HAL Id: tel-00752608
https://tel.archives-ouvertes.fr/tel-00752608
Submitted on 16 Nov 2012
HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Rendre compte des effets des interventions tutorales à travers une approche orientée indicateurs
Aina Lekira Rasoavelonirina
To cite this version:
Aina Lekira Rasoavelonirina. Rendre compte des effets des interventions tutorales à travers une approche orientée indicateurs. Education. Université du Maine, 2012. Français. �NNT : 2012LEMA1011�. �tel-00752608�
Université du Maine
Laboratoire d'Informatique de l'Université du Maine
Rendre compte des effets des interventions du tuteurs à travers
une Approche Orientée Indicateurs THÈSE
présentée et soutenue publiquement le 02 juillet 2012
pour l'obtention du diplôme de
Doctorat de l'Université du Maine
(spécialité informatique)
par
Aina LEKIRA RASOAVELONIRINA
Composition du jury
Président : Rapporteurs :
Examinateurs :
Sébastien George Maître de conférences (HDR) à l'INSA de Lyon Angélique Dimitracopoulou Professeur à University of Aegean
Christophe Choquet Professeur à l'université du Maine
Viviane Guéraud Maître de conférences (HDR) à l'Université Stendhal Grenoble 3
Pascal Leroux Professeur à l'université du Maine Université
du
Maine
U
Christophe Després Maître des conférences à l'université du Maine
!
!"#"$%&"#"'()
!"# $"%"$&'"# ()*&)+# ,"$-./0 %-1# 2'$"&3".$# 2"# 345*"0 26)7-'$# 8$'*# +"# 3"%8*0 %)+9$:# *"*
-&&.8)3'-1*#8$"1)13"*0 2"#%"#$"1&-13$"$#"3#2"#%"#&-1*"'++"$;
!"#3'"1*#:9)+"%"13#<#$"%"$&'"$#=4$'*3-84"#>"*8$:*#8-.$#)7-'$#)**.$:#+6"1&)2$"%"13#2"
&"33"#345*"#"3#8-.$#%6)7-'$#)'2:#<#)&?.:$'$#2"#+)#$'9.".$#*&'"13'@'?."#3-.3#).#+-19#2"#&"*
)11:"*#2"#$"&4"$&4";
!"# $"%"$&'"# A19:+'?."# >'%'3$)&-.8-.+-.# "3# B'7')1"# C.:$).2# ?.'# -13# )&&"83:# 26D3$"
$)88-$3".$*# 2"# &"# 3$)7)'+# 2"# $"&4"$&4"0 8-.$# +".$*# $"%)$?."*# <# +)# @-'*# '13:$"**)13"*# "3
&-1*3$.&3'7"*;
!"#$"%"$&'"#E:F)*3'"1#C"-$9"#"3#=4$'*3-84"#=4-?."3#26)7-'$#)&&"83:#2"#@)'$"#8)$3'"#2"
%-1#G.$H#2"#345*"; E:F)*3'"1#%6)#2-11:#+"#9-I3#2"#+)#$"&4"$&4"#"1#JKAL +-$*#2"#%-1#*3)9"
2"#M)*3"$0 ?.6'+#)#"1&)2$:;
M"*#$"%"$&'"%"13*#7-13#<#('"$$"#!)&-F-1'0 +6.1#2"*#8$-%-3".$*#2.#8$-G"3#2"#$"&4"$&4"
).?."+#G6)'#8)$3'&'8:#"3#?.'#)#:3:#+<#2"8.'*#+"#2:F.3;
M"$&'#<#>-%'1'?."#(H#8-.$#*-1#*-.3'"1#"3#*)#8$:*"1&"; N-*#2'*&.**'-1*#3)13#*&'"13'@'?."*
?."#8+.*#+:95$"*#%6-13#F").&-.8#)88-$3:;
="#3$)7)'+#16).$)'3#8)*#8.#)7-'$#+'".#*)1*#+)#8)$3'&'8)3'-1#2"*#3.3".$*#2.#M)1*#"3#2"#,)7)+
?.'# -13# 8)$3'&'8:# )./# "/8:$'%"13)3'-1* O =4$'*3-84"0 ('"$$"0 E:F)*3'"10 M)1."+0 !:$P%"0 ,-Q&#"30 *)1*#+6)**'*3)1&"#3"&41'?."#2"#=+:%"130 R"7)0 J3'"11"#"3#!.+'"1;
!"#$"%"$&'"#E'%-1#("3'3ST"1).2#26)7-'$#8$'*#+"#3"%8*#8-.$#%"#@)'$"#2:&-.7$'$#+"*#2'7"$*
3"*3*# *3)3'*3'?."*0 "3# 1-3)%%"13# +"# US3"*3; E-1# &-.8# 2"# 8-.&"# @.3# .1# 7$)'# 8+.*# +-$*# 2"# +) 84)*"#26)1)+H*"#2"*#2-11:"*;
!"# 16-.F+'"# 8)*# +"*# %"%F$"*# 2"# +6:?.'8"# KJAKL "3# "1# 8)$3'&.+'"$# >'"%# (4)%# R4'# N9-&
)7"&#?.'#G6)'#8)**:#?."+?."*#1.'3*#F+)1&4"*#<#@)'$"#2"*#3"*3*#"1#7."#2"*#"/8:$'%"13)3'-1*;
M"$&'#:9)+"%"13#<#3-.*#+"*#).3$"*#%"%F$"*#2.#,KVM "3#2.#2:8)$3"%"13#K1@-$%)3'?."#2"
+6V1'7"$*'3:#2.#M)'1"#8-.$#&"*#F-1*#%-%"13* O 8).*"#&)@:0 %-3*#@+:&4:*0 2'*&.**'-1#*.$#+"*
9""W*0 "3&; J3#"1#8)$3'&.+'"$0 %"*#7-'*'1X"Y*#2"#F.$").#8-.$#3-.*#+"*#%-%"13*#2"#8)$3)9" O
=)$-+"0 ,.2-7'&0 ()3$'&')0 M)34'+2"0 N-.$#"3#EH+7'";
!"#3'"1*#<#$"%"$&'"$#%)#@)%'++"#"3#%"*#)%'*#8-.$#+".$#8$:*"1&"#"3#+".$#*-.3'"1; V1#%"$&' 8)$3'&.+'"$#<#%)#%5$"#8-.$#%6)7-'$#2-11:#+"#9-I3#2"*#:3.2"*;
!6)2$"**"# "1@'1# .1# 9$)12# %"$&'# <# 3-.3"*# +"*# 8"$*-11"*# ?."# G6)'# &P3-H:"*# "3# )7"&# ?.' G6)'# &-++)F-$:# 3-.3# ).# +-19# 2"# &"33"# 345*"0 8-.$# )7-'$# 8)$3'&'8:0 &4)&.1"# <# +".$# %)1'5$"0
<#+6)F-.3'**"%"13#2"#&"#3$)7)'+;
9 BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
!"##$%&'
()*&"+,-*%") ./
!"#$%&$%'(%')%*+%)*+% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -.
/012%#$3'(%'4)"50126$789% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -:
;5<%*$7=3'(%')%*+%)*+% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , >?
@1$+"("0"A7%'(%')%*+%)*+% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , >- B06#'(%'06'$+C3% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , >D . 0-*%1%*234+,4*,*',& 5 %+')*%6%-$*%")4'*4%)3*&,#')*$*%") 78 -,- E%'$9$%9)'(6#3'0F6*$7G7$1'(F6**"246A#%2%#$ , , , , , , , , , , , , , , , , , , , , >:
-,-,- E6'#"$7"#'(%'$9$%9) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , >:
-,-,-,- H%'0F%#3%7A#6#$',,, 69'$9$%9) , , , , , , , , , , , , , , , , , , , , >:
-,-,-,> E%'$9$%9) I )J0%3K ="#*$7"#3 , , , , , , , , , , , , , , , , , , , , , L- -,-,> E6')1A906$7"#'(%'0F6*$7G7$1'M(%'0F644)%#6#$N , , , , , , , , , , , , , , , , , L>
-,> O"#(%2%#$'$+1")789%'39)'0F69$"P)1A906$7"#'$9$")60% , , , , , , , , , , , , , , , LD -,>,- E6'#"$7"#'(F69$"P)1A906$7"# , , , , , , , , , , , , , , , , , , , , , , , , , , LD -,>,> EF69$"P)1A906$7"#'$9$")60% , , , , , , , , , , , , , , , , , , , , , , , , , , , LQ -,L H%3*)74$7"#'(%3'4)"*%3393'0713'69&'6*$7G7$13'(9'$9$%9) , , , , , , , , , , , , , , L:
-,D R#3$)92%#$6$7"#'(%3'6*$7G7$13'(9'$9$%9) , , , , , , , , , , , , , , , , , , , , , , D>
-,D,- ;9$703'3944")$'S'06')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$ , , , , , , , , D>
-,D,-,- TUUVR@ I' 9#' %#G7)"##%2%#$' 4"9)' 0%' U97G7' (FV*$7G7$13 (FV44)%#$7336A%'S'H73$6#*% , , , , , , , , , , , , , , , , , , , , , D>
-,D,-,> O;W@RH I' 9#' "9$70' (%' 394%)G737"#' (%' 0F6G6#*%2%#$
(F644)%#6#$3'%#A6A13'(6#3'9#%'6*$7G7$1'3*1#6)731% , , , , , , , DL -,D,-,L !VO I'9#'"9$70'(%'394%)G737"#'%#'$%243')1%0'(6#3'9#'*"#$%&$%
(F644)%#$7336A%'*"0065")6$7= , , , , , , , , , , , , , , , , , , , , , DX -,D,-,D !"9)3%Y73'%$'Z732" I "9$703'(%'G73960736$7"#'(F7#(7*6$%9)3'39)
(%3'634%*$3'*"A#7$7=3K 3"*769&'%$'*"24")$%2%#$69&'(%'0F644)%#6#$ DX -,D,> H73*9337"# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , D.
-,D,>,- V7(%'S'0F"53%)G6$7"#'%$'69'397G7'(%'0F6*$7G7$1'(%'0F644)%#6#$ , , , D.
-,D,>,> V7(%'S'0F1G6096$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$ , , , , , , , , , , D:
-,D,>,L V7(%'S'06')16*$7"# , , , , , , , , , , , , , , , , , , , , , , , , , , , X?
-,D,>,D [706# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , X?
-,X !"#*0937"#'(9'*+647$)% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , X-
X
aPJJA_1
7 9:0;;&"-<'4=&%')*2'4()+%-$*',&3 />
>,- R#$%)G%#$7"#'$9$")60% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , XX
>,> E6'#"$7"#'(F7#(7*6$%9) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , X\
>,>,- E%3'4)"<%$3'%9)"41%#3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , X\
>,>,-,- E%'4)"<%$'%9)"41%#'R!VE]U , , , , , , , , , , , , , , , , , , , , , X\
>,>,-,> E%'4)"<%$'%9)"41%#'RV , , , , , , , , , , , , , , , , , , , , , , , , Q-
>,>,-,L E%'4)"<%$'%9)"41%#'HB^EU , , , , , , , , , , , , , , , , , , , , , Q>
>,>,> E%3'7#(7*6$%9)3'(%'0F6*$7G7$1'(%'0F644)%#6#$ I 7(%#$7=7*6$7"#'%$'(1=7#7$7"# QD
>,L EFV44)"*+%';)7%#$1%'R#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , , , Q.
>,L,- E%'("267#%'(F6**%4$65707$1'(%'06'G60%9)'(F9#'7#(7*6$%9) , , , , , , , , , Q.
>,L,> @1$6P7#(7*6$%9)3'%$'2%39)%'(%3'%==%$3'(F9#%'7#$%)G%#$7"# , , , , , , , , .?
>,L,>,- !60*90'(%3'21$6P7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , .-
>,L,>,> !63' (F9#%' 7#$%)G%#$7"#' $9$")60%' (1*0%#*+1%' 46)' 40937%9)3 7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , .L
>,L,>,L !63'(F9#%'7#$%)G%#$7"#'$9$")60%'(1*0%#*+1%'46)'(%3'7#(7*6$%9)3 +71)6)*+7313 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , .\
>,L,L V4407*6$7"#'(%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3 , , , , , , , , , , , , , , \-
>,D H73*9337"# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , \L
>,D,- ^#%'644)"*+%'A1#1)789% , , , , , , , , , , , , , , , , , , , , , , , , , , , \L
>,D,> E%'*+624'(F64407*6$7"#'(%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3 , , , , , , , \L
>,X !"#*0937"#'39)'0%'*+647$)% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , \D
> ?%3'4')4@,1&'4+'4A:0;;&"-<'4=&%')*2'4()+%-$*',&3 B/
L,- !+"7&'(9'*"#$%&$%'%$'(9'("267#%'(F644)%#$7336A% , , , , , , , , , , , , , , , , \.
L,> B)13%#$6$7"#'(%'0FTRV_ _"4L& , , , , , , , , , , , , , , , , , , , , , , , , , , , , \\
L,>,- EF64407*6$7"# _"4L&PU%)G%9) , , , , , , , , , , , , , , , , , , , , , , , , , \\
L,>,> EF%#G7)"##%2%#$'V44)%#6#$ I _"4L&P/$9(76#$ , , , , , , , , , , , , , , , \:
L,>,L EF%#G7)"##%2%#$']9$%9) I _"4L&PT#3%7A#6#$ , , , , , , , , , , , , , , , :- L,>,L,- EF%346*%'V44)%#6#$ , , , , , , , , , , , , , , , , , , , , , , , , , :D L,>,L,> EF%346*%']9$%9) , , , , , , , , , , , , , , , , , , , , , , , , , , , , :Q L,L /065")6$7"#'(%3'7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -??
L,L,- @"(10736$7"#'%$'*60*90'(%3'7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , -??
L,L,-,- ^]E I'^36A%'])6*`7#A'E6#A96A% , , , , , , , , , , , , , , , , , , -??
L,L,-,> E%3'3a3$C2%3'S'563%'(%'$)6*%3 , , , , , , , , , , , , , , , , , , , -?>
L,L,-,L E%6)#7#A';5<%*$'@6#6A%2%#$']""0 , , , , , , , , , , , , , , , , -?D L,L,> E%'*+"7&'(%'0F9$70736$7"#'(F^]E , , , , , , , , , , , , , , , , , , , , , , , , -?X L,L,L E%3'7#(7*6$%9)3'6G%*'^]E , , , , , , , , , , , , , , , , , , , , , , , , , , , -?Q L,L,L,- E6'2"(10736$7"#'%$'0%'*60*90'(%3'7#(7*6$%9)3 , , , , , , , , , , , -?Q L,L,L,> E%3'("##1%3'#1*%3367)%3'69'*60*90'(%3'7#(7*6$%9)3 , , , , , , , -?Q L,D EF1065")6$7"#'(%3'21$6P7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , -?:
L,D,- E%3'7#(7*6$%9)3'*6)6*$1)736#$'9#%'37$96$7"#'*)7$789% , , , , , , , , , , , -?:
L,D,> E6'$)6*%'(F7#$%)G%#$7"#'(9'$9$%9) , , , , , , , , , , , , , , , , , , , , , , -->
L,D,L E%'2"(90%'(%'A%3$7"#'(%3'7#$%)G%#$7"#3 , , , , , , , , , , , , , , , , , , , -->
L,D,L,- E%'*"24"36#$!"#$%&'()"#(*+*'","'$# , , , , , , , , , , , , , , --D
e BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
aPJJA_1
L,D,L,> E%'*"24"36#$-.#"()/%'$"0+"'$%&'# , , , , , , , , , , , , , , , , --X L,D,L,L E%'*"24"36#$!"#$%&'()"#(%'$"0+"'$%&'#("'(1&20# , , , , , , , , --X L,D,L,D E%'*"24"36#$,%#"(3(4&20()"#(,*$.5%')%1.$"20# , , , , , , , , , --Q L,X EF6)*+7$%*$9)%'(%'0F%#G7)"##%2%#$ , , , , , , , , , , , , , , , , , , , , , , , , , , --.
L,Q !"#*0937"#'(9'*+647$)% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ->?
C DE;2&%#')*$*%")3F "G3'&1$*%")34'*4&23,A*$*3 .7>
D,- E%3'6*$7G7$13'S')16073%) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ->X D,-,- H%3*)74$7"#'(%3'6*$7G7$13'41(6A"A789%3 , , , , , , , , , , , , , , , , , , , ->X D,-,> E%3'5%3"7#3'(F"53%)G6$7"#'0713'69&'6*$7G7$13'(F644)%#$7336A% , , , , , , , ->Q D,-,>,- R(%#$7=7*6$7"#'(%3'5%3"7#3'(F"53%)G6$7"# , , , , , , , , , , , , , ->Q D,-,>,> E%3'5%3"7#3'(F"53%)G6$7"#'(%3'6*$7G7$13'(F644)%#$7336A% , , , , ->\
D,-,L H%3*)74$7"#'(%3'7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , , -L?
D,> T&41)72%#$6$7"#'- I %&41)72%#$6$7"#'%&40")6$"7)% , , , , , , , , , , , , , , , , -L>
D,>,- ;5<%*$7=3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -L>
D,>,> !"#$%&$% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -L>
D,>,L W%*9%70'(%3'("##1%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LL D,>,D ;53%)G6$7"#3'%$'5706# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LL D,L T&41)72%#$6$7"#'> , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LD D,L,- ;5<%*$7=3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LD D,L,> !"#$%&$% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LD D,L,L W%*9%70'(%3'("##1%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -LD D,L,D ;53%)G6$7"#3'%$')1390$6$3 , , , , , , , , , , , , , , , , , , , , , , , , , , , -LX D,L,D,- B%)$7#%#*%'%$'7246*$'(%3'7#(7*6$%9)3'(1=7#73 , , , , , , , , , , , -LX D,L,D,> R(%#$7=7*6$7"#'(%'0F7#$%#$7"#'(F7#$%)G%#$7"#'(9'$9$%9) , , , , , , -L\
D,L,X [706# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -D?
D,D T&41)72%#$6$7"#'L , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -D>
D,D,- ;5<%*$7=3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -D>
D,D,> !"#$%&$% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -D>
D,D,L W%*9%70'(%3'("##1%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -D>
D,D,D ;53%)G6$7"#3'%$')1390$6$3 , , , , , , , , , , , , , , , , , , , , , , , , , , , -D>
D,D,X [706# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DL D,X T&41)72%#$6$7"#'D , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DX D,X,- ;5<%*$7=3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DX D,X,> !"#$%&$% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DX D,X,L W%*9%70'(%3'("##1%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DX D,X,D ;53%)G6$7"#3'%$')1390$6$3 , , , , , , , , , , , , , , , , , , , , , , , , , , , -DQ D,X,D,- R246*$'(%3'21$6P7#(7*6$%9)3'39)'0F6*$7G7$1'(9'$9$%9) , , , , , , -DQ D,X,D,> R246*$'(%3'21$6P7#(7*6$%9)3'39)'0F6*$7G7$1'(%'0F644)%#6#$ , , , -D\
D,X,X [706# , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -X?
D,Q !"#*0937"#'(9'*+647$)% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -X-
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
d
H%A$)4'*4;'&3;'-*%1'3 ./>
[706#'%$'644")$3'(%3'$)6G69& , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -XX B%)34%*$7G%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -XQ
0 9'34;&%)-%;$,E4212)'#')*34+$)3 I";>E .JK
H 9'4 3'-")+4 3-2)$&%"4 ;2+$L"L%M,'4 3'4 +2&",A$)*4 3,&4 +',E4 32$)-'34 +:$-*%1%*23
$;;'A2'34NO74'*4NO> .8.
P Q'3-&%;*%")4+'34G'3"%)34+:"G3'&1$*%")4'*4+'34%)+%-$*',&34-"&&'3;")+$)*3 .8>
Q 9'34%)+%-$*',&34$1'-4RN9 .B.
H,- E6'2"(10736$7"#'(%3'7#(7*6$%9)3 , , , , , , , , , , , , , , , , , , , , , , , , , , , -\- H,-,- E6'=6*%$$%'H%=7#7#A , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\- H,-,> E6'=6*%$$%'Z%$$7#A , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\- H,-,L E6'=6*%$$%'^37#A , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\L H,> E%3'("##1%3'#1*%3367)%3'69'*60*90'(%3'7#(7*6$%9)3'6G%*'^]E , , , , , , , , , , -\D H,>,- E%3'("##1%3'5)9$%3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\D H,>,> E%3'("##1%3'6((7$7"##%00%3 , , , , , , , , , , , , , , , , , , , , , , , , , , -\D H,>,L E%3'("##1%3'7#$%)21(767)%3 , , , , , , , , , , , , , , , , , , , , , , , , , , -\X H,>,D E%3'("##1%3'(%'4)"(9*$7"# , , , , , , , , , , , , , , , , , , , , , , , , , , -\X H,L EF"9$70'(F6#60a3% ^]E , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\.
D D)*&'*%')34$1'-4A'34*,*',&34SDE*&$%*3T .BK
N$GA'4+'346%L,&'3
- B)"50126$789% , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -:
> @1$+"("0"A7%'(%'*"#*%4$7"#'6(64$1%'(%'b@6*`6a'%$'O6a6)('-::.c , , , , , , , >>
-,- U*+126'(F9#'3a3$C2%'(%')1A906$7"#'6(64$1'(%'bE%406$'>??Q6c , , , , , , , , , , LL -,> O")2%'$)76(789%'(%'0F69$"P)1A906$7"#'bd722%)26#'-:\:c, , , , , , , , , , , , , LQ -,L B+63%3'*a*0789%3'(%'0F69$"P)1A906$7"#'bd722%)26#'>???c, , , , , , , , , , , , , L.
-,D H%3*)74$7"#'(%3'4)"*%3393'*a*0789%3'(%')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$
%$'(F69$"P)1A906$7"#'$9$")60%, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , D?
-,X R#$%)=6*%'$9$%9)'(6#3 TUUVR@ bH%34)13'>??-c, , , , , , , , , , , , , , , , , , , DL -,Q R#$%)=6*%'$9$%9)'(6#3'O")27('U97G7'bZ91)69('%$ 60, >??Dc, , , , , , , , , , , , , DD -,. R#$%)=6*%'9$70736$%9)'(%'0F"9$70 !VO bO%36`73'%$ 60, >??Dc, , , , , , , , , , , , , , DX -,\ @6$)7*%'*"A#7$7G%'(6#3 !"9)3%Y73 b@6ee6'%$'H727$)"G6'>??.c , , , , , , , , , , DQ -,: Y73960736$7"#'(%'O")27(PU97G7'f7G%69'-'bZ91)69('%$ 60, >??:6c, , , , , , , , , D\
-,-? E7673"#'(%'06'="#*$7"##607$1'g (1$670'(%3'6*$7"#3 h'S'06'="#*$7"##607$1'g 46)*"9)3 h bH%34)13'>??-c, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , D\
>,- E%3'1012%#$3'(F9#%'7#$%)G%#$7"#'$9$")60%, , , , , , , , , , , , , , , , , , , , , , X.
>,> B6$)"#'(%'(%3*)74$7"#'(F9#'7#(7*6$%9)'bH727$)6*"4"90"9'%$ 60, >??Dc , , , , , , Q?
>,L U*+126'(%'0F6#60a3%'(%'0F7#$%)6*$7"#'b_6))%)'%$ 60, >??Dc , , , , , , , , , , , , , Q-
>,D E%3'6$$)759$3'(F9#'7#(7*6$%9)'(F7#$%)6*$7"#'bH727$)6*"4"90"9'%$ 60, >??Xc , , , Q>
>,X ]a4"0"A7%'(%3'("##1%3'(F"53%)G6$7"#'bHB^EU >??Xc, , , , , , , , , , , , , , , , QL
>,Q E%'*a*0%'(%'G7%'(F9#'7#(7*6$%9), , , , , , , , , , , , , , , , , , , , , , , , , , , , , QD
>,. H%3*)74$7"#'(%'06'4+63%'(%'*"#*%4$7"#'(F9#'7#(7*6$%9)- , , , , , , , , , , , , , QX
>,\ H%3*)74$7"#'(%'06'4+63%'(%'*60*90'(F9#'7#(7*6$%9) , , , , , , , , , , , , , , , , , QQ
>,: H%3*)74$7"#'(%'06'4+63%'(F9$70736$7"#, , , , , , , , , , , , , , , , , , , , , , , , , QQ
>,-? T&%240%3' (F7#(7*6$%9)3' *6075)13' %$' #"#' *6075)13K )14%)$")713' (6#3 bH727$)6*"4"90"9'%$ 60, >??Dc, , , , , , , , , , , , , , , , , , , , , , , , , , , , , Q\
>,-- @%39)%'(%3'%==%$3'(%'0F7#$%)G%#$7"#'$9$")60% , , , , , , , , , , , , , , , , , , , , .D
>,-> ^#'%&%240%'(%'A)64+%'(%'*"#*%4$3'")7%#$13'"5<%$'9$70731'(6#3'0%'*6()%'(9']B- 0")3'(%3'%&41)72%#$6$7"#3', , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ..
>,-L V4407*6$7"#'(%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3 , , , , , , , , , , , , , , , , , , \>
L,- V)*+7$%*$9)%'A1#1)60%'(%'0FTRV_ _"4L&, , , , , , , , , , , , , , , , , , , , , , , , \\
L,> T&$)67$' (F9#' =7*+7%)' (%' $)6*%3' (F6*$7G7$1' (F9#' 644)%#6#$' 6a6#$' 9$70731' 0FTRV_
_"4L&, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , \:
:
L,L EF7#$%)=6*%'(%'0F%#G7)"##%2%#$ _"4L&P/$9(76#$, , , , , , , , , , , , , , , , , , :?
L,D EF7#$%)=6*%'(%'0F%#G7)"##%2%#$ _"4L&PT#3%7A#6#$, , , , , , , , , , , , , , , , , :- L,X EF7#$%)=6*%'(%'0F%#G7)"##%2%#$ _"4L&PT#3%7A#6#$ MG%)37"#'%#'290$7P=%#i$)6A%N, :L L,Q R#$%)=6*%'4%)2%$$6#$'69'$9$%9)'(%')1(7A%)'0%'*"#$%#9'(F9#%'7#$%)G%#$7"#'$%&$9%00%,:Q L,. EF7#$%)=6*%'4%)2%$$6#$'(%'G7396073%)'06'e"#%'(F7#$%)G%#$7"#3 , , , , , , , , , , , :.
L,\ E%'2"(C0%'*"#*%4$9%0'(9'21$6P06#A6A% ^]E b!+"89%$'%$'R`360'>??.c , , , , , , -?- L,: E%'2"(C0%'HZ^ b!+"89%$'%$'R`360'>??.c , , , , , , , , , , , , , , , , , , , , , , -?>
L,-? O"#*$7"##%2%#$'A1#1)60'(F9#'U[] bU%$$"9$7'>?--c , , , , , , , , , , , , , , , , -?L L,-- U189%#*%'(%'$)6#3=")26$7"#3'(6#3'bH<"96('>?--c , , , , , , , , , , , , , , , , -?D L,-> E%'2"(C0%'(F7#=")26$7"#'(F9#'7#(7*6$%9) ^]E b!+"89%$'%$'R`360'>??.c', , , , , -?.
L,-L T&%240%'(%'*6)$"A)64+7%'(9'4)"<%$'(F9#'644)%#6#$, , , , , , , , , , , , , , , , -?\
L,-D E6'=7*+%'(F7#$%)G%#$7"#'3"9273%'69'$9$%9)'64)C3'3"#'7#$%)G%#$7"#, , , , , , , , --- L,-X H%3*)74$7"#'(F9#%'7#$%)G%#$7"#'$)6*1%'(6#3 _"4L&, , , , , , , , , , , , , , , , , -->
L,-Q E%'2"(90%'(%'A%3$7"#'(%3'7#$%)G%#$7"#3'MA%3$7"##67)%'(%3'7#$%)G%#$7"#3N, , , , --L L,-. H%3*)74$7"#'(F9#%'("##1%'21$6P7#(7*6$%9), , , , , , , , , , , , , , , , , , , , , --Q L,-\ EF6)*+7$%*$9)%' (%' 0FTRV_ _"4L& *"257#1' 69&' (7==1)%#$3' 2"(90%3' %$' "9$703
#1*%3367)%3'69'*60*90'(%3'7#(7*6$%9)3'%$'(%3'21$6P7#(7*6$%9)3, , , , , , , , , , --\
D,- /$6$'%#'=7#'(%'3%337"#'(%3'U! 6446)9%3'%#'*"9)3'(%'3%337"#, , , , , , , , , , , -LQ D,> W146)$7$7"#'(%3'U! 6446)9%3'%#'*"9)3'(%'3%337"#K 4"9)'0%'A)"94%'[K'%#'="#*$7"#
(%'0%9)3')13"09$7"#3'%$'(%3'7#$%)G%#$7"#3'$9$")60%3, , , , , , , , , , , , , , , , , -L.
D,L W146)$7$7"#'(%3'7#$%)G%#$7"#3'3%0"#'06'310%*$7"#'(F7#(7*6$%9)3, , , , , , , , , , -L:
D,D W146)$7$7"#'(%3'7#$%)G%#$7"#3'$9$")60%3'4"9)'0%'A)"94%'R %$'0%'A)"94%'R@R, , , , -D.
D,X W146)$7$7"#'(%3'U! 4"9)'0%'A)"94%'R %$'0%'A)"94%'R@R, , , , , , , , , , , , , , , , -D:
H,- T&%240%'(%'(%3*)74$7"#'(F9#'5%3"7#'(F"53%)G6$7"#'7(%#$7=71'S'46)$7)'(9'3*1#6)7"
(9']B-'%$'897'G1)7=7%'06'*)16$7"#'(F9#%'*0633%'#"221%'B"7#$, , , , , , , , , , , -\- H,> T&%240%'(%'21$+"(%'(%'*60*90'(F9#'7#(7*6$%9)'(1*)7$'(6#3'0%'06#A6A% H!ED^]E-\>
H,L E6' =6*%$$% 2#%'! (F9#' 7#(7*6$%9) ^]E 341*7=76#$' 0%' =")26$' (%' 3")$7%' (F9#
7#(7*6$%9)'9$70731'(6#3 _"4L&, , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\L H,D T&%240%'(%'("##1%'5)9$%'4"9)'0F1G1#%2%#$'(%'$a4%'Uj M*+"7&'(F9#%'89%3$7"#
S'$)67$%)N, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\D H,X T&$)67$' (%' 06' 21$+"(%' (%' *60*90' (F9#%' ("##1%' 7#$%)21(767)%' 46)621$)1%
bB+62']+7 fA"*'>?--c, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -\X H,Q !6)$"A)64+7%'(9'4)"<%$'(F9#'644)%#6#$'(1*)7$'%#'$6#$'89%'("##1%'^]E, , , , , -\Q H,. EF6)*+7$%*$9)%'A1#1)60%'(%'0F"9$70'(F6#60a3%'bB+62']+7 fA"*'>?--c, , , , , , , , -\.
9%3*'4+'34*$GA'$,E
>,- H"267#%3'(F6**%4$65707$1'4"33750%3'3%0"#'06'#6$9)%'(%'06'G60%9)'(%'0F7#(7*6$%9), Q:
>,> T&%240%3' (%' 5%3"7#3' (F"53%)G6$7"#' %$' (F7#(7*6$%9)3' *"))%34"#(6#$3' 6G%*' 0%
$a4%'%$'06'G60%9)'(%'0%9)3')1=1)%#*%3, , , , , , , , , , , , , , , , , , , , , , , , , .?
>,L Y60%9)'(9'21$6P7#(7*6$%9)'%#'="#*$7"#'(%3'("267#%3'(F6**%4$65707$1'4"33750%3, .- D,- U*1#6)7"' 41(6A"A789%' 9$70731' 4"9)' 06' 4)%27C)%' 6*$7G7$1' (%' $)6G69&' 4)6$789%3
M]B-N, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ->.
D,> R#(7*6$%9)3'*"))%34"#(6#$'69&'5%3"7#3'(F"53%)G6$7"#'(%3'89%3$7"#3'>'%$'X'(9 ]B- , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -L- D,L W%06$7"#'%#$)%'7#(7*6$%9)3'310%*$7"##13'4)1P7#$%)G%#$7"#'%$'4"3$P7#$%)G%#$7"#
%#' ="#*$7"#' (%' 06' *"))%34"#(6#*%' (%3' 7#(7*6$%9)3' 6G%*' 0%' *"#$%#9' (%3 7#$%)G%#$7"#3, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -DL D,D !"246)673"#' %#$)%' %&41)72%#$6$7"#' -' %$' >' *"#*%)#6#$' 06' )%06$7"#' %#$)%
7#(7*6$%9)3'310%*$7"##13'%$'0%'*"#$%#9'(%3'7#$%)G%#$7"#3, , , , , , , , , , , , , -DL V,- E%3' 4)7#*7469&' 1G1#%2%#$3 _"4L& 369G%A6)(13' *"22%' $)6*%' (F6*$7G7$1' (%
0F644)%#6#$, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -Q:
[,- U*1#6)7"'41(6A"A789%'9$70731'4"9)'06'(%9&7C2%'6*$7G7$1'(%'$)6G69&'4)6$789%3 M]B>N, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , -.- [,> U*1#6)7"'41(6A"A789%'9$70731'4"9)'06'$)"737C2%'6*$7G7$1'(%'$)6G69&'4)6$789%3
M]BLN'897'%3$'9#%'397$%'(9']B>, , , , , , , , , , , , , , , , , , , , , , , , , , , , -.>
--
GAah1 .1a h"G1ls
Rk BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
9%3*'4+'340AL"&%*<#'3
- !60*90' (%' 06' G60%9)' (9' 21$6P7#(7*6$%9)' 0")389%' 0F7#(7*6$%9)' ("#$' 70' 397$
0F1G"09$7"#'6'9#%')1=1)%#*%'(%'$a4%'G60%9), , , , , , , , , , , , , , , , , , , , , , .>
> !60*90' (%' 06' G60%9)' (9' 21$6P7#(7*6$%9)' 0")389%' 0F7#(7*6$%9)' ("#$' 70' 397$
0F1G"09$7"#'6'9#%')1=1)%#*%'(%'$a4%'3%970'M*63'(F9#'3%970'27#7292N, , , , , , , , .>
L !60*90' (%' 06' G60%9)' (9' 21$6P7#(7*6$%9)' 0")389%' 0F7#(7*6$%9)' ("#$' 70' 397$
0F1G"09$7"#'6'9#%')1=1)%#*%'(%'$a4%'7#$%)G600%, , , , , , , , , , , , , , , , , , , , .L D !60*90' (%' 06' G60%9)' (9' 21$6P7#(7*6$%9)' 0")389%' 0F7#(7*6$%9)' ("#$' 70' 397$
0F1G"09$7"#'6'9#%')1=1)%#*%'(%'$a4%'%#3%250% , , , , , , , , , , , , , , , , , , , , .L X @%39)%'(%3'%==%$3'(F9#%'7#$%)G%#$7"#'$9$")60% , , , , , , , , , , , , , , , , , , , , .X Q R(%#$7=7*6$7"#'(%3'7#(7*6$%9)3'0713'4"9G6#$'*6)6*$1)73%)'9#%'37$96$7"#'*)7$789% .\
. @%39)%'(%3'%==%$3'(F9#%'7#$%)G%#$7"#'$9$")60% , , , , , , , , , , , , , , , , , , , \?
-L
GAah1 .1a G:P_Ah>J1a
R9 BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
()*&"+,-*%")
Re BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
*PLh1sh1 .1 _1*>1_*>1
f"3' $)6G69&' (%' )%*+%)*+%' 3%' 37$9%#$' (6#3' 0%' ("267#%' 409)7(73*7407#67)%' (%3' TRV_
MD#G7)"##%2%#$3 (#=")26$789%3' 4"9)' 0F044)%#$7336A% I9267#NK 0%89%0' 3%' ="*6073%' 39) 0F644)%#$7336A%'+9267#'M3*7%#*%3'(%'0F1(9*6$7"#K (7(6*$789%K 3"*7"0"A7%K 43a*+"0"A7%K %$*,N
%$' 39)' 0%3' 6)$%=6*$3' 7#=")26$789%3' 897' 0%' =6*707$%#$, b]*+"9#7`7#%'>??>c' (1=7#7$' 9#' TRV_
*"22%'9#'$%)2%'A1#1)789%'3%')1=1)6#$'S'g $&2$(#6#$7,"(%'8&0,.$%92"(1&':2(;&20(8.+&0%#"0
</.;;0"'$%##.!"(=2,.%'h, E%3'$)6G69&'(%')%*+%)*+%'(6#3'0%'("267#%'(%'0F7#A1#7%)7%'(%3'TRV_
3F6)$7*90%#$' 69$"9)' (%3' 4)"50126$789%3' 071%3' S' 06' *"#*%4$7"#' (%' 3a3$C2%3' 7#=")26$789%3 (%3$7#13'S'=6*707$%)'0F644)%#$7336A%'%$'06'*"#3$)9*$7"#'(%3'*"##67336#*%3'*+%e'0F644)%#6#$,
P")*'E*'4+'4&'-<'&-<'
H6#3'0F644)%#$7336A%'+9267#K 0%'$9$%9)'+9267#K *k%3$PSP(7)%'g 9#'%#3%7A#6#$'897'397$K 63373$%'%$'*"#3%700%'46)$7*907C)%2%#$'9#'10CG%'"9'9#'A)"94%'(F10CG%3 h'bW"5%)$'>??>cK <"9%'9#
)J0%'="#(62%#$60'497389F70'6**"246A#%'0F644)%#6#$'(6#3'3"#'6*89737$7"#'(%'*"##67336#*%3
%$' 0F63373$%' (6#3' 06' )160736$7"#' (%' 3"#' 6*$7G7$1, ^#' (%3' 6&%3' (%' )%*+%)*+%3' 2%#1%3' 46) 0F18974%' TRV_ (9' ER^@ M965")6$"7)%' (F(#=")26$789%' (%' 0FR#7G%)37$%' (9 ?67#%N' %$' (6#3 0%89%0'3F7#3C)%#$'#"3'$)6G69&'(%')%*+%)*+%K 1$9(7%'0%3'4)"50126$789%3'071%3'69'$9$")6$'%$
4093'46)$7*907C)%2%#$'S'0F7#3$)92%#$6$7"#'bW656)(%0'-::Xc'(%3'6*$7G7$13'(9'$9$%9)'S'$)6G%)3 0F63373$6#*%'7#=")26$789% l 63373$6#*%'897'4%9$'i$)%'644")$1%'69'$9$%9)'0")389F70'6**"246A#%
0F644)%#6#$,
H6#3' 0%' *6()%' (%' *%$' 6**"246A#%2%#$' bZ6A#1'%$ 60, >??-cK #"93' #"93' 7#$1)%33"#3' 69&
37$96$7"#3' (%' $9$")6$' 21(76$731' 897' (137A#%#$' 0%3' 37$96$7"#3' (6#3' 0%389%00%3' 0F6*$7G7$1' (%
$9$")6$' %3$' 46)$7%00%2%#$' "9' $"$60%2%#$' 7#3$)92%#$1%' %$' "m' 0%' $9$%9)' 6**"246A#%' 9#
A)"94%' (F644)%#6#$3' (6#3' 06' )160736$7"#' (%' 0%9)3' 6*$7G7$13' 69' $)6G%)3' (F9#' (734"37$7=
7#=")26$789%, ]"9$%="73K 70'%3$'S'#"$%)'89%'*%$$%'g 21(76$736$7"# h'(9'$9$")6$'#F7#(97$'463
#1*%3367)%2%#$' 9#%' #"$7"#' (%' (73$6#*%' A1"A)64+789%' "9' 4+a3789%' %#$)%' 0F644)%#6#$' %$
0%' $9$%9), H6#3' (%' $%00%3' 37$96$7"#3' (%' $9$")6$' 21(76$731K 0%' $9$%9)' 6' 5%3"7#' (%' 4%)*%G"7) 0F6*$7G7$1' (%' 0F644)%#6#$ l *%*7K 6=7#' (%' =6*707$%)' 0F644)%#$7336A%' %$' (F6(64$%)' 69' 27%9&
3%3' 6*$7"#3' $9$")60%3' %#' ="#*$7"#' (%3' 5%3"7#3' (%' 0F644)%#6#$, E%3' $)6G69&' (%' )%*+%)*+%
897' 3%' 3"#$' 7#$1)%3313' 69' 4)"50C2%' (%' 06' 4%)*%4$7"#' (%' 0F6*$7G7$1' (%' 0F644)%#6#$' "#$
65"9$7' S' 06' )160736$7"#' (F"9$703' 4%)2%$$6#$' 69' $9$%9)' (%' G7396073%)' 9#' *%)$67#' #"25)%
(F7#(7*6$%9)3K $12"7#3'(%'*%$$%'6*$7G7$1, !%3'7#(7*6$%9)3'("##%#$'69'$9$%9)'(%3'7#=")26$7"#3 )%06$7G%3' S' 0F6*$7G7$1' (%' 0F644)%#6#$' $%00%3' 89%' 36' 4)"A)%337"#' bZ91)69('%$ 60, >??DcK 3%3 4%)=")26#*%3' b@6ee6'%$'H727$)"G6'>??.cK 3"#' 46)*"9)3' bH%34)13'>??-cK 36' 4)"(9*$7"#
bH%0")2%'%$'E""307'>??QcK 3"#' 3$a0%' (F644)%#$7336A%' b["93576'%$ 60, >??:cK %$*, EF7#$1)i$
(%3' 7#(7*6$%9)3' )137(%' (6#3' 0%' =67$' 89F703' ="9)#733%#$' (%3' 7#=")26$7"#3' 41(6A"A789%2%#$
4%)$7#%#$%3K )1(9736#$'67#37'0%'$%243'89%'0%'$9$%9)'4633%'S'G7396073%)'0%'$)6G670'6**"2407'46)
*+689%'644)%#6#$'bE656$'>??>c,
E")3'(%'0F6446)7$7"#'(%'37$96$7"#3'#"#'*"#=")2%3'S'*%00%3'6$$%#(9%3'M%00%3'3"#$'#"221%3 37$96$7"#3'*)7$789%3N')1G101%3'46)'0%3'7#(7*6$%9)3K 0%'$9$%9)'%3$'62%#1'S'4)%#()%'(%3'(1*737"#3 (%')1A906$7"#, H6#3'*%'*6()%K 70'4%9$'7#$%)G%#7)'694)C3'(%'0F644)%#6#$'37'#1*%3367)%K 6=7#'89%
*%'(%)#7%)')16073%'69'27%9&'3"#'6*$7G7$1, U97$%'S'9#%'7#$%)G%#$7"#K 0%'$9$%9)'3F6$$%#('S'*%
89%'0F644)%#6#$')16A733%'46)'*%)$67#%3'6*$7"#3'%$')13"0G%'06'37$96$7"#'*)7$789%'S'0689%00%'70'%3$
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
Rd
ALh_P.l*hAPL
*"#=)"#$1, U7'*F%3$'0%'*63K 0F7#$%)G%#$7"#'$9$")60%'69)6'%9'0%3'%==%$3'%3*"24$13'46)'0%'$9$%9) M"#'46)0%)6'(F7#$%)G%#$7"#'$9$")60%'%==%*$7G%N, H6#3'0%'*63'*"#$)67)%K 37'06'37$96$7"#'*)7$789%
4%)373$%K *%06'37A#7=7%'89%'06')%21(76$7"#'#F6'463'="#*$7"##1'%$'89%'0F7#$%)G%#$7"#'#F69)6'463
%9'0%3'%==%$3'%3*"24$13,
B"9)'36G"7)'37'3"#'7#$%)G%#$7"#'6'6$$%7#$'3%3'"5<%*$7=3K 0%'$9$%9)'("7$'4"9G"7)'6339)%)'9#'397G7 (%'3%3'7#$%)G%#$7"#3'6=7#'(F%#'1G609%)'0%3'%==%$3'%$K 37'5%3"7#K %==%*$9%)'9#'6<93$%2%#$'(%'3%3 3$)6$1A7%3'%#'7#$%)G%#6#$'(%'#"9G%69'(6#3'0%'59$'(F6339)%)'06'5"##%')160736$7"#'(%'0F6*$7G7$1 46)'0F644)%#6#$ I *F%3$'0F69$"P)1A906$7"#'$9$")60%'b!646PVa(7#'%$ 60, >??:c,
R0' %3$' 724")$6#$' 4"9)' 0%' $9$%9)' (%' 4"9G"7)' 3F69$"P)1A90%)K *k%3$PSP(7)%' (%' 4)%#()%
*"#3*7%#*%' (%' 3"#' 6*$7G7$1K (%' 3%3' 6*$7"#3K (%' 3%3' 4)"*%3393' %$' (%' 3%3' 3$)6$1A7%3 M> .?.0"'"## @NbH727$)6*"4"90"9'%$ 60, >??Dc' 6=7#' (%' 0%3' 1G609%)' M> .##"##,"'$ @N' %$' (%
0%3' 6<93$%)' 4"9)' 6$$%7#()%' 0F"5<%*$7=' =7&1' bd722%)26#'>???c, T#' %==%$K (6#3' 0%' *6()%
(%' 3"#' 6*$7G7$1' (%' $9$")6$K 0%' $9$%9)' %3$' 62%#1' S' 6G"7)' 9#%' 644)"*+%' )1=0%&7G%' 39) 3"#' $)6G670' b[9$0%)'>??Xc' 4"9)' 4"9G"7)' i$)%' %==7*6*%' M> #"<85"88%1.16 @ b[%25%#9$$a'>??.c b[6#(9)6'-:..6cN',
!%4%#(6#$K 06'40946)$'(9'$%243'(6#3'0%3'37$96$7"#3'(%'$9$")6$'21(76$731K 0%'$9$%9)'#F6 69*9#%'7#=")26$7"#'(7)%*$%'*"#*%)#6#$'0%3')14%)*9337"#3'(%'3"#'7#$%)G%#$7"# l 7#=")26$7"#
897'097'4%)2%$$)67$'(%'36G"7)'37'3"#'7#$%)G%#$7"#'6'%9'0%3'%==%$3'%3*"24$13,
R0'%3$'(7==7*70%'4"9)'0%'$9$%9)'(%'4%)*%G"7)'%$'(%'397G)%'(7)%*$%2%#$'0%'*+6#A%2%#$'39)G%#9 (6#3'0F6*$7G7$1'(%'0F644)%#6#$'(9'=67$'(%'3"#'7#$%)G%#$7"#, B"9)'%&627#%)'0%3')14%)*9337"#3 (%'3"#'7#$%)G%#$7"#K 0%'$9$%9)'4%9$'600%)'*+%)*+%)'097P2i2%'*%$$%'7#=")26$7"#'"9'06'(1(97)%,
!%06' 6' 4"9)' *"#3189%#*%' (F6<"9$%)' 69' $9$%9)' 9#%' *+6)A%' (%' $)6G670' 3944012%#$67)%' 897 4%9$'g (%G%#7)')1(+757$"7)% h'bE656$'>??>c l 0%'$9$%9)'(%G)6'=67)%'9#'%==")$'*"A#7$7='724")$6#$
*6)' %#' 4093' (%' 06' 394%)G737"#' (%' 0F6*$7G7$1' (%' 0F644)%#6#$K 70' (%G)6' "53%)G%)' %$' 1G609%) 0%3'%==%$3'(%'3%3'4)"4)%3'6*$7"#3'%$'(%'3%3'3$)6$1A7%3, B973K 70'(%G)6'0%3'6<93$%)'37'5%3"7#K 4"9)'6$$%7#()%'3"#'"5<%*$7='897'%3$'(%'46007%)'0%'4)"50C2%'6989%0'0F644)%#6#$'%3$'*"#=)"#$1 b!646PVa(7#'%$ 60, >??:c,
EF69$"P)1A906$7"#'$9$")60%'("7$'i$)%'3"9$%#9%'(6#3'0%'*6()%'(9'(1G%0"44%2%#$'4)"=%337"##%0 (9'$9$%9)'b[9$0%)'>??Xc'4"9)'89F70'6==7#%'36'4)6$789%'$9$")60%'bH%#73'>??Lc, !%$$%'63373$6#*%
4%9$'i$)%'=67$%'(%'26#7C)%'*"00%*$7G%'"9'7#(7G7(9%00%'46)'0%'57673K 46)'%&%240%K (%')19#7"#3 41(6A"A789%3K (F6$%07%)3' (%' =")26$7"#' "9' 4093' 06)A%2%#$' (%' *"229#69$13' (%' 4)6$789%3 b[9$0%)'>??Xc'bZ6))"$'>??\c, V *%$'1A6)(K *%'4)"*%3393'(F69$"P)1A906$7"#'$9$")60%'3F%==%*$9%
(%' 26#7C)%' %&$%#37G%' (6#3' 0%' $%243K *k%3$PSP(7)%' 6G6#$K 4%#(6#$' %$' 64)C3' 0%3' 3%337"#3 (F644)%#$7336A% I *F%3$' 9#%' 6*$7G7$1' S' 46)$' %#$7C)%' 89%' 0%' $9$%9)' %3$' 62%#1' S' A1)%)' (6#3 0%'*6()%'(%'3"#'$9$")6$, B6)'*"#3189%#$K "9$)%'06')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$K 0%
$9$%9)'("7$'69337'A1)%)'%$')1A90%)'36'4)"4)%'6*$7G7$1'(%'$9$")6$,
H6#3'0%'*6()%'(%'$9$")6$'21(76$731K #"93'*"#37(1)"#3'0F7#3$)92%#$6$7"#'(%3'6*$7G7$13'(9
$9$%9)'39)'(%9&'406#3, !%3'(%9&'406#3'*"#373$%#$'(F9#%'46)$'S'644")$%)'9#%'67(%'69'$9$%9) 4"9)')1A90%)'0F6*$7G7$1'(%'0F644)%#6#$K (F69$)%'46)$K S'097'4)"4"3%)'9#'3"9$7%#'6=7#'89F70'49733%
)1A90%)'36'4)"4)%'6*$7G7$1'(%'$9$")6$, H6#3'0%'*6()%'(%'#"3'$)6G69&K #"93'#"93'7#$1)%33"#3 S'0F63373$6#*%'7#=")26$789%'89%'0F"#'4%9$'"==)7)'69'$9$%9)'6=7#'89F70'49733%'6G"7)'9#%'=")2%
(%')1=0%&7G7$1'S'$)6G%)3'06'4%)*%4$7"#K S'06'="73'(%'3"#'6*$7G7$1'(%'$9$")6$'%$'(%'0F6*$7G7$1'(%3 644)%#6#$3'89F70'%#*6()%,
R3 BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
1GúJ1Lha .1 S_P"GúJhAZl1
UA2#')*34+'4;&"GA2#$*%M,'
f"93' G"90"#3' ="9)#7)' 9#%' 67(%' 69' $9$%9)' 0")389F70' %3$' (6#3' 9#' *"#$%&$%' (%' $9$")6$
21(76$731'6=7#'89F70'49733%'A1)%)'69'27%9&'3%3'6*$7G7$13'M)1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$
%$')1A906$7"#'(%'36'4)"4)%'6*$7G7$1'(%'$9$")6$K *k%3$PSP(7)%'0F69$"P)1A906$7"#'$9$")60%N,
f"$)%'4)"50126$789%'(%')%*+%)*+%'3%'="*6073%'39)'0F7#3$)92%#$6$7"#'(%'3%3'6*$7G7$13'69'*"9)3 (%3'37$96$7"#3'(F644)%#$7336A%'%$'%#'46)$7*907%)K #"93'#"93'7#$1)%33"#3'S'0F63373$6#*%'897 4%9$'097'i$)%'644")$1%'%#'$%)2%3'(%')1=0%&7G7$1'397$%'S'3%3'7#$%)G%#$7"#3,
EF1$9(%'(%'*%$$%'4)"50126$789%'#1*%337$%'(%'36G"7)'*"22%#$'="9)#7)'69'$9$%9)'9#'397G7 (%' 3%3' 7#$%)G%#$7"#3' %$' 9#' )%$"9)' 39)' 0%3' %==%$3' (%' *%00%3P*7' 6=7#' 89F70' 49733%' 1G609%)' 3%3 3$)6$1A7%3'(%')%21(76$7"#'%$'0%3'6<93$%)'%#'*63'(F1*+%*, E%'*63'1*+16#$K 0%'$9$%9)'4"9))6 S' #"9G%69' (1*7(%)' (F7#$%)G%#7)' %#' 6("4$6#$' (%' #"9G%00%3' 3$)6$1A7%3' (%' )%21(76$7"#' 897 097' 4%)2%$$%#$' 67#37' (F6**"246A#%)' 0F644)%#6#$' %$' (%' 3F6339)%)' 89%' *%' (%)#7%)' )13"0G%'0%
4)"50C2%'6989%0'70'=67$'=6*%, V44)1*7%)'0%3'%==%$3'(F9#%'7#$%)G%#$7"#'$9$")60%'*"#373$%'S'36G"7) 37' *%$$%' 7#$%)G%#$7"#' 6' )1%00%2%#$' %9' 0F7246*$' 3"9+67$1' 46)' 0%' $9$%9), f"93' (%G"#3' ("#*
2%39)%)'0F1*6)$'%#$)%'*%'897'3F%3$')1%00%2%#$'46331'(6#3'0F6*$7G7$1'(%'0F644)%#6#$'%$'*%'89%
0%'$9$%9)'*+%)*+67$'S'g 4)"G"89%) h,
f"93'46)$"#3'(9'4)7#*74%'89F9#%'7#$%)G%#$7"#'$9$")60%'G6'i$)%'(1*0%#*+1%'%$'G6'*"#*%)#%) 9#%'37$96$7"#'897'3%'4633%'69'#7G%69'(%'0F6*$7G7$1'(%'0F644)%#6#$, V=7#'(%')%#()%'*"24$%'69
$9$%9)'(%'3%3'6*$7G7$13'%$'4093'46)$7*907C)%2%#$'(%'06'4")$1%'(%'3%3'7#$%)G%#$7"#3K #"93'#"93 )%4"3"#3'39)'0F6*$7G7$1'(%'0F644)%#6#$,
E")3' (%' 3"#' 7#$%)G%#$7"#K 0%'$9$%9)'6' 4"9)' "5<%*$7=' (%')%21(7%)' S' 9#%'37$96$7"#K 6446)9%
(6#3'0F6*$7G7$1'(%'0F644)%#6#$K 89F70'<9A%'*)7$789%'M37$96$7"#'*)7$789%'(%'(146)$N, U97$%'S'3"#
7#$%)G%#$7"#K 70'3F6$$%#('S'*%'89%'0F644)%#6#$')16A733%'%#'*"#3189%#*%'46)'06')13"09$7"#'(%
*%$$%'37$96$7"#'*)7$789%'M37$96$7"#'6$$%#(9%N, E6'2%39)%'(%3'%==%$3'(%'0F7#$%)G%#$7"#'$9$")60%
*"#373$%'("#*'S'2%39)%)'0F1*6)$'%#$)%'*%'897'3F%3$')1%00%2%#$'46331'M37$96$7"#')1%00%N'%$'*%
89%'0%'$9$%9)'3F6$$%#(67$'S'G"7)'M37$96$7"#'6$$%#(9%N, E6'=7A9)% - 70093$)%'*%$$%'37$96$7"#,
!"#$%&'()*+"&,$-
!"#$%&'()
%.-(/$-
!"#$%&'()+0-11-
!"#$%
2(#-+3-(&'()
#$#'+%1-
!&'()*'+
,-./"*0
1/2345#*'+
O7A9)% -' n R0093$)6$7"#' 4"9)' 2%$$)%' %#' 1G7(%#*%' 06' 4)"50126$789%' *"#*%)#6#$' 06' 2%39)%' (%3' %==%$3 (F9#%'7#$%)G%#$7"#'$9$")60%,
^#%'89%3$7"#'(%')%*+%)*+%'3%'4"3%, T00%'*"#373$%'S'36G"7) -"##')*4#'3,&'&4A:2-$&*
')*&'4A'34'66'*34&2'A34+:,)'4%)*'&1')*%")4*,*"&$A'4'*43'34'66'*34'3-"#;*23 V
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
RN
ALh_P.l*hAPL
B"9)'644")$%)'9#%')14"#3%'S'*%$$%'89%3$7"#K 70'%3$'#1*%3367)%'(F9#%'46)$K (%'(1$%)27#%)'*%
897'%3$'S'0F")7A7#%'(%'0F7#$%)G%#$7"#K *k%3$PSP(7)%'7(%#$7=7%)'*%'89%'#"93'644%0"#3'06'37$96$7"#
*)7$789%' (%' (146)$, HF69$)%' 46)$K 70' =69$' (1$%)27#%)' 0%3' %==%$3' 6$$%#(93' (%' 0F7#$%)G%#$7"#K
*k%3$PSP(7)%'7(%#$7=7%)'06'37$96$7"#'6$$%#(9%'46)'0%'$9$%9)'897'3%'$)6(97$'46)'06'(7346)7$7"#'(%
06'37$96$7"#'*)7$789%'(%'(146)$, T#=7#K 70'%3$'69337'#1*%3367)%'(%'=67)%'9#'397G7'(%'0F1G"09$7"#
(%'06'37$96$7"#'*)7$789%'6=7#'(%'4"9G"7)'7(%#$7=7%)'0F1$6$'(%'06'37$96$7"#'S'0F6))7G1%, H%'*%$$%
4)%27C)%'89%3$7"#'(%')%*+%)*+%'(1*"90%#$'(%3'89%3$7"#3'(%')%*+%)*+%'*"##%&%3 IP"##')*
%+')*%6%'&4A$43%*,$*%")4-&%*%M,'4+'4+2;$&* V P"##')*4+2*'&#%)'&4A$43%*,$*%")4$**')+,'
;$&4A'4*,*',& V P"##')*4%+')*%6%'&4A$43%*,$*%")4+:$&&%12' V
H1$%)27#%)'06'37$96$7"#'*)7$789%'(%'(146)$'3944"3%'(%'36G"7)'4"9)89"7'0%'$9$%9)'7#$%)G7%#$
%$'%#'89"7'*"#373$%'*%$$%'37$96$7"#'*)7$789%'39)'0689%00%'70'7#$%)G7%#$,
H6#3'#"$)%'$)6G670K #"93'#"93'7#$1)%33"#3'69&'37$96$7"#3'*)7$789%3'39)'0%389%00%3'0%'$9$%9) 7#$%)G7%#$' %#' 3F6449a6#$' 39)' (%3' 7#=")26$7"#3' 7(%#$7=7650%3' %$' *6)6*$1)73650%3' 46)' (%3 1012%#$3' 73393' (%' 0F6*$7G7$1' (%' 0F644)%#6#$, !%3' 7#=")26$7"#3' *7501%3' %$' 4%)$7#%#$%3' 39) 0F6*$7G7$1'(%'0F644)%#6#$'3"#$'*60*901%3'"9'"5$%#9%3'S'46)$7)'(%3'$)6*%3'(F7#$%)6*$7"#, f"93 46)$"#3'("#*'(9'4)7#*74%'89%K 0")389%'0%3'*7)*"#3$6#*%3'0F%&7A%#$K 0%'$9$%9)'4%9$'(1*7(%) (F7#$%)G%#7)'4"9)'46007%)'9#%'37$96$7"#'*)7$789%'%#'3F6449a6#$'39)'*%3'7#=")26$7"#3K 273%3'S 36'(734"37$7"#,
U7'9#%'7#$%)G%#$7"#'$9$")60%'6'1$1'%==%*$7G%K #"93'(%G"#3'4"9G"7)'(1$%*$%)'06'(7346)7$7"#'(%
06'37$96$7"#'*)7$789%'S'0F")7A7#%'(%'*%00%P*7, H6#3'0%'*63'*"#$)67)%K #"93'G"90"#3'36G"7)'(6#3 89%00%'2%39)%K 0F7#$%)G%#$7"#'#F6'463'1$1'%==%*$7G%'6=7#'(F%#'7#=")2%)'0%'$9$%9), R0'%3$'("#*
#1*%3367)%'(F"53%)G%)'0F1G"09$7"#'(%'06'37$96$7"#'*)7$789%'69'*"9)3'(9'$%243, !%06'3"90CG%
0%3'89%3$7"#3'(%')%*+%)*+%'397G6#$%3 I -"##')*4+2*'-*'&4A'4&'*",&4W4A$4)"&#$A'4+:,)' 3%*,$*%")4X,L2'4-&%*%M,'4+$)34A:$-*%1%*24+'4A:$;;&')$)* V P"##')*43,%1&'4A:21"A,*%") +'4A:2*$*4+:,)'43%*,$*%")4-&%*%M,' V P"##')*4+2*'&#%)'&4A'4#"#')*4W4;$&*%&4+,M,'A4%A '3*4;"33%GA'4+'4+"))'&4,)4&'*",&43,&4,)'4%)*'&1')*%")4*,*"&$A' V
=GX'-*%634+'4&'-<'&-<'
f"$)%'4)%27%)'"5<%*$7='(%')%*+%)*+%'%3$'(%'="9)#7)'9#%'67(%'69'$9$%9)'0")389F70')16073%
3%3' 6*$7G7$13' %#' 3F1G%)$96#$' 4093' 46)$7*907C)%2%#$' S' 097' ="9)#7)' (%3' 7#=")26$7"#3' 39)' 0%3
%==%$3'(%'3%3'7#$%)G%#$7"#3, B"9)'*%06K #"93'%==%*$9"#3'4)160650%2%#$'9#%'1$9(%'$+1")789%
39)'06')1A906$7"#'%$'0F69$"P)1A906$7"#'(6#3'0F"5<%*$7='(F%&407*7$%)'0%3'6*$7G7$13'(9'$9$%9), H%
*%$$%'1$9(%K #"93'6G"#3'1065")1N'0?"K 9#'2"(C0%'(%'(%3*)74$7"#'(%3'6*$7G7$13'(9'$9$%9), U9)'0%3'="#(%2%#$3'(% ]%V@"K #"93'4)"4"3"#3'9#%044)"*+% =)7%#$1% (#(7*6$%9)3'M0=(N 6=7#' (%' )%#()%' *"24$%' (%3' %==%$3' (F9#%' 7#$%)G%#$7"#' $9$")60%, H6#3' *%$$%' 644)"*+%K #"93 G%700"#3'46)$7*907C)%2%#$'S'3"7A#%)'0F634%*$'A1#1)789%'4"9)'6339)%)'06')19$70736$7"#'(%'#"$)%
4)"4"37$7"#'(6#3'0%'*6()%'(F6*$7G7$13'(%'$9$")6$'21(76$731%3,
f"$)%'(%9&7C2%'"5<%*$7='%3$'(%'2%$$)%'%#'o9G)%'0F644)"*+%'")7%#$1%'7#(7*6$%9)3'*"#*%G6#$
%$')160736#$'(%3'"9$703'7#=")26$789%3, B"9)'*%'=67)%K #"93'9$7073"#3'0FTRV_ _"4L&K (%3$7#1'S 0F644)%#$7336A%'(%'06'4)"A)6226$7"#, p $)6G%)3'06'341*7=7*6$7"#'(%'="#*$7"##607$13'S'7#$1A)%) S' *%$' %#G7)"##%2%#$K #"93' G"90"#3' 2"#$)%)' 0F"41)6$7"##60736$7"#' (%' #"$)%' 644)"*+%' %$
4)"4"3%)' 67#37' 69' $9$%9)' 9#' %#G7)"##%2%#$' 097' 4%)2%$$6#$' (%' )1A90%)' 36' 4)"4)%' 6*$7G7$1
ky BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
Júh>P.PGP:A1 .1 _1*>1_*>1
(%'$9$")6$'%$'(%')1A90%)'0F6*$7G7$1'(%'0F644)%#6#$,
U9)' 06' 563%' (%' 06' 273%' %#' o9G)%' (%' 0FV44)"*+%' ;)7%#$1%' R#(7*6$%9)3K #"$)%' $)"737C2%
"5<%*$7='G73%'S'1G609%)'0F7246*$'(%'0F9$70736$7"#'%==%*$7G%'(%'$%03'"9$703'3944")$3'69&'6*$7G7$13'(9
$9$%9)'%#'37$96$7"#')1%00%, V *%$'1A6)(K #"93'6G"#3'2%#1'(%3'%&41)72%#$6$7"#3'%#'*"#$%&$%
1*"0"A789%'%#'9$70736#$'0FTRV_ _"4L&, E%'59$'1$67$'#"#'3%90%2%#$'(F"53%)G%)'0%3'%==%$3'(%
06'273%'%#'406*%'(F9#%'$%00%'63373$6#*%'39)'0F6*$7G7$1'(9'$9$%9)'2673'69337'39)'0F6*$7G7$1'(%
0F644)%#6#$, f"93'2"#$)%)"#3'89F644")$%)'69'$9$%9)'(%3'7#=")26$7"#3'39)'0%3'%==%$3'(%'3%3 7#$%)G%#$7"#3'62107")%'896#$7$6$7G%2%#$'%$'89607$6$7G%2%#$'3%3'4%)=")26#*%3K 7#(9736#$'9#
7246*$'4"37$7='39)'0F6*$7G7$1'(%'0F644)%#6#$,
?2*<"+"A"L%'4+'4&'-<'&-<'
B"9)' 6$$%7#()%' #"3' "5<%*$7=3' (%' )%*+%)*+%K #"93' 6G"#3' "4$1' 4"9)' 9#%' (126)*+%' (%
*"#*%4$7"#' 27&$%' S' 06' ="73' 7$1)6$7G%' %$' 46)$7*746$7G%K *"9401%' 69' *6()%' *"#*%4$9%0' (%' 06 A%#C3%'7#3$)92%#$60%, !%$$%'(126)*+%'(%'*"#*%4$7"#'%3$'3"9G%#$'9$70731%'%#'7#A1#7%)7%'(%3 TRV_ b]*+"9#7`7#%'>??:c, T00%'3F64497%'39)'9#'*6()%'$+1")789%'=")$'%$'39)'9#%'(126)*+%
14)"9G1%'69'ER^@K'%#'26$7C)%'(%'*"#*%4$7"#'(FTRV_ b[)97006)('%$ 60, >???c, T#'%==%$K *%'$a4%
(%'(126)*+%'(%'*"#*%4$7"#K (F9#%'46)$K 46)'3"#'*J$1'46)$7*746$7='4%)2%$'(F7#$1A)%)'0F936A%) (%'0F7#3$)92%#$'S'06'*"#*%4$7"#'(%'0F"5<%$'$%*+#789%'bW656)(%0'-::Xc'%$K (F69$)%'46)$K 46)'3"#
*J$1'7$1)6$7='4%)2%$'0F65"9$733%2%#$'S'9#'2"(C0%'%$'9#'4)"$"$a4%'3$650%3K 64)C3'1G6096$7"#
4973'62107")6$7"#'39**%337G%3'b[)97006)('%$ 60, >???c,
f"$)%' *+"7&' (%' 06' A%#C3%' 7#3$)92%#$60%' 3%' <93$7=7%' 46)' 0F724")$6#*%' (%' 06' #"$7"#
(F7#3$)92%#$6$7"#' (6#3' #"$)%' $)6G670, H6#3' 9#%' 644)"*+%' 6#$+)"4"*%#$)789%' "m' 06 4)1("27#6#*%' %3$' S' 0F+9267#' (6#3' 06' )160736$7"#' (%' 3a3$C2%3' $%*+#789%3K W656)(%0 bW656)(%0'-::Xc' (1=7#7$' 9#' 7#3$)92%#$' *"22%' g 2'( .0$"8.1$( "'( #%$2.$%&'A %'#10%$( ).'#( 2' 2#.!" h, T#'%==%$K 9#'7#3$)92%#$'%3$'*"24"31'(%'(%9&'46)$7%3 I *%00%'897'*"#3$7$9%'0F"5<%$
$%*+#789%'097P2i2%'%$'*%00%'S'897'0%'39<%$'("##%'9#%'="#*$7"#'(6#3'3"#'6*$7G7$1, T#'(F69$)%3
$%)2%3K 9#' 7#3$)92%#$' %3$' g 2'"( "'$%$*( ,%B$"( 92%( $%"'$( 3( <.( 8&%#( )2( #24"$( "$( )"( </&-4"$ h, R0
%3$' *"24"31' (F9#' 6)$%=6*$' M46)$7%' #%9$)%' (%' 0F7#3$)92%#$' 26$1)7%0' "9' 3a25"0789%N' %$' (%
3*+C2%3'(F9$70736$7"#'0713'S'(%3'3*+C2%3'(F6*$7"#'4093'A1#1)69&'M(1G%0"4413'46)'0%'39<%$
4%#(6#$'0F936A%'(%'0F6)$%=6*$'7,%, )1390$6#$'(F9#%'*"#3$)9*$7"#'4)"4)%'(9'39<%$N, E6'A%#C3%
7#3$)92%#$60%'M1065")6$7"#'7#3$)92%#$60%N'(%'W656)(%0'4)%#('%#'*"24$%'*%3'(%9&'634%*$3'(%
0F7#3$)92%#$'M6)$%=6*$'%$'3*+C2%N'%$'4)13%#$%'(%9&'(72%#37"#3'g1&'4&%'$"#("$()%#$%'!2.-<"#h S'$)6G%)3'0F7#3$)92%#$60736$7"#'(7)7A1%'G%)3'0F6)$%=6*$'%$'0F7#3$)92%#$6$7"#')%06$7G%'69'39<%$
097P2i2%,
!%$$%' A%#C3%' 7#3$)92%#$60%' 3%' $)6(97$' (6#3' #"$)%' $)6G670' 46)' 06' 4)"4"37$7"#' (F"9$703 7#=")26$789%3' 6=7#' (%' 4%)2%$$)%' 69' $9$%9)' (F%==%*$9%)' 0%3' $q*+%3' 071%3' S' 3%3' 6*$7G7$13' %$
46)' 0F"53%)G6$7"#' (%' 0F7246*$' 39)' 06' 4)6$789%K S' $)6G%)3' 0%3' %&41)72%#$6$7"#3' 2%#1%3K (%
0F9$70736$7"#'(%'$%03'"9$703'39)'0F6*$7G7$1'(9'$9$%9),
f"$)%' (126)*+%' (%' *"#*%4$7"#' ="#(1%' 39)' 06' A%#C3%' 7#3$)92%#$60%' %3$' *"9401%' 6G%*
9#%'644)"*+%'7$1)6$7G%'89%'#"93'6G"#3'273%'%#'o9G)%'(6#3'#"$)%'$)6G670, !%$$%'644)"*+%
7$1)6$7G%'3F%==%*$9%'46)'9#%'39**%337"#'(%'341*7=7*6$7"#3K (%')160736$7"#3'4973'(F1G6096$7"#3 39**%337G%3' (%' 2"(C0%3' %$' (%' 4)"$"$a4%3, f"93' 4)13%#$"#3' *7P64)C3' 0%3' A)6#(%3' 07A#%3
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
kR
ALh_P.l*hAPL
M7#*096#$' *+6*9#%' 40937%9)3' 7$1)6$7"#3N' (9' *+%27#%2%#$' 397G7' (6#3' 0F1065")6$7"#' (%' #"3 4)"4"37$7"#3, E6'=7A9)% > 70093$)%'*%'*+%27#%2%#$,
!"#$%&'
($)*'+,$)- ./0%1'20*13
453'%60,$)
!"#$%&'()*+,-) .*/0(12
*3$-%&4/(1 5(67-
!"#$%&'()*+,-)
("#8-%+*-&%( !"#$%&'()*+,-) !"#$%&'()*+,-) 9-#:"2;<
!=>5 !=>5
6?> 6?>
9-#:"2;@ 9-#:"2;@ 9-#:"2;:
O7A9)% >'n @1$+"("0"A7%'(%'*"#*%4$7"#'6(64$1%'(%'b@6*`6a'%$'O6a6)('-::.c
V=7#' (%' )14"#()%' S' #"3' 89%3$7"#3' (%' )%*+%)*+%K #"93' 6G"#3' 2%#1K 69' 4)160650%K 9#%
1$9(%'$+1")789%'(%'$)6G69&'73393'#"#'3%90%2%#$'(%3'U*7%#*%3'(%'0F1(9*6$7"#'2673'1A60%2%#$
(%'0kR#=")26$789%'69$"9)'(%'06')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$'%$'(%'0F69$"P)1A906$7"#
$9$")60%, !%$$%' 1$9(%' 6' 65"9$7' S' 06' 4)"4"37$7"#' (% ]%V@"K 9#' 2"(C0%' (%' (%3*)74$7"#' (%3 6*$7G7$13'(9'$9$%9)'897'341*7=7%'0%3'4)"*%3393'(%')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$'%$
(F69$"P)1A906$7"#'$9$")60%,
U9)' 0%3' ="#(%2%#$3' (9' 2"(C0% ]%V@"K #"93' 6G"#3' (1G%0"441' 9#%' 644)"*+%' A1#1)789%
="#(1%' 39)' 0%3' 7#(7*6$%9)3' M0F0;;&"-<'4 =&%')*2'4 ()+%-$*',&3N' 6=7#' (%' 3"9$%#7)' 0%' $9$%9) (6#3'3%3'(7==1)%#$%3'$q*+%3'%#'9$70736#$'0%3'7#(7*6$%9)3,
B"9)' 4"9G"7)' "41)%)' 9#%' 394%)G737"#' (%' 0F6*$7G7$1' (%' 0F644)%#6#$K 0%' $9$%9)' ("7$' 4"9G"7) 4%)*%G"7)'*%$$%'6*$7G7$1'%$'%#'%==%*$9%)'0%'397G7, f"93'4)"4"3"#3'(%'="9)#7)'69'$9$%9)'(%3 7#=")26$7"#3'<9A1%3'41(6A"A789%2%#$'7#$1)%336#$%3'S'$)6G%)3'(%3'7#(7*6$%9)3'39)'0F6*$7G7$1 (%'0F644)%#6#$, EF1G"09$7"#'(%3'G60%9)3'(%'*%3'7#(7*6$%9)3'(6#3'0%'$%243')%=0C$%'*%'897'3%
4633%'(6#3'0F6*$7G7$1'(%'0F644)%#6#$'$"9$'69'0"#A'(%'36')160736$7"#,
E")3' (%' 0F6446)7$7"#' (%' 37$96$7"#3' *)7$789%3' M7(%#$7=71%3' 46)' (%3' G60%9)3' (F7#(7*6$%9)3
#"#' *"#=")2%3' S' *%00%3' 6$$%#(9%3N' (6#3' 0F6*$7G7$1' (%' 0F644)%#6#$K 0%' $9$%9)' 4%9$' (1*7(%) (F7#$%)G%#7)'%#'3%'="#(6#$'39)'0%3'G60%9)3'(%3'7#(7*6$%9)3'39)'0F6*$7G7$1'(%'*%$'644)%#6#$, U97$%' S' *%$$%' 7#$%)G%#$7"#K 3"#' "5<%*$7=' %3$' (%' =67)%' 1G"09%)' 06' 37$96$7"#' G%)3' 06' #")260%
%#'67(6#$'0F644)%#6#$'S')13"9()%'06'37$96$7"#'*)7$789%, EF7#$%)G%#$7"#'(9'$9$%9)'%3$'071%'S 9#%' 37$96$7"#' 7(%#$7=71%' A)q*%' S' 9#' "9' 40937%9)3' 7#(7*6$%9)3' (%' 0F6*$7G7$1' (%' 0F644)%#6#$, B"9)'"53%)G%)'0%3'%==%$3'(%'*%$$%'7#$%)G%#$7"#K #"$)%'3"09$7"#'%3$'(%'397G)%'0%3'G60%9)3'(%3 7#(7*6$%9)3' S' 0F")7A7#%' (%' *%$$%' 7#$%)G%#$7"#, B"9)' 397G)%' 0F1G"09$7"#' (%3' G60%9)3' (%' *%3 7#(7*6$%9)3K #"93' 4)"4"3"#3' (F9$7073%)' *%' 89%' #"93' 644%0"#3' (%3' g 21$6P7#(7*6$%9)3 h,
!%3'21$6P7#(7*6$%9)3'3"#$'(%3'7#(7*6$%9)3'39)'(%3'7#(7*6$%9)3, E%9)'"5<%*$7='%3$'(%')%#()%
kk BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
Júh>P.PGP:A1 .1 _1*>1_*>1
*"24$%'(%'0F1G"09$7"#'(%3'G60%9)3'(F69$)%3'7#(7*6$%9)3,
EFV44)"*+%' ;)7%#$1%' R#(7*6$%9)3' 6' 1$1' 6==7#1%' %$' 62107")1%' A)q*%' 69&' *"#3$6$7"#3' 7339%3 (%3'(7==1)%#$%3'%&41)72%#$6$7"#3'2%#1%3'M(126)*+%'7$1)6$7G%N'%$'(%3'7#$%)6*$7"#3'6G%*'0%3
$9$%9)3'M(126)*+%'46)$7*746$7G%N'$"9$'69'0"#A'(%'#"$)%'$)6G670,
f"$)%'(%9&7C2%'"5<%*$7='(%')%*+%)*+%'897'G73%'S'"41)6$7"##6073%)'#"3'4)"4"37$7"#3'#"93'6 62%#1'S'2%$$)%'%#'o9G)%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3, B"9)'*%'=67)%K #"93'6G"#3'9$70731 _"4L&K 9#'TRV_ %&73$6#$K *"#r9'69'ER^@ %$'(1(71'S'0F644)%#$7336A%'(%'06'4)"A)6226$7"#, _"4L& "==)%'69'$9$%9)'06'4"3375707$1'(F6339)%)'0%'397G7'3a#*+)"#%K 7#(7G7(9%0K (F9#'A)"94%
(F644)%#6#$3'7#G%3$73'(6#3'9#%'6*$7G7$1'(%'$)6G69&'4)6$789%3'#"#'*"0065")6$7G%,
B"9)' (1$%)27#%)' 0%3' 5%3"7#3' (9' $9$%9)K #"93' 6G"#3' "41)1' 9#%' 273%' S' 0F%3367' 7#7$760%
M4+63%' %&40")6$"7)%N' (6#3' 0689%00%' #"93' G"907"#3' )1*"0$%)' (%3' ("##1%3' %#' 37$96$7"#
1*"0"A789%' 4"9)' 6072%#$%)' #"$)%' *")493' (%' $)6*%3' %$' "53%)G%)' (7)%*$%2%#$' 0%3' $9$%9)3 (6#3'0%9)'%#G7)"##%2%#$, E%'59$'1$67$'(F%&$)67)%'(%3'37$96$7"#3'41(6A"A789%3'46)$7*907C)%3
%$' (F7(%#$7=7%)' (%3' 37$96$7"#3' *)7$789%3' )1*9))%#$%3' 4"9)' 67#37' 7(%#$7=7%)' %$' (1=7#7)' (%3 7#(7*6$%9)3'4%)$7#%#$3'%$'41(6A"A789%2%#$'7#$1)%336#$3K )%=01$6#$'0F6*$7G7$1'(%'0F644)%#6#$,
!%3' 7#(7*6$%9)3' 60067%#$' i$)%' 273' %#' 406*%' (6#3' 0%' 3a3$C2%' %$' 9$707313' 0")3' (%3
%&41)72%#$6$7"#3, B6)600C0%2%#$' S' *%$$%' 6#60a3%' (%3' ("##1%3' 7339%3' (%' *%$$%' 273%
S' 0F%3367K #"93' 6G"#3' $)6G67001' %$' *"0065")1' 6G%*' 0F18974%' 41(6A"A789%' M$9$%9)3' %$
%#3%7A#6#$P*"#*%4$%9)N'6=7#'(F7(%#$7=7%)'0%3'5%3"7#3'(F"53%)G6$7"#'(%3'$9$%9)3'%$'*"#=)"#$%) 06'4%)$7#%#*%'(%'#"3'4)"4"37$7"#3'S'*%3'5%3"7#3,
V=7#' (%' 4"9G"7)' *60*90%)' *%3' 7#(7*6$%9)3K #"93' 6G"#3' *+"737' (F9$7073%)' 0%' 21$6P06#A6A%
^]E b!+"89%$'%$'R`360'>??.c'897'%3$'A1#1)789%, ^]E 4%)2%$'(%'(1*)7)%'(%3'7#(7*6$%9)3'%$'(%
341*7=7%)'0%3'("##1%3'#1*%3367)%3'S'3"#'*60*90, E%'*60*90'(%3'7#(7*6$%9)3'%3$'6339)1'46)'0F"9$70
^]E bB+62']+7 fA"*'%$ 60, >?-?c' 89%' #"93' 6G"#3' *"9401' S _"4L& %#' (1G%0"446#$' 06 _^R M_"4L& 6#('^]E R#$%)6*$7"#NK 9#'"9$70'(F7#$%)=6r6A%'7#$1A)6#$'9#'A%3$7"##67)%'(F7#(7*6$%9)3,
^#'2"(90%'(%'*60*90'(%3'21$6P7#(7*6$%9)3'6'69337'1$1'7#$1A)1'S'06 _^R,
B"9)'4%)2%$$)%'69'$9$%9)'(F6**1(%)'69&'7#(7*6$%9)3'*60*9013'39)'0F6*$7G7$1'(%'0F644)%#6#$K
#"93'6G"#3'7#$1A)1'9#'"9$70'(%'G73960736$7"#'(6#3 _"4L&, B6)'6700%9)3K 9#%'7#$%)=6*%'(1(71%
69'3944")$'S'0F69$"P)1A906$7"#'$9$")60%'6'1$1'*"#r9%'%$'7#$1A)1%'S _"4L& 7#*096#$'9#'2"(90%
(%'A%3$7"#'(%3'7#$%)G%#$7"#3'$9$")60%3, !%$$%'7#$%)=6*%'4%)2%$'69'$9$%9)'(%'M)%NG7396073%)'0%3 7#$%)G%#$7"#3'%==%*$91%3'%$'0%3'21$6P7#(7*6$%9)3'*"))%34"#(6#$3 l #"93'6G"#3'(1G%0"441'(%3
="#*$7"##607$13'4%)2%$$6#$'69'$9$%9)'(%'=70$)%)'0%3'7#$%)G%#$7"#3'%==%*$91%3K (%')1P7#$%)G%#7)K (%'(1*0%#*+%)'0%'M)%N*60*90'(%3'21$6P7#(7*6$%9)3K (%'2"(7=7%)'0F1$6$'(F9#%'7#$%)G%#$7"#K %$*,
V=7#'(F6$$%7#()%'#"$)%'$)"737C2%'"5<%*$7='897'*"#373$%'S'"53%)G%)'0F7246*$'(%'0F9$70736$7"#
(%3' "9$703' 3944")$3' 69&' 6*$7G7$13' (9' $9$%9)' %#' 3%' ="#(6#$' 39)' 0F644)"*+%' ")7%#$1%
7#(7*6$%9)3K #"93' 6G"#3' %#$)%4)73' 40937%9)3' %&41)72%#$6$7"#3, f"$)%' (126)*+%' (%
*"#*%4$7"#' 7$1)6$7G%' 3%' )%=0C$%' S' $)6G%)3' *%3' (7==1)%#$%3' %&41)72%#$6$7"#3' $"9$' 69' 0"#A' (%
#"$)%' $)6G670, f"93' 6G"#3' 67#37' 49' 1G609%)' (7==1)%#$3' 634%*$3' (%' #"$)%' $)6G670' S' $)6G%)3 0F"53%)G6$7"#'%$'0F6#60a3%'(%'*%3'%&41)72%#$6$7"#3, !%$$%'(126)*+%'3F%3$'$)6(97$%'(6#3'9#
4)%27%)'$%243'46)'0F7#3$)92%#$6$7"#'(%'06')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$'M_"4L&'G>NK 4973'(6#3'9#'(%9&7C2%'$%243'46)'0F7#3$)92%#$6$7"#'(%'0F69$"P)1A906$7"#'$9$")60%'M_"4L&'GLN 6=7#'(%')16073%)'(%3'%&41)72%#$6$7"#3, EF"5<%*$7='%3$'(F1G609%)'#"3'4)"4"37$7"#3K %#'"53%)G6#$
(6#3'0F936A%K 3%3'%==%$3'39)'0F6*$7G7$1'(9'$9$%9)'%$'39)'0F6*$7G7$1'(%'0F644)%#6#$,
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
kj
ALh_P.l*hAPL
B"9)' 9#%' 2%700%9)%' 9$707365707$1' (%3' "9$703' )1607313K #"93' 6G"#3' 69337' "4$1' 4"9)' 9#%
(126)*+%'46)$7*746$7G%'6=7#'(F7#$1A)%)'0F9$70736$%9)'69'4)"*%3393'(%'*"#*%4$7"#'(%'0F6)$%=6*$K
%$'*%'(C3'0%'(146)$, !%$$%'(126)*+%'("##%'9#')J0%'6*$7='S'*%097'M0%'$9$%9)N'897'G6'9$7073%)'0F"9$70
%#'097'4%)2%$$6#$'(%'(1=7#7)'*%)$67#%3'341*7=7*7$13'897'G"#$'=6*707$%)'0F6**%4$6$7"#'(%'0F"9$70 (6#3'0F936A%, V7#37K #"93'6G"#3'2%#1'(7==1)%#$%3'*6246A#%3'(F%#$)%$7%#3'%$'(F"53%)G6$7"#3 694)C3'(%3'$9$%9)3'%$'(F6#60a3%'(%'("##1%3 I
n (9)6#$'$"9$'0%'*a*0%'(%'*"#*%4$7"#'(%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3 l
n S'0F1$64%'(%'0F1065")6$7"#'(%3'"9$703'3944")$3'69&'6*$7G7$13'$9$")60%3'M7(%#$7=7*6$7"#'(%3 5%3"7#3'(9'$9$%9)'%#'$%)2%'(F7#(7*6$%9)3'S'G7396073%)'%$'%#'$%)2%'(%'="#*$7"##607$13 6$$%#(9%3N l
n (9)6#$'0%3'%&41)72%#$6$7"#3 l
n 64)C3'0%3'%&41)72%#$6$7"#3'M6#60a3%'(%3')1390$6$3K 5706#'%$'1G6096$7"#3N,
OA$)4+'4A$4*<Y3'
B"9)'(1*)7)%'#"3'$)6G69&'0%'("*92%#$'3F")A6#73%'69$"9)'(%'896$)%'4)7#*7469&'*+647$)%3,
f"93'(159$"#3'0%'4)%27%)'*+647$)%'%#'()%336#$'0%'*6()%'$+1")789%'69$"9)'(%3'6*$7G7$13 (9'$9$%9)'S'36G"7)'06')1A906$7"#'(%'0F6*$7G7$1'(%'0F644)%#6#$'%$'06')1A906$7"#'(%'36'4)"4)%
6*$7G7$1'(%'$9$")6$'M69$"P)1A906$7"#'$9$")60%N, p 46)$7)'(%'*%$$%'1$9(%'$+1")789%K #"93'6G"#3
*"#r9'0%'2"(C0% ]%V@" 89%'#"93'(1$6700"#3'%#397$%, !%'2"(C0%'(1*)7$'0%3'(%9&'6*$7G7$13 (9'$9$%9)'89%'#"93'6G"#3'7(%#$7=71%3'S'$)6G%)3'0%3'4)"*%3393'(%')1A906$7"#'(%'0F6*$7G7$1'(%
0F644)%#6#$'%$'(F69$"P)1A906$7"#'$9$")60%, B6)'06'397$%K #"93'4)13%#$"#3'(%3'%#G7)"##%2%#$3 (1(713'69'3944")$'(%'*%3'6*$7G7$13'(9'$9$%9), T$'%#=7#K #"93'6*+%G"#3'*%'*+647$)%'46)'9#%
(73*9337"#'39)'0%3'3944")$3'%&73$6#$3'%$'0%3'5%3"7#3'(F7#3$)92%#$6$7"#K #"$622%#$'(6#3 0F67(%'S'0F69$"P)1A906$7"#'$9$")60%,
E%'(%9&7C2%'*+647$)%'%3$'*"#36*)1%'S'06'4)13%#$6$7"#'(%'0FV44)"*+%';)7%#$1%'R#(7*6$%9)3, f"93'*"22%#r"#3'*%'*+647$)%'46)'0F%&407*7$6$7"#'(%'*%'89F%3$'9#%'7#$%)G%#$7"#'$9$")60%'6=7#
(F%#' %&$)67)%' 06' 4)7#*7460%' *6)6*$1)73$789%' (6#3' #"$)%' *"#$%&$%' (%' $)6G670, T#397$%K #"93 65")("#3'9#%'#"$7"#'*01'(%'#"$)%'4)"4"37$7"# I 0F7#(7*6$%9)K #"$7"#'89%'#"93'%&407*7$"#3'%$
(1=7#733"#3, f"93'*"#$7#9"#3'46)'06'4)13%#$6$7"#'(%3'(7==1)%#$3'60A")7$+2%3'4%)2%$$6#$'(%
2%39)%)'0%3'%==%$3'(F9#%'7#$%)G%#$7"#'%$'(%'*60*90%)'0%3'21$6P7#(7*6$%9)3, f"93'*"2401$"#3
%#=7#' *%' *+647$)%' 46)' 9#%' (73*9337"#' 69$"9)' (%' 06' A1#1)7*7$1' (%' 0F644)"*+%' %$' (9' *+624 (F64407*6$7"#'(%'#"3'4)"4"37$7"#3,
E%' $)"737C2%' *+647$)%' 65")(%' 06' 273%' %#' o9G)%' %==%*$7G%' (%' #"3' 4)"4"37$7"#3' S
$)6G%)3'0F%#G7)"##%2%#$ _"4L&, ]"9$'(F65")(K #"93'4)13%#$"#3'0%'*+"7&'(%'#"$)%'("267#%
(F64407*6$7"#'6G6#$'(%'4)13%#$%)'0F%#G7)"##%2%#$ _"4L&, B973K #"93'(1$6700"#3'0%3'6*$7G7$13 273%3'%#'406*%'67#37'89%'0%3'5%3"7#3'(F"53%)G6$7"#3'%$'7#(7*6$%9)3')%06$7=3'S'*%3'6*$7G7$13, f"93' *"#36*)"#3' 9#%' 46)$7%' (9' *+647$)%' S' 06' 4)13%#$6$7"#' (%3' (7==1)%#$%3' 3"09$7"#3 4"9)' 2"(1073%)' %$' *60*90%)' 0%3' 7#(7*6$%9)3, f"93' ("##"#3' %#397$%' 0%3' )673"#3' (%' #"$)%
*+"7&' (F9$7073%) ^]E %$ H!E^]E (6#3' #"$)%' 724012%#$6$7"#, f"93' 4)13%#$"#3' 1A60%2%#$
0%3' (7==1)%#$3' 2"(90%3' 9$707313' %$' 724012%#$13' 6=7#' (%' *60*90%)' 0%3' 7#(7*6$%9)3K 0%3
k9 BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
SGL .1 G h>Ĕa1
21$6P7#(7*6$%9)3'%$'0%3'%==%$3'(F9#%'7#$%)G%#$7"#, f"93'(1*)7G"#3'%#=7#'0%3'(7==1)%#$3'"9$703 4%)2%$$6#$' 69' $9$%9)' (%' G7396073%)' 0%3' (7==1)%#$%3' 7#=")26$7"#3' *60*901%3' %$' 0%3' "9$703 (F7#$%)G%#$7"#,
E%'896$)7C2%'*+647$)%'(1*)7$'0%3'(7==1)%#$%3'%&41)72%#$6$7"#3'89%'#"93'6G"#3'2%#1%3 (6#3'0%'*6()%'(%'*%'$)6G670'(%'$+C3%, U7&'$9$%9)3'%$'(%9&'*%#$'(7&'#%9='1$9(76#$3'"#$'1$1 724078913'(6#3'*%3'%&41)72%#$6$7"#3'897'3%'3"#$'(1)"901%3'39)'$)"73'6##1%3'9#7G%)37$67)%3, B6)27'*%3'%&41)72%#$6$7"#3K $)"73'3%'3"#$'(1)"901%3'S'0F^#7G%)37$1'(9'@67#%'69'@6#3'M(%
>??:'S'>?--N'69'(146)$%2%#$'R#=")26$789%'%$'9#%'S'0FR^] (%'E6G60'69'(146)$%2%#$'UW! M%#
>?-?N, f"93'*"#36*)"#3'9#%'46)$7%'(9'*+647$)%'S'0F6#60a3%'(%3')1390$6$3'(%'*+6*9#%'(%3
%&41)72%#$6$7"#3'67#37'89FS'9#%'(73*9337"#'69$"9)'(%'*%3')1390$6$3,
f"93' $%)27#"#3' *%' ("*92%#$' 46)' 9#' 5706#' (%' #"3' $)6G69&K S' $)6G%)3' #"3' 4)7#*7460%3
*"#$)759$7"#3, B973K #"93'%&4"3"#3'0%3'4%)34%*$7G%3'"9G%)$%3'46)'#"3'4)"4"37$7"#3,
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
k8
ALh_P.l*hAPL
ke BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
P<$;%*&'4.
0-*%1%*234+,4*,*',& 5
%+')*%6%-$*%")4'*4%)3*&,#')*$*%")
*>SAh_1 RX *hAoAhúa .l hlh1l_ , A.1LhA6A*hAPL 1h ALah_lJ1LhhAPL
k3 BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2
RXRX G1 hlh1l_ .La GǶ*hAoAhú .Ƕ**PJS:L1J1Lh
E%'$9$%9)'6**"246A#%'0F644)%#6#$'(6#3'06')160736$7"#'(%'3"#'6*$7G7$1 I 70'%3$'62%#1'S )1A90%)' 0F6*$7G7$1' (%' *%' (%)#7%)K *%' 897' #1*%337$%' 89F70' 4%)r"7G%' *%$$%' 6*$7G7$1, H%' 06' 3")$%K 69'*"9)3'(%3'3%337"#3'(F644)%#$7336A%K 0%'$9$%9)'4%9$'i$)%'62%#1'S'4)%#()%'(%3'(1*737"#3 (F6*$7"#3' %$' (%' )1A906$7"#' 46)' )644")$' S' 0F6*$7G7$1' 89F70' 4%)r"7$ l *%3' (1*737"#3' 3"#$K 46) 6700%9)3K 4)73%3' %#' ="#*$7"#' (%' 06' #6$9)%' %$' (9' *"#$%&$%' (%' 06' 37$96$7"#' (F644)%#$7336A%, U%0"#'0%3'37$96$7"#3'(F644)%#$7336A%K 0%'$9$%9)'4%9$'4)%#()%'(%3'(1*737"#3'(%')1A906$7"#'%#
$%#6#$'*"24$%'(%3'5%3"7#3'(%'0F644)%#6#$'%$'%#'="#*$7"#'(%'3%3'(7==1)%#$3')J0%3,
f"93'*"22%#r"#3'*%'*+647$)%'46)'9#%'1$9(%'69$"9)'(%'06'#"$7"#'(%')1A906$7"#'(%'0F6*$7G7$1 (%'0F644)%#6#$'%#'5606a6#$'9#'34%*$)%'633%e'06)A%'S'$)6G%)3'0%3'#"$7"#3'(%')J0%3K ="#*$7"#3
%$'$q*+%3'(9'$9$%9), B973K #"93'%&40789"#3'0%'*+"7&'(9'$%)2%'g )1A906$7"#'(%'0F6*$7G7$1'(%
0F644)%#6#$ h'4"9)'(137A#%)'0F6*$7G7$1'(9'$9$%9)'*"#373$6#$'S'67(%)K 6**"246A#%)K 3"9$%#7)
%$*, 0F644)%#6#$,
;9$)%' 06' )1A906$7"#' (%' 0F6*$7G7$1' (%' 0F644)%#6#$K 0%' $9$%9)' ("7$' 69337' A1)%)' 36' 4)"4)%
6*$7G7$1'(%'$9$")6$K 89%'#"93'644%0"#3sg 69$"P)1A906$7"#'$9$")60%h, H6#3'06'3%*$7"#'>K #"93 7#$)"(973"#3' 06' #"$7"#' (F69$"P)1A906$7"#' 4973' #"93' 65")("#3' 06' #"$7"#' (F69$"P)1A906$7"#
$9$")60%,
E6'*"257#673"#'(%'*%3'1$9(%3'$+1")789%3'#"93'4%)2%$'(F%&407*7$%)'0%3'4)"*%3393'0713'69&
6*$7G7$13'(9'$9$%9)'%#'(1A6A%6#$'3%3'4)7#*7460%3'*6)6*$1)73$789%3, f"93'(1*)7G"#3'(6#3'06 3%*$7"#' LK ]%V@"K 9#' 2"(C0%' (%' (%3*)74$7"#' (%3' 4)"*%3393' (%' )1A906$7"#' (%' 0F6*$7G7$1' (%
0F644)%#6#$'%$'(F69$"P)1A906$7"#'$9$")60%,
H6#3' 06' 3%*$7"#' DK #"93' =673"#3' 9#%' 4)13%#$6$7"#' #"#' %&+693$7G%' (F%#G7)"##%2%#$3 3944")$3'69&'6*$7G7$13'$9$")60%3, !%06'#"93'4%)2%$'(F%&$)67)%'0%3'="#*$7"##607$13'#1*%3367)%3 S'06'273%'%#'406*%'(F"9$703'G736#$'S'63373$%)'0%'$9$%9)K S'06'="73'(6#3'06')1A906$7"#'(%'0F6*$7G7$1 (%'0F644)%#6#$'%$'(6#3'06')1A906$7"#'(%'36'4)"4)%'6*$7G7$1,
.Z. 9'4*,*',&4+$)34A:$-*%1%*24+:$--"#;$L)'#')*
.Z.Z. 9$4)"*%")4+'4*,*',&
.Z.Z.Z. Q'4A:')3'%L)$)*4ZZZ $,4*,*',&
VG%*' 0F12%)A%#*%' (%3' #"9G%00%3' $%*+#"0"A7%3K (%' #"9G%00%3' 2"(607$13' (F644)%#$7336A%
3"#$'6446)9%3 l *%'897'6'%#A%#()1'0F1G"09$7"#'(9')J0%'(%'0F%#3%7A#6#$,
H6#3' 0F%#3%7A#%2%#$' $)6(7$7"##%0K 0F%#3%7A#6#$' %3$' *%097' 897' 4"33C(%' 0%' 36G"7)' %$' 0%3
*"##67336#*%3' %$' 897' 0%3' $)6#32%$' S' 0F644)%#6#$' b_"9336a%'-:\\c I 0F%#3%7A#6#$' %3$' 9#
21(76$%9)' (%' 36G"7)' bW6a60'%$'W7%9#7%)'-::.c-, EF6446)7$7"#' (%3' ]R! "#$' 7#$)"(97$' (%
#"9G%00%3' )%33"9)*%3' +9267#%3' %$' 26$1)7%00%3' (6#3' 0%3' =")26$7"#3' %$' #"$622%#$' %#
=")26$7"#' S' (73$6#*%' "m' (%' #"9G%00%3' =")2%3' (F644)%#$7336A%' 3"#$' )%#(9%3' 4"33750%3 bW1e%69'-::\c>, H6#3' 9#%' 37$96$7"#' 41(6A"A789%' 21(76$731%' M"m' 0F"#' 7#$)"(97$' (%3
-, W6a60'%$'@%9#7%)'bW6a60'%$'W7%9#7%)'-::.c'(1=7#733%#$'06'21(76$7"#'*"22%'1$6#$'g</"'#",-<"()"#(.%)"#(&2 )"#(#2;;&0$#(92/2'"(;"0#&''"(;"2$(&880%0(3(2'"(.2$0"("'(+2"()"(<2%(0"')0"(.11"##%-<"(2'(#.+&%0(92"<1&'92"h,
>, W1e%69' 6' 7#$)"(97$' 06' #"$7"#' (%' *6))1' 41(6A"A789%' 897' 4)13%#$%' 9#' 2"(C0%' (%' 37$96$7"#3 (F%#3%7A#%2%#$P644)%#$7336A%' 72407896#$' 0F9$70736$7"#' (%3' ]R!,' B6)$6#$' (9' 2"(C0%' (%' 37$96$7"#3' (F6*$7G7$13 7#3$)92%#$1%3'(%'W656)(%0'bW656)(%0'-::Xc'0%89%0'1$6507$'(%3')%06$7"#3'%#$)%'0%'39<%$'M644)%#6#$'%$'%#3%7A#6#$NK 0F"5<%$'M0%'36G"7)N'%$'0F7#3$)92%#$K W1e%69'6(64$%'0%'$)76#A0%'41(6A"A789%'(%'b_"9336a%'-:\\c'%#'a'7#$)"(9736#$'06
#"$7"#'(F7#3$)92%#$,
BM G2FB`
.Q+iQ`i 2M AM7Q`KiB[m2 lMBp2`bBiû /m JBM2 @ kyRk
kN
