Professional Documents
Culture Documents
Eight Valuation Methods Andreasen PDF
Eight Valuation Methods Andreasen PDF
¡Èê`Éë Ê~ËGȨ̂ÍÎÏ=Ê3ÐIÑvËÍËGÒÑÍlÎEÓ&Ê~Ò~Ô̬ÑvÕ¬ÑvÊ~Ö×yÕ¬ØIÙyÚÛ)ÛNÜPÑÖ]ÝGÞ)ßÖ¬à0ÍlÕ¬Ê)Ùt×yÞoËGØGÞ)Ëáâ=ãoäæåçPèRé
Ê~ßÍÌ]Õ¬ìÊ~Ë&Õ=Þídä1ÍËÍlà)Ê~ìÊ~Ë&ÕÙGÓ&Ò`ÝGÞ&Þ)ÎIÞí7áÒ~ÞoËGÞ)ìÑvÒ~ÖîÍlËGØäÍËtÍà)ÊìUÊ~Ë&ÕÙ&ïÆËGÑvð)Ê~Ì]Ö¬ÑvÕ¨ñUÞlí²òÍ̬Ý&ÔGÖ¡ÙtØGóoô
ë
õ)öoö)÷ ö ë ÊËGì>Íl̬óyé
Ê~ßÍÌ]Õ¬ìÊ~Ë&ÕÞíPç=ÝGÊ~Þ)Ì]Ê~Õ¬ÑvÒÍlÎ7Ó&Õ`ÍÕ¬ÑvÖ]Õ¬ÑvÒ~Ö3ÍËGØ5øÆßȨ̂ÍÕ]ÑvÞ)ËGÖ3Ï=ÊÖ¬ÊÍl̬Ò`ÝEÙIù¨ËGÖ¬Õ]ÑÕ]ÔGÕ¬Ê%ÞlíîäÍlÕ¬ÝGÊ~ì"ÍÕ]ÑÒ¡ÍβÓÒ~Ñô
Ê~ËGÒ~ÊÖÙyïÆËGÑvð)Ê~Ì]Ö¬ÑvÕ¨ñ%Þíò9Íl̬Ý&ÔGÖ¡ÙGØGóoô õ)ö)öoö ë Ê~ËGì"Í̬óyé
úûýü
!#"$%&')(*&++-,/.(10,20#345,/6!0#+07)89(:8;"/)#<%8;07)+=(6>$.)?0#)0'"$
)û
@ (A8B"$CD,&)8D(E(:(+-CGFH)0#FH076+ 8B.7<(IJ07KC&!0 L&MN$))= POQR<C<CD.507=)0#S,)T
07)5A+( @ U.:5)8V0#,W8B7<"$XY7)5.3C<0J0#:0F9,$!0K,&3C<UT'D0#Z<(10##)!0K<(VE(:(+-*)#
Iû
2[)F9<CD6\T'<07G]B07R^C6&+=_$`#a1+=,/C<)P2b,&#F.C ?K7)Cc,T\ ,20#40#%+d(36>$.)e(:0#.3=CDC<N
CD<)D(07D @ DC<<0!N0#,X+-,&RT'<0#*8Bgfc#(10'I&(=)C<#07<,/(h,)2P07 @ &5+450!`i.*,2\^C&+=_
oû
)(8ja1+d3,&C<% ak,&F9JF90#,184)#)&!<C<Nl81)#+-7 @ )8
<(WF9,/#JI/(mC\5070#D(I
)(8Q0#3
û
^C&+=_n`7a1+=,&CD)o2b,/#F.C6 0#())m/e4!p%+-6)Cq+&5 er 0#PF907,18P)# (,&0 ,$75 @ C<
yû
07,8B)#+s# @ SD(9I&(=)C<D05NJT'D0#D(CD<F9D0#)8J!&+s POt(9076 6 0#4+&5k]BTu+-,&(!68B0#3
@ /5+v^C&+=_n`7a1+=,&CD)P!05`[.G]8B#<"$'07w2b,/#F.C6S.!<(IJ07S)#0#+-.CFX0#,18c]B)(890#(
Pûú
D(8B6+0#J07Km(I/9)(8lCD6+ @ <CD<0!N,2'07JF907,18 i(U<0#3S+&5J076x5,/.C68lCDC<,)T
077)&814(,&0S2[FX<C< T'<07Q079!. @1y )+-0x0#,HI$)<(VD(5DI&10S<(10#,H0#3J0#)+=(>n.%w.5%8YD(
oû
E(:(+-CcFH07FH)0#6+ Gz,&\,&CDST',)#w2[)F9<CD6T'<0#X0#wE:C68q]{|Tx<F}07,JC<%&5 <{ û
x,& 6P0#)0')(BNJm5,&(X<(0#~I/#,/.9T'<CDC5 0CD)&!0 ,&( #,$,)2(8X#NH{wo]nN$% oû
ú yû
&8B(o{0 0#,/.I&10w,)2P070 ,&(3 <{
ú
R,&.07C<D(4,2 074 6'/2b,/C<C<,)T s i(
a$)+-07<,/(ULJTS2b,/#F.C6)0#S074#, @ C<FA]B<(10#7,`
Eûú
8B.:+-5,/F9+-(10#mC+-,&(+s0=s]?(8
#%5(10w07^C6/+d_$`7a1+d3,&C<%2b,/#F.C6 (
,/0#vT\,&m8
0û
T\4&!_90#u>n.%50#D,&(W
$I/<"$S074(:5T'.2b#,/(B0 4(10'J!)+-0#D,&(\8B)7+-# @ xT'N
¡û û
,)2 I&070#D(IK2b#,/F,&<(10 07,Jp,/<(10 ^S ga OVN30#)0'C<)/8;.:&!0S)(5T\=07,JF9,&7SI&(1`
Pû
mC\>$.)507<,/(S0#)(Q07,/(,&#DI&D(CDC<NU,k5)8 X^N
H)8BI/#I/.F9(10JbT'6+=
T'/v0#3
D(I&(3<,&.:w<(!<I/B0S,)2^C6&+=_c]a1+=,/C<) (8
U#0#,/(q'07K2b.(8)F9(10=)CG70#6)C 8Bgfq#(10#C
Eû
)>$.)0#<,/(U[ S2b,/\ @ <0#mI/h2b7 &750\#+-)G6 8B7<"$)84<(9a$)+s0#<,/(9 ea$%+-0#D,&(K!,)T
,)TF;#07<(IkCDw07)+d3(6>$.)\+( @ 4.5)8907,5,&CD"$40#S3#6+s<(IJ7, @ CDF(8*50#7)#!)0#3
7C6)0#<,/(53< @ 0!T(lF9))(v,)24!,&CD.0#D,&(K,)24!0#,1+=&!0#6+H8Bgfc#(10#C )>$.07<,/(95a1xe=
oû )(8U S 'a$)+s0#<,/(HJ53,T ',)T0#R5F9<(3I&C<NR(.07=)C?+-,&(+s0,)2P.:5<(3I8Bfc7(B0\(B.1`
F9=D#)\+(H07.#(H,&.30'0#, @ JK"$7N,)T52b.Cc0#,$,&C[]<(92[&+s0'T48B#<"$x0#4^C&+=_n`7a1+=,&CD)
`ûú
2b,/#F.C6T'D0#,/.0R+C+-.C0#D(I*H5<(3I&C<<(10#I&=)C i(Va$)+-07<,/(V9T<(3<0#CDC<NH0#7N
0#,l{F9%#
T'D0#
N$,&.3w%&8q{ @ NX#,/p,k5D(I*9507=07I&NH0704!F9D(I&CDN9+s,&(10#=/8B6+s0='0#R#"1<,/.'#-`
oû !.C<0m S^.30ST5,)T0#)0SX+7-2b.C?<(!p%+-0#D,&(
)(8
5,/F9J/8B"/(+s)8
507,1+d/5076+K+C6+s.C<.
û3ú
(,/0 ,&(CDNJ#)!,&C<"$%07w:=/8B,)q] @ .30)C6!,v3#,)"B8B)P)(B07=w7,$,2 i0Pe!,)T'(D(9a$)+-07<,/(
0#:040#R#+-K,)2'07+CDC`[,&07<,/(lC6!,H#)0#E)49 S0#)0v7.(wD(l507#<_$R#+-J)(8
=û
FH)0#.7<0!NH8)0#$]oX2b,/#T=8U%>n.)0#D,&( 4w,/0S,&(3C<N*8B,$)S0#36wI/<"$R(,/0#v3#,$,2,2\0#3J#-`
)û
!.C<0 @ .30 C6!,J&'m&+-076+)Cq<FXC<+07<,&(:2b,/'(B.3F9#+C3.#,k5) ha$%+-0#D,&(HJ8B#<"$%e0#3
`û
2b,/#F.C69/4;CD<F9D0#D(I+&!,)2 H8B#+-70# @ D(,&FX6C?F9,18BC R3#,&,k5)8V+s,&(1"$#I/(+-
7,$,2 '8Bfc7(10e2b#,/FF9,k50,/0# +-,&(1"$#I/(+- 7,$,2[wD(90#4CD<0#=07.#x(:8DI&CD<I&10=
úûL
) (U<(10##)!0#<(3IJ5DF9<C7<0!N @ 0!T(X(B.FX=)<#F9&!.#x+d:(I/)hD(*8B67+-#074(:8U+-,/(B07<(B`
oû
.,/. +&!) 'a$)+-07<,/(J5,)T '0#)0'T4+(
)C6!,8B#D"$w07S2b,&7F.Cw2b#,&F0#R+-,/(B07<(1.,&.
07<F9 \xe FX,18BCi]1T'6+=9CD<(_30#,/I&07'0!T,J,)2 0#xF9,$!0 +-C< @ =)0#)87)5.3C<0=D(9E((1`
oû
+-Cc)+-,&(3,&F9+ w07<C<D0!NKFH)BDF9D#07<,/(J,2~v##)!(10=07<"$ )I&(10'T'<07Hv.07<CD<0!NK2b.(+-07<,/(
1 @ <07<(I+-,/(50m(10w7C6)0#D"$S#5_*"$=!<,&(Hw!,)T'(
C5,907,981,07K07#6+=_<(Qak)+-0#D,&( M ü Eû
ütü
a$%+-0#D,&( R5.F;.H0#R+-,/(B07# @ .0#D,&(,)2 0#4)S)(8H8B67+-.75)'0#47)5.CD0= )û
H
G
S
) (8(,<(10##F9)81607'NBFX(B0m oû
Ol4T'<C<C?/#!.F9S070 0##4)#4(,0#=)(#/+-0#D,&( +-,k50=s]p(3,5,/#05`5C<C<D(I+-,/(507=D(B0mw)(8
yû
0704)C<C&750mS7K52b%+-0#CDN98BD"B5 @ C< \z.#077F9,&7vT\4T'<C<C?)C<CD,T <(1"$)507,&=07,H+-,/(B07<(B`
)û
.,/.5CDN9#%&8 y .!0'0#< ,�!2b,&CD<,$ hakp%+-Ec+C<CDN$]19 F+G7
$I H6 JKLF+G7
FNMOJQPv+R (TS 6UVGWM7IHYXZF[
I[Z\]M
)û
!0#,1+=&!0#6+'7,1+-)#\#)0#6i2bNBD(I4+-#0=)<(J07)+d3(6+)C+s,&(8BD0#D,&( _^JG,K.s] R T'<CDCB7#%5(10P0#3
`Oa ÞoÕ¬ÑvÒ~Ê3Õ]ÝÍÕPÕ¬ÝGÑvÖ=ÑvÖÍË"Þo̬ØGÑvËÍl̬ñ%ØGÑcbyÊ~̬Ê~Ë&Õ]ÑÍlÎEÊEd&ÔÍlÕ¬ÑvÞ)Ëfe=ÑvÕ¬Ý"Ö¬ÞoÎÔÕ¬ÑvÞ)Ëà)Ñvð)Ê~Ëfg&ñQhikjl
monpNqsrtn jvu é
w ç=ÝGÊլ̧ÍlØGÑvËGà%Ö¬Õ]̧ÍlÕ¬Ê~àoñxe=ÑvÎÎgÊÖ¬Õ]Þ&Ò§ÝtÍÖ¬Õ]ÑvÒBgtÊ~ÒÍlÔGÖ¬Ê%ÑvÕØÊ~ßÊËGØGÖÞ)ËÕ]ÝGÊÖ¬Õ¬Þ&Ò`óÍlËGx Ø gtÞ)ËGxØ e=ÝÞ)Ö¬ÊßGÌ]ÑÒÊ
Ê~ð)ÞoÎvÔGÕ¬ÑvÞ)ËÑvÖ7Ö]Õ¬Þ&Ò`ÝÍÖ]Õ¬ÑvÒ)ézyÞWePÊ~ðoÊ~ÌÙGÍlÕîÍlË0ñ%àoÑvð)Ê~ËÕ¬ÑvìUÊ|{VePÊ}e=ÑvÎvÎGó&ËGWÞ e;ÝWÞ e;ì%ÔGÒ`ÝÕ]ÞÝÞ)ÎvØEéIòìUÞoËGà3ÞoÕ¬ÝGÊ~Ì
̬ÊÍlÖ¬ÞoËGÖ7Õ]ÝGÊ=Õ¬ÊÒ§ÝËGÑvÒÍÎGÒÞ)ËGØGÑvÕ]ÑÞoËGÖÕ¬ÝGÊ=Ö]Õ¬Ì`ÍÕ¬Êà)ñÝÍÖÕ¬ÞÆí ÔÎ~tÎÎ&ÑvÖÕ¬ÞEÊ &Ò~ÎvÔGØGÊ ZL
N7LE]OL]YLE~éÓ&Ê~Ê ë Ô UÊ
Ú¡Û)Û)ãZ»í Þ)ÌPØGÊ~Õ`ÍÑvÎvÖé
úû
(1.F @ e,)2507,1+d_3eC680'0#DF9 ]1T'<CD S e0#3 @ ,&(89,/C68BD(I$ )û R -I S -01 e0#3
)û
\ M UVG XZM KWK 07=/8B<(IX507=)0#I/N96'+)C<CD)8 K MW\
\
$zXH6J2
R O S Y01 (
yû
T'+d4F9%(0#)0T\e,/(C<N FH)_$ (4<(1"$)!0#F9(1007,18N P Ik<(:)# #D(B"$%50#%8q])(8vT\
8B,(,/0'.5410#mv2b.(807,+-,)"$,/.'C<,k#5%S 0#36'8B,$)(3,&0'()+s)#7#DC<NF9))(H+-,&(:50=)(B07C<N
+)C<CD<(IN$,&.u50#,1+=_$` @ 7,&_$]{ @ .N$`!)(8n`[,&C8q{ `507=)0#I/<)S)#R"B8B(10#CDNH5Cg26` E:((+s<(I1 S ( û
GL[H]F G#
JMZUIU
IGWF1z H]F Ph6'5C26`bE((:+-<(IJ07=/8B<(IX507=)0#I/NH5.+=U070'<0#3
I
tM (f.
5 M$
ü (f.
5 Mn M (
,/
M (f. 5 M$
ü
$a ,3](H) @ D0#mI&4,/,.(D05N6 {!,&F907<(3Iw2b,&\(,&07<(I3{,&x{u2b7 C<.(+=G{ ')&!,&( @ C<N$] û
07,&.I/
B.3FH(H<(10#.3<0#D,&(* @ ,/.04507,1+d:&5076+4(,/F9(Kh(3,&0#,/#D,&.!C<NH,$,&]cTJ+((,/0
-û
"$x5.+=X50#m07I&D)eD(07w%+-,&(,/F96+%>n.DC< @ #D.F o# T,/.C68 @ 4(X<(BE(3<0# 81FH(:8
2b,/K0#3H{ @ <07=)I&X50#m07I&Nc{<]GT'DC<K(3,
I/(10bT'<07,&.0RH5#<,/.wE()(+-6)C 8B))0#lT'6!q
T\,&.C8 @ 4T'<C<CD<(IR0#,X5.3C<N9D0 &û
z7,&F .7H50m0#+9 @ <07=)I&*+-,&(:5681=)0#<,/(v079,/(C<N @ ,&.(83 070+( @ 9.0R,&(Z0#3
+)C<Cg`i,/0#D,&(U3#6+s47$
! V?201 :
D
¡ü
RFHD(9+s,&(10## @ .07<,&(H,)2 ^C&+=_#"}a1+d3,&C<%S $)$0#)0w07NX+-C<,k540#4Ik
)(89I&D"$
)(U3&+-0'3#6+s<(IK2b,/#F.C6 @ NH8BN1(F9+S @ <07=)I&R7I&.F9(B0m oû
$#%&('*),+.-0/132*%546)87:9<;>=@?A9<2CBD)8%E&6FGBDH<IJ'*)87LKJMN)F,OMK MTF-F H6JHK
KJM/K XGZHY[ZM7*
I[P M FQOMs
FR UVGoM MdF'
IGL[H]F G#
JMZ UIU
I GWF1 zH]F H-M KS MT6 KLFU3O
M ( VSWOMoGoM
X ( A
X Y RBZ ?\[<]_^` 5 ] Na :Y Z ? "Cb 8 ? iL$
C<(G:d c fe g = 8 ?
Z 3 ^
" b 8 ?
$hY Ms: FEM K)FQO M)X(ET6I \g
F H MMsIK H]F+P# F,O M KLF[
$$
IG#:I G J T
\?IHKLF+GLHY[(I F+HQ$ Di
dM I G#MLGfFR GoM+U\ HYX=
FNMxFQO M1U3
IPjkl!x FQO M)X=
\]\mkZ UF HQ$ nS M KPO
_I \ghO
\g
o
R ( Y RBZ
o
p ù¨Ë"ÑËÒ~Þ)ìßGÎvÊ~Õ¬ÊÆì>ÍÌ]ó)Ê~Õ]Ö7Õ]ÝGÊ3ÕYePÞÒÞ)ËGØGÑvÕ]ÑÞoËGÖÍÌ]ÊËGÞ)Õ=ÊEd&ÔGÑvð)ÍlÎÊË0Õ¡é
q ç=ÝGÑvÖ7ÑvÖPà)Ñvð)ÊËUÕ¬ÝtÍÕPÕ¬ÝGÊÆÒÍÎvÎôµÞoßGÕ¬ÑvÞoË%Ò~Þ)Ë&Õ¬Ì`ÍÒ~Õ=ÑvÖÕ]ÝGÊÞ)ËGÎvñÊE&ÑvÖ¬Õ¬ÑvËGàØGÊ~Ì]Ñvð)ÍÕ¬ÑvðoÊÖ¬ÊÒ~ÔG̬ÑvÕ¨ñfe=̬ÑvÕ¬Õ]Ê~ËUÞoËUÕ¬ÝÊ
Ö¬Õ]Þ0Ò`óyéùýíEÕ]ÝGÊ~Ì]Ê9ÊN0ÑvÖ]Õ¬Ö=Ö¬Êð)Ê~Ì`ÍÎyÞ)ßÕ¬ÑvÞ)ËÒ~Þ)Ë&Õ¬Ì`ÍÒ~Õ]Ö=ÑvË%Õ¬ÝGÊÊ~Ò~ÞoËGÞ)ì%ñ&ÙÖ`Í¡ñBe=ÑvÕ¬ÝØGÑcbÊ̬Ê~Ë&Õ=Ö¬Õ]̬Ñvó)ÊÖÙ&Õ¬ÝÊ~Ì¬Ê Pe Þ)ÔGÎvØ
gÊNÖ¬Õ§ÍlÕ¬ÑvÒ3Í-Ì gGÑvլ̧Ílà)Ê gtÞ)ÔGËGØ$Ö gÊ~YÕ ePÊ~Ê~ËÕ¬ÝÊ~Ö¬Ê3ÒÞ)Ë&Õ¬Ì`ÍÒ~Õ]Öé
úû
KPO3
IGWM K KLFR XX
$
( ? R O
H6[P$ K<i
o o ü " ^ ^ o ^ ( !
o
"!Y% & i$
o
L o ^ o o
T'#R5,/F94,20#R8B(:8B(+-%"$ @ (U(3,&0=)0#D,&()C<C<N;5.3#)75)8 Pû
ú
i(J0#3(,/0=07<,/(,)2ak)+-0#D,&(LJ
KWK ET@MG070~S5Cg26` E:((+s<(IS07=/8B<(Iu50#m07I&NX+R (WS GB50=
ù¨Õ=ÑvÖePÞ)̬Õ]Ý"ËGÞ)Õ]ÑËàÕ]ÝÍÕ=ÑvËGÒ~Ì]ÊÍÖ]ÑvËGà)Îvñ%íý̬ÊEd&ÔGÊ~Ë&ÕÆØGÑvÖ¬Ò~Ì]Ê~Õ¬ÊÖ§ÍlìUßGÎvÑvËGà3Þlí²Õ¬ÝÊ3ÔGËGØGÊ̬Îvñ&ÑËà%Ö¬Õ¬Þ&Ò`ó"à)Ñvð)ÊÖÍË
vÑ ìUßGÌ]Þð)Ê~ØÊÖ¬Õ¬Ñvì"ÍÕ¬Ê%ÞlíîÕ]ÝGÊ%ð)ÞoÎÍÕ¬ÑvÎvÑvÕ¨ñ gGÔÕ3ÝGÑvà)Ý1í ̬ÊNd0ÔÊ~ËGÒ~ñ5Ö`ÍìUßÎÑvËGà%ØÞ0ÊÖËGÞoÕËGÊ~Ò~Ê~Ö]Ö§Íl̬ÑvÎvñ5ÑìßG̬ÞðoÊ3Õ¬ÝÊ
Ê~Ö¬Õ]Ñvì>ÍÕ]ÊÞlí²Õ¬ÝÊ9Ø̬Ñí ÕéÓÞÑí²Õ]ÝGÊÖ¬Õ]Þ0Ò`óßG̬ÑvÒ~ÊÑvÖ=Þ)ËGÎvñÞLgGÖ]Ê~̬ðoÊ~ØÍlÕí Ì]ÊEd&ÔGÊ~Ë&ÕgÔGÕ=ØGÑvÖ¬Ò~Ì]Ê~Õ¬ÊNÕ¬ÑvìUÊ~Ö»ÑÕPÑvÖ=ÎvÑóoÊ~Îvñ
Õ¬ÝÍlÕÑË&ðoÊ~Ö¬Õ]Þ)Ì¬Ö e=ÑvÎvβÍlà)̬ÊÊ%Þ)ËÕ]ÝGÊðoÞ)ÎÍÕ]ÑvÎÑvÕ¨ñ1gGÔÕ9ËÞ)ÕËÊ~Ò~Ê~Ö]Ö§ÍÌ]ÑvÎñÞ)Ë1Õ¬ÝGÊ%ØGÌ]Ñí ÕéÐGÞoÌ9ÍØGÊ~Ì]Ñvð)ÍÕ¬ÑvÞoË>Þlí7Õ¬ÝÑÖ
Ö¬Ê~Êù¨ËGàoÊ~̬Ö]Þ)ÎvÎ Ú¡Û õ ~é
úû
!.+d*0#)0
R - S +01
( M ( 8R 1
^N9CD<(%#D0!NJ,2\!0#,1+=&!0#6+SD(B07I&mC6')(807R5Cg26` E:((+s<(I+-,/(8BD0#<,/(HT4"$
+R
S 0
3
! R "! %' &
5ú
OlS(,)Tt"$ 05T\, i0#,)`iB7)#!<,/(~2b,/ PeF9))(' @ NJ0# w(6>$. w%+-,&F9,k5<07<,/( û
yû ²û ü
,&#F
]5R I 'w. X9 &Ln7'0#:0S07J8B72b0 )(8
8Bfc.!<,/(
0#7FHeD(U0#3)5RF.!0 @
`û
)>$.)C
)0=+=<(I81fc.5D,&(*0#7FHeN1<C8w[5D(+- M . `! Eû )û
o
R ( (
o
T'+dHI/<"$).074(B.3F @ \,2~5)#)',2\!0#,1+=_90#,J3,&C68 hr (H0#4,/0#':(892b#,&F bB 7û
o
( S O01 ( (
o
!,
S
ü ( ?2
o
( 7 P
0 o
z7,&F 0#3K81#2b0\0#7FHeT\4I&0
o
(
ü " ^ ^ o ^ (
o
3
o L o ^ o ( 3
( (
+-,/(8BD0#<,/(
X ( 8S R X ? :
D i$
G , E:(890#R @ <07=)I&S2b#u+CDC`[,&07<,&(H76+-xTS"$S07,5,/C<"$J[n `mi$ <"$(Uak)+-0#D,&(*LB] û
=û
07K)/5D)50'07<(I607,"$#2bN0#3v7)5.3C<0 @ NH8BD#)+-0+C+-.C0#D,&( 'r #DI&<(:C<CDN$]^C&+=_9)(8
ù¨Ë;í¨ÍÒ~Õfe7ÊÖ¬ÝGÞoÔGÎvØ ÍlÎvÖ¬ÞÌ]ÊEd&ÔGÑvÌ¬Ê Y{ monpNqsrtn jvu =Ù gÔGÕ"Õ¬ÝGÑvÖUÕ]ÔG̬ËÖÞ)ÔGÕÕ¬Þ9gtÊ
ÍÔGÕ]Þ)ì"ÍÕ¬ÑvÒÍlÎvÎñNÖ§ÍÕ]ÑvÖY~Ê~Ø1ÑËÕ¬ÝGÑvÖ=ÒÍlÖ¬Ê)é
úû
1a +=,/C<)Kb#, @ @ C<Nw.:5)8
Hz,&.7<x0#=)(2b,/#F 07)+d3(6>$.4T'6+=
6 FHD(C<N9,)2'507,&#+C
D(B07#)!0'(,)T'/8N )û
ú Pû oû
!'0#h76+-4.(36>$.$],&(3KF9DI&10'&!_ e%<0 6 wD"$(9070J[nb`=[n\& @ (
5,/C<"$)89T\
"$S2b,&.3(8H9 ,/ps2b.C<CDNp~5Cg26` E(:(+-D(IJ0#m&8BD(IX50#m07I&N9070'7CD6+)0#) 0#S,/0#D,&( 2 =ûú
07K,/0#D,&(U:&8U)(BNH,/0# 76+-S07(
074<(D0#CqD(B"$%50#FX(B0 D(076'#C<+07<(IRp,/#0!2b,`
CD<,]T\4T,&.3C68 y .50x5C<Cq074,&07<,/(
(:8 @ .NX0#4#C<+07<(IJ,&7052b,/C<<,* ,/'0#4,/0# T'N
û
7,&.(8c]P8B(:8B<(IH,/(QT'+d
S0#+=))pK)C<07#()0#D"$& R6ST\,&.C8UC<)"$K.:vT'<07l
0û
765_$`b2b#47,E0 w(* @ <0#mI/K,&3p,/#07.(<0! N
w,)T4]q07K7)&81SF9DI&10'7I&.kK_{ > ,T 8B,9TR_B(3,T070S07K3#,&,k5)8
0#m&8BD(IH507=)0#I/N
uD(8B%8U5C26`bE((:+-<(I /{KS6S2[DS,&D(B0S07,HFH_$$]T\J"$ y .50u&#!.F9)8
!,92[]
&û
0700#KT'/ 07H+/5$]\(8ZFH&8191C<+-<04.!,)2SD0 >w,)T\"$]?.5D(IZi$ T'+dZD(
)#076+-.C F9))(0#)0 ú
^ (:8U0# i0#,J2b,&7F.CvD0w)&!N07,9!,)T0#)0K R (WS \6
²û
D(8B)8*5Cg26` E:((+s<(I OQ4FH)_$S0#36 5FX<(I/C<NH{7,&.(:8n`! @ ,&.0{G+-,&FXF9(10 @ )+.!KC6)0#
²û
b<(Ha$)+-07<,&(n?T'T'DC<C1F90S0#m&8BD(IR50#m07I&NR0#)0e, @ "1<,&.:5C<N5Cg26` E:((+s<(I ~3+-30
ú i0'6!(G{0
^NHJ)81I&R7I&.F9(B0\0#'5)+-07<,/(U81#D"$)80#3u2b.3(8FX(B0mCoex 2b,&x&750 76+-) P^N )û
Pû
!p%+-2bN1<(I
0797<I&10 @ ,/.(8)#N +-,&(:8B<07<,&(o]e07H^C6/+d_$`7a1+d3,&C<%x2b,/#F.C69FX#I/)8
oû
)#,k&+=QI/(mCD65%h)/5DC<NH0#,H0#3J+/5J,28BD"B8B(8HNBD(IH/#50= RP#,)"168B)8H0#)04+-,)`
"/76)(+- FH07#<S2b,/'507,1+d_J70#.3#(P6?,2q2b.3C<Cm(_*#{ S+-,&FXC<07FH)#_$0{m]07'#)!.C<0m C6!,
yû û ü û
+)#7NJ,"$P0#,4DI&\8BDF9(!<,/(e[5 |I P . 94 &Ln7 \ 0#)+=(>n.C5,4T,/#_32b,/
ªú ü
wFX#+(J0!N1pu&#!0=S[5 (3I&m5,&CDCP &$&7=]0#,/.I&H0#3 @ ,&.(83#N*+-,/(8BD0#<,/( @ )+s,&F9
=û
F9,/#R5. @ 0#CD$]pD(2[/+-0S810#7F9<(:0#D,&(9,)2\0#)! @ )+-,/F9))#0 ,2\0#3J5,/C<.07<,/( 'Ot0S076
)#,k&+=Uvrx5.D0= @ C<w2b,/'6(,/(B`!
)#_$,)"16(*!0#07<(Ik-]!.+=U/'507,1+d/5076+S"$,&C0#DC<D05N
û û
D(
0#!0#,1+=_U,&4)0#W8B(81(B0'2b))0#.7)w<(
078B7<"/07<"$ I RS!6(
,/0#D,&(= R û
(B0X5)+s0#<,/(t8B"$C<,/JYFX,&#HI/(mC "&)C<.)0#D,&(j07)+=(6>$.$]P070;+-,&D(+-681)KT'<07j0#3
û
St)#,k&+=UT'(U0#3vC070#''CD6+ @ C<
KP )
e J
úû
OlR50=)#0 @ N;8B-E(D(IJ0#3K>$.)(B07<0!N
?
3
"
)(807 wD=7(,)"92[&+-07,&
îû
v*^#,)T'((lF9,&07<,&(
ZPC<.I/I&<(3IU0#36wD(B07,Q N1<C8w0#:0K.3(8BJ]07507,1+d_l76+- ü
"$,/C<"$)\&++s,&=81<(I0#,J07Ja1S
3
"$% i$
0 .(,)T81-E(
0
5 ? :
D
0 & oW5 5 ? :
D
Ol9, @ 57"$07042b#,&F 0#398BsE(<07<,/(j [ ] ^
SF.50 @ Hx`[FH)#0#D(I$)C<JT'D0#V7)5)+-0
û
07,90#SECD0#m0#D,&(W-, \^N90#
70#<(3I$CDh3#)!(B0m07<,&(*,&#F T\40#7-2b,&74"$
070
[ ]_^
f O%
3
O%
#
3
O% & P
w,)T+s,&(!68B J!C26`bE()(+-D(I9!0#m0#I&N9T'D0#U"/)C<.6 (:8(,X+-,&(:5.F930#<,/(,)T @ -2b,/#
8+s,&(!6507<(IJ,)2BR50#,1+=_3w)(807S#FHD(<(IF9,/.(1063.0'<( S
k ? R 0 @ &, (8 )û
a$.:+d*50#m07I&NH"$,/C<"$) &++-,&m8B<(I0#,
V? R -
R O| 01
0
1
+R +Y"
3
! R O"! % & +$
ÐGÞoÌ=Õ¬ÝGÊ3ÉÑvÌ]Ö§ÍËÞð%ç=ÝGÊ~Þ)Ì]Ê~ì Ñ Ë"Õ]ÝGÊÒ~Þ)Ë&Õ¬ÊN0ÕÆÞí~ËÍËÒ~ÑÍÎyÊ~Ò~ÞoËGÞ)ìÑvÒ~Ö=Ö¬Ê~ʶí Þ)ÌPÊEGÍìßGÎvÊ ë ÔUÊ Ú ÛoÛ)ãLé
ò$ßÞoÖ¬Ö]ÑgÎÊÌ]Ê`í Ê~Ì]Ê~ËGÒ~Êí ÞoÌ7Õ]ÝGÊäÍl̬Õ]ÑËà0ÍÎvÊÏ=Ê~ßGÌ]Ê~Ö¬ÊË0Õ`ÍÕ]ÑÞoËç=ÝGÊ~Þo̬Ê~ì ÑvÖ ë ÔUÊ ÚÛ)ÛoãLé
úû
,$,k5D(I5
)(8
R
G
"!
T\U!9070
(8\ "$907H#)F99"$,/C<.07<,/(Z(8V07H#)F9H!0=70#D(I
"/C<.3$]P(+s
û
f 2b,&)C<C la$<(+s 5
f5 T\H+-,&(:+-C<.8190#)0
2b,/JCDC Vr 0#7T'6! û
07#R1650mw)(l @ <07=I/ @ )+.:5
+)( @ J7CD6+)0#)890#3#,&.3I&
0#3J8BN1(FX6+S0#m&8BD(I
yû
!0#=)0#I/NH,&.07C<<(3)8H @ ,)"$ POQ4"$S(3,T , @ 0m<(3)8074FH70#<(3I$CDw3#6+s<(IJ)>$.)0#<,/(
[<]_^` 5 ] a 59?
:
D ¡ü
M$
,/0#
0709076#C0#D,&(8B,$%;(3,&0H8Bp(8j,&(
w
(:8|,/ "@ D(IZ+-,/(50m(10= i(j2[&+-0 oû ú
07JF9)/5.7 h.(36>$.J)(807J#3C<6+0#D,&(*7I&.FX(B0'I/,$)S0#7,&.I/l&wCD,&(I;&w,/(C<N
078Bfc.!<,/(l+-,$ ;+-<(10] @ .0S(,/0v(3)+-)7#7<CDN90#81#2b0]p,)2\0#!0#,1+=_S&8307)8Y07,90#3
Pû ú
ECD0#m0#D,&(9I/(m07)8 @ NJ0#3S!0#,1+=_ (1"$)!0#,&mP()8K(,/0"$ 0#x#)F9 @ C<D-2[P @ ,/.0'0#3
8B72b0 ,2?07x50#,1+=_J2b,&07x @ <0#mI/S#+-<(3IS0#, @ x"&)C<8 PwCDC0#3NJ"$w07,RI&74 @ ,/.0'6 Pû
&ûú
07R8Bfc.!<,&(*+-,$ H+-D(10 i(HJ+-,&(10#D(B.3,&.i`i07<F9 )+-,/(,&FNK076F9%(P0#:0 CDCq07N"$
07,9)I&#K @ ,&.04)#40#3 #,)`!!0=2b,&'07R50#,1+=_976+-4"$,/C<.07<,/( =û
ú 2\ 3p(0#, @ 4J
)#_$,)"J#,1+s)#.(:8B.3(8B ]10#(A "1<#07.CDC<N @ NX8B-E(3<0#D,&(q
¡ü
T\8B)8B.+su2b7,&F M$'0#:0S07K,/0#D,&(
76+-R6 95F9,$,/0#U2b.(:+-0#D,&(U,)2+-.#7(10w07<F94)(8
!0#,1+=_v3#6+sP,&(CDN$]) `û û û
( ?^.0G0#3(40# i0#,2b,/#F.C6\(8{+-,$ ;+-D(B0FH)0=+=<(3I{ ú
7)+-,)"$=K07U2b.(83F9(10=)C' S},2a$)+s0#<,/(t i(j,/0#T,/=8s]'0#7U+-,/(5507(+-N Eûæú
oû
@ 0!T(07 F90#3,18 w,&07w070 <0 e!. ;+-<(10P070x ?6
7_$,)"K.(81 J]15,4(&!0!N
8B72b0mJ8B,
(,&0J3#,&3 @ D0K.v2b7,&F .!<(Il
S 3#,$/+d VK6v,)24+s,&.m5HT'0J,/( îû
T\,&.C8U+-,/( y )+-07.#4!<(+sv07R8B#g2b0'8B,$%h(,/0w(B0707S2b.(8)F9(10=Co S %û
G,H+-,/F9.07S0#R^C&+=_n`7a1+=,&CD)~2b,/#F.C64T4.54070x5D0#0#D(I0 0#DF94M1]C<( 5 (,&7FHC
.(:8B T'<07FX)(H)(8"/)#6)(+-
ÐGÞoÌÞLgGÖ]Ò~ÔG̬Ê=Ö]Õ¬Þ&Ò`ó3ßGÌ]ÑÒÊ=ßG̬Þ&Ò~Ê~Ö]Ö¬Ê~Ö9ìÑvà)Ý&ÕyËGÞ)ÕzgtÊîÍôµì"Í̬Õ]ÑvËGà0ÍlÎÊoÙEe=ÝGÑvÒ`ÝÑvìßGÎvÑÊÖyÕ¬ÝÍlÕKÍÖØGÊ ~ËGÊ~Ø
&ñ
g PÑvÖ=ËGÞ)ÕÍlËUÊEd&ÔGÑvð)ÍÎvÊ~Ë&ÕPßG̬ÞZgÍWgÑÎvÑvÕ¨ñ%ìUÊ¡ÍÖ¬Ô̬Ê)éÜPÔGÕ=Ñí$ÑvÖ$ePÊ~ÎvÎôµØGÊ ~ËGÊ~Ø"ÑvÕ7ÑvÖ=ÔGËÑd&ÔGÊoé
úû_
J
H SJ
[ ]_^ 5 5 ? :
D
X0#)+=(>n.Jv,)2b0#(V7-2b7#)8U07,l&v07H+=(3I&,2 (1.F9m<7J0#)+=(>n.3 @ %+.!9<0
D(B"$,/C<"$)GS+=)(I&',)2G816#+s,&.(10#D(Iw2[&+s0#,&?2b#,&F07 @ (3_n`&++s,&.(10P0#,x0#\.(8B7C<N1<(Ix&750 0û
R0#)+=(>n.3wT'DC<Cq3#,)"$S0#, @ 4B07#FXC<NRp,)T\52b.C[P<(H0#36'5%+-0#D,&(9T\vT'DC<Co8B#D"$S0#3
^C&+=_n`7a1+=,&CD)h2b,&7F.3C6T'D0#,/.04"/C<.:0#D(I
*5D(I&CDJ<(10#I/=C 9^.04F9,/#J07( @ D(I* §û
07)+d3(6+)CG0#,$,/C07J+=(3I&K,)2 (1.F9m<743#,k&+=lC6!,B,$!)S)(U<(10#7<I/.<(I<(10##7-`
0m0#D,&(Z,2x0#39#, @ @ <C<D0#D)S<(V07H^C6/+d_$`7a1+d3,&C<%h2b,&7F.CH&KT'<CDC @ ;8BF9,/(507=07)8QD(
=û
076 5)+s0#<,/(
X+=(I/J,2(B.FX=)<#407)+d3(6>$.J!,)T)8U.3QD(l5"$mC?mS<(l0#JC0#J<I&10#D)
@ .30wD0'T'&3#, @ @ CDN_1(,)T'(H<(H0#3uE:((+s6CG7)5%=+=*+-,&FXF.(3<0iNRC<,&(3I @ -2b,/# yû
û
J8B)h07K2b,&CDC<,)T'<(3I wOlK(3,&0#J070x0#JFH)#07<(IkC<R)#,k&+=
<(
07KC&50u5)+-07<,/(
8B,$%~(3,&0 8Bp(8K,&(J07 @ )(_$`!/++-,&.3(B0 @ D(IS.!)8K/P(B.FX=)<#?2b,&P07N$`i,)fo i(K2[&+-0 oû3ú
T\9+-,/.C68l+=,$,$! &40#(1.F9m<7K,)2x(,/0#RFH70#D(I$)C<JF9)/5.7$] <](8l.(8B
076'F9)/5.7 T,/.C68 @ R FH)#07<(IkC< PG,9!40#, @ !#"$S070 û
[ ] ^
1G ?
ü " ^ "!%
L
ütû
V,$!<07<"$ w`iFH)#07<(IkC<*T'<07tF9)( >w(:+-$]'Tl+)(8B-E(3VV(T )>$.D"&)C<(10
7, @ @ <CD<0!N9F9%&5.3#S7C6)0#)807, (8 . @ Nc
[<]_^
[<]_^
oO .
,/( , û R^#,)T'(6)(UF9,/0#D,&(9.(:8B 0#(I/<"$( @ N
%
% ? "
% & ? "
a$07=)<I&1052b,/#T=8*3C<6+0#D,&(H,2~0#NBDC68 0#4"/CD.07<,/(U)>$.07<,/(
s
5 ? :
D
5
( ¡ü
$
T'#
3
" ^
!#"$%
^ .0x0#S8B,$)S(,/0S#)81.+-K07+-,/F9C<BD05NJ,)2 8B#<"/)0#<,/(U,)2'0#3J^C6/+d_$`7a1+d3,&C<%e2b,&#F.C
Iû
OlUT'DC<C'!0#DC<C:%"$H07,Q"/)C<.)0#*( <(10#I/=C'CD<_$907H,&(*<(Z0#33#"1<,/.J5)+s0#<,/( ta$, =û
úûýüM
D(507)&8HT4#)+s,&(!68B\,&. <(3<0#Cc"&)C<.)0#D,&(U%>n.)0#D,&( POlR5CD<0.3U0#3v:%N$`[,fl0#,I&0 =û
[ ]_^ 5 5 - d ?\[ ]_^ 5 :* -
d
¡ü
5 :
?\[ ]_^ 5 : 5 :
-1
OlK2bCP070x0#w)>$.07<,&(
:&49"$#NH(+-KD(B07#70=)0#D,&(G <"$(
070x0#P.7,&)(
,/0#D,&(E:(6!)<(1`i07-`[F9,&(N$]$0#4,&30#<,/(UN$`i,)fW+( @ R8B)+-,/F9,$!)89<(10#,J0!T,+-,/F9,`
((B0m-]B07SE=!0'+-,/F9,&((B0\6e074.(+-#0=)<(H)F9,&.3(B0 5 ])(890#4!)+-,/(8H+-,&F9,/((106
û
07KE1)8
F9,/.(10 ? : KJ3#)!(B0 "/CD.J,2\#%+-<"1<(3I 5 )0v07<F9) 86 ,2+-,&.3=5 û
^.04076w:&S0#, @ T\<I/B07)8T'D0#l!,&F9J765_$`&8 y .!0#)8
7, @ @ <CD<0!NH,2E:(6!<(IHD(B`i07-`
yû
F9,/(N P0#'7<I&10 F9)/5.7'0#,4.5 @ )+).5 <0 3&+-07C<NR,f`!!0= 0#
{ `[#6!_ i(J,&0#3 Pû9ú
T\,&=83v.(81 N$`i,)foK7"/)C<.)8l&42\,&(3T\# #6!_n`[(.30#=)Ci{qT'D0#l#)!)+-0S07,U0#3
Pû
765_l,2 07.(8B7C<N1<(I*!0#,1+=_ *X5)+-,/(8V+-,/F9,&((B0 ? : 6R;E1)8l8B,&CDC6F9,/.(10 &û
*#,/3#, @ @ DC<<0!NVFX)&!.#907,V)CDN K0##-2b,/#H0#*F9)/5.7 .(8BJT'36+=
N$`i,)foS7vFX)&!.#)8#C0#D"$S0#,J074#5_$`iCD)# @ ,&(:8 Pû
42b,&7F.CvI&(=C[]BD(07R5(:540#)0wD0'8B,$%h(,/0S81(89,&(*0#4.(81#CDNBD(IJ!0#,1+=_
=û9ú
2b,/C<C<,)T'D(IKI&,/F907#6+ ^#,)T'((9FX,&0#D,&( i(;2[/+-0]12)(%>n.D"/C<(B0 FH)#0#D(I$)C<SFX)&!.#
T'D0#Z0# @ (_ &++-,/.(10J&K(1.F9=D#J16!0=i(:8 0764F9)/5.7()8Q(,/0 @ X.(6>$.&
Iû;ú
07(V,/(H+)(Z8B7<"$0#X @ ,)"$2b,&7F.3C6 i(WU!. @ 5%>n.(B05)+-07<,/(QT\9T'<CDC!,)T}0#)0
074P.#,/)(*,&07<,&(H76+- ,2?07 ,)c:] ',$# " '. @ D(507<(
$ n FX,18BC&'J!<F9DC6) ü
=û
D(B07#70=)0#D,&(
G,J, @ 0mD(90#x^C6/+d_$`7a1+d3,&C<%o2b,/#F.C6STx5DF9CDNv:%"$ 0#,4"/)C<.)0#S07w0!T\,v3#, @ @ DC<<07<)
îû
D(V0#; @ ,)"$9)>$.07<,&( UOQX, @ !#"$0#)0J.(8B ]PCD( 5 64(,&7FHC T'<07VF9))(V)(8
"/76)(+-KI/<"$( @ N
CD( 5 C<(
ü " ^ E8 ¡ü
$
3 L
\ DC ( 5
" ^ 8 ¡ü$
S!<(Il0#36J(:8 70 *8B6!0#7 @ .07<,/( ,)2 + 8SS.(:8B I/<"$(VD(Z0#H7"BD,&.J!)+-07<,&(ZT\
DF9F9)8B07CgNK, @ 0=D(
5 :
Y
CD(G :
3
8 ü"b 8
"Cb 8 L
J 5 :
Y
CD(G :
3
8
?
ü"b 8 (
"Cb 8 L
U * $
v
úi(0#P5)+s0#<,/(JT'T'DC<C1.5 Iû
#0 !,`+CDC<)89\ X=
\ +F+HQT@M0#,R8B7<"$07 ^C6/+d_$`7a1+d3,&C<%p2b,&#F.C
681),2\.!<(IHCD,1+Cg`i07<F9)'<(UE:((+sJ6S8B.3J0#,\73"$7#,)T &Mn w(CDN!<(I ü û
T')0 6G_B(,)T'(&07 KLFZUD \ KWK KLF[I
GoF8YJ$I
H6 KLF+G7
FNMOJIPP0#3N4I&0?0#7FHq<(1"$,&CD"BD(I'C<,1+C`[0#DF9) )û
R!0#,&1`iCD,$#'!0=)#05`[I$)<(*507=)0#I/N9&')C6!, @ (H+#s2b.C<CDN()C<N35)8D(90#3SC<D0#m0#.3# @ N
ü ¡ü û
a$68B(1"$7Ij &/n;(8twN @ "BDIt &&$ }3YE(:(+-CSD(5DI&10.:5<(3I 076X5,&FXT'0
+-.3F @ m5,&FXwF90#,1896'0#3v3#,&,k#C,2\J0#m&8BD(I9!0#m0#I&NHT'6+=H6(,/0S!C26`bE()(+-D(I
)(8J507<C<C$I/<"$)q07\^C6/+d_$`#an+d,/C<)2b,&7F.C @ Nx0=_1<(3IS+)# ,2c07 B07='10#7(C&E(:(+-D(I û
U,/#,)"$G,/(\5,/.C684(,&076+-P070?#%+-(10#C<N'CD,1+Cg`i07<F9%p"$ @ (R.5%8u07,w3#6+s wF976+)(
)û
,/0#D,&( a$e2b,/D(50m(+s'UN1((c &L$?(:@ ¡ü ¡ü û
8 \#
] $#7,)T "UN1((3 &L$ ,&(:5681
07v2b,/C<C<,)T'D(IK07=&81<(IX507=07I&Nc
ú 2\0#7)5(10 "&)C<.,2\07507#<_$J3#6+s@ : @ C<,)T0#350#,1+=_
76+-R,&C8Y,/(5)#,2
Pû oû ú
079!0#,1+=_ zD((:+-J0# @ N
.!<(I @ ,&7#,)T%8A2b.(:8 [2\079!0#,1+=_
#+-v2[)C<C @ CD,)T 0#3
=û
7)5(B0R"&)C<.H,)2 0#*507#D_$76+-C<>n.368)0#9079,$!<0#D,&( lSKT\H5:C<C5 @ C<,)T 076
!0#=)0#I/N
T'<CDC?040#7F9<(:CG830# 8 @ JT,&70#
3&+s0#C<NX0#7F9&w07+CDC`[,&07<,/( 4w,)T =û
g2 0#507,1+d_H76+-4<(3<0#CDC<N6'T,&70#
CD)#07(
07K7)5(B0 "/C<.3v,)2\0#50#7<_$476+-40#3
yû
!0#=)0#I/N
+-,k50mw(,&07<(3I9<(D0#C<CDN '#-2b,/#Kg2 0#3J507=)0#I/NU6 5C26`bE((:+-<(I0#36'T,&.3C68
yû
+-7)07 @ <07=I/-`[,&,&70#.(3<0#D)eD(J0# ^C&+=_Ja1+d3,&C<%`[)+-,&(3,&FN GG,K)(CDN!'0#P507=)0#I/N
yû
T\v3#,1+-%8F9,/#'2b,&#F;C<CDN 0
R - d (
M ( 8R
S
- d :
? (
(U0#3v"/)C<.4,20#3v,/#052b,/C<D,9)0w07<F9 ] ]6)>$.)CG0#,
R +| S O01
- d ? - d : 01
¡ü
? : 01 D /
úûýüL
w,)TtT\45 0#:007S"/CD.S,)2?0#S,/#052b,/C<D,K6\CDT'NP07SC<,)T\ @ ,/.(82b,&J+CDC`[,&07<,/(
)(8;2b.70##F9,/#4!<(+- 015 ü
ST\K!40#)0wT\S"$R8B.CD6+)0#)80#R+)C<Ci{ N$,f 9û
#-2b,/#42 0 : 0#(H074p,/#0!2b,&C<D,D(<076)C<C<N+s,$50m(,&07<(3I \,3F9D(wg2P076 û
,&7052b,/C<<,
45Cg26` E(:(+-D(IUT\(3,&0#+-0#)0J0#X5Cg26` E:((+s<(IA+-,&(81<0#D,&(W8B)7+-# @ %8QT'<07
07 @ ,&(:8U&'(1.F9m<7w-
R ( M ( 8
(
¡ü
$
01f 0
T'# 01 607J!0#,1+=_976+-4T'<07U07 @ ,/(8
&'(1.F9m<7Kb0#42b,&7T'm876+-/ û
ú
ü
i(!#07<(I
R (:8 <(Z $STI&0v0704079!0#,/B`iCD,$7J(8l50m#0!`iIkD(j!0#m0#I&N
64!C26`
E(:(+-D(I2~(8H,&(CDN92
:
D :
D
- M ( 8R ¡ü
$
?
?
d (
$V?
: D ? :
D
- 1 N :
( M ( 8R
iL&M$
d
ü
Ol9!J0#:0S07981fc#(+- @ 0!T\(V $S)(8ZiL&M$Sw0#J07#F N:
T'6+=U4+CDC<)8
07 \ X=
\$F+HQT@M0 : @ N07<F9 D(H0#R507,1+d:&5076+4+)C6+-.CD.C<D0#m07.# w,)TT\4T'<C<Co5,)T yû
070 N :
x6S,$!<0#D"$T'D0#l,$5D0#D"$7, @ @ <CD<0!N2b,/J)(BN ]T'36+=V!,)T v.40#)0K0#3
!0#,&1`iCD,$#x(8*50=)#0!`iIk<(A507=07I&NH(,&0x5Cg26` E:((+s<(I ²û
ú 2T40=)_$v07 #765_$`[(.07=C K1p%+-0=)0#<,/(H,2 [L&Mn\TxI&0
$ ? :
D
? :
D
E :
( M ( 8
( Iü
iL )
T'#40#41)+-0m0#D,&(9,)2P07 KD(B07I&mCq 7, @ )+).5 6\ x`[FH)#0#D(I$)C<4)(8
07# @ NVT\U"$H0#:00#*<(10#I/=Cg`i07#F 6Jw`iF;#07<(IkCD i0J , @ "1<,/.2b7,&F 0#3 yû ú
7)5.CD0=D(074#"BD,&.'!)+-0#D,&('0#:
0 J $ :
M ( J :
ME
z.70#7F9,&7$P^%+.!
c Xq X ? :
D 6!0#76+-07C<NX+-,&(1"$J,)"$')(H<(10#7"&)CG+-,/(B0mD(<(I
: T\4I&0'070 &(!(G{D()>$.CD<0!NJ,/C68'!0##+-0#CDN 2b,/
cR Xq D û3úû yû
$V?
: D
$ ? : D
? :
D iL&L$
,/F @ D(<(3I9iLEü\T'<07ViL/Ln T\vI/0x B N:
Eû N:
MJ<02b,/C<C<,)T
M ha$D(+- B 070
Z E :
Mn M ( [M ( 8
`û?7-2b,&7 .
N :
Mn M ( iM ( 8 i]T'36+=
` ç=ÝGÊ3çÍËtÍó)Í¡ô¬ä"Ê~ñoÊ~Ì»í Þ)Ì]ì%ÔGÎÍÒ¡ÍËí Þ)Ì=ÑvËGÖ]Õ§ÍlËGÒ~Ê gʶí Þ)ÔGËØUÑv˶ÍļÍlÕÍlÖÓ&ÝGÌ]Ê~ð)Ê Ú Û õ)õ ßEéãoã ö é
úûýü
!,)T w.0#:0 0#R507=)0#I/N96'(,&0 !C26`bE()(+-D(I û
ú i(j,/.X5070#<(3I N:
4:&9
"$#Nl(+-H<(10#7#0m07<,&( ja$.,$!U070TA+d)(I&H,/. îû
!0#=)0#I/NH<(H0#S2b,/C<C<,)T'D(IJT'Nc
^.N*,&(X5:#,2h507,1+d_*)&+=
0#DF9 76!)h2b#,/F : 0#,: ( M (
076x+&!T\ Eûú
!,&.C8U)C65,I&,!,&70wD oû
( : @ ,&(:8 OQR!40#)0'"$#N0#DF9 0#40#m(7&+-07<,/(0m_$)3C6&+s
oû
D0w7)>n.3<#%'(l&838B<07<,&(:C @ ,&(:8 xz:.3#0#3#F9,/#4T4CD6>$.68)0#40#3K,&7052b,&CD<,"$7N90#DF9
I/,$) @ &+=_90#,: û
w,)T C<0 S81(,&0707J(1.F @ x,2'07<F9% :&v76!(U2b#,/= F : 0# , : .(10#DCP0#DF9
û
J(QT\5J0704T'<07
0# @ ,"$F9(10#D,&(%8!0#m0#I&N
TJT\,&.C8U"$J0#,H<(1"$)!0wD(
@ ,/(8S)0'0#<FX 0#,(81C<40#410##()CpE()(+-D(I \w,)TD0 +( @ J!,)T'(H0#)0 û
C<<F E:
P
T'#
RZBA 6^ 1
? 6 Z ^ 607R50=)(8)=8(3,&#F;C?8B(:5<0!NJ2b.(+-07<,/(
^
=û
úûýü-
S!<(IXK0#3,&7F @ ,/.0wCD,1+C?0#DF9)PN1<C8-76N6
5
L
]
RXo 5 RXq X ( iL&$
5
" ^ X ^ RX ( ( nM L& 5 Xq iLn/
,/F @ D(<(3I9iL)B\T'<07ViL$& N1<C8-
5 N :
" : 5 ü C<(
d ? 6 " ^
iL&$
L b " b
^
? [ ] ^
\ 5
: D \[ ]_^ 5 " : 5 ü CD(
d ? 6 " ^
L b " b
^
T'D0#U07 @ ,&.(83#N*+-,/(8BD0#<,/(H0#)0 Iû
\ 5
? [ ]_^
: D T'( "
M
`+` ç=ÝGÊ3Õ]ÝGÊ~Þ)Ì]Ê~ì ÒÍËí ÞoÌ=ÑËÖ¬Õ§ÍlËGÒ~Ê gtÊí Þ)ÔËGØUÑvË3Í̧ÍlÕÍlÖWÓ&ÝG̬Êð)Ê Ú¡Û õ)õ PßEé ãGÚ õ é
úûýü
$JK
H
4e
*
Ue
,/F97)8J0#,40# #0 %+d(36>$.')C<D)8K<(Ha$)+s0#<,/(S0#'2b,&CDC<,)T'<(Iu8B#D"/0#D,&(,2o0#x^C6/+d_$`
yû
a1+=,/C<) 2b,/#F.C6
F9DI&109!F +-.F @ =!,&F9 r (t0#
,/0#X(8t0#3
#)!.C<09070HT\
T'DC<C 8B#<"$JT'DC<C !)8U2b.#074C<DI&10S,&(l0#39P.7,&)(Z,/0#D,&(l#+-<(IH7, @ CDF )(8QT'DC<C
1,$!9)(QD(B07#)!0#D(IH8B.)C<D05NH,)2'0#376+-D(I#, @ C<F 0#)04TX+-,&(!68B i(
0#35D#<0 &û5ú
¡ü
,)2xw.D#H /n4T81#D"$J;2b,/#T=8
)#0#C\8Bgfq#(10#CP)>$.)0#<,/(U2b,&R0#P.7,&)(
oû3ú
,/0#D,&(U3#6+s) i(H0#)>$.07<,&(H074"&)# @ CD)w)#40#3K!0#7<_$4)(8074FH07.#D05NJT'3#)/
Pû
07S+s.#7(B05,/0)(8J0#<FX)#E1)8 6P,&,k5)8J0#,40#3 50=)(8)=8 @ &+=_BTm8 )#076C
8Bgfc#(10#C?)>$.07<,&(A8B7<"$)89<(la$)+-07<,/(
B]T'7K07J!p,/0R(8U07<F94)#R0#J"/76 @ C<)
Pû
)(8
507#<_$u(8HFH07.#D05N)#4EB%8 P)F9<(D(IJ0#36e2b,&7T')=8%>n.)0#D,&(H#"$%C6070 0#3
,/0#D,&(Z#+-<(3IU7, @ CDF +( @ H!,&C<"$%8Q<(Z*8B.)C')+-,&(3,&FNUT'79"$7N
mF90#46
07.#(%8.!68Bx8B,)T'(GP0#3S!0##D_$w3#6+s'6P0#x.(8B7C<N1<(I3]&0#3w,/0#D,&(9v3.0 T'<0#;50#7<_$
)>$.)CG0#,0#R+-.7#(10'!,&0]0#DF9 6#"$=!)8q]B0=+ tû
wIkD(UTR!0=702b#,/F 074"/C<.:0#D,&(H)>$.07<,/(
5
[<]_^ 5 5 ? :
D j
[ ] ^ R X ? :
X ( 8S X ( i&M$
d
T'# RX ( 8u60#3w`8B(!<0!N,)2 5 D(H0#4,&D(B0 H X I&<"$( )w0 07<F9xMIû
w.3
0#,l0#A
#_$,)"V3#,&70!N ,)240#3
5,/09#+-HT*"$070 5,&CD"$)K0#32b,&7T')=8
z,&_1_$!`!PC6)(+=_)>$.)0#<,/( 6 ^
M ?X o
ü o ^ " ^ X ^
?
o
o 8 o X 3 L o X ^
!. @1y )+-0\0#,J0#3vD(<076)C @ ,/.(8)#N*+-,&(:8B<07<,&( X ( M$ X ? =]BT'3# gP6 0#RwD=/+
wC<0=v2b.3(+-0#D,&(=û 68 OlST'<CDCq.!40#0#,X8B#D"$SK2b,&7T')=89)>$.07<,&(92b,/'0#4,&30#<,/(U76+-%oû
S75.FX<(IJ070
o
3
X X ( 8S M ( " ^X ^ RX ( 8u M (
o X " ^ X ^ X ( 8S M (
2b,/3X ]qT'36+=U64+-CD)7C<N*#)0#E)8UD(
0#^C&+=_n`7a1+=,&CD)'F9,18BC[]pD(B07I&m0#D,&(
,)2'0#3
2b,/#T')=8H)>n.:0#D,&(*,"$0#3vD(B07#"/)CP ( tNBDC68s
o
( 8u ?
X ( 8S X
ü o " ^
^
( 8S
L o
M ?
o 8 3
úi(10#I/=07<(IJ,/(+-RF9,&7$]$0#0#<FXw,)"$4E: ( t =]1NBDC683
M ?
o
X ( 8S X
( 8S
ü " ^ : ^ N: ( 8S
o 8 d 3 d L
`Ow Ó&Ê~ÊÏ©Ê~ð&Ô -è7ÞoÌ Ú¡Û)ÛGÚ ßã)Û¶í Þ)Ì=Õ]ÝGÊ3ÐGÞoó0óoÊ~̨ô ÎÍËÒ§ó%ÊNd0ÔtÍÕ¬ÑvÞoËEé
ë ë
`Qp ç=ÝGÊ ÑÌ`ÍÒ Ê~ÎvէͶí ÔGËÒ~Õ¬ÑvÞ)ËÑvÖ7ØGÊ ~ËGÊ~Ø g&ñ zl ö Ùoí Þ)Ì=ÍÎvÎ l ö ÙGÍlËGØ 1lÚoÙí ÞoÌîÍlÎvÎ ö é
n
úûýü
w,)TT\SI&, @ /+d_907,074#+-<(3IK)>$.07<,/( =ûúi(10#I/=)0#<(3I @ N70='T4I&0'0#)0
[ ]_^ 5 X ( 8S X
(
d
!,
o
o
o 8 d RX ( 8u X
3
[ ^ 5 [ ^ 5 o
8
z.70#'T\4"$v070
( 8u
o
[^5 ? : [^5 o
d :
N: ( 8u
[ ^ 5 o o ^
: ^
Iü
i )
M ?
o
? :
o
i&L$
ü" ^: ^
o ^
o 8 L 3o : ^ o :
!. @1y )+-0'07,074<(D0#6)C @ ,&.3(87N*+-,&(81<0#D,&( E: ( $M ? :
D û
42b,&7T'm8)>$.)0#<,/(*+(H(,)T @ R5,/C<"$)890#,JN1<C6807R^C6&+=_$`#a1+=,/C<)P2b,&#F.C Iû
R/8B"/(+-%8;7)&81F9DI&10 , @ !#"$S070'07w2b,/#T')=89)>$.07<,/(U+s,&.C8 @ K81#D"$)82b7,&F
07"/)C<.)0#<,/(V)>$.07<,/(Q.(:8B40# F9%&5.3#$]P $=]P+s,&F @ <(%8T'<07Q070#<FXK,/F9,` ü
I/(D05N,20#3K!0#,1+=_3#6+sS#,1+s)#D(074^C&+=_n`7a1+=,&CD)PF9,18BC w(8107R&#!.F907<,/( §û
,)2 4p,k5D0#<"$x8BD"B8B(8JNBDC68J,2?07S.(:8B#CDNBD(IR507,1+d_c]w(:8B#)/5( " #.(3T')C68U /n ü
)C<Nl0#36v07)+=(6>$.R0#,U, @ 0=)<( ;2b,/#T=8l)>n.:0#D,&(
2b,&wF976+)(l+CDC`[,&07<,&(:uD(V0#3
^C&+=_n`7a1+=,&CD)eF9,181C?&'TCDC?&'<(H0#3 y .F91`!8Bgfc.5D,&(HF9,18BCG,)2\U70#,&(l n%n 68 ^.0 ü û
07K2b,&7T'm8Y%>n.)0#D,&(Zi/Ln'wF9,/#KI/(mC .(8B4&75.F930#<,/(
,25. H+-D(10w7I&.C7<0!N
ú
D0',&C82b,/ CDC 07,J#,1+s)#!)h,)2 0#3v0!N1
" ( % &
M ?
o
? :
o ü" ^: ^
o ^
o 8 L o : ^
3 o :
!. @1y )+-0'07,074<(D0#6)C @ ,&.3(87N*+-,&(81<0#D,&( N: ( $M - d û
a$DF9<C 2b,&#Tm8)>$.07<,/(hFX<I&10 @ 8B#D"$)8 2b,/w,/0# 7 _3-{<]1 |S70#C8B#D"/0#D"$) `û
û 0û &û
,)2 0#4,/0#D,&(U3#6+sST 0 P,/0#'mF907= )û
H)>$.)0#<,/( +( C5, @ H.5%8 07,l5,)T3,T 0#,
3)8BI&H1,&076+,/0#D,&(J!0=)0#6+C<CDN i( yûú
\)#]cPC<CD6" ¡ü
.30=H &$ FX,18BCqT'D0# 7,J<(10#7)50(8*!NBFXF90#7NJ+-,/(8BD0#<,/(H,&(
" ( g=]T'+dH6 +-CD)7C<NH70#E%8<(*0#R^C&+=_n`7a1+=,&CD)'5070#D(I]w8B"$C<,/p%8 i0 6'0#( Pûú
!,)T'(U,)T0#,J)81I&w2b,/'<(!0=(:+-48B,)T'(B`(8$`i,/.04+)C<C6\50m0#+CDC<N @ NU{ 50m(8)=8q{,/0#D,&( )û
C6/50Rp,/<(1040#, @ 9!0=07)8
6S0#X8B.)C<D05N*,20#,&07<,/(Q76+-D(IH#, @ C<F <FXC<D)8 @ N
=û
07v2b,/#T')=8U)>$.)0#<,/( Sa$.,k5J0#:0 0#R0#<FX416'6'#"$=5%8q] wKE1)8U>$.)(B07<0!N$]
)(8070 TR7R5<070#D(I0 0#DF9 8t"/CD.07<(I
? :3 D
: 5
: i1
2b,/w074#,1+-%#
:
? ?f #"$%
: 2 3
T'# % 6\5,&FX @ /+d_1T')=87.((D(IJ^7,)T'(6)(FX,&0#D,&(.(8B'5,/F9 #, @ @ DC<D05NF9)`
$û
!.# 43(
0#K2b,/#T=8U%>n.)0#D,&(Zi/Ln'w0#3 @ /+d_1T')=8U)>$.07<,/(U#%5.CD0#<(3I2b,&S076
$û
7, @ CDF wak,9T+-,&(+sC<.8B4070S07K,/0#D,&(*#+-<(I7, @ CDFF9DI&10 @ 5,/C<"$)8H<(
8B.)C
)+s,&(,/FNRT'#x0#<FX6 #"$=5%8q]&0#34507#<_$'e07w.3(8B7C<N1<(I40#:0:%N34#,/,<,/(C
` ÐGÞoÌtí ÔGÌ]Õ¬ÝGÊ~ÌÊE&ßGÎvÞo̧ÍÕ]ÑvÞ)ËÞlíGÕ¬ÝGÑvÖyÖ¬ÊÊí ÞoÌyÊEGÍìßGÎvʲÓ&ÝGÑvìó)Þ Ú ÛoÛGÚ ~Ù ë Ê~Ì]ì>ÍlË 3 ÍËGÑ ÚÛoÛ
~ÙÏ©Ô gGÑvËGÖ]Õ¬Ê~ÑvË
Ú¡Û)Û
~ÙGÍlËG
Ø 0ÍÒ`ó ePÊ~̬Õ]Ý Ï©Ô gGÑvËGÖ¬Õ]Ê~ÑvË ÚÛoÛ Z~é
úûýü
B8 D"B8B(84,2 ]&0#3',&07<,&(J .0P,/(J0#'D(<076C1!0#,1+=_4#+-$]/(8KE()C<C<N407D(B07#)!0G=)0#
3
²û
u%>n.)CP0#, #, Jz.#07 T!J0#)04<(
0#36 /5/+- 07J)81I&J=)0#D,,)2\0#,&7<I&D(C
=û
)+s,&(,/FNJT'DC<C @ KJ81<I&D0=)Cq,&30#<,/( S,/0#D,&(H76+-D(IJ+)(H0#7-2b,&7 @ 452b,/#F9%8 D(H
7"$=!)8 @ D(,&FX6Cc0#7 6 yû
- d : 5 : Y
C<(o :
3
8 ü"b 8
"Cb 8 L
' S
v
1
9
ü
? :
D
ü
? :
D
ü
z<I/.# /Jr (-`7<,18H^<(3,&F9CcU,18BC
=û
07K7)5(B0\#+-S,2~0#R+)C<C`[,&30#<,/( POl#<07<(IJ076,/.0x(8H#)!B.X<(3IKC<%&807,
] 6
1 ¡ü
? $
i&$
T'#
? $
? h(8
3
ü
z#,/F 076'T5R0#)0S0#R#+-4,2\0#3 û
+)C<Cg`i,/0#D,&(Uh07J816#+s,&.(10#)8H1p%+-0#)82b.07.#4"/CD.KT'3#R0#RB)+s0=07<,/(h.3(8Bx
F9%&5.3# 0#)0I/<"$)q3#, @ @ DC<<0!N ,)2c(X{.1` y .FXG{ G ,&0#+-P070?0#\,&7<I&D(C$3#, @ @ DC<<07<) ýû
=û
8B,
(3,&0J(10#407B7)#!<,/(
v)81I&H)#I&.3F9(10vv079_$N*<2 ( ,)l0J)C n $ `û ¡ü û
w,/0#+-40#)0'TR+(HT'7<0#[&n&
5
0 ] 5
(
0 0 5
û
T'D0# @ <(IR0# F9)/5.7'<(81.+-)8 @ N PwIkD(90# (,/0=07<,/(96 +-,/(550#(B0 S!<(I40#3
!0#,1+=_U/h(1.F9=D#$]/0#R+)C<CG76+-S' `iFH)#07<(IkC< û
u#I/.F9(10 6P)/5<CDNJ10#(81)8 07,JR5070#<(3IKT'<07H<(81(8B(10 F.3C<0#DC<+-)0#D"$ @ <(,)`
F9CGF9,)"$F($0m~ .(D0w,)2 0#DF9S(:5.7<(I.'0#)0S0#4FH)#07<(IkC<476+-D(IJ0#%+d(36>$.)
²û
,)2'a$)+-07<,/(UX+7#N9,)"$'D(U8B#+-70#4!0#07<(I 1S!<(IJ07J)#I&.3F9(10=~2b7,&F a$)+s0#<,/(* T\
+)(U07B.'!0#DC<CqT'7<07v,/.0 0#R+)C<Cq3#6+s4&
5 ` a
: ? : 0 5 ` a
J : i&$
úûL&M
T'#
5`
a
5 <] 0 ] 5
(
(
@ i 8 ( n ( @ b+8 ( (
)(8{ @ [{ 8B(,/0#)0# @ <(,/F96)C'8B507# @ .0#D,&( wIk<( TA+-C6)<F 070907
+C<C'3#6+sU)0 =û
)(BN*0#<FX4+(
,/(C<N @ K2b.(+-07<,&(
,)2\+-.7#(10x50#,1+=_H#+-J)(8U0#DF9 '36 +-C6)<Fw0#( yû
y .!0#gE)8 @ N
,&. @ DC<D05N*0#,H3&+-07C<N
7C<+07J0#JE()CN$`i,)f T'6+=Q,/(C<Nl81(84,&(
5*@ NH8BN1(FX6+'0#=/8B<(3I9!0#=)0#I/N9<(H07R50#,1+=_*(8907 @ ,/(8 Pû
z,&x+-,/F9.0m0#D,&()Cq.3#,$!)Ki/n\6,)2b0#(H#T'#<070#(;&
Y
8 ( ? Y
: 0 8 ( n in/
T'D0# @ <(I0#3K!FHCDC<)!0(,/(B`[(I$)0#D"$K<(10#I&'I/#))0#'07(*C<(GE:$ 5 $#oC<(G
)(8 Yx 8 ( 8B(,/0#D(IJ0#R+-,/F9CDF9($0m#N @ <(,/F96)Cq816507# @ .0#D,&(92b.(+s0#<,/( =û
w,)TCD0 (1N10#D(IT'D0#*(W{?{,&(UD0w7-2b\0#,X @ <(3,&F9CF9,18BCGT'D0#
F9,)"$)e 0#DF9
&û
.(3<0 Sr .xDF h07,9!,)T0#)04&V3#,k&+=)wD(BE(D05N0#3J+)C<C?#+-4<(U07 :`[F9,18BC
+-,/(B"$#I&%K0#,
0#:0,2x0#*^C6/+d_$`7a1+d3,&C<%uFX,18BC W^)+).59,)240#3H8B)+-,/F9,$!<0#D,&(J)(8 `û
ü -B(:8Ui/n(807R8B6!0#7 @ .07<,/(7)5.CD0=S b`= L$')(8U nb`= n,&.\FHD(0m&5_X6e07, ütü ü ¡ü ü
+=,$,$!K074mF907=,)2P07 @ <(3,&F9CqFX,18BCG!.+=070
C<( 5 `
a
bC<(
" ^
E8
? ( " ^ 8S i&$
3 L
5 `
a
" ^
C<(
bC<( 8 ( " ^ 8SP i$
3 L
'I$)=8BD(IJ<(10##)!0P=)0#) Tx8B,&(G{|0 "$wF.+=+d,/6+- @ .007,KC<0
[ ^
û ~FX)(
070S07K_$N:=)F907=T\K"$K07,9+=,$,k57J0#5 )',2 07J.
)(8
8B,)T'(
F9,)"$)s]
û
(:8 I/,$,18
+d,/6+-x6
"
C<(
$M$
b
C<(
?
b
"
ü
)
OtD0#
(:8 8B(,/0#D(IFX)(H)(8"/)#6)(+-4,2C<( 5`
a T\40#(H"$
C<( 8 C<(
¡ü ?
$CD(
¡ü
8
?
m CD(
? <C (
^ (
û
)(8UC<D_$T'6!w2b,& 'F9F @ 7<(I4070
]
CDC<,)T h.:h07,7T'#D0#
]
(:8J
@ NH?%N1C<,/'1(81<(I0#41,&((B076C2b.(+-07<,/(07,07R5)+s,&(89,&m8B #"$%C6 0#)0 0û
C<(
3
?
" ^
L
8
" ^ 8 (
úûLIü
oû
) (8 @ NR!<F9DC6o+C+-.C0#D,&(GT I/0 +-,/(B"$7I&(:+-P,2 `[F9,/F9(10= Ga$,S07eE:=50~(8R5)+-,/(8
F9,/F9(10=?+-,&(1"$7I&$]&.3(8B\0# #)!)+-0#D"$'F9)/5.7)-]$)(807 y .3F9P"/(5<(907wCD<F9D0 &û
K)C<C<,)T S.S0#,HD(B"$,/_$9 @ &5+CDC<N D(8B @ 7I`zC<CDS"$m5<,/(
,20# (10#=)C <FX<0
û û ¡ü
,&#F [59 I Aw. X
&L$#R0#,A+-,&(BE:#F 079"/CD68BD05N*,2i/nR(:8 [ $ lz<(:C<CDN û
8B,/F9<(:0#%8+-,/(B"$#I&(+-(5.7)e070 07SCDF9(10=q,)2?0# @ <(3,&F9C38B)+-,/F9,$5D0#D,&(*i&$
&û
+-,/(B"$#I&407,J0#D +-,&(10#D(B.3,&.'+-,/.(10#770=-]T'36+=9)50m @ CD6!)0#3K81)5D#)89#%5.CD0
OlS"$ (,&0\.5)80# ,&7<I&D(Cc#, @ @ <C<D0#D)2b,&')(BN10#3<(I +-0 0#)0T "$ <F9CD6+d`
û3ú
D0#C<NR/#5.3F9)8K0#3F0#, @ '(,&(B` 7,B 0?6?)&!NK0#,R!'0#)0PT +(&838)(BNR0#7F ,)2c,&=81
ü
,&'DI&'<(l kMn(8l )')(8U!0#DC<Cq:%"$x0#R#)F9 [( oû
8 +-,&(1"$#I/(+- #%5.CD0=
w+s,&.C8q]pg2PT\4T7K!.+=D(+-CD<()8c]BCDH.h%50= @ C<5A+-,&(1"$#I/(+-x,2 074.(8B7C<N1<(I
oû
7,1+-)7
FX,18BC 8B)7+-# @ )8j<( 0#!)+-0#D,&( <C<CD.507=)0#)J0#U2b.3(8FX(B0mCK,2R#+-<(3I @ NZ(,
Iû )ûú
) @ D0#=)I&J.!<(IX,&(CDNUC<D()) C<I/ @ m 47-2b,&7KD0wh8B)CG2b,&x0#)/+dD(I.#,k5) 0 6
Pû %ú
(,/0S0#3KF9,k50 &81"&)(+-)8HF9,18BCGD(U07K)] @ .0 <0 6S{ 5,&CD68*&SJ#,1+=_ D{ i0'6 C5,9"$7N
)(8BNHT'(HT\vT(10'<(D0#Cq3#6+sS)507<FH)0#)2b,/w1,&076+S81#D"&)0#D"$)P<(*+&!)T'74<0'6
.(:+-C<))',)TF9,/#4/8B"/(+-%8;FX0#,183T,&7_q]g2PD(8B%80#NH8B, û
' )*e
úûL&L
), "$x+-,&(:5.F930#<,/( ,)T4] XG]q)(8U#5_1N,/#052b,/C<D,9,&C8B<(3I$w"$)+s0#,&]Rp]c5. @1y )+-0 0#,907J!C26`
E(:(+-D(IX+-,&(!0#m<(10',&x8BN1(FX6+ @ .8BI/0S+s,&(!0#=)<(104 T'# 8B(,/0#)07=(:5,$!<0#D,&(q
R $? R ? X Y
3
? - ?
$ X ! B
% &
3 3
T'# 607W+-.#7(10T\)CD0#(:8
6907 8B<F9(5D,&()Cw"$)+s0#,&XT'<0#tC<F9(B0m
R - 5û
60#3u2bm&+-07<,/(,)2P074<(1"$)507,&{eT\)CD0#H<(1"$)!0#)8D(H#6!_BNX&750 ¡û
wsE(<(3I074<(8BD#)+s0.07<C<D0!N&
(
`
c
FH)a
& GX (
(
T\vI/0 0#R^CDC<FH)(B`E>xFCD0#,/()>$.)0#<,/( 6
M FH)
o
k ? - ? Xq o
o ü ^ oo ^
c o 3 3 L ^
4E=!0',&m8Bx+-,&(81<0#D,&(DF9CDNJ0#)0'<(H,&07<F.F
?
o o
] 6 ? -P
o ^ o ^ 3
r @ !#"$40#:0w2b,/S)C<C ( 9074=)0#<,
hD(8B(:8B(10',2 T\)CD0#
)(8.30#<CD<0!N a$,X2~C<C yû
D (B"$)!0#,/="$4/88B<07<"$4!)= @ C<4.0#DC<D05NJ07NT'<CDCGCDCG,&C890#47F9xp,/#0!2b,&C<D,,)2P76!_BN
oû
/#50= \hF9%( 0#)0w074FH7_$0 p,/#0!2b,&C<D,,)2P76!_BNH/#!0='T'<CDC @ KI/<"$( @ N
] 6 ? -:
3
2b,/'5,/F9 ,&(-`8BDF9(!<,&(:C7,1+-)7 B)+s0#)8J<(!0=)(B0m(,/.e+-%#P#07.#(X,2?0#3 û
b#6!_BN FH)#_$0 ,&7052b,&CD<,607#s2b,&#
?
3x
?
3
- ] 6 ?
3
- (
)(8074C<,1+)C"/76)(+-4,20#4FH)#_$0 70#.7(H6
^
^
?
3
- ] 6 ?
3
-P
'"$%+-0#,/G,2cC<,1+)C+s,"/)#6)(+-) @ 0!T(v07F;#_$0Gp,/#0!2b,&C<D,4(:8K<(!0=(10=)(,/.#0#.7(
,)2 0#R/#50='6I&D"$( @ N
? -P
3
` ÐGÞoÌÍËÑË&Õ]ÔGÑvÕ¬Ñvð)ÊÆßG̬Þ&ÞíÞlí²Õ¬ÝÊ3Ü7ÊÎÎvì"ÍË&ôYy9Ílì%ÑÎÕ¬ÞoËÊEd&ÔÍlÕ¬ÑvÞ)Ë"Ö]Ê~Êí ÞoÌ7ÊEGÍlìUßGÎvÊù¨Ëà)Ê~Ì]Ö¬Þ)ÎvÎ ÚÛ õ é
úûL&
,/F @ D(<(3IK0#3)54)>$.07<,/(hT\4I&0
? P
3 ^ 3
#-2b,/#40#41)+-07)89<(!0=(10=)(,/.h70#.3#(H,20#4,/0#D,&(
+s,&(10#=/+-0'6I/<"$( @ N
ü o
? P
3 o ^
3
B
[ ]_^ 5
] 6 &
X 5 _
,/F @ D(<(3IK0#3)54)>$.07<,/(hT\4I&0'074"&)C<.)0#D,&(U%>n.)0#D,&(
[ ]_^ 5 & &
X R5 X 5 5
ü
(
`û yû
T'D0# M1]& | ? 07 +-,&(:50=)(B0#C0#D"$P#5_R"$=!<,/(K,2c077#%5(10=)0#<"$ D(B"$)!0#,/
&û
w,)T TJ#%8B-E(R0#J(3,&0=)0#D,&( C<0 t@ J0#J3#6+sJ,2\,&()#0#+-.C4!0#,1+=_q]G)(8n @
D(<076CoI/I&#I$07JT))C<07 =û
S75.FXw070I&I/#Ik07K+s,&(!.F907<,&(X0\0#DF9 8t(80#S07<F9 8t507,1+d_#+-x# y ,&<(10#CDN
CD,&I`[(,/#FH)C<C<N;8B6!0## @ .07)8q]!,070'T\R+(*T'#<07
5
<[ `(] g e g a5 D e
X 5
[ ` @] g e@g a75 D e
(
T'# % & ( %
c & # . `!^7,T'(36(*F9,&07<,/(eT'D0#*+-,&(:50=)(B0x+-,/##C607<,/( û
w,/0#40#:0
X 5 [ ] g gke@g 5
D e
&
X 5
z ,& 0#3vF;#_$00#, @ 4<(U%>n.DC< @ #D.F}T4F.50\"$v070'07K"/)C<.)0#<,/(U)>$.)0#<,/(H,&C8
7û3ú
2b,/w07R50#,1+=_ (:570#<(3IJ0#R @ ,)"$4<(H0#3v"/)C<.)0#<,/(U)>$.)0#<,/(HNBDC68
[ _] ^ 5 & [ ` (] g ` e@g D ge g aNa5 D e D e
[ ` D e e
]_^ a5 (
!,
3
?
"$"
c $L$
,)TT\HT'(10J0#,l"/CD.07*Q+)C<Cg`i,/0#D,&(Z,&(
w 5 T'<07 50#7<_$ û
: S!<(I
07H"&)C<.)0#D,&(
)>$.)0#<,/(
)(807R @ ,)"$K81#D"&)0#D,&(T\vI/0
[ ]_^ 5 & [ ]g g e g 5 D e
59? :
D
a5
& [ ] g `me g D ^ e@e D gke g D e D e -
d
? : [<]_^ & [ ] g g e g D e
- d
5 5
úûL&
S!<(I0#3)547, @ @ <CD<0!NFX)&!.#) TR+)(T'7<07
5
? [ ]_^
: \
5
J 5
: :
P
J
w
úû Ln
F )BDF96707<,&(o]$(8#,18B.:+-)890#u^C6&+=_$`#a1+=,/C<)2b,&7F.3C6S/'J5)+-CG+&5xT'(9.07<CD<0!N
H
2b.(:+-0#D,&( (8,&x8B50#7 @ .30#<,/(,2~#07.#(T\#47)507#6+s0#)8 Pû
a$07<CDCi]2b0# DI&107,$,2[w,)2 0#R^C&+=_n`7a1+=,&CD)~2b,/#F.C6R5_$076+\+-,&.3C68H&!_g2P07SE()(+-
0û
+-,/F9F.(<0!NJ/w(,/0S#,/I&7)#!)8 @ N$,/(8070x#)!.C<0 wOl @ C<D"$40#)0S<0 /-]G)(8U0#)0
yû
07+-#D0#+-6!F6'.(7)&!,&( @ C< SOlJ"$KDC<CD.507=07)890#)0 @ N$]<(*)&+=U,)2\0#9a$%+-0#D,&(
ü
07#,/.I& MH,&.07C<D(<(IH079)CD6+ @ <CD<0!NH,2 0#3)#076+-.C4F9,18BCP,&7,$/+dV07,UF9,/#
I/(mC+&!)0#)(U074,&(R,&#DI&D(CDC<NX+-,&(!68B#)8 @ NH^C6/+d_c]a1+d3,&C<%'(8*U#07,&( =û
D(+-C<.:8B)8 @ ,/0#
F9,/#R&8B"/)(+-)8
8BN1()F96+ ,2 2b.(83F9(10=)C6')(8
+-,&(10#m&+-07.CDC<NHF9,/#R5,)`
oû
365076+)0#)848B#<"/)0#<"$% >w(+sPT ,/p\0#, "$\+-,&(1"BD(+-)8 0#\#)/8BG0#:0?)&+=4F90#3,18
/h"/)C<681<0!N @ N$,&(8907 @ /56+4!0#07<(I3]BT'+d9D(H0#.7( y .507E%0#S7)5%=+=H8B,/(4<(H0#3
yû$ú
/50]'&JTCDC\&J0#97)5%=+=Z0#)0JT'<CDC'+-,/(B07<(1.2b,&UCD,&(Il0#DF9 2x0#X#)/8BJT'/
)C<#%&8BN*T')#4,20#-]T\v3,&K07,J"$v3#,)"B8B)8U{ J+-,&.3C<4,2e+d%H0#7<CDC6 D{ oû
Ix4
1
û ¡ü 7ú
w(:8B#)/5(o] q /n=] iF9CD<)8KF9,181C<CD<(I3ea$0m @ CDS<F93C<F9s(10=07<,/(G]&)81I&<(3I](:881.Cg`
yû &û
<0!N ?OQ,/#_1<(IXP)p S)#1.1w(D"$=!<0!N yû
w(:8B#)/5(o] V" û "û ¡ü
7.(TC8q]J^ J /n=]XwF976+)(,&30#<,/( 76+-D(It<(07 y .F9B`
`û 0û
8Bgfq.:5<,/(UF9,181C ?OQ,/#_1<(IXP S7B.:1w(<"$=5D0!N yû
û ¡ü oû
^' @@ - ]?a P /Ln=]?^D(,&F9Cc"&)C<.)0#D,&(
,2\CD,$,&_ @ &+=_H,&07<,&(: SOl,&#_1<(3IHP]GU681C6(:8
U,&70=)I&. \3<0=)C?
7_$0=s] ,&(:8B,&( =û
^C&+=_q]\z û " 1a +d3,&C<%-]'Wû ¡ ü n)$=] gH76+-D(IQ,)2R,&07<,&(:9(8t+s,&#,/=07
C< @ DC<<07<)s{<]
_Gs
\* \7H]F HYX=
\ XP$:_T PG-p]/n1&)û
û 1û ü
^7)8B(o] >" D0 ( @ 7I&]D G n%nm] gP#+-),)2'!0=)0#-`+-,&(10#D(I&(B0 +-CDFHeDF9C<+-<0 D(
Iü Eütû
,&30#<,/(U76+-%-{<] :_ Gs
\G
QK H6M KWK>-]/L
n&
\)#]c ÆûD]PC<C<-]
5ûD" .0mB] 5ûG¡ü &$=] Da$0=)0#+u3)8BI&D(I,2 1,&076+w,/0#D,&(s{<]:_ Gs
\*
BH6
$tXZMG[n=]=üü/üü/MIû
\)#]3Æ û " $)##,)T4]pû ü &Mnm] S!0#,/B`iCD,$750m705`[I$D(Hm&8B,)(:8,&07<,/("/CD.07<,/(G
(T8B)+-,/F9,$!<0#D,&(VD(B07,
<(10#7<(!6+(8Z0#<FX"/CD.${D]>OM M H-M S BH6
$zXH6
\
FRBIH-M/KG[n=]k$I/LIû
\)#]<û ] $#7,)T4]D1 û " UN1((3i]1û ü /Lnm] wC<07#()0#D"$ +d)=/+-0#7 ))0#D,&(P,2~FX#+(
.0 ,&30#<,/(-{D]l
FQOM TJ
F HYX=
\BH6
$zXZMq[Lnm]ndü M/Iû
úûL&
76!0#(!(G]4 û<] û 5û ü
m%"$=5(G]va " U<CD0#m5(G]
S /nm]KwN1()F96+*5)((<(3Ij<(0#3
§û Pû
+-,/(5.FX0#D,&(B` @ &!)8J+)<0mC3&#!0P76+-D(I F9,18BC (. @ CD6!)8 &rx8B(:5 w(D"$=!<0!N yû
,)c] û*" ',$#s]aû ¡ü n)$=] "/)C<.)0#<,/(V,2 ,/0#D,&(S2b,&RCD0#7(07<"$!0#,1+=&!0#6+#,)`
+-)75)s{<]
_ Gs
\ABH6
$zX H6
\ XP$:_T HYXoK G]=ü-kü&Eû
,)c] û<]G',$7-]adûG" '. @ D(507<(o]qWû?¡ü n $=] <r 07<,/(
#+-<(I3 5DF9CDE)8H)#,k&+=G{<]
_Gs
\*B H63
$zXH6
\ 1XP$
_T HYXoKc]L/LnL&/Iû
,)c] ûD" '. @ <(:50#<(G]3WûG¡ü/&$=]!UF+HQ$IK Y
IG QMWF Ks]P7(B076+-s`E>S)C<C§û
w#FH)(G] D"
4([] G %û úû ¡ü )B=] '681<(I!F9<CD${<] M c]/L1Iû
w. 9$]ûG¡ü&L$=])P&
_T HYX
KWK MWF 1GLHYXH6J >OM IGLP]3P#<(:+-0#,/(w(D"$=!<0!NP#)7oû
w.12b#)!($]cÆ<û ]
SD=!0=&8c]OûD" ',$#s]qWûGü&nm]GP#+-<(IJ074FH70#D(I$)C<4T'NyûPOl,&7_BD(I
P)p&cû ^#_$CDNyû
w.3<7$]^"cû ¡ü &$=]c~76+-D(IR(8H)8BI/<(IRT'<07U!F9<CD)oû Ol,&#_1<(3IP0û P)# @ &f\3<0=)C
7_$0=)û ,&(81,&(=û
$/+d_1T70#G] û " '. @ D(507<(o] W'û ¡ü &$=] h)+s,"$#<(3I3#, @ @ DC<<0!NZ816507# @ .0#D,&(v2b7,&F
,&30#<,/(U76+-%-{<] :_ Gs
\GH6
$zXZM -i$=]ü Eüt
ü dü /Iütû
úûL
$)FH58B6)(G]zûq¡ü &n=] g (93&+-0 @ ,/(89,&07<,/(;2b,/#F.C61{<]
_Gs
\GBH6
$tXZMG]L&M/
L&MIû
4m0 )&s]úû"ak#"$k]naû3¡ü/&$=]
G _ SPzH6
$ F+HQ$
$ RF X 3O
KLF+HYX
\7X(I\ QKs]a$3#<(3I&!`
#CI²û
û ü ü
U70#,/(G]G n m] Dr 0#DF.F+-,/(5.FX0#D,&(*(8
,&7052b,&CD<,97.C<%hD(
9+-,/(B07<(1.,&.:w0#DF9
F9,18BCi{<] :_ Gs
\G XP$:_T HYX >OM IGLP G]$)k ü Iû
û ü
U70#,/(G] w n%
m] w(Z<(10#70#FXp,/=)C'+)<0mCx&#!0#+-<(I
FX,18BCi{D] PX $:_T@MTF+GLHYX=
G-]&n1/& Iû
û ¡ü
U70#,/(G]_ $ $)t[d=] g3e07,/#N4,2m07<,&(:C1,&07<,&(R#+-<(3I{<]
;MW\]\
_Gs
\ PX $:_T HYXoK
=ü ²ü dü Eû
$l
$3
JM T@MsF XH-MszXZMG] -
&
û ¡ü
U70#,/(G]> G n%n=] <r 0#D,&(H76+-D(IJT'(*0#4.(81#CDNBD(I507,1+d_H#0#.7('7J8B#+-,/(B07<(B`
=ü ü ²û
.,/.-{D]
_Gs
\ABH6
$zX H6
\ XP$:_T HYXoKc] L/ s&
û ¡ü
UN1(([] S /Ln=] g3Q76+-D(IV,)2J0#3V)F9#+( ,&07<,/(G{<] >OM x
\cK0 BUIU\7H-M7
¡ü =ü Eû
GI[=
I[H]\ H]F+P c )=] 1L&
'(8BCDFH)(G]:ûD"}^'70#0#]^"ûG¡ü n n =] g T\,`50m0#J,/0#D,&(*#+-<(I3{<] :_ -G 3
\* H6
$zXZM
M/=û=ü üütü)MEû
'"1. $]ûD"e,/]WûGüEüm] $F H6:_QK l
IGWF+H6J$
\]M K
$
G _SPzH6
$ F+HQ$B]LEû)8B(G]
a$7<(I/5` #CI²û
'. @ D(507<(G]?WPû ü $)nm] gJ"/)C<.)0#<,/(Q,)2 .(+-#0=)<(
D(+-,&FXJ507#))FHS)(8Q0#3J#+-<(I
,2~,&07<,&(:-{<]
;MW\]\ :_ G-3
\G XP$:_T HYXoK q]kMn$$L/Iû
'. @ D(507<(G]3Wqû ü )Bm] iú F9CDg)8 @ <(3,&F9C0#7)-{D] >OM :_ G-3
\GBH63
$zXZMGi$=]q&
ü
Iü Iû
a$68B(1"$7I]R J û ü /&nm] +&!j,)2H+-,/(B2b.!)8 8B(10#<0!Nc{<] BH63
$zXH6
\
x3
\7P KLFYK :_ G-3
\
=û /nnyû
a$3<F9_$,3]P' û ü Eü m]'^N$,&(:8 DF9CD<)8U"$,/C607<CD<0!Nq~7, @ @ <CD<0!NW8B6!0## @ .07<,&(:J(8Z)8BI/
=)0#D,$K<FXC<D)8 @ Nl,&30#<,/(V76+-))
û U<FX,Gû 70#F9(B04,2xz?<()(+-H)(8Z^.5D()#
+-,&(3,&F9+otû w(<"$=5D0!NJ,2\a$,&.077( \CD2b,/#(Iû
úû&M