!"$#&%')(+*,#!(-"*/.10324%'5)6#7%'8:9 ;=<>"(?#&%'@ A  B .C#&.D
E F (+B
G HDIJLKNMPOQJLRNS'TVUXWZY[UVJLY\H^]4HX_,IZ`aS-S?Mb$YcJLR
dCe WZfDUVJZKNWZShg)H^icJjUXkXS
d1l Y[S?i[MmKNWnWZS-]oJ
UX]NMpJLH1H^qrJjUXY\]sJLRNSt`aS-Wn_uHXWZfDUX]Nv-StvjRwUVWLUXv:JLS-WnY[IJLY[v?I6xyGz|{}HX_7U1IZS?`wUXWZUVJLS?i\OsS~rv-Y\JZS-M€x‚„ƒ†…‡ƒˆ}‡‰tmfDHXJZH^W-ƒ
Š ‹ %h.Œ79
 Žn ‘“’!” –•˜—€™hšN›œž Ÿ•¡Pw ’!¢ h£N –•¥¤>,¦€§€š¨ ” šC
…!i[S?v?JLWnY[v'fDUXvjRNY\]NS-I$v-HX]©TXS-WJS?i[S-v:JLWnY[v+UViªS-]NS?WZkXO4JZH1fDS?vjRwUX]NY\v+UXiªS?]NS-WnkXOUX]NMpT«Y[v?S:z¬TXS-WnILUP­aUXI$IZRPH®b$]>Y[] l Y\kNƒc¯^ƒ!°±]
JLRPS4fDHXJZH^WZY\]Nk fŒH«MNSX­&JZRNS4S-i\S-v:JLWZY\vs`aH®bšS-WCY\Iv?H^]oT^S-WJLS?M²Y[]oJZHfDS?vjRwUX]NY\v+UXižbHXWZ³
ƒ e i[ižJLRNS4fDUXvjRNY\]NS-I RNU´TXSpU
InJLUVJLY\H^]wUXWOs`wUVWnJ$v+UVi[i[S?M4JLRNStInJLUVJLHXW$UX]NM>UŒWnHXJjUVJZY[]NkC`NUXWnJ-­Nv+UXi\i[S?M>UCWnHXJLH^W?ƒ!G‡RNS?OUVWZStIZS?`wUXWLUµJLS-M>qoOpUX]>UXY[Wk^UX`
JLR©KNIhUXi[i\H®b$Y\]NkCJLRNS¶WZHXJZH^W$JLHQWnHXJjUµJLS¶_uWnS-S?i\OpH^]YcJLI·IZRwUµ_¸J+­aIZKN`N`aH^WJLS-M¹qoO>q„S-UXWZY\]Nk^I?ƒ·G‡RPSInJLUVJLHXWY[I$ºwWnfDicO4ºP~rS-M
JLHUs_uH^KN]PMwUVJLY\H^]¹JLHp`NWnS?T^S?]oJYcJ'_uWZH^fœJLKNWn]NY[]NkPƒ1»HXJLR¼IJjUVJZH^W6UX]NM¼WZHXJZH^WtUXWnSŒfDUXMNSCKP`½HV_RNY\k^R¼`„S?WZfŒS+UXqPY[i[YcJ±O
_uS-WnWZH^fDUXk^]PS?JLY\v'fQUµJLS-WnY¾UXiªUX]NM>JZRNS6i[S-]PkXJLRHX_&JZRNS¶UXY[W$koUX`¿x!Y[I$HX_&JZRNS6H^WZMNS?WHV_!ÀPƒÂÁ®zj¯-fDfÃ}$Y\I·³VS-`PJhUXI$IZfDUXi[iUVI
`aH^IZInY[qNi\S·InHJLRNUVJ)JLRNSUXfD`aS-WnS·JZKNWZ]PIšWnS-Ä©KNY[WnS-MQJZH¶S?InJLUXqNi[Y\IZRŒJLRNS·ÅwKr~Œv-WnH^IZInY[]Nk¶JLRNSUXY[WnkoUX`DUXIžIZRNH´b$]sY\]ŒºwkPƒžÆtY\I
T^S?WnO4InfQUVi[i‚ƒ,°¬_WZHXJZH^W‡UX]NMpIJjUVJZH^W‡UXWnS'`„S?Wn_uS-v:JLicOQWnH^KN]NMª­rJLRNStUXY\WkoUX`4Y\IKN]NYc_uH^WZfUX]NMsJZRNS'fDUXk^]NS:JLY[vWZS?i[KNv:JjUX]Nv?S
x&IZY\fDY\i¾UXW!JZHŒWnS-InY[InJLUX]Nv?S6Y\]4S-i\S-v?JZWZY\vhv-Y\WZv-KPY\JLIL}Y[]sJZRNS'`wUVJZRHV_,ÅwK«~pi[Y\]NS-Iv?WZH^InIZY\]NkCJLRNStUXY\WkoUX`4Y\I‡KN]NYc_uH^WZfƒ!Ç U®z
vjRNY\]NS-Ihb$YcJLRInKNvjR¼InJLWnKNv?JZKNWZS?ItUXWZSv+UXi\i[S-M>]NH^]rz¬ILUXi\Y[S?]©J`„HXi[S6fQUXvjRPY[]NS?I1x l Y\kNƒÂÆDUo}ƒ6rH^fŒS?JLY\fDS?I-­
JLRNSfQUXvjRPY[]NS?I
UXWnS`NKNWn`„HXIZS-icOŒMNS-InY[k^]NS?MsJLH RNU´TXShILUVi[Y[S?]Nv?OŒInHJLRwUµJJLRPSfDUXk^]NS:JLY[v·WZS?i[KNv:JjUX]Pv-ShY\IšKN]PS-Ä©KwUXi£UVi[H^]NktTVUXWZY\H^KNIž`wUVJZRNI
UXIšIZRNH´b$]4Y[] l Y[kPƒˆÆNxuq
}:ƒ7rKNvjRsIZUXi[Y\S-]Nv:OŒWZS-InKNi\JZIY\]Db$RwUVJY[Ižv+UXi\i[S?Mª­oJLRNS6ÈÂWnS-i[KPv?JjUV]Nv-S·JLH^WnÄ«KPSXÉc­rb$RNY\vjRsfQU+OŒqaSJLRPS
`NWnY[fDUXWnODH^W$UCIZY\k^]NY\ºNv+UX]oJ$fŒS+UX]NI$HX_,`NWnHrMNKPv-Y[]Pk1JZH^WZÄ©KNSVƒ7ʞH^KpIZRNH^KPi[M>UXi[InHC]NHXJLS'JZRwUVJ‡JLH1WnS-MNKNv?S¶S?MNMPOoz±v?KNWZWnS-]oJ
i[HXIZIZS?I-­aJLRNS¶InJjUµJLH^WUX]NMWnHXJLHXWUXWnS¶v?H^]NIJLWZKPv?JLS?M¹qoO i[UXfDY\]wUVJZY[H^]NIHX_!IZY\i[Y\v-H^]InJZS-S-ix!JZRNS-InS IZRPS-S?JZI'UXWnSY[]PIZKNi[UVJLS?M
_uWZHXfËS+UXvjRHVJLRNS?WqoO UDi¾U+OXS-W·HX_7JLRPY[]pTXUVWZ]NY\IZR
}ƒ‡G‡RNS-InS i¾UXfŒY[]NUVJLY\H^]NI‡UXWnSIJjUXvj³VS-MJLHXk^S?JZRNS-W?­„`aS-Wn`„S?]NMNY[v?KNi¾UVW$JZH
JLRPS6InRwUV_¸JUµ~rY[I?ƒžri[HVJLI‡fDU´OQq„Stv?KPJ·Y[]oJLHCJLRPS-IZS6i¾UVfDY\]wUVJLY\H^]NI)JLH1`Ni[UXv-S'JLRPS6v?H^]NMNKPv?JLHXWZI-ƒ
G‡RNS?WZS¶UXWZShJ±bšHQqwUVIZY[v'`PWZY[]Pv-Y[`Pi[S-IJZRwUVJ$k^H´TXS-WZ]JLRNStH^`aS-WZUVJLY\H^]4HX_,S-i\S-v?JZWZY\v'fQUXvjRPY[]NS?I-Ì
dCe v?KNWZWnS-]oJv+UXWnWnO«Y[]Nk1v?H^]NMNKNv:JLH^W$`Ni[UXv-S?MpY[]UŒfDUXk^]PS?JLY\vºwS?i[MpS:~r`aS-WZY\S-]Nv?S-IUC_uHXWZv-SVƒ
dCe TXH^i\JLUXk^S'Y\I‡Y[]NMNKPv-S-MY[]4JZRNStv-H^]NMPKNv?JZH^W$fDH´T«Y[]Nk1Y\]pUŒfDUXk^]NS:JLY\vºwS-i\Mªƒ
mH^]NInY[MNS?WUv?H^]NMNKPv?JLHXWHX_£i\S-]NkXJZR4͹fDS:JLS?WZIInRNH´b$]4Y[]QºNkNƒÂÎQx|Uo}!b$RNY[vjRQY[Iv-UXWZWO«Y[]NkUv-KNWnWZS?]©JÈÂY|É e fD`aS-WnS-I‡UV]NM
Y[I$InKNq«ÏnS-v:JLS?MJLHsUV]>S~rJZS-Wn]wUXi[icOpS-IJjUXqNi\Y[InRNS-MfQUVk^]NS?JZY[v'ºwS?i[MHX_)U1KN]NY\_uHXWZfÐÅwK«~ MPS-]NInY\J±O»=b$qwÑVÒ4ÓhY[]`aS-WZ`aS-]«z
MNY\v-KNi[UXW7JLHtJLRNS·v-HX]NMNKNv:JLH^Wži[S?]NkXJLR¡ƒ e _uH^WZv?S6È l ÉoY[I)S~PS?WnJZS-MsH^]1JLRPSv?H^]NMNKNv:JLH^W?ƒ7G‡RNSfQUXkX]NY\JZKNMNS‡HX_„JLRNY\I)_uHXWZv-S$Y\I
k^YcT^S-]qoO lÕÔ »Ö°Í ×fƒ!G‡RNS6MNY[WnS-v?JZY[H^]4HV_,JZRNS'_uH^WZv?S'Y[I‡`aS-WZ`aS-]PMNY[v?KNi¾UXWJZHCJLRNStMNY\WZS-v:JLY\H^]NI‡HX_,q„HVJLR¹È°jÉ
UV]NM
È»É\ƒ„G‡RNS MNY\WZS?v?JLY\H^]HX_!JZRNY[I·_uH^WZv?S v+UV]¹q„S HXqPJjUXY\]NS-M q©O>IZKP`„S?WZY[fŒ`aH^IZY\]NkDJZRNSÅwKr~i[Y\]NS-IMNKNSJZHQJLRNSv-H^]NMPKNv?JZH^W
v-KPWZWZS?]oJ'UXI·IZRNH´b$]Y\] l Y\kNƒÎ>xyqw}:ƒ‡G‡RNS6ÅwKr~i[Y\]NS-I·UXMPM KN`HX]JZRNSWnY[k^RoJ·IZY\MNS¶HV_&JLRPSv-HX]NMNKNv:JLH^WUX]NM>IZKNqPJZWLUXv:J
H^]¼JLRNSŒi[S:_¸J6IZY[MPSDUVI¶InRNH´b$]€Y[] l Y\kNƒÂÎNxyv´}ƒDG‡RPS-WZS:_uH^WZSV­,JZRNSŒ_uHXWZv-S4È l ÉUXv?JZI6_uWnH^fØRNY\k^RNS?W6v?H^]Nv?S-]oJLWZUVJLY\H^]HV_ÅwKr~
i[Y\]NS-IJZHCJLRNSti[H´bšS-W$v-HX]Nv-S?]©JZWLUVJZY[H^]¡­NY‚ƒÙSX­N_uWnH^fÐWnY[k^RoJ‡JLH1i\S?_¸J+ƒ
°±]¿JZRNSDºwkPƒ>ÚN­,v-H^]PMNKNv?JZH^WHV_‡i[S?]NkXJLR€ÍÛfDS:JLS-WnIY\I¶fŒH´TrY\]Nk>JZH>JZRNSQWnY[k^RoJUVJ U>IZ`aS-S-M€gfŒS?JLS?WZILÑVIZS?vXƒ G‡RPS4»
ºwS?i[M Y\IKP]NY\_uH^Wnf/UX]NM>Y[I·`„S?WZ`aS-]NMNY\v-KNi[UXW-­
Y\]©JZHDJZRNS¶`Pi¾UX]NS6HX_!`NUX`„S?W-ƒ$G‡RNS¶fQUXkX]NY\JZKNMNStHX_!Y\]NMNKNv?S-MS?fŒ_!Y\I·g)HXi\JLI
Y[I1k^YcT^S?]²qoOÕS Ô »ÐÍÜgƒ)G‡RNS `aH^i¾UVWZY\J±O¿HX_hJZRNS>Y\]NMNKNv?S-MÝS-f1_'v+UX]Ýq„SS-IJjUXqPi[Y[InRNS-M²UXI1_uH^i[i\H®b$I?Ì ‰hKPSJZHJLRPS
v-HX]NMNKNv:JLH^W·fDHVJLY[HX]ª­rJZRNS'_uH^WZv?S¶H^]4JZRNS¶vjRNUXWZk^S?I·b$YcJLRNY\]4JLRNStv-HX]NMNKNv:JLH^W·v+UX]qaS6b$WnY\JZJZS-]UXI$_ Ô Ä¡x&g˜Þ¥»‡}:ƒ
‰hKPS
JLHH^WnJZRNH^k^H^]NUXi[YcJ±OCHX_ªg˜UV]NM4»­©JLRNS·_uH^WZv?ShH^]QJZRNS`aH^InY\JLYcT^SvjRwUXWZkXSY[IšKN`obUVWZMªƒ)G‡R©KNI-­rJLRNSKN`N`aS-WS?]NMsb$Y[i\iaRNU´TXS
UC`„HXIZY\JZY\TXS'`„HXJZS-]oJLY[UXi¡b$YcJLRpWZS?IZ`aS-v?J·JLHCJZRNSti[H´bS?W$S-]NMªƒ
¯
 × H´bt­žv-H^]PIZY[MPS-W J±bšHqwUVWCfQUXkX]NS?JZI `NY\TXHXJLS?M²UµJ JLRNS?Y[WCv?S-]oJLS?WŒHX]“JZRNS4ILUVfDS4InRwUV_¸J+ƒ¿G‡RNS-WnSpb$Y\i[ižq„SU JZH^WZÄ©KNSV­
`NWnH^`„HXWnJLY\H^]wUXi
JLH¶JLRNStUX]Pk^KNi¾UVWMNY\IZ`Ni[UXv-S?fDS?]©JHX_JLRNShqNUXWfDUXk^]NS:JLI-­rb$RNY[vjRsb$Y\i[i„UXv?J‡JZH1UXi[Y\k^]DJZRNS-fƒ7G‡RNY\I‡`NRoOrI–z
Y[v-UXiª`NY\v?JZKNWZS'Y\I·KPIZS?_uKPi£Y[]UX]wUXicO«IZY[]Pk JLRNS'JLHXWZÄ©KNS6`NWZH«MNKNv:JLY[HX]4Y[]pfQUVvjRNY[]NS?I-ƒ
mKNWnWZS-]oJZI Y[]½JLRNSDfQUXvjRPY[]NS1b$Y[]NMPY[]Nk^I6v-WnS+UVJZSQfDUXk^]NS:JLY\v1ÅNKr~Y[]JZRNSsUVY[WtkoUX`q„S:J±bS?S-]ßJLRNSDInJLUVJLH^W¶UX]NM¿WZHXJZH^W-ƒ
G‡RNSQÅNKr~€`NUVJLRßk^S:JLI¶v-H^fŒ`Ni[S:JLS?M¿JLRNWnH^KNk^RJLRNSsIJjUVJZH^W UV]NMßWZHXJZH^W6Y[WZHX]ªƒ G‡RNY\Iv?H^]NMNYcJLY[HX]¿v-HXWZWZS?IZ`aH^]NMNI JZH JLRPS
UX`N`aS+UVWLUX]Nv?SHX_&fQUVk^]NS?JZY[vt`aH^i[S?IH^]>q„HVJLR>JZRNS6InJjUµJLH^WUX]NMJLRNS¶WZHXJZH^W-­
v-S?]oJLS-WnS-M¹H^]JLRNS?Y[W·WZS?IZ`aS-v?JZY\TXSfDUXk^]NS:JLY[v
Uµ~rY[I$UVI‡IZRNH´b$]Y[] l Y\kNƒˆÁ«ƒ7G,HXWZÄ©KNS'Y[I‡`PWZH«MNKNv-S?M>qoODJLRNS'JLS?]NMNS?]Nv?OpHX_JZRNS-InStJ±bšHŒfQUXkX]NS?JZY[vºNS-i[MPIJLHŒUXi[Y\k^]ªƒ,G‡RNS
WZS?IZKNicJLY\]NkJLH^WnÄ©KNSpY[IC`NWnH^`„HXWnJLY\H^]wUXižJLH¹JLRPS`PWZH«MNKNv?J1HV_JZRNSUXfD`Pi[Y\JZKNMNS?I HX_·JLRNS4IJjUVJZH^WCfDf1_x|à,áZ} UX]PMÝWnHXJLH^W
fŒfŒ_xyàâ}­UX]NM¼IZY\]NSCHX_žJLRNS1UV]Nk^i[S ã-áyâtfŒS+UVIZKNWnS-M¹_uWZH^fœJLRNS1U®~PY\I'HX_žInJLUVJLH^W'fŒf1_!bU+T^S1JLHsJZRwUVJtHX_)JZRNS1WZHXJZH^W-ƒ
G‡RNS?WZS?_uHXWZStJLRNStk^S?]NS-WZUXi[Y\ä-S-MpS~P`PWZS-InIZY\H^]>_uH^WJZH^WZÄ©KNStY\I‡k^Y\TXS-]q©O
å¡æžçèà,áàâInY[]$ã?áyâ x¯´}
°±]UpJ±O«`NY\v+UXi!fDUXvjRNY\]NSCfDHXInJtHX_šJLRNSCÅwKr~½`PWZH«MNKNv-S?M¿qoOJZRNSDIJjUVJZH^WtUX]NM½WZHVJLH^Whb$Y\]NMNY[]Pk^Itv-WZHXIZIZS?I6JZRNSDUXY[Whk^UX`
UX]NM“i\Y[]N³©ICqaHXJLRßb$Y[]PMNY[]NkXI-ƒ€G‡RNY\I ÅwKr~ÕY\IJLS?WZfŒS-M“JLRNS4f KrJLKwUXišÅwKr~„­MNY\WZS?v?JLicOßUX]NUXi[H^kXH^KNIJZH¼JZRNS4f KPJZKwUXiHXW
fDUXk^]NS:JLY[ä?Y[]Nk$ÅwKr~ Y[]UJLWLUV]NIn_uH^WnfDS?W-ƒ,éH´bšS?T^S?W-­©IZHXfDSHV_wJLRNSÅNKr~ `PWZH«MNKNv-S?MCqoOJLRPSWZHXJZH^W7UV]NM InJLUVJLHXW&b$Y[]NMPY[]Nk^I
MNH«S-It]NHXJ6v?WZH^InI6JZRNSQUVY[WhkoUV`ªƒDG‡RPY[ItY[ItUX]NUXi[H^kXH^KNIhJLHpJLRPSŒi\S+UX³µUXkXS ÅwKr~½Y[]½U4JLWZUX]NIn_uHXWZfŒS-W-ƒDêh]NicOJLRNS1f KrJLKwUXi
ÅwKr~ŒY\I)HX_ªMNY\WZS?v?Jšv-H^]Nv?S-Wn]QY[]1JLHXWZÄ©KNS·`NWZH«MNKNv:JLY[HX]x¸JLRNS·i[S-UX³µUXk^SÅwKr~rS?IMNH¶UVë¡S?v?JšfQUVvjRNY[]NS$`aS-W_uH^WZfDUX]Nv?S´}:ƒ l WZH^f
l Y\ksÁNxuq
}:­
bšS v+UX]UXi[InHDb$WZYcJLS¶à&á/IZY\]$ã-áyâ Ô à&áuâìInY[]·ã:âhUX]NM àâØIZY\]$ã-áuâ Ô à&áuâìInY[]·ã-ჁrKNqNIJLY\JZKPJLY\]NkDJZRNS-InS
TVUXi[KPS-I‡Y[]pS?Ä«K¡ƒ¾x–¯®}:­wJLRPS6kXS-]NS?WLUXi\Y[ä-S?MpS:~r`NWZS?IZInY[H^]_uH^WJLH^WnÄ©KNStv+UX]>UXi[InHCq„S'b$WnY\JZJZS-]UXI
å¡æžçèà,áyâšàâDIZY\]$ã:âîí®ïðå„æžçèà&á7à,áyâDIZY\]ã?á x‚ÆX}
e InJLS-UXMPO4JZH^WZÄ©KNS¶Y[I$MNS?TXS-i\H^`„S?M H^]Pi\Osb$RNS?]qaHXJLRpJLRNStºwS?i[MNIUXWZS6InJLUVJLY\H^]wUXWOsb$Y\JZR>WnS-In`„S?v?JJZHDS-UXvjRªƒòñ>ó«ô,õ^ó
ö
÷¸ø õ^ùwô“ú!óõ^ûaô,õoüyý,þó«þ ø´ÿ ù ø¶ø®ÿ ó
ó ?órô ø®÷ ùNü!õ^û„ôþ ÷uø®÷ ûa ô ¬û  ø®ÿ ó ùwõ ÿ÷ ôó ø û¼þ
ó aórüuû  ø ó©ùwþ ø û ¡ýó
÷ ø´ÿ ù ø ø ù ø û ,ó«ü|þ²ùNô, ø
þ ®û û ,ó«ü| ÿ
þ ûaýü|þÛú! ó ù ø®÷ ûaôù   ÷uø´ÿ ®
ó !ó«õ øDø û½ó©ùwõ ÿ û ø´ÿ ó ©ƒ
ø
 Ž±  §  ’ •a™' h
G‡RNSpInJLUVJLHXWŒHV_hU¹MNvpfDUXvjRNY[]PS4RwUXI1`NWZH®ÏnS-v?JZS-MÝ`„H^i\S-IxIZUXi[Y\S-]oJ1`„HXi[S-IL} UX]NMÝU¹v-H^Y\iY[I bšH^KN]NMÕH^]“JLRNS?IZSp`aH^i[S?I
UXI6IZRNH´b$]ßY\] l Y\kNƒ ½"ƒ !ÖRNS?]€S:~rv?Y\JLS?M¿qoOMNvDv?KNWZWnS-]oJCUVY[Wz¬koUX`¹ÅwKr~MNY\InJZWZY[qPKPJLY\H^]v?WZS-UVJLS?M€qoO½JZRNY[I'b$Y\]NMNY[]Pk>Y\I
InO«fŒfDS:JLWnY[v UVq„H^KrJhJLRNSCv?S-]oJLS?W'i[Y\]NSHX_)JZRNSºwS?i[M¹`aH^i[S?I-$ƒ # ÿ % ó ,ó«ü|& þ '®û£þý,õ^ó«þÜú( ø´ÿ ó) ø ù ø û>õoý*+®ó«ô ø÷
ø ù ø®÷ ûaôù   ÷¸ø®ÿ µ
ó !ó«õ øŒø  û ø ù ø û ,-# ÿ÷ Cù/. ÷ ÷ Cõ^ùNü|üuó«þ ø®ÿ 0 ó ,órüyþ²/ù . ÷ 1ûsþ ÷ ®ó«õ 0 ø 1 3þ 24ù . ÷ Vƒ
G‡RNSŒWZHXJZH^W'HX_šMNv1fQUVvjRNY[]NSCRNUXI¶Ini[HXJZIhb$RNY[vjR½v-HX]©JLUXY[]Usb$Y[]NMPY[]NkNƒCG‡RPY[I'b$Y[]NMPY[]NkpRwUX]PMNi[S?I6S?i[S?v?JLWnY[vC`aH´bS?Wt_uHXW
v-HX]©TXS-WnIZY[HX]²JLH²xyH^WC_uWnH^fs}fŒS-vjRNUX]NY[v-UXi‡`aH®bšS-WDUVJ1JLRPS>InRwUV_¸J+ƒÝ°±]ÛUXMPMNY\JZY[H^]ª­!JZRNS-WnS>Y\IDU¼v-HXfDf KrJjUVJZH^W1U 5C~rS-M
JLH>JLRNS4WnHXJLH^W?ƒG‡RNS4v?H^fDfKPJjUVJZH^W6H^]ßY\JZIH^KPJZS-W InKNWn_yUVv-S4v-HX]©JLUXY[]PI v-H^`P`„S?W IZS?k^fDS?]oJLI-­!b$RNY\vjR“UXWZSQS-i[S?v?JZWZY[v-UXi[icO
Y[]PIZKNi[UVJLS?Ms_uWZH^f S+UXvjRHXJZRNS-W‡qoOsfŒS+UV]NI‡HX_fDY\v+UPƒ&G‡RNStv-H^Y\i[IHV_JZRNStWZHXJZH^Wtx&UVWZfDUVJLKNWnS´}žb$Y\]NMNY\]Nk1UXWZSv-H^]N]PS-v?JZS-M
JLHsJZRNS-InS1v-H^fŒf KPJLUVJLH^W·IZS?k^fŒS-]oJLI?ƒ e IZS:JtHX6_ ø ù ø®÷ ûaôù  õ^ù ®ú!û„ô 'ú µ*ý ÿ
ó 1¶ø®ÿ 4ó ?ó¿*ú V*ý ÿ
ó ù®7 ó  ø+ø órþ
ø û ø®ÿ  ó ø ù ø û 82Dù ®) ó ,üyùNõ^órþèûaô ø®ÿ ) ó ®û ø ù ø´÷ ô 9Ûõ^:û ¼ý ø ù ø û ©ƒ¶°¬JtInRNH^KNi\M¼q„S1]NHXJZS-M¹JLRNUVJ'JLRNS bšS+UVW6MPKNS
JLH4fŒS-vjRNUX]NY[v-UXiv-H^]oJjUVv?JtqaS?J±bšS-S-]¼JLRPSCv-H^fŒf KPJLUVJLH^WUX]NMJZRNSCqNWnKNIZRNS?ItWZS-Ä©KNY\WZS?I'WZS-kXKNi¾UXWfQUVY[]oJLS?]wUX]Nv?SX­„b$RPY[vjR
Y[IJZRNStfQUVY[]4MNWZU´b$qNUXvj³4HX_JLRNS?IZS6fQUXvjRPY[]NS?I-ƒ
; , ; ,=< >? ÷ ô,õ ÷ &üuópû -@A!ó ®ù ø®÷ ûaô²û þCõ B˜ùNõ ÿ÷ ô
ó ED
mH^]NInY[MNS?WhU1J±bHs`aH^i\S¶MNv¶fQUVvjRNY[]NS¶UXIIZRNH´b$]Y\] l Y\kNGƒ Fx|U^}:ƒ$G‡RNS¶TXH^i\JLUXk^S6Y[]NMPKNv-S?MY[]JLRNS¶WZHXJZH^Wv?H^Y[iWnHXJjUVJZY[]Nk
Y[]DU¶KP]NY\_uH^Wnf3ºwS?i[MQS?InJLUXqNi[Y\IZRNS?MQqoO1JLRNS·InJLUVJLHXWšY\IUXicJLS?WZ]wUVJZY[]NkPƒ,G‡RNSUXY[W)koUV`ŒÅwK«~QMPY[InJZWZY\qNKPJLY\H^]ŒUX]NMŒJLRNS·T^H^icJjUXk^S
Y[]PMNKNv-S?MY\]¹JLRNS1v-HXY[i!UXWnS1IZRNH´b$]½Y[] l Y[kPGƒ F¹xuq
}'UX]NM²xyv´}WnS-In`„S?v?JLYcT^S?i\O^ƒQmH^]NInY[MNS?W6Upv?H^Y[i7Uµz±q¼Y[I'`Pi¾UXv?S-M½H^]¼MNY¾Uµz
fŒS?JLWnY[v-UXi[icOpH^`N`aH^IZYcJLS Ini[HXJZIhHX_žJLRNSCWnHXJLH^W?ƒ¶G‡RPS J±bHpS-]PMNItHX_)JLRNY\I'v-H^Y\i7UXWnSJ±bHv-HXfDf KrJjUVJZH^WInS-k^fŒS-]oJLIhb$RPY[vjR
UXWn$S ®û ø ù ø´÷ ô 9ƒžmH^Y[i£U1Y[I‡v?H^]N]NS?v?JZS-M JZHDInS-k^fŒS-]oIJ HKJ'UX]NMv-HXY[iªqpJLHŒIZS?k^fDS?]oLJ HKMLƒžÍ£S?IJ N$OUX]N0 M N Ó q„S'JLRPStJ±bšH
Æ
 v+UVWZqaH^]sqNWnKNIZRNS?I-ƒžG‡RNS-InS'qNWZKPIZRNS?IUVWZSL ø ù ø®÷ ûaôù !ƒ l H^Wžv-HXKN]oJLS-Wnv-i\Hrvj³ob$Y[InS'fDHVJLY[HX]QHX_£JZRNShWZHVJLH^W)JLRNSJLS-WnfDY\]wUXi
KN]NMPS-WC]NH^WJLRß`aH^i[SDY[I `aH^InY\JLYcT^SŒb$Y\JLRßWnS-In`„S?v?JCJLHJZRNSQJZS-WZfŒY[]NUXišKP]NMNS-WCInH^KPJZRß`„H^i\SXƒ¹G‡RNS?WZS:_uH^WZSN$O¶Y\I UXicbU+O«I
v-HX]N]NS-v:JLS?MpJZH `aH^IZYcJLY\TXSS?]NM4HX_ªJZRNShv?H^Y[iaUX]NM"N Ó JLHJZRNS]PS-koUVJZY\TXShS-]NMQHX_£JLRNSv-H^Y\i‚ƒG‡RNS-WnS?_uH^WnS'S?T^S?]sJLRNHXKNk^RsJLRPS
T^HXi\JjUVk^SY\]NMNKNv?S-MpY[]QJZRNS'v-HXY[iaY[I‡UXicJLS?WZ]wUVJZY[]NkP­©JZRNShT^HXi\JjUVk^ShUVJJLRNShqPWZKNInRpJZS-WnfDY\]wUXi[IšY[IšKN]NY[MPY[WZS?v?JZY[H^]wUVi„UVI‡IZRNH´b$]
Y[]CºwkPPƒ FNxyMw}:ƒ&G‡RPSWnS-v?JZY\ºwS?MŒTXH^i\JLUXk^S$UXv?WZH^InIžJZRNS$qNWZKPIZRNS?IšRwUVIU'i¾UVWZk^S‡WnY[`N`Ni\StxªfQUVk^]NY\JZKNMNSY\I!]NHXJžv-HX]NInJLUX]oJ+­«Y\J!Y\I
TVUXWnO«Y\]Nk©}:ƒ&°±]>UCUVv?JLKNUXi¡fDUXvjRNY\]NS'U i¾UVWZk^Sh]©KNfq„S?WHX_JLKNWn]NI$UXWnS'`Ni¾UXv?S-M4Y\]sIZS:T^S-WZUXi£IZi\HXJLIUXWZH^KP]NM4JLRNS'`aS-WnY[`NRNS?WnO
HX_£JZRNSWnHXJLH^W?ƒ!»šOŒv-HX]N]NS-v:JLY\]Nk JLRNS?IZShY\]QInS-WZY\S-IJZRNWZHXKNk^RQJZRNSv?H^fDfKPJjUVJZH^WžIZS-kXfDS?]©JZI‡UWnS+UXInH^]wUXqNicOŒv-H^]NIJjUX]oJMNv
T^HXi\JjUVk^SY\IšH^qrJjUXY\]NS-Mªƒ!G‡RPShfQUVk^]NY\JZKNMNS·HX_£JLRPST^HXi\JjUVk^SY\]NMNKNv?S-M4Y[]ŒJLRNShUXWZfDUVJLKPWZSY\Iš`PWZH^`aH^WnJZY[H^]NUXiwJLHp'x QSR“{}
b$RNS?WZTS Q Y[IJLRPS¶UVY[WZk^UX`sÅwKr~>UX]PM4{²Y[IJZRNStIZ`aS-S?M HX_,WZHXJLUVJLY\H^]ªƒ
mKNWnWZS-]oJCWnS?TXS-WZIZUXiY\]ßU>JLKPWZ]€qoOv-H^fŒf KPJLUVJLH^W¶UX]NMßqPWZKNInRNS-ICY\I¶InRNH´b$]ÕY\] l Y\kN0 ƒ UPƒ°±]¿ºwkP ƒ Uwx|U^}'JZRNSsS-]PMÛȈUPÉ
JLHXKNvjRNS-I'JZRNSCqNWZKPIZ7 R N$Oƒ6G‡RNSCv-KPWZWZS?]oJ6ÅNH®b$Ih_uWnH^fðUQJLH4qªƒ e IhJZRNY[Ihv?H^Y[iWZHVJjUVJZS-I-­UµJtUs`wUXWJLY[v?KNi¾UVW`aH^IZYcJLY\H^]Y\J
k^S:JLIhInRNH^WnJhv-Y[Wnv-KNYcJLS?MßxšWnS?_uS-W·ºwkNƒ UXq
}ƒhG‡RNS1UX]NkXi[S6q„S:J±bS?S-]¼JLRNS¶Mrz–Uµ~rY\IhUX]NMJZRNY[I`„HXIZY\JZY[H^]Y[WI V^EÀ X?ƒ e IJZRNS v?H^Y[i
WZHVJjUVJZS-I&_uWnH^f JZRNY[I&`„H^InY\JZY[H^]ª­VS-]NMsÈÂUPÉV]NH´bÝJZH^KNvjRNS?IžqPWZKNInR N Ó ƒ7G‡RNS‡v?KNWZWnS-]oJ)]NH´bÝÅNH®b$I7_uWnH^fîÈÂqªÉµJLH ÈÂUPÉ^UVI!IZRNH´b$]
Y[]ºwkNƒ Uwxyv+}:ƒéS-]Pv-SX­ ø®ÿ ó½õ^:û ¼ý ø ù ø û sùwôþÜ'ú µ*ý ÿ 4ó "®ó«õ ø®÷ Y ø´ÿ ó¼ùwü ø ó µôù ø´÷ ô 9 aû„ü ø ù 9
ó ÷ ô,þý,õ^ó«þ ÷ ô
ø®ÿ óù Z¿ù ø *ý ®ó ø û€þ,õ ,[# ÿ,÷ 1õ^:û ¼ú ÷ ôù ø´÷ ûaô ÷ Cùw\ü ?û]£ô4û Dô^ù _¿ó«õ ÿ ùNô ÷ õ^ùw`ü ®ó«õ ø®÷ &ó ,T# ÿ ûaý 9 ÿø´ÿ ó
õoý Z®ó«ô  ø a 4û  ÷ *ô 9 ÷ ô ø®ÿ ó²ù Z¿ù ø *ý ®óÝõ^û„ôþý,õ ø û Z ÷ ùNõNö ø®ÿ óÝõoý Z®ó«ô  ø a 4û  ÷ *ô 9 ÷ 3ô brû„ý ø û Œõ^ù ®ú!ûaô
ú V*ý ÿ
ó ÷ ¶þ,õ ,-# ÿ ópõ ÿ ùN*ô 9
ó4û aó [c®(û  !:û ÷uø´÷ aó ø û½ôó 9aù ø®÷ a"ó Pùwü|ýó ø ù ]

ó T,üyùNõ^óù ø d
* ù ù  ø®÷ õoý,üuù 
ù . ÷ E,e# ÿ ó²ùN*ô 9aüuóÛú!ó ø ó©órô ø®ÿ,÷ ¹ù/. ÷ ¹ùwô,þ ø®ÿ óÛgþ fZ/ù . ÷ ÷ ùwhü 
ù 7V^À X ,i# ÿ ó ®ó ¬û ®óaö ø®ÿ÷ ù4. ÷ ÷
/
]£ô4 û DôÛ^ù :fL4ù . ÷ Œû ø®ÿ  ó ªýùwþ µù ø *ý ®ó¹/ù . ÷ E,Aj ÷ ôõ^óaö ø®ÿ ó ù Z¿ù ø ý ® ó ) 1 *à J2 ÷ 1ùNüyûaô 9 ø®ÿ÷ Cù/. ÷ Xö
ø®ÿ ó ùwô 9aüyóã-áyâ ÷ Cùwhü 
ù AV^EÀ Xk,
°¬J1Y[IHX_¸JLS?]Õv?H^]oT^S?]NY[S?]©JŒJLH¹MPY[IZv?KNIZIŒU¹MNv4fDUXvjRNY\]NS4Y[]€JZS-WZfŒI HX_Y\JZI S-Ä©KNYcTVUXi[S?]©J1v?Y[Wnv-KNYcJCIZRNH´b$]ÕY[] l Y\kN% ƒ Vwx|Uo}
b$RNY\vjR>InRNH´b$IJLRPS6v?H^]oT^S?WZIZY\H^] qaS?J±bšS-S?]S-i\S-v:JLWZY\v+UXiªUX]NMfDS?vjRwUX]NY\v+UXiª`aH´bS?WHXWTrY\v-Sz¬T^S?WZIZUPƒ l Y[S-i\M4`NWZH«MNKNv?S-M>q©O
JLRPSCInJjUµJLH^WhY\IhWZS?`NWZS?IZS?]©JZS-Mq©Ov-KNWnWZS-]o-J lkm€ÅwH´b$Y[]NkpY[]>JLRNSCv?H^Y[i|ƒ e JtIJLS-UXMPO¹IJjUVJZSJLRNSCS?Ä©KwUVJLY\H^]¼WZS?i¾UVJZY[]NkŒJLRNY\I
v-KPWZWZS?]oJ'UX]NM>UX`N`Pi[Y[S?MTXH^i\JLUXk^S'JLH1JLRPS6ºwS?i[M>v-H^Y\iªY[WI n:o Ô lkmdpWm,­wb$RNS-WnqS pWmY[I$WZS?IZY[IJjUX]Pv-S6HX_&JZRNS6ºNS-i[M>v-H^Y\i‚ƒž°±]
ºwk^KPWZqS VNxyq
}$UXWZfDUVJZKNWZStv-KPWZWZS?]oLJ lJtY\IS?]©JZS-WnY[]NkŒJLRNS¶`„H^InY\JZY\T^StqNWnKNIZRUX]NM `PWZH«MNKNv-S?IhS-i\S-v:JLWZHXfQUXkX]NS?JZY[vhJLHXWZÄ©KNS¶JZH
WZHVJjUVJZS$JZRNS$WZHXJZH^W)UVJšU'IZ`aS-S?MD{·ƒ7‰hKNS‡JZHtJZRNY[I)WnHXJjUVJZY[H^]1U'T^HXi\JjUVk^S‡Y[I)Y[]PMNKNv-S?MDY\]CJLRNSUXWZfDUVJZKNWZSVƒ&G‡RNY\I)TXH^i\JLUXk^S‡Y\I
`NWnH^`„HXWnJLY\H^]wUXiwJZHJLRNShUXY[WškoUX`QºwS?i[MpUX]PMQJLRNS'In`„S?S-M4HX_WnHXJjUVJZY[H^]¡ƒ&°¬r_ QY\IšJLRPS'UXY[WškoUX`QÅNKr~„­wUX]NMQ{ÖÈrY[IJZRNShIn`„S?S-M
HX_)WnHXJjUVJZY[H^]¡­aJZRNSS~P`PWZS-InIZY\H^]¹_uH^WJZRNST^HXi\JjUVk^SY\]NMNKNv?S-M¹Y[]>JLRNSUXWZfDUVJLKPWZSY\Ik^YcT^S?]¹q©t O s v Ô u Q{·­„b$RNS?WZSQȆ³
É
Y[I$UCv?H^]NInJLUX]oJ+ƒ)°¬w_ pIJhY[IJZRNS6UXWZfDUVJLKPWZShWnS-IZY\InJLUX]Nv-S¶UX]NM lkJhY[IJZRNS6UXWZfDUVJLKPWZShv?KNWZWnS-]oJÅNH®b$Y\]Nk1Y[]oJLHCJZRNSt`„H^InY\JZY\T^S
v+UVWZqaH^]¼qNWZKNInR€UXI'InRNH´b$]¿Y\] l Y[kNƒ Vwxyqw} xuJZRNS1fQUXvjRPY[]NSCY\I'H^`„S?WLUVJZS-M½UXItfŒHXJLH^WL}:­¡JZRNS1WZS?i¾UVJZY[H^]NInRNY[`¹qaS?J±bšS-S?]¿JLRPS
InJZS+UXMrOpInJjUµJLS'T^H^icJjUXkXS'Y[]NMNKPv-S-MY[]4JZRNS6UXWZfDUVJLKPWZS'…ÛUV]NMJZRNS6UXWZfDUVJZKNWZShJZS-WZfŒY[]NUXi„TXH^i\JLUXk^$S n^JhY[I
n^J Ô syxlJzpWJ í®ï lJ Ô n^JKpW{|J s x|Î^}
°±]4v+UVIZLS lkJ·Y\Ii\S+U+T«Y[]Nk6JLRNSh`aH^InY\JLYcT^SqNWZKNInRpUXIInRNH´b$]4ºwkNwƒ Vwxuv´}hxufQUVvjRNY[]NS·Y[IšH^`aS-WLUµJLS-MsUXIk^S?]NS-WZUVJLH^W?ƒ7G‡RNS'WnHXJLH^W
Y[I$qaS-Y\]NkDMPWZY\TXS-]>q©OpJZRNS¶`PWZY[fŒS'fŒH®TXS-WL}:­
JLRNS6WZS?i¾UVJZY[H^]NInRNY[`pqaS?J±bšS-S?] JLRNS6InJZS+UXMrO>IJjUVJZS6TXH^i\JLUXk^StY[]PMNKNv-S?MY[]pJLRPS
UXWnfQUVJZKNWZSt…²UX]NM4JLRNS6UXWnfQUµJLKNWnShJLS-WnfDY\]wUXiaT^H^icJjUXk^$S n^JhY\I
n^J Ô s}{|lkJzpWJ íµï lkJ Ô s}pW{~J n^J xyÚo}
G‡RNSt_uH^i[i\H´b$Y[]Nk¶`„H^Y\]oJLI$fQU+OQq„St]NHXJZS-Mp_uWZH^f JLRNS?IZStJ±bHŒS-Ä©KwUµJLY[HX]NI-Ì
d MNKPWZY[]Pk fŒHXJLH^WnY[]NkpH^`aS-WZUVJLY\H^]ª­UXWnfQUVJZKNWZSŒv-KPWZWZS?]oJÅwH´b$I Y\]H^`P`„H^InY\JZY[H^]¼JLHJLRNS1T^H^icJjUXkXSDY\]NMNKNv?S-M€Y\]JLRPS
UXWnfQUµJLKNWnSQxyUXi[InH1³«]PH®b$]UXIIn`„S?S-MT^H^icJjUXk^S+}:ƒéS-]Pv-S …²_uHXW·fŒHXJZH^WZY\]NkCH^`aS-WLUµJLY[HX]Y\I$v+UXi\i[S-MUXI·úùwZõ ]Ý
ó )
MNS?]NHXJZS-Mq©C O sM€,
d b$RNS?]¹H^`aS-WLUµJLS-M¼UVIk^S?]NS-WZUVJLH^W?­„TXH^i\JLUXk^SY\]NMNKNv?S-MY\] JLRPSCUXWZfDUVJZKNWZS6Y[I·_uH^WZv?Y[]NkŒJLRNS¶v-KNWnWZS-]oJ'JZHsi[S-U´TXSJLRPS
`aH^IZYcJLYcT^S$qNWZKPIZRªƒ)é·S-]Nv?Sh…¿_uH^W)k^S?]NS-WZUVJLH^W)H^`aS-WZUVJLY\H^]1Y[I)v+UVi[i[S?MQUVI ÷ ô,þýõ^órþ4ó %“UX]NMQY\I)MNS-]NHVJLS-MQq© O s,
Î
 l H^W‡fŒHXJLH^WnY[]Nk UXv?JZY[H^]ªÌžÇKNi\JZY[`NicOrY\]Nk S?Ä«KNUVJLY\H^]Î1qoO lkJµ­NbšS6k^S?J nJzlJ Ô l©J Ó pWJ$xes‚MƒlkJ
G‡RNSºNWZInJJLS-WnfY\]QJLRPS'UXqaH®TXShS-Ä©KwUµJLY[HX]sY[IžJLRNSh`aH´bS?W‡Y[]N`PKPJJZHJLRNShUXWZfDUVJLKPWZSX­«IZS?v-H^]PMpJZS-Wnf Y\IšJZRNSh`aH®bšS-W‡i\H^InJ
UXIRNS+UVJY[]pJLRNSUXWZfDUVJZKNWZS6WZS?IZY[IJjUX]Pv-S UV]NMi¾UVInJ·JLS-Wnf/Y[I·`„H´bšS-WMPS?T^S?i[H^`aS-M¹Y\]>JZRNS UXWnfQUµJLKNWnSXƒ‡G‡RNY\IMNS:T^S-i\H^`aS-M
`aH®bšS-W·IZRPH^KNi[MpqaStS-Ä©KwUXiªJZH1JZRNStfDS?vjRwUX]NY\v+UXi£HXKPJL`NKrJ$`„H´bšS-Wxuå„[æ RÝ{Ö}Yc__uWnY[v:JLY[HX]4Y[I‡]NS?k^i[S?v?JLS?Mªƒ
°±]v+UXInS6HV_&k^S?]NS-WZUVJLHXWUVv?JLY\H^]ªÌžÇ>KPi\JLY\`Ni\O«Y\]Nk S-Ä©KwUµJLY[HX]Ú1qoO lJ®­NbšS¶kXS?J s?lJ Ô l©J Ó pWJ-x„n^J…lJ
G‡RNSºNWZInJJLS-WnfY\]DJZRNS'UXqaH´T^ShS?Ä«KNUVJLY\H^]sY[I)JLRPSh`„H´bšS-WMPS?T^S?i[H^`aS-M4Y\]QJLRPShUXWnfQUVJZKNWZSV­rInS-v?H^]NM4JLS?WZf Y[I)JLRNSh`aH´bS?W
i[HXInJ·UXI$RNS-UVJ$Y[]4JLRPS¶UVWZfDUVJLKNWnS'WZS?IZY[IJjUX]Pv-S6UX]NMi¾UXIJ‡JLS?WZfÃY\I‡`„H´bšS-W$IZKN`P`Ni[Y\S-MpJLHCJLRNSti\HoUXMªƒ
°±] l Y\kN†ƒ VXUP­wJLRNSºNS-i[M>b$Y[]NMNY\]NksY\Iv-HX]N]NS-v:JLS?M¼JZH4UQInS-`wUXWZUVJLS¶T^H^icJjUXk^S¶IZH^KPWZv-SVƒtéS?]Nv-SV­ªJLRNY\IfŒHXJLH^W·Y[I³©]NH´b$]UVI
IZS?`wUXWZUVJLS?i\O1S:~rv?Y\JLS?M¼x‚aƒÂ…‡ƒÂ}žMNv·fDHVJLH^W?ƒ&°±]DJZRNS-InShfDUXvjRNY[]PS-I)JLRNS·WZS?Ä«KPY[WZS?MQºwS?i[MQv?KNWZWnS-]oJY\IžU6T^S?WnOŒIZfDUXi\iN_uWLUXv:JLY[HX]
HX_JLRPS'WLUVJZS-M4v-KPWZWZS?]oJ xuv-H^KPi[M4qaS'UXWZHXKN]NM>Æ®z–8Î ‡îHX_JZRNShv-KPWZWZS?]oJ·ÅNH®b$Y\]NkCY[]sJZRNStUXWnfQUVJZKNWZSv-Y\WZv-KPY\J‡UµJ‡_uKNi[iai[HoUVM
}:ƒ
éS?]Nv-SV­wJLRNS'ºwS?i[M4b$Y[]NMPY[]Nk1RwUXI·UCi¾UVWZk^S']©KNf qaS-W$HX_JLKPWZ]NI‡b$Y\JZRUCJZRNY[]pv?H^]NMNKNv:JLH^W?ƒ
êh]NS$HX_aJLRNS‡KN]PY[Ä©KNS‡_uS+UVJZKNWZS?I)HX_„JZRNY[I!fŒHXJZH^W&b$RNY\vjRDRwUVIžRPS-i[`aS-MCJZH6fDUXY\]©JLUXY[]Y\JLI!InKN`NWnS-fDUXv?O1H´T^S?W)HXJLRNS?W)S-i[S?v?JZWZY[v
MNWnY\T^SDInO«InJZS-fŒI-­)Y[I6Y\JZIUVqNY[i\Y\J±OJZH`NWZH´T«Y[MPSsU InfDH«HXJLR¿UX]NM¿b$Y\MNSQWZUX]Nk^SŒHX_$In`„S?S-Mßv-HX]©JZWZH^i)b$Y\JZR€WZS?i¾UVJZY\TXSDS-UXIZSVƒ
G‡RNY\IšY\IšqaS-v-UXKNIZS·JLRNS·fŒfŒ_7xyfDUXk^]NS:JLHVz¬fDHVJLY\TXS_uH^WZv?S´}!`NWZH«MNKNv?S-MsqoO1ºwS?i[MŒv-H^Y\i
UX]NMQJZRwUVJž`NWZH«MNKNv?S-MsqoODUXWnfQUVJZKNWZS
v-HXY[i)UXWnSDUVi\bU´O«I¶UVJ6Ä©KwUXMNWZUVJLKNWnSX­,UX]NM½RNS-]Pv-SDJZRNS?O¼v-UX]¿qaS1v-H^]oJZWZH^i\i[S-M½Y[]PMNS-`aS-]NMPS-]oJLicO^ƒ e I¶InRNH´b$]¿Y\] l Y\kNƒc¯´ÀP­
ºwS?i[M¹fŒfŒ_·xyà&án}Y[IJjUX³VS-]½UXi[HX]NkQJLRPS¶~©z–Uµ~rY[ICx|UXi\IZH4³©]NH´b$]½UXIhMNY\WZS-v:J'H^WhM«z–Uµ~rY[IL}UX]NMJZRNS1UXWnfQUVJZKNWZS¶fDf1_·xy'à J-}
Y[I·UXi\H^]Nk JZRNS6Ooz±Uµ~rY[I6xyÄ©KwUVMNWLUVJZKNWZS6H^W$Ä^z–Uµ~rY\Ij}:ƒšrY\]Nv-S'JZRNSUV]Nk^i[S'qaS?J±bšS-S?]¹à&á‡UV]NM àâ·Y[I·UXi\bU+O«II VXÀ X ­NJZH^WZÄ©KNStå¡æ
Y[I`NWZH^`aH^WJLY[HX]wUXi„JZHx|à,án*à J+}ƒ)×H´bt­
à&áUV]NM'à J'UXWnS'`NWZHX`„H^WJLY\H^]wUXi
JLH ºwS?i[Mpv-KPWZWZS?]oJ ˆx lm}UV]NMUXWZfDUVJLKPWZShv?KNWZWnS-]oJ
=x lkJ+}WnS-In`„S?v?JLYcT^S?i\O^ƒšéS?]Nv-SV­wJLRNStS:~r`NWnS-InIZY[HX]_uH^W‡GH^WnÄ«KPS¶v-UX]>qaS'b$WZYcJZJLS?]UXI-Ì
å„枉 ç lmŠlkJVƒ
rY\]Nv-S·JLRNSUX]Nk^i\S·qaS?J±bšS-S?] lmUV]N_M lkJY\IUXicbU+O«KI VXEÀ X-­©JLRNSWLUVJZY[HQŒx ‹k }!Y[IžfDUµ~rY[f KNfƒ&G‡RPY[IžY[IšUX]NHXJZRNS-WšY[fŒ`„H^WJjUX]oJ
_uS+UµJLKNWnS HX_)JLRNS ‰tmfDUXvjRNY\]NSpxuY[]HXJZRNS-WfQUXvjRPY[]NS?I-­£UXMPMNY\JZY[H^]wUViv?Žh H^]oJLWnH^i&Y\IhWZS?Ä«KPY[WZS?MJLHpUXvjRPY[S?TXS JLRNY\I_uS+UµJLKNWnS´}:ƒ
 S-]NS?WLUXi\i\O^­rY\JY[I$UXInIZKNfŒS-M4JLRNUVJ‡JLRNS'fDUXk^]PS?JLY\vv?Y[WZv?KNY\JY[Ii\Y[]NS-UXW-ƒ7G‡RPS-WZS:_uH^WZSV: ­ ‘ÖY\I`NWnH^`„HXWnJLY\H^]wUXi
JLAH lkm&ƒžéS?]Nv-SV­
JLRPStJZH^WZÄ©KNStS~P`PWZS-InIZY\H^] qaS-v?H^fDS?I‡å¡æ e Ô ’ `
‘ 
l V
J P
­ $
b N
R ?
S Z
W S ’ [
Y ‡
I ?
v ^
H N
] 
I j
J X
U o
] +
J ƒ
cŽ “ ”  •ò§€šNwšŸ
G‡RNS6HXJLRPS-W‡qwUXInY[vtS-Ä©KwUµJLY[HX]NI‡k^H´T^S?WZ]NY\]NkŒJZRNStInJZS+UXMPOoz¬InJjUµJLS6H^`„S?WLUVJZY[H^]4HV_,JZRNS6‰tm=fŒHXJLH^WUXWZSVÌ
nJ Ô lJkpWJPxSsML­ sM – Ô u Qw{·­ UX]NM lm ˜ Ô š —…™ ™
e icJLS?WZ]wUVJZS'fDS:JLRNH«MpHX_,MNS-WnY\T«Y[]NkCJZRNStS:~r`NWZS?IZInY[H^]_uH^WJLH^WnÄ©KNStY[I$UXI‡_uH^i\i[H´b$I-Ì
Ç>KNicJLY\`Ni\O«Y[]PkJLRNS'ºwWnInJ·S-Ä©KwUµJLY[HX]qoO lkJbS6k^S:J+­ n^JklkJ Ô l©J Ó pWJ$xvsM6lJ
l Y\WZInJ‡JZS-WnfÃY[]4JLRPS¶UVq„H´T^S6S-Ä©KwUµJLY[HX]>Y\IJLRNSt`aH®bšS-W·Y[]P`NKPJ‡JLH1JLRPS¶UVWZfDUVJLKNWnSX­NInS-v?H^]NM>JZS-WnfÃY[I‡JLRPS6`aH´bS?Wi\H^InJ·UVI
RNS-UVJ$Y[]sJZRNStUXWZfDUVJZKNWZShWnS-InY[InJLUX]Nv?S¶UV]NM4JLRNS'i[UXInJJZS-WnfÐY[IJZRNS'`aH®bšS-W$MNS:T^S?i[H^`aS-MpY[]sJZRNS6UXWZfDUVJZKNWZSVƒ7G‡RNY[I‡`aH´bS?W
IZRPH^KNi[M1qaSS-Ä©KwUViNJLHhJLRPS‡fDS?vjRwUX]NY\v+UXiN`aH´bS?Wxuå„æ{},Yc_„fŒS-vjRNUX]NY[v-UXiPi\H^IZInS-I·x¸_uWZY[v:JLY\H^[] ›=b$Y\]NMwUXkXS$}7UXWZS]NS-k^i\S-v:JLS-M¡ƒ
…!Ä©KwUVJLY\]Nk s‚M6lJ Ô x ’ Q{`} lJ Ô å„æ{
G‡RNS?WZS?_uHXWZStå¡æ Ôv’ QtlJ
rKNqPInJLYcJLKPJZY[]NkC_uH^œW lkJhY[]4JZS-WZfŒI‡HX_JLH^WnÄ©KNSUV]NM4ÅwKr~„­wJLRNStWZS?i¾UVJZY[H^]PIZRNY\`sq„S:J±bS?S-] å„æ$UX]NMs{²Y[I‡k^YcT^S?]>qoOaÌ
{ Ô 3—  ž {Ÿ  ‹k3 š
žk¡£ ¢
°¬_!UVWZfDUVJLKNWnSJLS?WZfŒY[]wUVi„T^HXi\JjUVk^$S nJL› UXY[WnkoUX`sÅwK«0 ~ Q¹UXWZS'RNS?i[Mpv-HX]NInJLUX]oJ+­wJLRNS6UXqaH´T^StS-Ä©KwUµJLY[HX]>qaS-v?H^fDS?I-Ì
{ Ô¥e x3»Ûå„æ?­
b$RNS?WZS e UX]NM »ÜUXWnStv-H^]NIJjUX]oJZI-ƒ$G‡RNY[I·Y[I·UX]>S-Ä©KwUVJZY[H^]HX_)U1InJZWLUXY\k^RoJ·i[Y[]PStb$RPS-WZS?Y[]ª­ e Y[I$JLRNStOoz–Uµ~rY\I·Y\]oJLS-Wnv-S?`PJ
UX]NMx¸z–»}'Y\I6JZRNSQIni[H^`aSXƒpG‡RNSŒOoz–Uµ~rY[I6Y[]oJZS-WZv?S-`PJWZS?`NWZS?IZS-]oJZI JLRNSD]NHVz±i\HoUXM½IZ`aS-S?M¿b$RNY[vjR¿MNS-`aS-]NMPI H^]NicO¼H^]¿JLRPS
JLS?WZfŒY[]wUVirT^HXi\JjUVk^S‡UX]NMDUXY\W&koUX`CÅwK«~¡ƒ!G‡RPS$TVUXWnY¾UVJZY[H^]HX_aIZ`aS-S-MŒb$Y\JZR JLH^WnÄ«KPS·Y\I!IZRNH´b$]ŒY[] l Y\kNƒ\¯X¯^ƒ  S-]PS-WLUVi[i\OX­XJLRPS
MNWnH^`pY[]4IZ`aS-S?M4b$Y\JLRpY\]Nv-WnS+UXInS'Y[]sJLHXWZÄ©KNS'Y[IIZfDUXi[i&xyYcJ‡Y[IMPS-IZY\WLUXqPi[SJZRwUVJ‡JLRPS'IZ`aS-S-MpHX_,WZHVJjUVJZY[H^]sY\IY[]PMNS-`aS-]NMPS-]oJ
HX_i[H^UXMsv-HXKN`Ni[S?M4JLH JLRPS'fDHXJZH^WInRwUV_¸Jj}:ƒ!G‡RNS?WZS?_uHXWZStY\'_ n^JhUX]Pt M Q>UXWZS'RNS?i[M4v?H^]NInJLUX]oJ+­NJZRNS'IZ`aS-S?MHV_&UCInS-`wUXWZUVJLS?i\O
S:~rv?Y\JLS?MÝMPv>fŒHXJLHXWb$Y[i\iWZS?fQUVY[]“UXi\fDH^IJCv-HX]NInJLUX]oJsUX]PMÝYcJCY[ICY\]NMNS-`aS-]PMNS-]oJDHX_JZH^WZÄ©KNSUX`N`Pi[Y[S?M€JLH¼JLRNSpInRwUV_¸J+ƒ
Ú
 éS?]Nv-SY[] HXWZMNS?WJLHŒTXUVWnOpJLRNSIZ`aS-S-M¹HV_!WZHXJLUVJLY\H^] H´TXS-W'U1b$Y[MNS¶WLUX]NkXSX­„JZRNS]PHVz±i\HoUXMIZ`aS-S-MÝxufQUXkX]NY\JZKNMNStHX_‡È e ÉÂ}
IZRPH^KNi[MpqaS'TXUVWZY[S?Mªƒ!G‡RNY\I·v-UX]q„StUXvjRPY[S?TXS-M>q©O4JZRNS'_uH^i[i\H´b$Y[]Nk fŒS?JZRNH«MNI-Ì
d »šO4v-HX]©JZWZH^i\i[Y\]NkJLRPStTXH^i\JLUXk^StUX`P`Ni[Y\S-M4JLHCJLRPS¶UVWZfDUVJLKNWnShJLS?WZfŒY[]wUXi\IHX_JLRNStfDUXvjRNY\]NS
d »šO4v-HX]©JZWZH^i\i[Y\]NkJLRPStÅNKr~`NWZH«MNKNv?S-MqoO4JLRNS'ºwS?i[M4b$Y[]NMPY[]Nk
; ,£¤¥,=< ¦"ù ø ýµóC§6û„ü ø ù9
ó>õ^ûaô ø ®ûaü¨D
G‡RNSInvjRNS-fDUVJZY[vMNY¾UXkXWLUXf _uH^W1JLRPY[IŒv-H^]oJLWnH^i$JLS-vjRP]NY[Ä©KNSY\IDInRNH´b$]Y[] l Y[kNƒc¯®ÆNxyUo}:ƒ°±]ÝJLRNY\IDfŒS?JZRNHrM¡­JLRNSºwS-i\M
v-KPWZWZS?]oJ xuRNS-]Pv-$S Q¡}žY[IRNS?i[M4v?H^]NInJLUX]oJUVJ‡Y\JZIWZUVJLS?MpTVUXi\KNS'UX]PCM nJY[ITVUXWnY[S-M¡ƒ!G‡RNS'IZ`aS-S?Mrz¬JZH^WZÄ©KNStvjRwUXWZUXv?JZS-WnY[InJZY[v?I
_uH^WJZRNY[IfDS:JLRNH«M¼UXWZSIZRNH´b$]½Y[] l Y\kNƒc¯®ÆNxyqw}:ƒ'G‡RNS?IZS1vjRwUXWZUXv?JZS-WZY\InJZY[v-ItUVWZS MNWZU+b$]¼_uHXWTVUXWZY\H^KNITVUXi\KNS-IhHVK_ n^J UV]NM
ºP~rS-MDTXUVi[KNS·HX*_ Qƒ7G‡RNY[IžfŒS?JLRPHrMDHX_ªIn`„S?S-M4v-HX]©JZWZH^i
Y\IšKNInS-MQ_uHXWšIn`„S?S-MsqaS-i\H®b²JLRNSWLUVJZS-MDTVUXi\KNSXƒ&°±]sUXMNMPY\JLY\H^]ª­oJLRPS
_uH^i\i[H´b$Y[]Nk`„H^Y\]oJ$fQU+OsqaSt]NHXJZS-MªÌ
© rY\]Nv- S Q=Y[IDRNS-i\MÛv-HX]NInJLUX]oJ+­$JLRNSIn`„S?S-MÖHX_tWnHXJjUVJZY[H^]ÝvjRwUX]NkXS-I4i[Y\]NS+UVWZi\Oßb$YcJLy R n^Jµƒ˜Ç>HXJZH^WQb$Y[i\i$MNWLU+bðU
v?H^]NInJLUX]oJ$UXWnfQUVJZKNWZS·v-KPWZWZS?]oJ lJ$_uWZH^f JLRPShIZH^KPWZv-SY\_£YcJY\IMNWnY\T«Y[]NkUv-HX]NInJLUX]oJJLH^WnÄ©KNShi[H^UXM¹x¸å¡æ &
Ô u Q:lJ-}:ƒ
ª·]NMNS-W$JLRPY[IbšH^WZ³©Y[]PkDv?H^]NMNYcJLY[HX]ª­PJLRPS6`aH´bS?W =x «ž}‡MPWLU+b$] qoO4JLRPS6fŒHXJZH^WTVUXWZY\S-I$i[Y\]NS+UXWni\OŒb$Y\JZRpJZRNS6IZ`aS-S-M¡ƒ
G‡RNY\IfŒHrMPS¶HX_7H^`„S?WLUVJZY[H^]>Y[I·³©]NH´b$]¼UXIhõ^ûa*ô ø ùwô _ø a ¥ý .“H^Wõ^û„*ô ø ùNô øsø û Zªý% ó û£þó ,6G‡RNS¶TVUXWnY¾UVJZY[H^]
HX_JLRPStTVUXWnY[H^KPI‡Ä«KNUX]oJLY\JZY[S?Ib$Y\JLRpIn`„S?S-M Y\I‡IZRNH´b$]>Y[] l Y[kPƒ\¯®ÆPxyv´}ƒ
; ,£¤¥, ; ¬ ÷ ó«üy&
þ ­¶û„ô ø ®û„®ü D
G‡RNStIZvjRPS-fDUVJLY\v'MNY¾UXkXWLUXfî_uH^WJZRNY[I‡v?H^]oJLWZHXi¡JLS?vjRN]NY[Ä©KNStY\I‡IZRNH´b$]Y[] l Y\kNƒ\¯´ÆNxyM
}ƒ7°±]4JLRNY\I‡fDS:JLRNH«Mª­«JLRNS6UXWnfQUVJZKNWZS
T^HXi\JjUVk^SDY\I¶RPS-i[Mv-H^]PInJjUV]©JCUVJYcJLI6WLUVJZS-M¿TVUXi\KNSDUX]NMJZRNSDºNS-i[Mv-KNWnWZS?]©J Y[I6WZS-MPKNv-S?Mªƒ G‡RNSQIZ`aS-S-M¿HX_JLRPSQfŒHXJLH^W
vjRwUX]Pk^S-I·Y[]pY[]oTXS-WZInS¶`PWZH^`aH^WnJZY[H^]4JZ_H Qƒ)G‡RNS6 å {¿{ÛvjRNUXWLUXv:JLS?WZY[IJLY\v-I‡_uH^WJLRPY[I‡fŒS?JLRPHrM>UXWZS'InRNH´b$]Y[] l Y\kNƒc¯®ÆNxyqw}:ƒ
G‡RNS?IZS vjRwUVWLUXv:JLS-WnY[IJLY[v?IhUXWnSMNWZU+b$]_uH^W·TVUXWnY[H^KPI·TVUXi\KNS-I·HX6_ Q½UX]NM ºP~rS?M TVUXi[KNS6HX¯_ n^J®ƒ°¬JIZRNH^KPi[M qaS]PHXJLS?M JLRwUµJ
JLRPSWZS?MNKNv:JLY[HX]QY[]DIZ`aS-S?MQb$Y\JZRDJLHXWZÄ©KNSY\IšRPY[k^RNS?Wšv?H^fŒ`wUXWZS?MDJZH¶JLRNUVJY\]DJZRNS`NWnS?T«Y[HXKNIšfŒS?JZRNH«Mªƒ7G‡RNY\IfŒS?JLRPHrMŒHX_
IZ`aS-S?M v?H^]oJLWZHXi£Y[I‡KNInS-M>_uHXW‡IZ`aS-S-M>UXqaH´T^StJLRNStWLUµJLS-M4TVUXi\KNSXƒ!°±]>UXMNMNYcJLY\H^]ª­rJZRNS'_uH^i[i\H´b$Y[]Nk `aH^Y\]©J$fDU+OsqaSt]NHXJLS?MªÌ
© ]NHX]rz±i\Y[]NS-UXW7Y[]oTXS-WZInSIn`„S?S-MDv-H^]oJLWnH^iwHX_„fDHVJLH^W7In`„S?S-Mªƒ)G‡RNY\I!fDS:JLRNH«MDUXi[InH'vjRwUX]Nk^S?IžJZRNS$TXUVi[KNS‡HX_„MNS:T^S-i\H^`aS-M
JZH^WZÄ©KNS'_uH^W$UCk^YcT^S-]UXWnfQUµJLKNWnS'v-KNWnWZS-]oJ-ƒž°¬_,JLRNS6UXWnfQUµJLKNWnShv-KNWnWZS?]©JY[I‡RPS-i[Mpv?H^]NInJLUX]oJUVJ‡JLRNStWZUVJLS?MpTVUXi\KNSX­
JZRNS¹Y[]N`PKPJs`aH´bS?W>UV]NMÛJLRNS?WZS:_uH^WZS¹H^KrJL`NKPJs`„H´bšS-W4WZS?fQUVY[]NI4UV`N`NWZH+~rY[fDUVJZS-i\OÕv?H^]NInJLUX]oJx|UXInIZKNfŒY[]Pk¿JLRwUµJ
_uWnY[v?JZY[H^]NUXižUX]NM¿b$Y\]NMwUXk^SQi[H^InIZS-IWZS-fDUXY\]€v-H^]PInJjUV]©Jj}:ƒ¼é·S-]Nv?SX­)JLRNY\IH^`aS-WZUVJLY\]Nkä-HX]NSsY[I¶³©]NH´b$]ÝUVI S-YcJLRNS?W
õ^ûa*ô ø ùwô øÝÿ  1Zÿ :û Z-ó8f°!4û 
ó 82H^W &ó«üy± þ  ó©ù ]
ó«ô ÷ ô 9³²oûaôó
ƒ  S-]NS?WLUXi\i\OßJLRPSfQU®~PY\f KNf In`„S?S-MÖHX_
WnHXJjUVJZY[H^]4Y\I‡³XS?`PJb$YcJLRNY\]¹¯®ÁX
À ‡îHX_JLRNStWLUµJLS-MpTVUXi[KPSXƒ
 Ž  ´ ’ 
’Pµ Ÿ–e  ´½šŸ± ’!¢   § ” ¯ ¶hw•£ž
»HXJZRQUVWZfDUVJLKNWnST^H^icJjUXkXS$UX]NM1ºwS-i\MŒv?H^]oJLWnH^iwfDS:JLRNH«MNI)WZS?Ä©KNY[WnSUhTVUXWnY¾UXqNi\ST^HXi\JjUVk^S‡MNv·IZH^KNWnv-SVƒ!°¬_ªU'ºP~rS-Mrz‚T^H^icJjUXkXS
MNvD`„H´bšS-W InKN`N`NicOY\IU+TVUXY\i¾UXqNi\SX­£T^HXi\JjUVk^SQUV`N`Ni[Y\S-M¼JLH JZRNSsUVWZfDUVJLKNWnS1H^W¶ºwS?i[Mv-Y[Wnv-KNYcJLI6v+UX]¿q„SŒTXUVWZY[S?M¿qoO½v-H^]«z
]NS?v?JLY\]NkU¼TVUXWnY¾UXqNi\SsWZS?IZY\InJjUV]Nv-SY[]“IZS?WZY\S-I1b$Y\JLRßJZRNS-InS v-Y\WZv?KNY\JZI-ƒÕéH´bšS?T^S?W-­JZRNY[I1WZS?IZKNicJLI1Y[]ÕY[]Pv-WZS-UXIZS?MÝi\H^IZInS-I?­
RNS-UVJtUX]NM `„H«H^WzS 5Œv-Y[S?]Nv?O×H´bUXMwU+O«I-­£`aH®bšS-W'S?i[S?v?JLWnH^]NY\vv-HX]©JZWZH^i\i[S?WZIUXWZS Y\]Nv-WnS+UXInY[]NkXi\OpqaS-Y[]PksKNIZS?M¹JLHsH^qrJjUXY\]
TVUXWZY[UXqNi\ShMNvDx7H^W$UXv´}TXH^i\JLUXk^S'IZKP`N`Ni\OQ_uWZH^fÐUXvtIZH^KNWnv-SVƒšG‡RNS6UXMrTXUV]©JLUXk^S?IUXWnS'IZfŒHrHVJLCR › ÅwS~rY[qNi\S6v?H^]oJLWnH^i‚­wUV]NM
RNY\k^RkS 5Œv?Y[S-]Pv?O€xyH^]NSIZKNvjR¼S:~PUXfŒ`Ni\S¶Y\IS-i\S-koUV]©J-­¡i\Y[k^RoJ·bS?Y[k^RoJhfŒY[]PY¾UVJZKNWZS6IZY\ä-S¶_yUV]WZS?k^KNi¾UµJLH^W?ƒG‡RNY\IWZS?k^KNi[UVJLH^W
Y[IfDH^KP]©JZS-M¹Y\]NIZY\MNSJLRPS Inb$YcJLvjR¼q„H^UXWZMª­„b$RNY[i\SDȆH^i[MªÉa_yUX]¹WZS?k^KNi[UVJLH^W·Y[IfDH^KP]©JZS-M¹H^]¹JZRNS Inb$YcJLvjR¼qaHoUXWZM¡ƒ e `wUXWJ
_uWZHXfÐi¾UVWZk^S?W‡IZY[ä?SX­NJZRNStH^i[M4WnS-k^KNi[UVJLHXWZI‡MNY\IZIZY\`wUVJZS'RNS+UVJUVJ$i\H´bÜIn`„S?S-M HV_&H^`aS-WZUVJLY\H^]
}ƒ
l Y\kNƒ†ÚIZRNH´b$IsJZRNSH^KPJZ`NKPJDT^H^icJjUXk^SbU+TXS?_uH^Wnf HX_6U_uKNi\i‡bU+T^S¼MNY\HrMPS>qNWnY[MNkXSXƒè°¬_tJLRPS Y[]P`NKPJQTXH^i\JLUXk^SJLH€JLRPS
qNWnY[MNk^S'Y\‚I n^·QIZY\]‡P{ ¸­rJLRNS?]JZRNS6U´TXS-WZUXk^S'TVUXi[KNS'HV_&JLRPS6HXKPJL`NKrJ‡T^H^icJjUXk^S'Y\I‡k^Y\TXS-]qoO„Ì
n^J¨¹ Ô Ó —Œº
»

Á
 l WZH^f JZRNSQH^KrJL`NKPJ¶T^H^icJjUXkXSDbU´TXS?_uH^Wnf>­!YcJv-UX]€qaSsH^qNInS-WT^S-MßJZRwUVJJZRNSDbU+T^S:_uH^WZf Y[Iv?H^]oJLY\]«KPH^KNI UV]NM€JLRNSDY[]rz
nI JLUX]oJjUX]PS-H^KNITVUXi\KNShY\IUXicbU+O«Iºw]NYcJLS'UV]NM4`„HXIZY\JZY\TXSXƒ!é·S-]Nv?StJZRNS'U+T^S?WLUXkXShTXUVi[KNSHX_JLRNShHXKPJL`NKrJT^H^icJjUXkXSMNS?`„S?]NMNI
H^]NicO1H^]QJZRNS`aS+UX³CTVUXi\KNSHV_£JLRNSY[]N`NKrJšTXH^i\JLUXk^SXƒ e ]4UXKrJLHXJZWLUX]NI_uH^WZfŒS-WžY[Iž]NH´b=WZS?Ä«KPY[WZS?MQJLH6TVUXWnO1JLRPShH^KPJZ`NKPJšMNv
T^HXi\JjUVk^S'qoOsTVUXWnO«Y[]Pk1JZRNSt`„S-UX³sY\]N`NKPJ$T^HXi\JjUVk^SXƒ
G‡RNS1U+T^S?WLUXkXSTVUXi[KNS¶HX_!JLRPS H^KPJZ`NKPJhTXH^i\JLUXk^Sv-UX]¼UXi\IZHQqaS WnS-MNKNv?S-M¼Y\_!JZRNS Y\]NInJLUX]oJjUX]NS?H^KNITVUXi\KNSHV_!JLRNS HXKPJL`NKrJ
T^HXi\JjUVk^S Y[IfQUXMPS S-YcJLRNS?Whä-S?WZHpH^Wh]NS?koUVJZY\T^SVƒG‡RNY\I'Y[Ih`aH^InIZY[qPi[S qoOKPIZY[]Pk4`„H´bšS-WtIZS?fDY\v-H^]NMPKNv?JZH^WhMNS:TrY\v-S?I6HVJLRNS?W
JLRNUX]¹MNY[H«MNS?I1xySVƒ†kNƒ'JZR©O«WnY[InJZH^WZIL}:ƒtG‡RNY\IhWZS?IZKNicJLI'Y[]>JLRNS WnS-MNKPv?JLY\H^]¹HX_žIZY\ä-SCUV]NM¹v-H^IJ+­UX]PM¹Y[fŒ`NWZH´T^S?fDS?]oJ'Y[]zS 5Cz
v-Y\S-]Nv:O^ƒžéH´bšS?TXS-W-­wJZRNS'UX`N`Pi[Y[S?MsT^H^icJjUXkXSJLH JZRNStUXWnfQUVJZKNWZSY[Iv?H^]oJLY\]«KPH^KNIZicOs`NKPi[ILUµJLY[]PkNƒ7°±]4H^WnMNS-WJZHCWZS-MPKNv-S'JLRPS
`NKNi\ILUVJZY[H^]CY\]CJLRNS$v-KPWZWZS?]oJšMPWLU+b$]DqoOCJZRNS$fDHXJZH^W-­wxyMNS:T^S-i\H^`aS-M1JLH^WnÄ«KPS·MPS-`aS-]NMNIž]NHXJ)HX]ŒJZRNS·UX`N`Ni\Y[S-M TXH^i\JLUXk^S‡qNKrJ
H^]UXWnfQUVJZKNWZS'v?KNWZWnS-]oJUX]NM4ÅwKr~N}$UX]pY[]NMNKPv?JLHXW‡Y[I‡v-HX]N]NS-v:JLS?MY[]4InS-WZY\S-I‡b$Y\JZRJZRNS6UXWZfDUVJZKNWZSVƒ)rY[]Pv-S'JLRNStv?KNWZWnS-]oJ
ÅwH´b$Y[]Pk JLRNWnH^KNk^RsJZRNShY[]PMNKNv?JZH^WY\IMNvV­PJLRNShU´TXS-WZUXk^ShT^HXi\JjUVk^SMNWnH^`pUXv?WZH^InI‡Y\JY\Iä?S-WZHŒUVJInJZS+UXMPOQInJLUVJLSVƒšé·H´bS:T^S-W?­
JLRPSv-KPWZWZS?]oJ!q„S?v-H^fŒS-I7UXi[fŒH^InJv?H^]NInJLUX]oJ·xy`PWZH^`aS-WJ±O¶HV_aUX] Y[]PMNKNv?JZH^Wz¡v-KPWZWZS?]oJ!v+UX]]NHXJ7vjRNUX]Nk^SY\]NInJLUX]oJjUX]PS-H^KNIni\OP}:ƒ
Žƒ¼ ”  ’ PN  ¢ 
l WZH^f JLRNStqwUVIZY[v'S?Ä©KwUVJLY\H^]k^  H´zT^½ S-3Wn]Nž…Y[¾E]P¡ k1JZRNStInJZS+UXMPOpIJjUVJZStH^`„S?WLUVJZY[H^]4HV_7MNvtfŒHXJLH^W?­rbšS¶RNU´TXS6JZRNS'_uH^i[i\H´b$Y[]NkNÌ
lkJ Ô — ­ UX]PM å„æ –
Ô u QlJ
G‡RNSJZH^WZÄ©KNSMNS?TXS-i[HX`„S?M1UVJ7IJjUXWJLY[]PkY[IMNS:JLS-WnfDY\]NS-Mq©O6JLRPS`NWZH«MNKNv:J7HX_wJZHXJjUVi«ÅwK«~CUX]PMCUXWZfDUVJZKNWZSšUXfŒ`„S?WZS:z‚JLKNWn]NI-ƒ
š 
G‡RNY\IJLH^WnÄ©KNS'Y[IšKPJLY\i[Y[ä?S-MD`wUXWnJZi\OŒY[]4H´TXS-WZv?H^fŒY[]Nk_uWnY[v:JLY[HX]ª­©`wUXWnJZi\ODY[]4UVv-v-S?i[S?WLUVJZY[]NkJZRNS'UXWnfQUµJLKNWnSX­rUX]NM4`wUXWJLicOQY\]
UXv?v-S-i\S-WZUVJLY\]Nk'JLRNS·i[HoUVMªƒ&G‡RNS·TVUXi[KNS$HX_¡InJLUXWnJZY[]Nk'JLHXWZÄ©KNSWnS-Ä©KNY\WZS-MŒ_uWZH^f U6fŒHXJLHXW7b$Y[i[iNJZRNS-]DMNS-`aS-]PMDT^S?WnOŒi¾UVWZk^S?i\O
H^]JZRNS i[H^UXMªƒ e J'IJjUX]PMNInJZY[i[iJLRPS-WZSCY\I]NH4qNUXvj³ S?fŒ_–­„IZHsJLRNUVJhJLHQv-Y[Wnv-KNi[UVJLS6_uKNi[ii[H^UXMv-KPWZWZS?]oJ'Y[]JZRNSCUXWnfQUVJZKNWZS
UQT^S?WnO¹InfQUVi[i£T^H^icJjUXkXS Y[IhWnS-Ä©KNY\WZS-M¡ƒ¶×·S-k^i\S-v:JLY[]PkQJLRNSCS:ë¡S?v?JtHX_šUXWnfQUµJLKNWnSY[]PMNKNv?JLUX]Nv?SX­ªJLRPST^H^icJjUXkXSJLRwUµJ'f KNIJ
qaS1UX`N`Ni\Y[S-M>JLHsJLRPS1UXWZfDUVJLKPWZSCUVJhInJjUVWnJLY\]NksMNS?`„S?]NMNItH^]NicO HX]UVWZfDUVJLKNWnSWnS-IZY\InJLUX]Nv-SVƒCrY\]Nv-SV­ªJLRNY\IhWZS?IZY\InJjUV]Nv-SCY\I
T^S?WnOIZfDUXi[i|­&Ui¾UXWnk^SŒv-KNWnWZS-]oJ b$Y\i[i!ÅwH´bîY\_JLRNSDWLUVJZS-M¿TXH^i\JLUXk^SŒY[IMPY[WZS?v?JZi\O½UX`N`Pi[Y[S?MJZH>JLRPO=¿ƒSsÀ UXWnfQUVJZKNWZS xu_uHXW¶JLRPS
k^YcT^S-]¹fDUXvjRNY\]NS¶b$RPH^IZSC`wUVWLUXfŒS?JZS-WZIhUXWZS¶k^Y\TXS-]¹qaS-i[H´bt­¡JZRNY[Iv-KNWnWZS?]©JtY\IhUX`P`NWZH+~rY[fDUVJLS?i\O Ó Ô V^EÀ Á­„b$RNY[i\S¶JLRPS
_uKNi\ii\HoUXM>WLUVJZS-M¹v-KPWZWZS?]oJ'Y[IHX_!JLRNS¶H^WZMPS-WhHX_$¯+ÀPƒˆÁ eT }:ƒhG‡RPS InJLUXWnJZY[]NkDv-KNWnWZS-]oJtv-UX]qaS i[Y\fDYcJLS-M4JZH4UQILUµ_uSTVUXi[KNS
qoOsJLRPSt_uHXi[i[H´b$Y\]Nk fŒS?JLRPHrMNI?Ì
d Y[]Pv-i[KPMNY[]Nk6S:~«JZS-WZ]NUXi¡WnS-IZY\InJLUX]Nv-SH^]Ni\O1Y\]QJLRPShUXWnfQUVJZKNWZS·v-Y\WZv?KNY\JšIZHJZRwUVJfQUXvjRPY[]NS·MNS?TXS-i\H^`NI‡]NS?v-S-InILUXWOsIJjUXWJLY[]Pk
JLHXWZÄ©KNSXƒ e IhJZRNSCfDHVJLH^WIZ`aS-S-MPI6KP`ª­ªJLRNSCqNUXvj³S-f1_žY[IhkXS-]NS?WLUVJZS-M½UX]NM¹JLRPSCv-KNWnWZS-]oJ'_yUXi\i[I?ƒ  S-]PS-WLUVi[i\O>Usi[UXWZk^S
WZS-InY[IJjUX]Nv?S¶Y\I$]NS-v?S-IZIZUXWnOpJZHDi\Y[fŒY\JJZRNStInJLUXWnJZY[]Nk1v-KPWZWZS?]oJ+ƒ°¬_,JLRNY\I‡WZS-InY[IJjUX]Nv?S¶Y\I$i[S?_¸J$Y\]4JLRNS6v-Y\WZv-KPY\J+­rJLRNS6InJZS+UXMPO
InJjUµJLS6IZ`aS-S-M>bH^KPi[M qaS'T^S?WnO>i[H´bUX]PM>Y\] UXMPMNY\JZY[H^]4JLRPS-WZStbšH^KNi[M>q„StbUXInJZSHX_&`„H´bšS-W·Y[]pJLRNS6WZS?IZY[IJjUX]Pv-SXƒ‡°¬J·Y\I
JLRNS?WZS:_uH^WZStqaS-v-HXfDS?I·]PS-v-S?IZIZUXWnOpJLH1v?KPJ·H^KPJ$JLRNS'b$RNHXi[S'HX_JLRNStWnS-IZY\InJLUX]Nv-S6IZH1JLRNUVJ$WLUVJZS-MIZ`aS-S?M Y[I‡HXqPJjUXY\]NS-M¡ƒ
d UX`N`Pi\O«Y[]Nk Ui[H´bT^HXi\JjUVk^SqoODKNIZY\]NkCUTVUXWZY[UXqNi\S·MPvh`„H´bšS-W‡InKN`N`NicO^ƒ!G‡RNY\IT^H^icJjUXkXSY[IšY[]Nv?WZS-UXIZS?MpUXIJLRPSfDUXvjRNY[]PS
UXv?v-S-i\S-WZUVJLS?I-ƒ
G‡RNSsMPS?T^S?i[H^`aS-M€JZH^WZÄ©KNSQUX]NM¿JZRNSQWZUVJLSQUVJb$RPY[vjR€qwUVvj³S?fŒ_‡Y\Ik^S?]NS-WZUVJLS?MßMNS-`aS-]PMNI H^]¿JZRNSsUVY[W6koUX`ÅNKr~„ƒ°±]
H^WnMNS-W‡JLH1RwU+TXS6_yUXIJLS?WUVv-v-S?i[S?WLUVJZY[H^]4WZUVJLS?MTXH^i\JLUXk^S'Y[I$UV`N`Ni[Y\S-MsJZHŒJZRNS'ºwS-i\Mpb$Y\]NMNY\]NkCb$RNY[i\ShInJLUXWnJZY[]NkNƒ
Ã>û ø ó ø  û #`¦ÄZb4ÅĦÄEDG‡RPS-WZS6Y[I$UCMNvtfDUXvjRNY\]NS'b$RNY[vjRY[I‡v?KPJ·H^`„S?]ªƒžrRNH´bèJZRNS'_uH^i[i\H´b$Y[]NkJZH1InJLKPMNS-]oJLI?Ì
d v+UXWnq„H^]qNWnKNIZRNS?I-­
v-HXfDf KrJjUVJZH^W-­rInJjUµJLH^W$`aH^i[S?I-­NWnHXJLH^W‡v?H^Y[i|­PIJjUVJZH^W$UX]NMWZHXJZH^W‡i¾UVfDY\]wUVJLY\H^]NI
d WZHXJLUVJLS'JLRPS6WnHXJLHXW‡UX]NMIZRNH´bèJZRwUVJ$v-UXWZqaH^]qNWZKNInRNS-IUXWnS6IJjUVJZY[H^]NUXWnOŒb$RNY[i\S'v-H^fŒf KPJLUVJLHXWY[I‡WnHXJjUVJZY[]NkPƒ
Æ Ç ) .p"$%'@ȹ!%É
G‡RNS?WZS¶UXWZS'JLRPWZS-StfDUXvjRNY\]NS-I$fŒH^KN]oJLS?M>H^]pJLRPS6IJjUX]PMª­
H^KPJ$HX_,b$RNY[vjRpJ±bHŒHX_,JLRNS?fËUXWZStMNvtfDUXvjRNY\]NS-I?ƒ×·HXJLS'JLRPS
]wUXfŒSh`Ni[UVJLSWLUVJZY[]Nk^IšHX_JLRNS?IZStfDUXvjRNY[]PS-I$UX]NM4KPIZStH^]NShHV_JZRNS-fÃUXI‡UCMNvhfŒHXJLHXW‡UX]NMsJZRNS'HXJLRPS-W$UXI‡UCInS-`wUXWZUVJLS?i\O
S:~rv?Y\JLS?M>MPv6kXS-]NS?WLUVJZH^W-ƒ)G‡RNSt`wUXWZUXfŒS?JLS?WZI·UXWnSXÌ
d ¯^ƒˆÁ
³ ! MNvtfDUXvjRNY\]NSXPÌ pWJ Ô 4Æ Ê†ÀX
Ú Ëh^­ pWm Ô ÚP¯®EÁ Ëh­ l WZY\v?JLY\H^Ä] ›¥b$Y\]NMwUXkXS'i[H^InI$UVJ6¯®ÁXÀ^À Wn`Nf Ô ÁXqÎ !˜ƒ
d ¯^ƒ\¯t
³ ! MNvtfDUXvjRNY\]NSXPÌ pWJ Ô 4Æ Êc¯ Ëh­ pWm Ô ÚN¯®Á Ëh­ l WZY[v:JLY\H^] › b$Y\]NMwUXk^S'i\H^IZI·UVJt¯´ÁXÀ^À WZ`Pf Ô ÁXqÎ !˜ƒ

‡Žn
“ ¤ w• ’ ¶N šC

© ¦4üh ù
 ø ù/ øø®ÿ ó|¿û ø û ú( èù*&üh ÷ ô*9²ù²üuû4 ÷ ô&ý ø „ûaü ø ù9
ó 1 n^J2 ø û ø®ÿ ó€ùZ¿ù ø ý®ó
ö‡órü=-ó
ø®ÿ Äó !4û ó Córüuó«õ ø ®ûaô ÷ õDõ^ûaô ø µûaüyüyóT¿ù
9
ó ø þù^¿ù9
ó«þÝþýó ø û ÿ ó©ù
g ÷ ôVý* ÿ õoýZ®ó«ô ø ,-¦4ü=-ûö
ù *,ˆü ø´ÿ y
 ó ®ù ø ó«þÌ „ûaü ø ù9
ó ø û ø®ÿ ó&ó«üyþÍ ÷ ô,þ ÷ ô*9èû ø´ÿ ó&¿û ø û,ÏÎ?ô õ^ù^-ó ø®ÿ ó þ ÷ aó ÿ ù^
ø  ÷ '!ó«þ)öN*ú  ÷ ô 9Œúùw+õ ] ø®ÿ -ó aûaü ø ù9
ó6õ^û„ô ø ®û„ü]£ôû
ú ûaô ø®ÿ ó-!û4ó
õ^ûaô ø ®ûaü|üuóK¬ó©ó«þ ÷ ô9DùZ¿ù ø ý*®ó
û  ø®ÿ ó þ,C
 õ ¿û ø û  ø S û !û: ÷uø´÷ ûaôPÒ,ùwôþ ø®ÿ ó«ô'®ó
 ø®ÿ ó7ÐÑ9:®ó©ó«ô6Ò&ú&ý ø+ø ûaôP,
û ÐѲoó µ%
‡Ž± Ó 
 ’  ¶hwi
“  ´½šŸ± ’!¢ 3•£šPwšŸ?
e ƒmH^]P]NS-v:J¶JZRNS1v-Y[Wnv-KNYcJ6UXI'IZRPH®b$]Y[] l Y\kNƒ\¯-ÚNƒ °±]¼JLRNY\I6S~r`„S?WZY[fŒS-]oJtJLRPSŒfŒHXJZH^WhY[I'i\HoUXMNS?M¼q©O¼i\HoUXMNY\]NksJLRPS
k^S?]NS-WZUVJLHXW-Pƒ «!KPJ‡HXëUXi[i
Ib$Y\JLvjRPS-I$HX_£JLRPShi¾UXfŒ`si\HoUXMsUV]NM4H^`aS-]sJLRPShfQUVY[]sIb$Y\JLvjRȈ„Érv-H^]N]PS-v?JZS-Mq„S:J±bS?S-]
JZRNSi\HoUXMDUX]NMQJZRNShUXWnfQUµJLKNWnSHX_¡JLRNS'‰tmÕk^S-]NS?WLUVJZH^W-ƒ e i[InHN­rû!ó«ôk ÷uø õ ÿ ó
qÔ*Oö'Ô Ó ùNô,þԊÕ+ƒ7G‡RNS?IZStUXWnS
H^]pfDUXvjRNY\]NS'InJLUX]NMªƒ
»ƒ«b$YcJLvjRpH^]4JLRPS e mÖIZKN`P`Ni\ODJLHCJLRNS'`aH´bS?W$S-i[S?v?JZWZH^]NY\v'v-H^]oJZWZH^i\i[S-WšIZKN`P`Ni\O«Y[]PkŒ`aH´bS?W‡JLHCJLRNShºNS-i[M4b$Y\]NMNY[]Pk
HX_JLRPS6fŒHXJZH^W-wƒ ª·IZY\]NkCJLRNSt³©]NH^qH^]pJLRNStv-HX]©JZWZH^i\i[S?W-­NUV`N`Ni\OQJLRNStWLUµJLS-M4TXH^i\JLUXk^ShJLH1JLRPStºNS-i[M4b$Y\]NMNY[]PkNƒ
mƒ«b$YcJLvjRHX] JLRNS e mInKN`N`NicO>JZHDJZRNS `aH®bšS-WS-i[S?v?JZWZH^]NY\v¶v?H^]oJLWnH^i[i\S-W·IZKN`N`Pi\O«Y[]NkQ`„H´bšS-WJZHQJLRNSUXWZfDUVJZKNWZS6HX_
JZRNSpfDHXJZH^W-) ƒ ªInY[]Nk¹JLRPS4³«]PH^qÝHX]“JZRNSpv-H^]oJZWZH^i\i[S-W?­)IZi[H´b$icO€Y[]Pv-WZS-UXIZSsJZRNS4T^H^icJjUXkXSsJLH¹JLRNSpUVWZfDUVJLKNWnSsJLY\i[i
JZRNSWZUVJLS?MTXUVi[KNSVƒ e i[IZHP­ªUX`N`Pi\O4JLRPS WLUVJZS-M TXH^i\JLUXk^S6JLHDJZRNSºwS?i[M b$Y\]NMNY\]NkQHX_!JZRNSkXS-]NS?WLUVJZH^WCx¸JLRNS HXKPJL`NKrJ
JZS-WZfŒY[]NUXi[I'UVWZS1UVJ'JZRNS1WZS+UVW6InY[MNSCHV_šJZRNS1v-H^]oJLWnH^i[i\S-Wh_uS?S-MNY\]Nk4JLRNSŒUXWnfQUVJZKNWZSHX_šJZRNS1fDHVJLH^WL}:ƒC×·HXJLS1MNH´b$]
JZRNStfDS:JLS-W‡WnS+UXMPY[]Nk^I?­wIZ`aS-S?M UX]PM>MNY\WZS?v?JLY\H^]pHX_,WZHXJLUVJLY\H^]ªƒ
…$ƒmi\H^IZSŒInb$YcJLvjR߁½UX]NMi[HoUXM¼JLRPSDk^S?]NS-WZUVJLHXW¶Y\]IJLS-`PI¶JLY\i[i7YcJ6WZS+UVvjRNS-I6_uKNi[i!i\HoUXMªƒ l HXW6S-UXvjR€i\HoUXM¼³XS?S-`€JLRPS
Y\]N`NKPJ!TXH^i\JLUXk^S‡JLH'JLRPSUXWnfQUµJLKNWnS‡v-H^]NIJjUX]o¯J ›Ü]NHVJLS$MNH´b$]sUXi\iPJLRPS·fŒS?JZS-W)WZS-UXMNY\]Nk^I)UX]NMŒIZ`aS-S?Mª3ƒ Ö6ûa
ý ¿
ù
&ô,þ ø®ÿ ù ø ú!
ó „ûaôþßùõ^ó  ø ù ÷ ô€üyû
ùwþ)ö ÷uø6÷ 6ôû ø !( û  ÷ ú,üuó ø dû ]
ó©ó  ø®ÿ ó4/ù ù ø ý µó ÷ ô &ý ø „ûaü ø ù 9
ó
õ^ûa*ô ø ùwô ø ,?×4û¿ôû øQ÷ ô8õ ®ó«ù -ó ø®ÿ óüuû
ùwþ²ú!
ó aûaô,þ ø®ÿ÷ [!û ÷ ô ø ƒ)«b$YcJLvjRHXëJZRNS¶i\HoUXMpUX]PM>H^`aS-]>„ƒ
l ƒ·×·H®b¥UX`P`Ni\C O UoEÁ ‡ËHV_!JLRNS¶WLUVJZS-M TXH^i\JLUXk^S¶JZHQJLRPS UXWnfQUVJZKNWZS¶UX]NM WZS-`aS+UµJhJLRNSUXqaH®TXS InJZS-`ªƒh‰hHQ]NHXJInb$YcJLvjR
HXë JLRNStIZKP`N`Ni\OXƒ
‡Ž
“ c“ Ø  Ÿ®• §€šNwšŸ?
e ƒ‚ª·IZY[]Pk1JZRNSt`„H´bšS-W·S-i\S-v?JZWZH^]PY[v'v-HX]©JZWZH^i\i[S?W‡UX`N`NicOQJZRNStWLUVJZS-MpT^H^icJjUXk^ShJZHCJLRNS6UXWnfQUVJZKNWZS'HV_,JZRNS6‰tmÖfŒHXJLHXW-ƒ
»ƒ‚ª·IZY[]Pk JLRNSD`„H´bšS-W S?i[S?v?JLWnH^]NY\vQv-HX]©JZWZH^i\i[S?W¶InKN`N`Ni\Y[]Nk>`„H´bšS-WJZH JLRNSŒºwS-i\M€HX_‡JZRNSs‰tm3fŒHXJLHXW-­&WnS-MNKPv-SsJLRPS
ºwS?i[Mpv-KPWZWZS?]oJJZHDÀrƒ†Ú e ƒ
mƒmi\H^IZSt4UX]PM4i[HoUXMsJZRNS'k^S?]NS-WZUVJLH^WY[]4InJZS-`NIJZY[i\ia_uKNi\i¡i\HoUXMªƒ l H^WšS+UXvjRpi\HoUXM4³XS?S-`pJLRNS'Y\]N`NKPJT^H^icJjUXk^S·JLHCJLRPS
UXWnfQUµJLKNWnSUX]PMQºwS-i\Msv-KPWZWZS?]oJ‡v-H^]PInJjUV]©J-­NUX]PMs]NHXJZShMNH´b$]4UXi\i
JZRNShfŒS?JZS-WžWZS+UVMNY[]NkXIUX]NMQIZ`aS-S-M¡Pƒ Ö6ûa
ý ¿
ù
&ô,þ ø®ÿ ù ø ú!
ó „ûaôþßùõ^ó  ø ù ÷ ô€üyû
ùwþ)ö ÷uø6÷ 6ôû ø !( û  ÷ ú,üuó ø dû ]
ó©ó  ø®ÿ ó4/ù ù ø ý µó ÷ ô &ý ø „ûaü ø ù 9
ó
õ^ûa*ô ø ùwô ø ,?×4û¿ôû øQ÷ ô8õ ®ó«ù -ó ø®ÿ óüuû
ùwþ²ú!
ó aûaô,þ ø®ÿ÷ [!û ÷ ô ø ƒ)«b$YcJLvjRHXëJZRNS¶i\HoUXMpUX]PM>H^`aS-]>„ƒ
‰ ƒ$×·H®b“WnS-MNKPv-SJLRPSšºwS?i[M v?KNWZWnS-]oJ7JLHÀPƒ†8Î U e b$YcJLRCUVWZfDUVJLKNWnSžTXH^i\JLUXk^SžKN]NvjRwUV]Nk^S-M1UµJ7Y\JZI,WZUVJLS?MTVUXi[KPSX3ƒ Ù$S-`aS+UµJ
JZRNS6UXq„H´TXS6IJLS?`ªƒ
…$‚ƒ Ù$S-MNKPv-StJLRNS'T^HXi\JjUVk^StUX`N`Ni\Y[S?MsJLHCJLRNS6UXWnfQUµJLKNWnShJLH1ä-S?WZHNƒ

F
 ‡Ž  Ú£¨ ”P’ ŸDš  –w•¡w –š ž Ú) ’ N š
“

e ƒœ!ÖYcJLRNH^KrJšMPY[InJZKNWZqPY[]NktHXJZRNS-Wž`wUXWJLI)HX_¡JZRNS·v-Y[Wnv-KNYcJ)Y[]oJLS?WZvjRwUV]Nk^SJZRNS$IZKN`P`Ni\OCJZS-WZfŒY[]NUXi[I7JZH6JZRNSUVWZfDUVJLKNWnS‡HX_
fŒHXJLHXW-ƒ e `N`NicOCJLRNS·WLUVJZS-MŒT^H^icJjUXk^S$JLHtJLRPSºwS?i[MDb$Y\]NMNY\]Nk¶HV_¡JLRPSfŒHXJLHXW-­«UX]NMDIZi[H´b$icO1Y[]Nv?WZS+UVIZS$JLRNS·T^H^icJjUXk^S
JZH1JZRNS6UXWZfDUVJZKNWZShJZY[i[iaJLRNStWZUVJLS?MpTVUXi\KNSXƒ)×·HXJLStMNH´b$]pJLRNStIn`„S?S-MUV]NM>MPY[WZS?v?JZY[H^]4HX_,WZHVJjUVJZY[H^]ªƒ
…$‚ƒ Ù$S-MNKPv-StJLRNStT^H^icJjUXkXS¶UV`N`Ni[Y\S-M4JLH1JLRPS¶UVWZfDUVJLKNWnStHX_&JZRNStfDHXJZH^WJLHŒä-S?WZHQUX]NM`NKPJHXë¹JLRNStInKN`N`NicO4JLHŒq„HXJZR
JZRNSt`„H´bšS-W$S-i\S-v?JZWZH^]PY[v'v-HX]©JZWZH^i\i[S?WZI-ƒ
‡Ž
“ ƒ¼ ¤ Ÿ–!rN n ¢ šÄÛÝÜßÞ §€™ ’  ’ •¡P
” N –• ” 
¿
© ª·IZY[]PktJZRNS·`Ni[HXJ)HV_¡Sz5Dv?Y[S?]Nv?OCT«IžH^KPJL`PKPJž`„H´bšS-WžHX_¡JZRNS$k^S-]NS?WLUVJZH^W-­o_uH^W!S-UXvjRQHXKPJL`NKrJšMPS?JLS?WZfŒY[]NS‡JZRNS$Y[]N`NKrJ
JZH1JZRNStk^S-]PS-WLUµJLH^W?ƒ
© e IZIZKPfDY\]Nk>¯+À^
À ‡v?H^KN`Ni\Y[]Nk1kS 5Œv?Y[S-]Pv?O^­
JLRPSUXqaH´T^S6Y[]N`PKPJ·`„H´bšS-W·Y[I‡JLRNS6H^KPJZ`NKPJ·HX_,JLRNS6fDHVJLH^W?ƒ ’ ]NH´b$Y\]Nk
JZRNStIZ`aS-S-M>HX_JLRNStfŒHXJLH^W?­PMNS:JLS?WZfŒY[]NShJZRNS'JLH^WnÄ«KPSX6ƒ «!i[HXJ$Gz|{ÛvjRwUVWLUXv:JLS-WnY[IJLY[v?I-ƒ
{{{~àIà‚àIàW{{{{

á â È %h*,#!(-.ã¹*Ë#7. ä% qã¹**åÃ%'!%'@SÉ

© G‡RNS6v-HX]NMNY\JZY[H^]4JZHDMNS:T^S?i[H^`>InJLS-UXMPO4JZH^WZÄ©KNS6Y[I‡JLRNUVJ$JLRNS6WZS?i¾UVJZY\T^StIn`„S?S-M qaS?J±bšS-S?]JLRNS'J±bšHDºwS?i[MNIxyY\]4JLRNY\I
v-UXIZSDà&á'UX]PM¿*à J+}InRNH^KNi\MqaSDä?S-WnHNƒD°±]½HXJZRNS-W'bšH^WZMNI?­,JZRNSCJ±bHºwS-i\MNItIZRNH^KPi[M½q„S1InJLUVJLY\H^]wUXWObtƒÙW-ƒ J¶S-UXvjR
HXJZRNS-W?ƒÖ°±]²MNv>fDHXJZH^W-­žJLRNS>IZ`aS-S?MHX_tà&áCY\IDä?S-WZHÛxyIJjUVJZH^WDv?H^Y[i$Y\IDIJjUVJZY[H^]wUVWnOÕUX]NMÝY\JŒY[IŒS:~rv?Y\JLS?MÛqoOÕMNv
v?KNWZWnS-]oJ}­
b$RPY[i[SJLRNS6UXWnfQUVJZKNWZS'Y\I‡WZHXJLUVJLY\]NkNƒ!…&~r`Ni[UXY[]pRNH´bèY\IJLRNS6UXqaH´T^Stv-HX]NMNY\JZY[H^]pIZUVJLY\InºwS?M æ
© …&~r`Ni¾UVY[]4b$RoO4JLRNS'_uKNi\i„ºwS?i[M>UX]NMpWZS?MNKNv-S?MUXWnfQUµJLKNWnShT^H^icJjUXk^S'Y\I$UX`N`Ni\Y[S?MpJZH1MNvtfDHXJZH^Wb$RNY\i[S'IJjUXWJLY[]PkNƒ
© !ÖRNS:JLRNS?WDJZRNS>In`„S?S-MÛY\IDY\]NMNS?`„S?]NMNS-]oJQHX_JZRNS>MPY[WZS?v?JZY[H^]ÕHX_hWnHXJjUµJLY[HX ] æ °¬_hY\J1Y[In]ªÉ JDb$RwUµJQv?H^KNi[MÕqaS>JLRPS
WnS+UXInH^]æ
© !ÖRwUµJfDU+OsRwUV`N`„S?]>Yc_JLRNS'ºwS?i[Mv-Y[Wnv-KNYcJ‡k^S:JLI$H^`aS-]v-Y[Wnv-KNYcJLS?MMPKNWZY\]Nk1fDHXJZH^WZY\]Nk æ
© !ÖRNY\vjRJ±O«`aStHX_&fŒHXJZH^W‡Y[I‡fŒH^InJ$InKNY\JLUXqNi\S_uH^W‡S-i\S-v:JLWZY\vhJLWZUXv?JZY[H^ ]æ
© !ÖRwUµJUVWZShJLRPS6i\Y[fŒY\JLUVJLY\H^]NI)HX_7„ƒÂ…‡ƒ
MNvtfŒHXJLH^€W æ
© !ÖRoO4Y\I‡Y\J‡fŒS-]oJLY\H^]NS?MY\]4IZS?v?JLY\H^]rz–Ærƒ\¯XƒˆÆ¶JZRwUVJ‡JLRPS6fDUµ~rY[fKNfIn`„S?S-MHX_,H^`„S?WLUVJZY[H^]4Y\I‡UXqaH^KPJt¯®ÁV
À ‡ HX_JLRPS
WZUVJLS?M>In`„S?S-Mæ
© °±]¹MNvCInS-WnY[S-IfDHXJZH^WJZRNSºwS?i[Mb$Y\]NMNY[]PksY[Iv-H^]N]PS-v?JZS-M½Y[]InS-WnY[S-Ib$Y\JLRJZRNSCUXWnfQUµJLKNWnSXƒ6mUX]¼UsInS-`wUXWZUVJLS?i\O
S~Pv?Y\JZS-MsfŒHXJLHXW!q„S·v-H^]oTXS-WnJZS-MsJZHIZS?WZY\S-IžfDHXJZH^W)qoODv?H^]N]NS?v?JZY[]Nk6JLRNS$ºwS-i\MQY\]DInS-WZY\S-€I ædçXKNInJZY\_¸OCOXH^KNWšUX]NInbšS-W?ƒ
© ê_JLRNS'J±bšHDfDUXvjRNY\]NS-I‡b$RNY\vjR>H^]PS6MPY[M4O^H^KvjRNH«H^IZStJLH1H^`aS-WZUVJLStUVI·fŒHXJZH^ŒW æ0çXKNInJZY\_¸OsOXH^KNW·UX]NIbS?W-ƒ
© e IZIZKPfDS'JLRNUVJU1kXY\T^S?]>fDUXvjRNY\]NS'RwUXI‡JZRNS'_uH^i[i\H®b$Y\]Nk ]wUVfDS'`Ni[UVJLS'WZUVJLY\]Nk^I?Ì
Æ^ÆXÀ g ­ V e ­£¯^ƒˆÁCIé «,­£¯®ÁXÀXÀ WZ`NfÃMPv6fŒHXJZH^W
!ÖRwUµJMPH1JZRNS-InS¶]©KNfq„S?WZI$Y[fŒ`Ni\/ Oæ
© °±]CInS-`wUXWZUVJLS?i\OS:~rv-YcJLS-M1MNvfQUXvjRPY[]NSV­XJLRNSºNS-i[M b$Y\]NMNY\]Nkhv+UVWZWZY\S-I!Uhv?H^]NIJjUX]oJ!v?KNWZWnS-]oJ+ƒ)é·S-]Nv?SX­©Y\J&MNY[InIZY[`NUVJLS?I
`aH´bS?W-ƒšrKNk^kXS-InJUCfDS:JLRNH«M4JLH1S-i\Y[fŒY[]wUµJLSJZRNY[I‡`aH´bS?Wi\H^IZI?ƒ
{{{~àIà‚àIàW{{{{

U
 Electrical Electrical Mechanical
System Machine System

Motoring mode: P(elec) P(mech)

Generating mode: P(Elect) P(mech)

Fig :1 Electrical machine as an energy converter

N S N S

(a)
(b)

Fig: 2 Structure of machines

B
external field B

F
L
F
F

(a)

Resultant
substract add
(b) (c)
Figure: 3. Electric force on a current crrying conductor in a magnetic field.

V
 f
B (into the paper)

L u

(b)

B into the paper

(a)
Figure: 4 Conductor moving in a magnetic field

Rotor
Fr Fr Fsr

sr
r
Fs
s
Fs
sr

Stator
(b)
(a)

Fig 5: Simplified 2 pole machine and vector diagram of mmf waves.

brushes
quadrature axis
field coil
Ra
If
E
S direct axis
N

V Armature
f
field coil

Armature coils

Fig: 6. Schematic representation of a dc machine

¯´À
 θ= 0
a Cb
B( q )
b1 b2
N S

b
Ca N

1 e q
12 2 S

(a) (b)

eab

0
q

(c)

e12 E12

0
(d)

Fig: 7 Voltage rectification by commutators and brushes

(a)DC machine with commutator segments
(b)Flux density distribution in air gap (c)Singleturn machine

b
f
B1 B2 B1 B2
N a b S N S
f
a

1 2 1 2
(a) (b)

f
B1 B2
N b a S
f

1 2
(c)

Fig: 8 Current reversal in a turn by commutators and brushes.

¯^¯
 Ia Ia

Ra
E α φω Ra
Rf Ra
If
Va
Va Va
Te Vf
E α φω E α φω

Tl

(a) (b) (c)

Fig 9:Equivalent circuit of DC machine.

Ia Fa
IF A
Ebα φω
+
VF +
Ra − Va
− o
90
AA Fs

Fig 10 Separately Exicited DC Motor

Ra
A slope= 2
(Kφ)
Speed

Torque
Fig.11 T− ω characteristics of Separately
Excited DC Motor

Ia
IF A
Z Eb +
VF +
− Ra − Va
ZZ
AA

Fig.12 (a) Schematic diagram for armature

voltage control

Field Control V1 V2 V3
(V1 , φ2 ) φ φ1 φ2
Speed

(V1 , φ1 )
ω rated
(V1 , φ ) V1 = Vrated
(V2 , φ )
Armature
Control (V3 , φ )

Torque
ω characteristics for armature & field control
Fig.12(b) T−

¯®Æ
 Te Ia , φ Ia

T,P,I,Φ,Va
Va ,P Te, φ

ωrated
Fig.12(c) Variation of various quantities with speed

Ia
IF A
Z Eb +
V + Va = Vrated = V
F Ra − 1
−
ZZ
AA

Fig. 12(d) Schematic diagram for field control

2V
Vm Vav = π m

Vmsin wt

Vav =Vm (1+cosθ)

+
Vm π
POWER
ELECTRONIC
CONTROLLER
Vmsin wt −

θ π π+θ 2π
Fig.13 Output voltage waveform of Power Electronic controller

I
+ − S + G−
Α A A
A A
POWER
+ +
230 V ELECTRONIC M G V VG LOAD
1− ΦA.C V −
CONTROLLER −
AA AA
Ν
−Z ZZ Z ZZ

+A
POWER
ELECTRONIC
CONTROLLER

Fig.14 Circuit diagram for speed control of Separately Excited DC Motor

¯´Î
¯+Ú