You are on page 1of 18

!

"#$%&'())

*(+&,-.'(+/-%&0(1.'(2,34,&(243(!.,54%4.,(6.,4%.'4,7(.1
2$&'#%4,7(!.0$.,&,%-

!"#$%&'()*(!"+#,-.(/0%1&#(2&1#&%.
34%567(8+59&%:("#'(;,&$"#(845#1"+

<''5,5=#"4(5#$=%>",5=#(5:("?"54"@4&(",(,7&(&#'(=$(,7&(67"9,&%

7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

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

!" #$%&%'($)" *+," )+'-.*(+(" (/(0$1" 2*3" 4*.0+.5*5(" *.,+.$" ,5%3+4'.0" 4*.)+0+*." 1*.+0*3+.-" +(
63$($.0$)7"89$".$#"'663*'49"50+,+:$("($.(*3")$0$40+*."*2"49$1+4',"'-+.-"*2"$.-+.$$3+.-"*+,(
'.)"09$+3"'))+0+;$("*3"2+3(0"03'4$("*2"#$'3")$%3+("%/"63$4+(+*."1$'(53$1$.0"*2"09$"$,$403+4',
63*6$30+$(7"89$"%'(+4"4*.4$60"'.)"69/(+4',"%'4<-3*5.)"'3$"+.03*)54$)"+.")$0'+,7
89$" '66,+4'0+*." 6*0$.0+'," *2" 09$" ($.(*3" (/(0$1" +(" )+(45(($)" *." 09$" $='16,$" *2" 09$" $'3,/
+)$.0+2+4'0+*."*2"43+0+4',"*6$3'0+.-"4*.)+0+*.("2*3"63$1'053$"#9+0$"$049+.-"43'4<("2'+,53$("*2
3*,,+.-"%$'3+.-("+."+.)5(03+',"-$'3%*=$(7">'5('0+;$";+%3'0+*.",*')+.-"+("3$;$',$)"63+*3"0*"'./
4*16*.$.0" )'1'-$7" ?'3-$" 3*,,$3" %$'3+.-(" +." #+.)" $.$3-/" -$'3%*=$(" 5.5(5',,/" *20$." 2'+,
63$1'053$,/@"+7$7"4,$'3,/"%$2*3$"09$".*1+.',"!AB",+2$7"89$"2'+,53$"+("49'3'40$3+:$)"%/"'=+',"3'4$#'/
43'4<(@"23*1"#9+49"%3'.49+.-"'.)"(63$')+.-"43'4<"(/(0$1(@"6'30,/")$4*3'0$)"%/"#9+0$"$049+.-
1+43*(0354053$@" )$;$,*6" +.0*" 09$" )$609" %/" 4*33*(+*." 2'0+-5$7" C+-9" ,*4',+:$)" 23+40+*." 4*$22+D
4+$.0(@"3$(5,0+.-"23*1"09$"(6$4+2+4";+%3'0+*."4'5($)"1+=$)"23+40+*."*6$3'0+.-"4*.)+0+*.(@"+.+0+'0$
0$.(+,$"(03$(("+.)54$)"4,$';'-$&,+<$"%3+00,$"(6*.0'.$*5("(532'4$"43'4<+.-7"89$"%'(+4"+)$'"*2"09$
.*;$," 2'+,53$" )$0$40+*." 4*.)+0+*." 1*.+0*3+.-" (/(0$1" +(" 09$" $'3,/" +)$.0+2+4'0+*." *2" 49$1+4',
'-+.-"*2"09$",5%3+4'.0"'.)"+0("'))+0+;$("5.)$3"09$"+.2,5$.4$"*2";+%3'0+*.",*')+.-7
89$"($.(*3"$22$40+;$,/"4*.03*,("09$"63*6$3"*6$3'0+*."4*.)+0+*.("*2@"$7-7@"%$'3+.-("'.)"-$'3("+.
-$'3%*=$(7" 89$" *.,+.$" )+'-.*(0+4(" (/(0$1" 1$'(53$(" 4*16*.$.0(" *2" 09$" (6$4+2+4" 4*16,$=
+16$)'.4$" *2" *+,(7" E*3" +.(0'.4$@" 1$0'," '%3'(+*." )5$" 0*" #$'3" )$%3+(@" %3*<$." *+," 1*,$45,$(@
2*31+.-"'4+)("*3"*+,"(*'6(@"3$(5,0"+."'."+.43$'($"*2"09$"$,$403+4',"4*.)540+;+0/@"#9+49")+3$40,/
4*33$,'0$("#+09"09$")$-3$$"*2"4*.0'1+.'0+*."*2"09$"*+,7"E*3"'))+0+;'0$)",5%3+4'.0(@"09$"(0'-$"*2
)$-3')'0+*."*2"09$"'))+0+;$("4'."',(*"%$")$3+;$)"23*1"49'.-$("+."09$")+$,$403+4"4*.(0'.07"89$
)$0$31+.'0+*."*2"09$"3$)540+*."+."09$"*+,"F5',+0/"%/"4*.0'1+.'0+*.("'.)"09$"F5'(+"4*.0+.5*5(
$;',5'0+*."*2"#$'3"'.)"49$1+4',"'-+.-"2*,,*#"09$"9*,+(0+4"'663*'49"*2"'"3$',&0+1$"1*.+0*3+.-

J(HEDI(!"+#,-(&,("4*K(456&#:&&(L#M&67*(M75:(5:("#(=9&#("66&::("%,564&('5:,%5@+,&'(+#'&%(,7&(,&%>:(=$(,7&
N%&",5?&(N=>>=#:(<,,%5@+,5=#(O56&#:&(P7,,9ABB6%&",5?&6=>>=#:*=%1B456&#:&:B@QBI*ER.(S7567(9&%>5,:
+#%&:,%56,&'(+:&.('5:,%5@+,5=#.("#'(%&9%='+6,5=#(5#("#Q(>&'5+>.(9%=?5'&'(,7&(=%515#"4(S=%T(5:(9%=9&%4Q(65,&'*
IEW M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

*2" '." ',0$3'0+*." +." 09$" 4*.)+0+*." *2" 09$" *+,&1'49+.$" (/(0$17" 89$" 1$'(53+.-" (+-.',(" 4'." %$
03'.(1+00$)"*.,+.$"0*"'"#$%&%'($)"1*.+0*3+.-"(/(0$1";+'"?!G@"H?!G"*3"($3+',"+.0$32'4$("*2
09$"($.(*37">*.03*,"*2"09$"3$,$;'.0")'1'-$"1$49'.+(1(@"$7-7"03+%+*,*-+4',"#$'3"*3"*+,"'-+.-@
)53+.-" 63*6$3" *6$3'0+*." %$,*#" 4$30'+." 0*,$3'.4$" ,+1+0(" 09$." ',,*#(" 63$;$.0+;$@" 4*.)+0+*.&
*3+$.0$)"1'+.0$.'.4$"0*"%$"4'33+$)"*50@"+2".$4$(('3/@",*.-"%$2*3$"3$-5,'3"*;$39'5,+.-7"I50'-$
)53'0+*.("'3$"3$)54$)"'.)"09$",+2$"*2"4*16*.$.0("'.)"1'49+.$("+("+.43$'($)7

-"#./0,+#01%0('#+(%+12&#/%)#2340,+/5#2',%+,2510

-"!"#./0,+#01%0('#+(%+12&
89$" %'(+4" ($.(*3" 4*.4$60" *2" 09$" .*;$," $.-+.$$3+.-" *+," 1*.+0*3+.-" (/(0$1" +(" %'($)" *." 09$
1$'(53$1$.0" *2" 4*16,$=" *+," +16$)'.4$" 4*16*.$.0(" "@" 6'30+45,'3,/" 09$" (6$4+2+4" $,$403+4',
4*.)540+;+0/"J"'.)"09$"3$,'0+;$"6$31+00+;+0/"K37"L5$"0*"09$+3"0$16$3'053$")$6$.)$.4$@"09$"*+,
0$16$3'053$"#"+("',(*"3$4*3)$)"MA&NO7"8#*"*3"1*3$"$,$403*)$(@"%$0#$$."#9+49"09$"*+,"2,*#(@
($3;$"'("'"%'(+4"($.(*37"P$(+(0'.4$"'.)"4'6'4+0/"'3$"1$'(53$)"+.)$6$.)$.0,/"*2"$'49"*09$37
Q$3*&1$'." 6$3+*)+4" F5'.0+0+$(" '3$" 5($)" 0*" 63$;$.0" 6*,'3+:'0+*." $22$40(7" E+-53$" A" (9*#(" 09$
($.(*3"+."+0("03+6,$"6,'0$")$(+-.7

8479'&():(;&#:=%(5#(,%594&(94",&('&:51#*

I+,("'3$"$,$403+4',".*.&4*.)540*3(7"89$"$,$403+4',"3$(+)5',"4*.)540+;+0/"*2"653$"*+,(",+$("+."09$
3'.-$"%$,*#"A"6RS17"E*3"4*16'3+(*.@"09$"$,$403+4',"4*.)540+;+0/"*2"09$"$,$403+4',".*.&4*.)540*3
)+(0+,,$)"#'0$3"+(",'3-$3"%/"(+="*3)$3("*2"1'-.+05)$7
T3*<$."*+,"1*,$45,$(@"'4+)(@"'%3'(+;$"U1$0',,+4V"#$'3@"+*.(@"*+,"(*'6(@"$047@"4'5($"'."+.43$'($"*2
09$"*+,"4*.)540+;+0/"J7"W0"3+($("#+09"+.43$'(+.-"+*."4*.4$.03'0+*."'.)"1*%+,+0/7"89$"$,$403+4',
4*.)540+;+0/"*2"',1*(0"',,"+1653+0+$("+("9+-9"4*16'3$)"0*"09$"$=03$1$,/",*#"4*33$(6*.)+.-
63*6$30/"*2"*3+-+.',"653$"*+,(7
89$"%'(+4"($.(*3"3$63$($.0("'."$,$403*)$"'33'.-$1$.0@"+."#9+49"09$"1$'(53$)"*+,"+("5($)"'(
$,$403+4'," 4*.)540*3" '.)" '(" )+$,$403+4" 1'0$3+'," 2*3" 4*.)540+;+0/" '.)" 3$,'0+;$" 6$31+00+;+0/
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IEG
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

8479'&(;:(M&>9&%",+%&('&9&#'&#6&(=$(,7&(&4&6,%56"4(6=#'+6,5?5,Q(=$(:">94&(=54*

1$'(53$1$.0@" 3$(6$40+;$,/7" I+," +(" '." $,$403+4'," .*.&4*.)540*37" C+-9" 3$(+(0'.4$" *2" 09$" %'(+4
($.(*3" '.)" 3$(5,0+.-" ,*#" 1$'(53$1$.0" 4533$.0(" 63*;+)$" %$(0" +.0$32$3$.4$" ($.(+0+;+0/" 0*
+.0$3(6$3($)" $,$403*1'-.$0+4" 2+$,)(7" L5$" 0*" 09$" ;$3/" (1',," 4533$.0(@" 1*3$*;$3@" (522+4+$.0
+.0$32$3$.4$"(5663$((+*."+("'49+$;$)7"8*"63$;$.0"6*,'3+:'0+*."$22$40(@":$3*&1$'."',0$3.'0+.-
4533$.0";*,0'-$("'3$"1$'(53$)"'("0$(0"(+-.',(7"C*#$;$3@".*"4'6'4+0+;$"4533$.0"4*16*.$.0("1'/
%$" 1$'(53$)" (+15,0'.$*5(,/" )53+.-" '" 4*.)540+;+0/" 1$'(53$1$.0" %$4'5($" 09$" 4'6'4+0+;$
4533$.0"+("1549"9+-9$3"09'."+0("*91+4"4*16*.$.0(7"895(@"3'09$3"9+-9"3$F5+3$1$.0("'3$"($0"*.
'.',*-"($.(*3"$,$403*.+4"(/(0$1(@"#9+49"'3$"1$0"#+09"09$"3$6*30$)"1$'(53$1$.0"63*4$)53$7
89$"4*.)540+;+0+$("*2"09$"+.(5,'0+.-"4*.(03540+*."$,$1$.0("'.)"+.(5,'0+*."*2"$,$403+4',"2$$)D
093*5-9"'3$"'%*50"09$"('1$"(+:$"'("2*3"09$"653$"*+,("0*"%$"'.',/:$)7"89$")$;$,*6$)"%'(+4"($.(*3(
'.)" 63$4+($" ($.(*3" $,$403*.+4" (/(0$1" $.(53$" 09'0" 09$" 4*.)540+;+0/" *2" 2$$)093*5-9(" '.)
(5%(03'0$("1'/".*0"%$"+.4,5)$)"+.0*"09$"0$(0"3$(5,0(7"89$"'40+;$"%'(+4"($.(*3"5.+0"4*.(+(0("*2"0#*
*3"($;$3',"%'(+4"($.(*3"6,'0$("#9+49"'3$"2+=$)"0*"1$0',"6+.("*2"'"-,'((S1$0',"2$$)093*5-9"+."'
4*.(0'.0")+(0'.0"23*1"$'49"*09$37"89$"6,'0$("*2"09$"%'(+4"($.(*3"'3$"'33'.-$)"+."09$"1+)),$"*2
09$"1$'(53+.-"49'1%$3@"',,*#+.-"2*3"'."')$F5'0$"+.4+)$.0"2,*#"*2"09$"2,*#+.-"1$)+517"!
(6$4+',"',+-.1$.0"*2"09$"($.(*3"9*5(+.-"6'30("+("095(".*0".$4$(('3/"+."09+(")$(+-.7"89$"$=0$.(+*.
49'3'40$3+(0+4("*2"09$"($.(*3"9*5(+.-"1'0$3+',("'.)"09$"-,'((S1$0',"2$$)093*5-9"6+.("'3$"$='40,/
')X5(0$)" 0*" 09$" 1'0$3+'," 49'3'40$3+(0+4(" *2" 09$" 5($)" 2$$)093*5-9" -,'((7" 89$" 4*163$((+*.
(03$.-09"+("'%*;$"AB"YZ'

-"-"#61721'/&*'1#+(721%0/&,(%

89$"+*."1*%+,+0/"'.)"095("09$"$,$403+4',"4*.)540+;+0/"J")$6$.)"56*."09$"+.0$3.',"23+40+*."*2"09$
*+," '.)" 09$3$2*3$" ',(*" *." +0(" 0$16$3'053$7" 89$" *+," 4*.)540+;+0/" +.43$'($(" #+09" 0$16$3'053$7
E+-53$"["(9*#("09$")$6$.)$.4$"*2"09$"4*.)540+;+0/"J"*."09$"0$16$3'053$"49'.-$"\#7
!,3$')/"2*3"'%*50"N"]>"',0$3'0+*."+."0$16$3'053$@"09$"4*.)540+;+0/"49'.-$("%/"'%*50"[^_7"89$
$,$403+4',"4*.)540+;+0/"J"+("'"0$16$3'053$"25.40+*."09'0")$6$.)("*."*+,"+1653+0+$("3'09$3"09'.
*."09$"*+,"+0($,27"89$"0/6$"*2"6*,,50+*."'.)"+0("0$16$3'053$")$6$.)$.4$"4'..*0"%$"'((51$)"0*
IEY M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

%$"<.*#.7"8*"+163*;$"09$"4*16'3'%+,+0/"*2"1$'(53$1$.0(@"'"($,2&,$'3.+.-"')'60+;$"0$16$3D
'053$"4*16$.('0+*."',-*3+091"+("+16,$1$.0$)7"!."+.0$-3',"',0$3'0+*."*2"09$"*+,"F5',+0/"4'."09$.
%$" '(($(($)" %/" 09$" 0$16$3'053$" 4*16$.('0$)" 4*.)540+;+0/" ;',5$@" #9$3$'(" 09$" 0/6$" *2" 4*.D
0'1+.'0+*." +(" .*0" )$0$31+.'%,$7" 89$" 3$,'0+;$" 6$31+00+;+0/" +(" 1$'(53$)" #+09" 09$" ('1$" %'(+4
($.(*3"'33'.-$1$.0"'("5($)"2*3"09$"$,$403+4',"4*.)540+;+0/7

89$" $,$403+4'," 4*.)540+;+0/" '.)" 3$,'0+;$" 6$31+00+;+0/" '3$" 0*" %$" 1$'(53$)" #+09" 3$(6$40" 0*" '
3$2$3$.4$"0$16$3'053$"#P"'("4,*($"'("6*((+%,$"0*"09$"*6$3'0+.-"0$16$3'053$"*2"09$"*+,7"89$($
6'3'1$0$3(" 4'." %$" $;',5'0$)" %/" 1$'.(" *2" 0$16$3'053$&)$6$.)$.0" '663*=+1'0+.-" 6*,/.*D
1+',(@"'(")$1*.(03'0$)"%$,*#"$=$16,'3+,/"2*3"09$"$,$403+4',"4*.)540+;+0/`

$P a $P@B b U%\# > b &\# >[ b '\# >NV c $Y UAV

C$3$@"JP"'.)"JP@B")$.*0$"09$"'663*=+1'0$"'.)"63$;+*5(,/"4',45,'0$)"U*,)V"$,$403+4',"4*.)540+;+0/
*2"09$"*+,"'0"09$"3$2$3$.4$"0$16$3'053$"#P@"3$(6$40+;$,/7"#>"(0'.)("2*3"09$"4533$.0"0$16$3'053$
*2"09$"*+,"'.)"JY"+("09$"$,$403+4',"4*.)540+;+0/"1$'(53$)"#+09*50"0$16$3'053$"4*16$.('0+*.7
Y*3$*;$3@"%@"&@"5.)"'"'3$"09$"4*$22+4+$.0("*2"09$"'663*=+1'0+.-"6*,/.*1+',"0*"%$"')'60+;$,/
)$0$31+.$)7"89$"0$16$3'053$")+22$3$.4$"+(")$2+.$)"'("2*,,*#(`

\# a # ( & # ) U[V

89$"*+,"0$16$3'053$"#>"+("1$'(53$)"2*3"09+("0$16$3'053$"4*16$.('0+*.7"89$"5($"*2"'"6*,/.*D
1+',"*2"09$"09+3)"*3)$3"+."dF7"UAV"$.(53$("-**)"'663*=+1'0+*."#9+,$"<$$6+.-"09$"4*1650'0+*.',
$22*30"2*3"09$"'66,+$)"1+43*4*1650$3"3$'(*.'%,/",*#7"E+-53$"N"(9*#("09$"1$'(53$)";',5$("*2
09$"$,$403+4',"4*.)540+;+0/"J"'20$3"0$16$3'053$"4*16$.('0+*.7

8479'&(<:(!&":+%&'(6=#'+6,5?5,Q(?"4+&:("$,&%(,&>9&%",+%&(6=>9&#:",5=#*
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IE]
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

-"8"#9/5+*5/&,(%#/%)#5,%1/'#/22'(:,7/&,(%#(;#'15/&,<1#21'7,&&,<,&4#/%)#+(%)*+&,<,&4

W."'"($3+$("*2"$=6$3+1$.0("*."09$".*.&'))+0+;'0$)",5%3+4'0+.-"*+,"Ee!BN@"23$(9")$1+.$3',+:$)
#'0$3"#'("'))$)"0*"'";*,51$"*2"N7BA_7"89$"*+,"4*.)540+;+0/")'0'"1$'(53$)"'("'"25.40+*."*2
09$" #'0$3" 4*.0$.0" '3$" 2*5.)" 0*" 2*,,*#" '" ,+.$'3" 3$,'0+*.(9+6" +." -**)" '663*=+1'0+*.7" 89$
09$*3$0+4',"4*53($"*2"09$"3$,'0+;$"6$31+00+;+0/"+("4',45,'0$)"2*3")+,50$"(*,50+*.("'44*3)+.-"0*
)+22$3$.0"1+=+.-"35,$("%/"035.4'0+.-"'"8'/,*3"($3+$("$=6'.(+*."*2"09$"1*)$,"$F5'0+*.("'20$3"09$
,+.$'3"0$317"89$"1*)$,"*2"?+490$.$4<$3"+("$;',5'0$)"+."E+-53$"f7"?+490$.$4<$3")$;$,*6$)"09$
2*315,'"*2"dF7"UNV"2*3"4',45,'0+.-"09$")+$,$403+4"4*.(0'.0"*2"'"9*1*-$.$*5("1+=053$"K3"MfO`

*
K3 a K3@')) c KA& *
3@*+, UNV

89$"6$31+00+;+0/"*2"09$"'))+0+*."'.)"09$"*+,@"3$(6$40+;$,/@"+(")$.*0$)"K3@'))"'.)"K3@*+,7"H+09"09$
;*,51$"23'40+*."*"*2"09$"'))+0+*.@"Ag*"%$4*1$("09$";*,51$"23'40+*."*2"09$"*+,7

8479'&(=:(Z4&6,%56"4(9&%>5,,5?5,Q([%(>&":+%&'(":("($+#6,5=#(=$(,7&(S",&%(6=#,&#,("#'(>='&4($5,("66=%'5#1(,=(Z\*(PIR*

8"#='17/&*'1#;/,5*'10#(;#'(55,%>#?1/',%>0#/%)#+(''15/&,(%#@,&3#(,5#/>,%>

T$'3+.-("+."+.)5(03+',@"$7-7"#+.)"053%+.$@"-$'3%*=$("5.5(5',,/"*20$."(522$3"23*1"'"(+-.+2+4'.0,/
(9*30$3" ,+2$" 09'." 4',45,'0$)" %/" #9+0$" $049+.-" 43'4<(" M^@" hO7" E+-53$" ^" (9*#(" 09$" ,+-90&*60+4',
1+43*-3'69"*2"'"0/6+4',"1$0',,*-3'69+4"1+43*($40+*."M^O7"89$"*;$33*,,+.-")+3$40+*."23*1",$20"0*
3+-90"+.)+4'0$("(532'4$"+.+0+'0+*."'.)"0*6&)*#."63*6'-'0+*."*2"09$"$=0$.)$)"43'4<"(/(0$17
89$($"$'3,/"2'+,53$("'3$"49'3'40$3+:$)"%/"1*(0,/"'=+',"3'4$#'/"43'4<(@"3$;$',+.-";$30+4',"($1+
0*"25,,/"4+345,'3"4,$';'-$&,+<$",$.0+45,'3"%3+00,$"(6*.0'.$*5("+.4+6+$.0"43'4<("+."63$6'3'0+;$,/
*6$.$)"*3+-+.',"23'4053$"2'4$("M^@"hO7"I44'(+*.',,/@"6*4<&,+<$"(6',,+.-("'3$"'((*4+'0$)"#+09"09$
IDE M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

8479'&(?:()"'5"4(>56%=:&6,5=#(=$("(@%"#675#1("#'(:9%&"'5#1(S75,&(&,675#1(6%"6T(:Q:,&>*

(532'4$"43'4<(@"'("(9*#."$=$16,'3+,/"+."E+-53$"h"MhO7"89$")$;$,*6+.-")$$6"43'4<"(/(0$1("'3$
*6$."0*"09$"3'4$#'/@"23*1"#9+49"*+,"6$.$03'0$("'.)"63*1*0$("25309$3"4*33*(+*."2'0+-5$"43'4<
-3*#09"'("#$,,"'(",*4',"($4*.)'3/"1+43*(0354053',"49'.-$("+."09$"2*31"*2"43'4<"6'09")$4*3'0+.-
#9+0$"$049+.-"4*.(0+05$.0(7"W0"+("$;+)$.0"23*1"23'40*-3'69/"'.)"i&3'/")+223'40+*."UiPLV"3$(+)5',
(03$(("'.',/($("09'0"09$"4,$';'-$&,+<$"+.4+6+$.0"43'4<("'3$"4'5($)"%/"23+40+*.',"0'.-$.0+',"0$.(+,$
(03$(($("M^@"hO@"#9+49"*4453"+."(5%3$-+*.("*2"09$"4*.0'40"'3$'"+."(6$4+2+4@";+%3'0+*.',,/"+.)54$)
1+=$)"23+40+*."*6$3'0+.-"4*.)+0+*.("M^jkO7

8479'&(>:(L##&%(%5#1(%"6&S"Q(S5,7(,Q956"4("C5"4(6%"6T:("#'($&S("::=65",&'(9=6TU45T&(:9"445#1:*
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IDD
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

iPL"%'($)"1'0$3+',"3$(6*.($"'.',/($("*2"35."3*,,+.-"%$'3+.-(@"(522$3+.-"23*1"#9+0$"$049+.-
43'4<("*."(0+,,",'3-$,/"5.)'1'-$)"3'4$#'/(@"3$;$',"09$"4'5('0+;$";+%3'0+*.",*')+.-"M^O7"W0"+(
25309$3"3$6*30$)"09'0",5%3+4'.0"'-+.-"*4453("5.)$3"09$"+.2,5$.4$"*2";+%3'0+*.("Ml@"kO7"!."$='16,$
*2"'."+.23'3$)"(6$40351"*2"5($)"*+,"23*1"3+-"0$(0"35."*2"'"3*,,$3"%$'3+.-"+("63*;+)$)"+."E+-53$
l"MlO7"89$";$3+2+$)"ImC"'.)">aI"*=+)'0+*."%'.)("+.)+4'0$"*6$3'0+*.',"'4+)+2+4'0+*."*2"09$"*+,@
',(*"3$2,$40$)"+."09$")+((*,50+*."*2"Y.R"+.4,5(+*.",+.$("*."09$"3'4$#'/"U427"E+-53$"kV@"'("'"3$(5,0
*2"6*,/4*.)$.('0+*."3$'40+*.("0*#'3)("3$(+.+2+4'0+*."'.)"%$-+..+.-",'4F5$3"2*31'0+*.7"W0"+(
09+("'-+.-"*2"09$",5%3+4'0+.-"*+,"'.)"+0("'))+0+;$(@"#9+49"4'."%$")$0$40$)"'0"'."$'3,/"(0'-$"%/
09$".$#"($.(*3"(*"09'0"'"-$'3%*="*6$3'0+.-"'0"43+0+4',"4*.)+0+*.("+("+)$.0+2+$)7

8479'&(@:(XC5'",5=#(9&"T:(5#(,7&(5#$%"%&'(:9&6,%+>(=$("(+:&'(#=#U"''5,5?",&'("4597",56(4+@%56",5#1(=54(%+#(+#'&%(?5@%"^
,5=#(4="'5#1(5#("(%=445#1(@&"%5#1(%51(,&:,(P_(5:(,7&(S"?&4&#1,7R*

89$"1$.0+*.$)"43'4<"+.+0+'0+*."%/"03+%*49$1+4',"3$'40+*.("+("',(*"2*5.)"*.",'0$3',"(532'4$("*2
3*,,$3(7"W."E+-53$"k"M^O@"'"(4'..+.-"$,$403*."1+43*(4*6$"URdYV"+1'-$@"0'<$."+."09$"($4*.)'3/
$,$403*."+1'-+.-"1*)$@"+("(9*#."*."09$",$207"P$(+)5$("*2"1'.-'.$($"'.)"(5,6953@")$0$40$)"+.
09$"43'4<&,+<$")$2$40"%/"$.$3-/")+(6$3(+;$"i&3'/"(6$403*(4*6/"UE+-53$"k@"*."09$"3+-90V@"+.)+4'0$
09$"4'5('0+;$"03+%*"49$1+4',")+((*,50+*."*2".*.1$0',,+4"Y.R"+.4,5(+*.("M^@"l@"kO7

A"#6',/5#(;#&31#(,5#01%0('#040&17#(%#/#?1/',%>#/%)#>1/'#&10&#',>

I."'"%$'3+.-"'.)"-$'3"0$(0"3+-@"09$".$#"($.(*3"%'($)"*+,"F5',+0/"1*.+0*3+.-"(/(0$1"+("'66,+$)7
e'3+*5(",*')"4/4,$("'3$"35."'.)"(6$$)("'.)"0*3F5$("'3$"1$'(53$)7"89$"3$(5,0("*2"09$"03+',"'3$
)$(43+%$)@"$;',5'0$)"'.)")+(45(($)"+."09$"2*,,*#+.-"($40+*.(7

A"!"#B(00#(;#2(@1'#/%)#&',/5#'*%#+3/'/+&1',0&,+0
89$"(6$$)&3$,'0$)"6*#$3"+U,V"*2"09$"0$(0"3+-"+("-+;$."'("2*,,*#(`
IDH M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

8479'&(B:(;Z!(5>"1&(=$("(6%"6T(=#("(@&"%5#1(%=44&%(S5,7(&4&>&#,"4(>"995#1(=$(!#("#'(;*

+ a - ! ."/012 ". a [3 ! , UfV

C$3$@"-")$.*0$("09$"0*3F5$@"n"'.)","3$(6$40+;$,/"(0'.)"2*3"09$"'.-5,'3";$,*4+0/"'.)"3*0'0+*.',
(6$$)7"89$"+16,$1$.0$)"6*#$3",*(("o+"+(")$3+;$)"23*1"09$"03'.(1+((+*."3'0+*"45`

" + a . A ! U - A & 4 p ! - [V U^V

-A"'.)"-["+.)+4'0$"09$"0*3F5$"*2"09$")3+;$"'.)"09$",*')@"3$(6$40+;$,/7"W."09$"2+3(0"03+',"*."09$
0$(0"3+-@"09$"3*,,+.-"%$'3+.-"+("+.0$.0+*.',,/")'1'-$)7"89$"0+1$&)$6$.)$.0"6*#$3",*(("+."09$
-$'3@"'(")$3+;$)"23*1"09$"1$'(53+.-"(+-.',"49'3'40$3+(0+4(@"+("3$63$($.0$)"+."E+-53$"q7

8479'&(A:(N"46+4",&'(9=S&%(4=::(`!*
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IDI
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

!20$3"(#+049+.-"0*"'"9+-9$3",*')@"09$"6*#$3",*(("+.43$'($("'%3560,/"%$2*3$"09$"%$'3+.-("35."+.7
8*#'3)("09$"$.)"*2"09$"03+',@"09$"%$'3+.-("3$;$',"+.)+4'0+*."*2"');'.4$)")$0$3+*3'0+*.7"!"#+)$
,5%3+4'0+*."-'6"'.)";+%3'0+*.("#9$."*;$33*,,+.-"(6',,+.-"3$(5,0("+."9+-9$3"*(4+,,'0+*."'16,+D
05)$(@"#9+49",$')("0*"09$"'50*1'0+4"(950)*#."*2"09$"0$(0"3+-"$;$.05',,/7"89$"1$'(53+.-"3$(5,0(
*%0'+.$)"#+09"09$"*+,"($.(*3"(/(0$1"'3$"63$($.0$)"+."09$"2*,,*#+.-7

A"-"#9(%)*+&,<,&4#(;#&31#5*?',+/&,%>#(,5

E+-53$"AB"(9*#("09$"0$(0"3$')+.-("*2"09$"4*.)540+;+0/"1$'(53$1$.0"*2"09$",5%3+4'0+.-"*+,7"89$
4533$.0"%$'3+.-"#$'3"'.)"09$")$0$3+*3'0+.-"*+,"4*.)+0+*."+."09$"4*.)540$)"03+',"'3$"3$2,$40$)"+.
09$"49'.-$"*2"09$"$,$403+4',"4*.)540+;+0/"6,*00$)";(7"35..+.-"0+1$"+."09$")+'-3'17

8479'&()C:(!&":+%&>&#,(=$(,7&(&4&6,%56"4(6=#'+6,5?5,Q(a(?:*(%+##5#1(,5>&("*

G$#"*+,"23*1"09$"(0*3'-$"4*.0'+.$3"$=9+%+0("'"4*.)540+;+0/"J"*2"[NA["6RS17"!20$3"2+,,+.-"+.0*
09$"03+',"-$'3"'.)"%$2*3$"09$"(0'30&56"*2"09$"0$(0"3+-@"'"4*.)540+;+0/"*2"[lqA"6RS1"+("1$'(53$)7
89+("+.43$'($"4'."%$"'003+%50$)"0*"$=+(0+.-"3$(+)5',"+1653+0+$("+."09$"-$'37"L53+.-"09$"03+',"35.@
09$"4*.)540+;+0/"J"*2"09$"-$'3"*+,"+.43$'($("0*"Ahkhk"6RS17"T$(+)$("49'.-$("+."0$16$3'053$@
4*.)540+;+0/" +.43$'($" +(" 4'5($)@" $7-7@" %/" #$'3" )$%3+(" '.)" 3$1*;$)" 1'0$3+'," 23*1" (6',,+.-@
+1653+0+$(@" %3*<$." *+," 1*,$45,$(" *3" 2*31+.-" *+," (*'67" !(" )$(43+%$)" '%*;$@" 09$" 0$16$3'053$
)$6$.)$.4$" *2" 09$" $,$403+4'," 4*.)540+;+0/" *2" 09$" 5($)" -$'3" *+," +(" 4*16$.('0$)" '.)" 09$" *+,
4*.)540+;+0/"1$'(53$)"+."09$"-$'3"03+',"+("4*.;$30$)"+.0*"09$"3$,$;'.0"4*.)540+;+0/";',5$"'0"fB
]>7"E+-53$"AA"(9*#("09$")$;$,*61$.0"*2"09$"0$16$3'053$"4*16$.('0$)"*+,"4*.)540+;+0/"#+09
35..+.-"0+1$")53+.-"09$"-$'3"03+',7

W."09$"4'($"*2"'."+.+0+',,/",*#",*')@"09$"$,$403+4',"4*.)540+;+0/"+.43$'($(",+.$'3,/"#+09"35..+.-
0+1$7"W0"+("0*"%$"'((51$)"09'0"09$",*#"%$'3+.-"#$'3"+."09+("'3$'"',(*"+.43$'($("63*6*30+*.',"0*
09$"0+1$7

L53+.-"09$".$4$(('3/"+.0$31$)+'0$"(950)*#."U+.0$33560+*.V"'.)"35.&56"*2"09$")3+;$"1'49+.$
0*"NNB"G1@"09$"4*.)540+;+0/"+(";+305',,/"4*.(0'.07"!20$3"(#+049+.-"*;$3"0*"09$"9+-9$3",*')@"09$
IDb M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

8479'&()):(M5>&(6+%?&(=$(,7&(,&>9&%",+%&(6=>9&#:",&'(=54(6=#'+6,5?5,Q('&%5?&'($%=>(V51+%&(DE*

*+,"4*.)540+;+0/"+.43$'($("(03*.-,/7"C$3$@"09$"%$'3+.-"35.&+."U(9'<$)*#.V"+("(9*#."'("3$)54D
0+*."+."09$"4*.)540+;+0/"+.43$'($7"Y*3$"09'."'%*50"NB"1+.50$("63+*3"0*"09$"2+.',"2*34$)"(950D
)*#." *2" 09$" 03+'," 35." %/" '." *(4+,,'0+*." ($.(*3@" 09$" 4*.)540+;+0/" 3$1'+.(" ',1*(0" 4*.(0'.0
2*,,*#$)"%/"'"0$16*3'3/"3+($")+3$40,/"%$2*3$")+(4*..$40+*.7"!20$3"(#+049+.-"*22"09$"0$(0"-$'3@
09$"*+,"4*.)540+;+0/")$43$'($("(03*.-,/7"89+("4,$'3,/"$169'(+:$("09$"+.2,5$.4$"*2"09$"'))+0+;$(7
L53+.-"09$",*')+.-"(0'-$(@"1*3$"+1653+0+$("6$3"0+1$"5.+0"'3$"63*)54$)"09'."%*5.)"0*"'))+0+;$(7
!20$3" (9500+.-" )*#." 09$" 0$(0" 3+-@" .*" 25309$3" *+," 4*.0'1+.'0+*." *4453(" #9+,$" 09$" $22$40" *2
'))+0+;$("(0+,,"4*.0+.5$(7

89$";'3+'0+*.("+."$,$403+4',"4*.)540+;+0/"'3$")$6+40$)"+."E+-53$"A[7"W."09+(")+'-3'1@"09$"453;$
2*,,*#("';$3'-$("3$(6$40+;$,/"4',45,'0$)"*;$3"N"1+.50$(7

8479'&();:(<4,&%",5=#(=$(,7&(&4&6,%56"4(6=#'+6,5?5,Q.(&C9%&::&'(":(#abEBc"$(?:*(%+##5#1(,5>&("*
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IDF
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

H9$."(0'30+.-"56"'0"[BBB"3$;*,50+*.("6$3"1+.50$"'.)"'"0*3F5$"*2"A^B"G1@"'"3$,'0+;$,/"4*.(0'.0
49'.-$"+."4*.)540+;+0/"23*1"B7h"0*"B7k"6RSU1cN"1+.V@"$F5+;',$.0"0*"N7N"0*"f7f"2RSU1c(V@"*4453(7
W."09$"4'($"*2"9+-9$3",*')"UNNB"G1@"NBBB"1+.jAV@"09$"49'.-$"+."4*.)540+;+0/"3+($("56"0*"N7k"6RS
U1cN"1+.V@"+7$7"[A7A"2RSU1c(V7"!20$3"09$"+.0$31$)+'0$",*')"+.43$'($@"09$"$22$40"*."09$"49'.-$"*2
09$"*+,"4*.)540+;+0/"'66$'3("(03*.-$37"89+("1'/"%$"'003+%50$)"0*"09$"0+1$&)$6$.)$.0"2*31'0+*.
*2"+1653+0+$("'.)"49'.-$("+."%$'3+.-"(03$((+.-"'("4'."%$"$=6$40$)")53+.-"09$")$;$,*61$.0"*2
(6',,+.-7"E+-53$"AN"(9*#("09$"+..$3"3+.-"*2"09$"2'+,$)"6,'.$0"%$'3+.-"#+09"1'((+;$")'1'-$"*2
09$"3'4$#'/"'0"09$"$.)"*2"09$"03+',7

8479'&()<:(d&"?54Q(:9"44&'(5##&%(%5#1(%"6&S"Q(=$(,7&(,&:,&'(6Q45#'%56"4(%=44&%(@&"%5#1*

89$"4*..$40+*."%$0#$$."09$"49'.-$"+."4*.)540+;+0/"J"'.)"09$",*(("*2"6*#$3"o+"+."09$"-$'3"+(
',(*"$;',5'0$)7"E+-53$"Af"3$63$($.0("09+("63*-3$(("-3'69+4',,/7"T*09"09$"+.43$'(+.-"49'.-$"+.
*+,"4*.)540+;+0/"'.)"09$"-$'3"6*#$3",*(("4*33$,'0$"#+09"09$"%$'3+.-"#$'37

8479'&()=:(<4,&%",5=#(=$(,7&(&4&6,%56"4(6=#'+6,5?5,Q(":($+#6,5=#(=$(9=S&%(4=::(=$(,7&(1&"%@=C*

W."09$")+'-3'1"*2"E+-53$"Af@"'"03$.)",+.$"+(")3'#."'("6*,/.*1+',"*2"09$"09+3)"*3)$37"89$"9+-9$3
09$" +.43$'($(" +." 4*.)540+;+0/" '.)" ,*((" *2" 6*#$3" +." 09$" -$'3@" 09$" (03*.-$3" 09$" %$'3+.-" #$'3
*4453(7"d=4$60+*.',"49'.-$("0*"09$"(/(0$1@"$7-7"(#+049+.-"*2"09$",*')"4*.)+0+*.(@"'3$".*0"0'<$.
+.0*"'44*5.07
IDW M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

A"8"#C15/&,<1#21'7,&&,<,&4#(;#&31#5*?',+/&,%>#(,5

W."'))+0+*."0*"09$"$,$403+4',"4*.)540+;+0/@"09$"3$,'0+;$"6$31+00+;+0/"K3"*2"09$"*+,"+("1$'(53$)7"W.
09$"4'($"*2"*+,(".*0"$.3+49$)"#+09"'))+0+;$(@"09$"#'0$3"4*.0$.0"4'."%$")$0$31+.$)"09'0"#'/7
89$3$"'3$"-**)"63*(6$40("09'0"09$")#+.),+.-"$22+4'4/"*2"09$"'))+0+;$("4'."%$")$0$40$)"%/"1$'.(
*2"09$")+$,$403+4"4*.(0'.0"1$'(53$1$.07"E+-53$"A^"(9*#("09$"0+1$")$;$,*61$.0"*2"09$"3$,'0+;$
6$31+00+;+0/")53+.-"09$"03+',"35.7"L5$"0*"09$")$6$.)$.4$"*."0$16$3'053$@"09+(")$;$,*61$.0"+(
',(*")$6+40$)"+."09$")+'-3'17

8479'&()?:(M5>&(6+%?&:(=$(,7&(%&4",5?&(9&%>5,,5?5,Q([%("#'(,7&(,&>9&%",+%&(%(":("($+#6,5=#(=$(,7&(%+##5#1(,5>&("*

89$"49'.-$"*2"09$"3$,'0+;$"6$31+00+;+0/"4*5,)"%$"4'5($)"%/"'"4*1%+.'0+*."*2"09$"$22$40("*2"'
49$1+4',"3$'40+*."*2"'))+0+;$(@"#'0$3"$;'6*3'0+*."23*1"09$"*+,"'.)"09$"0$16$3'053$")$6$.)$.4$
*2"09$"4$,,"4*.(0'.0("'("#$,,"'("09$"3$,'0+;$"6$31+00+;+0/"+0($,27"L53+.-"09$"03+',"35.@"09$"0$16$3D
'053$" +.43$'($(" 23*1" f[" 0*" ^[7q" ]>7" 89$" 0$16$3'053$" )$6$.)$.4$" X5(0+2+$(" 09$" )$;$,*6$)
')'60+;$@"($,2&,$'3.+.-"0$16$3'053$"4*16$.('0+*."0$49.+F5$7"E+-53$"Ah"(9*#("09$"0$16$3'053$
4*16$.('0$)"0+1$")$;$,*61$.0"*2"09$"3$,'0+;$"6$31+00+;+0/")53+.-"09$"-$'3"03+',7

D"#E22'(/+3#;('#+(%),&,(%#7(%,&(',%>#(;#/)),&,</&1)#5*?',+/&,%>#(,50

!")+3$40"4*..$40+*."%$0#$$."09$"$,$403+4',"4*.)540+;+0/"'.)"09$")$-3$$"*2"4*.0'1+.'0+*."*2"*+,(
+("2*5.)7"!."+.43$'($"*2"09$"$,$403+4',"4*.)540+;+0/"*2"09$"*+,"+."*6$3'0+*."4'."095("%$"+.0$363$0$)
'("+.43$'(+.-"#$'3"*3"4*.0'1+.'0+*."*2"09$",5%3+4'.07"89$"'-+.-"*2"09$"*+,"+("',(*"$;+)$.0"+."09$
)$-3')'0+*."*2"'))+0+;$(7"89$"5($)"'))+0+;$("3$;$',"9+-9"4*.)540+;+0/"4*16'3$)"#+09"09$"*+,7

89$"4*.(5160+*."*2"09$"'))+0+;$("+("3$2,$40$)"+."'"3$)540+*."*2"09$"$,$403+4',"4*.)540+;+0/"'.)
6$31+00+;+0/"*2"09$"*+,7"89$"-3')+$.0@"+7$7"09$"0+1$")$3+;'0+;$@"*2"09$"4*.)540+;+0/"*3"09$")+$,$403+4
4*.(0'.0" 63*-3$((+*." 3$(6$40+;$,/" 3$63$($.0(" '" 1$'(53$" *2" 09$" '))+0+;$" )$-3')'0+*." '.)
4*.(5160+*.7"89$"25,,"'))+0+;$")$-3')'0+*."+("+.)+4'0$)"%/"09$"(,*6$"*2":$3*"U%'0905%"453;$V7
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IDG
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

8479'&()>:(M5>&(6+%?&(=$(,7&(,&>9&%",+%&(6=>9&#:",&'(%&4",5?&(9&%>5,,5?5,Q([%*

89$." 09$" 1$'(53$1$.0" (+-.'," +.43$'($(" 25309$3" #+09" +.43$'(+.-" 6*,,50+*.@" #'0$3" $.03/@" $047
E+-53$"Al"(49$1'0+4',,/"(9*#("09$"0$16$3'053$"4*16$.('0$)"0+1$"453;$"*2"09$"6$31+00+;+0/"*2
'))+0+;'0$)"*+,"4*.0+.5*5(,/"4*.0'1+.'0$)"%/"09$"'))+0+*."*2"#$'3")$%3+(@"#'0$3"*3"*+,"'4+)(
23*1"49$1+4',"'-+.-7"I.4$"09$"'))+0+;$("'3$"4*.(51$)@"09$";'.+(9+.-"(9+$,)+.-"$22$40"3$(5,0(
+."'"49'3'40$3+(0+4"3$&+.43$'($7

8479'&()@:(M&>9&%",+%&(6=>9&#:",&'(9&%>5,,5?5,Q*

89$"1*(0"4*11$34+',,/"';'+,'%,$"6'30+4,$"4*5.0$3("*.,/")$0$40"6'30+4,$("'("(1',,"'("f"r17"W."'
;$3/"$'3,/"(0'-$"*2"#$'3"*2"%$'3+.-(@"-$'3(@"9/)3'5,+4"4/,+.)$3(@"$047@"9*#$;$3@"6'30+45,'3,/
(1',,$3"6'30+4,$("'3$"63*)54$)7"!"63$;$.0+;$"1'+.0$.'.4$",*#+.-@"3'09$3"09'."3+-+)"+.(6$40+*.
+.0$3;',(@"09$3$2*3$"3$F5+3$("3$4*-.+0+*."*2"$;$."09$"(1',,$(0"6'30+4,$(7"89$($"6'30+4,$("'3$"2'3
1*3$"4*11*."+."09$"*+,("*2"25.40+*.+.-"1'49+.$("09'.",'3-$3"*.$(7"I+,"'-+.-"4'."%$"+.;*,;$)
+."09$"2'+,53$@"2*3"+.(0'.4$@"*2"3*,,+.-"%$'3+.-("MlO7
IDY M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

F"#G1?H?/01)#)1+1%&'/5,I1)#5*?',+/%&#J*/5,&4#7(%,&(',%>#040&17

89$" +.0$-3'0+*." +.0*" '" (5+0'%,$" 4*115.+4'0+*." (0354053$" '.)" 09$" 3$',+:'0+*." *2" '." *.,+.$
1*.+0*3+.-"(/(0$1"*22$3("'."+.0$3$(0+.-"63'40+4$&*3+$.0$)"50+,+:'0+*."*2"09$"*+,"($.(*3"(/(0$17
89+("+("%3+$2,/")+(45(($)"%$,*#7
Z3$2$33$)" '3$'(" *2" '66,+4'0+*." *2" 09$" ($.(*3" (/(0$1" '3$" $.$3-/" 63*)540+*." '.)" '50*1'0$)
0$49.+4',"6,'.0("09'0"'3$"*6$3'0$)",*4',,/@",+<$"$7-7"#+.)"053%+.$(@"-$.$3'0*3(@"9/)3'5,+4"(/(0$1(
*3"-$'3%*=$(7"Z,'.0"$16,*/$3("'3$"+.0$3$(0$)"+."4*.0+.5*5("'50*1'0$)"+.";+;*"$='1+.'0+*."*2
09$"*+,"F5',+0/"3'09$3"09'."+.0$33560+.-"09$"*6$3'0+*."2*3"3$-5,'3"('16,+.-7"I.,+.$"*+,"(0'05(
1*.+0*3+.-" (+-.+2+4'.0,/" +163*;$(" 09$" $4*.*1+4" '.)" $4*,*-+4'," $22+4+$.4/" %/" +.43$'(+.-
*6$3'0+.-"('2$0/@"3$)54+.-")*#."0+1$("*3"')X5(0+.-"*+,"49'.-$"+.0$3;',("0*"'405',"3$F5+3$1$.0(7
I.4$"09$"*+,"4*.)+0+*."1*.+0*3+.-"($.(*3("'3$"+.(0',,$)"*."09$"6,'.0(@"09$"1$'(53+.-")'0'"4'.
%$")+(6,'/$)"'.)"$;',5'0$)"$,($#9$3$7"!"2,$=+%,$")$4$.03',+:$)"1*.+0*3+.-"(/(0$1"',(*"$.'%,$(
09$"'.',/(+("*2"1$'(53+.-"(+-.',("'.)"1*.+0*3+.-"*2"09$"6,'.0("%/"$=0$3.',"63*;+)$3(7"!"5($3&
*3+$.0'0$)"($3;+4$"$.(53+.-"09$"F5'.0+0'0+;$"$;',5'0+*."*2"49'.-$("+."09$"*+,&1'49+.$"(/(0$1@
+.4,5)+.-"09$"3$4*11$.)'0+*."*2"3$(5,0+.-"63$;$.0+;$"1'+.0$.'.4$"1$'(53$(@"3$,+$;$("6,'.0
*6$3'0*3(@"+.43$'($("3$,+'%+,+0/"'.)"(';$("4*(0(7
W."'"#$%&%'($)")$4$.03',+:$)"*.,+.$"*+,"4*.)+0+*."1*.+0*3+.-"(/(0$1@"09$"($.(*3"(+-.',("'3$
63$2$3'%,/"03'.(2$33$)"093*5-9"09$"W.0$3.$0"0*"'")'0'%'($"($3;$3"'.)"3$4*3)$)"*."'."C8Y?
6'-$"'("5($3"+.0$32'4$"MkO7"E+-53$"Ak"(9*#("09$")+(6,'/$)"1$'(53$)")'0'7

8479'&()B:(e5:94"Q&'(>&":+%&'('","*

E*,,*#+.-"'509$.0+4'0+*.@"'"(+16,$"#$%"%3*#($3"6$31+0("'44$((";+'"09$"#+3$)"*3"#+3$,$(("?!G7
W."4'($"*2"','31"(+-.',(@"'."+11$)+'0$"'50*1'0$)"-$.$3'0+*."*2"#'3.+.-"1$(('-$(@"2*3"+.(0'.4$
%/"$&1'+,"*3"RYR@"+("6*((+%,$"23*1"'./"4*1650$3"#+09"W.0$3.$0"4*..$40+*.7"E+-53$"Aq"(9*#(
09$".$#"($.(*3"(/(0$1"#+09"4*115.+4'0+*."5.+0"MqO7
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: ID]
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

8479'&()A:(f&"%;&#:g(:&#:=%(:Q:,&>(S5,7(6=>>+#56",5=#(+#5,*

K"#9(%+5*0,(%0

89$"*.,+.$")+'-.*(0+4("(/(0$1"1$'(53$("4*16*.$.0("*2"09$"(6$4+2+4"4*16,$="+16$)'.4$"*2
*+,(7"E*3"+.(0'.4$@"1$0',"'%3'(+*.")5$"0*"%$'3+.-"#$'3"'0"09$"03+%*,*-+4',"4*.0'40@"%3*<$."*+,
1*,$45,$(@"'4+)("*3"*+,"(*'6"4'5($"'."+.43$'($"+."$,$403+4',"4*.)540+;+0/"09'0")+3$40,/"4*33$,'0$(
#+09" 09$" )$-3$$" *2" 6*,,50+*." *2" 09$" *+,7" 89$" )+$,$403+4'," 63*6$30+$(" *2" 09$" *+,(" '3$" $(6$4+',,/
)$0$31+.$)"%/"09$"#'0$3"4*.0$.0@"#9+49@"+."09$"4'($"*2"63*)540("09'0"'3$".*0"$.3+49$)"#+09
'))+0+;$(@"%$4*1$("'44$((+%,$"%/"'."'))+0+*.',"'4453'0$"1$'(53$1$.0"*2"09$"3$,'0+;$"6$31+0D
0+;+0/7"W."09$"4'($"*2"*+,("$.3+49$)"#+09"'))+0+;$(@"(0'0$1$.0("*."09$")$-3')'0+*."*2"'))+0+;$(
4'."',(*"%$")$)54$)"23*1"3$4*3)$)"49'.-$("+."09$"3$,'0+;$"6$31+00+;+0/7
W.)+4'0+*."*2")'1'-$"'.)"#$'3"+("1$'(53$)"'("'."+.0$-3',"2'40*3"*2@"$7-7@"09$")$-3$$"*2"6*,,50+*.@
*+,"'-+.-"'.)"'4+)+2+4'0+*.@"#'0$3"4*.0$.0"'.)"09$")$4*16*(+0+*."(0'0$"*2"'))+0+;$("*3"'%3'(+*.
*2"09$"%$'3+.-(7"W0"63*;+)$("+.2*31'0+;$")'0'"*.",5%3+4'.0"'-+.-"'.)"1'0$3+',",*')+.-"'("#$,,
'("09$"#$'3"*2"09$"%$'3+.-("'.)"-$'3("2*3"09$"*.,+.$"*6$3'0+;$"1*.+0*3+.-"*2"4*16*.$.0("*2
1'49+.$(7" !))+0+*.'," ,*')+.-@" 2*3" +.(0'.4$@" %/" ;+%3'0+*." +.)54$)" 1+=$)" 23+40+*." +." 3*,,+.-&
(,+)+.-"4*.0'40"U3*,,+.-"%$'3+.-(@"-$'3(@"4'1(@"$047V"4'5($("(6$4+2+4"2'(0$3"*+,"'-+.-@"$7-7@"+."09$
4*53($"*2"63$1'053$"4*16*.$.0"2'+,53$(7"e$3+2+$)"+."3*,,$3"%$'3+.-";+%3'0+*."3+-"0$(0(@"09$"*+,
(522$3("23*1"(+-.+2+4'.0"'4+)+2+4'0+*."%/"6*,/4*.)$.('0+*."3$'40+*.("'.)"+.4+6+$.0"3$(+.+2+4'D
0+*.@"'("63*;$."%/"+.23'3$)"(6$403*(4*6/"*2"5($)",5%3+4'.07"89$"'66,+4'0+*."6*0$.0+',"*2"09$
($.(*3" +(" )+(45(($)" *." 09$" $='16,$" *2" 09$" 63$;$.0+*." *2" $'3,/" 3*,,+.-" %$'3+.-" 2'+,53$(" +.
+.)5(03+',"-$'3%*=$(@"*2"#9+49";+%3'0+*.',"4*.0'40",*')+.-"+("09$"3**0"4'5($7
E*3"'."$22+4+$.0"1'49+.$"50+,+:'0+*."'.)"0'3-$0$)")'1'-$"63$;$.0+*.@"09$".$#"$,$403+4',"*.,+.$
*+,"4*.)+0+*."1*.+0*3+.-"(/(0$1"*22$3("09$"63*(6$40"0*"4'33/"*50"0+1$,/"63$;$.0'0+;$"1'+.0$D
.'.4$"*.")$1'.)"3'09$3"09'."+."3+-+)"+.(6$40+*."+.0$3;',(7"89$")$0$31+.'0+*."*2"+1653+0+$("*3
3$)540+*."+."09$"F5',+0/"*2"09$",5%3+4'.0("'.)"09$"F5'(+"4*.0+.5*5("$;',5'0+*."*2"09$"%$'3+.-
'.)"-$'3"#$'3"'.)"*+,"'-+.-"1$$0"09$"9*,+(0+4"'663*'49"*2"'"3$',&0+1$"1*.+0*3+.-"*2"'"49'.-$
+."09$"4*.)+0+*."*2"09$"*+,&1'49+.$"(/(0$17
89$"1$'(53+.-"(+-.',("4'."%$"03'.(1+00$)"0*"'"#$%&%'($)"4*.)+0+*."1*.+0*3+.-"(/(0$1";+'
?!G@"H?!G"*3"($3+',"+.0$32'4$("*2"09$"($.(*3"(/(0$17"89$"1*.+0*3+.-"*2"09$"03+%*,*-+4',"#$'3
1$49'.+(1(")53+.-"63*6$3"*6$3'0+*."%$,*#"09$"0*,$3'.4$",+1+0("*2"09$"4*16*.$.0("09$."',,*#(
IHE M%5@=4=1Q(U(V+#'">&#,"4:("#'(<'?"#6&>&#,:

63$;$.0+;$@"4*.)+0+*.&*3+$.0$)"1'+.0$.'.4$"0*"%$"4'33+$)"*50@"+2".$4$(('3/@",*.-"%$2*3$"3$-5,'3
*;$39'5,+.-@" 095(" 3$)54+.-" *50'-$(" 4'5($)" %/" #$'3" #9+,$" (+15,0'.$*5(,/" +.43$'(+.-" 09$
*;$3',,",+2$0+1$"*2"09$"*+,&1'49+.$"(/(0$17

I."'"%$'3+.-"'.)"-$'3"3+-"0$(0@";'3+*5(",*')"4/4,$("'3$"35."'.)"09$"25.40+*.',+0/"*2"09$"+.03*D
)54$)"$,$403+4"*.,+.$"4*.)+0+*."1*.+0*3+.-"($.(*3"(/(0$1"+("0$(0$)"(544$((25,,/7"89$"$;',5'0+*.
*2"09$"$=6$3+1$.0"+("63$($.0$)7

E*&3('#)1&/,50

Y'.23$)"P7"Y'5.0:As@"tu3-$."v$-.$3[@"w,3+49"x5+6$3(N"'.)"R0$2'."x,+.-'5A

s!))3$(("',,"4*33$(6*.)$.4$"0*`"131y414&+.(0351$.0(7)$

A"414"W.(0351$.0("v1%C@"d(49%*3.@"v$31'./

["w.+;$3(+0/"*2"R+$-$.@"R+$-$.@"v$31'./

N"R*509"H$(069',+'"w.+;$3(+0/"*2"!66,+$)"R4+$.4$(@"C'-$.@"v$31'./

C1;1'1%+10

MAO v$-.$3@" t7@" x5+6$3(@" w7@" Y'5.0:@" Y7" z,($.(*3(/(0$1" :53" d490:$+0&Q5(0'.)(u%$3#'D
495.-" ;*." 0$49.+(49$." !.,'-$." 5.)" Y'(49+.$.@" 8$49.+(49$(" Y$(($." ll{" [BAB7" 667
[kN&[q[7

M[O x5+6$3(@"w7@"Y'5.0:@"Y7"z,($.(*3(/(0$1"j"R$.(*3(/(0$1":53"Y$((5.-";*."x*16*D
.$.0$.")$3"<*16,$=$."W16$)'.:"$,$<03+(49"-$3+.-",$+0$.)$3"5.)".+490,$+0$.)$3"E,5D
+)$@" )$(($." P$',+(+$35.-" 5.)" !.#$.)5.-@" v$31'." Z'0$.0" !66,+4'0+*." G]" AB" [BBk
Bfl"Nhh7q@"!66,+4'.0`"414"W.(0351$.0("v1%C@"v$31'."Z'0$.0"I22+4$@"Y5.+49@"E+,+.-
)'0$`"A^7Bq7[BBk@"+."v$31'.7

MNO x5+6$3(@" w7@" Y'5.0:@" Y7" e$32'93$.@" R49',05.-('.*3).5.-@" R$.(*3" :53" Y$((5.-
69/(+<',+(49$3"v3|}$."+."E,5+)$."(*#+$")$3$."e$3#$.)5.-@"d53*6$'."Z'0$.0"!66,+D
4'0+*."G]"dZ"BqBBB[ff@"d53*6$'."Z'0$.0"I22+4$@"Y5.+49{"Bq7BA7[BBq@"+."v$31'.7

MfO ?+490$.$4<$3@" x7@" P*09$3@" x7" L+$" C$3,$+05.-" )$3" ,*-'3+091+(49$." Y+(495.-(-$($0:$(
'5("',,-$1$+.$."Z3+.:+6+$.")$3"(0'0+*.~3$."R03|15.-@"Z9/(+<',+(49$"Q$+0(493+20@"AqNA@
N[@"667"[^^&[hB7

M^O v$-.$3@" t7" 83+%*,*-+4'," !(6$40(" *2" P*,,+.-" T$'3+.-" E'+,53$(@" W.`" >7&C7" x5*" U$)7V@" 83+D
%*,*-/"j"?5%3+4'.0("'.)"?5%3+4'0+*.@"P+X$<'`"W.8$49{"[BAA7">9'67"[@"667"NN&qf7
<(;&#:=%(;Q:,&>($=%(X#45#&(X54(N=#'5,5=#(!=#5,=%5#1(=$(X9&%",5#1(N=>9=#&#,: IHD
7,,9ABB'C*'=5*=%1BDE*FGGHBFFGIG

MhO G+$3,+49@" H7@" v$-.$3@" t7" d+.2u935.-" )$3" G*31',(6'..5.-(9/6*09$($" 2u3" Y+(493$+D
%5.-"+1"H~,:&v,$+0<*.0'<0@"Lu(($,)*32`"eLW"P$6*30("[Afl@"eLW"H+(($.(2*351{"[BAA7
667"[ll&[qB@"+."v$31'.7
MlO v$-.$3@" t7@" G+$3,+49@" H7" I6$3'0+*.'," P$(+)5'," R03$((" E*31'0+*." +." e+%3'0+*.&?*')$)
P*,,+.-">*.0'40@"!);'.4$("+."i&3'/"!.',/(+(@"e*,7"^[{"[BBk@"667"l[[&lNA7
MkO G+$3,+49@"H7@"v$-.$3@"t7"Y'0$3+',"P$(6*.($"T$'3+.-"8$(0+.-"5.)$3"e+%3'0+*."?*')+.-@
W.`"t7"Y7"T$(#+4<"U$)7V@"!);'.4$("+."P*,,+.-">*.0'40"E'0+-5$"R03$.-09"8$(0+.-"'.)"P$D
,'0$)" R5%(0+050$" 8$49.*,*-+$(@" R8Z" A^fk@" !R8Y" W.0$3.'0+*.',@" H$(0" >*.(9*9*4<$.@
Z$..(/,;'.+'@"wR!@"[BA[7

MqO v$-.$3@" t7@" x5+6$3(" w7@" Y'5.0:@" Y7" G$#" d,$403+4" I.,+.$" I+," >*.)+0+*." Y*.+0*3+.-
R$.(*3"j"'."W..*;'0+*."+."d'3,/"E'+,53$"L$0$40+*."*2"W.)5(03+',"v$'3(@"f09"W.0$3.'0+*.D
'," Y5,0+&>*.2$3$.4$" *." d.-+.$$3+.-" '.)" 8$49.*,*-+4'," W..*;'0+*.@" Aq7&[[&Bl7[BAA@
I3,'.)*@" E,*3+)'@" wR!" [BAA@" Z3*4$$)+.-(" e*,51$" W@" W.0$3.'0+*.'," W.(0+050$" *2" W.2*3D
1'0+4("'.)"R/(0$1+4(@"H+.0$3"v'30$.@"E,*3+)'@"wR!@"[BAA@"667"[Nk&[f[7
MABO v$-.$3@"t7@"x5+6$3("w7@"Y'5.0:@"Y7"C+-9&63$4+(+*."*.,+.$"($.(*3"4*.)+0+*."1*.+0*3D
+.-"*2"+.)5(03+',"*+,("+."($3;+4$"2*3"09$"$'3,/")$0$40+*."*2"4*.0'1+.'0+*."'.)"49$1+4',
'-+.-@" R$.(*3b8$(0" >*.2$3$.4$(" Bl7&Bq7Bh7[BAA@" Gu3.%$3-@" !Y!" R$3;+4$" v1%C@
H5.(0*32@"[BAA@"667"lB[&lBq7

You might also like