Professional Documents
Culture Documents
Modeling, Control and Implementation of Smart Structures - A FEM-State Space Approach
Modeling, Control and Implementation of Smart Structures - A FEM-State Space Approach
Modeling, Control and Implementation of Smart Structures - A FEM-State Space Approach
Modeling, Control
and Implementation
of Smart Structures
A FEM-State Space Approach
Authors
Prof. B. Bandyopadhyay Prof. M. Umapathy
Dr. T.C. Manjunath NIT Trichy
IIT Bombay Department of Instrumentation
Systems and Control Engineering and Control Engineering
400076 Powai, Mumbai Tanjore Road
Maharashtra, India 620015 Trichy, Tamilnadu
bijnan@ee.iitb.ac.in India
tcmanju@sc.iitb.ac.in umapathy@nitt.edu
ISSN 0170-8643
ISBN-10 3-540-48393-4 Springer Berlin Heidelberg New York
ISBN-13 978-3-540-48393-9 Springer Berlin Heidelberg New York
:JP :P)J69K <& K:JP KPJT"PTJ)K% >,P)< "99)& K P4) 6<P)9963)<P KPJT"PTJ)K
,>J:K <)V J@6&9X 3J>V6<3 6<P)J&6K"6@96<JX P)"4<>9>3X 6< P4) :>&)J< &X
V>J9& ):J"6<3 P4) /)9&K >, :P)J69K% KPJT"PTJ)K% :)"4PJ><6"K% K)<K>J 5
"PTP>J KXKP):K% 6<,>J:P6>< <& K63<9 @J>")KK6<3% )9)"PJ><6"K% :P4):P6"K%
"><PJ>9 <& J) K6"99X &6KPJ6TP)& @J:)P)J KXKP):KC
">::>< ,)PTJ) 6< :7>J6PX >, P4) KPJT"PTJ)K 6K P4) "P6U) U6JP6><
"><PJ>9 @J>9):% V46"4 4K P> ) &)9P V6P4 K 6P V>T9& 9)& P> P4) &)3J&5
P6>< >, P4) KPJT"PTJ9 @)J,>J:<") 6, 9),P T<"><PJ>99)&C :>&)KP PP):@P 6K
:&) P> J)&T") P4) KPJT"PTJ9 U6JP6><K 6< K:JP "<P69)U)J ): TK6<3 UJ5
6>TK "><PJ>9 KPJP)36)K <& 6K @J)K)<P)& 6< P46K :><>3J@4% V46"4 6K )<P6J)9X
K)& >< P4) TP4>JK V>J8C >:) >, P4) &)U)9>@)& "><PJ>9 P)"4<6ET)K J) 9K>
)W@)J6:)<P99X U)J6/)&C
T"4 >, P4) J)K)J"4 V>J8 &><) 6< P4) J) >, K:JP KPJT"PTJ)K K> ,J 6K
:6<9X "><")<PJP)& 6< P4) :>&)96<3 <& "><PJ>9 P)"4<6ET)K% KPP6" <& &X5
<:6" <9XK6K V46"4 :8) TK) >, KPP) ,))&"8% >TP@TP ,))&"8 @J6<"6@9)K%
96<)J ET&JP6" J)3T9P>J% >@P6:9 "><PJ>9 <& K)& P)"4<6ET)K% )P"C%C
6<") :>KP >, P4)K) PX@)K >, "><PJ>9 P)"4<6ET)K <))&K 99 P4) KXKP): KPP)K
,>J ,))&"8% V46"4 :X <>P ) U699) ,>J :)KTJ):)<P% P4)X :X KT-)J
,J>: P4) @J>9): >, J)9 P6:) 6:@9):)<PP6>< <& K>:) P6:)K <))& KPP)
>K)JU)J ,>J "><PJ>9 @TJ@>K)KC 4)K) &JV"8K ">T9& ) >U)J">:) X P4) TK)
>, :T9P6JP) >TP@TP ,))&"8 P)"4<6ET)K ABC
6P4 P4) 6<"J)K6<3 TK) >, ">:@TP)JK <& &6K"J)P)5P6:) K:@9)JK 6< "><5
PJ>99)J 6:@9):)<PP6>< 6< P4) J)")<P @KP% &6K"J)P)5P6:) KXKP):K <& ">:@TP)J
K)& "><PJ>9 4U) )">:) P4) P>@6"K P4P 4U) 9>P >, @>P)<P69 6< P4):C <
K)& "><PJ>9 P)"4<6ET) "< ) @@96)& P> 9:>KP 99 P4) KXKP):K V46"4
J) "><PJ>999) <& >K)JU9)% V469) P P4) K:) P6:) )6<3 K6:@9) )<>T34
K <>P P> PW P4) ">:@TP)JK P>> :T"4C
M*.#*
//,(@ C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C S2?
5,6 C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C S2M
,@ C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C S00
,/ $ 2+,
QCS 6@ &6K@9"):)<PK% >@)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9
K63<9 >, :>&)9 ? >, KXKP): ? A6)Y> @9")& P ? 5 /W)& )<&B =Q
QCQ 6@ &6K@9"):)<PK% >@)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9
K63<9 >, :>&)9 ? >, KXKP): S A6)Y> @9")& P ? 5 /W)& )<&B =2
QC2 6@ &6K@9"):)<PK% >@)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9
K63<9 >, :>&)9 ? >, KXKP): Q A6)Y> @9")& P ? 5 /W)& )<&B =2
QC0 @)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9 K63<9 >, :>&)9 Q
>, KXKP): ? A6)Y> @9")& P Q 5 ,J)) )<&B C C C C C C C C C C C C C C C C =0
QCN @)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9 K63<9 >, :>&)9 2
>, KXKP): S A6)Y> @9")& P 2 5 ,J)) )<&B C C C C C C C C C C C C C C C C =0
QCM @)< <& "9>K)& 9>>@ J)K@><K)K <& "><PJ>9 K63<9 >, :>&)9 0
>, KXKP): Q A6)Y> @9")& P 0 5 ,J)) )<&B C C C C C C C C C C C C C C C C =N
QC* )K@><K)K >, :>&)9 ? >, KXKP): ? A6)Y> @9")& P /W)& )<&B $
Q :>&)K C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C =N
QC= )K@><K)K >, :>&)9 ? >, KXKP): S A6)Y> @9")& P /W)& )<&B $
Q :>&)K C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C =M
QC?Z )K@><K)K >, :>&)9 ? >, KXKP): Q A6)Y> @9")& P /W)& )<&B $
Q :>&)K C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C =M
QC?? J)K@><K)K A <& A V6P4 P4) >O@ 6<7)"P6>< 36<K <&
,>J P4) :>&)9 C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C ?ZZ
QC?S J)K@><K) AK)<K>J >O@B A <& "><PJ>9 6O@ ; V6P4 36<
C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C ?ZZ
QC?Q J)K@><K) AK)<K>J >O@B A <& "><PJ>9 6O@ ; V6P4 36<
C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C ?ZZ
QC?2 8B '8NB;#*<*>SN Y6*> .W;S S:*N B;#* S B@N8S8@> >W< *M8>5 + ?Z0
QC?0 )<K>J >O@ A J)K@><K)B A % "><PJ>9 6O@ ; ,>J ,T9P P
@>K6P6>< <T:)J6<3 * V6P4 P4) 36< C C C C C C C C C C C C C C C C C ?ZN
QC?N )<K>J >O@ A J)K@><K)B A % "><PJ>9 6O@ ; ,>J ,T9P P
@>K6P6>< <T:)J6<3 * V6P4 P4) 36< C C C C C C C C C C C C C C C C C ?ZN
QC?M )<K>J >TP@TP A J)K@><K)B A
% "><PJ>9 6O@ ;
,>J ,T9P P
@>K6P6>< <T:)J6<3 * V6P4 P4) 36< C C C C C C C C C C C C C C C C C ?ZM
QC?* )<K>J >TP@TP A J)K@><K)B A % "><PJ>9 6O@ ; ,>J ,T9P P
@>K6P6>< <T:)J6<3 * V6P4 P4) 36< C C C C C C C C C C C C C C C C C ?ZM
QC?= J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P SB $ >&)9 ? C C ??Q
QCSZ J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P 2B $ >&)9 ? C C ??2
QCS? J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P SB $ >&)9 S C C ??2
QCSS J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P 2B $ >&)9 S C C ??0
QCSQ J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P SB $ >&)9 Q C C ??0
QCS2 J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P 2B $ >&)9 Q C C ??N
QCS0 J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P SB $ >&)9 2 C C ??N
QCSN J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P 2B $ >&)9 2 C C ??M
QCSM J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P SB $ >&)9 0 C C ??M
QCS* J)K@><K) <& "><PJ>9 6O@ A@6)Y> @9")& P 2B $ >&)9 0 C C ??*
QCS= % J)K@><K) V6P4 >O@ 6<7)"P6>< 36< A ?B C C C C C C ?SZ
QCQZ J)K@><K) V6P4 36<
<& "><PJ>9 6O@ ; A ?B ?SZ
8NS @. 85WM*N
0C? 9>P >, KPP)K% KV6P"46<3 ,O<% "><PJ>9 ,>J :>&)9 ? A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C ?=*
0CS 9>P >, K)<K>J >O@ <& "4PP)J6<3 ,>J :>&)9 ? A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C ?=*
0CQ 9>P >, KPP)K% KV6P"46<3 ,O<% "><PJ>9 ,>J :>&)9 S A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C ?==
0C2 9>P >, K)<K>J >O@ <& "4PP)J6<3 ,>J :>&)9 S A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C ?==
0C0 9>P >, KPP)K% KV6P"46<3 ,O<% "><PJ>9 ,>J :>&)9 Q A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C SZZ
0CN 9>P >, K)<K>J >O@ <& "4PP)J6<3 ,>J :>&)9 Q A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C SZZ
0CM 9>P >, K)<K>J >O@ <& "4PP)J6<3 ,>J :>&)9 2 A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C SZ?
0C* 9>P >, KPP)K% KV6P"46<3 ,O<% "><PJ>9 ,>J :>&)9 2 A ):
:>&)99)& K KXKP): V6P4 KTJ,") :>T<P)& B C C C C C C C C C SZ?
0C= 9>P >, K)<K>J >TP@TPK ,>J P4) 5 :>&)9 C C C C C C C C C C C C C C SZQ
0C?Z 9>P >, "><PJ>9 6<@TPK P> P4) "PTP>JK ,>J P4) 5 :>&)9 SZQ
0C?? 9>P >, P4) ,>TJ KPP)K ,>J P4) 6:>K4)<8> :>&)9 ? V6P4
KTJ,") :>T<P)& C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C SZ0
0C?S 9>P >, "><PJ>9% K)<K>J >O@ ,>J 6:>K4)<8> ): :>&)99)& K
KXKP): A:>&)9 ?B C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C SZ0
0C?Q 9>P >, K)<K>J >TP@TPK ,>J 6:>K4)<8> ): :>&)99)& K
KXKP): V6P4 KTJ,") :>T<P)& C C C C C C C C C C C C C C C C C C C SZN
0C?2 9>P >, "><PJ>9 6<@TPK ,>J 6:>K4)<8> ): :>&)99)& K
KXKP): V6P4 KTJ,") :>T<P)& C C C C C C C C C C C C C C C C C C C SZN
8NS @. 85WM*N
C? 9)W69) ): &6U6&)& 6<P> Q PX@)K >, KXKP):K% U6YC% KXKP): ? $
Q A P S% QB% KXKP): S $ 2 A P S% Q% 2B%
KXKP): Q $ 0 A P S% Q% 2% 0B C C C C C C C C C C C C C C C C C C C C C C S20
,/ $ !,
SC? J>@)JP6)K >, P4) 1)W69) "<P69)U)J A9T:6<6T: ):B <& P4)
@6)Y>)9)"PJ6" )9):)<P V4)< ): 6K &6U6&)& 6<P> 2 /<6P) )9):)<PK S2
SCS 4J"P)J6KP6"K >, P4) K:JP ): ,>J S :>&)K% ): &6U6&)&
6<P> Q AKXKP): ?B C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C 2Q
SCQ 4J"P)J6KP6"K >, P4) K:JP ): ,>J S :>&)K% ): &6U6&)&
6<P> 2 AKXKP): SB C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C 2Q
SC2 4J"P)J6KP6"K >, P4) K:JP ): ,>J S :>&)K% ): &6U6&)&
6<P> 0 AKXKP): QB C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C 2Q
SC0 4J"P)J6KP6"K >, P4) K:JP 1)W69) ): ,>J "K) AS
:>&)KB C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C 2*
SCN 4J"P)J6KP6"K >, P4) :T9P6:>&)9 KXKP): V4)< "PTP>J ,69K
P @>K6P6>< * C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C 0S
SCM 4J"P)J6KP6"K >, P4) K:JP ): ,>J P4) :T9P6UJ69) :>&)9 ? 02
SC* J>@)JP6)K >, P4) P46"8 "<P69)U)J A9T:6<6T: ):B <& P4)
@6)Y>)9)"PJ6" )9):)<P V4)< ): 6K &6U6&)& 6<P> 2 /<6P) )9):)<PK 0N
SC= 4J"P)J6KP6"K >, P4) K:JP 6:>K4)<8> ): V6P4 KTJ,")
:>T<P)& K)<K>JO"PTP>J AS 6<@TPK <& S >TP@TPKB5S :>&)K C C C C M?
SC?Z 4J"P)J6KP6"K >, P4) K:JP 6:>K4)<8> ): V6P4 KTJ,")
:>T<P)& K)<K>JO"PTP>J AS 6<@TPK <& S >TP@TPKB5Q :>&)K C C C C M?
SC?? J>@)JP6)K >, P4) 9T:6<T: "<P69)U)J 6:>K4)<8> ): C C C C C C MQ
SC?S J>@)JP6)K >, P4) @6)Y>)9)"PJ6" K4)J K)<K>J <& "PTP>J V4)<
P4) ): 6K &6U6&)& 6<P> 0 C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C MQ
SC?Q 4J"P)J6KP6"K >, K:JP ):)&&)& ): K KXKP): 5
>&)9 ? C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C *Q
SC?2 4J"P)J6KP6"K >, P4) K:JP ):)&&)& ): ,>J K
KXKP): C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C *0
NC? J>@)JP6)K >, P4) )W@)J6:)<P9 ): <& P4) @6)Y> @P"4)K C C C C SS2
NCS >:@J6K>< >, P4) )W@)J6:)<P9 <& <9XP6"9 J)KT9PK >, P4)
:>&) ,J)ET)<"6)K C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C SQ?
$"#!/2+
(6: - 5-,A+695>(:(-,6
4) /JKP 4@P)J >, P46K :><>3J@4 &)9K V6P4 J6), 6<PJ>&T"P6>< P> P4) P4)5
>JX <& "><")@PK >, K:JP :P)J69K <& KPJT"PTJ)K% :P4):P6"9 :>&)96<3
<& P4) "P6U) U6JP6>< "><PJ>9 >, K:JP KPJT"PTJ)KC >:) >, P4) @@96"P6><
/)9&K >, P46K ):)J36<3 P>@6" 6< P4) :>&)J< &X V>J9& J) 9K> :)<P6><)&C
J6>TK PX@)K >, "><PJ>9 KPJP)36)K J) 9K> @J)K)<P)& 6< P46K "><P)WP% V46"4
J) TK)& P> KT@@J)KK P4) U6JP6><K >, 1)W69) ):K <& P> :8) P4) KPJT"5
PTJ)K K,)% J)969) <& ,J>: ,TJP4)J &:3)C J6), KTJU)X >< P4) J)K)J"4
>< K:JP KPJT"PTJ)K &><) K> ,J 6K 9K> @J)K)<P)& 9><3 V6P4 P4) TP4>JK "><5
PJ6TP6><KC 6<99X% P4) :>P6UP6>< P4P :&) TK P> U)<PTJ) 6<P> P46K K:JP
KPJT"PTJ)K /)9& 6K @J)K)<P)& P P4) )<&C
Vc£
:JP :P)J69K <& K:JP KPJT"PTJ)K% >,P)< "99)& K P4) 6<P)9963)<P KPJT"PTJ)K
,>J:K <)V J@6&9X 3J>V6<3 6<P)J&6K"6@96<JX P)"4<>9>3X 6< P4) :>&)J< &X
V>J9& ):J"6<3 P4) /)9&K >, :P)J69K% KPJT"PTJ)K% K)<K>J 5 "PTP>J KXKP):K%
6<,>J:P6>< <& K63<9 @J>")KK6<3% )9)"PJ><6"K <& "><PJ>9 ?!C 4)K) KPJT"5
PTJ)K 6<U>9U) P4) KX<)J36K: >, 6<P)9963)<P :P)J69K V6P4 ):)&&)& >J KTJ,")
:>T<P)& K)<K>JK V4>K) 6<,>J:P6>< 6K ">99)"P)&% @J>")KK)& <& "><PJ>99)& X
K>@46KP6"P)& "><PJ>99)J% V46"4 "><PJ>9K P4) "PTP>J P> @)J,>J: P4) ">JJ)"P6U)
"P6><C
K:JP KPJT"PTJ) 6K K6"99X &6KPJ6TP)& @J:)P)J KXKP): P4P ):@9>XK
K)<K>JK <& "PTP>JK P &6-)J)<P /<6P) )9):)<P 9>"P6><K >< P4) ): <&
:8)K TK) >, ><) >J :>J) :6"J>@J>")KK>JK P4P <9XY) P4) J)K@><K)K >P6<)&
,J>: P4) K)<K>JK <& TK) &6-)J)<P "><PJ>9 9>36"K P> ">::<& P4) "PTP>JK P>
@@9X 9>"96Y)& KPJ6<K P> P4) @9<P P> J)K@><& 6< &)K6J)& ,K46>< <& J6<3
P4) KXKP): P> )ET696J6T:C P 4K 9K> 3>P P4) "@696PX P> J)K@><& P> P4)
"4<3)K 6< P4) )<U6J><:)<P >< P4) @9<P% V4)P4)J 6<P)J<9 >J )WP)J<9 KT"4 K
9>& "4<3)K% P):@)JPTJ) "4<3)KC :JP "PTP>JK J) TK)& P> 9P)J KXKP):
V A >SM@'W#S8@> S@ <MS SMW#SWM*N
"4J"P)J6KP6"K AKT"4 K KP6-<)KK >J &:@6<3B K V)99 K >, P4) KXKP): J)K@><K)
AKT"4 K KPJ6< >J K4@)B 6< "><PJ>99)& :<<)JC
K:JP KPJT"PTJ) P)"4<>9>3X 6< P4) "TJJ)<P K")<J6> 4K P4TK @J>U6&)& :)<K
,>J 6<P)3JP6<3 K)<K>JK <& "PTP>JK 6<P> P4) KPJT"PTJ) <& :8) P4): K)9,5
&@P6<3 <& K)9,5"><PJ>996<3 6< UJ6>TK PX@)K >, :)"4<6"9% 1)W69) <& J636&
)<36<))J6<3 KPJT"PTJ)K KT"4 K 6< )J>K@") @@96"P6><K% "6U69 )<36<))J6<3 @5
@96"P6><K% J>>P6"K% 6>5P)"4<>9>3X% <& C
"P6U) U6JP6>< "><PJ>9 6K < 6:@>JP<P @J>9): 6< KPJT"PTJ)KC <) >, P4)
VXK P> P"89) P46K @J>9): 6K P> :8) P4) KPJT"PTJ) K:JP% 6<P)9963)<P% &@5
P6U) <& K)9,5"><PJ>996<3 X :86<3 TK) >, ><) PX@) >, :P)J69K "99)& K
K:JP :P)J69KC 4) :6< >7)"P6U) >, "P6U) U6JP6>< "><PJ>9 6K P> J)&T")
P4) U6JP6>< >, KXKP): X TP>:P6" :>&6/"P6>< >, P4) KXKP):IK KPJT"PTJ9
J)K@><K) <& P46K @J>")KK 6K K4>V< 6< 63C ?CSC < :<X K6PTP6><K% 6P 6K 6:@>J5
P<P P> :6<6:6Y) P4)K) KPJT"PTJ9 U6JP6><K% K P4)X :X -)"P P4) KP696PX
<& @)J,>J:<") >, P4) KPJT"PTJ)KC 46K >U6P)K P4) <))& P> KPJ)<3P4)< P4)
KPJT"PTJ) ,J>: &X<:6" ,>J")K <& &6KPTJ<")K 6< >J&)J P> :6<6:6Y) P4) )-)"P
>, U6JP6><K <& )<9)K P4) &)U)9>@:)<P >, 9634P)J% >,P)<5"4)@)J KPJT"PTJ)K
)W466P6<3 KT@)J6>J @)J,>J:<")C 4TK% P4) U6JP6>< "><PJ>9 >, <X KXKP):
6K 9VXK ,>J:6&9) "499)<3) ,>J <X "><PJ>9 KXKP): &)K63<)JC <X
KXKP): "><K6KPK >, @9<P% "PTP>J% K)<K>J <& "><PJ>99)JC
4) <))& ,>J KT"4 6<P)9963)<P KPJT"PTJ)K "99)& K K:JP KPJT"PTJ)K Q! J6K)K
)"TK) >, P4)6J 4634 @)J,>J:<")K 6< <T:)J>TK KPJT"PTJ9 @@96"P6><KC T"4
6<P)9963)<P KPJT"PTJ)K 6<">J@>JP) K:JP :P)J69K "99)& K "PTP>JK <& K)<5
K>JK AK)& >< 6)Y>)9)"PJ6"K% 3<)P>54)>9>36"9 9T6&K% 6)Y>5")J:6"K%
9)"PJ>54)>9>36"9 9T6&K% 4@) ):>JX 99>XK% % @P6"9 /)JK% )P"CB
4 A >SM@'W#S8@> S@ <MS SMW#SWM*N
P4P J) 6<P)3JP)& 6<P> P4) KPJT"PTJ) <& 4U) KPJT"PTJ9 ,T<"P6><96PX% K V)99
K 46349X 6<P)3JP)& "><PJ>9 9>36"% K63<9 "><&6P6><6<3 <& @>V)J :@96/"P6><
)9)"PJ><6"KC 4)K) :P)J69K "< ) TK)& P> 3)<)JP) K)"><&JX U6JP6><9
J)K@><K) 6< :)"4<6"9 KXKP): V46"4 4K P4) @>P)<P69 P> J)&T") P4) >U)J99
J)K@><K) >, P4) KXKP): @9<P X P4) &)KPJT"P6U) 6<P)J,)J)<") V6P4 P4) >J636<9
J)K@><K) >, P4) KXKP):% "TK)& X P4) @J6:JX K>TJ") >, U6JP6>< 2!C
6)Y>)9)"PJ6" :P)J69K "< ) TK)& K K)<K>JK P> &)P)"P P4) U6JP6><K
>""TJJ6<3 )"TK) >, P4) )WP)J<9 &6KPTJ<")K >< P4) KXKP): <& "PTP>JK P>
KT@@J)KK P4): <& 4)<") 6<"J)K) P4) J)96696PX <& 9><3)U6PX >, P4) KPJT"PTJ)C
4)K) :P)J69K @>KK)KK)K P4) @J>@)JPX >, @6)Y>)9)"PJ6"6PX% V46"4 &)K"J6)K P4)
@4)<>:)<>< >, 3)<)JP6<3 < )9)"PJ6" "4J3) 6< :P)J69 V4)< KT7)"P)&
P> :)"4<6"9 KPJ)KK A&6J)"P )-)"PB <& "><U)JK)9X% 3)<)JP6<3 :)"4<6"9
KPJ6< 6< J)K@><K) P> < @@96)& )9)"PJ6" /)9&C 46K @J>@)JPX @J)@J)K P4)
@6)Y> :P)J69K P> ,T<"P6>< K >P4 K)<K>JK <& "PTP>JKC 4) &U<P3)K
>, P4)K) :P)J69K 6<"9T&) 4634 )."6)<"X% <> :>U6<3 @JPK% ,KP J)K@><K) <&
">:@"P K6Y)C ">::><9X TK)& @6)Y>)9)"PJ6" 6K P4) 9)& Y6J"><P) P6P<P)
AB% V46"4 4K KPJ><3 @6)Y>5)-)"PC IK "< ) ,J6"P)& 6<P> &6-)J)<P
K4@)K P> :))P K@)"6/" 3)>:)PJ6" J)ET6J):)<PK <& J) >,P)< 6<P)3JP)& 6<P>
P4) KPJT"PTJ)KC 4) "PTP6>< KPJ6<K "< ) >, P4) >J&)J >, ?ZZZ* KPJ6<C 6P4
P4) 96<)J J<3) @6)Y>K% "PTP>JK "< @J>&T") KPJ6<K P4P J) @J>@>JP6><9
P> P4) @@96)& )9)"PJ6" /)9&C 4)K) &&)& ,)PTJ)K :8) P4): PPJ"P6U) ,>J
KPJT"PTJ9 "><PJ>9 @@96"P6><K 968) P4) "P6U) U6JP6>< "><PJ>9 6< ):KC
"P6U) "><PJ>9 >, U6JP6><K 6< 1)W69) KPJT"PTJ)K P4J>T34 P4) K:JP KPJT"5
PTJ) "><")@P 6K &)U)9>@6<3 J) >, J)K)J"4 <& 4K <T:)J>TK @@96"P6><K%
)K@)"699X 6< P4) U6JP6>< "><PJ>9 >, KPJT"PTJ)K AKT"4 K ):K% @9P)K% K4)99KB%
6< )J>K@") )<36<))J6<3% 1)W69) J>>P :<6@T9P>JK% <P)<<K% "P6U) <>6K)
"><PJ>9% K4@) "><PJ>9 <& 6< )JP4ET8)K 0!C 6K "J6P6"9 )K@)"699X 6<
P4) /)9& >, )J>K@") @@96"P6><K )"TK) P4) 1)W69) KPJT"PTJ)K "< T<&)J3>
46345:@96PT&) >K"699P6><K <)J P4)6J 9>V)J <PTJ9 ,J)ET)<"6)K% P4TK &:35
6<3 P4) KPJT"PTJ)KC )K)J"4 >< K:JP KPJT"PTJ)K 6K 6<P)J&6K"6@96<JX )"TK) 6P
6<U>9U)K :P)J69K% KPJT"PTJ9 :)"4<6"K% )9)"PJ><6"K% K63<9 @J>")KK6<3% ">:5
:T<6"P6><% :P4):P6"K <& "><PJ>9C 4) 3>9 >, P46K :T9P65&6K"6@96<JX J)5
K)J"4 6K P> &)U)9>@ P)"4<6ET)K P> &)K63<% "><PJ>9% <9XY) <& U6KT96Y) >@P65
:9 >J <)J >@P6:9 K:JP <& &@P6U) KPJT"PTJ)K TK6<3 K:JP :P)J69KC
K@)"6/" J) &6K"TKK)& 6< P46K :><>3J@4 6K @JP6"T9J9X @)JP6<)<P P> P4) J)")<P
<)V J)K)J"4 &)U)9>@:)<PK "JJ6)& >TP X P4) TP4>JK 6< P4) /)9& >, :>&)95
6<3% <)V "><PJ>9 P)"4<6ET)K <& 6:@9):)<PP6>< >, K:JP KPJT"PTJ)K A1)W69)
):K V6P4 6<P)3JP)& K)<K>JK <& "PTP>JKB 6< P4) 6<KP6PTP)C
,)V @J3J@4K 36U)K &))@ 6<K634P 6<P> P4) J)K)J"4 V>J8 &><) >< P4) 6<P)95
963)<P KPJT"PTJ)K K> ,JC T9K4V Q! &6K"TKK)& P4) "><")@P >, K:JP KPJT"PTJ)%
6PK )<)/PK <& @@96"P6><KC > <& T<J )W@96<)& P4) TK) >, @6)Y> :P)5
J69K K K)<K>JK <& "PTP>JK 6< K)<K6<3 U6JP6><K 6< P4)6J KTJU)X @@)J N!C
TJ& <& 69X M! 4U) KPT&6)& P4) @@96"P6>< >, @6)Y>)9)"PJ6" :P)J69K
K K)<K>J O "PTP>J ,>J 1)W69) KPJT"PTJ)KC
<3T& *! &)U)9>@)&
6<6P) 9):)<P >&)9 AB ,>J ): V6P4 :<X &6KPJ6TP)& @6)Y>")J:6"
K)<K>JK O "PTP>JKC
<K>< =! @)J,>J:)& K>:) )W@)J6:)<PK >< ): V6P4 @6)Y>)9)"PJ6"K
TK6<3 @>K6P6U) @>K6P6>< ,))&"8C 9K ?Z! &6& )WP)<K6U) V>J8 >< P4) ,))&5
"8 "><PJ>9 >, 1)W69) KPJT"PTJ)KC W@)J6:)<P9 )U9TP6>< >, @6)Y>)9)"PJ6"
"PTP6>< ,>J P4) "><PJ>9 >, U6JP6><K 6< "<P69)U)J ): VK @J)K)<P)& X
TJ&)KK <& V")PP ??!C J)<< ?S! @)J,>J:)& K>:) )W@)J6:)<PK
>< P4) ): ,>J &6-)J)<P "PTP>J P)"4<>9>36)KC <3 <& )) ?Q! KPT&6)&
P4) >@P6:6YP6>< >, ,))&"8 36< 6< "><PJ>9 KXKP): &)K63< ,>J KPJT"PTJ)KC
4)X &)U)9>@)& < <9XP6"9 :>&)9 ,>J KPJT"PTJ9 "><PJ>9 6< V46"4 >P4 <><5
">99>"P)& K)<K>JO"PTP>J @9"):)<P <& ,))&"8 "><PJ>9 36< V)J) "><K6&5
)J)& K 6<&)@)<&)<P UJ69)KC JV9)X <& T6K ?2! @J)K)<P)& P4) &)U)9>@5
:)<P >, @6)Y>)9)"PJ6" K)<K>J O "PTP>J K )9):)<PK >, 6<P)9963)<P KPJT"PTJ)KC
V<3 <& J8 ?0! @J)K)<P)& <)V /<6P) )9):)<P AB :>&)96<3 P)"45
<6ET) ,>J 1)W69) ):KC ><P6<T>TK P6:) <& &6K"J)P) P6:) 93>J6P4:K V)J)
@J>@>K)& P> "><PJ>9 P46< @6)Y>)9)"PJ6" KPJT"PTJ) X ><% ?N!C "46)49)<
<& "4><)JKP)&P ?M! J)@>JP)& P4) >@P6:9 "><PJ>9 &)K63<K ,>J P4) /JKP ,)V
U6JP6>< :>&)K >, "<P69)U)J ): TK6<3 @6)Y>)9)"PJ6" K)<K>JK O "PTP>JKC
C C 4>6 ?*! 4U) K4>V< &)K63< >, @>K6P6>< PJ"86<3 K96&6<3 :>&)
"><PJ>9 ,>J K:JP KPJT"PTJ)C 6KPJ6TP)& "><PJ>99)JK ,>J 1)W69) KPJT"PTJ)K "<
) K))< 6< >J>TY >TJ86 ?=!C 4634)J >J&)J K96&6<3 :>&) "><PJ>9 P)"4<6ET)
,>J U6JP6>< KT@@J)KK6>< 6< 1)W69) ):K VK @J)K)<P)& X <&X>@&4XX
<& WX SZ!C 46<3 )) S?! &)U6K)& <)V ,>J: >, "><PJ>9 KPJP)3X ,>J
U6JP6>< "><PJ>9 >, K:JP KPJT"PTJ)K TK6<3 <)TJ9 <)PV>J8KC
@KK6U6PX5K)& "><PJ>9 ,>J K:JP KPJT"PTJ)K VK &)K63<)& X >KU6
<&
)98J SS!C K)9, PT<6<3 "P6U) U6JP6>< "><PJ>9 K"4):) 6< 1)W69) ):
KPJT"PTJ)K VK "JJ6)& >TP X >846 SQ!C "P6U) "><PJ>9 >, &@P6U) 9:6<P)&
KPJT"PTJ)K V6P4 ><&)& @6)Y>)9)"PJ6" K)<K>JK <& "PTP>JK VK 6<U)KP63P)&
X >6P S2!C 9J6"4 S0! &)U6K)& >@P6:9 "><PJ>9 K"4):)
P> KT@@J)KK P4) U6JP6><K >, "<P69)U)J ):C 6<6P) )9):)<P K6:T9P6>< >,
K:JP KPJT"PTJ)K TK6<3 < >@P6:9 >TP@TP ,))&"8 "><PJ>99)J ,>J U6JP6>< <&
<>6K) "><PJ>9 VK @)J,>J:)& X >T<3 SN!C >J8 >< U6JP6>< KT@@J)K5
K6>< >, 1)W69) ):K V6P4 ><&)& @6)Y>5PJ<K&T")JK TK6<3 VU)5K>J6<3
"><PJ>99)JK VK &><) X T8>V6"4 <&
>: SM!C @JP ,J>: @6)Y>)9)"PJ6" K
K)<K>JO"PTP>J% <7<@@ S*! &)U)9>@)& < 6<P)3JP)& :>&)9 P> <9XY) P4)
U6JP6>< "><PJ>9 >, "<P69)U)J ):K TK6<3 :3<)P>KPJ6"P6U) :6<65"PTP>JKC
9&J64): S=! 4U) &)U)9>@)& 9:6<P)& ): :>&)9 TK6<3 PV>
P4)>J6)KL <:)9X% T9)J5)J<>T996 ): P4)>JX <& 6:>K4)<8> ): P4)>JXC
J:>U6"4 QZ! 4K @J)K)<P)& <9XP6"9 ,>J:T9P6>< <& "9>K)& ,>J: K>9T5
Q A >SM@'W#S8@> S@ <MS SMW#SWM*N
P6><K >, ">:@>K6P) ):K V6P4 @6)Y>)9)"PJ6" "PTP>JK% V46"4 VK K)& ><
6:>K4)<8> ): P4)>JXC
) 9K> KPT&6)& P4) )-)"PK >, "PTP>J 9>"P6>< <&
<T:)J >, @P"4)K >< P4) "PTP>JIK @)J,>J:<") ,>J UJ6>TK "></3TJP6><K >,
P4) @6)Y> @P"4)K <& >T<&JX "><&6P6><K T<&)J :)"4<6"9 <& O >J )9)"PJ6"
9>&KC K6<3 4634)J5>J&)J K4)J &),>J:P6>< P4)>JX% 4<&JK4)84J <&
J&J7< Q?! @J)K)<P)& /<6P) )9):)<P :>&)9 >, ">:@>K6P) ): P>
@J>&T") &)K6J)& &)1)"P6>< 6< ):K V6P4 "9:@)&5,J))% "9:@)&5"9:@)&
<& K6:@9X KT@@>JP)& )<&KC
T< <& 4<3 QS! KT33)KP)& P4) 6&) >, )W@9>6P6<3 P4) K4)J :>&) P>
"J)P) PJ<KU)JK) &)1)"P6>< 6< K<&V6"4 KPJT"PTJ)KC
)J)% 4) @J>U)& P4P ):5
)&&)& K4)J "PTP>JK >-)J :<X &U<P3)K >U)J KTJ,") :>T<P)& )WP)<K6><
"PTP>JKC 9&J64): <&
4&)6J QQ! @J>@>K)& <9XP6"9 :>&)9K <& )W"P
K>9TP6><K ,>J ):K V6P4 K4)J <& )WP)<K6>< @6)Y>)9)"PJ6" "PTP>JK <& P4)
:>&)9K V)J) K)& >< 6:>K4)<8> ): P4)>JX <& 4634)J5>J&)J ): P4)>JXC
W"P K>9TP6><K V)J) >P6<)& X TK6<3 P4) KPP)5K@") @@J>"4C >K"4<)J
<& <Y:<< Q2! &)K63<)& :>&)95K)& "><PJ>99)J ,>J K:JP KPJT"PTJ)KC
>TKP :T9P6UJ69) "><PJ>9 >, &>T9) ): "<P69)U)J K:JP KPJT"PTJ) VK
6:@9):)<P)& X >6< ">PP Q0!C
< :>J) J)")<P V>J8% 4<3 <& T< QN! ,>J:T9P)& < <9XP6"9 :>&)9
>, K<&V6"4 ): V6P4 K4)J @6)Y>)9)"PJ6" "PTP>J P4P >""T@6)K P4) )<P6J)
">J)C 4) :>&)9 &)J6UP6>< VK K6:@96/)& X KKT:6<3 P4P P4) ,") 9X)JK
,>99>V T9)J5)J<>T996 ): P4)>JX% V4)J)K P4) ">J) 9X)J >)XK 6:>K4)<8>
): P4)>JXC TJP4)J:>J)% "9>K)& ,>J: K>9TP6>< >, P4) KPP6" &)1)"P6>< VK
@J)K)<P)& ,>J "<P69)U)J ):C <)V :)P4>& >, :>&)96<3 <& K4@) "><5
PJ>9 >, ">:@>K6P) ):K V6P4 ):)&&)& @6)Y>)9)"PJ6" "PTP>JK VK @J>@>K)&
X ><P46J)&&X <& 4<&JK4)8J QM!C :>&)9 J),)J)<") :)P4>& >, "><5
PJ>996<3 P4) U6JP6><K 6< 1)W69) K:JP KPJT"PTJ)K VK K4>V< X TJ96
Q*!C 4>:K <& K Q=! )W@96<)& K>:) P)"4<6ET)K >, @)J,>J:6<3 /<6P)
)9):)<P :)P4>&K ,>J &X<:6" <9XK6K >, 6:>K4)<8> ):KC
@@J>"4 VK TK)& X )<7)&&>T 2Z! P> :>&)9 K<&5
V6"4 ): V6P4 K4)J <& )WP)<K6>< @6)Y>)9)"PJ6" )9):)<PKC 4) /<6P) )9)5
:)<P :>&)9 ):@9>X)& P4) &6K@9"):)<P /)9& >, 4<3 <& T< QN!C P VK
K4>V< P4P P4) /<6P) )9):)<P J)KT9PK 3J)) ET6P) V)99 V6P4 P4) <9XP6"9
J)KT9PKC 7 2?! )WP)<&)& P4) /<6P) )9):)<P :>&)9 >, )<7)&&>TIK
J)K)J"4 P): P> 6<"9T&) U6JP6>< "><PJ>9 K"4):)C < 6:@J>U)& S5<>&)
6:>K4)<8> ): :>&)9 VK @J)K)<P)& X
>K:P8 <& J6)&:< 2S!C
YT9X <& J:>U6"4 2Q! 4U) @J)K)<P)& <9XP6"9 ,>J:T9P6>< <& "9>K)&
,>J: K>9TP6><K >, ">:@>K6P) ):K V6P4 @6)Y>)9)"PJ6" "PTP>JKC P6-)<6<3 ),5
,)"PK >, K:JP ">:@>K6P) @6)Y>59:6<P)& ):K VK KPT&6)& X 6K:< <&
J:>U6"4 22!C J:>U6"4 <& 6K4U6PK 20! &6& )WP)<K6U) V>J8 >< "J>KK5
@9X ):K P> "><PJ>9 P4) ,J)) U6JP6><KC
AF4 *X8*Y @. *< 6*@M8*N P
A,B $ 4) :P)J69 6K KKT:)& P> ) )9KP6"% K9)<&)J P46< <&
9><3C
JV9)X <& T6K ?2! 4U) &)U)9>@)& <9XP6"9 :>&)9K >, ):K V6P4
@6)Y>)9)"PJ6" "PTP>JKC 4)K) :>&)9K 699TKPJP) P4) :)"4<6"K >, T9)J 5
)J<>T996 ):K V6P4 KTJ,") :>T<P)& "PTP>JK <& P4) <9XP6"9 J)KT9PK
4U) ))< U)J6/)& X "JJX6<3 >TP )W@)J6:)<PKC < @J"P6"9 K6PTP6><K% 9J3)
<T:)J >, :>&)K >, U6JP6><K "><PJ6TP) P> P4) KPJT"PTJ)IK @)J,>J:<")C 6<")
P4) K4)J ,>J")K% W69 &6K@9"):)<P J) <)39)"P)& 6< T9)J5)J<>T996 P4)>JX%
K9634P9X 6<""TJP) J)KT9PK :X ) >P6<)&C
4) 6:>K4)<8> ): :>&)9 ">JJ)"PK P4) "9KK6"9 ): :>&)9 X "><K6&5
)J6<3 P4) )-)"PK >, P4) /JKP5>J&)J PJ<KU)JK) K4)J &),>J:P6>< <& P4) W69
&6K@9"):)<PKC 4TK% P4) 6:>K4)<8> ): P4)>JX >U)J">:)K P4) &JV"8K
>, P4) T9)J5)J<>T996 ): P4)>JX <& P4) :P4):P6"9 :>&)9 >P6<)& "<
) "9>K)J P> < )W"P ><)C >J 6K>PJ>@6" ):K% P4) <)WP 9>36"9 KP)@ )X><&
T9)J5)J<>T996 ): P4)>JX 6K P4) 6:>K4)<8> ): P4)>JX% 6< V46"4 P4)J)
J) N ,T<&:)<P9 39>9 &),>J:P6><K A)<&6<3 <& PJ<KU)JK) K4)J 6< PV>
&6J)"P6><K% )WP)<K6><% <& PV6KPBC
< P46K :>&)9% @9<) "J>KK K)"P6>< >, P4) ): <>J:9 P> P4) ): W6K
),>J) &),>J:P6>< &>)K <>P J):6< <>J:9 P> P4) ): W6K <X 9><3)J ,5
P)J &),>J:P6>< )"TK) >, P4) K4)J K K4>V< 6< P4) 63C ?C2C 4) &)U6P6><
,J>: <>J:96PX 6K @J>&T")& X PJ<KU)JK) K4)J P4P 6K KKT:)& P> ) "><5
KP<P >U)J P4) "J>KK K)"P6><C 4TK% P4) 6:>K4)<8> ): :>&)9 6K KT@)J6>J P>
T9)J5)J<>T996 :>&)9 6< @J)"6K)9X @J)&6"P6<3 P4) ): J)K@><K) <& KKT:)K
&&6P6><9 6:@>JP<") 6< ): &X<:6"K <& 6< "><PJ>996<3 P4) U6JP6><KC
AF2 S6*<S8#; @'*;N .@M <MS SMW#SWM*N ?
4) P>P9 K9>@) >, P4) ): 0A?B "><K6KPK >, PV> @JPK% U6YC% ><) &T) P>
P4) )<&6<3 J>PP6>< <& >P4)J &T) P> P4) K4)J "C 4) PV> 3)<)J96Y)&
&6K@9"):)<PK J) P4) PJ<KU)JK) &6K@9"):)<P > <& P4) W69 &6K@9"):)<P
;C )"TK) >, P4) PJ<KU)JK) K4)J &),>J:P6><% P4) P>P9 K9>@) >, P4) ):
6< P4) 6:>K4)<8> :>&)9 6K &6-)J)<P ,J>: P4) K9>@) 6< P4) :>&)9C
<KP)&% 6P 6K )ET9 P>
"% V4)J) " 6K P4) PJ<KU)JK) K4)J KPJ6<C
WP)<K6U) J)K)J"4 6< :>&)96<3 >, @6)Y>)9)"PJ6" :P)J69K 6< T69&6<3 "PT5
P>JK <& K)<K>JK ,>J K:JP KPJT"PTJ)K TK6<3 6:>K4)<8> P4)>JX VK J)@>JP)&
6< P4) 96P)JPTJ) KTJU)X 6< P4) @J)U6>TK K)"P6><C <)V "><")@P >, /<6P) )9)5
:)<P :>&)96<3 >, P4) 1)W69) KPJT"PTJ)K TK6<3 6:>K4)<8> ): P4)>JX V6P4
P4) 6<"9TK6>< >, P4) K4)J J)9P)& P)J:K >P4 6< P4) @6)Y>5@P"4)K K V)99 K 6<
P4) 4>KP KPJT"PTJ) 6K @J>@>K)& ,>J P4) /JKP P6:) <& 6K )6<3 J)@>JP)& 6< P46K
:><>3J@4C
6<P> P4) K6PTP6><C P J6<3K P>3)P4)J :P4):P6"6<K <& K@)"696KPK 6< >P4)J
/)9&K P> 6:@J>U) )W6KP6<3 KXKP):% &)U)9>@ )PP)J ><)K >J @J)&6"P P4) )4U6>J
>, ")JP6< KXKP): <& 4>V P4) P46<3K V699 ) 6< P4) ,TPTJ)C 6P4 P4) &U)<P
>, :>J) @>V)J,T9 ">:@TP)JK% :>&)96<3 P):K 4U) ))< 9) P> P"89) :>J)
">:@9)W @J>9):K% &)U)9>@ :>J) ""TJP) :>&)9K% 3)P <KV)JK 6< 9)KK P6:)% <&
J)&T") J)K)J"4 <& &)U)9>@:)<P ">KPKC 6<99X% 6P 6K P4) @J>")KK >, "J)P6<3
:P4):P6"9 J)@J)K)<PP6>< >, K>:) @4)<>:)<>< 6< >J&)J P> 36< )PP)J
T<&)JKP<&6<3 >, P4P @4)<>:)<><C
P 6K @J>")KK P4P PP):@PK P> :P"4 >K)JUP6><K V6P4 KX:>96" KPP)5
:)<PKC TJ6<3 P4) @J>")KK >, T69&6<3 :P4):P6"9 :>&)9% P4) :>&)99)J
V699 &)"6&) V4P ,"P>JK J) J)9)U<P P> P4) @J>9): <& V4P ,"P>JK "< )
&)5):@4K6Y)&C <") :>&)9 4K ))< &)U)9>@)& <& TK)& P> <KV)J ET)K5
P6><K% 6P K4>T9& ) "J6P6"99X )W:6<)& <& >,P)< :>&6/)& P> >P6< :>J)
""TJP) J)1)"P6>< >, P4) >K)JU)& J)96PX >, P4P @4)<>:)<><C P4):P6"9
:>&)9K >, P6:) &)@)<&)<P @J>")KK)K A&X<:6"9 KXKP):KB "< ) K@96P 6<P> S
"P)3>J6)K &)@)<&6<3 >< 4>V P4) P6:) UJ69) 6K P> ) PJ)P)&C "><P6<T>TK
P6:) :P4):P6"9 :>&)9 6K K)& >< K)P >, )ETP6><K P4P J) U96& ,>J <X
U9T) >, P4) P6:) UJ69)C &6K"J)P) P6:) :P4):P6"9 :>&)9 6K &)K63<)& P>
@J>U6&) 6<,>J:P6>< >TP P4) KPP) >, P4) @4XK6"9 KXKP): ><9X P K)9)"P)&
K)P >, &6KP6<"P P6:)KC
4) K>9TP6>< >, :P4):P6"9 :>&)9 @J>U6&)K 6<,>J:P6>< >TP P4)
@4XK6"9 @4)<>:)<>< 6< P4) KXKP): P )U)JX P6:) U9T)% 6C)C% 36U)K 6<,>J:5
P6>< >TP P4) @J:)P)JK ,>J "><P6<TT: >, P4) U9T)K >, P4) 6<&)@)<&)<P
UJ69)% V4)J)K P4) K>9TP6>< >, :P4):P6"9 :>&)9 @J>U6&)K 6<,>J:5
P6>< >TP P4) @4XK6"9 KXKP): ><9X P &6K"J)P) 6<KP<PK >, P6:)C :>&)9K
4U) S &U<P3)K >U)J :>&)9K 5 P4)X @J>U6&) 6<,>J:P6>< P 99 P6:)K
<& :>J) "9)J9X K4>V P4) ET96PP6U) )-)"PK P4P "< ) )W@)"P)& V4)<
@J:)P)J >J < 6<@TP UJ69) 6K "4<3)&C < P4) >P4)J 4<&% :>&)9K
4U) S &U<P3)K >U)J :>&)9K 5 P4)X J) 9)KK &):<&6<3 V6P4 J)K@)"P P>
K8699 9)U)9 6< 93)J% PJ63><>:)PJX% "9"T9TK% &6-)J)<P69 )ETP6><K% )P"C <&
J) )PP)J KT6P)& ,>J &636P9 6:@9):)<PP6>< >< ">:@TP)JC 4) :6< &U<5
P3) >, :P4):P6"9 :>&)96<3 >, KXKP):K AKX% KPJT"PTJ)B 6K% K6:T9P6<3 P4)
KXKP): >-596<)% >K)JU6<3 6PK )4U6>J9 J)K@><K) <& P4)< TK6<3 6P P> "><PJ>9
6< J)9 P6:)C
>J P4) "><PJ>9 >, P4)K) KPJT"PTJ)K% @J)"6K) :P4):P6"9 :>&)9 6K J)5
ET6J)& P> KPJP V6P4C 4)K) :P4):P6"9 :>&)9K J) ,TJP4)J TK)& P> &)K63<
"><PJ>99)J <& @TP 6P 6< P4) ,))&"8 9>>@ V6P4 P4) @9<P ,>J 6PK >U)J99 KP5
6K,"P>JX @)J,>J:<")C P 6K ">::>< P> KKT:) P4) U69696PX >, :>&)9 >,
P4) @9<P P> ) "><PJ>99)&% )K@)"699X 6< P4) ,>J: >, &6-)J)<P69 )ETP6>< >J
KXKP): >, &6-)J)<P69 )ETP6><K A6C)C% < 6<@TP5>TP@TP J)9P6>< >J P4) PJ<K,)J
,T<"P6>< :>&)9 >J P4) KPP) K@") :>&)9BC 4) <T:)J >, 6<@TPK <& >TP@TPK
>J P4) <T:)J >, KPP)K >, KXKP): "< ) J)3J&)& K @J:)P)JK P4P J)
TK)& P> "><PJ>9 P4) KXKP):C 46K @@J>"4 V>J8K V)99 ,>J :)"4<6"9 KXKP):K
V6P4 ,)V % 8))@6<3 6< :6<& P4P )"4 36U)K J6K) P> S KPP) UJ69)K%
U6YC% &6K@9"):)<P <& U)9>"6PXC KPJT"PTJ9 &X<:6" :>&)9 >J /<6P) )9)5
AFQ *X8*Y @. @>SM@; *#6>8HW*N AA
:)<P :>&)9 6K >P6<)& X P4) /<6P) )9):)<P &6K"J)P6YP6>< >, KPJT"PTJ) <&
P4)< TK6<3 P4) :>&)J< "><PJ>9 P4)>JX% KPP)5K@") :>&)9 >, P4) KPJT"PTJ9
KXKP): "< ) >P6<)&C
< P46K :><>3J@4% @J)"6K) /<6P) )9):)<P :>&)9 >, P4) 1)W69) KPJT"PTJ)
6K >P6<)& KPJP6<3 ,J>: P4) ,T<&:)<P9 )ETP6><K 3>U)J<6<3 P4) KXKP): <&
P46K /<6P) )9):)<P :>&)9 6K ,TJP4)J TK)& P> >P6< KPP)5K@") :>&)9 A <&
B X J)P6<6<3 P4) /JKP ,)V U6JP>JX :>&)KC TJP4)J% P4)K) "><P6<T>TK <&
P4) &6K"J)P) KPP) K@") :>&)9K J) TK)& ,>J P4) "><PJ>99)J &)K63< ,>J U6JP6><
KT@@J)KK6>< >, 1)W69) "<P69)U)J ):KC
T"4 >, P4) J)K)J"4 V>J8 &><) 6< P4) J) >, K:JP KPJT"PTJ)K 6K :6<9X
"><")<PJP)& 6< P4) /)9& >, :>&)96<3 <& "><PJ>9 P)"4<6ET)K KT"4 K KPP)
,))&"8% KPP6" >TP@TP ,))&"8 V6P4 P>> :<X &)K63< J)KPJ6"P6><K 4U) ))<
TK)& ,>J "><PJ>99)J &)K63<C 4) @J>9): V6P4 P4)K) "><PJ>9 P)"4<6ET)K 6K P4P
P4) KPP) ,))&"8 "><PJ>99)J <))&K P4) U69696PX >, P4) )<P6J) KPP) U)"P>J >J
<))&K < )KP6:P>JC 4) @J>9): V6P4 P4) >K)JU)J5K)& "><PJ>99)JK 6K P4P
P4) KPP) ,))&"8 <& KPP) )KP6:P6>< "<<>P ) K)@JP)& 6< P4) ,") >,
T<")JP6<PX J)@J)K)<P)& X V4>9) ,:69X >, KXKP):KC
>V)U)J% 6P 6K 8<>V< P4P P4>T34 :>KP >, P4) @J"P6"9 KXKP):K J) >5
K)JU9)% 99 P4) KXKP): KPP)K J) K)9&>: :)KTJ9)C 4)J),>J)% P4) >U)
:)<P6><)& "><PJ>9 93>J6P4:K :X <>P ) 6:@9):)<P9) 6< :<X "K)K K
K>:) KPP)K J) <>P U699)C
)<")% 6P 6K &)K6J9) P> 3> ,>J < >TP@TP ,))&5
"8 &)K63<C 4) >TP@TP >, P4) KXKP):% 4>V)U)J% 6K 9VXK :)KTJ9) ET<5
P6PXC 4)J),>J)% >TP@TP ,))&"8 K)& "><PJ>9 2M! 93>J6P4:K J) :>J) @J"5
P6"9 ">:@J)& P> KPP) ,))&"85K)& 93>J6P4:KC ><K6&)J9) :>T<P >,
J)K)J"4 4K ))< @)J,>J:)& 6< P4) /)9& >, &)U)9>@6<3 "><PJ>9 9VK TK6<3 >TP5
@TP ,))&"8 P)"4<6ET)K AKPP6" <& &X<:6" >TP@TP ,))&"8B% V46"4 J)ET6J)K
><9X P4) :)KTJ):)<P >, P4) KXKP): >TP@TPC
4) KPP6" >TP@TP ,))&"8 @J>9): 2*! 6K ><) >, P4) :>KP 6<U)KP63P)&
@J>9):K 6< "><PJ>9 P4)>JX <& @@96"P6><KC <) J)K>< V4X P4) KPP6" >TP5
@TP ,))&"8 4K J)")6U)& K> :T"4 PP)<P6>< 6K P4P 6P J)@J)K)<PK P4) K6:@9)KP
"9>K)& 9>>@ "><PJ>9 P4P "< ) J)96Y)& 6< @J"P6")C <>P4)J J)K>< 6K P4P
:<X @J>9):K "><K6KP6<3 >, KX<P4)K6Y6<3 P4) &X<:6" "><PJ>99)JK "< ) ,>J5
:T9P)& K KPP6" >TP@TP ,))&"8 @J>9):K 6<U>9U6<3 T3:)<P)& @9<PKC
< J)")<P KTJU)X X XJ:>K 8/'/ 2*!% P4) TP4>JK KX P4P P4) @J>9):
>, KPP6" >TP@TP ,))&"8 6K KP699 >@)< <& P4P P4) >TP@TP ,))&"8 @J>5
9): :X ) 54J&C 4) ">:@9)P) @>9) KK63<:)<P <& 3TJ<P))& "9>K)&
AV A >SM@'W#S8@> S@ <MS SMW#SWM*N
<) >, P4) )-)"P6U) :)P4>&K >, @)J,>J:6<3 P4) :T9P6JP) >TP@TP ,))&"8 0M!
6K P4) @)J6>&6" >TP@TP ,))&"8 ABC 4) @J>9): >, @>9) KK63<:)<P X
@6)")V6K) "><KP<P >TP@TP ,))&"8 VK KPT&6)& X 4::K <& )><&)K
0Q!% 02! ,>J KXKP):K V6P4 6<,J)ET)<P >K)JUP6><KC 4)X 4U) K4>V< P4P
X P4) TK) >, @)J6>&6"99X P6:)5UJX6<3 @6)")V6K) "><KP<P >TP@TP ,))&"8%
P4) @>9)K >, P4) &6K"J)P) P6:) "><PJ>9 KXKP): ">T9& ) KK63<)& J6PJJ69X
AFQ *X8*Y @. @>SM@; *#6>8HW*N AT
AV6P46< P4) <PTJ9 J)KPJ6"P6>< P4P P4)X K4>T9& ) 9>"P)& KX::)PJ6"99X V6P4
J)K@)"P P> P4) J)9 W6KBC
)J)% P4) U9T) >, P4) 6<@TP P @JP6"T9J :>:)<P &)@)<&K >< P4) >TP5
@TP U9T) P P6:) @J6>J P> P46K :>:)<P A<:)9X P P4) )36<<6<3 >, P4)
@)J6>&BC 6<") P4) ,))&"8 36<K J) @6)")V6K) "><KP<PK% P4)6J :)P4>& ">T9&
)K69X ) 6:@9):)<P)& <& 3TJ<P))K P4) "9>K)& 9>>@ KP696PXC T"4 "><PJ>9
9V "< KP696Y) :T"4 9J3)J "9KK >, KXKP):K P4< P4) KPP6" >TP@TP ,))&5
"8C )J<)J <& 46K ">5V>J8)JK 4U) KT"")KK,T99X @@96)& P4) @)J6>&6" >TP5
@TP ,))&"8 "><PJ>9 :)P4>& ,>J P4) J>TKP :T9P6UJ69) "><PJ>9 >, PTJ>5
3)<)JP>J 00!C < P46K :><>3J@4% P4) @J>9): >, "><PJ>9 &)K63< <&
6PK <T:)J>TK @@96"P6><K P> "P6U) U6JP6>< "><PJ>9 >, K:JP KPJT"PTJ)K 6K
@J)K)<P)&C
<>P4)J :)P4>& >, :T9P6JP) >TP@TP ,))&"8 AB 0M! 6K P4) ,KP >TP@TP
K:@96<3 ,))&"8 P)"4<6ET)C 4) @J>9): >, ,KP >TP@TP K:@96<3 VK KPT&5
6)& X )J<)J <& TJTP 0?!% 0S! ,>J 96<)J P6:) 6<UJ6<P KXKP):KC 4)X
4U) K4>V< P4P P4) @>9)K >, P4) &6K"J)P) P6:) "><PJ>9 KXKP): ">T9& ) K5
K63<)& J6PJJ69X AV6P46< P4) <PTJ9 J)KPJ6"P6>< P4P P4)X K4>T9& ) 9>"P)&
KX::)PJ6"99X V6P4 J)K@)"P P> P4) J)9 W6KB TK6<3 P4) ,KP >TP@TP K:@96<3
P)"4<6ET) @J>U6&)& P4) <T:)J >, 36< "4<3)K 6K <>P 9)KK P4< P4) KXKP):IK
>K)JU696PX 6<&)WC 6<") P4) ,))&"8 36<K J) @6)")V6K) "><KP<PK% P4)6J
:)P4>& ">T9& )K69X ) 6:@9):)<P)&C T"4 "><PJ>9 9V "< 9K> KP696Y)
:T"4 9J3)J "9KK >, KXKP):KC 4) @J>9): 6K P> /<& ,))&"8 36<
P4P J)96Y)K P4) KPP) ,))&"8 36<C < P46K :><>3J@4% P4) @J>9): >,
"><PJ>9 &)K63< <& 6PK <T:)J>TK @@96"P6><K P> "P6U) U6JP6>< "><PJ>9 >,
K:JP KPJT"PTJ)K 6K 9K> @J)K)<P)&C
4) :T9P6JP) >TP@TP ,))&"8 A O B "><")@P 6K )6<3 )WP)<&)& P>
&)K63< J>TKP &)")<PJ96Y)& "><PJ>99)JC < :T9P6JP) >TP@TP ,))&"8% KX%
,>J P4) :T9P6:>&)9 KX<P4)K6K% P4) 36< :PJ6W 6K 3)<)J99X ,T99C 46K J)KT9PK 6<
P4) "><PJ>9 6<@TP >, )"4 @9<P )6<3 ,T<"P6>< >, P4) >TP@TP >, 99 P4) @9<PKC
>TKP &)")<PJ96Y)& :T9P6JP) >TP@TP ,))&"8 "><PJ>9 "< ) "46)U)& X
:86<3 P4) >-5&63><9 )9):)<PK >, >J P4) 36< :PJ6")K Y)J>C
>% P4) KPJT"PTJ) >, P46K 36< :PJ6W 6K KKT:)& K &63><9 ><)C 6P4
P46K KPJT"PTJ) >, P4) J>TKP &)")<PJ96Y)& 36< :PJ6W% P4) @J>9): "< )
,>J:T9P)& 6< P4) ,J:)V>J8 >, <& P4) &)K6J)& :PJ6")K "< ) >P6<)&C
>V% 6P 6K )U6&)<P P4P P4) "><PJ>9 6<@TP >, )"4 :>&)9 >, P4) @9<P 6K ,T<"P6><
>, P4) >TP@TP >, P4P @9<P ><9X <& P46K :8)K P4) K:JP KPJT"PTJ) "><PJ>99)J
&)K63< TK6<3 :T9P6JP) >TP@TP ,))&"8 :)P4>& J>TKP &)")<PJ96Y)& ><)C <
P4) "><P)WP >, K:JP KPJT"PTJ)K% P46K J>TKP &)")<PJ96Y)& "><PJ>99)J "><")@P
6K )6<3 @J)K)<P)& 6< P46K :><>3J@4 ,>J P4) /JKP P6:) <& 6K TK)& ,>J P4)
A4 A >SM@'W#S8@> S@ <MS SMW#SWM*N
&)K63< >, ,T9P P>9)J<P "><PJ>99)J <& ,>J :T9P6:>&)9 J)@J)K)<PP6>< >,
:T9P6UJ69) KXKP):KC
:JP KPJT"PTJ) KXKP):K J) &6KPJ6TP)& @J:)P)J KXKP):K <& 6< 3)<)J9
P4)K) :>&)9K J) >, 4634)J >J&)J K 6P J)ET6J)K 9J3) <T:)J >, U6JP>JX
:>&)K ,>J 6PK KP6K,"P>JX @)J,>J:<")C K J)KT9P >, V46"4 P4) ">KP% K6Y)
<& ">:@9)W6PX 6<U>9U)& 6< "><PJ>99)J &)K63< 6K 9K> 4634C P 6K ">::><
@J>")&TJ) P> :>&)9 6P K 4634)J >J&)J KXKP):% P4)< J)&T") 6P P> 9>V)J
>J&)J X TK6<3 :>&)9 >J&)J J)&T"P6>< P)"4<6ET)K% &)K63< "><PJ>99)J ,>J P4)
J)&T")& >J&)J <& P4)< @@9X 6P P> P4) 4634)J >J&)JC <T:)J >, :>&)9 >J&)J
J)&T"P6>< P)"4<6ET)K 4U) ))< @J>@>K)& X :<X J)K)J"4)JKC > <:)
,)V% JK499 0*!% 46&:J 0=! <& 4@PJ NZ!% 6PP9 > N?!%
U6K>< NS!% )P"C%C
4) @J6<"6@9) >, P4) :>&)9 >J&)J J)&T"P6>< :)P4>& 6K P> <)39)"P P4) )63)<
U9T)K >, P4) >J636<9 KXKP): P4P J) ,JP4)KP ,J>: P4) >J636< <& J)P6< ><9X
P4) &>:6<<P )63)<U9T)K <& 4)<") &>:6<<P P6:) "><KP<PK >, P4) >J636<9
KXKP): 6< P4) J)&T")& >J&)J :>&)9C 46K 6:@96)K P4P P4) >U)J99 )4U6>TJ
>, P4) @@J>W6:P) KXKP): V699 ) U)JX K6:69J P> P4P >, P4) >J636<9 KXK5
P):C <X &6-)J)<P :)P4>&K 4U) ))< &)U)9>@)& P> "">:@96K4 P4) @TJ@>K)
X )KP6:P6<3 P4) H&>:6<<PI @JP >, P4) 9J3) KXKP): <& /<&6<3 K6:@9)J
A>J J)&T")& >J&)JB KXKP): J)@J)K)<PP6>< P4P 4K 6PK )4U6>TJ 86< P> P4)
>J636<9 KXKP):C
<) >, P4) V)9958<>V< P)"4<6ET)K 6K K)& >< &>:6<<P )63)<U9T) J)P)<5
P6>< :)P4>& K)& >< P4) U6K>< P)"4<6ET) N?!% NS!C X P46K :)P4>&%
KXKP): >, 4634)J >J&)J "< ) <T:)J6"99X @@J>W6:P)& P> ><) >, K:99)J
>J&)JC 4) :)P4>& KT33)KPK P4P 9J3) A+ +B KXKP): "< ) J)&T")& P>
K6:@9)J A3 3B :>&)9 X "><K6&)J6<3 P4) )-)"PK >, P4) 3 :>KP &>:6<<P
A&>:6<<P 6< P4) K)<K) >, )6<3 "9>K)KP P> P4) 6<KP696PXB )63)<U9T)K 9><)
V4)J) 3 )6<3 +C
< P46K :><>3J@4% 4634)J >J&)J KPP) K@") :>&)9 6K &)U)9>@)& X "><5
K6&)J6<3 :>J) <T:)J >, U6JP>JX :>&)K ,>J P4) K:JP ): <& J)&T")&
>J&)J :>&)9 6K >P6<)& TK6<3 P4) :)P4>& >, U6K><C 4)K) &)U)9>@)& J)5
&T")& >J&)J :>&)9K J) TK)& ,>J P4) &)K63< >, J>TKP &)")<PJ96Y)& "><PJ>99)J
,>J P4) :T9P6:>&)9 J)@J)K)<PP6>< >, P4) :T9P6UJ69) KXKP):K >, P4) K:JP
KPJT"PTJ) TK6<3 U6 J)&T")& >J&)J :>&)9 6< >J&)J P> KT@@J)KK P4) PJ<K5
U)JK) U6JP6><K 6< P4) K:JP KPJT"PTJ)C
P4) KPJT"PTJ) >, P4) "><PJ>99)J X "4<36<3 P4) KPP) >, P4) KXKP): 6< >J&)J P>
>P6< &)K6J)& J)K@><K) NQ!C )<)J99X% KV6P"46<3 "><PJ>9 "P6>< 6K TK)&
P> KV6P"4 )PV))< &6-)J)<P KPJT"PTJ)K <& P4) KXKP): KPP) 6K ,>J")& P> :>U)
9><3 P4) "4>K)< :<6,>9&% "99)& P4) KV6P"46<3 :<6,>9& N2! V46"4 &)P)J:6<)K
P4) "9>K)& 9>>@ KXKP): )4U6>J N0!% NN!C
6P4 P4) 6<"J)K6<3 TK) >, ">:@TP)JK <& &6K"J)P)5P6:) K:@9)JK 6< P4)
&)K63< <& 6:@9):)<PP6>< >, "><PJ>99)JK <>V55&XK% P4) &6K"J)P)5P6:) KXK5
P):K <& P4) ">:@TP)J K)& "><PJ>9 4U) )">:) "TJJ)<P P>@6"K >, J)K)J"4C
< P4) J)")<P @KP% "><K6&)J9) )->JPK 4U) ))< @TP 6<P> KPT&X6<3 P4) "><5
")@PK >, 636P9 96&6<3 >&) AB "><PJ>99)J &)K63< NM!% N*!% N=!C < P4)
"K) >, &)K63<% P4) "><PJ>9 6<@TP 6K @@96"9) ><9X P ")JP6< K:@96<3
6<KP<PK <& P4) "><PJ>9 )->JP J):6<K "><KP<P >U)J P4) )<P6J) K:@96<3 @)5
J6>&C >J)>U)J% V4)< P4) KPP)K J)"4 P4) KV6P"46<3 KTJ,")% P4) KTK)ET)<P
"><PJ>9 V>T9& ) T<9) P> 8))@ P4) KPP)K "></<)& P> P4) KTJ,")C
K J)KT9P% "< T<&)J3> ><9X ETK65K96&6<3 :>&)% 6C)C% P4) KXKP):
KPP)K V>T9& @@J>"4 P4) K96&6<3 KTJ,") TP V>T9& 3)<)J99X ) T<9) P>
KPX >< 6PC 4TK% 6< 3)<)J9% &>)K <>P @>KK)KK P4) 6<UJ6<") @J>@)JPX
,>T<& 6< "><P6<T>TK5P6:) K96&6<3 :>&)C > N=! 4K 6<PJ>&T")& <)V FJ)"45
6<3 9V @@J>"4G P> &)K63< P4) "><PJ>99)J ,>J &6K"J)P)5P6:) KXKP): TK6<3
KPP) ,))&"8C 46K J)"46<3 9V )<KTJ)K P4P P4) KXKP): PJ7)"P>JX V699 46P
P4) KV6P"46<3 :<6,>9& <& P4)J),P)J V699 T<&)J3> Y63Y3 :>P6>< >TP
P4) KV6P"46<3 :<6,>9&C 4) :3<6PT&) >, )"4 KT"")KK6U) Y63Y336<3 KP)@ &)5
"J)K)K K> P4P P4) PJ7)"P>JX KPXK V6P46< K@)"6/)& <& "99)& P4) ETK65
K96&6<3 :>&) <& ABC
>V)U)J% :<X >, P4) K96&6<3 :>&) "><PJ>9 KPJP)36)K J)ET6J) ,T995KPP)
,))&"8C TP% 6< @J"P6")% 99 P4) KPP)K >, P4) KXKP): J) <>P 9VXK U699)
,>J :)KTJ):)<PC TP% 6P 6K >, ">::>< 8<>V9)&3) P4P ><9X P4) KXKP): >TP@TP
6K U699)C >J) >,P)< P4< <>P% P4) KXKP): >TP@TP 6K <>P ">6<"6&)<P V6P4 P4)
KXKP): KPP)C 6<") P4) KXKP): >TP@TP 6K 9VXK U699) ,>J :)KTJ):)<P%
>TP@TP ,))&"8 2M! "< ) TK)& ,>J "><PJ>99)J &)K63< <& P46K 9)& TK P> P4)
J)ET6J):)<P >, P4) >TP@TP ,))&"8 K)& K96&6<3 :>&) "><PJ>9 KPJP)3XC
< P46K "><P)WP% PV> &6K"J)P) P6:) K96&6<3 :>&) "><PJ>9 KPJP)36)K 0N!% MZ!
6K )W@9>J)& 6< P46K :><>3J@4C
<&X>@&4XX MZ! @J>@>K)& &6K"J)P) P6:) K96&6<3 :>&) "><PJ>9
KPJP)3X P4P :8)K P4) TK) >, KV6P"46<3 ,T<"P6>< 6< P4) "><PJ>9% J)KT9P6<3
6< ETK6 K96&6<3 :>&)C 46K "><PJ>9 "><")@P 6K TK)& P> "><PJ>9 P4)
U6JP6><K >, P4) K:JP KPJT"PTJ)KC
4) :T9P6JP) &6K"J)P)5P6:) >TP@TP ,))&"8 K96&6<3 :>&) "><PJ>9 93>5
J6P4: @J>@>K)& 6< 0N! <& K)& >< JP>KY)V6"YIK "><PJ>9 9V M?! <&
P)"4<6ET) 0S! 6K 9K> TK)& P> "><PJ>9 P4) 1)WTJ9 U6JP6><K >, P4)
K:JP KPJT"PTJ)C >J)>U)J% P46K 9V U>6&K P4) KV6P"46<3 ,T<"P6>< @J)K)<P
6< >P4)J K96&6<3 :>&) "><PJ>9 93>J6P4:K <& P4TK U>6&K "4PP)J N=!C
)J)% P4) &6KPTJ<") 6K P4) )WP)J<9 ,>J") K63<9% V46"4 6K @@96)& P> P4)
"<P69)U)J ): P 6PK ,J)) )<&C 4) >U) PV> 93>J6P4:K 4K P4) &U<P3)
AQ A >SM@'W#S8@> S@ <MS SMW#SWM*N
P4P 6P &>)K <>P J)ET6J) P4) KPP) 6<,>J:P6>< ,>J "><PJ>9 @TJ@>K)K K 6P :8)K
TK) >, ><9X P4) >TP@TP K:@9)K ,>J &)K63<6<3 P4) "><PJ>99)JC 4) "><PJ>9 6<@TP
6K &)&T")& TK6<3 @KP >TP@TP K:@9)K <& P4) 6::)&6P) @KP 6<@TP K63<9
9><) 6<KP)& >, P4) KXKP): KPP)KC
)<")% 6P 6K :>J) @J"P6"9 <& )KX P>
6:@9):)<PC
J6), 9>>8 6<P> P4) K:JP KPJT"PTJ)K% 6PK "><")@PK% 6PK "P6U) 6<U>9U):)<P 6<
P4) U6JP6>< "><PJ>9% 6PK @@96"P6><K <& P4) )WP)<K6U) J)K)J"4 V>J8 &><)
>< 6P K> ,J VK @J>U6&)& 6< P4) @J)U6>TK K)"P6><KC 4) "><PJ6TP>JX "4@P)JK
>, P4) J)K)J"4 :><>3J@4 @J)K)<P)& X P4) TP4>JK J) KT::J6Y)& 6< P4)
,>99>V6<3 :<<)J K 0 "4@P)JKC
4) :>&)96<3 >, 1)W69) ):K TK6<3 PV> PX@)K >, ): P4)>J6)K% U6YC% P4)
T9)J5)J<>T996 P4)>JX <& P4) 6:>K4)<8> ): P4)>JX 6K @J)K)<P)& 6< P4)
K)"><& "4@P)J >, P46K :><>3J@4C
K6<3 P4) <& KPP) K@") P)"4<6ET)K% P4) /<6P) )9):)<P :>&)9 <&
P4) KPP) K@") :>&)9 >, P4) ): 6K JJ6U)& P% V46"4 6K TK)& ,>J P4) "><5
PJ>99)J &)K63<C 4) K)<K>J5"PTP>J &X<:6"K 6K 9K> 6<"9T&)& 6< P46K "><P)WP
V469) >P6<6<3 P4) :>&)9C V> K)@JP) "K)K J) &)9P V6P4C <) 6K P4)
"K) <& P4) >P4)J 6K P4) "K)C < >P4 P4) "K)K% P4) @6)Y>)9)"5
PJ6" @P"4)K J) ><&)& P> P4) :KP)J KPJT"PTJ) K KTJ,") :>T<P)& K)<K>J O
"PTP>JK A): 6K K<&V6"4)& )PV))< P>@ <& >PP>: @6)Y>)9)"PJ6" 9X)JKB
>J K ):)&&)& K)<K>J O "PTP>JK A@6)Y>)9)"PJ6" @P"4)K% 6C)C% K4)J K)<K>JK
O "PTP>JK J) K<&V6"4)& 6< )PV))< PV> ): 9X)JKB P &6-)J)<P /<6P)
)9):)<P 9>"P6><K 9><3 P4) 9)<3P4 >, P4) ):C
6P4)J ><) K)<K>J5"PTP>J @6J P P6:) >J :T9P6@9) K)<K>J5"PTP>J @6JK
)6<3 "P6U) P P6:) 4K ))< "><K6&)J)&C 4) @6)Y>K J) ><&)& P> P4)
): )6P4)J K ">99>"P)& @6JK >J K <><5">99>"P)& @6JK A><9X ,>J ):)&&)&
"K)BC 4) /JKP ,)V &>:6<<P U6JP>JX :>&)K J) "><K6&)J)& 6< P4) &)K63<
AKX% S% Q% 2% 0 >J NBC
36U6<3 J6K) P> :<X :>&)9K >, P4) K:) K:JP KPJT"PTJ) @9<P <&
V46"4 6K )6<3 @J>@>K)& 6< MS!% MQ!C 4) 6:@>JP<") 6< "><K6&)J6<3 KT"4
:>&)9K J) P4P% 6P 99>VK P> 4U) J)&T<&<"X 6< K)<K>J O "PTP>J 9>"5
P6><K >< P4) K:JP KPJT"PTJ) KXKP):KC P 99>VK P> KPT&X P4) J>9) >, K)<K>J O
"PTP>J :KK <& KP6-<)KK 6< P4) KXKP): "4J"P)J6KP6"K <& P4) @>K6P6><
>, P4) @6)Y> @6J 6< P4) ): &X<:6"KC
AB PP) K@") :>&)9K J) 9K> &)U)9>@)& ,>J UJ6>TK K@)"P JP6>K >, P4)
): X &6U6&6<3 6P 6<P> 2 /<6P) )9):)<PK <& @9"6<3 P4) @6)Y> @6J P
P4) <)JX /W)& )<&C M2!C
A"B 6<39) 6<@TP K6<39) >TP@TP KPP) K@") :>&)9K J) 9K> >P6<)& ,>J P4)
):)&&)& "K) X &6U6&6<3 P4) ): 6<P> 0 /<6P) )9):)<PKC 4) "PTP>J
6K @9")& P P4) /JKP 9>"P6>< <& P4) K)<K>J 6K :>U)& ,J>: P4) K)"><&
@>K6P6>< P> P4) ,J)) )<&% P4TK 36U6<3 J6K) P> 2 :>&)9K M0!% MN!C
< P4) "K)%
A&B 4) "<P69)U)J ): 6K &6U6&)& 6<P> <T:)J >, /<6P) )9):)<PK U6YC% 2C
4) @6)Y>)9)"PJ6" K)<K>J O "PTP>J 6K ><&)& P> P4) K:JP KPJT"PTJ) P
/<6P) )9):)<P @>K6P6><K <T:)J6<3 S <& 2C 4TK% :T9P6UJ69) KXKP):
V6P4 S "PTP>J 6<@TPK <& S K)<K>J >TP@TPK 6K >P6<)&C X :86<3 PV>
@6)Y>)9)"PJ6" )9):)<PK K "P6U) K)<K>J O "PTP>J P P6:) <& X :86<3
>P4)J )9):)<PK K J)3T9J ): )9):)<PK% KPP) K@") :>&)9 >, P4)
KXKP): 6K >P6<)& <& 6K @J>@>K)& 6< MM!% M*!C
A)B >J P4) >U) "K)% 0 KT"4 :T9P6UJ69) :>&)9K J) >P6<)& X UJX5
6<3 P4) P46"8<)KK @J:)P)J >, P4) 9T:6<T: ):% P4TK 36U6<3 J6K) P>
:T9P6:>&)9 K:JP KPJT"PTJ) KXKP): X J)P6<6<3 P4) /JKP N :>&)K >, U65
JP6><C K6<3 :>&)9 >J&)J J)&T"P6>< P)"4<6ET)% P4) J)&T")& >J&)J :>&)9
>, P4) 4634)J >J&)J KXKP): 6K >P6<)& K)& >< P4) &>:6<<P )63)< U9T)
J)P)<P6>< <& P4) :)P4>& >, U6K>< M=!% *Z!C
A,B 4) )<P6J) KPJT"PTJ) 6K :>&)9)& 6< KPP) K@") ,>J: X &6U6&6<3 P4) :K5
P)J KPJT"PTJ) 6<P> * /<6P) )9):)<PK <& @9"6<3 P4) @6)Y>)9)"PJ6" K)<K>J O
"PTP>J K ">99>"P)& @6JK P /<6P) )9):)<P @>K6P6><K S% 2% N <& *C 4TK%
:>&)9 V6P4 2 "PTP>J 6<@TPK <& 2 K)<K>J >TP@TPK 6K >P6<)&
<& @J>@>K)& 6< *?!% *S!% *Q!% *2!C
A3B >J P4) ):)&&)& "K)% P4) KPP) K@") :>&)9 6K >P6<)& X &6U6&6<3 P4)
">:@>K6P) ): 6<P> * /<6P) )9):)<PK <& @9"6<3 P4) K)<K>JK P @>K6P6><K
N <& *% "PTP>JK P S <& 2C 4TK% :T9P6UJ69) KXKP): V6P4 S "PTP>J
6<@TPK <& S K)<K>J >TP@TPK 6K >P6<)& *0!C
4) :T9P6JP) >TP@TP ,))&"8 K)& "><PJ>9 &)K63< P)"4<6ET)K AP4) @)J65
>&6" >TP@TP ,))&"8% ,KP >TP@TP K:@96<3 ,))&"8% :T9P6JP) >TP@TP ,))&5
"8 K)& &6K"J)P) K96&6<3 :>&) "><PJ>9B 4U) ))< @@96)& ,>J P4) /JKP P6:)
6< K)U)J9 K:JP KPJT"PTJ) :>&)9K &6K"TKK)& 6< AB5A3B <& 6K @J)K)<P)& 6< P4)
KTK)ET)<P "4@P)JK >, P46K :><>3J@4C
A+ A >SM@'W#S8@> S@ <MS SMW#SWM*N
4) P46J& 4@P)J &)9K V6P4 P4) &)K63< >, P4) @)J6>&6" >TP@TP ,))&"8 "><5
PJ>9 KXKP): ,>J K:JP KPJT"PTJ) KXKP):KC
4)< < )WP)J<9 ,>J") 6<@TP A6:@T9K) &6KPTJ<") >J K6<TK>6&9 &6KPTJ5
<")B 6K @@96)& P> P4) ,J)) )<& >, P4) ):% 6P 6K KT7)"P)& P> U6JP6><KC
4)K) U6JP6><K K4>T9& ) KT@@J)KK)& ET6"89XC )J6>&6" >TP@TP ,))&"8 "><5
PJ>99)JK J) &)K63<)& MS!% M0!% *N!% *M! <& @@96)& P> "><PJ>9 P4) /JKP ,)V
U6JP6>< :>&)K >, P4) K:JP "<P69)U)J ): ,>J P4) UJ6>TK &)U)9>@)&
KPP) K@") :>&)9K AB5A"B 6< 4@P)J SC 6:T9P6><K J) @)J,>J:)& 6< P5
9C 4) >@)< 9>>@ J)K@><K)K% "9>K)& 9>>@ J)K@><K)K V6P4 P4) >TP@TP 6<7)"P6><
36<% "9>K)& 9>>@ J)K@><K)K V6P4 P4) 36<% P4) "><PJ>9 )->JP J)ET6J)& P>
KT@@J)KK P4) U6JP6><K <& P4) P6@ &6K@9"):)<PK J) >K)JU)&C
4) @)J,>J:<") >, P4) K:JP KXKP): 6K )U9TP)& ,>J "P6U) U6JP6><
"><PJ>9C )K@><K)K >, P4) KXKP): J) 9K> >K)JU)& V6P4>TP P4) "><PJ>99)J
<& J) ">:@J)& V6P4 P4) "><PJ>99)J P> K4>V P4) "><PJ>9 )-)"PC 4) )-)"P
>, @9"6<3 P4) K)<K>J O "PTP>J P UJ6>TK 9>"P6><K 9><3 P4) 9)<3P4 >, P4)
): ,>J 99 P4) PX@)K >, KXKP):K K4>V< 6< AB5A"B 6< 4@P)J S 6K >K)JU)&C
4) "><"9TK6><K J) &JV< ,>J P4) )KP @)J,>J:<") A)KP :>&)9B <& ,>J P4)
K:99)KP :3<6PT&) >, P4) "><PJ>9 6<@TP J)ET6J)& P> "><PJ>9 P4) U6JP6><K >,
P4) ):C 4J>T34 P4) K6:T9P6>< J)KT9PK% 6P 6K K4>V< P4P V4)< P4) @9<P
6K @9")& V6P4 P46K &)K63<)& "><PJ>99)J% P4) @9<P @)J,>J:K V)99 <& P4)
U6JP6><K J) &:@)& >TP ET6"89X V6P4 P4) 6<PJ>&T"P6>< >, P4) "><PJ>99)JC
"><PJ>99)JK J) 9K> &)K63<)& MM!% M*!% *0! ,>J P4) :T9P6UJ69) :>&5
)9K K4>V< 6< A&B <& A3B >, 4@P)J SC P 6K >K)JU)& P4P :>&)96<3 K:JP
KPJT"PTJ) X 6<"9T&6<3 P4) K)<K>J O "PTP>J :KK <& KP6-<)KK <& X @9"5
6<3 P4) K)<K>J O "PTP>J P S &6-)J)<P @>K6P6><K 6<PJ>&T")K "><K6&)J9)
"4<3) 6< P4) KPJT"PTJ9 U6JP6>< "4J"P)J6KP6"K P4< @9"6<3 P4) K)<K>J O
"PTP>J @6J P ><9X ><) 9>"P6><C &X<:6" <9XK6K 6K 9) P> 6&)<P6,X
@6JK >, :>&)K P4P >""TJ P <)J9X 6&)<P6"9 ,J)ET)<"6)KC 4)J) 6K :T9P6@9)
6<P)J"P6><K >, P4) 6<@TP <& P4) >TP@TP V46"4 V699 :8) P4) U6JP6><K P> )
&:@)& >TP ,KP)JC
>J P4) :T9P6UJ69) "K)% 6P 6K >K)JU)& P4P V4)< P4) @6J 6K 8)@P P
S &6-)J)<P 9>"P6><K% P4) "9>K)& 9>>@ J)K@><K)K >, P4) KXKP): 6K 9)KK
>K"699P>JX ">:@J)& P> P4) K6<39) 6<@TP K6<39) >TP@TP "K)C )W"6PP6><
6K )PP)J P4< )W"6PP6>< K ><9X )W"6P6<3 P K6<39) @>6<P :X "TK)
@>>J &6KPJ6TP6>< >, 6<@TP )<)J3X P4J>T34>TP P4) KPJT"PTJ) <& :X J)KT9P 6<
K>:)V4P K9634P9X &6KPTJ)& ,J)ET)<"X J)K@><K)KC :T9P6 6<@TP P)KP @J>U6&)K
)PP)J )<)J3X &6KPJ6TP6>< <& )U)< )PP)J "PTP6>< ,>J")KC
TJP4)J% P4) &)K63< >, J>TKP &)")<PJ96Y)& "><PJ>99)J ,>J P4) ): :>&)9
A,B 6< 4@P)J S TK6<3 "><PJ>9 P)"4<6ET) V4)< P4)J) 6K ,69TJ) >,
KXKP): ">:@><)<P P> ,T<"P6>< AKX% < "PTP>JB 6K &6K"TKK)&C 2 :T9P6UJ69)
:>&)9K >, P4) K:) @9<P J) >P6<)& X "><K6&)J6<3 ><) "PTP>J ,69TJ)
P P6:)C 4) )-)"P >, ,69TJ) >, ><) >, P4) @6)Y> @P"4)K >< P4) KXKP): 6K
>K)JU)&C < P4) &)K63<)& "><PJ>9 9V% P4) "><PJ>9 6<@TPK P> )"4 "PTP>J >,
AFP @>SM8 WS8@>N @. S6* @>@5MB6 A?
P4) :T9P6:>&)9 KXKP): 6K ,T<"P6>< >, P4) >TP@TP >, P4) ">JJ)K@><&6<3 K)<K>J
><9X <& P4) 36< :PJ6W 4K 3>P 99 >-5&63><9 P)J:K Y)J>C 46K :8)K P4)
"><PJ>9 P)"4<6ET) J>TKP &)")<PJ96Y)& ><)C
P 6K 9K> >K)JU)& P4P V4)< <X ><) >, P4) "PTP>JK ,69K P> ,T<"P6><% )U)<
P4)< P4) "><PJ>99)J KP696Y)K 99 P4) 2 :>&)9KC *?!% *S!C 46K 4@P)J 9K> 36U)K
< 6<K634P 6<P> P4) &)K63< >, >TKP )")<PJ96Y)& )J6>&6" TP@TP ))&"8
AB "><PJ>99)J ,>J P4) :T9P6UJ69) K:JP KPJT"PTJ) TK6<3 P4) UJ6>TK
:>&)9K >, P4) K6<39) @9<P AK4>V< 6< A)B 6< 4@P)J SB U6 P4) J)&T")& >J&)J
:>&)96<3 **!% *=!C 6:T9P6><K J) &><) 6< P9 <& P4) UJ6>TK J)K@><K)K
J) >P6<)& ,>J P4) &)K63<)& KPP) K@") K)& :>&)9 >, P4) K:JP 1)W69)
"<P69)U)J ):C < P4) "><PJ>9 9V% P4) "><PJ>9 6<@TP P> )"4 "PTP>J >, P4)
:T9P6UJ69) @9<P 6K ,T<"P6>< >, P4) >TP@TP >, P4) ">JJ)K@><&6<3 K)<K>J
><9X <& P4) 36< :PJ6W 4K 3>P 99 >-5&63><9 )9):)<PK Y)J>C 46K :8)K
P4) "><PJ>9 P)"4<6ET) J>TKP &)")<PJ96Y)& ><)C 46K V>T9& J)<&)J
)PP)J "><PJ>9 <& 6K :>J) ,)K69)C
4) J>TKP &)")<PJ96Y)& "><PJ>99)J &)K63<)& X P4) >U) :)P4>&
J)ET6J)K ><9X "><KP<P 36<KC 4) ">:@TPP6>< >, P4) >TP@TP 6<7)"P6>< 36<%
V46"4 6K <))&)& P> >P6< P4) &)")<PJ96Y)& K)& K:JP KPJT"PTJ) KXK5
P):% )">:)K U)JX P)&6>TK V4)< P4) <T:)J >, :>&)K% )K@)"699X 3J)P)J P4<
0 J) "><K6&)J)&C
)J)% >TP@TP 6<7)"P6>< 36< 6K ">:@TP)& ,J>: P4) J)&T")&
>J&)J :>&)9 >, P4) K:JP KXKP): <& TK6<3 P4) 33J)3P6>< P)"4<6ET)K% >TP5
@TP 6<7)"P6>< 36< "< ) >P6<)& ,>J P4) 4634)J >J&)J A"PT9B :>&)9C 4)
,))&"8 36<% V46"4 J)96Y)K P46K >TP@TP 6<7)"P6>< 36<% "< ) >5
P6<)& ,>J P4) "PT9 :>&)9C P 6K ,>T<& P4P P4) &)K63<)& J>TKP "><PJ>99)J U6
P4) J)&T")& >J&)J :>&)9 @J>U6&)K 3>>& &:@6<3 )<4<"):)<P ,>J P4) :>&)9K
>, P4) K:JP KPJT"PTJ) KXKP):C
4) &)K63< >, P4) "><PJ>99)JK ,>J "P6U) U6JP6>< "><PJ>9 6K @J)K)<P)&
6< P4) ,>TJP4 "4@P)JC KP >TP@TP K:@96<3 ,))&"8 "><PJ>99)JK J) &)5
K63<)& MN!% =Z!% =?!% =S! <& @@96)& P> "><PJ>9 P4) /JKP ,)V U6JP6>< :>&)K
>, P4) K:JP "<P69)U)J ): ,>J P4) UJ6>TK &)U)9>@)& KPP) K@") :>&5
)9K AB 5 A"B >, 4@P)J SC 6:T9P6><K J) @)J,>J:)& 6< P9C 4) >@)<
9>>@ J)K@><K)K% "9>K)& 9>>@ J)K@><K)K V6P4 P4) KPP) ,))&"8 36<% "9>K)&
9>>@ J)K@><K)K V6P4 P4) 36<% P4) "><PJ>9 )->JP J)ET6J)& P> KT@@J)KK P4)
U6JP6><K <& P4) P6@ &6K@9"):)<PK J) 9K> >K)JU)&C
4) @)J,>J:<") >, P4) K:JP KXKP): 6K )U9TP)& ,>J "P6U) U6JP6><
"><PJ>9C )K@><K)K >, P4) KXKP): J) 9K> >K)JU)& V6P4>TP P4) "><PJ>99)J
<& J) ">:@J)& V6P4 P4) "><PJ>99)J P> K4>V P4) "><PJ>9 )-)"PC 4) )-)"P
>, @9"6<3 P4) K)<K>J O "PTP>J P UJ6>TK 9>"P6><K 9><3 P4) 9)<3P4 >, P4)
): ,>J 99 P4) PX@)K >, KXKP):K K4>V< 6< AB 5 A"B 6< 4@P)J S 6K >K)JU)&C
4) "><"9TK6><K J) &JV< ,>J P4) )KP @)J,>J:<") A)KP :>&)9B <& ,>J P4)
K:99)KP :3<6PT&) >, P4) "><PJ>9 6<@TP J)ET6J)& P> "><PJ>9 P4) U6JP6><K >,
P4) ):C 4J>T34 P4) K6:T9P6>< J)KT9PK% 6P 6K K4>V< P4P V4)< P4) @9<P
V] A >SM@'W#S8@> S@ <MS SMW#SWM*N
6K @9")& V6P4 P46K &)K63<)& "><PJ>99)J% P4) @9<P @)J,>J:K V)99 <& P4)
U6JP6><K J) &:@)& >TP ET6"89X V6P4 P4) 6<PJ>&T"P6>< >, P4) "><PJ>99)JC
"><PJ>99)JK J) 9K> &)K63<)& <& @J>@>K)& 6< =Q! ,>J P4) :T9P6UJ65
9) :>&)9K K4>V< 6< A&B <& A3B 6< 4@P)J SC P 6K >K)JU)& P4P :>&)96<3
K:JP KPJT"PTJ) X 6<"9T&6<3 P4) K)<K>J O "PTP>J :KK <& KP6-<)KK <&
X @9"6<3 P4) K)<K>J O "PTP>J P PV> &6-)J)<P @>K6P6><K 6<PJ>&T")K "><5
K6&)J9) "4<3) 6< P4) KPJT"PTJ9 U6JP6>< "4J"P)J6KP6"K P4< @9"6<3 P4)
K)<K>J O "PTP>J @6J P ><9X ><) 9>"P6><C
K 6< P4) "K) >, % P4) ,))&"8 "><PJ>9 P)"4<6ET) 6K 9K> TK)& P>
&)K63< J>TKP &)")<PJ96Y)& ,T9P P>9)J<P "><PJ>99)J *Q!% *2! ,>J P4) :T9P65
:>&)9 KXKP): A,B 6< P4) )U)<P >, < "PTP>J ,69TJ)C TJP4)J% P4) &)")<PJ96Y)&
,))&"8 "><PJ>99)J "><")@P 6K )WP)<&)& P> &)K63< J>TKP "><PJ>99)J ,>J
:T9P6:>&)9 J)@J)K)<PP6>< >, ,:69X >, :T9P6UJ69) @9<PK 6< A)B TK6<3
P4) :>&)9 >J&)J J)&T"P6>< P)"4<6ET)K M=!% **!% *=!C
)K63< >, 6K"J)P) 96&6<3 >&) "><PJ>99)JK TK6<3 :T9P6JP) >TP@TP ,))&"8
P)"4<6ET) 0N!% MZ! 6K @J)K)<P)& 6< P4) /,P4 4@P)J >, P46K :><>3J@4C V>
&6-)J)<P :)P4>&K >, 4U) ))< TK)& 6< P46K @@96"P6><C <) V46"4
&>)K <>P TK) P4) KV6P"46<3 ,T<"P6>< <& P4) >P4)J V46"4 TK)K KV6P"46<3 ,T<"5
P6><C 6K"J)P) K96&6<3 :>&) "><PJ>9 93>J6P4: TK6<3 :T9P6JP) >TP@TP ,))&"8
V46"4 TK)& KV6P"46<3 ,T<"P6>< 6< P4) "><PJ>9 9V 6K &)K63<)& =2!% =0! ,>J
KPP) K@") :>&)9K 6< AB <& :>&)9K =N! K4>V< 6< A&B >, 4@P)J SC
< )WP)J<9 ,>J") 6<@TP 6K @@96)& P P4) ,J)) )<& >, P4) ):KC 4)J) J) PV>
6<@TPK P> P4) @9<PC <) 6K P4) )WP)J<9 ,>J") 6<@TP% V46"4 6K "><K6&)J)& K
P4) &6KPTJ<")C 4) >P4)J 6<@TP 6K P4) "><PJ>9 6<@TP P> P4) "PTP>J ,J>: P4)
"><PJ>99)JC 4) @)J,>J:<") >, P4) KXKP): 6K )U9TP)& V6P4 P4) "><PJ>99)J 6<
P4) ,))&"8 9>>@C
< P4) V>J8 "><K6&)J)&% P4) @9>P >, P4) P6:) &)J6UP6U) >, P4) &6K@9"):)<P%
6C)C% P4) K)<K>J >TP@TPK K ,T<"P6>< >, P6:)% P4) :3<6PT&) >, P4) "><PJ>9
6<@TPK VCJCPC P6:) <& P4) K96&6<3 ,T<"P6>< VCJCPC P6:) J) >K)JU)&C P 6K >5
K)JU)& P4P :>&)96<3 K:JP KPJT"PTJ) X 6<"9T&6<3 P4) K)<K>J O "PTP>J
:KK <& KP6-<)KK <& X @9"6<3 P4) K)<K>J O "PTP>J P &6-)J)<P @>K6P6><K
9><3 P4) 9)<3P4 >, P4) ): 6<PJ>&T")K "><K6&)J9) "4<3) 6< P4) KPJT"5
PTJ9 U6JP6>< "4J"P)J6KP6"K >P4 ,>J K V)99 K ,>J KXKP):KC
<>P4)J @@96"P6>< >, P4) &6K"J)P) K96&6<3 :>&) "><PJ>9 TK6<3 >TP@TP K:5
@9)K =?! V46"4 &>)K <>P :8) TK) >, KV6P"46<3 ,T<"P6>< 6< P4) "><PJ>9 9V
6K &)K63<)& ,>J 1)W69) KPJT"PTJ) ,>J "K) =M! 6< AB <& ,>J
"K) 6< A&BC 4) "><"9TK6><K J) /<99X &JV<C
4) 9KP 4@P)J >, P46K :><>3J@4 &)@6"PK P4) )W@)J6:)<P9 )U9TP6>< A6:5
@9):)<PP6><B >, K>:) >, P4) &)U)9>@)& "><PJ>9 93>J6P4:K TK6<3 &
AF+ @S8XS8@> .@M @'*;8>5 >' @>SM@; @. <MS SMW#SWM*N VA
<& )9 6:) >J8K4>@C 1)W69) 9T:6<T: ): >, KT6P9) &6:)<K6><K
6K "><K6&)J)&C <& K6:T9P6><K J) @)J,>J:)& ,>J P46K )W@)J6:)<P9
): "><K6&)J)& KPJP6<3 ,J>: P4) /JKP @J6<"6@9)K 6< P4) KTK)ET)<P 4@P)JKC
P P4) )<&% P4) )W@)J6:)<P9 )U9TP6>< 6K @)J,>J:)&C KXKP): 6&)<P6/"P6><
>, P4) )W@)J6:)<P9 ): 6K @)J,>J:)& /JKPC 4) )W@)J6:)<P9 KPP) K@")
:>&)9 6K >P6<)& <)WP V46"4 6K TK)& ,>J P4) "><PJ>99)J &)K63<C
4) ): 6K )W"6P)& P 6PK <PTJ9 ,J)ET)<"X TK6<3 &6KPTJ6<3 @6)Y>5
"PTP>J @9")& P P4) ,J)) )<& >, P4) ):C V> @6)Y>5@P"4)K J) ><&)& K
KTJ,") :>T<P)& K)<K>J O "PTP>J <)JX P4) J>>P >, P4) ):C 4) >PP>:
><) "PK K P4) K)<K>J% V469) P4) P>@ ><) "PK K P4) "PTP>JC 4) K)<K>J
>TP@TP 6K 36U)< K 6<@TP P> P4) @6)Y> K)<K6<3 KXKP):% V46"4 "><K6KPK >, 4634
ET96PX "4J3) P> U>9P3) "><U)JP6<3 K63<9 "><&6P6><6<3 :@96/)J V6P4 UJ69)
36<C 4) "><&6P6><)& K)<K>J >TP@TP K63<9 6K 36U)< K <9>3 6<@TP P> &
??Z2 "><PJ>99)J >J& P4J>T34 6PK "4<<)9C 4) K)<K>J >TP@TP 6K K:@9)&
P @JP6"T9J K:@96<3 JP) <& 36U)< K 6<@TP P> P4) O "><PJ>99)JC
4) >TP@TP >, P4) "><PJ>99)J% 6C)C% P4) "><PJ>9 K63<9 6K T@&P)& <& @@96)&
P> P4) "><PJ>9 "PTP>J P @JP6"T9J K:@96<3 6<P)JU9 P4J>T34 P4) @>JP
>, & ??Z2 KXKP): <& P4) @6)Y> "PTP6>< KXKP):C 4) "><PJ>9 93>5
J6P4: 6K &)U)9>@)& TK6<3 K6:T96<8 K>,PVJ) >, <& 6:@9):)<P)& 6<
J)9 P6:) >< & ??Z2 KXKP): TK6<3 <& & J)9 P6:) 6<P)J5
,") P>>9KC 4) K6:T96<8 K>,PVJ) 6K TK)& P> T69& "><PJ>9 9>"8 &63J:K <&
J)9 P6:) V>J8K4>@ 6K TK)& P> 3)<)JP) ">&) ,J>: P4) K6:T96<8 :>&)9C 4)
">&) 6K P4)< "><U)JP)& P> PJ3)P K@)"6/" ">&) X <& PJ3)P 9<3T3)
">:@69)J KT@@>JP)& X & ??Z2C
46K PJ3)P ">&) 6K P4)< &)@9>X)& >< P> P4) J@6& @J>P>PX@) 4J&VJ)
KXKP): P> JT< P4)
J&VJ) < >>@ 6:T9P6>< A
BC 4) )W"6PP6>< K63<9%
>@)< 9>>@ J)K@><K)% "9>K)& 9>>@ J)K@><K) V6P4 O "><PJ>9 <& "><PJ>9
K63<9 "ET6J)& ,J>: & "><PJ>9 &)K8 J) >K)JU)& 6< J)9 P6:)C 4)
"><PJ>9 6K KV6P"4)& >< ,P)J ")JP6< P6:) <& P4) &)"X >, U6JP6><K 6K
>K)JU)&C 4)6J IK J) 9K> >K)JU)& TK6<3 )8PJ><6W >K"699>K">@) ,J>:
V46"4 P4) J)&T"P6>< 6< P4) U6JP6><K "< ) >K)JU)&C 4) J)KT9PK >, P4)
K6:T9P6><K <& P4) )W@)J6:)<P9 J)KT9PK J) ">:@J)&C 4) )W@)J6:)<P9
KPT&X &):><KPJP)& 3>>& "9>K)& 9>>@ @)J,>J:<") <& P4) K6:@96"6PX >, P4)
:T9P6JP) >TP@TP ,))&"8 "><PJ>99)JKC
:8) TK) >, KPP) ,))&"8% >TP@TP ,))&"8 @J6<"6@9)K% 96<)J ET&JP6" J)35
T9P>J% >@P6:9 ,))&"8 <& K)& P)"4<6ET)K% )P"C%C 6<") :>KP >, P4)K)
PX@) >, "><PJ>9 P)"4<6ET)K :X <))& 99 P4) KPP)K ,>J ,))&"8% V46"4 :X <>P
) U699) ,>J :)KTJ):)<P% P4)X :X KT-)J ,J>: P4) @J>9): >, J)9 P6:)
6:@9):)<PP6>< <& K>:) P6:)K <))& KPP) >K)JU)J ,>J "><PJ>9 @TJ@>K)KC
4)K) &JV"8K ">T9& ) J)"P6/)& X P4) TK) >, C
< K)& "><PJ>9 P)"4<6ET) "< ) @@96)& P> 9:>KP 99 P4) KXKP):K
V46"4 J) "><PJ>999) <& >K)JU9)% V469) P P4) K:) P6:) )6<3 K6:@9)
)<>T34 K <>P P> PW P4) ">:@TP)JK P>> :T"4C PP) ,))&"8 93>J6P4:K
"< ) "><U)JP)& 6<P> >TP@TP ,))&"8 93>J6P4:K X P4) TK) >, :T9P6JP)
>TP@TP ,))&"8 K:@96<3C ><K)ET)<P9X% P4) K)& "><PJ>9 KPJP)36)K
4K P4) &U<P3)K >, >P4 P4) KPP) ,))&"8 <& >TP@TP ,))&"8 "><PJ>9
@469>K>@46)KC < K)& % P4) :6< :>P6UP6>< ,>J "JJX6<3 >TP
P4) V>J8 VK P> &)U)9>@ "><PJ>9 KPJP)36)K ,>J U6JP6>< KT@@J)KK6>< >, 1)W69)
KPJT"PTJ)K V6P4 <& V6P4>TP P4) TK) >, KV6P"46<3 ,T<"P6>< 6< P4) "><PJ>9 9VC
) ,>T<& P4) <KV)J 6< P4) KX<)J3X >, P4) :T9P6JP) >TP@TP K:@96<3 "><")@P
<& 4)<")% P4) )<& J)KT9P% F%
""G% V46"4 VK P4) :>P6UP6>< >, P46K :><>3J@4C
46K :><>3J@4 6K K)& >< P4) TP4>JK V>J8 >< P4) :T9P6JP) >TP@TP K:5
@96<3 P)"4<6ET)K A <& B <& P4) :T9P6JP) >TP@TP ,))&"8 K)&
&6K"J)P)5P6:) K96&6<3 :>&) "><PJ>9 >, "<P69)U)J ):KC 4) J)KT9P<P "><5
PJ>99)JK V>T9& ) >TP@TP ,))&"8 K)&% P4TK )6<3 :>J) @J"P6"9 P4< P4)
:>J) @J)U9)<P KPP) ,))&"8 K)& @@J>"4)K >, "><PJ>9KC
1
$!# $ "+/ /+2/2+,
4) :>&)96<3 >, K:JP "<P69)U)J ):K TK6<3 PV> PX@)K >, ): P4)>J6)K%
U6YC% P4) T9)J5)J<>T996 ): P4)>JX <& P4) 6:>K4)<8> ): P4)>JX 6K
@J)K)<P)& 6< P46K "4@P)JC 469) P4) ,>J:)J :)P4>& 6K &6K"TKK)& 6< )"P6><
SC?% P4) 9PP)J :)P4>& 6K &6K"TKK)& 6< )"P6>< SCSC
<& P4) :>&)96<3 >, P4) T9)J5)J<>T996 ):K X "><K6&)J6<3 :>J) <T:)J >,
:>&)K% P4TK >P6<6<3 4634)J >J&)J KXKP):C 4) 4634)J >J&)J :>&)9 6K P4)<
J)&T")& P> 9>V)J >J&)J ><) X J)P6<6<3 P4) &>:6<<P :>&)K >, U6JP6><
<& <)39)"P6<3 P4) ,KP :>&)KC ><"9TK6><K J) /<99X &JV< J)3J&6<3 P4)
@J>@>K)& :>&)9KC
><K6&)J 1)W69) 9T:6<6T: "<P69)U)J ): K K4>V< 6< 63C SC?AB ><&)&
V6P4 KTJ,") :>T<P)& @6)Y>)9)"PJ6" K)<K>J <& "PTP>J P &6K"J)P) 9>"P6><
9><3 P4) 9)<3P4 >, P4) ): AKX% P P4) /W)& )<&B K K4>V< 6< 63C SC?ABC
4) @4XK6"9 @J>@)JP6)K >, P4) 1)W69) "<P69)U)J ): )9):)<P <& P4) @6)Y>5
)9)"PJ6" )9):)<P J) 36U)< 6< 9) SC?% V4)J)
J)@J)K)<PK P4) 9)<3P4 >, P4)
): K K4>V< 6< 63C SCS% ' J)@J)K)<PK P4) 9)<3P4 >, P4) ): )9):)<P V46"4
6K 9K> )ET9 P> ' <& ' J)@J)K)<PK P4) 9)<3P4 >, P4) @6)Y>)9)"PJ6" @P"4 AK)<K>J
>J "PTP>JBC
% 7.*. M@B*MS8*N @. S6* 3*Z8 ;* #>S8;*X*M C;W<8>8W< *<D >' S6* B8*\@7
*;*#SM8# *;*<*>S Y6*> *< 8N '8X8'*' 8>S@ 4 1>8S* *;*<*>SN
$". 7.*. 3*Z8 ;* ;W<8>W< #>S8;*X*M *< *;*<*>S >' N<MS *< *;*<*>S
< >J&)J P> &)U)9>@ P4) :P4):P6"9 :>&)9 >, P4) K:JP ):% V) /JKP
KPJP V6P4 P4) :>&)996<3 >, P4) J)3T9J ): )9):)<P <& P4) @6)Y>)9)"PJ6"
): )9):)<P ,>J S <>&) /<6P) ): )9):)<P K K4>V< 6< 63KC SC?AB >J AB
<& 6< 63C SCSC 4) 1)W69) ): 6K &6U6&)& 6<P> <T:)J >, /<6P) )9):)<PK
AKX% 2B K K4>V< 6< 63C SCSC 4) @6)Y>)9)"PJ6" )9):)<P 6K ><&)& >< ><)
>, P4) K)"P6>< >, P4) 4>KP KTJ,") K K4>V< 6< 63C SCS% P4TK 36U6<3 J6K) P>
K:JP ):C 4) K:JP "<P69)U)J ): :>&)9 6K P4)< &)U)9>@)& TK6<3
@6)Y>)9)"PJ6" ): )9):)<P% V46"4 6<"9T&)K K)<K>J <& "PTP>J &X<:6"K <&
J)3T9J ): )9):)<P V46"4 6K :>&)9)& TK6<3 T9)J5)J<>T996 P4)>JX <&
P4) 6<6P) 9):)<P )P4>& ABC 4) @6)Y>)9)"PJ6" ): )9):)<P 6K TK)&
P> :>&)9 P4) J)36><K V4)J) P4) @6)Y>)9)"PJ6" 6K ><&)& K K)<K>JO"PTP>J <&
P4) J)KP >, P4) KPJT"PTJ) 6K :>&)9)& X P4) J)3T9J ): )9):)<PKC < :>&)96<3
<& <9XK6K >, "<P69)U)J ):K% P4) ,>99>V6<3 KKT:@P6><K J) :&)C
4) :KK <& KP6-<)KK >, P4) ><&6<3 >J P4) &4)K6U) )PV))< P4) :KP)J
KPJT"PTJ) <& P4) K)<K>J O "PTP>J @6J 6K <)39)"P)&% 6C)C% P4) &4)K6U)
TK)& 6< )PV))< P4) ): <& P4) K)<K>JO"PTP>J 4K ))< KKT:)& P>
&& <> :KK >J KP6-<)KK P> P4) KPJT"PTJ)C
4) K63<9 "><&6P6><6<3 &)U6") 36< 6K KKT:)& K ?ZZC
4) "9) "@"6P<") )PV))< P4) K)<K>J O "PTP>J <& P4) K63<9 "><5
&6P6><6<3 &)U6") 4U) ))< "><K6&)J)& <)396369) <& P):@)JPTJ) )-)"PK
4U) ))< <)39)"P)&C
4) ): )9):)<P 6K KT@@>K)& P> 4U) S &)3J))K >, ,J))&>: AB P )"4
<>&)% U6YC% PJ<KU)JK) &)1)"P6>< > P P4) <>&) <& < <39) >, J>PP6><
>J K9>@) : P P4) <>&)% V46"4 J) "99)& K P4) <>&9 UJ69)KC
>JJ)K@><&6<3 P> P4) PV> % )<&6<3 :>:)<P "PK P )"4 <>&9
@>6<PC
4) ): )9):)<P 4K "><KP<P :>:)<P >, 6<)JP6% :>&T9TK >, )9KP6"6PX%
:KK &)<K6PX <& 9)<3P4C
4)< < )WP)J<9 ,>J") "PK >< P4) ): K K4>V< 6< 63KC SC?AB >J 6<
SCS% P4)J) 6K PJ<KU)JK) &6K@9"):)<P > K V)99 K )<&6<3 :>:)<PK %
>""TJJ6<3 P P4) <>&) ? A/W)& )<&B <& <>&) S >, P4) ): )9):)<P
J)K@)"P6U)9X K K4>V< 6< 63C SC?ABC 4) &6K@9"):)<P ,T<"P6>< >A? 8B 6K TK)&
P> KPT&X P4) &)1)"P6>< )4U6>J >, P4) 1)W69) "<P69)U)J ): )9):)<PC 4)
,>J")& U6JP6>< "4J"P)J6KP6"K >, 1)W69) ): )9):)<P ==! 6K 3>U)J<)& X
P4) ,>99>V6<3 ,>TJP4 >J&)J @JP69 &6-)J)<P69 )ETP6><
. >A? 8B . >A? 8B
D + ASC?B
.? .8
V4)J) > 6K P4) PJ<KU)JK) &6K@9"):)<P >, P4) ): <& 6K ,T<"P6>< >, ?
<& 8% ? )6<3 P4) &6KP<") >, P4) 9>"9 ">>J&6<P)
,J>: P4) /W)& )<&% 8 )6<3
P4) P6:) <& 6K "><KP<P V46"4 6K 36U)< X C % % 4% % J) P4)
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ VP
X>T<3IK :>&T9TK% :>:)<P >, 6<)JP6% :KK &)<K6PX% J) >, P4) ): )9):)<P
<& P4) )WP)J<99X @@96)& @J)KKTJ) 9>&6<3 P P4) P6@ >, P4) ): J)K@)"P6U)9XC
>P) P4P ,>J ,J)) U6JP6><K% + ZC
4)< P4) ): U6JP)K X P4) @@96"P6>< >, < )WP)J<9 ,>J") A6:@T9K)
>J K6<TK>6&9 ,>J")B K K4>V< 6< 63C SCS% 6P T<&)J3>)K P> <& ,J> :>P6><KC P
4K PJ<KU)JK) &6K@9"):)<PK <& K> 99 @>K6P6><K UJX V6P4 P6:) <& P4)J),>J)%
P4) KXKP): 4K U)9>"6P6)K <& "")9)JP6><KC 4) /JKP P)J: 6< P4) 3>U)J<6<3
&6-)J)<P69 )ETP6>< >, P4) ): 6< EC ASC?B J),)JK P> P4) JP) >, 9>&6<3%
V4)J) K P4) K)"><& P)J: J),)JK P> P4) 6<)JP6 ,>J")% V46"4 6K <>P46<3 TP
:KK P6:)K "")9)JP6><% 6C)C% P4) )ETP6>< >, :>P6>< 6<U>9U)K ,>TJP4 >J&)J
&)J6UP6U) >, >A? 8B VCJCPC ? <& K)"><& >J&)J &)J6UP6U) >, >A? 8B VCJCPC P6:)
A"")9)JP6><BC 4) K>9TP6>< >, P4) EC ASC?B 6K KKT:)& K "T6" @>9X<>:69
,T<"P6>< >, ? <& 6K 36U)< X
>A? 8B + D ? D
? D ?
ASCSB
V4)J) >A? 8B 6K P4) &6K@9"):)<P ,T<"P6>< V46"4 KP6K/)K P4) ,>TJP4 >J&)J
@JP69 &6-)J)<P69 )ETP6>< ASC?BC 4) "><KP<PK P> J) >P6<)& X
TK6<3 P4) >T<&JX "><&6P6><K 36U)< )9>V P >P4 P4) <>&9 @>6<PK A<>&)
? <& <>&) S >, P4) ): )9):)<PBC 4) T9)J5)J<>T996 ): )ETP6>< 6K
K)& >< P4) KKT:@P6>< P4P P4) @9<) <>J:9 P> P4) <)TPJ9 W6K ),>J)
&),>J:P6>< J):6<K <>J:9 P> P4) <)TPJ9 W6K ,P)J P4) &),>J:P6><C 46K
KKT:@P6>< &)<>P)K P4P P4) K9>@) : + 6K P4) /JKP K@P69 &)J6UP6U) >,
P4) &)1)"P6>< > VCJCP ?C )"TK) P4)J) J) 2 <>&9 UJ69)K ,>J )"4 ):
)9):)<P% V) 4U) KKT:)& "T6" @>9X<>:69 ,>J >A? 8B K K4>V< 6< EC ASCSBC
P ? + Z A/W)& )<&B%
.>
>A? 8B + > + <& > A? 8B + + + : ASCQB
.?
<& P ? + ' A,J)) )<&B%
.>
>A? 8B + > <& > A? 8B + + : ASC2B
.?
V4)J) > : <& > : J) P4) &)3J))K >, ,J))&>: P <>&) ? <& <>&) S
J)K@)"P6U)9X <& ' 6K P4) 9)<3P4 >, P4) J)3T9J ): )9):)<PC >P) P4P P4)
&)3J))K >, ,J))&>: P P4) /W)& )<& >, <X ): 6K Y)J> AKX% 63C SC?AB >J
63C SCSBC @@96"P6>< >, P4) >T<&JX "><&6P6><K ,J>: EKC ASCQB <& ASC2B 6<
EC ASCSB X6)9&K
' Z Z Z >
? '
Z Z
Z :
+ '
Q' S' Q' ' > / ASC0B
S ' S ' :
TKP6PTP6<3 P4) "><KP<PK >P6<)& ,J>: EC ASC0B 6<P> EC ASCSB <& X
J)JJ<36<3 P4) P)J:K% P4) /<9 ,>J: >, >A? 8B 6K >P6<)& K
V+ V @'*;8>5 @. <MS SMW#SWM*N
>
:
>A? 8B! + A?B A?B
A?B A?B
+ , 3! ASCNB
>
:
? Q D S
A?B
A?B
? S D
,! + +
/ ASCMB
A?B
Q S
A?B
D
4) /JKP% K)"><& K@P69 &)J6UP6U) >, ,! <& 6PK P6:) &)J6UP6U) 6K 36U)< 6<
@@)<&6W C 4) U)"P>J 3 6K "99)& K P4) U)"P>J >, &6K@9"):)<PK <& K9>@)K
A<>&9 &6K@9"):)<P U)"P>JB <& 6K 36U)< X
>
:
/ ASC*B
>
:
4) /JKP% K)"><& K@P69 &)J6UP6U)K <& P4) P6:) &)J6UP6U) >, P4) &6K5
@9"):)<P ,T<"P6>< 6< ASCSB J) 36U)< X P4) )ETP6><K
>
.> :
> A? 8B! + + A?B A?B
A?B A?B
> + , 3! ASC=B
.?
:
>
.
>
> A? 8B! + +
A?B
A?B
A?B
A?B : + , 3! ASC?ZB
.?
>
:
>(
.> :(
>A?
( 8B! + + A?B A?B
A?B A?B
>( + ,
3!( / ASC??B
.8
:(
4) KPJ6< )<)J3X A B <& P4) 86<)P6" )<)J3X A B >, P4) ): )9):)<P V6P4
T<6,>J: "J>KK K)"P6>< 6< )<&6<3 6K >P6<)& K
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ V?
.>
+ ? + > A? 8B > A? 8B ? ASC?SB
S .? S
4 .> 4
+ 8 + >A?
( 8B >A?
( 8B 8 ASC?QB
S .8 S
V4)J) 4 6K P4) :KK &)<K6PX >, P4) ): :P)J69% 6K P4) "J>KK K)"P6><9
J) >, P4) ): )9):)<P% 6K P4) :>:)<P >, 6<)JP6 >, P4) ): )9):)<P% '
6K P4) 9)<3P4 >, P4) ): )9):)<P <& 6K P4) :>&T9TK >, )9KP6"6PX A>T<3IK
:>T&T9TKB >, P4) ): :P)J69C 4) )ETP6>< >, :>P6>< >, J)3T9J S <>&)
): )9):)<P 6K >P6<)& X TK6<3 EKC ASC?SB <& ASC?QB 6< P4) 3J<3)IK
)ETP6><
. .
D + ! ASC?2B
8 . 2( .2
K
3 D 3 + A8B ASC?0B
V4)J) 3' 6K P4) "")9)JP6>< U)"P>J% 6K P4) U)"P>J >, ,>J")K <& :>:)<PK%
% <& J) P4) )9):)<P9 :KK :PJ6W <& KP6-<)KK :PJ6W >, K6Y)
A2 2B <& P4) ,>J") U)"P>J >, K6Y) A2 ?B J)K@)"P6U)9XC 4) )9):)<P9 :KK
<& KP6-<)KK :PJ6")K J) >P6<)& K
+ 4 ,
,
? ASC?NB
+ 4 A?B
A?B? ASC?MB
+ , , ? ASC?*B
+ A?B
A?B? ASC?=B
V4)J) $% % + ? P> 2C 4) J)KT9P6<3 )ETP6>< >, :>P6>< ,>J P4) J)3T9J ):
)9):)<P 6< 6PK )W@96"6P ,>J: 6K >P6<)& ,P)J K6:@96,X6<3 P4) EC ASC?0B ,TJP4)J
K
V4)J) % <& % J) P4) ,>J")K <& )<&6<3 :>:)<PK "P6<3 P P4)
<>&)K ? <& <>&) S >, P4) ): )9):)<P 6< 63C SC?ABC
6)Y>)9)"PJ6" )9):)<PK "< ) TK)& K K)<K>JK <& "PTP>JK 6< 1)W69) KPJT"5
PTJ)K ,>J K)<K6<3 <& "PTP6<3 @TJ@>K)K >< P4) 4>KP KPJT"PTJ)C 4) &6:)<K6><K
>, P4) @6)Y>)9)"PJ6" @P"4 J) 36U)< 6< 9) SC?C 4) )9):)<P 6K KKT:)& P>
4U) S KPJT"PTJ9 P )"4 <>&9 @>6<P V46"4 J)% PJ<KU)JK) &)1)"P6><%
< <39) >, J>PP6>< >J K9>@) <& < )9)"PJ6"9 )3J)) >, J))&>: AB K
P4) U>9P3)C 6<") P4) U>9P3) 6K "><KP<P >U)J P4) )9)"PJ>&)% P4) <T:)J >,
)9)"PJ6"9 6K ><) ,>J )"4 @6)Y>)9)"PJ6" )9):)<PC 4) )9)"PJ6"9 6K
TK)& K K)<K>J U>9P3) >J "PTP>J U>9P3) V4)< P4) @6)Y>)9)"PJ6" :P)J69
><&)& >< P4) KPJT"PTJ) )4U)K K K)<K>J >J "PTP>JC
4)< U>9P3) A"><PJ>9 6<@TPB 6K @@96)& P> P4) "PTP>J% ">T<P)J"P6<3 :>5
:)<PK V699 ) 6<&T")& X P4) @6)Y>)9)"PJ6" "PTP>JK P )"4 <>&9 @>6<P K
K4>V< 6< 63C SC?A"BC 4) )<&6<3 :>:)<P J)KT9P6<3 ,J>: P4) @@96)& U>9P5
3) P> P4) "PTP>J &&K @>K6P6U) )<&6<3 :>:)<P D P <>&) S <&
<)3P6U) )<&6<3 :>:)<P P <>&) ?% V46"4 J) @@J>W6:P)9X )ET9
<& >@@>K6P) P> P4) :>:)<PK 6<&T")& X P4) &6KPTJ<") >< P4) ):C 4)
&6K@9"):)<P ,T<"P6><K >, P4) V699 J):6< P4) K:) K P4P >, P4) J)3T9J
): )9):)<PC 6:69J P> P4) EC ASC?0B >P6<)& ,>J J)3T9J ): )9):)<P%
P4) 3J<3)IK )ETP6>< >, :>P6>< >, P4) @6)Y>)9)"PJ6" )9):)<P "< ) >P6<)&
K
3' D 3 + A8B ASCS?B
V4)J) % J) P4) :KK% KP6-<)KK :PJ6")K >, K6Y) A22B <& 6K P4) ,>J")
">)."6)<P U)"P>J >, P4) @6)Y>)9)"PJ6" )9):)<P >, K6Y) A2?BC 4) )9):)<P9 :KK
<& KP6-<)KK :PJ6")K >, P4) @6)Y>)9)"PJ6" )9):)<P <& J) >P6<)&
>< P4) K6:69J 96<)K 36U)< 6< P4) J)3T9J ): )9):)<P K
<&
V4)J)
4 6K P4) :KK &)<K6PX >, @6)Y>)9)"PJ6" :P)J69%
6K P4) J) >, P4) @6)Y>)9)"PJ6" @P"4)K + S8 %
6C)C% P4) J) >, P4) K)<K>J K V)99 K "PTP>J%
' 6K P4) 9)<3P4 >, P4) @6)Y>)9)"PJ6" )9):)<P%
6K P4) V6&P4 >, P4) @6)Y>)9)"PJ6" @P"4)K K V)99 K P4P >, P4) ):%
6K P4) :>&T9TK >, )9KP6"6PX A>T<3IK :>&T9TKB >, P4) @6)Y>5
)9)"PJ6" :P)J69%
6K P4) :>:)<P >, 6<)JP6 >, @6)Y>)9)"PJ6" 9X)J V6P4 J)K@)"P P> P4)
<)TPJ9 W6K >, P4) ): <& 6K 36U)< X
+
8
D 8
%
8 6K P4) P46"8<)KK >, P4) "PTP>JK%
8 6K P4) P46"8<)KK >, P4) ): )9):)<P >J P4) ):C
4) )9):)<P9 :KK <& KP6-<)KK :PJ6")K >, P4) @6)Y>)9)"PJ6" @P"4)K J)
>P6<)& X KKT:6<3 K)<K>J <& "PTP>J >, K:) P46"8<)KK% K:) V6&P4 <&
J) ">99>"P)& 6< <PTJ)C 4) @6)Y> :KK <& KP6-<)KK :PJ6")K % J)
>P6<)& X )U9TP6<3 P4) )ETP6><K
! + 4 ,
,
? ASCS2B
+ 4 A?B
A?B? ASCS0B
! + , , ? ASCSNB
<&
+ A?B
A?B? ASCSMB
>, P4) @6)Y> @P"4% V46"4 6K 9K> )ET9 P> P4) P46"8<)KK >, P4) "PTP>J 8 >J
P4) P46"8<)KK >, P4) K)<K>J 8 C
@6)Y>)9)"PJ6" :P)J69 "< "P >P4 K K)<K>J <& < "PTP>JC 4)<
TK)& K < "PTP>J% 6P @J>&T")K :)"4<6"9 KPJ6< K P4) >TP@TP% V4)J)K
U>9P3) V699 ) P4) 6<@TPC 4)< TK)& K K)<K>J% 6P "><U)JPK P4) :)"4<6"9
KPJ)KK 6<&T")& 6< P4) :P)J69 6<P> >TP@TP U>9P3)C 46K U>9P3) ,P)J @@J>5
@J6P) K63<9 "><&6P6><6<3 6K @@96)& K 6<@TP P> P4) "><PJ>99)JC 4) >TP@TP >,
P4) "><PJ>99)J 6K @@96)& K "><PJ>9 K63<9 P> P4) "PTP>JC 4) "PTP>J @J>5
&T")K P4) :)"4<6"9 KPJ6< <& P46K 6K ,TJP4)J TK)& P> KT@@J)KK P4) U6JP6><K
TK6<3 &)KPJT"P6U) 6<P)J,)J)<")C 4) 96<)J @6)Y>)9)"PJ6" ">T@96<3 )PV))< P4)
)9KP6" /)9& <& )9)"PJ6" /)9& "< ) )W@J)KK)& X P4) &6J)"P <& P4) "><U)JK)
@6)Y>)9)"PJ6" "><KP6PTP6U) )ETP6><K ?ZZ!% ?Z?! K
+
6 D
+
D 5 6 ASCS=B
V4)J) 6K P4) )9)"PJ6" &6K@9"):)<P%
6K P4) @6)Y>)9)"PJ6" "><KP<P% 6 6K
P4) KPJ)KK% 6K P4) @)J:6PP6U6PX >, P4) :)&6T: A&6)9)"PJ6" "><KP<PB%
6K
P4) )9)"PJ6" /)9&% 6K P4) KPJ6< <& 5 6K P4) ">:@96<") >, P4) @6)Y>)9)"PJ6"
:)&6T: N!C
,6-5 3=:(-,
4) K)<K>J )ETP6>< 6K &)J6U)& ,J>: P4) &6J)"P @6)Y>)9)"PJ6" )ETP6>< V46"4
6K TK)& P> "9"T9P) P4) P>P9 "4J3) "J)P)& X P4) KPJ6< 6< P4) KPJT"PTJ)C
6<") <> )WP)J<9 /)9& 6K @@96)& P> P4) K)<K>J 9X)J% P4) )9)"PJ6" &6K@9"):)<P
&)U)9>@)& >< P4) K)<K>J KTJ,") 6K &6J)"P9X @J>@>JP6><9 P> P4) KPJ6< "P6<3
>< 6PC , P4) @>96<3 6K &><) 9><3 P4) P46"8<)KK &6J)"P6>< >, P4) K)<K>JK V6P4
P4) )9)"PJ>&)K >< P4) T@@)J <& 9>V)J KTJ,")K% P4)< P4) )9)"PJ6" &6K@9"):)<P
6K 36U)< K
+
ASCQZB
V4)J)
6K P4) @6)Y>)9)"PJ6" KPJ)KKO"4J3) "><KP<P% 6K P4) KPJ6< >, P4)
P)KP6<3 KPJT"PTJ) P @>6<PC 4) P>P9 "4J3) A8B &)U)9>@)& >< P4) K)<K>J
KTJ,") A&T) P> P4) KPJ6<B 6K P4) K@P69 KT::P6>< >, 99 P4) @>6<P "4J3)K
&)U)9>@)& >< P4) K)<K>J 9X)J <& 6K 36U)< X
A8B + / ASCQ?B
6)Y>)9)"PJ6" :P)J69K "< ) TK)& K KPJ6< JP) K)<K>JK C 4)< TK)& K>%
P4) >TP@TP "4J3) "< ) PJ<K,>J:)& 6<P> P4) K)<K>J "TJJ)<P
A8B
$A8B + + +
/ ASCQSB
8 8 8
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ TT
6<") P4) KPJ6< >, P4) P)KP6<3 KPJT"PTJ) P @>6<P "< ) )W@J)KK)& 6<
P)J:K >, P4) K)"><& K@P69 &)J6UP6U) >, P4) &6K@9"):)<P ,T<"P6>< > A? 8B
K + B % V4)J) B 6K ">>J&6<P) >, P4) @>6<P >< P4) ): VCJCPC P4)
<)TPJ9 W6K >, P4) ):% P4) EC ASCQSB "< ) VJ6PP)< K
$A8B +
B , 3 +
B , A3B ASCQQB
8 8
$A8B + B
, 3( ? ASCQ2B
V4)J) B + D 8 % , 6K P4) K)"><& K@P69 &)J6UP6U) >, P4) K4@) ,T<"P6><
>, P4) ): K 36U)< 6< @@)<&6W <& 3( 6K P4) P6:) &)J6UP6U) >, P4) <>&9
">>J&6<P) U)"P>J 3C
4) >TP@TP "TJJ)<P >, P4) @6)Y> K)<K>J :)KTJ)K P4) :>:)<P JP) >, P4)
1)W69) ):C 46K "TJJ)<P 6K "><U)JP)& 6<P> P4) >@)< "6J"T6P K)<K>J U>9P3)
TK6<3 K63<9 "><&6P6><6<3 &)U6") V6P4 P4) 36< <& @@96)& P> <
"PTP>J V6P4 KT6P9) "><PJ>99)J 36<C 4TK% P4) K)<K>J >TP@TP U>9P3) A8B
6K >P6<)& K
A8B +
B , 3 ? ASCQ0B
V46"4 6K <>P46<3 TP P4) K63<9 "><&6P6><6<3 36< :T9P6@96)& X P4) "9>K)&
"6J"T6P "TJJ)<P $A8B 3)<)JP)& X P4) @6)Y>)9)"PJ6" 9:6<% 6C)C% A8B + $A8BC
4) U)"P>JK , <& 3 J) >, K6Y) A? 2B <& A2 ?B J)K@)"P6U)9XC TKP6PTP6<3
,>J , ,J>: EC ASC?ZB <& ,TJP4)J K6:@96,X6<3% V) 3)P P4) K)<K>J U>9P3) ,>J
PV> <>&) /<6P) )9):)<P >, P4) ): K
>( >(
:( :(
A8B + Z
B Z
B
>( +
B Z ? Z ? >(
:( :(
ASCQNB
6C)C%
A8B + 3 ( ASCQMB
V4)J)
B + 6K P4) K)<K>J "><KP<PC >P) P4P P4) K)<K>J >TP@TP U>9P3)
6K ,T<"P6>< >, P4) K)"><& K@P69 &)J6UP6U) >, P4) :>&) K4@)C 4) >U)
EC ASCQMB "< ) J)5VJ6PP)< K K"9J >, U)"P>J @J>&T"P
A8B + / 3
( ASCQ*B
V4)J) / 6K "><KP<P U)"P>J >, K6Y) A2 ?B <& &)@)<&K >< P4) PX@) >, K)<K>J%
6PK "4J"P)J6KP6"K <& 6PK 9>"P6>< >< P4) ):C
46K K)<K>J U>9P3) 6K 36U)< K 6<@TP P> P4) "><PJ>99)J <& P4) >TP@TP >, P4)
"><PJ>99)J 6K P4) "><PJ>99)J 36< :T9P6@96)& X P4) K)<K>J U>9P3) A8BC 4TK%
P4) 6<@TP U>9P3) P> P4) "PTP>J A8B% 6C)C% P4) "><PJ>9 6<@TP ; 6K 36U)< X
T4 V @'*;8>5 @. <MS SMW#SWM*N
:=:-5 3=:(-,
A8B A8B
+ <& 6 +
ASC2?B
8 8
V4)J) 6K P4) X>T<3IK :>&T9TK >, P4) @6)Y>)9)"PJ6" 9X)JC )"TK) >, P46K
KPJ)KK 6< P4) KPJT"PTJ)% )<&6<3 :>:)<PK "PK P <>&)K ? <& SC < 3)<)J9% P4)
)W@J)KK6>< ,>J P4) )<&6<3 :>:)<P 6< K:99 "J>KK K)"P6>< >, P4) @6)Y>)9)"PJ6"
)9):)<P 6K 36U)< X
>
& + / ASC2SB
?
6<") P4) KPJ6< + B V46"4 6K 9K> )ET9 P>
% P4) )<&6<3 :>:)<P
6< P4) K:99 "J>KK K)"P6>< "< ) /<99X >P6<)& K & + 6 BC 4) J)KT9P<P
:>:)<P "P6<3 >< P4) ): )9):)<P &T) P> P4) @@96)& U>9P3) 6K
&)P)J:6<)& X 6<P)3JP6<3 P4) KPJ)KK 6< EC ASC2?B P4J>T34>TP P4) KPJT"PTJ)
P46"8<)KK K
+ B 6 B ASC2QB
+
B; A8B ASC22B
V4)J) B; +
6K P4) &6KP<") )PV))< <)TPJ9 W6K >, P4) ): <& P4)
@6)Y>)9)"PJ6" 9X)JC
4) "><PJ>9 ,>J") @J>&T")& X P4) "PTP>J P4P 6K @@96)& >< P4)
): )9):)<P 6K >P6<)& TK6<3 P4) EC ASC22B K
+
;
B , ? A8B ASC20B
V4)J) , 6K P4) /JKP K@P69 &)J6UP6U) >, K4@) ,T<"P6>< >, P4) 1)W69) ):%
=A8B 6K <>P46<3 TP P4) "><PJ>9 6<@TP P> P4) "PTP>J% 6C)C% A8B ,J>: P4)
"><PJ>99)J <& & 6K "><KP<P U)"P>J >, K6Y) A2 ?B V46"4 &)@)<&K >< P4) PX@)
>, "PTP>J% 6PK 9>"P6>< >< P4) ):% 6PK "4J"P)J6KP6" @J>@)JP6)K <& 6K 36U)<
X
& +
; B Z
;
B Z +
;B ? Z ? Z
ASC2MB
6C)C%
& + ? Z ? Z ASC2*B
V4)J)
;
B + 6K P4) "PTP>J "><KP<PC
, <X )WP)J<9 ,>J")K J) "P6<3 >< P4) ):% P4)< P4) P>P9 ,>J")
U)"P>J )">:)K
+ D /
><K6&)J 63C SCS 6< V46"4 P4) ): 6K &6U6&)& 6<P> 2 <& P4) IK @9")&
K ">99>"P)& K)<K>J O "PTP>J @6J P @>K6P6>< <T:)J6<3 2C )P %
<& % A$ % + ? P> 2B ) P4) 6<&6U6&T9 :KK <& KP6-<)KK :PJ6")K >,
P4) J)3T9J ): )9):)<PK <& P4) @6)Y>)9)"PJ6" ): )9):)<PK J)K@)"P6U)9X
<& J) >, K6Y)K A2 2BC ><K6&)J S U6JP>JX :>&)KC 4) &X<:6" )ETP6>< >,
P4) K:JP KPJT"PTJ) 6K >P6<)& X TK6<3 >P4 P4) )ETP6><K >, J)3T9J ):
)9):)<PK 6< EC ASC?0B <& P4) @6)Y>)9)"PJ6" ): )9):)<PK 36U)< 6< EC ASCS*BC
)J)% 6< EKC ASC?0B <& ASCS*B% P4) :KK <& KP6-<)KK :PJ6")K >, P4)
J)3T9J ): )9):)<P <& P4) @6)Y>)9)"PJ6" ): )9):)<P J) "99)& K P4)
9>"9 :KK <& KP6-<)KK :PJ6")K <& P4)X 36U) ><9X P4) :KK <& KP6-<)KK >,
><) >, P4) /<6P) )9):)<PK >, P4) K:JP ): 6< 63C SCSC 4) :KK <& KP6-<)KK
:PJ6")K >, P4) )<P6J) ):% V46"4 6K &6U6&)& 6<P> 2 /<6P) )9):)<PK J) >P6<)&
X KK):96<3 P4) 9>"9 :KK <& KP6-<)KK :PJ6")K TK6<3 P4) P)"4<6ET)
<& P4) KK):9)& :PJ6")K A39>9 :KK :PJ6W <& 39>9 KP6-<)KK :PJ6W
<&
AA8B + A8B + / 3( + / %/
( ASC0SB
J)5:T9P6@9X6<3 EC ASC0?B X % V) 3)P
% D
% + D +
' ASC0QB
% D
% +
D ASC02B
+ + 3A8B ASC00B
V4)J) 3A8B 6K P4) )WP)J<9 ,>J") 6<@TP P> P4) K:JP ):C 4) 3)<)J96Y)&
"><PJ>9 ,>J") U)"P>J 6K 36U)< X
+ + & A8B + & =A8B/ ASC0NB
>P) P4P P4) 3)<)J96Y)& ,>J") U)"P>JK ,>J P4) S <>&) ): )9):)<P "><5
K6&)J)& 6K >, K6Y) AS ?BC 4) KPJT"PTJ9 :>&9 &:@6<3 :PJ6W 6K
6<PJ>&T")& 6<P> EC ASC02B X TK6<3 9)634IK @J>@>JP6><9 &:@6<3 K
+ D
ASC0MB
V4)J) <& J) P4) ,J6"P6><9 &:@6<3 "><KP<P <& P4) KPJT"PTJ9 &:@6<3
"><KP<P TK)& 6< C
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ TP
4) &X<:6" )ETP6>< <& P4) K)<K>J >TP@TP >, P4) K:JP KPJT"PTJ) /<99X
6K 36U)< X
%
D % D
% +
D ASC0*B
<&
AA8B + A8B + / 3( + / %/
( ASC0=B
>P) P4P P46K &X<:6" )ETP6>< >, P4) K:JP ): &)">T@9)K 6<P> P4)
)ETP6><K ">JJ)K@><&6<3 P> )"4 6<&6U6&T9 :>&)% @J>U6&)& P4) &:@6<3 6K
J)@J)K)<P)& K &)K"J6)& X EC ASC0MBC
<2.2.28 :: / -* - :& +5: :5=:=5 -5 < ; -6
2 -* -5 < >(5:-5A +-6 $ 4) 3>U)J<6<3 )ETP6>< >, P4) K:JP
KPJT"PTJ) >P6<)& 6< P4) @J)U6>TK KTK)"P6>< SC?C?$0 TK6<3 P4) 3)<)J96Y)&
">>J&6<P)K K K4>V< 6< EC ASC0*B 6K >,P)< VJ6PP)< 6< P4) KPP) K@") ,>J:
<& 6K >P6<)& K ,>99>VKC )P P4) U)"P>J % @% 6C)C%
! ?
%+ + + ?/ ASCNZB
! ?
%
?( ?
?(
%( + @( + + '+@
<& % '+ / ASCN?B
?( ?
?(
4TK% ?( + ?
<& ?( + ? C K6<3 P4) EKC ASC00B% ASC0NB% ASCNZB% ASCN?B 6<
EC ASC0*B% EC ASC0*B <>V )">:)K
? (
?
?
D D
+ D ASCNSB
?( ? ?
?( ?
?( Z ? Z Z
+ D =A8BD 3A8B
?(
?
&
?( ?
ASCN2B
,>J S U6JP>JX :>&)KC
4) K)<K>J U>9P3) 6K P8)< K P4) >TP@TP >, P4) K:JP ):C 4) >TP@TP
>, P4) @9<P 6K 36U)< X
?
AA8B + / %( + / ASCN0B
?
T+ V @'*;8>5 @. <MS SMW#SWM*N
?
?
AA8B + Z /
?
/ ASCNNB
?
4) "><KP<P U)"P>JK & <& / 6< EC ASCN2B <& ASCNNB ,>J S <>&) ):
)9):)<P 6K 36U)< X
/ + Z Z Z Z Z ? Z ? ASCNMB
<&
& + Z Z Z Z ? Z ? Z
/ ASCN*B
Z
Z
Z
Z
+ Z
/ ASCN=B
Z
Z
?
4) KPP) K@") :>&)9 KPP) )ETP6>< ASCN2B <& >TP@TP )ETP6><
ASCNNB ! >, P4) K:JP 1)W69) "<P69)U)J ): ,>J P4) /JKP S U6JP>JX :>&)K
>, P4) 63C SCS 6K P4TK 36U)< X
V6P4
Z Z
+ + ASCM?B
&
Z
+ Z / + Z <& + ASCMSB
V4)J) 3A8B% =A8B% @A8B <& AA8B J)@J)K)<P P4) )WP)J<9 ,>J") 6<5
@TP% P4) "><PJ>9 6<@TP% KXKP): :PJ6W% 6<@TP :PJ6W% >TP@TP :PJ6W% PJ<K:6K5
K6>< :PJ6W% )WP)J<9 9>& :PJ6W% KPP) U)"P>J% KXKP): >TP@TP AK)<K>J >TP@TPB
J)K@)"P6U)9XC 6K P4) )WP)J<9 &6KPTJ<") :PJ6W V46"4 ">T@9)K P4) &6KPTJ5
<") P> P4) KXKP):C
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ T?
4) 1)W69) "<P69)U)J ): K K4>V< 6< 63C SC?AB 6K &6U6&)& 6<P> <T:)J
>, /<6P) )9):)<PK MS!% *M!% =?!% =S! K K4>V< 6< 63C SCQ% P4TK% 36U6<3 J6K) P>
Q PX@)K >, KXKP):K% U6YC% $ $ P4J)) % 63C SCQAB% $ ! $ ,>TJ %
63C SCQAB% $ $ /U) % 63C SCQA"BC 4) @6)Y>)9)"PJ6" K)<K>J O "PTP>J
6K ><&)& P> P4) :KP)J KPJT"PTJ) P ><9X ><) /<6P) )9):)<P% KX P P4) /W)&
)<&C
X @9"6<3 @6)Y>)9)"PJ6" )9):)<P K K)<K>J 5 "PTP>J P ><) /<6P) )9):)<P
>, P4) "<P69)U)J ): <& :86<3 >P4)J )9):)<PK K J)3T9J ): )9):)<PK
<& X UJX6<3 P4) @>K6P6>< >, P4) @6)Y>)9)"PJ6" K)<K>J O "PTP>J ,J>: P4) /W)&
)<& P> P4) ,J)) )<&% UJ6>TK :>&)9K >, P4) Q KXKP):K J) >P6<)& K K4>V<
6< @@)<&6W 6< 63C C?C 4)K) :>&)9K 9K> 6<"9T&) :KK <& KP6-<)KK >,
K)<K>J <& "PTP>JC < 63KC SCQAB5A"B% @9"):)<P >, P4) @6)Y>)9)"PJ6" )9):)<P
><9X P P4) /W)& )<& J) K4>V< 4)J) ,>J "><U)<6)<")C < >P4)J V>J&K% P4) KPP)
K@") :>&)9 6< EC ASCMZB 6K >P6<)& ,>J UJ6>TK K)<K>J O "PTP>J 9>"P6><K
>< P4) "<P69)U)J ): X TK6<3
S J)3T9J ): )9):)<PK <& ? @6)Y>)9)"PJ6" )9):)<P K K4>V< 6< 63C SCQAB
5 36U6<3 J6K) P> Q :>&)9K >, KXKP): ?C
Q J)3T9J ): )9):)<PK <& ? @6)Y>)9)"PJ6" )9):)<P K K4>V< 6< 63C SCQAB
5 36U6<3 J6K) P> 2 :>&)9K >, KXKP): SC
2 J)3T9J ): )9):)<PK <& ? @6)Y>)9)"PJ6" )9):)<P K K4>V< 6< 63C SCQA"B
5 36U6<3 J6K) P> 0 :>&)9K >, KXKP): QC
4)<% P4) "><PJ>9 >, P4)K) &)U)9>@)& KPP) K@") :>&)9K 6K >P6<)& TK6<3
P4) UJ6>TK PX@)K >, "><PJ>9 P)"4<6ET)K V46"4 J) &6K"TKK)& 6< P4) KTK)ET)<P
4@P)JKC
)J)% ,>J P4) K8) >, "><U)<6)<")% ><9X P4) KPP) K@") :>&)9K >, P4)
Q PX@)K >, KXKP):K ,>J P4) @6)Y> @P"4 @9")& P P4) /W)& )<& 6K 36U)< )9>VC
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
0/Z=MN Z/ZZZZ Z/ZZZ0 Z/ZZZZ + Z/??M0
$". 7.6. 3*Z8 ;* ;W<8>W< #>S8;*X*M *< '8X8'*' 8>S@ T& 4& 2 Y8S6 LN
S 1Z*' *>'
4] V @'*;8>5 @. <MS SMW#SWM*N
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
0/S*MS Z/ZZZZ Z/ZZZ0 Z/ZZZZ + Z/Z=M?
Z/ZZZZ Z/?M0S Z/ZZZZ Z/ZZZZ Z/ZZ2N
+ ?Z
Z Z S/M??N ?/?NN= + Z Z Z/ZZQ* Z/ZZ?N ASCM2B
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
0/Z0?N Z/ZZZZ Z/ZZZ0 Z/ZZZZ
+ Z/Z0?2
Z/ZZZZ Z/?2** Z/ZZZZ Z/ZZZZ Z/ZZSM
+ ?Z
Z Z Q/Z0NM ?/SS2?
+ Z Z Z/ZZSN Z/ZZ?Z / ASCM0B
><K6&)J 63C SC2AB5A&B 6< V46"4 P4) 1)W69) ): 6K &6U6&)& 6<P> 2 /<6P)
)9):)<PK <& P4) K)<K>J5"PTP>J @6J 6K ><&)& P> P4) :KP)J KPJT"PTJ) K
">99>"P)& @6J P ><) @>K6P6>< ><9X% KX /W)& )<&C X UJX6<3 P4) @>K6P6><
>, P4) K)<K>J5"PTP>J @6J ,J>: P4) /W)& )<& P> P4) ,J)) )<&% 2 KPP)
K@") :>&)9K J) >P6<)&C
$". 7.!. 3*Z8 ;* ;W<8>W< #>S8;*X*M *< '8X8'*' 8>S@ 4 Y8S6 LN <@X*'
.M@< 1Z*' *>' S@ .M** *>' % 4 <@'*;N
PP) K@") :>&)9 >, P4) K:JP "<P69)U)J ): V6P4 K)<K>J O "PTP>J P
@>K6P6>< ? A/W)& )<&B K K4>V< 6< 63C SC2AB 6K 36U)< X
@( + @A8B D =A8B D 3A8B <& AA8B + @A8B D =A8B ASCMNB
V6P4
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ 4A
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z +
0/S*MS Z/ZZZZ Z/ZZZ0 Z/ZZZZ Z/ZM=?
Z/ZZZZ Z/?M0S Z/ZZZZ Z/ZZZZ Z/ZZ2N
Z
Z
+ Z Z Z/ZZQ* Z/ZZ?N + Z + ?Z
S/M??N /
?/?NN=
PP) K@") :>&)9 >, P4) K:JP "<P69)U)J ): V6P4 K)<K>J O "PTP>J P
@>K6P6>< S A<)JX /W)& )<&B K K4>V< 6< 63C SC2AB 6K 36U)< X
V6P4
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
S/=MZ* Z/ZZZZ Z/ZZZQ Z/ZZZZ + Z/Z00Z
Z/ZZZZ Z/Z**N Z/ZZZZ Z/ZZZZ Z/ZSZ2
Z
Z
+ Z Z Z/ZZSZ Z/ZZZN + Z + ?Z
S/00*? /
Z/M20?
PP) K@") :>&)9 >, P4) K:JP "<P69)U)J ): V6P4 K)<K>J O "PTP>J P
@>K6P6>< Q A:6&&9)B K K4>V< 6< 63C SC2A"B 6K 36U)< X
@( +
@A8B D
=A8B D
3A8B <& AA8B +
@A8B D
=A8B ASCM*B
V6P4
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
+
Q/NM=Q Z/ZZZZ Z/ZZZ2 Z/ZZZZ
Z/?2MZ
Z/ZZZZ Z/Z0*M Z/ZZZZ Z/ZZZZ Z/ZSZM
Z
Z
+ Z Z Z/ZZS2 Z/ZZZS
+ Z
+ ?Z
S/?00? /
Z/NZ=S
PP) K@") :>&)9 >, P4) K:JP "<P69)U)J ): V6P4 K)<K>J O "PTP>J P
@>K6P6>< 2 A,J)) )<&B K K4>V< 6< 63C SC2A&B 6K 36U)< X
4V V @'*;8>5 @. <MS SMW#SWM*N
@( + @A8B D =A8B D 3A8B <& AA8B + @A8B D =A8B ASCM=B
V6P4
Z Z Z/ZZZ? Z Z
Z Z Z Z/ZZZ? Z
+ ?Z
S/0Q0N Z/ZZZZ Z/ZZZQ Z/ZZZZ + Z/?=N?
Z/ZZZZ Z/ZQ=N Z/ZZZZ Z/ZZZZ Z/Z?MS
Z
Z
+ ?Z Z Z Z/0Z=? Z/Z2?? + Z + ?Z
?/SM2= /
Z/2NZM
J>: 63C C? K4>V< 6< @@)<&6W % P4) KPP) K@") :>&)9K >, P4) K:JP
"<P69)U)J ): &6U6&)& 6<P> Q AKXKP): ?B V6P4 K)<K>J O "PTP>J @6J P
)9):)<P S% Q A,J)) )<&B% 2 AKXKP): SB V6P4 K)<K>J O "PTP>J @6J P )9):)<PK
S% Q% 2 A,J)) )<&B% 0 AKXKP): QB V6P4 K)<K>J O "PTP>J @6J P )9):)<PK S% Q%
2% 0 A,J)) )<&B J) >P6<)& K6:69J9X K K4>V< 6< MS!% *M!% =?!% =S! K K4>V<
6< 63C SCQC 4) "4J"P)J6KP6"K >, P4) K:JP "<P69)U)J ): V6P4 P4) @6)Y>
@6J P UJ6>TK 9>"P6><K 9><3 P4) 9)<3P4 >, P4) ): ,>J &6-)J)<P :>&)9K >,
P4) Q KXKP):K K4>V< 6< 63KC SCQ <& 6< C? J) 36U)< 6< P4) 9)K SCS 5 SC2
J)K@)"P6U)9XC
2 -* -5 ; >(5:-5A +-6 4) KPP) K@") :>&)9 AKPP)
)ETP6>< <& >TP@TP )ETP6><B ,>J P4) /JKP Q U6JP>JX :>&)K 6K >P6<)& ><
P4) K6:69J 96<)K K K4>V< 6< P4) @J)U6>TK KT5K)"P6>< SC?C?$NAB K ,>99>VKC
4) 3>U)J<6<3 )ETP6>< 6K >,P)< VJ6PP)< 6< KPP) K@") ,>J: X TK6<3 U)"P>J
% + @% V4)J)
! ?
% + ! + ? + @/ ASC*ZB
!
?
>V%
!( ?( ? ?(
%( + @( + !( + ?( + ? <& % ' + ?(
'+@ / ASC*?B
!(
?(
?
?(
4)J),>J)% ?( + ? ?( + ? <& ?(
+ ? / 4TK% TK6<3 EKC ASC00B% ASC0NB%
ASC*ZB <& ASC*?B 6< EC ASC0*B% P4) &X<:6" )ETP6>< >, P4) K:JP KPJT"PTJ)
,>J Q U6JP>JX :>&)K )">:)K
?( ? ?
?( D ? D
? +
D ASC*SB
?( ? ?
% 7.7. 6M#S*M8NS8#N @. S6* N<MS *< .@M V <@'*N& *< '8X8'*' 8>S@ T
CN[NS*< AD
)1$5$)' ) $"' 580%
1'1)04585)0 9%81 0/8'< ,=-
;*<*>S A % 8Z*' *>'
V422 )VV24PQ T24?T
@'*; A
]4AA )4P4QA P42P
;*<*>S V % 8Z*' *>'
V4A )V]44Q? TV42P
@'*; V
]4]4 )VQ444 44VA
;*<*>S T % M** *>'
A4PV )VAA4T2 TT4QT
@'*; T
]4]V )A?4AQ T4]4
% 7.6. 6M#S*M8NS8#N @. S6* N<MS *< .@M V <@'*N& *< '8X8'*' 8>S@ 4
CN[NS*< VD
% 7.!. 6M#S*M8NS8#N @. S6* N<MS *< .@M V <@'*N& *< '8X8'*' 8>S@ 2
CN[NS*< TD
?( ? ?
?( +
? ? D
D
ASC*QB
?( ? ?
K
D) D
D)
D
D)
]
D
] ]
D) -
D
G @C=D G 8C=D
D)
D
#
D) D
CVF+2D
>'
D
D
D
+
D
FC=D - ] CVF+QD
D
D
Y6*M* S6* N8\* @. S6* <SM8#*N & & & & M* CQQD& CQAD& CAQD& CQAD& C+TD
Y8S6 *8>5 >W;; <SM8ZF 6* 5*>*M;8\*' <SM8#*N C<NN& NS8/>*NN& NSMW#SWM;
'<B8>5D M* @. N8\* CT TDF
*M*& 8> HNF CVF+2D >' CVF+QD& S6* #@>NS>S X*#S@MN
+ & # >' M* @. N8\*N CA +D& C+ AD >' C+ AD M*NB*#S8X*;[F
@>N8'*M S6* 3*Z8 ;* ;W<8>W< #>S8;*X*M *< !PP"& !?T" N N6@Y> 8> 85F VFACDF
6* *< 6N **> '8X8'*' 8>S@ 4 1>8S* *;*<*>SN N N6@Y> 8> 85F VF2F #@;;@#S*'
B8*\@*;*#SM8# B8M 8N @>'*' @>S@ V '8N#M*S* N*#S8@>N CSY@ D @> S6* NWM.#* @.
S6* *< N NWM.#* <@W>S*' N*>N@M R #SWS@MNF 6*>& S6* N<MS #>S8;*X*M *<
<@'*; 8N '*X*;@B*' WN8>5 V B8*\@*;*#SM8# *< *;*<*>SN CS@B #SWS@M G <8'';*
*< *;*<*>S G @SS@< N*>N@MD& Y68#6 8>#;W'*N N*>N@M >' #SWS@M '[><8#N >'
M*<8>8>5 *< *;*<*>SN N M*5W;M *< *;*<*>SN N*' @> W;*M7*M>@W;;8 *<
S6*@M[ NNW<BS8@>NF 6* '8<*>N8@>N >' BM@B*MS8*N @. S6* ;W<8>W< #>S8;*X*M *<
>' B8*\@*;*#SM8# N*>N@M R #SWS@M WN*' M* 58X*> 8> ;* VFAF 6* V B8*\@ B8MN
M* <'* WB @. S6* N<* <S*M8; >' S[B*F 6* M*5W;M *< <@'*;8>5 >' S6*
B8*\@*;*#SM8# *< <@'*;8>5 N <W;S8XM8 ;* N[NS*< 8N '*X*;@B*' @> S6* N8<8;M
;8>*N N S6S @. S6* N<MS *< <@'*;;8>5 .@M #N* N *ZB;8>*' 8> *#S8@>N
VFAFA%A S@ VFAFA%4F
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ 42
6* '[><8# *HWS8@> @. S6* N<MS NSMW#SWM* 8N @ S8>*' [ WN8>5 S6* <NN >'
NS8/>*NN @. @S6 S6* *HWS8@>N @. S6* M*5W;M *< *;*<*>SN >' S6* B8*\@*;*#SM8#
*< *;*<*>SN 58X*> 8> HNF CVFA2D >' CVFV+DF Y@ X8 MS@M[ <@'*N M* #@>N8'*M*'
S@ NSMS Y8S6 8> <@'*;;8>5 S6* *<F 6* <NN >' NS8/>*NN <SM8#*N & @. S6*
*>S8M* *< '8X8'*' 8>S@ 4 1>8S* *;*<*>SN Y8S6 S6* B8*\@7BS#6*N B;#*' S B@N8S8@>N
V >' 4 M* @ S8>*' [ NN*< ;8>5 S6* <NN >' NS8/>*NN <SM8#*N @. S6* M*5W;M
*< *;*<*>SN >' S6* B8*\@*;*#SM8# *< *;*<*>SNF 6* '[><8# *HWS8@> 8N 1>;;[
58X*> [
/ G / - $ G
G
CVF+PD
Y6*M* S6* <NN >' NS8/>*NN <SM8#*N & M* @. N8\* C+ +D >' S6* .@M#* X*#S@MN
@. N8\* C+ ADF
N8>5 / "& HF CVF+PD *#@<*N
" G " - $ G
G
4 CVF++D
"
G " - $
G
G
CVF+?D
Y6*M*
&
>'
M* S6* #@>SM@; .@M#* X*#S@MN >' S6* 5*>*M;8\*'
#@>SM@; .@M#* X*#S@MNF >SM@'W#8>5 S6* '<B8>5 <SM8Z 8>S@ S6* HF CVF+?D& Y* 5*S
S6* '[><8# *HWS8@> @. S6* N<MS 3*Z8 ;* #>S8;*X*M *< N <W;S8XM8 ;* N[NS*<
CV 8>BWSN& V @WSBWSND Y68#6 8N 58X*> *;@YF
" G " G " - $
G
G
- $ G
( - A V CVF?]D
Y6*M* S6* 5*>*M;8\*' <SM8#*N >' S6* 5*>*M;8\*' .@M#* X*#S@MN M* @. N8\* CV VD
>' CV AD M*NB*#S8X*;[F
4Q V @'*;8>5 @. <MS SMW#SWM*N
6* NSS* NB#* <@'*; @. S6* *< 8N @ S8>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8>
*#S8@> VFAFA%QCD >' CD .@M V >' T X8 MS@M[ <@'*NF 6* 5@X*M>8>5 *HWS8@> HF
CVF?]D 8N YM8SS*> 8> NSS* NB#* .@M< N
D)
D
D
G G
- $
G
CVF?AD
D) D D
.@M V X8 MS@M[ <@'*NF 6* HF CVF?TD #> * YM8SS*> 8> #@<B#S .@M< N
Y6*M* S6* X@;S5*N C=D M* S6* 8>BWS X@;S5*N S@ S6* #SWS@MN A >' V >' M*
>@S68>5 WS S6* #@>SM@; 8>BWSN @ C=D S@ S6* #SWS@MNF 8N S6* <@'; <SM8Z @. N8\*
C+ VDF # 8N #@>NS>S X*#S@M @. N8\* C+ AD Y68#6 '*B*>'N @> S6* #SWS@M S[B*&
8SN B@N8S8@> @> S6* *<& 8SN #6M#S*M8NS8#N >' 8N 58X*> [
>'
.@M S6* SY@ B8*\@*;*#SM8# #SWS@M *;*<*>SN B;#*' S S6* B@N8S8@>N& >W< *M8>5 V
>' 4& Y6*M*
>'
M* S6* #SWS@M #@>NS>SNF
6* N*>N@M X@;S5*N F >' F M* S:*> N S6* @WSBWSN @. S6* B;>S >'
S6* @WSBWS *HWS8@> 8N @ S8>*' N
D
F C=D - C=D - + ") - + ( - A V CVF?+D
D
Y6*M* + 8N #@>NS>S X*#S@M @. N8\* CA +D Y68#6 '*B*>'N @> S6* B8*\@*;*#SM8#
N*>N@M #6M#S*M8NS8#N >' @> S6* B@N8S8@> @. S6* N*>N@M ;@#S8@> @> S6* *<F 6*
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ 4P
#@>NS>S X*#S@MN .@M S6* N*>N@MN B;#*' S B@N8S8@>N >W< *M8>5 V >' 4 M* 58X*>
[
+ -
G ]
A ] A ] ] ] ]
-
]
A ] A ] CVF??D
>'
+ -
G ]
A ] A
-
]
A ] A CVFA]]D
Y6*M*
>'
M* S6* N*>N@M #@>NS>SNF HF CVF?+D #> * .WMS6*M M*7YM8SS*> N
D
F ] + D
- CVFA]AD
D
F ] +
D
] ] @ ]
G G 8C=D CVFA]TD
# #
@
>'
D
D
F ]
+
D
- CVFA]4D
D
F ] +
D
D
Y6*M* S6* 5*>*M;8\*' <NN >' NS8/>*NN <SM8#*N& S6* <@'; <SM8Z M* @. N8\*
CTTD >' C+TD >' S6* #@>NS>S X*#S@MN + & # >' M* @. N8\*N C+AD M*NB*#S8X*;[F
6* NSS* NB#* <@'*; @. S6* N<MS NSMW#SWM* '8X8'*' 8>S@ 4 Y8S6
N*>N@M R #SWS@M B8M B;#*' S B@N8S8@>N V >' 4 N N6@Y> 8> S6* 85F VF2 >'
.@M V X8 MS@M[ <@'*N 8N 58X*> [ HNF CVF?4D >' CVFA]VD Y8S6
] ] ]4]]]A ] ] ]
] ] ] ]4]]]A ] ]
- A] -
44QQV?
]4]]]]
]4]]]2
]4]]]] ]4]QA+ ]4]??+
]4]]]]
]4]4T4
]4]]]]
]4]]]]
]4]A]V
]4]A]4
4+ V @'*;8>5 @. <MS SMW#SWM*N
]
] ]4]]Q2
]4]]]T
- - ] ] ++A4P2Q+
TVV4T22+
] ] ]4]]A2
]4]]]]
- >W;; <SM8Z4 CVFA]2D
@>SM@; @. S68N '*X*;@B*' N<MS NSMW#SWM* NSS* NB#* <@'*; 8N @ S8>*'
WN8>5 S6* '8/*M*>S #@>SM@; ;YN Y68#6 M* #@>N8'*M*' 8> S6* NW N*HW*>S #6BS*MNF
6* #6M#S*M8NS8#N @. S6* NSS* NB#* <@'*; @ S8>*' [ M*S8>8>5 S6* 1MNS
V X8 MS@M[ <@'*N 8> HF CVFA]2D @. S6* N<MS NSMW#SWM* M* 58X*> 8> S6* ;* VF2F
#@<8>5 @WS 'WM8>5 X8 MS8@>ND S >[ @>* @. S6* 1>8S* *;*<*>SN& 4 <W;S8XM8 ;*
NSS* NB#* <@'*;N @. S6* N<* N<MS NSMW#SWM* B;>S #> * @ S8>*'& S6WN 58X8>5
M8N* S@ <W;S8<@'*; N[NS*<F 6* M*5W;M *< <@'*;8>5 >' S6* B8*\@*;*#SM8# *<
<@'*;8>5 @. S6* <W;S8XM8 ;* B;>S 8N '*X*;@B*' @> S6* N8<8;M ;8>*N N S6S @.
S6* B;>S <@'*; N *ZB;8>*' 8> *#S8@>N VFAFA%A S@ VFAFA%4F > S68N S[B* @.
<@'*;8>5 S6* *<& 4 B8*\@*;*#SM8# *;*<*>SN M* #@>N8'*M*' N #S8X* N*>N@MN >'
#SWS@MN >' S6* @S6*M *;*<*>SN N M*5W;M *< *;*<*>SNF 6* <SM8#*N @. S6*
<W;S8<@'*; N[NS*< @. S6* N8>5;* B;>S M*<8>N S6* N<*& Y68;* >' #6>5*N
'W* S@ S6* #@>N8'*MS8@> @. S6* .8;WM* @. @>* @. S6* B8*\@ BS#6*NF
6* '[><8# *HWS8@> @. S6* N<MS NSMW#SWM* 8N @ S8>*' [ WN8>5 S6* <NN >'
NS8/>*NN @. @S6 S6* *HWS8@>N @. S6* M*5W;M *< *;*<*>SN >' S6* B8*\@*;*#SM8#
*< *;*<*>SN N8<8;M S@ S6* <*S6@' 58X*> 8> *#S8@> VFAFV%AF 6* <NN >' NS8/>*NN
<SM8#*N & @. S6* *>S8M* *<& Y68#6 8N '8X8'*' 8>S@ + 1>8S* *;*<*>SN Y8S6 S6*
B8*\@7BS#6*N B;#*' S *X*> B@N8S8@>N M* @ S8>*' [ NN*< ;8>5 S6* <NN >'
NS8/>*NN <SM8#*N @. *#6 *;*<*>SNF 6* '[><8# *HWS8@> 8N 1>;;[ 58X*> [ !+A"
7 !+4"
/ ( G / - $ G
G
G
G
4 CVFA]QD
6* HF CVFA]QD 8N YM8SS*> 8> S6* .@;;@Y8>5 .@M< [ WN8>5 S6* M*;S8@> / "F
" G " - $ G
G
G
G
4 CVFA]PD
M*7<W;S8B;[8>5 HF CVFA]PD [ & S6* @X* *HWS8@> S:*N S6* .@M< N
"
G " - $
G
G
G
G
CVFA]+D
"
G " G " - $
G
G
G
G
- $ G
CVFA]?D
Y6*M* ( - A 4444 44
6* NSS* NB#* <@'*; @. S6* *< Y8S6 4 8>BWSN >' 4 @WSBWSN 8N @ S8>*' @> S6*
N8<8;M ;8>*N N *ZB;8>*' 8> *#S8@> VFAFV%VF 6* 5@X*M>8>5 *HWS8@> HF CVFA]?D 8N
YM8SS*> 8> NSS* NB#* .@M< N
D)
D
D
G G
- $
G
CVFAA]D
D) D D
Y6*M* S6* 5*>*M;8\*' <SM8#*N C<NN& NS8/>*NN& NSMW#SWM; '<B8>5D& S6* <@'; <7
SM8Z M* @. N8\* CV VD >' CAQ VD& S6* #@>NS>S X*#S@M # @. N8\* CAQ AD >'
S6* .@M#* X*#S@M @. N8\* CAQ ADF
6* *HWS8@> CVFAAVD #> * YM8SS*> 8> #@<B#S .@M< N
Y6*M* S6* X@;S5*N C=D M* S6* 8>BWS X@;S5*N S@ S6* #SWS@MN A S@ 4 >' M*
>@S68>5 WS S6* #@>SM@; 8>BWSN 8 C=D S@ S6* #SWS@MN& # 8N #@>NS>S X*#S@M Y68#6
'*B*>'N @> S6* #SWS@M S[B*& 8SN B@N8S8@> @> S6* *<& S6* #SWS@M #6M#S*M8NS8#N
>' 8N 58X*> [
#
A ] A ] ]]] ] ]] ] ] ] ] ] ]
# ] ] ] ]
A ] A ] ]] ] ] ] ] ] ]
# -
#
-
G=
]
CVFAA2D
] ] ] ]]] ]
A ] A ] ] ] ] ]
# ] ] ] ] ]]] ] ]] ] ]
A ] A ]
.@M S6* 4 B8*\@*;*#SM8# #SWS@M *;*<*>SN B;#*' S B@N8S8@>N V& 4& Q >' + M*NB*#7
S8X*;[& Y6*M*
G= -
*8>5 S6* #SWS@M #@>NS>SN @. S6* B8*\@ #SWS@MNF
6* N*>N@M X@;S5*N M* S:*> N S6* @WSBWS @. S6* <W;S8XM8 ;* B;>S >' S6*
@WSBWS *HWS8@> 8N @ S8>*' N
D
F C=D - C=D - + ") - + ( - A S@ 4 CVFAAQD
D
Y6*M* + 8N #@>NS>S X*#S@M @. N8\* CA AQD& Y68#6 '*B*>'N @> S6* B8*\@*;*#SM8#
N*>N@M #6M#S*M8NS8#N >' @> S6* B@N8S8@> @. S6* N*>N@M ;@#S8@> @> S6* *<F 6*
#@>NS>S X*#S@MN .@M S6* N*>N@MN B;#*' S *X*> B@N8S8@>N 8N 58X*> [
+ ]
A ] A ] ] ] ] ] ]] ] ] ] ] ]
+ ] ] ] ] ]
A ] A ] ]] ] ] ] ] ]
+ - -
G CVFAAPD
+
] ]]]] ]]] ]
A ] A ] ] ] ]
+ ] ]]]] ]]] ] ]] ] ]
A ] A
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ 2A
Y6*M*
G -
M* S6* N*>N@M #@>NS>SN @. S6* N*>N@MN B;#*' S *X*>
B@N8S8@>NF
6* HF CVFAAQD #> * .WMS6*M M*7YM8SS*> .@M <W;S8XM8 ;* N[NS*< Y8S6 4
8>BWSN7@WSBWSN N
F ] + D
F
+
]
D
-
F
CVFAA+D
+
] D
F
] +
D
] ] ] ] ] ]
]4V4TQ
]4A2?+
] ]
]4V?+?
- - A
T 4
] ] ] ]
]4]4VP
]4]TVP ]4]]2P
]4]4P] ] ] ] ]4T4?Q
]4T+P?
]4]]T4
]4]]QT
]4]]+V ] ] ] ]42AT4
]44]?A
2V V @'*;8>5 @. <MS SMW#SWM*N
8<8;M;[& S6* NSS* NB#* <@'*;N @. S6* N8>5;* B;>S Y6*> B8*\@ BS#6 .8;N S
B@N8S8@>N Q& 4 >' V M* @ S8>*' M*NB*#S8X*;[F 6* #6M#S*M8NS8#N @. S6* N<MS
3*Z8 ;* #>S8;*X*M *< Y6*> S6* #SWS@M B;#*' S B@N8S8@> + .8;N 8N 58X*> 8>
;* VFQF
> S6*@M[& 3*Z8 ;* NSMW#SWM*N M*HW8M* > 8>1>8S* >W< *M @. *;NS8# <@'*N S@ #@<7
B;*S*;[ '*N#M8 * S6*8M *6X8@M >' 8> BM#S8#*& S6*[ M* WNW;;[ <@'*;*' [ ;M5*
1>8S* '8<*>N8@>; N[NS*<NF 6* .W>'<*>S; BM@ ;*< @. .**' #: #@>SM@; @. S6*N*
3*Z8 ;* NSMW#SWM*N 8N S@ BM*#8N*;[ #@>SM@; ;M5* '8<*>N8@>; N[NS*< !A]V" Y8S6
N<;;*M '8<*>N8@>; #@>SM@;;*M *#WN* @. S6* @>7 @M' #@<BWS*M ;8<8SS8@>N >'
S6* #@NS >' #@<B;*Z8S[ 8>X@;X*' 8> S6* #@>SM@;;*M '*N85>F 68N M*NSM8#SN S6* #@>SM@;
S@ .*Y #M8S8#; <@'*N& X8\F& S6* 1MNS .*Y X8 MS@M[ <@'*N 8> S6* 3*Z8 ;* N[NS*<F
> S68N N*#S8@>& Y* #@>N8'*M S6* <@'*;8>5 @. S6* N<MS 3*Z8 ;* ;W<8>8W<
*< N N6@Y> 8> 85F VFACD N*' @> W;*M7*M>@W;;8 *< S6*@M[ >' [
'8X8'8>5 S6* *< 8>S@ 4 1>8S* *;*<*>SN Y8S6 B;#*<*>S @. S6* N*>N@MR#SWS@M
B8M S 1>8S* *;*<*>S B@N8S8@>N V >' 4 CN N6@Y> 8> S6* 85F VF2DF 68N 58X*N M8N*
S@ <W;S8XM8 ;* N[NS*< Y8S6 V #SWS@M 8>BWSN @ & @ >' V N*>N@M @WSBWSN F &
F !P?"& !+]"F
6* '8<*>N8@>N >' BM@B*MS8*N @. S6* 3*Z8 ;* *< >' S6S @. S6* B8*\@*;*#SM8#
N*>N@MR#SWS@M M* 58X*> 8> ;* VFAF 6* 1MNS Q X8 MS@M[ <@'*N 2 S@ 2 M*
#@>N8'*M*' .@M @ S8>8>5 6856*M @M'*M <@'*; @. S6* N<MS NSMW#SWM* CN[& AV
@M'*M <@'*;DF @'*;8>5 @. S6* <W;S8XM8 ;* N[NS*< YN '8N#WNN*' 8> S6* *#S8@>
VFAFVF > S6* N8<8;M ;8>*N& S6* NSS* NB#* <@'*; CNSS* *HWS8@> >' S6* @WSBWS
*HWS8@>D .@M Q X8 MS@M[ <@'*N @. S6* N[NS*< 8N @ S8>*' N
D)
D
D) D
D)
-
]
D
FF
F
F F
F
D) D
] ] @ ]
G G 8C=D CVFAVAD
# #
@
VFA @'*;8>5 @. <MS SMW#SWM*N N8>5 W;*M,*M>@W;;8 *< 6*@M[ 2T
8F*F&
>'
D
D
F ] +
- D
F ]
F
+ FF
CVFAVVD
D
8F*F&
Y6*M* S6* 5*>*M;8\*' <SM8#*N C<NN& NS8/>*NN& NSMW#SWM; '<B8>5D& S6* <@'; <7
SM8Z M* @. N8\*N CQ QD >' C+ QD& S6* #@>NS>S X*#S@MN # >' + @. N8\*N C+ AD
>' CA +D >' S6* .@M#* X*#S@M M* @. N8\* C+ AD M*NB*#S8X*;[F
2 <W;S8XM8 ;* NSS* NB#* <@'*;N M* @ S8>*' [ XM[8>5 S6* S68#:>*NN BM7
<*S*M @. S6* *<F 6* S68#:>*NN BM<*S*M @. S6* 2 <@'*;N @. S6* N<*
N<MS NSMW#SWM* B;>S N6@Y> 8> HF CVFAVAD >' HF CVFAVVD M* S:*> N ]F2 <<& ]FQ
<<& ]FP <<& ]F+ << >' A <<F *S C DO ( - A S@ 2 * S6* NSS*
NB#* <SM8#*N @. S6* <W;S8<@'*; N[NS*<F
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 N*>N@M R #SWS@M B8M S
*;*<*>S V >' 4 .@M S6* 1MNS Q <@'*N @. S6* <@'*; A 8N M*BM*N*>S*' [ HNF
CVFAVAD >' CVFAVVD Y8S6
] ] ] ] ] ] ] ] ] ] ] ]
] ] ] ] ] ]
] ] ] ] ] ]
] ] ] ] ] ]
] ] ] ] ] ]
- A] -
]
-
]
]
] ] ] ] ] ] ] ] ] ]
] ] ] ] ] ] ] ] ] ] ]
] ] ] ] ] ] ] ] ] ] ] ]
V4??V ]4]]]
]4]]]
]4]]]
]4]]] ]4]]]
]4]]]
A4]+VT ]4]]] ]4]]]
]4]]]
]4]]]
]4]]]
]4]]]
]4V+TQ
]4]]] ]4]]]
]4]]]
-
]4]]] ]4]]]
]4]]]
]4]QQA ]4]]] ]4]]]
]4]]]
]4]]]
]4]]]
]4]]]
]4]]+] ]4]]]
]4]]]
]4]]] ]4]]]
]4]]] ]4]]]
]4]]A
]4]]]4 ]4]]]
]4]]]
]4]]]
]4]]] ]4]]]
]4]]]
]4]]]V ]4]]] ]4]]]
]4]]]
]4]]]
]4]]]
-
]4]]]
]4]]]
]4]]]
]4]]] ]4]]]
]4]]] ]4]]]
]4]]]
]4]]] ]4]]] ]4]]]
]4]]]
]4]]]
]4]]]
]4]]]
]4]]] ]4]]]
]4]]]
]4]]] ]4]]]
]4]]] ]4]]]
]4]]]
] ] ] ] ] ]
]4]4]4
]4]42T ]4]4A2
]4]]44
]4]VAV
]4]V]]
-
] ] ] ] ] ] ]4V]+4
]4AP+T
]4A]2] ]4]422 ]4A4VP
]4AV24
24 V @'*;8>5 @. <MS SMW#SWM*N
] ] ]
] ]
]
] ]
]
] ]
]
] ]
]
-
] ] ]
AQ42?V4
VA4TQ+P
- ] -
V4444?
4 CVFAVTD
P4A]AA V2444QP
A4Q2+]
AT422V? A24TQA?
]4PQT2
?4AAQ4
]44?44
]4T]+V
Q42P2+
]442]T T4?42+
]4TQT]
]44]2P
AAA]
6* NSS* NB#* <SM8#*N @. S6* M*<8>8>5 4 <@'*;N M* @ S8>*' N8<87
;M;[F @>SM@; @. S6* <W;S8<@'*; N[NS*< .@M S6* 3*ZWM; X8 MS8@>N 8N @ S8>*' WN8>5
S6* M@ WNS '*#*>SM;8\*' S*#6>8HW* !P?"& !+]" X8 S6* M*'W#*' @M'*M <@'*;8>5 Y68#6
8N BM*N*>S*' 8> S6* NW N*HW*>S #6BS*MNF 6* #6M#S*M8NS8#N @. S6* N<MS 3*Z8 ;*
#>S8;*X*M *< @. S6* <@'*; A CY8S6 S68#:>*NN @. ]F2 <<D M* 58X*> 8> ;* VFPF
8<8;M;[& S6* #6M#S*M8NS8#N @. S6* @S6*M 4 <W;S8XM8 ;* NSS* NB#* <@'*;N @. S6*
N<MS NSMW#SWM* M* ;N@ @ S8>*'F
% 7.2. 6M#S*M8NS8#N @. S6* N<MS *< .@M S6* <W;S8XM8 ;* <@'*; A
<2.2# -,*=6(-,6
<MS #>S8;*X*M *< <@'*;N @>'*' Y8S6 NWM.#* <@W>S*' B8*\@*;*#SM8# N*>N@MN
>' #SWS@MN S '8N#M*S* ;@#S8@>N @> S6* 3*Z8 ;* *< M* BM*N*>S*' WN8>5 S6*
#@>#*BSN @. B8*\@*;*#SM8#N& W;*M7*M>@W;;8 *< S6*@M[& 1>8S* *;*<*>S <*S6@' >'
S6* NSS* NB#* S*#6>8HW*NF > S6* 1MNS #N*& S6* 3*Z8 ;* *< 8N '8X8'*' 8>S@ T& 4 >'
2 1>8S* *;*<*>SN Y8S6 N*>N@M7#SWS@M B8M B;#*' S @>;[ @>* ;@#S8@>F 8/*M*>S
<@'*;N @. S6* N<* N<MS NSMW#SWM* B;>S M* @ S8>*' [ XM[8>5 S6* N*>N@M7
#SWS@M ;@#S8@> .M@< S6* 1Z*' *>' S@ S6* .M** *>' Y8S6 A 8>BWS >' A @WSBWSF V
>' T X8 MS@M[ <@'*N YN #@>N8'*M*' 8> S6*N* #N*NF 6* #N* @. <@'*;8>5 N<MS
NSMW#SWM* Y8S6 <@M* S6> @>* #S8X* B8*\@ N*>N@MR#SWS@M N #@;;@#S*' B8MN S
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ 22
'8N#M*S* ;@#S8@>N @> S6* NSMW#SWM* N <W;S8XM8 ;* N[NS*< 8N ;N@ #@>N8'*M*'F Y@
N8SWS8@>N M* '*;S 8> S6* <@'*;8>5 BM@#*'WM*F
>* 8N S6* *< '8X8'*' 8>S@ 4 >' S6* @S6*M 8N& S6* *< '8X8'*' 8>S@
+ 1>8S* *;*<*>SNF > @S6 S6* N8SWS8@>N& S6* B8*\@ N*>N@MR#SWS@MN M* B;#*' N
#@;;@#S*' B8MN S *X*> ;@#S8@>NF SS* NB#* <@'*;N M* ;N@ BM*N*>S*' .@M
S6* #N* Y6*> @>* @. S6* 4 #SWS@MN 8> <W;S8<@'*; N[NS*< .8;*' S@ .W>#S8@>F >
S6* <@'*;8>5 @. S6* N<MS NSMW#SWM*& S6* <NN >' NS8/>*NN @. S6* '6*N8X* Y68#6
8N WN*' S@ @>' S6* B8*\@ BS#6*N S@ S6* NSMW#SWM* 8N >*5;*#S*'F 6856*M @M'*M
N<MS NSMW#SWM* <@'*; 8N BM*N*>S*' [ #@>N8'*M8>5 S6* 1MNS Q <@'*N @. X8 MS8@>F @
@X*M#@<* S6* BM@ ;*<N NW#6 N S6* @M'*M @. S6* NSS* NB#* <@'*; >' S6* >W<*M8#;
'80#W;S8*N 8> BM@#*NN8>5 S6* <@'*; 'S .@M 6856*M @M'*M N[NS*<N& M*'W#*' @M'*M
<@'*; 8N BM*N*>S*' S@ M*BM*N*>S S6* 1MNS .*Y X8 MS@M[ <@'*N >' S68N M*'W#*' @M'*M
<@'*; 8N WN*' .@M S6* #@>SM@;;*M '*N85>F
*Y M*N*M#6*MN 6X* Y*;; *NS ;8N6*' <S6*<S8#; 1>8S* *;*<*>S W;*M7*M>@W;;8
<@'*;F 6*N* <@'*;N '@ >@S #@>N8'*M S6* N6*M */*#SN& M@SM[ 8>*MS8& Z8; '8NB;#*7
<*>SN& *S#F&F @'*;8>5 @. N<MS NSMW#SWM*N [ N6*M '*.@M< ;* C8<@N6*>:@D S6*@M[
8N ;8<8S*'F
*M*& S6* */*#S @. M@SM[ 8>*MS8 >' S6* Z8; '8NB;#*<*>S ;@>5 S6* D
Z8N 6N **> #@>N8'*M*' 8> <@'*;8>5F @>N8'*M S68#: ;W<8>W< BM8N<S8# 8N@SM@B8#
#>S8;*X*M *< N N6@Y> 8> 85F CVFADCD '8X8'*' 8>S@ 4 1>8S* *;*<*>SN N N6@Y> 8>
85F VFPF
6* N<MS *< 8N @ S8>*' [ N>'Y8#68>5 S6* M*5W;M *< *;*<*>S *SY**>
V S68> B8*\@*;*#SM8# ;[*MN CN *ZS*>N8@> <@'* N*>N@MN >' #SWS@MN& 8F*F& N NWM.#*
<@W>S*' B8*\@ B8MD B;#*' S @>;[ A ;@#S8@> N #@;;@#S*' B8M C85F VFPDF
6* @SS@< ;[*M 8N #S8>5 N N*>N@M >' S6* S@B ;[*M 8N #S8>5 N > #SWS@MF
6* N<* NNW<BS8@>N <'* 8> '*M8X8>5 S6* 7 <@'*; 8N WN*' 6*M* Y68;* '*M8X8>5
S6* 8<@N6*>:@ *< <@'*; N N6@Y> S S6* *>' @. S6* *#S8@> VFAFAF > *ZS*M>;
.@M#* 8>BWS $ C8<BW;N* '8NSWM >#*D 8N BB;8*' S S6* .M** *>' @. S6* N<MS *<F
6* *< 8N S6WN NW 9*#S*' S@ X8 MS8@>N >' S:*N #*MS8> <@W>S @. S8<*
.@M S6* X8 MS8@>N S@ '8* @WSF 6*N* X8 MS8@>N M* NWBBM*NN*' HW8#:;[ 8> >@ S8<* [
S6* .**' #: #S8@> @. S6* N*>N@M& #@>SM@;;*M >' #SWS@M& Y68#6 Y@W;' 6X* S:*>
2Q V @'*;8>5 @. <MS SMW#SWM*N
;@>5*M S8<* S@ '<B @WS Y8S6@WS S6* #@>SM@;;*MF 6WN& S6*M* M* V 8>BWSN S@ S6*
B;>SF >* 8N S6* *ZS*M>; .@M#* 8>BWS $ C8<BW;N* '8NSWM >#*D& Y68#6 8N S:*> N
;@' <SM8Z @. A W>8S 8> S6* N8<W;S8@> >' S6* @S6*M 8>BWS 8N S6* #@>SM@; 8>BWS
@ S@ S6* #SWS@MF 6* '8<*>N8@>N >' BM@B*MS8*N @. S6* ;W<8>W< #>S8;*X*M *<
>' S6S @. S6* B8*\@*;*#SM8# N*>N@M R #SWS@M WN*' M* 58X*> 8> ;* VF+F
% 7.. M@B*MS8*N @. S6* S68#: #>S8;*X*M C;W<8>8W< *<D >' S6* B8*\@*;*#SM8#
*;*<*>S Y6*> *< 8N '8X8'*' 8>S@ 4 1>8S* *;*<*>SN
@ NSMS Y8S6& #@>N8'*M M*5W;M *< *;*<*>S CN[& B@N8S8@> AD N N6@Y> 8> 85F
VFPF 6* '8NB;#*<*>S M*;S8@> 8> S6* D& F >' G '8M*#S8@>N @. S6* *< !4V" #> *
YM8SS*> N
@CD F G =D - G?CD =D CVFAV4D
BCD F G =D - ] CCD F G =D - CCD =D CVFAV2D
Y6*M* C 8N S6* S8<* '*B*>'*>S SM>NX*MN* '8NB;#*<*>S @. S6* #*>SM@8'; Z8N C;@>5
G7Z8ND& ? 8N S6* S8<* '*B*>'*>S M@SS8@> @. S6* *< #M@NN7N*#S8@> @WS F7Z8N& @ 8N
S6* Z8; '8NB;#*<*>S ;@>5 S6* D7Z8NF * M* M*NSM8#S8>5 @WMN*;X*N S@ S6* *6X8@M
@. S6* *< 8> S6* D
G B;>* @>;[ !A]T"F
6* Z8; '8NB;#*<*>S @ @. B@8>S S #*MS8> '8NS>#* G .M@< S6* #*>S*M
;8>* 8N @>;[ 'W* S@ S6* *>'8>5 N;@B* >' S6* N6*M N;@B* 6N >@ #@>SM8 WS8@> S@
S68NF 6* #*>SM@8'; Z8N @. S6* *< 8N #@8>#8'*>S Y8S6 S6* *;NS8# Z8N N@ S6S S6*
*>'8>57S@MN8@> #@WB;8>5 8N >*5;858 ;*F 6* NSM8> #@<B@>*>SN @. S6* *< M* 58X*>
N
3@ 3@ 3? 3? 3B 3C
$$ - - -G %% - - ] && - - ] CVFAVQD
3D 3? 3D 3D 3F 3G
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ 2P
Y6*M* $$ & %% & && M* S6* ;@>58SW'8>; NSM8>N @M S6* S*>N8;* NSM8>N 8> S6* T '8M*#7
S8@>N& 8F*F& 8> S6* D& F >' G '8M*#S8@>NF 6* N6*M NSM8>N % 8>'W#*' 8> S6* *<
;@>5 S6* T '8M*#S8@>N CX8\F& ;@>5 D& F >' G '8M*#S8@>ND M* 58X*> [ !A]4"
3@ 3C 3B 3C 3@ 3B
%$& - G %%& - G %$% - G CVFAVPD
3G 3D 3G 3F 3F 3D
Y6*M* !&
- ?F
6* */*#S @. N6*M NSM8>N ;@>5 F >' G '8M*#S8@>N 8N *HW; S@ \*M@F 6WN& S6*
NSM*NN*N 8> S6* *< *;*<*>S M* 58X*> N
3?
;$$ - !$$ - G CVFAV+D
3D
3C
;$& - %$& - G? CVFAV?D
3D
Y6*M* 8N N6*M <@'W;WN C@M <@'W;WN @. M858'8S[D @. S6* *< <S*M8; 58X*> [
-
& Y6*M* 0 8N S6* B@8N@>N MS8@& ;$& 8N S6* N6*M NSM*NN >' ;$$ 8N S6* S*>N8;*
NSM*NN !A]2"F
6* NSM8> *>*M5[ @. S6* *< *;*<*>S '*B*>'N WB@> S6* ;8>*M NSM8> & S6*
N6*M NSM8> % >' 8N 58X*> [
A 3? A 3C
- G G? CVFAT]D
V 3D V 3D
>' S6* S@S; NSM8> *>*M5[ 8N 1>;;[ YM8SS*> N
A $
] $
- # # D CVFATAD
V $
G ? ] $
G ?
Y6*M* 8N S6* N6*M #@*0#8*>S !A]Q" Y68#6 '*B*>'N @> S6* <S*M8; '*1>8S8@> >'
@> S6* #M@NN N*#S8@>; 5*@<*SM[& WNW;;[ S:*> *HW; S@ @M #> * @ S8>*' .M@<
S6* B@8NN@>LN MS8@ @. S6* *< N
A]CA G BD
- 4 CVFATVD
AV G AAB
6* :8>*S8# *>*M5[ @. S6* *< *;*<*>S '*B*>'N @> S6* NW< @. S6* :8>*S8#
*>*M5[ 'W* S@ S6* ;8>*M X*;@#8S[ >' 'W* S@ S6* >5W;M SY8NS ? >' 8N 58X*> [
A 3@ 3B 3C
- 9 G G D CVFATTD
V 3= 3= 3=
A
9 ]
D4
- CVFAT4D
V ] 9
6* S@S; Y@M: '@>* 'W* S@ S6* *ZS*M>; .@M#*N 8> S6* *< 8N 58X*> [
C 7
- D CVFATQD
? .
Y6*M* 7 M*BM*N*>SN '8NSM8 WS*' .@M#* ;@>5 S6* ;*>5S6 @. S6* *< *;*<*>S >' .
M*BM*N*>SN S6* <@<*>S ;@>5 S6* ;*>5S6 @. S6* *< *;*<*>SF
6* *HWS8@> @. <@S8@> 8N '*M8X*' .M@< S6* #@>#*BS @. S6* S@S; NSM8> *>*M5[
*8>5 *HW; S@ S6* NW< @. S6* #6>5* 8> S6* :8>*S8# *>*M5[ >' S6* Y@M: '@>* 'W*
S@ S6* *ZS*M>; .@M#*N C
<8;S@>LN BM8>#8B;*D >' 8N 58X*> [
- C
D = - ]4 CVFAT+D
*M*& & >' M* S6* XM8S8@>N @. S6* NSM8> *>*M5[& S6* :8>*S8# *>*M5[&
Y@M: '@>* 'W* S@ S6* *ZS*M>; .@M#*N& = 8N S6* S8<* >' 8N S6* 1MNS XM8S8@>;
@B*MS@MF
W NS8SWS8>5 S6* X;W*N @. NSM8> *>*M5[ .M@< HF CVFATAD& :8>*S8# *>*M5[ .M@< HF
CVFAT2D >' *ZS*M>; Y@M: '@>* .M@< HF CVFATQD 8> HF CVFAT+D >' 8>S*5MS8>5 [
BMSN& Y* 5*S S6* '8/*M*>S8; *HWS8@>N @. <@S8@> @. 5*>*M; N6B*' *< <@'*;*'
Y8S6 8<@N6*>:@ *< S6*@M[ !4V" N
3 #
$
G? 3C
G 7 - 9 CVFAT?D
3D 3=
3 $ 3C 3?
G? G . - 9 4 CVFA4]D
3D 3D 3=
6* F
FF @. HF CVFAT?D 8N S6* S8<* '*M8XS8X* @. S6* ;8>*M <@<*>SW<& Y6*M*N
S6* F
FF @. HF CVFA4]D 8N S6* S8<* '*M8XS8X* @. S6* <@<*>S @. <@<*>SW<F @M
S6* NSS8# #N* Y8S6 >@ *ZS*M>; .@M#* #S8>5 @> S6* *<& S6* '8/*M*>S8; *HWS8@>N
@. <@S8@> C8<@N6*>:@ *< *HWS8@>ND M*'W#*N S@
3 #
$
G?
-] CVFA4AD
3D
>'
3 $ 3C
G? - ]4 CVFA4VD
3D 3D
F
M@< HNF CVFA4AD >' CVFA4VD& 8S #> * N**> S6S S68N 5@X*M>8>5 *HWS8@> @.
S6* *< N*' @> 8<@N6*>:@ *< S6*@M[ #> * NS8N1*' @>;[ 8. S6* B@;[>@<8;
@M'*M .@M C 8N N*;*#S*' @>* @M'*M 6856*M S6> S6* B@;[>@<8; @M'*M .@M ?F 8>#* S6*M*
M* 4 >@'*N .@M @>* *< *;*<*>S !42"& !A]P"& !A]+"& !A]?"& C& 8F*F& S6* SM>NX*MN*
'8NB;#*<*>S 8N BBM@Z8<S*' [ #W 8# B@;[>@<8; >' ? 8N BBM@Z8<S*' [
HW'MS8# B@;[>@<8; N
C - G D G
D G D
CVFA4TD
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ 2?
>'
? - G D G
D 4 CVFA44D
*M*& 8> HNF CVFA4TD >' CVFA44D& D 8N S6* '8NS>#* @. S6* 1>8S* *;*<*>S >@'*
.M@< S6* 1Z*' *>' @. S6* *<& >' & C( - A S@ 4D& C) - A S@ TD M* S6* W>:>@Y>
#@*0#8*>SN >' M* .@W>' @WS WN8>5 S6* @W>'M[ #@>'8S8@>N S S6* *>'N @. S6* *<
*;*<*>S& 8F*F& D - C] + D N .@;;@YN C85F VFPDF
S D - ] C - C C - ? >' S D - + C - C C - ? 4 CVFA42D
.S*M BB;[8>5 S6* @W>'M[ #@>'8S8@>N .M@< HF CVFA42D @> HNF CVFA4TD >'
CVFA44D& S6* W>:>@Y> #@*0#8*>SN >' #> * @ S8>*'F W NS8SWS8>5 S6* @ 7
S8>*' W>:>@Y> #@*0#8*>SN >' 8> HNF CVFA4TD >' CVFA44D >' .S*M M*7
MM>58>5 >' YM8S8>5 S6*< 8> <SM8Z .@M<& Y* 5*S S6* SM>NX*MN* '8NB;#*<*>S&
1MNS NBS8; '*M8XS8X*& S6* N*#@>' NBS8; '*M8XS8X* >' S6* S8<* '*M8XS8X* @. S6*
SM>NX*MN* '8NB;#*<*>S CCD =D N
CCD =D - !
# " !/" CVFA4QD
C CD =D - !
" !/" CVFA4PD
C CD =D - !
" !/" CVFA4+D
CCD
) )
=D - !
# " !/" CVFA4?D
Y6*M* / 8N S6* X*#S@M @. '8NB;#*<*>SN >' N;@B*N 58X*> [ C ? C ? & /)
8N S6* S8<* '*M8XS8X* @. S6* >@'; #@@M'8>S* X*#S@M /& !
# " & !
" >' !
"
M* S6* <@'* N6B* .W>#S8@>N C.@M '8NB;#*<*>S& M@SS8@>N >' ##*;*MS8@>ND S:8>5
S6* *< *>'8>5 NS8/>*NN >' N6*M NS8/>*NN& 8F*F& S6* N6*M M*;S*' S*M<N 8>S@
#@>N8'*MS8@> >' M* 58X*> N !AA]"& !AAA"
$ $ $
V
T
5 G CA G 5D
$
VG $
G AG $
-
!
# " CVFA2]D
V $
V $
5 $
$ $ $
A
$ $
5
T $
C4 G 5D $
G CA G 5D
!
"
-
CVFA2AD
$
$
$ $
T
CV
5D
$
$
C4 G 5D
!
" - CVFA2VD
$
$
Q] V @'*;8>5 @. <MS SMW#SWM*N
Y6*M* !
" - !
# " & !
" - !
# " >' 5 8N S6* MS8@ @. S6* *< *>'8>5 NS8/>*NN
S@ N6*M NS8/>*NN >' 8N 58X*> [
AV V4
5- - CA G AD4 CVFA2TD
+ +
M@< S6* HNF CVFA2]D7CVFA2VD& 8S 8N 8>.*MM*' S6S S6* N6B* .W>#S8@> @. S6* *<
6N NSM@>5 '*B*>'*>#* @> 5F ;N@& 8S #> * @ N*MX*' S6S Y6*> 5 8N N*S S@ \*M@&
S6* N6B* .W>#S8@> !
# " @. S6* 8<@N6*>:@ *< M*'W#*N S@ S6S @. S6* *<
N 58X*> 8> HF CVFPDF 6* *HWS8@> @. <@S8@> @. S6* *< *;*<*>S 8N '*X*;@B*' [
NW NS8SWS8>5 S6* N6B* .W>#S8@>N 8>S@ S6* 6<8;S@>8> *HWS8@> >' 8>S*5MS8>5 @X*M
S6* *>S8M* ;*>5S6 @. S6* *< *;*<*>SF 6WN& Y* 5*S&
/
( G
/ -
CVFA24D
Y6*M* &
M* S6* ;@#; <NN& NS8/>*NN <SM8#*N @. S6* M*5W;M *< *;*<*>S @M
S6* *;*<*>S; <NN >' NS8/>*NN <SM8#*N @. N8\* C4 4D >' 8N S6* .@M#* X*#S@M
@. N8\* C4 ADF
6* <NN <SM8Z @. S6* M*5W;M *< *;*<*>S 8N S6* NW< @. S6* SM>N;S8@>;
<NN >' S6* M@SS8@>; <NN >' 8N 58X*> N
# 9
]
#
- D4 CVFA22D
] 9 %%
W NS8SWS8>5 S6* <@'* N6B* .W>#S8@>N !
# "& !
" 8>S@ HF CVFA22D >' 8>S*5MS7
8>5& Y* 5*S S6* <NN <SM8Z @. S6* M*5W;M *< *;*<*>S N
- ! " G ! " CVFA2QD
Y6*M* S6* N[<<*SM8# <SM8#*N ! " >' ! " 8> HF CVFA2QD 8N NN@#8S*' Y8S6
S6* SM>N;S8@>; 8>*MS8 >' M@SM[ 8>*MS8 N
CP]5 G A4P5 G P+D CT25 G PP5 G 44D
CT25 G PP5 G 44D CP5 G A45 G +D
! " -
CT25 G QT5 G VPD CT25 G QT5 G VQD
CT25 G QT5 G VQD
CP5 G A45 G QD
CT25 G PP5 G 44D CP5 G A45 G +D
TQ
CA25
TD+
CA25
TD+ CA]5 G 25 G 4D+
TQ
! " -
>'
CA25
TD+
CA25
TD+ C25
25
AD+
TQ
CA25
TD+
CA25
TD+ C25
25
AD+
4 CVFA2+D
TQ CA25
TD+
CA25
TD+ CA]5 G 25 G 4D+
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ QA
6* NS8/>*NN <SM8Z
@. S6* M*5W;M *< *;*<*>S C;N@ #;;*' N S6* ;@#;
NS8/>*NN <SM8ZD 8N S6* NW< @. S6* *>'8>5 NS8/>*NN >' S6* N6*M NS8/>*NN >' 8N
YM8SS*> 8> <SM8Z .@M< N
]
- $
$
D4 CVFA2?D
G $
# ]
G $
#
W NS8SWS8>5 S6* <@'* N6B* .W>#S8@>N
!
# "& !
" 8>S@ HF CVFA2?D >' 8>S*5MS7
8>5& Y* 5*S S6* NS8/>*NN <SM8Z
@. S6* M*5W;M *< *;*<*>S @. N8\* C4 4D
N
AV Q+
AV Q+
Q+ C4 G 5D+
Q+ CV
5D+
-
AV
CVFAQ]D
CA G 5D+
Q+ AV
Q+
Q+ CV
5D+
Q+ C4 G 5D+
Y68#6 8N N[<<*SM8# 8> >SWM*F @S* S6S Y6*> S6* N6*M M*;S*' S*M< 5 8N >*5;*#S*'
8> HNF CVFA2PD >'CVFAQ]D& S6* <NN <SM8Z >' S6* NS8/>*NN <SM8Z @. S6* *<
<@'*;;*' WN8>5 8<@N6*>:@ *< S6*@M[ M*'W#*N S@ S6* <NN >' NS8/>*NN <SM8Z
@. W;*M7*M>@W;;8 *< N N6@Y> 8> S6* HF CVFV]DF
CT25 G QT5 G VQD
CP5 G A45 G QD
CT25 G QT5 G VPD
CT25 G QT5 G VQD
CT25 G QT5 G VQD
CP5 G A45 G QD
CVFAQTD
P]5 G A4P5 G P+D
CT25 G PP5 G 44D
CT25 G PP5 G 44D
CP5 G A45 G +D
QV V @'*;8>5 @. <MS SMW#SWM*N
>'
TQ
CA25
TD+
CA25
TD+ CA]5 G 25 G 4D+
-
TQ CA25
TD+
CA25
TD+ C25
25
AD+
TQ
CA25
TD+
CA25
TD+ C25
25
AD+ 4
CVFAQ4D
TQ CA25
TD+
CA25
TD+ CA]5 G 25 G 4D+
8<8;M;[& Y* @ S8> S6* NS8/>*NN <SM8Z
& @. S6* B8*\@*;*#SM8# *;*<*>S N
AV Q+
AV Q+
Q+ C4 G 5D+
Q+ CV
5D+
4
- CVFAQ2D
CA G 5D+
AV
Q+ AV
Q+
Q+ CV
5D+
Q+ C4 G 5D+
M@< S6* @X* '8N#WNN8@>N& Y* N** S6S Y6*> S6* N6*M M*;S*' S*M< 5 8N >*7
5;*#S*' 8> S6* B8*\@*;*#SM8# *;*<*>SN& S6* <NN <SM8Z 8> HF CVFAQTD >' S6* NS8/>*NN
<SM8Z 8> HF CVFAQ2D M*'W#* S@ S6* <NN >' NS8/>*NN <SM8Z @. S6* B8*\@*;*#SM8#
<S*M8; <@'*;;*' Y8S6 S6*@M[ N 58X*> 8> S6* HNF CVFVVD >' CVFVTDF
6* M*5W;M *< *;*<*>S >' S6* B8*\@*;*#SM8# *< *;*<*>S CS@B B8*\@ BS#6
G <8'';* M*5W;M *< *;*<*>S G @SS@< B8*\@ BS#6D M* N6@Y> 8> 85F VFPF 6*
B8*\@*;*#SM8# *< *;*<*>S CS@B B8*\@ BS#6 G <8'';* *< *;*<*>S G @SS@< B8*\@
BS#6D 8N @ S8>*' [ N>'Y8#68>5 S6* M*5W;M *< *;*<*>S 8> *SY**> ;[*M @.
V S68> B8*\@*;*#SM8# BS#6*N @. S68#:>*NN = @M = N #@;;@#S*' B8MF @;;@#S*'
B8*\@*;*#SM8# N*>N@M R #SWS@MN M* WN*' *#WN* S6*[ M* NWBB@N*' S@ * <@M* M@7
WNS C58>NS BM<*S*M W>#*MS8>S[D W>'*M .**' #: #@>SM@; #S8@>F 6* @SS@<
;[*M #SN N S6* N*>N@M >' S6* S@B ;[*M #SN N > #SWS@MF S S6* N<* S8<*&
#@;;@#S*' B8*\@ B8MN 8<BM@X*N S6* 58> <M58> >' B6N* <M58> @. S6* .**' #:
#@>SM@;;*MF
6* <NN <SM8Z .@M S6* B8*\@*;*#SM8# *< *;*<*>S 8N @ S8>*' [ M*B;#8>5
S6* S*M< 9 8> HF CVFAQTD [ 9 - C9 = G V9 = D >' 9 8> HF CVFAQ4D
[ 9 - C9 G V9 DF
*M*& 9 8N #;;*' N S6* <NNRW>8S ;*>5S6F M@< S68N&
8S 8N *X8'*>S S6S S6* <NN @. S6* *< *;*<*>S 8N SY8#* S6* <NN @. S6*
*;*<*>S G <NN @. S6* M*5W;M *< *;*<*>SF 6WN& S6* <NN @. S6* B8*\@*;*#SM8#
*< *;*<*>S 8N 58X*> [
!
" -
G !V
" 4 CVFAQPD
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ QT
6* <@'*;8>5 @. S6* B8*\@*;*#SM8# NSM8> MS* N*>N@MN >' #SWS@MN CN*>N@M7
#SWS@M *HWS8@>ND 8N #MM8*' @WS @> S6* N8<8;M ;8>*N N N6@Y> 8> S6* *#S8@>
VFAFA%4F
6* '[><8# *HWS8@> @. S6* N<MS NSMW#SWM*& S6* NSS* NB#* <@'*; @.
S6* N<MS NSMW#SWM* 8N ;N@ @ S8>*' @> S6* N8<8;M ;8>*N N '8N#WNN*' 8> *#S8@>
VFAFA%2 >' VFAFA%QF
8>;;[& S6* NSS* NSS* NB#* <@'*; @. S6* N<MS NSMW#SWM* <@'*;;*' Y8S6
1>8S* *;*<*>S <*S6@' >' 8<@N6*>:@ *< S6*@M[ 8N 58X*> [ HF CVFP]D7CVFPVD
.@M V X8 MS@M[ <@'*N >' HNF CVF+4D 7 CVF+QD .@M T X8 MS@M[ <@'*NF
$". 7.2. <MS 8<@N6*>:@ *< '8X8'*' 8>S@ 4 1>8S* *;*<*>SN CB8*\@7BS#6 B;#*'
S B@N8S8@>N A& V& T >' 4D 7 4 <@'*;N
Q4 V @'*;8>5 @. <MS SMW#SWM*N
0(1 :: 6/ +-* -5 < >(5:-5A +-6 0/(B- /-6(:(-,
>5( 5-+ "@ , :- 5 ,1
6* #>S8;*X*M *< 8N '8X8'*' 8>S@ 4 Y8S6 B8*\@7BS#6*N @>'*' S@ S6* <NS*M
NSMW#SWM* N #@;;@#S*' N*>N@M R #SWS@M B8MN S ;@#S8@>N A @M V @M T @M 4&
S6WN 58X8>5 M8N* S@ 4 <@'*;N @. S6* N<* N<MS NSMW#SWM* B;>S N N6@Y> 8>
S6* 85F VFPCD7C'DF 6* 4 <@'*;N M* @ S8>*' [ XM[8>5 S6* ;@#S8@> @. S6*
N*>N@M7#SWS@M B8M .M@< S6* 1Z*' *>' S@ S6* .M** *>' !PT"& !AAV"F
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 N*>N@M R #SWS@M B;#*'
S B@N8S8@> A C1Z*' *>'D N N6@Y> 8> 85F VFPCD 8N 58X*> [
;) - ;C=D G 8C=D G 8C=D >' FC=D - ;C=D G 8C=D CVFAQ+D
Y8S6
] ] ]4]]]] ] ]
]
]4]]]]
-
] ] ]
- A]
]4]]]Q
]4]VP+
]4]]]]
]4]]]]
]4]]]]
]4]]]]
A4]4T2
]4]]]]
]4]]]]
]4]]V4
]
] 4
- ] ]
]4+44] V4QV44 - ] -
]4PQPV
]4P2]2
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 N*>N@M R #SWS@M B;#*'
S B@N8S8@> V C>*M [ 1Z*' *>'D N N6@Y> 8> 85F VFPC D 8N 58X*> [
;) - ;C=D G 8C=D G 8C=D >' FC=D - ;C=D G 8C=D CVFAQ?D
Y8S6
] ] ]4]]]] ] ]
]
]4]]]]
-
]4]]A2
] ] ]
- A]
]4]T]? ]4]]]]
]4]]]] ]4]]]]
]4]]]]
A4AQPV ]4]]]]
]4]]]] ]4]]A+
]
] 4
- ] ]
]42T]2
T4VQVQ - ] -
]4+AV]
]4P?Q?
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 N*>N@M R #SWS@M B;#*'
S B@N8S8@> T C<8'';*D N N6@Y> 8> 85F VFPC#D 8N 58X*> [
Y8S6
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ Q2
] ] ]4]]]] ] ]
] ]4]]]] ]
- A]
]4]T]P
]4]]]]
]4]]]]
]4]]]]
-
]4]]A?
] ]
]4]]]]
A4APVV
]4]]]]
]4]]]]
]4]]T2
]
] 4
- ] ]
]4VVTQ
44AQ]+
- ]
-
]4+A]P
]4P?QQ
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 N*>N@M R #SWS@M B;#*'
S B@N8S8@> 4 C.M** *>'D N N6@Y> 8> 85F VFPC'D 8N 58X*> [
;) - ;C=D G 8C=D G 8C=D >' FC=D - ;C=D G 8C=D CVFAPAD
Y8S6
] ] ]4]]]A ] ]
]
] ] ]4]]]A
]
- A]
]4]T]2 ]4]]]]
]4]]]] ]4]]]]
-
]4]]VA
]4]]]]
A4AQT? ]4]]]]
]4]]]]
]4]]Q?
]
]
- A] ] ]
]4]TQT
A4AAQA - ] -
]4+]+Q
4
]4P+?T
> S6* N8<8;M ;8>*N '8N#WNN*' 8> S6* @X* N*#S8@> VFVFA%TC8D >' 8> N*#S8@> VFAFA%QCD&
S6* NSS* NB#* <@'*; .@M T X8 MS@M[ <@'*N .@M S6* 4 <@'*;N @. S6* 85F VFP
M* 58X*> [
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
]
] ] ] ] ]4]]]]
- A]
]4]]]]
)% *
]4]VP+
]4]]]]
]4]]]]
]4]]]]
]4]]]]
A4]4T2 ]4]]]]
]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]] ]4]]]]
P4+A]]
]4]]]] ]4]]]]
]4]]]A
CVFAPVD
] ]
]
]
]
-
]
- ] ] ]
]4+44] V4QV44
A4?T??
]4]]]Q ]4PQPV
-
]4]]V4
]4P2]2
]4]]4A ]4PV+Q
QQ V @'*;8>5 @. <MS SMW#SWM*N
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
]
] ] ] ] ]4]]]]
- A]
]4]]]]
)% 7
]4]T]? ]4]]]]
]4]]]]
]4]]]]
A4AQPV ]4]]]]
]4]]]] ]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]] ]4]]]]
+4PQT]
]4]]]] ]4]]]]
]4]]]A
CVFAPTD
] ]
]
]
]
]
- ] ] ]
]42T]2
T4VQVQ +42PQT -
]4]]A2
-
]4+AV]
]4]]A+ ]4P?Q?
]4]]4] ]4PPVP
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
]
] ] ] ] ]4]]]]
- A]
]4]]]]
)% 6
]4]T]P
]4]]]]
]4]]]]
]4]]]]
]4]]]]
A4APVV
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
+4P++T
]4]]]]
]4]]]]
]4]]]A
CVFAP4D
] ]
]
]
]
]
- ] ] ]
]4VVTQ
44AQ]+
?44P?2
-
]4]]A? ]4+A]P
-
]4P?QQ
]4]]T2
]4]]T+ ]4PP4P
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
]
] ] ] ] ]4]]]]
- A]
]4]]]]
)% !
]4]T]2 ]4]]]] ]4]]]]
]4]]]]
A4AQT? ]4]]]]
]4]]]] ]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]] ]4]]]]
+4PQ2T ]4]]]] ]4]]]]
]4]]]A
CVFAP2D
] ]
] ]
]
]
4
- ] ] ]
]4]TQT
A4AAQA
Q422TQ -
]4]]VA ]4+]+Q
-
]4P+?T
]4]]Q?
]4]]?T ]4PQ2Q
0(((1 :: 6/ +-* -5 ; >(5:-5A +-6 ?(:& ( 5,: 6/:
5:(-6
6* #>S8;*X*M *< 8N '8X8'*' 8>S@ 4 Y8S6 B8*\@ BS#6*N @>'*' S@ S6* <NS*M
NSMW#SWM* N #@;;@#S*' N*>N@M R #SWS@M B8MN B;#*' S ;@#S8@> >W< *M V @>;[
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ QP
N N6@Y> 8> S6* 85F VFPC DF 6* NSS* NB#* M*BM*N*>SS8@> @. S6* #>S8;*X*M *<
Y8S6 NWM.#* <@W>S*' N*>N@M R #SWS@M 8> HNF CVF+2D >' CVF+QD 8N @ S8>*' [
WN8>5 T M*5W;M *< *;*<*>SN >' A B8*\@*;*#SM8# *< *;*<*>SF 8/*M*>S NSS*
NB#* <@'*;N CT #N*ND @. S6* *< M* @ S8>*' [ XM[8>5 S6* ;*>5S6 S@ S68#:>*NN
MS8@ .M@< + S@ A2 C8F*F& S6* NB*#S MS8@D !P4"F
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 NB*#S MS8@ @. + 8N 58X*>
[
Y8S6
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
] ] ] ] ] ]4]]]]
- *>
]4]A22 ]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]]
]4]]]]
]42+TQ
]4]]]] ]4]]]]
]4]]]A
]4]]]]
]4]]]]
]4]]]]
44TVP?
]4]]]]
]4]]]]
]4]]]4
] ]
]
]
-
] ]
]4]]]T
- ] -
+4AV?+
]4]]AT
P4?4TA
]4]]VV P4Q4A+
- ] ] ] ]4T4]V
]4P+AA ]4Q22Q 4
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 NB*#S MS8@ @. A] 8N 58X*>
[
;) - ;C=D G 8C=D G 8C=D >' FC=D - ;C=D G 8C=D CVFAPPD
Y8S6
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
] ] ] ] ] ]4]]]]
- *>
]4]]]]
]4]]?? ]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]]
]4TP?V ]4]]]] ]4]]]]
]4]]]] ]4]]]]
]4]]]] ]4]]]]
V4+Q4A
]4]]]] ]4]]]]
]4]]]T
] ]
]
]
]
-
]
]4]]]T
- ] -
?4]??A
]4]]AA +4?Q]+
]4]]V] +4P4VQ
Q+ V @'*;8>5 @. <MS SMW#SWM*N
- ] ] ]
]4T]4P ]4P]A? ]4QTA2 4
SS* NB#* <@'*; @. S6* N<MS #>S8;*X*M *< Y8S6 NB*#S MS8@ @. A2 8N 58X*>
[
;) - ;C=D G 8C=D G 8C=D >' FC=D - ;C=D G 8C=D CVFAP+D
Y8S6
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
] ] ] ] ] ]4]]]]
- *>
]4]]44
]4]]]] ]4]]]]
]4]]]]
]4]]]] ]4]]]]
]4]]]]
]4APAA
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
A4TAQ? ]4]]]]
]4]]]]
]4]]]A
] ]
] ]
] ]
-
]4]]]V - ] - *> AA4A2PA
]4]]]?
AA4]PA4
]4]]AP
A]4?22]
- ] ] ]
]4V4?A
]42P2+
]422Q+ 4
@>SM@; @. S6*N* '*X*;@B*' NSS* NB#* <@'*;N @. S6* N<MS *< Y8S6
'8/*M*>S NB*#S MS8@N 8N @ S8>*' WN8>5 .NS @WSBWS N<B;8>5 .**' #: #@>SM@; ;Y
Y68#6 8N '8N#WNN*' 8> S6* NW N*HW*>S #6BS*MN !P4"F
6* NSS* NB#* M*BM*N*>SS8@> @. S6* #>S8;*X*M *< Y8S6 NWM.#* <@W>S*' N*>N@M
R #SWS@M 8> HNF CVF+2D >' CVF+QD .@M T X8 MS@M[ <@'*N 8N @ S8>*' [ WN8>5 T
M*5W;M *< *;*<*>SN >' A B8*\@*;*#SM8# *< *;*<*>S B;#*' S 1>8S* *;*<*>S
B@N8S8@> V N N6@Y> 8> 85F VFPC DF 8/*M*>S NSS* NB#* <@'*;N @. S6* N[NS*< M*
@ S8>*' [ XM[8>5 S6* ;*>5S6 S@ S68#:>*NN MS8@ .M@< + S@ A2F 6* ;*>5S6 @. S6*
*< 8N :*BS #@>NS>S S V] #< >' S6* S68#:>*NN 8N XM8*' S@ #6>5* S6* NB*#S MS8@F
6* Y8'S6 @. S6* *< 8N S:*> N T #<F 6* 1MNS T >SWM; .M*HW*>#8*N @. S6* T
<@'*;N 8> CVFAPQD 7 CVFAP+D Y*M* #;#W;S*' >' #@<BM*' Y8S6 S6* #@MM*NB@>'8>5
>SWM; .M*HW*>#8*N @ S8>*' WN8>5 S6* W;*M7*M>@W;;8 *< <@'*;F 85NF VF+ S@
VFA] N6@Y S6* XM8S8@> @. S6* 1MNS T >SWM; .M*HW*>#8*N @. @S6 8<@N6*>:@ >'
W;*M7*M>@W;;8 *< <@'*;N Y8S6 #6>5* 8> S6* ;*>5S6 S@ S68#:>*NN MS8@F
S 8N #;*M .M@< 85F VF+ S6S S6* 1MNS >SWM; .M*HW*>#[ BM*'8#S*' [ @S6 S6*
S6*@M8*N 8N ;<@NS S6* N<*F 8>#* <>[ <@'*N #@>SM8 WS* S@ NSMW#SWM*LN M*NB@>N*&
8S #> * 8>.*MM*' .M@< 85NF VF? >' VFA] S6S S6*M* 8N ;M5* '8/*M*>#* 8> S6* N*#@>'
>' S68M' >SWM; .M*HW*>#8*N BM*'8#S*' [ 8<@N6*>:@ >' W;*M7*M>@W;;8 *<
S6*@M8*N *NB*#8;;[ .@M N<;; ;*>5S6 S@ S68#:>*NN MS8@N CNB*#S MS8@ - A]DF 6WN&
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ Q?
$". 7.. M8S8@> @. 1MNS >SWM; .M*HW*>#[ Y8S6 ;*>5S6 R S68#:>*NN MS8@
$". 7.(. M8S8@> @. N*#@>' >SWM; .M*HW*>#[ Y8S6 ;*>5S6 R S68#:>*NN MS8@
$". 7.*>. M8S8@> @. S68M' >SWM; .M*HW*>#[ Y8S6 ;*>5S6 R S68#:>*NN MS8@
P] V @'*;8>5 @. <MS SMW#SWM*N
S6* 8<@N6*>:@ *< S6*@M[ #> BM*'8#S S6* '[><8# #6M#S*M8NS8#N @. S6* *<
<@M* ##WMS*;[ @X*M S6* *>S8M* M>5* @. ;*>5S6 [ S68#:>*NN MS8@F 8>#* 8<@N6*>:@
*< <@'*; 8N #;@N*M S@ S6* #SW; <@'*;& 8S 8N WN*' N S6* N8N .@M #@>SM@;;*M '*N85>
8> @WM M*N*M#6 Y@M: >' S6* <S6*<S8#; <@'*; @ S8>*' #> * #;@N*M S@ > *Z#S
@>*F
- >W;; <SM8Z
>'
] ] ] ]4]]]] ] ]
] ] ] ] ]4]]]] ]
] ] ] ] ] ]4]]]]
- A4] G ]]Q
]4]T]Q ]4]]]] ]4]]]]
]4]]]] ]4]]]] ]4]]]]
]4]]]]
A4AQTP
]4]]]] ]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
+4PQ?A ]4]]]]
]4]]]]
]4]]]A
] ] ]
] ]
]
]
-
] ]
- ]
+4]P+?
P4?]AP
]4]]A2
]4]]VA
]4]]A+
]4]]Q?
]4]]4]
]4]]?T P4Q2Q+
] ] ]
]42V+T
T4V244 +42+VQ
- 4 CVFA+]D
] ] ]
]4]TQ4
A4AAPQ
Q4222Q
% 7.(. 6M#S*M8NS8#N @. S6* N<MS 8<@N6*>:@ *< Y8S6 NWM.#* <@W>S*'
N*>N@MR#SWS@M CV 8>BWSN >' V @WSBWSND7V <@'*N
% 7.*>. 6M#S*M8NS8#N @. S6* N<MS 8<@N6*>:@ *< Y8S6 NWM.#* <@W>S*'
N*>N@MR#SWS@M CV 8>BWSN >' V @WSBWSND7T <@'*N
>[ M*N*M#6*MN 6X* Y*;; *NS ;8N6*' <S6*<S8#; 1>8S* *;*<*>S 7 <@'*;F
6*N* <@'*;N '@ >@S #@>N8'*M S6* N6*M */*#SN& Z8; */*#SN& M@SM[ 8>*MS8& *S#F&F
@'*;8>5 @. *< *''*' N<MS NSMW#SWM*N WN8>5 N6*M '*.@M< ;* C8<@N6*>:@D S6*7
@M[ 8N ;8<8S*'F > S68N N*#S8@>& S6* */*#S @. N6*M >' Z8; '8NB;#*<*>S 6N **>
#@>N8'*M*' 8> S6* <@'*;8>5 !4T" @. N>'Y8#6*' *<NF NSS* NB#* <@'*; @. S6*
N<MS *< Y8S6 *< *''*' N6*M N*>N@MN >' #SWS@MN 8N BM*N*>S*' 8> S68N #@>S*ZS
>' 8SN BB;8#S8@> 8> #S8X* X8 MS8@> #@>SM@; 8N 8>X*NS85S*' !42"F
##WMS* <@'*; @. S6* N[NS*< 8N @ S8>*' Y6*> S6* N6*M */*#SN >' S6* Z7
8; '8NB;#*<*>S @. S6* *< 8N #@>N8'*M*' 8> <@'*;8>5 @. S6* N<MS NSMW#SWM* !44"F
< *''*' N6*M N*>N@MN >' #SWS@MN 6X* **> #@>N8'*M*' 8> S68N N*#S8@> 8>NS*'
@. S6* NWM.#* <@W>S*' N*>N@MN >' #SWS@MN .@M X8 MS8@> NWBBM*NN8@> @. *<N
*#WN* @. ;@S @. 'X>S5*N @X*M S6* ;SS*M N8>#* S6* NWM.#* @W>'*' N*>N@MN >'
#SWS@MN M* ;8:*;[ S@ * '<5*' [ #@>S#S Y8S6 S6* NWMM@W>'8>5 @ 9*#SN& *>X87
M@><*>S; */*#SN& NSM[ >@8N* B8#:WBN& S6*M<; */*#SN& <5>*S8# 1*;'N& M'8@ 8>S*M7
.*M*>#*& *S#F& !T]"F
@ @X*M#@<* S6*N* BM@ ;*<N& > 'BS8X* N>'Y8#6*' NSMW#SWM* #@>N8NS8>5 @.
> Z8;;[ B@;*' B8*\@*;*#SM8# #@M*& N>'Y8#6*' 8> *SY**> V S68#: ;W<8>W< *<
;[*MN #> * WN*'F W#6 #SWS@MN Y68#6 M* WN*' 8> *SY**> S6* V *< ;[*MN M*
:>@Y> N N6*M #SWS@MNF >#* > *;*#SM8# 1*;' 8N BB;8*' S@ 8S& S6* B8*\@*;*#SM8# Y8;;
BM@'W#* N6*M '*.@M<S8@>& Y68#6 8N S6* 'M8X8>5 .@M#* .@M S6* SM>NX*MN* '*3*#S8@>
@. S6* NSMW#SWM*F
PV V @'*;8>5 @. <MS SMW#SWM*N
N>'Y8#6*' *< CB8*\@7;<8>S*' N>'Y8#6*' *<D 8N N6@Y> 8> S6* 85F VFAA
>' #@>N8NSN @. T ;[*MN& 8F*F& S6* B8*\@7BS#6 Y8S6 S6* M858' .@< N>'Y8#6*' 8>
*SY**> SY@ S68#: ;W<8>W< *< ;[*MNF 6* N6*M ;[*M .W>#S8@>N N N*>N@M @M
N #SWS@M 8> S6* S68#:>*NN N6*M <@'*F @M N6*M #SWS8@>& M858' .@< 8N 8>SM@'W#*'
N #@M* ;@>5 Y8S6 S@ @ S8> > *HW8X;*>S N>'Y8#6*' <@'*;F
6* NNW<BS8@> <'* 8N S6S S6* <8'';* ;[*M 8N B*M.*#S;[ 5;W*' S@ S6* #MM[8>5
NSMW#SWM* >' S6* S68#:>*NN @. S6* '6*N8X* 8N >*5;*#S*' CS6WN& >*5;*#S8>5 S6* */*#S @.
N6*M7;5& >@ N;8BB5* @M '*;<8>S8@> *SY**> S6* #@M* ;[*MN 'WM8>5 X8 MS8@>ND N
M*NW;S @. Y68#6 NSM@>5 #@WB;8>5 *Z8NSN *SY**> S6* <NS*M NSMW#SWM* >' S6* B8*\@7
BS#6*NF 6* B*M.*#S @>'8>5 @M S6* '6*N8X* *SY**> S6* *< >' S6* N*>N@M R
#SWS@M >' S6* @SS@< >' S@B NWM.#*N @. S6* WBB*M >' ;@Y*M ;W<8>W< *<
6X* **> NNW<*' S@ '' >@ <NN @M NS8/>*NN S@ S6* N*>N@M R #SWS@MF
$". 7.**. 6* 5*@<*SM[ @. T ;[*M*' ;<8>S*' *< Y8S6 N6*M <@'* #SWS@MN
>' N*>N@MN >' Y8S6 S6* NS#:8>5 N*HW*>#* R R
@M S6* BMSN Y8S6@WS B8*\@*;*#SM8#N& S6* *ZSM NB#* S B;#*N Y6*M* >@ B8*\@7
*;*#SM8#N 8N BM*N*>S 8N *8>5 B#:*' WB .W;;[ Y8S6 >@>7NSMW#SWM; <S*M8; ;8:* M858'
.@<F 6*M* 8N NSM@>5 #@WB;8>5 *SY**> S6* M858' .@< >' S6* NSMW#SWM*F 6* *< 8N
NS#:*' BM@B*M;[ >' S6*> WN*' N N>'Y8#6*' NSMW#SWM* .@M F 6WN& N>'Y8#6
NSMW#SWM*N #@>N8NS8>5 @. N6**SN >' M*;S8X*;[ ;856S7Y*856S #@M* NW#6 N 6@>*[#@<
@M M858' .@< M* 6856;[ *0#8*>S 8> BM@'W#8>5 *>'8>5 >' N6*M !TV"& !TQ"F
> S6* <@'*;8>5 @. S6* NSMW#SWM*& S6* B@;8>5 '8M*#S8@> @. S6* B8*\@*;*#SM8# BS#6
8N '@>* ;@>5 S6* CZ8;D '8M*#S8@>F 6* '8NB;#*<*>S 1*;' 8N N*' @> 1MNS @M'*M
N6*M '*.@M<S8@> S6*@M[F 6* *;*<*>S 6N #@>NS>S <@<*>S @. 8>*MS8& <@'W;WN @.
*;NS8#8S[& <NN '*>N8S[ >' ;*>5S6F 6* # ;* #B#8S>#* *SY**> N*>N@M >' N85>;7
#@>'8S8@>8>5 '*X8#* 6N **> #@>N8'*M*' >*5;858 ;* >' S6* S*<B*MSWM* */*#SN 6X*
**> >*5;*#S*'F 6* N85>; #@>'8S8@>8>5 '*X8#* 58> 8N NNW<*' N A]]F
@>N8'*M V >@'* *< *;*<*>S N N6@Y> 8> 85F VFAAF 6* ;@>58SW'8>; Z8N
@. S6* N>'Y8#6*' *< *;*<*>S ;8*N ;@>5 S6* D7Z8N >' S6* *< 8N NW 9*#S*' S@
X8 MS8@>N 8> S6* D
G B;>*F 6* *< *;*<*>S 8N NNW<*' S@ 6X* S6M** NSMW#SWM;
& X8\F& C& ? >' @ S *#6 >@'*& Y6*M* C 8N S6* SM>NX*MN* '8NB;#*<*>S& ? 8N S6*
*>'8>5 M@SS8@> >' @ 8N S6* Z8; '8NB;#*<*>S @. S6* >@'*F *>'8>5 <@<*>S >'
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ PT
% 7.**. M@B*MS8*N @. S6* ;W<8>W< #>S8;*X*M 8<@N6*>:@ *<
% 7.*7. M@B*MS8*N @. S6* B8*\@*;*#SM8# N6*M N*>N@M >' #SWS@M Y6*> S6*
*< 8N '8X8'*' 8>S@ 2
SM>NX*MN* N6*M .@M#* #SN S *#6 >@'; B@8>SF 6* N;@B* @. S6* *< 5CDD #@>N8NSN
@. V BMSN& X8\F& #
$
& S6* *>'8>5 N;@B* >' S6* @S6*M& ''8S8@>; N6*M '*.@M<S8@>
>5;* %CDDF > ''8S8@>; & #;;*' N S6* *;*#SM8#; CN*>N@M X@;S5*D #@<*N
8>S@ B8#SWM*F 8>#* S6* X@;S5* 8N #@>NS>S @X*M S6* *;*#SM@'*& S6* >W< *M @. *;*#SM8#;
8N @>* .@M *#6 *;*<*>SF
6* *HWS8@>N @. <@S8@> @. 5*>*M; B8*\@7;<8>S*' #@<B@N8S* *< 8N @ S8>*'
N .@;;@YN !T]"& !4T"& !42"F 6* '8NB;#*<*>SN @. S6* *< @CDD >' CCDD #> * YM8SS*>
N
@CD GD - @ CDD G G?CD =D CCD GD - C CDD CVFA+AD
Y6*M* @ CDD >' C CDD M* S6* Z8; >' SM>NX*MN* '8NB;#*<*>SN @. S6* B@8>S S
S6* <8'7B;>* NNW<8>5 S6S S6*M* 8N 8>#@<BM*NN8 8;8S[ 8> S6* G '8M*#S8@> >' ?CDD
8N S6* *>'8>5 M@SS8@> @. S6* >@M<; S@ S6* <8'7B;>*& 8F*F& M@SS8@> @. S6* *<
@WS S6* F Z8N !A]4"F 6* NSM8> #@<B@>*>SN @. S6* *< M* 58X*> N
3@
3? 3@ 3C 3C
$ - GG & - ] %$& - G - ?G CVFA+VD
3D 3D 3D 3D 3D
Y6*M* $ & & M* S6* <*#6>8#; >@M<; NSM8> >' SM>NX*MN* N6*M NSM8>& %$& *8>5
S6* N6*M NSM8> 8>'W#*' 8> S6* B8*\@*;*#SM8# ;[*MF 6* *< #@>NS8SWS8X* *HWS8@>N
#> * YM8SS*> N
P4 V @'*;8>5 @. <MS SMW#SWM*N
!
$
$ ]
$ - ]
CVFA+TD
$
$& ] ]
#
?G $
Y6*M*
$ - ;$ G $ - ;$ G G $& - >$& G4 CVFA+4D
*M*& ;$ - $ >' >$& - %$& M* S6* >@M<; >' N6*M NSM*NN*N M*NB*#7
S8X*;[ >' 8N S6* Y8'S6 @. S6* *<F G 8N S6* '*BS6 @. S6* <S*M8; B@8>S <*NWM*'
.M@< S6* *< M*.*M*>#* B;>* ;@>5 S6* X*MS8#; Z8NF ' 8N S6* 6*856S @. S6* *< G
B8*\@ BS#6& 8F*F& S6* S68#:>*NN @. S6* S@S; NSMW#SWM* Y68#6 8>#;W'*N = & = & = & CS68#:7
>*NN @. S6* *<& S68#:>*NN @. S6* #SWS@M >' S68#:>*NN @. S6* N*>N@MDF
$ & $ &
$& M* S6* 8>S*M>; .@M#*N #S8>5 @> S6* #M@NN N*#S8@> @. S6* *< >' M* S6* Z8;
.@M#*& *>'8>5 <@<*>S >' S6* N6*M .@M#* M*NB*#S8X*;[F & & >' M*
S6* *ZS*>N8@>;& *>'8>57*ZS*>N8@>;& *>'8>5 >' SM>NX*MN* N6*M NS8/>*NN #@*07
#8*>SNF 6*N* M* '*1>*' ##@M'8>5 S@ S6* ;<8>S8@> S6*@M[ @. #@<B@N8S*N !T]"& !4T"
N
-
CG
G D -
G
G
CVFA+2D
V
-
G
G
-
CG
G D 4 CVFA+QD
T
*M*& 8> HNF CVFA+2D >' CVFA+QD& G 8N S6* '8NS>#* @. S6* * ;[*M .M@< S6*
D7Z8N&
8N S6* >W< *M @. ;[*MN& 8N S6* N6*M #@MM*#S8@> .#S@M& WNW;;[ S:*>
*HW; S@ >' & M* #;#W;S*' !AAT" ##@M'8>5 S@ S6* *HWS8@>N WN8>5 S6*
<S*M8; BM@B*MS8*N @. S6* B8*\@*;*#SM8# <S*M8; N 58X*> [ !T]"& !4T"
-
CD =D
CVFA+?D
-
CD =D
CG
G D CVFA?]D
V
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ P2
-
CD =D 4 CVFA?AD
8>#* S6* B8*\@*;*#SM8# ;[*M 8N B@;*' 8> S6* Z8; '8M*#S8@>& - - ]F
CD =D 8N S6* BB;8*' X@;S5* S@ S6* * #SWS@M 6X8>5 S68#:>*NN @. CG
G D
>'
& M* S6* B8*\@*;*#SM8# #@>NS>SNF >' M* S6* #@*0#8*>SN @.
S6* #SWS@MN #;#W;S*' WN8>5 S6* HNF CVFA+PD >' CVFA++D >' WN8>5 S6* <S*M8;
BM@B*MS8*N @. S6* B8*\@*;*#SM8# <S*M8;F
8N S6* >W< *M @. #SWS@MN& Y6*M* KL
NS>'N .@M YFMFSF K#SWS@MLF N8>5 S6*
<8;S@>LN BM8>#8B;* CS@S; NSM8> *>*M5[ 8N
*HW; S@ S6* NW< @. S6* #6>5* 8> S6* :8>*S8# *>*M5[ G S6* Y@M: '@>* 'W* S@ S6*
*ZS*M>; .@M#*N& Y* 5*S
Y6*M* 8N S6* :8>*S8# *>*M5[& 8N S6* NSM8> *>*M5[& 8N S6* *ZS*M>; Y@M: '@>*&
+ 8N S6* ;*>5S6 @. S6* *< *;*<*>S >' = 8N S6* S8<*F
-
$
6* NSM8> *>*M5[ @. S6* *< *;*<*>S 8N 58X*> [
3
G $
3 ?
G $&
?G
3 C
4 CVFA?TD
3D 3D 3D
6* :8>*S8# *>*M5[ @. S6* *< *;*<*>S 8N 58X*> [
)
- @) G ?) 3 @) G C) 3 C) G @) G
?) 3 ?4
CVFA?4D
- 7 C CVFA?2D
Y6*M* 7 8N S6* SM>NX*MN* '8NSM8 WS*' ;@'8>5& Y68#6 8N >@S68>5 WS S6* *ZS*M>;
.@M#* $ BB;8*' S@ S6* *< S 8SN .M** *>'F
*M*& 8> HF CVFA?4D& & >'
M* S6* <NN 8>*MS8 #6M#S*M8NS8#N !AA4" @.
S6* #M@NN7N*#S8@> @. S6* *< '*1>*' N
@M
C
D -
9 A G G
G CVFA?PD
G
3?
G -
3
'*.@M<S8@> >' M@SM[ 8>*MS8 ##@M'8>5 S@ S6* 1MNS @M'*M N6*M '*.@M<S8@> S6*@M[
N
3 3@
@) G ?) CVFA?+D
3D 3D 3D 3=
PQ V @'*;8>5 @. <MS SMW#SWM*N
3
3C
3C
3
? G G
- ! C) G 7 " CVFA??D
3D 3D 3D 3=
3
3@ 3?
3 3C
G G
? G
- @) G
?) CVFV]]D
3D 3D 3D 3D 3=
Y68#6 *#@<*N
3
3@ 3?
G - ] CVFV]AD
3D 3D 3D
3
3C
? G - ] CVFV]VD
3D 3D
3
3@ 3?
3C
G G
? G
- ] CVFV]TD
3D 3D 3D 3D
.@M NSS8# #N* >' Y8S6 #@>NS>S BM@B*MS8*N @. S6* *<F @ .#8;8SS* S6* N@;WS8@>
BM@#*NN .@M S6* #@WB;*' *HWS8@>N 8> HNF CVFV]AD7CVFV]TD& S6* *< NS8/>*NN
>' M* NNW<*' S@ * W>8.@M< >' #@>NS>S S6M@W56@WS S6* ;*>5S6 @. S6*
*< !T]"& !4T"& !44"& !42"F
@S* S6S S6* 8>3W*>#* @. N6*M78>'W#*' NSM8>N BB*MN 8> S6* @X*7#@WB;*'
*HWS8@>N @. <@S8@> .@M #@>NS>S BM@B*MS8*N 8> S6* S@B >' @SS@< ;[*MN @. S6*
*< *''*' ;W<8>W< *< !AA2"F *S
C - G D G
D G D
CVFV]4D
? - G D G
D CVFV]2D
@ - G D G
D CVFV]QD
* S6* N@;WS8@>N @. S6* HNF CVFV]AD7CVFV]TD Y6*M* >' & >' LN M* S6* W>:>@Y>
#@*0#8*>SN C( - A 44 4D >' C) - A V TD NW 9*#S S@ S6* @W>'M[ #@>'8S8@>N
D - ] C - C ? - ? @ - @
CVFV]PD
D - + C - C ? - ? @ - @
Y6*M* D 8N S6* ;@#; Z8; #@@M'8>S* @. S6* *;*<*>SF .S*M BB;[8>5 @W>'M[ #@>'87
S8@>N .M@< HF CVFV]PD 8>S@ HNF CVFV]4D7CVFV]QD& S6* W>:>@Y> #@*0#8*>SN & >'
LN #> * M*N@;X*'F 8>#* S6* Z8; '8NB;#*<*>S @. B@8>S >@S @> S6* #*>S*M;8>* 8N
;8>*M .W>#S8@> @. ? N Y*;; N @& S6* '*5M** @. S6* B@;[>@<8; WN*' .@M ? <WNS *
S6* N<* N S6S WN*' .@M @F
@>N*HW*>S;[& S6* '*5M** @. S6* B@;[>@<8; WN*' .@M C <WNS * @>* @M'*M 6856*M
S6> S6@N* WN*' .@M @ >' ? 8> @M'*M S@ *>NWM* #@<BS8 8;8S[F 6*M*.@M*& S6* #W 8#
B@;[>@<8; WN*' .@M S6* '8NB;#*<*>S C M*HW8M*N S6S HW'MS8# .W>#S8@>N * WN*' .@M
@S6 Z8; '8NB;#*<*>S @ >' #M@NN N*#S8@> M@SS8@> ? 8> @M'*M S@ * #@>N8NS*>S !AAQ"F
6*>& NW NS8SWS8>5 S6* .@W>' @WS W>:>@Y> #@*0#8*>SN 8>S@ HNF CVFV]4D7CVFV]QD >'
YM8S8>5 S6*< 8> <SM8Z .@M<& Y* 5*S S6* *ZBM*NN8@> .@M S6* Z8; '8NB;#*<*>S&
SM>NX*MN* '8NB;#*<*>S >' S6* *>'8>5 M@SS8@> 8> S*M<N @. >@'; '8NB;#*<*>SN
>' N6B* .W>#S8@>N N !AAP"
@
@
@
C C C
? ? ?
!@" - !
! " @ !C" - !
# " @ !?" - !
" @ CVFV]+D
C C C
? ? ?
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ PP
Y6*M* !
# "& !
# "& !
" M* S6* <@'* N6B* .W>#S8@>N 'W* S@ S6* Z8; '8NB;#*<*>S&
SM>NX*MN* '8NB;#*<*>S >' 'W* S@ S6* M@SS8@> @M S6* N;@B*& Y68#6 M* '*1>*' N
!
! " -
CVFV]?D
!
# " -
CVFVA]D
!
" -
4 CVFVAAD
6* *;*<*>SN @. S6* N6B* .W>#S8@>N 8> CVFV]?D7CVFVAAD M* 58X*> 8> BB*>'8Z F
M8S8>5 S6* T N6B* .W>#S8@>N
! &
# >'
8> <SM8Z .@M<& Y* 5*S S6* M*;S8@>
*SY**> S6* X*#S@M @. 8>*MS8; .@M#*N >' S6* X*#S@M @. >@'; '8NB;#*<*>SN /
C'8NB;#*<*>S 1*;'D N !" - !" !/" Y68#6 8N 58X*> [
@
C
?
- ]
]
@ 4 CVFVAVD
]
]
C
?
- !" !"!" D CVFVATD
Y6*M*
]
- ] ] CVFVA4D
]
8N S6* 8>*MS8 <SM8Z >' & &
8N 58X*> [ HNF CVFA?QD >' CVFA?PDF 6* *;*<*>S;
<NN <SM8Z 8N 58X*> [ !V4"
-
4 CVFVA2D
*M*& 8N N[<<*SM8# <SM8Z #;;*' N S6* ;@#; <NN <SM8Z @. N8\* CQ QD&
8F*F& S6* <NN <SM8Z @. S6* N<;; 1>8S* *;*<*>S !V4"& !AA+"& !AA?"F 6* #@*0#8*>SN @.
S6* <NN <SM8Z M* 58X*> 8> BB*>'8Z F
6* NS8/>*NN <SM8Z @. S6* M*5W;M *< *;*<*>S 8N 58X*> [
- !" !"!" D CVFVAQD
6* NS8/>*NN <SM8Z .S*M .WMS6*M N8<B;8.[8>5 HF CVFVAQD 8N 58X*> [ !V4"
- 4
CVFVA+D
*M*&
8N N[<<*SM8# <SM8Z #;;*' N S6* ;@#; NS8/>*NN <SM8Z !V4"& !AA+"&
!AA?" @. N8\* CQ QD& Y6@N* #@*0#8*>SN M* 58X*> 8> BB*>'8Z F 6* <NN >'
NS8/>*NN <SM8Z
@. S6* M*5W;M *< *;*<*>S M* @ S8>*' WN8>5 .@< N S6*
#@M* *SY**> SY@ .#8>5 S68#: ;W<8>W< ;[*MNF 6* <NN >' NS8/>*NN <SM8#*N
@. S6* B8*\@*;*#SM8# *< *;*<*>S M* @ S8>*' @> S6* N8<8;M ;8>*N N '8N#WNN*' 8>
S6* BM*X8@WN BM5MB6N >' 8> *#S8@>N VFVFA%V [ WN8>5 N6*M B8*\@*;*#SM8# BS#6
*SY**> SY@ .#8>5 S68#: ;W<8>W< ;[*MN N N6@Y> 8> 85F VFAA WN8>5 S6* *HWS8@>N
- G V >'
-
G V
F
> S68N *#S8@>& <@'*;8>5 @. S6* N6*M N*>N@M >' #SWS@M 8N BM*N*>S*'F
,6-5 3=:(-,
6*> .@M#* #SN WB@> B8*\@*;*#SM8# <S*M8;& *;*#SM8# 1*;' 8N BM@'W#*' !T"& !Q"F
68N */*#S& Y68#6 8N #;;*' N S6* '8M*#S B8*\@*;*#SM8# */*#S& 8N WN*' S@ #;#W;S* S6*
@WSBWS #6M5* BM@'W#*' [ S6* NSM8> 8> S6* NSMW#SWM*F 6* *ZS*M>; 1*;' BM@'W#*'
[ S6* N*>N@M 8N '8M*#S;[ BM@B@MS8@>; S@ S6* NSM8> MS*F 6* #6M5* 7C=D ##W<W;S*'
@> S6* B8*\@*;*#SM8# N*>N@M NWM.#*N 8N 58X*> [ S6* 5WNN ;Y N
7C=D -
CVFVA?D
Y6*M*
8N S6* *;*#SM8# '8NB;#*<*>S 8> S6* S68#:>*NN '8M*#S8@> >' M* @. S6*
N6*M BS#6*NF . S6* B@;8>5 8N '@>* ;@>5 S6* Z8; '8M*#S8@> @. S6* N*>N@MN Y8S6
S6* *;*#SM@'*N @> S6* WBB*M >' ;@Y*M NWM.#*N& S6* *;*#SM8# '8NB;#*<*>S 8N 58X*> [
Y6*M* 8N S6* B8*\@*;*#SM8# #@>NS>SF > N@;X8>5 HF CVFVVAD& Y* 5*S
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ P?
@
C
Q" ?
7C=D - ] V
+ ]
V
+
@ 4 CVFVVVD
AV" G +
C
?
@
C
?
*M*&
@ - / 8N S6* X*#S@M @. >@'; '8NB;#*<*>SN& 8F*F& S6* X*#S@M @. Z8;
C
?
'8NB;#*<*>S& SM>NX*MN* '8NB;#*<*>S >' N;@B*N S >@'* A >' >@'* V M*NB*#S8X*;[F
6* #WMM*>S 8>'W#*' [ S6* N*>N@M NWM.#* 8N @ S8>*' [ '8/*M*>S8S8>5 S6* S@S;
#6M5* ##W<W;S*' @> S6* N*>N@M NWM.#* >' 8N 58X*> [
7C=D
(C=D - CVFVVTD
=
@M
@)
C)
Q" ?)
(C=D - ] V
+ ]
V
+
@) 4 CVFVV4D
AV" G +
C)
?)
8F*F&
Q"
(C=D - ] V
+ ]
V
+ /4 ) CVFVV2D
AV" G +
8>#* S6* N*>N@M 8N WN*' N NSM8> MS* N*>N@M& S68N #WMM*>S #> * #@>X*MS*'
8>S@ S6* @B*> #8M#W8S N*>N@M X@;S5* C=D WN8>5 N85>;7#@>'8S8@>8>5 '*X8#* Y8S6
58> @.
>' BB;8*' S@ S6* #SWS@M Y8S6 S6* #@>SM@;;*M 58> N
C=D -
(C=D CVFVVQD
Q"
C=D -
] V
+ ]
V
+ !/" CVFVVPD
AV" G +
C=D - + /
) CVFVV+D
Y6*M* /) 8N S6* S8<* '*M8XS8X* @. S6* >@'; #@@M'8>S* X*#S@M CNSM8> MS*D >' +
8N #@>NS>S X*#S@M @. N8\* CA QD .@M V >@'* *< *;*<*>S Y68#6 '*B*>'N @> S6*
S[B* @. N*>N@M& 8SN #6M#S*M8NS8#N >' 8SN 1>8S* *;*<*>S ;@#S8@> 8> S6* *< *''*'
NSMW#SWM* >' 8N 58X*> [
Q "
] V
+ ]
V
+ 4 CVFVV?D
AV" G +
6* 8>BWS X@;S5* S@ S6* #SWS@M 8N C=D >' 8N 58X*> [
C=D - @>SM@;;*M 58> C=D CVFVT]D
Q "
C=D - @>SM@;;*M 58> ] V
+ ]
V
+ / ) CVFVTAD
C
AV" G + D
@S* S6S S6* N*>N@M @WSBWS X@;S5* 8N .W>#S8@> @. S6* N*#@>' NBS8; '*M8XS8X*
@. S6* <@'* N6B*F
+] V @'*;8>5 @. <MS SMW#SWM*N
:=:-5 3=:(-,
6* NSM8> BM@'W#*' 8> S6* B8*\@*;*#SM8# ;[*M 8N '8M*#S;[ BM@B@MS8@>; S@ S6* *;*#SM8#
B@S*>S8; BB;8*' S@ S6* ;[*M >' 8N 58X*> [ !T"& !Q"
%$& CVFVTVD
Y6*M* %$& 8N S6* N6*M NSM8> 8> S6* B8*\@*;*#SM8# ;[*M >'
8N S6* *;*#SM8# B@S*>S8;
BB;8*' S@ S6* #SWS@M& Y68#6 8N 58X*> [
- & Y6*M* = 8N S6* S68#:>*NN @. S6*
N6*M ;[*MF *<@X8>5 S6* #@>NS>S @. BM@B@MS8@>;8S[ 8> HF CVFVTVD& Y* 5*S
8>#* S6* MS8@ @. N6*M NSM*NN S@ N6*M NSM8> 8N S6* <@'W;WN @. M858'8S[ & S6*
N6*M NSM*NN 8N 58X*> [
>$& - %$& 4 CVFVT4D
W NS8SWS8>5 S6* X;W* @. %$& .M@< HF CVFVTTD 8>S@ HF CVFVT4D& Y* 5*S
6WN&
>$& - 4 CVFVTQD
=
*#WN* @. S68N NSM*NN& *>'8>5 <@<*>SN M* 8>'W#*' 8> S6* *< S S6* >@'*NF
6* M*NW;S>S <@<*>S #S8>5 @> S6* *< *;*<*>S 8N '*S*M<8>*' [ 8>S*5MS8>5
S6* NSM*NN S6M@W56@WS S6* NSMW#SWM* S68#:>*NN 8> HF CVFVTQDF 8>;;[& S6* M*NW;S>S
*>'8>5 <@<*>S .S*M N8<B;81#S8@> 8N 58X*> [
+ /) ' CVFVTPD
Y6*M* ' -
8N S6* '8NS>#* .M@< S6* >*WSM; Z8N @. S6* *< >' S6* B8*\@7
*;*#SM8# ;[*MF 6* #@>SM@; .@M#*
BM@'W#*' [ S6* #SWS@M S6S 8N BB;8*' @> S6*
*< *;*<*>SN 8N @ S8>*' [ WN8>5 HF CVFVTPD N
- '
D C=D CVFVT+D
@M #> * *ZBM*NN*' N
- # C=D CVFVT?D
Y6*M* # 8N #@>NS>S X*#S@M @. N8\* CQ AD .@M V >@'* *< *;*<*>S >' '*B*>'N
@> S6* S[B* @. #SWS@M >' 8SN 1>8S* *;*<*>S ;@#S8@> 8> S6* *< *''*' NSMW#SWM*
>' 8N S6* B8*\@*;*#SM8# NSM8> #@>NS>SF . >[ *ZS*M>; .@M#*N '*N#M8 *' [ S6*
X*#S@M $ M* #S8>5 S6*>& S6* S@S; .@M#* X*#S@M *#@<*N
- $ G
4 CVFV4]D
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ +A
@ .M& Y* 6X* '8N#WNN*' S6* <NN >' NS8/>*NN @. M*5W;M *< *;*<*>SN >' S6S
@. S6* B8*\@*;*#SM8# *< *;*<*>SN& Y68#6 M* #;;*' N S6* ;@#; <SM8#*NF @Y& S@
@ S8> S6* *HWS8@> @. <@S8@> @. S6* *>S8M* NSMW#SWM*& #@>N8'*M S6* 85F VFAV 8> Y68#6
S6* *< 8N '8X8'*' 8>S@ 2 >' S6* N6*M #SWS@M 8N B;#*' S A Y6*M*N
S6* N*>N@M 8N B;#*' S B@N8S8@> 4F 6* '[><8# *HWS8@> @. S6* *< *''*' N<MS
NSMW#SWM* <@'*; CA 8>BWS >' A @WSBWSD 8N '*M8X*' @> S6* N8<8;M ;8>*N N *ZB;8>*'
8> *#S8@> VFAFA%2 [ #@>N8'*M8>5 S6* S6* 1MNS T X8 MS@M[ <@'*N !PQ" >' 8N 58X*> [
"
G " G " - $
G
CVFV4AD
Y6*M* S6* 5*>*M;8\*' <SM8#*N C<NN& NS8/>*NN& NSMW#SWM; '<B8>5D M* @. N8\* CTTD
>' S6* .@M#* X*#S@MN $ >'
@. N8\*N CT ADF 6* NSS* NB#* <@'*; 8N ;N@
@ S8>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> *#S8@> VFAFA%QCD >' 8N 58X*> [
D) D
D)
D
D)
]
D
] ]
D) -
D
G @C=D G 8C=D
D) D
#
D) D
CVFV4VD
>'
D
D
D
+
D
FC=D - ] CVFV4TD
D
D
Y6*M* S6* <@'; <SM8Z 8N @. N8\* CT] TD >' S6* #@>NS>S X*#S@MN + & # M* @.
N8\*N CA T]D& CT] AD >' S6* .@M#* X*#S@M @. N8\* CT] AD M*NB*#S8X*;[F
6* SY@ *HWS8@>N CVFV4VD >' CVFV4TD #> * YM8SS*> 8> #@<B#S .@M< N
Y6*M* S6* NSS* NB#* <SM8#*N & & & & M* @. N8\*N CQ QD& CQ AD& CA QD&
W;; <SM8Z >' CQADF #>S8;*X*M *< @. NW8S ;* '8<*>N8@>N N N6@Y> 8> ;*N
VFAA >' VFAV 8N #@>N8'*M*'F 6* *< 8N '8X8'*' 8>S@ 2 >' N6*M LN M*
*< *''*' 8>S@ S6* N>'Y8#6*' NSMW#SWM* N N*>N@M R #SWS@M !P2"& !PQ" S @>;[ @>*
'8N#M*S* ;@#S8@> N >@>7#@;;@#S*' B8MF
6* #SWS@M 8N N>'Y8#6*' 8> *SY**> S6* V ;W<8>W< *< ;[*MN S 1>8S*
*;*<*>S B@N8S8@> A >' S6* N*>N@M 8N <@X*' .M@< S6* N*#@>' B@N8S8@> S@ S6* 1.S6
B@N8S8@>& S6WN 58X8>5 M8N* S@ 4 <@'*;N @. S6* N<* B;>S N N6@Y> 8> 85NF
CVFAVDCD7C'DF 6*N* <@'*;N M* @ S8>*' WN8>5 S6* S6*@M[ @. B8*\@*;*#SM8# @>'8>5&
S6* 8<@N6*>:@ *< S6*@M[& S*#6>8HW* >' S6* NSS* NB#* S*#6>8HW*N [
#@>N8'*M8>5 S6* 1MNS T X8 MS@M[ <@'*N 2 & 2 >' 2
!T]"& !4T"& !42"F > *ZS*M>;
.@M#* 8>BWS $ 8N BB;8*' S S6* .M** *>' @. S6* *< .@M ;; S6* 4 <@'*;N @.
S6* N<MS NSMW#SWM* B;>SF 6*M* M* V 8>BWSN S@ S6* B;>SF >* 8N S6* *ZS*M>; .@M#*
+V V @'*;8>5 @. <MS SMW#SWM*N
CD <MS #@<B@N8S* *< Y8S6 #SWS@M S C D <MS #@<B@N8S* *< Y8S6 #7
A& N*>N@M S V SWS@M S A& N*>N@M S T
C#D <MS #@<B@N8S* *< Y8S6 #7 C'D <MS #@<B@N8S* *< Y8S6 #SWS@M
SWS@M S A& N*>N@M S 4 S A& N*>N@M S 2
$". 7.*7. <MS N>'Y8#6*' *< *''*' 8<@N6*>:@ *< '8X8'*' 8>S@ 2 1>8S*
*;*<*>SN CB8*\@7BS#6 B;#*' S B@N8S8@>N A& V& T >' 4D 7 4 <@'*;N
8>BWS $ & Y68#6 8N S:*> N ;@' <SM8Z @. A W>8S 8> S6* N8<W;S8@>F 6* @S6*M
8>BWS 8N S6* #@>SM@; 8>BWS @ S@ S6* #SWS@M .M@< S6* #@>SM@;;*MF
6* X;W*N @. S6* & & & & <SM8#*N .@M S6* <@'*; A Y8S6 #SWS@M S
A >' N*>N@M S V @. S6* N<MS *< N N6@Y> 8> 85F VFAVCD 8N 58X*> [
] ] ] ]4]]]]A ] ] ]
] ] ] ] ]4]]]]A ]
]
- A2
] ] ] ] ] ]4]]]]A ]
]4]] -
44?4P]
]4]]]]
A4]Q
]4]] ]4]]
]4]]
]4]]
]4]]
T4PT ]4]]
]4]]
]4]]
]4]]
]4]]
]4]]
+4T? ]4]]
]4]]
]4]]]A A42TA]
]
]
- W;; <SM8Z - A
4
]
CVFV42D
]4]]]]
]4VT4Q
]4+Q4P
- ] ] ]
]4]]]A ]4]]]] ]4]]A4 4
6* #6M#S*M8NS8#N @. S6* N<MS #>S8;*X*M *< Y8S6 *< *''*' >@>7#@;;@#S*'
N*>N@M >' #SWS@M N N[NS*< 8N 58X*> 8> ;* VFATF 8<8;M;[& S6* NSS* NB#*
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ +T
% 7.*6. 6M#S*M8NS8#N @. N<MS *< *''*' *< N N[NS*< 7 @'*; A
<@'*;N @. S6* M*<8>8>5 T <@'*;N >' S6*8M #6M#S*M8NS8#N M* @ S8>*'F [ <:8>5
@>* B8M @. B8*\@*;*#SM8# *;*<*>SN N >@>7#@;;@#S*' #S8X* N*>N@MN R #SWS@M S
S8<* >' [ <:8>5 @S6*M *;*<*>SN N M*5W;M *;*<*>SN& #@>SM@; @. S6*N* 4 NSS*
NB#* <@'*;N M* @ S8>*' WN8>5 XM8@WN S[B*N @. #@>SM@; ;YN Y68#6 M* #@>N8'*M*'
8> S6* NW N*HW*>S 6BS*MNF
>'
D
D
F ] +
D
+ D
- CVFV4+D
F ]
D
D
Y6*M* S6* <@'; <SM8Z 8N @. N8\* CT] TD >' S6* #@>NS>S X*#S@MN + & # M* @.
N8\*N CA T]D& CT] AD >' S6* .@M#* X*#S@M @. N8\* CT] AD M*NB*#S8X*;[F
6* SY@ *HWS8@>N CVFV4PD >' CVFV4+D #> * YM8SS*> 8> #@<B#S .@M< N
$". 7.*6. N<MS N>'Y8#6*' *< *''*' *< N N[NS*< Y8S6 V 8>BWSN
>' @WSBWSN
Y6*M* S6* NSS* NB#* <SM8#*N & & & & M* @. N8\*N CQ QD& CQ VD& CV QD&
W;; <SM8Z >' CQ ADF
#>S8;*X*M *< @. NW8S ;* '8<*>N8@>N N 58X*> 8> ;* VFAA ;@>5 Y8S6 S6*
BM@B*MS8*N 8> ;* VFAV 8N #@>N8'*M*'F 6* *< 8N '8X8'*' 8>S@ + 1>8S* *;*<*>SN
>' N6*M LN M* *< *''*' 8>S@ S6* <NS*M NSMW#SWM* N N*>N@MN R #SWS@MN
N N6@Y> 8> S6* 85F VFATF 6* #SWS@MN M* N>'Y8#6*' 8> *SY**> S6* V S68#:
;W<8>W< *< ;[*MN S 1>8S* *;*<*>S B@N8S8@>N V >' 4& Y6*M*N S6* N*>N@MN M*
B;#*' S 1>8S* *;*<*>S B@N8S8@>N Q >' +& S6WN 58X8>5 M8N* S@ N8>5;* <W;S8XM8 ;*
<@'*; Y8S6 V 8>BWSN >' V @WSBWSNF
6* <@'*; 8N @ S8>*' WN8>5 S6* S6*@M[ @. B8*\@*;*#SM8# @>'8>5& S6* 8<7
@N6*>:@ *< S6*@M[& S*#6>8HW* >' S6* NSS* NB#* S*#6>8HW*N [ #@>N8'*M8>5
S6* 1MNS T '@<8>>S X8 MS@M[ <@'*N 2 & 2 >' 2
!T]"& !4T"& !44"& !42"F > *ZS*M>;
.@M#* 8>BWS $ 8N BB;8*' S S6* .M** *>' @. S6* *<F 6*M* M* S6M** 8>BWSN S@
S6* B;>SF >* 8N S6* *ZS*M>; .@M#* 8>BWS $ Y68#6 #M*S*N S6* '8NSWM >#* >' 8N
S:*> N ;@' <SM8Z @. A W>8S 8> S6* N8<W;S8@>F 6* @S6*M 8>BWSN M* S6* #@>SM@;
8>BWSN @ >' @ S@ S6* #SWS@MN .M@< S6* #@>SM@;;*MF
6* X;W*N @. S6* & & & & <SM8#*N .@M S6* NSS* NB#* <@'*; @.
S6* N<MS NSMW#SWM* 8N 58X*> [
] ] ] ]4]]]]A ] ] ]
] ] ] ] ]4]]]]A ]
]
] ] ] ] ] ]4]]]]A
]
- A2 -
]4]]TP
]4]]
V4AT
]4]] ]4]]
]4]]
]4]]
]4]]]]
]4QA ]4]]
]4]]
]4]] ]4]]
]4]]
]4]]
]4]]
24T?
]4]]
]4]]
]4]]]A ]4]]A2
] ] ] ]4]]]A
]4]]]]
]4]]]]
- CVFV2]D
] ] ] ]4]]]A
]4]]]]
]4]]AA
VFV @'*;8>5 @. <MS SMW#SWM*N N*' @> 8<@N6*>:@ *< 6*@M[ +2
% 7.*!. 6M#S*M8NS8#N @. S6* N<MS *< *''*' *< .@M N N[NS*<
] ]
] ]
] ]
- W;; <SM8Z - A
4 4
]4]]]]
]4]]]]
]4]]]A
]4]]AA
]4]]]]
]4]]TA
<2<2$ -,*=6(-,6
> S68N 6BS*M& Y* '*X*;@B XM8@WN S[B*N @. #@>SM@; NSMS*58*N .@M >'
<@'*;N @. N<MS NSMW#SWM* '*X*;@B*' 8> S6* 6BS*M V WN8>5 S6* *M8@'8# WSBWS
**' #: CD #@>SM@; ;Y& S[B* @. <W;S8MS* @WSBWS .**' #: CD S*#67
>8HW*F 6* XM8@WN S[B*N @. '*X*;@B*' #@>SM@; NSMS*58*N M* WN*' S@ #@>SM@; S6*
X8 MS8@>N @. *<N Y6*> S6*[ M* NW 9*#S*' S@ > *ZS*M>; '8NSWM >#* C8<BW;N* @M
N8>WN@8';D S S6* .M** *>' @. S6* #>S8;*X*M *<F > S6* 1MNS BMS @. S68N 6BS*M&
S6* '*N85> @. #@>SM@;;*MN .@M S6* #S8X* X8 MS8@> NWBBM*NN8@> @. 3*Z8 ;* #>7
S8;*X*M *<N <@'*;;*' Y8S6 W;*M7*M>@W;;8 *< S6*@M[ 8N '8N#WNN*'& Y68;* 8> S6*
;SS*M BMS @. S68N 6BS*M& S6* '*N85> @. #@>SM@;;*MN .@M S6* #S8X* X8 MS8@>
NWBBM*NN8@> @. S68#: *<N <@'*;;*' Y8S6 8<@N6*>:@ *< S6*@M[ 8N BM*N*>S*'F
6* B*M.@M<>#* @. ;; S6* '*N85>*' #@>SM@;;*MN M* *X;WS*' .@M [ @ N*MX8>5
S6* XM8@WN M*NB@>N*NF 6* M*NW;SN M* #@<BM*' >' #@>#;WN8@>N M* 1>;;[ 'MY>F
Y6*M* D & @ & F & & & M* #@>NS>S <SM8#*N @. BBM@BM8S*
'8<*>N8@>N >' ! & ! & ! F
*S C D >' C D * S6* N[NS*< 8> CTFAD N<B;*' S > >' N*#N
M*NB*#S8X*;[F S 8N NNW<*' S6S C D * ><*' N S6* > N[NS*< >' C D
* ><*' N S6* N[NS*<F S 8N ;N@ NNW<*' S6S > N[NS*< 8N #@<B;*S*;[ @ N*MX ;*
>' N[NS*< 8N #@<B;*S*;[ #@>SM@;; ;*F
6* @WSBWS 8N <*NWM*' S S6* S8<* 8>NS>SN = - *> * - ] A V 44F * #@>N8'*M
#@>NS>S 6@;' .W>#S8@>N *#WN* S6*[ M* <@M* NW8S ;* .@M 8<B;*<*>SS8@>F >
@WSBWS7N<B;8>5 8>S*MX; 8N '8X8'*' 8>S@
NW 78>S*MX;N @. Y8'S6 - >' S6*
6@;' .W>#S8@> 8N NNW<*' S@ * #@>NS>S @> S6*N* NW 78>S*MX;N N N6@Y> 8> 85F TFAF
N6@W;' * 5M*S*M S6* #@>SM@;; 8;8S[ 8>'*Z % @. C DF 6WN& S6* #@>SM@; ;Y
*#@<*N
@C=D -
FC*> D 444 C*> G +D = !*> G C+ G AD"
-
CTFVD
*S
-
4 CTF4D
*S @C=D * #;#W;S*' WN8>5 HF CTFVD >' S6*M*.@M*& 8C*> D *#@<*N
@C*> D
@C*> G D
8C*> D - FC*> D - FF 4 CTF2D
F
@C*> G >
D
6* BM@ ;*< 6N >@Y S:*> S6* .@M< @. NSS8# @WSBWS .**' #: !4+"F HWS8@>
CTFPD NW55*NSN S6S > @WSBWS 8>9*#S8@> <SM8Z * .@W>' NW#6 S6S
9 G - A CTF+D
Y6*M* 9CD '*>@S*N S6* NB*#SM; M'8WNF [ @ N*MX 8;8S[& @>* #> ;Y[N #6@@N* >
@WSBWS 8>9*#S8@> 58> S@ #68*X*>[ '*N8M*' N*;.7#@>9W5S* N*S @. *85*> X;W*N .@M
S6* #;@N*'7;@@B <SM8Z G >' .M@<
0& 8S .@;;@YN S6S @>* #> 1>'
58> Y68#6 M*;8\*N S6* @WSBWS 8>9*#S8@> 58> [ N@;X8>5
- CTF?D
.@M F
6* BM@ ;*< Y8S6 #@>SM@;;*MN @ S8>*' 8> S68N Y[ 8N S6S& ;S6@W56 S6*[ M*
NS 8;8\8>5 >' #68*X* S6* '*N8M*' #;@N*' ;@@B *6X8@M S S6* @WSBWS N<B;8>5
8>NS>SN& S6*[ <[ #WN* > *Z#*NN8X* @N#8;;S8@> *SY**> 8>S*M7N<B;8>5 8>NS>SNF
6* #@>SM@;;*M @ S8>*' WN8>5 S6* @X* *HWS8@> <[ 58X* S6* '*N8M*' *6X8@WM&
WS <856S M*HW8M* *Z#*NN8X* #@>SM@; #S8@> >' S6* 58>N @ S8>*' <[ * X*M[
6856F @ M*'W#* S68N */*#S& Y* M*;Z S6* #@>'8S8@> S6S *Z#S;[ NS8N.[ S6* ;8>*M
*HWS8@> CTF?D >' 8>#;W'* #@>NSM8>S @> 8SF @;X8>5 - <[ 58X* 58>
S6S 8N 6856*M 8> <5>8SW'*& <B;8.[8>5 S6* >@8N* 8> N[NS*<F
*>#*& S6* #@>'8S8@>N
@> 8N 8<B@N*' 'WM8>5 S6* #@>SM@;;*M '*N85>F 6*N* M*NSM8#S8@>N @> M* B@N*' N
BM@ ;*< !AVA"F 6WN& Y* MM8X* S S6* .@;;@Y8>5 8>*HW;8S8*N N
- 9 - 9 CTFA]D
Y6*M* 9 N<;; <*>N S6S S6* #@>SM@;;*M Y8S6 58> 8N 5@@' BBM@Z8<S8@>
@. S6* @M858>; '*N85>& 8F*F& NS 8;8S[ 8N >@S 8<B8M*' >' 9 N<;; <*>N ;@Y >@8N*
N*>N8S8X8S[F
N8>5 S6* N#6WM #@<B;*<*>S& 8S 8N NSM856S .@MYM' S@ M8>5 S6*N* #@>'8S8@>N 8>
S6* .@M< @. 8>*M SM8Z >*HW;8S8*N CD !4?"& !2]"& !AVA" N
9 9 C
D
- ] - ]4 CTFAAD
C
D
?] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
> S68N .@M<& S6* S@@; @Z @. #> * WN*' .@M S6* N[>S6*N8N @.
F 6* #@>SM@;;*M @ S8>*' [ S68N <*S6@' M*HW8M*N @>;[ B8*#*Y8N* #@>NS>S
58>N !AVV" >' <[ * *N8*M S@ 8<B;*<*>S 8> M*; S8<*F
> ;S*M>S8X* <*S6@' S@ S6* @X* S*#6>8HW* 8N S@ WN* B*M.@M<>#* 8>'*Z
N@ S6S - >**' >@S * .@M#*' *Z#S;[ N WN*' [ *M>*M >' WMWS !2A"& !22"F
68N #@>NSM8>S 8N M*B;#*' [ B*>;S[ .W>#S8@>& Y68#6 <:*N 8S B@NN8 ;* S@ *>6>#*
S6* #;@N*' ;@@B B*M.@M<>#* [ ;;@Y8>5 N;856S '*X8S8@>N .M@< S6* @M858>; '*N85>
>' S S6* N<* S8<* 8<BM@X8>5 S6* *6X8@WMF 6* B*M.@M<>#* 8>'*Z C*D 8N 58X*>
[
= ]
D
C*D - D @ G CD
D D = CD
D D
] @
CTFAVD
Y6*M* ! & = >' = ! M* B@N8S8X* '*1>8S* >' N[<<*SM8# Y*856S
<SM8#*N& D >' @ '*>@S* S6* NSS*N >' S6* 8>BWSN @. S6* '*;S N[NS*< >' D
'*>@S*N S6* NSS* S6S Y@W;' * M*#6*' S S6* 8>NS>S *
& 58X*> D & 8.
8N N@;X*' S@ NS8N.[ CTF?D *Z#S;[& 8F*F& D - G D F 6* 1MNS S*M<
M*BM*N*>SN S6* X*M5*' NSS* >' #@>SM@; *>*M5[ Y6*M*N S6* N*#@>' S*M< B*>;8\*N
S6* '*X8S8@> @. F SM'*7@/ *SY**> S6* #;@N*' ;@@B B*M.@M<>#* >' #;@N*>*NN
S@ S6* #6@N*> '*N85> 8N *ZBM*NN*' [ S6* @X* #@NS .W>#S8@>F
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> S6* BM*X8@WN *#S8@> TFA 8N WN*' S@ '*N85>
#@>SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. 3*Z8 ;* #>S8;*X*M *<
S6M@W56 N<MS NSMW#SWM* #@>#*BS .@M S6* XM8@WN NSS* NB#* <@'*;N 58X*> 8>
*#S8@> VFAFA%Q C8DF 6* B*M.@M<>#* @. S6* T S[B* @. N[NS*<N 8N 6*M* [ *X;WS*'
.@M X8 MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N 8> >' #@>#;WN8@>N
M* 'MY> [ @ N*MX8>5 S6* XM8@WN M*NB@>N*N !PV"& !+P"F
> *ZS*M>; .@M#* $ C8<BW;N* '8NSWM >#*D @. A *YS@> 8N BB;8*' .@M 'WMS8@>
@. A N*# S S6* .M** *>' @. S6* *< .@M S6* 8>'8X8'W; <@'*;N @. S6* T N[NS*<N N6@Y>
8> 85NF VFT >' 8> FAF 6* *< 8N NW 9*#S*' S@ X8 MS8@>N >' S6* @B*> ;@@B
8<BW;N* M*NB@>N* CB;@S @. N*>N@M @WSBWSN F N .W>#S8@> @. =D @. S6* XM8@WN <@'*;N
@. S6* T N[NS*<N M* @ N*MX*'F
6* 1MNS SN: 8> '*N85>8>5 S6* #@>SM@;;*M 8N S6* N*;*#S8@> @. S6* N<B;8>5
8>S*MX; > F 6* <Z8<W< >'Y8'S6 .@M ;; S6* N*>N@M R #SWS@M ;@#S8@>N @> S6*
*< M* #;#W;S*' C6*M*& S6* N*#@>' X8 MS@M[ <@'* @. S6* B;>SD >' S6*> [
WN8>5 S6* *Z8NS8>5 *<B8M8#; MW;*N !AVT" .@M N*;*#S8>5 S6* N<B;8>5 8>S*MX; N*'
@> >'Y8'S6& BBM@Z8<S*;[ A] S8<*N @. S6* <Z8<W< N*#@>' X8 MS8@> <@'*
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ ?A
.M*HW*>#[ @. S6* N[NS*< 6N **> N*;*#S*'F 6* N<B;8>5 8>S*MX; WN*' 8N > - ]4]]4
N*#@>'NF
@>N8'*M S6* <@'*;N @. S6* T N[NS*<N @>;[ S S6* 1Z*' *>'F *S C D&
C) - A V TD * S6* > N[NS*<N N<B;*' S MS* @. M*NB*#S8X*;[F 6WN&
]4QVAP
]4]]]] ]4]]T4
]4]]]]
]4]?
]4]]4]
]4]A
- - A] CTFATD
]4]]]] ]4?+A?
]4]]]]
AP244???
]4]]]] ]4Q]4V
]4]]]]
4]44Q
]4]]]]
?4]]QV
]4]]]] ]4?+A]
T4P]
- ] ]
]4]]2]
]4]]V+
]4Q]+P
]4]]]] ]4]]T4
]4]]]] ]4]Q
]4]]]] ]4?+Q]
]4]]]] ]4]]4]
]4]]
-
]4]]]]
- A]
VP4]P
CTFA4D
A+]4?+4+
]4]]]] ]42?]Q
]4]]]]
Q4?P4P
]4]]]] ]4?+2T
A4+V
- ] ] ]4]]T+
]4]]AQ
]4QV4? ]4]]]] ]4]]T4 ]4]]]]
]4]]]4
]4]]]] ]4?++A ]4]]]] ]4]]4]
]4]]]]
-
]4]]]]
- A]
]4APPA
CTFA2D
AP44A2QV ]4]]]] ]4Q]P4
]4]]]]
24?VQ2 ]4]]]] ]4?+P2
]4]A]+
- ] ]
]4]]VQ
]4]]A] 4
*M*& .@M S6* N:* @. #@>X*>8*>#*& @>;[ S6* <@'*;N @. S6* T S[B*N @. S6* N[NS*<N
.@M S6* B8*\@ BS#6 B;#*' S S6* 1Z*' *>' 8N 58X*>F S 8N .@W>' S6S S6* N[NS*<N 8>
HNF CTFATD7CTFA2D M* #@>SM@;; ;* >' @ N*MX ;*F 8<8;M;[& S6* SW N[NS*<N @. S6*
@S6*M <@'*;N @. S6* T N[NS*<N M* @ S8>*'F 6* NS 8;8\8>5 @WSBWS 8>9*#S8@> 58>N
LN M* @ S8>*' .@M S6* <@'*;N @. S6* T S[B*N @. N[NS*<N Y8S6 S6* B8*\@N S S6*
1Z*' *>' NW#6 S6S S6* *85*>X;W*N @. C G D ;8* 8>N8'* S6* W>8S #8M#;* >'
S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5 S8<*F 8<8;M;[& S6* @WSBWS 8>9*#S8@>
58>N .@M S6* @S6*M <@'*;N @. S6* T N[NS*<N M* @ S8>*'F 6* 8<BW;N* M*NB@>N*N M*
@ N*MX*' Y8S6 S6* @WSBWS 8>9*#S8@> 58>NF 6* 58>N .@M S6* <@'*;N S S6* 1Z*' *>'
@. S6* T S[B*N @. N[NS*<N M* @ S8>*' N
- ] ] ]4]]T+ ]4]]AQ
]4??Q] ]4]]]] ]4]]]4 ]4]]]]
]4]]]]
]4]]]] ]4????
]4]]]] ]4]]]4
-
- A]
]4]]]] CTFA+D
V]4A2+Q ]4]]]] ]4??T? ]4]]]]
]4V]2]
]4]]]]
]42?2A ]4]]]] ]4???+
]4]A]?
- ] ]
]4]]VQ
]4]]A]
N 8> S6* #N* @. > N[NS*<N& S6* '*;S N[NS*<N .@M S6* T S[B*N @. N[NS*<N Y6*M*
S6* B8*\@ BS#6 8N B;#*' S S6* 1Z*' *>' 8N 58X*> 6*M* .@M 8> HNF CTFAQD7CTFA+DF
8<8;M;[& S6* '*;S N[NS*<N @. S6* @S6*M <@'*;N @. S6* T N[NS*<N M* @ S8>*'F 6*
58> <SM8Z .@M S6* N[NS*<N M* @ S8>*' [ N@;X8>5 WN8>5 S6*
@BS8<8\S8@> <*S6@' !AVA"F 68N M*'W#*N S6* <B;8SW'* @. S6* #@>SM@; N85>; @F
6* 58> <SM8Z .@M S6* XM8@WN <@'*;N @. S6* T N[NS*<N S S6* 1Z*' *>'
*>' 8N 58X*> [ !PV"& !+P"F
)% * ) 1<15& * % A] ! P4AP Q4V2 24TP 4424 T4PP T4]Q V44A A4+4 A4T4 ]4?V "
)% * ) 1<15& 7 % A] ! T422 T4]+ V4QV V4A? A4P? A444 A4AA ]4+Q ]4Q2 ]42 "
)% * ) 1<15& 6 % A] ! T4QA T4A+ V4P2 V4T4 A4?4 A42+ A4V4 ]4?4 ]4Q+ ]44Q " 4
8<8;M;[& S6* 58> <SM8#*N .@M S6* @S6*M <@'*;N @. S6* T N[NS*<N M*
@ S8>*'F 8S6 S6* '*N85>*' #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6* B;>S&
S6* #;@N*' ;@@B 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN FD >' S6* XM8S8@> @. S6* #@>SM@;
N85>; @ Y8S6 S8<* = .@M ;; S6* <@'*;N 8> S6* T N[NS*<N M* @ N*MX*'F
*M*& .@M S6*
N:* @. #@>X*>8*>#*& @>;[ S6* M*NB@>N*N C@B*> ;@@B 8<BW;N* M*NB@>N*& #;@N*' ;@@B
8<BW;N* M*NB@>N* Y8S6 S6* @WSBWS 8>9*#S8@> 58>& #;@N*' ;@@B 8<BW;N* M*NB@>N* Y8S6
S6* 58>& #@>SM@; */@MS M*HW8M*'D .@M S6* <@'*;N 8> Y68#6 S6* B8*\@ BS#6*N M*
B;#*' S S6* 1Z*' *>' >' S6* .M** *>' @. S6* T S[B*N @. N[NS*<N CV <@'*ND M*
N6@Y> 8> 85NF TFV 7 TFPF
*NB@>N*N M* ;N@ @ N*MX*' .@M T X8 MS8@> <@'*N <@'*;N Y8S6 S6* B8*\@ BS#6*N
B;#*' @>;[ S S6* 1Z*' *>'F 6* M*NB@>N*N M* N6@Y> 8> S6* 85NF TF+ 7 TFA]F 6*
B*: <5>8SW'*N @. S6* @B*> ;@@B 8<BW;N* M*NB@>N*N& #;@N*' ;@@B 8<BW;N* M*NB@>N*N
Y8S6 & >' B*: <5>8SW'* @. S6* #@>SM@; */@MS @ .@M S6* XM8@WN <@'*;N @.
S6* T N[NS*<N C [ M*S8>8>5 S6* 1MNS SY@ X8 MS@M[ <@'*ND M* 58X*> *;@YF
@>SM@;;*MN M* '*N85>*' .@M S6* N<MS 3*Z8 ;* #>S8;*X*M *< WN8>5 S6* #@>SM@;
S*#6>8HW* .@M S6* '8/*M*>S <@'*;N @. S6* 6 1<15&1 S@ NWBBM*NN S6* 1MNS V X8 MS@M[
<@'*N !PV"& !+P"F 6* XM8@WN M*NB@>N*N M* @ S8>*' .@M *#6 @. S6* NSS* NB#*
<@'*;N @. S6* T N[NS*<NF 6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN
.@M XM8@WN #N*N @. N<MS NSMW#SWM* <@'*;N M* BM*N*>S*' *;@YF
M@< S6* N8<W;S8@> M*NW;SN& 8S 8N @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [
8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/>*NN >' [ XM[8>5 8SN ;@#S8@> @>
S6* *< .M@< S6* .M** *>' S@ S6* 1Z*' *>' >' [ '8X8'8>5 8S 8>S@ >W< *M @.
M*NW;SN 8> #@>N8'*M ;* #6>5* 8> S6* N[NS*<LN NSMW#SWM; X8 MS8@> #6M#S*M8NS8#NF
6M@W56 S6* N8<W;S8@> M*NW;SN& 8S 8N 8>.*MM*' S6S Y6*> S6* B;>S 8N B;#*' Y8S6
S68N '*N85>*' #@>SM@;;*M& S6* B;>S B*M.@M<N Y*;; >' S6* X8 MS8@>N '8* @WS HW8#:;[F
ë>Vi
iÌ
{
Ó Ã«>ViiÌ
ä
Ó
{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
7Ì
ÕÌ VÌÀiÀ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
ÜÌ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
ÜÌ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
£
Ã}> Õ
ÌÀ
ÌÀ Ã}> Õ
ä
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.7. 8B '8NB;#*<*>SN& @B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @.
<@'*; A @. N[NS*< A C8*\@ B;#*' S A 7 1Z*' *>'D
?4 T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
ë>Vi
iÌ
Ó
ë>ViiÌ
ä
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
ÜÌ
ÕÌ VÌÀiÀ
ä
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
ÜÌ
ä
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
ÜÌ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
Ã}> Õ
VÌÀ Ã}> Õ
VÌÀ
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.6. 8B '8NB;#*<*>SN& @B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @.
<@'*; A @. N[NS*< V C8*\@ B;#*' S A 7 1Z*' *>'D
£
ë>Vi
iÌ
`ë>ViiÌ
ä
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
£ä
ÕÌ«ÕÌ Þ
-iÃÀ
ÜÌ
ÕÌ VÌÀiÀ
ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
ÜÌ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
£ä
ÕÌ«ÕÌ Þ
ÜÌ
-iÃÀ
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°Ó
Ã}> Õ
ÌÀ
VÌÀ «ÕÌ Õ
ä
ä°Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.!. 8B '8NB;#*<*>SN& @B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @.
<@'*; A @. N[NS*< T C8*\@ B;#*' S A 7 1Z*' *>'D
M@< S6* M*NB@>N*N @. S6* XM8@WN <@'*;N @. *#6 N[NS*<& 8S 8N @ N*MX*' S6S Y6*>
S6* B8*\@*;*#SM8# *;*<*>S 8N B;#*' >*M S6* #;<B*' *>'& 8F*F& S6* 1Z*' *>'& S6*
N*>N@M @WSBWS X@;S5* 8N 5M*S*MF 68N 8N 'W* S@ S6* 6*X[ '8NSM8 WS8@> @. S6* *>'8>5
<@<*>S >*M S6* 1Z*' *>'& S6WN ;*'8>5 S@ ;M5*M NSM8> MS*F
6* N*>N@M X@;S5* 8N X*M[ ;*NN Y6*> S6* N*>N@M R #SWS@M B8M 8N ;@#S*' S
S6* .M** *>' N M*NW;S @. Y68#6 <@M* #@>SM@; */@MS 8N M*HW8M*' S@ '<B @WS S6*
X8 MS8@>NF 6* N*>N8S8X8S[ @. S6* N*>N@M R #SWS@M B8M S6WN '*B*>'*' @> 8SN ;@#S8@>
@> S6* *<F M@< S6* @WSBWS M*NB@>N*N N6@Y> 8> S6* 85NF TFV 7 TFA]& 8S 8N @ N*MX*'
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ ?2
-iÃÀ ÕÌ«ÕÌ Þ
ÜÌ
ÕÌ VÌÀiÀ
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Ó
-iÃÀ ÕÌ«ÕÌ Þ ÜÌ
£
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Ó
-iÃÀ ÕÌ«ÕÌ Þ
ÜÌ
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
{
VÌÀ Ã}> Õ
VÌÀ «ÕÌ Õ
Ó
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6. . B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @. <@'*; T @. N[NS*<
A C8*\@ B;#*' S T 7 .M** *>'D
£
-iÃÀ ÕÌ«ÕÌ Þ
ÜÌ ÕÌ VÌÀiÀ
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
£
-iÃÀ ÕÌ«ÕÌ Þ
ÜÌ
ä°x
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
£
-iÃÀ ÕÌ«ÕÌ Þ
ÜÌ
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Ó
VÌÀ Ã}> Õ
VÌÀ «ÕÌ Õ
£
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.3. B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @. <@'*; 4 @. N[NS*<
V C8*\@ B;#*' S 4 7 .M** *>'D
S6S S6* #@>SM@; */@MS @ M*HW8M*' .M@< S6* #@>SM@;;*M 5*SN M*'W#*' 8. S6* N*>N@M R
#SWS@M B;#*<*>S ;@#S8@> 8N <@X*' S@YM'N S6* 1Z*' *>'F N<;; <5>8SW'* @.
S6* #@>SM@; N85>; 8N NW0#8*>S S@ #@>SM@; S6* NSMW#SWM; X8 MS8@>N @. *#6 <@'*; @.
S6* N[NS*<N A& V >' T Y6*> S6* B8*\@N M* S S6* 1Z*' *>'F
> @WSBWS 8>9*#S8@> 58> .@M *#6 '8N#M*S* <@'*; @. S6* S6M** N[NS*<N 8N @ S8>*'
NW#6 S6S B@;*N M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N >' S6*
?Q T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
ä°x
ÜÌ
ÕÌ VÌÀiÀ
ÕÌ«ÕÌ Þ
-iÃÀ
ä
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
ÜÌ
ÕÌ«ÕÌ Þ
-iÃÀ
ä
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
ÜÌ
ÕÌ«ÕÌ Þ
-iÃÀ
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Ó
VÌÀ «ÕÌ Õ
Ã}> Õ
VÌÀ
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.2. B*> >' #;@N*' ;@@B M*NB@>N*N >' #@>SM@; N85>; @. <@'*; 2 @. N[NS*<
T C8*\@ B;#*' S 2 7 .M** *>'D
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
Ã}> Õ
VÌÀ
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.. *NB@>N*N @. <@'*; A @. N[NS*< A C8*\@ B;#*' S 1Z*' *>'D % T <@'*N
N[NS*< 6N X*M[ 5@@' N*SS;8>5 S8<*F 6* 8>'8X8'W; <@'*;N @. S6* T N[NS*<N M*
#@<BM*' S@ @ S8> S6* *NS B*M.@M<>#*F @<BM8>5 S6* T N[NS*<N& X8\F& N[NS*< A&
V >' T& 8S 8N @ N*MX*' S6S Y6*> S6* N<MS *< 8N '8X8'*' 8>S@ 2 1>8S* *;*<*>SN& S6*
X8 MS8@> #6M#S*M8NS8#N YN S6* *NS <@>5NS ;; S6* <@'*;N @. S6* S6M** N[NS*<NF
*>#*& 8S #> * #@>#;W'*' S6S& S6* *NS B;#*<*>S @. S6* N*>N@M R #SWS@M B8M
8N S S6* 1Z*' *>' @. S6* N[NS*< T& 8F*F& S6* <@'*; A @. N[NS*< TF @<BM8>5 S6*
M*NB@>N*N @. S6* XM8@WN <@'*;N @. S6* T N[NS*<N& 8S 8N @ N*MX*' S6S S6* <@'*; A
@. S6* N[NS*< TLN X8 MS8@> #6M#S*M8NS8#N M* S6* *NS .@M S6* X8 MS8@> #@>SM@; @.
N<MS *< *#WN* @. S6* .@;;@Y8>5 M*N@>NF
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ ?P
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
ä
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ £ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÕÌ«ÕÌ Þ
-iÃÀ
Óä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
Ã}> Õ
VÌÀ
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.(. *NB@>N*N @. <@'*; A @. N[NS*< V C8*\@ B;#*' S 1Z*' *>'D % T <@'*N
Óä
ÜÌ
ÕÌ VÌÀiÀ
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÜÌ
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Óä
ÜÌ
ÕÌ«ÕÌ Þ
-iÃÀ
£ä
£ä
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°x
VÌÀ «ÕÌ Õ
Ã}> Õ
VÌÀ
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". 6.*>. *NB@>N*N @. <@'*; A @. N[NS*< T C8*\@ B;#*' S 1Z*' *>'D % T <@'*N
X*M[ N<;; <5>8SW'* @. #@>SM@; 8>BWS @ 8N M*HW8M*' S@ '<B @WS S6* X8 MS8@>N
#@<BM*' S@ S6* N[NS*<N A >' V N M*NW;S @. Y68#6 ;*NN */@MS 6N S@ * BWS
[ S6* #@>SM@;;*MF
6* <5>8SW'* @. S6* 8<BW;N* M*NB@>N* C#;@N*' ;@@BD @. @S6 S6* #@>S8>W@WN >'
S6* '8N#M*S* S8<* N[NS*< 8N ;*NN #@<BM*' S@ N[NS*<N A >' VF
;N@& S6* M*NB@>N* #6M#S*M8NS8#N Y8S6 >' M* S6* *NSF
6* X8 MS8@>N M* '<B*' @WS HW8#:;[& 8F*F& S6* S8B B@N8S8@> N*SS;*N HW8#:;[F
WMS6*M& S6* <@'*; A @. N[NS*< T 8N <@M* N*>N8S8X* S@ S6* 1MNS <@'* N S6* *>'8>5
<@<*>S 8N <Z8<W<& NSM8> MS* 8N 6856*M& <8>8<W< S8B '*3*#S8@>& *SS*M N*>N@M
@WSBWS >' ;*NN M*HW8M*<*>S @. S6* #@>SM@; 8>BWS C#@>SM@; Y8;; * <@M* */*#S8X* S
?+ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
S6* M@@SD& Y6*M*N S S6* .M** *>' @. S6* N[NS*< T C<@'*; 2 @. N[NS*< TD& *#WN*
@. S6* ;*NN*M NSM8> MS* >' <Z8<W< '*3*#S8@>& <@M* #@>SM@; *>*M5[ 8N M*HW8M*' S@
'<B @WS S6* X8 MS8@>NF 6* X8 MS8@> #6M#S*M8NS8#N @. S6* N[NS*< '*B*>'*' >@S
@>;[ @> S6* #@;;@#S8@> @. S6* B8*\@ B8M& WS ;N@ @> <>[ .#S@MN NW#6 N S6* 58>
@. S6* <B;81*M WN*'& S6* <@'* >W< *M >' S6* ;@#S8@> @. S6* B8*\@ B8M S S6*
>@'; B@8>SN .M@< S6* 1Z*' *>' !AA"F
WMS6*M& M*NB@>N*N M* @ S8>*' [ #@>N8'*M8>5 S6* 1MNS T X8 MS@M[ <@'*N ;N@
>' M* N6@Y> 8> 85NF TF+ 7 TFA]F *NW;SN M* #@<BM*' Y8S6 S6* #@>SM@;;*MN '*N85>*'
.@M 1MNS V X8 MS@M[ <@'*NF 6* M*NB@>N*N Y8S6@WS #@>SM@;;*M& Y8S6 & >' <57
>8SW'* @. S6* #@>SM@; 8>BWS @ M* @ S8>*'F 6* @ S8>*' M*NB@>N*N [ M*S8>8>5 S6*
1MNS T <@'*N Y*M* >*M;[ C;<@NSD S6* N<* N .@M S6* V X8 MS8@> <@'*NF
*>#*& 8S
#> * #@>#;W'*' S6S .@WMS6 @M'*M <@'*; Y8S6 V X8 MS@M[ <@'*N 8N NW0#8*>S S@
<@'*; N<MS 3*Z8 ;* *< >' S6* #@>SM@; 8>BWS @ '@*N >@S *Z#8S* S6* M*<8>8>5
;*.S @WS <@'*NF
6WN& S6* @ N*MXS8@>N M* <'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M S@ N6@Y S6*
#@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS #@>SM@; S6* SM>7
N8*>S M*NB@>N* YN W>NS8N.#S@M[& S:*N <@M* S8<* S@ N*SS;* >' Y8S6 #@>SM@;& S6*
X8 MS8@>N M* NWBBM*NN*'F > 8>S*5MS*' <@'*; S@ >;[\* S6* X8 MS8@> NWB7
BM*NN8@> #B 8;8S[ @. N<MS #>S8;*X*M *< Y8S6 NWM.#* <@W>S*' B8*\@*;*#SM8#
'*X8#*N N*' @> W;*M7*M>@W;;8 *< S6*@M[ 8N BM*N*>S*' 8> S68N N*#S8@>F >;8:*
NSS8# @WSBWS .**' #:& S6* #@>SM@; S*#6>8HW* ;Y[N 5WM>S**N S6* NS 8;8S[ @.
S6* #;@N*' ;@@B N[NS*< Y68#6 #> * @ N*MX*' .M@< S6* N8<W;S8@> M*NW;SN !PV"& !+P"F
6* '*N85>*' #@>SM@;;*M M*HW8M*N #@>NS>S 58>N >' 6*>#* <[ * *N8*M S@
8<B;*<*>S 8> M*; S8<* BB;8#S8@>F
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> S6* *#S8@> TFA 8N WN*' S@ '*N85> #@>7
SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< S6M@W56
N<MS NSMW#SWM* #@>#*BS .@M S6* C<W;S8XM8 ;*D M*BM*N*>SS8@> @. S6* N<MS
NSMW#SWM* <@'*;F 6* B*M.@M<>#* @. S6* N<MS *< <@'*;;*' N N[NS*<
8N 6*M* [ *X;WS*' [ #MM[8>5 @WS S6* N8<W;S8@>N 8> >' @ N*MX8>5 S6*
XM8@WN M*NB@>N*N !PP"F 6* */*#S @. B;#8>5 S6* N*>N@M7#SWS@M N #@;;@#S*' B8M
S V '8/*M*>S 1>8S* *;*<*>S ;@#S8@>N @> S6* *< Y68#6 ;*' S@ S6* <W;S8XM8 ;*
<@'*; @. S6* N<MS *< 8N @ N*MX*' >' S6* #@>#;WN8@>N M* 'MY>F
6* N[NS*< 8N 58X*> [ S6* HNF CVF?TD >' CVFA]AD Y8S6 8SN >W<*M8#;
X;W* 8> HF CVFA]2DF > *ZS*M>; .@M#* $ C8<BW;N* '8NSWM >#*D @. A *YS@> 8N
BB;8*' .@M 'WMS8@> @. A N*# S S6* .M** *>' @. S6* *< N N6@Y> 8> 85F VF2F 6*
*< 8N S6WN NW 9*#S*' S@ X8 MS8@>N >' S6* @B*> ;@@B 8<BW;N* M*NB@>N* CB;@S @.
N*>N@M @WSBWSN N .W>#S8@> @. S8<*D 8N @ N*MX*'F N 8> S6* #N* @. '*N85> .@M
N[NS*< '8N#WNN*' 8> *#S8@> TFVFA& 6*M* ;N@ > 8N N*;*#S*' N ]F]]4 N*#@>'NF
*S C D * S6* '8N#M*S* NSS* NB#* <@'*; @ S8>*' [ N<B;8>5
S6* N[NS*< 58X*> 8> HF CVFA]2D S MS* @. F 6WN&
]4QT2Q
]4]]] ]4]]T
]4]]] ]4]]VV ]4]]T2
]4]T22
]4]]P+
- - A] 4
]4]]]] ]4QPV?
]4]]]
]4]]PP
AT?44TV
]4]]]
]4Q4?Q
]4]]] ]4A+4+ ]4V?+4
]4]]]]
A24T?T
]4]]] ]4QPAT
]4TQA?
]4TQ?V
CTFA?D
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ ??
S 8N .@W>' S6S S6* N[NS*< 8> HF CTFA?D 8N #@>SM@;; ;* >' @ N*MX ;*F 6*
NS 8;8\8>5 @WSBWS 8>9*#S8@> 58> 8N @ S8>*' NW#6 S6S S6* *85*>X;W*N @. C G D
;8* 8>N8'* S6* W>8S #8M#;* >' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5 S8<*F
6* 8<BW;N* M*NB@>N* Y8S6 S6* @WSBWS 8>9*#S8@> 58> .@M S6* <W;S8XM8 ;* <@'*;
8N @ N*MX*'F 6* @WSBWS 8>9*#S8@> 58> @ S8>*' 8N N
]4APQ? ]4]4VV
P4APV]
]4PV24 - 4
-
++4P?]4
VV4]V4Q
CTFV]D
PA4+]TP A4+]T4
*S C D * S6* '8N#M*S* NSS* NB#* <@'*; @ S8>*' [ N<B;8>5 S6*
N[NS*< 58X*> 8> HF CVFA]2D S MS* @. & Y6*M* - - ]F]]V N*#NF 6* >W< *M
@. NW 78>S*MX;N
8N #6@N*> N 7F 6* & <SM8#*N M* 58X*> [
]4?Q2? ]4]]]] ]4]]AA ]4]]]] ]4]]]] ]4]]]A
]4]]4]
]4]]]A
- - A] 4
]4]]]] ]4??Q2
]4]]]]
]4]]]A
4?4+?4P ]4]]]] ]4?Q]? ]4]]]] ]4]QQA ]4A]Q+
]4]]]]
A4PTVV
]4]]]] ]4??Q4
]4]4]P
]4]4A2
CTFVAD
6* 58> <SM8Z .@M S6* N<MS N[NS*< 8N @ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@' !AVA"F 68N M*'W#*N S6* <B;8SW'* @. S6* #@>SM@;
*/@MS @F 6* 58> @ S8>*' .@M S6* <W;S8XM8 ;* NSS* NB#* <@'*; @. S6*
N<MS NSMW#SWM* N[NS*< 8N @ S8>*' N
A4PV?V
]4V+]A
T4V442
]42]4A
- 4
- A]
]4TAPQ
CTFVVD
V4T2PP
T4V2?+ ]442]]
8S6 S6* '*N85>*' #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6* B;>S& S6*
#;@N*' ;@@B 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN F & F D Y8S6 S6* S6* @WSBWS 8>9*#S8@>
58> >' S6* 58> & S6* B;@S @. #@>SM@; */@MS @ & @ M*HW8M*' S@ #@>SM@;
S6* X8 MS8@>N M* @ N*MX*' >' 5MB68#;;[ '8NB;[*' N N6@Y> 8> 85NF TFAA 7 TFAT
M*NB*#S8X*;[F
#@>SM@;;*M 6N **> '*N85>*' .@M S6* N<MS NSMW#SWM* <@'*; '*X*;@B*'
WN8>5 S6* *< S6*@M[ !PP"F 6* *< YN '8X8'*' 8>S@ 4 Y8S6 N*>N@M R
#SWS@M B;#*' S B@N8S8@>N V >' 4F 6* XM8@WN M*NB@>N*N M* @ S8>*' .@M S6*
'*X*;@B*' NSS* NB#* <@'*;F 6M@W56 S6* N8<W;S8@> M*NW;SN& 8S 8N N6@Y>
S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S68N #@>SM@;;*M& S6* B;>S B*M.@M<N Y*;; >' S6*
X8 MS8@>N M* NWBBM*NN*' HW8#:;[F S 8N ;N@ @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM*
[ B;#8>5 S6* N*>N@M R #SWS@M S V '8/*M*>S ;@#S8@>N 8>SM@'W#*N #@>N8'*M ;*
#6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N S6> B;#8>5 S6* N*>N@M R #SWS@M
B8M S @>;[ @>* ;@#S8@> N 8> !PV"& !+P"F
> S68N N*#S8@>& 8S 8N @ N*MX*' S6S Y6*> S6* B8M 8N :*BS S V '8/*M*>S ;@#S8@>N&
S6* #;@N*' ;@@B M*NB@>N*N @. S6* N[NS*< 8N ;*NN @N#8;;S@M[ #@<BM*' S@ S6*
#N* *#WN* @. S6* .@;;@Y8>5 M*N@>F *Z#8SS8@> 8N *SS*M S6>
A]] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". 6.**. M*NB@>N*N F >' F Y8S6 S6* @RB 8>9*#S8@> 58>N >' .@M S6*
<@'*;
$". 6.*7. M*NB@>N* CN*>N@M @RBD F >' #@>SM@; 8RB @ Y8S6 58>
$". 6.*6. M*NB@>N* CN*>N@M @RBD F >' #@>SM@; 8RB @ Y8S6 58>
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ A]A
*Z#8SS8@> N @>;[ *Z#8S8>5 S6* NSMW#SWM* S N8>5;* B@8>S <[ #WN* B@@M '8NSM8 W7
S8@> @. 8>BWS *>*M5[ S6M@W56@WS S6* NSMW#SWM* >' <[ M*NW;S 8> N@<*Y6S N;856S;[
'8NSWM *' .M*HW*>#[ M*NB@>N*NF <W;S8 8>BWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 W7
S8@> >' *X*> *SS*M #SWS8@> .@M#*NF
*>#*& 8S #> * #@>#;W'*' S6S <W;S8XM8 ;*
#@>SM@; @. N<MS NSMW#SWM* 8N *SS*M #@<BM*' S@ S6* N8>5;* 8>BWS N8>5;* @WSBWS
#@>SM@; N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;;
#WN* S6* X8 MS8@>N 8> S6* N[NS*< S@ '<B @WS HW8#:;[F
6* M*NB@>N*N S:* ;*NN*M S8<* S@ N*SS;* >' S6* #@>SM@; */@MS M*HW8M*' 8N ;N@ ;*NNF
6* 8<BW;N* M*NB@>N*N Y8S6 S6* @WSBWS 8>9*#S8@> 58> >' S6* 58> N6@Y *SS*M
B*M.@M<>#*F 6* @WSBWS 8>9*#S8@> 58> .@M S6* <W;S8XM8 ;* B;>S 8N N@ @ S8>*'
S6S 8SN B@;*N M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N NW#6 S6S S6*
N[NS*< 6N X*M[ 5@@' N*SS;8>5 S8<*F @X*M;; *SS*M B*M.@M<>#* @. S6* N[NS*< 8N
S6WN @ S8>*'F *NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; >' Y*M* #@<BM*' Y8S6 S6*
#@>SM@; S@ N6@Y S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS
#@>SM@;& S6* SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[ >' Y8S6 #@>SM@;& S6* X8 MS8@>N
M* NWBBM*NN*'F 6* '*N85>*' #@>SM@;;*M M*HW8M*N #@>NS>S 58>N >' 6*>#* <[
* *N8*M S@ 8<B;*<*>S 8> M*; S8<*F > 8>S*5MS*' 7 <@'*; S@ >;[\* S6*
X8 MS8@> NWBBM*NN8@> #B 8;8S[ @. N<MS #>S8;*X*M *< Y8S6 NWM.#* <@W>S*'
B8*\@*;*#SM8# '*X8#*N N*' @> *< S6*@M[ .@M #N* 8N '*X*;@B*' 8> S68N
N*#S8@>F
D) - D G @ F - D ( - A V 4444 4 CTFVTD
[ N<B;8>5 S S6*
MS* @.
& Y* 5*S .<8;[ @. '8N#M*S* N[NS*<N C DF
NNW<* S6S
M* @ N*MX ;*F 6*>& Y* #> 1>' S6* @WSBWS 8>9*#S8@> 58>N
NW#6 S6S
G 6N S6* M*HW8M*' N*S @. B@;*NF @Y& #@>N8'*M S6* W57
<*>S*' N[NS*< '*1>*' N
] ] ]
U
]
U -
U
- - 4 CTFV4D
]
A]V T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
6* ;8>*M *HWS8@>
U
U U -
U CTFV2D
U
6N N@;WS8@> 8. U %U F 68N
U 8N #@>SM@;; ;* Y8S6 #@>SM@;; 8;8S[ 8>'*Z %U >'
58> M*;8\*N S6* '*N85>*' U .@M ;; B;>SN @. S6* .<8;[F 6* #@>SM@;; 8;8S[
@. S6* 8>'8X8'W; B;>SN 5*>*M8#;;[ 8<B;8*N S6* #@>SM@;; 8;8S[ @. S6* W5<*>S*'
N[NS*< !2A"F 6* #@>SM@;;*M @ S8>*' S68N Y[ <[ * S6*@M*S8#;;[ ;; M856S& WS
.M@< S6* BM#S8#; B@8>S @. X8*Y& 8S <[ M*HW8M* *Z#*NN8X* #@>SM@; #S8@>F @ M*'W#*
S68N */*#S @. 58> @> S6* #@>SM@; */@MS& Y* #> BBM@Z8<S* S6* #@>'8S8@> 58X*> 8>
HF CTFV2D Y8S6 #@>NSM8>S @> S6* 58>F 6WN& Y* #@>N8'*M S6* .@;;@Y8>5 8>*HW;8S[
#@>NSM8>S *HWS8@>N&
- 9
- 9 ( - A V 444 4 CTFVQD
Y6*M* 9 >' 9 M*BM*N*>S S6* WBB*M @W>'N @> S6* NB*#SM; >@M<N @. >'
C
DF 6*N* V @ 9*#S8X*N 6X* **> *ZBM*NN*' [ S6* WBB*M @W>'N @> <SM8Z
>@M<N >' *#6 N6@W;' * N N<;; N B@NN8 ;*F 9 N<;; <*>N ;@Y >@8N* N*>N8S8X8S[
>' 9 N<;; <*>N S6S S6* #@>SM@;;*M Y8S6 58> 8N 5@@' BBM@Z8<S8@>
@. S6* @M858>; '*N85>F 68N #> * .@M<W;S*' 8> S6* .M<*Y@M: @. 8>*M SM8Z
>*HW;8S8*N N .@;;@YNF
9 9 C
D
- ] - ]4 CTFVPD
C
D
> S68N .@M<& S6* @@; @Z !AVA" #> * WN*' .@M N[>S6*N8NF 6*
.W>#S8@> .(/DC D @. S6* S@@; @Z 8> S; 8N WN*' S@ <8>8<8\* S6* ;8>*M
#@< 8>S8@> @. 9 >' 9 F 6* M@ WNS #@>SM@;;*M @ S8>*' [ S6* @X* <*S6@'
M*HW8M*N @>;[ #@>NS>S 58>N >' 6*>#* <[ * *N8*M S@ 8<B;*<*>S 8> M*; S8<* !2P"F
ZS*M>; '8NSWM >#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6*M* [ NW 9*#S8>5
8S 8>S@ S6* X8 MS8>5 <@'*F @Y& Y6*> S6* N[NS*< 8N 8> S6* X8 MS8>5 <@'* >'
> #SWS@M .8;N S@ B*M.@M< C *#WN* @. S6* M*N@>N <*>S8@>*' 8> N*#S8@> VFAFTD&
#@>SM@;;*M 8N '*N85>*' 8> NW#6 Y[ S6S BWSS8>5 8S 8> S6* ;@@B Y8S6 S6* B;>S 'WM8>5
S6* #SWS@M .8;WM*& Y8;; M8>5 #: S6* N[NS*< S@ NS 8;8S[F N 8> S6* >' 8>
S6* #N* @. '*N85>& 6*M* ;N@& S6* N<B;8>5 8>S*MX; > 8N N*;*#S*' N ]F]]4
N*#N !AVT"F
@>N8'*M .<8;[ @. B;>S <@'*;N& '*1>*' N - >' 58X*> [ S6*
NSS* NB#* M*BM*N*>SS8@> N
D) - D G @ F - D ( - A V T 44 CTFV+D
@WM <@'*;N Y*M* @ S8>*' [ #@>N8'*M8>5 A #SWS@M .8;WM* S S8<* @> S6*
3*Z8 ;* *<F [ N<B;8>5 S6* 4 7 <@'*;N 58X*> 8> HNF CVFAAVD >' CVFAA+D S
MS* @. & Y* 5*S .<8;[ @. '8N#M*S* N[NS*<N C DF >* @. S6*N* <@'*;N&
><*;[ .@M S6* #SWS@M .8;WM* S ;@#S8@> + C.@WMS6 #SWS@MD& S6* SW N[NS*<
8N
- - A4]
T
8<8;M;[& S6* SW N[NS*<N .@M S6* @S6*M T <@'*;N M* @ S8>*'F S 8;8\8>5
@WSBWS 8>9*#S8@> 58>N LN M* .@W>' NW#6 S6S S6* *85*> X;W*N @. C G D ;8*
Y8S68> S6* W>8S #8M#;* >' S6* M*NB@>N*N 6N 5@@' N*SS;8>5 S8<*F 6* #;@N*' ;@@B
8<BW;N* M*NB@>N*N Y8S6 S6* @WSBWS 8>9*#S8@> 8N ;N@ @ N*MX*'F
58> [ N<B;8>5 S6* 4 <@'*;N 8> HNF CVFAAVD >' CVFAA+D S MS* @. & Y6*M*
- & Y* 5*S .<8;[ @. '8N#M*S* N[NS*<N C DF 6* >W< *M @. NW 78>S*MX;N
8N #6@N*> N
- 4F >* @. S6*N* <@'*;N& ><*;[ .@M S6* #SWS@M .8;WM* S
;@#S8@> + C.@WMS6 #SWS@MD& S6* '*;S N[NS*< 8N
8<8;M;[& S6* '*;S N[NS*<N .@M S6* @S6*M T <W;S8XM8 ;* <@'*;N M* @ S8>*'F
*M*& N Y* M* '*;8>5 Y8S6 M@ WNS NS 8;8\S8@> .@M S6* <W;S8<@'*; N[NS*<& Y*
6X* S@ 1>' Y68#6 Y8;; NS8N.[ & Y6*M* ( - A S@ 4 WN8>5 S6*
@BS8<8\S8@> <*S6@'F 6* S*#6>8HW* !AVA"& !2]" 8N WN*' S@ 1>' S6*
58> <SM8Z & Y68#6 M*;8\*N [ N@;X8>5 S6* *HWS8@> .@M '8/*M*>S
X;W*N @. 9F . S6* #@>NSM8>SN 58X*> 8> HNF CTFVQD >' CTFVPD M* N@;X*' WN8>5
S6* @X* & S6* M@ WNS 58> <SM8Z <[ *#@<* .W;;F 68N M*NW;SN 8>
S6* #@>SM@; 8>BWS @. *#6 #SWS@M @. S6* <@'*; *8>5 .W>#S8@> @. S6* @WSBWS @.
;; S6* N*>N@MNF #@>SM@; 8N #68*X*' [ <:8>5 S6* @/7'85@>; *;*<*>SN @.
<SM8#*N \*M@F @& S6* NSMW#SWM* @. S6* M*NW;S8>5 *;*<*>SN @.
C( - ] A V44444
AD <SM8#*N .@M S6* 4 <@'*;N @. S6* <W;S8<@'*; N[NS*< M*
NNW<*' N
A]4 T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
* ] ] ]
- ($ ! * * *
* " -
] * ] ]
] ] *
] ( - ] A 44 C
AD4
] ] ] *
CTFTAD
8S6 S68N NSMW#SWM* @. & S6* BM@ ;*< #> * .@M<W;S*' 8> S6* .M<*Y@M: @.
>' S6* '*N8M*' <SM8#*N #> * @ S8>*'F @Y& 8S 8N *X8'*>S S6S S6* #@>SM@;
8>BWS @ @. *#6 B;>S 8N .W>#S8@> @. S6* @WSBWS F @. S6S B;>S <@'*; @>;[
>' S68N <:*N S6* #@>SM@; S*#6>8HW* N*' N<MS NSMW#SWM* N[NS*< M@ WNS
'*#*>SM;8\*' @>* !AV4"F 6* 58> <SM8Z .@M S6* <W;S8<@'*; N[NS*< 8N
58X*> [
- ($ ! Q42V 44AQ T4P2 V4TT "
- ($ ! Q4Q] 44VA V4TQ V4VQ "
CTFTVD
- ($ ! Q4QQ 44V2 T4?A T42A "
- ($ ! P4+4 24QT 442T 442Q "
6* #;@N*' ;@@B M*NB@>N*N Y8S6 S68N 58> .@M ;; S6* 4 <W;S8XM8 ;*
<@'*;N @. S6* N<MS NSMW#SWM* B;>S CY8S6 @>* #SWS@M .8;WM* S S8<*D M* @ 7
N*MX*'F 6* .W;S S@;*M>S #@>SM@;;*M 8N ;* S@ NS 8;8\* S6* @WSBWSN 8> ;*NN*M S8<*
*X*> S6@W56 S6*M* 8N .8;WM* @. > #SWS@MF 6* #@>SM@;;*M @ S8>*' [
S68N <*S6@' M*HW8M*N @>;[ #@>NS>S 58>N >' 6*>#* <[ * *N8*M S@ 8<B;*<*>S 8>
M*; S8<*F 8<W;S8@> M*NW;SN @. @>* @. S6* .@WM <W;S87<@'*;N @. S6* N<MS NSMW#SWM*
Y8S6 .W;S S:8>5 B;#* S 1>8S* *;*<*>S B@N8S8@> >W< *M8>5 + M* N6@Y> 6*M* 8>
85NF TFA4 7 TFA+ Y8S6 S6* #@>SM@;;*M 58>F 8<8;M;[& S6* N8<W;S8@> M*NW;SN
M* ;N@ @ N*MX*' Y6*> S6* .W;S S:*N B;#* S B@N8S8@>N Q @M 4 @M V M*NB*#S8X*;[
'W* S@ S6* M*NB*#S8X* #SWS@M .8;WM*F
;N@ @ N*MX*' .M@< S6* N8<W;S8@>N @. S6* 4 <@'*;N @. S6* N<* B;>S S6S S6* 8>8S8;
SM>N8*>SN .@M ;; S6* <@'*;N Y*M* Y8S68> ##*BS ;* ;8<8SN >' S6* @WSBWSN N*SS;*N
S@ 1>; NS*'[ NSS* X;W* 8> ;*NN*M S8<*F @<BM8>5 S6* 4 '8/*M*>S .8;WM* MS*N @.
S6* 4 <@'*;N @. S6* B;>S& 8S 8N @ N*MX*' .M@< S6* N8<W;S8@> M*NW;SN& S6* #SWS@M
.8;WM* S S6* B@N8S8@> >W< *M8>5 V 6N <@M* */*#S @> S6* #;@N*' ;@@B N[NS*<
'[><8#N MS6*M S6> S6* .8;WM* S B@N8S8@>N 4& Q @M +F
6*> S6* #SWS@M .8;N S B@N8S8@> V& S6* S8B '8NB;#*<*>SN S:*N <@M* S8<*
S@ N*SS;* >' <@M* #@>SM@; */@MS 8N >**'*' [ S6* #@>SM@;;*M S@ M8>5 S6* B;>S 8>S@
*HW8;8 M8W<F 68N 8N *#WN* @. S6* ;*NN*M NSM8> MS*N X8; ;* S S6* 1>8S* *;*<*>S
;@#S8@>N Y68#6 M* .M Y[ .M@< S6* 1Z*' *>'F 6*> S6* #SWS@M .8;N S@ .W>#S8@>
S B@N8S8@> +& S6* S8B '8NB;#*<*>S S:*N ;*NN S8<* S@ N*SS;* >' ;*NN #@>SM@; 8N >**'*'
.@M S6* N[NS*< M*NB@>N*N S@ N*SS;* *#WN* @. S6* 6856*M NSM8> MS*N >*M S6* 1Z*'
*>' @. S6* *<F 6WN& 8S YN @ N*MX*' S6S S6* .W;S S:8>5 B;#* S 1>8S* *;*<*>S
>W< *M + 6N ;*NN */*#S @> S6* N[NS*< '[><8#NF
$". 6.*!. 8B '8NB;#*<*>SN Y6*> .W;S S:*N B;#* S B@N8S8@> >W< *M8>5 +
A]Q T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". 6.* . *>N@M @RB C M*NB@>N*D F & #@>SM@; 8RB @ .@M .W;S S B@N8S8@>
>W< *M8>5 + Y8S6 S6* 58>
$". 6.*3. *>N@M @RB C M*NB@>N*D F & #@>SM@; 8RB @ .@M .W;S S B@N8S8@>
>W< *M8>5 + Y8S6 S6* 58>
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ A]P
$". 6.*2. *>N@M @WSBWS C M*NB@>N*D F
& #@>SM@; 8RB @
.@M .W;S S B@N8S8@>
>W< *M8>5 + Y8S6 S6* 58>
$". 6.*. *>N@M @WSBWS C M*NB@>N*D F & #@>SM@; 8RB @ .@M .W;S S B@N8S8@>
>W< *M8>5 + Y8S6 S6* 58>
A]+ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
> S68N *#S8@>& S6* '*N85> @. #@>SM@; S*#6>8HW* .@M S6* @. N<MS
NSMW#SWM*N .@M <W;S8<@'*; #N* #@<BM8N8>5 @. .<8;[ @. <W;S8XM8 ;* B;>SN 8N
BM*N*>S*'F 6* *< NSMW#SWM* 8N <@'*;*' 8> NSS* NB#* .@M< [ '8X8'8>5 8S 8>S@
4 >' B;#8>5 S6* N*>N@M R #SWS@M S V 1>8S* *;*<*>S ;@#S8@>N CB@N8S8@>N
V >' 4D N #@;;@#S*' B8MN& 8F*F& N NWM.#* <@W>S*' N*>N@M R #SWS@M N N6@Y>
8> 85F VF2F 8Z X8 MS@M[ <@'*N M* M*S8>*' 8> <@'*;;8>5 S6* *< !+]"F 6856*M
@M'*M <W;S8XM8 ;* N[NS*< 8N S6WN @ S8>*'F
6* NSS* NB#* <@'*; @. S6* 6856*M @M'*M N[NS*< S6WN @ S8>*' 8N 58X*> [ HNF
CVFAVAD >' CVFAVVD Y8S6 S6* >W<*M8#; X;W*N @. S6* & & & & <SM8#*N 58X*>
[ S6* HF CVFAVTD .@M S6* <@'*; AF 8X* NW#6 <W;S8XM8 ;* <@'*;N M* @ S8>*'
[ XM[8>5 S6* S68#:>*NN BM<*S*M @. S6* ;W<8>W< *<& S6WN 58X8>5 M8N* S@
<W;S8<@'*; N[NS*< @. S6* N<MS NSMW#SWM*F N8>5 <@'*; @M'*M M*'W#S8@> S*#6>8HW*&
S6* M*'W#*' @M'*M <@'*; @. S6* 6856*M @M'*M N[NS*< 8N @ S8>*' !QV"F #@>7
SM@;;*MN M* '*N85>*' .@M S6* <W;S8<@'*; N[NS*< #@>N8NS8>5 @. 2 <@'*;NF 6*
B*M.@M<>#* @. S6* <W;S8<@'*; N[NS*< 8N 6*M* [ *X;WS*' .@M [ #MM[8>5 @WS
S6* N8<W;S8@>NF
6* .@;;@Y8>5 .*Y BM5MB6N 58X*N M8*. 8>N856S 8>S@ S6* '*X*;@B<*>S @. S6*
#@>SM@;;*M '*N85> WN8>5 S6* <@'*; @M'*M M*'W#S8@> S*#6>8HW* .@M <W;S87
<@'*; M*BM*N*>SS8@> @. S6* <W;S8XM8 ;* N[NS*<NF >8S8;;[& Y* *58> Y8S6 N<;;
M*X8*Y @> S6* <@'*; @M'*M M*'W#S8@> S*#6>8HW* >' S6*> .@;;@Y*' [ S6* '*N85>
@. M@ WNS '*#*>SM;8\*' #@>SM@;;*M WN8>5 S6* <@'*; @M'*M M*'W#S8@> S*#6>8HW*F @M
<>[ #@<B;*Z BM@#*NN*N @M Y6*> S6* <@'*N @. '[><8#; N[NS*< M* X*M[ 6856&
S6* @M'*M @. S6* NSS* <SM8Z <[ * HW8S* ;M5*F S Y@W;' * '80#W;S S@ Y@M: Y8S6
S6*N* ;M5* N#;* '[><8#; N[NS*<N !A]V" 8> S6*8M @M858>; .@M<F > NW#6 #N*N& 8S 8N
#@<<@> S@ NSW'[ S6* BM@#*NN [ BBM@Z8<S8>5 8S S@ N8<B;*M <@'*;F S 8N WNW;;[
B@NN8 ;* S@ '*N#M8 * S6* '[><8#N @. B6[N8#; '[><8#; N[NS*< [ >W< *M @.
;8>*M '8/*M*>S8; *HWS8@>N Y8S6 #@>NS>S #@*0#8*>SN NW#6 N S6* NSS* NB#* .@M<NF
@>N8'*M S6* NSS* NB#* .@M< @. B6[N8#; '[><8#; N[NS*< N
Y6*M* 8N C/ /D <SM8ZF
>* @. S6* Y*;;7:>@Y> S*#6>8HW*N N*' @> S6* '@<8>>S *85*>X;W* M*S*>S8@>
:>@Y> N S6* X8N@> S*#6>8HW* !QA"& !QV" 8N WN*' 8> S68N N*#S8@>F [ S68N <*S6@'&
N[NS*< @. 6856*M @M'*M #> * >W<*M8#;;[ BBM@Z8<S*' S@ @>* @. N<;;*M @M'*MF
6* <*S6@' NW55*NSN S6S ;M5* C/ /D N[NS*< #> * M*'W#*' S@ N8<B;*M C8 8D
<@'*; C8 /D [ #@>N8'*M8>5 S6* */*#SN @. S6* 8 <@NS '@<8>>S C'@<8>>S 8> S6*
N*>N* @. *8>5 #;@N*NS S@ S6* 8>NS 8;8S[D *85*>X;W*N ;@>*F
6* BM8>#8B;* @. S6* <*S6@' 8N S@ >*5;*#S S6* *85*> X;W*N @. S6* @M858>; N[NS*<
S6S M* .MS6*NS .M@< S6* @M858> >' M*S8> @>;[ S6* '@<8>>S *85*>X;W*N >' 6*>#*
'@<8>>S S8<* #@>NS>SN @. S6* @M858>; N[NS*< 8> S6* M*'W#*' @M'*M <@'*;F 68N
8<B;8*N S6S S6* @X*M;; *6X8@WM @. S6* BBM@Z8<S*' N[NS*< Y8;; * X*M[ N8<8;M
S@ S6S @. S6* @M858>; N[NS*<& N8>#* S6* #@>SM8 WS8@> @. S6* W>M*S8>*' *85*>X;W*N
S@ S6* N[NS*< M*NB@>N* M* 8<B@MS>S @>;[ S S6* *58>>8>5 @. S6* M*NB@>N*& Y6*M*N
S6* *85*>X;W*N M*S8>*' M* 8<B@MS>S S6M@W56@WS S6* Y6@;* @. S6* M*NB@>N*F @M
S6* N[NS*< M*BM*N*>S*' [ S6* HF CTFTTD& #@>N8'*M S6* ;8>*M SM>N.@M<S8@>&
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ A]?
D- G CTFT4D
Y68#6 SM>N.@M<N S6* <@'*; 8> HF CTFTTD 8>S@ S6* .@;;@Y8>5 .@M<&
$ G @
G) - G $ $
F - D CTFT2D
$ 8N C8 8D <SM8Z >'
Y6*M*
$ -
$ -
$ - 4 CTFTQD
*M*& $ 8N 8> S6* '85@>; .@M< N
$ - ($ !, , 44444 , "
CTFTPD
>'
C, D C, D 44444 C, D4 CTFT+D
WMS6*M& NNW<* S6S @>;[ 8 *85*>X;W*N M* '@<8>>S& 8F*F& S6* @M'*M @. S6*
M*'W#*' <@'*; 8N 8 >' BMS8S8@> S6* <@'*; 8> HF CTFT2D N
$ G G
G) - $ @ $ G G
G) - $ @ $ G G
F - $ G CTFT?D
Y6*M*
Y6*M* >' M* C88D >' C/
8D 8 NW 7<SM8#*N @ S8>*' [ BMS8S8@>8>5 @.
<SM8ZF ;N@& G >' G M* 8 >' C/
8D '8<*>N8@>; NSS* X*#S@MN #@MM*NB@>'8>5
S@ S6* @M858>; NSS* XM8 ;*NF S .@;;@YN .M@< HF CTF4VD S6S
G - D CTF4TD
6WN& S6* @M858>; / @M'*M <@'*; M*BM*N*>S*' [ HF CTFTTD 8N M*'W#*' S@ >
8 @M'*M <@'*; 58X*> [ HF CTF44DF 6* NSS* XM8 ;*N @. S6* BBM@Z8<S* <@'*;
M* S6* N<* N S6* 1MNS 8 NSS* XM8 ;*N @. S6* @M858>; 6856*M7@M'*M <@'*;F 6*
M*<8>8>5 NSS* XM8 ;*N M* 58X*> 8> S*M<N @. S6* 1MNS 8 NSS* XM8 ;*N [ HF
AA] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CTF42DF 68N <@'*; @M'*M M*'W#S8@> S*#6>8HW* 8N WN*' S@ '*N85> M@ WNS '*#*>SM;7
8\*' B*M8@'8# @WSBWS .**' #: #@>SM@;;*M .@M <W;S8<@'*; N[NS*< #@<BM8N8>5 @. 2
<W;S8XM8 ;* <@'*;NF
*S WN #@>N8'*M .<8;[ @. B;>SN - '*1>*' [
D) - D G @ F - D ( - A V T 444 CTF4QD
Y6*M* - 2F 6* '8N#M*S* S8<* N[NS*<N Y8S6 N<B;8>5 8>S*MX; > N*#@>'N #> *
M*BM*N*>S*' N
$C* G AD - D
D $C*D G @
$C*D F$C*D - D
$C*D4 CTF4+D
$ - G$
D CTF4?D
SM>N.@M<N S6* @X* N[NS*< 8> HF CTF4+D 8>S@ S6* .@;;@Y8>5 ;@#: <@'; .@M< N
G$C* G AD - $ @
$ G$C*D G $ G$C*D
$C*D F$C*D - CTF2]D
Y6*M*
$ - ] $ -
$ - CTF2AD
]
>' S6* *85*> X;W*N M* MM>5*' 8> S6* @M'*M @. S6*8M '@<8>>#*F * >@Y *ZSM#S
> 8 @M'*M <@'*;& M*S8>8>5 S6* 8 '@<8>>S *85*> X;W*N& [ SMW>#S8>5 S6* @X*
N[NS*<NF N8>5 HNF CTF2]D >' CTF2AD& Y* 5*S
$ - G$ * NS 8;8\8>5 #@>SM@; .@M S6* M*'W#*' @M'*M <@'*; 8> HF CTF2VDF
*S @
6WN& S6* #;@N*' ;@@B M*'W#*' <@'*; C G D *#@<*N NS ;*F @Y&
$ - % ] G$ - % ] D
$4 CTF2TD
& Y* 5*S&
@C*D - % ] D
$ - D
$ CTF24D
Y68#6 <:*N S6* #;@N*' ;@@B N[NS*< G NS ;*F WS S6* *85*> X;W*N
@. G >' G M* S6* N<*F @& G Y8;; ;N@ *
NS ;*F 6WN&
8N S6* @WSBWS 8>9*#S8@> 58> .@M S6* N[NS*< 8> HF CTF4PDF 6*
58> 8N S6WN M*;8\*' WN8>5 S6*N* @WSBWS 8>9*#S8@> 58>N [ N@;X8>5 S6* ;8>*M
*HWS8@> F
6* BM@ ;*< Y8S6 #@>SM@;;*MN @ S8>*' 8> S68N Y[ 8N S6S& ;S6@W56 S6*[ M*
NS 8;8\8>5 >' #68*X* S6* '*N8M*' #;@N*' ;@@B *6X8@M S S6* @WSBWS N<B;8>5
8>NS>SN& S6*[ <[ #WN* > *Z#*NN8X* @N#8;;S8@> *SY**> 8>S*M7N<B;8>5 8>NS>SNF
6* #@>SM@;;*M @ S8>*' WN8>5 S6* @X* *HWS8@> Y8;; 58X* S6* '*N8M*' *6X8@WM&
WS <856S M*HW8M* *Z#*NN8X* #@>SM@; #S8@> >' S6* 58>N @ S8>*' <[ * X*M[
6856F @ M*'W#* S68N */*#S& Y* M*;Z S6* #@>'8S8@> S6S *Z#S;[ NS8N.[ S6* @X*
;8>*M *HWS8@> >' 8>#;W'* #@>NSM8>S @> 8SF
TFV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AAA
@;X8>5 - <[ 58X* 58> S6S 8N 6856*M 8> <5>8SW'*& <B;8.[8>5
S6* >@8N* 8> N[NS*<F
*>#*& S6* #@>'8S8@>N @> - 9 .@M >@8N* >'
- 9 .@M NS 8;8S[ 8N 8<B@N*' 'WM8>5 S6* #@>SM@;;*M '*N85>F 6*N* M*NSM8#S8@>N
@> M* B@N*' N BM@ ;*< !4?"& !2]"& !AVA"F 6WN& Y* MM8X* S S6* .@;;@Y8>5
8>*HW;8S8*N N
- 9
- 9 4 CTF22D
N8>5 S6* N#6WM #@<B;*<*>S& 8S 8N NSM856S .@MYM' S@ M8>5 S6*N* #@>'8S8@>N 8>
S6* .@M< @. 8>*M SM8Z >*HW;8S8*N CD N
9 9 C
D
- ] - ]4 CTF2QD
C
D
*M*& S6* S@@; @Z @. #> * WN*' .@M S6* '*N85> @. F . S6*
#@>NSM8>SN 58X*> 8> HNF CTF22D >' CTF2QD M* N@;X*' WN8>5 S6* @X* &
S6* M@ WNS B*M8@'8# @WSBWS .**' #: 58> <SM8Z <[ *#@<* .W;;F 68N M*NW;SN 8>
S6* #@>SM@; 8>BWS @. *#6 B;>S *8>5 .W>#S8@> @. S6* @WSBWS @. ;; S6* B;>SNF
@ @ S8> S6* #@>SM@;& S6* @/7'85@>; *;*<*>SN @.
444
<SM8#*N M* <'* *HW; S@ \*M@F @& S6* NSMW#SWM* @.
C( - ] A V T 444
AD
<SM8Z 8N NNW<*' N
- ($ !* * *
4444" >' S6* '*N8M*' 58> <SM8#*N
#> * @ S8>*'F @Y& 8S 8N *X8'*>S S6S S6* #@>SM@; 8>BWS S@ *#6 #SWS@M @. S6*
B;>S <@'*; 8N .W>#S8@> @. S6* @WSBWS @. S6S #@MM*NB@>'8>5 N*>N@M @>;[F 68N
<:*N S6* #@>SM@; S*#6>8HW* M@ WNS '*#*>SM;8\*' @>* >' 8N <@M* .*N8 ;*F
6* #@>SM@;;*M 58>N @ S8>*' [ S68N <*S6@' M*HW8M*N @>;[ #@>NS>S 58>N
>' 6*>#* <[ * *N8*M S@ 8<B;*<*>S 8> M*; S8<*F
6* #@>SM@;;*M '*N85> X8 M*'W#*' @M'*M <@'*; 8N '*N85>*' N .@;;@YN
!+]"F 6* 2 <W;S8XM8 ;* <@'*;N @. S6* <W;S8<@'*; N[NS*< Y68#6 M* @ S8>*'
[ XM[8>5 S6* S68#:>*NN @. S6* *< 8N #@>N8'*M*' N S6* BM*;8<8>M[ NS*B 8> S6*
#@>SM@;;*M '*N85>F AV @M'*M <@'*; @. CAVAVD 8N @ S8>*' @> M*S8>8>5 S6* 1MNS
Q <@'*N @. X8 MS8@> 2 S@ 2 F 68N 6856*M @M'*M N[NS*< 8N M*'W#*' S@ N8<B;*M Q
@M'*M <@'*; @. CQ QD& [ #@>N8'*M8>5 S6* */*#SN @. S6* Q <@NS '@<8>>S C'@<8>>S
8> S6* N*>N* @. *8>5 #;@N*' S@ 8>NS 8;8S[D *85*> X;W*NF 6* *85*> X;W*N @. S6*
@M858>; N[NS*< S6S M* .MS6*NS .M@< S6* @M858> M* >*5;*#S*' >' @>;[ '@<8>>S
*85*> X;W*N @. S6* @M858>; N[NS*< 8> S6* M*'W#*' @M'*M <@'*; 8N M*S8>*'F
> *ZS*M>; .@M#* $ @. A 8N BB;8*' .@M 'WMS8@> @. 2] <N S S6* .M** *>' @.
S6* *< .@M ;; S6* 2 <@'*;N @. S6* 85F VF2 >' S6* M*NB@>N*N M* @ N*MX*'F
#@>SM@;;*M 8N '*N85>*' .@M S6* <W;S8<@'*; N[NS*< S@ NWBBM*NN S6* X8 MS8@>NF
6* N<B;8>5 8>S*MX; WN*' 8N > - ]F]]4 N*#NF 6* '8N#M*S* <@'*;N M* @ S8>*' .@M
N<B;8>5 S8<* @. > - ]F]]4 N*#N >' .@M - ]F]]]4 N*#NF 6* M*'W#*' @M'*M <@'*;N
M* #@<BWS*' .M@< S6* '9@8>S '8N#M*S* <@'*;NF N8>5 S6* <*S6@' '8N#WNN*' 8> S6*
BM*X8@WN BM5MB6N& NS 8;8\8>5 58> <SM8#*N M* @ S8>*' .@M *#6 M*'W#*'
@M'*M <@'*; WN8>5 S6* S6*@M[F N8>5 55M*5S8@> S*#6>8HW*N !AV2"& S6* @WSBWS
8>9*#S8@> 58> #> * #;#W;S*' .@M *#6 6856*M @M'*M C#SW;D <@'*;NF 6*
8<BW;N* M*NB@>N*N Y8S6 S6* @WSBWS 8>9*#S8@> 58> 8N @ N*MX*'F 6* 58> #>
* @ S8>*' Y68#6 BBM@Z8<S*;[ M*;8\*N S68N '*N85>*' .@M ;; S6* <@'*;N @. S6*
.<8;[F
*M*& N Y* M* '*;8>5 Y8S6 M@ WNS NS 8;8\S8@>& Y* 6X* S@ 1>' Y68#6 Y8;;
NS8N.[ C( - A S@ 2D WN8>5 S6* BBM@#6 N@ S6S S6* <5>8SW'* @. S6*
#@>SM@; */@MS M*HW8M*' 8N ;*NNF A] 58> N*HW*>#*N @. M* #6@N*>& 8F*F&
4444
F
> @WM BM@ ;*< #@>N8'*M*'
- A] 6' 58X*> 5@@' *>#@WM58>5 M*NW;SNF N8>5 S6*
AAV T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
@WSBWS 8>9*#S8@> 58>N & #@>NSM8>SN 58X*> 8> HNF CTF22D >' CTF2QD M* N@;X*'
.@M '8/*M*>S X;W*N @. 9 >' 9 S@ 1>' S6* 58> <SM8Z .@M S6* #SW;
<@'*;N X8 S6* M*'W#*' @M'*M <@'*;F 6* 58> <SM8Z 8N 58X*> [
A4Q4A] ]
] ]4]APT
]4VTP2 ]
]
]4A4+
A4AAT] ]
]
]4]VAV
]4Q+PT ]
]
]4]]4]
]44P?4 ]
] ]4]APP
- A]
CTF2PD
]4+4T2 ]
] ]4]AVV
]44QP+ ]
]
]4]VAP
]4]+]4 ]
] ]4]]+4
]4]4+? ]
]
]4]]VP
]4]]T2 ]
] ]4]]]T
8S6 S6* '*N85>*' M@ WNS #@>SM@;;*M *8>5 BWS 8> S6* ;@@B& S6* 8<BW;N* M*7
NB@>N*N CN*>N@M @WSBWSN F >' F D >' S6* XM8S8@> @. S6* #@>SM@; N85>; @ >' @
Y8S6 S8<* .@M S6* <W;S8<@'*; N[NS*< #@>N8NS8>5 @. 2 B;>SN M* @ N*MX*' >'
N6@Y> 8> 85NF TFA? 7 TFV+ M*NB*#S8X*;[F
> S68N *#S8@>& >*Y ;5@M8S6< 8N BM*N*>S*' .@M S6* '*N85> @. M@ WNS '*#*>7
SM;8\*' #@>SM@;;*MN .@M <W;S8XM8 ;* N[NS*< WN8>5 .**' #: S*#6>8HW* X8 S6*
M*'W#*' @M'*M <@'*;F 6* #@<BWSS8@> @. S6* @WSBWS 8>9*#S8@> 58>& Y68#6 8N >**'*'
S@ @ S8> S6* '*#*>SM;8\*' .**' #: 58> *#@<*N X*M[ S*'8@WN Y6*> >W<7
*M @. <@'*N& *NB*#8;;[ 5M*S*M S6> 2 M* #@>N8'*M*'F
*>#*& > @WSBWS 8>9*#S8@>
58> 8N #@<BWS*' .M@< S6* M*'W#*' @M'*M <@'*; @. S6* N<MS N[NS*< >' WN8>5 S6*
55M*5S8@> S*#6>8HW*N !AV2"& > @WSBWS 8>9*#S8@> 58> #> * @ S8>*' .@M S6* 6856*M
@M'*M <@'*;F
6* N8<W;S8@> M*NW;SN N6@YN S6* */*#S8X*>*NN @. S6* <*S6@' BM*N*>S*'F 6* 7
.**' #: 58> Y68#6 M*;8\*N S68N @WSBWS 8>9*#S8@> 58>& #> * @ S8>*' .@M S6*
#SW; <@'*;F S 8N .@W>' S6S S6* '*N85>*' M@ WNS #@>SM@;;*M X8 S6* M*'W#*' @M'*M
<@'*; BM@X8'*N 5@@' '<B8>5 *>6>#*<*>S .@M ;; S6* <@'*;N @. S6* N<MS NSMW#7
SWM* N[NS*<F M@< S6* N8<W;S8@> M*NW;SN& 8S 8N 8>.*MM*' S6S N S6* S68#:>*NN @. S6*
*< 8N 8>#M*N*'& S6* N*>N@M X@;S5* M*'W#*N >' <@M* #@>SM@; */@MS 8N M*HW8M*' S@
#WM '@Y> S6* X8 MS8@>NF > 8>S*5MS*' <@'*; S@ >;[\* S6* X8 MS8@> NWBBM*N7
N8@> #B 8;8S[ @. N<MS #>S8;*X*M *<N Y8S6 NWM.#* <@W>S*' B8*\@*;*#SM8# '*X8#*N
N*' @> W;*M7*M>@W;;8 *< S6*@M[ >' M*'W#*' @M'*M <@'*;8>5 8N BM*N*>S*' 8>
S68N *#S8@> !+]"F
AA4 T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> S6* N*#S8@> TFA 8N WN*' S@ '*N85> S6* #@>7
SM@; NSMS*5[ .@M S6* M*BM*N*>SS8@> @. S6* '*X*;@B*' N<MS NSMW#SWM* <@'*;
58X*> 8> S6* HNF CVFAPVD7CVFAP2D Y8S6 A #SWS@M 8>BWS >' A N*>N@M @WSBWS .@M S6*
XM8@WN <@'*;N @. S6* N<* B;>S N6@Y> 8> 85F VFPF N8ZS6 @M'*M NSS* NB#*
<@'*; @. S6* N[NS*< 8N @ S8>*' [ M*S8>8>5 S6* 1MNS T <@'*N @. X8 MS8@> @. S6*
N[NS*<F 6* 1MNS T >SWM; .M*HW*>#8*N @ S8>*' M* TFP2
\& VT
\ >' QVF2
\F
6* B*M.@M<>#* @. S6* '*N85>*' #@>SM@;;*M 8N *X;WS*' .@M [ #MM[8>5 @WS S6*
N8<W;S8@>N 8> [ @ N*MX8>5 S6* XM8@WN M*NB@>N*NF 6* */*#S @. XM[8>5
S6* N*>N@MR#SWS@M ;@#S8@> S '8/*M*>S B@N8S8@>N C.M@< 1Z*' *>' S@ S6* .M**
*>'D @> S6* *< 8N @ N*MX*' >' S6* #@>#;WN8@>N M* 1>;;[ 'MY> .@M S6* *NS
B*M.@M<>#* <@'*;F
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* N*#S8@> TFVFA
.@M W;*M7*M>@W;;8 *<N <@'*;;*' N > N8>5;* 8>BWS N8>5;* @WSBWS N[NS*<F 6*
N<B;8>5 8>S*MX; > 8N S:*> N ]F]]4 N*#N >' S6* >W< *M @. NW 78>S*MX;N
YN
S:*> N A]F > *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6WN NW 9*#S8>5
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AA?
8S S@ X8 MS8@>NF 6* M*NB@>N*N M* @ N*MX*'F 6* N[NS*< 8> HNF CVFAPVD7
CVFAP2D 8N N<B;*' S MS* @. & S6WN 58X8>5 M8N* S@ SW N[NS*< N
sh
8<8;M;[& S6* SW N[NS*<N .@M S6* @S6*M <@'*;N @. S6* N<MS *< M*
@ S8>*'F 6* NS 8;8\8>5 @WSBWS 8>9*#S8@> 58>N M* @ S8>*' .@M S6* SW N[NS*<
NW#6 S6S S6* *85*>X;W*N @. G ( - A 44 4 M* B;#*' 8>N8'* S6* W>8S
#8M#;* S BBM@BM8S* ;@#S8@>N >' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5
S8<*F 6* @WSBWS 8>9*#S8@> 58> @ S8>*' 8N N
- A]
]4]]]] ]4]]]]
]4]]]]
VT42V AV?4+Q
AAV4T?2V CTF2?D
.@M S6* <@'*; AF 8<8;M;[& S6* @WSBWS 8>9*#S8@> 58>N .@M S6* @S6*M T <@'*;N M*
@ S8>*'F 6* 8<BW;N* M*NB@>N* @. ;; S6* 4 <@'*;N @. S6* N<MS N[NS*< Y8S6 S6*
@WSBWS 8>9*#S8@> 58> M* @ N*MX*'F @Y& S6* N[NS*< 58X*> 8> HNF CVFAPVD7CVFAP2D
8N N<B;*' S MS* @. & S6WN 58X8>5 M8N* S@ S6* '*;S N[NS*< N
¨½
8<8;M;[& S6* 58>N M* @ S8>*' .@M S6* @S6*M T <@'*;N @. S6* N<MS NSMW#7
SWM* B;>SF 8S6 S6* '*N85>*' #@>SM@;;*M BWS 8> S6* ;@@B& S6* #;@N*' ;@@B 8<BW;N*
M*NB@>N*N CN*>N@M @WSBWSND @. S6* N[NS*< >' S6* XM8S8@> @. S6* #@>SM@; N85>; Y8S6
S8<* = .@M S6* 4 NSS* NB#* <@'*;N @. S6* N<MS N[NS*< M* @ N*MX*' >'
N6@Y> 8> 85NF TFV? 7 TFTQ M*NB*#S8X*;[F 6* .M*HW*>#[ M*NB@>N* B;@S .@M S6* <@'*;
A 8N N6@Y> 8> 85F TFTPF 8<8;M;[& S6* @'* B;@SN @. S6* @S6*M T <@'*;N @. S6*
N<MS N[NS*< M* ;N@ @ N*MX*'F
#@>SM@;;*MN M* '*N85>*' .@M S6* N<MS 3*Z8 ;* #>S8;*X*M *< .@M S6* 4
<@'*;N @. S6* N<MS B;>S S@ NWBBM*NN S6* 1MNS T X8 MS@M[ <@'*NF .S*M @ N*MX8>5 S6*
XM8@WN M*NB@>N*N N N6@Y> 8> S6* 85NF TFV? 7 TFTP& S6* #@<BM8N@> >' '8N#WNN8@> @.
S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@; M* BM*N*>S*' 6*M* .@M S6* *NS <@'*;
M*HW8M*' .@M F
M@< S6* N8<W;S8@> M*NW;SN& 8S 8N @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [
8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/>*NN >' [ XM[8>5 8SN ;@#S8@> @>
AV] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
£
ä
Ó
{
ä Ó { È n £ä
«° ,ië° v / ÃÞÃÌ° ÜÌ
£
{
-iÃÀ É« Þ 6®
Ó
£
Ó
{
ä Ó { È n £ä
/i î
,ië° ÜÌ
*" }> £ "
£] *iâ >Ì
£®
{
-iÃÀ É« Þ£ 6®
Ó
{
ä Ó { È n £ä
ÌÀ ivvÀÌ
ä°{
VÌÀ Ã}> Õ£ 6®
ä°Ó
ä°Ó
ä°{
ä Ó { È n £ä
/i î
$". 6.6>. M*NB@>N* Y8S6 58> >' #@>SM@; 8RB @ C AD
S6* *< .M@< S6* .M** *>' S@ S6* 1Z*' *>' 8>SM@'W#*N #@>N8'*M ;* #6>5* 8>
S6* N[NS*<LN NSMW#SWM; X8 MS8@> #6M#S*M8NS8#NF 6M@W56 S6* N8<W;S8@> M*NW;SN& 8S
8N 8>.*MM*' S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S68N '*N85>*' #@>SM@;;*M& S6* B;>S
B*M.@M<N Y*;; >' S6* X8 MS8@>N M* '<B*' @WS HW8#:;[F 6* @ N*MXS8@>N M*
<'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M S@ N6@Y S6* #@>SM@; */*#SF S YN @ N*MX*'
S6S Y8S6@WS #@>SM@; S6* SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[ >' Y8S6 #@>SM@; S6*
X8 MS8@>N M* NWBBM*NN*'F
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AVA
Ó
{
ä £ Ó Î { x È Ç n £ä
«° ,ië° v / ÃÞÃÌ° ÜÌ
Ó
{
-iÃÀ É« ÞÓ Û®
Ó
{
ä £ Ó Î { x È Ç n £ä
/i î
,ië° ÜÌ
*" }> Ó
Î
Ó
-iÃÀ É« ÞÓ 6®
£
Ó
Î
ä £ Ó Î { x È Ç n £ä
ÌÀ ivvÀÌ
Ó
ÌÀ Ã}> ÕÓ
£
Ó
ä Ó { È n £ä
/i î
$". 6.67. M*NB@>N* Y8S6 58> >' #@>SM@; 8RB @ C VD
@'*; A #> * WN*' N S6* *NS <@'*; .@M N S6* #@>SM@; Y8;; * <@M* */*#7
S8X* S S6* M@@SF 68N 8N *#WN* @. S6* .@;;@Y8>5 8>.*M*>#*N @ N*MX*' .S*M B*M.@M<8>5
S6* N8<W;S8@>NF
6* N*>N@M @WSBWS X@;S5* 8N 5M*S*M 'W* S@ S6* 6*X[ '8NSM8 WS8@> @. S6* *>'8>5
<@<*>S >*M S6* 1Z*' *>'& S6WN ;*'8>5 S@ ;M5*M NSM8> MS*F
*NN #@>SM@; */@MS 8N M*HW8M*' S@ '<B @WS S6* X8 MS8@>NF
*>N8S8X8S[ @. S6* N*>N@M R #SWS@M B8M '*B*>'N @> 8SN ;@#S8@> @> S6* *<F
6* M*NB@>N* #6M#S*M8NS8#N Y8S6 >' M* S6* *NSF
AVV T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
Î
ä
£
Ó
ä Ó { È n £ä
«° ,ië° v / ÃÞÃÌ° ÜÌ
Î
Ó
-iÃÀ É« Þ 6®
£
Î
£
Ó
ä Ó { È n £ä
/i î
,ië° ÜÌ
*" }> "
Î] *iâ >Ì
ή
Î
Ó
-iÃÀ É« ÞÎ 6®
£
Ó
ä Ó { È n £ä
ÌÀ ivvÀÌ
Î
Ó
ÌÀ Ã}> ÕÎ
£
ä
£
Ó
Î
ä Ó { È n £ä
/i î
$". 6.6!. M*NB@>N* Y8S6 58> >' #@>SM@; 8RB @ C TD
8 MS8@> #6M#S*M8NS8#N @. S6* N[NS*< '*B*>'*' >@S @>;[ @> S6* #@;;@#S8@> @.
S6* B8*\@ B8M& WS ;N@ @> <>[ .#S@MN NW#6 N S6* 58> @. S6* <B;81*M WN*'&
S6* <@'* >W< *M >' S6* ;@#S8@> @. S6* B8*\@ B8M S S6* >@'; B@8>SN .M@<
S6* 1Z*' *>'F
WMS6*M& M*NB@>N*N M* @ S8>*' [ #@>N8'*M8>5 S6* 1MNS V X8 MS@M[ <@'*N ;N@F
*NW;SN M* #@<BM*' Y8S6 S6* #@>SM@;;*MN '*N85>*' .@M 1MNS T X8 MS@M[ <@'*NF 6*
M*NB@>N*N Y8S6@WS #@>SM@;;*M& Y8S6 & >' <5>8SW'* @. S6* #@>SM@; 8>BWS @ M*
@ S8>*'F 6* @ S8>*' M*NB@>N*N [ M*S8>8>5 S6* 1MNS V <@'*N Y*M* >*M;[ S6* N<*
N S6* M*NB@>N*N @ S8>*' Y6*> T X8 MS8@> <@'*N Y*M* #@>N8'*M*'F 6* '*N85>*'
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AVT
ä°x
£
£°x
ä Ó { È n £ä
«° ,ië° v / ÃÞÃÌ° ÜÌ
{
£
-iÃÀ É« Þ 6®
ä
{
£
Ó
Î
{
ä Ó { È n £ä
/i î
,ië° ÜÌ
*" }> { "
{] *iâ >Ì
{®
£
-iÃÀ É« Þ 6®
ä°x
{
ä°x
£
ä £ Ó Î { x
ÌÀ ivvÀÌ
{
ÌÀ Ã}> Õ{
Ó
{
ä £ Ó Î { x
/i î
$". 6.63. M*NB@>N* Y8S6 58> >' #@>SM@; 8RB @ C 4D
#@>SM@;;*M M*HW8M*N #@>NS>S 58>N >' 6*>#* <[ * *N8*M S@ 8<B;*<*>S 8> M*;
S8<*F 6* ;8<8SS8@>N @. W;*M7*M>@W;;8 *< S6*@M[ NW#6 N S6* >*5;*#S8@> @. S6*
Z8; '8NB;#*<*>SN 6X* **> #@>N8'*M*' 6*M* Y68;* <@'*;8>5 S6* *<F 8<@N6*>:@
*< S6*@M[ #@MM*#SN S6* N8<B;8.[8>5 NNW<BS8@>N <'* 8> W;*M7*M>@W;;8 *<
S6*@M[ >' S6* <@'*; @ S8>*' #> * #;@N*M S@ *Z#S @>*F
AV4 T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
{ä
Èä
nä
£ää
£Óä £ ä £ Ó Î {
£ä £ä £ä £ä £ä £ä
ÀiµÕiVÞ â®
> S68N *#S8@>& Y* '*X*;@B S6* #@>SM@; N[NS*< '*N85> WN8>5 S6* #@>SM@; ;Y
'8N#WNN*' 8> TFA .@M S6* <W;S8XM8 ;* M*BM*N*>SS8@> @. S6* 3*Z8 ;* #>S8;*X*M *<
58X*> [ S6* HNF CVFA]TD >' CVFA]4D @>'*' Y8S6 NWM.#* <@W>S*' N*>N@MN >'
#SWS@MN N #@;;@#S*' B8MN S6M@W56 N<MS NSMW#SWM* #@>#*BS !P+"F 6* >W<*M8#;
X;W* @. S6* NSS* NB#* <SM8#*N 8N 58X*> [ S6* HF CVFA+]D 8> N*#S8@> VFVFVF 6*
B*M.@M<>#* @. S6* N<MS *< 8N 6*M* [ *X;WS*' .@M X8 MS8@> #@>SM@; [
#MM[8>5 @WS S6* N8<W;S8@>N [ @ N*MX8>5 S6* XM8@WN M*NB@>N*NF 6* */*#S @. B;#8>5
S6* N*>N@M7#SWS@M B8M S V '8/*M*>S ;@#S8@>N @> S6* *< 8N @ N*MX*' >' S6*
#@>#;WN8@>N M* 'MY>F 6* <W;S8XM8 ;* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N
N *ZB;8>*' 8> S6* N*#S8@> TFVFVF 6* N<B;8>5 8>S*MX; > 8N S:*> N ]F]]4 N*#N >'
S6* >W< *M @. NW 78>S*MX;N
YN S:*> N A]F 6* 58> <SM8Z .@M S6*
<@'*; @. S6* N<MS *< 8N 58X*> [
]442 ]4VT
]4T2
]44? ]42Q
]4PV ]4+? ]4?T ]4+P ]44A
- A] CTFQVD
]44Q ]4V+
]4T?
]42A ]42?
]4PQ ]4?+ A4]A A4]4 ]4?P
- 4
8S6 S6* '*N85>*' <W;S8XM8 ;* #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6*
N<MS *< <@'*;;*' WN8>5 8<@N6*>:@ *< S6*@M[& 8<BW;N* M*NB@>N*N CN*>N@M
@WSBWSN F & F D Y8S6 S6* S6* @WSBWS 8>9*#S8@> 58> >' S6* 58> & S6* S8B
'8NB;#*<*>SN Y8S6 >' Y8S6@WS S6* #@>SM@;;*M& S6* #@>SM@; */@MS @ & @ M*HW8M*' S@
#@>SM@; S6* X8 MS8@>N M* @ N*MX*' >' 5MB68#;;[ '8NB;[*' N N6@Y> 8> 85NF TFT+
7 TF4] M*NB*#S8X*;[F
6* N8<W;S8@> M*NW;SN M* #@<BM*' Y8S6 S6* N8<W;S8@> M*NW;SN
N .@;;@YNF NSS* NB#* <@'*; 8N @ S8>*' [ #@>N8'*M8>5 S6* <NN >' NS8/>*NN @.
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AV2
@S6 S6* B8*\@ BS#6*N S S6* V B@N8S8@>N& WS @>;[ @>* B8M 8N #@>N8'*M*' #S8X*
S S8<*F
*>#*& N[NS*< 8N @ S8>*' Y8S6 @>;[ A 8>BWS >' A @WSBWS& N[& S6*
B8*\@ B;#*' S S6* .M** *>' 8N #@>N8'*M*' N #S8X*& Y6*M*N S6* B8M B;#*' S
B@N8S8@> V 8N 8>#S8X*F 6* M*NW;SN @. S68N N8<W;S8@>N .@M X8 MS8@> NWBBM*NN8@>
YN @ N*MX*' >' N6@Y> 8> 85NF TF4A >' TF4VF
#@>SM@;;*M 6N **> '*N85>*' .@M S6* N<MS NSMW#SWM* <@'*; !P+"F 6*
*< YN '8X8'*' 8>S@ 4 1>8S* *;*<*>SN Y8S6 N*>N@M R #SWS@M B;#*' S B@N8S8@>N V
>' 4F 6* XM8@WN M*NB@>N*N M* @ S8>*' .@M S6* '*X*;@B*' NSS* NB#* <W;S8XM8 ;*
<@'*;F 6M@W56 S6* N8<W;S8@> M*NW;SN& 8S 8N N6@Y> S6S Y6*> S6* B;>S 8N B;#*'
Y8S6 S68N '*N85>*' #@>SM@;;*M& 8S B*M.@M<N Y*;; >' S6* X8 MS8@>N M* NWBBM*NN*'
HW8#:;[F S 8N ;N@ @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M
R #SWS@M <NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M R #SWS@M S SY@ '8/*M*>S
B@N8S8@>N 8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N
S6> B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> C85F TF4ADF
6* M*NB@>N* S:*N ;*NN*M S8<* S@ N*SS;* S6> S6* #N* C85F TF4AD >'
S6* X8 MS8@>N M* '<B*' @WS HW8#:;[F 6* #@>SM@; */@MS M*HW8M*' 8N ;N@ ;*NNF 6*
8<BW;N* M*NB@>N*N Y8S6 S6* @WSBWS 8>9*#S8@> 58> >' S6* 58> N6@YN *SS*M
B*M.@M<>#*F 6* N*>N@M7#SWS@M B8M :*BS S B@N8S8@> V #@>SM@;N S6* V X8 MS@M[
<@'*N S S6S 1>8S* *;*<*>S B@N8S8@> V& Y68;* S6* B8M :*BS S B@N8S8@> 4 ;N@ #@>SM@;N
S6* V X8 MS@M[ <@'*N& WS B;#*' S S6S 1>8S* *;*<*>S B@N8S8@> 4F @X*M;; *SS*M
B*M.@M<>#* @. S6* N[NS*< 8N @ S8>*'F
*>#*& 8S #> * #@>#;W'*' S6S <W;S8XM8 ;*
#@>SM@; @. N<MS NSMW#SWM* 8N *SS*M #@<BM*' S@ S6* #@>SM@; N S6*M* Y8;;
* <W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8>
S6* N[NS*< S@ '<B @WS HW8#:;[F *NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; C@B*>
;@@B M*NB@>N*ND >' Y*M* #@<BM*' Y8S6 S6* #@>SM@; C#;@N*' ;@@B M*NB@>N*ND S@ N6@Y
S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS #@>SM@;& S6*
SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[ >' Y8S6 #@>SM@;& S6* X8 MS8@>N M* NWBBM*NN*'
S@ ;M5*M *ZS*>SF
'[><8# >;[N8N 8N ;* S@ 8'*>S8.[ B8MN @. <@'*N S6S @##WM S >*M;[
8'*>S8#; .M*HW*>#8*NF *ZB*M8<*>SN M* >@S #SW;;[ M*;8 ;* Y6*> 8S #@<*N S@
##WMS* 8'*>S81#S8@> @. <@'* B8MN *#WN* S6*[ M* W> ;* S@ B@N8S8X*;[ '*#8B6*M
<@'* B8MN .M@< N85>; >@8N* 8> S6* <*NWM*' M*HW*>#[ *NB@>N* W>#S8@>N CDF
*B*>'8>5 @> S6* BB;8#S8@>& S6* N<*M8>5 @. S6* <@'* B8MN 8>S@ N8>5;* <@'*N <[
'X*MN*;[ /*#S S6* #@>SM@; ;5@M8S6<& '*B*>'8>5 @> S6* ;5@M8S6<LN N*>N8S8X8S[ S@
S6* 8'*>S81*' M*N@>>S .M*HW*>#8*N @. S6* N[NS*<F *Z#8SS8@> 8N *SS*M S6>
*Z#8SS8@> N *Z#8S8>5 @>;[ S N8>5;* B@8>S <[ #WN* B@@M '8NSM8 WS8@> @.
8>BWS *>*M5[ S6M@W56@WS S6* NSMW#SWM* >' <[ M*NW;S 8> N@<*Y6S N;856S;[ '8NSWM *'
.M*HW*>#[ M*NB@>N*NF <W;S8 8>BWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@> >' *X*>
*SS*M #SWS8@> .@M#*NF
AVQ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CD
C D
$". 6.6. >' M*NB@>N*N CY8S6 @RB 8>9*#S8@> 58> & 58> D& #@>SM@;
8RB @ @. S6* *< N N[NS*< CB8*\@ BS#6 B;#*' S B@N8S8@> VD
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AVP
CD
C D
$". 6.6(. >' M*NB@>N*N N N[NS*< CY8S6 @RB 8>9*#S8@> 58> &
58> D& #@>SM@; 8RB @ @. S6* *< N N[NS*< CB8*\@ BS#6 B;#*'
S B@N8S8@> 4D
AV+ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CD
C D
CD
C D
$". 6.!*. >' M*NB@>N*NCY8S6 @RB 8>9*#S8@> 58> & 58> D& #@>SM@;
8RB @ @. S6* *< N N[NS*< CB8*\@ BS#6 B;#*' S B@N8S8@> 4D
AT] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CD
C D
$". 6.!7. 8B '8NB;#*<*>SN @. N[NS*< Y8S6@WS >' Y8S6 #@>SM@;;*M CB8*\@ S
.M** *>'D
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ ATA
\& ?PFVA
\ >' A42F+A
\F 6* '*N85>*' #@>SM@;;*M 8N WN*' S@ #@>SM@; S6*
1MNS T X8 MS8@> <@'*N @. S6* N>'Y8#6*' #>S8;*X*M *< *< *''*' Y8S6 N6*M
N*>N@MN >' #SWS@MN S6M@W56 N<MS NSMW#SWM* #@>#*BS !P2"F 6* B*M.@M<>#* @.
S6* #@>SM@;;*M 8N *X;WS*' .@M X8 MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N 8>
[ @ N*MX8>5 S6* XM8@WN M*NB@>N*NF 6* */*#S @. B;#8>5 S6* N*>N@M S
'8/*M*>S ;@#S8@>N 8> S6* *< *''*' N>'Y8#6*' NSMW#SWM* N >@>7#@;;@#S*' B8M 8N
@ N*MX*' >' S6* #@>#;WN8@>N M* 1>;;[ 'MY>F
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* N*#S8@> TFVFA
.@M W;*M7*M>@W;;8 *<N >' 8> N*#S8@> TFTFA .@M 8<@N6*>:@ *<NF 6* N<B;8>5
8>S*MX; > 8N S:*> N ]F]]4 N*#N >' S6* >W< *M @. NW 78>S*MX;N
YN S:*> N
A]F > *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6WN NW 9*#S8>5 8S S@
X8 MS8@>NF 6* M*NB@>N*N M* @ N*MX*'F 6* '8N#M*S* <@'*;N M* @ S8>*' [
N<B;8>5 S6* N[NS*< 8> CVFV4VD7CVFV4TD S MS* @. >'
M*NB*#S8X*;[ 58X8>5 M8N*
S@ C D7SW N[NS*<N >' C D7'*;S N[NS*<N M*NB*#S8X*;[ C( - A 44 4D
N
¨
>'
¨u
8<8;M;[& S6* @WSBWS 8>9*#S8@> 58> .@M S6* @S6*M T <@'*;N 8N @ S8>*'F 6* #;@N*'
;@@B 8<BW;N* M*NB@>N* @. S6* 4 <@'*;N @. S6* N[NS*< Y8S6 S6* @WSBWS 8>9*#S8@> 58>
8N ;N@ @ N*MX*'F 6* 58> <SM8Z .@M S6* N<MS *< <@'*; 8N @ S8>*' [
N@;X8>5 WN8>5 S6* @BS8<8\S8@> <*S6@' Y68#6 M*'W#*N S6* <B;8SW'*
@. S6* #@>SM@; N85>; @F 8S6 S6* '*N85>*' #@>SM@;;*M BWS 8> S6* ;@@B& S6* #;@N*' ;@@B
8<BW;N* M*NB@>N* CN*>N@M @WSBWSD Y8S6 S6* 58> .@M S6* '8/*M*>S <@'*;N
@. S6* N<MS N[NS*< M* @ N*MX*'F 6* 58> <SM8Z .@M S6* <@'*; A @.
S6* N<MS 8<@N6*>:@ *< 8N 58X*> [
- TV4A]
424P+ 424TV
TV4P+ AV4?V AV44?
TQ4Q? 4?4Q+
4?4T4 TP4PT 4 CTFQQD
8<8;M;[& S6* 58>N M* @ S8>*' .@M S6* @S6*M T <@'*;N @. S6* N<MS NSMW#7
SWM* B;>SF 6* #;@N*' ;@@B 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSND @. ;; S6* <@'*;N Y8S6
S6* 58>
@. S6* N[NS*< 8N @ N*MX*'F ;N@& S6* XM8S8@> @. S6* #@>SM@; N85>;
Y8S6 S8<* .@M S6* 4 <@'*;N @. S6* N>'Y8#6*' N[NS*< 8N @ N*MX*' !P2"F 6* #@<BM7
8N@>N @. S6* HW>S8SS8X* M*NW;SN @. S6* >' M*NB@>N*N CY8S6 @WSBWS 8>9*#S8@>
58>& 58>D >' Y8S6 S6* <5>8SW'* @. S6* #@>SM@; */@MSN& S6*8M N*SS;8>5 S8<*N
M*HW8M*' 8N N6@Y> 8> ;* TFAF
% 6.*. W>S8SS8X* #@<BMS8X* M*NW;SN @. N8<W;S8@>N .@M S6* N[N7
S*< CS*M<N 8>N8'* S6* M#:*SN 8>'8#S* S6* N*SS;8>5 X;W*ND& @>;[ S6* GX* X;W*N
N6@Y>
)%
:$5#
:$5# )'50)% $4+
A + < P < Q < A
CAV N*#ND 4 CN*#ND C4 N*#ND
V P < 2 < 4 < AF+
CA2 N*#ND 4F2 CN*#ND C2 N*#ND
T Q < 4 < TFQ < VF?
CA+ N*#ND 2 CN*#ND C2F2 N*#ND
4 2 < TFV < T < TF+
CV] N*#ND 2F2 CN*#ND CQ N*#ND
8/*M*>S N<MS #>S8;*X*M *< <@'*;N Y8S6 *< *''*' N6*M N*>N@MN R #SWS@MN M*
'*X*;@B*' WN8>5 S6* 8<@N6*>:@ *< S6*@M[ .@M '8/*M*>S N*>N@M ;@#S8@>N :**B8>5
S6* #SWS@M ;@#S8@> 1Z*'F #@>SM@;;*MN M* '*N85>*' .@M S6* 4 <@'*;N @.
S6* N<MS *< *''*' N>'Y8#6*' NSMW#SWM* S@ NWBBM*NN S6* 1MNS T X8 MS@M[ <@'*NF
6* XM8@WN M*NB@>N*N M* @ S8>*' .@M *#6 @. S6* <@'*;NF 6* #@<BM8N@>
>' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@; .@M S6* *NS <@'*;
M*HW8M*' .@M 8N MM8X*' SF
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ ATT
$". 6.!6. >' M*NB@>N*N Y8S6 & >' #@>SM@; */@MS @ C@'*; AD
AT4 T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". 6.!!. >' M*NB@>N*N Y8S6 & >' #@>SM@; */@MS W C@'*; VD
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AT2
$". 6.! . >' M*NB@>N*N Y8S6 & >' #@>SM@; */@MS W C@'*; TD
ATQ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". 6.!3. >' M*NB@>N*N Y8S6 & >' #@>SM@; */@MS W C@'*; 4D
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ ATP
M@< S6* N8<W;S8@> M*NW;SN& 8S 8N @ N*MX*' S6S [ XM[8>5 S6* N*>N@M ;@#S8@>
@> S6* *< .M@< S6* .M** *>' S@ S6* 1Z*' *>' 8>SM@'W#*N #@>N8'*M ;* #6>5*
8> S6* N[NS*<LN NSMW#SWM; X8 MS8@> #6M#S*M8NS8#NF M@< S6* N8<W;S8@> M*NW;SN& 8S
8N 8>.*MM*' S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S68N '*N85>*' #@>SM@;;*M& S6* B;>S
B*M.@M<N Y*;; >' S6* M*NB@>N*N N*SS;*N 8> HW8#:*M S8<* S6> S6* @B*> ;@@B #@W>7
S*MBMSF 6* <5>8SW'* @. S6* #@>SM@; N85>; M*HW8M*' 8>#M*N*N N S6* B@N8S8@> @.
S6* N*>N@M 8N #6>5*' .M@< S6* >*M [ 1Z*' *>' >' <@X*' S@YM'N S6* .M** *>' @.
S6* N<MS #>S8;*X*M *<F 6* 8<BW;N* M*NB@>N*N N6@Y *SS*M B*M.@M<>#* Y6*>
S6* N*>N@M 8N S S6* >*M [ 1Z*' *>' MS6*M S6> S S6* .M** *>'F
S 8N ;N@ @ N*MX*' S6S S6* <Z8<W< <B;8SW'* @. S6* #@>SM@; X@;S5* M*HW8M*'
S@ '<B @WS S6* X8 MS8@>N 8N ;*NN Y6*> S6* N*>N@M 8N B;#*' S B@N8S8@> V S6>
S S6* .M** *>'F 6WN& S6* @ N*MXS8@>N M* <'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M
S@ N6@Y S6* #@>SM@; */*#SF 6* '*N85>*' #@>SM@;;*M M*HW8M*N #@>NS>S 58>N >'
6*>#* <[ * *N8*M S@ 8<B;*<*>S 8> M*; S8<*F 6* N8<W;S8@> M*NW;SN N6@Y S6S
B*M8@'8# @WSBWS .**' #: #@>SM@;;*M N*' @> 8<@N6*>:@ *< S6*@M[ 8N ;* S@
NS8N.#S@M8;[ #@>SM@; S6* 1MNS T <@'*N @. X8 MS8@> @. S6* N<MS #>S8;*X*M *< >'
S68N N6@YN S6* */*#S8X*>*NN @. S6* '*N85>*' #@>SM@;;*MF
WM.#* <@W>S*' B8*\@*;*#SM8# #@;;@#S*' N*>N@MN >' #SWS@MN CB8*\@7BS#6*N
@>'*' S@ S6* <NS*M NSMW#SWM* S S@B >' @SS@< @. S6* N8>5;* 3*Z8 ;* *<D M*
WNW;;[ B;#*' S S6* M@@S @. S6* NSMW#SWM* C>*M [ S6* 1Z*' *>'D N #@;;@#S*' B8MN&
@>* @X* >' S6* @S6*M *;@Y S6* *< 8> @M'*M S@ #68*X* <@NS */*#S8X* N*>N8>5
>' #SWS8@>F 68N NW 9*#SN S6* N*>N@MN R #SWS@MN S@ 6856 ;@>58SW'8>; NSM*NN*N
S6S <856S '<5* S6* M8SS;* B8*\@7*;*#SM8# <S*M8;F WMS6*M<@M*& NWM.#* <@W>S*'
N*>N@MN R #SWS@MN M* ;8:*;[ S@ * '<5*' [ S6* #@>S#S Y8S6 NWMM@W>'8>5 @ 7
9*#SNF 6* S*<B*MSWM* */*#SN& NSM[ <5>*S8# 1*;'N& >@8N* N85>;N& *>X8M@><*>S;
#@>'8S8@>N& *S#F& <[ 6X* N@<* */*#SN @> S6* *6X8@M @. S6* LNF
W* S@ S6*N* M*N@>N& S6*M* <[ * N@<* #6>5*N 8> S6* B;>S *6X8@MF < *'7
'*' N6*M N*>N@MN R #SWS@MN #> * WN*' S@ ;;*X8S* S6*N* BM@ ;*<NF 6* >SWM;
.M*HW*>#8*N Y*M* .@W>' S@ * ;8SS;* @> S6* 6856*M N8'* 8> S6* #N* @. *< *''*' *<NF
6* ;8<8SS8@>N @. W;*M7*M>@W;;8 *< S6*@M[ NW#6 N S6* >*5;*#S8@> @. S6* N6*M
>' Z8; '8NB;#*<*>SN 6X* **> #@>N8'*M*' 6*M* Y68;* <@'*;8>5 S6* *<F 8<7
@N6*>:@ *< S6*@M[ #@MM*#SN S6* N8<B;8.[8>5 NNW<BS8@>N <'* 8> W;*M7*M>@W;;8
*< S6*@M[ >' S6* <@'*; @ S8>*' #> * *Z#S @>*F
u c£|v n #
¬¡c¡ n¡ 2F¡¬ cF£ 7£|v
Rc]]c] ,|cȣ
> S6* .@;;@Y8>5 *#S8@>& Y* '*X*;@B S6* #@>SM@; NSMS*5[ .@M S6* <W;S8XM8 ;* M*BM*7
N*>SS8@> @. S6* '*X*;@B*' N<MS NSMW#SWM* <@'*; 58X*> 8> HNF CVFV4PD7CVFV4+D .@M >
#N* N6@Y> 8> S6* 85F VFAT Y8S6 8SN >W<*M8#; X;W*N 58X*> 8> HF CVFV2]D WN7
8>5 S6* #@>SM@; ;Y '8N#WNN*' 8> S6* *#S8@> TFAF 6* *< *''*' *< 8N '8X8'*'
8>S@ + >' S6* #@>SM@; #SWS@MN M* *< *''*' 8>S@ S6* N>'Y8#6*' NSMW#SWM* S
B@N8S8@>N V >' 4& Y6*M*N S6* N*>N@MN M* *< *''*' 8>S@ S6* NSMW#SWM* S
B@N8S8@>N Q >' + M*NB*#S8X*;[F > *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6*
*<& S6*M* [ NW 9*#S8>5 8S S@ X8 MS8@>NF
6* X8 MS8@>N M* '<B*' @WS HW8#:;[ [ S6* 8>#@MB@MS8@> @. #@>SM@;;*M
*8>5 BWS 8> S6* .**' #: ;@@B Y8S6 S6* B;>SF 6* '*N85>*' #@>SM@;;*M 8N WN*'
S@ NWBBM*NN S6* 1MNS T X8 MS8@> <@'*N @. S6* N>'Y8#6*' *<F 6* <W;S8XM8 ;*
AT+ T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
#@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> N*#S8@> TFVFV .@M W;*M7
*M>@W;;8 *<N >' 8> N*#S8@> TFTFV .@M 8<@N6*>:@ *<NF 6* B*M.@M<>#* @. S6*
N<MS *< 8N 6*M* [ *X;WS*' .@M X8 MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N
>' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF
6* */*#S @. B;#8>5 S6* N*>N@M7#SWS@M B8M S V '8/*M*>S ;@#S8@>N 8>
*SY**> S6* *< ;[*MN N >@>7#@;;@#S*' B8MN 8N @ N*MX*' >' S6* #@>#;WN8@>N M*
1>;;[ 'MY>F 6* N<B;8>5 8>S*MX; > 8N S:*> N ]F]]4 N*#N >' S6* >W< *M @. NW 7
8>S*MX;N
YN S:*> N A]F M*NB@>N* @. S6* N[NS*< 8N @ S8>*' .S*M NW 9*#S8>5
8S S@ X8 MS8@>NF 6* '8N#M*S* <@'*;N M* @ S8>*' [ N<B;8>5 S6* N[NS*< 8> CVFV2]D
S MS* @. >'
58X8>5 M8N* S@ C D7SW N[NS*< >' C D7'*;S N[NS*<
M*NB*#S8X*;[ N
]4?22V ]4]]]]
]4]]]]
]4]]A] ]4]]]]
]4]]]]
]4]]]]
]44V2+ ]4]]]] ]4]]]]
]4]]A+ ]4]]]]
]4]]A]
-
]4]]]] ]4]]]] ]44P+P
]4]]]] ]4]]]]
2+4+4PA
]4]]]] ]4]]]] ]4?22+ ]4]]]]
]4]]]]
]4]]]] T?A4P2VQ ]4]]]] ]4]]]]
]44VA? ]4]]]]
]4]]]] ]4]]]] 2T242VV2
]4]]]] ]4]]]] ]44+4A
]4]]]]
]4]]]A
]4]]]]
]4]]]]
]4]]]]
]4]]]T
- A]
]4A]QP
CTFQPD
]4]]]A
]4]]]]
]4]]]]
]4]]]P ]4TA]?
>'
]4??+V ]4]]]] ]4]]]]
]4]]]A ]4]]]] ]4]]]]
]4]]]] ]4?PTP
]4]]]]
]4]]]]
]4]]]4
]4]]]]
]4]]]]
]4]]]] ]4?+A4
]4]]]] ]4]]]]
]4]]]A
-
Q4]V2A ]4]]]] ]4]]]] ]4??+V
]4]]]]
]4]]]]
]4]]]] ?V4+TQ2
]4]]]] ]4]]]] ]4?P4Q ]4]]]]
]4]]]] ]4]]]] PA44AAA
]4]]]]
]4]]]] ]4?+VV
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]]
]4]]]A
- A]
4
]4A]?V
CTFQ+D
]4]]]A
]4]]]]
]4]]]]
]4]]A] ]44A4Q
S 8N .@W>' S6S S6* '8N#M*S* <@'*; YN #@>SM@;; ;* >' @ N*MX ;*F S 8;8\8>5
8>9*#S8@>
@WSBWS 58> 8N @ S8>*' .@M S6* SW N[NS*< NW#6 S6S S6* *85*>X;W*N @.
G ;8* 8>N8'* S6* W>8S #8M#;* >' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@'
N*SS;8>5 S8<*F 6* @WSBWS 8>9*#S8@> 58> @ S8>*' 8N N
]4V]?2 ]4]]24
]4]]]]
]4]]]]
]4]V]] ]44?T] 4
- A]
244+]+
CTFQ?D
VA]42+AQ
]4]]]]
]4]]]]
A24AA??
+TP4?V2P
TFT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ AT?
6* #;@N*' ;@@B 8<BW;N* M*NB@>N* @. S6* N[NS*< Y8S6 S6* @WSBWS 8>9*#S8@> 58> 8N
;N@ @ N*MX*'F 6* 58> <SM8Z .@M S6* N<MS N[NS*< 8N @ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@' Y68#6 M*'W#*N S6* <B;8SW'* @. S6*
#@>SM@; N85>; @F 6* 58> <SM8Z .@M S6* <@'*; @. S6* N<MS *<
8N 58X*> [
]4]]A4 ]4]2V?
A4V2PV
VV424+P
]4]]AT
]4]22V
A4]PV] VT42A?+
]4]]]A ]4]4VV
]4?P+?
A+4]2V]
]4]]]4
]4]APA
]4TT4A P4VP+A
]4]]]4
]4]AT2
A4]QV? 24P+?] - ! " 4
-
]4]4AA
CTFP]D
]4]]AV
A4V?]4
AP44P?]
]4]]AT
]4]2+]
]4?2V? V44PT++
]4]]]4 ]4]2?4
]4+P?]
V24TPP2
]4]]A]
]4]44V
]4Q??V A+4+T+4
]4]]]? ]4]AQT
A4VA]4
Q4?VPA
8S6 S6* '*N85>*' <W;S8XM8 ;* #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6*
N<MS *<& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN F & F D Y8S6 S6* 58>
S6* #@>SM@; */@MS @ & @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N M* @ N*MX*' >'
5MB68#;;[ '8NB;[*' N N6@Y> 8> 85NF TF4P 7 TF4+ M*NB*#S8X*;[F 6* #@<BM8N@>N
@. S6* HW>S8SS8X* M*NW;SN @. S6* >' M*NB@>N*N CY8S6 @WSBWS 8>9*#S8@> 58>&
58>D >' Y8S6 S6* <5>8SW'* @. S6* #@>SM@; */@MSN& S6*8M N*SS;8>5 S8<*N M*HW8M*'
8N N6@Y> 8> ;* TFVF
% 6.7. W>S8SS8X* #@<BMS8X* M*NW;SN @. N8<W;S8@>N @. S6* *< *''*'
*< N N[NS*< CS*M<N 8>N8'* S6* M#:*SN 8>'8#S* S6* N*SS;8>5 X;W*ND&
@>;[ S6* GX* X;W*N N6@Y> 6*M*
%)5$)'
:$5#
:$5# )'50)% $4+
F TFQ TFP TFP A+
Q TV CN*#ND A] CN*#ND C4 N*#ND
F AF+ AF+ AF? T?
+ AA CN*#ND ? CN*#ND C+ N*#ND
A4] T *M8@'8# WSBWS **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
Ó
{
ä £ Ó Î { x È Ç n £ä
«° Àië° ÜÌ
] ÃiÃÀ É« >Ì
È
£
{
Ó
-iÃÀ É« Þ£ 6®
Ó
{
È
ä £ Ó Î { x È Ç n £ä
/i ÃiVî
Ó
£
Ó
{
ä £ Ó Î { x È Ç n £ä
ÌÀ «ÕÌ £
Óä
£ä
ÌÀ É« Õ 6®
£
£ä
Óä
Îä
ä £ Ó Î { x È Ç n £ä
/i ÃiVî
£
Ó
ä £ Ó Î { x È Ç n £ä
«° ,ië° ÜÌ
ÃiÃÀ É« >Ì
n®
Ó
Ó
£
-iÃÀ É« ÞÓ 6®
£
Ó
Î
ä £ Ó Î { x È Ç n £ä
/i ÃiVî
£
-iÃÀ É« Þ 6®
Ó
£
Ó
Î
ä £ Ó Î { x È Ç n £ä
ÌÀ «ÕÌ Ó
{ä
Óä
Ó
ÌÀ «ÕÌ Õ
Óä
{ä
Èä
ä £ Ó Î { x È Ç n £ä
/i ÃiVî
#@>SM@;;*M 6N **> '*N85>*' .@M S6* <@'*; @. S6* N>'Y8#6*' N<MS
NSMW#SWM* >' Y6*> BWS 8> .**' #: ;@@B Y8S6 S6* B;>S& S6* SM>N8*>S @N#8;;S8@>N '8*
@WS HW8#:;[ 8> ;*NN*M S8<* >' NS*'[ NSS* 8N M*#6*' HW8#:;[F S 8N ;N@ @ N*MX*' S6S
<@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/>*NN
>' [ B;#8>5 S6* N*>N@M R #SWS@M S SY@ '8/*M*>S B@N8S8@>N 8> *SY**> S6* *<
;[*MN 8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N
S6> B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> C85NF TF4T 7 TF4QDF 6*
M*NB@>N* S:*N ;*NN*M S8<* S@ N*SS;* S6> S6* #N* C85NF TF4T 7 TF4QD >' S6*
X8 MS8@>N M* '<B*' @WS HW8#:;[F @X*M;; *SS*M B*M.@M<>#* @. S6* N[NS*< 8N
@ S8>*' N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' S6* @WSBWS Y68#6
Y8;; #WN* S6* X8 MS8@>N 8> S6* N[NS*< S@ * '<B*' @WS HW8#:;[F
*NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; >' Y*M* #@<BM*' Y8S6 S6* #@>SM@; S@
N6@Y S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS #@>SM@;
S6* SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[& S:*N ;@S @. S8<* S@ N*SS;* >' Y8S6 #@>7
SM@;& S6* X8 MS8@>N M* NWBBM*NN*'F 6* ;8<8SS8@>N @. W;*M7*M>@W;;8 *< S6*@M[
NW#6 N S6* >*5;*#S8@> @. S6* N6*M >' Z8; '8NB;#*<*>SN 6X* **> #@>N8'*M*'
6*M* Y68;* <@'*;8>5 S6* *<F 8<@N6*>:@ *< S6*@M[ #@MM*#SN S6* N8<B;8.[8>5
NNW<BS8@>N <'* 8> W;*M7*M>@W;;8 *< S6*@M[ >' S6* <@'*; @ S8>*' #> *
#;@N*M S@ *Z#S @>*F
0) $#!2,$#,
#@>SM@;;*MN M* '*N85>*' NW##*NN.W;;[ S@ #@>SM@; S6* 1MNS .*Y X8 MS@M[ <@'*N
@. N<MS #>S8;*X*M *< <@'*;;*' WN8>5 V S[B* @. *< S6*@M8*N& X8\F& W;*M7
*M>@W;;8 *< S6*@M[ >' 8<@N6*>:@ *< S6*@M[F *Y N#6*<*N S@ #@>SM@;
S6* 3*ZWM; X8 MS8@>N @. >' N<MS <@'*;N Y*M* BM*N*>S*'F 8/*M*>S
N*>N@M R #SWS@M ;@#S8@>N @>'*' S@ S6* <NS*M NSMW#SWM* C3*Z8 ;* #>S8;*X*M *<D
*8S6*M N NWM.#* <@W>S*' B8*\@N @M N *< *'*'' S[B* B8*\@N Y*M* #@>N8'*M*'F S 8N
@ N*MX*' S6S S6* S6* #@>SM@; */@MS M*HW8M*' 5*SN M*'W#*' Y6*> S6* B8*\@ B8M 8N
<@X*' S@YM'N S6* M@@S @. S6* NSMW#SWM*F
*SS*M B*M.@M<>#*N M* @ S8>*' Y6*> S6* B8*\@ B8M 8N S S6* M@@S C1Z*' *>'D
MS6*M S6> S S6* .M** *>'F 6* @B*> ;@@B 8<BW;N* M*NB@>N*N @. S6* B;>SN CY8S67
@WS S6* #@>SM@;;*MD N6@YN > @N#8;;S@M[ S8<* M*NB@>N* >' S:*N <@M* S8<* .@M S6*
X8 MS8@>N S@ '*#[ @WSF 6* #;@N*' ;@@B M*NB@>N*N @. S6* B;>S Y8S6 S6* 58>
N6@YN S6S S6* B*M.@M<>#* @ S8>*' [ S6* @WSBWS 8>9*#S8@> 58> 8N M*;8\*' Y8S6
S6* 58> >' S6* X8 MS8@>N M* NWBBM*NN*' HW8#:;[ [ S6* 8>SM@'W#S8@> @. S6*
#@>SM@;;*MF W;S8XM8 ;* #@>SM@; @. N<MS NSMW#SWM* 8N 8>.*MM*' S@ * *SS*M
#@<BM*' S@ S6* #@>SM@; N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >'
S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8> S6* N[NS*< S@ * '<B*' @WS HW8#:;[
S6> S6* *M;8*M #N*F
<W;S8 8>BWS <W;S8 @WSBWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@> >' *X*>
*SS*M #SWS8@> .@M#*NF >;8:* NSS8# @WSBWS .**' #:& S6* #@>SM@; ;Y[N 5WM7
>S**N S6* NS 8;8S[ @. S6* #;@N*' ;@@B N[NS*< >' ;; S6* NSS*N M* >@S >**'*' .@M
#@>SM@; BWMB@N*NF W;S S@;*M>S #@>SM@; 8> S6* *X*>S @. > #SWS@M .8;WM* 8> <W;7
S8<@'*; N[NS*< 8N ;N@ BM@B@N*' Y68#6 N6@Y*' S6S *X*> Y6*> > #SWS@M .8;N S@
TF4 @>#;WN8@>N A4T
.W>#S8@> 8> <W;S8XM8 ;* N[NS*<& S6* N[NS*< NS 8;8\*NF 6856*M @M'*M N<MS NSMW#7
SWM* <@'*; 8N '*N85>*' [ #@>N8'*M8>5 <@M* >W< *M @. X8 MS@M[ <@'*NF M*'W#*'
@M'*M <@'*; 8N S6WN @ S8>*' >' M@ WNS #@>SM@;;*M 8N '*N85>*' X8 S6* M*'W#*'
@M'*M <@'*; >' S6*> BB;8*' S@ S6* 6856*M @M'*M <@'*; Y68#6 Y@M:N NS8N.#S@M8;[F
,/ 2/&2/ "&!# $#/+$!!+, $+
"+/ /+2/2+,
> S6* .@WMS6 6BS*M @. S68N <@>@5MB6& XM8@WN S[B*N @. #@>SM@; NSMS*58*N .@M S6*
>' NSS* NB#* <@'*;N @. S6* N<MS NSMW#SWM* '*X*;@B*' 8> S6* 6BS*M
V WN8>5 S6* .NS @WSBWS N<B;8>5 .**' #: #@>SM@; ;Y C S[B* @. <W;S8MS* @WSBWS
.**' #: S*#6>8HW*D 8N BM*N*>S*'F 6* <8> 8< @. '*X*;@B8>5 S6*N* #@>SM@; NSMS*58*N
8N S@ #@>SM@; >' '<B @WS S6* 3*ZWM; @M SM>NX*MN* X8 MS8@>N @. 3*Z8 ;* *<N
Y6*> S6*[ M* NW 9*#S*' S@ > *ZS*M>; '8NSWM >#*& N[ > 8<BW;N* @M N8>WN@8';
'8NSWM >#* S S6* .M** *>' @. S6* 3*Z8 ;* *< @M 'W* S@ > #SWS@M .8;WM* 8>
<W;S8XM8 ;* N[NS*<F > S6* 1MNS BMS @. S68N 6BS*M& S6* '*N85> @. NS WSBWS
<B;8>5 CD .**' #: #@>SM@;;*MN .@M S6* #S8X* X8 MS8@> NWBBM*NN8@> @. *<N
<@'*;;*' Y8S6 W;*M7*M>@W;;8 *< S6*@M[ 8N '8N#WNN*'& Y68;* 8> S6* ;SS*M BMS @.
S68N #6BS*M& S6* '*N85> @. #@>SM@;;*MN .@M S6* #S8X* X8 MS8@> NWBBM*NN8@> @.
*< <@'*;;*' Y8S6 8<@N6*>:@ *< S6*@M[ 8N BM*N*>S*'F 6* B*M.@M<>#* @. ;;
S6* '*N85>*' #@>SM@;;*MN M* *X;WS*' [ B*M.@M<8>5 S6* N8<W;S8@>N >' @ N*MX8>5
S6* XM8@WN M*NB@>N*NF @>#;WN8@>N M* 1>;;[ 'MY> M*5M'8>5 S6* N8<W;S*' M*NW;SNF
DC=D
) - DC=D G @C=D FC=D - DC=D C4FAD
Y6*M* D & @ & F & & & M* #@>NS>S <SM8#*N @. BBM@BM8S*
'8<*>N8@>N >' ! & ! & ! F
A4Q 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
*S C D * S6* N[NS*< 8> C4FAD N<B;*' S > N*#N >' 58X*> [
6N '*N8M ;* BM@B*MS8*NF 8F*F& > NSS* .**' #: 58> <SM8Z 8N '*N85>*' NW#6 S6S
S6* *85*> X;W*N @. C G D M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#7
S8@>N C>@ *85*> X;W*N S S6* @M858>D >' S6* #;@N*' ;@@B N[NS*< 6N 5@@' N*SS;8>5
S8<*F
*M*&
- C4F4D
>'
- : 4 C4F2D
>NS*' @. WN8>5 NSS* @ N*MX*M& S6* .@;;@Y8>5 N<B;*' 'S #@>SM@; #> *
WN*' S@ M*;8\* S6* */*#S @. S6* NSS* .**' #: 58> [ @WSBWS .**' #: >' S6*>
BB;8*' S@ S68N '8N#M*S8\*' N[NS*<F *S - & 8F*F& > @WSBWS7N<B;8>5 8>S*MX;
> 8N '8X8'*' 8>S@
NW 78>S*MX;N @. Y8'S6 - & Y6*M*
*8>5 5M*S*M S6*
@ N*MX 8;8S[ 8>'*Z 0 @. C D >' S6* 6@;' .W>#S8@> 8N NNW<*' S@ * #@>NS>S
@X*M S6*N* NW 78>S*MX;N N N6@Y> 8> 85F 4FAF 6* ;@#:7'85M<<S8# X8*Y @. S6*
#@>SM@; S*#6>8HW* 8N N6@Y> 8> 85F 4FVF 6* #@>SM@; N85>; @C=D& Y68#6 8N BB;8*'
'WM8>5 S6* 8>S*MX; *> - = - C* G AD> & 8N S6*> #@>NSMW#S*' N ;8>*M #@< 8>S8@>
@. S6* ;NS
@WSBWS @ N*MXS8@>N N
FC*>
> D
FC*>
> G D
FF
-
F
@C=D - F C4FQD
F
FF
FC*>
D
Y6*M* S6* <SM8Z ;@#:N M*BM*N*>S S6* @WSBWS .**' #: 58>N >' CY*856SN .@M
S6* 8>'8X8'W; @WSBWS N<B;*ND S6* >@SS8@>N
& F 6N **> 8>SM@'W#*' 6*M* .@M
#@>X*>8*>#*F @S* S6S 8N S6* MS* S Y68#6 S6* ;@@B 8N #;@N*'& Y6*M*N S6* @WSBWS
N<B;*N M* S:*> S S6*
7S8<*N .NS*M MS* F
@ N6@Y 6@Y .**' #: #@>SM@;;*M 8> HF C4FQD #> * '*N85>*' S@ M*;8\* S6*
58X*> N<B;*' 'S NSS* .**' #: 58> .@M #@>SM@;; ;* >' @ N*MX ;* N[NS*<
C D& Y* #@>NSMW#S 1#S8S8@WN& ;8.S*' N[NS*< .@M Y68#6 S6* HF C4FQD #> *
8>S*MBM*S*' N NSS8# @WSBWS .**' #: !4+"F @ N** S6* M*;S8@>N68B *SY**> S6* 58>
N*HW*>#* >' S6* #;@N*' ;@@B *6X8@M& #@>N8'*M S6* N[NS*< 8> C4FAD N<B;*' S
S6* MS* @. & 58X8>5 M8N* S@ S6* '*;S N[NS*<& C DF @>N8'*M S6* '8N#M*S* S8<*
N[NS*< S S8<* = - *> & 6X8>5 S6* 8>BWS @ - @C*> D& S6* NSS* D - DC*> D >' S6*
@WSBWS N F F 6*>& Y* 6X* ;8.S*' N[NS*< 58X*> N
D
- D G @ F
- DC*D G @C*D C4FPD
4FA M8*. *X8*Y @. S6* NS WSBWS <B;8>5 **' #: @>SM@; *#6>8HW* A4P
@Y& N8>#* S6* NSS* .**' #: 58> 6N ;M*'[ **> '*N85>*'& S6*> NNW<8>5
S6S 8> S6* 8>S*MX; *> = C*> G > D&
F - D 4 C4FAAD
6* <*NWM*<*>S <SM8Z @. S68N 1#S8S8@WN N[NS*< #> ;<@NS * <'* *HW; S@
6X* .W;; #@;W<> M>: N@ S6S >[ N<B;*' 'S 58> .@M S6* N[NS*< 8> C4FAD
#> * M*;8\*' [ S6* #@>SM@; ;Y C4FQDF 6*>& S6* .**' #: ;Y 8> C4FQD #> *
8>S*MBM*S*' N NSS8# @WSBWS .**' #: #@>SM@; ;Y N
@ -
F C4FAVD
.@M S6* N[NS*< 8> C4FPD Y8S6 S6* <*NWM*<*>S <SM8Z F @M
S@ M*;8\* S6* */*#S
@. 8> S6* HNF C4FPD >' C4F+D& 8S <WNS NS8N.[ S6* *HWS8@>
- 4 C4FATD
*S 0 '*>@S* S6* @ N*MX 8;8S[ 8>'*Z @. C DF S #> * N6@Y> S6S .@M
& 0&
5*>*M8#;;[& 6N .W;; #@;W<> M>:& N@ S6S >[ NSS* .**' #: 58> #> * M*;8\*'
[ .**' #: 58>
F S = - ]& S6* #@>SM@; N85>; @C=D - @ .@M ] - = >
#>>@S * #@<BWS*' .M@< HF C4FQD N8>#* S6* @WSBWS <*NWM*<*>SN M* >@S X8; ;*
.@M = - ]F . S6* 8>8S8; NSS* D 8N :>@Y>& @>* #> S:* @ - D F . D 8N W>:>@Y>
>' *NS8<S*' Y8S6 *MM@M D & S6* X;W* @. @ Y8;; '8/*M [ @ - D .M@< S6*
#@>SM@; N85>; Y68#6 Y@W;' * BB;8*' 8. S6* 8>8S8; NSS*N Y*M* :>@Y> >' S6*M* Y8;;
* > *MM@M @ - @
D F @M * A& @ #> * #@<BWS*' .M@< HF C4FQD& WS
8. @ - ]& S6* NNW<BS8@> @ - D >' S6*M*.@M* F - D '@*N >@S 6@;' 5@@'
>' S6* */*#S @. 8>8S8; *MM@M @ Y@W;' BM@B5S* S6M@W56 S6* #;@N*' ;@@B M*NB@>N*
@. S6* N[NS*<F >* #> X*M8.[ S6S S6* #;@N*' ;@@B '[><8#N 8N 5@X*M>*' [
D
G D
- 4 C4FA4D
@
]
@
6* N[NS*< 8> HF C4FPD W>'*M S6* BB;8#S8@> @. #@>SM@; ;Y 8> HF C4FAVD 8N
NS ;* 8. >' @>;[ 8. NS 8;8\*N C D >' S6* <SM8Z C
D 6N ;; 8SN
*85*> X;W*N 8>N8'* S6* W>8S #8M#;*F @ N** S68N& BB;[ S6* #@@M'8>S* SM>N.@M<S8@>&
]
- C4FA2D
S@ S6* *HWS8@>
D
D
- C4FAQD
@
@
>' WN* HF C4FA]DF 6WN& Y* 6X* S6* *85*> X;W*N @. S6* #;@N*' ;@@B N[NS*< W>'*M
#@>SM@; ;Y 8> C4FQD N S6@N* @. C G D S@5*S6*M Y8S6 S6@N* @. C
DF
4FA M8*. *X8*Y @. S6* NS WSBWS <B;8>5 **' #: @>SM@; *#6>8HW* A4?
68N NW55*NSN S6S S6* NSS* .**' #: N6@W;' * @ S8>*' N@ N S@ *>NWM* S6*
NS 8;8S[ @. @S6 C G D >' C
DF
S 8N M*;8\*' S6S Y8S6 S68N '*N85>*' .**' #: #@>SM@;;*M& V BM@ ;*<N M*
M*HW8M*' S@ * ''M*NN*'F
6* 1MNS BM@ ;*< 8N S6* W>:>@Y> NSS*N M* *NS8<S*' 8<B;8#8S;[ WN8>5 S6* <*7
NWM*' @WSBWS N<B;*N >' NNW<8>5 S6S S6* 8>8S8; #@>SM@; 8N 5*>*MS*' [ S6* NSS*
.**' #:F . S6* *ZS*M>; '8NSWM >#*N #WN* > *NS8<S8@> *MM@M& S6*> '*#[ @. S68N
*MM@M Y8;; * '*S*M<8>*' [ S6* *85*> X;W*N @. S6* <SM8Z C
D Y68#6 '*7
B*>'N @>
>' Y6@N* '8<*>N8@>N *HW;N S6* >W< *M @. #@>SM@; 8>BWSNF @M NS 8;8S[&
S6*N* *85*> X;W*N 6X* S@ * 8>N8'* S6* W>8S '8N# >' .@M .NS '*#[& S6*[ N6@W;' *
N #;@N* S@ S6* @M858> N B@NN8 ;*F 68N BM@ ;*< <WNS * S:*> 8>S@ ##@W>S Y68;*
'*N85>8>5
F
6* N*#@>' BM@ ;*< 8N N .@;;@YNF 6* BM@ ;*< Y8S6 #@>SM@;;*MN @ S8>*' 8>
S68N Y[ 8N S6S& ;S6@W56 S6*[ M* NS 8;8\8>5 >' #68*X* S6* '*N8M*' #;@N*' ;@@B
*6X8@M S S6* @WSBWS N<B;8>5 8>NS>SN& S6*[ <[ #WN* > *Z#*NN8X* @N#8;;S8@>
*SY**> 8>S*M7N<B;8>5 8>NS>SNF 6* #@>SM@;;*M @ S8>*' WN8>5 C4FATD <[ 58X* S6*
'*N8M*' *6X8@WM& WS <856S M*HW8M* *Z#*NN8X* #@>SM@; #S8@> >' S6* 58>N
@ S8>*' <[ * X*M[ 6856F > BM#S8#*& S6*N* 6856 58>N <[ <B;8.[ <*NWM*<*>S
>@8N*& NSWMS* S6* #SWS@M >' 8S 8N '*N8M ;* S@ :**B S6*N* X;W*N ;@YF 6*> SM[8>5
S@ '*; Y8S6 S6*N* BM@ ;*<N& 8S SWM>N @WS S6S 8S 8N *SS*M >@S S@ 8>N8NS @> > *Z#S
N@;WS8@> S@ S6* '*N85> *HWS8@>
- >' @>* #> ;;@Y N<;; '*X8S8@>
>' WN* > BBM@Z8<S8@>
& Y68#6 6M';[ */*#SN S6* '*N8M*' #;@N*' ;@@B
'[><8#N& WS <[ 6X* #@>N8'*M ;* */*#S @> S6* V BM@ ;*<N '8N#WNN*' @X*F 6WN&
Y* M* BWSS8>5 #@>NSM8>S @> S6* 58>
F
>NS*' @. ;@@:8>5 .@M > *Z#S N@;WS8@> S@ S6* 8>*HW;8S8*N& S6* .@;;@Y8>5 8>*HW;7
8S8*N 58X*> *;@Y M* N@;X*'F
- 9
- 9
9
4 C4FAPD
*M*& 8> HF C4FAPD& S6* T @ 9*#S8X*N 6X* **> *ZBM*NN*' [ S6* WBB*M @W>'N
@> S6* <SM8Z >@M<N& >' *#6 N6@W;' * N N<;; N B@NN8 ;*F 9 N<;; <*>N
<*>N ;@Y >@8N* N*>N8S8X8S[& 9 N<;; <*>N .NS '*#[ @. @ N*MXS8@> *MM@M& >'
<@NS 8<B@MS>S;[& 9
N<;; <*>N S6S S6* #@>SM@;;*M Y8S6 58>
8N 5@@'
BBM@Z8<S8@> @. S6* @M858>;;[ '*N85>*' NSS* .**' #: #@>SM@;;*MF . 9
- ]& S6*>
8N *Z#S N@;WS8@>F . S6* @W>'N 9 >' 9 M* :>@Y>& @>* #> :**B S6*N* @W>'N
1Z*' >' <8>8<8\* 9
W>'*M S6*N* #@>NSM8>SNF 68N M*HW8M*N N*M#6 .@M
#@>SM@;;*M Y68#6 58X*N S6* *NS BBM@Z8<S8@> @. S6* 58X*> '*N85>*' W>'*M S6*
#@>NSM8>SN M*BM*N*>S*' [ 9 >' 9 F S N6@W;' * >@S*' 6*M* S6S NS 8;8S[
M*HW8M*N 9 - A& 8F*F& S6* *85*> X;W*N Y68#6 '*S*M<8>* S6* *MM@M '[><8#N <WNS ;8*
Y8S68> S6* W>8S '8N#F
N8>5 S6* N#6WM #@<B;8<*>S& 8S 8N NSM856S .@MYM' S@ M8>5 S6*N* #@>'8S8@>N 8>
S6* .@M< @. !AVA" !2]" N
9
- ] C4FA+D
9
- ] C4FA?D
C
D
9
- ]4 C4FV]D
C
D
A2] 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
> S68N .@M<& S6* .W>#S8@> +',@ C D @. S6* #@>SM@; S@@; @Z !AVA"& !2]" #> *
WN*' S@ <8>8<8\* ;8>*M #@< 8>S8@> @. 9 & 9 >' 9
.@M S6* N[>S6*N8N @.
F
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> S6* BM*X8@WN *#S8@> 4FA 8N WN*' S@ '*N85>
#@>SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. #>S8;*X*M *< S6M@W56
N<MS NSMW#SWM* #@>#*BS .@M S6* XM8@WN NSS* NB#* <@'*;N @. S6* T S[B*N @.
N[NS*<N 58X*> 8> *#S8@> VFAFA%Q C8DF 6* B*M.@M<>#* @. S6* T S[B* @. N[NS*<N 8N
6*M* [ *X;WS*' .@M X8 MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5
S6* XM8@WN M*NB@>N*NF 8>;;[& S6* #@>#;WN8@>N M* 'MY> Y8S6 S6* '8N#WNN8@>N @> S6*
N8<W;S8@> M*NW;SN !?A"& !?V"F
6* N<B;8>5 8>S*MX; > 8N N*;*#S*' N ]F]]4 N*#NF 6* >W< *M @. NW 78>S*MX;N
8N #6@N*> N 4F > *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6WN
NW 9*#S8>5 8S S@ X8 MS8@>NF 6* M*NB@>N*N CY8S6@WS S6* #@>SM@;;*MD M* @ N*MX*'F
> N[NS*<N C D @. S6* XM8@WN <@'*;N @. S6* T N[NS*<N C) - A& V& TD S
S6* 1Z*' *>' N N6@Y> 8> S6* 85F VFT M* @ S8>*' [ N<B;8>5 S6* N[NS*<N
58X*> 8> CVFPTD7CVFP2D S MS* @. F 6* SW N[NS*<N .@M S6* <@'*;N M* 58X*>
[ S6* HNF CTFATD7CTFA2D .@M S6* B8*\@7BS#6*N B;#*' @>;[ S S6* 1Z*' *>'F
8<8;M;[& S6* SW N[NS*<N @. S6* @S6*M <@'*;N @. S6* T N[NS*<N M* ;N@
@ S8>*'F S 8N .@W>' S6S S6* N[NS*<N 8> HNF CTFATD7CTFA2D M* #@>SM@;; ;* >'
@ N*MX ;*F 6* NS 8;8\8>5 58>N M* @ S8>*' .@M *#6 @. S6* <@'*;N @.
S6* T N[NS*<N NW#6 S6S S6* *85*>X;W*N @. C G D M* B;#*' 8>N8'* S6* W>8S
#8M#;* S BBM@BM8S* ;@#S8@>N NW#6 S6S S6* #;@N*' ;@@B N[NS*< 6N 5@@' N*SS;8>5
S8<*F 6* 8<BW;N* M*NB@>N* @. ;; S6* <@'*;N @. S6* T N[NS*<N Y8S6 S6* 58>
8N @ N*MX*'F
*;S N[NS*<N C D @. S6* XM8@WN <@'*;N @. S6* T N[NS*<N Y8S6 S6*
B8*\@ BS#6*N S S6* 1Z*' *>' M* @ S8>*' [ N<B;8>5 S6* N[NS*<N 58X*> 8>
CVFPTD7CVFP2D S MS* @. M*NB*#S8X*;[F 6* '*;S N[NS*<N .@M S6* <@'*;N M*
58X*> [ S6* HNF CTFAQD7CTFA+D .@M S6* B8*\@7BS#6*N B;#*' @>;[ S S6* 1Z*' *>'F
8<8;M;[& S6* '*;S N[NS*<N @. S6* @S6*M <@'*;N @. S6* T N[NS*<N M* @ S8>*'F
6* .**' #: 58> .@M S6* <@'*;N Y8S6 S6* LN S S6* 1Z*' *>' 8N
@ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@' !AVA"& !2]" >' 8N
58X*> [
.* / . A6:+ /
- !P+4+V 244AQ
+T4P2
PV4TT"
.* / . A6:+ <
- !QQ4Q]
244VA
QV4TQ QA4VQ" C4FVAD
.* / . A6:+ ;
- !
VQ4QQ V44V2
AT4?A AA42A" 4
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ A2A
8<8;M;[& S6* 58> <SM8#*N .@M S6* @S6*M <@'*;N @. S6* T N[NS*<N
M* @ S8>*'F 8S6 S6* '*N85>*' .**' #: #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6
S6* N<MS B;>S& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN FD >' S6* XM8S8@>
@. S6* #@>SM@; N85>; @ Y8S6 S8<* = .@M ;; S6* <@'*;N @. S6* T N[NS*<N M*
@ N*MX*' !?A"& !?V"F
*M*& .@M S6* N:* @. #@>X*>8*>#*& @>;[ S6* M*NB@>N*N NW#6 N S6* 8<BW;N*
M*NB@>N* Y8S6 S6* .**' #: 58> >' S6* #@>SM@; */@MSN M*HW8M*' .@M S6*
<@'*;N @. S6* T N[NS*<N 8> Y68#6 S6* B8*\@N M* B;#*' S S6* 1Z*' >' .M** *>' M*
N6@Y> 8> S6* 85NF 4FT 7 4F2F ;N@& S6* S8B '8NB;#*<*>SN .@M S6* N<* M* @ N*MX*'
>' '8NB;[*' 5MB68#;;[ 8> 85NF 4FQ 7 4F+F 6* .M*HW*>#[ M*NB@>N* B;@SN .@M S6*
<@'*;N Y6*> S6* B8*\@ BS#6*N M* B;#*' S S6* 1Z*' *>' 8N N6@Y> 8> 85
4F?CD7C#D M*NB*#S8X*;[F 8<W;S8@>N Y*M* ;N@ B*M.@M<*' [ #@>N8'*M8>5 T X8 MS@M[
<@'*N >' S6* M*NB@>N*N Y*M* @ N*MX*'F
@>SM@;;*MN M* '*N85>*' .@M S6* N<MS 3*Z8 ;* #>S8;*X*M *< WN8>5 S6* .**'7
#: #@>SM@; S*#6>8HW* .@M S6* '8/*M*>S <@'*;N @. S6* 6 1<15&1 S@ NWBBM*NN S6*
1MNS V X8 MS@M[ <@'*N !?A"& !?V"F 6* XM8@WN M*NB@>N*N M* @ N*MX*' .@M *#6 @. S6*
NSS* NB#* <@'*;N @. S6* T N[NS*<NF 6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@>
M*NW;SN .@M S6* *NS <@'*; M*HW8M*' .@M 8N BM*N*>S*' 6*M*F
M@< S6* N8<W;S8@> M*NW;SN& 8S 8N @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [
8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/>*NN >' [ XM[8>5 S6* B@N8S8@> @.
S6* N*>N@M R #SWS@M B8M @> S6* *< .M@< S6* 1Z*' *>' S@ S6* .M** *>' >' [
'8X8'8>5 8S 8>S@ >W< *M @. 1>8S* *;*<*>SN& 8>SM@'W#*N #@>N8'*M ;* #6>5* 8>
S6* N[NS*<LN NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N& Y68#6 YN @ N*MX*' S6M@W56 S6*
N8<W;S8@> M*NW;SNF S 8N 8>.*MM*' S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S68N '*N85>*'
#@>SM@;;*M& S6* B;>S B*M.@M<N Y*;; >' S6* X8 MS8@>N '8* @WS HW8#:;[ S6> 8SN
@B*> ;@@B #@W>S*MBMSF
M@< S6* @WSBWS M*NB@>N*N N6@Y> 8> S6* 85NF 4FT 7 4F+& 8S 8N @ N*MX*' S6S S6*
#@>SM@; */@MS @ M*HW8M*' .M@< S6* #@>SM@;;*M 5*SN M*'W#*' 8. S6* N*>N@M R #SWS@M
B;#*<*>S ;@#S8@> 8N <@X*' S@YM'N S6* 1Z*' *>'F N<;; <5>8SW'* @. S6* #@>SM@;
N85>; 8N NW0#8*>S S@ #@>SM@; S6* NSMW#SWM; X8 MS8@>N @. *#6 <@'*; @. S6* N[NS*<N
A& V >' T Y6*> S6* B8*\@N M* B;#*' S S6* 1Z*' *>'F
6* 8>'8X8'W; <@'*;N @. S6* T N[NS*<N M* #@<BM*' S@ @ S8> S6* *NS B*M7
.@M<>#*F @<BM8>5 S6* T N[NS*<N& X8\F& N[NS*< A& V >' T& 8S 8N @ N*MX*' S6S 8.
S6* N<MS *< 8N '8X8'*' 8>S@ 2 1>8S* *;*<*>SN& S6* X8 MS8@> #6M#S*M8NS8#N 8N 8<7
BM@X*'F
*>#*& 8S #> * #@>#;W'*' S6S& S6* *NS B;#*<*>S @. S6* N*>N@M R #SWS@M
B8M 8N S S6* 1Z*' *>' @. S6* N[NS*< T& 8F*F& S6* <@'*; A @. N[NS*< TF @<BM8>5
S6* M*NB@>N*N @. S6* XM8@WN <@'*;N @. S6* T N[NS*<N& 8S 8N @ N*MX*' S6S S6* <@'*;
A @. S6* N[NS*< TLN X8 MS8@> #6M#S*M8NS8#N M* S6* *NS .@M S6* X8 MS8@> #@>SM@; @.
N<MS *< *#WN* @. S6* .@;;@Y8>5 M*N@>NF
X*M[ N<;; <5>8SW'* @. #@>SM@; 8>BWS @ 8N M*HW8M*' S@ '<B @WS S6* X8 MS8@>N
#@<BM*' S@ S6* N[NS*<N A >' V N M*NW;S @. Y68#6 ;*NN */@MS 6N S@ * BWS
[ S6* #@>SM@;;*MF
6* <5>8SW'* @. S6* 8<BW;N* M*NB@>N* C#;@N*' ;@@BD @. @S6 S6* #@>S8>W@WN >'
S6* '8N#M*S* S8<* N[NS*< 8N ;*NN #@<BM*' S@ N[NS*<N A >' VF
A2V 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". !.3. 8B '8NB;#*<*>S .@M <@'*; C1Z*'& .M** *>'D @. *< 7 T
$". !.2. 8B '8NB;#*<*>S .@M <@'*; C1Z*'& .M** *>'D @. *< 7 4
$". !.. 8B '8NB;#*<*>S .@M <@'*; C1Z*'& .M** *>'D @. *< 7 2
A24 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CD C D
C#D
8>BWS @ '@*N >@S *Z#8S* S6* M*<8>8>5 ;*.S @WS <@'*NF 6* HW>S8SS8X* M*NW;SN @.
S6* S8B '8NB;#*<*>SN .@M S6* <@'*;N @. 85NF VFT >' FA Y8S6 B8*\@7BS#6*N S 1Z*'
*>' >' .M** *>' M* N6@Y> 8> ;*N 4FA >' 4FV M*NB*#S8X*;[F
% !.*. 8B '8NB;#*<*>S C8> << Y8S6 G >' 7 X;W*NDO N8<W;S8@> M*NW;SN .@M
S6* 1Z*' *>' @. S6* <@'*;N Y8S6 N*SS;8>5 S8<* 8> N*#NF
8Z*' *>'
@'*;N
8S6 #@>SM@;;*M 8S6@WS #@>SM@;;*M
@' A& [N A AF+ << 7AF? << 2FT N*# VF? << 7VFP << 2T N*#
@' A& [N V ]F? << 7]F? << 4F+ N*# AFT << 7AFT << 4] N*#
@' A& [N T ]FP+ << 7]FQ << TF+ N*# ]F+ << 7]FP << 4+ N*#
% !.7. 8B '8NB;#*<*>S C8> << Y8S6 G >' 7 X;W*NDO N8<W;S8@> M*NW;SN .@M
S6* .M** *>' @. S6* <@'*;N Y8S6 N*SS;8>5 S8<* 8> N*#NF
M** *>'
@'*;N
8S6 #@>SM@;;*M 8S6@WS #@>SM@;;*M
@' T& [N A VFQ << 7VFQ << 2F2 N*# VF? << 7VF+ << V2 N*#
@' 4& [N V VFA << 7VFA << 2 N*# VFP << 7VFQ << VV N*#
@' 2& [N T AF2 << 7AF2 << 4 N*# V << 7AF+ << A2 N*#
6WN& S6* @ N*MXS8@>N M* <'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M S@ N6@Y S6*
#@>SM@; */*#SF S YN @ N*MX*' S6S Y8S6@WS #@>SM@; S6* SM>N8*>S M*NB@>N* YN W>NS7
8N.#S@M[& S:*N <@M* S8<* S@ N*SS;* >' Y8S6 #@>SM@;& S6* X8 MS8@>N M* NWBBM*NN*'F
6WN& > 8>S*5MS*' <@'*; S@ >;[\* S6* X8 MS8@> NWBBM*NN8@> #B 8;8S[ @.
N<MS #>S8;*X*M *< Y8S6 NWM.#* <@W>S*' B8*\@*;*#SM8# '*X8#*N N*' @> W;*M7
*M>@W;;8 *< S6*@M[ 8N BM*N*>S*' 8> S68N N*#S8@>F @ #@>#;W'*& W>;8:* NSS8# @WSBWS
.**' #:& S6* .**' #: #@>SM@; S*#6>8HW* ;Y[N 5WM>S**N S6* NS 8;8S[ @. S6*
#;@N*' ;@@B #@>SM@; N[NS*<& M*HW8M*N #@>NS>S 58>N >' *N[ S@ 8<B;*<*>S !?A"& !?V"F
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 4FA 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< S6M@W56 N<MS NSMW#7
SWM* #@>#*BS .@M S6* <W;S8XM8 ;* M*BM*N*>SS8@> @. S6* N<MS NSMW#SWM* B;>S C85F
VF2DF 6* <@'*; 8N 58X*> [ S6* HNF CVF?TD >' CVFA]AD Y8S6 8SN >W<*M8#;
X;W* [ S6* HF CVFA]2DF 6* B*M.@M<>#* @. S6* N<MS *< 8N 6*M* [ *X;WS*' [
#MM[8>5 @WS S6* N8<W;S8@>NF 6* */*#S @. B;#8>5 S6* N*>N@M7#SWS@M N #@;;@#S*'
B8MN S V '8/*M*>S ;@#S8@>N @> S6* *< 8N @ N*MX*' >' S6* #@>#;WN8@>N M*
'MY> !?T"F
6* N<B;8>5 8>S*MX; > 8N N*;*#S*' N ]F]]4 N*#NF 6* >W< *M @. NW 78>S*MX;N
8N #6@N*> N VF > *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6WN
NW 9*#S8>5 8S S@ X8 MS8@>NF 6* M*NB@>N*N CY8S6@WS S6* #@>SM@;;*MD M* @ N*MX*'F
A2Q 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
6* > N[NS*< C D 8N @ S8>*' [ N<B;8>5 S6* N[NS*< CVFA]2D S MS*
@. >' 8N 58X*> [ HF CTFA?DF S 8N .@W>' S6S S6* > N[NS*< 8N #@>SM@;; ;* >'
@ N*MX ;*F 6* NS 8;8\8>5 58>N M* @ S8>*' .@M S6* SW N[NS*< NW#6 S6S S6*
*85*>X;W*N @. C G D M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N
>' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5 S8<*F 6* NSS* .**' #: 58>
@ S8>*' 8N N
V4VVA] ]4TAAQ
A4PA2Q ]44VA]
- A] 4 C4FVVD
A4VT]V ]4VAA+ A4]]A2
]4TA2T
6* 8<BW;N* M*NB@>N* @. S6* N[NS*< Y8S6 S6* 58> 8N @ N*MX*' >' 8N
N6@Y> 8> S6* 85NF 4FA] >' 4FAAF
6* '*;S N[NS*< C D 8N @ S8>*' [ N<B;8>5 S6* N[NS*< CVFA]2D S
MS* @. >' 8N 58X*> [ HF CTFVADF 6* .**' #: 58> S6* <@'*; 8N
@ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@' !AVA"& !2]" >' 8N
58X*> [
V4V?4P A44Q2]
A4AA]+
]4]Q+Q
- A]
44]]2P T4V+]2 4 C4FVTD
T442VP
V4TVVQ
8S6 S6* '*N85>*' <W;S8XM8 ;* .**' #: #@>SM@;;*M BWS 8> S6* ;@@B Y8S6
S6* B;>S& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN F >' F D& S6* XM8S8@> @. S6*
#@>SM@; N85>; @ >' @ Y8S6 S8<* = .@M S6* <@'*; 8N @ N*MX*' >' N6@Y> 8>
85NF 4FAV >' 4FATF
.**' #: #@>SM@;;*M 6N **> '*N85>*' .@M S6* <@'*; @. S6* N<MS NSMW#7
SWM* '*X*;@B*' WN8>5 S6* *< S6*@M[ !?T"F 6* *< YN '8X8'*' 8>S@ 4
Y8S6 N*>N@M R #SWS@M B;#*' S B@N8S8@>N V >' 4F 6* XM8@WN M*NB@>N*N M*
@ S8>*' .@M S6* '*X*;@B*' <W;S8XM8 ;* NSS* NB#* <@'*; @. S6* *< Y8S6@WS >'
Y8S6 S6* #@>SM@;;*MF 6M@W56 S6* N8<W;S8@> M*NW;SN& 8S 8N N6@Y> S6S Y6*> S6* B;>S
8N B;#*' Y8S6 S68N '*N85>*' #@>SM@;;*M& S6* B;>S B*M.@M<N Y*;; >' S6* X8 MS8@>N
M* NWBBM*NN*' HW8#:;[F
S 8N ;N@ @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M
R #SWS@M <NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M R #SWS@M S V '8/*M*>S
B@N8S8@>N 8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N
S6> B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> N 8> !?A"& !?V"F > S68N
N*#S8@>& 8S 8N @ N*MX*' S6S Y6*> S6* B8M 8N :*BS S V '8/*M*>S ;@#S8@>N& S6* #;@N*'
;@@B M*NB@>N*N @. S6* N[NS*< 8N ;*NN @N#8;;S@M[ #@<BM*' S@ S6* N8>5;* 8>BWS
N8>5;* @WSBWS #N*F
6* M*NB@>N* S:* ;*NN*M S8<* S@ N*SS;* S6> S6* #N* >' S6* X8 MS8@>N M*
'<B*' @WS HW8#:;[F 6* #@>SM@; */@MS M*HW8M*' 8N ;N@ ;*NNF 6* 8<BW;N* M*NB@>N*N
Y8S6 S6* 58> >' S6* .**' #: 58> N6@Y *SS*M B*M.@M<>#*F 6* NS 87
;8\8>5 58> .@M S6* <W;S8XM8 ;* B;>S 8N @ S8>*' N@ S6S 8SN B@;*N M* B;#*'
8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N NW#6 S6S S6* N[NS*< 6N X*M[ 5@@'
N*SS;8>5 S8<*F 6* N*>N@M7#SWS@M B8M :*BS S B@N8S8@> V #@>SM@;N S6* V X8 MS@M[
<@'*N S S6S B@N8S8@> V& Y68;* S6* B8M :*BS S B@N8S8@> 4 ;N@ #@>SM@;N S6* V
X8 MS@M[ <@'*N& WS B;#*' S S6S B@N8S8@> 4F > @X*M;; *SS*M B*M.@M<>#*
@. S6* N[NS*< 8N S6WN @ S8>*'F
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ A2A
A2P
,ië v / ÃÞÃÌi ÜÌ
ÃÌ>Ìi vÉL }> £
ä°È
ä°{
ä°Ó
ÃiÃÀ É« Þ£ ÛÌî
ä°Ó
ä°{
ä°È
ä°n
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
$". !.*>. *NB@>N* F Y8S6 58> C <@'*; @. S6* *< % #@>SM@;D
,ië v / ÃÞÃÌi ÜÌ
ÃÌ>Ìi vÉL }> Ó
Î
Ó
-iÃÀ ÕÌ«ÕÌ ÞÓ ÛÌî
£
Ó
Î
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
$". !.**. *NB@>N* F Y8S6 58> C <@'*; @. S6* *< %
#@>SM@;D
*>#*& 8S #> * #@>#;W'*' S6S <W;S8XM8 ;* #@>SM@; @. N<MS NSMW#SWM* 8N
*SS*M #@<BM*' S@ S6* N8>5;* 8>BWS N8>5;* @WSBWS #@>SM@; N S6*M* Y8;; * <W;S8B;*
8>S*M#S8@>N @. S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8> S6*
N[NS*< S@ '<B @WS HW8#:;[F *Z#8SS8@> 8N *SS*M S6> *Z#8SS8@> N @>;[
A2+ 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
*Z#8S8>5 S N8>5;* B@8>S <[ #WN* B@@M '8NSM8 WS8@> @. 8>BWS *>*M5[ S6M@W56@WS
S6* NSMW#SWM* >' <[ M*NW;S 8> N@<*Y6S N;856S;[ '8NSWM *' .M*HW*>#[ M*NB@>N*NF
ÀiëÃi ÜÌ
v>ÃÌ É« Ã>«} vÉL }> £
{
-iÃÀ É« Þ£ ÛÌî
Ó
Ó
{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°Ó
ä°Ó
ä°{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
Ó
-iÃÀ É« ÞÓ
Ó
{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°{
ä°Ó
ä°Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiV`Ã
<W;S8 8>BWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@> >' *X*> *SS*M #SWS8@>
.@M#*NF *NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; >' Y*M* #@<BM*' Y8S6 S6* #@>7
SM@; S@ N6@Y S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS
#@>SM@;& S6* SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[ >' Y8S6 #@>SM@;& S6* X8 MS8@>N
M* NWBBM*NN*' S@ 5M*S*M *ZS*>SF > 8>S*5MS*' 7 <@'*; S@ >;[\* S6*
X8 MS8@> NWBBM*NN8@> #B 8;8S[ @. N<MS #>S8;*X*M *< Y8S6 NWM.#* <@W>S*'
B8*\@*;*#SM8# '*X8#*N N*' @> *< S6*@M[ .@M #N* 8N '*X*;@B*' 8> S68N
*#S8@>F
N 8> S6* #N* @. '*N85> .@M <W;S8<@'*; N[NS*< '8N#WNN*' 8> N*#S8@> TFVFT%A&
#@>SM@;;*M #> ;N@ * '*N85>*' .@M S6* <W;S8<@'*; N[NS*< !2V"F 68N 8N M8*3[
'8N#WNN*' 8> S6* .@;;@Y8>5 BM5MB6NF @>N8'*M .<8;[ @. B;>S <@'*;N
'*1>*' [
D) - D G @ F - D ( - A V T 4 4444 4 C4FV4D
[ N<B;8>5 S S6* MS* @. & Y* 5*S .<8;[ @. '8N#M*S* N[NS*<N C DF @Y&
#@>N8'*M S6* W5<*>S*' N[NS*< '*1>*' N
] ]
F
U - ($C 444 D - ] FF
FFF FFF F F FF
C4FV2D
F F
] ]
] ]
FF
U - ($C 444 D - ] F
FF FF F F F FF
F F F
C4FVQD
] ]
>'
U - ! 4444 " ( - A S@ - 44 C4FVPD
@>N8'*M S6* .<8;[ @. '8N#M*S* S8<* N[NS*<N 8> HF C4FV4D 6X8>5 S S8<* = - *> &
S6* 8>BWS @ - @C*> D& S6* NSS* X*#S@M D - DC*> D >' S6* @WSBWS F N
D
- D G @C*D F
- DC*D G @C*D C4FV+D
Y6*M* >' M* S6* <SM8#*N @. S6* ;8.S*' N[NS*< 58X*> N
]
-
- FF
4 C4FV?D
FFF
F
AQ] 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
NNW<* S6S S6* '8N#M*S* <@'*;N C D M* #@>SM@;; ;*F 6*>& Y* #> 1>'
M@ WNS NSS* .**' #: 58> NW#6 S6S C G D 6N >@ *85*> X;W*N S S6*
@M858>& B@;*N M* B;#*' S S6* BBM@BM8S* ;@#S8@>N >' S6* N[NS*< M*NB@>N*N
6N 5@@' N*SS;8>5 S8<*F 6*>& NNW<8>5 S6S 8> S6* 8>S*MX; *> = C*> G > D&
F - D C4FTVD
8F*& S@ '*N85> S6* #@>SM@;;*M .@M S6* <W;S87<@'*; N[NS*<& S6* 8>8S8; BMS @.
'*N85> WBS@ S6* #;#W;S8@> @. S6* <*NWM*<*>S <SM8Z 8N '@>* 8>'*B*>'*>S;[ .@M
*#6 B;>SF @M M@ WNS>*NN& .**' #: #@>SM@;;*M 58>N
M* @ S8>*' [ N@;X8>5
S6* *HWS8@>
- ( - A S@ - 4 C4FTTD
Y68#6 #> * M*YM8SS*> N
U -
C4FT4D
Y6*M*
U - !
" C4FT2D
M* S6* >*Y 1#S8S8@WN @WSBWS <*NWM*<*>S <SM8#*N .@M S6* 8>'8X8'W; B;>S <@'*;N
>'
- !
" 4 C4FTQD
U D&
0U '*>@S*N S6* @ N*MX 8;8S[ 8>'*Z @. C U 8S #> * N6@Y> S6S .@M
0U&
U 6N .W;; #@;W<> M>: N@ S6S S6* M@ WNS 58> #> * M*;8\*' [
5*>*M8#;;[&
.**' #: 58>
F 8S6 .**' #: 58> Y68#6 NS8N1*N S6* HF C4FTTD& .@M
*#6 <@'*; S6* #;@N*' ;@@B *85*> X;W*N M* S6* *85*> X;W*N @. S6* .@;;@Y8>5 <SM8Z
G
( - A V T 4 C4FTPD
]
Y68#6 N6@YN S6S S6* *85*> X;W*N M* NS8;; S6* @>*N .@M Y68#6 S6* NSS* .**' #:
58>N 6X* **> '*N85>*'& S@5*S6*M Y8S6 S6@N* @. C
DF
6WN& Y* 6X* S6* *85*> X;W*N @. S6* #;@N*' ;@@B N[NS*< W>'*M #@>SM@; ;Y
8> C4FTTD N S6@N* @. C G D >' C
DF 68N NW55*NSN S6S S6* NSS*
.**' #: N6@W;' * @ S8>*' N@ N S@ *>NWM* S6* NS 8;8S[ @. @S6 C G D >'
C
DF 6* ;8.S*' N[NS*< 8> HF C4FV+D 8N NS ;* 8. >' @>;[ 8. NS 8;8\*N
C D >' S6* <SM8Z C
D 6N ;; 8SN *85*> X;W*N 8>N8'* S6* W>8S
#8M#;*F
6WN& S6* '*N85>*' 58>
.@M S6* <W;S8<@'*; N[NS*< M*;8\*N S6* '*N85>*'
.@M ;; B;>SN @. S6* .<8;[F 6* #@>SM@;;*M @ S8>*' <[ * ;; M856S& WS .M@< S6*
BM#S8#; B@8>S @. X8*Y& 8S <[ M*HW8M* *Z#*NN8X* #@>SM@; #S8@> >' S6* 58>
X;W*N <[ * X*M[ 6856F @ M*'W#* S68N */*#S @. 58> @> S6* #@>SM@; */@MS& Y* BWS
#@>NSM8>S @> S6* 58> WN8>5 S6* NB*#SM; >@M<N >' S6*> N@;X* S6* ;8>*M *HWS8@>
C4FT4D WN8>5 S6* @BS8<8\S8@> <*S6@' !AVA"& !2]" .@M S6* <W;S8<@'*; N[NS*<F
6* 8>*HW;8S[ #@>NSM8>S *HWS8@>N 58X*> 8> C4FAPD 7 C4FV]D #> * WN*' S@ N@;X* S6*
<W;S8<@'*; @BS8<8\S8@> BM@ ;*<F
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AQA
> S68N *#S8@>& Y* '*N85> .W;S S@;*M>S #@>SM@; NSMS*5[ NW#6 S6S S6* X8 MS8@>N
M* */*#S8X*;[ #@>SM@;;*' 8> S6* *X*>S @. .8;WM* @. @>* @. S6* #SWS@MN 8> S6* N[NS*<
'[><8#NF W#6 .8;WM* <@'* #> * <@'*;;*' [ M*B;#8>5 S6* ( #@;W<> @. S6*
8>BWS <SM8Z [ \*M@& 8F*F& S6* ( #@;W<> @. N \*M@ 8>'8#S*N S6S S6* ( #SWS@M
@> S6* *< 6N .8;*'F 68N #@>N8'*MS8@> ;*'N WN S@ S6* BM@ ;*< @. 1>'8>5
#@>SM@; ;Y S6S NS 8;8\*N S6* B;>S W>'*M >@M<; @B*MS8@>N >' S6* 4 <W;S8XM8 ;*
<@'*;N #@MM*NB@>'8>5 S@ S6* 4 '8/*M*>S .8;WM* <@'*NF *#S8@>N 4FA >' 4FVFT%A M*
WN*' .@M S6* #@>SM@;;*M '*N85> 6*M*F 6* B*M.@M<>#* @. S6* N<MS *< 8N 6*M* [
*X;WS*' .@M X8 MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6*
XM8@WN M*NB@>N*N >' NSW'[8>5 S6* */*#S @. #SWS@M .8;WM* !+T"& !+4"F
ZS*M>; '8NSWM >#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6*M* [ NW 9*#S8>5
8S 8>S@ S6* X8 MS8>5 <@'*F @Y& Y6*> S6* N[NS*< 8N 8> S6* X8 MS8>5 <@'*& Y6*>
#SWS@M .8;N S@ B*M.@M< C *#WN* @. S6* M*N@>N <*>S8@>*' 8> N*#S8@> VFAFTD&
M@ WNS #@>SM@;;*M 8N '*N85>*' 8> NW#6 Y[ S6S BWSS8>5 8S 8> S6* ;@@B Y8S6 S6*
B;>S 'WM8>5 S6* #SWS@M .8;WM*& Y8;; M8>5 #: S6* N[NS*< S@ NS 8;8S[F 4 <@'*;N
Y*M* @ S8>*' [ #@>N8'*M8>5 A #SWS@M .8;WM* S S8<* @> S6* 3*Z8 ;* *<F 6*
N<B;8>5 8>S*MX; WN*' 8N > - ]4]]4 N*#@>'NF 6* >W< *M @. NW 78>S*MX;N
8N #6@N*>
N 4F
[ N<B;8>5 S6* 4 7 <@'*;N 58X*> 8> S6* HNF CVFAAVD >' CVFAA+D S
MS* @. >'
& Y* 5*S .<8;[ @. SW N[NS*<N C D >' '*;S N[NS*<N
C DF >* @. S6*N* <@'*;N& ><*;[ .@M S6* #SWS@M .8;WM* S ;@#S8@> +&
8F*F& S6* .@WMS6 #SWS@M& S6* SW >' '*;S N[NS*< 8N 58X*> [ HNF CTFV?D >' CTFT]DF
8<8;M;[& S6* SW >' '*;S N[NS*<N .@M S6* @S6*M T <@'*;N M* @ S8>*'F
S 8;8\8>5 58>N M* @ S8>*' NW#6 S6S S6* *85*> X;W*N @. C G D
M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N >' S6* M*NB@>N* @. S6*
N[NS*< 6N 5@@' N*SS;8>5 S8<*F 6* 8<BW;N* M*NB@>N*N Y8S6 S6* 58>
8N @ N*MX*'F
*M*& N Y* M* '*;8>5 Y8S6 M@ WNS NS 8;8\S8@>& Y* 6X* S@ 1>'
M@ WNS '*#*>SM;8\*' @>*F 6* #@>SM@;;*M @ S8>*' [ S6* '*N85>*' <*S6@'
M*HW8M*N @>;[ #@>NS>S 58>N& *N8*M S@ 8<B;*<*>S 8> M*; S8<*F 6* 58>
<SM8Z
.@M S6* <W;S8<@'*; N[NS*< 8N 58X*> [
- ($ ! T]4+Q
4]4P? TQ4P2
VV4TT "
- ($ !
Q]4Q] 4P4VA VA4TQ
A24VQ "
C4FT?D
- ($ ! QT4QQ
224V2 VT4?A
TA42A "
- ($ ! P]4+4
Q24QT
2V42T 4]42Q "
6* #;@N*' ;@@B M*NB@>N*N Y8S6 S68N .**' #: 58>
.@M ;; S6* 4 <W;S8XM87
;* <@'*;N @. S6* N<MS NSMW#SWM* B;>S CY8S6 @>* #SWS@M .8;WM* S S8<*D M*
@ N*MX*'F
6S Y* <*> [ S68N NSS*<*>S 8N& S6* M*NB@>N*N @. S6* N*>N@M @WSBWSN M* Y*;;
Y8S68> ;8<8SN& *Z68 8S8>5 '<B*' *6X8@M& M8>58>5 S6* N[NS*< #: S@ NS 8;8S[
>' Y8S6@WS 5@8>5 S@YM'N 8>NS 8;8S[ 8>NB8S* @. > #SWS@M .8;WM*F @<BMS8X*;[&
S6* M*NB@>N*N N*SS;* HW8#:;[ S6> S6* M*NB@>N*N >' S6* #@>SM@;;*M */*#S 8N
S6WN N**>F 6* N8<W;S8@>N @. S6* 4 <W;S8XM8 ;* <@'*;N @. S6* <W;S8<@'*; N[NS*<
NW 9*#S*' S@ .W;SN N6@Y*' NS8N.#S@M[ M*NW;SN N S6* 8>8S8; SM>N8*>SN .@M ;; S6*
<@'*;N Y*M* Y8S68> ##*BS ;* ;8<8SN >' S6* @WSBWSN N*SS;*N 8> ;*NN*M S8<*N& 8F*F&
8> BBM@Z8<S*;[ V S@ 2 N*#NF [ .W;S7S@;*M>S #@>SM@;& Y* <*> S6S *X*> .S*M
#@<B@>*>S .8;WM*& S6* N<MS N[NS*< <8>S8>N NS 8;8S[F
CD W;S S V
C D W;S S 4
$". !.*!. 8B '8NB;#*<*>S Y6*> .W;S S:*N B;#* S B@N8S8@>N >W< *M8>5 V
>' 4 CY8S6@WS R Y8S6 #@>SM@;;*MD .@M .R #@>SM@;
AQ4 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
CD W;S S Q
C D W;S S +
$". !.* . 8B '8NB;#*<*>S Y6*> .W;S S:*N B;#* S B@N8S8@>N >W< *M8>5 Q
>' + CY8S6@WS R Y8S6 #@>SM@;;*MD .@M .R #@>SM@;
6* #@<BM8N@>N @. S6* 5MB68#; M*NW;SN M* N6@Y> HW>S8SS8X*;[ 8> ;* 4F4F
S #> * #@>#;W'*' S6S S6* N[NS*< 6N 5@@' .W;S S@;*M>#*F 6* *85*> X;W*N
@. S6* <W;S8<@'*; N[NS*< Y*M* ;N@ .@W>' S@ * NS ;* >' Y8S68> S6* W>8S #8M#;*
*X*> .S*M S6* .8;WM* @. S6* #SWS@MF S #> ;N@ * #@>#;W'*' S6S <W;S8XM8 ;*
#@>SM@; @. N<MS NSMW#SWM* WN8>5 M@ WNS '*N85> 8N *SS*M #@<BM*' S@ S6*
#N* !?A"& !?V"F 68N 8N 'W* S@ S6* .#S S6S S6*M* 8N M*'W>'>#[ 8> S6* N*;*#S8@> @.
N*>N@M R #SWS@M B8MN @> S6* *<& 8F*F& 8> S6* #N*& 8. S6*M* 8N N*>N@M R
#SWS@M .8;WM*& S6*> S6* N[NS*< <[ 5@ S@YM'N 8>NS 8;8S[& WS S68N 8N >@S N@ 8>
S6* #N* @. <W;S8XM8 ;* N[NS*<NF
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AQ2
$". !.*3. R M*NB@>N*N Y8S6 58> >' #@>SM@; 8RB .@M .W;S S
B@N8S8@> VD
AQQ 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". !.*2. R M*NB@>N*N Y8S6 58> >' #@>SM@; 8RB .@M .W;S S
B@N8S8@> 4D
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AQP
$". !.*. R M*NB@>N*N Y8S6 58> >' #@>SM@; 8RB .@M .W;S S
B@N8S8@> QD
AQ+ 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
$". !.*(. R M*NB@>N*N Y8S6 58> >' #@>SM@; 8RB .@M .W;S S
B@N8S8@> +D
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AQ?
8<8;M S@ S6* #@>#;WN8@>N 'MY> 8> S6* #N* @. S S6* *>' @. S6* N8<W;7
S8@> M*NW;SN& 6*M* ;N@ S6* N<* #@>#;WN8@>N M* <*S .@M S6* #N* @. .**' #:F
6* N8<W;S8@> M*NW;SN N6@Y*' S6S S6* .**' #: #@>SM@;;*M 58> <8>S8>*' S6*
B*M.@M<>#* #68*X*' [ S6* 58>F 6WN& W>;8:* NSS8# @WSBWS .**' #:& S6*
.**' #: #@>SM@; ;Y[N 5WM>S**N S6* NS 8;8S[ @. S6* N[NS*<F
> S68N *#S8@>& S6* '*N85> @. .**' #: #@>SM@; S*#6>8HW* .@M S6* @.
N<MS NSMW#SWM*N .@M <W;S8<@'*; #N* #@<BM8N8>5 @. .<8;[ @. <W;S8XM8 ;* B;>SN
8N BM*N*>S*' !P?"F 6* *< NSMW#SWM* 8N <@'*;*' 8> NSS* NB#* .@M< [ '8X8'8>5
8S 8>S@ 4 >' B;#8>5 S6* N*>N@M R #SWS@M S V 1>8S* *;*<*>S ;@#S8@>N
CB@N8S8@>N V >' 4D N #@;;@#S*' B8MN& 8F*F& N NWM.#* <@W>S*' N*>N@M R #SWS@M N
N6@Y> 8> 85F VF2F 8Z X8 MS@M[ <@'*N M* M*S8>*' 8> <@'*;;8>5 S6* *<F 6856*M
@M'*M <W;S8XM8 ;* N[NS*< 8N S6WN @ S8>*'F
6* NSS* NB#* <@'*; @. S6* 6856*M @M'*M N[NS*< S6WN @ S8>*' 8N 58X*> [ HNF
CVFAVAD >' CVFAVVD Y8S6 S6* >W<*M8#; X;W*N @. S6* & & & & <SM8#*N 58X*>
[ S6* HF CVFAVTD .@M S6* <@'*; AF 8X* NW#6 <W;S8XM8 ;* <@'*;N M* @ S8>*'
[ XM[8>5 S6* S68#:>*NN BM<*S*M @. S6* ;W<8>W< *<& S6WN 58X8>5 M8N* S@
<W;S8<@'*; N[NS*< @. S6* N<MS NSMW#SWM*F N8>5 <@'*; @M'*M M*'W#S8@> S*#6>8HW*&
S6* M*'W#*' @M'*M <@'*; @. S6* 6856*M @M'*M N[NS*< 8N @ S8>*' !QV"F .**' #:
#@>SM@;;*MN M* '*N85>*' .@M S6* <W;S8<@'*; N[NS*< #@>N8NS8>5 @. 2 <@'*;N
WN8>5 S6* M*'W#*' @M'*M <@'*; S*#6>8HW*F 6* B*M.@M<>#* @. S6* <W;S8<@'*; N[NS*<
8N 6*M* [ *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>NF M8*. M*X8*Y @WS
S6* <@'*; @M'*M M*'W#S8@> S*#6>8HW* YN BM*N*>S*' 8> *#S8@> TFVF4F
@>N8'*M .<8;[ @. B;>SN - '*1>*' [
D) - D G @ F - D ( - A V T 444 C4F4]D
Y6*M* - 2F 6* '8N#M*S* N[NS*<N Y8S6 N<B;8>5 8>S*MX; > N*#@>'N #> * M*BM*7
N*>S*' N
DC* G AD - DC*D G @C*D FC*D - DC*D4 C4F4AD
6*M* *Z8NSN SM>N.@M<S8@> & NW#6 S6S&
D - G C4F4VD
SM>N.@M<N S6* @X* N[NS*< 8> HF C4F4AD 8>S@ S6* .@;;@Y8>5 ;@#: <@'; .@M< N
Y6*M*
$ - ] $ -
$ - C4F44D
]
>' S6* *85*> X;W*N M* MM>5*' 8> S6* @M'*M @. S6*8M '@<8>>#*F * >@Y *ZSM#S
> 8 @M'*M <@'*;& M*S8>8>5 S6* 8 '@<8>>S *85*> X;W*N& [ SMW>#S8>5 S6* @X*
N[NS*<NF N8>5 HNF C4F4TD >' C4F44D& Y* 5*S
*S @C*D - G * NS 8;8\8>5 #@>SM@; .@M S6* M*'W#*' @M'*M <@'*; 8> HF
C4F42DF 6WN& S6* #;@N*' ;@@B M*'W#*' <@'*; C G D *#@<*N NS ;*F @Y&
- % ] G - % ] D4 C4F4QD
& Y* 5*S&
@C*D - % ] D - D C4F4PD
Y68#6 <:*N S6* N[NS*< C G D NS ;* >' 6N >@ *85*> X;W*N S S6*
@M858>F 6WN&
M* S6* NS 8;8\8>5 58>N .@M S6* N[NS*< 8> HF C4F4ADF
N8>5 S6*N* 58>N & S6* .@;;@Y8>5 8>*HW;8S8*N M* N@;X*' S@ @ S8>
F
- 9
- 9
9
( - A V 444 4 C4F4+D
6* #@>SM@;;*M @ S8>*' .M@< S6* @X* *HWS8@> Y8;; 58X* '*N8M*' *6X8@M& WS
<856S M*HW8M* *Z#*NN8X* #@>SM@; #S8@>F @ M*'W#* S68N */*#S& Y* M*;Z S6* #@>'8S8@>
S6S
*Z#S;[ NS8N.[ S6* ;8>*M *HWS8@>
>' 8>#;W'* #@>NSM8>S @> S6*
58>
F 6WN& S68N #> * .@M<W;S*' 8> S6* .M<*Y@M: @. 8>*M SM8Z >*HW;8S8*N
CD N 58X*> 8> S6* .@;;@Y8>5 *HWS8@>N N
9
- ] C4F4?D
9
- ] C4F2]D
C
D
9
- ]4 C4F2AD
C
D
. S6* #@>NSM8>SN 58X*> 8> HNF C4F4+D 7 C4F2AD M* N@;X*' WN8>5 S6* @X* &
S6* M@ WNS .**' #: 58> <[ *#@<* .W;;F 68N M*NW;SN 8> S6* #@>SM@; 8>BWS @.
*#6 <@'*; *8>5 .W>#S8@> @. S6* @WSBWSN @. ;; S6* <@'*;NF @ @ S8> S6*
.**' #: #@>SM@;& S6* @/7'85@>; *;*<*>SN @. 444 <SM8#*N M* <'*
*HW; S@ \*M@ N M*NW;S @. Y68#6 S6* #@>SM@; 8>BWS S@ *#6 #SWS@M 8N .W>#S8@> @.
S6* @WSBWS @. S6S #@MM*NB@>'8>5 N*>N@M @>;[F 68N <:*N S6* #@>SM@; S*#6>8HW*
M@ WNS '*#*>SM;8\*' @>* >' 8N <@M* .*N8 ;*& M*HW8M*N @>;[ #@>NS>S 58>N >'
<[ * *N8*M S@ 8<B;*<*>SF
6* .**' #: #@>SM@;;*M X8 M*'W#*' @M'*M <@'*; 8N '*N85>*' N .@;;@YNF
6* 2 <W;S8XM8 ;* <@'*;N @. S6* <W;S8<@'*; N[NS*< 8N #@>N8'*M*' N S6* BM*;8<7
8>M[ NS*B 8> S6* #@>SM@;;*M '*N85>F AV @M'*M <@'*; @. @. CAV AVD 8N @ S8>*'
[ M*S8>8>5 S6* 1MNS Q <@'*N @. X8 MS8@> 2 S@ 2 F 68N 6856*M @M'*M N[NS*< 8N M*7
'W#*' S@ N8<B;*M Q @M'*M <@'*; @. CQQD& [ #@>N8'*M8>5 S6* */*#SN @. S6* Q <@NS
'@<8>>S C'@<8>>S 8> S6* N*>N* @. *8>5 #;@N*' S@ 8>NS 8;8S[D *85*> X;W*NF 6*
*85*> X;W*N @. S6* @M858>; N[NS*< S6S M* .MS6*NS .M@< S6* @M858> M* >*5;*#S*'
>' @>;[ '@<8>>S *85*> X;W*N @. S6* @M858>; N[NS*< 8> S6* M*'W#*' @M'*M <@'*;
8N M*S8>*'F
> *ZS*M>; .@M#* $ @. A 8N BB;8*' .@M 'WMS8@> @. 2] <N S S6* .M** *>' @.
S6* *< .@M ;; S6* 2 <@'*;N @. S6* 85F VF2 >' S6* M*NB@>N*N M* @ N*MX*'F
#@>SM@;;*M 8N '*N85>*' S@ S:* #M* @. S6* .W;S& NS 8;8\* S6* N[NS*< >'
'<B @WS S6* X8 MS8@>N 8> HW8#:*M S8<*F 6* N<B;8>5 8>S*MX; WN*' 8N > - ]F]]4
N*#NF 6* '8N#M*S* <@'*;N M* @ S8>*' .@M N<B;8>5 S8<* @. > - ]F]]4 N*#N >' .@M
- ]F]]]4 N*#NF
APV 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
N8>5 S6* <*S6@' '8N#WNN*' 8> S6* BM*X8@WN BM5MB6N .M@< HNF C4F4]D 7 C4F4+D
>' 8> N*#S8@> TFVF4& .**' #: 58> 8N @ S8>*' Y68#6 BBM@Z8<S*;[ M*;8\*N
S6* '*N85>*' 58> .@M ;; S6* <@'*;N @. S6* .<8;[F
*M*& N Y* M* '*;8>5
Y8S6 M@ WNS NS 8;8\S8@>& Y* 6X* S@ 1>'
Y68#6 Y8;; NS8N.[
- ( A 44 2
;; S6*N* *HWS8@>N WN8>5 S6* BBM@#6 N@ S6S S6* <5>8SW'* @. S6* #@>SM@;
*/@MS M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N 8N ;*NNF A] 58> N*HW*>#*N @.
M* @ S8>*'&
8F*F& 4444 F > @WM BM@ ;*< #@>N8'*M*'&
- A] 6' 58X*> 5@@' *>#@WM58>5
M*NW;SNF N8>5 S6* 58>N & S6* #@>NSM8>SN 58X*> 8> HNF C4F4+D 7 C4F2AD
M* N@;X*' .@M '8/*M*>S X;W*N @. 9 & 9 >' 9
S@ 1>' S6* .**' #: 58>
<SM8Z
.@M S6* #SW; <@'*;N X8 S6* M*'W#*' @M'*M <@'*;F 6* .**' #:
58> <SM8Z 8N 58X*> [
-
]
A444A+4] ] A]+4A2?V ] ?V4PVAQ ]
8S6 S6* '*N85>*' M@ WNS #@>SM@;;*M *8>5 BWS 8> S6* ;@@B& S6* 8<BW;N* M*7
NB@>N*N Y8S6 S6* .**' #: 58> @. S6* N[NS*< >' S6* XM8S8@> @. S6*
#@>SM@; N85>;N Y8S6 S8<* .@M S6* <W;S8<@'*; N[NS*< #@<BM8N8>5 @. 2 B;>SN
M* @ N*MX*' >' N6@Y> 8> 85NF 4FV] 7 4FV4 M*NB*#S8X*;[F
@ WNS '*#*>SM;8\*' .NS @WSBWS N<B;8>5 .**' #: @>SM@;;*M 8N '*N85>*' .@M S6*
<W;S8<@'*; M*BM*N*>SS8@> @. <W;S8XM8 ;* B;>SN X8 S6* M*'W#*' @M'*M <@'*;7
8>5 !P?"F 6*N* <W;S8XM8 ;* <@'*;N @. S6* N<MS *< M* @ S8>*' [ XM[8>5
S6* S68#:>*NN BM<*S*M @. S6* *<F 8<W;S8@>N M* B*M.@M<*' >' S6* XM8@WN
M*NB@>N*N M* @ N*MX*' .@M S6* <W;S8<@'*; N[NS*<F 6M@W56 S6* N8<W;S8@> M*NW;SN&
8S 8N N6@Y> S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S6* '*N85>*' M@ WNS '*#*>SM;8\*'
#@>SM@;;*M& ;; S6* <@'*;N B*M.@M< Y*;; >' S6* X8 MS8@>N '8* @WS HW8#:;[F 7
N*MXS8@>N M* <'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M S@ N6@Y S6* #@>SM@; */*#SF
>*Y ;5@M8S6< 8N BM*N*>S*' .@M S6* '*N85> @. M@ WNS '*#*>SM;8\*' #@>SM@;;*MN .@M
<W;S8XM8 ;* N[NS*< WN8>5 .**' #: S*#6>8HW* X8 S6* M*'W#*' @M'*M <@'*;F
6* #@<BWSS8@> @. S6* 58>& Y68#6 8N >**'*' S@ @ S8> S6* '*#*>SM;8\*'
.**' #: N*' N<MS NSMW#SWM* N[NS*<& *#@<*N X*M[ S*'8@WN Y6*> >W< *M @.
<@'*N& *NB*#8;;[ 5M*S*M S6> 2 M* #@>N8'*M*'F
*M*& 58> 8N #@<BWS*' .M@<
S6* M*'W#*' @M'*M <@'*; @. S6* N<MS N[NS*< >' WN8>5 S6* 55M*5S8@> S*#6>8HW*N
!AV2"& NSS* .**' #: 58> #> * @ S8>*' .@M S6* 6856*M @M'*M <@'*;F
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ APT
-iÃÀ É« Þ£
ä°x
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
Ó
ÌÀ Ã}> Õ£
Ó
{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
CD V
ä°x
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
{
ÌÀ Ã}> ÕÓ
Ó
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
C D 4
$". !.7>. M*NB@>N*N >' #@>SM@; 8>BWSN CN*>N@M R #SWS@M B;#*' S B@N8S8@>N
V& 4D % @'*; A
AP4 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
-iÃÀ É« Þ£ ä
£
Ó
ä £ Ó Î { x
£
ÌÀ Ã}> ÕÓ
ä°x
ä°x
ä £ Ó Î { x
/i ÃiVÃ
CD V
`i Ó] ÃiÃÀ É >VÌÕ>ÌÀ >Ì {
Ó
£
Ó
-iÃÀ É« Þ
£
Ó
ä £ Ó Î { x
{
£
ÌÀ Ã}> Õ
Ó
ä £ Ó Î { x
/i ÃiVÃ
C D 4
$". !.7*. M*NB@>N*N >' #@>SM@; 8>BWSN CN*>N@M R #SWS@M B;#*' S B@N8S8@>N
V& 4D % @'*; V
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ AP2
ä°Ó
-iÃÀ É« Þ£
ä
ä°Ó
ä°{
ä £ Ó Î { x
Ó
ÌÀ Ã}> ÕÓ
Ó
{
ä £ Ó Î { x
/i ÃiVÃ
CD V
`i Î] ÃiÃÀ É >VÌÕ>ÌÀ >Ì {
ä°£
ä°äx
-iÃÀ É« ÞÓ
ä°äx
ä°£
ä £ Ó Î { x
{
ÌÀ Ã}> Õ£
Ó
{
ä £ Ó Î { x
/i ÃiVÃ
C D 4
$". !.77. M*NB@>N*N >' #@>SM@; 8>BWSN CN*>N@M R #SWS@M B;#*' S B@N8S8@>N
V& 4D % @'*; T
APQ 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
-iÃÀ É« Þ£
£
ä°x
ä°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
ä°äÓ
£
ÌÀ Ã}> Õ
ä°ä£
ä°ä£
ä°äÓ
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
CD V
`i {] ÃiÃÀ É >VÌÕ>ÌÀ >Ì {
£
-iÃÀ É« ÞÓ
ä°x
ä°x
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
{
ÌÀ Ã}> ÕÓ
Ó
{
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
C D 4
$". !.76. M*NB@>N*N >' #@>SM@; 8>BWSN CN*>N@M R #SWS@M B;#*' S B@N8S8@>N
V& 4D % @'*; 4
4FV @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 6*@M[ APP
£
-iÃÀ É« Þ£
ä°x
ä°x
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
{
Ý £ä
£
ÌÀ Ã}> Õ£
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
CD V
ä°x
-iÃÀ É« ÞÓ
ä°x
£
£°x
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
{
ÌÀ Ã}> ÕÓ
£
ä ä°x £ £°x Ó Ó°x Πΰx { {°x x
/i ÃiVÃ
C D 4
$". !.7!. M*NB@>N*N >' #@>SM@; 8>BWSN CN*>N@M R #SWS@M B;#*' S B@N8S8@>N
V& 4D % @'*; 2
AP+ 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
6* .**' #: 58> Y68#6 M*;8\*N S68N 58>& #> * @ S8>*' .@M
S6* #SW; <@'*;F S 8N .@W>' S6S S6* '*N85>*' #@>SM@;;*M X8 S6* M*'W#*'
@M'*M <@'*; BM@X8'*N 5@@' '<B8>5 *>6>#*<*>S .@M S6* <@'*;N @. S6* N<MS NSMW#7
SWM* N[NS*<F > S6* '*N85>*' #@>SM@; ;Y& S6* #@>SM@; 8>BWS S@ *#6 #SWS@M @. S6*
<W;S8XM8 ;* B;>SLN <W;S8<@'*; 8N .W>#S8@> @. S6* @WSBWS @. S6S #@MM*NB@>'8>5
N*>N@M @>;[ >' S6* 58> <SM8Z 6N 5@S ;; @/7'85@>; *;*<*>SN \*M@ @M X*M[ N<;;
#@<BM*' S@ S6* '85@>; S*M<NF 68N <:*N S6* #@>SM@; S*#6>8HW* M@ WNS
'*#*>SM;8\*' @>* >' Y@W;' M*>'*M *SS*M #@>SM@;F
u
¬¡c¡ c£|v n¡ 2F¡¬ 2¬¡°V¬°¡c£ ]cc]
7£|v 5|£yc 5yc¡¸
> S6* .@;;@Y8>5 *#S8@>N& S6* '*N85> @. S6* #@>SM@;;*MN .@M N<MS NSMW#SWM*
<@'*;;*' N >' N[NS*<N WN8>5 8<@N6*>:@ *< S6*@M[ 8N BM*N*>S*'F
> *ZS*M>; .@M#* 8N BB;8*' S S6* .M** *>' @. S6* *<& S6WN NW 9*#S8>5 8S S@
X8 MS8@>NF 6* M*NB@>N*N M* @ N*MX*' >' N6@Y> 8> S6* 85NF 4FV2 >' 4FVQF
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* *#S8@> 4FVFA @>
W;*M7*M>@W;;8 *<N <@'*;;*' N N[NS*<NF 6* N<B;8>5 8>S*MX; > 8N S:*>
N ]F]]4 N*#N >' S6* >W< *M @. NW 78>S*MX;N
YN S:*> N 4F 6* N[NS*< 8>
HNF CVFAPVD7CVFAP2D 8N N<B;*' S MS* @. & S6WN 58X8>5 M8N* S@ SW N[NS*<NF 6*
SW N[NS*< .@M S6* <@'*; A 8N 58X*> [ S6* HF CTF2+DF 8<8;M;[& S6* SW N[NS*<N
.@M S6* @S6*M <@'*;N @. S6* N<MS *< M* @ S8>*'F S 8N .@W>' S6S S6* SW
N[NS*<N M* #@>SM@;; ;* >' @ N*MX ;*F 6* NS 8;8\8>5 58>N M* @ S8>*' .@M
*#6 @. S6* <@'*;N @. S6* N<MS *< NW#6 S6S S6* *85*>X;W*N @. C G D
M* B;#*' 8>N8'* S6* W>8S #8M#;* S BBM@BM8S* ;@#S8@>N >' S6* M*NB@>N* @. S6*
N[NS*< 6N 5@@' N*SS;8>5 S8<*F 6* 8<BW;N* M*NB@>N*N @. ;; S6* 4 <@'*;N
Y8S6 S6* 58> 8N @ N*MX*'F
@Y& S6* N[NS*< 58X*> 8> HNF CVFAPVD7CVFAP2D 8N N<B;*' S MS* @. & S6WN
58X8>5 M8N* S@ '*;S N[NS*<NF 6* '*;S N[NS*< .@M S6* <@'*; A 8N 58X*> [ S6* HF
4FT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ A+A
CTFQ]DF 8<8;M;[& S6* '*;S N[NS*<N .@M S6* @S6*M <@'*;N @. S6* N<MS *<
M* @ S8>*'F 6* .**' #: 58>
.@M S6* 4 <@'*;N C<@'*; A& V& T >'
4D @. S6* N<MS *< 8N @ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@>
<*S6@' !AVA"& !2]" >' 8N 58X*> [
- !
A?4V]P+ V?4V]+? AQ4Q?Q]
A]4A]]P"
- !
TP4AQ?? 244+P2+ TT4]2T+
AP422V2"
C4F2TD
- !
+Q42VPT ++4V]T4 +?4TAQQ
P?4]TP]"
- !
+?42]]] ?Q4A]]] ?A4?]]]
+Q4+]]]" 4
8S6 S6* '*N85>*' .**' #: #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6* N<MS
B;>S& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN F D >' S6* XM8S8@> @. S6* #@>SM@;
N85>; @ Y8S6 S8<* = .@M ;; S6* 4 <@'*;N @. S6* N<MS *< M* @ N*MX*' N
N6@Y> 8> 85NF 4FVP >' 4FV+F
.**' #: #@>SM@;;*MN M* '*N85>*' .@M S6* 4 <@'*;N @. S6* N<MS NSMW#SWM*
<@'*;;*' WN8>5 8<@N6*>:@ *< S6*@M[ 8> @M'*M S@ NWBBM*NN S6* 1MNS T X8 MS@M[
<@'*N !PT"F .S*M @ N*MX8>5 S6* XM8@WN M*NB@>N*N N N6@Y> 8> S6* 85NF 4FV2 7 4FT]&
S6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@;
.@M S6* N<;;*NS <5>8SW'* @. S6* #@>SM@; */@MS @ >' S6* *NS <@'*; .@M 8N
BM*N*>S*' 6*M*F N 8> S6* #N* @. S6* M*NW;SN @> S6* #@>SM@; @. <@'*;N
<@'*;;*' WN8>5 8<@N6*>:@ *< S6*@M[ Y8S6 NWM.#* <@W>S*' LN& 6*M* ;N@&
S6* *NS <@'*; M*HW8M*' .@M 8N S6* <@'*; A& 8F*F& S6* <@'*; Y8S6 S
S6* 1Z*' *>' @. 85F VFPF 6* <@'*; A 8N N*;*#S*' *#WN* @. S6* .@;;@Y8>5 M*N@>NF
@>SM@; Y8;; * <@M* */*#S8X* S S6* M@@SF
6* N*>N@M @WSBWS X@;S5* 8N 5M*S*M 'W* S@ S6* 6*X[ '8NSM8 WS8@> @. S6* *>'8>5
<@<*>S >*M S6* 1Z*' *>' .@M S6* .W>'<*>S; <@'*& S6WN ;*'8>5 S@ ;M5*M
NSM8> MS*F
*NN #@>SM@; */@MS 8N M*HW8M*' S@ '<B @WS S6* X8 MS8@>NF
*>N8S8X8S[ @. S6* N*>N@M R #SWS@M B8M '*B*>'N @> 8SN ;@#S8@> @> S6* *<F
6* M*NB@>N* #6M#S*M8NS8#N Y8S6 >'
M* S6* *NS <@>5NS ;; S6*
<@'*;NF
8 MS8@> #6M#S*M8NS8#N @. S6* N[NS*< '*B*>'*' >@S @>;[ @> S6* #@;;@#S8@> @.
S6* B8*\@ B8M& WS ;N@ @> <>[ .#S@MN NW#6 N S6* 58> @. S6* <B;81*M WN*'&
S6* <@'* >W< *M >' S6* ;@#S8@> @. S6* B8*\@ B8M S S6* >@'; B@8>SN .M@<
S6* 1Z*' *>'F
@>SM@;;*M @WSBWS M*HW8M*' 8N X*M[ ;*NNF
WMS6*M& M*NB@>N*N M* @ S8>*' [ #@>N8'*M8>5 S6* 1MNS V X8 MS@M[ <@'*N ;N@F
*NW;SN M* #@<BM*' Y8S6 S6* #@>SM@;;*MN '*N85>*' .@M 1MNS T X8 MS@M[ <@'*NF 6*
@ S8>*' M*NB@>N*N [ M*S8>8>5 S6* 1MNS V <@'*N Y*M* ;<@NS S6* N<* N 8> S6*
#N* @. T X8 MS8@> <@'*NF 6* ;8<8SS8@>N @. W;*M7*M>@W;;8 *< S6*@M[ NW#6
N S6* >*5;*#S8@> @. Z8; '8NB;#*<*>S 6N **> #@>N8'*M*' 6*M* Y68;* <@'*;8>5
S6* *<F 8<@N6*>:@ *< S6*@M[ #@MM*#SN S6* N8<B;8.[8>5 NNW<BS8@>N <'* 8>
W;*M7*M>@W;;8 *< S6*@M[ >' S6* <@'*; @ S8>*' #> * #;@N*M S@ *Z#S @>*F
A+V 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
> S68N *#S8@>& Y* '*X*;@B S6* #@>SM@; N[NS*< '*N85> WN8>5 S6* .**' #: #@>7
SM@; ;Y '8N#WNN*' 8> *#S8@> 4FA .@M S6* <W;S8XM8 ;* M*BM*N*>SS8@> @. S6* 3*Z8 ;*
#>S8;*X*M *< 58X*> [ S6* HNF CVFA]TD >' CVFA]4D >' @>'*' Y8S6 NWM.#*
<@W>S*' N*>N@MN >' #SWS@MN N #@;;@#S*' B8MN S6M@W56 S6* N<MS NSMW#SWM* #@>7
#*BS N N6@Y> 8> *#S8@> VFVFVF 8MNS T X8 MS@M[ <@'*N M* #@>N8'*M*'F 6* >W<*M8#;
X;W*N @. S6* NSS* NB#* <SM8#*N @. S6* <@'*; M* 58X*> [ S6* HNF CVFA+]DF
6* B*M.@M<>#* @. S6* N<MS *< N <W;S8XM8 ;* N[NS*< 8N *X;WS*' .@M X87
MS8@> #@>SM@; [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF
6* */*#S @. B;#8>5 S6* N*>N@M7#SWS@M B8M S V '8/*M*>S ;@#S8@>N @> S6* *<
8N @ N*MX*' >' S6* #@>#;WN8@>N M* 'MY>F 6* <W;S8XM8 ;* #@>SM@;;*M 8N '*N85>*'
@> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* N*#S8@> 4FVFV .@M *<NF 6* N<B;8>5
8>S*MX; > 8N S:*> N ]F]]4 N*#N >' S6* >W< *M @. NW 78>S*MX;N
YN S:*> N A]F
6* 58> <SM8Z
.@M S6* <@'*; @. S6* NWM.#* <@W>S*' N<MS *<
<@'*;;*' WN8>5 8<@N6*>:@ *< S6*@M[ 8N 58X*> [
]442Q+ ]4T2QT
]422+T ]4QT4P
- A] 4 C4F24D
]44+?Q ]4T?+Q
]4QAV2 ]4PAV2
#@>SM@;;*M 6N **> '*N85>*' .@M S6* N<MS NSMW#SWM* <@'*;F 6* *<
YN '8X8'*' 8>S@ 4 Y8S6 N*>N@M R #SWS@M B;#*' S B@N8S8@>N V >' 4F 6*
XM8@WN M*NB@>N*N M* @ S8>*' .@M S6* '*X*;@B*' NSS* NB#* <W;S8XM8 ;* <@'*;F
6M@W56 S6* N8<W;S8@> M*NW;SN& 8S 8N N6@Y> S6S Y6*> S6* B;>S 8N B;#*' Y8S6 S68N
#@>SM@;;*M& S6* B;>S B*M.@M<N Y*;; >' S6* X8 MS8@>N M* NWBBM*NN*' HW8#:;[F S 8N
;N@ @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M R #SWS@M
<NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M R #SWS@M S SY@ '8/*M*>S B@N8S8@>N
8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N S6>
B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> C85NF 4FV2 7 4FT]DF
6* M*NB@>N* S:*N ;*NN*M S8<* S@ N*SS;* S6> S6* #N* >' S6* X8 MS8@>N M*
'<B*' @WS HW8#:;[F 6* #@>SM@; */@MS M*HW8M*' 8N ;N@ ;*NNF 6* 8<BW;N* M*NB@>N*N
Y8S6 S6* @WSBWS 8>9*#S8@> 58> >' S6* 58> N6@YN *SS*M B*M.@M<>#*F 6*
N*>N@M7#SWS@M B8M :*BS S B@N8S8@> V #@>SM@;N S6* V X8 MS@M[ <@'*N S S6S
B@N8S8@> V& Y68;* S6* B8M :*BS S B@N8S8@> 4 ;N@ #@>SM@;N S6* V X8 MS@M[ <@'*N&
WS B;#*' S S6S B@N8S8@> 4F @X*M;; *SS*M B*M.@M<>#* @. S6* N[NS*< 8N
@ S8>*'F
*>#*& 8S #> * #@>#;W'*' S6S <W;S8XM8 ;* #@>SM@; @. N<MS NSMW#SWM*
8N *SS*M #@<BM*' S@ S6* #@>SM@; N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N @.
S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8> S6* N[NS*< S@ '<B
@WS HW8#:;[F *NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; >' Y*M* #@<BM*' Y8S6 S6*
#@>SM@; S@ N6@Y S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS
#@>SM@; S6* SM>N8*>S M*NB@>N* YN BM*'@<8>>S >' Y8S6 #@>SM@;& S6* X8 MS8@>N M*
NWBBM*NN*'F
'[><8# >;[N8N 8N ;* S@ 8'*>S8.[ B8MN @. <@'*N S6S @##WM S >*M;[
8'*>S8#; .M*HW*>#8*NF *ZB*M8<*>SN M* >@S #SW;;[ M*;8 ;* Y6*> 8S #@<*N S@
##WMS* 8'*>S81#S8@> @. <@'* B8MN *#WN* S6*[ M* W> ;* S@ B@N8S8X*;[ '*#8B6*M
4FT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ A+T
ä°x
£
ä £ Ó Î { x
/i ÃiVî
ä°x
ä°x
£
ä £ Ó Î { x
/i ÃiV`Ã
ä°x
ä°x
£
ä £ Ó Î { x
C#D 8<BW;N* M*NB@>N* Y8S6
ÌÀ «ÕÌ Ì >VÌÕ>ÌÀ £
£
ä°x
VÌÀ Ã}> Õ£
ä°x
£
£°x
ä £ Ó Î { x
/i ÃiV`î
ä°x
ä £ Ó Î { x
« ,ië ÜÌ
ÃÌ>Ìi vii`L>V Ó
ä°È
-iÃÀ ÕÌ«ÕÌ ÞÓ 6®
ä°{
ä°Ó
ä°Ó
ä°{
ä £ Ó Î { x
/i ÃiV`î
ä°Ó
ä°Ó
ä°{
ä £ Ó Î { x
ÌÀ «ÕÌ Ì >VÌÕ>ÌÀ Ó
Ó
VÌÀ Ã}> ÕÓ 6®
Ó
{
ä £ Ó Î { x
/i ÃiV`î
<@'* B8MN .M@< N85>; >@8N* 8> S6* <*NWM*' M*HW*>#[ *NB@>N* W>#S8@>N CDF
*B*>'8>5 @> S6* BB;8#S8@>& S6* N<*M8>5 @. S6* <@'* B8MN 8>S@ N8>5;* <@'*N <[
'X*MN*;[ /*#S S6* #@>SM@; ;5@M8S6<& '*B*>'8>5 @> S6* ;5@M8S6<LN N*>N8S8X8S[ S@
S6* 8'*>S81*' M*N@>>S .M*HW*>#8*N @. S6* N[NS*<F *Z#8SS8@> 8N *SS*M S6>
*Z#8SS8@> N *Z#8S8>5 @>;[ S N8>5;* B@8>S <[ #WN* B@@M '8NSM8 WS8@> @.
4FT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ A+2
/« `ë>ViiÌ v " ÃÞÃÌi ÜÌ
ÕÌ VÌÀiÀ /« `ë>ViiÌ v " ÃÞÃÌi ÜÌ
VÌÀiÀ
Ó°x Ó
Ó
£°x
£°x
£
/« ë>ViiÌ ®
ä°x ä°x
ä ä
ä°x
ä°x
£
£
£°x
Ó £°x
ä £ Ó Î { x ä £ Ó Î { x
/i ÃiV`î /i ÃiV`î
CD C D
8>BWS *>*M5[ S6M@W56@WS S6* NSMW#SWM* >' <[ M*NW;S 8> N@<*Y6S N;856S;[ '8NSWM *'
.M*HW*>#[ M*NB@>N*NF <W;S878>BWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@> >' *X*>
*SS*M #SWS8@> .@M#*NF
6* SW >' '*;S N[NS*< .@M S6* <@'*; A 8N 58X*> [ S6* HNF CTFQTD >' CTFQ4DF
8<8;M;[& S6* SW >' '*;S N[NS*<N .@M S6* @S6*M T <@'*;N M* @ S8>*'F S 8N .@W>'
S6S ;; S6* '8N#M*S* <@'*;N Y*M* #@>SM@;; ;* >' @ N*MX ;*F 6* NS 8;8\8>5
58>N M* @ S8>*' .@M S6* SW N[NS*< NW#6 S6S S6* *85*>X;W*N @. C G D ;8*
8>N8'* S6* W>8S #8M#;* >' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5 S8<*F 6*
58> .@M S6* <@'*; A 8N @ S8>*' N
8<8;M;[& S6* 58>N .@M S6* @S6*M <@'*;N M* @ S8>*'F 6* 8<BW;N*
M*NB@>N*N @. S6* 4 <@'*;N @. S6* N[NS*< Y8S6 S6* @WSBWS 8>9*#S8@> 58> 8N @ N*MX*'
>' N6@Y> 8> 85NF 4FT4 7 4FTPF 6* .**' #: 58> <SM8Z
.@M S6* N<MS N[NS*<
58X*> 8N @ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@'& Y68#6
M*'W#*N S6* <B;8SW'* @. S6* #@>SM@; N85>; @F 8S6 S6* '*N85>*' #@>SM@;;*M BWS 8>
S6* ;@@B& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSND @. S6* '8/*M*>S <@'*;N @.
S6* N<MS N[NS*< M* @ N*MX*'F 6* .**' #: 58> <SM8Z .@M S6* <@'*;
A @. S6* N<MS 8<@N6*>:@ *< Y8S6 *< *''*' N*>N@M R#SWS@M 8N 58X*> [
- ]4AAAA ]4]PT4 ]4]T? ]4]]?2
]4]T+
]4]T]4
]4]4]T
]4]44]
]4]4VQ
]4]TPP 4 C4F2QD
8<8;M;[& S6* 58>N M* @ S8>*' .@M S6* @S6*M T <@'*;N @. S6* N<MS NSMW#7
SWM* B;>SF 8S6 S6* '*N85>*' #@>SM@;;*M BWS 8> ;@@B Y8S6 S6* B;>S& S6*
8<BW;N* M*NB@>N*N CN*>N@M @WSBWSND @. ;; S6* 4 <@'*;N >' S6* XM8S8@> @.
4FT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ A+P
S6* #@>SM@; */@MS M*HW8M*' .@M S6* 4 <@'*;N @. S6* N>'Y8#6*' N[NS*< S@ '<B @WS
S6* X8 MS8@>N M* @ N*MX*' >' N6@Y> 8> 85NF 4FT4 7 4FTPF 6* #@<BM8N@>N @. S6*
HW>S8SS8X* M*NW;SN @. S6* >' M*NB@>N*N >' Y8S6 S6* <5>8SW'* @. S6*
#@>SM@; */@MSN& S6*8M N*SS;8>5 S8<*N M*HW8M*' 8N 58X*> 8> ;* 4F2F
% !. . W>S8SS8X* #@<BMS8X* M*NW;SN @. N8<W;S8@>N .@M S6* *< *''*'
8<@N6*>:@ *< N N[NS*<N CS*M<N 8>N8'* S6* M#:*SN 8>'8#S* S6* N*SS;8>5
X;W*ND& @>;[ S6* GX* X;W*N N6@Y>
)%
:$5#
:$5#
)'50)% $4+
A A] < V2 < V2 < ]F]]2
CAA N*#ND 2 CN*#ND C4 N*#ND
V VV < VV < VV < ]F]A
CA2 N*#ND Q CN*#ND C2 N*#ND
T V] < A? < A? < ]F]2
CA? N*#ND P CN*#ND CQ N*#ND
4 A+ < A+ < A+ < ]F]Q
CVV N*#ND + CN*#ND CP N*#ND
6WN& S6* @ N*MXS8@>N M* <'* Y8S6 >' Y8S6@WS S6* #@>SM@;;*M S@ N6@Y S6*
#@>SM@; */*#SF 6* '*N85>*' #@>SM@;;*M M*HW8M*N #@>NS>S 58>N >' 6*>#* <[
* *N8*M S@ 8<B;*<*>S 8> M*; S8<*F 6* N8<W;S8@> M*NW;SN N6@Y S6S .**' #:
#@>SM@;;*M N*' @> 8<@N6*>:@ *< S6*@M[ 8N ;* S@ NS8N.#S@M8;[ #@>SM@; S6* 1MNS
T <@'*N @. X8 MS8@> @. S6* N<MS #>S8;*X*M *< >' S68N N6@YN S6* */*#S8X*>*NN @.
S6* '*N85>*' #@>SM@;;*MF 6* 'X>S5*N @. WN8>5 S6* *< *''*' S*#6>@;@5[ 8> N<MS
4FT @>SM@;;*M *N85> .@M <MS SMW#SWM*N @'*;;*' N8>5 8<@N6*>:@ 6*@M[ A+?
NSMW#SWM*N 8N '8N#WNN*' 8> S6* ;NS BM5MB6 8> S6* #@>#;WN8@> *#S8@> TFTFT%A .@M
@. *< *''*' *<N WN8>5 F
uu c£|v n #
¬¡c¡ n¡ 2F¡¬ cF£ 7£|v
Rc]]c] ,|cȣ
> S6* .@;;@Y8>5 *#S8@>& Y* '*X*;@B S6* #@>SM@; NSMS*5[ .@M S6* <W;S8XM8 ;* M*BM*7
N*>SS8@> @. S6* '*X*;@B*' N<MS NSMW#SWM* <@'*; 58X*> 8> S6* HNF CVFV4PD7CVFV4+D
.@M > *< *''*' <W;S8XM8 ;* #N* Y8S6 8SN >W<*M8#; X;W*N 58X*> 8> S6* HF CVFV2]D
WN8>5 S6* #@>SM@; ;Y '8N#WNN*' 8> S6* *#S8@> 4FA C85F VFATDF > *ZS*M>; .@M#*
8N BB;8*' S S6* .M** *>' @. S6* *<& S6*M* [ NW 9*#S8>5 8S S@ X8 MS8@>NF
6* X8 MS8@>N M* '<B*' @WS HW8#:;[ [ S6* 8>#@MB@MS8@> @. #@>SM@;;*M
*8>5 BWS 8> S6* .**' #: ;@@B Y8S6 S6* B;>SF 6* '*N85>*' #@>SM@;;*M 8N WN*'
S@ NWBBM*NN S6* 1MNS T X8 MS8@> <@'*N @. S6* #@<B@N8S* *<F 6* <W;S8XM8 ;*
#@>SM@;;*M 8N '*N85>*' @> S6* N8N @. N8<8;M ;8>*N N *ZB;8>*' 8> *#S8@> 4FVFV .@M
W;*M7*M>@W;;8 *<N >' 8> *#S8@> 4FTFV .@M 8<@N6*>:@ *<NF 6* B*M.@M<>#*
@. S6* N<MS #@<B@N8S* *< 8N 6*M* [ *X;WS*' .@M X8 MS8@> #@>SM@; [
#MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* M*NB@>N*NF
6* */*#S @. B;#8>5 S6* N*>N@M7#SWS@M B8M S V '8/*M*>S ;@#S8@>N 8>
*SY**> S6* *< ;[*MN N >@>7#@;;@#S*' B8MN 8N @ N*MX*' >' S6* #@>#;WN8@>N M*
1>;;[ 'MY>F 6* N<B;8>5 8>S*MX; > 8N S:*> N ]F]]4 N*#N >' S6* >W< *M @. NW 7
8>S*MX;N
YN S:*> N A]F M*NB@>N* @. S6* N[NS*< 8N @ S8>*' .S*M NW 9*#S8>5
A?] 4 NS WSBWS <B;8>5 **' #: @>SM@;;*MN .@M <MS SMW#SWM*N
8S S@ X8 MS8@>NF 6* '8N#M*S* <@'*;N M* @ S8>*' [ N<B;8>5 S6* N[NS*< 8> CVFV2]D
S MS* @. >'
M*NB*#S8X*;[ 58X8>5 M8N* S@ C D7SW N[NS*< >' C D7
'*;S N[NS*< M*NB*#S8X*;[ N N6@Y> 8> HNF CTFQPD >' CTFQ+DF
S 8N .@W>' S6S S6* '8N#M*S* <@'*; 8N #@>SM@;; ;* >' @ N*MX ;*F S 8;8\8>5
58> 8N @ S8>*' .@M S6* SW N[NS*< NW#6 S6S S6* *85*>X;W*N @. C G D ;8*
8>N8'* S6* W>8S #8M#;* >' S6* M*NB@>N* @. S6* N[NS*< 6N 5@@' N*SS;8>5 S8<*F 6*
58> 8N 58X*> [
A]44]PQ
]4]]]] QT4A?TQ
]4]?]A ]4]]]]
]4]VT2
- C4F2PD
T4P]P+
]4]]]] A4]V24 ]4]]V+ ]4]]]] ]4]]]P
6* 8<BW;N* M*NB@>N* @. S6* N[NS*< 8N @ N*MX*' >' N6@Y> 8> S6* 85NF
4FT+ >' 4FT? M*NB*#S8X*;[F 6* .**' #: 58> <SM8Z
.@M S6* N<MS *< 8N
@ S8>*' [ N@;X8>5
WN8>5 S6* @BS8<8\S8@> <*S6@' Y68#6 M*'W#*N S6*
<B;8SW'* @. S6* #@>SM@; N85>; @F 6* 58> <SM8Z
.@M S6* <@'*; @.
S6* N<MS *< 8N 58X*> [
8S6 S6* '*N85>*' <W;S8XM8 ;* #@>SM@;;*M *8>5 BWS 8> S6* ;@@B Y8S6 S6*
N<MS *<& S6* 8<BW;N* M*NB@>N*N CN*>N@M @WSBWSN F & F D& S6* #@>SM@; */@MS
-iÃÀ É« Þ£ 6®
{
« ,ië ÜÌ
£
Ó
ä
Ó
{
ä Ó { È n £ä
-iÃÀ É« Þ£ 6®
{
Àië° ÜÌ
£
Ó
ä
Ó
{
ä Ó { È n £ä
ä°x
VÌÀ Ã}> Õ£
ÌÀ ivvÀÌ Õ£
ä°x
ä Ó { È n £ä
/i ÃiVî
@ & @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N M* @ N*MX*' >' N6@Y> 8> 85NF 4FT+ 7
4FT? M*NB*#S8X*;[F 6* #@<BM8N@>N @. S6* HW>S8SS8X* M*NW;SN @. S6* >'
M*NB@>N*N Y8S6 S6* <5>8SW'* @. S6* #@>SM@; */@MSN& S6*8M N*SS;8>5 S8<*N M*HW8M*' 8N
N6@Y> 8> ;* 4FQF
#@>SM@;;*M 6N **> '*N85>*' .@M S6* N<MS NSMW#SWM* N <W;S8XM8 ;* N[NS*<
Y8S6 *< *''*' B8*\@N >' Y6*> BWS 8> .**' #: ;@@B Y8S6 S6* B;>S& S6* SM>N8*>S
@N#8;;S8@>N '8* @WS HW8#:;[ 8> ;*NN*M S8<*N >' NS*'[ NSS* 8N M*#6*' HW8#:;[F S 8N
;N@ @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M R #SWS@M
<NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M R #SWS@M S V '8/*M*>S B@N8S8@>N
8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N S6>
B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> C85NF 4FT4 7 4FTPDF 6*
M*NB@>N* S:*N ;*NN*M S8<* S@ N*SS;* S6> S6* #N* >' S6* X8 MS8@>N M* '<B*'
@WS HW8#:;[F @X*M;; *SS*M B*M.@M<>#* @. S6* N[NS*< 8N @ S8>*' N S6*M* Y8;; *
<W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8>
S6* N[NS*< S@ * '<B*' @WS HW8#:;[F
*NB@>N*N Y*M* @ N*MX*' Y8S6@WS #@>SM@; >' Y*M* #@<BM*' Y8S6 S6* #@>SM@;
S@ N6@Y S6* #@>SM@; */*#SF M@< S6* N8<W;S8@>N& 8S YN @ N*MX*' S6S Y8S6@WS #@>7
SM@; S6* SM>N8*>S M*NB@>N* YN W>NS8N.#S@M[ >' Y8S6 #@>SM@;& S6* X8 MS8@>N M*
NWBBM*NN*'F 6* ;8<8SS8@>N @. W;*M7*M>@W;;8 *< S6*@M[ NW#6 N S6* >*5;*#S8@>
@. S6* N6*M >' Z8; '8NB;#*<*>SN 6X* **> #@>N8'*M*' 6*M* Y68;* <@'*;8>5
-iÃÀ É« ÞÓ 6®
£
« ,ië ÜÌ
Ó
£
ä Ó { È n £ä
-iÃÀ É« ÞÓ 6®
£
Àië° ÜÌ
Ó
£
ä Ó { È n £ä
{
VÌÀ Ã}> ÕÓ
ÌÀ ivvÀÌ Õ
Ó Ó
ä
Ó
{
ä Ó { È n £ä
/i ÃiVî
%)5$)'
:$5#
:$5#
)'50)% $4+
[A TF? TF? TF? ]F4
Q T] CN*#ND V CN*#ND CAF2 N*#ND
[V ]F?2 ]F?2 ]F? 4
+ A4 CN*#ND A CN*#ND C]F+ N*#ND
S6* *<F 8<@N6*>:@ *< S6*@M[ #@MM*#SN S6* N8<B;8.[8>5 NNW<BS8@>N <'* 8>
W;*M7*M>@W;;8 *< S6*@M[ >' S6* <@'*; @ S8>*' #> * #;@N*M S@ *Z#S @>*F
6* '*N85>*' #@>SM@;;*M M*HW8M*N #@>NS>S 58>N >' 6*>#* <[ * *N8*M S@
8<B;*<*>S 8> M*; S8<* BB;8#S8@>NF
) $#!2,$#,
.**' #: #@>SM@;;*MN M* '*N85>*' NW##*NN.W;;[ S@ #@>SM@; S6* 1MNS .*Y X8 MS@M[
<@'*N @. N<MS #>S8;*X*M *< <@'*;;*' WN8>5 V S[B* @. *< S6*@M8*N& X8\F& W;*M7
*M>@W;;8 *< S6*@M[ >' 8<@N6*>:@ *< S6*@M[F *Y N#6*<*N S@ #@>SM@;
S6* 3*ZWM; X8 MS8@>N @. >' N<MS <@'*;N Y*M* BM*N*>S*'F 8/*M*>S
N*>N@M R #SWS@M ;@#S8@>N @>'*' S@ S6* <NS*M NSMW#SWM* C3*Z8 ;* #>S8;*X*M *<D
*8S6*M N NWM.#* <@W>S*' B8*\@N @M N *< *'*'' S[B* B8*\@N Y*M* #@>N8'*M*'& S6WN
58X8>5 M8N* S@ <>[ NSS* NB#* <@'*;N @. S6* N<MS NSMW#SWM* *<F S 8N @ N*MX*'
S6S S6* #@>SM@; */@MS M*HW8M*' S@ '<B*> @WS S6* X8 MS8@>N 5*SN M*'W#*' Y6*> S6*
B8*\@ B8M 8N <@X*' .M@< S6* .M** *>' S@YM'N S6* M@@S @. S6* NSMW#SWM*F 6* M@;* @.
N*>N@M R #SWS@M B@N8S8@> 8> S6* #@>SM@;;*M '*N85> 8N >;[\*'F 6* @BS8<W< N*>N@M
R #SWS@M ;@#S8@> 8N 8'*>S81*' N S6* B@N8S8@> >*M S6* 1Z*' *>'F
*SS*M B*M.@M<>#*N M* @ S8>*' Y6*> S6* B8*\@ B8M 8N S S6* M@@S C1Z*' *>'D
MS6*M S6> S S6* .M** *>'F 6* @B*> ;@@B 8<BW;N* M*NB@>N*N @. S6* B;>SN CY8S67
@WS S6* #@>SM@;;*MD N6@YN > @N#8;;S@M[ S8<* M*NB@>N* >' S:*N <@M* S8<* .@M S6*
X8 MS8@>N S@ '*#[ @WSF 6* #;@N*' ;@@B M*NB@>N*N @. S6* B;>S Y8S6 S6* 58>
N6@YN S6S S6* B*M.@M<>#* @ S8>*' [ S6* NSS* .**' #: 58> 8N M*;8\*' Y8S6
S6* 58>F S 8N ;N@ >@S8#*' .M@< S6* #;@N*' ;@@B M*NB@>N*N S6S 8S 8N S6*
58>
Y68#6 #@>SM@;N S6* 1MNS .*Y <@'*N @. X8 MS8@>F W;S8XM8 ;* #@>SM@; @.
N<MS NSMW#SWM* 8N 8>.*MM*' S@ * *SS*M #@<BM*' S@ S6* #@>SM@; N S6*M* Y8;;
* <W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N
8> S6* N[NS*< S@ * '<B*' @WS HW8#:;[ S6> S6* *M;8*M #N*F
<W;S8 8>BWS <W;S8 @WSBWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@> >' *X*>
*SS*M #SWS8@> .@M#*NF >;8:* NSS8# @WSBWS .**' #:& S6* #@>SM@; ;Y[N 5WM7
>S**N S6* NS 8;8S[ @. S6* #;@N*' ;@@B N[NS*< >' ;; S6* NSS*N M* >@S >**'*' .@M
#@>SM@; BWMB@N*NF W;S S@;*M>S #@>SM@; 8> S6* *X*>S @. > #SWS@M .8;WM* 8> <W;7
S8<@'*; N[NS*< 8N ;N@ BM*N*>S*' Y68#6 N6@Y*' S6S *X*> Y6*> > #SWS@M .8;N S@
.W>#S8@> 8> <W;S8XM8 ;* N[NS*<& S6* N[NS*< NS 8;8\*NF 6856*M @M'*M N<MS NSMW#7
SWM* <@'*; 8N '*N85>*' [ #@>N8'*M8>5 <@M* >W< *M @. X8 MS@M[ <@'*NF M*'W#*'
4F4 @>#;WN8@>N A?T
@M'*M <@'*; 8N S6WN @ S8>*' >' M@ WNS #@>SM@;;*M 8N '*N85>*' .@M S6* M*'W#*'
@M'*M <@'*; >' S6*> BB;8*' S@ S6* 6856*M @M'*M <@'*; 5X* NS8N.#S@M[ M*NW;SNF
M@< S6* '*X*;@B*' #@>SM@; NSMS*58*N N**> 8> S6* 6BS*M& Y* #@>#;W'* S6* .@;7
;@Y8>5F >* @>* 6>'& S6* ;@#S8@> >' B;#*<*>S @. S6* >W< *M @. B8*\@ B8MN @>
S6* *< @M 8> #@<B@N8S* NSMW#SWM* B;[*' X*M[ 8<B@MS>S M@;* 8> S6* '*N85>
BM@#*'WM* >' 8> S6* N[NS*< '[><8#NF > S6* @S6*M& #SWS@M >' N*>N@M ;@#S8@>N
/*#SN S6* #@>SM@;; 8;8S[ >' @ N*MX 8;8S[ @. #@>SM@;;*' NSMW#SWM* >' 6N 8>7
3W*>#* @> S6* #@>SM@; N[NS*< >' S6* M*HW8M*' #@>SM@; */@MS 8> @M'*M S@ NS8N.[
58X*> '*N8M*' #M8S*M8@>F 6WN& S6* B;#*<*>S @. #SWS@M >' N*>N@M 8N @>* @. S6*
<8> BM@ ;*<N 8> S6* '*N85> @. 'BS8X* NSMW#SWM*N S@'[ Y68#6 6N **> '*;S Y8S6
8> S68N 6BS*MF 6* */*#S8X*>*NN @. S6* @X*M;; N<MS NSMW#SWM* '*B*>'*' S@ 5M*S
*ZS*>S @> S6* >W< *M >' '8NSM8 WS8@> @. S6* #S8X* <S*M8;N 8>#;W'*' 8> S6* NSMW#7
SWM* N Y*;; N @> S6* '*N85>*' #@>SM@;;*MF WMS6*M& S6* M*NW;SN @. S6* @.
*<N Y*M* .@W>' S@ * <@M* 8<BM*NN8X* S6> S6* #@W>S*MBMSF
,+/ " !# $ $#/+$! $+ "+/
/+2/2+,
M8@WN S[B*N @. #@>SM@; NSMS*58*N .@M S6* >' NSS* NB#* M*BM*N*>S7
S8@>N @. S6* N<MS NSMW#SWM* WN8>5 S6* W;S8MS* WSBWS **' #: CD N*'
8N#M*S* ;8'8>5 @'* @>SM@; CD S*#6>8HW*N 8N BM*N*>S*' 8> S6* 1.S6 6BS*M
@. S68N <@>@5MB6F 6* <8> 8< @. '*X*;@B8>5 S6*N* #@>SM@; NSMS*58*N 8N S@ #@>SM@;
>' '<B @WS S6* 3*ZWM; @M SM>NX*MN* X8 MS8@>N @. 3*Z8 ;* *< Y6*> S6*[ M*
NW 9*#S*' S@ > *ZS*M>; '8NSWM >#*F Y@ '8/*M*>S <*S6@'N @. '8N#M*S* S8<* N;8'7
8>5 <@'* #@>SM@; NSMS*58*N 6X* **> WN*' 8> S68N BB;8#S8@>F 6* 1MNS @>* WN*N
NY8S#68>5 .W>#S8@> 8> S6* #@>SM@; >' M*NW;SN 8> HWN8 N;8'8>5 <@'* <@S8@>& S6*
@S6*M @>* '@*N >@S WN* S6* NY8S#68>5 8> S6* #@>SM@; .W>#S8@> >' 6*>#* *;8<8>S*N
#6SS*M8>5F 6*N* SY@ <*S6@'N '@ >@S >**' S6* <*NWM*<*>S @. S6* N[NS*< NSS*N .@M
.**' #: N S6*[ <:*N WN* @. @>;[ S6* @WSBWS N<B;*N .@M '*N85>8>5 S6* #@>SM@;;*MF
6* <*S6@'@;@5[ '@BS*' 8N <@M* BM#S8#; >' <[ * *N[ S@ 8<B;*<*>S 8> M*;
S8<* BB;8#S8@>NF
6* '*N85> @. N*' #@>SM@;;*MN .@M S6* #S8X* X8 MS8@> NWBBM*N7
N8@> @. #>S8;*X*M *<N <@'*;;*' N >' <@'*;N WN8>5 W;*M7*M>@W;;8
*< S6*@M[ >' 8<@N6*>:@ *< S6*@M[ Y8S6 NWM.#* <@W>S*' B8*\@N >' *<7
*''*' B8*\@ N*>N@MN >' #SWS@MN 8N BM*N*>S*' 8> S68N #@>S*ZSF 6* B*M.@M<>#*
@. ;; S6* '*N85>*' #@>SM@;;*MN M* *X;WS*' .@M X8 MS8@> #@>SM@; [ B*M.@M<8>5 S6*
N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF
#@>SM@; ;Y #> * '8M*#S;[ @ S8>*' 8> S*M<N @. @WSBWS N<B;*N >' 8<<*'8S* BNS
#@>SM@; 8>BWSF '**B 8>N856S 8>S@ S6* #@>SM@; S*#6>8HW* WN*' 8> S68N N*#S8@> 8N N
.@;;@YNF
:: )
M*#68>5 ;Y .@M S6* N;8'8>5 <@'* #@>SM@; @. N[NS*< 8N BM@B@N*' 8> !Q?"
>' 6N S6* .@;;@Y8>5 .@M<
Y6*M* > & ] 8N S6* N<B;8>5 B*M8@'& & ]& 7 & ]& A
7> & ]F :C*D 8N S6* NY8S#68>5
.W>#S8@> '*1>*' N .W>#S8@> @. S6* N[NS*< NSS*N N
N8>5 S6* M*#68>5 ;Y 8> C2FVD& S6* #@>SM@; ;Y @C*D .@M S6* N[NS*< M*BM*N*>S*'
[ S6* HF C2FAD 6N **> @ S8>*' 8> !Q?" N
Y6*M*
-
C D
G 7> C2F2D
>'
% -
>4 C2FQD
6* Y8'S6 @. S6* HWN87N;8'8>5 <@'* >' Y8S68> Y68#6 S6* N[NS*< SM9*#S@M[
M*<8>N 8> NS*'[ NSS* 8N 58X*> [ !AV?" N
V >
V 4 C2FPD
V
7>
> @M'*M S@ '*S*M<8>* S6* *ZBM*NN8@> .@M S6* '8N#M*S* N;8'8>5 <@'* #@>SM@; WN8>5
@WSBWS N<B;*N& #@>N8'*M S6* N[NS*< 8> HF C4FPD Y8S6 * - ] N
>'
@C> D - F G
@C]D G % :$/ C:C> DD 4 C2FAAD
>'
@C*D - F G
@C*
AD G % :$/C:C*DD4 C2FA2D
6WN& 8S #> * N**> .M@< HNF C2FA4D >' C2FA2D S6S S6* NSS*N @. S6* N[NS*< M*
>**'*' >*8S6*M .@M NY8S#68>5 .W>#S8@> *X;WS8@> >@M .@M S6* .**' #: BWMB@N*NF 6*
<8> 'X>S5* @. S68N ;5@M8S6< 8N S6S N8>5;* *ZBM*NN8@> 8N WN*' S@ #@<BWS* S6*
NY8S#68>5 .W>#S8@>F S '@*N >@S '*B*>' @> Y6*S6*M SM9*#S@M[ 8N 8> M*#68>5 B6N*
@M 8> NY8S#68>5 B6N*F
@Y*X*M& S68N #@>SM@; ;Y M8>5N @>;[ HWN87N;8'8>5 <@'*
<@S8@>F 68N <*>N Y6*> S6* SM9*#S@M[ #M@NN*N S6* NY8S#68>5 B;>* .@M S6* 1MNS
S8<*& 8S Y8;; #M@NN >' M*#M@NN S6* B;>* 58> 8> *X*M[ NW##*NN8X* N<B;8>5 8>S*MX;
M*NW;S8>5 8> \857\5 <@S8@> @WS S6* NY8S#68>5 B;>* >' S6* N8\* @. *#6 NS*B 8N >@S
8>#M*N8>5F 6* SM9*#S@M[ NS[N 8> S6* >'F 6* Y8'S6 @. S6* HWN87N;8'8>5 <@'*
>' V Y8S68> Y68#6 S6* N[NS*< M*<8>N 8> NS*'[ NSS* 8N S6* N<* N 58X*> 8>
HF C2FPDF 6* BB;8#S8@> @. S68N #@>SM@; ;Y S@ S6* XM8@WN N<MS NSMW#SWM* <@'*;N
'*X*;@B*' 8> 6BS*M V 8N BM*N*>S*' 8> S6* .@;;@Y8>5 *#S8@>NF
s
¬¡c¡ c£|v n¡ °c¡j c¡°| 2F¡¬ cF£ F£
22# 2¸£¬c£
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. #>S8;*X*M *< S6M@W56 N<MS NSMW#SWM*
#@>#*BS .@M S6* XM8@WN NSS* NB#* <@'*;N @. S6* N<MS *< 58X*> 8> *#S8@>
VFAFA%Q C88D .@M S6* B8*\@ BS#6*N B;#*' S '8/*M*>S ;@#S8@>N ;@>5 S6* ;*>5S6 @.
S6* *< !?P"F 6* #>S8;*X*M *< 8N '8X8'*' 8>S@ 4 F LN M* @>'*' S@ S6*
*< S @>* B@N8S8@> @>;[ N #@;;@#S*' B8M& N[& S 1Z*' *>' C ;@#S8@> AD
@M S B@N8S8@> V @M S B@N8S8@> T @M S B@N8S8@> 4 C.M** *>'D& S6WN 58X8>5 M8N*
S@ 4 <@'*;N @. S6* N<* N<MS NSMW#SWM* N N6@Y> 8> 85F VF4F 6* B*M.@M<>#*
@. S6*N* 4 <@'*;N 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >'
@ N*MX8>5 S6* XM8@WN M*NB@>N*NF 8>;;[& '8N#WNN8@>N @> S6* N8<W;S8@> M*NW;SN .@M
@BS8<; B*M.@M<>#* @. S6* N*>N@M R #SWS@M ;@#S8@> @> S6* *< 8N BM*N*>S*'F
A?+ 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
ä°äÓ ä
ë>ViiÌ] Ý£ ®
ä°ä£ ä°ä£
ÝÓ
ä ä°äÓ
ä°ä£ ä°äÎ
ä Ó { È n £ä ä Ó { È n £ä
Î ä°äÓ
Ó
ä°ä£
ÝÎ
Ý{
£
ä
ä
£ ä°ä£
ä Ó { È n £ä ä Ó { È n £ä
{ää £ä
ä
ä
x
Óää £ä
ä xä £ää £xä Óää Óxä ä Ó { È n £ä
Ìi
$". .*. ;@S @. NSS*N& NY8S#68>5 .R>& #@>SM@; .@M <@'*; A C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
Î
Ý £ä -iÃÀ É« v `i £] *iâ >Ì
£
{
ä°Ó
Ó
ä°£
ä
-iÃÀ É« Þ 6®
Ó ä
î
{ ä°£
È ä°Ó
n ä°Î
£ä ä Óä {ä Èä
ä Ó {/i ÃiVÃ®È n £ä
$". .7. ;@S @. N*>N@M @RB >' #6SS*M8>5 .@M <@'*; A C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
2FA 8N#M*S* 8<* ;8'8>5 @'* @>SM@; Y8S6 Y8S#68>5 W>#S8@> A??
Ý £ä
Î «Ì v ÃÌ>ÌiÃ] ÃÜÌV
} vÕVÌ] VÌÀ «ÕÌ vÀ `i Ó
£ä Î
ë>ViiÌ] Ý£ ®
Ó
x
ÝÎ
£
ä
ä
x £
ä Ó { È n £ä ä Ó { È n £ä
Ìi Ì ÃiVî Î
Ý £ä
ä°ä£ £ä
ä x
ÝÓ
Ý{
ä°ä£ ä
ä°äÓ x
ä Ó { È n £ä ä Ó { È n £ä
Óäää £ä
VÌÀ É« 1 6®
ä
x
î
Óäää
ä
{äää
Èäää x
ä xä £ää £xä Óää Óxä ä Ó { È n £ä
$". .6. ;@S @. NSS*N& NY8S#68>5 .R>& #@>SM@; .@M <@'*; V C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
Î
Ý £ä -iÃÀ É« v `i Ó] *iâ >Ì
Ó
È ä°än
x ä°äÈ
ä°ä{
{
ä°äÓ
-iÃÀ É« Þ 6®
Î ä
î
Ó ä°äÓ
ä°ä{
£
ä°äÈ
ä ä°än
£ ä°£
ä Ó { È n £ä Óä £ä ä £ä Óä Îä {ä
/i ÃiVî
$". .!. ;@S @. N*>N@M @RB >' #6SS*M8>5 .@M <@'*; V C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
V]] 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
Î *ÌÃ v ÃÞÃÌi ÃÌ>ÌiÃ] ÃÜÌV
} vÕVÌ >` VÌÀ «ÕÌ vÀ `i Î
Ý £ä
x Î
ë>ViiÌ] Ý£ ®
Ó
ÝÎ
ä £
x £
ä Ó { È n £ä ä Ó { È n £ä
Ý £ä
Î Ìi Ì ÃiVî
ä x
ä°ääx
Ý{
ä
ÝÓ
ä°ä£
ä°ä£x x
ä Ó { È n £ä ä Ó { È n £ä
{ £ä
VÌÀ É« 1 6®
ä
Ó
î
£ä
ä
Óä
Ó Îä
ä xä £ää £xä Óää Óxä ä Ó { È n £ä
$". . . ;@S @. NSS*N& NY8S#68>5 .R>& #@>SM@; .@M <@'*; T C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
x
Ý £ä
Î
-iÃÀ É« v `i Î] *iâ >Ì
Î Ý £ä
È £Ó
x £ä
{ n
È
-iÃÀ É« Þ 6®
Î
{
î
Ó
Ó
£
ä
ä Ó
£ {
È
Ó
ä Ó { È n £ä Óä £ä ä £ä Óä Îä {ä xä
/i ÃiVî
$". .3. ;@S @. N*>N@M @RB >' #6SS*M8>5 .@M <@'*; T C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
2FA 8N#M*S* 8<* ;8'8>5 @'* @>SM@; Y8S6 Y8S#68>5 W>#S8@> V]A
{
Ý £ä -iÃÀ É« v `i Î] *iâ >Ì
Î
{
ä°£
Ó
ä°äx
ä
-iÃÀ É« Þ 6®
î
Ó ä
{
ä°äx
È
ä°£
n
ä Ó { È n £ä £ä ä £ä Óä Îä {ä xä
/i ÃiVî
$". .2. ;@S @. N*>N@M @RB >' #6SS*M8>5 .@M <@'*; 4 C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
Ý £ä
Î *Ì v ÃÌ>ÌiÃ] ÃÜÌV
} vÕVÌ] VÌÀ «ÕÌ v `i {
ë>ViiÌ] Ý£ ®
£ä £
x ä
ÝÎ
ä £
x Ó
ä Ó { È n £ä ä Ó { È n £ä
Î
Ý £ä
ä°ä£ £ä
x
ÝÓ
Ý{
ä°ääx
ä
ä x
ä Ó { È n £ä ä Ó { È n £ä
Ìi Ì ÃiVî
£äää Óä
VÌÀ É« 1 6®
ä
£ä
î
£äää
ä
Óäää
Îäää £ä
ä xä £ää £xä Óää Óxä ä Ó { È n £ä
$". .. ;@S @. NSS*N& NY8S#68>5 .R>& #@>SM@; .@M <@'*; 4 C *< <@'*;;*' N
N[NS*< Y8S6 NWM.#* <@W>S*' D
V]V 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
6* 4 NSS* NB#* <@'*;N @. S6* N<MS *< M* 58X*> [ S6* HNF CVFPQD
7 CVFP?DF 6* N<MS *< 8N *Z#8S*' [ > 8<BW;N* N85>; BB;8*' S S6* .M** *>' @.
S6* *< .@M S6* 8>'8X8'W; <@'*;N N6@Y> 8> S6* 85F VF4F 6* *< 8N S6WN
NW 9*#S*' S@ X8 MS8@>N >' S6* 8<BW;N* M*NB@>N* CB;@S @. N*>N@M @WSBWSN F N
.W>#S8@> @. =D @. S6* XM8@WN <@'*;N M* @ N*MX*'F 6* '*N85>*' #@>SM@;;*M
8N BWS 8> ;@@B Y8S6 S6* B;>S >' S6* XM8@WN M*NB@>N*N M* @ N*MX*' .@M ;; S6* 4
<@'*;N @. S6* N<* N<MS NSMW#SWM* B;>SF 8<W;S8@> 8N B*M.@M<*' Y8S6 N*S
@. #@>SM@;;*M BM<*S*M X;W*N @. 7& > &
& & F 6* B;@S @. S6* XM8@WN NSS*N @. S6*
N[NS*<& S6* NY8S#68>5 .W>#S8@>N& #@>SM@; 8>BWSN& N*>N@M @WSBWSN >' S6* #6SS*M8>5
>' 'WM8>5 S6* N;8'8>5 <@'* M* N6@Y> 8> 85NF 2FA 7 2F+ M*NB*#S8X*;[F
*M*& S6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@>
#@>SM@; .@M S6* N<;;*NS <5>8SW'* @. S6* #@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6*
X8 MS8@>N @. S6* N<MS #>S8;*X*M *< 8N BM*N*>S*' !?P"F @'*; A 8N 8>.*MM*' S@ *
S6* *NS <@'*; .@M *#WN* @. S6* 8>.*M*>#*N <*>S8@>*' 8> CD 7 C6D *;@YF
CD @'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/7
>*NN >' [ XM[8>5 8SN ;@#S8@> @> S6* *< .M@< S6* .M** *>' S@ S6* 1Z*' *>'
8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* N[NS*<LN NSMW#SWM; X8 MS8@> #6M#S*M7
8NS8#N&
C D 6* W>#@>SM@;;*' N[NS*< S:*N <W#6 ;@>5*M S8<* S@ '<B @WS S6* @N#8;;S8@>N
N #@<BM*' S@ S6* N[NS*< Y8S6 S6* '*N85>*' N;8'8>5 <@'* #@>SM@; 8>BWS& 8F*F&
Y8S6@WS #@>SM@; S6* SM>N8*>S M*NB@>N* YN BM*'@<8>>S >' Y8S6 #@>SM@;& S6*
X8 MS8@>N M* NWBBM*NN*'&
C#D 6*> S6* B8*\@ *;*<*>S 8N B;#*' >*M S6* M@@S& S6* N*>N@M @WSBWS X@;S5* 8N
5M*S*M *#WN* @. S6* 6*X[ '8NSM8 WS8@> @. S6* *>'8>5 <@<*>S >*M S6* 1Z*'
*>'& S6WN ;*'8>5 S@ ;M5*M NSM8> MS*&
C'D *>N@M X@;S5* 8N ;*NN Y6*> S6* B8*\@ B8M 8N ;@#S*' S S6* .M** *>' *#WN* @.
;*NN*M NSM8> MS* >' 6*>#* M*HW8M* <@M* #@>SM@; */@MS&
C*D *>N8S8X8S[ @. S6* N*>N@M R #SWS@M B8M '*B*>'N @> 8SN ;@#S8@> @> S6* *<
.M@< S6* M@@S 6W & #@;;@#S8@> @. S6* B8*\@ B8M >' S6* 58> @. S6* <B;81*M
WN*'&
C.D [NS*< M*NB@>'N Y*;; 8> >' '@*N >@S *Z68 8S W>'*N8M ;* #6SS*M8>5 B6*7
>@<*>@>F *8S6*M '@*N S6* N[NS*< X8 MS* <W#6&
C5D N*' WN*N S6* N85>W< .W>#S8@> 8> S6* #@>SM@; 8>BWS >' S6*
#@>SM@; 8N #@<BWS*' .M@< S6* 8<<*'8S* BNS #@>SM@; X;W* >' S6* BNS @WSBWS
N<B;*N&
C6D @<BM8>5 S6* 4 <@'*;N& 8S 8N @ N*MX*' S6S 8. S6* N<MS *< 8N '8X8'*'
8>S@ 4 Y8S6 B8*\@ B8M B;#*' S S6* 1Z*' *>' C <@'*; AD& S6* X8 MS8@>
#6M#S*M8NS8#N M* S6* *NS S@ '*<@>NSMS* S6* @. N<MS *<N *#WN* @.
S6* @X* <*>S8@>*' 8>.*M*>#*NF
*>#*& 8S <[ * #@>#;W'*' S6S > */*#S8X* X8 MS8@> #@>SM@; S*#6>8HW* 8N
'*<@>NSMS*' 6*M* !?P"F
s¯
¬¡c¡ c£|v n¡ °c¡j c¡°| 2F¡¬ cF F£
# 2¸£¬c
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< <@'*;;*' N
2FA 8N#M*S* 8<* ;8'8>5 @'* @>SM@; Y8S6 Y8S#68>5 W>#S8@> V]T
N[NS*< 58X*> 8> *#S8@> VFAFV S6M@W56 N<MS NSMW#SWM* #@>#*BSF 6* N[NS*<
8N 58X*> [ S6* HNF CVF?TD >' CVFA]AD Y8S6 8SN >W<*M8#; X;W* 8> HF CVFA]2DF 6*
B*M.@M<>#* @. S6* *< 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >'
@ N*MX8>5 S6* XM8@WN M*NB@>N*NF
ä°ä{ Þ
£
ÞÓ
ä°äÎ
-iÃÀ ÕÌ«ÕÌÃ Þ£] ÞÓ 6®
ä°äÓ
ä°ä£
ä°ä£
ä°äÓ
ä°äÎ
ä°ä{
ä°äx
ä Ó { È n £ä
/i ÃiVî
ÌÀ «ÕÌÃ Ì >VÌÕ>ÌÀÃ >Ì
Ó] { v " `i
Î
Õ
£
Õ
Ó
Ó
ÌÀ «ÕÌÃ Õ£] ÕÓ 6®
£
Ó
Î
ä Ó { È n £ä
/i ÃiVî
$". .*>. ;@S @. #@>SM@; 8>BWSN S@ S6* #SWS@MN .@M S6* 7 <@'*;
6* N<MS *< 8N *Z#8S*' [ > 8<BW;N* N85>; BB;8*' S S6* .M** *>' @. S6*
*<F WN8>5 @WSBWS N<B;*N .@M S6* <W;S8XM8 ;* N[NS*< 8N '*N85>*' @> S6*
N8<8;M ;8>*N N *ZB;8>*' 8> *#S8@> 2FAFA .@M S6* N[NS*<NF 6* '*N85>*' @WSBWS
.**' #: #@>SM@;;*M 8N BWS 8> ;@@B Y8S6 S6* B;>S >' S6* N[NS*< M*NB@>N*N CN*>N@M
V]4 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
@WSBWSN F >' F D >' S6* 5*>*MS*' #@>SM@; 8>BWSN C@ >' @ D .M@< S6* #@>SM@;;*M
M* @ N*MX*' .@M S6* <W;S8XM8 ;* B;>S >' N6@Y> 8> 85NF 2F? >' 2FA] M*NB*#S8X*;[F
6* *X@;WS8@> @. S6* N;8'8>5 .W>#S8@> C >' D 8N ;N@ @ N*MX*'F
8<W;S8@> NSW'[ 6N **> #MM8*' @WS .@M N*S @. BM<*S*MN @. S6* #@>SM@;;*M
[ NNW<8>5 S6* X;W*N @. 7& > &
& & F NNW<8>5 N*S @. 8>8S8; #@>'8S8@>N& .@M
S6* NSS*N& S6* NY8S#68>5 NWM.#* 8N @ S8>*' WN8>5 HF C2FA4D >' S6* N;8'8>5 <@'*
#@>SM@; WN8>5 S6* @WSBWS N<B;*N 8N #@<BWS*' WN8>5 HF C2FA2DF 6* B;@S @. 85F 2FA]
N6@YN S6* #@>SM@; 8>BWS Y68#6 N*SS;*N S@ \*M@ *#WN* S6*M* 8N >@ M*.*M*>#*F 6* B;@S
@. S6* M*NB@>N* @. S6* NSS*N ;N@ #@>X*M5*N S@ \*M@ .M@< S6* 58X*> 8>8S8; #@>'8S8@>F
;N@& S6* NY8S#68>5 .W>#S8@> '*#M*N*N S@YM'N \*M@ .M@< S6* 8>8S8; X;W* >' NS[N
Y8S68> N<;; >' 8> S6* >*856 @M6@@' @. S6* NY8S#68>5 ;8>* Y68#6 8N >@S68>5 WS
S6* Y8'S6 @. S6* HWN8 N;8'8>5 <@'* >' F
#@>SM@; 8N *SS*M S6> S6* #@>SM@; *#WN* @. S6* .@;;@Y8>5 8>.*M*>#*N
<'* .M@< S6* N8<W;S8@> M*NW;SNF
W;S8B;* 8>S*M#S8@>N @. S6* 8>BWS >' @WSBWSF
*>N@M @WSBWS S V 8N <@M* N S6* NSM8> MS* 8N 6856 S6> S6* N*>N@M @WSBWS
S 4 Y6*M* S6* N*>N@M @WSBWS 8N ;@Y *#WN* @. ;*NN*M NSM8> MS*F
@>SM@; */@MS M*HW8M*' S V 8N ;*NN S6> S6* #@>SM@; */@MS M*HW8M*' S 4F
X*M;; #@>SM@; */@MS M*HW8M*' [ S6* #@>SM@;;*M 8N ;*NN S6> S6*
#@>SM@;;*M !?P"F
;#8>5 S6* B8*\@N S V '8/*M*>S 1>8S* *;*<*>S B@N8S8@>N @> S6* *< 8>SM@'W#*N
#@>N8'*M ;* #6>5* 8> S6* N[NS*< NSMW#SWM; #6M#S*M8NS8#N S6> B;#8>5 8S S
@>;[ A ;@#S8@>F
#> * '8M*#S;[ @ S8>*' 8> S*M<N @. S6* @WSBWS N<B;*N >' 8<<*'8S*
BNS #@>SM@; .W>#S8@>F
6* ;5@ '@*N >@S >**' S6* N[NS*< NSS*N >*8S6*M .@M .**' #: BWMB@N*N >@M .@M
NY8S#68>5 .W>#S8@> *X;WS8@>F
s
¬¡c¡ c£|v n¡ 5|£yc 2F¡¬ cF£ ¶|¬y
2°¡nFVc °¬c] ,D5 £ F£ 22# 2¸£¬c£
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M
WN8>5 @WSBWS N<B;*N S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. #>S8;*X*M *<
S6M@W56 N<MS NSMW#SWM* #@>#*BS .@M S6* XM8@WN NSS* NB#* <@'*;N @. S6*
N<MS *< 58X*> 8> *#S8@> VFVFA%TC8D .@M S6* B8*\@ BS#6*N B;#*' S '8/*M*>S
;@#S8@>N ;@>5 S6* ;*>5S6 @. S6* *< N N6@Y> 8> S6* 85F VFPF 6* B*M.@M<>#*
@. S6*N* 4 <@'*;N 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >'
@ N*MX8>5 S6* XM8@WN M*NB@>N*NF @>#;WN8@>N M* 'MY> 1>;;[ @> S6* N8<W;S8@>
M*NW;SN .@M *NS ;@#S8@> @. S6* B;#*<*>S @. N*>N@M7#SWS@M B8M @> S6* *<F
*M*&
S6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@; .@M
S6* N<;;*NS <5>8SW'* @. S6* #@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N @.
S6* N<MS #>S8;*X*M *< 8N BM*N*>S*'F @M #@>X*>8*>#*& @>;[ S6* M*NB@>N*N S S6*
1Z*' *>' M* N6@Y> 8> 85NF 2FAA >' 2FAVF 8<8;M;[& S6* M*NB@>N*N M* @ N*MX*' .@M
@S6*M <@'*;N ;N@F @'*; A 8N .@W>' S@ * S6* *NS <@'*; S6S #> * WN*' .@M
*#WN* @. S6* 8>.*M*>#*N R @ N*MXS8@>N BM*N*>S*' 8> CD 7 C8D 8> *#S8@> 2FAFAF
2FA 8N#M*S* 8<* ;8'8>5 @'* @>SM@; Y8S6 Y8S#68>5 W>#S8@> V]2
ä°£ ÝÓ
ä°Ó
Ý
£
ä°Î
ä°{
ä Ó { È n £ä
/i Ì ÃiVî
$". .**. ;@S @. S6* .@WM NSS*N .@M S6* 8<@N6*>:@ <@'*; A Y8S6 NWM.#*
<@W>S*'
ÌÀ Ã}> vÀ ÃÃ `i £ -iÃÀ É« v `i £] *iâ >Ì
£
ä°{ {
ä°Î
Î
ä°Ó
-iÃÀ É« Þ 6®
ä°£ Ó
VÌÀ É« 1 6®
ä
£
ä°£
ä°Ó ä
ä°Î
£
ä°{
ä°x Ó
ä Ó { È n £ä ä Ó { È n £ä
Ìi /i ÃiVî
$". .*7. ;@S @. #@>SM@;& N*>N@M @RB .@M 8<@N6*>:@ *< <@'*;;*' N
N[NS*< C<@'*; AD
su
¬¡c¡ c£|v n¡ 5|£yc 2F¡¬ cF£ ¶|¬y
2°¡nFVc °¬c] ,D5 £ F£ # 2¸£¬c
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M
WN8>5 @WSBWS N<B;*N 8> @M'*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS
#>S8;*X*M *< <@'*;;*' N N[NS*< 8> *#S8@> VFVFV C85F VF2D S6M@W56
N<MS NSMW#SWM* #@>#*BSF 6* NSS* NB#* <@'*; @. S6* N<MS *< 8N 58X*>
8> HF CVFAP?DF 6* B*M.@M<>#* @. S68N <@'*; 8N *X;WS*' .@M S6*
[ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*N >' 1>;;[
#@>#;W'8>5 Y8S6 S6* '8N#WNN8@>N @> S6* N8<W;S8@> M*NW;SNF
V]Q 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
ä°x
£
£°x
ä Ó { È n £ä
/i Ì ÃiVî
$". .*6. ;@S @. N*>N@M @WSBWSN .@M 8<@N6*>:@ *< <@'*;;*' N N[NS*<
Y8S6 NWM.#* <@W>S*'
ÌÀ É« Ì >VÌÕ>ÌÀÃ >Ì
Ó >` {
ΰx
Õ
£
Î Õ
Ó
Ó°x
ÌÀ É« Õ ] Õ 6®
Ó
Ó
£
£°x
ä°x
ä°x
ä Ó { È n £ä
/i Ì ÃiVî
$". .*!. ;@S @. #@>SM@; 8>BWSN .@M 8<@N6*>:@ *< <@'*;;*' N N[NS*<
Y8S6 NWM.#* <@W>S*'
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* BM*X8@WN;[
'8N#WNN*' #@>SM@; '*N85>N .@M N*' N[NS*<F 8S6 S6* '*N85>*' #@>SM@;;*M BWS
8> ;@@B Y8S6 S6* B;>S& S6* M*NB@>N*N NW#6 N S6* N*>N@M @WSBWS& #@>SM@; 8>BWS >'
S6* NY8S#68>5 .W>#S8@> M* @ N*MX*' >' N6@Y> 8> 85NF 2FAT 7 2FA2 M*NB*#S8X*;[F
M@< S6* N8<W;S8@> M*NW;SN& 8S 8N @ N*MX*' S6S S6* <W;S8XM8 ;* #@>SM@; 8N *SS*M
S6> S6* #@>SM@; *#WN* @. S6* @ N*MXS8@>N <*>S8@>*' 8> *#S8@> 2FAFV S S6*
*>' Y68#6 #> ;N@ * N**> 8> <>[ @. S6* S@B8#N @> @. N*' N<MS
NSMW#SWM*N 8> 6BS*MN T >' 4F
2FA 8N#M*S* 8<* ;8'8>5 @'* @>SM@; Y8S6 Y8S#68>5 W>#S8@> V]P
£äää
ã®
Óäää
Îäää
ä xä £ää £xä Óää Óxä
È
Ý £ä
{
Ó
ä
ÃÓ®
Ó
{
È
Óä ä Óä {ä Èä
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. #>S8;*X*M *< S6M@W56 N<MS NSMW#SWM*
#@>#*BS .@M S6* XM8@WN NSS* NB#* <@'*;N @. S6* N<MS *< 58X*> 8> *#S8@>
VFVFT%TF @WM <@'*;N M* @ S8>*' [ *< *''8>5 S6* N6*M #SWS@M 8> *SY**>
SY@ S@B >' @SS@< ;W<8>W< *< ;[*MN S B@N8S8@> A >' <@X8>5 S6* N6*M
N*>N@M B@N8S8@> .M@< V S@ 2 N N6@Y> 8> 85F VFAVF 6* 4 NSS* NB#*
<@'*;N @. S6* N<MS *< *''*' *< 8N 58X*> [ HNF CVFV4VD >' CVFV4TD Y8S6 8SN
>W<*M8#; X;W* 8> HF CVFV42D .@M S6* <@'*; AF 6M** X8 MS@M[ <@'*N M* #@>N8'*M*'F
6* B*M.@M<>#* @. S6*N* 4 <@'*;N 8N *X;WS*' .@M [ #MM[8>5 @WS
S6* N8<W;S8@>N& @ N*MX8>5 S6* XM8@WN M*NB@>N*N >' 1>;;[ #@>#;W'8>5 Y8S6 S6*
'8N#WNN8@>N @> S6* N8<W;S8@> M*NW;SN .@M S6* *NS ;@#S8@> @. S6* B;#*<*>S @. S6*
N*>N@M R #SWS@M B8M @> S6* *<F
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* BM*X8@WN;[
'8N#WNN*' #@>SM@; '*N85>N .@M N*' N[NS*<N .@M ;; S6* 4 <@'*;NF
*M*&
S6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@; .@M
S6* N<;;*NS <5>8SW'* @. S6* #@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N
@. S6* N<MS #>S8;*X*M *< >' S6* *NS <@'*; .@M 8N BM*N*>S*'F 6* N<*
8>.*M*>#*N R @ N*MXS8@>N BM*N*>S*' 8> CD 7 C6D 8> *#S8@> 2FAFA M* ;N@ X;8' 6*M* .@M
S6* @. N*' N<MS 8<@N6*>:@ *<N Y8S6 *< *''*' LNF
*M*& .@M
S6* N:* @. #@>X*>8*>#*& @>;[ S6* M*NB@>N*N @. S6* <@'*; A NW#6 N S6* N*>N@M @WSBWS&
#@>SM@; 8>BWS >' S6* NY8S#68>5 .W>#S8@> M* N6@Y> 8> 85NF 2FAQ >' 2FAP N S6* *NS
<@'*; .@M 8> S6* 4 <@'*;N 8N S6* <@'*; AF 8<8;M;[& S6* M*NB@>N*N M*
@ N*MX*' .@M S6* @S6*M T <@'*;N ;N@F
V]+ 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
Î
Ý £ä
Ó
{
È
n
£ä
ä £ Ó Î { x È Ç
/i ÃiV`î
$". .*3. ;@S @. N*>N@M @RB .@M 8<@N6*>:@ *< <@'*;;*' N N[NS*< Y8S6
*< *''*' B8*\@N C<@'*; AD
Î
ÌÀ «ÕÌ Õ 6®
Ó
£
£
Ó
ä £ Ó Î { x È Ç
/i ÃiV`î
$". .*2. ;@S @. #@>SM@; 8RB .@M 8<@N6*>:@ *< <@'*;;*' N N[NS*< Y8S6
*< *''*' B8*\@N C<@'*; AD
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FA 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS@M[ <@'*N @. #>S8;*X*M *< *< *''*' Y8S6 N6*M
N*>N@MN >' #SWS@MN >' <@'*;;*' N <W;S8XM8 ;* N[NS*< N 58X*> 8> *#S8@>
VFVFT%4F 6* <@'*; @. S6* N<MS *< 8N @ S8>*' [ *< *''8>5 S6* N6*M
#SWS@MN 8> *SY**> S@B >' @SS@< ;W<8>W< ;[*MN S B@N8S8@>N V& 4 >'
N*>N@MN S B@N8S8@>N Q& +& S6*M* [ 58X8>5 M8N* S@ <W;S8XM8 ;* N[NS*< Y8S6 V
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> V]?
8>BWSN >' V @WSBWSN C85F VFATDF 6* NSS* NB#* <@'*; @. S6* N<MS *<
8N 58X*> [ HNF CVFV4PD >' CVFV4+D Y8S6 8SN >W<*M8#; X;W* 8> HF CVFV2]DF 6M**
X8 MS@M[ <@'*N M* #@>N8'*M*'F 6* B*M.@M<>#* @. S68N <@'*; 8N *X;WS*'
.@M [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*N >'
1>;;[ #@>#;W'8>5 Y8S6 S6* '8N#WNN8@>N @> S6* N8<W;S8@> M*NW;SNF 6* #@>SM@;;*M
8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* BM*X8@WN;[ '8N#WNN*' #@>SM@;
'*N85>N .@M N*' N[NS*<NF 6* M*NB@>N*N NW#6 N S6* N*>N@M @WSBWS& #@>SM@;
8>BWS >' S6* NY8S#68>5 .W>#S8@> M* @ N*MX*'F M@< S6* N8<W;S8@> M*NW;SN& 8S YN
@ N*MX*' S6S S6* <W;S8XM8 ;* #@>SM@; 8N *SS*M S6> S6* #@>SM@; *#WN* @.
S6* @ N*MXS8@>N <*>S8@>*' 8> *#S8@> 2FAFV S S6* *>'F
Y6*M* 8N S6* W>#*MS8>S[ 8> S6* NSS*& # C*D 8N > *ZS*M>; '8NSWM >#* X*#S@M @.
C/AD >' & >' M* <SM8#*N @. BBM@BM8S* '8<*>N8@>N Y8S6 C D *8>5
#@>SM@;; ;* >' C D *8>5 @ N*MX ;*F *S WN '*1>* S6* '8NSWM >#* X*#S@M N
U - DC*D G # C*D4
C*D C2FAPD
*S S6* '*N8M*' N;8'8>5 <>8.@;' * 5@X*M>*' [ S6* BM<*S*M X*#S@M NW#6
S6S - ] >' S6* M*NW;S8>5 HWN87N;8'8>5 <@S8@> 8N NS ;* >' ;*S S6* '8NSWM >#*
* @W>'*' NW#6 S6S
U
C*D - C*D C2FA+D
NS8N1*N S6* 8>*HW;8S[
C*D ! C2FA?D
Y6*M* >' ! M* S6* :>@Y> ;@Y*M >' WBB*M @W>'N @> S6* '8NSWM >#* M*NB*#7
S8X*;[F @Y& Y* '*1>* S6* .@;;@Y8>5 S*M<NF
VA] 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
6* HWN87N;8'8>5 <@'* 8N '*1>*' N S6* <@S8@> NW#6 S6S :C*D & Y6*M*
S6* B@N8S8X* #@>NS>S 8N #;;*' S6* HWN87N;8'8>57<@'* >'Y8'S6F N85>81#>S
M*'W#S8@> @. S6* #@>SM@; */@MS >' 8<BM@X*' HW;8S[ @. S6* 8N @ N*MX*'F
M*#68>5 ;Y BM@B@N*' [ MS@N\*Y8#\ !PA" 8N @. S6* .@M<
Y6*M*& C*D 8N '*1>*' [ HF C2FA?D >' : C*D 8N BM8@M8 :>@Y> .W>#S8@> S6S
NS8N1*N S6* .@;;@Y8>5 SY@ #@>'8S8@>N 58X*> Y6*>
N
*>#*& S6* NSS*N @. S6* N[NS*< N*SS;* Y8S68> HWN87N;8'8>5 <@'* >' Y6@N*
Y8'S6 8N ;*NN S6> 6;. S6* Y8'S6 @. S6* >' '*N#M8 *' 8> !Q?"F M@< !2Q"& <W;S8MS*
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> VAA
@WSBWS .**' #: N*' ;5@M8S6< WN8>5 <@'81*' M*#68>5 ;Y #> * @ S8>*'F *S
S6* <@'81*' M*#68>5 ;Y * !2Q" 58X*> N
Y6*M* >*Y XM8 ;* C*D 8N 8>SM@'W#*'F 6* #@>SM@; 8>BWS 5*>*MS*' WN8>5 S6*
;5@M8S6< 8> !2Q" #> * M*BM*N*>S*' N
Y6*M*&
% - ! -
-
C2FT]D
]
]
C G D
- - FF
-
F
FF
F
FF
F
C2FTAD
>' - ]42C G ! D >' - ]42C!
D M* S6* <*> CX*M5* X;W*D >' S6*
XM8S8@> C<Z8<W< '*X8S8@>D @. S6* .W>#S8@> @. S6* W>#*MS8>S[F >' ! M*
S6* ;@Y*M >' WBB*M @W>'N @. C*DF 6* >*Y XM8 ;* C*D& Y68#6 8N S6* */*#S @.
'8NSWM >#* @> S6* N<B;*' @WSBWS 8N '*1>*' N
*>#*& S6* #@>SM@; 8>BWS #> * #@<BWS*' WN8>5 S6* BNS @WSBWS N<B;*N >'
S6* 8<<*'8S* BNS 8>BWS N85>;F WS& S * - ]& S6*M* M* >@ BNS @WSBWSN .@M WN*
8> #@>SM@;& 6*>#* @C]D 8N @ S8>*' [ 85>@M8>5 C*
AD >' CN Y* *ZB*#S >@
'8NSWM >#* *.@M* S6* 8>NS>S * - ] S@ /*#S S6* N[NS*<D >' NNW<8>5 > 8>8S8;
NSS* DC]D S@ @ S8>
@C]D -
C D D G
: CAD 4 C2FT4D
6*> S6* #@>SM@; 8>BWS '*'W#*' .M@< HF C2FV?D 8N BB;8*' S@ S6* N[NS*<& 8S
@ *[N S6* M*#68>5 ;Y
6WN& Y* 6X*
8F*F&
:C*D C*
AD
G C*
VD
C2FT?D
Y68#6 #> * YM8SS*> N
:C*D G 4 C2F4]D
S #> * N**> S6S S68N ;5@M8S6< '@*N >@S >**' S6* <*NWM*<*>S @. S6* NSS*N
@. S6* N[NS*< .@M S6* 5*>*MS8@> @. S6* #@>SM@; 8>BWSF WS& N SM'* @/& S6* Y8'S6
@. S6* HWN87N;8'8>5 <@'* >' 8N 8>#M*N*' [ F 6* #@>SM@; S*#6>8HW* '8N#WNN*' 8>
S6* BM*X8@WN BM5MB6N 8N WN*' S@ '*N85> N*' #@>SM@; N#6*<* S@
NWBBM*NN S6* X8 MS8@>N 8> N<MS NSMW#SWM*& Y68#6 8N <@'*;;*' WN8>5 W;*M7*M>@W;;8
*< S6*@M[ >' 8<@N6*>:@ *< S6*@M[ .@M V >' T X8 MS@M[ <@'*NF
s¯
¬¡c¡ c£|v n¡ °c¡{ c¡°| 2F¡¬ cF£ F£
22# 2¸£¬c£
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> S6* BM*X8@WN *#S8@> 2FV 8N WN*' S@ '*N85> #@>7
SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. 3*Z8 ;* #>S8;*X*M *< S6M@W56
N<MS NSMW#SWM* #@>#*BS .@M '8/*M*>S NSS* NB#* <@'*;N @. S6* N<MS *<
58X*> 8> N*#S8@> VFAFA%Q C88DF 6* #>S8;*X*M *< 8N '8X8'*' 8>S@ 4 F LN M*
@>'*' S@ S6* *< N NWM.#* <@W>S*' B8*\@N S @>* B@N8S8@> @>;[ N #@;;@7
#S*' B8M& N[& S 1Z*' *>' C ;@#S8@> AD @M S B@N8S8@> V @M S B@N8S8@>
T @M S B@N8S8@> 4 C.M** *>'D& S6WN 58X8>5 M8N* S@ 4 <@'*;N @. S6* N<*
N<MS NSMW#SWM* B;>S N N6@Y> 8> 85F VF4F 6* B*M.@M<>#* @. S6*N* 4 <@'7
*;N 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN
M*NB@>N*N !?4"F
6* 4 NSS* NB#* <@'*;N M* 58X*> [ HNF CVFPQD 7 CVFP?DF 6* *< 8N
*Z#8S*' [ > 8<BW;N* N85>; BB;8*' S S6* .M** *>' @. 8S N N6@Y> 8> 85F VF4F 6*
*< 8N S6WN NW 9*#S*' S@ X8 MS8@>N >' S6* @B*> ;@@B 8<BW;N* M*NB@>N* CB;@S @.
N*>N@M @WSBWSN F N .W>#S8@> @. =D @. S6* XM8@WN <@'*;N M* @ N*MX*' Y8S6@WS
S6* #@>SM@;;*MF 6* '*N85>*' #@>SM@;;*M 8N BWS 8> ;@@B Y8S6 S6* B;>S >' S6*
#;@N*' ;@@B N[NS*< M*NB@>N*N& S6* #@>SM@; 8>BWS >' S6* N;8'8>5 .W>#S8@> M* @ N*MX*'
.@M ;; S6* 4 <@'*;N @. S6* N<* N<MS NSMW#SWM* B;>SF
*M*& .@M S6* N:* @.
#@>X*>8*>#*& @>;[ S6* M*NB@>N*N .@M S6* <@'*; Y8S6 B8*\@ BS#6*N B;#*' S
S6* 1Z*' *>' @. S6* *< M* N6@Y> 8> S6* 85NF 2FA+ >' 2FA?F
*M*& S6* #@<BM8N@> >' '8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@>
#@>SM@; .@M S6* N<;;*NS <5>8SW'* @. S6* #@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6*
X8 MS8@>N @. S6* N<MS #>S8;*X*M *< 8N BM*N*>S*'F 6* *NS <@'*; .@M 8N
;N@ MM8X*' S& Y68#6 8N >@S68>5 WS S6* <@'*; A *#WN* @. S6* 8>.*M*>#*N
<*>S8@>*' 8> CD7C6D 8> *#S8@> 2FAFAF
*>#*& 8S <[ * #@>#;W'*' S6S > */*#S8X*
X8 MS8@> #@>SM@; S*#6>8HW* 8N '*<@>NSMS*' 6*M* !?4"F
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> VAT
$". .*. ;@S @. N*>N@M @WSBWS F Y8S6@WS #@>SM@; C M*NB@>N*D >' Y8S6 #@>SM@;
8>BWS C M*NB@>N*D 'W* S@ 8<BW;N* *Z#8SS8@> % @'*; A C B;#*' S 1Z*' *>'D
$". .*(. ;@S @. #@>SM@; 8>BWS @ XRN = C.@M 8<BW;N* 8RB *Z#8SS8@> % @'*; AD
VA4 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
s¯¯
¬¡c¡ c£|v n¡ °c¡j c¡°| 2F¡¬ cF F£ F
# 2¸£¬c
*M*& S6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FV 8N WN*' S@ '*N85> #@>SM@;;*M !?Q"
S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< <@'*;;*' N
N[NS*< 58X*> 8> *#S8@> VFAFV S6M@W56 S6* N<MS NSMW#SWM* #@>#*BS C85F VF2DF 6*
#>S8;*X*M *< 8N '8X8'*' 8>S@ 4 1>8S* *;*<*>SNF @;;@#S*' B8MN M* @>'*'
S@ S6* <NS*M NSMW#SWM* S *X*> B@N8S8@>N& S6WN 58X8>5 M8N* S@ N[NS*< @.
S6* N<MS NSMW#SWM*F 6* NSS* NB#* <@'*; @. S6* N<MS NSMW#SWM* 8N 58X*>
8> HF CVF?TD >' CVFA]AD Y8S6 8SN >W<*M8#; X;W* 8N CVFA]2DF 6* B*M.@M<>#* @.
S6* *< N <W;S8XM8 ;* N[NS*< 8N 6*M* [ *X;WS*' .@M [ #MM[8>5 @WS S6*
N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF
6* N<MS *< 8N *Z#8S*' N 8> S6* *M;8*M #N*NF 6* *< 8N S6WN NW 9*#S*'
S@ X8 MS8@>N >' S6* 8<BW;N* M*NB@>N* 8N @ N*MX*' Y8S6@WS S6* #@>SM@;;*MF 6*
'*N85>*' #@>SM@;;*M 8N BWS 8> ;@@B Y8S6 S6* B;>S >' S6* N[NS*< M*NB@>N*N
CN*>N@M @WSBWSN F >' F D& S6* #@>SM@; 8>BWSN C@ >' @ D >' S6* *X@;WS8@> @. S6*
N;8'8>5 .W>#S8@> C >' D M* @ N*MX*' .@M S6* <W;S8XM8 ;* B;>S >' 8N N6@Y>
8> 85F 2FV]F
Î
Ý £ä
ä°È x
ÌÀ «ÕÌ >}ÌÕ`i
VÌÀ Õ£
-iÃÀ ÕÌ«ÕÌ 6®
ä°{ VÌÀ ÕÓ ä
ä°Ó x
ä £ä
Ãi ÕÌ Þ
ä°Ó £x £
Ãi ÕÌ Þ
Ó
ä°{ Óä
ä Ó { È n ä Ó { È n
ä°äÈ £°x
£
-`} ÕVÌ ÃÓ
-`} ÕVÌ Ã
ä°ä{ £
ä°äÓ ä°x
ä ä
ä°äÓ ä°x
ä Ó { È n ä Ó { È n
/i ÃiVî /i ÃiVî
$". .7>. ;@SN @. N*>N@M @WSBWSN F >' F & #@>SM@; 8>BWSN @ >' @ >' N;8'8>5
.W>#S8@>N >' @. S6* N[NS*< Y8S6 V 8>BWSN >' V @WSBWSN
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> VA2
N 8> S6* #N* @. #@>SM@; @. <@'*; @. S6* N<MS *< '8N#WNN*' 8> S6*
6BS*MN T >' 4& N8<8;M @ N*MXS8@>N M* MM8X*' S N <*>S8@>*' 8> *#S8@> 2FAFVF
S 8N @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM* [ 8>#;W'8>5 S6* N*>N@M R #SWS@M
<NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M R #SWS@M S V '8/*M*>S B@N8S8@>N
;@>5 S6* *< !?Q" 8>SM@'W#*N #@>N8'*M ;* #6>5* 8> S6* NSMW#SWM; X8 MS8@>
#6M#S*M8NS8#N S6> B;#8>5 S6* N*>N@M R #SWS@M B8M S @>;[ @>* ;@#S8@> N 8> !?4"F
S #> * M5W*' S6S <W;S8XM8 ;* #@>SM@; @. N<MS NSMW#SWM* 8N *SS*M #@<7
BM*' S@ S6* N8>5;* 8>BWS N8>5;* @WSBWS #@>SM@; N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N
@. S6* 8>BWS >' S6* @WSBWSF M@< S6* N8<W;S8@> M*NW;SN& Y* 8>.*M S6S S6* N[NS*<
M*NB@>'N Y*;; 8> >' '@*N >@S *Z68 8S W>'*N8M ;* #6SS*M8>5 B6*>@<*>@>F *87
S6*M '@*N S6* N[NS*< X8 MS* <W#6F 6* X;W*N @. >' M* '*S*M<8>*' S@ *
- A] ]4APQ ]4]QQ >' - A]
]4]]P ]4P4T F
s¯
¬¡c¡ c£|v n¡ 2F¡¬ 5|£yc cF ¶|¬y 2°¡nFVc
°¬c] ,D5 £ F£ 22# 2¸£¬c
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FV 8N WN*' S@ '*N85> N*'
#@>SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *<
<@'*;;*' N N[NS*< 58X*> 8> N*#S8@> VFVFA%TC8D Y8S6 S6* B8*\@ BS#6*N B;#*' S
'8/*M*>S ;@#S8@>N ;@>5 S6* ;*>5S6 @. S6* *< .M@< S6* .M** *>' S@ S6* 1Z*'
*>' !AAV"F
LN M* @>'*' S@ S6* *< S @>* B@N8S8@> @>;[ N #@;;@#S*' B8M&
N[& S 1Z*' *>' C ;@#S8@> AD @M S B@N8S8@> V @M S B@N8S8@> T @M S
B@N8S8@> 4 C.M** *>'D& S6WN 58X8>5 M8N* S@ 4 <@'*;N CA #SWS@M 8>BWS @
>' A N*>N@M @WSBWS FD @. S6* N<* N<MS NSMW#SWM* B;>S N N6@Y> 8> S6* 85F
VFPF 6* B*M.@M<>#* @. S6*N* 4 <@'*;N 8N *X;WS*' .@M [ #MM[8>5
@WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF 6* *NS <@'*; .@M S6*
'*<@>NSMS8>5 S6* #@>#*BS .@M N<MS *<N 8N BM*N*>S*'F
6* 4 NSS* NB#* <@'*;N @. S6* N<MS *< 8N 58X*> [ S6* HNF CVFAQ+D 7
CVFAPADF 6* N<MS *< 8N *Z#8S*' N 8> S6* *M;8*M #N*NF 6* *< 8N S6WN NW 9*#S*'
S@ X8 MS8@>N >' S6* 8<BW;N* M*NB@>N* CB;@S @. N*>N@M @WSBWSN F N .W>#S8@>
@. =D M* @ N*MX*' Y8S6@WS S6* #@>SM@;;*MF 6* '*N85>*' #@>SM@;;*M 8N BWS 8>
;@@B Y8S6 S6* B;>S >' S6* N[NS*< M*NB@>N*N& S6* #@>SM@; 8>BWS >' S6* N;8'8>5
NWM.#* M* @ N*MX*' .@M ;; S6* 4 <@'*;N @. S6* N<* N<MS NSMW#SWM* B;>SF
6* M*NB@>N*N @. S6* 4 <@'*;N M* N6@Y> 8> 85NF 2FVA >' 2FVVF
N 8> S6* #N* @. #@>SM@; @. <@'*;N @. S6* N<MS *<N '8N#WNN*' 8> S6*
6BS*M T >' 4& N8<8;M @ N*MXS8@>N M* MM8X*' SF
*M*& S6* #@<BM8N@> >'
'8N#WNN8@> @. S6* N8<W;S8@> M*NW;SN @. X8 MS8@> #@>SM@; .@M S6* N<;;*NS <5>8SW'*
@. S6* #@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N @. S6* N<MS #>S8;*X*M *<
8N BM*N*>S*' !AAV" ;@>5 Y8S6 S6* *NS <@'*; .@M & Y68#6 8N S6* <@'*; AF 6*
N<* 8>.*M*>#*N R @ N*MXS8@>N BM*N*>S*' 8> CD 7 C6D 8> *#S8@> 2FAFA M* ;N@ X;8'
6*M* .@M S6* @. N*' N<MS 8<@N6*>:@ *<N Y8S6 NWM.#* <@W>S*'
LNF
s¯u
¬¡c¡ c£|v n¡ 2F¡¬ 5|£yc cF ¶|¬y 2°¡nFVc
°¬c] ,D5 £ n¡ F #
F£c
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FV 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< <@'*;;*' N
VAQ 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
{
Ý £ä Ý £ä
{
{ Ó
`i £ `i Ó
£°x
Ó £
-iÃÀ É« Þ£ 6®
Ó
ä ä
ä°x
Ó £
£°x
{ Ó
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
x Ó
`i £ `i Ó
ä
ä
x
£ä Ó
ÌÀ «ÕÌ Õ£ 6®
ÌÀ «ÕÌ ÕÓ 6®
£x
{
Óä
È
Óx
Îä n
Îx
£ä
{ä
{x £Ó
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
Î
Î
Ý £ä
Ý £ä £Ó
Ó `i Ó
`i £
ä £ä
Ó
n
{
Ó
-`} ÕVÌ Ã
£
-`} ÕVÌ Ã
È È
n
{
£ä
£Ó Ó
£{
ä
£È
£n Ó
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
{ x
Ý £ä Ý £ä
Î È
`i Î `i {
Ó {
Ó
£
ä
-iÃÀ É« ÞÎ 6®
£ {
Ó È
n
Î
£ä
{
£Ó
x £{
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
Ó £
`i Î `i {
ä
ä
£
ÌÀ «ÕÌ Õ 6®
Ó
ÌÀ «ÕÌ ÕÎ 6®
Ó
{
{ Î
{
È
x
n
È
£ä Ç
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
Î Î
Ý £ä Ý £ä
Ó £
`i Î `i {
ä
ä
£
Ó
{
-`} ÕVÌ ÃÎ
-`} ÕVÌ Ã
Ó
{
Î
È
{
n
x
£ä È
£Ó Ç
ä £ Ó Î { x È Ç ä £ Ó Î { x È Ç
/i ÃiV`î /i ÃiV`î
N[NS*< N 58X*> 8> *#S8@> VFVFV .@M S6* 85F VF2 S6M@W56 S6* N<MS NSMW#SWM* #@>#*BSF
@;;@#S*' B8MN M* @>'*' S@ S6* <NS*M NSMW#SWM* S *X*> B@N8S8@>N& S6WN
58X8>5 M8N* S@ <@'*; @. S6* N<MS NSMW#SWM* Y68#6 8N 58X*> 8> HNF CVF?TD
>' CVFA]AD Y8S6 8SN >W<*M8#; X;W* 8> HF CVFA+]D .@M T <@'*NF 6* B*M.@M<>#*
@. S68N *< <@'*;;*' N <W;S8XM8 ;* N[NS*< 8N 6*M* [ *X;WS*' .@M [
#MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM8@WN M*NB@>N*NF
6* N<MS *< 8N *Z#8S*' N 8> S6* *M;8*M #N*N >' S6* 8<BW;N* M*NB@>N*
8N @ N*MX*' Y8S6@WS S6* #@>SM@;;*MF 6* '*N85>*' #@>SM@;;*M 8N BWS 8> ;@@B
Y8S6 S6* B;>S >' S6* N[NS*< M*NB@>N*N CN*>N@M @WSBWSN F >' F D >' S6* #@>SM@;
8>BWSN C@ >' @ D M* @ N*MX*' >' N6@Y> 8> 85F 2FVTF 6* *X@;WS8@> @. S6* N;8'8>5
.W>#S8@> C >' D 8N ;N@ N6@Y> 8> 85F 2FV4F
N 8> S6* #N* @. <@'*;N& N8<8;M @ N*MXS8@>N 6N **> <'* .@M
S6* 8<@N6*>:@ <@'*;NF S 8N @ N*MX*' S6S <@'*;8>5 N<MS NSMW#SWM*
£
Õ {
£ Þ
ÕÓ £
ΰx Þ
ä Ó
Î
ÌÀ «ÕÌÃ 6®
£ Ó°x
Ó
Ó
£°x
Î £
ä°x
{
ä
x ä°x
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiV`î /i ÃiV`î
$". .76. ;@S @. #@>SM@;N& N*>N@M @RBLN .@M S6* 8<@N6*>:@ *< Y8S6 NWM.#*
<@W>S*' LN N N[NS*<
Î x
Ý £ä Ý £ä
Óä x
{
£x
£
Î
-`} ÕVÌ Ã
-`} ÕVÌ Ã
£ä
x
£
ä
ä
x £
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiV`î /i ÃiV`î
$". .7!. ;@S @. N;8'8>5 .W>#S8@>N :C*D .@M S6* 8<@N6*>:@ *< Y8S6 NWM.#*
<@W>S*' LN N N[NS*<
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> VA?
[ 8>#;W'8>5 S6* N*>N@M R #SWS@M <NN >' NS8/>*NN >' [ B;#8>5 S6* N*>N@M
R #SWS@M S V '8/*M*>S B@N8S8@>N ;@>5 S6* *< 8>SM@'W#*N #@>N8'*M ;*
#6>5* 8> S6* NSMW#SWM; X8 MS8@> #6M#S*M8NS8#N S6> B;#8>5 S6* N*>N@M R #SWS@M
B8M S @>;[ @>* ;@#S8@> N 8> !?4"F 6* X;W*N @. >' M* '*S*M<8>*' S@ *
- A] ]4VPA? ]4VQ?] >' - A] ]4+?4] ]4]+AP F
s¯s
¬¡c¡ c£|v n¡ 2F¡¬ 5|£yc cF£ ¶|¬y
Rc]]c] ,D5 £ F£ 22# 2¸£¬c£
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FV 8N WN*' S@ '*N85> #@>SM@;;*M S@
NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. N<MS #>S8;*X*M *< <@'*;;*' N
N[NS*< N 58X*> 8> *#S8@> VFVFT%T S6M@W56 N<MS NSMW#SWM* #@>#*BSF @WM <@'7
*;N M* @ S8>*' [ *< *''8>5 S6* N6*M #SWS@M 8> *SY**> S6* S@B >' @SS@<
;W<8>W< *< ;[*MN S B@N8S8@> A >' <@X8>5 S6* N6*M N*>N@M B@N8S8@> .M@<
V S@ 2 N N6@Y> 8> 85F VFAVF 6* 4 NSS* NB#* <@'*;N @. S6* N<MS
*< *''*' *< 8N 58X*> [ HNF CVFV4VD >' CVFV4TD Y8S6 8SN >W<*M8#; X;W* 8> HF
CVFV42DF 6M** X8 MS@M[ <@'*N M* #@>N8'*M*'F 6* B*M.@M<>#* @. S6*N* 4
<@'*;N 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5 S6* XM7
8@WN M*NB@>N*N >' 1>;;[ #@>#;W'8>5 Y8S6 S6* '8N#WNN8@>N @> S6* N8<W;S8@> M*NW;SN
.@M *NS ;@#S8@> @. S6* B;#*<*>S @. S6* N*>N@M R #SWS@M B8M @> S6* *<F
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* BM*X8@WN;[
'8N#WNN*' #@>SM@; '*N85>N .@M <@'*;NF
*M*& S6* #@<BM8N@> >' '8N#WNN8@> @.
S6* N8<W;S8@> M*NW;SN @. S6* X8 MS8@> #@>SM@; .@M S6* N<;;*NS <5>8SW'* @. S6*
#@>SM@; */@MS @ M*HW8M*' S@ #@>SM@; S6* X8 MS8@>N @. S6* N<MS #>S8;*X*M *< >'
S6* *NS <@'*; .@M 8N BM*N*>S*'F 6* N<* 8>.*M*>#*N R @ N*MXS8@>N BM*N*>S*'
8> CD7C6D 8> *#S8@> 2FAFA M* ;N@ X;8' 6*M* .@M S6* <@'*;N @. S6* N<MS
8<@N6*>:@ *<N Y8S6 *< *''*' LNF
*M*& .@M S6* N:* @. #@>X*>8*>#*& @>;[ S6*
M*NB@>N*N @. S6* <@'*; A NW#6 N S6* N*>N@M @WSBWS& #@>SM@; 8>BWS >' S6* NY8S#68>5
.W>#S8@> M* N6@Y> 6*M* 8> 85NF 2FV2 >' 2FVQ M*NB*#S8X*;[F 8<8;M;[& S6* M*NW;SN M*
@ N*MX*' .@M S6* @S6*M <@'*;N ;N@F
ÌÀ ivvÀÌ vÀ `i £] >VÌÕ>ÌÀ >Ì
£] ÃiÃÀ >Ì
Ó
-iÃÀ É« vÀ `i £] >VÌÕ>ÌÀ >Ì
£] ÃiÃÀ >Ì
Ó
Óä
Î
Ó°x
£x
Ó
ÌÀ «ÕÌ Õ 6®
£ä
£°x
x £
ä°x
ä
ä
x ä°x
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiV`î /i ÃiV`î
CD C D
$". .7 . ;@S @. N*>N@M @RB >' #@>SM@; */@MS .@M S6* *< *''*' 8<@N6*>:@ *<
N N[NS*< Y8S6 NWM.#* <@W>S*' C<@'*; AD
VV] 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
È
£
-`} ÕVÌ Ã
x
£
ä Ó { È n £ä
/i ÃiV`î
$". .73. Y8S#68>5 .R> :C*D .@M @'*; A& #SWS@M S A& N*>N@M S V
s¯¨
¬¡c¡ c£|v n¡ ¬yc 2F¡¬ cF F£ F °¬|µF¡|FRc
2¸£¬c ¶|¬y Rc]]c] ,D5 £
6* #@>SM@; S*#6>8HW* '8N#WNN*' 8> *#S8@> 2FV 8N WN*' S@ '*N85> N*'
#@>SM@;;*M S@ NWBBM*NN S6* 1MNS V X8 MS8@> <@'*N @. #>S8;*X*M *< S6M@W56 N<MS
NSMW#SWM* #@>#*BS .@M S6* <W;S8XM8 ;* NB#* <@'*; @. S6* N<MS *< *''*' *<
58X*> 8> N*#S8@> VFVFT%4F 6* <@'*; 8N @ S8>*' [ N>'Y8#68>5 S6* #SWS@MN
8> *SY**> S6* ;W<8>W< ;[*MN S B@N8S8@>N V& 4 >' N*>N@MN S B@N8S8@>N Q&
+& S6*M* [ 58X8>5 M8N* S@ <W;S8XM8 ;* N[NS*< N N6@Y> 8> 85F VFATF 6*
NSS* NB#* <@'*; @. S6* N<MS *< 8N 58X*> [ HNF CVFV4PD >' CVFV4+D Y8S6 8SN
>W<*M8#; X;W*N 58X*> 8> CVFV2]D .@M S6M** X8 MS@M[ <@'*NF 6* B*M.@M<>#* @. S68N
<@'*; 8N *X;WS*' .@M [ #MM[8>5 @WS S6* N8<W;S8@>N >' @ N*MX8>5
S6* XM8@WN M*NB@>N*NF
6* #@>SM@;;*M 8N '*N85>*' @> S6* N8<8;M ;8>*N N *ZB;8>*' 8> S6* BM*X87
@WN;[ '8N#WNN*' #@>SM@; '*N85>N .@M N[NS*<NF 6* M*NB@>N*N NW#6 N S6* N*>N@M
@WSBWS& #@>SM@; 8>BWS >' S6* NY8S#68>5 .W>#S8@> M* N6@Y> 6*M* 8> S6* 85NF 2FVP
7 2FV?F 6* X;W*N @. >' M* '*S*M<8>*' S@ * - A] ]4TP ]442 >'
- A] ]42QP] ]4]2VT F M@< S6* N8<W;S8@> M*NW;SN 8S 8N @ N*MX*' S6S S6*
<W;S8XM8 ;* #@>SM@; 8N *SS*M S6> S6* #@>SM@; N S6*M* 8N <W;S8B;* 8>S*M#S8@>N
@. S6* 8>BWS >' @WSBWSF ;N@& <W;S8 8>BWS S*NS BM@X8'*N *SS*M *>*M5[ '8NSM8 WS8@>
>' *X*> *SS*M #SWS8@> .@M#*N >' S6* #@>SM@; */@MS M*HW8M*' 8N ;*NN #@<BM*' S@
S6* *< *''*' #N*F >[ @. S6* 8>.*M*>#*N 'MY> 8> S6* #@>#;WN8@> BMS @.
S6* N*' N<MS N[NS*<N M* ;N@ X;8' 6*M*F
2FV 8N#M*S* 8<* ;8'8>5 @'* @>SM@; 8S6@WS Y8S#68>5 W>#S8@> VVA
ä°x ä°Ó
ä ä
ä°x ä°Ó
ÌÀ É« Õ£ 6®
ÌÀ É« ÕÓ 6®
£ ä°{
£°x ä°È
Ó ä°n
Ó°x £
Î
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiVî /i ÃiVî
CD C D
$". .72. ;@S @. #@>SM@; */@MSN .@M S6* *< *''*' 8<@N6*>:@ *< C #N*D
Î
Ý £ä
È
ä°ä{
{
ä°äÎ
-iÃÀ É« Þ 6®
Ó
-iÃÀ É« Þ£ 6®
ä°äÓ
Ó
ä°ä£ ä
ä Ó
ä°ä£ {
ä°äÓ È
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiVî /i ÃiVî
CD C D
$". .7. ;@S @. N*>N@M @WSBWSN .@M S6* *< *''*' 8<@N6*>:@ *< C #N*D
Î {
Ý £ä Ý £ä
£Ó
£{
£ä
£Ó
n £ä
£
Ó
-`} vÕVÌ Ã
-`} vÕVÌ Ã
n
È
È
{
{
Ó Ó
ä
ä
Ó
Ó {
ä Ó { È n £ä ä Ó { È n £ä
/i ÃiVî /i ÃiVî
CD C D
$". .7(. ;@S @. NY8S#68>5 .W>#S8@>N .@M S6* *< *''*' 8<@N6*>:@ *< C
#N*D
VVV 2 8N#M*S* 8<* ;8'8>5 @'* @>SM@; .@M <MS SMW#SWM*N
)0 $#!2,$#,
8N#M*S* N;8'8>5 <@'* #@>SM@;;*MN M* '*N85>*' NW##*NN.W;;[ S@ #@>SM@; S6* 1MNS .*Y
X8 MS@M[ <@'*N @. N<MS #>S8;*X*M *< <@'*;;*' WN8>5 V S[B* @. *< S6*@M8*N&
X8\F& W;*M7*M>@W;;8 *< S6*@M[ >' 8<@N6*>:@ *< S6*@M[F *Y N#6*<*N
S@ #@>SM@; S6* 3*ZWM; X8 MS8@>N @. >' N<MS <@'*;N Y*M* BM*N*>S*'F
8/*M*>S N*>N@M R #SWS@M ;@#S8@>N @>'*' S@ S6* <NS*M NSMW#SWM* C#>S8;*X*M
*<D *8S6*M N NWM.#* <@W>S*' B8*\@N @M N *< *'*'' S[B* B8*\@N Y*M* #@>N8'*M*'&
S6WN 58X8>5 M8N* S@ <>[ NSS* NB#* <@'*;N @. S6* N<MS NSMW#SWM* *<F @M S6*
#N*& 8S YN @ N*MX*' S6S S6* #@>SM@; */@MS M*HW8M*' S@ '<B @WS S6* X8 MS8@>N
5*SN M*'W#*' Y6*> S6* B8*\@ B8M 8N <@X*' .M@< S6* .M** *>' S@YM'N S6* M@@S @. S6*
NSMW#SWM*F
6* M@;* @. N*>N@M R #SWS@M B@N8S8@> 8> S6* #@>SM@;;*M '*N85> 8N >;[\*'F 6*
@BS8<W< N*>N@M R #SWS@M ;@#S8@> 8N 8'*>S81*' N S6* B@N8S8@> >*M S6* 1Z*' *>'F
*SS*M B*M.@M<>#*N @. S6* B;>S M* @ S8>*' Y6*> S6* B8*\@ B8M 8N S S6* M@@S C1Z*'
*>'D MS6*M S6> S S6* .M** *>'F W;S8XM8 ;* #@>SM@; @. N<MS NSMW#SWM* 8N 8>.*MM*'
S@ * *SS*M #@<BM*' S@ S6* #@>SM@; N S6*M* Y8;; * <W;S8B;* 8>S*M#S8@>N @.
S6* 8>BWS >' S6* @WSBWS Y68#6 Y8;; #WN* S6* X8 MS8@>N 8> S6* N[NS*< S@ * '<B*'
@WS HW8#:;[ S6> S6* ;SS*MF <W;S878>BWS <W;S87@WSBWS S*NS BM@X8'*N *SS*M *>*M5[
'8NSM8 WS8@> >' *X*> *SS*M #SWS8@> .@M#*NF ;N@& S6* #@>SM@; */@MSN M*HW8M* M*
;*NN*M #@<BM*' S@ S6* #N*NF > 5*>*M;& >' #@>SM@; N#6*<*N Y68#6
Y*M* '8N#WNN*' 8> 6BS*MN T >' 4 M* >@S M@ WNS& Y6*M*N S6* N*'
S*#6>8HW* #> * M@ WNS Y8S6 M*NB*#S S@ #;NN @. W>#*MS8>S[F 6WN& N*'
6N <@M* BM#S8#; X;W*N 8> #@<BM8N@> S@ S6* @S6*M #@>SM@;;*MNF
Y@ BBM@#6*N @. #@>SM@; NSMS*58*N .@M N<MS NSMW#SWM*N Y*M* '8N#WNN*'F 6*
1MNS @>* 8N S6* S6* 8N#M*S* WN8 ;8'8>5 @'* @>SM@; CD NSMS*5[ WN8>5
@WSBWS N<B;*N >' S6* N*#@>' @>*& S6* W;S8MS* WSBWS **' #: CD N*'
8N#M*S* ;8'8>5 @'* @>SM@; CD NSMS*5[ N*' @> MS@N\*Y8#\LN ;YF 6*
.@M<*M #@>SM@; NSMS*5[ <:*N WN* @. S6* NY8S#68>5 .W>#S8@> 8> S6* #@>SM@; >' 6*>#*
*Z68 8SN N@<* #6SS*M8>5& Y6*M*N S6* ;SS*M #@>SM@; NSMS*5[ '@*N >@S WN* S6* NY8S#67
8>5 8> S6* #@>SM@; >' 6*>#* *;8<8>S*N #6SS*M8>5F
*M*& S6* NY8S#68>5 .W>#S8@> >'
S6* #@>SM@; 8>BWS 8N @ S8>*' '8M*#S;[ 8> S*M<N @. 8<<*'8S* BNS #@>SM@; X;W* >'
S6* BNS @WSBWS N<B;*NF
> @S6 S6* #N*N @. S*#6>8HW*N& S6* NSS*N @. S6* N[NS*< M* >**'*'
>*8S6*M .@M NY8S#68>5 .W>#S8@> *X;WS8@> >@M .@M S6* .**' #: BWMB@N*F 6* SY@
;5@M8S6<N M* #@<BWSS8@>;;[ N8<B;*& 5WM>S** *SS*M M@ WNS>*NN& .NS*M
#@>X*M5*>#* >' 8<BM@X*' NS*'[ NSS* ##WM#[ @. S6* N[NS*<F 6* SY@ S*#6>8HW*N
M* <@M* BM#S8#; *#WN* @. @WSBWS *8>5 WN*' MS6*M S6> NSS*N CN 8> <>[ #N*N
;; S6* N[NS*< NSS*N M* >@S X8; ;* .@M <*NWM*<*>SDF 6WN& S6*N* S*#6>8HW*N M*
X*M[ WN*.W; .M@< S6* 8<B;*<*>SS8@> B@8>S @. X8*YF
.
"&!"#//$# $ $#/+$! #*2, $+
"+/ /+2/2+,
> S68N 6BS*M& Y* BM*N*>S S6* *ZB*M8<*>S; M*NW;SN @. B*M8@'8# @WSBWS .**' #: >'
.NS @WSBWS N<B;8>5 .**' #: #@>SM@;;*MN S@ #@>SM@; S6* NSMW#SWM; X8 MS8@>N @.
3*Z8 ;* ;W<8>W< #>S8;*X*M *< WN8>5 #@;;@#S*' B8*\@*;*#SM8# #SWS@MN >' N*>7
N@MN .@M S6* .W>'<*>S; <@'*F '858S; #@>SM@; N[NS*< #@>N8NS8>5 @. &
<@'*;8>5 N@.SYM*& *; 8<* @M:N6@B CD >' '
AA]4 #@>SM@;;*M 8N WN*' .@M S6* N[NS*< 8'*>S81#S8@> >' X8 MS8@> #@>SM@; BWMB@N*NF
6* N8<W;S8@> >' *ZB*M8<*>S; M*NW;SN @ S8>*' .@M S6* *ZB*M8<*>S; *< N6@Y
S6* */*#S8X*>*NN @. S6* '*N85>*' #@>SM@;;*MF
% 3.*. M@B*MS8*N @. S6* *ZB*M8<*>S; *< >' S6* B8*\@ BS#6*N
@>'*' S@ S6* <NS*M NSMW#SWM* WN8>5 > '6*N8X* ><*' N K7 @>' M;'8S* :8SLF
;*#SM@'*N M* SS#6*' S@ S6* B8*\@*;*#SM8# BS#6*N @X*M 8SN NWM.#* Y8S6 1Z*'7@>
'6*M*>S N8;X*M @. N@;'*M ;* HW;8S[ ;*' [ N@;'*M8>5F
6WN& S68N <:*N S6* '*;8#S* B8*\@*;*#SM8# BS#6*N <W#6 *N8*M S@ Y@M: Y8S6 >'
8N ;N@ *N8*M S@ 8>S*5MS* 8>S@ S6* NSMW#SWM*F 6* #@>SM@;;*M BS#6*N Y*M* @>'*' @>
@>* N8'* @. S6* *<& Y68;* S6* '8NSWM >#* BS#6*N Y*M* @>'*' @> S6* @S6*M N8'*
@. S6* *< N 8S YN N6@Y> 8> S6* BM*X8@WN 6BS*MN S6S S6* *NS <@'*; .@M
Y@W;' * Y6*> S6* B8*\@N M* B;#*' S >*M [ S6* 1Z*' *>' N 8N S6* *NS ;@#S8@>
.@M #@>SM@;;8>5 S6* .W>'<*>S; *>'8>5 <@'* C'@<8>>S <@'*DF N85>; 5*>*MS@M
@M > W'8@ @N#8;;S@M SW>*' S@ S6* 1MNS <@'* >SWM; .M*HW*>#[ 8N WN*' S@ BM@X8'*
S6* N8>WN@8'; '8NSWM 8>5 N85>; S@ S6* '8NSWM 8>5 #SWS@M S S6* .M** *>'F
6* N8>WN@8'; N85>; #SN N S6* *Z#8SS8@> 8>BWS S@ S6* NSMW#SWM*& Y68#6 8>'W#*N
#@>S8>W@WN X8 MS8@>N 8> S6* *<F 6* #@>>*#S8>5 Y8M*N .M@< S6* *< NSMW#SWM*
C#@<BM8N8>5 @. S6* *<& N*>N@M& #@>SM@; #SWS@M >' S6* '8NSWM 8>5 #SWS@MD S@
S6* N85>; 5*>*MS@M M* Y*;; N68*;'*' Y8S6 #@X*M8>5 8> @M'*M S@ X@8' S6*
NSM[ <5>*S8# 1*;'N& >@8N*N& #M@NN7S;: >' .M@< M'8@ 8>S*M.*M*>#*F @Y& S6* *<
Y8;; * X8 MS8>5 Y8S6 S6* BMS8#W;M >SWM; .M*HW*>#[F 6* @WSBWS @. S6* N*>N@M F
8N 58X*> N 8>BWS S@ S6* B8*\@ N*>N8>5 N[NS*< Y68#6 #@>N8NSN @. #6M5* S@ X@;S5*
#@>X*MS8>5 W>8S ;@>5 Y8S6 N85>; #@>'8S8@>8>5 <B;81*M >' 6X8>5 XM8 ;* 58>
N*SS8>5 @. A& V >' 2& 8F*F& S6* @WSBWS @. S6* B8*\@ N*>N8>5 W>8S Y8;; * <W;S8B;8*' [
S6S <@W>SF
6* @WSBWS @. S6* B8*\@ N*>N8>5 W>8S 8N 58X*> N 8>BWS S@ S6* 1;S*M8>5 W>8S Y68#6
1;S*MN @WS ;; S6* >@8N* #@>S*>SNF
>@ N M* BM@X8'*' @> S6* 1;S*M8>5 W>8S Y8S6
;@Y*M #WS @/ >' WBB*M #WS @/ .M*HW*>#8*N S@ ;;@Y @>;[ S6S BMS8#W;M M>5* @.
.M*HW*>#8*NF 6* #@>'8S8@>*' B8*\@N*>N@M N85>; C<B;81*'D 8N 58X*> N >;@5 8>BWS
S@ S6* 'AA]4 6M'YM* #@>SM@;;*M @M' S6M@W56 S6* #@>>*#S@M @Z >' S6*
>;@5 S@ '858S; CD B@MS @. S6* ' #@>SM@;;*M @M'F 6* #@>SM@; ;5@M8S6<
8N 8<B;*<*>S*' WN8>5 N8<W;8>: N@.SYM* >' 8N WN*' S@ 5*>*MS* #@'* .M@<
S6* '*X*;@B*' N8<W;8>: <@'*;F
6* #@'* 8N S6*> #@>X*MS*' S@ SM5*S NB*#81# #@'* [ M*; S8<* 8>S*M.#* CD
>' SM5*S ;>5W5* #@<B8;*M CD NWBB@MS*' [ 'AA]4F 68N #@'* 8N S6*>
'*B;@[*' @> S@ S6* MB8' BM@S@S[B* 6M'YM* N[NS*< S@ MW> S6*
M'YM* >7S6*7
@@B 8<W;S8@> C
D& 8F*F& S6* '*X*;@B*' #@>SM@; ;5@M8S6<N M* '@Y>;@'*' @>
S@ S6* AA]4 #@>SM@;;*M @M' WN8>5 S6* F 6* #@>SM@; N85>; @ Y68#6 8N
5*>*MS*' .M@< S6* N8<W;8>: <@'*; @WSBWS 8N 8>S*M.#*' S@ S6* B8*\@ #SWS8@> N[NS*<
S6M@W56 S6* #@>15WM ;* '858S; S@ >;@5 CD @WSBWS B@MS >' S6* #@>>*#S@M
@Z @. S6* ' AA]4 N[NS*< [ WN8>5 <W;S87NSM>'*' N68*;'*' # ;* Y8M*NF 6*
@WSBWS @. S6* B8*\@ #SWS8@> N[NS*< 8N 58X*> N S6* 8>BWS #@>SM@; N85>; S@ S6*
#@>SM@; #SWS@M @> S6* 3*Z8 ;* ;W<8>W< *<F
>@ N M* BM@X8'*' @> S6* B8*\@ #SWS8@> N[NS*< S@ 8>#M*N* @M '*#M*N* S6*
#@>SM@; X@;S5* S@ S6* #SWS@MF 6* #SWS@M 8>BWS S@ S6* #@>SM@; #SWS@M 8N ;8<8S*'
S@ V]] Y68#6 8N S6* <Z8<W< X@;S5* S6S #> * BB;8*' S@ S6* B8*\@*;*#7
SM8# <S*M8;NF @S* S6S ;; S6* #@>>*#S8>5 Y8M*N .M@< S6* N<MS NSMW#SWM* S@ S6*
N85>; #@>'8S8@>8>5 <*NWM*<*>S '*X8#*N >' @N#8;;@N#@B*N M* 5@@' N68*;'*' <W;S87
NSM>'*' #@>>*#S8>5 Y8M*NF 'W; #6>>*; *:SM@>8Z @N#8;;@N#@B* 8N ;N@ WN*' S@
NS@M* >' <*NWM* S6* 8>BWS >' @WSBWS N85>;N @. S6* N<MS NSMW#SWM*F 6* N85>;
5*>*MS@M& X8 MS8@> 8>'W#8>5 <B;81*M& B8*\@ N*>N8>5 W>8S& 1;S*M >: W>8S& B8*\@
#SWS8@> W>8S M* 6@WN*' 8> N8>5;* W>8S& <>W.#SWM*' .M@< BM>:SM@>8#N S'F&
>5;@M*& >'8F
VVQ Q <B;*<*>SS8@> @. @>SM@; *#6>8HW*N .@M <MS SMW#SWM*N
>#* BBM@BM8S* 8>BWS& @WSBWS >' S6* >@8N* <*NWM*<*>SN M* <'*& Y* BM@7
#**' S@ @ S8> S6* <@'*;F 6*M* M* V NS*BN 8> S68N BM@#*NN& X8\F& 8'*>S81#S8@> @. >
BBM@BM8S* <@'*; NSMW#SWM* >' *NS8<S8@> @. X;W*N @. BM<*S*MN S6S B*MS8> S@
S6* @X* <@'*; NSMW#SWM*F 6* 8>.@M<S8@> WN*' 8> S6* N[NS*< 8'*>S81#S8@> #@>7
N8NSN @. S6* 8>BWS >' @WSBWS 'S >' > NNW<BS8@> @WS S6* *MM@MF 6* N#6*<S8#
@. S6* N[NS*< 8'*>S81#S8@> 8N N6@Y> 8> S6* 85F QFVF 6* BM@#*NN @. 8'*>S8.[8>5
B6[N8#; N[NS*< #> * #;NN81*' 8>S@ T S[B*N& X8\F&
CD @'; BM<*S*M 8'*>S81#S8@>&
C D SMW#SWM; <@'*; BM<*S*M 8'*>S81#S8@> >' S6*
C#D @>SM@; <@'*; 8'*>S81#S8@>F
> CD& S6* '[><8#N @. S6* NSMW#SWM*N 8N #6M#S*M8\*' [ S6* <@'; BM<*S*MN
NW#6 N S6* >SWM; .M*HW*>#8*N& '<B8>5 MS8@N >' S6* <@'* N6B*NF > C D& WN8>5
S6* 8'*>S81*' <@'; BM<*S*MN& ''8S8@>; BM@#*NN*N #> * B*M.@M<*' S@ @ S8>
NSMW#SWM; <@'*; BM<*S*MN NW#6 N S6* <NN& '<B8>5 >' S6* NS8/>*NN <SM8#*NF >
C#D& S6* #@>SM@; <@'*; 8'*>S81#S8@> 1>'N BM<*SM8# <@'*; S@ M*BM*N*>S N[NS*<
8> @M'*M S@ '*N85> #@>SM@;;*MF > S6* #@>S*ZS @. S6* <@>@5MB6& S6* 8'*>S81#S8@>
S*#6>8HW* *<B;@[*' [ WN M*.*MN S@ S6* #@>SM@;7<@'*; 8'*>S81#S8@>F
6* BBM@#6 @. '*S*M<8>8>5 S6* SM>N.*M .W>#S8@> WN8>5 S6* <S6*<S8#; <@'7
*;8>5 C.M@< 1MNS BM8>#8B;*ND >' WN8>5 S6* 1>8S* *;*<*>S >;[N8N 8N HW8S* #@<B;*Z
>' S*'8@WN BM@#*NNF 6* 1>8S* *;*<*>S <@'*;N M* N@<*S8<*N >@S .*N8 ;* .@M #@>7
SM@; BWMB@N*N *#WN* S6* @M'*M N6@W;' * 6856 .@M #68*X8>5 S6* '*N8M*' ##WM#[F
@Y*X*M& S6* N[NS*< 8'*>S81#S8@> S*#6>8HW* N*' WB@> S6* *ZB*M8<*>SS8@> @/*MN
MS6*M N8<B;8NS8# BBM@#6 .@M 5*SS8>5 S6* SM>N.*M .W>#S8@> @. S6* N[NS*<F WMS6*M&
S6* NSS* NB#* <@'*; @. S6* *< #> ;N@ * MM8X*' SF N*' WB@> S6* 8>BWS
BB;8*' S@ S6* N[NS*<& S6* @WSBWS N85>;N .M@< S6* N[NS*< M* >;[\*' 8> @M'*M S@
5*S <@'*; Y68#6 Y8;; * M*HW8M*' .@M '*N85>8>5 #@>SM@;;*MF
VV+ Q <B;*<*>SS8@> @. @>SM@; *#6>8HW*N .@M <MS SMW#SWM*N
$". 3.!. BSWM*' #68MB 8>BWS >' @WSBWS N*>N@M N85>; @. S6* N<MS NSMW#SWM* .@M
S6* '8NSWM >#* SM>N.*M .W>#S8@> 8'*>S81#S8@> WN8>5 S6* ' #@>SM@; '*N:
)
;C=D - ;C=D G 8C=D G 8C=D FC=D - ;C=D G 8C=D4 CQFAD
Y8S6
?Q4T]?T A]V4]]?]
]4]P]+
- - - ! A ] "
A]A44]]P
?Q4?]P2 ]4]4]?
]4]]Q?
- ] - CQFVD
]4]]V+
.@M S6* 1MNS <@'*F M@< S6* @X* V N8<B;* *ZB*M8<*>SN& SY@ SM>N.*M .W>#S8@>N
C'8NSWM >#* >' S6* B;>S D YN *NS ;8N6*' .M@< Y68#6 S6* W>:>@Y> BM7
<*S*MN @. S6* N<MS NSMW#SWM* M* *NS8<S*' WN8>5 S6* @WSBWS *MM@M N*' 8'*>S81#7
S8@> <*S6@'& Y68#6 8N BM@X*> S@ * <@M* W>8X*MN; >' .*N8 ;* S6> >;[S8#; >'
>W<*M8#; <@'*;N .@M S6* N<*F
$". 3. . '*>S81*'& <*NWM*' B;>S @WSBWS 'S @ S8>*' .M@< S6* 8'*>SF S@@; @Z
$". 3.3. #6*<S8# '85M< @. S6* *ZB*M8<*>S; N*S WB @. S6* X8 MS8@> #@>SM@;
N[NS*<
% 3.7. @<BM8N@> @. S6* *ZB*M8<*>S; >' >;[S8#; M*NW;SN @. S6* <@'*
.M*HW*>#8*N
# C
\FD
@'*
ZB*M8<*>S; >;[S8#; SS* NB#* <*S6@' C8'*>S81#S8@>D
A 4F?2 2FA 2F]2?2
VTV Q <B;*<*>SS8@> @. @>SM@; *#6>8HW*N .@M <MS SMW#SWM*N
NB#* <@'*;F > @S6 S6* #N*N& S6* 1MNS <@'* >SWM; .M*HW*>#[ @ S8>*' YN S6*
N<*F
¨u
¬¡c¡ c£|v 7£|v 2|°F¬|£
> S68N *#S8@>& >' N8<W;S8@> M*NW;SN .M@< S6* *ZB*M8<*>S;;[ 8'*>S81*'
NSS* NB#* <@'*; M* BM*N*>S*'F >' #@>SM@;;*MN M* '*N85>*' 8> @M'*M
S@ M*'W#* S6* <B;8SW'* @. X8 MS8@>N 8> S6* N<MS NSMW#SWM* 'WM8>5 S6* M*N@>>#*
#@>'8S8@>N Y8S6 S6* 8'*>S81*' <@'*;F 8S6 S6* #@>SM@;;*M BWS 8> S6* .**' #: ;@@B
Y8S6 S6* B;>S& Y* <WNS *>NWM* S6S 8S Y8;; .WMS6*M N68.S S6* #;@N*' ;@@B B@;*N @. S6*
N[NS*< S@ S6* ;*.S 8> S6* #@<B;*Z B;>*F 68N Y8;; 5WM>S** S6S S6* N[NS*< 8N
6856;[ '<B*' >' S6*M*.@M* ;*NN N*>N8S8X* S@ *ZS*M>; '8NSWM >#*N >@ <SS*M Y6*M*
S6*[ #S @> S6* N[NS*<F > S68N *#S8@>& Y* '*X*;@B S6* #@>SM@; NSMS*5[ .@M S6*
M*BM*N*>SS8@> @. S6* *ZB*M8<*>S;;[ 8'*>S81*' N<MS NSMW#SWM* <@'*; 58X*> 8> S6*
HF CQFVD WN8>5 S6* #@>SM@; ;Y 58X*> 8> *#S8@> TFA >' WN8>5 S6* .**' #:
#@>SM@; ;Y '8N#WNN*' 8> S6* *#S8@> 4FA Y8S6 A #SWS@M 8>BWS >' A N*>N@M @WSBWSF
ä°äx
ä°£
ä x £ä £x Óä
ä°x
ÌÀ -}> Q6R
ä°x
ä x £ä £x Óä
/i QÃiVÃR
8MNS& S6* N<B;8>5 8>S*MX; > 8N S:*> N ]F]4 N*#N >' S6* >W< *M @. NW 7
8>S*MX;N
YN S:*> N 4F N8>WN@8'; '8NSWM >#* S 1MNS <@'* >SWM; .M*HW*>#[
@. 2F]2?2
\ 8N BB;8*' S S6* .M** *>' @. S6* *< S@ S6* '8NSWM 8>5 #SWS@M WN8>5
QF4 @>SM@;;*M *N85> >' <B;*<*>SS8@> VTT
ä°äx
ä°äx
ä°£
ä x £ä £x Óä
£
ÌÀ «ÕÌ Õ Q 6 R
ä°x
ä°x
£
ä x £ä £x Óä
/i QÃiV`ÃR
$". 3.(. #@>SM@;;*M 8<B;*<*>SS8@> '85M< 8> M*; S8<*
6* #@>SM@; N85>; 8N S6*> WB'S*'& N<B;*' S 8>S*MX; @. > - ]F]4 N*#N .@M
C@M - ]F]A N*#N .@M D >' S6*> BB;8*' S@ S6* #@>SM@; #SWS@M S6M@W56 S6*
B@MS @. ' N[NS*< X8 S6* #@>>*#S@M @Z >' S6* B8*\@7#SWS8@> N[NS*<F
6*> S6* N*>N@M N85>; 8N .*' S@ S6* ' #@>SM@; '*N: S6M@W56 S6* B@MS
>' S6* <@'*; 8N W8;S WN8>5 & S6* M*; S8<* Y@M:N6@B 5*>*MS*N S6* #@'*
.M@< S6* '*X*;@B*' N8<W;8>: <@'*;F 68N #@'* 8N S6*> #@>X*MS*' S@ SM5*S NB*#81#
#@'* [ >' NWBB@MS*' [ 'AA]4F 68N #@'* 8N S6*> '*B;@[*' @>
S@ S6* MB8' BM@S@S[B* 6M'YM* N[NS*< S@ MW>
[ 5*>*MS8>5 S6* M*HW8M*'
#@>SM@; N85>; .@M S6* B;>SF
68N #@>SM@; N85>; 8>S*M#SN Y8S6 S6* X8 MS8@>N #M*S*' [ S6* N8>WN@8'; '8NSWM7
>#* >' WN8>5 '*NSMW#S8X* 8>S*M.*M*>#* M8>5N '@Y> S6* @X*M;; <B;8SW'* @. S6*
*< X8 MS8@>N& S6WN N.*5WM'8>5 S6* NSMW#SWM* .M@< Y*M >' S*M >' 8>#M*N8>5
8SN ;@>5*X8S[F 6* X8 MS8@> NWBBM*NN8@> 8N #68*X*' [ 5*>*MS8>5 S6* #SWS8@> N857
>; A+] @WS @. B6N* Y8S6 S6* '8NSWM >#* N85>;F *NW;SN Y*M* .@W>' [ MW>>8>5 S6*
N[NS*< 1MNS Y8S6@WS S6* #@>SM@;;*M >' S6*> Y8S6 S6* #@>SM@;;*M S@ N6@Y S6* #@>SM@;
*/*#SF 6* *ZB*M8<*>S; M*NW;SN @. S6* >' #@>SM@;;*M *X;WS8@>N& 8F*F& S6*
*Z#8SS8@> N85>;& #@>SM@; N85>;& >' N8>WN@8'; M*NB@>N*N Y8S6 S6*
58>N M* N6@Y> 8> 85NF QFAA >' QFAV .@M >' M*NB*#S8X*;[F
VTQ Q <B;*<*>SS8@> @. @>SM@; *#6>8HW*N .@M <MS SMW#SWM*N
$". 3.*>. .R #@>SM@;;*M 8<B;*<*>SS8@> '85M< 8> M*; S8<*
6* .@;;@Y8>5 AP MW;*N 58X*N N<;; 8'* @WS 6@Y S6* *ZB*M8<*>S; 8>X*NS85S8@>
8N S@ * #MM8*' @WS .@M S6* @. > 3*Z8 ;* *< WN8>5 S6* ' #M'F
CD SMS S; & 8<W;8>: >' ' #@>SM@; '*N:F
C D W8;' S6* @M #@>SM@;;*M 8> N8<W;8>: *>X8M@><*>S Y8S6 BM@B*M;[ 8>8S8;7
8\8>5 S6* BM<*S*MN .@M S6* *ZB*M8<*>S; *X;WS8@>F
C#D :* S6* #@>>*#S8@> N*S WB .@M S6* *ZB*M8<*>S N N6@Y> 8> S6* 85F QFQF
C'D @ NSMS Y8S6& S6* #@>SM@; N85>; S@ S6* #@>SM@; #SWS@M 8N 8> #@>'8S8@>F
C*D M*BM* S6* *ZB*M8<*>S 8> S6* #@>SM@; '*N:F
C.D @>>*#S N@<* 'S #HW8N8S8@> 8>NSMW<*>SN NW#6 N B;@SS*MN S@ @ N*MX* S6* YX*7
.@M<N 8> S6* #@>SM@; '*N: >' 8>8S8;8\* S6* B;S.@M< CM*.M*N6DF
QF4 @>SM@;;*M *N85> >' <B;*<*>SS8@> VTP
ä°äx
ä°£
ä x £ä £x Óä Óx
Ý«iÀiÌ> ÀiÃÕÌÃ
£
ÌÀ -}> Õ Q6R
ä°x
ä°x
£
ä x £ä £x Óä Óx
/i QÃR
" ÀiëÃi
ä°äx
ÀiëÃi
ä°äx
ä°£
ä x £ä £x Óä Óx
Ý«iÀiÌ> ÀiÃÕÌÃ
ä°x
ÌÀ -}> Õ Q 6 R
ä°x
ä x £ä £x Óä Óx
/i QÃR
C5D Z#8S* S6* *< .M@< S6* N85>; 5*>*MS@M Y8S6 S6* 1MNS <@'* >SWM; .M*HW*>#[
X8 S6* B8*\@ #SWS8@> N[NS*<F
C6D W8;' >' '@Y>;@' S6* <@'*; WN8>5 S6* F
C8D . S6* N8<W;8>: <@'*; 8N BM@B*M;[ '*N85>*'& S6* 7#@'*N Y8;; * BM@B*M;[ '@Y>7
;@'*' >' Y8;; * MW>>8>5 @> S6* BM@#*NN@M >' ' #@>15WMS8@> N[N
@:[& *;N* '* W5 S6* #@>SM@; ;5@M8S6< S8;; S6* *MM@MN M* M*#S81*'F
C9D >#* S6* #@'* 8N MW>>8>5 @> S6* #@>SM@;;*M #M'& #@>>*#S S6* XM8 ;*N [@W Y>S
S@ #BSWM* 8> S6* #@>SM@; '*N: NW#6 N S6* N*>N@M @WSBWS >' S6* #@>SM@; N85>;F
*;*#S S6* *'8S #BSWM* N*SS8>5N #@>S*ZS <*>W #@<<>' @. S6* 'S #HW8N8S8@>
8>NSMW<*>SN S@ N6@Y S6* #BSWM* N*SS8>5N Y8>'@Y >' #;*M S6* WS@ M*B*S
#6*#: @ZF 68N *>NWM*N S6S S6* #BSWM*' 'S 8N >@S @X*MYM8SS*> .S*M S6* B;@S
8N #@<B;*S*F
C:D SMS S6* #@>SM@; '*N:LN >8<S8@> <@'*F
C;D Y8S#6 S6* N8<NSS* S@ >' S6* 'S Y8;; * SM#*' .M@< S6* 1MNS N<B;8>5
NS*BF
C<D N*MX* S6* B;>S @WSBWS& 8F*F& S6* N*>N@M @WSBWS @> S6* #@>SM@; '*N:F 68N 58X*N
S6* M*NB@>N* @. S6* *< C#@>SM@; @/DF
C>D Y8S#6 @> S6* #@>SM@;;*M& N[ .S*M #*MS8> S8<* >' 8<<*'8S*;[& S6* SM>NX*MN*
X8 MS8@>N @. S6* *< Y8;; * M*'W#*'& 8F*F& S6* <B;8SW'* @. S6* M*NB@>N*
5*SN 'MNS8#;;[ M*'W#*'& Y68#6 8N S6* M*NB@>N* @. S6* *< CY8S6 #@>SM@;DF
68N #> * N**> @> S6* #@>SM@; '*N: N Y*;; N B6[N8#;;[ Y8S6 S6* *<F
C@D 6* 'S >' S6* M*NB@>N* 'S #> * NS@M*' 8> S6* .@M< @. F<S
1;* .@M<S 8> S6* #BSWM* N*SS8>5N Y8>'@Y >' WN*' .@M B@NS7BM@#*NN8>5 @. S6*
*ZB*M8<*>S; 'S& S@ NSW'[ S6* *6X8@M; '[><8#N >' .@M B;@SS8>5 BWMB@N*NF
CBD @>SM@; '*N: @. ' 8N WN*' S@ #BSWM* 'S >' S6* M*;*X>S N#M**> N6@SNF
6* <8> SM8#: 8N S@ *58> S6* #BSWM* @. S6* 'S B@8>SN .M@< = - ]F] N*#NF 68N
8N '@>* [ 8>8S8;8\8>5 S6* N8<NSS* Y8S6 & N@ S6S S6* N8<W;S8@> 8N NSMS*'
8<<*'8S*;[ .S*M S6* '@Y>;@'F
CHD >#* S6* *ZB*M8<*>S 8N @X*M& BM@#**' 8> S6* M*X*MN* *.@M* N6WSS8>5 @/ S6* *>S8M*
*ZB*M8<*>S; N*SWBF
.) $#!2,$#,
ZB*M8<*>S; *X;WS8@> @. S6* NWBBM*NN8@> @. 3*Z8 ;* ;W<8>W< *< WN8>5
B8*\@N N NWM.#* <@W>S*' N*>N@MN >' #SWS@MN S S6* M@@S >' '8NSWM 8>5 #SWS@M
S S6* .M** *>' WN8>5 ' AA]4 6M'YM* #@>SM@; N[NS*< 8N BM*N*>S*' 8> S68N
6BS*MF Y@ #@>SM@; ;YN Y*M* 8<B;*<*>S*' >' *ZB*M8<*>S;;[ *X;WS*'F
>' #@>SM@;;*MN Y*M* ;N@ '*N85>*' @/7;8>* NSMS8>5 .M@< 1MNS BM8>#8B;*N >' S6*
M*NW;SN @ S8>*' Y*M* S6* N<* N @ S8>*' .M@< S6* 8'*>S81*' NSS* NB#* <@'*;
>' ;S*M *X;WS*' .M@< S6* *ZB*M8<*>SNF 6* 1MNS <@'* .M*HW*>#[ '*M8X*' .M@<
S6* >;[S8#; <*>N YN ;N@ *ZB*M8<*>S;;[ X*M81*' Y68#6 YN BBM@Z8<S*;[ S6*
N<*F 6* *ZB*M8<*>S; M*NW;SN @. S6* N<MS NSMW#SWM* '*<@>NSMS*N X*M[ 5@@' #;@N*'
;@@B M*N*< ;>#* Y8S6 S6* N8<W;S8@> M*NW;SN >' S6WN *Z68 8SN S6* N8<B;8#8S[ @. S6*
#@>SM@;;*MN 8> M*;7S8<* 8<B;*<*>SS8@>N >' S6*8M #@>SM@; */*#S8X*>*NNF
M@< S6* *ZB*M8<*>S; M*NW;SN& 8S YN @ N*MX*' S6S S6* X8 MS8@> M*'W#S8@> YN
BBM@Z8<S*;[ +2 E Y8S6 S6* 8>SM@'W#S8@> @. S6* #@>SM@;;*M >' P2 E Y8S6 S6*
#@>SM@;;*M 'WM8>5 S6* M*N@>>#* #@>'8S8@>NF S YN @ N*MX*' S6S S6*
58> B;[N X*M[ 8<B@MS>S M@;* 8> S6* M*'W#S8@> @. S6* <B;8SW'* @. X8 MS8@>NF W*
QF2 @>#;WN8@>N VT?
S@ S6* ;@#S8@> @. @>;[ @>* N*>N@M& ;; S6* <@'*N #@W;' >@S * '*S*#S*' N8<W;S>*@WN;[
>' @>;[ S6* 1MNS <@'* YN B8#:*' WB [ S6* N*>N@M >' #@>SM@;;*'F 8>;;[& S@
#@>#;W'*& 8S #> * 8>.*MM*' S6S #@>SM@; 8N *SS*M S6> #@>SM@;& *#WN*
S6* #@>SM@; */@MS S@ #WM '@Y> S6* X8 MS8@>N 8N ;*NN N S6* N*>N@M @WSBWS 8N N<B;*'
S .NS*M MS* S6> S6* #@>SM@; 8>BWS >' 6*>#* S6* X8 MS8@>N M* NWBBM*NN*' S@
;M5*M *ZS*>S S6> #@>SM@;F 6* N8<W;S8@> M*NW;SN YN .@W>' S@ * 8> #;@N*
<S#6 Y8S6 S6* *ZB*M8<*>S; M*NW;SNF
&
012 66 , :( ,66 :5(6 -5 :& + +
6* NS8/>*NN <SM8Z #@*0#8*>SN .@M
S6* N>'Y8#6 *< *;*<*>S 8N @ S8>*'
WN8>5 S6* HF CVFVA+D N !T]"& !4V"& !4T" !44"
-
-
-
-
- ]
+ +
-
-
-
-
+ +
-
- ]
-
-
-
- ]
+
CV +
T]+ " G A+] + "
A2 + % G VAQ] "
G Q] +
TQ] + G A+] % +
" G 42 % + D
-
A2 + CAV "
+ D
V4V BB*>'8Z
C+
Q] +
?]% +
Q]+ " G TQ]+ " G
4TV] "
PV] "+ D
-
-
T] + CAV "
+ D
-
-
-
-
- ]
+ +
-
-
A] CAV"
+ D
CV +
T]+ " G A+] + " G A2 + % G VAQ] "
G Q] +
TQ] +
A+] % +
" G 42 % + D
- 4
A2 + CAV "
+ D
6* <NN <SM8Z #@*0#8*>SN .@M S6* N>'Y8#6 *< *;*<*>S 8N @ S8>*'
WN8>5 S6* HF CVFVA2D N !T]"& !4V"& !4T" !44"
A A %+
- + - -
T V CAV "
+ D
A %+
A
-
-
- - +
4 CAV "
+ D Q
A %+ A %+
- -
- -
V CAV "
+ D 4 CAV "
+ D
A %+ A
- - - +
V CAV "
+ D T
BB*>'8Z V4T
+ CT
+
V+ % +
V+ +
T
+4
"+ G 2Q]
" D
- -
P] CAV "
+ D
A %+
-
-
4 CAV "
+ D
A %+ A %+
- -
- -
V CAV "
+ D 4 CAV "
+ D
+ CAT
+
T2 +
G 4V % +
A G4V
V?4
"+ G 4V] "+ G AQ+]
" D
+
-
T2 CAV "
+ D
D Q% Q%
- A
- D
D
+ AV"
+ + CAV"
+ D
Q% Q% D
-
DG D
-
AV"
+ + CAV"
+ D +
T%+ T% T%+ T%
- DG D
-
DG D
AV"
+ + CAV"
+ D AV"
+ + CAV"
+ D
AV" T V
- A
DG D
D
+ CAV"
+ D AV"
+ + CAV"
+ D
Q" D T + A
-
A D
D G D
AV"
+ V+ V AV"
+ AV"
+
AV" T V
- D
D G D
+ CAV"
+ D AV"
+ + CAV"
+ D
Q" D T + A
-
D
D G D
AV"
+ V+ V AV"
+ AV"
+
Q Q D T+ T
-
DG D
- A
G D
D
AV"
+ + CAV"
+ D + AV"
+ AV"
+
Q Q D T+ T
-
D
D
- G D
D
AV"
+ + CAV"
+ D + AV"
+ AV"
+
>'
%
%- >' "-
A
M* S6* #@>NS>SN& Y68#6 M*& *8>5 *ZBM*NN*' 8> S*M<N @. *>'8>5 >' N6*M NS8/>*NN
#@*0#8*>SNF
*M*& + 8N S6* ;*>5S6 @. S6* *< *;*<*>SF
$ $
# CDD
G $ # CDD
G
$
# CDD
G # CDD A
$
G
$
!' " - - $ !' " - - $ $
!' " - !'"
#
CDD
#
CDD
# CDD
G $ # CDD
$
$
G
BB*>'8Z V42
$". .*. ;*Z8 ;* *< '8X8'*' 8>S@ T S[B*N @. N[NS*<N& X8\F& N[NS*< A % T C
S V& TD& N[NS*< V % 4 C S V& T& 4D& N[NS*< T % 2 C S V&
T& 4& 2D
6* 4 *;*<*>S; <NN <SM8#*N C;@#; <NN <SM8#*ND @. S6* N<MS *< N N6@Y>
8> 85F VFV 8N 58X*> [
. . .
. . . .
.
. . . .
. . . .
- -
. . . . . . . .
.
. . . .
. . .
.
.
.
.
. . .
.
.
.
- -
.
.
.
. . .
.
.
.
.
. . . .
.
.
.
.
.
. . .
6* 5;@ ; <NN <SM8Z & 8F*F& S6* <NN <SM8Z @. S6* *>S8M* *< 8N @ S8>*' [
= 8N @ S8>*' N
NN*< ;8>5 S6* 8>'8X8'W; <NN <SM8#*N S@ F 8MNS&
] ] ]
G ] ]
= -
] G
]
4
] ]
G
] ] ]
6*>& [ >*5;*#S8>5 S6* LN C >' ? S S6* 1Z*' *>' >' [ M@Y >' #@;W<>
N68.S8>5 BM@#*'WM*& Y* 5*S S6* S6* 5;@ ; @M S6* NN*< ;*' <NN <SM8Z @. S6* 4
*< N
G ] ]
-
G
]
]
G 4
] ]
8<8;M;[& Y* @ S8> S6* 5;@ ; NS8/>*NN <SM8Z .@M S6* *< N6@Y> 8> 85F VFVF
AF >'68 FF >' 6@<BN@> FF& I<MS S*M8;N >' <MS SMW#SWM*N&J
%0+, , **& @>'@>& A??VF
VF >'*M98S 6@BM& I*X8*Y @. NSS* @. MS @. N<MS NSMW#SWM*N >' 8>S*5MS*'
N[NS*<N&J
.=5,*& @;F 4]& @F AA& BBF VA427VA+P& V]]VF
TF W;N6Y F& I<MS NSMW#SWM*N % #@>#*BS @M M*;8S[&J
.=5,* . A6:+6
, .,:5.* ,$$3& @;F VQ& @F V]Q& BBF A7+& A??VF
4F
*M<*> F& I>;[N8N @. *<N #@>S8>8>5 B8*\@*;*#SM8# N*>N@MN >' #SWS@MN&J
3 +5:
:5'*6 , :5=:=56& @;F T& @F 4& BBF 4T?744P& A??4F
2F <*N6 F& <BS6[ F& 6>;:N6<8
F >' >9W>S6 FF& I*N85>
@. XM8 ;* NSMW#SWM* #@>SM@; .@M N*8N<8#;;[ *Z#8S*' X8 MS8@> WN8>5 *;*#SM@7
M6*@;@58#; 3W8'N&J %'5 ,:5,:'.,* .,3 ., +5:
:5'*6 :5=:=56
, A6:+6 & &<BB<& FF#F& >5;@M*& >'8& @;F P]& @F 74T]&
BBF VT4,V4A& *#F V]]VF
QF @ F >' W>M F& I8*\@*;*#SM8#8S[ >' 8SN WN*N 8> '8NSWM >#* N*>N8>5 >'
#@>SM@; @. 3*Z8 ;* NSMW#SWM*N % NWMX*[&J 00*'
%,'6 >3& @;F AP& @F
V& BBF AAT7AA?& A??4F
PF 8;[ F >'
W M' FFMF & I8NSM8 WS*' B8*\@*;*#SM8# B@;[<*M #S8X* X87
MS8@> #@>SM@; @. #>S8;*X*M *<&J
.=5,* . =', A,+'6 ,
.,:5.*& @;F +& @F 2& BBF Q]27QAA& A?+2F
+F
>5W' F& ; FF >' ;;8N* FF& IBS8<; X8 MS8@> #@>SM@; [ S6*
WN* @. B8*\@*;*#SM8# N*>N@MN >' #SWS@MN&J
3 .,:53 =',& @;F A2& @F
2& BBF AA??7AV]Q& A??VF
?F >N@> FF >' W56*[ F
F& I@N8S8X* B@N8S8@> .**' #: #@>SM@; .@M NSMW#7
SWM*N&J
3& @;F A+& @F 4& BBF PAP7PVT& A??]F
A]F M: ;N F& I**' #: #@>SM@; @. 3*Z8 ;* NSMW#SWM*N&J 5,63 =:.3
.,:53& @;F 7VT& @F 4& BBF QPT7QP?& A?P+F
AAF WM'*NN FF >' Y#*SS FF& IZB*M8<*>S; *X;WS8@> @. B8*\@*;*#SM8# #SW7
S@M .@M S6* #@>SM@; @. X8 MS8@>N 8> #>S8;*X*M *<&J
3 A6:3 .,:5.*3 ,$$3&
@;F V]Q& @F AV& BBF ??7A]Q& A??VF
AVF M*>>> FF& @>8S@ FF& ;;8@S FF& X8' F >' 8>>8>5S@> FF& IZ7
B*M8<*>S; 8>X*NS85S8@> @. '8/*M*>S #SWS@M S*#6>@;@58*N .@M #S8X* X8 MS8@>
#@>SM@;&J +5:
:5'*6 , :5=:=56& @;F +& @F T& BBF A427A2T& A???F
V4+ *.*M*>#*N
ATF >5 FF >' ** FF& IBS8<8\S8@> @. >@>7#@;;@#S*' N*>N@M R #SWS@M
;@#S8@> >' .**' #: 58> 8> #@>SM@; N[NS*<N&J +5:
:5'*6 , :5=:=56
3& @;F +& BBF ?Q7A]V& A??TF
A4F MY;*[ FF >' W8N F*F& IN* @. B8*\@*;*#SM8# #SWS@MN N *;*<*>SN @.
8>S*;;85*>S NSMW#SWM*N&J
3& @;F V2& BBF ATPT7AT+2& A?+PF
A2F @@ *@:
Y>5 >'
[W> 6W; M:& I8>8S* *;*<*>S <@'*;8>5 @. B8*\@7
*;*#SM8# N*>N@MN >' #SWS@MN&J
.=5,*
3& @;F TA& @F 2& BBF ?T]7?TP&
A??TF
AQF @> F& >'M8 F >' @M>< ;* F& I;*Z8 ;* B8*\@*;*#SM8# NSMW#SWM*N B7
BM@Z8<S* <@S8@> *HWS8@>N >' #@>SM@; ;5@M8S6<N&J =:.3 .,:53& @;F
74V& @F A& BBF ?47A]A& A??PF
APF #68*6;*> F >' #6@>*MNS*'S
F& I@>SM@;;*M '*N85> .@M S6* #S8X* X8 MS8@>
'<B8>5 @. *< NSMW#SWM*&J 5.3 +5:
%,'* A6:+6 0:5.,'6
,:5,:'.,*& & BBF ATP7A4Q& A??+F
A+F *W>57@: 6@8 >' 6*76*@> 6*@>5 >' 6W;7
* **& I@N8S8@> SM#:7
8>5 #@>SM@; @. N<MS 3*Z8 ;* NSMW#SWM* .*SWM8>5 B8*\@1;< #SWS@M&J
.=5,*
. =', , .,:5.*& @;F A?& @F Q& BBF ATQ47ATQ?& A??QF
A?F @M@W\ @WM:8& I8NSM8 WS*' #@>SM@;;*MN .@M 3*Z8 ;* NSMW#SWM*N WN8>5 B8*\@7
*;*#SM8# #SWS@MN R N*>N@MN&J 5.3 ;<, .,3& *ZN& & BBF
ATQP7ATQ?& *#F A??TF
V]F >'[@B'6[[ F >' Z[ *6S& I8 MS8@> #@>SM@; @. N<MS NSMW#WSM*N
WN8>5 N*#@>' @M'*M N;8'8>5 <@'* #@>SM@;&J 5.3 & ,:5,:'.,* .,3 ,&
=6:5'* %,.*.$A&&<BB"& @M@>S@& >'& BBF AQ?A7AQ?Q& W5F V]]2F
VAF 68>5 ** F& I[NS*< 8'*>S81#S8@> >' #@>SM@; @. N<MS NSMW#SWM*N WN8>5
>*WM; >*SY@M:N&J =:.+:'& @;F T+& @NF 47+& BBF VQ?,VPQ& A??QF
VVF @NX8 FF >'
*;:M FF& I@'*;8>5& 8'*>S81#S8@>& >' BNN8X8S[7 N*'
M@ WNS #@>SM@; @. B8*\@7#SWS*' 3*Z8 ;* *<&J
.=5,* . '5:'., ,
.=6:'6& @;F AV?& BBF VQ]7VPA& BMF V]]4F
VTF @:68 FF& I*;. SW>8>5 #S8X* X8 MS8@> #@>SM@; 8> 3*Z8 ;* *< NSMW#SWM*N&J
.=5,* . A6:+6 , .,:5.* ,$',5',$ & 5.',$6 . :% ,6:':=: .
%,'* ,$',56& @;F V]+& BBF VQT7VPP& A??4F
V4F @8S FFF& @M*8 FFF& @M*N FFF >' @M*N FFF& I#S8X* #@>7
SM@; @. 'BS8X* ;<8>S*' NSMW#SWM*N Y8S6 @>'*' B8*\@*;*#SM8# N*>N@MN >'
#SWS@MN&J .+0=:56 , :5=:=56& @;F +V& BBF AT4?7AT2+& V]]4F
V2F ;M8#6 *MS& <M *NS@M@X8# M9:@X&
*8>\
BB*;& I@'*;8>5& #@>SM@;
>' N8<W;S8@> @. B8*\@*;*#SM8# N<MS NSMW#SWM*N WN8>5 1>8S* *;*<*>S <*S6@'
>' @BS8<; ;H #@>SM@;&J : ,'>56'::'6 5'6
%,'6 =:.+:'
.,:5.* , ..:'6& @;F AV& @F T& BBF 4AP74T]& V]]VF
VQF @W>57
W> 8<& *>S68; @B8>S6> F& NW>'M M'6> F >' 89[
M'>
F& I8>8S* *;*<*>S N8<W;S8@> @. N<MS NSMW#SWM*N WN8>5 > @BS8<;
@WSBWS .**' #: #@>SM@;;*M .@M X8 MS8@> >' >@8N* #@>SM@;&J ,:3
.=5,* .
+5:
:5'*6 , :5=:=56& @;F +& @F +& BBF TV47TTP& A???F
VPF W:@X8#6 F >'
@< FF& I8 MS8@> NWBBM*NN8@> @. 3*Z8 ;* *<N Y8S6
@>'*' B8*\@7SM>N'W#*MN WN8>5 YX*7 N@M 8>5 #@>SM@;;*MN&J
.=5,* . ='&
, .,:5.* , A,+'6& @;F V?& BBF T4P7T24& V]]]F
V+F >9>BB F >' 8F F& I5>*S@NSM8#S8X* <8>8 #SWS@MN .@M N<MS NSMW#7
SWM*N .@M N<MS NSMW#SWM* BB;8#S8@>N&J ,:3
3 +5:
:5'*6 , :5=:=56&
@;F T& @F 4& BBF T+T7T?]& A??4F
*.*M*>#*N V4?
V?F ;'M86*< FF& *S6*M6@;' F >' 8>56 F& I8NSM8 WS*' #@>SM@; @. ;<87
>S*' *<N % 8<@N6*>:@ XNF W;*M7*M>@W;;8 S6*@M[&J
.=5,* . ,:**'$,:
:5'*6 A6:+6 , :5=:=56& @;F +& @F 2& BBF A4?7A2P& A??PF
T]F M<@X8#6
F& I*3*#S8@> #@>SM@; @. ;<8>S*' #@<B@N8S* *< Y8S6 B8*\@7
#*M<8# ;[*MN7;@N*' .@M< N@;WS8@>N&J .+0.6': :5=:=56& @;F 4T& @F T&
BBF VAP7ATA& A??+F
TAF 6>'MN6*:M
F >' M'M9> F& I'BS8X* N6B* #@>SM@; @. #@<B@N8S*
*<N Y8S6 B8*\@*;*#SM8# #SWS@MN&J ,:**'$,:
:5'*6 A6:+6 , :5=&
:=56& @;F +& BBF AAV7AV4& A??PF
TVF W> FF >' 6>5 FF& IN* @. S68#:>*NN7N6*M <@'* 8> 'BS8X* N>'Y8#6
NSMW#SWM*N&J +5:
:5'*6 , :5=:=56
.=5,*& @;F T& @F 4& BBF V]V7
V]Q& A??2F
TTF ;'M86*< FF >'
6*'8M 6<*' F& I<MS *<N Y8S6 *ZS*>N8@> >'
S68#:>*NN7N6*M B8*\@*;*#SM8# #SWS@MN&J
3 +5:
:5'*6 , :5=:=56&
@;F ?& @F A& BBF A7?& V]]]F
T4F @N#6>*M F >' >\<>> F& I> <@'*; N*' #@>SM@;;*M '*N85> .@M N<MS
NSMW#SWM*&J 5.3 +5:
%,'* A6:+6 0:5.,'6 ,:5,:'.,*&
& A2P7AQQF
T2F @ 8> #@SS& 8#6*; M@Y> >' MS8> *X*N;*[& I@ WNS <W;S8XM8 ;* #@>7
SM@; @. '@W ;* *< #>S8;*X*M N<MS NSMW#SWM*&J
3 +5:
:5'*6 ,
:5=:=56& @;F AT& BBF PTA,P4T& V]]TF
TQF 6>5 FF >' W> FF& I@M<W;S8@> @. > 'BS8X* N>'Y8#6 *<&J +5:
:5'*6 , :5=:=56
.=5,*& @;F 2& @F Q& BBF +A4,+VT& A??QF
TPF @>S68M*''[ F >' 6>'MN6*:6M
F& I@'*;8>5 >' N6B* #@>SM@; @. #@<7
B@N8S* *< Y8S6 *< *''*' B8*\@*;*#SM8# #SWS@MN&J A6:+ , .,:5.* :&
:56& @;F T2& @F V& BBF VTP,V44& A??QF
T+F WM;8 F >' 9W>*> FF& I@'*; M*.*M*>#* #@>SM@; @. X8 MS8@>N 8> 3*Z7
8 ;* N<MS NSMW#SWM*N&J ;#:% .,5, ., '6'., , .,:5.*& *Y
M;*>N& & BBF T22A7T22Q& *#F A??2F
T?F 6@<N F >' N FF
F& I8>8S* *;*<*>S <*S6@'N .@M '[><8# >;[N8N
@. 8<@N6*>:@ *<&J
3 . .=, , '5:'.,& @;F 4A& BBF V?A7V??& A?P2F
4]F *>9*''@W F& M8>''* FF >' 6[@> F& I*Y N6*M #SWS*' N<MS
NSMW#SWM* *< 1>8S* *;*<*>S&J
.=5,* . =', A,+'6 , .,:5.*&
@;F TP& BBF TP+7T+T& A???F
4AF 9 F& MS6B F >' 8>6 F
F& I#S8X* X8 MS8@> #@>SM@; @. #@<B@N8S*
N>'Y8#6 *<N Y8S6 B8*\@*;*#SM8# *ZS*>N8@>7 *>'8>5 >' N6*M #SWS@MN&J
3
+5:
:5'*6 , :5=:=56& @;F AA& @F A& BBF QT7PA& V]]VF
4VF M8*'<> F >'
@N<S: FF& I> 8<BM@X*' SY@7>@'* 8<@N6*>:@ *<
1>8S* *;*<*>S&J .+0=:56 , :5=:=56& @;F 4P& @F T& BBF 4PT,4+A& A??TF
4TF \W;[ FF >' M<@X8#6
F& I8*\@*;*#SM8# #SWS8@> >' N*>N8>5 <*#67
>8N<N % ;@N*' .@M< N@;WS8@>N&J .+0.6': :5=:=56& @;F Q4& BBF 44T742T&
V]]4F
44F
8< 8N<> >'
8< M<@X8#6& I#S8X* NS8/*>8>5 @. ;<8>S*' #@<7
B@N8S* *<N WN8>5 B8*\@*;*#SM8# #SWS@MN&J .+0.6': :5=:=56& @;F 2+& @F
T& BBF A]?,AV]& V]]VF
42F M<@X8#6
F >' 8N6X8SN F& IM** X8 MS8@>N @. >@>7N[<<*SM8# #M@NN7B;[
;<8>S*' #@<B@N8S* *<N&J
.=5,* . .=, , '5:'.,& @;F APQ& @F
2& BBF 2?P,QAV& A??4F
4QF *N6W F& I *ZS @@: @. 8>8S* ;*<*>S >;[N8N&J 5,:' ** . ,'&
*Y *;68& V]]4F
V2] *.*M*>#*N
4PF *X8>* FF >' S6>N F& I> S6* '*S*M<8>* @. S6* @BS8<; #@>NS>S @WSBWS
.**' #: 58>N .@M ;8>*M <W;S8XM8 ;* N[NS*<N&J 5,63 =:.3 .,:53&
@;F 7A2& @F A& BBF 4474+& A?P]F
4+F [M<@N FF& ';;6 F& @MS@ F >' M85@M8'8N
F& ISS8# @WSBWS .**'7
#: % NWMX*[&J =:.+:'& @;F TT& @F V& BBF AV2,ATP& A??PF
4?F @>5 > F& < F >' W> FF& ISS8# @WSBWS .**' #: NS 8;8\S8@> % >
BBM@#6&J =:.+:'& @;F T4& @F AV& BBF AQ4A7AQ42& A??+F
2]F *M@<*; FF& * @W\ FF >' :*;*S@> FF& I >W<*M8#; N@;WS8@> .@M
@WSBWS .**' #: NS 8;8\S8@>&J 5.3 +5', .,:5.* .,5,& & BBF
4],44& A??4F
2AF *M>*M
F >' WMWS
F& I8<W;S>*@WN NS 8;8\S8@> N*' @> @WSBWS <*7
NWM*<*>SN&J A5,:')& @;F TA& @F 4& BBF T?274AA& A??2F
2VF *M>*M
F& IW;S8<@'; M@ WNS #@>SM@; [ .NS @WSBWS N<B;8>5 7 >
BBM@#6&J =:.+:'& @;F T4& @F AV& BBF AQV27AQT]& A??+F
2TF 6<<N FF >' *@>'*N FF& I@;* B;#*<*>S [ B8*#*Y8N* #@>NS>S @WS7
BWS .**' #:&J ,:3
3 .,:53& @;F V?& BBF TA7T+& A?P?F
24F 6<<N FF >' *@>'*N FF& I> S6* '*N85> @. N[NS*<N [ B*M8@'8#
@WSBWS .**' #:& MS7& WSBWS .**' #: #@>SM@;; 8;8S[&J ,:3
3 .,:53& @;F
VP& BBF +?27?]T& A?P+F
22F *M>*M
F& I@ WNS <W;S8XM8 ;* #@>SM@; @. SWM @75*>*MS@M [ B*M8@'8#
@WSBWS .**' #:&J +5', .,:5.* .,5,& *Y *Z8#@& & BBF A?P?7
A?+T& A??PF
2QF >M'6>> F& >'[@B'6[[ F >' >9W>S6 FF& INS @WSBWS N<7
B;8>5 N*' @WSBWS .**' #: N;8'8>5 <@'* #@>SM@; ;Y .@M W>#*MS8> N[N7
S*<N&J 5.3 %'5 ,:*3 .,3 ., A6:+ ,:'!:'., , .,:5.* 5.*+6
&<BB#& @N#@Y& WNN8& B*M @F VT]A]& BBF AT]],ATAV& >F V]]4F
2PF *M>*M
F& I@ WNS #@>SM@; @. ; @MS@M[ 3856S N8<W;S@M [ >@>7'[><8#
<W;S8MS* @WSBWS .**' #:&J 5.3 .,3 '6'., , .,:5.*& BBF A2P27
A2+]& A??QF
2+F MN6;; FF& I> BBM@Z8<S* <*S6@' .@M M*'W#8>5 S6* @M'*M @. ;8>*M
N[NS*<&J BBF Q4V7Q4T& A?QQF
2?F 68'< M FF >' X8N@> FF& I <*S6@' .@M N8<B;8.[8>5 ;8>*M '[><7
8#; N[NS*<N&J 5,63 =:.3 .,:53& @;F 7AV& BBF AA?,AVA& A?QPF
Q]F 6BSM FF& I >@S* @> N*;*#S8>5 ;@Y7@M'*M N[NS*< [ X8N@>LN <@'*;
N8<B;81#S8@> S*#6>8HW*&J 5,63 =:.3 .,:53& @;F 7VV& @F 4& BBF
QPP7QP+& A?PPF
QAF < FF >' 8SS; @ F& I> S6* NW @BS8<; #@>SM@; X8 S6* N8<B;81*'
<@'*; @. X8N@>&J 5,63 =:.3 .,:53& @;F 7A?& BBF 44+742]& A?P4F
QVF X8N@> FF& I <*S6@' .@M N8<B;8.[8>5 ;8>*M '[><8#; N[NS*<N&J
5,63 =:.3 .,:53& @;F 7AA& BBF ?T,A]A& A?QQF
QTF S:8> FF& IM8 ;* NSMW#SWM* N[NS*<N Y8S6 N;8'8>5 <@'*N&J 3 5,63
=:.3 .,:53& @;F 7VV& BBF VAV7VVV& A?PPF
Q4F Z[ *6S& >'[@B'6[[ F >' >9W>S6 FF& I> N*#@>' @M'*M N;8'7
8>5 <@'* #@>SM@; % > BB;8#S8@> S@ XM8 ;* ;*>5S6 B*>'W;W< N[NS*<&J '56:
:'.,* .,3 .++=,':'., .,:5.*6 , '.&',.5+:'6 & B8&
@S& 9NS6>& >'8& B*M @F 72& MF +7A]& V]]QF
Q2F
W>5 FF >' @ F >'
W>5 FF& IM8 ;* NSMW#SWM* #@>SM@; % NWMX*[&J
5,63 ,=6:5'* *:5.,'6& @;F 4]& @F A& BBF V7VA& A??TF
QQF @W>5
FF& S:8> FF >' \W>5*M F& I #@>SM@; *>58>**MLN 5W8'* S@ N;8'8>5
<@'* #@>SM@;&J 5,63 =:.3 .,:53& @;F 7P& @F T& BBF TV+7T4V& A???F
*.*M*>#*N V2A
QPF MBSWM: FF& NS*.>@BW;@N F >'
[>: F& I> S6* NS 8;8S[ @. '8N#M*S*7
S8<* N;8'8>5 <@'* N[NS*<N&J 5,63 =:.3 .,:53& @;F 7TV& BBF ?T]7
?TA& A?+PF
Q+F WMWS
& I;8'8>5 <@'* #@>SM@; @. '8N#M*S* N[NS*<&J A6:+ , .,:5.*
::56& @;F A4& BBF A427A2V& A??]F
Q?F @ F& >5 F >'
@<8. F& I8N#M*S*7S8<* XM8 ;* NSMW#SWM* #@>SM@;
N[NS*<N&J 5,63 ,3 *:5.,3& @;F 4V& @F V& BBF AAP7AVV& A??2F
P]F >'[@B'6[[ F& 6::M F& 9 FF >' >M'6>> F& I;5@M8S6<
.@M #@<BWS8>5 N;8'8>5 <@'* #@>SM@; >' NY8S#68>5 NWM.#*N .M@< @WSBWS N<7
B;*N&J 5.3 . :% :% ?.5)6%.0& B8>& @F 4& N*BF V]]4F
PAF MS@N\*Y8#\ F& I8N#M*S*7S8<* HWN87N;8'8>57<@'* #@>SM@; NSMS*58*N&J
5,63 ,3 *:5.,3& @;F 42& @F A& BBF QTT7QTP& A??+F
PVF >9W>S6 FF >' >'[@B'6[[ F& I8 MS8@> #@>SM@; @. N<MS 3*Z87
;* #>S8;*X*M *< WN8>5 B*M8@'8# @WSBWS .**' #: #@>SM@; S*#6>8HW*&J 5.3
.=5:% 6', .,:5.* .,5, &<BB<& 8>5B@M*& B*M @F 2T7AQP?&
BBF AT]V,AT]P& *BF V]]VF
PTF >9W>S6 FF >' >'[@B'6[[ F& I<MS #@>SM@; @. #>S8;*X*M NSMW#7
SWM*N WN8>5 @WSBWS .**' #:& B*#8; 8NNW* @> @'*;;8>5& 8<W;S8@> >'
*#8N8@> WBB@MSJ & @;F P& @NF 472& BBF 2A7Q+& W;F V]]QF
P4F >9W>S6 FF >' >'[@B'6[[ F& I@'*;8>5 >' .NS @WSBWS N<B;8>5
.**' #: #@>SM@; @. N<MS 8<@N6*>:@ #>S8;*X*M *<&J ,:5,:'.,*
.=5&
,* . +5: :5=:=56 , A6:+6& @;F A& @F T& BBF V+T,T]+& *BF V]]2F
P2F >9W>S6 FF >' >'[@B'6[[ F& I8 MS8@> NWBBM*NN8@> @. 8<@7
N6*>:@ *<N Y8S6 *< *''*' B8*\@*;*#SM8#N WN8>5 &J ,:5,:'.,*
.=5,*
. ,:**'$,: %,.*.$A& @;F A& @F A& BBF VA,T]& >F V]]QF
PQF >9W>S6 FF >' >'[@B'6[[ F& I@'*;8>5 >' .**' #: N*'
#@>SM@; @. 8>S*;;85*>S NSMW#SWM*N Y8S6 *< *''*' N6*M N*>N@MN >' #SW7
S@MN&J ,:5,:'.,*
.=5,* . ,:**'$,: %,.*.$A& @;F A& @F A& BBF A,V]&
>F V]]QF
PPF >9W>S6 FF >' >'[@B'6[[ F& IW;S8XM8 ;* #@>SM@; @. N<MS
NSMW#SWM* WN8>5 B*M8@'8# @WSBWS .**' #: #@>SM@; S*#6>8HW*&J 5.3 . :%
>,:% ,:3 .,3 ., .,:5.* =:.+:'., ..:'6 , .+0=:5 '6'.,
&B<& 8>5B@M*& B*M @F V]]VAV+T& BBF A4+A,A4+Q& *#F V72& V]]VF
P+F >9W>S6 FF >' >'[@B'6[[ F& IW;S8XM8 ;* #@>SM@; @. N<MS 8<7
@N6*>:@ *< NSMW#SWM*N WN8>5 B*M8@'8# @WSBWS .**' #: S*#6>8HW*&J ,:5,&
:'.,*
.=5,* . '$,* 5.66',$& @;F T& @F V& BBF P4,?]& BMF V]]QF
P?F >9W>S6 FF >' >'[@B'6[[ F& I@>SM@;;*M '*N85> .@M W;*M7*M>@W;;8
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' X8 M*'W#*' @M'*M <@'*;8>5&J
,:5,:'.,*
.=5,* . ,:**'$,: %,.*.$A& @;F A& @F V& BBF AAA,AT]&
W>F V]]QF
+]F >9W>S6 FF >' >'[@B'6[[ F& I@>SM@;;*M '*N85> .@M W;*M7*M>@W;;8
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' B*M8@'8# @WSBWS .**' #: X8 M*7
'W#*' @M'*M <@'*;8>5&J ,:5,:'.,*
.=5,* . '$,* 5.66',$& @;F T& @F
T& BBF V]2,VVA& W;F V]]QF
+AF >9W>S6 FF >' >'[@B'6[[ F& IW;S S@;*M>S #@>SM@; @. 3*Z8 ;*
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' B*M8@'8# @WSBWS N<B;8>5 .**' #:
S*#6>8HW*&J 5.3 46 //:% ,,=* A+0.6'=+ 9 .,5, ., +5:
:5=:=56 ,
:5'*6 9
.',: .,5,& > 8*5@& ;8.@M>8& &
B*M @F ]47]+744& BBF A7AV& MF A47A+& V]]4F
V2V *.*M*>#*N
+VF >9W>S6 FF >' >'[@B'6[[ F& IW;S S@;*M>S #@>SM@; @. 3*Z8 ;*
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' B*M8@'8# @WSBWS N<B;8>5 .**' #:
S*#6>8HW*&J ,:3
.=5,* . +5:
:5'*6 , :5=:=56& @;F A4& @F 4& BBF
QV4,QTQ& W5F A???F
+TF >9W>S6 FF >' >'[@B'6[[ F& IW;S S@;*M>S #@>SM@; @. 3*Z8 ;*
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' .NS @WSBWS N<B;8>5 .**' #: S*#67
>8HW*&J 5.3 . :% ':% 6', .,:5.* .,5, &B"& *; @WM>*&
WNSM;8& B*M @F VQ2& BBF AQPP7AQ+2& W;F V],VT& V]]4F
+4F >9W>S6 FF >' >'[@B'6[[ F& IW;S S@;*M>S #@>SM@; @. 3*Z8 ;*
N<MS NSMW#SWM*N WN8>5 M@ WNS '*#*>SM;8\*' .NS @WSBWS N<B;8>5 .**' #: S*#67
>8HW*&J :. 0=*'6% ', 6',
.=5,* . .,:5.* ', @;F ?& @F T& *BF V]]PF
+2F >9W>S6 FF >' >'[@B'6[[ F& I*N85> @. <W;S8XM8 ;* #@>7
SM@;;*M .@M N<MS 3*Z8 ;* #@<B@N8S* *< WN8>5 *< *''*' N6*M N*>N@MN >'
#SWS@MN&J :. 005 ', ,:3
.=5,* . '+=*:'., A6:+ ', , %&
,.*.$A 0'* '66=& @;F P& @F Q7P& *B7#SF V]]QF
+QF <BS6[ F >' >'[@B'6[[ F& I@>SM@; @. 3*Z8 ;* *< S6M@W56 N<MS
NSMW#SWM* #@>#*BS WN8>5 B*M8@'8# @WSBWS .**' #:&J A6:+ ',
.=5,*&
@;F VQ& @F A& BBF VT74Q& V]]]F
+PF >9W>S6 FF >' >'[@B'6[[ F& I8 MS8@> #@>SM@; @. N<MS 3*Z8 ;*
#>S8;*X*M *< WN8>5 B*M8@'8# @WSBWS .**' #:&J 6',
.=5,* . .,:5.*&
@;F Q& @F A& BBF P4,+P& MF V]]4F
++F <BS6[ F& >'[@B'6[[ F >' > *6W*>
F& I*N85> @. @WSBWS .**'7
#: #@<B*>NS@M .@M N<MS NSMW#SWM* <@'*; X8 M*'W#*' @M'*M <@'*;&J A6:+
',
.=5,*& @;F V+& @F 4& BBF QA7+4& [7W>F V]]2F
+?F <BS6[ F& >'[@B'6[[ F >' > *6W*>
F& I*N85> @. @WSBWS .**'7
#: #@<B*>NS@M .@M '8N#M*S* S8<* N[NS*< X8 M*'W#*' @M'*M <@'*;&J
.=5,* . 65%& @;F 2A& >@F T& BBF V]A7V]P& V]]VF
?]F <BS6[ F >' >'[@B'6[[ F& I*N85> @. .NS @WSBWS N<B;8>5 .**'7
#: #@>SM@; .@M N<MS NSMW#SWM* <@'*;&J -:% ,,=* A+0.6'=+ 9 .,3
., +5: :5=:=56 ,
:5'*6 9
.',: .,3 & > 8*5@& ;8.@M>8&
& @;F 4Q?T& BBF VVV7VTT& V]]VF
?AF >9W>S6 FF& >'[@B'6[[ F& *N6W F >' <BS6[ F& I#S8X* X87
MS8@> #@>SM@; @. N<MS NSMW#SWM*N WN8>5 .NS @WSBWS N<B;8>5 .**' #: S*#67
>8HW*&J 5.3 .=5:% ,:3 .,3 ., +5:
:5'*6 :5=:=56 , A6&
:+6 &B"& FF#F& >5;@M*&
M>S:& >'8& @;F A& @F 7V]]2 R
7AA& BBF +47 ?A& W;F V+,T]& V]]2F
?VF >9W>S6 FF >' >'[@B'6[[ F& I@>SM@; @. X8 MS8@>N 8> 3*Z8 ;*
N<MS NSMW#SWM*N WN8>5 .NS @WSBWS N<B;8>5 .**' #: S*#6>8HW*&J ,:5,:'.,*
.=5,* . .+0=::'.,* ,:**'$,& @;F T& @F V& BBF AVP,A4A& BMF V]]QF
?TF >9W>S6 FF >' >'[@B'6[[ F& IW;S8XM8 ;* #@>SM@; @. N<MS
NSMW#SWM* #>S8;*X*M *< WN8>5 .NS @WSBWS N<B;8>5 .**' #:&J 5.3 %'5
,:5,:'.,* .,5, ., A6:+ ,:'!:'., , .,:5.* 5.*+6
&B#& >NS8SWS* @. @>SM@; #8*>#*N& @N#@Y& WNN8& B*M @F VT]AQ&
BBF AT]]7ATAV& >F V+7T]& V]]4F
?4F >9W>S6 FF& >'[@B'6[[ F >' >M'6>> F& IW;S8MS* @WSBWS
.**' #: N*' N;8'8>5 <@'* #@>SM@;;*M '*N85> .@M #S8X* X8 MS8@> #@>SM@; @.
N<MS NSMW#SWM*N&J 5.3 <-:% :'.,* A6:+6 .,5, &<BB"&
@< [& W< 8& >'8& B*M @F 24& *#F V]]2F
*.*M*>#*N V2T
?2F WM 6 8>& >9W>S6 FF >' >'[@B'6[[ F& I#S8X* X8 MS8@> #@>7
SM@; @. 5;NN7*B@Z[ #@<B@N8S* *< WN8>5 @WSBWS .**' #:&J 0: .5 0=*'&
:'., ', ,:3 .,3 ,=6:5'* %,.*.$A &<BB8 :. %* ', 3
<BB8& W< 8& >'8F
?QF >9W>S6 FF >' >'[@B'6[[ >' >M'6>> & I8 MS8@> #@>SM@;
@. N<MS NSMW#SWM*N WN8>5 <W;S8MS* @WSBWS .**' #: N;8'8>5 <@'* #@>SM@; ;Y&J
5.3 /6: :'.,* .,5, ., .,:5.* , A,+'* A6:+6 B"&
@< [& W< 8& >'8& B*M @F QA& BBF & >F V]]2F
?PF >9W>S6 FF& >'[@B'6[[ F& *N6W F >' <BS6[ F& I8N#M*S*
@WSBWS .**' #: N;8'8>5 <@'* #@>SM@; @. 3*Z8 ;* W;*M7*M>@W;;8 N*' N<MS
NSMW#SWM*N&J 5.3 .=5:% ,:5,:'.,* .,5, ., +5:
:5'*6
:5=:=56 , A6:+6 &B"& FF#F& >5;@M*&
M>S:& >'8& @;F A&
B*M @F 7V]]2 R 7VV& BBF AQT,AP]& W;F V+,T]& V]]2F
?+F <BS6[ F& I@'*;8>5 >' #@>SM@; @. N<MS NSMW#SWM*N&J %33 %6'6& [N7
S*<N >' @>SM@; >55F& @< [& >'8& V]]AF
??F M>#8N ** >' X> @MN* >' @;;>'
8>:;*& I*#6>8#; >58>**M8>5 87
MS8@>N&J =*'6%56& *Y *;68& >'8F
A]]F NS>'M'N @> B8*\@*;*#SM8#8S[& 9 :3 /78&/-7 &
B&7;/&<#//&7& V? >F A?++F
A]AF *W>57
Y>
8<& *W>57@: 6@8& W>57[@>5
@>5 >' @@>78:
>
FF& I8 MS8@> #@>SM@; @. 3*Z8 ;* NSMW#SWM* WN8>5 6[ M8' <@W>S&J ,&
:5,:'.,*
.=5,* .
%,'* ',6& @;F 4Q& @F A& BBF A4T7A2P& V]]4F
A]VF 6<@W' FF >' 8>56 FF& IM5* N#;* N[NS*<N <@'*;8>5&J 5$+.,
566& Z.@M'& A?+AF
A]TF @N6* 8N*> *M5*M >'
8< M<@X8#6& I6B* #@>SM@; @. >@>7N[<<*SM8#
B8*\@;<8>S*' #@<B@N8S* *<N&J .+0=:56 , :5=:=56& @;F T+& @NF
A74& BBF 2Q272PA& A?PPF
A]4F 68 F >' <
FF& I8>8S* *;*<*>S X8 MS8@> >;[N8N @. #@<B@N8S* *<N
N*' @> 6856*M @M'*M *< S6*@M[&J
.=5,* . .=, , '5:'.,& @;F VA?&
@F 4& BBF P]P,PVA& A???F
A]2F 68 F& <
FF >' [ FF& I> *0#8*>S 1>8S* *;*<*>S <@'*;8>5 @. #@<7
B@N8S* *<N >' B;S*N WN8>5 6856*M @M'*M S6*@M8*N >' > ##WMS* #@<B@N8S*
*< *;*<*>S&J .+0.'6: :5=:=56& @;F 4A& BBF A2?7AQ2& A??+F
A]QF @YB*M FF& I6* N6*M #@*0#8*>S 8> 8<@N6*>:@LN *< S6*@M[&J
3
003
%3& @;F TT& BBF TT2,T4]& A?QQF
A]PF *NN;*M F >' @>5 FF& I> 68*MM#6[ @. #@>.@M<8>5 8<@N6*>:@ *<
*;*<*>SN&J .+0=:56 , :5=:=56& @;F A4& @F T74& BBF TT27T44& A?+AF
A]+F @;@ W'*>\8& IZ#S 6856*M @M'*M N@;WS8@>N .@M N8<B;* 'BS8X* NSMW#SWM*&J
,:5,:'.,*
.=5,* . .*'6 , :5=:=56& @;F T2& @NF VQ7VP& BBF T2?2,
TQA]& A??+F
A]?F @ 8>N F
F >' *''[ FF& I>;[N8N @. B8*\@7*;*#SM8#;;[ #SWS* *<N
WN8>5 ;[*M7Y8N* '8NB;#*<*>S S6*@M[&J .+0=:56 , :5=:=56& @;F 4A&
@F V& BBF VQ2,VP?& A??AF
AA]F WMS6[ FFFF& @[ 6BSM F& 'M8>M[>
F >' @B;:M8N6>>
F& I M*1>*' 6856*M @M'*M 1>8S* *;*<*>S .@M N[<<*SM8# #@<B@N8S* *<N&J
.+0.6': 6:5=:=56& @;F QP& @F A& BBF VP,T2& V]]2F
AAAF 6@>5'@>5 >5& W76W> 6*> >' >\68
>& IS6* NSS8# N6B* #@>SM@;
.@M 8>S*;;85*>S NSMW#SWM*N&J ',': *+,:6 ', ,*A6'6 , '6$,& @;F VQ&
BBF T]T,TA4& A??PF
V24 *.*M*>#*N