You are on page 1of 17




 
  !"#$
 %&' (
") *+,.-0/213,4356,879/2:;-2<=7>?/29A@
BDCEFCHG"I JLKNMICHKEFC?JOKNPRQSMTI C3KUKNV?WXKYWZC[\I][_^"QS`"VHKaWZCSbJR^ZcFbEdJ;^Ze6KNI CY$WZcdcFI b
WZCgfihjhlknm *]o Q?p?p\^"JRIrqsItp?Q?PRYjV?WZJRIuWZCvWZJLJRI Kwex^"PzyA{wb?^ZcFc|WXPRJ}^ZC~^ZC?IrbWXKRItWZC?b
KNV?I CcFWXKNI PzJRI cFc2EK€ex^"Pzy‚zbS^"cFcFWZPRJ *ƒ ItYWZcFc„KRV?ItPNWXKREF^
…† y‚yA{
KNV?Iˆ‡NknmŠ‰0‡Œ‹^ZCvKRV?I WZJRJLI K *sŽ V?Iˆ‡LfZmk’‘t‡jknmŠ‰“‡n‹T^"C”KNV?I WZJLJRInKDEdJ€`"EdGZIC~[3•
y‚a—˜yA{
– † yA{ †… — )"™
Ž V?IPLI ex^"PLIZš
y‚ †… yA{ WXC?b y‚ †œ› )} –"ž yA{ ™
o ^"MI KREFMIJwEdKŸEFJwp\^"JRJLEF[?cdI KR^JLIcFcUWZCSbWZJRJLI KŸKNVWXKqsIb?^ CS^ZKD^lqwC *wŽ V?EdJ
EFJ YWZcFcdIbhj¡i‡ŒmUhlkn¢6¢¤£6‹“¥ *.¦ K q}^"PL§3J}JR^ZMTInqwVWXK]WZJ ex^"cdcF^lqwJ *ao Q?p?p\^"JRIw•"^ZQqwEdJRV
KN^JRV?^ZPLK › ^"PJRV?^ZPLKŸJRIcdc ž WˆpWZPLKREFY Q?c|WZP€JOKN^“Yj§”¨'¨'¨ *s© ^ZQª[\I`"EdC[H•WZJR§3EdC?`
•"^"QSPJOKN^“Yj§˜[?PL^"§ZI PEeŸKRV?IEdP«PRM¬EFJV?^ZcFb?EdC?`'¨'¨'¨ EFC˜KRV?I”KN^ZKNWZczp\^0^Zcz^Ze
JLKR^0Yj§3JD^lqwC?I b'[H•~WZcFc2^XeKNVSIEFPwY Q?JLKR^"MTI PRJ *€¦ eaKNV?I [?PL^"§ZI PNWZ`"Iub?^“IJV?^"cFb › ^ZP
MWXCWZ`"I ž JL^"MI^ZewJOKN^“Yj§­¨ª¨'¨®š.•Z^"Q®Y$WXC®WZJR§­KNVSIM¯JRI cFcsWZCH•°C3Q?M[\IPu^Ze
JLKR^0Yj§­¨'¨'¨ Q?p˜KR^ªKNVSI”C“QSM[_I PKNV?WXKKNVSI •±V?^"cFb *Ž V?EFJJRWZcFIEFJY PRI b?EdKRIb
WZ`HWZEdC?JLK•"^"Q?PWZY Y^"QSC3KTWZJˆWb?I [SKI²3QWZc€KR^'KNV?IvC3Q?M[\IPˆ^ZeŸJLKR^0Yj§°¨ª¨'¨
KNV?In•³JRIcdcw^"C´•Z^"Q?P[\IV?WZcde *µŽ VWiKEdJš}•Z^"Q?PbSI[SKEFJˆC?^ZKb?IC?^ZMTEdCWXKNI b´EdC
b?^"cdc|WZPLJš3[?QSK}PNWXKRV?IPsEFCTKRV?IC3Q?M[\IPs^Ze;JLKR^0Yj§ˆ¨'¨'¨¶KNVWiK}•"^ZQvWZPRIŸJRV?^"POKNEdC?`
› E * I * •"^"QSPuWXYY^ZQ?CHKuEdJuhj¡i‡Œm [H•'KNV?I`ZEdG"I C±C3Q?M[_I Pr^Ze}JOKN^“Yj§ª¨'¨'¨ ž *ˆ· C
•"^"QSPwWZYY ^"Q?CHKWZJRJLI KJRVSII Kš?KNV?EdJ€JRV?^ZPLK€JRWZcFItWZpSp_IWZPRJwWZJwWCSI`HWXKREdGZIrC“QSM[_I P
WZJRJL^0Y E|WXKRIb˜qwEKNV®KNV?I”JLV?^"POKNIb´WZJLJRI K *®¸ IMIM[\IP šKRV?EFJCSI`HWXKREdGZI”C“QSM[_I P
EFJˆC?^ZKb?ICS^"MTEdCWXKRIb³EFC=bS^"cFcFWZPRJ š}[?QSKTPNWiKNV?I PEFC¹KNVSIªC3Q?M[\IPT^ZerJLKR^0Yj§3Jš
^"P WZJRJLI KRJšJLV?^"POKNIb *”º Q?IˆKN^vKNV?IJNWZcdIˆ^ZezJOKN^“Yj§'¨'¨'¨ •"^"Q±VW$G"IPLIY IEdGZIb
yA{b?^"cdc|WZPLJ *» G"ICHKRQWZcFc•"š•Z^"Q®MQ?JOKWZJL§gKRV?I[SPR^"§XIPNWX`"IKN^ª[?QS•gKNV?ITJNWZMI
C3Q?M[\IPr^Ze]JLKR^0Yj§~¨'¨'¨ [WXYj§WZJ•"^ZQg^ZPREF`ZEFCWZcdcd•vWXJR§ZI bgKRV?IM¼KN^vJRI cFcWZC?b
PRInKNQ?PLCgKRV?EFJrJOKN^“Yj§ªKN^vKNV?Iˆp\^0^Zc^ZezWZJRJLI KNJtKNV?WXKrKNV?In•­WZPLIVS^"cFb?EdC?` ex^"PKRV?IEdP
YQ?JOKN^"MIPLJ *]· CKRV?IDbWiKNIWiK}qwV?EdYjV•"^"Q”PLI KRQ?PRC JOKN^“Yj§¨ª¨'¨½•"^ZQ”WZJR§ˆ•"^ZQ?P
[?PR^Z§ZIPˆKN^±PRIŒ¾p?Q?PLYjVWZJLIªEdKTWXKEKNJˆYQ?PLPRI C3K`"^"EdC?`GZWXcFQ?Iv^Zey‚b?^"cdc|WZPLJˆWZC?b
PRInKNQ?PLCEdK]KN^ KNV?IŸ[?PR^Z§ZIPRWZ`"IX¿ÀJ€WXJRJRInKzp\^0^Zc *¦ e„y‚zÁ=yA{lš3KNVSIC•Z^"Q VW$G"IDMWZbSI
Wrp?PR^Z«SKs^ZCKRV?EFJaKRPNWZC?JRWZY KREF^"C„“^XKNV?I PLqwEFJLIZšH•"^ZQVW$G"IŸWrcF^"JLJ *aŽ VSIŸPLI KNQSPRCTWZC?b
PNWXKRIr^Ze.PRI KRQ?PRC~^"CvKNV?EdJzKNPRWZC?JNWXY KNEd^"C~WZPRIt`"EG"I C~[H•
…Æ —w—wy‚yA{ † y‚yA{ WZC?b – † › —y‚ ž —— yA{ › —yA{ ž † y‚yA—°{ yA{ Ä
PRI JRp\IY KREdGZIcd• *]o V?^"POK}JLIcdcFEFCS` YWZC[\IŸGZIPO•TPLEFJL§3•ZšSWXC?b MTWZCH•ˆ[?PR^"§XIPRWZ`"Iw«PRMJ
b?^ˆC?^ZKŸWZcdcF^lq8EdK *aÅ ^"C?InKNV?I cFI JRJšAEKwY$WZCv[\I pSPR^Z«?KNWZ[?cdI *
Æ
 I KtQ?JtC?^lqœY^"C?JLEFb?I PrY^"CSJLKNPLQ?Y KREFC?`W p\^"PLKLex^"cFEd^ Y^"CSJREFJOKNEdC?`”^Ze¹WZJRJLI KNJ *
ƒ VW$G"I¹WZCEFC?EKNE|WXc[?Q?b?`ZI K^ZeyA{b?^"cFcFWZPRJvKNV?WXKªqsI°qwEFJLVKN^ WZJRJLEF`"CKR^
±
I
KNV?I JRI±WZJRJLI KRJ * Ž V?I°WZM^"Q?CHK”KNVWiKqsI°WXJRJREd`"C KN^´WZJRJLI  K TEdJvyA{ †  FyA{
ex^"P  † ) Ä
0Ä ™$™$™ Ä .š.qwV?I PRI  sEFJuW~qsIEd`"VHKNEFCS`~eŠWZYnKN^"Ptex^"PuWZJRJLI K  *”ƒ IWZc¾
cF^lqœKRV?Iˆq}I EF`"VHKNJ KN^~KjWZ§XITC?I `HWXKREdG"IGXWZcFQ?I Jš.WZC?bgqwV?IC˜CSI`HWXKREdGZITEKuMI$WXC?J
KNVWiK]KRV?IŸWZJRJLI KzEdJ[_I EFC?` JRV?^ZPLKNI b EFC^"Q?Pp\^"PLKLex^"cFEd^ *UŽ ^ p?PRI JRI PLG"IKRV?I[?Q?b?`"InK
Y^"CSJLKNPRWZEFCHKqsIDPRI ²3Q?EFPLIKRVWXK]KNV?Iwq}I EF`"VHKRJsJLQ?MKN^ )  _   † )"*Ž VWXKsEFJš
KRV?ItJRQ?M ^Ze.KRV?ItEFCHG"I JLKRMTI C3KRJ †    dyA{ † yA{     † yA{ ™
_ _
Å ^ZKREFY IKNVWiK[H•®JRV?^ZPLKNEdC?`JR^ZMTI JOKN^“Yj§3JˆqsIv^"p\IC¹Q?p¹MT^ZPRITexQSC?b?Jex^"PKRV?I
p?Q?PLYjVWZJRIŸ^Ze2^ZKRV?IP]JLKR^0Yj§3J š?[_I Y$WZQSJRIŸqwVSICqsIDJLV?^"PLKzW JOKN^“Yj§qsIDPLIY IEdGZIŸKRV?I
b?^"cdc|WZP]GZWXcFQ?Ir^ZeUKNV?WXKJLKN^“Yj§ KN^“bW$•”WXC?b~qsI Y$WZCvKNQ?PLCªWXPR^"Q?CSbªWZCSb~PLIn¾ EFCHG"I JLK
KNV?^ZJRItb?^"cdc|WZPLJzIcdJRI qwVSIPRItqwEdKRV”KNV?Itp?Q?PLYjVWZJLIu^Ze.^ZKRV?IPWZJLJRI KRJ *
¦ e … .b?I C?^ZKNI JŸKRV?IPLI KNQSPRCª^ZC'WZJLJRI K RšKNVSICªKRV?I KR^ZKjWXc2PRIY IEdpSKNJexPR^"M ^ZQ?P
p_^ZPLKRex^ZcFEF^uEFJ
y‚ †   …   dyA{ † yA{   …    Ä
_ _
WZC?bvJR^ˆKNVSItKR^ZKjWXc‚PRInKNQ?PLC~exPL^"M KRV?Itp_^"POKRex^"cdEF^EdJ
…†   …    ™
_
¦ C”WZb?bSEdKNEd^"C‚šHqsIVW$G"IKRVWXK}KRV?IPRWXKNIŸ^Ze;PRInKNQ?PLCexPR^"M WZJLJRInKaEFJ –  
† … “ — ) š
 † ) ™$™$™  * IC?Y ItKRV?ItPNWXKRIt^ZePLI KRQ?PRC~^"CvKNV?Itp\^"PLKLex^"cFEd^EFJ
Ä
“Ä Ä
† ›   …    ž — ›     ž †   › … \ — ) ž   †   –    ™
– †… — ) œ  _  _  _  _


* ;9 t>U@i5"!„@,1$#=>U-&%;,('” 5|/&;)9A,# -/9. >U<(*,+€>U-25|>U<-!„9°+,.-0/213,4356,
¦ CtKNV?I 0ªWZPL§Z^lqwEd,K 1MTIWZC0¾ GXWZPLE|WZCSYIap\^"PLKLex^"cFEd^}KNVSI^"PO•"ši^"C?I M^0b?I cFJ‚KRV?I PNWXKRI
Z^ eAPRInKNQ?PLC?J ^"CˆWZJLJRInKNJWZJaPRWZC?b?^ZM GXWZPLE|WZ[?cdIJ *.Ž V?I€`Z^HWZc“EFJ.KRV?ICKR^YjV?^“^"JRIzKRV?I
p_^ZPLKRex^ZcFEF^uq}I EF`"VHKNEdC?`eŠWZY KR^"PRJ 2\mŠ£"3fZ¢6¢4 *]¦ C~KRV?I Y^"CHKNI5“KD^Ze.KNV?I 0ªWZPL§Z^lqwEdK,1
KNV?I ^"PL•”WZCv^"pSKNEdMWXc„JRInK^ZeqsIEd`"VHKNJwEFJ€^"CSI EdC”qwV?EFYjVvKNV?Itp\^"PLKLex^"cFEd^WZYjV?EdI GZIJ
WZC~WZYY IpSKNWZ[?cdIr[WZJRI cFEdC?Ir6I 50p\IY KRIbPNWXKRIr^ZePLI KRQ?PRC”qwEdKRVvMTEdC?EFMTWZ8c 7Zi¢fZm £6¢¤£69m 4 *
 I PRIKRV?IGXWZPREFWZC?Y I^ZeKNVSIPNWXKRI^ZePLI KNQSPRC^Ze]WZCEdC?JLKRPRQ?MICHKrEdJŸKNWZ§ZI C±WXJrW
JRQ?PLPR^"`"WXKNIex^"P€EKNJzGZ^"c|WXKREFcdEdK• *
 I K – U[\I KRV?ItPNWZC?bS^"M GXWZPREFWZ[?cdIrWZJRJL^0Y E|WXKRIbvqwEdKRV~KRV?ItPNWXKRI ^XePLI KNQSPRCex^ZP
WZJRJLI KRš?ex^ZP † ) Ä
0Ä ™™$™ Ä šWZCSbb?In«C?ItKNV?ItPRWZC?b?^"M G"I Y KN^ZP
 –   
 
–
 † *** ™
 


–
o I K  †  › –  ž štM † › .  ™$™$™ ž  š WZC?bY^lG › Hž †  *¼¦ e  †
›9  Ä   Ä ™$™$™ Ä   ž EFJ W~JLI K ^ZesÄ q}I Ä EF`"VHKNÄ JuWZ JLJR^“YE|WiKNIb­qwEdKRV°Wvp\^"PLKLex^"cFEd^?š„KNVSIC
KNV?IªPNWXKRI'^Ze PRInKNQ?PLCµ^ZetKNV?EdJp\^"PLKLex^"cFEd^ – †  _ –   rEdJ WZcdJR^¹W°PRWZC?b?^"M
GXWZPREFWZ[?cFI qwEdKRVMTIWZCM   WZC?bGXWZPREFWZC?Y I     *u¦ e wEFJDKRV?IˆWZY YIp0KjWZ[?cdI
[WZJLIcFEdC?I€6I 50p\IYnKNIbTPNWXKRIw^Ze„PLI KRQ?PRC‚š3KNVSICEFCKNV?I 0ªWXPR§Z^lqwEK 1wKNV?I ^"PL•ˆWXCT^"p0KNE¾
MWXc„p\^"PLKLex^"cFEd^EFJwWXC3• p_^"POKRex^"cdEF^uJR^"cG0EdC?`KNVSIex^"cFcd^ qwEdC?`²3QWZbSPNWXKREFYrp?PL^"`"PNWXM
 MTEdC?EFME 1 I     
JRQ?[ LIY KŸKN^ M    Ä WZC?b~I  8† ) Ä
qwV?IPLIDIDWZcdq}W$•0Jsb?ICS^ZKNI JsKNVSIŸG"I Y KR^"Pz^Ze„^"C?IJ šSE * I * š“I$WZYjV^Ze‚KNVSIDY^ZMTp\^"C?I C3KRJ
^Ze.IuEdJzKNV?I C3Q?M[\IP )"*]Ž V?I  Ž Y ^"C?b?EKNEd^"C?Jzex^"PzKRV?EFJw²3QWZb?PRWXKNEdYtp?PR^"`ZPNWZM
WZPRI 
›)ž †   
 — Mœ! — \I
"µM  
›
ž Ä I  8† ) Ä  "#
&› % ž   ›M   $ —  ž †
ex^"PˆJR^"M I  ('*) … *8o EFC?Y I~KRV?IªY ^ GXWZPLE|WZCSYI~MWXKRPRE 5¹EFJJL•“MMTInKNPREdY~WZC?b
p_^ZJREdKREdGZIb?I «Ä CSEdKNIXšUqsI§“CS^ qœKNVWXK Ee ›  Ä  Ä ž EFJ WZCH•'KRPREdp?cFIJRWXKNEdJLe6•“EFC?`”KRV?I
 Ž Y^"C?bSEdKNEd^"C?JKRV?IC  EdJ CSIYI JRJRWZPREdcd•±W~JL^"cFQ0KNEF^ZCgKR^  * ¦ CSb?II b‚šaEdK EdJ
I$WZJLEFc•vJRV?^lqwCKNVWiKEde  EFJŸexIWZJREd[?cFIXš\KRV?IC­WTJR^"cdQSKNEd^"CKR^  MQ?JOKtWZcqzW$•“J
6I 50EFJOKWZC?b~JR^T+ W , Ž KNPREdp?cFIDY$WZCWZcdq}W$•“J[\Irex^"Q?C?b”ex^"P  *
-/.1032406579817:06;=<?>:@A>CB kn m DE'F) H… GJI  Ä K 'L) M… GJION Ä 'F) Q… PRI  Ä S '
) … PTION 'W) … N&I  'W) …  I  fZ‹6Z[\'W) … N&ION^] £6mx¡ fZ‹6Z,[ h64 3 3knm ‡Œ£`_ba
Ä U Ä
fZ6‹ Z¹¢Fknm – 'c) … G Ä fZ6‹ Zedf'f) … P M™ g ‰“‡Œmx¡kn‡fihjhn‰ 3k'mx¡SfZmˆm6¡kª6h 4 3 3knm ‡Œ`£ _
V Y X X
3fZm ‡Œ£ih j

X
† k X U[  m
l

£Fh 2lhn£6mŠ"£ 7Zkrhl6k 39£ noZ“qk p‹£6m’ k rsx‘rm6¡k‘$i¢6U ¢F ] £6‹“u ¥ t‰Svf ZZ‡RfZmŠ`£ _2\‡NR¥Z‡Lf 3 £Fh‘$kRfihn:£ w¢Fbk a
mx¡kn‹³£6mD¡SfiCh p‹£6mk~  2\m "£ 3fZ¢ 7ifZ¢¤‰AkvfZ6‹ Z±fªhli¢¤‰“m £ i‹ fZm m fZ£6‹£6‹“¥­m6¡“£Fhª  2\mŠ"£ 3fZ¢
7ifZ¢¤‰Akxk h"£Fhnmx h y
3£6‹"£ 3{£ zik  
|~}  X } 
O  U }   
[
hn‰ w&‚$bk _nmsmƒ  D }  K " – v€
}  † d
} ™
S,
"
j
j‡ l’‘ r  I K'[_I}WZCH• JR²3QWZPLIzPR^“^ZKU^Ze?KRV?I}MTWXKNPLE 5 X š"WZCSbJRInKay † › }  ÄR _ž  *

o I K † ) … G ) … P  ) …  *rŽ V?ICKRV?IY^ZC?JLKRPNWZEdC3KDPRI `"EF^"Cex^"PŸKRV?I
 8YWZC
[_IqwPLEdKLKNICWZJ † yW'W) …   ) …HN  yW'3š?qwV?IPLI
 D
K 
 †
S
™
)
 •WXJRJRQSMTpSKREF^"C †   * 0ªWX§“EdC?`”KNV?IYjV?WZC?`"Iˆ^ZeGXWZPREFWZ[?cdI  † y±EFC'KRV?I

 ³•“EFI cFb?J€KNVSI

MTEdC?EFME 1 I " !  ! 
JRQ?[ LI Y KŸKN^ u'#$ †% y y '& & ™
o EFCSYIKRV?IJRIn'K ¶EFJrWY cF^"JLIbC?^ZC?IMpSK•'p\^"c•0VSIb?PRWZc.Y ^"CHG"I5­JRInK$š2JR^”EdJŸKRV?I
JRIn(K $ *  IC?Y IKNV?IuJR^"cdQSKNEd^"* C ”) KR^TKNVSEFJ
 µEFJ`"EG"ICª[3•~KNVSIp\^"EFCHKŸYcF^ZJRIJOK
KN^'KRV?I”^"PREd`"EFC±EFC˜KRV?I”Ycd^"JRI b®JRI + K $ ¬qwV?EFYjV¹MQ?JOKˆ6I 50EFJOKˆJREdC?YIKRV?EFJJLI KˆEdJ
Ycd^"JRI bvWZC?bvC?^"C?I MTp0K• * Ž V?I PRI ex^ZPRIZš?KRV?IrJR^ZcFQSKREF^"C JLI K€KR^KNV?Ir^"PLEF`"EdCWZ,c
 ´EdJ
C?^"C?I MTp0K•vWZC?b~EFJ€`"EG"I C~[H•  y  ) † ay Ä W y '& & * -
BDJLJRQ?MIKRVWXK  EFJC?^"C?JLEFC?`ZQ?c|WZPWZCSb=KNVWi. K  ) EFJTW±JL^"cFQ0KNEF^ZC³KR^  ›  )
6I 50EFJOKNJw[H/ • PR^"p\^"JLEdKNEd^"C
*) ž *aƒ ItY^"CSJREFbSIP€Kq}^Y$WXJRIJ *
0 ]Á=M    ) ¦ C KRV?EFJsY$WZJLIZšSKRV?IY ^"MTpScFIMICHKNWZPREK•ˆY^"C?bSEdKNEd^"C :› % ž EdMˆ¾

p?cdEFIJ  † *  IC?Y IKRV?I , Ž Y^"C?bSEdKNEd^"C?JaPLIb?QSYIwKN^tKNV?I€Kqs^uI ²“Q?Wi¾
KNEd^"C?J   †  ) ! — \I WZC?bI   Ã) † )"* 0Q?cKNEFpScd•“EFC?`KRV?It«PRJOKKRV?PR^ZQ?`"V
[H•  1 •“EFI cFb? J  ) †  1 I * 0Q?cKNEFpScd•“EFC?` KRV?EFJtI ²“Q?WXKNEd^"CgKRV?PR ^ZQ?`" V
[H•˜I”WXC?b®Q?JREdC?`'KNVSIeŠWZY KKNVWXKI  ¼ ) † ) `"EdGZIJ †¬› I   1 I ž 1 *
Ž V?I PRI ex^ZPRIZš
) † ›I  1 I ž1  1 I ™
8
¦ KsEFJEFMp_^ZPLKjWXC3K KR^uCS^ZKNIwKNVWiKsKRV?EFJGXWZcFQ?Iw^Ze  `"EdGZIJsKRV?IJRMTWZcFcdIJLK
p\^"JRJLEF[?cdIGZWXPRE|WXC?YIr^lG"I PDWXcFc„p\^"POKRex^"cdEF^"JsJREFCSYItEdKwJL^"cdGZIJ€KNV?Itp?PL^"[?cdIM
32547698;:=<=> MEFC?EdMTE 1I

    
JRQS[ LIYnKŸKR^ I  8† )ˆ™
? ^"C?JLI²3Q?I C3KRcd•Zš\KRV?ItPRI KRQ?PRCWZJLJR^“YE|WiKNIb”qwEKNV”KNV?ItcdI$WZJOKGXWZPLE|WZCSYIrJR^i¾
cFQ0KNEF^ZC”EFJ 
 1 I
2547698;:=<=> †A@
I  1 I ™


ƒ Izb?ICS^ZKNI}KRV?IzJLI K^ZeqsIEd`"VHKNJ WZJLJR^“YEFWXKNI bqwEdKNVuKNV?IzMEFCSEFMQ?MÃGZWXPRE¾


WZC?Y ItJR^"cdQSKNEd^"B C  ) [H•  2547698;:C<=> WZJ€qsIcFc *
D EdCWZcFc•^"[SJRIPOG"IzKRVWXKaEdJ.KRV?IzMEFC?EdMQ?MGXWZPLE|WZC?Y I]qsIEd`"VHKNJ  25476E8;:C<=>
WZPLI~exIWZJREd[?cFI”ex^"P  šsKRVWXKTEFJ š}EdeŸM   2547698;:C<=>  VNš}KNVSIC  25476E8;:C<=>
MQ?JOK[\I KNV?I JL^"cFQ0KNEF^ZC°KN^  JREdC?YIEdKKRV?I”JR^ZcFQSKREF^"CgKN^'KNVSI”p?PR^"[“¾
cFI M 32547698;:C<=> *vŽ V?I PRInex^"PRIXšaqwV?IC®JL^"cdG“EFCS`  ^"CSIT«PLJLKY ^"Mp?QSKNI J
 2547698;:=<=> WZC?b8YjV?I Yj§“JKN^³JRIIgEdeuKNV?I­EdC?I²3QWZcdEdK•µM   2547698F:C<=>  
V?^"cdb?J *ª¦ eŸEKbS^0I JV?^"cdb‚šKNVSIC  2547698;:=<=> JR^"cG"IJ  WXC?b®C?^ªexQ?POKNV?I P
qs^"PR§gEFJuPRI²3Q?EdPRI b *ª¦ ewEKb?^“IJuC?^ZKV?^"cFb±KNV?I C°•"^"Q®§3C?^lq KNV?WXKKRV?I
Y^ZC?JLKRPNWZEdC3KM  8† ]WXK€KRV?ItJR^"cdQSKNEd^"C KN^  *
0  † M   ) 0QScdKNEdp?cd•“EdC?` › ) ž KNV?PL^"Q?`"Vv[H•  1 `ZEdG"I J

› ž 8 ) †   1 M   1 I ™
 JLEFC?`KRV?EFJ€ex^"PLMQ?c|W ex^"P  ) WZC?b › ž šSqsIu`"InK€KNV?IrKqs^I ²“Q?WXKNEd^"C?J

V †


M   1 M  _M   1 I

) † M   1  I  \I   1  I Ä
^"P€I ²“QSEdGXWZcFI CHKNcd•ZšSKNVSI

MTWXKNPLE 5I²3QWXKREF^"C
› ž M   1   M M   1   I   †  V ™
 k
M   1 I I   1 I m  ) 
PR^"p\IPOKNEdIJ^Xep_^ZJREdKREdGZIsb?In«C?EKNI}MTWXKRPREFY IJ;Y$WXC[_IsQ?JRI bKN^ŸJRV?^lq¹KNVWiK
KNVSI MTWXKRPRE 5
M M M I
 † k M   11  I I   11  I m
† M I   1  M I
 
EFJ~WZcqzW$•“Jvp_^ZJREdKREdGZIJRIME¾ b?I «?C?EdKRI Ž V?IPLI°WZPLIgW³C3Q?M[\IPv^ZeuqzW$•“J
KN^JRI IKNV?Ed J *”Ž V?ITJREdMTp?cdIJOKuEdJ KR^ªI 5SpScF^"EK KRV?ITeŠWXY KN^ZPRIb±ex^"PRM  †
M I    1 M I *  QSKŸWˆJLEFMp?cFIŸKNIJOKEFJ€KN^ˆYjV?I Yj§vKRVWXK

Á †œ› M   1  M ž › I   1  I ž — › M   1  I ž  ™


Ž V?EdJqwEdcFc2WZ cqzW$•“J[_ItKNV?I Y$WXJRItqwV?IC?InG"I PDKNV?ItG"I Y KR^"PRJŸM WZC?bªI WZPLI


cFEdC?I$WXPRcd•TEFCSb?Ip\IC?bSICHK *
¦ e † š]KNV?I C=EdKMQSJLKT[_IvKNV?I~Y$WXJRIKRVWXK @  †  ex^"PˆJR^"MI
 ' ) … * ¦ CµKNV?EdJ”Y$WZJLIZšE e   †  ) šKRV?IC KNV?IpSPR^"[?cdIM  EdJ
C?I YIJLJNWZPLEFc•EdCSexI$WZJLEF[?cdI *U¦ 3e  † ) šZKNV?I C  2547698;:=<=> JR^"cG"IJ  qwVSEFYjV
qs^"Q?cFb~VW$ G"I [\IICb?I KRIYnKNIb[H•”«PRJOKŸY ^"Mp?QSKNEdC?`  2547698;:=<=> WZC?bvKNVSIC
YjV?I Yj§“EdC?`EKNJzexIWZJREd[?EFcdEdK•ˆex^"P  *
¦ e  š?KRV?ItJL•“JLKRIM ›  ž YWZCv[_ItJL^"cdGZIbvKN^`"EdGZI
 † I  WZC?b † —M  AÄ

qwV?I PRI
† 1   1  ›  I€—®M ž ™
cFQ?`Z`"EFC?`KRV?IJLI GXWZcdQ?IJ€EdCHKN^ ›  ž `ZEdG"I J€KNV?It^"pSKREFMTWZc„JL^"cFQ0KNEF^ZC
I 
 1 M  1 I

 † I  1 I    k —
I  1 @ I  1 I m
  1
 1 I
  1 M

—
† › )  ž I  1  I  I  1 
   2 Ä @
 
† › ) —  ž  2547698F:C<=> 
qwV?I PRI M
 1
 2 † I
  1 @
WZC?b
 ›@  
 ž ›   1  ž — ›   1  ž
1
 † @ ™

· [?JRI PLGZIªKNVWiKTKRV?I^ZpSKNEdMWZc}JRI K^ZeqsIEd`"VHKNJEFJTW±cFEdC?I$WXPY^"M[SEFCWi¾


KNEd^"C~^Ze.KRV?ItKq}^TJRI KRJD^Ze.q}I EF`"VHKRJ  2547698F:C<=> WZCSb  2 šA[\^ZKNV~^ZeqwVSEFYjV
JNWiKNEFJOe6•KNV?IˆY ^"C?JLKRPNWZEdCHKI   † )"*ˆƒ IVW$G"ITc|WZ[\IcdIbq}I EF`"VHKRJ  2
WZJKNV?I 3fZ‡Hknm;q}I EF`"VHKRJJREdC?YI KNV?In•ªEdC?Y^"PLp_^ZPNWXKRIWZcdc;^Ze KNV?IuMWXPR§ZInK
EFC0ex^"PRMTWXKNEd^"C ^"C”KRV?I WZJRJLI KNJQ?C?bSIPwY^"CSJREFbSIPNWiKNEF^ZC *
 I KwQ?JC?^lq PLIY$WXp~KRV?ItJR^"cdQSKNEd^"C”p?PR^“YI Ib?QSPRItex^"P  *
 
 -     
? ?V IYj§ D IWZJREd[?EFcdEdK•
D EFPLJLKYjV?IYj§exIWZJREd[?EFcdEdK• * D ^ZPKNV?EdJ.qsI€C?II bˆ^"C?cd• YjV?I Yj§KN^rJLII€EeAM EdJpWZPRWZcFcdIc
KN^”I *¦ esEdKrEdJš„KRV?IC­M †
 ex^"PrJR^"MI  'L) … *¦ CKNVSEFJrY$WXJRIKNVSIpSPR^" [?cdIM
EFJŸEFCSexIWZJREd[?cFIuEde    *t¦ e]M †  WZC?b H"  š„KNV?I C­Y^"Mp?QSKRI  1 WZC?b
I GXWZcdQWXKNIKRV?IMTEdC?EFMQSM GXWZPLE|WZCSYIq}I EF`"VHKRJ  2547698F:C<=> *Ž V?IJLITqsIEF`ZV3KRJuJL^"cdGZI
 *
? V?IYj§ 0~EFC?EdMQ? M ]WXPRE|WXC?YI o ^ZcFQSKREF^"C
e¦  EdJaexI$WZJLEF[?cdIZš"KNVSICˆY^"Mp?QSKRI  1  WXC?bKRV?I€MEFC?EdMQ?M GXWZPREFWZC?YI€JL^"cFQ0KNEF^ZC
I
 2547698;:=<=> † I  1  I ™
  1
¦ eM   2547698F:C<=>  VNš?KNV?I C  25476E8;:C<=> JR^"cG"IJ€KRV?Itp?PR^"[ScFIM  *
? ^"Mp?QSKNI Ž qs^ U^"PLKLex^"cFEd^ o ^"cdQSKNEd^"C
¦ e„KRV?Iwp?PR^"[ScFIMœEFJ exI$WZJLEF[?cdIwWZC?b  2547698;:=<=> EFJC?^XK]KRV?IwJR^"cdQSKNEd^"C‚š"KRV?ICY^"Mp?QSKRI
KNV?ItMTWZPR§XI K€qsIEd`"VHKNJ M
 2 † I  1  M Ä
  1
WZC?b”ex^"PLM KNV?IrGZIY KR^"P

†  2 —  2547698;:=<=> ™

Ž V?ItJR^"cdQSKNEd^"C KN^  EFJzKNVSIC~^Ze.KRV?Irex^"PRM
8 †  2547698F:C<=>    ›  2 —  25476E8;:C<=> ž  †  25476E8;:C<=> 
 ™
Ž ^ˆb?InKNI PRMEFC?I  Q?JLItKRV?ItEFb?I CHKNEdK• M  8†  KN^ˆ`"I K
;—®M   25476E8;:C<=>
 † ™
  M
¦ K.EFJ;PRI MWZPL§iWZ[?cFIaKRVWXKUI GZIPO•uJL^"cFQ0KNEF^ZCtKR^KRV?I 0ªWZPR§X^lqwEdK 1]p?PL^"[?cFI M  YWZC
[_IPRI p?PRI JRI C3KRIb³WZJuWcdEFC?IWZPrY^"M[?EFCWiKNEF^ZC±^Ze}^"C?c•Kq}^'p\^"POKRex^"cdEF^"J *Ž V?I JRI
[_I EFC?`ŸKNV?I}KRV?IzMEFC?EdMQ?M GXWZPLE|WZC?Y I}p\^"PLKLex^"cFEd^qwEKNVqsIEd`"VHKNJ  2547698F:C<=> WZC?b^ZQ?P
3fZ‡ Hknm p_^"POKRex^"cdEF^”qwEdKRVgqsIEd`"VHKNJ  2 *~¦ CgKNV?ITC?6I 5“KJRIYnKNEd^"C±qsITqwEdcFc JRVS^ q
KNVWiKKRV?EFJwEdJŸWˆ`"I C?IPRWZc;p?PREdC?YEdpWZc‚PLI`HWZPLb?cFI JRJ^ZeqwVSI KNVSIP  EFJwEFCHG"I PLKREF[?cdI ^ZP
C?^ZK *
% *  ;91S105"!‚569A<2/w-„,.<2/2569A-³>U< /&;9  'T,&*w:;<  ;9\,.-29


¦ C=pSPNWZYnKNEFY IZšz^ZC?I~qs^"Q?cdb=cdEF§ZI”KR^°VW$G"IªW±[\I KLKNIPQ?C?bSIPRJOKjWZCSb?EFC?`±^ZeKRV?I
PRInKNQ?PLC0¾PLEFJR§uKNPNWXb?In¾ ^ ”JREdC?YIwqsIq}WZCHKsKR^u[\^ZKRVTMTW 50EFME 1 I}PRInKNQ?PLCTqwV?EdcFI€MEFC0¾
EFME 1 EFC?`'PLEFJL§ * BŸC WZcKNI PRCWXKREdGZI~JOKNPRWXKNI `Z•¹EFJˆKN^­KNPO•®KN^°[?WZc|WZCSYIvKNV?I JRIKqs^
^"[ LI Y KNEG"I JzEFCTWJREdC?`"cdI^Z[ LIYnKNEdGZIŸexQ?CSY KNEd^"C *· C?IqzW$•KN^ub?^KNVSEFJ]EFJKN^JL^"cdGZI
KNV?I
 
 MEFCSEFME 1I — M  
    
 JLQ?[ LI Y KKN^ I  8† )ˆ™
· [?JRI PLG"I€KRVWXKaex^"4P   KNVSI}KNI PRM M— M   KNPREdIJaKR^p?Q?JLVTM   Q?pHq}WZPRbSJKR^
Y^"QSC3KRIP[?WZc|WZCSYIKRV?Ib?^lqwCHqzWXPRb­p?Q?cdc^Ze KRV?IKNI PRM      *Ž V?IQ?pHq}WZPRb
p?Q?JLV^"CvM   EFCSYPRIWZJRI JWZHJ EFJzEdC?YPLI$WZJLIb *Ž V?/I  Ž Y ^"C?b?EKNEF^ZC?J}ex^"PzKRV?I

  WXPRI 
›  ž †   
 — @ ! — \I
›  ž I  8† )™
Å ^ZKRIKNVWXK KNVSIJRITY^"CSb?EdKREF^"C?JtWXPRI²“QSEdKNIˆJLEFMEFc|WXPDKN^vKNV?IY^ZC?b?EdKREF^"CSJ › ) ž ¾ &› % ž
6I 50YI pSKKNVWXK€qsItC?^ˆcF^"CS`"IP€PLI²3Q?EFPLIKNVWiKwM  8†  *  ^lqsI G"I Pš\Ed/ e  ) JL^"cdGZIJ
 WZCSb8qsI±JLI K  † M   ) šŸKNV?I CÃKNVSIgJL^"cFQ0KNEF^ZC8JLI KRJª^Ze  WZCSb 
Y^"EdC?YEdb? I 
PR^“YI Ib?EdC?`³WZJvEFC KNVSIgYWZJRI­^Ze  Q?C?b?I P”KNV?IgWZJLJRQ?MpSKNEd^"C KNV?WXK  EdJ
EFCHG"I PLKREF[?cdIZšSqsIr«C?bvKNVWXKwKRV?ItJR^"cdQSKNEd^"C KN^ ›  ž ¾ ›  ž EdJ€`"EdGZIC~[3•

† ) — I M  1   I 1 I

WZC?b
 1 I
  1 M
 
 1 I
 † I  I    kM  1 I — I  1 I m
 1
 1 I
   1 M 
† ›) —  ž I  1 I    M  1 I
 
† › ) —  ž  25476E8;:C<=>     2 Ä
qwV?IPLI  2547698;:C<=> WZC?b  2 WXPRI WZJwb?I «?C?IbEFC KNVSI pSPRI G“Ed^"Q?JwJRI Y KNEd^"CWZC?b
 †

 ›M   1 I ž ™
Ž V?EFJ€`ZEdG"I JWˆGXWZcdQ?Iex^"P^ ^Ze
 † M  † 2547698;:=<=>  

I  1 I Ä
qwV?IPLI
 † ›I   1 I ž ›M   1 M ž — ›M   1 I ž ™
œ
D ^"P  † šzq} I'`ZI K$šwWXJI650p\I YnKNIb„šH 25476E 8;:C<=> šzqwV?EdcFIWZJ   qsI'JLII
KN VWiKQ  Ee Á † › I   1 I ž › M   1 M  ž — › M   1 I ž  *uŽ VWiKtEFJš„Ede
Á “š;KNVSITJL^"cFQSKREF^"C­KN^  KRPNWZY IJu^"QSKuWZcFc p\^"JLJREF[ScFIˆJR^"cdQSKNEd^"C?JKR^  ex^ZP
WZcFc;p\^"JRJLEF[?cdIuGXWZcdQ?IJ^Xe wWZQJ ­MT^lGZIJexPR^ZM KN^   *Ž V3Q?Jš2EdC'^"PLb?IPDKR^
Y^"Mp?cdI KNI cd•±Q?C?b?I PRJOKjWZC?b´KNV?IvPREdJR§"¾PLI KRQ?PRC¹KNPRWZb?In¾ ^ .š]qsICSIIb´^"C?c•®`"PNWXp?V
KNV?ItY Q?PLGZI
›  9›     ž Ä – ž † › › GXWZP › – žRž Ä  › – žLž Ä
qwV?IPLI
 – †   – Ä
WZJ TGXWZPREdIJexPR^"M KN^   *Ž V?EdJsEdJ G"IPO•PRIMEFCSEFJRY ICHK]^Ze2WtMI$WZC0¾ JLKNWZC?bWZPLb
b?I G“EFWXKNEd^"CvYQ?POG" I  ¦ CSb?II b‚š_qsI qwEdcFc2JLIIuKRVWXKEdKEdJI 5SWZY KRcd•”KNVSEFJwY^"CSYIp0K  ¦ C
KNV?IDY^"CHKNI 5“Kw^Ze 0ªWZPR§X^lqwEdK 1DMTIWZC0¾ GXWZPLE|WZCSYIDp\^"POKRex^"cdEF^tKNV?I ^"PL•ZšSKNV?EdJ}EdJzY$WZcdcFI b
KNV?I k
_n£ knV‹ _64 _n‰“‡ 7Zks^"Pu k
_n£ kn‹m?‘Œ‡Ni‹m £ kn‡ * BDCH•p_^"POKRex^"cdEF^WZJRJL^0Y E|WXKRIb qwEdKRV
Wp_^"EdCHKw^"C”KNV?It I Y EFICHKwexPR^ZC3KREFI P€EFJ€Y$WXcFcFI b~WZC?bv I YEdICHKŸp_^"POKRex^"cdEF^ *
¦ C=^ZPRb?I PKR^°MTWZ§ZIvKNV?EdJˆY^"C?CSIY KREF^"C´YcdI$WZP š}cFInKQ?JY ^"C?JREdb?IPˆKNVSIMI$WZC“¾
JLKNWZC?bWZPLbvb?I G“E|WiKNEF^ZC”b?E|WZ`ZPNWZM ex^"PzKNVSIrICHKNEdPRItp_^ZPLKRex^ZcFEF^ *.Ž VWiKwEFJš0q}I `"PNWXp?V
WZcFcpWZEFPLJ ›   Ä  ž ex^"PtIWZYjV˜WZJLJRIn K  † ) Ä
0Ä ™™$™ Ä ¹qwVSIPRI    † GXWZP › –  ž WZC?b
 = † › –  ž *aƒ IKNV?I C~bSI «C?IKRV?Iz‘$kRfihn:£ w¢FksPRI `"EF^"CTKN^[\IKNV?IrJLI Kw^ZeUp\^"JRJLEF[?cdI
pWZEdPRJ€^ZeUKNV?Irex^"PLM
› GXWZP 9›   "ž Ä 9›   HžRž
ex^"PvWZcdcDp\^"JRJLEF[?cdI'GZWXcFQ?I J”^Ze  'E) …  JNWXKREFJOe6•0EdC?`®I   † )Z*Ž V?I±QSp?p_I P
[_^ZQ?C?bWZPO•”^ZeUKNV?EdJwPRI`ZEF^"CvEFJ€pSPRIY EFJLIcd•KNV?It I Y EFICHKexPR^"CHKREFIP  ƒ VWXKEFJwp\IP’¾
VWZp?JwM^"PRItPLIMTWZPR§iWZ[?cdIrEFJzKRVWXKwKNV?I ^"QSKRIPw[\^"Q?C?bWXPL•”EdJEKNJLIcdeWˆV3•“p\IPL[_^"cFW
`"EdGZIC~WZJ€KNVSI MI$WXC0¾JOKjWZC?b?WZPRbvb?InG0EFWXKNEd^"Cvb?E|WX`"PNWZM ^ZeUKq}^p\^"PLKLex^"cFEd^"J *

 06.   >:@A> ¡k   ]  n g ‰“6‹ Z  ¡kji‡j6k 3  ¡k± k
_n£ kn‹ms‘Œ‡ji‹mŠ£ kn‡‘$i‡
 fiH h ®m ‡Lf 7Zkn¢ h‘Œ‡N 3 m   £Fh mx¡k ‰ 2/2kn‡¡SfZ¢ ‘’‘tmx¡k 3kRfZA‹ n hnm fZ6‹ ZHfZx‡ Z
Z“6k 7l£ŠfZm £ i‹ ZZ£Šfl¥Z‡Rf 38‘$i‡tm ] ” k
_n£ kn‹( m 2i‡Œm ‘$i¢¤£ l h r
 ‡jl’‘ r  I  K  ! WZC?$ • 25476E8;:C<=> Á  ! Ä   qw! EKN!
b "  JNWXKREFJOe6e V " ! f
Á   *
? ^"C?JLEFb?I P.KNVS^ I  Ž Y ^"C?b?EKNEd^"C?J › ) ž ¾ #&› % ž *o EFC?Y I}C?I EdKRV?IP  WZC?b "  I²3QWZcdJ
2547698;:=<=> š\KRV?IY ^"C?JLKRPNWZEdCHKM  (   EFJWXY KNEG"I ex^"PŸ[\^ZKRV  † ) WXC?b  †

*
Ž ?V IPLI ex^"PLIZš?KRV?I,, Ž Y^"C?bS EdKNEd^"C?J€[\IY ^"MTI
› ž
 †=  —Mœ—!\I Ä
V † M  
›  ž

Ä WZC?b
›) ž ) † I  ™
Ž V?EFJ€EdJ LQ?JLKWcdEFC?IWZPzJL•“JOKNIM ^XeI ²“Q?WXKNEd^"C?Jzex^"PzqwV?EdYjV~WˆJL^" cFQ0KNEF^ZC”EFJwWZcqzW$•“J
`"QWZPRWZCHKNI IbˆKN^t6I 50EFJOKex#^"PWZcFc0GZWXcFQ?I J ^ZeV V F 2547698;:C<=> *.¦ e ›  Ä   Ä  ž WZPLIwJRQ?YjV
JR^"cdQSKNEd^"C?J}ex^Z^P  †  Ä  † ) Ä
šSKNVSIC
9›   Ä   Ä  ž † › ) —  ž ›   Ä „ Ä  ž    ›L9›   Ä   Ä Œž
JR^"cG"I J › ž ¾ › ) ž ex^"P?  † › ) —   ž  !     ex^ZP;WZcFcZGXWZcdQ?IJ;^Ze  'W) … *.º I «?C?I
KNV?Ip\^"PLKLex^"cFEd^"J –  ! †    š –   †     šWXC?b –  †½› ) —  ž’–  !   –  
ex^"PuWZcFc  '#) … *~Ž V?IC‚š [H•gY^ZC?JLKRPRQ?YnKNEF^ZC‚š WZJ  KRPNW$G"I cFJuexPL^"M  25476E8;:C<=> 1  

1
KN^   KNVSIDpWZEdP › GXWZP › –  ž Ä  › –  žLž KRPNWZY IJ}^ZQSK][_^ZKRVTKRV?IŸI YEFI CH K}ex PR^Z C3 KR
EFI P
WZC?bªKRV?IMI$WZC0¾ JLKNWZC?bWZPLb'b?InG0EFWXKNEd^"C'Y Q?PLGZIex^"PŸKRV?I I Y EFICHKtp\^"PLKLex^"cFEd^"J –  !
WZC?b –   * -
Ž V3Q?JšWZYY ^"PRbSEFC?`”KN ^ 0ªWXPR§Z^lqwEK 1MTIWZC0¾ GXWZPLE|WZCSYIKRV?I^"PO•"šU^"C?c•ªKqs^MQ“¾
KNQWXcexQ?C?b?JWZPRI­PLI²3Q?EFPLIb8KN^®ex^"P~WZCH• EFCHG"I JLKR^"P~KR^=WXYjV?EFInG"I­KNV?I EFPvb?IJLEFPLIb
[WZcFWZC?YIr[\I KqsII C'PRInKNQ?PLCªWXC?bvPREFJL§ *
*  ;
  9 101S9 !„/³,1­>µ756@ %8* -29A 9 @i@ 9/
¦ C­KNV?Iˆp?PLI G“EF^"QSJ JLIYnKNEF^ZC‚š‚q}ITWZJLJRQ?MIb­KNVWiK WZcFcWZJRJLI KNJ EFCKRV?Ip_^ZPLKRex^ZcFEF^
q}I PRIˆ‡Œ£Fh  4rWZC?b”KRVWXK€KNVSIrY^lGXWZPREFWZC?YIrMTWXKRPRE 5T^ZeUKNVSIEFP}PRI KRQ?PRCSJwq}WZJwC?^"CSJREFC“¾
`"Q?cFWZP *  ^lq}InG"IP š‚EFC~p?PRWZY KREFYIXš\KRV?IPLIWZPLIWXJRJRInKNJqwV?^"JRIPREFJL§”cFInG"IcUEFJwJL^ cF^lq
KNVWiKuqsI M^0b?I c]KRV?IM WZJT‡Œ£Fh ‘Œ‡Nkjk *~Ž PLI$WZJLQ?PL•±[?EFcdcFJ WZPLI WZC˜I 5SWZMTpScFI^ZeW
PREdJR§TexPLII WZJLJRI K *
ƒ ITC?^lqPLIp\I$WXK KNVSI 0ªWXPR§Z^lqwEK 1MTIWZC0¾ GXWZPLE|WZCSYIWZCWZc•“JREFJqwEKNVgKNV?IEFC0¾
YcdQ?JREd^"Cˆ^Ze2WZCWZJRJLI K ~VW$G“EFCS`WtPREdJR§exPRI IŸPLI KRQ?PRC – *o EdC?YIwKNV?IŸWZJLJRI KsEFJPLEFJR§
exPRI ItqsIuWZcFJL^§3C?^lq KRVWXKwEKNJzGXWZPREFWZC?Y I EdJ 1I PR^TWZC?b~EdKNJ€Y ^lGZWXPRE|WXC?YIrqwEdKRVªWXC3•
^Zj KNVSIP€WZJLJRInKŸEdJ 1I PR^WZJ}qsIcdc * ¦ e;qsItqwPLEdKRI^"Q?PzPRWZC?b?^ZM G"I Y KR^"Pw^ZeUPRI KRQ?PRCSJwWZJ
y † › –  Ä y „ž  qwV?IPLIDy †œ› –  Ä –  Ä ™$™™ Ä –  ž  WZC?b j – _EFJ]KNV?IŸPNWXKRIŸ^Xe2PRInKNQ?PLC ^"C
PREdJR§H•vWZJLJRI K Lš?KNV?I C~KRV?ItY^lGXWZPREFj WZC?YItMT WXKNPL E 5Tex^"P y'EdJ

=† k
 m Ä
qwV?IPLI  EFJ€KNV?I Y^lGXWZPLE|WZC?Y IuMTWXKRPRE 5ex^"P€y *zŽ V?I PRI ex^ZPRIZšAKNVSI 0ªWXPR§Z^lqwEK 1
(
Y$WZCv[\IrqwPREdKLKNI CªWZJ
  MTEdC?EFME 1 I
  
 
JRQ?[ LI Y KŸKN^ –   {  M     Ä WZC?b  {  I  8† )™
Æ
 I PRI  {EdJuKRV?ITqsIEd`"VHKKN^'[\I WXJRJREd`"C?I b˜KN^KRV?I PLEFJR§exPLII”WZJLJRInK$š4 EdJuKRV?I
[WZJLIcFEdC?IPRWXKNI^ZePRI KRQ?PRC¹WXJ[_Inex^"PRIXš]WZC?b˜KNVSIG"I Y KN^ZPRJˆM WXC?b®I”WZPLIKN^[\I
EFCHKNI PRp?PLI KRIbvWZJ€p?PLI G“EF^ZQ?JRc• *]o EdC?YIDqsIrY$WXCvWZcdq}W$•0JwWXYjV?EFInG"ItW PNWiKNI^ZeUPLI KNQSPRC
^"C­^"Q?PtEFCHGZIJLKRMTI CHKNJ^Xe – š;qsIWZJLJRQ?MIKNVWi/K V  – * BDcFJL^~qsIY^"CHKNEdC3Q?I
KN^gWZJLJRQ?MI”KNVWXK  EFJC?^ZC?JREdC?`"Q?cFWZP *®Å ^ZKNI KRVWXKEde  {  š]KRV?IC¹q}I~WZPLI
EFCHG"I JLKREFC?`WXKrKNVSIPLEFJL§ªexPRI IPRWXKNIXšUqwVSEFcFIEe  {Á q}ITWZPRI[\^"PLPR^lqwEFC?`~WXKtKRV?I
PREdJR§TexPLIItPNWiKNI *
Ž V?/I  Ž Y^ZC?b?EdKREF^"CS Jzex^"P   WZPLI
› )") ž  † – 
›)
ž  †   — M e — \I
›)% ž †  › –   {  M   $ —  ž
›) ž ) †  {  I 
›) ž   " – {  M 

›) ž "  ™

BD`HWXEFCqsIwY^"C?JLEFb?I Pa KNV?IzKqs^tY$WZJLIJ qwV?I PRI€KNV?I€Y ^"C?JOKNPNWXEFCH4K  " –   {  M  


EFJ IEKNV? I PuEdCWZY KREdGZIT^"PuWZYnKNEdGZI *v¦ ewEdK EdJuEdCWZY KREd GZI › E * I * š uÁ –   {  M   ž š
KNV?I C”[H• › ) % ž  † JREdC?YIDEdKzEdJ}C?^ZC0¾C?I `HWXKREdG"I *  QSKsKNV?I C › )") ž EFMp?cFEdIJKNVWiK
† š qwV?EdYjV¹EFC˜KNQSPRC¹EFMp?cFEdIJtKNVWiK  † [3• › )
ž *±¦ C®KRV?EFJYWZJRIXš]KRV?I
JR^"cdQSKNEd^"C­EFJ `"EdGZIC±[3•  { † ) š;KNVWXKuEFJ šUKRV?Ig  2\mŠ"£ 3fZ¢„p\^"POKRex^"cdEF^”Y^ZC?JREdJLKNJu^Ze
KNV?ItPLEFJR§exPRI IuWXJRJRInKWXcF^"C?I *
Å I 5“K$šaEe}KNVSITY ^"C?JLKRPNWZEdCHK /" –  {  M   EdJ WZY KREdG"IWXKtKNV?ITJR^"cdQSKNEd^"C‚š
KNV?I C³qsIvY$WZC³p?PL^0Y IIb´ WZJ[\I ex^"PLI”KN^­b?IPLEdGZIvKRV?Iv^"pSKREFMTWZcsJL^"cFQ0KNEF^ZC * D EdPRJOK
MQ?cKNEFpScd• › )
ž [3•  1  WZC?b~WZpSp?cd• › )") ž KR^T`ZI K
›) ž 8†   1  › Mœ— –  I ž ™
 JLEFC?` › )  ž WZC?bvI²3QWXcFEdK• EFC › )  ž šSqsI `"I KwKNVSItKqs^I²3QWXKREF^"C?J

) —  { † I  8† I   1  › Mœ— –  I ž WZC?b


VU— –   { † M  8† M   1  › M — –  I ž ™
Ž V?EFJ€YWZC~[_ItPRInqwPREKRKNI CªWXJzKNV?I

JL•“JLKRIM ^Ze.I²3QWXKREF^"C?J
) I   1   › M — –  I ž   { †  ) ™
–  M   1 › M — –  I ž m  
k
 – 


o ^"cG0EdC?`KNVSEFJ€JL•“JOKNIM [H • tWZQ?JLJRE|WXC~I cFEdMTEdCWXKNEd^"C`"EdGZIJ


 { †  ) — › VU— –iž  2 1    

 1  2  1  
2


 
 1   2    1  2   

  Ä
 1  
 

 ÆLÆ
Ede\M †  –  I › Ede_M † – IXšHKNV?I  { † ) WXC?b 8† ž * cdQ?`"`"EdC?`KNVSEFJEFCHKN^ › )  ž š
q}It`"InK
 { 
) ) ®
— I 
 1 › Mœ— –  I ž

)


 † 
 k


 1 ›
 œ
M — I — 

 

– ž   m

† › ) —  ž  )    ) —® I 1   › M1 › — M — I –  I ž  Ä

›) ž
– ž
qwV?IPLI
† › M — I › ; — 1 –   › Mœ ž
— –Iž ™
– ž 


Ž VWXK EFJ š2KNV?IqsIEF`ZV3KRJ ex^ZPKNV?I^"pSKREFMTWZcp\^"PLKLex^"cFEd^ EFJtWvcFEdC?I$WXPY^"M[?EFCWiKNEF^ZC


^ZeUKNV?IrKqs^TJLI KNJ^ZeUq}I EF`"VHKRJ

) ) ˜
— I 
 1 › M — – I ž
  † WZC?b  †  –Iž  ™
 

  1 › Mœ— 
Ž V?EFJ€^Z[?JRI PLGXWXKNEd^"C”•“EFIcdb?J€KNV?Irex^"cdcF^lqwEFCS`PRI JRQ?cK *

 06.   >&@A> ¡ k z‹„k g ‰06‹ Z  ¡kji‡N6k 3
sx‘Dmx¡krhlkn¢Fbk _nmŠ£ i‹g’‘ fihjhlknm6h ‘$i‡r£6‹ 7Zkjhn9m 3kn‹m£6V ‹ _n¢¤‰ Z“kjhtf‡n£Fh z‘Œ‡jkjk fihjhlknqm am6¡kn‹
mx¡kn‡Nk­xk h"£Fhnm6hf±hn£6‹“¥Z¢Fkt‘Œ‰“6‹ Z S ’‘~‡n£Fh  4˜fihjhlknmxhvhnA‰ _j¡´mx¡SfZmT6k 7Zkn‡ 4¹ k
_n£ kn‹m
2i‡Œm ‘$i¢¤£  _RfZ= ‹ wnk _ji‹ShnmŠ‡Œ3‰ _nmTk Z=fihf¹¢¤£6‹„kRfZ‡ _j 3 w£6‹\fZm £ i‹ ’‘mx¡k'‡Œ£Fh ‘Œ‡Nkjk
fihjhlknmsfZ6‹ ZTmx¡k‘Œ‰“6‹ Z S r
 *  U 9 r> A5|/0>U4 @ @ 9A/¹+D-2"5 !‚56
< # , .9A 4  + #
B Y ^"C?JRI ²3Q?IC?Y I^XeKRV?I ^"CSIexQ?C?b®KNVSI^"PLIM EFJKRVWXKEewW'PREdJR§­exPRII WZJRJLI K
EFJ^"C?Iu^Ze KNV?IWZJRJLI KRJKNVWXKŸq}IY$WZC'JLIcdIY KDexPR^"M~šKNV?I C'KNV?Iu I YEdICHKexPR^ZC3KREFI P
EFC¹KNV?I 0ªWZPL§Z^lG“EdK 1MTIWZC0¾ GZWXPRE|WXC?YI”M^0bSIcwEFJTW±JOKNPNWXEF`"VHKcFEdC?I *  JREdC?`±KRV?I
PRI p?PRI JRICHKNWXKNEd^"Cµex^"PKNVSI^"pSKNEdMWXcwqsIEd`"VHKNJ”`"EG"I C8EdC › )  ž š€q}I­YWZCµ`"EdGZI­W
ex^"PRMQ?c|Wuex^ZPzKNV?EdJcdEFC?I *  I `"EFCv[H•”b?In«C?EFCS`
–   ) —˜I   1 › M — 
 –Iž
– =† –  

 
 1 › Mœ— – I ž 

KN^[\I”KNV?I 3fZ‡ Hknmzp\^"PLKLex^"cFEd^?šaWXC?b¹cFI K – †  { –  –   [_IvWXC3•˜ I YEdICHK


p_^ZPLKRex^ZcFEF^DJR^tKNVWXKKRV?I€q}I EF`"VHKNJ 9›  { Ä  „ž  JNWiKNEFJOe6• › )  ž ex^"PJR^"MI€GXWZcFQ?I€^Xe s*
Ž V?IC šSKNVSI I 50p_I Y KNI bªPLI KNQSPRC”ex^"P}KRV?Itp_^"POKRex^"cdEF^ – š?JRWXKNEdJL«I JzKNV?ItI ²“Q?WXKNEd^"C
†   — –
– 
 Ä
qwV?IPLI †  › –"ž Ä   † GZWXP › –Zž Ä
† › – ž † –   › Mœ— –  I ž   1  › Mœ— –  I ž Ä WZCSb
  † GXWZP › – ž †œ› Mœ— –  I ž   1  › Mœ— –  I ž ™
Ž V?EFJ€cdEFC?Ir`ZEdG"I J€KNV?It I Y EFICHKwexPR^ZC3KREFI P *
Æ
 I K;Q?J;C?^lq±Y^"CSJREFbSIP‚KNVSI Y$WZJLIqwVSIPRI KRV?I YjV?^"EdYI ^Ze0WZJLJRI KRJ;EFCr^"Q?-P 0WZPR§X^ qwEK 1
MT^“b?I c‚Y^"CSJREFJOKNJ^ZeKRV?ItICHKNEdPRI MWXPR§ZInK^ZeaWXcFc„KRPNWZb?IŒ¾’WZ[ScFItJRI YQ?PLEdKNEdIJ *s¦ C~KNV?EdJ
Y$WZJLIZš?KRV?IrcFEdC?ID`"EG"I CWX[_^lG"IrKR^b?IJLYPREd[_IKRV?It I YEdICHK€exPR^ZC3KREFI PzEFJzYWZcFcdIb KRV?I
_R6f 2\£6m fZ¢ 3fZ‡ Hknm€¢¤£6‹„k *uŽ V?IˆJLcF^"p\I^Ze]KNV?IcdEFC?I  1  EFJYWZcFcdIbªKRV?I 2\‡Œ`£ _jk’‘
‡Œ£Fh  *ƒ IC?^lq Y^ZC?JREdb?IPtKNV?IEFMp?cdEFY$WiKNEF^ZC?J^ZesKNV?EdJucdEFC?Iex^"PtKNVSITp?PLEFY EFC?`~^Ze
WZJRJLI KRJ *
 I
K D[\I WZCH•±WZJRJLI KˆWXC?b˜Y^ZC?JREdb?IPWp\^"PLKLex^"cFEd^~Y ^"C?JLEFJLKREFC?`^Ze DWZC?b°KRV?I
MWXPR§ZInK]p_^"POKRex^"cdEF^ – WZcd^"C?I *aŽ V?IMTIWZC0¾JOKjWZCSbWZPRbb?InG0EFWXKNEd^"CˆYQ?POG"Iex^"P KNV?EdJ
Y^"M[?EFCWiKNEF^ZC®MQ?JLKTcFEdI”ICHKNEdPRI cd•®[\Icd^ q KNV?I~Y$WZpSEdKjWXc€MWZPL§ZInKTcdEFC?I~WZCSb³•ZI K
KN^"QSYjV?IJzKRV?EFJzcdEFC?IDWXKzKRV?Irp_^ZPLKRex^ZcFEF^ – * ? ^ZC?JRI ²“QSICHKNc•"šKNV?IrYWZp?EKjWZc\MWXPR§ZInK
cFEdC?IMQ?JOKu[\IˆKjWZC?`ZICHKtKN^vKNV?IMTIWZC0¾ JLKjWXC?bWZPLb±b?InG“E|WXKREF^"C­YQSPLG"Iex^" P WZC?b
– WXK – * Ž VSEFJw^"[?JLIPLGXWXKREF^"Cv`"EG"I JwKRV?Irex^"cFcd^lqwEFC?`EdMTp\^"POKjWZCHK€PLIJRQScdK *

 06.   >:@A>  ¡ ¥ g  Z“kn¢       ¡k”xk h n
k 6f 2\£6m fZ¢ hjhlknm  ‡n`£ _n£6‹“
2bk _nm’Tk Z‡jknmŠ‰“‡n‹°i‹gfZ‹ 4fihjhlkn8m oa :a hfZm £Fqh pzkjh
›) ž  †  –    ›
°— – iž Ä
] ¡kn‡Nk
  †   


fZ6‹ Z  
£FhDm6¡/k _j 7ifZ‡Œ£ŠfZV‹ _jk ’‘Dm6¡k‡NknmŠ‰0‡Œ‹­i‹fihjhlkn(m ŸfZ6‹ Zmx¡k 3fZ‡ Hknm 2i‡Œ&m n
‘$i¢¤£  –
Hr
 ‡jl’‘ r Ž V?I~ex^"PRMQ?c|W › )  ž ex^"cFcd^ qwJexPL^"M KNV?IvKjWXC?`"ICSY •´WZPR`ZQ?IMICHKT`"EdGZIC
[_Inex^"PRIŸKNV?ItJLKNWXKNI MTI CHKw^Ze;KNV?IKRV?I^"PLIM *  I K – ;[\IKNV?IrPLI KRQ?PRC~^"C KNVSItWZJRJLI K
Q?C?b?I PwY^"C?JLEFb?I PNWXKREF^"C„šWZC?bvY^ZC?JREdb?IP€KNVSI pSPR^ZKLex^"cFEd^
–  †  –   › ) —  žO– ™
Ž V?It6I 50p\IY KRIb'PLI KRQ?PRC~^"C”KNV?EdJ€p_^ZPLKRex^ZcFEF^EFJ


†    ›) —  ž Ä
WZC?b”KNVSItGXWZPLE|WZCSYIrEFJ
  †     
 › ) —  ž    › ) —  ž    ™
º E _IPLICHKNEFWXKNEdC?`KNVSIJRItI ²“Q?WXKNEd^"C?J€qwEdKRV~PLIJLp_I Y KKN^  `"EdGZIJ
–  † › \—
 – – ž
WZC?b
  † )     › ) —     ›  — )   ™
  |
ž ž ž €
Ž V?IPLI ex^"PLIZš
– † –  †   › – \— – ž
          › ) —
 ž   ž  ›  — ) ž   ™

Æ
o EdC?YIKRV?IMI$WZC0¾ JLKNWZC?bWZPLb”b?I G“ EFWXKNEd^"C YQSPLG"Irex^"P – ;WZC?b – EFJ}KNWZC?`"I C3K€KR^
KNV?ItYWZp?EdKNWZc„MTWZPL§ZI KcdEFC?IrWiK  † š?qsI `ZI KwKNV?Irex^"PLMQ?cFW
— – † –  † t› – A— – ž ™
    ?{   —  
o ^"cG0EdC?`ex^"P^ `"EG"I J
† –  › — – ž ›   —  ž


† –  › — –  ž   
† –    › — – ž ™
-

Ž V?IGZWXcFQ?I  s EFC Ž ?V I^"PLIM  *) EdJ PLI exI PRPRI b°KN^WZJtKNV?I wnknm fT^Ze}KRV?ITWZJRJLI K
 *Ž VSIˆGXWZcdQ?I › ‚ — –  ž FE JrY$WXcFcFI b'KNV?I'kxh _jkjhjh‡RfZmk ’‘‡NknmŠ‰0‡Œ‹^ZesKRV?IˆWZJLJRI K *
Ž V?I'[\I KNW˜^ZeuWZCµWZJLJRI K”KRIcdcFJTKRV?IªKRV?I'I605 Y IJRJ~PNWiKNI'^ZetPLI KRQ?PRCµ^ZeuWZC WZJRJLI K
WZJ Wp?PLIJLICHKjWZ`ZI^ZesKNV?IMWXPR§ZInK I605 YI JRJPRWXKNIˆ^Ze}PRI KRQ?PRC * BDC°WZJRJLI K qwEdKNV°W
[_InKjWTGXWZcdQ?I cFIJLJDKNV?WZC ) JLV?^"Q?cdb'[_IWY^"CSJRIPOGXWXKNEG"IEdC3GZIJOKNMICHKrEFCKNVWXKDEdKRJ
GXWZPREFWZC?YIJLV?^"Q?cdb±[\IˆcFI JRJrKNVWXCgKRVWXK ^Ze]KNV?IˆMTWZPR§XI K *· CgKRV?Iˆ^ZKNVSIPtVWZC?b„š
Ede]WZC­WXJRJRInK$¿ Jt[_InKjW 6I 50Y IIbSJ ) š_KNV?I C­KRV?IˆWZJLJRI KtJLV?^"Q?cdb[_IPLEFJL§“EdIPDKRVWZC'KRV?I
MWXPR§ZInK]EFCˆKNV?IwJRI C?JRIKNVWiKsEKNJ GXWZPREFWZC?Y IJLV?^"Q?cdbTI 50YIbSb KNVWXK]^Ze\KNVSIŸMTWZPR§XI K *
Ž V?I ? 'B 0¼YWZC[\IwQ?JRI bKN^ p?PREdYIWZCTWZJRJLI K * ¦ C^"PLb?IP KN^ JRI IDV?^lq KRV?EFJEdJ
b?^"C?IDY^"C?JLEFb?I PwWZCvWZJLJRI K€KRVWXK€EdJzp?Q?PLYjVWZJLIbvex^"P}KNVSIrp?PREdYI  WZC?bvc|WiKNIPsJR^"cdb
WXKKNV?Iup?PREdYI X *Ÿƒ IM^“b?Ic2KNVSIJNWZcdIupSPREFY I X WZJWTPNWZC?bS^"M GZWXPRE|WX[?cFIrqwEdKRV
MTIWZu C  * Ž V?IrPNWXKRI^Ze;PLI KNQSPRCvWZC?b”I 50p_I Y KNI bPRWXKNIŸ^ZeUPRInKNQ?PLC ex^"PsKRV?EFJ}WZJRJLI K
WZPRI
—  WZC?b † ”
 —  ™
– † X  
cFQ?`"`ZEFC?`KRV?EFJwEdC3KR^KNV?Irex^"PLMQ?cFW › )  ž `ZEdG"I J€KNV?ItPRI c|WXKREF^"C
v —  † †   › —
 –
 –iž Ä
^"P€I²3Q?EGXWZcFI C3KRcd•Zš

›
ž  † )}    › — – ž Ä
–
Æ
wq V?IPLI  EdJzKNV?It[\I KNW^ZeUKNVSIuWXJRJRInK *]Å ^XKNIrKNVWiK  JRWXKNEdJL«I J
 †  
† Y ^lGXG WZP › – › Ä – ž
 – ž
† Y ^lG ›   Ä – ž
1


Y l
^ G ›  — )
† Ė ž

† Y ^lG › XÄ – ž ™
 
Ž V?IPLI ex^"PLIZš 

 †
)} –  Y^lG    › — – ž Ä
^"P€I²3Q?EGXWZcFI C3KRcd•Zš 


) †  › )] ™
–iž  Y^lG › XÄ – ž › — –iž   
¸ I JR^"cG“EFC?`ex^"P  `"EdGZIJ
›
) ž  † )s )  k ”— Y^lG › XˆÄ –  ž  › — – Xž m ™
–
ƒ I Y$WZcdc]KRV?Iex^"PLMQ?cFW › ž KRV?I    2\‡Œ£`_n£6‹“¥‘$i‡3‰0¢f *'¦ K`"EdGZIJKRV?I
p?PREdYIT^ZewWZC¹WZJLJRInKˆWZJW~exQ?
C?Y KREF^"C°^Ze€EdKRJ[\I KNW'WZC?b˜I50p_I Y KNI b´PLI KRQ?PRC *Ž V?I
ex^"PRMQ?c|W ›
) ž EdJY$WZcdcFI b˜KNV?I!_jkn‡Œm fZ£6‹m94˜kTt‰0£"7ifZ¢Fkn‹m 2\‡Œ£`_n£6‹“¥‘$i‡63‰“¢f *˜Ž V?EdJ
ex^"PRMQ?c|WDbS^0I J C?^ZKPRI ²3Q?EFPLI§3C?^lqwcdIb?`"Iw^Ze\KNVSIwWZJRJLI K$¿ J][_InKjWr[?QSKb?^“IJPLI²3Q?EFPLI
§3C?^lqwcFIbS`"It^Ze.KRV?ItPNWXKREF^
Y^lG › XˆÄ – ž ™

Å ^ZKRIKNVWXKrKRV?IYIPOKjWZEdCHK•I²3Q?EGZWXcFICHK p?PLEFYEdC?` ex^"PLMQ?c|W bSIM^"C?JLKRPNWXKRIJtKNVWiK
KNV?Itp?QSPRYjVWZJLIupSPREFY I œEFJwWˆcFEdC?I$WXP}exQ?C?YnKNEF^ZC~^Xe.KRV?ItJNWZcdIrp?PREdYI X *
Ž V?ItKNI PRM
k v—
Y ^lG › XÄ – ž › — – iž
 m
WZp?p\I$WZPLEFC?`EdC KNV?ItY IPLKNWZEFCHK•I²3Q?EdGXWZcdICHKwp?PLEFYEdC?`ex^"PLMQ?c|WuEFJ€Y$WXcFcFI b KNV?u
I _jkn‡ n
m fZ£6‹9m 4®Tk t‰0"£ 7ifZ¢Fkn‹mw^ZeŸKNV?I~PNWZCSb?^"M GXWZPREFWZ[?cdI X *µ¦ KTEFJWg« 5SI bµWZC´YIPOKjWZEdC
WZM^"Q? CHKrKNVWiKtY$WZCg[_IY ^"M[?EdC?Ib­qwEdKRVKNV?IˆPREdJR§~exPRIIˆb?EdJRY ^"Q?CHKteŠWZY KR^"P › )
–  ž 1 KN^ˆ^"[0KjWZEdC KNV?Itp?PLEFYIt^ZeUKNVSIuWXJRJRInK  *

Æ



› ) ž o ?Q pSp_^"JLI KRV?IPLI WZPRI gWZJRJLI KRJqwV?EdYjV'WZPLIrQ?C?Y ^"PRPLIc|WiKNIb › KRV?I •vMEF`ZV3K


[\I 'b?E „I PRICHK ’qwEFcFbTY$WXK^"EFcqsIcdc„p?PL^"JRp\IYnKNJ ž *a© ^"Q”MW$•EFCHGZIJLKwEdC
WZCH•~^"C?IXš„^"PEFCWZCH•ªY ^"M[?EdCWXKREF^"Cv^ZeaKRV?IM *wŽ V?IMI$WXCªPNWiKNI^Xe PRIŒ¾
KNQSPRC  EdJ.KRV?I}JRWZMTI]ex^"PIWZYjVˆWZJLJRI Kš"[?QSK.KNV?IsGZWXPRE|WXC?YI JaWZPLI}b?E „I PRICHK *
Ž V?I PRInKNQ?PLC^"C~WZJLJRInK VWZJ€GXWZPLE|WZC?Y I    ex^"P  † ) Ä
“Ä ™$™$™ Ä  *
› W ž º I JRYPLEF[\IKNV?ItI TY EFI C3KŸJRInKwex^"PzKNV?EdJ€JREKNQWXKREF^"C *
› [ ž ƒ PREKNI Wˆex^ZPRMQ?cFWex^"P€KNV?I MEFC?EdMQ?M¾ GXWZPREFWZC?Y IŸp\^"EFCHK *}» 50p?PRI JRJ
•Z^"Q?PwPRI JRQ?cKŸEdC KNI PRMJ^Xe
  †  _   )   ™
j 

›
ž BDCvInG"ICHKRJŸp?cFWZC?C?I PzVWZJ ) MEFcdcFEF^ZCbS^"cFcFWZPRJ]KN^EFCHGZIJLKEdCvWZC”^"QSKRb?^0^ZP
Y^ZC?YI PLK *œ¦ KvEFJ I 5Sp\IYnKNI bÃKNV?WXK KNVSIY^"C?Y IPOK~qwEdcFcw•“EFIcdb  % MTEdcFcFEd^"C
b?^"cdc|WZPLJ}^"C KRV?I  ) MEFcdcFEF^ZCEdCHG"IJOKNMICHK$šQSC?cFI JRJ€EdK}PNWZEdC?J * ¦ eUEK€PNWZEdC?Jš
KNVSII CHKNEFPL I  ) MEFcFcdEF^"C~EFCHGZIJLKRMTI CHKuEdJcF^ZJLK *uŽ V?IPLIˆEFJtW  p\IPRY ICHK
YjVWZCSYIDKRVWXKsEdK qwEFcdcPNWZEdCT^"CKNV?IbW$•^Ze‚ KRV?IŸY ^"C?Y IPLK *  ^lq}InG"I PšSKRV?I
p?cFWZC?C?I PsYWZC[?Q0•ˆPNWZEdCTEdC?JRQ?PRWZC?Y Iex^"P  YI C3KRJ}^"CKNV?Ib?^"cdc|WZP *.Ž V?WXK
EFJ š„ex^"PŸI$WZYjV  Y ICHKNJt^ZePRWZEFCªEFC?JLQ?PNWZCSYIZš‚KRV?Ip?cFWZC?C?I PDqwEFcdc;PRIY IEG"I
 ) Ede_EdK]PNWZEdC?J *Ž V?IDp?cFWZC?C?I PY$WZC pSQ?PRYjVWXJRIWXJsMQSYjV PNWZEdCTEdC?JRQSPNWZC?Y I
WZJwb?I JREFPLIb~Q?pvKN^WeŠWZYIrGXWZcFQSIr^Ze % MEFcFcdEF^"Cb?^"cdc|WZPLJ *
› W ž ƒ VWiKtEFJDKRV?Iˆ6I 50p_I Y KRIbgPNWXKRI^Ze}PLI KRQ?PRC­^"CKNVSEFJEdC3GZIJOKNMICHK Ede
KRV?Itp?c|WZCSC?IP€[?Q0•0J bS^"cFcFWZPRJz^XeEdC?JRQ?PRWZC?Y I 
[› ž  ^ q8MQSYjV~EdC?JRQSPNWZC?} Y IJRVS^"Q?cFb”[\Ip?QSPRYjVWZJLIbvKN^MEFCSEFME 1I€KRV?I
GXWZPLE|WZC?Y IEdC³KRV?IªPLI KRQ?PRC ^ZC´KNVSEFJEFCHG"I JLKNMICHK  ƒ VWiKEdJKRV?I
MEFC?EdMQ?M GXWZPLE|WZCSYIZšwWXC?b=qwVWXK EFJTKRV?I'WXJRJR^“YEFWXKNI b 6I 50p\IYnKNIb
PLI KNQSPRC 
:› % ž ? ^"C?JLEFb?I P % WZJRJLI KNJqwEKNV¹PNWXKRIJ^ZePLI KNQSPRC –   –  š]WZC?b –  š]PLIJLp_I Yn¾
Ä
KNEG"I cd• * Ž VSIuY ^ GXWZPLE|WZCSYIr MTWXKNPLE 5 WZC?b~6I 50p_I Y KRIbªPRWXKNI Jw^ZeaPLI KNQSPRCWZPRI



)   ™ 
 † )
) WZCSb M † ™   ™
)
™
› W ž D EdC?b”KNV?ItMEFC?EdMQ?MGXWZPREFWZC?Y Irp_^"POKRex^"cdEF^ *
› [ ž D EdC?b~WJRIY ^"C?b I YEdICHKp_^"POKRex^"cdEF^ *
› Y ž ¦ e.KNV?IuPREFJL§exPRI IuPRWXKNI EFJ –  † ™
š«C?bªWZCªI YEFI CHKDp\^"PLKLex^"cFEd^^Ze
PLEFJR§H•vWXJRJRInKNJ *
›  ž ¦ KˆEFJ^Xe6KNIC³EFMp?PRWZY KREFY$WXc]KR^gQSJRI~WZcFcs^ZeKNV?IvWZJLJRInKNJˆKNVWXKWXPRIvEFC?Y ^"PO¾
p\^"PNWXKRIb­EFCHKR^W JLp_I YE«Ib±p_^"POKRex^"cdEF^ › JRQSYjV°WZJrKRV?I I YEdICHK MWXPR§ZInK
p\^"PLKLex^"cFEd^ ž *'· CSIvWZcdKRIPRC?WXKNEG"IEdJuKR^'«C?b³W'p_^ZPLKRex^ZcFEF^~Y^ZMTp\^"JRI b®^Ze
Æ
W`"EG"I CJRI K^Ze °JOKN^“Yj§“JKRVWXKŸKNPNWXYj§“JKRV?IJLp_I YE«Ib­p\^"PLKLex^"cFEd^M^"JOK
Ycd^"JRI cd•TEFCKRV?IJLIC?JLIr^ZeUMTEdC?EFME 1 EFC?`KRV?IDGXWZPREFWZC?Y ID^Ze2KRV?Irb?E _IPLIC?Y I
EFCvPLI KNQSPRC?J *
o p\IY Ed«YWZcFc•"š‚JLQ?p?p\^"JRIKNV?WXKrKNV?IKNWZPR`ZI Ktp\^"PLKLex^"cFEd^VWZJtW”PRWZC?b?^"M
PNWiKNI^ZesPRInKNQ?PLC±^Ze – * D Q?POKNV?I Pš2JLQ?p?p\^"JRIˆKNVWiKrKNV?I PRIWZPRI ³WZJLJRInKNJ
qwEdKRVªPRWZC?b?^"M PRWXKNI JŸ^XeaPRInKNQ?PLC –  Ä – Ä ™$™™ Ä –  *}ƒ I qwEdJRV~KN^T«?C?bKRV?I
p\^"PLKLex^"cFEd^VW$G“EFC?`ˆPNWiKNIt^Ze.PRI KRQ?PRC
– †   –    N–    l   – 
KNV?WXKMTEdC?EFME 1 IJKNV?IrGXWZPREFWZC?Y Ir^Ze – — –
 MEFC?EdMTE 1I  GXWZP 9›   –    R–   l   –  — – ž
JRQS[ LIYnKDKN^ I  8† )T™
 I Kry † › –  Ä –  Ä ™™$™ Ä –  ž  [\IKNVSIPNWZC?bS^"M¶GZIY KR^"Pt^ZesPRI KRQ?PRCSJ *ˆo InK
 † Y^lG › y ž  š  † › Y^lG › –  Ä – ž Ä Y^lG › –  Ä – ž Ä ™$™$™ Y^lG › –  Ä – žLž  WZC?b
 † GXWZP › – ž * BDJRJLQ?M I KRVWXK  EdJwWZC~EFCHG"I PLKjWX[?cFIrMTWXKNPLE 5 *

› W ž  JRI  š "šAWZC?b  KR^qwPLEdKRItWˆMTWXKRPRE 56I 50p?PLIJLJREF^ZCex^"P
GXWZP ›   –    N –        –  — – ž ™
› [ ž ƒ PREKNIªbS^ qwCµKRV?I  Ž Y ^"C?b?EKNEF^ZC?Jex^"PKNV?EdJ ²3QWZb?PRWXKNEdY'p?PR^i¾
`"PRWZM *
› Y ž  JRIrKNV?I  Ž Y^"C?bSEdKNEd^"C?J}KR^ˆY^"Mp?QSKRIrWZCv6I 50p?PLIJRJLEF^"C~ex^"P}KRV?I
JL^"cFQSKREF^"C KR^KNV?I
  *
› b ž BŸcdKNVS^"Q?`"V®KNVSEFJp\^"PLKLex^"cFEd^KNPRWZYj§3JKRV?Ivb?IJLEFPLIb³p_^"POKRex^"cdEF^'M^"JOK
Y cF^"JLIcd• EdCÃKRIPRMJ~^ZeGXWZPREFWZC?Y IZštEdK~MTWl•8JRWZYPLEd«Y I±KNVSI°MI$WZC *
 IC?Y I­W°cF^"`ZEFY$WXcŸWXp?p?PR^"WZYjVµEFJKN^˜MEFC?EdMTE 1I”KNVSIªGXWZPREFWZC?YI^Ze
KRV?I”KNPNWXYj§“EdC?`gIPRPL^"PˆJRQ?[ LIY KKN^±WZYjV?EdI G“EFCS`±W­`"EG"IC³MI$WZC³PRIŒ¾
KRQ?PRC  * BDJKNV?I MI$WZC }EdJGXWZPLEFIb„š?KNV?EdJŸPLIJRQScdKNJŸEFCWeŠWZMEFc•
^Ze.p\^"PLKLex^"cFEd^"JsKRVWXKWZPLI I YEFI CHKŸEdC~WˆCSI q JLIC?JL
I “JRW$•"š_KRPNWZYj§3EdC?`
I TY EFI C3K *Ž V?I
 ¹ex^"PzKNV?EdJwC?I qp?PR^"[ScFIM VWZJ€KNV?Irex^"PLM
   MTEdC?EFME 1 I  GXWZP ›   –    N –   l   –  — – ž
JRQ?[ LI Y KKN^ I  8† ) WZCSbM    Ä
qwV?I PRI M † › y ž *
› E ž ƒ VWiKDWXPRIKNVS/I  Ž Y ^"C?b?EKNEd^"C?J}ex^"P€KRV?EFJ€C?Inq
 
› EFE ž  JRIŸKRV?IJLQI  Ž Y^"C?bSEdKNEd^"C?JKN^uY^"Mp?QSKRIWZCT6I 50p?PRI JRJLEF^"C
ex^"PzKRV?ItJR^"cdQSKNEd^"C KN^KRV?I
(    *
› EdEFE ž ¦ J€KNVSIPRI WZCSbWXCWZcF^Z`"Q?I^ZeUKNVSI Ž q}^ D Q?C?b Ž V?I^ZPRIM ex^ZP
KRV?IKNPRWZYj§3EFC?`”I YEFI CHKexPR^"CHKREFIP  ¦ e]JR^Sš‚`"EdGZIWZCI 50p?PRI JO¾
JLEF^"Cªex^ZPDKq}^”exQ?CSb?JDKNV?WXKrY$WXCg[\IQ?JLIbKN^”^Z[SKjWZEdCªInG"IPO•
KRPNWZYj§3EFCS`I YEFI CHKDp\^"PLKLex^"cFEd^ *
Æ
› ž BDJLJRQ?MI}KRVWXKUKNV?IsI650 p_I Y KRIbPNWiKNI}^XePRInKNQ?PLC^"CKRV?I}MTWZPR§XI K.p_^ZPLKRex^ZcFEF^
EFJ
% › – † ™
% ž WZC?b±KRV?IˆPNWXKRIˆ^ZezPLI KNQSPRC°^ZC Ž ¾  EFcdcFJ › PREFJL§ªexPRI I
PNWiKNI ž EFJ  › – † ™  ž *Ž V?IJLKNWZC?bWXPRb b?InG“E|WXKREF^"CT^Ze2KNV?IŸMWXPR§ZInKzEdJ
% ›´† ™ % ž * BŸJRJLQ?MTIrKRVWXKwKNV?ItMTWZPR§XI Kwp\^"PLKLex^"cFEd^EFJ€I YEFI CHK *
›
W ž ƒ VWiKwEFJ€KN
V?ItI ²“Q?WXKNEd^"C”ex^"PzKNV?ItYWZp?EdKNWZc‚MTWZPR§XI KwcdEFC?I 
› [ ž ¦ esWZC'I50p_I Y KNI b± PLI KR Q?PRC­^Ze %  EdJDb?I JREFPLIb‚š‚qwV?WXKrEFJKNV?IJLKjWXC0¾
bWXPRbvb?I G“EFWXKNEd^"Cv^Ze.KRV?EFJ€p\^"JLEdKNEd^"C
› Y ž ¦ e•"^"Q¹VW$GZI  )   KR^gEdCHG"IJOK$šsV?^lq JLV?^"Q?cdb¹•Z^"Q³EFCHG" I  JLKEdKKR^
WZYjVSEFI GZI KRV?I WZ[\^ GZItp_^"JLEdKREF^"C 
› b ž ¦ er•Z^"Q EFCHG"I JLK  % WXK KRV?I'PLEFJR§¹exPRI I'PNWiKNI'WXC?b   EFC=KRV?I
MTWZPR§XI Kp\^"PLKLex^"cFEd^?šSV?^lq MQ?YjVªM^"C?In•”b?^ˆ•"^"Q6I 50p_I Y KŸKN^VW$G"I
WXK€KRV?ItIC?b~^ZeUKNV?Ir•ZI$WZP 
› ž  I K  †  2547698F:C<=> b?I C?^ZKRIKRV?IqsIEd`"VHKNJtex^"P WJLI Ku^ZezPLEFJR§H•gWZJLJRInKNJ
Y^ZPRPRI JRp\G ^"C?b?EdC?`vKN^vKNV?IMTEdC?EFMQ?M GZWXPRE|WXC?YIˆp\^"EFCHK *  I K  [_IKRV?I
qsIEF`ZV3KRJDex^"PDWZCH•ª^ZKRV?IPŸp_^ZPLKRex^ZcFEF^ˆ^"CKNV?II YEFI CHKexPR^"CHKREFIPwex^"PKNV?EdJ
JRInKz^Ze‚WZJRJLI KRJ *]º I «CSI – G WZCSb –  KN^u[_IwKNV?IY^ZPRPRI JRp\^"C?b?EdC?`PLI KRQ?PRC?J *
› W ž Ž V?I PRI EFJwWex^"PLMQ?c|W^Xe.KRV?Irex^"PRM
 G D† D  G Ä
qwV?I PRI  G † Y ^ G › – G Ä –  ž WZC?b  G  † GXWZP › – G ž * D EFC?,b D *  £6‹m
? ^"CSJREFbSIP KNV?Ip\^"PLKLex^"cFEd^"JqwEdKRVqsIEd`"VHKNJ › ) —  ž     š“WZC?b
Y ^"C?JREdb?IPwJL MWZcdc_GXWZPLE|WXKREF^"C?Js^ZeUKNV?IrGXWZPREFWZC?Y Ir^ZeJLQ?G YjVªp\^"POKRex^"cdEF^"J
C?IWZP  † *
› [ ž ? ^"PLPRI JRp\^"C?b?EdC?`KR^KNVSIp\^"PLKLex^"cFEd^  KRV?IPLIEFJuWp\^"POKRex^"cdEF^ 
^"CvKNVSIuMEFC?EdMQ?M GZWXPRE|WXC?YItJRInK › C?^ZKC?I YIJLJNWZPLEFc•~KRV?I I YEdICHK
exPL^"CHKNEFI P  ž KRVWXKVWZJ 1I PR^°[\I KNW­qwEKNV³PRI JRp\IY KKN^  KNV?WXKEFJš
 g† *³Ž V?EFJp_^ZPLKRex^ZcFEF^ªY$WZC³[_I~6I 50p?PLIJLJRIb WXJ ~† › ) —
 ž     * D EFC?b”KRV?Itp?PR^"p\IPzGXWZcdQ?Ir^Ze s*

› Y ž o VS^ q KRV?IPRI c|WXKREF^"CSJRV?Edpª[\I KqsIIC­KNVSIJRIKRV?PRI Ip\^"PLKLex^"cFEd^"Jw^"C­W
G
b?EFWZ`"PRWZM KRVWXKEFCSYcFQSb?IJzKRV?IrexI$WZJLEF[?cdIrPRI`ZEF^"C *
› ž ^? "C?JLEFb?I PˆWZC® ^" Edc}b?PLEFcFcdEFC?`”GZICHKNQ?PLI *˜Ž VSI~pSPREFY I ^ZeŸW'JRV?WZPRI” Ed C˜ KNV?EdJ
G"I CHKNQ?PLIEFJ   qwEKNVTWZC6I 50p_I Y KRIb •“EFI cFbWXe6KNI P ) •"IWZP]^Ze  ) p_I P
JRV?WZPRI *  ^lqsI GZIPšUb?Q?IKR^ KNV?IV?Ed`"VQ?C?Y IPOKjWZEdC3K•'WZ[\^"QSKtV?^lq MQ?YjV
^"EdcEFJWXKrKNV?IbSPREFcdcFEdC?`TJLEdKRIZš‚KNVSIJLKjWXC?bWZPLb±b?InG“E|WXKREF^"C'^XesKRV?IPNWXKRI^Ze
PRInKNQ?PLC ^"CKNV?EdJ]EdCHG"IJOKNMICHK€EdJ ª† ™  * ? Q?PLPRI C3KRcd•KRV?IDPLEFJR§exPLIIPNWXKRI
EFJ ™d)"*±Ž V?I”6I 50p\IYnKNIb´PNWXKRI”^ZePRInKNQ?PLC³^ZC˜KNV?I”MTWZPR§XI Kˆp\^"PLKLex^"cFEd^ªEdJ
™)  qwEKNV±W~JOKjWZCSbWZPRbgb?InG0EFWXKNEd^"C­^Ze ™)
*Ž V?I[_InKjWv^Ze]KNV?Ib?PREdcFcdEFC?`
JRV?WZPRI JEFJ ™  *Tƒ V?WXK EFJrKNV?IˆGXWZcFQSI^Xe}KNVSITb?PLEFcdcFEFCS` JRVWXPRIJu[WZJLIb°EdC
KNVSI ? 'B 0  ƒ ^"Q?cdb°•"^ZQ¹WZbSG“EFJLI p?Q?PLYjVWZJREdC?`'KNVSIJRI”JLVWZPLIJ[WZJLIb
^"CvKNV?EdJ€MT^“b?I c 

You might also like