You are on page 1of 53

Ki

ngd
omo
fTh
ail
and
≠ EDI
CTOFGOVERNMENT±
Inorde
rtop r
omot
ep u
bli
cedu
cati
onandp u b
licsaf
et
y,equal
j
ust
iceforal
l,abet
te
rinf
ormedci
ti
zenr
y ,ther ul
eoflaw,
wor
ldtradeandwor
ldpea
ce,t
hisl
egaldocume nti
sh e
reby
madeavai
lab
leonanonco
mmercia
lbasi
s,a sitisth
erightof
al
lhumanstoknowandspe
akthela
wstha tgovernthe
m.

TIS 11-2531 (1988) (English): PVC insulated


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

!"#$%&#&'&"$#()#*"+#,(-.$#(/#012-",&/2$*",1"3#*/121"3#)/(0#$%12#$/*"24*$1("5#$%&#2$*",*/,#1"#6%*1#7144#.&#%&4,
$(#.&#*-$%(/1$*$1'&

!"#$%%&'()%*%+,,-
!"#$%&'()*+,$#-%.+#'(#,(
/0,
123%&'*)-#+4(%30554,%3#6-4*

78 .9054

787 !"$*% *+#'(#,(% *549$:$9*% +;54*<% *$=4*<% >#+4,$#-*% #'(% 90'*+,)9+$0'<% ,4?)$,4>4'+*<
5#9@$'A<% >#,@% #'(% -#64-<% *#>5-$'A% #'(% 9,$+4,$#% :0,% 90':0,>$+;<% #'(% +4*+$'A% :0,
123%$'*)-#+4(%90554,%9#6-4*%0:%,#+4(%B0-+#A4*%'0+%4C944($'A%DEF2%G"$9"%*"#--%64
,4:4,,4(%+0%64%"4,4$'#:+4,%#*%H9#6-4*I8
78J !"$*%*+#'(#,(%90B4,*%9#6-4*%:0,%)*4%#+%90'()9+0,%+4>54,#+),4%'0+%4C944($'A%DF°3
"#B$'A%:,0>%7%+0%K%90,4*%L4C9-)($'A%A,0)'(%90'()9+0,M%G"$9"%#,4%$'+4'(4(%:0,%)*4
G$+"% #'% #8989),,4'+% *;*+4>% '0+% 4C944($'A% NF% O=% $'% :,4?)4'9;% #'(% G$+"% ($,49+
9),,4'+P%$+%(04*%'0+%$'9-)(4%123%*"4#+"4(% 90554,%9#6-4*% G"$9"%#,4%90B4,4(%6;% #
5#,+$9)-#,%*+#'(#,(8

J8 Q4:$'$+$0'*

/0,%+"4%5),50*4%0:%+"$*%*+#'(#,(<%%+"4%:0--0G$'A%(4:$'$+$0'*%#55-;8
J87 1RST2&UTS% 3OSRV&QW% 3RX1YUQ% 0,% 123% Z% 30>6$'#+$0'% 0:% >#+4,$#-*
*)$+#6-;%*4-49+4(<%5,050,+$0'4(%#'(%+,4#+4(<%0:%G"$9"%+"4%9"#,#9+4,$*+$9%90'*+$+)4'+
$*%+"4%5-#*+0>4,%50-;B$';-%9"-0,$(4%0,%0'4%0:%$+*%9050-;>4,*8%%!"4%*#>4%+4,>%#-*0
(4*$A'#+4*% 90>50)'(*% 90'+#$'$'A% 60+"% 50-;B$';-% 9"-0,$(4% #'(% 94,+#$'% 0:% $+*
50-;>4,*8
J8J V[!WQ%2RS![\W%Z%!"4%B0-+#A4%4C5,4**4(%6;%+"4%,8>8*8%B#-)4%0,%+"4%(898%90,4%+0
90,4%B0-+#A48
U0+4%Z%%78 &'%#'%#-+4,'#+$'A%9),,4'+%*;*+4><%+"4%,#+4(%B0-+#A4%0:%#%9#6-4%*"#--%64%#+
-4#*+%4?)#-%+0%+"4%'0>$'#-%B0-+#A4%0:%+"4%*;*+4>%:0,%G"$9"%$+%$*%$'+4'(4(8
J8# &'%#%($,49+%9),,4'+%*;*+4><%+"4%'0>$'#-%B0-+#A4%0:%+"4%*;*+4>%*"#--%64%#+
-4#*+%F8D%+$>4*%+"4%,#+4(%B0-+#A4%0:%+"4%9#6-48
]8# !"4%054,#+$'A%B0-+#A4%0:%#%*;*+4>%>#;%54,>#'4'+-;%4C944(%+"4%'0>$'#-
B0-+#A4%0:%*)9"%#%*;*+4>%6;%7F^8%%[%9#6-4%9#'%64%)*4(%#+%#%7F^%"$A"4,
054,#+$'A%B0-+#A4%+"#'%$+*%,#+4(%B0-+#A4%$:%+"4%-#++4,%$*%#+%-4#*+%4?)#-%+0
+"4%'0>$'#-%B0-+#A4%0:%+"4%*;*+4>8

J8]# 3RUQY3!RV% Z% % 30554,% G$,4% 0:% 9$,9)-#,% 9,0**_*49+$0'<% G"4+"4,% *$'A)-#,% 0:


*+#'(#,(%$'%6)'(-48
J8K .!V[UQWQ%3RUQY3!RV%%Z%%%[%A,0)5%0:%*4B4'%0,%>0,4%G$,4*%90'94'+,$9#--;
*+,#'(4(8

1
J8E &U.YS[!&RU%%Z%['%4-49+,$9#-%$'*)-#+$'A%>4($)>%G"$9"%5,4B4'+*<%($,49+%90'+#9+
64+G44'%+"4%90'()9+0,%#'(%90'()9+0,%0,%0+"4,%06`49+*8
J8N 3RVW%%Z%%[%*$'A-4%90'()9+0,%0:%%#%9#6-4%G$+"%$+*%$'*)-#+$0'8
J8D .OW[!O%%Z%%['%0)+4,%5,0+49+$B4%90B4,$'A%0:%%50-;B$';-%9"-0,$(4%0,%0+"4,%#55-$4(
+0%+"4%90,4P%#%*$'A-4%-#;4,%0:%+"4% 90B4,$'A%*"#--%64%,4:4,,4(%+0%#*%+"4%*"4#+"<%+G0
-#;4,*%*"#--%64%,4:4,,4(%+0%#*%$''4,%0,%0)+4,%90B4,$'A8
J8a 3[bSW%Z%%[%-4'A+"%0:%$'*)-#+4(%*0-$(%0,%*+,#'(4(%90'()9+0,%*$'A-4<%0,%>0,4<%%-#$(
+0A4+"4,%#'(%>$A"+%"#B4%*0>4%@$'(%0:%90B4,$'A%:0,%+"4%5),50*4%0:%5,0+49+$0'8
J8c 3RVQ%%Z%%[%9#6-4%90'+#$'$'A%'0+%>0,4%+"#'%K%90,4*%4C9-)($'A%A,0)'(%90'()9+0,<
4#9"%:0,>4(%0:%#%A,0)5%0:%G$,4*<%+"4%($#>4+4,%0:%+"4% 90,4%#'(%0:%+"4% G$,4%64$'A
*)::$9$4'+-;%*>#--%+0%#::0,(%:-4C$6$-$+;8
J87F /S[!% 3[bSW% % Z% % [% *"4#+"4(% :-#+% 9#6-4% 0,% 90,(% 90'+#$'$'A% +G0% 0,% >0,4% 90,4*
4C9-)($'A%A,0)'(%90'()9+0,8
J877 /S[!%!d&U%3RVQ%%Z%%[%'0'_*"4#+"4(%:-#+%90,(%90'+#$'$'A%+G0%90,4*%L4C9-)($'A
A,0)'(%90'()9+0,M%90''49+4(%+0A4+"4,8
J87J .!V[UQWQ% 3RVW% % Z% % !G0% 0,% >0,4% *$'A-4_90,4% 90,(*% +G$*+4(% +0A4+"4,<% '0'
*"4#+"4(8
J87] S[T%V[!&R%%Z%%!"4%,#+$0%0:%+"4%#C$#-%-4'A+"%0:%90>5-4+4%+),'%0:%+"4%"4-$C<%:0,>4(
6;%90,4%0:%#%9#6-4%0,%#%G$,4%0:%#%*+,#'(4(%90'()9+0,<%+0%+"4%>4#'%0)+*$(4%($#>4+4,
0:%+"4%"4-$C8
J87K XWQ&[U%2[SYW%%Z%%d"4'%*4B4,#-%+4*+%,4*)-+*%"#B4%644'%06+#$'4(%#'(%0,(4,4(%$'
#'% $'9,4#*$'A% 0,% (49,4#*$'A% *)994**$0'<% +"4% >$((-4% B#-)4% $:% +"4% ')>64,% 0:
#B#$-#6-4%B#-)4*%$*%0((<%#'(%$*%+"4%>4#'%0:%+"4%+G0%>$((-4%B#-)4*%$:%+"4%')>64,%$*
4B4'8

]8%%!;54*

3#6-4*%$'%+"$*%*+#'(#,(%#,4%9-#**$:$4(%$'+0%J%+;54*%#990,($'A%+0%+"4%,#+4(%B0-+#A4%#*
:0--0G*%%Z
]87 3#6-4*%"#B$'A%#%,#+4(%B0-+#A4%0:%'0+%4C944($'A%]FF%2
]8J 3#6-4*%"#B$'A%#%,#+4(%B0-+#A4%0:%'0+%4C944($'A%DEF%2

K8 .$=4*

K87 !"4%*$=4*%#'(%5#,+$9)-#,*%0:%9#6-4*%*"#--%64%#*%A$B4'%$'%!#6-4*%7%+0%7D8

2
!#6-4%%7
&'*)-#+4(%9#6-4*<%*$'A-4_90,4<%,#+4(%B0-+#A4%]FF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@'4** Q$#>4+4, V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: 0: 0: $'*)-#+$0'%#+
*49+$0'#-%#,4# G$,4*%$' &'*)-#+$0' 9#6-4 DF°3
90'()9+0, >$'
..' /012.. .. 3. 3Ω Ω14.

F8E 7eF8aF F8N J8N F8F7K%%N


7 7e787] F8N J8c F8F77%%E
7 DeF8KF F8N ]87 F8F77%%F
78E 7e78]a F8N ]8J F8F7F%%F
78E DeF8EF F8N ]8K F8FFc%%K
J8E 7e78Da F8D ]8a F8FFc%%J
J8E DeF8ND F8D K87 F8FFa%%K
K 7%eJ8JE F8a K8E F8FFa%%N
K DeF8aE F8a K8c F8FFD%%a
N De78FK F8a E8N F8FFN%%N
7F De78]E 78F D8F F8FFN%%K
7N De78DF 78F a8J F8FFE%%]
JE DeJ87K 78J 7F8F F8FFE%%7
]E 7ce78E] 78J 778E F8FFK%%]
EF 7ce78Da 78K 7]8F F8FFK%%K
DF 7ceJ87K 78K 7E8F F8FF]%%D
cE 7ceJ8EJ 78N 7D8E F8FF]%%N
7JF ]DeJ8F] 78N 7c8F F8FF]%%J
7EF ]DeJ8JE 78a J78E F8FF]%%]

3
!#6-4%%J
&'*)-#+4(%#'(%*"4#+"4(%9#6-4*<%*$'A-4_90,48%:-#+%+G0_90,4
#'(%:-#+%+",44_90,4<%,#+4(%B0-+#A4%]FF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@ !"$9@'4**%0:%*"4#+" V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: '4** Q$#>4+4,%0:%9#6-4<%>> $'*)-#+$0'%#+
*49+$0'#- G$,4*%$' 0: .. DF°3<>#C8
#,4# 90'()9+0, G$,4
.$'A-4 !G0 !",44 .$'A-4 /-#+%+G0_90,4 /-#+%+",44_90,4
..' /012.. .. 90,4 90,4 90,4 30,4 Ω14.
3Ω
S0G4,%-$>$+ Y554,%-$>$+ S0G4,%-$>$+ Y554,%-$>$+

F8E 7eF8aF F8N F8c F8c F8c K8K ]8N%C%E8N K8K%C%N8a ]8N%C%D8K K8K%C%c8F F8F7K%N
7 7] F8N F8c F8c F8c K8a K8F%C%N8J K8a%C%D8K K8F%C%a8K K8a%C%7F8F F8F77%E
7 DeF8KF F8N F8c F8c F8c E8F K8F%C%N8K E8F%C%D8a K8F%C%a8N E8F%C%7F8E F8F77%F
78E 7e78]a F8N F8c 78J 78J E8J K8a%C%D8J E8a%C%a8N K8a%C%c8a E8a%C%778E F8F7F%F
78E DeF8EF F8N F8c 78J 78J E8K K8c%C%D8K N8F%C%c8J K8c%C%7F8F N8F%C%7J8E F8FFc%K
J8E 7e78Da F8D F8c 78J 78J E8a E8K%C%a8K N8K%C%7F8F E8K%C%778E N8K%C%7]8E F8FFc%J
J8E DeF8ND F8D F8c 78J 78J N8J E8N%C%a8a N8a%C%7F8E E8N%C%7J8F N8a%C%7K8E F8FFa%K
K 7%eJ8JE F8a F8c 78J 78J N8N N8F%C%c8a D8J%C%778E N8F%C%7]8E D8J%C%7N8F F8FFa%N
K DeF8aE F8a F8c 78J 78J D8F N8J%C%7F8F D8N%C%7J8F N8J%C%7K8F D8N%C%7N8E F8FFD%a
N De78FK F8a F8c 78J 78J D8N N8a%C%778F a8J%C%7]8E N8a%C%7N8F a8J%C%7a8E F8FFN%N
7F De78]E F8c F8c 78J 78J a8N a8F%C%7]8E c8K%C%7N8F a8F%C%7c8F c8K%C%JJ8F F8FFE%c
7N De78DF 78F 78J 78J 78K 778F c8J%C%7N8F 778F%C%7a8E c8N%C%J]8F 778E%C%JN8E F8FFE%]
JE DeJ87K 78J 78J 78K _ 7J8E 778F%C%7c8E 7]8F%C%JJ8E _ _ F8FFE%7
]E 7ce78E] 78J 78J 78K _ 7K8F 7J8F%C%JJ8F 7K8E%C%JE8F _ _ F8FFK%]

4
!#6-4%]
&'*)-#+4(%#'(%*"4#+"4(%>)-+$_90,4%9#6-4*<%,#+4(%B0-+#A4%]FF%2
L9-#)*4%K87M

U0>$'#- U)>64,%#'( !"$9@'4**


3,0**_ ($#>4+4,%0: 0: !"$9@'4**%0:%*"4#+" Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:
*49+$0'#- G$,4*%$' $'*)-#+$0' $'*)-#+$0'%#+
#,4# 90'()9+0, .. .. DF°3<%>$'8
..' /012.. .. J_%90,4 ]_90,4 K_90,4 J_90,4 ]_90,4 K_90,4 3ΩΩ14.

F8E 7eF8aF F8N F8c F8c F8c N8a D8J D8a F8F7K%%N
7 7e787] F8N F8c F8c F8c D8N a8F a8N F8F77%%E
7 DeF8KF F8N F8c F8c F8c a8F a8K c8F F8F77%%F
78E 7e78]a F8N 78J 78J 78J a8a c8J 7F8F F8F7F%%F
78E DeF8EF F8N 78J 78J 78J c8J c8N 7F8E F8FFc%%K
J8E 7e78Da F8D 78J 78J 78J 7F8F 7F8E 778E F8FFc%%J
J8E DeF8ND F8D 78J 78J 78J 778F 778E 7J8E F8FFa%%K
K 7%eJ8JE F8a 78J 78J 78J 778E 7J8E 7]8E F8FFa%%N
K DeF8aE F8a 78J 78J 78J 7J8E 7]8F 7K8F F8FFD%%a
N De78FK F8a 78J 78J 78J 7]8E 7K8E 7E8E F8FFN%%N
7F De78]E F8c 78J 78J 78K 7N8F 7D8F 7c8F F8FFE%%c
7N De78DF 78F 78K 78K 78K 7c8F JF8F JJ8F F8FFE%%]
JE DeJ87K 78J 78K 78a 78a JJ8E JE8F JD8E F8FFE%%7
]E 7ce78E] 78J 78K 78a 78a JE8E Ja8F ]F8E F8FFK%%]

5
!#6-4%%K
&'*)-#+4(%9#6-4*<%*$'A-4_90,4<%,#+4(%B0-+#A4%DEF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@'4** Q$#>4+4, V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: 0: 0: $'*)-#+$0'%#+
*49+$0'#-%#,4# G$,4*%$' $'*)-#+$0' 9#6-4 DF°3
90'()9+0, >$'
..' /012.. .. .. 3Ω Ω14.

F8E 7eF8aF F8a ]8F F8F7D%%E


7 7e787] F8a ]8] F8F7K%%7
7 DeF8KF F8a ]8E F8F7]%%E
78E 7e78]a F8a ]8N F8F7J%%]
78E DeF8EF F8a ]8a 78F77%%N
J8E 7e78Da F8a K8F F8F7F%%J
J8E DeF8ND F8a K8] F8FFc%%]
K 7%eJ8JE F8c K8a F8FFc%%K
K DeF8aE F8c E8J F8FFa%%E
N De78FK F8c E8a F8FFD%%]
7F De78]E 787 D8J F8FFN%%c
7N De78DF 787 a8K F8FFE%%D
JE DeJ87K 78] 7F8E F8FFE%%K
]E 7ce78E] 78] 778E F8FFK%%D
EF 7ce78Da 78E 7]8E F8FFK%%N
DF 7ceJ87K 78E 7E8E F8FF]%%c
cE 7ceJ8EJ 78D 7a8F F8FF]%%a
7JF ]DeJ8F] 78D 7c8E F8FF]%%K
7EF ]DeJ8JE 78c J78E F8FF]%%K
7aE ]DeJ8EJ J87 JK8F F8FF]%%K
JKF N7eJ8JE J8] JD8F F8FF]%%]
]FF N7eJ8EJ J8E ]F8F F8FF]%%J
KFF N7eJ8aE J8D ]]8E F8FF]%%F
EFF N7e]8JF ]87 ]a8F F8FF]%%7

6
!#6-4%%E
&'*)-#+4(%#'(%*"4#+"4(%9#6-4*<%*$'A-4_90,48%:-#+%+G0_90,4
,#+4(%B0-+#A4%DEF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@'4** !"$9@'4**%0:%*"4#+"<%%.. Q$#>4+4,%0:%9#6-4<%%.. V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: 0:%$'*)-#_ $'*)-#+$0'
*49+$0'#- G$,4*%$' +$0' .$'A-4%90,4 /-#+%+G0_ .$'A-4 /-#+%+G0_90,4 #+%DF°3<%>$'
#,4# 90'()9+0, 90,4 90,4
..' /012.. .. S0G4,%-$>$+ Y554,%-$>$+ Ω14.
3Ω

7 7e787] F8a 78F 78K E8K E8J%%C%%a8F N8K%%C%%c8K F8F7K%%7


7 DeF8KF F8a 78F 78K E8N E8K%%C%%a8F N8N%%C%%c8a F8F7]%%E
78E 7e78]a F8a 78F 78K E8a E8N%%C%%a8K N8N%%C%%7F8F F8F7J%%]
78E DeF8EF F8a 78F 78K N8F E8N%%C%%a8N D8F%%C%%7F8E F8F77%%N
J8E 7e78Da F8a 78J 78K N8N E8a%%C%%c8J D8J%%C%%778F F8F7F%%J
J8E DeF8ND F8a 78J 78K D8F N8J%%C%%c8N D8K%%C%%778E F8FFc%%]
K 7%eJ88JE F8c 78J 78K D8K N8N%%C%%7F8E D8a%%C%%7J8E F8FFc%%K
K DeF8aE F8c 78J 78K D8a N8a%%C%%778F a8J%%C%%7]8F F8FFa%%E
N De78FK F8c 78K 78K a8a D8K%%C%%7J8F a8a%%C%%7K8E F8FFD%%]
7F De78]E 787 78K 78E 7F8E a8a%%C%%7E8F 7F8E%%C%%7D8F F8FFN%%c
7N De78DF 787 78E 78E 778E c8a%%C%%7D8F 778E%%C%%7c8E F8FFE%%D
JE DeJ87K 78] 78E 78N 7]8E 778E%%C%%JF8E 7]8E%%C%%J]8E F8FFE%%K
]E 7ce78E] 78] 78N 78D 7E8F 7]8F%%C%%J]8F 7E8F%%C%%JN8E F8FFK%%D

7
!#6-4%%N
&'*)-#+4(%#'(%*"4#+"4(%9#6-4*<%*$'A-4_90,4<%,#+4(%B0-+#A4%DEF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@'4**%0: !"$9@'4** Q$#>4+4,%%0: V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: $'*)-#+$0' 0: 9#6-4 $'*)-#+$0'%#+
*49+$0'#-%#,4# G$,4*%$' *"4#+" DF°3
90'()9+0, >$'
..' /012.. .. .. .. 3Ω Ω14.

7 7e787] 78E 78a a8N F8FJF%%D


7 DeF8KF 78E 78a a8a F8FJF%%F
78E 7e78]a 78E 78a c8F F8F7a%%K
78E DeF8EF 78E 78a c8J F8F7D%%E
J8E 7e78Da 78E 78a c8K F8F7E%%D
J8E DeF8ND 78E 78a c8a F8F7K%%N
K 7%eJ8JE 78E 78a 7F8F F8F7]%%E
K DeF8aE 78E 78a 7F8E F8F7J%%K
N De78FK 78E 78a 778F F8F7F%%D
7F De78]E 78E 78a 7J8F F8FFa%%a
7N De78DF 78E 78a 7]8F F8FFD%%K
JE DeJ87K 78E 78a 7K8E F8FFN%%7
]E 7ce78E] 78E 78a 7N8F F8FFE%%]
EF 7ce78Da 78E 78a 7D8F F8FFK%%N
DF 7ceJ87K 78E 78a 7c8F F8FF]%%c
cE 7ceJ8EJ 78D 78a J78E F8FF]%%a
7JF ]DeJ8F] 78D 78a J]8F F8FF]%%K
7EF ]DeJ8JE 78c J8F JN8F F8FF]%%K
7aE ]DeJ8EJ J87 J8F Ja8F F8FF]%%K
JKF N7eJ8JE J8] J8J ]78E F8FF]%%]
]FF N7eJ8EJ J8E J8J ]E8F F8FF]%%J
KFF N7eJ8aE J8D J8J ]a8E F8FF]%%F
EFF N7e]8JF ]87 J8K K]8F F8FF]%%7

8
!#6-4%D
&'*)-#+4(%%>)-+$_90,4%9#6-4*<%G$+"%$''4,%#'(%0)+4,%90B4,$'A*<
,#+4(%B0-+#A4%DEF%2
L9-#)*4%K87M
U0>$'#- U)>64, !"$9@'4** V4*$*+#'94%0:
9,0**_ #'( 0: !"$9@'4**%0:%$''4, !"$9@'4**%0:%0)+4,%90B4,$'A< Q$#>4+4,%0:%9#6-4 $'*)-#+$0'%#+
*49+$0'#- ($#>4+4, $'*)-#+$0' 90B4,$'A*< DF°3<%>$'
#,4# 0:%G$,4*%$' .. .. 3ΩΩ14.
90'()9+0, ..
..' /012.. .. J_%90,4 ]_90,4 K_90,4 J_90,4 ]_90,4 K_90,4 J_90,4 ]_90,4 K_90,4

7 7e787] F8a F8a F8a F8a 78a 78a 78a 7J8F 7J8E 7]8E F8F7K%%7
7 DeF8KF F8a F8a F8a F8a 78a 78a 78a 7J8E 7]8F 7K8F F8F7]%%E
78E 7e78]a F8a F8a F8a F8a 78a 78a 78a 7J8E 7]8F 7K8F F8F7J%%]
78E DeF8EF F8a F8a F8a F8a 78a 78a 78a 7]8F 7]8E 7K8E F8F77%%N
J8E 7e78Da F8a F8a F8a F8a 78a 78a 78a 7]8E 7K8F 7E8F F8F7F%%J
J8E DeF8ND F8a F8a F8a F8a 78a 78a 78a 7K8F 7E8F 7N8F F8FFc%%]
K 7%eJ8JE F8c F8a F8a F8a 78a 78a 78a 7E8F 7E8E 7D8F F8FFc%%K
K DeF8aE F8c F8a F8a F8a 78a 78a 78a 7E8E 7N8E 7D8E F8FFa%%E
N De78FK 78c F8a F8a F8a 78a 78a 78a 7D8F 7a8F 7c8F F8FFD%%]
7F De78]E 787 F8a F8a F8a 78a 78a J8F 7c8E JF8E J]8F F8FFN%%c
7N De78DF 787 F8a 78J 78J J8F J8F J8F JJ8E JK8E JN8E F8FFE%%D
JE DeJ87K 78] 78J 78J 78J J8F J8F J8F JD8F Ja8E ]78F F8FFE%%K
]E 7ce78E] 78] 78J 78J 78E J8F J8F J8J Jc8E ]78E ]E8F F8FFK%%D
EF 7ce78Da 78E 78J 78E 78E J8J J8J J8J ]]8E ]N8F ]c8E F8FFK%%N
DF 7ceJ87K 78E 78E 78E 78E J8J J8J J8K ]a8F KF8E KK8E F8FF]%%c
cE 7ceJ8EJ 78D 78E 78E 78a J8J J8K J8N KJ8E KN8F E78E F8FF]%%a
7JF ]DeJ8F] 78D 78E 78a 78a J8K J8N J8a KN8E EF8E EN8F F8FF]%%K
7EF ]DeJ8JE 78c 78a 78a J8F J8N J8a ]8F EJ8F EN8F NJ8F F8FF]%%K
7aE ]DeJ8EJ J87 78a J8F J8F J8a ]8F ]8J ED8F N78E Na8F F8FF]%%K
JKF N7eJ8JE J8] J8F J8F J8J ]8F ]8J ]8K NK8F Nc8F DN8E F8FF]%%]
]FF N7eJ8EJ J8E J8F J8J J8J ]8J ]8K ]8a DF8E DN8F aE8F F8FF]%%J

9
!#6-4%%a
&'*)-#+4(%+",44_90,4%9#6-4*<%G$+"%$''4,%#'(%0)+4,%90B4,$'A*%#'(%'4)+,#-%90'()9+0,
,#+4(%B0-+#A4%%DEF%2
L9-#)*4%K87M

U0>$'#-%9,0**_ U)>64,%#'( !"$9@'4** !"$9@'4** !"$9@'4** Q$#>4+4,%0: V4*$*+#'94%0:


*49+$0'#-%#,4#< ($#>4+4,%0:%G$,4*%$' 0:%$'*)-#+$0' 0:%$''4, 0:%0)+4, 9#6-4 $'*)-#+$0'%#+
90'()9+0, 90B4,$'A 90B4,$'A DF°3<%>$'
..' /012.. ..
1"#*4 U4)+,#- 1"#*4 U4)+,#- 1"#*4 U4)+,#- .. .. .. Ω14.
3Ω

N K De78FK DeF8aE F8c F8c F8a 78a 7c8F F8FFD%%]


7F N De78]E De78FK 787 F8c F8a J8F J]8F F8FFN%%c
7N 7F De78DF De78]E 787 787 78J J8F JN8E F8FFE%%D
JE 7N DeJ87K De78DF 788] 787 78J J8F ]78F F8FFE%%K
]E 7N 7ce78E] De78DF 78] 787 78E J8J ]E8F F8FFK%%D
EF JE 7ce78Da DeJ87K 78E 78] 78E J8J ]c8E F8FFK%%N
DF ]E 7ceJ87K 7ce78E] 78E 78] 78E J8K KK8E F8FF]%%c
cE EF 7ceJ8EJ 7ce78Da 78D 78E 78a J8N E78E F8FF]%%a
7JF DF ]DeJ8F] 7ceJ87K 78D 78E 78a J8a EN8F F8FF]%%K
7EF DF ]DeJ8JE 7ceJ87K 78c 78E J8F ]8F NJ8F F8FF]%%K
7aE cE ]DeJ8EJ 7ceJ8EJ J87 78D J8F ]8J Na8F F8FF]%%K
JKF 7JF N7eJ8JE ]DeJ8F] J8] 78D J8J ]8K DN8E F8FF]%%]
]FF 7EF N7eJ8EJ ]DeJ8JE J8E 78c J8J ]8a aK8E F8FF]%%J

U0+4%%Z%%!"4%90-0),%A,4;%*"#--%64%)*4(%:0,%$(4'+$:9#+$0'%0:%90,4%$'+4'(4(%:0,%)*4%#*%'4)+,#-%90'()9+0,8

10
!#6-4%c
&'*)-#+4(%#'(%*"4#+"4(%>)-+$_90,4%90,(*<%,#+4(%B0-+#A4%DEF%2
L9-#)*4%K87M

U0>$'#- U)>64,%#'( !"$9@'4** V4*$*+#'94%0:


3,0**_ ($#>4+4,%0: 0: !"$9@'4**%0:%*"4#+" Q$#>4+4,%0:%9#6-4 $'*)-#+$0'%#+
*49+$0'#- G$,4*%$' $'*)-#+$0' .. .. DF°3<%>$'
#,4# 90'()9+0,
..' /012.. .. 7_90,4 J_%90,4 ]_90,4 K_90,4 7_90,4 J_90,4 ]_90,4 K_90,4 Ω14.
3Ω

F8E 7NeF8JF F8a 78F 78J 78J 78K E8K a8a c8J 7F8E 78F7N%%F
F8DE JKeF8JF F8a 78F 78J 78J 78K E8N c8J c8N 778F F8F7K%%F
7 ]JeF8JF F8a 78J 78J 78K 78N N8J c8N 7F8E 7J8F F8F7J%%D
78E ]FeF8JE F8a 78J 78K 78K 78N N8N 778F 778E 7J8E F8F77%%7
J8E EFeF8JE F8a 78J 78K 78K 78N D8K 7J8E 7]8F 7E8F F8FFc%%J
K ENeF8]F F8c 78K 78N 78N 78a a8N 7K8E 7E8E 7D8F F8FFa%%K
N aKeF8]F F8c 78K 78N 78a J8F c8K 7N8F 7D8E 7c8E F8FFD%%7
7F aFeF8KF 787 78a 78a J8F J8J 7J8F JF8F J78E JK8F F8FFN%%a
7N 7JNeF8KF 787 78a J8J J8K J8N 7]8E J]8F JE8F Ja8F F8FFE%%F
JE 7cNeF8KF 78] J8J J8K J8N J8a 7N8F JD8E ]F8F ]]8F F8FFK%%a
]E JDNeF8KF 78] J8J J8N J8a ]87 7D8E ]78F ]]8E ]D8F F8FFK%%7
EF ]cNeF8KF 78E J8N _ _ _ J78F _ _ _ F8FFK%%F
DF ]NFeF8EF 78E J8N _ _ _ J]8F _ _ _ F8FF]%%K
cE KDEeF8EF 78D ]8F _ _ _ JN8E _ _ _ F8FF]%%K

11
!#6-4%7F
.+,#'(4(%90,4%9#6-4*%#'(%:-#+%+G$'%9#6-4*<%,#+4(%B0-+#A4%]FF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@_ Q$#>4+4,%0:%9#6-4<%%>> V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: '4**%0: .+,#'(_ /-#+%%+G$' &'*)-#+$0'%#+
*49+$0'#- G$,4*%$' $'*)-#_ 4(%90,4 S0G4, Y554, DF°3<%>$'
#,4#< 90'()9+0, +$0' -$>$+ -$>$+
..' /012.. .. Ω14.
3Ω

F8E 7NeF8JF F8a ]8J J8K%C%K8c ]8J%C%N8J F8F7N%F


F8E JaeF87E F8a ]8J J8K%C%K8a ]8J%C%N8J F8F7N%F
F8DE JKeF8JF F8a ]8K J8N%C%E8J ]8K%C%N8N F8F7K%F
F8DE KJeF87E F8a ]8K J8N%C%E8J ]8K%C%N8N F8F7K%F
7 ]JeF8JF F8a ]8N J8a%C%E8N ]8N%C%D8F F8F7J%D
78E ]FeF8JE F8a ]8c ]8F%C%N8F ]8c%C%D8N F8F77%7
J8E EFeF8JE F8a K8a ]8E%C%D8F K8a%C%c8K F8FFc%J

12
!#6-4%%77
/-#+%+G0_%#'(%+",44_90,4%9#6-4<%G$+"%A,0)'(%90'()9+0,<
,#+4(%B0-+#A4%]FF%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@'4**%0: !"$9@'4**%0: Q$#>4+4,%%0:%%9#6-4<%%%>> V4*$*+#'94


9,0**_%*49+$0'#- ($#>4+4,%0: $'*)-#+$0' *"4#+" 0:%$'*)-#+$0'
#,4# G$,4*%$' /-#+%%+G0_90,4 /-#+%%+",44_90,4 #+%DF°3<
90'()9+0, >$'8
..' /012.. .. ..
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( J_90,4 ]_90,4 S0G4,%-$>$+ Y554,%-$>$+ S0G4,%-$>$+ Y554,%-$>$+ Ω14.
3Ω

7 7 7e787] 7e787] F8N F8N F8c F8c K8F%C%a8K K8a%C%7F8F K8F%C%7F8E K8a%C%7J8E F8F77%E
7 7 DeF8KF DeF8KF F8N F8N F8c F8c K8F%C%a8N E8F%C%7F8E K8F%C%778F E8F%C%7]8E F8F77%F
78E 7 7e78]a 7e787] F8N F8N 78J 78J K8a%C%c8K E8a%C%778E K8a%C%7J8F E8a%C%7K8F F8F7F%F
78E 7 DeF8EF DeF8KF F8N F8N 78J 78J K8c%C%c8a N8F%C%7J8F K8c%C%7J8E N8F%C%7E8F F8FFc%K
J8E 78E 7e78Da 7e78]a F8D F8N 78J 78J E8K%C%7F8E N8K%C%7]8F E8K%C%7K8F N8K%C%7N8E F8FFc%J
J8E 78E DeF8ND DeF8EF F8D F8N 78J 78J E8N%C%778E N8a%C%7K8F E8N%C%7K8E N8a%C%7D8E F8FFa%K
K J8E 7e%J8JE 7e%78Da F8a F8N 78J 78J N8F%C%7J8E D8J%C%7E8F N8F%C%7N8F D8J%C%7c8F F8FFa%N
K J8E DeF8aE DeF8ND F8a F8N 78J 78J N8J%C%7]8F D8N%C%7N8F N8J%C%7D8E D8N%C%JF8E F8FFD%a
N K De78FK DeF8aE F8a F8N 78J 78J N8a%C%7E8F a8J%C%7D8E N8a%C%7c8E a8J%C%JJ8E F8FFN%N
7F K De78]E DeF8aE F8c F8N 78J 78J a8F%C%7D8F c8K%C%JF8F a8F%C%JJ8E c8K%C%JN8F F8FFE%c
7N N De78DF De78FK 78F F8N 78J 78K c8J%C%JF8F 778F%C%J]8F c8N%C%JD8E 778F%C%]78E F8FFE%]
JE N DeJ87K De78FK 78J F8N 78K _ 778F%C%JK8F 7]8F%C%JD8F _ _ F8FFE%7
]E 7F 7ce78E] De78]E 78J F8N 78K _ 7J8F%C%JD8F 7K8E%C%]78F _ _ F8FFK%]

13
!#6-4%7J
&'*)-#+4(%#'(%*"4#+"4(%9#6-4<%>)-+$_90,4<%G$+"%A,0)'(%90'()9+0,<
,#+4(%B0-+#A4%]FF%2
L9-#)*4%K87M

U0>$'#-%9,0**_ U)>64,%#'( !"$9@'4**%0: !"$9@'4**%0:%*"4#+" Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:


*49+$0'#-%#,4# ($#>4+4,%0: $'*)-#+$0' $'*)-#+$0'%#+
G$,4*%$' DF°3<%>$'8
90'()9+0,
..' /012.. .. .. ..
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( J_90,4 ]_90,4 K_90,4 J_90,4 ]_90,4 K_90,4 Ω14.
3Ω

7 7 7e78] 7e787] F8N F8N F8c F8c F8c a8F a8N c8J F8F77%E
7 7 DeF8KF DeF8KF F8N F8N F8c F8c F8c a8K c8F c8a F8F77%F
78E 7 7e78]a 7e787] F8N F8N 78J 78J 78J c8J 7F8F 778F F8F7F%F
78E 7 DeF8EF DeF8KF F8N F8N 78J 78J 78J c8N 7F8E 778E F8FFc%K
J8E 78E 7e78Da 7e78]a F8D F8N 78J 78J 78J 7F8E 778E 7J8E F8FFc%J
J8E 78E DeF8ND DeF8EF F8D F8N 78J 78J 78J 778E 7J8E 7]8E F8FFa%K
K J8E 7eJ8JE 7e78Da F8a F8N 78J 78J 78J 7J8E 7]8E 7K8E F8FFa%N
K J8E DeF8aE DeF8ND F8a F8N 78J 78J 78J 7]8F 7K8F 7E8E F8FFD%a
N K De78FK DeF8aE F8a F8N 78J 78J 78J 7K8E 7E8E 7D8F F8FFN%N
7F K De78]E DeF8aE F8c F8N 78J 78J 78K 7N8F 7a8E JF8E F8FFE%c
7N N De78DF De78FK 78F F8N 78K 78K 78K 7c8F JJ8F JK8E F8FFE%]
JE N DeJ87K De78FK 78J F8N 78K 78a 78a JJ8E JD8E ]F8F F8FFE%7
]E 7F 7ce78E] De78]E 78J F8N 78K 78a 78a JE8E ]F8E ]]8E F8FFK%]

14
!#6-4%7]
/-#+%+G0_90,4%9#6-4%G$+"%A,0)'(%90'()9+0,<%%,#+4(%B0-+#A4%DEF%2
L3-#)*4%K87M

U0>$'#-%9,0**_ U)>64,%0:%G$,4* !"$9@'4**%0: !"$9@'4** Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:


*49+$0'#-%%#,4# $'%90'()9+0, $'*)-#+$0' 0:%*"4#+" $'*)-#+$0'%#+
DF°3<%>$'8
..' /012.. .. ..
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( .. S0G4,%-$>$+ Y554,%S$>$+ Ω14.
3Ω

7 7 7e787] 7e787] F8a F8N 78K E8J%C%7F8F N8K%C%7J8F F8F7K%7


7 7 DeF8KF DeF8KF F8a F8N 78K E8K%C%7F8F N8N%C%7J8E F8F7]%E
78E 7 7e78]a 7e787] F8a F8N 78K E8N%C%7F8E N8N%C%7J8E F8F7J%]
78E 7 DeF8EF DeF8KF F8a F8N 78K E8N%C%778F D8F%C%7]8F F8F77%N
J8E 78E 7e78Da 7e78]a F8a F8N 78K E8a%C%778E D8J%C%7K8F F8F7F%J
J8E 78E DeF8ND DeF8EF F8a F8N 78K N8J%C%7J8F D8K%C%7K8E F8FFc%]
K J8E 7e%J8JE 7e%78Da F8c F8N 78K N8N%C%7]8F D8a%C%7E8E F8FFc%K
K J8E DeF8aE DeF8ND F8c F8N 78K N8a%C%7K8F a8J%C%7N8E F8FFa%E
N K De78FK DeF8aE F8c F8N 78K D8K%C%7E8F a8a%C%7a8E F8FFD%]
7F K De78]E DeF8aE 787 F8N 78E a8a%C%7a8E 7F8E%C%J78E F8FFN%c
7N N De78DF De78FK 787 F8N 78E c8a%C%J78F 778E%C%JK8E F8FFE%D
JE N DeJ87K De78FK 78] F8N 78N 778E%C%JK8E 7]8E%C%Ja8F F8FFE%K
]E 7F 7ce78E] De78]E 78] F8N 78D 7]8F%C%Ja8F 7E8F%C%]J8F F8FFK%D

15
!#6-4%%7K
&'*)-#+4(%9#6-4<%G$+"%$''4,%#'(%0)+4,%90B4,$'A*<%%>)-+$_90,4<
d$+"%A,0)'(%90'()9+0,<%,#+4(%B0-+#A4%DEF%2
L9-#)*4%K87M
U0>$'#- U)>64,%#'( !"$9@'4**%0: !"$9@'4**%0:%$''4, !"$9@'4**%0:%0)+4, Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:
9,0**_*49+$0'#- ($#>4+4,%0:%G$,4* $'*)-#+$0' 90B4,$'A 90B4,$'A $'*)-#+$0'%#+
#,4# $'%90'()9+0, DF°3<%>$'8
/012..
.. .. .. ..
'
..
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( J_ ]_ K_ J_ ]_ K_ J_ ]_ K_
90,4 90,4 90,4 90,4 90,4 90,4 90,4 90,4 90,4 3ΩΩ14.
7 7 7e787] 7e787] F8a F8N F8a F8a F8a 78a 78a 78a 7J8E 7]8E 7K8F F8F7K%7
7 7 DeF8KF DeF8KF F8a F8N F8a F8a F8a 78a 78a 78a 7]8F 7K8F 7K8E F8F7]%E
78E 7 7e78]a 7e787] F8a F8N F8a F8a F8a 78a 78a 78a 7]8F 7K8F 7E8F F8F7J%]
78E 7 DeF8EF DeF8KF F8a F8N F8a F8a F8a 78a 78a 78a 7]8E 7K8E 7E8E F8F77%N
J8E 78E 7e78Da 7e78]a F8a F8N F8a F8a F8a 78a 78a 78a 7K8F 7E8F 7N8F F8F7F%J
J8E 78E DeF8ND DeF8EF F8a F8N F8a F8a F8a 78a 78a 78a 7E8F 7N8F 7D8F F8FFc%]
K J8E 7e%J8JE 7e%78Da F8c F8N F8a F8a F8a 78a 78a 78a 7E8E 7D8F 7a8F F8FFc%K
K J8E DeF8aE DeF8ND F8c F8N F8a F8a F8a 78a 78a 78a 7N8E 7D8F 7c8F F8FFa%E
N K De78FK DeF8aE F8c F8N F8a F8a F8a 78a 78a 78a 7a8F 7c8F JF8E F8FFD%]
7F K De78]E DeF8aE 787 F8N F8a F8a F8a 78a 78a J8F 7c8F JJ8E JE8F F8FFN%c
7N N De78DF De78FK 787 F8N 78J 78J 78J J8F J8F J8F JJ8E JN8E Ja8E F8FFE%D
JE N DeJ87K De78FK 78] F8N 78J 78J 78J J8F J8F J8F JD8F ]78F ]]8E F8FFE%K
]E 7F 7ce78E] De78]E 78] F8N 78J 78J 78E J8F J8F J8J Jc8E ]K8F ]a8E F8FFK%D
EF 7F 7ce78Da De78]E 78E F8N 78J 78E 78E J8J J8J J8J ]]8E ]N8F K]8F F8FFK%N
DF 7F 7ceJ87K De78]E 78E F8N 78E 78E 78E J8J J8J J8K ]a8F KF8E KK8E F8FF]%c
cE 7N 7ceJ8EJ De78DF 78D F8N 78E 78E 78a J8J J8K J8N KJ8E KN8F E78E F8FF]%a
7JF 7N ]DeJ8F] De78DF 78D F8N 78E 78a 78a J8K J8N J8a KN8E EF8E EN8F F8FF]%K
7EF JE ]DeJ8JE DeJ87K 78c F8N 78a 78a J8F J8N J8a ]8F EJ8F EN8F NJ8F F8FF]%K
7aE JE ]DeJ8EJ DeJ87K J87 F8N 78a J8F J8F J8a ]8F ]8J ED8F N78E Na8F F8FF]%K
JKF ]E N7eJ8JE 7ce78E] J8] F8N J8F J8F J8J ]8F ]8J ]8K NK8F Nc8F DN8E F8FF]%]
]FF ]E N7eJ8EJ 7ce78E] J8E F8N J8F J8J J8J ]8J ]8K ]8a DF8E DN8F aK8E F8FF]%J

16
!#6-4%7E
&'*)-#+4(%#'(%*"4#+"4(%90,(*<%>)-+$_90,4<%G$+"%A,0)'(%90'()9+0,<
V#+4(%B0-+#A4%DEF%2
L9-#)*4%K87M

U0>$'#- U)>64,%#'( !"$9@'4**%0: !"$9@'4**%0:%*"4#+" Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:


9,0**_*49+$0'#- ($#>4+4,%0:%G$,4* $'*)-#+$0' $'*)-#+$0'%#+
#,4# $'%90'()9+0, DF°3<%>$'8
/012..
.. .. ..
..'
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( J_90,4 ]_90,4 K_90,4 J_90,4 ]_90,4 K_90,4 XΩ8@>
7 7 ]JeF8JF ]JeF8JF F8a F8N 78J 78K 78N 7F8E 778E 7]8F F8F7J%D
78E 7 ]FeF8JE ]JeF8JF F8a F8N 78K 78K 78N 778E 7J8E 7]8E F8F77%7
J8E 78E EFeF8JE ]FeF8JE F8a F8N 78K 78K 78N 7]8F 7K8E 7N8F F8FFc%J
K J8E ENeF8]F EFeF8JE F8c F8N 78N 78N 78a 7E8E 7D8F 7a8E F8FFa%K
N K aKeF8]F ENeF8]F F8c F8N 78N 78a J8F 7D8F 7c8F J78F F8FFD%7
7F K aFeF8KF ENeF8]F 787 F8N 78a J8F J8J JF8F J]8E JN8F F8FFN%a
7N N 7JNeF8KF aKeF8]F 787 F8N J8J J8K J8N J]8F JD8E ]F8E F8FFE%F
JE N 7cNeF8KF aKeF8]F 78] F8N J8K J8N J8a JD8E ]J8E ]N8F F8FFK%a
]E 7F JDNeF8KF aFeF8KF 78] F8N J8N J8a ]87 ]78F ]N8E KF8E F8FFK%7

17
!#6-4%7N
/-#+%+G$'%90,(%G$+"%A,0)'(%90'()9+0,<%%,#+4(%B0-+#A4%%]FF%2
L9-#)*4%%K87M

U0>$'#-%9,0**_ U)>64,%#'( !"$9@'4**%0: Q$#>4+4,%0:%9#6-4 V4*$*+#'94%0:


*49+$0'#-%#,4# ($#>4+4,%0:%G$,4* $'*)-#+$0' $'*)-#+$0'%#+
$'%90'()9+0, DF°3<%>$'8
..' /012.. .. ..
1"#*4 \,0)'( 1"#*4 \,0)'( 1"#*4 \,0)'( S0G4,%-$>$+ Y554,%-$>$+ Ω14.
3Ω

7 7 ]JeF8JF ]JeF8JF F8a F8N J8a%C%a8F ]8N%C%c8a F8F7J%D


78E 7 ]FeF8JE ]JeF8JF F8a F8N ]8F%C%a8N ]8c%C%7F8E F8F77%7
J8E 78E ]FeF8JE ]FeF8JE F8a F8N ]8E%C%c8N K8a%C%7J8E F8FFc%J

18
!#6-4%7D
/-#+%%90,(<%%J_90,4%%#'(%%]_90,4<%%,#+4(%B0-+#A4%%]FF%%2
L9-#)*4%%K87M

U0>$'#- U)>64,%#'( !"$9@_ !"$9@'4**%0: Q$#>4+4,%%0:%%9#6-4 V4*$*+#'94%0:


9,0**_ ($#>4+4,%0: '4**%0: *"4#+" $'*)-#+$0'%#+
*49+$0'#- G$,4*%$' $'*)-#_ .. DF°3<%>$'8
#,4# 90'()9+0, +$0' .. J_90,4 ]_90,4
..' /012.. .. J_90,4 ]_90,4 S0G4,%-$>$+ Y554,%%-$>$+ S0G4,%%-$>$+ Y554,%-$>$+ Ω14.
3Ω

F8E 7NeF8JF F8N F8c F8c ]8a%C%E8a K8D%C%D8J ]8a%C%D8a K8D%C%c8N F8F7]%J
F8E JaeF87E F8N F8c F8c ]8a%C%E8a K8D%C%D8J ]8a%C%D8a K8D%C%c8N F8F7]%]
7 ]JeF8JF F8N F8c F8c K87%C%N8N E8J%C%a8F K87%C%c8F E8J%C%778F F8F7F%K
78E ]FeF8JE F8N 78J 78J E8F%C%D8N N8J%C%c8K E8F%C%7F8F N8J%C%7J8E F8FFc%F
J8E EFeF8JE F8D 78J 78J E8N%C%c8F D8J%C%778E E8N%C%7J8F D8J%C%7N8F F8FFa%]
K ENeF8]F F8a 78J 78J N8K%C%7F8F a8F%C%7]8F N8K%C%7K8E a8F%C%7a8E F8FFD%N
N aKeF8]F F8a 78J 78J N8a%C%778E a8a%C%7K8E N8a%C%7N8F a8a%C%JF8E F8FFN%E
7F aFeF8KF F8c 78J 78J a8F%C%7]8E 7F8E%C%7D8E a8F%C%7c8E 7F8E%C%JE8E F8FFE%D
7N 7JNeF8KF 78F 78J 78K c8a%C%7D8E 7J8F%C%JF8E 7F8F%C%JE8E 7J8E%C%Jc8F F8FFK%D
JE 7cNeF8KF 78J 78K _ 7J8F%C%J78E 7K8E%C%JE8F _ _ F8FFK%E
]E JDNeF8KF 78J 78K _ 7]8E%C%JK8F 7N8F%C%Ja8F _ _ F8FF]%a

19
E8 X#+4,$#-*%#'(%90'*+,)9+$0'

E87 30'()9+0,
E8787# 30'()9+0,%*"#--%90'*$*+%0:%#''4#-4(%90554,%G$,4*8
E878J !"4%($#>4+4,%0:%#%9#6-4%G$+"% *$'A-4% G$,4% 90'()9+0,% *"#--% '0+% 64% -4**% +"#'% +"4
B#-)4%*549$:$4(%$'%!#6-4%7a8
E878] !"4%#B4,#A4%($#>4+4,%0:%+"4%G$,4*%$'%#%*+,#'(4(%90'()9+0,%*"#--%'0+%64%-4**%+"#'
+"4%B#-)4%*549$:$4(%$'%!#6-4%7a8
E878K !"4% -#;% ,#+$0% 0:% #% *+,#'(4(% 90'()9+0,% *"#--% '0+% 4C944(% JF% #'(% +"4% *)994**$B4
-#;4,*% *"#--% "#B4% 0550*$+4% ($,49+$0'*% 0:% -#;<% % +"4% 0)+4,>0*+% 64$'A% 0:% +"4% -4:+_
"#'(%-#;8
E878E !"4%')>64,%0:%90'()9+0,%G$,4*%:0,%9#6-4*%#'(%90,(*%*"#--%64%#*%A$B4'%$'%!#6-4
7a%#'(%!#6-4%7c<%,4*549+$B4-;8
E878N !"4%($#>4+4,%0:%90'()9+0,%G$,4*%:0,%90,(*%*"#--%'0+%4C944(%%+"4%B#-)4%A$B4'%$'
!#6-4%7c8
30>5-$#'94%$*%9"49@4(%6;%B$*)#-%$'*549+$0'%#'(%$'%#990,(#'94%G$+"%9-#)*4%7F878

E8J &'*)-#+$0'
E8J87 !"4%%$'*)-#+$0'%*"#--%64%*0% #55-$4(% +"#+% $+% :$+*% 9-0*4-;% 0'% +"4% 90'()9+0,% #'(% $+
*"#--%64%50**$6-4%+0%,4>0B4%$+%G$+"0)+%(#>#A4%+0%+"4%90'()9+0,8
30>5-$#'94%$*%9"49@4(%6;%B$*)#-%$'*549+$0'8
E8J8J !"4% >4#'% B#-)4% 0:% +"4% +"$9@'4**% 0:% $'*)-#+$0'% *"#--% 64% '0+% -4**% +"#'% +"4
*549$:$4(%B#-)4%:0,%4#9"%+;54%#'(%*$=4%0:%9#6-4%*"0G'%$'%!#6-4*%7%+0%7D8%%!"4
+"$9@'4**% #+% #';% 5-#94% >#;% 64% -4**% +"#'% +"4% *549$:$4(% B#-)4% 5,0B$(4(% +"#+% +"4
($::4,4'94%(04*%'0+%4C944(%F87%%>>%%f%%7F^%0:%+"4%*549$:$4(%B#-)48
!"4%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:%$'*)-#+$0'%64+G44'%90'()9+0,*%0:%:-#+%+G$'
90,(*%*"#--%'0+%64%-4**%+"#'%+"4%*)>%0:%+"4%$'*)-#+$0'%+"$9@'4**%0:%+G0%#(`#94'+
90,4*8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+%0:%9-#)*4%7F8J878

E8] .+,#'($'A
!"4% -#;% ,#+$0% *"#--% '0+% 4C944(% JF% #'(% +"4% ($,49+$0'% 0:% *+,#'($'A% *"0)-(% 64% -4:+
"#'(4(8
30>5-$#'94%$*%9"49@4(%6;%#55,05,$#+4%>4#*),4>4'+8

E8K ."4#+"
!"4% >4#'% B#-)4% 0:% +"4% +"$9@'4**% 0:% *"4#+"% *"#--% '0+% 64% -4**% +"#'% +"4% *549$:$4(
B#-)4%:0,%4#9"%+;54%#'(%*$=4%0:%9#6-4%*"0G'%$'%+"4%+#6-4*%7%+0%7D8%%!"4%+"$9@'4**%#+
#';%5-#94%>#;%64%-4**%+"#'%+"4%*549$:$4(%B#-)4%5,0B$(4(%+"#+%+"4%($::4,4'94%(04*
'0+%4C944(%F87%>>%%f%%7E^%0:%+"4%*549$:$4(%B#-)4<%)'-4**%0+"4,G$*4%*549$:$4(8
30>5-$#'94%*"#--%64%9"49@4(%6;%+"4%+4*+%A$B4'%$'%9-#)*4%7F8J8J8

21
!#6-4%%7a
30'()9+0,%0:%*$'A-4_%#'(%>)-+$_%%90,4%9#6-4*
L9-#)*4%E87M

U0>$'#- U)>64,%0: Q$#>4+4,%0: Q838%,4*$*+#'94


9,0**_ G$,4*%$' G$,4%$' 0:%90'()9+0,%#+
*49+$0'#- 90'()9+0, 90'()9+0, JF°3<%>#C
#,4#
..' .. Ω24.
F8E 7 F8aF ]N8F
7 7 787] 7a87
7 D F8KF 7a87
78E 7 78]a 7J87
78E D F8EF 7J87
J8E 7 78Da D8K7
J8E D F8ND D8K7
K 7 J8JE K8N7
K D F8aE K8N7
N D 78FK ]8Fa
7F D 78]E 78a]
7N D 78DF 787E
JE D J87K F8DJD
]E 7c 78E] F8EJK
EF 7c 78Da F8]aD
DF 7c J87K F8JNa
cE 7c J8EJ F87c]
7JF ]D J8F] F87E]
7EF ]D J8JE F87JK
7aE ]D J8EJ F8Fcc%%7
JKF N7 J8JE F8FDE%%K
]FF N7 J8EJ F8FNF%%7
KFF N7 J8aE F8FKD%%F
EFF N7 ]8JF F8F]N%%N

23
!#6-4%%7c
30'()9+0,%0:%*$'A-4_%#'(%>)-+$_90,4%90,(*
L9-#)*4%%E87M

U0>$'#- U)>64,%0: Q$#>4+4,%0: Q838%,4*$*+#'94


9,0**_ G$,4*%$' G$,4%$' 0:%90'()9+0,%#+
*49+$0'#- 90'()9+0, 90'()9+0, JF°3<%>#C
#,4# >#C
..' .56 .. Ω24.
F8E 7N F8J7 ]c8F
F8E Ja F87N ]c8F
F8DE JK F8J7 JN8F
F8DE KJ F87N JN8F
7 ]J F8J7 7c8E
78E ]F F8JN 7]8]
J8E EF F8JN D8ca
K EN F8]7 K8cE
N aK F8]7 ]8]F
7F aF F8K7 78c7
7N 7JN F8K7 78J7
JE 7cN F8K7 F8DaF
]E JDN F8K7 F8EEK
EF ]cN F8K7 F8]aN
DF ]NF F8E7 F8JDJ
cE KDE F8E7 F8JFN

E8E Q$#>4+4,%0:%9#6-4
E8E87 !"4%>4#'%0B4,#--%($#>4+4,%0:%+"4%9#6-4*%*"#--%64%G$+"$'%+"4%-$>$+*%*549$:$4(%$'
!#6-4*% 7% +0% 7D<% 4C945+% +"#+% :0,% *"4#+"4(% 9#6-4*% G$+"% +G0% 0,% >0,4% 90,4*% +"4
-$>$+*%>#;%64%4C944(4(%6)+%6;%'0+%>0,4%+"#'%E^8
E8E8J !"4%($::4,4'94%64+G44'%+"4%>#C$>)>%#'(%+"4%>$'$>)>%B#-)4*%0:%+"4% 0B4,#--
($#>4+4,%0:%9#6-4*%#+%+"4%*#>4%9,0**_*49+$0'%*"#--%'0+%4C944(%7E^%0:%+"4%-$>$+
:0,%+"4%>4#'%0B4,#--%($#>4+4,%*549$:$4(%$'%!#6-4*%7%+0%7D%P%+"$*%(04*%'0+%#55-;
+0%:-#+%90,(*%#'(%9#6-4*%G$+"%($#>4+4,%A,4#+4,%+"#'%7E%>>8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+%A$B4'%$'%9-#)*4%7F8J8]8

N8%%V4?)$,4>4'+*

N87 &'(4-$6$-$+;%0:%>#,@$'A*
X#,@$'A%0'%9#6-4*%*"#--%64%$'(4-$6-4%#'(%'0+%4#*$-;%06-$+4,#+4(8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+%A$B4'%$'%9-#)*4%%7F8]8
N8J &'*)-#+$0'%#'(%*"4#+"
N8J87 !4'*$-4%*+,4'A+"%#'(%4-#*+$9$+;%64:0,4%#A4$'A
!"4%>4($#'%+4'*$-4%*+,4'A+"%*"#--%64%'0+%-4**%+"#'%7J8E%X5#%:0,%9#6-4*%#'(%'0+
-4**%+"#'%7F8F%X5#%:0,%90,(*8
!"4%>4($#'%4-#*+$9$+;%*"#--%64%'0+%-4**%+"#'%7JE^%:0,%9#6-4*%#'(%'0+%-4**%+"#'
7EF^%:0,%90,(*
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+*%0:%9-#)*4*%7F8K87%#'(%%7F8E87<%,4*549+$B4-;8

24
N8J8J !4'*$-4%*+,4'A+"%#'(%4-#*+$9$+;%#:+4,%#A4$'A
!"4%>4($#'%+4'*$-4%*+,4'A+"%#'(%4-#*+$9$+;%:0,%96-4*%#'(%90,(*%*"#--%64%#*%A$B4'
$'%9-#)*4%N8J878
!"4%($::4,4'94%64+G44'%+"4%B#-)4%64:0,4%#'(%#:+4,%#A4$'A%*"#--%'0+%4C944(%JF^
0:%+"4%B#-)4%64:0,4%#A4$'A8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+*%0:%9-#)*4*%7F8K8J%#'(%7F8E8J<%,4*549+$B4-;8
N8J8] S0**%0:%>#**
[:+4,% +"4% $'*)-#+$0'% $*% +4*+4(% $'% #990,(#'94% G$+"% 9-#)*4% 7F8K8]% #'(% +"4% *"4#+"
G$+"%9-#)*4%7F8E8]<%+"4%-0**%0:%>#**%*"#--%'0+%4C944(%J8F%>Ae9>J
N8J8K O4#+%*"09@
[:+4,% +"4% $'*)-#+$0'% $*% +4*+4(% $'% #990,(#'94% G$+"% 9-#)*4% 7F8K8K% #'(% +"4% *"4#+"
G$+"%9-#)*4%7F8E8K<%+"4%$'*)-#+$0'%0,%*"4#+"%*"#--%'0+%9,#9@8
N8J8E 1,4**),4%+4*+%#+%"$A"%+4>54,#+),4
[:+4,% +"4% $'*)-#+$0'% $*% +4*+4(% $'% #990,(#'94% G$+"% 9-#)*4% 7F8K8E% #'(% +"4% *"4#+"
G$+"%9-#)*4%7F8E8E<%+"4%>4($#'%(45+"%0:%54'4+,#+$0'%*"#--%'0+%4C944(%EF^%0:%+"4
>4'% +"$9@'4**% 0:% +"4% +4*+% 5$494% G"4'% >4#*),4(% $'% #990,(#'94% G$+"% 9-#)*4
7F8K8E8K%#'(%9-#)*4%7F8E8E8K<%,4*549+$B4-;8
N8] 3#6-4*
N8]87 V4*$*+#'94%0:%90'()9+0,*
!"4% >#C$>)>% (898% ,4*$*+#'94% 0:% 90'()9+0,% #+% JF°% *"#--% '0+% 4C944(% +"4% B#-)4
*549$:$4(%$'%!#6-4*%7a%#'(%7c8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+%A$B4'%$'%9-#)*4%7F8N878
N8]8J 20-+#A4%+4*+%0:%9#6-4*
[:+4,%+4*+%0'%+"4%$'*)-#+$0'%#'(e0,%*"4#+"%$'%#990,(#'94%G$+"%9-#)*4%7F8N8J<%'0
6,4#@(0G'%0,%:-#*"0B4,%*"#--%,4*)-+8
N8]8] 20-+#A4%+4*+%0:%90,4*
[:+4,%+4*+%0'%+"4%$'*)-#+$0'%#'(e0,%*"4#+"%$'%#990,(#'94%G$+"%9-#)*4%7F8N8]<%'0
6,4#@(0G'%0,%:-#*"0B4,%*"#--%,4*)-+8
N8]8K V4*$*+#'94%0:%$'*)-#+$0'
!"4%$'*)-#+$0'%,4*$*+#'94%#+% DF°3%*"#--%'0+%64%-4**%+"#'%+"4%B#-)4% *549$:$4(% $'
!#6-4*%7%+0%7D8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+% A$B4'%$'%9-#)*4%7F8N8K8%% \,0)'(% 90'()9+0,
*"#--%64%4C4>5+4(%:,0>%+"$*%+4*+8
N8]8E b4'($'A%0:%90,(*
Q),$'A%+"4%+4*+%0:%9-#)*4%7F8N8E<% G$+"% 9#,,$4,% 3% >#@$'A% 7E% FFF% 6#9@G#,(% #'(
:0,G#,(%>0B4>4'+*%L]F%FFF%*$'A-4%*+,0@4*M<%'4$+"4,%$'+4,,)5+$0'%0:%+"4%9),,4'+
'0,%*"0,+%9$,9)$+%*"#--%099),8
[:+4,%+"$*%+4*+%+"4%*#>5-4%*"#--%64%9"49@4(%6;%+"4%+4*+%0:%9-#)*4%7F8N8J8
N8]8N [("4*$0'%0:%90,4*%0:%:-#+%90,(*
!"4%:0,94%)*4(%:0,%*45#,#+$0'%0:%90,4*%*"#--%64%64+G44'%]%#'(%]F%U8
30>5-$#'94%$*%9"49@4(%6;%+"4%+4*+%A$B4'%$'%9-#)*4%7F8N8N8
N8]8D /-#>4%,4+#,(#'94
[:+4,%+4*+%#*%0:%9-#)*4%7F8N8D<%+"4%9"#,,4(%50,+$0'%*"#--%'0+%"#B4%,4#9"4(%G$+"$'
EF%>>%0:%+"4%-0G4,%4(A4%0:%+"4%+05%9-#>58

25
D8 1#9@$'A

D87 3#6-4*%*"#--%64%5#9@4(%$'%)'$+*%G"$9"%>#;%64%(,)>*<%,0--*<%90$-*<%4+98
!"4%-4'A+"%0:%9#6-4%54,%5#9@$'A%)'$+%*"#--%64%#A,44(%+0%64+G44'%+"4%5),9"#*4,%#'(
+"4%*)55-$4,8
D8J &'% 5#9@$'A% 0:% 9#6-4*<% #(4?)#+4% 5,0+49+$0'% *"#--% 64% 5,0B$(4(% *0% #*% +0% 5,4B4'+
(#>#A4% (),$'A% "#'(-$'A% #'(% *"$5>4'+% #'(% *"#--% 64% #*% #A,44(% +0% 64+G44'% +"4
5),9"#*4,%#'(%+"4%*)55-$4,8

a8 X#,@%#'(%-#64-

a87 3#6-4%$'%4#9"%5#9@$'A%)'$+%*"#--%#+%-4#*+%64%>#,@4(<%#+%$'+4,B#-*%0:%'0+%4C944($'A
JFF%>>%:0,%$'*)-#+4(%9#6-4*%#'(%'0+%4C944($'A%EFF%>>%:0,%*"4#+"4(%9#6-4*<%%G$+"
')>64,<% -4++4,% 0,% >#,@% $'($9#+$'A% '0+$94#6-;<% 9-4#,-;% #'(% $'(4-$6-;% +"4% :0--0G$'A
$':0,>#+$0'8
L7M# !"4%+4,>%H123%DF°3I
LJM# !;54
L]M# U)>64,%0:%90,4*%#'(%'0>$'#-%9,0**_*49+$0'#-%#,4#%0:%90'()9+0,
LKM# U)>64,%0:%,4-4B#'+%+#6-4%L7%+0%7DM
LEM# U#>4%0:%>#'):#9+),4,%0,%:#9+0,;<%0,%+,#(4%>#,@
a8J W#9"%5#9@$'A%)'$+%*"#--%64#,%#+%-4#*+%')>64,<%-4++4,%0,%>#,@%$'($9#+$'A%'0+$94#6-;<
9-4#,-;%#'(%$'(4-$6-;%+"4%:0--0G$'A%$':0,>#+$0'8
L7M# !"4%+4,>%H123%DF°3
LJM# !;54
L]M# U)>64,%0:%90,4*%#'(%'0>$'#-%9,0**_*49+$0'#-%#,4#%0:%90'()9+0,
LKM# U)>64,%0:%,4-4B#'+%+#6-4%L7%+0%7DM
LEM# S4'A+"%$'%>4+,4*
LNM# U4+%G4$A"+%$'%@$-0A,#>>4*%#'(<%$:%5#9@4(%$'%(,)>*<%+0+#-%G4$A"+
LDM# X0'+"%#'(%;4#,%0:%>#'):#9+),4
LaM# &:% 5#9@4(% $'% (,)>*<% #,,0G*%$'($9#+$'A%($,49+$0'%0:% ,0--%#'(%50*$+$0'%0:% 9#6-4
4'(
LcM# U#>4%0:%>#'):#9+),4,%0,%:#9+0,;<%0,%+,#(4%>#,@
a8] &'% 9#*4% :0,4$A'% -#'A)#A4% $*% )*4(<% +"4% >4#'$'A% *"#--% 90,,4*50'(% +0% +"#+% $'% !"#$
*549$:$4(%#60B48
a8K /0,%9#6-4*%G$+"%+G0%0,%>0,4%90,4*<%$(4'+$:$9#+$0'%0:%+"4%90,4*%*"#--%64%#9"$4B4(%6;
+"4% )*4% 0:% 90-0),4(% $'*)-#+$0'<% 4#9"% 90,4% "#B$'A% 0'-;% 0'4% 90-0),<% 4C945+% #*
*549$:$4(%$'%9-#)*4*%a8N<%a8D%#'(%a8a8
a8E 30-0),%*9"4>4%:0,%90,4%$(4'+$:$9#+$0'
L7M# !G0_90,4%9#6-4%Z%A,4;%#'(%6-#9@8
LJM# !",44_90,4%9#6-4Z%-$A"+%A,4;<%6-#9@<%#'(%,4(
L]M# /0),_90,4%9#6-4%Z%-$A"+%A,4;<%6-#9@<%,4(%#'(%6-)4
!"4%90-0),%*9"4>4%$'%+"$*%9-#)*4%(04*%'0+%#55-;%+0%$'*)-#+$0'%0:%A,0)'(%90'()9+0,8
a8N !"4% 90-0),*% A,44'% #'(% ;4--0G% *"#--% 64% +"4% >4#'*% 0:% $(4'+$:$9#+$0'% 0:% +"4% 90,4
$'+4'(4(%:0,%)*4%#*%4#,+"%90''49+$0'8%%!"4%($*+,$6)+$0'%0:%+"4%90-0),*%*"#--%90>5-;
G$+"%+"4%:0--0G$'A%Z%0'4%90-0),%*"#--%90B4,%#+%-4#*+%]F^%#'(%'0+%>0,4%+"#'%DF^%0:
+"4%*),:#94%0:%+"4%90,4<%+"4%0+"4,%90-0),%90B4,$'A%+"4%,4>#$'(4,8
a8D /0,% :-#+% +G$'% 90,(% #'(% *+,#'(4(% 90,4% 90,(*<% $:% 0'-;% 0'4% 90-0),% $*% )*4(% :0,% +"4
$'*)-#+$0'<%#';%90-0),%>#;%64%9"0*4'%5,0B$(4(%#%G"$+4%0,%A,#;%$(4'+$:$9#+$0'%*+,$5
0,% +",4#(% *"#--% 64% ($*5-#;4(% 0'% 0'4% 90,48% % !"4% *+,$5% >#;% 64% 90'+$')0)*% 0,

27
#-+4,'#+4(%G$+"%+"4%>#,@$'A%#%0:%9-#)*4%a878%%&:%G"$+4%0,%A,#;%$*%)*4(%:0,%90-0,$'A
+"4%$'*)-#+$0'<%+"4%*+,$5%0,%+",4#(%*"#--%64%6-#9@8
a8a /0,%*+,#'(4(%90'()9+0,%90'+#$'$'A%]%0,%>0,4%90,4*<%$:%+"4%*#>4%90-0),%$*%)*4(%:0,
90-0,$'A% $'*)-#+$0'% :0,% 90,4% $(4'+$:$9#+$0'<% #% 90-0),% % *+,$5% 0,% +",4#(% *"#--% 64
($*5-#;4(% 0'% +"4% 90,4P% +"4% 90-0),% *9"4>4% *"#--% 64% #*% A$B4'% $'% 9-#)*4% a8E% 4C945+
+"#+% 0'4% 90,4% *"#--% '0+% ,4?)$,4% #% 90-0),% *+,$5% 0,% +",4#(% $:% +"4% 90-0),% 0:% +"4
$'*)-#+$0'%$*%0'4%0:%+"0*4%A$B4'%$'%9-#)*4%a8E8
a8c [';%54,*0'%G"0%>#'):#9+),4*%5,0()9+*%90>5-;$'A%G$+"%+"$*%*+#'(#,(%>#;%)*4%+"4
.+#'(#,(*% X#,@% $'% 90''49+$0'% G$+"% "$*% 5,0()9+*% 0'-;% #:+4,% "#B$'A% ,494$B4(% #
-$94'94%:,0>%+"4%&'()*+,$#-%1,0()9+*%.+#'(#,(*%30)'9$-8

c8 .#>5-$'A%#'(%9,$+4,$#%:0,%90':0,>$+;

c87 S0+% % Z% % &'% % +"$*% *+#'(#,(<% 9#6-4*% 0:% +"4% *#>4% +;54% ,4:4,,4(% +0% $'% +"4% *#>4% +#6-4
"#B$'A% +"4% *#>4% 9,0**_*49+$0'#-% #,4#<% % ')>64,% #'(% ($#>4+4,% 0:% 90'()9+0,% G$,4*
#'(% ')>64,% 0:% 90,4*<% G"$9"% #,4% >#'):#9+),4(% $'% +"4% *#>4% 90'+$')0)*% ,)>% 0,
$'+4'(4(%#*%0'4%90'*$A'>4'+%0,%5),9"#*48
c8J .#>5-$'A% #'(% 9,$+4,$#% :0,% 90':0,>$+;% *"#--% 90>5-;% G$+"% +"4% *#>5-$'A% 5-#'
*549$:$4(%64-0G%0,%G$+"%0+"4,%+49"'$9#--;%4?)$B#-4'+%5-#'8
c8J87 .#>5-$'A
[%*#>5-4%0:%]F%>4+,4*%*"#--%64%+#@4'%#+%,#'(0>%:,0>%+"4%5#9@$'A%)'$+*%0:%9#6-4
0:%4#9"%-0+8
c8J8J 3,$+4,$#%:0,%90':0,>$+;
1,0B$(4(%%+"4%*#>5-4%>44+*%#--%+"4%,4?)$,4>4'+*%0:%9-#)*4*%K<%E<%N% #'(%a<%+"#+
-0+%0:%G$,4*%%*"#--%64%(44>4(%+0%90>5-;%G$+"%+"$*%*+#'(#,(8

7F8 !4*+*

7F87 .$=4*%#'(%')>64,%0:%G$,4*%$'%90'()9+0,
7F8787 [55#,#+)*
[%>$9,0>4+4,%#99),#+4%+0%F8F7%>>
7F878J 1,45#,#+$0'%0:%+4*+%*549$>4'*
!"4%*#>5-4%#*%0:%9-#)*4%c8J87%*"#--%64%9)+%#+%60+"%4'(*%#'(%+"4%>$((-4%+0%06+#$'
:,0>%4#9"%5-#94%#%+4*+%*549$>4'%0:%#+%-4#*+%JFF%>>%-4'A+"8
7F878] 1,094(),4
7F878]87 Q$#>4+4,%0:%9#6-4%G$+"%*$'A-4%G$,4%90'()9+0,
!"4%($#>4+4,%0:%+"4%G$,4%#+%#%A$B4'%5-#94%*"#--%64%>4#*),4(%6;%>4#'*%0:%+"4
>$9,0>4+4,% #+% +G0% 50*$+$0'*% 54,54'($9)-#,% +0% 4#9"% 0+"4,% #'(% +"4% #B4,#A4
06+#$'4(8
7F878]8J Q$#>4+4,%0:%G$,4%$'%#%*+,#'(4(%90'()9+0,
X4#*),4% #'(% 06+#$'% +"4% #B4,#A4% 0:% +"4% ($#>4+4,% 0:% 4#9"% G$,4% #*% $'% 9-#)*4
7F878]87%#'(%06+#$'%+"4%#B4,#A4%0:%#--%G$,4*%$'%+"#+%*+,#'(8
7F878]8] Q$#>4+4,%0:%G$,4%$'%90'()9+0,%:0,%90,(*
&'% 9#*4% 0:% 90'()9+0,% G$+"% )5% +0% EF% G$,4*<% >4#*),4% +"4% ($#>4+4,% 0:% 4#9"
$'($B$()#-% G$,48% % &'% 9#*4% 0:% 90'()9+0,% G$+"% >0,4% G$,4*<% >4#*),4% +"4
($#>4+4,%0:%EF%G$,4*8
X4#*),4% +"4% ($#>4+4,% 0:% G$,4% #+% 60+"% 4'(*% 6;% >4#'*% 0:% +"4% >$9,0>4+4,<
+G$94%#+%4#9"%5-#94%54,54'($9)-#,%+0%4#9"%0+"4,%#'(%06+#$'%+"4%#B4,#A48
7F878]8K U)>64,%0:%G$,4*
!0+#-%')>64,%0:%G$,4*%*"#--%64%90)'+4(8

28
7F878K V450,+
7F878K87 Q$#>4+4,%0:%9#6-4*%G$+"%*$'A-4%G$,4%90'()9+0,
!"4%#B4,#A4%0:%+"4%>4#*),4>4'+%*"#--%64%,450,+4(8
7F878K8J Q$#>4+4,%0:%G$,4%$'%*+,#'(4(%90'()9+0,
!"4%#B4,#A4%0:%#--%G$,4*%$'%+"4%*+,#'(%*"#--%64%,450,+4(8
7F878K8] Q$#>4+4,%0:%G$,4%$'%90'()9+0,%:0,%90,(*
!"4%>#C$>)>%#B4,#A4%0:%+"4%>4#*),4>4'+%*"#--%64%,450,+4(8
7F878K8K U)>64,%0:%G$,4*
!"4%+0+#-%90)'+%*"#--%64%,450,+4(8

7F8J 30'*+,)9+$0'
7F8J87 !"$9@'4**%0:%$'*)-#+$0'
7F8J8787 [% >4#*),$'A% >$9,0*9054% #--0G$'A% #% ,4#($'A% 0:% F8F7% >>% 0,% #% *)$+#6-4
>4#*),$'A% 5,0`49+0,% G$+"%#% >#A'$:$9#+$0'% 50G4,% 0:% #+% -4#*+% 7F8% % &'% 9#*4% 0:
(0)6+<%%+"4%>$9,0*9054%>4#*),$'A%5,094(),4%*"#--%64%#55-$4(8
7F8J878J 1,45#,#+$0'%0:%+4*+%5$494*
/,0>%4B4,;%90,4%0:%9#6-4*<%%]%*#>5-4*%*"#--%64%9)+%#+%$'+4,B#-*%0:%#+%-4#*+%7
>8
[';%90B4,$'A%*"#--%64%,4>0B4(%:,0>%+"4%$'*)-#+$0'<%#'(%+"4%90'()9+0,%*"#--
64%G$+"(,#G'<%9#,4%64$'A%+#@4'%+0%#B0$(%(#>#A4%0:%+"4%$'*)-#+$0'8%%!"4%+4*+
5$494% *"#--% 90'*$*+% 0:% #% +"$'% *-$94% 0:% $'*)-#+$0'% 9)+% G$+"% #% *)$+#6-4% (4B$94<
*)9"%#*%*"#,5%@'$:4%0,%,#=0,%6-#(4<%#-0'A%#%5-#'4%54,54'($9)-#,%+0%+"4%#C$*%0:
+"4%90'()9+0,8
&:% #% >#,@$'A% $*% *+#>54(% $'+0% +"4% $'*)-#+$0'<% +")*% A$B$'A% ,$*4% +0% #% -09#-
,4()9+$0'% 0:% +"$9@'4**<% +"4% +4*+% 5$494% *"#--% 64% +#@4'% *0% #*% +0% $'9-)(4% *)9"
>#,@$'A8
7F8J878] 1,094(),4
!"4%+4*+%5$494%*"#--%64%5-#94(%)'(4,%+"4%>4#*),$'A%4?)$5>4'+%G$+"%+"4%5-#'4
0:%+"4%9)+%54,54'($9)-#,%+0%+"4%05+$9#-%#C$*8
L7M# d"4'% +"4% $''4,% 5,0:$-4% 0:% +"4% +4*+% 5$494% $*% #% 9$,9-4<% *$C% >4#*),4>4'+*
*"#--% 64% >#(4% ,#($#--;<% #*% :#,% #*% 50**$6-4% 4?)#--;% *5#94(% #,0)'(% +"4
9$,9)>:4,4'948
LJM# d"4'% +"4% $'*)-#+$0'% $*% +#@4'% :,0>% #% *+,#'(4(% 90'()9+0,<% *$C
>4#*),4>4'+*% *"#--% 64% >#(4% ,#($#--;% $'% +"4% 50*$+$0'*% G"4,4% +"4
$'*)-#+$0'% $*% +"$''4*+<% $848% 64+G44'% +"4% ,$(A4*% 9#)*4(% 6;% *+,#'(*<% #*
*"0G'%$'%/$A),4%7L[M8
L]M# d"4'% +"4% 0)+4,% 5,0:$-4% *"0G*% )'4B4''4**<% +"4% 9,0**_G$,4% 0:% +"4
>$9,0*9054%*"#--%64%#(`)*+4(%#*%*"0G'%$'%/$A),4%7LbM8
LKM# /-#+%+G$'%90,(*%*"#--%64%>4#*),4(%#990,($'A%+0%/$A),4%7L3M%#'(%#+%5-#94
G"4,4%+"4%$'*)-#+$0'%$*%+"$''4*+8
&'% >4#*),$'A% #*% $'% L7M% +0% L]M<% +"4% :$,*+% >4#*),4>4'+% *"#--% 64% >#(4% #+% +"4
5-#94%G"4,4%+"4%$'*)-#+$0'%$*%+"$''4*+8

29
/$A),4%7%%X4#*),4>4'+%0:%+"$9@'4**%0:%$'*)-#+$0'%#'(%*"4#+"
L9-#)*4*%7F8J878]<%7F8J8J8]<%7F8K8]8]%#'(%7F8E8E8]M

7F8J878K V450,+
!"4% >4#'% 0:% +"4% 7a% B#-)4*% 06+#$'4(% :,0>% +"4% +",44% +4*+% 5$494*% :,0>% 4#9"
90,4% *"#--% 64% 9#-9)-#+4(% +0% +G0% (49$>#-% 5-#94*% #'(% ,0)'(4(% 0::% +0% 0'4
(49$>#-%5-#94%#'(%+"$*%*"#--%64%+#@4'%#*%+"4%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:
$'*)-#+$0'8%%&:%$'%+"4%9#-9)-#+$0'%+"4%*490'(%(49$>#-%:$A),4%$*%E%0,%>0,4<%%+"4
:$,*+%(49$>#-%:$A),4%*"#--%64%,#$*4(% +0% +"4% '4C+% ')>64,<% +"4% *490'(% (49$>#-
:$A),4%0:%-4**%+"#'%E%*"#--%64%($*9#,(4(8
!"4%-0G4*+%0:%#--%B#-)4*%06+#$'4(%*"#--%64%+#@4'%#*%+"4%>$'$>)>%+"$9@'4**
0:%$'*)-#+$0'%#+%#';%5-#948
&'%9#*4%0:%:-#+%90,(*<%+"4%>$'$>)>%+"$9@'4**%0:%$'*)-#+$0'%#+%#';%5-#94%#'(
+"4% >4#'% B#-)4% 0:% +"$9@'4**% 0:% $'*)-#+$0'% 64+G44'% 90,4*% *"#--% #-*0% 64
,450,+4(8
!"$*% +4*+% >#;% 64% 90>6$'4(% G$+"% +"4% >4#*),4>4'+% 0:% +"$9@'4**% 0:% 9-#)*4*
N8J87%#'(%N8J8J8
U0+4%Z !"4%+"$9@'4**%0:%$'*)-#+$0'%06+#$'4(%>#;%64%)*4(%:0,%9#-9)-#+$0'%$'
9-#)*4%7F8K878
7F8J8J !"$9@'4**%0:%*"4#+"
7F8J8J87 [55#,#+)*
!"4%*#>4%#55#,#+)*%#*%A$B4'%$'%9-#)*4%7F8J87878
7F8J8J8J 1,45#,#+$0'%0:%+4*+%5$494*
.#>5-4*% *"#--% 64% 06+#$'4(%:,0>%]%5-#94*% 0'% +"4% 9#6-4<% *5#94(% #+% -4#*+% 7% >
:,0>% 4#9"% 0+"4,8% % [:+4,% #--% >#+4,$#-*<% $:% #';<% $'*$(4% #'(% 0)+*$(4% +"4% *"4#+"
"#B4% 644'% ,4>0B4(<% 4#9"% +4*+% 5$494% *"#--% 64% 5,45#,4(% 6;% 9)++$'A% G$+"% #

30
*)$+#6-4%(4B$94%*)9"%#*%*"#,5%@'$:4%0,%,#=0,%6-#(4<%#%+"$'%*-$94%#-0'A%#%5-#'4
54,54'($9)-#,% +0% +"4% #C$*% 0:% +"4% 9#6-48% % &:% #% >#,@$'A% $*% *+#>54(% $'+0% +"4
*"4#+"<%+")*%A$B$'A%,$*4%+0%#%-09#-%,4()9+$0'%0:%+"$9@'4**<%+"4%+4*+%5$494%*"#--
+#@4'%*0%#*%+0%$'9-)(4%*)9"%>#,@$'A8
7F8J8J8] 1,094(),4
!"4%+4*+%5$494%*"#--%64%5-#94(%)'(4,%+"4%>4#*),$'A%4?)$5>4'+%G$+"%+"4%5-#'4
0:%+"4%9)+%54,54'($9)-#,%+0%+"4%05+$9#-%#C$*8
L7M# d"4'%+"4%$''4,%5,0:$-4%0:%+"4%+4*+%5$494%$*%9$,9-4<%*$C%>4#*),4>4'+*%*"#--
64% 9#,,$4(% 0)+% ,#($#--;<% 4?)#--;% *5#94(<% #*% :#,% #*% 50**$6-4<% #,0)'(% +"4
9$,9)>:4,4'948
LJM# &:% +"4% $''4,% *)6*+#'+$#--;% 9$,9)-#,% *),:#94% $*% '0+% ,4A)-#,% 0,% *>00+"<% +"4
*$C% >4#*),4>4'+*% *"#--% 64% >#(4% $'% +"4% 50*$+$0'*% G"4,4% +"4% *"4#+"% $*
+"$''4*+%5-#9$'A%+"4%9,0**_G$,4%0:%+"4%>$9,0*9054%#*%*"0G'%$'%/$A),4%7
L(M8
L]M# d"4'% +"4% $''4,% 5,0:$-4% $*% '0+% 9$,9)-#,<% #'% #55,05,$#+4% % ')>64,% 0:
>4#*),4>4'+*%L)5%+0%*$CM%*"#--%64%9#,,$4(%0)+%,#($#--;%G"4,4%+"4%*"4#+"
$*% +"$''4*+<% $848% #+% +"4% "0--0G% 0:% +"4% A,00B4*% 9#)*4(% 6;% +"4% 90,4*% #*
*"0G'%$'%/$A),4%7LWM8
&'% #--% 9#*4*<% +"4% :$,*+% >4#*),4>4'+% *"#--% 64% >#(4% #+% +"4% 5-#94% G"4,4% +"4
*"4#+"%$*%+"$''4*+8
7F8J8J8K V450,+
!"4%>4#'%0:%#--%+"4%B#-)4*%06+#$'4(%:,0>%+"4%+",44%+4*+%5$494*%0:%*"4#+"%*"#--
64%9#-9)-#+4(%+0%+G0% (49$>#-% 5-#94*% #'(% ,0)'(4(% 0::% #*% $'% 9-#)*4% 7F8J878K<
#'(%+"$*%*"#--%64%+#@4'%#*%+"4%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:%*"4#+"8
!"4%-0G4*+%0:%#--%B#-)4*%06+#$'4(%*"#--%64%+#@4'%#*%+"4%>$'$>)>%+"$9@'4**
0:%*"4#+"%#+%#';%5-#948
!"$*%+4*+%>#;%64%90>6$'4(%G$+"%0+"4,%>4#*),4>4'+%0:%+"$9@'4**%0:%9-#)*4*
N8J87%#'(%N8J8J8
U0+4%Z !"4%+"$9@'4**%0:%*"4#+"%06+#$'4(%>#;%64%)*4(%:0,%9#-9)-#+$0'%#*%$'
9-#)*4%7F8E878
7F8J8] Q$#>4+4,%0:%9#6-4*
7F8J8]87 [55#,#+)*
L7M /0,%($#>4+4,*%)5%+0%#'(%$'9-)($'A%7E%>><%+"4%#55#,#+)*%)*4(%*"#--%64%#*
A$B4'%$'%9-#)*4%7F8J87878
7F8J8]8J 1,45#,#+$0'%0:%+4*+%5$494*
3-#)*4%7F8J878J%0,%7F8J8J8J%*"#--%#55-;8
7F8J8]8] 1,094(),4
L7M# /0,% ($#>4+4,*% )5% +0% #'(% $'9-)($'A% 7E% >><% J% >4#*),4>4'+*% *"#--% 64
>#(4% 0'% +"4% *#>4% +4*+% 5$494% )*4(% #*% $'% 9-#)*4*% 7F8J878]% #'(% 7F8J8J8]<
54,54'($9)-#,%+0%4#9"%0+"4,8
LJM# /0,% ($#>4+4,*% 4C944($'A% 7E% >><% 4C945+% :-#+% 90,(*% #'(% :-#+% 9#6-4*<% +"4
9$,9)>:4,4'94%0:%+"4%9#6-4*%*"#--%64%>4#*),4(%+0%+"4%'4#,4*+%F87%>>8
L]M# /0,% :-#+% 90,(*<% :-#+% 9#6-4*% #'(% :-#+% +G$'% 90,(*<% #% >$9,0>4+4,<% #% 5,0:$-4
5,0`49+0,%0,%*$>$-#,%#55-$#'94%*"#--%64%)*4(8
7F8J8]8K#V450,+
L7M# /0,% ($#>4+4,*% )5% +0% #'(% $'9-)($'A% 7E% >><% +"4% >4#'% 0:% +"4% B#-)4*
06+#$'4(%*"#--%64%+#@4'%#*%+"4%>4#'%($#>4+4,8
LJM# /0,% ($#>4+4,*% 4C944($'A% 7E% >><% +"4% B#-)4% 9#-9)-#+4(% :,0>% +"4% +",44
B#-)4*%06+#$'4(%*"#--%64%+#@4'%#*%+"4%>4#'%($#>4+4,8

31
L]M# /0,% :-#+% 90,(*<% :-#+% 9#6-4*% #'(% :-#+% +G$'% 90,(*<% +"4% >4#'% 0:% +"4% B#-)4*
06+#$'4(% :,0>% +"4% +",44% >4#*),4>4'+*% *"#--% 64% +#@4'% #*% +"4% >4#'
($#>4+4,8
7F8] &'(4-$6$-$+;%0:%>#,@$'A
V)6% -$A"+-;<% +"4% >#,@$'A% 0'% +"4% 9#6-4<% +4'% +$>4*% G$+"% #% 5$494% 0:% 90++0'% 9-0+"
*0#@4(%$'%G#+4,8%%1,$'+4(%>#,@$'A%*"#--%#("4,4%:$,>-;%#'(%64%$'(4-$6-48
7F8K &'*)-#+$0'
7F8K87 !4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'%64:0,4%#A4$'A
7F8K8787 [55#,#+)*
L7M [% >$9,0*9054% 0,% $+*% 4?)$B#-4'+% 5,0()9$'A% #% 90'+#9+% 5,4**),4% '0+
4C944($'A%D%Ue9>J
LJM [%+4'*$-4%+4*+$'A%>#9"$'4%G$+"%,#+4%0:%*45#,#+$0'%0:%JEF±EF%>>e>$'8
7F8K878J 1,45#,#+$0'%0:%+4*+%5$494*
/$B4% +4*+% 5$494*% 0:% 4#9"% #'(% 4B4,;% 90,4% *"#--% 64% +#@4'<% 9)+% +0% +"4% *"#54% #*
A$B4'%$'%L7M%0,%LJM8%LE%>0,4%+4*+%5$494*%*"#--%64%,4?)$,4(%:0,%+4*+%#:+4,%#A4$'A
+,4#+>4'+<%9)+%:,0>%#(`#94'+%5-#94*8%%!"4%+4'*$-4%+4*+%G$+"%+"4%)'#A4(%5$494*
*"#--%64%>#(4%#+%+"4%*0>4+$>4%#*%+"4%+4*+%G$+"%+"4%#A4(%5$494*8M%%30,4%0:%:-#+
+G$'%90,(*%*"#--%'0+%64%*45#,#+4(8%%Q#>#A4(%*#>5-4*%*"#--%'0+%64%)*4(%:0,
>#@$'A%+4*+%5$494*8
L7M Q)>6_64--%+4*+%5$494*
!"4% $'*)-#+$0'% *"#--% 64% 9)+% 054'% $'% +"4% ($,49+$0'% 0:% +"4% #C$*% #'(% +"4
90'()9+0,%*"#--%64%,4>0B4(8%%W#9"%*#>5-4%0:%$'*)-#+$0'%*"#--%64%9)+%$'+0
5$494*<%0:%*)::$9$4'+%*$=4%:0,%+"4%+4*+%#'(%+"4%5$494*%>#,@4(%+0% $(4'+$:;
+"4%*#>5-4%:,0>%G"$9"%+"4;%#,4%9)+%#'(%+"4$,%50*$+$0'*%,4-#+$B4%+0%4#9"
0+"4,%$'%+"4%0,$A$'#-%*#>5-48
!"4% 5$494*% 0:% $'*)-#+$0'% *"#--% 64% A,0)'(% 0,% 9)+<% *0% #*% +0% 06+#$'% +G0
5#,#--4-% *),:#94*% 64+G44'% +"4% >#,@4,% -$'4*<% 9#,4% 64$'A% +#@4'% +0% #B0$(
)'()4% "4#+$'A8% % [:+4,% A,$'($'A% 0,% 9)++$'A<% +"4% +"$9@'4**% 0:% +"4% 5$494*
*"#--%64%'0+%-4**%+"#'%F8a%>>%#'(%'0+%>0,4%+"#'%J8F%>>8
[% ()>6_64--% +4*+% 5$494% $'% #990,(#'94% G$+"% /$A),4% J% *"#--% +"4'% 64
5)'9"4(% :,0>% 4#9"% 5,45#,4(% 5$494% 0:% $'*)-#+$0'<% 0,% $:% 50**$6-4<% +G0
()>6_64--%+4*+%5$494*%*"#--%64%5)'9"4(%*$(4%6;%*$(48
d"4'% +"4% ($#>4+4,% 0:% +"4% 90,4% $*% +00% *>#--% +0% #--0G% +"4% ()>6_64--% $'
#990,(#'94%G$+"%/$A),4%J%+0%64%)*4(<%+"4'%#%*>#--4,%()>6_64--%+4*+%5$494
$'%#990,(#'94%G$+"%/$A),4%]%*"#--%64%5)'9"4(%:,0>%4#9"%5,45#,4(%5$494
0:%$'*)-#+$0'8
!"4%94'+,#-%JF%>>%:0,%+"4%-#,A4,%()>6_64--*<%0,%7F%>>%:0,%+"4%*>#--4,
()>6_64--*<%*"#--%64%>#,@4(%6;%+G0%-$'4*%0'%4#9"%+4*+%5$494<%#*%*"0G'
$'%/$A),4*%J%#'(%]8

32
Y'$+*%$'%>$--$>4+,4*
/$A),4%J%Q)>6_64--%+4*+%5$494*
L9-#)*4*%7F8K878J<%7F8K878E%#'(%7F8K8]8]M

Y'$+*%$'%>$--$>4+,4*
/$A),4%]%.>#--%()>6_64--%+4*+%5$494*
L9-#)*4*%7F8K878J<%7F8K878E%#'(%7F8K8]8]M

LJM !)6)-#,%+4*+%5$494*
!)6)-#,% +4*+% 5$494*% *"#--% 64% )*4(% 0'-;% G"4'% +"4% 90,4% $*% 0:% *)9"% *>#--
*$=4%+"#+%$+%$*%'0+%50**$6-4%+0%5,45#,4%()>6_64--%+4*+%5$494*8
!"4% *#>5-4*% 0:% 90,4% *"#--% 64% 9)+% $'+0% 5$494*% #55,0C$>#+4-;% 7FF% >>
-0'A% #'(% +"4% 90'()9+0,% #'(% #';% 0)+4,% 90B4,$'A*% ,4>0B4(<% 9#,4% 64$'A
+#@4'% '0+% +0% (#>#A4% +"4% $'*)-#+$0'8% % !"4% +)64*% *"#--% 64% >#,@4(% +0
$(4'+$:;% +"4% *#>5-4% :,0>% G"$9"% +"4;% G4,4% 5,45#,4(% #'(% +"4$,% ,4-#+$B4
50*$+$0'*% $'% +"4% *#>5-48% % !"4% 94'+,#-% JF% >>% *"#--% 64% >#,@4(% 6;% +G0
-$'4*8
7F8K878] Q4+4,>$'#+$0'%0:%9,0**_*49+$0'#-%#,4#%0:%()>6_64--%+4*+%5$494
L7M 3,0**_*49+$0'#-%#,4#%0:%()>6_64--%+4*+%5$494
!"4%9,0**_*49+$0'#-%#,4#%0:%4#9"%()>6_64--%+4*+%5$494%*"#--%64%9#-9)-#+4(
:,0>%+"4%G$(+"%#'(%+"4%*>#--4*+%+"$9@'4**%0:%+",44%>4#*),4>4'+*%0:%+"4
5$494%64+G44'%+"4%>#,@4,%-$'4*8
&:% +"4,4% $*% (0)6+% #60)+% +"4% )'$:0,>$+;% 0:% +"4% G$(+"<% +"$*% *"#--% 64
>4#*),4(%#+%+"4%*#>4%+",44%50*$+$0'*%#*%+"4%+"$9@'4**%#+%60+"%*),:#94*%0:
+"4%+4*+%5$494<%+#@$'A%+"4%>4#'%0:%+"4%+G0%>4#*),4>4'+*%#*%+"4%G$(+"%#+
4#9"%50*$+$0'8
!"4%*>#--4*+%0:%+"4%+",44%9,0**_*49+$0'*%+")*%:0)'(%*"#--%64%)*4(%:0,%+"4
9#-9)-#+$0'%0:%+"4%+4'*$-4%*+,4'A+"8
LJM 3,0**_*49+$0'#-%#,4#%0:%+)6)-#,%+4*+%5$494
!"4% 9,0**_*49+$0'#-% #,4#% [<% $'% *?)#,4% >$--$>4+,4*<% 0:% 4#9"% +)6)-#,% +4*+
5$494%*"#--%64%(4+4,>$'4(%6;%0'4%0:%+"4%:0--0G$'A%>4+"0(*8%%&'%9#*4%0:
(0)6+<%+"4%*490'(%>4+"0(L6M%*"#--%64%)*4(8
L#M /,0>%+"4%($>4'*$0'*<%)*$'A%+"4%:0,>)-#%Z

33
ggg [%%%%%h%%%%%¶LQ%i%%$M%%$

G"4,4Z
Q% % h% % >4#'% B#-)4% 0:% +"4% 0)+4,% ($#>4+4,% 0:% +"4% +4*+% 5$494<% $'
>$--$>4+,4*<% (4+4,>$'4(% #*% *549$:$4(% $'% 9-#)*4% 7F8J8]8]LJM
+0%J%(49$>#-%5-#94*8
$%%%%h%% >4#'% B#-)4% 0:% +"4% +"$9@'4**% 0:% +"4% $'*)-#+$0'<% $'
>$--$>4+,4*<% (4+4,>$'4(% #*% *549$:$4(% $'% 9-#)*4% 7F8J87% #'(
,0)'(4(%0::%+0%+G0%(49$>#-%5-#94*8
L6M /,0>%+"4%(4'*$+;<%+"4%>#**%#'(%+"4%-4'A+"<%)*$'A%+"4%:0,>)-#%Z

7 FFF$
% =
# "!

G"4,4%Z
>%%h%%>#**%0:%+"4%+4*+%5$494<%$'%A,#>*<%+0%+",44%(49$>#-%5-#94*
(%%h%%(4'*$+;<%>4#*),4(%$'%#990,(#'94%G$+"%[554'($C%b<%$'% A,#>*
54,%9)6$9%94'+$>4+,4<%+0%+",44%(49$>#-%5-#94*8
S%%%h%%-4'A+"<%$'%>$--$>4+,4*<%+0%0'4%(49$>#-%5-#94
7F8K878K 30'($+$0'$'A%0:%+4*+%5$494*
b4:0,4% +"4% +4'*$-4% +4*+<% #--% +4*+% 5$494*% *"#--% 64% @45+% :0,% #+% -4#*+% ]% "% #+% #
+4>54,#+),4%0:%J]j%Jk38
7F8K878E 1,094(),4*
L7M !4*+%+4>54,#+),4
!"4%+4*+%*"#--%64%9#,,$4(%0)+%#+%,00>%+4>54,#+),4%#'(%4#9"%+4*+%*"#--%64
90>5-4+4(% G$+"$'% E% >$'% 0:% +"4% ,4>0B#-% 0:% +"4% +4*+% 5$494% :,0>% +"4
90'($+$0'$'A% 9"#>64,8% % &'% 9#*4% 0:% (0)6+% :0,% 123% $'*)-#+$0'<% +"4% +4*+
*"#--%64%,454#+4(%#+%%%%%J]j%Jk38
LJM Q$*+#'94%64+G44'%+"4%A,$5*
!"4%+0+#-%-4'A+"%64+G44'%+"4%A,$5*%*"#--%64%#60)+%Z
]K%>>%:0,%*>#--%()>6_64--*%#*%$--)*+,#+4(%$'%/$A),4%]
EF%>>%:0,%()>6_64--*%#*%$--)*+,#+4(%$'%/$A),4%J
EF%>>%:0,%+)64*<%$:%+4*+4(%G$+"%*4-:_+$A"+4'$'A%A,$5*
aE%>>%:0,%+)64*<%$:%+4*+4(%G$+"%'0'_*4-:_+$A"+4'$'A%A,$5*8
L]M X4#*),4>4'+*
!"4% 6,4#@$'A% -0#(% #'(% +"4% ($*+#'94% 64+G44'% +"4% +G0% >#,@4,% -$'4*% #+
,)5+),4%*"#--%64%>4#*),4(8
['%)'*#+$*:#9+0,;%,4*)-+%()4%+0%#';%+4*+%5$494%6,4#@$'A%()4%+0%(#>#A4%$'
+"4%A,$5*%*"#--%64%$A'0,4(8%%&'%+"$*%4B4'+<%#+%-4#*+%:0),%B#-$(%,4*)-+*%*"#--
64%06+#$'4(%$'%0,(4,%+0%9#-9)-#+4%+"4%+4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'_#+_
6,4#@P%0+"4,G$*4%+"4%+4*+%*"#--%64%,454#+4(8
7F8K878N V450,+
!"4%B#-)4*%0:%+4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'_#+_6,4#@_,490,(4(%*"#--%64%+"4
>4($#'%B#-)4*%0:%+"4%,4*)-+*%:0,%4#9"%5,054,+;%#*%:0--0G*%Z
L7M !4'*$-4%*+,4'A+"<%%X5#
h b,4#@$'A%-0#(<%U
R,$A$'#-%9,0**_*49+$0'#-%#,4#%0:%+4*+%5$494<%>>J

34
LJM W-0'A#+$0'<%%^
h \#)A4%-4'A+"%#+%,)5+),4%i%R,$A$'#-%A)#A4%-4'A+"%%C%%7FF
R,$A$'#-%A)#A4%-4'A+"

7F8K8J# !4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'%#:+4,%#A4$'A
7F8K8J87#[55#,#+)*
['%0B4'%G$+"%'#+),#-%#$,%:-0G%0,%#$,%:-0G%6;%5,4**),48%%!"4%#$,%*"#--%4'+4,%+"4
0B4'%$'%*)9"%#%G#;%+"#+%$+%:-0G*%0B4,%+"4%*),:#94%0:%+"4%+4*+%5$494*%#'(%-4#B4*
'4#,%+"4%+05%0:%+"4%0B4'8
!"4%0B4'%*"#--%"#B4%:-0G%,#+4%'0+%-4**%+"#'%4$A"+%#'(%'0+%>0,4%+"#'%JF%+$>4*
0:%+"4%90>5-4+4%0B4'%B0-)>4%54,%"0),%#+%+"4%*549$:$4(%#A4$'A%+4>54,#+),48
[%:#'%*"#--%'0+%64%)*4(%$'*$(4%+"4%0B4'8
7F8K8J8J#1,45#,#+$0'%0:%+4*+%5$494*
L7M# /0,%()>6_64--%0,%+)6)-#,%+4*+%5$494*<%9-#)*4%7F8K878J%*"#--%64%90>5-$4(
G$+"8
LJM# /0,%5$494*%0:%90>5-4+4%9#6-4<%+",44%5$494*%0:%90>5-4+4%9#6-4%#60)+%JFF
>>% -0'A% *"#--% 64% +#@4'% :,0>% #% 50*$+$0'% 9-0*4% +0% +"0*4% G"4,4% +"4
*#>5-4*%:0,%+"4%+4'*$-4%+4*+*%G$+"0)+%#A4$'A%#,4%+#@4'8
7F8K8J8]#Q4+4,>$'#+$0'%0:%9,0**_*49+$0'#-%#,4#%0:%+4*+%5$494*
&'%#990,(#'94%G$+"%9-#)*4%7F8K878]
7F8K8J8K 30'($+$0'$'A%0:%+4*+%5$494
&'%#990,(#'94%G$+"%9-#)*4%7F8K878K
7F8K8J8E 1,094(),4
L7M# Q)>6_64--%0,%+)6)-#,%+4*+%5$494*
!"4% +4*+% 5$494*% *"#--% 64% *)*54'(4(% B4,+$9#--;% #'(% *)6*+#'+$#--;% $'% +"4
>$((-4%0:%+"4%0B4'%*0%+"#+%4#9"%5$494%$*%#+%-4#*+%JF%>>%:,0>%#';%0+"4,
5$494<%:0,%#%(),#+$0'%0:%%D%(#;*%L7Na%"M8%%[*%*00'%#*%+"4%#A4$'A%54,$0(%$*
90>5-4+4(<% +"4% +4*+% 5$494*% *"#--% 64% ,4>0B4(% :,0>% +"4% 0B4'% #'(% -4:+% #+
#>6$4'+% +4>54,#+),4<% #B0$($'A% ($,49+% *)'-$A"+<% :0,% #+% -4#*+% 7N% "8% % !"4
+4'*$-4%+4*+%*"#--%+"4'%64%9#,,$4(%0)+%$'%#990,(#'94%G$+"%9-#)*4%7F8K878E8
LJM# !4*+%5$494*%0:%90>5-4+4%9#6-4*
!"4%5$494*%0:%9#6-4%*"#--%64%*)*54'(4(%*)6*+#'+$#--;%$'%+"4%>$((-4%0:%+"4
0B4'%#+%-4#*+%JF%>>%#G#;%:,0>%4#9"%0+"4,%:0,%#%(),#+$0'%0:%D%(#;*%L7Na
"M8%%!"4;%*"#--%'0+%099)5;%>0,4%+"#'%J^%0:%+"4%B0-)>4%0:%+"4%0B4'8
[*%*00'%#*%+"4%*549$:$4(%"4#+$'A%54,$0(%$*%90>5-4+4(<%+"4%5$494*%0:%9#6-4
*"#--% 64% ,4>0B4(% :,0>% +"4% 0B4'% #'(% -4:+% #+% #>6$4'+% +4>54,#+),4<
#B0$($'A%($,49+%*)'-$A"+<%:0,%#%-4#*+%7N"8
!"4% +",44% 5$494*% 0:% 9#6-4% *"#--% +"4'% 64% ($*>#'+-4(8% % !G0% +4*+% 5$494*
*"#--%64%5,45#,4(%:,0>%+"4%$'*)-#+$0'%0:%4#9"%90,4%L)5%+0%#%>#C$>)>%0:
+",44%90,4*M%#'(%:,0>%+"4%*"4#+"%0:%4#9"%5$494%0:%9#6-4<%#*%*549$:$4(%$'
9-#)*4%7F8K878J<%*0%+"#+%+"4,4%#,4%*$C%+4*+%5$494*%:,0>%4#9"%90,4%#'(%:,0>
+"4%*"4#+"8
&:%+"4%+4*+%5$494*%'44(%+0%64%9)+%0,% A,0)'(%+0%,4()94%+"4$,%+"$9@'4**%+0
'0+%>0,4%+"#'%J%>><%+"$*%054,#+$0'%*"#--%64%4::49+4(<%*0%:#,%#*%50**$6-4<
0'% +"4% *$(4% G"$9"% G#*% '0+% :#9$'A% #% >#+4,$#-% 0:% ($::4,4'+% +;54% $'% +"4
90>5-4+4%9#6-48
&:% ,$(A4*% >)*+% 64% 9)+% 0,% A,0)'(% 0'% +"4% *$(4% G"$9"% G#*% :#9$'A% +"4
($::4,4'+%+;54%0:%>#+4,$#-<%+"4%>#+4,$#-%,4>0B4(%0'%+"#+%*$(4%*"#--%64%+"4
>$'$>)>%90>5#+$6-4%G$+"%#(4?)#+4%*>00+"$'A8

35
!"4%+4*+%5$494*%*"#--%64%*)6`49+4(%+0%+"4%+4'*$-4%#'(%4-0'A#+$0'%+4*+*<%#--
$'%#990,(#'94%G$+"%9-#)*4%7F8K878E8
7F8K8J8N V450,+
% &'%#990,(#'94%G$+"%9-#)*4%7F8K878N8
7F8K8]# S0**%0:%>#**
7F8K8]87#[55#,#+)*
L7M# ['%0B4'%#*%$'%9-#)*4%7F8K8J878
LJM# ['%#'#-;+$9#-%6#-#'94%G$+"%#%*4'*$+$B$+;%0:%F87%>A8
L]M# [%(4*$99#+0,%G$+"%*$-$9#%A4-%0,%*$>$-#,%>#+4,$#-8
7F8K8]8J#1,45#,#+$0'%0:%+4*+%5$494*
L7M# !",44% *#>5-4*% 0:% 4#9"% 90,4% *"#--% 64% +#@4'% $'% #990,(#'94% G$+"% 9-#)*4
7F8K878J%4C945+%+"#+%>#,@4,%-$'4*%#,4%'0+%,4?)$,4(8
Q)>6_64--% +4*+% 5$494*% *"#--% "#B4% +G0% 5#,#--4-% *),:#94*% 0B4,% +"4% G"0-4
-4'A+"<%+"4$,%+"$9@'4**%*"#--%64%78FjF8J%>>8
!)6)-#,% +4*+% 5$494*% *"#--% "#B4% $''4,% ($#>4+4,% '0+% 4C944($'A% 7J8E% >>
#'(%+0+#-%*),:#94%#,4#%'0+%-4**%+"#'%E%9>J8
LJM# /-#+%+G$'%90,(*%5,0B$(4(%G$+"%#%A,00B4%0'%60+"%*$(4*%64+G44'%+"4%90,4*
*"#--% 64% +4*+4(% G$+"0)+% *45#,#+$0'% 0:% +"4% 90,4*8% % /0,% 9#-9)-#+$0'% 0:% $+*
*),:#94% 0:% 4B#50,#+$0'<% +"4% +G$'% 90,(% >#;% 64% 90'*$(4,4(% #*% 64$'A% +G0
*45#,#+4(%+)6)-#,%5$494*8
7F8K8]8]#3#-9)-#+$0'%0:%+"4%4B#50,#+$0'%#,4#
!"4% *),:#94% #,4#% [<% $'% *?)#,4% 94'+$>4+,4*<% 0:% 4#9"% +4*+% 5$494% *"#--% 64
(4+4,>$'4(%64:0,4%90'()9+$'A%+"4%+4*+%)*$'A%+"4%:0--0G$'A%:0,>)-#4%Z
L7M# !)6)-#,%+4*+%5$494*
.),:#94%%[%h%%0)+4,%*),:#94%f%$''4,%*),:#94%f%9)+%*),:#94
[%h%%%%%JlLQ%i%$M%C%LS%f%$M
7FF

G"4,4%%:
Q%h% >4#'%0)+4,%($#>4+4,%0:%%+"4%+4*+%5$494<%$'%>$--$>4+,4*<%+0
0'4%(49$>#-%5-#94
$%%h #B4,#A4%+"$9@'4**%0:%+"4%+4*+%5$494<%$'%>$--$>4+,4*<%+0%0'4
(49$>#-%5-#94
S%h -4'A+"% 0:% +"4% +4*+% 5$494<% $'% >$--$>4+,4*<% +0% 0'4% (49$>#-
5-#94P
b0+"% % $% % #'(% % Q% % % 64$'A% >4#*),4(% #*% *549$:$4(% $'% +"4% +4*+% >4+"0(% $'
9-#)*4*% 7F8J87% #'(% 7F8J8]% 0'% #% +"$'% *-$94% 9)+% :,0>% +"4% 4'(% 0:% 4#9"
+)6)-#,%+4*+%5$4948
!"4%:0,>)-#%>#;%64%#55-$4(%#-*0%+0%#%+)6)-#,%+4*+%5$494%"#B$'A%#%9,0**_
*49+$0'%#*%*"0G'%$'%/$A),4%%7L#M8

LJM# /0,%()>6_64--%+4*+%5$494%*$=4%0:%%/$A),4%J8
[%h%%%%%%%7%JEN%%f%%L7aF%$M
7FF

d"4,4% % % $% % $*% +"4% >4#'% % +"$9@'4**% 0:% +"4% *+,$5*<% $'% >><% (4+4,>$'4(% #*
*549$:$4(%$'%9-#)*4%7F8K878]L7M8

L]M# /0,%()>6_64--%+4*+%5$494%*$=4%0:%/$A),4%]

36
[%h NJK%%f%%L77a%%$M
%%%%%%%%%7FF
d"4,4% % $% % % % $*% +"4% >4#'% +"$9@'4**% 0:% +"4% *+,$5*<% $'% >><% (4+4,>$'4(% #*
*549$:$4(%$'%9-#)*4%7F8K878]L7M8

7F8K8]8K#1,094(),4
L7M# !"4%5,45#,4(%+4*+%5$494*%*"#--%64%5-#94(%:0,%#+%-4#*+%%JF%%"%%#+%#>6$4'+
+4>54,#+),4% $'% #% (4*$99#+0,8% % &>>4($#+4-;% #:+4,% ,4>0B#-% :,0>% +"4
(4*$99#+0,<%4#9"%+4*+%5$494%*"#--%64%G4$A"4(%#99),#+4-;<%$'%>$--$A,#>*<%+0
0'4%(49$>#-%5-#948
LJM# !"4,4#:+4,<% +"4% +4*+% 5$494*% *"#--% 64% *)*54'(4(% B4,+$9#--;% JF% >>% :,0>
#';%0+"4,%5$494<%$'%#$,%#+%#+>0*5"4,$9%5,4**),4%:0,%D%(#;*%L7Na%"M%#+%aFj
Jk38%%U0+%>0,4%+"#'%F8E^%%%0:%%+"4%0B4'%B0-)>4%*"#--%64%099)5$4(%6;
+"4%+4*+%5$494*8
L]M# [:+4,%+"$*%"4#+%+,4#+>4'+<%%+"4%+4*+%5$494*%*"#--%#A#$'%64%5-#94(%:0,%JF%"
$'%#%(4*$99#+0,%#+%#>6$4'+%+4>54,#+),4%#'(%4#9"%+4*+%5$494%*"#--%+"4'%64
,4G4$A"4(8
!"4%($::4,4'94%64+G44'%+"4%G4$A"+*%(4+4,>$'4(%$'%L7M%%#'(%$'%%L]M<%%:0,
4#9"% +4*+% 5$494<% *"#--% 64% 9#-9)-#+4(% #'(% ,0)'(4(_0::% +0% +"4% '4#,4*+
>$--$A,#>8
7F8K8]8E#V450,+
!"4%>4($#'%B#-)4%0:%+"4%,4*)-+*%06+#$'4(%6;%($B$($'A<%:0,%4#9"%+4*+%5$494<%%$+*
G4$A"+%($::4,4'94%6;%$+*%*),:#94%#,4#%[%*"#--%64%,450,+4(8
7F8K8K# O4#+%*"09@
7F8K8K87#1,45#,#+$0'%0:%+4*+%5$494*
W#9"%90,4%+0%64%+4*+4(%*"#--%64%,45,4*4'+4(%6;%+G0%*#>5-4*%0:%*)$+#6-4%-4'A+"
+#@4'%:,0>%+G0%5-#94*%*45#,#+4(%6;%#+%-4#*+%7%>8%%WC+4,'#-%90B4,$'A<%$:%#';<
*"#--%64%,4>0B4(%:,0>%+"4%$'*)-#+$0'<%#'(%+"4%+4*+%5$494*%5,45#,4(%#*%:0--0G*
L7M# /0,% 90,4*% G$+"% #'% 0B4,#--% ($#>4+4,% '0+% 4C944($'A% 7J8E% >><% 4#9"% +4*+
5$494%*"#--%90'*$*+%0:%#%5$494%0:%90,48
LJM# /0,%90,4*%G$+"%#'%0B4,#--%($#>4+4,%4C944($'A%7J8E%>><%4#9"%+4*+%5$494
*"#--%90'*$*+%0:%#%*+,$5%+#@4'%:,0>%+"4%$'*)-#+$0'%G"0*4%G$(+"%*"#--%64%#+
-4#*+%78E%+$>4*%$+*%+"$9@'4**<%6)+%'0+%-4**%+"#'%K%>>8%%!"4%*+,$5%*"#--%64
9)+%$'%+"4%($,49+$0'%0:%+"4%#C$*%0:%+"4%90'()9+0,8
7F8K8K8J#1,094(),4
W#9"%+4*+%5$494%*"#--%64%+#)+-;%G0)'(%#'(%:$C4(<%%#+%#>6$4'+%+4>54,#+),4<%0'
#%>#'(,4-%+0%:0,>%#%9-0*4%"4-$C8
!"4%($#>4+4,%0:%+"4%>#'(,4-%#'(%+"4%')>64,%0:%+),'*%#,4%A$B4'%:
L7M# !#6-4%JF%*"#--%#55-;%:0,%+4*+%5$494*%5,45#,4(%$'%#990,(#'94%G$+"%9-#)*4
7F8K8K87L7MP% :0,% :-#+% 9#6-4*% #'(% 90,(*<% +"4% >#'(,4-% ($#>4+4,% *"#--% 64
6#*4(%0'%+"4%>$'0,%($>4'*$0'%0:%+"4%90,(<%G"$9"%$*%G0)'(%0'%G$+"%$+*
>$'0,%#C$*%54,54'($9)-#,%+0%+"4%>#'(,4-P
LJM# !#6-4%J7%*"#--%#55-;%:0,%+4*+%5$494*%5,45#,4(%$'%#990,(#'94%G$+"%9-#)*4
7F8K8K87LJM8%%&'%+"$*%9#*4<%+"4%$''4,%*),:#94%0:%+"4%+4*+%5$494%*"#--%64%$'
90'+#9+%G$+"%+"4%>#'(,4-8
W#9"%+4*+%5$494<%0'%$+*%>#'(,4-<%*"#--%64%5-#94(%$'%#'%#$,_0B4'%5,4_"4#+4(%+0%#
+4>54,#+),4%0:%7EF%j%Jk3%#'(%>#$'+#$'4(%#+%+"#+%+4>54,#+),4%:0,%7%"8%%[:+4,
+"4% +4*+% 5$494*% "#B4% 644'% #--0G4(% +0% #++#$'% #55,0C$>#+4-;% #>6$4'+
+4>54,#+),4<% +"4;% *"#--% 64% 4C#>$'4(% G"$-4% *+$--% 0'% +"4% >#'(,4-8% % !"4% +4*+
5$494*%*"#--%*"0G%'0%9,#9@8

37
!#6-4%JF
Q$#>4+4,%0:%>#'(,4-%#'(%')>64,%0:%+),'*
L9-#)*4*%7F8K8K8JL7M%#'(%7F8E8K8JL7MM

WC+4,'#-%($#>4+4,%0:%+4*+%5$494 X#'(,4- U)>64,%0:


L>>M ($#>4+4, +),'*
L>>M
Y5%+0%#'(%$'9-)($'A%J8E E N
RB4,%J8E%)5%+0%#'(%$'9-)($'A%K8E c N
RB4,%K8E%)5%+0%#'(%$'9-)($'A%N8E 7] N
RB4,%N8E%)5%+0%#'(%$'9-)($'A%c8E 7c K
RB4,%c8E%)5%+0%#'(%$'9-)($'A%7J8E KF J

U0+4%Z%Q$#>4+4,%0:%4#9"%+4*+%5$494%*"#--%64%>4#*),4(%6;%>4#'*%0:%9#--$54,*%0,
0+"4,%*)$+#6-4%>4#*),$'A%$'*+,)>4'+8

38
!#6-4%J7
Q$#>4+4,%0:%>#'(,4-%#'(%')>64,%0:%+),'*
L9-#)*4*%7F8K8K8JLJM%#'(%7F8E8K8JLJMM

!"$9@'4**%0:%+4*+%5$494 X#'(,4- U)>64,%0:


L>>M ($#>4+4, +),'*
L>>M
Y5%+0%#'(%$'9-)($'A%7 J N
RB4,%7%)5%+0%#'(%$'9-)($'A%J K N
RB4,%J%)5%+0%#'(%$'9-)($'A%] N N
RB4,%]%)5%+0%#'(%$'9-)($'A%K a N
RB4,%K%)5%+0%#'(%$'9-)($'A%E 7F N

U0+4%Z%!"4%($#>4+4,%0,%+"$9@'4**%0:%4#9"%+4*+%5$494%*"#--%64%>4#*),4(%6;%>4#'*
0:%9#--$54,*%0,%0+"4,%*)$+#6-4%>4#*),$'A%$'*+,)>4'+8

7F8K8E# 1,4**),4%+4*+%#+%"$A"%+4>54,#+),4
7F8K8E87#[55#,#+)*
!"4% $'(4'+#+$0'% (4B$94%$*%*"0G'%$'%/$A),4% K<% #'(% 90'*$*+*% 0:% #% ,49+#'A)-#,
6-#(4%G$+"%#'%4(A4%F8DF%j%F8F7%>>%G$(4<%G"$9"%9#'%64%5,4**4(%#A#$'*+%+"4
+4*+%5$4948
7F8K8E8J#1,45#,#+$0'%0:%+4*+%5$494*
/0,% 4#9"% 90,4% +0% 64% +4*+4(<% +",44% #(`#94'+% 5$494*% *"#--% 64% +#@4'% :,0>% #
*#>5-4% "#B$'A% #% -4'A+"% 0:% JEF% >>% +0% EFF% >>8% % !"4% -4'A+"% 0:% 4#9"% 5$494
*"#--%64%EF%>>%+0%7FF%>>8
!"4%90,4*%0:%:-#+%90,(*%G$+"0)+%*"4#+"%*"#--%'0+%64%*45#,#+4(8
7F8K8E8]#1,094(),4
W#9"%+4*+%5$494%*"#--%64%5-#94(%$'%+"4%50*$+$0'%*"0G'%$'%/$A),4%K8%%/-#+%+G$'
90,(*% *"#--% 64% -#$(% 0'% +"4$,% :-#+% *$(48% % !4*+% 5$494*% "#B$'A% #% *>#--% ($#>4+4,
*"#--%64%:$C4(%0'%+"4%*)550,+%$'%*)9"%#%>#''4,%+"#+%+"4;%(0%'0+%9),B4%)'(4,
5,4**),4%0:%+"4%6-#(48%%!"4%:0,94%*"#--%64%#55-$4(%$'%#%($,49+$0'%54,54'($9)-#,
+0%+"4%#C$*%0:%+"4%90,4P%+"4%6-#(4%*"#--%#-*0%64%54,54'($9)-#,%+0%+"4%#C$*%0:%+"4
90,48

39
Y'$+*%$'%>$--$>4+,4*
/$A),4%K%%&'(4'+#+$0'%(4B$94
L9-#)*4*%7F8K8E%#'(%7F8E8E8]M

!"4%:0,94%/<%G"$9"%*"#--%64%4C4,+4(%$*%A$B4'%6;%+"4%:0,>)-#%Z

) = ( J '& − & J

G"4,4%%Z%/%%h%%+"4%:0,94%4C4,+4(<%U
@%%h%%:#9+0,%h F8N% :0,% 90,4*% G$+"% % Q% m% 7F% >><% % :0,% :-4C$6-4% 90,(*
#'(%9#6-4*
h F8a%:0,%90,4*%G$+"%%Q%n%7F%>><%:0,%9#6-4*
Q%%h%>4#'%B#-)4%0:%+"4%0)+4,%($#>4+4,%0:%+"4%+4*+%5$494<%>>
$%%%h%%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:%+"4%$'*)-#+$0'%0:%+"4%+4*+%5$494<
>>
$% #'(% Q% #,4% 60+"% 4C5,4**4(% $'% >$--$>4+,4*<% +0% 0'4% (49$>#-% 5-#94<% #'(
>4#*),4(%#*%*549$:$4(%$'%+"4% +4*+%>4+"0(% $'% 9-#)*4*% 7F8J87% #'(% 7F8J8]% 0'% #
+"$'%*-$94%9)+%:,0>%+"4%4'(%0:%+"4%+4*+%5$4948%%!"4%:0,94%#55-$4(%)50'%+"4%+4*+
5$494%0:%:-#+%90,(%G$+"0)+%*"4#+"%*"#--%64%+G$94%+"4%B#-)4%A$B4'%6;%+"4%#60B4
:0,>)-#<% % G"4,4% Q% $*% +"4% >4#'% B#-)4% 0:% +"4% >$'0,% ($>4'*$0'% 0:% +"4% +4*+
5$4948% % !"4% 9#-9)-#+4(% :0,94% >#;% 64% ,0)'(4(% 0::% (0G'G#,(*% 6;% '0+% >0,4
+"#'%]^8
!"4%-0#(4(<%6)+%'0+%5,4"4#+4(<%+4*+%5$494%*"#--%64%@45+%$'%+"4%+4*+%50*$+$0'%:0,
+"4%:0--0G$'A%(),#+$0'Z
_%%K%%" :0,% 90,4*% 0:% 9#6-4*% "#B$'A% #% 90'()9+0,% 9,0**_*49+$0'% '0+% 4C944($'A
]E%>>JP
_%%N%%" :0,%90,4*%0:%9#6-4*%4C944($'A%+"4%#60B4%-$>$+*
$'%+"4%0B4'%>#$'+#$'4(%#+
DF%j%Jo3%:0,%:-4C$6-4%90,(*
aF%j%Jo3%:0,%9#6-4*
[+% +"4% 4'(% 0:% +"4% *549$:$4(% (),#+$0'*<% +"4% +4*+% 5$494% *"#--% 64% 9"$--4(% )'(4,
-0#(8%%&'%+"4%"4#+$'A%9#6$'4+<%+"$*%054,#+$0'%>#;%64%9#,,$4(%0)+%6;%*5,#;$'A

40
+"4%+4*+%5$494%G$+"%90-(%G#+4,%0'%+"4%*50+%G"4,4%+"4%6-#(4%$*%5,4**$'A8%%!"4
+4*+% 5$494% *"#--% 64% ,4>0B4(% :,0>% +"4% #55#,#+)*% G"4'% $+% "#*% 900-4(% +0% #
+4>54,#+),4%G"4,4%,490B4,;%0:%+"4%$'*)-#+$0'%'0%-0'A4,%099),*P%+"4%+4*+%5$494
*"#--%+"4'%64%900-4(%:),+"4,%6;%$>>4,*$0'%$'%90-(%G#+4,8
7F8K8E8K#X4#*),4>4'+%0:%$'(4'+#+$0'
&>>4($#+4-;% #:+4,%900-$'A<% +"4% +4*+% 5$494% *"#--% 64% 5,45#,4(% :0,% (4+4,>$'$'A
+"4%(45+"%0:%$'(4'+#+$0'8%%!"4%90'()9+0,%*"#--%64%G$+"(,#G'%-4#B$'A%+"4%+4*+
5$494%$'%+"4%:0,>%0:%#%+)648%%[%'#,,0G%*+,$5%*"#--%64%9)+%:,0>%+"4%+4*+%5$494%$'
+"4% ($,49+$0'% 0:% +"4% #C$*% 0:% +"4% 90,4<% 54,54'($9)-#,% +0% +"4% $'(4'+#+$0'% #*
*"0G'% $'% /$A),4% E8% % !"4% *+,$5% *"#--% 64% -#$(% :-#+% )'(4,% #% >4#*),$'A
>$9,0*9054%0,%#%>4#*),$'A%5,0`49+0,%#'(%+"4%9,0**_G$,4%*"#--%64%#(`)*+4(%+0
+"4%60++0>%0:%+"4%$'(4'+#+$0'%#'(%+"4%0)+*$(4%0:%+"4%+4*+%5$494%#*%*"0G'%$'
/$A),4%E8
.>#--% +4*+% 5$494*<% )5% +0% #60)+% N% >>% 4C+4,'#-% ($#>4+4,<% *"#--% 64% 9)+
+,#'*B4,*4-;%#+%#'(%'4#,%+"4%$'(4'+#+$0'<%#*%*"0G'%$'%/$A),4%N<%#'(%+"4%(45+"
0:% +"4% $'(4'+#+$0'% *"#--% 64% (4+4,>$'4(% 6;% ($::4,4'94% :,0>% +"4% >$9,0*9054
>4#*),4>4'+*%0'%*49+$0'#-%B$4G*%7%#'(%J%#*%*"0G'%$'%+"4%/$A),4%N8
[--%>4#*),4>4'+*%*"#--%64%>#(4%$'%>$--$>4+4,*%+0%+G0%(49$>#-%5-#94*8

/$A),4%E%%X4#*),4>4'+%0:%$'(4'+#+$0'
L9-#)*4%%7F8K8E8KM

/$A),4%N%X4#*),4>4'+%0:%$'(4'+#+$0'%:0,
+4*+%5$494%)5%+0%N%>>%4C+4,'#-%($#>4+4,
L9-#)*4%7F8K8E8KM

7F8K8E8E#V450,+
!"4%>4($#'%0:%+"4%$'(4'+#+$0'%B#-)4*<%>4#*),4(%0'%+"4%+",44%+4*+%5$494*%*"#--
64%,450,+4(%$'%54,94'+%0:%+"4%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:%+"4%$'*)-#+$0'%0:
+"4%+4*+%5$494%#*%>4#*),4(%$'%#990,(#'94%G$+"%9-#)*4%7F8K8E8]8

41
7F8E# ."4#+"
7F8E87# !4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'%64:0,4%#A4$'A
7F8E8787#[55#,#+)*
!"4%*#>4%#*%A$B4'%$'%9-#)*4%7F8K8787
7F8E878J#1,45#,#+$0'%0:%+4*+%5$494*
/$B4%+4*+%5$494*%*"#--%64%5,45#,4(%:,0>%4#9"%*#>5-4%+0%+"4%*"#54%*549$:$4(%$'
9-#)*4% 7F8K878J8% % L/$B4% >0,4% +4*+% 5$494*% *"#--% 64% ,4?)$,4(% :0,% +4*+% #:+4,
#A4$'A<% 9)+% :,0>% 50*$+$0'*% #(`#94'+% +0% +"4% +4*+% 5$494*% )*4(% :0,% +"4% +4*+
G$+"0)+%#A4$'A%#'(%+"4%+4'*$-4%+4*+*%0'%+"4%#A4(%#'(%)'#A4(%+4*+%5$494*%*"#--
64% >#(4% $'% $>>4($#+4% *)994**$0'8M% % [';% *#>5-4% +"#+% *"0G*% *$A'*% 0:
>49"#'$9#-%%(#>#A4%*"#--%'0+%64%)*4(%:0,%+"4%+4*+*8
&:% +"4% *"4#+"% "#*% ,$(A4*% 9#)*4(% 6;% +"4% 90,4*% 0'% +"4% $'*$(4<% +"4'<% $'% +"4
5,45#,#+$0'%0:%()>6_64--%+4*+%5$494*<%+"4%*"4#+"%*"#--%64%9)+%$'%+"4%($,49+$0'
0:%+"4%,$(A4*%:0,%,4>0B#-%:,0>%+"4%9#6-4%#'(%+"4%4::49+%0:%+"4%,$(A4*%*"#--%64
4-$>$'#+4(%6;%A,$'($'A%0,%9)++$'A8
&'% +"4% 5,45#,#+$0'% 0:% +)6)-#,% +4*+% 5$494*<% #--% +"4% 90>50'4'+*% 0:% +"4% 9#6-4
$'*$(4% +"4% *"4#+"<% $'9-)($'A% 90,4*<% :$--4,*% #'(% $''4,% 90B4,$'A% <% *"#--% 64
,4>0B4(8
7F8E878]#Q4+4,>$'#+$0'%0:%9,0**_*49+$0'#-%#,4#
!"4%9,0**_*49+$0'#-%#,4#%0:%4#9"%+4*+%5$494%*"#--%64%(4+4,>$'4(%6;%+"4%*#>4
>4+"0(%*549$:$4(%$'%9-#)*4%7F8K878]%4C945+%+"#+%+"4%+"$9@'4**%#'(%($#>4+4,%0:
+"4% *"4#+"<% >4#*),4(% $'% #990,(#'94% G$+"% 9-#)*4% 7F8J8J% :0,% +"$9@'4**% #'(
9-#)*4% 7F8J8]8]% :0,% ($#>4+4,<% *"#--% 64% )*4(% $'% +"4% >4+"0(% L#M<% #'(% +"#+% +"4
(4'*$+;%*"#--%64%>4#*),4(%0'%#'%#(($+$0'#-%5$494%0:%+"4%*#>4%*"4#+"%$'%+"4
>4+"0(% L6M% #'(% +"#+% $:% +"4% *"4#+"% "#*% ,$(A4*<% +"4% >4+"0(% L6M% 0'-;% *"#--% 64
)*4(8
7F8E878K#30'($+$0'$'A%0:%+4*+%5$494*
&'%#990,(#'94%G$+"%9-#)*4%7F8K878K8
7F8E878E#1,094(),4
[*%*549$:$4(%$'%9-#)*4%7F8K878E8
7F8E878N#V450,+
[*%*549$:$4(%$'%9-#)*4%7F8K878N8
7F8E8J# !4'*$-4%*+,4'A+"%#'(%4-0'A#+$0'%#:+4,%#A4$'A
[*%*549$:$4(%$'%9-#)*4%7F8K8J8
7F8E8]# S0**%0:%>#**
7F8E8]87#[55#,#+)*
!"4%*#>4%#*%A$B4'%$'%9-#)*4%7F8K8]878
7F8E8]8J#1,45#,#+$0'%0:%+4*+%5$494*
!"4%90,4%0,%0+"4,%>#+4,$#-*<%$:%#';<%60+"%$'*$(4%#'(%0)+*$(4%+"4%*"4#+"%*>#--
64% ,4>0B4(<% +#@$'A% 9#,4% '0+% +0% (#>#A4% +"4% *"4#+"<% #'(% +"4% +4*+% 5$494*
5,45#,4(%$'%#990,(#'94%G$+"%9-#)*4%7F8K8]8J8
7F8E8]8]#3#-9)-#+$0'%0:%+"4%4B#50,#+$0'%#,4#
!"4% *),:#94% 0:% 4B#50,#+$0'% *"#--% 64% 9#-9)-#+4(% 6;% +"4% :0,>)-#% A$B4'% $'
9-#)*4% 7F8K8]8]% :0,% +)6)-#,% *549$>4'*% G$+"% +"4% 9,0**_*49+$0'*% #*% *"0G'% $'
/$A),4%7%LbM%#'(%/$A),4%7%LQM8%%!"4%$''4,%#'(%0)+4,%*),:#94*%0:%4B#50,#+$0'
0:%*"4#+"*%0:%:-#+%90,(*%#'(%9#6-4*%*"#--%64%9#-9)-#+4(%:,0>%+"4%($>4'*$0'*
0:%+"4%9,0**_*49+$0'%0:%+"4%*"4#+"8%%!"4*4%($>4'*$0'*%*"#--%64%(4+4,>$'4(%$'
>$--$>4+,4*%+0%+G0%(49$>#-%5-#94*8%%!"4%$''4,%*$(4%0:%:-#+%*"4#+"*<%"#B$'A%#
G4(A4_*"#54(%,$(A4<%>#;%64%90'*$(4,4(%#*%64$'A%:-#+8

42
7F8E8]8K#1,094(),4
&'%#990,(#'94%G$+"%9-#)*4%7F8K8]8K8
7F8E8]8E#V450,+
&'%#990,(#'94%G$+"%9-#)*4%7F8K8]8E8
7F8E8K# O4#+%*"09@
7F8E8K87#1,45#,#+$0'%0:%+4*+%5$494*
W#9"% *"4#+"% +0% 64% +4*+4(% *"#--% 64% ,45,4*4'+4(% 6;% +G0% *#>5-4*% 0:% 9#6-4% 0:
*)$+#6-4%-4'A+"%+#@4'%:,0>%+G0%5-#94*<%%*45#,#+4(%6;%#+%-4#*+%7%>8
[';% 4C+4,'#-% 90B4,$'A% *"#--% 64% ,4>0B4(<% #'(% +"4% +4*+% 5$494*% 5,45#,4(% #*
:0--0G*%Z
L7M# /0,% 9#6-4*% G$+"% #'% 0B4,#--% ($#>4+4,% '0+% 4C944($'A% 7J8E% >><% 4#9"% +4*+
5$494%*"#--%90'*$*+%0:%%#%5$494%0:%9#6-4<
LJM# /0,%9#6-4*%G$+"%#'%0B4,#--%($#>4+4,%4C944($'A%7J8E%>><%4#9"%+4*+%5$494
*"#--% 90'*$*+% 0:% #% *+,$5% +#@4'% :,0>% +"4% *"4#+"<% G"0*4% G$(+"% *"#--% 64% #+
-4#*+%78E%+$>4*%$+*%+"$9@'4**%6)+%'0+%-4**%+"#'%K%>>P%%+"4%*+,$5%*"#--%64
9)+%$'%+"4%($,49+$0'%0:%+"4%#C$*%0:%+"4%9#6-48
L]M# &'%+"4% 9#*4%0:%:-#+% 90,(*<%+"4%+4*+%5$494%*"#--%90'*$*+%0:%#%5$494%0:% 90,(
G"4,4% +"4% >$'0,% ($>4'*$0'% 0:% +"4% 90,(% (04*% '0+% 4C944(% 7J8E% >>% 0,
*"#--%64%5,45#,4(%#*%$'%LJM%$:%+"4%>$'0,%($>4'*$0'%4C944(*%7J8E%>>8
7F8E8K8J#1,094(),4
W#9"%+4*+%5$494%*"#--%64%+#)+-;%G0)'(%#'(%:$C4(%#+%#>6$4'+%+4>54,#+),4%0'%#
>#'(,4-%+0%:0,>%#%9-0*4%"4-$C8%%!"4%($#>4+4,%0:%+"4%>#'(,4-%#'(%+"4%')>64,
0:%+),'*%#,4%A$B4'Z
L7M# !#6-4%JF%*"#--%#55-;%:0,%+4*+%5$494*%5,45#,4(%$'%#990,(#'94%G$+"%9-#)*4
7F8E8K87L7M%#'(%7F8E8K87L]M
LJM# !#6-4%J7%*"#--%#55-;%:0,%+4*+%5$494*%5,45#,4(%$'%#990,(#'94%G$+"%9-#)*4
7F8E8K87LJM%#'(%7F8E8K87L]M%:,0>%:-#+%90,(*%4C944($'A%7J8E%>>8
W#9"%+4*+%5$494<%0'%$+*%>#'(,4-<%*"#--%64%5-#94(%$'+0%#'%0B4'%5,4_"4#+4(%+0%#
+4>54,#+),4%0:%7EF%j%Jo3%#'(%>#$'+#$'4(%#+%+"#+%+4>54,#+),4%:0,%7%"8%%[:+4,
+"4% +4*+% 5$494*% "#B4% 644'% #--0G4(% +0% #++#$'% #55,0C$>#+4-;% #>6$4'+
+4>54,#+),4<% +"4;% *"#--% 64% 4C#>$'4(% G"$-4% *+$--% 0'% +"4% >#'(,4-8% % !"4% +4*+
5$494*%*"#--%*"0G%'0%9,#9@%G"4'%4C#>$'4(8
7F8E8E# 1,4**),4%+4*+%#+%"$A"%+4>54,#+),4
7F8E8E87#[55#,#+)*
!"4%*#>4%#*%A$B4'%$'%9-#)*4%7F8K8E878
7F8E8E8J#1,45#,#+$0'%0:%+4*+%5$494*
/0,% 4#9"% *"4#+"% +0% 64% +4*+4(<% +",44% #(`#94'+% 5$494*% *"#--% 64% +#@4'% :,0>% #
*#>5-4%"#B$'A%#%-4'A+"%0:%JEF%>>%+0%EFF%>>%:,0>%G"$9"%+"4%90B4,$'A%L$:
#';M%#'(%#--%+"4%$'+4,'#-%5#,+*%L90,4*<%:$--4,*<%$''4,%90B4,$'A<%#,>0),<%4+98%%L$:
#';M%"#B4%644'%,4>0B4(8%%!"4%-4'A+"%0:%4#9"%*"4#+"%5$494%*"#--%64%EF%>>
+07FF%>>%L+"4%A,4#+4,%B#-)4*%:0,%+"4%-#,A4,%($#>4+4,*M8
/,0>% 4#9"% *"4#+"% 5$494<% *+,$5<% 4'9-0*$'A% #60)+% 0'4_+"$,(% 0:% +"4
9$,9)>:4,4'94<% *"#--% 64% 9)+% $'% +"4% ($,49+$0'% 0:% +"4% #C$*% 0:% +"4% 9#6-4% $:% +"4
*"4#+"%(04*%'0+%"#B4%,$(A4*8
&:% +"4% *"4#+"% *"0G*% ,$(A4*% 9#)*4(% 6;% 90,4*<% +"4% *+,$5% *"#--% 64% 9)+% $'% +"4
($,49+$0'% 0:% +"4% ,$(A4*% *0% +"#+% $+% 90'+#$'*% #+% -4#*+% 0'4% A,00B4% G"$9"% -$4*
#55,0C$>#+4-;%$'%+"4%>$((-4%0:%+"4%*+,$5%+",0)A"0)+%$+*%-4'A+"8
7F8E8E8]#1,094(),4
!"4% +4*+% 5$494% *"#--% 64% 50*$+$0'4(% #*% *"0G'% $'% /$A),4% K<% *)550,+4(% 6;% #
>4+#-%5$'%0,%+)64<%G"$9"%>#;%64%"#-B4(%$'%+"4%($,49+$0'%0:%$+*%#C$*%+0%>#@4%#

43
>0,4%*+#6-4%*)550,+8%%!"4% ,#($)*%0:% +"4% 5$'% 0,% +)64% *"#--% 64% #55,0C$>#+4-;
4?#)#-%+0%"#-:%+"4%$''4,%($#>4+4,%0:%+"4%+4*+%5$4948
!"4% #55#,#+)*<% +"4% *+,$5%#'(%+"4%*)550,+$'A% 5$'% L+)64M% *"#--% 64% #,,#'A4(% *0
+"#+% +"4% 5$'% *)550,+*% +"4% *+,$5% #'(% +"4% 6-#(4% $*% 5,4**4(% #A#$'*+% +"4% 0)+4,
*),:#94%0:%+"4%+4*+%5$4948
!"4%:0,94%*"#--%64%#55-$4(%$'%#%($,49+$0'%54,54'($9)-#,%+0%+"4%#C$*%0:%+"4%5$'
#'(%+"4%6-#(4%*"#--%#-*0%64%54,54'($9)-#,%+0%+"4%#C$*%0:%+"4%5$'%0,%+)648
!"4%:0,94%+0%64%#55-$4(%*"#--%64%9#-9)-#+4(%:,0>%+"4%:0,>)-#Z

) = ( J '& − & J

G"4,4%%Z%/%%h%%:0,94%4C4,+4(<%U
@%%h%%:#9+0,%h F8N%:0,%:-4C$6-4%90,(*%#'(%9#6-4*%G$+"%Q%m%7F%>>
h F8a%:0,%9#6-4*%G$+"%%Q%n%7F%>>
Q%%h%>4#'%B#-)4%0:%+"4%0)+4,%($#>4+4,%0:%+"4%+4*+%5$494%0:%+"4%*"4#+"
0,% :0,% +"4% *"4#+"% 0:% #% :-#+% 9#6-4% 0,% 90,(<% +"4% >$'0,% 0)+4,
($>4'*$0'%0:%+"4%+4*+%5$494%0:%+"4%*"4#+"%<%>>
$%%%h%%>4#'%B#-)4%0:%+"4%+"$9@'4**%0:%+"4%+4*+%5$494<%>>
Q% % #'(% % $% % #,4% 60+"% 4C5,4**4(% $'% >$--$>4+,4*<% +0% 0'4% (49$>#-% 5-#94<% #'(
>4#*),4(% #*% *549$:$4(% $'% +"4% +4*+% >4+"0(% 0:% 9-#)*4% 7F8J8J% #'(% 7F8J8]
,4*549+$B4-;8
!"4%9#-9)-#+4(%:0,94%>#;%64%,0)'(4(%0::%(0G'G#,(*%6;%'0+%>0,4%+"#'%]^
!"4%+4*+%5$494*%*"#--%64%"4#+4(%$'%+"4%+4*+%50*$+$0'%:0,%+"4%:0--0G$'A%54,$0(*Z
_%%K%%" :0,%+4*+%5$494*%"#B$'A%#'%0)+4,%($#>4+4,%'0+%4C944($'A%7J8E%>>P
_%%N%%" :0,%+4*+%5$494*%G$+"%#'%0)+4,%($#>4+4,%4C944($'A%7J8E%>>8
#+%#%+4>54,#+),4%0:
DF%j%Jo3%:0,%:-4C$6-4%90,(*
aF%j%Jo3%:0,%9#6-4*

[+% +"4% 4'(% 0:% +"4% *549$:$4(% (),#+$0'*<% +"4% +4*+% 5$494% *"#--% 64% 9"$--4(% )'(4,
-0#(8%%&'%+"4%"4#+$'A%9#6$'4+<%+"$*%054,#+$0'%>#;%64%9#,,$4(%0)+%6;%*5,#;$'A
+"4%+4*+%5$494%G$+"%90-(%G#+4,%0'%+"4%*50+%G"4,4%+"4%6-#(4%$*%5,4**$'A8%%!"4
+4*+% 5$494% *"#--% 64% ,4>0B4(% :,0>% +"4% #55#,#+)*% G"4'% $+% "#*% 900-4(% +0% #
+4>54,#+),4% G"4,4% ,490B4,;% 0:% +"4% *"4#+"% '0% -0'A4,% 099),*P% +"4% +4*+% 5$494
*"#--%64%900-4(%:),+"4,%6;%$>>4,*$0'%$'%90-(%G#+4,8

7F8E8E8K#X4#*),4>4'+%0:%$'(4'+#+$0'
&'%#990,(#'94%G$+"%9-#)*4%7F8K8E8K8
7F8E8E8E#V450,+
!"4%>4($#'%0:%+"4%$'(4'+#+$0'%B#-)4*%>4#*),4(%0'%+"4%+",44%+4*+%5$494*%+#@4'
:,0>% +"4% *"4#+"% *"#--% 64% ,450,+4(% $'% 54,94'+% 0:% +"4% >4#'% B#-)4% 0:% +"4
+"$9@'4**% 0:% +"4% +4*+% 5$494% G"4'% >4#*),4(% $'% #990,(#'94% G$+"% 9-#)*4
7F8E8E8]8
7F8N# 3#6-4*
7F8N87# W-49+,$9#-%,4*$*+#'94%0:%90'()9+0,*
!"4%,4*$*+#'94%0:%4#9"%90'()9+0,%*"#--%64%>4#*),4(%:,0>%#%*#>5-4%0:%9#6-4%0:
#+%-4#*+%%7%>%$'%-4'A+"<%#'(%+"4%4-49+,$9#-%,4*$*+#'94%0:%+"4%90'()9+0,%54,%-4'A+"
0:%%7%@>%#+%JFo3%*"#--%64%9#-9)-#+4(%:,0>%+"4%:0,>)-#%Z

44
JEK8E 7FFF
+JF = +7 "
J]K8E + * !

G"4,4
V%J8F h%% ,4*$*+#'94%#+%%JFo3<%$'%0">e@$-0>4+,4
V+ h ,4*$*+#'94%#+%S%>4+,4*%0:%9#6-4%#+%%+o3%%$'%0">*
+ h +4>54,#+),4%0:%+"4%*#>5-4%#+%+"4%>0>4'+%0:%>4#*),4>4'+<%$'
(4A,44%94-9$)*
S h -4'A+"% 0:% +"4% *#>5-4% 0:% 9#6-4<% $'% >4+,4*% L-4'A+"% 0:% +"4
90>5-4+4%*#>5-4%#'(%'0+%0:%+"4%$'($B$()#-%90,4*%0,%G$,4*M

7F8N8J# W-49+,$9#-%*+,4'A+"%0:%9#6-4*
7F8N8J87#1,45#,#+$0'%0:%+4*+%5$494*
[%+4*+%5$494%0:%#+%-4#*+%%7F%>%-4'A+"%*"#--%64%)*4(8
7F8N8J8J#1,094(),4
!"4%+4*+%5$494%*"#--%64%$>>4,*4(%$'%G#+4,%#+%#%+4>54,#+),4%0:%JF%j%Ek3%:0,
'0+%-4**%+"#'%7%"<%G$+"%#60)+%JEF%>>%%0'%%60+"%0:%$+*%4'(*%,4>#$'$'A%#60B4
+"4%G#+4,8
['%#898%%EF%O=%B0-+#A4%*"#--%64%#55-$4(%$'%+),'%64+G44'%4#9"%90'()9+0,%#'(
#--% +"4% 0+"4,*% 90''49+4(% +0A4+"4,% #'(% +0% +"4% G#+4,P% #'(% +"4'% 64+G44'% #--
90'()9+0,*%90''49+4(%+0A4+"4,%#'(%+"4%G#+4,<%#*%:0--0G*
J%FFF%2%%:0,%9#6-4%0:%,#+4(%B0-+#A4*%]FF%2
J%EFF%2%%:0,%9#6-4%0:%,#+4(%B0-+#A4*%DEF%2
7%EFF%2%%:0,%A,0)'(%90'()9+0,
!"4% #55-$4(% B0-+#A4% *"#--% 64% >#$'+#$'*% :0,% E% >$')+4*8% % Q),$'A% +4*+<% '0
6,4#@(0G'%0,%:-#*"0B4,%*"#--%099),8

7F8N8]# W-49+,$9#-%*+,4'A+"%0:%90,4*
7F8N8]87#1,45#,#+$0'%0:%+4*+%5$494*
[%*#>5-4%0:%E%>%%-4'A+"%*"#--%64%9)+%:,0>%#%9#6-48%%!"4%*"4#+"%#'(%#';%0+"4,
90B4,$'A%0:%:$--$'A%*"#--%64%,4>0B4(%G$+"0)+%(#>#A$'A%+"4%90,4*8
&'%+"4%9#*4%0:%#%:-#+%+G$'%90,(<%#%*"0,+%9)+%*"#--%64%>#(4%64+G44'%+"4%90,4*<
#'(%+"4%90,4*%*"#--%64%*45#,#+4(%6;%"#'(%:0,%#%-4'A+"%0:%%J%>8
7F8N8]8J#1,094(),4
!"4% +4*+% *"#--% 64% $'% #990,(#'94% G$+"% 9-#)*4% 7F8N8J8J% 4C945+% +"#+% #% B0-+#A4
*"#--%64%#55-$4(%64+G44'%+"4%90'()9+0,*%#'(%+"4%G#+4,8
Q),$'A%+"4%+4*+<%'0%6,4#@(0G'%0,%:-#*"0B4,%*"#--%099),8
7F8N8K# &'*)-#+$0'%,4*$*+#'94
7F8N8K87#1,45#,#+$0'%0:%+4*+%5$494*
!"4%90,4%*#>5-4*<%E%>%$'%-4'A+"<%5,4B$0)*-;%*)6>$++4(%+0%+"4%+4*+%(4*9,$64(
$'%9-#)*4%7F8N8]%0,<% $:% +"$*% $*% '0+% #55-$9#6-4<% +0% +"4% +4*+% (4*9,$64(% $'% 9-#)*4
7F8N8J%*"#--%64%)*4(8
7F8N8K8J#1,094(),4
!"4%*#>5-4%*"#--%64%$>>4,*4(%$'%G#+4,%5,4B$0)*-;%"4#+4(%+0%DFjJk3%:0,%J%"<
#%-4'A+"% 0:% #60)+% JEF% >>%#+%4#9"%4'(%0:%+"4%*#>5-4%64$'A%@45+%#60B4%+"4
G#+4,8

45
[%%(898%B0-+#A4%0:%64+G44'% aF% 2% #'(% EFF% 2% *"#--% +"4'% 64% #55-$4(% 64+G44'
+"4%90'()9+0,%#'(%+"4%G#+4,8%%!"4%$'*)-#+$0'%,4*$*+#'94%*"#--%64%>4#*),4(%7
>$'%#:+4,%#55-$9#+$0'%0:%+"4%B0-+#A48
7F8N8E# /-4C$6$-$+;%0:%90,(*
!"4%:-4C$'A%+4*+%#55-$4*%+0%0'-;%:-4C$6-4%90,(*%"#B$'A%#%90'()9+0,%$'%4#9"%90,4
'0+% 4C944($'A% J8E% >>J% #'(% '0+% >0,4% +"#'% K% 90,4*% L4C9-)($'A% A,0)'(
90'()9+0,M8
7F8N8E87#[55#,#+)*
!"4% :-4C$'A% #55#,#+)*% #*% *"0G'% $'% /$A),4% D<% 90'*$*+$'A% 0:% #% 9#,,$4,% 3
*)550,+$'A% +G0% 5)--4;*% [% #'(% b% #,,#'A4(% *0% +"#+% +"4% 9#6-4% $*% "0,$=0'+#-
64+G44'%+"4%5)--4;*8%%!"4%9#,,$4,%>#@4*%#%6#9@G#,(%#'(%:0,G#,(%>0B4>4'+
0B4,%#%($*+#'94%0:%7%><%#+%#'%#55,0C$>#+4-;%90'*+#'+%*544(%0:%F8]]%>e*8

/$A),4%D%%/-4C$'A%#55#,#+)*
L9-#)*4%%7F8N8EM

7F8N8E8J#1,45#,#+$0'%0:%+4*+%5$494*
!"4%+4*+%5$494%*"#--%90'*$*+%0:%#%-4'A+"%0:%#60)+%%E%>%0:%:-4C$6-4%9#6-48
7F8N8E8]#1,094(),4
!"4%+4*+%5$494%*"#--%64%*+,4+9"4(%0B4,%+"4%5)--4;*<%#*%*"0G'%$'%/$A),4%D<%4#9"
4'(%64$'A%-0#(4(%G$+"%#%G4$A"+8%%!"4%>#**%0:%+"$*%G4$A"+%#'(%+"4%($#>4+4,
0:%+"4%5)--4;*%#,4%#*%*"0G'%$'%+"4%!#6-4%JJ8

!#6-4%%JJ
X#**%0:%G4$A"+%#'(%($#>4+4,%0:%5)--4;*
L9-#)*4%7F8N8E8]M

X#**%0: Q$#>4+4,
!;54%0:%:-4C$6-4%9#6-4 G4$A"+ 0:%5)--4;*
@A >>
78# /-#+%+G$'%9#6-4*%#'(%90,(* 78F NF
J8# ."4#+"%90,4*%0:%'0>$'#-%9,0**_
*49+$0'#-%#,4#
_# '0+%4C944($'A%%7%>>J 78F aF
_#%78E%#'(%J8E%>>J 78E 7JF

!"4%5)--4;*%"#B4%#%*4>$_9$,9)-#,%*"#54(%A,00B4%:0,%9$,9)-#,%9#6-4*%#'(%#%:-#+
A,00B4%:0,%:-#+%9#6-4*8

46
!"4%,4*+,#$'$'A%9-#>5*%Q%*"#--%64%:$C4(%*0%+"#+%+"4%5)--%$*%#-G#;*%#55-$4(%6;
+"4% G4$A"+% :,0>% G"$9"% +"4% 9#,,$4,% $*% >0B$'A% #G#;8% % !"4% 9#,,$4,% >#@4*
6#9@G#,(%#'(%:0,G#,(%>0B4>4'+*8
W#9"% 90'()9+0,% 0:% +"4% *#>5-4% *"#--% 64% -0#(4(% G$+"% #% 9),,4'+% 0:% #60)+% 7
[e>>J8
/0,%+G0_90,4%90,(*<%#'(%:0,%*"4#+"4(%+",44_90,4%90,(*<%+"4%B0-+#A4%64+G44'
+"4%90'()9+0,*%*"#--%64%#60)+%JJF%2%#898
/0,%#--%0+"4,%9#6-4*%"#B$'A%+",44%0,%>0,4%90,4*<%#%+",44_5"#*4%#898%%B0-+#A4%0:
#60)+%]aF%2%*"#--%64%#55-$4(%+0%+",44%90'()9+0,*<%#';%#(($+$0'#-%90'()9+0,*
64$'A%90''49+4(%+0%+"4%'4)+,#-8
7F8N8N# .45#,#+$0'%0:%90,4*
7F8N8N87#[55#,#+)*
[%+4'*$-4%+4*+$'A%>#9"$'4%"#B$'A%#%,#+4%0:%*45#,#+$0'%0:%#60)+%EF%>>e*498
7F8N8N8J#1,45#,#+$0'%0:%+4*+%5$494*
[%+4*+%5$494%0:%#55,05,$#+4%-4'A+"%*"#--%64%)*4(8
7F8N8N8]#1,094(),4
[% 9)+% *"#--% 64% >#(4% $'% +"4% $'*)-#+$0'% 64+G44'% +"4% 90,4*% 0:% +"4% +4*+% 5$4948
!"4% :0,94% '494**#,;% +0% *45#,#+4% +"4>% #+% #% *544(% 0:% % EF% >>e*% *"#--% 64
>4#*),4(%6;%>4#'*%0:%#%+4'*$-4%>#9"$'48
7F8N8D# /-#>4%,4+#,(#'94
7F8N8D87#[55#,#+)*
L7M# \#*%6),'4,
[%A#*%6),'4,%9#5#6-4%0:%64$'A%,4A)-#+4(%+0%A$B4%#%:-#>4%#55,0C$>#+4-;
7DE% >>% -0'A% G$+"% #'% $''4,% 6-)4% 90'4% #55,0C$>#+4-;% % EE% >>% -0'A<
90>5-;$'A%G$+"%9-#)*4%7F8D8N8J8
['%4C#>5-4%0:%#55,05,$#+4%6),'4,%$*%A$B4'%$'%/$A),4%a8

Y'$+*%$'%>$--$>4+,4*
/$A),4%%a%%\#*%6),'4,%L*49+$0'#-%B$4GM
L9-#)*4%%7F8N8D87L7MM

47
/0,%#%*#>5-4%"#B$'A%#'%0B4,#--%($#>4+4,%)5%+0%#'(%$'9-)($'A%EF%>><%0'4%A#*
6),'4,<%*"#--%64%50*$+$0'4(%#*%*"0G'%$'%/$A),4%c8
/0,% #% *#>5-4% "#B$'A% #'% 0B4,#--% ($#>4+4,% A,4#+4,% +"#'% EF% >><% +G0% A#*
6),'4,*%*"#--%64%#,,#'A4(%,0)'(%+"4%*#>5-4%#*%*"0G'%$'%/$A),4%c8

/$A),4%c%%[,,#'A4>4'+%0:%A#*%6),'4,
L9-#)*4%7F8N8D87L7MM

7F8N8D8J#3"49@%0:%6),'4,%054,#+$0'
!"4%*#+$*:#9+0,;%054,#+$0'%0:%+"4%6),'4,%*"#--%64%9"49@4(% #*%:0--0G*%Z%G$+"
+"4%#C$*%0:%+"4%6),'4,%64$'A%B4,+$9#-<%#%6#,4%90554,%G$,4<%F8DjF8FJE%>>%$'
($#>4+4,<% % "#B$'A% #% :,44% -4'A+"% 0:% '0+% -4**% +"#'% 7FF% >>% *"#--% 64% $'*4,+4(
"0,$=0'+#-%$'%+"4%:-#>4%#60)+%7F%>>%#60B4%+"4%+05%0:%+"4%6-)4%90'4<%%*0%+"#+
+"4%:,44%4'(%0:%+"4%G$,4%$*%B4,+$9#--;%#60B4%+"4%4(A4%0:%+"4%6),'4,%0'%+"4%*$(4
,4>0+4%:,0>%+"4%*)550,+4(%4'(%0:%+"4%G$,48%%!"4%+$>4%,4?)$,4(%:0,%+"4%G$,4
+0%>4-+%*"#--%64%'0+%>0,4%+"#'%N%*%#'(%'0+%-4**%+"#'%K%*8
7F8N8D8]#1,45#,#+$0'%0:%+4*+%5$494*
!"4%+4*+%5$494%*"#--%64%#%9#6-4%0:%NFF%j%JE%>>%-4'A+"8
7F8N8D8K#1,094(),4
!"4% *#>5-4% *"#--% 64% 9-#>54(% #+% 4#9"% 4'(% +0% 50*$+$0'% $+% B4,+$9#--;% $'% +"4
>$((-4%0:%#%+",44_*$(4(%>4+#--$9%*9,44'<%7JFF%j%JE%>>%"$A"<%]FF%j%JE%>>
G$(4%#'(%KEF%j%JE%>>%(445<%G$+"%054'%:,0'+%#'(%9-0*4(%+05%#'(%60++0>%Z
+"4%6#*4%*"#--%64%'0'_>4+#--$98
!"4%9-#>5*%*"#--%64%#55,0C$>#+4-;%JE%>>%G$(4%#'(%50*$+$0'4(%*0%+"#+%+"4
($*+#'94% 64+G44'% +"4% +05% 0:% +"4% 60++0>% 9-#>5% #'(% +"4% 60++0>% 0:% +"4% +05
9-#>5%$*%EEF%j%JE%>>8

48
!"4% +4*+% *"#--% 64% >#(4% $'% #'% #,4#% *)6*+#'+$#--;% :,44% :,0>% (,#)A"+*8% % !"4
*#>5-4% *"#--% 64% #(`)*+4(% *0% +"#+% +"4% 60++0>% 0:% +"4% *549$>4'% $*
#55,0C$>#+4-;%EF%>>%:,0>%+"4%6#*4%0:%+"4%*9,44'8
/0,%+"4%+4*+<%+"4%#C$*%0:%+"4%6),'4,%+)64%*"#--%64%#+%#'%#'A-4%0:%KEk%+0%+"4%#C$*
0:%+"4%*#>5-48
d"4'%+"4%6),'4,%$*%$'%)*4%+"4%($*+#'94%0:%+"4%6),'4,%:,0>%+"4%*#>5-4%*"#--
64% *)9"% +"#+% +"4% $''4,% 6-)4% 90'4% 0:% +"4% :-#>4% $*% #+% #% ($*+#'94% 0:
#55,0C$>#+4-;% 7F% >><% >4#*),4(% #-0'A% +"4% #C$*% 0:% +"4% :-#>4% <% :,0>% +"4
*),:#94%0:%+"4%9#6-4%#'(%KDE%>>%64-0G%+"4%-0G4,%4(A4%0:%+"4%+05%9-#>58
!"4%:-#>4%*"#--%64% #55-$4(% :0,% #% 90'+$')0)*% 54,$0(% 0:% % % +% % *490'(*% (4,$B4(
:,0>%+"4%:0,>)-#%Z
$
* = NF +
JE

d"4,4 + $*%+"4%+$>4%0:%90'+$')0)*%54,$0(%$'%%%*
> +"4%G4$A"+%$'%A,#>*%0:%+"4%G$,4%0,%9#6-4%*#>5-4%90,,49+4(%+0%#
NFF%>>%-4'A+"8
[:+4,%#--%6),'$'A%"#*%9#*4(<%+"4%*),:#94%0:%+"4%*#>5-4%*"#--%64%G$54(%9-4#'
#'(%+"4%9"#,,4(%0,%#::49+4(%50,+$0'%4C#>$'4(8

Y'$+*%$'%>$--$>4+,4*
/$A),4%7F%[,,#'A4>4'+%0:%*#>5-4%G$+"$'%+",44%*$(4(%*9,44'
L9-#)*4%7F8N8D8KM

49
[554'($C%%[
3#-9)-#+$0'%0:%$'*)-#+$0'%,4*$*+#'94
L9-#)*4%K87M

!"4%B#-)4*%0:%+"4%$'*)-#+$0'%,4*$*+#'94%*549$:$4(%$'%!#6-4*%7%+0%7D%#,4%6#*4(%0'%#%B0-)>4
,4*$*+$B$+;%%0:%7%C%7Fa%%p>P%%+"4;%"#B4%644'%9#-9)-#+4(%:,0>%+"4%:0,>)-#%Z

'
+ = F 8 F]ND -0A
#

d"4,4%Z
V%h $'*)-#+$0'%,4*$*+#'94<%$'%>4A#0">@$-0>4+,4
Q%h '0>$'#-%0)+4,%($#>4+4,%0:%+"4%$'*)-#+$0'<%$'%>>
(%h ($#>4+4,%0:%+"4%9$,9)>*9,$64(%9$,9-4%0:%+"4%90'()9+0,<%$'%>>

50
[554'($C%b
X4#*),4>4'+%0:%(4'*$+;%6;%+"4%5;9'0>4+4,%>4+"0(
L9-#)*4%7F8K878]M

b8%7 [55#,#+)*
!"4%%#55#,#+)*%:0,%+"$*%>4+"0(%90'*$*+*%0:Z
b87878 #%6#-#'94%G$+"%#%5,49$*$0'%0:%F87%>AP
b878J #%5#'%*+,#((-4%0,%0+"4,%*+#+$0'#,;%*)550,+P
b878] #%5;9'0>4+4,%0:%EF%>-%9#5#9$+;P
b878K #%-$?)$(%6#+"%5,0B$(4(%G$+"%#%+"4,>0*+#+$9%90'+,0-8
b8%J 1,45#,#+$0'%0:%+4*+%*549$>4'*
!"4%*549$>4'%*"#--%64%+#@4'%:,0>%+"4%6#,4%$'*)-#+$0'%0,%*"4#+"8%%!"4%>#**%0:%+"4
*549$>4'%*"#--%64%'0+%-4**%+"#'%7%A%#'(%'0+%A,4#+4,%+"#'%E%A8%%!"4%*549$>4'%*"#--
64%>#(4%6;%9)++$'A%+"4%*#>5-4%0:%$'*)-#+$0'%0,%*"4#+"%*"#--%64%9)+%-0'A$+)($'#--;
$'+0%+G0%0,%>0,4%5#,+*%+0%5,4B4'+%+"4%4'9-0*),4%0:%#$,%6)66-4*8
b8%] 30'($+$0'$'A
!"4%*549$>4'%*"#--%64%#+%#'%#>6$4'+%+4>54,#+),4%0:%J]%j%Jk3%8
b8%K 1,094(),4
[:+4,% G4$A"$'A% +"4% 5;9'0>4+4,% 4>5+;% #'(% (,;<% #% *)$+#6-4% ?)#'+$+;% 0:% +"4
*549$>4'% *"#--% 64% G4$A"4(% $'% +"4% 5;9'0>4+4,8% % !"4% +4*+% *549$>4'% *"#--% 64
90B4,4(%G$+"%+"4%$>>4,*$0'%-$?)$(%L#-90"0-<%cN^M%#'(%#--%#$,%,4>0B4(%:,0>%+"4
*549$>4'%6;<%:0,% 4C#>5-4<%#55-;$'A% #% B#9))>% +0% +"4% 5;9'0>4+4,% *+#'($'A% $'% #
(4*$99#+0,8%%[';%B#9))>%#55-$4(%*"#--%64%6,0@4'%#'(%+"4%5;9'0>4+4,%:$--4(%G$+"
$>>4,*$0'%-$?)$(%G"$9"%*"#--%64%6,0)A"+%+0%#%+4>54,#+),4%0:%J]%j%Ek3%$'%#%-$?)$(
6#+"<%+"4%5;9'0>4+4,%64$'A%:$--4(%+0%+"4%-$>$+*%0:%$+*%9#5#9$+;8%%!"4%5;9'0>4+4,
*"#-%64%G$54(%(,;%#'(%G4$A"4(%G$+"%$+*%90'+4'+*<%#:+4,%G"$9"%$+%*"#--%64%4>5+$4(
#'(% :$--4(% G$+"% $>>4,*$0'% -$?)$(8% % [$,% *"#--% 64% ,4>0B4(% #'(% +"4% G4$A"+% 0:% +"4
5;9'0>4+4,%#'(%$+*%90'+4'+*%(4+4,>$'4(%#+%#%+4>54,#+),4%0:%J]%j%Ek38
b8%E 3#-9)-#+$0'
!"4%(4'*$+;%#+%J]k3%*"#--%64%9#9)-#+4(%#*%:0--0G*Z

$
#./0&*1 -* J] 2 , = " F 8Dca a
$7 − $ J

G"4,4Z
> h >#**%0:%*549$>4'<%$'%A,#>*
>7 h >#**%0:%-$?)$(%,4?)$,4(%+0%:$--%+"4%5;9'0>4+4,<%$'%A,#>*
>J h >#**%0:%-$?)$(%,4?)$,4(%+0%:$--%+"4%5;9'0>4+4,<G"4'%90'+#$'$'A%+"4
*549$>4'<%$'%A,#>*
F8Daa%a h (4'*$+;%0:%#-90"0-<%cN^%#+%J]k3<%$'%Ae9>]

51

You might also like