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2(,+8&0*(*+),0 *(,;+/.&0 )/0&'7(/.&0 F(/0&,*1+02& *4',>)7&' (55+-&,*0 -(,0
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( ;'(7+*1 -& 5& =')/.32& 0&'( (=='1:&,-&' 0)40 8)'2& -& 5)6*0 &* -& '+0<4&0 -18+,+0
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,)'2&0 '181'&,*+&.0 15('*0 5)6* &* '+0<4&0 -)+7&,* B*'& /+&, -+881'&,5+10 =)4' 5),0*+*4&' -&0
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=(' -+7&'0 +,-+5(*&4'0 *&.0 <4&
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4
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+,*&'='1*(*+), 5)''&5*&
4 (%42%/%$6
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*)4I)4'0 ='10&,*&
( 8+(/+.+*1 5),5&',& -),5 .( =')/(/+.+*1 - )/*&,+' .& 2B2& '104.*(* (7&5 .& 2B2&
+,0*'42&,* .)'0 - 40(;&0 '1=1*10 0)+* =(' -+881'&,*&0 =&'0),,&0 0)+* @ -&0 2)2&,*0 -+881'&,*0
=(' .& 2B2& +,-+7+-4
)40 .& *&'2& -& 8+(/+.+*1 0& '&*')47&,* .&0 ,)*+),0 -& 0*(/+.+*10 ='15+0+),0 )4
0&,0+/+.+*1 5),0+0*(,5& )/I&5*+7+*1 8+-1.+*1 ( 0*(/+.+*1 &0* .& -&;'1 0&.), .&<4&. .& =:1,)23,&
)/0&'71 ,& 7('+& =(0 0+ .&0 )/0&'7(*+),0 0),* 8(+*&0 @ -&0 2)2&,*0 -+881'&,*0 N .( ='15+0+), )4
0&,0+/+.+*1 &0* .& -&;'1 - &C(5*+*4-& (7&5 .&<4&. . +,-+7+-4 (''+7& @ 2&04'&' .&0 7('+(*+),0 -4
=:1,)23,& 1*4-+1 N . )/I&5*+7+*1 '&5)47'& . )/*&,*+), -4 2B2& '104.*(* 04+*& @ . 4*+.+0(*+), -4
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+,-+5(*&4'0 -+881'&,*0 2&04'&,* .( 2B2& 5:)0& N &,8+, .( 8+-1.+*1 5),5&',& .( 5(=(5+*1 -&
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4 :4/%,%$6
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8+(/+.+*1 &0* .( 5),-+*+), ,15&00(+'& -& .( 7(.+-+*1
, -+0*+,;4& *')+0 *9=&0 -+881'&,*0 -& 7(.+-+*1 ='1-+5*+7& +,*&',& &C*&',&
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.( 8)'5& -4 .+&, -& 5)''1.(*+), &,*'& .&0 -&4C
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+2=.+<4& <4& . 4*+.+0(*&4' -& . +,-+5(*&4' (+* 4,& /),,& 5),,(+00(,5& -& .( .+**1'(*4'& &* -&0
:9=)*:30&0 <4+ ),* 1*1 8)'24.1&0 )' +. ( 1*1 ,)*1 <4& *'30 =&4 - +,-+5(*&4'0 0)5+(4C ),* 8(+*
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- (4*'&0 -(,0 .& /4* -& 2&04'&' .& -)2(+,& 5),5&',1 &.( +2=.+<41 (400+ -& 5),,(E*'& .(
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5&'*(+, ,)2/'& -& 5('(5*1'+0*+<4&0 5)22& 5&..&0 - B*'& 15),)2+<4&0 ='(*+<4&0 &* (55&=*10
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. &0* ,15&00(+'& - 17(.4&' .( ;'(7+*1 -&0 5),01<4&,5&0 -&0 =')/.32&0 5 &0*>@>-+'& .&4'
+2=(5* 04' .& 8),5*+),,&2&,* &* .( '&,*(/+.+*1 -& . &,*'&='+0& =4+0 - (=='15+&' .&4' =')/(/+.+*1
- )554''&,5& 0)40 8)'2& -& '+0<4&0
• '+ -#@$+
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*&'2&0 2),1*(+'&0 &* ,), 2),1*(+'&0 &, ='&,(,* &, 5),0+-1'(*+), .&0 =&'*&0 &,5)4'4&0 -+'&5*&0
&* +,-+'&5*&0
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+221-+(*& +,0(*+08(5*+), -4 =&'0),,&. &, &0* 4, &C&2=.& &=&,-(,* 5&0 5)6*0 ,),
2),1*(+'&0 =)4''),* 0& *'(-4+'& *'30 '(=+-&2&,* =(' -&0 171,&2&,*0 -),* .&0 5),01<4&,5&0
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'+0<4&0
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5)22& 5),01<4&,5& 4,& =&'*& -+'&5*& )4 +,-+'&5*& &,*'(E,1& =(' -&0 171,&2&,*0 =:90+<4&0
)/0&'7(/.&0 *&.0 <4& .&0 (55+-&,*0 &* .&0 -10(0*'&0 ,(*4'&.0 5),*'(+'&2&,* (4 '+0<4& 0=154.(*+8
(==&.1 1;(.&2&,* '+0<4& 2(,(;&2&,* <4+ (88&5*& -+881'&,*&0 8),5*+),0 -& . &,*'&='+0& &* =&4*
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04'7&,(,5& -&0 171,&2&,*0 '1&.0 &* .&0 171,&2&,*0 =)*&,*+&.0 "(' 5),*'& .&0 '+0<4& 04/I&5*+80
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,& =&4* '(+0),,&' <4& 04' 4,& 01'+& .+2+*1& - 171,&2&,*0 )4 04' 4, 0&4. - &,*'& &4C
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15:(,*+..),,(;& =&'2&* -& 5),,(E*'& .( *)*(.+*1 -&0 5('(5*1'+0*+<4&0 - 4,& =)=4.(*+),
&, , &, 5),0+-1'(,* <4 4,& =('*+& ".40+&4'0 -+88+54.*10 =&47&,* 0& ='10&,*&' (/0&,5& -& .+0*&
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+,-+7+-40 5)2=)0(,* .& =&'0),,&.
")4' 2&,&' @ /+&, -& *&..&0 (,(.90&0 . (4-+*&4' -)+* '&54&+..+' 4, &,0&2/.&
- +,8)'2(*+),0 -),* +. (=='15+&'( &, ='&2+&' .+&4 .( 8+(/+.+*1 &* .( 5),8)'2+*1 .1;(.& & , &0*
<4 4,& 8)+0 5&0 =)+,*0 1*(/.+0 <4 4, 5),0*(* =)4''( B*'& -'&001 -& .( 0+*4(*+), -& . &2=.)+ -(,0
. &,*'&='+0& )4 . 1*(/.+00&2&,* (4-+*1
(4-+*&4' 5),04.*&'( .&0 '&;+0*'&0 -4 =&'0),,&. .&0 -15.('(*+),0 )/.+;(*)+'&0 .&0 -+7&'0
1*(*0 - &88&5*+80 . (,,&C& -4 /+.(, .&0 /4-;&*0 - &88&5*+80 .&0 )';(,+;'(22&0 .&0 =).+*+<4&0 &*
=')51-4'&0 &, 2(*+3'& - &2=.)+ .&0 =.(,0 -& =')-45*+), .&0 8+5:&0 -& =)+,*(;& &* *)40 .&0
-)542&,*0 =&'*+,&,*0 <4+ 12(,&,* -& 0&'7+5&0 -+881'&,*0 5)2=*(/+.+*1 +,8)'2(*+<4& 5),*'D.&
-& ;&0*+), =.(,+8+5(*+), -1=('*&2&,* -4 =&'0),,&.
,& 8)+0 .( 8+(/+.+*1 &* .( 5),8)'2+*1 .1;(.& -&0 +,8)'2(*+),0 1*(/.+&0 +. &0* =)00+/.& -&
=')51-&' @ 4,& (,(.90& -& . &2=.)+ &, *&'2&0 <4(,*+*(*+80 &* <4(.+*(*+80 &, ='&,(,* &,
5),0+-1'(*+), @ .( 8)+0 .& =(001 &* .& 84*4' . 5),7+&,* *)4*&8)+0 -& 5.('+8+&' &, ='&2+&' .+&4 .(
,)*+), - &88&5*+8 <4+ 0&'7+'( @ 1*(/.+' .&0 +,-+5(*&4'0 =&'*+,&,*0 =)4' 5&**& (,(.90&
) *
&88&5*+8 , &0* <4 (==('&22&,* 4,& ,)*+), 0+2=.& +. &, &C+0*& (4 2)+,0 4,& -+W(+,&
-& -18+,+*+),0 <4+ -+881'&,* 0&.), . (55&=*+), '&*&,4& 5)22& . &88&5*+8 +,05'+* *:1)'+<4&
=&'2(,&,* 8+05(. =(91 ='10&,* (4 *'(7(+. <4+ 5:(54,& ),* 4,& 4*+.+0(*+), =)00+/.& -+881'&,*&
&88&5*+8 +,05'+* (4 '&;+0*'& -4 =&'0),,&. =&4* B*'& (=='1:&,-1 =(' -+7&'0 +,-+5(*&4'0
. &88&5*+8 +,0*(,*(,1 (4 R N . &88&5*+8 2)9&, (,,4&. N . &88&5*+8 2)9&, 2&,04&. -& . (,,1&
5),0+-1'1& )/*&,4 &, -+7+0(,* =(' .( 0)22& -&0 &88&5*+80 (4 -&',+&' I)4' -& 5:(<4& 2)+0
&88&5*+8 *:1)'+<4& 5)2='&,- J .&0 =&'0),,&0 8(+0(,* =('*+& -& . &,*'&='+0& )4 9
5),0&'7(,* 4, -')+* -& '1+,*1;'(*+), 9 5)2='+0 .&0 5),*'(*0 040=&,-40 5)2=)'*(,* '1+,*1;'(*+),
)/.+;(*)+'&0 , -1-4+0(,* -& . &88&5*+8 *:1)'+<4& .&0 5),*'(*0 040=&,-40 =)4' (/0&,5& -& .),;4&
-4'1& F0&'7+5& 2+.+*(+'& .),;4&0 2(.(-+&0G ), )/*+&,* . &88&5*+8 +,05'+*
&88&5*+8 =&'2(,&,* -(,0 .& /+.(, 0)5+(. +,5.4* .&0 0(.('+10 @ *&2=0 =.&+,0
*+*4.(+'&0 - 4, 5),*'(* -& *'(7(+. @ -4'1& +,-1*&'2+,1& +,05'+*0 @ . &88&5*+8 =&,-(,* *)4*& . (,,1&
5),0+-1'1& , 0),* -),5 &C5.40 .&0 *+*4.(+'&0 -& 5),*'(*0 @ -4'1& -1*&'2+,1& (+,0+ <4& .&0
0(.('+10 @ *&2=0 =('*+&. . 5),7+&,-'(+* -),5 -& '1 +,5.4'& 5&0 -&',+&'0 (4 =')'(*( -&0 :&4'&0
&88&5*41&0 =(' '(==)'* (4C :)'(+'&0 J,)'2(4CM =)4' (7)+' 4,& +-1& &C(5*& -&0 &88&5*+80
=&'2(,&,*0 '1&.0
&88&5*+8 8+05(. 5)2='&,- *)4*&0 .&0 =&'0),,&0 <4+ ),* 8+;4'1 @ . &88&5*+8 @ <4&.<4& *+*'&
<4& 5& 0)+* &* <4+ -& 5& 8(+* ),* =&'K4 4,& '124,1'(*+), 5&=&,-(,* 0),* &C5.40 -& 5&**&
,)*+), *)40 .&0 0(.('+10 <4+ *+*4.(+'&0 - 4, 5),*'(* -& *'(7(+. , ),* =(0 -4 8(+* =(' &C&2=.& -&
040=&,0+),0 '&K4 4, 0(.(+'& -4'(,* . &C&'5+5&
&88&5*+8 =(91 5)''&0=),- (4 ,)2/'& -& =&'0),,&0 -),* .( '124,1'(*+), &0* *)*(.&2&,*
)4 =('*+&..&2&,* 2(+,*&,4& F5),;10 =(910 (/0&,5&0 2(.(-+& +,5.40G
&88&5*+8 ='10&,* 5),*'(+'&2&,* @ 5& <4& 5&* (-I&5*+8 .(+00&'(+* 04==)0&' 5)2='&,-
. &88&5*+8 (4 *'(7(+. 2(+0 1;(.&2&,* 5&.4+ <4+ &0* )554=1 -(,0 -&0 (5*+7+*10 ,), :(/+*4&..&0 -&
5)4'*& -4'1& F7+0+*&0 21-+5(.&0 +,8+'2&'+& -1.1;(*+),G )4 =)47(,* 0 1*(.&' 04' 4,& =.40 .),;4&
=1'+)-& F8)'2(*+),G
+' * / !
&**& (,(.90& 0& 8(+* - (/)'- &, &C(2+,(,* .& =&'0),,&. =(' 5(*1;)'+& &,04+*& &,
5),0+-1'(,* 4, 5&'*(+, ,)2/'& -& 5'+*3'&0 *&.0 <4& . A;& . (,5+&,,&*1 .( .)5(.+0(*+), &*5 ..&
=&4* B*'& &,7+0(;1& - 4, =)+,* -& 74& +,0*(,*(,1 5 &0*>@>-+'& &, ,& 5),0+-1'(,* <4& .&0 '104.*(*0
@ 4, 2)2&,* -),,1 )4 &, (-)=*(,* 4, =)+,* -& 74& -9,(2+<4& =&'2&**(,* - &C=.+<4&' .&0
2)47&2&,*0 <4+ ),* =4 B*'& @ . )'+;+,& -& 5&0 '104.*(*0
• &4/0+' 8/#24/'
(,(.90& ;.)/(.& -&0 &88&5*+80 &,7+0(;10 -(,0 .&4' *)*(.+*1 )4 =(' 5(*1;)'+& =&4* B*'&
4*+.&2&,* 2&,1& &, '(==')5:(,* . 17).4*+), -& 5&0 -&',+&'0 -& 5&..&0 -& .( =')-45*+), -& .(
7(.&4' (I)4*1& -4 5)6* -4 5(=+*(. . &0* 1;(.&2&,* =)00+/.& -& 5)2=('&' .& *)*(. -&0 &88&5*+80 @
.( 2(';& /'4*& &* - )/0&'7&' .&0 17).4*+),0 (4 5)4'0 -4 *')+0 -&',+3'&0 (,,1&0 &.( =&'2&*
- (7)+' 4,& 74& ;1,1'(.& -& .( 0+*4(*+), -& . &2=.)+ &, '(==)'* (7&5 .( '&,*(/+.+*1 &* .(
5)2=1*+*+7+*1 -& . &,*'&='+0& F&, 5)2=('(,* .&0 '(*+)0 )/*&,40 -(,0 . &,*'&='+0& (4-+*1& (7&5
5&4C -&0 5),54''&,*0 ,(*+),(4C &* +,*&',(*+),(4C =(' &C&2=.&G 2(+0 , (4*)'+0& =(0 @ =)'*&' -&
71'+*(/.&0 (=='15+(*+),0 04' .&0 -101<4+.+/'&0 =)00+/.&0 <4+ ,15&00+*&,* 4,& (,(.90& -& .(
0*'45*4'& -&0 &88&5*+80 5)2/+,(,* =.40+&4'0 5'+*3'&0
• &4/0+' ,' /4 +$)1-$1)' ,'+ '(('-$%(+
(('-$%( 5')*4&'&$ B B
(('-$%( *#0'&
4'(,* 4,& =1'+)-& -),,1& & ,)2/'& -& -1=('*0 +,5.4* (400+ /+&, .&0
-1=('*0 &, '&*'(+*& <4& .&0 .+5&,5+&2&,*0 .&0 24*(*+),0 )4 .&0 -1=('*0 -& 0(+0),,+&'0 &* .&0 8+,0
-& 5),*'(*0 @ -4'1& -1*&'2+,1&
. 5),7+&,* (.)'0 -& ='15+0&' .& =:1,)23,& =(' -&0 '(*+)0 =.40 ='15+0 2&04'(,* =('
&C&2=.& . +2=)'*(,5& -&0 -1=('*0 7).),*(+'&0 -4'(,* 4,& =1'+)-& -),,1&
(('-$%( *#0'&
".40 ='15+012&,* &,5)'& +. &0* +,-+0=&,0(/.& -& 5(.54.&' -&0 *(4C - +,0*(/+.+*1 &
*4',)7&' -&0 ,)47&(4C &2/(45:10 5)2=.3*& .&0 +,-+5(*&4'0 /'4*0 +. &0* 2&04'1 =(' .& '(*+) -+*
-4 *(4C -& 04'7+&
#*2)' , '*241-7'+
#*2)' , '*241-7'+
& *4',)7&' =&4* B*'& '&='10&,*1 0)40 8)'2& - 4,& 5)4'/& -& 04'7+& )H 8+;4'& &,
)'-),,1& .& =)4'5&,*(;& -& =&'0),,&. '&0*(,* =(' '(==)'* (4 ,)2/'& - &2/(45:&0 &* &,
(/05+00& .& ,)2/'& -& 2)+0 -& ='10&,5&
,' * / !
&**& (,(.90& =&4* =)'*&' 04' .&0 5)2=1*&,5&0 .& =)*&,*+&. &* 17&,*4&..&2&,* .(
2)*+7(*+), -4 =&'0),,&. . 5),7+&,* 5&=&,-(,* -& 0)4.+;,&' <4& 5& -&',+&' =)+,* 21'+*& @ .4+
0&4. 4, (4-+* =('*+54.+&' '1(.+01 =(' . +,*&'21-+(+'& - &,<4B*&0 - (**+*4-&0 )4 - )=+,+),0 )40
,)40 /)',&'),0 +5+ @ &C(2+,&' . (,(.90& -4 =&'0),,&. &, *&'2&0 -& 5)2=1*&,5& &* -& =)*&,*+&.
&4/0+' ,'+ -#*56$'&-'+
&**& (,(.90& 5)2=.3*& 5&..& =)'*(,* 04' .&0 <4(.+8+5(*+),0 +. 5),7+&,* -& 2&04'&' .&
,+7&(4 -& 8)'2(*+), =(' 5(*1;)'+& =')8&00+),,&..& , -'&00&'( (+,0+ 4, :+0*);'(22& -&0
8)'2(*+),0 +,+*+(.&0 &* 4, (4*'& -&0 8)'2(*+),0 5),*+,4&0 &.( =&4* =&'2&**'& -& 5),0*(*&' .&
=)4'5&,*(;& -& 5(-'&0 (4*)-+-(5*&0 -(,0 .( =)=4.(*+), 5(-'& =(' &C&2=.& 2(+0 -& 7)+'
1;(.&2&,* <4&..&0 8)'2(*+),0 5),*+,4&0 +.0 ),* 04+7+0 .& ,+7&(4 -& 8)'2(*+), -4 =&'0),,&. -&
. &,*'&='+0& =&4* B*'& 17(.41 -& 8(K), +,-+'&5*& &, 5)2=('(,* 5&0 +,-+5(*&4'0 (7&5 5&4C 1*(/.+0
(4 ,+7&(4 -& .( /'(,5:& =(' &C&2=.& .0 0),* 5&=&,-(,* @ '(==')5:&' -& .( =')-45*+7+*1 &* -&0
=&'8)'2(,5&0 -& . &,*'&='+0& &* -& 5:(54, -&0 2&2/'&0 -4 =&'0),,&. 5),5&',1 . &0* (.)'0
,15&00(+'& =)4' 4, 5&'*(+, ,)2/'& -& 5(0 F=)0*&0 -& '&0=),0(/+.+*1G -& 0 (==49&' 04' .&0
(=='15+(*+),0 -&0 =&'8)'2(,5&0 .)'0<4 &..&0 &C+0*&,* &* -& *&,+' 5)2=*& -&0 5('(5*1'+0*+<4&0
0=15+8+<4&0 -& 5:(<4& (5*+7+*1 (+,0+ <4& -& .( 5)4'/& -& 7+& -4 )4 -&0 =')-4+*0 , 5(.54.&'( .&
*(4C -& 2)/+.+*1 =)*&,*+&. 5)22& 04+*
) *0
( ;&0*+), ='17+0+),,&..& -4 =&'0),,&. '&5)47'& .&0 =).+*+<4&0 090*32&0 &* =')51-4'&0
<4+ ),* =)4' /4* -& 0 (004'&' <4& .& ,)2/'& (==')='+1 -& =&'0),,&0 (9(,* .&0 <4(.+8+5(*+),0 &*
0=15+8+5(*+),0 -),* . &,*'&='+0& ( /&0)+, =)4' '1(.+0&' 0&0 )/I&5*+80 @ 5)4'* &* .),; *&'2& 0&'(
-+0=),+/.& &, *&2=0 4*+.& &* (4C .+&4C 7)4.40
( ;&0*+), ='17+0+),,&..& -4 =&'0),,&. ,& *'(+*& <4& -& =')/.32&0 5)..&5*+80 . (55&,* &0*
-),5 2+0 +5+ 04' . &,*'&='+0& &* ,), 04' . +,-+7+-4 ..& &0* .+1& @ .( =')-45*+7+*1 @ .),; *&'2& &*
@ .( 5),*+,4+*1 -& . )';(,+0(*+), &..& -)+* -),5 B*'& +,*1;'1& @ .( =.(,+8+5(*+), &* (4C (4*'&0
8),5*+),0 -& =&'0),,&. F8)'2(*+), -17&.)==&2&,* ;&0*+), -&0 5(''+3'&0 '&5'4*&2&,*G
+' * 0
( 2+0& &, 17+-&,5& -&0 =')/.32&0 17&,*4&.0 &* -& .&4'0 5(40&0 -(,0 .(
;&0*+), ='17+0+),,&..& -4 =&'0),,&. =(00& =(' 4,& 01'+& - 1*(=&0 .( ='&2+3'& 5),0+0*& @
5)2=('&' .&0 '104.*(*0 (4C )/I&5*+80 N .&0 04+7(,*&0 @ &C(2+,&' - (/)'- .&0 =).+*+<4&0 &*
='(*+<4&0 4*+.+01&0 =)4' -18+,+' .&0 /&0)+,0 &* .&0 '&00)4'5&0 :42(+,&0 &,04+*& .&0 090*32&0
/(010 04' -&0 =')51-4'&0 -& -15+0+), 5)224,+5(*+), &* 5),*'D.& &, 7+;4&4' -(,0 .(
=.(,+8+5(*+), &,8+, @ 1*4-+&' .( '1=('*+*+), -&0 '&0=),0(/+.+*10 &, 5& -)2(+,&
• %48&#+$%- 86&6)4/
")4' .& '1(.+0&' 4, 5&'*(+, ,)2/'& - +,-+5(*&4'0 0&'),* '&*&,40 =)4' 5&',&' -&0 '104.*(*0
F04' )4 0)40>&88&5*+80 =(' &C&2=.&G &0 )/I&5*+80 8)'2(.+010 0&'),* 5)2=('10 (4C '104.*(*0 &*
8&'),* -(,0 .& 5(0 )H +.0 , ),* =(0 1*1 (**&+,*0 . )/I&* - 4,& (,(.90& -& 5):1'&,5& (7&5 5&4C
8+C10 =)4' - (4*'&0 0)40>8),5*+), -& =&'0),,&. &* (7&5 5&4C ;1,1'(4C -& . &,*'&='+0&
,' *
&0 =)+,*0 8)'*0 *)4* (4*(,* <4& .&0 =')/.32&0 17&,*4&.0 -15&.10 (4 5)4'0 -4 5),0*(*
-'&001 =(' . (4-+*&4' -&7'(+&,* B*'& (=='15+10 &, *&,(,* 5)2=*& -&0 5),*'(+,*&0 *(,* &C*&',&0
<4 +,*&',&0 <4+ =30&,* 04' . &,*'&='+0&
+,0+ . (4-+*&4' (7&5 . (+-& -&0 ='+,5+=(4C '&0=),0(/.&0 -&7'( 1*(/.+' .& =)+-0 -&0
5),*'(+,*&0 *&,(,* @ .( .1;+0.(*+), @ . &,7+'),,&2&,* 15),)2+<4& @ .( 0+*4(*+), 04' .& 2('5:1
-4 *'(7(+. @ .( 09,-+5(.+0(*+), -(,0 . &,*'&='+0& (4 5('(5*3'& -&0 0*(*4*0 -4 =&'0),,&.
/
& '&5'4*&2&,* &0* &, 8(+* .( -&',+3'& )=1'(*+), =(' )'-'& 5:'),).);+<4& 5& , &0*
<4 (='30 (7)+' 1=4+01 -+7&'0 2)9&,0 *&.0 <4& .( =')2)*+), +,*&',& .&0 '&5.(00&2&,*0 .&0
*'(,08&'*0 <4& .&0 &,*'&='+0&0 '&5)4'&,* (4 2('5:1 &C*&',& -& . &2=.)+ =)4' 5)2/.&' .&4'0
/&0)+,0 &0 /&0)+,0 84*4'0 &, =&'0),,&. -1=&,-&,* -+'&5*&2&,* -&0 )/I&5*+80 ;1,1'(4C -&
. &,*'&='+0& -&0 =');'(22&0 -& =')-45*+), &* - 4, +,7&,*(+'& -&0 '&00)4'5&0 :42(+,&0 .&0
)/I&5*+80 &, 2(*+3'& -& ;&0*+), ='17+0+),,&..& -4 =&'0),,&. -&7'(+&,* -),5 '&8.1*&' .(
=:+.)0)=:+& ;1,1'(.& -4 2(,(;&2&,* 8(4*& -& <4)+ .&0 )=1'(*+),0 -& '&5'4*&2&,* '+0<4&,*
- B*'& +,&88+5(5&0
")4' =')51-&' @ 4, (4-+* -4 '&5'4*&2&,* +. &0* ,15&00(+'& -& '(00&2/.&' -&0
+,8)'2(*+),0 (9(,* *'(+* (4C )/I&5*+80 =).+*+<4&0 =');'(22&0 &* =')51-4'&0 -& 01.&5*+), -&
'&5'4*&2&,* - (554&+. &* -& -1=('* N -& '&54&+..+' .&0 -),,1&0 5),5&',(,* .&0 -+7&'0 5)6*0 -&
'&5'4*&2&,* ,)*(22&,* @ =('*+' -& 5&..&0 *'(,02+0&0 =(' .& 5),*'D.& -& ;&0*+), N - &C(2+,&' .&0
8+5:+&'0 -& =&'0),,&. &* .&0 -)00+&'0 +,-+7+-4&.0 N -& 5),0+-1'&' .&0 (=='15+(*+),0 =)'*(,* 04' .&0
=&'8)'2(,5&0 -&0 ,)47&(4C &2/(45:10 (4 2)2&,* -& .&4' &2/(45:& &* <4&.<4&
*&2=0 (='30 N - 1*4-+&' .&0 0*(*+0*+<4&0 - &2/(45:& -& *4',)7&' - &88&5*+80 =(' 5(*1;)'+&
8)'2(*+), +,+*+(.& &C=1'+&,5& <4(.+8+5(*+), -(*& &* .+&4 - &2/(45:& )'+;+,& ;1);'(=:+<4&
0&'7+5& )H .& ,)47&. &2/(45:1 ( 5)22&,51 0( 5(''+3'& &*5 (,0 5&'*(+,&0 0+*4(*+),0 +. &0*
4*+.& -& -1=)4+..&' .&0 &,*'&*+&,0 -& -1=('* =)4' 5),,(E*'& .&0 2)*+80 (9(,* =)4001 .&0 ,)47&(4C
&2/(45:10 @ <4+**&' . &,*'&='+0&
) *&
& '&5'4*&2&,* +,*&',& )4 &C*&',& 5)2=)'*& 4,& 01'+& - )=1'(*+),0 <4+ =&47&,* B*'&
'(,;1&0 &, 5+,< 5(*1;)'+&0 -18+,+*+), &* (,(.90& -&0 /&0)+,0 '&5:&'5:& -& 5(,-+-(*4'&0
01.&5*+), -15+0+), - &2/(45:& +,0&'*+), M
( ='&2+3'& 1*(=& 5),0+0*& @ 8)'24.&' 4,& -&2(,-& ='15+0(,* .& =)0*& @ =)4'7)+' 0&0
0=15+8+5(*+),0 &, 2(*+3'& -& <4(.+8+5(*+), 0=15+(.+*10 '124,1'(*+), =.(5& -(,0
. )';(,+;'(22&
( -&4C+32& 1*(=& 7+0& .( '&5:&'5:& -& 5(,-+-(*4'& 0)+* 04' .& 2('5:1 +,*&',& -&
. &2=.)+ 0)+* 04' .&0 2('5:10 &C*&',&0
( *')+0+32& 1*(=& 5),5&',& .( 01.&5*+), <4+ 5)2='&,- .&0 -+7&'0&0 )=1'(*+),0 -&0*+,1&0
@ 1.+2+,&' 4, 5&'*(+, ,)2/'& -& 5(,-+-(*4'&0
,8+, .( -&',+3'& =:(0& -4 =')5&0040 -4 '&5'4*&2&,* '&5)47'& .&0 -+7&'0&0 )=1'(*+),0
*&..&0 <4& .( 8)'2(.+0(*+), -4 .+&, I4'+-+<4& &,*'& . &2=.)9&4' &* .& ,)47&. &2/(45:1 =('
. +,*&'21-+(+'& - 4, 5),*'(* -& *'(7(+. . (554&+. &* &,8+, . (-(=*(*+), <4+ 0),* -&0*+,10 (4*(,* @
(21.+)'&' . +,*1;'(*+), -4 ,)47&. &2/(45:1 -(,0 . &,*'&='+0& <4 @ (551.1'&' 0( =')-45*+7+*1
+' * / !
&**& (,(.90& 04==)0& <4& .&0 +,8)'2(*+),0 '&54&+..+&0 0)+&,* 8+(/.&0 =)4' 5&.(
. (4-+*&4' -&7'( 0 (004'&' =(' -+7&'0 '&5)4=&2&,*0 <4& .&0 5:+88'&0 8(+*0 &* )=+,+),0
5)''&0=),-&,* /+&, @ .( '1(.+*1
,' * 0
&0 15('*0 5),0*(*10 =&47&,* B*'& &C=.+<410 =(' 4, 5&'*(+, ,)2/'& -& 5(40&0 (**&0*1&0
=(' -&0 +,-+5(*&4'0 &* -&0 8(+*0 5&4C>5+ 0),* )/*&,40 @ . +004& - (,(.90&0 =)'*(,* 04' .(
5):1'&,5& -&0 )/I&5*+80 -& '&5'4*&2&,* (7&5 5&4C -&0 (4*'&0 8),5*+),0 &* (7&5 .&0 )/I&5*+80
;1,1'(4C -& . &,*'&='+0& & ,),>'&0=&5* -&0 =')51-4'&0 .&4' ,),>=&'*+,&,5& )4 .&4' (/0&,5&
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1;(.&2&,* -&0 +,-+5(*&4'0 @ '&*&,+'
&0* &, &88&* (4 74 -& .( 7(.&4' -&0 +,-+5(*&4'0 '&*&,40 <4& . (4-+*&4' =)4''(
-+(;,)0*+<4&' .&0 5(40&0 -&0 =')/.32&0 &* =')=)0&' -&0 '&5)22(,-(*+),0
&0 (,(.90&0 5)2=.1*1&0 =(' 5&..&0 =)'*(,* 04' . &C+0*&,5& &* .& '&0=&5* -&0 =')51-4'&0
=&'2&**'),* @ . (4-+*&4' - 1*(/.+' 4,& .+0*& -& 5(40&0 -&0 =')/.32&0 17&,*4&.0 -15&.10 -& .&0
:+1'('5:+0&' &* - 1*(/.+' -&0 '&5)22(,-(*+),0
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' & # $
(4-+* -& .( =(9& ( 1*1 4, -&0 ='&2+&'0 (0=&5*0 -& .( 8),5*+), "&'0),,&. (4<4&. 0& 0),*
+,*1'&0010 .&0 (4-+*&4'0 (+0 5&4C>5+ .& 5),5&7(+&,* &* .& 5),K)+7&,* &,5)'& 0)47&,* 5)22& 4,
=').),;&2&,* -& . (4-+* 8+,(,5+&' &* . (/)'-&,* ;1,1'(.&2&,* -(,0 4,& )=*+<4& -& 71'+8+5(*+),
5)2=*(/.& &* - (4-+* )=1'(*+),,&. , &88&* *)4*& 2(,+=4.(*+), -& 8),-0 =&4* &,*'(E,&' -&0
8'(4-&0 &* -&0 &''&4'0 0& *'(-4+0(,* &, *)4* 1*(* -& 5(40& =(' -&0 =&'*&0 =)4' . &,*'&='+0&
40(;& -& . +,8)'2(*+<4& ( &,5)'& (55'4 .&0 '+0<4&0 <4& =&4* 8(+'& 5)4'+' .( 8),5*+), =(9& @
. &,*'&='+0& , )4*'& 5& -)2(+,& &0* =.40 (+012&,* 5),*'D.(/.& <4& .&0 (4*'&0 8),5*+),0 -&
=&'0),,&. =(' 0), 5('(5*3'& <4(,*+*(*+8 .&0 (4-+*&4'0 9 7)9(+&,* -),5 4, =').),;&2&,* ,(*4'&.
-& . (4-+* 8+,(,5+&' &=&,-(,* @ . :&4'& (5*4&..& .( =&'0=&5*+7& (-)=*1& =)4' (4-+*&' .( =(9&
*&,- @ 0 1.(';+' =)4' (=='15+&' ,), 0&4.&2&,* .( 8+(/+.+*1 &* .( 5),8)'2+*1 -&0 )=1'(*+),0 -&
=(9& 2(+0 (400+ =)4' 5),5&7)+' 5&..&>5+ -(,0 4,& =&'0=&5*+7& -& 2(,(;&2&,* (8+, - 17(.4&'
0), &88+5(5+*1
, (4-+* -& .( =(9& ( =)4' )/I&5*+80
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-(,0 . &,*'&='+0& N
• & 0 (004'&' -& .( 0154'+*1 -4 090*32& -& =(9& N
• 17(.4&' 0), &88+5(5+*1 @ =('*+' -& 5'+*3'&0 -& '1;4.('+*1 F=(9&' @ *&2=0G - &C(5*+*4-&
F=(9&' .&0 0)22&0 &C(5*&0 -4&0G &* &,8+, - +-&,*+8+5(*+), -&0 '15+=+&,-(+'&0 F=(9&' @ <4+
-& -')+*G , &C(2+,&'( 1;(.&2&,* .& 5('(5*3'& 17).4*+8 -4 090*32& -& =(9& =)4'
71'+8+&' 0 +. '1=),- /+&, (4C 5('(5*1'+0*+<4&0 &* )/I&5*+80 -& . &,*'&='+0&
(4-+* -& .( =(9& 5)2=)'*& 4,& 01'+& - 1*(=&0 5)''&0=),-(,* @ 5&..&0 -4 =')5&0040 -&
.( =(+& <4 +. &0* -),5 ,15&00(+'& (7(,* - &,*(2&' 4, *&. (4-+* -& 5),,(E*'&
!
( =(9& &0* 4,& 8),5*+), &C*'B2&2&,* 5)2=.&C& &, '(+0), -& .( -+7&'0+*1 -&0 1.12&,*0
<4+ .( 5)2=)0&,* F'&;')4=10 &, '4/'+<4&0 -& =(+&G &* -& .( 24.*+=.+5+*1 -&0 )=1'(*+),0 @ '1(.+0&'
=)4' .( 2&**'& &, '(,5&
&=&,-(,* .&0 -+7&'0&0 )=1'(*+),0 -& .( =(9& =&47&,* B*'& '&;')4=1&0 &, *')+0 ;'(,-&0
5(*1;)'+&0 )'-),,(,5&2&,* =(+&2&,* 5)2=*(/+.+0(*+), & 05:12( 04+7(,* ='10&,*& .&0
='+,5+=(.&0 1*(=&0 -4 =')5&0040 -& .( =(9&
! "
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&
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- +,8)'2(*+),0 5),*&,4&0 -(,0 -+7&'0 -)542&,*0 )';(,+;'(22& -18+,+*+),0 -& 8),5*+),
21*:)-&0 -& 5(.54. =')51-4'&0 15.('(*+), ,,4&..& -&0 (.(+'&0 .+7'& -& =(+& 5)2=*&
),7&,*+), )..&5*+7& 55)'- - &,*'&='+0& &* - 1*(/.+00&2&,* 8+5:+&'0 -& =&'0),,&. 1*(* -&0
&88&5*+80 &* -&0 :&4'&0 &*5
)'0 -&0 -+881'&,*&0 =:(0&0 -& . (4-+* . (4-+*&4' 5:&'5:&'( *)4I)4'0 @ 71'+8+&'
0+ 5&'*(+,0 ='+,5+=&0 5),5&',(,* . (-2+,+0*'(*+), -& .( =(+& 0),* (==.+<410 5),5&=*+), -& .(
=(+& 5)22& )4*+. -& ;&0*+), N 01=('(*+), -&0 8),5*+),0 N *9=&0 -& 5),*'D.& &C&'510
& ='&2+&' =)+,* @ 71'+8+&' &0* 5&.4+ -& 0(7)+' 0+ .( =(9& &0* 5),K4& 5)22& 4, )4*+. -&
;&0*+), )4 0+ &..& &0* .+2+*1& 0&4.&2&,* @ .( '124,1'(*+), -4 =&'0),,&. -(,0 5& 5(0 +. 8(4-'(
0& -&2(,-&' 0+ .&0 -)542&,*0 0&'7(,* -& /(0& =)4' . 1.(/)'(*+), -& .( =(+& 0),* 0=15+(.&2&,*
5),K40 =)4' 5&**& -&',+3'& )4 ,),
( 01=('(*+), -&0 8),5*+),0 ( *'(+* @ .( '1=('*+*+), &,*'& -&0 =&'0),,&0 -+881'&,*&0 -&0
-+7&'0&0 )=1'(*+),0 -& .( =(+& )'-),,(,5&2&,* &* =(+&2&,* =(+&2&,* &* 5)2=*(/+.+0(*+),
5)2=*(/+.+0(*+), &* -15.('(*+),
,8+, . (4-+*&4' &0* 5),5&',1 =(' .( 71'+8+5(*+), -& . &C+0*&,5& &* -& . (==.+5(*+), -&
090*32&0 -& 5),*'D.& &4C>5+ -)+7&,* B*'& &C&'510 @ ='+)'+ =.4*D* <4 @ =)0*&'+)'+ 5& ='+C
0&'),* 17+*10 -&0 &''&4'0 -&0 8'(4-&0 -&0 5)6*0 04==.12&,*(+'&0 -40 (4C -+7&'0&0
'1;4.('+0(*+),0 &* -&0 =1,(.+*10 17&,*4&..&0 -4 8(+* -& .( ,), 5),8)'2+*1 -&0 )=1'(*+),0 @ .(
.1;+0.(*+), &, 7+;4&4' (4-+*&4' 0 (004'& (+,0+ -& . &C+0*&,5& -& 5),*'D.&0 (-1<4(*0 =)4'
)/*&,+' 4,& =(+& '1;4.+3'& &C(5*& &* 5),8)'2&
")4' '&54&+..+' .&0 -+881'&,*&0 +,8)'2(*+),0 ,15&00(+'&0 .&0 (4-+*&4'0 =&47&,* '&5)4'+' @
-+881'&,*&0 *&5:,+<4&0 4,& J 5:&5X>.+0* M 5)2=)'*(,* 4,& 01'+& -& <4&0*+),0 @ 71'+8+&' )4 -&0
0),-(;&0 -(,0 .&0 /4..&*+,0 -& =(9&
(4-+* -& .( =(9& =')='&2&,* -+* 5)2='&,- 4,& 01'+& - 1*(=&0 5),0+0*(,* @ 5),*'D.&'
5:(54,& -&0 )=1'(*+),0 -& .( =(9& @ =('*+' - +,-+5(*&4'0 <4+ =&'2&**'),* -& -'&00&' 4, 5),0*(*
&* -(,0 .& 5(0 )H -&0 =')/.32&0 0),* 2+0 @ I)4' - 1*(/.+' 4, -+(;,)0*+5 -&0 '&0=),0(/+.+*10 &*
&,8+, -& 8)'24.&' -&0 '&5)22(,-(*+),0 =)4' .&0 1.+2+,&'
/ !
&**& 1*(=& 0& -15)2=)0& &..&>2B2& &, -+881'&,*&0 =:(0&0
&**& 1*(=& -& . (4-+* 5),5&',& . &C(2&, -&0 =')51-4'&0 -& =(+&2&,* -&0 0(.(+'&0 ,&*0
-&0 (7(,5&0 &* -& 7&'0&2&,* -&0 5:(';&0 @ -&0 )';(,+02&0 . 0 (;+* +5+ -& 71'+8+&' 0+ .&0
0)22&0 0),* /+&, 7&'01&0 @ <4+ -& -')+* -(,0 .&0 -1.(+0 +2=('*+0 0+ .&0 /4..&*+,0 -& 0(.(+'&0
0),* 5)2='1:&,0+/.&0 0+ .&0 5),-+*+),0 -(,0 .&0<4&..&0 .&0 8),-0 0),* *'(,0=)'*10 )88'&,* *)4*&0
.&0 ;('(,*+&0 -& 0154'+*1
&'*(+,0 +,-+5(*&4'0 0),* 4*+.+010 =)4' 71'+8+&' .&0 5),5)'-(,5&0 =(' &C&2=.& &,*'& .&0
0)'*+&0 -& 7(.&4'0 &* .&0 *)*(4C /'4*0 +2=)0(/.&0 &* .&0 *)*(4C ,&*0 @ =(9&' (4-+*&4' &C(2+,&
0+ .& =(+&2&,* -&0 5:(';&0 )/.+;(*)+'&0 &* ,), )/.+;(*)+'&0 @ -+7&'0 )';(,+02&0 &0* &88&5*41 @
*&2=0 -& 8(K), &C(5*& (4-+*&4' 71'+8+& 1;(.&2&,* .& 2),*(,* -&0 '&2/)4'0&2&,*0 -&0
+,-&2,+*10 2(.(-+& )4 -&0 8'(+0 21-+5(4C =(' .( 0154'+*1 0)5+(.& &0 '&-'&00&2&,*0 =&47&,*
B*'& )=1'10 @ .( 04+*& -& 71'+8+5(*+),0 =)'*(,* 04' .& 5('(5*3'& .1;(.&2&,* )/.+;(*)+'&
-& 5&'*(+,0 7&'0&2&,*0
/ !
)40 5)22& .&0 'D.&0 -& 5)2=*(/.& &* - )'-),,(*&4' -)+7&,* B*'& 01=('10 .(
5)2=*(/+.+0(*+), ,& -&7'(+* =(0 B*'& (004'1&0 =(' .&0 2B2&0 =&'0),,&0 <4+ 0 )554=&,* -&0
-15.('(*+),0 0)+* -&0 0(.(+'&0 0)+* -&0 5:(';&0
& 5),*'D.& -& .( 5)2=*(/+.+0(*+), '173.& 0)47&,* -&0 J 040=&,0 M '104.*(,* -&
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='10&,5& -&0 2B2&0 J 040=&,0 M 04' =.40+&4'0 =1'+)-&0 5),0154*+7&0 '173.&,* -&0 =')/.32&0
-),* .( 0).4*+), =(00& =(' -& ,)47&..&0 15'+*4'&0
&C(2&, -& .( 5)2=*(/+.+*1 (,(.9*+<4& =&'2&* 1;(.&2&,* -& 7)+' 0+ .&0 5)6*0 -&
=&'0),,&. ),* 1*1 5)''&5*&2&,* +2=4*10
(4-+* -& .( =(9& =&4* 5),*+,4&' -(,0 .& 5(0 )H -&0 =')/.32&0 ),* 1*1 2+0 @ I)4' =('
4,& 17(.4(*+), -& . &88+5(5+*1 -& 5&**& 8),5*+), &* -&0 0&'7+5&0 <4+ 0 &, )554=&,* . 0 (5:37&'(
=(' .( 8)'24.(*+), -& '&5)22(,-(*+),0
0
!
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+,*&'7&,(,*0 F:+1'('5:+& 0&'7+5& -4 =&'0),,&. =)+,*&(4 PG -(,0 5:(54,& -&0 )=1'(*+),0 -&
/(0& -& .( =(9&
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;'+..& @ '&2=.+' =)4' 1*(/.+' .( 01=('(*+), -&0 '&0=),0(/+.+*10 -),* .& ,), '&0=&5* =&4* &,*'(E,&'
-&0 '+0<4&0 -& 8'(4-&0 )4 - &''&4'0 7)+'& -&0 -)4/.&0 &2=.)+0 )4 -&0 *A5:&0 ,), &88&5*41&0
,& *&..& ;'+..& =&'2&* -& 71'+8+&' 0+ .&0 5),*'D.&0 0),* /+&, 2+0 &, =.(5& =)4' 5:(54,& -&0
)=1'(*+),0 2&,*+),,1&0
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-15.('(*+),0
4 5)4'0 -& 5&**& 1*(=& =&4* B*'& 1;(.&2&,* '1(.+01& 4,& 1*4-& 04' .&0 -+881'&,*&0
-1.1;(*+),0 -& =)47)+' <4+ 0),* ;1,1'(.&2&,* )'(.&0 &* *'(-+*+),,&..&0 . 0 (;+'( -& 71'+8+&' +5+
<4+ ( .( 0+;,(*4'& /(,5(+'& -(,0 <4&. 5(0 4,& -)4/.& 0+;,(*4'& &0* ,15&00(+'& <4&..& &0* .(
8)'2& &* .( -(*& -& .( -1.1;(*+), <4+ ( (**'+/41 5&**& -1.1;(*+), &*5
)'0<4& -&0 =')/.32&0 (==('(+00&,* 4,& 17(.4(*+), -& . &88+5(5+*1 -4 0&'7+5& =(9& =&4*
B*'& &,*'&='+0&
& 2B2& =)4' 17(.4&' . &88+5+&,5& *&5:,+<4& -& .( 8),5*+), =(9& +. 5),7+&,*
-& 5),0+-1'&' -&0 +,-+5(*&4'0 2&**(,* &, 17+-&,5& .&0 &''&4'0 .&0 '&*('-0 &* .&0 (,)2(.+&0
-+7&'0&0
&0 '104.*(*0 )/0&'710 =&47&,* (.)'0 5),-4+'& @ '&2&**'& &, 5(40& . )';(,+0(*+), -4
0&'7+5& =(9& 0&0 )/I&5*+80 &* @ =')=)0&' (.)'0 -&0 '&5)22(,-(*+),0
! %'
' &
, (4-+* -& .( '124,1'(*+), -&7'(+* .);+<4&2&,* -1/4*&' =(' 4,& (,(.90& -&0 )/I&5*+80
=)4' 71'+8+&' .&4' 5):1'&,5& &* .&4' '1(.+0(*+), (,0 5&'*(+,0 (4-+*0 5&=&,-(,* 4,& -12('5:&
+,7&'0& ( 1*1 04+7+& 4, 5),0*(* -&0 17).4*+),0 -&0 -+7&'0 1.12&,*0 -& .( 2(00& 0(.('+(.& (
- (/)'- 1*1 '1(.+01 04+7+ - 4,& (,(.90& -&0 )/I&5*+80 &* -&0 =).+*+<4&0 -& '124,1'(*+),
, 8(+* *)4* -1=&,- -& .( -&2(,-& +,+*+(.& 8)'24.1& =(' .( -+'&5*+), -(,0
5&'*(+,0 5(0 4,& J-1'+7&M +2=)'*(,*& -& .( 2(00& 0(.('+(.& 5),-4+* @ &, 1*4-+&' . 17).4*+), =)4'
2&**'& &, 17+-&,5& .&0 5(40&0 )4 .&0 8(5*&4'0 .&0 =.40 0+;,+8+5(*+80 &* (/)4*+' &,*'& (4*'&0 @ -&0
'&5)22(,-(*+),0 @ 4, *(/.&(4 -& /)'- =&'2&**(,* -& 04+7'& .&0 8(5*&4'0 .&0 =.40 -1*&'2+,(,*0
-&0 7('+(*+),0 &* -& .&0 ='17)+' &.( &,*'(E,& 4,& 01'+& -& <4&0*+),0 04' .( =&'*+,&,5& -&0
)/I&5*+80 &* -&0 =).+*+<4&0 (-)=*1&0 ,), 0&4.&2&,* &, 2(*+3'& -& '124,1'(*+), 2(+0 -(,0 .(
8),5*+), =&'0),,&. *)4*& &,*+3'&
, (4-+* -& .( '124,1'(*+), '&5)47'& -& 24.*+=.&0 -)2(+,&0 5)22& .&0 0(.(+'&0 .&0
5:(';&0 .&0 (7(,*(;&0 0)5+(4C
/
( '124,1'(*+), *'(-4+* &, *&'2&0 2),1*(+'&0 .&0 5),01<4&,5&0 -& ='&0<4& *)4*&0 .&0
-15+0+),0 ='+0&0 -(,0 .( 8),5*+), =&'0),,&. 2(+0 5),0*+*4& &, 2B2& *&2=0 4, 1.12&,*
8),-(2&,*(. -& 5&..&>5+ . &0* -),5 +2=)'*(,* -& 5),,(E*'& .&0 =).+*+<4&0 -& '124,1'(*+), -&
. &,*'&='+0& 5& <4+ 04==)0& . &C+0*&,5& - )/I&5*+80 5):1'&,*0 5.(+'0 &* (55&=*10 &88+5(5+*1
- 4,& =).+*+<4& -& .( '124,1'(*+), -1=&,- &,*'& (4*'&0 -& . (-1<4(*+), -&0 )/I&5*+80 -&
. &,*'&='+0& (4C (**&,*&0 -&0 0(.('+10 &* -& .( '1(.+0(*+), -& 5&0 )/I&5*+80
, 2B2& *&2=0 4,& =).+*+<4& -& .( '124,1'(*+), -)+* 0 (==49&' 04' 4, 090*32& -&
5),*'D.& 8+(/.& <4+ =&'2&* -& 5)2=('&' .&0 '104.*(*0 )/*&,40 (4C ='17+0+),0 8)'2(.+01&0 0)40
8)'2& - )/I&5*+80 &* -& I4;&' (+,0+ . &88+5(5+*1 -& .( ;&0*+), -& .( '124,1'(*+), '30 0)47&,*
.( '124,1'(*+), &0* (-2+,+0*'1& F&* ,), =(0 ;1'1&G -& *&..& 0)'*& <4 &..& &0* ,), 2)*+7(,*& .&0
0(.('+10 ,& =&'K)+7&,* =.40 '1&..&2&,* .( .+(+0), &,*'& .&4' 0(.(+'& &* .&4' =&'8)'2(,5&
( '124,1'(*+), ,& 0(4'(+* B*'& 5),K4& 5)22& 4,& 0+2=.& *'(,0(5*+), 15),)2+<4&
&,*'& . &,*'&='+0& =(9(,* 4, 8(5*&4' -& =')-45*+), &* .&0 0(.('+10 8)4',+00(,* .& *'(7(+. ..&
+2=.+<4& =)4' 5&0 -&',+&'0 .( 0(*+08(5*+), - 4, 5&'*(+, ,)2/'& -& /&0)+,0 <4+ 7('+&,* &,
8),5*+), -& .&4'0 5('(5*1'+0*+<4&0 +,-+7+-4&..&0 &* -& 5& 8(+* 7( -1*&'2+,&' 4,& =('*+& -& .&4'
5)2=)'*&2&,* ( '124,1'(*+), ( (+,0+ 4, (0=&5* =095:).);+<4& <4+ 0& '&*')47& ,)*(22&,*
-(,0 . (**(5:&2&,* -&0 0(.('+10 @ .( ,)*+), - 1<4+*1 , )4*'& .( '124,1'(*+), '&7B* 4,
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( ='10&,5& -& ,)2/'&4C )/I&5*+80 (00+;,10 @ .( =).+*+<4& -& '124,1'(*+),
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'&00)4'5&0 :42(+,&0 N
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. (-1<4(*+), &,*'& .&0 )/I&5*+80 0(.('+(4C &* .&0 (**&,*&0 -10 0(.('+10 &0* (400+ )/*&,4&
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5),,(+00(,5& &C(5*& &* , &, '&5),,(+00&,* =(0 .( =&'*+,&,5& "'(*+<4&2&,* - (+..&4'0 *'30 =&4
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&,8(,*0 &*5
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+2=('8(+*& &, 8),5*+), -& .( 0+*4(*+), 8+,(,5+3'& -& . &,*'&='+0& N -& .( 7(.&4' -& .&4' =)0*& N
-& .&4' =&'8)'2(,5& 5)2=('1& @ 5&..& -& .&4' 5)..3;4& )554=(,* -&0 =)0*&0 I4;1&0 1<4+7(.&,*0
&* (9(,* 4,& 8)'2(*+), &* 4,& &C=1'+&,5& (,(.);4&0 N -&0 =)00+/+.+*10 -& =')2)*+), N -&0
=).+*+<4&0 -& '&5'4*&2&,* F'&5)4'0 (4 '&5'4*&2&,* &C*&',& @ *)40 .&0 15:&.),0 )4 (4 =.40 /(0
,+7&(4 04+7+ - 4,& =')2)*+), +,*&',& 04+7(,* (+,0+ .& 2)47&2&,* - 4, 154'&4+. ;'+2=(,* @
. (,5+&,,&*1G ( =&'5&=*+), -& . 1<4+*1 +,*&',& &0* 1;(.&2&,* +,8.4&,51& 5:&W .& 0(.('+1 =(' 4,
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, 5),01<4&,5& =.40 .& 0(.('+1 &0*+2& <4 +. &0* 5(=(/.& -& 8(+'& 5& <4+ .4+ &0* -&2(,-1
=.40 +. 2(,+8&0*&'( - &88)'*0 F5 &0*>@>-+'& =.40 0( 2)*+7(*+), 0&'( 1.&71& =)4' 8(+'& 5& <4 ),
(**&,- -& .4+G &.( , +2=.+<4& =(0 =)4' (4*(,* <4& 0&0 &88)'*0 0&'),* 5)4'),,10 -& 045530
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+2=)'*(,* =(' .& 0(.('+1
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-15&,*'(.+01& . +,7&'0& +. 9 (4'( 5):1'&,5& 0+ -(,0 4,& 0*'45*4'& =('*+5+=(*+7& &*
-15&,*'(.+01& ,& 0& 5),0*(*&,* =(0 -&0 -+881'&,5&0 -& 0*(*4*0 +2=)'*(,*&0 2(+0 (4 5),*'(+'& 4,&
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215),,(+00(,5& =(' .( -+'&5*+), -&0 (**&,*&0 -&0 0(.('+10 N (/0&,5& -& -1*&5*+), -&0 =)*&,*+&.0 N
,), -18+,+*+), -&0 '&0=),0(/+.+*10 N 5&,*'(.+0(*+), -&0 -15+0+),0 ,), 5)2=(*+/.&0 (7&5 .&0
=).+*+<4&0 04+7+&0 ,8+, .& 8(+* <4& .( -+'&5*+), ,& 0)+* =(0 *)4I)4'0 5),05+&,*& -& . +2=)'*(,5&
2)*+7(,*& -& .( '124,1'(*+), &* -&0 .+2+*&0 -&0 -+881'&,*&0 =).+*+<4&0 0(.('+(.&0 =)00+/.&0 &0*
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. 1*(/.+00&2&,* N .)'0<4& .&0 -1=&,0&0 0(.('+(.&0 0&2/.&,* 04+7'& 4,& =');'&00+), &0*+21&
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) *0
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