012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!a$4=(! b.3**(4=!?7… ·...

88
"#$ %&'()* +, -.*/ 012)(*3+4 34 *#$ 5$6$7+'348 9+.71: - ;(/$ <*21= +, ( >?@ 34 A$4=( B.3**(4= ?7$44 %4/*3*2*$ +, 012)(*3+4 C436$./3*= +, D+41+4 E /* 5$)$&F$. GHEE 9+.1 ;+24*: EIJKGK !"##$%&'&"() #+,-"&&$. ") /'%&"'0 1+01"0-$)& (1 &2$ %$3+"%$-$)&# 1(% &2$ .$4%$$ (1 56 ") 7.+8'&"() '). 9)&$%)'&"()'0 !$:$0(/-$)& ;2"# ."##$%&'&"() -'< ,$ ':'"0',0$ &( &2$ 4$)$%'0 /+,0"8 1(% ,(%%(=")4> /2(&(8(/<")4 (% 8()#+0&'&"() ="&2(+& &2$ /%"(% 8()#$)& (1 &2$ '+&2(%?

Upload: trinhkhanh

Post on 02-Oct-2018

231 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

!

!

!

!

"#$!%&'()*!+,!-.*/!012)(*3+4!34!*#$!5$6$7+'348!9+.71:!!

-!;(/$!<*21=!+,!(!>?@!34!A$4=(!

!

!

!

B.3**(4=!?7$44!

!

!

!

!

%4/*3*2*$!+,!012)(*3+4!

C436$./3*=!+,!D+41+4!

E/*!5$)$&F$.!GHEE!

9+.1!;+24*:!EIJKGK!

!

!

!

!

!

!

!

!"##$%&'&"()*#+,-"&&$.*")*/'%&"'0*1+01"0-$)&*(1*&2$*%$3+"%$-$)&#*1(%*&2$*.$4%$$*(1**

56*")*7.+8'&"()*').*9)&$%)'&"()'0*!$:$0(/-$)&*

*

;2"#*."##$%&'&"()*-'<*,$*':'"0',0$*&(*&2$*4$)$%'0*/+,0"8*1(%*,(%%(=")4>*/2(&(8(/<")4*(%*

8()#+0&'&"()*="&2(+&*&2$*/%"(%*8()#$)&*(1*&2$*'+&2(%?

Page 2: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!!! !

!

"!

-F/*.()*!

*

6%&#*$.+8'&"()* "#*(1&$)*(:$%0((@$.* ")* &2$*8+%%"8+0+-#*(1*.$:$0(/")4*8(+)&%"$#*').* ")*

$.+8'&"()'0* /0'))")4* 1(%* .$:$0(/-$)&?* * 5(,"0$* 6%&* A82((0* ")* B$)<'* C56ABD* ='#*

1(%-$.* &(* '..%$##* &2$* ',#$)8$* (1* '%&#* $.+8'&"()* ")* &2$* 8(+)&%<?* * ;2"#* ."##$%&'&"()*

"):$#&"4'&$#*56AB>*'*EFG*/%(:".")4*'%&#*$.+8'&"()*")*/%"-'%<*').*#$8().'%<*#82((0#*

")* B$)<'?* * H+'0"&'&":$* .'&'* ='#* 4'&2$%$.* &2%(+42* ")&$%:"$=#* ="&2* IJ* ").":".+'0#>*

(,#$%:'&"()#*(1*'%&*=(%@#2(/#>*').*&2$*')'0<#"#*(1*'%&=(%@*/%(.+8$.*'&*#$:$)*56AB*

/'%&)$%#2"/* #82((0#?* * ;2$*.'&'*.$/"8&#* &2$* 82'00$)4$#* 1'8")4* '%&#* $.+8'&"()* ")* B$)<'*

.+$* &(* &2$* 8(+)&%<K#* %"4".* $L'-")'&"()* ,'#$.* 8+%%"8+0+->* ').* '&&"&+.$#* &(='%.#* &2$*

#+,M$8&?*E+-$%(+#*/(#"&":$* "-/'8&#*(1*56AB*'%$*/%$#$)&$.>*=2"82*1+%&2$%* M+#&"1<*&2$*

"-/(%&')8$*(1*'%&#*$.+8'&"()* ")*.$:$0(/")4*8%$'&":"&<>*$-/'&2<>*').*'*=".$* %')4$*(1*

#@"00#* "-/(%&')&* ")* &2$* .$:$0(/")4*=(%0.?* N").")4#* #+44$#&* '%&#* $.+8'&"()* ")* B$)<'* "#*

/$%8$":$.*&(*,$*$#/$8"'00<*"-/(%&')&*")*/%(:".")4*$8()(-"8*(//(%&+)"&"$#*1(%*#&+.$)&#*

&(*0$'%)*#@"00#*&2'&*8')*,$*+&"0"#$.*1(%*$8()(-"8*4'")*0'&$%*")*0"1$?**;2"#*/'/$%*'0#(*/0'8$#*

')* $-/2'#"#* ()* &2$* .$:$0(/-$)&* (1* $-/'&2<>* /$'8$* ').* 8+0&+%$* &2%(+42* '%&#*

$.+8'&"()>*').*$L'-")$#*56ABK#*(:$%'00*$11$8&":$)$##*').*")10+$)8$*'#*'*/%(4%'--$?*

;2$*1").")4#*#+44$#&*&2'&*56ABK#*'%&#*$.+8'&"()*2'#*')*(:$%'00*/(#"&":$* "-/'8&*()* "&#*

/'%&"8"/')&#*').*&2'&*'%&#*$.+8'&"()*"#*"-/(%&')&*').*,$)$1"8"'0*")*B$)<'?*

*

*

*

*

*

Page 3: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!!! !

!

#!

-)L4+M7$18&$4*/!

!

5<*1"$0.=(%@* ")*B$)<'*=(+0.*)(&*2':$*,$$)*/(##",0$*="&2(+&*600'*;@'82+@*').* O(2)*

F"&2"%"*(1*5(,"0$*6%&*A82((0*")*B$)<'*C56ABD*').*&2$"%*.$."8'&"()*').*'//%$8"'&"()*(1*

&2$* '%&#?* * N%(-* &2$* -(-$)&* 9* -$&* 600'* #2$* 2'#* ,$$)* )(&2")4* ,+&* #+//(%&":$* ').*

$)8(+%'4")4?* * P$%* (/&"-"#-* "#* $).0$##* ').* &%+0<* ")#/"%")4?* * 6* .$$/>* 2$'%&1$0&* &2')@#*

4($#*(+&*&(*2$%?**5<*4%'&"&+.$*4($#*&(*O(2)*'#*=$00*1(%*#2(=")4*-$*'%(+).*B$)<'*').*

@$$/")4*-$*8(-/')<*()*&2$*#$$-")40<*$).0$##*-'&'&+*M(+%)$<#?* *60#(*&(*!+)8')*1(%*

'0='<#*2':")4*'*#-"0$*()*2"#*1'8$*').*,$")4*#(*$'4$%*&(*0$'%)*').*"-/%(:$*2"#*&$'82")4*

#@"00#?*****

*

9* &2')@* !%?* ;%"#&')*58Q(=')* =2(* 2'#* 4":$)*-$* #(*-+82* 4+".')8$* &2%(+42(+&* &2"#*

/%(8$##?* *!(")4* %$#$'%82* 1(%* &2$* 1"%#&* &"-$*='#* #+82*'*.'+)&")4* &'#@*').*="&2(+&*2"#*

8(--$)&#>*'.:"8$>*').*#+//(%&*9*.(*)(&*@)(=*=2$%$*9*=(+0.*,$?***

*

9*=(+0.*'0#(* 0"@$* &(* &2')@*-<* 1%"$).#*').* 1'-"0<?* *5<*/'%$)&#>* O+0"$*').*!$:()>*2':$*

'0='<#*$)8(+%'4$.*').*#+//(%&$.*-$*)(*-'&&$%*=2'&*9*.(*').*)(*-'&&$%*2(=*-')<*

-"0$#* "&* &'@$#*-$* '='<* 1%(-* &2$-?* * * ;2$<* 2':$*='&82$.*-$* 4%(=* 1%(-* '* 4"%0* =2(*

'0='<#*=')&$.*&(*=(%@*")*61%"8'*&(*')*'.+0&*=2(*1")'00<*"#*-'@")4*"&*2'//$)>*').*"&*"#*'00*

&2')@#* &(* &2$-?* * 9* 8(+0.* )(&* '#@* 1(%* ,$&&$%* /'%$)&#?* * 9*=(+0.* '0#(* 0"@$* &(* $L&$).*-<*

4%'&"&+.$* &(*-<*#",0")4#>*=2(*'0='<#*/+&*'* #-"0$*()*-<* 1'8$?*6*#/$8"'0* &2')@#* &(*-<*

,%(&2$%>* =2(#$* 4+".')8$* 2'#* ,$$)* $#/$8"'00<* 2$0/1+0R* 9* 8')* ()0<* '#/"%$* &(* ,$* '#*

'8'.$-"8*'#*<(+S* *;2')@#*'0#(*4($#* &(*-<* 1$00(=*#&+.$)&*P'))'2>*=2(*2'#*@$/&*-$*

#')$*&2%(+42(+&*&2$*/%(8$##*(1*=%"&")4*&2"#>*').*&(*!':".*').*&2$*%$#&*(1*&2$*A&$:$)#K*

1'-"0<*1(%*=$08(-")4*-$*")&(*&2$"%*2(-$*")*&2$*TB?*

*

N")'00<>*9*=(+0.*0"@$*&(*&2')@*').*.$."8'&$*&2"#*&(*-<*F%')./'*U$()?**P$*='#*&2$*-(#&*

")#/"%")4*-')*9*="00*$:$%*@)(=?*P$*0":$.*$:$%<*.'<*&(*"&#*1+00$#&*'00*&2$*='<*+)&"0*VI?*P$*

")#&"00$.* ")* '00* (1* +#* '* .$$/* 0(:$* ').* '//%$8"'&"()* (1* &2$* '%&#* ').* '* )$:$%R$).")4*

(/&"-"#-?**9*="00*'0='<#*-"##*(+%*-'&W*-(%)")4#?*

Page 4: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!!! !

!

$!

"(F7$!+,!;+4*$4*/!!

6,#&%'8&XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?I*68@)(=0$.4-$)&#XXXXXXXXXXXXXXXXX?XXXXXXXXXXXXXXXXXXXX??X?Y*;',0$*(1*Q()&$)&#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXZ*68%()<-#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?[*\ 9)&%(.+8&"()XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX]*

\?\ ̂ '8@4%(+).*(1*#&+.<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX??X]*\?I _$%#()'0*`'&"()'0$XXXXXXXXXXXXXXXXXXXXXXXXXXX??XXXXXa*\?Y 9-/(%&')8$*(1*;2"#*A&+.<XXXXXXXXXXXXXXXXXXXX??XXXXXXX?XV*\?Z 56ABb*5(,"0$*6%&*A82((0*")*B$)<'XXXXXXXXXXXXXXXXXXXXXXX\J*\?c ̀ $#$'%82*6"-#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?\J*\?[ A&%+8&+%$*(1*!"##$%&'&"()XXXXXXXXXXXXXXXXXXXXXXXXXXXX??\\*

I U"&$%'&+%$*`$:"$=XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX\I*I?\ !$1")"&"()#?XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?X\I*I?I 6*N%'-$=(%@*1(%*6%&#*7.+8'&"()XXXXXXXXXXXXXXXXXXXXXXXX?\Y*I?Y P+-')*`"42&#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX\Z*I?Z Q'/',"0"&"$#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?\c*I?c H+'0"&<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX\[*

I?c?\ Q%$'&":"&<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX\]*I?c?I ^%'")*`$#$'%82XXXXXXXXXXXXXXXXXXXXXXXXXXXX\a*I?c?Y 9)#&%+-$)&'0*G+&8(-$#XXXXXXXXXXXXXXXXXXXXXX??\a*I?c?Z 78()(-"8*d'0+$XXXXXXXXXXXXXXXXXXXXXXXXXXX?\V*

I?[ Q+0&+%'0*!":$%#"&<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXIJ*I?[?\ 7-/'&2<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?IJ*I?[?I Q"&"e$)#*(1*&2$*f(%0.XXXXXXXXXXXXXXXXXXXXXXXX?II*

I?] Q2'00$)4$#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX??IY*Y B$)<'XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXIc*

Y?\ Q(+)&%<*^'8@4%(+).XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXIc*Y?I _(#&R70$8&"()*d"(0$)8$XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXIc*Y?Y B$)<'K#*7.+8'&"()'0*A<#&$-XXXXXXXXXXXXXXXXXXXXXXXXXX??I]*

Z 5$&2(.(0(4<XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?YJ*Z?\ ̀ $#$'%82*H+$#&"()#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?Y\*Z?I ̀ $#$'%82*6//%('82b*Q'#$*A&+.<XXXXXXXXXXXXXXXXXXXXXXXX?Y\*Z?Y ̀ $#$'%82*!$#"4)XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?YI*

Z?Y?\ A&+.<*A+,M$8&#XXXXXXXXXXXXXXXXXXXXXXXXXXXXYY*Z?Y?I 9)&$%:"$=#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?YZ*Z?Y?Y G,#$%:'&"()#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXYZ*Z?Y?Z 6)'0<#"#*(1*6%&=(%@XXXXXXXXXXXXXXXXXXXXXXXXX?Yc*Z?Y?c 5$&2(.#*(1*`$:"$=")4*U"&$%'&+%$XXXXXXXXXXXXXXXX??Y[*

Z?Z _%(8$##*(1*6)'0<#"#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXY[*

Page 5: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!!! !

!

%!

Z?c 7&2"8'0*Q()#".$%'&"()#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXY]*Z?[ U"-"&'&"()#*XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXYa*

c _%$#$)&'&"()*(1*N").")4#*').*!"#8+##"()XXXXXXXXXXXXXXXXXXXXXXXXZJ*c?\ _+%/(#$*(1*6%&#*7.+8'&"()XXXXXXXXXXXXXXXXXXXXXXXXXXXXZJ*c?I Q2')4$#*")*6&&"&+.$#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXZV*

c?I?\ P$'.*;$'82$%*').*;$'82$%*6&&"&+.$#XXXXXXXXXXXXXXXZV*c?I?I A&+.$)&*6&&"&+.$#XXXXXXXXXXXXXXXXXXXXXXXXXXcJ*c?I?Y _'%$)&'0*6&&"&+.$#XXXXXXXXXXXXXXXXXXXXXXXXXXcI*

c?Y ̂ $)$1"&#*(1*56ABXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXcY*c?Y?\ _$'8$*').*7-/'&2<XXXXXXXXXXXXXXXXXXXXXXXXXcZ*c?Y?I Q+0&+%$XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?c]*

c?Z 6%&#*7.+8'&"()*")*&2$*Q+%%"8+0+-XXXXXXXXXXXXXXXXXXXXXXXX[J*c?c ̂ '%%"$%#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX?[Y*

[ 9-/0"8'&"()#*').*Q()80+#"()XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX[c*[?\ A+--'%<*(1*N").")4#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX??[c*

[?\?\ ^'%%"$%#b*U(8'0>*E'&"()'0>*').*9)&$%)'&"()'0XXXXXXXXXXX??[c*[?\?I 56ABK#*9-/'8&*').*^$)$1"&#XXXXXXXXXXXXXXXXXXXX[c*[?\?Y 56ABK#*9)10+$)8$*()*6&&"&+.$#XXXXXXXXXXXXXXXXXX??[[*[?\?Z _$'8$>*7-/'&2<*').*Q+0&+%$XXXXXXXXXXXXXXXXXXXX[[*

[?I 9-/0"8'&"()#*').*`$8(--$).'&"()#XXXXXXXXXXXXXXXXXXXXXX[[*`$1$%$)8$#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX[a*6//$)."LXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX]Z*

**

Page 6: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!!!

!

&!

-).+4=&/!

*

Q`Q* * Q():$)&"()*()*&2$*`"42&#*(1*&2$*Q2"0.*

7N6** * 7.+8'&"()*1(%*600*

N_7* * N%$$*_%"-'%<*7.+8'&"()*

NA7* * N%$$*A$8().'%<*7.+8'&"()*

F!_* * F%(##*!(-$#&"8*_%(.+8&*

F7`* * F%(##*7)%(0-$)&*`'&"(*

F5`* * F0(,'0*5()"&(%")4*`$/(%&*

FE9* * F%(##*E'&"()'0*9)8(-$*

P!9* * P+-')*!$:$0(/-$)&*9).$L*

B6ET* * B$)<'*61%"8')*E'&"()'0*T)"()*

B7A* * B$)<'*A2"00")4*

B97** * B$)<'*9)#&"&+&$*(1*7.+8'&"()*

BE7Q** * B$)<'*E'&"()'0*7L'-")'&"()#*Q(+)8"0*

56AB** * 5(,"0$*6%&#*A82((0*")*B$)<'*

5!F** * 5"00$))"+-*!$:$0(/-$)&*F('0#*

5G7** * 5")"#&%<*(1*7.+8'&"()*

E7`* * E$&*7)%(0-$)&*`'&"(*

EFG* * E()RF(:$%)-$)&'0*G%4')"#'&"()*

T!P`* * T)":$%#'0*!$80'%'&"()*()*P+-')*`"42&#*

TE* * T)"&$.*E'&"()#*

TE!_** * T)"&$.*E'&"()#*!$:$0(/-$)&*_%(4%'--$*

TE7AQG** T)"&$.*E'&"()#*7.+8'&"()'0>*A8"$)&"1"8>*').*Q+0&+%'0*G%4')"#'&"()*

T_7* * T)":$%#'0*_%"-'%<*7.+8'&"()*

TA!* * T)"&$.*A&'&$#*!(00'%

Page 7: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'()*(+,%'-./0%1-,(((

!

'!

;#('*$.!E:!%4*.+12)*3+4!!!

!

ENE B()L8.+241!+,!<*21=!

;2%(+42(+&*2"#&(%<>*&2$*'%&#*2':$*/0'<$.*')*"-/(%&')&*/'%&*")*#(8"$&<?*Q+0&+%$#*'%(+).*

&2$*=(%0.* '%$* %"82* ")* /%'8&"8$#* &2'&* +#$*-+#"8>* .')8$>* .%'-'* ').g(%* &2$* :"#+'0* '%&#?**

P(=$:$%>* ")* -(#&* .$:$0(/")4* 8(+)&%"$#* '%&* ")* $.+8'&"()* "#* '0-(#&* )()R$L"#&$)&* ').*

0"&&0$* %$#$'%82* 2'#* ,$$)* 8().+8&$.* ()* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()* ="&2")* &2$#$*

8(+)&%"$#?***

*

7.+8'&"()* "#* 8%+8"'0* 1(%* .$:$0(/-$)&?* ;2"#* 2'#* ,$$)* '11"%-$.* ,<* )+-$%(+#*

")&$%)'&"()'0* #&%'&$4"$#* ")80+.")4* &2$*5"00$))"+-*!$:$0(/-$)&*F('0#* C5!FD*').* &2$*

7.+8'&"()*1(%*600*C7N6D*1%'-$=(%@?**;2$*5!F#*=$%$*$#&',0"#2$.*")*IJJJ*,<*&2$*T)"&$.*

E'&"()#*CTED*').*'4%$$.*+/()*,<*\aV*TE*)'&"()#*")*2(/$#*(1*$).")4*/(:$%&<*,<*IJ\c*

CTE>* IJJJD?* * ;2$* $"42&* 5!F#* '%$* &(* !"# $%&'()&*$# $+*%$,$# -./$%*0# &1'# 2314$%5# 6"#

&)2($/$# 31(/$%7&8# -%(,&%0# $'3)&*(.15# 9"# -%.,.*$# 4$1'$%# $:3&8(*0# &1'# $,-.;$%#

;.,$15# <"# %$'3)$# )2(8'#,.%*&8(*05# ="# (,-%./$#,&*$%1&8# 2$&8*25# >"# ).,?&*# @ABCDAEF5#

,&8&%(&# &1'# .*2$%# '(7$&7$75# G"# $173%$# $1/(%.1,$1*&8# 737*&(1&?(8(*0# &1'# H"# '$/$8.-#

48.?&8# -&%*1$%72(-# I.%# '$/$8.-,$1*# CTE>* IJ\\D?* * ;2$* #$8().* 4('0>* &(* '82"$:$* T_7*

8()1"%-#* $.+8'&"()K#* "-/(%&')8$* ")* &2$* #8(/$* (1* ")&$%)'&"()'0* .$:$0(/-$)&* ').*

/(:$%&<*%$.+8&"()?***

*

N+%&2$%-(%$>* &2$%$* 2':$* ,$$)* &'%4$&#* #$&* ")&$%)'&"()'00<* #/$8"1"8'00<* 1(8+#$.* ()*

$.+8'&"()?* *;2$*f(%0.*Q()1$%$)8$*()*7.+8'&"()*1(%*600* C7N6D*='#*2$0.* ")*\VVJ*').*'*

.$80'%'&"()* ='#* 8%$'&$.* '11"%-")4* &2$* )$8$##"&<* &(* -$$&* ,'#"8* $.+8'&"()'0* )$$.#*

'%(+).* &2$*=(%0.* CTE7AQG>* \VVJD?* ;$)* <$'%#* 0'&$%>* &2$*!'@'%* N%'-$=(%@* 1(%*68&"()*

='#*'.(/&$.>*=2"82* #$&*+/* #"L* 7N6*4('0#* 1(%* 8(+)&%"$#* '%(+).* &2$*=(%0.* &(* #&%":$* &(*

-$$&?* ;2$* #"L* 4('0#* 2'.* &(* .(* ="&2* $'%0<* 82"0.2((.* 8'%$* ').* $.+8'&"()>* +)":$%#'0*

/%"-'%<* $.+8'&"()>* <(+&2* ').* '.+0&* $.+8'&"()>* "-/%(:$-$)&* ")* 0"&$%'8<>* $0"-")'&")4*

4$).$%* ."#/'%"&"$#>* ').* 3+'0"&<* ")* $.+8'&"()* CTE7AQG>* IJJJ'D?* * 9)* '.."&"()* &(* &2$*

")&$%)'&"()'0*4('0#>*%$4"()'0*4+".$0")$#*=$%$*#$&*&(*'".*")*&2$*'82"$:$-$)&*(1*&2$*4('0#*

,$8'+#$*J*2$#2$&%*#.I#KLD#8($7#&*#*2$#).31*%0#8$/$8M*C/?*Y>*TE7AQG>*IJJJ'D?**F+".$0")$#*

=$%$* #$&* 1(%* A+,RA'2'%')*61%"8'>* &2$*6-$%"8'#>* &2$*6%',* #&'&$#>*6#"'*').* &2$*_'8"1"8>*

Page 8: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'()*(+,%'-./0%1-,(((

!

(!

7+%(/$* ').* E(%&2* 6-$%"8'>* ').* &2$* 7RV* 8(+)&%"$# \ ?* * ;2$* A+,RA'2'%')* 61%"8')*

1%'-$=(%@*='#*&2$-$.*K'3)&*(.1#I.%#DI%()&1#N$1&(77&1)$#(1#*2$#O8.?&8(P$'#K).1.,05#

Q.,,31()&*(.1# &1'# Q38*3%$# CTE7AQG>* IJJJ'DR# # ;2%(+42(+&* &2$* &$L&>* 8+0&+%$* "#*

$-/2'#"#$.*').*&2$*)$$.*1(%*8+%%"8+0+-*%$1(%-*")*(%.$%*&(*/%(-(&$*'//%$8"'&"()*(1*

.":$%#"&<* ').* %"82)$##* (1* 0(8'0* 8+0&+%$#* ='#* 2"420"42&$.* CTE7AQG>* IJJJ'D?* * ;2$*

1%'-$=(%@*$):"#"()$.*$.+8'&"()*'#* '*='<* &(*,%")4*',(+&*&# J%$73%4$1)$#.I#&# /(?%&1*#

DI%()&5#%()2#(1#(*7#)38*3%&8#'(/$%7(*05#2(7*.%05#8&143&4$7#&1'#&%*75#7*&1'(14#31(*$'#*.#$1'#

(*7#,&%4(1&8(P&*(.1#(1#;.%8'#-%.4%$77#&1'#'$/$8.-,$1*M* C/?*I]>*TE7AQG>*IJJJ'D?* *;2$*

A+,RA'2'%')*61%"8')*1%'-$=(%@K#*-'M(%*'%$'#*(1*1(8+#*=$%$*'88$##*').*$3+"&<>*3+'0"&<*

').*%$0$:')8$>*8'/'8"&<*,+"0.")4*').*/'%&)$%#2"/#?* *6%&#*$.+8'&"()*=(+0.*1'00* ")&(*&2$*

3+'0"&<*').*%$0$:')8$*#$8&"()>*2(=$:$%>*")*&2$*4+".$0")$#*#$&>*4('0#*#/$8"1"8'00<*1(8+#$.*

()* '%&#* $.+8'&"()* =$%$* ',#$)&?* `$8(--$).'&"()#* &(='%.#* -'@")4* &2$* 8+%%"8+0+-*

%$0$:')&*&(*8+0&+%'0*$):"%()-$)&#*').*8+0&+%'0*2$%"&'4$*=$%$*-'.$>*').*&2$*)$$.*1(%*

0$'%)")4* $):"%()-$)&#* &2'&* $)',0$* ").":".+'0#* &(* .$:$0(/* 8%"&"8'0* &2")@")4* ').*

8%$'&":"&<* ")* (%.$%* &(* %$'0"#$* &2$"%* 1+00* /(&$)&"'0* $#&',0"#2$.>* ,+&* #&%'&$4"$#* #$&* &(*

'82"$:$*&2$#$*4('0#*.".*)(&*")80+.$*'%&#*$.+8'&"()*#/$8"1"8'00<?*****

*

`$#$'%82* 2'#* #2(=)* &2'&* '%&#* $.+8'&"()* 8')* .$:$0(/* 8%$'&":"&<* ').* 8%"&"8'0* &2")@")4*

#@"00#*=2"0$*4":")4*'*2(0"#&"8*$.+8'&"()*&(*'*82"0.*C!$'#<>*IJJID?*`$8$)&0<*&2$%$*2'#*,$$)*

'* 4$)$%'0* %$8(4)"&"()* (1* '%&#* $.+8'&"()K#* 1+)8&"()* ")* .$:$0(/")4* ')* ").":".+'0K#*

/$%#()'0"&<* ').* #&%$)4&2$)")4* #(8"'0* 8(2$#"()* CTE7AQG>* IJJ\'D?* * !$#/"&$* &2"#*

%$8(4)"&"()>* '%&#* $.+8'&"()* /%(4%'--$#* '%$* ',#$)&* &2%(+42(+&* '* -'M(%"&<* (1* &2$*

=(%0.?* *60&2(+42*'%&#*$.+8'&"()*"#*)(&*-$)&"()$.*#/$8"1"8'00<*")*7N6*/(0"8"$#*(%*")*&2$*

-'M(%"&<*(1*")&$%)'&"()'0*%$8(--$).'&"()#*()*$.+8'&"()>*9*=(+0.*0"@$*&(*$L'-")$*&2$*

/0'8$* &2'&* "&* 8(+0.* 2':$* ,$8'+#$* (1* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()* &2'&* %$0'&$*

#/$8"1"8'00<*&(*'%$'#*")*&2$*/(0"8"$#?***

!

ENG O$./+4(7!P(*3+4(7$!

9*2':$*'0='<#*2'.*'*2"42* ")&$%$#&* ")*'%&#*$.+8'&"()?* 9*='#* 0+8@<* &(*2':$*/'%$)&#*=2(*

#2(=$%$.*-<*#",0")4#*').*-$*="&2*'*82"0.2((.*%"82*")*'%&#*$L/$%"$)8$#?* 9*'0#(*2'.*')*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)!*+,!-./0123456!!7809:8;45<=!728>3:=!?<308=!*9@A1=!B0;38=!B0;.04538=!C4D3-.=!E394238!80;!F8G35180!H;4I4:.A309!-./012345!1<81!-.JA2354!.I42!<8:K!.K!1<4!L.2:;M5!A.A/:813.0N!

Page 9: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'()*(+,%'-./0%1-,(((

!

,!

$L8$/&"()'0*'%&*&$'82$%* ")*$0$-$)&'%<*#82((0*=2(*&'+42&*-$*&(* 0(:$*&2$*'%&#*'#*=$00?**

6#*')*'.+0&* 9*2':$*%$'0"#$.*2(=*-+82*9* 0$'%)$.*1%(-*2':")4*'*,'8@4%(+).*%"82*")*&2$*

'%&#*').*,$0"$:$*"&*"#*"-/(%&')&*1(%*(&2$%*#&+.$)&#*&(*2':$*&2$*#'-$*(//(%&+)"&"$#*1(%*

4%(=&2?* 61&$%* #/$).")4* &"-$* ")* ;')e')"'* =(%@")4* ="&2* #&%$$&* 82"0.%$)>* 9* ."#8(:$%$.*

&2$"%* ")&$%$#&* ")* '%&?* * 9&* #$$-$.* &2$* ,$#&* ='<* &(* %$'82* &2$-* ').* &%<* &(* 4$&* &2$-*

")&$%$#&$.* ")* #82((0* '4'")?* 9* ,$8'-$*-(%$* ').*-(%$* ")&$%$#&$.* ")* '%&#* $.+8'&"()* ")*

.$:$0(/")4*8(+)&%"$#?*61&$%*9*-(:$.*&(*U().()*&(*,$4")*&2$*5'#&$%#*")*7.+8'&"()*').*

9)&$%)'&"()'0* !$:$0(/-$)&* /%(4%'--$* '&* &2$* 9)#&"&+&$* (1* 7.+8'&"()>* 9* ='#* 0+8@<*

$)(+42* &(* 8(-$* ")* 8()&'8&* ="&2* 600'* ;@'82+@>* '* `+##"')>* U().()R,'#$.* '%&"#&* =2(*

1(+).$.* &2$* EFG* 5(,"0$* 6%&* A82((0* ")* B$)<'* C56ABD* '1&$%* :"#"&")4* B$)<'* ').*

="&)$##")4* &2$* 0'8@*(1* '%&#*$.+8'&"()* ")* #82((0#?* * 9*-$&*="&2*2$%* 1(%* &2$* 1"%#&* &"-$* ")*

O+)$* IJ\\* &(* 2$'%* ',(+&* &2$* (%4')"#'&"()* ').*-<* ")&$%$#&*='#* "--$."'&$0<* /"3+$.?**

;2(+42*-<*,'8@4%(+).*"#*-(%$*")*&2$'&%$*').*.%'-'>*=2$%$'#*56AB*/%"-'%"0<*=(%@#*

")*:"#+'0*'%&*9*1(+).*&2$*(%4')"#'&"()*&(*,$*'*+)"3+$*').*")#/"%")4*()$*').*'//%('82$.*

600'*="&2*-<* %$#$'%82* ".$'* '*-()&2* 0'&$%I?* * A2$*='#>* ').*2'#* 8()&")+$.* &(* ,$>* :$%<*

#+//(%&":$?**

!

ENQ %&'+.*(4)$!+,!"#3/!<*21=!

6#*="00*,$*.$-()#&%'&$.*,<*&2$*0"&$%'&+%$*%$:"$=$.*")*82'/&$%#*&=(*').*&2%$$>*&2$%$*"#*

:$%<* 0"&&0$* %$#$'%82* ').* ")1(%-'&"()* ()* '%&#* $.+8'&"()* ")* B$)<'>* (%* ")* .$:$0(/")4*

8(+)&%"$#*")*4$)$%'0*$#/$8"'00<*")*&2$*:"#+'0*'%&*'%$'?**`$#$'%82*+#+'00<*1(8+#$#*()*&2$*

/$%1(%-")4*'%&#?**f$#&$%)*%$#$'%82*2'#*")."8'&$.*&2$*/(#"&":$*$11$8&#*(1*'%&#*$.+8'&"()>*

,+&* ")* B$)<'* '%&#* $.+8'&"()* 2'#* ,$$)* (:$%0((@$.* ').* +)&'+42&?* *f"&2* &2"#* #&+.<>* 9*

2(/$* &(* 1"00* #(-$* (1* &2$* 4'/* ")* &2$* 0"&$%'&+%$* ',(+&* '%&#* $.+8'&"()* ")* B$)<'* ').*

."#8(:$%*=2$&2$%*(%*)(&*&2$%$*"#*'*)$$.*(%*.$-').*1(%*'%&#*$.+8'&"()*")*&2$*8(+)&%<?*

;2$*%$#$'%82*8().+8&$.*="00*'0#(*#$%:$*56AB*'#*')*(%4')"#'&"()*,<*4":")4*4+".')8$*').*

8()#&%+8&":$* 8%"&"8"#-* ")*(%.$%* &(* "-/%(:$* "&#*$11(%&#* ")* &2$* 1+&+%$?* *`$#+0&#* 1%(-* &2"#*

#&+.<*="00*,$*+#$.*")*'*8()1$%$)8$*').*$L2","&"()*56AB*="00*,$*/'%&'@")4*")*E(:$-,$%*

IJ\\*")*,(&2*U().()*').*f'#2")4&()*!?Q?*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!COPQ!518214;!./1!R@!148-<309!I35/8:!8215=!5.!1<35!35!1<432!512.09451!8248=!R/1!they have branched out and included the performing arts in recent years. However, these activities are primarily through drama clubs being integrated into the MASK school clubs and not through formal workshops at this point in time.!

Page 10: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'()*(+,%'-./0%1-,(((

!

)S!

!

ENR S-<A:!S+F37$!-.*!<)#++7!34!A$4=(!

56AB*='#* 1(%-$.* ")* IJJ[* ,<* 600'* ;@'82+@* '1&$%* #2$* :"#"&$.* B$)<'* ').* %$'0"#$.* &2$*

)$$.*1(%*'%&#*$.+8'&"()?*Q+%%$)&0<*56AB*/'%&)$%#*="&2*IJ*#82((0#* ")*B$)<'*/%(:".")4*

'%&*80+,#*').*=(%@#2(/#*")*:"#+'0*'%&#>*&2$'&%$>*.')8$*').*-+#"8?**;2$<*'0#(*/%(:".$*'%&*

&$'82$%* &%'")")4* =(%@#2(/#>* ').* /'%&"8"/'&$* ")* 0(8'0* ').* ")&$%)'&"()'0* $L2","&"()#?*

56ABK#* :"#"()* "#*()$*(1* '*J7.)($*0# $14&4$'# (1#Q%$&*(/$#K'3)&*(.1# *2&*# ).1*%(?3*$7# *.#

-$%7.1&85# 7.)(&8# &1'# $).1.,()# '$/$8.-,$1*5# 23,&1# %(42*75# '$,.)%&)0# &1'# *2$#

$%&'()&*(.1# .I# -./$%*0# .1# *2$# DI%()&1# ).1*(1$1*M* C56AB>* IJ\\D?*56ABK#* 4('0#* '%$* &(*

)+%&+%$* /$%#()'0* .$:$0(/-$)&* ,<* /%(:".")4* (//(%&+)"&"$#* 1(%* 82"0.%$)* &(* .$:$0(/*

8%$'&":"&<* ').* "-'4")'&"()h* #(8"'0* .$:$0(/-$)&* ,<* /%(-(&")4* 8+0&+%'0* +).$%#&').")4*

&2%(+42* /$'8$R,+"0.")4* =(%@#2(/#h* ').* $8()(-"8* .$:$0(/-$)&* ,<* 1(#&$%")4*

"))(:'&":$* &2")@")4* ').* &$'82")4* #@"00#* =2"82* 8')* 0'&$%* ,$* +#$.* &(* 4$)$%'&$* ")8(-$*

C56AB>* IJ\\D?* * A&+.$)&#K* '%&=(%@* 2'#* ,$$)* $L2","&$.* '&* &2$* 9)#&"&+&$* (1* 7.+8'&"()*

_0'))")4*C997_D*TE7AQG*")*_'%"#>*&2$*`+##"')*7-,'##<*")*E'"%(,">*&2$*B$)<')*7-,'##<*

")* _'%"#>* `'2"-&+00'*5+#$+-* (1*5(.$%)* 6%&* C`'5G56D* ")* E'"%(,">* ').* &2$* A''&82"*

F'00$%<*")*U().()?**

*

ENT!P$/$(.)#!-3&/!

9)*&2"#*#&+.<*9*="00*,$*1(8+#")4*()*&2$*"-/'8&*56AB*2'#*2'.*")*&2$*#82((0#*"&*2'#*=(%@$.*

="&2>*').*=(+0.*0"@$*&(*$L/0(%$*&2$*,$)$1"&#*(1*'%&#*$.+8'&"()>*$#/$8"'00<*"1*').*2(=*"&*

2'#*/%(-(&$.*8%$'&":"&<>*$-/'&2<*').*8+0&+%'0*+).$%#&').")4>*=2"0$*'0#(*0((@")4*'&*&2$*

,'%%"$%#* &(* '%&#* $.+8'&"()?* * 9* 2':$* 82(#$)*56AB* &(*=(%@*="&2* ,$8'+#$*(1* "&#* +)"3+$*

)()R1(%-'0*-(,"0$* 1(%-'&* ').* "&#* 1(8+#* ()* '%&#* $.+8'&"()?* * ;2$<* =(%@* ="&2* '* =".$*

:'%"$&<* (1* #82((0#* ').* 82"0.%$)* 1%(-* ."11$%$)&* ,'8@4%(+).#>* =2"82* $)',0$.* -$* &(*

8(--+)"8'&$*="&2*'00*&</$#*(1*#&+.$)&#?*9*="00*,$*0((@")4*'&*&2$*"-/'8&*&2$*)()R1(%-'0*

/%(4%'-*2'#* 2'.* ()* "&#* /'%&"8"/')&#* ').*=2'&* :'0+$* '%&#* $.+8'&"()* 2'#* 2'.* ")* &2$"%*

.$:$0(/-$)&?**5<*4+".")4*%$#$'%82*3+$#&"()#*'%$b*

!R S2&*#&%$#*2$#?&%%($%7#&4&(17*#&%*7#$'3)&*(.1# (1#T$10&#&*#&# 8.)&85#1&*(.1&8#&1'#

(1*$%1&*(.1&8#8$/$8U#

6R S2&*#(,-&)*#2&7#*2$#1.1VI.%,&8#&%*7#$'3)&*(.1#-%.4%&,,$5#WDFT5#2&'#.1#(*7#

-&%*()(-&1*7U#

Page 11: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'()*(+,%'-./0%1-,(((

!

))!

&R @.;# 2&7# WDFT# (1I83$1)$'# *2$# &**(*3'$7# .I# 7*3'$1*7# &1'# *$&)2$%7#

*.;&%'7#&%*7#$'3)&*(.1U#

?R @&/$#*$&)2$%7X#&1'#7*3'$1*7X#&**(*3'$7#*.;&%'7#(1)83'(14#&%*7#$'3)&*(.1#

(1#*2$#I.%,&8#)3%%()383,#)2&14$'U##

)R S2&*#&%$#*2$#,&(1#?$1$I(*7#.I#WDFTU#

9R @.;# $II$)*(/$# (7# WDFTX7# &%*7# $'3)&*(.1# (1# *$&)2(14# -$&)$5# $,-&*20# &1'#

)38*3%$U##

!

ENU <*.2)*2.$!+,!53//$.*(*3+4!

;2"#* ."##$%&'&"()* '.2$%$#* &(* &2$* 1(00(=")4* #&%+8&+%$?* * 9)* 82'/&$%* &=(>* 9* /%$#$)&* '*

,'8@4%(+).*(1*&2$*40(,'0*').*%$4"()'0*/(0"8"$#*').*&2$*%$#$'%82*()*&2$*,$)$1"&#*(1*'%&#*

$.+8'&"()*,'8@")4*&2$#$*/(0"8"$#*+/?**;2"#*/%(:".$#*'*&2$(%$&"8'0*1%'-$=(%@*")*(%.$%*&(*

+).$%#&').*&2$* "-/(%&')8$*(1*'%&#*$.+8'&"()*'#*'*2+-')*%"42&*').*8'/',"0"&<?* * 9*'0#(*

$L'-")$* 0"&$%'&+%$*'4'")#&*'%&#*$.+8'&"()*').* "):$#&"4'&$*&2$*82'00$)4$#*2").$%")4* "&#*

"-/0$-$)&'&"()* ")* &2$* 80'##%((-?* ;2$)* ")* 82'/&$%* &2%$$>* '* ,'8@4%(+).* (1* B$)<'* "#*

$L/0(%$.*').*&2$*$L"#&")4*$.+8'&"()'0*/(0"8"$#*'%$*(+&0")$.?*;2$*$L&$)&*&(*=2"82*&2$<*

%$#/().* &(* &2$* ")&$%)'&"()'0* /(0"8"$#* /%$#$)&$.* /%"(%* "#* '0#(* ."#8+##$.?* 9)* &2$* 1(+%&2*

82'/&$%>* 9* .$#8%",$* &2$* -$&2(.(0(4<* ').* #&+.<* .$#"4)* (1* &2"#* %$#$'%82* M+#&"1<")4*

%$'#()#*1(%*82((#")4*"&*').*$L/0'")")4*")*.$&'"0*&2$*/%(8$##*")*=2"82*&2$*%$#$'%82*='#*

8().+8&$.?* ;2$)* ")* 82'/&$%* 1":$>* &2$* 3+'0"&'&":$* 1").")4#* 1%(-* &2$* %$#$'%82* '%$*

/%$#$)&$.>*."#8+##$.*').*')'0<#$.?**N")'00<>*82'/&$%*#"L*(+&0")$#*&2$*"-/0"8'&"()#*(1*&2$*

%$#$'%82>*/%(:".$#*%$8(--$).'&"()#>*').*4":$#*8()80+.")4*8(--$)&#?*

*! !

Page 12: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

)"!;#('*$.!G:!D3*$.(*2.$!P$63$M!!

!

;2"#* 82'/&$%* '"-#* &(* ."#8+##* ').* ')'0<#$* &2$* %$0$:')&* 0"&$%'&+%$* #+%%(+).")4* '%&#*

$.+8'&"()?* * N"%#&>* '*.$1")"&"()*(1*=2'&* 8()#&"&+&$#*'%&#*$.+8'&"()* ")* &2"#* #&+.<*="00*,$*

/%(:".$.>*&2$)*'*1%'-$=(%@*()*'%&#*$.+8'&"()*="00*,$*/%$#$)&$.*+#")4*%$#$'%82*&(*,'8@*

+/* $'82* '"-* ').* &2$* %$0'&"()#2"/?* ;2$* ')'0<#"#* ="00* "):(0:$* ")&$%)'&"()'0* /(0"8"$#*

#+%%(+).")4* 7N6* ').* &2$* 5!F#* '#* (+&0")$.* ")* &2$* ,$4"))")4* (1* 82'/&$%* ()$>* ').*

$L'-")$* 40(,'0* ').* %$4"()'0* .(8+-$)&#* ').* /(0"8"$#* ()* '%&#* $.+8'&"()?* ;2$* :'%"(+#*

,$)$1"&#* (1* '%&#* $.+8'&"()* ="00* ,$* ."#8+##$.* &2%(+42(+&* &2$* ')'0<#"#* (1* &2$* /(0"8<*

.(8+-$)&#>* ').* &2$*4'/#* ")* 0"&$%'&+%$*()*'%&#* $.+8'&"()*="00* ,$*$L'-")$.?* * ;2%(+42*

&2"#* 82'/&$%* 9* 2(/$* &(* 4":$* &2$* %$'.$%* '* ,'8@4%(+).* ()* '%&#* $.+8'&"()* %$#$'%82>*

8()1"%-")4*"&#*"-/(%&')8$*1(%*8(4)"&":$*0$'%)$%#>*=2"0$*'0#(*2"420"42&")4*&2$*',#$)8$*(1*

&2$* '%&#* ")*-(#&* $.+8'&"()'0* #$&&")4#* ').* /(0"8"$#?* * 9* '0#(* ="00* $L'-")$* &2$* /(##",0$*

%$'#()#* ').* '%4+-$)&#* 1(%* &2"#* ',#$)8$* ")* (%.$%* &(* $)8(+%'4$* ')* (:$%'00*

+).$%#&').")4?* * ;2$* 0"&$%'&+%$* %$:"$=* ="00* ,$* 8()&")+$.* ")* 82'/&$%* &2%$$* =2$%$* '*

8()&$L&+'0* ,'8@4%(+).* (1* B$)<'* ').* "&#* 8+%%"8+0+-* ').* 8+%%$)&* .$:$0(/-$)&'0*

#"&+'&"()* ="00* ,$* 4":$)* #(* &2'&* &2$* %$'.$%* 2'#* &2$* @)(=0$.4$* ').* 8')*-(%$* %$'."0<*

+).$%#&').*&2$*8()&$L&*(1*&2$*%$#$'%82*8().+8&$.?**

*

GNE!5$,343*3+4!

6%&*8')*2':$*-')<*.$1")"&"()#?**;2$*1(%-+0'&"()*(1*'*#(0".*.$1")"&"()*"#*."11"8+0&*,$8'+#$*

&2$*'%&#*$)8(-/'##*'*=".$*:'%"$&<*(1*."#8"/0")$#*&2'&*."11$%*,$&=$$)*8+0&+%$#*CTE7AQG>*

IJJ[D?* *P(=$:$%>* &2$* 1(8+#*(1* &2"#* #&+.<* "#*'%&* ")*$.+8'&"()>*').*="&2")* &2"#* 1"$0.* &2$*

'%&#* 4$)$%'00<* 8(:$%* &2$* #'-$* ."#8"/0")$#* '00* (:$%* &2$* =(%0.b* :"#+'0* '%&#>* -+#"8>*

.%'-'g&2$'&%$>*.')8$>*').*/($&%<g0"&$%'&+%$*C^'-1(%.>*IJJ[h*TE7AQG>*IJJ\,D?**;2$#$*

'%$*&2$*#@"00#*&'+42&*&(*#&+.$)&#*="&2")*$.+8'&"()'0*#$&&")4#*&2'&*2':$*,$$)*")80+.$.*")*

#82((0* 8+%%"8+0+-#?* * 9*="00* ,$* 1(8+#")4* ()* &2$#$* '%$'#>* $#/$8"'00<* :"#+'0* '%&#>* ').* &2$*

"-/'8&*'%&#*$.+8'&"()*8')*")8+%*()*B$)<'*&2%(+42*"-/%(:")4*#&+.$)&K#*8'/',"0"&"$#*,<*

&$'82")4*8%$'&":"&<>*/%(-(&")4*8+0&+%$>*/%(:".")4*$8()(-"8*(//(%&+)"&"$#>*').*,+"0.")4*

/$'8$*').*$-/'&2<?*`$#$'%82*()*&2$#$*:'%"(+#*,$)$1"&#*="00*,$*."#8+##$.*').*')'0<#$.*

")*&2"#*82'/&$%>*2(=$:$%*0"&&0$*%$#$'%82*()*'%&#*$.+8'&"()>*$#/$8"'00<*")*&2$*:"#+'0*'%&#>*

2'#*,$$)* 8().+8&$.* ")* &2$*.$:$0(/")4*=(%0.>* #(* &2$*-'M(%"&<*(1* &2$* %$#$'%82*.%'=)*

Page 13: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)#!

+/()*'%$* &'@$)* 1%(-*=$#&$%)*8()&$L&#?*f2$%$*':'"0',0$* 9*2':$* &%"$.* &(*+#$* %$#$'%82*

1%(-*.$:$0(/")4*8(+)&%"$#*&(*8(-/$)#'&$*1(%*&2"#*4'/?*

*

GNG!-!V.(&$M+.L!,+.!-.*/!012)(*3+4:!-3&/J!B$4$,3*/!(41!W2/*3,3)(*3+4/!

;2$%$* 2':$* ,$$)* &=(*f(%0.* Q()1$%$)8$#* ()*6%&#* 7.+8'&"()?* * 6&* &2$* 1"%#&* ")* IJJ[>* '*

N.&'#W&-#I.%#D%*7#K'3)&*(.1*='#*8%$'&$.*CTE7AQG>*IJJ[D?**;2"#*0((@$.*'&*&2$*%(0$*'%&#*

$.+8'&"()* 2'#* ")* &2$*=(%0.* &(.'<* ').* 0'".* (+&* '* 1%'-$=(%@* 1(%* "&#* '//0"8'&"()?* * ;2$*

.(8+-$)&* $L'-")$#*-')<* "##+$#* ').* 3+$#&"()#* #+%%(+).")4* '%&#* $.+8'&"()>* #+82* '#*

=2$&2$%* (%* )(&* '%&#* $.+8'&"()* #2(+0.* ,$* 0"-"&$.* &(* &2$* &'0$)&$.* (%* 1(%* '00* #&+.$)&#*

%$4'%.0$##>*').*=2$&2$%*&2$*'%&#*'%$*&'+42&*1(%*'%&*'//%$8"'&"()*'0()$*(%*'#*'*='<*&(*

$)2')8$*(&2$%*#+,M$8&#*(%*&(*.$:$0(/*'%&"#&"8*#@"00#* CTE7AQG>*IJJ[D?* *;2$#$*3+$#&"()#*

'%$* ."11"8+0&* &(* ')#=$%* ').* ")* -')<* ='<#* 2':$* ,$8(-$* ,'%%"$%#* &(* &2$* #+88$##1+0*

"-/0$-$)&'&"()* (1* '%&#* $.+8'&"()* ,$8'+#$* &2$%$* '%$* #(*-')<* ."11$%$)&* (/")"()#* ()*

=2'&*&2$*/+%/(#$*(1*'%&#*$.+8'&"()*"#?**A(-$*,$0"$:$*"&*"#*")&%")#"8>*=2"0$*(&2$%#*,$0"$:$*

"&*"#*")#&%+-$)&'0>*').*&2$%$*'%$*&2(#$*&2'&*,$0"$:$*"&*"#*,(&2*C6.."#()>*^+%4$##>*A&$$%#>*

i* ;%(=$00>* IJ\JD?* 9)&%")#"8* '%&#* $.+8'&"()* "#* &$'82")4* '%&* 1(%* '%&K#* #'@$* '#* "&#* (=)*

."#8"/0")$>*=2$%$'#* ")#&%+-$)&'0*'%&#*$.+8'&"()* "#*&$'82")4* "&*="&2*&2$*'"-*&2'&* "&*="00*

0$'.*&(*"-/%(:$-$)&#*")*(&2$%*#+,M$8&#*(%*'%$'#*C^%$=$%>*IJJID?**5+82*(1*&2$*%$#$'%82*

"):(0:")4* '%&#* $.+8'&"()* 2'#* ,$$)* &%<")4* &(* /%(:$* "&#* ")#&%+-$)&'0* (+&8(-$#>* =2"82*

/%(-(&$*'.:(8'8<*,$8'+#$*"&*4":$#*%$'.',0$*(+&8(-$#*C6.."#()*$&*'0>*IJ\JD?*P(=$:$%>*

&2$%$*'%$*.')4$%#* ")*/%(-(&")4*'%&#*$.+8'&"()*/+%$0<* 1(%* &2$* ")#&%+-$)&'0*(+&8(-$#*

,$8'+#$*"&*8')*&'@$*'='<*1%(-*"&#*")&%")#"8*:'0+$*C7"#)$%*i*!'<>*IJJZD?**f2"0$*"&*"#*4((.*

&(* 2':$* %$#$'%82* ()* 2(=* &2$* '%&#* 8')* ,$* ")#&%+-$)&'0* ")* (&2$%* '%$'#>* "&* "#* '0#(*

"-/(%&')&* &(* %$-$-,$%* &2'&* &2$* '%&#* '%$* '* ."#8"/0")$* ()* &2$"%* (=)* ').* 2':$*-')<*

,$)$1"&#*&2'&*#&').*'0()$*C7"#)$%>*IJJIh*E+##,'+->*IJ\JD?**6#*`(,$%&*A<0=$#&$%*CIJ\JD*

/(")&#* (+&>* JS20# 72.38'# *2$# &%*7# 2&/$# *.# Y37*(I0# *2$,7$8/$7# &7# &# ,$%$# &'Y31)*# *.#

7.,$*2(14#$87$U#Z2$0#2&/$#?$$1#(1*$4%&8#*.#23,&1#8(I$#,3)2#8.14$%#*2&1#,38*(-8()&*(.1#

*&?8$7#&1'#7-$88(145#;2()2#$/('$1*80#'.#1.*#2&/$#*.#Y37*(I0#*2$(%#)3%%()38&%#$+(7*$1)$M*C/?*

\YYD?*;2$%$*'%$*-')<*'%4+-$)&#* 1(%*,(&2* &2$* ")&%")#"8*').* ")#&%+-$)&'0*/+%/(#$#*(1*

'%&#*$.+8'&"()>*,+&*1(%*&2$*/+%/(#$#*(1*&2"#*/'/$%>*9*="00*)(&*8()#&%'")*'%&#*$.+8'&"()*&(*

$"&2$%?**9&*="00*,$*$L'-")$.*'#*2':")4*,(&2*")&%")#"8*').*")#&%+-$)&'0*/+%/(#$#*&(*'00(=*

1(%*'*&2(%(+42*+).$%#&').")4*(1*&2$*8(-/0$L"&"$#*(1*&2$*#+,M$8&?*

Page 14: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)$!

*

!+$*&(*"&#*8(-/0$L*)'&+%$>*8%$'&")4*').*"-/0$-$)&")4*80$'%*4+".$0")$#*').*/(0"8"$#*")*

&2$*'%$'*8')*,$*."11"8+0&*C^'-1(%.>*IJJ[D?*;2$*N.&'#W&-#I.%#D%*7#K'3)&*(.1*4':$*1(+%*

/%"-'%<*'"-#*(1*'%&#*$.+8'&"()>*=2"82*'%$*&(**

!"#[-2.8'#*2$#23,&1#%(42*#*.#$'3)&*(.1#&1'#)38*3%&8#-&%*()(-&*(.1##

6"#E$/$8.-#(1'(/('3&8#)&-&?(8(*($7#

9"#A,-%./$#*2$#:3&8(*0#.I#$'3)&*(.1#

<"#\%.,.*$#*2$#$+-%$77(.1#.I#)38*3%&8#'(/$%7(*0##C/?*Y>*TE7AQG>*IJJ[D*

*9*="00*,$*+#")4*&2$#$*1(+%*'%$'#*&(*1%'-$*&2"#*%$:"$=*').*4":$*%$0$:')&*,'8@4%(+).*').*

%$#$'%82*/$%&'")")4*&(*$'82*'"-?**

*

GNQ!X2&(4!P38#*/!

;2$*1"%#&*'"-*(1*'%&#*$.+8'&"()*0"#&$.*='#*&(*J3-2.8'#*2$#23,&1#%(42*#*.#$'3)&*(.1#&1'#

)38*3%&8# -&%*()(-&*(.1M* C/?* Y>* TE7AQG>* IJJ[D?* * 9)* \VZa>* &2$* T)":$%#'0* !$80'%'&"()* ()*

P+-')*`"42&#* CT!P`D*-'.$*$.+8'&"()*'*2+-')*%"42&* 1(%*'00?*6%&"80$*I]*(1* &2$*T!P`*

#&'&$#* &2'&* J$/$%0.1$# 2&7# *2$# %(42*# *.# I%$$80# -&%*()(-&*$# (1# *2$# )38*3%&8# 8(I$# .I# *2$#

).,,31(*05#*.#$1Y.0#*2$#&%*7#&1'#*.#72&%$# (1#7)($1*(I()#&'/&1)$,$1*#&1'#(*7#?$1$I(*7M*

CTE>*\VZaD?**;2"#*80$'%0<*4":$#*&2$*'%&#*'*/0'8$*")*&2$*2+-')*%"42&#*1%'-$=(%@?**6%&"80$*

I[*1(8+#$#*()*&2$*%"42&*&(*$.+8'&"()*1(%*&2$*1+00*.$:$0(/-$)&*(1*&2$*2+-')*/$%#()'0"&<*

&(*/%(-(&$*+).$%#&').")4>*&(0$%')8$*').*/$'8$*CTE>*\VZaD?*;2$*'%&#*/0'<*'*0'%4$*%(0$*

")*8+0&+%'0*0"1$*&2+#*#+//(%&")4*'%&"80$*I]K#*'"-#>*').*&2$%$*"#*'0#(*%$#$'%82*#2(=")4*&2'&*

&2$*'%&#* 8')*'".* ")*,%")4")4* &(0$%')8$>*+).$%#&').")4*').* 1%"$).#2"/*'-()4*."11$%$)&*

4%(+/#*.+$*&(* &2$*'%&#*',"0"&<* &(* &$'82*$-/'&2<*=2"82*#+//(%&#*'%&"80$*I[?* *`$#$'%82*

#2(=")4* &2"#* ="00* ,$* ."#8+##$.* 0'&$%* ()* ")* &2$* 3+'0"&<* ').* 8+0&+%$* #$8&"()#* (1* &2"#*

82'/&$%?*

*

6&*&2$*A$8().*f(%0.*Q()1$%$)8$*()*6%&#*7.+8'&"()*")*IJ\J>*5"82$0$*').*`(,$%&*`((&R

^$%)#&$")* '.:(8'&$.* $.+8'&"()* 1(%* 8%$'&":"&<* '#* ')* $##$)&"'0* 2+-')* %"42&* CGKN'%%$00>*

IJ\JD?* *;2$<*#&'&$.*&2'&*J*2$#&%*7#&%$#2&?(*3&880#&*#*2$#)$1*%$#.I#)%$&*(/$#-%&)*()$7# (1#

$/$%0# '(7)(-8(1$# &1'# (1# $/$%0# )38*3%$5M* ').* &2'&* '%&#* $.+8'&"()* ='#* &2$* ,$#&* ='<* (1*

&$'82")4*').*1(#&$%")4*8%$'&":$*&2(+42&*').*'*,'#"8*2+-')*%"42&*C/?*Y>*GKN'%%$00>*IJ\JD?*

N+%&2$%*2+-')*%"42&#*'%4+-$)&#*8')*,$*-'.$*1(%*'%&#*$.+8'&"()*+#")4*&2$*Q():$)&"()*

Page 15: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)%!

()*&2$*`"42&#*(1*&2$*Q2"0.*CQ`QD?*9)*&2$*Q`Q>*'*82"0.K#*%"42&*&(*&2$*.$:$0(/-$)&*(1*&2$"%*

J-$%7.1&8(*05# *&8$1*75# &1'#,$1*&8# &1'# -207()&8# &?(8(*($7# *.# *2$(%# I388$7*# -.*$1*(&8M* ').*

&2$"%*%"42&*J*.#-&%*()(-&*$#I3880#(1#)38*3%&8#&1'#&%*(7*()#8(I$M#'%$*0"#&$.*")*'%&"80$#*IV*').*

Y\* CTE>* \VaVD?* * N+%&2$%-(%$>* '%&"80$* Y\* 4($#* ()* &(* #'<* &2'&* #&'&$* /'%&"$#* #2(+0.*

J$1).3%&4$# *2$#-%./(7(.1#.I#&--%.-%(&*$#&1'#$:3&8#.--.%*31(*($7# I.%#)38*3%&85#&%*(7*()5#

%$)%$&*(.1&8#&1'#8$(73%$#&)*(/(*0M*CTE>*\VaVD?* *6%&#*$.+8'&"()*8')*'..%$##*&2$#$*%"42&#*

,<*/%(:".")4*'*3+'0"&<*$.+8'&"()* &(*82"0.%$)*&2'&*/%(-(&$#* &2$"%* 1+00$#&*.$:$0(/-$)&*

').*$)8(+%'4$#*'%&"#&"8*').*8+0&+%'0*'8&":"&<?* *7:".$)8$* 1(%* &2$*',(:$*="00*,$*4":$)* ")*

1+%&2$%*#$8&"()#*(1*&2"#*82'/&$%?*

*

GNR!;('(F373*3$/!

;2$*#$8().*'"-*(1*'%&#*$.+8'&"()* "#* &(*.$:$0(/*&2$*8'/',"0"&"$#*(1* 0$'%)$%#* CTE7AQG>*

IJJ[D?* *6-'%&<'*A$)*').*5'%&2'*E+##,'+-*2':$*,(&2* 8()&%",+&$.* &(* &2$*Q'/',"0"&<*

6//%('82* (%* P+-')* !$:$0(/-$)&* 6//%('82* '#* '* 1%'-$=(%@* 1(%* $:'0+'&")4*

.$:$0(/-$)&?*f"&2")*&2"#*1%'-$=(%@>*&2$*/+%/(#$*(1*.$:$0(/-$)&* "#*&(*#&%$)4&2$)*'*

/$%#()K#*/$%#()'0*').*#(8"'0*8'/'8"&"$#*').*1%$$.(-#*CA$)>*\VVVD?*f2$)*')*").":".+'0K#*

8'/',"0"&"$#* '%$* $)2')8$.>* &2$<* 2':$* 4%$'&$%* (//(%&+)"&"$#>* &2+#* .$:$0(/-$)&* 8')*

(88+%?*;2$*'//%('82*$:'0+'&$#*.$:$0(/-$)&*,<*$L'-")")4*')*").":".+'0K#*1+)8&"()")4>*

(%* =2'&* &2$* /$%#()* '8&+'00<* .($#>* ').* #/$8"1"8'00<* &2$"%* 8'/',"0"&<* (%* (//(%&+)"&<* &(*

'82"$:$* &2$* 1+)8&"()* CA$)>* \VVVD?* * 6)* $L'-/0$* 4":$)* "#* &2$* 8(-/'%"#()* ,$&=$$)* '*

/$%#()* =2(* "#* 1'#&")4* ').* ()$* =2(* "#* #&'%:")4?* ;2$<* ,(&2* '%$* '82"$:")4* &2$* #'-$*

1+)8&"()>*,+&* &2$*/$%#()* 1'#&")4* #&"00*2'#* &2$*8'/',"0"&<* &(*$'&* "1* &2$<*82((#$* &(* CA$)>*

\VVVD?* * 7:$%<()$* #2(+0.*2':$* &2'&* 1%$$.(-?* * ^<* %$-(:")4* :'%"(+#*(,#&'80$#* #+82* '#*

"00"&$%'8<>*/((%*2$'0&2>*0'8@*(1*'88$##*&(*$.+8'&"()>*0'8@*(1*/(0"&"8'0*1%$$.(-*').*(&2$%*

(,#&'80$#* &(* %$#(+%8$#* &2'&* /%$:$)&* 2+-')"&<* 1%(-* "-/%(:")4>* 1%$$.(-* ').*

.$:$0(/-$)&* 8')* (88+%* CA$)>* \VVVD?* * 9)* $.+8'&"()>* '00* 82"0.%$)* )$$.* &(* 2':$* &2$*

(//(%&+)"&"$#* &(* .$:$0(/* &(* &2$"%* 1+00* /(&$)&"'0?* * ;2"#* ")80+.$#* #(8"'0>* $-(&"()'0* ').*

/$%#()'0* .$:$0(/-$)&?* * ;2$* .$:$0(/-$)&* (1* '* 82"0.K#* 8'/',"0"&"$#* )$$.#* &(* ,$*

$)8(+%'4$.>*').*&2$"%*$-(&"()'0*').*8%$'&":$*8'/'8"&"$#>*'#*=$00*'#*8(4)"&":$*&2(+42&*

').*'%&"#&"8*#@"00#*8')*,$*$)8(+%'4$.*&2%(+42*'%&#*$.+8'&"()?**9)*(%.$%*1(%*'*/$%#()*&(*

'82"$:$* 1+00* .$:$0(/-$)&* ').* &2$* 1%$$.(-#* 2"420"42&$.* ")* &2$* 8'/',"0"&<* '//%('82>*

Page 16: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)&!

&2$<*)$$.*&(*2':$*&2$*(//(%&+)"&<*(1*&2$*,$#&*/(##",0$*0$'%)")4*$):"%()-$)&?**;2"#*"#*

'00*/'%&*(1*'*3+'0"&<*$.+8'&"()?*

*

GNT!Y2(73*=!

682"$:")4*3+'0"&<*")*$.+8'&"()*"#*&2$*&2"%.*'"-*(1*'%&#*$.+8'&"()*'88(%.")4*&(*&2$*N.&'#

W&-* CTE7AQG>* IJJ[D?* * 9-/%(:")4* 3+'0"&<* ")* $.+8'&"()* "#* '0#(* &2$* #"L&2* 7N6* 4('0*

CTE7AQG>* IJJJ'D?* * ;2$* F5`* 1(8+#")4* ()* 3+'0"&<* #&'&$#* &2'&* 3+'0"&<* 2'#* )(* #")40$*

.$1")"&"()>*,+&*"&#*/%"-'%<*(,M$8&":$#*'%$*&2$*8(4)"&":$*.$:$0(/-$)&*(1*&2$*0$'%)$%*="&2*

#/$8"1"8*$-/2'#"#*()*8%$'&":$*').*$-(&"()'0*.$:$0(/-$)&*CTE7AQG>*IJJZD?**f2$)*()$*

&2")@#*(1* 8%$'&":"&<* &2$<*'%$*(1&$)*.%'=)* &(* &2$* 8()8$/&*(1* &2$*'%&#* CN0$-")4>* IJ\JD?*

!$#/"&$* &2"#* 8())$8&"()>* '%&#* $.+8'&"()* "#* )(&* -$)&"()$.* ()8$* ")* &2$* F5`* &$L&*

CTE7AQG>*IJJZD?*;2$*%$/(%&*#&'&$#b*

*

Z2$# 7$).1'# $8$,$1*# ].I# :3&8(*0^# (7# $'3)&*(.1X7# %.8$# (1#

$1).3%&4(14# 8$&%1$%7X# )%$&*(/$# &1'# $,.*(.1&8# '$/$8.-,$1*5# (1#

73--.%*(14# .?Y$)*(/$7# .I# -$&)$5# )(*(P$172(-# &1'# 7$)3%(*05# (1#

-%.,.*(14# $:3&8(*0# &1'# (1# -&77(14# 48.?&8# &1'# 8.)&8# )38*3%&8#

/&83$7#'.;1#*.#I3*3%$#4$1$%&*(.17R#W&10#.I#*2$7$#.?Y$)*(/$7#&%$#

'$I(1$'# &1'# &--%.&)2$'# (1# '(/$%7$# ;&07# &%.31'# *2$# ;.%8'R#

Q.,-&%$'#;(*2#).41(*(/$#'$/$8.-,$1*5#*2$#$+*$1*#*.#;2()2#*2$0#

&%$#&)2($/$'#(7#2&%'$%#*.#'$*$%,(1$R#C/?IV>*TE7AQG>*IJJZD#

*

Q%$'&":$*').*$-(&"()'0*.$:$0(/-$)&*'%$* 0"#&$.*'#*'*:"&'0*/'%&*(1*'*3+'0"&<*$.+8'&"()>*

,+&* &2$* %$/(%&* .".* )(&* %$8(--$).* '* ='<* &(* '82"$:$* &2$#$* (+&8(-$#?* * ;2$%$* "#*

$:".$)8$*&2'&*'%&#*$.+8'&"()*"#*()$*='<*1(%*#&+.$)&#*&(*'83+"%$*&2(#$*#@"00#*CTE7AQG>*

IJJ[D?* *^$8'+#$* &2$*(+&8(-$#*(1*'%&#*$.+8'&"()* &%')#1$%*(:$%*'*:'%"$&<*(1* 0$:$0#*').*

'%$*)(&*'#*(,:"(+#*'#*(&2$%*$.+8'&"()'0*(+&8(-$#>*&2$*."11"8+0&<*")*-$'#+%")4*8%$'&":$*

&2")@")4*'#*')*(+&8(-$*(1*3+'0"&<*'%&#*$.+8'&"()*-'@$#*8%$'&")4*/(0"8"$#*2'%.*C!$'#<>*

IJJID?* * ;2$* '1(%$-$)&"()$.* 1'8&* "#* '* 8()M$8&+%$* '#* &(*=2<* '%&#* $.+8'&"()* 2'#* ,$$)*

+).$%'//%$8"'&$.?**!$#/"&$*&2$*0'8@*(1*%$8(4)"&"()>*&2$*"-/(%&')8$*(1*4'")")4*'*3+'0"&<*

$.+8'&"()* "#* 80$'%*="&2")* &2$*7N6*F5`#>* ').* 0$'%)")4* &2%(+42*').*="&2* &2$*'%&#* "#* '*

Page 17: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)'!

='<* (1* .$:$0(/")4* &2$#$* $##$)&"'0* 8%$'&":$* ').* $-(&"()'0* 8'/'8"&"$#* CN"#@$>* \VVVh*

!$'#<>*IJJIh*N0$-")4>*IJ\JD?***

*

9)* \VVV>* &2$* /%(-(&"()* (1* '%&#* $.+8'&"()* ').* 8%$'&":"&<* '&* #82((0* ='#* '* 4$)$%'0*

%$#(0+&"()*'.(/&$.*,<*TE7AQG*'&*&2$*YJ&2*#$##"()*F$)$%'0*Q()1$%$)8$*,$8'+#$*(1* "&#*

"-/(%&')8$* ")* .$:$0(/")4* '* 8+0&+%$* (1* /$'8$* CTE7AQG>* IJJJ,D?* * 6%&#* $.+8'&"()*='#*

.$1$).$.* '#* )(&* ()0<* ,$")4* "-/(%&')&* ")* .$:$0(/")4* /$'8$>* ,+&* '0#(* 1(%* .$:$0(/")4*

8%$'&":"&<* =2"82* ='#* .$$-$.* &(* ,$* ')* "):'0+',0$* '##$&* ")* &(.'<K#* =(%0.* CTE7AQG>*

IJJJ,D?* *;2$*."%$8&(%*4$)$%'0*8'00$.*1(%*'*-(%$*,'0')8$.*$.+8'&"()*")*=2"82*#+,M$8&#*

#+82* '#* '%&>* #/(%&#>* ').* #8"$)8$* =$%$* 4":$)* $3+'0* "-/(%&')8$* &(* (&2$%* #+,M$8&#* ")*

$.+8'&"()>*&2+#*&2$*=".$*:'%"$&<*(1*0$'%)")4*').*.$:$0(/-$)&*)$$.#*#&+.$)&#*%$3+"%$*

8(+0.* ,$* -$&?* N+%&2$%-(%$>* &2$* "-/(%&')8$* (1* /0'<* ")* 0$'%)")4* ='#* ,%(+42&* &(*

'&&$)&"()>*="&2* &2$*'%&#*,$")4*'* :"&'0* &((0* 1(%*/0'<* &(* #&"-+0'&$*,(&2* #&+.$)&#K*-").#*

').*,(."$#*').*&(*#&"-+0'&$*#&+.$)&#K*8%$'&":"&<*&(*&2$*1+00$#&*CTE7AQG>*IJJJ,D?***

*

GNTNE!;.$(*363*=!

O+#&* 0"@$* &2$* .$1")"&"()* (1* '%&#* 8')* ."11$%>* &2$* .$1")"&"()* (1* 8%$'&":"&<* :'%"$#?* * A(-$*

,$0"$:$* 8%$'&":"&<* "#* )()R#/$8"1"8* ').* #<)()<-(+#* ="&2* &2")@")4* (+&#".$* &2$* ,(L>*

/%(,0$-R#(0:")4>*').*"-'4")'&"()>*=2"0$*(&2$%#*,$0"$:$*8%$'&":"&<*2'#*'*#/$8"1"8*/0'8$*")*

&2$*8+%%"8+0+-* ")*'%&* C6.."#()*$&*'0>*IJ\JD?*F$)$%'00<>*8%$'&":"&<* "#*+).$%#&((.*'#* &2$*

2+-')*8'/'8"&<*&(*-'@$*#(-$&2")4*)$=*CN0$-")4>*IJ\JD?*6.."#()*$&*'0*CIJ\JD*'%4+$#*

&2'&* .$#/"&$* &2$* 8(--()* 8()8$/&"()* &2'&* #(-$* 2+-')#* '%$* "))'&$0<*-(%$* 8%$'&":$*

&2')*(&2$%#>*&2"#*"#*)(&*&%+$>*').*&2'&*8%$'&":"&<*8')*,$*&'+42&?**9&*"#*#(-$=2$%$*="&2")*

$:$%<()$* ').* $.+8'&"()* 2'#* &2$* ',"0"&<* &(* #$&* &2$* .(%-')&* 8%$'&":"&<* ")&(* -(&"()*

CTE7AQG>* IJJ\'D?* * ;2+#>* $.+8'&"()* ")* &2$* '%&#* "#* :"&'0* '#* "&* /%(:".$#* '* 8%+8"'0*

$):"%()-$)&* 1(%* 8%$'&":$* /%'8&"8$#?* * 6%&#* $.+8'&"()* /(0"8<* ').* '.:(8'8<* .(8+-$)&#*

/+&*'*4%$'&*.$'0*(1*$-/2'#"#*()*'%&#*$.+8'&"()*').*8%$'&":"&<>*,+&*%$#$'%82*2'#*,$$)*

."11"8+0&*,$8'+#$*"&*"#*."11"8+0&*&(*'##$##*8%$'&":"&<*C!$'#<>*IJJID?*P(=$:$%>*")*()$*#&+.<*

&2'&*$L'-")$.*(:$%*I]JJ*%$#$'%82*#&+."$#*()*'%&#*$.+8'&"()>*')*'##(8"'&"()*='#*1(+).*

,$&=$$)* "):(0:$-$)&* ")* &2$* '%&#* ').* 2"42$%* /$%1(%-')8$* ()* #&').'%."#$.* &$#&#*

-$'#+%")4*8%$'&":"&<*C5(4'>*^+%4$%>*P$&0').*i*f"))$%>*IJJJD?*;2"#*"#*M+#&*()$*$L'-/0$*

(1*&2$*$:".$)8$*1(%*&2$*%$0'&"()#2"/*,$&=$$)*'%&#*$.+8'&"()*').*8%$'&":$*&2(+42&?***

Page 18: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

)(!

!

GNTNG!B.(34!P$/$(.)#!

E(&* ()0<* .($#* 3+'0"&<* $.+8'&"()* "):(0:$* $)8(+%'4")4* 8%$'&":"&<>* "&* '0#(* "):(0:$#* '*

#&"-+0'&")4*$):"%()-$)&>*$#/$8"'00<*")*&2$*<(+)4$%*<$'%#*CTE7AQG>*IJJZD?**`$8$)&0<>*'*

)+-,$%* (1* #&+."$#* 2':$* %$#$'%82$.* '%&#* $.+8'&"()* ').* &2$* "-/'8&* ()* &2$* ,%'")?*

E$+%("-'4")4*2'#*#2(=)*82')4$#*').*#&"-+0'&"()*="&2")*&2$*,%'")*=2$)*8%$'&":$*'%&#*

'8&":"&"$#* '%$* ")&%(.+8$.* &(* &2$* 0$'%)$%* CP(='%.RO()$#>* IJJah* `"82>* IJJVD?* * ^%'")*

%$#$'%82*2'#*")."8'&$.*&2'&*&2$*(/&"-+-*='<*1(%*&2$*2+-')*,%'")*&(*0$'%)*"#*&2%(+42*

/0'<*=2"82*+#$#*$-(&"()>* "-'4")'&"()*').*8%$'&":"&<* CO$)#$)>*IJJ[h*A<0=$#&$%>*IJ\JD?**

;2"#* #&<0$* (1* 0$'%)")4* )(+%"#2$#* &2$* #$)#(%<>* '&&$)&"()'0>* 8(4)"&":$* ').* -(&(%*

8'/'8"&"$#>* =2"82* '%$* '* 1(+).'&"()* 1(%* '00* 0$'%)")4>* &2+#* $L&%$-$0<* "-/(%&')&* 1(%* ')*

$)%"82")4* $):"%()-$)&* /%(-(&")4* 0$'%)")4* CO$)#$)>* IJJ[D?* E+-$%(+#* #&+."$#* 2':$*

#2(=)*&2'&*&2$*2+-')*,%'")*82')4$#*")*#&%+8&+%$*').*1+)8&"()*'#*'*%$#+0&*(1*0$'%)")4*

').* $L/$%"$)8$* CO$)#$)>* IJJ[D?* * ;2"#* "#* ,$8'+#$* )$=* )$+%'0* 8())$8&"()#* 1(%-*=2$)*

2+-')#* '%$* ")* $):"%()-$)&#* &2'&* '%$* )+%&+%")4>* #&"-+0'&")4* ').* $)8(+%'4")4*

CQ'&&$%'00>* IJJcD?* ;2$%$1(%$>* $.+8'&"()'0* $):"%()-$)&#* )$$.* &(* #&%":$* &(* 2':$* &2$#$*

$0$-$)&#* 1(%* '* #&+.$)&K#* (/&"-+-* ,%'")* .$:$0(/-$)&?* * 60&2(+42* &2"#* /'%&"8"/'&(%<>*

#&+.$)&R8$)&%$.>* '8&":$* 0$'%)")4* $):"%()-$)&* 8')* ,$* 1(+).* ")*-(%$* '%$'#* &2')* M+#&*

'%&#*$.+8'&"()>*3+'0"&<*'%&#*$.+8'&"()*&$'82")4*-$&2(.#*#$%:$*&2"#* 1+)8&"()*:$%<*=$00*

CO$)#$)>* IJJ[D?* * ;2$* '%&#* '%$* )'&+%'00<* 2').#R()* ').* '8&":$0<* "):(0:$* #&+.$)&#>*

/%(:".")4*&2$*'1(%$-$)&"()$.*)(+%"#2")4*0$'%)")4*$):"%()-$)&**C6.."#()*$&*'0>*IJ\Jh*

7"#)$%>*IJ\JD?*

!

GNTNQ!%4/*.2&$4*(7!@2*)+&$/!

;2$%$*2'#*,$$)*'*0'%4$*:(0+-$*(1*%$#$'%82*8().+8&$.*()*&2$*$11$8&#*(1*&2$*'%&#*').*&2$*

/(#"&":$*8(%%$0'&"()*"&*2'#*="&2*'82"$:$-$)&*")*(&2$%*#+,M$8&*'%$'#?*7:".$)8$*2'#*0")@$.*

#&+.<*")*&2$*'%&#*="&2*)+-$%(+#*/(#"&":$*(+&8(-$#?**!$'#<K#*Q%(*()&8#_(1`7a#_$&%1(14#(1#

*2$#D%*7#&1'#F*3'$1*7#D)&'$,()#&1'#F.)(&8#E$/$8.-,$1**CIJJID*$L'-")$#*'*=".$*%')4$*

(1* %$#$'%82* ()* '%&#* $.+8'&"()* 8().+8&$.* ")* &2$* T)"&$.* A&'&$#* (1* 6-$%"8'?* ;2"#*

8(-/$)."+-* 4":$#* $:".$)8$* &2'&* '%&#* $.+8'&"()* 2'#* '* /(#"&":$* 8(%%$0'&"()* ="&2*

%$'.")4>* :$%,'0* ').* -'&2$-'&"8'0* #@"00#>* 8%$'&":$* &2")@")4>* '82"$:$-$)&* -(&":'&"()>*

8(4)"&":$* $)4'4$-$)&>* #$01R8()1".$)8$>* #$01R")"&"'&")4>* $-/'&2<* 1(%* (&2$%#>* %$.+8$.*

Page 19: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

),!

.%(/*(+&* %'&$#>*2"42$%*(%.$%* &2")@")4* #@"00#>* ').*'* %')4$*(1*(&2$%*/$%#()'0*').* #(8"'0*

.$:$0(/-$)&#*C!$'#<>*IJJID?**6*8%"&"8'0*'//%('82*&(*&2$*80'"-#*&2$*,%('.*0"#&*"#*-'@")4*

-+#&*,$*&'@$)?**A(-$*(1*&2$*(+&8(-$#*-'<*2':$*%$#+0&$.*&2%(+42*-$')#*(&2$%*&2')*

'%&#*$.+8'&"()>*').*$'82*").":".+'0*#&+.<*=(+0.*)$$.*&(*,$*$L'-")$.*,$1(%$*,$0"$:")4*

$:$%<* 80'"-* &2$* '+&2(%* "#* -'@")4?* !$#/"&$* &2$* /(##","0"&"$#* (1* $%%(%* ').* (:$%#&'&")4*

80'"-#>*&2$*0()4*0"#&*.($#*0$'.*&(*4$)$%'0*'88$/&')8$*(1*&2$*0")@*,$&=$$)*&2$*'%&#*').*

/(#"&":$*(+&8(-$#*1(%*&2$*"):(0:$.*0$'%)$%#?*5+0&"/0$*%$#$'%82*#&+."$#*2':$*#2(=)*&2'&*

'* #&%()4* '%&* 1(+).'&"()* 8')*,+"0.* 8%$'&":"&<>* 8()8$)&%'&"()>* /%(,0$-* #(0:")4* ',"0"&"$#>*

#$01R$11"8'8<>* ').* 8((%.")'&"()* C7"#)$%* i* !'<>* IJJZh* GKN'%%$00* i* 5$,')>* IJJYD?* * 600*

#&+.$)&#*#2(+0.*,$*4":$)*&2$*(//(%&+)"&<*&(*0$'%)*&2"#*='<*1(%*&2$"%*,$#&*.$:$0(/-$)&*

').*(//(%&+)"&<*&(*.$:$0(/*&2$"%*8'/',"0"&"$#*C!$'#<>*IJJIh*N"#@$>*\VVVD?***

!

GNTNR!0)+4+&3)!Z(72$!

Q%$'&":"&<* 2'#* ,(&2* /$%#()'0* ').* $8()(-"8* :'0+$?* * ^(&2* 8%$'&":$* &2(+42&* ').**

."#8"/0")$R,'#$.* '%&"#&"8* #@"00#* 0$'%)$.* &2%(+42* '%&#* $.+8'&"()* 8')* 8()&%",+&$* &(* &2$*

$8()(-<?**9)*IJJY>*")*&2$*A+,RA'2'%')*61%"8'*%$4"()>*'%&"#')*/%(.+8&#*=$%$*$#&"-'&$.*

&(*,$*=(%&2*(:$%*\aJ*-"00"()*TA!*/$%*<$'%>*/%(:".")4*$-/0(<-$)&*&(*(:$%*\?Y*-"00"()*

/$(/0$* CA$##"()>* IJJYD?*E(&*()0<* 8')* '%&"#&"8* /%(.+8&#* 4$)$%'&$* ")8(-$>*,+&* 8%$'&":$*

&2(+42&*8')*'#*=$00?**;2%(+42(+&*2"#&(%<>*8%$'&":$*&2(+42&*2'#*,$$)*)$8$##'%<*&(*.%":$*

#(8"$&'0*82')4$?*;2"#* "#*)(* 0$##* &%+$*&(.'<* C_")@>*IJJ[D?*!$:$0(/")4*$8()(-"$#*=(+0.*

,$)$1"&* 1%(-* 0(8'0* "))(:'&(%#* ').*)$=* ".$'#* &(* #+88$$.?* * `$8$)&0<* &2$%$*2'#*,$$)*'*

#&%()4$%* 1(8+#* ()* &2$* "-/(%&')8$* (1* 8%$'&":"&<* ")* $8()(-"8* .$:$0(/-$)&?* ;2$*

.$:$0(/-$)&* (1* 8%$'&":$* &2")@")4* 1(%* $)&%$/%$)$+%#2"/* ').* )$=* ,+#")$##* ".$'#* 2'#*

,$8(-$* $##$)&"'0* ")* &2$* 40(,'0* $8()(-<* ').* 8%$'&":"&<* "#* ")8%$'#")40<* #$$)* '#* '* @$<*

'&&%",+&$* ")*$-/0(<',"0"&<* CP(='%.RO()$#*IJJah*_$&$%#>*5'%4")#()>*i*5+%/2<>*IJJVD?***

;2$* '%&#* =$%$* 1(+).* &(* ,$* '* #+88$##1+0* ='<* &(* )+%&+%$* 8%$'&":$* &2(+42&* ').*

$)8(+%'4")4* 8%$'&":"&<* &2%(+42* &2$* '%&#*='#* 8()#".$%$.* &(*,$* '*J1$)$77&%0#-&%*# .I# &#

)2(8'X7#$'3)&*(.1M* C/?*I\>*TE7AQG>*IJJ\'D?* *;2$*',"0"&<*&(*,$*"))(:'&":$* ")*,+#")$##* "#*

:$%<* "-/(%&')&* ")* ,(&2* .$:$0(/$.* ').* .$:$0(/")4* 8(+)&%"$#>* ,+&* ")* .$:$0(/")4*

8(+)&%"$#* &2$* "-/(%&')8$* (1* 8%$'&":$* &2")@")4* 8')* ,$* $:$)* 4%$'&$%* ,$8'+#$* &2$"%*

$8()(-<* )$$.#* 0(8'0* &2")@$%#* ').* "))(:'&(%#* &(* 8%$'&$* '* #+#&'")',0$* $8()(-<?* ;2$*

)$$.#* (1* #(8"$&<* '%$* 82')4")4* ').*="&2* &2$#$* 82')4$#* 8(-$#* &2$* .$-').* 1(%*-(%$*

Page 20: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

"S!

j%"42&R,%'")$.K*8%$'&":$*#@"00#h*'*82')4$*1%(-*/'#&*.$-').*1(%*-(%$*j0$1&R,%'")$.K*&'#@*

(%"$)&$.* #@"00#* C_")@>* IJJ[D?* ;%')#1(%-'&":$* ',"0"&"$#* #+82* '#* $-/'&2<* ').* 8%$'&":$*

&2(+42&* 2':$* ,$8(-$* "-/(%&')&* ")* &(.'<K#* $8()(-<* ').* !')"$0* _")@* CIJJ[D* '%4+$#*

&2$#$*',"0"&"$#*="00*4%(=*$:$)*-(%$*"-/(%&')&*")*&2$*1+&+%$?**Q(4)"&":$*$-/'&2<*"#*&2$*

',"0"&<*&(*&'@$*()*&2$*/$%#/$8&":$#*(1*')(&2$%>*(%*j#&$/*")*&2$"%*#2($#K*CB%e)'%"8>*IJJaD?*

7-/'&2<* "#* .$#"%',0$* ")* /$(/0$* #@"00#* ').* )$4(&"'&"()>* ').* 8%$'&":"&<* "#* )$$.$.* &(*

.$:$0(/* )$=* /%(.+8&#* ').* /%(,0$-* #(0:$?* ;2$#$* ',"0"&"$#* 8')* ,$* $)2')8$.* &2%(+42*

0$'%)")4* &2%(+42* ').* ="&2* &2$* '%&#?* * 7-/'&2<* ="00* ,$* ."#8+##$.* 1+%&2$%* ")* &2$* )$L&*

#$8&"()?**

*

GNU!;27*2.(7!536$./3*=!!

;2$* 1")'0* '"-*-'//$.*(+&* ")* &2$*IJJ[*f(%0.*Q()1$%$)8$*()*6%&#* 7.+8'&"()*='#* &2$*

/%(-(&"()*(1*8+0&+%'0*.":$%#"&<*').*$L/%$##"()*CTE7AQG>*IJJ[D?**6%&*"#*'*JI31'&,$1*&8#

$8$,$1*#.I#)38*3%$M*').*'*:'0+',0$*&((0*")*&2$*.$:$0(/-$)&*(1*&2$*61%"8')*)'&"()#*C/?*I>*

TE7AQG>*IJJ\,D?* *E(&*()0<*'%$* &2$*'%&#*'*/'%&*(1* 8+0&+%$>*,+&* &$'82")4*+#")4* 8+0&+%$*

').* &2$* '%&#* $)2')8$#* ')* ").":".+'0K#* #(8"'0* '='%$)$##* ').* 8+0&+%'0* +).$%#&').")4>*

,+"0.")4*')* ").":".+'0K#* &(0$%')8$>* '88$/&')8$*').*'//%$8"'&"()* 1(%*(&2$%*/$(/0$*').*

8+0&+%$#* CTE7AQG>*IJJ\,D?*^$<().*&2$*/$%#()'0*,$)$1"&#>*'%&#*').*8+0&+%'0*$.+8'&"()*

"-/'8&*#(8"$&<*/(#"&":$0<*'#*=$00>*,<*8+0&":'&")4*#(8"'0*8(2$#"()*').*8+0&+%'0*.":$%#"&<>*

').* ,<* &$'82")4* $-/'&2<?* * 9)* &2$* IJ\\* F5`* ()* $.+8'&"()* ').* '%-$.* 8()10"8&>* &2$*

"-/(%&')8$*(1*$.+8'&"()*")*&$'82")4*/$'8$*='#*'88$)&+'&$.?**;2$*%$/(%&*.$80'%$#*&2'&*

#82((0#* )$$.* &(* &$'82* #&+.$)&#* &2$* J,.7*# /(*&8# 7`(88# I.%# &# I8.3%(72(14# ,38*(V)38*3%&8#

7.)($*0VVV*2$# 7`(88# .I# 8(/(14# -$&)$I3880# ;(*2# .*2$%# -$.-8$M* C/?* IY>* TE7AQG>* IJ\\D?* * 6&*

#82((0#*82"0.%$)*8')*=(%@*&(4$&2$%*').*0$'%)*&(*%$#/$8&*$'82*(&2$%#K*%$0"4"(+#>*$&2)"8>*

0")4+"#&"8* ').* %'8"'0*.":$%#"&"$#?* * A82((0#*'%$*'* #&'%&")4*/(")&* ")*'82"$:")4*'* 8+0&+%$*(1*

&%+#&* ")* '* 8(+)&%<>* &2$* ,'#"#* 1(%* '82"$:")4* 0'#&")4* /$'8$* ').* 8((/$%'&"()* ,$&=$$)*

8"&"e$)#*")*'*8(+)&%<*CTE7AQG>*IJ\\D?*

*

GNUNE!0&'(*#=!

^+"0.")4*$-/'&2<*').*'*8+0&+%$*(1*/$'8$*"#*"-/$%'&":$*")*&2$*.$:$0(/")4*=(%0.*8()&$L&*

")* (%.$%* &(* 1'8$* &(.'<K#* 40(,'0* 82'00$)4$#?* ;2$* &2"%.* 4('0* 8()8$":$.* '&* &2$* A$8().*

f(%0.*Q()1$%$)8$*()*6%&#*7.+8'&"()* ")*IJ\J>*='#*&(*J&--80#&%*7#$'3)&*(.1#-%(1)(-8$7#

Page 21: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

")!

&1'#-%&)*()$7#*.#%$7.8/(14#*2$#7.)(&8#&1'#)38*3%&8#)2&88$14$7#I&)(14#*.'&0X7#;.%8'M*C/?*a>*

TE7AQG>*IJ\J'D?*;2$*8'/'8"&<* &(*,$*',0$* &(*+).$%#&').*').*'88$/&*(&2$%*8+0&+%$#* "#*

,$8(-")4* $##$)&"'0* ")* &2$* 8+%%$)&* $%'* (1* 40(,'0"#'&"()* ').* $-/'&2<* "#* &2$* 1"%#&* #&$/*

&(='%.#*&2"#?*

*

K,-&*20# (7# %$:3(%$'# (I#;$#&%$# *.# 72&%$# 7.# I%&4(8$#&#-8&1$*b# (I#;$#

&%$#*.#31'$%7*&1'#*2$#4$7*3%$7#&1'#$+-%$77(.17#.I#.*2$%75#&1'#*2$#

48.?&880V&))$77(?8$# (,&4$7#&1'# ().17#*2$0#-%.'3)$#&1'#).173,$R#

D#).11$)*(/$#I.%)$5#$,-&*20#(7#*.#?$#-%(P$'#?0#&%*7#$'3)&*(.15#*2$#

I($8'#-.(7$'#*.#318$&72#&%*X7#).,,31(*0V?3(8'(14#-.*$1*(&8#&1'#*.#

$1&?8$# 0.314# -$.-8$# *.# 4%&7-# *2$# ,$&1(145# *2$# -.;$%# .I#

).11$)*(.1cD%*7#$'3)&*(.1#?3(8'7#23,&1#)&-&)(*($7# *.#1$4.*(&*$#

*2$#;.%8'7#.I#.?Y$)*7#&1'#.*2$%7#;(*2#)&%$#&1'#$,-&*2()# (17(42*R#

C/?*\Z>*O$11$%#>*IJJVD*

#

600*#&+.$)&#*#2(+0.*,$*4":$)*&2$*(//(%&+)"&<*&(*2':$*'*3+'0"&<*$.+8'&"()>*=2"82*1(#&$%#*

&2$"%* $-(&"()'0* .$:$0(/-$)&* ').* "-/'%&#* ()* &2$-* &2$* 8'/',"0"&<* 1(%* $-/'&2<*

CTE7AQG>* IJJZD?* ;2$* ',(:$* #&'&$-$)&* ()* &2$* "-/(%&')8$* (1* '%&#* $.+8'&"()* ').*

$-/'&2<*+).$%0"$#*&2$*1'8&* &2'&*'00* #&+.$)&#*)$$.*&(* 0$'%)*$-/'&2<* ")*&(.'<K#*$%'*(1*

40(,'0"#'&"()?* * A82((0#* '%$* ()$* (1* &2$* ,$#&* /0'8$#* &(* &$'82* $-/'&2<>* ').* '%$* :"&'0* "1*

$-/'&2$&"8* &2(+42&* "#* )(&* &'+42&* ")* #&+.$)&K#* 2(-$* $):"%()-$)&#* CB%e)'%"8>* IJJaD?**

E+##,'+-* C\VV]>*IJ\JD* #/$'@#*(1* &2$*)'%%'&":$* "-'4")'&"()*').*2(=*&2$*'%&#*/0'<*'*

:"&'0*%(0$*")*8+0&":'&")4*2+-')"&<?**;2$*)'%%'&":$*"-'4")'&"()*"#*$##$)&"'00<*&2$*8()8$/&*

(1* $-/'&2<?* * 9&* "#* &2$* ',"0"&<* &(* "-'4")$* ()$#$01* ")* &2$* /(#"&"()* (1* ')(&2$%* ').*

+).$%#&').*&2$"%*$-(&"()#*').*.$#"%$#*CE+##,'+->*IJ\JD?*A2$*8()&$).#*&2'&*J*2$#&%*7#

)38*(/&*$#)&-&)(*($7#.I#Y3'4,$1*#&1'#7$17(*(/(*0#*2&*#)&1#&1'#72.38'#?$#$+-%$77$'#(1#*2$#

)2.()$7#&# )(*(P$1#,&`$7M* C/?* a[>*E+##,'+->*\VV]D?* * ;2"#* '%4+-$)&* 8')*,$* '//0"$.* &(*

'%&#* $.+8'&"()>* ="&2* $L'-/0$#* ")* $.+8'&"()'0* .%'-'* &2'&* 8')* 0$'.* &(* $-/'&2<* ').*

40(,'0*8"&"e$)#2"/?**N(%*$L'-/0$>*")*.%'-'>*#&+.$)&#*"-'4")$*&2$-#$0:$#*")*&2$*/0'8$*(1*

(&2$%#*').*8')*,$4")*&(*+).$%#&').*=2'&*(&2$%*/$(/0$K#*-(&":'&"()#*1(%*&2$"%*82("8$#*

').*'8&"()#*-'<*,$>*&2$%$,<*8%$'&")4*'*#"&+'&"()*(1*&(0$%')8$*').*+).$%#&').")4*C^('0>*

\V]Vh* !'-'#"(>* \VVYD?* * !%'-'* 2'#* ,$$)* ')* $L8$00$)&* &((0* 1(%* &$'82")4* $-/'&2$&"8*

Page 22: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

""!

+).$%#&').")4*').*&2$'&%$*1(%*.$:$0(/-$)&*2'#*,$8(-$*'*/(/+0'%*&((0* C^('0>*\V]VD?*

;2$*4('0*(1*$.+8'&"()'0*.%'-'*"#*&(*8%$'&$*'*#"&+'&"()*=2$%$*#&+.$)&#*8')*J31'$%7*&1'#

23,&1#(1*$%&)*(.175#$,-&*2(P$#;(*2#.*2$%#-$.-8$5#&1'#(1*$%1&8(P$#&8*$%1&*(/$#-.(1*7#.I#

/($;M*C/?*c>*f'4)$%>*\VVaD?* * 9)*&2"#*/%(8$##*(1*0$'%)")4>*&2$*+0&"-'&$*4('0*1(%*8%$'&":$*

.%'-'*")*&2$*80'##%((-*"#*)(&*&2$*/$%1(%-')8$*(1*'*&2$'&%"8'0*/"$8$>*,+&*&2$*/%(8$##*(1*

0$'%)")4* &2'&* (88+%#* &2%(+42* '8&")4* ').* %$10$8&"()?* * 6#* #&+.$)&#* $L/$%"$)8$* &2$*

/$%#/$8&":$#*(1*&2$*%(0$#*&2'&*&2$<*/0'<>*&2$<*8')*#$$*&2$*=(%0.*1%(-*(&2$%*:"$=/(")&#>*

.$:$0(/*$-/'&2<*').*$)0'%4$*&2$"%*+).$%#&').")4#*Cf'4)$%>*\VVaD?*P+-')#*0$'%)*,<*

-"%%(%")4*&2$*'8&"()#*(1*(&2$%#>*').*&$'82$%#*8')*&'@$*'.:')&'4$*(1*&2$*,%'")K#*"))'&$*

0$'%)")4* #&<0$* &2%(+42* 1(%-#*(1*'%&#*$.+8'&"()* 1(8+#$.*()*8())$8&")4*="&2*(&2$%#* &(*

#+88$##1+00<*1(#&$%*8+0&+%'0*'88$/&')8$>*$-/'&2<*').*#(8"'0*8(2$#"()*CO$11$%#>*IJJVD?**

!

GNUNG!;3*3[$4/!+,!*#$!9+.71!

E+##,'+-K#*d.*#I.%#\%.I(**CIJ\JD*'..%$##$#*&2$*.')4$%#*(1*)(&*")80+.")4*'%&#*').*&2$*

2+-')"&"$#* ")* $.+8'&"()?* * A2$* /%(/(#$#* &2'&* 4(:$%)-$)&#* '%(+).* &2$* =(%0.* '%$*

1(8+#")4* &((*-+82* ()* $.+8'&"()* &(='%.#* $8()(-"8* 4%(=&2* ').* )(&* $)(+42* ()* &2$*

#+,M$8&#* &2'&* 8%$'&$* 4((.* 8"&"e$)#?* * ;2$* ',"0"&"$#* &(* J*2(1`# )%(*()&8805# *%&17)$1'# 8.)&8#

8.0&8*($7#&1'#*.#&--%.&)2#;.%8'#-%.?8$,7#&7#&#e)(*(P$1#.I#*2$#;.%8'X5#&1'#*2$#&?(8(*0#*.#

(,&4(1$# 70,-&*2$*()&880# *2$# -%$'()&,$1*# .I# &1.*2$%# -$%7.1M* '%$* '##(8"'&$.* ="&2*

$.+8'&"()*")*&2$*'%&#*').*2+-')"&"$#*C/?*]>*E+##,'+->*IJ\JD?**;2$%$*"#*'*4%$'&*.$'0*(1*

%$#$'%82* ').* 8'#$* #&+."$#* 8(-/0$&$.* '%(+).* &2$* =(%0.* $L$-/0"1<")4* &2"#* C^+%42* i*

A0(,(.'>*IJJJD?**9)*'*40(,'0*%$#$'%82*#&+.<>*aJk*(1*&2$*%$#/().$)&#*1%(-*Y]*.$:$0(/$.*

').*.$:$0(/")4*8(+)&%"$#*#'".*&2'&*&2$*'%&#*$)2')8$.*#(8"'0*').*8+0&+%'0*+).$%#&').")4*

="&2")*&2$*#82((0#*').*8(--+)"&<*C^'-1(%.>*IJJ[D?* * 9)*E"4$%"'>*1").")4#*#2(=$.*&2'&*

:"#+'0* '%&>* $#/$8"'00<* $L2","&"()#>* '00(=$.* #&+.$)&#* &(* ")&$%'8&* 1%$$0<*="&2* $'82* (&2$%*

%$4'%.0$##*(1*,'8@4%(+).>*=2"82*2$0/$.*&2$*#&+.$)&#*&(*J&--%$)(&*$#*2$#/&83$#.I#.*2$%#

-$.-8$X7# )38*3%$M# C/?* \\V>* ^'-1(%.>* IJJ[D?* * 9)* A")4'/(%$>* '* #"-"0'%* %$#+0&* ='#* 1(+).*

&2%(+42* .')8$>* =2$%$* &2%$$* $&2)"8* .')8$* 4%(+/#* C5'0'<>* Q2")$#$* ').* 9)."')D*

/$%1(%-$.*').*&'+42&*()$*')(&2$%*&2$"%*(=)*$&2)"8*.')8$#*').*&2$)*8'-$*&(4$&2$%*

').* 82(%$(4%'/2$.* '* .')8$* =2"82* 8(-,")$.* '00* (1* &2$->* %$#+0&")4* ")* '* 4%$'&$%*

'//%$8"'&"()*(1*8+0&+%$*C^'-1(%.>*IJJ[D?* * 9)*'*#&+.<*")*^'%,'.(#*"&*='#*(,#$%:$.*&2'&*

&2$* '%&#* ."%$8&0<* 8()&%",+&$* &(* 8((/$%'&"()>* '//%$8"'&"()* ').* &(0$%')8$* '-()4* &2$*

Page 23: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

"#!

#&+.$)&#* C^'-1(%.>* IJJ[D?* A"-"0'%0<>* ")* 6+#&%'0"'* )+-$%(+#* '%&#* /%(4%'-#* 2':$*

")8%$'#$.*8+0&+%'0*'='%$)$##>*&(0$%')8$*').*'88$/&')8$*,$&=$$)*6,(%"4")'0*').*(&2$%*

8+0&+%'0* 8(--+)"&"$#* C^'-1(%.>* IJJ[D?* * 9)* &2$* T)"&$.* A&'&$#>* &2$* Q2"8'4(* Q2"0.%$)K#*

Q2("%*='#*8%$'&$.* ")*\Vc[* &(*,%")4*#&+.$)&#*(1*."11$%$)&* %'8$>* %$0"4"()*').*$8()(-"8*

80'##*&(4$&2$%*&2%(+42*-+#"8?*;2$*82("%*#&'%&$.*="&2*IZ*#&+.$)&#*').*8+%%$)&0<*#$%:$#*

I]JJ* #&+.$)&#* &2%(+42* #82((0* ').* )$"42,(+%2((.* /%(4%'--$#?* CQ2"8'4(* Q2"0.%$)K#*

Q2("%>*IJ\\h*E+##,'+->*IJ\JD?*;2$*#")4$%#*8(-$*&(4$&2$%*1%(-*."11$%$)&*,'8@4%(+).#*

').*#")4*'#*()$*:("8$>*0$'%)")4*',(+&*').*'88$/&")4*()$*')(&2$%?**E(&*()0<*.(*#&+.$)&#*

")&$%'8&*="&2*&2(#$*(1*."11$%$)&*%'8"'0*').*#(8"($8()(-"8*,'8@4%(+).#>*&2$<*'0#(*0$'%)*

',(+&* ."11$%$)&* 8+0&+%$#* &2%(+42* &2$* #()4#* &2'&* &2$<* #")4* CE+##,'+->* IJ\JD?* * ;2$#$*

$L'-/0$#*(1* &2$*'%&#* ")* &2$*/%(8$##*(1*,+"0.")4*$-/'&2<*').*8+0&+%'0*'88$/&')8$*'%$*

"-/(%&')&* ")* &2$* .$:$0(/")4*=(%0.>* $#/$8"'00<* ")* '* 8(+)&%<* #+82* '#* B$)<'*="&2* (:$%*

1(%&<*."11$%$)&*$&2)"8*&%",$#?***

*

GN\!;#(77$48$/!

;2$%$* '%$* )+-$%(+#* 82'00$)4$#* ")* "-/0$-$)&")4* '%&#* $.+8'&"()?* * N"%#&>* -(#&*

$.+8'&"()'0* /(0"8"$#* .(* )(&* /0'8$* '* 4%$'&* :'0+$* ()* '%&#* $.+8'&"()* CTE7AQG>* IJJ[D?***

Q(00'&")4* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()* "#*-+82* 2'%.$%* &2')* &2$*-(%$* &')4",0$* ').*

&$#&',0$*(+&8(-$#*(1*(&2$%*'%$'#*(1*$.+8'&"()?**9&*"#*"-/(##",0$*1(%*'*#&+.$)&*&(*&'@$*'*

#&').'%."e$.*&$#&*()*#(-$&2")4*#(*)$,+0(+#*'#*$-/'&2<?**;2%(+42(+&*&2$*=(%0.*&(.'<>*

&2$*'%&#*').*2+-')"&"$#*'%$*,$")4*8+&*")*1':(+%*(1*-(%$*&$82)"8'0>*#@"00*,'#$.*$.+8'&"()*

&2'&* 2':$* -(%$* /$%8$":$.* $8()(-"8* %$&+%)#* CE+##,'+->* IJ\JD?* * A$8().>* '%&#*

$.+8'&"()*"#*80(#$0<*0")@$.*="&2*,(&2*8+0&+%$*'#*=$00*'#*$.+8'&"()*').*")*-(#&*8(+)&%"$#*

&2$*$.+8'&"()'0*').*8+0&+%'0*/(0"8"$#*'%$*)(&*'##(8"'&$.*="&2*()$*')(&2$%?* *;2$%$1(%$*

'%&#* $.+8'&"()* "#* (1&$)* 0$1&* (+&* '#* $.+8'&"()'0* /(0"8<* .$:$0(/$%#* #$$* "&* '#* '* 8+0&+%'0*

'%$'>*').*8+0&+%'0*/(0"8<*.$:$0(/$%#*#$$*"&*'#*')*$.+8'&"()'0*8()8$%)*CTE7AQG>*IJJ[D?**

;2"%.>*&2$%$*'%$*)(&*-')<*&$'82$%R&%'")")4*/%(4%'--$#*#/$8"'0"#")4*")*'%&#*$.+8'&"()>*

').* 4$)$%'0* &%'")")4* .($#* )(&* /0'8$* -+82* $-/2'#"#* ()* &2$* '%&#?* * ;2$%$* "#* '0#(* ')*

',#$)8$*(1*")R#$%:"8$*&%'")")4*CB$)<'*9)#&"&+&$*(1*7.+8'&"()>*IJ\J'D?**N(+%&2>*&2$%$*"#*'*

#2(%&'4$*(1*%$#$'%82*")*'00*'%$'#*(1*'%&#*$.+8'&"()>*$#/$8"'00<*")*&2$*.$:$0(/")4*=(%0.?**

N"1&2>* ,+.4$&#* 1(%* '%&#* $.+8'&"()* '%$* $"&2$%* )()R$L"#&$)&* (%* ")#+11"8"$)&* CTE7AQG>*

IJJ[D?**9)*=$#&$%)*$.+8'&"()'0*#<#&$-#>*=2$)*1+).")4*"#*&"42&>*&2$*'%&#*'%$*+#+'00<*&2$*

Page 24: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(2*(31%&'#%/'&(4&51&6(((

!

"$!

1"%#&* &2")4* &(*,$*&'@$)*(+&*(1*8+%%"8+0+-#* CE+##,'+->*IJ\JD?* *;2$*-'M(%"&<*(1*/$(/0$*

#$$* &2$* /(#"&":$* '#/$8&#* (1* &2$* '%&#>* ,+&* #$$* &2$-*'#* #+/$%10+(+#* &(* &2$* 8+%%"8+0+-?**

7##$)&"'00<>*&2$<*'%$*)"8$*&(*2':$*=2$)*&2$*,+.4$&*'00(=#>*,+&*"1*8+&#*)$$.*&(*,$*-'.$>*

&2$* '%&#* '%$* $L/$).',0$?* * 9)* &2$* .$:$0(/")4* =(%0.>* =2$)* $.+8'&"()'0* %$#(+%8$#* '%$*

'0%$'.<* #8'%8$>* 1").")4* &2$* 1+).#* 1(%* '%&#* $.+8'&"()* "#* ,"4* 82'00$)4$?* * 600* (1* &2$#$*

82'00$)4$#*-'@$*"&*."11"8+0&*1(%*'%&#*$.+8'&"()*&(*4'")*'*/%(-")$)&*/0'8$*")*$.+8'&"()'0*

.$:$0(/-$)&?* P(=$:$%>* #(-$* (1* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()* 8')* 2':$* ')* $:$)*

#&%()4$%*"-/'8&*()*.$:$0(/")4*8(+)&%"$#*&2')*&2$<*.(*()*.$:$0(/$.*8(+)&%"$#?***

*

9)*&2"#*%$:"$=>*9*2':$*(+&0")$.*&2$*:'%"(+#*,$)$1"&#*&2$*'%&#*8')*&%')#1$%*&(*#&+.$)&#*').*

+#$.*,(&2*&2$*2+-')*%"42&#*1%'-$=(%@*').*&2$*8'/',"0"&<*'//%('82*&(*1%'-$*'%&#*

$.+8'&"()K#*#&'&+#?**9)*&2$*.$:$0(/")4*=(%0.*=2$%$*#(8"'0>*/$%#()'0*').*$8()(-"8*

.$:$0(/-$)&*'%$*#(*")&$4%'0*&(*&2$*8(+)&%<K#*/%(4%$##>*&2$#$*,$)$1"&#*2':$*2"42*

/(&$)&"'0*1(%*/(#"&":$*%$#+0&#?***

!

Page 25: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

"%!!!;#('*$.!Q:!A$4=(!!!

!

QNE!;+24*.=!B()L8.+241!

;2"#*82'/&$%*/%(:".$#*8()&$L&+'0*,'8@4%(+).*")1(%-'&"()*8()8$%)")4*&2$*#$&&")4*(1*&2$*

%$#$'%82?* * B$)<'* "#* 0(8'&$.* ")*7'#&*61%"8'*').* %')@#*\ZY*(+&*(1*\a]* 8(+)&%"$#*()* &2$*

IJ\\* P+-')* !$:$0(/-$)&* 9).$L* CP!9D* =2"82* "#* ,'#$.* ()* 0"1$* $L/$8&')8<>* '88$##* &(*

@)(=0$.4$>* ').* #&').'%.*(1* 0":")4Y*CTE!_>* IJ\\D?* * 60&2(+42*B$)<'* %')@#* 0(=*()* &2$*

P!9>*&2$*8(+)&%<K#*/(#"&"()*2'#*")8%$'#$.*IJk*#")8$*\VaJ*').*B$)<'*"#*%')@$.*2"42$%*")*

"&#* %$4"()* &2')* "&#* #+%%(+).")4* 8(+)&%"$#* CTE!_>* IJ\\D?* * ;2$* T)"&$.* `$/+,0"8* (1*

;')e')"'*"#*%')@$.*\cI>*T4').'*"#*\[\*').*7&2"(/"'*"#*\]Z?**;2$*f(%0.*^')@*0"#&#*B$)<'*

'#*'* 0(=R")8(-$*8(+)&%<>*').*Z[k*(1* &2$*/(/+0'&"()* 0":$*+).$%* &2$*)'&"()'0*/(:$%&<*

0")$*Cf(%0.*^')@>*IJ\\h*_`^>*IJ\\D?**;2$*F%(##*E'&"()'0*9)8(-$*CFE9D*/$%*8'/"&'*"#*TA!*

l\[YJ*').*ZJk*(1*&2$*/(/+0'&"()*0":$*()*0$##*&2')*TA!*lI*/$%*.'<*C_`^>*IJ\\D?**;(*/+&*

&2"#*")&(*/$%#/$8&":$>*&2$*FE9*/$%*8'/"&'*(1*&2$*T)"&$.*A&'&$#*"#*TA!*lZ]>\IJ*').*-(%$*

0(8'0* &(* B$)<'>* A(+&2* 61%"8'K#* "#* TA!* l\J>IaJ* Cf(%0.* ^')@>* IJ\\D?* * B$)<'K#* 0'%4$#&*

4$)$%'&(%*(1*")8(-$*"#*'4%"8+0&+%$>*').*&(+%"#-*"#*&2$*#$8().*&(&'00")4*B7A*c]?I*,"00"()*

")*IJJ[*C'//%(L"-'&$0<*TA!*la\J*-"00"()D*CTE7AQG>*IJ\J,D?****

*

B$)<'*2'#*'*/(/+0'&"()*(1*Z\>[JV>]JJ*="&2*')*'))+'0*4%(=&2*%'&$*(1*I?ck*C_`^>*IJ\\D?**

;2$* /(/+0'&"()* "#* 8(-/%"#$.* (1* ZI* $&2)"8* &%",$#>* 4$)$%'&")4* '*-+0&"&+.$* (1* 8+0&+%$#?*

;2$* 0'%4$#&* &%",$* "#* &2$* B"@+<+* '&* IIk* (1* &2$* /(/+0'&"()* CQ96>* IJ\\D?* * f"&2* ')*

',+).')8$*(1*$&2)"8*&%",$#>*&2$%$*'%$*)+-$%(+#*")."4$)(+#*0')4+'4$#*")*&2$*8(+)&%<>*

,+&*&2$*(11"8"'0*0')4+'4$#*'%$*7)40"#2*').*B"#='2"0"*CQ96>*IJ\\D?***!

!

QNG!O+/*]07$)*3+4!Z3+7$4)$!

B$)<'* 4'")$.* ").$/$).$)8$* 1%(-* F%$'&* ^%"&'")* ")* \V[Y* ').* O(-(* B$)<'&&'* C\V[YR

\V]aD*').*!')"$0*'%'/*5("*C\V]aRIJJID*%+0$.*+).$%*()$*/'%&<>*&2$*B6ET>*+)&"0*IJJI?*

;2$* 1"%#&* -+0&"/'%&<* $0$8&"()#* =$%$* 2$0.* ")* \VVI>* ,+&* 5("* %$-'")$.* ")* /(=$%* +)&"0*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#!688$##*&(*@)(=0$.4$*"#*-$'#+%$.*&2%(+42*&2$*':$%'4$*<$'%#*(1*#82((0")4*").":".+'0#*'4$.*Ic*').*(:$%*%$8$":$*")*&2$"%*0"1$&"-$#*').*&2$*$L/$8&$.*<$'%#*(1*#82((0")4*1(%*82"0.%$)*(1*#82((0R$)&%<*0$:$0*'4$?*A&').'%.*(1*0":")4*"#*-$'#+%$.*,<*F%(##*E'&"()'0*9)8(-$*CFE9D**

Page 26: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(7*(8&,9#(((

!

"&!

5='"*B",'@"*='#*$0$8&$.*/%$#".$)&*")*IJJI*CQ96>*IJ\\D?**61&$%*&2$*1(00(=")4*$0$8&"()*")*

IJJ]>*:"(0$)8$*,%(@$*(+&*'1&$%*'00$4'&"()#*(1*$0$8&"()*1%'+.*=2$)*_%$#".$)&*B",'@"*='#*

%$R$0$8&$.?* * 60&2(+42* 2"#&(%"8'00<* &2$%$* 2'#* '0='<#* ,$$)* #(-$* $&2)"8* :"(0$)8$*

#+%%(+).")4*$0$8&"()#*")*B$)<'*.+$*&(*$&2)"8*#+//(%&*(1*/'%&"$#>*)()$*8(-/'%$*&(*&2$*

IJJ]*/(#&*$0$8&"()*:"(0$)8$*CGPQP`>*IJJaD?*^$&=$$)*!$8$-,$%*I]>*IJJ]*').*N$,%+'%<*

Ia>* IJJa* '//%(L"-'&$0<* \>IJJ* /$(/0$* =$%$* @"00$.>* Y>cJJ* =$%$* ")M+%$.* ').* YcJ>JJJ*

=$%$* ."#/0'8$.* C9QQ* B$)<'>* IJ\\D?* * ;2$* :"(0$)8$* ='#* /%"-'%"0<* ,$&=$$)* _%$#".$)&*

B",'@"K#* &%",$>* &2$* B"@+<+>* ').* &2$* U+(* ').* B'0$)M")* &%",$#* =2(* #+//(%&$.* &2$*

(//(#"&"()*/'%&<* CGPQP`>*IJJaD?* *P(=$:$%>* &2$#$*$&2)"8* &%",$#*2'.*'* 0()4*2"#&(%<*(1*

8()10"8&* (:$%* 0').* %"42&#>* &2+#* &2$* 8()10"8&* #2(+0.* ,$* 0((@$.* '&* 1%(-* '* ,%('.$%*

/$%#/$8&":$* CGPQP`>*IJJaD?* *!+$* &(* &2$* 8()10"8&*2':")4*'* #&%()4*$&2)"8* 8(-/(#"&"()>*

&2$* '%$'#* 2'%.$#&* 2"&*=$%$* &2(#$*="&2* 0'%4$*/(/+0'&"()#*(1* &2$* "):(0:$.* &%",$#?* * ;2$*

B"@+<+*0":$*-'")0<*")*&2$*8$)&%'0*'%$'#*(1*B$)<'>*=2"0$*&2$*U+(*').*B'0$)M")*0":$*")*&2$*

`"1&*d'00$<*').*=$#&$%)*'%$'#*CGPQP`>*IJJaD?*688(%.")40<>*&2$*:"(0$)8$*/%"-'%"0<*&((@*

/0'8$*")*&2$*8$)&%'0*').*%"1&*:'00$<*%$4"()#*")*'%$'#*#+82*'#*E'":'#2'*').*E'@+%+?**

*

*C^^Q*E$=#>*IJJaD*

Page 27: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(7*(8&,9#(((

!

"'!

9)*E'":'#2'*&(=)*&2$%$*=$%$*%$/(%&#*(1*<(+&2#*J&**&)`(14#&10#1.1VT(`3037#*2$0#).38'#

I(1'5M*').*2(+#$#*,$")4*,+%)$.*="&2*/$(/0$*#&"00*")#".$*CT#2'2".">*IJJa'D?*^(."$#*=$%$*

0$1&*,+%)")4*")*&2$*%('.#>*/$(/0$*=$%$*2'8@$.*&(*.$'&2*').*#2(&*="&2*'%%(=#*').*4+)#>*

').*-')<*2(+#$#*=$%$*.$#&%(<$.* &2%(+42(+&* &2$* 8(+)&%<* ,<* 1"%$* CT#2'2".">* IJJa,D?**

^<*N$,%+'%<*\c>*IJJa*Z\>YV[*2(+#$#*2'.*,$$)*.$#&%(<$.*CGPQP`>*IJJaD?**;2$*:"(0$)8$*

='#*$L'8$%,'&$.*,<*/%$:"(+#*$&2)"8*&$)#"()*,$8'+#$*(1*/$%8$":$.*#(8"'0*")M+#&"8$#*').*

."#/+&$#*(:$%*0').*CGPQP`>*IJJaD?**B)(=0$.4$*(1*&2$*:"(0$)8$*")*B$)<'*"#*"-/(%&')&*&(*

&2"#*#&+.<*'#*#(*-')<*/$(/0$*")*&2$*'%$'#*")*=2"82*&2$*%$#$'%82*='#*8().+8&$.*=$%$*

'11$8&$.* ,<* "&?* * ;2$* 8()10"8&* 8'+#$.* &2$* ."#/0'8$-$)&* (1* ").":".+'0#>* ,%(@$* '/'%&*

1'-"0"$#>* ').* #&+.$)&#* ="&)$##$.* 2(%%$).(+#* '8&#* (1* :"(0$)8$* &2+#* '11$8&")4* &2$"%*

/#<82(0(4<*').*',"0"&<*&(*0$'%)?**

*

;2$* %$#$'%82* 1(%* &2"#* #&+.<* ='#* 8().+8&$.* ")* ').* '%(+).* E'":'#2'* ').* U'"@"/"'?**

E'":'#2'*"#*'*&(=)*")*&2$*`"1&*d'00$<*/%(:")8$*(1*B$)<'*")*&2$*E'@+%+*."#&%"8&?**;2$*&(=)*

"#* 0(8'&$.*()*'* 0'%4$* 0'@$*)$'%*&(*P$00K#*F'&$*E'&"()'0*_'%@*').*2'#*')*',+).')8$*(1*

="0.0"1$*#+82*'#*2"//(>*4"%'11$>*').*e$,%'>*=2"82*%('-*1%$$0<*")*&2$*'%$'?*A82((0#*=$%$*

'0#(*'&&$).$.*")*7,+%%+*').*G0*B'0(+*=2"82*=$%$*#2(%&*.'<&%"/#*(+&*(1*E'":'#2'>*,+&*

#&"00*="&2")*&2$*E'@+%+*."#&%"8&?* * 9)*&2$*U'"@"/"'*%$4"()>* 9*'&&$).$.*#82((0#* ")*&2$*&(=)*

A"/"0"?**A"/"0"*"#*'*%+%'0*&(=)*")*f$#&*U'@"/"'*")*&2$*8$)&%'0*'%$'*(1*B$)<'?*5')<*&%",$#*0":$*

'%(+).*A"/"0">*")80+.")4*&2$*B"@+<+>*A'-,+%+>*_(@(&>*F+#""*').*E')."?**^(&2*'%$'#*2':$*

2'.*0'%4$*'-(+)&#*(1*&%",'0*8()10"8&*'#*(+&0")$.*/%$:"(+#0<?*;%",'0*8()10"8&*"#*'*#"4)"1"8')&*

"##+$* ")* &2$* 8(--+)"&"$#>* =2"82* 2'#* ")&$%$#&")4* "-/0"8'&"()#* 1(%* 56AB* ').* &2$*

/+%/(#$#*(1*$.+8'&"()?***

*

QNQ!A$4=(^/!012)(*3+4(7!<=/*$&!

;2$*$.+8'&"()'0* #<#&$-*2'#*82')4$.*8()#".$%',0$*(:$%* &2$*<$'%#* ")*B$)<'?* * 9)*\Vac>*

&2$*aRZRZ*#82((0")4*#<#&$-*%$/0'8$.*&2$*]RZRIRY*#<#&$-Z*="&2*&2$*'"-*&(*(11$%*#&+.$)&#*

'*,%('.$%*0$'%)")4*,'#$*').*-(%$*:(8'&"()'0*#@"00#*C5")"#&%<*(1*7.+8'&"()>*IJJaD?**N%$$*

/%"-'%<*$.+8'&"()*CN_7D*='#*")&%(.+8$.*")*IJJY*').*$)%(0-$)&*%'&$#*")8%$'#$.*,<*IJk*

")*&2$*<$'%*1(00(=")4*&2$*N_7*")&%(.+8&"()*1%(-*[*-"00"()*")*IJJI*&(*]?I*-"00"()*")*IJJY*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$!*;/-813.08:!P@514J56!(+$+$T!(!@4825!A23J82@=!$!@4825!54-.0;82@=!80;!$!@4825!1421382@!4;/-813.0U!!'+$+"+#T!'!@4825!A23J82@=!$!@4825!54-.0;82@=!"!@4825!<39<!5-<..:!80;!#!@4825!1421382@!

Page 28: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(7*(8&,9#(((

!

"(!

CTE7AQG>* IJ\J,D?* A")8$* &2$)>* "&* 2'#* ")8%$'#$.* &(* V?Ya* -"00"()* ")* IJ\J>* ="&2* '* E$&*

7)%(0-$)&* `'&$* CE7`D* ")8%$'#$* 1%(-* ]]?Yk* ")* IJJI* &(* VI?ck* ")* IJJa>* ').* '* F%(##*

7)%(0-$)&* `'&$* CF7`D* ")8%$'#$* 1%(-* aa?Ik* ")* IJJY* &(* \J]?[k* ")* IJJa* CTE7AQG>*

IJ\J,D?* * 9)* IJJa>* N%$$* A$8().'%<* 7.+8'&"()* CNA7D* ='#* ")&%(.+8$.>* ').* ')(&2$%*

$)%(0-$)&*")8%$'#$*(88+%%$.?**60&2(+42*&2$%$*2'#*,$$)*8()#".$%',0$*/%(4%$##*&(='%.#*

-$$&")4* &2$* #$8().* 5!F* ').* &2$* 7N6* 4('0#>* &2$%$* "#* #&"00* =(%@* &(* ,$* .()$?* * ;2$*

$)%(0-$)&* %'&$#* .(* )(&* '88(+)&* 1(%* &2$* 0'%4$* )+-,$%* (1* #&+.$)&#* =2(* .%(/* (+&>*

&2$%$1(%$* 8')* ,$* -"#0$'.")4* C5(7>* IJJcD?* 60#(>* .+$* &(* &2$* ")8%$'#$.* .$-').* 1(%*

$.+8'&"()>* %'/".* $L/')#"()* (88+%%$.* ').* 3+'0"&<* ")* $.+8'&"()* #+11$%$.?* * 9)* ')*

'##$##-$)&*(1*N_7*8().+8&$.*")*IJJc>*'*#2(%&'4$*(1*&$'82$%#>*2"42$%*/+/"0*&(*&$'82$%*

%'&"(#>* '* .$1"8"$)8<* ")* ")#&%+8&"()'0* -'&$%"'0#* ').* '* 2"42* )+-,$%* (1* #&+.$)&#* =2(*

%$/$'&$.* 4%'.$#* =$%$* 1(+).* C5(7>* IJJcD?* * * P(=$:$%>* B$)<'K#* d"#"()* IJYJ* )'&"()'0*

/0')*"#*&%<")4*&(*'..%$##*#(-$*(1*&2$#$*/%(,0$-#*="&2*#/$8"1"8*"-/%(:$-$)&#*#+82*'#*'*

&'%4$&*&(*%$8%+"&*Ia>JJJ*-(%$*&$'82$%#*C`$/+,0"8*(1*B$)<'>*IJ\\D?*

*

;2$* /%"-'%<* 8+%%"8+0+-* 8()#"#&#* (1* &=$0:$* #+,M$8&#h* -'&2$-'&"8#>* 7)40"#2>* B"#='2"0">*

#8"$)8$>*#(8"'0*#&+."$#>*Q2%"#&"')*%$0"4"(+#*$.+8'&"()>*P").+*%$0"4"(+#*$.+8'&"()>*9#0'-"8*

%$0"4"(+#* $.+8'&"()>* 8%$'&":$* '%&#>* /2<#"8'0* $.+8'&"()>* -(&2$%* &()4+$* ').* 0"1$* #@"00#*

$.+8'&"()* CB97>* IJ\\D?* * 600* (1* &2$* #+,M$8&#* '%$* $L'-")$.* ,<* &2$* B$)<'* E'&"()'0*

7L'-")'&"()#*Q(+)8"0* CBE7QD*$L8$/&*8%$'&":$*'%&#>*/2<#"8'0*$.+8'&"()>*-(&2$%*&()4+$*

C=2"82*"#*()0<*&'+42&*1%(-*#&').'%.*\*&(*YD*').*0"1$*#@"00#?*6&*&2$*#$8().'%<* 0$:$0>*&2$*

(11"8"'0*8+%%"8+0+-*2'#*/%(:"#"()#*1(%*(:$%*&2"%&<*."11$%$)&*#+,M$8&*-'&&$%#*CB97>*IJ\\D?**

;2$* '%&#* '%$* ")80+.$.*'#* ')*(/&"()'0* #+,M$8&>* 2(=$:$%*.+$* &(*,+.4$&'%<* 8()#&%'")&#>*

&2$%$* '%$* 1$=* #$8().'%<* #82((0#* &2'&* '%$* ',0$* &(* (11$%* $:$%<* #+,M$8&* CB97>* IJ\J,D?*

!$#/"&$* 8%$'&":$*'%&#*2':")4*')*(11"8"'0* #&').")4* ")* &2$*/%"-'%<* 8+%%"8+0+->* &2$%$*2'#*

,$$)* ')* "--$)#$* .$8%$'#$* ")* &2$* '8&+'0* &$'82")4* (1* &2$* #+,M$8&* #")8$* "&* ='#*-'.$*

)()R$L'-")',0$* CB97>*IJ\J'D?* * 9)#&$'.*&$'82$%#*'00(8'&$*&2$*&"-$*&2'&* "#*-$')&*&(*,$*

1(%* &2$* 8%$'&":$* '%&#* &(* $L'-")',0$* #+,M$8&#* &(* $)#+%$* &2$"%* #&+.$)&#* /'##* &2$* BE7Q*

$L'-#*CB97>*IJ\J'D?**

*

G)$*(1* &2$*(11"8"'0*'"-#*1(%*,'#"8*/%"-'%<*').*#$8().'%<*$.+8'&"()* "#* &(* "-/%(:$*&2$*

J'$/$8.-,$1*#.I#7*3'$1*7X#&$7*2$*()#/&83$7#&1'#&--%$)(&*(.1#.I#.;1#&1'#.*2$%#-$.-8$X7#

Page 29: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(7*(8&,9#(((

!

",!

)38*3%$7#&1'#$1/(%.1,$1*7M* C/?*V>*5(7>*IJJaD?* * A+%$0<>*'#* #$$)* &2%(+42* &2$*$:".$)8$*

#+//0"$.>*()$*(1*&2$*-(#&*$11$8&":$*='<#*(1*&$'82")4*&2$#$*:'0+$#*"#*&2%(+42*&2$*'%&#?**

9)* '* IJ\J* $:'0+'&"()* (1* &2$* )$=* 8+%%"8+0+-* &2'&* ='#* %$:"#$.* ")* IJJI>* B97* 4'&2$%$.*

")1(%-'&"()* 1%(-* #&'@$2(0.$%#* '&* ]VI* /%"-'%<* #82((0#* ")* B$)<'* %$4'%.")4* &2$*

$11$8&":$)$##*(1* &2$*)$=*8+%%"8+0+-* CB97>*IJ\J'D?* * ;2$* 1")'0* $:'0+'&"()* %$:$'0$.* &2'&*

&2$* )$=* 8+%%"8+0+-*='#* )(&*-$$&")4* "&#* (%"4")'0* (,M$8&":$#?* * 9&* #&'&$.* &2'&* #&+.$)&#*

J2&'# &**&(1$'# 7`(887# (1# 8(*$%&)05# 13,$%&)0# &1'# ).,,31()&*(.15# ;2()2# %$-%$7$1*# *2$#

).41(*(/$#'.,&(1#.I#8$&%1(14b#2.;$/$%5#8$&%1$%7#2&'#1.*#&**&(1$'#7`(887#(1#&%$&7#73)2#&7#

)%$&*(/(*05#7.)(&8#%$7-.17(?(8(*05#&--%$)(&*(.1#&1'#%$7-$)*#I.%#*2$#'(41(*0#.I#;.%`M*C/?*\J>*

B97>* IJ\J'D?* * 6* #"-"0'%* #&+.<* '&* &2$* #$8().'%<* 0$:$0* 4$)$%'&$.* 8(%%$#/().")4* %$#+0&#*

CB97>* IJ\J,D?* ;2$* %$/(%&#* '8@)(=0$.4$* &2'&* &2$* $L'-")'&"()* ,'#$.* 8+%%"8+0+-* 0$'.#*

#&+.$)&#*').*&$'82$%#*&(*#/$).*&((*-+82*&"-$*/%$/'%")4*1(%*&2$*$L'-#*'&*&2$*$L/$)#$*

(1*(&2$%*#+,M$8&#* ")*&2$*8+%%"8+0+-*').*-$')")41+0* 0$'%)")4*CB97>*IJ\J'h*IJ\J,D?*;2"#*

m$+&,(1&*(.1#701'%.,$n*1(%8$#*&$'82$%#*&(*1(8+#*()*$)#+%")4*&2$"%*#&+.$)&#*/'##*&2$*

$L'-#* %$).$%")4* &2$-* 0$##* 0"@$0<* &(* $)4'4$* ")* 3+'0"&<* &$'82")4* /%'8&"8$#* C/?\I>* B97>*

IJ\J'D?* * ;2$* %$/(%&* '8@)(=0$.4$.* ').* $L/%$##$.* 8()8$%)#* ',(+&* &2$* $L'-")'&"()*

,'#$.* 8+%%"8+0+->* ').* &2$* .')4$%#* 1(%* &2$* #+,M$8&#* &2'&* '%$* )(&* &$#&$.>* #+82* '#* &2$*

'%&#?***

*

6#* =$* 2':$* #$$)* &2%(+42(+&* &2$* /%$8$.")4* 82'/&$%>* B$)<'* "#* '* %"820<* .":$%#$* ').*

8(-/0"8'&$.*/0'8$?* * ;2$* 8()."&"()#*="&2")* &2$* 8(+)&%<>* '#* #&'&$.*',(:$>*$L"#&* '#* %$'0*

82'00$)4$#*&(*&2$*.$:$0(/-$)&*(1*'%&#*$.+8'&"()*")*B$)<'?**;2$#$*#(8"'0>*/(0"&"8'0>*').*

$8()(-"8* %$'0"&"$#* -+#&* ,$* &'@$)* ")&(* 1+00* 8()#".$%'&"()* ")* (%.$%* &(* 4'%)$%* ')*

+).$%#&').")4*(1*&2$*"-/0"8'&"()#*(1*&2$*1").")4#*(1*&2"#*#&+.<?!!

Page 30: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

#S!;#('*$.!R:!S$*#+1+7+8=!!

!

;2"#*82'/&$%*(+&0")$#*&2$*-$&2(.(0(4<*+#$.*').*&2$*%$'#()#*"&*='#*#$0$8&$.?**9*82(#$*

3+'0"&'&":$* %$#$'%82*-$&2(.#* 1(%*-<*#&+.<>*=2"82*$)',0$.*-$* &(*.$#8%",$* ")*4%$'&$%*

.$&'"0*&2$*"-/'8&*(1*56ABK#*'%&#*$.+8'&"()?**;2$*-'M(%"&<*(1*'%&#*$.+8'&"()*%$#$'%82$%#*

+#$*3+'0"&'&":$*-$&2(.#*#(*&2$<*'%$*',0$*&(*#2(=*&2$*J).,-8$+5#7-.1*&1$.37#&1'#.I*$1#

1.1V/$%?&8# &)*(.17# .I# *$&)2$%7# &1'# 7*3'$1*7M* '#* =$00* '#* $L'-")$* J*2$# -%.)$77# .I#

,$&1(14# ,&`(14# *2%.342# *2$# &%*7M* C/?* a>* GKN'%%$00* i* 5$,')>* IJJYD?* * ;2%(+42* &2"#*

'//%('82* 9* ='#* ',0$* &(* 4'")* -(%$* ")* .$/&2* /$%8$/&"()#* 1%(-* /'%&"8"/')&#* ")* B$)<'*

',(+&* 56AB* ').* '%&#* $.+8'&"()* =2"0#&* 8(-/0$&")4* -<* %$#$'%82?* 9)* O+)$* IJ\\>* 9*

'//%('82$.*56AB*',(+&*&2$*/(##","0"&"$#*(1*8(-/0$&")4*'*#-'00R#8'0$*%$#$'%82*/%(M$8&*

="&2* &2$"%* (%4')"#'&"()?* * f$* ."#8+##$.* &2$* :'%"(+#* %$#$'%82',0$* /%(,0$-#* (1* '%&#*

$.+8'&"()* ")* B$)<'>* ').* .$8".$.* 1+%&2$%* %$#$'%82* ")&(* &2$* "-/'8&* (1* 56AB* ='#*

)$$.$.?**9)*A$/&$-,$%*IJ\\>*&2$*%$#$'%82*='#*8().+8&$.*(:$%*&=(*=$$@#?*9)&$%:"$=#*

=$%$* 8(-/0$&$.* ').* '%&* =(%@#2(/#* =$%$* 2$0.* ")* :'%"(+#* #82((0#*56AB* =(%@#* ="&2*

B$)<'?**;2$*#82((0#*=$%$*0(8'&$.*")*&2$*E'@+%+*').*U'"@"/"'*."#&%"8&#*="&2")*&2$*F%$'&*

`"1&*d'00$<*/%(:")8$?***

*

RNE!P$/$(.)#!Y2$/*3+4/!

;2$* %$#$'%82* &((@* &2$* 1(%-*(1* '* 8'#$* #&+.<>* 8()&'")")4*,(&2*'* 0"&$%'&+%$* %$:"$=*').*

1"$0.* =(%@* ")* B$)<'?* * ;2$* /+%/(#$* (1* &2$* 1"$0.=(%@* ='#* &(* '..%$##* &2$* 1(00(=")4*

%$#$'%82*3+$#&"()#b*

!R S2&*#&%$#*2$#?&%%($%7#&4&(17*#&%*7#$'3)&*(.1# (1#T$10&#&*#&# 8.)&85#1&*(.1&8#&1'#

(1*$%1&*(.1&8#8$/$8U#

6R S2&*#(,-&)*#2&7#*2$#1.1VI.%,&8#&%*7#$'3)&*(.1#-%.4%&,,$5#WDFT5#2&'#.1#(*7#

-&%*()(-&1*7U#

&R @.;# 2&7# WDFT# (1I83$1)$'# *2$# &**(*3'$7# .I# 7*3'$1*7# &1'# *$&)2$%7#

*.;&%'7#&%*7#$'3)&*(.1U#

?R @&/$#*$&)2$%7X#&1'#7*3'$1*7X#&**(*3'$7#*.;&%'7#(1)83'(14#&%*7#$'3)&*(.1#

(1#*2$#I.%,&8#)3%%()383,#)2&14$'U##

)R S2&*#&%$#*2$#,&(1#?$1$I(*7#.I#WDFTU#

9R @.;# $II$)*(/$# (7# WDFTX7# &%*7# $'3)&*(.1# (1# *$&)2(14# -$&)$5# $,-&*20# &1'#

)38*3%$U##

Page 31: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#)!

#

;2"#*%$#$'%82*#&+.<*='#*#$&*+/*&(*."#8(:$%*&2$*"-/'8&*56AB*2'#*2'.*()*"&#*/'%&"8"/')&#*

').* $L/0(%$* 56ABK#* ")10+$)8$* ()* '&&"&+.$#* ',(+&* '%&#* $.+8'&"()* ")* B$)<'?**

N+%&2$%-(%$>*-<*'"-#*=$%$* &(*$#&',0"#2* 0(8'0* :"$=#*(1* &2$*/+%/(#$#*').*,$)$1"&#*(1*

'%&#*$.+8'&"()>*').*=2$&2$%*(%*)(&*'%&#*#2(+0.*,$*'*/'%&*(1*1(%-'0*$.+8'&"()?**N")'00<>*

&2$* %$#$'%82* ")1(%-$.* 56AB* ()* "-/%(:$-$)&#* )$$.$.* &(* &2$* (%4')"#'&"()>* ').*

&2%(+42* &2$* ")#"42&#* ")&(* 0(8'0* '&&"&+.$#* ').* ,'%%"$%#>* '* 4$)$%'0* @)(=0$.4$* ()* '%&#*

$.+8'&"()*")*B$)<'*='#*(,&'")$.?*

!

RNG!P$/$(.)#!-''.+()#:!-!;(/$!<*21=!

688(%.")4*&(*o")*CIJJVD>*'*8'#$*#&+.<*"#*4$)$%'00<*&2$*,$#&*'//%('82*=2$)*J2.;#.%#;20#

:3$7*(.17# &%$# ?$(14# -.7$'5# *2$# %$7$&%)2$%# 2&7# 8(**8$# ).1*%.8# ./$%# $/$1*75# &1'C.%# *2$#

I.)37#(7#.1#&#).1*$,-.%&%0#-2$1.,$1.1#;(*2(1#&#%$&8V8(I$#).1*$+*M#C/?*I>*o")>*IJJVD?**6*

8'#$*"#*'*)'&+%'00<*(88+%%")4*/2$)(-$)()>*#")8$*"&*$L"#&#*,$1(%$*%$#$'%82*"#*8().+8&$.*

').*8()&")+$#* &(*$L"#&*'1&$%='%.#* Co")>*IJJVD?* *56AB*-$$&#* &2$#$*8()."&"()#>* &2+#*'*

8'#$* #&+.<* (1* &2$* (%4')"#'&"()*='#* 1"&&")4?* ;2$* $:$)&#* 9* (,#$%:$.* (88+%%$.* )'&+%'00<*

').*,<*$-/0(<")4*&2$*8'#$*#&+.<*'//%('82*9*='#*',0$*&(*4":$*'*-(%$*")R.$/&2*#&+.<*(1*

56ABK#*'%&#*$.+8'&"()?**Q'#$*#&+."$#*'%$*)(&$.*1(%*&2$"%*%"82*').*:":".*.$#8%"/&"()#*(1*

&2$* 8'#$* ').* &2$* .$/&2* &2$<* '00(=* %$#$'%82$%#* &(* "):$#&"4'&$* '* 8'#$* CQ(2$)* $&* '0>*

IJJ]D?**N(%*&2$#$*%$'#()#>*'*8'#$*#&+.<*#$$-$.*&2$*-(#&*'//%(/%"'&$*-$&2(.*1(%*&2$*

$L'-")'&"()*(1*56AB?*

*

6#*')*(,#$%:")4*:"#"&(%* &(*56ABK#*=(%@#2(/#* 9*2'.* 0"&&0$*8()&%(0*(:$%*&2$*$:$)&#*&2'&*

(88+%%$.*').*.$'0&*="&2*'*=".$*%')4$*(1*$:".$)8$>*+&"0"#")4*")&$%:"$=#>*(,#$%:'&"()*').*

'%&=(%@?* ;2"#* "#* ')(&2$%* %$'#()* &2$* 8'#$* #&+.<* '//%('82*='#* 82(#$)?* 6#* o")* CIJJVD*

#&'&$#>* J&# )&7$# 7*3'0X7# 31(:3$# 7*%$14*2# (7# (*7# &?(8(*0# *.# '$&8# ;(*2# &# I388# /&%($*0# .I#

$/('$1)$V'.)3,$1*75# &%*$I&)*75# (1*$%/($;7# &1'# .?7$%/&*(.17M* C/?* \\D?* T&"0"#")4* '*=".$*

:'%"$&<*(1*$:".$)8$*'00(=$.*1(%*4%$'&$%*")#"42&#*&(*,$*4$)$%'&$.?**

*

60&2(+42* M+#&"1"8'&"()* 1(%* 82((#")4* '* 8'#$* #&+.<* ")* %$0'&"()* &(* 56ABK#* %$#$'%82* 2'#*

,$$)*/%(:".$.>*.')4$%#*(1*&2"#*'//%('82*)$$.*&(*'0#(*,$*."#8+##$.?**A(-$*2':$*'%4+$.*

&2'&*&2$*8'#$*#&+.<*"#*'*m#(1&n*1(%-*(1*%$#$'%82*C/?*I>*o")>*IJJVD?**Q'#$*#&+."$#*'%$*(1&$)*

Page 32: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#"!

8%"&"8"#$.*,$8'+#$*&2$<*.(*)(&*%$#+0&*")*8()80+#"()#*&2'&*'%$*'//0"8',0$*$0#$=2$%$>*').*

'0#(*,$8'+#$*")*#(-$*8'#$#*&2$*%$#$'%82*0'8@#*'*#<#&$-'&"8*#&%+8&+%$*(%*&2$*%$#$'%82$%*

"#*,"'#$.*Co")>*IJJVD?**!$#/"&$*&2$#$*8%"&"8"#-#>*9*1$0&*'*8'#$*#&+.<*='#*&2$*,$#&*'//%('82*

1(%*-<* %$#$'%82* ').* &2%(+42(+&* &2$* 8(00$8&"()* (1* .'&'* &2$#$* 8%"&"8"#-#*=$%$* @$/&* ")*

-").*').*-$'#+%$#*=$%$*/+&*")*/0'8$*")*(%.$%*&(*':(".*/'%&'@")4*")*&2$-?***

*

RNQ!P$/$(.)#!5$/384!

P':")4*8()80+.$.*&(*+#$*&2$*8'#$*#&+.<*'//%('82*&(*-<*%$#$'%82>*&2$*)$L&*&'#@*='#*&(*

8%$'&$*'* %$#$'%82*.$#"4)?* *;2"#*.$#"4)*4+".$.*-$*'#* &2$* %$#$'%82$%* ")* &2$*/%(8$##*(1*

8(00$8&")4>*')'0<#")4>*').* ")&$%/%$&")4*-<*.'&'* ")* &2$* 1"$0.* CQ(2$)*$&*'0>* IJJ]D?* N(%*'*

8'#$* #&+.<>* &2$%$* '%$* 1":$* 8$)&%'0* /'%&#* &2'&* '%$* $#/$8"'00<* "-/(%&')&h* &2$* #&+.<K#*

3+$#&"()#>* "&#* /%(/(#"&"()#>* "&#* +)"&#* (1* ')'0<#"#>* &2$* 0(4"8* 0")@")4* &2$* .'&'* &(* &2$*

/%(/(#"&"()#>* ').* &2$* 8%"&$%"'* 1(%* ")&$%/%$&")4* &2$* 1").")4#* Co")>* IJJVD?* 6* 3+'0"&'&":$*

#&+.<*='#*&2$*,$#&*'//%('82*&(*')#=$%")4*-<*#&+.<K#*3+$#&"()#*,$8'+#$*"&*'00(=$.*1(%*

4%$'&$%* .$/&2* ()* &2$* &(/"8#* CQ(2$)* $&* '0>* IJJ]D?* * ^$<().*-<* (:$%'%82")4* 3+$#&"()*

%$4'%.")4* 56ABK#* ")10+$)8$>* #(-$* (1* -<* /%(/(#"&"()#* ()* '%&#* $.+8'&"()K#* /(#"&":$*

$11$8&#*=$%$*$L'-")$.?**6*/%(/(#"&"()*."%$8&#*'&&$)&"()*&(*=2'&*#2(+0.*,$*."#8(:$%$.*

').*$L'-")$.*="&2")*&2$*#&+.<*3+$#&"()*Co")>*IJJVD?**A/$8"1"8'00<>*9*0((@$.*-(%$*.$$/0<*

'&*56ABK#*")10+$)8$*()*8%$'&":"&<>*,+"0.")4*$-/'&2<*').*/$'8$>*').*/%(-(&")4*8+0&+%$?**

;2%(+42*(,#$%:")4>*")&$%:"$=")4>*').*')'0<#")4*#&+.$)&K#*'%&=(%@>*9*."#8(:$%$.*")#"42&#*

()*&2$#$*#+,M$8&#?**

*

;2%$$* /%"-'%<* .'&'* #(+%8$#* =$%$* $L$%8"#$.* ")* -<* "):$#&"4'&"()b* ")&$%:"$=#>*

(,#$%:'&"()>*').*'%&=(%@*#&+.$)&#*/%(.+8$.?**;2$*+#$*(1*-+0&"/0$*-$&2(.#*"#*@)(=)*'#*

&%"')4+0'&"()>*=2"82*8')*J)&-*3%$#*2$#).,-8$+#%$&8(*0#31'$%#7)%3*(10M*').*")8%$'#$.*&2$*

8%$.","0"&<*(1*%$#+0&#*C/?*Zc>*!$)#8(-,$>*IJJ]D?**;%"')4+0'&"()*"#*&2$*/%(8$##*(1*:"$=")4*

&2")4#*1%(-*-(%$*&2')*()$*/$%#/$8&":$*(%*#(+%8$*C!$)#8(-,$>*IJJ]D?* *^<*8(-/'%")4*

&2$*%$#+0&#*(1* &2$*&2%$$*."11$%$)&*#(+%8$#*(1* ")1(%-'&"()*'4'")#&*$'82*(&2$%>*-+0&"/0$*

#(+%8$#*(1*$:".$)8$*%$4'%.")4*56ABK#*"-/'8&*=$%$*/%(:".$.>*').*&2$*8(-/0$L*%$'0"&<*

(1*&2$*#(8"'0*=(%0.*&2'&*&%"')4+0'&"()*'00(=#*1(%*8(+0.*,$*8'/&+%$.*C!$)#8(-,$>*IJJ]D?**

!

!

Page 33: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

##!

RNQNE!<*21=!<2F_$)*/!

G:$%* &2$* 8(+%#$* (1* &=(* =$$@#* 9* :"#"&$.* #$:$)* #82((0#* ="&2")* &2$* %$4"()#* (+&0")$.*

/%$:"(+#0<*")*82'/&$%*&2%$$?*;=(*/%"-'%<*').*&2%$$*#$8().'%<*#82((0#*=$%$*0(8'&$.*")*

&2$*E'":'#2'*'%$'?**;2$*&=(*/%"-'%<*#82((0#*').*()$*(1*&2$*#$8().'%<*#82((0#*=$%$*")*

E'":'#2'*&(=)>*').*&2$*(&2$%*&=(*#$8().'%<*#82((0#*=$%$* 0(8'&$.* ")*&2$*-(%$*%+%'0*

7,+%%+* ').* G0* B'2(+* '%$'#* )$'%* E'":'#2'?* ;2%$$* (1* &2$#$* #82((0#* 2'.* $#&',0"#2$.*

80+,#>*=2"0$*&2$*(&2$%*&=(*=$%$*1'"%0<*)$=*&(*56AB?**;2"#*$)',0$.*-$*&(*="&)$##*&2$*

."11$%$)8$#* ")* '&&"&+.$#* ',(+&* '%&#* $.+8'&"()* ,$&=$$)* &2$* #82((0#* &2'&* 2'.* 0()4R

#&').")4*'%&*80+,#*8(-/'%$.*&(*&2(#$*&2'&*.".*)(&?**9)*&2$*U'"@"/"'*%$4"()>*9*:"#"&$.*&=(*

#82((0#?* * 6* #$8().'%<* #82((0*='#* 82(#$)* ,$8'+#$* "&*='#* &2$* 1"%#&* #82((0*56AB*='#*

"):(0:$.*="&2>*').*'*/%"-'%<*#82((0*1(%*&2$*.$'1*='#*82(#$)*,$8'+#$*(1*"&#*+)"3+$)$##?**

9)* E'"%(,">* 9* :"#"&$.* '* #0+-* /%(M$8&*56AB* "#* "):(0:$.* ="&2?* * ;2"#* ='#* 82(#$)* 1(%* "&#*

+)"3+$)$##* '#* =$00>* ').* ,$8'+#$* 9* ='#* 0((@")4* '&* &2$* "-/'8&* (1* 56AB* '#* ')*

(%4')"#'&"()>* &2$%$1(%$>* '#* '* %$#$'%82$%* 9* )$$.$.* &(* "):(0:$* '00* '#/$8&#* (1* &2$*

/%(4%'--$?*

!

6#*#&'&$.*/%$:"(+#0<>*")&$%:"$=#>*(,#$%:'&"()#*').*'%&=(%@*=$%$*+#$.*&(*4$)$%'&$*.'&'*

")*&2"#*8'#$*#&+.<?* *;2$*8'#$*#&+.<* "#*,'#$.*()*IJ* ")&$%:"$=#*="&2*56AB*/'%&"8"/')&#>*

(,#$%:'&"()*(1*#"L*56AB*=(%@#2(/#>*').*&2$*')'0<#"#*(1*#&+.$)&#K*'%&=(%@*/%(.+8$.*")*

56AB?* *;2$*#'-/0$*(1*&2(#$*")&$%:"$=$.*")80+.$#*\c*/'%&"8"/')&#*=2(*/'%&"8"/'&$.*")*

")R.$/&2*()$R&(R()$*")&$%:"$=#*C$"42&*2$'.*&$'82$%#>*1(+%*8()&'8&*&$'82$%#>*&=(*56AB*

&$'82$%#g8((%.")'&(%#* ').* ()$* #&+.$)&D>* ').* 1(+%* #&+.$)&#* ').* ()$* /'%$)&* =2(*

/'%&"8"/'&$.* ")* 4%(+/* ")&$%:"$=#?* *G1* &2$* $"42&* 2$'.* &$'82$%#* 9* ")&$%:"$=$.>* '00*=$%$*

-'0$* ').* '00* 2'.* ,$$)* '&* &2$"%* #82((0#* 1(%* (:$%* &=(* <$'%#?* *56AB* 8()&'8&* &$'82$%#*

=$%$* ")&$%:"$=$.* '&* #82((0#* =2$%$* &2$<* =$%$* ':'"0',0$?* * ;2$#$* '%$* &$'82$%#* ")* &2$*

#82((0#*=2(*'%$* ")*82'%4$*(1* &2$*'%&*80+,>*').*&$'82* "&*=2$)*&2$*56AB*8((%.")'&(%#*

'%$* +)',0$* &(* 8(-$>* ,+&* ()0<* #(-$* #82((0#* 2'.* &2$-?* N(+%* (1* &2$#$* &$'82$%#*=$%$*

")&$%:"$=$.>*').*'00*(1*&2$-*=$%$*1$-'0$?*N":$*#&+.$)&#>*'00*")*#$8().'%<*#82((0*').*'00*

-'0$>*=$%$*")&$%:"$=$.>*2(=$:$%*8'#+'0*8():$%#'&"()*='#*-'.$*="&2*,(&2*1$-'0$*').*

-'0$*#&+.$)&#*")*,(&2*/%"-'%<*').*#$8().'%<*#82((0#*="&2")*&2$*=(%@#2(/#*.+%")4*-<*

(,#$%:'&"()#?* * 6* .$&'"0$.* &',0$* (1* &2$* #82((0#* ').* /'%&"8"/')&#* "#* 0(8'&$.* ")* &2$*

6//$)."L?* * ;2$* ")&$%:"$=#*=$%$* 8().+8&$.* ")*7)40"#2>*2(=$:$%*'*B"#='2"0"* &%')#0'&(%*

Page 34: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#$!

='#*':'"0',0$*=2$)*)$$.$.?*600*")&$%:"$=#*,+&*()$*=$%$*'+."(*%$8(%.$.*="&2*8()#$)&*

(1*&2$*/'%&"8"/')&*').* 0'&$%*&%')#8%",$.*1(%*1+%&2$%*.$&'"0$.*')'0<#"#?* *G)$*/'%&"8"/')&*

.".*)(&*4":$*8()#$)&*&(*,$*'+."(*%$8(%.$.>*').*&2"#*")&$%:"$=*='#*2').=%"&&$)?**

#

RNQNG!%4*$.63$M/!

9)&$%:"$=#*8')*,$*()$*(1* &2$*-(#&* "-/(%&')&*#(+%8$#*(1*8'#$*#&+.<* ")1(%-'&"()* Co")>*

IJJVD?****;2$%$*'%$*-')<*."11$%$)&*&</$#*(1*")&$%:"$=#*9*8(+0.*2':$*82(#$)*&(*4":$>*,+&*

#$-"R#&%+8&+%$.>*1(8+#$.*")&$%:"$=#*#$$-$.*&(*1"&*&2"#*#&+.<*,$#&*CQ(2$)*$&*'0>*IJJ]D?**

f"&2*'*#$-"R#&%+8&+%$.>*1(8+#$.*")&$%:"$=>*&2$*&(/"8*').*(/$)R$).$.*3+$#&"()#*=$%$*

=%"&&$)>* ,+&* "&* '00(=$.* -(%$* 10$L","0"&<* 1(%* -$* '#* &2$* %$#$'%82$%* &(* 4+".$* &2$*

8():$%#'&"()*').*'00(=$.* 1(%*-(%$* ")#"42&* 1%(-* &2$* ")&$%:"$=$$* CQ(2$)*$&* '0>* IJJ]h*

o")>*IJJVD?**_%"(%*&(*4(")4*&(*B$)<'>*9*=%(&$*')*")&$%:"$=*4+".$*C#$$*6//$)."LD?**;2$#$*

3+$#&"()#* 4+".$.* $'82* ")&$%:"$=>* 2(=$:$%* &2$* (%.$%* ').* =(%.")4* (1* &2$* 3+$#&"()#*

8(+0.*82')4$*.$/$).")4*()*2(=*&2$*")&$%:"$=*='#*4(")4?*;2"#*1(%-'&*'0#(*'00(=$.*1(%*

1+%&2$%* /%(,")4* 3+$#&"()#* &(* ,$* '..$.* =2$)* )$8$##'%<?* ;2$* -'M(%"&<* (1* ")&$%:"$=#*

0'#&$.*'&*0$'#&*()$*2(+%>*,+&*$'82*:'%"$.*'88(%.")4*&(*/'%&"8"/')&K#*"):(0:$-$)&*")*&2$*

')#=$%#?**7'82*")&$%:"$=*,$4')*="&2*')*")&%(.+8&"()*1%(-*-$*',(+&*&2$*%$#$'%82*').*

')*$L/0')'&"()*(1*&2$*8()#$)&*1(%-*C#$$*6//$)."LD?*G)8$*8()#$)&*1(%-#*=$%$*#"4)$.>*

&2$* ")&$%:"$=* #&'%&$.* ="&2* 3+$#&"()#* &(* 4'&2$%* ,'8@4%(+).* ")1(%-'&"()* ',(+&* &2$*

#82((0#*').*/'%&"8"/')&*#+82*'#*2(=*0()4*&2$<*2'.*,$$)*'*&$'82$%g2$'.*&$'82$%*').*

2(=*0()4*56AB*2'.*,$$)*'&*&2$*#82((0>*').*&2$)*@$<*3+$#&"()#*%$4'%.")4*&2$*%$#$'%82*

3+$#&"()#*=$%$* '#@$.?* * 7'82* ")&$%:"$=*='#* 8()80+.$.*,<* '#@")4*$'82*/'%&"8"/')&* 1(%*

')<*#&(%<*&2$<*2'.*',(+&*56AB*(%*'%&#*$.+8'&"()>*=2"82*4':$*&2$-*&2$*(//(%&+)"&<*&(*

4":$*1+%&2$%*%"82*3+'0"&'&":$*.'&'*',(+&*&2$*/%(4%'--$*")*'*+)"3+$*='<?*

*

RNQNQ!@F/$.6(*3+4!

6&*$'82*#82((0*:"#"&$.>*')*'%&*=(%@#2(/*='#*4":$)?* *;2"#*$)',0$.*-$* &(*(,#$%:$*').*

/'%&"8"/'&$* ")*56ABK#* ")10+$)8$*()* &2$*#&+.$)&#?* *;2$* 0(8'0*56AB*8((%.")'&(%* &'+42&*

&2$*=(%@#2(/#>* ').*'*E'"%(,"*,'#$.*'%&"#&* ').*56AB*'%&* &$'82$%* ")* &%'")")4*'##"#&$.*

2"-?* * 7'82*=(%@#2(/* 0'#&$.*'&* 0$'#&*')*2(+%>* ').*."11$%$)&*'%&* 1(%-#*=$%$* &'+42&*'&*

$'82*#82((0?*56AB*+#$#*&2$*=(%@#2(/#*&(*&%'")*&$'82$%#*1%(-*&2$*#82((0#*")*'%&*#(*&2'&*

&2$*'%&*80+,#*8')*,$*%+)*=$$@0<*="&2(+&*56AB*1'8"0"&'&(%#*/%$#$)&?**G,#$%:'&"()#*'%$*'*

Page 35: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#%!

4((.* &((0* 1(%* 3+'0"&'&":$* %$#$'%82* ,$8'+#$* "&* 4":$#* J.--.%*31(*0# *.# 4&*2$%# e8(/$X# '&*&#

I%.,#1&*3%&880#.))3%%(14#7.)(&8#7(*3&*(.17M*C/?*YV[>*Q(2$)*$&*'0>*IJJ]D?**;2"#*$)',0$.*-$*

&(* #$$* 1"%#&R2').*2(=* &2$<*(88+%*)'&+%'00<* ').*.".*)(&*2':$* &(* %$0<*()* #$8().R2').*

'88(+)&#?* * ^<* (,#$%:")4* &2$* =(%@#2(/#* 9* ='#* ',0$* &(* +).$%#&').* 56AB* -(%$*

&2(%(+420<* ').* 4'")* ")#"42&* &(* #&+.$)&#K* '&&"&+.$#* ',(+&*56AB* ').* '%&* '#* '* #+,M$8&?*

T)#&%+8&+%$.* (,#$%:'&"()* ='#* 8(-/0$&$.>* =2"82* J-%./('$7# &# %()2# '$7)%(-*(.1# .I# &#

7(*3&*(.1#;2()25#(1#*3%15#)&1#8$&'#*.#*2$#73?7$:3$1*#4$1$%&*(.1#.I#20-.*2$7$7M*C/?*YVa>*

Q(2$)*$&*'0>*IJJ]D?* 9*.".*)(&*'8&":$0<*/'%&"8"/'&$* ")*&2$*1"%#&*&2%$$*=(%@#2(/#*=$*2$0.*

').*&2$*(,#$%:'&"()*='#*."%$8&>*#(*&2'&*9*='#*',0$*&(*4$&*'*1+00*+).$%#&').")4*(1*2(=*

56AB*=(%@#*()*"&#*(=)?**9*-'")&'")$.*&2$*j(,#$%:$%R'#R/'%&"8"/')&K*'//%('82>*'#*9*='#*

/%$#$)&* '&* &2$* =(%@#2(/#* ').* &2$* #&+.$)&#* @)$=* 9* ='#* '* %$#$'%82$%* CQ(2$)* $&* '0>*

IJJ]D?**!+%")4*$'82*=(%@#2(/>*(:$%&*(,#$%:'&"()*='#*8().+8&$.*').*3+"8@*1"$0.*)(&$#*

=$%$*&'@$)*',(+&*&2$*/'%&"8"/')&#>*&2$*='<*&2$*=(%@#2(/#*=$%$*%+)>*').*')<&2")4*$0#$*

1(+).*&(*,$*/$%&")$)&?**61&$%*$'82*=(%@#2(/>*'*-(%$*.$&'"0$.*.$#8%"/&"()*='#*=%"&&$)*

+/*=2"0$*&2$*=(%@#2(/#*=$%$*#&"00*1%$#2*()*-<*-").?**61&$%*&2$*1"%#&*&2%$$*=(%@#2(/#>*9*

2'.* '* 4((.* 4%'#/* (1* 2(=* 56AB* =(%@$.* ').* 1$0&* m.'&'* #'&+%'&"()n* ='#* (88+%%")4>*

&2$%$1(%$*9*.$8".$.*&(*/'%&"8"/'&$*-(%$*")*&2$*=(%@#2(/#>*').*2$0/$.*")*&2$*&$'82")4*

').*,$8'-$*')*'8&":$*/'%&"8"/')&*C/?*ZJa>*6.0$%*').*6.0$%*")*Q(2$)*$&*'0>*IJJ]D?**7:$)*

=2$)*9*='#*'##"#&")4*&$'82")4>*1"$0.*)(&$#*=$%$*#&"00*%$8(%.$.*').*'*.$&'"0$.*.$#8%"/&"()*

8()&")+$.*&(*,$*=%"&&$)*'1&$%?***

*

RNQNR!-4(7=/3/!+,!-.*M+.L!!

d"#+'0*"-'4$#*8')*,$*+#$.*'#*.'&'*")*%$#$'%82*#&+."$#*C!$)#8(-,$>*IJJ]D?*`$#$'%82$%#*

+#$* "-'4$#* 1(%* &2$* 1'8&+'0* ")1(%-'&"()* &2$<* 8()&'")* ').g(%* &2$*='<* &2$<* %$/%$#$)&*

&2")4#*&2%(+42*#<-,(0"#-*(%*2"..$)*-$')")4#*")*&2$*"-'4$*CQ(2$)*$&*'0>*IJJ]D?**9*='#*

',0$*&(*(,#$%:$*#&+.$)&#*/%(.+8")4*'%&=(%@*=2"0$*9*='#*")*B$)<'>*').*'0#(*',0$*&(*:"$=*

&2$"%* '%&=(%@* 1%(-* /%$:"(+#* 56AB* 80+,* '8&":"&"$#?* * ;2"#* .'&'* ='#* /%"-'%"0<* +#$.* &(*

$L'-")$* &2$* &2"%.* %$#$'%82* 3+$#&"()* /$%&'")")4* &(* 56ABK#* ',"0"&<* &(* &$'82* /$'8$>*

$-/'&2<*').*8+0&+%$*")*$11$8&":$*='<#?***

*

*

*

Page 36: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#&!

RNQNT!S$*#+1/!+,!P$63$M348!D3*$.(*2.$!

G)*&(/*(1*&2$*1"$0.=(%@*8().+8&$.*'#*(+&0")$.*',(:$>* 0"&$%'&+%$*='#*'0#(*'*)$8$##'%<*

').* 8()&%",+&")4* 1'8&(%* ")* &2$* %$#$'%82* .$#"4)* ').* '#* #+82* &2$* /%(8$##* -+#&* ,$*

$L/0'")$.?* * ;2$* 0"&$%'&+%$* %$:"$=* 1(%* &2"#* #&+.<* 1(8+#$.* ()* /(0"8"$#>* /'#&* %$#$'%82>*

&2$(%"$#*').*$:".$)8$*")*%$0'&"()*&(*'%&#*$.+8'&"()?**9)*&2$*,$4"))")4>*')*()0")$*#$'%82*

='#* 8().+8&$.* (1* &2$* %$0$:')&* 0"&$%'&+%$* '&* &2$* 9)#&"&+&$* (1* 7.+8'&"()>* T)":$%#"&<* (1*

U().()K#*0",%'%<?**E+-$%(+#*$.+8'&"()'0*.'&','#$#*=$%$*#$'%82$.>*2(=$:$%*:$%<*0"&&0$*

0"&$%'&+%$*%$0'&")4*#/$8"1"8'00<*&(*B$)<'*').*'%&#*$.+8'&"()*='#*1(+).?**;2$%$1(%$*9*&((@*

'*40(,'0*/$%#/$8&":$*()*&2$*'%&#>*').*,$4')*&(*0((@*'&*#&+."$#*').*%$#$'%82*8().+8&$.*

'00*(:$%*&2$*=(%0.?*9*'0#(*%$0"$.*2$':"0<*()*40(,'0*8()1$%$)8$#*').*")&$%)'&"()'0*/(0"8"$#*

8()8$%)")4*'%&#*$.+8'&"()>*').*$L'-")$.*&2$*B$)<')*8+%%"8+0+-?**

*

RNR!O.+)$//!+,!-4(7=/3/!

;2$*.'&'*8(00$8&$.*1%(-*&2$*")&$%:"$=#*='#*&%')#8%",$.*:$%,'&"->*%$#+0&")4*")*(:$%*Yc*

/'4$#*(1*")&$%:"$=*&%')#8%"/&#*C#$$*$L'-/0$*")*6//$)."LD?**;2$#$*")&$%:"$=#*=$%$*&2$)*

8(.$.*').*(%4')"#$.*1(%*'*&2$-'&"8*')'0<#"#?*m_%(4%$##":$*1(8+#")4n*='#*$L$%8"#$.*&(*

(%4')"#$*-<*.'&'>*,<*,$4"))")4*="&2*'*,%('.*0$)#*(1*1(8+#*').*&2$)*&2%(+42*%$8(%.")4>*

(%4')"#")4>*%$10$8&")4*').*%$:"$=")4*&2$*.'&'*&2$*-'")*&2$-$#*$-$%4$*C/?*\aZ>*_'%0$&&*

').*P'-"0&()*")*Q(2$)*$&*'0>*IJJ]D?**6)'0<#"#*(1*&2$*.'&'*,$4')*")*&2$*1"$0.*")*(%.$%*&(*

'##"#&* ")* &2$* /%(8$##* (1* 4$)$%'&")4* &2$(%"$#?* 61&$%* $'82* ")&$%:"$=>* 9* 0"#&$)$.* &(* &2$*

")&$%:"$=*'4'")*').*&%')#8%",$.*"&?**60&2(+42*&2$*/%(8$##*(1*&</")4*(+&*")&$%:"$=#*='#*

/'")#&'@")40<* 0()4>* "&*'00(=$.*-$*&(*0"#&$)*&(*$'82*")&$%:"$=*-+0&"/0$*&"-$#>*').*$'82*

&"-$* 9* 4'")$.* 1+%&2$%* ")#"42&?* * A".$* )(&$#* =$%$* &'@$)* &2%(+42(+&* &2$* &%')#8%",")4*

/%(8$##>*=2"82*'##"#&$.*-$*")*4'&2$%")4*&2$-$#*').*4$)$%'&")4*/'&&$%)#?*T/()*'%%":'0*

,'8@* ")*&2$*TB>*&2$*&%')#8%"/&"()#*=$%$*8(-/0$&$.*').*9*8(.$.*&2$* ")&$%:"$=#?* *61&$%*

0"#&$)")4* &(* ').* %$'.")4* &2$* ")&$%:"$=#* #$:$%'0* &"-$#>* &2$-$#* 2'.* $-$%4$.* ').* 9*

(%4')"#$.*&2$*.'&'*'88(%.")40<?**;(*'##"#&*")*&2$*(%4')"#'&"()*(1*")&$%:"$=R,'#$.*.'&'>*

&=(* 8(/"$#* (1* &2$* ")&$%:"$=#* =$%$* -'.$* ').* ()$* ='#* 8(.$.* ').* &2$)* 8+&* +/* ,<*

3+$#&"()*').*')#=$%*4%(+/")4?*7'82*3+$#&"()*').*')#=$%*='#*8(.$.*'#*1(00(=#b*6*1(%*

_%"-'%<* A82((0>* ^* 1(%* A$8().'%<* A82((0>* 1(00(=$.* ,<* '* )+-,$%* .$0")$'&")4* =2"82*

#82((0*').*&2$)*$"&2$%*')*P>*;>*(%*A*.$/$).")4*()*=2(*='#*")&$%:"$=$.*C2$'.*&$'82$%>*

&$'82$%*').*#&+.$)&D?**G)8$*$:$%<&2")4*='#*8(.$.*').*8+&*+/*,<*3+$#&"()>*9*='#*',0$*

Page 37: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#'!

&(*-'@$*/"0$#*(1*&2$-$#*="&2*&2$*')#=$%#*4":$)*1%(-*&2$*")&$%:"$=$$#?**;2$)*9*8(.$.*

$'82*(1*&2$#$*/"0$#?**60&2(+42*&"-$*8()#+-")4>*8(.")4*').*(%4')"#")4*&2$*.'&'*")*&2"#*

='<*='#*:$%<*,$)$1"8"'0*&(*-$*'#*&2$*%$#$'%82$%?**9*='#*',0$*&(*$'#"0<*'88$##*$'82*'%$'*

(1*.'&'*1(%*')'0<#"#>*').*1(+).*&2'&*(%4')"#")4*-<*.'&'*,<*%$#$'%82*3+$#&"()#*='#*&2$*

,$#&*='<?* * 9)*(%.$%* &(*/%$:$)&* 0(##* &(* &2$* ")&$4%"&<*(1*$'82* ").":".+'0K#* %$#/()#$#*,<*

4%(+/")4*&2$-*'00*&(4$&2$%*,<*&2$-$>*9*+#$.*&2$*2'%.8(/<*(1*&2$*")&$%:"$=#*'#*'*4+".$*

'#*9*')'0<#$.*&2$*')#=$%#*4":$)?**7'82*%$#/()#$*+#$.*")*&2$*1").")4#*='#*8%(##82$8@$.*

")*&2$*(%"4")'0*&$L&>* ")*(%.$%*&(*-'@$*#+%$*)(&2")4*='#*&'@$)*(+&*(1*8()&$L&*1%(-*&2$*

%$#&* (1* &2$* (%"4")'0* ")&$%:"$=?* * ;2"#* 2$0/$.* &(* /%$:$)&* &2$* "##+$#* Q(2$)* $&* '0* CIJJ]D*

0"#&$.*'#*/%(,0$-'&"8* ")*(%4')"#")4*').*/%$#$)&")4*.'&'?*61&$%*&2$*.'&'*='#*(%4')"#$.*

,<* &2$* %$#$'%82* 3+$#&"()#* /'&&$%)#>* %$0'&"()#2"/#* ').* 8(-/'%"#()#* =$%$* ."#8(:$%$.*

').*$L/0(%$.?***

*

RNT!0*#3)(7!;+4/31$.(*3+4/!

_%"(%* &(* &2$* 1"$0.=(%@>*$&2"8'0* 8()#".$%'&"()#*=$%$*-'.$* ")*(%.$%* &(*$)#+%$* &2'&* &2$*

%$#$'%82* ='#* 8().+8&$.* M+#&0<?* * ;2$* #&+.<* ='#* 4+".$.* ,<* &2$* ^%"&"#2* 7.+8'&"()'0*

`$#$'%82* 6##(8"'&"()K## $&2"8'0* 4+".$0")$#>* ').* #&$/#* =$%$* &'@$)* &2%(+42(+&* &2$*

%$#$'%82*&(*$)#+%$*$:$%<&2")4*='#*8().+8&$.*")*')*$&2"8'00<*#(+).*='<*C^7`65#IJ\\D?**

*

^$1(%$* 9* =$)&* &(* B$)<'>* &2$* 0(8'0*56AB* 8((%.")'&(%* 2'.* #/(@$)* &(* &2$* #82((0#* =$*

:"#"&$.*').*'%%')4$.*&2$*=(%@#2(/#*').*/%"-'%<*")&$%:"$=#?**9)&$%:"$=#*=$%$*(/&"()'0>*

').* #/$8"'0* 8()#".$%'&"()* ='#* 4":$)* =2$)* ")&$%:"$=")4* &2$* #&+.$)&#?* * ;2$* #&+.$)&#*

=2(*=$%$*1(%-'00<*")&$%:"$=$.*=$%$*#$8().'%<*#&+.$)&#>*(:$%*&2$*'4$*(1*\a>*').*=$%$*

")1(%-$.*(1*&2$*/+%/(#$*(1*&2$*%$#$'%82*').*#"4)$.*8()#$)&*1(%-#*C#$$*6//$)."LD?**600*

")&$%:"$=$$#*=$%$*%$3+"%$.*&(*#"4)*'*8()#$)&*1(%->*=2"82*=$%$*$L/0'")$.*&(*&2$-*,<*

-$* ")* 7)40"#2* ').* ,<* &2$* &%')#0'&(%* ")* B"#='2"0"* (%* B"@+<+* =2$)* )$$.$.?* * ^$1(%$*

#"4)")4>*&2$*/+%/(#$*(1*&2$*%$#$'%82*='#*$L/0'")$.*&(*&2$*/'%&"8"/')&#>*'#*=$00*'#*&2$*

1'8&*"&*=(+0.*,$*'+."(*%$8(%.$.*').*&2'&*&2$<*8(+0.*="&2.%'=*'&*')<*&"-$?**6)()<-"&<*

2'#*,$$)*+&"0"#$.*")*&2"#*%$/(%&>*&2+#*)(*".$)&"&"$#*'%$*%$:$'0$.*').*&2$*/%":'8<*(1*&2(#$*

"):(0:$.* "#* -'")&'")$.?* * ;2$* #&+.$)&#* =2(* /'%&"8"/'&$.* ")* &2$* =(%@#2(/#* =$%$* '00*

56AB* 80+,* #&+.$)&#>* =2(* /'%&"8"/'&$.* %$4+0'%0<* ")* &2$*=(%@#2(/#>* ').* )(&2")4*='#*

1(%8$.*+/()*&2$-?* *;2$*(,#$%:'&"()#*(1*&2$*=(%@#2(/#*=$%$*(:$%&>*').*&2$*#&+.$)&#*

Page 38: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#(!

=$%$*'='%$*(1*-<*/%$#$)8$?**9)*8()80+#"()*&(*$'82*=(%@#2(/>*9*2'.*')*(/$)*."'0(4+$*

="&2* &2$* 80'##%((-* ',(+&* 56AB* ').* &2$"%* (/")"()#* ()* '%&#* $.+8'&"()>* =2"82* ='#*

(/&"()'0*1(%*&2$*#&+.$)&#*&(*/'%&'@$*")>*').*4':$*&2$-*&2$*(//(%&+)"&<*&(*'#@*-$*')<*

3+$#&"()#* &2$<* 2'.?* * ^$1(%$* 9* 0$1&* 1(%* B$)<'>* 9* %$8$":$.* $&2"8'0* '//%(:'0* 1%(-* &2$*

9)#&"&+&$*(1*7.+8'&"()>*T)":$%#"&<*(1* U().()*').*/$%-"##"()* 1%(-*56ABK#* 1(+).$%* &(*

8().+8&* &2$* %$#$'%82?* * 9* &2$)* 8()&'8&$.* &2$* 56AB* 8((%.")'&(%* ")* B$)<'* ="&2* -<*

%$#$'%82* '"-#>* #(* 2$* 8(+0.* (%4')"#$* &2$* ")&$%:"$=#* ').* =(%@#2(/#* '&* &2$* :'%"(+#*

#82((0#*').*/%(M$8&#?**;2"#*'0-(#&*,$8'-$*'*."11"8+0&*&'#@>*'#*#82((0#*=$%$*/0'))")4*()*

4(")4*()*#&%"@$*&2$*=$$@*9*'%%":$.*&(*B$)<'>*,+&*0+8@"0<*&2$<*.".*)(&>*').*&2$*%$#$'%82*

='#*8(-/0$&$.*'#*/0'))$.?*_$%-"##"()*1(%*&2$*/+,0"8'&"()*(1*&2$*/2(&(4%'/2#*")80+.$.*

")*&2"#*%$/(%&*='#*(,&'")$.*1%(-*&2$*2$'.*&$'82$%#*').*56AB*1(+).$%*').*."%$8&(%?**

*

RNU!D3&3*(*3+4/!

5<* 1"$0.* %$#$'%82* ='#* 0"-"&$.* .+$* &(* 1+).#* ').* &"-$?* * A82((0* ")* B$)<'* ,$4')*

A$/&$-,$%*c>*&2$%$1(%$*9*=$)&*&(*B$)<'*&2$*=$$@*'1&$%*').*='#*()0<*',0$*&(*#&'<*1(%*

&=(* =$$@#* #(* &2'&* 9* 2'.* '-/0$* &"-$* &(* ')'0<#$* ').* =%"&$* +/* -<* 1").")4#* =2$)* 9*

%$&+%)$.>*').*'0#(*#(*9*8(+0.*%$&+%)*&(*+)":$%#"&<*&(*/'%&'@$*")*(&2$%*80'##$#?**;2$*#2(%&*

&"-$*#/')*9*='#*")*B$)<'*0"-"&$.*-<*%$#$'%82>*,+&*9*4'")$.*'#*-+82*'#*9*8(+0.*&2%(+42*

")R.$/&2*")&$%:"$=#*').*(,#$%:'&"()#*")*&2$*&"-$*9*='#*&2$%$?**60#(*,"'#*()*&2$*/'%&*(1*

&2(#$* 9* ")&$%:"$=$.*-+#&* ,$* &'@$)* ")&(* '88(+)&?* * ^$8'+#$* 9* :"#"&$.* ="&2*56AB>* &2$*

'##+-/&"()*&2'&*9*=(%@$.*1(%*56AB*-'<*2':$*'11$8&$.*&2$*")1(%-'&"()*&2$<*4':$*-$*

CQ(2$)*$&*'0>*IJJ]D?* *60#(*'#*'*1$-'0$*,P3143=>*&2$*/$%8$/&"()*(1*-$*,<*&2(#$*=2(*9*

")&$%:"$=$.*-'<*2':$*,$$)*/%$M+."8$.>*$#/$8"'00<*,<*&2(#$*=2(*-'<*2':$*:"$=$.*-$*

'#* ')* '110+$)&* 1(%$"4)$%?* * P(=$:$%>* 9* .(* )(&* &2")@* &2"#* '11$8&$.* &2$* ")1(%-'&"()* 9*

%$8$":$.*',(+&*56AB*').*'%&#*$.+8'&"()>*').*.".*-<*,$#&*&(*/%$:$)&*"&*').*")&$%/%$&*

&2$*1").")4#*@$$/")4*"&*")*-").?*60&2(+42*9*.".*)(&*2':$*&(*+#$*-<*&%')#0'&(%*:$%<*(1&$)>*

=2$)* 9* .".* 3+'0"&<* ")* &2$* .'&'*-'<*2':$* ,$$)* 0(#&>* ').* ')#=$%#* &(* 3+$#&"()#* ',(+&*

56AB*'#*')*(%4')"#'&"()*-'<*2':$*,$$)*#@$=$.*,$8'+#$*&2$*&%')#0'&(%*='#*&2$*56AB*

8((%.")'&(%>* &2$%$1(%$* /'%&"8"/')&#*-'<* 2':$* 82')4$.* &2$"%* ')#=$%#* ,$8'+#$* (1* 2"#*

/%$#$)8$?* P(=$:$%>* &2$* &%')#0'&(%* ='#* :$%<* %'%$0<* +#$.>* '#* '00* /'%&"8"/')&#* #/(@$*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c*5e+)4+b*f2"&$*N(%$"4)$%**

Page 39: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(:*(;&%"-.-<-=9(((

!

#,!

7)40"#2>*').*&2$%$*=$%$*1$=*#"&+'&"()#*=2$)*&2$*/'%&"8"/')&#*8(+0.*)(&*+).$%#&').*-$?**

9)*&2$*(,#$%:'&"()*(1*=(%@#2(/#>*%$#$'%82*-'<*,$*0"-"&$.*.+$*&(*&2$*j(,#$%:$%*$11$8&K*

=2$)*/'%&"8"/')&#*.(*)(&*'8&*'#* &2$<*)(%-'00<*.(* ")* 1%()&*(1* &2$*(,#$%:$%?* * 9*.".*-<*

,$#&*'#* &2$*%$#$'%82$%* &(*':(".* &2"#*,<*-'@")4*&2$*#&+.$)&#* 1$$0*8(-1(%&',0$*'%(+).*

-$?* *E(=* &2'&* &2$* %$#$'%82*-$&2(.#*'%$* 80$'%0<*$L$-/0"1"$.* &(* &2$* %$'.$%>* &2$*)$L&*

82'/&$%*="00*1(8+#*()*&2$*1").")4#*(1*&2$*%$#$'%82?***

*** *

Page 40: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

$S!;#('*$.!T:!O.$/$4*(*3+4!+,!V341348/!(41!53/)2//3+4!!!

!

6#* /%$#$)&$.* ")* &2$* /%$:"(+#* 82'/&$%>* (:$%* &2$* 8(+%#$* (1* &=(* =$$@#* 9* :"#"&$.* 1(+%*

#$8().'%<*#82((0#>*&2%$$*/%"-'%<*#82((0#>*').*()$*#0+-*/%(M$8&*&2'&*56AB*=(%@#*="&2?*

9)&$%:"$=#* =$%$* 8'%%"$.* (+&* '&* $'82* #82((0* ="&2* &2$* 2$'.* &$'82$%#* ').* =2$%$*

'//0"8',0$>*&2$"%*56AB*8()&'8&*&$'82$%*=2(*"#*")*82'%4$*(1*&2$*56AB*80+,?**9)&$%:"$=#*

=$%$* '0#(* 8().+8&$.*="&2*56AB* #&+.$)&#* ').* &2$* &=(*56AB* &$'82$%#?* *f(%@#2(/#*

=$%$*/%(:".$.*'&*-(#&*(1*&2$*#82((0#*&(*/%(:".$*(,#$%:',0$*.'&'*(1*2(=*56AB*%+)#>*

').*&(*#+//0<*'%&=(%@*1(%*&2$*1(%-'0*')'0<#"#?*9*='#*')*'8&":$*/'%&"8"/')&*').*(,#$%:$%*

(1*&2$*=(%@#2(/#>*').*&2$*%$#+0&#*(1*&2$*")&$%:"$=#>*(,#$%:'&"()#>*').*'%&=(%@*')'0<#"#*

="00*,$*/%$#$)&$.*').*."#8+##$.*")*&2"#*82'/&$%?***

*

TNE!O2.'+/$!+,!-.*/!012)(*3+4!

;(*,$4")*="&2>*9*'#@$.*$'82*")&$%:"$=$$*&2$"%*(/")"()*()*&2$*/+%/(#$*(1*'%&#*$.+8'&"()*

').*56AB?***9&*='#*0$1&*'#*'*:$%<*(/$)*$).$.*3+$#&"()>*="&2*)(*/%(-/&#*(%*")10+$)8$#*

()*&2$"%*')#=$%#?*

`$#/()#$#*&(*&2$*3+$#&"()b*

9#(*!3/!*#$!O2.'+/$!+,!-.*/!012)(*3+4`!

!

Page 41: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$)!

!;2$*-'M(%"&<*(1*'00* %$#/().$)&#*,$0"$:$.*&2'&* &2$*/%"-'%<*/+%/(#$*(1*56AB*').*'%&#*

$.+8'&"()*='#*&(*&$'82*#&+.$)&#*'%&"#&"8*#@"00#*&2$%$,<*/%(:".")4*'*-$')#*&(*4$)$%'&$*'*

1+&+%$*")8(-$*&2%(+42*#$00")4*'%&?*6#*."#/0'<$.*")*&2$*',(:$*&',0$#>*2$'.*&$'82$%#*').*

#&+.$)&#*/%"-'%"0<*$L/%$##$.*&2"#*'&&"&+.$>*,$0"$:")4*'%&#*$.+8'&"()*='#*"-/(%&')&*1(%*

8'%$$%* /(##","0"&"$#?* ;$'82$%#* =2(* '8&+'00<* &'+42&* &2$* '%&* 80'##$#>* 8()&%'#&$.* &2"#*

(/")"()*').*/%"-'%"0<*,$0"$:$.*&2'&*&2$*/+%/(#$*(1*'%&#*$.+8'&"()*='#*&(*,$)$1"&* &2$*

#&+.$)&#K*/$%#()'0*4%(=&2*').*$)M(<-$)&>*'0&2(+42*'*#-'00*/$%8$)&'4$*'0#(*,$0"$:$.*

'%&#* $.+8'&"()* 0$.* &(* $8()(-"8* 4'")#?* * _%$8$.")4* &2$* %$#$'%82* 9* 2'.* )(&* 8()#".$%$.*

&2'&* 0$'%)")4* '%&* 1(%* '* 1+&+%$* 8'%$$%* =(+0.* ,$* '* #&%()4* 1'8&(%* 1(%* /%(:".")4* '%&#*

$.+8'&"()*")*#82((0#?**;2"#*'&&"&+.$*"#*=".$0<*2$0.*,<*-')<*B$)<')#*2(=$:$%?**

#

JA# 7$$# (*#&7#&#)&%$$%R# #f.3#&%$#*$&)2(14#7*3'$1*7#7`(8875#?3*#$/$1# (I# *2$0#&%$#

*&`(14#(*#&7#I315#*2$0#&%$#7*(88#'.(14#(*#7$%(.3780R##S2$1#*2$0#7$$#&#%.8$#,.'$8#

]*2$#*$&)2$%^#&1'#7.,$.1$#*&`(14#&%*#,.%$#7$%(.3780#(1#&#Y.?#*2$1#*2$0#7$$#

&%*#&7#,.%$#7$%(.37#*..RM**pP$'.*;$'82$%>*A$8().'%<*A82((0>*E'":'#2'*

*

9)*B$)<'>*&(+%"#-*2'#*'*:$%<*0'%4$*"-/'8&*()*&2$*$8()(-<?**9)*d"#"()*IJYJ>*()$*(1*&2$*

4('0#* "#* &(* ")8%$'#$* B$)<'K#* '))+'0* F!_* 4%(=&2* %'&$* &(* \Jk* ').* -'")&'")* "&*

CF(:$%)-$)&* (1* B$)<'>* IJJ]D?* * G)$* (1* &2$* -'")* 1(%8$#* ,$2").* '82"$:")4* &2$* \Jk*

$8()(-"8*+/#+%4$*"#*&(+%"#-*CTE7AQG>*IJ\J,D?**;(+%"#-*"#*'*0'%4$*4$)$%'&(%*(1*")8(-$*

")* B$)<'>* ').* &2"#* 2'#* #&%()4* "-/0"8'&"()#* 1(%* '%&"#')#?* * B$)<')* '%&"#&#* #$00* &2$"%*

/'")&")4#* ').* (&2$%* /%(.+8&#* &(* &(+%"#&#?* * G)$* (1* &2$*56AB* $.+8'&(%#* '0#(* #(0.* 2"#*

/'")&")4#*&(*&(+%"#&#*&(*-'@$*'* 0":")4?* *P$*#2(=$.*-$*2"#*2(-$*').*/'")&")4#*&2'&*2$*

Page 42: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$"!

#$00#*1%(-*,$&=$$)*B7A*I>JJJ*&(*\a>JJJ*CTA!*lIJR\aJD*&(*1(%$"4)$%#?**9)*B$)<'>*=2$%$*

ZJk*(1*&2$*/(/+0'&"()*0":$*()*0$##*&2')*TA!*lI*'*.'<>*').*&2$%$*"#*'*0'%4$*&(+%"#-*,'#$>*

#$00")4*'%&*&(*&(+%"#&#*8')*,$*'*:$%<*0+8%'&":$*,+#")$##*C_`^>*IJ\\h*TE7AQG>*IJ\J,D?*;2"#*

"#*()$*'%4+-$)&*"00+#&%'&")4*=2<*'%&#*$.+8'&"()*)$$.#*&(*2':$*'*-(%$*/%(-")$)&*/'%&*")*

&2$*8+%%"8+0+->*#(*&2'&*82"0.%$)*4'")*&2$*8'/',"0"&"$#*').*1%$$.(-#*)$8$##'%<*&(*'82"$:$*

&2$#$*$8()(-"8*(//(%&+)"&"$#?*

* *L(43%$#!#g#L(43%$#6#'$-()*#*2$#2.,$#.I#&#8.)&8#T$10&1#&%*(7*#(1#d&(%.?(#&1'#*2$#-&(1*(147#

2$#2&'#&/&(8&?8$#I.%#7&8$R**

;2"#*"#*)(&*&(*#'<*&2'&*$:$%<*#&+.$)&*=2(*/'%&'@$#*")*'%&#*$.+8'&"()*8')*/0')*()*-'@")4*

'*4((.* 0":")4* &2%(+42*/$..0")4* &2$"%* '%&"#&"8*$).$':(+%#*'1&$%* 0$':")4* &2$*$.+8'&"()'0*

#/2$%$?**E(&*'00*#&+.$)&#*2':$*&2$*&'0$)&*').*#@"00>*').*$:$)*&2(#$*="&2*&2$*#@"00#*-'<*,$*

+)',0$*&(*#+88$##1+00<*#$00* &2$"%*=(%@?* *;2$%$* "#*'0#(*&2$*=(%%<*&2'&*'%&=(%@*/%(.+8$.*

="&2*&2$*'"-#*&(*#$00* &(* &(+%"#&#*8')* 0(#$* "&#*'%&"#&"8* ")&$4%"&<>*').*8+0&+%'0* &2$-$#*8')*

,$8(-$* (:$%%$/%$#$)&$.* ').* 0(#$*-$')")4?* P(=$:$%>* .$#/"&$* &2$#$*=(%%"$#>* &2$* '%&*

&%'.$* ').* "&#* /%(1"&',0$* %$0'&"()#2"/* ="&2* &(+%"#-* "#* ')* "-/(%&')&* '#/$8&* (1* '%&#*

$.+8'&"()*&(*+).$%#&').?*

#

Jh$I.%$# A# (1/(*$'# WDFT# 2$%$# A# &7`$'# ,0# 7*3'$1*7# *.# ,&`$# 7.,$#

'%&;(147c*2$# '%&;(147# *2$0# )&,$# 3-# ;(*2# ;$%$# :3(*$# (1*$%$7*(14R# # Z2&*#

%$&880#$1).3%&4$'#,$R#AI#,0#7*3'$1*7#)&1#2&/$#*2&*#*&8$1*#*2$0#)&1#,&`$#&#

)&%$$%#.3*#.I# (*cf.3#7$$#1.*#&88#&%$#4..'# (1#7-.%*7#&1'#)8&775#?3*# *2$0#&%$#

4..'# (1#&%*R#S$#1$$'#*.#4(/$# *2$,#*2&*#.--.%*31(*0R# #D1'#.1$#.I# *2$,#](1#

*2$#)83?^#(7#&#-..%#7*3'$1*5#.1$#.I#*2$#-..%$7*#*2&*#;$#2&/$#&%.31'5#?3*#(1#

Page 43: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$#!

*2$# &%*# )83?5# 2$# (7# *2$# ?$7*RRR# 73)2# &# 7*3'$1*# )&1# ,&`$# &# )&%$$%# (1# *2&*5#

'$7-(*$# *2$# I&)*# *2$0#&%$#-..%# (1#)8&775# *2$0#7*(88#2&/$# *2&*#.*2$%# *&8$1*?q*p

P$'.*;$'82$%>*A$8().'%<*A82((0>*G0*B'2(+*

#

;2"#* ='#* ')* ")&$%$#&")4* ")#"42&* ,$8'+#$* &2$* #&+.$)&* ='#* /((%* '&* (&2$%* #+,M$8&#>* #(*

2':")4*'%&*")*2"#*$.+8'&"()*2'#*%$'00<*")8%$'#$.*2"#*(//(%&+)"&"$#?**6#*&2$*&$'82$%*#'".>*

)(=*'1&$%*2$*1")"#2$#*#82((0*2$*8')*4(*")&(*'*8'%$$%*'#*')*'%&"#&>*').*="&2(+&*56AB*2$*

=(+0.* )(&* 2':$* 2'.* &2$* 8'/',"0"&<* (1* 2':")4* 2"#* &'0$)&* ."#8(:$%$.?* *56AB* 2'#* 4":$)*

#&+.$)&#* &2$* (//(%&+)"&<* (1* 2':")4* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()>* =2"82* ")80+.$*

"-/%(:")4* '%&"#&"8* #@"00#* ').* &'0$)&?* * * ;2%(+42* &2"#* 8'/',"0"&<>* #&+.$)&#K* (//(%&+)"&"$#*

'1&$%* 4%'.+'&"()* ")8%$'#$>* $#/$8"'00<* ")* '* 8(+)&%<* 0"@$* B$)<'* =2$%$* &2$* 8%$'&":$*

").+#&%"$#*'%$*'*4%(=")4*&%'.$*C61%"8')*T)"()>*IJJah*TE>*IJ\JD?*

*

*;2$* 56AB* =(%@#2(/#* 9* (,#$%:$.* 1(8+#$.* ()* :"#+'0* '%&"#&"8* #@"00#>* '0&2(+42* #(-$*

.')8")4>*.%'-'*').*#")4")4*=$%$*.()$*'&*#(-$*(1*&2$*#82((0#?**!"11$%$)&*&</$#*(1*:"#+'0*

'%&*=$%$*&'+42&>*#+82*'#*/'")&")4>*/'/$%*-'82$>*8(00'4$*').*&2%$'.*'%&?**;2$*&2%$'.*'%&*

='#* &'+42&* &(* &2$*(0.$%* #&+.$)&#*=2(*8%$'&$.* &2$*.$#"4)#*').* &2$)*-'.$* &2$-* ")&(*

8'%.#*CA$$*1"4+%$#*\>I>*i*YD?*;2$#$*=$%$*/%(-(&$.*'#*#(-$&2")4*&2'&*8(+0.*,$*#(0.* ")*

(%.$%*&(*%'"#$*-()$<*1(%*&2$*#82((0*(%*1(%*&2$*#&+.$)&#*")*&2$"%*/$%#()'0*0"1$?**

*L(43%$#!V#&#I(1(72$'#)&%'5#L(43%$#6VF*3'$1*7#&1'#&#WDFT#).1*&)*#*$&)2$%#).,-8$*(14#*2$#

*2%$&'#&%*#&)*(/(*0#(1#*2$#WDFT#;.%`72.-R*

Page 44: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$$!

*L(43%$#9V#Q.,-8$*$'#*2%$&'#)&%'7#*2&*#;$%$#)%$&*$'#(1#&#-%$/(.37#WDFT#;.%`72.-#%$&'0#*.#?$#7.8'R##Z2$#*2%$&'#'$7(417#;$%$#).,-8$*$'#&1'#-&(1*#;&7#37$'#73%%.31'(14#*2$#

*2%$&'#*.#)%$&*$#*2$#I(1&8#-()*3%$R##

;2$* "-/(%&')8$* (1* &2$* '%&#* ")* $8()(-"8* 4%(=&2* ='#* (,#$%:$.* &2%(+42(+&* &2$*

")&$%:"$=#* ').* &2%(+42* &2$* #@"00#* &'+42&* ")* &2$* =(%@#2(/#?* * 60&2(+42* #&+."$#* ()*

$8()(-"8*,$)$1"&#*(1*&2$*8%$'&":$*').*8+0&+%'0*").+#&%"$#*")*B$)<'*2'.*,$$)*.()$>*9*.".*

)(&* ."%$8&0<* %$0'&$* &2$#$* &(* &2$* $.+8'&"()'0* #<#&$-*').*56AB*,$1(%$*="&)$##")4* &2"#*

&%$).?* * 9* 8'-$* ")&(* B$)<'* ="&2* &2$* 2</(&2$#"#* &2'&* &2$* /%"-'%<* ,$)$1"&#* (1* '%&#*

$.+8'&"()*=(+0.*,$*&2$*/$%#()'0*').*#(8"'0*.$:$0(/-$)&*(1*'*#&+.$)&*="&2*$-/2'#"#*

()* 8%$'&":$* &2")@")4>* 2(0"#&"8* .$:$0(/-$)&>* ').* $-/'&2<?* * * P(=$:$%* &2$* ")&$%:"$=#*

8().+8&$.*').*$L8$%/&#*/%(:".$.*',(:$*80$'%0<*.$-()#&%'&$*'&&$)&"()*()* "&#*/+%/(#$*

'#*'*1'8"0"&<*&(*&$'82*#@"00#*1(%*#&+.$)&#*&(*$'%)*%$:$)+$*1(%*&2$"%*0":$0"2((.?***A(-$*2$'.*

&$'82$%#*#'".*&2'&*'%&#*$.+8'&"()*8')*,$)$1"&*#&+.$)&#*=2(*'%$*)(&*'8'.$-"8*').*4':$*

&2"#*'#*'*%$'#()*1(%*&$'82")4*&2$*'%&#*'#*=$00?**

*

JF.,$#.I# *2$#-$.-8$#;2.#&%$#1.*#4..'# (1#.*2$%#73?Y$)*75#0.3#)&1#'(7)./$%#

*2&*#*2$0#&%$#4..'#(1#7.,$*2(14#$87$#&1'#*2$1#*2$0#I$$8#$1).3%&4$'R#A*#4(/$7#

*2$,#).1I('$1)$RM#pP$'.*;$'82$%>*_%"-'%<*A82((0>*E'":'#2'*

*

E(&*()0<*.($#*56AB*4":$*#&+.$)&#*&2$*(//(%&+)"&<*&(*0$'%)*#@"00#*&2$<*8')*+#$*&(*-'@$*

'* 0":")4*(+&#".$*(1* #82((0>* $:".$)8$* 1(+).* "&* 8')* '0#(* ")8%$'#$* &2$"%* 8()1".$)8$?* * ;2"#*

Page 45: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$%!

8(%%$#/().#*="&2*%$#$'%82*8(-/0$&$.*()*'%&#*$.+8'&"()*=2"82*8()80+.$.*&2'&*&2$%$*"#*

'*%$0'&"()#2"/*,$&=$$)*&2$*'%&#*').*8()1".$)8$*C!$'#<>*IJJID?***

*

A&+.$)&#K*(/")"()#*=$%$*#"-"0'%*&(*&2$*2$'.*&$'82$%#?**;2$<*'0#(*#'=*'%&*'#*'*/'&2='<*

&(*-'@")4*'*0":")4>*').*-')<*$L/%$##$.*'%&*'#*'*:'0+',0$*(/&"()*1(%*#&+.$)&#*=2(*-'<*

)(&*,$*'#*'8'.$-"8'00<*&'0$)&$.?*

#

*mZ2$#,&(1# -3%-.7$# .I# &%*# A# )&1# 7&0# (7# (*# )2&14$7# .1$X7# 8(I$7*08$R# # h$)&37$#

*2$%$#&%$#,&10#Y.?7#*2&*#&%$#2$%$#](1#T$10&^5#?3*#*2$0#&%$#,&0?$#I.%#*2.7$#

;2.#2&/$#-&77$'#&88# *2$# 7)2..8# 8$/$875#?3*# I.%#&%*5# 0.3#)&1# 7*&%*# 0.3%#.;1#

?37(1$77R# A*# 4(/$7# 0.3# ,.%$# .-*(.17R# A*# 4(/$7# 0.3# 7.,$# 8(/$8(2..'?n* p

A$8().'%<*A&+.$)&>*U'"@"/"'*

*

J_$*#,$# 7&0# *2$# (,-.%*&1)$# .I# &%*7# (1# $'3)&*(.1# (75# 0.3# `1.;5# (*# '$/$8.-7#

7`(887#(1#7*3'$1*7R#D1'#&87.#0.3X/$#4.*#*2.7$#7*3'$1*7#;2.#&%$#78.;#8$&%1$%7#

&1'#*2%.342#&%*7#*2$0#&%$#&?8$#*.#(1)%$&7$#*2$(%#7`(887#&1'#*2$0#&%$#4.(14#*.#

$+-&1'# *2$(%#,(1'7R#d.*# &88# -$.-8$# &%$# 4..'# (1# ?..`7R# F.,$# &%$# ?&'5# ?3*#

;2$1#(*#).,$7#*.#-&(1*75#*2$0#&%$#7.#4..'R#Z2$0#)&1#'.#(*R#D1'#I%.,#*2$%$5#

.3*7('$# *2$0# )&1# ?$# &?8$# *.# $&%1# *2$(%# 8(/(14cM# iA$8().'%<* A&+.$)&>*

E'":'#2'*

*

^(&2* (1* &2$#$* #$8().'%<* #&+.$)&#* '0#(* #'=* '%&* '#* '* ='<* &(* -'@$* '* 0":")4>* ="&2* '*

#/$8"1"8* 1(8+#* ()* #&+.$)&#* =2(* -'<* )(&* ,$* '8'.$-"8'00<* &'0$)&$.>* ,+&* 8')* ,$*

'%&"#&"8'00<*&'0$)&$.?* *;2$*&(/*")&$%:"$=*-$)&"()#*#&+.$)&#*=2(*2':$*.%(//$.*(+&*'#*

=$00>*"-/0<")4*&2'&*'%&"#&"8*&%'")")4*8')*'0#(*,$)$1"&*&2$-*1")')8"'00<?**9&*='#*")&$%$#&")4*

&2'&*)()$*(1*&2$*&$'82$%#*")&$%:"$=$.*-$)&"()$.*'%&*'#*,$")4*#(-$&2")4*1(%*#&+.$)&#*

=2(*'%$*)(&*'8'.$-"8'00<*j#-'%&K*'#*'*/+%/(#$*(1*56AB*').*'%&#*$.+8'&"()>*()0<*2$'.*

&$'82$%#*').*#&+.$)&#*4':$*&2"#*'#*'*%$'#()?**9&*"#*'0#(*=(%&2*."#8+##"()*&2'&*'%&*"#*#$$)*

'#*'*='<* 1(%* &2$* 0$##* ")&$00"4$)&* &(*-'@$*'* 0":")4?* *;2"#*'&&"&+.$*/(##",0<*'..#* &(* &2$*

)$4'&":$*/$%8$/&"()*(1*&2$*'%&#*').*=2<*&2$<*'%$*)(&*&'@$)*'#*#$%"(+#0<*').*&'+42&*")*

&2$*#82((0#?* * 91*&2$*'%&#*'%$*&'+42&*()0<*&(*,$)$1"&*&2$*0$##* ")&$00"4$)&*&2%(+42*8'%$$%*

(//(%&+)"&"$#>* =2<* #2(+0.* &2$<* ,$* &'+42&* &(* &2$* -(%$* ")&$00"4$)&r* * ;2$#$* '%$*

Page 46: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$&!

"-/(%&')&* 3+$#&"()#* ').* 8()8$%)#* &2'&* '%&#* $.+8'&"()* '.:(8'&$#* )$$.* &(* '..%$##*

=2$)*1(%-+0'&")4*/(0"8"$#?* *9)*(%.$%*1(%*'%&#*$.+8'&"()*&(*,$*&'@$)*-(%$*#$%"(+#0<*")*

$.+8'&"()'0*#$&&")4#*"&*-'<*)$$.*&(*,$8(-$*-(%$*j'8'.$-"8?K****

#

N")'00<>*#&+.$)&#*').*&$'82$%#*'0#(*$L/%$##$.*'*0(&*(1*')#=$%#*8()8$%)")4*&2$*/+%/(#$*

(1*'%&#*$.+8'&"()*&2'&*1"&*")&(*&2$*j(&2$%K*8'&$4(%<?**;2$<*#/(@$*(1*8%$'&":"&<>*&$'-=(%@>*

').*,%")4")4* &2$* 8(--+)"&<* &(4$&2$%* '#*/+%/(#$#*(1*56AB*').*'%&#* $.+8'&"()?* * ;2$*

')#=$%#*%$1$%%")4*&(*,%")4")4*&2$*8(--+)"&<*&(4$&2$%*').*&$'-=(%@*+#+'00<*%$1$%%$.*

#/$8"1"8'00<* &(* &2$*56AB*=(%@#2(/#* ').*)(&* '%&#* $.+8'&"()* ")* 4$)$%'0?* * ;2$* #&+.$)&#*

4':$*$L'-/0$#*(1*/'#&*=(%@#2(/#*').*2(=*&2$<*2'.*,$$)*,%(+42&*&(4$&2$%>*$L'-/0$#*

(1*=2"82*="00*,$*4":$)*0'&$%*()?* *;2$*&$'82$%#* ")&$%:"$=$.*=2(*'8&+'00<*&'+42&*&2$*'%&*

80'##$#>*,(&2*&2$*56AB*&$'82$%#*').*&2$*8()&'8&*&$'82$%#*'&*&2$*#82((0#*=2(*%+)*&2$*

80+,#* 2'.* '* ."11$%$)&* :"$=* ()* &2$* /+%/(#$* (1* '%&#* $.+8'&"()>* /$%2'/#* ,$8'+#$* &2$<*

&$'82*"&*').*2':$*#$$)*%$#+0&#?**;2$<*:"$=$.*"&#*/+%/(#$*'#*&2$*/$%#()'0*.$:$0(/-$)&*

(1*&2$*#&+.$)&*,<*")8%$'#")4*8()1".$)8$>*4":")4*&2$-*&2$*',"0"&<*&(*$L/%$##*&2$-#$0:$#>*

(%*1(%*&2$*#&+.$)&#K*$)M(<-$)&?*

*

JZ2$#,&(1#-3%-.7$#(7#*.#8$*#*2$#)2(8'#.-$1#3-#&1'#*2$1#;2$1#*2$#)2(8'#.-$17#

3-#;$# )&1#'(7)./$%# *2$# )2(8'X7# *&8$1*R# #D87.# (*# (7# 2$8-(14# *2$# )2(8'# *.#?%$&`#

&;&0# I%.,#*2$# I.%,&8# )3%%()383,V# *2$#?..`5# *2$# %$&'(14R#Z2$0#$1Y.0# (*RM#p

Q()&'8&*;$'82$%>*_%"-'%<*A82((0>*E'":'#2'*

*

6)(&2$%*2$'.*&$'82$%*#&'&$.b*

*

JA#*2(1`#(*#(7#,&1(I.8'R##j1$5#I.%#).,,$%)(&8#*2(1475#?$)&37$#,&0?$#7.,$.1$#

2&7#'.1$#7.,$#;.%`#&1'#*2$0#)&1#7$88# (*#&1'#$&%1#&# 8(/(14# I%.,#*2&*R# #Z2$#

.*2$%# (7# ,&0?$# I.%# 7$8IVI38I(8,$1*c*2$0# )&1# $+-%$77# *2$,7$8/$7?n* pP$'.*

;$'82$%>*_%"-'%<*A82((0>*E'":'#2'#

#

;2$* ".$'* (1* m$L/%$##")4n* ()$#$01* &2%(+42* '%&* ='#* '* 8(--()* &2$-$* &2%(+42(+&* &2$*

")&$%:"$=#*'#*=$00?**;2$*',"0"&<*&(*$L/%$##*()$#$01*='#*#$$)*'#*'*/(#"&":$*8()&%",+&"()*(1*

Page 47: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$'!

56AB*').*()$*&2'&*-'<*0$'.*&(*')*")8%$'#$*")*'*#&+.$)&K#*#$01R8()1".$)8$?**;2$%$*='#*

'0#(*'*8(%%$0'&"()*&(*1").")4#*."#8+##$.*")*&2$*0"&$%'&+%$*%$:"$=*")*82'/&$%*&=(b*

*

JA*#)&1#$1).3%&4$#*2$#7*3'$1*7R#S2&*$/$%#*2$0#'.# (7# *2$#?$7*5# (*# (7#1.*# 8(`$#

.*2$%#)8&77$75#7.# (*#2$8-7#7*3'$1*75# A*#4(/$7#*2$,#).1I('$1)$R#f.3#I(1'#*2$,#

'.(14# *2(147#&1'#-$%I.%,(145#'.(14#,3)2#4%$&*$%# *2(147R#D1'# A# *2(1`5# *2$0#

*%0#2&%'$%#(1#)8&77#*..R#\$.-8$#;2.#4.*#&#E#&%$#1.;#;.%`(14#*.#4$*#&#QR#f.3#

7$$U#Z2$0#2&/$#).1I('$1)$#*.#*%0#2&%'$%RM#pA$8().'%<*A&+.$)&>*56AB*80+,*

0$'.$%>*E'":'#2'*

*

;2"#* ")8%$'#$* ")* '82"$:$-$)&* -(&":'&"()* ='#* '0#(* 1(+).* ")* &2$* Q%(*()&8# _(1`7#

8(-/$)."+-*#&+.<*C!$'#<>*IJJID?**9*1(+).*8(%%$0'&"()#*="&2*-(#&*(1*&2$*,$)$1"&#*1(+).*

")* &2$*Q%(*()&8# _(1`7# #&+.<* &2%(+42*-<* ."#8+##"()#*="&2* #&+.$)&#>* 2$'.* &$'82$%#* ').*

&$'82$%#*()*=2'&*&2$<*,$0"$:$.*&2$*-'")*,$)$1"&#*(1*56AB*=$%$?**;2$#$*,$)$1"&#*=$%$*

:$%<* 80(#$0<* 0")@$.*="&2* &2$* /+%/(#$* (1* '%&#* $.+8'&"()>* 2(=$:$%*-')<* 4':$* #/$8"1"8*

$L'-/0$#* (1* =2'&* 56AB* 2'#* &'+42&* &2%(+42* &2$* =(%@#2(/#* ').* 2(=* &2$#$* 2':$*

2$0/$.*&2$*#82((0*').*&2$*#&+.$)&#?**G)$*&$'82$%*,$0"$:$.*&2'&*56AB*2'.*&'+42&*2$%*

#&+.$)&#* &2$* ',"0"&<* &(* m"-/%(:"#$?n* * A2$* #&'&$.* &2'&* &2%(+42* &2$* '%&* 80+,>* #&+.$)&#*

2':$*2'.*&(*&2")@*(+&#".$*&2$*,(L*').*"-/%(:"#$*=2$)*&2$<*.(*)(&*2':$*-'&$%"'0#*').*

+#$*&2$"%*"-'4")'&"()#*-(%$?**61&$%*.(")4*"-'4")'&":$>*8%$'&":$*&2")@")4*")*&2$*'%&*80+,>*

#2$*)(&"8$.*#(-$*(1*2$%*#&+.$)&#*j&2")@")4*1%(-*'*."11$%$)&*')40$K*")*&2$"%*(&2$%*80'##$#*

'#*=$00?* *;2%(+42*&2$*=(%@#2(/#>*9*="&)$##$.*8%$'&":$*m(+&*(1*&2$*,(Ln*&2")@")4>*#+82*

'#*&2$*/'")&")4*,$0(=*,<*'*#&+.$)&*")*/%"-'%<*#82((0?***

*

Page 48: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$(!

*f$*&(0.*&2$*#&+.$)&#*&(*/'")&*')<*#+,M$8&*&2$<*="#2$.*').*2$*82(#$*0$':$#>*=2"82*2$*

/(%&%'<$.*,<*4(")4*(+&#".$*').*/"8@")4*0$':$#>*/'")&")4*&2$-*').*&2$)*"-/%")&")4*&2$"%*

&$L&+%$#* ()* 2"#* /"$8$* (1* /'/$%?* * f"&2* '00* (1* &2$* (&2$%* #&+.$)&#* /'")&")4* ")* ,'#"8>*

&%'."&"()'0*='<#>*&2"#*#&+.$)&K#*82("8$*."#/0'<$.*8()1".$)8$*")*2"-#$01*")*&2$*',"0"&<*&(*

4(*'4'")#&*&2$*#&'&+#*3+(>*').*8%$'&":$*&2")@")4* ")*2"#*#+,M$8&*82("8$?* *;2"#* 0")@#*="&2*

&2$* %$#$'%82* %$0'&")4* '%&#* $.+8'&"()* &(* 8()1".$)8$* ').* 8%$'&":"&<* C!$'#<>* IJJIh*

^'-1(%.>*IJJ[D?*

#

5+0&"/0$*&$'82$%#*'0#(*#/(@$*',(+&*&2$*='<*56AB*2'#*-'.$*&2$*#&+.$)&#*'//%$8"'&$*

$'82* (&2$%* -(%$?* * 9)* !$'#<K#* CIJJID* #&+.<>* '* /(#"&":$* 8(%%$0'&"()* ,$&=$$)* '%&#*

$.+8'&"()*').*%$'.")4>*:$%,'0*').*-'&2$-'&"8'0*#@"00#>*8%$'&":$*&2")@")4>*'82"$:$-$)&*

-(&":'&"()>*8(4)"&":$*$)4'4$-$)&>*#$01R8()1".$)8$>*#$01R")"&"'&")4>*$-/'&2<*1(%*(&2$%#>*

%$.+8$.*.%(/*(+&*%'&$#>*2"42$%*(%.$%*&2")@")4*#@"00#>*').*'*%')4$*(1*(&2$%*/$%#()'0*').*

#(8"'0*.$:$0(/-$)&#*=$%$*1(+).?**9)*-<*(=)*%$#$'%82>*9*1(+).*#&%()4*$:".$)8$*(1*&2$*

/(#"&":$* %$0'&"()#2"/*,$&=$$)*56ABK#* '%&#* $.+8'&"()*').* #&+.$)&#K* "-/%(:$-$)&#* ")*

8%$'&":$*&2")@")4>*'82"$:$-$)&*-(&":'&"()>*8(4)"&":$*$)4'4$-$)&>*#$01R8()1".$)8$>*').*

$-/'&2<* 1(%* (&2$%#?* * 9* 1(+).* #(-$* $:".$)8$* (1* #$01R")"&"'&"()* &2%(+42* (,#$%:")4* &2$*

=(%@#2(/#*').* &2$*='<* &2$*#&+.$)&#*(%4')"#$.*').*8().+8&$.* &2$-#$0:$#>*2(=$:$%*

&2"#*:'%"$.*1%(-*80+,*&(*80+,*').*8'))(&*,$*4$)$%'0"#$.*&(*'00*(1*56AB?**9*'0#(*.".*)(&*

1").*')<*#&%()4*$:".$)8$*(1*&2$*%$0'&"()#2"/*,$&=$$)*'%&#*$.+8'&"()*').*"-/%(:$-$)&*

")* (&2$%* '8'.$-"8* '%$'#>*=2"82* "#* '* #&%()4* '%4+-$)&* ")*-(#&*=$#&$%)R,'#$.* #&+."$#*

Page 49: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

$,!

/%(-(&")4*'%&#*$.+8'&"()*C!$'#<>*IJJIh*Q'&&$%'00>*IJJch*N"#@$>*\VVVD?*G)$*&$'82$%*.".*

#'<*&2'&*&2$*#&+.$)&#*")*&2$*'%&*80+,*'%$*&2$*,$#&*#&+.$)&#*")*&2$*#82((0>*,+&*&2"#*8(+0.*

,$*1(%*-')<*%$'#()#*').*8'))(&*,$*0")@$.*="&2*'%&*$L/0"8"&0<?* *60&2(+42*9*.".*)(&*1").*

')<*$:".$)8$*0")@")4*'%&#*$.+8'&"()*&(*2"42$%*'8'.$-"8*'82"$:$-$)&>*9*'0#(*.".*)(&*1").*

')<* $:".$)8$* '4'")#&* "&>* ').* ,$0"$:$* '* 0()4$%* #&+.<*=(+0.* )$$.* &(* ,$* 8().+8&$.* &(*

$L'-")$*&2$*%$0'&"()#2"/?***

!

TNG!;#(48$/!34!-**3*21$/!

9*2'.*(/$)*."'0(4+$*="&2*$:$%<()$* 9* ")&$%:"$=$.*',(+&*&2$*82')4$#*&2$<*&2$-#$0:$#*

2':$* 4()$* &2%(+42>* (%* 82')4$#* &2$<* 2':$* #$$)* #&+.$)&#* (%* (&2$%#* 4(* &2%(+42* &2'&*

2':$* ,$$)* ,%(+42&* ',(+&* ,<*56AB?* *5')<* #/(@$* ',(+&* &2$* '&&"&+.$#* &2'&* 82')4$.*

&(='%.#*&2$*'%&#?**

**

JWDFT#2&7#)2&14$'#.3%#7)2..8# (1#&#/$%0#-.7(*(/$#;&0R#F(,-80#?$)&37$# *2$#

8$&%1$%X7# &**(*3'$5# *2$# 8$&%1$%X7# 7$8I# (,&4$5# *2$# 8$&%1$%X7# I3*3%$# (7# &87.#

-%.,(7$'?n*pP$'.*;$'82$%>*_%"-'%<*A82((0>*U'"@"/"'*

#

TNGNE!X$(1!"$()#$.!(41!"$()#$.!-**3*21$/!

;2$* -'M(%"&<* (1* &2(#$* ")&$%:"$=$.* 2'.* :$%<* /(#"&":$* '&&"&+.$#* &(='%.#* &2$* '%&#?**

^$8'+#$*56AB* .($#* )(&*=(%@*="&2* $:$%<* #82((0>* &2$* #82((0#* "&* .($#* '##(8"'&$*="&2*

+#+'00<* '0%$'.<* 2':$* '* /(#"&":$* '&&"&+.$* &(='%.#* '%&#* $.+8'&"()* ,$8'+#$* &2$<* 2':$*

(1&$)* '#@$.* 1(%* &2$* /%(4%'--$* &(* ,$* "):(0:$.* ="&2* &2$"%* #82((0?* * ;2"#* -'<* 2':$*

#@$=$.*&2$*%$#$'%82*#+44$#&")4*/(#"&":$*'&&"&+.$#*',(+&*&2$*'%&#>*').*"&*"#*0"@$0<*&2'&*"1*

#82((0#*&2'&*=$%$*)(&*"):(0:$.*="&2*56AB*').*'%&#*$.+8'&"()*=$%$*")&$%:"$=$.>*&2$"%*

'&&"&+.$#* =(+0.* ,$* -(%$* )$4'&":$?* * 60&2(+42* &2"#* ."#&(%&#* &2$* %$#$'%82* '* ,"&>* &2$*

")1(%-'&"()* /%(:".$.* ,<* &2$* ")&$%:"$=$$#* "#* #&"00* "-/(%&')&>* $#/$8"'00<* ")* ."#8+##")4*

56AB* '#* ')* (%4')"#'&"()?* 6&* &=(* (1* &2$* #82((0#>* &$'82$%#* %$'.* ',(+&*56AB* ")* &2$*

)$=#/'/$%*').*8()&'8&$.*&2$*56AB*8((%.")'&(%* ")*B$)<'*#(*&2'&*&2$"%*#82((0#*8(+0.*

,$* "):(0:$.?* * ;2$#$* &$'82$%#* 2'.* #+82* '* /(#"&":$* '&&"&+.$* ',(+&* '%&>* ,+&* ()$* (+&* (1*

&2$#$* &=(* 2'.* &(* (:$%8(-$* (,#&'80$#* (1* (&2$%* &$'82$%#* ').* &2$* 2$'.* &$'82$%* )(&*

,$0"$:")4*'%&*='#*"-/(%&')&?***

*

Page 50: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%S!

JD*#I(%7*#,0#2$&'#*$&)2$%#;&7#1.*#I.%#(*#&*#&885#?3*#&I*$%#&;2(8$#&1'#2$#7&;#

*2$#-&(1*(147#&1'#$1*237(&7,#I%.,#*2$#7*3'$1*7#2$#)2&14$'R##d.;#2$#(7#/$%0#

73--.%*(/$?n*pQ()&'8&*;$'82$%>*_%"-'%<*A82((0>*E'":'#2'* *

#

9)80+.")4*56AB*'&*&2$*:'%"(+#*#82((0#*='#*."11"8+0&*'&*&2$*,$4"))")4*1(%*-')<*(1*&2$->*

-'")0<*.+$*&(*'&&"&+.$#*',(+&*'%&*)(&*,$")4*"-/(%&')&?**

*

JA*#2&7#1.*#?$$1#$&705#*2$#&%*#*2(145#I.%#,.7*#.I#*2$,#`1.;#(*#(7#1.*#-&%*#.I#

*2$#)3%%()383,R#S2&*$/$%#4$*7#.3*#.I#*2$#)3%%()383,#,.7*#'.#1.*#*2(1`#&%$#

(,-.%*&1*R#Z2$%$#&%$#)2&88$14$7R#F.,$#-$.-8$#1$$'#).1/(1)(14R##f.3#2&/$#*.#

4(/$#*2$,#/$%0#4..'#%$&7.17RM*pP$'.*;$'82$%>*A$8().'%<*A82((0>*G0*B'2(+*

#

;2$* ',#$)8$* (1* '%&* ,$")4* &'+42&* ")* &2$* 1(%-'0* 8+%%"8+0+-* 2'#* ,$$)* '* 82'00$)4$* 1(%*

56AB*'#*=$00?* *;2$*0'8@*(1*'%&#*")*&2$*1(%-'0*#82((0")4*0$'.#*&(*#&+.$)&#*').*&$'82$%#*

2':")4*)$4'&":$*'&&"&+.$#*&(='%.#*"&?*;$'82$%#*').*#&+.$)&#*2':$*#$$)*'%&*'#*'*='#&$*(1*

&"-$*,$8'+#$*"&* "#*)(&*$L'-")',0$>*#(*#(-$*&$'82$%#*2':$*'*."11"8+0&*&"-$*'.M+#&")4*&(*

")8(%/(%'&")4*"&?**;2"#*'&&"&+.$*8(%%$#/().#*&(*&2$*0"&$%'&+%$*")*82'/&$%*&2%$$*$L'-")")4*

B$)<'K#* 8+%%"8+0+-* ').* &2$* /%(,0$-#* &2$* IJ\J* #+%:$<#* 1(+).* CB97>* IJ\J'h* IJ\J,D?**

56AB* '"-#* &(* 82')4$* &2$#$* '&&"&+.$#>* 2(=$:$%* "&* 8')* ,$* ."11"8+0&* '#* &2$* 56AB*

8((%.")'&(%*'8@)(=0$.4$#*,$0(=b****

*

JA#2&/$#;(*1$77$'# *$&)2$%7#4$**(14#$/$1#,.%$# (1*$%$7*$'R#Z2.342# (*# (7#&87.#

).,,.1#*.#I(1'#&#*$&)2$%#;2.#(7#1.*#(1*$%$7*$'#&1'#;(88#*%0#&1'#'(7).3%&4$#

*2$# `('7c7.,$# *$&)2$%7#;.38'# %&*2$%# *2$# `('# -%&)*()$#,&*25# *2$0# 7&05# e.2#

;20# 72.38'# 0.3# ;&7*$# 0.3%# *(,$# ;(*2# 7.,$*2(14# *2&*# (7# 1.*#

$+&,(1&?8$UXc?3*# ,.7*# 31'$%7*&1'5# (*X7# .180# &# I$;# ;2.# '.1X*RM# p56AB*

8((%.")'&(%#

#

TNGNG!<*21$4*!-**3*21$/!

6&&"&+.$#*'%$*2'%.*&(*82')4$>*$#/$8"'00<*=2$)*B$)<'K#*8+%%"8+0+-*.($#*)(&*4%')&*&2$*

'%&#*'*/(#"&"()*(1*"-/(%&')8$?**;2%(+42*&2$*")&$%:"$=#*8().+8&$.*8()8$%)")4*82')4$#*

")* #&+.$)&#* ,%(+42&* ',(+&* &2%(+42*56AB>* &2$*-'M(%"&<* #'".* &2'&* &2$* #&+.$)&#* %$'00<*

Page 51: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%)!

$)M(<$.* '%&* ').* &2'&* &2$"%* ")&$%$#&>* '#* =$00* '#* 8%$'&":"&<* ').* 8()1".$)8$>* 2'#* 4%(=)*

#")8$*56AB*='#* ")&%(.+8$.?* ;$'82$%#* #/(@$* ',(+&* 82')4$#* ")* #&+.$)&#K* 8()1".$)8$>*

%$1$%%")4*#/$8"1"8'00<*&(*56ABK#*.%'-'*').*.')8")4*'8&":"&"$#*&2'&*'00(=*&2$*#&+.$)&#*&(*

/$%1(%-?* * G)$* #&+.$)&* #/(@$* #/$8"1"8'00<* ',(+&* &2$* 82')4$#* ")* 2"#* (=)* 8()1".$)8$*

#'<")4>*JL.%#,$5#A#)&1#?$#(1#&#-.7(*(.1#*.#7*&1'#&1'#2&/$#).1I('$1)$#&1'#$+-%$77#;2&*#A#

;&1*R# WDFT# 4&/$# ,$# 7$8I# ).1I('$1)$RM* * 6)(&2$%* &$'82$%* 4':$* $L'-/0$#* (1* &2$"%*

#&+.$)&#K*=%"&")4*8(-/(#"&"()#*').*2(=*#2$*1$0&*&2$<*=$%$*-+82*-(%$*8%$'&":$*")*&2$"%*

8(-/(#"&"()#* )(=*'1&$%*56AB* ').* '%&* 2'.*,$$)* ")&%(.+8$.?* * A2$* #'".>* JA# *2(1`# *2$0#

$+-%$77#*2$,7$8/$7#&1'#*2(1`#'(II$%$1*80#1.;5#.%#*2$0#2&/$#,.%$#).1I('$1)$#&1'#1.;#

*2$0# )&1# $+-%$77# *2$,7$8/$7RM* * P(=$:$%>* ()$* 2$'.* &$'82$%* .".* #'<* &2'&* 2$* 2'.* )(&*

#$$)*')<*82')4$#*")*&2$*#&+.$)&K#*8%$'&":"&<*#")8$*56AB*='#*")&%(.+8$.?**6&*()$*#82((0*

9* :"#"&$.>* &=(* 4"%0#* '//%('82$.*-$* .+%")4* &2$* =(%@#2(/* ').* &(0.*-$* &2'&* &2$<* 2'.*

,$$)* =%"&")4* /0'<#* ")* &2$"%* #/'%$* &"-$* ').* =')&$.* -$* &(* 0((@* '&* &2$-?* * ;2$"%*

8()1".$)8$*').*8%$'&":$*&2")@")4*='#*2"42>*').*&2$"%*$)&2+#"'#-*1(%*&2$*'%&#*$:".$)&?*9*

'0#(*='#*',0$*&(*="&)$##*'*#()4*').*.')8$*/$%1(%-')8$*'&*()$*#82((0*').*="&)$##$.*'*

82')4$* ")* &2$* #&+.$)&#* ()8$* &2$<* #&'%&$.* /$%1(%-")4?* f2$)* &2$* #&+.$)&#* #&'%&$.*

/$%1(%-")4*&=(*4"%0#*8'-$*&(*&2$*1%()&*').*%$8"&$.*'*:$%<*/(=$%1+0*.%'-'&"8*/($-*()*

&2$*$):"%()-$)&?**^(&2*(1*&2$*4"%0#*2'.*,$$)*:$%<*3+"$&*').*%$#$%:$.*&2%(+42(+&*&2$*

=(%@#2(/>*,+&*=2$)*/$%1(%-")4*&2$<*,(&2*&%')#1(%-$.?******

#L(43%$a#W$#-&%*()(-&*(14#(1#&#'&1)$#;(*2#*2$#7*3'$1*7#&*#*2$#WDFT#;.%`72.-#

Page 52: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%"!

#

P(=$:$%>* ()$*(1* &2$* 8%"&"8"#-#*(1* '%&#* $.+8'&"()* ').* '%&#* $.+8'&"()* '.:(8'8<* "#* &2$*

&$).$)8<*(1*'.:(8'&$#*&(*(:$%#&'&$*').*4$)$%'0"#$*80'"-#*="&2(+&*:'0".*/%((1*")*1':(+%*

(1*&2$*'%&#?**60&2(+42*9*,$0"$:$*9*#'=*'*82')4$*")*&2$*#&+.$)&#*=2$)*/'%&"8"/'&")4*")*&2$*

.%'-'>*&2"#*"#*()0<*'*#/$8+0'&"()*').*9*8'))(&*4$)$%'&$*,%('.*80'"-#*&(='%.#*'00*(1*'%&#*

$.+8'&"()?* * 9&* #&"00* "#* ')* "-/(%&')&* 1").")4* ")* -<* #&+.<>* $:$)* "1* ()0<* #/$8+0'&"()?* * 6*

0()4$%*#&+.<*1(8+#")4*#/$8"1"8'00<*()*/'%&"8"/')&#K*8()1".$)8$* 0$:$0#*').*&2$* ")10+$)8$*

'%&#*$.+8'&"()*2'#*()*&2$-*=(+0.*)$$.*&(*,$*.()$*&(*8()1"%-*&2"#*1").")4?*

*

TNGNQ!O(.$4*(7!-**3*21$/!

f2$)* 9* '#@$.* ',(+&* /'%$)&'0* '&&"&+.$#>* &2$* -'M(%"&<* (1* &2(#$* ")&$%:"$=$.* #'".* &2$*

1'-"0"$#* 2'.* /(#"&":$* '&&"&+.$#* ',(+&*56AB* ').* 2':")4* '%&* ")* #82((0#?* *G)$* /'%$)&* 9*

#/(@$*="&2*='#*40'.*&2'&*56AB*='#* "):(0:$.*")*2"#*#()K#*#82((0*,$8'+#$*2"#*#()*='#*

.$'1*').*2$*1$0&*'#*"1*'%&*='#*&$'82")4*2"#*#()*#@"00#*#(*&2'&*2$*8(+0.*2':$*'*8'%$$%*'1&$%*

2$*0$1&*#82((0*"1*2$*='#*+)',0$*&(*4$&*()$*")*')(&2$%*'%$'?**;$'82$%#*').*2$'.*&$'82$%#*

#/(@$*(1*/'%$)&#*2$0/")4*&(*/%(:".$*-'&$%"'0#*1(%*&2$*'%&*80+,*=2$)*56AB*='#*+)',0$*

&(>* =2"82* &2$<* ,$0"$:$.* /%(:$.* &2$* /'%$)&#* #+//(%&?* * 6&* ()$* /%"-'%<* #82((0>* &2$*

/'%$)&#*2'.*,(+42&*,$'.")4*-'&$%"'0#*').*&2$*#&+.$)&#*2'.*-'.$*)$8@0'8$#*")*56AB*

80+,>*=2"82*&2$<*&2$)*#(0.*&(*&2$*8(--+)"&<*&(*%'"#$*-()$<*1(%*&2%$$*1$00(=*#&+.$)&#*

=2(*=$%$* "00>*()$*(1*=2(-*='#* ")* &2$*2(#/"&'0?* *;2$*-()$<* &2$<* %'"#$.*=$)&* &(* &2$*

1'-"0"$#*(1*&2$*#"8@*#&+.$)&#>*').*&2$*&$'82$%*$L/%$##$.*2(=*2'//<*&2$*1'-"0"$#*=$%$>*

').*)(=*&2$* 1'-"0"$#* ")* &2$*8(--+)"&<*'%$*$:$)*-(%$* #+//(%&":$*(1* &2$*56AB*80+,*

&2')*&2$<*=$%$*,$1(%$*,$8'+#$*&2$<*2':$*#$$)*=2'&*"&*8')*.(?**78()(-"8*4'")*&2%(+42*

56AB* (88+%%$.* '&* ')(&2$%* #82((0* '#* =$00* =2$)* &2$* 2$'.* &$'82$%* #(0.* '%&=(%@* &(*

:"#"&")4*:(0+)&$$%#* 1%(-*&2$*TB?* *P$*+#$.* &2$*-()$<* CB7A*\>JJJ*(%*TA!*l\JD* &(*,+<*

#2($#*1(%*&2$*#&+.$)&#*').*#'".>*##

#

JZ2$0#2&'#/$%0#2&--0#2$&%*7R#Z2$0#;$%$#2&--0R#S$#;$%$#&?8$#*.#4$*#,.1$0#

&1'#72.$75#&1'#8$&%1$%7#;(*2#72.$7#&%$#2&--0R##f.3#7$$#(*#2&7#&87.#)2&14$'#

*2$(%#&**(*3'$#*.;&%'#*2$(%#8(I$R#Z2$(%#7$8IV(,&4$5#0.3#7$$#1.;#*2$0#7$$#*2$0#

)&1#'.#7.,$*2(14R#Z2$0#7&;#*2$#%$738*7#.I#*2$(%#;.%`#;(*2#*2$#72.$7M*pP$'.*

;$'82$%>*_%"-'%<*A82((0>*U'"@"/"'*

Page 53: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%#!

#

f"&2*$L'-/0$#*#+82*'#*&2"#*"&*"#*)(*=().$%*&2'&*#(*-')<*2$'.*&$'82$%#*,$0"$:$*&2'&*&2$*

-'")* /+%/(#$* (1* &$'82")4* #&+.$)&#* '%&* "#* 1(%* &2$"%* 1+&+%$* $8()(-"8* ,$)$1"&?* ;2$*

$8()(-"8* "-/(%&')8$* (1* '%&* ='#* '0#(* $L$-/0"1"$.* ")* ')* $L'-/0$* '* #&+.$)&* 4':$*

8()8$%)")4*2"#*(=)*-(&2$%K#*)$4'&":$*'&&"&+.$*&(='%.*56AB?**P$*#'".*2"#*-(&2$%*.".*

)(&* 0"@$* &2$*56AB*80+,*').*80'"-$.*2$*='#* #/$).")4* &((*-+82* &"-$*()*'%&* ').*)(&*

/'<")4*'&&$)&"()* ")*(&2$%*#+,M$8&#?* *A2$*=(+0.*#'<>*JE('# A# 7$1'#0.3#*.#7)2..8# *.#7*&%*#

-&(1*(14U#d.5#A#7$1*#0.3#*.#7*&%*#8$&%1(14M*').*2'.*'*:$%<*)$4'&":$*'&&"&+.$*&(='%.*'%&*

+)&"0* 2$%* #()* =$)&* &(* E'"%(,"* ').* ='#* /'".* &(* /'")&* '* -+%'0* ()* &2$* (+&#".$* (1* '*

%$#&'+%')&?* * A2$* &2$)* #'=* &2$* $8()(-"8*,$)$1"&* (1* '%&>* ').*)(=*2$* #'<#* #2$* "#* :$%<*

#+//(%&":$*').*$)8(+%'4")4?**;2"#*82')4$*")*'&&"&+.$*').*2(=*"&*8'-$*',(+&*"#*+#$1+0*

")* /%(:".")4* 1+%&2$%* %$8(--$).'&"()#* ()* 2(=* &(* #+88$##1+00<* "-/0$-$)&* '%&* ').*

82')4$*(&2$%*/$(/0$K#*'&&"&+.$#* &(='%.#* "&?* *;2$*/'%$)&'0*'&&"&+.$#*').* &2$* 1(8+#*()*

&2$* $8()(-"8* #".$* (1* '%&#* $.+8'&"()* 1+%&2$%* %$")1(%8$#* &2$* $8()(-"8* '%4+-$)&* 1(%*

4":")4* '00* 82"0.%$)* &2$* %"42&* &(* $.+8'&"()'0* (//(%&+)"&"$#* ")* &2$* '%&#?* * 7#/$8"'00<* ")*

B$)<'>* =2$%$* '* 0'%4$* /$%8$)&'4$* "1* &2$* /(/+0'&"()* 0":$* ,$0(=* &2$* /(:$%&<* 0")$>* ').*

/(:$%&<* "#* '* %$4+0'%* '#/$8&* (1* 0"1$* C_`^>* IJ\\D?* * ;2'&* #'".>* "&* "#* '0#(* "-/(%&')&* &(*

%$-$-,$%*&2'&*'00*#&+.$)&#*="00*)(&*2':$*'*8'%$$%*'#*')*'%&"#&?**7:$)*"1*&2$<*'%$*#@"00$.*

'%&"#&#>*&2"#*.($#*)(&*4+'%')&$$*&2$<*8')*-'@$*0":")4*")*&2$*'%&#?**

*

TNQ!B$4$,3*/!+,!S-<A!

N(%*-')<* #&+.$)&#>*56AB* ")&%(.+8$.* &2$-* &(*'%&?*G)$* #'".>*Jh$I.%$#WDFT# A# '('#1.*#

`1.;#&?.3*#&%*R#S2&*#(7#-&(1*(145#;2&*#(7#'%&;(145#A#'('#1.*#`1.;RM**5')<*#$8().'%<*

#&+.$)&#*9*#/(@$*&(*)$:$%*%$8$":$.*')<*'%&*")#&%+8&"()*")*/%"-'%<*#82((0*.$#/"&$*"&*,$")4*

")* &2$* (11"8"'0* 8+%%"8+0+-?* 9)* &2"#* #$)#$>* 56AB* %$'00<* 2'.* ')* "-/'8&* ()* &2$"%* 0":$#*

,$8'+#$*"&*")&%(.+8$.*&2$-*&(*')*$)&"%$0<*)$=*#+,M$8&?**^+&*&2$%$*=$%$*(&2$%*,$)$1"&#*

(1*56AB*,$#".$#*M+#&*&2$*(,:"(+#*,$#&(=-$)&*(1*'%&*#@"00#?*

*

TNQNE!O$()$!(41!0&'(*#=!

G)$* (1* &2$* -'")* ,$)$1"&#* 56AB* 2'#* 4":$)* -')<* (1* &2$* #82((0#* "#* &2$* ',"0"&<* 1(%*

#&+.$)&#* &(* $L/%$##* &2$-#$0:$#>* $#/$8"'00<* =2$)* .()$* &2%(+42* &2$* /$'8$R,+"0.")4*

=(%@#2(/#*/+&*()*,<*56AB?**;2$*/(#&R$0$8&"()*:"(0$)8$*")*IJJa*'11$8&$.*-')<*(1*&2$*

Page 54: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%$!

#&+.$)&#*'&* &2$*#82((0#*56AB* "#* "):(0:$.*="&2?* * 9)* &2$*'1&$%-'&2>*56AB*=$)&* &(* &2$*

#82((0#*').*8'%%"$.*(+&*/$'8$*,+"0.")4*=(%@#2(/#>*=2"82* &2$<*2':$*8()&")+$.* &(*.(*

#")8$>*'0&2(+42*&2$<*)(=*2':$*$L/').$.*&2$*&2$-$#*&(*")80+.$*,%('.$%*'%$'#*#+82*'#*

&2$*$):"%()-$)&*').*(&2$%*0(8'0*"##+$#*&2'&*'%$*(88+%%")4?**;2$*#&+.$)&#*').*&$'82$%#*

#/(@$*8()#".$%',0<*',(+&*&2$*/(#"&":$*")10+$)8$*&2$#$*=(%@#2(/#*2'.*()*&2$*#&+.$)&#?***

*

J]h$I.%$^# .3%# 8$&%1$%7# ;$%$# 1.*# &?8$# *.# $+-%$77# *2$,7$8/$7# *2%.342#

'%&;(1475#*2%.342#-&(1*(145#&1'#;$#1$/$%#`1$;#*2&*#7.,$?.'0#;2.#'.$71X*#

2&/$#*2$#*&8`(14#&?(8(*0#.%#2$&%(14#&?(8(*0#]*2(7#;&7#&*#*2$#E$&I#F)2..8^#).38'#

?$#4(/$1#&#'(%$)*#)2&1)$#*.#$+-%$77#2(7#.;1#I$$8(147R#D1'#;$#7&;#*2&*5# I.%#

$+&,-8$5#'3%(14#*2$#-.7*#$8$)*(.1#/(.8$1)$#&I*$%#*2&*#c#*2$0#'%$;k#\()*3%$7#

.I#23%*R#j1#I(%$R#D1'#*2$1#;$#7*&%*$'#&7`(14#.3%7$8/$7#;2&*#(7#*2(7#*2&*#*2$0#

&%$#'%&;(14U##Z2$0#;$%$#$+-%$77(14#;2&*#*2$0#7&;R#Z2&*#,$&17#*2$0#;$%$#

&;&%$#.I#*2$#-%.?8$,7#(1#T$10&c#*2&*#72.;7#*2&*#*2%.342#'%&;(14#*2$0#)&1#

$+-%$77# *2$(%# I$$8(1475# *2$(%# ).1)$%175# *2$(%# ).1*%(?3*(.1# &?.3*# *2$#

'$/$8.-,$1*# .I# *2$# ).31*%0RM# pP$'.* ;$'82$%>* !$'1* _%"-'%<* A82((0>* A"/"0">*

U'"@"/"'*

*

;2$*"-/'8&*(1*56AB*'&*&2$*!$'1*A82((0*='#*$#/$8"'00<* ")&$%$#&")4?* *6%&*2'.*,$8(-$*'*

%$4+0'%* /'%&* (1* &2$* /$.'4(4<* '&* &2$* #82((0* ').* &2$* ,$)$1"&#* (1* 56AB* =$%$* -(%$*

)(&"8$',0$*&2$%$*&2')*'&*')<*(1*&2$*(&2$%*#82((0#*9*:"#"&$.?**;2"#*='#*/%(,',0<*.+$*&(*&2$*

&$'82$%#*+#")4* &2$*'%&#* #(*(1&$)* ")*(%.$%* 1(%* &2$"%* #&+.$)&#* &(*$L/%$##* &2$"%* &2(+42&#*

&2%(+42*(&2$%*='<#*&2')*#"4)* 0')4+'4$?* *;2$*&$'82$%#*#/(@$*(1*2(=*'%&* %$'00<*2$0/$.*

&2$*#&+.$)&#*")*8(--+)"8'&")4*="&2*1'-"0<*-$-,$%#*=2(*.".*)(&*@)(=*#"4)*0')4+'4$>*

').* 2(=* '%&* "#* '* j+)":$%#'0K* 0')4+'4$?* * 9&*='#* '* :$%<* ")&%"4+")4* #82((0* &(* :"#"&>* ').* "&*

=(+0.*,$*")&$%$#&")4*&(*.(*'*#&+.<*#/$8"1"8'00<*()*'%&#*$.+8'&"()*').*.$'1*#&+.$)&#?*

*

6#* ."#8+##$.* ")* 82'/&$%* &2%$$>* &2$* /(#&* $0$8&"()* :"(0$)8$* "-/'8&$.* -')<* /$(/0$*

&2%(+42(+&*B$)<'?**;2$*'%$'#*&2$*%$#$'%82*='#*8().+8&$.*")*=$%$*,(&2*0'%4$0<*"):(0:$.*

")* &2$* 8()10"8&?* * 5')<* #&+.$)&#* ="&)$##$.* &2$* :"(0$)8$>* %$0(8'&$.* ,$8'+#$* (1* &2$*

:"(0$)8$>*').g(%*@)$=*/$(/0$*@"00$.*")*&2$*:"(0$)8$?* * 9)*&2$*'1&$%-'&2>*56AB*2'#*2$0.*

/$'8$*=(%@#2(/#*&(*'##"#&*")*&2$*%$8(:$%<*').*/%(-(&$*'*/$'8$1+0*1+&+%$?*

Page 55: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%%!

*

JD%*#2&7#).1*%(?3*$'#*.#&#8.*#?$)&37$#(1#*2$#8&7*#4$1$%&8#$8$)*(.15#(*#;&7#2&%'#

(1#.3%#).31*%0R#Z2$%$#;&7#&#8.*#.I#/(.8$1)$R#F.#W&'&,#D88&#&1'#Z$&)2$%#l.21#

)&,$#*.#37#&1'#7&('#8$*#37#2&/$#-&(1*(147#.1#-$&)$R#F.5#&I*$%7)2..8#;$#)&,$#

*.4$*2$%# &1'# *&8`$'# &1'# $+-%$77# ('$&7# .I# -$&)$# $/$%0;2$%$R# D87.# .3%#

)38*3%&8#&1'#*%(?&8#'(II$%$1)$75#(*#?%.342*#37#*.4$*2$%R#D1'#$/$%0.1$#)&1#7$$#

&1'# 31'$%7*&1'# *2$# -()*3%$7# .I# -$&)$R# f.3# )&1# 8$&%1# &# 8.*# &?.3*# ;2&*#

2&--$1$'R#f.3#'.#1.*#2&/$#*.#%$&'#&1'#;%(*$#*.# I(1'#*2$# (1I.%,&*(.15#0.3#

)&1#Y37*#7$$R#f.3#,&0#?$#31$'3)&*$'5#/$%0#(41.%&1*5#?3*#.1)$#(*#).,$7#*.#&#

-()*3%$# 0.3# )&1# 31'$%7*&1'5# *2$%$# (7# *2(7# $+-%$77(.1# *2&*# ).,$7# *.# 0.3%#

2$&%*R# #S(*2# -$&)$5# (*# 8$*7# 37# 7-%$&'#-$&)$I38#,$77&4$7# $&7($%R# D%*# -&77$7#

*2$#,$77&4$RM#pA$8().'%<*A&+.$)&>*U'"@"/"'*

#

JW.7*#7*3'$1*7#2&/$#'%&;1#&?.3*#*2$#/(.8$1)$R#f.3#7$$#I(42*(145#I(%$R#Z2$0#

&%$# *%0(14# *.# $+-%$77# *2$,7$8/$7cA# ;.38'# &7`# *2$,# *.# $+-8&(1# ;2&*# *2$0#

;$%$#I$$8(14#;2$1#*2$0#;$%$#'%&;(14#&1'#*2$1#*2$0#;.38'#7-$&`#&1'#I$$8#

?$**$%# &1'# ).38'# %$8&+# &1'# 31'$%7*&1'# ?$**$%RM# RQ()&'8&* ;$'82$%>* _%"-'%<*

A82((0>*E'":'#2'#

*

*

Page 56: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%&!

;2$* 8(0(+%")4* (1* &2$* 2+&*='#* .()$* ")* '*56AB*=(%@#2(/* 1(00(=")4* &2$* /(#&* $0$8&"()*

:"(0$)8$*(1*IJJa*'&* &2$*A82((0* 1(%* &2$*!$'1* ")*'* %+%'0* '%$'?* * A&+.$)&#*=$%$*'#@$.* &(*

$L/%$##* &2$"%* $L/$%"$)8$#* ').* &2"#* 8'-$* (+&?* * f2"0$* 9* ='#* )(&* /%$#$)&* '&* &2$#$*

=(%@#2(/#>*")&$%:"$=#*8().+8&$.*$L$-/0"1"$.*&2$*$11$8&#*(1*&2$*=(%@#2(/#*")*'00(=")4*

#&+.$)&#*&(*8(--+)"8'&$?**60&2(+42*&2$%$*"#*8()8$%)*&2'&*,%")4")4*+/*/'#&*2(%%(%#*&2$*

#&+.$)&#*-'<*2':$*="&)$##$.*8(+0.*2':$*'*)$4'&":$*$11$8&*()*&2$*#&+.$)&#>*&2$*2$'.*

&$'82$%#* ').* &$'82$%#* ")&$%:"$=$.* ,$0"$:$.* &2'&* &2$* =(%@#2(/#* ()* /$'8$* 2'.* '*

/(#"&":$*$11$8&*()*&2$*#&+.$)&#*').*.".*)(&*.(*')<*2'%-?**;$'82$%#*=$%$*',0$*&(*0$'%)*

',(+&*#&+.$)&K#*#/$8"1"8*$L/$%"$)8$#*")*&2$*:"(0$)8$>*&2'&*&2$<*(&2$%="#$*.".*)(&*@)(=*

,$8'+#$* 82"0.%$)*=$%$* )(&* #/$'@")4* ',(+&* "&>* ').* &2$*=(%@#2(/#* '8&$.* '#* '* &</$*(1*

&2$%'/<?**A&+.$)&#*")."8'&$.*&2'&*,$")4*',0$*&(*$L/%$##*=2'&*&2$<*1$0&*&2%(+42*'%&*='#*

$'#"$%* &2')* &2%(+42* =(%.#>* ').* ")* 4$)$%'0* "&* 2$0/$.* &2$* 2$'0")4* /%(8$##?* * A&+.$)&#*

#/(@$* (1* '%&* ,$")4* '* ='<* &(* 8(--+)"8'&$* &(* #(8"$&<>* $#/$8"'00<* &(* &2(#$* &2'&* '%$*

"00"&$%'&$>* #(* &2$<* ,$0"$:$.* &2'&* '%&*='#* $L&%$-$0<* "-/(%&')&* ")* #$).")4*-$##'4$#* (1*

/$'8$*&(*&$'82*(&2$%#?*9)*B$)<'>*Ya?ck*(1*&2$*/(/+0'&"()*"#*"00"&$%'&$*CIJJ[*1"4+%$*1%(-*

TE7AQG>* IJ\J,D?* * Q(--+)"8'&")4* &(* &2$* "00"&$%'&$* /(/+0'&"()* "#* $'#"0<* .()$* &2%(+42*

"-'4$#* ').* '%&?* * A&+.$)&#* ,$0"$:$.* &2'&* "1* -$##'4$#* (1* /$'8$* =$%$* .%'=)>* &2$#$*

8()8$/&#*8(+0.*,$*&'+42&*&(*&2$*"00"&$%'&$?**;$'82$%#*'0#(*#/(@$*',(+&*&2$*'%&*80+,*'#*'*

='<* (1* &$'82")4* &2$* #&+.$)&#* &(* '88$/&* $'82* (&2$%* ').* 4$&* '0()4?* * 9)* #(-$* 80+,#>*

.')8$#* ').* #()4#* 1%(-* ."11$%$)&* &%",$#* ")* B$)<'* =$%$* &'+42&>* #(* &2'&* &2$* #&+.$)&#*

8(+0.*0$'%)*',(+&*&2$*."11$%$)&*8+0&+%$#?**G)$*#&+.$)&*#'".>#

#

JA1#_&(`(-(&5#(*#(7#&#/$%0#'(/$%7$#).,,31(*05#8.*7#.I#*%(?$7R#A1#*2$#-.7*#$8$)*(.1#

/(.8$1)$5#,&0?$#2(7#2.37$#2&7#?$$1#?3%1$'5#.%#2(7#-%.-$%*0#?$$1#'$7*%3)*$'R#

h0# -&(1*(14# &1'# $+-%$77(14# 0.3# )&1# (,&4(1$# (*# 2&--$1(14# *.# 0.3RM# i

A$8().'%<*A&+.$)&>*U'"@"/"'*

*

60&2(+42*)(*()$*9*")&$%:"$=$.*'/'%&*1%(-*&2$*56AB*8((%.")'&(%*@)$=*=2'&*$-/'&2<*

='#* =2$)* 9* '#@$.* &2$->* ').* #(-$* #&"00* .".* )(&* +).$%#&').* &2$* 8()8$/&* ()8$* 9*

$L/0'")$.>*-')<*4':$*$L'-/0$#*#+82*'#*&2$*()$*',(:$*',(+&*2(=*&2$*'%&*=(%@#2(/#*

56AB*2'#*4":$)*2'#*&'+42&*&2$-*$-/'&2$&"8*:'0+$#*&(='%.#*(&2$%#?**G)$*2$'.*&$'82$%*

#'".b**

Page 57: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%'!

*

JA# *2(1`# ;2&*# WDFT# '.$7# (7# (*# ?%(147# *2$# )2(8'%$1# *.4$*2$%5# 7.# (*# '.$71X*#

,&**$%#;2$%$# .1$# ).,$7# I%.,5# *2$0# &%$# &88# (1*$%$7*$'# (1# .1$# 73?Y$)*# &1'#

*2$0# ).,$# *.4$*2$%R# # A# 2&/$# 7$$1# &%*# ?%(14# *2$7$# '(II$%$1*# ).,,31(*($7#

*.4$*2$%5# *2$0#&%$#&?8$# *.# 72&%$5# &?8$# *.# (1*$%&)*5# &1'# 7.# *2&*# (7# &#;&0#.I#

,&0?$#-%$&)2(14#-$&)$RM#pP$'.*;$'82$%?*_%"-'%<*A82((0>*E'":'#2'*

*

9* -+#&* ,$* 8'%$1+0* ")* (:$%$-/2'#"e")4* &2$* "-/(%&')8$* (1* '%&* ")* .(")4* &2"#* &2(+42>*

,$8'+#$*(&2$%*#+,M$8&#*8')*,%")4*/$(/0$*&(4$&2$%*'#*=$00?**^+&*")*4$)$%'0>*-<*1").")4#*

.".*8(%%$#/().*="&2*&2$*4('0#*(+&0")$.*")*N"%#&*').*A$8().*f(%0.*Q()1$%$)8$#*()*6%&#*

7.+8'&"()* 2':")4* &(* .(* ="&2* '%&#* $.+8'&"()#* ',"0"&<* &(* &$'82* #(8"'0* ').* 8+0&+%'0*

'//%$8"'&"()*CTE7AQG>*IJJ[h*TE7AQG>*IJ\J'D?* * * 9)*&2$*$:".$)8$*9*1(+).>*56ABK#*'%&#*

$.+8'&"()*='#*=(%@")4* &(* "-/%(:$* #(8"'0* ').* 8+0&+%'0* 82'00$)4$#* ")*B$)<'>* 8%+8"'0* ")*

%$#/$8&*&(*&2$*0'%4$*)+-,$%*$&2)"8*&%",$#*').*2"#&(%<*(1*$&2)"8*8()10"8&#?*

*

TNQNG!;27*2.$!

6)(&2$%*,$)$1"&*(1*56AB*"#*8+0&+%'0*'//%$8"'&"()*').*/%$#$%:'&"()?**f2$)*9*."#8+##$.*

=2$&2$%*(%*)(&*56AB*2$0/#*&(*/%$#$%:$*8+0&+%$* ")*B$)<'?* * 9&*='#* ")&$%$#&")4*,$8'+#$*

&2$* ')#=$%#* 9* %$8$":$.* (1&$)* 2'.* &(* .(* ="&2* /%$#$%:")4* &2$* 2"#&(%<* (1* B$)<'* (%*

8()#$%:")4*&2$*$):"%()-$)&?*P$'.*&$'82$%#*#/(@$*',(+&*'%&*,$")4*'*='<*&(*#$$*&2")4#*

1%(-* &2$* /'#&>*=2"82* .".* )(&* 2':$* ')<&2")4* &(* .(*="&2*56AB?* * ;2$<*=$%$* #/$'@")4*

',(+&*'%&*")*4$)$%'0*').*2(=*<(+*8')*4(*&(*'*-+#$+-*&(*#$$*8'%:")4#*(%*.%'=")4#*(1*

/$(/0$*0":")4*'*0()4*&"-$*'4(?***;$'82$%#*#/(@$*',(+&*&2$*&%",'0*#()4#*').*.')8$#*&2$*

#&+.$)&#* .".* ")* 56AB?* * G)$* &$'82$%* &(0.* -$* 2(=* &2$* #&+.$)&#* 1%(-* ."11$%$)&*

,'8@4%(+).#* &$'82*$'82*(&2$%*:'%"(+#* #()4#*').*.')8$#* ")* &2$*56AB*80+,?* *6)(&2$%*

#&(%<* 9* 2$'%.*='#*',(+&*'* #&+.$)&K#*/'")&")4*(1* '*2+4$*-()@$<*2(0.")4*'*-')?* * ;2$*

&$'82$%* $L/0'")$.* &2'&* &2"#* ='#* '* 8(--()* &%",'0* 42(#&* #&(%<* &2'&* &2$* #&+.$)&* 2'.*

/%(,',0<*2$'%.*1%(-*2"#*4%').-(&2$%?**9*1(+).*&2'&*9*0$'%)$.*'*0(&*-(%$*',(+&*56ABK#*

/%(-(&"()*(1*8+0&+%$*&2%(+42*(,#$%:")4*&2$*=(%@#2(/#*').*&2$*'%&=(%@*/%(.+8$.*,<*

#&+.$)&#*&2')*")*&2$*")&$%:"$=#*&2$-#$0:$#?**9)*#(-$*(1*&2$*=(%@#2(/#*=$*8().+8&$.*

&2$*#&+.$)&#*=$%$*',0$*&(*/'")&*')<*#+,M$8&*&2'&*&2$<*="#2$.?**;2%(+42*&2"#*9*='#*',0$*

Page 58: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%(!

&(*="&)$##*&2$*8+0&+%'0* ".$)&"&"$#*(1* &2$*#&+.$)&#*').*/(%&%'<'0#*(1*:'%"(+#*'#/$8&#*(1*

B$)<'>*#+82*'#*&2$*$):"%()-$)&*').*="0.0"1$?***

*

**

9)* &2"#* /$)8"0* ').* 8(0(+%* .%'=")4* '* &%",'0* -')* ="&2* '* #/$'%* "#* /(%&%'<$.?* * 9&* ='#*

8(-/0$&$.*'&*'*#$8().'%<*#82((0*")*'*%+%'0*'%$'>*="&2*-')<*&%",$#*'%(+).*")80+.")4*&2$*

5'#'"">*=2"82*-'<*,$*=2(-*&2$*#&+.$)&*='#*&%<")4*&(*#2(=*.+$*&(*&2$*%$.*8(0(+%*(1*

.%$##?**;2$*8'/&"()*#'<#>*JS20#'(7)%(,(1&*$#*2$,U#Z2$0#?$8.14#*.#DI%()&5#7.,$;2$%$#(1#

d4.145#T$10&RM* *60&2(+42* "&* 0((@#*'#* "1* &2"#*/(%&%'<'0*-'<*2':$*,$$)*8(/"$.*(+&*(1*'*

-'4'e")$*(%*,((@*.+$* &(* &2$*#8%"/&* &2'&* 0((@#* 0"@$* "&*-'<*2':$*,$$)* &%'8$.>* &2$* 1'8&*

&2'&* '* #&+.$)&* 82(#$* &(* .%'=* &2"#* ")* '%&* 80+,* 4":$#* $:".$)8$* &2'&* &2$<* '%$* '='%$* (1*

"##+$#*').*="#2$.*&(*8(--+)"8'&$*"&*&(*(&2$%#?***

*

Page 59: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

%,!

**

9)*&2"#*/'")&")4*'*#&+.$)&*"00+#&%'&$#*')*61%"8')*,+#")$##-')*#2(=)*,<*2"#*,0+$*#+"&>*'*

5+#0"-*=(-$)*")*1+00*%$0"4"(+#*.%$##*').*')*61%"8')*&%",'0*-')*#"&&")4*.(=)*&(*."))$%*

&(4$&2$%* ="&2* &2$* =(%.* _$'8$* ',(:$* &2$-?* * ;2"#* "#* &2$* &</$* (1* '%&* &2'&* #&+.$)&#*

/%(.+8$.* ")* &2$*=(%@#2(/#>*=2"82*#2(=$.*$-/'&2$&"8*+).$%#&').")4*').*/%(-(&$.*

/$'8$?*B$)<')* 8+0&+%$* "#* '0#(*."#/0'<$.* &2%(+42* &2$* %$0"4"(+#*').* &%",'0* 1"4+%$#?* * ;2$*

1((.* "00+#&%'&$.* "#*-(#&* 0"@$0<* &%'."&"()'0*+4'0"* C&2$*=2"&$* &%'<* ")* 1%()&*(1* &2$* 1"4+%$#D*

').*/(##",0<*4('&K#*-$'&*&(*&2$*%"42&>*=2"82*"#*'*&</"8'0*B$)<')*-$'0?***

*

G&2$%*$L'-/0$#*(1*&2$*")10+$)8$*56AB*2'.*()*/%(-(&")4*8+0&+%$*&2'&*9*="&)$##$.*=$%$*

'0#(* &2%(+42* &2$*/$%1(%-")4*'%&#* 9* (,#$%:$.?* * A()4#*=$%$* #+)4* ")* 0(8'0* 0')4+'4$#* &(*

-$>*').*&%'."&"()'0*.')8$#*4":$)?**;2$*#&+.$)&#*'0#(*/$%1(%-$.*.%'-'&"8*/($-#*',(+&*

&2$*B$)<')*$):"%()-$)&*').*&2$*"-/(%&')8$*&(*/%$#$%:$*"&?***

Page 60: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

&S!

*;2$*',(:$*1"4+%$*#2(=#*'*#&+.$)&*').*2"#*/'")&")4*2$*2'.*8(-/0$&$.*/"8&+%")4*2"#*0(8'0*

-'%@$&?* * T)1(%&+)'&$0<* &2$* "-'4$* "#* ."11"8+0&* &(* #$$* ")* &2"#* /2(&(>* ,+&* &2$* /'")&")4*

#2(=#* &=(*5'#'""*-$)*'&* &2$*,(&&(-* 0$1&>* '*-'%@$&/0'8$*="&2*,((&2#*,$2").* &2$->*

').*1%+"&*#&').#*&(*&2$*%"42&*(1*&2$-?**6%&"#&"8*.$/"8&"()#*(1*%$4+0'%*0"1$*")*&2"#*%+%'0*'%$'*

'%$* '*='<* (1* 8+0&+%'0* $L/%$##"()>* 0"#&$.* '#* ()$* (1* &2$* '"-#* 1(%* '%&#* $.+8'&"()* ")* &2$*

IJJ[*TE7AQG*N.&'#W&-*CTE7AQG>*IJJ[D?*B$)<'K#*)'&"()'0*/(0"8"$#*').*:"#"()#*/0'8$*'*

4%$'&*.$'0*(1* "-/(%&')8$*()* 8+0&+%'0* '//%$8"'&"()>* ').* &2"#* 8')*,$*/%(:".$.* &2%(+42*

'%&#*$.+8'&"()?**

*

TNR!-.*/!$12)(*3+4!34!*#$!;2..3)272&!

600*2$'.*&$'82$%#*9*")&$%:"$=$.*#'".*&2'&*&2$<*="#2$.*'%&*='#*")*&2$*8+%%"8+0+-?**6%&*"#*

")* &2$* /%"-'%<* 8+%%"8+0+->* ,+&* '00* #&'&$.* &2'&* "&* "#* )(&* &'+42&* ,$8'+#$* "&* "#* )(&*

$L'-")$.?**

*

Jf.3#7$$5#&%*#&7#&#73?Y$)*#(7#1.*#(1#.3%#)3%%()383,R##j`&05#(*#(7#*2$%$5#?3*#(*#(7#

1.*# $+&,(1&?8$# 7.# *2$%$I.%$# ,.7*# *$&)2$%7# '.1X*# *$&)2# .%# *&`$# *2$# &%*#

73?Y$)*7#7$%(.3780#7(1)$#(*# (7#1.*#*$7*$'#7.#*2$0#I.)37#.1#.*2$%#73?Y$)*7?n*p

P$'.*;$'82$%>*_%"-'%<*A82((0>*E'":'#2'*

Page 61: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

&)!

*

6)(&2$%*2$'.*&$'82$%*#'".>**

*

JK/$1# *2.342# &%*# (7# *2$%$# .1)$# -$%# ;$$`5# (1# *2$# %$&8# 7$17$5# 8$&%1$%7# &%$# 1.*#

*&342*#&%*#'3%(14#*2&*#8$77.15#(*#(7#).1/$%*$'#(1*.#,&*2$,&*()75#7)($1)$RM#VP$'.*

;$'82$%>*_%"-'%<*A82((0>*U'"@"/"'*

*

6*&$'82$%*'&*()$*/%"-'%<*#82((0*.".*)(&*$:$)*@)(=*(%*'8@)(=0$.4$*&2'&*'%&*='#*/'%&*

(1*&2$*1(%-'0*8+%%"8+0+->*=2$)*9*'#@$.*"1*'%&*='#*/'%&*(1*&2$*8+%%"8+0+->*#2$*#'".>*Jd.5#

&%*#(7#1.*#-&%*#.I#*2$#)3%%()383,5#A#2&'#(*#;2$1#A#;&7#8(**8$5#?3*#(*#;&7#*&`$1#.3*R#A*#(7#1.*#

$+&,(1&?8$RM* A(-$*(1* &2$*#&+.$)&#* ")&$%:"$=$.*()0<*2'.*'%&*.+%")4* &2$*56AB*80+,#>*

').* #(-$*'&* #$8().'%<* 0$:$0*2'.*)$:$%*2'.*')<*'%&* '00* &2%(+42*/%"-'%<* #82((0*$:$)*

&2(+42* "&* "#* #+//(#$.* &(* ,$* &'+42&* &2$)?* * !$#/"&$* '%&* ,$")4* /'%&* (1* &2$* 1(%-'0*

8+%%"8+0+->*#")8$*"&*"#*)(&*$L'-")$.>*&$'82$%#*82((#$*)(&*&(*&$'82*"&?***

*

6&*&2$*#$8().'%<*0$:$0>*'%&*"#*)(&*/'%&*(1*&2$*1(%-'0*8+%%"8+0+->*').*&2$*2$'.*&$'82$%#*

$L/%$##$.*."11$%$)&*(/")"()#*()* ")80+.")4*'%&* ")*&2$*8+%%"8+0+-?*G+&*(1*&2$*1(+%*2$'.*

&$'82$%#* '&* &2$* #$8().'%<* 0$:$0>* '00* #'".* &2'&* '%&*='#* "-/(%&')&* C'0&2(+42* &2"#* 8(+0.*

2':$*,$$)*#='<$.*,<*-<*/%$#$)8$*'#*')*'%&*%$#$'%82$%D>*,+&*)()$*4':$*80$'%*')#=$%#*

()* =2$&2$%* "&* #2(+0.* (%* #2(+0.* )(&* ,$* ")* &2$* 1(%-'0* 8+%%"8+0+-* '#* '* #+,M$8&?* ;2$*

-'M(%"&<*(1*&2(#$* ")&$%:"$=$.*=')&$.*'%&*&(*,$*&'+42&*&(*#&+.$)&#>*,+&*.".*)(&*#$$*'*

='<*(1*")80+.")4*"&*")*&2$*#<00',+#*+)0$##*"&*='#*")&$4%'&$.*")&(*(&2$%*#+,M$8&#?*;$'82$%#*

').*2$'.* &$'82$%#* 8(--+)"8'&$.* &2'&* &2$* 8+%%"8+0+-*='#* '0%$'.<* &((* 1+00>*=2"82* "#*

=2<* "&*='#*2'%.* &(* &$'82*'%&* '#* "&*='#?* *G)$* #'".*=2$)*'#@$.* "1* &2$%$*='#*'*='<* &(*

")80+.$*'%&*")*&2$*8+%%"8+0+->*Jd.5#*2$#)3%%()383,#(7#*..#)%.;'$'5#*2.342#A#I$$8#(*#(7#7&'#

?$)&37$#&%*#2$8-7#?%(14#.3*#*2$#*&8$1*#(1#*2$#)2(8'%$15#(*X7#/$%0#1$)$77&%0RM*;2"#*"#*=2<*9*

1(+).*&2'&*'*/%(4%'-*0"@$*56AB*8')*2':$*#+82*'*#&%()4*"-/'8&*()*'*#82((0?**^<*,$")4*

)()R1(%-'0*').*-(,"0$>*"&*"#*',0$*&(*2':$*=(%@#2(/#*'&*-')<*#82((0#*').*#$&*+/*80+,#*

=2"82* 8')* -$$&* =$$@0<* .+%")4* 80+,* &"-$>* ="&2* $"&2$%* 56AB* &$'82$%#* (%* &2$* 56AB*

8()&'8&*&$'82$%#*'#*&2$*'%&*$.+8'&(%#?*^<*/%(:".")4*'%&#*$.+8'&"()*")*&2"#*1(%->*"&*"#*)(&*

."#%+/&")4* &2$* 8+%%"8+0+->*').* #&+.$)&#*'%$* #&"00* %$8$":")4* #(-$*'%&#*$.+8'&"()>*$:$)*

Page 62: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

&"!

&2(+42*-')<*="#2$.* 1(%*-(%$?* #A&+.$)&#* %$'00<*=')&$.* '%&* &(* ,$*-(%$* (1* '* /'%&* (1*

#82((0b**

#

JD%*#72.38'#?$#(1#7)2..8#?$)&37$#(*#*$&)2$7#7`(887R#A#;&1*#*.#4.#*.#W(1(7*$%#.I#

K'3)&*(.1#&1'#*$88#2(,#*.#,&`$#*2$#&%*75#*.#?%(14#?&)`#&4&(1#&%*R#A*X7#4.(14#

*.#,&`$#-$.-8$# *2(1`#&1'#&87.# *.# (,-%./$#.3%#).31*%0R# #L%.,#*2$#-./$%*05#

?$)&37$# *2.7$#;2.# )&11.*#,&`$# (*# (1# ?..`75# )&1# 4.# &1'# 7*&%*# *2$(%# 8(/(14#

;(*2#&%*R##j3%#).31*%0#)&1#'$/$8.-R##L.%#,$5#A#)&1#7&0#&%*#(7#/$%0#(,-.%*&1*5#

/$%0# (,-.%*&1*R# Q.31*%0;('$5# 1.# A# ,$&1# ;.%8';('$R# f.3# )&1# 8$&%1# &?.3*#

-$.-8$# I%.,# '(II$%$1*# ?&)`4%.31'75# '(II$%$1*# ).31*%($75# '(II$%$1*# *%(?$7R##

f.3X/$# 4.*# *2$# W&7&((5# *2$# T(`3035# 7.# ,&10# *%(?$7R# D%*# )&1# 2$8-# 37#

31'$%7*&1'R##h$)&37$#&%*#(7#?(45# (*# (7#/$%0#;('$R##D87.5#&*#.3%#7)2..8#;$#2&'#

,&10#:3&%%$87#(1#7)2..8#;(*2#*2$#?.&%'$%7#]*2.7$#I%.,#.3*#.I#*2$#&%$&^#&1'#

*2$#.*2$%#7*3'$1*7R#h3*#7(1)$#1.;#;$#2&/$#2&'#WDFT#)83?#-$.-8$#2&/$#?$$1#

*%&17I.%,$'5#*2$0#2&/$#?$$1#)2&14$'5#*2$0#&%$#8$&%1(14#&1'#*2$#:3&%%$8#2&7#

$1'$'R# \$.-8$# 37$'# *.# I(42*5# ?3*# 1.;# *2$0# 1.# 8.14$%# I(42*5# *2$0# 2&/$#

&))$-*$'#$&)2#.*2$%R# #S$#'('#-$&)$#;.%`72.-7R# A*# 2$8-$'R# Z2$0#$+-%$77$'#

*2$(%#I$$8(147?n*pA$8().'%<*A&+.$)&>*E'":'#2'*

#

;2$*',(:$*3+(&'&"()* "#*3+"&$*')*$L&%'(%.")'%<*80'"->*$#/$8"'00<*&(='%.#*&2$*$).>*').*

'#*'* %$#$'%82$%* 9*-+#&*'88$/&* &2$*/(##","0"&<*(1*(:$%R$L'44$%'&"()?* * 9*.(*)(&*-$')*&(*

.$R$-/2'#"#$*&2$*"-/'8&*(%*-$')")4*(1*&2$*3+(&$*&2(+42?*;2$*,$)$1"&#*(1*56AB*'%$*

:$%<*$:".$)&*').* &2$*$)&2+#"'#-* 1(%* &2$* #+,M$8&* "#*."#/0'<$.* ")* &2$* #&+.$)&K#*=(%.#?**

56ABK#*',"0"&<*&(*&$'82*$-/'&2<*"#*#2(=)*').*&2$*.$#"%$*&(*2':$*'%&*")*&2$*8+%%"8+0+-*

"#*80$'%?* *;2$*80'"-#*(1*56AB*$).")4* 1"42&")4* ")* &2$*#82((0*=(+0.*)$$.* &(*,$* 1+%&2$%*

%$#$'%82$.*&(*.$&$%-")$*"1*&2$<*'%$*&%+$*(%*)(&>*,+&* "&* "#*'*:$%<*")&$%$#&")4*')$8.(&$?**

!$#/"&$*&2$*$)&2+#"'#-*1(%*2':")4*'%&*")*#82((0>*#&+.$)&#*').*&$'82$%#*2'.*'*."11"8+0&*

&"-$*'4%$$")4*()*=2$&2$%*(%*)(&*"&*#2(+0.*,$*$L'-")',0$?**5(#&*#'".*&2'&*"&*#2(+0.*)(&?*

;$'82$%#* &2(+42&* "&* =(+0.* ,$* &((* ."11"8+0&* &(* $L'->* ').* #&+.$)&#* &2(+42&* &2'&*

$L'-")")4*'%&*=(+0.*&'@$*&2$*1+)*(+&*(1*"&?***

*

Page 63: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

&#!

;2$* 2$'.* &$'82$%#* ').* &$'82$%#* 9* ")&$%:"$=$.* &2(+42&* &2'&* &2$* B$)<')* $.+8'&"()*

#<#&$-*='#*&((*%"4".*').*&((*$L'-")'&"()*,'#$.?**G)$*2$'.*&$'82$%*,$0"$:$.*&2'&*&2$*

%"4".* $L'-")'&"()* #<#&$-* "#* &2$* 8'+#$*(1* &2$*2"42*.%(/*(+&* 0$:$0#* .+$* &(* #&%$##>* ').*

=')&#* &2$* $L'-")'&"()#* ,$&=$$)* 0$:$0#* (1* #82((0#* &(* ,$* %$-(:$.* ,$8'+#$* 2$* #$$#*

&2$-*'#*'*,'%%"$%*&(* 0$'%)")4*1(%*'00*#&+.$)&#?* *600* &2(#$*&2'&* 9* ")&$%:"$=$.*#&'&$.*&2$*

%$'#()*'%&*='#*)(&*&'+42&*")*/%"-'%<*#82((0#>*'0&2(+42*"&*"#*(11"8"'00<*")*&2$*8+%%"8+0+->*

='#*,$8'+#$*"&*"#*)(&*$L'-")$.?***

*

TNT!B(..3$./!

;2$*/%"-'%<*,'%%"$%* &2'&* '%&#* $.+8'&"()* ")*B$)<'* 1'8$#* "#* &2$* %"4".* 8+%%"8+0+-?*56AB*

2$0/#* &(* (:$%8(-$* &2"#* ,'%%"$%* ,<* ,$")4* )()R1(%-'0>* ,+&* &2$%$* '%$* #&"00* )$4'&":$*

'&&"&+.$#*',(+&*'%&#*$.+8'&"()*.+$*&(*"&#*',#$)8$*")*&2$*8+%%"8+0+-*&2'&*56AB*)$$.#*

&(*,%$'@*.(=)?**^$<().*&2'&>*&2$*,'%%"$%#*0"#&$.*,<*&2(#$*")&$%:"$=$.*2'.*-(%$*&(*.(*

="&2*%$#(+%8$#?**5(#&*#82((0#*0'8@*-'&$%"'0#*').*&%'")$.*&$'82$%#?**;=(*(1*&2$*&$'82$%#*

(+&*(1* &2$*#$:$)*#82((0#* 9*:"#"&$.*=$%$*$)&2+#"'#&"8*',(+&*&2$*'%&#>*,+&*()0<*()$*2'.*

&%'")")4>*').*&2'&*='#*()0<*,$8'+#$*#2$*2'.*,$$)*'*&$'82$%*1(%*&=$)&<R1":$*<$'%#*').*

'%&*').*8%'1&*+#$.*&(*/'%&*(1*&2$*$L'-")',0$*8+%%"8+0+-?**Q+%%$)&0<>*&$'82$%*&%'")")4*")*

B$)<'* "#* :$%<* ,%('.* ="&2* /%"-'%<* &$'82$%#* )$$.")4* &(* 0$'%)* '00* (1* &2$* #+,M$8&#>*

&2$%$1(%$*1(8+#")4*")R.$/&2*()*&2$*'%&#*(%*')(&2$%*#/$8"'0"#'&"()*"#*."11"8+0&*CTE7AQG>*

IJ\J,D?* ;2$* 0'8@* (1* &$'82$%#* &%'")$.* ")* &2$* '%&#* "#* '* /%(,0$-* ")* /%(-(&")4* '%&#*

$.+8'&"()?* ;2$*56AB* 8((%.")'&(%* #/(@$* ',(+&* /%(,0$-#* ")* 4$&&")4* &$'82$%#* '&* &2$*

#82((0#*&(*'##"#&*').*0$'.*&2$*80+,>**J[18$77#A#4$*#&#*$&)2$%#;2.#(7#/$%0#(1*$%$7*$'5#(*#(7#

&8;&07# /$%0# 2&%'# I.%#,$# *.#4$*# &# *$&)2$%#;2.#;(88# *$&)2# (*RM* *56AB* "#* +).$%#&'11$.>*

="&2*()0<*()$*/$%-')$)&*&$'82$%>*=2(*:"#"&#*'00*(1*&2$*#82((0#>*').*="&2*-(#&*(1*&2$*

80+,#* -$$&")4* ()* A'&+%.'<#>* 2$* "#* +)',0$* &(* :"#"&* &2$-* '00* ').* %(&'&$#* $'82* =$$@?**

f2$)*'*#82((0*.($#*)(&*2':$*')*$)&2+#"'#&"8*(%* &%'")$.*'%&* &$'82$%>* "&* "#*."11"8+0&* 1(%*

&2$*80+,*&(*8()&")+$*%+))")4*#-((&20<?**N(%*$.+8'&"()*")*&2$*'%&#*&(*,$*#+88$##1+0*').*

3+'0"&<*,$)$1"&#*'82"$:$.>*&$'82$%#*)$$.*&(*2':$*'.$3+'&$*&%'")")4?**6#*$'#<*'#*&2"#*"#*

&(*.$80'%$>*'82"$:")4* &2"#*.$/$).#*$)&"%$0<*()*%$#(+%8$#>*=2"82*B$)<'*.($#*)(&*2':$*

.$#/"&$*$.+8'&"()*8()#+-")4*%(+420<*()$R&2"%.*(1*B$)<'K#*)'&"()'0*,+.4$&* CTE7AQG>*

IJ\J,D?* * ;2$#$* 1+).#* '%$* '00(8'&$.* &(* &2$* :'%"(+#* #$8&(%#* ")* $.+8'&"()* ="&2* &2$*

-'M(%"&<*4(")4*&(*1+).")4*1%$$*$.+8'&"()*').*&$'82$%#K*#'0'%"$#*CTE7AQG>*IJ\J,D?**;2"#*

Page 64: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(>*(?'&@&,%#%1-,(-A(B1,.1,=@(#,.(C1@0/@@1-,(((

!

&$!

0$':$#* 0"&&0$* 0$1&* (:$%* 1(%* #/$8"'0"#$.* &$'82$%* &%'")")4>* 0$&* '0()$* &%'")")4* ")* &2$* '%&#>*

=2"82* '%$* )(&* /$%8$":$.* '#* ,$")4* :$%<* "-/(%&')&* 8(-/'%$.* &(* (&2$%* #+,M$8&#?* 7:$%<*

2$'.*&$'82$%*'0#(*#&'&$.*&2$<*.".*)(&*2':$*$)(+42*#&(%'4$*(%*%((-*1(%*&2$*'%&*80+,?**

;2$<*=')&$.*&(*,$*',0$*&(*0$':$*(+&*/%(M$8&#*&(*=(%@*()*(:$%*&"-$>*,+&*#")8$*#82((0#*

'%$* #-'00* ').*+).$%* %$#(+%8$.* &2$<*=$%$*)(&*',0$* &(?* *5'&$%"'0#*'%$*'0#(*'*/%(,0$-*

$#/$8"'00<*")*&2$*%+%'0*#82((0#*")*U'"@"/"'>*G0*B'0(+*').*7,+%%+*,$8'+#$*&2$%$*'%$*)(*'%&*

#&(%$#*)$'%,<>*&%':$0*&(*E'"%(,"*"#*."11"8+0&*').*"&*"#*."11"8+0&*1(%*56AB*&(*#$).*#+//0"$#*

&(*&2$#$*'%$'#?*9)*&2$*=(%@#2(/#*9*(,#$%:$.>*#82((0#*0'8@$.*1'8"0"&"$#*').*#+//0"$#?**9)*

()$*=(%@#2(/*=$*=$%$*.(")4*8(00'4$#*').* #8"##(%#*=$%$*)$8$##'%<?* * 9)*'* 80'##*(1*c[*

#&+.$)&#>*&2$%$*=$%$*()0<*&2%$$*/'"%#*(1*#8"##(%#?* *;$'82$%#*').*#&+.$)&#*8(-/0'")$.*

',(+&*&2$*0'8@*(1*%$#(+%8$#*&(*,+<*/'")&*1(%*&2$*=(%@#2(/#*').*-'")0<*%$0<*()*56AB*(%*

(+&#".$*.()'&"()#*1(%*&2$*-'&$%"'0#?**

*

;2$*/%$8$.")4*1").")4#*."#/0'<*&2$*-+0&"&+.$*(1*,$)$1"&#*').*"-/'8&#*56AB*2'#*()*"&#*

/'%&"8"/')&#?* * ;2$* ,$)$1"&#* %')4$* 1%(-* $8()(-"8* &(* /$%#()'0* '#* =$00* '#* #(8"'0?**

7.+8'&"()* ")* &2$* '%&#* ='#* #2(=)* &(* '##"#&* ")* &$'82")4* $-/'&2<* ').* /$'8$?* * 56AB*

/0'<$.* '* #/$8"'0* %(0$* ")* #&+.$)&#K* %$8(:$%<* '1&$%* &2$* /(#&R$0$8&"()* :"(0$)8$* ').* 8')*

&$'82*#&+.$)&#*$-/'&2$&"8*#@"00#*').*8+0&+%'0*'//%$8"'&"()>*=2"82*-'<*2$0/*&(*/%$:$)&*

'*#"-"0'%*$:$)&*")*&2$*1+&+%$?**56AB*'0#(*4':$*#&+.$)&#*'*/0'8$*&(*$L/%$##*&2$-#$0:$#*

').*2$0/$.*.$:$0(/*8()1".$)8$*').*(&2$%*8'/',"0"&"$#?**N")'00<>*&2$*/(##",0$*$8()(-"8*

,$)$1"&#*=$%$*$L/0(%$.*'#*'*-'")*.%":$*")*")80+.")4*'%&#*$.+8'&"()*")*#82((0#*'88(%.")4*

&(* /'%&"8"/')&#?* * ;2"#* =".$* %')4$* (1* ,$)$1"&#* $L$-/0"1"$#* &2$* ")10+$)8$* ').* "-/'8&*

56AB*2'#*()*"&#*/'%&"8"/')&#?*

*

*

*

*

*

*

* *

Page 65: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!

!

&%!;#('*$.!U:!%&'73)(*3+4/!(41!;+4)72/3+4/!

*

;2$* 1").")4#* /%$#$)&$.* ').* ."#8+##$.* ")* &2$* /%$:"(+#* 82'/&$%* 4":$* ")#"42&* ")&(* &2$*

#"&+'&"()*(1*'%&#*$.+8'&"()*")*B$)<'*').*&2$*1$'&+%$#*(1*&2$*/%(4%'--$*56AB?**;2$#$*

1").")4#* 2':$* :'%"(+#* /(0"8<* "-/0"8'&"()#* 1(%* B$)<'* ').* %$8(--$).'&"()#* 1(%* &2$*

1+&+%$?***

!

UNE!<2&&(.=!+,!V341348/!

;2$*/%"-'%<*(,M$8&":$*(1*&2"#*#&+.<*='#*&(*0((@*'&*&2$*"-/'8&*56AB*').*'%&#*$.+8'&"()*

2'#*()*"&#*/'%&"8"/')&#?* *5<*%$#$'%82*3+$#&"()#*'"-$.*&(*."#8(:$%*&2$*,'%%"$%#*'4'")#&*

'%&#*$.+8'&"()*'&*&2$*0(8'0>*)'&"()'0*').*")&$%)'&"()'0*0$:$0#h*&2$*"-/'8&*56AB*2'#*()*

"&#* /'%&"8"/')&#* &2%(+42* &2$* ,$)$1"&#* (1* '%&#* $.+8'&"()>* ').* 56ABK#* ")10+$)8$* ()*

'&&"&+.$#?*9*'0#(*#(+42&*&(*."#8(:$%*2(=*$11$8&":$*'%&#*$.+8'&"()*2'#*,$$)*")*&$'82")4*

/$'8$>*$-/'&2<*').*8+0&+%$>*"-/(%&')&*'#/$8&#*(1*B$)<'K#*.$:$0(/-$)&?*

!

UNENE!B(..3$./:!D+)(7J!>(*3+4(7!(41!%4*$.4(*3+4(7!

;2$*1").")4#*#2(=$.*&2'&*&2$*/%"-'%<*,'%%"$%*&(*'%&#*$.+8'&"()*'&*&2$* 0(8'0* 0$:$0*='#*

0'8@* (1* %$#(+%8$#>* ').* '&&"&+.$#* =$%$* )(&* '* /%(,0$-* '#* /'%$)&#* ').* &$'82$%#* 2'.*

1':(+%',0$*'&&"&+.$#*&(='%.#*&2$*#+,M$8&?**;$'82$%#*2(=$:$%>*=$%$*+)',0$*&(*&$'82*&2$*

#+,M$8&*.+$*&(*&2$*%"4".*$L'-")'&"()R,'#$.*8+%%"8+0+-?**;2"#*)$$.#*&(*,$*'..%$##$.*'&*

&2$*)'&"()'0*0$:$0?**6&*&2$*")&$%)'&"()'0*0$:$0>*&2$*'%&#*0'8@*1(%-'0*#&'&+#*")*=".$#/%$'.*

$.+8'&"()'0*/(0"8"$#*#+82*'#*7N6*').*&2$*5!F#>*.$#/"&$*&2$"%*%$1$%$)8$#*&(*8+0&+%$*').*

8%$'&":"&<>*=2"82*'%$*8())$8&$.*&(*&2$*'%&#*CTE7AQG>*IJJJ'D?***

*

UNENG!S-<A^/!%&'()*!(41!B$4$,3*/!

56ABK#*"-/'8&*()*"&#*/'%&"8"/')&#*='#*=".$#/%$'.>*').*&2$*,$)$1"&#*8(%%$#/().$.*="&2*

/%$:"(+#* %$#$'%82* ()* &2$* #+,M$8&* ")* (&2$%* '%$'#* (1* &2$*=(%0.* '#* (+&0")$.* ")* 82'/&$%*

&=(?* *;2$*,$)$1"&#*(1*56AB*%')4$.*1%(-*")8%$'#$#* ")*#$01R8()1".$)8$>*/(##","0"&"$#*1(%*

)()R'8'.$-"8*#&+.$)&#*&(*$L8$0>*")8%$'#$#*")*8%$'&":"&<>*').*(//(%&+)"&"$#*1(%*#&+.$)&#*

&(*$L/%$##* &2$-#$0:$#?* *6*)(&$=(%&2<* 1").")4* ")* &2"#*/'%&"8+0'%*8()&$L&*='#*&2$* 0'%4$*

)+-,$%*(1*/'%&"8"/')&#*=2(*#'=*56AB*').*'%&#*$.+8'&"()*'#*'*='<*&(*&$'82*#@"00#*1(%*

$8()(-"8* /%(#/$%"&<?* * ;2"#* ='#* ')* +)$L/$8&$.* 1").")4>* ').* ()$* &2'&* 2'.* )(&* ,$$)*

/%$:"(+#0<*')&"8"/'&$.*'#*'*/%"-'%<*/+%/(#$*")*'%&#*$.+8'&"()?***

Page 66: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(D*(+E$<10#%1-,@(#,.(!-,0</@1-,@(((

!

&&!

*

UNENQ!S-<A^/!%4,72$4)$!+4!-**3*21$/!

;2$* '&&"&+.$#* #+%%(+).")4* '%&#* $.+8'&"()* =$%$* 4$)$%'00<* 1':(+%',0$>* &2(+42>* #(-$*

)(&$.* &2$* ."11"8+0&"$#* ")* 8():")8")4* (&2$%#* (1* "&#* "-/(%&')8$?* ;2$* (:$%'00* 1':(+%',0$*

'&&"&+.$* &(='%.#* '%&#* $.+8'&"()* -'<* 2':$* ,$$)* ,"'#* 2(=$:$%>* ,$8'+#$* #(-$*

/'%&"8"/')&#*'88$/&$.*').*"):"&$.*56ABK#*/'%&"8"/'&"()*")*&2$"%*#82((0#>*&2+#*-'<*2':$*

'0%$'.<*2$0.*/(#"&":$*'&&"&+.$#* &(='%.#* &2$*'%&#?*60&2(+42>* ")*'* 1$=*8'#$#*56AB*='#*

%$:$'0$.* &(* ,$* '* 1(%8$* ")* ")10+$)8")4* &2$* '&&"&+.$#* (1* ").":".+'0#?* * 6&&"&+.$#* =$%$*

/%"-'%"0<* 82')4$.*(:$%* &"-$*,<*="&)$##")4*56AB*').*'%&#*$.+8'&"()>*').*#$$")4* &2$*

,$)$1"&#*'#*."#8+##$.*',(:$?***

*

UNENR!O$()$J!0&'(*#=!(41!;27*2.$!

56AB* ='#* 1(+).* &(* '..%$##* /$'8$>* $-/'&2<* ').* 8+0&+%$* /(#"&":$0<* ').* $11$8&":$0<?**

;2$*'%&=(%@*/%(.+8$.*")*&2$*=(%@#2(/#*').*&2$*'88(+)&#*1%(-*#&+.$)&#*$L$-/0"1<")4*

&2$*&$'-=(%@*').*$-/'&2$&"8*1$$0")4#*56AB*$).(%#$.>*1+%&2$%*#+//(%&$.*&2"#*1").")4?**

;2$*"-/(%&')8$*(1*$-/'&2<*1(%*'*8+0&+%$*(1*/$'8$*")*B$)<'*"#*1+%&2$%*%$")1(%8$.*,<*"&#*

2"#&(%<*(1*$&2)"8* &%",'0* 8()10"8&>* "00+#&%'&$.* ")* &2$*IJJ]*/(#&*$0$8&"()*:"(0$)8$?* *56AB*

2'#*2$0/$.*'..%$##*&2$#$*"##+$#*').*&$'82*'88$/&')8$?*

*

UNG!%&'73)(*3+4/!(41!P$)+&&$41(*3+4/!

;2"#*8'#$*#&+.<*#(+42&*&(*$L/0(%$*56AB*'#*')*(%4')"#'&"()?**56AB*='#*."#8(:$%$.*&(*

,$* ")10+$)&"'0* ').* "-/'8&1+0>* ="&2* (:$%'00* /(#"&":$* $11$8&#* ()* &2$* /'%&"8"/')&#?**

N+%&2$%-(%$>* '%&#* $.+8'&"()* ='#* 1(+).* &(* ,$* '* .$#"%$.* #+,M$8&* ")* B$)<'K#* 1(%-'0*

$.+8'&"()>*="&2*/'%&"8"/')&#*/'%&"8+0'%0<*)(&")4*&2$*,$)$1"&#*').*&2$*/(&$)&"'0* "-/'8&*

&2$* '%&#* 8(+0.* 2':$* ()* #&+.$)&#K* $8()(-"8* 1+&+%$#?* * `$#$'%82* ()* &2$#$* $8()(-"8*

,$)$1"&#*&2'&*#(*-')<*/'%&"8"/')&#*#'=*'#*'*/%"-'%<*/+%/(#$*(1*'%&#*$.+8'&"()*)$$.*&(*

,$*8().+8&$.*")*(%.$%*&(*."#8(:$%*=2$&2$%*(%*)(&*&2"#*"#*'*:'0".*80'"-?***

*

9)*(%.$%*1(%*'%&#*$.+8'&"()*/%(4%'--$#*&(*,$*-(%$*=".$0<*'88$/&$.>*'='%$)$##*(1*'%&#*

$.+8'&"()* ').*,(&2* &2$* ")&%")#"8* ').* ")#&%+-$)&'0* ,$)$1"&#* #2(+0.* &(* ,$* %'"#$.?* ;2"#*

8')*,$*.()$*&2%(+42*1+%&2$%*%$#$'%82>*').*&2$*"-/0$-$)&'&"()*(1*/%(4%'--$#*#"-"0'%*

&(*56AB?**E(&*()0<*&2"#>*,+&*9*%$8(--$).*&2'&*-(%$*")&$%)'&"()'0*').*)'&"()'0*/(0"8"$#*

Page 67: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

!"#$%&'(D*(+E$<10#%1-,@(#,.(!-,0</@1-,@(((

!

&'!

'..%$##* &2$* '%&#* #/$8"1"8'00<>* $#/$8"'00<* &2(#$* .$'0")4*="&2* $.+8'&"()>* 8%$'&":"&<>* ').*

8+0&+%$?**;2$*f(%0.*Q()1$%$)8$#*()*6%&#*7.+8'&"()*2$0.*")*IJJ[*').*IJ\J*2':$*%'"#$.*

'='%$)$##*(1*&2$*")&$%)'&"()'0*#8(/$*(1*&2$*#+,M$8&>*').*4'&2$%")4#*#+82*'#*&2$#$*="00*

8()&")+$* &(* $)8(+%'4$* ').* /%(-(&$* &2$* &(/"8* ').* "&#* "-/(%&')8$* ")* .$:$0(/-$)&?**

56AB* ').* (&2$%* #"-"0'%* /%(4%'--$#* $L/0"8'&$* '%&#* $.+8'&"()K#* /(&$)&"'0* "-/'8&* 1(%*

.$:$0(/-$)&?* * ;2$#$* ,$)$1"&#* #2(+0.* )(&* ,$* (:$%0((@$.* ').* 1(%4(&&$)* ")* &2$*

.$:$0(/")4*=(%0.?**

!

Page 68: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

&(!`$1$%$)8$#*

* 6.."#()*E?>*^+%4$##*U?>*A&$$%#>*O?*').*;%(=$00>*O?*CIJ\JD?*[1'$%7*&1'(14#D%*7#K'3)&*(.1a#

K14&4(14#%$I8$+(/$80#;(*2#-%&)*()$R*b*U().()b*`(+&0$.4$?**61%"8')*T)"()*CIJJaD?*\8&1#.I#D)*(.1#.1#*2$#Q38*3%&8#&1'#Q%$&*(/$#A1'37*%($7#(1#DI%()&R*

I).*A$##"()*(1*Q()1$%$)8$*(1*61%"8')*T)"()*5")"#&$%#*(1*Q+0&+%$>*\VRIY*G8&(,$%*IJJa>*604"$%#>*604$%"'?**`$&%"$:$.*G8&(,$%*\c>*IJ\\*1%(-*2&&/bgg===?'%&$%"'0)$&=(%@?(%4g+/0('.#gIJ\\gJagE'"%(,"s_0')s(1s68&"()RsIJJa?/.1*

*^'-1(%.>*6?*CIJJ[D?*Z2$#S.;#L&)*.%a#O8.?&8#N$7$&%)2#Q.,-$1'(3,#.1#*2$#A,-&)*#.I#

*2$#D%*7#(1#K'3)&*(.1R*^$%0")b*5+)82$)?**^^Q*E$=#*CIJJa>*O')+'%<*ZD?**T$10&X7#@3,&1(*&%(&1#Q%(7(7#O%.;7R#`$&%"$:$.*E(:$-,$%*

\c>*IJ\\*1%(-*2&&/bgg)$=#?,,8?8(?+@g4(g/%g1%gRg\g2"g=(%0.g'1%"8'g]\]I\JY?#&-**^%"&"#2*7.+8'&"()'0*`$#$'%82*6##(8"'&"()*CIJ\\D*K*2()&8#O3('$8(1$7#I.%#K'3)&*(.1&8#

N$7$&%)2R#`$&%"$:$.*O+0<*YJ>*IJ\\*1%(-*2&&/bgg===?,$%'?'8?+@g/+,0"8'&"()#g4+".$0")$#g*

*^%$=$%>*;?5?*CIJJID*6)*7L'-")'&"()*(1*9)&%")#"8*').*9)#&%+-$)&'0*9)#&%+8&"()*")*6%&*

7.+8'&"()?*F*3'($7#(1#D%*#K'3)&*(.1#<9#m<"#-#9=<V9G6R##`$&%"$:$.*G8&(,$%*IV>*IJ\\*1%(-*2&&/bgg===?M#&(%?(%4g#&',0$g\YIJVaY*

#^+%42>*6?*').*A0(,(.'>*O?*CIJJJD?*5+#"8*').*6%&*")*Q()10"8&*;%')#1(%-'&"()b*6*%$:"$=?*

W37()#&1'#D%*7#(1#D)*(.1#6#m6"R#`$&%"$:$.*G8&(,$%*IV>*IJ\\*1%(-*2&&/bgg-+#"8').'%&#")'8&"()?)$&g").$L?/2/g-'"'g'%&"80$g:"$=g8()10"8&&%')#1(%-'&"()*

#Q'&&$%'00>*O?A?*CIJJcD?*Q():$%#'&"()*').*A"0$)8$b*;%')#1$%*(1*U$'%)")4*;2%(+42*&2$*6%&#?*

l.3%1&8#I.%#_$&%1(14#*2%.342#*2$#D%*75#!#m!"R*`$&%"$:$.*O+)$*\\>*IJ\\*1%(-*2&&/bgg===?$#82(0'%#2"/?(%4g+8g"&$-g[1@a&aL/?*

#Q2"8'4(*Q2"0.%$)K#*Q2("%*CIJ\\D*tG)0")$u?*6:'"0',0$*'&*

2&&/bgg===?8882("%?(%4g',(+&g2"#&(%<?*688$##$.*E(:$-,$%*\c>*IJ\\?#*Q(2$)>*U?>*5')"()>*U?*').*5(%%"#()>*B?*CIJJ]D?*N$7$&%)2#W$*2.'7#(1#K'3)&*(.1#C[&2*$.?D*

U().()b*`(+&0$.4$?**

Page 69: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

&,!Q96*CIJ\\D*j18(1$#S.%8'#L&)*?..`R*tG)0")$u?*6:'"0',0$*'&*

2&&/#bgg===?8"'?4(:g0",%'%<g/+,0"8'&"()#g&2$R=(%0.R1'8&,((@g4$(#g@$?2&-0*U'#&*688$##$.*E(:$-,$%*\c>*IJ\\?*

*!'-'#"(>*6?*C\VVZD?*E$7)&%*$7X#K%%.%a#K,.*(.15#N$&7.1#&1'#*2$#@3,&1#h%&(1R#U().()b*

d")&'4$*^((@#?**!$'#<>*`?*O?*C7.?D?*CIJJID?*Q%(*()&8#_(1`7a#_$&%1(14#(1#*2$#D%*7#&1'#F*3'$1*#D)&'$,()#&1'#

F.)(&8#E$/$8.-,$1*?*f'#2")4&()>*!?Q?b*6%&#*7.+8'&"()*_'%&)$%#2"/?*`$&%"$:$.*O+)$*\Y>*IJ\\*1%(-*2&&/bgg'$/R'%&#?(%4g/+,0"8'&"()#g")1(?2&-r/+,0"8'&"()s".v\J*

*!$)#8(-,$>*5?*CIJJ]D?*Z2$#O..'#N$7$&%)2#O3('$#I.%#7,&88V7)&8$#7.)(&8#%$7$&%)2#

-%.Y$)*7#m9%'#$'R"R#5'".$)2$'.b*G/$)*T)":$%#"&<*_%$##**7"#)$%>*7?f?*CIJJID?*Z2$#D%*7#&1'#*2$#Q%$&*(.1#.I#W(1'R#E$=*P':$)b*o'0$*T)":$%#"&<*

_%$##?**7"#)$%>*7?*f?>*i*!'<>*5?*!?*C7.?D*CIJJZD?*@&1'?..`#.I#N$7$&%)2#&1'#\.8()0#(1#D%*#

K'3)&*(.1?*5'2='2>*E?Ob*U'=%$)8$*7%0,'+-*6##(8"'&$#?***N"#@$>*7?^?*C7.?D*C\VVVD*Q2&,-(.17#.I#Q2&14$a#Z2$#A,-&)*#.I#*2$#D%*7#.1#_$&%1(14R*

f'#2")4&()>*!Qb*;2$*6%&#*7.+8'&"()*_'%&)$%#2"/*').*&2$*_%$#".$)&K#*Q(--"&&$$*()*&2$*6%&#*').*&2$*P+-')"&"$#?*`$&%"$:$.*O+)$*\Y>*IJ\\*1%(-*2&&/bgg'$/R'%&#?(%4g/+,0"8'&"()#g")1(?2&-r/+,0"8'&"()s".va*

*N0$-")4>*5?*CIJ\JD?*D%*7#(1#K'3)&*(.1#&1'#Q%$&*(/(*0a#D#8(*$%&*3%$#%$/($;#mI).*$.?D?*

U().()b*Q%$'&":"&<>*Q+0&+%$*').*7.+8'&"()>*6%&#*Q(+)8"0*7)40').?***F(:$%)-$)&*(1*B$)<'*CIJJ]"R#T$10&#B(7(.1#6n9nR#`$&%"$:$.*E(:$-,$%*\c>*IJ\\*1%(-*

2&&/bgg===?@+?'8?@$g"-'4$#g#&(%"$#g.(8#g@$)<'s:"#"()sIJYJs',%".4$.s:$%#"()?/.1*

*P(='%.RO()$#>*_?*CIJJaD?*L.7*$%(14#Q%$&*(/$#Z2(1`(14a#Q.V).17*%3)*$'#(17(42*7#I%.,#

1$3%.7)($1)$#&1'#$'3)&*(.1R#^%"#&(0b*;2$*P"42$%*7.+8'&"()*68'.$-<>*A+,M$8&*Q$)&%$*1(%*7.+8'&"()>*7AQ'0'&$?**`$&%"$:$.*O+)$*\c>*IJ\\*1%(-*2&&/bgg$#8'0'&$?'8?+@gZYaV*

*9QQ*B$)<'*CIJ\\D?*A1*$%1&*(.1&8#Q%(,(1&8#Q.3%*#T$10&#W.1(*.%a#h&)`4%.31'R#`$&%"$:$.*

E(:$-,$%*\c>*IJ\\*1%(-*2&&/bgg===?"88@$)<'?(%4g,'8@4%(+).g**O$11$%#>*Q?*A?*CIJJVD?*G)*$-/'&2<b*;2$*-"%%(%*)$+%()*#<#&$-*').*'%&*$.+8'&"()?*

A1*$%1&*(.1&8#l.3%1&8#.I#K'3)&*(.1#g#*2$#D%*7>*!nC\cD?*`$&%"$:$.*O+)$*\[>*IJ\\*1%(-*2&&/bgg===?"M$'?(%4g:\J)\cg?*

Page 70: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

'S!*O$)#$)>*7?*CIJJ[D?*K1%()2(14#*2$#?%&(1a#2.;#*.#,&+(,(P$#$/$%0#8$&%1$%o7#-.*$1*(&8?*A')*

N%')8"#8(>*Q6b*O(##$<R^'##?*

B$)<'*9)#&"&+&$*(1*7.+8'&"()*CIJ\J'D?*F3,,&*(/$#K/&83&*(.1#.I#*2$#\%(,&%0#K'3)&*(.1#Q3%%()383,R#`$&%"$:$.*6+4+#&*\c>*IJ\\*1%(-*2&&/bgg===?@"$?'8?@$g").$L?/2/g.":"#"()#R'R.$/'%&-$)&#g8+%%"8+0+-R'R%$#$'%82R#$%:"8$#g%$#$'%82R-()"&(%")4R'R$:'0+'&"()g/%"-'%<R#+--'&":$R$:'0+'&"()?2&-0*

*B97*CIJ\J,D*F3,,&*(/$#K/&83&*(.1#.I#*2$#F$).1'&%0#K'3)&*(.1#Q3%%()383,R#`$&%"$:$.*

6+4+#&*\c>*IJ\\*1%(-*2&&/bgg===?@"$?'8?@$g").$L?/2/g.":"#"()#R'R.$/'%&-$)&#g8+%%"8+0+-R'R%$#$'%82R#$%:"8$#g%$#$'%82R-()"&(%")4R'R$:'0+'&"()g#$8()'%<R#+--'&":$R$:'0+'&"()?2&-0*

*B97*CIJ\\D*h&7()#K'3)&*(.1?*`$&%"$:$.*6+4+#&*\c>*IJ\\*1%(-*

2&&/bgg===?@"$?'8?@$g").$L?/2/g.":"#"()#R'R.$/'%&-$)&#g8+%%"8+0+-R'R%$#$'%82R#$%:"8$#?2&-0r#&'%&vI*

*B%e)'%"8>*`?*CIJJaD?*f.3#D%$#Z2$%$I.%$#A#D,a#@.;#K,-&*20#K'3)&*(.1#Q&1#Q%$&*$#F.)(&8#

Q2&14$R*GL1(%.b*GL1'-*F^?**`$&%"$:$.*O+0<*\c>*IJ\\*1%(-*2&&/bgg===?(L1'-?(%4?+@g$.+8'&"()g/(0"8<g$)40').g1"0$#gGL1'-kIJF^kIJRkIJo(+kIJ6%$kIJ;2$%$1(%$kIJ9kIJ6-?/.1*

*56AB*CIJ\\D*tG)0")$u?*6:'"0',0$*'&*===?-(,"0$'%&#82((0")@$)<'?(%4?*U'#&*688$##$.*

E(:$-,$%*\c>*IJ\\?**5")"#&%<*(1*7.+8'&"()*CIJJcD?*Q2&88$14$7#.I#A,-8$,$1*(14#L%$$#\%(,&%0#K'3)&*(.1#(1#

T$10&a#D77$77,$1*#N$-.%*R#E'"%(,"b*TE7AQG?**5(7*CIJJaD?**Z2$#E$/$8.-,$1*#.I#K'3)&*(.1a#d&*(.1&8#N$-.%*#.I#T$10&R#`$&%"$:$.*

6+4+#&*\c>*IJ\\*1%(-*2&&/bgg===?",$?+)$#8(?(%4gE'&"()'0s`$/(%&#g9Q7sIJJag@$)<'sE`Ja?/.1*

*5(4'>*7?>*^+%4$%>*B?>*P$&0').>*U?>*i*f"))$%>*7?*CIJJJD?*!($#*A&+.<")4*&2$*6%&#*7)4$).$%*

Q%$'&":$*;2")@")4r*7:".$)8$*1(%*)$'%*,+&*)(&*1'%*&%')#1$%?*l.3%1&8#.I#D$7*2$*()#K'3)&*(.15#9<CYRZD>*V\R\JZ?*`$&%"$:$.*O+)$*\c>*IJ\\*1%(-*2&&/bgg===?M#&(%?(%4g#&',0$gYYYY[YV*

*E+##,'+->*5?*Q?*C\VV]D?*Q38*(/&*(14#@3,&1(*0a#D#Q8&77()&8#E$I$17$#.I#N$I.%,#(1#_(?$%&8#

K'3)&*(.1R*Q'-,%".4$>*56b*P'%:'%.*T)":$%#"&<*_%$##?**E+##,'+->*5?*Q?*CIJ\JD?*d.*#L.%#\%.I(*a#S20#E$,.)%&)0#1$$'7#*2$#@3,&1(*($7R*

_%")8$&()>*EOb*_%")8$&()*T)":$%#"&<*_%$##?*

Page 71: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

')!*GPQP`*CT)"&$.*E'&"()#*G11"8$*(1*&2$*P"42*Q(--"##"()$%*1(%*P+-')*`"42&#D*CIJJaD?*

N$-.%*#I%.,#*2$#[1(*$'#d&*(.17#jII()$#.I#*2$#@(42#Q.,,(77(.1$%#I.%#@3,&1#N(42*7#L&)*#L(1'(14#W(77(.1#*.#T$10&#>V6H#L$?%3&%0#6nnHR#`$&%"$:$.*E(:$-,$%*\c>*IJ\\*1%(-*2&&/bgg===?(282%?(%4g!(8+-$)&#g_%$##gGPQP`B$)<'%$/(%&?/.1*

*GKN'%%$00>*U?*CIJ\JD?*L(1&8#N$-.%*#.1#*2$#F$).1'#S.%8'#Q.1I$%$1)$#.1#D%*7#K'3)&*(.15#

A$(+0>*Ia*5'<*IJ\J?#_'%"#b*TE7AQG?**`$&%"$:$.*O+)$*\\>*IJ\\*1%(-*2&&/bgg/(%&'0?+)$#8(?(%4g8+0&+%$g$)g1"0$#gZ\\]\g\Ia[Iac[ZZcI).sf(%0.sQ()1$%$)8$s()s6%&#s7.+8'&"()sRsN")'0s`$/(%&?/.1gI).kI^f(%0.kI^Q()1$%$)8$*kI^()kI^6%&#kI^7.+8'&"()kI^RkI^N")'0kI^`$/(%&?/.1*

!GKN'%%$00>*U*').*5$,')>*5?*CIJJYD?*D%*7#K'3)&*(.1#&1'#A17*%3,$1*&8#j3*).,$7a#D1#

A1*%.'3)*(.1#*.#N$7$&%)25#W$*2.'7#&1'#A1'()&*.%7?*`$&%"$:$.*O+)$*IJ>*IJ\\*1%(-*2&&/bgg/(%&'0?+)$#8(?(%4g8+0&+%$g1%g1"0$#gIIIJIg\JV\\J[V[[Y(1'%%$00s-$,')?/.1g(1'%%$00s-$,')?/.1*

*_$&$%#>*5?>*5'%4")#()>*A?>*').*5+%/2<>*_?*CIJJVD?*Q%$&*(/(*0#&1'#*2$#O8.?&8#T1.;8$'4$#

K).1.,0R*E$=*o(%@b*_$&$%*U')4*_+,0"#2")4?**_")@>*!?P?*CIJJ[D?*#D#S2.8$#d$;#W(1'a#S20#N(42*Vh%&(1$%7#S(88#N38$#*2$#L3*3%$R*

U().()b*Q<')*^((@#?**_(/+0'&"()*`$1$%$)8$*^+%$'+*CIJ\\D?*S.%8'#\.-38&*(.1#E&*&#F2$$*?**`$&%"$:$.*G8&(,$%*

\c>*IJ\\*1%(-*2&&/bgg===?/%,?(%4g/.1\\gIJ\\/(/+0'&"()R.'&'R#2$$&s$)4?/.1***`$/+,0"8*(1*B$)<'*CIJ\\D*T$10&#B(7(.1#6n9na#L(%7*#W$'(3,#Z$%,#\8&1#[-'&*$R#

`$&%"$:$.*E(:$-,$%*IJ>*IJ\\*1%(-*2&&/bgg===?/0'))")4?4(?@$g").$L?/2/r(/&"()v8(-s.(8-')i&'#@v.(8s:"$=i4".vcai&-/0v8(-/()$)&i1(%-'&v%'=i9&$-".v[V*

*`"82>*^?*C7.?D*CIJJVD?*d$3%.$'3)&*(.1a#_$&%1(145#D%*75#&1'#*2$#h%&(1b*L(1'(147#&1'#

)2&88$14$7#I.%#$'3)&*.%7#&1'#%$7$&%)2$%7#I%.,#*2$#6nnp#l.217#@.-`(17#[1(/$%7(*0#F3,,(*R#E$=*o(%@b*!')'*_%$##?*`$&%"$:$.*O+)$*\c>*IJ\\*1%(-*2&&/bgg===?.')'?(%4g)$=#g/+,0"8'&"()#g/+,0"8'&"()?'#/Lr".vIYV[Z*

*A$)>*6?*C\VVVD?*E$/$8.-,$1*#&7#L%$$'.,R#GL1(%.b*GL1(%.*T)":$%#"&<*_%$##?**A$##"()>*;?*CIJJYD?*\%.,.*(14#*2$#Q38*3%$#F$)*.%#*2%.342#l.?#Q%$&*(.1#&1'#F,&88#

K1*$%-%(7$#E$/$8.-,$1*#(1#FDEQ#Q.31*%($7a#Q%&I*7#&1'#B(73&8#D%*7R#F$)$:'b*9)&$%)'&"()'0*U',(+%*G11"8$?*

*

Page 72: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

'"!A<0=$#&$%>*`?*CIJ\JD?*D#Q2(8'X7#h%&(1a#Z2$#d$$'#I.%#d3%*3%$R*;2(+#').*G'@#>*Q6b*Q(%=")*

_%$##?**T)"&$.*E'&"()#*C\VZaDR#Z2$#[1(/$%7&8#E$)8&%&*(.1#.I#@3,&1#N(42*7R#E$=*o(%@b*T)"&$.*

E'&"()#*F$)$%'0*6##$-,0<?*`$&%"$:$.*O+0<*\c>*IJ\\*1%(-*===?+)?(%4g$)g.(8+-$)&#g+.2%g").$L?#2&-0?**

*T)"&$.*E'&"()#*C\VaVD?*Q.1/$1*(.1#.1#*2$#N(42*7#.I#*2$#Q2(8'R*E$=*o(%@b*T)"&$.*

E'&"()#?**T)"&$.*E'&"()#*CIJJJD?*W(88$11(3,#E$)8&%&*(.1R#6.(/&$.*,<*&2$*TE*F$)$%'0*6##$-/0<*

\a*A$/&$-,$%*IJJJ?*`$&%"$:$.*G8&(,$%*\c>*IJ\\*1%(-*2&&/bgg===?+)?(%4g-"00$))"+-g.$80'%'&"()g'%$#ccI$?/.1*

#T)"&$.*E'&"()#*CIJ\JD?*Q%$&*(/$#K).1.,0#N$-.%*#6n!na#D#L$&7(?8$#E$/$8.-,$1*#j-*(.1R#

`$&%"$:$.*G8&(,$%*YJ>*IJ\\*1%(-*2&&/bgg===?+)8&'.?(%4g8%$'&":$R$8()(-<###T)"&$.*E'&"()#*CIJ\\D?*Z2$#W(88$11(3,#E$/$8.-,$1*#O.&87#N$-.%*#6n!!R#`$&%"$:$.*

E(:$-,$%*\c>*IJ\\*1%(-*2&&/bgg===?+)?(%4g-"00$))"+-4('0#g/.1gCIJ\\s7DkIJ5!FkIJ`$/(%&kIJIJ\\s^((@kIJU`?/.1*

*TE!_*CT)"&$.*E'&"()#*!$:$0(/-$)&*_%(4%'--$D*CIJ\\D?*@3,&1#E$/$8.-,$1*#N$-.%*#

6n!!a#@3,&1#E$/$8.-,$1*#A1'$+#&7#.I#W&0#!=5#6n!!?*`$&%"$:$.*E(:$-,$%*\>*IJ\\*1%(-*2&&/bgg2.%#&'&#?+)./?(%4g$)g8(+)&%"$#g/%(1"0$#gB7E?2&-0?***

*TE7AQG*C\VVJD?*S.%8'#E$)8&%&*(.1#.1#K'3)&*(.1#I.%#D88#&1'#L%&,$;.%`#I.%#D)*(.1#*.#

W$$*#h&7()#_$&%1(14#d$$'7R#6.(/&$.*,<*&2$*f(%0.*Q()1$%$)8$*()*7N6b*5$$&")4*^'#"8*U$'%)")4*E$$.#>*O(-&"$)>*;2'"0').*cRV*5'%82>*\VVJ?*`$&%"$:$.*2&&/bgg===?+)$#8(?(%4g$.+8'&"()g/.1gOG5;97s7?_!N?**

*TE7AQG*CIJJJ'D?*Z2$#E&`&%#L%&,$;.%`#I.%#D)*(.1a#K'3)&*(.1#I.%#D88#i#W$$*(14#.3%#

Q.88$)*(/$#Q.,,(*,$1*7#mA1)83'(14#F(+#N$4(.1&8#L%&,$;.%`7#I.%#D)*(.1"R*6.(/&$.*,<*&2$*f(%0.*7.+8'&"()*N(%+->*!'@'%>*I[pIa*6/%"0?*_'%"#>*TE7AQG?*

*TE7AQG*CIJJJ,D?*9n*2#F$77(.1#O$1$%&8#Q.1I$%$1)$>*B.83,$#!a#N$7.83*(.1#995#_'%"#*Y[*

G8&(,$%*&(*\]*E(:$-,$%*\VVVR#_'%"#b*TE7AQG?**`$&%"$:$.*O+0<*\>*IJ\\*1%(-*2&&/bgg+)$#.(8?+)$#8(?(%4g"-'4$#gJJ\\gJJ\\acg\\ac\Z$?/.1*

*TE7AQG*CIJJ\'D?*Q38*3%&8#@$%(*&4$5#Q%$&*(/(*0#&1'#K'3)&*(.1#I.%#D88#(1#DI%()&?*

!(8+-$)&*,'#$.*()*&2$*8()80+#"()#*(1*&2$*`$4"()'0*Q()1$%$)8$*()*6%&#*7.+8'&"()>*_(%&*70"e',$&2>*A(+&2*61%"8'>*IZRYJ*O+)$*IJJ\?*_'%"#b*TE7AQG?*

Page 73: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

4&A&'&,0&@(

!

'#!2&&/bgg/(%&'0?+)$#8(?(%4g8+0&+%$g$)g1"0$#gZJYaVg\I[cYaJ[[IY^((@0$&?/.1g^((@0$&?/.1*

*TE7AQG*CIJJ\,D?*N$-.%*#.1#*2$#[dKFQj#N$4(.1&8#Q.1I$%$1)$#.1#D%*7#K'3)&*(.1#(1#

DI%()&R#_(%&*70"e',$&2>*A(+&2*61%"8'*IZRYJ*O+)$*IJJ\?*_'%"#b*TE7AQG?**TE7AQG*CIJJZD?#KLD#O8.?&8#W.1(*.%(14#N$-.%*#6nn=a#K'3)&*(.1#I.%#D88#Z2$#q3&8(*0#

A,-$%&*(/$R#_'%"#b*TE7AQG?**TE7AQG*CIJJ[D?*N.&'#W&-#I.%#D%*7#K'3)&*(.1R#;2$*f(%0.*Q()1$%$)8$*()*6%&#*

7.+8'&"()b*^+"0.")4*Q%$'&":$*Q'/'8"&"$#*1(%*&2$*I\#&*Q$)&+%<>*U"#,()>*[RV*5'%82*IJJ[?*_'%"#b*TE7AQG?**`$&%"$:$.*O+)$*\c>*IJ\\*1%(-*2&&/bgg/(%&'0?+)$#8(?(%4g8+0&+%$g$)g1"0$#gZJJJJg\Ica\Jca\\c`('.s5'/s1(%s6%&#s7.+8'&"()?/.1g`('.kI^5'/kI^1(%kI^6%&#kI^7.+8'&"()?/.1*

*TE7AQG*CIJ\J'D?*F$.38#D4$1'&a#O.&87#I.%#*2$#E$/$8.-,$1*#.I#D%*7#K'3)&*(.1R#;2$*

A$8().*f(%0.*Q()1$%$)8$*()*6%&#*7.+8'&"()*IcRIa*5'<*IJ\J?*_'%"#b*TE7AQG?*`$&%"$:$.**O+)$*\c>*IJ\\*1%(-*2&&/bgg/(%&'0?+)$#8(?(%4g8+0&+%$g$)g1"0$#gZ\\\]g\I]Va\J[JacA$(+0s64$).'sF('0#s1(%s&2$s!$:$0(/-$)&s(1s6%&#s7.+8'&"()?/.1gA$(+0kI^64$).'sF('0#kI^1(%kI^&2$kI^!$:$0(/-$)&kI^(1kI^6%&#kI^7.+8'&"()?/.1*

*TE7AQG*CIJ\J,D?*Q.31*%0#\%.4%&,,(14#E.)3,$1*a#T$10&R#`$&%"$:$.*6+4+#&*\c>*IJ\\*

1%(-*2&&/bgg+)$#.(8?+)$#8(?(%4g"-'4$#gJJ\agJJ\aVIg\aVIcV$?/.1**TE7AQG*CIJ\\D?*KLD#O8.?&8#W.1(*.%(14#N$-.%*#6n!!a#Z2$#@(''$1#Q%(7(7a#K'3)&*(.1#&1'#

D%,$'#Q.1I8()*R#_'%"#b*TE7AQG?**T#2'2"."*CIJJa'>*O')+'%<*I]D?*d&(/&72&a#@.37$#h3%1$'#E.;1#;(*2#6n#A17('$R#`$&%"$:$.*

G8&(,$%*IJ>*IJ\\*1%(-*2&&/bgg0$4'8<?+#2'2"."?8(-g")8".$)&?'#/r".v\cc**T#2'2"."*CIJJa,D?*T#2'2"."?8(-*tG)0")$u*`$&%"$:$.*G8&(,$%*IJ>*IJ\\*1%(-*

2&&/bgg0$4'8<?+#2'2"."?8(-g").$L?'#/**f'4)$%>*^?*O?*C\VVaD*K'3)&*(.1&8#E%&,&#&1'#_&143&4$#D%*7a#S2&*#*2$#N$7$&%)2#F2.;7R*

_(%&#-(+&2>*EPb*P$")$-'))?**f(%0.*^')@*CIJ\\D?*T$10&#E&*&#tG)0")$u?*`$&%"$:$.*6+4+#&*\c>*IJ\\*

2&&/bgg.'&'?=(%0.,')@?(%4g8(+)&%<g@$)<'?**o")>*`?*B?*CIJJVD?*Q&7$#7*3'0#%$7$&%)2a#E$7(41#&1'#,$*2.'7#m<*2#$'"R*U(#*6)4$0$#>*

Q'0"1(%)"'b*A'4$*_+,0"8'&"()#?**

Page 74: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

'$!!

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

/012!%*34#*(!4$5674%859!3!+$(,&#$-!$5!-(8)3(:!4$;$7(&!356!)8<859!-385%&!3%!3!-(8)3(:!&4#$$;!85!=38>3&#3!

1%76*5%&!93%#*(!3($756!3&!%#*!/012!%*34#*(!)8<*&!-(8)3(:!4$;$7(&!85!$(6*(!%$!-($674*!&*4$563(:!4$;$7(&!

!

Page 75: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

'%!!!

?$(,&#$-!$5!"3-*(!/34#*!3%!3!-(8)3(:!&4#$$;!85!=38>3&#3!!!

!!

Page 76: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

'&!

!1%76*5%&!93%#*(!3($756!3!/012!%*34#*(!3&!#*!&#$+&!%#*)!#$+!%$!-385%!4$))$5!47;%7(3;!*;*)*5%&!$'!2*5:3!+#84#!%$7(8&%&!$'%*5!@7:A!B#8&!%*34#*(!&$;6!#8&!3(%!%$!

%$7(8&%&!85!$(6*(!%$!)3,*!3!;8>859A!

!!

Page 77: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

''!!!

!!!"#$%$&!$'!&$)*!$'!%#*!&4#$$;&!>8&8%*6.!*

*

"(8)3(:!14#$$;!85!=38>3&#3*!

Page 78: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

'(!!!!

1*4$563(:!14#$$;!85!C;!23#$7!!*

*"(8)3(:!14#$$;!'$(!%#*!D*3'!85!E38,8-83!!!

Page 79: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

',!!!

"(8)3(:!14#$$;!85!=38>3&#3!!!

!1%76*5%&!356!B*34#*(&!3%!3!"(8)3(:!14#$$;!85!=38>3&#3!

!!

Page 80: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

(S!!*

1*4$563(:!&4#$$;!85!=38>3&#3!!!

*0!1*4$563(:!14#$$;F&!4#7(4#!@78;6859!7&*6!3&!%#*!3(*3!'$(!/012!4;7@!%$!)**%!356!

#$;6!+$(,&#$-&!85!=38>3&#3A!!

Page 81: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

()!

!B#*!0(%!G;7@!#$7&*!3%!&;7)!-($H*4%!85!=38($@8!

!

!* *

Page 82: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

("!!

%4*$.63$M!;+4/$4*!V+.&!!!

S-<A!aS+F37$!-.*!<)#++7!34!A$4=(b!5(*$/!+,!P$/$(.)#:!<$'*$&F$.!EG]GQJ!GHEE!

****

9*2':$*,$$)*")1(%-$.*').*+).$%#&').*&2$*/+%/(#$*(1*&2"#*%$#$'%82?** C/0$'#$*&"8@D**

9*+).$%#&').*&2'&*9*-'<*="&2.%'=*1%(-*&2"#*%$#$'%82*'&*')<&"-$* C/0$'#$*&"8@D**

9*'4%$$*&(*,$*")&$%:"$=$.** * C/0$'#$*&"8@D**

9*+).$%#&').*&2'&*9*-'<*82((#$*&(*2':$*-<*)'-$*="&22$0.*")**&2$*1")'0*%$/(%&*

C/0$'#$*&"8@D**

9*+).$%#&').*&2'&*"1*9*.(*)(&*="#2*&(*,$*'+."(*%$8(%.$.*9*8')*%$3+$#&*&2'&*&2$*%$#$'%82$%*&+%)*"&*(11*'&*')<&"-$?*

C/0$'#$*&"8@D**

*_0$'#$*#"4)*,$0(=b***E'-$b****A"4)$.b*** * * * * * ****!'&$b****RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR**91*/'%&"8"/')&*"#*+).$%*\a>*8()#$)&*(1*'*/'%$)&g4+'%."')*"#*)$$.$.b**_'%$)&gF+'%."')b** * * * * ***!'&$b***RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR**`$#$'%82$%K#*)'-$*b*******B.3**(4=!?7$44!*A"4)$.b*** * * * * * ***!'&$b***

Page 83: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

(#!%4*$.63$M!?231$:!!

56AB*C5(,"0$*6%&*A82((0*")*B$)<'D*A$-"R#&%+8&+%$.*9)&$%:"$=*F+".")4*H+$#&"()#*^$4")*="&2*9)&%(.+8&"()#R*$L/0'")*8()#$)&*1(%-R*$)#+%$*&2$*/'%&"8"/')&*1$$0#*'&*$'#$*').*8(-1(%&',0$?*X$(1!"$()#$./!

\? P(=*0()4*2':$*<(+*,$$)*2$'.-'#&$%*2$%$r*P(=*0()4*2'#*56AB*,$$)*=(%@")4*="&2*<(+%*#82((0r*

I? P(=*(1&$)*.($#*<(+%*#82((0*2(0.*56AB*=(%@#2(/#g*56AB*'%&*80+,#r*P(=*-')<*#&+.$)&#*/'%&"8"/'&$r*

Y? !".*&$'82$%#*'&*<(+%*#82((0*&$'82*'%&*")*&2$*80'##%((-*,$1(%$r*P(=*(1&$)r*Z? f2'&*.(*<(+*&2")@*&2$*/+%/(#$*(1*'%&#*$.+8'&"()*"#r*c? f2'&*'%$*<(+%*'&&"&+.$#*&(='%.#*'%&#*$.+8'&"()r*P':$*&2$#$*82')4$.*#")8$*

,$")4*")&%(.+8$.*&(*56ABr*[? !(*<(+*,$0"$:$*'%&*$.+8'&"()*#2(+0.*,$*")80+.$.*")*&2$*1(%-'0*8+%%"8+0+-r*f2<*

(%*=2<*)(&r*91*#(>*2(=*.(*<(+*&2")@*"&*#2(+0.r**]? f2'&*'%$*&2$*,'%%"$%#*&(*'%&*$.+8'&"()r*U(8'00<*C/'%$)&#*'&&"&+.$#rD*E'&"()'00<r*a? P':$*<(+*)(&"8$.*'*82')4$*")*<(+%*#&+.$)&#*#")8$*&2$<*,$4")*4(")4*&(*56ABK#*

=(%@#2(/#r**V? f2'&*.(*<(+*&2")@*&2$*,$)$1"&#*(1*'%&#*$.+8'&"()*'%$r*\J? P(=*.($#*56AB*/%(-(&$*/$'8$r*7-/'&2<r*Q+0&+%$r*\\? f2'&*'%$*&2$*/%(,0$-#*(1*56ABr*\I? f2<*C(%*=2<*)(&D*.(*<(+*&2")@*'%&*$.+8'&"()*"#*"-/(%&')&r**\Y? P(=*2'#*56AB*82')4$.*<(+%*#82((0r*\Z? 6)<*/$%#()'0*$L/$%"$)8$g#&(%<*',(+&*56AB?*

S-<A!;+4*()*!"$()#$./!\? P(=*.".*<(+*4$&*"):(0:$.*")*56ABr*I? P(=*0()4*2':$*<(+*,$$)*&$'82")4r*Y? f2'&*.(*<(+*,$0"$:$*&2$*/+%/(#$*(1*'%&#*$.+8'&"()*"#r*Z? f2'&*.(*<(+*&2")@*&2$*-'")*,$)$1"&#*(1*56AB*'%$r*c? f2'&*")10+$)8$*2'#*56AB*2'.*()*<(+%*0"1$r**[? f2'&*")10+$)8$*.(*<(+*&2")@*56AB*2'#*()*#&+.$)&#r*]? f2'&*'%$*&2$*,'%%"$%#*<(+K:$*#$$)*")*&2$*#82((0#*56AB*2'#*=(%@$.*="&2r*P(=*

2':$*&2$#$*,$$)*(:$%8(-$r*a? P(=*.(*<(+*&2")@*'%&*$.+8'&"()*8')*,$*")80+.$.*")*&2$*1(%-'0*8+%%"8+0+-r**V? P(=*.(*<(+*&2")@*56AB*/%(-(&$#*/$'8$>*$-/'&2<*').*8+0&+%$r*\J? 6)<*/$%#()'0*$L/$%"$)8$g#&(%<*',(+&*56AB*

<*21$4*/!!\? P(=*0()4*2':$*<(+*,$$)*8(-")4*&(*56ABK#*=(%@#2(/#r*I? f2$)*.".*<(+*1"%#&*.(*'%&*")*#82((0r*Y? !(*<(+*0"@$*56ABr*Z? C91*#(D*P':$*<(+*'0='<#*0"@$.*'%&r**c? f2'&*.(*<(+*0"@$*,$#&*',(+&*56AB*').*'%&r*[? 9#*'%&*/'%&*(1*<(+%*)(%-'0*#82((0")4*(%*"#*"&*M+#&*")*56ABr*]? f2'&*.(*<(+*0$'%)*")*56ABr**a? f2'&*.(*<(+*0"@$*&(*/'")&r*V? f2'&*"#*'%&*&(*<(+r*\J? f2'&*.(*<(+*&2")@*'%&*8')*&$'82*<(+r*\\? f(+0.*0"@$*'%&*&(*,$*'*/'%&*(1*#82((0*$:$%<.'<r*f2<*(%*=2<*)(&r*

*

Page 84: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

($!9)&$%:"$=*7L'-/0$b*%4*$.63$M!E:!<$)+41(.=!<)#++7J!@7!A(#+2!X$(1!"$()#$.!!F%$$&")4#R*$L/0'")$.*%$#$'%82>*').*8()#$)&*1(%-?*P'.*#(-$*8():$%#'&"()b*X+M!7+48!(8+!131!=+2!7$(6$!F$348!#$(1&(/*$.!34!D(L$!>(36(/#(!*+!)+&$!#$.$`!!9*0$1&*&2'&*/0'8$*0'#&*<$'%>*0'&$>*O+0<?**A(*9K:$*,$$)*2$%$*()$*<$'%?***<+!=+2!)(&$!#$.$!7(/*!=$(.!(41!=+2!F.+28#*!S-<A!*+!*#3/!/)#++7!F$)(2/$!3*!M(/!(*!D(L$!>(36(/#(!X38#!<)#++7`!f$*=$%$*=(%@")4*&(4$&2$%*")*E'":'#2'>*#(*9*=')&$.*&(*,%")4*"&*2$%$*#")8$*9*#'=*"&*&2$%$?*6&*&2$*,$4"))")4*(1*&2$*<$'%*9*"):"&$.*2"-*CO(2)D*2$%$*').*=$*")&%(.+8$.*&2$*80+,?*6&*&2$*&"-$*&2$*)+-,$%*='#*$:$)*2"42$%*&2')*"&*"#*'&*&2"#*&"-$?**61&$%*2$*0$1&*&2$*'%%')4$-$)&*='#*&2'&*2$*=(+0.*8(-$*,'8@*:$%<*#(()>*,+&*&2'&*='#*)(&*&(*,$*(=")4*&(*#(-$*8"%8+-#&')8$#*&2'&*=$%$*,$<().*(+%*8()&%(0?*f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`*E(=>*=2$)*,$1(%$*9*"):"&$.*O(2)*2$%$*1(%*&2$*1"%#&*&"-$>*9*'#@$.*&2$*#&+.$)&#*&(*-'@$*#(-$*.%'=")4#?**;'@")4*-'%@")4*/$)8"0#*').*.%'=*#(-$&2")4*').*$L/%$##*'*4":$)*/(")&?*6).*&2$*.%'=")4#*&2$<*8'-$*+/*="&2*=$%$*3+"&$*")&$%$#&")4?**;2'&*%$'00<*$)8(+%'4$.*-$?**91*-<*#&+.$)&#*8')*2':$*&2'&*&'0$)&*&2$<*8')*-'@$*'*8'%$$%*(+&*(1*"&?**9*%$-$-,$%*()$*#&+.$)&*'&*)'":'#2'>*=2(#$*=(%@*='#*."#/0'<$.*'&*`'-(-'>*'*4'00$%<*")*E'"%(,">*').*&2'&*"#*)(&*'*/0'8$*=2$%$*')<()$*8')*&'@$*&2$"%*.%'=")4#?**6).*"1*&2'&*,(<>*9*.()K&*@)(=*"1*2$*"#*#&"00*2':")4*.%'=")4#*').*/'")&")4#*(1*&2'&*)'&+%$>*,+&*"1*2$*"#*8()&")+")4*9*,$0"$:$*2$*"#*.(")4*:$%<*=$00>*').*&2$*#'-$*8')*2'//$)*2$%$*="&2*-<*#&+.$)&#?*<+!=+2!L341!+,!63$M!(.*!&+.$!(/!/+&$*#348!*#(*!M377!#$7'!/*21$4*/!34!*#$3.!,2*2.$!M3*#!)(.$$./`!;2'&*"#*&2$*&2")4?**6).*(&2$%#*'%$*)(&*'8&":$*")*#'<*1((&,'00>*').*&2$#$*'%$*&2$*4'-$#>*#(*"1*<(+*#$$*&2$-*$L8$00")4*")*(&2$%*&2")4#*"&*"#*4((.?*o(+*#$$*)(&*'00*(1*&2$-*'%$*4((.*")*#/(%&#*').*80'##>*,+&*&2$<*'%$*4((.*")*'%&?*A(*=$*)$$.*&(*4":$*&2$-*&2'&*(//(%&+)"&<?**6).*()$*(1*&2$-*"#*'*/((%*#&+.$)&>*()$*(1*&2$*/((%$#&*&2'&*=$*2':$*'%(+).>*,+&*")*&2$*'%&*80+,>*2$*"#*&2$*,$#&?*P$(77=`!"#(*!3/!6$.=!34*$.$/*348N*o$#?*6).*"&*"#*%$'00<*4((.?*f$*-"42&*4(*&(*80'##>*#'<*&2$*#&+.$)&#*'%$*)(&*+).$%#&').")4>*,0'2*,0'2*,0'2>*,+&*"&*"#*M+#&*&2'&*=$*2':$*)(&*%$'0"#$.*&2$"%*&'0$)&?**A(*1(%*$L'-/0$>*#+82*'*#&+.$)&*8')*-'@$*'*8'%$$%*1%(-*&2'&>*.$#/"&$*&2$*1'8&*&2$<*'%$*/((%*")*80'##>*&2$<*#&"00*2':$*&2'&*(&2$%*&'0$)&?*%4!/$)+41(.=!/)#++7/!(.*!3/4^*!34!*#$!)2..3)272&`*9&*"#*)(&?*9&*='#*8%(//$.*")*&2$*0'&$*\VVJ#?**f$*+#$.*&(*2':$*'*#+,M$8&*8'00$.*'%&*').*8%'1&>*').*-+#"8?**^+&*&2$*8+%%"8+0+-*='#*82')4$.*#(*-+82*').*()$*%$:"$=*/%(/(#$.*&2'&*"&*,$*#8%'//$.?**A(*'%&*='#*()$*(1*&2$*:"8&"-#*&2'&*#+11$%$.>*#(*"&*"#*)(&*&2$%$?**91*

Page 85: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

(%!<(+*=$%$*&(*&$'82*(+%*#&+.$)&#*"&*"#*()0<*1(%*$L&$%)'0*$L'-#*&2'&*'%$*#$&*1%(-*&2$*)'&"()=".$*8(+)8"0?***5+!(4=!+,!*#$!*$()#$./!2/$!(.*!*+!*$()#!+*#$.!/2F_$)*/`!!*f$*.()K&*1(8+#*()*.%'=")4>*/'")&")4*').*'00*&2'&?**f$K00*")80+.$*#(-$*(&2$%*'8&":"&"$#*CA/$'@")4*',(+&*56ABD>*&2(+42*&2$#$*'8&":"&"$#*=$*2':$*)(&*2'.*1(%*0()4>*,+&*"&*"#*()$*(1*&2$*&2")4#*=$*1$$0*#2(+0.*,$*.()$*,<*(+%*'%&*#&+.$)&#?**;2")4#*0"@$*/'")&")4*').*/'/$%*-'82$>*4$&&")4*4%'##*').*-'@")4*#(-$*.(00#*(%*')*')"-'0*+#")4*&2$*,')')'*1",$%#?**;2")4#*0"@$*&2'&?**f$*=(+0.*)(&*=')&*"&*&(*,$*M+#&*/'")&")4?*<+!1+!=+2!/$$!(.*!(/!(!M(=!+,!'.$/$.6348!)27*2.$`*!$1")"&$0<?*o$#?*6%&*"#*'*='<*(1*/%$#$%:")4*(+%*8+0&+%$?**f2$)*=$*.%'=*'*2(+#$*').*&2$)*()*&2$*%((1*=$*/+&*4%'##*=$*'%$*#'<")4*#(-$&2")4R*&2'&*(+%*2(+#$#*")*&2$*/'#&*=$%$*2':")4*%((1#*0"@$*&2"#?*A(*,<*2':")4*(+%*#&+.$)&#*")1(%-*&2$-#$0:$#*")*'%&>*=$*'%$*2':")4*&2$*8+0&+%$*&2'&*&2$<*2'.*")*&2$*/'#&*")*&2$*."11$%$)&*#(8"$&"$#*&2'&*=$*8(-$*1%(-*,$")4*/%$#$%:$.*').*/%'8&"8$.*")*&2$*/%$#$)&*4$)$%'&"()?**f$*2':$*#(-$*#&+.$)&#*&2'&*'%$*,('%.$%#*').*#(-$*=2(*'%$*.'<*#82(0'%#*').*4(*2(-$>*,+&*=$*#$$*'#/$8&#*(1*=2'&$:$%*&2$<*2':$*(,#$%:$.*'&*&2$"%*2(-$#*")*&2$"%*=(%@#*').*&2'&*"#*3+"&$*4((.?**9&*&$00#*+#*'*0(&*',(+&*$):"%()-$)&?**9*%$-$-,$%*()$*(1*&2$*#&+.$)&#*()8$*.%$=*'*:$%<*2+4$*-()@$<*2(0.")4*'*-')?**6).*&2$*-')*='#*1"&&")4*:$%<*=$00*")*&2$*2').*(1*&2'&*-()@$<>*').*=2'&*8'-$*")*-<*-").*='#*"#*&2"#*#&+.$)&*2'#*,$$)*&(0.*'*#&(%<*,<*-'<,$*&2$*4%').-(&2$%*',(+&*&2$*42(#&#?**f$*=$%$*&(0.*&2$<*=$%$*:$%<*2+4$?**A(*#&(%"$#*'%$*,$")4*/+&*")*&(*/"8&+%$#*').*'%&?***<+!(.*!3/!(!M(=!,+.!/*21$4*/!*+!$c'.$//!*#$&/$76$/!(41!)+&&243)(*$!(41!*$77!/*+.3$/N!!!o$#?*6*/"8&+%$*&$00#*'*#&(%<?*5+!=+2!/$$!(4=!)#(48$/!34!=+2.!/*21$4*/!*#.+28#!1+348!(.*`!!!T-->*<$#?*o(+*#$$*&2(#$*&2'&*.(*'%&>*-(#&*(1*&2$-*'%$>*+-->*:$%<*")&%(:$%&$.>*;2$<*'%$*)(&*/$(/0$*=2(*="00*,$*#$$)*&'0@")4*#(*-+82?*9&K#*0"@$*&2$<*$L/%$##*&2$-#$0:$#*,$&&$%*")*'%&*').*/'")&")4?**A(*=$*'%$*#$$")4*&2$-*+#")4*'%&*'#*'*='<*(1*$L/%$##")4*&2$"%*1$$0")4#?*6).*&2'&*"#*3+"&$*4((.?*9#(*!(.$!=+2.!$c'$)*(*3+4/!+,!S-<AJ!/34)$!3*!3/!_2/*!F$8344348!#$.$J!#+M!M+271!=+2!73L$!3*!*+!8.+M!(41!3&'()*!*#$!/)#++7`!f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`!!9#(*!(**3*21$/!#(6$!=+2!)+&$!().+//`*

Page 86: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

(&!9&*2'#*)(&*,$$)*$'#<?*;2"#*'%&*&2")4>*-(#&*(1*&2$-*@)(=*"&*"#*)(&*/'%&*(1*&2$*8+%%"8+0+-?*f2'&$:$%*4$&#*(+&*(1*&2$*8+%%"8+0+-*-(#&*.(*)(&*&2")@*'%$*"-/(%&')&?*A(-$*(1*&2$*#+,M$8&#*0"@$*-+#"8*').*'%&#>*&2$%$*=$%$*(&2$%#R*2(-$*#8"$)8$>*'%$*:$%<*"-/(%&')&*&(*'*#&+.$)&K#*0"1$>*,+&*&2$<*=$%$*#8%'//$.*(+&*(1*&2$*8+%%"8+0+-?*A(-$*/$(/0$*&2")@*"&*='#*)(&*'*4((.*&2")4?*;2$<*#2(+0.*8(-$*,'8@?*5<#$01>*9*&2")@*'%&*"#*"-/(%&')&?*;2$%$*'%$*82'00$)4$#?*A(-$*/$(/0$*)$$.*8():")8")4?*o(+*2':$*&(*4":$*&2$-*:$%<*4((.*%$'#()#?*5+!=+2!#(6$!(4=!'.+F7$&/!M3*#!'(.$4*/!+,!/*21$4*/`!E(>*&2$<*'%$*)(&*'*/%(,0$-?*;2$*1"%#&*&"-$*9*'#@$.*#&+.$)&#*&(*/%$#$)&*#(-$*.%'=")4#*&(*-$>*&2$<*.".*)(&*$:$)*4$&*&2$*-'&$%"'0#*1%(-*#82((0?*;2$*1'-"0"$#*'%$*'00*:$%<*#+//(%&":$*(1*"&?**A(*=$*-+#&*,$*:$%<*2'//<?*f2$)*#(-$,(.<*"#*'00(=$.*&(*.(*=2'&*&2$<*0"@$>*').*&2$<*$L8$0*")*'*4":$)*&2")4>*"&*"#*&2$*,$#&*&2")4*<(+*8')*.(*&(*#+82*'*/$%#()?*^+&*'-()4*&2$*'.-")"#&%'&(%#*').*/%(1$##"()'0#*#(-$*-'<*&2")@*"&*"#*)(&*"-/(%&')&?**5+!*#$!/*21$4*/!73L$!3*`!!;2$*#&+.$)&#*=$08(-$*"&*:$%<*-+82?*B2*!1+!*#$=!63$M!3*!(/!&+.$!+,!(!,24J!7$3/2.$7=!()*363*=!*#(4!/+&$*#348!*#$=!)(4!8$*!!_+F!,.+&`!9&*"#*,(&2?*9&*"#*')*'8&":"&<*1(%*&2$"%*1%$$*&"-$*').*"&*'0#(*#(-$&2")4*&2$<*8')*-'@$*'*8'%$$%*(+&*(1?**A(-$*#&+.$)&#*2':$*,%(+42&*-$*.%'=")4#*&2$<*2':$*.()$*")*&2$*/'#&?*9*4(&*#"L*.%'=")4#*1%(-*()$*#&+.$)&?**A(*"&*"#*'0#(*#(-$&2")4*&2$<*.(*=2$)*&2$<*'%$*1%$$?*;2$*4(:$%)-$)&*#$$-#*&(*,$*1'"0")4*+#?*9*,$0"$:$*-<*#&+.$)&#*'%$*M+#&*'*%$/%$#$)&'&":$*(1*=2'&*=$*2':$*(+&*&2$%$?*;2"#*#+,M$8&*)$$.#*&(*8(-$*,'8@?*5+!=+2!*#34L!*#$!&(34!.$(/+4!*#$!8+6$.4&$4*!)2*!3*!+2*!M(/!,241348!+.!&+4$=`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`!o$#>*,+&*&2$%$*"#*-()$<*")*&2$*'%&#?**9*#'=*/'")&")4*&2$*(&2$%*=$$@*4(")4*'&*'*0(&?*;2$*82$'/$#&*='#*4(")4*1(%*YJ>JJJ?*;2'&*"#*4((.*-()$<>*#(*"&*M+#&*%$3+"%$#*+#*'#*&$'82$%#*&(*8()&")+$?*6).*'0&2(+42*&2$%$*='#*&2'&*&"-$*9*='#*.(%-')&>*9*="00*@$$/*()*4(")4*').*=$*="00*#$$*&2$*)+-,$%#*4(*+/?*<+!$6$.=+4$!M#+!3/!(*!*#$!M+.L/#+'!4+M!(.$!/*21$4*/!M#+!#(6$!)#+/$4!*+!/*(=!(41!8+!*+!3*`!o$#>*&2$#$*'%$*&2$*()$#*=2(*=$%$*/'&"$)&>*&2$#$*'%$*&2$*()$#*&2'&*)$:$%*4":$*+/?*;2$<*=$%$*#&"00*2(/")4*#(-$&2")4*=(+0.*2'//$)?*;2$<*2':$*='"&$.*#")8$*&2$*1"%#&*&"-$*56AB*8'-$>*1"%#&*&$%->*=2$)*=$*")&%(.+8$.*"&?**A$8().*&$%-*=$*='"&$.*').*)(=*&2"%.*&$%->*&2$<*'%$*,'8@*').*&2$<*'%$*2'//<*&2$*80+,*"#*)(&*.$'.?**9&*='#*M+#&*#0$$/")4*').*"#*)(=*,$")4*=(@$)?*9#(*!1+!=+2!*#34L!*#$!&(34!'.+F7$&/!+.!3//2$/!+,!S-<A!(.$`!B$/31$/!*#$!7()L!+,!*#$&!)+&348!F()L!24*37!4+M`!

Page 87: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

('!A+//0"$#*').*-'&$%"'0#*'%$*')*"##+$?**9*%$-$-,$%*'&*&2$*$).*(1*1"%#&*&$%-*9*-'.$*')*(%.$%*="&2*()$*(1*&2$*0(8'0*,((@#2(/#>*&2$<*,%(+42&*&2$*&2")4#*1%(-*E'"%(,">*,+&*&2$<*=$%$*)(=*#$00")4*&2$*&2")4#*'&*$L(%,"&')&*/%"8$#>*#(*9*&(0.*&2$-*E(>*=$*8'))(&*&'@$*&2(#$*&2")4#?**;2$%$*='#*)(*(&2$%*0(8'0*#(+%8$*1(%*&2(#$*-'&$%"'0#?***<+!=+2!#(6$!*+!8$*!*#$&!,.+&!,(.!(M(=`!o$#>*=$*&2(+42&*=$*8(+0.*4$&*&2$-*1%(-*E<2+%+%+>*"&*&2$*,"44$#&*&(=)*'%(+).*,+&*)(?*f$*2':$*&(*4$&*&2$-*1%(-*E'"%(,">*').*=$*.".*)(&*@)(=*=2"82*#2(/#?**A(*9*2'.*&(*'#@*O(2)*&(*4$&*&2$*-'&$%"'0#?*A(*&2$*'%$'#*').*/0'8$*&(*4$&*&2$*-'&$%"'0#*"#*'*/%(,0$->*').*&2$*#&'%&")4*8'/"&'0>*,+&*)(=*=$*2':$*#(-$*&(*#&'%&*+#*(11*="&2>*#(*=$*="00*()0<*)$$.*&(*,$*%$/0$)"#2$.?***<+!M377!=+2!4$$1!*+!8+!*+!>(3.+F3!,+.!*#3/`!E(>*9*&2")@*"&*="00*,$*$'#<?*f$*="00*2':$*O(2)*2$0/*+#*').*2$*8')*#$).*&2$-*'#*/'%8$0#*()*/+,0"8*-$')#?*;2$*/%(,0$-*"#*9*.()K&*@)(=*=2$%$*&(*4$&*&2$#$*&2")4#>*,+&*M(2)*="00*'.:"#$*+#*()*&2$#$*&2")4#?**;2$*(&2$%*&2")4*"#*&2$%$*"#*'*0(&*(1*")1(%-'&"()*',(+&*56AB*")*&2$*)$&>*').*-<*#&+.$)&#*.(*)(&*2':$*'88$##*&(*&2'&*")1(%-'&"()?*S(=F$!M#(*!S-<A!4$$1/!*+!1+!3/!'.34*!+2*!(!,+.&!,+.!*#$!/*21$4*/!*+!7$(.4!(F+2*!S-<A!*#$4`!o$#>*&2'&*=(+0.*,$*:$%<*2$0/1+0*,$8'+#$*&2$<*=(+0.*0"@$*&2$*")1(%-'&"()?**RRRA/(@$*',(+&*0'8@*(1*8(-/+&$%#*1(%*'=2"0$RRR*<+!M377!=+2!#(6$!(!*$()#$.!#$.$!*#(*!M377!F$!*$()#348!*#$!(.*!)72F!+.!M377!W+#4!4$$1!*+!)+&$!$()#!*3&$`!f$00>*=$*2':$*'*&$'82$%*=2(*"#*")*82'%4$*(1*56AB*'&*&2"#*#82((0>*#(*=$*2(/$*&2'&*O(2)*').*&2$*(&2$%*/$(/0$*")*56AB*="00*(%4')"#$*'*&$'82$%K#*=(%@#2(/*').*&%'")*2"-?**`"42&*)(=>*2$*2'#*")1(%-'&"()*()*2(=*&2$*80+,*#2(+0.*,$*%+)>*,+&*.($#*)(&*2':$*&%'")")4?**A(*"&*%$3+"%$#*-'&$%"'0#>*%$'.")4*-'&$%"'0#>*').*'%&*-'&$%"'0#*').*'*0"&&0$*&%'")")4?**P$*2'#*#(-$*")&$%$#&*")*'%&*=2"82*"#*'*4((.*&2")4*1(%*+#?**9*.".*)(&*&$00*2"-*&(*,$*")*82'%4$*(1*56AB>*2$*:(0+)&$$%$.?*9&*"#*8(-")4*1%(-*2"#*2$'%&>*"&*"#*'*4((.*&2")4?*%!1+4^*!.$(77=!#(6$!(4=!&+.$!d2$/*3+4/N!!%/!*#$.$!(4=*#348!$7/$!=+2!M+271!73L$!*+!/(=!(F+2*!S-<A!+.!=+2.!/)#++7`*f$00>*-<*#82((0*'#*<(+*2':$*#$$)*"&*"#*)(&*'*,"4*()$?*X+M!&(4=!/*21$4*/!(.$!#$.$`*f$*2':$*'//%(L"-'&$0<*\cJ*#&+.$)&#?*6&*&2"#*-(-$)&*&2$%$*'%$*0$##*&2')*\cJ*,$8'+#$*&2"#*"#*&2$*,$4"))")4*(1*&2$*&$%-*').*&2"#*"#*'*/%":'&$*#82((0>*#(*=$*.$/$).*()*=2'&$:$%*&2$<*/'<*').*9*2'.*&(*#$).*#(-$*2(-$*1(%*1$$#*').*&2$)*&2$<*8')*8(-$*,'8@?**9&*='#*'*#82((0*&2'&*='#*#&'%&$.*")*IJJY>*&2'&*-$')#*=$*2':$*)(&*2'.*-')<*80'##$#*#"&*&2$*$L'-#>*=$*2':$*M+#&*2'.*Y?**6#*&2$*#82((0*#&'%&#>*&2$%$*'%$*&$'82")4*/%(,0$-#>*&2'&*"#*=$*2':$*2'.*/%(,0$-#*(1*3+'0"&<?**f2$)*<(+*#&'%&*'*#82((0>*<(+*8'))(&*#'<*9*)$$.*#&+.$)&#*(1*&2"#*)'&+%$>*<(+*2':$*&(*M+#&*#'<*<(+*)$$.*#&+.$)&#>*#(*=$*2':$*2'.*'*/%(,0$-*(1*&2$*3+'0"&<?*6).*=$*2':$*'0#(*2'.*'*/%(,0$-*(1*&2$*&$'82$%#*').*3+'0"&<?**^+&*")*&2$*0'#&*<$'%*&2$*#82((0*2'#*#$$)*#(-$*"-/%(:$-$)&#?**9)*&$%-#*(1*#&%+8&+%$*=$*'%$*/+&&")4*+/*#(-$*)$=*#&%+8&+%$#*').*="&2*#&+.$)&#*&2$*)+-,$%*"#*'0#(*4(")4*+/?**f$*'0#(*2':$*3+'0"&<>*=$*'%$*)(&*'.-"&&")4*')<*#&+.$)&>*&2$<*2':$*&(*2':$*'*4":$)*-'%@*1(%*&2$-*&(*3+'0"1<*&(*M(")*&2"#*#82((0?**;2$<*2':$*8(-$*1%(-*(&2$%*#82((0#*').*=')&*&(*&%')#1$%*&(*&2"#*/0'8$*').*=$*2':$*&(*&$#&*&2$-?**7:$)*'#*=$*#/$'@*()$*"#*,$")4*&$#&$.*').*")&$%:"$=$.?**f$*'%$*.(")4*&2'&*,$8'+#$*=$*'%$*1(8+#$.*()*'*3+'0"&<?*9&*=(+0.*,$*#(*#'.*1(%*'*#&+.$)&*&(*,$*2$%$*1(%*1(+%*<$'%#*').*4$&*(+&*="&2*/((%*4%'.$#?*;2'&*=(+0.*,$*&2$*0'#&*&2")4*9*=(+0.*=')&?*"#(*!3/!8++1!*#(*!=+2!.$(77=!)(.$!(F+2*!=+2.!/*21$4*/N!

Page 88: 012)(*3+4!34!*#$!5$6$7+'348!9+.71:!! -!;(/$!?@!34!A$4=(! B.3**(4=!?7… · CTE>*IJJJD?**;2$*$"42&*5!F#*'%$*&(*!"#$%&'()&*$#$+*%$,$#-./$%*0#&1'#2314$%5#6"# &)2($/$#

F$$&,.1G!

!

((!o$#?*9*.(S*^$8'+#$*#(-$,(.<*#2(=$.*#(-$*8'%$*1(%*-$*'&*()$*&"-$>*#(*9*#2(+0.*'0#(*/'<*,'8@*,<*.(")4*&2'&?**^<*,$")4*&2$*2$'.*(1*&2$*#82((0*9*#2(+0.*,$*0"@$*&2'&?*;2$<*#'<*&2'&*'*4((.*0$'.$%*@)(=#*&2$*='<>*#2(=#*&2$*='<*').*4($#*&2$*='<?**;2'&*"#*=2'&*9*'-*&%<")4*&(*.(?**9&*"#*4((.*&2'&*-<*&$'82$%#*'%$*(11$%")4*#+//(%&*&((>*,+&*=$*'%$*&%<")4?*^+&*&2$%$*'%$*82'00$)4$#?*;+4)721348!P$&(.L/N!"#(4L/J!$*)N!;2$)*=$)&*&(*=(%@#2(/S****