* 6(2= ,)B<, <0+12* '*;)( D2+7 9(20)//)/ 62(

02*;'0+ +7<+ (1/?/ D()<071*B +7) K<(+ JM 9(2:1/12*/ 26 +7) &&8 4@1+7 +7)

)>0)9+12* 26 =1/'/) 26 =<(?)+ 92@)(5 16 1+ 1/ /<+1/61); +7<+ +7) ,1?),- 9'D,10

D)*)61+ 4@7107 9();2=1*<*+,- (),<+)/ +2 )66101)*0- 02*/1;)(<+12*/5 6(2= +7)

02*;'0+ 2'+@)1B7/ <*- ,1?),- 9'D,10 ;)+(1=)*+#

"#$N F7) ;1B1+<, )*:1(2*=)*+ 1/ 0()<+1*B +7) 2992(+'*1+- 62( *)@ @<-/ 26

0()<+1*B. '/1*B <*; ;1/+(1D'+1*B 029-(1B7+ =<+)(1<,/ @1+7 02==)*/'(<+)

2992(+'*1+1)/ +2 1=9(2:) )66101)*0- <*; @),6<()# J*0()</1*B,-. 029-(1B7+

"#

!"#$%&"'( "%$ *$&+, -($. "( &+#$%!$.&"#$ &+/-#(0 12&( &+3%$"($( #2$

/4#$+#&"' 54% #2$ -($ 45 34/6%&,2# #4 2"7$ "+#&34!/$#&#&7$ $55$3#(0 8&!&'"%'69

#2$ (4'-#&4+( #2"# "%$ 3"/"*'$ 45 "..%$((&+, +$: !"%;$# 5"&'-%$( &+ #2$

.&,&#"' $+7&%4+!$+# <&+3'-.&+, /4#$+#&"''6 +$: 54%!( 45 34''$3#&7$ '&3$+(&+,

4% 34/6%&,2# $=32"+,$(> !"6 %"&($ 34!/$#&#&4+ 34+3$%+(0 ?+ 4%.$% #4 5-''6

$=/'4&# #2$ (-*(#"+#&"' /4#$+#&"' *$+$5&#( "%&(&+, &+ #2$ .&,&#"' $34+4!69 &# &(

&!/4%#"+# #2"# 34!/$#&#&4+ '":( "%$ "*'$ #4 34!/'$!$+# ?@ '":(9 &+3'-.&+,

34/6%&,2# '":(9 *6 /%$7$+#&+, "+#&A34!/$#&#&7$ 34+.-3# "((43&"#$. :&#2

34/6%&,2# -(",$ #2"# &( +4# &+ #2$ /-*'&3 &+#$%$(#0BC

$%&'()&* +),-. /&) '() 0-11)2'3 4&-1 '() 565 /27 5899 :2 '():& ;<=< 3%+1:33:-2 '(/'

5>?5 &)4%3)7 '- /77&)33* 0,/:1:2@ '(/' -2,A 0)&'/:2 B)7%0/')7C D/&':)3 7)3)&E) &)3D-23)3F

5>?5C3 D-3:':-2 '(/' '()A .)&) /+3-,E)7 :2 /2A ./A '(&-%@( '() 7)')&1:2/':-2 D&-0)33 :3

1:3,)/7:2@ /27 '()3) :33%)3 &)1/:2 0%&&)2'G

!"# %&'()*+(*, )(-&),. /0'( )(-(0,(123 (4-)(..(1 5&*5()* 06&7, ,/(

+0)8(, -&9() &: 5&22(5,;*< .&5;(,;(. 0*1 ,/( *((1 :&) ;*5)(0.(1

)(<720,;&*# =&9('()> ,/()( /0'( 6((* *& .76.,0*,;'( &7,5&+(. &,/() ,/0*

,/( 5)(0,;&* &: ,/( ?&1(> 0*1 +;*&) (4-0*.;&*. &: ,/( ?&-3);</,

@);67*02A. B7);.1;5,;&*# C( 5&*.;1() 6&,/ ,& 6( ;*(::(5,;'( +(5/0*;.+. :&)

5&*.,)0;*;*< ,/( +&*&-&23 5&*175, &: 5&22(5,;*< .&5;(,;(.#

!D# @/( E(-&), &: ,/( E&302 ?&++;..;&* &* F():&)+;*< E;</,. 0*023.(1

,/( 2;5(*5( :((. 0*1 ,()+. 0*1 5&*1;,;&*. 1(+0*1(1 63 GFEG#HH@/( E&302

?&++;..;&* 90. 0--&;*,(1 0:,() .7.,0;*(1 5&+-20;*,. 06&7, ,/(

+&*&-&23 5&*175, &: GFEG I ,/( &*23 5&22(5,;*< .&5;(,3 0, ,/( ,;+(#HJ@/(

)(-&), 5&*5271(1 ,/0, GFEG 90. 0 K.7-()L+&*&-&23A 0*1 )(5&++(*1(1

,/( (.,062;./+(*, &: 0 ,);67*02 ,& 0)6;,)0,( 1;.-7,(. &'() 2;5(*5( :((.# @/;.

)(5&++(*10,;&* 90. *&, 05,(1 &* 7*,;2 MN"O 9;,/ ,/( 5)(0,;&* &: ,/(

?&-3);</, @);67*02#

;H...F/,&0F@-EF/%I3:')3I7)4/%,'I4:,)3I3%+3I=#JFK-&@K/000FD74

"#

"#$ %&' (')*'+ ,- ./01234*35 6,782*9&1 6,44':1*59 ;,:*'1*'0 2'7,21

3:<5,+4'=9'= 1&31 +&*4' :,44':1*59 0,:*'1*'0 7438'= 3 )*134 2,4'> 1&'*2

:,5=/:1 5''='= 1, ?' @,5*1,2'=$A" %&' 2'7,21 2':,@@'5='= 35 *5=/0128

,@?/=0@35> ?/1 :,5:4/='= 1&31 ,)'2344> :,44':1*59 0,:*'1*'0 +'2' 3:1*59

3772,72*31'48$

$%&'() *+,-. *+% /'01 '2 $%(%),3* 4*1,(-'(. 55$ 6*5B 7+% 708% 9,-*'0& '2 :';&0,<+*= 7+%

48-*0>?,>( @A;%0,%(3% BCDEFGDDE. %-;%3,>??& 3+>;*%0- E *' HI >?-' 3'(*0>),3*- *+,-

-*>*%J%(*K

Re para 17(b):

(?C '013?4*0&'= 1&' 5':'00328 @':&35*0@0 1,

'50/2' 1&31 .D(. =,'0 5,1 3?/0' *10 @,5,7,48>

*5:4/=*59 1&' 6,782*9&1 %2*?/534> 1&' 6,44':1*59

;,:*'18 6,=' ,- 6,5=/:1 35= .D(.E0 :/22'51

=*07/1' 2'0,4/1*,5 72,:'=/2'0$

L* *''1 'M%0 *+,0*& &%>0- 2'0 *+% 48-*0>?,>( <'M%0(J%(* *' %-*>N?,-+ *+% :';&0,<+*

70,N8(>? >2*%0 *+% O/%( P'&>? :'JJ,--,'(Q- 0%3'JJ%()>*,'(-K R(2'0*8(>*%?&. ,* ,- -*,??

3'JJ'(?& 0%<>0)%) >- %A*0%J%?& 3'-* ;0'+,N,*,M%. %A3?8),(< *+% J>S'0,*& '2 ?,3%(-%%-

(%<'*,>*,'(-K L* +>- '(?& N%%( -,(3% GDDT. *+>* *+% :';&0,<+* 70,N8(>? +>- +>) *+% -3';% *'

J%),>*% ?,3%(-% 2%%-. *%0J- >() 3'(),*,'(-K $& 3'JJ'(?& 8-,(< F1&2'31'5*59

:,5-2,5131*,534 0131'@'510E. 4UP4 ,- *+0%>*%(,(< ?,3%(-%%- /,*+ *+% :';&0,<+* 70,N8(>?.

8()%0 *+% 4:::Q- >8*+'0,*&. >() +>- ?,**?% 0%<>0) *' *+% 2,-3>? 0%-;'(-,N,?,*& ,( 0%?>*,'( *'

8-,(< *+%,0 ;''? '2 *+% J%JN%0- 0'&>?*,%- 2'0 ?%<>? 3'-*- ,(3800%)K

L* ,- -%0,'8-?& 3'(3%0(,(<. *+>* 4UP4 'J,**%) *+% 0%3'JJ%()>*,'(- '2 7+% 9'( V @

5,()<0%( 4W. X:Q- GDB" :')% '2 :'()83* 0%M,%/ 2'0 :'??%3*,'( Y'3,%*,%-K L* (%%)- *' N%

('*%). *+>* *+,- ,- '(% '2 *+% '(?& ,()%;%()%(* >--%--J%(*- '2 4UP4Q- 3'()83* ,( *+,-

-8NJ,--,'(K X: 5,()<0%( -%%J- *' 0%;0,J>() *+%J 2'0 *+,- 1,() '2 N%+>M,'0.

3'(*0>),3*,(< -%3*,'( HE '2 *+,- M%0& ';%0>*,'(- -*>*%J%(*K 4UP4 ),) ,(3?8)% *+% ;0%M,'8-

"#

$%&'() '%*+',) +- ./ 01'23%,,4 53+ 3&6 &67898),%'%6 ,38) *'+2%)) -+' :;<: -+' 7+), +-

,3% =&), 6%2&6%>

!"#$# &$# '())#$#*+ +#$,- (* ."(/" +"# 01--(2(3(+4 1) 3#5&3 &/+(1* /&* 2#

'$&.* +1 &++#*+(1*6 7 /133#/+(*5 -1/(#+4 ,(5"+ ,&8# & +"$#&+#*(*5

/1*)$1*+&+(1*&3 -+&+#,#*+6 9:;<=

:=)+4 ,3% :?: &96 :@// 7&6% ),&,%7%9,) 6%,&8=89A ,3% *'%B8+1) /+6% <%B8%5%') 89&C8=8,$

,+ %--%2,1&==$ 2'8,828)% :;<:4 53823 -1',3%' )1C),&9,8&,%) ,3%8' 2=&87)D

E9 '%A&'6 ,+ :=,%'9&,% ?8)*1,% <%)+=1,8+9 8, 9%%6) ,+ C% 9+,%64 ,3&, ,3% :?: &96 ,3% :@//

6'%5 &,,%9,8+9 ,+ ,3% -&2, ,3&, ,38) *'+2%)) 5&) 9+, *%'-+'789A %--%2,8B%=$ -'+7 8,)

89,'+612,8+9 19,8= ,3%8' )1C78))8+9 -+' ,3% FGGH &1,3+'8)&,8+9D I3% 2+968,8+9) 87*+)%6 89

,3% FGJG &1,3+'8)&,8+94 &96 ,3% &7C8, &96 19)1C),&9,8&,%6 2=&87 C$ :;<: 89 ,3%8' FGJ"

&1,3+'8)&,8+9 &**=82&,8+94 ,3&, ,3%$ 3&B% 3&6 &9$ 2+9)86%'&C=% 23&9A% 89 28'217),&92%4

&'% 19)1C),&9,8&,%6D K%92%4 ,38) '%7&89) & -=&5%6 *'+2%))4 58,3 9+ 2=%&' *'+B%9 C%9%-8,D

I3% -&2, ,3&, :;<: &67898),%') ,38) *'+2%)) 6+%) 9+, 3%=* 8,) *%'2%8B%6 2'%68C8=8,$ %8,3%'4

53823 *+,%9,8&==$ 6%,%') *&',828*&,8+9D L8B%9 ,3% 2+968,8+9) 87*+)%6 +9 :;<: 89 FGJG4

,3% 8961),'$ %M*%2,) &9 892'%&)%6 &7+19, +- )1C78))8+9) 89 FGJ"4 &) ,3% -%&' +- :;<:()

'%,'8C1,8+9 )=+5=$ '%)2896) 196%' *1C=82 )2'1,89$D

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

>?6 @* &''(+(1*A 7BC7 (- /1*-+$&(*#' (* #D#$/(-(*5

+"# 01.#$ (+ "&- &- & *&+E$&3 ,1*10134 24A

&,1*5 1+"#$ +"(*5-A +"# )1331.(*5F

G&H (+ 5$&*+- 23&*8#+ 3(/#*/#- 1* #IE&3 +#$,- +1

&*4 0#$-1* (* 7E-+$&3(& $#IE($(*5 & 3(/#*/#J

FN /+6% <%B8%5%' <%*+',4 ./ @896A'%94 FGJF

"#

$% &' ()&*(+% ,-./ %0( '12/&''&.+' 34-(3*5 /3*( .+ %0( 6124&7 -(8&'%(-9 %03% %0(-( &'

'5'%(/&7 *&''3%&',37%&.+ :&%0 ;<=;>' 2(03)&.- &+ %0( /3-?(% 6437(@ A0(-( 3-(

7.+%-3*&7%&+8 &+%(-6-(%3%&.+' ., ;<=;>' .:+ %3-&,, '%-17%1-( %03% '188('%' %03% %0( 32.)(

1+'12'%3+%&3%(* 743&/ ,-./ ;<=; 7.14* 2( /&'4(3*&+8@

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

!"# %&%"&'( )'& &*+,+-&. +/ -,0&*(& ")01 )*. /2+

/3+ ,* '&-)+,/* +/ +4&,' 5/'1(6

A0( &/64(/(+%3%&.+ ., ;<=;>' .6% .1% 3+* 4&7(+'( 237? /(703+&'/' 3-( :(47./(*9 21% &%

'0.14* 2( +.%(* %03% %0( <<B; 03)( 3 /.-( 377(''&24( ,-3/(:.-? %03% ,1-%0(- 2(+(,&%' &%'

.:+ /(/2(-'@ A0(-( 03)( 2((+ CDE &+'%3+7(' FG@GEHI ., ;<=;>' D"D9GEE '.+8:-&%(-'9

7./6.'(-' 3+* /1'&7 6124&'0(-'J DK .)(- '3&* 6(-&.* ., %0-(( 5(3-' ,-./ &%' 43%('%

/.*&,&73%&.+ &+ DGCG@ L0&4( ;<=; ?((6' *(%3&4' ., %0('( 3664&73%&.+' 7.+,&*(+%&349 %0(

-('%-&7%&)( +3%1-( ., %0('( 6-.)&'&.+' '%&44 &+0&2&%' %0( %-1( )341( ., *&-(7% *(34&+8' ,.-

;<=; /(/2(-'@ M.-( &+,.-/3%&.+ /1'% 2( 6124&745 6-.)&*(* .+ %0( *(%3&4' ?(6%

7.+,&*(+%&34 &+ ;<=;>' 31%0.-&'3%&.+ 3664&73%&.+ %. 3''('' %0( %-1( +3%1-( ., %0(&- 7.+*17%

&+ *&-(7% -(43%&.+ %. %0('( 38-((/(+%'@ N1-%0(-/.-(9 ;<=; /1'% *&'74.'( %0(&- /(%0.* .,

7347143%&+8 O-(3'.+324( 7.'%'> 3''.7&3%(* :&%0 %0('( 6-.)&'&.+'@

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

!0# +4& +&'%( /7 89:8;( -,0&*0&( )'& (3"<&0+ +/

&=2&'+ .&+&'%,*)+,/*6 )*.

L0&4( (P6(-% *(%(-/&+3%&.+ 3' 63-% ., %0( ;4%(-+3%( Q&'61%( =('.41%&.+ F;Q=J 6-.7('' &'

3)3&4324( &+ *&'61%('9 &% &' 7.//.+ ,.- ;<=; %. 4(3* 1'&+8 >+4'&)+&*,*? 0/*7'/*+)+,/*)-

-)*?3)?&; F&+ -(,(-(+7( %. RB S&+*8-(+J 2(,.-( /(+%&.+&+8 %0( ;Q= 6-.7('' &+ %0(&- 6-(T

4(834 7.--('6.+*(+7( :&%0 /1'&7 1'(-' '((?&+8 7./64&3+7(@

DK 0%%6UVV:::@36-3T3/7.'@7./@31V*.:+4.3*'V,&4(V;WXYAV;2.1%;<=;Z66W-.70$[[YY@6*,

"#

$% &'( $)* +% ,-.+/+%&(0(- 12 $3*$4 &'+% 5+/- 67 68&9,0-:2 ,;;0(%%+<( 1(',<+60

+/&+.+-,&(% =6.>:+,/=( %((5(0%4 ,% &'( ?6>20+;'& @0+18/,: +% =6..6/:2 5/69/ &6 1( =6%&

>06'+1+&+<(A @'( .+/+.,: 8%,;( 67 &'+% >06=(%% +% /6& ,% , %+;/ 67 %,&+%7,=&+6/4 18& , %+;/ 67

+/&+.+-,&+6/ 12 , !"#$%&'()*)$)+,-A BC

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

./0 23% 2%&(" )4 5675-" +89%*9%" :&% "#;<%92 2)

23% "#$%&=8"8)* )4 :* 8*/%$%*/%*2 "2:2#2)&,

2&8;#*:+> 23% ?)$,&8@32 A&8;#*:+B

@'( ?6>20+;'& @0+18/,: ',% 6/:2 ',- , .,/-,&( &6 =6/%+-(0 =6.>(&+&+6/ ,/,:2%+% ,/-

'(/=( :+=(/%(% 7((%4 &(0.% ,/- =6/-+&+6/% %+/=( B##DA @'8%4 +& +% , ;06%% 6<(0%&,&(.(/& &6

(E>(=& &'+% &6 ,==68/& 760 &'( ,==(:(0,&(- -+;+&,: :,/-%=,>(4 :(& ,:6/( &'( =6.>:(E

=6.>:+,/=( +%%8(% %80068/-+/; >81:+= >(0760.,/=( 67 .8%+=,: 9605% %+/=( &'( :,&( FGB#%A

H69(<(04 +/ 0(:,&+6/ &6 &'( 1,:,/=( 1(&9((/ &'( ?6>20+;'& @0+18/,: ,/- &'( $)*4 &'(

76::69+/; >,%%,;( 67 I? J+/-;0(/K% L@'( M80+%-+=&+6/ 67 &'( ?6>20+;'& @0+18/,: 67

$8%&0,:+,N &'( B##D $.(/-.(/&%K -(&(0.+/,&+6/ OB##CPK /((-% &6 1( ,=5/69:(-;(-N

!CDE

- 23:2 23% $&)9%%/8*@" $%*/8*@ ;%4)&% 23% A&8;#*:+ :2 :*, )*% 28(% 3:=%

;%%* 4%F 8* *#(;%&G

- 23:2> @%*%&:++, "$%:H8*@> 23%, 3:=% 8*=)+=%/ $:&28%" )4 "#;"2:*9% F3) :&%

F%++ :/=8"%/G :*/

- 23:2 23)"% $&)9%%/8*@" 23:2 3:=% @)*% 2) : 3%:&8*@ 3:=%> @%*%&:++,

"$%:H8*@> ;%%* )* 23% 9)($+%I :*/ +%*@23, "8/%B

J2 &%(:8*" 2) ;% "%%* F3%23%&> :" : &%"#+2 )4 23% <#&8"/8928)*:+

%*+:&@%(%*2> ()&% 8*"#;"2:*28:+ :*/ 8*%I$%&8%*9%/ $:&28%" F8++ 9)(%

BC Q9(/ *62,: ?6..+%%+6/

"#

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

'$ %"#"% - 6%$5""0*,7 #$% - 6-%'*5+.-% 89: 6%$5";; 4*.. 6%$2" +;"#+.< $%&'()

*+, -./,01-/2 34 567+ 789-:5 34 /19.5;91,.72 <2 =>?= .,,@5 /3 <, A6,5/-3.,@ 9.@ 461/+,1

56<5/9./-9/,@B *+,1, -5 9 @-5/-.7/ ;9//,1. ,:,10-.0 9136.@ /+, 3:-55-3. 34 CD E-.@01,.'5

(F#G D3@, 34 D3.@67/ ?,H-,I 431 D388,7/-3. J37-,/-,5 -. =>?='5 9;;8-79/-3.B *+,

9001,55-H, .9/61, I-/+ I+-7+ =>?= @,4,.@,@ CD K617+,// -. /+, (F#F 73::,./5 3.

56<:-55-3.5 /3 /+, =DDD -5 ;91/ 34 /+-5 ;9//,1.B(L =>?='5 1+,/31-7 79. <, :-1131,@ <2

A6,5/-3.-.0 -4 /+, 73:<-.9/-3. 34 /+,5, ,H,./5 9:36./5 /3 M-.73:;,/,.7, 9.@ ;91/-98-/2'GF

9.@ 1,-./13@67, =N='5 9106:,./ /+9/ CD K617+,// M49-8,@ /3 ,.090, -. 9 525/,:9/-7

9.9825-5 34 /+, 03H,1.9.7, 9.@ 97736./9<-8-/2 34 7388,7/-.0 537-,/-,5 3;,19/-3.5'G# 95 H98-@

9.@ 56<5/9./-9/,@B

Membership assignment and Membership, Member services

O3.P,Q7865-H, -.;6/ 901,,:,./5 91, ;1,4,19<8, 431 <3/+ 71,9/315 9.@ 65,15B

=>?='5 7611,./ -.;6/ 901,,:,./5 91, ,Q7865-H, 9.@ ;13/,7/-.0 /+-5 -5 /+, ;1-:912

:3/-H9/-3. <,+-.@ =>?='5 96/+31-59/-3.B *+, :-5:9.90,:,./ 34 /+, 73.@-/-3.5 -:;35,@

@61-.0 /+, 895/ 96/+31-59/-3. ;137,55 -. (F#F 461/+,1 @,:3.5/19/,5 /+-5B

R/ .,,@5 /3 <, 7891-4-,@ I+2 =>?= -5 53 9@9:9./ 9<36/ :9-./9-.-.0 /+,5, ,Q7865-H, 1-0+/5

I+,. -/ -5 78,91 /+9/ /+,-1 1,:3H98 +95 ;35-/-H, <,.,4-/5 431 /+,-1 3I. :,:<,15S 9.@

I368@ ,8-:-.9/, 9 83/ 34 /+, M4-.9.7-98 <61.' 561136.@-.0 /+,-1 73.5-@,19<8, 8,098 915,.98B

*+, >>D='5 .3.P,Q7865-H, -.;6/ 901,,:,./5 9883I :,:<,15 /+, 41,,@3: /3 @-1,7/82 @,98

I-/+ /+,-1 3I. 73./,./ I-/+36/ <,-.0 ;,.98-T,@ 8-U, /+, =>?= :3@,8BG(

() +//;VWWI318@8--B965/8--B,@6B96W96WX361.985WY,@ZJ7+38W(FF[W)B+/:8(L =>?= D3::,./5 \. J6<:-55-3.5 *3 =DDD <2 R./,1,5/,@ >91/-,5 N376:,./S (F#FGF =>?='5 73::,./5 3. 56<:-55-3. (F#FG# =N= (F#F =DDD 56<:-55-3.S ;B]G( +//;VWWIIIB;;79B73:B96WE9<,85PPR.@-,P=1/-5/5WE9<,8PPR.@-,P=1/-5/5 Y=CW^N-1,7/_8-7,.5-.0

"#

$%&'() *+,+%-. +/,+ 0120 34 /,56 74'+ 48+ ,-3 (%96-*6 :,9; '<45%*%4-*= %- -4 >,)

.8,<,-+66* +/,+ +/6) ,<6 8*,:(6? 6@@69+%56? '<4&4+63 ,-3 ,996**%:(6A 11B0 %* 56<)

,<+%98(,+6 %- 94&',<%*4-ACC

D/6 11B0 %-%+%,+%56 4@ /,5%-. +/6 0<+* E,> B6-+<6 4@ 08*+<,(%, '<45%36 +/6 (6.,( .8%36(%-6*

@4< 3%<69+ 36,(%-. '4(%9%6* @4< (%96-*4<*? ,((4>%-. +/6 (%96-*4<* F9<6,+4<*G , @<66 <6*48<96

+4 :6*+ 94-+<4( +/6%< 4>- 94-+6-+A D/%* /%./(%./+* /4> @,< :6/%-3 0120 %* +6<&* 4@ :6*+

'<,9+%96A 26*6,<9/ 4- /4> ,>,<6 0120 &6&:6<* ,<6 4@ +/6 %&'(%9,+%4-* 4@ +/6 98<<6-+

%-'8+ ,.<66&6-+* -663* +4 :6 8-36<+,;6-A

D4 ,*96<+,%- %@ 0120 &6&:6<* 8-36<*+,-3 +/6 7&4-4'4(%*+ -,+8<6= 4@ +/6*6 ,.<66&6-+*

>48(3 <6@(69+ 3%<69+() 4- +/6 H8,(%+) ,-3 +<,-*',<6-9) 4@ +/6%< ,3&%-%*+<,+%4- 8-36<

0120A

Blanket licences

0* *+,+63 :6@4<6? :(,-;6+ (%96-*6* :) 94((69+%-. *49%6+%6* '<45%36 96<+,%- :6-6@%+* +4 +/6

'8:(%9A I4>656<? >6 -4+6 +/6 <6+,%( ,.6-+ ,.<66&6-+* >%+/ +/6 11B0 F-4+63 8-36< <6'4<+

4- 94-3%+%4- B#G @,9%(%+,+63 6J,9+ '(,) 3,+, *8''(%63 ,* ',<+ 4@ +/6*6 ,.<66&6-+* +4

<6',+<%,+6 <4),(+%6* >%+/ 94&'(6+6 +<,-*',<6-9) +4 %+* &6&:6<*A D/6 ,3&%-%*+<,+%4- 94*+

4@ KLM %* 6J+<6&6() 94&'6+%+%56 >%+/ 0120=* K#?N#M @%.8<6? +/,+ '<45%36* , *%.-%@%9,-+

%-9<6,*63 ,998<,9)A O%56- >6(( 456< "PPPP 4@ +/6 NPPPP *&,(( :8*%-6** (%96-*66* ,<6

<6',+<%,+63 :) ,-,(4.)? +/%* >48(3 &,;6 , '4*%+%56 %&',9+? ,-3 +,;6 +/6 :8<36- 4@

3%<69+%-. ,99<863 <4),(+%6* ,>,) @<4& 0120=* Q4,<3A

0120 ,<.86 94-*%*+6-+() %- +/6%< 94&&6-+* 4- *8:&%**%4-* +4 +/6 0BBB %- #PKP +/,+ +/6%<

&,-3,+6 ,* '6< 0120=* 9/,<+6< %* +4 (44; ,@+6< +/6 6J9(8*%56 :6*+ %-+6<6*+* 4@ %+* &6&:6<*A

B4')<%./+ (,> %* @4< ,(( 8*6<*? >/%9/ %* %- (%-6 >%+/ +/6 0R0 ,-3 0EBB=* '4*%+%4- @<4&

#PKP ,-3 *8..6*+ , *8''4<+ -6+>4<; @4< (%96-*66*A

CC /++'STT>>>A''9,A94&A,8T11B0U0:48+UV*TE6.,(U14*%+%4-

"#

$%&'& () * +(,,-& .'/01, 2&34&&1 2-*15&3 -(6&1)(1. *1, 3%& (+7'*63(6*-(38 /9 * 1/1:

6&13'*-()&, )3'0630'&; 4%(6% 6/0-, 2& (1 3%& 9/'+ /9 &(3%&' ,()6/013 2-*15&3 -(6&1)(1. /'

1/1:&<6-0)(=& -(6&1)(1.>

$%&'& )&&+) 3/ 2& 6/190)(/1 2&34&&1 3%& 1&&, 9/' 2-*15&3 -(6&1)(1. *1, 3%& &<()3&16& /9

6/+7&3(3(/1 (1 3%& -/6*- +*'5&37-*6&> ?@A?B) 7'/7/)*- 3%*3 3%& ?0)3'*-(*1 )8)3&+ )%/0-,

6/+7'/+()& 3%& +0)(6*- &6/)8)3&+ 28 +*5(1. &<6&73(/1) 9/' 6'&*3/'); 4%(-& *-(&1*3(1.

0)&') '(.%3); ,/&) 1/3 7'/=(,& *1 *66&73*2-& 2*-*16& /9 702-(6 (13&'&)3; .(=&1 3%& *-3&'1*3&

/73(/1) *-'&*,8 7'/7/)&, (1 3%() '&)7/1)&> $%& ?CCC )3*3& 3%& 9/--/4(1. (1 3%&(' DEFD

?GAC )02+())(/1H

!"#$%& ()*+,-. /"!%& -0 +1) 223 45-6,7)8 9 :,;,+)7 )<*)4+,-. 0-5 *)5+9,.

:,*).*) *-.7,+,-.8 05-; +1) *-;4)+,+,-. 45-6,8,-.8 -0 +1) 223 !;,8=8) -0

;95>)+ 4-?)5 9.7 5)89:) 45,*) ;9,.+).9.*) 95) .-+ )<*)4+)7&# @1,:) +1)

)<+).+ -0 +1) )<*)4+,-. ,8 =.*:)95A ,+ 4-+).+,9::B )<*:=7)8 8,C.,0,*9.+ 9.+,D

*-;4)+,+,6) *-.7=*+A ?,+1 8=E8+9.+,9: 7)+5,;).+9: )00)*+8 -. )00,*,).*B

9.7 ?):095)A 05-; +1) 944:,*9+,-. -0 +1) 223# FGH

!"#$I& J1) 3222 8=E;,+8 +19+ 8)*+,-. /"!%& -0 +1) 223 81-=:7 E) 5)4)9:)7#

J1) 3222 .-+)8 +19+ ,. -+1)5 K=5,87,*+,-.8A 8=*1 98 +1) L.,+)7 (+9+)8A MN

5,C1+8 95) 8=EK)*+ +- +1) 89;) *-;4)+,+,-. :9?8 98 9:: -+1)5 45-4)5+B

5,C1+8# J1) 3222 0=5+1)5 .-+)8 +19+ ,. +1)8) K=5,87,*+,-.8A +1)5) 198 E)).

.),+1)5 9. )5-8,-. -0 MN 5,C1+8 0-5 *5)9+-58 .-5 9.B 94495).+ ,;49*+ -.

+1) ,.*).+,6)8 0-5 +1) 45-7=*+,-. -0 *-4B5,C1+ ;9+)5,9:#

!"#$/& O,*).8,.C 9559.C);).+8 +19+ 95) 9+ 5,8> -0 E5)9*1,.C N95+ MP -0 +1)

223 E=+ ?1,*1 95) :,>):B +- 45-7=*) -008)++,.C 4=E:,* E).)0,+8A *9. E)

C59.+)7 9. )<);4+,-. 05-; +1) 5):)69.+ 45-6,8,-.8 -0 +1) 223 +15-=C1 +1)

=8=9: .-+,0,*9+,-. -5 9=+1-5,89+,-. 45-*)88)8# J1) 3222 *9. C59.+

45-+)*+,-. 05-; :)C9: 9*+,-. =.7)5 E-+1 45-*)88)8 0-5 *-.7=*+ +19+ 5,8>8

E5)9*1,.C +1) N95+ MP 45-6,8,-.8 -0 +1) 223 !?,+1 +1) )<*)4+,-. -0 ;,8=8)

-0 ;95>)+ 4-?)5& ,0 ,+ ,8 89+,80,)7 +19+ +1)*:,>):B 4=E:,* E).)0,+ !?1,*1

""

!"#$%&'()(*+, "#+)*#. *% #//'0'#(0, 0%(.'$#")*'%(.1 /"%& *2# 0%($30*

%3*4#'52. )(, +'6#+, !37+'0 $#*"'&#(*89:

#$%# &'(')* +, '-)+. /010 2344),'& 3, &564+&&+3,& '-(' +' +& ,3' '-)+. 73&+'+3, '3

(2235,' 83. '-) 9.)('). 756:+2 +,').)&' 6; 23,&+*).+,9 (:: 5&).&< $(.' => 38 '-) ??# 2(, 3,:;

6) (22)7')* 6; '-) #??? +8 '-)&) 9.)('). +,').)&'& ,))*& 7(&& '-) @A+'-B3.BA+'-35' ')&'C<

#& 7(.' 38 ( 6.3(* (,* &A))7+,9 &'(')4),'D #$%# )E7:+2+':; &'(') '-(' '-) #F# (,* #G??

4+&+,').7.)')* '-) (5'-3.+&('+3, 7.32)&& ('')47'+,9 '3 +,H(:+*(') '-)+. A-3:)

&564+&&+3,<

#9(+,D #$%#C& A3.*& 2(, 6) *+88).),'+(')* 8.34 .-)'3.+2 '3 8(2' 6; (**.)&&+,9 '-)4 6(2I

(' '-)4 A+'- '-) &'(')4),' '-(' ;<*=2# 0%&&'..'%( .2%3+$ 7# #(*'*+#$ *% )..3&# *2)*

.*)*#&#(*. %/ /)0* &)$# '( .37&'..'%(. *% '* )"# /3($)&#(*)++, )003")*#> )($ .2%3+$ %(+,

2)?# *% $#)+ 4'*2 )"53&#(*. )$?)(0#$ %( *2)* 7).'.@<JK L-).)83.)D '-) (.954),'& +,-).),'

+, '-) /00M #F# (,* #G?? &564+&&+3, A35:* ,))* '3 6) .)(&&)&&)* 6; '-) 2344+&&+3,D

6(&)* 3, #$%#C& 4+&:)(*+,9 &'(')4),'&< N; 83::3A+,9 #$%#C& 3A, (.954),'('+3,D '-+&

A+:: +,*))* 2.)(') 43.) A3.I 83. '-) 2344+&&+3, 6)83.) )H), 23,&+*).+,9 '-) (225.(2; 38

'-)+. 25..),'D 43&':; 5,&56&'(,'+(')* ,(..('+H)<

Public performance licensing

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

The fee paid to APRA by a licensee varies

according to the licence scheme. The fee for live

performances, for example, is based on a

percentage of the gross annual expenditure by the

licensee on performing artists and musicians. The

fees under other schemes are based on such

criteria as the number of persons gaining

admission to a licensee’s premises during a

J" -''7OPPAAA<(:.2<93H<(5P&+')&P*)8(5:'P8+:)&P&56&P1QK<R3.9R(222<7*8JK -''7OPP'.(,&+'+3,<(222<93H<(5P23,'),'P'.+4S+:)<7-'4:T'.+4S+:)L+':)UF10V1000<7*8W'.+4

S+:)S.34>).&+3,=*U10Q1MM0W'.+4S+:)X(4)UF10V1000<7*8

"#

licence year or by reference to the equipment

being used to effect public performances. In this

way price differentiation for live performance and

other schemes is determined by market forces (the

venue and its customers). APRA’s percentage,

although fixed, will ensure that distributions to the

relevant members reflect the market’s price

differentiation. Other licence schemes provide for

fixed licence fees based on factors such as the type

of music device and the size of the premises.

While this is at the heart of APRA’s operations, their word alone can no longer be taken on

these issues. In fact, it cannot come from a singular voice but must be seen in the context of the

whole industry. Until the current authorisation, the industry has been polarized by APRA’s

legal power. If there is a considerable shift in submissions to this authorisation, the following

six points APRA claim are central to public performance licensing, must be investigated in

great detail by the ACCC before the draft determination:

Licensing representatives are required to:

(a) initiate contact with unlicensed music users;

(b) explain the nature and extent of APRA’s rights to

license;

(c) explain the nature of APRA’s licensing schemes

and methods of charging;

(d) establish the licence schemes under which the user

requires licences;

(e) provide licence applications reflecting the user’s

actual usage of APRA’s property; and

(f) correspond with licensees with respect to

reassessment forms.36

$% &'(& )*+,-./01 20345+1.6 *7 8$

"#

Enforcement

!" $%&% '()* $%&'( ()*(+, -(,(+.&/0,&1/ 02 *0+, 13 ,%( 456 *+17(22 &2 080&'09'( &/

-&2*:,(2; &, &2 71..1/ 31+ 4<64 ,1 :2( =!"#$%!$&'&( *+&,#+&!%!'+&%- -%&(.%($/ >?@

A&/-B+(/; CDEF @1''(7,&1/ G17&(,&(2 @1-( 6(8&(H 6(*1+,I 9(31+( .(/,&1/&/B ,%( 4',(+/0,(

5&2*:,( 6(21':,&1/ *+17(22 &/ ,%(&+ *+(J'(B0' 71++(2*1/-(/7( H&,% .:2&7 :2(+2 2((K&/B

71.*'&0/7(L

42 ,%( 456 &2 0-.&/&2,(+(- 9M 4<64; ,%&2 K&/- 13 1:,H0+-'M 0BB+(22&8( 9(%08&1+

&/,&.&-0,(2 71.*'&0/7( 2((K(+2; 0/- ,%( @1*M+&B%, N+&9:/0' &2 71..1/'M K/1H/ ,1 712, 0

*+1%&9&,&8( 0.1:/, 13 .1/(ML N%( .&/&.0' :20B( 13 ,%&2 *+17(22 &2 /1, 02 0 2&B/ 13

20,&2307,&1/; 9:, 0 2&B/ 13 &/,&.&-0,&1/ 9M 0 01.2$#34+&+2+-5/ >2(( OH(/ 61M0'

@1..&22&1/IL

P, &2 0'21 13 B+(0, 71/7(+/ ,%0, ,%(+( &2 /1 31+:. 31+ Q:2,&7( 1:,2&-( 4<64R2 @1.*'0&/,2

O33&7(+L P/ 2%1+,; ,%(+( 0+( '&K('M %:/-+(-2 13 -&2*:,(2 ,%0, H&'' /(8(+ .0K( &, ,1 4<64R2

@1.*'0&/,2 O33&7(+; 02 ,%(+( &2 /1 B:0+0/,(( ,%0, 4<64 H&'' :2( ,%&2 &/31+.0,&1/ 0B0&/2,

,%( '&7(/2((2L 4B0&/; ,%( 307, ,%&2 *+17(22 &2 '&,,'( :2(- &2 Q:2, 02 .:7% 0 2&B/ 13 3(0+; ,%0/ &,

&2 0 2&B/ 13 20,&2307,&1/; 02 4<64 7'0&.2 &/ ,%(&+ 0**'&70,&1/L

S:+,%(+; H( %08( 0'+(0-M *+18&-(- ()*'&7&, (8&-(/7( ,%0, ,%(+( H1:'- 9( /1 :/+(021/09'(

712,2 &/ (/31+7(.(/, H&,% /1/J()7':2&8( '&7(/2&/BL

Distribution

!" $%&% '(+* 4',%1:B% 4<64 B1(2 ,1 B+(0, '(/B,%2 0''170,&/B 077+:(- +1M0',&(2 3+1.

+0-&1 0/- -&B&,0' -1H/'10- 2(+8&7(2 907K ,1 &,2 .(.9(+2; &, -1(2 /1, %1H(8(+ 2*(7&3&70''M

-&27'12( ,%( -&2,+&9:,&1/ .(,%1- 9M 0/0'1BM 31+ &,2 "D;DDD 907KB+1:/- .:2&7 '&7(/2((2 &/

,%( 4:2,+0'&0/ .0+K(,L N%&2 9(71.(2 (8(/ .1+( 2&B/&3&70/, H%(/ 71/2&-(+&/B ,%( 307, ,%0,

,%(2( '&7(/2((2 +(*+(2(/, "TU 13 ,%(&+ 18(+0'' '&7(/2(- 9:2&/(22(2L

"#

$%& '&()*'+)*+,- ,. (/01+2 (&'.,'3)-2& ',4)1*+&5 5%,/16 '&.1&2* *%& )2*/)1 /5& ,.

2,(4'+7%*&6 2,-*&-* )-6 0& 2)''+&6 ,/* +- *%& 3,5* *')-5()'&-* )-6 &..+2+&-* 8)4

(,55+01&9 :1)-;&* 1+2&-5+-7 ,..&'5 ) (')2*+2)1 )-6 <+)01& ',/*&= )-6 (',6/2&5 0&-&.+*5 .,'

2&'*)+- 5*);&%,16&'5= 0/* 5%,/16 0& -,->&?21/5+<& +- -)*/'& )5 *%+5 8,/16 )66'&55 0,*%

*%& (/01+2 +-*&'&5* )-6 *%& -&&6 .,' 2,3(&*+*+,-9 $%& @AAAB5 5*)*&3&-* ,- 5&2*+,- CDEFG

+- *%&+' 5/03+55+,- *, *%& @/5*')1+)- H)8 I&.,'3 A,33+55+,- ()(&' ,- A,(4'+7%* )-6

*%& J+7+*)1 K2,-,34 '&+-.,'2&5 *%+5 (&'5(&2*+<&9

@LI@ 8,/16 %)<& *, 0& 3,'& 2,-5+6&')*&= )-6 -&&6 3&30&'B5 (&'3+55+,- *, 2,-*+-/&

8+*% *%&+' 5&&3+-714 /-1+3+*&6 /5)7& ,. 1&7)1 '&5,/'2& 8+*% -,->&?21/5+<& )7'&&3&-*59

@LI@B5 )2*+<+*+&5 -&&6 *, 0& 3,6&')*&6 *, )<,+6 ) 5+*/)*+,- 8%&'& *%&4 %)<& ) 2,-5*)-*

*&3(*)*+,- *, )0/5& 3)';&* (,8&'= )5 )* ('&5&-* @LI@ %)<& 0,*% *%& )0+1+*4 *, )0/5&

*%&+' (,8&' )-6 )22&55 *, *%&+' 3&30&'B5 ./-65 *, 6&.&-6 *%+5 )0/5&9 $%&'& +5 )15, -,

21&)' &<+6&-2& *%)* *%&4 6&21)'& *, &?*&-* ,. *%&+' 1&7)1 &?(&-5&5 *, 3&30&'59

$%& @AAA= +- *%& MNDN 6&*&'3+-)*+,-= %+7%1+7%*&6 5&<&')1 ,(*+,-5 .,' 2,3(&*+*+,- *,

&3&'7& +- *%& ./*/'&9 O%+1& +* +5 /-1+;&14 *%)* )-,*%&' 2,11&2*+,- 5,2+&*4 8+11 &3&'7&= *%&

@AAAB5 .,'&2)5* *%)* *%&5& +55/&5= )-6 *%+5 *&2%-,1,74 8+11 2,30+-& *, ,..&' +-6&(&-6&-*

5,1/*+,-5 )-6 ) 2,3(&*+*+<& 3)';&*= +5 +-.,'3&6 )-6 +3()'*+)19

Distribution Rules

!" $%&% '()* $%& @J@ )-6 @HAA 5/03+55+,- +- MNDN E(9 DPG )66'&55&6 *%+5 +- 7'&)*

6&*)+1 )1'&)64 )-6 -,*& *%)* *%& -)*/'& ,. @LI@B5 :,)'6 +5 0)1)-2&6 +- .)<,' ,. )

Q2,33&'2+)114 (',.+* 6'+<&- 2,'(,')*+,-B= )5 ,((,5&6 *, ) 2,,(&')*+<& )2*+-7 .,' *%& (/01+2

0&-&.+*9 O+*% @LI@ 21&)'14 5*)*+-7 *%)* )11 (,8&' '&1)*+-7 *, 1+2&-5& .&&5= ',4)1*+&5

'&2&+<&6= )-6 6+5*'+0/*+,- '&5+6&5 8+*% *%& :,)'6 ,. J+'&2*,'5= +* 3/5* 0& )5;&6R 8%, +5

@LI@ '&5(,-5+01& *,S @'& *%& 3&30&'5 21&)'14 )-6 )22/')*&14 +-.,'3&6 ,. *%& &?)2*

(',2&55&5 +- (1)2&S O%)* +-.,'3)*+,- +5 7+<&- *, 3&30&'5 +- '&7)'6 *, *%&5& )2*+<+*+&5S

@LI@ 5*)*&6 +- *%&+' 2,33&-*5 ,- 5/03+55+,-5 +- MNDN *%)* +* +5= +- .)2*= *%&

,'7)-+5)*+,-B5 ('&6,3+-)-* ',1& *, 0&5* '&('&5&-* *%&+' 3&30&'5 )-6 *%&'&.,'& @LI@

3/5* (',)2*+<&14 (',6/2& 5/2% ',4)1*4 6+5*'+0/*+,- '&(,'*5 +- ) *')-5()'&-* 3)--&'=

8+*%,/* 0&+-7 .,'3)114 '&T/&5*&6 *, 6, 5,9

"#

ADDITIONAL INFORMATION

$%& '( ')& *&+'*,-',.& /0'%*& (1 ')& ',2&1*02& 1(* *&+3(/+& '( 45647+ 0338,-0',(/+9 :&

:(%8; 8,<& '( *&+&*.& (%* *,=)' '( 3%>8,-8? -(22&/' (/ &0-) (1 ')&+& ;(-%2&/'+ 0+

+%338&2&/'0*? 0;;,',(/+ '( '),+ +%>2,++,(/ 0' 0 80'&* +'0=&9 +)(%8; ,' >& *&@%,*&;A B&

)0.& 3*(.,;&; (%* -(22&/'+ (/ 45647+ (3&*0',(/+ 08*&0;?A

C(22&/'+ (/ 0''0-)2&/'+D

EA C(3?*,=)'

FA G'0'&2&/' (/ 45647+ (3&*0',(/+ !"##"$%&' )*#% +,-.*++*/01

HA C(22&/'+ (/ 45647+ C(/+','%',(/

"A C(22&/'+ (1 45647+ FIEI9 FIEE 0/; FIEF 4//%08 *&3(*'+

JA 4564 K&2>&*+),3 0338,-0',(/ 1(*2+

LA M,+' (1 411,8,0'& G(-,&',&+

NA 5%>8,- 3&*1(*20/-& 8,-&/+& +-)&2&+

#A OCPQRS$TQUS4M7 V*(0;-0+' 8,-&/+& +-)&2&+

WA P/8,/& -(22%/,-0',(/ 8,-&/+& +-)&2&+

EIA OCPQRS$TQUS4M7 (/8,/& -(22%/,-0',(/ 8,-&/+& 0=*&&2&/'+

EEA G'0/;0*; -(**&+3(/;&/-& 0/; &;%-0',(/ 20'&*,08+ 1(* 8,-&/+&&+

EFA $,+'*,>%',(/ *%8&+ 0/; 3*0-',-&+

EHA X,+'(*? (1 *&=%80',(/ (1 4564

E"A C(3?*,=)' U*,>%/08 (1 4%+'*08,0

EJA 45647+ (3' (%' 0/; 8,-&/+& >0-< ,/1(*20',(/

ELA CPQRS$TQUS4M Y M,+' (1 (3' (%'+ 0/; 8,-&/+& >0-<+

ENA CPQRS$TQUS4M Z M,+' (1 ,/;,.,;%08 (/8,/& 8,-&/+&&+

E#A K,/,YP/8,/& 8,-&/-& 0=*&&2&/'

EWA 46S4 C)0*'+ U(3 EII FIEF 0/08?+,+

FIA C(;& (1 C(/;%-' 0/; U*,&//,08 *&.,&: (1 ')& -(;&

FEA C(;& C(238,0/-& 6&3(*'+ FIEI9 FIEE 0/; FIEF

FFA CPQRS$TQUS4M [6$ G)0*&)(8;&*+7 4=*&&2&/'

FHA CPQRS$TQUS4M [6$ ;(-%2&/'0',(/

F"A CPQRS$TQUS4M 4564 U&-)/(8(=? G'*0'&=? G'0'&2&/'

FJA CPQRS$TQUS4M 50/YT%*(3&0/ ;,=,'08 2%+,- *,=)'+ +%220*?

FLA U0>8& (1 50/YT%*(3&0/ ;,=,'08 2%+,- *,=)'+ +%220*?

FNA CPQRS$TQUS4M Z G&/,(* C(%/+&87+ 0;.,-&