$

!"#$%&$'()'*+
!3(+4!',!5$#%)+)&16!#$7()#6!-(89'2!(&:!#$9)(;)9)'<

>,#8*!!5$#%)+)&16!#$7()#6!-(89'2!(&:
#$9)(;)9)'<!!"#$%$&'(')%$!*()&'$&(&+$!,-
./!0&1)&$2

3<!=,8&1>!?!@@!A$*;$#!?!/!",2'2!?!BC!D89<!BEFG!('
FEHFI(*

Feedback
JKL.M!%$#2),&!NFOPECPBEFIQH!@7(#'!-#,*!(&!,R<1$&
2$&2,#!-()98#$!N@!-()98#$!&,'!27$+)S+!',!./
*,',#2Q6!T!U(%$!<$'!',!&,')+$!(&<!)228$2!V)'U!'U$ !
"
./!F@WX>50!S''$:!',!*<!@%$&2)2!YFZE6EEE!4*[
M8&&)&1!)'!,&!ZI!,+'(&$!)&!*<!,V&!$R7$#)$&+$!:):
&,'!&$'!(&<!$+,&,*<!&,#!7$#-,#*(&+$!1()&2!,%$#
(&:!(;,%$!ZC!\+'(&$!NT&!-(+'6!'U$#$!V(2
+,&2)2'$&'9<!(!K,22!,-!*)9$(1$!,%$#!ZC!,+'(&$Q[
\#)1)&(9!7,2'!;$9,V[[[

XX

T'!2$$*2!'U$!,7)&),&!,&!'U)2!-,#8*!)2!]@%,):!'U$
./!$&1)&$]!N7$#U(72!9)4$!'U$!79(18$Q[!@7(#'!-#,*
2,*$!+,**$&'(',#2!,&!@-#)+(!2)'$26!)'!2$$*2
7#$''<!*8+U!,&9<!'U$!^W!@@!)2!'U$!,&9<!,'U$#
$&')'<!T_%$!2$$&!#,8')&$9<!;(11)&1!'U)2!$&1)&$[
>#,*!VU('!T!1('U$#6!$%$&!'U$!^W!^$V!BEEGXBEEI
J,<,'(!@%$&2)2!`a!(99!U(%$!'U)2!./!F@WX>50!$&1)&$
)&!'U$*!(2!V$99!(&:!)-!T_*!&,'!*)2'(4$&6!,&9<!'U$
9,V$#!27$+_:!`K!U(2!(!&,&X./!FIEE++!bbJ)!$&1)&$[
JU$!+,**$&'2!U$#$!U(%$!&('8#(99<!9$-'!*$
+,&+$#&$:[

5U,#'9<!(-'$#!T!1,'!'U$!+(#!T!#$(:!U$#$!'U('!)'!V(2
7#,;(;9<!;$2'!',!S99!)'!'U$!U)1U$2'!,+'(&$!(2
7,22);9$!2,!T!78'!3"!c9')*('$!ZI!M\^!-,#!'U#$$
+,&2$+8')%$!'(&4!-8992!(&:!8&-,#'8&('$9<6!*<!+(#!T
U(%$!',!2(<!#(&!+,*7(#(')%$9<!7,,#9<[!A,#$
%);#('),&!('!):9$6!`#,V9)&1!P!#8*;9)&1!VU$&
+#8)2)&1!('!9,V$#!M$%26!NFGEEXFCEEQ6!:)2')&+'9<
#,81U$#!(++$9$#('),&!V)'U!FEd!T^eM0@50!)&!-8$9
+,&28*7'),&!',!;,,'!N@99!G!'(&4!-8992Q[!f(%)&1!U(:
$&,81U!,-!'U('6!2'(#'$:!S99)&1!'U$!+(#!)&2'$(:!V)'U
W!0&$#1<!Wa!"#$*)8*!(&:!e(9'$R!J$+U#,&
"#$*)8*!N3,'U!ZC!M\^Q!(&:!)'!*(:$!'U$!$&1)&$
#8&!(!9,'!*,#$!&,#*(99<!(&:!2*,,'U9<!V)'U!;$''$#
*)9$(1$!',!;,,'[

M$1(#:9$226!)2!'U$!7#,;9$*2!V)'U!'U)2!$&1)&$
*,2'9<!+$&'$#$:!(#,8&:!+(#;,&!;8)9:!87g!T-!2,6
+(&_'!(!28)'(;9<!$R7$#)$&+$:!*$+U(&)+!'(4$!'U$
)&'(4$!*(&)-,9:!,h!(&:!1)%$!'U$!%(9%$2!(!+9$(&!,8'
(2!7(#'!,-!'U$!#,8')&$!*()&'$&(&+$!#$1)*$!('
7$#),:)+!)&'$#%(92g!e(&_'!'U)2!;$!:,&$!,8#2$9%$2!)-
1)%$&!'U$!7#,7$#!)&2'#8+'),&g!iU('!(;,8'!#8&&)&1
]877$#!$&1)&$!+9$(&$#]!'U#,81U!'U$!)&'(4$!$%$#<
&,V!(&:!(1()&g

@92,6!VU)9$!V$_#$!,&!'U$!28;j$+'!,-!.T!$&1)&$26!T
&,'$!e(9'$R_2!2)'$!+9()*!'U('!'U$)#!J$+U#,&
]-,#*89('),&]!2,*$U,V!+9$(&2!'U$!%(9%$2!,-
`(2,9)&$!:)#$+'!)&j$+'),&!$&1)&$2[[[!^,'!28#$!U,V
'#8$!'U)2!)2!'U,81U!(2!T!8&:$#2'(&:!'U('!'U$!-8$9
&$%$#!',8+U$2!'U$!;(+42):$!,-!'U$2$!)&'(4$!%(9%$2
,&!`(2,9)&$!.)#$+'!T&j$+'),&!$&1)&$2g

@'!'U$!*,*$&'6!*<!+(#!)2!2')99!7#,;9$*!-#$$!N'U$
,&9<!+,*79()&'!)2!'U('!)'!:,$2&_'!+,(2'!(2!V$99!(2
*<!FZZO!%')!f,&:(!@++,#:Q[!@&<V(<6!A,#$!(&:
*,#$!,-!'U$2$!"$'#,9!:)#$+'!)&j$+'),&!$&1)&$2!)'
2$$*2!(#$!(77$(#)&1!,&!'U$!*(#4$'6!T&+98:)&1
&$V!+(#2!V)'U!54<@+')%!(&:!5T.T6!(&:!)'!2$$*2
'U$#$!(#$!'U$!,::!#$7,#'2!(9#$(:<!'U('!2,*$
,V&$#2!,-!28+U!%$U)+9$2!(#$!(92,!$R7$#)$&+)&1!'U)2
+(#;,&!;8)9:!87g

3<!@3(<9)22!?!@@!0R7$#'!?!BFOZ!",2'2!?!BC!D89<!BEFG!('
FFHBE(*

"9$(2$:!',!U$(#!<,8#!+(#!)2!#8&&)&1!V$99!X!V$_#$
U(77<!)-!<,8_#$!U(77<[!
f,V$%$#6!V$!:,&_'!7)+4!,&!$&1)&$2!',!#8&!:,V&
,8'!,-!'U$!;98$[!\8#!(77#$U$&2),&!#$1(#:)&1!'U$
J,<,'(!./!(&:!A)'28;)2U)!`.)!$&1)&$2!)2!;(2$:!,&
$R7$#)$&+$[!
T_*!28#7#)2$:!<,8!U(:!#8&&)&1!(&:!-8$9
+,&28*7'),&!7#,;9$*2!,&!ZI!,+'(&$!-8$9!'U('
:)2(77$(#$:!VU$&!<,8!#$%$#'$:!',!ZC6!;8'!T!18$22
)-!'U)2!V(2!<,8#!$R7$#)$&+$6!<,8!2U,89:!:,!VU('
V,#42!;$2'!-,#!<,8[!
c&-,#'8&('$9<6!&,!*(''$#!VU('!'<7$!,-!$&1)&$
+9$(&$#2!,#!,'U$#!7#,:8+'2!<,8!#8&6!'U$2$!V,&_'
U$97!'U$!7#,;9$*!V)'U!'U$2$!$&1)&$2!(2!'U$!)228$
)2!V)'U!#8&&)&1!$RU(82'!1(22$2!;(+4!'U#,81U!'U$
)&'(4$!(&:!;<!'U)2!2'(1$!(&<!(::)')%$2!U(%$!;$$&
;8#&'!,h!(&:!V)99!&,'!U$97!',!#$:8+$!+(#;,&
$*)22),&2!-#,*!'U$!$RU(82'[!
=$26!<,8!+,89:!#$*,%$!'U$!*(&)-,9:!(&:!7$#U(72
'U$!+<9)&:$#!U$(:!',!+9$(&!,8'!+(#;,&!:$7,2)'26
;8'!(2!<,8!+(&!(77#$+)('$6!'U)2!)2!(!%$#<!;)1!j,;
(&:!'U$!+,2'!,-!7$#-,#*)&1!28+U!(!*(j,#
,7$#('),&!(2!#,8')&$!*()&'$&(&+$!+(&_'!;$
j82')S$:[

3<!=,8&1>!?!@@!A$*;$#!?!/!",2'2!?!BC!D89<!BEFG!('
FHF/7*

A(&<!'U(&42!@&:#$V!-,#!<,8#!#$79<[!A8+U
(77#$+)('$:[

>,#!&,V!'U$!$&1)&$!)2!#8&&)&1!V$99!N'U('!)2Q6!;8'
2U,#'!,-!1,)&1!'U#,81U!'U$!U(229$!,-!,k,(:)&1
'U$!+(#!VU)9$!)'_2!2')99!#8&&)&1!V$99!(&:!1$'')&1
2,*$'U)&1!$92$6!T!(*!V,&:$#)&1!VU('!+(&!;$
:,&$!',!*)&)*)l$!'U$!+U(&+$!,-!$&+,8&'$#)&1
-8'8#$!7#,;9$*2!V)'U!'U)2!$&1)&$!)-!)'_2!(99$1$:9<
(2!;(:!(2!)'!)2g!T!4$$7!U$(#)&1!'U$!'$#*2!]e('+U
e(&2]!(&:!]0`M!:$9$'$!4)'2]!*$&'),&$:!(#,8&:
'U$!79(+$!(2!*$'U,:2!',!#$:8+$!+(#;,&!:$7,2)'2
N;8'!*,2'9<!,&!'8#;,+U(#1$:!%$U)+9$2!VU)+U!'U$
@%$&2)2!)2!&,'Q[!.,$2!(&<,&$!U$#$!U(%$!(&<
$R7$#)$&+$:!,-!'U$2$6!)-!2,!VU('!(#$!<,8
'U,81U'2g

5,!$%$&!#8&&)&1!2,*$!2,#'!,-!c77$#!$&1)&$
+9$(&$#!N^,'!'(94)&1!(;,8'!-8$9!(::)')%$2!U$#$Q
$%$#<!&,V!(&:!(1()&!:)#$+'9<!'U#,81U!'U$!()#
)&'(4$!P!%(+88*!U,2$!)2!7$#U(72!)&$h$+')%$!('
4$$7!+(#;,&!:$7,2)'2!9$%$92!:,V&g

eU$$#26

3<!@3(<9)22!?!@@!0R7$#'!?!BFOZ!",2'2!?!BC!D89<!BEFG!('
BH/B7*

\&!2,*$!$(#9<!:)#$+'!)&j$+'$:!$&1)&$2!)'!V(2
7,22);9$!',!;9,+4!,h!'U$!0`M!2<2'$*6!U,V$%$#!,&
9('$#!*,:$92!N(&:!T!2827$+'!<,8#!@%$&2)2!-(992!)&',
'U)2!+('$1,#<Q6!$&1)&$!*(&(1$*$&'!2<2'$*2!'#<!',
+,*7$&2('$!-,#!*)R'8#$!(&:!$*)22),&!#$(:)&12
VU)+U!(#$!,8'2):$!,-!&,#*(9!7(#(*$'$#2!(&:!<,8
$&:!87!V)'U!7,,#!#8&&)&16!$R+$22)%$!-8$9
+,&28*7'),&!(&:!U)1U!$*)22),&2[!JU$#$-,#$6!)'_2
&,'!(!%)(;9$!,7'),&[!
=,8!(#$!m8)'$!+,##$+'!'U('!'U$#$!(#$&_'!#$(99<!(&<
+9$(&$#2!'U('!+(&!$h$+')%$9<!4$$7!+(#;,&!:$7,2)'2
:,V&[

3<!=,8&1>!?!@@!A$*;$#!?!/!",2'2!?!F/!D(&8(#<!BEFI
('!CHEI7*

A,#$!>=T!,&9<[!@2!,-!J,:(<!NBEFIXEFXF/Q[[[

@7(#'!-#,*!(&!\R<1$&!2$&2,#!-()98#$!(;,8'!(!<$(#
(1,6!T!U(%$&_'!&,')+$:!(&<!)228$2!,#!,'U$#V)2$
2<*7',*2!,-!+(#;,&!;8)9:!87!V)'U!'U$!$&1)&$!)&
'U)2!%$U)+9$!('!FIO6EEE!4*2[!e(#!U(2!U(:!'U$!828(9
#$189(#!2$#%)+)&1!N\)9!P!S9'$#!+U(&1$26!;#(4$2!(&:
,'U$#!V$(#!)'$*2!VU$#$!&$$:$:Q!$%$#<!O!*,&'U2[

f(%$!7#)*(#)9<!#(&!)'!,&!e(9'$R6!A,;)9!(&:!W!ZC
\+'(&$[!f(%$!'#)$:!(!-$V!-8#'U$#!+,&2$+8')%$!#8&2
V)'U!ZI!\+'(&$!-#,*!3"!(&:!A,;)96!;8'!:):!&,'
:)2+,%$#!(&<!7,V$#!,#!-8$9!$+,&,*<
)*7#,%$*$&'2!,&!(&<!,-!'U$!'$2'2!,%$#!(&:!(;,%$
#8&&)&1!)'!,&!ZC!\+'(&$!-8$9[

3<!7&,;;2!?!@@!A$*;$#!?!G!",2'2!?!FE!5$7'$*;$#
BEFI!('!FEHBO7*

f)!'U$#$6

T'!2$$*2!(-'$#!#$(:)&1!(;,8'!'U$!./!bbJT!$&1)&$6
,8#!BEE/!J,<,'(!@%$&2)2!NBEE4*Q!)2!7,22);9<
$R7$#)$&+)&1!2,*$!,-!'U$!)228$2!:)2+822$:!)&!'U$
-,#8*!V)'U!+(#;,&X;8)9:!87[

JU$!+(#!2$$*2!',!#8&!S&$6!;8'!,%$#!'U$!9(2'!2)R
*,&'U2!)'!U(2!:$%$9,7$:!(!_VU)#9)&1_!2,8&:!X!;$2'
:$2+#);$:!(2!'U$!2,8&:!*(:$!VU$&!7(7$#!U)'2!(
-(&[!J,!*<!4&,V9$:1$!'U$!2,8&:!)2!+,&2'(&'!VU$&
,%$#!FBEE!#7*2[!T!U(%$!U(:!(!9)2'$&!(&:!(!79(<
(#,8&:!VU$&!'U$!;,&&$'!)2!87!(&:!-#,*!VU('!T
+(&!2$$6!)'2!&,'!(!9,,2$!*,8&'!,#!U$('X2U)$9:!(&:
)'!2$$*2!*,#$!)&'$#&(9!VU$&!<,8!(#$!:#)%)&1!)-
'U('!*(4$2!2$&2$6!VU)+U!)2!VU<!T!(*!9$(&)&1
',V(#:2!'U$!+(#;,&!;8)9:X87[!JU$!+(#!;$$&!#8&!,&
U)1UX,+'(&+$!2)&+$!V$!78#+U(2$:!(&:!U(2!U(:
#$189(#!*()&'$&(&+$!)&!'U$!CXO!<$(#2!V$_%$
,V&$:!)'6!N'U$2$!)228$2!U(%$!&$%$#!;$$&!;,81U'
',!*<!(''$&'),&!$)'U$#Q!;8'!',!4$$7!+,2'2!:,V&!)&
9(2'!<$(#6!T_%$!:,&$!'U$!;(2)+!2$#%)+$!2'8h!*<2$9-
N,)9P,)9!S9'$#!+U(&1$!(&:!',7X87!(&:!()#!S9'$#[Q

>)#2'9<6!T!V(2!V,&:$#)&16!)2!+9$(&)&1!'U$!%(9%$2!(&:
+<9)&:$#!U$(:!(!*(j,#!j,;!'U('!(&<!*$+U(&)+!+(&
8&:$#'(4$!,#!)2!)'!*,#$!,-!(!27$+)(9)2'!(+')%)'<g

5$+,&:9<6!T!(*!&,'!(!+(#!7$#2,&6!2,!VU('!U(77$&2
)-!'U)2!7(#')+89(#!)228$!)2&_'!2,9%$:g!.,$2!)'!j82'
(h$+'!7$#-,#*(&+$6!$+,&,*<!$'+!,#!:,$2!'U$
$&1)&$!$%$&'8(99<!2$)l$!87[

JU(&42!)&!(:%(&+$

!"#$%&''' !"

D8*7!',

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

T!&$$:!',!1)%$!*<!+(#!(!2$#%)+$H i
J)*$!-,#!(!+(#!+U$+4!87g!i$n%$!:)h$#$&'!9$%$92 @!#
,-!2$#%)+$!:$2)1&$:!',!*$$'!<,8#!&$$:2 T'n2
A,#$!)&-, A,

! !" !#
: