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

"%(/$0-%12$,'% (((3

4'(5-,$"6'6(6"0(7%8",&9,:0-(

;:<(="*-+6(>3?@AB

C+'6:,,$1.(6"(D-%E(4:$%(F'+6-(G(H'6+$6

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I

!"#$%&'()*

+"),-#"."/012)/(2,&3"4"

!"#$%&#'(')#&(*$+,-#+%*./-000#/,*1%*,*#2)#%.)3*&#)#2)#4-$)5#2)#4-/%)#)2#-,%3%&)25
2)#,*/,*$*&+)4%6&#)#2)#,*)2%')'5#2)#)/),%*&4%)#)2#$*,000#2-#7(*#*$#8$)3,)'-8#/),)#92
&- # *$ # $%&- # 2) # %2($%6&5 # /*,- # 2- # 7(* # *$ # /,-1)&- # *$ # 2) # :*,')'0 # ;*<-, # )=&> # 2-
$)3,)'- #)(.*&+) # ) # $($ #-<-$ # ) # .*'%') # 7(* # '%$.%&(?*# 2)# :*,')' # ?#4,*4* # 2)
%2($%6&5#@)$+)#*2#/(&+-#'*#7(*#*2#4-2.-#'*#2)#%2($%6&#*$#+).A%9&#/),)#92#*2#4-2.-
'*#2-#$)3,)'-0!#
567689:!;J(8+"2',$-('(0'(%"K:.6'("6$,$1.(6"(B)#*$*&4%)#'*2#C,%$+%)&%$.-0

C-6'(0'(#$6'(6"(0'%(%-,$"6'6"%(".(0'%(L:"(6-M$.'.(0'%(,-.6$,$-."%(M-6"+.'%
6"(8+-6:,,$1.(%"(8+"%".&'(,-M-(:.'($.M".%'(',:M:0',$1.(6" (*$/*4+D4(2-$N
C-6-(0-(L:"("+'(#$#$6-(6$+",&'M".&"(%"('8'+&'(".(:.'(+"8+"%".&',$1.N(

<

4'%($M9K"."%(L:"(%"(O'.(6"%8+".6$6-(6"(,'6'('%8",&-(6"(0'(#$6'(%"(2:%$-.'.
".(:.(,:+%-(,-MP.J(6-.6"(0'(:.$6'6(6"("%&'(#$6'(<'(.-(8:"6"(%"+(+"%&'*0",$6'N
4'(+"'0$6'6(,-.%$6"+'6'(/),4%)2.*&+*(%"(6"%80$"K'(".(%:(8+-8$'(:.$6'6(K"."+'0
". ( &'.&- ( L:" ( %":6-GM:.6- ()/),+*J ( -*Q"&- ( 6" ( M"+' ( ,-.&"M80',$1.N ( 4'
"%8",$'0$R',$1.(6"(0'%($M9K"."%(6"0(M:.6-(%"(".,:".&+'J(,-.%:M'6'J(".("0
M:.6- ( 6" ( 0' ( $M'K". ( O",O' ( ':&1.-M'J ( 6-.6" ( "0 ( M".&$+-%- ( %" ( M$".&" ( ' ( %S
M$%M-N(70("%8",&9,:0-(".(K"."+'0J(,-M-($.#"+%$1.(,-.,+"&'(6"(0'(#$6'J("%("0
M-#$M$".&-(':&1.-M-(6"(0-(.-G#$#$".&"N(

70("%8",&9,:0-(%"(M:"%&+'('(0'(#"R(,-M-(0'(%-,$"6'6(M$%M'J(,-M-(:.'(8'+&"
6"(0'(%-,$"6'6 (<(,-M- (%&$+,(.*&+-#'*#(&%1%4)4%6&N(7.(&'.&- (L:"(8'+&"(6"(0'
%-,$"6'6J("%("T8+"%'M".&"("0(%",&-+(L:"(,-.,".&+'(&-6'%(0'%(M$+'6'%(<(&-6'(0'
,-.,$".,$'N(F+",$%'M".&"(8-+L:"("%&"(%",&-+("%&9 ($*/),)'-( "%("0(0:K'+(6"(0'
M$+'6'(".K'U'6'(<(6"(0'(2'0%'(,-.,$".,$'V(<(0'(:.$2$,',$1.(L:"(00"#'('(,'*-(.-
"%(%$.-(:.(0".K:'Q"(-2$,$'0(6"(0'(%"8'+',$1.(K"."+'0$R'6'N(

>

70("%8",&9,:0-(.-("%(:.(,-.Q:.&-(6"($M9K"."%J(%$.-(:.'(+"0',$1.(%-,$'0(".&+"
8"+%-.'%(M"6$'&$R'6'(8-+($M9K"."%N(

70("%8",&9,:0-(.-(8:"6"(".&".6"+%"(,-M-("0('*:%-(6"(:.(M:.6-(#$%:'0J("0
8+-6:,&-(6"(0'%(&E,.$,'%(6"(6$2:%$1.(M'%$#'(6"($M9K"."%N(7%(M9%(*$".(:.'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W

E*2+)&$4@)((&3(L:"(O'(00"K'6-('(%"+("2",&$#'J('(&+'6:,$+%"(M'&"+$'0M".&"N(7%
:.'(#$%$1.(6"0(M:.6-(L:"(%"(O'(-*Q"&$#'6-N(

70 ( "%8",&9,:0-J ( ,-M8+".6$6- ( ". ( %: ( &-&'0$6'6J ( "% ( ' ( 0' ( #"R ( "0 ( +"%:0&'6- ( < ( "0
8+-<",&-(6"0(M-6-(6"(8+-6:,,$1.("T$%&".&"N(X-("%(:.(%:80"M".&-('0(M:.6-
+"'0J(%:(6",-+',$1.('U'6$6'N(7%("0(,-+'R1.(6"0($++"'0$%M-(6"(0'(%-,$"6'6(+"'0N
Y'Q- ( &-6'% (%:% ( 2-+M'% ( 8'+&$,:0'+"%J ( $.2-+M',$1. ( - ( 8+-8'K'.6'J ( 8:*0$,$6'6 ( -
,-.%:M-(6$+",&-(6"(6$#"+%$-."%J("0("%8",&9,:0-(,-.%&$&:<"("0(.-'*2-(8+"%".&"
6"(0'(#$6'(%-,$'0M".&"(6-M$.'.&"N(7%(0'('2$+M',$1.(-M.$8+"%".&"(6"(0'("0",,$1.
?) # @*4@)( ". ( 0' ( 8+-6:,,$1. ( < ( %: ( ,-.%:M- ( ,-+-0'+$-N ( /-+M' ( < ( ,-.&".$6- ( 6"0
"%8",&9,:0-(%-.(6"(M-6-($6E.&$,-(0'(Q:%&$2$,',$1.(&-&'0(6"(0'%(,-.6$,$-."%(<(6"
0-% ( 2$."% ( 6"0 ( %$%&"M' ( "T$%&".&"N ( 70 ( "%8",&9,:0- ( "% ( &'M*$E. ( 0' (/,*$*&4%)
/*,.)&*&+*( 6" ( "%&' ( Q:%&$2$,',$1.J ( ,-M- ( -,:8',$1. ( 6" ( 0' ( 8'+&" ( 8+$.,$8'0 ( 6"0
&$"M8-(#$#$6-(2:"+'(6"(0'(8+-6:,,$1.(M-6"+.'N(

4'(%"8'+',$1.(M$%M'(2-+M'(8'+&"(6"(0'(:.$6'6(6"0(M:.6-J(6"(0'(8+'T$%(%-,$'0
K0-*'0(L:"(%"(O'("%,$.6$6-(".(+"'0$6'6(<(".($M'K".N(4'(8+9,&$,'(%-,$'0J('(0'(L:"
%"(".2+".&'("0("%8",&9,:0-(':&1.-M-J("%(&'M*$E.(0'(&-&'0$6'6(+"'0(L:"(,-.&$"."
"0("%8",&9,:0-N(F"+-(0'("%,$%$1.(".("%&'(&-&'0$6'6(0'(M:&$0'(O'%&'("0(8:.&-(6"
O',"+('8'+","+("0("%8",&9,:0-(,-M-(%:(-*Q"&-N(70(0".K:'Q"("%8",&',:0'+("%&9
,-.%&$&:$6-(8-+ ($%3&-$( 6"(0'(8+-6:,,$1.(+"$.'.&"J(L:"(%-.('0(M$%M-(&$"M8-(0'
2$.'0$6'6(P0&$M'(6"("%&'(8+-6:,,$1.N(

X- ( %" ( 8:"6" ( -8-."+ ( '*%&+',&'M".&" ( "0 ( "%8",&9,:0- ( < ( 0' ( ',&$#$6'6 ( %-,$'0
"2",&$#'N ( 7%&" ( 6"%6-*0'M$".&- ( %" ( 6"%6-*0' ( ' ( %: ( #"RN ( 70 ( "%8",&9,:0- ( L:"
$.#$"+&"(0-(+"'0(%"(8+-6:,"("2",&$#'M".&"N(Z0(M$%M-(&$"M8-(0'(+"'0$6'6(#$#$6'("%
M'&"+$'0M".&"($.#'6$6'(8-+(0'(,-.&"M80',$1.(6"0("%8",&9,:0-J(<(+"8+-6:,"(".
%S ( M$%M' ( "0 ( -+6". ( "%8",&',:0'+ ( ,-.,"6$E.6-0" ( :.' ( '6O"%$1. ( 8-%$&$#'N ( 4'
+"'0$6'6(-*Q"&$#'("%&9(8+"%".&"(".('M*-%(0'6-%N(['6'(.-,$1.('%S(2$Q'6'(.-(&$"."
-&+-(2-.6-(L:"(%:(8'%-('(0-(-8:"%&-\(0'(+"'0$6'6(%:+K"(".("0("%8",&9,:0-J(<("0
"%8",&9,:0-("%(+"'0N(7%&'('0$".',$1.(+",S8+-,'("%(0'("%".,$'(<("0(%-%&E.(6"(0'
%-,$"6'6("T$%&".&"N(

7.("0(M:.6-(,*)2.*&+*#%&:*,+%'-(0-(#"+6'6"+-("%(:.(M-M".&-(6"(0-(2'0%-N(

*D

70(,-.,"8&-(6"("%8",&9,:0-(:.$2$,'(<("T80$,'(:.'(K+'.(6$#"+%$6'6(6"(2".1M".-%
'8'+".&"%N ( 5:% ( 6$#"+%$6'6"% ( < ( ,-.&+'%&"% ( %-. ( 0'% ( '8'+$".,$'% ( 6" ( "%&'
'8'+$".,$'(-+K'.$R'6'(%-,$'0M".&"J(L:"(6"*"(%"+('(%:(#"R(+",-.-,$6'(".(%:
#"+6'6(K"."+'0N([-.%$6"+'6-(%"KP.(%:%(8+-8$-%(&E+M$.-%J("0("%8",&9,:0-("%(0'
)1%,.)4%6&( 6"(0'('8'+$".,$'(<(0'('2$+M',$1.(6"(&-6'(#$6'(O:M'.'J(<(8-+(&'.&-

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]

%-,$'0J ( ,-M- ( %$M80" ( '8'+$".,$'N ( F"+- ( 0' ( ,+S&$,' ( L:" ( '0,'.R' ( 0' ( #"+6'6 ( 6"0
"%8",&9,:0- ( 0- ( 6"%,:*+" ( ,-M- ( 0' (&*3)4%6&( #$%$*0" ( 6" ( 0' ( #$6'V ( ,-M- ( :.'
."K',$1.(6"(0'(#$6'(L:"($*#@)#@*4@-#:%$%A2*N(

**

F'+'(6"%,+$*$+("0("%8",&9,:0-J(%:(2-+M',$1.J(%:%(2:.,$-."%J(<(0'%(2:"+R'%(L:"
&$".6".('(6$%-0#"+0-J(O'<(L:"(6$%&$.K:$+('+&$2$,$'0M".&"("0"M".&-%($.%"8'+'*0"%N
Z0()&)2%F),("0("%8",&9,:0-(O'*0'M-%(".(,$"+&'(M"6$6'("0(M$%M-(0".K:'Q"(6"(0-
"%8",&',:0'+J (8:"%&- (L:" (.-% (M-#"M-% (". ("0 (&"++".- (M"&-6-01K$,- (6" ("%&'
%-,$"6'6(L:"(%"(M'.$2$"%&'(".("0("%8",&9,:0-N(F"+-("0("%8",&9,:0-(.-("%(.'6'
M9%(L:"("0($*&+%'-(6"(0'(8+9,&$,'(&-&'0(6"(:.'(2-+M',$1.(%-,$-G",-.1M$,'J(%:
*./2*-#'*2#+%*./-N(7%("0(M-M".&-(O$%&1+$,-(L:"(.-%(,-.&$"."N(

*<

70 ( "%8",&9,:0- ( %" ( 8+"%".&' ( ,-M- ( :.' ( ".-+M" ( 8-%$&$#$6'6 ( $.6$%,:&$*0" ( "

$.',,"%$*0"N ( X- ( 6$," ( M9% ( L:" ( ^0- ( L:" ( '8'+"," ( "% ( *:".-J ( 0- ( L:" ( "% ( *:".-
'8'+","^N(4'(',&$&:6(L:"("T$K"(8-+(8+$.,$8$-("%("%&'(',"8&',$1.(8'%$#'(L:"(<'
O'(-*&".$6-(6"(O",O-(8-+(%:(2-+M'(6"('8'+","+(%$.(+E80$,'J(8-+(%:(M-.-8-0$-
6"(0'('8'+$".,$'N(

*=

70(,'+9,&"+(2:.6'M".&'0M".&"(&':&-01K$,-(6"0("%8",&9,:0-(%"(6"+$#'(6"0(%$M80"
O",O-(6"(L:"(%:%(M"6$-%(%-.('(0'(#"R(%:%(2$."%N(7%("0(%-0(L:"(.-(%"(8-."
.:.,'(%-*+"("0($M8"+$-(6"(0'(8'%$#$6'6(M-6"+.'N(!",:*+"(&-6'(0'(%:8"+2$,$"(6"0
M:.6-(<(%"(*'U'($.6"2$.$6'M".&"(".(%:(8+-8$'(K0-+$'N(

*>

4' ( %-,$"6'6 ( L:" ( +"8-%' ( %-*+" ( 0' ( $.6:%&+$' ( M-6"+.' ( .- ( "% ( 2-+&:$&' ( -
%:8"+2$,$'0M".&" ( "%8",&',:0'+J ( %$.- ( 2:.6'M".&'0M".&" (*$/*4+)4(2%$+)N ( 7. ( "0
"%8",&9,:0-J($M'K".(6"(0'(",-.-MS'(+"$.'.&"J("0(2$.(.-("T$%&"J("0(6"%'++-00-(0-
"%(&-6-N(70("%8",&9,:0-(.-(L:$"+"(00"K'+('(.'6'(M9%(L:"('(%S(M$%M-N(

*?

[-M-('6-+.-($.6$%8".%'*0"(6"(0-%(-*Q"&-%(O-<(8+-6:,$6-%J(,-M-("T8-.".&"
K"."+'0(6"(0'(+',$-.'0$6'6(6"0(%$%&"M'J(<(,-M-(%",&-+(",-.1M$,-('#'.R'6-(L:"
6' ( 2-+M' ( 6$+",&'M".&" ( ' ( :.' ( M:0&$&:6 ( ,+",$".&" ( 6" ( $M9K"."%G-*Q"&-%J ( "0
"%8",&9,:0-("%(0'(/,%&4%/)2#/,-'(44%6&(6"(0'(%-,$"6'6(',&:'0N(

*@

70("%8",&9,:0-(%-M"&"('(0-%(O-M*+"%(#$#-%(".(0'(M"6$6'(L:"(0'(",-.-MS'(0"%
O'(%-M"&$6-(&-&'0M".&"N(X-("%(M9%(L:"(0'(",-.-MS' (6"%'++-009.6-%"(8-+(%S
M$%M'N(7%("0(+"20"Q-(2$"0(6"(0'(8+-6:,,$1.(6"(0'%(,-%'%(<(0'(-*Q"&$#',$1.($.2$"0(6"
0-%(8+-6:,&-+"%N(

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_

*A

4'(8+$M"+'(2'%"(6"(0'(6-M$.',$1.(6"(0'(",-.-MS'(%-*+"(0'(#$6'(%-,$'0(O'*S'
$M80$,'6- ( ". ( 0' ( 6"2$.$,$1. ( 6" ( &-6' ( +"'0$R',$1. ( O:M'.' ( :.' ( "#$6".&"
6"K+'6',$1.(6"0 ($*,( ".("0 (+*&*,N(4'(2'%"(8+"%".&"(6"(0'(-,:8',$1.(&-&'0(6"(0'
#$6' ( %-,$'0 ( 8-+ ( 0-% ( +"%:0&'6-% ( ',:M:0'6-% ( 6" ( 0' ( ",-.-MS' ( ,-.6:," ( ' ( :.
6"%0$R'M$".&- (K"."+'0$R'6- (6"0 (+*&*,( '0 (/),*4*,J(6-.6" (&-6- (^&"."+^ ("2",&$#-
6"*"("T&+'"+(%:(8+"%&$K$-($.M"6$'&-(<(%:(2:.,$1.(P0&$M'N(Z0(M$%M-(&$"M8-(&-6'
+"'0$6'6($.6$#$6:'0(%"(O'(&+'.%2-+M'6-(".(%-,$'0J(6"8".6$".&"(6$+",&'M".&"(6"0
8-6"+(%-,$'0J(,-.2-+M'6'(8-+(E0N(5-0-(%"(8"+M$&"('8'+","+('('L:"00-(L:" (&-
*G%$+*N(

*B

Z00S ( 6-.6" ( "0 ( M:.6- ( +"'0 ( %" ( ,'M*$' ( ". ( %$M80"% ( $M9K"."%J ( 0'% ( %$M80"%
$M9K"."%(%"(,-.#$"+&".(".(%"+"%(+"'0"%(<(".(0'%(M-&$#',$-."%("2$,$".&"%(6"(:.
,-M8-+&'M$".&- ( O$8.1&$,-N ( 70 ( "%8",&9,:0-J ( ,-M- ( &".6".,$' ( ' (@)4*, # :*,( 8-+
6$2"+".&"% (M"6$',$-."%("%8",$'0$R'6'% ("0(M:.6- ( L:"( <'(.-("%(6$+",&'M".&"
'8+"O".%$*0"J ( ".,:".&+' ( .-+M'0M".&" ( ". ( 0' ( #$%&' ( "0 ( %".&$6- ( O:M'.-
8+$#$0"K$'6-(L:"(2:"(".(-&+'%(E8-,'%("0(&',&-V("0(%".&$6-(M9%('*%&+',&-J(<("0(M9%
M$%&$2$,'*0"J(,-++"%8-.6"('(0'('*%&+',,$1.(K"."+'0$R'6'(6"(0'(%-,$"6'6(',&:'0N
F"+-("0("%8",&9,:0-(.-(%"($6".&$2$,'(,-.("0(%$M80"(M$+'+J(.$(%$L:$"+'(,-M*$.'6-
,-. ( "0 ( "%,:,O'+N ( 7% ( 0- ( L:" ( "%,'8' ( ' ( 0' ( ',&$#$6'6 ( 6" ( 0-% ( O-M*+"%J ( ' ( 0'
+",-.%$6"+',$1. (<( 0'( ,-++",,$1. ( 6" ( %:% ( -*+'%N ( 7% ( 0- (-8:"%&- ('0 ( 6$90-K-N (Z00S
6-.6"(O'<(,*/,*$*&+)4%6&($.6"8".6$".&"J("0("%8",&9,:0-(%"(+",-.%&$&:<"N(

*C

70 ( "%8",&9,:0- ( "% ( "0 ( O"+"6"+- ( 6" ( &-6' ( 0' ('*A%2%')'( 6"0 ( 8+-<",&- ( 2$0-%12$,-
-,,$6".&'0 ( L:" ( 2:" ( :.' ( ,-M8+".%$1. ( 6" ( 0' ( ',&$#$6'6 ( 6-M$.'6' ( 8-+ ( 0'%
,'&"K-+S'% ( 6"0 (:*,J ( 6" ( 0' ( M$%M' ( 2-+M' ( L:" ( %" ( 2:.6' ( %-*+" ( "0 ( 6"%80$"K:"
$.,"%'.&"(6"(0'(+',$-.'0$6'6(&E,.$,'(8+",$%'(L:"(8'+&"(6"("%&"(8".%'M$".&-N(X-
+"'0$R'(0'(2$0-%-2S'J(2$0-%-2$R'(0'(+"'0$6'6N(7%(#$6'(,-.,+"&'(6"(&-6-%(0-(L:"(%"(O'
6"K+'6'6-(".(:.$#"+%-(*$/*4(2)+%:-N(

<D

4'(2$0-%-2S'J(".(&'.&-(L:"(8-6"+(6"0(8".%'M$".&-(%"8'+'6-(<(8".%'M$".&-(6"0
8-6"+ ( %"8'+'6-J ( Q'M9% ( O' ( 8-6$6- ( %:8"+'+ ( 0' ( &"-0-KS' ( 8-+ ( %S ( M$%M'N ( 70
"%8",&9,:0- ( "% ( 0' ( +",-.%&+:,,$1. ( M'&"+$'0 ( 6" ( 0' ( $0:%$1. ( +"0$K$-%'N ( 4' ( &E,.$,'
"%8",&',:0'+ ( .- ( O' ( 8-6$6- ( 6$%$8'+ ( 0'% ( .:*"% ( +"0$K$-%'% ( 6-.6" ( 0-% ( O-M*+"%
%$&:'+-. ( %:% ( 8+-8$-% ( 8-6"+"% ( %"8'+'6-%\ ( %10- ( 0-% ( O' ( +"0$K'6- ( ' ( :.' ( *'%"
&"++".'N(Z%S("%(0'(#$6'(M9%(&"++".'(0'(L:"(%"(#:"0#"(-8','("($++"%8$+'*0"N(`'(.-
%" ( 8+-<",&' ( ". ( "0 (,$"0-J ( 8"+- ( '0*"+K'( ". ( %S(M$%M' ( %: ( +",O'R- ( '*%-0:&-J ( %:
".K'U-%- ( 8'+'S%-N ( 70( "%8",&9,:0- ( "% ( 0' ( +"'0$R',$1. (&E,.$,' ( 6"0 ( "T$0$-( 6" ( 0-%
8-6"+"% (O:M'.-% ( ". ( :. ( M9% ('009V ( 0' ( "%,$%$1. ( ,-.%:M'6' (". ("0 ( $.&"+$-+ (6"0
O-M*+"N(

<*

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@

Z ( M"6$6' ( L:" ( 0' ( .","%$6'6 ( "% ( %-U'6' ( %-,$'0M".&" ( "0 ( %:"U- ( %" ( O',"
.","%'+$-N(70("%8",&9,:0-("%(0'(8"%'6$00'(6"(0'(%-,$"6'6(M-6"+.'(".,'6".'6'
L:"(.-("T8+"%'(2$.'0M".&"(M9%(L:"(%:(6"%"-(6"(6-+M$+N(70("%8",&9,:0-("%("0
K:'+6$9.(6"("%&"(%:"U-N(

<<

70 ( O",O- ( 6" ( L:" ( "0 ( 8-6"+ ( 8+9,&$,- ( 6" ( 0' ( %-,$"6'6 ( M-6"+.' ( %" ( O'<'
6"%8+".6$6-(6"("00'(M$%M'(<(%"(O'<'("6$2$,'6-(:.($M8"+$-($.6"8".6$".&"(".("0
"%8",&9,:0-(%10-(8:"6"("T80$,'+%"(8-+("0(O",O-(6"(L:"("%&'(8+9,&$,'(8-6"+-%'
%"K:S' ( ,'+",$".6- ( 6" ( ,-O"%$1. ( < ( O'*S' ( L:"6'6- ( ". ( ,-.&+'6$,,$1. ( ,-.%$K-
M$%M'N(

<=

7%(0'(M9%(#$"Q'("%8",$'0$R',$1.(%-,$'0J(0'("%8",$'0$R',$1.(6"0(8-6"+J(0'(L:"(%"
O'00' ( ". ( 0' ( +'SR ( 6"0 ( "%8",&9,:0-N ( 70 ( "%8",&9,:0- ( "% ( '%S ( :.' ( ',&$#$6'6
"%8",$'0$R'6'(L:"(O'*0'(8-+(&-6'%(0'%(6"M9%N(7%(0'(+"8+"%".&',$1.(6$80-M9&$,'
6" ( 0' ( %-,$"6'6 ( Q"+9+L:$,' ( '.&" ( %S ( M$%M'J ( 6-.6" ( &-6' ( -&+' ( 8'0'*+' ( L:"6'
"T,0:$6'N(4-(M9%(M-6"+.-("%(&'M*$E.(0-(M9%('+,'$,-N(

<>

70("%8",&9,:0-("%("0(6$%,:+%-($.$.&"++:M8$6-(L:"("0(-+6".(8+"%".&"(M'.&$"."
,-.%$K-(M$%M-J(%:(M-.10-K-("0-K$-%-N(7%("0(':&-++"&+'&-(6"0(8-6"+(".(0'(E8-,'
6" ( %: ( K"%&$1. ( &-&'0$&'+$' ( 6" ( 0'% ( ,-.6$,$-."% ( 6" ( "T$%&".,$'N ( 4' ( '8'+$".,$'
2"&$,O$%&' ( 6" ( 8:+' ( -*Q"&$#$6'6 ( ". ( 0'% ( +"0',$-."% ( "%8",&',:0'+"% ( "%,-.6" ( %:
S.6-0" ( 6" ( +"0',$1. ( ".&+" ( O-M*+"% ( < ( ".&+" ( ,0'%"%\ ( :.' ( %"K:.6' ( .'&:+'0"R'
8'+","(6-M$.'+(.:"%&+-(".&-+.-(,-.(%:%(0"<"%(2'&'0"%N(F"+-("0("%8",&9,:0-(.-
"%("%"(8+-6:,&-(.","%'+$-(6"0(6"%'++-00-(&E,.$,-(,-.%$6"+'6-(,-M-(6"%'++-00-
&)+(,)2N(4'(%-,$"6'6(6"0("%8",&9,:0-("%(8-+("0(,-.&+'+$-(0'(2-+M'(L:"("0$K"(%:
8+-8$- ( ,-.&".$6- ( &E,.$,-N ( Z:.L:" ( "0 ( "%8",&9,:0-J ( &-M'6- ( *'Q- ( %: ( '%8",&-
+"%&+$.K$6-(6"(^M"6$-%(6"(,-M:.$,',$1.(6"(M'%'^J(L:"(%-.(%:(M'.$2"%&',$1.
%:8"+2$,$'0 ( M9% ( '*+:M'6-+'J ( 8'+"," ( $.#'6$+ ( 0' ( %-,$"6'6 ( ,-M- ( %$M80"
$.%&+:M".&',$1.J ( E%&' ( .- ( "% ( .'6' ( .":&+' ( ". ( +"'0$6'6J ( %$.- ( 0' ( M$%M' ( L:"
,-.#$"."('(%:(':&-M-#$M$".&-(&-&'0N(5$(0'%(.","%$6'6"%(%-,$'0"%(6"(0'(E8-,'
6-.6" ( %" ( 6"%'++-00'. ( &'0"% ( &E,.$,'% ( .- ( 8:"6". ( %"+ ( %'&$%2",O'% ( %$.- ( 8-+ ( %:
M"6$',$1.J ( %$ ( 0' ( '6M$.$%&+',$1. ( 6" ( "%&' ( %-,$"6'6 ( < ( &-6- ( ,-.&',&- ( ".&+" ( 0-%
O-M*+"% ( <'(.- (8:"6". ("Q"+,"+%"(%$(.-("% (8-+ ($.&"+M"6$- (6"("%&" (8-6"+ (6"
,-M:.$,',$1. ( $.%&'.&9."'J ("% (8-+L:" ( "%&' ( ^,-M:.$,',$1.^ ( "%( "%".,$'0M".&"
:.$0'&"+'0V(6"(2-+M'(L:"(%:(,-.,".&+',$1.(#:"0#"('(',:M:0'+(".(0'%(M'.-%(6"
0'('6M$.$%&+',$1.(6"0(%$%&"M'("T$%&".&"(0-%(M"6$-%(L:"(0"(8"+M$&".(,-.&$.:'+
"%&'('6M$.$%&+',$1.(6"&"+M$.'6'N(4'("%,$%$1.(K"."+'0$R'6'(6"0("%8",&9,:0-("%
$.%"8'+'*0"(6"0(7%&'6-(M-6"+.-J("%(6",$+J(6"(0'(2-+M'(K"."+'0(6"(0'("%,$%$1.
". ( 0' ( %-,$"6'6J ( 8+-6:,&- ( 6" ( 0' ( 6$#$%$1. ( 6"0 ( &+'*'Q- ( %-,$'0 ( < ( 1+K'.- ( 6" ( 0'
6-M$.',$1.(6"(,0'%"N(

<?

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((A

4'($*/),)4%6&("%("0('02'(<("0(-M"K'(6"0("%8",&9,:0-N(4'($.%&$&:,$-.'0$R',$1.(6"
0'(6$#$%$1.(%-,$'0(6"0(&+'*'Q-J(0'(2-+M',$1.(6"(0'%(,0'%"%J(O'*S'(,$M".&'6-(:.'
8+$M"+'(,-.&"M80',$1.(%'K+'6'J("0(-+6".(MS&$,-(".(L:"(&-6-(8-6"+(%"(".#:"0#"
6"%6" ( "0 ( -+$K".N ( 4- ( %'K+'6- ( O' ( Q:%&$2$,'6- ( "0 ( -+6".'M$".&- ( ,1%M$,- ( <
-.&-01K$,- ( L:" ( ,-++"%8-.6S' ( ' ( 0-% ( $.&"+"%"% ( 6" ( 0-% ( 'M-%J ( O' ( "T80$,'6- ( <
"M*"00",$6-(0-(L:"(0'(%-,$"6'6(&-#/-'H)#@)4*,N(C-6-(8-6"+(%"8'+'6-(O'(%$6-
8-+(&'.&-("%8",&',:0'+J(8"+-(0'('6O"%$1.(6"(&-6-%('(%"M"Q'.&"($M'K".($.M1#$0
.-(%$K.$2$,'*'(M9%(L:"(0'(,-MP.(',"8&',$1.(6"(:.'(8+-0-.K',$1.($M'K$.'+$'
8'+'(0'(8-*+"R'(6"(0'(',&$#$6'6(%-,$'0(+"'0J(&-6'#S'('M80$'M".&"("T8"+$M".&'6'
,-M-(:.'(,-.6$,$1.(:.$&'+$'N(70("%8",&9,:0-(M-6"+.-("T8+"%'J(8-+("0(,-.&+'+$-J
0-(L:"(0'(%-,$"6'6(8:"6"(O',"+J(8"+-(".("%&'("T8+"%$1.(0-(/*,.%+%'-(%"(-8-."
'*%-0:&'M".&" ( ' ( 0- (/-$%A2*N ( 70 ( "%8",&9,:0- ( "% ( 0' ( ,-.%"+#',$1. ( 6" ( 0'
$.,-.%,$".,$'(".(M"6$-(6"0(,'M*$-(8+9,&$,-(6"(0'%(,-.6$,$-."%(6"("T$%&".,$'N
7%(%:(8+-8$- (8+-6:,&-J (<(E0(M$%M- (O'(6$%8:"%&-(%:%(+"K0'%\("%(:.'(".&$6'6
%":6-%'K+'6'N(H:"%&+'(0-(L:"("%\("0(8-6"+(%"8'+'6- (6"%'++-009.6-%"(8-+(%S
M$%M-J ( ". ( "0 ( ,+",$M$".&- ( 6" ( 0' ( 8+-6:,&$#$6'6 ( M"6$'.&" ( "0 ( +"2$.'M$".&-
$.,"%'.&"(6"(0'(6$#$%$1.(6"0(&+'*'Q-(".(2+'KM".&',$1.(6"(K"%&-%J(<'(6-M$.'6-%
8-+ ( "0 ( M-#$M$".&- ( $.6"8".6$".&" ( 6" ( 0'% ( M9L:$.'%V ( < ( &+'*'Q'.6- ( 8'+' ( :.
M"+,'6-(,'6'(#"R(M9%("T&".6$6-N(C-6'(,-M:.$6'6(<(&-6-(%".&$6-(,+S&$,-(%"
O'. (6$%:"0&- ('( 0-(0'+K- (6" ("%&" (M-#$M$".&-J (".("0(,:'0 (0'%(2:"+R'%(L:"(O'.
8-6$6-(,+","+(".(0'(%"8'+',$1.(.-(%"(O'.(,**&4-&+,)'-(&-6'#S'N(

<@

[-.(0'(%"8'+',$1.(K"."+'0$R'6'(6"0(&+'*'Q'6-+(<(6"(%:(8+-6:,&-(%"(8$"+6"(&-6-
8:.&-(6"(#$%&'(:.$&'+$-(%-*+"(0'(',&$#$6'6(+"'0$R'6'J(&-6'(,-M:.$,',$1.(8"+%-.'0
6$+",&' ( ".&+" ( 0-% ( 8+-6:,&-+"%N ( Z ( M"6$6' ( L:" ( ':M".&'. ( 0' ( ',:M:0',$1. ( 6"
8+-6:,&-%(%"8'+'6-%(<(0'(,-.,".&+',$1.(6"0(8+-,"%-(8+-6:,&$#-(0'(:.$6'6(<(0'
,-M:.$,',$1.(00"K'.('(%"+("0('&+$*:&-("T,0:%$#-(6"(0'(6$+",,$1.(6"0(%$%&"M'N(70
ET$&-(6"0(%$%&"M'(",-.1M$,-(6"(0'(%"8'+',$1.("%(0'(/,-2*+),%F)4%6&(6"0(M:.6-N(

<A

="*$6- ( '0 ( M$%M- ( ET$&- ( 6" ( 0' ( 8+-6:,,$1. ( %"8'+'6' ( ,-M- ( 8+-6:,,$1. ( 6" ( 0-
%"8'+'6-J(0'("T8"+$".,$'(2:.6'M".&'0(0$K'6'(".(0'%(%-,$"6'6"%(8+$M$&$#'%('(:.
&+'*'Q-(8+$.,$8'0(%"("%&9(6"%80'R'.6-J(,-.("0(6"%'++-00-(6"0(%$%&"M'J(O',$'("0
.-G&+'*'Q-J(0'($.',&$#$6'6N(F"+-("%&'($.',&$#$6'6(.-("%&9(".('*%-0:&-(0$*"+'6'(6"
0'(',&$#$6'6(8+-6:,&$#'\(6"8".6"(6"("00'J("%(%:M$%$1.($.L:$"&'(<('6M$+'&$#'('(0'%
.","%$6'6"%(<(+"%:0&'6-%(6"(0'(8+-6:,,$1.V("00'(M$%M'("%(:.(8+-6:,&-(6"(%:
+',$-.'0$6'6N(X-(8:"6"(O'*"+(0$*"+&'6(2:"+'(6"(0'(',&$#$6'6J(<(".("0(M'+,-(6"0
"%8",&9,:0- ( &-6' ( ',&$#$6'6 ( "%&9 ( ."K'6'J ( $K:'0 ( L:" ( 0' ( ',&$#$6'6 ( +"'0 ( O' ( %$6-
$.&"K+'0M".&"(,'8&'6'(8'+'(0'("6$2$,',$1.(K0-*'0(6"("%&"(+"%:0&'6-N(Z%S(0'(',&:'0
^0$*"+',$1. ( 6"0 ( &+'*'Q-^J ( - ( "0 ( ':M".&- ( 6"0 ( -,$-J ( .- ( "% ( 6" ( .$.K:.' ( M'."+'
0$*"+',$1.(".("0(&+'*'Q-(.$(0$*"+',$1.(6"(:.(M:.6-(,-.2-+M'6-(8-+("%"(&+'*'Q-N
X'6'(6"(0'(',&$#$6'6(8"+6$6'(".("0(&+'*'Q-(8:"6"(+"".,-.&+'+%"(".(0'(%:M$%$1.
'(%:(+"%:0&'6-N(

<B

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((a

70(%$%&"M'(",-.1M$,-(2:.6'6-(".("0('$%0'M$".&-("%(:.'(/,-'(44%6&#4%,4(2),#'*2
)%$2).%*&+-N(70('$%0'M$".&-(2:.6'(0'(&E,.$,'J(<("0(8+-,"%-(&E,.$,-('$%0'('(%:(#"RN
="0(':&-M1#$0('(0'(&"0"#$%$1.J(&-6-% (0-% (A%*&*$#$*2*44%-&)'-$( 8-+ ("0(%$%&"M'
"%8",&',:0'+ ( %-. (&'M*$E. ( 0'%( '+M'% (8'+' ( "0( +"2-+R'M$".&- (,-.%&'.&" (6" ( 0'%
,-.6$,$-."%(6"('$%0'M$".&-(6"(0'%(^M:,O"6:M*+"%(%-0$&'+$'%^N(70("%8",&9,:0-
+"8+-6:,"(%:%(8+-8$-%(%:8:"%&-%(".(2-+M'(,'6'(#"R(M9%(,-.,+"&'N(

<C

70(-+$K".(6"0("%8",&9,:0-("%(0'(8E+6$6'(6"(:.$6'6(6"0(M:.6-J(<(0'("T8'.%$1.
K$K'.&"%,'(6"0("%8",&9,:0-(M-6"+.-("T8+"%'(0'(&-&'0$6'6(6"("%&'(8E+6$6'\(0'
'*%&+',,$1.(6"(&-6-(&+'*'Q-(8'+&$,:0'+(<(0'('*%&+',,$1.(K"."+'0(6"0(,-.Q:.&-(6"
0'(8+-6:,,$1.(%"(&+'6:,".(8"+2",&'M".&"(".("0("%8",&9,:0-J(,:<-(.-'-#'*#$*,
4-&4,*+-("%(Q:%&'M".&"(0'('*%&+',,$1.N(7.("0("%8",&9,:0-(:.'(8'+&"(6"0(M:.6-
%"(,*/,*$*&+)('.&"("0(M:.6-(<(0"("%(%:8"+$-+N(70("%8",&9,:0-(.-("%(M9%(L:"("0
0".K:'Q"(,-MP.(6"("%&'(%"8'+',$1.N(4-(L:"(0$K'('(0-%("%8",&'6-+"%(.-("%(%$.-
:. ( #S.,:0- ( $++"#"+%$*0" ( ,-. ( "0 ( M$%M- ( ,".&+- ( L:" ( %-%&$"." ( %: ( %"8'+',$1.N ( 70
"%8",&9,:0-(+"P."(0-(%"8'+'6-J(8"+-(0-(+"P."(*&#+)&+-#7(*#$*/),)'-N(

=D

4'('0$".',$1.(6"0("%8",&'6-+(".(*"."2$,$-(6"0(-*Q"&-(,-.&"M80'6-(>L:"("%("0
+"%:0&'6- ( 6" ( %: ( 8+-8$' ( ',&$#$6'6 ( $.,-.%,$".&"B ( %" ( "T8+"%' ( '%S\ ( ,:'.&- ( M9%
,-.&"M80' ( M".-% ( #$#"V ( ,:'.&- ( M9% ( ',"8&' ( +",-.-,"+%" ( ". ( 0'% ( $M9K"."%
6-M$.'.&"% ( 6" ( 0' ( .","%$6'6 ( M".-% ( ,-M8+".6" ( %: ( 8+-8$' ( "T$%&".,$' ( < ( %:
8+-8$-(6"%"-N(4'("T&"+$-+$6'6(6"0("%8",&9,:0-(+"%8",&-(6"0(O-M*+"(',&$#-(%"
M'.$2$"%&' (".(L:"(%:%(8+-8$-% (K"%&-%(<'(.-(%-.(%:<-%J(%$.-(6"(-&+-(L:"(0-
+"8+"%".&'N (F-+ ( "%- ( "0 ("%8",&'6-+ (.- (".,:".&+' (%: ( 0:K'+ ( ". ( .$.K:.' ( 8'+&"J
8-+L:"("0("%8",&9,:0-("%&9(".(&-6'%N(

=*

70(&+'*'Q'6-+(.-(%"(8+-6:,"('(%S(M$%M-J(8+-6:,"(:.(8-6"+($.6"8".6$".&"N(70
9G%+-(6"("%&'(8+-6:,,$1.J(%:('*:.6'.,$'J(#:"0#"('0(8+-6:,&-+(,-M-()A(&')&4%)
'*#2)#'*$/-$*$%6&N(C-6-("0(&$"M8-(<("0("%8',$-(6"(%:(M:.6-(%"(0"(#:"0#".
*G+,)I-$(,-.(0'(',:M:0',$1.(6"(%:%(8+-6:,&-%('0$".'6-%N(70("%8",&9,:0-("%("0
M'8'(6"("%&"(.:"#-(M:.6-J(M'8'(L:"(+",:*+"("T',&'M".&"(%:(&"++$&-+$-N(4'%
M$%M'% ( 2:"+R'% ( L:" ( %" ( .-% ( O'. ( "%,'8'6- ( %" ( .-% (.(*$+,)&( ". ( &-6- ( %:
8-6"+S-N(

=<

70("%8",&9,:0-(".(0'(%-,$"6'6(,-++"%8-.6"('(:.'(2'*+$,',$1.(,-.,+"&'(6"(0'
'0$".',$1.N(4'("T8'.%$1.(",-.1M$,' ("%(8+$.,$8'0M".&" (0'("T8'.%$1.(6"("%&'
8+-6:,,$1.($.6:%&+$'0(8+",$%'N(4-(L:"(,+","(,-.(0'(",-.-MS'(L:"(%"(M:"#"(8-+
%S(M$%M'(%10-(8:"6"(%"+(0'('0$".',$1.(L:"(8+",$%'M".&"(".,"++'*'(%:(.P,0"-
$.$,$'0N(

==

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((?

70 (O-M*+" (%"8'+'6- ( 6" ( %: (8+-6:,&- (8+-6:," (,'6' ( #"R( ,-. ( M'<-+ (8-&".,$'
&-6-%(0-%(6"&'00"%(6"(%:(M:.6-J(<('%S(%"(".,:".&+'(,'6'(#"R(M9%(%"8'+'6-(6"0
M$%M-N ( 7. ( 0' ( M"6$6' ( ". ( L:" ( %: ( #$6' ( "% ( 'O-+' ( 8+-6:,&- ( %:<-J ( &'.&- ( M9%
%"8'+'6-("%&9(6"(%:(#$6'N(

=>

70("%8",&9,:0-("%("0(4)/%+)2(".(:.(K+'6-(&'0(6"(',:M:0',$1.(L:"(%"(&+'.%2-+M'
".($M'K".N(

!"#$%&'()<

+")3-./"2/$")/(3()-,#-/%E/&'(

B)#.*,4)&4H)#&-#/(*'*#$*,#4-./,*&'%')#*&#$(#*$*&4%)#)(+9&+%4)#$%&-#4-.-
4)+*3-,H) # (&%:*,$)2 # '*2 # $*, # $-4%)2 # +-+)20 # J-2- # *& # *$+* # 4-&+*G+- # 2) # ,*%1%4)4%6&
$(,3%')#'*#2)#,*2)4%6&#.*,4)&+%2#)'7(%*,*#(&)#$%3&%1%4)4%6&#'*4%$%:)5#+)&+-#/),)
2)#*:-2(4%6&#-A<*+%:)#'*#2)#$-4%*')'#4-.-#/),)#2)#)4+%+('#'*#2-$#@-.A,*$#@)4%)
*22)5#/),)#2)#$(.%$%6&#'*#$(#4-&4%*&4%)#)#2)$#1-,.)$#*&#7(*#*$)#,*%1%4)4%6&#$*
*G/,*$)000K$+)#$(.%$%6&#$*#)4,*4%*&+) #)=&#/-,#*2#@*4@-#'*#7(*#4()&+-#.D$
)(.*&+)&#2)#,)4%-&)2%F)4%6&#?#.*4)&%F)4%6&#'*2#/,-4*$-#'*#+,)A)<-5.D$#/%*,'*
2)#)4+%:%')'#'*2#+,)A)<)'-,#$(#4),D4+*,#'*#)4+%:%')'5#/),)#4-&:*,+%,$*#*&#)4+%+('
4-&+*./2)+%:)0
+7!F:!GJ(L%$+-,%)#?#4-&4%*&4%)#'*#42)$*N

=?

7. ( "%" ( M-#$M$".&- ( "%".,$'0 ( 6"0 ( "%8",&9,:0-J ( L:" ( ,-.%$%&" ( ". ( $.,-+8-+'+%"

&-6-(0-(L:"(".(0'(',&$#$6'6(O:M'.'("T$%&S'(". (*$+)'-#12(%'-( 8'+'(8-%""+0-(".
"%&'6-(,-'K:0'6-(,-M-(,-%'%(L:"(O'.(00"K'6-('(&"."+(:.(#'0-+("T,0:%$#-(8-+
%: (1-,.(2)4%6& # *& # &*3)+%:-( 6"0 ( #'0-+ ( #$#$6-J ( +",-.-,"M-% ( ' ( .:"%&+' ( #$"Q'
"."M$K'J(L:"(&'.(*$".(%'*"(8+"%".&'+%"('0(8+$M"+(K-08"(6"(#$%&'(,-M-('0K-
&+$#$'0(L:"(%"(,-M8+".6"(8-+(%S(M$%M-J(,:'.6-("%(8-+("0(,-.&+'+$-(&'.(,-M80"Q'
<("%&9(&'.(00".'(6"(%:&$0"R'%(M"&'2S%$,'%J(2)#.*,4)&4H)N(

=@

b%&" ( "% ( "0 ( 8+$.,$8$- ( 6"0 ( 2"&$,O$%M- ( 6" ( 0' ( M"+,'.,S'J ( 0' ( 6-M$.',$1. ( 6" ( 0'
%-,$"6'6 ( 8-+ ( ^,-%'% ( %:8+'%".%$*0"% ( ':.L:" ( %".%$*0"%^ ( L:" ( %" ( ,:M80" ( 6"
M-6- ( '*%-0:&- ( ". ( "0 ( "%8",&9,:0-J ( 6-.6" ( "0 ( M:.6- ( %".%$*0" ( %" ( ".,:".&+'
+""M80'R'6-(8-+(:.'(%"0",,$1.(6"($M9K"."%(L:"("T$%&"(8-+(".,$M'(6"(E0(<(L:"
'0(M$%M-(&$"M8-(%"(O'(O",O-(+",-.-,"+(,-M-(0-(%".%$*0"(8-+("T,"0".,$'N(

=A

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3c

70(M:.6-('(0'(#"R(8+"%".&"(<(':%".&"(L:"("0("%8",&9,:0-(@)4*#:*,("%("0(M:.6-
6"(0'(M"+,'.,S'(6-M$.'.6-(&-6-(0-(L:"("%(#$#$6-N(`("0(M:.6-(6"(0'(M"+,'.,S'
%" ( M:"%&+' ( '%S (+)2 # 4-.- # *$J ( 8:"%&- ( L:" ( %: ( M-#$M$".&- ( "L:$#'0" ( '0
'%$+)&4%).%*&+-(6"(0-%(O-M*+"%(".&+"(%S(<(+"%8",&-(6"(%:(8+-6:,&-(K0-*'0N(

=B

4' ( 8E+6$6' ( 6" ( ,:'0$6'6J ( &'. ( "#$6".&" ( ". ( &-6-% ( 0-% ( .$#"0"% ( 6"0 ( 0".K:'Q"
"%8",&',:0'+J(6"(0-%(-*Q"&-%(L:"(".%'0R'(<(6"(0'%(,-.6:,&'%(L:"(+$K"J(.-(O',"
M9%(L:"(&+'6:,$+(0-%(+'%K-%(2:.6'M".&'0"%(6"(0'(8+-6:,,$1.(+"'0(L:"('.:0'(0'
+"'0$6'6\(0'(2-+M'GM"+,'.,S'("%(6"(8'+&" ('(8'+&" (0'($K:'06'6 ('(%S(M$%M'J (0'
,'&"K-+S'(6"(0-(,:'.&$&'&$#-N(="%'++-00'(0-(,:'.&$&'&$#-(<(.-(8:"6"(6"%'++-00'+%"
M9%(L:"(".("00-N(

=C

7%&"(6"%'++-00-(L:"("T,0:<"(0-(,:'0$&'&$#-("%&9(%:Q"&-('(%:(#"RJ(".(&'.&-(L:"
6"%'++-00-J ( '0 ( %'0&- ( ,:'0$&'&$#-\ ( "0 ( "%8",&9,:0- ( %$K.$2$,' ( L:" ( O' ( &+'%8:"%&- ( "0
:M*+'0(6"(%:(/,-/%)#)A(&')&4%)V("%&-(.-("%(&-6'#S'(,$"+&-(0-,'0M".&"(M9%(L:"
".('0K:.-%(8:.&-%J(8"+-(%S(0-("%(<'('(0'("%,'0'(:.$#"+%'0(L:"("%(0'(+"2"+".,$'
-+$K$.'0(6"(0'(M"+,'.,S'J(+"2"+".,$'(L:"(%:(M-#$M$".&-(8+9,&$,-J(:.$2$,'.6-(0'
&$"++'(,-M-(M"+,'6-(M:.6$'0J(O'(#"+$2$,'6-N(

>D

70(6"%'++-00-(6"(0'%(2:"+R'%(8+-6:,&$#'%(O'(%$6-(0'(@%$+-,%)#,*)2#%&4-&$4%*&+*(L:"
O' ( ,-.%&+:$6- ( < ( M-6$2$,'6- ( 0'% ( ,-.6$,$-."% ( 6" ( "T$%&".,$' ( 6" ( 0-% ( K+:8-%
O:M'.-% ( ,-M- ( ,-.6$,$-."% ( 6" ( %:*%$%&".,$' ( < ( 0' ( "T&".%$1. ( 6" ( "%&'%
,-.6$,$-."%\ ( 0' ( *'%" ( ",-.1M$,' ( 6" ( &-6'% ( %:% ( $.$,$'&$#'%N ( 70 ( %",&-+ ( 6" ( 0'
M"+,'.,S'(O'(%$6-J(".("0($.&"+$-+(6"(:.'(",-.-MS'(.'&:+'0J(0'(,-.%&$&:,$1.(6"(:.
"T,"6".&" ( 6" ( 0' ( %:*%$%&".,$'N ( 4' ( 8+-6:,,$1. ( 6" ( M"+,'.,S'%J ( L:" ( $M80$,' ( "0
,'M*$- ( 6" ( 8+-6:,&-% ( 6$#"+%-% ( ".&+" ( 8+-6:,&-+"% ( $.6"8".6$".&"%J ( O' ( 8-6$6-
%"K:$+ ( %$".6- ( '+&"%'.'0 ( 6:+'.&" ( M:,O- ( &$"M8-J ( ,-.&".$6' ( ". ( :.' ( 2:.,$1.
",-.1M$,'(M'+K$.'0(6-.6"(%:(#"+6'6(,:'.&$&'&$#'(&-6'#S'("%&'*' (-,:0&'N(5$.
"M*'+K-J('00S(6-.6"(".,-.&+1(0'%(,-.6$,$-."%(%-,$'0"%(6"0(K+'.(,-M"+,$-(<(6"
0'(',:M:0',$1.(6"(,'8$&'0"%(%"('8-6"+1(6"0(6-M$.$-(&-&'0(%-*+"(0'(",-.-MS'N
4' ( ",-.-MS' ( ".&"+' ( %" ( &+'.%2-+M1 ( ".&-.,"% ( ". ( 0- ( L:" ( 0' ( M"+,'.,S' ( O'*S'
M-%&+'6- ( %"+ ( ". ( "0 ( ,:+%- ( 6" ( "%&' ( ,-.L:$%&'\ ( :. ( 8+-,"%- ( 6" ( 6"%'++-00-
,:'.&$&'&$#-N(7%&"(6"%80$"K:"($.,"%'.&"(6"0(8-6"+S-(",-.1M$,-(*'Q-(0'(2-+M'(6"
0'(M"+,'.,S'J(L:"(O'(&+'.%2-+M'6-("0(&+'*'Q-(O:M'.-(".(&+'*'Q-GM"+,'.,S'J(".
$)2),%-J(6"%"M*-,1(',:M:0'&$#'M".&"(".(:.'('*:.6'.,$'(6-.6"(0'(,:"%&$1.
8+$M'+$'(6"(0'(%:*%$%&".,$'("%&9(%$.(6:6'(+"%:"0&'J(8"+-(6"(2-+M'(L:"(%$"M8+"
+"'8'+"R,'\(,'6'(#"R(%"(80'.&"'(6"(.:"#-(".(:.(K+'6-(%:8"+$-+N(70(,+",$M$".&-
",-.1M$,- ( 0$*"+' ( 0'% ( %-,$"6'6"% ( 6" ( 0' ( 8+"%$1. ( .'&:+'0 ( L:" ( "T$KS' ( %: ( 0:,O'
$.M"6$'&'(8-+(0'(%:*%$%&".,$'J(8"+-('P.(.-(%"(O'.(0$*"+'6-(6"(%:(0$*"+'6-+N(4'
%&'*/*&'*&4%)( 6"(0'(M"+,'.,S'(%"(O'("T&".6$6-('0(,-.Q:.&- (6"(0'(",-.-MS'
%-*+" ( 0' ( ,:'0 ( +"$.'N ( 4' ( ",-.-MS' ( &+'.%2-+M' ( "0 ( M:.6-J ( 8"+- ( 0- ( &+'.%2-+M'
%-0'M".&" (".(M:.6-(6"(0'(",-.-MS'N(4'(%":6-.'&:+'0"R'(".(0'(,:'0(%"(O'
'0$".'6-("0(&+'*'Q-(O:M'.-("T$K"(8+-%"K:$+(%:($*,:%4%-(O'%&'("0($.2$.$&-J(<("%&"
%"+#$,$-J ( .- ( %$".6- ( Q:RK'6- ( .$ ( '*%:"0&- ( M9% ( L:" ( 8-+ ( %S ( M$%M-J ( -*&$"." ( 6"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((33

O",O-(0'(&-&'0$6'6(6"(0-%("%2:"+R-%(<(6"(0-%(8+-<",&-%(%-,$'0M".&"(0S,$&-%(,-M-
%"+#$6-+"% ( %:<-%N ( 4' ( '*:.6'.,$' ( 6" ( M"+,'.,S'%J ( "% ( 6",$+J ( 6" ( 0' ( +"0',$1.
M"+,'.&$0J(.-(8:"6"(%"+(M9%(L:"(0'($(A$%$+*&4%)#)(.*&+)')N(

>*

4'(6-M$.',$1.(6"(0'(M"+,'.,S'(2:"("Q"+,$6'($.$,$'0M".&"(6"(:.'(M'."+'(-,:0&'
%-*+"(0'(",-.-MS'J(L:"('(%:(#"RJ(".(,:'.&-(*'%"(M'&"+$'0(6"(0'(#$6'(%-,$'0J
%"K:S'(%$.(8"+,$*$+%"(<(%$.(,-M8+".6"+%"J(,-M-('0K-(&'.(2'M$0$'+(L:"(.-%("%
6"%,-.-,$6-N(7.(:.'(%-,$"6'6(6-.6"(0'(M"+,'.,S'(,-.,+"&'("%(&-6'#S'("%,'%'
-(M$.-+$&'+$'("%(0'(6-M$.',$1.('8'+".&"(6"0(6$."+-(0'(L:"(%"(8+"%".&'(,-M-(:.
"M$%'+$- (8+-#$%&- (6"(80".-% ( 8-6"+"% (L:"(O'*0' ( ".( .-M*+" (6" (:.' ( 8-&".,$'
6"%,-.-,$6'N([-.(0'(+"#-0:,$1.($.6:%&+$'0J(0'(6$#$%$1.(M'.:2',&:+"+'(6"0(&+'*'Q-
< ( 0' ( 8+-6:,,$1. ( M'%$#' ( 8'+' ( "0 ( M"+,'6- ( M:.6$'0J ( 0' ( M"+,'.,S' ( '8'+","
"2",&$#'M".&"(,-M-(:.'(8-&".,$'(L:"(#$"."('(-,:8'+(+"'0M".&"(0'(#$6'(%-,$'0N
7% ( ".&-.,"% ( ,:'.6- ( %" ( ,-.%&$&:<" ( 0' ( ",-.-MS' ( 8-0S&$,'J ( ,-M- ( ,$".,$'
6-M$.'.&"(<(,-M-(,$".,$'(6"(0'(6-M$.',$1.N(

><

70 ( "%8",&9,:0- ( %"U'0' ( "0 ( M-M".&- ( ". ( L:" ( 0' ( M"+,'.,S' ( O' ( '0,'.R'6- ( 0'
-4(/)4%6& # +-+)2( 6" ( 0' ( #$6' ( %-,$'0N ( 4' ( +"0',$1. ( ,-. ( 0' ( M"+,'.,S' ( .- ( %10- ( "%
#$%$*0"J (%$.- ( L:" ( "% ( 0- ( P.$,- ( #$%$*0"\ ( "0 (M:.6- ( L:" (%" (#" ( "% ( %: ( M:.6-N ( 4'
8+-6:,,$1. ( ",-.1M$,' ( M-6"+.' ( "T&$".6" ( %: ( 6$,&'6:+' ( "T&".%$#' ( "
$.&".%$#'M".&"N(5:(+"$.'6-(<'("%&9(8+"%".&"('(&+'#E%(6"('0K:.'%(M"+,'.,S'%G
#"6"&&"% ( ". ( 0-% ( 0:K'+"% ( M".-% ( $.6:%&+$'0$R'6-%J ( ". ( &'.&- ( L:" ( 6-M$.',$1.
$M8"+$'0$%&'(6"(0'%(R-.'%(L:"(".,'*"R'.("0(6"%'++-00-(6"(0'(8+-6:,&$#$6'6N(7.
"%&'%(R-.'%('#'.R'6'% ("0("%8',$- (%-,$'0("%($.#'6$6- (8-+(:.'(%:8"+8-%$,$1.
,-.&$.:'(6"(,'8'%(K"-01K$,'%(6"(M"+,'.,S'%N(7.("%&"(8:.&-(6"(0'(^%"K:.6'
+"#-0:,$1.($.6:%&+$'0^("0(,-.%:M-('0$".'6-(%"(,-.#$"+&"(8'+'(0'%(M'%'%(".(:.
6"*"+ ( 'U'6$6- ( ' ( 0' ( 8+-6:,,$1. ( '0$".'6'N ( C-6- ( "0 (+,)A)<- # :*&'%'-( 6" ( :.'
%-,$"6'6 ( %" ( &+'.%2-+M' ( K0-*'0M".&" ( ". (.*,4)&4H) # +-+)2( ,:<- ( ,$,0- ( 6"*"
8+-%"K:$+%"N ( F'+' ( "00- ( "% ( .","%'+$- ( L:" ( "%&' ( M"+,'.,S' ( &-&'0 ( +"&-+."
2+'KM".&'+$'M".&" ('0($.6$#$6:-(2+'KM".&'6-J ('*%-0:&'M".&"(%"8'+'6-(6"(0'%
2:"+R'%(8+-6:,&$#'%(L:"(-8"+'.(,-M-(:.(,-.Q:.&-N(7%('L:S(8-+(,-.%$K:$".&"
6-.6"(0'(,$".,$'("%8",$'0$R'6'(6"(0'(6-M$.',$1.(6"*"("%8",$'0$R'+%"('(%:(#"R\
%"(2+'KM".&'(".(%-,$-0-KS'J(8%$,-&",.$'J(,$*"+.E&$,'J(%"M$-0-KS'J("&,NJ(#$K$0'.6-
0'(':&-++"K:0',$1.(6"(&-6-%(0-%(.$#"0"%(6"0(8+-,"%-N(

>=

H$".&+'%(L:"(".(0'(2'%"(8+$M$&$#'(6"(0'(',:M:0',$1.(,'8$&'0$%&'(^0'(",-.-MS'
8-0S&$,' ( .- ( #" ( ". ( "0 (/,-2*+),%-( %$.- ( '0 (-A,*,-^J ( L:" ( 6"*" ( +",$*$+ ( "0 ( MS.$M-
$.6$%8".%'*0"(8'+'(0'(,-.%"+#',$1.(6"(%:(2:"+R'(6"(&+'*'Q-J(%$.(,-.%$6"+'+0-
Q'M9%(^".(%:(-,$-J(".(%:(O:M'.$6'6^J("%&'(8-%$,$1.(6"(0'%($6"'%(6"(0'(,0'%"
6-M$.'.&"(%"($.#$"+&"(&'.(8+-.&-(,-M-("0(K+'6-(6"('*:.6'.,$'('0,'.R'6-(".(0'
8+-6:,,$1.(6"(M"+,'.,S'%("T$K"(:.'(,-0'*-+',$1.('6$,$-.'0(6"0(-*+"+-N(7%&"
-*+"+- ( +"6$M$6- ( 6" ( +"8".&" ( 6"0 ( &-&'0 ( 6"%8+",$- ( L:" ( 0" ( .-&$2$,'. ( ,0'+'M".&"
&-6'%(0'%(M-6'0$6'6"%(6"(-+K'.$R',$1.(<(#$K$0'.,$'(6"(0'(8+-6:,,$1.J(2:"+'(6"
E%&' ( %" ( ".,:".&+' ( ,'6' ( 6S' ( &+'&'6- ( '8'+".&"M".&" ( ,-M- ( :.' ( 8"+%-.'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3I

$M8-+&'.&"J (,-. (%-0S,$&' (,-+&"%S'J (*'Q-("0(6$%2+'R(6"(,-.%:M$6-+N (7.&-.,"%("0

@(.)&%$.- # '* # 2) # .*,4)&4H)( &$"." ( ". ( ,:".&' ( ^"0 ( -,$- ( < ( 0' ( O:M'.$6'6^ ( 6"0
&+'*'Q'6-+J ( %$M80"M".&" ( 8-+L:" ( 'O-+' ( 0' ( ",-.-MS' ( 8-0S&$,' ( 8:"6" ( < ( 6"*"
6-M$.'+("%'%("%2"+'%(4-.-#+)2#*4-&-.H)#/-2H+%4)N(Z%S(^0'(."K',$1.(,-.%:M'6'
6"0(O-M*+"^(O'(&-M'6-('(%:(,'+K-(0'(&-&'0$6'6(6"(0'("T$%&".,$'(O:M'.'(

>>

70 ( "%8",&9,:0- ( "% ( :.' ( K:"++' ( 6"0 ( -8$- ( 8"+M'.".&" ( 6$+$K$6' ( ' ( O',"+ ( L:" ( %"
',"8&"(0'($6".&$2$,',$1.(6"(0-%(*$"."%(,-.(0'%(M"+,'.,S'%V(<(6"(0'(%'&$%2',,$1.
,-.(0'(%:*%$%&".,$'('M80$'6'(%"KP.(%:%(8+-8$'%(0"<"%N(F"+-(%$(0'(%:*%$%&".,$'
,-.%:M$*0"("%('0K-(L:"(6"*"(':M".&'+(,-.%&'.&"M".&"("%(8-+L:"(.-(6"Q'(6"
4-&+*&*,#2)#/,%:)4%6&N(5$(.-(O'<(.$.KP.(M9%('009(6"(0'(%:*%$%&".,$'(':M".&'6'J
.$.KP.(8:.&-(".("0(L:"(8:"6'(6"Q'+(6"(,+","+J("%(8-+L:"("00'(M$%M'(.-("%&9
M9%('009(6"(0'(8+$#',$1.J(%$.-(L:"("%(0'(8+$#',$1.(L:"(O'(00"K'6-('(%"+(M9%(+$,'N

>?

[-.(0'(':&-M'&$R',$1.J(L:"("%('(0'(#"R("0(%",&-+(M9%('#'.R'6-(6"(0'($.6:%&+$'
M-6"+.'(<("0(M-6"0-(".("0(L:"(%"(+"%:M"(8"+2",&'M".&"(%:(8+9,&$,'J("0(M:.6-
6" ( 0' ( M"+,'.,S' ( &$"." ( L:" ( %:8"+'+ ( "%&' ( ,-.&+'6$,,$1.\ ( 0' ( $.%&+:M".&',$1.
&E,.$,'(L:"(%:8+$M"(-*Q"&$#'M".&"("0(&+'*'Q-(6"*"('0(M$%M-(&$"M8-(,-.%"+#'+
"0(+,)A)<-#4-.-#.*,4)&4H)(<(,-M-(P.$,-(0:K'+(6"(.',$M$".&-(6"(0'(M"+,'.,S'N
F'+' ( L:" ( 0' ( ':&-M'&$R',$1.J ( - ( ,:'0L:$"+ ( -&+' ( 2-+M' ( M".-% ( "T&+"M' ( 6"
$.,+"M".&'+(0'(8+-6:,&$#$6'6(6"0(&+'*'Q-J(.-(6$%M$.:<'("2",&$#'M".&"("0(&$"M8-
6"(&+'*'Q-(%-,$'0(.","%'+$-('("%,'0'(6"(0'(%-,$"6'6J("%(8+",$%-(,+"'+(.:"#-%
"M80"-%N ( 70 ( %",&-+ ( &"+,$'+$-J ( 0-% ( %"+#$,$-%J ( "% ( 0' ( 'M80$',$1. ( $.M".%' ( 6" ( 0'%
M"&'% (6"(0'('+M'6' (6" (6$%&+$*:,$1. (<( "0("0-K$-(6" (0'%(M"+,'.,S'% (',&:'0"%V
M-#$0$R',$1. ( 6" ( 2:"+R'% ( %:80"&-+$'% ( L:" ( -8-+&:.'M".&" ( ".,:".&+'.J ( ". ( 0'
2',&$,$6'6(M$%M'(6"(0'%(.","%$6'6"%(+"0'&$#'%('(&'0"%(M"+,'.,S'%J(0'(.","%$6'6
6"(:.'(-+K'.$R',$1.(&'0(6"0(&+'*'Q-(O$8-&",'6-N(

>@

70(#'0-+(6"(,'M*$-(.-(O'(8-6$6-(2-+M'+%"(M9%(L:"(,-M-('K".&"(6"0(#'0-+(6"
:%-J(8"+-("%&'(#$,&-+$'(8-+(%:%(8+-8$-%(M"6$-%(O'(,+"'6-(0'%(,-.6$,$-."%(6"(%:
6-M$.',$1. ( ':&1.-M'N ( H-#$0$R'.6- ( &-6- ( :%- ( O:M'.- ( < ( '8-6"+9.6-%" ( 6"0
M-.-8-0$-(%-*+"(%:(%'&$%2',,$1.(O'(&"+M$.'6-(8-+('%,%3%,#*2#($-N(70(8+-,"%-(6"
,'M*$-(%"(O'($6".&$2$,'6-(,-.(&-6-(:%-(8-%$*0"J(<(0-(O'(+"6:,$6-('(%:(M"+,"6N
70(#'0-+(6"(,'M*$-("%("0(,-.6-&$"+-(6"0(#'0-+(6"(:%-(L:"(&"+M$.'(O',$".6-(0'
K:"++'(8-+(%:(8+-8$'(,:".&'N(

>A

7%&'(,-.%&'.&"(6"(0'(",-.-MS'(,'8$&'0$%&'(L:"("%(0' (A)<)#+*&'*&4%)2#'*2#:)2-,
'*#($-(6"%'++-00'(:.'(.:"#'(2-+M'(6"(8+$#',$1.(".("0($.&"+$-+(6"(0'(%:*%$%&".,$'
':M".&'6'J(L:"(.-("%&9(<'(0$*"+'6'(6"(0'('.&$K:'(8".:+$'J(8:"%&-(L:"("T$K"(0'
8'+&$,$8',$1. ( 6" ( 0' ( K+'. ( M'<-+S' ( 6" ( 0-% ( O-M*+"%J ( ,-M- ( &+'*'Q'6-+"%
'%'0'+$'6-%J(".(0'(8+-%",:,$1.($.2$.$&'(6"(%:("%2:"+R-V(<(,'6'(:.-(%'*"(L:"
&$"."(L:"(%-M"&"+%"(-(M-+$+N(7%(0'(+"'0$6'6(6"("%&"(,O'.&'Q"J("0(O",O-(6"(L:"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3W

"0(,-.%:M-(,-M-(:%-(*'Q-(%:(2-+M'(M9%(8-*+"(>,-M"+J(O'*$&'+B(<'(.-("T$%&"
%$.- ( '8+$%$-.'6- ( ". ( 0' ( +$L:"R' ( $0:%-+$' ( 6" ( 0' ( %:*%$%&".,$' ( ':M".&'6'J ( 0'
#"+6'6"+'(*'%"(6"(0'(',"8&',$1.(6"(0'($0:%$1.(".("0(,-.%:M-(6"(0'%(M"+,'.,S'%
M-6"+.'% ( ". ( K"."+'0N ( 70 ( ,-.%:M$6-+ ( +"'0 ( %" ( ,-.#$"+&" ( ". ( ,-.%:M$6-+ ( 6"
$0:%$-."%N(4'(M"+,'.,S'("%("%&'($0:%$1.("2",&$#'M".&"(+"'0J(<("0("%8",&9,:0-(%:
M'.$2"%&',$1.(K"."+'0N(

>B

70(#'0-+(6" (:%- (L:" ("%&'*' (,-.&".$6- ($M80S,$&'M".&" (". ("0(#'0-+(6" (,'M*$-

6"*" ( %"+ ( 'O-+' ( "T80S,$&'M".&" ( 8+-,0'M'6-J ( ". ( 0' ( +"'0$6'6 ( $.#"+&$6' ( 6"0
"%8",&9,:0-J ( Q:%&'M".&" ( 8-+L:" ( %: ( +"'0$6'6 ( "2",&$#' ( "%&9 ( ,-++-$6' ( 8-+ ( 0'
",-.-MS' ( M"+,'.&$0 ( %:8"+6"%'++-00'6'\ ( < ( 0' ( 2'0%' ( #$6' ( .","%$&' ( :.'
%":6-Q:%&$2$,',$1.N(

>C

70("%8",&9,:0-("%(0'(-&+'(,'+'(6"0(6$."+-\("0("L:$#'0".&"(K"."+'0('*%&+',&-(6"
&-6'% ( 0'% ( M"+,'.,S'%N ( F"+- ( %$ ( "0 ( 6$."+- ( O' ( 6-M$.'6- ( 0' ( %-,$"6'6 ( ,-M-
+"8+"%".&',$1.(6"(0'("L:$#'0".,$'(,".&+'0J("%(6",$+J(6"0(,'+9,&"+($.&"+,'M*$'*0"
6"(*$"."%(MP0&$80"%(,:<-(:%-(%"K:S'(%$".6-($.,-M8'+'*0"J("0("%8",&9,:0-("%(%:
,-M80"M".&- ( M-6"+.- ( 6"%'++-00'6- ( 6-.6" ( 0' ( &-&'0$6'6 ( 6"0 ( M:.6- ( M"+,'.&$0
'8'+","(".(*0-L:"J(,-M-(:.'("L:$#'0".,$'(K"."+'0('(,:'.&-("0(,-.Q:.&-(6"(0'
%-,$"6'6 (8:"6' (%"+(-(O',"+N(70("%8",&9,:0- ("%("0(6$."+-(L:" ($-2).*&+* #$*
4-&+*./2)( 8-+L:" (". ( E0( 0' ( &-&'0$6'6 ( 6"0 ( :%- ( <'( %" (O' ( $.&"+,'M*$'6- ( ,-. (0'
&-&'0$6'6(6"(0'(+"8+"%".&',$1.('*%&+',&'N(70("%8",&9,:0-(.-("%(%10-("0(%"+#$6-+
6"0(/$*('-M($-J(E0("%(<'(".(%S(M$%M-("0(%":6-G:%-(6"(0'(#$6'N(

?D

70(+"%:0&'6-(,-.,".&+'6-(6"0(&+'*'Q-(%-,$'0J(".("0(M-M".&-(6"(0'('*:.6'.,$'
*4-&6.%4)J(%"(&+'.%2-+M'(".('8'+".&"(<(%-M"&"(&-6'(+"'0$6'6('(0'('8'+$".,$'J
L:"("%('O-+'(%:(8+-6:,&-N(70(,'8$&'0(<'(.-("%("0(,".&+-($.#$%$*0"(L:"(6$+$K"("0
M-6-(6"(8+-6:,,$1.\(%:(',:M:0',$1.(0-(6"%80$"K'(O'%&'(".(0'(8"+$2"+$'(*'Q-(0'
2-+M'(6"(-*Q"&-%(%".%$*0"%N(C-6'(0'("T&".%$1.(6"(0'(%-,$"6'6("%(%:(+"&+'&-N(

?*

4'(#$,&-+$'(6"(0'(",-.-MS'(':&1.-M'(6"*"(%"+('0(M$%M-(&$"M8-(%:(8"+6$,$1.N
4'%(2:"+R'%(L:"(O'(6"%".,'6".'6-(%:8+$M".(0'(&*4*$%')'#*4-&6.%4)(L:"(2:"
0' ( *'%" ( $.'M-#$*0" ( 6" ( 0'% ( %-,$"6'6"% ( '.&$K:'%N ( Z0 ( +""M80'R'+0' ( 8-+ ( 0'
.","%$6'6 ( 6"0 ( 6"%'++-00- ( ",-.1M$,- ( $.2$.$&- ( .- ( 8:"6" ( %$.- ( +""M80'R'+ ( 0'
%'&$%2',,$1. ( 6" ( 0'% ( 8+$M"+'% ( .","%$6'6"% ( O:M'.'%J ( %:M'+$'M".&"
+",-.-,$6'%J(8-+(:.'(2'*+$,',$1.($.$.&"++:M8$6'(6"(%":6-.","%$6'6"%(L:"(%"
+"%:M".(".(:.'(%-0'(%":6-.","%$6'6(6"(M'.&"."+(%:(+"$.-N(F"+-(0'(",-.-MS'
':&1.-M'(%"(%"8'+'(8'+'(%$"M8+"(6"(0'(.","%$6'6(8+-2:.6'(".(0'(M"6$6'(".
L:"('*'.6-.'("0(%&4-&$4%*&+*#$-4%)2(L:"(6"8".6S'(6"("00'(%$.(%'*"+0-N(^C-6-(0-
L:"("%(,-.%,$".&"(%"(6"%K'%&'N(4-(L:"("%($.,-.%,$".&"(8"+M'.","($.'0&"+'*0"N
F"+-(:.'(#"R(0$*"+'6-(d.-(,'"('(%:(#"R(".(+:$.'%e^(>/+":6BN(

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3]

?<

7.("0(M-M".&-(".(L:"(0'(%-,$"6'6(6"%,:*+"(L:"(6"8".6"(6"(0'(",-.-MS'J(0'
",-.-MS'J ( 6" ( O",O-J ( 6"8".6" ( 6" ( "00'N ( 7%&' ( 8-&".,$' ( %:*&"++9."'J ( L:" ( O'
,+",$6- ( O'%&' ( '8'+","+ ( %-*"+'.'M".&"J ( O' ( 8"+6$6- ( &'M*$E. ( %: ( 8-6"+N ( Z00S
6-.6" ("%&'*' ( "0 (*22-( ",-.1M$,- (6"*" ( %-*+"#".$+( "0 (?-N ( 70 ( %:Q"&- ( .- ( 8:"6"
%:+K$+(M9%(L:"(6"(0'(%-,$"6'6J("%(6",$+J(6"(0'(0:,O'(L:"(+"%$6"(".("00'(M$%M'N
5:("T$%&".,$'(8-%$*0"("%&9(%:8"6$&'6'('(0-%(+"%:0&'6-%(6"(0'(0:,O'(6"(,0'%"%
L:"(%"(+"#"0'(,-M-("0(8+-6:,&-(<("0(8+-6:,&-+(6"(0'(2:.6',$1.(",-.1M$,'(6"(0'
O$%&-+$'N(

?=

4'(,-.,$".,$'(6"0(6"%"-(<("0(6"%"-(6"(0'(,-.,$".,$'(,-.2-+M'.(8-+($K:'0("%&"
8+-<",&-(L:"J(*'Q-(%:(2-+M'(."K'&$#'J(8+"&".6"(0'('*-0$,$1.(6"(0'%(,0'%"%J("%
6",$+ (0'( 8-%"%$1. (6$+",&' (6" ( 0-%(&+'*'Q'6-+"% ( 6" (&-6-% (0-% ( M-M".&-% ( 6"( %:
',&$#$6'6N(5:(4-&+,),%-("%(0'(%-,$"6'6(6"0("%8",&9,:0-J(6-.6"(0'(M"+,'.,S'(%"
,-.&"M80'('(%S(M$%M'(".("0(M:.6-(L:"(O'(,+"'6-N

H&I)J-K(.4\(4'(%-,$"6'6(6"0("%8",&9,:0-N(C+'6N(+"#$%'6'(8-+(L"'4-(M((8'+'
"0(Z+,O$#-(5$&:',$-.$%&'(>3??aBN

WN(f.$6'6(<(6$#$%$1.(".(0'('8'+$".,$'

!"#$%&'()=

7204"4)I)40N0,012)-2)'")"#".0-2/0"

!N&) # )&%.)') # /-29.%4) # &(*:) # $* # '*$),,-22) # *& # *2 # /)%$ # *& # *2 # 1,*&+* # '* # 2)
1%2-$-1H)5#*&#,*2)4%6&#)#2-$#4-&4*/+-$#!(&-#$*#'%:%'*#*&#'-$!#?#!'-$#$*#1($%-&)&
*&#(&-!0#K$+*#'*A)+*#*$#(&)#2(4@)#*&+,*#2-$#7(*#*$+D&#/-,#?#2-$#7(*#*$+D&
4-&+,)#2)#'%)294+%4)#.*+*,%)2%$+)5#(&)#2(4@)#*&+,*#'-$#4-&4*/4%-&*$#'*2#.(&'->
2)#4-&4*/4%6&#/,-2*+),%)#?#2)#4-&4*/4%6&#A(,3(*$)0#B-$#7(*#$-$+%*&*&#7(*#!(&-
$*#'%:%'*#*&#'-$!#*$#2)#2*?#1(&').*&+)2#'*#2)$#4-$)$5#$*#$%+=)&#'*2#2)'-#'*#2)
'%)294+%4)#.)+*,%)2%$+)>#2-$#7(*#$-$+%*&*&#7(*#2)#2*?#1(&').*&+)2#'*#2)$#4-$)$
*$#7(*#!'-$#$*#1($%-&)&#*&#(&-!#*$+D&#4-&+,)#2)#'%)294+%4)#.)+*,%)2%$+)0#O.A-$
2)'-$ # @)& # '%A(<)'- # (&) # &H+%') # 2%&*) # '* # '*.),4)4%6& # *&+,* # *22-$ # ? # $($
),3(.*&+-$#$-&#'%).*+,)2.*&+* #-/(*$+-$0#K$+)#/-29.%4)#,*12*<)#*&#*2#/2)&-
%'*-263%4-#2)#)3(')#?#4-./2*<)#2(4@)#'*#42)$*$#7(*#$*#'*$),,-22)#*&#C@%&)#?
*&#*2#.(&'-0!

9"24-.")8(M")4-)O-P$2J(I3(%"8&$"M*+"(3?@]N

?>

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3_

70 ( "%8",&9,:0-J ( ,-M- ( 0' ( %-,$"6'6 ( M-6"+.'J ( "%&9 ( ' ( 0' ( #"R ( :.$6- ( <( 6$#$6$6-N
[-M-("00'J("6$2$,'(%:(:.$6'6(%-*+"("0(6"%K'++'M$".&-N(F"+-(0'(,-.&+'6$,,$1.J
,:'.6-("M"+K"(".("0("%8",&9,:0-J("%('(%:(#"R(,-.&+'6$,O'(8-+(:.'($.#"+%$1.
6"(%:(%".&$6-V(6"(2-+M'(L:"(0'(6$#$%$1.(M-%&+'6'("%(:.$&'+$'J(M$".&+'%(L:"(0'
:.$6'6(M-%&+'6'("%&9(6$#$6$6'N(

??

7%(0'(0:,O'(6"(0-%(8-6"+"%(L:"(%"(O'.(,-.%&$&:$6-(8'+'(0'(K"%&$1.(6"0(8+-8$-
%$%&"M' ( %-,$-",-.1M$,- ( 0' ( L:" ( %" ( 6"%80$"K' ( ,-M- ( ,-.&+'6$,,$1. ( -2$,$'0J
,:'.6- ( ,-++"%8-.6" ( 6" ( O",O- ( ' ( 0' ( :.$6'6 ( +"'0V ( "%&- ( -,:++" ( &'.&- ( ' ( "%,'0'
M:.6$'0(,-M-(".("0($.&"+$-+(6"(,'6'(.',$1.N(

?@

4'%(2'0%'%(0:,O'%("%8",&',:0'+"%(".&+"(2-+M'%(+$#'0"%(6"(8-6"+(%"8'+'6-(%-.
'0(M$%M-(&$"M8-(+"'0"%(".(,:'.&-("T8+"%'.("0(6"%'++-00-(6"%$K:'0(<(,-.20$,&$#-
6"0(%$%&"M'J(0-%($.&"+"%"%(+"0'&$#'M".&"(,-.&+'6$,&-+$-%(6"(0'%(,0'%"%(-(6"(0'%
%:*6$#$%$-."% ( 6" ( ,0'%"% ( L:" ( ',"8&'. ( "0 ( %$%&"M' ( < ( 6"2$.". ( %: ( 8+-8$'
8'+&$,$8',$1.(".(%:(8-6"+N(="0(M$%M-(M-6-(L:"("0(6"%'++-00-(6"(0'(",-.-MS'
M9% ( '#'.R'6' ( 0- ( ,-.%&$&:<" ( "0 ( ".2+".&'M$".&- ( 6" ( ,$"+&'% ( 8+$-+$6'6"% ( ,-.&+'
-&+'%J(0'(K"%&$1.(&-&'0$&'+$'(6"(0'(",-.-MS'(8-+(:.'(*:+-,+',$'(6"(7%&'6-(<(0'
,-.6$,$1.(6"(0-%(8'S%"%(L:"(%"(O'.(".,-.&+'6-(:*$,'6-%(".(0'("%2"+'(6"(0'
,-0-.$R',$1. ( - ( %"M$,-0-.$R',$1. ( "%&9. ( 6"2$.$6'% ( 8-+ ( ,-.%$6"+'*0"%
8'+&$,:0'+$6'6"%(".(0'%(M-6'0$6'6"%(6"(8+-6:,,$1.(<(6"(8-6"+N(7%&'%(6$#"+%'%
-8-%$,$-."% ( 8:"6". ( 6'+%" ( ". ( "0 ( "%8",&9,:0- ( %"KP. ( ,+$&"+$-% ( &-&'0M".&"
6$2"+".&"%J(,-M-(2-+M'%(6"(%-,$"6'6('*%-0:&'M".&"(6$%&$.&'%N(F"+-(%"KP.(%:
+"'0$6'6("2",&$#'(6"(%",&-+"%(8'+&$,:0'+"%(0'(#"+6'6(6"(%:(8'+&$,:0'+$6'6(+"%$6"
".("0(%$%&"M'(:.$#"+%'0(L:"(0'%(,-.&$"."\(".("0(M-#$M$".&-(P.$,-(L:"(O'(O",O-
6"0(80'."&'(%:(,'M8-J("0(,'8$&'0$%M-N(

?A

4' ( %-,$"6'6 ( 8-+&'6-+' ( 6"0 ( "%8",&9,:0- ( .- ( 6-M$.' ( %-0'M".&" ( 8-+ ( %:

O"K"M-.S' ( ",-.1M$,' ( 0'% ( +"K$-."% ( %:*6"%'++-00'6'%N ( 4'% ( 6-M$.' (*& # +)&+-
7(*#$-4%*')'#'*2#*$/*4+D4(2-N(=-.6"(0'(*'%"(M'&"+$'0(&-6'#S'("%&9(':%".&"J(0'
%-,$"6'6 (M-6"+.' ( <'( O' ($.#'6$6- ( "%8",&',:0'+M".&" (0'( %:8"+2$,$" ( %-,$'0( 6"
,'6' ( ,-.&$.".&"N ( ="2$." ( "0 ( 8+-K+'M' ( 6" ( :.' ( ,0'%" ( 6$+$K".&" ( < ( 8+"%$6" ( %:
,-.%&$&:,$1.N ( Z%S ( ,-M- ( 8+"%".&' ( 0-% ( %":6-*$"."% ( ' ( ,-6$,$'+ ( -2+"," ( ' ( 0-%
+"#-0:,$-.'+$-% ( 0-,'0"% ( 0-% ( 2'0%-% ( M-6"0-% ( 6" ( 0' ( +"#-0:,$1.N ( 70 ( "%8",&9,:0-
8+-8$- (6"0(8-6"+(*:+-,+9&$,-(L:"(6"&".&'.('0K:.-% (8'$%"%($.6:%&+$'0"% (2-+M'
8'+&" (8+",$%'M".&"(6"0("%8",&9,:0-(&-&'0J(,-M-(%:(%":6-."K',$1.(K"."+'0(<
,-M- ( %: ( %-%&E.N ( 5$ ( "0 ( "%8",&9,:0-J ( ,-.&"M80'6- ( ". ( %:% ( 6$#"+%'%
0-,'0$R',$-."%J ( 8-." ( ". ( "#$6".,$' ( 0'% ( "%8",$'0$R',$-."% ( &-&'0$&'+$'% ( 6" ( 0'
8'0'*+' ( < ( 6" ( 0' ( '6M$.$%&+',$1. ( %-,$'0J ( E%&'% ( 00"K'. ( ' ( 2:.6$+%"J ( '0 ( .$#"0 ( 6"0
2:.,$-.'M$".&- ( K0-*'0 ( 6"0 ( %$%&"M'J ( ". ( :.' ('%:%$%6& # .(&'%)2 # '* # +),*)$
*$/*4+)4(2),*$N(

?B

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3@

4'(6$#$%$1.(6"(0'%(&'+"'%("%8",&',:0'+"%(L:"(,-.%"+#'(0'(K"."+'0$6'6(6"0(-+6".
"T$%&".&"(,-.%"+#'(8+$.,$8'0M".&"("0(8-0-(6-M$.'.&"(6"(%:(6"%'++-00-N(4'(+'SR
6"0 ( "%8",&9,:0- ( "%&9 ( ". ( "0 ( &"++".- ( 6" ( 0' ( ",-.-MS' ( L:" ( %" ( O' ( #:"0&- ( 6"
'*:.6'.,$'J(<("%(6"('00S(6"(6-.6"(8+-,"6".(0-%(2+:&-%(L:"(&$".6".(2$.'0M".&"('
6-M$.'+ ( "0 ( M"+,'6- ( "%8",&',:0'+J ( ' ( 8"%'+ ( 6" ( 0'% ( *'++"+'% ( 8+-&",,$-.$%&'%
$6"-01K$,-G8-0$,$'0"% ( 6" ( .- ( $M8-+&' ( L:E ( "%8",&9,:0- ( 0-,'0 ( L:" ( 8+"&".6' ( %"+
':&9+L:$,-N(

?C

70 ( M-#$M$".&- ( 6" (A)&)2%F)4%6&( L:" ( *'Q- ( 0'% ( 6$#"+%$-."% ( ,'M*$'.&"% ( 6"0

"%8",&9,:0-(6-M$.'(M:.6$'0M".&"(0'(%-,$"6'6(M-6"+.'J(0'(6-M$.'(&'M*$E.(".
,'6' ( :.- ( 6" ( 0-% ( 8:.&-% ( 6-.6" ( "0 ( ,-.%:M- ( 6"%'++-00'6- ( 6" ( M"+,'.,S'% ( O'
M:0&$80$,'6-('8'+".&"M".&"(0-%(+-0"%(<(0-%(-*Q"&-%('("0"K$+N(4'%(%:8"+#$#".,$'%
6"(0'(+"0$K$1.(<(6"(0'(2'M$0$'(GL:"(%$K:"(%$".6-(0'(2-+M'(8+$.,$8'0(6"(O"+".,$'(6"0
8-6"+(6"(,0'%"GJ(<(8-+(0-(&'.&-(6"(0'(+"8+"%$1.(M-+'0(L:"("00'%('%"K:+'.J(8:"6"
,-M*$.'+%"(,-M-(:.'(M$%M'(,-%'(,-.(0'('2$+M',$1.(+"6:.6'.&"(6"0(6$%2+:&"(6"
*$+*( M:.6-J ( L:" ( 8+",$%'M".&" ( %" ( O' ( 8+-6:,$6- ( ,-M- ( %":6-6$%2+:&" ( L:"
"%,-.6" ( 0'( +"8+"%$1.N ( Z( 0' ( ',"8&',$1. ( *"'&' ( 6" (0- ( L:"( "T$%&"( 8:"6" ( :.$+%"
&'M*$E. ( ,-M- ( :.' ( M$%M' ( ,-%' ( 0' ( +"#:"0&' ( 8:+'M".&" ( "%8",&',:0'+\ ( "%&-
"T8+"%'("0(%$M80"(O",O-(6"(L:"(0'($.%'&$%2',,$1.(M$%M'(%"(O'(,-.#"+&$6-(".
:.'(M"+,'.,S'(6"%6"(L:"(0'('*:.6'.,$'(",-.1M$,'(%"(O'(%".&$6-(,'8'R(6"
"T&".6"+(%:(8+-6:,,$1.(O'%&'(00"K'+('(&+'&'+(:.'(&'0(M'&"+$'(8+$M'N(

@D

[-.,".&+'.6-(".("00'(0'($M'K".(6"(:.(+-0(8-%$*0"J(0'(#"6"&&"J(+"8+"%".&',$1.
"%8",&',:0'+ ( 6"0 ( O-M*+" ( #$#$".&"J ( ,-.,".&+' ( ".&-.,"% ( "%&' ( *'.'0$6'6N ( 4'
,-.6$,$1.(6"(#"6"&&"("%(0'("%8",$'0$R',$1.(6"(0-(:%:%'-#)/),*&+*J("0(-*Q"&-(6"(0'
$6".&$2$,',$1. ( ". ( 0' ( #$6' ( '8'+".&" ( %$. ( 8+-2:.6$6'6 ( L:" ( 6"*" ( ,-M8".%'+ ( "0
6"%M".:R'M$".&-(6"(0'%("%8",$'0$R',$-."%(8+-6:,&$#'%("2",&$#'M".&"(#$#$6'%N
4'% ( #"6"&&"% ( "T$%&". ( 8'+' ( +"8+"%".&'+ ( 6$2"+".&"% ( "%&$0-% ( 6" ( #$6' ( < ( 6"
,-M8+".%$1. ( 6" ( 0' ( %-,$"6'6J ( 0$*+"% ( 6" ( "Q"+,"+%" (32-A)2.*&+*N ( 7.,'+.'. ( "0
+"%:0&'6- ( $.',,"%$*0" ( 6"0 (+,)A)<-( %-,$'0J ( +"M"6'.6- ( %:*8+-6:,&-% ( 6" ( "%&"
&+'*'Q-(L:"(%-.(M9K$,'M".&"(&+'.%2"+$6-%(8-+(".,$M'(6"(E0(,-M-(%:(2$.'0$6'6\
"0(/-'*,(<(0'%(:)4)4%-&*$J(0'(6",$%$1.(<("0(,-.%:M-(L:"("%&9.('0(8+$.,$8$-(<('0
2$.'0 ( 6" ( :. ( 8+-,"%- ( $.6$%,:&$6-N ( Z00SJ ( "% ( "0 ( 8-6"+ ( K:*"+.'M".&'0 ( L:$". ( %"
8"+%-.'0$R'(".(%":6-G#"6"&&"V('L:S("%(0'(#"6"&&"(6"0(,-.%:M-(L:$".(%"(O',"
80"*$%,$&'+(,-M-(%":6-G8-6"+(%-*+"(0-(#$#$6-N(F"+-('%S(,-M-(0'%(',&$#$6'6"%(6"
0'(#"6"&&"(.-(%-.(+"'0M".&"(K0-*'0"%J(&'M8-,-(%-.(#'+$'6'%N(

@*

70('K".&"(6"0("%8",&9,:0-(8:"%&-(".("%,".'(,-M-(#"6"&&"("%(0-(,-.&+'+$-('0
$.6$#$6:-J("0("."M$K-(6"0($.6$#$6:-(".(%S(M$%M-(&'.(,0'+'M".&"(,-M-(".(0-%
-&+-%N ( ="%2$0'.6- ( ". ( "0 ( "%8",&9,:0- ( ,-M- ( M-6"0- ( 6" ( $6".&$2$,',$1.J ( O'
+".:.,$'6-('(&-6'(,:'0$6'6(':&1.-M'(8'+'($6".&$2$,'+%"(,-.(0'(0"<(K"."+'0(6"(0'
-*"6$".,$' ( '0 ( ,:+%- ( 6" ( 0'% ( ,-%'%N ( 4' ( #"6"&&" ( 6"0 ( ,-.%:M-J ( ':. ( %$".6-
"T&"+$-+M".&"(0'(+"8+"%".&',$1.(6"(6$2"+".&"%(&$8-%(6"(8"+%-.'0$6'6J(M:"%&+'('
,'6'(:.-(6"("%&-%(&$8-%(&".$".6-($K:'0M".&"(',,"%-('(0'(&-&'0$6'6(6"0(,-.%:M-

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3A

<(".,-.&+'.6-(:.'(2"0$,$6'6(%"M"Q'.&"N(4'(#"6"&&"(6"(0'(6",$%$1.(6"*"(8-%""+
"0(%&-,g(,-M80"&-(6"(0-(L:"(O'(%$6-('6M$&$6-(,-M-(,:'0$6'6"%(O:M'.'%N(Z%S
0'%(6$#"+K".,$'%(-2$,$'0"%(%"('.:0'.(".&+"(%S(8-+("0(8'+",$6-(-2$,$'0J(L:"("%(0'
8+"%:8-%$,$1.(6"(%:("T,"0".,$'(".(&-6-N(hO+:,O&,O"#(%"(,-.#$+&$1(".(K"."+'0
8'+'(6",$6$+(%-*+"(0'(*'&'00'(6"(h:+%,O(.-(%-*+"("0(&"++".-J(%$.-(".("0(#$KE%$M-
'.$#"+%'+$-J(,:'.6-(%"(".,-.&+'*'(6"(Q"2"(6"(7%&'6-N(h".."6<(%$K:$1(%$".6-
-+'6-+(O'%&'(8+-.:.,$'+(%:("0-K$-(%-*+"(%:(8+-8$'(&:M*'J(8:"%&-(L:"(CO"-6-+"
5-+".%". ( ,-.&$.:1 ( O'%&' ( "%" ( M-M".&- ( +"6',&'.6- ( 0-% ( 6$%,:+%-% ( 8'+' ( "0
%:,"%-+ ( ". ( "%" ( "%&$0- ( L:" ( &'.&- ( O'*S' ( %"+#$6- ( 8'+' ( O',"+ ( +",-.-,"+ ( 0'
8"+%-.'0$6'6(6"0(6"%'8'+",$6-N(4'%(8"+%-.'0$6'6"%('6M$+'*0"%(".(L:$"."%(%"
8"+%-.$2$,'("0(%$%&"M'(%-.(*$".(,-.-,$6'%(8-+(.-(%"+(0-(L:"(%-.V(O'.(00"K'6-('
%"+ ( K+'.6"% ( O-M*+"% ( 6"%,".6$".6- ( 8-+ ( 6"*'Q- ( 6" ( 0' ( M9% ( MS.$M' ( #$6'
$.6$#$6:'0J(<(&-6-%(0-(%'*".N(

@<

4'(2'0%'("0",,$1.(".(0'('*:.6'.,$'("%8",&',:0'+J("0",,$1.(L:"(+"%$6"(&'.&-(".
0' ( <:T&'8-%$,$1. ( 6" ( "%8",&9,:0-% ( ,-.,:++".&"% ( < ( %-0$6'+$-% ( ,-M- ( ". ( 0'
<:T&'8-%$,$1.(6"(+-0"%(>%$K.$2$,'6-%(<(,-.&".$6-%(8+$.,$8'0M".&"(".(0-%(-*Q"&-%B
L:"(%-.("T,0:%$#-%(<("%&9.('(0'(#"R($M*+$,'6-%J(%"(6"%'++-00'(,-M-(0:,O'(6"
,:'0$6'6"%(2'.&'%M'K1+$,'%(6"%&$.'6'%('('8'%$-.'+(0'('6O"%$1.('(0'(&+$#$'0$6'6
,:'.&$&'&$#'N(Z%S(+".',".(2'0%'%(-8-%$,$-."%('+,'$,'%J(+"K$-.'0$%M-%(-(+',$%M-%
".,'+K'6-%(6"(&+'.%2$K:+'+(".(%:8"+$-+$6'6(-.&-01K$,'(2'.&9%&$,'(0'(#:0K'+$6'6
6"(0-%(0:K'+"%(Q"+9+L:$,-%(".("0(,-.%:M-N(Z%S(%"(+",-M8-."(0'($.&"+M$.'*0"
%"+$"(6"(".2+".&'M$".&-%(+$6S,:0-%(L:"(M-#$0$R'.(:.($.&"+E%(%:*0P6$,-J(6"%6"("0
6"8-+&" ( 6" ( ,-M8"&$,$1. ( O'%&' ( 0'% ( "0",,$-."%N ( =-.6" ( %" ( O' ( $.%&'0'6- ( "0
,-.%:M- ( '*:.6'.&"J ( :.' ( -8-%$,$1. ( "%8",&',:0'+ ( 8+$.,$8'0 ( ".&+" ( Q1#"."% ( <
'6:0&-%(8+-<",&'(".(8+$M"+(80'.-(0-%(2'0%-%(+-0"%V(8:"%&-(L:"(".(.$.K:.'(8'+&"
"T$%&"("0('6:0&-J(6:"U-(6"(%:(#$6'J(<(0'(Q:#".&:6J("0(,'M*$-(6"(0-("T$%&".&"J(.-
"%(".(M-6-('0K:.-(8+-8$"6'6(6"(L:$"."%(%-.('O-+'(Q1#"."%J(%$.-(6"0(%$%&"M'
",-.1M$,-J("0(6$.'M$%M-(6"0(,'8$&'0$%M-N(5-.(0'%(4-$)$(0'%(L:"(+"$.'.(<(%-.
Q1#"."%V(0'%(L:"(%"(6"%80'R'.(<(%"(+""M80'R'.('(%S(M$%M'%N(

@=

7%(0'((&%')'#'*#2)#.%$*,%)(0-(L:"(%"(-,:0&'(*'Q-(0'%(-8-%$,$-."%("%8",&',:0'+"%N
5$(0'%(6$%&$.&'%(2-+M'%(6"(0'(M$%M'('0$".',$1.(%"(,-M*'&".(,-.("0(8+"&"T&-(6"
0'("0",,$1. (&-&'0("%(8-+L:"(&-6'%("00'%(%"("6$2$,'. (%-*+"(0'%(,-.&+'6$,,$-."%
+"'0"%(+"8+$M$6'%N(5"KP.(0'%(.","%$6'6"%(6"0("%&'6$-(8'+&$,:0'+(6"(M$%"+$'(L:"
6"%M$".&" ( <( M'.&$"."J ( "0 ( "%8",&9,:0- ( "T$%&"( *'Q- ( :.' (2-+M' (4-&4*&+,)')( -
*'Q- ( :.' ( 2-+M' ('%1($)N ( 7. ( 'M*-% ( ,'%-%J ( .- ( "% ( M9% ( L:" ( :.' ( $M'K". ( 6"
:.$2$,',$1.(6$,O-%'J(+-6"'6'(6"(6"%-0',$1.(<("%8'.&-J(".("0(,".&+-(&+'.L:$0-(6"
0'(6"%6$,O'N(

@>

70 ( "%8",&9,:0- ( ,-.,".&+'6- ( 8"+&"."," ( "%".,$'0M".&" ( '0 ( ,'8$&'0$%M-

*:+-,+9&$,-J(':.L:"(8:"6'(%"+($M8-+&'.6-(,-M-(&E,.$,'(6"0(8-6"+("%&'&'0(".
",-.-MS'% ( M$T&'% ( M9% ( '&+'%'6'% ( - ( ". ( ,$"+&-% ( M-M".&-% ( 6" ( ,+$%$% ( 6"0
,'8$&'0$%M- ( '#'.R'6-N ( 4' ( 8+-8$"6'6 ( *:+-,+9&$,' ( "%&9 ( ". ( "2",&- ( "00' ( M$%M'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3a

,-.,".&+'6'(".("0(%".&$6-(6"(L:"("0(*:+1,+'&'($.6$#$6:'0(.-(%"(+"0',$-.'(,-.(0'
8-%"%$1.(6"(0'(",-.-MS'(K0-*'0(M9%(L:"(,-M-($.&"+M"6$'+$-(6"(0'(,-M:.$6'6
*:+-,+9&$,'J ( ". ( &'.&- ( L:" ( M$"M*+- ( 6" ( "%&' ( ,-M:.$6'6N ( F-+ ( -&+- ( 0'6- ( 0'
8+-6:,,$1.(6"(M"+,'.,S'%J(M".-%(6"%'++-00'6'J(%"(8+"%".&'(&'M*$E.(*'Q-(:.'
2-+M'(,-.,".&+'6'\(0'(M"+,'.,S'(L:"(0'(*:+-,+',$'(+"&$"."("%("0(&+'*'Q-(%-,$'0
&-&'0J (<(0-( L:"("00'(+"#".6" ('(0'(%-,$"6'6 ("%(%: (%:*%$%&".,$' (". (*0-L:"N (4'
6$,&'6:+'(6"(0'(",-.-MS'(*:+-,+9&$,'(.-(8:"6"(6"Q'+('(0'%(M'%'%("T80-&'6'%
.$.KP.(M'+K".(.-&'*0"(6"("0",,$1.J(8:"%&-(L:"(O'(6"*$6-("0"K$+(&-6-(8-+(%S
M$%M'J(<(,:'0L:$"+(-&+'("0",,$1.("T&"+$-+J(<'(%"(+"2$"+'('(0'('0$M".&',$1.(-('(0'
MP%$,'J ( "% ( <' ( 8-+ ( ,-.%$K:$".&" ( 0' ( "0",,$1. ( 6" ( %: ( 6"%&+:,,$1. ( &-&'0N ( ="*"
',-M8'U'+%"(6"(:.'(#$-0".,$'(8"+M'.".&"N(4'($M'K".(,-M8:"%&'(6"(*$".J(".
%:("%8",&9,:0-J(',-K"(0'(&-&'0$6'6(6"(0-(L:"("T$%&"(-2$,$'0M".&"(<(%"(,-.,".&+'
.-+M'0M".&"(".(:.(%-0-(O-M*+"J(L:"("%("0(K'+'.&"(6"(%:(,-O"%$1.(&-&'0$&'+$'N
['6' ( :.- ( 6"*" ( $6".&$2$,'+%" ( M9K$,'M".&" ( ,-. ( "%&' ( #"6"&&" ( '*%-0:&' ( -
6"%'8'+","+N ( F-+L:" ( %" ( &+'&' ( 6"0 ( 'M- ( 6" ( %: ( .-G,-.%:M- ( < ( 6" ( 0' ( $M'K".
O"+-$,'(6"(:.(%".&$6-(',"8&'*0"(8'+'(0'("T80-&',$1.('*%-0:&'(L:"("%J(6"(O",O-J
0'(',:M:0',$1.(8+$M$&$#'(',"0"+'6'(8-+("0(&"++-+N(5$(,'6'(,O$.-(6"*"('8+".6"+('
H'-J(<(%"+('%S(H'-J("%(8-+L:" (&-#/(*'*#$*,#-+,)#4-$)N(Z00S(6-.6"(6-M$.'(0-
"%8",&',:0'+(,-.,".&+'6-(6-M$.'(&'M*$E.(0'(8-0$,S'N(

@?

4-("%8",&',:0'+(6$2:%-(',-M8'U'('(0'('*:.6'.,$'(6"(M"+,'.,S'%J('0(6"%'++-00-
.-(8"+&:+*'6-(6"0(,'8$&'0$%M-(M-6"+.-N(ZL:S(,'6'(M"+,'.,S'(%"(Q:%&$2$,'(8-+
%"8'+'6-(".(.-M*+"(6"(0'(K+'.6"R'(6"(0'(8+-6:,,$1.(&-&'0(6"(-*Q"&-%J(6"(0'
L:" ( "0 ( "%8",&9,:0- ( "% ( "0 ( ,'&90-K- ( '8-0-KE&$,-N ( Z2$+M',$-."% ( $.,-.,$0$'*0"%
6$%8:&'.(%-*+"(0'("%,".'(6"0("%8",&9,:0-(:.$2$,'6-(6"(0'(",-.-MS'('*:.6'.&"J
$K:'0(L:"(0'%(6$2"+".&"% (M"+,'.,S'%G#"6"&&"%(%-%&$".".(%$M:0&9."'M".&" (%:%
8+-<",&-%(,-.&+'6$,&-+$-%(6"(-+K'.$R',$1.(6"(0'(%-,$"6'6V(6-.6"("0("%8",&9,:0-
6"(0-%(':&-M1#$0"%(+"L:$"+"(:.'(,$+,:0',$1.(8"+2",&' (L:"(6"%&+:<"(0'%(#$"Q'%
,$:6'6"%J ( "0 ( "%8",&9,:0- ( 6" ( 0' ( ,$:6'6 ( M$%M' ( .","%$&' ( ' ( %: ( #"R ( *'++$-%G
M:%"-%N(7.(,-.%",:".,$'J (0'(%'&$%2',,$1. (<'(6"(8-+(%S(8+-*0"M9&$,' (L:"(%"
'&+$*:<"('0(4-&$(.-#'*2#4-&<(&+-(L:"6'($.M"6$'&'M".&"(2'0%$2$,'6'(8:"%&-(L:"
"0 ( ,-.%:M$6-+ ( +"'0 ( .- ( 8:"6" ( &-,'+ ( 6$+",&'M".&" ( M9% ( L:" ( :.' ( %:,"%$1. ( 6"
2+'KM".&-% ( 6" ( "%&' ( 2"0$,$6'6 ( M"+,'.&$0J ( 2+'KM".&-% ( ". ( 0-% ( L:" ( 0' ( ,'0$6'6
'&+$*:$6'('0(,-.Q:.&-("%&9(%$"M8+"("#$6".&"M".&"(':%".&"N(

@@

['6'(M"+,'.,S'(6"&"+M$.'6'(0:,O'(8-+(%S(M$%M'J(.-(8:"6"(+",-.-,"+('(0'%
-&+'%J ( 8+"&".6" ( $M8-."+%" ( ". ( &-6'% ( 8'+&"% ( ,-M- ( %$ ( 2:"+' ( 0' ( P.$,'N ( 70
"%8",&9,:0- ( "%(".&-.,"% ( "0(,'.&- ( E8$,-(6" ("%&' (,-.2+-.&',$1.J (L:"(.$.K:.'
6"%$0:%$1.(8-6+S'(,-.,0:$+N(70("%8",&9,:0-(.-(,'.&'('(0-%(O-M*+"%(<(%:%('+M'%J
%$.-('(0'%(M"+,'.,S'%(<(%:%(8'%$-."%N(7.("%&'(0:,O'(,$"K'(,'6'(M"+,'.,S'J(".
0' ( M"6$6' ( 6" ( %: ( 8'%$1.J ( +"'0$R' ( 6" ( O",O- ( ". ( 0' ( $.,-.%,$".,$' ( '0K- ( M9%
"0"#'6-\ ( "0 ( 6"#".$+ ( M:.6- ( 6" ( 0' ( M"+,'.,S' ( L:" ( "% ( &'M*$E. ( "0 ( 6"#".$+
M"+,'.,S'(6"0(M:.6-N(Z%SJ(8-+(:.' ()$+(4%)#'*#2)#,)F6&#.*,4)&+%25#2-#/),+%4(2),
6"(0'(M"+,'.,S'(%"(6"%K'%&'(,-M*'&$".6-J(M$".&+'%(L:"(0'(2-+M'GM"+,'.,S'
#'(O',$'(%:(+"'0$R',$1.('*%-0:&'N(

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((3?

@A

4'(%'&$%2',,$1.(L:"(0'(M"+,'.,S'('*:.6'.&"(<'(.-(8:"6"(*+$.6'+('(&+'#E%(6"
%: ( :%- ( 8'%' ( ' ( %"+ (*:%,'6' ( ". ( "0( +",-.-,$M$".&- ( 6" ( %: ( #'0-+(". (&'.&- ( L:"
M"+,'.,S'\ ( "% ( "0 (($- # '* # 2)# .*,4)&4H)( L:" ( %" ( *'%&' ( ' ( %S( M$%M-V ( <( 8'+' ( "0
,-.%:M$6-+J(0'("2:%$1. ( +"0$K$-%'( O',$' (0'(0$*"+&'6(%-*"+'.' (6" (0'(M"+,'.,S'N
)0'% ( 6" ( ".&:%$'%M- ( 8-+ ( :. ( 6"&"+M$.'6- ( 8+-6:,&-J ('8-<'6- ( <( 6$2:.6$6- ( 8-+
&-6-% ( 0-% ( M"6$-% ( 6" ( $.2-+M',$1.J ( %" ( 8+-8'K'. ( '%S ( ,-. ( K+'. ( $.&".%$6'6N ( f.
"%&$0-(6"(+-8'(%','6-(6"(:.'(8"0S,:0'V(:.'(+"#$%&'(0'.R'(,0:*%J(L:"('(%:(#"R
0'.R'.(6$#"+%'%(8'.-80$'%N(70(3)'3*+("T8+"%'("0(O",O-(6"(L:"J(".("0(M-M".&-
".(L:"(0'(M'%' (6"(M"+,'.,S'%(%"(6"%0$R'( O',$' (0'('*"++',$1.J (0-( '*"++'.&"
M$%M- ( 6"#$"." ( :.' ( M"+,'.,S' ( "%8",$'0N ( 7. ( 0-% ( 00'#"+-% ( 8:*0$,$&'+$-%J ( 8-+
"Q"M80-J(L:"(.-(%-.(<'(8+-6:,&-%(%$.-(+"K'0-%(%:80"M".&'+$-%(L:"(',-M8'U'.
8+"%&$K$-%-%(-*Q"&-% ( #".6$6-% (-(L:" (%"(8+-6:,". (8'+' ("0 ($.&"+,'M*$- (". (%:
8+-8$' ( "%2"+'J ( %" ( +",-.-," ( 0' ( M'.$2"%&',$1. ( 6" ( :. ( '*'.6-.- ( MS%&$,- ( ' ( 0'
&+'%,".6".,$' ( 6" ( 0' ( M"+,'.,S'N ( i:$". ( ,-0",,$-.' ( 0-% ( 00'#"+-% ( L:" ( O'. ( %$6-
2'*+$,'6-%(8'+'(%"+(,-0",,$-.'6-%(',:M:0'(0'% (%&'(23*&4%)$#'*#2)#.*,4)&4H)J
:.(%$K.-(K0-+$-%-(6" (%:( 8+"%".,$' (+"'0(".&+"( %:%(2$"0"%N( 70(O-M*+" (+"$2$,'6-
"TO$*"(,-.(-%&".&',$1.(0'(8+:"*'(6"(%:($.&$M$6'6(,-.(0'(M"+,'.,S'N([-M-(".
0-%(ET&'%$%(6"(0'%(,-.#:0%$-."%(-(0-%(M$0'K+-%(6"0(#$"Q-(2"&$,O$%M-(+"0$K$-%-J("0
2"&$,O$%M-(6"(0'(M"+,'.,S'('0,'.R'(M-M".&-%(6"("T,$&',$1.(2"+#$".&"N(70(P.$,-
:%-(L:"(%"("T8+"%'('L:S(&'M*$E.("%("0(:%-(2:.6'M".&'0(6"(0'(%:M$%$1.N(

@B

5$. ( 6:6'J ( 0' ( %":6-G.","%$6'6 ( $M8:"%&' ( ". ( "0 ( ,-.%:M- ( M-6"+.- ( .- ( 8:"6"
,-.&+'%&'+%"(,-.(.$.K:.'(.","%$6'6(-(6"%"-(':&E.&$,-(L:"(.-("%&E(E0(M$%M-
,-.2-+M'6-(8-+(0'(%-,$"6'6(<(%:(O$%&-+$'N(F"+-(0'(M"+,'.,S'('*:.6'.&"("%&9
'00S ( ,-M- ( 0' ( +:8&:+' ( '*%-0:&' ( 6" ( :. ( 6"%'++-00- ( -+K9.$,- ( 6" ( 0'% ( .","%$6'6"%
%-,$'0"%N(5:(',:M:0',$1.(M",9.$,'(0$*"+'(:. (),+%1%4%)2#%2%.%+)'-J('.&"("0(L:"("0
6"%"- ( #$#$".&" ( L:"6' ( 6"%'+M'6-N ( 4' ( 8-&".,$' ( ',:M:0'&$#' ( 6" ( :. ( '+&$2$,$'0
$.6"8".6$".&"(00"#'(,-.%$K-(8-+(&-6'%(8'+&"%(0'(1)2$%1%4)4%6&#'*#2)#:%')#$-4%)2N(

@C

7.(0'($M'K".(6"(0'(:.$2$,',$1.(6$,O-%'(6"(0'(%-,$"6'6(8-+(M"6$-(6"0(,-.%:M-J
0'(6$#$%$1.(+"'0("%&9(%-0'M".&" ($($/*&'%')( O'%&'("0(8+1T$M-(.-G,:M80$M$".&-
".(0-(,-.%:M$*0"N(['6'(8+-6:,&-(8'+&$,:0'+(L:"(6"*"(+"8+"%".&'+(0'("%8"+'.R'
6"(:.('&'Q-(2:0K:+'.&"(8'+'(',,"6"+(8-+(2$.('(0'(&$"++'(8+-M"&$6'(6"0(,-.%:M-
&-&'0("%(8+"%".&'6-(,"+"M-.$-%'M".&"('(%:(#"R(,-M-(0'(%$.K:0'+$6'6(6",$%$#'N
F"+- ( ,-M- ( ". ( "0 ( ,'%- ( 6" ( 0' ( M-6' ( $.%&'.&9."' ( 6" ( .-M*+"% ( 6" ( 8$0'
'8'+".&"M".&"('+$%&-,+9&$,-%(L:"(&"+M$.'.(00"#'.6-(,'%$(&-6-%(0-%($.6$#$6:-%
6"(0'(M$%M'("6'6J("0(-*Q"&-('0(L:"(%"(%:8-."(:.(8-6"+(%$.K:0'+(%10-(8:6-(%"+
8+-8:"%&- ( ' ( 0' ( 6"#-,$1. ( 6" ( 0'% ( M'%'% ( 8-+L:" ( O'*S' ( %$6- ( 6$2:.6$6- ( ". ( :.
.PM"+- ( 0- ( *'%&'.&" ( K+'.6" ( 6" ( "Q"M80'+"% ( 8'+' ( O',"+0- ( ,-.%:M$*0"
M'%$#'M".&"N(70(,'+9,&"+(8+"%&$K$-%-(6"("%&"(8+-6:,&-(,:'0L:$"+'(8+-,"6"(6"
O'*"+ ( -,:8'6- ( 6:+'.&" ( :. ( M-M".&- ( "0 ( ,".&+- ( 6" ( 0' ( #$6' ( %-,$'0J ( ,-M- ( "0
M$%&"+$- ( +"#"0'6- ( 6" ( 0' ( 2$.'0$6'6 ( P0&$M' ( 6" ( 0' ( 8+-6:,,$1.N ( 70 ( -*Q"&- ( L:" ( "+'
8+"%&$K$-%-(".("0("%8",&9,:0-(%"(#:"0#"(#:0K'+(6"%6"("0(M-M".&-(".(L:"(".&+'
".(,'%'(6"("%&"(,-.%:M$6-+J('0(&$"M8-(L:"(".(0'(6"(&-6-%(0-%(6"M9%N(!"#"0'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((Ic

6"M'%$'6-(&'+6"(%:(8-*+"R'("%".,$'0J(L:"('%$M$0'(.'&:+'0M".&"(6"(0'(M$%"+$'
6"(%:(8+-6:,,$1.N(F"+-(<'("%(-&+-(-*Q"&-("0(L:"(00"#'(0'(Q:%&$2$,',$1.(6"0(%$%&"M'
<("T$K"(%"+(+",-.-,$6-N(

AD

4'($M8-%&:+'(6"(0'(%'&$%2',,$1.(6"*"(6".:.,$'+%"('(%S(M$%M'(+""M80'R9.6-%"J
%$K:$".6- ( "0 (,'M*$- (6" ( 0-%( 8+-6:,&-% ( <( 6" ( 0'%( ,-.6$,$-."% ( K"."+'0"% ( 6" ( 0'
8+-6:,,$1.N ( 4- ( L:" ( '2$+M1 ( ,-. ( 0' ( M9% ( 8"+2",&' ( $M8+:6".,$' ( %: ( "T,"0".,$'
6"2$.$&$#'(,'M*$'(%$.("M*'+K-(".("0("%8",&9,:0-(6$2:%-J(':.L:"(&'M*$E.(".("0
,-.,".&+'6-J(<("%(P.$,'M".&"("0(%$%&"M'("0(L:"(6"*"(,-.&$.:'+\(&'.&-(5&'0$.
,-M-(0'(M"+,'.,S'(8'%'6'(6"(M-6'(%-.(6".:.,$'6-%(8-+(0-%(M$%M-%(L:"(0-%
$M8:%$"+-.N(['6'(&(*:)#.*&+%,)(6"(0'(8:*0$,$6'6("%(&'M*$E.(0'(4-&1*$%6&(6"(%:
M".&$+'(8+","6".&"N(['6'(6"%80-M"(6"(:.'(2$K:+'(6"0(8-6"+(&-&'0$&'+$-(+"#"0'(0'
4-.(&%')'#%2($-,%)( L:"(0'('8-<'*'(:.9.$M"M".&"J(<(L:"(.-("+'(M9%(L:"(:.
'K0-M"+'6-(6"(%-0"6'6"%(%$.($0:%$1.N(

A*

4-(L:"("0("%8",&9,:0-(-2+","(,-M-(8"+8"&:-(%"(2:.6'(%-*+"("0(,'M*$-(<(6"*"
,'M*$'+(,-.(%:(*'%"N(70("%8",&9,:0-("%('*%-0:&'M".&"(6-KM9&$,-(<('0(M$%M-
&$"M8- ( .- ( 8:"6" ( 6"%"M*-,'+ ( +"'0M".&" ( ". ( .$.KP. ( 6-KM' ( %10$6-N ( X'6' ( %"
6"&$"."(8'+' (E0V(E%&" ("%(%:("%&'6- (.'&:+'0(<('(0'(#"R(0-(M9%(,-.&+'+$-('(%:
$.,0$.',$1.N(

A<

4'(:.$6'6($++"'0(L:"(8+-,0'M'("0("%8",&9,:0-(".M'%,'+'(0'(6$#$%$1.(6"(,0'%"%
%-*+"(0'(L:"(+"8-%'(0'(:.$6'6(+"'0(6"0(M-6-(6"(8+-6:,,$1.(,'8$&'0$%&'N(4-(L:"
-*0$K'('(0-%(8+-6:,&-+"%('(8'+&$,$8'+(".(0'("6$2$,',$1.(6"0(M:.6-("%(&'M*$E.(0-
L:" ( 0-% ( %"8'+'N ( 4- ( L:" ( 8-." ( ". ( +"0',$1. ( ' ( 0-% ( O-M*+"% ( 0$*"+'6-% ( 6" ( %:%
0$M$&',$-."%(0-,'0"%(<(.',$-.'0"%("%(&'M*$E.(0-(L:"(0"%('0"Q'N(4-(L:"(-*0$K'('
8+-2:.6$R'+(".(0-(+',$-.'0("%(&'M*$E. (0-(L:"(6'(89*:0- ('(0-($++',$-.'0(6"(0'
"T80-&',$1.(Q"+9+L:$,'(<(6"(0'(+"8+"%$1.N(4-(L:"(O',"("0(8-6"+('*%&+',&-(6"(0'
%-,$"6'6(O',"(%:(&-M2%A*,+)'(,-.,+"&'N

!"#$%&'()>

6')#.('-%".0"4()/(3(),&M-%()I)/(3().-#.-,-2%"/012

!K2 #'*,*4@- # %3()2%+),%- # '* # +-'-$ # ) # 2-$ # A%*&*$ # ?# /2)4*,*$ # '* # *$+* # .(&'-5 # 2)
'*$+,(44%6& # '* # +-') # )(+-,%')'5 # 2) # &*3)4%6& # '* # +-'- # 1,*&- # .-,)2P # @* # )@H5 # $%
'*$4*&'*.-$#@)$+)#*2#1-&'-#'*#2)$#4-$)$5#2)#,)F6&#'*#$*,#'*#2)#%&$(,,*44%6&
'*2#QR#'*#.),F-#?#*2#/,-3,).)#'*#2)#+*.%A2*#)$-4%)4%6&#7(*#2*#@)#$(.%&%$+,)'-
(&#*<9,4%+-0!#

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I3

!"#$%&'()*'+",-)./)0$"&).'),%12.$,/),'"%3..$**'+",4$/,56,4$,0).71

A=

70 ( M-#$M$".&- ( +"'0 ( L:" ( %:8+$M" ( 0'% ( ,-.6$,$-."% ( "T$%&".&"% ( K-*$"+.' ( 0'

%-,$"6'6 ( ' ( 8'+&$+ ( 6" ( 0' ( #$,&-+$' ( 6" ( 0' ( *:+K:"%S' ( ". ( 0' ( ",-.-MS'J ( <( 0- ( O',"
#$%$*0"M".&" ( &+'% ( 0' ( &+'6:,,$1. ( 8-0S&$,' ( 6" ( "%&' ( #$,&-+$'N ( 70 ( 6"%'++-00- ( 6" ( 0'%
2:"+R'%(8+-6:,&$#'%(O'(O",O-("%&'00'+(0'%('.&$K:'%(+"0',$-."%(6"(8+-6:,,$1.(<
&-6-(-+6".("%&9&$,-(%"(6"%80-M'N(C-6- (0-(L:"("+'('*%-0:&- (%"(,-.#$"+&" (".
O$%&1+$,-N(

A>

Z0(%"+(0'.R'6-%(".(0'(O$%&-+$'J('0(&"."+(L:"(8'+&$,$8'+(".("0(&+'*'Q-(<(0'%(0:,O'%
L:"(0'(,-.%&$&:<".J(0-%(O-M*+"%(%"(#".(2-+R'6-%('('2+-.&'+(%:%(+"0',$-."%(6"
:.'(2-+M'(L:"(.-(%"'(".K'U-%'N(7%&'(O$%&-+$'(.-(&$"."(-&+-(-*Q"&-(L:"("0(L:"
"00'(+"'0$R'(%-*+"(%S(M$%M'J(':.L:"(0'(#$%$1.(M"&'2S%$,'(P0&$M'($.,-.%,$".&"(6"
0'(E8-,' (O$%&1+$,' (8:"6' (,-.&"M80'+ (0'(8+-K+"%$1. (8+-6:,&$#'('(&+'#E%(6" (0'
,:'0(0'(O$%&-+$'(%"(6"%80$"K'(,-M-("0(-*Q"&-(M$%M-(6"(0'(O$%&-+$'N(70($(<*+-(6"(0'
O$%&-+$'(.-(8:"6"(%"+(%$.-(0-(#$#$".&"(8+-6:,$E.6-%"('(%S(M$%M-J(,-.#$+&$E.6-%"
". ( 6:"U- ( < ( 8-%""6-+ ( 6" ( %: ( M:.6- ( L:" ( "% ( 0' ( O$%&-+$' ( < ( "T$%&$".6- ( ,-M-
4-&4%*&4%)#'*#$(#<(*3-N(

A?

[-M- ( :.' ( M$%M' ( ,-++$".&" ( %" ( 6"%'++-00'. ( 0'% ( 0:,O'% ( 6" ( ,0'%"% ( 6" ( 0' ( 0'+K'
9/-4) # ,*:-2(4%-&),%)( $.':K:+'6' ( 8-+ ( "0 ( '%,".%- ( 6" ( 0' ( *:+K:"%S' ( < ( "0
/*&$).%*&+-#'*#2)#@%$+-,%)J(0'(6$'0E,&$,'J("0(8".%'M$".&-(L:"(<'(.-(%"(6"&$"."
".(0'(*P%L:"6'(6"0(%".&$6-(6"(0-("T$%&".&"J(%$.-(L:"(%"("0"#'('0(,-.-,$M$".&-
6" ( 0' ( 6$%-0:,$1. ( 6" ( &-6- ( 0- ( L:" ( "%V ( < ( ". ( "0 ( M-#$M$".&- ( 6$%:"0#" ( &-6'
%"8'+',$1.N(

A@

j"K"0(<'(.-(&:#-(L:"(%&+*,/,*+),("0(M:.6-J(%$.-(0'(+,)&$1-,.)4%6&(6"0(M:.6-N
Z0 (%&+*,/,*+), # $-2).*&+*( 0' ( &+'.%2-+M',$1. ( j"K"0 ( .- ( "% ( %$.- ( 0' ( ,-.,0:%$1.
1%2-$61%4)(6"(0'(2$0-%-2S'N(i:$"+"(,-M8+".6"+(:.(M:.6-(7(*#$*#@)4*#)#$H#.%$.-N
7%&"(8".%'M$".&-(O$%&1+$,-(.-("%(&-6'#S'(%$.-(0'(,-.,$".,$'(L:"(%$"M8+"(00"K'
6"M'%$'6-(&'+6"(<(L:"(".:.,$'(0'(Q:%&$2$,',$1. (/-$+#1*$+(.N(="(M-6-(L:"(.-
%:8"+'(0'(%"8'+',$1.(M9%(L:"(*&#*2#/*&$).%*&+-N(4'(8'+'6-Q'(L:"(,-.%$%&"(".
%:%8".6"+("0(%".&$6-(6"(&-6'(+"'0$6'6(".(%:(,-.%:M',$1.(O$%&1+$,'(<(".(+"#"0'+
'0(M$%M-(&$"M8-("%&"(%".&$6-(,-.%&$&:<E.6-%"(".(,-.%:M',$1.(6"(0'(O$%&-+$'
%" ( 6"%8+".6" ( 6"0 ( %$M80" ( O",O- ( 6" ( L:" ( "0 ( 8".%'6-+ ( 6" ( 0'% ( +"#-0:,$-."%
*:+K:"%'% ( 6" ( 0-% ( %$K0-% ( klmm ( < ( klmmm ( .- ( *:%,1 ( ". ( %: ( 2$0-%-2S' ( M9% ( L:" ( 0'
,*4-&4%2%)4%6&(,-.("0(+"%:0&'6-(6"(E%&'%N(^="0(M$%M-(M-6-(,-M-(2$0-%-2S'(6"(0'
+"#-0:,$1. ( *:+K:"%' ( .- ( "T8+"%' ( &-6- ( "0 ( 8+-,"%- ( 6" ( "%&' ( +"#-0:,$1.J ( %$.-
%-0'M".&"(%:(,-.,0:%$1.(P0&$M'N(7.("%&"(%".&$6-J(E%&'(.-("%(:.'(2$0-%-2S'(6"(0'
+"#-0:,$1.J ( %$.- ( 6" ( 0' ( +"%&':+',$1.N^ ( >h'+0 ( h-+%,ON (S*$%$ # $-A,* # L*3*2 # ? # 2)
,*:-2(4%6&BN(j"K"0(O$R-(8-+(P0&$M'(#"R("0(&+'*'Q-(6"0(2$01%-2-J(0'(^K0-+$2$,',$1.(6"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((II

0-(L:"("T$%&"^V(8"+-('L:"00-(L:"("T$%&S'(8'+'(E0(<'(.-(8-6S'(%"+(%$.-(0'(&-&'0$6'6
6"0(M-#$M$".&-(O$%&1+$,-N(4'(8-%$,$1.(*G+*,%-,(6"0(8".%'M$".&-J(L:"(".(+"'0$6'6
%"(M'.&".S'J(%10-(8-6S'(%"+(".M'%,'+'6'(M"6$'.&"(%:($6".&$2$,',$1.(,-.(:.
8+-<",&-(8+"#$-(6"0(7%8S+$&:J(OE+-"('*%-0:&-(L:"(O'(O",O-(0-(L:"(O'(L:"+$6-(<
O'(L:"+$6-(0-(L:"(O'(O",O-J(<(,:<'(+"'0$R',$1.(,-$.,$6"(,-.("0(8+"%".&"N(Z%SJ(0'
2$0-%-2S'(L:"(M:"+"(".("0(8".%'M$".&-(6"(0'(O$%&-+$'(.-(8:"6"(<'(K0-+$2$,'+(%:
M:.6- ( M9% ( L:" ( +"."K'.6- ( 6" ( E0J ( 8:"% ( 8'+' ( &-M'+ ( 0' ( 8'0'*+' ( "% ( 8+",$%-
%:8-."+(,-.,0:$6'("%&'(O$%&-+$'(&-&'0('00S(6-.6"("00'(,-.6:Q-(&-6-V(<(,"++'+(0'
%"%$1.(6"0(P.$,-(&+$*:.'0(6-.6"(8:"6"(%"+(6$,&'6'(0'(%".&".,$'(6"(0'(#"+6'6N(

AA

[:'.6-("0(8+-0"&'+$'6-(M'.$2$"%&'(8-+(%:(8+-8$'("T$%&".,$'(".(',&-%(L:"("%&"
8".%'M$".&-(6"(0'(O$%&-+$'(.-(%"(O'(-0#$6'6-("0(6"%M".&$6-(6"(0'(4-&42($%6&("%
&'M*$E.(0'(,-.2$+M',$1.(6"0(ME&-6-N(

AB

70(8".%'M$".&-(6"(0'(O$%&-+$'(.-(8:"6"(%"+(%'0#'6-(M9%(L:"(&+'.%2-+M9.6-%"
". ( 8".%'M$".&- ( 8+9,&$,-V ( < ( 0' ( 8+9,&$,' ( 6"0 ( 8+-0"&'+$'6- ( ,-M- ( ,0'%"
+"#-0:,$-.'+$'(.-(8:"6"(%"+(M".-%(L:"(0'(,-.,$".,$'(O$%&1+$,'(-8"+'.6-(%-*+"
0'(&-&'0$6'6(6"(%:(M:.6-N(C-6'%(0'%(,-++$".&"%(&"1+$,'%(6"0(M-#$M$".&-(-*+"+-
,*:-2(4%-&),%-( O'. ( %:+K$6- ( 6" ( :. ( ".2+".&'M$".&- ( ,+S&$,- ( ,-. ( "0 ( 8".%'M$".&-
O"K"0$'.-J(&'.&-(".("0(,'%-(6"(H'+T(,-M-(".("0(6"(5&$+."+(-(Y'g:.$.N(

AC

70(,'+9,&"+($.%"8'+'*0"(6"(0'(&"-+S'(6"(H'+T(<(6"0(ME&-6-(O"K"0$'.-("%('(%:
#"R ( $.%"8'+'*0" ( 6"0 ( ,'+9,&"+ ( +"#-0:,$-.'+$- ( 6" ( "%&' ( &"-+S'J ( "% ( 6",$+J ( 6" ( %:
#"+6'6N ( 7% ( ". ( "%&- ( ". ( 0- ( L:" ( "%&' ( 8+$M"+' ( +"0',$1. ( O' ( %$6- ( K"."+'0M".&"
$K.-+'6'(-(M'0(,-M8+".6$6'J(-($.,0:%-(6".:.,$'6'(,-M-("0(8:.&-(6E*$0(6"(0-
L:" ( 6"#".S' ( ".K'U-%'M".&" ( ". ( :.' ('-4+,%&)( M'+T$%&'N ( Y"+.%&"$.J ( ".
J-4%)2%$.- # +*6,%4- # ? # $-4%)2'*.-4,)4%) # /,D4+%4)J ( +"#"0' ( 8"+2",&'M".&" ( "%&'
,-."T$1.(6"0(ME&-6-(6$'0E,&$,-(<(6"(0'(+-.)#'*#/-$%4%6&(O$%&1+$,'J(0'M".&'.6-
0'%(8+"#$%$-."%(8-,-(,$".&S2$,'%(6"0(;)&%1%*$+-#'*#QRTU(%-*+"(0'($.M$.".,$'(6"
0'(+"#-0:,$1.(8+-0"&'+$'(".(Z0"M'.$'\(^7%&'(':&-%:K"%&$1.(O$%&1+$,'J(&'.("++1."'
,-M- ( 0' ( 8-6+S' ( O'*"+ ( ,-.,"*$6- ( ,:'0L:$"+ ( #$%$-.'+$- ( 8-0S&$,-J ( %"+S'
$.,-M8+".%$*0" (". ("0( ,'%- (6"( H'+TJ(L:"(". ("%&' ( E8-,' (<'( O'*S' ("%&:6$'6-
%"+$'M".&" ( 0' (",-.-MS'J ( %$( .- ( %" (#$"+' (". ("00' ( "0 (+"%:0&'6- (6" (:. (+"%&- ( 6"
6$'0E,&$,' ( '.&$&E&$,' ( O"K"0$'.' ( 6" ( 0' ( L:" ( .$ ( H'+T ( .$ ( 7.K"0% ( %:8$"+-. ( .:.,'
6"%O',"+%"(,-M80"&'M".&"N(7.("%&-%(&$"M8-%(6"("2"+#"%,".,$'(K"."+'0("%&-
2:"(M9%(2'&'0('P.(8'+'("00-%^N(

BD

4' (%&:*,$%6&( L:" ( H'+T ( "2",&P' ( 8'+' ( :.' ( ^%'0#',$1. ( 8-+ ( &+'.%2"+".,$'^ ( 6"0
8".%'M$".&- ( 6" ( 0'% ( +"#-0:,$-."% ( *:+K:"%'% ( .- ( ,-.%$%&" ( ". ( +""M80'R'+
&+$#$'0M".&"(8-+("0(6"%'++-00-(M'&"+$'0$%&'(6"(0'%(2:"+R'%(8+-6:,&$#'%("0(+",-++$6-
6"0 ( 7%8S+$&: ( O"K"0$'.- ( <".6- ( ' ( %: ( 8+-8$- ( ".,:".&+- ( ". ( "0 ( &$"M8-J ( ,:<'
-*Q"&$#',$1. ("% ($6E.&$,' ( ' ( %: ( '0$".',$1. ( <( ,:<'% ( O"+$6'% (O$%&1+$,'% (.- (6"Q'.

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((IW

,$,'&+$,"%N ( 4' ( O$%&-+$' ( L:" ( 6"#$"." ( +"'0 ( <' ( .- ( &$"." (1%&N ( H'+T ( 6"%&+:<1 ( 0'
8-%$,$1. ($*/),)')( 6" ( j"K"0 ( '.&" ( 0- ( L:" ( %:,"6"V ( <( 0' (4-&+*./2)4%6&( 6" ( :.
'K".&"(%:8+"M-("T&"+$-+J(%"'("0(L:"(%"'N(4'(&"-+S'(.-(&$"."(L:"(,-.-,"+(M9%
L:"(0-(L:"("00'(O',"N(F-+("0(,-.&+'+$-(0'(,-.&"M80',$1.(6"0(M-#$M$".&-(6"(0'
",-.-MS'J(".("0(8".%'M$".&-(6-M$.'.&"(6"(0'(%-,$"6'6(',&:'0("%(0'(O"+"6"+'
&-#$(A:*,+%')( 6"(0'(8'+&" (&-M'%)294+%4)( 6"0($.&".&-(O"K"0$'.-(6"(,-M8-."+(:.
%$%&"M'(,$+,:0'+\("%(:.'('8+-*',$1.(L:"(O'(8"+6$6-(0'(6$M".%$1.(6"0(,-.,"8&-
<(L:"(.-(.","%$&'(Q:%&$2$,'+%"(".(:.(O"K"0$'.$%M-J(8:"%&-(L:"("0(M-#$M$".&-
L:"(%"(&+'&'(6"(".%'0R'+(.-("%(M9%(L:"(:.(%",&-+(%$.(8".%'M$".&-(6"0(M:.6-J
,:<-(6"%'++-00-(M",9.$,-(6-M$.'("2",&$#'M".&"("0(&-6-N(70(8+-<",&-(6"(H'+T
"% ( "0( 6" (:.' ( O$%&-+$' ( ,-.%,$".&"N ( 4- ( ,:'.&$&'&$#- (L:" ( %:+K" ( ". ( "0 ( 6"%'++-00-
,$"K-(6"(0'%(2:"+R'%(8+-6:,&$#'%(%$M80"M".&"(",-.1M$,'%(6"*"(,'M*$'+%"(8-+
0' ( '8+-8$',$1. ( O$%&1+$,' ( ,:'0$&'&$#'N ( 4' (4,H+%4) # '* # 2) # *4-&-.H) # /-2H+%4)( "% ( "0
8+$M"+ ( ',&- ( 6" ( "%&" (1%& # '* # 2) # /,*@%$+-,%)\ ( ^=" ( &-6-% ( 0-% ( $.%&+:M".&-% ( 6"
8+-6:,,$1.J("0(6"(M'<-+(8-6"+(8+-6:,&$#-("%(0'(,0'%"(+"#-0:,$-.'+$'(M$%M'^N(

B*

4-(L:"('&' ("%&+",O'M".&" (0'(&"-+S'(6"(H'+T('0(8".%'M$".&- (,$".&S2$,- ("%(0'

,-M8+".%$1.(+',$-.'0(6"(0'%(2:"+R'%(L:"(%"("Q"+,".(+"'0M".&"(".(0'(%-,$"6'6N
5$. ( "M*'+K- ( "% ( 2:.6'M".&'0M".&" ( :. (.D$ # )22D( 6"0 ( 8".%'M$".&- ( ,$".&S2$,-J
6-.6" ( E%&" ( "%&9 ( ,-.%"+#'6- ( ". ( &'.&- ( L:" ( %:8"+'6-\ ( %" ( &+'&' ( 6" ( :.'
,-M8+".%$1.(6"(0' (2(4@)J(<(".(M-6-('0K:.-(6"(0' (2*?N(^[-.-,"M-%(:.'(%-0'
,$".,$'\(0'(,$".,$'(6"(0'(O$%&-+$'^J(6$,"(B)#%'*-2-3H)#)2*.)&)N(

B<

4'(E8-,'(*:+K:"%'J(L:"(8+"&".6"(2:.6'+(,$".&S2$,'M".&"(0'(O$%&-+$'J(6"%,:$6'
"0(O",O-(6"(L:"("%&'(,$".,$'(6$%8-.$*0"(6"*$1(M9%(*$".(%"+("00'(M$%M'(2:.6'6'
O$%&1+$,'M".&" ( ,-. ( 0' ( ",-.-MS'N ( m.#"+%'M".&"J ( 0' ( O$%&-+$' ( %10- ( 6"8".6"
+'6$,'0M".&" ( 6" ( "%&" ( ,-.-,$M$".&- ( ". ( &'.&- ( L:" ( %$K:" ( %$".6- (@%$+-,%)
*4-&6.%4)N(70(8:.&-(6"(#$%&'(6"(0'(-*%"+#',$1.(,$".&S2$,'(O'(8-6$6-(6"%,:$6'+
8-+(-&+-(0'6-(".(L:E(M"6$6'(&-M'(8'+&"(0'(O$%&-+$'(".(0'(",-.-MS'(M$%M'(G"0
8+-,"%-(K0-*'0(L:"(M-6$2$,'(%:%(8+-8$-%(6'&-%(,$".&S2$,-%(6"(*'%"GN(7%(0-(L:"
M:"%&+'(0'(#'.$6'6(6"(0-%(,90,:0-%(%-,$'0$%&'%(L:"(,+"S'.(O'*"+("%&'*0",$6-(0'
8"+$-6$,$6'6 ( "T',&' ( 6" ( 0'% ( ,+$%$%V( <( 6"%6" ( L:" ( 0'( $.&"+#".,$1. ( ,-.%&'.&" ( 6"0
7%&'6-(O'(0-K+'6-(,-M8".%'+("0("2",&-(6"(0'%(&".6".,$'%('(0'(,+$%$%("0(M$%M-
KE."+- ( 6" ( +'R-.'M$".&- ( #" ( ". ( "%&" ( "L:$0$*+$- ( :.' ( '+M-.S' ( ",-.1M$,'
6"2$.$&$#'N(70(8+-<",&-(6"(%:8"+'+(0'(",-.-MS'J(6"(0'(&-M'(6"(8-%"%$1.(6"(0'
O$%&-+$'J(6"*"(,-.-,"+(G(<('&+'"+(O',$'(%S(G(0'(,$".,$'(6"(0'(%-,$"6'6J(.-(8:"6"
%"+(E0(M$%M-(4%*&+H1%4-N(7.("%&"(P0&$M-(M-#$M$".&-(L:"(,+""(6-M$.'+(0'(O$%&-+$'
8+"%".&"(M"6$'.&"(:.(,-.-,$M$".&-(,$".&S2$,-("0(8:.&-(6"(#$%&'(+"#-0:,$-.'+$-
%$K:"(%$".6-(A(,3(9$N(

B=

4'% ( ,-++$".&"% ( :&18$,'% ( 6"0 ( %-,$'0$%M-J ( ':.L:" ( 2:.6'6'% ( ' ( %: ( #"R

O$%&1+$,'M".&" ( ". ( 0' ( ,+S&$,' ( 6" ( 0' ( -+K'.$R',$1. ( %-,$'0 ( "T$%&".&"J ( 8:"6". ( %"+
Q:%&'M".&"(,'0$2$,'6'%(6"(:&18$,'%(".(0'(M"6$6'(".(L:"(+",O'R'.(0'(O$%&-+$'(G"%
6",$+J(0'(0:,O'(+"'0(".(,:+%-J('%S(,-M-("0(M-#$M$".&-(6"0(&$"M8-(M9%('009(6"(0'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I]

8"+2",,$1. ( $.M:&'*0" ( 6" ( %: ( $M'K". ( 6" ( %-,$"6'6 ( 2"0$RGJ ( 8"+- ( .- ( 8-+L:"

+",O',". ( 0' ( ,$".,$'N ( 4-% ( 8".%'6-+"% ( :&-8$%&'% ( "%&9. ( 8-+ ( "0 ( ,-.&+'+$-
".&"+'M".&" ( 6-M$.'6-% ( 8-+ ( "0 ( 8".%'M$".&- ( ,$".&S2$,-J ( &'0 ( ,-M- ( %" ( O'*S'
$M8:"%&-(".(0-%(%$K0-%(8+","6".&"%N(700-%(*:%,'.("0(8"+2",,$-.'M$".&-(6"("%&"
%$%&"M' ( +',$-.'0 ( K"."+'0\ ( .- ( %" ( ,-.%$6"+'. ( ". ( M-6- ( '0K:.- ( ,-M- ( 8+-2"&'%
6"%'+M'6-%J(8:"%&-(L:"(,+"".(".("0(8-6"+(%-,$'0(6"(0'(6"M-%&+',$1.(,$".&S2$,'
"($.,0:%-J(".("0(,'%-(6"0(%'$.&%$M-.$%M-J(".(0'(&-M'(6"0(8-6"+(8-+(0'(,$".,$'N(Z0
+"%8",&-J(6$,"(5-M*'+&J(^dF+"&".6S'.('++'.,'+(M"6$'.&"(0:,O'%(0-(L:"(6"*"
%"+ (/,-A)'-e^ ( X- ( -*%&'.&" ( 0' ( ,-.,"8,$1. ( ,$".&S2$,' ( 6" ( 0-% ( :&18$,-% ( .- ( %"
"T&$".6"('("%&"(,-.-,$M$".&-(6"(L:"(0-%(K+:8-%(%-,$'0"%(&$".".($.&"+"%"%(".
:.'(%$&:',$1.("T$%&".&"J(2:"+R'%(8'+'(M'.&"."+0'J(<(&'M*$E.(2-+M'%(6"(2'0%'
,-.,$".,$'(,-++"%8-.6$".&"%('(&'0"%(8-%$,$-."%N(i:"6'(M:<(+"&+'%'6'(+"%8",&-
'(0'(+"'0$6'6(O$%&1+$,'(6"0(6"%'++-00-(6"(0'(,$".,$'(M$%M'J(L:"(%"(O'(".,-.&+'6-
".(K+'.(8'+&"(-+$".&'6'(8-+(0'('*.)&')#$-4%)2(6"+$#'6'(6"(&'0"%(2',&-+"%J(L:"
%"0",,$-.'(.-(%-0'M".&"(0-(L:"(8:"6"(%"+('6M$&$6-J(%$.-(&'M*$E.(0-(L:"(8:"6"
%"+ ( $.#"%&$K'6-N ( 4-% ( %-,$'0$%&'% ( :&18$,-% ( %$K:". ( 8+$%$-."+-% ( 6"0 (.-'- # '*
*G/-$%4%6&#'*#2)#:*,')'#4%*&+H1%4)J(,-.,$*".("%&'(#"+6'6(%"KP.(%:(8:+'($M'K".
'*%&+',&'J(&'0(,-M-(0"%(O'*S'(%$6-($M8:"%&'(".(:.'("&'8'(M:<('.&"+$-+(6"(0'
%-,$"6'6N([-M-(%:*+'<1(5-+"0J(0-%(:&18$,-%(8$".%'.(6"%,:*+$+(<(6"M-%&+'+(0'%
0"<"%(6"(0'(%-,$"6'6(%-*+"("0(M-6"0-(6"(0' ()$+,-&-.H)N(4'('+M-.S'('(0'(L:"
'%8$+'.J(O-%&$0('(0'(O$%&-+$'J(6"+$#'(6"(:.($.&".&-(6"('80$,',$1.(6"(0'(,$".,$'('(0'
%-,$"6'6(M".-%(6"8".6$".&"(6"(0'(O$%&-+$'N(m.&".&'(O',"+%"(+",-.-,"+(,-.(0'
M$%M' ( $.-,".,$' ( "T8"+$M".&'0 ( L:" ( "0 ( ."n&-.$%M-J ( < ( "0 ( 6"%&$.- ( 2"0$R
,-.%&'.&"M".&"(8-%&:0'6-(^Q:"K'(".(%:(,$".,$'(%-,$'0(:.(8'8"0('.90-K-('0(L:"
0" ( ,-++"%8-.6" ( ' ( 0' ( $."+,$' ( ". ( 0' ( M",9.$,' ( +',$-.'0^ ( >;)+*,%)2*$ # /),) # (&)
@%$+-,%)#'*2#/,-2*+),%)'-BN(

B>

70('%8",&-(6"&"+M$.$%&'G,$".&S2$,-(".("0(8".%'M$".&-(6"(H'+T(2:"(8+",$%'M".&"
0'(*+",O'(8-+(0'(,:'0(8"."&+1("0(8+-,"%-(6"(^$6"-0-K$R',$1.^J(&-6'#S'(#$#-(E0J(<
". ( M'<-+ ( M"6$6' ( ". ( 0' ( O"+".,$' ( &"1+$,' ( 0"K'6' ( '0 ( M-#$M$".&- ( -*+"+-N ( 4'
00"K'6'(6"0(%:Q"&-(6"(0'(O$%&-+$'("%(+"&+'%'6'(&-6'#S'(8'+'(M9%(&'+6"J(<("%(0'
,$".,$'(O$%&1+$,'(8-+("T,"0".,$'J(0'(",-.-MS'J(L:$".(&$".6"(,'6'(#"R(".(M'<-+
M"6$6'('(K'+'.&$R'+(0'(.","%$6'6(6"(%:(8+-8$'(."K',$1.(2:&:+'N(F"+-(,-.("00-
%"(+",O'R'(2:"+'(6"0(,'M8-(6"(0'(#$%$1.(&"1+$,'(0'(8+9,&$,'(+"#-0:,$-.'+$'(L:"
"% ( 0' ( P.$,' ( #"+6'6 ( 6" ( "%&' ( ."K',$1.N ( Z%SJ ( "% ( $M8-+&'.&" ( "%&:6$'+
8',$".&"M".&"("0(6"%'++-00-(",-.1M$,-J(<('6M$&$+(&-6'#S'J(,-.(:.'(&+'.L:$0$6'6
O"K"0$'.'J(0'('20$,,$1.J(0-(L:"(%$K:"(%$".6-J(".(%:(+"%:0&'6-J(^:.(,"M".&"+$-(6"
*:".'% ( $.&".,$-."%^N ( 5" ( 6"%,:*+" ( L:" ( 'O-+'J ( %"KP. ( 0' ( ,$".,$' ( 6" ( 0'%
+"#-0:,$-."%J (2) # 4-&4%*&4%) # 22*3) # $%*./,* # '*.)$%)'- # /,-&+-( < ( 6"*"+9 ( %"+
".%"U'6'N ( ^4' ( O$%&-+$' ( .-% ( O' ( 6"%M".&$6-J ( ' ( .-%-&+-% ( < ( ' ( &-6-% ( 0-% ( L:"
8".%'*'. ( ,-M- ( .-%-&+-%N ( j' ( 6"M-%&+'6- ( ,0'+'M".&" ( L:" ( "0 ( "%&'6- ( 6"0
6"%'++-00-(",-.1M$,-(".("0(,-.&$.".&"(.-(%"(O'00'*'(&-6'#S'(.$(M:,O-(M".-%
M'6:+-NNN^J(6$+9(7.K"0%(".(3a?_N(C-6'(%:(#$6'(H'+T(O'(M'.&".$6-("0(8:.&-(6"
#$%&'(:.$&'+$-(6"(%:(&"-+S'J(8"+-(0'(*G/-$%4%6&(6"(%:(&"-+S'(2:"(80'.&"'6'(%-*+"
"0 (+*,,*&-( 6"0(8".%'M$".&-(6-M$.'.&"(8+",$%9.6-%"(*'Q-(0'(2-+M'(6"(,+S&$,'%
6"(6$%,$80$.'%(8'+&$,:0'+"%J(8+$.,$8'0M".&"(0'(,+S&$,'('(0'(,$".,$'(2:.6'M".&'0(6"
0' ( %-,$"6'6 ( *:+K:"%'J ( 0' ( ",-.-MS' ( 8-0S&$,'N ( 7%&' ( M:&$0',$1.J ( :0&"+$-+M".&"
',"8&'6'(,-M-(6"2$.$&$#'J("%(0'(L:"(O'(,-.%&$&:$6-("0(^M'+T$%M-^N(

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I_

B?

70 ( 6"2",&- ( ". ( 0' ( &"-+S' ( 6" ( H'+T ( "% ( .'&:+'0M".&" ( "0 ( 6"2",&- ( 6" ( 0' ( 0:,O'
+"#-0:,$-.'+$' ( 6"0 ( 8+-0"&'+$'6- ( 6" ( %: ( E8-,'N ( 4' ( ,0'%" ( -*+"+' ( .- ( 6",+"&1 ( 0'
+"#-0:,$1.(".(8"+M'.".,$'(".(0'(Z0"M'.$'(6"(3a]aV(0'([-M:.'(2:"(#".,$6'(".
"0 ( '$%0'M$".&-N ( =" ( "%' ( M'."+' ( 0' ( &"-+S' ( +"#-0:,$-.'+$' ( .- ( 8:"6" ( '0,'.R'+
&-6'#S' ( %: ( "T$%&".,$' ( 8+-8$' ( &-&'0N ( 70 ( ".,-.&+'+%" ( +"6:,$6- ( ' ( 6"2".6"+0' ( <
8+",$%'+0' ( ". ( 0' ( %"8'+',$1. ( 6"0 ( &+'*'Q- ( ','6EM$,- ( ". ( "0 (V,%+%$@ # ;($*(.
$M80$,'*'(:.'(8E+6$6'(".(0'(&"-+S'(M$%M'N(5-.(8+",$%'M".&"(0'%(Q:%&$2$,',$-."%
,$".&S2$,'% ( "T&+'S6'% ( %-*+" ( "0 ( 2:&:+- ( 6"0 ( 6"%'++-00- ( 6" ( 0' ( ,0'%" ( -*+"+' ( < ( 0'
8+9,&$,'(-+K'.$R'&$#'(0$K'6'('("%&'%(Q:%&$2$,',$-."%(0'%(L:"(%"(,-.#"+&$+9.(".(0-%
-*%&9,:0-%(6"(0'(,-.,$".,$'(8+-0"&'+$'(".(:.("%&'6$-(M9%('#'.R'6-N(

B@

C-6'($.%:2$,$".,$'(&"1+$,'(". (0'(6"2".%' (4%*&+H1%4)( 6"(0'(+"#-0:,$1. (8+-0"&'+$'

8:"6" ( "%&'+ ( +"0',$-.'6'J ( &'.&- ( 8-+ ( "0 ( ,-.&".$6- ( ,-M- ( 8-+ ( 0' ( 2-+M' ( 6" ( 0'
"T8-%$,$1.J(,-.(:.'($6".&$2$,',$1.(6"0(8+-0"&'+$'6-(,-.(0'(*:+K:"%S' ('*$'*#*2
/(&+-#'*#:%$+)#'*#2)#+-.)#,*:-2(4%-&),%)#'*2#/-'*,N(

BA

4' ( &".6".,$' ( ' ( 2:.6'M".&'+ (:.' ( 6"M-%&+',$1. ( 6" ( 0'( 0"K'0$6'6 ( ,$".&S2$,' ( 6"0
8-6"+ ( 8+-0"&'+$- ( O',$".6- ( $.#".&'+$- ( 6" ( "T8"+$M".&',$-."% (,*/*+%')$( 6"0
8'%'6- ( -%,:+"," ( 6"%6" ( "0 (;)&%1%*$+-( "0 ( 8".%'M$".&- ( O$%&1+$,- ( 6" ( H'+TJ
O',$E.6-0" ( %-%&"."+ ( :.' ( $M'K". (2%&*)2( 6"0 ( 6"%'++-00- ( 6" ( 0-% ( M-6-% ( 6"
8+-6:,,$1.J('++'%&+'6'(8-+(0:,O'%(6"(,0'%"%(L:"(&"+M$.'+S'.(".(,'6'(,'%-(^".
:.'(&+'.%2-+M',$1.(+"#-0:,$-.'+$'(6"(0'(%-,$"6'6(".&"+'(-(".(0'(6"%&+:,,$1.
,-MP.(6"(0'%(,0'%"%(".(0:,O'^N(F"+-(".(0'(+"'0$6'6(-*%"+#'*0"(6"(0'(O$%&-+$'J
'%S(,-M- (".(^"0 (M-6- (6" (8+-6:,,$1. ('%$9&$,-^J (,-M- (H'+T(,-.%&'&1(".(-&+-
0:K'+J ( ,-.%"+#'*' ( %: ( $.M-#$0$6'6 ( ' ( 8"%'+ ( 6" ( &-6-% ( 0-% ( ".2+".&'M$".&-% ( 6"
,0'%"J(<(.$(0'%(%:*0"#',$-."%(6"(0-%(%$"+#-%(#".,$"+-.(Q'M9%('(0-%(*'+-."%(.$
0'%(+"#:"0&'%(6"("%,0'#-%(6"(0'('.&$Ko"6'6('(0-%(O-M*+"%(0$*+"%N(70("%L:"M'
0$."'0(8$"+6"(6"(#$%&'('.&"(&-6-("0(O",O-(6"(L:"(2)#A(,3(*$H)#*$#2)#=&%4)#42)$*
,*:-2(4%-&),%)#7(*#@)#22*3)'-#)#:*&4*,V(<('0(M$%M-(&$"M8-(0'(P.$,'(8'+'(0'(,:'0
"0(6"%'++-00-(6"(0'(",-.-MS'(O'(%$6-(,':%'(<(,-.%",:".,$'(6"(%:('8+-8$',$1.
6"(0'(%-,$"6'6N(4'(M$%M'(%$M80$2$,',$1.(,-.6:Q-('(H'+T('(6"%,:$6'+("0(8'8"0
",-.1M$,- ( 6"0 ( 7%&'6- ( ". ( 0' ( K"%&$1. ( 6" ( :.' ( %-,$"6'6\ ( 0' ( 6" ( ,0'%"%N ( 5$ ( 0'
*:+K:"%S'('%,".6".&"(8'+",$1(0$*"+'+(0'(",-.-MS'(6"0(7%&'6-(2:"(%10-(".(0'
M"6$6' ( ". ( L:" ( "0 ( '.&$K:- ( 7%&'6- ( %" ( ,-.2:.6S' ( ,-. ( "0 ( $.%&+:M".&- ( 6" ( :.'
6-M$.',$1. ( 6" ( ,0'%"( ".( :.' (*4-&-.H) # *$+D+%4)N ( 4' (*:+K:"%S'( 6"%'++-001 ( %:
8-6"+S- ( ",-.1M$,- ( ':&1.-M- ( ". ( "0 ( 8"+S-6- ( M"6$"#'0 ( 6" ( 6"*$0$&'M$".&- ( 6"0
7%&'6-J(".("0(M-M".&-(6"(2+'KM".&',$1.(2":6'0(6"0("L:$0$*+$-(6"(8-6"+"%N(F"+-
"0(7%&'6-(M-6"+.-(L:"(,-.("0(M"+,'.&$0$%M-(,-M".R1('('8-<'+("0(6"%'++-00-
6"(0'(*:+K:"%S'(<(L:"(2$.'0M".&"(%"(,-.#$+&$1(".($(#K$+)'-('(0'(O-+'(6"(^0'$%%"R
2'$+"J(0'$%%"R(8'%%"+^(#'('(+"#"0'+%"(:0&"+$-+M".&"(6-&'6-(6"(:.(8-6"+(,".&+'0
". ( 0' ( K"%&$1. ( ,'0,:0'6' ( 6"0 (/,-4*$- # *4-&6.%4-N ( H'+T ( 8:6- ( %$. ( "M*'+K-
6"%,+$*$+ ( ". ( "0 (A-&)/),+%$.-( "%&" ( "%*-R- (6" (0'(*:+-,+',$' ( "%&'&'0 ( M-6"+.'J
2:%$1.(6"0(,'8$&'0(<(6"0(7%&'6-J(,-.%&$&:,$1.(6"(:.(^8-6"+(.',$-.'0(6"0(,'8$&'0
%-*+"("0(&+'*'Q-J(6"(:.'(2:"+R'(8P*0$,'(-+K'.$R'6'(8'+'(0'("%,0'#$R',$1.(%-,$'0^J

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I@

6-.6"(0'(*:+K:"%S'(+".:.,$'('(&-6'(#S'(O$%&1+$,'(L:"(.-(%"'(%:(+"6:,,$1.('(0'
O$%&-+$'(",-.1M$,'(6"(0'%(,-%'%(<(#"(*$".(^"%&'+(,-.6".'6'('(0'(M$%M'(.:0$6'6
8-0S&$,'(L:"(0'%(-&+'%(,0'%"%^N(ZL:S("%&9.(<'(8:"%&'%(0'%(*'%"%(%-,$-8-0S&$,'%
6"0 ("%8",&9,:0- (M-6"+.-J (L:"(6"2$."(."K'&$#'M".&"('0(8+-0"&'+$'6- (,-M- ("0
=&%4-#/,*+*&'%*&+*#)#2)#:H)#@%$+6,%4)N(

BB

4'%(6-%(P.$,'%(,0'%"%(L:"(,-++"%8-.6".("2",&$#'M".&"('(0'(&"-+S'(6"(H'+TJ(0'%
6-%(,0'%"%(8:+'%(O',$' (0'%(,:'0"%(,-.6:,"(&-6-("0('.90$%$%(6" (K2#C)/%+)2J(0'
*:+K:"%S' ( < ( "0 ( 8+-0"&'+$'6-J ( %-. ( $K:'0M".&" ( 0'% ( 6-% ( P.$,'% ( ,0'%"%
+"#-0:,$-.'+$'% ( 6" ( 0' ( O$%&-+$'J ( 8"+- ( ". ( ,-.6$,$-."% ( 6$2"+".&"%\ ( 0' ( +"#-0:,$1.
*:+K:"%'("%&9(O",O'V(0'(+"#-0:,$1.(8+-0"&'+$'("%(:.(8+-<",&-(.',$6-(%-*+"(0'
*'%" ( 6" ( 0' ( +"#-0:,$1. ( 8+","6".&"J ( 8"+- ( 6$2$+$".6- ( 6" ( "00' ( ,:'0$&'&$#'M".&"N
="%,:$6'.6-(0'(-,%3%&)2%')'(6"0(8'8"0(O$%&1+$,-(6"(0'(*:+K:"%S'(%"(".M'%,'+'
0'(-+$K$.'0$6'6(,-.,+"&'(6"("%&"(8+-<",&-(8+-0"&'+$-(L:"(.-(8:"6"("%8"+'+(.'6'
%$ ( .- ( "% ( 00"#'.6- ( %:% ( 8+-8$-% ( ,-0-+"% ( < ( ,-.-,$".6- ( ^0' ( $.M".%$6'6 ( 6" ( %:%
&'+"'%^N(4'(*:+K:"%S'(O'(00"K'6-('0(8-6"+(8-+L:"("%(0'(,0'%"(6"(0'(",-.-MS'(".
6"%'++-00-N(70(8+-0"&'+$'6-(%10-(8:"6"(&"."+(E0(M$%M-("0(8-6"+(&+'.%2-+M9.6-%"
". ( 0' (42)$* # '* # 2) # 4-&4%*&4%)N ( 4' ( M'6:+',$1. ( 6" ( 0'% ( 2:"+R'% ( 8+-6:,&$#'% ( .-
8:"6" ( K'+'.&$R'+ ( :. ( 8-6"+ ( &'0J ( .$ ( %$L:$"+' ( 8-+ ( "0 ( 6"%#S- ( 6" ( 0' ( 6"%8-%"%$1.
',+",".&'6' ( L:" ( ".&+'U'N ( 4' ( &-M' ( Q',-*$.' ( 6"0 ( 7%&'6- ( .- ( 8:"6" ( %"+ ( %:
$.%&+:M".&-N(X$.K:.'(%'*-2-3H)(8:"6"(%"+#$+0"(8'+'(6$%2+'R'+(0-%(2$."%(8'+,$'0"%
*'Q-(2$."%(K"."+'0"%J(8-+L:"(.-(8:"6"(,-.%"+#'+(.$.K:.'(+"'0$6'6(8'+,$'0(L:"
%"'("2",&$#'M".&"(%:<'N(

BC

5$ ( H'+TJ ( ". ( :. ( 8"+$-6- ( 6"&"+M$.'6- ( 6" ( %: ( 8'+&$,$8',$1. ( ". ( 0' ( 0:,O' ( 6"0
8+-0"&'+$'6-J ("%8"+1 ( 6"M'%$'6- ( 6" ( 0' ( 8+"#$%$1. ( ,$".&S2$,'J ( O'%&' ( "0 ( 8:.&- (6"
,+"'+(0'(*'%"($.&"0",&:'0(6"(0'%($0:%$-."%(6"0(",-.-M$,$%M-J(%'*"M-%(L:"(E0(.-
%:,:M*$1(8"+%-.'0M".&"('("00'N(7.(:.'(,'+&'(M:<(,-.-,$6'(6"0(A(6"(6$,$"M*+"
6"(3a@AJ(',-M8'U'.6-(:.('+&S,:0-(6-.6"(E0(M$%M-(,+$&$,' (K2#C)/%+)2J('+&S,:0-
L:" ( 7.K"0% ( 6"*S' ( O',"+ ( 8'%'+ ( ' ( 0' ( 8+".%' ( ,-M- ( %$ ( 8+-,"6$"%" ( 6" ( :.
'6#"+%'+$-J(H'+T(O'("T8:"%&-(,0'+'M".&"("0(0SM$&"(6"(%:(8+-8$'(,$".,$'\(^NNN4'
&".6".,$'($(A<*+%:)(6"0(':&-+(>L:"(&'0(#"R(0"($M8-.S'.(%:(8-%$,$1.(8-0S&$,'(<(%:
8'%'6-BJ("%(6",$+(0'(M'."+'(".(L:"(8+"%".&'*'('(0-%(-&+-%("0(+"%:0&'6-(P0&$M-
6"0(M-#$M$".&-(',&:'0J(6"0(8+-,"%-(%-,$'0(',&:'0J(.-(&$"."(.$.K:.'(+"0',$1.(,-.
%: ( '.90$%$% ( +"'0^N ( Z%S ( H'+TJ ( 6".:.,$'.6- ( E0 ( M$%M- ( 0'% ( ^,-.,0:%$-."%
&".6".,$-%'%^ ( 6" ( %: ( '.90$%$% ( -*Q"&$#- ( < ( M"6$'.&" ( 0' ( $+-.S' ( 6"0 ( ^&'0G#"R^ ( '0
+"2"+$+%"('(0'%(-8,$-."%("T&+',$".&S2$,'%(L:"(%"(0"(O'*+S'.($M8:"%&-(M:"%&+'('0
M$%M-(&$"M8-(0'(,0'#"(M"&-6-01K$,'(6"(0'(2:%$1.(6"('M*-%('%8",&-%N(

CD

7% ( ". ( 0' ( 0:,O' ( O$%&1+$,' ( M$%M' ( 6-.6" ( "% ( .","%'+$- ( +"'0$R'+ ( 0' ( 2:%$1. ( 6"
,-.-,$M$".&-(<(6"(',,$1.J(6"(&'0(2-+M'(L:"(,'6'(:.-(6"("%&-%(&E+M$.-%(%$&P"
".("0(-&+-(0'(K'+'.&S'(6"(%:(#"+6'6N(4'(,-.%&$&:,$1.(6"(0'(,0'%"(8+-0"&'+$'(".
%:Q"&-("%(0'(-+K'.$R',$1.(6"(0'%(0:,O'%(+"#-0:,$-.'+$'%(<(0'(-+K'.$R',$1.(6"(0'
%-,$"6'6 ( ". ( "0 (.-.*&+- # ,*:-2(4%-&),%-\ ( "% ( '00S ( 6-.6" ( 6"*". ( "T$%&$+ ( 0'%

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((IA

4-&'%4%-&*$#/,D4+%4)$#'*#2)#4-&4%*&4%)J(".(0'%(,:'0"%(0'(&"-+S'(6"(0'(8+'T$%(%"
,-.2$+M'(,-.#$+&$E.6-%"(".(&"-+S'(8+9,&$,'N(5$.("M*'+K-("%&'(,:"%&$1.(,".&+'0
6"(0'(-+K'.$R',$1.(O'(%$6-(0'(M".-%(".2+".&'6'(8-+(0'(&"-+S'(+"#-0:,$-.'+$'(".
0'(E8-,'(".(L:"(%"(2:.61("0(M-#$M$".&-(-*+"+-J("%(6",$+J(,:'.6-("%&'(&"-+S'
8-%"S'(&-6'#S'("0(,'+9,&"+((&%+),%-(6"+$#'6-(6"0(8".%'M$".&-(6"(0'(O$%&-+$'(>L:"
8+",$%'M".&" ( %" ( O'*S' ( 8+-8:"%&- ( &+'&'+ ( 6" ( 6"%'++-00'+ ( ,-M- ( :.' (/,D4+%4)
O$%&1+$,'(:.$&'+$'BN(Z00S(+"%$6"(8-+("0(,-.&+'+$-(0'(%&4-&$*4(*&4%)(6"("%&'(&"-+S'J
L:" ( '%:M" ( "0 ( +",:8"+'+ ( 0-% ( ME&-6-% ( 6" ( '80$,',$1. ( "%&'&$%&'% ( < ( Q"+9+L:$,-%
'6-8&'6-% ( 6" ( 0' ( +"#-0:,$1. ( *:+K:"%'N ( 4'% ( 2-+M'% ( 6" ( -+K'.$R',$1. ( 6"0
M-#$M$".&- ( -*+"+- ( 6"%'++-00'6'% ( ' ( 8'+&$+ ( 6" ( "%&' ( +".:.,$' ( 6" ( 0' ( &"-+S'
&".6$"+-. ( ' ( %: ( #"R ( ' ( $M8"6$+ ( "0 ( M'.&".$M$".&- ( 6" ( :.' ( &"-+S' ( :.$&'+$'J
6$%-0#$E.6-0' ( ". ( 6$#"+%-% ( ,-.-,$M$".&-% ( "%8",$'0$R'6-% ( < ( 8'+,"0'+$-%N ( 7%&'
'0$".',$1. ( $6"-01K$,' ( 6" ( 0' ( &"-+S' ( <' ( .- ( 8:"6" ( +",-.-,"+ ( ".&-.,"% ( 0'
#"+$2$,',$1.(8+9,&$,'(6"0(8".%'M$".&-(O$%&1+$,-(:.$&'+$-(L:"("00'(O'(&+'$,$-.'6-J
,:'.6-(&'0(#"+$2$,',$1.(%:+K"(".(0'(0:,O'("%8-.&9."'(6"(0-%(-*+"+-%\(%-0'M".&"
8:"6"(,--8"+'+(".(0'(+"8+"%$1.(6"(%:(M'.$2"%&',$1.(<(%:(M"M-+$'N(5$("M*'+K-
"%&'% ( 2-+M'% ( O$%&1+$,'% ( '8'+",$6'% ( ". ( 0' ( 0:,O' ( %-. ( Q:%&'M".&" ( "0 ( M"6$-
8+9,&$,-(L:"(2'0&'*'('(0'(&"-+S'(8'+'(%"+(#"+6'6"+'N(5-.(:.'("T$K".,$'(6"(0'
&"-+S'J ( 8"+-( L:" (.- ( O'*S' ( %$6- (2-+M:0'6' ( &"1+$,'M".&"N ( 70 ($-:%*+( .- ( 2:" (:.
6"%,:*+$M$".&- ( 6" ( 0' ( &"-+S'N ( ` ( 0' ( M9% ( '0&' ( #"+6'6 ( &"1+$,' ( 6" ( 0' ( Z%-,$',$1.
m.&"+.',$-.'0(6"(0-%(C+'*'Q'6-+"%("+'(%:(8+-8$'("T$%&".,$'(".(0'(8+9,&$,'N(

C*

4-%(8+$M"+-%(ET$&-%(6"(0'(0:,O'(6"(0'(m.&"+.',$-.'0(0'(00"#'*'.('(0$*"+'+%"(6"(0'%
$.20:".,$'%(,-.2:%'%(6"(0'($6"-0-KS'(6-M$.'.&"(L:"(%:*%$%&S'.(".("00'N(F"+-(0'
6"++-&' ( < ( 0' ( +"8+"%$1. ( L:" ( 8+-.&- ( O'001 ( O$,$"+-. ( 8'%'+ ( '0 ( 8+$M"+ ( 80'.- ( :.
,-.20$,&- ( ".&+" ( 6-% ( ,-.,"8,$-."% ( 6" ( 0' ( +"#-0:,$1. ( 8+-0"&'+$' ( L:" ( ,-.&$".".
'M*'%(:.'(6$M".%$1.()(+-,%+),%)(8'+'(0'(,:'0(0'(':&-G"M'.,$8',$1.(,-.%,$".&"
6"(0'(,0'%"("%('*'.6-.'6'N(7.("2",&-J(0'(L:"+"00'(L:"(00"K1('(%"+($++",-.,$0$'*0"
".&+" (0-%(M'+T$%&'%( <(0-% (*'g:.$.$%&'% ("+'(6-*0"J (&+'&'.6- (' (0'(#"R(%-*+" ("0
8-6"+ ( ". ( 0' ( %-,$"6'6 ( +"#-0:,$-.'+$' ( < ( %-*+" ( 0' ( -+K'.$R',$1. ( 8+"%".&" ( 6"0
M-#$M$".&-J(<('0(8'%'+ (6"(:.- ('(-&+-(6"("%&-%('%8",&-%J (0'(8-%$,$1.(6"(0-%
'6#"+%'+$-%(%"( $.#$"+&"N (Y'g:.$. (,-M*'&S' ( 0' ($0:%$1. (6"(:.' ('*-0$,$1. (6" (0'%
,0'%"%(8-+("0(:%-(':&-+$&'+$-(6"0(8-6"+("%&'&'0J(8+"#$".6-(0'(+",-.%&$&:,$1.(6"
:.'(,0'%"(6-M$.'.&"(*:+-,+9&$,'(<(0'(6$,&'6:+'(6"(0-%(M9%(%'*$-%(-(6"(L:$"."%
2:"+'.(+"8:&'6-%(,-M-(&'0"%N(H'+TJ(L:"(,+"S'(L:"(:.'(M'6:+',$1.($.%"8'+'*0"
6" ( 0'% ( ,-.&+'6$,,$-."% ( ",-.1M$,'% ( < ( 6" ( 0' ( "6:,',$1. ( 6"M-,+9&$,' ( 6" ( 0-%
-*+"+-% ( +"6:,$+S' ( "0 ( 8'8"0 ( 6" ( :. ( 7%&'6- ( 8+-0"&'+$- ( ' ( :.' ( %$M80" ( 2'%" ( 6"
0"K$%0',$1. ( 6" ( .:"#'% ( +"0',$-."% ( %-,$'0"% ( -*Q"&$#'M".&" ( $M8:"%&'%J
6".:.,$'*' ( ". ( Y'g:.$. ( < ( %:% ( 8'+&$6'+$-% ( "0 ( ':&-+$&'+$%M- ( 6" ( :.' ( E0$&"
,-.%8$+'&$#' ( L:" ( %" ( O'*S' ( ,-0-,'6- ( 6"0$*"+'6'M".&" ( 8-+ ( ".,$M' ( 6" ( 0'
m.&"+.',$-.'0(<(,-.,"*S'("0("T&+'#'K'.&"(6"%$K.$-(6"($M8-."+('(0'(%-,$"6'6(0'
6$,&'6:+'($++"%8-.%'*0"(6"(0-%(M9%(+"#-0:,$-.'+$-%(-(6"(L:$"."%(%"(6"%$K.'%".
' ( %S( M$%M-% ( ,-M- ( &'0"%N ( Y'g:.$. ( +",0:&'*' ( "2",&$#'M".&" ( ' ( %:% ( 8'+&$6'+$-%
%-*+"(:.'(8"+%8",&$#'(&'0\(^F$0-&-%($.#$%$*0"%(".(M"6$-(6"(0'(&"M8"%&'6(8-8:0'+J
.-%-&+-% (6"*"M-%(6$+$K$+0'J(.-(8-+(:.(8-6"+ (-%&".%$*0"(%$.-(8-+(0'(6$,&'6:+'
,-0",&$#' ( 6" ( &-6-% ( 0-% ()2%)'-$N ( =$,&'6:+' ( %$. ( *'.6'J ( %$. ( &S&:0-J ( %$. ( 6"+",O-
-2$,$'0J(<(&'.&-(M9%(8-6"+-%'(,:'.&-(L:"(.-(&".6+9(.$.K:.'(6"(0'%('8'+$".,$'%
6"0 ( 8-6"+N^ ( Z%S ( %" ( ".2+".&'+-. ( 6-% (%'*-2-3H)$( 6" ( 0' ( +"#-0:,$1. ( -*+"+'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((Ia

,-.&".$".6-(,'6'(:.'(:.'(,+S&$,'(8'+,$'0M".&"(#"+6'6"+'J(8"+-(8"+6$".6-(0'
:.$6'6 ( 6"0 ( 8".%'M$".&- ( 6" ( 0' ( O$%&-+$' ( " ( $.%&$&:<E.6-%" ( "00'% ( M$%M'% ( ".
)(+-,%')'*$( $6"-01K$,'%N ( )+K'.$R',$-."% ( 8-6"+-%'%J ( ,-M- ( 0' ( %-,$'0G
6"M-,+',$'('0"M'.'(<(0'(/"6"+',$1.(Z.'+L:$%&'(m*E+$,'(%$+#$"+-.(2$"0M".&"('
:.' ( : ( -&+' ( 6" ( "%&'% ( $6"-0-KS'%V ( < ( ". ( &-6'% ( 8'+&"% ( "0 ( +"%:0&'6- ( O' ( %$6-
".-+M"M".&"(6$2"+".&"(6"0(L:"(%"(6"%"'*'N(

C<

70 ( O",O- ( 6" ( ,-.%$6"+'+ ( 0' ( 2$.'0$6'6 ( 6" ( 0' ( +"#-0:,$1. ( 8+-0"&'+$' ( ,-M-
%&.*'%)+).*&+*#/,*$*&+*( ,-.%&$&:<"('(0'(#"R(0'(K+'.6"R'(<(0'(6"*$0$6'6(6"(0'
0:,O'('.'+L:$%&'(+"'0(><'(L:"(".(%:%(#'+$'.&"%($.6$#$6:'0$%&'%J(0'%(8+"&".%$-."%
6"0('.'+L:$%M-(+"%:0&'.($++$%-+$'%BN(="0(8".%'M$".&-(O$%&1+$,-(6"(0'%(0:,O'%(6"
,0'%"%(M-6"+.'%("0('.'+L:$%M-(,-0",&$#$%&'(+"&$"."(P.$,'M".&"(0'(,-.,0:%$1.J(<
%: ( "T$K".,$' ( '*%-0:&' ( 6" ( "%&' ( ,-.,0:%$1. ( %" ( &+'6:," ( $K:'0M".&" ( ". ( :.
6"%8+",$-(6"0$*"+'6-(6"0(ME&-6-N(Z%S(%:(,+S&$,'(6"(0'(2(4@)#/-2H+%4)(O'(%"K:$6-
%$".6- ( '*%&+',&'J ( M$".&+'% ( L:" ( %: ( "0",,$1. ( 6" ( 0' ( 0:,O' ( ",-.1M$,' ( %10- ( "%
'2$+M'6'(".(2:.,$1.(6"(0'($0:%$1.(6"(:.'(%-0:,$1.(6"2$.$&$#'('++'.,'6'(6"(:.
%-0-(K-08"(".("%&"(&"++".-J("0(6S'(6"(0'(O:"0K'(K"."+'0(-(6"(0'($.%:++",,$1.N(4-%
'.'+L:$%&'% (+%*&*&#(&#%'*)2#)#,*)2%F),N(70('.'+L:$%M-("%(0'(."K',$1. (+-'):H)
%'*-263%4)( 6"0(7%&'6-(<(6" (0'%(,0'%"%J ("%(6",$+J(6" (0'%(,-.6$,$-."% (%-,$'0"%
M$%M'%(6"(0'($6"-0-KS'(%"8'+'6'N(7%(0'(%'*-2-3H)#'*#2)#/(,)#2%A*,+)'(L:"(&-6-
0-($K:'0'(<(L:"('0"Q'(&-6'($6"'(6"0(M'0(O$%&1+$,-N(7%&"(8:.&-(6"(#$%&'(6"(0'(2:%$1.
6" ( &-6'% ( 0'% ( "T$K".,$'% ( 8'+,$'0"% ( O' ( 6'6- ( '0 ( '.'+L:$%M- ( "0 ( ME+$&- ( 6"
+"8+"%".&'+ ( "0 (+",O'R- (6"( 0'%( ,-.6$,$-."% ( "T$%&".&"% (8'+' ("0( ,-.Q:.&- ( 6" ( 0'
#$6'J ( <( .- ( '0+"6"6-+ ( 6" ( :.' ( "%8",$'0$R',$1. ( ,+S&$,' ( 8+$#$0"K$'6'V ( 8"+- ( %$".6-
,-.%$6"+'6'("%&'(2:%$1.(".(0-('*%-0:&-(%"KP.("0(,'8+$,O-($.6$#$6:'0('.&"%(L:"
". ( %: ( +"'0$R',$1. ( "2",&$#' ( O' ( ,-.6".'6- ( &'M*$E. ( '0 ( '.'+L:$%M- ( ' ( :.'
$.,-O"+".,$'(29,$0M".&"(,-.%&'&'*0"N(70('.'+L:$%M-(.-(&$"."(M9%(L:"(+"8"&$+(<
8-."+(".(Q:"K-(".(,'6'(0:,O'(%:(M$%M'(<(%$M80"(,-.,0:%$1.(&-&'0J(8-+L:"("%&'
8+$M"+'(,-.,0:%$1.("+'($6".&$2$,'6'(6"%6"("0(-+$K".(,-.(0'(,:0M$.',$1.($.&"K+'0
6"0 ( M-#$M$".&-N ( Y'g:.$. ( 8-6S' ( 8:"% ( "%,+$*$+ ( ". ( 3aAWJ ( '0 ( '*'.6-.'+ ( 0'
/"6"+',$1.(D:+'%$'.'\(^7.(0-%(P0&$M-%(.:"#"('U-%(%"(O'.(6"%'++-00'6-(".("0
%".-(6("(0'(m.&"+.',$-.'0(M9%($6"'%(6"(0'%(L:"(%"+S'.(.","%'+$'%(8'+'(%'0#'+("0
M:.6-J(%$(0'%($6"'%(%-0'%(8:6$"+'.(%'0#'+0-J(<(6"%'2S-('(,:'0L:$"+'('($.#".&'+
:.'(.:"#'N(70(&$"M8-(<'(.-(8"+&".","('(0'%($6"'%J(%$.-('(0-%(O",O-%(<('(0-%
',&-%N^ ( 5$. ( 6:6' ( "%&' ( ,-.,"8,$1. ( ,-.%"+#' ( 6"0 ( 8".%'M$".&- ( O$%&1+$,- ( 6"0
8+-0"&'+$'6-("%&'(,"+&"R'(6"(L:"(0'%($6"'%(6"*".(00"K'+('(%"+(8+9,&$,'%J(8"+-
'*'.6-.'("0(&"++".-(O$%&1+$,-(%:8-.$".6-(L:"(0'%(2-+M'%('6",:'6'%(6"("%&"
8'%-('(0'(8+9,&$,'("%&9.(<'(".,-.&+'6'%(<(.-(#'+$'+9.(M9%N(

C=

4-%('.'+L:$%&'%J(L:"(%"(6$%&$.K:".("T80S,$&'M".&"(6"0(,-.Q:.&-(6"0(M-#$M$".&-
-*+"+- ( 8-+ ( %: ( ,-.#$,,$1. ( $6"-01K$,'J ( #'. ( ' ( +"8+-6:,$+ ( ".&+" ( "00-% ( "%&'
%"8'+',$1. ( 6" ( ,-M8"&".,$'%J ( 8+-8-+,$-.'.6- ( :. ( &"++".- ( 2'#-+'*0" ( ' ( 0'
6-M$.',$1.($.2-+M'0(%-*+"(&-6'(-+K'.$R',$1.('.'+L:$%&'(6"(0-%(8+-8'K'.6$%&'%
<(6"2".%-+"%(6"(%:(8+-8$'($6"-0-KS'J("%8",$'0$%&'%(&'.&-(M9%(M"6$-,+"%(,:'.&-
L:" ( 8-+ ( +"K0' ( K"."+'0 ( %: ( ',&$#$6'6 ( $.&"0",&:'0 ( %" ( 8+-8-." ( 8+$.,$8'0M".&" ( 0'
+"8"&$,$1. ( 6" ( '0K:.'% ( #"+6'6"% ( 6"2$.$&$#'%N ( 70 ( +"%8"&- ( $6"-01K$,- ( 6" ( 0'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((I?

:.'.$M$6'6(".(0'(6",$%$1.(O'(2'#-+",$6-(M9%(*$".(0'(':&-+$6'6($.,-.&+-0'6'(".
0' ( -+K'.$R',$1. ( M$%M' ( 6" (*$/*4%)2%$+)$ # '* # 2) # 2%A*,+)'V ( < ( "0 ( '.'+L:$%M-
+"#-0:,$-.'+$- ( "%8"+' ( 6"0 ( 8:"*0- ( 0$*"+'6- ( "0 ( M$%M- ( &$8- ( 6" ( :.'.$M$6'6J
-*&".$6' ( 8-+(0-%(M$%M-%(M"6$-%N (F-+(-&+' (8'+&"J("0(+",O'R-('(,-.%$6"+'+ (0'
-8-%$,$1.(6"(0'%(,-.6$,$-."%(".&+"(:.'(M$.-+S'('K+:8'6'(".(0'(0:,O'(',&:'0(<(0'
%-,$"6'6(6"(0-%($.6$#$6:-%(0$*+"%(O'('0$M".&'6-(:.'(8"+M'.".&"(%"8'+',$1.(6"
0-% ( '.'+L:$%&'% ( ". ( "0 ( M-M".&- ( 6" ( 0' ( 6",$%$1. ( ,-MP.J ( ,-M- ( 0- ( M:"%&+' ( "0
"Q"M80-(6"(:.'($.2$.$6'6(6"($.%:++",,$-."%('.'+L:$%&'%(".(7%8'U'J(0$M$&'6'%(<
'80'%&'6'%(".(:.(80'.-(0-,'0N(

C>

4'($0:%$1.(%-%&".$6'(M9%(-(M".-%("T80S,$&'M".&"(".("0('.'+L:$%M-(':&E.&$,-
"% ( 0' ( $.M$.".,$' ( 8"+M'.".&" ( 6" ( :.' ( +"#-0:,$1. ( L:" ( 6"*"+9 ( 6'+ ( +'R1. ( ' ( 0'
$6"-0-KS' ( < ( '0 ( M-6- ( 6" ( -+K'.$R',$1. ( 8+9,&$,' ( 6"+$#'6- ( 6" ( 0' ( $6"-0-KS'J
00"#9.6-%" ( ' ( &E+M$.- ( $.%&'.&9."'M".&"N ( 70 ( '.'+L:$%M- ( O' ( ,-.6:,$6-
+"'0M".&"J(".(3?W@J(:.'(+"#-0:,$1.(%-,$'0(<("0("%*-R-(M9%('#'.R'6-(L:"(O'
"T$%&$6-(6"(:.(8-6"+(8+-0"&'+$-N(7.("%&'(,$+,:.%&'.,$'(&-6'#S'(O'<(L:"(O',"+
.-&'+J(8-+(:.'(8'+&"J(L:"(0'(%"U'0(6"($.%:++",,$1.(K"."+'0(2:"($M8:"%&'(8-+("0
8+-.:.,$'M$".&- ( 6"0 ( "QE+,$&-N ( F-+ ( -&+' ( 8'+&"J ( ". ( 0' ( M"6$6' ( ". ( L:" ( "%&'
+"#-0:,$1.(.-(O'*S'(%$6-(,-.,0:$6'(".(0-%(8+$M"+-% (6S'%J(8-+("0(O",O-(6"(0'
"T$%&".,$'(6"(:.(8-6"+(2+'.L:$%&'(".(0'(M$&'6(6"0(8'S%J('8-<'6-(2:"+&"M".&"
8-+("0("T&+'.Q"+-(M$".&+'%(L:"("0(+"%&-(6"0(M-#$M$".&-(8+-0"&'+$-($.&"+.',$-.'0
<'("%&'*'(#".,$6-J(<(8-+("0(O",O-(6"(0'(%:8"+#$#".,$'(6"(2:"+R'%(*:+K:"%'%(-
6"(-&+-%(8'+&$6-%(-*+"+-%("%&'&$%&'%(".("0(,'M8-(6"(0'(!"8P*0$,'J("0(M-#$M$".&-
'.'+L:$%&'(-+K'.$R'6-(%"(O'(M-%&+'6-($.,'8'R(6"("T&".6"+(0'%(%"M$G#$,&-+$'%
6"(0'(+"#-0:,$1.("($.,0:%-(6"(6"2".6"+0'%N(5:%(Q"2"%(+",-.-,$6-%(O'.(00"K'6-('
%"+(M$.$%&+-%(<(+"O"."% ( 6"0(7%&'6- (*:+K:E% (L:"(6"%&+:S'(0'(+"#-0:,$1. (8'+'
8"+6"+(0'(K:"++'(,$#$0N(

C?

70(^M'+T$%M- (-+&-6-T-^ ( 6"( 0'(mm( m.&"+.',$-.'0 ("%(0'($6"-0-KS'(,$".&S2$,'(6" (0'

+"#-0:,$1.(%-,$'0$%&'(L:"($6".&$2$,'(&-6'(%:(#"+6'6(,-.("0(8+-,"%-(-*Q"&$#-(".(0'
",-.-MS' ( <(,-.("0(8+-K+"%-(6" (:.(+",-.-,$M$".&-( 6"( "%&' (.","%$6'6 (". (0'
,0'%" ( -*+"+' ( "6:,'6' ( 8-+ ( 0' ( -+K'.$R',$1.N ( 7%&' ( $6"-0-KS' ( +"".,:".&+' ( 0'
,-.2$'.R' ( ". ( 0' ( 6"M-%&+',$1. ( 8"6'K1K$,' ( L:" ( O'*S' ( ,'+',&"+$R'6- ( "0
%-,$'0$%M-(:&18$,-J(8"+-('Q:%&'6'('(:.'(+"2"+".,$'(4-&+*./2)+%:)(O',$'("0(,:+%-
6"(0'(O$%&-+$'\(%$.("M*'+K-J(&'0(',&$&:6(O'(8"+6$6-(0'(6$M".%$1.(O"K"0$'.'(6"
:.'(O$%&-+$'(&-&'0(&'.&-(,-M-(0'($M'K".($.M1#$0(6"(0'(&-&'0$6'6(8+"%".&"(".(0'
,+S&$,'(:&-8$%&'(>'0(M9%('0&-(K+'6-J(".("0(,'%-(6"(/-:+$"+BN(="(%"M"Q'.&"(',&$&:6
,$".&S2$,'J(L:"(.-(8-6S'(M".-%(L:"(+"0'.R'+(".(%$M"&+S'(0'%("0",,$-."%(E&$,'%J
8+-,"6". ( 0'% ( 2+$#-0$6'6"% ( 6" ( j$02"+6$.K ( ,:'.6- ( 8+",$%' ( L:" ( +",-.-,"+ ( 0'
.","%$6'6 ( 6"0 ( %-,$'0$%M- ( .- ( '8-+&' ( ^.$.K:.' ( $.6$,',$1. ( %-*+" ( 0' ( ',&$&:6
8+9,&$,'('('6-8&'+N(F:"%(:.'(,-%'("%(+",-.-,"+(:.'(.","%$6'6(<(-&+'(8-."+%"
'0(%"+#$,$-(6"("%&'(.","%$6'6^(>C)/%+)2#1%&)&4%*,-BN(4-%(L:"(O'.($K.-+'6-(L:"("0
8".%'M$".&- ( :.$&'+$- ( 6" ( 0' ( O$%&-+$'J ( 8'+' ( H'+T ( < ( 8'+' ( "0 ( 8+-0"&'+$'6-
+"#-0:,$-.'+$- (&- # $* # '%$+%&3(H) # *& # &)') # '* # (&) # )4+%+(' # /,D4+%4) # ) # )'-/+),
6"*S'.(%"+(.-+M'0M".&"(#S,&$M'%(6"(0'(8+9,&$,'(L:"(%$M:0&9."'M".&"(O'*S'.
'6-8&'6-N(

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((Wc

C@

4'($6"-0-KS'(6"(0'(-+K'.$R',$1.(%-,$'0G6"M1,+'&'(%"(8-.S'(".(M'.-% (6"(0-%
/,-1*$-,*$( L:" ( "6:,'*'. ( ' ( 0' ( ,0'%" ( -*+"+'J ( < ( 0' ( 2-+M' ( 6" ( -+K'.$R',$1.
'6-8&'6'("+'(0'(2-+M'('6",:'6'('("%&"('8+".6$R'Q"(8'%$#-N(4'(8'+&$,$8',$1.(6"
0-%(%-,$'0$%&'%(6"(0'(mm(m.&"+.',$-.'0(".(0'%(0:,O'%(8-0S&$,'%(<(",-.1M$,'%("+'
"2",&$#'M".&" ( ,-.,+"&'J ( 8"+- ( 8+-2:.6'M".&" (&-M4,H+%4)N ( 7%&'*' ( 6$+$K$6'J ( ".
.-M*+" ( 6" ( 0' (%2($%6& # ,*:-2(4%-&),%)J ( %"KP. ( :.' ( 8+9,&$,' ( M'.$2$"%&'M".&"
,*1-,.%$+)N ( Z%S ( 0' ( $6"-0-KS' ( +"#-0:,$-.'+$' ( 6"*S' ( %"+ ( 6"%&+:$6' ( 8-+ ( "0 ( ET$&-
M$%M- ( 6" ( L:$"."% ( 0' ( %-%&".S'.N ( 4' ( %"8'+',$1. ( 6" ( 0-% ( 6$8:&'6-% ( < ( 0-%
8"+$-6$%&'%(".("0(M-#$M$".&-('++'%&+'*'(O',$'("0(M-6-(6"(#$6'(*:+K:E%('(0-%
L:" ( <' ( O'*S'. ( %$6- ( +",0:&'6-% ( 6" ( ".&+" ( 0-% ( $.&"0",&:'0"% ( *:+K:"%"%N ( 4'
*:+-,+',$'(%$.6$,'0(,-.%&$&:S'(".('K".&"%(,-M"+,$'0"%(6"(0'(2:"+R'(6"(&+'*'Q-J
8'+'(#".6"+0'(,-M-(M"+,'.,S'('(%:(Q:%&-(8+",$-J('('L:"00-%(M$%M-%(L:"("+'.
+",0:&'6-%('(8'+&$+(6"(0'%(0:,O'%(6"(0-%(-*+"+-%($.6:%&+$'0"%(<("%,-K$6-%(".&+"
"00-%N(F'+'(L:"(0'(',&$#$6'6(6"(&-6-%("00-%(,-.%"+#'+'('0K-(6"(+"#-0:,$-.'+$'
O:*$"+'(O",O-(2'0&'(L:"("0(,'8$&'0$%M-(%"(".,-.&+'+'(-8-+&:.'M".&"($.,'8'R
6"($-/-,+),(",-.1M$,'M".&"("%&"(+"2-+M$%M-(,:<'('K$&',$1.(0"K'0$%&'(&-0"+'*'
8-0S&$,'M".&"N ( 5: ( ,$".,$' ( K'+'.&$R'*' ( &'0 ( $.,-M8'&$*$0$6'6V ( < ( 0' ( O$%&-+$' ( 0'
6"%M".&S'(".(&-6-(M-M".&-N(

CA

7%&'(,-.&+'6$,,$1.(L:"(Y"+.%&"$.J('0(%"+("0(%-,$'06"M1,+'&'(M9%('0"Q'6-(6"(0'
$6"-0-KS'(8-0S&$,'(<("0(M9%(2+'.,'M".&"('6O"+$6-('(0'(M"&-6-0-KS'(6"(0'(,$".,$'
*:+K:"%'J(&:#-(0'(O-."%&$6'6(6"(L:"+"+(M-%&+'+(G(<("0(M-#$M$".&-(+"2-+M$%&'(6"
0-%(-*+"+-%($.K0"%"%(0-(O'*S'(M-%&+'6-(&'M*$E. ('0(8+"%,$.6$+(6"(0'($6"-0-KS'
+"#-0:,$-.'+$' ( G (.- ( 6"*S' ( %$. ("M*'+K- ( %"+ (6"M-%&+'6' (6" ( M-6- ( &"+M$.'.&"
M9%(L:"(8-+("0(8+-8$-(6"%'++-00-(O$%&1+$,-N(Y"+.%&"$.J(8-+(-&+'(8'+&"(00".-(6"
$0:%$-."%J ( O'*S' ( ."K'6- ( L:" ( :.' ( ,+$%$% ( 6" ( 0' ( 8+-6:,,$1. ( ,'8$&'0$%&' ( #$.$"+'
M$0'K+-%'M".&" ( ' ( "M8:Q'+ ( O',$' ( 6"0'.&" ( ' ( 0-% ( %-,$'0$%&'% ( L:" ( .- ( L:"+S'.
O"+"6'+(0'(+"#-0:,$1.(M9%(L:"(8-+("%&'(,-.%'K+',$1.(0"KS&$M'N(70(M-M".&-(6"
8+-2:.6-% ( &+'%&-+.-% ( %-,$'0"% ( L:" ( %:+K$1 ( ,-. ( 0' ( 8+$M"+' ( K:"++' ( M:.6$'0J
':.L:" ( 2:" ( 2E+&$0 ( ". ( &-M' ( 6" ( ,-.,$".,$'J ( 6"M-%&+1 ( 8-+ ( 6-% ( #","% ( L:" ( 0'
Q"+'+L:S' ( %-,$'0G6"M1,+'&' ( .- ( O'*S' ( "6:,'6- ( +"#-0:,$-.'+$'M".&" ( ' ( 0-%
-*+"+-%('0"M'."%J(.$(0-%(O'*S' (4-&:*,+%'- #*& #+*6,%4-$\(0'(8+$M"+'(,:'.6- (0'
K+'.(M'<-+S'(6"0(8'+&$6-(%"(:.$1('(0'(K:"++'($M8"+$'0$%&'J(0'(%"K:.6'(,:'.6-J
".("0(2+','%-J('80'%&1('(0-%(+"#-0:,$-.'+$-%("%8'+&'L:$%&'%N(70("TG-*+"+-(7*"+&
,+"S'(&-6'#S'(".("0(8",'6-J(8:"%&-(L:"(,-.2"%'*'(-6$'+(0'(+"#-0:,$1.(^,-M-('0
8",'6-^N ( ` ( "%&" ( M$%M- ( 6$+$K".&" ( %" ( M-%&+1 ( *:". ( 8+",:+%-+ ( 6" ( 0'
,*/,*$*&+)4%6& # $-4%)2%$+)( L:" ( 6"*S' ( 8-,- ( 6"%8:E% ( -8-."+%" ( ,-M- ( "."M$K-
'*%-0:&- ('0(8+-0"&'+$'6-(6"(!:%$'(<(6"(-&+-%(8'S%"%J('0(2-+M:0'+("0(8+-K+'M'
"T',&-(6"("%&'(.:"#'('0$".',$1.\(^70(%-,$'0$%M-(L:$"+"(6",$+(&+'*'Q'+(M:,O-^N(

CB

4".$. ( .- ( O' ( %$6-J ( ,-M- ( 8".%'6-+ ( M'+T$%&'J ( %$.- ( "0 (W)(+$W%$+) # 1%*2( <
,-.%",:".&" ( L:" ( '80$,'*' (2) # %'*-2-3H) # ,*:-2(4%-&),%)( 6" ( "%&" ( ^M'+T$%M-
-+&-6-T-^(".(0'%(,-.6$,$-."%(+:%'%J(,-.6$,$-."%(L:"(.-(8"+M$&S'.(0'(8+9,&$,'
+"2-+M$%&'(L:"(0'(mm(m.&"+.',$-.'0(00"#'*'(,-.%$K-(".(,-.&+'8'+&$6'N(4'(6$+",,$1.

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W3

*G+*,%-,( 6"0 ( 8+-0"&'+$'6-J ( ',&:'.6- ( 8-+ ( M"6$- ( 6" ( :. ( 8'+&$6- ( ,0'.6"%&$.-

6$%,$80$.'6-J ( %-M"&$6- ( ' ( 0-% ( $.&"0",&:'0"% ( ,-.#"+&$6-% ( ". ( ^+"#-0:,$-.'+$-%
8+-2"%$-.'0"%^J(,-.%&$&:<"('L:S(:.'(8+-2"%$1.(L:"(.-(L:$"+"(8',&'+(,-.(.$.K:.'
8+-2"%$1.(6$+$K".&"(6"(0'(%-,$"6'6(,'8$&'0$%&'(>"0(+EK$M".(8-0S&$,-(R'+$%&'("+'(8-+
-&+'(8'+&"($.,'8'R(6"(-2+","+(&'0('8"+&:+'(L:"(%"(*'%'(".(:.("%&'6-('#'.R'6-
6"0(8-6"+(6"(0'(*:+K:"%S'BN(5"(,-.#$"+&"(8:"%(". (2)#/,-1*$%6&#'*#2)#'%,*44%6&
)A$-2(+)(6"(0'(%-,$"6'6N(

CC

70(+'6$,'0$%M-($6"-01K$,-(':&-+$&'+$-(6"(0-%(*-0,O"#$L:"%(%"(6"%80"K1('("%,'0'
M:.6$'0 ( ,-. ( 0' ( K:"++' ( < ( "0 ( O:.6$M$".&- ( '.&" ( "00' ( 6" ( 0' ( %-,$'06"M-,+',$'
$.&"+.',$-.'0N(70(%'.K+$".&-(2$.'0(6"(0'%($0:%$-."%(6"M-,+9&$,'%(6"0(M-#$M$".&-
-*+"+-(O'*S'(O",O-(6"0(M:.6-(".&"+-(:.'(!:%$'J(<("0(*-0,O"#$%M-J(+"$.'.6-
%-*+"(0'(8+$M"+'(+:8&:+'(+"#-0:,$-.'+$'(L:"(O'*S'(&+'S6-(,-.%$K-("%&'(E8-,'(6"
,+$%$%J ( -2+",S' ( '0 ( 8+-0"&'+$'6- ( 6" ( &-6-% ( 0-% ( 8'S%"% ( %: ( M-6"0- ( Q"+9+L:$,- ( "
$6"-01K$,-(8'+'(^O'*0'+(".(+:%-^('(0'(,0'%"(6-M$.'.&"N(4".$.(.-(+"8+-,O1('0
M'+T$%M- (6" (0' ( mm (m.&"+.',$-.'0 ( %"+ (:.' (%'*-2-3H)( +"#-0:,$-.'+$'J (%$.-( O'*"+
6"Q'6-(6"(%"+0-N(

*DD

70(M$%M-(M-M".&-(O$%&1+$,-(".(L:"("0(*-0,O"#$%M-(O'(&+$:.2'6-(/-,#$H#.%$.-
". ( !:%$' ( < ( 0' ( %-,$'0G6"M-,+',$' ( O' ( ,-M*'&$6- ( #$,&-+$-%'M".&" (/-, # *2 # :%*<-
.(&'-(M'+,'("0(.',$M$".&-(','*'6-(6"(:.(-+6".(6"(,-%'%(L:"("%("0(,".&+-(6"
0' ( 6-M$.',$1. ( 6"0 ( "%8",&9,:0- ( M-6"+.-\ ( 0' (,*/,*$*&+)4%6& # -A,*,)( %" ( O'
-8:"%&-(+'6$,'0M".&"('(0'(,0'%"N(

*D*

^7.(&-6'%(0'%(+"#-0:,$-."%('.&"+$-+"%^J("%,+$*S'(!-%'(4:T"M*:+K-(".(0' (X-+*
Y)@&*(6"0(I3(6"(6$,$"M*+"(6"(3?3aJ(^0-%(,-M*'&$".&"%(%"(".2+".&'*'.('(,'+'
6"%,:*$"+&'\(,0'%"(,-.&+'(,0'%"J(8+-K+'M'(,-.&+'(8+-K+'M'N(7.(0'(+"#-0:,$1.
8+"%".&"(0'%(&+-8'%(6"(8+-&",,$1.(6"0('.&$K:-(+EK$M".(.-($.&"+#$".".(*'Q-("0
"%&'.6'+&"(6"(0'%(,0'%"%(6$+$K".&"%J(%$.-(*'Q-(0'(*'.6"+'(6"(:.(p8'+&$6-(%-,$'0G
6"M1,+'&'pN(5$(0'(,:"%&$1.(,".&+'0(6"(0'(+"#-0:,$1. (2:"+' (80'.&"'6' ('*$"+&' (<
O-.+'6'M".&"\ ( ,'8$&'0$%M- ( - ( %-,$'0$%M-J ( .$.K:.' ( 6:6'J ( .$.K:.' ( #',$0',$1.
%"+S'.(O-<(8-%$*0"%(".(0'(K+'.(M'%'(6"0(8+-0"&'+$'6-N^(Z%SJ(6S'%('.&"%(6"(%:
6"%&+:,,$1.J(0'(,-++$".&"(+'6$,'0(6"0(8+-0"&'+$'6-('0"M9.(6"%,:*+S'("0(%",+"&-(6"
0'%(.:"#'%(,-.6$,$-."%(L:"(O'*S'(,+"'6-(&-6-("0(8+-,"%-('.&"+$-+(>'0(L:"(0'
+"8+"%".&',$1.(-*+"+'(O'*+S'(,-.&+$*:$6-(6"(M-6-($M8-+&'.&"B\(0'(-+K'.$R',$1.
"%8",&',:0'+ ( 6" ( 0' ( 6"2".%' ( 6"0 ( -+6". ( "T$%&".&"J ( "0 ( +"$.- ( %-,$'0 ( 6" ( 0'%
'8'+$".,$'%(6-.6"(.$.K:.'(^,:"%&$1.(,".&+'0^(8:"6"(%"+(<'(80'.&"'6'(^'*$"+&'(<
O-.+'6'M".&"^N ( 4' ( +"8+"%".&',$1. ( +"#-0:,$-.'+$' ( 6"0 ( 8+-0"&'+$'6- ( ". ( "%&"
"%&'6$-(O'*S'(00"K'6-('(%"+('(0'(#"R("0(2',&-+(8+$.,$8'0(<("0(+"%:0&'6-(,".&+'0(6"
0'(2'0%$2$,',$1.(K"."+'0(6"(0'(%-,$"6'6N(

*D<

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((WI

4' ( -+K'.$R',$1. ( 6"0 ( 8+-0"&'+$'6- ( %-*+" ( "0 ( M-6"0- ( *-0,O"#$L:"J ( L:" ( O'*S'
.',$6-(6"0('&+'%-(+:%-(<(6"(0'(,'8$&:0',$1.(6"0(M-#$M$".&-(-*+"+-(6"(0-%(8'S%"%
'#'.R'6-% ('.&" (0' (0:,O' ( +"#-0:,$-.'+$'J ( ".,-.&+1 ( &'M*$E. ( ". ( "0( '&+'%- (+:%-
&-6'% ( 0'% ( ,-.6$,$-."% ( L:" ( 00"#'*'. ( "%&' ( 2-+M' ( 6" ( -+K'.$R',$1. ( O',$' ( 0'
$.#"+%$1.(,-.&+'++"#-0:,$-.'+$'(L:"(,-.&".S'($.,-.%,$".&"M".&"(".(%:(K"+M".
-+$K$.'0V(<(0'(,'8$&:0',$1.(+"$&"+'6'(6"(0'(M'%'(6"0(M-#$M$".&-(-*+"+-(":+-8"-
'.&"("0(L%4#X@-'($5#@%4#$)2+)(6"0(8"+S-6-(3?3aG3?IcJ(,'8$&:0',$1.(L:"($.,0:S'(0'
6"%&+:,,$1.(#$-0".&'(6"(%:(M$.-+S'(+'6$,'0J(2'#-+",$1("0(6"%'++-00-(,-M80"&-(6"0
8+-,"%-(<(8"+M$&$1(L:"("0(2'0'R(+"%:0&'6-(%"('2$+M'+'('.&"("0(M:.6-(,-M-(0'
P.$,' ( %-0:,$1. ( 8+-0"&'+$'N ( 4' ( '8+-8$',$1. ( 6"0 ( M-.-8-0$- ( "%&9&$,- ( 6" ( 0'
+"8+"%".&',$1.(<(6"(0'(6"2".%'(6"0(8-6"+(6"(0-%(-*+"+-%J(L:"(Q:%&$2$,1('0(8'+&$6-
*-0,O"#$L:"J(0"(O$R-(00"K'+('(%"+(2-#7(*#?)#*,)\("0(8'+&$6-(6"(0-%(/,-/%*+),%-$#'*2
/,-2*+),%-J("0$M$.'.6-(".(0-("%".,$'0(0'%(2-+M'%(8+","6".&"%(6"(8+-8$"6'6N(

*D=

C-6'%(0'%(,-.6$,$-."%(6"(0'(0$L:$6',$1.(6"0(R'+$%M-("T'M$.'6'%(".("0(6"*'&"
&"1+$,- ( %$"M8+" ( $.%'&$%2',&-+$- ( 6:+'.&" ( #"$.&" ( 'U-% ( ".&+" ( 0'% ( 6$#"+%'%
&".6".,$'%(6"(0'(%-,$'06"M-,+',$'(+:%'(G(6"*$0$6'6(6"(0'(*:+K:"%S'J(8"%-(6"(0'
M'<-+S' ( ,'M8"%$.'J ( 8'8"0 ( 6",$%$#- ( 6" ( :. ( 8+-0"&'+$'6- ( ,-.,".&+'6- ( <
,-M*'&$#-(8"+-("T&+"M'6'M".&"(M$.-+$&'+$-(".("0(8'S%(G(+"#"0'+-.(2$.'0M".&"
".(0'(8+9,&$,'(%:%(%-0:,$-."%J('(&+'#E%(6"(:.'(8+"M$%'(L:"(.-("%&'*'(8+"%".&"
". ( 0'% ( O$81&"%$%\ ( 0' ( *:+-,+',$' ( +"#-0:,$-.'+$' ( L:" ( 6$+$KS' ( "0 ( 8+-0"&'+$'6-J
'8-6"+9.6-%" ( 6"0 ( 7%&'6-J ( $M8:%- ( ' ( 0' ( %-,$"6'6 ( :.' ( .:"#' ( 6-M$.',$1. ( 6"
,0'%"N ( 4' ( +"#-0:,$1. ( "%&+$,&'M".&" ( *:+K:"%' ( "+' ( $M8-%$*0"V ( 0' ( ^6$,&'6:+'
6"M-,+9&$,'(6"(0-%(-*+"+-%(<(6"(0-%(,'M8"%$.-%^("%&'*'(#',S'(6"(%".&$6-V("0
8-6"+(8+-0"&'+$-(6"(0-%(%-#$"&%(.-(8-6S'(M'.&"."+%"('(0'(#"R(,-.&+'(0'(,0'%"(6"
0-%(,'M8"%$.-%(8+-8$"&'+$-%J(0'(+"',,$1.(*0'.,'(.',$-.'0("($.&"+.',$-.'0(<(%:
8+-8$'(+"8+"%".&',$1.("T&"+$-+$R'6'(<('0$".'6'(".(8'+&$6-(-*+"+-(6"(0-%(6:"U-%
'*%-0:&-% ( 6"0 ( 7%&'6-J ( 6" ( 0' ( ",-.-MS'J ( 6" ( 0' ( "T8+"%$1. ( < ( 8+-.&- ( O'%&' ( 6"0
8".%'M$".&-N(4'(&"-+S'(6"(0'(+"#-0:,$1.(8"+M'.".&"(6"(C+-&%g<(<(F'+#:%J('(0'
,:'0(4".$.(%"(:.$1(6"(M-6-("2",&$#-(".('*+$0(6"(3?3AJ(2:"(0'(P.$,'(L:"(00"K1('
#"+$2$,'+%"(".(0-%(8'S%"%('&+'%'6-%(6"%6"("0(8:.&-(6"(#$%&'(6"0(6"%'++-00-(%-,$'0
6"(0'(*:+K:"%S'J(8"+-(%10-(&+'%(0'($.&+-6:,,$1.(6"("%&"(2',&-+(6"%,-.-,$6-(L:"
"+'("0(8-6"+(6"(,0'%"(6"(0'(*:+-,+',$'N(4'(,-.,".&+',$1.(6"(0'(6$,&'6:+'(".(0'%
M'.-% ( 6" ( 0' ( +"8+"%".&',$1. ( %:8+"M' ( 6" ( 0' ( $6"-0-KS' ( 2:" ( 6"2".6$6' ( ,-. ( 0'
M'<-+ ( ,-.%",:".,$' ( 8-+ ( 4".$. ( ". ( 0-% ( .:M"+-%-% ( ".2+".&'M$".&-% ( 6" ( 0'
6$+",,$1.(*-0,O"#$L:"N(4".$.(&".S'(+'R1.(,-.&+'(%:%('6#"+%'+$-%(,'6'(#"R(L:"
%-%&".S' ( 0' ( %-0:,$1. ( $M80$,'6' ( ". ( 0'% ( "0",,$-."% ( 8+","6".&"% ( 6"0 ( 8-6"+
'*%-0:&- ( M$.-+$&'+$-\ ( 0' ( 6"M-,+',$' ( ."K'6' (*$+)+)2.*&+*( ' ( 0-% ( ,'M8"%$.-%
6"*S' ( ."K'+%" ( ' ( 0-% ( -*+"+-%J ( 0- ( L:" ( 00"#'*' ( ' ( ."K'+0' ( ' ( 0-% ( 6$+$K".&"%
,-M:.$%&'% (6"(0-%(%$.6$,'&-%J(<(".(&-6-("0(8'+&$6-J (<(2$.'0M".&" (O'%&'(".(0'
,$M'(6"0(8'+&$6-(Q"+9+L:$,-N(7.("0(k([-.K+"%-J(".("0(M-M".&-(".(L:"("0(%-#$"&
6" ([+-.%&'6 ( "+'( '*'&$6- ( 8-+( 0'%( '+M'% ( <( ".&"++'6- (*'Q- (0'(,'0:M.$'J ( 4".$.
8+-.:.,$'*' ( ,-.&+' ( 0-% ( *:+1,+'&'% ( $RL:$"+6$%&'% ( -+K'.$R'6-% ( ". ( ^)8-%$,$1.
)*+"+'^ ( "%&' ( ,-.,0:%$1.J ( ,:<' ( 01K$,' ( "T&".6"+S' ( 5&'0$. ( O'%&' ( :.' ( 8"+2",&'
6$#$%$1.(6"0(M:.6-\(^ZL:SJ(-(*$".('009(,-.(:.(2:%$0J(8"+-(.-(,-.(0'(-8-%$,$1.NNN
7%&'M-%(O'+&-%(6"(0'(-8-%$,$1.N^(

*D>

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((WW

Z0 ( 8"+M'.","+ ( 0' ( *:+-,+',$' ( ,-M- ( P.$,' ( 8+-8$"&'+$' ( 6" ( :. (4)/%+)2%$.- # '*

K$+)'-(&+'&1(8+$M"+-(6"('%"K:+'+(%:(8-6"+(".("0($.&"+$-+(M"6$'.&"(:.'('0$'.R'
&"M8-+'0(,-.("0(,'M8"%$.'6-J(6"%8:E%(6"([+-.%&'6&J(<(,-.(0'(^.:"#'(8-0S&$,'
",-.1M$,'^J ( &'0 ( < ( ,-M- ( 0' ( 6"2".6$1 ( ". ( "0 ( "T&"+$-+ ( :&$0$R'.6- ( ' ( 0-% ( -*+"+-%
+"K$M".&'6-%(".(0-%(8'+&$6-%(*:+-,+9&$,-%(6"(0'(mmm(m.&"+.',$-.'0(,-M-(2:"+R'
6"('8-<-(6"(0'(6$80-M',$'(+:%'J(8'+'(%'*-&"'+(&-6-(M-#$M$".&-(+"#-0:,$-.'+$-
< ( %-%&"."+ ( K-*$"+.-% ( *:+K:"%"% ( ,-. ( ,:<- ( '8-<- ( ,-.&'*' ( ". ( 8-0S&$,'
$.&"+.',$-.'0 (>"0 (8-6"+ (6" (h:-GH$.GC'.K ( ". ( 0'( [O$.' ( 6" ( 3?I_GIAJ ( "0 (/+".&"
F-8:0'+ ( ". ( 7%8'U' ( < ( ". ( /+'.,$'J ( "&,NBN ( F"+- ( 0' ( %-,$"6'6 ( *:+-,+9&$,' ( 6"*S'
8+-%"K:$+ ( %: ( 8+-8$' ( ,:0M$.',$1. ( M"6$'.&" ( "0 ( &"++-+ ( "Q"+,$6- ( %-*+" ( "0
,'M8"%$.'6-(8'+'(+"'0$R'+(0'(',:M:0',$1.(,'8$&'0$%&'(8+$M$&$#'(M9%(*+:&'0(6"(0'
O$%&-+$'N(7%&'($.6:%&+$'0$R',$1.(6"(0'(E8-,'("%&'0$.$%&'(+"#"0'(0'(+"'0$6'6(P0&$M'
6"(0'(A(,-4,)4%)\("%(0'(,-.&$.:',$1.(6"0(8-6"+(6"(0'(",-.-MS'J("0(%'0#'M$".&-
6"(0-("%".,$'0(6"(0'(%-,$"6'6(M"+,'.&$0(M"6$'.&"("0(M'.&".$M$".&-(6"0(&+'*'Q-G
M"+,'.,S'N ( 7% ( 0' ( 8+:"*' ( 6" ( 0' ( ",-.-MS' ( $.6"8".6$".&" ( L:" ( 6-M$.' ( 0'
%-,$"6'6(O'%&'("0(8:.&-(6"(+",+"'+(8'+'(%:%(8+-8$-%(2$."%(0'(6-M$.',$1.(6"
,0'%"(L:"(0"("%(.","%'+$'\(0-(L:"("L:$#'0"('(6",$+(L:"(0'(*:+K:"%S'(O'(,+"'6-
:.(8-6"+(':&1.-M-(L:"J(M$".&+'%(%:*%$%&'("%&'(':&-.-MS'J(8:"6"(O'%&'(00"K'+
' (8+"%,$.6$+ (6" (0'(*:+K:"%S'N (4' (*:+-,+',$' (&-&'0$&'+$' ( .-( "%(^0' (P0&$M' (,0'%"
8+-8$"&'+$'(6" (0'(O$%&-+$'^(".("0(%".&$6- (6" (Y+:.- (!$RR$J(%$.- (%-0'M".&" ((&)
42)$* # '-.%&)&+* # '* # $($+%+(4%6&( 8'+' ( 0' ( ",-.-MS' ( M"+,'.&$0N ( 4' ( 8+-8$"6'6
8+$#'6' ( 6"0 ( ,'8$&'0$%M- ( 6",'6".&" ( "% ( +""M80'R'6' ( 8-+ ( :. ( %:*G8+-6:,&-
%$M80$2$,'6-J ( M".-% ( 6$#"+%$2$,'6-J (4-&4*&+,)'-( ". ( 8+-8$"6'6 ( ,-0",&$#' ( 6" ( 0'
,0'%"(*:+-,+9&$,'N(7%&'(2-+M'(%:*6"%'++-00'6'(6"(,0'%"(6-M$.'.&"("%(&'M*$E.
0' ( "T8+"%$1. ( 6"0 ( %:*6"%'++-00- ( ",-.1M$,-V ( < ( .- ( &$"." ( -&+' ( 8"+%8",&$#' ( L:"
%:8"+'+("0(+"&+'%-(6"("%&"(6"%'++-00-(".(,$"+&'%(+"K$-."%(6"0(M:.6-N(70(8'+&$6-
-*+"+-J ( -+K'.$R'6- ( %"KP. ( "0 ( M-6"0- ( *:+K:E% ( 6" ( 0' ( %"8'+',$1.J ( O'
8+-8-+,$-.'6-("0(,:'6+-(Q"+9+L:$,-G"%&'&'0('("%&'("6$,$1.(%:80"M".&'+$'(6"(0'
,0'%" ( 6-M$.'.&"N ( Z.&-. ( [$0$K' ( '.-&'*' ( ". ( :.' ( 8+$%$1. ( 6" ( 5&'0$. ( L:" ( ^0'%
,:"%&$-."%(&E,.$,'%(6"(-+K'.$R',$1.(+"%:0&'*'.(%"+(,:"%&$-."%(%-,$'0"%^(>B*&%&
?#2)#,*:-2(4%6&BN(

*D?

4'($6"-0-KS'(+"#-0:,$-.'+$'J(0'(4-@*,*&4%)#'*#2-#$*/),)'-(6"(0'(L:"("0(0".$.$%M-
,-.%&$&:<" ( "0 ( M9% ( '0&- ( "%2:"+R- ( #-0:.&'+$%&'J ( L:" ( 6"&".&' ( 0' ( K"%&$1. ( 6" ( :.'
+"'0$6'6 ( L:" ( 0' ( +",O'R'J ( ,-. ( "0 ( %&'0$.$%M- (,**&4-&+,),D # $( # :*,')' # *& # 2)
%&4-@*,*&4%)N(7.("%&"(M-M".&-(0'($6"-0-KS'(<'(.-("%(:.('+M'J(%$.-(:.(2$.N(4'
M".&$+' ( L:" (<'( .- ( "% ( ,-.&+'6$,O' ( %" (,-.#$"+&" ( ". (0-,:+'N ( C'.&- ( 0' ( +"'0$6'6
,-M-("0(2$.(%-.(6$%:"0&-%(".(0'(8+-,0'M',$1.($6"-01K$,'(&-&'0$&'+$'\(&-6-(0-(L:"
"00'(6$,"("%(&-6-(0-(L:"("%N(7%(:.(8+$M$&$#$%M-(0-,'0(6"0("%8",&9,:0-J(,:<-(8'8"0
"%(%$.("M*'+K-("%".,$'0(".("0(6"%'++-00-(6"0("%8",&9,:0-(M:.6$'0N(4'($6"-0-KS'
L:"('L:S(%"(M'&"+$'0$R'(.-(O'(&+'.%2-+M'6-(",-.1M$,'M".&"("0(M:.6-J(,-M-
"0 ( ,'8$&'0$%M- ( L:" ( O' ( '0,'.R'6- ( "0 ( "%&'6$- ( 6" ( 0' ( '*:.6'.,$'V ( %-0- ( O'
&+'.%2-+M'6-(8-0S&$,'M".&"(2)#/*,4*/4%6&N(

*D@

4'(,0'%"($6"-01K$,'G&-&'0$&'+$'(".("0(8-6"+("%("0(8-6"+(6"(:.(M:.6-($.#"+&$6-\
,:'.&-(M9%(2:"+&"("%J(M9%('2$+M'(L:"(.-("T$%&"J(<(%:(2:"+R'(0"(%$+#"('.&"%(L:"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W]

.'6' (8'+'('2$+M'+(%:($."T$%&".,$'N (7% (M-6"%&'(%10-(".("%&" (8:.&-J (8:"% (%:

$."T$%&".,$'(-2$,$'0(6"*"(,-$.,$6$+(&'M*$E.(,-.("0 (&*4#/2($#(2+,)( 6"0(6"%'++-00-
O$%&1+$,-J(L:"(%$M:0&9."'M".&"(%"(6"*"+S'('(%:(6-M$.$-($.2'0$*0"N(7T8:"%&'(8-+
&-6'%(8'+&"%J(0'(*:+-,+',$'(6"*"(%"+(0' (42)$*#%&:%$%A2*( 8'+'(0'(,-.,$".,$'J(6"
2-+M'(L:"(&-6'(0'(#$6'(%-,$'0(%"(#:"0#"(6"M".&"N(4'(-+K'.$R',$1.(%-,$'0(6"(0'
M".&$+'('*%-0:&'(6$M'.'(6"("%&'(,-.&+'6$,,$1.(2:.6'M".&'0N(

*DA

70 ( %&'0$.$%M- ( 2:" ( "0 ( +"$.- ( 6"0 ( &"++-+ ( 8'+' ( 0' ( ,0'%" ( *:+-,+9&$,' ( M$%M'N ( 70
&"++-+$%M-(L:"(2:.6'("0(8-6"+(6"("%&'(,0'%"(6"*"(K-08"'+(&'M*$E.('("%&'(,0'%"J
<'(L:"(.-(8-%""(.$.K:.'(K'+'.&S'(Q:+S6$,'J(.$.K:.'("T$%&".,$'(+",-.-,$6'(".
&'.&-(L:"(,0'%"(8+-8$"&'+$'(L:"(8:6$"+'("T&".6"+('(,'6'(:.-(6"(%:%(M$"M*+-%N
5:(8+-8$"6'6 (+"'0("%&9 (6$%$M:0'6'J(<(.- (O'(00"K'6- ('(%"+(8+-8$"&'+$'(%$.- ('
&+'#E% ( 6" ( 0' ( 2'0%' ( ,-.,$".,$'N ( 4' ( 2'0%' ( ,-.,$".,$' ( %-0- ( M'.&$"." ( %: ( 8-6"+
'*%-0:&- ( 8-+ ( "0 ( &"++-+ ( '*%-0:&-J ( 6-.6" ( &-6- ( #"+6'6"+- ( M-&$#- ( &"+M$.' ( 8-+
8"+6"+%"N(4-%(M$"M*+-%(6"(0'(,0'%"(*:+-,+9&$,'(".("0(8-6"+(.-(&$".".(6"+",O-
6" ( 8-%"%$1. ( %-*+" ( 0' ( %-,$"6'6 ( M9% ( L:" ( ,-0",&$#'M".&"J ( ". ( &'.&- ( L:"
8'+&$,$8'.&"% ( ". ( :.' ( M".&$+' ( 2:.6'M".&'0\ ( "% ( .","%'+$- ( L:" ( +"8+"%".&". ( "0
8'8"0(6"0(8+-0"&'+$'6-(6$+$K$".6-(:.'(%-,$"6'6(%-,$'0$%&'V(L:"(%"'.(0-%(',&-+"%
2$"0"%('0(&"T&-(6"(:.'($.2$6"0$6'6($6"-01K$,'N(F"+-(0'(8'+&$,$8',$1.("2",&$#'(".
"%&'(M".&$+'(6"*"(#"+%"(+",-.-,$6'(,-M-(:.'(8'+&$,$8',$1.(#"+S6$,'N(X$.KP.
*:+1,+'&' (8:"6" (%-%&"."+ ($.6$#$6:'0M".&" (%: (6"+",O- ('0(8-6"+J (8:"% (8+-*'+
L:" ( "% ( :. ( 8+-0"&'+$- ( %-,$'0$%&' ( %"+S' ( M'.$2"%&'+%" ( ,-M- ( 0- ( ,-.&+'+$- ( 6" ( :.
*:+1,+'&'V(<(8+-*'+(L:"("%(:.(*:+1,+'&'("%($M8-%$*0"(8-+L:"(0'(#"+6'6(-2$,$'0
6"(0'(*:+-,+',$'("%(L:"(.-("T$%&"N(Z%SJ(,'6'(*:+1,+'&'("%&9(".(6"8".6".,$'
'*%-0:&' ( ,-. ( :.' (3),)&+H) # 4*&+,)2( 6" ( 0' ( $6"-0-KS' ( L:" ( +",-.-," ( :.'
8'+&$,$8',$1.(,-0",&$#'(6"(%:(^8-6"+(%-,$'0$%&'^(' (+-'-$#2-$#A(,64,)+)$#7(*#&-
'*$+,(?*N(Z:.L:"(0-%(*:+1,+'&'%(&-M'6-%(".(,-.Q:.&-(6",$6".(%-*+"(&-6'%(0'%
,-%'%J ( 0' ( ,-O"%$1. ( 6" ( %: ( 8+-8$' ( ,0'%" ( .- ( 8:"6" ( %"+ ( '%"K:+'6' ( M9% ( L:"
M"6$'.&"(0'(,-.,".&+',$1.(6"(%:(8-6"+(&"++-+$%&'(".(:.'(%-0'(8"+%-.'N(7.("%&'
8"+%-.'(+"%$6"(0'(P.$,'(#"+6'6(8+9,&$,'(6"(0'(M".&$+' (*&#*2#/-'*,\(0'(2$Q',$1.
$.6$%,:&$*0"(6"(%:(2+-.&"+'(%$"M8+"(+",&$2$,'6'N(5&'0$.(6",$6"(%$.('8"0',$1.(L:$E.
"%(2$.'0M".&"(*:+1,+'&'(8-%""6-+V("%(6",$+J(L:$E.(6"*"(%"+(00'M'6-(^8+-0"&'+$-
".("0(8-6"+^(-(*$".(^&+'$6-+('(%:"06-(6"(H$g'6-(<(6"(q'00(5&+""&^N(4-%(9&-M-%
*:+-,+9&$,-%(%10-(".,:".&+'.(0'("%".,$'(,-MP.(6"(%:(6"+",O-(".(0'(8"+%-.'(6"
5&'0$.N(5&'0$.("%("0(%-*"+'.-(6"0(M:.6-(L:"(6"("%&'(2-+M'(%"(,-.-,"(,-M-
8"+%-.' ( '*%-0:&'J (8'+' ( ,:<' ( ,-.,$".,$' (.- ( "T$%&" ( "%8S+$&: (M9% ( "0"#'6-N ( ^70
%-*"+'.-(6"0(M:.6-(8-%""(0'(,-.,$".,$'("2",&$#'(6"(0-(L:"(E0("%(G("0(8-6"+
:.$#"+%'0(6"(0'("2",&$#$6'6(G(".(0'(#$-0".,$'(6"%&+:,&$#'(L:"("Q"+,"(,-.&+'("0(5S
M$%M-(6"(0-%(%:Q"&-%(L:"(0"(O',".(2+".&"N^(7%('(0'(#"R("0(8-6"+(L:"(6"2$."("0
&"++".-(6"(0'(6-M$.',$1.(<(!*2#/-'*,#7(*#),,)$)#*$+*#+*,,*&-!N(

*DB

[:'.6- ( 0' ( $6"-0-KS'J ( ,-.#"+&$6' ( ". ( '*%-0:&' ( 8-+ ( 0' ( 8-%"%$1. ( 6"0 ( 8-6"+
'*%-0:&-J(%"(O'(&+'.%2-+M'6-(6"(,-.-,$M$".&-(8'+,"0'+$-(".(M".&$+'(&-&'0$&'+$'J
"0(8".%'M$".&-(6"(0'(O$%&-+$'(O'(%$6-('.:0'6-(&'.(8"+2",&'M".&"(L:"(0'(O$%&-+$'
M$%M'J ( '0 ( .$#"0 ( 6"0 ( ,-.-,$M$".&- ( M9% ( "M8S+$,-J ( .- ( 8:"6" ( <' ( "T$%&$+N ( 4'
%-,$"6'6 (*:+-,+9&$,'( &-&'0$&'+$' ( #$#"(". (:. (8+"%".&" (8"+8"&:-J (6-.6" (&-6- (0-

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W_

L:"(O'(%:,"6$6-("T$%&"(8'+'("00'(%-0'M".&"(,-M-(:.("%8',$-(',,"%$*0"('(%:
8-0S&$,'N(70(8+-<",&-J(<'(2-+M:0'6-(8-+(X'8-0"1.J(6"(^6$+$K$+(M-.9+L:$,'M".&"
0' ( "."+KS' ( 6" ( 0-% ( +",:"+6-%^ ( O' ( ".,-.&+'6- ( %: ( ,-.,+",$1. ( &-&'0 ( ". ( :.'
M'.$8:0',$1.(8"+M'.".&"(6"0(8'%'6-(.-(%-0'M".&"(".(0'%(%$K.$2$,',$-."%J(%$.-
&'M*$E. ( ". ( 0-% ( O",O-%N ( F"+- ( "0 ( 8+",$- ( 6" ( "%&' ( 0$*"+',$1. ( 6" ( &-6' ( +"'0$6'6
O$%&1+$,' ( "% ( 0' ( 8E+6$6' ( 6" ( 0' ( +"2"+".,$' ( +',$-.'0 ( L:" ( "% ( $.6$%8".%'*0" ( ' ( 0'
%-,$"6'6(@%$+6,%4)(6"0(,'8$&'0$%M-N(5'*"M-%(0-(L:"(0'('80$,',$1.(,$".&S2$,'(6"(0'
$6"-0-KS'(,-.#"+&$6'(".(0-,:+'(O'(8-6$6-(,-%&'+('(0'(",-.-MS'(+:%'J(':.L:"
%10-(%"'(,-. (0'($M8-%&:+' (6" (4<%%".g-N(7%&' (,-.&+'6$,,$1.(6"(0'(*:+-,+',$'
&-&'0$&'+$' ( '6M$.$%&+'.6- ( :.' ( %-,$"6'6 ( $.6:%&+$'0$R'6'J ( '&+'8'6' ( ".&+" ( %:
.","%$6'6 ( < ( %: ( +",O'R- ( 6" ( 0- ( +',$-.'0J ( ,-.%&$&:<" ( :.' ( 6" ( 0'% ( 6"2$,$".,$'%
8+$.,$8'0"%(,-.(+"%8",&-('0(6"%'++-00-(,'8$&'0$%&'(.-+M'0N(Z%S(,-M-(0'(*:+-,+',$'
.-(8:"6"(+"%-0#"+(,-M-(E0(0'(,:"%&$1.(6"(0'('K+$,:0&:+'J("%(2$.'0M".&"($.2"+$-+('
E0(".(0'(8+-6:,,$1.($.6:%&+$'0J(80'.$2$,'6'(':&-+$&'+$'M".&"(%-*+"(0'%(*'%"%(6"0
$++"'0$%M-(<(6"(0'(M".&$+'(K"."+'0$R'6'N(

*DC

70(M-#$M$".&-(-*+"+-(+"#-0:,$-.'+$-(2:"('.$L:$0'6-(".&+"(0'%(6-%(K:"++'%(8-+(0'
',,$1.(,-.Q:K'6'(6"(0'(*:+-,+',$'("%&'0$.$%&'(<(6"0(&-&'0$&'+$%M-(2'%,$%&'J(L:"
O'*S' ( '6-8&'6- ( %: ( 2-+M' ( 6" ( -+K'.$R',$1. ( ,-M- ( 8'+&$6- ( &-&'0$&'+$-
"T8"+$M".&'6- (". (!:%$'N( 70(2'%,$%M- (O' (%$6-(:.' ( 6"2".%' ("T&+"M$%&' (6" (0'
",-.-MS' ( *:+K:"%' ( 'M".'R'6' ( 8-+ ( 0' ( ,+$%$% ( < ( 0' ( %:*#"+%$1. ( 8+-0"&'+$'J (*2
*$+)'-#'*#$%+%-(".(0'(%-,$"6'6(,'8$&'0$%&'J(8-+("0(L:"("%&'(%-,$"6'6(%"(%'0#'(<
%" ( '80$,' ( :.' ( 8+$M"+' ( +',$-.'0$R',$1. ( 6" ( :+K".,$' ( O',$".6- ( $.&"+#".$+
M'%$#'M".&"('0(7%&'6-(".(%:(K"%&$1.N(F"+-(&'0(+',$-.'0$R',$1.("%&9("00'(M$%M'
K+'#'6'(8-+(0'($.M".%'($++',$-.'0$6'6(6"(%:(M"6$-N(5$("0(2'%,$%M-(%"('0R'(".
6"2".%' (6" (0-%(8+$.,$8'0"% ('%8",&-% (6" (0'($6"-0-KS' (*:+K:"%' (,-.#"+&$6' (".
,-.%"+#'6-+'(>0'(2'M$0$'J(0'(8+-8$"6'6J("0(-+6".(M-+'0J(0'(.',$1.B(+":.$".6-('(0'
8"L:"U'(*:+K:"%S'(<('(0-%(8'+'6-%('&"++'6-%(8-+(0'(,+$%$%(-(6"%$0:%$-.'6-%(8-+
0'($M8-&".,$' (6" (0'(+"#-0:,$1.(%-,$'0$%&'J (E0(M$%M- (.-("%(2:.6'M".&'0M".&"
$6"-01K$,-N(5"(8+"%".&'(,-M-(0-(L:"("%\(:.'(+"%:++",,$1.(#$-0".&'(6"0(.%+-(L:"
"T$K"(0'(8'+&$,$8',$1.(6"(:.'(,-M:.$6'6(6"2$.$6'(8-+(%":6-G#'0-+"%('+,'$,-%\(0'
+'R'J(0'(%'.K+"J("0(Q"2"N(70(2'%,$%M-("%(*2#),4)H$.-#+94&%4).*&+*#*7(%/)'-N(5:
*,$)+F(6"%,-M8:"%&-(6"0(M$&-("%(+"&-M'6-(".("0(,-.&"T&-("%8",&',:0'+(6"(0-%
M"6$-% ( 6" ( ,-.6$,$-.'M$".&- ( " ( $0:%$1. ( M9% ( M-6"+.-%N ( Z%SJ ( "% ( :.- ( 6" ( 0-%
2',&-+"% (".(0'(2-+M',$1. (6"0("%8",&9,:0-(M-6"+.-J(6"0(M$%M- (M-6- (L:"(%:
8'+&$,$8',$1.(".(0'(6"%&+:,,$1.(6"0('.&$K:-(M-#$M$".&-(-*+"+-(O',"(6"(E0(:.'
6"(0'%(8-&".,$'%(2:.6'6-+'%(6"(0'(%-,$"6'6(8+"%".&"V(8"+-(,-M-("0(2'%,$%M-
+"%:0&' ( %"+ ( &'M*$E. (2) # 1-,.) # .D$ # 4-$+-$)( 6"0 ( M'.&".$M$".&- ( 6"0 ( -+6".
,'8$&'0$%&'J (6"*$1 ('*'.6-.'+ (.-+M'0M".&" ("0(8+$M"+ (80'.- (6" (0'("%,".' (L:"
-,:8'. ( 0'% ( K+'.6"% ( +"8+"%".&',$-."% ( 6" ( 0-% ( 7%&'6-% ( ,'8$&'0$%&'%J ( "0$M$.'6-
8-+(2-+M'%(M9%(+',$-.'0"%(<(M9%(2:"+&"%(6"("%&"(-+6".N(

**D

[:'.6- ( 0' ( *:+-,+',$' ( +:%' ( 0-K+1 ( 8-+ ( 2$. ( 6"%O',"+%" ( 6" ( 0'% ( M'+,'% ( 6" ( 0'
8+-8$"6'6 (*:+K:"%' (L:"(&+'*'*'. (%:(+"$.-(%-*+"(0'(",-.-MS' ('0(6"%'++-00'+
E%&' ( 8'+' ( %: ( 8+-8$- ( :%- ( < ( %"+ ( +",-.-,$6' ( ". ( "0 ( "T&"+$-+ ( ".&+" ( 0'% ( K+'.6"%
8-&".,$'%J(L:$%-(K-R'+(&+'.L:$0'M".&" (6"(%:(8+-8$-(M:.6-(%:8+$M$".6-("%&'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W@

8'+&"(6"('+*$&+'+$"6'6(L:"(%"("Q"+,S'(%-*+"("00'(M$%M'\(6".:.,$1("0("%&'0$.$%M-
6"(%:(-+$K".N(F"+-(&'0(6".:.,$'(%$K:"(%$".6-("%&'0$.$%&'J('+*$&+'+$'J($."T80$,'6'
"($.,"%'.&"M".&"(,-++"K$6'J(8:"%(2)#.*&+%,)#%'*-263%4)#'*#$(#-,%3*&#&-#/(*'*
<).D$ # ,*:*2),$*N ( Z%S ( 0' ( *:+-,+',$' ( .- ( 8:"6" ( 0$*"+'+%" ( .$ ( ,:0&:+'0 ( .$
8-0S&$,'M".&" ( 8-+L:" ( %: ( "T$%&".,$' ( ,-M- ( ,0'%" ( 6"8".6" ( 6" ( %: ( M-.-8-0$-
$6"-01K$,-(L:"J(,-.(&-6-(%:(8"%-J("%(%:(P.$,-(&S&:0-(6"(8+-8$"6'6N(4'($6"-0-KS'
O'(8"+6$6-(,$"+&'M".&"(0'(8'%$1.(6"(%:('2$+M',$1.(8-%$&$#'J(8"+-(0-(L:"(6"("00'
%:*%$%&" ( 6" ( &+$#$'0$6'6 ( $.6$2"+".&" ( &$"." ( &-6'#S' ( "%&' ( 2:.,$1. ( +"8+"%$#' ( 6"
8+-O$*$+(0'(M".-+(,-.,:++".,$'J(6"(&"."+(,':&$#'(0'(&-&'0$6'6(6"0(8".%'M$".&-N
4'(*:+-,+',$'("%&9('%S(0$K'6'('(:.'($6"-0-KS'(L:"(<'(.-("%(,+"S6'(8-+(.'6$"N(4-
L:" ( "+' ( &"++-+$%&' ( %" ( O' ( #:"0&- ( $++$%-+$-J ( 8"+- ( "%&' ( M$%M' ( $++$%$1. ( .- ( 8:"6"
M'.&"."+%" ( %$ ( .- ( "% ( ,-.%"+#'.6- ( ". ( %"K:.6- ( 80'.- ( "0 ( &"++-+$%M- ( 6"0 ( L:"
O:*$"+' (L:"+$6- ( 6"%O',"+%"N ( Z%SJ ( '0 ( M$%M- ( &$"M8- ( L:" ( 0' ( *:+-,+',$' ( L:$"+"
6"M-%&+'+ ( %: ( %:8"+$-+$6'6 ( ". ( "0 ( &"++".- ( 6"0 ( ,'8$&'0$%M- ( %" ( +",-.-," ( ,-M-
/),%*&+*#/-A,*(6"0(,'8$&'0$%M-N(="(0'(M$%M'(2-+M'(L:"(%:(O$%&-+$'("2",&$#'("%&9
".(,-.&+'6$,,$1.(,-.(%:(6"+",O-(<(%:($K.-+'.,$'(K+-%"+'M".&"(M'.&".$6'(".
,-.&+'6$,,$1.(,-.(%:%(8+"&".%$-."%(,$".&S2$,'%J(%:(8+-<",&-(6"(+$#'0$R'+(,-.(0'
*:+K:"%S'(".(0'(8+-6:,,$1.(6"(:.'('*:.6'.,$'(M"+,'.&$0("%&9(".&-+8",$6-(8-+
"0(O",O-(6"(L:"(&'0('*:.6'.,$'(00"#'(".(%S(M$%M'(%:(%'*-2-3H)#%./2H4%+)(<(%:+&"
.-+M'0M".&" ( :.' ( 0$*"+&'6 ( $.6"2$.$6'M".&" ( "T&".6$6' ( 6" ( 2'0%'% ( "0",,$-."%
"%8",&',:0'+"%J(%":6-G0$*"+&'6(L:"(%$K:"(%$".6-($.,-.,$0$'*0"(,-.(0'($6"-0-KS'
*:+-,+9&$,'N(

***

7. ( "%&" ( M-M".&- ( 6"0 ( 6"%'++-00- ( "0 ( &S&:0- ( 6" ( 8+-8$"6'6 ( $6"-01K$,' ( 6" ( 0'
*:+-,+',$'% ( %" ( 6"++:M*' ( <' ( ' ( "%,'0' ( $.&"+.',$-.'0N ( 70 ( 8-6"+ ( L:" ( %" ( O'*S'
"%&'*0",$6- ( .',$-.'0M".&" ( ,-M- ( M-6"0- ( 2:.6'M".&'0M".&" ( $.&"+.',$-.'0$%&'
6"*"('6M$&$+(L:"(.-(8:"6"(8+"&".6"+(%-%&"."+(%:(2'0%'(,-O"%$1.(M9%('009(6"
,'6' ( 2+-.&"+' ( .',$-.'0N ( 70 ( 6"%$K:'0 ( 6"%'++-00- ( ",-.1M$,- ( L:" ( ,-.-,". ( 0'%
*:+-,+',$'%J ( ,-. ( $.&"+"%"% ( ,-.,:++".&"%J ( L:" ( O'. ( 0-K+'6- ( 8-%""+ ( %:
^%-,$'0$%M-^(2:"+'(6"(:.(%-0-(8'S%J(O'(,-.6:,$6-('0(".2+".&'M$".&-(8P*0$,-(<
,-M80"&-(6"(0'(M".&$+' (+:%'(<(0'(M".&$+'(,O$.'N(Z(8'+&$+(6"("%&"(8:.&-(,'6'
*:+-,+',$'(".("0(8-6"+(-(,'6'(8'+&$6-(&-&'0$&'+$-(,'.6$6'&-('0(8-6"+(6"Q'6-(8-+
"0 ( 8"+$-6- ( "%&'0$.$%&' ( ". ( '0K:.'% ( ,0'%"% ( -*+"+'% ( .',$-.'0"% ( 6"*" ( %"K:$+ ( %:
8+-8$' ( #S'N ( 5:M9.6-%" ( ' ( 0'% ( M'.$2"%&',$-."% ( 6" ( ."K',$1. ( $.&"+$-+ ( L:"
,-M".R'+-.('('2$+M'+%"('.&"("0(M:.6-(,-.(0'(+"#:"0&'(-*+"+'(6"(Y"+0S.G7%&"
L:"(-8:%-('(0-%(*:+1,+'&'%(%:("T$K".,$'(6"(^:.(K-*$"+.-(6"(M"&'0P+K$,-%^(<
L:"(<'(00"K'+-.(:.'(#"R(O'%&'("0(8-6"+(,-.(0-%(,-.%"Q-%(-*+"+-%(6"(j:.K+S'J(0'
6"%,-M8-%$,$1. ( M:.6$'0 (6" ( 0'( '0$'.R' ( 6" ( 0' ( M$%&$2$,',$1. ( *:+-,+9&$,' ( "%J ( ".
P0&$M- ( &E+M$.-J ( "0 ( 2',&-+ ( M9% ( 6"%2'#-+'*0" ( 8'+' ( "0 ( 6"%'++-00- ( ',&:'0 ( 6" ( 0'
%-,$"6'6(,'8$&'0$%&'N(4'(*:+K:"%S'("%&9(".("0(&+'.,"(6"(8"+6"+("0('6#"+%'+$-(L:"
0' ( %-%&".S' ( -*Q"&$#'M".&" ( :.$2$,'.6- ( $0:%-+$'M".&" ( &-6' ( ."K',$1. ( 6"0 ( -+6".
"T$%&".&"N(C'0(6$#$%$1.(6"0(&+'*'Q-("%8",&',:0'+(#"(%:(2$.(,:'.6-("0(+-0(%":6-G
+"#-0:,$-.'+$-(%"(6$#$6"('(%:(#"RN(70("0"M".&-("%8",&',:0'+(6"(0'(6$%-0:,$1.(6"0
M-#$M$".&-(-*+"+-(#'('(%"+(E0(M$%M-(6$%:"0&-N(

**<

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((WA

4' ( $0:%$1. ( 0".$.$%&' ( .- ( &$"." ( O-< ( -&+' ( *'%" ( L:" ( 0'% ( 6$#"+%'% ( &".6".,$'%
&+-&%g$%&'%J ( ". ( 0'% ( L:" ( 0' ( $6".&$2$,',$1. ( 6"0 ( 8+-<",&- ( 8+-0"&'+$- ( ,-. ( :.'
-+K'.$R',$1.(Q"+9+L:$,'(6"(0'($6"-0-KS'(%-*+"#$#"(2$+M'M".&"('(0'("T8"+$".,$'
6"(&-6-%( %:%(+"%:0&'6-%N (4' (6$%&'.,$' (L:"(%"8'+' ("0(&+-&%g$%M- (6" (0'(,+S&$,'
+"#-0:,$-.'+$'(6"(0'(%-,$"6'6(',&:'0(0"(8"+M$&"(&'M*$E.(-*%"+#'+(:.'(6$%&'.,$'
+"%8"&:-%'(+"%8",&-(6"(8-%$,$-."%(L:"(<'(%-%&".S'.(,:'.6-(%"(:&$0$R'+-.(".
:.(,-M*'&"(+"'0N(C+-&%g$(8"+M'.",$1(O'%&'(3?IA(2:.6'M".&'0M".&"(%-0$6'+$-
,-.(0'('0&'(*:+-,+',$'(8'+'($.&".&'+('8-6"+'+%"(6"("00'(,-.("0(2$.(6"(O',"+0"
+""M8+".6"+(:.'(',,$1.(+"'0M".&"(*-0,O"#$L:"(".("0("T&"+$-+(>%"(%'*"(L:"(".
"%"(M-M".&-J(8'+'(L:"("0(2'M-%-(^&"%&'M".&-(6"(4".$.^(8'%'+'($.'6#"+&$6-J
00"K1 ( ' ( 6"%':&-+$R'+ ( ,'0:M.$-%'M".&" ( ' ( %: ( 8'+&$6'+$- ( H'T ( 7'%&M'. ( L:" ( 0-
O'*S' ( 6$#:0K'6-BN ( C+-&%g$ ( 2:" ( ,-.6".'6- ( 8-+ ( %: ( 8"+%8",&$#' ( 2:.6'M".&'0J
8:"%&-(L:"(".("0(M-M".&-(".(L:"(0'(*:+-,+',$'(%"(+",-.-,"(".(%:(+"%:0&'6-
,-M- ( ,0'%" ( ,-.&+'++"#-0:,$-.'+$' ( ". ( "0 ( $.&"+$-+ ( 6"*" ( "%,-K"+ ( &'M*$E. ( %"+
"2",&$#'M".&"(,-.&+'+"#-0:,$-.'+$'(O',$'("0("T&"+$-+(".(.-M*+"(6"(0'(+"#-0:,$1.
4-.- # *2 # 2(3), # *& # 7(* # *22) # ,*$%'*N ( 4' ( 0:,O' ( 8-%&"+$-+ ( 6" ( C+-&%g$ ( 8-+ ( :.' ( l
m.&"+.',$-.'0 ( ,-.&$"." ( 0' ( M$%M' ( $.,-.%",:".,$'N ( b0( %" ( ."K1 ( &-6' (%: ( #$6' ( '
+",-.-,"+(".(0'(*:+-,+',$'("0(8-6"+(6"(:.'(,0'%"(%"8'+'6'(8-+L:"(%"(O'*S'
,-.#"+&$6-(6:+'.&"(0'(%"K:.6'(+"#-0:,$1.(+:%'(".(8'+&$6'+$-($.,-.6$,$-.'0(6"(0'
2-+M'(*-0,O"#$L:"(6"(-+K'.$R',$1.N([:'.6-(4:gr,%(M-%&+1(".(3?IW(6"("%&'
2-+M'(0'(M"6$',$1.('0(2$.(6"%,:*$"+&'(".&+"(0'(&"-+S'(<(0'(8+9,&$,'J(".(L:"(0-%
8+-0"&'+$-% ( 6"Q'. ( 6" ( %"+ (!*$/*4+)'-,*$!( 6" ( 0-% ( %:,"%-% ( -,:++$6-% ( ". ( %:
-+K'.$R',$1. ( 8'+' ( "0"K$+0-% ( < ( #$#$+0-% ( 6" ( M-6- ( ,-.%,$".&"J ( 6"%,+$*S' ( ,-M-
ME+$&-%("2",&$#-%(6"0(8'+&$6-(*-0,O"#$L:"(&-6-(0-(L:"("0(8'+&$6-(*-0,O"#$L:"(&-
*,)N(4:gr,%("+'(&-6'#S'J('(8"%'+(6"(%:(8+-2:.6-(&+'*'Q-(&"1+$,-J(:.($6"10-K-
L:" ( O'*0' ( ". ( .-M*+" ( 6"0 ( 8-6"+ ( M9% ( #:0K'+M".&" ( "T&"+$-+ ( '0 ( M-#$M$".&-
8+-0"&'+$-J ( L:" ( ,+"S' ( < ( O',S' ( ,+""+ ( L:" ( %" ( ".,-.&+'*' ( E0 ( M$%M-J ( ,-. ( %:
8"+%-.'0$6'6 ( &-&'0J ( ". ( "0 ( 8-6"+ ( ,-M- ( ". (2- # 7(* # 2* # *$ # /,-/%-N ( [:'.6- ( 0'%
,-.%",:".,$'%(M-%&+'+-.(6"(L:E(M'."+'("%&"(8-6"+(6".$"K'(<(%:8+$M"('(%:%
0','<-%J(4:gr,%J(6"%M$.&$E.6-%"(%$.(,"%'+J(O$R-(#"+(,-.(:.'(.$&$6"R(,'+$,'&:+'0
,-.(L:E(%"(O'*S'($6".&$2$,'6-("T',&'M".&"\(,-.(0-(4-&+,),%-(6"(%S(M$%M-(<(6"
0-(L:"(O'*S'(%-%&".$6-(". (L%$+-,%)#?#4-&4%*&4%)#'*#42)$*N(4:gr,%(#"+$2$,'('(0'
8"+2",,$1. (0' ( +"K0' ( 2:.6'M".&'0 (L:" (Q:RK' (' (&-6-% ( 0-% ($.&"0",&:'0"% (6" ("%&"
%$K0-\ ( 0- ( L:" ( "00-% (,*$/*+)&( 6' ( 0' ( M"6$6' ( "T',&' ( %: ( 8+-8$' ( +"'0$6'6
'*$/,*4%)A2*N(4".$.(%$.("M*'+K-(.:.,'(O'*S'(2-M".&'6-("%&"(&$8-(6"($0:%$-."%
%-*+"(%:(',&$#$6'6J(<('6M$&S'(L:"(^:.(8'+&$6-(8-0S&$,-(.-(8:"6"("T'M$.'+('(%:%
M$"M*+-%(8'+'(#"+(%$(O'<(,-.&+'6$,,$-."%(".&+"(%:(2$0-%-2S'(<("0(8+-K+'M'(6"0
8'+&$6-^N ( 70 ( 8'+&$6- ( +"'0 ( ,:<- ( +"&+'&- ( %-U'6- ( O'*S' ( 8+"%".&'6- ( 4:gr,% ( '
6"%&$"M8-(.-("+'(,-O"+".&"(M9%(L:"(8'+'(:.'(&'+"'(8+",$%'(<(8'+,$'0\(&-M'+("0
8-6"+(".("0(7%&'6-N(

**=

4'($0:%$1.(."-G0".$.$%&'(6"0(&+-&%g$%M-(',&:'0J('0(%"+(6"%M".&$6'('(,'6'($.%&'.&"
8-+ ( 0' ( +"'0$6'6 ( 6" ( 0' ( %-,$"6'6 ( ,'8$&'0$%&' ( M-6"+.'J ( &'.&- ( *:+K:"%' ( ,-M-
*:+-,+9&$,'J(".,:".&+'(.-+M'0M".&"(:.(,'M8-(6"('80$,',$1.(8+$#$0"K$'6-(".(0-%
8'$%"%(^%:*6"%'++-00'6-%^(2-+M'0M".&"($.6"8".6$".&"%J(6-.6"(0'($0:%$1.(6"(:.'
#'+$'.&" ( ,:'0L:$"+' ( 6" ( %-,$'0$%M- ( "%&'&'0 ( < ( *:+-,+9&$,- ( "%&9 ( ,-.%,$".&"
M'.$8:0'6' ( 8-+ ( 0'% ( ,0'%"% ( 6$+$K".&"% ( 0-,'0"% ( ,-M- ($%./2* # %'*-2-3H) # '*2
'*$),,-22-#*4-&6.%4-N(4'(,-M8-%$,$1.(OS*+$6'(6"("%&'%(,0'%"%(%"(#$.,:0'(,-.

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((Wa

M9% ( - ( M".-% ( .$&$6"R ( ,-. ( :.' ( K+'6',$1. ( %-*+" ( "0 ( "%8",&+- ( *:+K:"%S'G
*:+-,+',$'N(5:(Q:"K-('("%,'0'($.&"+.',$-.'0 (".&+"("%&-% (6-% (8-0-%(6"0 (8-6"+
,'8$&'0$%&' ( "T$%&".&"J ( '%S( ,-M- ( %:% ( ,-M8+-M$%-% ( $6"-01K$,-% ( G ( .-&'*0"M".&"
,-.("0($%0'M$%M-(GJ(L:"("T8+"%'.(0'(+"'0$6'6(OS*+$6'(6"(%:(*'%"(%-,$'0J(00"K'.('
'++"*'&'+ ( ' ( "%&" ( P0&$M- ( %:*8+-6:,&- ( 6"0 ( %-,$'0$%M- ( $6"-01K$,- ( 6" ( &-6' ( -&+'
%"+$"6'6 ( L:" ( .- ( %"' ( 0' ( 8-0$,$'0N ( f.' ( *:+-,+',$' ( O' ( 8-6$6- ( 2-+M'+%"
".,:'6+'.6- ( 0' ( 0:,O' ( .',$-.'0 ( < ( 0' ( +"#:"0&' ( 'K+'+$' ( 6" ( 0-% ( ,'M8"%$.-%\
".&-.,"% ( &$".6"J ( ,-M- ( ". ( [O$.'J ( ' ( '80$,'+ ( "0 ( M-6"0- ( "%&'0$.$%&' ( 6"
$.6:%&+$'0$R',$1.(".(:.'(%-,$"6'6(M".-%(6"%'++-00'6'(L:"(0'(!:%$'(6"(3?3AN
f.'(*:+-,+',$'(,'8'R(6"($.6:%&+$'0$R'+(0'(.',$1.(8:"6"(2-+M'+%"('(8'+&$+(6"(0'
8"L:"U' ( *:+K:"%S' ( 6" ( ,:'6+-% ( 6"0 ( "QE+,$&- ( '8-6"+9.6-%" ( 6"0 ( 8-6"+J ( ,-M-
M:"%&+'("0("Q"M80-(6"(7K$8&-N(7.(,$"+&-%(8:.&-%J(,-M-(".(Z+K"0$'('(0'(%'0$6'(6"
%:(K:"++'(6"($.6"8".6".,$'J(0'(*:+-,+',$'(L:"(%"(,-.%&$&:<1(,-M-(6$+",,$1.
8'+'G"%&'&'0(6:+'.&"(0'(0:,O'(*:%,'("0(8:.&-(6"("L:$0$*+$-(6"(:.(,-M8+-M$%-
8'+'(2:%$-.'+%"(,-.(:.'(6E*$0(*:+K:"%S'(.',$-.'0N(F-+(P0&$M-(".(0'%('.&$K:'%
,-0-.$'% ( 6" ( s2+$,' ( X"K+' ( L:" ( %$K:". ( '*$"+&'M".&" ( 0$K'6'% ( ' ( 0' ( *:+K:"%S'
-,,$6".&'0J('M"+$,'.'(-(":+-8"'J(:.'(*:+K:"%S'(%"(,-.%&$&:<"(G(,-.(2+",:".,$'
' ( 8'+&$+ ( 6"0 ( 8-6"+ ( 6" ( 0-% ( Q"2"% ( &+'6$,$-.'0"% ( 6"0 ( &+$*'0$%M- ( G ( M"6$'.&" ( 0'
/-$*$%6&#'*2#K$+)'-\(".("%&-%(8'$%"%(6-.6"("0($M8"+$'0$%M-("T&+'.Q"+-(%$K:"
%$".6- ( "0 ( #"+6'6"+- ( 6:"U- ( 6" ( 0' ( ",-.-MS' ( 00"K' ( :. ( M-M".&- ( ". ( L:" ( 0-%
4-./,)'-,*$( O'. ( +",$*$6- ( ". ( ,-M8".%',$1. ( 8-+ ( %: ( #".&' ( 6" ( 8+-6:,&-%
$.6SK".'% ( 0'(8+-8$"6'6 ( 6" (:. ("%&'6- ( $.6SK".'J ( $.6"8".6$".&" (6"( 0'%( M'%'%
0-,'0"% ( 8"+- ( .- ( 6"0 ( $M8"+$'0$%M-N ( 7. ( "%&" ( ,'%- ( %" ( &+'&' ( 6" ( :.' ( *:+K:"%S'
'+&$2$,$'0(L:"(.-("%(,'8'R(6"(',:M:0'+J(%$.-(L:"(%$M80"M".&"('%2)/%')(&'.&-(0'
8'+&" ( 6" ( 80:%#'0S' ( 6"0 ( &+'*'Q- ( 0-,'0 ( L:" ( 0" ( ,-++"%8-.6" ( ,-M- ( 0-% ( %:*%$6$-%
"T&+'.Q"+-%(6"(0-%(7%&'6-%(-(M-.-8-0$-%(L:"(%-.(%:%(8+-&",&-+"%N(4'("#$6".,$'
6" ( 0' ( $.,'8',$6'6 ( 6" ( "%&'% ( ,0'%"% ( *:+K:"%'% ( 8'+' ( 00"#'+ ( ' ( ,'*- ( 0' ( 2:.,$1.
",-.1M$,' ( .-+M'0 ( 6" ( 0' ( *:+K:"%S' ( ,-M8-." ( '.&" ( ,'6' ( :.' ( 6" ( "00'% ( :.'
%:*#"+%$1. ( 6"0 ( M-6"0- ( *:+-,+9&$,- ( M9% ( - ( M".-% ( '6'8&'6- ( ' ( 0'%
8'+&$,:0'+$6'6"%(0-,'0"%J(L:"(L:$"+"('8-6"+'+%"(6"(%:(O"+".,$'N(F"+-("0(ET$&-
M$%M- ( 6" ( :.' ( *:+-,+',$' ( ". ( %: ( 8+-<",&- ( 2:.6'M".&'0 ( 6" ( $.6:%&+$'0$R',$1.
,-.&$"."(.","%'+$'M".&"(0'(8"+%8",&$#'(6"(%:(2+','%-(O$%&1+$,-\(',:M:0'.6-("0
,'8$&'0J(',:M:0'("0(8+-0"&'+$'6-J(<(,+"'(%:(8+-8$-(6"%M".&$6-(".(:.(8'S%(6-.6"
E%&"(&-6'#S'(.-("T$%&S'N(

**>

7.("%&"(6"%'++-00-(,-M80"Q-(<(&"++$*0"(L:"(O'('++'%&+'6-(0'(E8-,'(6"(0'%(0:,O'%
6"(,0'%"%(O',$'(.:"#'%(,-.6$,$-."%("0(8+-0"&'+$'6-(6"(0-%(8'S%"%($.6:%&+$'0"%
O' ( 8"+6$6- ( ,-M80"&'M".&" ( 0' ( '2$+M',$1. ( 6" ( %: ( 8"+%8",&$#' ( ':&1.-M' ( <J ( ".
P0&$M- ( '.90$%$%J ($($ # %2($%-&*$J ( 8"+- ( .- ( %: ( %"+N ( X- ( O' ( %$6- ( %:8+$M$6-N ( H-+'
$++"6:,&$*0"M".&" ( "T$%&$".6- ( ". ( 0' ( '0$".',$1. ( $.&".%$2$,'6' ( 6"0 ( ,'8$&'0$%M-
M-6"+.-\ ( "% ( 0' ( $.M".%' ( M'<-+S' ( 6" ( &+'*'Q'6-+"% ( L:" ( O'. ( 8"+6$6- ( &-6- ( "0
8-6"+(%-*+"("0("M80"-(6"(%:%(#$6'%(<(L:"J(2-$#7(*#2-#$)A*&J(%"(+"6"2$.".(,-M-
8+-0"&'+$'6-J ( "0 ( ."K'&$#- ( 6"0 ( -*+"+- ( ". ( "%&' ( %-,$"6'6N ( 7%&" ( 8+-0"&'+$'6- ( "%
+"2-+R'6-(-*Q"&$#'M".&"(8-+("0(M-#$M$".&-(6"(6"%'8'+$,$1.(6"0(,'M8"%$.'6-
'%S(,-M-(8-+(0'("T&".%$1.(6"(0'(01K$,'(6"0(&+'*'Q-(".(0'(29*+$,'(L:"(%"('80$,'('
K+'. ( 8'+&" ( 6" ( 0-% ( ^%"+#$,$-%^ ( < ( 6" ( 0'% ( 8+-2"%$-."% ( $.&"0",&:'0"%N ( 7%&"
8+-0"&'+$'6-(%"(O'00'(&-6'#S'($(A<*+%:).*&+*('0"Q'6-(6"(%:(,-.,$".,$'(8+9,&$,'
6" ( ,0'%"J ( .- ( %10- ( ".&+" ( 0-% ( "M80"'6-% ( %$.- ( &'M*$E. ( ".&+" ( 0-% ( -*+"+-% ( L:"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((W?

&-6'#S'(.-(O'.(6"%,:*$"+&-(M9%(L:"(0'($M8-&".,$'(<(0'(M$%&$2$,',$1.(6"(0'(#$"Q'
8-0S&$,'N(5$.("M*'+K-J(,:'.6-("0(8+-0"&'+$'6-(6"%,:*+"(L:"(%:(8+-8$'(2:"+R'
"T&"+$-+$R'6' ( ,-.&+$*:<" ( '0 ( 2-+&'0",$M$".&- ( 8"+M'.".&" ( 6" ( 0' ( %-,$"6'6
,'8$&'0$%&'J(<'(.-(%-0'M".&"(*'Q-(0'(2-+M'(6"(%:(&+'*'Q-J(%$.-(&'M*$E.(*'Q-(0'
2-+M'(6"(0-%(%$.6$,'&-%J(0-%(8'+&$6-%(-("0(8-6"+("%&'&'0(L:"(E0(O'*S'(,-.%&+:$6-
8'+'("M'.,$8'+%"J(6"%,:*+"(&'M*$E.(8-+(0'("T8"+$".,$'(O$%&1+$,'(,-.,+"&'(L:"
E0 ( "% ( 0' ( ,0'%" ( &-&'0M".&" ( "."M$K' ( 6" ( &-6' ( "T&"+$-+$R',$1. ( 2$Q'6' ( < ( 6" ( &-6'
"%8",$'0$R',$1. (6"0( 8-6"+N (7%(8-+&'6-+( 6" (2)#,*:-2(4%6& #7(* #&-#/(*'* #'*<),
&)') # 1(*,) # '* # $H # .%$.)J ( 0' ( "T$K".,$' ( 6" ( 0' ( 6-M$.',$1. ( 8"+M'.".&" ( 6"0
8+"%".&"(%-*+"("0(8'%'6-(<(0'(,+S&$,'(&-&'0(6"(0'(%"8'+',$1.V(<("%('L:S(6-.6"
6"*"(".,-.&+'+(0'(2-+M'('6",:'6'(".(0'(',,$1.N(X$.K:.'(M"Q-+'(,:'.&$&'&$#'(6"
%:(M$%"+$'J(.$.K:.'($0:%$1.(6"($.&"K+',$1.(Q"+9+L:$,'(%-.(:.(+"M"6$-(6:+'*0"
,-.&+' ( %: ( $.%'&$%2',,$1.J ( 8-+L:" ( "0 ( 8+-0"&'+$'6- ( .- ( 8:"6" ( +",-.-,"+%"
#"+S6$,'M".&" (".(:.'($.Q:%&$,$'(8'+&$,:0'+(L:"(O'<'(%:2+$6- (.$(&'M8-,- (".(0'
,*/),)4%6&#'*#(&)#%&<($+%4%)#/),+%4(2),J(.$(6"(:.(K+'.(.PM"+-(6"($.Q:%&$,$'%J(%$.-
%-0'M".&"(".(0'()A$-2(+)#%&<($+%4%)(6"(%"+('++-Q'6-('0(M'+K".(6"(0'(#$6'N(

**?

=" ( 0-% ( .:"#-% ( %$K.-% ( 6" ( ."K',$1.J ( $.,-M8+".6$6-% ( < ( 2'0%$2$,'6-% ( 8-+ ( 0'
-+K'.$R',$1.("%8",&',:0'+J (L:"(%"( M:0&$80$,'.(". (0-%(8'S%"% (M9% ('#'.R'6-%
",-.1M$,'M".&"J(%"(8:"6"(<'(%','+(0'(,-.,0:%$1.(6"(L:"(:.'(.:"#'(E8-,'(O'
,-M".R'6-\ ( &+'% ( 0' ( 8+$M"+' ( &".&'&$#' ( 6" ( %:*#"+%$1. ( -*+"+' ()@-,) # *$ # 2)
)A(&')&4%)#4)/%+)2%$+)#2)#7(*#@)#1,)4)$)'-N([:'.6-(0'%(0:,O'%('.&$%$.6$,'0"%
6" ( 0-% ( -*+"+-% ( -,,$6".&'0"% ( %-. ( +"8+$M$6'% ( ". ( 8+$M"+ ( 0:K'+ ( 8-+ ( 0-% ( 8+-8$-%
%$.6$,'&-%(<(,:'.6-(0'%(+"#:"0&'%(',&:'0"%(6"(0'(Q:#".&:6(0'.R'.(:.'(8+$M"+'
,-.&"%&',$1.($.2-+M"J(L:"($M80$,'(6"(M-6-($.M"6$'&-("0(+",O'R-(6"(0'('.&$K:'
8-0S&$,'("%8",$'0$R'6'J(6"('+&"(<(6"(0'(#$6'(,-&$6$'.'J("%&9.('L:S(8+"%".&"%(0'%
6-%(,'+'%(6"(:.'(0:,O' ("%8-.&9."' (L:"(,-M$".R'(*'Q-("0('%8",&- (4,%.%&)2N
5-.(0-%(%$K.-%(8+",:+%-+"%(6"0(%"K:.6-('%'0&-(8+-0"&'+$-(,-.&+'(0'(%-,$"6'6(6"
,0'%"%N([:'.6-(0-%(O$Q-%(8"+6$6-%(6"("%&"("QE+,$&-(&-6'#S'($.M1#$0(+"'8'+",".
%-*+" ( "%&" ( &"++".-J ( 6"#".$6- ( -&+- ( <( 8"+M'.",$".6- ( E0 ( M$%M-J ( %$K:". ( ' ( :.
.:"#-(^K"."+'0(4:66^(L:"J("%&'(#"RJ(0-%(0'.R'('(0'(6"%&+:,,$1.(6"(0'%(.D7(%&)$
'*2#4-&$(.-#/*,.%+%'-N(

**@

^4'(2-+M'(8-0S&$,'(8-+(2$.(6"%,:*$"+&'(*'Q-(0'(,:'0(0'("M'.,$8',$1.(",-.1M$,'
6"0(&+'*'Q-(8-6+S'(+"'0$R'+%"^(O'(&-M'6-(".("%&"(%$K0-(:.'(.S&$6'(2$K:+'(".(0-%
[-.%"Q-%(-*+"+-%(+"#-0:,$-.'+$-%J(,-.,".&+'.6-(".("00-%(&-6'%(0'%(2:.,$-."%
6"(6",$%$1.(<("Q",:,$1.J(<(2"6"+9.6-%"(8-+(M"6$-(6"(6"0"K'6-%(+"%8-.%'*0"%
'.&"(0'(*'%"(<(+"#-,'*0"%(".(&-6-(M-M".&-N(5:("T$%&".,$'("2",&$#'(.-(O'(%$6-
O'%&'('O-+'(M9%(L:"(:.(*+"#"("%*-R-J(".%"K:$6'(,-M*'&$6-(<(#".,$6-(8-+(0'
6$2"+".&"% ( 2:"+R'% ( 6" ( 6"2".%' ( 6" ( 0' ( %-,$"6'6 ( 6" ( ,0'%"%J (".&+" (0'% ( ,:'0"% ( '
M".:6- ( O'< ( L:" ( ,-.&'+ ( %: ( 8+-8$' ( 2'0%' ( ,-.,$".,$'N ( F'.."g-"g ( $.%$%&S'
Q:%&'M".&"(%-*+"("0(O",O- (6"(L:"(0'("0",,$1.(6"(:.(8-6"+(6"(0-%([-.%"Q-%
-*+"+-% ( ^80'.&"' ( 8+-*0"M'%^ ( M9% ( L:" ( '8-+&' ( :.' ( %-0:,$1.N ( F"+- ( "%
8+",$%'M".&" ( ". ( "%&" ( 8-6"+ ( 6-.6" ( 0-% ( 8+-*0"M'% ( 6" ( 0' ( +"#-0:,$1. ( 6"0
8+-0"&'+$'6- ( 8:"6". ( &"."+ ( %: ( #"+6'6"+' ( %-0:,$1.N ( 7% ( "0 ( 0:K'+ ( 6-.6" ( 0'%
,-.6$,$-."% ( -*Q"&$#'% ( 6" ( 0' ( ,-.,$".,$' ( O$%&1+$,' ( %" ( +"P.".V ( 6-.6" ( %" ( 6' ( 0'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]c

+"'0$R',$1. ( 6" ( 0' ( ,-M:.$,',$1. ( 6$+",&' ()4+%:)J ( 6-.6" ( &"+M$.'. ( 0'

"%8",$'0$R',$1.J(0'(Q"+'+L:S'(<(0'(%"8'+',$1.J(6-.6"(0'%(,-.6$,$-."%("T$%&".&"%
O'.(%$6-(&+'.%2-+M'6'%(^".(,-.6$,$-."%(6"(:.$6'6^N(ZL:S("0(%:Q"&-(8+-0"&'+$-
8:"6"("M"+K"+(6"(%:(0:,O'(,-.&+'(0'(,-.&"M80',$1.\(%:(,-.,$".,$'("L:$#'0"('
0'(-+K'.$R',$1.(8+9,&$,'(L:"("00'(%"(O'(6'6-J(8-+L:"("%&'(M$%M'(,-.,$".,$'("%
$.%"8'+'*0"(6"(0'($.&"+#".,$1.(,-O"+".&"(".(0'(O$%&-+$'N(

**A

7. ( "0 ( 8-6"+ ( 6" ( 0-% ( [-.%"Q-%J ( L:" ( 6"*" ( %:80'.&'+ ( $.&"+.',$-.'0M".&" ( '
,:'0L:$"+ (-&+- (8-6"+J ("0 (M-#$M$".&- (8+-0"&'+$- ("% (%:( 8+-8$- (8+-6:,&-J (<("%&"
8+-6:,&- ( "% ( "0 ( 8+-6:,&-+ ( M$%M-N ( b0 ( M$%M- ( "% ( %: ( 8+-8$- ( 2$.N ( 510- ( 'OS ( 0'
."K',$1.("%8",&',:0'+(6"(0'(#$6'("%(."K'6'('(%:(#"RN(

**B

4'('8'+$,$1.(6"(0-%([-.%"Q-%(2:"(0'(M9%('0&'(+"'0$6'6(6"0(M-#$M$".&-(8+-0"&'+$-
".("0(8+$M"+(,:'+&-(6"(%$K0-J(+"'0$6'6(L:"(8'%1($.'6#"+&$6'(-(6$%2+'R'6'(8-+L:"
6"%'8'+",S' ( ,-. ( "0 ( +"%&- ( 6"0 ( M-#$M$".&- ( L:" ( "0 ( ,-.Q:.&- ( 6" ( 0' ( "T8"+$".,$'
O$%&1+$,' ( 6" ( ".&-.,"% ( 6"%M".&S' ( < ( "0$M$.'*'N ( 7. ( "0 ( .:"#- ( M-M".&- ( 6" ( 0'
,+S&$,' ( 8+-0"&'+$'J ( "%&" ( +"%:0&'6- ( #:"0#" ( ,-M- ( "0 ( P.$,- ( 8:.&- ( $.#$,&- ( 6"0
M-#$M$".&-(#".,$6-N(4'(,-.,$".,$'(O$%&1+$,'(L:"(%'*"(L:"(&$"."(".(%S(M$%M'(%:
P.$,-(M"6$-(6"("T$%&".,$'(8:"6"(+",-.-,"+0-('O-+'(.-(<'(".(0'(8"+$2"+$'(6"(0-
L:"(+"20:<"(%$.-(".("0(,".&+-(6"(0-(L:"(':M".&'N(

**C

f.' ( -+K'.$R',$1. ( +"#-0:,$-.'+$' ( "T$%&".&" ( '.&" ( "0 ( 8-6"+ ( 6" ( 0-% ( [-.%"Q-% ( G
6"*"+9(".,-.&+'+(%:(8+-8$'(2-+M'(0:,O'.6-(G(%'*"(<'(8-+(&-6'%("%&'%(+'R-."%
O$%&1+$,'% ( L:" (&- # ,*/,*$*&+)( ' ( 0' ( ,0'%"N ( ="*" ( +",-.-,"+%" ( ' ( %S ( M$%M'
%-0'M".&"(,-M-(:.'(%"8'+',$1.(+'6$,'0(6"0(.(&'-#'*#2)#$*/),)4%6&N(

*<D

4' ( -+K'.$R',$1. ( +"#-0:,$-.'+$' ( "% ( 0' ( "T8+"%$1. ( ,-O"+".&" (6" ( 0' ( &"-+S' (6" ( 0'
8+'T$% ( ".&+'.6- ( ". ( ,-M:.$,',$1. ( .-G:.$0'&"+'0 ( ,-. ( 0'% ( 0:,O'% ( 8+9,&$,'% ( <
&+'.%2-+M9.6-%"(".(&"-+S'(8+9,&$,'N(5:(8+-8$'(8+9,&$,'("%(0'(K"."+'0$R',$1.(6"
0'(,-M:.$,',$1.(<(0'(,-O"+".,$'(".("%&'%(0:,O'%N(7.("0(M-M".&-(+"#-0:,$-.'+$-
6"(0'(6$%-0:,$1.(6"(0'(%"8'+',$1.(%-,$'0J("%&'(-+K'.$R',$1.(6"*"(+",-.-,"+(%:
8+-8$'(6$%-0:,$1.(".(&'.&-(L:"(-+K'.$R',$1.(%"8'+'6'N(

*<*

4'(-+K'.$R',$1.(+"#-0:,$-.'+$'(.-(8:"6"(%"+(M9%(L:"(0'(,+S&$,'(:.$&'+$'(6"(0'
%-,$"6'6J ( "% ( 6",$+J ( :.' ( ,+S&$,' ( L:" ( .- ( 8',&' ( ,-. ( .$.K:.' ( 2-+M' ( 6" ( 8-6"+
%"8'+'6-J(".(.$.KP.(0:K'+(6"0(M:.6-J(<(:.'(,+S&$,'(8+-.:.,$'6'(K0-*'0M".&"
,-.&+' ( &-6-% ( 0-% ( '%8",&-% ( 6" ( 0' ( #$6' ( %-,$'0 ( '0$".'6'N ( 7. ( 0' ( 0:,O' ( 6" ( 0'
-+K'.$R',$1.(+"#-0:,$-.'+$'(,-.&+'(0'(%-,$"6'6(6"(,0'%"%J(0'%('+M'%(.-(%-.(-&+'
,-%' ( L:" ( 0' (*$*&4%)( 6" ( 0-% ( 8+-8$-% ( ,-M*'&$".&"%\ ( 0' ( -+K'.$R',$1.
+"#-0:,$-.'+$'(.-(8:"6"(+"8+-6:,$+(".(%S(M$%M'(0'%(,-.6$,$-."%(6"("%,$%$1.(<

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]3

6"(Q"+'+L:S'(6"(0'(%-,$"6'6(6-M$.'.&"N(="*"(0:,O'+(8"+M'.".&"M".&"(,-.&+'
%:(6"2-+M',$1.(".("0("%8",&9,:0-(+"$.'.&"N(70(P.$,-(0SM$&"(6"(0'(8'+&$,$8',$1.
".(0'(6"M-,+',$'(&-&'0(6"(0'(-+K'.$R',$1.(+"#-0:,$-.'+$'("%("0(+",-.-,$M$".&-(<
0'(':&-'8+-8$',$1.("2",&$#'J(8-+(&-6-%(%:%(M$"M*+-%J(6"(0'(,-O"+".,$'(6"(%:
,+S&$,'J(,-O"+".,$'(L:"(6"*"(8+-*'+%"(".(0'(&"-+S'(,+S&$,'(8+-8$'M".&"(6$,O'(<
".(0'(+"0',$1.(".&+"(E%&'(<(0'(',&$#$6'6(8+9,&$,'N(

*<<

H$".&+'%(0'(+"'0$R',$1.(,'6'(#"R(M9%($.%&'0'6' (6"(0'('0$".',$1.(,'8$&'0$%&'('
&-6-% ( 0-% ( .$#"0"% ( O'," ( ,'6' ( #"R ( M9% ( 6$2S,$0 ( ' ( 0-% ( &+'*'Q'6-+"% ( +",-.-,"+ ( <
.-M*+'+(%:(8+-8$'(M$%"+$'J(0-%(8-."(".(0'('0&"+.'&$#'(6"(+",O'R'+(0' (+-+)2%')'
'*#$(#.%$*,%)#-#&)')J(0'(-+K'.$R',$1.(+"#-0:,$-.'+$'(O'(6"*$6-('8+".6"+(L:"
.-(8:"6"(<'(4-.A)+%,#2)#)2%*&)4%6&#A)<-#1-,.)$#)2%*&)')$N(

*<=

4'(+"#-0:,$1.(8+-0"&'+$'(%"(O'00'(".&"+'M".&"(%:8"6$&'6'('("%&'(.","%$6'6(6"
L:"J(8-+(8+$M"+'(#"RJ(0'(&"-+S'(,-M-($.&"0$K".,$'(6"(0'(8+9,&$,'(O:M'.'(%"'
+",-.-,$6' ( < ( #$#$6' ( 8-+ ( 0'% ( M'%'%N ( 7T$K" ( L:" ( 0-% ( -*+"+-% ( 00"K:". ( ' ( %"+
6$'0E,&$,-%("($.%,+$*'.(%:(8".%'M$".&-(".(0'(8+9,&$,'V('%S(8$6"('(0-% (@-.A,*$
$%&#4()2%1%4),(M:,O-(M9%(6"(0-(L:"(0'(+"#-0:,$1.(*:+K:"%'("T$KS'('(0-%(O-M*+"%
,:'0$2$,'6-% ( ". ( L:$"."% ( 6"0"K1 ( %: ( 8:"%&' ( ". ( 8+9,&$,'\ ( 8:"% ( 0' ( ,-.,$".,$'
$6"-01K$,'(8'+,$'0("6$2$,'6'(8-+(:.'(8'+&"(6"(0'(,0'%"(*:+K:"%'(&".S'(%:(*'%"
".("%&' (/),+*( ,".&+'0(6"(0'(#$6'(%-,$'0J(0'(",-.-MS'J(%-*+"(0'(L:"("%&'(,0'%"
+*&H) # ?) # *2 # /-'*,N ( 70 ( 6"%'++-00- ( M$%M- ( 6" ( 0' ( %-,$"6'6 ( 6" ( ,0'%"% ( O'%&' ( 0'
-+K'.$R',$1.("%8",&',:0'+(6"(0'(.-G#$6'(00"#'('0(8+-<",&-(+"#-0:,$-.'+$-('(%"+
:%$%A2*.*&+*(0-(L:"(<'("+'(*$*&4%)2.*&+*N(

*<>

4'(&"-+S'(+"#-0:,$-.'+$'("%('O-+'("."M$K'(6"(&-6'($6"-0-KS'(+"#-0:,$-.'+$'(<
$)A*#7(*#2-#*$N

!"#$%&'()?

Q0-3#()-)R0,%(.0"

!Z@5#4)A)22*,-$5#2)#:%')#*$#4-,+)000#J%#:%:%.-$5#:%:%.-$#/),)#.),4@),#$-A,*#2)
4)A*F)#'*#2-$#,*?*$0!

G;:F6GO6:86J(K&,%7(*#[\

*<?

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]I

70(O-M*+"J(^"0(%"+(."K'&$#-(L:"("%(P.$,'M".&"(".(0'(M"6$6'(L:"(%:8+$M"("0
5"+^J ( "% ( $6E.&$,- ( '0 ( &$"M8-N ( 4' ( '8+-8$',$1. ( 8-+ ( "0 ( O-M*+" ( 6" ( %: ( 8+-8$'
.'&:+'0"R'("%(&'M*$E.(%:(,-M8+".%$1.(6"0(6"%80$"K:"(6"0(:.$#"+%-N(^4'(O$%&-+$'
M$%M'("%(:.'(8'+&"(6"(0'(@%$+-,%)#&)+(,)2J(6"(0'(&+'.%2-+M',$1.(6"(0'(.'&:+'0"R'
". ( O-M*+"^ ( >H'+TBN ( Z ( 0' ( $.#"+%' ( "%&' ( ^O$%&-+$' ( .'&:+'0^ ( .- ( &$"." ( "T$%&".,$'
"2",&$#'(M9% (L:"('(&+'#E%(6"0(8+-,"%-(6"(:.'(O$%&-+$'(O:M'.'J(6"(0'(P.$,'
8'+&"(L:"(+"".,:".&+'("%&"(&-6-(O$%&1+$,-J(,-M-("0(&"0"%,-8$-(M-6"+.-(,:<-
'0,'.," ( +",:8"+' (*& # *2 # +%*./-( 0' ( 2:K' ( 6" ( 0'% ( ."*:0-%'% ( ". ( 0' ( 8"+$2"+$' ( 6"0
:.$#"+%-N ( 4' ( O$%&-+$' ( O' ( "T$%&$6- ( %$"M8+"J ( 8"+- ( .- ( %$"M8+" ( *'Q- ( %: ( 2-+M'
O$%&1+$,'N(4'(&"M8-+'0$R',$1.(6"0(O-M*+"J(&'0(,-M-(%"("2",&P'(8-+(0'(M"6$',$1.
6" ( :.' ( %-,$"6'6J ( "L:$#'0" ( ' ( :.' ( O:M'.$R',$1. ( 6"0 ( &$"M8-N ( 70 ( M-#$M$".&-
$.,-.%,$".&" (6"0 (&$"M8- (%"(M'.$2$"%&' ( < ('*:%*&* #:*,')'*,-( ". (0'( ,-.,$".,$'
O$%&1+$,'N(

*<@

70(M-#$M$".&-(8+-8$'M".&"(O$%&1+$,-J(':.L:" (+-'):H)#-4(2+-J(,-M$".R'(".(0'
0".&' ( " ( $.%".%$*0" ( 2-+M',$1. ( 6" ( ^0' ( .'&:+'0"R' ( +"'0 ( 6"0 ( O-M*+"^J ( "%&'
^.'&:+'0"R' ( L:" ( .'," ( ". ( 0' ( O$%&-+$' ( O:M'.' ( G ( ". ( "0 ( ',&- ( K"."+'6-+ ( 6" ( 0'
%-,$"6'6(O:M'.'(G^J(8"+-(0'(%-,$"6'6(L:"(<'(O'(6-M$.'6-(:.'(&E,.$,'(<(:.
0".K:'Q"J(':.L:"(8+-6:,&-(6"(%:(8+-8$'(O$%&-+$'J(.-(&$"."(-&+'(,-.,$".,$'(L:"(0'
6"(:.(8+"%".&"(8"+8"&:-N(C-6-(,-.-,$M$".&-J(0$M$&'6-('(0'(M"M-+$'(6"(0-%(M9%
'.,$'.-%J(%$"M8+"("%('00S(6$+$K$6-(8-+(0-% (:%:-$N(X$(0'(M:"+&"(.$(0'(8+-,+"',$1.
%-. ( ,-M8+".6$6'% ( ,-M- ( :.' ( 0"<( 6"0 ( &$"M8-N ( 70 ( &$"M8- ( 8"+M'."," ( $.M1#$0J
,-M-(:.("%8',$-(,"++'6-N([:'.6-(:.'(%-,$"6'6(M9%(,-M80"Q'(00"K'('(&-M'+
,-.,$".,$'(6"0(&$"M8-(%:(&+'*'Q-("%(%-*+"(&-6-(."K'+0-J(8:"%(0-(L:"(#"(".("0
&$"M8-(.-("%(0-(L:"(8'%'J(%$.-(0-(L:"(#:"0#"N(4'(%-,$"6'6("%&9&$,'(-+K'.$R'("0
&$"M8- ( %"KP. ( %: ( "T8"+$".,$' ( $.M"6$'&' ( 6" ( 0' ( .'&:+'0"R' ( ". ( "0 ( M-6"0- ( 6"0
&$"M8-(4H42%4-N(

*<A

70(&$"M8-(,S,0$,-(6-M$.'(<'(".(0'("T8"+$".,$'(6"(0-%(8:"*0-%(.1M'6'%J(8-+L:"
%" ( +"".,:".&+'. ( '.&" ( 0'% ( M$%M'% ( ,-.6$,$-."% ( ". ( ,'6' ( M-M".&- ( 6" ( %:
&+'#"%S'\(j"K"0(%"U'0'(L:"(^0'("++'.,$'(6"(0-%(.1M'6'%("%(%-0'M".&"(2-+M'0J
8:"%&-(L:"(%"(0$M$&'('("%8',$-%(:.$2-+M"%^N(4'(%-,$"6'6(L:"('0("%&'*0","+%"
0-,'0M".&" ( 6' ( '0 ( "%8',$- ( :. ( ,-.&".$6- ( M"6$'.&" ( "0 ( ',-.6$,$-.'M$".&- ( 6"
0:K'+"%($.6$#$6:'0$R'6-%(%"(".,:".&+'(8-+("00-(".,"++'6'(".("0($.&"+$-+(6"("%&'
0-,'0$R',$1.N(70(+"&-+.-(&"M8-+'0('(0:K'+"%(8'+",$6-%("%('O-+'("0(8:+-(+"&-+.-
6"0(&$"M8-(".(:.(M$%M-(0:K'+J(0'(+"8"&$,$1.(6"(:.'(%"+$"(6"(K"%&-%N(70(8'%-(6"0
.-M'6$%M- ( 8'%&-+$0 ( ' ( 0' ( 'K+$,:0&:+' ( %"6".&'+$' ( "% ( "0 ( 2$.'0 ( 6" ( 0' ( 0$*"+&'6
8"+"R-%' ( < ( %$. ( ,-.&".$6-J ( "0 ( ,-M$".R- ( 6"0 ( &+'*'Q-N ( 70 ( M-6- ( 6" ( 8+-6:,,$1.
'K+'+$-(".(K"."+'0J(6-M$.'6- (8-+("0(+$&M-(6"(0'%("%&',$-."%J("%(0'(*'%" (6"0
&$"M8-(,S,0$,-(80".'M".&"(,-.%&$&:$6-N(4'("&"+.$6'6(0"("%(%&+*,%-,\("%('L:S('*'Q-
"0(+"&-+.-(6"(0-(M$%M-N(70(M$&-("%(0'(,-.%&+:,,$1.(:.$&'+$'(6"0(8".%'M$".&-(L:"
K'+'.&$R'("0(-+6".(,1%M$,-(".&"+-('0+"6"6-+(6"0(-+6".(L:"("%&'(%-,$"6'6(<'
"%&'*0",$1(6"(O",O-(6".&+-(6"(%:%(2+-.&"+'%N(

*<B

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]W

4' ( '8+-8$',$1. ( %-,$'0 ( 6"0 ( &$"M8-J ( 0' ( 8+-6:,,$1. ( 6"0 ( O-M*+" ( 8-+ ( "0 ( &+'*'Q-
O:M'.-J(%"(6"%'++-00'.(".(:.'(%-,$"6'6(6$#$6$6'(".(,0'%"%N(70(8-6"+(L:"(%"(O'
,-.%&$&:$6-(8-+(".,$M'(6"(0'(8".:+$'(6"(0'(%-,$"6'6(6"0(&$"M8-(,S,0$,-J(0'(,0'%"
L:"(-+K'.$R'("%&"(&+'*'Q-(%-,$'0(<(%"('8+-8$'(0'(80:%#'0S'(0$M$&'6'J(%"('8+-8$'
$K:'0M".&" (2)#/2($:)2H)#+*./-,)2( 6"(%:(-+K'.$R',$1.(6"0(&$"M8-(%-,$'0\(8-%""
8'+'("00'(%-0'("0(&$"M8-($++"#"+%$*0"(6"(0-(#$#$".&"N(4'(P.$,'(+$L:"R'(L:"(8:"6"
"T$%&$+(,-.,".&+'6'(".("0(%",&-+(6"0(8-6"+(8'+'(%"+(M'&"+$'0M".&"(6"++-,O'6'
".(2$"%&'(%:.&:'+$'(%"(".,:".&+'('00S(&'M*$E.(K'%&'6'(,-M-(6$0'8$6',$1.(6"(:.
+%*./-#@%$+6,%4-#'*#2)#$(/*,1%4%*#'*#2)#$-4%*')'N(4-%(8+-8$"&'+$-%(6"(0'(80:%#'0S'
O$%&1+$,'(8-%"".("0(,-.-,$M$".&-(<("0(K-,"(6"(0-%(',-.&",$M$".&-%(#$#$6-%N(7%&"
&$"M8-J(%"8'+'6-(6"(0'(-+K'.$R',$1.(,-0",&$#'(6"0(&$"M8-(L:"(8+"6-M$.'(,-.(0'
8+-6:,,$1.(+"8"&$&$#'(6"(0'(*'%"(6"(0'(#$6'(%-,$'0J(20:<"(8-+(".,$M'(6"(%:(8+-8$'
,-M:.$6'6 ( "%&9&$,'N (7% ( "0 (&$"M8- ( 6" ( 0' ( '#".&:+' (<( 6" ( 0' ( K:"++'J ( 6-.6" (0-%
6:"U-%(6"(0'(%-,$"6'6(,S,0$,'(+",-++".(%:(O$%&-+$'(8"+%-.'0V(<("%($K:'0M".&"("0
&$"M8- ( L:" ( '8'+"," ( ". ( "0 ( ,O-L:" ( ".&+" ( ,-M:.$6'6"% ( 6$2"+".&"%J ( 0'
8"+&:+*',$1.(6"0(-+6".($.M:&'*0"(6"(0'(%-,$"6'6N(4'(O$%&-+$'(%:+K"(8:"%('.&"
0-%(O-M*+"%(,-M-(:.(2',&-+("T&+'U-J(,-M-('L:"00-(L:"(.-(O'.(L:"+$6-(<(,-.&+'
0-(L:"(%"(,+"S'.(8+-&"K$6-%N(F"+-(8-+("%&"(6"%#S-(#:"0#"(&'M*$E.(0'(%&7(%*+('
."K'&$#' ( 6" ( 0- ( O:M'.-J ( L:" ( O'*S' ( "%&'6- ( ". ( "0 ( -+$K". ( M$%M- ( 6" ( &-6- ( "0
6"%'++-00-(L:"(%"(O'*S'('6-+M",$6-N(

*<C

70(&$"M8-(,S,0$,-("%(".(%S(M$%M-("0(&$"M8-(%$.(,-.20$,&-N(F"+-("0(,-.20$,&-(%"
$.%&'0'(".("%&'($.2'.,$'(6"0(&$"M8-\(0'(O$%&-+$'(0:,O'('.&"(&-6-(8-+(%"+(O$%&-+$'
".(0'(',&$#$6'6(8+9,&$,'(6"(0-%('M-%N(7%&'(O$%&-+$'(,+"'(%:8"+2$,$'0M".&"('(8'+&$+
6"(0-($++"#"+%$*0"V(%:(M-#$M$".&-(,-.%&$&:<"("0(&$"M8-(M$%M-(L:"(E%&"(,-.%:M"
".("0($.&"+$-+(6"0(&$"M8-($.,-.%:M$*0"(6"(0'(%-,$"6'6(,S,0$,'N(

*=D

4'% (^%-,$"6'6"% (2+S'%^ (%-. (0'% (L:"(O'. (+'0".&$R'6- (". ("T&+"M- (%: (8'+&" (6"
O$%&-+$'V ( 0'% ( L:" ( O'. ( M'.&".$6- ( ". ( :. ( "L:$0$*+$- ( ,-.%&'.&" ( %: ( -8-%$,$1. ( '0
".&-+.-(.'&:+'0(<(O:M'.-(<(%:%(-8-%$,$-."%($.&"+.'%N(5$(0'("T&+"M'(6$#"+%$6'6
6"(0'%($.%&$&:,$-."%("%&'*0",$6'%(8'+'("%&"(2$.(&"%&$M-.$'(0'(80'%&$,$6'6(6"(0'
':&-,+"',$1.(6"(0'(.'&:+'0"R'(O:M'.'J("%&"(&"%&$M-.$-(.-('8'+","(6"(M'."+'
"#$6".&" ( M9% ( L:" ( 8'+' ( "0 ( -*%"+#'6-+ ( "T&"+$-+J ( 8'+' ( "0 ( "&.10-K- (7(* # :(*2:*
6"%6"("0(&$"M8-(O$%&1+$,-N(7.(,'6'(:.'(6"("%&'%(%-,$"6'6"%(:.'("%&+:,&:+',$1.
6"2$.$&$#' ( O' ( "T,0:$6- ( "0 ( ,'M*$-N ( 70 ( ,-.2-+M$%M- ( '*%-0:&- ( 6" ( 0'% ( 8+9,&$,'%
%-,$'0"%("T$%&".&"%(,-.(0'%(L:"(%"(".,:".&+'.($6".&$2$,'6'%(8'+'(%$"M8+"(&-6'%
0'%(8-%$*$0$6'6"%(O:M'.'%(.-(&$"."(-&+-(0SM$&"("T&"+$-+(L:"("0(&"M-+(6"(#-0#"+('
,'"+ ( ". ( 0' ( '.$M'0$6'6 ( %$. ( 2-+M'N ( ZL:SJ ( 8'+' ( 8"+M'.","+ ( ". ( 0- ( O:M'.- ( 0-%
O-M*+"%(6"*".(8"+M'.","+($K:'0"%('(%S(M$%M-%N(

*=*

70(.',$M$".&-(6"0(8-6"+(8-0S&$,-J(L:"(8'+","("%&'+(".(+"0',$1.(,-.(0'%(P0&$M'%
K+'.6"%(+"#-0:,$-."%(6"(0'(&E,.$,'J(,-M-(0'(2:.6$,$1.(6"0(2:"K-(".("0(:M*+'0
6" ( :. ( 8"+$-6- ( L:" ( .- ( ,-.-,"+9 ( M9% ( &+'%&-+.-% ( ". ( 8+-2:.6$6'6 ( O'%&' ( 0'
'8'+$,$1.(6"(0'($.6:%&+$'J("%(&'M*$E.("0(M-M".&-(L:"(,-M$".R'('(6$%-0#"+(0-%

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]]

0'R-%(6"(,-.%'.K:$.$6'6N(="%6"(".&-.,"%(0'(%:,"%$1.(6"(K"."+',$-."%(%'0"(6"
0'("%2"+'(6"0(8:+-(,$,0-(.'&:+'0(8'+'(6"#".$+(',-.&",$M$".&-(-+$".&'6-J(%:,"%$1.
6"(8-6"+"%N(70(&$"M8-($++"#"+%$*0"("%("0(&$"M8-(6"0(L:"(+"$.'V(<(0'%(6$.'%&S'%
%-.(%:(8+$M"+'(M"6$6'N(4'("%,+$&:+'("%(%:('+M'N(7.(0'("%,+$&:+'("0(0".K:'Q"
'0,'.R'(%:(80".'(+"'0$6'6($.6"8".6$".&"(6"(M"6$',$1.(".&+"(0'%(,-.,$".,$'%N
F"+- ( "%&' ( $.6"8".6".,$' ( "% ( $6E.&$,' ( ' ( 0' ( $.6"8".6".,$' ( K"."+'0 ( 6"0 ( 8-6"+
%"8'+'6-(,-M-(M"6$',$1.(L:"(,-.%&$&:<"(0'(%-,$"6'6N([-.(0'("%,+$&:+'('8'+","
:.'(,-.,$".,$'(L:"(<'(.-("%(00"#'6'(<(&+'.%M$&$6'(".(0'(+"0',$1.($.M"6$'&'(6"
0-% ( #$#-%\ ( :.' (.*.-,%) # %./*,$-&)2J ( L:" ( "% ( 0' ( 6" ( 0' ( '6M$.$%&+',$1. ( 6" ( 0'
%-,$"6'6N ( ^4-% ( "%,+$&-% ( %-. ( 0-% ( 8".%'M$".&-% ( 6"0 ( "%&'6-V ( 0-% ( '+,O$#-% ( %:
M"M-+$'N^(>X-#'0$%BN(

*=<

4' ( ,+1.$,' ( "% ( 0' ( "T8+"%$1. ( 6"0 ( &$"M8- ( $++"#"+%$*0" ( 6"0 ( 8-6"+ ( < ( &'M*$E. ( "0
$.%&+:M".&-(L:"(M'.&$"."(0'(8+-K+"%$1.(#-0:.&'+$%&'(6"("%&"(&$"M8-('(8'+&$+(6"
%:(&+'R'6-('.&"+$-+J(8:"%("%&'(-+$".&',$1.(6"0(&$"M8-(6"*"(6"++:M*'+%"(,-.(0'
2:"+R'(6"(,'6'(8-6"+(8'+&$,:0'+V(+",'<".6-(".("0(-0#$6-($.6$2"+".&"(6"0(P.$,-
&$"M8-(,S,0$,-(,-.-,$6-(8-+(0'%(M'%'%(,'M8"%$.'%(L:"J(".("0(6"%80-M"(6"(0-%
$M8"+$-% ( < ( 6" ( %:% ( ,+-.-0-KS'%J ( .- ( ,'M*$'. ( Q'M9%N ( 4-% (/-$**'-,*$ # '* # 2)
@%$+-,%)(O'.('%$K.'6-('0(&$"M8-(:.($*&+%'-\(:.'(6$+",,$1.(L:"("%(&'M*$E.(:.'
%$K.$2$,',$1.N ( F"+- ( "%&' ( O$%&-+$' ( %" ( 6"%80$"K' ( < ( %:,:M*" ( ". ( 8'+&"V ( 6"Q'
$.M:&'*0"(0'(%-,$"6'6(8+-2:.6'(<'(L:"("00'("%(Q:%&'M".&"(0-(L:"(8"+M'.","
%"8'+'6-(6"(0'(+"'0$6'6(,-MP.N(7%(8-+("%&-(L:"(0'(O$%&-+$'(6"(0-%($M8"+$-%(6"
)+$".&"(,-..-&'(8'+'(.-%-&+-%(0'(O$%&-+$'(6"(0'%(+"0$K$-."%\("%&'%(,+-.-0-KS'%
,-.#"+&$6'%(".(+:$.'%(%10-(O'.(6"Q'6-(0'(O$%&-+$'('8'+".&"M".&"(':&1.-M'(6"
0'%($0:%$-."%(L:"(0'%(".#-0#S'.N(4-%('M-%(L:"(6"&".&'.(0' (/,-/%*')'#/,%:)')
'*#2)#@%$+-,%)J(*'Q-(0'(8+-&",,$1.(6"0(M$&-J(0'(6"&".&'.("00-%(M$%M-%(".(8+$M"+
0:K'+(*'Q-(0'(2-+M'(6"(0'($0:%$1.\(".([O$.'(<(".(7K$8&-(&:#$"+-.(6:+'.&"(M:,O-
&$"M8- ( "0 ( M-.-8-0$- ( 6" ( 0'( $.M-+&'0$6'6 ( 6"0 ( '0M'V ( '%S ( &'M*$E. ( %:% ( 8+$M"+'%
6$.'%&S'% ( +",-.-,$6'% (%-. ( 0'( -+K'.$R',$1. ( $M'K$.'+$' ( 6"0 (8'%'6-N ( F"+- ( "%&'
8-%"%$1. ( $0:%-+$' ( 6" ( 0-% ('M-% ( "% ( &'M*$E. ( &-6' ( 0'( 8-%"%$1. ( 8-%$*0" (". ("%&"
M-M".&-(6"(:.'(O$%&-+$'(,-MP.(<(6"(%:(8+-8$'(O$%&-+$'N(4'('M80$',$1.(6"(%:
8-6"+(O$%&1+$,-("2",&$#-(#'(',-M8'U'6'(6"(:.'(#:0K'+$R',$1.(6"(0'(8-%"%$1.
MS&$,'($0:%-+$'N(C-6-("%&-(6"+$#'(6"0(%$M80"(O",O-(6"(L:"(%10-(".(0'(M"6$6'(".
L:" ( 0-% ( 'M-% ( %" ( ".,'+K'+-. ( 6" ( K'+'.&$R'+ ( MS&$,'M".&" ( 0' ( 8"+M'.".,$' ( 6"0
&$"M8- ( ,S,0$,-J ( ,-M- ( ". ( 0-% ( +$&-% ( "%&',$-.'0"% ( 6" ( 0-% ( "M8"+'6-+"% ( ,O$.-%J
8:6$"+-.(0$*"+'+%"(+"0'&$#'M".&"(6"(E0N(

*==

[:'.6-(0'(%",'(,+-.-0-KS'(%$.("T80$,',$1.(6"0(8-6"+(6$#$.$R'6-(O'*0'.6-('(%:%
%"+#$6-+"%J(L:"(.-(L:$"+"(%"+(,-M8+".6$6'(%$.-(,-M-("Q",:,$1.(&"++"%&+"(6"(0-%
M'.6'M$".&-% ( 6"0 ( M$&-J ( 8:"6" ( %"+ ( %:8"+'6' ( < ( ,-.#"+&$6' ( ". ( O$%&-+$'
,-.%,$".&"J("%(M"."%&"+(L:"(0'(8'+&$,$8',$1.(+"'0(".(0'(O$%&-+$'(O'<'(%$6-(#$#$6'
8-+ ( K+:8-% ( "T&".%-%N ( =" ( "%&' ( ,-M:.$,',$1. ( 8+9,&$,' ( ".&+" ( 'L:"00-% ( L:" ($*
,*4-&-4*&(,-M-(8-%""6-+"%(6"(:.(8+"%".&"(%$.K:0'+J(L:"(O'.("T8"+$M".&'6-
0'(+$L:"R'(,:'0$&'&$#'(6"(0-%(',-.&",$M$".&-%(,-M-(%:(',&$#$6'6(<("0(0:K'+(".
L:" ( O'*$&'*'. ( G%: ( E8-,'G ( .'," ( "0 ( 0".K:'Q" ( K"."+'0 ( 6" ( 0' ( ,-M:.$,',$1.
O$%&1+$,'N(ZL:"00-%(8'+'(L:$"."%(O'("T$%&$6-("0(&$"M8-($++"#"+%$*0"(6"%,:*+".(".

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]_

E0('(0'(#"R(0- (.*.-,)A2*( <(0' ().*&)F)#'*2#-2:%'-\(^j"+-6-&-(6"(j'0$,'+.'%-

8+"%".&'('L:S(0-%(+"%:0&'6-%(6"(%:($.#"%&$K',$1.J(8'+'(L:"("0(&$"M8-(.-(*-++"
0-%(&+'*'Q-%(6"(0-%(O-M*+"%NNN^(

*=>

70(+'R-.'M$".&-(%-*+"(0'(O$%&-+$'("%J($.%"8'+'*0"M".&"J(,)F-&).%*&+-#$-A,*#*2
/-'*,N ( ;+",$' ( 2:" ( "%" ( M-M".&- ( ". ( L:" ( "0 ( 8-6"+ ( < ( %: ( &+'.%2-+M',$1. ( %"
6$%,:&".(<(%"(,-M8+".6".J(0'('*.-4,)4%)#'*#2-$#).-$(6"(0'(%-,$"6'6N(Z00S(%"
6'*'(0-($.#"+%-(6"(0'%(,-.6$,$-."%(,-.-,$6'%(8-+("0(7%&'6-(6"%81&$,-J(6-.6"("0
8-6"+ (.:.,' ('++"K0'(%:%(,:".&'%(M9%(L:"(,-.%$K-(M$%M- (".(0'($.',,"%$*0"
-%,:+$6'6 (6" (%:(8:.&- (M9%(,-.,".&+'6-\( 8-+(0' (,*:-2(4%6& #'* #/)2)4%-J(,:<-
&+$:.2-(-(2+','%-(8-.".($K:'0M".&"(2:"+'(6"(6$%,:%$1.N(5$.("M*'+K-J("0(8-6"+
+"8'+&$6-(6"(0'%(,-M:.$6'6"%(K+$"K'%(.-("T$%&S'(%$.-(".("0 (4-&$(.-( 6"(:.'
#$6'(%-,$'0(,:<'(8+-6:,,$1. (L:"6'*' (%"8'+'6' (<("%&9&$,' (". (0'(,0'%"(%"+#$0N
510-('L:"00-%(L:"(.-(&+'*'Q'.(#$#".N(7.(0'(6$#$%$1.(6"(0'%(,-M:.$6'6"%(K+$"K'%
<(".(0'(0:,O'(8-+(0'("T80-&',$1.(6"(0'%(,$:6'6"%("T&+'.Q"+'%(%"(O'("T&"+$-+$R'6-
"0 ( 8+$.,$8$- ( 6" ( 0' ( %"8'+',$1. ( L:" ( 2:.6'*' ( $.&"+$-+M".&" ( ,'6' ( :.' ( 6" ( "00'%N
;+",$'J(L:"(O'*S'(%-U'6-(0'(O$%&-+$'(:.$#"+%'0J(.-(0-K+1(:.$+%"('.&"(0'($.#'%$1.V
.$(%$L:$"+'(:.$2$,'+(0-%(,'0".6'+$-%(6"(%:%(,$:6'6"%($.6"8".6$".&"%N(7.(;+",$'
"0(&$"M8-(O$%&1+$,-(%"(O$R-(,-.%,$".&"J(8"+-(.-(,-.%,$".&"(6"(%S(M$%M-(&-6'#S'N

*=?

C+'% ( 0' ( 6"%'8'+$,$1. ( 6" ( 0'% ( ,-.6$,$-."% ( 0-,'0M".&" ( 2'#-+'*0"% ( L:" ( O'*S'.
,-.-,$6- ( 0'% ( ,-M:.$6'6"% ( K+$"K'% ( 0' ( +"K+"%$1. ( 6"0 ( 8".%'M$".&- ( O$%&1+$,-
-,,$6".&'0 ( .- ( O' ( $6- ( ',-M8'U'6' ( 6" ( :.' ( +",-.%&$&:,$1. ( 6" ( 0'% ( '.&$K:'%
-+K'.$R',$-."%(MS&$,'%N([-.("0(,O-L:"(".&+"(0-%(8:"*0-%(6"0(H"6$&"++9."-(".(0'
2-+M',$1. (<("0 (O:.6$M$".&- (6"0(7%&'6- (+-M'.- ('8'+",$"+-. (,*2%3%-&*$#$*.%M
@%$+6,%4)$( L:" ( 8'%'*'. ( ' ( %"+ ( 0-% ( 2',&-+"% ( 2:.6'M".&'0"% ( 6" ( 0' ( .:"#'
,-.,$".,$'(6"0(&$"M8-(<(0'(.:"#'('+M'6:+'(6"0(8-6"+(%"8'+'6-N(

*=@

4'%(+"0$K$-."%(M-.-&"S%&'%(O'.(%$6-(:.(,-M8+-M$%-(".&+"("0(M$&-(<(0'(O$%&-+$'J
".&+"("0(&$"M8-(,S,0$,-(6-M$.'.6-(&-6'#S'(0'(8+-6:,,$1.(<("0(&$"M8-($++"#"+%$*0"
".(L:"(%"( ".2+".&'. (<(+",-M8-.". (0-%(8:"*0-%N (4'%(+"0$K$-."%(%:+K$6'%(6"0
Q:6'S%M-(%-.("0(+",-.-,$M$".&-(:.$#"+%'0('*%&+',&-(6"0(&$"M8-($++"#"+%$*0"(L:"
%"(".,:".&+'(6"M-,+'&$R'6-J('*$"+&-('(&-6-%J(8"+-(".(0-($0:%-+$-N(70(&$"M8-(&-6-
%"(-+$".&'(O',$'(:.(P.$,-(',-.&",$M$".&-(2$.'0\(^70(+"$.-(6"(=$-%("%&9(,"+,'N^
7%&'%(+"0$K$-."%(.',$"+-.(%-*+"("0(%:"0-(6"(0'(O$%&-+$'(<('00S(%"("%&'*0",$"+-.N(`
'P. ( %"( M'.&$".". ( '00S(". (-8-%$,$1. ( +'6$,'0( ,-. (0'( O$%&-+$'N (4' (+"0$K$1. ( %"M$G
O$%&1+$,'("%&'*0","(:.(8:.&-(6"(8'+&$6'(,:'0$&'&$#-(".("0(&$"M8-J("0(.',$M$".&-
6"([+$%&-J(0'(O:$6'(6"(H'O-M'J(8"+-(%:(&$"M8-($++"#"+%$*0"(G'0($.&+-6:,$+(:.'
',:M:0',$1.("2",&$#'(L:"(".("0(m%0'M(8-6+S'(&-M'+(0'(2$K:+'(6"(:.'(,-.L:$%&'(-
". ( "0 ( ,+$%&$'.$%M- ( 6" ( 0' ( !"2-+M' ( 0' ( 6" ( :. ( ',+",".&'M$".&- ( 6"0 ( ,'8$&'0G ( %"
$.#$"+&"(6"(O",O-(".("0(8".%'M$".&-(+"0$K$-%-(,-M-(:.' (4(*&+)#,*3,*$%:)\(0'
"%8"+'J(".("0(&$"M8-(L:"(6$%M$.:<"J(6"0(',,"%-('0(-&+-(M:.6-(#"+6'6"+-J(0'
"%8"+'(6"0(D:$,$-(2$.'0N(4'("&"+.$6'6(%'0$1(6"0(&$"M8-(,S,0$,-N(7%(%:(M9%('009N(7%
"0("0"M".&-(L:"($.&+-6:,"(0'($++"#"+%$*$0$6'6(6"0(&$"M8-J(L:"(%:8+$M"(0'(O$%&-+$'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]@

". ( 0' ( O$%&-+$' ( M$%M'J ( ,-0-,9.6-%" ( ,-M- ( 8:+- ( "0"M".&- ( 8:.&:'0 ( ". ( L:" ( "0
&$"M8- ( ,S,0$,- ( O' ( #:"0&- ( ' ( ".&+'+ ( < ( "% ( '*-0$6- ('*2 # -+,- # 2)'- # '*2 # +%*./-
%,,*:*,$%A2*N(Y-%%:"&(6$+9(&-6'#S'\(^`(8-+(M"6$-(6"0(&$"M8-(L:"(8'%'(".&+'M-%
".(0'("&"+.$6'6(L:"(.-(8'%'^N(

*=A

4'("6'6(M"6$'J("%"(M:.6-(MS&$,-($.,-.,0:%-(L:"(&".S'(%:(8"+2",,$1.(2:"+'(6"
E0J("%("0(M-M".&-(".(L:"("0(&$"M8-(,S,0$,-J(L:"(+$K"(&-6'#S'(0'(8'+&"(8+$.,$8'0
6"(0'(8+-6:,,$1.J("%(+"'0M".&"(,-++-S6-(8-+(0'(O$%&-+$'N(5"(+",-.-,"(:.'(,$"+&'
&"M8-+'0$6'6($++"#"+%$*0"('(&-6-%($.6$#$6:'0M".&"(".(0'(%:,"%$1.(6"(0'%("6'6"%
6"(0'(#$6'J(".(0'(#$6'(,-.%$6"+'6'(,-M-(:. (:%)<*J(:.(8'%-(%$.(+"&-+.-(8-+(:.
M:.6-(,:<-(%".&$6-("%&9(".(-&+'(8'+&"\("0(/*,*3,%&-("%("0(O-M*+"(L:"(%'0"(6"
"%&"(&$"M8-(,S,0$,-(8'+'(%"+("2",&$#'M".&"("%"(#$'Q"+-(L:"(,'6'(:.-("%(,-M-
%$K.-N ( 4' ( #$6' ( O$%&1+$,' ( 8"+%-.'0 ( ".,:".&+' ( %$"M8+" ( %: ( ,:M80$M$".&- ( ". ( 0'
"%2"+'(6"0(8-6"+J(".(0'(8'+&$,$8',$1.(".(0'%(0:,O'%("M8+".6$6'%(8-+("0(8-6"+(<
".(0'%(0:,O'%(8-+(0'(6$%8:&'(6"0(8-6"+V(8"+-("0(&$"M8-($++"#"+%$*0"(6"0(8-6"+("%&9
6$#$6$6-(O'%&'("0($.2$.$&-J(*'Q-(0'(:.$2$,',$1.(K"."+'0(6"0(&$"M8-(-+$".&'6-(6"(0'
"+' (,+$%&$'.'J (". ( :. ( M:.6- ( 6" ( 0' (4-&1%)&F) # ),.)')J ( 6-.6" ( "0 ( Q:"K- (6" ( 0-%
'M-%(K$+'('0+"6"6-+(6"(0'(2$6"0$6'6(<(6"(0'(,-.&"%&',$1.(6"(0'(2$6"0$6'6(6"*$6'N
7%&'(%-,$"6'6(2":6'0J(.',$6'(6"0(,O-L:"(".&+"(^0'("%&+:,&:+'(-+K'.$R'&$#'(6"0
"QE+,$&-(,-.L:$%&'6-+(&'0(,-M-(%"(6"%'++-001(6:+'.&"(0'(,-.L:$%&'^(<(^0'%(2:"+R'%
8+-6:,&$#'%(".,-.&+'6'%(".("0(8'S%(,-.L:$%&'6-^(>B)#%'*-2-3H)#)2*.)&)B(G(<("%
8+",$%-(,-.%$6"+'+ (%:(0".K:'Q"(+"0$K$-%-(".(0'(-+K'.$R',$1.(6"("%&'%(2:"+R'%
8+-6:,&$#'% ( G ( O' ( 6$#$6$6- ( 0'( 6-M$.',$1. ( 6" ( 0' ( %-,$"6'6 ( ".&+" ( 0' ( mK0"%$' ( <( "0
8-6"+("%&'&'0J('(%:(#"R(%:*6$#$6$6-(".(0'%(,-M80"Q'%(+"0',$-."%(6"(%"U-+S-(<
#'%'00'Q" ( 6" ( 0'% ( &".".,$'% ( &"++$&-+$'0"% ( < ( 6" ( 0'% ( ,-M:.'% ( :+*'.'%N ( 7. ( "%&'
6$#"+%$6'6(6"(0'(#$6'(O$%&1+$,'(8-%$*0"J("0(&$"M8-($++"#"+%$*0"(L:"(,-M8-+&'*'
$.,-.%,$".&"M".&"(0'(%-,$"6'6(8+-2:.6'J("0(&$"M8-(#$#$6-(8-+(0'(*:+K:"%S'(".
0'(8+-6:,,$1.(6"(M"+,'.,S'%J(0'(2:.6',$1.(<(0'("T8'.%$1.(6"(0'%(,$:6'6"%J("0
6"%,:*+$M$".&- ( ,-M"+,$'0 ( 6" ( 0' ( &$"++' ( G ( 0' ( "T8"+$M".&',$1. ( 8+9,&$,' ( L:"
6"%&+:<" ( 8'+' ( %$"M8+" ( &-6' ( -+K'.$R',$1. ( MS&$,' ( 6"0 ( ,-%M-% ( G ( %" ( +"#"01
0".&'M".&"(,-M-("0(&+'*'Q-(6"%,-.-,$6-(6"(0'(E8-,'(,:'.6-(0'(K+'.("M8+"%'
O$%&1+$,'(-2$,$'0(6"("%&"(M:.6-(2+','%1(,-.(0'%([+:R'6'%N(

*=B

Z0 ( 6",0$.'+ ( 0' ( 76'6 ( H"6$' ( "0 ( &$"M8- ( $++"#"+%$*0" ( L:" ( $.#'6" ( 0' ( %-,$"6'6 ( %"
"T8"+$M".&'(8-+(0'(,-.,$".,$'(#$.,:0'6'(,-.("0('.&$K:-(-+6".(*'Q-(0'(2-+M'(6"
:.'(-*%"%$1.(8-+(0'(M:"+&"N(7%(0'(M"0'.,-0S'(6"(0'(6$%-0:,$1.(6"(:.(M:.6-J("0
P0&$M-(".(L:"(0'(%"K:+$6'6(6"0(M$&-("L:$0$*+'*'(&-6'#S'(0'(O$%&-+$'V(<(8'+'("%&'
M"0'.,-0S'(&-6-(0-(&"++"%&+"(%"(".,'M$.'(%-0'M".&"(O',$'(%:(,-++:8,$1.N(4'%
K+'.6"% (+"#:"0&'% ( 6"( 0-% (,'M8"%$.-% ( 6" ( 7:+-8' ( %-. ( &'M*$E. (%:( $.&".&- (6"
,*$/-&'*,#)#2)#@%$+-,%)( L:"(0"%('++'.,'*'(#$-0".&'M".&"(6"0(%:"U-(8'&+$'+,'0
L:"(O'*S'(K'+'.&$R'6-(0'(&:&"0'(2":6'0N(7%(0'(:&-8S'(M$0".'+$%&'(6"(0'(,*)2%F)4%6&
+*,,*&)2#'*2#/),)H$-J(".(0'(L:"(#:"0#"('0(8+$M"+(80'.-(0-(L:"("%&'*'(".("0(-+$K".
6" ( 0' ( +"0$K$1. ( %"M$O$%&1+$,'J ( ,:'.6- ( 0'% ( ,-M:.$6'6"% ( ,+$%&$'.'%J ( ,-M- ( "0
M"%$'.$%M-(Q:6'$,-(6"0(L:"(8+-#".S'.J(".(+"%8:"%&'('(0-%(8+-*0"M'%(<('(0'
6"%6$,O'(6"(0'(E8-,'J("%8"+'*'.(0'(+"'0$R',$1.($.M$.".&"(6"0(+"$.-(6"(=$-%(<
'U'6S'. ( :. ( 2',&-+ ( 6" ( $.L:$"&:6 ( < ( 6" ( %:*#"+%$1. ( ". ( 0' ( %-,$"6'6 ( '.&$K:'N

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]A

j'*$".6-(00"K'6-('(,-M8'+&$+("0(8-6"+(".("0($M8"+$-J("0(,+$%&$'.$%M-(6"%M$.&$1
".(%:(M-M".&-(,-M-(%$M80"(%:8"+%&$,$1.(0-(L:"(%:*%$%&S'(6"("%&'("%8"+'.R'\
&'0("%("0(%".&$6-(6"(0'('2$+M',$1.('K:%&$.$'.'J('+L:"&$8-(6"(&-6-%(0-%($)+%$1*4%+
6"(0'($6"-0-KS'(M-6"+.'J(%"KP.(0'(,:'0(0'(mK0"%$'("%&'*0",$6'("+'(6"%6"(O',S'
M:,O- ( &$"M8- ( "%" ( +"$.- ( 6"0 ( L:" ( %" ( O'*S' ( O'*0'6-N ( 4' ( +"#:"0&' ( %-,$'0 ( 6"0
,'M8"%$.'6- ( M$0".'+$%&' ( %" ( 6"2$." ( .'&:+'0M".&" ( ". ( 8+$M"+ ( 0:K'+ ( ,-M- ( :.'
#-0:.&'6(6"(6"%&+:,,$1.(6"(0'(mK0"%$'N(F"+-("0(M$0".'+$%M-(%"(6"%80$"K'(".("0
M:.6-(O$%&1+$,-(<(.-(%-*+"("0(&"++".-(6"0(M$&-N(4'%("%8"+'.R'%(+"#-0:,$-.'+$'%
M-6"+.'% (.-(%-.J(,-M- (,+""(M-%&+'+(X-+M'.([-O.(". (B)#/*,$*4(4%6& #'*2
.%2*&%-J(%",:"0'%($++',$-.'0"%(6"(0'(8'%$1.(+"0$K$-%'(6"0(M$0".'+$%M-N(C-6-(0-
,-.&+'+$-J("%("0(M$0".'+$%M-J(0:,O'(6"(,0'%"(+"#-0:,$-.'+$'(O'*0'.6-(8-+(P0&$M'
#"R("0(0".K:'Q"(6"(0'(+"0$K$1.J("0(L:"(,-.%&$&:<"(<'(:.'(&".6".,$'(+"#-0:,$-.'+$'
M-6"+.' ( ' ( 0' ( L:" ( 2'0&' ( &-6'#S' (2) # 4-&4%*&4%) # '* # &- # $*, # @%$+6,%4)N ( 4-%
M$0".'+$%&'% ( &".S'. ( L:" ( 2+','%'+ ( 8-+L:" ( .- ( 8-6S'. ( +",-.-,"+ ( 0' ( +"#-0:,$1.
,-M-(%:(-8"+',$1.(8+-8$'N(70(O",O-(6"(L:"("%8"+'%".(8'+'(',&:'+(:.(%$K.-
"T&"+$-+ ( 6" ( 0' ( 6",$%$1. ( 6" ( =$-% ( "% ( 0' ( &+'6:,,$1. ( ". ( "0 ( 8".%'M$".&- ( 6" ( :.'
8+9,&$,'(".(0'(L:"(0-%(,'M8"%$.-%(%:*0"#'6-%(%$K:".('(Q"2"%('+M'6-%(2:"+'(6"
"00-%(M$%M-%N(4'(,0'%"(,'M8"%$.'(.-(8-6S'('0,'.R'+(:.'(,-.,$".,$'(Q:%&'(6"0
2:.,$-.'M$".&-(6"(0'(%-,$"6'6(<(6"(0'(2-+M'(6"(00"#'+(%:(8+-8$'(0:,O'\(6"*$6-('
L:"(0"(2'0&'*'.("%'%(,-.6$,$-."%(6"(:.$6'6(".(%:(',,$1.(<(".(%:(,-.,$".,$'
"T8+"%1( %:(8+-<",&-(<(,-.6:Q- (%:%(K:"++'%(%"KP.( 0'($M'K$."+S' (6"0 (8'+'S%-
&"++"%&+"N(

*=C

4'(.:"#'(8-%"%$1.(6"(0'(#$6'(O$%&1+$,'J("0(!".',$M$".&-J(L:"(".,:".&+'(".(0'
'.&$Ko"6'6 (%:(8'%'6- (<(%:(6"+",O-J (00"#'(,-.%$K-(0'(+:8&:+'(K-R-%'(,-. (0'
"&"+.$6'6N ( 5: ( &$"M8- ( $++"#"+%$*0" ( "% ( "0 ( 6" ( 0' ( ',:M:0',$1. ( $.2$.$&' ( 6"
,-.-,$M$".&-%J ( < ( 0' ( ,-.,$".,$' ( O$%&1+$,' ( %:+K$6' ( 6" ( 0' ( "T8"+$".,$' ( 6" ( 0'%
,-M:.$6'6"%(6"M-,+9&$,'%(<(6"(0'%(2:"+R'%(L:"(0'%(6"%&+:<".(#-0#"+9('(&-M'+
,-. ( H'L:$'#"0- ( "0 ( +'R-.'M$".&- ( %-*+" ( "0 ( 8-6"+ ( 6"%',+'0$R'6-J ( ' ( 6",$+ ( 0-
$.6",$*0"(6"0(7%&'6-N(7.(0'(#$6'("TO:*"+'.&"(6"(0'%(,$:6'6"%($&'0$'.'%J(".("0
'+&"(6"(0'%(2$"%&'%J(0'(#$6'(%"(,-.-,"(,-M-(:.(K-,"(6"0(8'%-(6"0(&$"M8-N(F"+-
"%&"(K-,"(6"0(8'%'+(6"*"+S'(%"+(E0(M$%M-(8'%'Q"+-N(4'(,'.,$1.(6"(4-+".R-(6"
HE6$,$%J(,-.%$6"+'6'(8-+(Y:,gO'+6&(,-M-(0'("T8+"%$1.(^6"0("%8S+$&:(M$%M-(6"0
!".',$M$".&-^J("%("0("0-K$-(L:"("%&'(2+9K$0(2$"%&'(6"(0'(O$%&-+$'(O'(8+-.:.,$'6-
%-*+"(%S(M$%M'\(^i:E(*"00'("%(0'(Q:#".&:6(G(L:"(%"(#'(&'.(6"8+$%'N^(

*>D

70(M-#$M$".&-(,-.%&'.&"(6"(M-.-8-0$R',$1.(6"(0'(#$6'(O$%&1+$,'(8-+("0(7%&'6-
6"(0'(M-.'+L:S'('*%-0:&'J(2-+M'(6"(&+'.%$,$1.(O',$'(0'(6-M$.',$1.(,-M80"&'(6"
0' ( ,0'%" ( *:+K:"%'J ( O'," ( '8'+","+ ( ". ( %: ( #"+6'6 ( 0- ( L:" ( "% ( "0 ( .:"#- ( &$"M8-
$++"#"+%$*0"(6"(0'(*:+K:"%S'N(7%('0(+%*./-#'*#+,)A)<-J(8-+(8+$M"+'(#"R(0$*+'6-(6"
0-(,S,0$,-J('0(L:"(0'(*:+K:"%S'("%&9(0$K'6'N(70(&+'*'Q-(%"(O'(,-.#"+&$6-(,-.(0'
*:+K:"%S'(". (+,)A)<-#7(*#+,)&$1-,.)#2)$#4-&'%4%-&*$#@%$+6,%4)$N(4'(*:+K:"%S'
"%(0'(8+$M"+'(,0'%"(6-M$.'.&"(8'+'(L:$".("0(&+'*'Q-("%(:.(#'0-+N(`(0'(*:+K:"%S'
L:"(%:8+$M"(&-6-(8+$#$0"K$-J(L:"(.-(+",-.-,"(.$.KP.(#'0-+(L:"(.-(6"+$#"(6"(0'
"T80-&',$1.(6"0(&+'*'Q-J(O'($6".&$2$,'6-(8+",$%'M".&"(,-.("0(&+'*'Q-(%:(8+-8$-
#'0-+ ( ,-M- ( ,0'%" ( 6-M$.'.&" (<( O' ( O",O- ( 6"0 ( 8+-K+"%- ( 6"0 ( &+'*'Q- ( %: ( 8+-8$-

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]a

8+-K+"%-N ( 4' ( ,0'%" ( L:" ( ',:M:0' ( 0'% ( M"+,'.,S'% ( < ( "0 ( ,'8$&'0 ( M-6$2$,'
,-.&$.:'M".&"(0'(.'&:+'0"R'(M-6$2$,'.6-("0(&+'*'Q-(M$%M-J(6"%".,'6".'.6-
%: ( 8+-6:,&$#$6'6N ( C-6' ( 0' ( #$6' ( %-,$'0 ( %" ( O' ( ,-.,".&+'6- ( <' ( ". ( 0' ( 8-*+"R'
-+.'M".&'0(6"(0'([-+&"J('&'#S-(6"(0'(2+S'('6M$.$%&+',$1.("%&'&'0(L:"(,:0M$.'(".
"0 ( ^-2$,$- ( 6" ( +"<^V ( <( &-6' ( 0$*"+&'6 ( O$%&1+$,' ( 8'+&$,:0'+ ( O' ( 6"*$6- ( ,-.%".&$+ ( %:
8E+6$6'N(4'(0$*"+&'6(6"0(Q:"K-(&"M8-+'0($++"#"+%$*0"(6"(0-%(2":6'0"%(%"(,-.%:M$1
". ( %:% ( P0&$M'% ( *'&'00'% ( 8"+6$6'% ( ,-. ( 0'% ( K:"++'% ( 6" ( 0' ( /+-.6" ( - ( "0
0"#'.&'M$".&- ( 6" ( 0-% ( "%,-,"%"% ( ". ( 2'#-+ ( 6" ( ['+0-% ( 76:'+6-N ( 70 ( M:.6- ( O'
,'M*$'6-(6"(*'%"N(

*>*

4'(#$,&-+$'(6"(0'(*:+K:"%S'("%(0'(#$,&-+$'(6"0(&$"M8- (/,-1(&').*&+*#@%$+6,%4-J
8-+L:"("%("0(&$"M8-(6"(0'(8+-6:,,$1.(",-.1M$,'(L:"(&+'.%2-+M'(0'(%-,$"6'6(6"
M-6- ( 8"+M'.".&" ( < ( 6" ( '++$*' ( ' ( '*'Q-N ( =:+'.&" ( &'.&- ( &$"M8- ( ,-M- ( 0'
8+-6:,,$1. ( 'K+'+$' ( %$K:" ( %$".6- ( "0 ( &+'*'Q- ( 8+$.,$8'0J ( "0 ( &$"M8- ( ,S,0$,- ( L:"
,-.&$.P'(8+"%".&"(".("0(2-.6-(6"(0'(%-,$"6'6(%-%&$"."(0'%(2:"+R'%(,-'0$K'6'%
6"(0'(+,)'%4%6&J(L:"(#'.('(2+".'+("0(M-#$M$".&-N(F"+-("0(&$"M8-($++"#"+%$*0"(6"(0'
",-.-MS' ( *:+K:"%' ( "T&$+8' ( "%&'% ( %:8"+#$#".,$'% ( ". ( &-6' ( 0' ( "T&".%$1. ( 6"0
M:.6-N(4'(O$%&-+$'(L:"(O'*S'('8'+",$6-(O'%&'(".&-.,"%(,-M-("0(M-#$M$".&-(6"
0-% ( $.6$#$6:-% ( 6" ( 0' ( ,0'%" ( 6-M$.'.&" ( P.$,'M".&"J ( < ( 8-+ ( &'.&- ( "%,+$&' ( ,-M-
O$%&-+$' ( 6" ( ',-.&",$M$".&-%J ( "% ( 'O-+' ( ,-M8+".6$6' ( ,-M- ( "0 (.-:%.%*&+-
3*&*,)2J ( < ( ". ( "%&" ( %"#"+- ( M-#$M$".&- ( 0-% ( $.6$#$6:-% ( %-. ( %',+$2$,'6-%N ( 4'
O$%&-+$' ( L:" ( 6"%,:*+" ( %: ( *'%" ( ". ( 0' ( ",-.-MS' ( 8-0S&$,' ( ,-.-," ( 'O-+' ( 0'
"T$%&".,$' ( 6" (0- ( L:"( "+' ( %: ( $.,-.%,$".&"J ( 8"+- ( %$K:" ( .- ( -*%&'.&" ( %$. ( 8-6"+
%','+0-('(0'(0:RN(7%(%-0'M".&"("%&'(8+"O$%&-+$'(,$"K'J(:.'(.:"#'(2'&'0$6'6(L:"
.'6$"(6-M$.'J(0-(L:"(0'(",-.-MS'(M"+,'.&$0(O'(6"M-,+'&$R'6-N(

*><

4'(O$%&-+$'(L:"(%"(O'00'(8+"%".&"(".(&-6'(0'(8+-2:.6$6'6(6"(0'(%-,$"6'6(&$".6"
' ( 8"+6"+%" ( ". ( 0'( %:8"+2$,$"N ( 70 (&+$:.2- ( 6"0 (&$"M8- ($++"#"+%$*0" ( "% (&'M*$E. ( %:
M"&'M-+2-%$%(". (+%*./-#'*#2)$#4-$)$J(8-+L:"("0('+M'(6"(%:(#$,&-+$'(O'(%$6-
8+",$%'M".&" ( 0' ( 8+-6:,,$1. ( ". ( %"+$" ( 6" ( -*Q"&-% ( %"KP. ( 0'% ( 0"<"% ( 6" ( 0'
M"+,'.,S'N(70(8+$.,$8'0(8+-6:,&-(L:"("0(6"%'++-00-(",-.1M$,-(O'(O",O-(8'%'+
6" ( 0' ( +'+"R' ( 0:Q-%' ( '0 ( ,-.%:M- ( ,-++$".&" ( O' (%$6- ( 8-+ ( &'.&- ( 0' ( O$%&-+$'J ( 8"+-
%-0'M".&" ( ". (&'.&- ( L:"( O$%&-+$' ( 6"0 (M-#$M$".&- ( '*%&+',&- ( 6"( 0'%(,-%'% ( L:"
6-M$.'(&-6-(:%-(,:'0$&'&$#-(6"(0'(#$6'N(H$".&+'%(L:"("0(&$"M8-(,S,0$,-('.&"+$-+
O'*S' ( %-%&".$6- ( :.' ( 8'+&" ( ,+",$".&" ( 6" ( &$"M8- ( O$%&1+$,- ( #$#$6- ( 8-+ ( '0K:.-%
$.6$#$6:-% ( < ( K+:8-%J ( 0' ( 6-M$.',$1. ( 6"0 ( &$"M8- ( $++"#"+%$*0" ( 6" ( 0' ( 8+-6:,,$1.
&$".6"('("0$M$.'+(%-,$'0M".&"("%&"(&$"M8-(#$#$6-N(

*>=

="("%&"(M-6-(0'(*:+K:"%S'(O'(O",O-(,-.-,"+(<(O'($M8:"%&-('(0'(%-,$"6'6(:.
&$"M8- (O$%&1+$,-($++"#"+%$*0"J(8"+-(."K9.6-0"(%: (($-N(^j:*- (O$%&-+$'J(8"+-(<'
.-^J(8-+L:"(0'(,0'%"(6"(0-%(8-%""6-+"%(6"(0'(",-.-MS'J(L:"(.-(8:"6"(+-M8"+
,-. ( 0' (@%$+-,%) # *4-&6.%4)J ( 6"*" ( &'M*$E. ( +",O'R'+ ( ,-M- ( :.' ( 'M".'R'
$.M"6$'&' ( &-6- ( -&+- ( "M80"- ( $++"#"+%$*0" ( 6"0 ( &$"M8-N ( 4' ( ,0'%" ( 6-M$.'.&"J
,-M8:"%&' ( 8-+ (*$/*4%)2%$+)$ # '* # 2) # /-$*$%6& # '* # 2)$ # 4-$)$( L:" ( %-. ( "00-%

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((]?

M$%M-%J ( 8-+ ( "%' ( +'R1.J ( :.' ( 8-%"%$1. ( 6" ( ,-%'%J ( 6"*" ( :.$+ ( %: ( %:"+&" ( '0
M'.&".$M$".&- ( 6" ( "%&' ( O$%&-+$' ( +"$2$,'6'J ( ' ( 0' ( 8"+M'.".,$' ( 6" ( :.' ( .:"#'
$.M-#$0$6'6 (*& # 2) # @%$+-,%)N ( F-+ ( 8+$M"+' ( #"R ( "0 ( &+'*'Q'6-+J ( ". ( 0' ( *'%" ( 6" ( 0'
%-,$"6'6J(.-("%(M'&"+$'0M".&" (*G+,)I-#)#2)#@%$+-,%)(<'(L:"('O-+'(0'(%-,$"6'6
%"(M:"#"($++"#"+%$*0"M".&"(8-+(%:(*'%"N(7.(0'(+"$#$.6$,',$1.(6"(:%:%,("0(&$"M8-
O$%&1+$,-(L:"(O',"("0(8+-0"&'+$'6-(".,:".&+'(E%&"("0(%$M80"(,".&+-($.-0#$6'*0"
6"(%:(8+-<",&-(+"#-0:,$-.'+$-V(<(,'6'(:.'(6"(0'%(&".&'&$#'%(6"("Q",:,$1.(6"
"%&"(8+-<",&-('.$L:$0'6'%(O'%&'('O-+'(M'+,'(:.(8:.&-(6"(8'+&$6'(8-%$*0"(6"(0'
.:"#'(#$6'(O$%&1+$,'N(

*>>

70 ( &$"M8- ( $++"#"+%$*0" ( 6" ( 0' ( *:+K:"%S' ( 6:"U' ( 6"0 ( 8-6"+ ( ,-M".R1 ( 8-+
8+"%".&'+%"(*'Q-(%:(8+-8$-(.-M*+"J(,-M-(:.(-+$K".('*%-0:&-J("0('U-(m(6"(0'
!"8P*0$,'N ( F"+- (0'( $6"-0-KS' ( +"#-0:,$-.'+$' (6" ( 0'(0$*"+&'6 ( K"."+'0( L:"(O'*S'
'*'&$6- ( 0-% ( P0&$M-% ( +"%&-% ( 6" ( -+K'.$R',$1. ( MS&$,' ( 6" ( 0-% ( #'0-+"% ( < ( &-6'
+"K0'M".&',$1.(&+'6$,$-.'0(6"(0'(%-,$"6'6(8"+M$&S'(#"+(<'(0'(#-0:.&'6(+"'0(L:"
O'*S'(#"%&$6-('(0'(+-M'.'\(0' (2%A*,+)'#'*#4-.*,4%-( K"."+'0$R'6'N(4'(%-,$"6'6
6"(0'(M"+,'.,S'J(6"%,:*+$".6-(".&-.,"%(L:"(6"*S'(+",-.%&+:$+(0'(8'%$#$6'6(L:"
0"(O'*S'(%$6-(.","%'+$-(%',:6$+(2:.6'M".&'0M".&"(8'+'("%&'*0","+(%:(8+-8$-
+"$.-(8:+-J(^".,:".&+'(".("0(,+$%&$'.$%M-(,-.(%:(,:0&-('0(O-M*+"('*%&+',&-NNN("0
,-M80"M".&- ( +"0$K$-%- ( M9% ( ,-.#".$".&"^ ( >K2 # C)/%+)2BN ( 4' ( *:+K:"%S' ( O'
,-.,0:$6-(".&-.,"%(,-.("%&'(+"0$K$1.(:.(,-M8+-M$%-(L:"(%"("T8+"%'(&'M*$E.
".(0'(8+"%".&',$1.(6"0(&$"M8-\('*'.6-.'.6-(%:(8+-8$-(,'0".6'+$-(%:(&$"M8-
$++"#"+%$*0"(#:"0#"('('M-06'+%"('(0'(*,)#4,%$+%)&)(,:<'(%:,"%$1.(,-.&$.P'N(

*>?

[-. ( "0 ( 6"%'++-00- ( 6"0 ( ,'8$&'0$%M- ( "0 ( &$"M8- ( $++"#"+%$*0" ( %" ( O' ((&%1%4)'-
.(&'%)2.*&+*N(4'(O$%&-+$'(:.$#"+%'0(00"K'('(%"+(:.'(+"'0$6'6J(<'(L:"("0(M:.6-
".&"+-(%"(+"P."(*'Q-("0(6"%'++-00-(6"("%"(&$"M8-N(F"+-("%&'(O$%&-+$'(L:"("%(0'
M$%M'(".(&-6'%(8'+&"%('(0'(#"R(.-("%(&-6'#S'(-&+'(,-%'(L:"(0'(."K',$1.($.&+'G
O$%&1+$,'(6"(0'(O$%&-+$'N(7%("0(&$"M8-(6"(0'(8+-6:,,$1.(",-.1M$,'J(+",-+&'6-(".
2+'KM".&-%('*%&+',&-%($K:'0"%J(L:"(%"(M'.$2$"%&'.(%-*+"(&-6-("0(80'."&'(,-M-
"0 (.%$.-# 'H)N ( 70 ( &$"M8- ( $++"#"+%$*0" ( :.$2$,'6- ( "% ( "0 ( 6"0 (.*,4)'- # .(&'%)2J (<
,-+-0'+$'M".&"("0(6"0("%8",&9,:0-(M:.6$'0N(

*>@

70(&$"M8- ($++"#"+%$*0" (6" (0'( 8+-6:,,$1. ("%(".(8+$M"+( 0:K'+( 0'(M"6$6' (6" (0'%
M"+,'.,S'%N(Z%S(L:"("0(&$"M8-(L:"(%"('2$+M'(-2$,$'0M".&"(".(&-6'(0'("T&".%$1.
6"0(M:.6-(,-M-("0(+%*./-#3*&*,)2#'*#2)#$-4%*')'J(.-(%$K.$2$,'.6-(M9%(L:"(0-%
$.&"+"%"% ( "%8",$'0$R'6-% ( L:" ( 0- ( ,-.%&$&:<". (&- # *$ # .D$ # 7(* # (& # +%*./-
/),+%4(2),N

!"#$%&'()@

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_c

6')%0-3#()-,#-/%"/&'".

^X-(&"."M-%(.'6'(.:"%&+-J(%'0#-("0(&$"M8-J(6"0(L:"(K-R'.(O'%&'(L:$"."%(.-
&$".".(M-+'6'^

9"'%",".)H8:!STUJ(K2#C-,+*$)&-

*>A

70(&$"M8-(6"(0'(8+-6:,,$1.J("0(&$"M8-GM"+,'.,S'J("%(:.'(',:M:0',$1.($.2$.$&'
6" ($.&"+#'0-%("L:$#'0".&"%N ( 7% (0'('*%&+',,$1. (6"0(&$"M8- ($++"#"+%$*0"J (".(L:"
&-6-% ( 0-% ( %"KM".&-% ( 6"*". ( 8+-*'+ ( %-*+" ( "0 ( ,+-.1M"&+- ( %: ( $K:'06'6
,:'.&$&'&$#'(P.$,'N(7%&"(&$"M8-("%J(".(&-6'(%:(+"'0$6'6("2",&$#'J(0-(L:"("%(".(%:
,'+9,&"+ (%&+*,4).A%)A2*N(7.("%&'(6-M$.',$1. (%-,$'0(6"0(&$"M8-GM"+,'.,S'(^"0
&$"M8-(0-("%(&-6-J("0(O-M*+"(.-("%(.'6'V('(0-(%:M-("%("0("%L:"0"&-(6"0(&$"M8-^
>;%$*,%)#'*#2)#Y%2-$-1H)BN(7%("0(&$"M8-(6"%#'0-+$R'6-J(0'($.#"+%$1.(,-M80"&'(6"0
&$"M8-(,-M-(^,'M8-(6"(6"%'++-00-(O:M'.-^N

*>B

70 ( &$"M8- ( K"."+'0 ( 6"0 ( .-G6"%'++-00- ( O:M'.- ( "T$%&" ( &'M*$E. ( *'Q- ( "0 ( '%8",&-
,-M80"M".&'+$-(6"(:.(+%*./-#4-&$(.%A2*(L:"(#:"0#"(O',$'(0'(#$6'(,-&$6$'.'(6"
0' ( %-,$"6'6J ( ' ( 8'+&$+ ( 6" ( "%&' ( 8+-6:,,$1. ( 6"&"+M$.'6'J ( ,-M- ( :. (+%*./-
$*('-4H42%4-N

*>C

70 ( &$"M8- ( %":6-G,S,0$,- ( .- ( "% ( 6" ( O",O- ( M9% ( L:" ( "0 ('%$1,)F# 4-&$(.%A2*( 6"0
&$"M8-GM"+,'.,S' ( 6" ( 0' ( 8+-6:,,$1.N ( [-.&$"." ( %:% ( +'%K-% ( "%".,$'0"% ( 6"
:.$6'6"% ( O-M-KE."'% ( $.&"+,'M*$'*0"% ( < ( 6" ( %:8+"%$1. ( 6" ( 0' ( 6$M".%$1.
,:'0$&'&$#'N(F"+-(%$".6-("0(%:*8+-6:,&-(6"("%&"(&$"M8-(6"%&$.'6-('0(+"&+'%-(0'
#$6'(,-&$6$'.'(,-.,+"&'(G<('0(M'.&".$M$".&-(6"("%&"(+"&+'%-G(6"*"(,'+K'+%"(6"
%":6-#'0-+$R',$-."% ( < ( '8'+","+ ( ". ( :.' ( %:,"%$1. ( 6" ( M-M".&-% ( 2'0%'M".&"
$.6$#$6:'0$R'6-%N

*?D

70 ( &$"M8- ( %":6-,S,0$,- ( "% ( "0 ( 6"0 ( ,-.%:M- ( 6" ( 0' ( %:8"+#$#".,$' ( ",-.1M$,'
M-6"+.'J(0'(%:8"+#$#".,$'(':M".&'6'J(6-.6"(0-(#$#$6-(,-&$6$'.-(L:"6'(8+$#'6-
6" ( 6",$%$1. ( < ( %-M"&$6- ( <' ( .- ( '0 ( -+6". ( .'&:+'0J ( %$.- ( ' ( 0' ( %":6-.'&:+'0"R'
6"%'++-00'6' ( ". ( "0 ( &+'*'Q- ( '0$".'6-V ( < ( 8-+ ( &'.&- ( "%&" ( &$"M8- ( +"".,:".&+'
&)+(,)2.*&+*( "0 ( #$"Q- ( +$&M- ( ,S,0$,- ( L:" ( +"K:0'*' ( 0' ( %:8"+#$#".,$' ( 6" ( 0'%
%-,$"6'6"%(8+"$.6:%&+$'0"%N(Z(0'(#"R("0(&$"M8-(%":6-,S,0$,-(%"('8-<'(%-*+"(0'%
O:"00'% ( .'&:+'0"% ( 6"0 ( &$"M8- ( ,S,0$,- ( ,-M8-.$".6- ( .:"#'% ( ,-M*$.',$-."%
O-M10-K'%\("0(6S'(<(0'(.-,O"J("0(&+'*'Q-(<("0(6"%,'.%-(%"M'.'0J("0(+"&-+.-(6"
0-%(8"+S-6-%(6"(#',',$-."%N

*?*

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_3

70(&$"M8-(%":6-,S,0$,-("%(:.(&$"M8-(L:"(O'(%$6-(+,)&$1-,.)'-#/-,#2)#%&'($+,%)N
70 ( &$"M8- ( L:" ( %" ( *'%' ( ". ( 0' ( 8+-6:,,$1. ( 6" ( M"+,'.,S'% ( "% ( E0 ( M$%M- ( :.'
M"+,'.,S'(,-.%:M$*0"J(L:"(+"P."(&-6-(0-(L:"('.&"%(%"(O'00'*'(6$2"+".,$'6-J(".
0' ( 2'%" ( 6" ( 6$%-0:,$1. ( 6" ( 0' ( #$"Q' ( %-,$"6'6 ( :.$&'+$'J ( ". ( #$6' ( 8+$#'6'J ( #$6'
",-.1M$,'J(#$6'(8-0S&$,'N(C-6-("0(&$"M8-(,-.%:M$*0"(6"(0'(%-,$"6'6(M-6"+.'
#$"."('(%"+(&+'&'6-(,-M-(M'&"+$'(8+$M'(6"(.:"#-%(8+-6:,&-%(6$#"+%$2$,'6-%(L:"
%"($M8-.".(".("0(M"+,'6-(,-M-("M80"-%(6"0(&$"M8-(%-,$'0M".&"(-+K'.$R'6-%N
^f.(8+-6:,&-(L:"(<'("T$%&"(*'Q-(:.'(2-+M'(L:"(%-M"&"(0-(8+-8$-('0(,-.%:M-
8:"6"(%$.("M*'+K-(,-.#"+&$+%"('(%:(#"R(".(M'&"+$'(8+$M'(6"(-&+-(8+-6:,&-N^(>K2
C)/%+)2]N(

*?<

7. ( %:( %",&-+ (M9% ( '#'.R'6-J ( "0( ,'8$&'0$%M- (,-.,".&+'6- ( %" (-+$".&' (O',$' (0'
#".&'(6"(*0-L:"%(6"(&$"M8-(^&-&'0M".&"("L:$8'6-%^J(,'6'(:.-(6"(0-%(,:'0"%
,-.%&$&:<" (:.' (%-0'(M"+,'.,S' (:.$2$,'6' ( L:"( O' ($.&"K+'6- (,$"+&- (.PM"+- (6"
M"+,'.,S'% ( 6$#"+%'%N ( 7% ( '%S ( ,-M- ( 8:"6" ( '8'+","+ ( ". ( 0' ( ",-.-MS' ( ".
"T8'.%$1.(6"(0-%(^%"+#$,$-%^(<(".&+"&".$M$".&-%(0'(21+M:0'(6"(8'K-(,'0,:0'6-
^&-6- ( $.,0:$6-^ ( 8'+' ( "0 ( O9*$&'& ( "%8",&',:0'+J ( 0-% ( %":6-6"%80'R'M$".&-%
,-0",&$#-% (6" (0'%(#',',$-."%J("0('*-.- ('0(,-.%:M- (,:0&:+'0(<(0'(#".&'(6" (0'
%-,$'*$0$6'6 ( M$%M' ( ". ( ^,-.#"+%',$-."% ( '8'%$-.'.&"%^ ( < ( ^".,:".&+-% ( 6"
8"+%-.'0$6'6"%^N(7%&'(,0'%"(6"(M"+,'.,S'("%8",&',:0'+J(L:"("#$6".&"M".&"(.-
8:"6" ( &"."+ ( ,:+%- ( M9% ( L:" ( ". ( 2:.,$1. ( 6" ( 0' ( 8".:+$' ( ',+",".&'6' ( 6" ( 0'%
+"'0$6'6"%(,-++"%8-.6$".&"%J(2$K:+'(,-.(0'(M$%M'("#$6".,$'(".&+"(0-%('+&S,:0-%G
8$0-&-(6"(0'(M-6"+.$R',$1.(6"(0'%(#".&'%('0(%"+(8'K'*0"('(,+E6$&-N(

*?=

70(&$"M8-(%":6-,S,0$,-(,-.%:M$*0"("%("0(&$"M8-("%8",&',:0'+J('(0'(#"R(,-M-
&$"M8-(6"0(,-.%:M-(6"($M9K"."%J(".("0(%".&$6-(+"%&+$.K$6-J(<(,-M-($M'K".(6"0
,-.%:M- ( 6"0 ( &$"M8- ( ". ( &-6' ( %: ( "T&".%$1.N ( 70 ( &$"M8- ( 6"0 ( ,-.%:M- ( 6"
$M9K"."%J(ME6$:M(6"(&-6'%(0'%(M"+,'.,S'%J("%(6"(M-6-($M80S,$&-("0(,'M8-
6-.6" ( %" ("Q"+,". ( 80".'M".&" ( 0-%( $.%&+:M".&-% (6"0 ( "%8",&9,:0- ( <( "0 (2$. (L:"
"%&-%(8+"%".&'. (K0-*'0M".&"(,-M- (0:K'+(<(,-M-(2$K:+'(,".&+'0(6" (&-6-% (0-%
,-.%:M-% ( 8'+&$,:0'+"%\ ( %" ( %'*" ( L:" ( "0 ( 'O-++- ( 6" ( &$"M8- ( *:%,'6-
,-.%&'.&"M".&"(8-+(0'(%-,$"6'6(M-6"+.'(G(<'(%"(&+'&"(6"(0'(#"0-,$6'6(".(0-%
&+'.%8-+&"%(-(6"0(:%-(6"(0'%(%-8'%(".(%-*+"(G(%"(&+'6:,"(8-%$&$#'M".&"(8'+'(0'
8-*0',$1.(6"(0-%(7%&'6-%(f.$6-%(".("0(O",O-(6"(L:"(0'(%-0'(,-.&"M80',$1.(6"
0' (&"0"#$%$1. ( 0" ( -,:8' ( 8-+ ( &E+M$.- ( M"6$- ( ".&+" ( &+"% ( <( %"$% ( O-+'% ( 6$'+$'%N ( 4'
$M'K". ( %-,$'0 ( 6"0 ( ,-.%:M- ( 6"0 ( &$"M8-J ( 8-+ ( %: ( 8'+&"J ( "%&9 ( "T,0:%$#'M".&"
6-M$.'6' ( 8-+ ( 0-% ( M-M".&-% ( 6" ( -,$- ( < ( 6" ( #',',$-."%J ( M-M".&-%
+"8+"%".&'6-%()#'%$+)&4%)#<(8-%&:0'6-%(,-M-(6"%"'*0"%(,-M-(&-6'(M"+,'.,S'
"%8",&',:0'+N(7%&'(M"+,'.,S'("%('L:S("T80S,$&'M".&"(6'6'(,-M-("0(M-M".&-
6"(0'(#$6'(+"'0J(,:<-(+"&-+.-(,S,0$,-(%"(&+'&'(6"("%8"+'+N(F"+-($.,0:%-(".("%&-%
M-M".&-%('%$K.'6-%('(0'(#$6'(%$K:"(%$".6-(&-6'#S'("0("%8",&9,:0-("0(L:"(%"
6"Q' ( #"+ ( < ( +"8+-6:,$+J ( '0,'.R'.6- ( :. ( K+'6- ( M9% ( $.&".%-N ( 4- ( L:" ( O' ( %$6-
+"8+"%".&'6-(,-M-(0'(#$6'(+"'0(%"(+"#"0'(%$M80"M".&"(,-M-(0'(#$6'(,*)2.*&+*
*$/*4+)4(2),N(

*?>

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_I

7%&'(E8-,'J(L:"(%"(M:"%&+'('(%S(M$%M'(%:(&$"M8-(,-M-(%$".6-("%".,$'0M".&"
"0(+"&-+.-(8+",$8$&'6- (6"(MP0&$80"%(2"%&$#$6'6"%("%($K:'0M".&" (:.'(E8-,'(%$.
2$"%&'N (4- (L:" ("+' ( ". ( "0 (&$"M8- (,S,0$,- ("0 (M-M".&- ( 6" ( 8'+&$,$8',$1. (6" (:.'
,-M:.$6'6 ( ". ( "0 ( K'%&- ( 0:Q-%- ( 6" ( 0' ( #$6' ( "% ( $M8-%$*0" ( 8'+' ( 0' ( %-,$"6'6 ( %$.
,-M:.$6'6 ( < ( %$. ( 0:Q-N ( [:'.6- ( %:% ( %":6-2$"%&'% ( #:0K'+$R'6'%J ( 8'+-6$'% ( 6"0
6$90-K- ( < ( 6" ( 0' ( 6-.',$1.J ( $.,$&'. ( ' ( :. ( K'%&- ( ",-.1M$,- ( '6$,$-.'0J ( %10-
6"#:"0#".(:.'(6","8,$1.(%$"M8+"(,-M8".%'6'(,-.(0'(8+-M"%'(6"(:.'(.:"#'
6","8,$1.N ( 70 ( &$"M8- ( 6" ( 0' ( %:8"+#$#".,$' ( M-6"+.' ( 6"*" ( '0'*'+%" ( ". ( "0
"%8",&9,:0-(&'.&-(M9%('*$"+&'M".&"(,:'.&-(L:"(%:(#'0-+(6"(:%-(O'(6$%M$.:$6-N
4'(+"'0$6'6(6"0(&$"M8-(O'(%$6-(+""M80'R'6'(8-+(0'(/(A2%4%')'(6"0(&$"M8-N(

*??

H$".&+'%(L:"("0(,-.%:M-(6"0(&$"M8-(,S,0$,-(".(0'%(%-,$"6'6"%('.&$K:'%("%&'*'
". ( ,-.%-.'.,$' ( ,-. ( "0 ( &+'*'Q- ( +"'0 ( 6" ( "%&'% ( %-,$"6'6"%J ( "0 ( ,-.%:M-
%":6-,S,0$,-(6"(0'(",-.-MS'(6"%'++-00'6'(%"(".,:".&+'(".(,-.&+'6$,,$1.(,-.("0
&$"M8-($++"#"+%$*0"('*%&+',&-(6"(%:(8+-6:,,$1.N(7.(&'.&-(L:"("0(&$"M8-(,S,0$,-
"+'(&$"M8-(6"(0'($0:%$1.($.M1#$0J(#$#$6-(+"'0M".&"J("0(&$"M8-("%8",&',:0'+("%("0
&$"M8-(6"(0'(+"'0$6'6(L:"(%"(&+'.%2-+M'J(#$#$6-($0:%-+$'M".&"N(

*?@

4- ( L:" ( "% ( %$"M8+" ( .:"#- ( ". ( "0 ( 8+-,"%- ( 6" ( 8+-6:,,$1. ( 6" ( ,-%'% ( .- ( %"
+"".,:".&+'(".("0(,-.%:M-J(L:"(%$K:"(%$".6-("0(+"&-+.-('M80$'6-(6"(0-(M$%M-N
F:"%&-(L:"("0(&+'*'Q-(M:"+&-(,-.&$.P'(6-M$.'.6-("0(&+'*'Q-(#$#-J(".("0(&$"M8-
"%8",&',:0'+("0(8'%'6-(6-M$.'("0(8+"%".&"N(

*?A

[-M- ( -&+- ( '%8",&- ( ". ( 0' ( 6"2$,$".,$' ( 6" ( 0' ( #$6' ( O$%&1+$,' ( K"."+'0J ( 0' ( #$6'
$.6$#$6:'0 ( &-6'#S' ( .- ( &$"." ( O$%&-+$'N ( 4-% ( %":6-',-.&",$M$".&-% ( L:" ( %"
8+"%".&'. (".(0'(6+'M'&$R',$1.("%8",&',:0'+(.-(O'.(%$6-(#$#$6-%(8-+(L:$"."%
O'. ( %$6- ( $.2-+M'6-% ( 6" ( "00-%V ( < ( '6"M9% ( %" ( 8$"+6". ( ". ( 0' ( $.20',$1. ( 6" ( %:
+""M80'R'M$".&-(8+",$8$&'6-('(,'6'(8:0%',$1.(6"(0'(M'L:$.'+$'("%8",&',:0'+N
F-+(-&+-(0'6-(0-(L:"(O'(%$6-(+"'0M".&"(#$#$6-(.-(&$"."(+"0',$1.(,-.("0(&$"M8-
$++"#"+%$*0" ( -2$,$'0 ( 6" ( 0' ( %-,$"6'6 ( < ( "%&9 ( ". ( -8-%$,$1. ( 6$+",&' ( '0 ( +$&M-
%":6-,S,0$,- ( 6"0 ( %:*8+-6:,&- ( ,-.%:M$*0" ( 6" ( "%&" ( &$"M8-N ( 7%&' ( #$#".,$'
$.6$#$6:'0(6"(0'(#$6'(,-&$6$'.'(%"8'+'6'(L:"6'(%$.(0".K:'Q"J(%$.(,-.,"8&-J(%$.
',,"%-(,+S&$,-('(%:(8+-8$-(8'%'6-(L:"(.-("%&9(,-.%$K.'6-(".(.$.K:.'(8'+&"N
X-(%"(,-M:.$,'N(7%($.,-M8+".6$6'(<(-0#$6'6'(".(*"."2$,$-(6"(0'(2'0%'(M"M-+$'
"%8",&',:0'+(6"(0-(.-GM"M-+'*0"N(

*?B

70("%8",&9,:0-J(,-M-(-+K'.$R',$1.(%-,$'0(8+"%".&"(6"(0'(8'+90$%$%(6"(0'(O$%&-+$'
<(6"(0'(M"M-+$'J(6"0('*'.6-.-(6"(0'(O$%&-+$'(L:"(%"("+$K"(%-*+"(0'(*'%"(6"0
&$"M8-(O$%&1+$,-J(*$#2)#1)2$)#4-&4%*&4%)#'*2#+%*./-N(

*?C

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_W

F'+' ( 00"#'+ ( ' ( 0-% ( &+'*'Q'6-+"% ( '0 ( "%&'&:&- ( 6" ( 8+-6:,&-+"% ( < ( ,-.%:M$6-+"%
^0$*+"%^ ( 6"0 ( &$"M8-GM"+,'.,S' ( 0' ( ,-.6$,$1. ( 8+"#$' ( O' ( %$6- (2) # *G/,-/%)4%6&
:%-2*&+)#'*#$(#+%*./-N(70(+"&-+.-("%8",&',:0'+(6"0(&$"M8-(%10-(O'(00"K'6-('(%"+
8-%$*0"('(8'+&$+(6"("%&'(8+$M"+'(6"%8-%"%$1.(6"0(8+-6:,&-+N(

*@D

4'(8'+&"($++"6:,&$*0"M".&"(*$-01K$,'(L:"(%$K:"(8+"%".&"(".("0(&+'*'Q-J(&'.&-(".
0' ( 6"8".6".,$' ( 6" ( 0- ( ,S,0$,- ( .'&:+'0 ( ". ( 0' ( #$K$0$' ( < ( "0 ( %:"U- ( ,-M- ( ". ( 0'
"#$6".,$' ( 6"0 ( &$"M8- ( $++"#"+%$*0" ( $.6$#$6:'0 ( 6"0 ( 6"%K'%&" ( 6" ( :.' ( #$6'J ( %"
,-.&"M80'. (%10-(,-M- ()44*$-,%-$ #6"%6" ("0(8:.&- (6"(#$%&' (6"(0'(8+-6:,,$1.
M-6"+.'V(<(,-M-(&'0"%J("%&-%("0"M".&-%(%-.(6"%'&".6$6-%(".(0'%(8+-,0'M'%
-2$,$'0"%(6"0(M-#$M$".&-(6"(0'(8+-6:,,$1.(<(6"(0-%(&+-2"-%(,-.%:M$*0"%(L:"(%-.
0' (&+'6:,,$1. (',,"%$*0" ( 6" ( "%&' ($.,"%'.&" ( #$,&-+$'N (m.M-#$0$R'6' ( ". ( "0 (,".&+-
2'0%$2$,'6- ( 6"0 ( M-#$M$".&- ( 6" ( %: ( M:.6-J ( 0' ( ,-.,$".,$' ( "%8",&'6-+' ( <' ( .-
6$%&$.K:"(".(%:(#$6'("0(8'%'Q"(O',$'(%:(+"'0$R',$1.(<(O',$'(%:(M:"+&"N(i:$".(O'
+".:.,$'6- ( ' ( K'%&'+ ( %: ( #$6' ( .- ( &$"." ( <' ( L:" ( +",-.-,"+ ( %: ( M:"+&"N ( 4'
8:*0$,$6'6 ( 6" ( 0-% ( %"K:+-% ( 6" ( #$6' ( 0" ( $.%$.P' (%-0'M".&" (L:" ( "% ( ,:08'*0" ( 6"
M-+$+(%$.(O'*"+('%"K:+'6-(0'(+"K:0',$1.(6"0(%$%&"M'(6"%8:E%(6"("%&'(8E+6$6'
",-.1M$,'V ( < ( 0' ( 6"0 ().*,%4)& # ^)? # -1 # '*)+@ #$.%$%&" ( %-*+" ( %: ( ,'8',$6'6 ( 6"
M'.&"."+(".("%&"(".,:".&+-(0'(M'<-+(8'+&"(6"(0'%()/),%*&4%)$#6"(0'(#$6'N(Y'Q-
"0(+"%&-(6"(*-M*'+6"-%(8:*0$,$&'+$-%("%&9(+-&:.6'M".&" (8+-O$*$6-(".#"Q","+N
5"(&+'&'+S'(6"('6M$.$%&+'+(,'6'(:.-(".(%:(,'%-(:.(^,'8$&'0GQ:#".&:6^(L:"J(8-+
O'*"+ ( "%&'6- ( M"6$-,+"M".&" ( "M80"'6-J ( .- ( 8:"6" ( %$. ( "M*'+K- ( 8+"&".6"+
'6L:$+$+(0'(+"'0$6'6(6:+'*0"(<(',:M:0'&$#'(6"0(,'8$&'0(2$.'.,$"+-N(7%&'(':%".,$'
%-,$'0(6"(0'(M:"+&"("%($6E.&$,'('(0'(':%".,$'(6"(0'(#$6'N(

*@*

70(&$"M8-("%(0'('0$".',$1.(&*4*$),%)J(,-M-(M-%&+'*'(j"K"0J("0(M"6$-(6-.6"("0
%:Q"&-(%"(+"'0$R'(8"+6$E.6-%"J(%"(&+'.%2-+M'(".(-&+-(8'+'(00"K'+('(%"+(0'(#"+6'6
6"(%S(M$%M-N(F"+-(%:(,-.&+'+$-("%(Q:%&'M".&"(0'('0$".',$1.(6-M$.'.&"J(L:"("%
%:2+$6'(8-+("0(8+-6:,&-+(6"(:. (/,*$*&+*#)<*&-N(7.("%&' ()2%*&)4%6&#*$/)4%)2 #0'
%-,$"6'6(L:"(%"8'+'(6"(+'$R("0(%:Q"&-(6"(0'(',&$#$6'6(L:"(0"(%:%&+'"(0"(%"8'+'
". ( 8+$M"+ ( 0:K'+ ( 6" ( %: ( 8+-8$- ( &$"M8-N ( 4' ( '0$".',$1. ( %-,$'0 ( %:8"+'*0" ( "%
Q:%&'M".&"(0'(L:"(O'(8+-O$*$6-(<(8"&+$2$,'6-(0'%(8-%$*$0$6'6"%(<(0-%(+$"%K-%(6"(0'
'0$".',$1.(:%:%*&+*#".("0(&$"M8-N(

*@<

Y'Q-(0'%(.-')$#'8'+".&"%(L:"(%"('.:0'.(<(+",-M8-.".(".(0'(%:8"+2$,$"(2:&$0(6"0
%":6-&$"M8-(,S,0$,-(,-.&"M80'6-J("0(3,)&#*$+%2-#6"(0'(E8-,'("%(%$"M8+"("0(L:"
"%&9(-+$".&'6-(8-+(0'(.","%$6'6("#$6".&"(<(%",+"&'(6"(0'(+"#-0:,$1.N(

*@=

4'(*'%"(.'&:+'0(6"0(&$"M8-J("0(,90,:0-(%".%$*0"(6"0(&+'.%,:+%-(6"0(&$"M8-J(%"
#:"0#"(O:M'.-(<(%-,$'0('0("T$%&$+ (/),)#*2#@-.A,*#N(7%("0("%&'6-(0$M$&'6-(6"(0'
8+9,&$,' ( O:M'.'J ( "0 ( &+'*'Q- ( ". ( 6$2"+".&"% ( "%&'6$-%J ( "0 ( L:" ( O'%&' ( 'O-+' ( O'
O:M'.$R'6-J(<(&'M*$E.(O'(6"%O:M'.$R'6-J ("0(&$"M8- (,-M- (&$"M8-(,S,0$,-(<

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_]

&$"M8- ( %"8'+'6- ( $++"#"+%$*0" ( 6" ( 0' ( 8+-6:,,$1. ( ",-.1M$,'N ( 70 ( 8+-<",&-

+"#-0:,$-.'+$-(6"(:.'(%-,$"6'6(%$.(,0'%"%J(6"(:.'(#$6'(O$%&1+$,'(K"."+'0$R'6'J
"% ( "0 ( 8+-<",&- ( 6" ( 0' ( 6"%,-M8-%$,$1. ( 6" ( 0' ( M"6$6' ( %-,$'0 ( 6"0 ( &$"M8- ( ".
*"."2$,$-(6"(:.(M-6"0-(0P6$,-(6"(&$"M8-($++"#"+%$*0"(6"(0-%($.6$#$6:-%(<(6"(0-%
K+:8-%J ( M-6"0- ( ". ( "0 ( ,:'0 ( "%&9. ( %$M:0&9."'M".&" ( 8+"%".&"% (+%*./-$
%&'*/*&'%*&+*$ # 1*'*,)'-$N ( 7% ( "0 ( 8+-K+'M' ( 6" ( :.' ( +"'0$R',$1. ( &-&'0 ( ". ( "0
".&-+.- ( 6"0 ( &$"M8- ( 6"0 ( ,-M:.$%M- ( L:" ( %:8+$M" ( ^&-6- ( 0- ( L:" ( "T$%&"
$.6"8".6$".&"M".&"(6"(0-%($.6$#$6:-%^N(

*@>

70(M:.6-(8-%""(<'("0(%:"U-(6"(:.(&$"M8-(,:<'(,-.,$".,$'(&$"."('O-+'(L:"
8-%""+(8'+'(#$#$+0-(+"'0M".&"N

!"#$%&'()A

6')"/(240/0(2"30-2%()4-')%-..0%(.0(

!"#7(%*&#22*3)#)#$*,#J*I-,#'*#(&)#4%(')'#)4-$+(.A,)')#)#:%:%,#2%A,*#?#)2#/(&+-
&-#2)#'*$+,(?*5#7(*#+*.)#$*,#'*$+,(%'-#/-,#*22)5#/-,7(*#9$+)#+%*&*#$%*./,*#/-,
,*1(3%-#*&#$($#,*A*2%-&*$#*2#&-.A,*#'*#2)#2%A*,+)'#?#$($#:%*<)$#4-$+(.A,*$5#2)$
4()2*$#&%#/-,#*2#/)$-#'*2#+%*./-#&%#/-,#A*&*1%4%-#)23(&-#$*#-2:%'),D&#<).D$0#"
/-, # .D$ # 7(* # $* # @)3) # - # $* # /,-:*)5 # $% # &- # $* # *G/(2$) # - # '%$/*,$) # ) # $($
@)A%+)&+*$5 # *$+-$ # &- # -2:%'),D& # *& # &%&3=& # .-.*&+- # *$* # &-.A,* # &% # *$)$
4-$+(.A,*$000!

L"V&0"N-'(J(K2#_,H&4%/*(

*@?

4'(8+-6:,,$1.(,'8$&'0$%&'(O'(:.$2$,'6-("0("%8',$-J(L:"(<'(.-("%&9(0$M$&'6-(8-+
%-,$"6'6"% ( "T&"+$-+"%N ( 7%&' ( :.$2$,',$1. ( "% ( '0 ( M$%M- ( &$"M8- ( :. ( 8+-,"%-
"T&".%$#- ( " ( $.&".%$#- ( 6" (A)&)2%F)4%6&N ( 4' ( ',:M:0',$1. ( 6" ( M"+,'.,S'%
8+-6:,$6'%(".(%"+$"(8'+'("0("%8',$-('*%&+',&-(6"0(M"+,'6-J('0(M$%M-(&$"M8-
L:" ( 6"*S' ( +-M8"+ ( &-6'% ( 0'% ( *'++"+'% ( +"K$-.'0"% ( < ( 0"K'0"% ( < ( &-6'% ( 0'%
+"%&+$,,$-."% (,-+8-+'&$#'%(6" (0'("6'6 (M"6$' (L:"(M'.&".S'. (0' (4)2%')'( 6" (0'
8+-6:,,$1. ( '+&"%'.'0J ( 6"*S' ( &'M*$E. ( 6$%-0#"+ ( 0' ( ':&-.-MS' ( < ( ,'0$6'6 ( 6" ( 0-%
0:K'+"%N ( 7%&' ( 2:"+R' ( 6" ( O-M-K"."$R',$1. ( "% ( 0' ( '+&$00"+S' ( 8"%'6' ( L:" ( O'
6"++$*'6-(&-6'%(0'%(M:+'00'%(,O$.'%N

*@@

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((__

7%(8'+'(00"K'+('(%"+(,'6'(#"R(M9%($6E.&$,-('(%S(M$%M-J(8'+'('8+-T$M'+%"(M"Q-+
'(0'(M-.-&-.S'($.M1#$0J(8'+'(0-(L:"("0(*$/)4%-#2%A,*#'*#2)#.*,4)&4H)("%J('(8'+&$+
6"('O-+'J($.,"%'.&"M".&"(M-6$2$,'6-(<(+",-.%&+:$6-N

*@A

7%&' ( %-,$"6'6 ( L:" ( %:8+$M" ( 0' ( 6$%&'.,$' ( K"-K+92$,' ( ',-K" ( $.&"+$-+M".&" ( 0'
6$%&'.,$'(".(&'.&-(L:"(%"8'+',$1.("%8",&',:0'+N

*@B

5:*8+-6:,&- ( 6" ( 0' ( ,$+,:0',$1. ( 6" ( M"+,'.,S'%J ( 0' ( ,$+,:0',$1. ( O:M'.'

,-.%$6"+'6' ( ,-M- ( :. ( ,-.%:M-J ("0 ( &:+$%M-J ( %" (+"6:," ( 2:.6'M".&'0M".&" ( '0
-,$-(6"($+('(#"+('L:"00-(L:"(O'(00"K'6-('(%"+(*'.'0N(4'(-+K'.$R',$1.(",-.1M$,'
6"(0'(2+",:".&',$1.(6"(0:K'+"%(6$2"+".&"%("%(<'(8-+(%S(M$%M'(0'(K'+'.&S'(6"(%:
*7(%:)2*&4%)N(4'(M$%M'(M-6"+.$R',$1.(L:"(O'(+"&$+'6-(6"0(#$'Q"("0(&$"M8-(0"(O'
+"&$+'6-(&'M*$E.(0'(+"'0$6'6(6"0("%8',$-N

*@C

4'(%-,$"6'6(L:"(M-6"0'(&-6-(%:(".&-+.-(O'("6$2$,'6-(%:(&E,.$,'("%8",$'0(8'+'
&+'*'Q'+(0'(*'%"(,-.,+"&'(6"("%&"(,-.Q:.&-(6"(&'+"'%\(%:(&"++$&-+$-(M$%M-N(70
:+*'.$%M-("%("%&'(&-M'(6"(8-%"%$1.(6"0(M"6$-('M*$".&"(.'&:+'0(<(O:M'.-(8-+
"0 ( ,'8$&'0$%M- ( L:"J ( 6"%'++-009.6-%" ( 01K$,'M".&" ( ,-M- ( 6-M$.',$1. ( '*%-0:&'J
8:"6"(<(6"*"('O-+'(+"O',"+(0'(&-&'0$6'6(6"0("%8',$-(,-M-($(#/,-/%-#'*4-,)'-N

*AD

4'(.","%$6'6(,'8$&'0$%&'(%'&$%2",O'(".("0(:+*'.$%M-J(".(&'.&-(L:"(,-.K"0',$1.
#$%$*0"(6"(0'(#$6'J(8:"6"("T8+"%'+%"(G("M80"'.6-(&E+M$.-%(O"K"0$'.-%(G(,-M-
0'(8+"6-M$.'.,$'('*%-0:&'(6"(^0'('8',$*0"(,-"T$%&".,$'(6"0("%8',$-^(%-*+"(^"0
$.L:$"&-(6"#".$+(".(0'(%:,"%$1.(6"0(&$"M8-^N

*A*

5$ ( &-6'% ( 0'% ( 2:"+R'% ( &E,.$,'% ( 6" ( 0' ( ",-.-MS' ( ,'8$&'0$%&' ( 6"*". ( %"+
,-M8+".6$6'%(,-M-(-8"+'.&"%(6"(%"8'+',$-."%J(".("0(,'%-(6"0(:+*'.$%M-(%"
&+'&' ( 6"0 ( "L:$8'M$".&- ( 6" ( %: ( *'%" ( K"."+'0J ( 6"0 ( &+'&'M$".&- ( 6"0 ( %:"0- ( L:"
,-.#$"."('(%:(6"%80$"K:"V(6"(0'(&E,.$,'(M$%M'('*#2)#$*/),)4%6&N

*A<

70 ( :+*'.$%M- ( "% ( 0' ( +"'0$R',$1. ( M-6"+.' ( 6" ( 0' ( &'+"' ( $.$.&"++:M8$6' ( L:"
%'0#'K:'+6' ( "0 ( 8-6"+ ( 6" ( ,0'%"\ ( "0 ( M'.&".$M$".&- ( 6" ( 0' ( '&-M$R',$1. ( 6" ( 0-%
&+'*'Q'6-+"% (L:"(0'%(,-.6$,$-."% (:+*'.'% (6"(8+-6:,,$1. (O'*S'. (,*)3,(/)'-
8+"0$K+-%'M".&"N(4'(0:,O'(,-.%&'.&"(L:"(O'(6"*$6-(%-%&"."+%"(,-.&+'(&-6-%(0-%
'%8",&-%(6"("%&'(8-%$*$0$6'6(6"(+":.$+%"(".,:".&+'(".("0(:+*'.$%M-(%:(,'M8-
8+$#$0"K$'6-N ( 70 ( "%2:"+R- ( 6" ( &-6-% ( 0-% ( 8-6"+"% ( "%&'*0",$6-% ( 6"%8:E% ( 6" ( 0'%
"T8"+$".,$'% ( 6" ( 0' ( !"#-0:,$1. ( 2+'.,"%' ( 8'+' ( ',+",".&'+ ( 0-% ( M"6$-% ( 6"
M'.&"."+("0(-+6".(".(0'(,'00"(,:0M$.'+9(2$.'0M".&"(".(0'(%:8+"%$1.(6"(0'(,'00"N

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_@

^[-. ( 0-% ( M"6$-% ( 6" ( ,-M:.$,',$1. ( 6" ( M'%'% ( L:" ( "0$M$.'. ( 0'% ( K+'.6"%
6$%&'.,$'% ( "0 ( '$%0'M$".&- ( 6" ( 0' ( 8-*0',$1. ( O' ( 6"M-%&+'6- ( %"+ ( :. ( M-6- ( 6"
,-.&+-0(M:,O-(M9%("2$,'R^J(,-.%&'&'(4"n$%(H:M2-+6(".(B)#4%(')'#)#+,):9$#'*
2)#@%$+-,%)N(F"+-("0(M-#$M$".&- (K"."+'0 (6"0('$%0'M$".&- (L:"("%(0'(+"'0$6'6("0
:+*'.$%M- ( 6"*" ( &'M*$E. ( ,-.&"."+ ( :.' ( +"$.&"K+',$1. ( ,-.&+-0'6' ( 6" ( 0-%
&+'*'Q'6-+"% ( %"KP. ( 0'% ( .","%$6'6"% ( 80'.$2$,'*0"% ( 6" ( 0' ( 8+-6:,,$1. ( < ( "0
,-.%:M-N(4'($.&"K+',$1.(".("0(%$%&"M'(6"*"(+",:8"+'+('(0-%($.6$#$6:-%(".(&'.&-
L:" ( $.6$#$6:-% ()%$2)'-$ # *& # 4-&<(&+-\ ( &'.&- ( 0'% ( 29*+$,'% ( ,-M- ( 0'% ( ,'%'% ( 6"
,:0&:+'J ( 0-% ( 8:"*0-% ( 6" ( #"+'."- ( ,-M- ( ^0'% ( K+'.6"% ( :+*'.$R',$-."%^ ( "%&9.
"%8",$'0M".&" ( -+K'.$R'6-% ( 8'+' ( 0-% ( 2$."% ( 6" ( "%&' ( %":6-G,-0",&$#$6'6 ( L:"
',-M8'U' ( &'M*$E. ( '0 ( $.6$#$6:- ( '$%0'6- ( ". ( 0' (492(2) # 1).%2%),\ ( "0 ( "M80"-
K"."+'0$R'6-(6"(+","8&-+"%(6"0(M".%'Q"("%8",&',:0'+(O',"(L:"(%:('$%0'M$".&-
%"(".,:".&+"(8-*0'6-(6"($M9K"."%(6-M$.'.&"%J($M9K"."%(L:"(%-0'M".&"(8-+
"%&"('$%0'M$".&-('6L:$"+".(%:(80".-(8-6"+N

*A=

F-+(8+$M"+'(#"R(:.'(.:"#'('+L:$&",&:+'J(L:"(".(,'6'(E8-,'('.&"+$-+("%&'*'
+"%"+#'6' ( ' ( 0' ( %'&$%2',,$1. ( 6" ( 0'% ( ,0'%"% ( 6-M$.'.&"%J ( %" ( ".,:".&+'
6$+",&'M".&" ( 6"%&$.'6' () # 2-$ # /-A,*$N ( 4' ( M$%"+$' ( 2-+M'0 ( < ( 0' ( "T&".%$1.
K$K'.&"%,'(6"("%&'(.:"#'("T8"+$".,$'(6"(O9*$&'&(8+-,"6".(,-.Q:.&'M".&"(6"
%:(,'+9,&"+('*#.)$)J(L:"("%&9($M80$,'6-('(0'(#"R(8-+(%:(6"%&$.',$1.(<(8-+(0'%
,-.6$,$-."% ( M-6"+.'% ( 6" ( ,-.%&+:,,$1.N ( 4' ('*4%$%6& # )(+-,%+),%)J ( L:" ( -+6".'
'*%&+',&'M".&"("0(&"++$&-+$-(".(&"++$&-+$-(6"(0'('*%&+',,$1.J("%&9("#$6".&"M".&"
". ( "0 ( ,".&+- ( 6" ( "%&'% ( ,-.6$,$-."% ( M-6"+.'% ( 6" ( ,-.%&+:,,$1.N ( 4' ( M$%M'
'+L:$&",&:+'('8'+","(".(&-6'%(8'+&"%(6-.6"(,-M$".R'(0'($.6:%&+$'0$R',$1.(6"
0-%(8'S%"%('&+'%'6-%(".("%&"('%8",&-(,-M-(&"++".-('6",:'6-('0(.:"#-(KE."+-
6"("T$%&".,$'(%-,$'0(L:"(%"(&+'&'(6"($M80'.&'+('00SN(C'.(,0'+'M".&"(,-M-(".(0'%
,:"%&$-."% ( 6"0 ( '+M'M".&- ( &"+M-G.:,0"'+ ( - ( 6" ( 0' ( .'&'0$6'6 ( G ( 6-.6" ( %" ( O'
'0,'.R'6-(0'(8-%$*$0$6'6(6"(M'.$8:0'+(0'(O"+".,$'(G("0(:M*+'0(&+'%8'%'6-(".("0
,+",$M$".&- (6"0(8-6"+(M'&"+$'0(6"(0'(%-,$"6'6(<("0 (,*+,)$-( ".(0'(6-M$.',$1.
,-.%,$".&"(6"("%&"(8-6"+(%"(6"%80$"K'.(".("0(:+*'.$%M-(N

*A>

70 ( M-M".&- ( ',&:'0 ( "% ( <' ( "0 ( 6" ( 0' ( ':&-6"%&+:,,$1. ( 6"0 ( M"6$- ( :+*'.-N ( 4'
"T80-%$1.(6"(0'%(,$:6'6"%(%-*+"(0-%(,'M8-%(,:*$"+&-%(8-+(^M'%'%($.2-+M"%(6"
+"%$6:-% (:+*'.-%^(>4"n$%(H:M2-+6B("%(8+"%$6$6' (6" (2-+M'($.M"6$'&' (8-+(0-%
$M8"+'&$#-% ( 6"0 ( ,-.%:M-N ( 4' ( 6$,&'6:+' ( 6"0 ( ':&-M1#$0J ( 8+-6:,&-G8$0-&- ( 6" ( 0'
8+$M"+'(2'%" (6"(0'('*:.6'.,$'(M"+,'.&$0J(%"(O'($.%,+$&-(".("0(&"++".-(,-.(0'
6-M$.',$1. ( 6" ( 0'( ':&-8$%&'J (L:" ( 6$%0-,' ( 0-% ( '.&$K:-% ( ,".&+-% ( " ( $M8-." ( :.'
6$%8"+%$1. ( ,'6' ( #"R ( M9% ( 8:Q'.&"N ( Z0 ( M$%M- ( &$"M8- ( 0-% ( M-M".&-% ( 6"
+"-+K'.$R',$1. ( $.,-.,0:%' ( 6"0 ( &"Q$6- ( :+*'.- ( %" ( 8-0'+$R'. ( 8'%'Q"+'M".&"
'0+"6"6-+ ( 6" ( ^0'% ( 29*+$,'% ( 6" ( 6$%&+$*:,$1.^ ( L:" ( %-. ( 0-% ( K$K'.&"%,-%
@%/*,.*,4)'-$( "6$2$,'6-% ( %-*+" ( :. ( &"++".- ( 6"%.:6-J ( ,-. ( :. (/),W%&3( 8-+
8"6"%&'0V(<("%&-%(&"M80-%(6"0(,-.%:M-(8+",$8$&'6-("%&9.("00-%(M$%M-%(".(2:K'
".("0(M-#$M$".&-(,".&+S2:K-(L:"(0-%(+",O'R'('(M"6$6'(L:"(%"(,-.#$"+&".('(%:
#"R ( ". ( ,".&+-% ( %",:.6'+$-% ( %-*+",'+K'6-%J ( 8-+L:" ( O'. ( ','++"'6- ( :.'
+",-M8-%$,$1. ( 8'+,$'0 ( 6" ( 0' ( 'K0-M"+',$1.N ( F"+- ( 0' ( -+K'.$R',$1. ( &E,.$,' ( 6"0

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_A

,-.%:M- ( .- ( "% ( M9% ( L:" ( "0 ( 8+$M"+ ( 80'.- ( 6" ( 0' ( 6$%-0:,$1. ( K"."+'0 ( L:" ( O'
00"#'6-('(0'(,$:6'6('()(+-4-&$(.%,$*(6"("%&'(M'."+'N

*A?

4' (O$%&-+$' ( ",-.1M$,'J ( L:"(%" ( O' (6"%'++-00'6- ( ".&"+'M".&" ( '0+"6"6-+ (6" ( 0'
-8-%$,$1.(,$:6'6G,'M8-J(O'('0,'.R'6-(:.(M-M".&- (6"(ET$&-(L:"('.:0'('(0'
#"R ( 0-% ( 6-% ( &E+M$.-%N ( 4' (/),D2%$%$( ',&:'0 ( 6"0 ( 6"%'++-00- ( O$%&1+$,- ( &-&'0 ( ".
*"."2$,$-(P.$,'M".&"(6"(0'(,-.&$.:',$1.(6"0(M-#$M$".&-($.6"8".6$".&"(6"(0'
",-.-MS'(O',"(6"0(M-M".&-(".(L:"("M8$"R'.('(6"%'8'+","+(0'(,$:6'6(<("0
,'M8-J (.- (0' ($(/*,)4%6&( 6" (%: (6$#$%$1.J(%$.- (%: (O:.6$M$".&- (%$M:0&9."-N (70
6"%K'%&" ( +",S8+-,- ( 6" ( 0' ( ,$:6'6 ( < ( "0 ( ,'M8-J ( 8+-6:,&- ( 6"0 ( 6",'$M$".&- ( 6"0
M-#$M$".&- ( O$%&1+$,- ( 8-+ ( "0 ( L:" ( 0' ( +"'0$6'6 ( :+*'.' ( "T$%&".&" ( 6"*"+S' ( %"+
%-*+"8'%'6'J ( '8'+"," ( ". ( "%&' ( M"R,0' ( ",0E,&$,' ( 6" ( %:% ( "0"M".&-%
6"%,-M8:"%&-%(L:"(+",:*+"(0'%(R-.'%(M9%('#'.R'6'%(6"(0'($.6:%&+$'0$R',$1.N

*A@

4'(O$%&-+$'(:.$#"+%'0(.',$1(".(0'%(,$:6'6"%(<(00"K1('(%:(M'<-+S'(6"("6'6(".("0
M-M".&-(6"(0'(#$,&-+$'(6",$%$#'(6"(0'(,$:6'6(%-*+"("0(,'M8-N(H'+T(,-.%$6"+'
,-M-(:.-(6"(0-%(M'<-+"%(ME+$&-%(+"#-0:,$-.'+$-%(6"(0'(*:+K:"%S'("0(O",O-(6"
L:"(^O'(%-M"&$6-("0(,'M8-('(0'(,$:6'6^J(,:<-()%,*#*.)&4%/)N(F"+-(%$(0'(O$%&-+$'
6"(0'(,$:6'6("%(0'(O$%&-+$'(6"(0'(0$*"+&'6J(0-(O'(%$6-(&'M*$E.(6"(0'(&$+'.S'J(6"(0'
'6M$.$%&+',$1.("%&'&'0(L:"(,-.&+-0'("0(,'M8-(<(0'(,$:6'6(M$%M'N(4'(,$:6'6(.-
O'(8-6$6-(%"+(O'%&'('O-+'(M9%(L:"("0(&"++".-(6"(0:,O'(8-+(0'(0$*"+&'6(O$%&1+$,'J
<(.-(%:(8-%"%$1.N(4'(,$:6'6("%("0(.*'%-#).A%*&+*#'*#2)#@%$+-,%)(8-+L:"("%('(0'
#"R(,-.,".&+',$1.(6"0(8-6"+(%-,$'0(L:"(O',"(8-%$*0"(0'("M8+"%'(O$%&1+$,'(<(0'
,-.,$".,$' (6"0(8'%'6-N (4'(&".6".,$' (',&:'0 ('(0'(0$L:$6',$1.(6"(0'(,$:6'6(.-
O'," (". (,-.%",:".,$' (M9% (L:"("T8+"%'+(6" (-&+' (M'."+' ("0(+"&+'%-(6"(:.'
%:*-+6$.',$1.(6"(0'(",-.-MS'('(0'(,-.,$".,$'(O$%&1+$,'J(6"(:.'(:.$2$,',$1.(6"
0'(%-,$"6'6(+",:8"+'.6-(0-%(8-6"+"%(L:"(%"(O'.(%"8'+'6-(6"("00'N

*AA

^70 ( ,'M8- ( M:"%&+' ( Q:%&'M".&" ( "0 ( O",O- ( ,-.&+'+$-J ( "0 ( '$%0'M$".&- ( < ( 0'
%"8'+',$1.^N(>B)#%'*-2-3H)#)2*.)&)BN(70(:+*'.$%M-(L:"(6"%&+:<"(0'%(,$:6'6"%
+",-.%&$&:<"(:. ($*('-M4)./-J(".("0(,:'0(%"(O'.(8"+6$6-(&'.&-(0'%(+"2"+".,$'%
.'&:+'0"% ( 6"0 ( ,'M8- ( '.&$K:- ( ,-M- ( 0'% ( +"0',$-."% ( %-,$'0"% ( 6$+",&'% ( <
6$+",&'M".&" ( 8:"%&'% ( ". ( ,:"%&$1. ( 6" ( 0' ( ,$:6'6 ( O$%&1+$,'N ( 7% ( :. ( .:"#-
,'M8"%$.'6- ( 2$,&$,$- ( "0 ( L:" ( +",+"'. ( 0'% ( ,-.6$,$-."% ( 6" ( O9*$&'& ( <( 6" ( ,-.&+-0
"%8",&',:0'+(".("0(',&:'0(^&"++$&-+$-(',-.6$,$-.'6-^\(0'(6$%8"+%$1.(".("0("%8',$-
<(0'(M".&'0$6'6(0$M$&'6'J(L:"(%$"M8+"(O'.($M8"6$6-('0(,'M8"%$.'6-("M8+".6"+
:.' ( ',,$1. ( $.6"8".6$".&" ( < ( '2$+M'+%" ( ,-M- ( 8-&".,$' ( O$%&1+$,' ( ,+"'6-+'J
#:"0#".('(,'+',&"+$R'+('(0-%(8+-6:,&-+"%(G"0(M-#$M$".&-(6"(:.(M:.6-(L:"("00-%
M$%M-%(2'*+$,'.(L:"6'.6-(&'.(,-M80"&'M".&"(2:"+'(6"(%:('0,'.,"(,-M-(0-
"%&'*'("0(+$&M-(.'&:+'0(6"(0-%(&+'*'Q-%(8'+'(0'(%-,$"6'6('K+'+$'N(F"+-(,:'.6-
"%&"(,'M8"%$.'6-J (L:"(2:"(0'(*'%"($.M1#$0(6"0(^6"%8-&$%M- (-+$".&'0^ (<(,:<'
M$%M' ( 6$%8"+%$1. ( 00'M'*' ( ' ( 0' ( ,".&+'0$R',$1. ( *:+-,+9&$,'J ( +"'8'+"," ( ,-M-
8+-6:,&- ( 6" ( 0'% ( ,-.6$,$-."% ( 6" ( ,+",$M$".&- ( 6" ( 0' ( *:+-,+'&$R',$1. ( "%&'&'0
M-6"+.'J(%: ()/)+H)( O'(6"(%"+('O-+' (@%$+6,%4).*&+*#1)A,%4)')( <(M'.&".$6'\(0'

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_a

$K.-+'.,$' ( .'&:+'0 ( O' ( O",O- ( 0:K'+ ( '0 ( "%8",&9,:0- ( -+K'.$R'6- ( 6"0 ( "++-+N ( 4'%
^.:"#'% ( ,$:6'6"%^ ( 6"0 ( %":6-G,'M8"%$.'6- ( &",.-01K$,- ( $.%,+$*". ( ,0'+'M".&"
".("0(&"++".-(0'(+:8&:+'(,-.("0(&$"M8-(O$%&1+$,-(%-*+"("0(,:'0(2:"+-.(,-.%&+:$6'%V
%:(6$#$%'(8:"6"(%"+\(^ZL:S(.:.,'(-,:++$+9(.'6'(?#&(&4)#@)#-4(,,%'-#&)')^N(7%
M:< ( "#$6".&"J ( 6"*$6- ( ' ( L:" ( 0' ( O$%&-+$' ( L:" ( 6"*" ( 0$*+'+%" ( ". ( 0'% ( ,$:6'6"%
&-6'#S'(.-(O'(%$6-(0$*"+'6'J(L:"(0'%(2:"+R'%(6"(0'()($*&4%)#@%$+6,%4)(,-M$".R'.
'(,-M8-."+(%:(8+-8$-(8'$%'Q"("T,0:%$#-N

*AB

4'(O$%&-+$'(L:"('M".'R'('("%&"(M:.6-(,+"8:%,:0'+("%(&'M*$E.(0'(2:"+R'(L:"
8:"6" ( %-M"&"+ ( "0( "%8',$- ( '0( &$"M8- ( #$#$6-N ( 4' ( +"#-0:,$1. ( 8+-0"&'+$' ( "% ( "%&'
4,H+%4) # '* # 2) # 3*-3,)1H) # @(.)&)( ' ( &+'#E% ( 6" ( 0' ( ,:'0 ( 0-% ( $.6$#$6:-% ( < ( 0'%
,-M:.$6'6"% ( 6"*". ( ,-.%&+:$+ ( 0-% ( 0:K'+"% ( < ( 0-% ( ',-.&",$M$".&-% ( L:"
,-++"%8-.6". ( ' ( 0' ( '8+-8$',$1.J ( .- ( <' ( %-0'M".&" ( 6" ( %: ( &+'*'Q-J ( %$.- ( 6" ( %:
O$%&-+$'(&-&'0N(7.("%&"("%8',$-(M-#"6$R-(6"0(Q:"K-(<(6"(0'%(#'+$',$-."%("0"K$6'%
6"0 ( Q:"K- ( %" ( 8:"6" ( +"".,-.&+'+ ( 0' ( ':&-.-MS' ( 6"0 ( 0:K'+ ( %$. ( +"$.&+-6:,$+ ( :.'
#$.,:0',$1.("T,0:%$#'('0(%:"0-(<(,-.("00-(+",-*+'+(0'(+"'0$6'6(6"0(#$'Q"J(<(6"(0'
#$6'(,-M8+".6$6'(,-M-(:.(#$'Q"(L:"(&$"."(".(%S(M$%M-(&-6-(%:(%".&$6-N

*AC

4' ( M'<-+ ( $6"' ( +"#-0:,$-.'+$' ( +"2"+".&" ( '0 ( :+*'.$%M- ( .- ( "% ( "00' ( M$%M'
:+*'.S%&$,'J(&",.-01K$,'(-("%&E&$,'N(7%(0'(6",$%$1.(6"(+",-.%&+:$+(S.&"K+'M".&"
"0(&"++$&-+$-(%"KP.(0'%(.","%$6'6"%(6"(8-6"+(6"(0-%([-.%"Q-%(6"(&+'*'Q'6-+"%J
6"(0' ('%4+)'(,)#)&+%M*$+)+)2( 6"0(8+-0"&'+$'6-J(6"0(6$90-K-("Q",:&-+$-N(`("0(8-6"+
6"(0-%([-.%"Q-%J(L:"(.-(8:"6"(%"+("2",&$#-(M9%(L:"(&+'.%2-+M'.6-(0'(&-&'0$6'6
6"(0'%(,-.6$,$-."%("T$%&".&"%J(.-(8-6+9('%"K:+'+%"(:.'(&'+"'(M".-+(%$(L:$"+"
%"+(+",-.-,$6-(<(,*4-&-4*,$*#)#$H#.%$.-(".(%:(M:.6-N

!"#$%&'()B

+")2-W"/012)I)-')/(2,&3()4-)'")/&'%&."

!`\%:%,*.-$ # $(1%4%*&+* # /),) # :*, # (&) # ,*:-2(4%6& # /-2H+%4)a # `X-%-&+-%5 # 2-$

4-&+*./-,D&*-$ # '* # *$+-$ # )2*.)&*$a # O.%3- # .H-5 # ($+*' # 4,** # 2- # 7(* # '*$*)
4,**,000#C()&'-#$*#<(F3)#O2*.)&%)#$*3=&#$(#@%$+-,%)#/,*$*&+*5#&-#.*#'%$4(+%,D
($+*'#7(*#+-')#$(#@%$+-,%)#*$+D#1)2$%1%4)')#?#7(*#+-')#$(#:%')#/=A2%4)#)4+()2#&-
,*/,*$*&+) # *2 # *$+)'- # ,*)2 # '*2 # /(*A2-0 # B*) # 2-$ # /*,%6'%4-$ # 7(* # ($+*' # 7(%*,)5
4-&:9&F)$*#'*#7(*#&-#$*#'*<)#'*#4*2*A,),#M?#($+*'#)'.%+%,D#7(*#2)#4*&$(,)#&-
%./%'* # ) # &)'%* # *2 # '*<), # '* # @)4*,2-M # 2) # 2%A*,+)' # ? # 2) # 1*2%4%')' # &)4%-&)2 # 7(*
/-$**.-$000!#

8&W-J(C),+)#)#;),GJ(M'+R-(6"(3a]WN

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((_?

*BD

4'(,:0&:+'("%(0'("%2"+'(K"."+'0(6"0(,-.-,$M$".&-(<(6"(0'%(+"8+"%".&',$-."%(6"
0-(#$#$6-(".(0'(%-,$"6'6(O$%&1+$,'(6$#$6$6'(".(,0'%"%V(0-(L:"(#$"."('(6",$+(L:"("%
"0 ( 8-6"+ ( 6" ( K"."+'0$R',$1. ( "T$%&$".6- ()/),+*J ( ,-M- ( 6$#$%$1. ( 6"0 ( &+'*'Q-
$.&"0",&:'0(<(&+'*'Q-($.&"0",&:'0(6"(0'(6$#$%$1.N(4'(,:0&:+'(%"(O'(6"%8+".6$6-(6"
0'(:.$6'6(6"(0'(%-,$"6'6(6"0(M$&-J(,:'.6-(^"0(8-6"+(6"(:.$2$,',$1.(6"%'8'+","
6" ( 0' ( #$6' ( 6"0 ( O-M*+" ( < ( 0-% ( ,-.&+'+$-% ( 8$"+6". ( %: ( +"0',$1. ( <( %: ( $.&"+',,$1.
#$#$".&"%(<('6L:$"+".(':&-.-MS'NNN^(>b%1*,*&4%)#*&+,*#2-$#$%$+*.)$#'*#Y%4@+*#?
J4@*22%&3BN ( Z0 ( K'.'+ ( %: ( $.6"8".6".,$'J ( 0' ( ,:0&:+' ( ,-M$".R' ( :. ( M-#$M$".&-
$M8"+$'0$%&' ( 6" ( ".+$L:",$M$".&- ( L:" ( "% ( '0 ( M$%M- ( &$"M8- ( "0 ( -,'%- ( 6" ( %:
$.6"8".6".,$'N(4'(O$%&-+$'(L:"(,+"'(0'(':&-.-MS'(+"0'&$#'(6"(0'(,:0&:+'(<(0'%
$0:%$-."%($6"-01K$,'%(%-*+"("%&'(':&-.-MS'(%"("T8+"%'.(&'M*$E.(,-M-(O$%&-+$'
6" ( 0' ( ,:0&:+'N ( ` ( &-6' ( 0' ( O$%&-+$' ( ,-.L:$%&'6-+' ( 6" ( 0' ( ,:0&:+' ( 8:"6" ( %"+
,-M8+".6$6'(,-M-(0'(O$%&-+$'(6"(0'(+"#"0',$1.(6"(%:($.%:2$,$".,$'J(,-M-(:.'
M'+,O' ( O',$' ( %: ( ':&-%:8+"%$1.N ( 4' ( ,:0&:+' ( "% ( "0 ( 0:K'+ ( 6-.6" ( %" ( *:%,' ( 0'
:.$6'6 ( 8"+6$6'N ( 7. ( "%&' ( *P%L:"6' ( 6" ( 0' ( :.$6'6J ( 0' ( ,:0&:+' ( ,-M- ( "%2"+'
%"8'+'6'("%&9(-*0$K'6'('(."K'+%"('(%S(M$%M'N

*B*

4'(0:,O'(".&+"(0'(&+'6$,$1.(<(0'($..-#',$1.J(L:"("%("0(8+$.,$8$-(6"0(6"%'++-00-
$.&"+.-(6"(0'(,:0&:+'(6"(0'%(%-,$"6'6"%(O$%&1+$,'%J(.-(8:"6"(8+-%"K:$+%"(M9%
L:"('(&+'#E%(6"(0'(#$,&-+$'(8"+M'.".&"(6"(0'($..-#',$1.N(F"+-(0'($..-#',$1.(".
0'(,:0&:+'("%(','++"'6'(.'6'(M9%(L:"(8-+("0(M-#$M$".&-(O$%&1+$,-(&-&'0(L:"J('0
&-M'+(,-.,$".,$'(6"(%:(&-&'0$6'6J(&$".6"('(%:8"+'+(%:%(8+-8$'%(8+"%:8-%$,$-."%
,:0&:+'0"%(<(#'(O',$'(0'(%:8+"%$1.(6"(&-6'(%"8'+',$1.N

*B<

70($M8:0%-(6"(0-%(,-.-,$M$".&-%(6"(0'(%-,$"6'6J(L:"(,-.&$"."(0'(,-M8+".%$1.
6"(0'(O$%&-+$'(,-M-(.P,0"-(6"(0'(,:0&:+'J(&-M'(6"(%S(M$%M-(:.(,-.-,$M$".&-(%$.
#:"0&' ( '&+9% ( L:" ( %" ( O' ( "T8+"%'6- ( 8-+ ( 0' ( 6"%&+:,,$1. ( 6" ( =$-%N ( F"+- ( "%&'
^,-.6$,$1. (8+$M"+' (6" (&-6' (,+S&$,'^ ("%( &'M*$E. (0'(-*0$K',$1. (8+$M"+' (6" (:.'
,+S&$,' ( $.2$.$&'N ( Z00S ( 6-.6" ( .$.K:.' ( +"K0' ( 6" ( ,-.6:,&' ( 8:"6" ( <' ( M'.&"."+%"J
,'6' (,*$(2+)'-( 6" ( 0' ( ,:0&:+' ( 0' ( O'," ( '#'.R'+ ( O',$' ( %: ( 6$%-0:,$1.N ( [-M- ( 0'
2$0-%-2S' ( ". ( "0 ( M-M".&- ( ". ( L:" ( O' ( ,-.%"K:$6- ( %: ( 80".' ( ':&-.-MS'J ( &-6'
6$%,$80$.' (6"#".$6' (':&1.-M' (6"*" (6"%80-M'+%"J (".(8+$M"+(0:K'+(".(,:'.&-
8+"&".%$1.(6"("T80$,',$1.(,-O"+".&"(6"(0'(&-&'0$6'6(%-,$'0J(<(2$.'0M".&"($.,0:%-
".(,:'.&-($.%&+:M".&',$1.(8'+,"0'+$'(:&$0$R'*0"(6".&+-(6"(%:%(8+-8$'%(2+-.&"+'%N
4'(1)2+)#'*#,)4%-&)2%')'(6"(0'(,:0&:+'(%"8'+'6'("%("0("0"M".&-(L:"(0'(,-.6".'('
6"%'8'+","+J ( 8:"%&- ( L:" ( ". ( "00' ( 0' ( #$,&-+$' ( 6" ( 0- ( +',$-.'0 ( <' ( "%&9 ( 8+"%".&"
,-M-("T$K".,$'N

*B=

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@c

4' (,:0&:+' ( "M"+K$1( 6"( 0'( O$%&-+$' (L:" ( O' ( 6$%:"0&- ("0( M-6- (6" (#$6'( 6"0( #$"Q-
M:.6-J(8"+-(".(&'.&-(L:"("%2"+'(%"8'+'6'(.-("%(&-6'#S'(%$.-(0'($.&"0$K".,$'(<
0' ( ,-M:.$,',$1. ( %".%$*0" ( L:" ( %$K:". ( %$".6- ( 8'+,$'0"% ( ". ( :.' ( %-,$"6'6
/),4%)2.*&+*#@%$+6,%4)N(7%("0(%".&$6-(6"(:.(M:.6-(6"M'%$'6-(8-,-(%".%'&-N

*B>

70(2$.(6"(0'(O$%&-+$'(6"(0'(,:0&:+'(%"(M'.$2$"%&'(M"6$'.&"(6-%(8"+2$0"%(-8:"%&-%\
"0 ( 8+-<",&- ( 6" ( %: ( %:8"+',$1. ( ". ( 0' ( O$%&-+$' ( &-&'0 ( < ( 0' ( -+K'.$R',$1. ( 6" ( %:
M'.&".$M$".&- ( ,-M- ( -*Q"&- ( M:"+&- ( ". ( 0' ( ,-.&"M80',$1. ( "%8",&',:0'+N ( 70
8+$M"+-(6"("%&-%(M-#$M$".&-%(O'(:.$6-(%:(%:"+&"('(0'(,+S&$,'(%-,$'0J(<("0(-&+-('
0'(6"2".%'(6"0(8-6"+(6"(,0'%"N

*B?

['6'(:.-(6"(0-%(6-%(2+".&"%(6"0(2$.(6"(0'(,:0&:+'("T$%&"(6"(:.(M-6-(:.$&'+$-J
&'.&-(".(&-6-%(0-%('%8",&-%(6"(0-%(,-.-,$M$".&-%(,-M-(".(&-6-%(0-%('%8",&-%
6" ( 0'% (+"8+"%".&',$-."% ( %".%$*0"% ( G". ( 0-( L:"( "+' ("0 (),+*( ". ( "0( %".&$6- (M9%
K"."+'0N ( 7. ( "0 ( 8+$M"+ ( ,'%- ( %" ( -8-.". ( 0' ( ',:M:0',$1. ( 6" ( ,-.-,$M$".&-%
2+'KM".&'+$-% ( L:" ( %" ( #:"0#". ( $.:&$0$R'*0"%J ( 8-+L:" ( 0' ()/,-A)4%6&( 6" ( 0'%
,-.6$,$-."%("T$%&".&"%(6"*"(2$.'0M".&"(,*&(&4%),#)#$($#/,-/%-$#4-&-4%.%*&+-$J
<(0'(&"-+S'(6"(0'(8+'T$%(L:"(6"&".&'(".(%-0$&'+$-(0'(#"+6'6(6"(&-6-%("00-%(8-+(%"+
0'(P.$,'(L:"(6"&".&'("0(%",+"&-(6"(%:(:%-N(7.("0(%"K:.6-(,'%-(%"(-8-.".(0'
':&-6"%&+:,,$1. ( ,+S&$,' ( 6"0 ( '.&$K:- (2*&3()<* # 4-.=&( 6" ( 0' ( %-,$"6'6 ( < ( %:
+",-M8-%$,$1.('+&$2$,$'0(".("0("%8",&9,:0-(M"+,'.&$0J(0'(+"8+"%".&',$1.($0:%-+$'
6"(0-(.-G#$#$6-N

*B@

Z0(8"+6"+(0'(,-M:.$6'6(6"(0'(%-,$"6'6(6"0(M$&-J(0'(%-,$"6'6(6"*"(8"+6"+(&-6'%
0'%(+"2"+".,$'%(6"(:.(0".K:'Q"(+"'0M".&"(,-MP.J(O'%&'("0(M-M".&-(".(L:"(0'
"%,$%$1.(6"(0'(,-M:.$6'6($.',&$#'(8:"6"(%"+(%:8"+'6'(M"6$'.&"("0(',,"%-('(0'
+"'0(,-M:.$6'6(O$%&1+$,'N(70('+&"J(L:"(2:"("%"(0".K:'Q"(,-MP.(6"(0'($.',,$1.
%-,$'0J ( 6"%6" ( L:" ( %" ( ,-.%&$&:<" ( ,-M- ( '+&" ( $.6"8".6$".&" ( ". ( "0 ( %".&$6-
M-6"+.-J ( "M"+K$".6- ( 6" ( %: ( 8+$M"+ ( :.$#"+%- ( +"0$K$-%- ( < ( 00"K'.6- ( ' ( %"+
8+-6:,,$1.($.6$#$6:'0(6"(-*+'%(%"8'+'6'%J("T8"+$M".&'J(,-M-(,'%-(8'+&$,:0'+J
"0(M-#$M$".&-(L:"(6-M$.'(0'(O$%&-+$'(6"0(,-.Q:.&-(6"(0'(,:0&:+'(%"8'+'6'N(5:
'2$+M',$1.($.6"8".6$".&"("%("0(,-M$".R-(6"(%:(6$%-0:,$1.N

*BA

70(O",O-(6"(L:"("0(0".K:'Q"(6"(0'(,-M:.$,',$1.(%"(O'(8"+6$6-J(O"('L:S(0-(L:"
"T8+"%' (/-$%+%:).*&+*( "0 ( M-#$M$".&- ( 6" ( 6"%,-M8-%$,$1. ( M-6"+.' ( 6" ( &-6-
'+&"J(%:('.$L:$0',$1.(2-+M'0N(4-(L:"("%&"(M-#$M$".&-("T8+"%'(."K'&$#'M".&"("%
"0 ( O",O- ( 6" ( L:" ( 6"*" ( +"".,-.&+'+%" ( :. ( 0".K:'Q" ( ,-MP. ( G.- ( <' ( ". ( 0'
,-.,0:%$1.(:.$0'&"+'0(L:"J(8'+'("0('+&"(6"(0'(%-,$"6'6(O$%&1+$,'J(22*3)A)#$%*./,*
'*.)$%)'-#+),'*J(O'*0'.6-()#-+,-$(6"(0-(L:"(O'(%$6-(#$#$6-(%$.(6$90-K-(+"'0J(<
'6M$&$".6-("%&'(6"2$,$".,$'(6"(0'(#$6'GJ(8"+-(L:"(6"*"(%"+(+"".,-.&+'6-(".(0'
8+'T$%J(L:"(+"P."(".(%S(M$%M'(0'(',&$#$6'6(6$+",&'(<(%:(0".K:'Q"N(5"(&+'&'(6"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@3

8-%""+("2",&$#'M".&"(0'(,-M:.$6'6(6"0(6$90-K-(<("0(Q:"K-(,-.("0(&$"M8-(L:"
O'.(%$6-(,*/,*$*&+)'-$(8-+(0'(-*+'(8-E&$,-G'+&S%&$,'N

*BB

[:'.6- ( "0 ( '+&" ( $.6"8".6$R'6- ( +"8+"%".&' ( %: ( M:.6- ( ,-. ( %:% ( ,-0-+"%

+"%80'.6",$".&"%J ( :. ( M-M".&- ( 6" ( 0' ( #$6' ( O' ( ".#"Q",$6- ( < ( .- ( %" ( 6"Q'
+"Q:#".","+(,-.(,-0-+"%(+"%80'.6",$".&"%N(510-(%"(6"Q'("#-,'+(".("0(+",:"+6-N
4'(K+'.6"R'(6"0('+&"(.-(,-M$".R'('('8'+","+(O'%&'("0(,+"8P%,:0-(6"(0'(#$6'N(

*BC

70(&$"M8-(O$%&1+$,-(L:"($.#'6"("0('+&"(%"("T8+"%1(8+$M"+'M".&"(".(0'("%2"+'
M$%M'(6"0('+&"('(8'+&$+(6"0(A),,-4-N(70(*'++-,-("%("0('+&"(6"(:.(M:.6-(L:"(O'
8"+6$6-(%:(,".&+-\("0(P0&$M-(-+6".(MS&$,-(+",-.-,$6-(8-+(0'("6'6(M"6$'J(".("0
,-%M-%(<(".("0(K-*$"+.-(&"++"%&+"(G0'(:.$6'6(6"(0'([+$%&$'.6'6(<("0(2'.&'%M'(6"
:.(mM8"+$-G(O'(,'S6-N(70('+&"(6"0(,'M*$-(6"*"(00"#'+(".(%S("0(8+$.,$8$-("2SM"+-
L:"(6"%,:*+"(".("0(M:.6-N(j'("0"K$6-J(6$,"(7:K".$-(6p)+%J(^0'(#$6'(,-.&+'(0'
"&"+.$6'6^N(70(&"'&+-(<(0'(2$"%&'J(0'(2$"%&'(&"'&+'0J(%-.(0-%(M-M".&-%(6-M$.'.&"%
6"(0'(+"'0$R',$1.(*'++-,'J(".(0'(,:'0(.$.K:.'("T8+"%$1.('+&S%&$,'(8'+&$,:0'+(&-M'
%:(%".&$6-(M9%(L:"(8-+(%:(+"2"+".,$'('0(6",-+'6-(6"(:.(0:K'+(,-.%&+:$6-J('(:.'
,-.%&+:,,$1.(L:"(6"*"(%"+(".(%S(M$%M'("0(,".&+-(6"(:.$2$,',$1.V(<("%&"(,".&+-
"%("0 (/)$)<*J(L:"(%"($.%,+$*"(,-M-(:.("L:$0$*+$-('M".'R'6-(".("0(6"%-+6".
6$.9M$,-(6"(&-6-N(4'($M8-+&'.,$'J('(#","%("T,"%$#'J('6L:$+$6'(8-+("0(,-.,"8&-
6" ( *'++-,- ( ". ( 0' ( 6$%,:%$1. ( "%&E&$,' ( ,-.&"M8-+9."' ( &+'6:," ( 0' ( &-M' ( 6"
,-.,$".,$'(6"(0'($M8-%$*$0$6'6(6"(:.(,0'%$,$%M-('+&S%&$,-\(0-%("%2:"+R-%(".(2'#-+
6"(:.(,0'%$,$%M-(-(."-,0'%$,$%M-(.-+M'&$#-%J(6"%8:E%(6"(&+"%(%$K0-%J(.-(O'.
%$6- ( %$.- ( *+"#"% ( ,-.%&+:,,$-."% ( 2$,&$,$'% ( O'*0'.6- ( "0 ( 0".K:'Q" ( "T&"+$-+ ( 6"0
7%&'6-J("0(6"(0'(M-.'+L:S'('*%-0:&'(-("0(6"(0'(*:+K:"%S'(+"#-0:,$-.'+$'(#"%&$6'
'(0'(+-M'.'N(="%6"("0(+-M'.&$,$%M-('0(,:*$%M-(%"(&+'&'(2$.'0M".&"(6"(:.('+&"
,'6' ( #"R ( M9% ( $.6$#$6:'0$R'6- ( 6" ( 0' ( ."K',$1.J ( +".-#9.6-%" ( 8"+8"&:'M".&"
O'%&'(0'(6$%K+"K',$1.(<(0'(."K',$1.(,-.%:M'6'%(6"(0'("%2"+'('+&S%&$,'J(L:"(O'
%"K:$6-("0(,:+%-(K"."+'0(6"0(*'++-,-N(4'(6"%'8'+$,$1.(6"0('+&"(O$%&1+$,-(L:"
"%&'*'(0$K'6-('(0'(,-M:.$,',$1.($.&"+.'(6"(:.'(E0$&"J(L:"(&".S'(%:(*'%"(%-,$'0
%"M$G$.6"8".6$".&"(".(0'%(,-.6$,$-."%(8'+,$'0M".&"(0P6$,'%(#$#$6'%(&-6'#S'(8-+
0'% ( P0&$M'% ( '+$%&-,+',$'%J ( &+'6:," ( &'M*$E. ( "0 ( O",O- ( 6" ( L:" ( "0 ( ,'8$&'0$%M-
,-.-,"("0(8+$M"+(8-6"+(6"(,0'%"(L:"(%"(6",0'+'(6"%8-Q'6-(6"(&-6'(,:'0$6'6
-.&-01K$,'\ (<(,:<-( 8-6"+( ".+'$R'6- (".(0'(%$M80" (K"%&$1. (6"(0'(",-.-MS' ("%
$K:'0M".&" ( 0' ( 8E+6$6' ( 6" (&-6' ($-A*,)&H)( O:M'.'N ( 70 (,-.Q:.&- ( *'++-,-J ( L:"
8'+'(0'(4,*)4%6&('+&S%&$,'("%(&'M*$E.(:.'(:.$6'6(8"+6$6'(O',"(M:,O-(&$"M8-J
%" ( +"".,:".&+' ( 6" ( '0K:.' (M'."+' (". ("0 (4-&$(.-( ',&:'0 ( 6" ( 0' ( &-&'0$6'6 (6"0
8'%'6-('+&S%&$,-N(70(,-.-,$M$".&-(<("0(+",-.-,$M$".&-(O$%&1+$,-%(6"(&-6-("0('+&"
6"0(8'%'6-J(+"&+-%8",&$#'M".&"(,-.%&$&:$6-(".('+&"(M:.6$'0J(0-(+"0'&$#$R'.(".(:.
6"%-+6". (K0-*'0 (L:"(,-.%&$&:<"('(%:(#"R(:.("6$2$,$- (*'++-,-('(:.(.$#"0(M9%
"0"#'6-J ("6$2$,$- ( ". ( "0 ( ,:'0 (6"*". ( 2:.6$+%" ( 0' (8+-6:,,$1. ( M$%M' ( 6" ( :. ( '+&"
*'++-,-(<(&-6-%(%:%(+"%:+K$M$".&-%N(4'%('+&"%(6"(&-6'%(0'%(,$#$0$R',$-."%(<(6"
&-6'%(0'%(E8-,'%J(8-+(8+$M"+'(#"RJ(8:"6".(%"+(&-6'%(,-.-,$6'%(<('6M$&$6'%(".
,-.Q:.&-N ( 7% ( :.' ( ^,-0",,$1. ( 6" ( +",:"+6-%^ ( 6" ( 0' ( O$%&-+$' ( 6"0 ( '+&" ( L:"J ( '0
O',"+%"(8-%$*0"J("%(&'M*$E. (*2#1%&#'*2#.(&'-#'*2#),+*N(7.("%&'(E8-,'(6"(0-%
M:%"-%J ( ,:'.6- ( <' ( .$.K:.' ( ,-M:.$,',$1. ( '+&S%&$,' ( 8:"6" ( "T$%&$+J ( &-6-% ( 0-%

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@I

M-M".&-%('.&$K:-%(6"0('+&"(8:"6".(%"+($K:'0M".&"('6M$&$6-%J(8:"%(.$.K:.-
6" ( "00-% ( 8'6"," ( <' ( '.&" ( 0' ( 8E+6$6' ( 6" ( %:% ( ,-.6$,$-."% ( 6" ( ,-M:.$,',$1.
8'+&$,:0'+"% ( ". ( 0' ( 8E+6$6' ( ',&:'0 ( 6" ( 0'% ( ,-.6$,$-."% ( 6" ( ,-M:.$,',$1. (*&
3*&*,)2N

*CD

70 ( '+&" ( ". ( %: ( E8-,' ( 6" ( 6$%-0:,$1.J ( ". ( &'.&- ( L:" ( M-#$M$".&- ( ."K'&$#- ( L:"
8"+%$K:"(0'(%:8"+',$1.(6"0('+&"(".(:.'(%-,$"6'6(O$%&1+$,'(6-.6"(0'(O$%&-+$'(.-
"%(#$#$6'(&-6'#S'J("%('(0'(#"R(:.('+&"(6"0(,'M*$-(<(0'("T8+"%$1.(8:+'(6"0(,'M*$-
$M8-%$*0"N ( [:'.&- ( M9% ( K+'.6$-%' ( "% ( %: ( "T$K".,$'J ( M9% ( %" ( '0"Q' ( 6" ( E0 ( %:
#"+6'6"+'(+"'0$R',$1.N(7%&"('+&"("%(2-+R-%'M".&"(6"(:)&3(),'%)(<(&-#2-#*$N(5:
#'.K:'+6$'("%(%:(6"%'8'+$,$1.N

*C*

70(6'6'S%M-(<("0(%:++"'0$%M-(%-.(0'%(6-%(,-++$".&"%(L:"(M'+,'+-.("0(2$.(6"0('+&"
M-6"+.-N ( 5-.J ( ':.L:" ( %10- ( 6" ( M'."+' ( +"0'&$#'M".&" ( ,-.%,$".&"J
,-.&"M8-+9."-% ( 6" ( 0' ( P0&$M' ( K+'. ( -2".%$#' ( 6"0 ( M-#$M$".&- ( +"#-0:,$-.'+$-
8+-0"&'+$-V ( < ( "0 ( 2+','%- ( 6" ( "%&" ( M-#$M$".&-J ( L:" ( 0"% ( 6"Q1 ( ".,"++'6-% ( ". ( "0
M$%M- ( ,'M8- ( '+&S%&$,- ( ,:<' ( ,'6:,$6'6 ( O'*S'. ( 8+-,0'M'6-J ( "% ( 0' ( +'R1.
2:.6'M".&'0(6"(%:($.M-#$0$R',$1.N(70(6'6'S%M-(<("0(%:++"'0$%M-("%&9.('(0'(#"R
0$K'6-%(<(".(-8-%$,$1.N(7.("%&'(-8-%$,$1.(L:"(,-.%&$&:<"(&'M*$E.(8'+'(,'6'
:.-(6"("00-%(0'(8'+&"(M9%(,-.%",:".&"(<(+'6$,'0(6"(%:('8-+&',$1.('8'+","(0'
$.%:2$,$".,$'($.&"+.'(6"(%:(,+S&$,'J(6"%'++-00'6'(&'.&-(8-+("0(:.-(,-M-(8-+("0(-&+-
6"(:.(M-6-(:.$0'&"+'0N(70(6'6'$%M-(O'(L:"+$6-($(/,%.%,#*2#),+*#$%&#,*)2%F),2-V(<
"0 ( %:++"'0$%M- ( O' ( L:"+$6- (,*)2%F), # *2 # ),+* # $%& # $(/,%.%,2-N ( 4' ( 8-%$,$1. ( ,+S&$,'
"0'*-+'6' ( 6"%8:E% ( 8-+ ( 0-% ($%+()4%-&%$+)$( M-%&+1 ( L:" ( 0' ( %:8+"%$1. ( < ( 0'
+"'0$R',$1.(6"0('+&"(%-.(0-%('%8",&-%($.%"8'+'*0"%(6"(:.'(M$%M' ($(/*,)4%6&
'*2#),+*N

*C<

70(,-.%:M-("%8",&',:0'+(L:"(,-.%"+#'(0'('.&$K:'(,:0&:+'(,-.K"0'6'J($.,0:$6'(0'
+"8"&$,$1. ( +",:8"+'6' ( 6" ( %:% ( M'.$2"%&',$-."% ( ."K'&$#'%J ( 00"K' ( ' ( %"+
'*$"+&'M".&"(".(%:(%",&-+(,:0&:+'0(0-(L:"("%($M80S,$&'M".&"(".(%:(&-&'0$6'6\(0'
4-.(&%4)4%6& # '* # 2- # %&4-.(&%4)A2*N ( Z00S ( 0' ( 6"%&+:,,$1. ( "T&+"M' ( 6"0 ( 0".K:'Q"
8:"6" ( ".,-.&+'+%" ( #:0K'+M".&" ( +",-.-,$6' ( ,-M- ( :. ( #'0-+ ( 8-%$&$#- ( -2$,$'0J
8:"%&- (L:" (%"( &+'&' (6" (8:*0$,$&'+ (:.' (+",-.,$0$',$1. (,-. ("0( "%&'6- ( 6"( ,-%'%
6-M$.'.&"J ( ". ( "0 ( ,:'0 ( &-6' ( ,-M:.$,',$1. ( "% ( Q:*$0-%'M".&" ( 8+-,0'M'6'
':%".&"N(4'(#"+6'6(,+S&$,'(6"("%&'(6"%&+:,,$1.J(".(&'.&-(L:"(#$6'(+"'0(6"(0'
8-"%S'(<(6"0('+&"(M-6"+.-%J("%("#$6".&"M".&"(-,:0&'6'J(8:"%("0("%8",&9,:0-J
L:" ( &$"." ( 0' ( 2:.,$1. ( 6" (@)4*, # -2:%'), # 2) # @%$+-,%) # *& # 2) # 4(2+(,)J ( '80$,' ( ". ( 0'
%":6-G.-#"6'6 ( 6" ( %:% ( M"6$-% ( M-6"+.$%&'% ( 0' ( M$%M' ( "%&+'&"K$' ( L:" ( 0-
,-.%&$&:<"(".(8+-2:.6$6'6N(Z%S(8:"6"(8+"%".&'+%"(,-M-(.:"#'(:.'("%,:"0'(6"
."-G0$&"+'&:+'(L:"('6M$&"(%$M80"M".&"(L:"(,-.&"M80'(0-("%,+$&-(8-+(%S(M$%M-N
F-+(-&+'(8'+&"J(Q:.&-('(0'(%$M80"(8+-,0'M',$1.(6"(0'(*"00"R'(L:"(%"(8+"%:M"
%:2$,$".&"(6"(0'(6$%-0:,$1.(6"(0-(,-M:.$,'*0"J(0'(&".6".,$'(M9%(M-6"+.'(6"(0'
,:0&:+' ( "%8",&',:0'+ ( G ( < ( 0' ( M9% ( #$.,:0'6' ( ,-. ( 0' ( 8+9,&$,' ( +"8+"%$#' ( 6" ( 0'
-+K'.$R',$1.(6"(0'(%-,$"6'6(G(*:%,'(+",-M8-."+J(8-+(M"6$-(6"(^&+'*'Q-%(6"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@W

"L:$8-^J ( :. ( M"6$- ( ."-G'+&S%&$,- ( ,-M80"Q- ( ' ( 8'+&$+ ( 6" ( "0"M".&-%

6"%,-M8:"%&-%V(8'+&$,:0'+M".&"(".(0'%(*P%L:"6'%(6"($.&"K+',$1.(6"(+"%$6:-%
'+&S%&$,-%(-(OS*+$6-%("%&E&$,-G&E,.$,-%(".("0(:+*'.$%M-N(7%&-("%(0'(&+'6:,,$1.J(".
"0(80'.-(6"(0'(%":6-G,:0&:+'("%8",&',:0'+J(6"0(8+-<",&-(K"."+'0(6"0(,'8$&'0$%M-
6"%'++-00'6- ( L:" ( &$".6" ( ' ( +",:8"+'+ ( '0 ( &+'*'Q'6-+ ( 8'+,"0'+$- ( ,-M-
^8"+%-.'0$6'6(*$".($.&"K+'6'(".("0(K+:8-^J(&".6".,$'(6"%,+$&'(8-+(0-%(%-,$10-K-%
.-+&"'M"+$,'.-% ( +",$".&"% ( >!$"%M'.J ( qO<&"J ( "&,NBN ( 7% ( ". ( &-6'% ( 8'+&"% ( "0
M$%M-(8+-<",&-(6"(:.'(,**$+,(4+(,)4%6&#$%&#4-.(&%')'N

*C=

4'(,:0&:+'($.&"K+'0M".&"(,-.#"+&$6'(".(M"+,'.,S'(6"*"(&'M*$E.(8'%'+('(%"+(0'
M"+,'.,S' ( #"6"&&" ( 6" ( 0' ( %-,$"6'6 ( "%8",&',:0'+N ( [0'+g ( h"++J ( :.- ( 6" ( 0-%
$6"10-K-% ( M9% ( '#'.R'6-% ( 6" ( "%&' ( &".6".,$'J ( O' ( ,'0,:0'6- ( L:" ( "0 ( ,-M80"Q-
8+-,"%-(6"(8+-6:,,$1.J(6$%&+$*:,$1.(<(,-.%:M-(6" (2-$#4-&-4%.%*&+-$( ','8'+'
<'('.:'0M".&"("0(I?(8-+(3cc(6"0(8+-6:,&-(.',$-.'0(6"(0-%(7%&'6-%(f.$6-%V(<
8+"#E(L:"(0'(,:0&:+'(6"*"(&"."+(".(0'(%"K:.6'(M$&'6(6"("%&"(%$K0-("0(+-0(M-&-+
".("0(6"%'++-00-(6"(0'(",-.-MS'J(L:"(2:"("0(6"0(':&-M1#$0(".(%:(8+$M"+'(M$&'6J(<
"0(6"(0-%(2"++-,'++$0"%(".(0'(%"K:.6'(M$&'6(6"0(%$K0-(8+","6".&"N

*C>

70 ( ,-.Q:.&- ( 6" ( ,-.-,$M$".&-% ( L:" ( ,-.&$.P'. ( 6"%'++-009.6-%" ( ',&:'0M".&"

,-M- ( 8".%'M$".&- ( 6"0 ( "%8",&9,:0- ( 6"*" ( Q:%&$2$,'+ ( :.' ( %-,$"6'6 ( %$.
Q:%&$2$,',$-."%(<(,-.%&$&:$+%"(".(,$".,$'(K"."+'0(6"(0'(2'0%'(,-.,$".,$'N(700'("%&9
".&"+'M".&"(,-.6$,$-.'6'(8-+("0(O",O-(6"(L:"(.-(8:"6"(.$(L:$"+"(8".%'+(%:
8+-8$'(*'%"(M'&"+$'0(6".&+-(6"0(%$%&"M'("%8",&',:0'+N

*C?

70 ( 8".%'M$".&- ( 6" ( 0' ( -+K'.$R',$1. ( %-,$'0 ( 6" ( 0' ( '8'+$".,$' ( "%&9 ( E0 ( M$%M-
-%,:+",$6-(8-+(0'(%&1,)M4-.(&%4)4%6&(K"."+'0$R'6'(L:"(6"2$".6"N(X-(%'*"(L:"
"0(,-.20$,&-("%&9(".("0(-+$K".(6"(&-6'%(0'%(,-%'%(6"(%:(M:.6-N(4-%("%8",$'0$%&'%
6"0 ( 8-6"+ ( 6"0 ( "%8",&9,:0-J ( 8-6"+ ( '*%-0:&- ( ". ( "0 ( $.&"+$-+ ( 6" ( %: ( %$%&"M' ( 6"
0".K:'Q"(%$.(+"%8:"%&'J("%&9.('*%-0:&'M".&"(,-++-M8$6-%(8-+(%:("T8"+$".,$'
6"0 ( 6"%8+",$- ( < ( 6"0 ( ET$&- ( 6"0 ( 6"%8+",$- ( ,-.2$+M'6' ( 8-+ ( "0 ( ,-.-,$M$".&- ( 6"0
@-.A,*#'*$/,*4%)A2*(L:"("%(+"'0M".&"("0("%8",&'6-+N

*C@

7.("0(8".%'M$".&-("%8",$'0$R'6-(6"0(%$%&"M'("%8",&',:0'+(%"(-8"+'(:.'(.:"#'
6$#$%$1.(6"(&'+"'%('(M"6$6'(L:"("0(8"+2",,$-.'M$".&-(M$%M-(6"("%&"(%$%&"M'
80'.&"'(.:"#-%(8+-*0"M'%\(8-+(:.(0'6-(0'(4,H+%4)#*$/*4+)4(2),#'*2#*$/*4+D4(2-
"% ( "M8+".6$6' (8-+ ( 0' (%-,$-0-KS' ( M-6"+.' ( L:" ( "%&:6$' ( 0' ( %"8'+',$1. (,-. ( 0'
P.$,'('<:6'(6"(0-%($.%&+:M".&-%(,-.,"8&:'0"%(<(M'&"+$'0"%(6"(0'(%"8'+',$1.V
8-+(-&+-(0'6-(0'()/-2-3H)#'*2#*$/*4+D4(2-(%"(,-.%&$&:<"(".(8".%'M$".&-(6"0(.-G
8".%'M$".&-J(". ()$)2),%)'-#'*2#-2:%'-(6"(0'(8+9,&$,'(O$%&1+$,'J(".(0'%(6$#"+%'%
6$%,$80$.'%(6-.6"('++'$K'("0("%&+:,&:+'0$%M-(,-M- (-2:%'-#+%+(2)'-N(F-+(&'.&-J(0'
2'0%'(6"%"%8"+',$1.(6"(0'(,+S&$,'(.-(6$'0E,&$,'(<("0(2'0%-(-8&$M$%M-(6"(0'(%$M80"
8:*0$,$6'6(6"0(%$%&"M'(%-.($6E.&$,-%(".(&'.&-(L:"(8".%'M$".&-(%-M"&$6-N

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@]

*CA

4' ( %-,$-0-KS' ( L:" ( O' ( ,-M".R'6- ( ' ( 8-."+ ( ". ( 6$%,:%$-.J ( %-*+" ( &-6- ( ". ( 0-%
7%&'6-%(f.$6-%J(0'%(,-.6$,$-."%(6"("T$%&".,$'(L:"(".&+'U'("0(6"%'++-00-(',&:'0J
':.L:"(O'(8-6$6-('8-+&'+(M:,O-%(6'&-%("M8S+$,-%J(.-(,-.-,"(6"(.$.KP.(M-6-
0'(#"+6'6(6"(%:(8+-8$-(-*Q"&-J(8-+L:"(.-(".,:".&+'(".(%S(M$%M'(0'(,+S&$,'(L:"
0"("%($.M'.".&"N(="(%:"+&"(L:"(0'(&".6".,$'(%$.,"+'M".&"(+"2-+M$%&'(6"("%&'
%-,$-0-KS' ( .- ( %" ( '8-<' ( M9% ( L:" ( %-*+" ( 0' ( M-+'0J ( "0 ( %".&$6- ( ,-MP.J ( 0-%
00'M'M$".&-%('(0'(M"%:+'(&-&'0M".&"(%$.(%".&$6-J("&,N(C'0(M'."+'(6"(,+$&$,'+J
,-M-(.-(,-.-,"(0-(."K'&$#-(L:"("%("0(,-+'R1.(6"(%:(M:.6-J(.-(O',"(M9%(L:"
$.%$%&$+(".(0'(6"%,+$8,$1.(6"(:.'("%8",$"(6"("T,"6".&"(."K'&$#-(L:"(,-.%$6"+'
L:" ( 0" ( "%&-+*' ( 6"80-+'*0"M".&" ( ". ( %: ( '8'+$".,$' ( "T&"+$-+J ( ,-M- ( :.'
8+-0$2"+',$1. ( 8'+'%$&'+$' ( $++',$-.'0N ( 7%&' ( *:".' ( #-0:.&'6 ( $.6$K.'6'J ( L:" ( .$
%$L:$"+'(,-M-(&'0(,-.%$K:"(+"8+-*'+(M9%(L:"(0'%(,-.%",:".,$'%("T&"+$-+"%(6"0
%$%&"M'J(%"(,+""(,+S&$,'(-0#$6'.6-("0(,'+9,&"+("%".,$'0M".&"()/-2-39+%4-(6"(%:%
8+"%:8-%$,$-."%(<(6"(%:(ME&-6-N

*CB

i:$"."%(6".:.,$'.(0-('*%:+6-(-(0-%(8"0$K+-%(6"(0'($.,$&',$1.('0(6"%8$02'++-(".(0'
%-,$"6'6(6"(0'('*:.6'.,$'(",-.1M$,'(.-(%'*".(8'+'(L:E(%$+#"("0(6"%8$02'++-N
[-.6".'. ( ,-. ( $.K+'&$&:6J ( ". ( .-M*+" ( 6" ( 0' ( +',$-.'0$6'6 ( ",-.1M$,'J ( ' ( 0-%
*:".-% ( K:'+6$'."% ($++',$-.'0"% (%$. ( 0-% ( ,:'0"% ("0( 8-6"+ ( 6" ( "%&' (+',$-.'0$6'6
",-.1M$,' ( %" ( 6"++:M*'+S'N ( ` ( Y--+%&"$. ( 8-+ ( "Q"M80-J ( L:" ( 6"%,+$*" ( ". (B)
%.)3*&( "0 ( ,-.%:M- ( M"+,'.&$0 ( 6"0 ( "%8",&9,:0- ( 'M"+$,'.-J ( .- ( '0,'.R' ( '
2-+M:0'+(Q'M9%("0(,-.,"8&-(6"("%8",&9,:0-(8-+L:"(,+""(8-6"+(6"Q'+(2:"+'(6"
"%&' ( 6"%'%&+-%' ( "T'K"+',$1. ( 0' ( #$6' ( 8+$#'6'J ( - ( 0' ( .-,$1. ( 6" ( ^M"+,'.,S'
O-."%&'^N (X-( ,-M8+".6" (L:" ( 0'(M"+,'.,S' ( M$%M' ( O' (O",O- (0'%( 0"<"% ( ,:<'
'80$,',$1.(^O-."%&'^(6"*"(6'+(0:K'+(&'.&-('(0'(+"'0$6'6("%8",S2$,'(6"(0'(#$6'
8+$#'6'(,-M-(%:(:0&"+$-+(+",-.L:$%&'(8-+("0(,-.%:M-(%-,$'0(6"($M9K"."%N

*CC

Y--+%&"$. (6"%,+$*"( 0-%("T,"%-% (6"(:. (M:.6- (L:"(%"(.-% (O'(#:"0&-("T&+'U-

,-M- ("T,"%-% ("T&+'U-% ('(.:"%&+- (M:.6-N (F"+- (0'(*'%" (^.-+M'0^ (6" (0' (#$6'
%-,$'0J('(0'(,:'0(%"(+"2$"+"($M80S,$&'M".&"(,:'.6-(,'0$2$,'("0(+"$.-(%:8"+2$,$'0(6"
0'%($M9K"."%(".(&E+M$.-%(6"(Q:$,$-(8%$,-01K$,-(-(M-+'0(,-M-("0(8+-6:,&-(6"
^.:"%&+'%(8+"&".%$-."%("T&+'#'K'.&"%^J(.-(&$"."(.$.K:.'(+"'0$6'6(.$(".(%:(0$*+-
.$ ( ". ( %: ( E8-,'N ( [-M- ( 0' ( #$6' ( O:M'.' ( +"'0 ( 6" ( 0' ( L:" ( O'*0' ( Y--+%&"$. ( %"
".,:".&+'(8'+'(E0(".("0(8'%'6-J($.,0:$6-("0(8'%'6-(6"(0'(+"%$K.',$1.(+"0$K$-%'J
.-(8:"6"(,-M8+".6"+(&-6'(0'(8+-2:.6$6'6(6"(:.'(%-,$"6'6(6"(0'($M'K".N(4'
:*,')'(6"("%&'(%-,$"6'6(.-("%(-&+'(,-%'(L:"(0'(&*3)4%6&(6"("%&'(%-,$"6'6N

<DD

4' ( %-,$-0-KS' ( L:" ( ,+"" ( 8-6"+ ( '$%0'+ ( 6"0 ( ,-.Q:.&- ( 6" ( 0' ( #$6' ( %-,$'0 ( :.'
+',$-.'0$6'6 ( $.6:%&+$'0 ( L:" ( 2:.,$-.' ( '8'+&" ( 8:"6" ( 00"K'+ ( <' ( ' ( '$%0'+ ( 6"0
M-#$M$".&- ( $.6:%&+$'0 ( K0-*'0 (0'%( &E,.$,'% ( 6" (+"8+-6:,,$1. (<(&+'.%M$%$1.N (F-+
"%- ( Y--+%&"$. ( ".,:".&+' ( ,-M- ( ,':%' ( 6" ( 0-% ( +"%:0&'6-% ( L:" ( 6"%,+$*" ( 0'
,-.20:".,$' ( 0'M".&'*0"J ( ,'%$ ( 2-+&:$&'J ( 6" ( :. ( '8'+'&- ( &E,.$,- ( 6" ( 6$2:%$1. ( 6"

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@_

$M9K"."%(6"M'%$'6-(K+'.6"(<(6"(:.'("T,"%$#'('&+',,$1.(6"(0-%(O-M*+"%(6"
.:"%&+'(E8-,'(8-+(0-(%":6-G%".%',$-.'0N(="("%&"(M-6-("0("%8",&9,:0-(%"(6"*"
'0(O",O-(6"(L:"("0(O-M*+"(M-6"+.-(%"+S'(6"M'%$'6-("%8",&'6-+N(Y--+%&"$.(.-
,-M8+".6"(L:"(0'(8+-0$2"+',$1.(6"(^8%":6-G',-.&",$M$".&-%^(8+"2'*+$,'6-%(L:"
E0(6".:.,$'(6"+$#'(6"0(%$M80"(O",O-(6"(L:"(0-%(O-M*+"%J(".(0'(+"'0$6'6(M'%$#'
6" ( 0' (#$6'(%-,$'0 (',&:'0J ( .- ( #$#".( 8-+ ( "00-% (M$%M-% (0-% (',-.&",$M$".&-%N ( 7%
8-+L:"(0'(O$%&-+$'(M$%M'(',-%'('(0'(%-,$"6'6(M-6"+.'(,-M-(:.("%8",&+-(8-+(0-
L:"(".,-.&+'M-%(0'(%":6-GO$%&-+$'(,-.%&+:$6'(".(&-6-%(0-%(.$#"0"%(6"0(,-.%:M-
6"(0'(#$6'(8'+'(8+"%"+#'+("0("L:$0$*+$-('M".'R'6-(6"0(',&:'0(+%*./-#4-&3*2)'-N

<D*

4'('2$+M',$1.(6"(0'("%&'*$0$6'6(6"2$.$&$#'(6"(:.(*+"#"(8"+S-6-(6"(,-.K"0',$1.
6"0 ( &$"M8- ( O$%&1+$,- ( "% ( 0' ( *'%" ( $.."K'*0"J ( $.,-.%,$".&" ( < ( ,-.%,$".&"M".&"
8+-,0'M'6'J ( 6" ( 0' ( ',&:'0 ( &".6".,$' ( ' ( :.' ( %$%&"M'&$R',$1. (*$+,(4+(,)2%$+)N ( 70
8:.&-(6"(#$%&'(".(L:"(%"(%$&P'("0(8".%'M$".&-('.&$GO$%&1+$,-(6"0("%&+:,&:+'0$%M-
"% ( "0( 6" ( 0' ("&"+.' ( 8+"%".,$' (6" (:. (%$%&"M' (L:" (.:.,' ( 2:" (,+"'6- (<( Q'M9%
&".6+9(2$.N(70(%:"U-(6"(0'(6$,&'6:+'(6"(:.'("%&+:,&:+'(8+"#$'($.,-.%,$".&"(%-*+"
&-6' ( 8+'T$% ( %-,$'0 ( O' ( 8-6$6- ( %"+ ( '*:%$#'M".&" ( "T&+'$6- ( 6" ( 0-% ( M-6"0-% ( 6"
"%&+:,&:+'% ( "0'*-+'6-% ( 8-+ ( 0' ( 0$.KoS%&$,' ( < ( 0' ( "&.-0-KS' ( >#"+ ( "0 ( '.90$%$% ( 6"0
2:.,$-.'M$".&-(6"0(,'8$&'0$%M-BJ(M-6"0-% (?)#)A($%:).*&+*#4-./,*&'%'-$#*&
$($ # 4%,4(&$+)&4%)$J ( %$M80"M".&" ( 8-+L:" ( :. ( 8".%'M$".&- ( :.$#"+%$&'+$- ( 6"
4()',-$ #.*'%-$J(8+-.&-(,-0M'6-%J(8".%'M$".&-($.&"K+'0M".&"($.M"+%-(".("0
"0-K$-(M'+'#$00'6-(6"0(%$%&"M'("T$%&".&"J(+"M$&"(00'.'M".&"(&-6'(+"'0$6'6('(0'
"T$%&".,$'(6"0(%$%&"M'N

<D<

[-M-(".(&-6'(,$".,$'(%-,$'0(O$%&1+$,'J(%$"M8+"("%(.","%'+$-(&"."+(".(,:".&'
8'+' ( 0' ( ,-M8+".%$1. ( 6" ( 0'% ( ,'&"K-+S'% ( ^"%&+:,&:+'0$%&'%^ ( L:" ( 0'% ( ,'&"K-+S'%
"T8+"%'.(2-+M'% (6"("T$%&".,$'(<(,-.6$,$-."%(6"("T$%&".,$'N(Z%S(,-M-(.-(%"
'8+",$'("0(#'0-+(6"(:.(O-M*+"(%"KP.("0(,-.,"8&-(L:"(E0(&$"."(6"(%S(M$%M-J(.-
%" ( 8:"6" ( "#'0:'+ ( G ( < ( '6M$+'+ ( G ( "%&' ( %-,$"6'6 ( 6"&"+M$.'6' ( &-M'.6- ( ,-M-
$.6$%,:&$*0"M".&"(#"+S6$,-("0(0".K:'Q"(L:"(%"(O'*0'('(%S(M$%M'N(^X-(%"(8:"6".
,-.%$6"+'+(&'0"%(E8-,'%(6"(&+'.%2-+M',$1.(%"KP. (0'(,-.,$".,$'(L:"(6"("00'%
&$"."(0'(E8-,'V(M:<(8-+("0(,-.&+'+$-J(%"(6"*"("T80$,'+(0'(,-.,$".,$'(+",:++$".6-
' ( 0'% ( ,-.&+'6$,,$-."% ( 6" ( 0' ( #$6' ( M'&"+$'0NNN^ ( 4' ( "%&+:,&:+' ( "% ( O$Q' ( 6"0 ( 8-6"+
8+"%".&"N(70("%&+:,&:+'0$%M-("%("0(/*&$).%*&+-#3),)&+%F)'-#/-,#*2#K$+)'-J(L:"
8$".%'(0'%(,-.6$,$-."%(8+"%".&"%(6"(0'(^,-M:.$,',$1.^("%8",&',:0'+(,-M-(:.
'*%-0:&-N(5:(2-+M'(6"("%&:6$'+("0(,16$K-(6"(M".%'Q"%(".(%S(M$%M'(.-("%(%$.-
"0(8+-6:,&-(<("0(+",-.-,$M$".&-(6"(:.'(%-,$"6'6(6-.6"(0'(,-M:.$,',$1.("T$%&"
*'Q-(0'(2-+M'(6"(:.'(,'%,'6'(6"(%"U'0"%(Q"+9+L:$,'%N(="(2-+M'(L:"(.-("%("0
"%&+:,&:+'0$%M-(L:$".(%$+#"(8'+'(8+-*'+(0'(#'0$6"R(&+'.%GO$%&1+$,'(6"(0'(%-,$"6'6
6"0("%8",&9,:0-V(8-+("0(,-.&+'+$-("%(0'(%-,$"6'6(6"0("%8",&9,:0-($M8-.$E.6-%"
,-M-(+"'0$6'6(M'%$#'(0'(L:"(%$+#"(8'+'(8+-*'+("0(%:"U-(2+S-(6"0("%&+:,&:+'0$%M-N

<D=

5$.(6:6'J("0(,-.,"8&-(,+S&$,-(6"(*$/*4+D4(2-(8:"6"(%"+(&'M*$E.(#:0K'+$R'6-(".
,:'0L:$"+ ( 21+M:0' ( #',S' ( 6" ( 0' ( +"&1+$,' ( %-,$-01K$,-G8-0S&$,' ( 8'+' ( "T80$,'+ ( <

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@@

6".:.,$'+ ( &-6- ( '*%&+',&'M".&" ( < ( '%S ( %"+#$+ ( ' ( 0' ( 6"2".%' ( 6"0 ( %$%&"M'
"%8",&',:0'+N (F:"% ("% ("#$6".&" (L:"(.$.K:.' ($6"' (8:"6" ( 00"#'+ (M9% ('009 (6"0
"%8",&9,:0-("T$%&".&"J(%$.-(%-0'M".&"(M9%('009(6"(0'%($6"'%("T$%&".&"%(%-*+"("0
"%8",&9,:0-N ( F'+' ( 6"%&+:$+ ( "2",&$#'M".&" ( 0' ( %-,$"6'6 ( 6"0 ( "%8",&9,:0- ( %-.
.","%'+$-% ( O-M*+"% ( L:" ( 8-.K'. ( ". ( ',,$1. ( :.' ( 2:"+R' ( 8+9,&$,'N ( 4' ( &"-+S'
,+S&$,' ( 6"0 ( "%8",&9,:0- ( .- ( "% ( #"+6'6"+' ( M9% ( L:" ( :.$E.6-%" ( ' ( 0' ( ,-++$".&"
8+9,&$,'(6"(0'(."K',$1.(6"(0'(%-,$"6'6J(<("%&'(."K',$1.J(0'(+",:8"+',$1.(6"(0'
0:,O' ( 6" ( 0' ( ,0'%" ( +"#-0:,$-.'+$'J ( 00"K'+9 ( ' ( %"+ ( ,-.%,$".&" ( 6" ( %S ( M$%M'
6"%'++-00'.6-(0'(,+S&$,'(6"0("%8",&9,:0-J(L:"("%(0'(&"-+S'(6"(%:%(,-.6$,$-."%
+"'0"%J ( 6" ( 0'% ( ,-.6$,$-."% ( 8+9,&$,'% ( 6" ( 0' ( -8+"%$1. ( ',&:'0 ( < ( 6"%#"0'
$.#"+%'M".&" ("0( %",+"&- ( 6" (0-( L:"( "00'( 8:"6" ( %"+N (7%&' (&"-+S'( .- ( "%8"+' ("0
M$0'K+-(6"(0'(,0'%"(-*+"+'N([-.%$6"+'(0'(.:"#'(2-+M:0',$1.(<(0'(+"'0$R',$1.(6"
0'% ( "T$K".,$'% ( 8+-0"&'+$'% ( ,-M- ( :.' ( &'+"' ( 6" ( 0'+K- ( '0$".&-N ( F'+' ( 6$%&$.K:$+
'+&$2$,$'0M".&"(".&+"(0:,O'(&"1+$,'(<(0:,O'(8+9,&$,'(G(<'(L:"(%-*+"(0'(*'%"('L:S
6"2$.$6' ( 0'(,-.%&$&:,$1. (M$%M' ( <(0' (,-M:.$,',$1. (6" ( &'0( &"-+S' ( <'( .- ( 8:"6"
,-.,"*$+%"(%$.(:.'(/,D4+%4)#,%3(,-$)(G("%(%"K:+-(L:"("0(".,'6".'M$".&-(-%,:+-
< ( 6$2S,$0 ( 6" ( 0' ( &"-+S' ( ,+S&$,' ( 6"*"+9 ( %"+ ( &'M*$E. ( 0' ( 8-+,$1. ( 6" ( M-#$M$".&-
8+9,&$,-(',&:'.6-('("%,'0'(6"(0'(%-,$"6'6N

<D>

4'(&"-+S'(,+S&$,'(6"*"(4-.(&%4),$*(".(%:(8+-8$-(0".K:'Q"N(7%("0(0".K:'Q"(6"(0'
,-.&+'6$,,$1.J(L:"(6"*"(%"+(6$'0E,&$,-(".(%:(2-+M'(,-M-(0-("%(".(%:(,-.&".$6-N
7% ( ,+S&$,' ( 6" ( 0' ( &-&'0$6'6 ( < ( ,+S&$,' ( O$%&1+$,'N ( X- ( "% ( :. ( ^K+'6- ( ,"+- ( 6" ( 0'
"%,+$&:+'^J(%$.-(%:($.#"+%$1.N(X-("%(:.'(."K',$1.(6"0("%&$0-J(%$.-(:.("%&$0-(6"(0'
."K',$1.N

<D?

m.,0:%-(".(%:("%&$0-(0'("T8-%$,$1.(6"(0'(&"-+S'(6$'0E,&$,'("%(:.("%,9.6'0-(<(:.'
'*-M$.',$1.(%"KP.(0'%(+"K0'%(6"0(0".K:'Q"(6-M$.'.&"(<(8'+'("0(K:%&-(L:"("00'%
O'.("6:,'6-J(8-+L:"(".("0("M80"-(8-%$&$#-(6"(0-%(,-.,"8&-%("T$%&".&"%($.,0:<"
'(0'(#"R(0'($.&"0$K".,$'(6"(%:(12(%'*F(+",-*+'6'J(6"(%:(.","%'+$'(6"%&+:,,$1.N

<D@

7%&"("%&$0-(L:"(,-.&$"."(%:(8+-8$'(,+S&$,'(6"*"("T8+"%'+(0'(6-M$.',$1.(8+"%".&"
$-A,* #+-'- #$( #/)$)'-N(F-+ (M"6$- (6" (E0("0(M-6- (6"("T8-%$,$1. (6"(0'(&"-+S'
6$'0E,&$,'(6'(&"%&$M-.$-(6"0("%8S+$&:(."K'&$#-(L:"(O'<(".("00'N(^4'(#"+6'6(.-("%
,-M-("0(8+-6:,&-(".("0(,:'0(.-(%"(".,:".&+'(+'%&+-('0K:.-(6"(0'(O"++'M$".&'^
>j"K"0BN(7%&'(,-.,$".,$'(&"1+$,'(6"0(M-#$M$".&-J(".(0'(L:"(0'(O:"00'(M$%M'(6"0
M-#$M$".&- ( 6"*" ( "%&'+ ( 8+"%".&"J ( %" ( M'.$2$"%&' ( 8-+ ( 0' (%&:*,$%6&( 6" ( 0'%
+"0',$-."% ( "%&'*0",$6'% ( ".&+" ( 0-% ( ,-.,"8&-% ( < ( 8-+ ( "0 ( 6"%#S- ( 6" ( &-6'% ( 0'%
'6L:$%$,$-."%(6"(0'(,+S&$,'('.&"+$-+N(4'($.#"+%$1.(6"0(K".$&$#-("%("%&'("T8+"%$1.
6"(0'%(+"#-0:,$-."%(O$%&1+$,'%J(,-.%$K.'6'(".(0'(2-+M'(6"0(8".%'M$".&-(L:"(2:"
,-.%$6"+'6'(,-M-("0("%&$0-("8$K+'M9&$,-(6"(j"K"0N(F+",-.$R'.6-(0'(%:%&$&:,$1.
6"0(%:Q"&-(8-+("0(8+"6$,'6-(%"KP.("0(:%-(%$%&"M9&$,-(O",O-(8-+(/":"+*',O("0
Q-#".(H'+T('0,'.R1("0("M80"-(M9%(,-.%",:".&"(6"("%&" (*$+%2-#%&$(,,*44%-&)2
L:" ( 6" ( 0' ( 2$0-%-2S' ( 6" ( 0' ( M$%"+$' ( "T&+'" ( 0' ( M$%"+$' ( 6" ( 0' ( 2$0-%-2S'N ( 70 ( 6"%#S-
'++'%&+'('(0'(%:*#"+%$1.(0'%(,-.,0:%$-."%(,+S&$,'%(8'%'6'% (L:"(%"(O'.(2$Q'6-

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@A

,-M-(#"+6'6"%(+"%8"&'*0"%J("%(6",$+J(&+'.%2-+M'6'%(".(M".&$+'%N(h$"+g"K''+6
<'(0-("M80"1(6"(M-6-(6"0$*"+'6-J('U'6$E.6-0"(%:(8+-8$'(6".:.,$'\(^F"+-(8"%"
' ( &'.&'% ( $6'% ( < ( #".$6'%J ( '%S ( ,-M- ( 0' ( M"+M"0'6' ( %$"M8+" ( #' ( ' ( 8'+'+ ( ' ( 0'
6"%8".%'J(%$"M8+"(&"+M$.'%(6"%0$R'.6-('0KP.(6$,O-(L:"(.-(&"(8"+&".","(<(L:"
$.L:$"&'(8-+("0(+",:"+6-(L:"(6"%8$"+&'^(>;%3)<)$#1%2-$61%4)$BN(7%(0'(-*0$K',$1.(6"
0' ('%$+)&4%) #O',$' ( 0- ( L:" ( O' ( %$6- ( 2'0%$2$,'6- ( ,-M- ( #"+6'6 ( -2$,$'0 ( 0- ( L:"
6"&"+M$.'("%&"("M80"-(6"0(6"%#S-J(,-.2"%'6-('%S(8-+(h$"+g"K''+6(".("0(M$%M-
0$*+-\(^f.'(P.$,'(-*%"+#',$1.(&-6'#S'('(8+-81%$&-(6"(&:%(.:M"+-%'%('0:%$-."%
+"2"+".&"% ( &-6'% ( '0 ( 8+"Q:$,$- ( 6" ( L:" ( <- ( M"R,0- ( ' ( M$% ( 6$,O-% ( ,-.,"8&-%
8+"%&'6-%N(X-(0-(.$"K-('L:S(.$(-,:0&'+E(&'M8-,-(L:"("%&-("+'(#-0:.&'+$-(<(L:"
". ( :.' ( .:"#' ( ,-.&$.:',$1. ( 6" ( "%&" ( 2-00"&-J ( %$ ( '0K:.' ( #"R ( 0' ( "%,+$*-J ( M"
8+-8-.K-(00'M'+('0(-*Q"&-(8-+(%:(#"+6'6"+-(.-M*+"(<(+"#"%&$+("0(8+-*0"M'(,-.
:.'($.#"%&$6:+'(O$%&1+$,'^N

<DA

4'%($6"'%(%"(M"Q-+'.N(70(%".&$6-(6"(0'%(8'0'*+'%(8'+&$,$8'(".("00-N(70(80'K$-("%
.","%'+$-N(70(8+-K+"%-(0-($M80$,'N(='(M9%(8+",$%$1.('(0'(2+'%"(6"(:.(':&-+J(%"
%$+#"(6"(%:%("T8+"%$-."%J("0$M$.'(:.'($6"'(2'0%'J(0'(+""M80'R'(8-+(0'($6"'(Q:%&'N

<DB

70(6"%#S-("%(0-(,-.&+'+$-(6"(0'(,$&'J(6"(0'(':&-+$6'6(&"1+$,'(2'0%$2$,'6'(%$"M8+"
8-+("0(%-0-(O",O-(6"(O'*"+%"(,-.#"+&$6-(".(,$&'V(2+'KM".&-('++'.,'6-(6"(%:
,-.&"T&-J(6"(%:(M-#$M$".&-(<(2$.'0M".&"(6"(%:(E8-,'(,-M-(+"2"+".,$'(K0-*'0(<
6"(0'(-8,$1.(8+",$%'(L:"("00'("+'(".("0($.&"+$-+(6"("%&'(+"2"+".,$'J("T',&'M".&"
+",-.-,$6' ( - ( "++1."'N ( 70 ( 6"%#S- ( "% ( "0 ( 0".K:'Q" ( 20:$6- ( 6" ( 0' ( '.&$G$6"-0-KS'N
Z8'+","(".(0'(,-M:.$,',$1.(L:"(%'*"(L:"(.-(8:"6"(8+"&".6"+(L:"(6"&".&'
.$.K:.'(K'+'.&S'(".(%S(M$%M'(<(6"(M-6-(6"2$.$&$#-N(7%(".("0(M'<-+(K+'6-("0
0".K:'Q"(L:"(.$.K:.'(+"2"+".,$'('.&$K:'(<(%:8+',+S&$,'(8:"6"(,-.2$+M'+N(7%(8-+
"0(,-.&+'+$-(%:(8+-8$'(,-O"+".,$'J(".(%S(M$%M'(<(,-.(0-%(O",O-%(8+',&$,'*0"%J(0'
L:"(8:"6"(,-.2$+M'+("0('.&$K:-(.P,0"-(6"(#"+6'6(L:"(&+'.%M$&"N(70(6"%#S-(.-
O' ( 2:.6'6- ( %: ( ,':%' ( %-*+" ( .'6' ( "T&"+$-+ ( ' ( %: ( 8+-8$' ( #"+6'6 ( ,-M- ( ,+S&$,'
8+"%".&"N

<DC

ZL:"00- ( L:"J ( ". ( 0' ( 2-+M:0',$1. ( &"1+$,'J ( %" ( 8+"%".&' ( '*$"+&'M".&" ( ,-M-
'*$:%)'-J ( '0 ( 6"%M".&$+ ( &-6' ( ':&-.-MS' ( 6:+'*0" ( 6" ( 0' ( "%2"+' ( 6" ( 0- ( &"1+$,-
"T8+"%'6-J(<(O',$".6-($.&"+#".$+ (/-,#*$+)#:%-2*&4%)( 0'(',,$1.(L:"(&+'%&-+.'(<
'++"*'&'(&-6-(-+6".("T$%&".&"J(+",:"+6'(L:"("%&'("T$%&".,$'(6"(0-(&"1+$,-(.-("%
.'6' ( ". ( %S ( M$%M' ( < ( .- ( 8:"6" ( ,-.-,"+%" ( %$.- ( ,-. ( 0' ( ',,$1. ( O$%&1+$,' ( <( 0'
4-,,*44%6&#@%$+6,%4)(L:"("%(%:(#"+6'6"+'(2$6"0$6'6N

<*D

5-0'M".&" ( 0' ( ."K',$1. (+"'0 ( 6" ( 0' ( ,:0&:+' ( ,-.%"+#'+9 (%: ( %".&$6-N (700' ( <' ( .-
8:"6"(%"+(4(2+(,)2N(="(&'0(2-+M'(L:"("%(0-(L:"(8"+M'.","J(6"('0K:.'(M'."+'J
'0(.$#"0(6"(0'(,:0&:+'J(':.L:"(".(:.'(',"8,$1.(6$2"+".&"(8-+(,-M80"&-N

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@a

<**

7.("0(0".K:'Q"(6"(0'(,-.&+'6$,,$1.(0'(,+S&$,'(6"(0'(,:0&:+'(%"(8+"%".&'((&%1%4)')\
".(,:'.&-(L:"(6-M$.'("0(&-6-(6"(0'(,:0&:+'(G(%:(,-.-,$M$".&-(,-M-(%:(8-"%S'(G
<(".(,:'.&-(L:"(<'(.-(%"(%"8'+'(M9%(6"(0'(,+S&$,'(6"(0'(&-&'0$6'6(%-,$'0N(7%
"%&'(4,H+%4)#+*6,%4)#(&%1%4)')(0'(P.$,'(L:"(#'('0(".,:".&+-(6"(0'(/,D4+%4)#$-4%)2
(&%1%4)')N

!"#$%&'()C

+")04-('(W$")3"%-.0"'0X"4"

!B)#4-&4%*&4%)#'*#$H#*$+D#$",%8#?#-).),%8#4()&'-#?#/-,7(*#*$+D#*&#$H#?#/),)#$H
/),)#-+,)#4-&4%*&4%)#'*#$HP#*$#'*4%,5#7(*#&-#*G%$+*#$%&-#4-.-#$*,#,*4-&-4%'-!#

;-W-'J(Y*&-.*&-2-3H)#'*2#*$/H,%+(N

<*<

4'($6"-0-KS'("%(0'(A)$*(6"0(8".%'M$".&-(6"(:.'(%-,$"6'6(6"(,0'%"%(".("0(,:+%-
,-.20$,&:'0(6"(0'(O$%&-+$'N(4-%(O",O-% ($6"-01K$,-%(.-(O'.(%$6-(Q'M9%(%$M80"%
L:$M"+'%J ( %$.- ( 0' ( ,-.,$".,$' ( 6"2-+M'6' ( 6" ( 0'% ( +"'0$6'6"%J ( < ( ,-M- ( &'0"%
2',&-+"% (+"'0"% ("Q"+,$".6- ( ' (%: (#"R( :.' ( +"'0 ( ',,$1. (6"2-+M'.&"V ( ,-. ( M'<-+
+'R1.( 0' (.)+*,%)2%F)4%6&( 6" ( 0'( $6"-0-KS' ( L:"( ".&+'U' ( "0( ET$&-( ,-.,+"&- ( 6" (0'
8+-6:,,$1.(",-.1M$,'(':&-.-M$R'6'J(".(0'(2-+M'(6"0("%8",&9,:0-J(,-.2:.6"
8+9,&$,'M".&"(,-.(0'(+"'0$6'6(%-,$'0(:.'($6"-0-KS'(L:"(O'(8-6$6-(+"O',"+(&-6-
0-(+"'0(%"KP.(%:(M-6"0-N

<*=

[:'.6-(0'($6"-0-KS'J(L:"("%(0'(#-0:.&'6 ()A$+,)4+)(6"(0-(:.$#"+%'0(<(%:($0:%$1.J
%"(".,:".&+'(0"K$&$M'6'(8-+(0'('*%&+',,$1.(:.$#"+%'0(<(0'(6$,&'6:+'("2",&$#'(6"
0' ( $0:%$1. ( ". ( 0' ( %-,$"6'6 ( M-6"+.'J ( <' ( .- ( "% ( 0' ( 0:,O' ( #-0:.&'+$%&' ( 6" ( 0-
8'+,"0'+$-(%$.-(%:(&+$:.2-N(Z(8'+&$+(6"('L:S(0'(8+"&".%$1.($6"-01K$,'('6L:$"+"(:.'
"%8",$"(6"(00'.'("T',&$&:6(8-%$&$#$%&'\(<'(.-("%(:.'("0",,$1.(O$%&1+$,'(%$.-(:.'
"#$6".,$'N(7.(:.'('2$+M',$1.(&'0(0-%(&-.A,*$(8'+&$,:0'+"%(6"(0'%($6"-0-KS'%(%"
6"%#'.",".N(4'(8'+&"(M$%M'(6"0(&+'*'Q-(8+-8$'M".&"($6"-01K$,-('0(%"+#$,$-(6"0
%$%&"M' ( <' ( .- ( %" ( ,-.,$*" ( M9% ( L:" ( ,-M- ( +",-.-,$M$".&- ( 6" ( :. ( ^8"6"%&'0
"8$%&"M-01K$,-^(L:"('%8$+'('("%&'+(M9%('009(6"(&-6-(2".1M".-($6"-01K$,-N(4'
$6"-0-KS' ( M'&"+$'0$R'6' ( ,'+"," ( 6" ( .-M*+" ( 8+-8$-J ( '%S ( ,-M- ( ,'+"," ( 6"
8+-K+'M' ( O$%&1+$,- ( ".:.,$'*0"N ( 7%&- ( "L:$#'0" ( ' ( 6",$+ ( L:" ( 0' ( O$%&-+$' ( 6" ( 0'%
%'*-2-3H)$(O'(&"+M$.'6-N

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((@?

<*>

4'($6"-0-KS'J(,:<'(01K$,'($.&"+.'(,-.6:,"(O',$'(0'(^$6"-0-KS'(&-&'0^J(".("0(%".$6-
6"(H'..O"$MJ(6"%8-&$%M-(6"0(2+'KM".&-(L:"(%"($M8-."(,-M-(%":6-%'*"+(6"
:. (+-'-( 2$Q'6-J ( #$%$1. (+-+)2%+),%)J ( %" ( +"'0$R' ( 6"%6" ( 'O-+' ( ". ( "0 ( "%8",&9,:0-
$.M-#$0$R'6-(6"(0'(.-GO$%&-+$'N(5:(+"'0$R',$1.("%(&'M*$E. (%:(6$%-0:,$1.(".("0
,-.Q:.&- ( 6" ( 0' ( %-,$"6'6N ( [-. ( 0' ('%$-2(4%6& # /,D4+%4)( 6" ( "%&' ( %-,$"6'6 ( 6"*"
6"%'8'+","+(0'($6"-0-KS'J(0'(P0&$M'(%$.+'R1.(L:"(*0-L:"'("0(',,"%-('(0'(#$6'
O$%&1+$,'N

<*?

70("%8",&9,:0-("%(0'($6"-0-KS'(8-+("T,"0".,$'(8-+L:"("T8-."(<(M'.$2$"%&'(".(%:
80".$&:6 ( 0' ( "%".,$' ( 6" ( &-6- ( %$%&"M' ( $6"-01K$,-\ ( "0 ( "M8-*+",$M$".&-J ( "0
%-M"&$M$".&-(<(0'(."K',$1.(6"(0'(#$6'(+"'0N(70("%8",&9,:0-("%(M'&"+$'0M".&"(0'
^"T8+"%$1.(6"(0'(%"8'+',$1.(<("0('0"Q'M$".&-(".&+"("0(O-M*+"(<("0(O-M*+"^N(4'
^.:"#' ('-.%&)4%6&( 6"0 ( ".K'U-^ ( ,-.,".&+'6' ( '00S ( &$"." ( %: ( *'%" ( ". ( "%&'
8+-6:,,$1.J ( 8-+ ( ,:<- ( $.&"+M"6$- ( ^,-. ( 0' ( M'%' ( 6" ( -*Q"&-% ( ,+","NNN ( "0 ( .:"#-
6-M$.$- ( 6" ( %"+"% ( "T&+'U-% ( ' ( 0-% ( L:" ( %" ( O'00' ( %-M"&$6- ( "0 ( O-M*+"^N ( 7% ( "0
"%&'6$-(%:8+"M-(6"(:.'("T8'.%$1.(L:"(O'(#:"0&-(0'(.","%$6'6(,-.&+'(0'(#$6'N
^4' ( .","%$6'6 ( 6"0 ( 6$."+- ( "% ( 8:"% ( 0' ( #"+6'6"+' ( .","%$6'6 ( 8+-6:,$6' ( 8-+ ( 0'
",-.-MS' ( 8-0S&$,'J ( < ( 0' ( P.$,' ( .","%$6'6 ( L:" ( "00' ( 8+-6:,"^ ( >;)&($4,%+-$
*4-&6.%4-M1%2-$61%4-$BN(70("%8",&9,:0-("T&$".6"('(&-6'(0'(#$6'(%-,$'0("0(8+$.,$8$-
L:"(j"K"0(".(0'(X*)21%2-$-1H)(6"(m".'(,-.,$*"(,-M-("0(6"0(6$."+-V("%(^0'(#$6'(6"
0-(L:"("%&9(M:"+&-J(M-#$E.6-%"(".(%S(M$%M'^N

<*@

Z0(,-.&+'+$-(6"0(8+-<",&-(+"%:M$6-(".(0'%(S*$%$#$-A,*#Y*(*,A)4@(>0'(+"'0$R',$1.
6" ( 0' ( 2$0-%-2S' ( ". ( 0' ( 8+'T$% ( L:" ( %:8"+' ( 0' ( -8-%$,$1. ( ".&+" ( "0 ( $6"'0$%M- ( <( "0
M'&"+$'0$%M-BJ("0("%8",&9,:0-(,-.%"+#'('(0'(#"RJ("($M8-."(".("0(%":6-G,-.,+"&-
6"(%:(:.$#"+%-J(0-%(,'+',&"+"%($6"-01K$,-%(6"0(M'&"+$'0$%M-(<(6"0($6"'0$%M-N(70
0'6- ( ,-.&"M80'&$#- ( 6"0 ( #$"Q- ( M'&"+$'0$%M- ( L:" ( ,-.,$*" ( "0 ( M:.6- ( ,-M-
+"8+"%".&',$1.(<(.-(,-M-(',&$#$6'6(G(<(L:"($6"'0$R'(2$.'0M".&"(0'(M'&"+$'(G(%"
,:M80" (". ("0 ("%8",&9,:0-J (6-.6" (0'%( ,-%'% (,-.,+"&'% (%-. (':&-M9&$,'M".&"
6:"U'% ( 6" ( 0' ( #$6' ( %-,$'0N ( !",S8+-,'M".&"J ( 0' ()4+%:%')' # 1)&+)$*)')( 6"0
$6"'0$%M-(%"(,:M80"($K:'0M".&"(".("0("%8",&9,:0-(8-+(0'(M"6$',$1.(&E,.$,'(6"
%$K.-%(<(%"U'0"%(G(L:"(2$.'0M".&"(M'&"+$'0$R'.(:.($6"'0('*%&+',&-N

<*A

70(8'+'0"0$%M-(".&+"(0'($6"-0-KS'(<(0'("%L:$R-2+".$'("%&'*0",$6-(8-+(;'*"0(>B)
1)2$) # 4-&4%*&4%)B ( 6"*" ( %"+ ( "M80'R'6- ( ". ( "%&" ( 8+-,"%- ( ",-.1M$,- ( 6"
M'&"+$'0$R',$1.(6"(0'($6"-0-KS'N(4'(%-,$"6'6(O'(00"K'6-('(%"+(0-(L:"(0'($6"-0-KS'
<'("+'N(4'(6"%$.%"+,$1.(6"(0'(8+'T$%(<(0'(2'0%'(,-.,$".,$'('.&$6$'0E,&$,'(L:"(0'
',-M8'U'J ( O" ( 'L:S ( 0- ( L:" ( %" ( $M8-." ( ' ( &-6'% ( O-+'% ( ". ( 0' ( #$6' ( ,-&$6$'.'
%-M"&$6'('0("%8",&9,:0-V(L:"("%(8+",$%-(,-M8+".6"+(,-M-(:.'(-+K'.$R',$1.
%$%&"M9&$,' ( 6" ( 0' ( ^'.$L:$0',$1. ( 6" ( 0' ( 2',:0&'6 ( 6" ( ".,:".&+-^ ( < ( ,-M- ( %:
+""M80'R'M$".&- ( 8-+ ( :. ( O",O- ($-4%)2 # )2(4%&)+-,%-N ( 7. ( :.' ( %-,$"6'6 ( 6-.6"
.'6$"(8:"6"(%"+ (,*4-&-4%'-( 8-+(0-%(6"M9%J(,'6'($.6$#$6:-(%"(#:"0#"($.,'8'R

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((Ac

6"(+",-.-,"+(%:(8+-8$'(+"'0$6'6N(4'($6"-0-KS' (%"(".,:".&+' (".(%:(M"6$-V(0'

%"8'+',$1.(O'("%&'*0",$6-(%:(M:.6-N

<*B

^7.(0-%(,:'6+-%(,0S.$,-%(6"(0'("%L:$R-2+".$'^J(6$,"(;'*"0J(^0'(6",'6".,$'(6"(0'
6$'0E,&$,' ( 6" ( 0' ( &-&'0$6'6 ( >,-. ( 0' ( 6$%-,$',$1. ( ,-M- ( 2-+M' ( "T&+"M'B ( < ( 0'
6",'6".,$'(6"(0'(6$'0E,&$,'(6"0(6"#".$+(>,-.(0'(,'&'&-.$'(,-M-(2-+M'("T&+"M'B
8'+",".(M:<(%-0$6'+$'%N^(4'(,-.,$".,$'("%8",&',:0'+J(8+$%$-."+'(".(:.(:.$#"+%-
6"K+'6'6-J(+"6:,$6-(8-+(0' (/)&+)22)( 6"0("%8",&9,:0-(6"&+9%(6"(0'(,:'0(O'(%$6-
6"8-+&'6'(%:(8+-8$'(#$6'J(.-(,-.-,"(M9%(L:"(0-%(%&+*,2-4(+-,*$#1%4+%4%-$(L:"(0"
O'*0'.(:.$0'&"+'0M".&"(6"(%:(M"+,'.,S'(<(6"(0'(8-0S&$,'(6"(%:(M"+,'.,S'N(70
"%8",&9,:0-(".(&-6'(%:("T&".%$1.("%(%:(^$.6$,$-(".("0("%8"Q-^N(ZL:S(%"(8-."(".
"%,".'(0'(2'0%'(%'0$6'(6"(:.(':&$%M-(K"."+'0$R'6-N

<*C

70("%8",&9,:0-J ( L:"( "%(0'( "0$M$.',$1. ( 6" (0-%(0SM$&"% (".&+" ("0(<-(<("0(M:.6-

M"6$'.&" ( "0 ( '80'%&'M$".&- ( 6"0 ( <- ( '%"6$'6- ( 8-+ ( 0' ( 8+"%".,$'G':%".,$' ( 6"0
M:.6-("%($K:'0M".&"(0'("0$M$.',$1.(6"(0-%(0SM$&"%(".&+"(0-(#"+6'6"+-(<(0-(2'0%-
M"6$'.&"("0(+"20:Q-(6"(&-6'(#"+6'6(#$#$6'(*'Q-(0'(/,*$*&4%)#,*)2(6"(0'(2'0%"6'6
L:" ( '%"K:+' ( 0'( -+K'.$R',$1. ( 6" ( 0'( '8'+$".,$'N (70 (L:" ( %:2+" ( 8'%$#'M".&" ( %:
6"%&$.-(,-&$6$'.'M".&"('0$".'6-("%("M8:Q'6-(".&-.,"%(O',$'(:.'(0-,:+'(L:"
+"',,$-.' ( $0:%-+$'M".&" ( '.&" ( "%&" ( %$.- ( +",:++$".6- ( ' ( &E,.$,'% ( M9K$,'%N ( 70
+",-.-,$M$".&- ( < ( "0 ( ,-.%:M- ( 6" ( M"+,'.,S'% ( "%&9. ( ". ( "0 ( ,".&+- ( 6" ( "%&'
%":6-+"%8:"%&'('(:.'(,-M:.$,',$1.(%$.(+"%8:"%&'N(4'(.","%$6'6(6"($M$&',$1.
L:" ( "T8"+$M".&' ( "0 ( "%8",&'6-+ ( "% ( 8+",$%'M".&" ( 0' ( .","%$6'6 ( $.2'.&$0J
,-.6$,$-.'6'(8-+(&-6-%(0-%('%8",&-%(6"(%:(6"%8-%"%$1.(2:.6'M".&'0N(5"KP.
0-% ( &E+M$.-% ( L:" ( ;'*"0 ( '80$,' ( ' ( :. ( .$#"0 ( 8'&-01K$,- ( &-&'0M".&" ( 6$%&$.&- ( ^0'
.","%$6'6('.-+M'0(6"(+"8+"%".&',$1.(,-M8".%'('L:S(:.(%".&$M$".&-(&-+&:+'.&"
6"("%&'+('0(M'+K".(6"(0'("T$%&".,$'^N

<<D

5$ ( 0' ( 01K$,' ( 6" ( 0' ( 2'0%' ( ,-.,$".,$' ( .- ( 8:"6" ( ,-.-,"+%" ( ' ( %S ( M$%M'
#"+S6$,'M".&"(0'(*P%L:"6'(6"(0'(#"+6'6(,+S&$,'(%-*+"("0("%8",&9,:0-(6"*"(%"+
&'M*$E. ( :.' ( ,+S&$,' ( #"+6'6"+'N ( C$"." ( L:" ( 0:,O'+ ( 8+9,&$,'M".&" ( ".&+" ( 0-%
"."M$K-%($++",-.,$0$'*0"%(6"0("%8",&9,:0-(<(',"8&'+("%&'+(':%".&" ('00S(6-.6"
"00-%("%&9.(':%".&"%N(5-.(0'%(0"<"%(6"0(8".%'M$".&-(6-M$.'.&"J("0(8:.&-(6"
#$%&' ( "T,0:%$#- ( 6" ( 0' ()4+()2%')'J ( L:" ( +",-.-," ( 0' ( #-0:.&'6 ( '*%&+',&' ( 6" ( 0'
"2$,',$'($.M"6$'&'(,:'.6-(%"('++-Q'(O',$'(0-%(,-M8+-M$%-%(6"0(+"2-+M$%M-(-
6"(0'(',,$1.(,-MP.(,-.(0-%(+"%$6:-%(%":6-+"#-0:,$-.'+$-%N([-.("00-("0(6"0$+$-
%" ( O' ( +",-.%&$&:$6- ( ". ( 0' ( M$%M' ( 8-%$,$1. ( L:" ( 8+"&".6" ( ,-M*'&$+0-N ( F-+ ( "0
,-.&+'+$-J(0'(,+S&$,'(L:"(#'(M9%('009(6"0("%8",&9,:0-(6"*"($)A*,#*$/*,),N

<<*

7M'.,$8'+%"(6"(0'%(*'%"%(M'&"+$'0"%(6"(0'(#"+6'6($.#"+&$6'J(O"('L:S(".(L:E
,-.%$%&" ( 0' ( ':&-"M'.,$8',$1. ( 6" ( .:"%&+' ( E8-,'N ( 7%&' ( ^M$%$1. ( O$%&1+$,' ( 6"
$.%&':+'+(0'(#"+6'6(".("0(M:.6-^(.-(8:"6".(,:M80$+0'(.$("0($.6$#$6:-('$%0'6-(.$

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-
!"#$%&'()*%"+#',$-."%(/$0-%12$,'% (((A3

0'(M:,O"6:M*+"(':&-M'&$R'6'(<(%-M"&$6'('(0'%(M'.$8:0',$-."%J(%$.-('O-+'(<
%$"M8+" ( 0' ( ,0'%" ( L:" ( "% ( ,'8'R ( 6" ( %"+ ( 0' ( 6$%-0:,$1. ( 6" ( &-6'% ( 0'% ( ,0'%"%
6"#-0#$".6-(&-6-("0(8-6"+('(0'(2-+M'(6"%'0$".'.&"(6"(0'(6"M-,+',$'(+"'0$R'6'J
"0([-.%"Q-J(".("0(,:'0(0'(&"-+S'(8+9,&$,'(%"(,-.&+-0'('(%S(M$%M'(<(#"(%:(',,$1.N
t.$,'M".&"('00S(6-.6"(0-%($.6$#$6:-%("%&9.(^6$+",&'M".&"(0$K'6-%('(0'(O$%&-+$'
:.$#"+%'0^V(P.$,'M".&"('00S(6-.6"("0(6$90-K-(%"(O'('+M'6-(8'+'(O',"+(#".,"+
%:%(8+-8$'%(,-.6$,$-."%Nu

;:<(="*-+6(((((((((((((((((((((((((((((((((((((( 4'(5-,$"6'6(6"0(7%8",&9,:0-