!
1! , *! 2 < ! & , '! 2
, $* * ,
5,.5/%&." "& )-)%,.-4(" )( M
&-6"/#-.+ 51%7")D +,1%/D $'+/-"
D7%-$ #%1&5(&#%$-7%RRY'7%-$2,57
#! $ * .
&-6"/#-.+ 51%7")D +,1%/D $'+/-"
D7%-$ %7A"$1%&)5(PY'7%-$2,57
!, '! 8
". %/.-,$" # -&#,/-. )%&# $" ,1%7* )( 3/%&9%-# #(/ 5A;",.-3# #*+,-3-4("#2 $ %A5/)" $"#
)-33-,($.+# $-&'(-#.-4("# )"# %**/"&%&.# )" $% */"7-8/" %&&+" 7+)",-&"2 %&%$>#" )"#
/+#($.%.# ) (& 4("#.-5&&%-/" %(*/8# )" ,"# %**/"&%&.# % 7-# $ %,,"&. #(/ $% &+,"##-.+ ) (&"
35/7%.-5& "& 3/%&9%-# 7+)-,%$2 "# /+#($.%.# &5(# 5&. 5/-"&.+ 6"/# $ %**5/. )"# /+*5&#"#
*+)%'5'-4("# %)%*.+# L ," *(A$-,2 "$$"#D,- #5&. 35/7($+"# #5(# 35/7" )" 75)($" )"
3/%&9%-# 4(- 6-#" $" /"&35/,"7"&. )"# ,57*+."&,"# $%&'%'-8/"# ". $ -&-.-%.-5& %( )-#,5(/#
7+)-,%$2
') /%&9%-# 7+)-,%$ %**/"&%&.# )-33-,($.+# 7+)",-&" ,57*+."&,"# $%&'%'-8/"#2
2 2 & '! 2 & !*2$
8
1-# %/.-,$" -# *%/. 53 .1" 3-"$) 53 /"&,1 35/ #*",-3-, *(/*5#"#2 1" $-&'(-#.-, )-33-,($.-"#
53 .1" 3-/#.D>"%/ 7")-,%$ #.()"&.2 1" %&%$>#-# 53 .1" /"#($.# 53 % 4("#.-5&&%-/" #(/6"> 53 .1"#" $"%/&"/# 1%# 35,(#") 5& .1" &"") 35/ ./%-&-&' -& 7")-,%$ /"&,12 1"#" /"#($.# 1%6"
$") .5 .1" ,5&./-A(.-5& 53 ")(,%.-5&%$ /"#*5&#"# %)*.") .5 .1-# *(A$-,2 1"> %/"
35/7($%.") -& .1" 35/7 53 % /"&,1 75)($" Z1-,1 %-7# %. /"&35/,-&' .1" $%&'(%'" #X-$$#
%&) .1" -&-.-%.-5& 53 .1" 7")-,%$ )-#,5(/#"2
? @) 87")-,%$ /"&,1 $"%/&"/# )-33-,($.-"# 7")-,-&" $-&'(-#.-, ,57*"."&,-"#2
, $* * , G 5,.5/%&." "& )-)%,.-4(" )( M K &-6"/#-.+
51%77") D +,1%/ D &.-.($+ )" $% .18#" ./%.+'-"# ) "&#"-'&"7"&.M%**/"&.-##%'" )(
3/%&9%-# #(/ 5A;",.-3 #*+,-3-4("M .()" )" ,%# /%&9%-# 7+)-,%$ ,1"P $"# +.()-%&.# )"
*/"7-8/" %&&+" 7+)",-&" +,1%/2
"# +.()"# 7+)-,%$"# "& $'+/-" #5&. %##(/+"# "& 3/%&9%-#2 % 7%S./-#" )" ,". 5(.-$ )"
,577(&-,%.-5& "#. &+,"##%-/" *5(/ /+(##-/ (& ,(/#(# (&-6"/#-.%-/" ". */53"##-5&&"$2 " ,"
3%-. $"# 75)%$-.+# )" )+6"$5**"7"&. )" ,57*+."&,"# $%&'%'-8/"# )"# .<,1"# #*+,-3-4("#
B7+)-,%$"#C #5&. .5.%$"7"&. )-33+/"&."# *5(/ )"# .<,1"# /"$"6%&. ) (& ,5&.":." *$(#
'+&+/%$-#."2 5U $ -&.+/0. )" */"&)/" "& ,57*." )"# A"#5-&# #*+,-3-4("# ) (& *(A$-, 6-#+
"& '+/%&. (& ."7*# $-7-.+ *5(/ ,". %**/"&.-##%'" #- #*+,-3-4("2 %&# ," ,5&.":."
%../-A(" %( $% )+3-&-.-5& #(-6%&." ? 3 = +! 3 * + 3 - U7" ! +
5 *! 5 ! U ' 6 * + ! , ! ! +- * 3 +!
+ * ! + 3 = * +! ! * 3 ! * 2B 2 !D 2EFFN
GFQC2 " $"(/ ,=.+ ". %33-/7"&. 4("H ! U =
7 +! 3 * + 3 - / +, / 6 5 ! + ! ! ! ! / - + + ! +
* + ! 2 B ". 2EFFO GIC2 $5/# 4(" $" H
$ +! 2BGQRIC )+3-&-. $"# $%&'("# )" #*+,-%$-.+# ,577" H !
! ! + ! - * - ! ! 5 3 ! ! 5
+, * 5 4* + * ! + 2
5(# &5(# #577"# -&.+/"##+"# L ,". %#*",. ". *$(# */+,-#+7"&. %(: A"#5-&# $%&'%'-"/#2
".." %&%$>#" #"$5& ". _ H* ! ! + * ! + 6 +- !
5 4* + ! +! 3 3 - + 4 + * ! ! 6 ! + !) 5 ! 2
B _ 2EFGF IEC2 5(# */+#"&.5&# )%&# ,". %/.-,$" $"# /+#($.%.# ) (&"
":*+/-"&," ) %&%$>#" )"# A"#5-&# $%&'%'-"/# ) +.()-%&.# %$'+/-"&# -&#,/-.# "& */"7-8/"
%&&+" 7+)",-&" L $ (&-6"/#-.+ )" +,1%/2 % *%/.-,($%/-.+ )" ," *(A$-, /+#-)" )%&# #5& #(-6- ) (& ,(/#(# #,5$%-/" "& %/%A" %6", (& 65$(7" 15/%-/" 7%-'/" ,5&#%,/+ L $% $%&'("
3/%&9%-#" ". $ 1+'+75&-" )" ,"$$"D,- )%&# $" ,(/#(# (&-6"/#-.%-/" )" ," 707" *(A$-,2
%&%$>#" )"# A"#5-&# $%&'%'-"/# ,577" $ %33-/7"&. ". "#.
H ! ! 6 3 5 ! +! ! ! ! ! + * ! + - 5
4 !/ ! 5 - J! * ) ! - ! + + * * )
! ! *, 2B ". 2EFGG OEC2 ".." */5,+)(/" ) %&%$>#"
&5(# % *"/7-# )" /+*5&)/" %( 4("#.-5&&"7"&. #(-6%&. ("$# #5&. $"# A"#5-&# )" ,"#
%**/"&%&.#\ ("$# .>*"# )" )-33-,($.+# $"# "&./%6"&.D-$# \ ("$$"# #5&. $"# #5$(.-5&#
*/+,5&-#+"# *5(/ 6%-&,/" $"(/ 1%&)-,%* $-&'(-#.-4(" \ 577"&. $"(/# "&#"-'&%&.# 35&.D-$#
3%," %(: */5A$87"# $-+# L $% $%&'(" \
' )
5(# +7"..5&# $ 1>*5.18#" #"$5& $%4("$$" $ -)"&.-3-,%.-5& )"# A"#5-&# /+"$# )" ," *(A$-,
*"/7". $% 7-#" "& )-#*5#-.-5& )"# +$+7"&.# )-#.-&,.# %3-& )" 6+1-,($"/ )"# /+*5&#"# %(:
4("#.-5&# )" /",1"/,1" ":*5#+"# ,- )"##(#2 & 5(./" ," *(A$-, & % *%# #"($"7"&. )"#
$%,(&"# ,5&,"/&%&. $% ."/7-&5$5'-" 7%-# %(##- )"# )-33-,($.+# "& ,57*/+1"&#-5& ". "&
*/5)(,.-5& 5/%$" )%&# )-6"/#"# #-.(%.-5&# ) %**/"&.-##%'" L $[-&#.%/ )"# ,5(/# 7%'-#./%(:
".M5( )"# ./%6%(: )-/-'+# %-&#- 4(" )"# "&./%6"# L $% */5)(,.-5& )" $ +,/-.2
5(/ ,5&3-/7"/ 5( -&3-/7"/ &5./" 1>*5.18#" &5(# %65&# "( /",5(/# L (& 4("#.-5&&%-/"2
"$5& ,". 5(.-$ )" /",1"/,1" -&)-#*"&#%A$" H * ! + 3 = B ! ! -
* - !/ / + 3 ! ,B* !,) 3 2B 2!2 EFFN EGGC2
!
5./" 4("#.-5&&%-/" #" #(A)-6-#" "& ./5-# /(A/-4("#2 % */"7-8/" ,5&#-#." L /",("-$$-/ )"#
-&35/7%.-5&# #(/ $" */53-$ )" $ +.()-%&. $% )"(:-87" % *5(/ A(. )" )+'%'"/ $"# )-33-,($.+#
$-&'(-#.-4("# /"&,5&./+"# ". $"(/# &%.(/"# ". $% ./5-#-87" ,5&#-#." L */"&)/" $ %6-# )"#
+.()-%&.# #(/ $ -&#"/.-5& ) (&" 35/7%.-5& "& 3/%&9%-# 7+)-,%$2 5(# %65&# )5&, +$%A5/+
&5./" 4("#.-5&&%-/" #"$5& $"# 6%/-%A$"# #(-6%&."#
"# /%**5/.# %33",.-3# ". ) (#%'" )" $ +.()-%&. 6-#DLD6-# )" $% $%&'(" 3/%&9%-#"2
% &%.(/" )"# )-33-,($.+# $%&'%'-8/"# /"&,5&./+"#2
% &+,"##-.+ )" $ -&./5)(,.-5& ) (& 75)($" )" 3/%&9%-#2
"# -&35/7%.-5&# 5A."&("# L $ %-)" )" ,". 5(.-$ *"/7".."&. #"$5& ".
L H 5 ! ! ! 5 ! 3 * + *! - 5 ! ! + +
! - * 5 ++) + * / * !/ 3 = 6
5 ! 2 B 2!2 2 2EFFO E]C '%$"7"&. *5(/ #5(."&-/
&5./" %&%$>#" &5(# %65&# /",5(/( L (& "&./".-"& ,%/ H + - ! + ! ! ! *
! 5 B / ! ! ! + * ! * ! ! 2 ".
BEFFO EQC ,". +'%/) &5(# %65&# /+%$-#+ (& "&./".-"& #"7-D)-/",.-3 %6", 4(%./" 35/7%."(/# )" )-#,-*$-&"# )" $% */"7-8/" %&&+" 7+)",-&" %3-& )" ,57*$+."/ &5#
-&35/7%.-5 ,". "33". &5(# %65&# ,5&9( )"# 4("#.-5&# 4(- #"/6"&. L
+'%'"/ )"# -&35/7%.-5&# ,5&,"/&%&. $ "&#"-'&%&. $ <'" $% #*+,-%$-.+ $" &57A/"
) %&&+"# ) ":*+/-"&,"#2
5-/ ,577"&. -$# */5,8)"&. )-)%,.-4("7"&. L 3%-/" 3%," %(: */5A$87"# $-+# L $%
$%&'("2
5&&%-./" $"(/# %6-# ,5&,"/&%&. $ -&#"/.-5& ) (& 75)($" )" 3/%&9%-# 7+)-,%$2 V%-$$"(/# &5(# -&./5)(-#5&# ,5&,(//"77"&. )%&# ,". %/.-,$" $"# /+#($.%.# -##(# )"# )"(:
5(.-$#2
)
7 ) )6
5./" *(A$-, "#. ,5&#.-.(+ )" HF +.()-%&.# )5&. $ <'" #" #-.(" )%&# $ -&."/6%$$" )" G] ". EE
%&# B.%A$"%( &aGC J %6", (& *5(/,"&.%'" /"7%/4(%A$"7"&. +$"6+ *5(/ $ <'" )" G] ". EG
%
" #":" 3+7-&-& */+)57-&" ,$%-/"7"&. &5(# %65&# )+&57A/+ NN 3-$$"# ". GR '%/95&#
B3-'(/" &a GC
'" %$"(/# "& *5(/,"&.%'"
" G] L EG %&# Q] `
EE %&# ". *$(# E`
Z 8 6) ) 7 ) :[6
"&#"7A$" )"# %**/"&%&.# -&."//5'+# "#. *%/ %-$$"(/# .-.($%-/" ) (& A%,,%$%(/+%.
#+/-" ? #,-"&,"# )" $% &%.(/" ". )" $% 6-"@2 ".." #+$",.-5& A%#+" #(/ $ 5*.-5& )(
A%,,%$%(/+%. 75&./" 4(" $"# %**/"&%&.# -&#,/-.# "& */"7-8/" %&&+" 7+)",-&" 5&. (& */53-$
,577(&2 1575'+&+-.+ )( */53-$ "#. (& %$$-+ )" .%-$$" 4(- *"(. &5(# *"/7"../" )" )-/"
4(" ," *(A$-, "#. "&.-8/"7"&. 1575'8&" #(/ $" *$%& )" $% ,5&&%-##%&," /"$%.-6" %(
)57%-&" )"# #,-"&,"# &%.(/"$$"# ". )" $% 6-"2
& 6 8 2 5 ) 7 ) B
) 6 6 7 ) 9
&."//5'+# #(/ $"(/# )-33-,($.+# $-&'(-#.-4("# "& 3/%&9%-# ". "& ."/7-&5$5'-" $"# +.()-%&.# )"
*/"7-8/" %&&+" /+*5&)"&. -775)+/+7"&. *%/ $ %33-/7%.-6"2 & "33". ,5&,"/&%&. ,"#
)-33-,($.+# OF -&35/7%."(/# ,5&3-/7"&. $"(/ /+*5&#" *5#-.-6" "& /",5&&%-##%&. 707" $"#
,%*%,-.+# $%&'%'-8/"# 5U $"# -&#(33-#%&,"# #5&. +*/5(6+"#2 ".." %33-/7%.-5& )+65-$" $% */-#"
)" ,5&#,-"&," )"# +.()-%&.# #(/ $"# A"#5-&# $%&'%'-"/# 4(- #" )/"##"&. "&./" $"(/# %,4(-#
$%&'%'-"/# ". $"# */+D/"4(-# L 75A-$-#"/ )%&# $"# &5(6"$$"# #-.(%.-5&# )" ,577(&-,%.-5&
4( -$# %33/5&."/5&. )(/%&. $"(/# ,(/#(# (&-6"/#-.%-/"2 $5/# 4(" GF -&35/7%."(/# %33-/7"&.
4( -$# &" /"&,5&./"&. %(,(&" )-33-,($.+ #(/ $"# )"(: *$%&# L #%65-/ $-&'(-#.-4(" ".
."/7-&5$5'-4("2
%," L $% 1%(##" */5&5&,+" )( *5(/,"&.%'" )" /+*5&#"# %33-/7%.-6"# ,5&,"/&%&. $%
,5&&%-##%&," )" $ ":-#."&," )" A"#5-&# L #%.-#3%-/" &5(# %65&# 4("#.-5&&+ $"# "&#"-'&%&.#2 (%./" "&#"-'&%&.# *"/7%&"&.# ". .-.($%-/"# )" '/%)" )" 7+)",-& %##-#.%&. 5&. %,,"*.+
)" /+*5&)/" L &5# 4("#.-5 $# #5&. ,1%/'+# )"# 75)($"# ) "&#"-'&"7"&. ) 1-#.5$5'-"
'+&+.-4(" *1>#-5$5'-" 1(7%-&" %&%.57-" '+&+/%$"2 -&#- -$# 5&. ,5&3-/7+ 4(" $% 4(%#-D .5.%$-.+ )"# +.()-%&.# 5&. )"# )-33-,($.+# ) 5/)/" $-&'(-#.-4(" ". ."/7-&5$5'-4("
/"7%/4(%A$"# %3-& )" *5(65-/ %**/+1"&)"/ ,577" -$ #" )5-. $"# )-33+/"&.# 75)($"#2 "
#5&. )"# )-33-,($.+# ) %A5/) L ,577(&-4("/ "& $%&'(" ,-A$" /"$"6%&. ) (& 7%&4(" )"
A%'%'" $-&'(-#.-4(" 4(- -&1-A"&. $"(/# -&."/%,.-5&# )(/%&. $"# ,5(/# 7%'-#./%(: ". *%/35-#
-$# /",5(/"&. L $% $%&'(" 7%."/&"$$"2 & #(-." #" )/"##" $ "&./%6" ."/7-&5$5'-4(" 4(- $"#
"7A%//%##" +&5/7+7"&.2
,". +'%/) &5(# %65&# 65($( #%65-/ L 4(5- $"# %**/"&%&.# %../-A("&. $"(/# -&#(33-#%&,"#
$-&'(-#.-4("# ". ."/7-&5$5'-4("#2 "# ]F` B3-'(/" &aNC */+#"&.%&. )"# )-33-,($.+#
# ":*/-7"&. #(/ ,".." ,%/"&," ". $ %../-A("&. )" */-7" %A5/) L $% )(/+" -&#(33-#%&." )"
,5&.%,. %6", $% $%&'(" 6-#+" )%&# $"(/ *%/,5(/# #,5$%-/"2 & "33". $" 65$(7" 1"A)57%)%-/"
,5&#%,/+ %( 3/%&9%-# "#. )" N 1"(/"# *5(/ $"# 3-$-8/"# ? #,-"&,"# )" $% &%.(/" ". )" $%
6-" @)%&# ," *%$-"/2 " ."7*# # %68/" -&#(33-#%&. %3-& )" */+*%/"/ $"# &5(6"%(: A%,1"$-"/# L
#(A-/ (& "&#"-'&"7"&. (&-6"/#-.%-/" *(/"7"&. "& 3/%&9%-#2 ( 3%,."(/ ."7*# # %##5,-" (&
%(./" 3%,."(/ /"$"6%&. )" $% &%.(/" )( 65,%A($%-/" %A5/)+ ". $ (#%'" 7%##-3 )" $%
."/7-&5$5'-" #*+,-3-4("2 8# $5/# $% #*+,-3-,-.+ )( )-#,5(/# 7+)-,%$ "#. %*"/9(" *%/ $"#
%**/"&%&.# ,577" (&" 6+/-.%A$" "&./%6" L $ %**/5*/-%.-5& )"# ,5&&%-##%&,"# )-#*"&#+"#2
%-# %(##- $% */+#"&," ) %(./"# /%-#5&# L #%65-/ $"# %**/"&.-##%'"# )"# ,5&&%-##%&,"#
8
0 %
!
#,-"&.-3-4("# 5&. +.+ /+%$-#+# (&-4("7"&. "& %/%A" ,",- /"&) $ %**/"&.-##%'" )"# #,-"&,"#
7+)-,%$"# (& *"( )-33-,-$"2 ,"$% # %;5(." $% $%&'(" +./%&'8/" %6", $%4("$$" -$# #" #5&.
1%A-.(+# 6+1-,($%&. )"# &5.-5&# '+&+/%$"# 4(- & "&'"&)/"&. *%# &+,"##%-/"7"&. (& $-"&
)-/",. %6", $"# #,-"&,"# 7+)-,%$"#2 -&#- 4(" $% )-33-,($.+ )" *5(/#(-6/" (& ,5(/# 7%'-#./%$
%**%/%-. ,577" (&" #-.(%.-5& -&%,,5(.(7+" *5(/ $% *$(*%/. )"# +.()-%&.#2
& 6 A 8 ) 55 6 6 : 7 7 )
77
1 "# %**/"&.-##%'"# )"# ,5&&%-##%&,"# #,-"&.-3-4("# 5&. +.+ /+%$-#+# (&-4("7"&. "&
%/%A"2
% )(/+" -&#(33-#%&." )" ,5&.%,. %6", $% $%&'(" 6-#+" )%&# $"(/ *%/,5(/# #,5$%-/"2 z % &%.(/" )( 65,%A($%-/" %A5/)+ ". $ (#%'" 7%##-3 )" $% ."/7-&5$5'-" #*+,-3-4("2 o -&%,,5(.(7%&," L *5(/#(-6/" (& ,5(/# 7%'-#./%$2
"# "&#"-'&%&.# *%/ $"(/# %6-# &" 35&. 4(" ,5&3-/7"/ ,"$(- )"# %**/"&%&.# #(/ $"# *5-&.#
#(-6%&.# $"# %**/"&.-##%'"# )"# ,5&&%-##%&,"# 5&. +.+ /+%$-#+# (&-4("7"&. "& $%&'("
%/%A" %-&#- 4(" $" ."7*# ) %**/"&.-##%'" )" $% $%&'(" 3/%&9%-#" $-7-.+ L 4("$4("# 1"(/"#
*%/ #"7%-&" %( #",5&)%-/" # %68/" ./8# )+3",.("(:2
A : ) 5 H
5(# &5(# #577"# *"&,1+# #(/ $% 4("#.-5& )" $ -&#"/.-5& ) (& 75)($" )" 3/%&9%-#
7+)-,%$ )%&# ," ,%)/" #(-6%&. $ %6-# )" ". 2 "# )"/&-"/#
%33-/7"&. $ (.-$-.+ )" $% 7-#" "& *$%," ) (&" 35/7%.-5& $-&'(-#.-4(" 4(%&) $"# H +
* + ! ! 3 = # B ! + * ! + 3 = +
+ * / ! 3 ! ! - 6 ! ! ! J! 6 5 ! 2 B 2!2
2 2EFFO GOC %&# &5./" %&%$>#" $% *$(*%/. )"# +.()-%&.# #5$$-,-."&.
$ -&./5)(,.-5& ) (& 75)($" )" 3/%&9%-# 7+)-,%$2 /"&."D#"*. /+*5&#"# %33-/7%.-6"# L $%
4("#.-5& ? "/%-.D-$ #5(1%-.%A$" ) -&./5)(-/" (& 75)($" )" 3/%&9%-# 7+)-,%$ \ @ 5&. +.+
/"$"6+"# ,5&./" N /+*5&#"# )+#-/%&. ? $% ./%)(,.-5& )( $":-4(" 7+)-,%$ "& %/%A" @2
-&#- ,".." 65$5&.+ )" $ %**/"&.-##%'" ) (&" $%&'(" #*+,-3-4(" #" /"3$8." *%/ (&"
75.-6%.-5& )( *(A$-, )" */"7-8/" %&&+"2 & "33". $"# %**/"&%&.# )( #" #*+,-3-"&.
%(##- *%/ $"(/ 75.-6%.-5& #5($-'&" 4( ? ! ! + +! + * + ! ! 2
BEFFE GIC
,". "33". %/.-&"P &5." 4(" , "#.H ! ! ! ! 6 F ** ! F /
6 !B* ! / ! +, - * 3 2 BEFGG NNC2 "$$"D,-
*"(. 0./" (& 6+/-.%A$" %.5(. *5(/ $% /+(##-." )" $ +.()-%&. $5/#4( "$$" "#. */+#"&."2 %&# $"
.%A$"%( ,-D)"##5(# &5(# +.%$5&# $"# %6-# #(/ $ -&./5)(,.-5& ) (& 75)($" )" 3/%&9%-#
7+)-,%$2
& 6 8 : ) ) : ) 5 H )
7 ) 77
GD % #5$$-,-.%.-5& )" $ -&./5)(,.-5& ) (& 75)($" )" 3/%&9%-# 7+)-,%$2
5 ) 7) 55 6 6 E :)
) )6
5(# %65&# "##%>+ )" ,"/&"/ $"# )-33-,($.+# 7%&-3"#.+"# "& /"*+/%&. $"# )57%-&"# 5U $"
A"#5-& "#. $" *$(# ":.+/-5/-#+2 " )+*5(-$$"7"&. )"# /+#($.%.# )+65-$" $"# *5-&.# #(-6%&.#
9 )
"# %,.-6-.+# 5/%$"# $-+"# L $% /+,"*.-5& 5( L $% */5)(,.-5& #5&. *5(/ $"# +.()-%&.# $"#
.<,1"# $"# *$(# %/)("#2 33",.-6"7"&. )"# .%(: +$"6+# #5&. &5.+# *5(/ $"# -."7# ? *5#"/
)"# 4("#.-5&# #(/ $" *$%& 5/%$ @ ". ? $" 3"")A%,X @ ? %6", )"# .%(: /"#*",.-3# )" HF` ". )"
NR H`2 (-6-" )" .%(: 75-&# +$"6+ )" GE H` /"#*",.-6"7"&. *5(/ $ -."7 ? */-#" )" &5."#
*"&)%&. $" ,5(/# 7%'-#./%$ @2 & 5(./" $ %'"&,"7"&. )" ,"# %,.-6-.+# 5/%$"# #"7A$" "&
,5&,5/)%&," %6", $% ,%.+'5/-#%.-5& )"# )57%-&"# #5$$-,-.+# L 0./" 5A;". ) %**/"&.-##%'"2 -&'. -&35/7%."(/# )+#-/"&. )+6"$5**"/ )"# ,57*+."&,"# L $ 5/%$ )5(P" *5(/ $ 1%A-$-.+ L
? +,5(."/ @ ". 1(-. *5(/ $ 1%A-$-.+ L ? *%/$"/ @2 #"/ *%/$"/ "#. (&" ,57*+."&," */-75/)-%$"
,577" $" &5." H + ! ! + H 4 ) 2 ! * + !
* + ! 2 %-# %(##- ,".." ,57*+."&," #"$5& $" 707" %(."(/ H ! * 33 + 6 +- ! +5 ! * ! ! * * 2B 5/,1"/ GQQH OHC2
& 5(./" "& "##%>%&. )" )-#,"/&"/ (& $-"& "&./" $"# ,57*+."&,"# #5(1%-.+"# ". $" .>*"
) %,.-6-.+# 4(- *5(//%-"&. 0./" */-#"# "& ,1%/'" *%/ $" 75)($" */5*5#+ ". ,/+"/ )" 6/%-#
"&;"(: )" ,577(&-,%.-5& % #(#,-.+ &5./" -&.+/0.2 ,". "33". ". .5(. "& ."&%&. ,57*."
)"# %.."&."# )"# +.()-%&.# &5# #(''"#.-5&# 5&. )5&&+ (&" -7*($#-5& L )+6"$5**"/ $%
,57*+."&," 5/%$" *%/ $" A-%-# )" $% */%.-4(" )" $ +,5(." ,-A$+" *%/ (& 6-#-5&&%'" )"
#(**5/.# %(.1"&.-4("# #(-6- )" 4("#.-5&&"7"&.# ". )" )-#,(##-5&# %&-7+"# *%/ $"
7+)-%."(/2 %&# ,"# ,-/,5&#.%&,"# -$ &5(# *%/%-. 5**5/.(& %(##- )" /",5(/-/ %( "&
":*$5-.%&. $" $%A5/%.5-/" )" $%&'("# B*5(/ $ 5/%$ ". $ +,/-.C 7-# L $% )-#*5#-.-5& )" &5./"
+4(-*" *+)%'5'-4("2 & "33". $ -&.+'/%.-5& )"# "#. %(##- (& %.5(. 7%;"(/ 3%65/-#%&.
$ -&."/%,.-5& ". $ +,1%&'"2 %&# ,".." *"/#*",.-6" &5(# %65&# +$%A5/+ .5(. (& */5'/%77"
)" 35/7%.-5&2 5(# %(/5&# $ 5,,%#-5& ) +.%>"/ ,"$(-D,- B"& )"15/# )" ,". %/.-,$"C2 ,".
!
+'%/) &5(# %65&# *( "&/"'-#./"/ )"# .%(: /%**/5,1+# HE H` *5(/ $" 6-#-5&&%'" ". OR O`
*5(/ $" $%A5/%.5-/" )" $%&'("#2
"# %.."&."# #5&. ,57*%.-A$"# %6", $"# *5-&.# )" 6(" )"# "&#"-'&%&.# 4(" &5(# %65&#
4("#.-5&&+# ". 4(- ,5&&%-##"&. +&5/7+7"&. $ -7*5/.%&," )" $ ":*/"##-5& 5/%$"2 % 7%;5/-.+ )"# +.()-%&.# #" A$54("&. *5(/ # ":*/-7"/ ". $" /",5(/. L $% $%&'(" 7%."/&"$$"
# %68/" 6%-&2 5(/ ,"# 35/7%."(/# $% ./%)(,.-5& )" $% ."/7-&5$5'-" 7+)-,%$" "#. (&
*/5,+)+ -&"33-,%," ". &" #5$(.-5&&" *%# ,".." #-.(%.-5&M*/5A$87"2 9
"# )-33-,($.+# *$(# %( 75-&# $+'8/"7"&. +*/5(6+"# ,5&,"/&"&. $"# %,.-6-.+# +,/-."#2 "#
.%(: #5&. )" NF` ". )" GE H` *5(/ $"# -."7# ? $-/" ". ,57*/"&)/" (& .":." #,-"&.-3-4(" @
". ? 3%-/" (&" #>&.18#" @2 . (& .%(: 7-&-7" *5(/ $ -."7 ? */5)(-/" (& .":." @2 "
,$%##"7"&. )"# %,.-6-.+# +,/-."# & "#. *%# )%&# ," ,%# "& %)+4(%.-5& %6", $% #+$",.-5& )"#
)57%-&"# )"7%&)+# L 0./" 5A;". ) %**/"&.-##%'"2 "*. -&35/7%."(/# )+#-/"&. )+6"$5**"/
$"(/# ,57*+."&,"# L $ +,/-. /+,"*.-5& ". 6-&'.D".D(& )+#-/"&. )+6"$5**"/ )"# 1%A-$".+# L $%
*/5)(,.-5& )" $ +,/-.2
%/ %-$$"(/# $"# .>*"# ) %,.-6-.+# */5;".+# *5(/ (&" */-#" "& ,1%/'" *%/ $" 75)($" */5*5#+
#5&. "& /"$%.-5& +./5-." %6", $"# )57%-&"# )+;L ,-.+#2 % 1%(##" )"# .%(: "#. /"7%/4(+"
,5&,"/&%&. $% $",.(/" ". $% */5)(,.-5& )"# .":."# #,-"&.-3-4("# %6", )"# 6%$"(/# )" NR H`
". NH`2 &" %('7"&.%.-5& )" .%(: *5(/ ? $ %&%$>#" )( )-#,5(/# 7+)-,%$ @ "#. ./8#
)-#.-&'(+" %(##-2 % 6%$"(/ 5A."&(" "#. )" ER H`2
"# +.()-%&.# ":*/-7"&. 6-6"7"&. $ (.-$-.+ )" $% $",.(/"2 "$$"D,- # %68/" (&" .<,1"
,57*$":" #"$5& ". H , ! ! + * 4 8 5 ! *
+ * ! + - * !N! ! ! * + * ! ! +! / - - + * ! /
!! ! , ! * + 3 - * ! + ! ! ! 5 3 !
+ ! - + * ! + + ! + * * * 4 * / 5 !! ! / ! /
5 *! ! ! +! / + + - ! ! 5 ! 2
BGQQO EOC2 & "33". $% /+%$-#%.-5& )" ,".." .<,1" %**"$$" $%
75A-$-#%.-5& )" *$(#-"(/# ,57*+."&,"# ,5'&-.-6"#2 ! ".
BGQQI GFOC &5."&. 4("H * + * ! 4! / +! ! ! ! 3 !
! - ! ! - 5 ! ! ! ! 4: ! ! ! 5 !
5 ! + ! 4 + 4 ! 4/ * N 3 +! !/ / +
! * , ! B ! / * * ! : 2
& #577" $ "&#"7A$" )"# +.()-%&.# #5(1%-."&. )+6"$5**"/ )"# ,57*+."&,"# ". "&
*%/.-,($-"/ "& */5)(,.-5& #(/ $"# *$%&# )" $ +,/-. ". )" $[5/%$ + H * 5 ** !/
+ + + +!) ! - * - ! + + ! 3 - ! * ! !
* +! 2B EFFE NNFC2
9 7) 7 B
"# %,.-6-.+# *5(/ (.-$-#"/ $"# ."/7"# 7+)-,%(: #5&. /"##"&.-"# ,577" )-33-,-$"#2 & .%(:
"#. )" IF` /"#*",.-6"7"&. *5(/ $ -."7 ? $"# )-33-,($.+# $-+"# %( &5(6"%( )( $":-4("
(.-$-#+ @2 " ,$%##"7"&. )"# %,.-6-.+# *5(/ */%.-4("/ $"# ."/7"# 7+)-,%(: "#. "& %)+4(%.-5&
%6", $% #+$",.-5& )"# )57%-&"# )"7%&)+# L 0./" 5A;". ) %**/"&.-##%'"2 /"&."D#"*.
-&35/7%."(/# #5(1%-."&. )+6"$5**"/ )"# ,57*+."&,"# )%&# $% ."/7-&5$5'-" 7+)-,%$"2
& *$(# $" 75)($" */5*5#+ #5(1%-." */"&)/" "& ,1%/'" %(##- $" ,5.+ ."/7-&5$5'-4("2
%A5/) *%/ $% */+#"&.%.-5& )" $% ."/7-&5$5'-" 7+)-,%$" 6-% $ (.-$-#%.-5& )"# #(**5/.#
6-#("$# ". )"# $-#."# )" ."/7"# #"$5& $ (&-.+ $" .187" 5( $ 5/'%&"2 &#(-." $"# %,.-6-.+# *5(/
*/%.-4("/ ,".." ."/7-&5$5'-" #5&. %(##- %A5/)+"#2
&" ":*/"##-5& )"# %.."&."# )"# %**/"&%&.# ,5&,"/&%&. $" A"#5-& )" */%.-4("/ $" $":-4("
7+)-,%$ "#. &5.%A$"2 " )"/&-"/ #" ,%/%,.+/-#" *%/ $% #*+,-3-,-.+ 4(- )"7"(/" )%&# $ "7*$5- ) (& $":-4(" )" )+#-'&%.-5& ". )" &57"&,$%.(/" H 5 4 + ! + - + * ! !
* + ! * ! 6 4 - H + +!) - ! 3 ! -
+ S! 3 ! - 5 ! * ! ! ! 6 ! 2 BEFFRC2 ,".
"33". (&" ,57*/+1"&#-5& ". (&" ":*$-,%.-5& )" ," $":-4(" #5&. #(33-#%&."# *5(/ +,$%-/"/
$ %**/"&%&. )%&# ," ,%)/"2 %/ ,5&./" , "#. $" 65,%A($%-/" ,5(/%&. ". $% *5$>#+7-" 4(-
*"(6"&. *%/.-,($-8/"7"&. *5#"/ */5A$87" ,5&)(-/" L $% ,5&3(#-5& ". )+/5(."/ $"#
+.()-%&.#2
% &+,"##-.+ )" $ -&#"/.-5& ) (& 75)($" )" 3/%&9%-# 7+)-,%$ #" /"3$8." ,1"P $"# +.()-%&.# )"
$% */"7-8/" %&&+" 7+)",-&" )" $ (&-6"/#-.+ 51%7") )" +,1%/ *%/ $"(/
":*/"##-5& 6-6" )"# A"#5-&# $%&'%'-"/#2 ,". +'%/) $% ,5&,"*.(%$-#%.-5& ) (& */5'/%77"
)" 35/7%.-5& $-&'(-#.-4(" ;5-'&%&. -&-.-%.-5& %( )-#,5(/# 7+)-,%$ ". /"&35/,"7"&. )"#
,57*+."&,"# $%&'%'-8/"# "#. (&" */-7%(.+ *5(/ /+*5&)/" %(: %.."&."# )" ," *(A$-,2 (.-$-#%.-5& )( $%A5/%.5-/" )" $%&'("# 7($.-7+)-% B#.()> GEFFC %-)"/%-. L %7+$-5/"/ $"#
%*.-.()"# L $ 5/%$ ". L $ +,/-. 6( $"# 35&,.-5&&%$-.+# *+)%'5'-4("# )" ," $%A5/%.5-/"
1%(."7"&. .",1&-4("2
& #577" $"# %**/"&%&.# #5(1%-."&. %A5/)"/ ,".." $%&'(" ,5&6"&%A$"7"&. "& 6("
) %,4(+/-/ (& #%65-/ #,-"&.-3-4(" 6-% )"# 75>"&# 75.-6%&.# ". )"# 7+.15)"# ,"&./+"# #(/
"(: ,%/ -$# /"*/+#"&."&. (& +$+7"&. ,$+ )%&# $" */5,"##(# ) "&#"-'&"7"&.M%**/"&.-##%'"2 / $ -7*5/.%&. "#. )" 3%-/" %'-/ ,1%4(" %**/"&%&. ". $ %7"&"/ L %65-/ $ -7*$-,%.-5&
$%&'%'-8/" $% *$(# )"&#" *5##-A$"2 & "33". )%&# (&" *"/#*",.-6" ,$%-/"7"&.
,577(&-,%.-5&&"$$" ". %,.-5&&"$$" $% ,5&;('%-#5& )"# )"(: %:"# $" ". # %68/"
+6-)"&." *5(/ /+*5&)/" *"/.-&"77"&. %(: A"#5-&# )" ," *(A$-,2 & 5(./" &5./" 5A;",.-3
"#. )" 3%-/" %,4(+/-/ )"# ,57*+."&,"# $%&'%'-8/"# ". */5,+)(/%$"# %(: +.()-%&.#2 "#
)"/&-8/"# *"/7".."&. %(: %**/"&%&.# )" ,577(&-4("/ %-#+7"&. "& 3/%&9%-#2 5#
*"/#*",.-6"# #5&. )" *5(/#(-6/" ,".." /",1"/,1" *"&)%&. .5(. $" ,(/#(# (&-6"/#-.%-/" )"#
+.()-%&.# "& 7+)",-&"2
!
# )6 7
&#"-'&"/ $" 3/%&9%-# )" #*+,-%$-.+ ,5&57-,% %/-# EFFE2
_ ? " 3/%&9%-# )%&# $ "&#"-'&"7"&. (&-6"/#-.%-/" %$'+/-"&
"&;"(: $-&'(-#.-4("# ". )-)%,.-4("# @ & U = 0 ",1"/,1"# ".
%**$-,%.-5 !%&6-"/ EFGF &aORU ! * 3 = 2 %/-#
&."/&%.-5&%$2
!D $ +! +! - 3 = ! ) ! + %/-#
&."/&%.-5&%$ EFFN2
!D 5(/# )" )-)%,.-4(" )( 3/%&9%-# $%&'(" +./%&'8/" ". #",5&)"2 /"&5A$" EFFE2
! I ! +! 4 ) !, -
! * + ! ! - / /(:"$$"# " 5",X GQQO EO2
! ! 2 GQQI ? 6%$("/ $"# )-33-,($.+# )" $",.(/" ,1"P $ %)($." @2 &
! 6%$("/ $"# %**/"&.-##%'"# $"# %**5/.# )" $% *#>,15$5'-" ,5'&-.-6"2 /(:"$$"# " 5",X GQQI2
!D 2 " 3/%&9%-# #(/ 5A;",.-3 #*+,-3-4(" )" %&%$>#" )"#
A"#5-&# L $ +$%A5/%.-5& ) (& ,5(/#2 %/-# %,1".." BEFFOC2
2 2 +! - -:-87" +)-.-5& EFGG2
B
< ) B 7 5 8
'" )" G]DEG%&# EE%&# ". *$(#
":" 7%#,($-& 3+7-&-&
GM ( ,5(/# )" 65./" */"7-8/" %&&+" "& 3%,($.+ )" 7+)",-&" %6"PD65(# %33/5&.+ )"#
)-33-,($.+# \
(- 5&
EM - 5(- 4("$$" "#. $% &%.(/" )" ,"# )-33-,($.+# \ D " &-6"%( ) +.()" "& 3/%&9%-# '+&+/%$ \ D " 3%-A$" &-6"%( "& $%&'(" 3/%&9%-#" \
D " &5(6"%( $":-4(" (.-$-#+ \
(./"#eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeee2
NM ("$$"# #5&. $"# ,%(#"# )" ,"# -&#(33-#%&,"# $-&'(-#.-4("# ". ."/7-&5$5'-4("# \
D "# %**/"&.-##%'"# )"# ,5&&%-##%&,"# #,-"&.-3-4("# 5&. +.+ /+%$-#+# (&-4("7"&. "& %/%A"
D % )(/+" -&#(33-#%&." )" ,5&.%,. %6", $% $%&'(" 6-#+" )%&# 65./" *%/,5(/# #,5$%-/"
D % &%.(/" )( 65,%A($%-/" %A5/)+ ". $ (#%'" 7%##-3 )" $% ."/7-&5$5'-" #*+,-3-4("
D -&%,,5(.(7%&," L *5(/#(-6/" (& ,5(/# 7%'-#./%$
OM ("$$"# #5&. $"# .<,1"# $"# *$(# )-33-,-$"# L /+%$-#"/ #(/ $" *$%& )" $ 5/%$\
D 5#"/ )"# 4("#.-5&# #(/ $" *$%& 5/%$
D +(##-/ (& 3"")A%,X D /"&)/" )"# &5."#
HM ("$$"# #5&. $"# .<,1"# $"# *$(# )-33-,-$"# L /+%$-#"/ #(/ $" *$%& )" $ +,/-. \ D -/" ". ,57*/"&)/" (& .":." #,-"&.-3-4("
D %-/" (&" #>&.18#"
D /5)(-/" (& .":."
IM 5/# )" $% /+6-#-5& )" 65# ":%7"&# /"&,5&./"PD65(# )"# )-33-,($.+# \
(- 5&
RM ("$ .>*" )" )-33-,($.+# \
! D 5/)/" $-&'(-#.-4("
D 5/)/" ."/7-&5$5'-4("
]M "/%-.D-$ #5(1%-.%A$" ) -&./5)(-/" (& 75)($" )"
D /%&9%-# '+&+/%$
D /%&9%-# 7+)-,%$
D "# )"(:
D (./"#
*/5*5#-.-5&#eeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeee2
QM 5(/ */%.-4("/ $% $%&'(" 5/%$" 5*."PD65(# *5(/
D " 6-#-5&&%'" )" #(**5/.# %(.1"&.-4("#
D " $%A5/%.5-/" )" $%&'("#
GFM 5(/ */%.-4("/ $% $%&'(" +,/-." 5*."PD65(# *5(/
D % $",.(/" ". $% ,57*/+1"&#-5& ) (& .":." #,-"&.-3-4("
D % */5)(,.-5& ) (& .":." #,-"&.-3-4("
D %&%$>#" )( )-#,5(/# 7+)-,%$
' 9) ) ) )
5)($" 3/%&9%-# *5(/ $% */"7-8/" %&&+" 7+)",-&"
A;",.-3 '+&+/%$ %-/" %,4(+/-/ %(: +.()-%&.# )" */"7-8/" %&&+" )" 7+)",-&" $"#
,57*+."&,"# )" $ 5/%$ )" $ +,/-.2 "# )"(: ,57*+."&,"# #5&. #(A)-6-#+"# ,577" #(-.
GC 57*+."&," )" $ 5/%$ ,57*/+1"&#-5& 5/%$" ":*/"##-5& 5/%$" ". +,/-. 5/%$-#+2 EC 57*+."&," )" $ +,/-. ,57*/+1"&#-5& )" $ +,/-. ":*/"##-5& +,/-."2
/5'/%77" #(''+/+
G8/" #+%&,"
"#. )-%'&5#.-4(" B "#. ) +6%$(%.-5& )" &-6"%(C
/+#"&."PD65(# e2 5# %7A-.-5&# e 5# /06"# e2 .,
$%##"7"&. )"# */-5/-.+# $%##-3-,%.-5& )"# "//"(/# J ./%6%-$ )" /"7+)-%.-5&
E87" #+%&,"
$%#1DA%,X '/%77%.-,%$
/+#"&. ". #"# 35&,.-5&# "#,/-*.-5& ". 6+/-.+ #,-"&.-3-4("#
5-: *%##-6" */+#"&. -7*%/3%-. ". *%##+ ,57*5#+
5/7"# -&."//5'%.-6"# ". &+'%.-6"#
N87" #+%&," +.15)5$5'-"
+.15)5$5'-" ". .",1&-4("# )" ./%6%-$ 577"&. /+#(7"/ (& .":."
577"&. )+'%'"/ $"# -)+"# )-/",./-,"# ) (& .":."
577"&. *5#"/ )"# 4("#.-5&#
577"&. )+A%../" (& #(;".
577"&. ":*/-7"/ (&" 5*-&-5&
577"&. /+3(."/ (&" 5*-&-5&
577"&. */+#"&."/ (& ":*5#+
577"&. */"&)/" &5."
O87" #+%&," "/7-&5$5'-"
"/7" "& ,5&.":."
5/7%.-5& )"# 75.# #,-"&.-3-4("# ". 7+)-,%(:
"# */+3-:"# ". $" #(33-:"#
H87" #+%&," /%)(,.-5&
!
D 577"&. 1(7%&-#"/ (&" ./%)(,.-5& %(.57%.-4(" "# -&."/3+/"&,"# $-&'(-#.-4("# "&./"
$ %&'$%-# ". $" 3/%&9%-#2
D ",1&-4("# )" ./%)(,.-5& #-7($.%&+"# ". ,5&#+,(.-6"# )" $ %&'$%-# 6"/# $" 3/%&9%-#
D 57*/+1"&#-5& 5/%$"
-)+5# aG $"# %&.-5:>)%&.# " 4( -$ 3%(. 7%&'"/2 -)+5# aE "# %$-7"&.# %&.-D-&3$%77%.5-/"#
:"/,-,"# +*5&)"P %(: 4("#.-5&#
"7*$-##"P $"# ./5(#
/%6%(: -/-'+#
a G
D "$"6"P )"# ."/7"# ". )+,57*5#"PD$"# "& /%,-&"# ". #(33-:"#
D ".."PD$" )%&# (& ,5&.":." )" 65./" ,15-:
D 1"/,1"/ $"# ."/7"# (.-$-#+# *%/ )%&# 65# ,5(/# ". *5$>,5*-+# ". ,$%##"P $"# "& /%,-&"
*/+3-:"# ". #(33-:"#
D %-."# (& '$5##%-/" %$*1%A+.-4(" *5(/ ,1%4(" 75)($" 1-7-" A-5,1-7-" 1-#.5$5'-"
%&%.57-" e2 .,2
D ".."P "& ,5&.":." $"# ."/7"# )" 65./" ,15-: )%&# )"# )+3-&-.-5
a E :*5#+#
187"# #(''+/+#
,5$5'-" ". #%&.+
%&.+ ". A-"& 0./"
(./-.-5& ". #%&.+
*5/. ". #%&.+
%( ". #%&.+
aN 5&./=$" ,5&.-&( %( .5(/ )( .187" )" $ "%( !5(/&+" /5(*" G ". '/5(*" E ,577"&. */+#"/6"/ $ "%(
"# %:"# #(''+/+# %6", ". -)+5#
:" G "%( #5(/,"# 6-.%$"
:" E "%( % (&" 7+75-/"
:" N "%( ". $% #%&.+
%(#"
+A%.
("#.-5&# %(: -&."/6"&%&.#
+*5&#"# )"# -&."/6"&%&.#
