You are on page 1of 55




    !#"%$
&!'(*)+'-,.)0/213(54768:9<;
= '(*4>6+1*8?(547@BAC47@-,D8FEGHI(54KJLH%MN4K'(5471
EO,P6'Q8:RS8:'-@ = JL86+4UT15)V>47HWH5,X'Y6 = '-HI(*,P(*Z(54
[ 47\]8?1W(*J^47'( ):_a`bRX47Vc(515,.V78:R`b'Y6,X'Y474>15,.'Y6dEGYHI(54KJ^H
e '-,Pf4>15HW,P(GL):_gEO)+Z(*hY4>15'iMj8:RX,X_<):15'-,D8YkOlm)+H%&2'Y6+47RX47H7k]Mj8R.,X_<):15'-,.8on+p+p+q:nrdIs+tu?v
w xy{z#|}>~3z
 W XO3<<3<ccQ I -{3< ]g<3c  ] II<
I><I 3a3II>>a<I!Yacc 3UN {3 >I<3
c{{5IW!3a W3{cI{3< cccc3+<3ab]c#3j>K <{5 3{
3OWa7P3r3cjc{cbc {5c 37aWac<{{j]j
3a{{c3P3# 3 {]D7{ Y3>{c<33N>I<]{ 3c
3>gW> <IWcm><{]3<3YLWcN3<ca < >c3c3
Pc{7-3>>I]{ 3cP> 3<3c< W{5W>a{5 #33#
I>I II<IWc<3c< W<I 3-3c <WW-OW>c{ cc
c jc<3 < Ia 35P{3YF cm3W33Oc<>Ic
c >cII<W>mIc>W3<{3O{3c <I W{ cIa3#B
b3K IIII<I>m<I3S>I >I c3Wc >WN]?K<IaW
W333<> 3c333<> >IY3#o{c Y accIW>aa
IWcYWc<35 ><b3- c {S>3Wr*c< 3{5c7K #3 >#S7a
P3b<3c< WW><3* c I

 < W3XWXWX-OO{X7XX.+X#K#P553W*5PY..5-+]*{XXKWIOXWP+.<W{X#5I#3 WWI<55I< 5K#W5I5 X##*5W#5W3c73.# P  {r #W#{  3#5{


I#53X W. 5{X<P5.W{X* PaX 3 XIW3. WW I*XX <3<]OX rX##*{ 3]<55<W 5 #.W 55 Xr#.W rWW #W.<X. 5 { 3X#3#..WD<.:{X< IX5 .5
X5 :{ XW >D#3-#5  <DY#5


#



%$

 

& 




 

'










 




"


 


!#"$%&"$'()*"+),-/.10)3242457698:;)<
>@? ACB%DFEHGJILKNMODFP-QODFKNPRDFQSBT$EUGJPV/MXWP-QZY [ZA]\@K^T$EP_?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?c> dfehg$K^Ei\3KNR+jkeiP-R$MODhBRlDCm3n$BoNKpDJqQSEim<n$KNQrEMX\sBQSKNBt$oNEfQFBsDSE,?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?wv x*Eehg$BR$KNMryM9B4\sBKNoNBt$o^ECDFP{z$QrP@T+n$eEa\sBQSKNBt$oNECQFBsDSE \@K^T$EP|?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?wv+? }Ln~BsR<DSKNiEQXMSEioNEieiDFK^P-R?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?wv+?> P3T$K^R$j{yP3T$ELMrEoNEieiDSKNP-R ?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?wv+?cv ~QSByEUGDJq3zE MSEo^EeHDFKNPR ?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
>@?wv+?w ~QSByEfMS<KNz$z+KNR$j?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
)@("l2i"~&/267)<"~(r:.1)*)3-:;"$&20("l6!&)<
v+? ILEoNBqP-R$MODFQFBsKNRlDFMi QrEi\-EiRlDFKNR+jILEeiP@T+EQ[n+V/EQ99R$T$EQO~P ?a?`?#?`?#?#?`?#?`?#?
v+?c> A9EBopGDFK^yE\3MCz$QrEHGER$eiP@T$EiT*\3KNT+EP ?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
v+?c>@? QrEHGJEiR$eP3T$EiT*\3KNT$EiP ?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
v+?c>@?> Kp\-E YLK^T$EP?a?#?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
v+?wv JRlDFEQSBeiDSK^\Ea\3MCCP-R3GJKNRlDSEQFBseiDFKp\-EL\3KNT+EP?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
 ;), i.0"$769"~24.&2424;)@2k r$F)3!:;)<k;"~(&U
$? Z[ZA\3M? Y [ADFQSBR$MSykKNMrMSK^P-R ?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
$?c> }LP<an~BsQFBRlDFEiEMX\3Mf[EMrDCV/P-QrDf?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
$?wv P-R$MODFQFBsKNR$EiT\3M9CR$eiP-R$MODFQFBsKNR$EiT*QFBR+MSykKNMSMrKNP-RA9BsDFE ?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
$? ~EET+t~Beh\3M9CP7EiET$t$Beh ?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
-)<"+)|`2i"~&/2
@? Z[ZA ?#?`?#?`?#?#?`?a?#?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
@?c> Y [ZA]K^DFg<R$PRehg$BR$R$EioQSBsDFEiM ?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
@?wv Y [ZA]K^DFgn$R+z$QSEiT$KNeHDhBt$o^Eaehg~BR$R$Eio;QFBsDSEM ?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
'

'

'

'

'

'

>


=

u
>
v
v
4
4
3

u
u
>
>->
7
>s
>-
>-
>
7
v-
vl>
v

'
'
'
'
'

'
'
'

"'

@? @zEeKNBoeBMSEiM#?#?#?`?a?#?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
@?$? YL[ZAWP-Q9<DFP-QrETYLKNT+EP ?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
@?$?> YfKNT$EiPZBehg$KNR+j?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
= "+) `//( (&77%.2
+? [ZBMrKNe z$QrP-t$oNEiy WP-Qry n$oNBsDFK^P-R ?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
+?c> Z[ZA dfo^j-P-QrK^DFg+yM ?a?#?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
+?wv Y [ZAdfoNjP-QSKpDFg$ykM ?a?#?`?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
+? A9EBopGDFK^yECBT~Bz@DhBsDSKNP-RDFP{ehg~BsR$R$Eo;eiP-R$T$KpDFKNPR$M ?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
+?c ;BqEQrET sMre4BoNBt$o^Ea\3K^T$EP ?#?`?#?#?`?#?`?#?a?`?#?#?`?#?`?#?#?`?#?a?`?#?`?#?#?`?#?`?#?
 `/l(&242 a4%"$24.:242&&2424;)3267
!  8;&)<
'

'

v-
-v
lv b
7
v-u

lv
-
<
/=
'

   k


Xg$E#j-PlBo PWDSg$KNMXehg$Bz+DFEiQCK^MZDFP{EMODhBt+oNKNMrgDFg$E#KNykz/PQrDhBsR$eELPsW\sBQrKBt$o^ELt$KpDQFBsDSE
Y [A ZeP3T$K^R$jPW
\3KNT$EiP{BMXB ykE4BR+MZPW;z$QrP\3K^T$KNR$jj-P@P3TT$EieP3T$ET\3KNT+EPm<n~Bo^K^DJq @BR$TDSP MSg$Pg$PYL[ZA]\3K^T$EPeBR
tELt/EiMrDK^R$eP-Qrz/PQFBsDSETKpDFg$K^RBR$EHDJP-Qr<KNR$j{KNR@WQFBMODFQSn+eiDFn+QSE +BR$TK^Rz~BQrDSKNein$oBQ K^DSg$KNRBR$EiDJP-Qr
ERl\3KNQrP-R$ykERlD DFg$BsD MSn+z$z/PQrDFMLYL[ZA DSQFBR+MSzP-QrD?9PDFEDSg~BsDLDSg$QSPn$j-g$P-n@DLDFg$K^MLehg~Bz@DFEQ E KNo^on$MrE
DFg+EDSEQryM Y [ABR$TZ[ZA
PR$MrDFBRlD[K^D A9BsDFE DFP#QSEiWEiQ DFPat/PsDFg{eP3T$KNR+j#ykP3T$EM
g$EQrE9DSg$EQFBsDSE
QSEHWEQrMCDFPkDFg$E`R<n$y tEQ9PW t$KpDFM9n$MSEiTz/EiQ9WQSByE XBR$TDSQFBR$Mrz/PQrDCyP3T$EM
g+EQSE`QFBsDSE`QrEiWEiQSMfDSPDFg+E
R<n$y tEQPWt$K^DSMXDFg~BsDeBRt/E DFQSBR$MryKpDSDFEiTT$n$QSK^R$j{eEiQrDhBsKNRz/EiQSK^P@T$MXPsWDSKNykE H?  g+EiDFg+EQ9eP3T$KNR$jPQ
DFQSBR$MryK^MSMSK^P-RK^MZtEKNR+j QSEHWEQSEiTDFPMrg$P-n$o^Tt/ELeioNEBQWQrP-y_DFg$E eiP-RlDFE 3DP-Q KNo^otELMODhBsDSETE @z$o^KNeKpDFopq-?
EMrDhBsQrD tlq,Mrg$PKNR$jg+P \3KNT+EPeiP-yz+QSEMrMSEiT1B%D eP-R+MrDhBsR<DLm3n$BoNKpDJqK^oNoQSEiMSn$opDLKNR,B\BsQSKBst$oNE
R<n$y tEQ PWt$KpDFMzEQWQFBykE?Xg3n+M <K^W7DFg+EXt$K^DSMrDFQrE4By j-EiR$EQSBsDFEiTktlq B \3K^T$EP EiR$eP3T$EQ g$BMDFP tEXEiz+D
\-EiQrqeioNP-MrEfDFP B eP-R$MODhBRlDQSBsDFE
E?j$? +WP-QDSQFBR$MryK^MSMrKNP-RP\EQ9BeiP-R$MrDFBRlDt$K^DZQFBsDSE ~Z[A $ehg$BR$R$Eio 
DFg+EQSELK^oNo7tE B z/EiR~BopDJqK^RDFEiQSykMZPW;m<n~Bo^K^DJq
&Es?wj$? $KpW;B z~BQODFKNein$oBsQMreER+E#QrEm<n$K^QSEMDFP3P yBsR<qt$KpDFM 
WP-QZDSg$E#B\sBK^oBt+oNEfehg$BR$R$Eiot$BR$T+K^T+DFg $DSg$ERDFg+E#m<n~BsoNK^DJqKNo^o g~B4\-EaDFP{tEaoNPEiQSEiT H?
yEiQSj-K^R$jR$EiDJP-Qr3Maz$QrP\@K^T$E{Bj-QrE4BsDaT$EBoykP-QrE~E @K^t$KNo^K^DJqDFg~BsR DSQFBT+K^DFK^P-R~Bo;zP-KNRlDOGDFP%GJzP-KNRlD
T$EiT$KNeBsDFEiT*o^KNR$<MXP-QXeiKNQSein$K^DOGJMOK^DFehg+KNR$j R+EiDJP-QS<KNR+jDFEiehg$R$K^m3n+EMg$ERK^DeiP-yEiMXDFP{t~BR$T@KNT+DSgn@DFKpG
oNK^4BsDSKNP-R ?*~P-Q`E +Bykz$oN!E R$EH R+EiDJP-QS1ERl\3KNQSPR$yEiRlDFM t~BsMSET P-Rz~BehEHD{MrKpDFehg$K^R$"j Mrn$ehgBMDFg+E
JRlDFEiQSR$EHD ;oNEiR$T,DFg$EiyMrEop\-EM \EQrq,R~BsDFn+QFBo^o^qDFPYL[ZA DFQSBR$MryK^MSMSK^P-R  BR$TDFg<n$MaMSEiEy DSPt/EtEiDrDFEiQ
MSn+K^DFEiTDFP|DFQSBR$MSykK^D\3K^T$EPMODFQrE4BykM g+KNehgDSER$TDSPtEYL[ZA KNRR~BsDFn+QSE? Xg$EiQSEHWP-QSEDSg$E*\sBQrKpG
Bt$o^EaQFBsDSE`z$QrP@T+n$eEiTtlqDFg$E#ER$eiP@T+EQfeBRzPDSERlDFKNBoNopqtE`yBsDSehg$ETDFPB\sBQSKNBt$o^ELDFQFBsR$MSzP-QrDCQFB%DFE
g$EiQSE4BsMKNR5BZ[ZA DFQSBR$MryK^MSMSK^P-RERl\3KNQSPR$yEiRlDDSg$E*\3KNT+EPEiR$eP3T$EiQP-n$oNT5g~B4\-EDSPB$T #rn$MrDK^DSM
QFB%DFECDSP yBsDFehgDSg$ELeiP-R$MrDFBRlDXehg~BR+R$Eo/QFBsDSELeP-R+MrDFQSBKNRlD? 3DFK^oN%o -g$KNo^ECY [A DSQFBR$Mrz/PQrDZK^MZBz+z/EBoNK^R$"j 
Ei\ER*K^WDFg$EaR$EHDJP-QrMSn$z+z/P-QODFM\sBQSKNBt$oNEfQFBsDSELDFQFBsR$MSykKNMrMSKNPRKpDXKNMR$PsDR$EeiEMSMSBQSK^o^qDSQSn$EaDFg$BsDK^DeBR
DFQSBR$Mrz/P-QODKpDFg$P-n@DZoNPMSMZBsR<qBQrt$K^DSQFBQOqk\3K^T$EP t+K^DFMODFQrE4B&y @K^Rz~BsQrDFK^en$oNBQ K^WDSQFBR$MryK^MSMrKNP-RKNMMrn$'t #rEieiD
DFPMrDFQrKNeHDXT$EoNB4qeiP-R$MODFQFBsKNRlDFMi? JRDSg$KNMehg~Bz+DSEQZELePR$eEiR<DSQFBsDSE P-RDFg+ELz$QSPt$oNEiyPsWyBsDSehg$KNR$j#Y [ZA
\3KNT$EiP{eP3T$KNR$j DSP\BsQSKNPn$MX<KNR$T$MXPsWYL[ZADFQSBR$Mrz/P-QODyP3T$EiM? ILEiDFBKNo^MZP-RDFg+EMSE \sBQrKNP-n$MXykP3T$EMXeBR
tELWP-n$R$TKNRPsDFg$EiQXehg~Bz+DSEQSMK^RDFg$K^MXt/P3P- $BMZEo^oBMXK^Rz~BzEQSMXT+E4Bo^KNR$j KpDFgY [ADFQSBR$MSzP-QODXPW


\3KNT$EiP >'~v:?
JR@EieiDSKNP-R>aECtEjKNRkt<q{z+QSP\3KNT$K^R$jaeP-R$eiQSEHDFEfE +Byz+oNEM PWDFg$E\sBQSKNBt$o^EXQFBsDSE9R$BsDFn$QrECPsW \3KNT$EiP
MSEim<n$ER$eiEMXtlq{E +BykKNR+KNR$j t$KpD QFBsDSEDSQFBeiEM WP-Q Ba\3K^T$EP`MSEm<n$EiR$eEfeP3T$ETkK^DFgBaMSKNR+j-oNEXm<n~BRlDSKN4B%DFKNPR
MrDSEz$MrKNiE? Lt<\3K^P-n$MSopqB\sBQrKBt$o^EfQSBsDFELeiP-ykz$QSEiMSMSK^P-Re4BsRtEaBehg$K^Ei\ETKNRyBRlqT$KpV EiQSEiR<DXB4q3MCBsR$T
DFg+KNM MSEieiDSKNP-R|t$QSK^Ei$q,g$KNj-g+oNKNjg<DSMLMSPyE{zP-z$n$oNBQfDFEiehg$R$K^m3n+EM`DSg~BsD#oNEBTDFPT$KpV EiQSERlD#ePR$T$KNR+j*QSBsDFEiM
WP-QZDSg$EaMFBykE KNR$z+n+D9MSEm<n$EiR$eEs?
JR @EieiDFK^P-Rv 7EDFg$EiRT$Ei\PDFEP-n$QLB%DSDFEiRlDFKNPR*DFPkDFg$ET$EoNBqeiP-R$MODFQFBsKNRlDFMfDSg~BsDfBQSK^MSE`KNR*DJq3z$K^e4Bo
\3KNT$EiPBsz$z$oNK^e4BsDSKNP-R+M? Xg$EMrET$EioB4q ePR$MrDSQFBK^R<DSMkBQSEDFg$EykP-MrDkj-EiR$EQSBoeP-R+MrDFQSBKNRlDSMK^yzP-MSEiT P-R
B\3KNT$EiPeiP-yky n$R$K^e4BsDSKNP-R$MCMrq3MrDSE&y ;MSKNR+eE DFg+EiqT$Eiz/EiR$T|MSP-o^Eo^qP-RDFg$EMrz/EieK ~e\@K^T$EPBz+z$oNK^e4BsDSKNP-R
tEKNR+jeP-R+MSKNT+EQSEiT QSBsDFg$EiQCDSg~BR,P-R,DSg$Eehg$BR$R$Eioehg~BQSBeiDSEQSK^MrDSKNeMfP-QCDSg$E`DJq3zEPW DFQSBR$MSzP-QODLykP@T$E

YL[ZAPQZ[ZA DFg~B%DXKNMZMrEo^EeiDSET? 9EiDJP-QSsET*\3K^T$EP{Bz+z$oNK^e4BsDSKNP-R$M e4BsRt/E eBsDFEij-P-QSK^EiTKNRlDFPDSg$QSEiE


yBKNRaeoNBMSMrEM 
&K o^K^\EK^R<DSEQSBeiDSK^\-E \3KNT$Ei"P -Y 
E?j$? s\3KNT$EiPfeiP-R+WEQrER$eiKNR$j 
KNK o^K^\E R+P-R@GJK^RlDFEQSBeiDSK^\E
\3KNT$Ei"P 9Y 
&Es?wj+? t$QSP-BT$e4BsMrDFK^R$j BsR$T
KNKNK 9z$oNB4q@t$Beh PWZz$QrEHGER$eiP@T$EiT1\3KNT+E"P  Y?7PQ#EBehg
PW DSg$EMrE|MreEiR~BQSK^P-MET$KNMren$MrMDFg$EMSzEeK ~e,WP-Qry PsW#DSg$E,T$EioB4q5eP-R$MODFQSBKNRlDFMi?  g$KNo^EBo^o9DSg$QSEiE
Bz$z+oNKNeBsDFK^P-ReoNBMSMrEMBQSEoNK^Eio^q DSP`tECEiR$ePn$RlDFEQrETK^Rkz+QFBeHDFKNeiE 3KNR{DFg$K^M ehg~Bz+DSEQE9T$KNMren$MrMyBKNR$opq
oNKp\-EaBz+z$oNK^e4BsDSKNP-R$M
:Y P-Q;CY BsMDSg$EiqBQSEaykP-QSE ehg~BsoNoNEiR$j-K^R$jKNRj-EiR$EQSBo?
q3z$K^e4Bo^o^q|DFg$E\3K^T$EPEiR$eP3T$EQg$BMDFPMrEo^EeiDDSg$EeP3T$K^R$j,z~BQSBykEiDFEiQSM BsR$TDFg<n$M DSg$EeP3T$KNR+j
QFB%DFE MrPBM R$PDfDFP\3KNP-oNBsDFEaDFg$ET+EoB4qeP-R$MODFQSBKNRlDFMi?o^E4BQro^q DFg$ET+Ej-QrEE{PW T$K kein$o^DJq*KNRykEEHDFKNR+j
DFg+EMSE9ePR$MrDSQFBK^R<DSM K^oNo@T$EzER$TP-R{DFg$E9t~BR$T@KNT+DSgBR+TT$EioB4qehg~BsQFBeHDFEQrKNMODFKNeiM PW DSg$EXDFQFBsR$MSykKNMrMSKNPR
ehg~BR+R$Eo:?Xg<n$M K^RBR$EiDJP-Qr KpDFg1n$R$oNK^yKpDFEiTt~BR$T+K^T+DFgBR$T1oNP T$EioB4q P-R$EkePn$oNT DFQSBR$MSykK^D
\-EiQrqg$KNj-g5m<n~BoNKpDJq \@K^T$EP1K^DFg+P-n+DQrKNMr5PW \3K^P-oBsDSKNR$jDSg$E,T$EioB4qeP-R$MODFQSBKNRlDFMi?JR]@EeHDFK^P-RE
T$K^MSen+MSMLMrEi\-EiQFBoz/PMSMSK^t$oNEaDFQSBR$MryK^MSMSK^P-RykP3T$EMDFg~B%DLBQrEPW DSER,EiR$ePn$RlDFEQrETK^RE @K^MrDFK^R$jMOq3MrDFEiyMi?
Xg$EiMSE{yP3T$EiM T$K^V/EQLK^R,DFg$E \sBQrKBt+KNoNKpDJqPW DFg$Eehg$BR$R$Eio QFBsDS&E
&E?j$? Z[ZA \3MLY [ A LBMLEo^o BM K^R
DFg+E`BsyP-n+R<DPsWK^R+WP-QSyBsDSKNP-RkDFg~BsDDSg$EaER$eiP@T$EiQg~BM9BtP-n+DXDFg+E#ehg$BR$R$EioeiP-R$T$KpDFK^P-R$M?
aKp\-EiRDFg+EMSECDFQFBsR$MSykKNMrMSKNPRkeioBMrMSEiM +K^R3EeiDSKNP-RaEfT$ E ~R$EfDSg$QSEiECjER$EiQFBoz$QSPt$oNEiyM DFg$BsDEBehg
oNEBTDSPBT$KpV EiQSEiR<DMSEiDPWaQFBsDSEeiP-R$MrDSQFBK^RlDFMWPQDFg+E,ER$eiP@T+EQ?Xg$EMrEe4BMrEMBQrE
&K DSg$E Z[ZA
ehg~BR+R$E%o 
KNK DSg$E*YL[ZA ehg~BsR$R$Eo9K^DSgT$EiDSEQSykKNR+KNMrDSKNeQFB%DFEM 9BR$T
&K^KNK `DFg$EYL[ZA ehg$BR$R$EioCK^DSg
QFBsR$T$P-yko^q \sBQOq3KNR$j#QFBsDSEMi? 7PQ EBehgPW/DFg$EiMSELMreEiR~BQSK^P-M E9KNoNo~z+QSP\3KNT$E9QFBsDSECeiP-R$MODFQFBsKNRlDFM DFg~BsD DFg+E

'

T$EieP3T$EQXKNo^og~B4\-EaDFP{ykEEHDKNRP-QST+EQXDFPkB4\-P-K^TT~BsDhB{oNPMSMXT$n$E DSPkE @eEMrMSKp\-E T$EioB4q-?


@EeHDFK^P-R *DSg$ERz+QSEMrERlDFM{B*MSn$ykyBsQrq PWXDSg$EP-QS DFg$BsDg$BM tEERT$P-R$EK^RQrEeEiRlD q-EBQSMDSP
ER$Bt$oNEQFBsDSE,eP-RlDSQSP-o B%DDFg$EEiR$eP3T$EiQDFP ykEEiDDFg$E BsWPQSEykERlDSKNP-R$EiTePR$MrDSQFBK^R<DSM? d eP-ykz$o^EiDFE
MSn+Qr\-EHq]PWQSBsDFE eiP-RlDFQSPoLDFEehg+R$KNm<n$EiMW&Bo^oNMPn+DFMrKNT$E PW#DFg$E MreP-zE1PsW`DSg$KNMehg~Bz@DFEQBR+T]DSg3n+ME
KNo^o Eykz$g~BMrKNiEBz$z+QSPlBehg+EMDSg~BsDB%DSDFEiyz@D`DSPP-z+DSKNykKNiE{DSg$EMrEo^EeiDSKNP-R1PWXQSBsDFEiM?  g+KNoNE{K^RQSEBopG
P-QSo^T{Bz$z$o^KNe4B%DFKNPR$MMrKNykz$oNEiQDSEehg$R$K^m<n$EM yBq`tEXMSEo^EeHDFET <WP3en+MSKNR+jLP-R DFg+EXP-z+DFK^yK^EiTBz$z$QrPlBehg$EiM
Bo^oNPn$MfDSPT$KNMren$MrMLMSPyE PsW DFg$E T+EMSK^QFBt+oNE`WEBsDFn+QSEMCDFg~BsD BoNo;QFB%DFE eiP-RlDFQSPoBo^j-P-QSKpDFg$ykM
g$EHDFg$EiQ
Eykz$g~BsMSKNiKNR$jP-z+DFK^yBsoNK^DJq{PQZMSK^yz$o^KNeiK^DJq Mrg$P-n$o^TMSEEiDFP{Bsehg$KNEH\-E?K^R~BoNopq @@EieiDFK^P-Rb MSn$ykyBQSK^EM
DFg+EZEHq KNT+E4BMKNRDSg$EZehg~Bz@DFEQ BsR$T zP-KNRlDFMDFPLMrP-ykEZPW~DFg+EDFQSBR$MSykKNMrMSK^P-REiR<\3K^QSP-R$ykERlDSMg$EQrEZY [ZA
DFQSBR$MryK^MSMSK^P-RPW\3KNT$EiPK^MXoNKNsEopqDSPQrEyBKNRBehg~Bo^oNEiR$j-KNR+j{BQSEB{PsWQrEMSEBQSehg*KNRDFg+E#Mrg$P-QOD9DSEQry*?
         
 

k  & ,L
DaKNMfE4BMOq,DFPT$ E ~R$EY [A \3KNT$EiPER$eiP@T$K^R$j$ B\3K^T$EPER+eP3T$EQ K^MLY [ZA K^W K^Dfz$QSP3T$n$eiEM#B\BsQSKBst$oNE
R<n$y tEQXPWt$KpDFMZzEQZWQSBykE? fWeP-n+QSMSE DSg$KNMZK^MZR$PD9B\EQOqn$MSEHWn$oT$ E ~R$KpDFKNPRKNRDFg$BsD +BMXT$EMreQrKNtET
KNR,DSg$E \3KNT$EiPeP3T$KNR+jMrDhBsR$T~BQrT$M ehg~Bz+DSEQrM ;z$QFBseiDFK^e4Bo^o^q*Bo^o\3KNT+EPER+eP3T$EQrM#PsWK^RlDFEQrEMOD#BQSE YL[ZA#?
Xg<n$M ~DSg$KNMXMrEeiDSKNP-RKNo^o tEaT$Ei\PDFEiT*DFP{T$K^MSein$MSMrKNR$jkKNRykP-QSE T$EHDhBK^og$PYL[ZA\3KNT$EiP{KNMXz$QrP@T$n+eET 
BR$T`g~BsD KpDFMm3n$BoNKpDJq`K^yz+oNKNeBsDFK^P-R$MBsQSE?JR z~BQODFKNein$oBsQ;EZKNo^o<Eykz$g~BMrKNE DFg~B%DWP-Qz$QFBseiDFK^e4Bo<\3KNT$EiP
eP3T$K^R$jMSehg$EiyEiM9DSg$EQrEaBQSE yBRlqB4q3MCPWz$QrP@T+n$eK^R$jkBY [ZAMODFQrE4B&y ~BR$TDSg$EMrEaK^oNo/g~B4\-E DFP{tE
ePyz~BsQSET1KNR|DFEQryM`PWXm<n~Bo^K^DJq P-Q#T$K^MrDFPQrDFK^P-R
&g$P_DFg+Em<n~Bo^K^DJq P-QaDFg$ET$KNMODFP-QODFK^P-R1K^M`ykE4BsMSn$QrET
KNo^o tEaT$KNMren$MrMSET*R$E 3DCKNR*@EieiDFK^P-R*>@? $ H?
Xg$EQrEBQSEDFg$QrEEW&BeHDFP-QrMDFg$BsD E @z$oNBKNR`DFg$E\sBQrKBt+oNE QFBsDSER~BsDSn$QSEPWeP-ykz$QSEiMSMrET\3KNT$Ei"P -R~BykEopq 
DFg+E`eiP@T$K^R$j{WQFBykE DJq@zE 7DFg+E`K^R$z$n+D9\3KNT$EiPehg~BsQFBeHDFEQrKNMODFKNeiMfBsR$T*DSg$E`eiP@T+KNR$jkz~BQSByEHDFEiQSM?ZKNQrMrD 7K^R
ykP-MrDz$QFBeHDFK^e4BoeP3T$EQrMZDFg$EiQSELE @KNMrD\BsQSKNPn$MWQSByECeP3T$KNR+jykP@T$EiM 3g$KNehgQrEMSn+o^DXK^RT$K^V/EQrERlDXQSBsDFEiM
WP-QDSg$EMSByEKNR$z$n@D WQFBykE?|~P-Q`E +Bykz$oN!E  x fGO>eiP@T+EQSMK^R$eo^n$T$E  BR+T [_WQSBykEM  BsR$T
MSK^R$eEBsR$T[WQSByEiMfn+DSKNo^KNEaykPDFK^P-ReP-ykz/EiR$MFB%DFETz$QSEiT$KNeHDFKNPR g+KNoNE#ZWQFBsyEiMfT$PR+PD  ]BsR$T
[WQSBykEMQrEMrn$o^DKNRoNPEiQP\EQFBsoNoeP3T$KNR$j#QFB%DFE
QSEHWEQ DFP`DSg$EC\3K^T$EP eiP@T+KNR$j#MrDFBR$T~BQrT$MZehg~Bsz+DFEiQSMWPQ
Wn$QODFg$EiQ9T+EiDhBsKNoNM H?
@EeiP-R$T ;EH\-ER1K^W P-R$EeiP-R$MrKNT$EiQSM#BMSK^R$j-oNE`DJq@zE{PW WQFBykE
E?j$? Bo^oWQSByEiM BQrEeP3T$ET|KNRJRlDFQSB

'

ky P@T$E /BR$TDSg$EQrEyBKNR+KNR$j{eP3T$K^R$jz~BsQFBykEiDSEQSMfBQSE  @ETDFg$EiQSEK^oNotEQSBsDFE#\BsQSKB%DFKNPR$MT$n$E`DSP


DFg+Ekehg$BR$j-EiM#K^RDFg$EMreER+EeiP-RlDFERlDSM?kXg$EMrEk\sBQrKBsDSKNP-R$M BM K^oNotEMSEiER1KNR|@EieiDFK^P-R1>@?c> e4BR|tE
\-EiQrq*MSK^j-R$K $e4BRlD4?~P-QE $Bsyz$o^E BT+K^V/EQSEiR$eE`PW B{W&BeiDSP-QCPsWDJPKNRt$K^DSQFBsDSE`tEiDJEEiR,WQFBykEM9KNR*B
j-Kp\-ERMSEim<n$ER$eiEK^MZW&BKNQro^qeP-ykyPR?
KNR$BoNopq $DFg+E P-n+DSz$n+DLQSBsDFE`T$EzER+T$MLP-RDSg$E MrEoNEieiDSKNP-R*PW eP3T$KNR+jz~BQSBykEiDFEiQSMi?L~P-QDFg$E`MFBsE PW
~E +K^t$KNo^K^DJq BsR$T KNR1P-QST$EiQ`DSP,KNR$eiP-QSzP-QSBsDFE{DFg$Ey$B +K^y n$y R<n$y tEQPWZWE4B%DFn$QrEM K^R<DSPDFg+EER+eP3T$EQ 
ykP-MrDMODhBR$T$BQST \3KNT$EiPeiP-ykz$QSEiMSMSK^P-R]Mrq3MrDSEykM*K^R$eP-Qrz/PQFBsDSE,yBsR<qT$K^V/EQrERlDeP3T$KNR+jz$BQFBykEiDSEQrM

WQrP-y m<n~BRlDSKNEiQSM DFP eP3T$K^R$j yP3T$EM DSP1ykPDFK^P-R ePyzER$MSBsDFK^P-R yP3T$EiM DFg~B%D{e4BR5t/En$MrET5DSP


ykP@T$n+oBsDSEaDSg$EPn+DFz$n@DfQSBsDFEs? 1E`K^oNoz$QrP\3K^T$E Bkt$QSK^EiW P\-EiQr\3KNEH PWDFg+EMSE`KNR,@EeHDFKNPR >@?wv BR$TE
P-R$eiEBjlBK^R QSEHWEQ DFP,DSg$E\3KNT$EiP eP3T$KNR$jMODhBR+T~BQST+Mehg~Bz+DSEQSM{WP-Q T+EiDhBsKNoNEiT T$EMreQrKNz+DSKNP-R$MPWCDSg$EMrE
Bo^j-P-QSKpDFg$ykM?


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

-.
/

YLK^T$EPeP-ykz$QSEiMSMrKNP-R Bo^j-P-QrK^DFg+yM9BK^y DSPBehg$K^Ei\-E DSg$E tEMOD z/PMSMSK^t$oNEm3n$BoNKpDJq1032'4658792':;2<0>=?@=BA2C2'DE0


FHG 2':H?Xg<n$M DSg$E\3K^T$EP,m<n~BsoNK^DJq z+QSP\3KNT$EiTDFPDSg$EEiR$Tn$MrEQK^oNo T$Eiz/EiR$TR$PDP-R$opq P-RT$EieKNMrKNP-R+M
yBT$E9BsD DFg$EEiR$eP3T$EQ +t$n@DBsoNMSPaP-Rg$PDFg+E\3K^T$EP#T~BsDFB#K^M DSQFBR+MSzP-QrDSETP\EQ DFg$E9R$EiDJP-Qr
E?j$?3KpW
DFg+E#EiR$eP3T$EiQ9z+QSP3T$n$eEiMXDFP3Py n$ehgT~BsDhB WP-QDFg$Eaehg~BR+R$Eot~BsR$T+KNT@DFg ~MrP-yE PsWDSg$KNMXT$BsDhBePn$oNTtE
oNPMrD U?Xg<n$M +BRK^yzP-QrDFBRlD DFg$EiyE9KNRkDFg$K^Mehg~Bsz+DFEiQZKNM DFg~B%DEiR$T@GDSPsGJEiR$T\3KNT+EPm<n~BsoNK^DJq{T+EzER$T$MP-R
tPDFg*MSP-n$QreEBR$T,R$EHDJPQS*BR$T*WPQ9DSg$KNM9QSEBMSP-R3R+Po^ET$jEPWDSg$E#ehg~BR$R$Eioehg~BsQFBeHDFEQrKNMODFKNeiM
E?j$? 
K^DSMft~BsR$T+KNT@DFg o^P-MSMfP-QfT$EioB4q*ehg~BQFBseiDFEiQSK^MrDFK^eM CMSg$Pn$oNTtE KNR+eP-Qrz/P-QSBsDFEiT,KNRlDSPDFg$E B4qDSg$E\3KNT$EiP
ER+eP3T$EQLPz/EiQFBsDSEM?  KpDFgDSg$KNMC<R$PoNET+j-E DSg$QSP-n+j-g,KNRlDSEoNo^KNj-EiRlDfQSBsDFE`eP-RlDFQrP-o DFg$E`\@K^T$EPER$eiP@T$EiQ
KNo^o tE#Bt$oNELDSP{j-EiDDFg+E#ykP-MODER$T@GDFPsGER$T\3KNT$EiP{m3n$BoNKpDJqP-n+DPsWDSg$E#B\sBK^oBt+oNEfehg$BR$R$Eio?
~P-Q yPMrD Bz$z+oNKNeBsDFK^P-R$MPW K^RlDFEQrEMOD l\3KNT$EiP#K^M eP-ykz$QrEMSMrETKNR{B oNP-MrMrqyBR$R+EQ lK:?wEs? -DSg$ET$EeiP@T+ET
MSEim<n$ER$eiEKNM R+PD`BR1E +BeiD`eP-zlq|PW DFg$EkP-QrKNj-K^R~Bo\3K^T$EPMSEim3n+ER$eiE?EQSg$Bz$M`DSg$EkP-R$o^q*DJP*MSKpDFn~B%G
DFK^P-R$Mag$EQrEBo^P-MSMroNEMrMeiP-yz+QSEMrMSK^P-RyBq tER+EET+ETBQSE
&K aMreK^ERlDFK ~eBz+z$oNK^e4BsDSKNP-R$M g+EQSEBoNo
DFg+ELB4\sBKNoNBt$oNEXK^R+WP-QryBsDSKNP-R{K^Mo^KNEio^qDSPtEfR$EiET$EiTWP-QoNBsDFEiQz+QSP3eEMrMSK^R$jBR$TBR~Bopq@MrKNM @BsR$T
&K^K ER3G
DFEiQrDFBKNR$ykERlDBsz$z$oNK^e4BsDSKNP-R+M lg$EQrEaoNP-MrMrqeiP-ykz$QSEiMSMSK^P-RePn$oNTo^E4BTDSP{BQrDSK^W&BeHDFMZT$n+QSKNR+jz$QSP3T$n$eHDFKNPR
BR$TDFg<n$MK^MXoNKNsEopqDFP{tEaKNRlDFQrP@T$n+eETP-R$opqg$EiRDSg$E ~R~Bo\EQrMSKNPR*PWDFg+Ea\3K^T$EPkKNMXQrE4BT+q?
b

X g<n$MEKNo^o;eP-R$MrKNT$EiQLg$EiQSE o^P-MSMOq*eiP-ykz$QSEiMSMSK^P-R,P-R+o^q-?CJRP-QST+EQCDSPykEEiDfP-n$QCMrDhB%DFETjPlBo;PW
z$QrP\3K^T$KNR$j{DFg+E`tEMODC\3KNT+EPm<n~BsoNK^DJqDFP{DFg$E#ER$Tn$MSEiQ9E ~QrMrDCR$EEiT,T$EHDFEQryK^R$E ZB4q3MLPWyEBMSn+QSKNR+j
DFg+KNMoNPMSMrqC\3KNT$EiP9m<n~BsoNK^DJq? R+Po^ET$jE PW+zEQreEiz+DFn~BsolKNMSMrn$EMWP-Q KNyBj-EeiP@T+KNR$j lK^MyP-QrET$EH\-Eo^P-zET
DFg$BR|WPQa\3K^T$E"P BopDFg$P-n+j-g1K^RDFg$EkoBsDrDFEiQ e4BMrEMSPyE{t~BMrKNeW&BeHDFM`BQSEk<R$PR ?Xg$Em<n~BsoNK^DJqPW
KNR+T$K^\3KNT+n~BoWQSByEiM{KNR5B \3KNT+EP|MSEm<n$EiR$eEe4BR5t/E*BMSMrEMrMSETK^R5yn$ehg5DSg$E*MSBykEB4q5BMWP-Q{MrDFK^oNo
KNyBj-EiM? CPEi\EQ DFg+EW&BeHD`DSg~BsD\3K^T$EP,m<n~BsoNK^DJq eiP-n$o^Tehg~BR+j-EP\-EiQDFK^yEkg~BM#DFP*t/EkDhBsER KNRlDSP
BeieP-n$RlD? dDJq@z+KNe4Bso~BMSMrn$ykz+DFK^P-R{KNMDSg~BsD P\-EiQFBo^o~z/EiQSeEiz+DFn$Bo~m<n~BoNKpDJq`WPQ BaeiP-ykz$oNEHDFEZMrEm<n$ER+eECK^oNo
T$Eiz/EiR$TP-RDSg$Ekm3n$BoNKpDJq PWXK^DSM#P-QrMrD m<n~BsoNK^DJq,MSeEiR$E  jK^\-EiR1DSg~BsDDSg$E{P-QrMrDMSeEiR$EK^M`Mrn keKNEiRlDFo^q
oNPR$j ?
 g$KNo^EMSP-ykEj-ER+EQFBso9jn$KNT$EioNK^R$EMyB4q Bz$z$opq  DFg$Em<n~Bo^K^DJq BsMSMSEiMSMryEiR<DKNoNoBoNMrP1T+EzER$T5P-R
DFg+ECDJq3z/ECPW;Bz+z$oNK^e4BsDSKNP-RtEK^R$jeiP-R$MSK^T$EQrET? Xg<n$M $m<n~Bo^K^DJqE +zEeHDhBsDSKNP-R+MWP-QB#\3KNT+EP3eP-R+WEiQSEiR$eK^R$j
Bz$z+oNKNeBsDFK^P-RBQrEoNKNsEopqDFPatEy n$ehgo^PEiQ DSg~BRWP-Q DFg+E9T+EoNKp\-EiQrqPW BayP\3KNEXP\-EiQB R$EHDJPQS7? CPDSE
Bo^MSPDSg~BsDZEaT$PR$PDXeiP-R$MrKNT$EiQZg$EQrELDFg$E EHV EieiDPWz~BsehEiD9o^P-MSMrEMXP-RzEQreEz@DFn~Bo m3n$BoNKpDJq
DFg$EiMSEaBQrE
ePR$MSK^T$EQrETKNRDFg$EaEiQSQSPQ9eiP-R$eiE4Bo^yEiR<Dehg$Bz+DFEiQ U?
d zP-z$n$oNBQfBsz$z$QSP-Behg,WP-QfzEQreEiz+DFn~BsoNo^qlGt~BMSEiT,ePyz$QrEMrMSKNPRKNMDFPKNRlDSQSP3T$n$eE`KNRDSg$EEiR$eP3T$K^R$j
z$QrP@eiEMSM MSPyEXeiP-R$MrDSQFBK^RlDFM DFg~B%DBsQSEz/EiQSeiEz+DSn~BoNopq ykE4BR+KNR$jWn+o$BR$T{DFg+ERkoNEiD DSg$EER$eiP@T+EQ P-z+DFK^yK^E
BR,P't #rEeHDFK^\EyEHDFQrKNe MSn+ehg1BsMfykE4BR,Mrm<n~BQSEiT EQSQrP-Q
:x,+ CP-Q9EiKNj-glDSET|x,+X? LR$EE +Bykz$oNE#PW
DFg+KNM#Bz$z$QrPlBehg1KNM DFg$E{T$EiMSK^j-RPWm<n~BRlDFK^4BsDSKNP-R yBsDFQrKNeEiMLWP-Q#Ia 3t~BMrETeiP@T+KNR$j
&MrEE{DFg$E{\3KNT$EiP
eP3T$K^R$jMrDFBR$T~BsQST$M ehg~Bsz+DFEiQ g+EQSE WQrEm<n$EiR$eK^EM#BQSEj-K^\ERT$KpV EiQSERlDLEK^j-glDFMaBeieP-QrT$KNR+jDFPDSg$EK^Q
QSEioBsDSK^\ECzEQreEz@DFn~Bo/KNykz/PQrDhBsR$eEs?dfR+PDFg$EiQE $Bsyz$o^ECeiP-ykEMK^RDSg$Eft$KpDZBsoNoNP3e4B%DFKNPR{ByPR$j#WQSBykEM 
g$EiQSE Bj-EiR$EQSBoNopqBseeEiz+DFEi
T OQSn$o^EPW DSg3n+y t  KNMkDFg~BsDm3n$BoNKpDJq5Mrg$P-n$o^Tt/EEz@D*ykP-QrEP-Qo^EMrM
ePR$MrDFBRlDkWQrP-y WQFBykEDFPWQSBy!E  BR$T DFg+EQSEHWP-QSEB,j-P3P3T t$K^D{BsoNoNP3e4B%DFKNPR1Mrg$P-n$o^T DSQrq1DFP z/EiR~Bo^KNE
oBsQSj-ELehg$BR$j-EiMCK^Rm<n~BsR<DSKNBsDFK^P-RMrDFEiz$MSK^EaK^DSg$KNRBMSEHDfPsWWQSByEiM?
~P-QBz$z+oNKNeBsDFK^P-R$MaDFg~B%DKNRl\-Po^\-EQSE4BsoDFK^yEkER$eiP@T+KNR$j BR+TDFQFBsR$MSykKNMrMSKNPR
&K:?wEs? g$EiQSEDFg+EoNP
P\-EiQFBo^oXT$EoNBqKNMR$EiET$EiT DFg$EiMSEMSP|e4Bo^oNET P't #rEeHDFK^\ET$KNMODFP-QODFKNPR yEHDFQSK^eM K^oNotEMSn keiKNERlD?dCM
KNo^o/tELMrEER $WP-QPV7GJo^KNR$E9ER+eP3T$KNR$j{Bsz$z$oNK^e4BsDSKNP-R+MykP-QSECMSP-z+g$KNMODFKNeBsDFEiTDFEiehg$R$KNm<n$EiM9BQSELQrEm<n$K^QSETDSP
MSn+z$z$oNEiyEiRlDCx,+GJt~BsMSET*Bz$z+QSPlBehg+EMBMXKpDZtEePyEiMXz/P-MrMSK^t$oN!E @WP-QZE +Byz+oNE 3DFPT$EHDFEiQSykKNR$Efg+KNehg
MSeiER$EiMfK^R*Bj-Kp\-EiR\3KNT+EP{MSEim3n+ER$eiEQSEim<n$KNQrE#ykP-QrE QFBsDSEaDSPkBehg$KNEH\-EaMSK^yK^oBQz/EiQSeiEz+DSn~Bom<n~Bo^K^DJq-?






- 

 

3# 
   


 -   
 

P-ykz$QSEiMSMrKNP-RKNMBsehg$KNEH\-ET*tlqE@z$o^P-K^DSKNR$jDSg$EaE@KNMODFK^R$j{QSET+n$R$T~BR+eKNEiMKNRDFg$EaMrP-n$QSeiE
&E?j$?~MSz~B%DFKBso 
DFEiyzP-QSBo BR$TMODhBsDSKNMODFKNeBo QSEiT$n$R$T$BR$eiq U?@K^R$eEkDFg$EoNEi\Eo PWXQrET$n$R+T~BR$eHq1\sBQrKNEMaWQSPy WQSBykE{DSP
WQFBsy!E K^DeP-ykEMBM R$PMrn$QSz$QrKNMrEDFg~B%D DFg$ER3n+y t/EiQ PWt$KpDFM`z/EiQWQFBykEtE\sBQrKBt$o^E Ei\-EiR K^WXDFg+E
MFBsyE m<n~BRlDSKN4B%DFKNPRz$BQFBykEiDSEQrMCBsQSE n$MrET*WPQBoNoWQFBykEMi?
P-R$MrKNT$EiQCWP-Q9E +Bykz$oNE#DFg$E`MSz~B%DFKBsoBsoNoNP3e4B%DFKNPRPW t$KpDFM9KNR,B{WQFBykE?dCMfT$EiMSeQrKNtETK^R*z$QrEi\3KNPn$M
ehg~Bz@DFEQrM DSg$E R<n$y tEQLPsWt+K^DFMCQSEim3n+KNQSEiT,DFPEiR$eP3T$EBRK^yBsj-E`t+oNP3eh K^DSg Bj-K^\ERm<n~BRlDSKN4B%DFKNPR
MrDSEz$MrKNiE KNo^oT$Eiz/EiR$T P-RDFg$E`WQSEm<n$EiR$eiq eiP-RlDFEiR<DSMaPW DFg$Et$o^P@eh7?#Xg$EQrEiWP-QrE K^yBjEMfeiP-RlDhBK^R$KNR+j
g$K^j-gWQrEm<n$EiR$eiqKNR@WP-QSyBsDFK^P-RK^oNoZQrEm<n$KNQrE*ykP-QrEt+K^DFMDSg~BR WQFBykEM{g~B4\3KNR$j|z$QrET$P-ykKNR$BRlDFo^qoNP
WQSEim<n$ER$eHq eP-RlDSERlD4? 3KNykKNoBsQSo^q ZMSeiER$EiMKpDFgMrKNj-R$K ~e4BsR<DyPDSKNP-R5KNoNo9QSEim<n$KNQrEyP-QrE,t$KpDFMDFg$BR
MSeiER$EiMfE +g+KNt$KpDFKNR+joNK^DrDFo^EfP-QXR$P{ykPDFK^P-R?
Xg<n$M  BWn$R$T$ByEiRlDhBo QrEMSn+o^D`KNR \@K^T$EPeP3T$K^R$jKNM DFg~B%D`yBK^R<DFBKNR+KNR$jBeP-R+MrDhBsR<D
&zEQreEiz+DFn~Bso
P-QaP-'t #rEieiDSK^\-E am<n~BsoNK^DJq*DFg$QrP-n$j-g+P-n+D`BMrEm<n$EiR$eEQrEm<n$K^QSEM`B\BsQSKBst$oNE QSBsDFEkBo^oNP3e4BsDSKNP-R ? Xg$KNMaoNBQSj-E
\sBQSKNBt$K^oNK^DJq,g~BMtEER P-t+MSEQO\-EiTKNR\3K^T$EP,DSQFBeiEBR~Bopq@MrKNMP-QrMSn+ehgBM DSg~BsDK^R   P-Q b :?dCR
E +Bykz$o^ECeBRtECMrEERK^RDSg$ECDSQFBeiEfMSg+PRK^RKNj-n$QrE CeP-QrQSEiMSzP-R$T$K^R$j`DSPDFg$
E  5 G G 5 ? D? G G 5 4 2
ykP\3K^E g$EiQSE,DSg$EMrEm<n$ER+eE g~BMt/EiEReP3T$EiTK^DSgBePR$MrDFBRlDm<n~BRlDFK^4BsDSKNP-R5z~BQFBsyEHDFEQkKNRB
x*PDSKNP-R - WQSBykEiP-QS H?dCMeBRtECMrEEiR +ehg~BsR$j-EMPWP\-EiQZB W&BeiDSP-Q PW DJPBQrECeiP-yykP-R <BsR$T
WP-QXo^P-R$j-EiQ9MrEm<n$EiR$eEiMLEi\ERoNBQSjEQZ\sBQSKNBsDFK^P-R$MXBsQSEaoNK^Eopq-? K^j$?7>BoNMrPMrg$PMCg+PDFg$E`x,+\sBQrKNEiM
MSn+t$MrDFBRlDFKBsoNo^qWQrP-y WQFBykEaDFPWQSBykE?CCPDSE`DFg$BsDLKpW BR x _eP3T$EQ u EQSEn+MSETK^R$MrDSE4BT /DFg+E
B4\-EiQFBj-E{QSBsDFEzEQ j-QrP-n$z PW z$K^eiDFn+QSEM
:  CPn$oNT MSg+PMSK^yK^oBQX\sBQSKNBt$K^oNK^DJq /t+n+Da\BsQSKB%DFKNPR$MfK^R
QFB%DFE K^DSg$KNRBk aP-n+oNTT$EzER+TykP-MrDSo^qP-RDSg$E WQFBykELDJq3z/E
E?j$? ~GWQFBykEMZ\3M9[ GWQFBykEM H?
Xg$EMrEDFQSBeEiM KNo^oNn$MODFQFB%DFEg$P DFg$Ez$QSPt$oNEiy PsWBehg$K^Ei\3KNR$jeP-R$MODhBRlDzEQreEiz+DFn~Bsom<n~Bo^K^DJqWP-Q`B
g$P-o^EMSEim3n+ER$eiE|DFBEiM*T$KpV EiQSEiR<DWPQSykMT$EzER+T$KNR$j P-Rg$EHDFg$EiQoNK^\E,P-Qz$QrEHGER$eiP@T$EiT]\3K^T$EP K^M
ePR$MSK^T$EQrET?  RDFg$EaP-R+E`g~BsR$T 7K^WoNKp\-EL\3KNT$EiPK^MeP-R$MrKNT$EiQSEiTK^DK^MR$PD9z/PMSMSK^t$oNE DSPj-n+EMSMg~BsD9DFg+E
ePR<DSERlDFM`PWZWn+DSn$QSE{WQFBsyEiMaK^oNotE BR$T|DFg$EiQSEiWPQSE BsD`BjK^\-EiR1DSKNykE DFg$EkER+eP3T$EQ#KNoNog~B4\-EDSP
yBEaeP3T$K^R$jT$EeiKNMrKNP-R$MXDSP{DFBQSjEiDXDFg+E#m<n~BsoNK^DJqPWDFg$Eaen+QSQSEiRlDCWQSByEiM?

+-5?PDa.W . ]#XWO.<IWX# .{*PIW ! *#{"%KW$  &.#5<.WD . -{' *S.W(Q" #3.3##WOW*{PXD P..- <D,{.](*.:P#W#+. .<./ ) D * )
u


'




 

 

4.5

Rate per Frame

x 10

Total Number of Bits

3.5

2.5

1.5

2000

4000

6000
Frame Number

8000

10000

12000

 K^j-n$QSE  x*KNMrMSKNPRJykzP-MSMrKNt$o^EfDFQSBeEsA9BsDSE
LRDFg$EPDFg$EiQfg~BsR$T o^EiDCn$MLeiP-R$MSK^T$EQfBn+DSg$P-QSK^R$jPsW eP-ykz$QSEiMSMrETykP\3K^EMCWPQfIXY I MODFP-QSBj-E BsM
BRE $Bsyz$o^EPW7z+QSEHGER$eiP@T+ET\3KNT$EiP$?JR DSg$KNMz$BQrDSKNen+oBQMSeiER~BQrKNPfDSg$EXP-R$opq#eP-R$MODFQSBKNRlDK^MDFg+EZP\-EQSBoNo
MrDSP-QFBsj-EeBz~BeiK^DJq|KNR|DFg$EIYLI
&MrKNR$eiET~BsDFB*e4BsRt/EQSEBTKNRlDSP*DFg+Ez$oB4qEQ B%Dy n+ehg g$KNj-g+EQ#QFBsDSE
DFg$BRDFg+E`DJq3z$KNeBo;\@K^T$EPeP3T$KNR$jkQFB%DFEM  BR$TDSg$EQrEiWP-QrE`DFg+ER<n$y tEQLPsW t$K^DSMfBsMSMSK^j-R$EiTDFPT+K^V/EQSEiRlD
MSeiER$EiMe4BRMSg$P MSKNjR$K ~eBRlD`\sBQrKBsDSKNP-R+M?*x*P-QrEP\-EiQ  j-K^\ERDSg~BsD`DFg$EiMSEykP\@K^EMBQSEeP-ykz$QSEiMSMrET
P-R$eiE t$n+D`BQSEkT$EieP3T$ET1yBRlqDSKNykEM BQSEioBsDSK^\-Eio^qeP-ykz$oNE  ER+eP3T$KNR$jz$QrP@eiEMSM`KNM#BeieEz@DhBt$o^EBsM
oNPR$j{BMXDFg$E#Behg+KNEi\sBt+oNE m<n~Bo^K^DJqj-BKNR$MBsQSE MSK^j-R$K ~e4BRlD?
Xg<n$M B DJP%GJz~BMrM9Bz$z$QrPlBehgKNMZDJq3z$K^e4Bo^o^qn$MSEiT $g$EQrE DFg$E ~QrMrDz~BMrM9BKNykMZBsDo^P@eBsDFK^R$j MreER+EM
DFg$BsDLg~B4\Eg$KNj-g+EQ reP-ykz$o^E @K^DJq "K?E? /K^oNo;QSEim3n+KNQSEBoBsQSj-EiQfBykP-n$RlDfPW t$KpDFMfK^R,P-QrT$EQ9DFPBehg+KNEi\E
DFg+EkT+EMSK^QSEiT|m<n~BsoNK^DJq? Xg$K^M e4BR|t/E{BseePyz$o^KNMrg$ETtlq eP3T$K^R$jDFg$E g+P-oNEMrEm<n$ER+eEKpDFg|BMSK^R$j-oNE
m<n~BRlDFK^EiQ#Mre4Bo^E{BR$T DFg$EiR1T+EiDFEiQSykKNR$K^R$jg$K^ehg1z~BsQrDFMaPW DFg+EkMrEm<n$EiR$eEg~B4\-EkQSEm<n$K^QSEiT1ykP-QSEt$K^DSM

&MrEEfWPQE +Bykz$o^E    H?Xg+KNMK^R+WP-QryBsDSKNP-R{K^MDFg+ERn$MrETKNRkDFg$EfMSEeiP-R$Tz~BsMSMZPWDSg$ELBsoNj-P-QrK^DSg$y


g$EiQSELDFg+ELER$eiP@T+EQZK^MZBo^oNPEiTDFP BT~Bz+DDFg$Efm3n$BRlDFKNBsDFK^P-RMODFEzMrKNiE $t~BsMSETPRDFg$ELQrEMrn$o^DSMPW;DFg+E
~QrMrDCz~BMSMi?Z~P-QXE $Bsyz$o^
E $WP-Q rEBMrq kMSeiER$EiMLK^DyB4qz/PMSMSK^t$oNELDSPT+EeQrE4BMrE`DSg$E`QSBsDF!E $K^DSg*QrEMSzEeHD
DFPDSg$E ~QSMODCz$BMSM 7KpDFg$Pn+D9BsV/EeiDSKNR$jDSg$Eaz/EiQSeEiz+DFn$Bom<n~BoNKpDJq-?
Xg$E eiP-R$eEiz+DLPsW MSeiER$E eiP-ykz$oNE +KpDJqKNMKNo^oNn$MODFQSBsDFEiT*tlqDFg$E`z$oNPsDFM9PW K^j$?~v+?Xg$E#DFP-zDJPz$o^PDFM
'

'

' '


'

Distortion per frame


2.2

1.8

1.6

MSE

1.4

1.2

0.8

0.6

0.4

0.2

2000

4000

6000
Frame Number

8000

10000

12000

 K^j-n$QSE >@ x*KNMrMSK^P-RJyzP-MSMrKNt$o^ELDFQSBeEsILK^MrDSP-QrDSKNP-R


BQrE R$P-QryBo^KNiET*\EQrMSKNPR$M PWKNjM? {BR$T|>  g+EQSE Eg~B4\-E{R$PQSyBoNK^ET*tlq,T$Kp\@K^T$KNR+jBo^oQSBsDFE PQ
x,+\sBo^n$EM9tlqDSg$E#yB @K^y n$y QSBsDFE#P-QCx,+KNRDFg+EMSEim<n$ER$ei&E
&Es?wj$?    

 7g$EQrE
 BR$T  BQSEQrEMSzEeHDFKp\-Eopq{DFg$EQFB%DFE9BR$TkR$P-QryBo^KNiETQFB%DFEWP-QWQFBykE S? Xg$E9t/PDrDFP-y z$oNPsD MSg$PM
DFg+E`R$PQSyBoNK^ET\sBo^n$E zEQXWQFBykEaPWDFg$E#z$QSP3T$n$eHD9PWQSBsDFE#BR$Tx,+
K?E?  ZWPQ9EBehgPsWDFg+E
MSEioNEieiDFEiT5m<n~BsR<DSKNiEQSMi?9PDFEDSg~BsD{MSK^R$eEDJq3z$K^e4BoQFBsDSEHGT$KNMODFP-QODFKNPRehg~BQSBeiDSEQSK^MrDSKNeMeBR t/EQrP-n$j-g+o^q
ykP@T$EioNEiTBM g$B\3K^R$jDFg+EWP-QS
y    WPQBjK^\-EiR eP-R+MrDhBsR<D  DFg$EiR  T+P@EiM z$QSP\3KNT+E
BR|Bz$z+QSP @KNyBsDFK^P-R*DSPDFg$EeiP-yz+oNE @KpDJqPWBz~BQODFK^en$oNBQCWQSByEs?#CR$T$EiQ DFg$E    ykP3T$Eo^KNR$j
BMrMSn$ykz+DFK^P-R{BLoBsQSj-E  ykE4BsR$MDFg$BsD yBsR<q`t$KpDFM BQrEZQSEim<n$KNQrETDFPaBehg+KNEi\EXoNPT$KNMODFP-QODFK^P-RBR$T DSg<n$M B
WQFBsyEXK^DSgoNBQSjE  e4BRt/ET$EiEykETDSP`g$B\Efg$K^j-gkeP-ykz$oNE @K^DJq-?P-Rl\-EiQSMSEio^q ~B#MryBsoNo  P-n$o^T
KNR+T$KNeBsDFE o^PePyz$o^E @K^DJq ~MSK^R$eE#B{MSyBoNoR<n$yt/EiQ9PsWt$KpDFMe4BsR*MrKNj-R$K ~e4BsR<DSo^qQSET+n$eE`T$KNMODFP-QODFKNPR? JR
DFg+E`z~BsQrDFK^en$oNBQZE $Bsyz$o^EaPWDSg$Eat/PDrDFP-y en$QO\-EPsW K^j$?~v $DSg$E $R~BoMSEieiDSKNP-R*PWDSg$E#MSEm<n$EiR$eE
&MFB4q 
BsW DSEQWQFBsyE -- MrEEiyM DFPatEXoNEiMSM eP-ykz$o^E `DFg~BsD DSg$Et/Eij-KNR+R$KNR$jaBsR$TDFg<n$M BLDJPsGz~BMrMBsoNj-P-QrK^DSg$y
P-n$oNTDFEiR$TDFPkBoNo^P@eBsDFECyPQSE t$KpDFMZDFP{DFg+E#tEjKNR$R$K^R$jPWDFg$EaMrEm<n$ER+eE`DSg~BRDFPDFg+E#EiR$T?
JRlDFEQrEMODFKNR+j-o^q +WP-QZz$QrPWEMrMSK^P-R~Bo IYLIBz$z$o^KNe4B%DFKNPR$M DJPsGz~BMSM9Bo^j-P-QrK^DFg+yM BQrELR$PDXEiR$P-n$jg*BsR$T
DFg+EQSEK^MLn$Mrn~BoNopq*BDFg$K^QST,MODhBj-EtEiWPQSEDSg$E ~R~BoeP-ykz$QrEMSMrET \-EiQSMSK^P-RKNMfz$QSP3T$n$eiET?#JRDFg$K^M ~R~Bo
MrDFBj-EB,zEQrMSP-RBeHDFn~Bo^o^q|\3KNEiM DSg$ET$EieP3T$ETMSEim3n+ER$eiEBR+T5Bsz$z$oNK^EM`MSEo^EeHDFETykP@T$K ~e4B%DFKNPR$M#DSP
'

' '

Normalized Rate
1
0.8
0.6
0.4
0.2

2000

2000

4000

6000
Normalized Distortion

8000

10000

12000

10000

12000

0.5

4000
6000
8000
Normalized Complexity (Rate * Distortion)

0.5

K^j-n$QSE`v+Cx*K^MSMSK^P-R,Jykz/PMSMSK^t$oNEaDFQSBeEsf9P-QSyBo^KNEiT*QSBsDFE! T$K^MrDSP-QrDSKNP-RBR$TePyz$o^E@K^DJqzEQCWQFBykE?
CPsDFE DFg~B%DX\BsQSKB%DFKNPR$MWQSPy MSeiER$EaDFPkMSeiER$E`BQrEL\-EQOqMSK^j-R$K $e4BRlD4?
DFg+EeP3T$KNR$j z$BQFBykEiDSEQrMDFP ER$Mrn$QSEDSg~BsDBRlqQrEyBKNR$K^R$j\3KNMrKNt$o^E,BQODFKpW&BeiDSMBQSEQrEykP\-ET ?_Xg$E
QSPoNE PW DSg$KNMLzEQrMSP-R
MSP-ykEiDSKNykEMLeBoNo^ETDSg$E rePyz$QrEMrMSKNPR$KNMOD  |eioNE4BsQSo^q*T$EiyP-R+MrDFQSBsDFEiM R$PD PR$o^q
DFg$BsDCx,+g~BMK^DSMZoNK^yKpDhBsDSKNP-R$M t+n+D9BoNMrP DFg~B%DQSEo^KBt+oNE @Bn+DSP-yBsDFK^ET +zEQSeiEz+DSn~Bom<n~BsoNK^DJqyEHDFQrKNeM
QSEiyBsKNR T$K ken$opDDFP T$ E ~R$!E +BR+T DFg$EiQSEiWPQSE9Behg$K^Ei\3KNR$j R+E4BQ zEQOWEeiD zEQreEiz+DFn~Bso~m3n$BoNKpDJq
n$R$T$EiQ QFBsDSE
ePR$MrDSQFBK^R<DSM ZQSEiyBsKNR$MBo^yPMrDXBsRBQOD4?
JR MSn+yyBQrq %EeBRBMrMSn$ykE BMKNR  %DFg~BsDDFg+QSP-n$jg`WQFBsyE eP-ykz$o^E @K^DJq EiMrDSKNyBsDFK^P-RaP-QPsDFg$EiQ
DFEiehg$R$K^m3n+EMLKpDCK^oNotEzP-MSMrKNt$o^E#DSPT$EHDFEQryK^R$E`DSg$E OKNT$EBo;QFBsDSE WPQCEBehg,MSEij-ykERlD PW BkMSEim3n+ER$eiE?
CEiQSELK^T$E4BsoQSBsDFECKNM T$E $R$ETBM DFg$ECyK^R$KNy n+y R<n$y tEQPsWt$K^DSMDSg~BsDZz+QSP3T$n$eEiMDFQSBR$Mrz~BQSEiRlDXm<n~BoNKpDJq 
K?E? <MSn$ehgDSg~BsD DFg$E9P-QrKNj-K^R~Bo$MrEj-ykERlDBR$TDSg$EfT+EeP3T$EiTP-R$ECBQSE9KNR+T$KNMODFKNR+j-n$KNMrg~Bt$o^E?@n$ehgBsRK^T$E4Bo
QFB%DFE 3P-Q BRBo^DSEQSR$BsDFKp\-EQFBsDSEfBsoNoNP3e4B%DFKNPR{BKNykKNR$jaB%DeiP-R$MODhBRlDZzEQreEiz+DFn~Bso/m<n~Bo^K^DJq <K^oNo~tECT+K^V/EQSEiRlD
WP-QLEBehg MSEij-yEiRlD`K^RDFg+EMSEm<n$EiR$e!E BR+T,DFg$EiQSEiWPQSEeP3T$K^R$jBsD eiP-R$MrDFBRlDam<n~BoNKpDJq*K^oNoR$EeiEMrMFBQrKNo^q
QSEim<n$KNQrEa\sBQrKBt+oNELQSBsDFE zEQXWQFBsyEs?
0

2000

4000

6000

8000

10000

12000

' '





#  &/- #   


  

-   
 
-.
/

JRDFg+EE+Bykz$oNEPW9KNjM? BR$T>EEiz+DkB  @ET m<n~BRlDFK^4BsDSKNP-RMrDFEiz@GJMrKNiEWP-QBo^o WQFBykEMBsR$T


Eykz$o^PqET|JRlDFQFBGJP-R$opqeP3T$K^R$j
&K?E?WQSByEiMLEiQSEBoNoeiP@T+ET|n$MSK^R$j - K^DSg1MSBykEeP3T$KNR$jz~B%G
>
'

'

QFBsyEHDFEQrMWP-QBsoNoWQSBykEM U? Ltl\3KNP-n+MSo^q BMKNR+T$KNeBsDFEiT KNRDSg$E\3KNT$EiPeP3T$KNR$jMODhBR+T~BQST+Mehg~Bz+DSEQSM 


B,MrDFBsDFEPWDFg$EBQODeP3T$EiQ KNR$eiP-QSzP-QSBsDFEiM yBsR<q1PDSg$EQ eiP@T+KNR$j,Pz+DFK^P-R$M?| +Bykz$oNEiM PW9g$P DSg$EMrE
eP3T$K^R$jP-z@DFKNPR$M`eBRtE #rn$T$K^eK^P-n$MSopqehg$P-MrER DFP*P-z+DSKNykKNE{zEQOWP-QSyBR$eiEBQrEj-Kp\-ERKNR > :? CEQrE
EKNo^o #rn$MrDfz$QSP\3KNT$EBQSBz$KNT*P\-EQO\3KNEi PW B\sBK^oBt+oNE ykEehg~BR+KNMSykM? 1EQrEiWEQ9DFPkDFg$E`ehg~Bz+DSEQSMfP-R
ePyz$QrEMrMSET\3KNT$EiP|MODhBR+T~BQST+MkWP-Q`Wn$QrDSg$EQ{T$EHDhBK^oNM{BtP-n+DDSg$E\BsQSKNPn$M z~BQSBykEiDFEiQSMDFg$BsD{e4BRtE
ehg$P-MrER|WP-Q E4Behg|WQFBykE ;BsR$T|DSP >  WP-QaBT$EiDFBKNo^ET T$EMreQrKNz+DSKNP-R PW DFEiehg$R$KNm<n$EiM`DSg~BsDae4BsR1EiR~Bt$o^E
BRE keiKNERlDCMSEioNEeHDFK^P-RPWz$BQFBykEiDSEQrM?
k"$/ )32)3(&)3
Xg$ECyP-MOD KNykyEiT$KBsDSEXBz$z+QSPlBehgkDFP`z$QSP3T$n$eiEfBa\BsQSKBst$oNEXQSBsDFE9KNM DFP`ehg~BR$jE9DSg$Efm<n~BRlDSKN4B%DFKNPRMODFEz3G
MSK^Es? dfoNo~\3KNT+EP eiP-yz+QSEMrMSK^P-RBo^j-P-QSKpDFg$ykM n$MrETKNRz$QFBeHDFK^eE 3KNR+eoNn+T$KNR$jaDFg+P-MSELt$BMSEiTP-RMrDFBR$T~BsQST$M 
Bo^oNP~E @K^t$KNo^K^DJqCKNRLDFg+E MSEo^EeHDFKNPR#PsW@m<n~BsR<DSKNiEQ
&MrEE DFg+E ehg$Bz+DFEiQSM;P-RaePyz$QrEMrMSETa\3KNT$EiPMrDhBsR$T~BQrT$M U?
q@z+KNe4BsoNo^q EBehgK^R$T$K^\3K^T$n~Bo t$o^P@ehPQ`yBeQrP-t$o^P@ehKpDFg$K^RBWQFBykE{e4BRtEBMSMrKNj-R$EiT B*T+K^V/EQSEiRlD
m<n~BRlDFK^4BsDSKNP-RaMODFEz3GJMSK^Es?Xg$EiMSEWEBsDFn+QSEMBQrE KNR$eioNn$T$EiT`K^R \@K^T$EP9ePyz$QrEMrMSKNPRBo^j-P-QrK^DFg+yM/z$QSK^yBQrKNopq
DFP#Bo^oNP DFg$EMOq@MODFEiyM DFPaP-zEQSBsDFEBsD MrEi\-EiQFBo7ehg~BsR$R$Eo7QSBsDFEiMBsR$TDFPaz$QSP\3KNT+EDSg$Et/EiR$E +DFM PWB j-P3P3T
t$KpDBo^oNP3e4BsDSKNP-R K^DSg$KNRBjK^\-EiR KNyBj-E? 7PQE +Bykz$oN!E P-R$E,eBR]BoNo^P@eBsDFE*B ~R$EiQm3n$BRlDFKNiEQDSP
DFg+P-MSEz~BsQrDFMPsWCDSg$EKNyBj-EkDFg~BsD{yB4qtEykP-QSEMrER$MrK^DSK^\-EDSPm3n$BRlDFKNBsDFK^P-R EQrQSP-QrM? EioNoZ<R$PR
DFEiehg$R$K^m3n+EMMSn$ehg*BM;Bj-QSBR$j-KNBRP-z@DFKNykKNBsDFK^P-Rke4BRtELn$MSEiTDSP{Behg$K^Ei\-E#BR E keKNEiRlDfBsoNoNP3e4B%DFKNPRK^R
DFg+E#QSBsDFEUGJT$K^MrDSP-QrDSKNP-R
&ACI MrER$MrE BykP-R$j DSg$Eat$oNP3eh<M 'v  4"  > ?
~P-Q\3KNT$EiP5eiP@T$K^R$"j 9m<n~BRlDFK^EQMSEioNEieiDFK^P-R KNMWn$QODFg$EiQeP-ykz$oNK^e4BsDSETtlqDFg+E W&BseiDDFg$BsDyPDSKNP-R
ePyzER$MSBsDFEiT*z+QSET+KNeiDSKNP-RK^MZn$MrET?[EeBn$MrE`ykPDFK^P-ReiP-yzER+MFBsDSETz$QSEiT$KNeHDFK^P-RKNMZt~BsMSETP-RDFQSBR$M G
ykK^DSDSKNR$jDFg+ET$KpV EiQSER+eEZtEiDJEEiRBCz$QSEH\@K^P-n$Mro^q`m3n$BRlDFKNiET WQSByEBR$T`DFg$EZein$QSQrERlDWQSBy!E m<n~BRlDSKNEiQ
MSEioNEieiDFK^P-RWP-QXP-R$E WQSByEaB%V EieiDFMXDSg$E#ACI z/EiQrWP-QryBsR$eELWP-QZWn@DFn$QrEaWQSBykEM  :?
&.;),2)3()@&
JRBT$T$KpDFKNPR DFP DFg$Em<n~BRlDSKN4B%DFKNPRMrDFEiz$MSK^!E @PDSg$EQ eiP@T$K^R$jaz~BQSByEHDFEiQSM
&PQ eP3T$KNR$jaykP@T+EM eBRBoNMrP
tE ehg$P-MrER DFPtE n$MrETWP-QfEBehg yBseQSPt$oNP3eh7? JRz~BQrDSKNein$oBQ WPQfJRlDFEiQLWQFBykEMCE4Behg yBeQrP-t$oNP3eh
e4BsRtE#z+QSET+KNeiDSET MS<K^z$z/EiT 7P-QeP3T$ET*KNRKNRlDFQSByP3T$E? q3z$K^e4Bo^o^q $DFg$K^M9T+EeK^MSK^P-R*eBRt/E#yBsT$Eat<q
'

'

'

'

'

'

v
'

ePR$MSK^T$EQrKNR$jag$KNehgkPW/DFg$E9yP3T$EiM z+QSP\3KNT$EiM DSg$EoNE4BsMrD ER$EiQSjq{QrEMrKNT$n$E9KNR{DFg+E9ykPDSKNP-ReiP-yzER+MFBsDSET


z$QrET$K^eiDFEiTWQSBykE? CPEi\EQ  Bo^DSEQrR~BsDFKp\-EaBz+z$QSPlBsehg$EM9e4BRtE#n+MSET 7g+EQSEaDFg+EaDSQFBT+EHGJPsVt/EHDJEiER
QFB%DFEBR+TT$KNMODFP-QODFKNPR,KNMCeP-R$MrKNT$EiQSEiT? xP-QSE jER$EiQFBo^o^q DFg$EiQSEeiP-n$oNTtE PDSg$EQfyP3T$EMfPW P-zEQFB%DFKNPR
DFg$BsDeBRtEMrEo^EeiDSET XK^R$eo^n$T$K^R$jWP-QE +Byz+oNEDFg$EDJq3z/E*PW ykPDFK^P-R eP-ykz/EiR$MFB%DFKNPR5n$MrET
E?j$? 
P\-EiQSoBsz$z/EiT\3Mi?R$PR@GJP\-EiQSoNBz$zET ~ykPDFK^P-R\EeiDSP-Q9t$oNP3ehMrKN!E ~EiDSe? > :?
"~.1)lrU0 )2)3()3&
P-R$MrKNT$EiQBsMBsRE $Bsyz$o^ECx fGO >
&MrEEDFg$E9ePQSQSEiMSzP-R$T$K^R$j#ehg~Bz+DSEQ U? Xg$EDFg$QrEEWQFBykEZDJq3z/EiM
& 
3[ e4BsRt/E9ehg$P-MrERBeieP-QrT$KNR+j#DSPMSEH\-EiQFBo/eQSKpDFEiQSKB@?~P-Q E +Bykz$oN!E 3B`MSzEeiK ~efBz$z$o^KNeBsDFK^P-RMSn$ehgBsM
MrDSP-QSEiT\3K^T$EP{yBqQSEm<n$K^QSELDSg~BsD9 WQSBykEMXtE#z+oBeiETBsD  @ET*KNRlDFEiQr\sBo^M
&E?j$? $P-R$EaEH\-EQOq+?cMrEeiM
KNR|P-QrT$EQaDFP*ER~Bt+oNEkQFBR$T+P-y BeeiEMrM BR$T|WE4BsDSn$QSEiMMrn$ehg BMaW&BMrD#WP-QOZBQrTBR+TQSEHKNR$T ?JRB*QrE4Bo
DFK^yE#Bz+z$oNK^e4BsDSKNP-R @WQFBykEaMSEo^EeHDFKNPRe4BsR,t/E#n$MrET,DFPkykP@T$n+oBsDSEaDSg$EEiR$eP3T$K^R$jQSBsDFEs?97PQ9E +Byz+oNE 
DFg+E#Mrz~BeiKNR$jkt/EHDJEiER, WQFBsyEiM9eBRKNR$eiQSE4BsMSEaK^WoNPEQQFBsDSE KNMXT$EiMSK^QSET ?dCM9tEiWPQSE DFg$E WQSByEUGDJq3zE
MSEioNEieiDFK^P-Re4BRtE#Pz+DFK^yK^ETt$BMSEiT*P-RDFg+E`A9I DFQSBT$EHGPV  :?
 "~.1)2 00&
K^R~BoNopq -eiEQODhBK^Rk\3KNT+EPeiP@T+KNR$j#MrDFBR$T~BQrT$MBoNo^P5WQFBykEMS<KNz+z$KNR$j#oNEBT$K^R$j DFP B \sBQSKNBt$o^EZWQFBykEQFBsDSE
BR$TDSg$EQrEiWP-QrEf\sBQSKNBt$o^E9QSBsDFEC\@K^T$EP+? ~QFBykECMr<KNz$z$K^R$j ykE4BR+MZQSEiT$n$eK^R$jDSg$ELR<n$y tEQZPsWWQFBykEMz/EiQ
MSEieP-R+TDFg~B%DBsQSEDFQSBR$MSykK^DrDFEiT
WP-QaE +Bykz$oNE WQrP-y DSg$EPQSKNjKNR~BoQFBsDSE{PWXv-WQSByEiM sMaDFP MSB4q  
WQFBsyEiM sM MrP#DSg~BsD K^W/oNPEQ MSPn$QSeiECQSBsDFE9KNM QrEm<n$KNQrETP-R$Ee4BRkDFQSBR$MSykK^DWEiEQ WQFBykEM t$n+Dn$MrECykP-QSE
t$KpDFM zEQLWQFBsyEs?Xg$K^M P-z+DFK^P-RKNMfP-tl\@K^P-n$Mro^q,ykP-QrEMSn$KpDhBt$o^EWP-QLK^RlDFEQSBeiDSK^\E \@K^T$EPBR+T|K^R j-ER$EiQFBo
oNP m<n~Bo^K^DJq1Bz$z+oNKNeBsDFK^P-R$M g$EiQSEKpDK^MR$PD eQSn+eKBso DSP,yBsKNRlDhBK^RB*eP-R$MODhBRlD{R<n$y tEQ`PWXWQFBsyEiM
zEQ MrEePR$T?JR z~BsQrDFK^en$oNBQ WP-Q ePyz$n@DFEQt~BMSEiTBz$z$o^KNe4B%DFKNPR$M  BsM P-z$zP-MSEiT DFPMrq3MODFEykMg$EQrE
MSzEeiKBo^KNiETg~BsQST+BQSEKNM n$MrET  KpDyB4qtEE4BsMrqDSP,MSn+z$z/PQrD DSg$ET$K^MSz$oNBqB*\sBQrKBt$o^ER<n$yt/EiQ PW
WQFBsyEiMXz/EiQ9MrEeiP-R$T,BsR$TDFPkEi\-EiRK^R<DSQSP3T$n$eiELDFEehg+R$KNm<n$EiMCWP-QXK^R<DSEQrz/P-oNBsDFK^P-RBsDXDSg$EaQSEieEKp\-EiQ?
'

'



'

4
'

   k
   4
-           9     


     ,L
Xg$E#DJPyBK^RKNT$EBMz$QSEiMSERlDSETKNRDFg+E`z$QrEi\3KNPn$MCMrEeHDFKNPRBQrE#DSg~BsD9ePR$MrDFBRlDLm<n~Bo^K^DJq\3K^T$EPkDFER+T$M
DFP QrEm<n$K^QSEXBf\sBQrKBt$o^Et$KpDQSBsDFEXBsR$T DFg~B%DDFg$EiQSEBQrEZyBRlqBq3M K^R g$KNehgkBC\sBQrKBt$o^EQSBsDFEZt+K^DFMODFQrE4By
e4BsRtE#jER$EiQFBsDSET?Xg$EEiR$eP3T$EQ9g~BMXDSg$EBst$KNo^K^DJqkDFPkMSEo^EeHDfz~BsQFBykEiDSEQSMXWP-QEBehgPWDFg$EiMSE#yP3T$EiM
BR$TBMK^R > /yEHDFg$P3T$M MSn$ehgBMBsj-QFBR+j-KBRkP-z+DSKNykKNBsDFK^P-R{BR$TT@q@R$ByK^eCz+QSP-j-QSBykyK^R$j 4  eBR
tE`n$MrETDFPkMSE4BsQSehgDSg$E`Mrz~BeiEPWBoNozP-MrMSKNt+oNEaP-zEQFB%DFKNR+jkzP-K^R<DSMXDFP ~R$T*DSg$E#P-R$EaDFg~BsD9K^M9tEiDrDFEiQCK^R
BQSBsDFE#T$K^MrDFPQrDFK^P-RMSEiR$MSEs?f3EeiDSKNP-RkK^oNoT$K^MSein$MSMCKNMSMrn$EMCPW QSBsDFE#eP-RlDSQSP-%o $DFg~BsDCKNM 7g$PDFPBoNo^P@eBsDFE
t$KpDFMCByPR$j{T$K^V/EQrERlDfWQSByEiMKNR*BMSEim<n$ER$eiE?  tl\3KNPn$MSopqDFg$EiMSEz+QSP-t$o^EykMP-R$o^qBsQSKNMrE g$ERDSg$EQrE
BQrE eP-R$MODFQSBKNRlDFM
&BMXDFg$EiQSEaMSn$QrEopqKNo^o tE ZP-RDFg$E DSPDhBo QFBsDSELDFg~BsDeBRt/Ean$MrET? Xg$E#j-PlBo/PWDFg$K^M
MSEieiDSKNP-RKNMDFP{T$EMreQrKNtELDFg$EazP-MSMrKNt$o^ELT$EoNB4qePR$MrDSQFBK^R<DSMZDFg~B%DXKNoNoyBELDSQFBR$MryK^MSMrKNP-RBsDDFg$E K^T$E4Bo
QFB%DFER+PDfWEBMSK^t$oNEaKNRz$QFBeHDFK^eE?fx*P-QrET$EHDhBK^oNEiTT$K^MSen+MSMSK^P-R$MLPsWDFg$E#\sBQSK^P-n$M9T$EoNBqeiP-R$MrDSQFBK^RlDFMLeBR
tEaWPn$R$TKNR b  ' u :?


'

'

'

'

'


 
1 3#  
-
  
  
/ *



"
/  
/ 

 EiDkn$MBMSMrn$ykEDSg~BsDB\@K^T$EP|MSEim<n$ER$eiEK^DSgB DSPDhBoXPsW WQFBykEM{KNM DSQFBR+MSykK^DSDSETBsDB  @ET


R<n$y tEQ PW WQSBykEM z/EiQ MSEeiP-R$T? EHD  tEDSg$E9R3n+y t/EiQPsWt$KpDFM BMSMrKNj-R+ETDSP#DSg$E &GDSgkWQSBykE4? EHD
  tEDFg$EDFK^yE BsD g$KNehg DFg+E $QSMrD#t$KpD PW DFg$E\3KNT+EPMSEim3n+ER$eiEKNM QrEeiEK^\ET1t<qDFg$E{T$EieP3T$EQi?
XKNykE{KNM#yEBMSn+QSETKNR|n$R$K^DSM`PsWXR<n$y tEQPsWWQFBsyEiMBsD#DFg+ET$EieP3T$EQi?Xg<n$M    feiP-QSQrEMrz/P-R+T$M
DFP  WQSBykE#K^RlDFEQO\sBoNM9g~B4\3KNR$jz~BMSMrET g$EQrEP-R+E#WQSByE#KNRlDSEQr\sBo;oNBMrDSM   MSEieP-R$T+M?C7PQ9E +Byz+oNE 
BMrMSn$ykKNR$j|DFg~B%Dv-|WQFBykEMkz/EiQMrEePR$T BQSEtEKNR+jT$K^MSz$oNBqET BsDkDFg+ET$EieP3T$EQ     v-" !$#$%!-?
Ei'D &  tE`DSg$ER<n$y tEQCPW t$KpDFMCQSEeiEKp\-ETtlqDFg+ET$EieP3T$EQLt+n+V EiQfT$n+QSKNR+jDFg+E &GDFgWQFBykE`K^RlDFEQO\sBo?
CPsDFEDFg~B%(D &  T+P@EiM#R+PDaeP-QrQSEiMSzP-R$T|R$EeiEMSMSBQSK^o^q,DSP*eiP-ykz$QSEiMSMSEiTT~B%DhBWP-QLDFg+E GDSg WQSBykE?Xg$K^M
KNMktEe4Bsn$MSE*T~BsDhB WP-QB1z~BQODFK^en$oNBQWQFBykEeP-n$o^TtE*DSQFBR$MryKpDSDSETP\EQMSEi\EQSBoCWQSByEKNRlDSEQr\sBo^M
T$Eiz/EiR$T$KNR+jP-Rt~BsR$T+KNT@DFgeP-R$T+K^DFK^P-R$MBR+TDSg$EaR<n$y tEQPWt$K^DSM9n+MSETDFPkeP3T$ELDSg$E WQFBykE?
)
X5, OrXWX W#3]. W ..SPPW#5W. -#* *) P#3X< r #5{{3 .5#.]X:5WI5 WD]< *) #)#XY{WP<r{I W 3*-*3#c X.W r.< +X{W53WWr:P : W<+ *
:Y<#5X3<+D +#W+5PWW )



'

!



'



!

EkKNo^o BMSMrn$yEkDFg~B%D`DSg$ET$EieP3T$EQBeiDSn~Bo^o^qtEj-K^R$MT+EeP3T$K^R$j,BR+TT$K^MSz$oNBq3K^R$jWQSBykEM`BsW DFEiQ


  WQSBykE KNRlDFEiQr\sBoNM $P-Q       `MrEeiP-R$T$M /g~B4\E`z~BsMSMSEiT?Xg<n$M ~DFg$E ~QSMODWQFBykE
WQSByE
$ K^oNo@t/EZT+EeP3T$EiTBR+TkT+KNMSz+oB4q-EiTB%DDFK^yE     ?dCo^DSg$P-n$j-g{BLykP-QrEZT$EiDFBKNo^ETBsR~Bo^q3MrKNMPWDFg+E
T$EioB4q3M KNRl\-P-op\-EiT E?j$? ePyz$n@DhBsDSKNP-R,T+EoB4q KNMCz/P-MrMSK^t$oNE
MSEiE WP-QfE $Bsyz$o^E >  g$EiQSEE{BMrMSn$ykE
DFg$BsDXWQFBykEM9BQrE KNR$MODhBRlDFBR$EPn$MSopqT$EeiP@T+ET,BsR$TT$KNMrz$oB4q-EiT?
CR$T+EQZDFg+KNMWQSBykEiP-QS @DSg$EfMOq3MrDFEiy KNo^o~Wn$R$eiDSKNP-RR$P-QSyBo^o^q{BMoNP-R$jBMDSg$ELT$EieP3T$EQt$n+V/EQZK^M
OWEiT WQSByEiMCMrn keK^ERlDFopqW&BsMrDLMrPDSg~BsD B%W DFEQDFK^yE     DSg$ET$EieP3T$EQCe4BRz$oB4q    WQFBsyEiM
zEQMrEePR$T? 9PDFEDSg~BsDMSPLW&BQ;EXg$B\EXyBsT$ER$PLBMSMrn$yz@DFKNPRBMDSPLg$P DFg$EWQSBykEMBsQSEjER$EiQFBsDSET
BsD DSg$EDFQFBsR$MSykK^DrDFEQfP-QLg$ER DFg+Eiq|BQrE DFQFBsR$MSykK^DrDFET ?{@KNR+eEEkBMrMSn$ykEDFg~B%D WQFBykEMaBQrEz$oB4qET
t~BehBsD BeP-R$MODhBRlDaQSBsDF!E  K^DCWP-oNo^PM9DSg~BsDLKpW DFg$E ~QSMODLWQFBykEK^MfT$EieP3T$ET|BsDCDFK^yE   /DSg$ERDFg+E
&GDFg{WQFBykEZy n+MrD t/E9B4\sBKNoNBt$o^EZBsD DSKNykE  
  lK?E? 
 
   CMrEePR$T$MZB%W DFEQDSg$E ~QSMOD
t$KpDLZBsM#QrEeiEK^\ETBsD DFg$ET+EeP3T$EiQ?JRDFg$E{ykP-MrDLj-ER$EiQFBo eBMS!E DFg$E{j-PlBsoPW DFg$E DSQFBR+MSykK^DSDSEQfK^oNo
tELDFPkB4\-P-K^TT+EeP3T$EiQXt$n+V/EQn$R$T$EiQr~P
&MSEiE#BoNMrP{KNj$?@ H? Ltl\3KNP-n+MSo^qT$EeiP@T+EQt$n+V/EQXP\-EiQr~P BsM
EoNoBMCER$eiP@T$EiQft$n@V EiQfP\-EiQr~PBR$T,n$R+T$EQO~PBsoNMSPkg~B4\-E`DFPtE BT+T$QSEiMSMSEiT? 9PEH\-EQ P\EQr$P
BsD EiK^DFg+EQ t$n+V/EQ e4BsRtECBsT$T$QSEiMSMrETtlq{z$QrP\@K^T$KNR+j#Mrn keK^ERlDt+n+V EiQ yEiyP-QOq-?aKp\-ER{DFg+E9eiP-RlDFK^R3n+ET
T$EieQSEBMSEKNR|yEiyPQrqeiP-MrDSM DSg$EBMSMrn$yz@DFKNPR|DSg~BsD#MSn keiKNERlDyEiyP-QOqKNM#B4\sBKNoNBt$o^E MSEiEykM#DSPtE
QSEBMSPR~Bt$o^EWP-Q`yBRlq1Bz$z+oNKNeBsDFK^P-R$Mi?* R$eiP@T+EQ t$n@V EiQ n$R$T$EiQr~Pe4BsR t/EE4BMrKNo^q|B4\P-KNT$EiT tlqR$PsD
DFQSBR$MryKpDSDFK^R$jT~BsDFB+?Xg<n$M9WQSP-y R$PP-RE#KNoNo/WP@ein$MP-RT$EieP3T$EQ9t$n+V/EQ9n$R$T+EQr$P z+QSEi\ERlDFK^P-R
BR$TDFg+KNMZKNo^o tE DFg$EayBKNRP-t #rEeiDSK^\E#PsWDFg+E#QSBsDFE eiP-RlDFQrP-o;BoNjP-QSKpDFg$ykMPW@EieiDFK^P-R+?
JR*Pn$QXMrq3MrDSE&y ~DFg$E eiP-yz+QSEMrMSEiT*\3KNT$EiP{T~BsDhBK^MXz$oBeiETKNRB DFQSBR$MryK^MSMSK^P-Rt$n+V/EQ $WQSP-yg$EQrE
K^DaK^MaT$QFBK^R$ET|BR+T|DSQFBR$MryKpDSDSET? 1EBMrMSn$ykEDFg~B%D#DSg$E{\@K^T$EPER+eP3T$EQ#BR$T|DFg$EDSQFBR$MryKpDSDSEQaBQrE
ePy t$KNR+ETMSP{DFg~B%DXDFg$E \3KNT$EiPEiR$ePR$T$EQ9e4BsR*eiP-RlDFQSPo g$ER*T~BsDFB{K^MZDFQSBR$MSykK^DrDFEiT?
7s. (&"@&] )@-)<'  )<;)3   0%)l8)3/  D ? :<032': = ? E:;2'792'D==BA2$032 ? 032':


'

'

'

 :;?  4 ? G 58D  : 2 G =BA2 = :9D G  58= = 2': A G =? 2'D G'F :;2 =8A9=9484=BA2C58D  ? :9= 5 ? D ? :':;2 G ? DE0958D = ?
 :  2 A G 9:': 58792<0 =?$=BA2 032 ? 032':'2  ? :;2    '
  A35 G 5 G 2"! F 587#94 2'D= =?$=BA2$ A9DD 2'4
:9 =2 G A97 58D'2 2'D G'F&% '5 2'D==? = :9D G  58='9484 =BA2 D 2 2 G G 9:)(C0 9=*#+
  -,/.10/2
3 & 476 3  49 : 

'
45 
485 


'

=8A9=5 G + =BA2 = ? = 94 A9DD 2'4E:9=2 FHG <2 0 F  = ? = 5  2 


: G =   : 2 G 
'

  + A  G ' 2 2'D '2 D ? F  A>= ? = :9D G  ? :'==8A2

Bits arriving through channel

(A)

(B)
Bits in
decoder
buffer

R3
Decoder buffer underflow

R2
Bits removed by the decoder
td=0

R1
Time at decoder

Nd

K^j-n$QSE{$ I BsDhBQSEieEKp\-EiT BsD`DSg$EkT$EeiP@T$EiQ BR+TT~BsDFBDFg$BsDg$BM`DSP*tEB4\sBKNoNBt$o^E WP-QaT$EeiP@T$K^R$j*DSP


$z QrP@eiEET ? oNE4BsQSo^q@KpWDFg+EfT$EieP3T$EQZT+EyBR$T
:[ @E @eEEiT$MXDFg$ECehg~BR$R+Eo Mrn$z$z$o^KNEiTT~BsDFB
&d @BsDZBsR<q
DFK^yE!~DFg$E T+EeP3T$EiQfKNo^ot/E n+R~Bt$o^E#DSPP-zEQFB%DFEeiP-QSQrEeHDFo^q?fXg$K^MfK^MCg~BsDfKNMCe4Bo^oNET*T$EeiP@T+EQft+n+V EiQ
n$R$T+EQr$Pa?
CPDSEDSg~BsDEBQrEBMrMSn$ykKNR+jDFg~B%D R$PWQFBykEMBQSEMS<KNz$zET B%D`DSg$EER+eP3T$EQi? oNEBQSopq KpWZDFg+E
ER+eP3T$EQ#ZBMBoNo^PEiT|DSP*Mr3K^z1WQSByEiM MSP-ykE{PWZDFg+EkDSKNykEBsR$TT$EioB4q ePR$MrDSQFBK^R<DSM`ykKNjg<DatEo^EMrM
MrDSQSK^R$j-ERlD{DFg$BR K^WCBoNoWQFBykEMg~BsT DSP t/EER+eP3T$ET5BR$TT$Eo^K^\EQSEiT? CPEi\EQ Ei\-EiRKNRDSg$Ee4BMrE
g$EiQSE`DSg$EEiR$eP3T$EiQfj-EiR$EQSBsDFEiMLB\BsQSKBst$oNEaR<n$y tEQ9PWWQSByEiMz/EiQCMrEePR$T  eiP-R$MODFQFBsKNRlDFMCMSKNykKNoNBQDSP
DFg+P-MSE`BtP\E`P-n$o^Tg$P-o^T $K^DSgDSg$E#P-R$o^qT$K^V/EQrER$eiEtEKNR+jkDSg~BsDDFg$EaWQFBsyEaKNRlDSEQr\sBo^MXP-n+oNTg$B\E
\sBQSKNBt$o^ELMSK^E?
EfeP-RlDFK^R<n$EfDFP BMSMrn$yECDFg~BsDDFg$EfER$eiP@T$K^R$j BsR$TT$EeiP@T+KNR$j T+EoB4q3MXBQrEfeiP-R$MrDFBRlDBR$TDSg<n$MXBQrE
R$PD9DhBsERKNRlDFPBeeiP-n$RlDLK^Rg$BsDfWP-o^oNPM?Xg<n$M  DSg$EaDJPT+EoB4qeiP-yzP-R$EiRlDFMCDSg~BsD9e4BsR,QSEiMSn$opDfK^R
b
'

B \3KNP-oNBsDFK^P-RPWDFg$EaeiP-R$MrDSQFBK^RlDCPsW
$ ZBQSEs
"~24. 4)<*'1 )< )3("<   h?Xg$K^MaKNMLDFg+ET$EioB4qT$n+EkDSPDSg$EDFKNykEK^D DFBEiM#DSP*T+QFBK^R
\3KNT+EP T~BsDFB eP-QrQSEMrz/PR$T$KNR+jLDFPaB z~BQODFKNein$oBsQWQFBsy!E lBsW DFEiQK^Dg~BM tEER{z$oNBeEiTKNR DSg$EZDFQSBR$MSykK^D
t$n@V EiQftlqDFg$E`ER$eiP@T$EiQ?Xg$K^MfT$EioB4qE @KNMODFMLPR$o^qKpWDFg+E`ehg~BsR$R$Eot~BR$T@KNT+DSg,KNMoNK^yKpDFEiT*BsR$T
T$P3EMR$PDyBsDSehgDSg$EfT~B%DhBz$QrP@T+n$eEiTWP-QZBsoNo$WQFBsyEiM 3PDFg$EiQrK^MSELT~B%DhB`eiP-n$o^TtEfT$QSBKNR$EiTKNRlDSP
DSg$Eehg~BR$R+Eo9BMMSP3P-RBMKpDKNM z+QSP3T$n$eEiT? o^E4BQro^q  j-Kp\-EiR DSg$E\3KNT$EiP T~BsDhB  DSg$EoNPEQDFg+E
ehg~BsR$R$Eo;QSBsDF!E +DFg$Eao^P-R$j-EiQZDFg$K^MXT$EoNBqKNoNo/t/Es?
"~24.&2424 s;"~)3(;)3(&"l   l?Xg$K^M KNMDSg$EXT$EoNB4q MSn@V EiQSETktlqz~BehsEiDSMPW7\3KNT+EP T~BsDFB
tEK^R$jDFQSBR$MSykK^DrDFEiTDFg$QrP-n$j-gDSg$ER$EiDJP-Qr ;K:?wEs?  WQrP-y DFg$E DSKNykE`DFg+Eiqg~B4\Et/EiER|E 3DFQSBeiDSET
WQrP-y DFg+EDFQSBR$MryKpDat$n+V/EQ DFPDFg$E{DFK^yEg$EiRDFg$EHq|BQSEB4\sBKNoNBt$oNE{B%D#DSg$EkQSEeiEKp\-EQ`t$n+V/EQi?
Xg$EiQSEBQSE`R3n+yEiQSP-n$M9MSeiER~BsQSKNPMCg$EiQSEDSg$KNMT$EioB4qyB4qtE#\sBQrKBt$o^E ~Mrn$ehg BMDFQFBsR$MSykKNMrMSKNPR
P\-EiQBMSg~BsQSET`R$EiDJP-Qr`P-QDSQFBR$MryK^MSMrKNP-RaP\-EiQBoNP-MrMrqaoNK^R$
g$EQrET$EioB4qaKNMBMrMSn$ykET#DFPCKNR$eioNn$T$E
DSg$E DFKNykELR$EiET$EiT*WP-QXQrEiDSQFBR$MryK^MSMrKNP-RPWoNP-MODT~BsDFB{KpWBz$z$o^KNe4Bst$oNE H?
oNEBQSopq <DFg$EiR +WP-QBj-Kp\-EReiP@T+ETMSEim<n$ER$eiE DFg$ELehg$BR$R$EioQSEiMSP-n$QreEiMK^oNo7g~B4\-ELDSP tELMSEioNEeHDFEiTMSn$ehg
DFg$BsDfDSg$EDFPsDhBo;T$EioB4q 
 K^R$en+QSQSEiT,tlq,EBehg,\3KNT$EiPWQFBykE#T$P@EiMLR$PDfQSEiMSn$opDLKNRB\3KNP-oNBsDFK^P-RPW
DFg+E#T+EeP3T$EiQ9t+n+V EiQn$R$T$EiQr~P ePR$MrDSQFBK^R<D?
dfMBR{E +Bykz$oNEPWDFg+E9T+EoB4q \sBQrKBt+KNoNKpDJq seP-R$MrKNT$EiQ KNj$?lLg+KNehgT+Ez$K^eiDFM DSg$ER3n+y t/EiQ PW WQSByE
KNRlDSEQr\sBo^MZQSEim<n$KNQrETDFP DSQFBR$MryKpD WQFBykEMBsDXB eP-R$MODhBRlD9QFB%DFELEim3n$BoDFP DSg$EaB4\-EQSBj-EaQFB%DFELPWDFg+E
MSEim<n$ER$eiE? Xg$K^MZBsMj-EiR$EQSBsDFEiT`tlqLDFB<KNR$jXDSg$E QFBsDSEDFQFBseE PW+KNj$? eP-ykz$n+DSKNR$jXDSg$E P\-EQSBoNo<B4\EQFBsj-E
QFB%DFE sDFg$EiRkT+K^\3KNT$K^R$jCDSg$EZDFPsDhBo3QFBsDSEWP-QEBehg{j-QSPn$zPW -CWQSBykEMtlq 4-CDFK^yEiMDSg$EB4\-EQSBj-EZWQSByE
QFB%DFE? dCMXe4BRtE MSEiER $g$EiR*ykP-MODXPW;DFg$ELWQSBykEMBQrELt/EioNP]DFg$EaB4\-EiQFBjE QFBsDSE +DSQFBR$MryK^MSMrKNP-ReBR
tE#eiP-ykz$oNEHDFETKNRo^EMSMXDSg~BR -WQFBykE KNRlDFEiQr\sBo^M +g$K^oNELg$EiR*DSg$E`QSBsDFEaK^MXj-QSEBsDFEiQCB{oNPR$j-EQXT+EoB4q
KNMfKNR$ein$QSQrET?`JR|PsDFg$EiQLP-QrT$M KpWBT$EoNBqeP-R+MrDFQSBKNRlDaPW WQFBykEK^R<DSEQO\BsoNM
   - 9EQrE
DFPt/E EiR+WP-QreET oNPEQ B4\-EiQFBjEQFBsDSE`P-n$oNTtE QrEm<n$KNQrET,WP-QCyBsR<qWQSByEiMfK^RDFg$EKNR$KpDFKBsoz~BQrDfPW
DFg+E#MrEm<n$EiR$eEs?
'







 

'

'

'

'

'

'

'

'

Number of frame intervals needed to transmit the next 100 frames at average channel rate
160

150

140

Time (frame intervals)

130

120

110

100

90

80

70

60

2000

4000

6000
Frame Number

8000

10000

12000

 K^j-n$QSE@PDFBo ILEoNBq K^R|DSQFBR+MSykK^DSDSKNR$j WQSByEiM?~P-QaE4Behg1WQFBykEkEz+oNPDaDFg+ER<n$y tEQ#PW


WQFBsyE9KNRlDFEiQr\sBo^M DSg~BsD P-n+oNTtEfR$EiET$EiTDFPDSQFBR+MSykK^D DFg$ECR$E3D 4-#WQSByEiMn+R$T$EQ DFg$ELBMSMrn$yz@DFKNPR
DFg$BsDZDFg+E B4\-EQSBj-E QSBsDFE zEQWQSBykECWP-QDSg$Efg$PoNELMrEm<n$ER+eE#KNMn+MSET*BMDSg$ELeiP-R$MrDFBRlDehg~BR$R+EoQFB%DFE?
CPsDFE{DFg~BsD#DFg+ET$EioB4q P-MreKNo^oBsDSEM#BQrP-n$R$T -WQFBykEM`BR$T|DFg~BsD#MrP-yEkMSeiER$EiM QSEim<n$KNQrEykP-QSEDFg$BR
- WQSByEiMZWP-QZDFQSBR$MryK^MSMSK^P-R?
'

'

'

'


/   
- 


! 
   
/ -.
/

C PsDFEDSg~BsDLDSg$E T$EioB4qeiP-R$MODFQFBsKNRlD ePyEiM KNRlDFPz+oB4qtEeBn$MrE DFg$E T+EeP3T$EiQ e4BR$R+PDOBK^D WP-QLoNBsDFE


WQFBsyEiM? Xg<n$MKNRPQST$EiQDSP{3R+Pg$EiDSg$EQDFg$EaT$EioB4q 
 `E @eEEiT$MfDSg$KNMXyB @KNy n+y T$EioB4qE
KNo^o7R$EEiTDSP <R$P ~QSMOD A2'D DFg$EfER$eiP@T$EiTWQFBykEM ~QSMODXt/EieP-ykELB4\sBK^oBt$o^E?PT+P MSP ELg~B4\-ELDSP
T$KpV EiQSERlDSKBsDSE t/EHDJEiER,o^K^\-ELBR$Tz$QSEUGJER+eP3T$ET\@K^T$EP+?
`)-F)3-;)@8;&;)3
EiD`n$M#eP-R$MrKNT$EiQ ~QrMrD#DFg$Eke4BsMSEPsWZP kKNR+Ez$oNB4q@t$BehPWBz$QSEUGJEiR$eP3T$ETMSP-n$QreEs?JR1DFg+KNM#e4BMrEDFg+E
g$P-o^Ek\3K^T$EP*MSEm<n$EiR$eEg~BM BsoNQSEBT+qtEEiRER+eP3T$ET BsR$TK^M#QrE4BT@q|DSPtEkDSQFBR+MSykK^DSDSET?Xg3n+M K^R
DFg+KNM MSeiER~BsQSKNP Ee4BRkBMrMSn$ykEXDFg~BsD DSg$EZDFQSBR$MryK^MSMSK^P-Rt$n+V/EQ K^M\-EiQrqoNBQSj-EZBR$TkeP-RlDhBsKNR$MDSg$EZg$P-o^E
\3KNT$EiP{MSEm<n$EiR$eE`BsDZDSg$E tEj-K^R$R$KNR+jPW;DFQFBsR$MSykKNMrMSKNPR? \-EiR*KpW $BMXK^MDFg$E eBMSELWPQXT$KNMrt~BsMSET\3KNT$EiP
MSEiQr\EQSM 9DSg$EQrEBQrE*DJP MSEz$BQFBsDSEo^Ei\-EioNMPWaMrDSP-QFBjE
&Es?wj+? XT$K^MSBR$T5DFQFBsR$MSykKNMrMSKNPRt$n+V/EQ kKpDK^M
MrDSKNo^ooNK^EopqDSg~BsDDFg$E#tPDSDSoNER+EehKNo^otE`K^RDSQFBR+MSykKNMSMrKNP-R ~QFBsDSg$EQXDFg$BRK^RykP\3KNR$j{T~BsDFB{WQrP-y DFg+E
MrDSP-QFBsj-ET$Ei\3K^eE{KNRlDFPDSg$EDFQSBR$MSykKNMrMSK^P-R,t$n+V/EQi?Xg<n$M MSK^R$eE{Bo^oDSg$EWQFBykEM BsQSE{B4\sBKNoNBt$oNEBsD DFg+E
u
'





DFQSBR$MryKpDSDFEiQWQSP-y DSg$EtEj-K^R$R$K^R$j"sBR$T`DSg$ET+E4BT$o^KNR$E T$Eiz/EiR$T$MP-R+o^q P-R`DFg$ET$EeiP@T$EiQ%DFg$EyB @K^y n$y


T$EioB4qDSg~BsDZBWQFBykEfeBRE@zEQSK^ER$eiELKNo^otEf\sBQrKBt$o^E?7PQE+Bykz$o^E$BsMZKNo^oNn$MODFQFB%DFETtlqK^j$?@ 3WPQ
BLj-Kp\-ER{ehg~BsR$R$Eo7QSBsDF!E -K^W7DFg+EXR3n+y t/EiQ PWWQFBykEMzEQ MrEeiP-R$T{DFQFBsR$MSykK^DrDFETK^MoBsQSj-E
E?j$? lyP-QrEDFg$BR
v-WQFBykEMzEQMSEieP-R+T DSg$ER*MSn$t$MrEm<n$EiR<DfWQFBykEMyBqt/EaDFQSBR$MSykK^DrDFEiTP\EQLB{oNPR$j-EQXK^RlDFEQO\sBoPW
DFK^yELKpDFg$Pn+Dt/EiKNR$jkoNPMrD9BsDDFg+E`T$EieP3T$EQi?Xg<n$M /K^RDSg$E` Y e4BsMSE KNjR$P-QSK^R$j DFg+E#ehg$BR$R$EioT$EioB4q 
Eg~B4\-E   WQSByE{K^R<DSEQO\BsoNM DFPDFQSBR$MSykK^D DSg$E ~QSMOD`WQSByEkBR+TKNR|j-EiR$EQSBo  
9KNRlDFEiQr\sBoNM
DFPDFQFBsR$MSykK^D9DFg$E &GDSgWQFBsyE#MSK^R$eEBsoNoDFg$E`WQFBykEMfBQSEB\sBK^oBt+oNE#BsD9DFg$EDSQFBR+MSykK^DSDSEQCBsDfDSg$E MODhBQOD
PW DSg$E\3KNT$EiPDFQSBR$MryK^MSMSK^P-R?CJR,MSn$ykyBQrq BMLMrEEiRKNRK^j$? /DSg$E yB @KNy n+y T$EoNBqzEQfWQSBykE`K^M
T$KpV EiQSERlD WP-Q EBehg WQFBykEBR$T DFg+EQSE{K^MLyPQSE ~E +K^t$KNo^K^DJqKNRDSQFBR$MryK^MSMrKNP-RDSg~BR|KNR,DSg$E{oNK^\E\3KNT$EiP
e4BsMSE ~g$K^ehgEaeP-R+MSKNT+EQR$E 3D?
All video frames are
available in the encoder
buffer

Maximum admissible
delay for each frame

(A)
T3
R3

R3

T2

R2

R2

R1

td=0

T1

Bits removed by the decoder


R1
Time at encoder

t1tb + t1ch

Td

K^j-n$QrE + ILEoNB4qePR$MrDSQFBK^R<DSMKNRDFg$E# Y e4BMrE


>

 8)*!&)<
P-R$MrKNT$EiQDSg$EMreEiR~BQSK^PCg$EiQSE \@K^T$EPCKNMe4Bz@DFn$QrET K^R`QrE4Bo GDFK^yE!4DFg$EiR ePyz$QrEMrMSET{BsR$T`DSQFBR$MryKpDSDSET?
dfMrMSn$ykEfDSg~BsDDSg$E ~QrMrDZWQSBykEfE @zEQrKNER+eEMXT+EoB4q3M   BR$T   BsW DSEQ DFg$EfDSKNykE9DSg$EfWQSByE9g~BMt/EiER
e4Bsz+DFn$QrETBsR$TePyz$QrEMrMSET ?9P-QSyBo^o^q   KNo^o$DFEiR$TDFP`t/E9\-EiQrqMSyBoNo~P-Q EiQS"P @MSK^R$eEDFg$EiQSE BsQSE9R$P
PDSg$EQWQSBykEMBKpDFKNR+jfDFPLtEDSQFBR$MryKpDSDSET? CPEH\-EiQBCT$EoNBq`yBq`E @K^MrD tEeBn$MSEZDSKNykEK^MR$EiET$EiT{DSP
MSEHD9n$zDFg$E DFQSBR$MryK^MSMSK^P-RP-QXtEeBn$MrEaDSg$EaER$eiP@T+EQXT$EieKNT+EMXDFP{MrDSP-QSE#BWEHWQFBsyEiMZKNRDFg+E ER$eiP@T$EiQ
t$n+V/EQft/EHWP-QSE MODhBQODFK^R$jDFPDFQFBsR$MSykKNMrMSKNPR,BeHDFn~Bo^o^qMrDFBQrDSM
&Es?wj+? /KNR,P-QrT$EQCDFPB4\-PKNTER+eP3T$EQLt+n+V EiQ
n$R$T+EQr$P U?






The interval between video


frame arrival at the encoder is
constant and equal to tf

The interval between video


frame decoding and display is
also constant and equal to tf

Maximum admissible
for each frame is constant for each frame T
tf

(A)
T

R3

R3

tf

tf

R2

td=0

R1

R2
Bits removed by the decoder
R1
Time at encoder

t1

tb

+ t1

ch

Td

 K^j-n$QSE b@ ILEoNBqeP-R+MrDFQSBKNRlDSM9K^RDFg$EaoNKp\-EL\3KNT+EP{e4BMrE
Xg<n$MlDFg+E ~QSMOD WQFBykEK^oNo3E@z/EiQSK^ER$eiElWQSP-y e4Bsz+DFn$QrEDFP T+KNMSz+oB4qlBsRP\EQSBoNo$EiR$T@GDFPsGER$TT$EioB4q
 $g$KNehge4BRtELQSK^DrDFEiRBM
   
 
  9

>
>




"'

g$EiQSE   KNMDFg$EDFKNykE DFg$EZT+EeP3T$EiQZBKpDFMtEiWPQSEMODhBQODFK^R$jfDFg+EZT$EeiP@T+KNR$j z$QrP@eiEMrMlykE4BMrn$QSEiT WQSP-y


DFg+E{DSKNykE DFg$E ~QrMrD#t$K^DSMaPW\3K^T$EPT~BsDFBEQrEQrEeEiK^\ET?Xg~BsD`KNMDSg$EDFKNykEtEiDJEER1DFg$E{e4Bsz+DFn$QrE
BR$T*ER$eiP@T+KNR$jkPWWQSByE BR$TK^DSMCT$EieP3T$KNR+jBR+TT$K^MSz$oNBqKNoNotE  WPQCBsR< q r?XDfK^MKNykz/P-QODhBRlD
DFPR$PDSE#DSg~BsD9Ei\ER,DFg+P-n$j-gBoNoDSg$E`T+EoB4qeiP-yzP-R$EiRlDFMCK^oNo \sBQOqP\-EQ9DFK^y!E ~MSPDSg~BsD9WQFBykE  K^oNo
E @zEQrKNER+eEXT$EioB4q3M   BR$T   -DFg$EP\EQSBoNo3T$EoNB4q  g~BMDSPLQSEiyBK^R ePR$MrDFBRlD4?Xg$K^MKNMKNo^oNn$MODFQFB%DFET
tlqK^j$?7b@?
Xg<n$M 3KNRDSg$KNM QrE4Bo GDSKNykE EiR$eP3T$K^R$j e4BMrE lWQFBsyEiM BQSQrK^\EXBsD DFg+EZER$eiP@T+EQ BsD BLeiP-R$MrDFBRlD QFBsDSE
 
WQFBsyEiMfzEQLMrEePR$T ;BsQSEEiR$eP3T$EiT1BsR$Tz$n+D K^RDFg+E ER$eiP@T+EQLt$n@V EiQ? Xg$E ~QrMrDLWQSBykEKNMCT$EeiP@T+ET
BsW DSEQ       fWQFBsyE9KNRlDFEiQr\sBo^MBR+T +n$R+oNEMrMWQFBsyEiMBQrEfT$QrP-z$zET 3DFg$E &GDSgWQSByEfBoNMrPg~BsM
DFP{tE#B\sBK^oBt+oNELB%DXDFg$EaT$EieP3T$EQ9tlqDFK^yE 
  ? JRDSg$KNMXeBMSE#E4BehgWQFBsyE Mrz/EiR$T$M9E +BeiDSo^q 
MSEieP-R+T$MCK^RDFg$EaMrq3MODFEy BR+TDSg$EQrEBsQSEaBopZB4q3ME +BeiDSo^q     `WQSByEiMXKNRDFg+E#MOq3MrDFEiy*?
oNEBQSopq  j-Kp\-ER DSg~BsD  T+EiDFEiQSykKNR$EiM DFg$EyB @KNyn$y T$EoNBqBWQFBykEE +zEQrKNEiR$eEiM g$B\3K^R$j B
oBsQSj-E  ehg$PMSERKNo^o~DFER+TDFPQSEiT$n$eiELDFg$ELehg$BR$eE PsW\@K^P-oB%DFKNR+j#DSg$E T$EoNB4qeiP-R$MODFQFBsKNRlD4? dCMELK^oNo
MSEiEK^R@EieiDSKNP-RDFg+KNMae4BRBo^DSEQSR$BsDFKp\-Eopq,tEMrEERBM`ykE4BsR$KNR$jDFg$BsD`DSg$EkQFBsDSEeiP-RlDFQSPoBsoNj-P-QrK^DSg$y
KNo^o g~B4\E`ykP-QSE T+Ej-QrEEM9PWWQSEiET$P-y BR$TDFg<n$MDFg$EaP\-EiQFBo^o \3KNT$EiPm<n~Bo^K^DJqKNoNo/t/EatEiDrDFEQi?






 
/   -
-   9
/    -
-.
/

Xg$E,DSKNj-glDFR+EMSMPsW#DSg$EePR$MrDSQFBK^R<DKNoNoCBo^MSP T$Eiz/EiR$T P-R g$P y n+ehg]P\EQFBsoNofT+EoB4qDFg$EMrz/EieK~e


Bz$z+oNKNeBsDFK^P-ReBRKpDFg$MODhBR+T ~K?E? $g$P oNBQSjE e4BR  tEaWPQB{Mrz/EieK~e#Bz$z$o^KNe4B%DFKNPR?
JRBR$PR@GJK^R<DSEQSBeiDSK^\-E`Bz$z+oNKNeBsDFK^P-RDFg$K^MfT$EioB4q  g~BMCDSg$EEHV EieiD PsW BR,K^R$K^DSKBooNBsDFEiR$eiqK^R*DFg+E
z$oNBq3t~Bseh?fdfRlq-P-R+Eg$Pg~BMCn$MSEiT,\3KNT$EiPP-QLBsn$T$KNPkWEEiT$MfWQSPy DSg$EJRlDSEQSR+EiDayBqg~B4\E P-t$MrEQr\ET
g$P T~BsDFB|K^MK^R$K^DSKBo^o^q|t$n+V/EQrETtEiWPQSEz$oB4q3t~Beh tEj-K^R$M? LR$Em<n$EMODFKNPR5DFg$BsDeiP-ykEMDSP1ykKNR+T
KNM#g~BsDt/EiR$E $D  K^WBRlq  e4BRtET$EiQSKp\-ETWQrP-y g~B4\3KNR$jB*oBQrj-E  ?,JRDSg$Ee4BsMSEPWn+R$QSEioNKBst$oNE
ERl\3KNQrP-R$ykERlDFMMSn$ehg]BMDSg$E,JRlDFEiQSR$EHDDFg$E,BR$MrEQK^MK^yykET$KNBsDFEs? 3KNR$eiEDFg$EER$T@GDFPsGER$TT+EoB4q
T$EHDFEQryK^R$EM DFg+EfT$EioB4q{eP-R+MrDFQSBKNRlDWP-Q BRlqjK^\-EiRWQFBsy!E 3o^P-R$j-EiQ  ykE4BsR$MDSg~BsDoBQrj-EQ \sBQSKNBsDFK^P-R$M
KNRDSg$E`T+EoB4qeiP-ykz/P-R+ERlDFM9e4BRtEaDSP-oNEiQFBsDSET? Xg$K^MCykE4BsR$MXDFg~BsDDSg$EaMrq3MrDSEy KNo^ot/EaykP-QSE QrP-t$n$MOD
DFP{o^P-MSMrEM9BR$T #rK^DrDFEiQ
&ykP-QSELDSKNykEfWP-QZQrEiDSQFBR$MryK^MSMrKNP-R t$n+DCBoNMrP DFg~B%DXDFg$EaKNR+T$K^\3KNT+n~Bo7DFQFBsR$MSykKNMrMSKNPR
T$EioB4q3MfPWE4Behg,WQSByE
MSP-n$QreE`QFBsDSE#WP-QDFg+E#WQSByE#T$Kp\@K^T$ETtlq*BoNo^P@eBsDFEiT*ehg~BsR$R$EoQFB%DFE Xe4BsR\sBQrq
>->

MSK^j-R$K~e4BRlDSo^q-?Xg$KNMEiR~Bt$o^EMykP-QSE~E@K^t$KNo^K^DJq KNR BsoNoNP3e4B%DFKNR+j|t+K^DFMz/EiQWQFBykE,BsR$T BoNo^PMn$MDSP


Bz$z+QSPlBehg rK^T$E4Bso YL[ZAeP3T$K^R$jQFBsDSEMi? Xg<n$M KNRj-EiR$EQSBo  oBQrj-EQ  DFER+T$M DFPQSEiMSn$opDaKNRg$K^j-g$EiQ
m<n~Bo^K^DJq-?
Xg$Eo^K^\-EKNRlDFEiQFBeHDFKp\-E\3K^T$EP,MreEiR~BQSK^P,P-R$opq T$K^V/EQrM`WQrP-y DFg$EBt/P\Ee4BMrEKNR1DFg~BsD#DFg+EP\-EQSBoNo
T$EioB4q g~BM DFP*t/E{o^PEQ K:?wEs?   g~BMaDFPtEMryBo^o?{d DJq@z+KNe4Bso BMSMrn$yz@DFKNPR1K^R|DSg$KNMae4BsMSEkKNM DFg~B%D
B ykMSEeQSP-n+R$T+DFQrKNz1T$EoNBq
WQSP-y DSg$EDFK^yE{P-R+EPWZDSg$En+MSEQrM PWXDSg$EMOq@MODFEiyMFB4q3M MrP-yEHDFg$K^R$"j 
n$RlDFK^oDSg$EDFK^yE{DFg+KNM n$MrEQ QrEeiEK^\EMkBR BR+MrEQ U? Xg$KNM eiP-R$MODFQFBsKNRlDMSEH\-EiQSEopq oNK^yKpDFMLDSg$Ez/PsDFERlDSKBo
WP-Q9KNykz$QSP\3KNR+jzEQrWPQSyBR$eEaDFg+QSP-n$jg,QFBsDSEeiP-RlDFQSPo?CCR$T$EiQfDFg+EMSET$EoNBqeiP-R$MrDSQFBK^RlDFM /P-R$opqB{WEi
WQFBsyEiMCBsQSEaKNRDFg+E`MOq@MODFEiy B%DfBsR<qj-K^\ER*DSKNykE BR$TDFg$EaEiR$eP3T$EQCBR$TT$EieP3T$EQ9t$n+V/EQrMfg~B4\-EaDFPktE
MSyBo^o?
   
 X     
 

k   ,
         
 ,f    i 
PDSg$KNMazP-KNRlDaEkg~B4\-ET$EMreQrKNtET1DSg$EkT$EoNBq eiP-R$MODFQFBsKNRlDFM#BM#P-t$MrEQr\ETtlqDSg$EEiR$eP3T$EiQBR+TT$EUG
eP3T$EiQZt$n+Dg~B4\-E R$PDeP-R+MSKNT+EQSEiTg$P DFg$EfBehg$KNEH\sBt$oNECER$T3GDFP%GJER+Tz/EiQrWP-QryBR+eEfK^MB%V EieiDFEiTtlqDFg+E
MSEioNEieiDFK^P-RPWDFQFBsR$MSykKNMrMSKNPRykP3T$E?
dfM#BR|E +Bykz$oNEeP-R$MrKNT$EiQ DFg$E{E 3DSQSEykE{e4BMrEg$EQrEkDSg$Eehg~BR$R+Eo T$EoNB4q  kKNM R$Eij-oNK^j-KNt$o^EBsR$T
g$EiQSE EBehgWQFBsyE`BsD9DFg$E#DFQFBsR$MSykK^DrDFEQt$n@V EiQLKNMDFQSBR$MSykK^DrDFEiT*eiP-yz+oNEiDSEopqK^DFg+KNR*BMSK^R$j-o^E#WQSByE
KNRlDSEQr\sB%o $DFg~B%DfK^M  &    ?ZJR*DSg$KNM9e4BsMSE /BR*E +Bykz$oNEaPWY [ZA DFQSBR$MryK^MSMSK^P-R $DSg$E`MOq3MrDFEiy P-n$o^T
tE1Bst$oNEDFP P-zEQSBsDFEKpDFg]z$QFBeHDFK^e4Bo^o^q5R$P5T+EoB4q? 9PEi\EQ #jK^\-EiRQSBsDFEDSQFBeiEMMSn$ehgBMDFg$P-MrE
z$QrEMSEiRlDFETEBQSo^KNEiQXK^D9KNMn$R$o^KNsEo^qDFg~BsDCMSn+ehgBkR+EiDJP-QSMSEiQr\3KNeiE#K^oNotEB4\sBKNoNBt$o^E +n+R$oNEiMSMfeBz~BeiK^DJq
KNMXMrKNj-R+K ~eBRlDFo^qP\-EQrT$KNykER+MSKNPR$ETK^DSg*QrEMrz/EieiDDFP{DFg$EaE +zEeHDFEiTR<n$y tEQPWn$MSEiQSMi?
Y [ZA DSQFBR$MryK^MSMrKNP-R|PWZ\3KNT+EPEiR$eP3T$EiT BsDa\sBQSKNBt$oNE{QSBsDFEkMSEiEykM`DFPtEBT$EMrKNQFBst$oNEkP-'t #rEieiDFKp\-!E 
MSK^R$eEfK^D P-n+oNTyBsDFehgDSg$Ef\sBQrKBt$o^ECQSBsDFECP-n+DSz$n+DXPWB`eP3T$EQ DFPB\sBQrKBt$o^EXDFQFBsR$MSykKNMrMSKNPRQFB%DFELP\-EiQ
DFg+E`ehg~BsR$R$Eo:?@n$t+MrDhBsR<DSKBo;BseiDFKp\3K^DJqK^R*E +z+oNP-QrKNR$jY [ADSQFBR+MSykKNMSMrKNP-RPW\3KNT$EiPT~BsDSEM9t~BehDSPDFg+E
ykKNTDFPoNBsDFEfEKNjg<DSKNEiM
WP-QZE +Byz+oNE > 7>-> 7>v  ZBR$TK^MXMrDFK^oNoP-R$j-PKNR$j >s :? CPEi\-EiQ QSEiMSE4BsQSehg$EiQSM
g~B4\-En+MSET DSg$EDFEiQSy Y [ZA DFPT$EiMSeQrKNtET$KpV EiQSERlD DJq3zEM{PWXDSQFBR$MryK^MSMrKNP-RykP3T$EM  QFBR$jKNR$jWQSP-y
ykP@T$EiM DFg~BsD j-n$BQFBRlDSEE9m3n$BoNKpDJq PW MSEQO\3KNeE
}LP< K^RDFg$E9T~BsDFBaT+EoNKp\-EiQrq <DFP#Bz+z$QSPlBsehg$EM K^DFg rtEMOD
>v
'



"'

EiV/P-QOD zEQOWP-QSyBR$eiEBM9KNMXDFg+Ee4BsMSE`KpDFgDFQSBR$MSykKNMrMSK^P-R*P\EQCDSg$E#JR<DSEQrR$EiD?C BehgPWDFg+EMSE#Y [ZA


ykP@T$EiMz$QrEMSEiRlDFM T$K^V/EQrERlD ehg~Bo^oNER+j-EMDSPLDFg$EZ\3KNT+EPaBz$z+oNKNeBsDFK^P-R`DSPaER$Mrn$QSEXDFQSBR$MryK^MSMSK^P-R n$R+T$EQ DFg+E
ePR$MrDSQFBK^R<DSMPW~P-Qry n$oNBsDFK^P-R -?
Xg$EQrE BQrE`R<n$ykEQrP-n$M9DFQFBsR$MSykKNMrMSKNPRykP3T$EMDFg~B%DCeBRtE#n$MSEiTDFPkDFQFBsR$MSzP-QrD\3KNT+EPT$BsDhB+?  n+Q
P-'t #rEieiDSK^\-Ekg$EiQSEkKNM R$PDaDSP*z$QrP\@K^T$EkBR|E @g~Bn$MODFKp\-EkER<n$ykEQFB%DFKNPRBR+T|EQrEiWEiQaDSg$E{QSEBT$EQaDFPDFg+E
ehg~Bz@DFEQrMfP-R*d 9x BR+TP-RWEEiT$t~BehPWQSBsDFE`BR$ToNPMSM9KNR+WP-QryB%DFKNPR @g$EiQSE`MSP-ykEaPWDSg$EMrE`DFQSBR$M G
ykKNMSMrKNP-RykP@T+EMKNoNotE#z$QSEiMSERlDSET?JR$MODFE4BsTE`z$QSP\3KNT+EBR*P\-EQO\3KNEi PWDFg$E#z$QrP-z/EiQrDSKNEM9PWDSg$EMrE
DFQSBR$MryK^MSMSK^P-RykP3T$EMi? ECz$QSEiMSEiR<DXDSg$EMrE BsDBg$K^j-go^Ei\-Eio <K^DSgP-n$QEykz$g~BMrKNMt/EiKNR$j#DFg$ECeoBsQSK $e4B%G
DFK^P-R{PW/g$PMSEioNEeHDFK^R$jaP-R$EyP3T$EXP-Q BsR$PDFg+EQ KNo^o~BsV/EeiD DSg$EX\@K^T$EPaDFQSBR$MryK^MSMSK^P-R? Ln$Q yPDSK^\sBsDSKNP-R
KNM DFPz$QrP\@K^T$E B MrKNykz$oNE9eoNBMSMrK ~eBsDFK^P-RPWDSQFBR$MryK^MSMrKNP-Rehg$BQFBeHDFEiQSKNMODFK^eM $BR$TKNRz~BQrDSKNein$oBQBMDSg$Eiq
BQrE#QrEo^Ei\sBRlDXDFPDFg+Ea\3K^T$EPkER$eiP@T+EQ?
'



1*  - ! (+*, # 

 

Y [ADSQFBR+MSykKNMSMrKNP-R*g~BM9t/EiERT$EiEykETB%DSDFQSBeiDSK^\E#WP-Q9tPDFg*MSP-n$QreE m<n~BsoNK^DJqBR$T,R$EHDJPQSn+DFK^oNKNB%G
DFK^P-R?Xg<n$M MrP-yEPsWCDSg$Ez$QSPyK^MSETBT@\BsR<DFBj-EiMkPsWCYL[ZA \3KNT$EiP eP-y t+KNR$K^R$jY [A eP3T$KNR$j BsR$T
DFQSBR$Mrz/P-QOD9BQSE

K  2'= = 2': 7 5 032 ? ! F 94658= ( WP-QfDSg$E{MFBykE{B4\-EiQFBj-Ekt$KpDrGJQSBsDF!E tlq B4\-P-K^T$KNR+jDFg$E{R$EiET1DSPBT #rn$MOD


DSg$E m<n~BRlDFK^4BsDSKNP-R,BMLKNRZ[ZA  K?E? /EyB4q*t/EBst$oNE#DFPP-zEQSBsDFEeoNPMSEDSPDFg$E OKNT$EBoQSBsDFE 
WP-QZDSg$EaMSP-n+QSeE!

KNK  A? : =2': 032'4  ( MSK^R$eE DSg$E{ER$eiP@T$EiQat$n+V/EQ MSK^E{e4BsR|tEQSEiT$n$eiET1KpDFg$Pn+D ER+eP-n$RlDSEQSK^R$j


BREm<n$Kp\sBoNEiR<DCT$EioB4qKNRDFg+E`R$EHDJPQS7?XJR*DSg$E`MrKNykz$oNEiMrDeBMS!E /KpWE`eBRn$MrE#WPQ9EBehgWQSByE
BMyBRlqt$KpDFM9BMR$EEiT$ETDFP{DFQSBR$MSykK^DZK^DXK^DSg$KNRB{MSK^R$j-oNELWQSBykE KNRlDFEiQr\sBo @DFg$EaT$EioB4qKNo^otE
o^PKNR+T$EEiT?

KNKNK 'D ':;2" G 2<0 "9484""9: :)(58D "*'58= (tEeBn$MSEDFg$Et~BR$T+K^T+DFgz/EiQ`eBoNo WP-QaY [ZA_\3KNT$EiP
yB4qtE oNPEQZDFg$BRWP-QZ[ZA]WP-QZEm<n$Kp\sBoNEiR<DZm3n$BoNKpDJq-? Xg$K^MZKNMXBsoNMSPT+EMSeiQSK^t/EiT*BsMXMrDhB%DFKNMODFK^e4Bo
y n+o^DFK^z$oNE @KNR$j|jlBK^R ZK^DSgDFg$Et~BMSK^e,KNT+E4BtEK^R$jDFg$BsDK^W#B1R3n+y t/EiQPWaY [A MSPn$QSeiEMBQrE
>s

j-QrP-n$zETDSP-j-EiDSg$EQ`DFg$EHq BQrEn$R$o^KNEio^q DFP,BoNo yBsEn$MSBj-EPWXDSg$EK^Q yB @KNy n$y QSBsDFEBsD DFg+E


MSByELDSKNykE $MrPDFg~BsD9o^PEQ GDSg~BR@Gz/EB-GJQFB%DFE t~BR+T+KNT+DSgBoNo^P@eBsDFK^P-RK^M9zP-MrMSKNt+oNE?
 g$KNo^ELDFg$EiMSE#z/PsDFERlDSKBo;BT@\BsR<DFBj-EiMEQrE`g+E4B4\3KNo^qEykz$g~BMrKNEiT*K^RE4BQro^qz~BsehEiD9\3KNT$EiPz$Bz/EiQSM 
Wn$QODFg$EiQQrEMSEBQSehgg$BMMrg$PR DFg~B%DR+PfT$EiMSKNjRe4BsRyB @KNykKNEDSg$Ey MrKNy n$opDhBR+EP-n$Mro^q?JR#DFg$K^Mehg$Bz+DFEiQ
E eiP-R$eiERlDFQSBsDFE P-R \3KNT$EiPeP3T$KNR$jBsMSzEeiDSM %t$n+D;KpDKNMeioNEBQDFg~B%D %BM;BQrj-n$ETaK^R >s  %BY [A1DFQSBR$MSzP-QOD
T$EiMSKNjR|eBR g~B4\-EkBT+\sBRlDFBj-EMLWPQLt/PsDFg,\3KNT$EiPBR$TR$EHDJP-QrMSg~BsQSKNR+jBR$T,DFg<n$MaKpDLPn$oNTg~B4\E{DSP
tE#EH\sBoNn~B%DFETt~BsMSET*P-Rt/PsDFgDJq3z/EiMCPWykEiDFQrKNeiM?


# 
/
/&- &*
/3 " 

x*n$ehgPsWDFg$ECE4BQro^q{P-QS{P-Rz$BehEHDZ\3KNT$EiP BMrMSn$ykETDSQFBR$MryK^MSMrKNP-Rkn$R$T$EiQZMSPyE9MSP-QODZPW;} n$BoNKpDJqPW


@EiQr\3KNeiE
}LP< j-n$BQFBRlDSEEM9Pn$oNT,tE`B\sBK^oBt+oNE?Xg$EMrE{}LP<jn~BQFBsR<DSEEiM BQSE#j-EiR$EQSBoNopqBMSMrn$ykET
DFP{tEaz$QSP-t$Bt$KNo^KNMODFKNes?~P-QXE $Bsyz$o^E +WPQB{z$BQrDSKNen+oBQZMrEQO\@K^eEaDFg$EiQSEayBqt/E#Bj-n~BQSBRlDFEiEaDSg~BsDDFg+E
T$EioB4qK^oNoR+PD E @eiEET1MSP-ykE \sBoNn+E yPQSE DFg$BR BeEQODhBK^R z/EiQSeEiRlDhBj-E{PW DSg$E DFK^yEs?  g$K^oNEDSg$EQrE
g~BMtEEiR E 3DFEiR$MSKp\-EQSEiMSE4BsQSehg P-R}LP<j-n~BsQFBRlDFEiEMK^R MSyBoNo MSeBoNEd 9x EiR<\3K^QSP-R$ykERlDS&M
&E?j$?  B
oNP3e4BsoR$EiDJP-Qr P-Q#BMOK^DFehg DSg$EQrEK^MaBM#qEiD`R$PT$Ez$o^Pq@ykERlD`PWZMrEQO\@K^eEiM`K^DSg1EiR$T@GDFPsGER$T}LP<
P\-EiQaDSg$E{JRlDFEQrR$EiD?k7PQfDFg$K^M QSEBMSP-R \3KNT$EiPP\EQaDFg$EJRlDSEQSR+EiD`P-z/EiQFBsDSEMan$R$T+EQaeP-ykz$o^EiDFEio^q*t/EiMrDOG
EiV/P-QODeiP-R$T$KpDFKNPR$M?7QrP-yDSg$EzEQrMSzEeiDSK^\EPWCDFg$E\@K^T$EP|ER+eP3T$EQ %DFQSBR$MSykK^DrDFEiQ ZP-zEQSBsDFK^R$j KNR5B
tEMrDOGJEHV P-QOD#ERl\3KNQSPR$yEiRlD`yB4q,QrEm<n$KNQrEDFg~BsD`BDFQSBR$MryK^MSMSK^P-R MSehg$EiyEktEkT+EMSK^j-R$EiT|KpDFgWE4BsDSn$QSEiM
DFP{EiR$MSn$QrE`QrP-t$n$MODFR$EiMSM9DFP{z~BehsEiDCoNP-MrMSEM9BMXEo^o;BMz/PDSERlDFKNBoNopqkMSKNjR$K ~eBRlDX\sBQSKNBsDFK^P-R$MZK^RT+EoB4q?


1 3#
 -       #
/C#    

C PQSyBoNopq9K^W } Pl j-n$BQFBRlDSEEME@K^MrDLDSg$ER DFg+EQSE1BQrEBo^MSP MSPyE ePR$MrDSQFBK^R<DSM*PR]DSg$E1R<n$yt/EiQ


PW9t$KpDFMDSg~BsDeBR t/EDSQFBR+MSykK^DSDSETDSg$QSPn$j-gDFg+Eehg~BR$R$Eio? Lt<\3K^P-n$MSopqDSg$KNM K^MDFQrn$EKNR1DFg$EZ[ZA
DFQSBR$MryK^MSMSK^P-Re4BsMSE~g$EiQSE#QFBsDSE KNMXj-n$BQFBRlDSEETDFPktE eP-R$MODhBRlDCt$n+DCBMrDSQSKNeHDoNK^yKpDP-RDFg+E#ehg$BR$R$Eio
QFB%DFEE @KNMODFMi?x*P-QrE*K^RlDFEQrEMODFKNR+j-o^q  eiP-R$MODFQFBsKNRlDFM{KNo^oXBoNMrP t/EBz$z+oNKNEiT KNR DFg$EY [A DFQFBsR$MSykKNMrMSKNPR
e4BsMSE K:?wEs?  Ei\-EiR|DSg$P-n$jg B\BsQSKBst$oNE`R3n+y t/EiQLPW t$KpDFMLeBR t/EDSQFBR+MSykK^DSDSET DFg$E DSQFBR+MSykKNMSMrKNP-RQFBsDSE
KNMkMSn+'t #rEeHDDFPMrP-ykEePR$T$K^DSKNP-R+M?7PQE $Bsyz$o^EDSg$Eo^P-R$j|DFEQry MSn$MODhBK^R~Bt$o^EQFB%DFEyB4qg~B4\-EDSP
tE`tEo^P MSP-ykE`yB @KNyn$y \sBo^n$EBsR$T*DSg$E`Mrg$P-QODCDSEQSy P-Q rzE4Bs QFBsDSE`yB4qoNK^EiK^MSE#t/E#oNK^yKpDFEiT?
>-

Xg$EiMSEeP-R+MrDFQSBKNRlDSM BQSEZDJq3z$K^e4Bo^o^q#T$E $R$ETKNRDSEQSykM PWMSPyEXP-zEQSBsDFK^P-R~Bo3ykE4BMrn$QSEiyEiR<DSM


DJq3z$K^e4Bo^o^q
MSK^yz+oNE#eP-n$RlDSEQSM#BQrE n$MrET DFg~BsDfDFg$E R+EiDJP-QS,n+MSEMLDSPT$EiDSEQryK^R$E`g$EHDFg$EiQaMSzEeK ~e MrP-n$QSeiEM#BQrE
ePyz$opq3KNR$jK^DSg1DSg$EeiP-R$MrDSQFBK^RlDFM?Xg+EMSEBQSEke4Bo^oNEiT1zP-oNK^eK^R$jWn$R$eHDFKNPR$MBsR$TE $Bsyz$o^EM`KNR$eioNn$T$E
DFg+Ea;EBlq[n+ehEiD ~DFg$E MroNKNT+KNR$j#KNR$T$P ~BsR$TDFg$E #rn+yz$K^R$jK^R$T$P >- $> :? CPDSEfDFg$BsDXKNRMrP-ykE
e4BsMSEMDFg+E eP-R$MODFQSBKNRlDFM9BQrE E @z$o^KNeKpD
&Es?wj+? +g+ERz/P-o^KNeiKNR$jWn+R$eiDSKNP-R$MXMrn$ehg,BsMZDFg$E o^E4Blqt$n+ehEiDfBQrE
n$MrET U? Xg+KNMK^Mz~BsQrDFK^en$oNBQSopqoNK^Eio^qg$EiR} PlKNM z$QSP\3KNT+ETMSK^R$eE9DFg$ECDFQFBsR$MSykK^DrDFEQBj-QrEEiMDFPBt$KNT+E
tlq|eEQODhBK^R1Qrn$oNEiM`K^R1PQST$EiQ#DSP*QrEeEiK^\EDFg+Ez$QrP-ykKNMSEiT1jn~BQFBsR<DSEEiM`WQSPy DFg$EMSEiQr\3KNeiEz$QrP\@K^T$EQi?JR
PDSg$EQ{e4BsMSEM EiMSzEeKNBoNopqKpW9P-R$o^qt/EiMrDOGJEiV/P-QODkDSQFBR+MSykKNMSMrKNP-R K^M{B4\BsKNoBst$oN!E DFg$EeiP-R$MrDSQFBK^RlDFMKNo^otE
KNykz$o^KNeKpD BR+TKNo^oP-R$opq t/EKNR$T$K^QSEieiDFopq,P-t+MSEQO\-EiT?,~P-QaE +Bykz$o^E KpWDSQFBR$MryK^MSMrKNP-R|n$MSK^R$j9Z %
KNMn$MrET ~DSg$EQrE#K^oNotEaR$PE @z$oNK^eK^DeiP-R$T$KpDFK^P-R$MXP-RDFg$EaQSBsDFE DFPktEaDSQFBR+MSykK^DSDSETt$n+DfBMePR$j-EMODFK^P-R
BQrKNMSEiMXDFg$E DFQSBR$MryK^MSMSK^P-RQFB%DFELKNo^og~B4\-EaDFP{tEaoNPEiQSEiT?


/
/

    - 

/
/

   

dfM`BQrj-n$ET1KNR >%  WEEiT$t~BehDFPDFg$E{\3KNT$EiPEiR$eP3T$EQ#KNM#P-R$EkPWDFg$EkEHqehg~BsQFBeHDFEQrKNMODFKNeiM`PsW\3KNT$EiP

:BsMZP-z$zP-MSEiTDFP T$BsDhB DFQSBR$MSykKNMrMSK^P-RP\-EiQXz~BehsEiDR$EHDJP-Qr<M? JRT~BsDhB#DFQFBsR$MSykKNMrMSKNPRlWEET+t~BeheBR


P-R$opqt/E`n$MSEiTDFPBT~Bz+D9DFg+E`BqDFg+EKNR@WP-QSyBsDFK^P-RKNM9MSEiRlD
&Es?wj$?QSET+n$eK^R$jDFg+E`DFQSBR$MryK^MSMSK^P-RQFBsDSE
K^WeP-R$jEMrDSKNP-R*P@eien$QrM BMCKNR9Z s Ct+n+DfDSg$EK^R+WP-QSyBsDSKNP-RK^DSMSEio^W eBR$R$PDCtEehg~BR+j-ET?fXg3n+M K^R
B9Z s DFQSBR$MryK^MSMSK^P-R 7QFB%DFE#QSET+n$eiDSKNP-R,ykE4BsR$M9DSg~BsDCDFg$E#P\-EQSBoNo;DFQSBR$MOWEQCDSKNykE KNoNotEo^P-R$j-EiQ 
MSK^R$eEDSg$ET~BsDFBDSPt/E DSQFBR$MryKpDSDSET QSEiyBK^R$MfDSg$E{MFBykEt$n+D DSg$E{ehg~BR$R$Eio QFBsDSE{KNMLo^PEQi?JR$MrDSE4BT 
\3KNT$EiPER$eiP@T+EQSM eBR yP3T$n$oNBsDFEaDFg+E T~BsDFBDFg$EHq,z$QrP@T$n+eEtlqB$T #rn$MrDSKNR$jBR<n$yt/EiQLPW z~BQSByEHDFEiQSM 
KNR+eoNn+T$KNR$jm3n$BoNKpDJq +WQSByEfQFBsDSEaBR$TQSEiMSP-o^n+DFK^P-R?Xg$K^MXKNMXz~BsQrDFK^en$oNBQSopq{n$MSEHWn$og$EiR*DFg+EQSEaBsQSELDFK^yE
\sBQSKNBsDFK^P-R$MZK^RDFg$Eaehg~BsR$R$Eo;ehg~BsQFBeHDFEQrKNMODFKNeiM
&E?j$? ~T$n$E DFPkR$EHDJP-QreP-R+j-EMODFKNPR H?
dfR E +Bykz$o^EPW DFg+E QSP-o^EPW WEiET$t~Bseh,e4BRtE MrEER|tlq,eiP-R$MSK^T$EQrKNR$jBj-ER$EiQSK^e Mrq3MrDSE&y g$EQrE
DFg+EL\@K^T$EP{EiR$eP3T$EQXEiyKpDFMZEiR$eP3T$EiT*T~B%DhBDFP{Bt$n@V EiQBR$TER$eiP@T+ETT~BsDFB $P-Q\3K^T$EPDFQSB ke $K^MDFg+ER
T$QSBKNR$EiTBsD{B,\sBQSKNBt$oNEQFBsDSE  g$KNehgKNMyP-R+K^DFPQSET B%DDFg$E9MSEQk9EiDJP-QS JRlDFEiQrW&BeiE
:f9 >b ?
Xg$K^MkMOq3MrDFEiyP-n+oNTt/EDJq3z$KNeBoXPWfBRd 9x t~BMrETKNRlDFEiQrW&BeiE t$n+DkMSK^yK^oBQ`yEHDFg$P3T$MykKNj-glD{tE
Bz$z+oNKNEiT n$R$T$EiQPDSg$EQ{DFQSBR$Mrz/P-QODkyEiehg~BR$K^MSykM?Xg$ECC ykP-R$KpDFP-QrM DFg$EDSQFBR$MryKpDSDSETQFBsDSE*BsR$T
ePyz~BsQSEMDFg+E`eiP-R$R$EieiDFK^P-Rz~BQFBsyEHDFEQrM9DSPkDSg$P-MrER$Eij-PDFKNBsDFEiTt/EHDJEiER,DFg+E`n$MrEQfBR$TDFg$E#R$EiDJP-Qr
>

sB DZDSg$EfDSKNykEfPW;eiP-R$R$EieiDFK^P-RMSEHDrGn$z? Xg$E R$EHDJP-QrzP-oNK^eKNR+j#Wn$R+eiDFK^P-R$M +K^W;n+MSET ~e4BRtELePR$MSK^T$EQrET


DFPtE KNykz$o^EykERlDFEiTBsDZDSg$Eaf9h?~KNR$BoNopqlDFQSBkeLDFQFBsR$MSykK^DrDFETDSg$QSPn$j-gDFg+E R$EiDJP-QSE@z/EiQSK^ER$eiEM
MSPyEC}LP</?lJR+WPQSyBsDFK^P-RkBt/Pn+D DFg$Een+QSQSEiRlDFo^qB4\sBKNoNBt$o^EX}LP< 3BM T$EHDFEQryK^R$ETkWP-Q E +Bykz$o^E9tlq{DFg+E
E @K^MrDFEiR$eEfPWeiP-R$j-EiMrDFK^P-R 3yK^j-glD t/ECBoNMrP#DSQFBR+MSykK^DSDSETt~BehDFP#DFg$ECf9 BR$TDSg$ER+eEfDSP#DSg$EfMrP-n$QSeiE

:BsMWPQXE +Bykz$oNE K^R*BsRd9\sBKNoNBt$oNEf[K^D9A9BsDSE $df[Z


A ~Mrehg$EykE >  U?
CR$T+EQDFg$K^MXj-ER$EiQSK^e Mrq3MrDSEy MSEHDrGJn+zE`eBRT$E ~R+EaDSg$E WP-oNo^PKNR$j ykP3T$EMPWP-zEQFB%DFKNPR >s 
-?99R$eP-R+MrDFQSBKNR+ETYL[ZA
&GY [ZA lg$EiQSELDFg+EC\3KNT$EiP ER+eP3T$EQP-z/EiQFBsDSEMZK^R$T$Eiz/EiR$T$ERlDSo^qkPWDFg+E
CCh?@7PQE $Bsyz$o^ECDSg$EfEiR$eP3T$EQP-z/EiQFBsDSEM K^DFgB`ePR$MrDFBRlDXm<n~BRlDFK^4BsDSKNP-RMSe4BsoNECDSg$QSPn$j-g$P-n@D
DSQFBR$MryK^MSMrKNP-R? x*P-MrD\3KNT+EPkQFBsDSE yP3T$Eo^KNR$jEiV/P-QrDSM9g$B\E`tEEiR*t$BMSEiTP-RGY [ZA]DFQFBseEMi?
>@?C@g$Bz/EiTYL[ZA
:<GYL[Z A +g$EiQSE DFg$Eat$n@V EiQXKNMXoNK^R$EiTDFPDFg$EaCC ~t$n@DCK^MZR$PDeiP-R$R$EieiDSET*DSP
DSg$E{ER$eiP@T$EiQ?kJR|DSg$KNMaeBMS!E DSg$E{ER$eiP@T$EiQ`z+QSP3T$n$eEiM#Bt$KpDFMODFQSEBy DSg~BsDaKNMaK^T$ERlDFK^e4BoDFPDFg~B%D
K^R,GY [ZAa? CPEH\-EiQ R$P BMSg$Bz$KNR+jBo^j-P-QSKpDFg$y e4BRT$EHDFEiQSykKNR$E#DFg$EBeiDSn~Bo;DFQFBsR$MSykKNMrMSKNPR
QSBsDFEiM &  ?  g$K^oNEfDSg$E eP-RlDSERlD9PWDSg$E t$KpDFMrDSQSEBy K^MZn$R~BsV/EeHDFEiT $DFg$E DSQFB ke z~BsDrDFEiQSR$MXyB4qtE
MryP3PDFg+ETP-n+DCBsDXDSg$EaeP-MODCPsWMrP-yEaBsT$T$K^DSKNP-R$Bo T$EioB4q-?
v+?CP-R+MrDFQSBKNR+ETY [ZA
: GYL[Z A +g$EiQSEaDFg$EaER+eP3T$EQ9g~BM<R$PoNEiT$j-E#PWR+PDP-R$opqDFg+E#t+n+V EiQ
MODhBsDSEXt$n+D Bo^MSPLDFg+EXR$EiDJP-QS<K^R$jaeP-R$MODFQSBKNRlDFM B%DDFg$ECCh?-Xg<n$M DFg+EZ\@K^T$EP EiR$eP3T$EiQ eBR{yP3T@G
n$oNBsDFE K^DSMP-n@DFz$n+DMSP BMDFPfyB @KNykKNiE DFg$E\3K^T$EPLm<n~BsoNK^DJq#j-Kp\-EiRBoNolDSg$EXBz$z+oNKNeBt$o^E eiP-R$MODFQFBsKNRlDFM 
K^R$eo^n$T$KNR+jkDSg$P-MSEQSEoNBsDFEiTDFPT$EoNBq*BR+T,DFQFBsR$MSykK^DrDFET*QFBsDSE? CEQrE  DSg$E t$KpDFMODFQSEBy eP-RlDSERlD 5 G
BsV/EeHDFEiT +t$n@DDFg+Efehg~BR+j-EMBQrECyBT$ECtlqkDSg$Ef\3KNT+EPEiR$eP3T$EiQ +g$K^ehge4BsRehg~BR$jEfDFg$ECQFBsDSEfK^R
ByBR$R$EiQZDFg~BsD9g~BsMDSg$EaoNEBMrDK^yz~BseiDXP-RzEQSeiEz+DSn~Bom<n~Bo^K^DJq?
$?9~EEiT$t~BehYL[ZA
:GY [ZA ~g$K^ehg,BT$T+MfKNR@WP-QSyBsDFK^P-RBtP-n+DDFg+ER$EHDJP-Qr*MODhBsDSE#DSPg~B%DfK^M
yBT$EB4\sBK^oBt$o^EDSP,DFg$EER+eP3T$EQi?Xg$KNM{BsoNoNPMDSg$EMFBsyEDSQFBT$EUGJPV/M{BMK^R GY [A DFP tE
eiP-R$MSK^T$EQrET ;K^DSgDFg$EBT$T$KpDFK^P-R~BoBT+\sBRlDhBjE DFg~BsDaDSg$E{ER$eiP@T$EiQ`eBR1BT #rn$MOD#DSP*ehg$BR$j-EiM`K^R
DSg$EaMrDhB%DFEaPWDFg$EaR$EHDJP-Qr
WP-QXE +Byz+oNE ePR$j-EMODFK^P-R*zEQrKNP3T$M U?
 +WY:O.X. Xa# I*{
5 W #<. m#+ $ { & )  P {X#>#  I O 3 
 $ 3c# &c53QW<.5X].WS.
'





>-b

J RDFg$K^M ehg~Bz+DSEQLE{eP-R$eiERlDFQSBsDFE{P-RDSg$Ek GYL[ZA BR$T|GY [ZA MSeiER~BQrKNP-M ;BMLDFg+EMSEkBQrE DFg$EPR$o^q


DJP*ykP@T+EM PWP-zEQFB%DFKNPR,DFg~BsD#EiR<DFBKNoMSP-ykEMSP-QODaPW WEET+t~BehDFPDFg+E{\3K^T$EPER+eP3T$EQi?kXg+EMSEBQrE
DFg+EfykP-MrDoNKNsEopqDFPz+QSP\3KNT$EfDSg$EftEMODXzEQrWPQSyBR$eEs?Xg$ELQSBsDFECeP-R+MrDFQSBKNRlDSMDFg$BsDK^oNo7t/ECz$QSEiMSEiR<DSET
KNR @EeHDFKNPR *yBEE @z$oNK^eKpDg$P DFg+EER$eiP@T+EQ g~BsM`DFPP-z/EiQFBsDSEn$R$T+EQDSg$ET$EioB4q1eP-R$MODFQSBKNRlDFM`PW
~P-QSyn$oBsDSKNP-R fWPQE4Bsehgehg~BR$R$Eio DFQSBR$MryK^MSMSK^P-RMreEiR~BQSK^P$?Xg$EiR $K^R@EeHDFK^P-R`EfKNo^o7z$QSP\3KNT$ELBR
P\-EiQr\3KNEHPWBoNj-PQSK^DSg$ykMDFg$BsDe4BRtE#n+MSETDFP{ykEEiDXDSg$EMrE`eiP-R$MODFQFBsKNRlDFMi?
D KNMP-QrDSgEiyz+g~BMSK^K^R$jfDFg$BsD KNRy n+ehgPWDFg+EXE4BQro^qP-Qr
&Mrn$ehgBsM > <>-> <>sv  WEET+t~Beh BM
T$K^MSQSEijlBQrT$ET?a~P-QCE +Bykz$oNE#DFg$EE @z/EiQSKNykERlDFBozEQOWP-QSyBR$eiEBR~Bso^q3MSK^MCP-QSEykz$oNPqETt$KpDfDFQSBeEiM
DFg$BsDfEQrE j-ER+EQFB%DFETtlq\3KNT$EiPER$eiP@T+EQSMfP-z/EiQFBsDSKNR$j rP-zER*oNP3P-z  DFg$BsDLK^M 7K^DFg+P-n+D BsR<q*<KNR$T*PW
WEEiT$t~Beh7? LRDFg$E PDSg$EQXg$BR$T $ykP-MODXz$QFBseiDFK^e4Bo/Mrq3MrDSEykMXKNoNoKNR+eP-Qrz/P-QSBsDFECMSP-ykE MSPQrDXPW;WEiET$t~Bseh
BR$TDFg+EQSEHWP-QSE WEiET$t~BsehMSg$P-n+oNTt/E K^R$eP-Qrz/PQFBsDSETKNRlDFPDSg$E#BR~Bopq@MrKNMi?
  ,     k
   4

JR DFg$E z$QrEeiET$K^R$jMSEeHDFK^P-R$ME g~B4\E T+EMSeiQSK^t/EiT#DSg$E T$EoNBqfeP-R+MrDFQSBKNRlDSM;BR$T DFg$E \sBQrKNP-n$M/DFQFBsR$MSykKNMrMSKNPR


ykP@T$EiM B4\sBKNoNBt$o^E? 1ER$PT$EQrK^\EDFg$EQFBsDSEeiP-R$MrDSQFBK^RlDFM`DSg~BsD`DFg$EER$eiP@T$EiQ %DSQFBR+MSykK^DSDSEQ`g~BM`DSP
ykEEiDKNRkP-QrT$EQ DFP`B\P-KNTk\3KNP-oNBsDFK^R$j DFg$E9T$EoNB4qeiP-R$MODFQFBsKNRlDFM 3WP-QBaj-K^\ERehg~BsR$R$EoePR ~j-n$QSBsDFK^P-R? ~P-Q
DFg+E z$n$Qrz/P-MrEM PW Pn$QLT$K^MSen+MSMSK^P-R,E KNoNo;T$Kp\3KNT$E#DFg$E ehg$BR$R$EioNM KNRlDSPDFg$QrEE eioBMrMSEiM R~BykEopqZ[ZA 
Y [A]K^DSgz$QSEiT$KNeHDhBt+oNE @t$n+DeiP-R$MrDSQFBK^R$ET $ehg~BR$R+EoQSBsDFEiMBR$TY [AK^DSgn$R$z$QrET$K^eiDFBt$oNE ehg$BR$R$Eio
QFB%DFEMi?
CPDSE`DSg~BsDCKNRT+EMSK^j-R$K^R$jBkeP-ykz$oNEHDFEa\3KNT$EiPDFQSBR$MSykKNMrMSK^P-R*MOq3MrDFEiy /MSEH\-EQSBoz~BsQFBykEiDSEQSM /PsDFg$EiQ
DFg$BRDFQSBR$MryK^MSMSK^P-RQSBsDF!E  R$EiET,DSPtEDhBsERK^R<DSPBeieP-n+R<D? ~P-Q9E +Bykz$oN!E  P-R$E`e4BR*DFg$K^R$PW ER$T3G
DFP%GJER+TT$EoNB4qBsMBQSEiMSP-n+QSe!E  MSK^R$eEWPQ`DFg+EMFBsyEQFBsDSEDFg$EeP3T$ET m<n~BsoNK^DJq|K^R$eQrE4BMrEMg$EiR  
KNR+eQSEBMSEiM?  g$KNo^E`DSg$KNMLeiP-ykEM BsDfDFg$E eiP-MrDaPsWK^R$eQrE4BMrETK^R$K^DSKBo;oB%DFER+eiq*K^DLyB4qtEBP-QrDSglg$KNo^E
DFQSBT$EUGJPVWP-QC;CYP-Q9 Y Bz$z$o^KNe4B%DFKNPR$M?;K^EHKNMS!E /ykEykP-QOqyB4qtEBkoNKNykK^DSETQrEMSPn$QSeiEEi\ER
K^WT$EioB4qKNMR$PsD ~MSP{DFg$BsDDFg$E#P\-EQSBoNot+n+V EiQMSz~BeiE`K^RDSg$EaT$EeiP@T+EQKNoNo g~B4\-EaDFPkQSEMODFQrKNeiDSET
&E?j$? 7B
g~BR+T@GJg$EioNTT$EH\@K^eE#P-QBMSEHDrGDSP-zt/P " H?
KNjn$QSE z$QSP\3KNT+EMBR]KNoNo^n$MrDSQFBsDSKNP-RPW`DSg$E QSEioNEi\sBRlDQFB%DFE eP-R+MrDFQSBKNRlDSM?JR]DSg$KNM ~j-n+QSE
&d
QSEiz$QSEiMSEiR<DSMZDFg$E9DFPDFBo7Beien$y n+oBsDSETt$KpDFM KNR{DFg$E9DFQSBR$MSykK^DrDFEiQ t+n+V EiQ
E4BehgMODFEizQSEz+QSEMrERlDFMDFg$ECt$K^DSM
>
'

"'

ePQSQSEiMSzP-R$T$K^R$jaDFPaP-R$EXWQFBsyE H?
&[ QSEiz$QSEiMSEiR<DSMDSg$Et$K^DSM eiP-QSQrEMrz/P-R+T$KNR$j DSP#WQSByEiMDFg~B%D g~B4\-E9t/EiER
QSEiyP\ETWQrP-y DFg+ET$EieP3T$EQ`t$n+V/EQ
&EBehgMODFEzeP-QrQSEMrz/PR$T$M`DSP*QrEykP\@K^R$jP-R$E{WQFBykE{MSP*DSg~BsD#K^D
e4BsRtET$EieP3T$ET U? CPsDFEDFg$BsD
&d BR$T
:[ `BQSEMrKNykz$o^q|MSg+K^W DFEiT \-EQrMSK^P-R$M{PW9E4BehgPDSg$EQ MrKNR$eiE
DFg+EWQFBykEMCDFg~BsD BQSE z+n+D KNR,DSg$EDSQFBR$MryKpDSDSEQft+n+V EiQ BQrE Ei\ERlDFn~BsoNo^qQSEiyP\-EiTWQSP-y DFg$ET$EeiP@T$EiQ
t$n+V/EQKNRP-QST$EiQDFP`t/ECT$EeiP@T+ET? dfo^MSP`R$PDFE9DFg~B%DZKNRkDFg$K^ME +Byz+oNECDSg$EfT+EoB4q @DFg+EfT$KpV EiQSER+eEfK^RDFg+E
DFK^yE`B @KNMft/EHDJEiERDFg$E
&d CBR$T
&[ /KNMfyBT$E`n$zPW DJPeP-ykzP-R$ERlDSM BT+EoB4q*KNR,MODhBQODFK^R$jDFg+E
DFQSBR$MryK^MSMSK^P-RBR$T*BT$EoNB4qKNRMrDFBQrDSKNR$j DSg$EaT$EeiP@T+KNR$j$?

LQSEiz$QSEiMSEiR<DSM`DSg$E{QFBsDSEB%D g$KNehg|t$K^DSMaBQSEDSQFBR$Mrz/PQrDFEiTWQSP-y EiR$eP3T$EiQaDSPT$EeiP@T$EiQ?{JR DFg$K^M


e4BsMSEE*BsQSEQrEz$QrEMSEiRlDFKNR+j1B Z[A DFQSBR$MSykKNMrMSK^P-RykP@T$EMSK^R$eE
: KNMMrg$PRBsMBMrDFQSBKNjg<DoNK^R$E?
Xg<n$M
d G
XePQSQSEiMSzP-R$T$M9DFP{DFg$E#t$KpDFM9QSEyBK^R$KNR$jK^RDSg$E#ER$eiP@T$EiQCt+n+V EiQLBR+T
: JG
&[ ZDFP{DFg$P-MrE
z$QrEMSEiRlDfK^RDSg$EaT$EeiP@T+EQt$n+V/EQi?
Bits arriving through channel

(C)

(A)

(B)

Bits in
encoder
buffer

Decoder buffer underflow

R2

R2
Bits in
decoder
buffer
Bits removed by the decoder
Time

Encoder transmit
delay

Decoder decoding
delay

K^j-n$QrE + A9BsDFE`P-R$MODFQSBKNRlDFM
>u

~ QSP-y KNjn$QSE EeBR Bo^MSP\3KNMrn~Bo^KNE#DFg$E`WP-n$QfzP-MrMSKNt+oNE eiP-R$MrDSQFBK^RlDFMfDSg~BsDLPR$E yBq*g~B4\-E DSP


DhBsEkKNRlDFPBeieP-n$RlD`KNR DFg$E{eiP@T$K^R$jz$QSP3eEiMSM R~BykEopqDFg+EkP\EQr$PBsR$T1n+R$T$EQO~P eP-R+T$K^DSKNP-R$MaB%D
ER+eP3T$EQBR$TT+EeP3T$EiQt$n+V/EQrM? R$eP3T$EiQt$n+V/EQ P\-EiQr~P]P@eien$QrMg$EiRDFg+Eft$n+V/EQyEiyPQrq{BsD DFg+E
ER+eP3T$EQ#KNMaE @eiEET+ET DSg~BsD`KNM KpWDSg$EkT$K^V/EQrER$eiE
d JG
LtEePyEiM`j-QrE4BsDSEQ DFg$BR1DSg$E{yB @K^y n$y
ykEykP-Qrq?P-Rl\-EiQSMrEo^q  K^WZDSg$ET$KpV EiQSER+eE
d JG
at/EieP-ykEM iEQrP
&K^D`e4BsR$R$PDtER+EjlBsDSK^\E #g~B%D
E`P-t+MSEQO\-E`KNMER$eiP@T+EQ9t$n+V/EQ9n$R$T$EiQr~P BR$TKNRDFg+KNMMSKpDFn~BsDSKNP-RR+PDFQSBR$MryK^MSMSK^P-RDhBsEMCz$oBseE ~PQ
 ~o^oNEiQt$KpDFM #BQrEXMSEiR<D? dZD DFg$EXT+EeP3T$EiQ <K^W
G
&[ KNMDSP@P oNBQSjE -DFg+EXT$EeiP@T$EiQ t$n+V/EQ yBqP\-EQO~Pa?
LRDFg$E PDSg$EQXg$BR$
T $KpW
JG
:[ tEeiP-ykEMXR$EijlBsDFKp\- E
&BMXKNRDSg$E E +Bykz$oNE PsWKNj-n$QrE DSg~BsDykE4BR+M
DFg$BsD DFg+ET$EeiP@T$EiQT$EyBR$T E @eEEiT$M{DFg$Et+K^DFMMSn$z$z+oNKNEiT tlqDFg$Eehg~BR$R$EioBR$TDSg$EQrEiWP-QrET$EeiP@T$EiQ
t$n+V/EQn$R+T$EQO~PP@eien$QrM?
JR#DSg$KNM ehg~Bz+DSEQE eiP-R$eEiRlDFQFB%DFE P-R DFg$E z+QSP-t$o^EyPW+T+EeP3T$EiQt$n+V/EQ;n$R$T$EiQr~P
WQFBsyEiM;BQSQrK^\3KNR$j
DFP3PoNBsDFEBsD`DFg$EQrEeiEK^\EQ H?,dCM yEiRlDFKNPR$ET1t/EHWP-QS!E  ER$eiP@T$EiQ sT+EeP3T$EiQ t$n+V/EQ P\EQr$P z$QrP-t$oNEiyM
e4BsRtEXMSP-op\-EiTEBMSK^o^q KpWMSn keK^ERlDyEiyP-QOqK^M B4\BsKNoBst$oNEBR$T{T$EeiP@T+EQ t$n+V/EQ n$R$T$EiQr~PK^M B4\-P-K^T$ET ?
x*P-QrEP\-EiQ EKNo^oZBMrMSn$ykEDFg~BsDkEiR$eP3T$EQ{t$n@V EiQkn+R$T$EQO~P e4BsR5tEg~BR$T+oNET K^DSg$P-n+D{zER$Bo^DJq
DFg+QSP-n$jgDSg$EaKNRlDFQrP@T$n+eiDFK^P-RPW ~oNo^EQZt+K^DFMi?
1* 



oNEBQSopq B PR$MrDFBRlD{[K^D ACB%DFE


:Z[ZA aDFQFBsR$MSykKNMrMSKNPRykP@T$E! t/Eie4Bn+MSEPWKpDFMz+QSET+KNeiDFBt$o^EDFQSBke
z~BsDrDFEiQSR$M  yBEiMfDFg$E`DhBMrPsW R$EiDJP-QSyBR~Bj-EiyEiRlDLE4BsMSKNEiQ
KNR*DSg~BsDLBoNo;T$EieKNMrKNP-R+MCeBRt/E`t~BMrET
P-RT$EHDFEQryK^R$KNMODFK^eCDFQSB ke ehg~BQSBeiDSEQSK^MrDSKNeM ~Bso^DFg+P-n$j-gKpDXBo^MSPz$QrEeo^n$T$EiM9j-BKNR\3KB MODhBsDSKNMODFKNeBo yn$o^DSKpG
z$o^E @KNR$j+?~n$QODFg$EiQ $DSg$E`Z[ZAyP3T$E KNMXR+PDEioNoyBsDFehg$EiT*DSP{DSg$E#KNR$g$EiQSEiR<DSo^qYL[ZA ehg~BQSBeiDSEQrKNMrDSKNeiM
PW eiP@T+ET,\3KNT$EiP$? CPEH\-EiQ K^D9K^MfT$K ein$o^D9DFPMSn$z+z/P-QODLj-P3P3Tm<n~Bo^K^DJq\3KNT$EiPn$MrKNR$jkY [ZADFQSBR$MSzP-QOD
n$R$o^EMrM`DFg+ER$EHDJPQS|z$QSP\3KNT$EiM`WEiET$t~Bseh|DSP*DFg+EMrP-n$QSeiE PQ`z$QrP\@K^T$EM#ER+T@GDSPsGJEiR$TT$EioB4q|BR$T1oNP-MrM
j-n~BsQFBRlDFEiEMK^DSgYL[ZADSQFBR$MryK^MSMrKNP-RePR$MrDSQFBK^R<DSMXDFg~BsD9BsQSE <R$PR*DSPkDSg$EaMSP-n$QreE ?
JR BfZ[ZAERl\3KNQrP-R$ykERlDEg$B\E lBsMK^RKNj-n$QrE B  @ETR3n+y t/EiQPsW$t$KpDFMDFQSBR$MSykK^DrDFEiT#DSg$QSP-n+j-g
]XD{5* .> D#{P*X.X  #XX< Q IgX5.## X3Xa5 P#)5<Q D *X{W W #WIQ3.<WNm .<W.5#<X3IWW XPW5WD {I#3#<3. 5X-5*{5 -#b.{.PW5W{ #*##Q33# XW#W#55jPPXD# X.N j# I5Pm{D<{<IXX.3{
D5#WW<.X ,#5XI5{. I3< 5# {*m< W..P##.#DP  . )




 $




&






v-



DFg+Eehg~BsR$R$Eo:?EiD#n$M`eP-R$MrKNT$EiQ`R+PDFg$EkMrDFBsDFEkPWDSg$EkER$eiP@T$EiQBsR$TT$EieP3T$EQ#t$n+V/EQrMn$R$T$EiQ`DFg+E
ePR$T$K^DSKNP-R DSg~BsD @BsM K^Rk7PQSy n$oNBsDFK^P-R -WQSBykEM z$n+D KNRDSg$EER$eiP@T$EiQBsQSEQSEiyP\-EiTkWQrP-yDSg$ET$EeiP@T$EiQ
t$n+V/EQ BsW DFEiQ B  @EiT R3n+y t/EiQ PWXWQSByEkKNRlDSEQr\sBo^M   g~BsMz~BMrMSEiT?PMrKNykz$oNKpW q,DFg+ER$PDFBsDFK^P-R 
EaBMSMrn$yECDFg~BsDDFg$ELehg$BR$R$EioT$EoNB4qK^MZR$EjoNKNjKNt$o^ECBsR$TDFg~B%DZT~BsDFB KNMMSERlDXWQrP-yDSg$EfDSQFBR$MryKpDSDSEQZBsM
MSP3P-R*BM9K^DKNM9B4\sBKNoNBt$o^E $K:?wEs?   
   BR$TKNRj-ER+EQFBso    +? Xg3n+MCDFg+E`P-R+o^qT$EioB4qKNRDFg+E
Mrq3MODFEy ePQSQSEiMSzP-R$T$M9DFP{DFg$E   WQSByE K^RlDFEQO\sBoNMXDFg$BsDCDSg$E#T$EeiP@T$EiQ9BKpDFM9t/EHWP-QSE#QSEiyP\3KNR$j{DFg+E
~QrMrDZWQSByE9WQSP-y DFg+ELt$n+V/EQi? CR$T$EiQZDFg$EiMSE eiP-R$T$KpDFKNPR$MDSg$ELER+eP3T$EQBR+TT$EeiP@T$EiQZt$n+V/EQXMODhBsDSEMXB%D
DFg+E  WQSByEfKNRlDFEiQr\sBo;BQrE QSEMrz/EieiDSK^\-Eio^q 



  3   3 &

:v
5 
5 
  5 &     5 .10/2  9 g$EiR  6  




&
  5  & 9

g$EiR    ?

Xg<n$MaDFg$EEiR$eP3T$EQaeiP-RlDhBK^R$MaMSKNykz$opqBsoNoDSg$Et$K^DSM z$QSP3T$n$eiET|n$z DFPDFg~B%DLDFK^y!E yK^R3n+MfDFg$PMSEDFg~B%D
g~B4\-EatEEiRDSQFBR+MSykK^DSDSET +BsDZDSg$E eP-R+MrDhBsR<D9ehg~BsR$R$EoQSBsDF'E &k? Xg$EaT$EieP3T$EQXt+n+V EiQBsDZDSKNykE  P-RDFg+E
PDSg$EQ g~BR$TeP-RlDhBsKNR$MBoNo$DSg$E9t$K^DSMQrEeEiK^\ETWQrP-y DFg$E9ehg~BR+R$Eo/n$zDSP`DFg$BsDDSKNykE lykKNR<n$M DFg$EWQFBsyEiM
DFg$BsD g~B4\Et/EiER T$EieP3T$ET ?,CPsDFEDSg~BsD eP-R+MSKNMODFEiR<DK^DFgP-n$QT+EoB4qETT$EieP3T$KNR+jBMSMrn$ykz+DFK^P-R B%D
DFK^yE DSg$E     GDFgWQFBsyEK^M t/EiKNR$jT$EieP3T$ET?CPsDFE{Bo^MSPDFg~B%D EBMSMrn$ykE{DSg~BsDaDFg+EQSE{K^M R$P
ER+eP3T$EQt$n+V/EQn$R$T$EiQr~P -K:?wEs?    KNMBopZB4q3M  & %DFP9z$QSEiMSEiQr\-EDFg$E oNK^R$E4BQrK^DJqfPW+DSg$EeiP-R$MODFQFBsKNRlDFMi?
Xg$K^MZKNMXBsRE4BMOqeiP-R$MrDSQFBK^RlDZDFPykEEHDXKNRz+QFBeHDFKNeiELMSK^R$eECDFg$ELEiR$eP3T$K^R$jQFBsDSELe4BsRt/ELK^R$eQrE4BMrETMSP{BsM
DFPkB4\-PKNTn$R$T$EiQr~Pa?
WE R$P eP-yt$KNR$E DSg$EEiR$eP3T$EQCt$n+V/EQCP@eien$z~BsR$eiq
:v 9BsD9DFK^yE BR$T*T$EeiP@T$EiQft$n@V EiQfP3een3G
z~BR+eiq
& ZBsDXDFK^yE 
 $E#g~B4\-E DSg~BsD4
'





 ,/.10 2
3



 




 ,/. 0 2


  3 & 
3   3 &
5 
5 
 5  ,(
5 
5 
 ,/3 .10 2
&  


 5  (, 

&  3

Xg<n$M3KNRP-QrT$EQ DSP z$QSEH\-ERlD DFg$ET$EieP3T$EQ t+n+V EiQ WQSP-y n$R$T$EiQr~PKNR+j"lEg~B4\-EXDSP#sEEizkDSg$EQSKNjg<D


g~BR+T,MSK^T$EPW
: CBso^Bq3MCj-QSEBsDFEiQCDFg$BR,EiQSP$? E`e4BRK^R<DSQSP3T$n$eiE`DFg+EePR$eEiz+D PW 2 2'= 58792  F 2':
G 5 2  +
 ;g$K^ehg1ET$E ~R$EBM DFg$EkyB @KNy n$y oNEH\-Eio PsWZt$n+V/EQaP3eein$z~BR$eHq DFg~BsDaDSg$E{ER$eiP@T$EiQ
v


'

4e BsRQrE4BehgBsD DFK^yE MSn$ehgkDFg~BsD DSg$Eehg~BR$R+Eo7QFBsDSEM BQrEBT$Em<n~B%DFEXDFP DFQSBR$Mrz/P-QOD BoNo@DFg$EXt$KpDFMKpDFg$P-n@D


\3KNP-oNBsDFK^R$j DFg$EfER$T@GDFPsGER$TT$EoNBqkeiP-R$MrDSQFBK^RlD
&K:?wEs? <K^DSg$P-n+Dz$QSP3T$n$eiKNR$j`T$EeiP@T+EQZn$R+T$EQO~P H? ~QSP-y

 DFg$EayB @KNy n$yoNEH\-EioPsWEiR$eP3T$EQt$n@V EiQ9P3eein$z~BR+eiqKNM   ,/5 .1 ,(0  2 & $DSg<n$M9Eag~B4\-E


 ,/.10/2
 +'
  3 &

:
 5  ,(
BR$TDFg<n$MXE`g$B\E#DSg~BsDXDSg$EaEiV/EeiDSK^\E`t$n@V EiQ9MrKNiE

b
 +
   $&
MSg+P-n$oNTtEaeP-R$MODhBRlD?
EaMrn$yyBQrKNELDSg$KNMXQrEMrn$o^D9BMXWP-o^oNPM 
7s. (&"@&5"+)`2H"~:267,  'D    A9DD 2'4 ? 2':9= 58D F DE032': 2'DE0  = ? 

'2 DE0 032'4  (   9=  :9=2& + 58D,? :<032': =? E: 2'792'D=.032 ? 032':  F 2': F DE032': ? =BA2C2'D  ? 032':  FG =
979? 5 0 =8A2 2'D  ? 032':- F 2': G 5 2 2 2 2<0958D       &   = "9D '2 G A? D =BA9=5  =BA2 2'D  ? 032':
 F 2': 03? 2 G D ? = 2 2 2<0 =BA2  5  F  ? F 9D &(  ++=8A2'D =BA2 032 ? 032':  F 2': 58484!D ? = 2 2 2<0
=8A 9=  5  F   F 2': ? F 9D &(@2'58=BA2': 
 

C PDSE`DSg~BsD9E`QSEiWEiQCDSP 2 2'= 58792t$n+V/EQCMSKNiE`tEeBn$MrEj-Kp\-EiR*DFg$BsDCDSg$EQrEK^MCMrn keKNEiRlD yEiyPQrq


B4\sBKNoNBt$oNE`BsD EiR$eP3T$EiQ`BsR$TT$EeiP@T+EQDSg$KNMLEHV EieiDSK^\-E{ykEykP-QrqK^MLT$EiDSEQryK^R$ET tlqDSg$ET$EoNB4qQFB%DFg$EiQ
DFg$BR t<q ykEykP-QOqeiP-R$MSK^T$EQSBsDFK^P-R$Mi?_dfMBR E +Bykz$oN!E LBMrMSn$ykE oBQrj-EBykP-n$RlDSMPWykEykP-QOqBQrE
B4\sBKNoNBt$oNEB%DZER+eP3T$EQBR$TT$EieP3T$EQ @DSg$ERDSg$EfMSByE9Mrq3MODFEy eP-n+oNTPz/EiQFBsDSECK^DSgT$KpV EiQSERlDER$T@GDFPsG
ER+T*T$EioB4q3M   BR$TWP-QXEBehg*ehg+P-MSEiR*\sBoNn+ELDFg$EiQSEaP-n+oNTt/E#BT$KpV EiQSERlD  -?


(* 

& 

 &



# 

 


P-R$MrKNT$EiQaR$PDFg+E{YL[ZADFQSBR$MryK^MSMSK^P-Re4BsMSE{g$EQrEkDSg$E{ehg~BR$R$Eio QFBsDSEM#BQSE<R$PR?kXg$K^MaP-n$o^T
tEkDSg$EeBMSEkKNR1BY [ZA DFQSBR$MryK^MSMSK^P-R n$R$T$EiQo^E4Blqt$n+ehEiD eP-R$MODFQSBKNRlDFMag$EiQSEDSg$EkER$eiP@T$EiQ#K^oNo
tEBt+oNE DFPkT$EeiKNT$E#P-RDFg$E#ehg~BR$R+EoQFBsDSE#T+n$QSK^R$jkDSg$EaWQFBykEaKNRlDFEiQr\sBo   &  BM9oNPR$jkBMCKpDeP-ykz$o^KNEM
K^DSg|DSg$EkoNE4Bs<q,t$n$ehEHD eiP-R$MrDSQFBK^RlDFM ? Eke4BsR1DFg+ERQrEi\3KNMrK^D DSg$EBst/P\-E{WP-Qry n$oB%DFKNPR BR$T|QSEz+oBeiE
vl>

DFg+E eP-R+MrDhBsR<DLQFBsDSE & <t qB\sBQrKBt$o^EaP-R$E &  f? Xg$E EiR$eP3T$EiQ BR$T,T+EeP3T$EiQLt$n+V/EQLP3eein$z~BR+eKNEiM BQrE
R$P




  3   3 & 


5 
5 
   5 &      5 .10 2  9 g$EiR  6  




:u
  5  &  9



$
g
i
E
R



?


g$EiQSEBMft/EHWP-QSE#DFg$E T+EeP3T$EiQfZBsK^DFM   WQFBykE#KNRlDFEiQr\sBoNMCt/EHWP-QSE`MrDFBQrDSKNR$jkDFPT$EieP3T$EDSg$E\3KNT$EiP

WQFBsyEiMaB\sBK^oBt+oNE#KNR K^DSM t$n+V/EQ?dCjlBK^R EkeBR|eP-y t+KNR$EDSg$E{ER$eiP@T+EQat$n+V/EQaP3een+z~BR$eHq


LB%D
DFK^yE BsR$T*T+EeP3T$EiQ9t+n+V EiQP@eien$z~BsR$eiq
&u ZBsDXDFK^yE 
 ~Eag~B4\E#DSg~BsD4





 ,/3 .10


&   3

 ,/3 . 0


3
3
&



& 
 


 5  ,(
5 
5 

5 
5 
 ,/3 .10
  5  &   


(, 


MSPDFg$BsDaT$EeiP@T+EQ#t$n+V/EQan$R$T$EiQr~P_K^Maz$QSEH\-ERlDSETKpW DSg$EkQSKNjg<Dag$BR$T|MSKNT+EPW
 LBopZB4q3Maj-QSEBsDFEiQ
DFg$BR,EiQSP$?fdfR$T,WQrP-y
 XDFg$EyB @K^y n$y o^Ei\-EioPW EiR$eP3T$EiQLt$n+V/EQLP3eein$z~BR+eiq,K^M   ,/5 .1 ,(0  &   MrP
DFg$BsDXDFg$EaEHV EieiDFKp\-E#t$n+V/EQMSK^EaKNMXR+P 

'

'

'


 +
  ,/3 .10 & 
 5  ,(

' $'

Xg$EyBsKNR T$KpV EiQSER+eEt/EHDJEiERDSg$KNM{BR+T5DFg+EZ[A e4BMrE*K^M DFg~BsDkR$P DSg$EEiV/EeHDFK^\E*t+n+V EiQMrKNiE


T$Eiz/EiR$T$M P-RDSg$E`WQSBykEKNRlDSEQr\sBo% BsR$T,KNMCEm<n~BoDFPDSg$EMrn$y PW DFg$E#Wn+DFn+QSE   ehg~BsR$R$EoQFBsDSEMi?
1EeBRj-n~BsQFBRlDFEiEkDSg~BsD`K^WDFg$EER$eiP@T$EiQ`t+n+V EiQ`Wn$o^oNR$EiMSM 
 KNM`BopZB4q3M`MryBsoNoNEiQLDFg~BsR  '
 
DFg+ERDFg$EaT$EieP3T$EQ9t$n+V/EQXKNo^o R$PsDn$R$T$EiQr~Pa?
Xg<n$MCK^RDFg$E Y [ADFQFBsR$MSykKNMrMSKNPRe4BMrE#Eae4BRg~B4\-EaDFg$E WP-o^oNPKNR+j eP-R+MrDFQSBKNRlDSM
7s. (&"@&5"+)`2i"~&/26!  'D     A9DD 2'4 ? 2':9= 58D F DE032': 2'DE0  = ? 
2'DE0 30 2'4  (  9=  D ? D :9= 2 &
 8+58D ? :032': = ?E:;2'792'D=#032 ? 032': F 2': F DE032': ?
 FHG =E:;2'792'D==BA2$2'D  ? 032':  F 2': G 5 2$2 2 2<0958D  +
    ,/5 .1 ,(0  &  

=8A2 2'D  ? 032':

C PDSEkDSg~BsD`KNR|B OeP-RlDFQrP-oNo^ETYL[ZA ehg~BR$R+EoEiRl\@K^QSP-R+yEiR<DaDSg$EDSQFBR$MryKpDSDSEQ yBq,t/EBt$o^E{DSP


T$EieKNT+E#DSg$E`R<n$yt/EiQCPWt$K^DSMDSPn+MSE`WPQ9tPDSg*MrP-n$QSeiE BR+Tehg~BR+R$Eo:?ZdfM9MSg$PR,K^R uDSg$KNM9e4BsRtE
v-v
'

$T P-R+EKNR,z$QSBeiDSKNeiEBR$T,DSg$Eehg~BR$R+EoQSBsDFE MrEo^EeiDSKNP-ReBR t/Ez/EiQrWP-QryEiT,MSPDFg$BsDLDFg+E QFBsDSEM eiP-yz+o^q


K^DSgMSP-ykEaPWDSg$EaeP-R+MrDFQSBKNRlDSM
E?j$?7;EBlqt$n$ehsEiD DFg$BsDXEiQSE#yEiRlDFKNPR$ETBtP\-E?


(* 

& 


/     



# 

 
/

Xg$E*yP-MODK^yzP-QODhBRlD{ehg~BQSBeiDSEQrKNMrDSKNePWa~P-Qry n$oB%DFKNPR v1tEeiP-yEiMBz+z~BQSEiRlDg$EiRP-R$EeP-R+MSKNT3G


EQrM`DSg$Ee4BsMSEg+EQSEQFBsDSEM BsQSER+PD T$EHDFEiQSykKNR$K^MrDFK^e4Bo^o^q*<R$PR?,Xg$EiQSEBQrEPWeP-n+QSMSE!R<n$ykEQSPn$M
KNR+MrDhBsR$eEiMPWDFg$K^MMSeEiR~BQrKN"P  Mrn$ehgBsM{B,QSEo^KBt+oNEehg$BR$R$EioZK^DFg\sBQrKBt+oNET+EoB4q  g+EQSEDSg$EEiV/EeUG
DFKp\-E DSg$QSP-n+j-g$z$n+D DSg<n$M#\sBQrKNEiMLP\-EQ DSKNykE BR n$R+QSEo^KBt+oNEehg$BR$R$Eio KpDFg QSEHDFQSBR$MSykKNMrMSK^P-R >s %PQ B
ePR$j-EMODFK^P-R@GJeiP-RlDFQrP-oNo^ETehg~BR+R$Eo:?
Xg$EZsEiq#T$K kein$o^DJqaK^RT$EBoNK^R$j9KpDFgaDFg$EiMSEZMreEiR~BQSK^P-MK^MDFg~BsDDFg+EER+eP3T$EQg~BMDSPfyBE T$EieKNMrKNP-R+M
P-R#DFg$EMSP-n$QreEeP3T$KNR$j %g$K^ehgBQrEt~BsMSETP-R T$EHDFEQryK^R$KNMODFK^e 3R+Po^ET$jEPW$DSg$EMrP-n$QreE t$n+DMSP-ykEg$P
g~B4\-E9DFP#DhBsEfKNRlDSP BeieP-n$RlDDFg$E9QFBR+T$P-y_tEg~B4\3KNP-Q PWDSg$Efehg$BR$R$Eio?Xg$ECehg~BR$R+Eo tEg$B\3K^P-QK^M MSn$ehg
DFg$BsDDSg$EfT$BsDhB#yB4qkBQrQSK^\EfQrEoNKNBt$opqDFP#DFg$ECQSEieEKp\-EiQt$n+D +T$n+ECDFP`QFBR+T$P-y_T$EioB4qkP-Q DSP`DSg$EfR$EiETWPQ
QSEHDFQSBR$MSykKNMrMSK^P-R  58=  (9:': 58792 9= =8A2 032 ? 032':.= ? ? 4 9=2 DSP`tE9T$EeiP@T$EiTKNR{DFK^yEZWPQT$K^MSz$oNB4q-?Xg<n$M 
g$K^oNEDFg$ELEiR$eP3T$EiQZe4BR+R$PDXeiP-RlDFQSPoDSg$ELehg~BR+R$EotEg$B\3K^P-QKpDeBRn$MrELg~BsDFEH\-EiQX3R+Po^ET$jELPWDFg+E
ehg~BR+R$Eo;KNMB4\sBK^oBt$o^EfK^RPQST$EiQDSPkB\P-KNTT$EieP3T$EQ9t$n+V/EQn$R+T$EQO~Pa?
~P-QSy n+oBsDSKNP-Rvz$QSP\3KNT$EiMB MSK^yz$o^E9B4qDFP WPQSy n$oNBsDFE9DFg$EfT$EMrKNQSEiTt/Eig~B4\@K^P-QZPW;DSg$E Mrq3MrDSEy? D
KNMXMrn keK^ERlDCDSP{j-n~BQSBRlDFEE DSg~BsD
 ,/.10 2

 
 +'
  3 & 

>
5  ,(
KNRP-QST$EiQDFPER$Mrn$QSE DFg$BsDDSg$ELT$EieP3T$EQXt$n@V EiQKNo^o/R$PsDZn$R$T+EQr$Pa? Xg$EfWn@DFn$QrE ehg~BR$R$EioQFB%DFEM &  ,(
DFg+QSP-n$jg &  ,/.10/2 BsQSER$PsD<R$PRBsDDFKNykE r? 9PEi\EQ KNR
> #DSg$ET$EHDFEQryK^R$KNMODFK^ez~BsQrD{PWDFg+E
Mrq3MODFEy
DFg$E{MrEoNEieiDSKNP-R PWMSP-n+QSeE{QSBsDFEiM`B%D DFg$E{ER+eP3T$EQ K^M eo^E4BQro^q,MrEz~BsQFBsDSET WQSP-y DFg$E{QFBsR$T$P-y
ePyzP-R$EiR<DSM
DFg+E#ehg$BR$R$EiotEg$B\3K^P-Q U?
WDSg$EQrE{KNMLR$P<R$PoNEiT$j-E{BtP-n+D DSg$Eehg~BR+R$Eo\EQrq o^K^DrDFoNE#e4BsR|tET$P-R+E PDSg$EQLDSg~BR z/EiQSg~Bsz$M
BMrMSn$ykELPQSMrDeBMSEatEg~B4\3KNPQ? LRDFg$E PDSg$EQg~BR$TK^W;E g~B4\-E#BR E: 5 ? : 57yP3T$Eio PWDFg$E ehg$BR$R$Eio
BR$T sP-QXMSPyEaP-R$o^KNR$EfP-t$MSEiQr\sBsDSKNP-RPWK^DFMXein$QSQrERlDCMrDhB%DFE DFg$EiR*KpDKNMXzP-MSMrKNt$o^ELDFPBsDSDFBehg*B{o^KNsEoNK^g$P3P@T
PWBehg$K^Ei\3KNR$jkB{eEiQrDhBsKNRehg~BR$R+Eo;QFBsDSE?
v
'

'

 EiDn$Me4Bo^o 
%  
%%Baz$QrKNP-QrK+ehg~BR+R$EoyP3T$Eio 9 ehg~BR+R$Eo7P-t$MrEQO\B%DFKNPR DSg$Ez$QrP-t~Bt+KNoNKpDJq

&jK^\-EiRBsz$z$oNK^e4Bt+oNEZP-t+MSEQO\sBsDFK^P-R$M BR$Tkz$QSK^P-Qehg~BsR$R$EoykP@T$Eio PsW/DSg$EfB4\sBK^oBt$o^Eehg~BsR$R$Eo7QSBsDFEtEKNR+j %


BsDZDSKNykE S? 9PDFELDSg~BsDXDSg$KNMZykP3T$Eo/eP-n$o^Tt/E T+KNMSeiQSEHDFE P-QXeiP-RlDFKNR<n$Pn$M 7BR+TKNoNo/T$EzER+T*P-RMrz/EieK ~e
ehg~BR+R$Eo ehg~BQSBeiDSEQSK^MrDSKNeMi?dCRE $Bsyz$o^EPWZMrn$ehg ByP3T$Eioe4BR1t/EWP-n+R$T1K^R >  ;g$EQrEBzP-KNRlDrG
DFP%GJzP-KNRlD#KNQSEioNEiMSMo^KNR$t$BMSEiT P-RDFg$EZIax*d O<GJul*MODhBR$T$BQSTK^Mn$MrET? 9PDFEBoNMrP*DSg~BsDMrn$ehg B
WP-Qry n$oB%DFKNPReBRBo^MSPtEE 3DFER+T$ETDFPDFg$E`e4BMrEg$EQrEBQSBR$T$P-y T$EioB4q /QFBsDSg$EQ9DFg~BsRBQFBsR$T$P-y
QFB%DFE g~BM{DFPtEeP-R$MrKNT$EiQSEiT? KNR$BoNopq  K^DkMSg+P-n$oNT5t/Eeo^E4BQDSg~BsDkDFg$EP\-EQSBoNozEQOWP-QSyBR$eiE*PWLB
Mrq3MODFEy_n+R$T$EQ MSn+ehgQFBsR$T$P-y ehg~BR$R$Eio7t/Eig~B4\@K^P-QKNo^o+T$Eiz/EiR$TtPDSgkPRkDSg$EXQFBsDSEeP-RlDFQrP-o7Bo^j-P-QSKpDFg$ykM
DFP{tEaT$KNMren$MrMSET*KNRDFg+E#R+E 3DfMrEeHDFKNPR*BsR$T*PRDSg$E#Beein$QFBeHqPWDFg$Eaehg~BsR$R$Eo;ykP@T+EoNMi?
aKp\-EiRDSg$EayP3T$Eo 
% DSg$ERE`eBR*T+E ~R$EaDJPT$KpV EiQSEiR<DWP-Qry n$oNBsDFK^P-R$MZBsMWPoNoNPMi?
7s. (&"@&  0 )3)3"+4)*`/2i"~&/2  2'= =BA2 G ( G =2* ? 2':9=2 58=8A@032'4  (   9DE0
:9DE03?   A9DD 2'4 : 9= 2  A9:'= 2':'5 2<0  ( 
%  A 2'D =BA2 3 ? 94 5 G = ? G 2'4 2'==8A2 '2 D  ? 0958D@:9=2 G ?
 G = ?  2 2'==8A2 2 2 '= 2<0C:9=2  ? D G = :958D= G +5  2  +  ? : 2" A   A? ? G 2 =8A2 ": 9= 2 G G'F  A =BA 9=

A2':;2

58DE095

 ,/3 .10
& 
 5  ,(

"9=2 G =8A2 2 2'= 9= 5 ? D 58=8A ;: 2 G 2'== ? =8A2 E : ?  85 4658= 5 2 G 
% 

v

'

DK^MP-tl\3KNP-n$M;DFg$BsD;DFg$EBtP\E WPQSy n$oNBsDFK^P-RLT$P3EMR$PDj-n$BQFBRlDSEE DFg~BsD;DSg$ET$BsDhBZKNo^o-tE DSQFBR$MryKpDrG


DFEiTeP-QrQSEieiDFopq$t+n+DXK^DKNMMSKNykz$o^EfBR+TK^DZeBRtELE4BMrKNopqK^R$ePQSzP-QFBsDSETK^RlDFPBQSBsDFEfeP-RlDFQrP-oBsoNj-P-QrK^DSg$y
KNRDSg$E9WPQSy PW B DhBt$o^EZDFg~B%Dz+QSP\3KNT$EiME +zEeHDFEiT\sBoNn$EiM WP-Q E4Behgkz/PMSMSK^t$oNEP-t+MSEQO\-EiTehg~BR$R+Eo7MrDFBsDFEs?
~P-QSy n+oBsDSKNP-R |oNEBT5n+MkDSPB yPQSEj-ER+EQFBsoWPQSy n$oNBsDFK^P-Rg$EiQSE*EDhBsE*K^R<DSPBseePn$RlDDFg+E
oNK^EioNKNg+P@P3TPWoNPMSMSEiMCT+n$E DFP{T$EeiP@T+EQ9t$n+V/EQn$R$T$EiQr~Pa?
7s. (&"@&5 ::. & 242 #7'"$'&(: U 58=8A =8A2 G ( G =2*  958D ? 2':9= 58D 58=8A 032 
4  (   9DE0 : 9DE03?   A9DD 2'4 :9=2  A9:"'= 2': 5 <2 0  ( 
% 8+ =BA2 3? 9 4 5 G =? G 2'4 2'==BA2C2'D  ? 0958D
:9=2 G ?  G =?  2 2'=   2': =*958D =8A3:;2 G A? 4 C
0 58D =8A2 4 ? G G E:;?  584658=-(+#5  2  + G '2 4 2'=#=BA2 
 G'F  A =8A9= 


 ,/3 .10
& 

5  ,(
A2':;2 8= A2 E: ?   584658= (>? 7 5 ? FG 4 (C032 2'DE0 G ? D 
% 

 

 # ! 

+Byz+oNEMPWDFg+EMSEaDJPBz+z$QSPlBsehg$EM9e4BRtE WP-n$R$TKNR > :?


vl

'



  

 
/

1E,R$P eiP-R$MrKNT$EiQDJP Mrz/EieKBsofe4BsMSEMg$EiQSE,DSQFBR$MryK^MSMrKNP-RyB4q5W&BsoNoKNRP-R+E,PWaDFg$Ee4BsDSEj-P-QrKNEiM


ePR$MSK^T$EQrETBtP\-E
&MFB4qZ[ZA P-Q Y [ZA t+n+Dg+EQSEfBT$T$KpDFK^P-R~Bo~eiP-R$MrDSQFBK^RlDFM yB4q{g~B4\-ECDFPtEDhBsER
KNRlDSPBeeiP-n$RlD4?  K^DFg+P-n+DLjP-KNR$jKNRlDFPT$EiDFBKNo^M9E #rn$MODLzP-KNRlDLPn+DfDSg~BsDfDSg$E~P-Qry n$oB%DFKNPR$MXz$QSP\3KNT+ET
tEiWP-QrE#yB4qg~B4\E#DSPktEayP3T$K ~ETDSPBsT$T$QSEiMSMDFg$EiMSE#MSeiER~BQrKNP-Mi?
 !  6 4)3!&)<
 g$EiRz$QrEHGJEiR$eP3T$EiTk\3KNT+EP#KNM ePR$MSK^T$EQrET <EeBReiP-R$MrKNT$EiQ DJP#T$K^V/EQrERlD MSeEiR~BQrKNP-M 3R$ByEio^q loNP3e4Bo
z$oNBq3t~Bseh
&E?j$? WQrP-y BIYLIz+oB4q-EiQ P-QaR$EiDJP-QSsET z$oNB4q@t$Beh
&Es?wj$? ;\@K^T$EPP-R|T$EyBR$T|MSEiQr\3KNeiE
DFPBg$P-ykE U?Xg$EWP-QryEiQ`eBMS!E  BM#T$KNMren$MrMSET EBQSo^KNEQ K^Rl\-P-op\-EMBj-o^P-t~Bo Bo^oNP3e4BsDSKNP-R BsyP-R+j*DFg+E
T$KpV EiQSERlDCMSeiER$EiMLKNRDFg$E#ykP\3K^E ~g$KNo^E DFg$E#ehg~BR$R+EoeP-R$MODFQSBKNRlDFM9T$PR$PDCz$oB4qy n+ehg,PW BkQSP-o^E
DFg+E
rehg~BsR$R$Eo "K?E? ZDFg$EeP-R$R+EeiDSKNP-Rt/EHDJEiER]MrDFPQFBj-E*T$Ei\3K^eE BR$TT$EeiP@T$EiQ 9KNMMSn$z$zP-MrETDFPg$B\E
MSn eiKNEiR<DCt~BR+T+KNT+DSgDFPBeeiP-yykP3T~BsDFEfEi\-EiR*DSg$Eag$KNj-g+EMrD9QSBsDFE MreER+EM U?
JRDFg$EfMSEeiP-R$T $BR$TykP-QSECKNRlDFEiQSEMODFK^R$"j 3MSeEiR~BQrKNP DFg+Ef\3KNT$EiP MSEim3n+ER$eiEaK^oNo7g~B4\-ELDSP tELER$eiP@T+ET
KNR1MSn$ehgB*B4q BM#DFP,ykEEHDBRlqBz$z$o^KNeBt$oNE{ehg~BsR$R$EoeP-R$MODFQSBKNRlDFMi?,Xg$K^M`KNo^o QSEMrn$o^DKNRT+K^V/EQSEiRlD
ER+eP3T$KNR$jkQSEiMSn$opDFM9T$EzER+T$KNR$jkP-Rg$EiDSg$EQfBZ[ZA PQCB{Y [ZADSQFBR+MSykKNMSMrKNP-RykP@T+E#K^MMSEo^EeHDFET ?ZJR
BT$T+K^DFK^P-R DFPDSg$EMrEDFQSBR$MSykKNMrMSK^P-R@GJQrEoNBsDFEiT1K^MSMSn+EM  T+EMSK^j-R$EiQSM BsoNMSP*R$EEiTDFPDFBEKNRlDFPBeeiP-n$RlD DFg+E
KNykz~BeHD{PW9DFg$EMrDSP-QFBjEykET+KNn$y PR5zEQOWP-QSyBR$eiE? dfMBRE +Bykz$oN!E ePR$MSK^T$EQDFg+E*eBMSEg$EQrE
T~BsDFBK^MCDFPt/E`MrDSP-QSEiT,P-RBkT$KNMr?9 q@z+KNe4BsoNo^qDSg$E T$K^MSKNo^ot/E`P-QSj-BR$KNiET*KNRlDFPMSEjyEiR<DSMfDFg$BsDCK^oNo
ePR$MrDSK^DFn@DFEfDSg$ELt~BMrKNeCMrDFPQFBj-Efn$R$K^D?Xg<n$MT$KNMr{QSE4BsT$KNR$jg~BQST@ZBQrE KNMT$EMrKNj-R$EiTDFPtELBt+oNECDSPQSEBT
P-R$EeP-ykz$oNEHDFE#T$KNMrMSEjyEiR<DLKNRlDFPBt$n+V/EQLBsR$T,DFg$EiRyP\EP-RDSPBR$PsDFg$EiQLMSEij-yEiRlD4?LXg$EiQSEK^oNo
tEB oNBsDFEiR$eiq1KNRl\P-o^\ETKNR ykP\3K^R$jWQSPyP-R$ET+KNMS1MSEij-yEiRlDDFP|BR$PDSg$EQ  BR$T MSK^R$eEDSg$ET$KNMrK^M
QSPsDhBsDSKNR$"j -DSg$E9oBsDSER$eHqKNoNo+T$EzER$TP-RkDSg$E9QSEoNBsDFKp\-EzP-MSKpDFKNPRkPsW DFg+E9DJPMrEj-ykERlDFMi? Xg3n+MDFg+ECT$K^MS
z$oNBeEiyEiR<DazP-o^KNeK^EM9KNoNog~B4\-EBR KNykz~BeHD P-R z/EiQrWP-QryBsR$eEs?~P-QLE +Bykz$o^E K^W DSg$E{Mrq3MrDSEy KNR+en$QrM
E @eiEMSMrK^\E`oNBsDFEiR$eiqKNRMrP-yEfPW;K^DSMZQSEBTP-zEQFB%DFKNPR$MDFg+ELP-n+DSz$n+Dt$n+V/EQyB4qEykz+DJqBR+TB T$EeiP@T$EiQ
t$n+V/EQn$R+T$EQO~PyB4qP3eein$Q?
$Bsyz$o^EMPWaMODFn$T+KNEMPsW`T$BsDhBz$oNBeEiyEiRlDP-R BT$K^MS5WPQoBsDSEQz$oB4q3t~Beh5e4BR tEWP-n$R$T K^R
v /vl> vv vs ?fdfRE +Bykz$o^E PW P-QSDFg~B%D KNR$eiP-QSzP-QSBsDFEiMCDFg+E T$KNMr*z+oBeiEykERlD ePR$MrDSQFBK^R<DSMLKNRlDSP
v-


'

DFg+E#QSBsDFEaeiP-RlDFQSPoBoNjP-QSKpDFg$ye4BRtELWP-n$R$TKNR vl :?
 !:;)<`"~%&
QSP 3q e4Behg+KNR$j|KNM{z$oNBq3K^R$j|BR5K^R$eQrE4BMrKNR$j QrP-oNEK^REH\-P-op\3KNR$j|R$EiDJP-QrK^R+WQFBsMrDFQrn$eiDSn$QSEs? 9PEH\-EQ 
g$K^oNE z$QrP 3qe4Bsehg$KNR$jkPWEit,P-'t #rEieiDSMCK^M9eiP-ykyP-R+z$oBeiE v- BR$TDFg+EQSE`BQrE#MrEi\EQFBsoeiP-yykEQreKNBoNopq
B4\sBKNoNBt$oNE z+QSP 3qeBehg$KNR+jz$QrP@T$n+eiDFM /DSg$EMSByE#KNM9R$PDCDFQrn$E`PsW\3KNT$EiPP-'t #rEieiDFMi?Cd WEi E $Bsyz$o^EM9PW
QSEieEiR<D9P-QSK^RDFg$K^MBQSEBkK^R$eo^n$T$E vl'b 7v ~v-u $- ~ :?
EePR$MSK^T$EQ{DJPz/PDSERlDFKNBoZtER$ E $DFMPW z$QrP @q eBehg$K^R$j$?K^QSMOD  K^Dkz$QSP\3KNT+EMkyP-QrEE keK^ERlD
MSg$BQSK^R$jPW$R$EHDJPQSaQSEiMSP-n$QreEiMMrKNR$eiEMrEi\-EiQFBo3n$MrEQSMe4BsR`g~B4\EZBeieEMrMDSPCT$BsDhBMrDSP-QSEiT`o^P@eBoNopq KpDFg$P-n@D
R$EiET$K^R$jDFPBeeiEMSM KpDfT+KNQSEieiDSo^qWQSPy DSg$EMrEQO\-EQi? JR,z~BQODFK^en$oNBQ 7j-Kp\-ER*DFg~BsDCDFg$E`T~BsDFBKNMCB4\BsKNoBst$oNE
WQSPy BR$EiDJP-QSR$P3T$E eioNP-MrE`DFPkDFg$En$MSEiQ  KpDLK^MCzP-MSMrKNt$o^E#DSPj-QrE4BsDSo^qQSEiT$n$e!E P-Q9Ei\ER QSEiyP\-!E  DFg+E
KNR+K^DFKNBo7oBsDSER$eHqKNRDSg$EL\3KNT$EiP{T$KNMrz$oB4q-? 3KNR$eiE P-n$QXMrq3MODFEy QrEm<n$K^QSEMXDSg$EaT$EeiP@T$EiQXDFP BK^DXDSPkQrEeiEK^\E
  WQFBsyEiMCtEiWP-QrEMODhBQODFKNR+jDFPT$EeiP@T+E  EBQrE`R$PQSyBoNopqeP-R+MrDFQSBKNR+ET,tlqDFg$E#DFKNykEaK^D9DhBsEMfDSP
DFQSBR$Mrz/P-QODfDSg$EMrEWQFBykEM  BsR$T,DFg$K^MCeiQSEBsDFEiM BR,K^R$K^DSKBooNBsDFEiR$eiq
&n+MSEQrMLPW Bn+T$KNPP-QC\3KNT+EPP\EQLDFg+E
JRlDFEiQSR$EHDXKNoNog~B4\-E E @z/EiQSKNEiR$eEiTDFg$K^M H? JR+MrDFEBTK^W;BsoNo7DFg$EiMSE KNR+K^DFKNBo$WQFBsyEiMXBQSELB\sBK^oBt+oNEXWQSP-y DFg+E
z$QrP 3q DFg+ERDSg$ET+EoB4q,K^oNo tEo^EMrM#DSg~BR   WQFBykE{KNRlDFEiQr\sBo^M?@EeiP-R$T EH\-EiRK^Wn$MSEiQSM T+P*R$PsD
MSg$BQSEkT~BsDFB KpD#e4BR1t/E{MSg+PR
&MSEiE v-u  fDFg~BsD`e4Bsehg$KNR$j*Bo^oNPM#BykP-QSE{QrP-t$n$MODT$EioNKp\-EQOq PWZT$BsDhB 
MSK^R$eEKpDKNMo^EMSMo^KNsEo^q|DFg$BsD{oNP-MrMSEiM
P-QE @eiEMSMrK^\ET$EioB4q `KNoNoP@eien$QK^R DFQFBsR$MSykK^DrDFKNR+jT~BsDFB,WQSP-y
DFg+Ee4Behg$EDSP,DFg$ET+EeP3T$EiQ  g$EQrE4BMDSQFBR$MOWEQWQrP-y DFg$EykP-QSE rT$K^MrDhBsR<D 
&K^RDFEiQSykMPWR$EiDJP-Qr
DFPz/P-o^P-jq MrEQr\EQPn$oNTt/Eao^EMSMQrEoNKNBt$o^E?
E{eBR1QrP-n$j-g+o^q,T+K^\3KNT$E`DFg$EkBz$z+QSPlBehg+EM#n$MSEiM#WP-QC\@K^T$EPe4Bsehg$KNR$jK^R<DSPWP-n$Q eoNBMSMrEMi?KNQSMOD K^D
KNMXzP-MrMSKNt+oNELDFP{MODFP-QrE#eiP-ykz$oNEHDFEL\3KNT$EiP{MSEm<n$EiR$eEiMLP-R$opq +DSg<n$MQSEz+oNKNeBsDFK^R$jz~BQODFMXPWDFg+E#eiP-RlDFEiR<DCPWB
MSEiQr\EQKNRDSg$E e4Behg+E? Xg$KNMBz+z$QSPlBsehgK^MXBsDrDFQFBseiDFKp\-ELK^RK^DSMZMSK^yz$o^KNeiK^DJq @BR$TK^R$T$EiETKNMZDSg$E P-R$E ykP-MrD
KNT+Eo^qn$MSEiT,R$PZBsT~B4q@Mi?97PQ9E +Byz+oNE DFg$K^MCK^M9Behg$KNEH\-EiT,tlq*QrEz$o^KNeBsDFK^R$j \3KNT$EiPMSEim<n$ER$eiEM eioNP-MrEaDSP
DFg+E ER$Tn$MrEQSM 7MSPDFg~B%DXKNREHV EieiDykKNQSQrP-QMrK^DSEMBQrE t$n$KNo^TDFg$BsDXMrDSP-QSE DSg$E QSEioNEi\sBRlDZ\3K^T$EP{MSEim<n$ER$eiEM
BR$TWQSPy g$KNehg*ER$T*n$MSEiQSM9e4BR*T$KNQrEeHDFo^qMrDSQSE4Bsy MSEm<n$EiR$eEiM PWK^RlDFEQrEMOD4? Xg$KNM9yK^QSQrP-QSK^R$j g~BMDFg+E
T$K^MFBT+\sBRlDFBj-E PWR$PDtEKNR+j{\EQOqMSe4BsoBt$o^ELj-Kp\-ERDFg+E#QrEoNBsDFKp\-EopqoNBQSj-EfMSKNiEMPWDFg$E \3KNT+EPkT~BsDhB@?
@EeiP-R$T  KpD KNM`z/PMSMSK^t$oNE{DFPMODFP-QrEP-R$opq1Bz$QS E   PsWXDFg$E\3K^T$EP,T$BsDhB K?E?  BoNo DFg+EWQFBykEM#DFg~B%D
'

vlb

DFg+E`T$EieP3T$EQKNo^oR$EEiT*DSPMrDFBQrD9T$EieP3T$KNR+jBR+T*WP-QXg$K^ehgK^DP-n$o^T*R$PQSyBoNopqBK^D   MSEeiP-R$T$Mi?
WZDSg$KNM#z$QS E  1KNMae4Bsehg$ET BM#z$QrP-z/PMSETKNR v BsoNoDFg+EK^R$K^DSKBooNBsDFEiR$eiqK^oNo tEBst$MSP-Qrt/EiT1KpDFg$P-n@D
QSEim<n$KNQrKNR$j{DFg~B%D9DSg$Eag$P-oNEaMrEm<n$ER+eEtE#MODFP-QrET?d DSg$KNQrTBz+z$QSPlBsehg*P-n$oNTBoNo^PtPDFgDFg+E`z$QrE  
BR$TB MSEHDPW/KNRlDSEQSykET+KBsDSEZWQFBykEMDSP#tEMrDSP-QSEiTBM K^R vlb <vu :?Xg$KNM Bz+z$QSPlBsehgz$QrP\@K^T$EM DFg+E9MSBykE
tER$ E $DFMLPsW z$QS E  ,eBehg$K^R$jt$n+DLBoNMrPBT+T$MfDFg+EBsDSDSQFBeHDFKp\-EaWE4BsDSn$QSE PsW yPQSEQrP-t$n$MODLT$EioNKp\-EQOq-?CXg$E
KNRlDSn$K^DSKNP-RK^M MSKNykz$o^E K^WKNRlDSEQSykET+KBsDSEMFBykz$oNEiM#BQSE{MrDSP-QSEiT BR$T1DSg$EMrEeBR|t/EkT$Eo^K^\EQSEiT1QrEo^KBt$opq
DFP DSg$ELT$EieP3T$EQ $DFg$EiRDFg$ELz+QSP-t~Bst$KNo^K^DJqDFg$BsDZDFg+E T$EeiP@T$EiQXt$n+V/EQZK^oNo rMrDFBQr\E {KNMeoNEBQSopqkQSET+n$eEiT?
K^R~BoNopq lKpDK^MzP-MSMrKNt$o^E9DSP T$ E ~R$ELeBehg$KNR+j MrDSQFBsDSEj-K^EMDSg~BsDQSEopq{P-RBMre4BoNBt$o^E9WP-QryB%D WPQDFg+EC\3KNT$EiP
MrDSQSEBy BM KNR ?JRkDFg$K^MMreEiR~BQSK^"P lDFg$E9e4Bsehg$ECK^oNo~MrDSP-QSE9MSPyEPWDSg$E9oB4q-EiQSM PW DSg$EC\3KNT+EP#MrDFQrE4By
MSP,DSg~BsD`DFg$EMrEQO\-EQ{P-R+o^q|R$EEiT$M DFPz$QSP\3KNT$EDFg$Eg+KNj-g$EiQQrEMSPoNn+DSKNP-RoNB4q-EQrM  KpWZDFg$EeBehg$EBsoNQSEBT+q
ePR<DFBKNR+M{DSg$EePlBsQSMSEoNBqEQrM? Xg$KNMkBz+z$QSPlBsehg5K^MMSKNykKNoNBQ`DSPDFg$E rMrPW D{e4Behg+KNR$j 1Bz$z+QSPlBehgn$MrET
WP-QaKNyBj-EiMaKNR <> ;lv  BR$T1z$QSEiMSEiQr\-EiM DFg$E{\3KNT$EiP*T+EoNKp\-EiQrq|BsD`oNPEQam<n~BoNKpDJq KNR e4BsMSEM`g$EQrEDFg+E
R$EHDJP-Qrt~BR$T@KNT+DSg*K^MXoNPa?
DKNM;R$PDR$EieEMrMFBQOq#KNRaj-ER+EQFBso<DSPz/EiQrWP-QryDFg$E ER+eP3T$KNR$jK^R`BMSzEeiKBolyBR$R+EQ;t/Eie4Bn+MSE DFg$E T~BsDFB
KNMj-PKNR$jDFPktE`eBehg$ET ?XJRW&BeHDfKpDyB4qtEaz$QSEHWEQFBst$oNEaWP-QXDFg$E#ER+eP3T$EQDFPkyBsE#R$PBsMSMSn+yz+DSKNP-R+M
BtP-n+DCg$EiDSg$EQfDSg$E T~B%DhBK^oNo;t/E`e4Behg+ET? 9PEi\EQ ;DSg$Ez+QSP-t$o^Ey PW T$EieK^T$KNR$jg$KNehgWQSBykEMCDSP
e4Bsehg$E
P-Q#BsDag~BsD#QSEiMSP-o^n+DFK^P-R LKNML\EQrq|MrKNykKNoBsQCDFPDFg$E{QSBsDFEkeP-RlDSQSP-o z$QrP-t$o^EykMaEK^oNoeiP-R$MrKNT$EiQ
R$E @D BR$TMSK^yK^oBQ DFEehg+R$KNm<n$EiMCeBR*tEan$MSEiTDSPMrP-o^\E DFg$Eiy*?
  
k      {   i  

Xg$Ez$QSEH\@K^P-n$MMSEieiDFK^P-Rg$BMMrg$PRg$P j-n~BsQFBRlDFEiEK^R$jCDSg~BsD;DFg$ET$EeiP@T+EQBo^B4q@Mg~BMT~BsDFB9DFP9T$EieP3T$E
QSEim<n$KNQrEM DFg$E DSQFBR+MSykK^DSDSETt$KpDFMODFQSEBy DSPeP-ykz$opq*KpDFg|BMSEiQSKNEiMaPW QFBsDSEeP-R$MODFQSBKNRlDFMi? Xg$EiMSE{eP-R3G
MrDSQFBK^RlDFMT$EzER$TP-R`DSg$E DJq3zEPW@DFQSBR$MSykKNMrMSK^P-RaERl\3KNQSPR$yEiRlDeiP-R$MSK^T$EQrET KNR$eioNn$T$K^R$jXDFg$E \sBQSKNBt$K^oNK^DJq 
P-QXoNBehPW +KNRDFg+EaDSQFBR+MSykK^DSDSETQSBsDF!E $DFg$E EiR$T@GDSPsGJEiR$TT$EoNBq $EiDSe? Xg<n$M BsW DSEQB DFQSBR$MryK^MSMSK^P-RER3G
\3KNQrP-R$ykERlDXg~BMXtEEiR*ehg+P-MSEiR ~DFg$EL\3KNT+EPER+eP3T$EQXKNo^o tE QSEiMSzP-R$MSK^t$oNECWP-QZz$QrP@T$n+eKNR+jB t+K^DFMODFQrE4By
DFg$BsD9yEiEiDFMXDSg$EaQSEo^Ei\sBRlD9T$EoNB4qeP-R+MrDFQSBKNRlDSM? PkT$PkMSP{E#R$EEiT,B{QFBsDSEaeP-RlDFQrP-o;Bo^j-P-QSKpDFg$y BsDDFg+E
\3KNT$EiPEiR$eP3T$EQ  K?E? BRBoNjP-QSKpDFg$y DSP,BMrMSK^j-RBm3n$BRlDFKNiEQ#DFP,EBehgWQFBsyEkP-Q#eP3T$KNR$j*n$R$KpD MSn$ehg
DFg$BsDaDFg$EkeP-R+MrDFQSBKNRlDSMBQrE{yEHDBsR$T|DSg$E{\@K^T$EPm<n~Bo^K^DJqK^M#jP@P3T?CPDSE{DSg~BsD#MSn+ehg BQSBsDFEkePR<DSQSP-o
v
'

B o^j-P-QSKpDFg$yKNMR$EiET$EiT,QSEijlBQrT$oNEiMSM9PWDSg$E`MreEiR~BQSK^PeiP-R$MSK^T$EQrET
:Y ;CY P-QC Y H? CPEi\EQLK^R
DFg+E` Y e4BMrEaDSg$E#QFBsDSE MSEo^EeHDFKNPR*g~BsMDSP{t/EaT$P-R+E`t~BsMSETMSPoNEopqP-R  E: 5 ? : 5 BMrMSn$ykz+DSKNP-R$MP-RDFg+E
ehg~BR+R$EoXtEg~B4\3KNPQ  g$KNo^EKNRDSg$EPDFg+EQ DJP|eBMSEiM{K^DK^Mz/P-MrMSK^t$oNEDSP,DhBsEKNRlDFP BeieP-n+R<Dkein$QSQrERlD
ehg~BR+R$Eo;ePR$T$K^DSKNP-R+MZDFP{T$EiDSEQryK^R$ELDFg$EaQSBsDFE DFP{n$MrE#BsDDFg$EaER+eP3T$EQi?
JR5DSg$KNM{MSEieiDSKNP-REKNoNoz$QSP\3KNT$E*BRP\-EQO\3KNEi PsWLQFB%DFEeP-RlDFQrP-oXDFEiehg$R$KNm<n$EiMDSg~BsDkg~B4\-E*t/EiER
z$QrP-z/PMSETK^RQSEieERlDXqE4BQrM? DXKNM PQrDFgR$PsDFKNR+jDFg~B%Dg$K^oNEfyn$ehgPWDFg$E QrEMrE4BQrehgK^R\3KNT$EiPeP3T$KNR+j
g~BMt/EiER T$QrK^\-EiR tlqDFg+ET$E $R$K^DSKNP-R1PWXKNT$Eio^qBeeiEz+DSET MrDFBR$T~BsQST$M
MSn$ehgBM `?c>-v  x* fGO> 
EiDSe DFg$EiMSE{MrDFBR$T~BQrT$MaT$PR$PD T+E ~R$EDSg$EP-zEQFB%DFKNPRPW DFg$EEiR$eP3T$E Q
KNR,W&BeHD DFg$K^MLz$QrP-t~Bt$opq,g~BsM
BoNPDDFP T$PK^DSg DSg$EK^Q MSn+eeEiMSMMSKNR+eEDFg$K^M{Bz$z$QrPlBehg5BoNo^PM eP-ykz~BR+KNEM`DFP z$QSP\3KNT+EPz+DFK^yK^ET
ER+eP3T$EQrM DFg~BsDz$QSP\3KNT+EB,T$KpV EiQSERlDSKBsDSETz+QSP3T$n$eiDg$KNo^EyBKNRlDhBsKNR$K^R$jMrDhBsR$T~BQrTeP-ykz~BsDSKNt$K^oNKpDJ"q U?
Xg<n$M QSBsDFEeP-RlDFQrP-o /g$KNehgK^MLz/EiQrWP-QryEiTBsDLDSg$E EiR$eP3T$EQ KNMCR$PD z~BsQrD PW DSg$EMrDFBR$T~BsQST MrPDFg~B%D
yBRlq T$K^V/EQrERlDQFBsDSEeiP-RlDFQrP-o-DFEiehg$R$KNm<n$EiMeBR`tEBz$z$o^KNET g$K^oNE z$QrEMrEQr\3K^R$jfMODhBR$T$BQST#eP-ykz~BsDSKNt$K^oNKpDJq
BsDXDSg$EaT$EeiP@T$EiQ?
JR5@EeHDFKNPR>*EP-n+DSoNK^R$ETDSEehg$R$K^m<n$EMDFPEiMrDSKNyBsDFEQSBsDFEiM{BsD g$K^ehg MSEm<n$EiR$eEiMP-QMSEjyEiR<DSM
K^DSg$KNR,BMSEim3n+ER$eiEMrn$ehgDFg~BsDfT$EjQFBT~B%DFKNPR,KNMCz$QFBeHDFK^e4Bo^o^qKNykzEQSeiEz+DSKNt$o^E?  g$KNo^E`DFg+E T$KNMren$MrMSK^P-R
WP3en$MrETP-RPV7GJoNK^R$EXER+eP3T$KNR$j
&Es?wj+? 3n$MSK^R$j BaDJP%GJz~BMrMZBo^j-P-QrK^DFg+y KpD KNM eP-R+eEKp\sBt$oNEDFg$BsDZBsz$z$QSP @KpG
yBsDFE9P-R@GoNKNR+EZDFEehg+R$KNm<n$EiMZeP-n+oNTtEfT+EQSKp\-EiTWQSP-y DSg$EMrE Bz$z+QSPlBehg+EM? Xg$ECR$E 3DMrDFEizKNRBR~Bopq3KNR+j
DFg+E9zEQOWP-QSyBR$eiEXPW BaMOq3MrDFEiy WP-Q\3KNT$EiPaT$Eo^K^\-EiQrqP\EQ B R$EiDJP-QSK^MDFPaT$EHDFEQryK^R$EZg~BsD QrEMSPn$QSeiEM
BQrEXQSEm<n$K^QSEiTkDSP#T+EoNKp\-EiQDFg$K^M z/EiQSeEiz+DFn$BoNopq oNPMSMSo^EMrM\@K^T$EP+?Xg$E9QSEiMSP-n$QreEiM E9BQSEXK^R<DSEQrEMrDSETkKNRkBQrE
DFg+Efehg~BR+R$Eoehg~BQSBeiDSEQSK^MrDSKNeM @K^R$eo^n$T$K^R$j`KpDFM QFB%DFECBR$TT+EoB4qkzEQrWPQSyBR$eEiM <DFg$E9T$EioB4q{E @zEQSK^ER$eiET
tlqDSg$ELn$MrEQZtEiWPQSEf\3KNT+EP T~B%DhBz$oNB4q@t$BehMODhBQODFMXBsR$TDFg$ECyEiyPQrqkQSEim3n+KNQSEiTBsDDSg$EfT+EeP3T$EiQ? DZK^M
tEe4Bsn$MSEDFg+EMSEPsDFg$EiQ QSEMrP-n$QreEM
E?j$? DSg$E R$EHDJPQS,t~BsR$T+KNT@DFg LBQrE R$PD Bt$n$R$T$BRlDaP-QfWQSEiE DFg~B%D
T$EioNK^\EQrKNR$j DSg$EaMSEm<n$EiR$eE BsDK^DSMXKNT$EBoQFB%DFE yBqR$PDtEaWEBMSK^t$oNEs?


*   

' 

% 

   

JREBehgPW DFg$Ef7PQSy n$oNBsDFK^P-R$MT+KNMSein$MSMrETK^RkDSg$Efz$QrEi\3KNPn$MMrEeHDFKNPR3EfT+EQSKp\-EiTB`MrEiDZPsWeP-R+MrDFQSBKNRlDSM


P-RDSg$ELQFB%DFEMXz+QSP3T$n$eEiTt<qDFg$EC\@K^T$EPEiR$eP3T$EiQ? CPDSEfDFg$BsDBo^o/PW;DSg$EMrE eP-R$MODFQSBKNRlDFMXg$BTDFg$ECWP-QSy
PWQSEiMrDFQrKNeHDFKNPR$M P-RDFg$EkB4\-EiQFBjEkQSBsDF!E ;P-QLDFg$EDSPDhBoQFBsDSEWP-Q z~BQODFKNein$oBsQfMSEHDFM#PW WQFBykEMi? JR1PsDFg$EiQ
v-u

P-QST$M ~DFg$EiMSEaeP-R+MrDFQSBKNRlDSM9T+KNTR$PDMrz/EieK^W qDFg$E R<n$y tEQPWt$KpDFMZDFP{tE n$MSEiT*WP-QXK^R$T$Kp\@K^T$n~Bo7WQFBsyEiM


t$n+D9QSBsDFg$EiQXKNR$T+KNe4B%DFETDSg$EaP\EQSBoNoQSBsDFELWP-Q  G 2'= ?   : 2 G ?
dfMrMSn$ykEDFg~BsD EePR$MSK^T$EQaP-R$EMrn$ehg|eP-R$MODFQSBKNRlD K:?wEs? /DFg$EDFPsDhBoR3n+y t/EiQ PWt$K^DSMfWP-Q BMSEHDaPW
WQFBsyEiMLg~BM DFPtEoNEiMSMLDSg~BR MSP-ykEz$QrEMSeiQSK^t/EiT1BsyP-n+R<D?Xg$EiR|DSg$Em<n$EMODFK^P-R1QrEyBKNR+MfPWg$P DSP
Bo^oNP3e4BsDSEt$K^DSM`BsyP-R+jDSg$EWQSBykEM?Xg$EjPlBo KNR|T$EieKNT+KNR$jDFg$K^M#BoNo^P@eBsDFK^P-RMSg$Pn$oNT|t/E{DFP*z$QSP\3KNT+E
DFg+EyB @K^y n$y P\-EQSBoNom<n~BoNKpDJq-?aXg$E{KNMrMSn$EPW m3n$BoNKpDJqK^M BM ykERlDSKNP-R$EiTE4BQro^qKNR,DSg$Eehg~Bz@DFEQ ;B
T$K ein$o^DP-R$EZWP-Q\3K^T$EP$?JRkyBRlq eBMSEiM DFg$EXMrEoNEieiDSETkm3n$BoNKpDJqeiQSK^DSEQrKNP-R K^MDFP ykKNR$K^yK^E DFg$EB4\EQFBsj-E
T$K^MrDFPQrDFK^P-RP\-EiQ9DSg$EaMSEiD9PWWQFBykEM ~BopDFg$P-n+j-gBz$z$QrPlBehg$EiMCBsQSE#BoNMrP{n$MSEiTKNRz$QSBeiDSKNeiE $Mrn$ehgBMXDFg+E
E @KNeiP-j-QSBz$g$K^e P-z+DSKNykKN4B%DFKNPR - P-QfDFg+Ekx*KNR@G xB ,eQSKpDFEiQSKNPR l ?#Xg$EiMSE{DJPDFEiehg$R$K^m3n+EMaMSEiE 
KNRT$KpV EiQSERlD{Bq3M ZDFP|yK^R$KNykKNiEDFg+ET+KNMrDSP-QrDSKNP-R PWCDFg$EP-QSMODWQSByEK^RDSg$EMSEHD XBR+T5DFg<n$MBQrE
MSPyEHg~BsD eioNP-MrEQfDSPDFg$E <R$PR|ehg~BQSBeiDSEQSK^MrDSKNeMfPW DFg$E g<n$yBR,\3KNMrn~BoMrq3MrDSEy? 3DSKNo^o 7T$n$E DSPK^DSM
QSEioBsDSK^\EZMSK^yz$o^KNeiK^DJqaB4\-EiQFBjE9T+KNMrDSP-QrDSKNP-R`eP-RlDSKNR<n$EM DSP t/EZK^T$Eopqn$MrETkBR$T{yBRlqPsWDSg$EBo^j-P-QSKpDFg$ykM
T$EiMSeQrKNtETt/EioNP MrEEiDFP{yK^R$KNykKNiE9DSg$KNMykEiDSQSKNes?
aKp\-EiRDFg~BsD`DFg$Ej-PlBo PWQFB%DFEeiP-RlDFQSPoKNM#DFP,yB @KNykKNiEB*m3n$BoNKpDJq1ykE4BsMSn$QrEg$KNo^EeiP-yz+o^q3KNR$j
K^DSgMSP-ykEQSBsDFEeP-R$MODFQSBKNRlDFM BR~BsDSn$QFBsoBqPW DhBseh3o^E DFg$EiMSEz$QrP-t$o^EykMfKNM9DFPWP-Qry n$oNBsDFE`BMLQSBsDFEUG
T$K^MrDFPQrDFK^P-R
&ACI XP-z+DSKNykKNBsDFK^P-Rz$QSPt$oNEiyMi?fXg<n$MaBkDJq3z$K^e4BoWP-QSyn$oBsDSKNP-RzP-MSEiM Bz$QrP-t$o^Ey PW DFg+E
MSPQrD4 KNR$TDSg$E t$K^DXBoNo^P@eBsDFK^P-RkDSP DFg$ELWQSBykEMZMrn$ehgDSg~BsDXDSg$E P\-EQSBoNo/T$KNMODFP-QODFK^P-RKNMyK^R$KNykKNiETBsR$T
DFg+E`Bsz$z$oNK^e4Bt+oNELQSBsDFE eiP-R$MrDSQFBK^RlDFM9BQSEaykEiD?
Xg$EXP\-EiQr\3KNEHEXz$QrP\3K^T$ER$E 3DKNo^o3R+PDDFQOqaDFPLtEZE @g~Bsn$MrDSK^\-Es? A9BsDFg$EiQ -Pn$Qj-P-Bo@K^MDSPLz$QSP\3KNT+E
E +Bykz$o^EMXPWQFBsDSEaeP-RlDFQrP-oBo^j-P-QrK^DFg+yM DFg~BsDg$B\E`tEEiR*z+QSP-zP-MSEiT*K^RQSEieERlD9q-EBQSMi? Ln$QXEiyz$g$BMSK^M
KNo^oCtEP-R Bo^j-P-QrK^DFg+yMkt~BMrET P-R QFBsDSEHGT$KNMODFP-QODFKNPRP-z+DSKNykKNBsDFK^P-R? Xg$K^MeoNBMSMPsWBsoNj-P-QrK^DSg$yM{K^M
n$MrEiWn$oEi\ERDSg$P-n$j-g{DFg+EKNQ eiP-yz+oNE @KpDJq DFEiR$T$MDSP`tEg$KNjg? A9IBo^j-P-QSKpDFg$ykMeBRtE9n$MSEiTDFP#z$QSP\3KNT+E
tER$ehg$yBQr3MLWPQLPDFg+EQaBz$z+QSPlBehg+EM? x*P-QrEP\-EiQ P-R$EeBR Bo^MSPn$MrE DFg$Eiy DFPT+EQSKp\-E{Bz+z$QSP @KNyBsDFE
Bo^j-P-QSKpDFg$ykM 3g$EQrE 7WP-QXE +Bykz$o^E ~DFg$E ODSQSn$E A9I \sBo^n$EM9BQrE`QrEz$oNBeEiT*tlq\sBo^n$EMP-t+DFBKNR+ETWQSP-y
ykP@T$EioNMi?
EQSEHWEQDFg+EQrE4BT+EQ{DFP  XWP-QkBR P\-EQO\3KNEi PsWfQSBsDFET$K^MrDFPQrDFK^P-R P-z+DSKNykKN4B%DFKNPR1DFEiehg$R$K^m3n+EM
BR$TkDFg$EiKNQBz$z$o^KNeBsDFK^P-R DFP`QSEMrP-n$QreELBsoNoNP3e4B%DFKNPRz$QSP-t+oNEykM KNRKNyBj-EBR$Tk\3KNT$EiPePyz$QrEMrMSKNPR? x*P-QrE
T$EHDhBK^oNETE +Bykz$oNEiMPW DFg$ECt/EiR$E $DSMXPWDSg$EMrEfDFEiehg$R$KNm<n$EiMXKNRKNyBj-E9BR$T\3K^T$EP eiP-ykz$QSEiMSMSK^P-ReBRtE
l
'

WP-n$R+T*K^R > ?
'

1* 

/   

~ P-QyBRlq Bz$z+oNKNeBsDFK^P-R$M PsWfK^R<DSEQrEMrDP-R+MrDhBsR<D[KpDkACB%DFE


Z[A `DSQFBR$MryK^MSMrKNP-R KNMn+MSET ?  g+ER
DFQSBR$MryKpDSDFK^R$jLP\-EiQ BZ[ZA5ehg~BR$R$Eio <t$n+V/EQrMB%D DFg$EER+eP3T$EQ BR$T{T$EieP3T$EQ BQrEQSEm<n$K^QSEiTkDSP#MryP3PDSg
P-n+DDFg$E\sBQSKNBsDFK^P-R$M{KNRDFg$E*ER$eiP@T$K^R$jQSBsDFEiM? [n+V EiQSK^R$jT~B%DhBQrEm<n$KNQrEME 3DFQSByEiyP-QOqBsDt/PDSg
ER+eP3T$EQfBR$T,T$EieP3T$EQfBR$T,K^RlDFQSP3T$n$eiEMfBT$T$KpDFKNPR~BoT$EioB4qDFPT$BsDhB{DFQFBsR$MSykKNMrMSKNPR?XdfM9DFg$E`ER$eiP@T$EiQ
KNMZBoNo^PETDFPz$QrP@T$n+eEaB ykP-QSEf\sBQrKBt+oNE9QFBsDSE
&ykP-QSEft$K^DSMWP-QT+K ken$opDZWQFBsyEiM @WEHEiQXt$K^DSMWP-QZEBMrq
WQFBsyEiM ~WP-Q9E +Bykz$oNE ZDSg$EP\EQFBsoNo;m<n~BoNKpDJqKNo^ot/E#tEiDSDSEQi?9Xg<n$MCoBQrj-EQt$n@V EiQSM /P-Q9Em<n$K^\sBo^ERlDFopq 
KNR+eQSEBMSEiTER$T3GDFP%GJER+TT$EoNB4q @K^oNo~DFEiR$TDSP QSEiMSn$opDZKNRg$KNjg$EQ \@K^T$EPm3n$BoNKpDJq 'b  ?QFBsT$K^DSKNP-R~BsoNo^q 
QFB%DFEeiP-RlDFQrP-o@g$BMtEEiRMrDFn+T$KNEiTWQSP-yDSg$EzP-KNRlDPW$\3KNEHPW~ykEykP-Qrq K?E? QSBsDFE ePR<DSQSP-o3ZBsMQSEim<n$KNQrET
DFPB4\-PKNTP\-EiQr~PKNR+jDSg$E{B4\BsKNoBst$oNE`t$n+V/EQSM#BsDLER$eiP@T$EiQ#BR$T T$EeiP@T+EQ? CPEH\-EiQ BMaKNR 'b  4u  
Eg~B4\-EBMrMSn$ykETDSg~BsD#MSn eiKNEiR<Dz$glq3MSKNeBo yEiyPQrqK^M`B4\sBK^oBt$o^EBR$T WP-Qry n$oB%DFETDSg$Ez+QSP-t$o^Ey
WQSPy DFg+E#zP-K^R<DPsW\3KNEH PWER+T@GDSPsGJEiR$T*T+EoB4q?
dfo^j-P-QSKpDFg$ykMWP-QfQSBsDFE`eP-RlDFQrP-on+R$T$EQ#Z[A ehg~BsR$R$Eo eiP-R$T$KpDFK^P-R$M9g~B4\-EtEERMODFn$T+KNETWP-Q9q-EBQSMi?
Xg$EkKNR$KpDFKNBoEiyz$g$BMSK^M#BMaDFPT$EQrK^\-EBz$z$QrPlBehg$EiM#DSg~BsD#Pn$oNT|z$QSEH\-EiR<D ER$eiP@T$EiQ`t+n+V EiQ`P\EQr$P
BR$T K^R,DFg$E{tEj-K^R$R$KNR+jDFg$EiMSEkBoNjP-QSKpDFg$ykM9EQrEkDFBQSjEiDFEiT|BsDaoNKp\-E\3KNT+EPBR$TEQSE{QrEm<n$KNQrET DFPtE
QSEioBsDSK^\Eo^qMSK^yz$o^E? BQSopqE +Bykz$oNEiM KNR$eioNn$T$E l llb  lg$EiQSEDFg$E9Eykz$g~BsMSKNM K^M MSKNykz$o^KNeKpDJq-?;dfR+PDFg$EiQ
E +Bykz$o^EkK^M DFg$E{DFEiMrD`yP3T$Eo  Bo^j-P-QSKpDFg$y KNRx LG >@?JR|DFg$K^M#MrKNykz$oNE{BsoNj-P-QrK^DSg$y DSg$EkQFBsDSE
ePR<DSQSP-o^oNEiQT$ E ~R$EiMZt$K^DQFB%DFECDFBQSjEiDFM WP-QEBehgPWDSg$ECWQSBykE9DJq3zEM $BR$TDSg$ERBsDrDFEiyz+DSM DSP EiEzDFg+E
QFB%DFELK^DSg$KNRDFg$ELDFBQSj-EHDtlq\sBQrq3K^R$j DFg$E m<n~BsR<DSKNBsDFK^P-RMrDSEzMSKNiE? fDFg+EQXE +Bykz$o^EMXPWQFB%DFE ePR<DSQSP-o
KNR+eoNn+T$E -u aBMEoNoaBsM*BsoNj-P-QrK^DSg$yMkDhBQrj-EiDSET WP-QykP-QSEQrEeEiRlDMODhBR$T$BQST$M LMSn+ehg BM*x LG
 7 ?
ACB%DFEHGT$KNMODFP-QODFK^P-R t~BMrETPz+DFK^yK^4BsDSKNP-RfDSEehg$R+KNm<n$EMMrDFBQrDK^DSgaDSg$EBMSMrn$yz@DFKNPR#DSg~BsDE4Behg`eP3T$KNR+j
n$R$KpD
&Es?wj$? 7E4BehgWQFBsyE e4BR*t/EaeP3T$EiTKpDFgP-R$E#BykP-R$jkB ~R$K^DSEaR3n+y t/EiQPWeiP@T$K^R$j{z~BQSByEHDFEiQSM 
BR$TDSg~BsDEBehg PWaDFg$EiMSE eP3T$K^R$jz~BQSBykEiDFEiQSMK^oNo9eP-QrQSEiMSzP-R$TDFP BQSBsDFEBsR$TT$KNMODFP-QODFK^P-Rz~BK^Q?
d DJq3z$K^e4BoCBz$z+QSPlBehgeiP-R$MrKNMrDSMDSg$ERK^RykE4BMrn$QSK^R$j1DSg$P-MSE,ACI z$BQFBykEiDSEQrMBR$T5DFg$EiRMSE4BsQSehg$K^R$j
DFg+EMSz~BeiEPWBoNoBT$ykKNMrMSKNt+oNE#MSP-o^n+DFK^P-RWP-QfDSg$EP-R$E`DFg~BsDaz+QSP\3KNT$EiMLDFg$Eo^PEMODaT$KNMODFP-QODFK^P-R*KpDFg$P-n@D

'

'

'

"'

'

'

\3KNP-oNBsDFK^R$jDSg$EQFB%DFE eiP-R$MrDSQFBK^RlDFM? BQSopqE $Bsyz$o^EM PWA9I P-z+DSKNykKN4B%DFKNPRBo^j-P-QrK^DFg+yM9KNR$eioNn$T+E  


-> %+g$KNehgT$EBoK^DSgWQSByEfoNEi\EoP-z@DFKNykKNBsDFK^P-R?
LR$EKNMSMrn$EDFg$BsD{g~BM DSPt/EDFBEiR5K^R<DSP BeeiP-n$RlDkKNRDJq3z$K^e4Bo\3K^T$EP eP3T$K^R$jBo^j-P-QSKpDFg$ykMK^M T$EUG
zER$T$EiR$eiq K?E? DFg$E{W&BeHD`DSg~BsD#m<n~BRlDFK^EQ#MSEioNEieiDFK^P-R$M WP-QaMSPyE{WQFBykEM#BsV/EeHDaDFg$EkQFBsDSET+KNMrDSP-QrDSKNP-R
zEQrWPQSyBR$eEWP-Q#PDSg$EQ WQFBsyEiM?Xg$K^M`z+QSP-t$o^Ey BM ~QSMODMODFn$T$K^ETK^R  ?dCoNj-PQSK^DSg$ykM MSn$ehg BsM
DFg+P-MSEaKNR v PQ  DhBsE#K^RlDFPkBeeiP-n$RlDDFg$EiMSE#T$EzER+T$ER$eiKNEiM?
[oNP3ehlKNMrE`BsoNoNP3e4B%DFKNPRBo^j-P-QrK^DFg+yMBQSELDSg$ERR$EiET$EiT*DFP{T$EHDFEiQSykKNR$E g$PDFPT$K^MrDFQrKNt$n@DFELDFg+E t$K^DSM
BykP-R$jDFg$Ekt$o^P@eh<MK^RBWQFBykE?dfz$z$QrPlBehg$EiM t~BMrETPRA9I P-z+DSKNykKN4B%DFKNPR,KNR$eioNn$T+E s - s  
g$K^oNE MSKNykz$o^E DSEehg$R$K^m<n$EM Mrn$ehg{BMDSg$EDSEMrDyP3T$Eo@Cm<n~BsR<DSKNBsDFK^P-RMrEoNEieiDSKNP-R Mrehg$EykEBQrEZBo^MSPfn+MSEiWn+o
K^WeiP-yz+oNE @KpDJqKNMB{ePR$eEiQSR?
P-ykz$oNE +KpDJqkKNRA9ICGJP-z+DSKNykKNiET{QFBsDSELePR<DSQSP-o BoNjP-QSKpDFg$ykM KNMT+n$ELDFPDJPW&BeiDSP-QSM  ~QrMrDZDSg$ELQSBsDFEUG
T$K^MrDFPQrDFK^P-R\sBoNn+EMBsDE4BehgPWDSg$E P-zEQFB%DFKNR+jzP-K^R<DSMP-n+oNT]g~B4\-E DFPt/E ePyz$n@DFET LDFg$EiRDFg+E
tEMrDBsyP-R+j BoNoDFg+EB4\BsKNoBst$oNEP-zEQFB%DFKNR+jz/PKNRlDFMP-n$o^Tg~B4\-E,DSP t/EWPn$R$T? [qW&BQDFg+E ~QSMOD
ePyz$o^E @K^DJq`DFEiQSy_KNMDSg$E9yP-MOD E @zER$MrK^\-ECMSK^R$eEP-t+DFBKNR+KNR$jLDSg$EfA9I T~BsDhB EiR<DFBKNo^M eP-ykz$QrEMSMrKNR$jaDFg+ER
T$EieP-ykz$QSEiMSMrKNR$jfDSg$ET$BsDhB BR$TDSg$KNMyB4qag~B4\EDFPLtET+P-R$EWPQBfoNBQSjE R<n$yt/EiQPW7P-zEQSBsDFK^R$j9z/P-K^RlDFM?
Xg<n$M /MSEH\-EQSBoBn+DFg+P-QSM9g~B4\-E`z$QSP-zP-MrET,Bsz$z$o^q3K^R$jDFg$EACI P-z+DSKNykKN4B%DFKNPRBsW DFEiQ9ykP3T$Eo^MXPWDFg+EA9I
ehg~BQSBeiDSEQrKNMrDSKNeiM9g$B\E`tEEiR*T+EQSKp\-EiT?  +Bykz$o^EMPWDFg$K^MBz$z$QrPlBehgKNR$eioNn$T$E -b  u ?
dfMR$EiMrDhBsR$T~BQrT$MWPQeiP-ykz$QSEiMSMSK^P-R`BQSE T$ E ~R$ET`DFg$EiQSEBQSE WQSEim<n$ERlDFopqaR$Ei ykP3T$EM;PW@P-zEQFB%DFKNPR
DFg$BsD EiQSE{R$PDLz/P-MrMSK^t$oNEKpDFg z$QrEi\3KNP-n+M MrDhBsR$T~BQrT$M#BR$TDFg~B%D g~B4\-EDFPtE DhBsER KNRlDSPBeeiP-n$RlD#t<q
DFg+E#QSBsDFEaeiP-RlDFQSPoBoNjP-QSKpDFg$y?
dfM9BRE +Bykz$o^E @DSg$E `?c>-v MODhBR$T$BQSTBo^oNPMXB \sBQSKNBt$oNECR<n$y tEQXPW;WQFBsyEiMXz/EiQXMSEeiP-R$TDFP{tE
n$MrET? dCRE +Bykz$oNEPWQFBsDSECeiP-RlDFQSPon+MSKNR+j B#\sBQrKBt+oNEXR<n$y tEQ PWWQSByEiMeBRtEWP-n$R$TKNR -' @ ?
Xg$EiQSE BQrE9DJP yBKNRkT$K ein$o^DSKNEiM K^RyB<KNR$j#B#T$EeiKNMSK^P-RBst/P-n@DDSg$E rK^T$E4Bso  WQFBykE9QFBsDSE9WP-QB`jK^\-EiR
MSeiER$Es?K^QSMODaeP-R$MrKNT$EiQaQFBsDSE?k~P-QaBjK^\-EiR1QSBsDFE DFBQSjEiD#K^DayB4q,tE{DSg~BsD#oNPEQrKNR$jDFg+E{WQSBykEQFBsDSE
DFPoNPEiQDFg+EeP3T$KNR$jQFBsDSE
WEHEiQ WQFBykEM`DFP,tEeP3T$EiT t/EieP-ykEMeP-n$RlDSEQSz+QSP3T$n$eiDSK^\EMSKNR+eEDFg+E
ER+EQSjsqKNRDFg$E#QSEiMSK^T$n$EaWQFBykEMXK^R$eQrE4BMrEMCBM9DSg$E WQFBykE QFB%DFEaT$EeiQSEBMSEiT
&MrKNR$eiE#WQSByEiM9BQSE Wn$QODFg$EiQ
Bz~BsQrDDSg$EQrE KNMoNEMrMDFEiyzP-QSBo7QSET+n$R$T~BR+eiq H? Xg<n$MZDFg$EiQSE K^MoNK^Eio^qDFPtE 3WP-QZB`j-K^\EReP3T$K^R$j QFB%DFE 
BR|P-z+DSKNyBoWQFBsyE{QFB%DFE KNR DFg+EMrER$MrEPWDFg$Ekm<n~BoNKpDJqPWDFg$EkQSEieP-R$MODFQrn$eiDSET MSEim<n$ER$eiEKNR+eoNn+T$KNR$j
<>
'

'

'

"'

EQrQSP-Qz/P-MrMSK^t$o^q DFg+EEiV/EeiDPsW WQFBykEK^R<DSEQrz/P-oNBsDFK^P-R? @EeiP-R$T eP-R+MSKNT+EQDSg$EKNMrMSn$E,PsW`zEQreEiz+DFn~Bso


m<n~Bo^K^DJq-?\-ER KpWXDFg$EMSEm<n$EiR$eEtEK^R$j,ePR$MSK^T$EQrET T$P3EM R+PDg~B4\-EB*\-EiQrqg+KNj-go^Ei\EoPsWyPDSKNP-R
QSEiT$n$eiKNR$j9DFg$E WQFBsyE QFB%DFE KNo^oleP-ykE BsDB9eiP-MrDPW$MrKNj-R+K~eBRlDzEQreEiz+DFn~Bso3m<n~BsoNK^DJqLT$Ej-QSBT~BsDSKNP-R sMrKNR$eiE
DFg+EkT+EeP3T$EiTMSEim<n$ER$eiEyB4qBz$zE4BsQaDSPg~B4\-E #rEQr<q yPsDFKNPR?Xg$K^M #rEQS<K^R$EMrM#eBR|t/E{QSEiyP\ET
DFPMrP-ykEE 3DFEiR<D#tlq,n+MSKNR+jWQFBykE KNRlDSEQSzP-oNBsDFK^P-R*DSEehg$R$K^m<n$EM K^Rz~BQODFKNein$oBsQfykPDFK^P-ReiP-yzER+MFBsDSET
WQFBsyE K^R<DSEQrz/P-oNBsDFK^P-RDSEehg$R$K^m<n$EM9MSn$ehgBMXDFg$PMSE WP-n$R$TKNR l> :?
Xg$ER$EH x fGJMrDhBsR$T~BQrTQFBK^MSEiMPDSg$EQ`KNRlDFEiQSEMODFK^R$j,m<n$EMODFK^P-R$M  Mrn$ehg BM`yEHDFg$P3T$M`DSP,P-z@G
DFK^yK^EkDFg$EeiP@T$K^R$j,PWCePR<DSP-n$QK^R+WP-QSyBsDSKNP-R|KNR\3KNT+EPP-'t #rEieiDSM -v % g$EQrEBjlBK^RR$P-R@GMrDFBR$T~BQrT
T$K^MrDFPQrDFK^P-R ykE4BMrn$QSEiMkR+EETDFP tEn+MSET ? LR$eiEDFg$EP-'t #rEieiDSMg~B4\E*tEEiR5T$ E ~R$EiTK^D{K^MR$EeiEMrMFBQOq
DFPT$EeiKNT$E*g$P DSPBo^oNP3e4BsDSEt$K^DSMBykP-R$j DFg$E*\BsQSKNPn$MP't #rEeHDFM  :?Xg+EMSER+Ei BQSEBMz+QSEMrERlD
MSK^j-R$K ~e4BRlDehg~BsoNoNEiR$j-EiMBR$T*BQSEaMrDSKNo^o/DFg+E#P't #rEeHDCPsW\EQrqBseiDFKp\-EaQSEiMSEBQSehg?


(* 

/   

1EKNo^o eiP-R$MrKNT$EiQDJP T$KpV EiQSEiR<DY [ZA_DFQSBR$MSykKNMrMSK^P-REiR<\3K^QSP-R$ykERlDSM?|KNQrMrDKNRDSg$KNM`MSEieiDFK^P-RE


KNo^o;eP-R$MrKNT$EiQLMSKpDFn~B%DFKNPR$M9g+EQSE DSg$E EiR$eP3T$EQfg~BMfDSg$EWQSEiET$Py DSPehg$P3P-MSEDSg$EDSQFBR$MryK^MSMrKNP-R*QFBsDSE
BR$TKpDXKNMXBsMSMSn+yEiTDSg~BsDXDFg+E R$EiDJP-QSK^oNo/z/EiQSykK^DDSQFBR+MSykKNMSMrKNP-RB%DZDFg$K^MXQFBsDSE$zEQrg~Bz$Mn$R+T$EQXDFg+E
QSEiMrDSQSKNeHDFK^P-R|DSg~BsD`MSP-ykEkehg~BR$R$EioQSBsDFEkePR$MrDSQFBK^R<DSMBsQSEkyEHD4?Xg$EkWP-oNo^PK^R$jMSEieiDSKNP-R|KNoNo BsR~Bo^q3iE
DFg+Ee4BsMSEg$EiQSEDSg$Eehg$BR$R$EioZQFBsDSEMBQSEQFBR$T+P-y BR$T1K^oNo ePR$MSK^T$EQ#DFg$Et/EiR$E $DSMPWXzEQOWP-QSykKNR$j
QFB%DFEaeP-RlDSQSP-o DSPK^R$eQrE4BMrEaQSP-t$n+MrDFR+EMSMi?
 g$KNo^E#YL[ZADFQFBsR$MSykKNMrMSKNPRg~BMft/EiERMFBsKNT*DSPz$QrP@T$n+eE tEiDrDFEQCm<n~BoNKpDJqDFg~BRZ[Z
A K^DCKNMCPW DFEiR
T$K ein$o^D{DSP1m<n~BRlDSK^W qDSg$E*j-BKNR$M ZBM{DFg+EQSE*BQrEyBRlq z~BQSBykEiDFEiQSM{KNRl\P-o^\ETK^RDSg$EeP-ykz~BQrKNMSPR

&Es?wj+?  QFBsDSE  T$EoNB4q  EiDFes? U?  g$KNo^EDFg+EtER+E $DSMPWYL[ZA DFQSBR$MSykKNMrMSK^P-R g~B4\-EPW DSER t/EiERDFP-n+DSET 
ePyz~BsQSKNMrP-R$MXg~B4\E`MrP-yEHDFK^yEiMXKNj-R$PQSETMrP-yE PsWDFg+EaW&BseiDFPQSM? ~P-QZE +Byz+oNE 7BsM9T+KNMSein$MSMrET*KNR >%  
g$K^oNE Y [ZADFQSBR$MryK^MSMSK^P-R#g~BMtEEiRMFBK^T`DSPfz$QrP\3K^T$EtER$ E $DFMKNR#oNPEiQT$EioB4q sg$KNjg$EQ;\3KNT$EiPLm<n~BoNKpDJq 
BR$TKNR$eiQSE4BsMSETR$EiDJP-QSn+DSKNoNK^4BsDSKNP-R
MrDFBsDFK^MrDFK^e4Bo;y n+o^DFK^z$oNE @KNR$j{jlBK^R 7KpDCK^MCn+R$eo^E4BQ9DFg~BsDfBo^o;DSg$EMrE
tER$ E $DFMe4BsR*tEaBehg$K^Ei\-EiT*MrKNy n+o^DhBsR$EP-n+MSo^q?Xg$EiQSEaKNMXEH\@K^T$ER+eEaPW;DFg$EazPDFEiRlDFKBso tER$ E $DFM9PW;Y [ZA
\3KNT$EiPDSQFBR+MSykKNMSMrKNP-RDSEQSykM#PWzEQreEiz+DFn~Bsom<n~Bo^K^DJq l  Bo^DSg$P-n$jg|KpD#KNM T$K ein$o^DaDSP*m<n~BRlDSK^W qDFg+E
E +BeHD9KNR$eiQSE4BsMSEaKNRzEQrWPQSyBR$eEs?
lv


LR$EXz~BQODFKNein$oBsQSo^qaK^RlDFEQrEMODFKNR+jaBR$TQSEBoNK^MrDSKNeMreEiR~BQSK^P KNMDSg~BsDg+EQSEXDSg$E\sBQSKNBt$o^Eehg~BR+R$Eo~QSBsDFEiM
BQrEMSn+t'#rEeHD DFPfeiP-R$MODFQFBsKNRlDFM -MSn$ehgkBMWP-QE +Byz+oNE DFg$EXEBlqt$n+ehEiD >- -> ?JRDFg$K^MMreER$BQSK^P"DFg+E
ER+eP3T$EQ $g$KNo^ELBt$o^EfDFPMrEo^EeiDXDSg$E ehg~BR+R$EoQSBsDFEiM +K^oNog~B4\-E DFPEiR$MSn$QrE DFg~BsDDFg$EiMSE#BQSECK^DFg+KNRDFg+E
z$QrEHGJMrz/EieK ~ETeiP-R$MrDSQFBK^RlDFM? dCMMrg$PRt<q b %$BR+TT$EQrK^\ETK^RBz$QrEi\3KNPn$MMrEeiDSKNP-R +E4BsehgMSEioNEeHDFK^P-R
PW ehg$BR$R$EiofQFB%DFEMoNEBT$M{DFPT+K^V/EQSEiRlDeiP-R$MrDSQFBK^RlDFMWPQkDSg$EEiR$eP3T$EQi?AEeiERlDP-Qr u - fg~BsM
T$EiQSK^\ET*BoNjP-QSKpDFg$ykMDSPP-z@DFKNyBo^o^q{MSEioNEieiDDFg$EaMrP-n$QSeiEBsR$T*ehg$BR$R$EioQSBsDFEiM? ~P-QBo^j-P-QSKpDFg$ykMMrn$ehg,BsM
DFg+ELE4Blq[n$ehsEiD +g$KNehgDFER+T$MDSPykP-R$K^DSP-Q DFg$E9oNPR$j`DSEQSy B4\EQFBsj-EfDFQSBR$MryK^MSMSK^P-RkQFBsDSEfBR+TEiEz
K^D#eioNP-MrEkDSPBj-K^\ER1\sBo^n$E K^D#eBRtEMrg$PR u  DFg~B%D`DSg$EyBK^R|tER+E $DPWYL[ZA DFQFBsR$MSykKNMrMSKNPR
KNMkDFPBehg$KNEH\-E,DSg$EMSByE*m<n~BoNKpDJq5BMB Z[A Mrehg$EykE,K^DSgDFg$E*MFBykEo^P-R$j|DFEQry B4\EQFBsj-E,QFB%DFE
t$n+DfK^DFg,BQSET+n$eEiT|EiR$T@GDFPsGER$T,T+EoB4q? JR<DSn$K^DSK^\Eo^q  K^R Z[ZA DSQFBR+MSykKNMSMrKNP-R*m<n~BoNKpDJqKNR$eiQSE4BsMSEMaBsM
DFg+EER+T@GDSPsGJEiR$TT$EioB4q|KNR$eiQSEBMSEiM g$K^oNE{KNR|Y [ZA DSQFBR$MryK^MSMrKNP-R|K^D#KNM#zP-MSMrKNt$o^EkDSPQSEBz1DSg$EMSBykE
tER$ E $Dtlq g~B4\3KNR+j|DSg$E*QSBsDFEPWfMSEH\-EQSBoWQFBykEM{B4\-EiQFBjETK^R DSg$ER$EiDJP-QS XQSBsDFg$EiQDFg~BRKNR DFg+E
ER+eP3T$EQ sT$EeiP@T+EQ9t$n+V/EQSMi?
D9KNMXPQrDFgzP-KNRlDFK^R$j{P-n+DDFg$BsDP-R$eiE`QSBsDFEaePR<DSQSP-og$BMCtEEiR*zEQOWP-QSykET 7BMKNR u  ~DSg$EQrEaK^oNo
tE#yBRlqehg+P-KNeiEM9PWehg$BR$R$EioQSBsDFE DSg~BsDXKNo^o
&K ykEEiDDSg$EaT$EMrKNQSEiT*ehg$BR$R$EioQSBsDFEaeiP-R$MrDSQFBK^RlDFM 7BsR$T

&K^K BseePyykP@T$BsDFEDSg$EP-z+DFK^yBso\3KNT$EiP1m<n~BsoNK^DJq? Xg3n+MKNRlDSEQSEiMrDSKNR$j KNMrMSn$EiMBsQSKNMrEg$EQrE*P-R+E*eBR


E @z$o^P-QSEkehg~BR+R$Eo QFBsDSEMrEo^EeiDSKNP-R+M#DSg~BsD#g~B4\-Ej-P@P3T|z$QSP-zEQODFK^EM#KNR DFEQryM#PWMSykP@PDSg$R$EiMSM#P-Q`PsDFg$EiQ
R$EHDJP-Qrt~BMrETeQrK^DSEQSKNB+?dCMXKNR lb %$P-R+ELe4BRBMrMSn$ykEfDSg~BsDZDSg$E MSP-n+QSeE g$BMZtEEReiP@T$EiTBR$TDFg+ER
~R$TDSg$EZDFQSBR$MSykKNMrMSK^P-R QFB%DFEZDFg$BsD BeieP-ykyP3T~BsDSEDSQFBR$MryK^MSMrKNP-R KpDFg$K^RDFg$EXT+EoB4qeP-R$MODFQSBKNRlDFMg+KNoNE
ykEEiDSKNR$jkBz+z$oNK^e4Bt$o^EfQSBsDFEaMSykP3PDFg$R+EMSMeiP-R$MrDSQFBK^RlDFM?


'

'

'

'


/   
  .
  


(

# 



     

Xg$EMSEeiP-R$TYL[ZA_MSeiER~BQrKNP*PWXKNRlDSEQSEiMrD`KNMaDFg~B%D`g$EiQSEkDFg$EkQFBsDSEK^M`QSBR$T$Py*?dCMMrg$PRKNR >s 
BR$TP-n+DSoNK^R$ETBtP\-!E KpDKNMXzP-MSMrKNt$o^ELDFPkn$MSE`B4\sBKNoNBt$oNECehg~BR$R+Eo;KNR+WPQSyBsDFK^P-R
:BsMSMSn+yK^R$jDFg~BsDXDSg$EQrE
KNMB t~Behehg~BR$R$Eio DSP ykP@T$KpW qDFg$E EiR$eP3T$EiQ MXt/Eig~B4\@K^P-Q? Xg+ELyBsKNRK^RlDFn$KpDFKNPRKNM DFg~B%DZDFg$EfER$eiP@T$EiQ
MSg+P-n$oNToNPEQDFg$E#QFB%DFEaz/EiQ9WQSBykE P-R$eE#K^D9tEeiP-yEiMeoNEBQXDFg~B%DCDSg$Eaehg~BR$R$Eiot$BR$T+K^T+DFg*KNMoNPEQ?
 g$K^oNE >s z+QSP\3KNT$EiM A9I P-z+DSKNykKNiET|MSP-o^n+DFK^P-R$MaDFP,~P-Qry n$oNBsDFK^P-R$M ,BsR$T *KpD#KNM`BoNMrP*zP-MSMrKNt$o^EkDSP
T$EiQSK^\EaMSKNykz$o^EQZMrP-oNn+DSKNP-R+M?
-

oNEBQSopqLDFg$E Mrn$eeiEMSMPW+DSg$EMrEZBz$z+QSPlBehg+EM;KNoNoT$EzER$TP-R#DSg$E E@KNMODFER+eEPsW$BXWEEiT$t~Behaehg~BR+R$Eo%


BMZK^oNo tE MSEiERKNR*@EieiDFK^P-R*b +t+n+DCBoNMrPP-RDFg$EaBz+z$oNK^e4BsDSKNP-RBsR$TDFg$ELDJq3zE#PsWehg~BsR$R$EoeiP-R$MrKNT$EiQSET ?
A9BsDFEaePR<DSQSP-o;B%DXDFg$EaER+eP3T$EQKNo^o P-R$opqtEaEiV/EeiDSK^\E`KpWKpDKNMXzP-MSMrKNt$o^ELWP-QZDFg$EaEiR$eP3T$EQDFP{QrE4BeHD9DSP
DFg+Eehg~BsR$R$Eo ehg~BsR$j-EMi?Xg<n$M DFg$EiMSE{DFEehg+R$KNm<n$EiM`KNo^otEEHV EieiDFKp\-EkK^W
&K LDSg$E{ehg~BR$R+Eo yEiyP-QOq,K^M
MSn eiKNEiR<DSo^q o^P-R$j
&Es?wj$? g+ER1DSg$Ekehg~BR$R$EioQrEyBKNR+M#K^R|B*j-Kp\-ER|MrDFBsDFE{WP-Q DFK^yEiM DFg~BsD`BQrEPsWDFg+E
P-QrT$EQ`PWyBsj-R$K^DSn$T$EkPW9B*WEHWQSBykEK^R<DSEQO\BsoNM 
KNK fDSg$EER+T@GDSPsGJEiR$TT$EioB4qK^Mo^P-R$j-EiQ`P-Q`PWXDFg+E
MFBsyELPQST$EiQZPW;yBj-R$KpDFn$T$EfBMDSg$ELehg~BR+R$EoykEykP-QOq $BsR$T
&K^KNK DSg$ELehg~BR+R$Eo WEiET$t$BehT$EioB4qK^MR$PsD
DFP3P{oNP-R+j$?


 
/
/      
-.
/

X g$EaWP-QSEij-P-K^R$j{T$KNMren$MrMSKNPR$MCg$B\EBsMSMSn+yEiT*DFg$BsD9QFBsDSE`eiP-RlDFQSPoKNRl\-P-op\-EiMCMrEoNEieiDSKNR$jkeP3T$KNR+jkz$BQFBykEHG
DFEiQSMfBsDDFg$E#\@K^T$EPER$eiP@T+EQ9P-R,B{WQFBykEHGt<qlGWQFBykE P-Q9t$oNP3eh-GJtlqlGJt$o^P@eht~BsMSKNMi? CPEi\-EiQLK^D9K^MP-QODFg
ykERlDFK^P-R$KNR+j DFg~BsDXDSg$EQrEaKNMXP-R$EaMrK^DFn$BsDFK^P-Rg$EQrEaQFBsDSE#eiP-RlDFQrP-oKNMXz$BQrDSKNen+oBQro^qE4BMOq ~R~BykEopq +g+ER
DFg+Ekt+K^DFMODFQrE4By g~BM#BoNQrE4BT@q,tEER1P-QSj-BR$KNiETK^R|oNB4q-EQrM n$MSK^R$jBMSe4BsoBt$o^EP-Q y n$opDFK^QSEMrP-oNn@DFKNPRER3G
eP3T$K^R$j Bo^j-P-QrK^DFg+y*?Xg$KNMMSP-o^n+DFK^P-RK^MZBsDrDFQSBeiDSK^\-ECKNRKpDFM MSK^yz$o^KNeiK^DJqMrKNR$eiELK^DBoNo^PM DSg$EfDFQSBR$MryKpDSDFEiQ
P-Q`BRK^RlDFEQryEiT$KB%DFER$P3T$EK^R|DSg$EkR$EiDJP-QS DSPT$EieKNT+EkDSg$ER<n$y tEQ#PWXoNB4q-EQrM#DSPMrER$TjK^\-EiRDFg+E
en+QSQSEiRlDLehg~BR+R$EoeP-R+T$K^DSKNP-R$Mi?Xg$E#t~BMrKNe#KNT$EBkK^MXDFg~BsDDSg$E#\3K^T$EPER$eiP@T$EiQCz+QSP3T$n$eEiMLB{t~BMrEoB4qEQ
g$K^ehgj-Kp\-EM`B*eiPlBQrMSE
&QSEioBsDSK^\Eo^qoNP m<n~BsoNK^DJq Bz$z+QSP @KNyBsDFK^P-RDFPKNR$z$n@D`MrEm<n$EiR$e!E  BR$T1DSg$ERB
MSEiQSK^EMPWER$g~BsR$eEiyEiR<DCoB4qEQSMDFg$BsDMSn$eieEiMSMSKp\-Eio^qe4BRtE#n+MSETDFPkKNykz$QrP\ELDFg$Eam<n~Bo^K^DJq?
 g$KNo^E MSe4BsoBt$o^E\@K^T$EPeP3T$K^R$j5g$BM*tEEiR z$QrP-z/PMSETtlqR<n$ykEQrP-n$M*Bn+DSg$P-QSM aBR$Tg~BMt/EiER
KNR+eP-zP-QFB%DFETK^R,DFg$Ekx* fGO>MrDFBR$T~BsQST ;K^DSMfKNT+EMSz+QSE4BsTBz+z$oNK^e4BsDSKNP-R*g~BM tEER|g~BykzEQSEiTtlq B
QSEBoPQzEQSeiEKp\-ET QrET$n$eHDFK^P-R KNRzEQOWP-QSyBR$eiEBM eiP-ykz~BQSEiTDFPR+P-R@GJMre4BoNBt$o^EBo^j-P-QrK^DFg+yMi?Xg$K^M
oNPEQ9z/EiQrWP-QryBsR$eE#e4BRt/E#yEBMSn+QSETKNR*DSEQryM9PW g$K^j-g$EiQCeiP-yz+oNE @KpDJqBR$T,o^PEiQCm<n~Bo^K^DJqBsD9DFg+E
MFBsyE#QFBsDSEBsMCeiP-yz$BQSEiTDSPBMrKNR$joNEaoB4q-EiQfBsoNj-P-QrK^DSg$y*? JRDFg$E x fGO>ePR<DSE 3DLDSg$EQrEBQrE#DSg$QSEiE
ykP@T$EiMPWMre4BoNBt$K^oNK^DJq R$ByEio^q DFEiyzP-QSBo MSz~BsDSKBoBR$T +fAa?Eykz/PQFBoBR$TMrz~BsDSKBo MSeBoBt+KNoNKpDJq
z$QrP\3K^T$Eo^P QrEMrP-oNn+DSKNP-R*eP3T$ETMODFQrE4BykMCDSg~BsDLQrEz$QrEMrERlD DFg$EKNR$z$n@DLT~BsDFBkKpDFgBR,Bz$z$QrP @K^yBsDSKNP-R
ePyz$QrKNMrET PWWEHEiQWQSBykEMP-QMryBo^oNEiQMSK^EWQFBykEM fQrEMSzEeHDFKp\-Eopq-? ~P-QDFg$E z$n+QSzP-MSE|PW`QFBsDSE
ePR<DSQSP-o7BsM T$KNMren$MrMSETKNR DFg+KNM ehg~Bz@DFEQ 3DSg$EC+fA5MSe4BsoBt$K^oNKpDJqykP@T+E
&EBehgoNBqEQ QrEz$QrEMSEiRlDFMZB eiPlBQSMrE
<

\-EiQSMrKNP-R5PWfDSg$EKNR$z$n@D MSEiEykMkDSP1tE*tEiDrDFEiQkMrn$K^DSET?5DkKNMPQrDFg5yEiRlDFKNPR$KNR$j,DSg~BsDB|eiPlBQrMSEPW
y n$opDFK^QSEMrP-oNn@DFKNPR$MeP3T$KNR$j /DFg+E MSPsGe4Bo^oNEiT,T~BsDFBz~BQODFK^DSKNP-R+KNR$jBz$z$QrPlBehg %e4BsRt/En$MrETWP-QCQFBsDSE
ePR<DSQSP-o:?
~P-QBoNo/K^DSMZMSK^yz$o^KNeiK^DJq{WEiQSEBo;Bz$z$o^KNeBsDFK^P-R$MPsWMre4BoNBt$o^Ef\3KNT$EiPkK^RB{eiP-yky n$R$K^e4BsDSKNP-R$MeP-RlDSE 3D
g~B4\-E`t/EiER*QSEzP-QODFET ?  R+E`PWDFg$EaWEi E +Bykz$oNEiMCPWBz$z$o^KNeBsDFK^P-RPWDSg$EMrE`DFEiehg$R$K^m3n+EMCDSPJRlDFEiQSR$EHD
\3KNT$EiPKNMLDFg+Ekz+QSP-zP-MSEiT1oNB4q-EQrET|y n$opDFKNeBMrDLBz$z$QrPlBehg u  g+EQSE{DFg+EER$T|eo^KNERlDSM e4BR|MSn$t+MSeQrKNtE
DFg+E#R<n$yt/EiQ9PsWoNBqEQrM
&BR$TDFg<n$M9P\-EQSBoNo QSEMrP-oNn@DFKNPR DFg$BsDDFg$EiKNQXt~BR+T+KNT+DSg*eBRMSn$z+z/P-QOD4?
k   
k
    
 4

k 4

,
  
   & ,f
P*eiP-R$eo^n$T$E{DFg$K^Maehg~Bz+DSEQaEMSn$ykyBsQSKNiE DFg$EkEHq|KNT$EBM#BR$T|eP-ykyEiRlD`PR1MrP-yE{PWDFg$EkKNMrMSn$EiM
DFg$BsD MODFKNo^o QSEyBK^R1DFPt/EBT$T$QrEMSMrET tEiWP-QrEDFQrn$EYL[ZA \3K^T$EPR$EHDJPQS<KNR$jtEeiP-ykEMQrE4Bo^K^DJq? 1E
g~B4\-EMrg$PR DFg~BsD`Y [ZA eP3T$K^R$j,KNM#DFg$ER~BsDFn+QFBo WP-QSy PWQrEz$QrEMrERlDhBsDSKNP-R WP-Qa\3KNT$Ei"P  BR$T1DFg<n$MK^D
P-n$oNTtEaT$EMrKNQFBst$oNELDSP{DSQFBR+MSykK^DZ\3KNT+EPkER$T@GDFPsGER$TK^RMrn$ehg,B B4qBMXDFPkBoNo^P]DSg$E rKNT+E4Bo Y [ZA
QSEiz$QSEiMSEiR<DFBsDFK^P-RPsW+DFg+E T$BsDhB+? 1Eg~B4\EMSg+PR#DFg~B%D %T$n$E DFP9QSE4Bso-DFKNykE R~BsDSn$QSE PW@DFg$E \3KNT$EiPCT+EeP3T$K^R$j
BR$T{T$K^MSz$oNB4q -DFQSBR$MryK^MSMSK^P-R g~BsM DSPLWP-oNo^P5eiEQODhBK^RQSn$o^EM MSP#BMDSPaj-n~BQSBRlDFEEXDSg~BsDDSQFBR$MryKpDSDSETT~BsDFB
KNo^o BsQSQSKp\-E K^RDFK^yEfDSPt/EfT$EeiP@T$EiT ~K?E? +KpDFg$P-n@DXz$QSP3T$n$eiKNR$jT+EeP3T$EiQXt$n+V/EQXn$R$T+EQr$Pa? 1EaBoNMrP
yBT$ELDFg+E#eBMSEaDFg$BsDXDFg$E#BeHDFn~BsoeP-R$MODFQSBKNRlDFMK^RW&BeiD9T$Eiz/EiR$TP-RDSg$Eaehg~BR$R$Eio;eP-R$T+K^DFK^P-R$Mi?
Xg$EQrE{BQSE BoNQrE4BT+qR<n$ykEQrP-n$M Mrq3MODFEykM KNRP-z/EiQFBsDSKNP-RDFg~B%DaBoNo^P DFQSBR$MSykKNMrMSK^P-RPW \3K^T$EPP\-EiQ
ePR$MrDFBRlDQFBsDSE ehg~BR$R$EioNMi? Xg+EMSEaQrEm<n$KNQrELDFg~B%DZDFg$EL\3K^T$EPeiP@T$K^R$jz~BQSBykEiDFEiQSMZtEaBT #rn+MrDFEiTMSPDFg~B%D
DFg+EoNPR$j1DSEQSy B4\-EiQFBj-E*DFQFBsR$MSykK^DrDFET5QFBsDSEQrEyBKNR$MkePR$MrDFBRlD XDFg<n$MQrEMrn$o^DSKNR$j1KNRMrP-ykEm<n~Bo^K^DJq
T$Eij-QFBT$BsDFK^P-R,K^DSg|QrEMrz/EieiDaDFPBz$n$QrEo^q*Y [ZA eP3T$KNR$jBsR$T|DSQFBR+MSykKNMSMrKNP-RyP3T$E? LDSg$EQ EiRl\@K^QSP-R3G
ykERlDFM 9Mrn$ehg BMkDFg$E,JRlDSEQSR+EiD eBRMSn$z+z/P-QOD\sBQrKBt$o^EQFBsDSE*DFQSBR$MryK^MSMSK^P-Rt+n+Dz$QrP\@K^T$ER+P }LP<
j-n~BsQFBRlDFEiEM9P-RDFg$EaQSBsDFEaz$QrP\3K^T$ET?
DaKNMCoNKNsEopqDSg~BsDaR$EBQfDSEQSy EiV/P-QrDSMLKNRR+EiDJP-QSsET \@K^T$EPDSQFBR$MryK^MSMrKNP-R /BR$T K^R,QSEioBsDSET,\3KNT$EiP
ePyz$QrEMrMSKNPR`K^MSMSn+EM sKNoNosWP@ein$MPR#DSg$E DJPfE 3DFQSEiyE e4BsMSEMPW+YL[ZADFQSBR$MryK^MSMSK^P-R R~BykEop q
&K /Y [ZA
DFQSBR$MryK^MSMSK^P-RP\EQ ehg~BR+R$Eo^MLK^DFg} Plj-n~BQSBRlDFEEiM BsR$T
&K^K ZDFQFBsR$MSykKNMrMSKNPRP\-EiQ oNP-MrMrq*ehg~BR$R$EioNMi?
[PDSg{ERl\3KNQSPR$yEiRlDFM g~B4\-E9KNReiP-yykP-R DSg$EZW&BeiD DSg~BsD DSg$Eiqz+QSEMrERlDMSKNjR$K ~eBRlD ehg~Bo^oNER+j-EMWP-Qt/PDSg
ePyz$QrEMrMSKNPR*BsR$TDSQFBR+MSykKNMSMrKNP-R ?
l

J RDFg+E e4BMrEPWY [ZADFQSBR$MSykKNMrMSK^P-RKpDFg }LP<j-n~BQSBRlDFEiEM EMrDFBt$o^KNMSg+KNR$jkeP-R+T$K^DSKNP-R$MDFg$BsDCK^oNo


BMrMSn$QrE`DFg+EMSE`j-n~BQSBRlDFEiEM9KNMMrDSKNoNoBMSn+t'#rEeHDLPWQSEMrE4BQrehg?\-EiRDFg$E#R$PDSKNP-RPW } PlK^M9KpDFMrEo^WMSP-ykEHG
g~BsDyK^MSoNEBT$K^R$jK^RDFg~B%DDFg$EER$T n$MrEQPW#B\3KNT+EPDFQSBR$MryK^MSMSK^P-R5K^oNo9QSEBoNopq5eBQSE,Bt/Pn+DDFg+E
T$EieP3T$ET \3KNT$EiP1m<n~Bo^K^DJq  QSBsDFg+EQ DFg$BRBst/P-n@DDFg$P-MrEz~BQFBsyEHDFEQr&M
&o^P-MSMrEM T$EoNB4&q #rK^DrDFEiQ  EiDSe DFg~B%D
BQrEn$MSn~BsoNo^q|DhBsER DFP ykE4BMrn$QSEDSg$EDFQSBR$MryK^MSMSK^P-R m<n~Bo^K^DJq-? LR$Em<n$EMODFKNPRPsWCK^RlDFEQrEMODkDSg~BsD{g~BsM
P-R$opqz~BQODFKNBoNopqtEEiR,BT+T$QSEiMSMSEiTDFPkT~BsDSE 7KNR+eoNn+T$EMXDFg+E#T+E ~R$KpDFK^P-R*PsWBo^j-P-QrK^DFg+yMDSPyBzoNEH\-EioNMPW
T$EiMSKNQrET{T$EieP3T$ET{\3KNT$EiP#m<n~BsoNK^DJq`KNRlDSP eP-y t+KNR~BsDSKNP-R+MPWR$EHDJP-Qr<KNR$j#z~BQSByEHDFEiQSM?~P-QE +Bykz$o^E -DFg+E
\3KNT$EiP{Bz$z$o^KNeBsDFK^P-RyB4qg$B\E DFP T$EHDFEiQSykKNR$Efg$BsDXePy t$KNR$BsDFK^P-RPWR$EHDJPQSMrEQr\3K^eEMXK^MZR$EiET$EiTDSP
z$QrP\3K^T$E 7MFB4q t+QSPlBT+e4BMODCm<n~BsoNK^DJqBsDXDFg$E#QSEieEiK^\-EiQ?dfM9MSg$PRK^RDSg$KNMXehg$Bz+DFEiQ 7DFg$E \3KNT+EPkER$eiP@T$EiQ
KNM`t/EiMrDz+oBeiETDSP,yBsET+EeK^MSK^P-R BtP-n+D`g~BsDeiP@T$K^R$jK^R+WP-QryBsDSKNP-R K^MykP-MrDKNykz/P-QODhBRlD`BR$T MrP
K^D KNM DFg+E\3K^T$EP ER+eP3T$EQ{DFg~B%D{e4BR tEMrDkg~BsR$T$oNEDSg$EDFQSBT$EHGPV/M  j-K^\ER5BRlq Bz$z$o^KNeBt$oNER$EiDJP-Qr
ePR$MrDSQFBK^R<DSM?*Xg3n+M  B*z+QSP-ykKNMrKNR$jT$KNQrEeHDFKNPR1KNo^o t/EKNR1T$E ~R+KNR$j,MrKNykz$oNE{K^R<DSEQOW&BeEiM t/EHDJEiER DFg+E
\3KNT$EiPaMSEQO\-EiQBsR$TkDSg$EXR$EHDJP-QrDFg$BsD Bt$MODFQFBseiD DFg+E9T+EiDhBsKNoNMPW7DFg$EXP-zEQSBsDFK^P-RPWP-R$EXWQrP-y DSg$EPDFg+EQ?
Xg$E9E +Bykz$oNEiM ECT$KNMren$MrMSETK^DFgkB \3KNT$EiP`eiP@T$EiQPz+DFK^yK^KNR+jLK^DSM m3n$BoNKpDJq DFP#yB%DFehgB#j-Kp\-EiRE4Bs<q
[n$ehsEiDfeP-R$MODFQSBKNRlDePR$MrDSK^DFn@DFEM9B{MSK^yz$o^ELKNR+MrDhBsR$eE PWDFg$K^MBz$z$QrPlBehg?
Xg$EMSEieP-R$TkBQrE4Bfg$EiQSEMSK^j-R$K ~e4BRlDz$QSP-jQSEMrM KNMR+EET+ET <t$n+D g+EQSEZDSg$EXzPDFEiR<DSKBo3tER$ E $DFM BQrE
MSn+t$MrDFBRlDFKBso lKNM BseeEiMSMrKNR$ja\3KNT$EiP`P\-EiQ B K^QSEioNEMrM oNKNR+?JRDFg$K^M e4BMrE9DSg$EX\@K^T$EPaEiR$eP3T$EQ K^oNo+g$B\E9DSP
tEfQSPt$n$MrD DFP`z/PsDFERlDSKBo7T~BsDFB`o^P-MSMrEMZBsR$TBo^MSP#t/EfBt$oNEXDSP BeieP-ykyP3T~BsDSEehg~BR$j-EiMZKNRt$K^DSQFBsDSE? CEQrE
BjlBsKNRPR$E PW DSg$E zP-MSMrKNt$o^E`MrP-oNn+DSKNP-R+MfKNM9DFPK^RlDFQSP3T$n$eiEWEEiT$t~BehBtP-n+DfDSg$E MODhBsDSE PW DFg+Eehg~BR+R$Eo%
MSP{DFg$BsDXDFg$EaEiR$eP3T$EQ9e4BsR*BsT #rn$MrD9KpDFMXtEg~B4\3KNP-QT$Eiz/EiR$T$K^R$j{P-R*ehg$BR$R$EioeiP-R$T$KpDFK^P-R$M?
  -  L
 9

#h?I Bo^j-KNekBR+T ?P-t~BjK  rEQOWP-QSyBR$eiEEi\sBo^n~BsDSKNP-RPsW9BsDFy R$EiDJP-Qr3M{eBQSQOq@K^R$j,eiP-R$MrDFBRlD


BR$T{\sBQSKNBt$oNEXt+K^DrGQFBsDSEZ\3KNT$EiP#DSQFB ke      !2'4 2'=2<0 :;2" G 58D ?   F D5 "9= 5 ? D G \-Po?  
z$z?   4v 3dfn$j$? 4u-ulb@?
> /? QSK^R$j-EiQSK  ? @g<n~BKNt  A#? j-PQSP\  d`? EiK^M  [f? g~BMrR~Bt$K^MSg  BR+T5[C?[ZBMrehg  OQSB ke
MSg~Bsz$KNR$j 3t$BR$T+K^T+DFgBoNo^P@eBsDFK^P-R -BsR$Tm<n~Bo^K^DJqkBMrMSEiMSMSykERlDZWPQ ykzEja\@K^T$EP`T$KNMODFQrKNt$n+DSKNP-R{P\-EiQ
'

'

' ' '

' ' '

'

<b

$t QSP-BT$t~BR+TR+EiDJP-QS<M    2'= ? :     58D 2+z$z?7us  lb'~CP\ ILEe uu +?


vx1? Qrn$R$BsR$T|/? QSK^z~BsDSg$K  S[ZBR+T+KNT+DSgBo^oNP3e4BsDSKNP-RMrDSQFBsDSEj-K^EMfWPQCDFQSBR$Mrz/P-QODFK^R$j\sBQrKBt$o^EHG
t$K^DOGJQSBsDFEf\3K^T$EPDFQSB ke    ?   F D5 "9= 5 ? D    58D 2+ +z$z?~l <l  -BsR? u-u-u@?
``? -B4qlBRlD  +? P-g$R$MODFP-R lBR$TA#?s+BsWQSBR$Ei  F@K^j-R~Bo-eiP-ykz$QSEiMSMSK^P-Rt$BMSEiT P-RykP3T$Eo^MPsW$g<n$yBR
z/EiQSeiEz+DSKNP-R  : ?  ?  =BA2   LeiD? u-u-v@?
`[f? KNQSP3T  r MOq3ehg$P\@K^MSn~BsoBMrz/EieiDSMfPWKNyBj-E eiP-yyn$R$KNeBsDFK^P-R$M    5 9D 94:;? 2 G G 58D+\-Po?> 
z$z?>vu +>-  u-u->@?
x1?  ?s#BQrQSEHDSD  ? D= : 5 F = 5 ? D G ? 9:<0  2"94 5  2 !2': 7 5  2 G ? D  H2'=  58=  A2<0 2'= ? :  G ?

g~I DSg$EMrKNM 7ILEz+D?~PW o^EeiDSQSK^e4Bo R$j+? P-o^n$y t$KNBCR$Kp\?  4u-u-v+?
b   ?@AP-MrE  S3DhBsDSKNMODFKNeBo7z$QSPz/EiQrDFK^EMPWx \3KNT+EPDSQFB keLBsR$TDFg+EKNQKNykz~BeHDPRDFQSB keLyP3T@G
Eo^KNR$j9KNR d 9x MOq3MrDFEiyM  #Eehg?lAEz ?  -CR+K^\-EiQSMrK^DJq`PW n+EQSit$n$Qr"j lJR$MrDSK^DSn+DFEZPsW/P-yz+n+DFEiQ
@eK^ER$eiE#A9EiMSE4BsQSehg3EQSK^EM 77Eit 4u-ul@?
  ?ER+R$Et~BsEQ{BsR$T +?x*KpDFehg$EioNo      = 58484 *32$9=  ? E:;2 G G 5 ? D  = 9DE0 9:<0?Y BR
CP-MODFQSBR$TA9EiKNR$g+P-oNT  u-u$?
u -+?/x*K^DSehg$Eo^o   ? ER$R+Et~BsEQ f? X?/7Pj-"j BR$TI #? +?/EaBoN%o #   5 032 ? ? E:;2 G G 5 ? D

 =*9DE0 9:0? 9Ei

PQS7 g~Bz$yBR*BR$T fBsoNo  u-ulb3?
 #h? P3"P 3?@fBMrKNP-zP-n$o^P-M 3BR+TA#? BQST   P-K^RlDXx fGO>#eiP@T+KNR$j#Wz$Qy n+o^DFK GJz$QrP-j-QSByt$QrPlBT@G
e4BMODFK^R$jPWaz+QSEHGQSEieP-QrT$ET\3KNT+E"P  5K^ R :;?  'D= 4  ? D   ? D ? FG = 5  G +  2 2 A 9DE0  5 9D 94
: ?  +       
: g$P3ER+K  ~d  7xBQi? u-u-u+?
``?lILn EioN
T  ?lA9ByB<QSK^MSg$R~BsR lBR$Tkd?-A#?lAEK^t$yBR  F3dYLldCRBsoNj-P-QrK^DSg$yWP-QMSykP3PDFg$EiT
BT~Bz@DFK^\E \@K^T$EPP\-EQCE @z$o^KNeKpDQFBsDSE`R+EiDJP-QS<M       :"9D G  ? D 2'= ? :  58D~\P-o?7 
z$z?b b +b-> $ILEe 4u-u +?
> {?X@n$oNo^K^\sBRBsR$T ?  K^EjlBR+T  SA9BsDSEHGJT+KNMrDSP-QrDSKNP-RP-z+DFK^yK^4BsDSKNP-RWP-Q\3KNT$EiPeiP-ykz$QSEiMSMSK^P-R  
   5 9D 94:;? 2 G G 58D    58D 2+z$z?bs 3u- $9P\/? uu +?

'

'

'

'

"' '

'

' '

'

'

'

'

'

' '

"'

'

'

'

v 
?@g+P-g~By BsR$Td`?aEiQSMSg+P"S eiKNEiR<D9t$KpDCBoNo^P@eBsDFK^P-RWP-QBR*BQrt$K^DSQFBQOqMSEHDfPsWm<n~BRlDFK^EiQSM 
  :9D G      $\-P-o:?~v- $z+z? 4-<  4<v ~@Eiz? u @?
4 #d? LQrDSEjlBkBR$T ?7ACBsyehg~BsR$T$QFBsR SACB%DFEHGT$KNMODFP-QODFK^P-RDFEiehg$R$K^m3n+EMLK^RK^yBsj-EaBR$T\3KNT$EiPeiP-y{G
z$QSEiMSMrKNP-R      5 9D 94: ? 2 G G 58D    58D 2+\P-o?  $z$z ?>v + ~CP\ uu +?
  ?ACBsyehg~BsR$T$QFBsR d? LQrDSEjlB sBsR$T`x1?4Y EiDrDFEQroN%K  S[K^DBoNo^P@eBsDFK^P-RCWP-QT+EzER$T$EiRlDm<n~BRlDSKN4B%DFKNPR
K^DSgBz+z$oNK^e4BsDSKNP-R$MDFPky n$o^DSKNQrEMSPoNn+DSKNP-RBsR$Tx \3KNT$EiPeP3T$EiQSM    :"9D G  ? D 32
: ?  @\-P-o:?~v ~z$z?sv-v +sl ~@Eiz+D4? 4u-u$?
 -+?lEE9BR$T[f?  ?lILK^eh<KNR$MrP-R  SA9BsDFEXT+KNMrDSP-QrDSKNP-RPz+DFK^yK^ET WQSBykEHGDJq3zEXMSEioNEeHDFK^P-RWP-Q x
eP3T$KNR+"j     :9D G  ? D 58:8  9DE0( G   ? : 5 032 ? 2 A  s\-Po?l'b lz$z?< +   n$R$E 4u-ulb@?
b #d? Aa? A9EiKNt$yBRBR$T[f? ? fBMrEo^o  FP-R$MODFQFBsKNRlDFMkP-R \BsQSKBst$oNEt$KpDrGQFBsDSE\@K^T$EP WP-Q{d 9x
R$EiDJP-Qr3M     :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  ;\P-o?'> z$z ?v @vlb> ILEe?
u-ul>3?
#d? LQrDSEjlB  ?+A9Bykehg~BR$T+QFBR @BR$Tx1?3Y EHDSDSEQSo^K   Lz+DSKNyBo$DFQrEoNo^KNM GJt~BMrETkt$n+V/EQrETePyz$QrEM G
MSK^P-R BR$T W&BMOD{Bz$z+QSP @KNyBsDFK^P-R$M     :9D G  ? D 32 :;?   \-P-o:?v  z+z? > <l  -BR?
u-u+?
u f? G
? 9MSn 7d`? LQrDFEijlB 7BR+Td`?7A9EiKNt$yBR   P-K^R<DMrEo^EeiDSKNP-RPWMSPn$QSeiE`BsR$T*ehg$BR$R$EioQSBsDFELWPQ
Y [ZA \3KNT+EPDSQFBR$MryK^MSMrKNP-R1n$R$T$EiQ d 9x zP-oNK^eKNR+j*eiP-R$MrDSQFBK^RlDFM      ? D !2'4   :;2" G 58D
?    @\P-o?  $z$z? 4   4l> @dfn$j$? 4u-ulb@?
> f? G
? CMrn d`? LQrDSEjlB BR$T x1? g~BsR$MFBQrK  SA9BsDFEkeP-RlDSQSP-o WP-Q#QSP-t$n+MrD\3K^T$EPDFQFBsR$MSykKNMrMSKNPR
P\-EQaKNQrEo^EMSM`ehg~BR$R+EoNM       ? D !2'4   :;2" G 58D ?    \P-o? b z$z?b-s +b-bv x*Bq
u-u-u@?
>   ?Y EQrt$KNEiMrD  ? KNR+R$P@P  BR$T[f?Y P3EiDFEiR  rXg$EKNykz~BeHDPWDFg+EdC9x eiP-R$eiEz+DkP-R \3KNT$EiP
eP3T$KNR+"j       ? D !2'4   :;2" G 58D ?    @\-P-o:?~ $z$z ? l>v  -vl> +ILEeiEy tEQ u +?
' 

'

'

'

'

'

'

'

'

'

"'

"'

'

'

'

'

'

'

'

'

' '

'

'

'

'

"'

'

lu

'

&'

>-> `[f?lx*Bj-oBsQSKNM -I ?sdfR~BMODhBMrMSK^P-n<?-@ER 3{? BsQSoNMrMSP-R <BR$T +?-AP-t$t+KNR$M  SEiQrWP-QryBR+eEZykP@T+EoNM


PWMrDhB%DFKNMODFK^e4Boyn$o^DSKNz$o^E@KNR$jKNR z~BehsEiD\3K^T$EPePyy n+R$KNeBsDFK^P-R$M    :9D G  ? D ?    
\-P-o:?~v- +z$z? -v  lv n$o^q u @?
>v `?@ER C[C?ZxBsj-oBQrKNM X`?A9K^<oNK BR$T I ? dfR$BMrDFBMSMrKNP-n  FxP@T$EioNMkWP-Qz~BsehEiDMrK^DSehg$KNR+jPW
\sBQSKNBt$oNEUGJt$KpDrGQFBsDSE9\3KNT+EPkMSP-n$QreEiM       ? D !2'4   :;2" G 58D ?    +\P-o?b ~z+z? -l  --u 
n$R$E u u+?
>s # ?/Y?;B<g$MSyBR  d? LQODFEj-B BR$Td`?Aa?AEK^t$yBsR   Y [ZA \@K^T$EP+CQFBT+EHGJPsV M BsR$Tz/PsDFER3G
DFKNBoNM   :;? 2 2<0958D G ?  =8A2!  $\-P-o:? - +z$z?7ul-> @ulbv $xB4q u-u @?
>- `X?s?%ACBsDSg$j-Eit  FxP@T$EioNK^R$j9BR$TzEQOWP-QSyBR$eiE eP-ykz~BQrKNMSPR`PW+z/PoNKNeiKNR$jXykEehg$BR$KNMryM;WP-Q;d 9x
R$EiDJP-Qr3M      ? D !2'4   :;2" G 58D ?    +\-Po?~u ~z+z?7vl>- 3v-v" @dfz$QrKNo uu -?
> ` ?ILK^DrDFyBR$R /? [f? -BeP-t+MSER BsR$T ?x*PDSg  SoNP EiR+WP-QSeiEykERlDBoNjP-QSKpDFg$ykM WP-Q d 9x
R$EiDJP-Qr3M      ? D !2'4   :;2" G 58D ?    +\-Po?~u ~z+z?7vlv 3vl @dfz$QrKNo uu -?
>-b #d 9x ~P-QSn$&y   G 2':  2'= ? :   D=2':   2  2'5 "9= 5 ? D+ 2': G 5 ? D  ? QrERlDFK^eEHG fBo^o 
u-u-v@?
> `A#? -BsKNR /? Bo^q-BR~BQSByBR /?7Bg$yq A#? PqlB%o BR+T/? GOf? KN&y  F@Pn$QSeiEtEg~B4\3KNPQaWPQ
d 9x df[ZA DSQFB keyBR~Bj-EiyEiRlD4LdCR1E +z+oBR~BsR<DSKNP-R     ?   F D5 "9= 5 ? D G    58D 2
\-P-o:?~v" +z$z? @-b $9P\/? uu-+?
>u x1? fBykT$K;BR+T +?  ?A9Pt/EiQrDFM F}LP<j-n$BQFBRlDJqWP-QMrg~BzETt+K^D9QFBsDSE#\3K^T$EPkeP-R+R$EeHDFKNPR$MfK^R
t$QSP-BT$t~BR+T R$EiDJP-QS<M   K^R  :;?  ?  'D= 4  ? D   ? D  F 46= 5  2<095  2'= ? :  58D#+  2'= 

&dCKNn3G B%ByB%DFMSn  -Bz~BsR  LeHD4? u-u-@?


v- x1? CByT+K  +?  ?7A9Pt/EiQrDFM ~BR$T?~A9PoNKNR  SA9BsDSE eP-RlDFQrP-o WP-QY [ZA\3K^T$EP{eP3T$EiQSMXKNRt$QrPlBT@G
t~BR$TR$EHDJPQS<M       ? D !2'4   :;2" G 58D ?    +\P-o?  $z$z? 4l  4l @dfn$j$? 4u-ulb@?
v `X?g$BR$j BR+Td? B<g$P-Q  SILKNMr-GJt~BMrET5MrDFPQFBj-EWP-QkMSe4BsoBt$o^E\@K^T$EP     :9D G  D
58:8 F 58= G 9DE0 ( G =2* G  ? : 5 032 ? 2 A3D ? 4 ?" ( 3\P-o?'b $z$z?b- +b-b  LeiD? u-ulb@?

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

"'

'

vl> `X?Zg~BsR$j BR$T `?#BsQSeKNB%GOxP-oNK^R~B  SA9EiT$n$eiKNR$j1KNR$KpDFKBsoZoBsDSER$eHqKNRykET+KB MSEQO\-EiQSM   


 F 46= 5  2<095 $z$z? @ ~7Bo^o uulb@?
v-v `I ?  ? [Qrn$t/EiehBR$T5 ? d`? A9PE   CK^EQFBsQSehg$K^e4BoZMODFP-QSBj-EyBR~Bj-EiyEiRlDK^RB T+KNMrDSQSK^t$n+DFEiT
Y  I MOq@MODFEiy     F 46= 5  2<095 $z$z ?7vlb 3<b'~7BoNo u-u-+?
v /?@ag$BR$T$Eig~BQSK^4Bg+Eg @/? `? KN&y <BR$Tf?@@g~Bg~Bst$K   LReiP-R ~jn$QSK^R$jBaMSK^R$j-o^E9T+KNMSeiP-RlDFK^R3n3G
P-n$MykET$KNBkMrEQr\EQ  K^R :;? 2 2<0958D G ?  =8A2                x*Bq
u-ul3?
vl  ?~x*KNBPBR+Td`? LQrDSEjlB  SA9BsDFELeiP-RlDFQrP-oBo^j-P-QSKpDFg$ykM WP-Q\3KNT$EiP{MrDFPQFBj-EfP-RT$KNMrt~BMrET\3KNT$EiP
MSEiQr\-EiQSM  K^R HDE0  G 584 ? 9: ? D  2':;2'D  2 ? D  5 9D 94 G +( G = 2* G +$9DE0 ?  F = 2': G 
:BseK $e
aQrP\-E d 79P\Ey tEQ u-u +?
v- #d?;g$BR$<g<n$RlDFg$P3T ?;[f?I BsR$K^"j ;f?;CEiEQrT~BoNM x1?;?;3ehg<BQODF BR$T ? +? 1P-QrQSEo^o  Od
g$KNEiQFBQrehg$KNeBo K^RlDFEQrR$EiD9P-t #rEeiDCe4Bsehg$E  K^R   2 A  ? D    4u-u-+?
vlb 
? BR$j  ? G ?  g$BR$"j <I ?lILn <BR$TI ?<@n  rd R$EHDJP-QreP-R+MSeK^P-n$M Bz$z+QSPlBehg{DFP#ER+T@GDSPsGJEiR$T
\3KNT$EiP#T+EoNKp\-EiQrq{P\-EiQ K^T$E9BQSEB#R$EHDJPQS<Mn$MrKNR$j#z$QrP 3q{MrEQr\EQrM  KNR : ?         

+BsR*~QSBR$eK^MSei"P 7d ~dfz$Qi? u-u @?


v /?c@ER  +?A9E @WPQST BsR$T|I ? PMroNEHq  S QSP 3q,z$QrE  e4Behg$K^R$jWP-QLyn$o^DSKNykET$KNBkMODFQSEBykM  *K^R
  'D  ? ?  
:CEH

P-Qr $L@d xBQrehg uu-u+?
v-u  ?3x*KBsPBR+Td? LQrDSEjlB  S QrP 3qke4Bsehg$KNR$j#WP-Q E keK^ERlD\3KNT+EPMrEQO\@K^eEiMP\-EiQDFg+EfKNRlDSEQSR+EiD   K^R
: ?  ?    H2'= 5 032 ? ? :  G A?  +  
&CEH
P-Qr 7
 ~dfz$Qi? u-u-u+?
l /?;dfehg~BsQrqlB  2 A3D5 ! F 2 G  ? :C5 E:;? 7 58D  F 46= 5  2<095   ?   F D5 "9= 5 ? D&? 792': 5 032 9:;2" D 2'= 
? :  G ? g~I DSg$EMrKNM PQSR$EioNo9R$K^\EQSMrK^DJq  4u-u-u+?
`A#?sAE #SBK^E <x1? fBR+T$oNEHq  `?
n <BR$T{I ?s MrDSQSKNR  S QSP 3q e4Bsehg$KNR$j ykEehg$BR$KNMry WPQy n$opDFK^yEiT$KB
z$oB4q3t~BehMODFQrE4BykM KNR{DFg$E9KNRlDFEiQSR$EHD  K^R  A358D ? :  G A?  
@BRILK^Ej-"P ld  n$R ?
u-u-u@?

'

'

'

'

'

'

'

'

'

'

'

'

"'

<> #d? LQrDSEjlB ? ZBsQSKNjR~BR$P"/? d9q-EQ XBR$Tx1?Y EHDSDFEiQSo^K  F@PW DkeBehg$KNR+j$ Eite4Bsehg$E*yBR@G
Bj-EiyEiR<D`DFEiehg$R$KNm<n$EiM WP-QK^yBsj-EM  ,K^R
G =    5 9D 94  :;? 2 G G 58D !?'5 2'= ( ? :  G A?  ? D
 F 46= 5  2<095   5 9D 94:;? 2 G G 58D
: QSK^R$eEHDFP-R 7   n$R$E u-ulb@?
lv -+? BR$j-BMSg~BsQ #rn 
? P-R <BR$T{d? LQODFEj-B  SILEiMSKNjR{BR$T{KNykz$oNEiyEiRlDhBsDSKNP-R#PW/BLMSPW D eBehg$K^R$j
z$QSP 3q  KNR  :0  A358D ? :  G A?  
x*BR$ehg$EiMrDFEiQ ~ R$joBR$T  n+R$E uu +?  KNo^oBoNMrP
Bz$zE4BQ`KNR B,Mrz/EieKNBoK^MSMrn$EPW ?  F =2': 2'= ? :  G 9DE0    ( G = 2* G  oNMSEH\3KNEQ  CP-QODFg@G
CP-o^oBR+T?
- `I ? ? CPlBsR$"j X?; ?KNR+EQ BR$T +?/?YLK^DrDFEiQ  SE @KNeiP-j-QSBz$g$K^et$K^D#Bo^oNP3e4BsDSKNP-R*WP-Q#x
\3KNT$Ei"P    ? F : D 94/?  5 G'F 94 ?   F D5 "9= 5 ? D 9DE0 32  2 E:;2 G 2'D=*9= 5 ? D l\-P-o:? +ILEie? 4u-ulb@?
< {?+x1?$@ehg<n$MrDSEQ ?+x*Eo^R$KNsP\ ~BsR$Td? ? BsDFMSBj-j-EioNP-M  OdQSEH\3KNEi]PW;DSg$ELykKNR$K^y n$y yB @KpG
y n$yeQrK^DFEiQSK^P-RWP-QP-z+DFK^yBsot+K^DXBsoNoNP3e4B%DFKNPRBykP-R$jT$EzER$T+ERlD9m3n$BRlDFKNiEQrM   :9D G  
= 5 ? D G ? D  F 46= 5  2<095 @\-P-o:? ~z$z?7v  b $xBQ u-u-u@?
l -+?  T$Eiz$MSlq @I ?lA9B4q@ehg$Bn$T$g<n$QrK @BR$T ? P-MSEiz$g  F3DFBsDFK^MrDFK^e4Bo^o^q#t~BMrETkt$n+V/EQ ePR<DSQSP-o~zP-o^KNeK^EM
WP-QaeP-R+MrDhBsR<DQFBsDSEDSQFBR$MryK^MSMrKNP-R|PWZeiP-ykz$QSEiMSMSEiT T$KNjK^DhBso\3KNT$Ei"P     :9D G  ? D ?    
\-P-o:?~v-u +z$z?7u<b @ul-b n$R$E u-u -?
<b f? G ? g$ERBR$Td? PR$"j  Od MrEopWGJj-P\-EiQSR$K^R$j|QFBsDSEt+n+V EiQeiP-RlDFQrP-oMrDFQSBsDFEijqWP-Q{z$MrEn$T+PsG
eP-R+MrDhBsR<D#t$KpDaQFBsDSE \3KNT$EiP*eiP@T$K^R$"j     :9D G  ? D 32 :;?  ;\P-o?> ;z$z? @u  -BR?
u-u-v@?
x LG >  2 G =# ? 032'4    $?       
     

       ?lEiMrD x*P3T$Eio
T$K^DSKNR$jkP-ykykK^DSDSE!E +dfz+Q? u-uv+?
lu {? EEiMSyBR @h?$@g$Bg @BR$TAa? o^EKNR3GO n$R$R$EHKNE  S[KpDrGQFBsDSE9eiP-RlDFQrP-oWPQZx EiR$eP3T$EiQSM  
 5 9D 94 :;? 2 G G 58D  *32 ?   F D5 "9= 5 ? D  uu-v+? @n+t$yKpDSDSET?
 # ?<g$KNBR$jaBR$T
? GO} ?  g~BR$"j  OdR$EiQFBsDSEXeP-RlDFQrP-o$Mrehg$EykEn$MSK^R$jam3n$BT$QFB%DFKNeXQSBsDFEXT+KNMrDSP-QrDSKNP-R
yP3T$Eio  -  :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  -\-P-o:?3b 3z$z?@>sl @>- 3@Eiz+D 4u-ulb@?
'

'

'

'

'

'

&'

"'

'



'

'

'

->

-+?$AKNt~BsMOGOPQST$EiQFBBR$T*/?$;EiK  SACB%DFELeiP-RlDFQSPoKNRIa \3KNT$EiPkeiP@T+KNR$jWPQZoNPZGJT+EoB4qeP-yky n@G


R$KNeBsDFK^P-R$M     :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  \P-o?u z$z ? b->  l 7Eit
u-u-u@?
-> -+?$g+P-KBR+TI ?+BQS  OdMrDFBt$o^EfWEEiT$t~BeheP-RlDFQrP-o PsWDFg$Eft$n+V/EQZMODhBsDSELn$MSK^R$jDSg$ELePR<DSQSP-o^oNEiT
;Bj-QFBsR$j-E#y n$o^DSKNz$o^KNEiQZyEHDFg$P3T     :9D G  ? D 32 :;?  \-P-o:?/v /z$z ?s- +-  3Ez+D?
u-u+?
v {?~x1?/@ehg<n$MrDSEQLBsR$T*d`? ? BsDSMFBjj-Eo^P-M  Od \3K^T$EPkeP-ykz$QrEMSMrKNP-RMSehg+EykE`K^DSg*Pz+DFK^yBo/t$K^D
BoNo^P@eBsDFK^P-R1ByPR$j MSEjyEiR<DFBsDFK^P-R  T$K^MSz$oNBeEiyEiR<D\EeHDFP-Q ~Eo^TBR$T T$KNMrz$oBseET WQSByET+K^V/EQOG
ER$eiE    :"9D G  ? D *32 :;?  +\P-o?~ ~z$z? 4 -b  -> +9P\ u-ulb3?
s #d? LQrDSEjlBBR+T ?A9Byehg$BR$T$QSBR  S~P-QrBQrT@G BT$Bz+DFKp\-E m<n~BRlDSKN4B%DFKNPRaKpDFgaP-z+DSKNyBoP\EQSg+E4BT
eP-MODWP-QKNyBj-E BR+T*\3KNT$EiPeiP@T+KNR$jK^DSgBsz$z$oNK^e4BsDSKNP-R+MDFPx \3K^T$EPkeP3T$EQrM  K^R :;?  ? 
   + 5 958=*94 5 032 ? ? E:;2 G G 5 ? D  4 3? :'58=8A  G
2 A3D ? 4 ?"95 2 G 
:+BR PMSE $d $~Et?
u-ul3?
- # ?  KNEj-BR$T ax|?CK^j-glDFMrDSP-R$!E aI ?9x*n$<g$EQ #rE!E ` ?CZBykz$tEoN%o LBR+T/? ?Cx*K^DSQFB  SACB%DFEHG
T$KNMODFP-QODFK^P-RP-z+DSKNykKNEiTyP3T$EXMrEoNEieiDSKNP-RWP-Q\EQrqko^P5t$KpDrGJQSBsDFEZ\3K^T$EPaeP3T$K^R$j#BR$T{DFg$EEykEQrj-KNR+j
`?c>-vkMrDhBsR$T~BQrT     :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  ~\P-o? z$z? l>  u- 
dfz$QrKNo u-u-+?
 {?~x1?/@ehg<n$MrDSEQLBsR$T*d`? ? BsDSMFBjj-Eo^P-M  Od \3K^T$EPkeP-ykz$QrEMSMrKNP-RMSehg+EykE`K^DSg*Pz+DFK^yBo/t$K^D
BoNo^P@eBsDFK^P-Rt/EHDJEiER1T$KNMrz$oBeiEykERlDL\EeiDSP-Q ~EioNT BR$T T$K^MSz$oNBeEiT,WQFBykET+K^V/EQSEiR$e!E      
? D !2'4   :;2" G 58D ?    +\P-o?  $z$z ? bv-u  b- +ILEe uulb@?
-b ` ? G +?<;K^RBR+Td? LQrDSEjlB  S[K^DrGQFBsDSEXeP-RlDSQSP-on$MSK^R$jz+KNEeiEiK^MSELBsz$z$QSP @KNyBsDSETkQFBsDSEHGJT+KNMrDSP-QrDSKNP-R
ehg~BQSBeiDSEQSK^MrDSKNeM     :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  \-P-o:? ;z$z?;-l <<u 
dfn$j+? u-u @?
 `? GOx1? fBsR$jBR$T +? /G +? g$EiR  F@P-n+QSeE`yP3T$EioWP-Q9DFQSBR$MrWPQSy \@K^T$EPeP3T$EQ BsR$T,K^DSMLBz+z$oNK^e4B%G
DFK^P-R     :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  +\-Po?7b +z$z?> lb @v @dfz$Qi? u-ulb3?
v
"'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

"'

'

'

' '

'

u  X? ILKNR+j BR$T[f?XKNn  SA9BsDSE,eP-RlDSQSP-o PWx \3KNT$EiP eP3T$KNR$j BsR$T QSEeiP-QST+KNR$j tlqQSBsDFEUG
m<n~BRlDFK^4BsDSKNP-RkyP3T$EioNKNR+j"    :9D G  ? D 58:  9DE0 ( G   ? : 5 032 ? 2 A  <\P-o?3 <z$z ? > 
> ~~Eit 4u-u-+?
-  `?+@P-R$j  +? K^y 3BR$Tf? GOf? +? n$P  SAE4Bo GDSKNykE9EiR$eP3T$K^R$jWQFBsyE9QFBsDSELePR<DSQSP-oWP-Q #?>s-v

\3KNT$EiPP\EQDFg$EK^RlDFEQrR$EiD    5 9D 94 : ? 2 G G 58D  32 ?   F D5 "9= 5 ? D f3Ez+D u-uu+?P
Bz$zE4BQi?
 `?@P-R$"j   9= 2 ? D= :;? 4  4 3? : 58=BA  G  ? :  ? 9: 5   4 2  58= 9= 2 5 032 ?%? g~I DSg$EMrKNM ;9R$KpG
\-EiQSMSKpDJqPW@P-n+DSg$EQrRZBo^K^WP-QrR$KB @P-MdCR$j-Eo^EM d xB4q u-uu+?
l> # ? G
? n$PBR$Tf? GOf? +? n$"P  Fx*PsDFKNPReiP-yzER+MFBsDSETWQSBykE9K^RlDFEQrz/PoBsDSKNP-R WP-Q o^PZGt$K^DOGJQSBsDFE
\3KNT$EiP`m<n~Bo^K^DJqEiR$g~BR+eEykERlD   K^R :;?  ?  5 G'F 94 ?   9DE0  5 9D 94  :;? 2 G G 58D#+   

+BsR PMSE d (-BR? u-u-u+?


-v {?~x1?@ehg<n$MrDSEQfBR$Td? ? BsDFMSBj-j-EioNP-M  rdfRP-z+DSKNyBo tP-n$R+T~BQrqER$eiP@T$K^R$j{MSehg$EiyE#KNRDFg+E
QFBsDSEHGT$KNMODFP-QODFKNPRMSEiR$MS!E    :9D G  ? D *32 :;?  +\P-o?~b ~z$z? v +> -BR? u-u +?
 #d?Y EHDFQr"P  #? @n$R BR$T
? BR$j  Fx* fGJ|QFBsDSEeP-RlDSQSP-oZWP-Qyn$o^DSKNz$o^E\3KNT$EiP1P't #rEeHDFM  
  :9D G  ? D 58:8  9DE0 ( G   ? : 5 032 ? 2 A  @\P-o?$u ~z$z?   u-u $~Et u-u-u@?
l x1?%A#?% KNehsEQrKNR$jfBR$T +?%?dCyP-o^T  rdz/EiQSeEiz+DFn$BoNopq E keK^ERlDYL[ZA QFBsDSEeiP-RlDFQrP-o3BoNj-PQSK^DSg$&y  
  :9D G  32:;?  $\-P-o:?~v $z$z ?->-b +svl> ~3Ez? u-us$?
- -+? G +?<g$EiRBR$TI ?  ?<KNR   Lz+DFK^yBo@t$K^D BsoNoNP3e4B%DFKNPRWP-Q eP3T$K^R$jaPW/\3K^T$EP#MSK^j-R~Bo^MP\-EQ d 9x
R$EiDJP-Qr3M      ? D !2'4   :;2" G 58D ?    +\-Po? ' $z$z? l>    +dCn$j$? uulb@?
lb -+?AE 3WP-QrTBR$T I ? PMSoNEHq  F@ykP@PsDFg$K^R$j\BsQSKBst$oNEUGJt$KpDrGJQSBsDFE\3K^T$EPK^RBRK^RlDFEQrR$EiDJP-Qr  
    :9D G  ? D 2'= ? :  58D+\P-o?b +z$z?>l> +>  @dfz$Qi? u-u-u@?
#d?< oNEHW DFg$EiQSKNBT$KNM BsR$TI ?ldCR~BMODhBMrMSKNPn  SP-R$MrDSQFBK^R$ETBR$Tj-ER+EQFBso~T+q3R~BykKNeQFBsDSEMSg~Bz+KNR$j#PW
eP-ykz$QrEMSMrKNP-RT$K^j-K^DFBo/\3KNT+E"P  K^R :;?  ?     +\P-o?~rS 
BMrg$KNR$jsDFP-R 7I ?cf? 7z$z?v-u- 
v-u-u  u-ul3?
s
'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

"'

' "'

'

'

-u/?7x*e4ZBR$R$E!/x1?+Y EiDrDFEiQSoNK%$BR+TY?-BePt$MSP-R  SPZGeP-ykz$o^E@K^DJqk\3KNT$EiPkeiP@T+KNR$j WP-QQSEeiEKp\-EQ G


T$QSKp\-EiRkoNB4q-EQrETky n$opDFKNeBMrD       ? D !2'4   :;2" G 58D ?    s\-P-o:?  lz$z ?lu -v  - dfn$j$?
u-ulb3?
'

'

'

'

You might also like