01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

13
!"#$%&’#() +, -#)./"#, +,) 01%$(2(3#,) +, 4$5("6,78( 1 9(6:$#%,78( ;",$+1) 4$<1$7=1) !"#$% ’()*+,-, . !/0123/4!1% ’*5*6 7 "80980 >1):6( 1 :,;:< 6=>,?,-:6 6 +*-@6 A< :,B=< A6 ,C<+(DE< A6? :,)-<+<5*6? A, *-F<>B6DE< , )<B(-*)6DE< A,?A, 6 ,+,:>*)*A6A,% =6??6-A< =,+6? 5>6-A,? *-C,-DG,? )<B< < )6H<5>6B6% < :,+I5>6F<% < >JA*< , 6 :,+,C*?E<K L,+*-,*6 (B6 H>,C, @*?:M>*6 A<? )<B=(:6A<>,? , 6 )<-?,NO,-:, )<-C,>5P-)*6 A<? B,*<? A, )<B(-*)6DE< , )<B=(:6A<>,? =><=<>)*<-6A6 =,+< 6C6-D< )*,-:QF*)< , :,)-<+M5*)<K 1 >,?(+:6A< *B=<>:6-:, A,?:, =><),??< F<* 6 3-:,>-,:% 6 5>6-A, >,A, B(-A*6+ A, )<B=(:6A<>,?% 6:(6+B,-:, ,B (?< =<> B6*? A, 7RS A6 =<=(+6DE< B(-A*6+ T K 0<> 3-:,>-,: ,-:,-A,U?, 6 ,?:>(:(>6 FQ?*)6 A, :>6-?B*??E<% 6>B6V,-6B,-:< , >,),=DE< A, *-F<>B6DG,? , < (?< =WH+*)< =6>6 6 )<B(-*)6DE<K X-:>, 6? >,F+,;G,? ?(5,>*A6?% )<-)+(*U?, =,+6 *B=<>:Y-)*6 A6? Z3![? \:,)-<+<5*6? A, *-F<>B6DE< , )<B(-*)6DE<] =6>6 F*-6+*A6A,? A, ,-?*-< , 6=>,-A*V65,BK !<-?*A,>6 6*-A6 6 -,),??*A6A, A, ,+6H<>6DE< A, =,?N(*?6? )*,-:QF*)6? <( -E< N(, =<??6B F<>-,),> *-F<>B6DG,? ?<H>, < :,B6 C*?6-A<% ?<H>,:(A<% 56>6-:*> < ,?:6H,+,)*B,-:< A, =<+Q:*)6? =WH+*)6? , =>*C6A6? 6A,N(6A6? =6>6 56>6-:*> N(, <? H,-,FQ)*<? <F,>,)*A<? =,+< B,*< A, )<B(-*)6DE< ?,^6B 6),??QC,*? _ =<=(+6DE<K !,2,<",)?%@,<1A 3-:,>-,: . U Z3![? 7 ‘ 3-)+(?E< L*5*:6+ T . ’()*+,-, !(>a I A<),-:, A6 X!/U"80K Z,B ,;=,>*P-)*6 -6 J>,6 A, !<B(-*)6DE< , XA()6DE<% )<B P-F6?, -6 3-:,>A*?)*=+*-6>*A6A,% 6:(6-A< -6? A*C,>?6? J>,6? A6 0,?N(*?6 ,B !<B(-*)6DE< , XA()6DE<K b +QA,> A< c>(=< A, 0,?N(*?6 U !*H,>-I:*)6 0,A65M5*)6d ’6H<>6:M>*< A, ’*-5(65,-? L*5*:6*? U !,>:*F*)6A< =,+< !40NK ,B6*+d +()(>a?ea6@<<K)<BKH> 7 ’*5*6 !6=<H*6-)< 6AN(*>*( < :Q:(+< A, f,?:>, ,B !*P-)*6? A6 !<B(-*)6DE< =,+6 X?)<+6 A, !<B(-*)6DG,? , />:,? A6 "-*C,>?*A6A, A, 8E< 06(+< -6 J>,6 3-:,>F6),? 8<)*6*? A6 !<B(-*)6DE<% XA()<B(-*)6DE<K b =,?N(*?6A<>6 A< c>(=< A, 0,?N(*?6 !*H,>-I:*)6 0,A65M5*)6 U ’6H<>6:M>*< A, ’*-5(65,-? L*5*:6*?K X;,>), 6:*C*A6A,? =><F*??*<-6*? )<B< >,A6:<>6 A, )<-:,WA< ,A()6)*<-6+% =><F,??<>6 A, *-5+P? , :>6A(:<>6K ,B6*+d +*5*6)6=<H*6-)<e5B6*+K)<B T L6A<? <H:*A<? -< ?*:, @::=d99gggK*-:,>-,:g<>+A?:6:?K)<B9?:6:?K@:B ,B .h f6>% 7i.. >,F,>,-:,? 6 Ti ^(-% 7i.iK

Upload: vothien

Post on 15-Dec-2018

227 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

!"#$%&'#()*+,*-#)./"#,*+,)*01%$(2(3#,)*+,*4$5("6,78(*1*9(6:$#%,78(*

;",$+1)*4$<1$7=1)

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

!/0123/4!1%&'*5*67

"80980

>1):6(

1&:,;:<&6=>,?,-:6&6&+*-@6&A<&:,B=<&A6&,C<+(DE<&A6?&:,)-<+<5*6?&A,&*-F<>B6DE<&,&)<B(-*)6DE<&A,?A,&6&,+,:>*)*A6A,%&=6??6-A<&=,+6?&5>6-A,?&*-C,-DG,?&)<B<&<&)6H<5>6B6%&<&:,+I5>6F<%&<&>JA*<&,&6&:,+,C*?E<K&L,+*-,*6&(B6&H>,C,&@*?:M>*6&A<?&)<B=(:6A<>,?&,&6&)<-?,NO,-:,&)<-C,>5P-)*6&A<?&B,*<?&A,&)<B(-*)6DE<&,&)<B=(:6A<>,?&=><=<>)*<-6A6&=,+<&6C6-D<&)*,-:QF*)<&,&:,)-<+M5*)<K&1&>,?(+:6A<&*B=<>:6-:,&A,?:,&=><),??<&F<*&6&3-:,>-,:%&6&5>6-A,&>,A,&B(-A*6+&A,&)<B=(:6A<>,?%&6:(6+B,-:,&,B&(?<&=<>&B6*?&A,&7RS&A6&=<=(+6DE<&B(-A*6+TK&0<>&3-:,>-,:&,-:,-A,U?,&6&,?:>(:(>6&FQ?*)6&A,&:>6-?B*??E<%&6>B6V,-6B,-:<&,&>,),=DE<&A,&*-F<>B6DG,?&,&<&(?<&=WH+*)<&=6>6&6&)<B(-*)6DE<K&X-:>,&6?&>,F+,;G,?&?(5,>*A6?%&)<-)+(*U?,&=,+6&*B=<>:Y-)*6&A6?&Z3![?&\:,)-<+<5*6?&A,&*-F<>B6DE<&,&)<B(-*)6DE<]&=6>6&F*-6+*A6A,?&A,&,-?*-<&,&6=>,-A*V65,BK&!<-?*A,>6&6*-A6&6&-,),??*A6A,&A,&,+6H<>6DE<&A,&=,?N(*?6?&)*,-:QF*)6?&<(&-E<&N(,&=<??6B&F<>-,),>&*-F<>B6DG,?&?<H>,&<&:,B6&C*?6-A<%&?<H>,:(A<%&56>6-:*>& <&,?:6H,+,)*B,-:<&A,&=<+Q:*)6?&=WH+*)6?&,&=>*C6A6?&6A,N(6A6?&=6>6&56>6-:*>&N(,&<?&H,-,FQ)*<?&<F,>,)*A<?&=,+<&B,*<&A,&)<B(-*)6DE<&?,^6B&6),??QC,*?&_&=<=(+6DE<K

!,2,<",)?%@,<1A&3-:,>-,:&.&U&Z3![?&7&`&3-)+(?E<&L*5*:6+&T

.&'()*+,-,&!(>a&I&A<),-:,&A6&X!/U"80K&Z,B&,;=,>*P-)*6&-6&J>,6&A,&!<B(-*)6DE<&,&XA()6DE<%&)<B&P-F6?,&-6&3-:,>A*?)*=+*-6>*A6A,%&6:(6-A<&-6?&A*C,>?6?&J>,6?&A6&0,?N(*?6&,B&!<B(-*)6DE<&,&XA()6DE<K&b&+QA,>&A<&c>(=<&A,&0,?N(*?6&U&!*H,>-I:*)6&0,A65M5*)6d&'6H<>6:M>*<&A,&'*-5(65,-?&L*5*:6*?&U&!,>:*F*)6A<&=,+<&!40NK&,B6*+d&+()(>a?ea6@<<K)<BKH>

7&'*5*6&!6=<H*6-)<&6AN(*>*(&<&:Q:(+<&A,&f,?:>,&,B&!*P-)*6?&A6&!<B(-*)6DE<&=,+6&X?)<+6&A,&!<B(-*)6DG,?&,&/>:,?&A6&"-*C,>?*A6A,&A,&8E<&06(+<&-6&J>,6&3-:,>F6),?&8<)*6*?&A6&!<B(-*)6DE<%&XA()<B(-*)6DE<K&b&=,?N(*?6A<>6&A<&c>(=<&A,&0,?N(*?6&!*H,>-I:*)6&0,A65M5*)6&U&'6H<>6:M>*<&A,&'*-5(65,-?&L*5*:6*?K&X;,>),&6:*C*A6A,?&=><F*??*<-6*?&)<B<&>,A6:<>6&A,&)<-:,WA<&,A()6)*<-6+%&=><F,??<>6&A,&*-5+P?&,&:>6A(:<>6K&,B6*+d&+*5*6)6=<H*6-)<e5B6*+K)<B

T &L6A<?&<H:*A<?&-<&?*:,&@::=d99gggK*-:,>-,:g<>+A?:6:?K)<B9?:6:?K@:B&,B&.h&f6>%&7i..&>,F,>,-:,?&6&Ti&^(-%&7i.iK

Page 2: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

0@1*B11'?C1,*9,D21)

2a&#(Aa6>A&j*=+*-5

!"#$%&#'()$*+)),-.#$/0,.#$1)2$3"#+&$*1)3$*&,4)$*,%5$6&,7$/6/&$88$9,%5$3,$3"#$*/&(:$3,$3"#$133#&$*/&(:$%"#&#$3"#$0-+5*$%"+3#$)#/8)5/(#)$/&#;$

!"#&#$+)$5,$),15*:$5,$#'",$,6$),15*:$+5$3"#$*#)#&3)$,6$3"#$*##4:$<&$3"#$=&#/3$=&/>$-#.#-$4-/+5)$,6$,,?#$%"#&#$3"#$)"#--801&&#*$'/0-#)$'&##4;$

@#&#$+5$3"#$%,70$,6$3"#$%,&-*$88$"#&#$,5$3"#$3+#8&+0)$,6$#/&3"$

A,&*):$/5*$3"#$%,&*)$,6$7#5:$6-+'(#&$/5*$6-133#&$/5*$0#/3$88$A/&5+5=:$),&&,%$/5*$=/+5:$)/-13/3+,5$/5*$7+&3"$88$

B,&$/$C,%#&$3&,10-#)$3"#$D3+--$3"/3$"/)$5#+3"#&$.,+'#$5,&$6##3;$

!"#>$"/.#$%/(#5#*$3"#$3+7#-#))$!"+5=)2$3"#>$"/.#$(+--#*$3"#+&$6/3"#&$!+7#2$E,+5+5=$"/5*)$+5$3"#$=-,,7:$/$-#/=1#$6&,7$3"#$-/)3$,6$3"#$)15;$

@1)"F$G#5$3/-($3,8*/>$,H#&$3"#$%/)3#$,6$3"#$1-3+7/3#$)-+7#:$I5*$/$5#%$A,&*$&15)$0#3%##5J$%"+)4#&+5=:$KL#3$1)$0#$,5#FK

Page 3: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

!"#$%&'(/? & -<C6? & :,)-<+<5*6? & A, & *-F<>B6DE< & , & )<B(-*)6DE< & ?E< & >,?(+:6A< & A,&)<-C,>5P-)*6?&:,)-<+M5*)6?&N(,&:>6-?F<>B6B&6?&6-:*56?&6:>6CI?&A,&>,C*?G,?%&*-C,-DG,?&<(&^(-DG,?K&\'Xf18%&7iik%&=Klm]

Z6+,?&A,&f*+,:<&>,6+*V<(&6?&=>*B,*>6?&,;=,>*P-)*6?&)<B&,+,:>*)*A6A,&,B&lii&6K!K&-6&c>I)*6&

<H?,>C6-A<&<?&>,?(+:6A<?&<H:*A<?&)<B&<&6:>*:<&A<&YBH6>&-6&=,+,&A,&)6>-,*><K&8(>5,&A6Q&<&-<B,&

,+,:>*)*A6A,%&A<&5>,5<!"#$%&'()&\YBH6>]K&8<B,-:,&B(*:<&:,B=<&A,=<*?%&6&=6>:*>&A<&?I)(+<&no33%&<?&

=,?N(*?6A<>,?&A,A*)6>6BU?,&6&,;=+<>6>&6?&=<??*H*+*A6A,?&A6&,-,>5*6&N(,&=<?:,>*<>B,-:,&=><=*)*<(&<&

B<C*B,-:<&A6?&BJN(*-6?&,&6&*-C,-DE<&A<?&5,>6A<>,?K&XB&.RlT%&p6B,?&!+,>q&f6;g,++&=(H+*)6&<&

:>6:6A<&?<H>,&,+,:>*)*A6A,&,&B65-,:*?B<&N(,&)<-?:*:(*(&(B&*B=<>:6-:,&6C6-D<&,&6H>*(&,?=6D<&=6>6&

B(*:<?&,N(*=6B,-:<?&A,&)<B(-*)6DE<&,&*-F<>B6DE<K

/? &=>*-)*=6*? & :,)-<+<5*6? & A, & *-F<>B6DE< &, & )<B(-*)6DE< &=><C<)6>6B&B(A6-D6? &=<> & ?,(&

*B=6):<&?*5-*F*)6:*C<&?<H>,&6&)(+:(>6&,&>,<>*,-:6>6B&6?&=,>?=,):*C6?&?<)*6*?%&,)<-rB*)6?%&)*,-:QF*)6?&

,&=<+Q:*)6?K&4<&<)*A,-:,%&6&=>,-?6&=6>6&*B=>,??E<&:*=<5>JF*)6&A,?,-C<+C*A6&=<>&p<@6--&c(:,-H,>5&

\.kiiU.ksR]% & *-*)*<(&(B&=><),??<&,B&)6A,*6&A,&=(H+*)6DE<&A,&)<-@,)*B,-:<?% & *-*)*6+B,-:,&=<>&

B,*<&A6&*B=>,??E<&A,&+*C><?%&A,=<*?&A,&^<>-6*?K&/&*-C,-DE<&A,&c(:,-H,>5&=<A,&?,>&)<-?*A,>6A6&(B6&

A6?&B6*?&*B=<>:6-:,?&:,)-<+<5*6?&A,&*-F<>B6DE<K

1&=*-:<>&86B(,+ &t*-+6a&2>,,?,&f<>?,&6=,>F,*D<<(&6?&,;=,>*P-)*6?&A,&fK&t6>6A6a&?<H>,&

,+,:><B65-,:*?B<&,%&,B&.RTi%&)<-?:>(*(&<&=>*B,*><&6=6>,+@<&:,+,5>JF*)<&>,5*?:>6A<>&A,&6=,-6?&(B&

F*<u&:6BHIB&,?:6H,+,),(&<?&=>*-)Q=*<?&A<&)MA*5<&A,&=<-:<?%&:>6D<?&,&*-:,>C6+<?&A,&6)<>A<&)<B&6&

=>,?,-D6&<(&6(?P-)*6&A,&*B=(+?<?&,+I:>*)<?K&1&*-C,-:<%&=6:,-:,6A<&,B&.RTl%&?*B=+*F*)6C6&6&<=,>6DE<&

A<?&B<A,+<?&6-:,>*<>,?&=<>&?(6&,F*)*P-)*6&<&N(,&=,>B*:*(&6&=<=(+6>*V6DE<&A<&(?<K&1&:,+I5>6F<&=<A,&

?,> &)<-?*A,>6A<&(B&A<? &=>*-)*=6*? &B,*<? &A,&)<B(-*)6DE<&6 & +<-56&A*?:Y-)*6 &A< &?I)(+< &n3n&6<&

)<B,D<&A<&?I)(+<&nn&N(6-A<&F<*&?(H?:*:(QA<&=,+<&:,+,F<-,K

XB&.RTm%&6=6>,),(&<(:>6& *-C,-DE<&>,C<+()*<-J>*6d &<&6>:*?:6&,&=,?N(*?6A<>&F>6-)P?&'<(*?U

p6)N(,?Uf6-AI&L65(,>>,&<H:,C,&6&=>*B,*>6&F<:<5>6F*6%&)<B&?(6&BJN(*-6&)@6B6A6&A65(,>>,M:*=<d

Page 4: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

v\KKK] &fK &L65(,>>, & A,?)<H>*( & (B &BI:<A< & A, & F*;6> & 6? & *B65,-? & N(, & ?E<&>,=>,?,-:6A6? & -6 & =6>:, & =<?:,>*<> & A6 & )YB6>6 & ,?)(>6% & A, & F<>B6 & N(, & ,?:6?&*B65,-?&-E<&?,^6B&>,F+,;<?&:,B=<>J>*<?&A<&<H^,:<%&,&?*B&?(6&*B=>,??E<&F*;6&,&A(>JC,+Kw&\l&A,&^6-,*><&A,&.RTm%&*+$!,-&$'.'/!0.1$&&$]K

E#3F*GA*46,316*+1*:6,*":,*.#",+,*16*HIJK

E($.1A*@..'ALLMMMF"2133,.F%(6L'@(.(@#).("NL@#).("NL+,3:1""[email protected]*O%1))(*16A*GP*Q:2F*GPPKF

X-:>, & 6? & :,)-<+<5*6? & A, & )<B(-*)6DE< & N(, & B<H*+*V6>6B & 6? & :>6-?F<>B6DG,? & ?<)*6*?%&

,)<-rB*)6?&,&=<+Q:*)6?%&A,?:6)6U?,&<&)6H<5>6B6K&1&=>*B,*><&)6H<5>6B6&,-C*6A<&A6&/BI>*)6&=6>6&6&

X(><=6&,B&/5<?:<&A,&.RhR&F<*&(B6&B,-?65,B&A,&?6(A6DE<&A<&0>,?*A,-:,&2()@6-6-&=6>6&>6*-@6&

o*):<>*6&)<B&6=,-6?&),-:<&,&)*-N(,-:6&=6+6C>6?&N(,&A,B<><(&:>*-:6&@<>6?&=6>6&?,>&,-C*6A6K

1&,?)<)P?&/+,;6-A,>&c>6@6B&2,++ &+,C<(&=6>6&<?&X?:6A<?&"-*A<?&<&BI:<A<&N(,&?,(&=6*%&

/+,;6-A,>&f,+C*++,&2,++&:*-@6&A,?,-C<+C*A<&=6>6&*-?:>(DE<&A,&?(>A<?UB(A<?K&L(>6-:,&B(*:<?&6-<?%&

<&)*,-:*?:6&A,A*)<(U?,&6&=,?N(*?6>&6&:>6-?B*??E<&A,&?<-?&=<>&B,*<&A,&,+,:>*)*A6A,&,&A,?,-C<+C,(&

CJ>*<? & 6=6>6:<? & :I)-*)<?% & ,-:>, & <? & N(6*?% & < & :,+,F<-, & =6:,-:,6A< & ,B & .RlsK &/? & <=,>6DG,? & A,&

)<B(-*)6DE<&6&+<-56&A*?:Y-)*6&:*C,>6B&*-Q)*<&,B&.RRh%&)<B&6&F(-A6DE<&A6&!<B=6-@*6&A,&Z,+,F<-*6&

,&Z,+I5>6F<?K&

/&=><A(DE<&,&A*?:>*H(*DE<&A,&,-,>5*6%&,B&.Rlm%&A,C,BU?,&6<&)*,-:*?:6&,&*-C,-:<>&6B,>*)6-<&

Z@<B6? &/+C6 &XA*?<-% & N(, & :6BHIB& *-C,-:<( &< & F<-M5>6F<% & 6 & +YB=6A6 & ,+I:>*)6% & < & 5>6B<F<-,% & <&

:,+,:*=<%&?<B,-:,&=6>6&)*:6>&6+5(-?&,-:>,&<?&B6*?&A,&<*:<&B*+&*-C,-:<?&>,5*?:>6A<?%&6+IB&A,&B,+@<>6>&

Page 5: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

<(:><?%&)<B<&=<>&,;,B=+<%&<&:,+,F<-,&A,&c>6@6B&2,++K&XB&.Rmi%&Z@<B6?&/+C6&XA*?<-&*-C,-:<(&

:6BHIB&< & F*+B, &=,>F(>6A< & , & < & )*-,:<?)M=*<% & (B6 &BJN(*-6 &A, &=><^,DE< & *-:,>-6 &A, & F*+B,? &N(,&

=<??*H*+*:6C6&6&C*?(6+*V6DE<&A,&*B65,-?&=<>&6=,-6?&(B&,?=,):6A<>&A,&)6A6&C,VK&0<?:,>*<>B,-:,%&,B&

.Rmh%&<?& *>BE<?&'(B*x>,&)>*6>6B&(B&6=6>,+@<&B<C*A<&6&B6-*C,+6&)@6B6A<&)*-,B6:M5>6F<&N(,&

=,>B*:*6&6&=><^,DE<&A,&*B65,-?&=6>6&<&=WH+*)<K&

c(5+*,+B<&f6>)<-*&*-:,>,??<(U?,&=,+6&:>6-?B*??E<&A,&?*-6*?&?,B&F*<&,%&,B&.mmh%&<H:,C,&<?&

=>*B,*><?&>,?(+:6A<?&A,&?(6?&=,?N(*?6?K&XB&.mT7%&A,B<-?:><(&<&=>*B,*><&#-)%&:,>>,?:>,&A,&:,+,F<-*6&

,B&<-A6?&)(>:6?u&A<*?&6-<?&A,=<*?&6=>,?,-:<(&<&B,?B<&?*?:,B6&6A6=:6A<&=6>6&-6C,56DE<&B6>Q:*B6&,&

,B&.mTh&6=>,?,-:<(&<?&=>*-)Q=*<?&A<&>6A6>K

/? &)<-:>*H(*DG,? &A< &,-5,-@,*>< &,+,:>r-*)< &, & FQ?*)< & p<@- &/BH><?, &t+,B*-5 & \.RkmU.mkh]&

6=,>F,*D<6>6B&<?&*-C,-:<?&A,&Z@<B6?&XA*?<-&)<B&N(,B&:>6H6+@<(&,B&.RRi&-<&A,?,-C<+C*B,-:<&A,&

5,>6A<>,?&,& +(B*-J>*6?K &t+,B*-5&6:(<(&:6BHIB&)<B<&)<-?(+:<> &)*,-:QF*)<&A,&f6>)<-* &,B&.Rmm&

=,?N(*?6-A<&CJ+C(+6?&:,>B<*r-*)6?%&A*<A<&A,:,):<>&=6>6&?*-6*?&A,&>JA*<&F>,NOP-)*6%&)<-:>*H(*DG,?&

=6>6&:,+,5>6F*6&?,B&F*<%&)*>)(*:<?&?*-:<-*V6A<?%&,-:>,&<(:><?&6=6>6:<?&N(,&F<>B6>6B&6&H6?,&)*,-:QF*)6&

, & :I)-*)6 & =6>6 & < & A,?,-C<+C*B,-:< & A< & >JA*<% & A6 & :,+,C*?E< & , & =<?:,>*<>B,-:, & A<? & =>*B,*><?&

)<B=(:6A<>,?K

XBH<>6&6&)I+(+6&F<:<,+I:>*)6&:,-@6&?*A<&*-C,-:6A6&,B&.Rm7&=<>&X+?:,>&,&y6-?&c,:*++%&?<B,-:,&

6&=6>:*>&A6&*-C,-DE<&A,&(B&?*?:,B6&A,&>6*<?&)6:MA*)<?&,B&.mis&=<>&/>Hg,@-,+:&I&N(,&F<*&=<??QC,+&

A,?,-C<+C,>&<&?*?:,B6&F(-)*<-6+&A,&:,+,C*?E<K&/&,>6&A<&?*?:,B6&B,)Y-*)<&A,&:,+,C*?E<&)<B&:(H<&A,&

+YB=6A6&j*-<&I&6&F6?,&=<?:,>*<>&_&A,&.mTh&,&=<A,&?,>&)<-?*A,>6A6&6&=>*B,*>6&5,>6DE<&A6&ZoK&XB&

.m7k%&z+6A*B*>&{g<>aq*-&F<*&)<-:>6:6A<&=,+6&#!/&=6>6&=><A(V*>&<&=>*B,*><&:(H<&A,&Zo&H6?,6A<&

,B&?,(& *)<-<?)M=*<&\)<-C,>?<> &A,& *B65,B]K &/&=><A(DE<&,B&,?)6+6 & *-A(?:>*6+ &A<?&6=6>,+@<?&A,&

:,+,C*?E<&=<??*H*+*:<(&6?&=>*B,*>6?&:>6-?B*??G,?&<F*)*6*?&,B&.mTh&-6&/+,B6-@6&,%&+<5<&6&?,5(*>%&-6&

t>6-D6K&XB&.mTR%&*-*)*6BU?,&6?&:>6-?B*??G,?&-6&#W??*6&,&,B&.mTm%&-<?&X?:6A<?&"-*A<?K&L(>6-:,&6&

8,5(-A6&c(,>>6&f(-A*6+%&?<B,-:,&6&/+,B6-@6&-E<&?(?=,-A,(&6?&:>6-?B*??G,?K&L,=<*?&A6&5(,>>6%&

*-*)*<(U?,&(B6&-<C6&F6?,&-6&N(6+&6?&=>*-)*=6*?&Z3!?&:<>-6>6BU?,&*B=<>:6-:,?&B,*<?&A,&)<B(-*)6DE<&

A,&B6??6K

R*9(6':.,+("*

!<B=(:6A<> & I & (B6 & BJN(*-6 & N(, & =<??*H*+*:6 & =><),??6> & A6A<? & )<B & =<()6 & *-:,>C,-DE<&

@(B6-6K &1 & @<B,B & ?,B=>, & -,),??*:<( & A,??,? & ,N(*=6B,-:<? & =6>6 & ?(6 & =>M=>*6 & ?<H>,C*CP-)*6 & ,&

6A,N(6DE<&6<&B,*<K&1&JH6)<%&)(^6&,;*?:P-)*6&>,B<-:6&6&7iii&6K!%&=<A,&)<-?*A,>6A<&<&=>*B,*><&

*-?:>(B,-:<&N(,&:<>-<(&=<??QC,+&6&>,6+*V6DE<&A,&)J+)(+<?K&/&=>*B,*>6&BJN(*-6&N(,&=,>B*:*6&>,6+*V6>&

<=,>6DG,? &B6:,BJ:*)6? & ?*B=+,? & F<* & *-C,-:6A6 & =<> & ',<-6>A< & A6 &o*-)* & ,B & .hiiK &L,?A, & 6N(,+6&

Page 6: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

<)6?*E<%&<?&*-C,-:<?&=6>6&>,6+*V6>&<=,>6DG,?&B6:,BJ:*)6?&,&=6>6&,?)>,C,>&F<>6B&6=,>F,*D<6-A<U?,&

A,C*A<&_ & *-:,5>6DE<&,-:>, &)*P-)*6 &, & :I)-*)6K &1&=><),??<&,-C<+C,(% &A,?A,&6 &)>*6DE<&A<&=>*B,*><&

)MA*5<&H*-J>*<&=<>&t>6-)*?&26)<-&\.hs.U.s7s]%&=6??6-A<&=,+<?&+<56>*:B<?&)>*6A<?&=<>&p<@-&46=*,>&

,B&.s.k&=6>6&F6)*+*:6>&6?&<=,>6DG,?&B6:,BJ:*)6?&,&A,=<*?&=,+<&?*?:,B6&H*-J>*<&\=<>&B,*<&A,&i&,&.]&

A, & ',*H-*:V & N(, & *-?:6(><( & 6 & +M5*)6 & F<>B6+ & , & ,?:*=(+<( & <? & )<-),*:<? & C,>A6A,*><9F6+?<%&

+*56A<9A,?+*56A<%&CJ+*A<9&*-CJ+*A<&6:I&<?&)6>:G,?&=,>F(>6A<?&A<&:,6>&B,)Y-*)<&A,&p6)N(6>A&,B&.Ri.%&

=<??*C,+B,-:,&6&=>*B,*>6&BJN(*-6&=><5>6BJC,+K&

/?&=>*B,*>6?&)6+)(+6A<>6?&=<>:J:,*?&)<B,D6>6B&6&?,>&)<B,>)*6+*V6A6?&,B&.R7iK&!@6>+,?&0K&

26HH65, & )>*<(% & ,B &.R7T% & (B6 & )6+)(+6A<>6 & N(, & >,6+*V6C6 & <? & )J+)(+<? & ?,B &-,),??*A6A, & A, & (B&

<=,>6A<>K&1?&=><5>6B6?&=6>6&6&BJN(*-6&F<>6B&)>*6A<?&=<>&/A6&'<C,+6),%&=*<-,*>6&A6&=><5>6B6DE<&

=<>&,?:6H,+,),>&)<-),*:<?&)<B<&?(HU><:*-6&\?,NOP-)*6&A,&*-?:>(DG,?]% &#((2& \>,=,:*DE<&A6&?,NOP-)*6&

A,&,;,)(DE<]%&?6+:<&)<-A*)*<-6+&\A,?C*<&?,&6&)<-A*DE<&F<??,&?6:*?F,*:6]K&&26HH65,&A,:,>B*-<(&N(,&(B&

6=6>,+@<&A,&)<B=(:6DE<&A,C,>*6&?,>&)<B=<?:<&=<>&(B&A*?=<?*:*C<&A,&,-:>6A6%&(B6&B,BM>*6&,&(B&

A*?=<?*:*C<&A,&?6QA6K

E#3F*JA*46,316*',"%#,2*+,*%,2%:2,+(",*+1*S,DD,31

E($.1A*@..'ALL'.FM#T#'1+#,F("3LM#T#LE#%@1#"(A*S,DD,31B#551"1$%1U$3#$1FV'3

/&=>*B,*>6&BJN(*-6&A,&,?)>,C,>%&*-C,-:6A6&=<> &!@>*?:<=@,>&'6:@6B&8@<+,?&,B&.Rsl%& F<*&

=6:,-:,6A6&,&C,-A*A6&_&#,B*-5:<-&!<B=6-a&,B&.RlT%&B6?&?M&)<B,D<(&6&?,>&F6H>*)6A6&,B&.RllK&

XB & .Rmi% &y,>B6- & y<++,>*:@& \.RsiU.m7m]% & 0@L & ,B & ,?:6:Q?:*)6 & , & F(-A6A<> & A6 & ,B=>,?6 & Zf!&

\*.34#.&-() !5.6+-)$ !7(82.)/]% & 6=,>F,*D<<( &6 & *A,*6 &A, &26HH65, &6< & *-C,-:6> &(B6 &BJN(*-6 &A,&

=><),??6B,-:<&A,&A6A<?&H6?,6A6&-6&?,=6>6DE<&A,&)6>:G,?&=,>F(>6A<?&A,&6)<>A<&)<B&(B&)MA*5<K&pJ&

,B&.miT%&4*q<+6&Z,?+6&=6:,-:,<(&<?&=>*B,*><?&)*>)(*:<?&,+I:>*)<?%&<?&?g*:)@,?K&0<?:,>*<>B,-:,%&,B&

.m.k% &6 &Zf!&(-*(U?, &6 &<(:>6? &,B=>,?6? &, & F<>B<(&6&!Z#!&\7(824&-)9 !*.34#.&-() !:$6(';-)9!

7(82.)/]&N(,&,B&.m7k&B(A<(&A,&-<B,&=6>6&32f&\<)&$').&-().#!=4>-)$>>!5.6+-)$]K &f6*?&:6>A,%&

Page 7: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

,B&.mTi%&6&BJN(*-6&A,&:,+,:*=<&(-*(U?,&6&BJN(*-6&A,&,?)>,C,>%&>,?(+:6-A<&,B&(B6&-<C6&F<>B6&A,&

)<B(-*)6DE<&:,+,5>JF*)6K&&

/*-A6&-6&AI)6A6&A,&Ti% &o6--,C6>&2(?@&)<-?:>(*( &<&6-6+*?6A<>&L*F,>,-)*6+&B,)Y-*)<&N(,&

=<??*H*+*:6C6&6&>,?<+(DE<&A,&,N(6DG,?&A*F,>,-)*6*?K&1&*-C,-:<&B6>)<(&<&*-Q)*<&A6&=>*B,*>6&5,>6DE<&

A,&)<B=(:6A<>,? &N(,&6H>6-5,&<&=,>Q<A<&6:I&.mhmK&/+IB&A,&=<()<&,F*)*,-:,% &6?&BJN(*-6?&,>6B&

=,?6A6?%&+,-:6?&,&<&6N(,)*B,-:<&A*F*)(+:6C6&6*-A6&B6*?&6&<=,>6DE<K

8<B,-:, & -< & =,>Q<A< & A, &.mTh9.mTR& j<->6A & {(?,& \.m.iU.mmh] & )<-?:>(*( & < & =>*B,*><&

)<B=(:6A<>&,+,:><UB,)Y-*)<&=><5>6BJC,+&)@6B6A<&{.&N(,&^J&)<-:*-@6&6?&=6>:,?&A,&(B&)<B=(:6A<>&

B<A,>-<d&(-*A6A,&A,&)<-:><+,%&B,BM>*6&,&+M5*)6&)<B&=<-:<&F+(:(6-:,K&0<?:,>*<>B,-:,%&)<B&y,+B(:&

8)@>,a,>% &{(V,&)<-?:>(*(&<&B<A,+<&{7K &/&=>*B,*>6 & +*-5(65,B&A,&=><5>6B6DE<&A,&6+:< &-QC,+% &6&

0+6-q6+q(+%&:6BHIB&F<*&)>*6A6&=<>&j<->6A&{(?,K&

E#3F*WA*X($",+*Y:Z1*,(*2,+(*+(*YH

E($.1A*@..'ALLMMMF#61F:)'FD"L[6,%6:2.#L@#).("#%(L@#).%(6'H\[email protected]

/< &B,?B< & :,B=<% & ,B & .mTs% &/+6-% & f6:@*?<- & Z(>*-5& \.m.7U.mhk] & , &/+<-V< & !@(>)@%&

:>6H6+@6-A<&?,=6>6A6B,-:,%&A,?,-C<+C,>6B&(B&6+5<>*:B<&\)<-^(-:<&F*-*:<&A,&<=,>6DG,?&N(,&+,C6B&6&

(B&>,?(+:6A<]&=<??*H*+*:6-A<&A,F*-*>&<?&+*B*:,?&A<&N(,&=<A,>*6&?,>&(B&)<B=(:6A<>K&/&=6>:*>&A6&:,?,&

A, &Z(>*-5% & -6?)*6 & < &B<A,+< & :,M>*)< & A< & )<B=(:6A<> & )6=6V & A, & A,?)>,> & <? & 6?=,):<? & +M5*)<? & A<&

F(-)*<-6B,-:<&)<B<&B,BM>*6%&,?:6A<?&,&:>6-?*DG,?K&/&BJN(*-6&A,&Z(>*-5&-E<&=<A,&?,>&)<-?:>(QA6%&

B6?&?*B(+6C6&<&B<A<&<=,>6)*<-6+&A,&(B&)<B=(:6A<>&B<A,>-<K

Page 8: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

E#3F*]A*"1'"1)1$.,78(*,".&).#%,*+1*:6,*6^_:#$,*+1*0:"#$3

E($.1A*@..'ALL'.FM#T#'1+#,F("3LM#T#L`a9JaOH_:#$,\+1\0:"#$3

XB&.mTR&?(>5,&6&y0&U&(B6&,B=>,?6&C<+:6A6&6&F6H>*)6DE<&A,&,N(*=6B,-:<?&,+,:>r-*)<?K4<&=,>Q<A<&A6&8,5(-A6&c(,>>6&f(-A*6+%&o6--,C6>&2(?@&)<<>A,-<(&6&=,?N(*?6&)*,-:QF*)6&A<&

?@@-6$!(@!A6-$)&-@-6!:$>$.'6+!.);!B$C$#(28$)&&-<?&X"/%&(B6&<>56-*V6DE<&N(,&)<-:6C6&)<B&),>)6&

A,&?,*?&B*+&=,?N(*?6A<>,?&A,A*)6A<?&_&=,?N(*?6&=6>6&F*-6+*A6A,?&HI+*)6?K&o6--,C6>&2(?@&:6BHIB&F<*&

=><F,??<>&-<&f3Z&U &5.>>.6+4>$&&>!<)>&-&4&$!(@!*$6+)(#(9/& U&,&-<&!6>-,5*,&3-?:*:(:,%&B6?&?<B,-:,&

)<B&6&=(H+*)6DE<&,B&^(+@<&A,&.mkh&A<&6>:*5<&*-:*:(+6A<&D>!E$!5./!*+-)%F&-6&>,C*?:6&vZ@,&/:+6-:*)w%&

:<>-<(U?,&>,)<-@,)*A<&=<>&?(6?&*AI*6?K&4<&6>:*5<%&N(,&=<A,&?,>&)<-?*A,>6A<&(B&,?:QB(+<&=6>6&<?&

)*,-:*?:6?&A<&=,>Q<A<&A<&=M?U5(,>>6%&,+,&,+,-)6&6&*B=<>:Y-)*6&A<?&)<-@,)*B,-:<?&6)(B(+6A<?&=6>6&

CJ>*6?&J>,6?&A6&)*P-)*6&N(,&:,>*6B&>,F+,;<?&-6?&=>M;*B6?&5,>6DG,?K&!<-?*A,><(&6?&A*F*)(+A6A,?&=6>6&

,-)<-:>6>&(B&A<)(B,-:<&6>B6V,-6A<&(:*+*V6-A<&6?&:I)-*)6?&:>6A*)*<-6*?&\6+F6HI:*)6&<(&-(BI>*)6]&,&

?(5,>*(&6&)<-),=DE<&A,&(B&A*?=<?*:*C<&=6>6&(?<&*-A*C*A(6+%&<&B,B,;&\8$8('/!$G&$)>-()]&=<>&B,*<&

A<&N(6+&?,>*6&=<??QC,+&6>B6V,-6>&+*C><?%&A6A<?&,&)<B(-*)6DG,?K&/&=>*-)*=6+&C6-:65,B&A<&A*?=<?*:*C<&

?,>*6&=,>B*:*>&)<-?(+:6?&>J=*A6?&,&A,&B6-,*>6&F+,;QC,+K&

XB&.mkR%&!+6(A,&XK&8@6--<-&A,F,-A,&6& :,?, &A/83(#-6!D).#/>-> !(@ !:$#./!.);!AH-&6+-)9!

7-'64-&>& -<&f3Z&\3-?:*:(:<&A,&Z,)-<+<5*6&A,&f6??6)@(??,:?]&-6&N(6+ &A,B<-?:>6&6&)<-,;E<&,-:>,&

+M5*)6&?*BHM+*)6 &, &)*>)(*:<? &,+I:>*)<?K &0<?:,>*<>B,-:,&?(6? & *AI*6? & F<>6B&A*C(+56A6? &-<&6>:*5< &D!

5.&+$8.&-6.#!*+$('/!(@!7(884)-6.&-()K &1&,?:(A<&I&>,?(+:6A<&A6?&>,F+,;G,?&A,&8@6--<-&?<H>,&6?&

:,<>*6?&=><=<?:6?&=<>&4<>H,>:&z*,-,>&,&p<@-&C<-&4,(B6--K&\f/ZZX'/#Zu&f/ZZX''/#Z%&7ii7%&

=K&hl]K

/ & 33 & c(,>>6 & f(-A*6+ & )<-?:*:(*( & (B & )6B=< & =><=Q)*< & =6>6 & =,?N(*?6 & , & ,+6H<>6DE< & A,&

)<B=(:6A<>,?&)<B&<H^,:*C<?&B*+*:6>,?K&

k &&L*?=<-QC,+&,Bd&@::=d99gggK:@,6:+6-:*)K)<B9A<)9.mkhil9H(?@|&/),??<&,Bd&.7&/H>K&7iiRK

Page 9: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

E#3F*bA*46,316*+(*`,"T*4*'"(V1.,+(*16*HKWW*$()*UcO*'12,*`,"#$@,d*c$#<1")#+,+1*+1*-,"<,"+*1*4S`

E($.1A*@..'ALLMMMF#61F:)'FD"L[6,%6:2.#L@#).("#%(L@#).%(6'H\[email protected]*O%1))(*16A*H]*B1ZF*GPPI

1 & =>*B,*>< & )<B=(:6A<>% & < & /2!% & F<* & )<-?:>(QA< & =<> &p<@- & o*-),-: & /:6-6?<FF& , & <&

,?:(A6-:,&!+*FF<>A&2,>>a& -6&"-*C,>?*A6A,&X?:6A(6+&A,&3<g6&,B&.mk7%&B6?&6&=6:,-:,&A<&=>*B,*><&

)<B=(:6A<>&,+,:>r-*)<%&<&X43/!%&F<*&<H:*A6&=<>&p<@-&zK&f6()@+a&,&pK&0>,?=,>&X)q,>:K&

4<&)<-5>,??<&A6 &D8$'-6.)!5.&+$8.&-6.#!A(6-$&/& ,B&.mki&F<*&A,B<-?:>6A6%&=,+6&=>*B,*>6&

C,V%&6&<=,>6DE<&A6&=>*B,*>6&)6+)(+6A<>6&)<B&BJN(*-6&A,&?<B6>%&>,+P?&:,+,Fr-*)<?&,&-<:6DE<&H*-J>*6&

\-<:6DE<&,B&H6?,&7%&*?:<&I%&<&H*:&?M&=<A,&6??(B*>&<?&C6+<>,?&i&<(&.]&A,&-WB,><?&N(,&=,>B*:*6&6&

>,6+*V6DE<&A,&)J+)(+<?&6&A*?:6-)*6K&/&>,A,&A,&:,+,=><),??6B,-:<&A,&c,<>5,&8:*H*:V&F<*&=>,)(>?<>6&A6?&

6:(6*? & >,A,? &A, &)<B(-*)6DE< &A, &A6A<?K &4,??, &B,?B<&6-<% & F<* &)>*6A< &< &=>*B,*>< &:,>B*-6+& N(,&

>,6+*V6C6&<?&)J+)(+<?&,&(B&:,)+6A<&A,&:,+,:*=<&=,+<&N(6+&,>6B&*-:><A(V*A<?&<?&A6A<?&,&,>6B&+*A<?&<?&

>,?(+:6A<?K

XB&.mks&?(>5,&6&/>N(*:,:(>6&A,&o<-&4,(B6--%&H6?,&A<?&)<B=(:6A<>,?&B<A,>-<?%&=><=<-A<&

N(, & (B & =><5>6B6% & A6 &B,?B6 & F<>B6 & N(, & <? & A6A<?% & =<A,>*6 & ?,> & 6>B6V,-6A< & -6 &B,BM>*6 & A<&

)<B=(:6A<>K &/? & )6>6):,>Q?:*)6? &A,??6 & 6>N(*:,:(>6 & ,?:E< &A,?)>*:6? & 6H6*;< & , & =,>B*:*>6B&65*+*A6A,%&

C,>?6:*+*A6A,&,&6(:<B<A*F*)6DE<d&

• "?<&A,&(-?&,&V,><?&=6>6&)<A*F*)6>&6?&*-?:>(DG,?&6>B6V,-6A6?&-6&B,BM>*6&A<&)<B=(:6A<>u

• />B6V,-6B,-:<&A6?&*-?:>(DG,?&-6&B,BM>*6u

• L(>6-:,&<&=><),??6B,-:<&A<&=><5>6B6%&6&H(?)6&A6?&*-?:>(DG,?&A,C,>*6&6)<-:,),>&A*>,:6B,-:,&

-6&B,BM>*6&,&-E<&6&)6A6&=6??<&)<B<&,>6&>,6+*V6A6&-<?&)6>:G,?&=,>F(>6A<?K&

1&=>*B,*><&:>6-?*?:<>&\)<-A(:<>&,&*?<+6-:,&A,&)<>>,-:,&,+I:>*)6]&)<B&F(-DE<&A,&6B=+*F*)6>&,&

)@6C,6>&<?&?*-6*?&,+I:>*)<?&F<*&=><^,:6A<&-<?&'6H<>6:M>*<?&2,++&,B&.mklK&1&N(,&?,&?,5(*(&F<*&(B6&

>,C<+(DE<&A6&,+,:>r-*)6%&=<*?&<&:>6-?*?:<>%&(B&?(H?:*:(:<&,F*)*,-:,&A6&CJ+C(+6%&=<??*H*+*:<(&>6=*A,V&,&

,)<-<B*6&A,&,+,:>*)*A6A,&,C*:6-A<&6&5,>6DE<&A,&)6+<>K&/&=6>:*>&A6Q%&<?&)<B=(:6A<>,?&:<>-6>6BU?,&

)6A6&C,V&B,-<>,?&,&<?&,F,*:<?&A,??6&*-<C6DE<&=<A,B&?,>&C*?:<?&,B&:<A6?&6?&J>,6?&A6&)*P-)*6&,&

:,)-<+<5*6K&1&:,>B<&:>6-?*?:<>&?*5-*F*)6&v&'.)>@$'!'$>->&('w%&<(&?,^6%&>,?*?:<>&A,&:>6-?F,>P-)*6K&8,(?&

Page 10: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

A,?,-C<+C,A<>,?%&8@<)q+,a%&2>6::6*-&,&26>A,,-&56-@6>6B&<&=>PB*<&4<H,+&A,&tQ?*)6&,B&.mhsK&/&

=><A(DE< & ,B & B6??6 & A, & :>6-?*?:<>,? & , & )*>)(*:<? & *B=>,??<? & =>*-)*=*6 & 6 & ?,5(-A6 & 5,>6DE< & A,&

)<B=(:6A<>,?&-6&AI)6A6&A,&siK&1(:>6&*-C,-DE<&A6&AI)6A6&N(,&B,>,),&A,?:6N(,&F<*&<&=><^,:<&A<&

B<A,B & \B<A(+6A<> & ` & A,B<A(+6A<>] & =,+6 &/Z}Z & \,B=>,?6 & F(-A6A6 & =<> & c>6@6B & 2,++] & =6>6&

:>6-?B*??E<&A,&A6A<?&=<>&>,A,?&6:>6CI?&A6&)<-C,>?E<&A,&*-F<>B6DG,?&H*-J>*6?&\A,&V,><?&,&(-?]&,B&

F>,NOP-)*6?&\:<-?]&6(AQC,*?&N(,&=<A*6B&?,>&:>6-?B*:*A<?&=,+<&?*?:,B6&:,+,Fr-*)<K

0<A,U?,&A*V,> &N(,&6 & :,>),*>6 &5,>6DE<&A,&)<B=(:6A<>,? &)<B,D<(&N(6-A<&6&,B=>,?6&3-:,+&

=6??<( & 6 & =><A(V*> &B*)><=><),??6A<>,? & N(, & ?E< & )*>)(*:<? & *-:,5>6A<? & A< & :*=< & '83 & \#.'9$ ! >6.#$!

-)&$9'.&-()]&N(,&*-:,5>6&<&)*>)(*:<&+M5*)<&A,&(-*A6A,&),-:>6+&A,&=><),??6B,-:<&,B&(B&=,N(,-<&)@*=&

\B*+@6>,? & A, & )*>)(*:<? & :>6-?*?:<>*V6A<? & B*)><B*-*6:(>*V6A<?& ,B & (B6 & =6?:*+@6 & A, & ?*+Q)*<]&

=<??*H*+*:6-A<&6&)<-?:>(DE<&A,&B*-*&,&B*)><)<B=(:6A<>,?K&46&B,?B6&AI)6A6&?(>5*>6B&<?&5>6-A,?&

)<B=(:6A<>,?&\8.-)@'.8$>]K&

/ & N(6>:6 & 5,>6DE< & A, & )<B=(:6A<>,?% & N(, & )<>>,?=<-A, & _ & 6:(6+% & *-*)*<(U?, & ,B & .mli & ,&

)6>6):,>*V6U?,&=>*-)*=6+B,-:,&=,+<&6=,>F,*D<6B,-:<&A6&:,)-<+<5*6&,;*?:,-:,K&&/&/==+,%&(B6&,B=>,?6&

F(-A6A6&,B&.mls&6+)6-D<(&?(),??<&A,&C,-A6&A,&)<B=(:6A<>,?&,B&.mR7K&XB&.mR.&6&32f&+6-D<(&?,(&

)<B=(:6A<> & )@6B6A< & 0! & \I$'>().#& 7(824&$'] & N(, & =<?:,>*<>B,-:, & :<>-<(U?, & ?*-r-*B< & A,&

)<B=(:6A<>,? & A, & (?< & =,??<6+K & XB & .mRk% & 6 &/==+, & +6-D<( & < & )<B=(:6A<> &f6)*-:<?@ & )<B & (B6&

:,)-<+<5*6&A*F,>,-)*6A6&)@6B6A6&*-:,>F6),&5>JF*)6&\c"3&` &9'.2+-6.#!4>$'!-)&$'@.6$]&)6>6):,>*V6A6&

=,+<&?(=<>:,&C*?(6+&A,&^6-,+6?% &B,-(?%& Q)<-,?%&F*5(>6?% &)6*;6?&A,&A*J+<5<&,&B,-?65,B%&H6>>6&A,&

F,>>6B,-:6?%&H<:G,?&,&)<-:><+,?&N(,&A*?=,-?6C6B&6&>,A6DE<&A6&+*-@6&A,&)<B6-A<K&/&:,)-<+<5*6&A,&

*-:,>F6),&5>JF*)6&=6??<(&=<>&CJ>*6?&,:6=6?&A,&6=>*B<>6B,-:<&A,?A,&6&AI)6A6&A,&siK&

/&f*)><?<F:% & F(-A6A6 & ,B & .mls & =6>6 & =><A(V*> & ?<F:g6>,? & =6>6 & 0!~?% & :<>-<(U?, & +QA,> & A,&

B,>)6A< & -6 & =><A(DE< & A, & ?*?:,B6? & <=,>6)*<-6*?% & 6BH*,-:,? & A, & A,?,-C<+C*B,-:< & A, & =><5>6B6?%&

?,>C*A<>,? & \*-)+(?*C,&A,&)<>>,*<&,+,:>r-*)<]% & ^<5<? &,&< &-6C,56A<> & 3-:,>-,: &X;=+<>,> &,-:>, &<(:><?&

=><A(:<?K&

/&=6>:*>&A,&.mRi%&*-*)*6U?,&6&F6?,&A<?&)<B=(:6A<>,?&,B&>,A,&,&A,&=<>:6H*+*A6A,K&/?&>,A,?&

A,=,-A,B & A6? & :,+,)<B(-*)6DG,? & N(,% & =<> & B,*< & A, & (B & ?*?:,B6 & )@6B6A< & :,)-<+<5*6 & A, & -M?%&

)<B=<?:6&A,&><:,6A<>,?%&)<B(:6A<>,?&,+,:>r-*)<?&,&-<C6?&)<-,;G,?%&=,>B*:,B&6&)<B(-*)6DE<&,-:>,&

<?&)<B=(:6A<>,?&+<)6+*V6A<?&,B&A*F,>,-:,?&+<)6*?K

8:,C,-&p<@-?<-&,B&?,(&+*C><&6&74#&4'.!;.!<)&$'@.6$&\7ii.%&=K&.im]&6F*>B6&N(,&^J&-6&AI)6A6&

A,&.mli&6&3-:,+&:*-@6&:,)-<+<5*6&\)@*=?%&<&)*>)(*:<&*-:,5>6A<&,&6&F<-:,&A,&6+*B,-:6DE<]&=6>6&F6H>*)6>&

)<B=(:6A<>,?&=,??<6*?%&B6?&6?&=><=<?:6?&-E<&F<>6B&6=><C6A6?K

&

Page 11: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

4$5",?1).":.:",*R'1",%#($,2*+,*4$.1"$1.*

1&A,?,-C<+C*B,-:<&:,)-<+M5*)<&,&)*,-:QF*)<&=><=*)*<(&6&*-:,5>6DE<&A6?&=<:,-)*6+*A6A,?&A,&

)6A6&?*?:,B6&>,?(+:6-A<&-6&3-:,>-,:%&(B6&,?:>(:(>6&5+<H6+&N(,&*-:,>+*56&<?&)<B=(:6A<>,?&,&<(:><?&

,N(*=6B,-:<?&=6>6&=<??*H*+*:6> &<&>,5*?:><% &6&=><A(DE<%& :>6-?B*??E<&,&>,),=DE<&A,&*-F<>B6DG,?&,&

=,>B*:,&6&)<B(-*)6DE<&,-:>,&6?&=,??<6?&*-A,=,-A,-:,B,-:,&A6&=<?*DE<&5,<5>JF*)6K&1&:,>B<&I&(?6A<&

:6-:<&=6>6&A,F*-*>&6&*-F>6U,?:>(:(>6&\>,A,&=WH+*)6?&A,&Z!0930&,&<(:>6?&>,A,?&*-:,>+*56A6?]&)<B<&=6>6&

*-A*)6>&<&(?<&=WH+*)<&\zzz%&,UB6*+&,&,?=6D<?&C*>:(6*?&N(,&=,>B*:,B&6&)<B(-*)6DE<]K

& /&=>*B,*>6&,;=,>*P-)*6&A,&)<-,;E<&A,&)<B=(:6A<>,?&<)<>>,(&,B&.msm&=<>&*-*)*6:*C6&A6&

/#0/ & \D;C.)6$; ! :$>$.'6+ ! I'(J$6&> ! D9$)6/]% & (B6 & 65P-)*6 & -<>:,U6B,>*)6-6 & F*-6-)*6A6 & =,+<&

5<C,>-<&N(,&>,(-*6&B*+*:6>,?&,&=,?N(*?6A<>,?&)<B&<&<H^,:*C<&A,&,+6H<>6>&=><^,:<?&:,)-<+M5*)<?K&/&

/#0/#4XZ%&=>,)(>?<>6&A6&3-:,>-,:%&+*56C6&*-*)*6+B,-:,&<?&A,=6>:6B,-:<?&A,&=,?N(*?6&,&,-:*A6A,?&

B*+*:6>,?K&4<&*-Q)*<&A6&AI)6A6&A,&li%&)<B=(:6A<>,?&A,&<(:>6?&*-?:*:(*DG,?&,&(-*C,>?*A6A,?&=6??6>6B&

6&*-:,5>6>&6&>,A,K&4<&F*-6+&A,??6!B,?B6&AI)6A6%&F<*&)>*6A<&<&)<-^(-:<&A,&=><:<)<+<&\+*-5(65,B&N(,&

=,>B*:*(&6&)<B(-*)6DE<&,-:>,&)<B=(:6A<>,?]&Z!0930&\*'.)>8->>-()!7()&'(#!I'(&(6(#%&0><:<)<+<&A,&

!<-:><+, & A, & Z>6-?B*??E<] & , & < & 30 & \<)&$')$& ! I'(&(6(#% & 0><:<)<+< & A, & 3-:,>-,:] & N(, & =,>B*:*( & 6&

*-:,>)<B(-*)6DE<&,-:>,&)<B=(:6A<>,?&=<>&*-)+(*>&)<B(-*)6DE<&,-:>,&<?&=><5>6B6?&,&<?&=><:<)<+<?h&

A,&:>6-?=<>:,%&:>6-?B*??E<&,&)<-:><+,&A,&>,),=DE<&A,&A6A<?&,&><:,6B,-:<&N(,&I&6&C,>*F*)6DE<&A<&

><:,6A<>&\)6B*-@<]&A,&A,?:*-<K

/:(6+B,-:,%&<&6),??<&6<&?*?:,B6&=<A,&?,>&>,6+*V6A<&=<>&B,*<&A,&>,A,&:,+,F<-*6&F*;6&\;-.#K42]%&

H6-A6U+6>56&\)6H<? &<(&F*H>6?&M=:*)6?]% & :,)-<+<5*6&A,& *-:,>)<-,;E<&?,B&F*<& \H-'$#$>>]% & ?6:I+*:,? &,&

:,+,F<-,?&),+(+6>,?K

eee*

/&zzz&\E('#;!E-;$!E$3]%&:6BHIB&)<-@,)*A6&=<> &E$3&<(&>,A,&B(-A*6+&I&(B6&=6>:,&A6&

3-:,>-,:&,&(B&A<?&?,(?&B6*?&*B=<>:6-:,?&>,)(>?<?K

1&=><^,:<&A6&zzz&F<*&,+6H<>6A<&,B&.mRm&=<>&Z*B<:@a&2,>-,>?U',,&,&:,C,&)<B<&<H^,:*C<&<&

)<B=6>:*+@6B,-:< & A, & *-F<>B6DG,? & ,-:>, & =,?N(*?6A<>,? & A< & '6H<>6:M>*< & X(><=,( & A, & 06>:Q)(+6?&

tQ?*)6?% &=><=*)*6-A<&6 &(-*E< &,-:>, &< &@*=,>:,;:< &, &6 & 3-:,>-,:K &2,>-,>?U',, &)>*<( &< &=><:<)<+< &A,&

)<B(-*)6DE< & ,?=,)*6+ & )@6B6A< &L**IM& =6>6 & :>6-?B*:*> & , & 6),??6> & *-F<>B6DG,? & \*-)+(*-A< & <?&

h &X;,B=+<?&A,&=><:<)<+<?d&8fZ0&\=6>6&,UB6*+]%&<&tZ0&\=6>6&6&:>6-?F,>P-)*6&A,&6>N(*C<?]&,&<&yZZ0&\=6>6&-6C,56DE<&g,H]K

s &yZZ0&\ya=,>Z,;:&Z>6-?F,>&0><:<)<+]&A,?*5-6&0><:<)<+<&A,&:>6-?F,>P-)*6&A,&@*=,>:,;:<K&X??,&I&<&=><:<)<+<&A,&)<B(-*)6DE<&A,&@*=,>:,;:<&N(,&I&(B6&=J5*-6&-6&*-:,>-,:K

Page 12: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

)@6B6A<?&A<)(B,-:<?&@*=,>BQA*6%&=J5*-6?&<(&?Q:*<?]&N(,&=<A*6B&)<-:,>&5>JF*)<?%&?<-?%&CQA,<?&,&

:,;:<K &Z6BHIB&F<* & *-C,-DE< &A, &2,>-,>?U',, &< &"#3 & \N)-C$'>.# !:$>(4'6$ ! <;$)&-@-$'] & 6:(6+B,-:,&

)<-@,)*A<&)<B<&"#'&\N)-@('8!:$>(4'6$!,(6.&(']&N(,&I&<&+<)6+*V6A<>%&<(&?,^6%&<&,-A,>,D<&z,HK&

06>6&6&C*?(6+*V6DE<&A6?&=J5*-6?&-6&:,+6&A<&)<B=(:6A<>&,>6&-,),??J>*<&<&(?<&A,&(B&=><5>6B6&

)@6B6A< & -6C,56A<>K &4<>B6+B,-:, & 6? & =J5*-6? & )<-:PB & @*=,>+*56DG,? & \+/2$'#-)%> ! (4 ! #-)%>] & N(,&

=,>B*:,B&6),??6>&<(:><?&A<)(B,-:<?K &/<&B<C*B,-:<&A,&?,5(*> &6?&@*=,>+*56DG,? &A,&(B6&=J5*-6&

A,-<B*-<(U?,&-6C,56>&<(&?(>F6>&-6&>,A,K&2,>-,>?U',,&A,?,-C<+C,(&6&+*-5(65,B&yZf'&\L/2$'&$G&!

5.'%42!,.)94.9$]&=6>6&6&=><A(DE<&A6?&=J5*-6?&z,H&,&:6BHIB&<&=>*B,*><&8,>C*A<>&z,H&\E$3!

A$'C$']%&(B&?<F:g6>,&)6=6V&A,&6>B6V,-6>&=J5*-6?&z,H&,B&(B&)<B=(:6A<>%&=,>B*:*-A<&<&6),??<&=<>&

<(:><?&)<B=(:6A<>,?K&

9($)#+1",7=1)*E#$,#)

1&=6-<>6B6&6=>,?,-:6A<&6:I&6N(*&<H^,:*C<(&?*:(6>&6&3-:,>-,:&-<&)<-:,;:<&A<&A,?,-C<+C*B,-:<&

)*,-:QF*)< & , & :,)-<+M5*)< & *-:,-?*F*)6A< & =>*-)*=6+B,-:, & 6 & =6>:*> & A6 & 8,5(-A6 &c(,>>6 &B(-A*6+K & 1&

,-:,-A*B,-:<&A6&3-:,>-,:&)<B<&*-F>6U,?:>(:(>6&:I)-*)6&,&?(6&(:*+*V6DE<&)<B<&B,*<&A,&)<B(-*)6DE<&

@(B6-6&)<-?:*:(,B&<&),-:><&A,??,&,?:(A<K

/&>J=*A6&,;=6-?E<&A6&3-:,>-,:%&H,B&)<B<&?(6&6H>6-5P-)*6&*-)*:<(&<?&=,?N(*?6A<>,?&+,C6-A<U

<?&6 &>,F+,:*>,B&?<H>,&?,(?& *B=6):<?&-6&?<)*,A6A,% &,)<-<B*6% &=<+Q:*)6&, &)(+:(>6K &Z>6:6U?,&A,&(B&

6??(-:<&A,&*-:,>,??,&=6>6&<&A,?,-C<+C*B,-:<&A,&=,?N(*?6?&:,M>*)6?&,&A,&)6B=<&=>*-)*=6+B,-:,&?<H>,&

<?&,F,*:<?&A6&-<C6&BQA*6K&Z6*?&,?:(A<?&?E<&A,:,>B*-6-:,?&:6-:<&=6>6&<&A,?,-C<+C*B,-:<&,&6=+*)6DG,?&

:,)-<+M5*)6?&)<B<&=6>6&6&F<>B(+6DE<&A6?&-<>B6?&A,&>,5(+6B,-:6DE<K&&

1&(?<&A6&3-:,>-,:&:,-A,%&-,),??6>*6B,-:,%&6&*-:,-?*F*)6>U?,&<&N(,&=><B<C,>J&B(A6-D6?&)(^<?&

>,F+,;<?&?,>E<&?,-:*A<?&-<?&CJ>*<?&?,:<>,?&A6&?<)*,A6A,%&,)<-<B*6%&)(+:(>6&,&,A()6DE<K&'<5<%&<?&

=><),??<? & N(, & ,-C<+C,B & ?<)*6H*+*A6A,% & N(6+*A6A, & *-,>,-:, & 6<? & *-A*CQA(<?% & :6BHIB & A,C,B&

*-:,-?*F*)6>U?,&)<B&<&6=<>:,&A6?&-<C6?&F<>B6?&A,&)<B(-*)6DE<K

/? & B<A6+*A6A,? & A, & )<B(-*)6DE< & =<??*H*+*:6A6? & =,+<? & >,)(>?<? & A6? & Z3!? & ,?:E< & ?,&

)<-?<+*A6-A<&>6=*A6B,-:,&,-N(6-:<%&6<&B,?B<&:,B=<%&6?&=,??<6?&?,&6=><=>*6B&A6?&*-<C6DG,?K

/*-A6&N(,&<&=<:,-)*6+&A,&3-:,>-,:&=6>6&)<B(-*)6DE<&?,^6&*-,5JC,+&,&N(,&)<-?:*:(6&(B&)6B=<&

=><=Q)*<&=6>6&6H>*56>&6&A*C,>?*A6A,&)(+:(>6+%&6&,A()6DE<%&6&6>,-6&=<+Q:*)6%&<&=6-<>6B6&,)<-rB*)<%&

=,>?*?:,&6&-,),??*A6A,&A,&A,:,>B*-6>&=><),??<?&A,&*-)+(?E<&A*5*:6+&=6>6&N(,&6?&=,??<6?&)<B&B,-<>&

=<A,>&6N(*?*:*C<&,&B,-<?&,?)<+6>*A6A,&:,-@6B&6),??<&_?&Z3!?K

4,??,&B<B,-:<&A,&:>6-?*DE<%&6?&=,?N(*?6?&)*,-:QF*)6?&?<H>,&6?&=>J:*)6?&A,&(?<&A6&3-:,>-,:&?E<&

F(-A6B,-:6*?&=6>6&56>6-:*>&<&,?:6H,+,)*B,-:<&A,&=<+Q:*)6?&=WH+*)6?&,&=>*C6A6?&6A,N(6A6?&,&H,-IF*)6?&

Page 13: 01%$(2(3#,)*+,*4$5(6,78(*1*9(6:$#%,78(* ;,$+1)*4$ · 9$!>6.#$! & &

_&=<=(+6DE<K

!<-)+(*U?, & N(, & 6? &Z,)-<+<5*6? & A, & 3-F<>B6DE< & , & !<B(-*)6DE< & <F,>,),B & >,)(>?<? & =6>6&

F6C<>,),>&,&,->*N(,),>&6?&6=+*)6DG,?&,&=><),??<?&=>*-)*=6+B,-:,&-6&J>,6&A,&,-?*-<&,&6=>,-A*V65,BK&

>151"f$%#,)

2"8y% & oK &/? & g, & B6a & :@*-qK &0@1 * ,.2,$.#% * 6($.@2N% & ^(+% & .mkhK &L*?=<-QC,+ & ,Bd&@::=d99gggK:@,6:+6-:*)K)<B9A<)9.mkhil9H(?@&&/),??<&,B&7h&B6*K&7iiRK

p14X8%&8K&\XA]K&U$%N%2('1+#,*(5*$1M*61+#,K&!6+*F<>-*6d&865,&0(H+*?@,>?%&7iiTK

p1y4814%&8K &9:2.:",*+,*#$.1"5,%1A& )<B<&<&)<B=(:6A<>&:>6-?F<>B6&-<??6&B6-,*>6&A,&)>*6> &,&)<B(-*)6>K&Z>6A(DE<&A,&f6>*6&'(*V6&nK&A,&/K&2<>5,?K&#*<&A,&p6-,*><d&p<>5,&{6@6>%&7ii.K&\!<+,DE<&3-:,>F6),]K

'Xf18%&/K &9#D1"%:2.:",d *.1%$(2(3#,*1*<#+,*)(%#,2*$,*%:2.:",*%($.16'("g$1,K &0<>:<&/+,5>,d&8(+*-6%&7iikK

f/ZZX'/#Z%&/Ku&f/ZZX'/#Z%&fK&-#)./"#,*+,)*.1("#,)*+,*%(6:$#%,78(K&8E<&06(+<d&'<a<+6%&7ii7K

4/Z314/'&ZX'X!1ff"43!/Z3148&/4L&34t1#f/Z314&/Lf3438Z#/Z314K&L*?=<-QC,+&,Bd&@::=d99gggK-:*6KA<)K5<C9&/),??<&,Bd&.i&A,&p(-K&7iiRK

4Xc#1014ZX%&4K*O*<#+,*+#3#.,2F&8E<&06(+<%&!<B=6-@*6&A6?&',:>6?%&.mmhK

0/!jX#%&#Ku&p1#L/4%&jK &`:2.#61+#,A*5"(6*M,3$1"*.(*<#".:,2*"1,2#.NK &4,g&$<>qd&4<>:<-&}&!<B=6-a%&7ii.K

0/#X4ZX%&/K&46,316*`^_:#$,A*6&,>6&A6?&:,)-<+<5*6?&A<&C*>:(6+K&8E<&06(+<d&XA*:<>6&Tk%&.mmTK

8y/4414%&!KXK&/&B6:@,B6:*)6+&:@,<>a&<F&)<BB(-*)6:*<-K&S122*CN).16*01%@$#%,2*Q(:"$,2%&C<+K&7l%&=K&TlmUk7T%&s7TUshs%&p(+a%&1):<H,>%&.mkRK

z3X4X#%&4K &9ND1"$1.#%)A& <>&)<-:><+&6-A&)<BB(-*)6:*<-&*-&:@,&6-*B6+&6-A&:@,&B6)@*-,K&7&,AK&!6BH>*A5,%&f/d&Z@,&f3Z&0>,??%&7iiiK

������F*0@1*@:6,$*:)1*(5*@:6,$*D1#$3)A& )aH,>-,:*)?&6-A&?<)*,:aK &!6BH>*A5,%&f/d&L6&!6=<&0>,??%&.mRRK

z3'814%&8K&4$5("6,.#($*,".)A&*-:,>?,):*<-?&<F&6>:%&?)*,-),&6-A&:,)@-<+<5aK&!6BH>*A5,%&f/d&&Z@,&f3Z&0>,??%&7ii7K

L6A<?&?<H>,&3-:,>-,:d&&@::=d99gggK*-:,>-,:g<>+A?:6:?K)<B9K&/),??<&,B&.k&A,&f6>K7i..K