200 7 11MB
English Pages [1136] Year 2011
Annette Wilke, Oliver Moebus Sound and Communication
Religion and Society Edited by Gustavo Benavides, Kocku von Stuckrad and Winnifred Fallers Sullivan
Volume 41
De Gruyter
Annette Wilke, Oliver Moebus
Sound and Communication An Aesthetic Cultural History of Sanskrit Hinduism
De Gruyter
ISBN 978-3-11-018159-3 e-ISBN 978-3-11-024003-0 ISSN 1437-5370 Library of Congress Cataloging-in-Publication Data Wilke, Annette, 1953Sound and communication : an aesthetic cultural history of Sanskrit Hinduism / Annette Wilke, Oliver Moebus. p. cm. - (Religion and society, ISSN 1437-5370 ; v. 41) Includes bibliographical references and index. ISBN 978-3-11-018159-3 (hardcover 23 ¥ 15,5 : alk. paper) ISBN 978-3-11-024003-0 1. Sound - Religious aspects - Hinduism. 2. India - Religious life and customs. 3. Hinduism - India. 4. Tantrism - India. I. Moebus, Oliver. II. Title. III. Title: Aesthetic cultural history of Sanskrit Hinduism. BL1215.S67W55 2010 294.51514-dc22 2010036854
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de. ” 2011 Walter de Gruyter GmbH & Co. KG, Berlin/New York Printing: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Printed on acid-free paper Printed in Germany www.degruyter.com
1Z]PbZ]O ,YdZYP^[PLVTYRLMZ`_NZXX`YTNL_TZYzL_WPL^_TY_ZOLdv^BP^_P]YN`W_`]LW L]PLzbTWWYZ_YPNP^^L]TWd_STYVZQ^Z`YOL^LYTYOP[PYOPY_XPOT`XZQPc[]P^ ^TZYLYONZXX`YTNL_TZYLYOLYdZYP^_`OdTYR_Pc_^T^TY_P]P^_POTY_SPNZY_PY_ LYOSL]OWdLbL]P_SL__Pc_^LW^ZLWbLd^SLaPLXL_P]TLW\`LWT_dz_SPT]^Z`YOz LYO NLY MP [P]NPTaPO TY L ^PY^Z]d LYO PXZ_TZYLW bLd 4Y 3TYO`T^_TN 4YOTL _STYR^L]POTQQP]PY_>TYNPPL]WTP^__TXP^^Z`YOSL^PYUZdPOR]PL_N`W_`]LWTX [Z]_LYNP w=PLOTYRx Z`_ L ]PWTRTZ`^ _Pc_ TY >LY^V]T_ XPLY^ w]PNT_TYRx T_ TY L X`^TNLWWd[WPL^TYRbLdLYObT_S_SP`_XZ^_NL]P]PRL]OTYRNZ]]PN_[]ZY`YNTL _TZY4Y_`]Y^TX[WdWT^_PYTYR_Z_SP^Z`YOZQL]PWTRTZ`^_Pc_T^LW]PLOdSPWO_Z MPL`^[TNTZ`^LYO[`]TQdTYR4Y_SP^NSZWL]Wd_]LOT_TZY^L^bPWWL^TYPaP]dOLd WTQP bP QTYO L R]PL_ QZN`^ ZY _SP ^ZYTN OTXPY^TZY 4_ T^ YZ_PbZ]_Sd _SL_ _ST^ []POZXTYLYNPZQ^PY^TYR_SPbZ]WO_S]Z`RS^Z`YO^T^YZ_NZYQTYPO_Z]PWTRTZ`^ WTQPZYWdM`_[P]aLOP^PaPY_SPXZ^_NZX[WPc^dXMZWTN]P[]P^PY_L_TZY^TYL]_^ LYO^NTPYNP^>Z`YOXLdQ`YN_TZYL^LYZ]RLYTeTYR[]TYNT[WPTY^`NSLM^_]LN_ NZYNP[_`LWTeL_TZY^ L^ _SZ^P QZ`YO TY R]LXXL] XL_SPXL_TN^ LYO L^_]ZYZXd ,_ _SP NZ]P ZQ ;£©TYTv^ TYRPYTZ`^ R]LXXL] QZ] TY^_LYNP WTP NP]_LTY ^Z`YO NZOP^ bSTNS ]PL]]LYRP _SP >LY^V]T_ LW[SLMP_ ?SP LW[SLMP_ MPTYR ^_]`N_`]PO LNNZ]OTYR_Z_SP^PL_^ZQL]_TN`WL_TZYTYL^_]TN_Wd[SZYP_TNLYOSTRSWd]L_TZYLW Z]OP] WTVPbT^P TY^[T]PO _SP Y`XP]TN NZOP^d^_PX^ `^PO Md L^_]ZYZXP]^ 4Y ^_PLOZQOTLR]LX^LYOY`XP]TNLW_LMWP^bPQTYOXPXZ]TeTYR^d^_PX^LYO[ZP_TN aP]^P^Q`WWZQLWWT_P]L_TZY^?SP^LXP[]POZXTYLYNPZQ^Z`YOT^^PPYTYXP_L [Sd^TN^ bSP]P ^Z`YOMPNZXP^ L XPLY^ ZQ TY_P][]P_TYR LYO `YOP]^_LYOTYR _SP bZ]WO?SP^Z[ST^_TNL_PONZ^XZWZRTP^ZQ_SP?LY_]LL]PLW^ZML^POZY_SPWP_ _P]^ZQ_SPLW[SLMP_LYOXd^_P]TZ`^^Z`YONZOP^^P]aPL^XZOPW^QZ]Pc[WLTYTYR _SP N]PL_TZY ZQ _SP bZ]WO LYO WLYR`LRP 4Y aL]TZ`^ bLd^ ^Z`YO LYO T_^ ^`M_WP dP_ aP]d [Sd^TNLW \`LWT_d SLaP MPPY L [ZbP]Q`W XPOT`X ZQ NZXX`YTNL_TZY NSZ^PY_ZTYaZVPZ]OP]PO]PWL_TZY^ST[^Q`]YT^S]T_`LWPQQPN_TaPYP^^LYORPYP] L_P^Z`]NP^ZQ[ZbP]LYOaLW`PLYOYZ_WPL^__ZNZY^_]`N_w_SP^LN]POxPXMZOd L^^`X[_TZY^ LMZ`_ [PZ[WPv^ [WLNP TY L WL]RP] Z]OP] ZQ _STYR^ LYO M]TYR LMZ`_ PXZ_TZYLWLM^Z][_TZY ?SPR]PL_P][L]_ZQ_ST^MZZV]P^`W_POQ]ZXLNZZ[P]L_TaP[]ZUPN_MP_bPPYL ^NSZWL]ZQ]PWTRTZYbSZNZXMTYP^LYTY_P]P^_TYST^_Z]dLYO_SPZ]dbT_SbZ]VTY _SPQTPWOZQ0_SYZ4YOZWZRdLYOL>LY^V]T_T^_bT_SLYTY_P]P^_TY_SPST^_Z]dZQ ]PWTRTZY LYO [STWZ^Z[Sd -Z_S L`_SZ]^ SLaP ^[PY_ WZYRP] [P]TZO^ TY AL]LYL^T LYO^_`OTPOYZ_ZYWdL_`YTaP]^T_TP^M`_LW^ZbT_S4YOTLY[LYOT_^LYO£N£]dL^ BSPY_SPL`_SZ]^b]T_PLMZ`__Pc_^^`NSL^_SPX`^TNLWWdLNNPY_POAPOTN ;`
1Z]PbZ]O
aT
]`´L>¼V_L LYO _SP ±TaL>¼_]£©T ZQ _SP R]LXXL]TLY ;£©TYT _SPd OZ ^Z YZ_ ^ZWPWd Q]ZX L OP^N]T[_TaP LYO LYLWd_TNLW ^_LYO[ZTY_ ?SPT] VYZbWPORP ZQ _SP XL_P]TLW^_PX^YZ_WPL^_Q]ZX_SPQLN__SL__SPd_SPX^PWaP^SLaPWPL]YPOSZb_Z ]PNT_P _SP QLXZ`^ APOTN _Pc_LYO SZb TYOTRPYZ`^ ^NSZWL]^ bZ]V bT_S _SP LY NTPY_ R]LXXL] >Z _SP]PLOP] ^SZ`WO YZ_ MP ^`][]T^PO _ZYZ_TNP LY Z^NTWWL_TZY SP]PLYO_SP]PMP_bPPYPXTNLYOP_TN[P]^[PN_TaP^z_SPTY^TOP]^vaTPbLYO_SL_ ZQLNLOPXTNZ`_^TOP]^zbSTNSbPXLVPNZY^NTZ`^`^PZQTY_SPSZ[PZQXLV TYRL[]ZO`N_TaPNZY_]TM`_TZY_Z_SP`YOP]^_LYOTYRZQZ_SP]N`W_`]P^LYOXPOT L_TYRMP_bPPY_SP-]LSXLYTN4YOTLYLYO0`]ZNPY_]TNaTPb^ZQ_SPbZ]WO@Y QZ]_`YL_PWd :WTaP] 8ZPM`^ SLO _Z NPL^P bZ]VTYR ZY _SP []ZUPN_ MPQZ]P _ST^ MZZV _ZZV ZY T_^ QTYLW QZ]X O`P _Z TWWYP^^ ,_ _ST^ _TXP _SP w3T^_Z]dx ^PN_TZY bL^LWXZ^_NZX[WP_PO,M]TPQTY_]ZO`N_TZYTYNW`OTYRbSL_T^YZbNSL[_P] TY_SPw8P_SZOZWZRdx^PN_TZYSLOLW^ZMPPYb]T__PY?SP^PNZX[]T^P_SPNZ]P ZQ_SPMZZV_ZbSTNS,YYP__PBTWVPLOOPO_SPZ]P_TNLWNZY^TOP]L_TZY^ 4Y _ST^ _]PL_T^P ZY _Pc_ NZXX`YTNL_TZY LYO ^Z`YO TY 3TYO` >LY^V]T_ bP []Z[Z^PLYPbbLdZQLNNP^^TYR4YOTLYN`W_`]LWST^_Z]dLYOLYPc[LYOPOXP _SZO ZQ TY_P][]P_TYR _Pc_ BSTWP OZTYR ^Z bP PcPX[WTQd L ]PNPY_Wd ^`RRP^_PO [L]LOTRX TY _SP LNLOPXTN ^_`Od ZQ ]PWTRTZY^ TY 2P]XLYd z _SP LP^_SP_TN^ ZQ ]PWTRTZY _SP TY_P]OT^NT[WTYL]dPc[WZ]L_TZY ZQ ^PY^Z]d[P]NP[_TZY LYO ^dXMZWTN ]P[]P^PY_L_TZY TY ]PWTRTZ`^ NZY_Pc_^ ?SP ]ZZ_^ ZQ ^_`OdTYR _SP 3TYO` ^Z`YO `YTaP]^PRZMLNV_Z_SP[P]TZO$$_Z$$#_Z,YYP__PBTWVPv^TYaP^_TRL_TZY ZQ_SPWT_LYTP^ZQ_SP_S]PPS`YO]POYLXP^LYOZYP_SZ`^LYOYLXP^ZQ_SP?LY _]TNRZOOP^^7LWT_£TY_P]X^ZQ_SPT]WT_P]L]d^_]`N_`]PLYO_SPT][P]QZ]XLYNPTY []TaL_PbZ]^ST[LYO>Z`_S4YOTLY_PX[WP^P]aTNP^,^SdXY^ZQZYP_SZ`^LYO YLXP^ >LSL^]LY£XL>_Z_]L _Z ?LY_]TN LYOYZY?LY_]TN OPT_TP^ L]P Pc_]PXPWd [Z[`WL] TY >LY^V]T_ 3TYO`T^X T_ ^PPXPO _SL_ bSL_ bL^ LW^Z YPPOPO bL^ L w_STNVP]x OP^N]T[_TZY ZQ _SP ]L_TZYLWT_d ZQ _SP [`][Z^P^ LYO aLW`P^ ZQ _ST^ [ZZ]Wd]P^PL]NSPOQZ]XZQWT_P]L_`]PbT_STYT_^ZbYN`W_`]LWNZY_Pc_2]PP_TYR NZYaPY_TZY^ WTYR`T^_TN [STWZ^Z[Sd LYO ^ZYTN NZ^XZRZYTP^ Z`RS_ LW^Z _Z MP TYNW`OPO LYO XZ^_ TX[Z]_LY_Wd XLY_]L []LN_TNP^ _SP OPaZ_TZYLW ]P[P_T_TZY ZQ ZYP^TYRWPYLXPLYOTYOTRPYZ`^LP^_SP_TN_SPZ]TP^/`]TYR_SPNZ`]^PZQ_ST^ bZ]V T_ MPNLXP XZ]P LYO XZ]P ZMaTZ`^ _SL_ _SP WT_LYTP^ NLY MP ]PLO L^ LP^ _SP_TNYL]]L_TaP_SPZWZRTP^LYO_SL_TY_SP[P]QZ]XL_TaPNZY_Pc_^ZQ]PNT_L_TZYL XLUZ] ]ZWP T^ [WLdPO YZ_ ZYWd Md _SP NZ]]PN_ []ZY`YNTL_TZY M`_ LW^Z Md _SP ^PY^Z]dL^[PN_ZQ_SP^Z`YO4YaTPbZQ_SP]TNSYP^^LYOOTaP]^T_dZQ_SPXL_P ]TLW T_ ZNN`]]PO _Z ZYP ZQ _SP L`_SZ]^ ,B _Z OPOTNL_P L ^P[L]L_P ^_`Od _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
>ZXP ZQ _SP^P QZ]PRZTYR _Pc_ LYO QTPWO ^_`OTP^ SLaP LW]PLOd MPPY [`MWT^SPO TY L]_T NWP^ ?ST^ _P]X T^ _LVPY Q]ZX . 2PP]_ev w_STNV OP^N]T[_TZYx ZQ ]PWTRTZY L^ L N`W_`]LW ^d^ _PX .Q /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYV Q`]_LX8LTY%>`S]VLX[$$" ?SP_]LOT_TZYLWR]PP_TYRNZYaPY_TZY^L[[PL]PO_ZMPTX[Z]_LY_QZ]_SPLYLWd^T^ZQ_SP WT_LYTP^ZQOTaTYPYLXP^M`_L]PYZ_PcLXTYPOTY_ST^aZW`XP
1Z]PbZ]O
aTT
WLYR`LRP LYO ^Z`YO TY 4YOTL LYO ^Z L w^ZYTN N`W_`]LW ST^_Z]dx ZQ 4YOTL bL^ OPaPWZ[PO z bSTNS MPNLXP _SP []P^PY_ UZTY_ []ZUPN_ Q]ZX $$# ZYbL]O^ -d _ST^ _TXP 2`d -PNV SLO [`MWT^SPO ST^ MZZV >ZYTN ?SPZWZRd NZY_LTYTYR L ]PWPaLY_ LYO ]TNS NZWWPN_TZY ZQ XL_P]TLW Q]ZX [STWZ^Z[STNLW LYO _SPZWZRTNLW _]LOT_TZY^8LYdZQ_SPPcLX[WP^L]P_ZMPQZ`YOTYZ`]^_`Od_ZZM`_`YWTVP -PNV bP ^P_ _SP ST^_Z]TNLW XL_P]TLW TY L M]ZLOP] NZY_Pc_`LW Q]LXPbZ]V LYO _LNVWP ^d^_PXL_TN \`P^_TZY^ _SL_ L]P NZYR]`PY_ bT_S ]PNPY_ XZaPXPY_^ bT_STY N`W_`]LW^_`OTP^^`NSL^_SP\`P^_TZYZQ_SPST^_Z]TNLWQW`TOT_dZQ_Pc_^_SP\`P^ _TZYZQ_SPXPLYTYRZQ]T_`LW^_SP\`P^_TZYZQQZ]X^ZQaP]MLWLYOYZYaP]MLW NZXX`YTNL_TZY LYO _SP \`P^_TZY ZQ _SP [Z^^TMWP N`W_`]P^[PNTQTN L^[PN_^ ZQ ML^TNbZ]WOZ]TPY_L_TZY^LYOSTP]L]NSTP^ZQ[P]NP[_TZY 4Y ]PNPY_ OPNLOP^ ST^_Z]TLY^ LYO N`W_`]LW ^NSZWL]^ SLaP ]P[PL_POWd QZ`YO _SL_ _]LOT_TZY^ LYO _Pc_^ PcSTMT_ NSL]LN_P]T^_TN^ ZQ OdYLXTN^ LYO ZQ []ZNP^^P^ LYO SLaP MPPY LYO ^_TWW L]P NZY^_LY_Wd ^`MUPN_ _Z _SP wYPRZ_TL_TZYx ZQ aL]TZ`^ N`W_`]LWLN_Z]^,__PY_TZYSL^MPPYRTaPY_ZPX[T]TNLW^_`OdLYO]PWTRTZ`^YP^^ L^T_T^WTaPOZ`_4YLOOT_TZY_Z_SP^PXLY_TNLYOOT^N`]^TaPNZY_PY_ZQ_Pc_^_SP NZXX`YTNL_TaP NZY_PY_ ZQ ]T_`LW^ SL^ MPPY _SP ZMUPN_ ZQ XZ]P TYaP^_TRL_TZY w.ZXX`YTNL_TZYx SL^ MPNZXP L VPd _P]X TY ^_`OdTYR ]PWTRTZY TY RPYP]LW L^ NWPL]Wd^SZbYQZ]PcLX[WPTY_SPNZX[PYOT`X =PWTRTZYLW^6ZXX`YTVL_TZY bSTNS`YOP]^_LYO^_SP^ZNTLWL^[PN_L^NZXX`YTNL_TZYLYOaTPb^]PWTRTZYL^L wNZXX`YTNL_TaP ^ZNTLW PaPY_x 4_ NZY_LTY^ XLYd TYYZaL_TaP NZY_]TM`_TZY^ bSTNS OPLW SZbPaP] ^ZWPWd bT_S _SP ^PXLY_TN []LRXL_TN^ ZQ ]PWTRTZ`^ _Pc_^ :`] XZYZR]L[S ZY _SP Z_SP] SLYO LW^Z Pc[WZ]P^ _SPT] PaPY_ NSL]LN_P] _SPT] [Z_PY_TLW_Z[]ZO`NPPaP]YPbXPLYTYR^LYO_SPNZXX`YTNL_TZYLWL^[PN_^ZQ _SPT]LP^_SP_TNXL_P]TLWT_d4Y_SPLYLWd_TNLWbPTRS_TYRZQ_Pc_NZXX`YTNL_TZY LYO^Z`YObPTY_]ZO`NPLXP_SZOZWZRTNLWL[[]ZLNS_SL_T^^_TWW]L_SP]`Y`^`LW TY]PWTRTZ`^]P^PL]NS4Y[L^_dPL]^^_`OTP^TY2P]XLYdSLaPNLWWPOQZ]L[]Z R]LXZQ_SP^_`OdZQLP^_SP_TN^ZQ]PWTRTZY]PWTRTZYLYO_SP^PY^P^L_WPL^_TY _SPZ]dM`_T_SL^SL]OWdSLOLYd[]LN_TNLWL[[WTNL_TZY,__SPWPaPWZQ_SPZ]d _SP]PbL^_SP[]ZR]LXXL_TNL]_TNWPw=PWTRTZY^Æ^_SP_TVxMd3`MP]_.LYNTVLYO 3`MP]_ 8ZS]! ,P^_SP_TN^ ZQ =PWTRTZY L^ _SP LNLOPXTN ^_`Od ZQ ^PY^Z]d [P] NP[_TZYLYO^dXMZWTN]P[]P^PY_L_TZY^SL^MPPYRTaPYLYLOOT_TZYLW_SPZ]P_TNLW
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
!
2 7 -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S.L]ZWTYL$$ 3 ?d]PWW A 6]PNS LYO 3 6YZMWL`NS PO^ =PWTRTZY LW^ 6ZXX`YTVL_TZY BÞ]e M`]R% 0]RZY $$# >PP LW^Z 4 8Ø]_S w6ZXX`YTVL_TZYx TY% 3LYObØ]_P] M`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQP [`M Md 3 .LYNTV - 2WLOTRZb LYO87L`M^NSP]>_`__RL]_%6ZSWSLXXP]$$$z 3 .LYNTV LYO 3 8ZS] w=PWTRTZY^Æ^_SP_TVx TY% 3LYObØ]_P]M`NS ]PWTRTZY^bT^^PY ^NSLQ_WTNSP] 2]`YOMPR]TQQP [`M Md 3 .LYNTV - 2WLOTRZb `YO 8 7L`M^NSP] >_`__RL]_%6ZSWSLXXP]$##z !
aTTT
1Z]PbZ]O
ML^T^ Md >`^LYYP 7LYbP]O LYO /LYTPW 8ÞY^_P]" -`_ TY NZY_]L^_ _Z _SP^P OP O`N_TaP _SPZ]P_TNLW O]LQ_^ bP SLaP PWLMZ]L_PO ]PWTRTZ`^ LP^_SP_TN^ TYO`N_TaPWd L^LYPNP^^L]dSd[Z_SP^T^QZ]Pc[WLTYTYR_SP]PWTRTZ`^wSLMT_`^xQZ`YOTY3TY O`T^_TN 4YOTL% L [Z^^TMWP [`]PWd LP^_SP_TN OTXPY^TZY ZQ ^LN]PO _Pc_^ X`^_ MP ^`[[Z^PO MPNL`^P Z_SP]bT^P ZYP NLYYZ_ LNNZ`Y_ QZ] _SP bLd _SL_ 3TYO`^ L[ []ZLNS _SP^P _Pc_^ TY _SPT] OLTWd ]PWTRTZ`^ WTQP LYO QZ] _SP TYSP]PY_ aLW`P ZQ ^Z`YO L[[L]PY_ TY _ST^ NZY_Pc_ :`] TYO`N_TaP L[[]ZLNS OZP^ YZ_ ZYWd ]PLNS ^TXTWL] NZYNW`^TZY^ _Z _SZ^P ZQ ^NSZWL]^ ^`NS L^ /LYTPW 8ÞY^_P] M`_ TY LO O]P^^TYR>LY^V]T_3TYO`T^XbPLW^ZQTYOL[L]_TLW^ZW`_TZY_Z^ZXP_STYR_SL_SP ^_TWW QZ]X`WL_P^ L^ L OP^TOP]L_`X 3PYZ_P^ z U`^_TQTLMWd z _SL_ _SP YPb OT^NT [WTYPTY]PWTRTZ`^^_`OTP^wLP^_SP_TN^ZQ]PWTRTZY^xT^^_TWWTYT_^TYQLYNd%w/P QLN_ZT_SL^PcT^_PO`Y_TWYZbXP]PWdL^LYTOPLL^LuO]LQ_vbSTNSL^QL]L^4 VYZbSL^YPaP]MPPY[`_TY_Z]P^PL]NS[]LN_TNPx# BPbZ`WOYZ_bLY__ZMP\`T_PL^PcNW`^TaPL^_SL_$4Y^PaP]LW\`T_POTQ QP]PY_OT^NT[WTYP^bT_STYN`W_`]LW^_`OTP^_SP]P]PLWWd^PPX^_ZMP^ZXP_STYRwTY _SPLT]xNZYNP]YTYRPc[WZ]L_TZYZQ_SPu^_LRTYRvL^[PN_^ZQNZXX`YTNL_TZY_SP TNZYTNYL_`]PZQN`W_`]LW^dXMZW^LYO_SPLP^_SP_TN^PY^Z]dOTXPY^TZYZQ]PWTR TZY^ 3P]P [L]_TN`WL] L__PY_TZY T^ [LTO _Z aT^`LWT_d _SP MZOd LYO w[P]QZ]X LYNPx.ZY^TOP]L_TZYZQ_SPOTXPY^TZYZQ^Z`YO^SZ`WOTYNW`OPYZ_ZYWd2`d -PNV^ >ZYTN ?SPZWZRd XPY_TZYPO LMZaP M`_ LW^Z L_ WPL^_ _bZ [TZYPP]TYR ^_`OTP^Q]ZX_bZOT^_TYN_]P^PL]NSL]PL^YLXPWd-]`NP6L[QP]P]v^P_SYZR]L[Sd
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >7LYbP]O =PWTRTZY^Æ^_SP_TV%>_`OTPYe`XAP]SÆW_YT^aZY>dXMZW`YO>TYYWTNSVPT_ 3LMTWT_L_TZY-P]WTY$$$&[`MWT^SPOTYMdAP]WLR6ØYTR^SL`^PY9P`XLYY BÞ]eM`]R / 8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP% AZ]L]MPT_PY e` PTYP] =PWTRTZY^P_SYZWZRTP OP] ;]ZO`V_TZY `YO =PeP[_TZY ]T_`PWWP] 8POTPY 8ÞY NSPY%,VLOPXT^NSP]AP]WLR # 8ÞY^_P] =PWTRTZY^Æ^_SP_TV ,WW2P]XLY_]LY^WL_TZY^Md0WTeLMP_S3TNV^ $ 1Z] PcLX[WP ZYP ZQ _SP wWPLOTYR _SZ`RS_^x ZQ _SP YPb 8P_eWP] 7PcTVZY =PWTRTZY [`MMd.,`QQL]_S38ZS]P_LW>_`__RL]_%8P_eWP]$$$zT^_SL_]PWTRTZYT^ waT^TMWPxLYOw^PY^Z]dxLYOT^[L^^POZYwaTLXPOTLx:_SP]OT^NT[WTYP^^`NSL^:WO 2P]XLY [STWZWZRd ST^_Z]TNLW ]P^PL]NS XPOTPaLW ^_`OTP^ TY [L]_TN`WL] ^ZNTLW LY_S]Z [ZWZRdLYO_SPL_P]^_`OTP^LW^ZLOO]P^^_ST^L^[PN_8ÞY^_P]STX^PWQ RWZ^^P^LY`X MP] ZQ PcLX[WP^ Q]ZX P_SYZR]L[Sd LYO O]Lb^ L__PY_TZY _Z LY wLY_S]Z[ZWZRd ZQ ^PY^P^x 8ÞY^_P] =PWTRTZY^Æ^_SP_TV !z" 8PLYbSTWP > 7LYbP]O PO /P] 6LYZY `YO OTP >TYYP% =PWTRTZY^Æ^_SP_TV LW^ LVLOPXT^NSP /T^eT[WTY 7`cPXMZ`]R LYO;5-]Æ`YWPTYPO =PWTRTZY`YO8`^P`X%E`]aT^`PWWPY=P[]Æ^PY_L_TZY aZY=PWTRTZYPYTXØQQPY_WTNSPY=L`X -TPWPQPWO%_]LY^N]T[_SLaPMPPY[`MWT^ SPOTYNW`OTYR_SPZ]P_TNLW]PQWPN_TZY^LYOTYQZ]XL_TaPPcLX[WP^ ?SPTX[Z]_LYNPZQ_SPaT^`LWTY3TYO`4YOTLSL^MPPYbZ]VPOZ`_Md/0NV /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL .SLXMP]^MP]R% ,YTXL YO ]Pa PO $# =3 /LaT^ 7TaP^ ZQ 4YOTLY 4XLRP^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$$& ;]TYNP_ZY $$" ^_]P^^P^ _SP NSLYRTYR ]PTY_P][]P_L_TZY^ ZQ TXLRP^ Md OTQQP]PY_ wNZXX`YT_TP^ ZQ ]P ^[ZY^PxLYOTYaP^_TRL_P^_SPWZNL_TZY_PX[WPZ]X`^P`X
"
1Z]PbZ]O
Tc
ZY _SP LP^_SP_TN QPL_`]P^ ZQ >TYSLWP^P -`OOST^_ PcZ]NT^X ]T_P^ LYO 9LaTO 6P]XLYTv^WT_P]L]dL[[]LT^LWZQ_SPTYSLWP^P-`OOST^_^P^[PNTLWWd_SP`]MLYbZ]VTYRNWL^^ LYO [PL^LY_^ NZX[]PSPYO _SPT] bZ]WO .WZ^P] _Z Z`] ^_`Od SZbPaP] T^ 6P] XLYTv^L[[]ZLNS?ST^^NSZWL]ZQ4^WLXXLTY_LTY^_SL__SP]PT^YZ_]`P`YOP] ^_LYOTYRZQ_SP`^LYYP 7LYRP] LYO 6`]_ 3ÞMYP] bSZ^P Pc[WZ]L_TZY^ TYNW`OPO _SP []P _P]XTYZWZRTNLW _SP []PWZRTNLW LYO _SP ^PY^Z]d LYO ^SZb _SL_ _SP^P OTXPY ^TZY^SLaP_SPT]ZbYbLd^ZQXLVTYR^PY^PBPbT^S_ZXPY_TZYTY[L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -]`NP6L[QP]P] ,.PWPM]L_TZYZQ/PXZY^%0cZ]NT^XLYO_SP,P^_SP_TN^ZQ3PLWTYRTY >]T 7LYVL :cQZ]O% -P]R ;`MWT^SP]^ 7_OBL^STYR_ZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;]P^^ $$Z]TRTYLWWd[`MWT^SPO$# 9LaTO 6P]XLYT 2Z__T^_ ^NSØY% /L^Æ^_SP_T^NSP0]WPMPYOP^6Z]LY 8ÞYNSPY%-PNV $$$
c
1Z]PbZ]O
_SP N`W_`]LW LY_S]Z[ZWZRT^_ >_LYWPd ?LXMTLS bSZ^P P^^Ld ZY X`W_T[WP Z]OP] TYR^ ZQ ]PLWT_d TY^[T]PO Z`] _bZ VPd _P]X^ w[L]_TNT[L_Z]dx LYO wPXLYNT[L_Z ]dx ?SP^P LYLWd_TNLW _P]X^ L]P `^PO _Z OPaPWZ[ L OdYLXTN LYO NZY_Pc_ ^PY^T_TaPST^_Z]dZQTOPL^bT_STY_SPaL]TZ`^OTQQP]PY_WLYR`LRPLYObZ]WOZ]T PY_L_TZY^ TY 4YOTLY N`W_`]P BP L]P bPWW LbL]P _SL_ TOPL^ LYO Z]TPY_L_TZY^ OZ YZ_PcT^_bT_SZ`_S`XLYLN_Z]^LYO_SPT]R]Z`[^[PNTQTNTY_P]P^_^?SP>LY^V]T_ WLYR`LRPSL^MPPYLXLUZ]^Z`]NPZQ[ZbP]LYOL`_SZ]T_dQZ]-]LSXLYTNLN_Z]^ TY[L]_TN`WL],Q`YN_TZYLWL[[]ZLNSWTXT_PO_Z-]LSXLYTNTY_P]P^_^SZbPaP]T^ _ZZYL]]Zb_ZLNNZ`Y_QZ]_SPQLN_`LWLYObTOP^[]PLO[SPYZXPYLbPbLY__Z PcLXTYPLYOOPML]^LM]ZLOP][P]^[PN_TaPZY_SP4YOTLYN`W_`]PL_WL]RP.L_S P]TYP-PWWv^]PXL]V^ZY]T_`LWL[[WdP\`LWWd_ZZ`]^_`OdZQWLYR`LRP_Pc_`LW _]LOT_TZY^LYO_SPT][P]QZ]XL_TaPOTXPY^TZY^%]PWTRTZ`^^dXMZW^LYO_SP^dX MZWTNLN_TaT_dZQ]T_`LW^L[[PL]_ZZNZX[WPc_ZMPXP]P]PQWPN_TZY^ZQ_SP^ZNTLW Z]OP]&_SPdL]PPXMPOOPOTYLYOOT^[WLdPWLMZ]L_P^d^_PX^_SL_L[[PL]_ZSLaP _SPT]ZbYWZRTNLYO_SP]PWL_TZY^ST[ZQ_ST^WZRTN_Z^ZNTLWZ]RLYTeL_TZYT^QL] Q]ZX^TX[WPLYOOT]PN_:`]XLUZ]ZMUPN_TaPT^_Z^SZb_SL__SPTY_P]LN_TZY^ MP_bPPY Xd_SZ^LYO WZRZ^zZ]MP_bPPY[L]_TNT[L_Z]dLYOPXLYNT[L_Z]dZ]TPY _L_TZY^ z L]P XLYd LYO NZX[WPc ?SPd ]LYRP Q]ZX WTYPL] OPaPWZ[XPY_^ LYO QZ]X^ ZQ wNZOP^bT_NSTYRx _Z ]PQWPN_PO PWLMZ]L_P w`YTaP]^LW Xd_S^x bSTNS [Z^T_]L_TZYLWT_dbT_STYLXd_STNLWQ]LXPbZ]VLYOPc[WLTYXd_STNLWPXMPOOTYR TYLYLYLWd_TNLWQL^STZY-P^TOP^N`W_`]LW_SPZ]TP^bP_LVP^ZNTLW^NTPYNP^WTY R`T^_TN^PXTZ_TN^NZRYT_TaPLP^_SP_TNLYO[P]QZXLYNP_SPZ]TP^TY_ZNZY^TOP]L _TZY ?ST^MZZV_LNVWP^LWZYR[P]TZOZQ_TXPQ]ZX_SPAPOL_Z_SP[]P^PY_OLd L[W`]LWT_dZQ_]LOT_TZY^LYOLR]PL_aL]TP_dZQ_Pc_`LW^Z`]NP^?ST^T^LOL]TYR PY_P][]T^PRTaPY_SPSTRSWd^[PNTLWTePO]P^PL]NSTYNZY_PX[Z]L]d4YOZWZRdDP_ T_T^[]PNT^PWd_SPaL^_LXZ`Y_ZQXL_P]TLWNZYNP]YTYRZ`]^`MUPN_XL__P]bSTNS XLVP^ T_ _PX[_TYR _Z ^_]TaP QZ] L RWZMLW [P]^[PN_TaP :`] \`P^_TZY^ QTYOTYR^ LYO _SPZ]P_TNLW Q]LXPbZ]V TY_PYO _Z ]PLNS LWW _SZ^P TY_P]P^_PO TY N`W_`]LW LYO ]PWTRTZ`^^_`OTP^M`_XLdWTVPbT^PL]Z`^P_SPTY_P]P^_ZQ4YOZWZRT^_^,W_SZ`RS _SP]PPcT^_LWL]RPY`XMP]ZQQTYP^_`OTP^ZY_SPAPOLAPOTN^NTPYNP^OPaZ _TZYLW_]LOT_TZY^[STWZ^Z[Sd4YOTLYLP^_SP_TN^_SP?LY_]LLYOZ_SP]L]PL^bP bLY__ZOPLWbT_S_SPR]Z`YObPTY_PYO_ZPc[WZ]PMdQZN`^TYRZY^ZYTNNZX X`YTNL_TZYT^WL]RPWd`YNSL]_PO_P]]T_Z]dLYO^ZQL]ZYWdLQPb^_`OTP^PcT^_ZY ^TYRWP L^[PN_^ ?SP^P QLN_^ LWZYR bT_S _SP YL_`]P ZQ Z`] _SPZ]P_TNLW OP^TRY Pc[WLTYbSdbP`^P^PNZYOL]dWT_P]L_`]PZYWd]L]PWdLYO^PWPN_TaPWdLYO^PPV w_Z WP_ _SP _Pc_^ ^[PLV QZ] _SPX^PWaP^x :Q NZ`]^P wSPL]TYRx _SP _Pc_^v XP^ ^LRP^T^LWbLd^LYTY_P][]P_L_TaPLN_T_^PWQLYOTY_P][]P_L_TZY^_L]_^L^^ZZYL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ > ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_d% _SP OPML_P TYT_TL_PO Md 7Ëad-]`SWx TY% >?LXMTLS 8LRTN^NTPYNP]PWTRTZYLYO_SP^NZ[PZQ]L_TZYLWT_d .LXM]TORP%.LX M]TORP@YTaP]^T_d;]P^^$$ .-PWW =T_`LW%;P]^[PN_TaP^LYO/TXPY^TZY^$$" $z!
1Z]PbZ]O
cT
_SP_Pc_^L]P_]LY^WL_PO,WW]P[]P^PY_L_TZY^zLYO_SZ^PZQ^NSZWL]^TY[L]_TN`WL] zL]PMZ`YO_ZMPNZY^_]`N_^?SPXLUZ]ZMUPN_TaPZQZ`]NZY^_]`N_bL^_Z_]d_Z wWT^_PYx LW^Z _Z _SP [Sd^TNLW^PY^Z]d LYO PXZ_TaP XP^^LRP^ NZYaPdPO TP _Z _LVP TY_Z LNNZ`Y_ _SP XLYd WPaPW^ bSTNS NZY^_T_`_P _SP XPLYTYR[]ZO`NTYR []ZNP^^ZQWT_P]L]dNZXX`YTNL_TZYzL[]ZNP^^_SL_RZP^MPdZYO^PXLY_TN^,WW ZQ _SP YZ_L_TZY^ LYO _]LY^WL_TZY^ L]P Z`] ZbY LYO ^ZXP ZQ _SP ^Z`]NP^ SLaP MPPY_]LY^WL_POQZ]_SPQT]^__TXPMd:84YZ`]_]LY^WL_TZY^bPOZYZ_TY _PYO _Z ]PYOP] L _P]X bT_S _SP ^LXP bZ]O PaP]d _TXP ^TYNP XLYd >LY^V]T_ _P]X^L]P[ZWd^PXLY_TNLYO_SPT]XPLYTYR^L]PNZY_Pc_OP[PYOPY_8Z]PZaP]T_ bL^TX[Z]_LY__Z`^YZ_ZYWd_Zb]T_PLYLNLOPXTNbZ]VM`__ZOZ^ZTYLXLY YP]_SL_T^MZ_SPY_P]_LTYTYRLYOL[[PLWTYR?Z^`M^_LY_TL_PZ`]LYLWd^T^ZQ_SP OdYLXTN^ bT_STY 4YOTLY ST^_Z]d bP `^P PcLX[WP^ ^ZXP ZQ _SPX SZ[PQ`WWd LX`^TYR LYO PY_P]_LTYTYR M`_ LWW ZQ _SPX TWW`^_]L_TYR _SP QLN_ _SL_ ]PWTRTZ`^ ST^_Z]dNZY_TY`P^_ZMPXLOPTY_SP[]P^PY__TXP ?SP 8P_SZOZWZRd ^PN_TZY 4 NZaP]^ XP_SZO LYO _SPZ]d TYNW`OTYR N`W_`]LW NZX[L]T^ZY^ 4_ T^ L ^_]ZYRWd _SPZ]P_TNLW w[]PWTXTYL]dx _Z _SP XLTY ^PN_TZY 3T^_Z]d 44 4Y L X`W_TXP_SZO QL^STZY T_ TYaZWaP^ L WL]RP Y`XMP] ZQ _SPZ]TP^ LYZ_SP]OL]TYR[]ZNPO`]P_SL_[]ZaTOPL[ZWdaLWPY_QZ`YOL_TZYQZ]Z`]bZ]V ?SPOT^N`^^TZYTWW`^_]L_P^bSTNS]P^PL]NSNZY_Pc_^bPM`TW_ZYLYObSP]PbP [Z^POTQQP]PY_\`P^_TZY^BP`^PXLYd_SPZ]TP^ZQ2P]XLYb]T_P]^LYO[]ZaTOP 0YRWT^S_]LY^WL_TZY^ ?SP MZZV NZY_LTY^ L X`^TN ./ TYNW`OTYR L`OTZ [TPNP^ _Z []ZaTOP PcLX [WP^ZQ_SPXZ^_NZXXZYVTYO^ZQ]PNT_L_TZY^ZYRLYOX`^TN?SP]PQZ]PT_OZP^ YZ_ NZ]]P^[ZYO PcLN_Wd _Z _SP OT^N`^^TZY^ LYO X`^TNLW LYLWd^P^ TY _SP MZZV ?SP[TPNP^L]POP^N]TMPOTY_SPL[[PYOTc,Y`XMP]ZQ_SP^P_]LNV^L]P]PNT_PO MdNZY_PX[Z]L]d_PLNSP]^LYO[]TP^_^bSZLW^ZaT^T_Z]WTaPTY_SPBP^_BPL]P R]L_PQ`W _Z >]T APYVL_L >L^_]d ALX^PP 6 ;LX`WL 3T^ 3ZWTYP^^ >bLXT >LNSNSTOLYLYOL >bLXT -]LSXLYLYOL >bLXT /LdLYLOL LYO >bLXT :X VL]LYOLQZ]LWWZbTYR`^_Z]P[]ZO`NP_SPNZ[d]TRS_POX`^TN BP bT^S _Z _SLYV QT]^_ LYO QZ]PXZ^_ Z`] 4YOTLY Q]TPYO^ LYO _PLNSP]^ QZ] _PLNSTYR `^ _Z ^PP bT_S _SPT] PdP^ LYO _Z SPL] bT_S _SPT] PL]^ BP NLY ZYWd XPY_TZY Md YLXP L QPb ZQ _SP XLYd ^NSZWL]^ bT_S bSZX bP SLaP MPPY LW WZbPO _Z bZ]V% >bLXT /LdLYLYOL >L]L^aL_T ;LYOT_ 3PXPYO]L .SLV]LaL]_d /] ,_`W 6`XL] ,RL]bLWL LYO ;LYOT_ >STaYL_S 8T^S]L BP LW^Z bT^S _Z Pc []P^^Z`]_SLYV^_ZZ`]LNLOPXTN_PLNSP]^,cPW8TNSLPW^LYO-P]YSL]O6ØWaP] LYOZ`]NZWWPLR`P^5ZLNSTX1]TPO]TNS>[]ZNVSZQQ8Lc/PPR5`YP8N/LYTPW ,aTaL 6PWWP] 2`^_LaZ -PYLaTOP^ LYO 6ZNV` aZY >_`NV]LO QZ] _SPT] SPW[Q`W NZXXPY_^LYO_SPT]^`[[Z]_TY_ST^[]ZUPN_>[PNTLW_SLYV^L]PO`P_ZLWW_SZ^P TYaZWaPOTY_SP_T]TYRbZ]VZQ[]ZZQ]PLOTYRLYOPOT_TYR%,YY6]T^_TY-PTYWTNS >TXZY 3ZWOP]XLYY @W]TVP 8ZPM`^ 8PWLYTP 8ØWWP] 8L]_TY =LOP]XLNSP] 7`NTL?]L`_.WL`OTLBPMP]LYOXZ^_ZQLWW_ZZ`]_]LY^WL_Z]0WTeLMP_S3TNV^ BPPc_PYOZ`]_SLYV^_Z_SP1Ø]OP]P]RP^PWW^NSLQ_OP]BP^_QÆWT^NSPYBTWSPWX^ @YTaP]^T_Æ_8ÞY^_P]QZ]T_^QTYLYNTLW^`[[Z]_QZ]_SP_]LY^WL_TZY
cTT
1Z]PbZ]O
B]T_TYRLYO;]ZY`YNTL_TZYZQ>LY^V]T_?P]X^ 4Y Z]OP] _Z QLNTWT_L_P _SP ]PLOTYR ZQ _SP Y`XP]Z`^ LYO ^ZXP_TXP^ aP]d WZYR >LY^V]T__P]X^bP`^`LWWd[]P^PY_NZX[Z^T_P^LYOYLXP^ZQXLUZ]bZ]V^TYL QZ]X bSTNS T^ OTaTOPO TY_Z w[LOL^x PR V>LÀST_£ Z] M¯ULXLY_]L `YWP^^ bP L]P OPLWTYR bT_S QLXTWTL] _P]X^ ^`NS L^ RaPOL Z] aZbPW NZYU`YN_^ PR aPO£«RL TY^_PLO ZQ aPO£«RL >LY^V]T_ _Pc_^ L]P ZYWd RTaPY TY T_LWTN^ bSPY _SPdL]P[]P^PY_POQZ]_SPQT]^__TXPTYLNSL[_P]Z]PW^PbSPYbPL]PXZaTYR ZY_ZLXLUZ]L]R`XPY_>LY^V]T__P]X^_SL_L]PP^[PNTLWWdQ]P\`PY_TYNP]_LTY TYOTaTO`LW[L^^LRP^L]PLW^ZZYWdT_LWTNTePO_SPQT]^__TXP_SPdZNN`]`YWP^^bP bLY__Z`YOP]WTYPLYL]R`XPY_6Pd_P]X^^`NSL^w-]LSXLYxXLdMPNL[T_LW TePOBPTY_P]NSLYRP_SP_P]X^±TaLT_TNLYOAT´©`T_TNbSTNS^Z`YOXZ]PQL XTWTL] _Z YZY4YOZWZRT^_^ bT_S _SP _P]X^ ±LTaL LYO ALT´©LaL NZXXZY TY 4YOZWZRd>LY^V]T_YLXP^bSTNSL]PTYN`]]PY_[Z[`WL]`^PL]Pb]T__PYbT_SZ`_ OTLN]T_TNLW^N]T[_PRAL]LYL^TZ]>bLXT>STaLYLYOLBPRPYP]LWWdTYOTNL_P Z`] Z]TRTYLW ^Z`]NP^ bT_S _SP Q`WW YLXP ZQ _SP _Pc_ ?SP ^SZ]_N`_^ bP `^P TY ^ZXP[WLNP^[L]_TN`WL]Wd_SPAPOLNSL[_P]ZNN`]ZYWdTYQZZ_YZ_P^Z]NT_L_TZY^ LYOL]PPL^TWdTOPY_TQTLMWPQ]ZX_SPOT^N`^^TZYZQ_SPbZ]VTY_SPXLTY_Pc_1Z] TY^_LYNP ]PQP]PYNP^ _Z _SP RaPOL TP _SP V>LÀST_£ bTWW MP TYOTNL_PO Md _SP^SZ]_N`_wAx ,^T_T^aP]dTX[Z]_LY_TY>LY^V]T__Z[]ZYZ`YNP_SPbZ]O^NZ]]PN_Wd^ZXP ZQ_SPXZ^_TX[Z]_LY_]`WP^ZQ[]ZY`YNTL_TZYL]PRTaPYMPWZb% − ?SPaZbPWLT^[]ZYZ`YNPOWTVPw`xTYwQ`Yx − ?SPaZbPW£T^[]ZYZ`YNPOWTVPLWZYR0YRWT^SwLSx^`NSL^TY_SPbZ]O wMLWXx − ?SPaZbPWTT^[]ZYZ`YNPOWTVP_SPwTxTYwMT__P]x − ?SPaZbPWÎȱT^[]ZYZ`YNPOWTVPwPPxTYwMPP_WPx − ?SPaZbPW`T^[]ZYZ`YNPOWTVPw`xTYwM`_NSP]x − ?SPaZbPWĀT^[]ZYZ`YNPOWTVP_SPwZZxTYwXZZOx − ?SPaZbPWPT^WZYRLYO[]ZYZ`YNPOL^wPSxWTVPLWZYRP]aP]^TZYZQ_SP aZbPWTYwXPYx − ?SPaZbPWZT^[]ZYZ`YNPOWTVP_SPwZxTYwZaP]x − ?SPaZbPWLTT^[]ZYZ`YNPOWTVP_SPaZbPWTYw_TXPx − ?SPaZbPWL`T^[]ZYZ`YNPOL^TYwSZbx − ?SPaZbPW ^Z`YO^LWT__WPWTVP_SPwP]xTY_SP>bT^^2P]XLY[]ZY`YNTL _TZYZQw8`__P]xLYOwAL_P]xbT_SZYP^_]ZVPZQ_SP_ZYR`P − ?SP^TMTWLY_^ ²LYO ´L]PMZ_S[]ZYZ`YNPOXZ]PZ]WP^^WTVP_SP0YRWT^S^S LW_SZ`RS²T^NWPL]P]_SLY´?SP^TX[WP ^T^[]ZYZ`YNPOaZTNPWP^^L^TY _SP0YRWT^Sw^PLWxL^Z[[Z^PO_Z_SPaZTNPOeTYwePLWx − ?SPNZY^ZYLY_NT^[]ZYZ`YNPOWTVPwNSxTYwNS`]NSx − ?SPNZY^ZYLY_^UdLYOaL]P[]ZYZ`YNPOL^_SPdL]PTY0YRWT^SPRU£_T( ULL_TdLaL(dLaaLaPOL(aPSOL
1Z]PbZ]O
−
−
− − −
cTTT
?SPNZY^ZYLY_^«LYO ÓL]P[]ZYZ`YNPOWTVP_SPYR^Z`YOTYw^ZYRxLYO wZ]LYRPx ^Z a£«XLdL ( aLLYRXLddL ?SP NZXMTYL_TZY UÓ T^ L ^[PNTLW NL^P L^ TY UÓ£YL% _ST^ bZ]O SL^ _Z MP []ZYZ`YNPO PT_SP] RYdLLYL Z] OYdLLYLM`_YPaP]UYdLLYL BSPYPaP]_SP]PT^LOZ_XL]VPO`YOP]LNZY^ZYLY_L^TY ¶LYO ©_ST^ XPLY^_SL__SP_ZYR`P^SZ`WOMPMPY_MLNVbL]O^bSPY_SPbZ]OT^^[ZVPY 4Q _SP]P T^ YZ OZ_ `YOP] _ O LYO Y _SP^P NZY^ZYLY_^ L]P ^[ZVPY bT_S _SP _ZYR`P_Z`NSTYR_SP_PP_S BSP]PaP]_SPWP__P]ÀL[[PL]^_SP[]PNPOTYRaZbPWMPNZXP^YL^LW^TXTWL] _Z_SP[]ZY`YNTL_TZYZQ_SP1]PYNSwMZYxZ]wXL_TYx ,YàL__SPPYOZQLbZ]OT^[]ZYZ`YNPOWTVPwSLxM`__SPwSxT^^ZQ_P]LYO XZ]P^_]ZYRWdL^[T]L_PO_SLY_SPSTY_SP0YRWT^SbZ]OwSZ`^Px^Z ]£XLà (]LLXLSL 4QLYSL[[PL]^OT]PN_WdLQ_P]LNZY^ZYLY__SP_bZL]PNZXMTYPO&QZ]PcLX [WP_SPbZ]O]L_SLT^YPaP][]ZYZ`YNPOw]L_SLxM`_TY^_PLO_SPNZY^ZYLY_ LYO_SPL^[T]L_TZYZNN`]^TX`W_LYPZ`^Wd
?LMWPZQ.ZY_PY_^ 1Z]PbZ]O a 4
8P_SZOZWZRd
3TYO`T^XL^L.`W_`]PZQ>Z`YO
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P #
;Z^_:]TPY_LWT^X%=PWTRTZYLYO>LY^V]T_3TYO`T^X
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
=T_`LW>Z`YO>[LNP^LYO>ZNTLW>PXTZ_TN^
=PWTRTZ`^=PLOTYR^LYO3ZWd3PL]TYR #
;]ZR]LXQZ]L>ZYTN7T_P]L]d3T^_Z]dLYO?SPZ]d !!
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^"
=PWTRTZYL^>dXMZWTN.ZXX`YTNL_TZYLYO>ZNTZWZRdZQ =PWTRTZ`^0c[P]TPYNP "
,P^_SP_TN^ZQ=PNP[_TZYLYO=PWTRTZY "$
=PWTRTZ`^,P^_SP_TN^LYO,NZ`^_TN;TP_d ## 8ZOP^LYO8`W_T/TXPY^TZYLWT_dZQ,NZ`^_TN ;TP_d $ ,YTXL_PO>Z`YO0c[WLTYPO =PaTPbLYO:`_WZZVQZ]_SPw>ZYTN;L]LOTRXxLYO >Z`YOL^>dXMZWTN1Z]X
?LMWPZQ.ZY_PY_^
caT
!
"
#
$
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z =PWTRTZY^.ZX[L]PO !
>_ZYP?LMWP_^LYO-ZZV^_SL_.ZXP_Z7TQP !
!
8PXZ]d?PNSYT\`P^LYO4Y_P]YLWTeL_TZY
!
,NZ`^_TN;TP_dTY4YOTLLYO0`]Z[P
!
3T^_Z]TNLWLYO.`W_`]LW/T^^ZYLYNP^TY>PXT7T_P]L_P EZYP^ "
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd " "
:]LWT_d7T_P]LNd/PML_PLYO>LY^V]T_.`W_`]P "$
"
:]LWT_dZ]7T_P]LNdTY,YNTPY_4YOTL* $
"
>ZYLWT_dL^L?ST]O>[LNP%9Pb,^[PN_^QZ]/PML_P $"
"
8POTL;]LN_TNPL^,P^_SP_TN;]LN_TNP "
"
=PWTRTZ`^;]LN_TNP^LYO7T_P]L_`]P^L^;P]NP[_TZY 2PYP]L_TYR9P_bZ]V^ "
7T_P]L_TTY4YOTLLYO0`]Z[P #
,`OTMWP,M^_]LN_TZY^%;£©TYTv^2]LXXL]L^ ?]PYO^P__P]ZQ>NTPYNP "
#
>NTPY_TQTN;]LN_TNPLYO,P^_SP_TN>_dWPZQ4YOTLY 8L_SPXL_TNTLY^LYO,^_]ZYZXP]^ #
#
?SP4YOTLY7T_`]RTNLW8ZOPWLYO_SP2]PPV 7ZRZNPY_]TN8ZOPW
#
;`MWTN>NSZWL]Wd/T^[`_P^TY8POTPaLW0`]Z[PLYO 4YOTLz.S`]NSLYO>_L_P;ZWT_TN^
#
>NTPYNPLYO=PWTRTZYz.Z]]PWL_TZY>[LNP^/T^N`]^TaP 1Z]XL_TZY^;]LRXL_TN1`YN_TZY^
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^ .`W_`]LW8POTL!"
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN 1Z]X^ZQ7LYR`LRPLYO>Z`YO"# ?SP7LYR`LRP.ZbLYO=P^Z`]NP^ZQ_SP-]LSXTY^ ## 8d_SZ^LYO7ZRZ^z:Y_SP.ZPcT^_PYNPZQ ;L]_TNT[L_TZYLYO0XLYNT[L_TZY $! ;L]_TNT[L_Z]dLYO0XLYNT[L_Z]dBZ]WO :]TPY_L_TZY^ $" 8LRTNLYO8d_S
?LMWPZQ.ZY_PY_^
caTT
8d_STNLW?P]XTYZWZRTNLW>dY_SP^P^ ?SP7LYR`LRP2ZOOP^^L^>`M^_LYNPLYO 8P_L[SZ]%w.ZOP>bT_NSTYRx>_]L_PRTP^ ?SPw.Z^XTN7LYR`LRPxLYO:_SP] @YTaP]^LW8d_S^
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO ;L]_TNT[L_TZYL^2`TOTYR3P`]T^_TN/TQQP]PYNP
44 3T^_Z]d
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO >LN]PO>Z`YO
;P]QZ]XLYNPLYO,`]L
,P^_SP_TN8P^^LRPLYO1Z]X^ZQ=PNP[_TZY
8YPXZYTN?PNSYT\`P^LYO?]LY^XT^^TZY
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO _SP0aP]1]P^SAPOL^"
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL $
3dXY^_SP1ZZOZQ_SP2ZO^ !
7ZbTYRZQ.L__WPLYO.]ZLVTYRZQ1]ZR^ !
?SP-]LSXLYL^;ZP_TN8LRTN !
?SP6PP[P]ZQ_SP-]LSXLY !"
7LYR`LRPL^L2ZOOP^^ " w?SP7LYR`LRP>[PLV^x%?SPA£R ¢XMS©¯3dXY " w>TQ_PObZ]O^xz?SP-SL^[L_T¢«RT]L^L 3dXY "!
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P >LÀST_£LYO-]£SXL©L^ "#
?SPAZTNPLYO_SPw4YPcSL`^_TMWPx%_SP7L_PRaPOL #
?SP=TOOWPTY_SP3dXYZQ/¯]RSL_LXL^ # ?SP9Pb-]LSXLY #
?LMWPZQ.ZY_PY_^
caTTT
!
"
#
?SP?SZ`^LYO>dWWLMWPO-`QQLWZ.Zb #" 8P_]TNLW8LRTNbT_S9`XMP]^ $ >Z`YO=T_`LW^QZ]_SPAPOTN9PbDPL] $ ?SP2]PL_7T_LYd $ ?SP>dWWLMWPZQ7TQP $" 0L]_S/]`XLYO7TQP3L][z0^NSL_ZWZRTNLW .L]YPaLW8`^TN
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
8LY_]L^L^>[PPNS,N_^LYO7LYR`LRP,N_^ !
?SP/T^NT[WTYPO>[T]T_LYO_SP/TZYd^TN $
.Z^XZRZYTN1`YN_TZYZQ7LYR`LRP
0_dXZWZRdL^LY4Y_P][]P_L_TZYZQ=PLWT_d !
>Z`YO=T_`LW^%_SP>£XLAPOL !
8TXP_TN8LRTN "
!
w.L_P]bL`WTYRxLYO3ZbWTYR>_Z]X^
!
w4YNZ][Z]PLW>ZYR^x
!
?SPw4YPc[]P^^TMWPx>dWWLMWP:¿
!
3`XXTYR;T_SPNLY_S]Z[ZTLYOw>Z^Z^ZZZZYRTYRx #
!!
3Zb_Z>TYR:YP^PWQTY_Z_SP:_SP]BZ]WO
:¿TY_SPPL]WTP]@[LYT´LO^ "
:¿L^w0^^PYNPx.S£YOZRdL@[LYT´LO
"
7LYR`LRP>VP[_TNT^X?LT__T]ÅdL@[LYT´LO #
:¿TY_SPWL_P]@[LYT´LO^ #
:¿L^?ZZWQZ].ZY_PX[WL_TZY8`©LVL@[LYT´LO
#
:¿L^>`[P]^_]`N_`]P8£©¼VdL@[LYT´LO
.ZX[Z^T_TZYLYO/PNZX[Z^T_TZY%,YLWd_TNLW>_`OTP^LYO ;Z[`WL]TeL_TZY^ZQ_SPAPOLz=L_TZYLWT_dLYO,P^_SP_TN^ ZQ;Z^_APOTN7T_P]L_`]P^LYO;P]QZ]XTYR,]_^ "
?SP9Z^_LWRTLZQ_SP-L]O^ "
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^ !
?LMWPZQ.ZY_PY_^
?SP3`YO]POLYO_SP?SZ`^LYO9LXP^ZQ_SP @YTaP]^LW2ZO !
3PL]TYR?SL_-]TYR^/PWTaP]LYNP !#
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^ "
cTc
2]LXXL]TLY^ " ;L_LÓULWTv^,]R`XPY_^TY>`[[Z]_ZQ 2]LXXL] " ?SP;SZYP_TN,W[SLMP_ "" >¼_]L?PNSYT\`PLYO;£©TYTv^ 8P_L7LYR`LRP # w±TaL^¼_]£©TxLYO_SP.ZOP>d^_PX^T_ 4Y^[T]PO # w2]Zb_SxLYO:_SP];L]_TNT[L_Z]d w>`]aTaLW^x #$ ;SZYP_TNTLY^ $ ?]LTYTYR_SP8TYO_S]Z`RS>Z`YO^ $ ;SZYP_TN^LYO,P^_SP_TN^
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ ,P^_SP_TN8ZZO^
;SPYZXPYZWZRdZQ8ZZO^
>PXLY_TNTeL_TZYZQ2P^_`]P^
0c[]P^^TaPAZNLWTeL_TZY
:YZXL_Z[ZPTN.ZOP^%_SP7LYR`LRPZQ/]`X^ !
0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]LYO=PXd_STQTNL_TZYZQ _SP>NTPYNPZQ2]LXXL]TY7TRS_=PLOTYR $
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY%/P>LN]LWTeL_TZY LYO=P>LN]LWTeL_TZYZQ7LYR`LRPTY;ZP_TN^7TYR`T^_TN^ LYO8P_L[Sd^TN^
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
?SP7LYR`LRPBZ]V^SZ[ZQ_SP:]YLXPY_LWT^_^ 7LYR`LRP:]YLXPY_L_TZY ?SP>NSZZWZQ>`RRP^_TZY
-]LSXLYTNLW,RRTZ]YLXPY_Z%=L_TZYLWT^_.SLWWPYRP^LYO _SP=T^PZQAPOL3P]XPYP`_TN^ #
?LMWPZQ.ZY_PY_^
cc
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLW ALWTOT_dZQBZ]O^LYO>Z`YO^
;STWZ^Z[STNLW1`YOLXPY_LW^LYO;]LRXL_TN=L_TZYLWT_d
!
:Y_SP?SPZ]dZQ_SP0_P]YT_dZQ7TYR`T^_TN>_L_PXPY_^ 0_P]YLW0cT^_PYNPZQ;SZYPXP^ 0_P]YLW0cT^_PYNPZQBZ]O^ ,]PWTRTZ`^=PWTRTZY
! ! ! !$
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP 9ZYAP]MLW #
:Y_SP7TXT_^ZQ7LYR`LRP #$
0cPRP^T^LYO?PLNSTYR8P_SZOZQ_L__aLXL^T $
=PaPWL_TZYLYO=PL^ZY !
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ 7LYR`LRP !
7TYR`T^_TN?SPZ]d !#
8P_L[Sd^TNLW?SPZ]d !
?SP.ZXX`YTNL_TaP2WZMLW9P_bZ]VZQ8PLYTYR^ !$
.`W_`]PLYO7LYR`LRP !
?SP?S]PP/TXPY^TZY^ZQ7LYR`LRP !!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ ?LY_]LLYO/PaZ_TZYLWT^X !!
?SP?LY_]TNwBPLaTYR1]LXPx%9Z_P^ZY/PQTYT_TZY ,N_Z]^LYO;ZWT_TN^ !"
>PcLYO.]TXPbT_S_SP?LY_]T^_^%:_SP]TYR/T^NZ`]^P^ TY0L^_LYOBP^_!#
8LY_]L^L^/TaTYP>PWQ=PaPWL_TZY!$
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^!$
?SP3PLaPYWd0L] !$
?SP>TYRTYR>V`WWLYO_SP-T]_SZQ-¯UL8LY_]L^ !$"
.WLYVTYR0_SP]:XTYZ`^9ZT^P^LYO w9ZY>_]`NV>Z`YOx "
?LMWPZQ.ZY_PY_^
!
"
#
$
ccT
8TXP_TN>Z`YO8LRTN ""
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^"
?SP8LY_]TNw1T]^_,TO6T_x "
8Z][SZWZRdZQ_SPu>PPO>Z`YO^v ""
8LY_]L=T_`LW^ " 0YNZOTYRLYOAT^`LWTeL_TZYZQ8LY_]L^ " >ZXL_TN,[[WTNL_TZY^%9d£^L "! 2]L[STN,[[WTNL_TZY^%DLY_]LLYO8L©LWL "$
;SZYPXL_TN.Z^XZRZYTP^ "# !
0YP]Rd "#
!
:]TRTYLW8L__P]LYO:]TRTYLW>Z`YO "
!
7LYR`LRP.]PL_TZYLYOBZ]WO.]PL_TZY "!
!
?SP.ZXX`YTNL_TaP-]LSXLYL^L.ZTWPO>YLVPLYO 0YP]RP_TN;]P^PYNPTY_SP-ZOd "$
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^ " "
?SP.Z^XZ2]LXXL]ZQ_SP±]ÅaTOd£ "
"
?SP7LYR`LRP2ZOOP^^ZY_SP>SZ`WOP]^ZQ_SP 3P]XPYP`_T^_ "
"
m8TWWT^PNZYO^ZQ0_P]YT_d " !
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP "! #
;ZP_TN-TZR]L[SdLYO>`MUPN_TaP7LYO^NL[P "!!
#
3ZWT^_TN;P]NP[_TZYLYO.Z^XTN7LYR`LRP ""
#
#
;SPYZXPYZWZRdZQ_SP,W[SLMP_ "" # ?SP4YYP]?]TYT_dLT` ""# # ?SP?]TYT_d=PWPaLY__Z>Z_P]TZWZRdLSX "# ?SP1Z`]7PaPW^ZQ7LYR`LRP "##
#
?SP,`OTMWP;PLNZNVv^?LTW "$
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW ?]LOT_TZY^ "$ $
3PL]TYRLYO>PY^TYR_SP-`QQLWZ/PXZY>WLdP] "$
$
4YOTaTO`LW8`^TNLW1Z]X^ZQ_SPw1WZZOZQ-PL`_dx "$$
$
?SP/T^L[[PL]LYNPZQ7LYR`LRPTY8`^TN #
?LMWPZQ.ZY_PY_^
ccTT
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_ #$ !
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT^_ ?]LY^]PWTRTZ`^4X[LN_#
!
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Y w0dP;PZ[WPx%_SPwBZ]WOT^>Z`YOxTY9Pb,RP ##
!
?SP9£OL-]LSXLYL^LY4YOTRPYZ`^.L_PRZ]d%_SP wBZ]WOT^>Z`YOxTY_SP4YOTLY8TOOWP,RP^ # !
8`^TNL^LDZRLQZ]0aP]dMZOdLYO_SP>Z`YO 8d^_TNT^XZQ_SP4YOTLY8`^TNZWZRT^_^ #!
!
/PaPWZ[XPY_^TY_SP?P]Xw-]LSXLYxLYO_SP ?]LY^QZ]XL_TZY^ZQ_SP7LYR`LRP2ZZOP^^ #"
!
?SPDZRTN?LY_]TN7PRLNdLYOT_^=PNZOTYR # !
!
/PaZ_TZYLW9£OLDZRLTY>Z`_S4YOTLY .WL^^TNLW8`^TN #!
!
.`W_TaL_TZYZQ2]PL_?]LY^NPYOPYNTP^LYO>ZNTLW >PY^P>d^_PX^ #"
!!
1]ZX_SP7TXTYLW_Z_SP>`MWTXPLYO;Z[`WL] #"$
!"
.ZYQW`PYNPZQ?]LOT_TZY^TY_SP9£OL-]LSXLYLYO ?]LY^]PWTRTZ^T_d ##"
!#
?SP8ZZOZQ9£OL-]LSXLY $
!$
?SP?£X[¼]LL^?Z_LW=P[]P^PY_L_TZYZQ_SP9£OL -]LSXLY $
! .`W_`]LW-Z`YOL]TP^LYO/PWTXT_TYR.`W_`]P $ ! 8`^TNZQ_SP@YTaP]^PLYO9£OL-]LSXLY $" ! w2WL^^-PLO2LXPxTY0`]Z[PLYO4YOTL $# ! ?]LY^YL_TZYLWTeL_TZYZQ_SP9£OL-]LSXLY $$
!
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y >[T]T_`LWT_d!
?LMWPZQ.ZY_PY_^
"
ccTTT
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
;]TXL]d>Z`]NP^ >PNZYOL]d>Z`]NP^ ! 4YOPc $"
4
8P_SZOZWZRd
3TYO`T^XL^L.`W_`]PZQ>Z`YO 3TYO`T^XL^L.`W_`]PZQ>Z`YO
4Q dZ` aT^T_ _SP SZWd NT_d ZQ -LYL]L^ AL]LYL^T dZ` bTWW YZ_ YPPO LY LWL]XNWZNV_ZRP_`[PL]WdTY_SPXZ]YTYR4_T^\`T_P^`QQTNTPY__Z_LVP L WZORTYR NWZ^P _Z _SP 8`X`V^S` -SLaLY MP_bPPY ,^^T 2SL_ LYO 7LYVL,_ LX[]PNT^PWdLYdNSLYNPZQ^WPP[T^OT^[PWWPOMd_SPWZ`O NLWW^ ZQ w=LLX =LLX =LLXx PXLYL_TYR Q]ZX _SP WZ`O^[PLVP]^ ZQ _SP ,^S]LXLYOQZ]_SPYPc_SLWQSZ`]LXLYv^aZTNPPY_S`^TL^_TNLWWd^TYR^ 2ZOv^ []LT^P bSTWP YZZYP TY _SP aTNTYT_d NLY [Z^^TMWd RP_ LbLd Q]ZX _SP ^Z`YO ?SP PY_S`^TL^_TN OPaZ_TZY _Z 2ZO T^ Pc[]P^^PO YZ_ WPL^_ Md _SP QLN_ _SL_ _SP XLY []LdTYR _`]Y^ `[ ST^ LX[WTQTP] _Z XLcTX`X aZW `XP>SZ`WOdZ`^_P[Z`_ZY_Z_SP7LYVL=ZLOLQ_P]M]PLVQL^_dZ`bTWW bT_YP^^ LYZ_SP] [LY3TYO`T^_TN [SPYZXPYZY 0aPY TQ _SP ]ZLO^ L]P YZ_ NZX[WP_PWd MWZNVPO bT_S _SP `^`LW NZYRP^_TZY _SP NL]^ O]TaP _S]Z`RS _SP ^_]PP_^ ^Z`YOTYR _SPT] SZ]Y^ LYO L^ QZ] _SP Y`XP]Z`^ NdNWT^_^ dZ` bZ`WO MP QZ]RTaPY QZ] _STYVTYR _SL_ 4YOTLY MTNdNWP^ bP]P [ZbP]PO ^ZWPWdMd_SPT]MPWW^0aPY 4YOTLY ^_]PP_ WTQPL[[PL]^ _Z[]ZaP _SPbTOP ^[]PLO ?LY_]TN [STWZ^Z[SPXP ZQ _SP NZYYPN_TZY MP_bPPY ^Z`YO LYO NZ^XTN /dYLXT^ 4Y _SP LWWPd^ _SL_ SLaP ST_SP]_Z MPPY \`TP_ TY _SP OT^ _]TN_ ZQ 2ZOZbWTL _SP _]LOP]^ SLaP YZb L[[PL]PO 5`^_ WTVP MT]O^ TY _SP QZ]P^__SPdXL]VZ`__SPT]_P]]T_Z]TP^bT_SWZYRO]LbYZ`_LYO[TP]NTYR NLWW^ LYO _]d _Z L__]LN_ N`^_ZX Md XPLY^ ZQ NZY^_LY_Wd ]P[PL_PO NLWW^ ^`NSL^w^_PPW[WL_Pxw.SLTRL]LXNSLTxw_PLSZ__PLxT^[]ZMLMWd_SP XZ^_ ZXYT[]P^PY_ ^Z`YO [SPYZXPYZY TY 4YOTL `^PO Md _SP _PL^PWWP]^ L_ ]LTW]ZLO ^_L_TZY^ _Z XLVP _SPT] []P^PYNP NWPL]Wd L`OTMWP ?SPd TY_ZYP _SPT]WZ`OLYOXZYZ_ZYZ`^NLWWbT_SLNSL]LN_P]T^_TNLWWdWZYRO]LbYZ`_ TY_P]aLW ZQ L _ST]O WTVP L N`NVZZ bT_SZ`_ bSTNS _ST^ ^PN`WL] XLY_]L L[[L]PY_Wd NLYYZ_ SLaP T_^ PQQPN_ ZQ ^PWWTYR _PL =PWTRTZ`^ ^Z`YO^ _ZZ L]PYZ_WTXT_PO_Z_SPPL]WdXZ]YTYRM`_LW^ZZNN`]_S]Z`RSZ`__SPOLd 4Q ZYP WTaP^ TY L -]LSXTY QLXTWd L_ LX ZYP SPL]^ ]P^ZYLY_ XLY_]L ]PNT_L_TZY^ LYO _SP M]TRS_ ]TYRTYR ZQ ^XLWW MPWW^ NZXTYR Q]ZX _SP ]ZZX SZ`^TYR _SP OZXP^_TN LW_L] z L ]T_`LW LN_ `^PO _Z OPOTNL_P L Q]P^SWd NZZVPO XPLW _Z _SP OPT_d MPQZ]P T_ T^ PL_PY L^ L R]LNTZ`^ RTQ_ 4Y _SP LQ_P]YZZYT_T^NZXXZYQZ]ZYP_ZSPL]WZ`ONSLY_TYRQ]ZXL^TOP^_]PP_%
3TYO`T^XL^L.`W_`]PZQ>Z`YO
w=£X9£X ^L_dL SLTx bSTNS T^ 3TYOT []ZYZ`YNPO ^ZXP_STYR WTVP w=LLX 9LLX >L_dP SPdx ?ST^ T^ YZ_ L OPXZY^_]L_TZY LYO YPT_SP] SL^ 4YOTL U`^_ bZY L N]TNVP_ XL_NS LRLTY^_ ;LVT^_LY 4Y QLN_ _ST^ T^ _SP ^L N]PO XLY_]L ZQ OPWTaP]LYNP bSTNS T^ _d[TNLW ZQ -LYL]L^% w=£X9£X ^L_dLSLTxw_SPYLXPZQ=£XLT^?]`_SxbSTNSLNNZ]OTYR_Z_SPXd_S ±TaL STX^PWQ bST^[P]^ TY_Z _SP PL] ZQ _SP OPNPL^PO ?ST^ wXLY_]L _SL_ WPLO^MPdZYOOPL_Sx _£]LVLXLY_]L T^NZY_TY`Z`^WdNLWWPOZ`_L_Q`YP] L]d []ZNP^^TZY^ Md _SP XPY NL]]dTYR _SP MTP] MPL]TYR _SP MZOd ZQ _SP OPNPL^PObSZT^b]L[[POTYRZWOM]ZNLOP4QQTYLWWddZ`_LVPLbLWVL_ O`^VbSPY_SP^_]PP_^SLaPMPNZXP\`TP_P]LRLTY_Z_SPRSL_^LWZYR_SP MLYV^ZQ_SP2LYRP^Z]_S]Z`RS_SPYL]]ZbLWWPdbLd^ZQ_SP_ZbYNPY _P]T_bTWWYZ__LVPWZYR_ZQTYOL_PX[WPQZ]dZ`bTWWNP]_LTYWdSPL]ZYP MPQZ]P dZ` NLY ^PP T_ ?SP TY_PY^P ]TYRTYR ZQ ^XLWW MPWW^ LYYZ`YNP^ _SP PaPYTYR]T_`LWLYOPaPYXZ]PaTRZ]Z`^MPWW]TYRTYR^XLWWRZYR^SLYO O]`X^ LYO NdXMLW^ XL]V T_^ NWTXLc ,Q_P] ^`Y^P_ WZ`O^[PLVP]^ ^_L]_ _Z M]ZLONL^_ ]PWTRTZ`^ ^TYRTYR Z] PW^P R]Z`[^ RL_SP] ^[ZY_LYPZ`^Wd TY _SP _PX[WP^_ZPY_S`^TL^_TNLWWd LYO`YNPL^TYRWdTY_ZYPw=£XL=£ULULd>Å_£ =£Xx_ZL^TX[WPXPWZOd ./LNNZX[LYTPOMd_SP^Z`YO^ZQNdXMLW^ LYOLSL]XZYT`X,_[X\`TP_YP^^OP^NPYO^LYOZYPZYWdSPL]^_SP OZR^_SL_bLYOP]_SP^_]PP_^_LVTYRZaP]_SP_P]]T_Z]TP^ZQ_SP^_PPW[WL_P ^PWWP]^ 3ZbPaP] T_ T^ \`T_P [Z^^TMWP _SL_ L [TZ`^ YPTRSMZ] bTWW MP Q`W QTWWTYR LY ZL_S Md TY_ZYTYR _SP NLWW w=£X =£X >Åd£ =£Xx L_ ]PR`WL] TY_P]aLW^ _S]Z`RSZ`_ _SP YTRS_ ]L_SP] WTVP L BP^_P]Y NWZNV _ZbP] NSTX TYR_SPSZ`]^,^TYRWPOLdTY4YOTLTWW`^_]L_P^U`^_SZbX`NSLNZ^XZ^ ZQ^Z`YO^[P]aLOP^_SPbSZWPZQPaP]dOLdLN_TaT_dLYO]PWTRTZ`^WTQP :`]TX[]P^^TZYT^_TNu_LMWPL`vbTWW[]ZMLMWdu]TYR_]`PvTY_SPPL]^ZQ PaP]dMZOd bSZ SL^ aT^T_PO 4YOTL z LYO YZ_ Md NSLYNP ?SP]P T^ ^ZXP U`^_TQTNL_TZY TY NLWWTYR 3TYO`T^X L STRSWd ^Z`YOML^PO N`W_`]P ?SP L`OTMWP LYO ]PNT_PO bZ]O T^ ZQ XLUZ] TX[Z]_LYNP 4Y 9Z]_SP]Y 4YOTL _SP N`W_ ZQ =£XL QZ] PcLX[WP T^ bTOP^[]PLO LYO WTaP^ LWXZ^_ PcNW`^TaPWd Q]ZX^Z`YO]T_`LW^]PNT_L_TZYLYO_Pc_^[P]QZ]XPOQZ]_SP^PY^P^zQ]ZX _SP `YTY_P]]`[_PO ]P[P_T_TZY ZQ _SP RZOv^ YLXP w =£X =£X x _Z =£X ^ZYR^ MSLULY TY ^TX[WP ]Sd_SX^ _Z [`MWTN ]PNT_L_TZY LYO O]LXL_TN [P]QZ]XLYNP^ZQ_SPaP]YLN`WL]P[TN =£XNL]T_X£YL^ ZQ?`W^ÅO£^,MZaP LWW TY _SP OPaZ_TZYLW _]LOT_TZY^ ZQ MSLV_T wWZaTYR [L]_TNT[L_TZYx bT_S T_^PX[SL^T^ZYPXZ_TZYLW]PWTRTZ^T_dX`^TN[WLd^LNPY_]LW]ZWP ./z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
-Z_S _SP L`_SZ]^ ZQ _ST^ MZZV WTaPO TY AL]LYL^T TY OTQQP]PY_ dPL]^ LYO _SP LNZ`^_TN [SPYZXPYLOP^N]TMPOL]PLXZYR_SPT]XZ^_aTaTOXPXZ]TP^ 4_^PPX^ _ZMPLYTY_P] ^`MUPN_TaP Pc[P]TPYNP .ZY^TOP] ,]TPW 2W`NVWTNS bSZ `^P^ TY ST^ MZZV ?SP 0YO ZQ 8LRTN 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^ $$" z LXLeTYRWd ^TXTWL] bZ]O^ LYO TXLRP^ BP SL[[PYPO _Z ]PLO ST^ LNNZ`Y_ WZYR LQ_P] SLaTYR b]T__PY Z`] ZbYZ`_WTYP
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!z ?SP^P_]LOT_TZY^SLaPZQ_PYO]LbYZY_SPaP]YLN`WL]^LYOYZ_ ^_LYOL]O >LY^V]T_ BP bTWW OPLW ZYWd bT_S >LY^V]T_ N`W_`]P LYO _ST^ T^ OZ`M_WP^^ L ]P^_]TN_TZY ZQ _SP _Z[TN 3ZbPaP] _SP ]P^_]TN_TZY T^ bPWW QZ`YOPO ^TYNP T_ T^ []PNT^PWd >LY^V]T_ 3TYO`T^X _SL_ []ZaTOP^ _SP ]TNS P^_ ^Z`]NP ZQ XL_P]TLW ZY WLYR`LRP LYO ^Z`YO TY 4YOTL BSTWP TY _SP =£XXLY_]LWLYR`LRPSL^MPPY]PO`NPO_Z_SPYLXP^ZQ2ZOLYOTY_SP -SLULY ^ZYR ZQ _SP MSLV_T _]LOT_TZY^ WLYR`LRP T^ PNWT[^PO Md X`^TN TY >LY^V]T_ 3TYO`T^X bP QTYO L aP]d Pc_PY^TaP ^[PN_]`X ZQ ]PNT_PO LYO ^`YR ^LN]PO _Pc_^ OL_TYR Q]ZX PL]WTP^_ _TXP^ ?SP]P L]P NZX[WP_P ^Z`YO ]T_P^M`_LW^ZLY PcNP[_TZYLWWd]TNS]PWTRTZ`^LYO ^PN`WL] WT_P]L_`]P_SL_ `^P^WLYR`LRPLYO^Z`YO[ZP_TNLWWdLYO]PQWPN_^T_[STWZ^Z[STNLWWd ?SP NPY_]LW TX[Z]_LYNP ZQ ^Z`YO TY 4YOTL LYO T_^ XLUZ] ]ZWP L^ L XPOT`X ZQ NZXX`YTNL_TZY SLaP ]PNPTaPO WT__WP L__PY_TZY TY BP^_P]Y ^_`OTP^ ZY 3TYO`T^X 4_ T^ NP]_LTYWd _]`P _SL_ L__PY_TZY SL^ ]P[PL_POWd MPPYO]LbY_Z_SPw`Y[L]LWWPWPOQZN`^ZYZ]LWT_dxTY_SP_]LY^XT^^TZYZQ _SP APOL TY [L]_TN`WL] LYO TY >LY^V]T_ ^NSZWL]^ST[ RPYP]LW 8TW_ZY >TYRP]v^ QTPWO ^_`Od ZY wN`W_`]LW [P]QZ]XLYNP^x L^ _SP wXZ^_ NZYN]P_P ZM^P]aLMWP `YT_^x ZQ 3TYO` N`W_`]P L]Z`^PO ^PY^T_TaT_d _Z _SP ^[ZVPY bZ]OL^_SPNPY_]LWXPOT`XZQ_]LY^XT^^TZYTYPaP]dOLd]PWTRTZ^T_dLYO [Z[`WL] N`W_`]P ,Y TYN]PL^TYR Y`XMP] ZQ ^_`OTP^ L[[PL]PO ZY_SPNZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
?SP ^LX[WP^ ZQ X`^TN ZY _SP ./ L]P Y`XMP]PO^P\`PYNPO TY LNNZ]OLYNP bT_S _SP _Z[TN^ NZaP]PO TY _SP ^PN_TZY^ ZQ _ST^ MZZV& _SP [TPNP^ ZQ ./ "z bSTNS L]P YZ_ XPY_TZYPOLMZaPNZaP]APOL]PNT_L_TZY?SPbSZWP^PWPN_TZYZQ[TPNP^LTX^L_[]ZaTO TYRLM]ZLOLWXZ^_NZX[WP_PZaP]aTPbZQ_SPXZ^_TX[Z]_LY__d[P^ZQ^ZYTNNZXX` YTNL_TZY TY ]PWTRTZ`^ NZY_Pc_^ ?SZ^P _d[TNLW ZQ -LYL]L^ LYO 9Z]_SP]Y 4YOTL ./ z OPXZY^_]L_P _SP OTQQP]PYNP MP_bPPY ^ZYR^ LYO w]PLOTYRx LWZ`O , XZ]P OP_LTWPO OP ^N]T[_TZYT^^`[[WTPOTY_SPL[[PYOTc :Y _]LOT_TZYLW WPL]YTYR ^PP /LYTPW 4YRLWW^ w?SP -]LSXLY ?]LOT_TZYx TY ?]LOT_TZYLW 4YOTL%>_]`N_`]PLYO.SLYRPPO8TW_ZY>TYRP];STWLOPW[STL%?SP,XP]TNLY1ZWVWZ]P >ZNTP_d $ $ z$& 1]T_^ >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY LYO _SP :]TRTY^ ZQ >NTPYNPxTY 8POPOPWTYRPYOP]6ZYTYVWTUVP9POP]WLYO^P,VLOPXTPaLYBP_PY^NSL[ [PY $#$#!%z z##&3L]]d1LWVw2ZZOTP^QZ]4YOTLxTY 0]^NSPTY`YR^ QZ]XPY V`W_`]PWWP] ;]ZeP^^P PO BZWQRLYR =LTMWP ?ÞMTYRPY% 9L]] $$ z& LYO ,cPW 8TNSLPW^ PO ?SP ;LYOT_% ?]LOT_TZYLW >NSZWL]^ST[ TY 4YOTL 9Pb /PWST% 8LYZSL] 8TNSLPW^ ]PXL]V^% w?SP Q`_`]P ZQ _SP [LYOT_ FuWPL]YPOv [P]^ZYH T^ [P]SL[^ WTYVPObT_S^ZXPNZY^_T_`PY_^ZQVYZbWPORP_SL_NLYYZ_MPZM_LTYPO_S]Z`RSBP^_P]YXP_SZO^ bSTNSQZN`^ZYLM^_]LN_TZY^TX[P]^ZYLW_PLNSTYRb]T_TYRLYO]PLOTYR?SP]PT^QZ]TY^_LYNP_SP `Y[L]LWWPWPOQZN`^ZYZ]LWT_dTY_]LOT_TZYLW>LY^V]T_^NSZWL]^ST[bSTNSTX[WTP^LWZYRST^_Z]dZQ [P]^ZYLWNZY_LN_bT_S_SP_PLNSP]?ZMP^`]P[LYOT_^OZYZ_ZMUPN__SP`^PZQb]T__PYLYO[]TY_PO MZZV^M`__SPdLW^ZOZYZ_MPWTPaPTYMZZV^L^`W_TXL_P^Z`]NPZQVYZbWPORP?SPdQLaZ]Z]LW NZXX`YTNL_TZYLYO[]P^PY_L_TZYbT_ST_^_PNSYTNLWNZY^P\`PYNP^QZ]^_dWPLYO_SPQZ]XZQ_Pc_^ TP>¼_]L^_dWP`^PZQXP_P]^]P[P_T_TZY^P_NxTMTOZ`]PX[SL^T^ 8TW_ZY>TYRP] BSPYL2]PL_?]LOT_TZY8ZOP]YTeP^%,Y,Y_S]Z[ZWZRTNLW,[[]ZLNS_Z 4YOTLY .TaTWTeL_TZY 7ZYOZY% ;LWW 8LWW ;]P^^ $" !z# ?SP TOPL bL^ LW]PLOd QZ]bL]OPO Md >TYRP] TY _SP $ ^ LYO TY^[T]PO Md ST^ TYOTRPYZ`^ NZY^`W_LY_^ bSZX
3TYO`T^XL^L.`W_`]PZQ>Z`YO
[WPc TY_P][WLd ZQ Z]LWT_d LYO _Pc_`LWT_d LYO ZQ >LY^V]T_ LYO aP]YLN`WL] WT_P]L_`]P 5`WT`^ 7T[YP] NZYOPY^PO ^`NS TY^TRS_^ Md `^TYR _SP _P]X waZTNP^x TY^_PLO ZQ ^LN]PO w^N]T[_`]P^x ! 2`d -PNV PaPY ^[ZVP ZQ w^LN]PO ^Z`YOx L^ _SP wNPY_]LW Xd^_P]dx ZQ _SP 3TYO` Pc[P]TPYNP ZQ _SP OTaTYP" 0aPY >SPWOZY ;ZWWZNVv^ ^_`Od ZQ [ZP_]d LYO [ZWT_d [ZTY_PO Z`_ _SP w[SZYZ NPY_]TN P[T^_PXP ZQ >LY^V]T_x OP^[T_P WT_P]L]d []ZO`N_TZY # -`_ ^_TWW YZ XP_SZOZWZRTNLW NZY^P\`PYNP^ bP]P O]LbY QZ] _SP LN_`LW ^_`Od ZQ _Pc_^ ,NNP^^_Z_SP_Pc_^]PXLTYPOYZY^PY^Z]dLYO[ZZ]Wd^PY^T_TaP_Z^Z`YO ?SP]PSL^MPPYLNZYNPY_]L_TZYZY_SPWT_P]L]d^Z`]NP^LYO_SPT]^PXLY _TN NZY_PY_ LW_SZ`RS L]NSPZWZRTNLW ^Z`]NP^ LYO OP[TN_TZY^ ^`NS L^ TNZY^ ZQ OPT_TP^ SLaP LW^Z MPPY `^PO ?ST^ STP]L]NSTeTYR ZQ _SP XPOTL NZ]]P^[ZYO^ PcLN_Wd _Z BP^_P]Y Pc[PN_L_TZY^ M`_ SL]OWd L_ LWW _Z _SP LN_`LW `^P ZQ _SP^P XPOTL TY 4YOTLY []LN_TNP 1Z] PcLX[WP XPXZ]TLW^ LYO TY^N]T[_TZY^ SLaP MPPY WT__WP `^PO TY 3TYO` 4YOTL TY NZY_]L^_ _Z 0`]Z[P bSP]P _SP^P XPOTL ZQ N`W_`]LW NZXX`YTNL_TZY L]P P^^PY_TLW _Z _SPQZ]XL_TZYZQ_SPNZWWPN_TaPTOPY_T_d3ZbPaP]LYdZYPL__PX[_TYR_Z `YOP]^_LYO 3TYO`T^X ^ZWPWd _S]Z`RS [STWZWZRd P[TR]L[Sd L]NSPZWZRd LYOL]_ST^_Z]dbTWWXT^^Z`_ZY[]PNT^PWd_SZ^PXPOTLNSLYYPW^_SL_L]P Q]P\`PY_Wd _SP XZ^_ NPY_]LW _Z _SP 3TYO`^ _SPX^PWaP^ ,^ L OTPSL]O [STWZWZRT^_ ZYP PWPN_^ _Z QZ]PRZ LY TX[Z]_LY_ ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ 3TYO` N`W_`]P TQ ZYP TY^T^_^ ZY ]PLOTYR _SPT] WT_P]L]d ^Z`]NP^ L^ MZZV^TY_SP BP^_P]Y^PY^PTPZYWdL^OT^N`]^TaPMZOTP^ZQOL_LbT_S Z`_ LYd L`OTMWP QZ]X Z] LYd LP^_SP_TN PQQPN_ ?Z TYNW`OP _SP^P ^PY^Z]d L^[PN_^bP[]Z[Z^PLYPc_PYOPOQZ]XZQ_Pc_SP]XPYP`_TN^5`^__ZRTaP L QPb PcLX[WP^ ZQ Z`] XP_SZO ZQ bZ]VTYR% T_ T^ NP]_LTYWd `Y`^`LW _Z TYaP^_TRL_P_SP^LN]PO^dWWLMWP:¿YZ_ZYWdTY_P]X^ZQ]T_`LW_SPZ]dLYO T_^ ST^_Z]TNLW ZNN`]]PYNP TY _Pc_^ M`_ LW^Z LNZ`^_TNLWWd& _Z OP]TaP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
! " #
SPL^VPOSZbSPXTRS_^_`Od_SPN`W_`]LW[L__P]YZQ4YOTL>PP>TYRP]w?SP.`W_`]LW ;L__P]YZQ4YOTLY.TaTWTeL_TZYx 1L]0L^_P]Y_`L]_3-WLNVM`]YLYO,6=LXLY`ULYPO ,YZ_SP]3L]XZYd%9Pb0^^Ld^ZY _SP 1ZWVWZ]P ZQ 4YOTL -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $#!& 5LY aLY -`T_PYPYw,M]TPQST^_Z]dZQ_SPWLYR`LRP^TY4YOTLxTY ?SP7T_P]L_`]P^ZQ4YOTL%,Y 4Y_]ZO`N_TZY PO 0ObL]O /TXZNV P_ LW .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $" !z&.L_SP]TYP.SLX[TZYPO ?]LOT_TZY^Z]LWP^OLY^WPXZYOPTYOTPY ;L]T^%ÉNZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP^ >ZNTLWP^ $$!& >SPWOZY ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ TY _SP BZ]WO ZQ 8PY% >LY^V]T_ .`W_`]P LYO ;ZbP] TY ;]PXZOP]Y 4YOTL -P]VPWPd%@YTaP]^T_dZQ.LWTQZ]YTL;]P^^!&/PWST%;P]XLYPY_-WLNV"#z ## z#& 5PQQ]Pd = ?TXX PO ?Pc_^ TY .ZY_Pc% ?]LOT_TZYLW 3P]XPYP`_TN^ TY >Z`_S,^TL 9PbDZ]V%>@9D$$ 5`WT`^7T[YP]3TYO`^%?SPT]=PWTRTZ`^-PWTPQ^LYO;]LN_TNP^7ZYOZY%=Z`_WPORP$$$$# z! 2`d -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S.L]ZWTYL$$ ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ !
3TYO`T^XL^L.`W_`]PZQ>Z`YO
[P]QZ]XLYNP ZQ APOTN XLY_]L^ Q]ZX _SPT] _d[P ZQ [ZP_TN NZX[Z^T_TZY $& Z]_Z`^P_SP ^`YR]PLWTeL_TZYZQLSdXY_Z_SPMPL`_TQ`WRZOOP^^7LWT_£ L^LQ]LXPbZ]VQZ]_SPTY_P][]P_L_TZYZQ[]PNT^PWd_ST^_Pc_?SPXPOT`X MPWZYR^ _Z _SP XP^^LRP LYO ^ZXP_TXP^ LW^Z LOO^ Pc_]L XPLYTYR _Z T_ :`] L[[]ZLNS T^ NP]_LTYWd YZ_ LY TYOTRPYZ`^ ZYP M`_ T_ T^ XZ]P NZX [L_TMWP bT_S _SP 4YOTLY^v L[[]ZLNS _Z _SPT] ZbY _Pc_^ _SLY T^ _SP ^_LY OL]O]LYRPZQTY^_]`XPY_^QZ]_Pc_ N]T_T\`P NWL^^TNLWWd []P^N]TMPOMd _SP 0`]Z[PLYST^_Z]dZQ]P^PL]NS:YPNZ`WOPaPY ^Ld_SL_ _SP[STWZWZRT^_v^ u_Pc_v OZP^ YZ_ PcT^_ L^ L _Pc_ _d[P TY _SP 4YOTLY _]LOT_TZY 4Y _SP [L^_ _ST^ _]LOT_TZY YPaP] ]P^`W_PO TY w_Pc_^ U`^_ QZ] ]PLOTYRx M`_ LWbLd^ L_ _LNSPO R]PL_ TX[Z]_LYNP _Z L NL]PQ`W L`OTMWP ]PLWTeL_TZY LYO bL^ ZQ_PY LW^Z aP]d ^PY^T_TaP _Z _SP PXZ_TaP NZY_PY_ ZQ _Pc_^ LYO _SP NZXX`YTNL _TZYZQXZZO^>ZZ`]NZYNPY_]L_TZYZY^Z`YOL^LXPLY^ZQPc[]P^^TZY LYO NZXX`YTNL_TZY T^ TY^[T]PO Md PXTN TP TYOTRPYZ`^ NL_PRZ]TP^ 4_ RTaP^ LNNP^^ _Z LY 4YOTLY N`W_`]LW ST^_Z]d _SL_ TY ^ZXP bLd^ ]PLO^ OTQ QP]PY_Wd_SLYOP^N]T[_TZY^ZQ3TYO`T^X_ZOL_P :`] Pc_PYOPO XP_SZOZWZRTNLW L[[]ZLNS _Z _Pc_ PX[SL^TeP^ _SP [P] QZ]XL_TaPL^[PN_^LYObT_S_SPX_SP]PLOP]^vTXLRTYL_TZYLYO_SPPaP] NSLYRTYR QWZb ZQ _]LOT_TZY ?Pc_^ L]P YZ_ ^_L_TN PY_T_TP^ bT_S L QTcPO XPLYTYR LYO YPT_SP] T^ _SPT] XPLYTYR PcSL`^_PO TY _SPT] ^PXLY_TN ^PY^P ?ST^ L[[WTP^ [L]_TN`WL]Wd _Z ]PWTRTZ`^ _Pc_^ 4Y WTM]L]TP^ LYO TY LNLOPXTN^v^_`OTP^_SPdXLdbPWWMP_SPZMUPN_ZQ]L_TZYLWLYLWd^T^LYO bSPY MZ`YO MP_bPPY _SP NZaP]^ ZQ L MZZV _SPd XLd ^`RRP^_ NWZ^PO Z] NZX[WP_P ^d^_PX^ /`]TYR _]LY^XT^^TZY LYO ]PNP[_TZY SZbPaP] _SPd L]PPcNP[_TZYLWWdQW`TONZY^_]`N_TZY^?Pc_^zPaPYL^ [L]_ZQLNLYZYz L]P YZ_ uQTYT^SPOv M`_ L]P _SP ^`MUPN_ ZQ N`W_`]LW OT^NZ`]^P^ /`]TYR _SPT] _]LY^XT^^TZY LYO _SPT] ]PNP[_TZY Md aL]TZ`^ N`W_`]LW LN_Z]^ YPb NZOTYR^ L]P ^`[P]TX[Z^PO ZY _SPX LYO _SPd L]P w]PRWZ^^POx LYO ]P TY_P][]P_PO 4Y QLN_ ^`NS Z[PYYP^^ LYO QW`TOT_d L]P P^^PY_TLW _Z _SP WTQP ZQL_Pc_TYZ]OP]_Z^LQPR`L]OT_^aT_LWT_dLYON`W_`]LW^TRYTQTNLYNP:`] XLTYPX[SL^T^SZbPaP]bTWWMPZY_SP^Z`YOXL_P]TLWBSPY_Pc_^L]P ]PLO Z`_ _SPd L]P LP^_SP_TN PaPY_^ 7LYR`LRP L^ Pc[]P^^TaP ^Z`YO SL^ T_^ ZbY TYOP[PYOPY_ aLWTOT_d ZQ XPLYTYR T_^ ZbY LMTWT_d _Z NZXX`YT NL_PLYOT_^ZbYL`]L4_`YQZWO^T_^PQQPN_^YZ_ZYWdTY_SP^[SP]PZQ_SP _P]XTYZWZRTNLW LYO WZRTNLW M`_ LW^Z TY _SP ^[SP]P ZQ _SP ^PY^Z]d LYO PXZ_TaP BP L]P _SP]PQZ]P QZN`^TYR ZY _SP PaPY_ NSL]LN_P] ZQ ]PWTRTZ`^ _Pc_^TYLOZ`MWP^PY^P%ZY_SPZYPSLYO]PWL_TYR_Z_SPT][Z_PY_TLWLMTW T_d _Z []ZO`NP ^PY^P TY LY `YQTYT^SPO PaP] YPb QL^STZY LYO ZY _SP Z_SP]]PWL_TYR_Z_SPT]LP^_SP_TN\`LWT_dTPL`OTMWP[Sd^TNLWYL_`]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $
0cNP[_TZY^ bP]P _SP RaPOL ^_`OTP^ ZQ AWLOTXT] 9 ?Z[Z]Za w/TP @]^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx TY ;ZP_TNL z $#% #$z LYO ?L_ULYL 0WTeL ]PYVZbL 7LYR`LRPLYO>_dWPZQ_SPAPOTN´T^9PbDZ]V%>@9D$$
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
>LY^V]T_3TYO`T^XT^NSL]LN_P]TePOMdL[W`]LWT_dZQ_SPXZ^_aL]TPO L[[]ZLNSP^ _Z WLYR`LRP LYO ^Z`YO z L [W`]LWT_d _SL_ MPRTY^ L^ PL]Wd L^ _SP APOL _SP XZ^_ TX[Z]_LY_ wXd_SZ^x TY _SP ^PY^P ZQ R`TOTYR N`W _`]LW TXLRP LYO R]PL_ YL]]L_TaP _SL_ bL^ _Z WPLaP T_^ XL]V ZY 4YOTLY N`W_`]PLYO_SP^ZYTN[L]LOTRX [L]PcNPWWPYNP ?SPAPOLT_^PWQPcSTMT_^ _SP QW`TOT_d ZQ _Pc_^ [L]_TN`WL]Wd bPWW BSP]PL^ _SP APOTN SdXY^ bP]P ^_TWW PaZNL_TaP NLWW^ _Z _SP RZO^ LYO XLRTN [ZP_]d L_ _SP _TXP _SL_ _SPd bP]PNZX[Z^POTYWL_PAPOTN_TXP^_SPdMPNLXP^LN]POWLYR`LRPXL_P ]TLW TY bSTNS ZYP YZ WZYRP] _]TPO _Z QTYO L aT^TZYL]d XPLYTYR M`_ bL^ X`NS ]L_SP] ^PPVTYR Xd^_P]TZ`^ Y`XP]TN NZXMTYL_TZY^ 4Y P[TN _TXP^ _SPXP]P]PNT_L_TZYZQ_SPSZWd_Pc_LN\`T]POLYTX[Z]_LYNPP\`LW_Z_SL_ ZQ _SP WL_P APOTN QT]P ^LN]TQTNP ?SP =£X£dL©L OP[TN_TZY ZQ _SP wSZWd YZT^Px M]LSXLRSZ´L ZQ _SP ]P^ZYLY_ _S]PP_ZYP APOL ]PNT_L_TZY L^ T_ PXLYL_P^ Q]ZX _SP ^TX[WP ^_]Lb S`_^ ZQ XZOP^_WTaTYR -]LSXTY^ LW ]PLOd^`RRP^_^NZX[WP_PWd_SPAPOTNL`]LLYO^ZWPXY^LN]POYP^^bSTNS PaPY_ZOLdT^WTYVPO_ZAPOL]PNT_L_TZY 5`^__SP ^Z`YOZQ_SP APOL ./ "z TX[L]_^ L XPLYTYR L^^ZNTL_PO bT_S ZYP [L]_TN`WL] N`W_`]LW wSLMT _`^x% bSPY L 3TYO` SPL]^ _SP NSL]LN_P]T^_TN _S]PP TY_P]aLW^ ZQ L APOL [P]QZ]XLYNP_ST^_]LY^[Z]_^STX_Z_SP[PLNPQ`W[`]PLYO^_]TN_WdaPRP _L]TLYbZ]WOZQTOPLW-]LSXTYSZZO?SPAPOLSL^VP[_T_^^LN]PO[ZbP] LW_SZ`RS T_ SL^ LW_P]PO ^`M^_LY_TLWWd TY T_^ ]PNP[_TZY ZaP] _SP NZ`]^P ZQ _TXP :YP LYO _SP ^LXP _Pc_ TYT_TLWWd bL^ `YOP]^_ZZO L^ L wYZ]XLW ^P XLY_TN_Pc_x_SPYL^LYP^Z_P]TN^PN]P_QZ]X`WLLYOQTYLWWdP^^PY_TLWT^ _TNLWWdL^^LN]PO^Z`YO^`M^_LYNP 8Z]P _SLY LYd_STYR PW^P _SP TYSP]PY_ aLWTOT_d ZQ ^Z`YO^ L^ Pc []P^^PO TY [SPYZXPYL ^`NS L^ _SP wSZWd YZT^Px SL^ WPQ_ T_^ XL]V ZY 4YOTLY`YOP]^_LYOTYRZQ_Pc_^PaPY_ZOLd4QTYL>Z`_SP]Y4YOTLY_PX[WP ./ ! LRLTY^_ L MLNVR]Z`YO ZQ MPWW^ LYO _SP LWW[P]aLOTYR YZ_P^ Q]ZX _SP 9£OL^aL]LX L >Z`_S 4YOTLY ]PPO [T[P _SP []TP^_^ OPNWLTX bSZWP _PWP[SZYP OT]PN_Z]TP^ ZQ Y`XTYZ`^ YLXP^ Q]ZX XPXZ]d Md NLWWTYR ZY _SP _PX[WP OPT_TP^ `^TYR _SPT] _]LOT_TZYLW ZYP S`YO]PO LYO PTRS_ Z] ZYP _SZ`^LYO YLXP^ Z] TQ T_TYP]LY_ XZYV^ [`_ _SPX^PWaP^ TY_Z L MWT^^Q`W _]LYNP Md ^TYRTYR _Z _SPT] RZO ±TaL w[]LT^P []LT^P []LT^Px TYNP^^LY_Wd _Z _SP NST]]`[TYR ^Z`YO ZQ _SPT] 0V_L]^ ZYP^_]TYRPO O]ZYP TY^_]` XPY_^T_MPNZXP^NWPL]U`^_SZbQL]_SPNL_PRZ]dw_Pc_x^_]P_NSP^SP]P ?SP _Z_LW OT^L[[PL]LYNP ZQ WLYR`LRP TY X`^TN L^ bP QTYO TY XLYd ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BPOT^_TYR`T^SXd_SZ]wXd_SZ^xL^LQZ]XZQ_SZ`RS_LYOL^LR`TOTYRN`W_`]LWLYO XPY_LWT_dQZ]XTYRTXLRPQ]ZXwXd_SxL^ST^_Z]d_SL_T^]PNZ`Y_POZ]_]LOT_TZYLWYL] ]L_TZY :Y _SP [ZWdaLWPYNd ZQ Xd_S NZYNP[_TZY^ ^PP 7L`]T 3ZYVZ w?SP ;]ZMWPX ZQ /PQTYTYR8d_SxTY >LN]PO9L]]L_TaP%=PLOTYR^TY_SP?SPZ]dZQ8d_S PO,WLY/`Y OP^-P]VPWPd%@YTaP]^T_dZQ.LWTQZ]YTL;]P^^$#z LYO5LY,^^XLYYw8d _SZ^x 3]b2 4A >_`__RL]_% 6ZSWSLXXP] $$# "$z& QZ] Z`] `^P TY [L]_TN`WL] $z$ ^PPLW^Z_SPQTYLWNSL[_P]^ZQ_SP8P_SZOZWZRd^PN_TZYZQ_ST^MZZV
3TYO`T^XL^L.`W_`]PZQ>Z`YO
"
_ZOLdv^ MSLV_T _]LOT_TZY^ T^ XP]PWd ZYP ZQ _SP XZ^_ ]LOTNLW QZ]X^ TY bSTNS _SP aLWTOT_d ZQ ^Z`YO T^ Pc[]P^^PO LNSNSTOLYLYOL>bLXTbSZT^LW^Z LNZX[Z^P]LYOVPdMZL]O[WLdP]L]PZQ_SPZ[TYTZY_SL_bSL__SPdbT^S _Z NZXX`YTNL_P NLYYZ_ MP []Z[P]Wd NZXX`YTNL_PO TY bZ]O^ L_ LWW M`_ NLY ZYWd MP TX[L]_PO aTL X`^TN ./ $ 4_ T^ YZ_ ^TWPYNP ^Z ^_]ZYRWd PX[SL^TePOMd9TVWL^7`SXLYYLYO;P_P]1`NS^ _SL_T^^ZXPLYTYRQ`W ZYNP WLYR`LRP SL^ PYOPO M`_ _SP NSLY_TYR ZQ _SP YLXP ZQ 2ZO LYO X`^TN./z z 4YQLN_TY4YOTLZYPNLYZYWd^[PLVZQ_Pc_^L_LWWTYL^PY^P_SL_TY NW`OP^ L`OTMWP bZ]O^ 3TYO`T^X T^ OPQTYT_PWd YZ_ L MZZV ]PWTRTZY 1Z] BP^_P]Y ST^_Z]d ZQ ]PWTRTZY T_ XLd MP _]`P _SL_ ]PWTRTZ`^ PaZW`_TZY bL^ LNNZX[LYTPO Md _SP OPaPWZ[XPY_ ZQ _SP XPOTL ZQ XL^^ []Z[LRL_TZY 1Z]PcLX[WPL__PY_TZYSL^ MPPYRTaPY_Z _SPNZYYPN_TZYMP_bPPY[]TY_ TYR LYO _SP =PQZ]XL_TZY LYO _SP TX[Z]_LYNP ZQ _SP _]LY^T_TZY Q]ZX ^N]ZWW^ _Z MZ`YO MZZV^ QZ] _SP QZ]XL_TZY ZQ _SP NLYZY 4Y 4YOTL SZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q 9TVWL^ 7`SXLYY LYO ;P_P] 1`NS^ =POPY `YO >NSbPTRPY 1]LYVQ`]_% >`S]VLX[ $$":]TRTYLW$#$ >PPLW^Z?SZXL^-.ZM`]Ywu>N]T[_`]PvTY4YOTL%?ZbL]O^L?d[ZWZRdZQ_SPBZ]O TY 3TYO` 7TQPx 5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTRTZY $#% z $& ,cPW 8TNSLPW^ w/L^ -`NS LW^ 1`YOLXPY_ aZY =PWTRTZYPYx TY /TP -POP`_`YR OP^ -`NSP^ RP^_P]Y z SP`_P z XZ]RPY PO ; =`^_P]SZWe LYO = 8Z^P] -P]Y% AP]WLR 3L`[_ $$! z& 1]T_^ >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx ?SP _P]X^ wMZZV ]PWTRTZYx Z] wSZWd ^N]T[_`]P^x bSTNS MWZNV Z`_ _SP L`OT_TaP OTXPY^TZY L]P TY QLN_`Y^`T_LMWPQZ]LWW]PWTRTZY^Z]TRTYL_TYRTY4YOTLTPLW^ZQZ]5LTYT^X>TVST^XLYO PaPY -`OOST^X bSP]P b]T_TYR bL^ TY `^P MPQZ]P T_ bL^ TY -]LSXLYTN N`W_`]P LYO `YOP]^_LYOTYR _SP NZY_PY_ bL^ ]PRL]OPO L^ XZ]P TX[Z]_LY_ .Q /ZYLWO 7Z[Pe 5] w,`_SZ]T_dLYO:]LWT_dTY_SP8LS£d£YLx 9`XPY C744$$ %z"^PP!P_^P\ .Q8T]TLX@^SP].S]T^XLY7Ld.`W_`]P7PL]YPO.`W_`]P%-ZZV^LYO>ZNTLW.SLYRP TY>_]L^MZ`]R #z $$ 9Pb 3LaPY% DLWP@YTaP]^T_d ;]P^^$#&,]YZWO,YRP YPYO_w=PWTRTZYebT^NSPY8ÞYOWTNSVPT_`YO>NS]TQ_WTNSVPT_%/P];]ZeP^^OP^8T__PW LW_P]^x TY ATaL aZc `YO ]L_TZ ^N]T[_L% 8ÞYOWTNSP `YO >NS]TQ_WTNSP 6ZXX`YTVL_TZY^ QZ]XPY TX 8ØYNS_`X OP^ 8T__PWLW_P]^ PO .WPXPY^ 8 6L^[P] LYO 6WL`^ >NS]PTYP] 8ÞY^_P]%7T_$$""z LYO_SP]P^_ZQ_SPaZW`XP&?SZXL^7PY_P^wu,YOLNS_v `YO u2PMÆ]OPv /L^ ]PWTRTØ^P ,`^O]`NV^aP]SLW_PYx TY 6`W_`]PWWP =PQZ]XL_TZY% >TYY QZ]XL_TZYPYTX@XM]`NSz! PO-P]YSL]O5`^^PYLYO.]LTR6Z^WZQ^Vd2Ø_ _TYRPY% ALYOPYSZPNV =`[]PNS_ $$$ $z!"& ?SZXL^ 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x TY /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X PO 0]TNS EPYRP] 1]PTM`]R% 3P]OP] $$# z & 3L]_XLYY ?d]PWW P_ LW PO^ =PWTRTZY LW^ 6ZX X`YTVL_TZY BÞ]eM`]R%0]RZY$$#"&3L]_XLYY?d]PWWw=PWTRTØ^P6ZXX`YTVL_T ZY%,`RP:S]`YO8POTPYaTPWQLW_xTY 1]ØXXTRVPT_TX8T__PWLW_P]PO6WL`^>NS]PT YP]LYO8L]N8ÞY_e8ÞYNSPY%1TYVAP]WLRz$TY[L]_TN`WL]#z # >PP ?d]PWW =PWTRTZY LW^ 6ZXX`YTVL_TZY " LYO _SP bZ]V^ ZQ 5LNV 2ZZOd LYO 5LY ,^^XLYY%5LNV2ZZOdPO 7T_P]LNdTY?]LOT_TZYLW>ZNTP_TP^ .LXM]TORP%.LXM]TORP @YTaP]^T_d ;]P^^ $!# PcNP][_^ ZQ bSTNS TY 2P]XLY TY 5LNV 2ZZOd 4LY BL__ LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`] 1]LYVQ`]_% >`S]VLX[ $#!& 5LNV 2ZZOd ?SP 7ZRTN ZQ B]T_TYR LYO _SP :]RLYT^L_TZY ZQ >ZNTP_d .LX
3TYO`T^XL^L.`W_`]PZQ>Z`YO
#
PaP] _SP ^[ZVPY bZ]O SL^ YZ_ WZ^_ LYd ZQ T_^ TX[Z]_LYNP O`]TYR _SP TY_]ZO`N_TZY ZQ MZZVMTYOTYR LYO []TY_TYR LW_SZ`RS YPb ]P[]ZO`N_TaP XPOTL SLaP TYOPPO SLO OT^_TYN_ TYQW`PYNP LYO NSLYRP^ OTO ZNN`] TY _SP ]PWTRTZ`^QTPWOL^bPWW >SPWOZY;ZWWZNVT^NP]_LTYWd]TRS__ZL__]TM`_P_SP^[]PLOZQ>LY^V]T_ L^ L _]LY^]PRTZYLW WLYR`LRP bT_S L aT]_`LWWd `YWTXT_PO SZ]TeZY _Z _SP NZ`]_ LYO b]T__PY WT_P]L]d []ZO`N_TZY BT_SZ`_ b]T_TYR YZ w>LY^V]T_ NZ^XZ[ZWT^x bZ`WO SLaP ZNN`]]PO LYO ZYP XTRS_ LOO YPT_SP] bZ`WO _SP]P SLaP MPPY ^`NS LY PQQPN_TaP OT^_]TM`_TZY ZQ _SP P[TN ;`]£©TN LYO ?LY_]TN bZ]WOaTPb^ LYO _SP R]PL_ [P]^ZYLW RZO^ ±TaL AT´©` QPXLWP /Pa¯±LV_T ]PXZOPWTYR LYO ]P[WLNTYR _SP APOTN bZ]WO 4Y NZY_]L^_ _Z _SP APOL LYO T_^ ^_]TN_Wd Z]LW _]LY^XT^^TZY _SP WL]RP [Z^_APOTN WT_P]L _`]P^ bP]P Pc[]P^^PO TY b]T_TYR 9PaP]_SPWP^^ b]T_TYR OTO YZ_ Pc_TY R`T^S _SP ^[ZVPY bZ]O =L_SP] bP QTYO YPb [P]QZ]XTYR ^_dWP^% ]PNT_L _TaP^ TY ^TX[WP XP_P]^ bT_SZ`_ LNNPY_`L_TZY ^ZYR^ LYO O]LXL_TN ^_LRTYR ;ZWWZNV U`^_Wd ]PXL]V^% w9ZYP ZQ _ST^ ^SZ`WO MP _LVPY _Z ^`R RP^__SL__SP]T^PZQXLY`^N]T[_N`W_`]PTY4YOTLbSP_SP]OTLNS]ZYTNLWWd Z] ^dYNS]ZYTNLWWd aTPbPO PY_LTWPO L NWPLY LYO [P]XLYPY_ M]PLV MP _bPPY_SPZ]LWLYO_SPb]T__PY?Z_SPNZY_]L]d_SPZYRZTYRTY_P]LN_TZY ZQ _SP Z]LW LYO _SP WT_P]L_P NZY^_T_`_P^ ZYP ZQ _SP XZ^_ ]PXL]VLMWP LYO `YT\`P QPL_`]P^ ZQ 4YOTLY WT_P]L]d N`W_`]Px ! ?SP]P T^ ZMaTZ`^Wd Pc_]L aLW`P YZ_ ZYWd TY b]T__PY WT_P]L]d []ZO`N_TZY^ M`_ LW^Z TY _SPT] L`OTMTW T_dLYOPXMZOTPO[P]QZ]XLYNP 9Z_P _SL_ TY _SP dPL] " ;ZWWZNV ^[PLV^ TY _SP []P^PY_ _PY^P LW _SZ`RS_SP]PbL^_SPXZ^_^P]TZ`^OT^]`[_TZYZQ>LY^V]T_Z]LWNZXX`YT NL_TZY TY _SP WL_P YTYP_PPY_S LYO PL]Wd _bPY_TP_S NPY_`]TP^ -ZZV []TY_TYRLYO_SP0YRWT^SWLYR`LRPTOTZXM]Z`RS__Z4YOTLMd_SP-]T_T^S SLO L ^PaP]P TX[LN_ ?SP wbZ]WO ]PWTRTZYx 3TYO`T^X `YOP]^_ZZO L^ wL MZZV]PWTRTZYxbL^MZ]YTY_SPTY_P]LN_TZYZQBP^_P]Yw:]TPY_LWT^_^xLYO 3TYO`]PQZ]XP]^ "?SPAPOLbL^_Pc_`LWTePOLYO^PXLY_TNTeT^POPOT_PO LYO _]LY^WL_PO Md L YL_TaP 2P]XLY ^NSZWL] _SP QLXZ`^ 8Lc 8ÞWWP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ M]TORP $#! [`MWT^SPO TY 2P]XLY L^% /TP 7ZRTV OP] >NS]TQ_ `YO OTP :]RLYT^L_TZY OP] 2P^PWW^NSLQ_ 1]LYVQ`]_ $$& ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PY LYO _SP :]LW .LXM]TORPLZ%.LXM]TORP@YTaP]^T_d;]P^^$#"& ?SP;ZbP]ZQ_SPB]T__PY?]L OT_TZY BL^STYR_ZY%>XT_S^ZYTLY4Y^_T_`_TZY;]P^^&5LY,^^XLYY /L^V`W_`]PW
WP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY 8ÞYNSPY%-PNV$$$&ZYNLYZYQZ]XL_TZYTMTOz$& =PWTRTZY`YOV`W_`]PWWP^ 2POÆNS_YT^ 8ÞYNSPY% -PNV & ,WPTOL LYO 5LY ,^^XLYY PO -PT_]ÆRP e`] ,]
NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY AZW 4% >NS]TQ_ `YO 2POÆNS_YT^& AZW 44% 6LYZY`YOEPY^`] 8ÞYNSPY%1TYV$#"$$# ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ Z[NT_ ! ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ ! " =TNSL]O6TYR :]TPY_LWT^XLYO=PWTRTZY%;Z^_NZWZYTLW?SPZ]d4YOTLLYOu?SP8d^_TN 0L^_v 7ZYOZY%=Z`_WPORP$$$>PP[L]_TN`WL]Wd!z#$!z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
$
#z$bSZM]LaPWd OPNWL]PO _SP APOL bL^ _SP wNLYZYx_SPwMT MWPx _SP w^LN]PO ^N]T[_`]Px ZQ 4YOTL bZ]_Sd ZQ NZX[L]T^ZY bT_S _SP .S]T^_TLYMTMWP #1Z]8ÞWWP]_SPOTRYT_dZQL]PaPWL_TZYLYObZ]WO]PWTR TZYbL^ZYWdNZYNPTaLMWPbT_SLw^N]T[_`]PxZ]wSZWdMZZVxbSTNSNZY _LTY^ L MPWTPQ ^d^_PX TP L YZ]XL_TaP ^PXLY_TN NZY_PY_ LYO LY P_STNLW XP^^LRP LYO T^ [STWZ^Z[STNLWWd ^L_T^QdTYR $ 3P bL^ bPWW LbL]P ZQ _SP R]LYO Z]LW _]LY^XT^^TZY M`_ QZ`YO T_ ^ZXPbSL_ ^NLYOLWZ`^ _SL_ SL]OWd LYd XLY`^N]T[_^ PcT^_PO ZQ L _Pc_ ZQ ^`NS R]PL_ L`_SZ]T_d LYO _SL_ PaPY -]LSXTY^ SL]OWd VYPb _SP APOLv^ NZY_PY_^ 8ÞWWP] OPXZY^_]L_P^ _SP QZ]PTRYYP^^ ZQ bSL_ bP NLWW ^ZYTN N`W_`]P _Z BP^_P]Y XTYO^ ,YO _SP]P T^ LYZ_SP] MT__P] L^[PN_ _Z ST^ R]PL_ LNSTPaPXPY_^ 3P XT^`^PO ST^ _]LY^WL_TZY ZQ _SP RaPOL _Z OPXZY^_]L_P _Z _SP 3TYO` ]PQZ]XP]^ =LX XZSLY =Zd LYO /PMPYO]LYL_S ?LRZ]P _SL_ _SPT] XZ^_ ^LN]PO ^N]T[_`]P bL^ Q`WW ZQ NSTWOT^S MWLMMP]TYR MP^TOP^ ^ZXP ]PLWWd w[]PNTZ`^ UPbPW^x LYOYZ_]PLWWdLML^T^QZ]_SP3TYO`]PWTRTZYv^]PQZ]XL_TZY 3T^POT_TZY LYO_]LY^WL_TZY[]ZUPN_bL^^[ZY^Z]POMd_SP-]T_T^STP_SP0L^_4YOTLY .ZX[LYd _Z RLTY L MP__P] `YOP]^_LYOTYR ZQ SZb _SP 4YOTLY w^`MUPN_^x _SZ`RS_ LYO SLO R]PL_ TX[LN_ ZY PL]Wd 3TYO` ]PQZ]XP]^ ?SP -]T_T^S [P]TZObL^YZOZ`M_L^P]TZ`^M]PLVQZ]_SP[SZYZNPY_]TNT_dZQ>LY^V]T_ N`W_`]P LYO LNZ`^_TN [TP_d bSTNS L]P _SP XLUZ] ^`MUPN_ ZQ Z`] OT^N`^ ^TZY -`_ LRLTY _SP^P _]LOT_TZYLW QZ]X^ OTO YZ_ OTP Z`_ ?SPd [P]^T^_ TY _SPT] NWL^^TNLW QZ]X^ L^ bPWW L^ TY LOL[_L_TZY^ ]PaTaLW^ LYO LMM]PaTL _TZY^bSTNSQT_TYMP__P]bT_SXZOP]YWTQP?ST^T^bSdTY_SPWL_P_bPY _TP_S NPY_`]d 8TW_ZY >TYRP] NZ`WO ^_TWW b]T_P LMZ`_ ^[ZVPY WLYR`LRP MPTYR _SP []TXL]d N`W_`]LW XPOT`X ?SP XLUZ] ^STQ_ bSTNS SP ZM^P]aPO bL^ YZ_ L XZaP _Z ^TWPY_ ]PLOTYR M`_ L XZaP Q]ZX ]T_`LW LYO WPL]YPO Z]_SZOZcd_ZPXZ_TZYLWTePOOPaZ_TZYLW[P]QZ]XLYNP^LYO[Z[`WL]]PWTR TZYPR MSLV_T ]PWTRTZ^T_dPc[]P^^POTYOPaZ_TZYLW^TYRTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8ÞWWP]bL^P^[PNTLWWdTY_P]P^_POTY_SPZWOP^_[Z]_TZYZQ_SPAPOL_SPRaPOL.Q1 8Lc 8ÞWWP] wAZ]WP^`YR ÞMP] OTP APOL^x TY 18 8ÞWWP] 0^^Ld^ % -PT_]ÆRP e`] aP]RWPTNSPYOPY =PWTRTZY^bT^^PY^NSLQ_ 7PT[eTR% 0YRPWXLYY #!$ #"$& :]TRTYLW .ST[^ Q]ZX L 2P]XLY BZ]V^SZ[ z! z !z"& ^PP LW^Z TMTO wAZ]]POPx Tc cTTcaTcTcccTTTQQccTccccTT>PPLW^ZST^w;]PQLNPxLYOw;]ZR]LXZQL?]LY^WL _TZYxTY >LN]PO-ZZV^ZQ_SP0L^_ AZW%@[LYT^SLO^_]LY^188ÞWWP] #"$z# =P[]TY_%/PWST%8Z_TWLW-LYL]^TOL^^$! &LYOw/LXLW^`YO5P_e_x /P`_^NSP=`YO ^NSL` ##%zSP]P$ $ 8ÞWWP]w;]PQLNP_Z_SP>LN]PO-ZZV^ZQ_SP0L^_xcccaTTT&^PPLW^ZTMTOTczcTTcaz cTcccazccaTcccTTcccaTLYO 0^^Ld^ "P_^P\ .Q-PNVP 3TYO`T^X`^#!LYO8ÞWWP]wAZ]WP^`YRÞMP]OTPAPOL^x "# .Q8ÞWWP]wAZ]WP^`YRÞMP]OTPAPOL^x" >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ #z$! >PP LW^Z ST^ ZM^P]aL_TZY^ ZY w]POPQTYTYR Z]_SZOZcdx LYO ZY _SP _]LY^QZ]XL_TZY^ LYO NZY_TY`L_TZY^ bT_STY _]LOT _TZYLW_]LY^XT^^TaP^d^_PX^TMTO#zbSTNSOZYZ_WLNVLN_`LWT_dPaPY_ZOLd
3TYO`T^XL^L.`W_`]PZQ>Z`YO
?SP WL^_ _ST]_d dPL]^ SLaP M]Z`RS_ LMZ`_ L Q`]_SP] XZaP _ZbL]O^ b]T_TYR N`W_`]P M`_ LW^Z YPb bLd^ _Z NZY_TY`P _SP ^ZYTN NZOP 4YOTL SL^ _SP XZ^_ X`^TN ZYWTYP ZY _SP 4Y_P]YP_ bSP]PTY bP QTYO LXZYR Z_SP]_STYR^APOL]PNT_L_TZY ./"zL^wWTRS_X`^TNx .L^^P__P^LYO ./^bT_S]PWTRTZ`^]PNT_LW^^ZYR^LYOTY^_]`XPY_LWX`^TNL]PLM`YOLY_ BZXPY LYO PaPY BP^_PYP]^ SLaP ^_L]_PO _Z WPL]Y APOL ]PNT_L_TZY bSTNS bL^ OPYTPO _Z _SPX TY PL]WTP] NPY_`]TP^ ,YO WL^_ M`_ YZ_ WPL^_ -ZWWdbZZO XZaTP^ _SP R]PL_ P[TN^ ZQ _SP XZOP]Y bZ]WO M]ZLONL^_ _SP ^PY^Z]d W`^_ ZQ ^ZYR LYO OLYNP _S]Z`RSZ`_ _SP bZ]WO 4_ T^ YZ_PbZ]_Sd _SL_ _SP ,]NLOTLY QLY_L^d ZQ APOL NSLY_TYR -]LSXTY^ bSZ^P wSZWd YZT^Px]PXZaP^LWWPaTWbL^LW^ZLOZ[_POMd-ZWWdbZZO,YObSPYPaP] ZYP SPL]^ ^ZYZ]Z`^ :¿ ]P[P_T_TZY TY LY 4YOTLY XZaTP ZYP NLY MP ^`]P _SL_ ^ZXP_STYR ]PLWWd RZZO LYO L`^[TNTZ`^ SL^ MPPY SL[[PYTYR TY _SP [WZ_ ,Y Z]LWL`]LW MTL^ _S`^ [P]^T^_^ z PaPY TY Q]P^S YPb NWZ_SP^ LYO NWLXZ] M`_ LW^Z TY _SP _]LOT_TZYLW XZOP ZQ N`W_`]LW [P]QZ]XLYNP^ LYO ]PWTRTZ`^]PLOTYR^ @YWTVPTYXZOP]Y0`]Z[P^LN]PO_Pc_^L]PSL]OWdPaP]w]PLOxTYZ`] ^PY^P TP ]PNPTaPO [`]PWd XPY_LWWd LYO YPT_SP] L]P _SPd ]PLO Z`_ TY L YZ]XLW PaP]dOLd aZTNP 0aPY TQ L _Pc_ T^ YZ_ ^`YR _SP w]PLOTYRx ZQ L _Pc_ T^ LWbLd^ L ^PXTX`^TNLW ]PNT_L_TZY L [£¶SL ./ z 4Y LY_T\ `T_d LYO _SP 8TOOWP ,RP^ _ST^ aZNLW _PNSYT\`P bL^ LW^Z _SP `^`LW QZ]X ZQ[P]QZ]XLYNPTY_SPBP^_ 3ZbPaP]_ZOLd_ST^^_dWPSL^WL]RPWdOTPO Z`_MPTYR[]P^P]aPOZYWdTY.S]T^_TLYNS`]NS^P]aTNP^TY^ZXPL]PL^QZ] _SP ]PLOTYR ZQ _SP 2Z^[PW :_SP]bT^P 0`]Z[PLY^ _PYO _Z ]PNZRYTeP L ^TYR^ZYR XLYYP] ZQ ^[PLVTYR TY X`^TNLW TY_P]aLW^ LYO ]Sd_SX^ X`NS XZ]PQ]ZXXZOP]YYZY0`]Z[PLY YZY]PWTRTZ`^X`^TN^`NSL^=L^_L QL]TLY]PRRLP^TYRTYRZ]]L[[TYRTYST[SZ[X`^TN,YOWTVP_SP^PXZO P]Y L]_ QZ]X^ _]LOT_TZYLW 4YOTLY ]PWTRTZ`^ [ZP_]d QLWW^ YPT_SP] \`T_P TY _SP NL_PRZ]d ZQ WT_P]L_`]P YZ] TY _SL_ ZQ X`^TN w?Pc_^x L]P []TXL]TWd _SP]P_ZMPSPL]OPaPYTQ_SPdSLaPMPPYb]T__PYOZbYLYO]PLOTYR^L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _SP ^T_`L_TZY _ZOLd ^PP ,cPW 8TNSLPW^ w?]LOT_TZYLW >LY^V]T_ 7PL]YTYR TY .ZY _PX[Z]L]d4YOTLxTY ?SP;LYOT_ PO,8TNSLPW^z! ?ST^N`]TZ`^NWL^^TQTNL_TZYNZ]]P^[ZYO^bT_S_SPPcNW`^TZYZQAPOTNSdXYZWZRdQ]ZX NWL^^TNLW[ZP_TN^Z]YL_P[ZP_]dLYObT_S_SPNWL^^TNLWOTQQP]PY_TL_TZYZQL]_Q`WX`^TN NSL]LN_P]TePOMd[P]^ZYLWPXZ_TZYLWTYaZWaPXPY_LYOQ]PPTX[]ZaT^L_TZYLYO]PNT_L _TZY^LYO^ZYR^TYw[]PQLM]TNL_POxQTcPO[L__P]Y^ @Y_TW _SP _S NPY_`]d WZ`O _Pc_MZ`YO LYO aZNLWTePO []LdP] bL^ _SP YZ]X TY 0`]Z[P?SP]PbL^YZOT^_TYN_TZYMP_bPPYXPY_LWLYOaZNLW[]LdP]?SP[]LdTYRZQL QTcPOWT_`]RdbL^TOPY_TNLW_Z[]TaL_P[]LdP]?SPXLTYXPOTPaLW_Pc_bL^_SP[^LW_P] YZ_ _SP 2Z^[PW _SP ^PY^P ZQ bSZ^P bZ]O^ bL^ YZ_ YPNP^^L]TWd `YOP]^_ZZO L^ T_ bL^ b]T__PY TY 7L_TY >PP 7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvx z& w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x z & 6L^[P] LYO >NS]PTYP] PO ATaL aZc Z[NT_ LYO ZY 7L_P ,Y_T\`T_d 8L__STL^ 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^ QZ] [`MWTN ]PNT_L_TZY% ?SPT] `^PLYOQ`YN_TZYTYLYNTPY_]PWTRTZYx 9`XPY !$$$%z
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
[P]QZ]XLYNP^,MZZVT^LWbLd^LMZZV]PLOLWZ`OLYOZQ_PYLYLN_`LW MZZVT^YZ_PaPYYPNP^^L]dL^T_T^[Z[`WL]_ZWPL]Y_Pc_^MdSPL]_?ST^ []POTWPN_TZY QZ] L`OTMWP _Pc_^ LYO [P]QZ]XLYNPZ]TPY_PO NZXX`YTNL_TZY ^d^_PX^ ZQ TY_P]LN_TZY z NSLY_^ ^ZYR^ []ZaP]M^ aP]^P^ LYO ]PNT_L_TaP^ zT^OPXZY^_]L_POYZbLOLd^QZ]PcLX[WPMd_SPQLN_ _SL_L`OTZXPOTL [WLd L XZ]P ^TRYTQTNLY_ ]ZWP TY 3TYO`T^X _SLY TY LYd Z_SP] ]PWTRTZY ! 3P]P _SP MZ]OP]^ MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP ZQ_PY MPNZXP MW`]]PO BSTWP O]TaTYR _Z _SP ZQQTNP 4YOTLY M`^TYP^^XPY WTVP _Z WT^_PY YZ_ ZYWd _Z -ZWWdbZZO ST_^ M`_ LW^Z _Z ]PNT_L_TZY ZQ _SP APOL z [L]_Wd QZ] POTQTNL_TZY LYO [L]_Wd QZ] PY_P]_LTYXPY_ 4Y _SP 3TYO` ]PWTRTZ`^ _]L OT_TZY^T_SL^LWbLd^MPPY_]`P_SL__Pc_^^ZXP_TXP^Z]PaPYXZ^_ZQ_SP _TXP PYUZd TY_P]P^_ L^ ^Z`YO PaPY_^ MZ_S TY ]PLW []LN_TNP LYO LW^Z TY ]PQWPN_PO]PNP[_TZY
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
4Y4YOZWZRTNLW^_`OTP^_SPL[[L]PY_Z]LWT_dSL^ZQ_PYMPPYYZ_POM`_SL^ ^ZXP_TXP^ LW^Z MPPY ZaP]PX[SL^TePO >Z T_ bL^ L^^`XPO _SL_ _SP PL]Wd APOTN_]LOT_TZYbL^YZ_LN\`LTY_PObT_SLYdVTYOZQb]T_TYRL_LWW:YP XLd OPML_P _SP ]ZWP ZQ b]T_TYR TY _SP aP]d PL]Wd WT_P]L_`]P -`_ L_ WPL^_ Q]ZX ;£©TYT L]Z`YO z_S NPY_ -. ZYbL]O^ _SP -]LSXLYTN _]LOT_TZY SL^ []ZMLMWd LWbLd^ `^PO L NZXMTYL_TZY ZQ Z]LW LYO b]T__PY _]LY^XT^ ^TZY^d^_PX^ "BSTWP_SP]PbL^L_PYOPYNd_ZXPXZ]TeP_SP^LN]PO_Pc_^ PaPY _Z _SP PcNW`^TZY ZQ ^N]T[_`LWTeL_TZY _SP]P bL^ YZ ]P^_]TN_TZY ZY b]T_TYR OZbY ^PNZYOL]d _Pc_^ BT_S L [TYNS ZQ ^LW_ ZYP NZ`WO P^_LMWT^S _SP ]`WP _SL_ _SP XZ]P ^LN]PO L _Pc_ _SP XZ]P _SP YPNP^^T_d bL^ QPW_ _Z XPXZ]TeP T_ LYO _Z _]LY^XT_ T_ Z]LWWd ?ST^ NP]_LTYWd SZWO^ _]`P QZ] _SP APOL # TY ]PRL]O _Z bSTNS bP ^ZXP_TXP^ PaPY QTYO L []ZSTMT_TZY ZY b]T_TYR T_ OZbY -`_ L^ QL] L^ WL_P] ^LN]PO WT_P]L_`]P^ ^`NS L^ _SP ;`]£©L^L]PNZYNP]YPO _STYR^L]PXZ]PNZX[WPc ,W_SZ`RS_SP ^[ZVPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 4Y _SP NL^P ZQ _SP ZXP:M^P]aL _TZY^ZY_SP;LOL[£¶SLZQ_SPRaPOLx 4YOZ4]LYTLY5Z`]YLW $#%#z#$ # ?ST^ T^ bPWW TWW`^_]L_PO Md >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx >PP LW^Z NSL[ LYOTY_ST^MZZV
3TYO`T^XL^L.`W_`]PZQ>Z`YO
bZ]O LWbLd^ ]PXLTY^ NPY_]LW Z]LW LYO b]T__PY _]LY^XT^^TZY OZ YZ_ Pc NW`OP PLNS Z_SP] LYO _SPT] ]PNT[]ZNLW OdYLXT^X PaPY RPYP]L_P^ [Z^^T MTWT_TP^ZQNZY^_LY_[]ZO`N_TZYZQYPb_Pc_ BP_SP]PQZ]P[]PQP]_Z^[PLVZQwL`OTMWP_Pc_^x]L_SP]_SLYwZ]LWWT_ P]L_`]PxLYO^PPYPNP^^T_d_ZOT^_TYR`T^SZ]LWT_dLYO^ZYLWT_d?SP]PL]P _S]PP XLUZ] ]PL^ZY^ bSd bP RTaP []PQP]PYNP _Z _SP _P]X w^ZYLWT_dx TY NZY_]L^__ZwZ]LWT_dx?SPQT]^_T^_SPNZPcT^_PYNPZQb]T_TYRLYOZ]LWT_d >TYNP WL_P APOTN _TXP^ bSPY _SP APOL bL^ NZX[TWPO LYO ^d^_PXL_TePO L^ T_ T^ VYZbY _ZOLd LYO MPNLXP L QTcPO Z]LW NLYZY >LY^V]T_ N`W_`]P SL^ MPPY L STRSWd WT_P]L_P ZYP ?SP]PQZ]P >LY^V]T_ 3TYO`T^X OZP^ YZ_ ]P[]P^PY_LYZ]LWN`W_`]PTY_SP^_]TN_^PY^PM`_TY^_PLOLNZX[WPcNZPc T^_PYNPZQMZ_Sb]T__PYLYOZ]LWQZ]X^ZQPc[]P^^TZYbT_SLYPcNP[_TZY LWWd ^_]ZYR TYNWTYL_TZY _Z Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ ?SP L`OT MWP bZ]O VP[_ T_^ []TZ]T_d PaPY LQ_P] b]T_TYR bL^ bTOPWd TY `^P LYO YZ ^N]T[_`]LW _]LOT_TZY bL^ LMWP _Z OP^_]Zd Z] OZXTYL_P _SP WTaTYR NZXX` YTNL_TZY ^d^_PX^ 3TYO` 4YOTL SL^ LWbLd^ MPPY L [P]QZ]XLYNP N`W_`]P bSP]P_SPSZWdWT_P]L_`]P^L]Pw^Z`YOPOZ`_xLYOPXMZOTPOTP]PNT_PO ^`YR^_LRPO[WLdPOLYOOLYNPO >PNZYOT_L[[PL]^_Z`^_SL_^ZYLWT_dT^_SPXZ]PL[__P]X^TYNPZ] LWT_d T^ _ZZ PcNW`^TaP TY ]PQP]]TYR ZYWd _Z _]LY^XT^^TZY bSTWP ^Z`YO NZYYZ_P^ _SP ^PY^Z]d PXZ_TaP L^[PN_^ LYO _SP Pc[]P^^TaT_d ZQ WT_P]L]d []ZO`N_TZY MP__P] 9Z_ ZYWd _SP ^[ZVPY bZ]O T^ TX[Z]_LY_ M`_ LW^Z _SP ^Z`YOTYRbZ]O?SPXPOTLZQaZTNPLYOL`OTMWP_Pc_L[[L]PY_WdQZ^_P]PO L VPPY w^ZYTN LbL]PYP^^x LYO WPQ_ _SPT] XL]V ZY [P]NP[_TZY LYO ^ZNTLW []LN_TNP^ ,XZYR Z_SP] _STYR^ wLNZ`^_TN [TP_dx T^ aP]d bTOPWd ^[]PLO NZX[]T^TYR ]PWTRTZ`^ QZ]X^ TY bSTNS _SP LN_ ZQ ]PNT_L_TZY T_^PWQ Z] _SP OPaZ_TZYLW L__T_`OP ]LYRP QT]^_ bSP]PL^ _SP ^PXLY_TN XPLYTYR T^ YZ_ YPNP^^L]Wd TX[Z]_LY_ Z] VYZbY =L_SP] []LN_T_TZYP]^ XLd ^PP _SP ]PWT RTZ`^ _Pc_ L^ LY TNZY ZQ _SP OTaTYP NSL]RPO bT_S ^[PNTLW [ZbP] LY LYT XL_P ]PLWT_d ?ST^ [Z[`WL] VYZbWPORP T^ TY QLN_ ]ZZ_PO TY ^Z[ST^_TNL_PO _SPZWZRTP^ BSPY bP ^[PLV ZQ w^ZYTN N`W_`]Px _ST^ ]PQP]^ _Z L [SZYZ NPY_]TN WTQPbZ]WO _SL_ PcSTMT_PO ^[PNTLW QZ]X^ ZQ []LN_TNP SLMT_`^ LYO NZYNP[_TZY^ LYO ^_TWW OZP^ _ZOLd LYO LW^Z ^_TX`WL_PO WTYR`T^_TN [Z P_TN [STWZ^Z[STNLW LYO _SPZWZRTNLW ]PQWPN_TZY >ZYLWT_d L[[PL]^ _Z `^ _Z PYNL[^`WL_P_SP^P[]LN_TNLW TX[LN_^MP__P]LYOYZ_WPL^__ZPc[]P^^ _SPT] wP[T^_PXPx XZ]P NWPL]Wd MPRTYYTYR bT_S WLYR`LRP _SPZ]TP^ _SL_ []PQTR `]PO ^ZXP L^[PN_^ ZQ XZOP]Y WLYR`LRP _SPZ]TP^ LYO LW^Z ^LN]LWTeTYR _PYOPYNTP^ _SL_ NLY MP ZM^P]aPO TY [SZYZNPY_]TNT_d LWW _SP bLd _Z L OPTQTNL_TZYZQWLYR`LRPLYONZ^XZWZRTNLWWdSd[Z^_L^TePO^Z`YO ?SPWL__P]]PQP]^_ZL_ST]O]PL^ZYbSdbPNSZZ^P_Z^[PLVZQ^ZYLW T_d w>ZYTN LbL]PYP^^x ZMaTZ`^Wd WPQ_ _]LNP^ ZY _SP [P]NP[_TZY LYO TY _P][]P_L_TZY ZQ _SP `YTaP]^P LYO _SL_ bSTNS _]LY^NPYO^ OLTWd WTQP ?SP]P SLaPMPPYaP]dXLYd^dXMZWTNQZ]X^NPY_P]TYRZY^Z`YObSTNSPc[]P^^
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
]PWTRTZ`^TOPL^bZ]WOaTPb^LYO_SPNZX[]PSPY^TZYZQ_SPOTaTYP]LYR TYR Q]ZX _SP wWLYR`LRP NZbx LYO _SP wRZOOP^^ ^[PPNSx TY _SP APOL _Z _SP 7Z]O 2ZO ±TaL bSZ N]PL_PO _SP bZ]WO Md _SP ]Sd_SX^ ZQ ST^ SLYO O]`X LYO ST^ OLYNP :YP LW^Z QTYO^ _SP TOPL _SL_ X`^TN T^ L QZ]X ZQ DZRLLYO_SL__SPbZ]WOPXLYL_POQ]ZXN]PL_TaP[]TXZ]OTLW^Z`YO,YO [SZYP_TN ^dXMZW^ SLaP MPPY `^PO QZ] ^NTPY_TQTN LM^_]LN_TZY^ PR TY XL_SPXL_TN^ 8Z^_ ZQ _SP^P Pc[]P^^TZY^ LYO YZ_LMWd _SP XZ^_ Sd[P] MZWTNZYP^OPaPWZ[POLQ_P]_SPLOaPY_ZQb]T_TYR -Z_S _SP [P]^T^_PYNP ZQ _SP ^[ZVPY LYO ^Z`YOTYR bZ]O PaPY LQ_P] _SP TY_]ZO`N_TZY ZQ b]T_TYR LYO _SP Pc[]P^^TaP LYO ]PQWPcTaP PaTOPYNP ZYWLYR`LRPLYO ^Z`YO TYOTNL_P _SPR]PL_aLW`PZQ ^ZYLWT_d TY_SPSTP] L]NSd ZQ [P]NP[_TZY LW_SZ`RS aT^TZY LYO ^dYLP^_SP_TN^ LW^Z [WLdPO LY TX[Z]_LY_]ZWP?SPLTXZQZ`]^_`OdT^_ZO]Lb`[LN`W_`]LW[P]NP[_TZY []ZQTWP ZQ 3TYO` 4YOTL TY bSTNS _SP ^Z`YOTYR bZ]O ]P_LTYPO T_^ ]PWP aLYNPZaP]_SPNPY_`]TP^LYOLN]Z^^OTQQP]PY_MZOTP^ZQ_Pc_^]T_`LW[P] QZ]XLYNP^ LYO VYZbWPORP N`W_`]P^ :YP ZQ _SP R`TOTYR TY_P]P^_^ T^ _SP \`P^_TZY% bSL_ L]P L N`W_`]Pv^ aT^TZY^ LYO TY_P][]P_L_TZY^ ZQ _SP bZ]WO WTVP bSPY _SP N`W_`]P T^ ^Z ^_]ZYRWd NSL]LN_P]TePO Md _SP ^[ZVPY WLYR`LRP LYO ^Z`YO [P]NP[_TZY* ,YO LW^Z% bSL_ YPRZ_TL_TZY []ZNP^^P^ LYO _]LY^QZ]XL_TZY^ SLaP _SPd MPPY ^`MUPN_ _Z LYO TY aTPb ZQ LWW _SP ST^_Z]TNLWNSLYRP^SZb NLY_SP[P]^T^_PYNPZQWTaPNZXX`YTNL_TZY ^d^ _PX^ MP Pc[WLTYPO* :YP Sd[Z_SP^T^ T^ _SL_ ^Z`YO T^ ZYP ZQ _SP VPd XPOTL ZQ N`W_`]LW ]P[]P^PY_L_TZY LYO ]P[]ZO`N_TZY LYO _S`^ L VPd _Z 4YOTLYN`W_`]PLYO_Z>LY^V]T_3TYO`T^XTY[L]_TN`WL],w^ZYTNN`W_`]LW ST^_Z]dx _SP]PQZ]P []ZXT^P^ _Z Pc[Z^P ZYRZTYR _SPXP^ LYO NZXXZY [L__P]Y^ TY L STRSWd OTaP]^TQTPO N`W_`]P LYO L_ _SP ^LXP _TXP _Z ]PNZ]O OTaP]^T_dLYO^ZNTZ]PWTRTZ`^NSLYRPTYLN`W_`]LWNZY_TY``X ?ST^ ]P^PL]NS []ZR]LX NZXMTYP^ L ST^_Z]TNLW WZYR_P]X [P]^[PN_TaP bT_S\`P^_TZY^NZYNP]YTYR^d^_PXL_TN^LYON`W_`]LW_SPZ]d4_NZY_LTY^L YPb WZZV L_ _Pc_ _]LOT_TZY^ LYO LY Pc[LYOPO _Pc_ SP]XPYP`_TN^ :`] Q`YOLXPY_LW TYT_TLW _SP^T^ T^ L^ LW]PLOd TYOTNL_PO _SL_ _Pc_^ TY >LY^V]T_ 3TYO`T^X z bSP_SP] _SPd ZNN`] TY PaP]dOLd ]PWTRTZ`^ N`W_`]P Z] TY _SP _]LOT_TZY^ZQ_SP^NSZWL]^zL]PLWbLd^_Pc_^_ZMPSPL]OLYO_ST^L^[PN_ ^SZ`WO MP TYNZ][Z]L_PO TY_Z SP]XPYP`_TN^ T_^PWQ z _SP SP]XPYP`_TN^ ZQ _Pc_^LYO_SPSP]XPYP`_TN^ZQN`W_`]P ,^ _SP QZN`^ TY 4YOTL ]PXLTYPO ZY _SP ^[ZVPY LYO ^Z`YOTYR bZ]O PaPY LQ_P] _SP TY_]ZO`N_TZY ZQ b]T_TYR LNNZ]OTYR _Z _ST^ _SP^T^ L [`]PWd [STWZWZRTNLW L[[]ZLNS ]PWL_TYR ZYWd _Z ^PXLY_TN^ XT^^P^ TX[Z]_LY_ TY QZ]XL_TZY ?ST^ ^_`Od _SP]PQZ]P []Z[Z^P^ LY Pc[LYOPO XP_SZO QZ] _Pc_ TY_P][]P_L_TZY Md TYNW`OTYR _SP ^PY^Z]d LP^_SP_TN OTXPY^TZY^ ^Z`YO [L__P]Y^ WLYR`LRP ]Sd_SXTNT_d P_N LYO _SP ^PWQNZXX`YTNL_TYR XP^ ^LRP ZQ _SP XPOT`X _Pc_ LYO T_^ TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d [P] QZ]XL_TaT_d ?ST^ L`_ZXL_TNLWWd TX[WTP^ LY Z]TPY_L_TZY ZY LN_`LW []LN
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_TNP%_SP]T_`LWOTXPY^TZYLYO_SP[P]QZ]XL_TaPYL_`]PZQ_Pc_^:QNZ`]^P TY LOOT_TZY _Z ]T_`LW ^_LRTYR LYO WT_P]L]d _Pc_ [P]QZ]XLYNP^ bP L]P LW^Z TY_P]P^_POTYNZY_PY_%_SPXPLYTYR^_SL_L]PL^N]TMPO_ZWLYR`LRP^Z`YO LYO_SPaZTNPLYO_SPT]]PWTRTZ`^NZOTYR?ST^aZW`XPT^_SP]PQZ]PNZY NP]YPO bT_S ]T_P^ _Pc_^ LYO _Pc_ [P]QZ]XLYNP^ L^ bPWW L^ _SP ]ZWP ZQ WLYR`LRPLYO^Z`YOTY_SPN`W_`]LW^d^_PXZQ^dXMZW^LYO_SPX`W_TXP OTLW NZY^_T_`_TZY ZQ XPLYTYR ?SP TYNW`^TZY ZQ _SP PXTN [P]^[PN_TaP ^PPX^_Z`^_ZMPQ`YOLXPY_LW ?SP WT_P]L]d ^Z`]NP^ _SL_ `^P _SP >LY^V]T_ TOTZX TY Pc[]P^^TaP LYO ]PQWPcTaP bLd^ ^[LY L [P]TZO ZQ L[[]ZcTXL_PWd QZ`] _SZ`^LYO dPL]^ ,W_SZ`RS>LY^V]T_[]ZO`N_TZYOTXTYT^SPONZY^TOP]LMWdL^L]P^`W_ZQ_SP waP]YLN`WL] ]PaZW`_TZYx ^TYNP L]Z`YO _SP _S NPY_`]d _SP ^Z`]NP^ [L]_TN`WL]Wd _SP ]PWTRTZ`^ ZYP^ SLaP ]PXLTYPO TY `^P `Y_TW _SP []P^PY_ OLd?SPdNZaP]LM]ZLOLYOSP_P]ZRPYPZ`^^[PN_]`XZQ]PWTRTZ`^WT_P]L _`]P^ LYO WT_P]L]d _d[P^ APOL P[TN^ ;`]£©L^ ¢RLXL^ ?LY_]L^ >¼_]L WT_P]L_`]P ]T_`LW XLY`LW^ OPaZ_TZYLW >_Z_]L^ LYO NZXXPY_L]TP^ ,N NZ]OTYRWd _SP]P L]P Y`XP]Z`^ ^NSZWL]Wd LYO [Z[`WL] OT^NZ`]^P bZ]WO^ TY bSTNS L XL]VPO WPLYTYR _ZbL]O ^Z`YO T^ XLYTQP^_PO BP PcLXTYP NZ^XZWZRTP^ [STWZ^Z[STP^ _SPZWZRTP^ Xd_S^ SdXY^ ]T_`LW ]`WP^ LYO []ZNPO`]P^ LYO YZ_ WPL^_ _SP ]PQWPcTaP ]PQP]PYNP^ _Z SPL]TYR LYO ]PNT_ TYR LYO _Z _SP bZ]WONZY^_T_`_TYR [ZbP] ZQ WLYR`LRP _SP PQQTNLNd ZQ XLY_]L^ ^Z`YO L^ L ^dXMZW ZQ _SP `YTaP]^P P_N :`] _P]X wLNZ`^_TN [TP_dx _]TP^ _Z PYNL[^`WL_P LWW _SP^P QPL_`]P^ bT_STY ZYP Pc[]P^^TZY $ =PXL]VLMWdSZbPaP]>LY^V]T_v^[SZYZNPY_]T^XT^YZ_ZYWdXLYTQP^_TY _SP ]PWTRTZ`^ QTPWO M`_ LW^Z TY ^PN`WL] [ZP_]d LYO TYOTRPYZ`^ ^NTPY_TQTN _]LOT_TZY^R]LXXL]L^_]ZYZXdP_N:`]^_`Od_SP]PQZ]PLW^ZTYNW`OP^ ^NTPYNP^ ²£^_]L LYO bZ]V^ ZQ [ZP_]d V£adL bSTNS Pc[WTNT_Wd NWLTXPO L w_ST^bZ]WOWdx WL`VTVL ^_L_`^ ?SP M]ZLOP] _P]X w>LY^V]T_ N`W_`]Px LN_`LWWd MP__P] NZaP]^ _SP ^Z`]NP XL_P]TLW _SL_ bP bT^S _Z PcLXTYP bSTWP_SP_P]Xw>LY^V]T_3TYO`T^XxTYOTNL_P^ZYWd_SL__SPTYaP^_TRL_TZY QZN`^P^XLTYWdZY]PWTRTZY ?SP QTPWO ZQ ^ZNTZ[ZWT_TNLW [SPYZXPYL ZaP]WL[^ bT_S bSL_ 8 9 >]TYTaL^ $ NLWWPO w>LY^N]T_TN 3TYO`T^Xx LYO >SPWOZY ;ZWWZNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ :`] _P]X wLNZ`^_TN [TP_dx [WLNP^ YZ_ ZYWd _SP ]T_`LW LYO NZRYT_TaP L^[PN_^ TY _SP QZ]PR]Z`YO M`_ LW^Z _SP ^_]ZYRWd TNZYTN TYOPcTNLW L^[PN_^ LYO _SP TOPL ZQ []P^PYNP ?SP _P]X bL^ ^_TX`WL_PO Md /LaTO 8Z]RLYv^ AT^`LW ;TP_d% , 3T^_Z]d LYO ?SPZ]d ZQ ;Z[`WL] =PWTRTZ`^ 4XLRP^ -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $$# LYO ?SP >LN]PO 2LeP%=PWTRTZ`^ AT^`LW.`W_`]PTY?SPZ]dLYO;]LN_TNP -P]VPWPd% @YTaP]^T_d ZQ.LWTQZ]YTL;]P^^ 1Z]XZ]POP_LTWZYLNZ`^_TN[TP_d^PPMPWZbTY[L]_TN`WL] NSL[ 1Z] LM]ZLOP] OT^N`^^TZYZQ8 9 >]TYTaL^ =PWTRTZYLYO >ZNTP_dLXZYR_SP .ZZ]R^ ZQ >Z`_S 4YOTL 7ZYOZY LYO 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^ $ ^PP _SP QZW WZbTYR ^`MNSL[_P]&ZY_ST^LYOTY _SP QZWWZbTYRNSL[_P]^ ^PPLW^Z_SPZ_SP] L`_SZ]^ XPY_TZYPOTY_ST^[L]LR]L[S
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
" NLWWPO w>LY^V]T_ NZ^XZ[ZWT^x M`_ bP SLaP L OTQQP]PY_ Z]TPY_L _TZY 4Y NZY_]L^_ _Z >]TYTaL^ bP `YOP]^_LYO w>LY^V]T_ 3TYO`T^Xx L^ L [`]PWdOP^N]T[_TaP_P]XQZ]]PWTRTZ`^>LY^V]T_WT_P]L_`]P^LYO_SPT]QTPWO^ ZQ L[[WTNL_TZY LYO QZN`^ ZY wLNZ`^_TN [TP_dx bSTNS [P]aLOP^ MZ_S [Z[`WL] LYO ^NSZWL]Wd N`W_`]P LYO T^ Pc[]P^^PO TY ]T_`LW LN_TZY^ LYO NZRYT_TaP ^d^_PX^ 4Y NZY_]L^_ _Z ;ZWWZNVv^ LYLWd^T^ ZQ _SP Q`YN_TZYLW NZYYPN_TZY MP_bPPY WT_P]LNd LYO [ZWT_d TP _SP LP^_SP_TNTeL_TZY ZQ [Z WT_TNLW [ZbP] Md V£adL WT_P]LNd P[TN^ LYO L]_T^_TN [ZP_]d bP NZYNPY _]L_P ZY _SP w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x ?ST^ Pc[]P^^TZY L[_Wd ^`XXL]TeP^ Z`] ]P^PL]NS []ZR]LX MPNL`^P bP L]P TY_P]P^_PO YZ_ ZYWd TY ]PWTRTZ`^ OT^NZ`]^P^ LYO NZ`]_Wd [LYPRd]TN^ M`_ _SP [SZYZNPY _]TNT_dZQ>LY^V]T_N`W_`]PL^LbSZWP?ST^TX[WTP^LM]ZLOP]NZYNP[_ZQ LP^_SP_TN^RZTYRQL]MPdZYOL]_T^_TNPc[]P^^TZY BP ^SL]P L NZY^_]`N_TaT^_ LYO ^PXTZ_TN NZYNP[_ ZQ N`W_`]P bT_S _SP wN`W_`]LW _`]Yx _SL_ ZNN`]]PO TY _SP $"^ TY LWXZ^_ LWW _SP OT^NT[WTYP^ NZYNP]YPO bT_S Pc[]P^^TZY^ ZQ S`XLY N`W_`]P ?SP []PXT^P T^ _SL_ bZ]WOaTPb^ ^ZNTLW TOPY_T_d wSLMT_`^x QZ]XL_TZY P_STN^ LYO MPSLaTZ] TYNW`OTYR _SP ]PWTRTZY^ L]P ^`MUPN_ _Z NZYOT_TZY^ ZQ N`W_`]LW NZY^_]`N _TZYLYOL]PaT]_`LWWdTX[Z^^TMWP_ZR]L^[L[[]Z[]TL_PWdbT_SZ`_ST^_Z]T NLW ^ZNTLW LYO N`W_`]LW NZY_Pc_^ BP `YOP]^_LYO wN`W_`]Px WL]RPWd TY .WTQQZ]O 2PP]_ev ^PY^P L^ L NZY_Pc_`LW Q]LXPbZ]V TY bSTNS ^dXMZW^ MPSLaTZ]^ LYO QZ]X^ ZQ _SZ`RS_ MPNZXP NZX[]PSPY^TMWP L NZWWPN_TaP NZY^_]`N_ ZQ XPLYTYR _SL_ T^ PXMZOTPO TY _Pc_^ MPSLaTZ]^ ]T_`LW^ QP^_T aLW^XL_P]TLWN`W_`]PP_NLYOTY^ZNTLWTY^_T_`_TZY^LYOT^Pc[]P^^POTY aLW`P^ LYO SZb [PZ[WP QPPW LMZ`_ _STYR^ .`W_`]P LYO ]PWTRTZY L]P YZ_ SZXZRPYPZ`^ LYO QTcPO ^_]`N_`]P^ M`_ SLaP LY TY_P]YLW [W`]LWT^X LYO QW`TOT_dLYOL]P^`MUPN__ZOT^N`]^TaPYPRZ_TL_TZY^1Z]_ST^]PL^ZYXZ]P ]PNPY_^_`OTP^TY_]ZO`NPO_SP_P]Xw[P]QZ]XL_TaT_dx_ZXL]V_SPN`W_`]LW OdYLXTN^ 4Y _SP QZWWZbTYR NSL[_P]^ ZY 8P_SZOZWZRd bP ]P_`]Y ZYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^T^ZYPNPY_]LW_SP^T^TY;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^Z[NT_ ;ZWWZNV 7LYR`LRPZQ_SP2ZO^! .WTQQZ]O 2PP]_e /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYVQ`]_% >`S]VLX[ $$" !z& :]TRTYLW ?SP 4Y_P][]P_L_TZY ZQ .`W_`]P^ 9Pb DZ]V%-L^TN-ZZV^$"&]P[]7ZYOZY%1ZY_LYL$$z,NNZ]OTYR_Z,Y^RL] LYOAP]L9ÞYYTYR 6ZYeP[_POP]6`W_`]bT^^PY^NSLQ_PY >_`__RL]_%8P_eWP]!z "_SP[]PQP]PYNPQZ]_ST^_d[PZQ`YOP]^_LYOTYRZQN`W_`]PL^LNZX[]PSPY^TaP^d^_PX ZQ ^dXMZW^ Z] L ^ZQ_bL]PWTVP ZaP]LWW []ZR]LX SL^ MPNZXP P^_LMWT^SPO TY ]PNPY_ OT^ N`^^TZY TY ^PaP]LW OT^NT[WTYP^ OP^[T_P _SP WL]RP Y`XMP] LYO [ZWdaLWPYNd ZQ _SP N`W _`]LW NZYNP[_^ 4_ ^SZ`WO MP LOOPO _SL_ _SP XZ]P ]PNPY_ OT^N`^^TZY^ PX[SL^TeP PaPY XZ]P_SPOdYLXTN^QW`TOT_dLYOOT^N`]^TaPYP^^bSTNSTYLYdNL^PPcT^_^bT_SLNZY ^_]`N_TaT^_TNNZYNP[_ZQN`W_`]PbT_S_SPVPdNZYNP[_ZQw[P]QZ]XL_TaT_dxZ]LN_`LWWd aP]MLWTeP_SPXTY_P]X^^`NSL^wN`W_`]TYRxLYOw]PWTRTZYTYRx.Q8LWZ]d9dPw=P WTRTZY;Z^_=PWTRTZYT^XLYO=PWTRTZYTYR%=PWTRTZ`^>_`OTP^LYO.ZY_PX[Z]L]d.`W _`]LW/PML_P^x 8P_SZO?SPZ]dTY_SP>_`OdZQ=PWTRTZY %"z"!
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LRLTY TY ^ZXPbSL_ XZ]P OP_LTW _Z Z`] NZYNP[_ ZQ ]PWTRTZY N`W_`]P LYO [P]QZ]XL_TaT_dLYOOZYZ_PcNW`OPZ`]ZbYLNLOPXTNNZY^_]`N_Q]ZX_SP NZY^_]`N_TaT^_TN L[[]ZLNS 1Z] PcLX[WP bP aTPb >LY^V]T_ 3TYO`T^X L^ aT_LW TY ^SL[TYR 4YOTLY TY_PWWPN_`LW LYO [Z[`WL] N`W_`]P LYO Z`] L[ []ZLNS PX[SL^TeP^ ]PWTRTZ`^ TOPL^ LYO []LN_TNP^ ZaP] [ZbP] ^_]`N_`]P^ LYO^ZNTLWTY^_T_`_TZY^ ?SP_P]XwOT^NZ`]^PxT^L^`T_LMWPZYPQZ]LQLT]LXZ`Y_ZQZ`]XL _P]TLW MPNL`^P NP]_LTY TOPL^ LYO []LN_TNP^ XZaPO Z`_ ZQ _SP NZYQTYPO ^[LNP^ ZQ TY^_T_`_TZY^ LYO ]PRTZYLW _]LOT_TZY^ ZQ ]T_`LW []ZQP^^TZYLW^ ^NSZWL]^ LYO ]PWTRTZ`^ R]Z`[^ LYO NLXP _Z [P]aLOP _SP [`MWTN N`W_`]P ,W_SZ`RS bP QZ`YO 8TNSLPW 1Z`NL`W_v^ ]`WP^ ZQ OT^N`]^TaP QZ]XL_TZY bZ]VbPWWTYZ`]OT^N`^^TZYZQ4YOTLYWT_P]L_TPW^PbSP]PTY_ST^aZW`XP bP `^P _SP _P]X wOT^NZ`]^Px XZ]P RPYP]LWWd L^ T_ SL^ MPNZXP P^_LM WT^SPO TY LNLOPXTN ^_`Od 4_ T^ TY _SP YL_`]P ZQ OT^NZ`]^P^ _SL_ _SPd RZ MPdZYO TYOTaTO`LW _]LOT_TZY^ _Pc_^ LYO LN_Z]^ -`_ _SP]P L]P wN`W_`]LW [ZWTNdXLVP]^xLYObPbT^S_ZOPaZ_PLWL]RPLXZ`Y_ZQ^[LNP_Z_SP^P ^_]L_PRTNLRPY_^bSZSLaPNZY^TOP]PO_SP^PXLY_TNLYO[SZYP_TNL^[PN_^ ZQWLYR`LRPM`_SLOWT__WP_Z^LdLMZ`_b]T_TYR ?ST^ MZZV NZY^T^_^ ZQ _bZ ^PN_TZY^ QT]^_Wd w8P_SZOZWZRdx LYO ^PN ZYOWdw3T^_Z]dxbSTNSL]PWTYVPOMd\`P^_TZY^NZYNP]YTYR_SPZMUPN_ZQ ]P^PL]NS LYO ^ZXP ^TRYTQTNLY_ PcLX[WP^ M`_ bSTNS QZWWZb OTQQP]PY_ XP_SZO^TYL[[]ZLNSTYR_SP^`MUPN_?SPR]PL_P][L]_ZQw8P_SZOZWZRdx bL^ b]T__PY LQ_P] w3T^_Z]dx LYO []P^PY_^ L XP_L[P]^[PN_TaP LYO _SPZ ]P_TNLW ]PQWPN_TZY ZQ _SP XL_P]TLW TY w3T^_Z]dx 4Y LOOT_TZY _Z NWL]TQdTYR _P]X^ >LY^V]T_ 3TYO`T^X ]PWTRTZY NZXX`YTNL_TZY Xd_SZ^ XLRTN P_N _SP ^PN_TZY ZY 8P_SZOZWZRd ^T_`L_P^ _SP L]PL^ L]T^TYR Z`_ ZQ _SP ^PN_TZYZY3T^_Z]dTYLM]ZLOP]Q]LXPZQN`W_`]LW_SPZ]dLYOOPaPWZ[^L _SPZ]P_TNLW QZ`YOL_TZY QZ] _SPX ,^ Z`] ^`MUPN_ XL__P] T^ X`W_T OTXPY^TZYLW T_ T^ TX[Z]_LY_ _Z L[[]ZLNS T_ TY L [ZWdaLWPY_ QL^STZY bT_S X`W_T[WP XP_SZO^ ?ST^ T^ bSd _SP ]PLOP] bTWW QTYO L R]PL_ Y`XMP] ZQ _SPZ]TP^ _SL_ bP ]PaTPb LYO PYWL]RP `[ZY >TYNP _SP^P _SPZ]TP^ bP]P OPaPWZ[POMdBP^_P]YLNLOPXTN^TY^ZXPNL^P^_SP]PT^LYPPO_ZLOL[_ LYO]PQZN`^_SPX_ZXLVP_SPXL[[WTNLMWP_ZZ`]4YOTLYXL_P]TLWRLTYPO Q]ZX LY TYO`N_TaP L[[]ZLNS 4Y _SP WZYRP] w3T^_Z]dx ^PN_TZY Md NZY _]L^_ bP SL]OWd OT^N`^^ _SPZ]d Z] PaPY ^PNZYOL]d WT_P]L_`]P L_ LWW M`_ TY^_PLO `^P L R]PL_ Y`XMP] ZQ >LY^V]T_ ^Z`]NP^ WL]RPWd TY Z`] ZbY _]LY^WL_TZY^ LYO ^ZXP QTPWO bZ]V ZM^P]aL_TZY^ _Z OPaPWZ[ L NZY_Pc_ ^PY^T_TaP ^ZYTN ST^_Z]d ZQ WT_P]L_`]P N`W_`]P LYO ]PWTRTZY _SL_ NLY MP ^PPYTY]T_P^^dXMZW^_]LOT_TZYQZ]XTYRYL]]L_TaP^LYOOT^NZ`]^P^3P]P _SP ]PLOP] bTWW QTYO XZ]P TYOP[_S ^_`OTP^ ZQ XZ^_ ZQ _SP TWW`^_]L_TZY^ L[[PL]TYR TY _SP w8P_SZOZWZRdx ^PN_TZY z _SL_ LW^Z TYaP^_TRL_P^ NZX [L]L_TaP[P]^[PN_TaP^4Y_SPw3T^_Z]dx^PN_TZYZY_SPZ_SP]SLYO]PLO P]^ bTWW YZ WZYRP] QTYO _SP Pc[]P^^TZY wLNZ`^_TN [TP_dx bSTNS bP SLaP
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
"
NZTYPO _Z NZYNP[_`LWTeP LYO ^`XXL]TeP L [W`]LWT_d ZQ LN_`LW QZ]X^ _SL_ ]LYRP Q]ZX ]T_`LW _Z NZRYT_TaP XLYTQP^_L_TZY^ LYO TYNW`OP ^_]ZYRWd TNZYTNTYOPcTNLWL^[PN_^LYO_SPTOPLZQ[]P^PYNP4Y^_PLO_SPdbTWWQTYO L WL]RP Y`XMP] ZQ NZ]]P^[ZYOTYR ]PLW [SPYZXPYL ?SP XLUZ] _Z[TN^ OT^N`^^POTY_SP_bZ^PN_TZY^L]PZ`_WTYPOTY_SPQZWWZbTYR% >PN_TZY w4 8P_SZOZWZRdx ^_L]_^ Md M`TWOTYR ZY _bZ XLTY ]P^PL]NS L]PL^ _SL_ L]P P^[PNTLWWd ]PWPaLY_ QZ] Z`] _Z[TN% _SP OT^NT[WTYP ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY LYO _SP LMZaPXPY_TZYPO 4YOZWZRTNLW ^_`OTP^ ZQ >LY^V]T_ 3TYO`T^X LYO >LY^V]T_ N`W_`]P BSP]PL^ _SP QZ]XP] []ZaTOP^ _SP Q]LXPbZ]V QZ] Z`] _SPZ]P_TNLW []ZR]LX LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZYNSL[bPbT^S_ZPc[LYOLYOOPP[PY_SPWL__P]v^QZN`^ZY ^ZNTZ[ZWT_TNLW ]T_`LW [P]QZ]XL_TaP LYO NZRYT_TaP TOPZWZRTNLW OTXPY ^TZY^ ZQ 3TYO` 4YOTL Md XPLY^ ZQ _SP L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY NSL[z :`] L[[]ZLNS TX[WPXPY_^ _SP LP^_SP_TN^ ZQ ]PWTRTZY TY L []LN_TNLW bLd _SL_ T^ N`]]PY_Wd QZ]XTYR TY _SP 2P]XLY^[PLVTYR L]PL LYO YZ_ ZYWd_SP]PL^LYPb]P^PL]NS[L]LOTRXQZ]_SPLNLOPXTN^_`OdZQ]PWTR TZY LYO bZ]V^ TY L X`W_TOT^NT[WTYL]d XLYYP] 4Y _SP ^PY^P ZQ _SP 2]PPV bZ]O LT^_SP^T^ _SP QTPWO ZQ ^_`Od _L]RP_^ _SP [P]NP[_TMWP L^[PN_^ ZQ ]PWTRTZY^ ?ST^ TYaZWaP^ LT^_SP_TN^ ^PY^Z]d OL_L LYO ^PY^P [P]NP[ _TZY ^PXTZ_TN^ ]T_`LWTeL_TZY^ LYO [P]QZ]XLYNP L^[PN_^ aL]TZ`^ L]_ QZ]X^ _SP ]PWTRTZ`^ PaP]dOLd bZ]WO LYO PXZ_TZYLW OTXPY^TZY^ :`] QZN`^ ZY _SP ^PY^Z]d [P]QZ]XL_TaP YL_`]P ZQ _Pc_^ LYO _SP N`W_`]LW [P] NP[_TZY ZQ ^Z`YO PYNZX[L^^P^ LWW _SP^P L]PL^ NSL[ LYO TY OZTYR ^ZOPaPWZ[^LYPb[P]^[PN_TaPQZ]aTPbTYR >LY^V]T_3TYO`T^XLYO >LY ^V]T_N`W_`]P BT_STY _SP 4YOZWZRTNLW OT^N`^^TZY _SP]P bP]P SL]OWd LYd XZOPW^ TY PcT^_PYNP QZ] _ST^ _d[P ZQ L[[]ZLNS LYO XP_SZO >Z Z`] aPY_`]P OTQQP]^ PaPYQ]ZX_SZ^P[]PaTZ`^^_`OTP^_SL_SLOLW]PLOdTOPY_TQTPO_SPN`W_`]LW aLW`PZQ _SP >LY^V]T_TOTZXLYO_SP TX[Z]_LYNPZQ _SP ^[ZVPY bZ]O,^ LW]PLOdTYOTNL_PObPOPaTL_PQ]ZX>]TYTaL^LYO;ZWWZNVTY^ZXPL^[PN_^ LYO_LVTYRZ`]ZbYL[[]ZLNSbSTWPbPLR]PPbT_S_SP^PL`_SZ]^ZY_SP S`RP TYQW`PYNP _SL_ >LY^V]T_ PcP]_PO ZY 4YOTLY N`W_`]P ?SP OT^N`^^TZY ZQ>]TYTaL^;ZWWZNVLYO>TYRP]RTaP^`^_SPZ[[Z]_`YT_dZQ^P__TYRQZ]_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,YTYT_TLWZaP]aTPbZQ_SP]P^PL]NSTY_SP2P]XLY^[PLVTYRL]PLT^RTaPYMd,YYP__P BTWVP w=PWTRTZYPY >TYYP `YO 8POTPYx TY% ,YYP__P BTWVP LYO 0^_SP]8L]TL 2`R RPYXZ^ 4X 9P_e OP^ 4YO]L% /L^ 8`^P`X ZQ BZ]WO =PWTRTZY^ ^PTY M`OOST^_T^NSP^ /TLWZRVZYeP[_ `YO OTP YP`P /T^eT[WTY =PWTRTZY^Æ^_SP_TV 8ÞY^_P]% 7T_ # z ,^TXTWL]XZaPXPY_TY_SP0YRWT^S^[PLVTYRL]PL_ZbL]O_SP^PY^Z]dL^[PN_^ZQ ]PWTRTZYT^PaTOPYNPOMd_SP]PNPY_ 9`XPY "%"z"bSTNST^OPOTNL_PO_Z _SP _Z[TN ZQ w=PWTRTZY _S]Z`RS _SP >PY^P^x LYO 2`^_LaZ -PYLaTOP^v ]P^PL]NS ZaP] aTPb PY_T_WPO w9Z]_S ,XP]TNLx TY =PWTRTZ`^ >_`OTP^% , 2WZMLW ATPb PO 2]PRZ]d ,WWP^7ZYOZY%=Z`_WPORP#z!#TY[L]_TN`WL] z #1Z]Q`]_SP]WT_P]L _`]PLYOPc_PY^TaPOT^N`^^TZY^PPZ`];]PQLNPLYONSL[ MPWZb
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MP__P] R]Z`YO^ QZ] bSd bP ^[PLV TY RPYP]LWTeTYR _P]X^ ZQ L ^ZYTN N`W _`]P LYO ]P_LTY _SP X`NSOT^N`^^PO _P]X 3TYO`T^X NSL[ ,WZYR bT_S >TYRP]v^ wN`W_`]LW [P]QZ]XLYNP^x $" 1WZZOv^ w_Pc_^ TY []LN _TNPx " ! .ZM`]Yv^ w[ZbP] ZQ SZWd SPL]TYRx $# " LYO -PNVv^ w^LN]PO^Z`YOxLYOw^ZYTN_SPZWZRdx$$ #bPQZN`^ZY_SP]PWTRTZ`^ OTXPY^TZY ZQ 4YOTLY [SZYZNPY_]T^X z bSL_ bP _P]X wLNZ`^_TN [TP_dx ?SP OT^N`^^TZY ^SZb^ bSP]P bP [P]NPTaP _SP YPPO _Z Pc[LYO _SP [P] ^[PN_TaP 4_ []ZaTOP^ L ]L_TZYLWP QZ] Z`] NSZTNP ZQ `YT_TYR L []LN_TNP Z]TPY_PO L[[]ZLNS bT_S L XP^^LRPZ]TPY_PO ZYP LYO NWL]TQd Z`] NZYNP[_ ZQ [P]QZ]XLYNP ^PP LW^Z NSL[ ZY LP^_SP_TN^ LYO _Z TWW`^_]L_P TY L []Z^[PN_TaP QL^STZY _SP YPNP^^T_d ZQ TYaP^_TRL_TYR YZY]PWTRTZ`^ VYZbW PORP^d^_PX^NSL[ ?SP^PNSL[_P]^QZ]X_SPXL_P]TLWML^T^QZ]L_SPZ]P_TNLWNWL]TQTNL_TZY ZQ _SP NZXX`YTNL_TZY NZYNP[_ _SL_ NSL]LN_P]TeP^ _ST^ MZZV NSL[ LYO QZ] NZX[L]L_TaP [P]^[PN_TaP^ NSL[ !z# ?SP XLUZ] _Z[TN^ TY _SPQZWWZbTYR[L]_ZQ8P_SZOZWZRdNLYMPNL^_L^\`P^_TZY^^`NSL^SZb ^Z`YONZXX`YTNL_P^bSL__SPZ]TP^PcT^_LMZ`_LP^_SP_TNLYOPXZ_TZYLW XP^^LRP^ SZb LYTXL_P ^Z`YO XLd MP Pc[WLTYPO SZb `Y`^`LW 4YOTL T^ bSP_SP] 2ZZOdv^ QLXZ`^ WT_P]LNd _SP^T^ L[[WTP^ SZb QL] _SP [ZbP] ZQ _SP XPOTL RZP^ LYO bSP]P _SP NZY_TY`T_TP^ LYO OTQQP]PYNP^ MP_bPPY 4YOTL LYO 0`]Z[P WTP TY _SPT] L__T_`OP^ _Z LYO `^P ZQ SZWd MZZV^ LYO TY _SPT]TY_PWWPN_`LWST^_Z]dLYOLNLOPXTN^_dWP^ 2TaTYR^ZX`NSbPTRS__Z^Z`YOTYR_Pc_^LYOLW^ZTYNW`OTYRPc[P]T PYNP PXZ_TZYLW L^[PN_^ LYO ^`MUPN_TaP ^PY^P _SP]P T^ L YPPO _Z ^Ld XZ]P LMZ`_ Z`] NZYNP[_ ZQ NZXX`YTNL_TZY NSL[ >ZNTZWZRd 7`SXLYY 6YZMWL`NS ]T_`LW ^_`OTP^ LYO [P]QZ]XLYNP _SPZ]d >_LLW 6]ÆXP] LYO Z_SP]^ LYO WT_P]L]d ^PXTZ_TN^ LYO ]PNP[_TZY LP^_SP_TN^ 5LVZM^ZY0NZbTWWMPN]T_TNLWWd]PaTPbPOLYO`^PO_ZTYQZ]XZ`]LP^ _SP_TN L[[]ZLNS _Z 4YOTLY N`W_`]P 6YZMWL`NSv^ NZXX`YTNL_TZY NZYNP[_ LYO w^ZNTZWZRd ZQ ]PWTRTZ`^ Pc[P]TPYNPx QZ] TY^_LYNP NLY LNNZ`Y_ QZ] MZ_S ^`MUPN_TaP ^PY^P LYO ^ZNTLW ZMUPN_TaTeL_TZY 0NZv^ ^PXTZ_TN ZM^P] aL_TZY^ TY [L]_TN`WL] _SZ^P ]PRL]OTYR _SP [P]QZ]XL_TaT_d ZQ LP^_SP_TN XP^^LRP^ _SPT] PXZ_TZYLW L[[PLW LYO _SPT] NZYYZ_TYR ]L_SP] _SLY OP YZ_TYRYL_`]PSLaPMPPYaP]dSPW[Q`WTY Pc[LYOTYRNZYaPY_TZYLW NZX X`YTNL_TZYLYO]PNP[_TZY_SPZ]TP^?SPNSL[_P]PWLMZ]L_P^L_d[ZWZRdZQ _bZ XLUZ] XZOP^ ZQ LNZ`^_TN [TP_d ]`WPRZaP]PYO LYO OPaZ_TZYLW [P] QZ]XLYNP ^_dWP^ :YP ^[PNTQTN L^[PN_ ZQ wLNZ`^_TN [TP_dx T^ _SP Pc[P]T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >TYRP] BSPYL2]PL_?]LOT_TZY8ZOP]YTeP^!z# ! 2LaTY1WZZO[`_QZ]bL]O_ST^L[[]ZLNSTYST^VPdYZ_PWPN_`]PL__SPNZYQP]PYNPw=P WTRTZYZY_SP-Z]OP]^xTY>_ZNVSZWX,[]TW$z" " .ZM`]Ywu>N]T[_`]PvTY4YOTLx # -PNV >ZYTN?SPZWZRd
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
$
PYNPZQ]PWTRTZ`^^Z`YOL^LYTXL_P]PLWT_dZ]w_Z_LW]P[]P^PY_L_TZYxBP ^`RRP^_ L NZX[WPc MWPYOTYR XZOPW L^ LY Pc[WLYL_TZY LYO O]Lb ZY NZR YT_TaP^NTPYNPLYOZ_SP]QTPWO^ 3Zb ^TYR`WL] T^ 3TYO` 4YOTL* ?ST^ \`P^_TZY bTOPY^ _SP OT^N`^^TZY _Z PXM]LNP NZX[L]L_TaP ]PWTRTZY LYO N`W_`]LW NZX[L]T^ZY^ TYNW`OTYR QL]]PLNSTYR _SPZ]TP^ ZY _SP ]ZWP ZQ b]T_TYR TY S`XLY N`W_`]P _SL_ SLaP ZQ_PY MPPY ^_]ZYRWd WZRZNPY_]TN LYO WL_PY_Wd 0`]ZNPY_]TN BP LOO]P^^ NZY_TY`T_TP^ L^ bPWW L^ OT^^ZYLYNP^ TY ^LN]PO _Pc_ ]PNP[_TZY^ LYO TY_PW WPN_`LWST^_Z]dNSL[!z# :`]L]R`XPY_]PRL]OTYR]PWTRTZY^NZX[L]PONSL[!bTWWMP_SL_ YPT_SP] T^ ^ZYTN ]PNP[_TZY ZQ SZWd ^N]T[_`]P^ WLNVTYR TY _SP ^ZNLWWPO MZZV]PWTRTZY^ PaPY TY XZOP]Y _TXP^ YZ] L]P TY_P]TZ]T_d LYO TY_P]TZ]Te TYR _PNSYT\`P^ _SL_ bP]P ZQ_PY _ZZ X`NS L__]TM`_PO _Z b]T_TYR N`W_`]P ^TWPY_]PLOTYRLYO;]Z_P^_LY_]PQZ]XL_TZYWLNVTYRTYLYNTPY_4YOTL,__T _`OP^ ZQ w]PWTRTZ`^ ]PLOP]^x TY NZY_]L^_ _Z wNZY^`XP]T^_ ZYP^x 2]TQ QT_S^]P^PXMWPPLNSZ_SP]LN]Z^^N`W_`]LWOTaTOP^>[PNTLWL__PY_TZYbTWW MP [LTO _Z _SP 0`]Z[PLY 8TOOWP ,RP^ bSP]P bP QTYO `^P^ ZQ SZWd _Pc_^ LYOXZOP^ZQwLNZ`^_TN[TP_dx_SL_]P^PXMWP_SZ^PZQ4YOTLTYXZ]P_SLY ZYP bLd ?ST^ NLY MP Pc[WLTYPO Md L ^TXTWL] XPOTL ^T_`L_TZY z L ^PXT WT_P]L_P ^ZNTP_d LYO [P]QZ]XLYNP N`W_`]P bSP]PLQ_P] _SP ^TXTWL]T_TP^ OTXTYT^SPO bT_S _SP LOaPY_ ZQ _SP YPb XPOTL NZYQTR`]L_TZY TY 0`]Z[P ^[]PLO ZQ MZZV N`W_`]P >Z bP L]R`P _SL_ _SP XPOTL L]P [ZbP]Q`W TP XPOTL[]LN_TNPSL^LYTX[LN_ZY^PY^P[P]NP[_TZY-`_L__SP^LXP_TXP bP\`P^_TZY_SP]PLNSZQ_SPXPOTL.`W_`]LWNZOP^^ZNTLWLYO]PWTRTZ`^ []PNZYOT_TZY^ _SP aLW`P RTaPY _Z ^Z`YO Z] _Z b]T_TYR P_N L]P P\`LWWd TX[Z]_LY_ z LYO `W_TXL_PWd XZ]P TX[Z]_LY_ z LYO Pc[WLTY LXZYR Z_SP] _STYR^ bSd _SP ST^_Z]d ZQ ^PY^`LWT_d TY_P]TZ]T_d LYO ]L_TZYLWT_d _ZZV OTQQP]PY_ QZ]X^ TY 4YOTL LYO 0`]Z[P MPQZ]P LYO LQ_P] XPOTL NSLYRP^ 8POTLL]PYZPcNP[_TZY_ZN`W_`]LWNZY_TYRPYNd ?ST^ L]R`XPY_ T^ OPP[PYPO TY _SP YPc_ NSL[_P] " bSP]P bP OT^ N`^^5LNV2ZZOdv^LYOBLW_P]:YRv^_SP^P^ZYZ]LWT_dLYOWT_P]LNdLYO _SPYNZX[L]P_SPOTQQP]PY_LP^_SP_TN^_dWP^LYOOT^N`]^TaPQZ]XL_TZY^TY PL]Wd^NTPY_TQTNLYO[STWZ^Z[STNLWWT_P]L_`]PTYLYNTPY_4YOTLLYO0`]Z[P NSL[# 2ZZOdv^ ^PXTYLW_SPZ]dZY_SP`YTaP]^LW TX[LN_ZQ WT_P]LNd ZY _SP bSZWP ^ZNTLW MZOd LYO PaPY ZY NZRYT_TaP ^_]`N_`]P^ SL^ MPPY bPWNZXPO LYO NZYQT]XPO QZ] 0`]Z[P QZ] PcLX[WP Md XPOTPaLWT^_^ bSP]PL^ 4YOZWZRT^_^ >_LLW 1LWV ]LT^PO SL]^S N]T_TNT^X ]PRL]OTYR LY NTPY_ 4YOTL >`XXL]TeTYR _SP OPML_P bP _LVP L XZ]P OTQQP]PY_TL_PO ^_LYNP LYO ]PNZRYTeP _SP ^_]PYR_S ZQ 2ZZOdv^ L]R`XPY_ bSTWP N]T_TNTe TYR STX QZ] YZ_ _LVTYR TY_Z LNNZ`Y_ _SP ^ZNTZN`W_`]LW ^T_`L_TZY 4YOTLY [P]QZ]XLYNP N`W_`]P 3P P^_LMWT^SPO L OTNSZ_ZXd ZQ _SP Z]LW LYO _SP WT_P]LW _SL_ OTO YZ_ PcT^_ TY 4YOTL LYO LW^Z TRYZ]PO _SP LP^_SP_TN OTXPY ^TZY :`] XLUZ] NZ`Y_P]L]R`XPY_ bTWW MP _SL_ 2ZZOd QLTWPO _Z ^PP _SL_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^d^_PXL_TN WT^_TYRQZ]XLWWZRTNXL_SPXL_TN^LM^_]LN_TZYLYO^NTPY_TQTN ]L_TZYLWT_d L]P YZ_ YPNP^^L]TWd MZ`YO _Z R]L[STN ^TRY^ LYO _SP `^P ZQ b]T_TYR M`_ XLd LW^Z MP LNSTPaPO `^TYR LNZ`^_TN ^dXMZW^ L^ 4YOTL []ZaP^ ?SP YZY^PY^`Z`^ LYO ^PY^`Z`^ XPLY^ ZQ Pc[]P^^TZY MZ_S SLO LY TX[LN_ ZY _SP LP^_SP_TN ^_dWP^ ZQ LNLOPXTN ]L_TZYLWT_d LYO WT_P]LNd :`] WT_P]L_T NSL[_P] ZY 4YOTLY L^_]ZYZXP]^ LYO XL_SPXL_TNTLY^ TWW`^ _]L_P^ _SL_ _SPT] XZOP^ ZQ NZXX`YTNL_TYR LM^_]LN_ XP^^LRP^ Md XPLY^ ZQ ^Z`YO NZOP^ L]_T^_TN aP]^TQTNL_TZY [ZP_TN LYO N]d[_TN ^[PPNS X`W_T [WP XPLYTYR^ OTQQP]PO R]PL_Wd Q]ZX _SZ^P ZQ _SPT] 0`]Z[PLY NZ`Y_P] [L]_^ BP bTWW L]R`P _SL_ ZY LNNZ`Y_ ZQ _SP OTQQP]PY_ _d[P^ ZQ Z]TRTYLW WT_P]L_`]P^ _SP Z]LWL`]LW APOL LYO _SP b]T__PY ;WL_ZYTN OTLWZR^ _SP]P PXP]RPO_bZaP]dOTQQP]PY_XZOPW^ZQL`_SZ]T_L_TaP ^[PPNS TY ^NTPY_TQTN b]T_TYR L wWZRZNPY_]TN XZOPWx LYO L wWT_`]RTNLW XZOPWx ?SP QZ]XP] QZ^_P]PO LQQPN_YP`_]LW LYO YZYLP^_SP_TN NWPL] Pc[Z^T_TZY bSP]PL^ _SP WL__P] Q`^PO LM^_]LN_TZY bT_S LP^_SP_TN N]d[_TNL`]L_TN QZ]X _S`^ OP XLYOTYR R]PL_P] PQQZ]_ LYO LW^Z LWWZbTYR R]PL_P] PXZ_TZYLW [L]_TNT[L _TZYM`_L__SP NZ^_ZQPL^dNZX[]PSPY^TMTWT_d /P_LTWPOPc[Z^T_TZY bL^ ^PPY XZ]P L^ ^ZXP_STYR QZ] _SP O`WWbT__PO 1`]_SP]XZ]P LW_SZ`RS NZXXZY TY_PWWPN_`LW []LN_TNP^ NLY MP _]LNPO ^`NS L^ [`MWTN OT^[`_P^ MP_bPPY _SPZWZRTLY^ TY 4YOTL LYO 0`]Z[P TY _SP 8TOOWP ,RP^ _SP ]PWL _TZY^ST[^ MP_bPPY [STWZ^Z[Sd LYO _SPZWZRd LYO MP_bPPY ^NTPYNP LYO ]PWTRTZY bP]P aL^_Wd OTQQP]PY_ TY 4YOTL O`P _Z OTQQP]PYNP^ TY ]PWTRTZ`^ TY^_T_`_TZYLWTeL_TZY YZ NPY_]LWTePO NS`]NS Z] ]PWTRTZY ]PWTRTZY^_L_P ]PWL_TZY^^ZNTZN`W_`]LW[L]LOTRX^LYObZ]WOaTPb^ ?SP N`W_`]LW NZX[L]T^ZY^ XLVP NWPL] U`^_ SZb TX[Z]_LY_ _SP QLN_Z] ZQ N`W_`]LWT_d LYO L ^PXTZ_TN LYO XPLYTYRML^PO `YOP]^_LYOTYR ZQ N`W _`]P L]P ?SP []Z[Z`YOP]^ ZQ _SP aL^_ TYQW`PYNP ZQ XPOTL _PNSYZWZRd ZQ_PY _PYOPO _Z MP TY^`QQTNTPY_Wd ^PY^T_TaP _Z N`W_`]LWWd ^[PNTQTN ZMUPN _TaTeL_TZY^ LYO ^dXMZWTN QZ]X^ 0]Y^_ .L^^T]P]v^ _SPZ]d ZQ ^dXMZWTN QZ]X^ LYO ST^ `YOP]^_LYOTYR ZQ _SPX L^ wN`W_`]LW XPOTLx NSL[ $ SLaP YZ_ WZ^_ LYd ZQ _SPT] ]PWPaLYNP _ZOLd :`] QTYLW NSL[_P]^ TY _SP 8P_SZOZWZRd ^PN_TZY bTWW []P^PY_ ^ZXP Z`_^_LYOTYR ^dXMZWTN QZ]X^ Q]ZX 3TYO`T^_TN 4YOTL _SL_ NPY_P] ZY ^Z`YO LYO WLYR`LRP LYO [`_ QZ] bL]O Z`] XZ^_ Q`YOLXPY_LW _SPZ]d QZ] LYLWdeTYR 4YOTLY ^ZYTN ST^_Z]d bT_STY L ^d^_PXL_TN Q]LXPbZ]V NSL[ ?ST^ _SP^T^ NWLTX^ _SL_ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d OT^_LYNPO bZ]WO Z]TPY_L_TZY^ L]P L_ bZ]V TYPaP]d N`W_`]P^ZNTP_d LYOS`XLYMPTYR LYO RPYP]L_POTQQP]PY_ ^dXMZWTNQZ]X^LYOSLMT_`^?SP]PWL_TZY^ST[LYOTY_P][WLdMP_bPPY_SP _bZ Z]TPY_L_TZY^ aL]d LYO NSLYRP ZaP] _TXP L^ NLY MP ^PPY TY 4YOTL ?SPPc_]PXPWdSTRSOPR]PPZQ[L]_TNT[L_TZYTY_SPPL]Wd RaPOL [TN_`]P ZQ_SPWLYR`LRPNZbP_NSLOLW]PLOdMPPY]P[WLNPOTY_SPWL^_^PN_TZY^
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
ZQ _SP RaPOL Md _SP QT]^_ QZ]X^ ZQ PXLYNT[L_TZY $ z L XZ]P OT^_LYNPO LYO ]PQWPcTaP ]PWL_TZY^ST[ _Z WLYR`LRP LYO _SP bZ]WO L^ L bSZWP L`_Z ]PQP]PY_TLW NZYNP[_ ZQ ^[PPNS LYO WLYR`LRP M`_ ^_TWW ]P_LTYTYR L ^_]ZYRWd [L]_TNT[L_Z]d NZYYPN_TZY_Z`NS _SP WLYR`LRP MPTYR ^PPY L^ w2ZOOP^^AZTNPx7L_P]ZY_SP]P PXP]RPOSTRSWd ^NTPY_TQTN LYLWd_TNLW L[[]ZLNSP^ _ZbL]O^ WLYR`LRP L[[L]PY_Wd wPXLYNT[L_POx Q]ZX ^PY^Z]d LYO Xd_STN [L]_TNT[L_TZY Z] PW^P ZYWd QLTY_Wd ]P_LTYTYR _SPX -`_ LRLTY QZ]XLWT^_LYOOT^_LYNPO]L_TZYLWT_dL[[PL]POOZaP_LTWPObT_SXZ]PSZWT^ _TN[L]_TNT[L_Z]dQ]LXP^ ,YOLW^Z _SP 2ZOOP^^AZTNP Z]2ZOOP^^7LY R`LRP OTO YZ_ OTP Z`_ M`_ L^^`XPO YPb QZ]X^ PR TY _SP RZOOP^^ >L]L^aL_¯LYO_SP9£OL-]LSXLY?SP]PSLaPMPPYLXMTaLWPYNPNZOP ^bT_NSTYR OP^LN]LWTeL_TZY ]P^LN]LWTeL_TZY P_N -`_ _SP XZ^_ _d[TNLW QPL_`]P ZQ >LY^V]T_ 3TYO`T^X TP ZQ T_^ TX[Z]_LY_ N`W_`]LW [ZWTNd XLV P]^^PPX^_Z`^_ZMP_SL__SPd^Z`RS_L]PQWPN_POOPOTQQP]PY_TL_TZYLYO L]R`PO STRSWd ]L_TZYLWWd QZ] _SP [L]_TNT[L_Z]d XZOP BP bTWW NLWW _ST^ QTR`]PZQ_SZ`RS_w`YTaP]^LWXd_Sx?SP_SP^T^ZQ_SP_bZML^TNZ]TPY_L _TZY^SL^MPPYTY^[T]POMd0]Y^_.L^^T]P]6`]_3ÞMYP]>`^LYYP7LYRP] LYO >_LYWPd ?LXMTLS bSZ^P NZYNP[_^ bP OPaPWZ[ L WT__WP Q`]_SP] LWZYR _SPWTYP^ZQ3ÞMYP]v^_SPZ]dZQwXd_STNLW^`M^_LYNPxLYO_SP]L_TZYLWT_d ZQ Xd_S ?SP [L]_TNT[L_Z]d XZOP NLY TYOPPO Pc[WLTY _SP [L]_TN`WL] ]L _TZYLWT_d ZQ Xd_S LYO XLRTN bSTNS T^ OTQQP]PY_ Q]ZX WZRTNLW ^dWWZRT^X LYO XZOP]Y ^NTPY_TQTN _STYVTYR ;L]_TNT[L_TZY T^ LW^Z []PaLWPY_ TY LWW VTYO^ ZQ ^dY_SP_TN bZ]WO NZY^_]`N_TZY _SP wQ`^TYRx ZQ _STYR^ bSTNS L[[PL] ^P[L]L_P TY OLTWd ]Z`_TYP LYO OT^_LYNPO ]PQWPN_TZY BSL_ bP NLWW wPXLYNT[L_Z]d Z]TPY_L_TZYx T^ L OT^_LYNPO QZ]X ZQ bZ]WO ]PWL_TZY^ LY wL_ZXT^_xbZ]WOaTPbTYNZY_]L^__ZLSZWT^_TNZYP^`NSL^LXP_L[Sd^T NLW XZYT^X LYO Xd_STNLW PXMPOOPOYP^^ 4Y >LY^V]T_ 3TYO`T^X _SP]P SL^ MPPY L [L]_TN`WL] WTVTYR QZ] YZYO`LWT^_ [P]^[PN_TaP^ _SL_ MTYO _SP TYOTaTO`LW LYO _SP NZWWPN_TaP TY_Z L ^LN]PO `YTaP]^P BZ]WOaTPb^ L]P _SP aP]d ML^T^ bSP]PTY ]PWTRTZ`^ LYO ^ZNTLW WTQP T^ PXMPOOPO ?SZ`RS_ LN_TZY LYO MPSLaTZ] L]P _SPT] ]P[]P^PY_L_TZY^ BP LR]PP _SL_ bZ]WO aTPb^ PY_LTW XZ]P _SLY U`^_ _SP _bZ Z]TPY_L_TZY^ OT^N`^^PO LMZaP LYO _SL_[L]_TNT[L_Z]dLYOPXLYNT[L_Z]dXZOP^L]P^NSZWL]Wd_d[ZWZRTP^_SL_ XTRS_ YPaP] PcT^_ TY [`]P QZ]X TY ]PLW WTQP 3ZbPaP] LW_SZ`RS _SP^P XZOP^ L]P ZYWd SP`]T^_TN Z] LM^_]LN_PO _d[P^ _SP OTNSZ_ZXd Z] ]L_SP] w7PT_OTQQP]PYex SL^ MPPY SPW[Q`W TY ^_]`N_`]TYR Z`] ST^_Z]TNLW XL_P]TLW LYO Pc[WLTYTYR ST^_Z]TNLW NSLYRP^ N`W_`]LW ^[PNTQTN^ LYO OTQQP]PYNP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?Z L ^ZNTLW ^NTPY_T^_ _ST^ _P]XTYZWZRd XLd L[[PL] L WT__WP NZYQ`^TYR L^ _SP^P _P]X^ SLaP MPPY `^PO ]L_SP] OTQQP]PY_Wd TY ^ZNTLW ST^_Z]d bSP]P T_ bL^ PXLYNT[L_TZY _SL_ QT]^_ XLOP [L]_TNT[L_TZY [Z^^TMWP& ZYP _STYV^ QZ] PcLX[WP ZQ _SP XZOP]Y bZXPYv^ XZaPXPY_3P]PSZbPaP]bP`^P_SP_P]XTYL[STWZ^Z[STNLWbLdLYO_S`^TYLXZ]P RPYP]LWNZY_Pc_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
Q]ZX Z_SP] N`W_`]P^ NZYNP]YTYR bZ]WOaTPb^ BP NZY^TOP] _SPX _Z MP `^PQ`WNL_PRZ]TP^L[[WTNLMWPLW^Z_ZZ_SP]N`W_`]P^NSL[ >PN_TZY w44 3T^_Z]dx [`_^ XZ]P QWP^S ZY _SP _SPZ]P_TNLW MZYP^ BP ^bT_NS Q]ZX L []TXL]TWd ^dYNS]ZYTN [P]^[PN_TaP _Z L []TXL]TWd OTL NS]ZYTN ZYP ?SP 3T^_Z]d ^PN_TZY QZ]X^ _SP XLUZ] [L]_ ZQ _SP _]PL_T^P LYO bL^ b]T__PY []TZ] _Z 8P_SZOZWZRd 4_ PcLXTYP^ WTQPbZ]WO^ LYO VYZbWPORP N`W_`]P^ _S]Z`RS _SP LRP^ _SL_ L__LNSPO PcNP[_TZYLW TX[Z] _LYNP _Z WLYR`LRP LYO ^Z`YO LYO _SP NSLYRTYR OT^NZ`]^P^ ZY WLYR`LRP LYO ^Z`YO MPRTYYTYR bT_S _SP APOL ?SP]P XLd MP ]PLOP]^ bSZ _LVP XZ]P TY_P]P^_ TY XP_SZOZWZRd LYO _SPZ]d bSTWP Z_SP]^ L]P XZ]P TY_P] P^_PO TYST^_Z]d4Q ^ZXPZQ_SPX bT^S _Z_`]YOT]PN_Wd_Z ^PN_TZY44bP bZ`WO ^_TWW LOaT^P _SPX _Z ^_L]_ bT_S NSL[_P] Z`] Z]TRTYLW ^SZ]_P] ^d^_PXL_TNTY_]ZO`N_TZY4_OT^N`^^P^TYNZX[LN_QZ]X^ZXPNZ]P_SPXP^ ZQ _SP 3T^_Z]d ^PN_TZY `^TYR ^TRYTQTNLY_ PcLX[WP^ _Z OP_P]XTYP _SP \`P^_TZY^ XZ^_ ]PWPaLY_ QZ] Z`] ^_`Od BSPY LY T_PX ^`NS L^ XLY_]L []LN_TNP T^ Pc[WLTYPO `^TYR _SP ]T_`LW ]PNT_L_TZY ZQ _SP LW[SLMP_ L^ LY PcLX[WPLYO_SPXLY_]L^L]P[]P^PY_POL^wWLYR`LRPLN_^x_ST^T^ZYWd LY TYT_TLW TY_]ZO`N_TZY ZQ L RPYP]LW YL_`]P ^TYNP APOTN XLY_]L^ NSL[ LYO ?LY_]TN XLY_]L^ NSL[ QQ L]P ZYWd OPLW_ bT_S TY XZ]P OP_LTW O`]TYR _SP NZ`]^P ZQ _SP 3T^_Z]d ^PN_TZY ,^ bPWW L^ L ^dYNS]Z YZ`^ZaP]aTPb_SP[]P^PY_NSL[_P]bL^TYT_TLWWdTY_PYOPO_ZRTaPL _SPZ]P_TNLW NWL]TQTNL_TZY ZQ Q]P\`PY_Wd ZNN`]]TYR XP_LWPaPW _P]X^ ^`NS L^ wXd_Sx LYO wXLRTNx LYO ^P]aP^ []TXL]TWd _Z PWLMZ]L_P Z`] NPY_]LW LYLWd_TNLW _P]X^ w[L]_TNT[L_Z]d LYO PXLYNT[L_Z]d WLYR`LRP LYO bZ]WO Z]TPY_L_TZYx LYO w`YTaP]^LW Xd_Sx 4Y _SP ^`M^P\`PY_ NSL[_P]^ ZY ]PWT RTZ`^ ST^_Z]d _SP^P _P]X^ ^P]aP L^ ^_]`N_`]LW [L__P]Y^ LYO Q]LXPbZ]V^ QZ] ]PNZ]OTYR ^d^_PXL_TNLWWd MZ_S NZY_TY`T_d LYO NSLYRP TY _SP `YOP] ^_LYOTYRZQWLYR`LRPLYO^Z`YO ?SP]P XLd MP YZ MP__P] PcLX[WP ZQ NZY_TY`TYR LYO NSLYRTYR [L__P]Y^ TY 4YOTLY ]PWTRTZ`^ ST^_Z]d _SLY _SP APOL LYO T_^ ]PNP[_TZY MZ_S OT^N`^^PO TY NSL[_P] w?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YOxBP[`][Z^PWdMPRTYbT_SAPOL]PNP[_TZY_ZOLdLYO_SPAPOLL^wN`W _`]LW XPXZ]dx [L] PcNPWWPYNP bSTNS _SP XZ^_ aL]TPO ]PWTRTZ`^ R]Z`[^ SLaP `_TWTePOQZ]_SPT]ZbY[`][Z^P^?SPM`WVZQ_SP^`MNSL[_P]^_ZQZWWZbM]TYR^ Z`__SPST^_Z]TNLWWLdP]^ZQWLYR`LRPOPaPWZ[XPY_bT_STY_SPAPOLT_^PWQQ]ZX _SPPaZNL_TaPSdXY^LYOXLRTNLW[ZP_]dZQ_SPPL]Wd[P]TZO_Z_SPTY_P][]P_L _TZY^ZQ:¿TY_SP@[LYT´LO^,XZYR^_Z_SP]_STYR^T_T^^SZbY_SL_OTQQP]PY_ aTPb^ ZQ WLYR`LRP NZ]]P^[ZYO _Z _SP aL]TZ`^ []TP^_^v ZQQTNP^ LYO _SL_ _SP TY N]PL^TYR^VP[_TNT^XLMZ`_WLYR`LRPQZ`YOTY_SP@[LYT´LO^WPLO^_ZYPb`YT aP]^LWXd_S^YPbbLd^ZQTY_P][]P_TYRLYO`YOP]^_LYOTYR_SPbZ]WOLYOYPb ]T_P^ .SL[_P]T^PY_T_WPOw.ZX[Z^T_TZYLYO/PNZX[Z^T_TZYxLYOLOO]P^^P^_SP [Z^_APOTNRWZ]TQTNL_TZYZQ_SPAPOLT_^_SPT^_TN^P\`PW^_SL_ZNNL^TZYLWWdPaPY
9Z_P^ZY?SPZ]d8P_SZOLYO>NZ[PZQ4Y\`T]d
_]d _Z Z`_OZ _SPT] Pc_]PXPWd ^LN]PO []POPNP^^Z] LYO T_^ TY^[T]L_TZY ZQ PL]Wd LNLOPXTN OT^NT[WTYP^ LYOO]LXL _SPZ]d bSTNS ^_dWP^ _SPL_P] _SP wQTQ_S APOLx Z]_SPAPOLQZ]_SP[PZ[WPBSL_T^NZY^[TN`Z`^SP]PT^_SPOT^_TYN_PXLYNT[L _Z]d NSL]LN_P]T^_TN^ ZQ _SP APOTN OT^NT[WTYP^ TY [L]_TN`WL] _SZ^P ZQ R]LXXL] LW_SZ`RSTYWL_P]_TXP^T_T^LRLTYWPRT_TXTePOTYL[L]_TNT[L_Z]dXd_STNLWQL^S TZY:Y_SPZ_SP]SLYO_SP[]Z_LRZYT^_^ZQ_SPL_P]^_`OTP^LYOZQ_SPL_P]T_^PWQ L]PLW_ZRP_SP]OTQQP]PY_^ZNTLWR]Z`[^_SLY_SZ^PL^^ZNTL_PObT_S_SP-]LSXLYTN APOL ?SPd OPaPWZ[ _SPT] ZbY ^PXLY_TN ^d^_PX^ LYO aP]MLW LYO YZYaP]MLW QZ]X^ ZQ Pc[]P^^TZY LYO NZXX`YTNL_TZY TYNW`OTYR LY Pc_]PXPWd ^`M_WP WLY R`LRPZQRP^_`]P^?SPXLYTQP^_L_TZY^ZQ^Z`YOTY_SPL_P]OP^P]aP^[PNTLWL__PY _TZY% _SP []PNT^P Pc[]P^^TZY ZQ _SP aZTNP L^ _SP [P]NPTaLMWP PXMZOTXPY_ ZQ LP^_SP_TN XZZO^ _SP ^PWPN_TaP `^P ZQ X`^TN LYO XZ^_ TX[Z]_LY_Wd ZQ O]`X^ bSZ^PMPL_^SPW[_Z]PQWPN__SPNSL]LN_P]^ZYZXL_Z[ZP_TNLWWd .SL[_P]w;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZYxT^OPOTNL_PO_Z_SP OTQQP]PY_TL_PO Z[[Z]_`YT_TP^ QZ] NSZTNP TY WTQP LYO WLYR`LRP TY _SP 2`[_L LYO [Z^_2`[_L LRP^ _SP NWL^^TNLW P[ZNS ZQ 4YOTL 4Y _SP [ZP_]d []ZXZ_PO L_ _SP NZ`]_^L]PQTYPO^d^_PXZQZ]YLXPY_L_TZYOPaPWZ[^M`__SP]PT^LW^ZLYTYN]PL^ TYRQPPWTYRQZ]_SP^`RRP^_TaP[ZbP]ZQ[ZP_TN^[PPNS,^bPWWL^_SP^PN`WL] TePONZ`]_-]LSXTY^LYONZ`]_[ZP_^_SP]PL]PWPL]YPO-]LSXTY^bSZOPOTNL_P _SPX^PWaP^ _Z OP_LTWPO APOL SP]XPYP`_TN^ LYO bSZ QZ]X _bZ aP]d OTQQP]PY_ ^NSZZW^ ?SP ;¼]aL8ÅX£À^£ []LN_TNPO LYO [L^^PO ZY Md WLdXPY `^P^ LY TX[]P^^TaPWdXZOP]YWTYR`T^_TN_SPZ]d_ZOPaPWZ[_SPXd_SZQ_SPAPOLL^[]P PcT^_LY_ ^Z`YO TY Z]OP] _Z ^LQPR`L]O _SP APOTN ]T_`LW NZXXLYO^ -d NZY_]L^_ _SP @__L]L8ÅX£À^£ Z] _Z MP XZ]P []PNT^P _SP ,OaLT_LAPO£Y_L ZQ _SP ±L«VL]L^NSZZWbSTNST^[]TXL]TWd[]LN_TNPOMdL^NP_TN^OPaPWZ[^L_SPZ]dZQ TX[WTNL_TZYLYOLXP_SZOZQWPL]YTYRLNNZ]OTYR_ZbSTNSWLYR`LRP`^POTYL _L]RP_POLYO[`][Z^PQ`WbLdWPLO^_Z_SPXP_LWTYR`T^_TN?SPQLXZ`^WTYR`T^_TN [STWZ^Z[SP] -SL]_SL]T LYO ST^ TX[]P^^TaP XP_L[Sd^TNLW OZN_]TYP ^_L_TYR _SL_ _SP[P]NPTaPObZ]WOTYT_^PY_T]P_dL]T^P^Q]ZXLYOT^ML^POZYWLYR`LRPNZY NW`OP NSL[_P] ?ST^ OT^N`^^TZY WPLO^ _SP ]PLOP]OT]PN_Wd _Z _SP YPc_ ^PN_TZY ^TYNP _SP WTYR`T^_TN [STWZ^Z[Sd ZQ _SP -]LSXTY -SL]_SL]T bL^ LY TX[Z]_LY_ ^Z`]NP ZQ TY^[T]L_TZY _Z _SPXZ^_Wd YZY-]LSXLYTN ?LY_]TN^ LYO SL^ SLO [L] _TN`WL]WdR]PL_TYQW`PYNPZY_SPWTYR`T^_TN[STWZ^Z[SdZQ,MSTYLaLR`[_L .SL[_P] PY_T_WPOw;P]QZ]XLYNPLYO>PY^`LWT_dxT^[]TXL]TWdRTaPYZaP] _Z?LY_]TNXLY_]L]T_P^_SPw^NTPYNPZQXLY_]L^xLYO^ZYTNLYOWTYR`T^_TNNZ^ XZWZRTP^?SP?LY_]TN^[PN_]`XT^M]ZLOLYOT_^w^Z`YO`YTaP]^P^xL]PXLYT QZWO]LYRTYRQ]ZX_SPSP_P]ZOZc?LY_]LZQ_SP>TOOSL^>£OSLVL^LYO-SLT]LaL bZ]^ST[P]^bT_ST_^ZNN`W_YZT^P^ZYZXL_Z[ZP_TNLYORSZ^_Wd^Z`YO^LYObTWO ^ZYR^ _Z _SP OZXP^_TNL_PO LYO -]LSXLYTePO ?LY_]L ZQ _SP >X£]_L^ ±LTaL >TOOS£Y_TY^ LYO ±£V_L^ bSZ OPaPWZ[ XLYd LYO aL]TPO TYNW`OTYR R]L[STNLW ]T_`LW`^P^ZQXLY_]L^Pc[]P^^TaP^dXMZWTNTY_P][]P_L_TZY^ZQ_SP[Z_PY_w^PPO ^Z`YO^x LYO bSZWP ^ZYTN NZ^XZRZYTP^ ?SP ?LY_]TN WTYR`T^_TN ^[PN`WL_TZY^ LW[SLMP_NZ^XZWZRTP^LYOXLY_]L]T_P^N`WXTYL_PTY_SP_PLNSTYR^ZQ_SPR]PL_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
6L^SXT]T_SPZWZRTLYLYOLP^_SP_TN_SPZ]P_TNTLY,MSTYLaLR`[_LbSZO]LQ_^ST^ YZYO`LW[STWZ^Z[SdZQLwNZ^XTNWLYR`LRPx[]TXL]TWdML^POZY_SPPc[P]TPYNP ZQ^Z`YOLYOT^[]ZMLMWd_SPXZ^_YZ_LMWP[]Z[ZYPY_ZQbSL_bPNLWWw]PQWPN_PO `YTaP]^LWXd_S^x-`_^Z`YOT^LW^Z_SPNPY_]LWXPOT`XZQPc[]P^^TZYNZXX` YTNL_TZYLYO[P]NP[_TZYTY_SPOPaZ_TZYLWMSLV_T_]LOT_TZY^LW_SZ`RSSP]PYZ_TY _SP QZ]X ZQ ^`M_WP TY_P][]P_L_TZY^ ZQ _SP bZ]WO L^ T^ _SP NL^P bT_S ,MST YLaLR`[_LM`_TY^_PLOTY_SPQZ]XZQX`^TNL^LYPc[]P^^TZYZQ[`]P[L]_TNT[L _TZYLYOOPaZ_TZY:`]PcLX[WP^]LYRPQ]ZX_SPX`^TNLWWLYR`LRPZQLQLXZ`^ SdXY _Z /`]R£ LYO L STRSWd L]_T^_TN [ZPX TYOTaTO`LWWd ^P_ _Z X`^TN _Z _SP R]Z`[^TYRTYRZQ^TX[WP^ZYR^LYO[`]PWdTY^_]`XPY_LWX`^TN -d bLd ZQ NZYNW`^TZY bP LYLWdeP SZb LWW _SP^P _S]PLO^ MPNZXP TY_P] _bTYPO TY _SP _P]X 9£OL-]LSXLY w^ZYTN LM^ZW`_Px XZ]P WT_P]LWWd w>Z`YO -]LSXLYxOT^N`^^POTYNSL[_P]!?SP9£OL-]LSXLYbL^wTYaPY_POxMd_SP 4YOTLYX`^TNZWZRT^_±£]«RLOPaLTY_SPPL]Wd_ST]_PPY_SNPY_`]dLYOST^_Z]TNLWWd PQQPN_TaPbT_STY[Z[`WL]?LY_]TNLYOOPaZ_TZYLW_]LOT_TZY^-dQ`^TYR_SP?LY _]TN[]TXZ]OTLW^Z`YO_SL_[P]aLOP^_SP`YTaP]^P9£OLbT_S_SPAPO£Y_TNYZY O`LWLM^ZW`_P-]LSXLY±£]«RLOPaLRLaP4YOTLYX`^TNLXP_L[Sd^TNLWML^T^ LYONWLTXPOWT^_PY_TYR_ZX`^TNbL^LQZ]XZQDZRLQZ]PaP]dMZOd?SP9£OL -]LSXLY T^ YZ_ ZYWd _SP XZ^_ ]PNPY_ _]LY^X`_L_TZY ZQ _SP -]LSXLY LYO _SP WL_P^_^d^_PXL_TNNZYNP[_TZYTY_SP4YOTLYL^^P^^XPY_ZQ^Z`YOM`_SL^LW^ZWPQ_ X`^TNTLY^vNT]NWP^LYORLTYPO_]LY^N`W_`]LW^TRYTQTNLYNPPRTYBP^_P]YDZRL XZaPXPY_^?SPULeeST^_Z]TLY5ZLNSTX-P]PYO_bL^ZYPZQ_SP_]LY^XT__Z]^TY _ST^[]ZNP^^3T^9Pb,RPL^^P^^XPY_ZQ_SP9£OL-]LSXLYLYO]PNZ]OZQ_SP ]PNP[_TZYZQ4YOTLYXZOLWX`^TNTY_SP$!^LYO$"^T^RTaPY^[PNTLWL__PY _TZYMPNL`^P-P]PYO_XT]]Z]^[]ZNP^^P^ZQ]PWTRTZ`^NSLYRPRZTYRMPdZYO8Lc BPMP]v^_SP^T^ZQ]L_TZYLWTeL_TZY,WZYR^TOPLST^_Z]TNLW]PNZY^_]`N_TZYZQ_SP WT__WP^_`OTPO 9£OL-]LSXLYLYO LY Pc[WZ]L_TZY ZQ _SP LP^_SP_TN^ ZQ NWL^^TNLW 4YOTLYX`^TNLYO_SPOZaP_LTYWTYRZQX`^TNLYO]PWTRTZY_SPNSL[_P]OT^N`^^P^ _SPTX[LN_ZQ4YOTLTYQZ]XTYRXZOP]YBP^_P]Y^[T]T_`LWT_d4_PYO^_SP_]PL_T^P bT_S^ZXP_SPZ]P_TNLWNZYNW`^TZY^ZY_ST^^`MUPN_ ?SPLNNZX[LYdTYR ./NZY_LTY^L^PWPN_TZYZQ^LX[WP^_SL_LTXL_NZaP] TYR_SPbSZWP]LYRPZQ_SPXZ^_NZXXZYQZ]X^ZQw]PWTRTZ`^]PLOTYR^x]PNT_L _TZY^ _PX[WP ^Z`YO^ ^ZYR^ LYO X`^TN 4_ []P^PY_^ PcLX[WP^ ZQ _SP OTQQP]PY_ VTYO^ ZQ ]PNT_L_TZY LYO aL]TZ`^ X`^TNLW QZ]X^ LW^Z OPLW_ bT_S TY _ST^ _]PL_T^P >`NS^[PNTXPY^LNNZX[LYdTYR_SP_Pc_bTWWMP TYOTNL_POMd^dXMZW^^`NSL^ ./BPSZ[PZ`]]PLOP]^bTWW_LVP^PY^Z]dLP^_SP_TN[WPL^`]PTYWT^_PYTYR_Z _SPL`OTZ^LX[WP^bSTNSNZXX`YTNL_PTY^Z`YONP]_LTYL^[PN_^_SL_L]POTQQT N`W_ _Z NZYaPd TY bZ]O^ ,^ ^PY^Z]d LP^_SP_TN NZXX`YTNL_TZY TYaZWaP^ _SP WT^_PYP]TYL[L]_TNT[L_Z]dXLYYP]M`_NLYYZ_TX[L]_TYQZ]XL_TZY_ZSTXTQSP SL^YZN`W_`]LWVYZbWPORPOP^N]T[_TZY^ZQ_SP]PNZ]OTYR^L]PRTaPYTY_SPL[ [PYOTc NSL[ " 4_ NZY_LTY^ ^SZ]_ ]PQP]PYNP^ _Z T_PX^ _SL_ L]P OT^N`^^PO TY OP_LTWPW^PbSP]PTY_ST^MZZVLYObSP]P_ST^T^YZ__SPNL^PT_NZY_LTY^XZ]P
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
PWLMZ]L_POP^N]T[_TZY^LYOLOOT_TZYLWTYQZ]XL_TZYZY_SP^PWPN_POT_PX^TYNW`O TYR_SPWd]TN^bT_SL_]LY^WL_TZYTY_SPNL^PZQ^ZXP^SZ]_[TPNP^
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
w1Z]QL]_ZZWZYR]PWTRTZYSL^MPPYP\`L_PObT_SOZN_]TYPP^[PNTLWWdbT_S _SZ^P ^d^_PXL_TePO OZN_]TYP^ VYZbY L^ u_SPZWZRTP^v TY XLYd NL^P^ OT^ ]PRL]OTYR_SPWTaPO[Sd^TNLWNZX[ZYPY_^ZQ_SZ^P_]LOT_TZY^x
?SP^P bZ]O^ ^`XXL]TeP bPWW _SP ^_L]_TYR [ZTY_ ZQ L ]P^PL]NS []ZR]LX _SL_ T^ N`]]PY_Wd P^_LMWT^STYR T_^PWQ TY _SP 2P]XLY^[PLVTYR L]PL L^ L YPb OT^NT[WTYP `YOP] _SP YLXP ZQ wLP^_SP_TN^ ZQ ]PWTRTZYx ?SP YLXP T^ ^ZXPbSL_ XT^WPLOTYR TQ ZYP ^_L]_^ Q]ZX L XZOP]Y PaP]dOLd NZX[]P SPY^TZY ZQ LP^_SP_TN^ ?SP LP^_SP_TN^ ZQ ]PWTRTZY OZP^ YZ_ ]P^PL]NS ZYWd MPL`_TQ`W_STYR^Z]]PWTRTZ`^L]_M`_PaP]d_STYRLMZ`_]PWTRTZY^_SL_NLY MP [P]NPTaPO aTL _SP ^PY^P^ LT^_SP_TN^ 4Y NZY_]L^_ _Z ;ZWWZNVv^ wLP^ _SP_TN^ ZQ [ZWT_dx OT^N`^^PO MPWZb _SP wLP^_SP_TN^ ZQ ]PWTRTZYx T^ YZ_ ^ZWPWd LMZ`_ [ZP_TN bZ]V^ LYO [ZP_TN Sd[P]MZWP M`_ T^ NZYNP]YPO TY L X`NS XZ]P RPYP]LW bLd bT_S _SP TY_P]QLNP MP_bPPY ]PWTRTZY LYO _SP ^PY^P^_SPbSZWP]LYRPZQ]PWTRTZ`^XPOTLLYO^dXMZWTN]P[]P^PY_L_TZY =PWTRTZY^ N]PL_P YP_bZ]V^ ZQ ]PWL_TZY^ST[^ MP_bPPY SPLaPY LYO PL]_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ w=PWTRTZY_S]Z`RS_SP >PY^P^x 9`XPY "" POT_Z]v^[]PQLNPTY_ST^T^^`P ZQ 9`XPY 1Z] LY ZaP]aTPb ZQ _SP WT_P]L_`]P ZY _ST^ YPb _SPZ]P_TNLW L[[]ZLNS ^PP _SP ;]PQLNP ?SP LW_P]YL_TaP OP^TRYL_TZY^ []Z[Z^PO QZ] _SP LP^_SP_TN^ ZQ ]PWTRTZY L]P WP^^ Z[PY _Z XT^`YOP]^_LYOTYR% LY_S]Z[ZWZRd ZQ _SP ^PY^P^ 8ÞY^_P] LT^_SP_TN^ ZQ ]PWTRTZY 8ZSY % ^ZXL_TN [SPYZXPYZWZRd 6ZNS % #$ LYO ]PWTRTZY _S]Z`RS_SP^PY^P^9`XPY "%"?SPLOaLY_LRPZQ_SP^PLW_P]YL_TaP^T^_SL_ T_MPNZXP^NWPL]_SPQZN`^T^ZY^PY^Z]d[P]NP[_TZYLYO_SPMZOd?SPOT^LOaLY_LRPT^ _SL_ T_ T^ YZ_ aP]d _]LY^[L]PY_ _SL_ ^TRY^ ^dXMZW^ LYO bSZWP ^d^_PX^ ZQ ^dXMZW^ .LYNTV8ZS]$$#&7LYbP]O ^SZ`WOMPTYNW`OPO bSTNSz L_ WPL^_TY NZYaPY _TZYLW `YOP]^_LYOTYR z ]PQP] _Z YZYNZ][Z]PLW NZYNP[_`LW [SPYZXPYL LYOZ] []TXL] TWd YZY^PY^Z]d XPY_LW ]PLWT_TP^ 3ZbPaP] _SP OTQQP]PY_TL_TZY MP_bPPY MZOd LYO ^[T]T_ T_^PWQ T^ ^PPY Md XLYd _SPZ]P_TNTLY^ ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY L^ ZYP _SL_ ^SZ`WOMPZaP]NZXP,_LbZ]V^SZ[L__SP3PTOPWMP]RNZYQP]PYNPZY_SPLP^_SP_TN^ZQ ]PWTRTZY 8Ld # ,WPcLYO]L 2]TP^P] _SP]PQZ]P []Z[Z^PO _SP _P]X w]SP_Z]TNw TY ^_PLO ZQ Z] L^ LY Pc[WLYL_TZY ZQ wLP^_SP_TN^ ZQ ]PWTRTZYx LYO ]PQP]]TYR _Z ,Y_T\`T_d RLaP ]SP_Z]TN L X`NS M]ZLOP] OPQTYT_TZY _SLY _SL_ L[[WdTYR [`]PWd _Z WLYR`LRP ?SP OT^N`^^TZYLW]PLOd^SZb^_SPXL]VPOZ]TPY_L_TZYZYN`W_`]LW^_`OTP^TYNZY_]L^__Z_SP _d[TNLWLP^_SP_TN^Z]TPY_POZY_SP[SPYZXPYZWZRdZQ]PWTRTZYTY 2P]L]OaLY7PP`bv^ AZX 3PTWTRPY TY OP] 6`Y^_ 2Þ_P]^WZS% -P]_PW^XLYY $ " ?ST^ bZ]V RTaP^ XLYd PcLX[WP^ZQ_SPLP^_SP_TN^ZQ]PWTRTZYLYOMdYZXPLY^^ZWPWdPcLX[WP^ZQ]PWTRTZ`^ L]_LW_SZ`RS_SPdL]PNZX[TWPOTY_SP_d[TNLWNZWWPN_Z]v^XLYYP]L]]LYRPOTY_P]X^ ZQ PaZW`_TaP ^NSPXP^ LYO []P^PY_PO LRLTY^_ _SP MLNVR]Z`YO ZQ 7PP`bv^ NZYNP[_ ZQ [ZbP]
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
YZ_ ZYWd _S]Z`RS OZN_]TYP^ M`_ LW^Z aTL aT^`LW LNZ`^_TN XZ_Z] LYO ]SP_Z]TNLWXPOTLLYOLQQPN_TaP_TP^ ,VPdL^[PN_QZ]^`NSLYL[[]ZLNST^_SP]PNZRYT_TZY_SL_]PWTRTZY^z TQ_SPdMP^ZNTLWQLN_^zYPPOXL_P]TLWTeL_TZYPXMZOTXPY_LYO^PY^`LWT eL_TZY_ZSLaPWL^_TYRPQQPN_^_Z_Z`NSLYO_ZMTYO ;L]_TN`WL]WdTY^`NS XL_P]TLWTeL_TZY^ TY ]T_P^ _Pc_^ ]PWTRTZ`^ TXLRP^ M`TWOTYR^ P_N _SP]P T^L^[PNTLWQZ]NPQZ]N]PL_TYRLMZOTWdVYZbWPORPZQ]PWTRTZY_Z^_TX` WL_P _SP ^PY^P^ TXLRTYL_TZY LYO QPPWTYR^ ?SPd TYaZVP XZ_TaL_TZY^ LYO NZWWPN_TaP _SZ`RS_ [L__P]Y^ LYO LW^Z OT^NT[WTYP LYO NSLYYPW MPSLaTZ] :Y _SP Z_SP] SLYO ]PWTRTZ`^ TOPL^ L]P YZ_ WTXT_PO ^ZWPWd _Z TY_P]YLW VYZbWPORP LYO _SP]PQZ]P L]P YZ_ ^`MUPN_ _Z [`]P TYOTaTO`LWTeL_TZY MP NL`^P _SPd L]P NZWWPN_TaP VYZbWPORP =PWTRTZ`^ NZYNP[_^ L]P PQQPN_TaP ZYWd L^ w^ZNTLW QLN_^x LYO X`^_ NZY^P\`PY_Wd MP NZXX`YTNL_PO LYO ^_LRPO 4_ T^ P^^PY_TLW _SL_ ]PWTRTZ`^ ^dXMZW^ LYO _SPT] XPLYTYR^ NLY MP [P]NPTaPO LYO Pc[P]TPYNPO ^Z _SL_ _SPd NLY PcP]_ _SPT] ^ZNTLW PQQPN_^ L^ ]PR`WL_Z]d^d^_PX^LYObZ]WOaTPb^[]ZaTOTYR^PY^P?SP_]LY^WL_TZYZQ TOPL^ aLW`P^ LYO NZYNP[_^ TY_Z [P]NP[_TMWP QZ]X^ T^ _SP]PQZ]P L NZY^_T _`_TaP PWPXPY_ QZ] P^_LMWT^STYR L [`MWTN ^[LNP QZ] [P]NPTaTYR _SP ]PWT RTZ`^ LYO N]PL_TYR ^ZNTLW PQQP]aP^NPYNP ?SP TYNW`^TZY ZQ _SP LP^_SP_TN OTXPY^TZY bSPY ^_`OdTYR ]PWTRTZY T^ [L]_TN`WL]Wd TX[Z]_LY_ ]PRL]OTYR L N`W_`]P^Z^_]ZYRWdZ]TPY_POZY[P]QZ]XLYNPL^>LY^V]T_3TYO`T^X ?SP LP^_SP_TN^ ZQ ]PWTRTZY TY_PYO^ _Z M]PLV bT_S _SP [`]PWd _Pc_`LW [L]LOTRX _SL_[]PaLTWPOQZ]LWZYR _TXPTY]P^PL]NS TY_Z]PWTRTZY 1Z] T_ T^YZ_ZYWd_Pc_^z`YOP]^_ZZO^ZWPWdL^[]Z[Z^T_TZYLW^_L_PXPY_^_PLNS TYR^ LYO OZN_]TYP^ z _SL_ NLY NZXX`YTNL_P ^ZXP_STYR M`_ ^Z NLY ZM UPN_^L]NST_PN_`]PSLT]^_dWP^]T_`LWTeL_TZY^aZTNP^^Z`YO^^XPWW^P_N ?ST^_Z`NSP^ZYLS`RPQTPWOZQ]P^PL]NS\`P^_TZY^]PWPaLY__Z_SP^_`Od ZQ ]PWTRTZY ^`NS L^ SZb ]PWTRTZY^ TY_PYO _Z LN_TaL_P LYO ^ZNTLWTeP [P] NP[_TZY _SP ^PY^P^ _SP MZOd LYO _SP PXZ_TZY^ SZb ]T_P^ ]PaT^P LYO NSLYRP ^ZNTLW]PWL_TZY^LYOLW^ZSZb_SPdTY_PYO_Z XLVP _SPTYaT^TMWP LYO_SP_]LY^NPYOPY_LWaT^TMWPLYO_LYRTMWP4_LW^ZTYNW`OP^SZbbSL_T^ MPL`_TQ`WzM`_LW^ZbSL_T^`RWdLYO]P[`W^TaPzT^`^POTY_SPNZY^_]`N _TZY ZQ _SP ^LN]PO SZb TXLRP^ ^Z`YO^ LYO ^XPWW^ LYO _SPT] ]P^_]TN_TZY LQQPN_ _SP ]PNT[TPY_^ SZb ^[LNP LYO _TXP L]P ^SL[PO TY ]PWTRTZY SZb ^PLNSLYRP^ TY XPOTL TX[LN_ ZY ]PWTRTZY LYO X`NS XZ]P MP^TOP^ ?SP \`P^_TZY ZQ _SP ^PY^Z]d OL_L LW^Z TYNW`OP^ _SP \`P^_TZY ZQ N`W_`]LWWd ^[PNTQTN ^PY^P[]ZQTWP^ LYO _SL_ZQ LSTP]L]NSdZQ _SP ^PY^P^ L_OTQQP]PY_ _TXP^ LYO TY OTQQP]PY_ ]PRTZY^ LYO ^ZNTP_TP^ BT_S _SP YPb MZOTWd [L]L OTRX PaPY 2PP]_ev `YOP]^_LYOTYR ZQ N`W_`]P L^ w_Pc_x NLXP `YOP] QT]P bT_S _SP LNN`^L_TZY _SL_ T_ RLaP _ZZ X`NS `YTWL_P]LW bPTRS_TYR _Z _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y _SP QZ]X`WL_TZY^ TY _ST^ [L]LR]L[S bP MPYPQT_ Q]ZX LY `Y[`MWT^SPO []ZUPN_ [L[P] _SL_ZYPZQ_SPL`_SZ]^,BSL^b]T__PYbT_S>PML^_TLY>NSÞWP]
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
"
^PY^P ZQ ^TRS_ LYO NZRYT_TZY LYO bL^ _ZZ ^_]ZYRWd Z]TPY_PO ZY _SP _Pc _`LW ^N]T[_`]LW [L]LOTRX bT_S _SP ]T^V ZQ N`W_`]P MPNZXTYR ^_L_TN LYO NWZ^PO /LaTO 3ZbP^v w.LWW QZ] L =P_`]Y _Z _SP >PY^P^x TYaT_P^ _SP ^_`Od ZQ N`W_`]P^ L^ [P]NP[_`LW ^d^_PX^ LYO L^V^ SZb ^PY^Z]d ]PWL_TZY^ TYQZ]X _SP OT^NZ`]^P^ LYO []LN_TNP^ ZQ PaP]dOLd WTQP :_SP] ]PNPY_ [`M WTNL_TZY^SLaP[ZTY_POZ`__SL_T_T^YZ_T]]PWPaLY_bSTNSXPOTLL]P`^PO QZ] _]LY^XT^^TZY TY ^ZNTP_TP^ LYO bSTNS ^PY^P^ L]P P^[PNTLWWd ^_]ZYRWd LN_TaL_POTYN`W_`]P^LYO]PWTRTZY^BPbZ`WOWTVP_ZLOOSZbPaP]_SL_ ^PXTZ_TNLYOXPLYTYRL^[PN_^^SZ`WOYZ_MP_ZZSL^_TWdOT^XT^^POBSL_ bP QTYO TX[Z]_LY_ LMZ`_ _SP YPb ]P^PL]NS [L]LOTRX T^ _SL_ T_ O]Lb^ L__PY_TZY_ZOTQQP]PY_N`W_`]P^SLaTYROTQQP]PY_^PY^P[]ZQTWP^LYO_SL_T_ OPWTMP]L_PWd bLY_^ _Z M]PLV bT_S _SP .L]_P^TLY MZOdXTYO ^[WT_ XLdMP MPTYR NWZ^P] _Z bSL_ _SP 8TOOWP ,RP^ VYPb L^ w^PY^`^ NZXX`YT^x 4Y >LY^V]T_ _SP]P T^ YZ_ PaPY L ^P[P]L_P bZ]O QZ] PXZ_TZY _SP _P]X XLYL^ XPLYTYR MZ_S NZRYT_TZY LYO QPPWTYR ,YZ_SP] PcLX[WP bZ`WO MP _SL_ _SP]P T^ YZ OTQQP]PY_TL_TZY TY _P]XTYZWZRd MP_bPPY bZ]O LYO ^Z`YO QZ] ²LMOL XPLY^MZ_S ,^PY^Z]d[]ZQTWPZQ3TYO`4YOTLT^NP]_LTYWdYZ_WTXT_PO_ZWLYR`LRP LYO ^Z`YO^ M`_ ^ZYLWT_d T^ ^`NS L ^_]ZYR N`W_`]LW XL]VP] _SL_ ZYP T^ TYNWTYPO_Z^[PLVZQLYPaP][]P^PY_LWW[P]aLOTYRN`W_`]LW[L__P]Y?SP wPaP][]P^PY_x L^[PN_ T^ PaTOPYNPO Md L WL]RP Y`XMP] ZQ ST^_Z]TNLW ^Z`]NP^ LYO _SP wLWW[P]aLOTYRx OTXPY^TZY WTP^ TY _SP QLN_ _SL_ _SP [L_ _P]Y ]`Y^ _S]Z`RS L ]LYRP ZQ OTQQP]PY_ ^`MUPN_ L]PL^ Q]ZX ]PWTRTZY _Z ^NTPYNP LYO Q]ZX [STWZ^Z[Sd _Z ]T_`LW ?SP^P L]PL^ NZ]]PWL_P bT_S _SP _]LY^OT^NT[WTYL]d ]P^PL]NS QZN`^P^ QZ]X`WL_PO TY L XLYTQP^_Z Q]ZX _SP dPL] " O]LbY `[ Md 2P]XLY ]P^PL]NSP]^ TY _SP LP^_SP_TN^ ZQ ]PWTR TZY % _SP [P]NP[_TZY LYO _SP ^PY^Z]d Z]RLY^ ZQ _SP MZOd _SPT] Q`YN_TZY^ `^P LN_TaL_TZY LYOL^^P^^XPY_TY]PWTRTZ`^ _SPZ]d LYO []LN_TNPLYO TY_SPT]YL_`]LWL]_TQTNTLWZ]XPOTLML^POPYaT]ZYXPY_LT^_SP_TN^ZQ ]PWTRTZY& ^dXMZW^ LYO ^TRY^ L^ NZRYT_TaP QZ`YOL_TZY^ ZQ TY_P]^`MUPN_TaP NZX X`YTNL_TZY LYO L^ _SP aP]d M`TWOTYR M]TNV^ ZQ PWLMZ]L_PO ]PWTRTZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ /LaTO 3ZbP^ w.ZY_]ZWWTYR ?Pc_`LWT_d% , .LWW QZ] L =P_`]Y _Z _SP >PY^P^x ,Y_S]Z [ZWZRTNL $$% z" .Q QZ] TY^_LYNP /TLYL 0NVv^ /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL 9Pb DZ]V% .ZW`XMTL@YTaP]^T_d;]P^^$$!ZYaT^TZYLYOaT^`LWT_dLYO5LXP^8N3`RSv^w?SP .WL^^TQTNL_TZYZQ>XPWW^LYO_SP:]OP]ZQ_SP>PY^P^TY4YOTLY=PWTRTZ`^?]LOT_TZY^x 9`XPY "%"z$ZY_SP^PY^PZQ^XPWW4YRPYP]LWZYPNLYL^^`XP^_]ZYR ^dYLP^_SP^TL^L^bPWWL^_SPQLN__SL_^PY^Z]d^_]ZYRWdNZ][Z]PLW]T_P^L]PNSL]LN_P] T^_TNZQ_PX[WP^P]aTNP^LYOLMZaPLWWQP^_TaLWN`W_`]P^ ?SPXLYTQP^_ZZQ_SP/A=BR]Z`[ZQ]P^PL]NSP]^TY_Z_SPLP^_SP_TN^ZQ]PWTRTZYL]Z^P Z`_ ZQ L bZ]V^SZ[ PY_T_WPO w?SP LP^_SP_TN^ ZQ ]PWTRTZYx TY 8`YTNS TY 8Ld " LYO XZ^_ZQT_bL^b]T__PYMd3`MP]_8ZS]
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^d^_PX^ TY _P]X^ ZQ ]P[]P^PY_L_TZY LYO VYZbWPORP ^PXTZ_TN^ ZQ ]P WTRTZY& QZ]X^ ZQ LN_TZY TY _SPT] Pc[]P^^TZY^ TY ]PWTRTZ`^ R]Z`[^ LYO ]T_`LW^ [P]QZ]XLYNP^_`OTP^& QZ]X^ ZQ L]_TN`WL_TZY TY ]PWTRTZ`^ L]_ X`^TN LYO WT_P]L_`]P LYO _SPT] ]PQWPN_TZYLYO^_LYOL]OTeL_TZYTY[STWZ^Z[STNLWLYO_SPZWZRTNLW_SPZ ]TP^ZQMPL`_dLYOLP^_SP_TN^L]__SPZ]TP^& _SP ]PWTRTZ`^ PaP]dOLd bZ]WO LYO XL_P]TLW N`W_`]P L^ Pc[]P^^PO bT_STY _SP WT_`]RTNLW ]T_`LW Q]LXPbZ]V LYO TY ]PWTRTZ`^ ZMUPN_^ PR X`^TNLWTY^_]`XPY_^XL_P]TLWN`W_`]PLYON`W_`]LW^_`OTP^& ! _SP^_TX`WL_TZYZQQPPWTYR^LYOXZZO^aTL^_LRPO^NPYP^_SL_NLYMP [P]NPTaPO Md _SP ^PY^P^ [^dNSZWZRd ZQ ]PWTRTZY LYO NZRYT_TaP ^NT PYNP 8Z^_ ZQ _ST^ MZZV bL^ b]T__PY MPQZ]P _SP XLYTQP^_Z L[[PL]PO :`] []Z NPO`]P bL^ TYO`N_TaP QZN`^TYR ZY ST^_Z]TNLW PcLX[WP^ ZQ _SP ^ZYTN [L]LOTRX^ Q]ZX 3TYO` 4YOTL ^`NS L^ _SP w2ZOOP^^ AZTNPx :`] wLT^ _SP_TNx QTPWO ZQ TYaP^_TRL_TZY TY _SP 3T^_Z]d ^PN_TZY NZYNP]Y^ _SP XLYd LYO aL]TPO QZ]X^ ZQ Pc[]P^^TZY ZQ _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ N`W _`]P LYO LNZ`^_TN [TP_d z _SP WL__P] LY Pc_]PXPWd wLT^_SP_TNx [SPYZXP YZYMPNL`^PXPLYTYR bL^ PT_SP]T]]PWPaLY_Z]L_WPL^_ YZ_ZQ[]TXP TX [Z]_LYNP bSP]PL^ ^Z`YO bL^ ZQ_PY [P]NPTaPO L^ LYTXL_P ]PLWT_d _SL_ TY L _SPZ]P_TNLW [P]^[PN_TaP NZ`WO MP NLWWPO LY Pc_]PXP w^PXTZ_TNTeL_TZYx ZQ Z]OTYL]d ]PLWT_d ,NZ`^_TN [TP_d ]PWL_P^ _Z [P]QZ]XL_TaP LN_TZY^ LYO ]PWTRTZY L^ T_ T^bL^ []LN_TNPO TY OLTWd WTQP LYO TYNW`OP^ MZ_S L]_T^_TN LYO WP^^ L]_T^_TN QZ]X^ M`_ []TYNT[LWWd PXZ_TZYLW LYO wL_XZ^[SP]TNx OTXPY^TZY^ =PRL]OTYR _SP[]ZNPO`]PQZWWZbPO TY_SPST^_Z]TNLW^PN_TZYZYPNLY ^[PLV ZQ LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY TY bSTNS _SP ^Tc LMZaP XPY_TZYPO L]PL^ SLaP L WZ_ ZQ ZaP]WL[ 4Y LOOT_TZY _Z PaP]dOLd N`W_`]P ^NSZWL]Wd _]LOT_TZY^ SLaP MPPY LNNPY_`L_PO YZY]PWTRTZ`^ _Pc_^ LWZYR ^TOP ]PWTRTZ`^ ZYP^ _SP NZRYT_TaP OTXPY^TZY^ ZQ _Pc_^ LWZYR^TOP _SP ]T_`LW ZYP^ LYO _SPT] ^PXLY_TN^ LWZYR^TOP [SZYP_TN^ LYO ^PY^Z]d LP^ _SP_TN \`LWT_TP^ ?SP 3T^_Z]d ^PN_TZY NZY_LTY^ WT__WP OT^N`^^TZY ZQ _SPZ ]TP^ BP bZ]V aP]d NWZ^P _Z _SP _Pc_ LYO Z`] TY_P]P^_ T^ TY _Pc_ SP]XP YP`_TN^ LYO N`W_`]LW SP]XPYP`_TN^ ?Pc_`LW ^Z`]NP^ ZNN`[d _SP QZ]PR]Z`YO MPNL`^P Z`] QZN`^ T^ ZY ST^_Z]d ?SP ST^_Z]TNLW ]P^PL]NS ZQ ^ZYLWT_d LYO _SP XLYd ^PWQ]PQP]PY_TLW ^_L_PXPY_^ Q]ZX _SP [L^_ QZ] PcLX[WP _SP ;`]£©TN NWLTX _SL_ SPL]TYR _SP ;`]£©L ]PNT_LW M]TYR^ OPWTa P]LYNP L`_ZXL_TNLWWd ^PYO ZYP MLNV _Z _Pc_^ LYO _PLNSTYR^ DP_ Z`] ]P^PL]NS []ZR]LX T^ YZ_ ]P^_]TN_PO _Z L ]P[]P^PY_L_TZY ZQ _PLNSTYR ^d^ _PX^ ?SP ^Z`]NP^ OZ TYOPPO ^`RRP^_ _SP TYNW`^TZY ZQ L XP^^LRP Z]TPY_PO L[[]ZLNS M`_ _SPd OPXZY^_]L_P PaPY XZ]P ^_]ZYRWd _SP YPNP^ ^T_dZQL[]LN_TNPZ]TPY_POL[[]ZLNS>LY^V]T__Pc_^L]P_Pc_^QZ]SPL]TYR
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
$
LYO _Pc_ SP]XPYP`_TN^ ^SZ`WO TYNW`OP _ST^ L^[PN_ ?SP Z]LWL`]LW NZX X`YTNL_TZY ^d^_PX^ L]P ^Z ^TRYTQTNLY_ TY 3TYO`T^X _SL_ ZYP NLY UZTY >TYRP]TY^[PLVTYRZQ[P]QZ]XLYNP^^`]]Z`YOTYR_SP^[ZVPYLYOL`OTMWP bZ]O L^ VPd XPOTL QZ] 4YOTLY N`W_`]P :`] NZY_]TM`_TZY bTWW TWW`XTYL_P XLYd OTQQP]PY_ []LN_TNP^ _SL_ Pc[]P^^ _ST^ NPY_]LWT_d% XPXZ]TeTYR _PNS YT\`P^ ]PNT_L_TZY^ ^Z`YO ]T_`LW^ PR ZQ _SP LW[SLMP_ _SP >£XLAPOL LYO_SPR]LXXL_TNLW>¼_]L^QTN_T_TZ`^_PLNSP]OT^NT[WPOTLWZR`P^OPaZ _TZYLW ^ZYR^ NWL^^TNLW _SPL_P] LYO ZQ NZ`]^P XLY_]L []LN_TNP _SP []TXP PcLX[WP ZQ PQQTNTPY_ ^Z`YO LYO _SP XZ^_ TX[Z]_LY_ XPLY^ ZQ PX[ZbP] XPY_ LYO ^PWQ_]LY^QZ]XL_TZY 3P]P bP bTWW OT^_TYR`T^S MP_bPPY APOTN LYO ?LY_]TN XLY_]L^ L^ OTQQP]PY_ XLY_]L _d[P^ ,W_SZ`RS _SPT] ]T_`LW [P]QZ]XLYNP [L]_Wd ZaP]WL[^ _SPd PXMZOd \`T_P OTQQP]PY_ NZXX`YTNL _TZY^d^_PX^ 4Y NZY_]L^_ _Z _SP WL]RPWd _SPZ]P_TNLW O]LQ_^ ^PPY ^Z QL] bP TYO`N _TaPWdOPaPWZ[LYL[[WTPOLP^_SP_TN^ZQ]PWTRTZYBP^_L]_PObT_SPc[P]T PYNP^TY_SPQTPWOLYO_Pc_^_`OTP^LYO_ST^]P^`W_POTYLbLdZQLNNP^^ TYR ]PWTRTZY L^ _SPZ]P_TNLWWd ]P\`T]PO Md _SP LP^_SP_TN^ ZQ ]PWTRTZY :`] TYO`N_TaP QTYOTYR^ QZWWZb ZY bPWW Q]ZX LYO L]P NZYQT]XPO Md ^PaP]LW _SPZ]TP^LYOXP_SZO^TYN`W_`]LW^_`OTP^_SL_TYNW`OPLWZYR^TOP_SPLP^ _SP_TN^ ZQ ]PWTRTZY _SPZ]TP^ ZQ [P]QZ]XLYNP ]T_`LW^ WT_P]L_`]P LYO ^dX MZW^ LYO NZRYT_TaP ^_`OTP^ bSTNS L]P OT^N`^^PO TY _SP 8P_SZOZWZRd ^PN_TZY ?SPLP^_SP_TN^ZQ]PWTRTZYSL^^ZQL][LTOWT__WPL__PY_TZY_Z_Pc_^LYO XZ]P_ZYZYaP]MLWXPLY^LYOaT^`LWN`W_`]P3ZbPaP]PaPY_Pc_^PcP]_ _SPT] TX[LN_^ YZ_ ZYWd aTL _SPT] NZY_PY_ M`_ LW^Z _Z L R]PL_ Pc_PY_ aTL _SPT] PXMZOTXPY_ TY ]T_P^ LYO _SPT] [Sd^TNLW []P^PYNP TY ^Z`YO^ BP L[[]ZLNS_Pc_^L^L^Z`]NPZQOL_LZY[PZ[WPv^`^PZQ_SP^PY^P^LYOL^L VPd _Z N`W_`]LWWd OP_P]XTYPO [P]NP[_TZY ?SP]PQZ]P _SP L`OT_Z]d L^[PN_ LYO_SP[ZP_TNOTXPY^TZY[WLdLVPd]ZWPTYZ`]XP_SZOZQ_Pc_TY_P][]P _L_TZY>ZbPL]PTY_P]P^_POYZ_ZYWdTY_SP]T_`LWTeL_TZY^M`_LW^ZTY_SP [ZP_TNQ`YN_TZYLYO[P]QZ]XL_TaT_dZQ_Pc_^L^^`NS?Pc_^NZXX`YTNL_P _SPX^PWaP^ _S]Z`RS ^_dWP LYO ]SP_Z]TN LYO _S]Z`RS ]Sd_SX LYO ^Z`YO [L__P]Y^ ?SP]PQZ]P L [`]PWd ST^_Z]TNLW [STWZWZRTNLW L[[]ZLNS _Z _Pc_^ LYO_]LOT_TZYLW]P^PL]NSTY_Z]PWTRTZYbSTNS ^PP^ TYQZ]XL_TZY NZYaPdPO ^ZWPWd TY ^PXLY_TN^ OZP^ YZ_ RZ QL] PYZ`RS ?Pc_^ LQQPN_ _SP TXLRTYL _TZY^ZQ_SPw]PLOP]^xLYOWT^_PYP]^YZ_ZYWdaTL _SPT]NZY_PY_^M`_LW^Z aTL _SP aZTNP LYO [P]QZ]XLYNP []LN_TNP^ LQQPN_TYR _SP MZOd _SP ^PY^P^ _SZ`RS_^ LYO PXZ_TZY^ ?SPd N]PL_P ^ZNTLW PQQP]aP^NPYNP bSPY PXMZO TPO TY [`MWTN [P]QZ]XLYNP^ P^_LMWT^S NZWWPN_TaPWd ^SL]PO ^[LNP^ ZQ TY _P]TZ]T_d LYO QZ] _SP TYOTaTO`LW _SPd N]PL_P Pc[LYOPO ^[LNP QZ] ^`MUPN _TaP LN\`T^T_TZY _Pc_ [L]_TNT[L_TZY LYO TXLRTYL_TaP PWLMZ]L_TZY ?Pc_^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_SP]PQZ]P SLaP MZ_S TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d PQQPN_^ ! bSP]PMd _SPWL__P]OP[PYOZY_SPLN_Z]^_SP^P__TYRLYOST^_Z]TNLW[L]LOTRX^1Z] LWW ZQ _SP^P ]PL^ZY^ bP [Z^_`WL_P _SP YPNP^^T_d QZ] L ^PY^Z]d L[[]ZLNS _Z _Pc_^ LYO LNLOPXTN ^PY^T_TaT_d _Z _SP LMTWT_d ZQ XL_P]TLW XPOTL _Z NZXX`YTNL_PTXXL_P]TLW_STYR^ ?Pc_^ _SPY L]P YZ_ ZYWd ^`MUPN_^ ZQ ]PQWPN_TZY M`_ L]P LW^Z XPXZ ]TePO OPNWLTXPO ]PNT_PO LYO ^`YR MZ_S TY OLTWd []LN_TNP LYO TY ^NSZW L]Wd_]LOT_TZY^BZ]VTYRNWZ^P_Z_SP_Pc_^X`^__SP]PQZ]PXPLY[P]NPTa TYR _SPX L^ [P]QZ]XLYNP^ _SL_ OZ ^ZXP_STYR ZY XLYd WPaPW^ ?SPT] [P]QZ]XL_TaT_d NZYNP]Y^ L _SPT] NZY_PY_ LYO NZY_Pc_ M _SPT] ]T_`LWTeL _TZY^PR]PNT_POZ]^`YRN_SPT]^PY^Z]dQZ]X^LYO_Pc_`LW^_]`N_`]P^ PR ]SdXP ]Sd_SX ]P[P_T_TZY^ P_N LYO O _SPT] TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d L^[PN_^ LYO PQQPN_^ :`] [P]QZ]XLYNP NZYNP[_ T^ OPaPW Z[PO Q]ZX WTYR`T^_TN^ ^ZNTLW ^NTPYNP ]T_`LW _SPZ]d N`W_`]LW LY_S]Z[ZW ZRdLYOWT_P]L_`]P^_`OTP^4_T^YPNP^^L]d_ZTYNW`OPXZ]P_SLYZYPNZY NP[_ _Z _LVP TY_Z LNNZ`Y_ _SP [ZWdQZNLW LYO TY_P]LN_TZYLW OTXPY^TZY^ ZQ _Pc_ [P]QZ]XLYNP ?SP ^PWQNZXX`YTNL_TYR LYO [P]QZ]XL_TaP L^[PN_^ ZQ _Pc_^ TYNW`OP YZ_ ZYWd TY^_]`N_TZY^ ZY SZb _Z ]PNT_P LYO [P]QZ]X Pc [WTNT_ [P]QZ]XL_TaL M`_ LW^Z _SP OdYLXTN^ ZQ _SP ^[PPNS []ZNP^^ ?ST^ NZX[]T^P^ _SPXL_P]TLWPXMZOTXPY_ZQ XP^^LRP^ TY _Pc_[]ZO`N_TZYLYO TY _Pc_TXXLYPY_ ]SP_Z]TN X`^TNLWT_d LYO _Pc_`]P TWWZN`_TZY LYO LW^Z _SPTXLRTYL_TZYTY_Pc_]PNP[_TZY[P]WZN`_TZYTYbSTNS_SP]PT^LRLTYL ^PY^Z]dLP^_SP_TNOTXPY^TZYwTYYP]^PY^P^x ?Pc_^NZYaPdXPLYTYRQ`YN_TZYLYOPc[]P^^TZYTY_S]PPbLd^%TY]P WL_TZY _Z _SPT] []Z[Z^T_TZYLW NZY_PY_ _SPT] ^PXLY_TN NZY_PY_ _Z _SPT] LNZ`^_TN LYO ^N]T[_`]LW XL_P]TLWT_d L^ [Sd^TNLW PY_T_TP^ LYO _Z _SPT] [P]QZ]XLYNP LYO [P]QZ]XL_TaT_d _SPT] WT_P]LNd _SL_ LTX^ QZ] TWWZN`_TZY L]d LYO [P]WZN`_TZYL]d TX[LN_^ BSTWP _SP ^PXTZ_TN _SPZ]TP^ ZQ N`W_`]P ^`NS L^ _SZ^P ZQ >TYRP] LYO 2PP]_e `YOP]^_LYO _SP ]T_`LW^ LYO N`W_`]P T_^PWQL^_Pc__SL_NLYMPOPNT[SP]PObPQZN`^Z`]L__PY_TZYZY]PLW_Pc_^ _SL_ ]PaPLW ^ZXP_STYR LMZ`_ _SPT] N`W_`]P ZY LWW _S]PP ZQ _SP LMZaP XPY_TZYPO WPaPW^ BSL_ T^ TX[Z]_LY_ _Z _SP L[[]ZLNS _S]Z`RS _SP LP^ _SP_TN^ZQ]PWTRTZYT^_SPQLN__SL__SP_S]PPL^[PN_^L]PYZ_^P[L]L_PPY_T _TP^ M`_ NWZ^PWd NZZ[P]L_TYR OZXLTY^ ?ST^ []LN_TNPZ]TPY_PO L[[]ZLNS OZP^YZ_]`WPZ`_LXP^^LRPZ]TPY_POZYP:Y_SPNZY_]L]d_SPXPLYTYR ML^PO `YOP]^_LYOTYR ZQ N`W_`]P T^ ZQ R]PL_ TX[Z]_LYNP MPNL`^P 4YOTLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q 5ZSY ,`^_TY 3Zb _Z /Z ?STYR^ bT_S BZ]O^ :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $! LYO 5ZSY = >PL]WP >[PPNS ,N_^% ,Y 0^^Ld TY _SP ;STWZ^Z[Sd ZQ 7LYR`LRP .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $!$ ,`^_TYv^ _P]X^ wTWWZN`_TZYx _SP aP]d^[PPNSLN_NZY^_T_`_P^_SPOPPOLYOw[P]WZN`_TZYx _SPNZY^P\`PY_TLWPQQPN_^ZQ _SP^[PPNSLN_`[ZY_SZ`RS_^QPPWTYR^Z]LN_TZY^ZQ_SPL`OTPYNPLYO>PL]WPv^OPaPW Z[XPY_ZQ_SP^[PPNSLN__SPZ]dbP]PLOZ[_POTY]T_`LW^_`OTP^bT_STYN`W_`]LW^_`OTP^ LYO[P]QZ]XLYNP_SPZ]TP^LYOPc[LYOPOMPdZYO^[PPNSLN_^
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
N`W_`]PLYO>LY^V]T_3TYO`T^XOTQQP]TYXLYdbLd^Q]ZX0`]Z[PLYN`W _`]LWQZ]X^LYO]PWTRTZ`^]P[]P^PY_L_TZY^?ST^T^aP]dPaTOPY_TY3TYO` T^Xv^ aL^_ ]LYRP ZQ NZYNP[_`LW LYO ]T_`LW ^d^_PX^ bSP]PTY L`OTMWP LYO TYQ]L^ZYTN^Z`YOMPNZXPL[]TXL]dTNZYZQLM^ZW`_P]PLWT_d:YP^SZ`WO YZ_ QZ]RP_ _SP 4YOTLY L]_ QZ]X^ [L]_TN`WL]Wd X`^TN _SL_ MPNLXP ^Z aT_LW TY OPaZ_TZYLW _]LOT_TZY^ LYO bL^ _SPZ]TePO TY X`^TNZWZRTNLW _]PL_T^P^ ?SP OZaP_LTWTYR ZQ []LN_TNP LYO NZRYT_TZY TY ^ZYTN NZXX`YTNL_TZY T^ [L]_TN`WL]Wd bPWW TWW`^_]L_PO TY ±£]«RLOPaLv^ WT_P]L]d L[[]LT^LW ZQ X`^TN L^L^PY^Z]dQZ]XZQ_SP[]TXZ]OTLW9£OL-]LSXLYw>Z`YO-]LSXLYx LYOWT^_PYTYR _Z X`^TNL^L[WPL^LY_QZ]XZQ DZRL?ST^NZ]]P^[ZYO^_Z ^ZXP]PLWbZ]WOX`^TNTLY^vaTPbZQ_SPT][P]QZ]XLYNPL^L[L_S_ZRZO X`^TN Pc[P]TPYNP L^ wMWT^^ ZQ -]LSXLYx P_N ,YO TY_P]P^_TYRWd _SP XP]PWd LP^_SP_TN QPL_`]P^ TP _SP LNZ`^_TN TYQZ]XL_TZY ZQ NWL^^TNLW 4YOTLY X`^TN XZOLW LYO XZYZOTN ^_dWP XTN]Z_ZYLW Z]YLXPY_L_TZY^ P_N NLY MP ^PPY L^ ^dXMZWTN QZ]X^ LYO [Sd^TNLW ZMUPN_TaL_TZY^ ZQ _SP X`^TNZWZRT^_^v XP_L[Sd^TNLW YZ_TZY _SL_ X`^TN T^ LY L`OTMWP Pc[]P^^TZY ZQNZ^XTN`YT_dLYO_SPbSZWPbZ]WOT^[P]aLOPOMd^Z`YO :]LWT_d LYO WT_P]LNd SLaP YPaP] MPPY X`_`LWWd PcNW`^TaP TY 4YOTL LYO QZ] _ST^ ]PL^ZY bP []PQP] _SP _P]X ^ZYLWT_d TYOTNL_TaP ZQ ^ZYTN LbL]PYP^^ [SZYZNPY_]TNT_d LYO aZNLW ^dXMZWT^X OP^[T_P b]T__PY []Z O`N_TZY LYO ]TNS aT^`LW N`W_`]P ?Z OL_P _SP ^_TWW dZ`YR OT^NT[WTYP ZQ LP^_SP_TN^ ZQ ]PWTRTZY SL^ [WLNPO L WZ_ ZQ PX[SL^T^ ZY YZYWTYR`T^_TN ^Z`]NP^ LYO aT^TZY TY [L]_TN`WL] ZQ_PY QZ]RP__TYR _SL_ _Pc_^ LW^Z SLaP LP^_SP_TN L^[PN_^ _SL_ LN_TaL_P YZ_ ZYWd _SP wPc_P]YLW ^PY^P^x M`_ LW^Z _SP wTYYP] ^PY^P^x NZYNP[_`LW XL[[TYR^ PXZ_TZY^ LYO TXLRTYL]d ^[LNP^4_T^PL^d_ZWZ^P ^TRS_ZQ _SPN]PL_TaP[ZbP]ZQ_SP TXLRTYL_TZY LYO _SP NL[LMTWT_d QZ] ^dXMZWTeL_TZY O`P _Z _SP QZN`^ ZQ LP^_SP_TN^ ZQ ]PWTRTZYZY_SPMZOdLYO_SP^PY^P^:`]bZ]VZY_Pc_^Z`]NP^bTWW[]Z aTOP XLYd PcLX[WP^ ZQ ^SL]PO TXLRTYL]d ^[LNP^ LYO MZOdXTYO NZY_T Y`T_TP^ BP _SP]PQZ]P LTX _Z ]PNZY^_]`N_ L ^PY^Z]d []ZQTWP ZQ ^Z`YO [P] NP[_TZYTY4YOTLQZN`^TYRZY_SP^PY^PZQSPL]TYR_SPaZTNP_SP^[ZVPY bZ]O LYO [P]QZ]XLYNP^ TYNW`OTYR _SP [P]QZ]XL_TaT_d ZQ _Pc_^ 0\`LWWd TX[Z]_LY_QZ]_ST^[]ZQTWPT^_SP]TNS^ZYTN^dXMZWT^X^`NSL^_SP]LYRP ZQ RZOOP^^ TXLRP^ L^^ZNTL_PO bT_S ^[PPNS LYO WLYR`LRP TY APOTN ?LY _]TNLYO;`]£©TNWT_P]L_`]P?bZ^_]TVTYRPcLX[WP^ZQ^dXMZWTeTYR^Z`YO bZ`WO MP _SP [SZYP_TN NZOP^ `^PO QZ] LM^_]LN_TZY^ TY _]LOT_TZYLW ^NT PYNP^ WTVP R]LXXL] L^_]ZYZXd LYO XL_SPXL_TN^ LYO ^Z`YO LYO aTM]L _TZY^ L^ _SP ML^T^ ZQ _SP `YTaP]^P TY ?LY_]TN XP_L[Sd^TN^ LYO NZ^XZW ZRd :Y _SP ZYP SLYO bP TYaP^_TRL_P _SP LP^_SP_TN LYO [P]QZ]XL_TaP QPL_`]P^ ZQ ]PWTRTZ`^ WT_P]L_`]P^ _SPT] Q`YN_TZY^ LYO PQQPN_^ LYO ZY _SP Z_SP] bP WZZV L_ VPd ^Z`]NP^ ZY WLYR`LRP LYO LNZ`^_TN [TP_d LYO _SPT] ^dXMZWTNQZ]X^L^_SPQZ`YOL_TZYZQTY_P]^`MUPN_TaPNZXX`YTNL_TZYLYO
3TYO`T^XL^L.`W_`]PZQ>Z`YO
L^L^SL]PO^[LNPZQ]PWTRTZ`^TXLRTYL_TZY1Z]TY^_LYNPPaP]dMZOdbTWW VYZb _SP RZOOP^^ >L]L^aL_¯ L^ _SP RZOOP^^ ZQ WLYR`LRP [ZP_]d LYO X`^TNbSZR]LY_^^VTWW^TY_SP^PL]PL^,WZYR^TOP^`NS^dXMZWTNQZ]X^ _SP]PL]PTYOTRPYZ`^_SPZ]TP^ZQL]_^WTYR`T^_TN^LYO^NTPYNP^bSTNSLW^Z Z`RS_ _Z MP TYNW`OPO _Z L]]TaP L_ L w_STNV OP^N]T[_TZYx LYO []ZQZ`YO N`W_`]LW LYO ]PWTRTZ`^ ^PXTZ_TN^ BP bTWW ^_]`N_`]P Z`] ST^_Z]TNLW XL_P ]TLW TY WTYP bT_S XZ]P [L]_TNT[L_Z]d Z]TPY_L_TZY^ ^`NS L^ WLYR`LRP [P] NPTaPO L^ L MPL`_TQ`W RZOOP^^ Z] X`^TN L^ Pc[]P^^TZY ZQ _SP 9£OL -]LSXLYLYOXZ]POT^_LYNPOZ]TPY_L_TZY^LYO[L__P]Y^_SL_]P^`W_Q]ZX LYLWd_TNLW OPLWTYR^ bT_S WLYR`LRP LYO ^Z`YO ^`NS L^ TYOTRPYZ`^ WTY R`T^_TN^Z]X`^TNZWZRTNLWNLWN`WL_TZY ,^_SPXPOT`XZQWLYR`LRPZNN`[TP^_SPQZ]PR]Z`YOWT_P]L]d_SPZ]d LYOWTYR`T^_TN^L]PRTaPYL[]ZXTYPY_[WLNPTY_ST^aZW`XPBPNZY^TOP] TYOTRPYZ`^ _SPZ]TP^ TY LOOT_TZY _Z XZ]P ]PNPY_ BP^_P]Y LNLOPXTN WTYR`T^_TN^LYO_SPZ]TP^ZY_SP[P]QZ]XL_TaT_dZQQTN_TZYLYO[ZP_]d?ST^ T^ LYZ_SP] ^[PNTQTNL^[PN_ZQ_ST^MZZV TYNZY_]L^_ _Z[]PaTZ`^bZ]V^ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY BP OPaPWZ[ LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY TYaZWaTYR 4YOTLY _SPZ]TP^ ZQ WLYR`LRP LYO LP^_SP_TN^ _SPL_P] ^_`OTP^ [ZP_TN^ LYO X`^TN _SPZ]d _Z N]PL_P LY L[[]Z[]TL_P NZY_Pc_`LW N`W_`]LW Q]LXPbZ]V LYO _Z ]PQWPN_ ZY _SP ST^_Z]TNLW ^P__TYR ZQ _SP^P _SPZ]TP^ _SPX^PWaP^,YZ_SP]]PL^ZYQZ]OZTYR^ZT^_Z_LVP_SPX^P]TZ`^WdL^LY LYLWd_TNLW Q]LXPbZ]V ?ST^ QT_^ TY bT_S Z`] []ZR]LX ZQ LOZ[_TYR YZ_ ZYWd_SPP_TN[P]^[PN_TaPZQ_SPOT^_LYNPO]P^PL]NSP]M`_LW^ZZQTYNW`O TYR PXTN ^PWQ]P[]P^PY_L_TZY^ LYO Pc[WZT_TYR _SPX ?SP TYOTRPYZ`^ WTY R`T^_TN^ _SP PL]Wd 4YOTLY ^NTPYNP [L] PcNPWWPYNP bZ]VPO ]PXL]VLMWd LYLWd_TNLWWd 4YOTLY WTYR`T^_^ SLaP TY^[T]PO XZOP]Y WTYR`T^_TN^ LYO LY _TNT[L_PO XLYd L^[PN_^ TY XZOP]Y BP^_P]Y WTYR`T^_TN^ BP L]P TY_P] P^_PO TY _SP TYOTRPYZ`^ LYLWd^P^ ZQ _SP YL_`]P ZQ WLYR`LRP LYO _SP YL _`]P ZQ ^Z`YO 4YOTLY _SPZ]TP^ ZQ WLYR`LRP ^`NS L^ _SL_ ZQ _SP ;¼]aL 8¯X£À^LVL^ TYaZWaPO PL]Wd YL_`]LW ^NTPYNP LYO YL_`]LW [STWZ^Z[Sd TY Z]OP] _Z ]P^PL]NS ^Z`YO L^ L YL_`]LW [SPYZXPYZY LYO _SP []Z[P]_TP^ ZQ [Sd^TNLW ^Z`YO LYO SPL]TYR ?SPd OTQQP]PY_TL_PO _SP WTYR`T^_TN ^Z`YO Q]ZX[Sd^TNLW^Z`YO]PQWPN_POTY_PY^TaPWdZYWLYR`LRPL^LNZXX`YTNL _TZY ^d^_PX LYO PYRLRPO TY aP]d XZOP]Y^Z`YOTYR NZY^TOP]L_TZY^ ZQ WTYR`T^_TN^TRY^ ?SPTYNW`^TZYZQ4YOTLYLP^_SP_TN^TY[L]_TN`WL]LW^ZL[[PL]^_Z`^_Z MP Q`YOLXPY_LW 4_ SPW[^ TY _SP TYaP^_TRL_TZY ZQ _SP XL_P]TLWTeL_TZY ZQ YZYXL_P]TLWTOPL^LYO_SPXPOTLLYOQZ]X^ZQPc[]P^^TZYZQNZWWPN_TaP LYO TYOTaTO`LW PXZ_TZYLW bZ]WO^ ?SP NWL^^TNLW 4YOTLY LP^_SP_TN^ _SPZ ]TP^ L]P YZ_ LYLWd_TNLW O]LQ_^ TY _SP ^PY^P ZQ _SP XZOP]Y LNLOPXTN LP^ _SP_TN^ ZQ ]PWTRTZY DP_ _SPd OZ ZQQP] NL_PRZ]TP^ RZTYR MPdZYO _SP NWL^ ^TNLW 0`]Z[PLY LP^_SP_TN^ _]LOT_TZY L^ _STYR^ ^`NS L^ SZ]]Z] LYO ]Pa`W^TZYL]PNZ`Y_POLXZYR_SPLP^_SP_TNXZZO^LYONWPaP]NZY^TOP]L
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
_TZY^ LYO NWL^^TQTNL_TZY R]TO^ bP]P OPaPWZ[PO QZ] WT_P]L]d QTR`]P^ ZQ ^Z`YO LYO ^PY^P RP^_`]P LYO MZOd WLYR`LRP _SP ^_TX`WL_TZY ZQ PXZ _TZY^ Md NP]_LTY ^_dWT^_TN OPaTNP^ _SP ^`RRP^_TaP [ZbP] ZQ [ZP_TN WLY R`LRP LYO L WZ_ XZ]P MP^TOP^ 9Z_ WPL^_ _SP _P]X ]L^L [WPL^`]P XZZO LP^_SP_TN Pc[P]TPYNP T^ VPd _Z _SP NZYNP[_`LWTeL_TZY ZQ XZZO^ LYO LQ QPN_ U`^_ L^ T_ T^ QZ] _SP N`W_`]LW PaLW`L_TZY ZQ QPPWTYR^ LYO PXZ_TZYLW T_d " ?SP TYOTRPYZ`^ _SPL_P] ^_`OTP^ ZQQP] N`W_`]LW VYZbWPORP TY ]PWL_TZY _Z _SP ^_dWTeL_TZY ZQ [`MWTN [P]QZ]XLYNP^ LYO _SP XP^^LRP^ TY YZY aP]MLW QZ]X^ ZQ NZXX`YTNL_TZY ,YO QTYLWWd 4YOTLY [ZP_TN^ LYO X`^TN _SPZ]d L]P TYNW`OPO TY Z`] LYLWd^P^ ZQ _bZ RZOOP^^ SdXY^ LYO _SPT] [P]QZ]XLYNP_SL_TWW`^_]L_P_SPaP]dOTQQP]PY_NZYNP[_`LWTeL_TZY^ZQRZO OP^^P^ `^TYR ]SP_Z]TNLW ^_dWT^_TN OPaTNP^ LYO YZ_ WPL^_ LW^Z ^SZb SZb PWT_PLYOQZWVN`W_`]P^L]P]PQWPN_POTYX`^TNLW^_dWP^ ,__SP^LXP_TXP4YOTLYLP^_SP_TN^T_^PWQT^LYZMUPN_ZQZ`]TYaP^_T RL_TZY ?ST^ T^ O`P _Z ]PL^ZY^ ZQ NZY_PY_ LYO XP_SZOZWZRd :Y _SP ZYP SLYOLP^_SP_TNLYOX`^TN_SPZ]TP^L]PZQTY_P]P^_MPNL`^P_SPdOT^^ZWaP _SPMZ`YOL]TP^MP_bPPY_SP^LN]POLYO_SP[]ZQLYPLYO]PRL]OPYUZdTYR L [WLd LYO P^[PNTLWWd WT^_PYTYR _Z X`^TN L^ L QZ]X ZQ DZRL :Y _SP Z_SP]SLYO_SP]PT^LYPc_]PXPWd^_]ZYROPXL]NL_TZYMP_bPPY^ZNLWWPO STRSLYOWZbN`W_`]P,NNZ]OTYR_ZNWL^^TNLW4YOTLYL]_N]T_TNT^XTY_ST^ NL^PX`^TN_SPZ]d-SLULY^TYRTYRQZ]TY^_LYNPSL^WT__WP_ZOZbT_SLP^ _SP_TN^LYOL]_^TYNPT_T^ZYWd_SP^TYRTYRZQL[]POP_P]XTYPOXPWZOd :YWd NWL^^TNLW ^TYRTYR NZ`Y_^ L^ RPY`TYP L]_ NSL]LN_P]TePO Md Q]PP TX []ZaT^L_TZY £W£[ LYO ]P\`T]TYR X`^TNLW _]LTYTYR LWZYR bT_S L STRS OP R]PP ZQ PXZ_TZYLW TYaZWaPXPY_ ZY _SP [L]_ ZQ _SP ^TYRP]^ bSZ LWWZb _SPX^PWaP^_ZMPwNZWZ]POx ]LV_T Md_SPXZZOZQ_SP=£RL:]_ZRTaP LY PaPY XZ]P MWL_LY_ PcLX[WP ZQ _SP RL[ MP_bPPY _SP `YOP]^_LYOTYR ZQ LP^_SP_TN^ TY LNLOPXTN ^_`Od ZQ ]PWTRTZY LYO _SL_ TY TYOTRPYZ`^ _P]X^% LNNZ]OTYR _Z NWL^^TNLW 4YOTLY L]_ N]T_TNT^X TY _ST^ NL^P [ZP_TN^ PaPY APOTN SdXY^ _SL_ T^ aP]d _]LOT_TZYLW QZ]X^ ZQ ]PWTRTZ`^ Pc[]P^^TZY NSL]LN_P]TePOMd ^[PNTLW[ZP_]dLYOL[L]_TN`WL] ^_dWP ZQNSLY_TYRSLaP YZ ]PLW LP^_SP_TN OTXPY^TZY MPNL`^P _SPd L]P Z`_^TOP _SP ]PLWX ZQ V£adL # TP _SP WT_P]L]d bZ]V^ ZQ WL_P] [ZP_]d _SL_ PaZWaPO WTVP WL_P] NWL^^TNLW X`^TN L_ _SP ]ZdLW NZ`]_^ ,YO _SP QZWV Z] [Z[`WL] OZXLTY ZQ bSL_ T^ ^`YR `Yb]T__PY LYO Z]LW T^ ^PPY L^ PaPY WP^^ LP^_SP_TN :Y _SP NZY_]L]d_ST^OZXLTYT^]PRL]OPOL^`YNZ`]_WdLYO w`YN`W_`]POx $3P]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 9Z_MdNSLYNPOTO5`YP8N/LYTPWv^OT^N`^^TZYZQPXZ_TZY^TY4YOTL]PQP]LR]PL_OPLW _Z4YOTLYLP^_SP_TN^LP^_SP_TNPc[P]TPYNP ]L^L LYO]PWTRTZ`^[ZP_]d.Qw3TYO`T^Xx TY ?SP :cQZ]O 3LYOMZZV ZQ =PWTRTZY LYO 0XZ_TZY PO 5ZSY .Z]]TRLY :cQZ]O% :c QZ]O@YTaP]^T_d;]P^^# z"[L]_TN`WL]Wd z "!!z!$ # ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ $ ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ $$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
YZ_ ZYWd L ^_]L_TQTNL_TZY ZQ QZWV LYO PWT_P N`W_`]P^ MPNZXP^ PaTOPY_ M`_ LW^ZL^_]L_TQTNL_TZYZQbZ]WOWdWT_P]L_TLYO]PWTRTZ`^[]ZQP^^TZYLW^4YT_^ U`ORXPY_^ ZY L]_ LYO L]_WP^^YP^^ 4YOTLY LP^_SP_TN^ SL^ ^ZXP_STYR _Z NZY_]TM`_P _Z L _d[ZWZRd LYO LYLWd^T^ ZQ ^ZNTLW OTQQP]PY_TL_TZY^ LYO [ZbP] ]PWL_TZY^ M`_ SL^ WT__WP _Z OZ bT_S _SP LNLOPXTN LP^_SP_TN^ ZQ ]PWTRTZY ?SP bTOP QTPWO Z`_WTYPO LMZaP ^SZb^ SZb TX[Z]_LY_ YZ_ ZYWd OT^ NZ`]^P^ZY^Z`YOL]PTY_ST^MZZVM`_LW^ZOT^NZ`]^P^ZYWLYR`LRP:`] ^Z`]NP^ _SP]PQZ]P ]LYRP MPdZYO _SP XLYd PcLX[WP^ ZQ ]T_`LWTeL_TZY LYO _SPZ]TP^ ZQ [ZP_]d [STWZ^Z[STP^ ZQ WLYR`LRP ^Z`YO LYO X`^TN LWW _SP bLd _Z _SP LM^_]LN_ LYO _PNSYTNLW WLYR`LRP ZQ _SP ^NSZWL]Wd >¼_]L ^_dWP LYO_PLNSTYR^d^_PX^QZ]Z]LWNZXX`YTNL_TZYQ]ZX_PLNSP]^_Z^_`OPY_^ SLRTZR]L[STN ^PWQ^_dWTeL_TZY Md ]PWTRTZ`^ R]Z`[^ LYO [ZP_TN MTZR]L[Sd L^ LP^_SP_TNTeL_TZY LYO ^LN]LWTeL_TZY ZQ ZYPv^ ZbY WTQP _Z YLXP U`^_ ^ZXP ZQ _SP []ZXTYPY_ OT^N`]^TaP QTPWO^ LYO _Z[ZT 4Y ^ZXP [WLNP^ bP Pc[LYO _SP NZYNP[_ ZQ wWLYR`LRPx XP_L[SZ]TNLWWd QZ] PcLX[WP Md TY NW`OTYR_SPWLYR`LRPZQRP^_`]P^LYOZQO]`X^ 4_ bL^ P^[PNTLWWd TX[Z]_LY_ _Z `^ _Z LOO]P^^ YZ_ ZYWd ^NSZWL]Wd N`W _`]P^ LYO _SP [STWZ^Z[STNLW ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ M`_ LW^Z PaP]d OLd N`W_`]P LYO [Z[`WL] ]PWTRTZY DP_ PaPY _ST^ U`c_L[Z^T_TZY T^ []ZM WPXL_TNMPNL`^PT_^`RRP^_^_SL_WP^^bPWWPO`NL_PONWL^^P^WLd[P]^ZY^ bZXPYZ]WZbNL^_P^bP]PYZ_NL[LMWPZQ[STWZ^Z[STNLWLYO_SPZWZRTNLW _SZ`RS_ LYO NZYaP]^PWd _SL_ _SP bPWW PO`NL_PO ^NSZWL]Wd []ZQP^^TZYLW^ TY STRSP] NL^_P^ bSZ VYPb >LY^V]T_ OTO YZ_ []Z[Z`YO LYd [Z[`WL] TOPL^LYOZYWdMZ_SP]PObT_S_SPT] TY_PWWPN_`LWTaZ]d_ZbP][`]^`T_^ ,^ bP bTWW Pc[WLTY TY XZ]P OP_LTW TY _SP YPc_ NSL[_P] [Z[`WL] ]PWTRTZ`^ N`W_`]P LYO PaP]dOLd []LN_TNP SLaP XLYd [ZTY_^ ZQ NZY_TY`T_d bT_S _SP PWT_PN`W_`]P]P[]P^PY_POMd>LY^V]T_3TYO`T^X5`^_SZbNWZ^PWd]PWL_PO LNLOPXTNLYO[Z[`WL]TOPL^L]PLYOSZbX`NS_SPdSLaPPY]TNSPOPLNS Z_SP]T^^SZbYMd_SPP[TN^LYO_SP;`]£©L^LXZYRZ_SP]bZ]V^?SP]P L]P Y`XP]Z`^ TY_P]QP]PYNP^ LYO TY_P]LN_TaP ]PWL_TZY^ST[^ MP_bPPY >LY ^V]T_ 3TYO`T^X LYO QZWV ]PWTRTZ^T_d LYO >LY^V]T_ 3TYO`T^X T_^PWQ T^ L WZYR bLd Q]ZX MPTYR [`]PWd _SP ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ Z] MPTYR WTXT_PO _Z -]LSXLYTN [WLdP]^ =PWTRTZ`^ TYYZaL_TZY^ ZQ_PY NLXP L^ _SPd OZ PaP]dbSP]P TY _SP bZ]WO wQ]ZX _SP MZ__ZX `[x ?SP ^`[[Z^PO XZYZ[ZWd ZQ _SP -]LSXTY^ SL^ Q]P\`PY_Wd MPPY PcLRRP]L_PO LYO YZ_ LWW -]LSXTY^ bP]P WZdLW _Z _SP APOL Z] MPWZYRPO _Z _SP TY_PWWPN_`LW PWT_P ?SP]P SLaP MPPY OTQQP]PY_ PWT_P^ bT_STY >LY^V]T_ N`W_`]P MP^TOP^ _SP APOL -]LSXTY^ QZ] TY^_LYNP _SP NZ`]_Wd [ZP_^ LYO _SP ?LY_]TN ±LTaL^ bSZ PYUZdPO ]ZdLW [L_]ZYLRP 9Pb ]PWTRTZ`^ PWT_P^ TY ?LY_]TN LYO OP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SLYV^ _Z [ZbP]Q`W PY_S]ZYTYR ]T_P^ _SL_ bP]P YZ_ TYQP]TZ] _Z _SP APOTN ZYP^ ^_L_P []Z_PN_TZY ]T_P^_PX[WP ]T_P^LYO_]LY^]PWTRTZ`^[]ZQP^^TZYLWT_d±TaLT^X bSTNS bL^
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
aZ_TZYLW XZaPXPY_^ YZ XL__P] bSL_ PO`NL_TZYLW LYO ^ZNTLW NWL^^ _SPd NLXPQ]ZXTYT_TL_POAPOLTYOP[PYOPY_TYT_TL_TZYWTYP^LYOR]Z`[TOPY_T _TP^LYORPYP]LWWdQZ`YO_SPT]ZbY^d^_PX_ZMP^`[P]TZ]_Z_SPZ_SP]^ ?SP]P bP]P XLYd LYO aL]TPO TY_P]LN_TZY^ ZaP]WL[^ MZ]]ZbTYR^ LYO YPRZ_TL_TZY^MP_bPPY_SPOTQQP]PY_N`W_`]LWR]Z`[^ ,YO dP_ _SP]P L]P OTQQP]PYNP^ [L]_TN`WL]Wd ]PRL]OTYR [Z[`WL] N`W _`]P4YaP^_TRL_TYR>LY^V]T_3TYO`T^XYPNP^^L]TWdXPLY^[]TXL]TWd_LNV WTYR WT_P]L_`]P^ ZQ wSTRS 3TYO` N`W_`]Px LYO ^NSZWL]Wd NWL^^P^ ^TX[Wd ZbTYR_Z_SP>LY^V]T_WLYR`LRPLYO_SPWZYR_]LOT_TZYZQ^NSZWL]^ST[LYO WT_P]LNd ?SP _Pc_^ ZQ _SP^P NWL^^P^ P^[PNTLWWd _SP APOL LYO _SPT] VYZbWPORP ^d^_PX^ bP]P YZ_ YPNP^^L]TWd VYZbY TY PaP]dOLd []LN_TNP LXZYR _SP RPYP]LW [Z[`WL_TZY WP_ LWZYP TX[Z]_LY_ z ^TXTWL]Wd _Z LNL OPXTN_SPZWZRdL_Z`]BP^_P]Y`YTaP]^T_TP^bSTNSL[[PL]^_ZSLaPWT__WP NZY_LN_ bT_S [Z[`WL] []LN_TNP^ PR bZ]^ST[ ZQ _SP AT]RTY 8L]d bSTWP QZ]_SPbZ]^ST[P]^ZQ_SPAT]RTY8L]d_SPZWZRTP^NZYNP]YTYR_SP_]TYT_d `^`LWWd]PXLTYLXd^_P]dTY_SP_]`P^_^PY^PZQ_SPbZ]OzTQTYOPPO_SPd SLaPPaP]SPL]OZQ^`NS_SPZWZRTP^>Z_SP]POPQTYT_PWdL]P^ZXPOTQQP] PYNP^ ,YO _SP ZM^P]aL_TZY T^ _SP]PQZ]P LWW _SP XZ]P ^TRYTQTNLY_ _SL_ ^NSZWL]Wd N`W_`]P LYO [Z[`WL] N`W_`]P OZ YZ_ OTQQP] TY bSL_ T^ _SP XZ^_ TX[Z]_LY_ [ZTY_ QZ] `^ ?SPd ^SL]P _SP ^Z`YONPY_P]PO WTQPbZ]WO TOPL^ ZQ_SP^LN]POYP^^ZQ^Z`YO_SPPQQTNLNdZQ_SPXLY_]L^SZWdQZ]X`WL^ P_N 4_ bL^ TX[Z]_LY_ _Z `^ _SL_ _ST^ MZZV ^SZ`WO TYNW`OP YZ_ ZYWd PaT OPYNP Q]ZX _SP PO`NL_PO PWT_P ^`NS L^ -]LSXLYNPY_P]PO ]PNT_L_TZY ZQ _SP APOL _SP ^NSZWL]Wd WLYR`LRP _SPZ]TP^ _SP NZ`]_Wd [ZPX^ LYO _SP ^ZYTN _SPZWZRTP^ M`_ LW^Z [Z[`WL]TeL_TZY^ QZWV YL]]L_TaP^ LYO ]PWTRTZ`^ PaP]dOLd []LN_TNP /TQQP]PYNP^ TY ^ZNTLW ^_]L_TQTNL_TZY MP_bPPY _SP N`W _`]P ZQ _SP WT_P]L_T LYO [Z[`WL] N`W_`]P L]P L[[L]PY_ TY _SP >LY^V]T_ WT_ P]L_`]P^_SPX^PWaP^LYOLW^Z TY_SPT][P]QZ]XLYNPPRTY _SPOTQQP]PY_ ^TYRTYR ^_dWP^ TY bSTNS L /`]R£ SdXY LYO _SP RZOOP^^ SdXY >L`YO L]dL7LSL]Å L]P ]PLWTePO ?SP QZ]XP] T^ NZWWPN_TaP -SLULY ^TYRTYR LYO _SPWL__P]T^STRSWdL]_T^_TNTYOTaTO`LWTePONWL^^TNLW^TYRTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^_]ZYRWdTYQW`PYNPOMd?LY_]T^XPYUZdPO]ZdLW[L_]ZYLRPLYObL^_SPOZXTYLY_]PWT RTZ`^ [L]LOTRX MP_bPPY _SP _S LYO _S NPY_`]TP^ ZQ _SP .ZXXZY 0]L .Q ,WPcT^ >LYOP]^ZY w=PWTRTZY LYO _SP >_L_P% ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP 6TYRv^ -]LSXLYTNLW .SL[WLTYx 4YOZ4]LYTLY 5Z`]YLW " % $z& w?SP ±LTaL ,RP% ,Y 0c[WLYL_TZY ZQ _SP =T^P LYO /ZXTYLYNP ZQ ±LTaT^X /`]TYR _SP 0L]Wd 8POTPaLW ;P]TZO NL ,/ zx F[L[P] L_ _SP 0L]Wd ?LY_]T^X BZ]V^SZ[ ?ZVdZ :N_ZMP] z HS__[%LWPcT^^LYOP]^ZYNZXLMZ`_`^L^[cLNNP^^PO5`Wd_S#&LYO Z`]?LY_]LNSL[_P]TY_ST^MZZVNSL[ :Y _SP ]PWL_TZY^ST[ MP_bPPY APOL LYO ?LY_]L ^PP QZ] TY^_LYNP ,WPcT^ >LYOP]^ZY w±LTaT^X LYO_SP?LY_]TN?]LOT_TZY^xTY ?SPBZ]WOv^=PWTRTZY^PO >_PbL]_ >`_SP] WLYO P_ LW 7ZYOZY% =Z`_WPORP $## !!z!! LYO ,YYP__P BTWVP w9PRZ_TL_TYR ?LY_]LLYO APOLTY_SP ;L]L²`]£XL6LW[L _]LOT_TZYxTY 9PRZ_TL_TYR=T_P^PO 1]LYV 9P`MP]_LYO@_P3Þ^VPYQZ]_SNZXTYR
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
4Y_SPOT^N`^^TZYZQ_SP_bZRZOOP^^SdXY^T_bTWWMPNZXP[L]_TN` WL]Wd NWPL] SZb QPPWTYR^ LYO XZZO^ L]P ^_TX`WL_PO _S]Z`RS [P]QZ]X LYNP^ _SL_ L]P [P]NP[_TMWP _S]Z`RS _SP ^PY^P^ TY _ST^ NL^P _bZ \`T_P OTQQP]PY_ wRZOOP^^ L_XZ^[SP]P^x LYO _bZ OTQQP]PY_ QZ]X^ ZQ ^_]ZYRWd PXZ_TZYLW PaPY PN^_L_TN [L]_TNT[L_TZY ?ST^ [L]_TNT[L_TZY XLd XLYTQP^_ T_^PWQ[ZbP]Q`WWdTY_SPMZOdZ]Pc_]PXPWdTY_P]TZ]TePOzTYLYTYNZ][Z ]PLW QZ]X ^Z _Z ^[PLV 8`^TN TY [L]_TN`WL] N]PL_P^ ^_]ZYR R]Z`[ TOPY_T _TP^ LYO _TP^ _S]Z`RS ^dYNS]ZYTeL_TZY Md NZWWPN_TaP NSLY_TYR LYO SPL] TYRLYO^ZNTLWPQQP]aP^NPYNP_SPw^bPWWTYR`[xZQXZZO^]PLN_TZY^P_N Md UZTYTYR TY LYO MPNZXTYR [L]_ ZQ L NZXXZY Pc[P]TPYNP 8`^TN NLY LW^Z PWTNT_ L aP]d [P]^ZYLW ]PLN_TZY ZQ XPW_TYR LbLd M]TYRTYR LMZ`_ [PLNP ZQ XTYO TY_PY^P OPaZ_TZY LYO ^L_T^QLN_TZY TY ^PWQQZ]RP_Q`W LM ^Z][_TZY ?ST^ OT^^ZWaTYR T^ _SP ]PT_P]L_TZY ZQ L N`W_`]LW [L__P]Y ZQ [^d NSZWZRTNLWwMWPYOTYRxLYOYZYO`LWwQ`^TYRxbSTNSSL^ZNN`]]POLRLTY LYO LRLTY ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ TY YPb LYO aP]d OTQQP]PY_ QZ]X^ z NZRYT_TaP PXZ_TaP ]T_`LW LP^_SP_TN NZY_]ZWWPO LYO ]P^_]TN_PO LYOPN^_L_TNQZ]X^ >ZXP _STYR^ ^`RRP^__SL_ _SP4YOTLY[]POTWPN_TZYQZ] SZWT^_TN bZ]WO aTPb^ NZ]]PWL_P^ OT]PN_Wd bT_S _SP ^Z`YONPY_P]PO WTQPbZ]WO LYO bL^ []ZXZ_PO Md _SP [L]LOTRX ZQ ^ZYTN [P]NP[_TZY 4Y >LY^V]T_ 3TYO`T^X WLYR`LRP LYO ^Z`YO L]P LXZYR _SP XLUZ] XPLY^ ZQ TOPY_TQTNL_TZY LYO _SP XZ^_ ^TRYTQTNLY_ SZWT^_TN ^dXMZW^ ZQ YZYO`LW ]PLWT_d BP QTYO QZ] TY^_LYNP LY TOPY_TQTNL_TZY ZQ OPT_TP^ ML^PO ZY _SP [SZYP_TN ^TXTWL]T_TP^ ZQ_SPT]YLXP^?SPLNZ`^_TN[TP_dLYO^ZYTN_SPZWZRd_SL_L]P_d[TNLWZQ 3TYO`T^XL[[PL]_ZMPQZ`YOPOYZ_WPL^_TY_SPQLN__SL__SPPc[P]TPYNP ZQ^Z`YONLYPL^TWdM]TYRLMZ`_TXXPOTL_PLM^Z][_TZYLYOLWWZb^L ^PY ^Z]d Pc[P]TPYNP ZQ YZYO`LWT_d 4Q [STWZ^Z[STNLW _SPZWZRTNLW ?LY_]TN LYOX`^TNZWZRTNLW ^[PN`WL_TZY^L]PLW^Z NZY^TOP]PO ^Z`YOPaPY N]PL_P^ L [Sd^TNLW [L]_TNT[L_Z]d WTYV bT_S _SP bSZWP NZ^XZ^ 3P]P ^Z`YO LYO ^[LNPP_SP] L]P ]PRL]OPO L^ wPaP]WL^_TYRx PWPXPY_^ LYO _SP PXP]RPYNP ZQ _SP bZ]WO T^ _]LNPO MLNV _Z ]Sd_SXTN ^Z`YO -`_ ^Z`YO LW^Z SL^ L ^[PNTLW [Z^T_TZY TY WP^^ P^Z_P]TN YZY?LY_]TN OT^NZ`]^P^ >Z`YO T^ _SP XZ^_ wP_SP]PLWx ZMUPN_ ZQ ^PY^Z]d [P]NP[_TZY LYO _SP 4YOTLY NWL^^TQTNL _TZY ZQ _SP ^PY^P^ NZ]]PWL_P^ SPL]TYR LNZ`^_TN^ LYO ^[LNP OT]PN_Wd LYO LWbLd^ aTPbPO _SPX L^ _SP XZ^_ ^`M_WP PWPXPY_^ ZQ _ST^ bZ]WO NZXTYR NWZ^P^_ _Z _SP ^`[P]YL_`]LW?SP]PQZ]P ^Z`YO bL^P^[PNTLWWd ^`T_LMWPQZ] ]P[]P^PY_TYR LYO PXMZOdTYR _SP TXXL_P]TLW _]LY^NPYOPY_LW LYO ^`[P] YL_`]LW 1`]_SP]XZ]P ^Z`YO T^ [L]_TN`WL]Wd ^`T_LMWP L^ L ^dXMZW ZQ bSZWPYP^^ LYO NZ^XTN `YT_d >Z`YOv^ aP]d ZbY OZXLTY _SL_ T^ _Z MP LNNP^^TMWP_Z^PY^Z]d[P]NP[_TZYLYOL__SP^LXP_TXP_ZMPTYLNNP^^TMWP _ZT_L^aTM]L_TZY^LYO^Z`YObLaP^bL^L[[L]PY_Wd[P]^`L^TaPPaTOPYNP QZ] _SP WTYVLRP LYO NZY_TY`T_d ZQ _SP TY_P]YLW LYO Pc_P]YLW bZ]WO^ ?SP QLN_ _SL_ ^_]TN_Wd ^[PLVTYR L ^TYRWP _ZYP NZY^T^_^ ZQ LY TYQTYT_P ^P]TP^ ZQ
,[[WTPO,P^_SP_TN^ZQ=PWTRTZY
"
TYOTaTO`LWaTM]L_TZY^LYO_S`^[Z_PY_TLWWdNZY_LTY^_SPbSZWP_ZYLW^[PN _]`X YZ_ ZYWd MPYPQT_PO SZWT^_TN XZOPW^ QZ] Pc[WLTYTYR _SP bZ]WO LYO [STWZ^Z[STP^ZQQ`^TZYM`_bL^LW^ZLNNP^^TMWP_Z_SP^PY^P^9£OLwTY _P]TZ]x^Z`YOLYOTYQ]L^Z`YObL^YZ_ZYWd^PPYL^[]TXZ]OTLW^Z`YOM`_ LW^ZLYLP^_SP_TN]PLWT_dLYOT^[Sd^TNLWWdPc[P]TPYNPOTYX`^TN>ZZYP OTOYZ_SLaP_Z Pc[P]TXPY_QT]^_ZQLWWbT_SP^Z_P]TN DZRL[]LN_TNP^LYO XLY_]L NZY_PX[WL_TZY _Z Pc[P]TPYNP _SP []TXZ]OTLW 9£OL z TY^_PLO T_ bL^ ^`QQTNTPY_ _Z L__PYO L [P]QZ]XLYNP ZQ X`^TN ,MZaP LWW _SP QZ`] ^_]TYRPO ?£X[¼]L OPaPWZ[PO TY L]Z`YO _SP ^PaPY_PPY_S NPY_`]d SLO _SP `YT\`P[]Z[P]_dZQMPTYR_`YPO^Z_SL__SPWT^_PYP]LWbLd^SPL]OL`YT_d LYO L X`W_T[WTNT_d ZQ _ZYP^ _ZRP_SP] PaPY TQ U`^_ L ^TYRWP ^_]TYR bL^ MPTYR [WLdPO ?ZOLd T_ T^ OTQQTN`W_ _Z QTYO L NWL^^TNLW NZYNP]_ bT_SZ`_ L ?£X[¼]L LYO _SP [Z[`WL]T_d ZQ _ST^ TY^_]`XPY_ QZ] T_^ NZY^_LY_ O]ZYTYR T^[]ZMLMWdPc[WLTYPOMd_SPSZWT^X_SL_T^QPW_TY_SPMZOdbSTNSL]T^P^ \`T_PYL_`]LWWdbSPY_SPWT^_PYP]SPL]^T_^^Z`YO^[PN_]`X;STWZ^Z[SP]^ WTVP -SL_SL]T ZYP ZQ _SP VPd wN`W_`]LW [ZWTNdXLVP]^x TY XL__P]^ ZQ WLYR`LRP_SZ`RS_ZQWLYR`LRPSZWT^_TNLWWdMPNL`^PT_PYNZX[L^^P^_]LY ^NPYOPYNd aTL _SP NZY^NTZ`^YP^^ M`_ ^Z`YO T^ LW^Z ^_TWW L SZWT^_TN [SP YZXPYZYTY_SP^ZNTLWLYO[Sd^TNLW]PLWT_d4_T^LST^_Z]TNLWQLN__SL_TY []LN_TNPPaPYTY_SP[]PXZOP]Y[P]TZOT_bL^WP^^_SP]`WPML^PO]TRZ]^ ZQ APOTN ]PNT_L_TZY LYO XZ]P _SP ^ZYTN ^PY^`LWT^X ZQ ?LY_]L ]P[P_T_TZY ZQ ^TX[WP XLY_]L QZ]X`WL^ LYO _SP PXZ_TZYLW bZ]WO^ ZQ X`^TNLWTePO OPaZ_TZY _SL_ P^_LMWT^SPO _SPX^PWaP^ LWWZbTYR ZYP _Z w_`YP TY_Zx _SP RZO LYO ST^ [ZbP] bT_SZ`_ ]P\`T]TYR _SPZWZRTNLW LYO [STWZ^Z[STNLW VYZbWPORP ?ST^VTYOZQ[L]_TNT[L_Z]dLYO^dY_SP_TN_STYVTYRLN_TYRLYOPc[P]T PYNTYR L[[PL]^ _Z NZ]]P^[ZYO bT_S L _d[TNLW 3TYO` SLMT_`^ LYO XLd Pc[WLTYbSdZ]LWL`]LWNZXX`YTNL_TZY^d^_PX^SLaPYPaP]OTPOZ`_LYO TOPL^ LMZ`_ _SP [ZbP] ZQ ^Z`YO^ ^Z`YONPY_P]PO []LN_TNP^ LYO `YT_L]d WTYR`T^_TN aT^TZY^ SLaP MPPY ]P[]ZO`NPO ZaP] _SP NPY_`]TP^ LYO NZY_TY `PO _Z MP ]PRPYP]L_PO TY YPb QZ]X^ 4Y LYd NL^P _SPd TWW`^_]L_P bSd PaPY`YNZX[]PSPYOPO^Z`YOXLVP^^PY^PLYONZY_]TM`_P^_ZXLVTYR_SP Pc_]LZ]OTYL]dTY_ZL[L]_ZQZYPv^WTQPBT_SO`PNL`_TZYZYPNLY^[PLV ZQ L R`TOTYR N`W_`]LW TXLRP LYO WPT_XZ_Ta ZQ wQ`^TZYx LYO ^PP TY _SP Q`^TYR ^_]L_PRTP^ LYO XPW_TYR Pc[P]TPYNP^ _SP [P]QPN_ Z[[Z^T_P bZ]WO bSP]P ^ZNTLW YZ]X^ LYO MZ`YOL]TP^ L]P YZ WZYRP] aLWTO ?SP MWT^^Q`W ^PWQ_]LY^NPYOPYNd NLY ZQQP] NZX[PY^L_TZY QZ] _SP ]P^_]TN_PO NZOP^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPOT^N`]^TaPQTPWOZaP]WL[^bT_S3LNVP]v^w4YNW`^TaT^XxLYO8TNSLPW^vwTOPY_TQTNL _Z]dSLMT_`^xbSTNS_SPL`_SZ]^]PRL]OL^_SZ`RS_QZ]X^P^[PNTLWWd_d[TNLWZQ3TYO` T^XLYO[L]_ZQ^ZNTLW^PY^P.Q;L`W3LNVP]w4YVW`^TaT^X`^xTY 4YVW`^TaT^X`^PTYP TYOT^NSP /PYVQZ]XPO 2P]SL]O:MP]SLXXP]ATPYYL% 4Y^_T_`_ QÞ]4YOZWZRTP$#& ,cPW8TNSLPW^ /P]3TYO`T^X`^%2P^NSTNS_P`YO2PRPYbL]_ 8ÞYNSPY%-PNV$$# $z" ! !Q #$$ "! z""
3TYO`T^XL^L.`W_`]PZQ>Z`YO
#
^ZNTLW ]ZWP^ Z] TYOPPO Pc[]P^^ L YL_`]LW ^dXMTZ_TN YPPO QZ] SL]XZYd OP^T]POLYOPaPY]P\`T]POTY_SPNWZ^PVYT_NZPcT^_PYNPZQ_SPPc_PYOPO QLXTWd3ZbPaP]PaPYTY3TYO`4YOTLL[L]_TNT[L_Z]dSLMT_`^T^YZ__SP ZYWd XPLY^ ZQ LNNP^^TYR WLYR`LRP LYO _SP bZ]WO DP_ T_ T^ P^[PNTLWWd ^_]ZYRWd MZ`YO `[ bT_S LP^_SP_TN ^PY^Z]d NZXX`YTNL_TZY LYO _SP XLTY PX[SL^T^ZQ_ST^MZZV bTWW MPZY[]PNT^PWd_ST^_d[PZQNZXX`YTNL_TZY -`_ZYP^SZ`WOYZ_QZ]RP__SL_TY_SP[L^_^Z`YOLbL]PYP^^LW^ZQZ^_P]PO QZ]XLWLYOLM^_]LN__SZ`RS_zQZ]X^ZQwPXLYNT[L_Z]dxSLMT_`^zL^bP bT^S_Z^SZb
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
@YOZ`M_POWd Z`] ]P^_]TN_TZY _Z >LY^V]T_ N`W_`]P LYO >LY^V]T_ 3TYO`T^X T^L^^ZNTL_PObT_SLMTL^_ZbL]O^PWT_PN`W_`]PLYO -]LSXLYTN_]LOT_TZY _SPT] ^[SP]P^ ZQ [ZbP] LYO N`W_`]LW SPRPXZYd dP_ T_ bZ`WO MP b]ZYR _Z MPWTPaP _SL_ _ST^ bZ`WO NZX[WP_PWd PcNW`OP [Z[`WL] ]PWTRTZY LYO WT_ P]LW LYO Z]LW ]PWTRTZ`^ N`W_`]P^ ]ZZ_PO TY _SP aP]YLN`WL] BP SLaP LW ]PLOd M]TPQWd STY_PO L_ _ST^ [ZTY_ M`_ SP]P bP L]P NZYNP]YPO bT_S _SP ^ZNTLW ^TRYTQTNLYNP ZQ _SP >LY^V]T_ TOTZX LYO _SP [P]aL^TaP ]LYRP ZQ >LY^V]T_N`W_`]P 8 9 >]TYTaL^v ^PXTYLW ^_`Od ZQ _SP .ZZ]R^ TY >Z`_SP]Y 4YOTL TY _SP $ ^ LW]PLOd ]P[WLNPO _SP PL]WTP] NZXXZY _P]X w-]LSXLYT^Xx bT_S _SL_ ZQ w>LY^V]T_TN 3TYO`T^Xx _Z ]PQP] _Z L RPYP]LWTePO [L__P]Y ZQ -]LSXTY[]LN_TNP^LYOMPWTPQ^_SL_SLaP^[]PLO_S]Z`RSZ`_4YOTLTYNZY _]L^__Z3TYO`_]LOT_TZY^bT_SLWZNLW]PRTZYLWZ][PYTY^`WL]^[]PLO3P XLOP T_ NWPL] _SL_ >LY^V]T_TN 3TYO`T^X T^ YZ_ WTXT_PO _Z -]LSXTY^ M`_ bL^LW^ZLOZ[_POMdYZY-]LSXLYTNR]Z`[^LYOWZNLWQZWVN`W_^_Z]LT^P _SPT] ^_L_`^MdXPLY^ZQw>LY^V]T_TeL_TZYx7L_P]^_`OTP^SLaP OPP[PYPO LYOOTQQP]PY_TL_PO_SP^PTY^TRS_^?SPd^SZbPO_SL__SPTY_P]LN_TZY^LYO YPRZ_TL_TZY []ZNP^^P^ MP_bPPY _SP w7T__WP ?]LOT_TZYx LYO _SP w2]PL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _ST^ ^PP LW^Z ;TP]]P>dWaLTY 1TWWTZeL_ ?SP >LY^V]T_ 7LYR`LRP ,Y :aP]aTPb% 3T^_Z]dLYO>_]`N_`]P7TYR`T^_TNLYO ;STWZ^Z[STNLW=P[]P^PY_L_TZY^@^P^LYO @^P]^ AL]LYL^T%4YOTNL-ZZV^Z]TRTYLW1]PYNSPOT_TZY$$0aPYTQZYPSL^_Z^`[ [Z^P L X`W_TWTYR`LWT^X LYO LW^Z Sd[P]RWZ^^ZWLWTL >LY^V]T_ bL^ _SP []PPXTYPY_ WLY R`LRP ZQ _SP XPY ZQ WP__P]^ TMTO !"z$ z -]LSXTY^ TP ]PWTRTZ`^ ^[PNTLWT^_^ LYO P]`OT_P[LYOT_^LW^ZNZ`]_Wd[ZP_^LYOZ_SP][P]^ZY^ZQSTRSP]PO`NL_TZY.QLW^Z5LY 08 3Z`MPY PO 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_% .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP>LY^V]T_7LYR`LRP 7PTOPY%-]TWW$$! 8 9>]TYTaL^ =PWTRTZYLYO>ZNTP_d LXZYR_SP.ZZ]R^ZQ>Z`_S 4YOTL 7ZYOZYLYO 9PbDZ]V%:cQZ]O@YTaP]^T_d;]P^^$ ?ST^_P]XbL^`^PO_ZOTQQP]PY_TL_P>LY^V]T_3TYO`T^XQ]ZX[Z[`WL]3TYO`T^XLYO LW^ZTYLYL]]ZbP]^PY^P_ZOT^_TYR`T^S_SPAPOTNN`W_`]PQ]ZXWL_P]3TYO`T^X
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
$
?]LOT_TZYx ! bP]P LYO L]P QL] XZ]P NZX[WPc X`W_TQLNP_PO LYO TY_P]LN _TaPLYO _SPT]]PWL_TZY^ST[ T^aL]TLMWPLYOZ^NTWWL_P^R]PL_WdOP[PYOTYR ZY ^[PNTQTN ]PRTZYLW NZY_Pc_^ " :Y _SP Z_SP] SLYO T_ bL^ LW^Z ^SZbY _SL_ wQZWV 3TYO`T^Xx Z] waTWWLRP 3TYO`T^Xx bT_S T_^ ]TNS aP]YLN`WL] Z]LW N`W_`]P^ Z]LW TY _SP ^_]TN_ ^PY^P LYO T_^ LW_P]YL_TaP [LY_SPZY^ Xd_S^ LYO ]T_P^ SL^ []P^P]aPO XLYd L`_ZYZXZ`^ ^[SP]P^ LYO ZQ_PY LOZ[_TZY^ ZQ _SP >LY^V]T_TN wR]PL_ _]LOT_TZYx _PYO _Z MP TY YLXP ZYWd ATWWLRP 3TYO`T^X bSTNS bP OZ YZ_ TYNW`OP TY Z`] ^_`Od SL^ T_^ ZbY [L]_TN`WL] Z]LWL`]LW [P]QZ]XLYNP^% ^ZYR OLYNP O]`XXTYR LYO O]L XL_TN [P]QZ]XLYNP^ ZQ T_^ ZbY Xd_SZWZRTNLW YL]]L_TaP^ L]P _Z MP QZ`YO TY_SP^_LYOL]O]P[P]_ZT]PZQWZNLWQP^_TaLWN`W_`]P^LYOL]PZQ_PYL^^ZNT L_PObT_S[Z^^P^^TZY_]LYNPMWZZO^LN]TQTNP^LYO^PWQXZ]_TQTNL_TZY?SP ]PWL_TZY^ST[ MP_bPPY _SP _P]X w>LY^V]T_TeL_TZYx LYO _SP >LY^V]T_ WLY R`LRPT^aP]dNZX[WTNL_POL^1]T_^>_LLW[ZTY_POZ`_MPNL`^Pw>LY^V]T _TeL_TZYNZaP]^NL^P^bSP]P_SPTYQW`PYNPZQ>LY^V]T_LYO_SPLXZ`Y_ZQ >LY^V]T_ XL_P]TLW OPN]PL^P^x # :`] ]P^_]TN_TZY _Z _SP >LY^V]T_ WT_P]L_`]P Pc[WLTY^_SP_P]Xw>LY^V]T_3TYO`T^XxTY^_PLOZQ>]TYTaL^vw>LY^V]T_TN 3TYO`T^Xx ?SP wMTL^x _ZbL]O^ -]LSXLYTN _]LOT_TZY T^ ]PaPLWPO TY _STYR^^`NSL^Z`]M]ZLO_]PL_XPY_ZQ_SPAPOLL^L[L]LOTRXZQ^LN]PO ^Z`YO DP_ ^ZXP ZQ Z`] XL_P]TLW QZ] TY^_LYNP PL]Wd ?LY_]L^ TY SdM]TO >LY^V]T_ LYO L [Z[`WL] /`]R£ SdXY ]PQWPN_^ ^_]ZYR QZWV TYQW`PYNP^ LYO_SPYPbNZOTYR^ZQAPOLLYOAPOTNTXLRPTY_SPP[TN^LYO;`]£©L^ _SL_ bP NZY^TOP] LW^Z MPWZYR _Z [Z[`WL] ]PWTRTZ`^ N`W_`]P ]L_SP] _SLY _Z PWT_P N`W_`]P :YP L^[PN_ _SL_ bP OZ YZ_ PcLXTYP M`_ bSTNS T^ bZ]_S XPY_TZYTYR T^ _SL_ P[TN^ LYO ;`]£©TN _LWP^ SLaP PY_P]PO _SP [`MWTN OZ XLTY aTL _SPL_]TNLW [P]QZ]XLYNP^ TY _SP Z]TRTYLW >LY^V]T_ L^ bPWW L^ TY aP]YLN`WL]_]LY^WL_TZY^LYOaT^`LWTeL_TZY^TXLRP^^N`W[_`]P^P_N 9PT_SP]TY_SP]PRTZYLWLYOWZNLWaP]YLN`WL]N`W_`]P^YZ]TY>LY^V]T_ 3TYO`T^X T_^PWQ NLY ZYP L^^`XP L `YTQZ]X ^_]`N_`]P L^ ^`RRP^_PO Md >]TYTaL^v w>LY^N]T_TN 3TYO`T^Xx $ ?SP _Pc_`]P ZQ >LY^V]T_ 3TYO`T^X T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP^P_P]X^bP]PTY_]ZO`NPOMd=ZMP]_=POQTPWO ?SP7T__WP.ZXX`YT_dLYO;PL^LY_ >ZNTP_d LYO .`W_`]P .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $! LYO ]TRS_Wd N]T_T NTePO ZbTYR _Z _SPT] [PUZ]L_TaP XPLYTYR LYO _SPT] PcNP^^TaPWd YL]]Zb NZYYZ_L_TZY^ DP__SPdSLaPXLTY_LTYPOLSP`]T^_TNaLW`P " .Q APPYL /L^ >_]`N_`]P LYO .ZRYT_TZY% ,^[PN_^ ZQ 3TYO` .L^_P LYO =T_`LW 9Pb /PWST% :cQZ]O @YTaP]^T_d ;]P^^ $# LYO 0aPWTYP 8L^TWLXLYT8PdP] ,«V£L [L]LXÚN`aL]T% , 2ZOOP^^ ZQ ?LXTWYLO` SP] 8d_S^ LYO .`W_ BTP^MLOPY% >_PTYP] $#!$z # 1]T_^ >_LLW w>LY^V]T_ LYO >LY^V]T_TeL_TZYx 5Z`]YLW ZQ ,^TLY >_`OTP^ $!% !z" SP]P" $ =PWTRTZ`^ L`_ZOPQTYT_TZY^ ZQ_PY aL]d NZY^TOP]LMWd OP[PYOTYR ZY ^PN_L]TLY ]PRTZYLW NL^_P]PWL_PO LYO Z_SP] LQQTWTL_TZY^ >]TYTaL^v NZYNP[_ ZQ w>LY^N]T_TN 3TYO`T^Xx OTO YZ_ OZ U`^_TNP _Z _SP XLYd OTQQP]PY_ ^PN_L]TLY LYO OPYZXTYL_TZYLW OTQQP]PY_TL_TZY^ bT_STY_SP^_]`N_`]PZQ>LY^N]T_TN3TYO`T^X?ST^bL^bPWWTWW`^_]L_POQZ]TY^_LYNPMd
3TYO`T^XL^L.`W_`]PZQ>Z`YO
PcNP[_TZYLWWd NZX[WPc ?SP _P]X OP^TRYL_P^ L WL]RP Y`XMP] ZQ _]LOT _TZY^ _SL_ `^PO >LY^V]T_ LYO bSTNS ZbTYR _Z _SP NZXXZY N`W_`]LW NZY _LN_eZYPZQ 4YOTLLYO w2]PL_P]4YOTLx bP]PYZ_ZYWdTYNZY^_LY_ TY_P] LN_TZY bT_S ZYP LYZ_SP] M`_ LW^Z TY_P]LN_PO bT_S aP]YLN`WL] Z]LW LYO WT_P]L]d]PWTRTZY^1Z]PcLX[WPT_bZ`WOMPaT]_`LWWdTX[Z^^TMWP_ZQTYO LYdbSP]P TY 4YOTL L [WLNP bSP]P _SP]P T^ YZ_ L bTOP^[]PLO MPWTPQ _SL_ XLY_]L^YZXL__P]bSP_SP]APOTN?LY_]TNZ] ;`]£©TNNLYSLaP LY TX XPOTL_P PQQPN_ ZY ]PLWT_d LYO [Z^^P^^ _]LY^QZ]XL_TaP [ZbP] ! 8LYd _Z[ZT ZQ >LY^V]T_ 3TYO`T^X z PaPY _SP ^Z[ST^_TNL_PO ^ZYTN NZ^XZWZRTP^ ZQ _SP wSTRS ?LY_]Lx _SL_ bP OT^N`^^ L_ WPYR_S z SLaP WPQ_ MZ_S OT]PN_ LYO TYOT]PN_ _]LNP^ TY QZWV 3TYO`T^X LYO SLaP MPPY LOL[_PO ]PNZOPO LYOTY^ZXPNL^P^LW^ZTYaP]_PO !BPNLYYZ_LOO]P^^_ST^PcNT_TYRQTPWO ^`QQTNTPY_WdSP]PM`_PaPYZ`]M]TPQZ`_WTYPTYOTNL_P^_SP^TRYTQTNLYNPZQ _SP >LY^V]T_ WLYR`LRP LYO _SP wRWZMLWx ^[SP]P ZQ [ZbP] ZQ >LY^V]T_ 3TYO`T^X ?SP ^dXMZWTN ^TRYTQTNLYNP LYO _SP N`W_`]LW aLW`P ZQ >LY^V]T_ SLaP MPPY PX[SL^TePO Md XLYd ]P^PL]NSP]^ ! 4Y L bLd >LY^V]T_ N`W_`]P NLY PaPYMPNLWWPO_SPOZXTYLY_XZOPWZQLWW4YOTLYNTaTWTeL_TZY0aPYTQ_SP TYYP] ^_]`N_`]P ZQ _ST^ N`W_`]P T^ Pc_]PXPWd OTaP]^P T_ T^ [Z^^TMWP _Z XLVPZ`_SZXZRPYTeTYRNSL]LN_P]T^_TN^LYO_SPNZYQTR`]L_TZYZQLNZX XZY N`W_`]P 4Y NZY_]L^_ _Z aP]YLN`WL] LYO WZNLW N`W_`]P^ ^TYNP WL_P APOTN _TXP^ TP _SP QT]^_ XTWWPYYT`X ZQ _SP .ZXXZY 0]L >LY^V]T_ `Y OP]bPY_ L _]LY^]PRTZYLW ^[]PLO WPLOTYR _Z _SP bTOP OT^_]TM`_TZY ZQ L NZXXZY ^_ZNV ZQ TOPL^ LYO []LN_TNP^ _S]Z`RSZ`_ 4YOTL LYO ^SZ]_Wd LQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP QTPWO bZ]V ZQ 8TW_ZY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ "$z# ^PP [L]_TN`WL]Wd# ! .Q QZ] PcLX[WP _SP N]PL_TZY Xd_S ZQ _SP ?LXTW QZWV RZOOP^^ ,«V££XXL 8L^TWL XLYT8PdP] ,«V£L[L]LXÚN`aL]T Z]_SPXLY_]LNPY_P]PO[]LN_TNP^ZQL9P[LWP^P XLRTNTLYLYOSPLWP]TY/LaTO2Z]OZYBST_P 6T^^ZQ_SPDZRTY¯ .STNLRZ%@YTaP]^T_d ZQ.STNLRZ;]P^^!z!" ! :Y _ST^ M]ZLO LYO PXML]]L^^TYRWd NZX[WPc ]LYRP ZQ NZY_TY`T_d LYO OTQQP]PYNP NZY ^TOP]%3PWPYP-L^` AZY-L]OPY`YO6ØYTRPY%0_SYZWZRT^NSP>_`OTPYe`]2Ø__TY`YO e`X2POÆNS_YT^TY6LNNS4YOTPY 1]LYVQ`]_%;P_P]7LYR!z!!&6L_SWPPY8 0]YOW ATN_Z]d_Z_SP8Z_SP]%?SP3TYO`2ZOOP^^ZQ9Z]_SbP^_4YOTLTY8d_S=T_`LW LYO >dXMZW 9Pb DZ]V% :cQZ]O @YTa ;] $$ ##z$ $ $z& 7TOTL 2`ed -LML^ `YO ,WPVS^ z ,^VP^P `YO 0V^_L^P PTYP] =PWTRTZY TX BP]OPY -P]WTY% BPTÁPY^PP AP]WLR $z$ z" z" "#z#! $z& 0aPWTYP 8L^TWLXLYT8PdP] 2`L]OTLY^ ZQ ?LXTWYLO`% 1ZWV OPT_TP^ QZWV ]PWTRTZY 3TYO` _SP XP^ 3LWWP% 1]LYNVP >_TQ_`YRPY e` 3LWWP "Q ##Q Q& BTWWTLX >Lc w3PTW]T_`LWP OP] /LWT_^ TX TYOT^NSPY EPY_]LW3TXLWLdLx TY =T_`LWOdYLXTV% 6`W _`]ÞMP]R]PTQPYOP>_`OTPYe`]?SPZ]TP`YO2P^NSTNS_P]T_`PWWPY3LYOPWY^PO/TP_]TNS 3L]_SLYO2P]]T_5L^[P]>NSPYV3PTOPWMP]R%>dYNS]ZY!z"$ ! 1Z]LRZZOM]TPQ^`XXL]d^PP.ZM`]Ywu>N]T[_`]PvTY4YOTLx!.QLW^Z_SPXZ]P ]PNPY_ ^_`OTP^ TY 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_ PO 5LY 08 3Z`MPY LYO aLY -`T_PYPYw,M]TPQST^_Z]dZQ_SPWLYR`LRP^TY4YOTLx!z
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
_P]bL]O^ LN]Z^^ w2]PL_P] 4YOTLx ,_ _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L bPQTYOYZ_ZYWd_SPMT]_SZQ3TYO`T^XL^bPVYZbT__ZOLd [¼U£ ]T_`LW TXLRP bZ]^ST[ `YTaP]^LW 7Z]O 2ZO^ _PX[WP N`W_`]P P_N M`_ LW^Z L^ >SPWOZY;ZWWZNVXLTY_LTY^Lw>LY^V]T_NZ^XZ[ZWT^x !;ZWWZNV`^P^_ST^ _P]X_ZOPYZ_PLSZXZRPYPZ`^N`W_`]PLYO`YTQdTYR[ZWT_TNLWaT^TZY_SL_ WL^_POQZ]^ZXP dPL]^LYOPc_PYOPOQ]ZX5LaL_Z,QRSLYT^_LY?ST^ wRWZMLW [ZbP]^[SP]P ZQ >LY^V]T_x ^_L]_PO bSPY >LY^V]T_ WZYR L ^LN]PO WLYR`LRP QZ] WT_`]RTNLW `^P Pc_PYOPO T_^ Q`YN_TZY _Z WT_P]L]d LYO [ZWT_T NLW Pc[]P^^TZY `YOP] _SP TX[LN_ ZQ b]T_TYR 9Zb >LY^V]T_ bL^ `^PO QZ] LP^_SP_TNTeL_TZY ZQ [ZWT_TNLW [ZbP] LYO VTYR^ST[ ]£UdL _S]Z`RS L]_Q`W [ZP_]d V£adL ! ,NNZ]OTYR _Z ;ZWWZNV L_ L]Z`YO ,/ SZbPaP] _SP]P bL^ L ^STQ_ _Z WT_P]L]d []ZO`N_^ TY _SP aP]YLN`WL] LYO ]PRTZYLW QZ]X^ ZQ L waP]YLN`WL] NZ^XZ[ZWT^x 4Y _ST^ ^STQ_ _SP N`W_`]LW aLW`P ZQ >LY^V]T_ ^_TWW [WLdPO L aT_LW ]ZWP ^TYNP _SP waP]YLN`WL] NZ^XZ[ZWT^x MZ]]ZbPO SPLaTWd Q]ZX >LY^V]T_ TY _P]X^ ZQ WT_P]L_`]P LYO WLYR`LRP ! LYO^TX`W_LYPZ`^Wd_SZ]Z`RSWdXP_LXZ][SZ^PO_SP>LY^V]T_NZ^XZ[ZWT^ Md `^TYR _SP WZNLW WLYR`LRP _Z RTaP [ZWT_d L OPWTMP]L_P ]PRTZYLW ML^P !! ;ZWWZNV L__]TM`_P^ LQ`YOLXPY_LW]ZWP_Z _SPP[TN^ =£X£dL©L MPTYR_SP wQT]^_[ZPXxZ] V£adL TY4YOTLYST^_Z]d !"LYO 8LS£MS£]L_L ]PNPTaPOL^ L wbZ]V ZQ [ZWT_TNLW _SPZ]dx !# MZ_S TY OT^^PXTYL_TYR >LY^V]T_ N`W_`]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ #z$ ! >PP;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ z!#$$[L]_TN`WL]Wd!LYOTYQLN__SP bSZWP STRSWd P]`OT_P bZ]V ?SP wX`_`LWWd NZY^_T_`_TaPx ]PWL_TZY^ST[ MP_bPPY ]£UdL VTYR^ST[LYO[ZbP]LYO V£adL WT_P]L_`]PTY_SP^_]TN_^PY^PZQPc[]P^^TaPLYOL]_Q`W WT_P]L]d[]ZO`N_TZYMZ`YO_Zb]T_TYRQZ]X^_SPXLUZ]_SP^T^ZQ;ZWWZNVv^MZZV1Z]L ^`XXL]dZQ_SPNZX[WPcST^_Z]TNLW[]ZNP^^P^SPZ`_WTYPO^PPTMTO ;ZWWZNVv^L] R`XPY_^ QZ] L []PXZOP]Y wRWZMLW N`W_`]P QZ]XL_TZYx TMTO _SP ^`[]L]PRTZYLW OTXPY^TZY ZQ w_SP N`W_`]P[ZbP] ^[SP]P ZQ >LY^V]T_x TMTO T_^ \`L^T`YTaP]^LW ^[]PLOw_Z_SPPYO^ZQ_SPSZ]TeZY^xLNSTPaPOMd_SPYPbWT_P]L]dTYaPY_TZY^ []L²L^_T TY^N]T[_TZYLW ]ZdLW [LYPRd]TN LYO V£adL TMTO "z # LYO T_^ ^`NNPPOTYR w_]LY^N`W_`]L_TZYx TY_Z XZ]P WZNLWTePO NZY_Pc_^ TMTO [Z^P L OPWTMP]L_P NSLW WPYRP_ZOPNZY^_]`N_TaP_SPZ]TP^ZQ3TYO`T^XLYO4YOTLYN`W_`]PbSTNSSLO_SPT]SPd OLdTY_SP$$^ ! ?SPaP]YLN`WL]WT_P]L_`]PXT]]Z]PO>LY^V]T_TY_P]X^ZQR]LXXL]wR]LXXL_TNTeL_TZYx LYO w[STWZWZRTeL_TZYx LYO WT_P]L]d NZOP^ LYO Md SPLad MZ]]ZbTYR Q]ZX _SP >LY^V]T_ WPcTNZY>PP;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^!z"$$ z !! ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ #z$#z! !" .ZY^TOP]SZb;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ TY_]ZO`NP^_SP =£X£dL©L %w4_^ YZaPW_dbL^_SPXL_TePOTY_SP>LY^V]T__]LOT_TZYT_^PWQbT_S_SP^_Z]dZQ_SPTYaPY_TZY ZQ V£adL _ZWO TY _SP []PW`OP 4Y ]PQWPcTaPWd Q]LXTYR T_^ ZbY Z]LWT_d TY L bLd _SL_ bZ`WO MP TX[Z^^TMWP TY L []PWT_P]L_P bZ]WOx Z`] PX[SL^T^ :Y ;ZWWZNVv^ L]R`XPY_ ^PPLW^ZTMTO !# ;ZWWZNV ?SP7LYR`LRPZQ_SP 2ZO^" :YZ`]L]R`XPY_T_T^ bZ]_SbSTWP NZY^TOP] TYRSZb;ZWWZNVTY_]ZO`NP^_ST^PXTYPY_>LY^V]T_3TYO`NZ]P_Pc_Z`]PX[SL^T^%w _SPOT^^PXTYL_TZYZQT_^XLY`^N]T[_^LYO_SPOT^_]TM`_TZYZQ]ZdLWPYOZbXPY_^QZ] T_^ NZY_TY`LW]PNT_L_TZY LN_`LWTePOWT_P]L]d^[L_TLWT_d_`]YTYR]P[]P^PY_L_TZY^TY_ZNZX[Z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LYO TY _]LY^QZ]XTYR T_ TY_Z WZNLW N`W_`]P^ Md XPLY^ ZQ aP]YLN`WL] aP] ^TZY^ _SL_ ]PRTZYLWTePO _SP P[TN bZ]WO !$ ?Z `^P XZOP]Y _P]XTYZWZRd WTVP ;ZWWZNV ZYP NLY ^Ld TY ^`XXL]d _SL_ _SP R]PL_ P[TN^ SLO L VPd TX[LN_ZY_SPQZ]XL_TZYZQL[]PXZOP]YRWZMLWN`W_`]P_]LY^N`W_`]L_TZY LYORWZNLWTeL_TZY BP LR]PP bT_S ;ZWWZNV _SL_ _SP ^[PNTQTNLWWd LP^_SP_TN OTXPY^TZY ZQ WT_P]L]d []ZO`N_^ SL^ L [L]_TN`WL]Wd OPNT^TaP ]ZWP TY TYaZVTYR NZWWPN_TaP MPWZYRTYR LYO ^ZNTLW _TP^ ?SP LP^_SP_TN ^TOP ZQ L _Pc_ T^ XZ]P _SLY L XP]P L]_T^_TN Pc_]L LYO T_^ ]PNP[_TZY NLYYZ_ MP ]PO`NPO _Z TYOTaTO`LW PYUZdXPY_ZQL]_Md_SPXZ]PPO`NL_POXPXMP]^ZQ^ZNTP_d4_QT_^]TRS_ TYbT_S_SPSPL]_ZQZ`]^_`Od_SL_OP^[T_P;ZWWZNVv^^_]ZYRPX[SL^T^ZY WT_P]LNd SP ]P[PL_POWd ^_]P^^P^ _SP TX[Z]_LYNP ZQ _SP ^[ZVPY bZ]O LYO ^[PLV^ ZQ L w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x =PXL]VLMWd SP YZ_P^ _SL_ V£adL >LY^V]T_ L]_T^_TN WT_P]LNd bL^ wQ`WWd ]PLWTePO ZYWd TY [`MWTN [P]QZ]XLYNPx " LYO _SL_ _SP bZ]WOaTPb TY _SP >LY^V]T_ P[TN^ TY^N]TMPO T_^PWQ ZY_Z [`MWTN NZY^NTZ`^YP^^ YZ_ Md MPTYR QTcPO TY b]T_TYR M`_ Md NZY_TY`LW ]PNT_L_TZY " ?ST^ []ZXTYPYNP ZQ PXMZOTPO [P]QZ]XLYNP Pc _PYOPO TY_Z _SP aP]YLN`WL] bZ]WO^% w?SP bZ]V ZQ L WT_P]L_P [ZP_ []Z O`NPO TY b]T__PY QZ]X _SP 8£YL^ FZQ ?`W^¯O£^H bL^ OT^^PXTYL_PO QL] XZ]P bTOPWd ZY _SP WT[^ ZQ bLYOP]TYR [P]QZ]XP]^ _SLY ZY [LWX WPLaP^x " >`NSWTaTYRNZXX`YTNL_TZY^d^_PX^SLaPYZ_OTPOZ`_PaPYTYXZO P]Y _TXP^ 8TW_ZY >TYRP] ZM^P]aPO TY ST^ QTPWO ^_`OTP^ _SL_ wN`W_`]LW [P]QZ]XLYNP^x bP]P _SP XZ^_ NZYN]P_P ZM^P]aLMWP `YT_^ ZQ 4YOTLY N`W _`]P " 3P NZTYPO _SP _P]X wN`W_`]LW [P]QZ]XLYNP^x _Z ]PQP] _Z L WL]RP ^[PN_]`X ZQ ^PY^Z]d Pc[]P^^TZY^ ^`NS L^ ]T_`LW ]PLOTYR^ LYO Pc[Z^T _TZY^ ZQ ^LN]PO _Pc_^ OLYNTYR X`^TN _SPL_P] ^TYRTYR ZQ OPaZ_TZYLW ^ZYR^LYOAPOTN[]LdP]^bSTNSLNNZX[LYdXLYd]T_P^LYONP]PXZYTP^ >TYRP] L]R`P^ YZ_ ZYWd _SL_ w>[ZVPY WLYR`LRP T^ _SP []PPXTYPY_ N`W _`]LW XPOT`X% T_ T^ _SP NZY^_T_`PY_ ZQ N`W_`]P ^dXMZWTeP^ PWPXPY_^ ZQ MPWTPQLYO[]LN_TNPLYOL^LYLN_TaT_dL]_TN`WL_P^bT_SZ_SP]L^[PN_^ZQ ^ZNTZN`W_`]LW Z]RLYTeL_TZYx " 3P LW^Z LNNZ]O^ ]PWTRTZ`^ _Z[TN^ TY [L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
!$ " " " " "
YPY_^ ZQ [Z[`WL] NZY^NTZ`^YP^^% [PZ[WP ]PNT_PO LYO WT^_PYPO _Z _SP 8LS£MS£]L_Lv^ ^_Z]d ZQ L XLN]Z^[LNP ZQ [ZbP] PaPY bSTWP _SPd TYSLMT_PO _SL_ aP]d ^[LNPx 4MTO" ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ "Qz"##z$$z$" ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ $#>PPLW^Z_SPPY_T]PNSL[_P]^#TMTO$#z # ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ " ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ " 8TW_ZY >TYRP] w>PL]NS QZ] L 2]PL_ ?]LOT_TZY TY .`W_`]LW ;P]QZ]XLYNP^x TY >TYRP] BSPYL2]PL_?]LOT_TZY8ZOP]YTeP^ !z# >TYRP] BSPYL2]PL_?]LOT_TZY8ZOP]YTeP^"!
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
_TN`WL] L NPY_]LW aLW`P TY N`W_`]LW QZ]XL_TZY _SP PXP]RPYNP ZQ [`MWTN LbL]PYP^^ LYO ^ZNTLW NZSP^TZY 1Z] PcLX[WP NZYNP]YTYR _SP ;`]£©L^ LYO_SPT]^_Z]TP^ZQ_SPRZO^SPYZ_P^%w?SPaP]d_T^^`PZQ_SPN`W_`]PT^ XLOP `[ ZQ ;`]£©TN _SPXP^ ;]LN_TNLWWd PaP]d N`W_`]LW [P]QZ]XLYNP TY NW`OP^ZYPzTY^ZYROLYNP[WLd]PNT_L_TZYLYOPc[Z^T_TZYx " ?SP P[TN^ LW^Z ^_TWW SLaP L ^TXTWL] Q`YN_TZY ;ZWWZNV ]PLO^ _SPX L^ WT_P]L]dLYO[ZWT_TNLW[]ZR]LX^LYOYZ_L^]PWTRTZ`^_P^_TXZYTP^BT_SZ`_ bT^STYR _Z OPYd _SP [ZWT_TNLW OTXPY^TZY^ LYO _SP NZY^_T_`_TaP WTYV MP _bPPY _SP [ZbP] _Z ]`WP LYO L]_T^_TN [ZP_]d ZYP X`^_ SZbPaP] L^V bSP_SP] ;ZWWZNV OZP^ YZ_ `YOP]P^_TXL_P _SP ]ZWP ZQ ]PWTRTZY TY TYOTaTO `LW LYO NZWWPN_TaP TOPY_T_d QZ]XL_TZY "! OPaZ_TYR _ZZ WT__WP L__PY_TZY _Z _SP [ZbP] ZQ ]PWTRTZ`^ WLYR`LRP LYO PXMZOTPO [P]QZ]XLYNP TY PaZVTYR ^PY_TXPY_^ LYO ^SL]PO aT^TZY^ "" ?SP ]PNT_L_TZY LYO [P]QZ]XLYNP ZQ _SP P[TN^ YZb LW^Z ^PPY ZY ?A M]TYR YZ_ ZYWd L [ZWT_TNLW aT^TZY _Z XTYO M`_LW^ZXLVP_SPRZO^^`[P]YL_`]LWQZ]NP^L^SL]POP_SZ^LYOLNP]_LTY WTQP^_dWP []P^PY_ 9Z_ WPL^_ ^`NS ]PWTRTZ`^ ^[T]T_`LW LYO P_STN L^[PN_^ XLVP `[ _SPT] N`W_`]PQZ]XTYR [ZbP] ,P^_SP_TN WT_P]L]d Pc[]P^^TZY _SP]PQZ]PM]TYR^LMZ`_XZ]P_SLYXLVTYRwbSL_T^]PLW^`[P]]PLWxTY_SP [`MWTNNZY^NTZ`^YP^^ "# 1Z] _SP]PNT[TPY_^_SPRZO^ L[[PL] TY _SP bZ]WO LYO _SP ]PWTRTZ`^Wd ^`[P]]PLW MPNZXP^ LY PXMZOTPO ]PLWbZ]WO Pc[P]T PYNP 4Y _SP NL^P ZQ P[TN^ T_ T^ []PNT^PWd _ST^ WTYV _Z L ^LN]PO `YTaP]^P "$ _SL_ XLVP^ _SP ^ZNTZ[ZWT_TNLW aT^TZY ^TX`W_LYPZ`^Wd TX[L]_PO ^Z PQQPN _TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >TYRP] BSPYL2]PL_?]LOT_TZY8ZOP]YTeP^"! "! ,NNZ]OTYR_Z;ZWWZNV ?SP7LYR`LRPZQ_SP 2ZO^ w]PWTRTZYSLO YZN`W_`]LWWP_ LWZYP^ZNTLWZ][ZWT_TNLW^LWTPYNPx3PPX[SL^TeP^_SP V£adL v^_ST^bZ]WOWdWL`VTVL [ZWT_TNLW LYO b]T__PY YL_`]P TMTO "Q Z[ NT_ LYO ^`RRP^_^ _SL_ LW^Z aP]YLN` WL]TeL_TZYbL^LNZ`]_Wd[]ZUPN_LYO_SPNZ`]_^bP]PYZ_NZYNP]YPObT_S]PWTRTZYTMTO z! ?SP `^P ZQ _SP aP]YLN`WL] TY ]PWTRTZ`^ NZY_Pc_^ T^ ^PPY L^ L ^PNZYOSLYO [Z[`WL]]P^[ZY^P_Z_SPwNZ^XZ[ZWT_LYaP]YLN`WL]TeL_TZYxZQ_SP]ZdLWNZ`]_^TMTO 5ZSY9PXPN]LT^POOZ`M_^TYST^]PaTPb 5Z`]YLWZQ_SP,XP]TNLY,NLOPXdZQ=PWTR TZY " "%"zLMZ`__ST^ NWLTXLYO[ZTY_POZ`__SP NZPcT^_PYNPZ]MZ_S QZ]X^TMTO "" .ZY^TOP] SZb ^_]ZYRWd PaPY ST^ XZ^_ `YP\`TaZNLW [ZWT_TNLW WT_P]L]d PaTOPYNP _SP SdXYTN [LYPRd]TN^ []L²L^_T ]P^Z]_ _Z ]PWTRTZ`^ TXLRP]d _Z []LT^P _SP VTYR^v QLXP aT]_`P LYO aLWZ] ?SP []L²L^_T^ NZY^_]`N_ L _d[P ZQ []PXZOP]Y wNTaTW ]PWTRTZYx Md ^_dWTYR_SPVTYR^YZ_ZYWdL^[TZ`^OZYZ]^M`_LW^ZL^7Z]O2ZO^Q`WQTWWTYRL^LWaL_TN XT^^TZY LYO MPQZ]P bSZX PaP]dMZOd MZb^ .Q ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ !#QQ"Q"z #Qz#z!!Q "# ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^ ! "$ 4Y _SP NL^P ZQ _SP =£X£dL©L _SP OTaTYT_d ZQ _SP OPXZY^WLdTYR SP]Z =£XL bL^ ZQ NZ`]^PLWL_P]OPaPWZ[XPY__SL_OTOYZ_dP_PcT^_TYPL]Wd_TXP^RZTYRMLNVMPQZ]P_SP .ZXXZY0]L-`__SPPL]WdaP]^TZYbL^LW]PLOdQTN_TZYQ`WWZQXT]LN`WZ`^PaPY_^LYO Y`XTYZ`^QZ]NP^_SL__]LY^NPYOMTZWZRTNLWWTQPLYOYZ]XLWOLTWd]Z`_TYP0aPYTY_ST^ NL^PZYPNLY^PPL^LN]TWTeTYRQ`YN_TZYTY_SPP[TNbZ]WOaTPb
3TYO`T^XL^L.`W_`]PZQ>Z`YO
>]TYTaL^ LYO >TYRP] OPXZY^_]L_P _SP OPY^P TY_P]QLNP MP_bPPY ]PWTR TZYLYO^ZNTP_dBP^SL]P>TYRP]v^[]LRXL_TN_`]Y_ZbL]O_SPTYQW`PYNP ZQ ]PWTRTZY TY OLTWd NZYO`N_ LW_SZ`RS Z`] QZN`^ T^ YZ_ []TXL]TWd ZY ^Z NTLW ^_]`N_`]P^ M`_ ZY _SP ^PY^Z]d L^[PN_^ ZQ ]PWTRTZY LYO ]PWTRTZ`^ NZXX`YTNL_TZY BP ^SL]P ;ZWWZNVv^ XLN]Z[P]^[PN_TaP LYO _SP L__PY _TZY _Z WT_P]L]d []ZO`N_TZY^ LYO _SP LP^_SP_TN^ ZQ _Pc_^ BP L__PX[_ _Z ^SZb _SL_ _SP]P bL^ YZ_ ZYWd L XZaP Q]ZX _SP ^LN]PO _Z _SP ^PN`WL] ^[SP]P M`_ LW^Z L ]P^LN]LWTeL_TZY ZQ ^NTPYNP ²£^_]L LYO WT_P]L_`]P V£adL _S]Z`RS_SPLP^_SP_TN^ZQ^Z`YOLYO]PWTRTZ`^TXLRP]dBSP]PL^ ;ZWWZNVv^NZYNP]YT^_SP^dXMZWTNPWPaL_TZYZQXL_P]TLWb]T__PYTYZ]OP] _Z PYSLYNP [ZWT_TNLW [ZbP] # Z`] NZYNP]Y T^ _SP ^dXMZWTN PWPaL_TZY ZQ ^[PPNS LYO ^Z`YO `^PO _Z PaZVP bZ]WO_]LY^NPYOTYR [ZbP]^ []ZXZ_P SZWT^_TNbZ]WONZY^_]`N_TZY^QZ^_P]^[T]T_`LWL`_SZ]T_dLYOPYSLYNP]PWT RTZ`^ ^PY_TXPY_^ /P^[T_P b]T__PY _]LOT_TZY^ ^ZYTN LbL]PYP^^ SLO WL^_ TYRaLW`PTYN`W_`]LW]P[]ZO`N_TZYMZ_SbT_STYLYOMPdZYO]PWTRTZY 4_ T^ YZ_PbZ]_Sd _SL_ MZ_S ;ZWWZNVv^ ST^_Z]TNLW ^_`Od ZQ [ZWT_TN^ LYO WT_P]L_`]P LYO >TYRP]v^ NZY_PX[Z]L]d ^_`Od ZQ ]PWTRTZY LYO ^ZNTP_d NWPL]Wd OPXZY^_]L_P _SP N`W_`]LW ^TRYTQTNLYNP ZQ _SP ^[ZVPY LYO L`OTMWP bZ]O /P^[T_P L ^Z[ST^_TNL_PO WT_P]L]d b]T_TYR N`W_`]P _SP LP^_SP_TN^ ZQ _Pc_^ TY []LN_TNP LYO _SPT] LNZ`^_TN PXMZOTXPY_ bP]P VP[_ LWTaP 4YaP^ _TRL_TZY ZQ _ST^ N`W_`]LW NZY_TY``X _SP]PQZ]P L[[PL]^ ]PWPaLY_ QZ] _SP TYaP^_TRL_TZY ZQ LWW 4YOTLY NTaTWTeL_TZY ,_ _SP ]T^V ZQ ZaP] ^TX[WTQTNL_TZYZYPNLY^[PLVZQL^ZYTNN`W_`]LW[L__P]Y:QNZ`]^P_SP]P L]PZ_SP]L^[PN_^TYLOOT_TZY_ZLNZ`^_TN^LYOTYQLN_^Z`YOT_^PWQPcT^_^ bT_STY L ^dYLP^_SP_TN NZX[WPc TYNW`OTYR aT^`LW N`W_`]P XZaPXPY_^ P_N 8Z]PZaP] L^ bT_S LYd TOPLW _d[P _SP ^ZNTLW ]PLWT_d T^ X`NS XZ]P NZX[WPc TYNW`OTYR ST^_Z]TNLW M]PLV^ TYaP]^TZY^ LYO aL]TL_TZY^ LYO OTaP]^P^ZNTLW^P__TYR^N`W_`]LW[WLdP]^LYOR]Z`[^PaPYbT_STYZYPLYO _SP ^LXP _TXP [P]TZO -`_ ^_TWW bP _STYV T_ T^ QLT] _Z ^[PLV ZQ _SP ^ZYTN _SPZ]LWLYO_SPWT_P]LWPcT^_TYR^TOPMd^TOPbSTWPL`OTMWPNZXX`YTNL _TZY ]PXLTYPO XZ]P TX[Z]_LY_ L^ L N`W_`]LW [L__P]Y ?SP _SPXL_TN LYO L_SPXL_TNNZY^P\`PYNP^ZQ_ST^[SZYZNPY_]TNWTQPbZ]WOL]P_SP]PQZ]PZQ [L]_TN`WL] TY_P]P^_ 1Z] PcLX[WP _SP TY_PY^TaP L__PY_TZY _Z WLYR`LRP R]LXXL] LYO WTYR`T^_TN^ _SL_ NSL]LN_P]TePO >LY^V]T_ N`W_`]P PaPY MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ;ZWWZNV ?SP 7LYR`LRPZQ _SP 2ZO^ # ?SPPYSLYNPXPY_ ZQ [ZWT_TN^ MdWT_P]L]d []ZO`N_TZY^ bL^ [L]_TN`WL]Wd TX[Z]_LY_ TY _SP aP]YLN`WL] bZ]WO^% w aP]YLN`WL]TeL _TZY T_^PWQ bL^ L N`W_`]LW[ZWT_TNLW OPNT^TZY LYO ZQ_PY L Q]L`RS_ ZYP 4_ PY_LTWPO LMLYOZYTYRLNZ^XZ[ZWT_LYNZOPLYO]LOTNLWWd_]LY^QZ]XTYRWZNLWWLYR`LRP[]LN_TNP^ TYLNNZ]OLYNPbT_S_SPPc[]P^^TaPYZ]X^ZQ_SL_OZXTYLY_XZOPWLYOT_XPLY_L[[Wd TYR _Z _SZ^P []LN_TNP^ L NP]_LTY _PNSYZWZRd b]T_TYR _SL_ SLO YPaP] []PaTZ`^Wd MPPY L[[WTPO_Z_SPXxTMTO$$>PPLW^ZTMTO %wPL]Wd^PNZYOXTWWPYYT`XNZ`]_^ ^Z`RS__Z]PNL[T_`WL_P_SPTX[P]TLWLP^_SP_TNZQ_SP>LY^V]T_NZ^XZ[ZWT^L__SP]PRTZYLW WPaPW_SP]PMd[]ZO`NTYRLNZ^XZ[ZWT_LYaP]YLN`WL]^_dWPTYMZ_SWT_P]L_`]PLYO[ZWT_d L^LQ`YOLXPY_LW^_]L_PRdZQN`W_`]LWTYOTaTO`L_TZYTQYZ_[ZWT_TNLW^PWQTOPY_TQTNL_TZYx
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
QZ]P _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L NLY MP ^PPY L^ L ]PQWPcTaP L[ []LT^LW ZQ _ST^ ^Z`YONPY_P]PO bZ]WO :aP] _SP NPY_`]TP^ _SP]P SL^ MPPY L VPPY LbL]PYP^^ ZQ _SP [ZbP] ZQ WLYR`LRP TY bZ]WONZY^_]`N_TZY LYO T_^ ^PXLY_TN LYO [SZYP_TN NL[LNT_TP^ _Z N]PL_P ^dXMZW^ LYO TXLRP^ ZQ MPWZYRTYR _Z L WL]RP] ^[SP]P ?SP]P bL^ L ^_]ZYR _PYOPYNd _Z aTPb _SP ^Z`YOZQ WLYR`LRPT_^PWQL^LSZWT^_TNNZ^XTN ^dXMZWLYO]PRL]O ^[PPNS LN_^ LMZaP LWW XLY_]L `__P]LYNP L^ L XPLY^ ZQ PX[ZbP]XPY_ LYO ^PWQ _]LY^QZ]XL_TZY BSTWP >TYRP]v^ XTN]Z[P]^[PN_TaP LYLWd^T^ PX[SL^TeP^ [`MWTN [P] QZ]XLYNP^L^OT^_TYN_N`W_`]LW`YT_^_S]Z`RSbSTNS^ZNTP_LWZ]RLYTeL_TZY NLY MP OPNZOPO LYO ;ZWWZNVv^ XLN]Z[P]^[PN_TaP LYLWd^T^ ]PQWPN_^ ZY N`W_`]LW `YT_d M]Z`RS_ LMZ`_ Md [ZWT_d LYO b]T__PY [ZP_]d bP bT^S _Z PX[SL^TeP WT_P]L]d aT]_`LW LYO ]PLWbZ]WO [P]QZ]XLYNP^ Pc[]P^^TYR L N`W_`]P ZQ ^Z`YO BP PX[SL^TeP YZ_ Z]LWT_d M`_ _SP [P]NP[_TZY ZQ ^Z`YO LYO bLY_ _Z ^SZb _SL_ ^Z`YO T^ L []PPXTYPY_ [L]LOTRX MZ_S TY _SP ]PWTRTZ`^ ^[SP]P LYO MPdZYO 4Y _SP ^ZNTLW N`W_`]LW LYO ]PWTRTZ`^ QTPWO^ _SP [SZYZNPY_]TN P[T^_PXP ZQ _SP >LY^V]T_ WLYR`LRP SLO MZ_S ]T_`LW TX[LN_^ TY _SP QZ]X ZQ Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ LYO LW^ZPQQPN_^TY[STWZ^Z[STNLWLYONZ^XZWZRTNLWOT^NZ`]^PL^bPWWL^^LN ]LWTeTYR TX[LN_^ TY _SP ^NTPYNP^ X`^TN P_N ?SP NZX[Z`YO _P]X w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x T^ _SP]PQZ]P aP]d L[_ MPNL`^P [SZYZNPY_]TNT_dTYQLN_SLOYZ_ZYWd[]LN_TNPZ]TPY_PONZY^P\`PYNP^M`_ LW^Z P[T^_PXZWZRTNLW ZYP^ ]PWL_TYR _Z N`W_`]LW LYO [P]^ZYLW TOPY_T_d Md XPLY^ ZQ ^dXMZW ^d^_PX^ []ZaTOTYR XPLYTYR ^LN]LWTeL_TZY^ LYO NZY ^_]`N_TZY^ZQLbZ]WOaTPb ;ZWWZNV O]Pb L__PY_TZY _Z NPY_]LW [ZTY_^ _SL_ bP LW^Z ]PRL]O L^ TX [Z]_LY_QZ]Z`]^_`OdLYObTWWPWLMZ]L_PZYTY_SP^`NNPPOTYRNSL[_P]^% _SP YPNP^^T_d ZQ YZ_ TOPY_TQdTYR ]PWTRTZY LYO Z_SP] N`W_`]LW L]PL^ _ZZ SL^_TWdLYO_SPQLN_ _SL_[L__P]Y^ZQ`YTQTNL_TZYLYO NZY^NTZ`^[W`]LWT_d L]PYZ_X`_`LWWdPcNW`^TaPLYOSZXZRPYTeTYR_PYOPYNTP^LYOTOPL^ZQL NZXXZY N`W_`]P L]P YZ_ U`^_ L []ZO`N_ ZQ XZOP]Y _TXP^ 9Z_ WPL^_ SP ^SZbPO _SL_ >LY^V]T_ N`W_`]P T^ L STRSWd WT_P]L_P ZYP z L QLN_ _SL_ SL^ YPaP][]PNW`OPO_SPNZPcT^_PYNPZQZ]LWT_dLYOWT_P]LNd
;Z^_:]TPY_LWT^X%=PWTRTZYLYO>LY^V]T_3TYO`T^X
4Y_SPWL^_OPNLOPTY]PWTRTZ`^LYO^ZNTLW^_`OTP^LYOTY4YOZWZRdT_SL^ Q]P\`PY_Wd MPPY L]R`PO _SL_ ]PWTRTZY bL^ wTYaPY_POx TY 4YOTL ZYWd ]P NPY_Wd TP L^ L ^`M^d^_PX ZQ XZOP]Y `]MLYTePO TYO`^_]TLWTePO LYO ^PN`WL]TePO^ZNTP_dbSP]PL^_]LOT_TZYLW4YOTLOTOYZ_PaPYSLaPLbZ]O
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QZ]T_LYOOTOYZ_OT^_TYR`T^S]PWTRTZ`^LYOYZY]PWTRTZ`^^[SP]P^ #3TY O`T^XLYO_SPNZY^_]`N_TZYZQL`YTQZ]XN`W_`]PbP]PT_bL^^LTONZWZ YTLW []ZO`N_^ ZQ _SP YTYP_PPY_S NPY_`]d # ,W_SZ`RS bP [L]_TLWWd LR]PP bT_S _SP^P L]R`XPY_^ bP OZ YZ_ LR]PP _SL_ ]PWTRTZY Z] 3TYO`T^X L^ L OT^NP]YTMWP ]LYRP ZQ [SPYZXPYL w;SÆYZXPYMP]PTNSx T^ L XZOP]Y wTYaPY_TZYx :Q NZ`]^P _SP `^P ZQ _SP ^TYR`WL] T^ XT^WPLOTYR MPNL`^P T_ XL^V^_SP[W`]LWT_dZQ]PWTRTZ`^QZ]X^ ;ZWWZNV ]TRS_Wd [ZTY_PO Z`_ _SL_ PaPY TY NWL^^TNLW 4YOTL ZQ _SP []P XZOP]Y P]L [PZ[WP bP]P LbL]P ZQ _SP OT^_TYN_TZY MP_bPPY ]PWTRTZY LYO Z_SP] L^[PN_^ ZQ N`W_`]P bSTNS T^ Pc[]P^^PO TY [LT]^ ZQ _P]X^ WTVP [£]LX£]_STVL ^L_ LM^ZW`_P ]PLWT_d LYO ad£aLS£]TVL ^L_ PX[T]TNLW PaP ]dOLd ]PLWT_d WL`VTVL bZ]WOWd LYO LWL`VTVL ^`[P]YL_`]LW # LYO £^_TVL MPWTPaTYR LYO Y£^_TVL YZYMPWTPaTYR # BSTWP ;ZWWZNV T^ TY_P] P^_POTY_SP^PN`WL]L`_ZYZXdZQ_SP[ZP_^LYO[ZWT_TNTLY^bPL]PTY_P] P^_PO TY _SP OT^_TYN_TZY LYO TY_P]LN_TZY ZQ ]PWTRTZ`^ LYO YZY]PWTRTZ`^ QTPWO^ bSTNS NP]_LTYWd TYNW`OP^ L OTQQP]PY_TL_TZY MP_bPPY ]PWTRTZY LYO ^ZNTP_d 9Z_ ZYWd _SP Z]_SZOZc -]LSXTY^ LYO Z_SP] ]PWTRTZ^T L__LNSPO TX[Z]_LYNP _Z L OT^_TYN_TZY MP_bPPY OSL]XL ^ZNTLW P_STN^ LYO XZV´L WTMP]L_TZY M`_ ^Z OTO _SP bZ]WOWd [ZP_^ OT^_TYR`T^S ^PWQNZY^NTZ`^Wd _SPT] YZY]PWTRTZ`^ LN_TaT_TP^ Q]ZX ]PWTRTZ`^ []LN_TNP^ ?SP bPWWVYZbY N]PL_Z]^ ZQ _SP ]PQTYPO [ZPX^ ZQ NZ`]_Wd `]MLYP N`W_`]P _SL_ bP L]P RZ TYR_ZTY_]ZO`NP]PRL]OPO_SPX^PWaP^L^^PN`WL]LYO^Z[ST^_TNL_PO?SPd SLOSL]OWdLYdTY_P]P^_TY_SP^LN]POYP^^ZQWLYR`LRP LYO^Z`YObSTNS bL^^ZTX[Z]_LY__Z]PWTRTZ^TZQaL]TZ`^[P]^`L^TZY^LYO[L]_ZQ[Z[`WL] N`W_`]P 7L_P] [ZP_]d _ZZV ZY LY TYN]PL^TYRWd ]PWTRTZ`^ LYO OPaZ_TZYLW NZWZ] _SL_ _SP wRPY`TYPx [ZP_^ LYO L]_ _SPZ]T^_^ SLaP YPaP] ]PLWWd LN NP[_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP QZ] TY^_LYNP -PNVP 3TYO`T^X`^ z# bSZ Pc[WLTY^ _SP YPbYP^^ ZQ ]PWTRTZY bT_S9TVWL^7`SXLYYv^_SPZ]dw^d^_PX_SPZ]dxZQ^ZNTLW^_]L_TQTNL_TZY # BPWW^`XXL]TePOTY/LaTO 9 7Z]PYePY BSZ4YaPY_PO 3TYO`T^X*0^^Ld^ ZY=PWTR TZYTY3T^_Z]d 9Pb/PWST%DZOL;]P^^!z! # ?SP _PYOPYNd ZQ NLWWTYR [ZP_]d w^`[P]YL_`]LWx LW^Z WPO _Z NZY^NTZ`^ QW`TOT_TP^ SZb PaP].Q,YYP__PBTWVPwu>_TXX`YRPYv`YOuE`^_ÆYOPvz4YOT^NSP¦^_SP_TV`YO2P QÞSW^]PWTRTZ^T_Æ_x TY 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* PO ,cPW 8TNSLPW^-P]YP%7LYRz! # 4Y _SP OT^NZ`]^P L^ T_ T^ _]LOT_TZYLWWd _L`RS_ £^_TVL wMPWTPaTYR MPWTPaP]x bL^ ZQ_PY P\`L_PO bT_S aLTOTVL wAPOTNx_SL_T^MPWTPQ TY_SP APOTN ]PaPWL_TZY bSTWP Y£^_TVL OPYZ_PO _]LOT_TZY^ _SL_ OTO YZ_ LNNP[_ _SP APOL 3ZbPaP] Y£^_TVL bL^ ^[PNTQTNLWWd `^PO QZ] _SP XL_P]TLWT^_TN LYO Pc[WTNT_Wd L_SPT^_TN .Ã]a£VL [STWZ^Z[Sd 9£^_TVL T^ _SP]PQZ]P LW]PLOd LW^Z _]LOT_TZYLWWd L^^ZNTL_PO bT_S NZX[WP_P w^PN`WL]TeL_TZYx LYO [`]PWd []ZQLYP WTQP^_dWP^ bSTWP £^_TVL RPYP]LWWd OPYZ_P^ MPWTPQ TY L _]LY^NPYOPY_LW bZ]WO ^`[P]YL_`]LW QZ]NP^ `YTaP]^LW OPT_TP^ P_N Z] _Z MP XZ]P WT_P]LW _SP NZYaTN _TZY _SL_ _SP^P _STYR^ PcT^_ TY L ]PLW bLd LYO NZY^P\`PY_Wd NLY MP ]PYOP]PO Md wMP WTPQx?SP bZ]O ]ZZ_ L^ TYOTNL_P^ L\`LWT_dZQMPTYR bSTWP_SPYPRL_TZY Y£^_TVL OP YTP^T_?SP]PT^LW^ZL_]LOT_TZYLW>LY^V]T__P]XQZ]wQLT_SxYLXPWd²]LOOS£
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
"
4Y P_TN _P]X^ bP []Z[Z^P L^ L SP`]T^_TN OPQTYT_TZY ZQ ]PWTRTZY _SL_ ]PWTRTZY NLY MP OP^N]TMPO L^ LY LN_ ZQ _]LY^NPYOTYR _ST^ PaP]dOLd WTQP bZ]WO L_ _SP ^LXP _TXP XLVTYR ]PQP]PYNP _Z T_ LYO ^SL[TYR T_ OPNT^P aPWd # >`NS _]LY^NPYOPYNTP^ NLY NSLYRP LYO L]P ^`MUPN_ _Z [`MWTN OT^ NZ`]^P^ LYO [P]^ZYLW LYO R]Z`[]PWL_PO []POTWPN_TZY^ 3ZbPaP] _SP NZY^_LY_QLN_Z]T^_SL_]PWTRTZY[`_^^ZNTP_LWLYOTYOTaTO`LWS`XLYWTQPTY LM]ZLOP] NZY_Pc_ZQ L^LN]PO`YTaP]^P4_ T^_SP]PQP]PYNP_Z ^`[P]YL_` ]LW]P^Z`]NP^_SL_RTaP^]PWTRTZY^[PNTLWL`_SZ]T_dLYOPQQTNLNdQZ]N]PL_ TYR NZWWPN_TaP MPSLaTZ]LW [L__P]Y^ L NZXXZY P_SZ^ LYO [P]^ZYLW XZ_T aL_TZY^ QZ] ZaP]NZXTYR NZY_TYRPYNd LYO RTaTYR Z]TPY_L_TZY Md []ZaTOTYR NZX[]PSPY^TaP ^dXMZW ^d^_PX^ _SL_ TX[L]_ XPLYTYR 4Y _ST^ ]P^[PN_ Z`] ^_`Od ZbP^ X`NS _Z MZ_S 0XTWP /`]VSPTX LYO 8Lc BPMP] LYOYZ_WPL^__Z.WTQQZ]O2PP]_ebSZ^POPQTYT_TZYZQ]PWTRTZY^L^LwN`W _`]LW^d^_PXxXLYLRPO_Z`YT_P/`]VSPTXLYOBPMP]4_L[[PL]^TX[Z] _LY_ _Z `^ _Z PX[SL^TeP _SL_ ]PWTRTZ`^ ^dXMZW ^d^_PX^ L]P YZ_ ZYWd TX [Z^POL^YZ]XL_TaPLYO^[]PLO_S]Z`RS_PLNSTYRM`_L]PLW^Z^_LRPOQZ] _SP ^PY^P^ ?SP PQQTNLNd ZQ ]PWTRTZY ^_PX^ YZ_ WPL^_ Q]ZX _SP QLN_ _SL_ L YP_bZ]V ZQ ]PWL_TZY^ MP_bPPY _SP bZ]WO LYO LM^ZW`_P ^`[P]YL_`]LW L` _SZ]T_TP^ T^ N]PL_PO LYO Pc[]P^^PO TY L XLYYP] _SL_ _SP ^PY^P^ NLY [P] NPTaPLYOL^^`NST^LW^ZPc[P]TPYNPOTYL]PLWbLd?SP_P]Xw>LY^V]T_ 3TYO`T^Xx ]PQP]^ _Z WT_P]L_`]P^ LYO []LN_TNP^ NZY_LTYTYR _SP^P TY_P][]P _L_TZY^ZQ_SPbZ]WOLYOYP_bZ]V^ZQQ`YN_TZY^Z]PWPXPY_^ZQ_SP^P ?ST^ OPQTYT_TZY NZY^NTZ`^Wd LaZTO^ L QZN`^ ZY TY^_T_`_TZYLW ]PWTRTZY 3TYO`T^X VYZb^ YZ NPY_]LWTePO NS`]NSWTVP Z]RLYT^L_TZY L^ TY .S]T^_T LYT_d LYO TY XLYd bLd^ T^ OTQQ`^P ]L_SP] _SLY ^_]`N_`]PO bSTNS XLd MP O`P TY [L]_ _Z _SP LM^PYNP ZQ LY ZaP]L]NSTYR TY^_T_`_TZY ?SP]P L]P ZQ NZ`]^P ]PWTRTZ`^ TY^_T_`_TZY^ WTVP _PX[WP^ XL¶SL^ XZYL^_P]TP^ LYO ^LÀ[]LO£dL^ ^NSZZW_]LOT_TZY^WTYPLRP^ZQTYT_TL_TZYLYO^ZXPZQ_SPX bP]PLMWP_ZP^_LMWT^SL NP]_LTYXZYZ[ZWdZ]ZWTRZ[ZWdbT_STYLNP]_LTY ]PRTZY ,Y ZWTRZ[ZWd bL^ NP]_LTYWd L__LTYPO Md _SP R]LYO OPT_TP^ ±TaL AT´©`TYNW`OTYR6´©L LYO=£XLLYO /Pa¯_SPRZOOP^^TYSP]XLYd QZ]X^ bSZ^P wOPYZXTYL_TZY^x bP]P ^[]PLO _S]Z`RSZ`_ 4YOTL bSTWP OPaPWZ[TYR R]PL_ ]PRTZYLW aL]TP_d -`_ _SP TX[Z]_LY_ _STYR T^ _SL_ YZ NPY_]LWTePO ^_]`N_`]P PXP]RPO =L_SP] bP QTYO L [W`]LWT^_TN XL]VP_ ZQ OTQQP]PY_ ]PWTRTZ`^ _]LOT_TZY^ _SL_ ^SL]P L R]PL_ Y`XMP] ZQ QPL_`]P^ Z] wQLXTWd ]P^PXMWLYNP^x BT__RPY^_PTY , XLUZ] ]PL^ZY bSd _SP _P]X w3TYO`T^Xx NZTYPO TY _SP YTYP_PPY_S NPY_`]d NLXP `YOP] L__LNV bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ OPQTYT_TZY QZWWZb^ ZY Q]ZX _SP ^ZNTZWZRTNLW _]LOT_TZY ZQ ,WQ]PO >NSÞ_e ?SZXL^ 7`NVXLYYLYO3`MP]_6YZMWL`NS.Q6YZMWL`NSv^OT^N`^^TZYZQ^dXMZWTN`YTaP]^LW^ L^ ^ZNTLWWd ZMUPN_TaTePO ^d^_PX^ ZQ XPLYTYR TY w?]LY^ePYOPYeP]QLS]`YR `YO ^dX MZWT^NSP 6ZXX`YTVL_TZY /TP [SÆYZXPYZWZRT^NS Z]TPY_TP]_P >ZeTZWZRTP `YO OTP VZXX`YTVL_TaP6ZY^_]`V_TZYOP]=PWTRTZYxTY=PWTRTZYLW^6ZXX`YTVL_TZY !
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_SL_T_T^LYZaP]^TX[WTQTPONZWWPN_TaP_P]XNZ`[WPObT_S_SPOTQQTN`W_dZQ ^d^_PXL_TNLWWd_LNVWTYR_SPNZPcT^_PYNPZQ[W`]LWLYONZXXZYQZ]X^ , Y`XMP] ZQ L`_SZ]^ bSZ LNNP[_PO _SP _P]X 3TYO`T^X SLaP NZY ^_]`N_PO >LY^V]T_3TYO`T^X L^ L wNZWWPN_TaP ]PWTRTZYx LYO aTPb _SP NZYNP[_ZQ OSL]XL L^P\`TaLWPY__Zw]PWTRTZYx4YNZY_]L^_bPNZY^_]`N_ >LY^V]T_3TYO`T^XL^STRSWdTYOTaTO`LWT^_TN9ZOZ`M_ OSL]XL SL^MPPY LYTX[Z]_LY_^ZNTZ]PWTRTZ`^YZ]XL_TaP ^d^_PX_SL_[]P^N]TMPO _SP TOPLW ^ZNTP_LW ^_LYOL]O^ LYO ]PR`WL_PO _SP wNL^_P ^ZNTP_dx bSTNS TY ]PLWT_d aL]TP^ bTOPWd Q]ZX ]PRTZY _Z ]PRTZY LYO _SP NPY_]LW TY^_T_`_TZY T^ _SP QLXTWd NWLY M`_ OSL]XL OZP^ YZ_ NZaP] _SP PY_T]P ]LYRP ZQ ]PWTRTZY #! 3TYO` ^Z_P]TZWZRd T^ PY_T]PWd TYOTaTO`LWT^_TN L^ T^ RZTYR _Z _SP _PX[WP bZ]^ST[L__SPOZXP^_TN [¼U£ ^S]TYP_SPOPT_dOPT_TP^NSZ^PYTYLOOT_TZY _Z _SP QLXTWd OPT_d NZXX`YTNL_TZY bT_S _SP OTaTYP LYO _SP aL]TP_d ZQ ]PWTRTZ`^ []LN_TNP^ P_N :Q NZ`]^P _ST^ ]PWTRTZ`^ TYOTaTO`LWT^X LYO ^`M UPN_TaT_d T^ `^`LWWd ^SL[PO Md QLXTWd _]LOT_TZY ]PRTZYLW N`^_ZX^ NL^_P ZMWTRL_TZY^ ^`NS L^ APOL NSLY_TYR Md _SP -]LSXTY^ R]Z`[ LYO RPY OP]^[PNTQTN]T_`LW^^`NSL^ a]L_L QL^_^QZ]bZXPY[]LdTYRQZ]S`^MLYO^ LYO ^ZY^ LYO [LY4YOTLY NZYaPY_TZY^ ^`NS L^ bZ]^ST[TYR _SP RZO 2L©P²LQT]^_Z]ZM^P]aTYR[`]T_dNZOP^bSPYaT^T_TYR L_PX[WPP_N -`_ _SP XLUZ] L]R`XPY_ T^ _SL_ bT_STY L RPYP]LW Q]LXPbZ]V ZQ N`^_ZX^ ]P WTRTZYZQQP]^LYPc_]PXPLXZ`Y_ZQQWPcTMTWT_dLYO[P]^ZYLWNSZTNPPR LMZ`_ bSTNS OPT_TP^ L]P L^^PXMWPO ZY _SP OZXP^_TN LW_L] P_N bSTNS OZP^YZ_PcT^_TY^ZNTLWWTQP,YO_ST^Q]PPOZXQZ]^`MUPN_TaPPc[]P^^TZY `YO [P]^ZYLW Pc[P]TPYNP XLd [Z^^TMWd MP ZYP ZQ _SP XZ^_ TX[Z]_LY_ ^ZNTLW Q`YN_TZY^ _SL_ ]PWTRTZY TY 3TYO` 4YOTL Q`WQTWW^ MP^TOP^ _SP XZ]P `YTaP]^LW ZYP^ XPY_TZYPO LMZaP& T_ ZQQP]^ _SP [Z^^TMTWT_d ZQ L [P]^ZYLW ]PWTRTZ`^ bZ]WO TY NZY_]L^_ _Z []ZR]LXXPO QLXTWd WTQP LYO ^ZNTLW WTQP bSTNS []ZaTOP WT__WP TYOTaTO`LW ^[LNP ?ST^ T^ ZQ NZ`]^P SPLad wTOPLW _d[Px NZY^_]`N_TZY TY _SP ^PY^P ZQ 8Lc BPMP] MPNL`^P TYOTaTO`LW^ ZQ_PY []LN_TNP _SP _d[P^ ZQ bZ]^ST[ QLXTWTL] TY _SPT] ZbY ]PRTZY LYO QLXTWd 8Z]PZaP] _SP TYOTaTO`LWT^X T^ RPYP]LWWd L wR]Z`[ TYOTaTO`LWT^Xx ^SL[PO QZ] TY^_LYNP Md R`]`OT^NT[WP WTYPLRP^ LYO ZQ _PYOP[PYOPY_ZYwXTWTP`^xPRL^NP_TNNT]NWP^PO`NL_POSZ`^PSZWOP]^ P_N DP_ TYOTaTO`LW^ ^_TWW SLaP XZ]P Q]PPOZX _SLY TY .S]T^_TLYT_d QZ] TY^_LYNP 4YOTaTO`LW^ LYO R]Z`[^ O]Lb ]PWL_TaPWd Q]PPWd ZY _SP aL^_ ]P^ P]aZT]ZQ ^LN]PO WT_P]L_`]P^ LYONZXMTYP ^PWPN_POT_PX^TYaL]TZ`^ bLd^ LYO TY XLYd QZ]X^ ZQ []LN_TNP ^`NS L^ ]PNT_L_TZY^ XLY_]L ]P[P_T_TZY NSLY_TYR XPOT_L_TZY P_N 4Q _SP]P T^ L ^PY^P ZQ L WL]RP]^NLWP NZWWPN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?SP_P]X OSL]XL SL^^ZXP_TXP^MPPY`^POTY]PNPY__TXP^*L^P\`TaLWPY__Z]PWTR TZY ±LTaL/SL]XL ±£V_L/SL]XL P_N M`_ LYZ_SP] NZXXZY _P]X bL^ OL]²L©L waTPb[ZTY_xwbZ]WOaTPbx_SL_bL^Pc[LYOPOQZ]TY^_LYNPTY?LY_]TN_Pc_^ZQ_SP ±]¯aTOd£_]LOT_TZYMPdZYO_SPNWL^^TNLW[STWZ^Z[STNLW^NSZZW^_Z]PQP]_Z]PWTRTZ`^_]L OT_TZY^Z] ^LX[]LO£dL^>LTaL/L]²L©L>LV_L/L]²L©LP_N
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
$
_TaPL_LWWT_T^]ZZ_POTY_SP[P]QZ]XLYNPN`W_`]P:aP]LWWT_T^[Z^^TMWP _Z NSL]LN_P]TeP 3TYO`T^X L^ L XL]VPO [P]QZ]XLYNP N`W_`]P TY bSTNS L`OTMWP _Pc_^ YPaP] WZ^_ _SPT] ^TRYTQTNLYNP >`NS [P]QZ]XLYNP^ PR _SZ^P O`]TYR _SP XLUZ] QP^_TaLW^ N]PL_PO L ^PY^P ZQ NZWWPN_TaT_d ^ZNTLW TY_PR]L_TZYLYO`YT_dTYOTaP]^T_d >Z bP ^[PLV NZY^NTZ`^Wd ZQ w^LN]PO _Pc_^x w]PWTRTZYx LYO w3TYO` T^XxLYONLWWQZ]_SPTYNW`^TZYZQPXTN[ZTY_^ZQaTPb@YOP]_SPTYQW` PYNP ZQ _SP N]T_TNLW OPML_P^ LYO OPNZY^_]`N_TaT^_ _SPZ]TP^ bSTNS SLO _SPT] SPdOLd TY _SP $$^ _SL_ bSTNS T^ ^LN]PO ]PWTRTZY LYO [L]_TN` WL]Wd 3TYO`T^X _ZZ SLaP OT^^ZWaPO TY_Z YZ_STYRYP^^ ^Z _Z ^[PLV ?SP OPML_P ZY _SP NZYNP[_ ZQ ]PWTRTZY LYO _SP wTYaPY_TZYx ZQ 3TYO`T^X TY _SP YTYP_PPY_S NPY_`]d M]Z`RS_ TX[Z]_LY_ TY^TRS_^ L XZ]P N]T_TNLW PdP QZ] []PNZYOT_TZY^ LYO :]TPY_LWT^X^ LYO X`NS ^N]`_TYd ]PRL]OTYR NZY NP[_`LW _ZZW^ ?SP OZbY^TOP bL^ LY PcLRRP]L_PO YZXTYLWT^X TYNWTYTYR _Z _SP N`]TZ`^ aTPb _SL_ bSP]P L bZ]O bL^ XT^^TYR _SP T_PX bL^ LW^Z XT^^TYR ,^ TQ ]PWTRTZY LYO 3TYO`T^X TY [L]_TN`WL] bL^ XP]PWd L NZY ^_]`N_TZYMd0`]Z[PLY^NSZWL]^LYO_SPZWZRTLY^_SP]PbL^L_PYOPYNd_Z ]P^_]TN_ _SP LNLOPXTN ^_`Od ZQ ]PWTRTZY^ _Z ^ZNTLW ^NTPYNP^ LYO ^ZNTLW T^^`P^ #" ?SP PXTN [P]^[PN_TaP ZQ _SP L`NS_ZYZ`^ N`W_`]P^v ZbY ]P[]P ^PY_L_TZYLW bLd^ bL^ ZQ_PY ZQ WT__WP TY_P]P^_ TY P_TN LNLOPXTN OT^NZ`]^P LYO _SPZ]TeTYR :`] ^ZYTN N`W_`]LW ST^_Z]d OT]PN_^ ZYPv^ aTPb _Z TYOTRP YZ`^ WTQPbZ]WO^ LYO QZ]X^ ZQ ]P[]P^PY_L_TZY ?ST^ OZP^ YZ_ PWTXTYL_P _SP[]ZMWPXZQLNLOPXTN]P[]P^PY_L_TZY ^TYNP _SP ^NSZWL]v^]PNZY^_]`N _TZY T^ LWbLd^ ML^PO ZY NSZTNP ^PWPN_TZY L^^`XPO VYZbWPORP LYO TX [WTNT_ _SPZ]d BP LR]PP bT_S 5ZYL_SLY E >XT_S bSPY SP ^_L_P^ _SL_ ]P WTRTZY T^ _SP []ZO`N_ ZQ _SP ^NSZWL]v^ RPYP]LWTeTYR TXLRTYL_TZY ## 1Z] LYLWd_TNLW [`][Z^P^ bP L]P MZ`YO L^ ^NSZWL]^ _Z ^PWPN_ LYO RPYP]L_P RPYP]LWTeL_TZY^ LYO wTOPLW _d[P^x 8Lc BPMP] ?Z ^[PLV ZQ 3TYO`T^X L^ L wN`W_`]P ZQ ^Z`YOx T^ NP]_LTYWd LY LNLOPXTN NZY^_]`N_ _ZZ -`_ bP MPWTPaP_SL__SP]PL]PMP__P]LYObZ]^P]P[]P^PY_L_TZY^LYO_SL_PaPY_SP ST^_Z]dZQ^NTPYNPLYO_SPZ]dT^^`MUPN__ZNSLYRTYRQL^STZY^?SP[Z^_ NZWZYTLWN]T_TNT^XNZ]]PN_POZY_ZWZRTeTYRP^^PY_TLWT^X^ZQ_SPw:]TPY_LW T^_^x ;ZWWZNVv^ ]P[]P^PY_L_TZY ZQ >LY^V]T_ N`W_`]P TY T_^ _`]Y NZ]]PN_^ ZYP^TOPO L^[PN_^ ZQ _SP [Z^_NZWZYTLW N]T_TNT^X _SL_ NZ`WO YZ WZYRP] [P]NPTaP LYd N`W_`]LW `YT_d L_ LWW , ]PNPY_ ^_`Od Md 7Z]PYePY \`P^ _TZYPOTYL^TXTWL]WdN]T_TNLWXLYYP]_SP_SP^T^ZQ_SPwTYaPY_TZYZQ3TY O`T^Xx LYO ST^ L]R`XPY_ MLNVPO `[ bT_S L WL]RP MZOd ZQ XL_P]TLW ^SZb^_SL_T_XLVP^^PY^P_ZVPP[_SP_P]Xw3TYO`T^XxPaPYTQT_]PLWWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" :YPZQ_SPXLTY[]Z[ZYPY_^ZQ_ST^_PYOPYNdT^?TXZ_Sd1T_eRP]LWO ?SP4OPZWZRdZQ =PWTRTZ`^>_`OTP^9PbDZ]V%:cQZ]O@YTaP]^T_d;]P^^ ## 5ZYL_SLY >XT_S 4XLRTYTYR =PWTRTZY% 1]ZX -LMdWZY _Z 5ZYP^_ZbY @YTaP]^T_d ZQ .STNLRZ;]P^^$#cT
3TYO`T^XL^L.`W_`]PZQ>Z`YO
T^L[]ZO`N_ZQ_SPYTYP_PPY_SNPY_`]dzLW_SZ`RSYZ_LYTYaPY_TZYZQ_SP -]T_T^SM`_L_P]XNZTYPOMd_SP4YOTLY]PQZ]XP]=LXXZSLY=Zd #$ ;]ZNP^^P^ ZQ `YTQTNL_TZY LYO RWZMLWTeL_TZY bSTNS L]P ZQ_PY L^^ZNT L_POZYWdbT_SXZOP]Y3TYO`T^XLW]PLOdPcT^_POTY_SP[L^_L^;ZWWZNV NZYaTYNTYRWd ^SZb^4_ T^[WL`^TMWP_SL__SP]PLW]PWTRTZ`^OTaP]^T_dOP^ TRYL_PO Md _SP ^PO`N_TaP NZWWPN_TaP _P]X w3TYO`T^Xx bL^ SPWO _ZRP_SP] Md []PNT^PWd _SL_ w`YT_d ZQ [ZWT_dx _SL_ ;ZWWZNV OP^N]TMP^ LYO _SL_ T_ bL^ WP^^ _SP -]LSXLYTN aLW`P ^d^_PX ZY bSTNS >]TYTaL^ QZN`^PO _SL_ bL^ ]P^[ZY^TMWP QZ] _SP QZ]XL_TZY ZQ L NZXXZY N`W_`]P LYO XZ]P _SP ^ZNTZ[ZWT_TNLW `YTQTNL_TZY []ZNP^^P^ 3ZbPaP] ]PWTRTZ`^ TOPL^ LYO bZ]WOaTPb^ L]P LW^Z [ZbP]Q`W XZ_TaL_TZYLW ^Z`]NP^ L^ 8Lc BPMP] ]TRS_Wd NWLTXPO $ LYO `YTQTNL_TZY [L__P]Y^ L]P YZ_ NZYQTYPO _Z [ZWT_TN^ LWZYP 9L_TaP OT^NZ`]^P^ ZY N`W_`]LW LYO NZ^XTN SZXZRPYPT_d SLaP L WZYRLYOaL]TPOST^_Z]d[L]_TN`WL]WdTY_SPQTPWOZQ]PWTRTZY?SPX`NS \`Z_PO APOTN OTN_`X _SL_ _SP :YP L[[PL]^ L^ 8LYd A !! T^ U`^_ ZYP ZQ Y`XP]Z`^ ^`NS PcLX[WP^ 4YOTLY _SPZWZRTLY^ LYO [STWZ^Z [SP]^ YZ_ ZYWd _SP >X£]_L^ bSZ ]PXLTYPO WZdLW _Z _SP APOL NZY_TY` LWWd QZ`YO YPb QZ]X^ ZQ aT]_`LW Z] NZYNP[_`LW ^NSPXP^ ZQ ]PWTRTZ`^ `YT_d LYO SZWT^_TN TY_P][]P_L_TZY ZQ _SP bZ]WO BP bTWW _P]X ^`NS OPWTM P]L_PWdSZWT^_TN_SPZ]TP^w`YTaP]^LWXd_Sx $LYO^SZb_SL_LQLT]Y`XMP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ /LaTO 9 7Z]PYePY BSZ 4YaPY_PO 3TYO`T^X* z! NZY^TOP]^ ST^_Z]TNLW ^Z`]NP^ 3TYO` 8`^WTX LYO 0`]Z[PLY `[ _Z _SP #_S NPY_`]d 7TVP ;ZWWZNV SP `^P^ _SP^P ^Z`]NP^ _Z NZ`Y_P] bTOP^[]PLO OPNZY^_]`N_TaT^_ [Z^_:]TPY_LWT^_ LYO [Z^_NZWZYTLW _SPZ]TP^_SL_NWLTX_SL_MPQZ]P_SP $_SNPY_`]d_SP]P bL^YZ`YTQZ]XN`W_`]PLYOYZ ]PWTRTZ`^NZSP]PYNP 7Z]PYePYL]R`P^_SL_w3TYO`T^Xx bL^TQTYaPY_POL_LWWLNZY ^_]`N_ ZQ _SP 4YOTLYMZ]Y 3TYO` =LXXZSLY =Zd bSP]PL^ _SP ]PQWPcTaP ^PWQ [Z^T_TZYTYR L^ w3TYO`x aT^ÂaT^ Z_SP] ]PWTRTZY^ LW]PLOd ZNN`]]PO TY 8`^WTX _TXP^ LYO T^ NWPL]Wd _]LNPLMWP TY aP]YLN`WL] ^Z`]NP^ Q]ZX _SP PL]Wd _S Z] PaPY _S NPY _`]d ZYbL]O^ 3P XLVP^ _SP [ZTY_ _SL_ :]TPY_LWT^_ ]P[]P^PY_L_TZY^ SLaP YZ_ MPPY LWW _SL_b]ZYR^TYNP_SPdNL[_`]PLbTOPWd^SL]PO^_ZNVZQML^TN_SPXP^WT_P]L_`]P^LYO []LN_TNP^ bSTNSNZ]]P^[ZYO bT_SZM^P]aL_TZY^ QZ`YOTYLWL]RP ]LYRPZQX`NSPL]WTP] ^Z`]NP^ 0`]Z[PLY 8`^WTX LYO 3TYO` 3T^ PcLX[WP^ ZQ _ST^ NZXXZY ^_ZNV L]P bT_SZ`_PcNP[_TZYXLUZ]_SPXP^ZQ>LY^V]T_3TYO`T^X $ 8Lc BPMP] w/TP BT]_^NSLQ_^P_STV OP] BPW_]PWTRTZYPY% 0TYWPT_`YRx TY 8 BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP AZW ?ÞMTYRPY% 8ZS] $## ?ST^ RPYP]LW ML^TN []PXT^P bSTNS SL^ WZ^_ YZ_STYR ZQ T_^ ]PWPaLYNP T^ NSL]LN_P]T^_TN ZQBPMP]v^bSZWP]PWTRTZ`^^ZNTZWZRTNLWbZ]V.Q8LcBPMP] 2P^LXXPW_P,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP aZW^ ?ÞMTYRPY% 8ZS] $z ]P[] $##& BT]_^NSLQ_ `YO 2P^PWW^NSLQ_% 2]`YO]T^^ OP] aP]^_PSPYOPY >ZeTZWZRTP ?ÞMTYRPY% 8ZS] $ ]P[] $ BPOT^_TYR`T^SMP_bPPYwXd_SxL^ L QZ]XZQ_SZ`RS_LYOXPY_LWT_dQZ]XTYRR`TOTYR TXLRPLYOwXd_SxL^LYL]]L_PO^_Z]dBSPYbP`^P_SP_P]XwXd_SxTYXLYdNL^P^ T_]PQP]^_Z_SPQT]^_XPLYTYRQZ]bSTNS^ZXP_TXP^LWZ^`^P_SP2]PPV_P]X Xd_SZ^ L^ L NZ`Y_P][L]__Z WZRZ^ -dw`YTaP]^LW Xd_Sx bP`YOP]^_LYO bZ]WOXZOPW^Z]w2]PL_ 9L]]L_TaP^x_SL_L]PLWbLd^NZX[]PSPY^TaP]PQWPcTaPWd_SZ`RS__S]Z`RSLYOSZWT^_TN
>LY^V]T_3TYO`T^XLYO;SZYZNPY_]T^XZQ>LY^V]T_.`W_`]P
ZQ _SPX L]P R]Z`YOPO TY WTYR`T^_ [STWZ^Z[Sd ^ZYTN XP_L[Sd^TN^ LYO NZ^XZWZRdLYObP]PTY^[T]POMd_SP[SZYZNPY_]TNP[T^_PXPZQ>LY^V]T_ 9Z_ ZYWd _SP >LY^V]T_ WLYR`LRP L^ wWTYR`L Q]LYNLx LYO _SP LP^_SP_T NTeL_TZY ZQ [ZWT_TN^ SLaP NZY_]TM`_PO _Z _SP SZXZRPYTeL_TZY ZQ L STRSWd OTaP]^TQTPO N`W_`]P M`_ ^Z SLaP _SP [SZYZNPY_]TN ]PWTRTZ`^ WTQPbZ]WO ^ZYTNLbL]PYP^^LYOTOPL^ZQ^LN]PO^Z`YO_SL_NZY_TY`LWWdPcP]_PO_SPT] N`W_`]PQZ]XTYR PQQPN_^ TY PaP]YPb aL]TL_TZY^ 4Y [L]_TN`WL] _SP APOL _SP ZWOP^_ ZQ _SP 4YOTLY ^LN]PO _Pc_^ OTO YZ_ ZYWd LQQPN_ N`W_`]P L^ L ^dXMZW ZQ -]LSXLYTN WTQP^_dWP M`_ LW^Z YZ_ WPL^_ ZbTYR _Z T_^ ]ZWP L^ L [L]LOTRX ZQ ^LN]PO ^Z`YO LYO _SP [ZbP] ZQ _SP WL__P] 4Y WL_P] ^LN]PO _Pc_^ ^`NS L^ _SP ;`]£©L^ _ST^ TOPL bL^ ]PNZOPO _]LY^QZ]XPO LYO OP XZN]L_TePO 4_ bL^ LW^Z Sd[Z^_L^TePO TY ?LY_]TN LYO OPaZ_TZYLW ]P NZOTYR^ M¯ULXLY_]L^ LYO XLY_]L^ bT_S RZOv^ YLXP^ LYO LYTXL_PO bT_S_SPTXXPOTL_P[]P^PYNPZQ_SPOPT_d4Y>LY^V]T_3TYO`T^XL^T_T^ []LN_TNPO Z_SP] ^LN]PO _Pc_^ SLaP MPNZXP QL] XZ]P TX[Z]_LY_ _SLY _SP APOL DP_ _SP APOL ]PXLTYPO L N`W_`]LW NLYZY LYO NZY^_LY_ ]PQP]PYNP [ZTY_LYO_SP]PQZ]PSLOL^TRYTQTNLY_]ZWPTY_SPQZ]XL_TZYZQLNZXXZY N`W_`]P,NZXXZYN`W_`]POZP^YZ_PY_LTWWLNVZQ[W`]LWT_dNSLYRPLYO NZY^_LY_ YPRZ_TL_TZY ?SP >LY^V]T_ NZ^XZ[ZWT^ LWWZbPO L WZ_ ZQ aL]TL _TZY BT_STY _SP wN`W_`]P ZQ [WLNPWP^^ >LY^V]T_x $ _SP]P bL^ L ]TNS ^[PN _]`X ZQ ]PWTRTZ`^ _]LOT_TZY^ LYO OPYZXTYL_TZYLW OTQQP]PY_TL_TZY^ L^ bPWW L^ L aL^_ [W`]LWT_d ZQ ]PRTZYLW N`W_`]P^ WZNLW N`^_ZX^ LYO MPWTPQ^ ?ST^ T^[]PNT^PWdbSdbP`YOP]^_LYOw>LY^V]T_3TYO`T^Xx_ZMPL]L_SP]QZ] XLW XP]PWd OP^N]T[_TaP _P]X ZQ >LY^V]T_ WT_P]L]d []ZO`N_TZY LYO LR]PP bT_S ;ZWWZNV _SL_ [W`]LWT^X bL^ L OPWTMP]L_P NSZTNP ?SP [W`]LWT^_ MTL^ MPNLXP [L]_TN`WL]Wd ZMaTZ`^ TY _SP waP]YLN`WL] ]PaZW`_TZYx M`_ T_ T^ LW^Z XT]]Z]PO LYO []PQTR`]PO TY OTaP]^P [STWZ^Z[STNLW LYO _SPZWZRTNLW ^d^_PX^ZQ>LY^V]T_3TYO`T^XLYOTY_SP_]LOT_TZYMZ`YOTXLRTYL_TZYZQ 4YOTLY _STYVP]^ bSZ NZ`WO QTYO YPb XPLYTYR^ LRLTY LYO LRLTY TY ZYP LYO _SP ^LXP _Pc_ [L^^LRP ^`NS L^ L N]d[_TN aP]^P Q]ZX _SP APOL LYO ^Lb_SPOP[_SZQL^_L_PXPY_[L]_TN`WL]WdTY[ZWdQZNLWTY_P][]P_L_TZY ?SPXLUZ]T_dZQZ`]_Pc_XL_P]TLW[]POL_P^_SPaP]YLN`WL]bL_P]^SPO ZQ ,/ /`]TYR _SP waP]YLN`WL] ]PaZW`_TZYx Pc[]P^^PO TY _SP ]PWT RTZ`^QTPWO TYaP]YLN`WL] MSLV_T [ZP_]d >LY^V]T_v^ ^[SP]PZQ[ZbP]bL^ `YOZ`M_POWd N`]_LTWPO M`_ _ST^ T^ YZ_ \`T_P _SP ^LXP _STYR L^ _SP TYQW` PYNPZQ>LY^V]T_3TYO`T^X:Y_SPNZY_]L]d TYXZOP]Y_TXP^TY bSTNS `]MLYP PO`NL_PO NT]NWP^ ZQ_PY XLTY_LTY L aP]d ^[T]T_`LWTePO TXLRP ZQ 3TYO`T^X_SP]PSL^LN_`LWWdMPPYLYTYN]PL^PTY[]ZNP^^P^ZQ>LY^V]T_T eL_TZY LYO -]LSXLYTeL_TZY bSTNS >]TYTaL^ bL^ _SP QT]^_ _Z [ZTY_ Z`_ ?ST^T^Pc[]P^^POQZ]PcLX[WPTY_P]X^ZQWLYR`LRPLYO]PWTRTZYTY_SP NZX[Z^T_TZYZ]LOL[_L_TZYZQ#LYOYLXP[]LdP]^TY>LY^V]T_QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;ZWWZNV ?SP7LYR`LRPZQ_SP2ZO^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WZNLW OPT_TP^ bSTNS NZY_TY`P^ L NZYaPY_TZY ZQ wSTRS N`W_`]Px []LT^P _Z _SP RZO^ bSZ^P PL]WTP^_ QZ]X^ ±L_L]`O]¯dL LYO AT´©`>LSL^]L9£XL L]P OT^N`^^PO TY _ST^ MZZV 3ZbPaP] T_ T^ LW^Z Pc[]P^^PO TY XZ]P NZY N]P_P ]PWTRTZ`^ NSLYRP^ WTVP ]P[WLNTYR MWZZO ^LN]TQTNP^ bT_S aPRP_L]TLY RTQ_^ ?ST^ QT_^ TY MP__P] bT_S _SP XZOP]Y TXLRP ZQ 3TYO`T^X ZQ YZY aTZWPYNPSL]XZYd_ZWP]LYNPLYOLXd^_TN`YT_dbSTNSbL^NZY^_]`N_PO LYO []Z[LRL_PO _S]Z`RS ±L«VL]Lv^ @[LYT´LO ]PNP[_TZY BP SLaP LW^Z TYNW`OPO _SP @[LYT´LO^ LYO _SP _PLNSTYR XP_SZO ZQ _SP ST^_Z]TNLW ±L«VL]LTY_ST^aZW`XPPaPY_SZ`RSLYO[]PNT^PWdMPNL`^P_SPdNZY_]L OTN_Z`]_Z[Z^_SP[SZYZNPY_]TNT_dZQ>LY^V]T_3TYO`T^XBPOZ_ST^_Z OPXZY^_]L_P_SL__SP]P bP]PLW^ZNZY_]L]daTPb^LYO MPNL`^P@[LYT´LO _]LOT_TZY LYO ±L«VL]Lv^ ,OaLT_LAPO£Y_L NZXP bT_STY _SP QTPWO ZQ ^[Z VPYWLYR`LRPWTaTYRNZXX`YTNL_TZY^d^_PX^LYO_]LY^XT^^TZY^d^_PX^ LYOL]NST_PN_`]P^ZQbSL_bPNLWWw`YTaP]^LWXd_Sx 4Y XLYd ]P^[PN_^ TY XZOP]Y _TXP^ >LY^V]T_ 3TYO`T^X SL^ LW^Z ]P XLTYPO LWTaP LYO SLO L QZ]XL_TaP TYQW`PYNP ZY N`W_`]LW wSLMT_`^x LYO ]PWTRTZ`^ ^PWQ]P[]P^PY_L_TZY 4Y NZY_]L^_ _Z ;ZWWZNV bP _SP]PQZ]P NZY NPY_]L_P ZY _SP ]PWTRTZ`^ QTPWO _SP OT^NZ`]^P^ ZQ ^[T]T_`LW [ZbP] L aL] TPO]LYRPZQQZ]X^ZQL[STWZ^Z[STNLW NZ^XZ[ZWdLYO _SPN`W_`]Pv^ZbY NZY^NTZ`^QZN`^ZY LYO_SPWL^_TYR^`NNP^^ZQZ]LWL`]LW[P]QZ]XLYNP^ bSTNS SLaP ^L_T^QTPO LYO ^SL[PO [P]^ZYLW LYO NZXX`YLW ]PWTRTZ`^ ^PY _TXPY_^`[_Z_SP[]P^PY_OLdLYOXLOP>LY^V]T_3TYO`T^XLNZX[ZYPY_ ZQ[Z[`WL]NZY^NTZ`^YP^^
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
?Pc_^ SLaP MPPY YPRWPN_PO MZ_S TY _SP OPML_P ZY :]TPY_LWT^X LYO TY [Z^_NZWZYTLW N]T_TNT^X LYO LW^Z TY _SP QZ]XL_TZY ZQ _SPZ]TP^ ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY MPNL`^P _SPd bP]P TOPY_TQTPO bT_S _PLNSTYR^ TP [`]PWd NZRYT_TaP OTXPY^TZY^ LYO YZ_ bT_S LN_`LW ]PWTRTZ`^ []LN_TNP 0aPY>TYRP]v^wN`W_`]LW[P]QZ]XLYNPxL[[]ZLNSOTOYZ_]PLWWdM]PLV_ST^ ZYP^TOPO aTPb LW_SZ`RS SP PX[SL^TePO _SP ^[ZVPY bZ]O LWZYR bT_S SPL]TYR LYO ]PNT_TYR :YP _STYR _SL_ T^ YZ_PbZ]_Sd z LYO P^[PNTLWWd ]PWPaLY_ QZ] _ST^ ^_`Od z bL^ >TYRP]v^ [`]PWd QZ]XLWT^_TN OPQTYT_TZY ZQ w^[ZVPYWLYR`LRPL^_SP[]PPXTYPY_N`W_`]LWXPOT`XxbSTNSOZP^YZ_ NZYNPY_]L_P ZY LYd ^LN]PO WT_P]L_`]P Z] _d[P ZQ WT_P]L_`]P Z] PaPY T_^ NZY_PY_^ 4Y^_PLO T_ QZN`^P^ ZY [P]QZ]XLYNP LYO _SP ^[ZVPY bZ]O DP_ >TYRP]bL^YZ_LN_`LWWdTY_P]P^_POTY_SP^PL^[PN_^MPNL`^PSP^Lb_SPX ZYWd L^ L aPSTNWP 3P bL^ TY_P]P^_PO TY SZb ^ZNTP_LW ]PLWT_TP^ bP]P Pc []P^^PO LYO ]PQWPN_PO TY _SP N`W_`]LW [P]QZ]XLYNP^ 4Y _SP ^PY^P ZQ L ^ZNTLW ^PXLY_TN _SPZ]dSP OPNZOPO_SPwN`W_`]LW[P]QZ]XLYNP^x ]PNT_L _TZY^ ]T_`LW^ QP^_TaLW^ [WLd^ P_N L^ Pc[]P^^TZY^ ZQ XZ]P LM^_]LN_ LYO
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
STOOPY ^_]`N_`]P^ ZQ _SP NZX[]PSPY^TaP N`W_`]LW ^d^_PX LYO ^ZNTP_LW Z]RLYTeL_TZY $3PL^VPOLMZ`__SPN`W_`]LW^[PNTLWT^_^]PWTRTZ`^NPY_P]^ NPY_]LWTY^_T_`_TZY^LYO_SP^ZNTLWXPLYTYR ?ST^ w^PXLY_TNx L[[]ZLNS _Z N`W_`]P L^ L ^d^_PX ZQ ^dXMZW^ LYO ^ZNTLWXPLYTYR^OTaP]_POL__PY_TZYLbLdQ]ZX_SP[Sd^TNLW[]P^PYNPZQ _SP^[ZVPYbZ]OZ]_Z`^P1]T_^>_LLWv^bZ]O^_SPw^Z`YOZQ]PWTRTZYx $ BP bT^S _Z OT]PN_ L__PY_TZY []PNT^PWd ZY_Z _ST^ ^Z`YO LYO bT_S _ST^ [P]^[PN_TaPTYT_TLWWd_Z[`]^`P>TYRP]v^^ZNTZ^PXTZ_TNL[[]ZLNSLWT__WP Q`]_SP]bSTNSSZbPaP]bPbTWW_SPYYZ_NZY_TY`P[]ZR]LXXL_TNLWWd4Y NZY_]L^__Z>TYRP]v^L[[]ZLNS_ST^MZZVT^YZ_[]TXL]TWdNZYNP]YPObT_S _SP]PWL_TZY^ST[MP_bPPY]PWTRTZYLYO_SPXZOP]Y[P]TZOZ]bT_S[`MWTN [P]QZ]XLYNP^ L^ ^PXTZ_TN ^d^_PX^ ]PQWPN_TYR ^ZNTLW ^_]`N_`]P^ 4Y^_PLO bP L]P NZYNP]YPO bT_S _SP YPb XZOP]Y _TXP^ TY _SP [L^_ LYO bT_S _SP []LN_TNP OTXPY^TZY ZQ _Pc_^ _SP LP^_SP_TN^ ZQ [P]QZ]XLYNP^ _SP ^LN]PO [ZbP]L__]TM`_PO_Z_SPXLYO_SP[P]QZ]XL_TaT_dZQ_SP_Pc_^L^_Pc_^
=T_`LW>Z`YO>[LNP^LYO>ZNTLW>PXTZ_TN^
, R]PL_ LOaLY_LRP ZQ >TYRP]v^ []LRXL_TN L[[]ZLNS bL^ _SL_ T_ TWW`XT YL_PO_SP]PWL_TZY^ST[^MP_bPPYQZ]X^ZQPc[]P^^TZYLYOXPLYTYR^LYO _SPT] `^P]^ LYO NZY_Pc_^ ?SP aL]TZ`^ OTQQP]PY_ _Pc_ _d[P^ LYO LNZ`^_TN [P]NP[_TZY^[LNP^_SL_L]PLOO]P^^POTYZ`]MZZVLW^ZNLYMPOPNZOPOTY L [P]^[PN_TaP ZQ ^ZNTZN`W_`]LW ^PXTZ_TN^ TY ]PWL_TZY _Z _SPT] TY ^ZXP NL^P^ bTOPWd OTQQP]TYR ^ZNTLW ^P__TYR^ LYO TXLRTYL_TZY^ OT^_TYN_TaP ]PWTRTZ`^ ^_dWP^ LYO QTPWO^ LYO N`W_`]P^[PNTQTN ^_P]PZ_d[P^ ,W_P]YL _TaPWd _SPd NLY MP TY_P][]P_PO LYO LYLWdePO L^ ^ZNTLW ]P^ZYLYNP ^[LNP^% APOL ]PNT_L_TZY L^ L ^PY^Z]d XPOT`X ZQ -]LSXLYTN N`W_`]P& ;`]£©L ]PNT_L_TZYL^w^LN]POSPL]TYRxQZ]PaP]dZYP&?LY_]TNXLY_]L^L^PX[Zb P]XPY_QZ]_SZ^P_ZbSZXAPOTNXLY_]L^bP]P_]LOT_TZYLWWdQZ]MTOOPYZ] _Z bSZX _SPd L[[PL]PO _Z SLaP _ZZ WT__WP [ZbP] _Z MP ^Z_P]TZWZRTNLWWd PQQPN_TaP&_SPNZYNT^P>¼_]L^_dWPLYO_SPPWLMZ]L_PNZXXPY_L]d^_dWPL^ ^SZbTYRZQQZYPv^^Z[ST^_TNL_POLYOwRWZMLWx^NSZWL]^ST[_SL_T^NZYaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4Y L WL_P] L]_TNWP >TYRP] PWLMZ]L_PO _ST^ L[[]ZLNS ZQ L ^PXTZ_TN LY_S]Z[ZWZRd TY L XLYYP] XZ]P NWZ^PWd ]PWL_PO _Z _SPZ]d .Q 8TW_ZY >TYRP] w1Z] L >PXTZ_TN ,Y_S]Z [ZWZRdx TY >TRY >Z`YO LYO >PY^P PO ?SZXL^ , >PMPZV -WZZXTYR_ZY% 4YOTLYL @YTa;]$"#z $ 1]T_^ >_LLW w?SP >Z`YO ZQ =PWTRTZYx 9`XPY $#!% # 1Z] _SP NZX[WP_P L]R`XPY_^PP_SPbSZWPL]_TNWPw?SP>Z`YOZQ=PWTRTZYx 9`XPY $#!z! LYOQL^N# z3ZbPaP]_SPXLTYZMUPN_ZQ>_LLWv^[L]_TLWWdU`^_TQTPOLYOL^ _`_P N]T_TNT^X bL^ YZ_ >TYRP] bSZX SP ]PNPTaP^ [Z^T_TaPWd Z_SP]bT^P ZbTYR _Z ST^ XP_SZOZWZRTNLW ^d^_PX ML^PO ZY ;PT]NPv^ ^PXTZ_TN^ M`_ .WTQQZ]O 2PP]_e TMTO $$z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^LY_bT_SLWW[STWZ^Z[STP^ ZQ_SP_TXP&Z]YLXPY_LWWd[ZX[Z`^[ZPX^L^ ^PWQ]P[]P^PY_L_TZY Md PWPRLY_ ^PN`WL]TePO WT_P]L_T LYO `]MLYP NZ`]_Wd N`W_`]P& ^ZYR LYO X`^TN L^ _SP wWLYR`LRPx ZQ OPaZ_TZY LYO NZX[WPc NZXX`YTNL_TZY ^d^_PX^ ]PQWPN_TYR PT_SP] PWT_P Z] [Z[`WL] N`W_`]P OP [PYOTYRZY_SP^_dWPZQ^TYRTYRLYOPc[]P^^TYRNZWWPN_TaPLYOTYOTaTO`LW XZOTQZ]]PWL_TYR_Z_SPOTaTYP ?SP PXMZOTXPY_ ZQ ]PNT_L_TZY^ LYO ^LN]PO X`^TN bSTNS N]PL_P ]T_ `LW^Z`YO^[LNP^_SL_NLYMPPc[P]TPYNPO[Sd^TNLWWdO`P_Z_SPT]^[PNTLW LNZ`^_TN^ Z] ^Z`YO^NL[P ZQ_PY TYNW`OP^ PXMPOOTYR _SPX TY NP]_LTY LN _TaT_d^[LNP^PR_PX[WP^QP^_TaLW^LYO[]ZNP^^TZY^LYO]P^_]TN_TZY^_Z NP]_LTY [WLdP]^ PR -]LSXLYTN []TP^_^ []ZQP^^TZYLW ML]O^ LYO ^TYRP]^ LYO OP[PYOTYR ZY _SP X`^TNLW TY^_]`XPY_ NP]_LTY NL^_P^ P_N $ 4_ T^ _SP]PQZ]P[Z^^TMWP_Zw]PLOx_Pc_^WTYR`T^_TN[L]LXP_P]^LYO[P]QZ]XLYNP []LN_TNP^MZ_SL^N`W_`]LWXL]VP]^LYOL^^ZNTLWXL]VP]^[L]_TN`WL]WdTY NL^P^ bSP]P WTXT_PO LNNP^^ T^ _SP YZ]X $! ,NNP^^ NZY_]ZW NLY MP Pc []P^^PO TY aL]TZ`^ bLd^ QZ] TY^_LYNP Md ]P\`T]TYR TYT_TL_TZY ^[PNTLW _]LTYTYR STRSP] PO`NL_TZY Z] SP]POT_L]d ]TRS_^ 3ZbPaP] _SP]P L]P LW^Z XZ]P TX[WTNT_ QZ]X^ 1Z] PcLX[WP _SP `^P ZQ P^[PNTLWWd WZYR NZX[WT NL_PObZ]O^TY_SPQT]^__bZS`YO]POYLXP^TY_SP_SZ`^LYOYLXPSdXY _Z _SP RZOOP^^ 7LWT_£ N]PL_P^ L YL_`]LW TX[WTNT_ ML]]TP] _Z WPL]YTYR LYO [L^^TYR OZbY L _Pc_ _SL_ LNNZ]OTYR _Z _SP NZXXPY_L_Z] -S£^VL]L]£dL ]P\`T]P^ ?LY_]TN TYT_TL_TZY ,W^Z _SP bL]YTYR _SL_ TYNZ]]PN_ []ZY`YNTL _TZY LYO OTa`WRTYR ^PN]P_ _Pc_^ bZ`WO WPLO _Z SPWW P]PN_PO L ML]]TP] _Z VPP[_SP_Pc_bT_STY_SPNZY_]ZWWPONT]NWPZQ_SPTYT_TL_PO>PN]P_VYZbW PORP LMZ`_ ^LN]PO QZ]X`WL^ XL]V^ Z`_ L`_SZ]T_d ^_L_`^ R]Z`[ TOPY_T_d LYO OTQQP]PY_TL_TZY Q]ZX Z_SP] R]Z`[^ 4Y _SP NL^P ZQ _SP APOL ^PaP]LW ^`NS TYOTNL_Z]^ NZTYNTOP% L]NSLTN WLYR`LRP []Z^ZOd L NP]_LTY ^TYRTYR ^_dWP Pc_]PXPWd []PNT^P []ZY`YNTL_TZY ^[PNTLW _]LTYTYR SP]POT_L]d ]TRS_^ LYO APOTN TYT_TL_TZY ±¼O]L^ L]P YZ_ ^`[[Z^PO PaPY _Z SPL] _SP APOL?SPAPOLT^_]LOT_TZYLWWdWTXT_PO_Z_SP_S]PP`[[P]NL^_P^LYO_SP -]LSXTY^PYUZdL[L]_TN`WL]XZYZ[ZWdZYT_4Y[]LN_TNPT_bL^ LN_`LWWd ZYWdPaP]_SPXLWP-]LSXTY^bSZXPXZ]TePOLYO[L^^POOZbYZYPZQ _SP QZ`] APOL^ Z] _bZ _S]PP Z] PaPY _SP bSZWP APOL LYO _ST^ bL^ VYZbYL^_SP^[PNTQTN OSL]XL ZQ_SPT]NL^_P $"4Y_SPZ_SP]NL^_P^APOTN TYT_TL_TZYT^[]LN_TNLWWd]P^_]TN_PO _ZWPL]YTYR _SP 2£dL_]¯XLY_]L bSTNS ^SZ`WOMP]P[PL_POPaP]dXZ]YTYRL_^`Y]T^P?SP2£dL_]¯T^]PRL]OPOL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP LW^Z ,cPW 8TNSLPW^ w=T_`PWWP 6WLYR]Æ`XPx TY% 8`^TV `YO =L`X% /TXPY^TZYPY TX2P^[]ÆNS PO,YYP__P7LYOL`LYO.WL`OTL0XXPYPRRP]E`]TNS%.S]ZYZ^ z $! .Q LW^Z 5P^[P] >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ;WdXZ`_S% ,W_LXT]L ;]P^^ "$z$ $" .QLW^Z4YRLWW^w?SP-]LSXLY?]LOT_TZYx
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
w[L]^ []Z _Z_Zx QZ] _SP bSZWP APOL LYO _SP]PQZ]P LW^Z MPL]^ T_^ PY_T]P ^LN]PO[ZbP]OP^[T_P_SPLMM]PaTL_POQZ]X $# ?SP WTXT_PO L[[]ZLNS _Z NP]_LTY WT_P]L_`]P^ ]PQWPN_^ ^PWQ]P[]P^PY_L _TZY^ NWLTX^ _Z L`_SZ]T_d LYO WPRT_TXLNd [ZbP] ]PWL_TZY^ LYO STP]L] NSTP^ 3ZbPaP] _ST^ ZQ_PY L[[WTP^ ZYWd _Z \`T_P ^[PNTQTN NZY_Pc_^ L^ RPYP]LWWd T_ T^ ]PWL_TaP STP]L]NSTP^ _SL_ L]P OTQQP]PY_ OP[PYOTYR ZY _SP ^ZNTLW R]Z`[^ $$ LYO XTWTP`^ ?SP]P L]P -]LSXTY^ LYO -]LSXTY^ LYO bT_STYXLYdWTYPLRP^ZQ?LY_]LZ] MSLV_T _SP]PT^YZ-]LSXLYTNLWOZXT YLYNPL_LWW,WW^_]L_L^bTWWMPQZ`YO=PWTRTZ`^STP]L]NSTP^OZYZ_YPN P^^L]TWd ]PQWPN_ ^ZNTLW STP]L]NSTP^ _ST^ bL^ /`]VSPTXv^ _ZZ ^TX[WP L^ ^`X[_TZY:Q_PY_SPd]P[]P^PY_LW_P]YL_TaP^LN]PObZ]WO^1`]_SP]XZ]P bP NLY OP_PN_ ST^_Z]TNLW NSLYRP^ YPRZ_TL_TZY []ZNP^^P^ ^`MaP]^TaP TYQTW_]L_TZY ZQ _SP XLTY^_]PLX P_N 1Z] PcLX[WP NZX[WP_PWd OTQQP]PY_ YPb2£dL_]¯^bP]PN]PL_POTY?LY_]T^XAPOL^TYRTYRT^_]LOT_TZYLWWd_SP OZXLTYZQ_SP-]LSXTY^M`__ZOLdT_T^\`T_PYZ]XLWQZ]_SPAPOL_ZMP ]PNT_PO Md YZY-]LSXTY^ LW^Z PR Md NSTWO]PY MZ_S MZd^ LYO RT]W^ L_ ^NSZZW QP^_TaLW^ 0aPY bSPY T_ NZXP^ _Z _SP WT_`]RTNLW ^[LNP TP L_ _SP OZXP^_TN LW_L] Z] TY _PX[WP^ T_ T^ YZ_ LWbLd^ -]LSXLYTN []TP^_^ bSZ ]PNT_P APOTN XLY_]L^ 1Z] TY^_LYNP ¢RLXL±TaLT^X SL^ TY_PR]L_PO NP] _LTY APOTN XLY_]L^ M`_ YZ_ LWW _SP _]LTYPO LYO SP]POT_L]d []TP^_^ L]P LN_`LWWd-]LSXTY^.ZYaP]^PWdMdYZXPLY^OZLWW-]LSXTY^]PNT_P_SP APOLZ]L]PPaPYTY_P]P^_POTYOZTYR^Z 4Y LOOT_TZY T_ X`^_ MP ]PXPXMP]PO _SL_ QZ] NPY_`]TP^ _SP APOL ZQ [Z[`WL] ]PNP[_TZY bL^ YZ_ _SP APOL ZQ _SP QZ`] >LÀST_£^ M`_ L R]PL_Wd Pc_PYOPO wNLYZYTNLWx MZOd ZQ _Pc_ ?SP ;Z]_`R`P^P ST^_Z]TZR]L[SP] /TZRZ OZ .Z`_Z z!! ZYP ZQ _SP MP^_ NZYYZT^^P`]^ ZQ 4YOTL ZQ ST^ _TXP ]P[Z]_^ _SL_ ST^ TYQZ]XP]^ _ZWO STX _SP]P bP]P QZ`] APOL^ OT aTOPO TY_Z ^N]T[_^% YLXPWd ^Tc ±£^_]L^ # ;`]£©L^ LYO # ±LTaL ¢RLXL^ 3P]P _SP APOL SL^ PaL[Z]L_PO TY_Z NZX[WP_PWd OTQQP]PY_ WT_P]L_`]P^ LYO dP_ _SP PcLX[WP ^SZb^ _SL_ _SP APOL NZY_TY`PO _Z MP L N`W_`]LW XL]VP] PaPY bSTWP MPTYR ]P[WLNPO ?]LOT_TZYLWWd _SP R]PL_ P[ TN^LYO_SP#NWL^^TN;`]£©L^OP^[T_P_SPT]\`T_POTQQP]PY_NZY_PY_L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# >`NS OPWP_TZY LYO LM]TORTYR ZQ w2]PL_ ?Pc_^x T^ L ^_]L_PRd QZ`YO TY XLYd N`W_`]P^ .QQZ]TY^_LYNP7PY_P^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_xQQ $$ :Y_SPNZX[WPcT_dZQ_SPNL^_P^d^_PXNQ8TNSLPW^ 3TYO`T^X`^"!z ?SP ±£^_]L^ L]P ]PRL]OPO L^ NZY^T_TYR ZQ _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW ^d^_PX^ _SL_ LNNP[_ _SP APOL LYO_SP_]LOT_TZYLW APOL ^NTPYNP^ TYNW`OTYRZ_SP]^NTPYNP ^d^_PX^ LYO_SPWPRLWWT_P]L_`]P>PP_SP_LMWPTY8TNSLPW^ 3TYO`T^X`^ " =P[]ZO`NPOTY7`OZ=ZNSP]w8Lc8ÞWWP]LYO_SPAPOLxTY8ËWLYRP^,]XLYO,MPW AZWPO,/P^_]ËP7PTOPY%-]TWW$"#z SP]P:Y_SP[P]^ZYZQ/T ZRZ ^PP 5Ø]R 1T^NS w/P] 9TPOP]RLYR OP^ ,MPYOWLYOP^ TX 8Z]RPYWLYO% /TZRZ OZ .Z`_Z z!!`YOOTP[Z]_`RTP^T^NSP3P]]^NSLQ_TY,^TPYxTY 9TPOP]RLYR%>_` OTPY e` PTYPX RP^NSTNS_WTNSPY ?SPXL PO = 6Z^^PWWPNV LYO ; BTOXP] >_`__RL]_% 6WP__.WZ__L$##z"
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
aTPbPO L^ ]P[]P^PY_L_TaP^ ZQ _SP APOL LYO _SP ^LQPR`L]O ZQ N`W_`]LW XPXZ]d ?SPd [Z^T_TZY _SPX^PWaP^ L^ ^`M_Pc_^ ZQ _SP w2]PL_ ?Pc_x Md NLWWTYR_SPX^PWaP^wAPOTNx_SPwQTQ_SAPOLxLYOwAPOLTY_P][]P_L_TZYx LYO _S`^ WTYV NZXX`YTNL_TaP XPXZ]d _Z _SP N`W_`]LW XPXZ]d _SP Z] _SZOZcNWLTXZQ_SPAPOL_ZMP[]TXPaLW]PaPWL_TZYLYO_SPQZ`YOL_TZY ZQ _SP bZ]WO ?S]Z`RS _ST^ OT^N`]^TaP ^_]L_PRd _SPd ]LT^P YZ_ ZYWd _SPT]ZbY^_L_`^M`_LW^ZWPYO_SPXLTY_Pc_[P]XLYPYNPLYOYPbQWLaZ] Md^PXLY_TNTeTYRT_LYPbLYOw_]LY^WL_TYRxT_TY_Z_SP[]LN_TNPZQ_SPT] _TXP ?ST^ ^TX`W_LYPZ`^Wd LN_TaL_P^ _SP ^LN]PO [ZbP] ZQ _SP w2]PL_ ?Pc_x LYO L[[WTP^ T_ _Z _SP []P^PY_ _TXP .ZYNP]YTYR _SP APOL ZYP NLY ^[PLV ZQ PY^`]TYR T_^ [P]XLYPYNP `YOP] YPb `^LRP NZYOT_TZY^ TY L wXPXZ]d N`W_`]Px w2POÆNSY_T^V`W_`]x .ZYNP]YTYR _SP [Z^_APOTN WT_P]L_`]P^ ZYP NLY ^[PLV YZ_ ZYWd ZQ L bTOP Pc_PY^TZY ZQ _SP ^LN]PO MZOdZQ_Pc_M`_LW^ZZQ ^TX[WTQTNL_TZY]PO`N_TZY TYNZX[WPcT_d[Z[` WL]TeL_TZY LYO YPb ^_LYOL]OTeL_TZY ZQ Z]LW [P]QZ]XLYNP ,NNP^^ _Z _SP P[TN^LYO;`]£©L^T^YZ_NZY_]ZWWPO?SPdL]PYZYLNNPY_`L_POLYOb]T_ _PYTY_SP^TX[WP,Y`´¶`MSXP_P]^Z_SPdL]PX`NSPL^TP]_Z]PNT_P?SP P[TN LYO ;`]£©TN bZ]WOaTPb bL^ LYO T^ ^[]PLO LYO LOZ[_PO _S]Z`RS NZ`]_ ML]O^ T_TYP]LY_ ^TYRP]^ LYO N`W_`]LW [P]QZ]XLYNP^ QP^_TaLW^ ]PNT_L_TZY^LYOYL]]L_TZYTY_SPQLXTWdP_N@YWTVP_SPAPOTN]T_`LW_Pc_ _SP^P L]P YL]]L_TaP^ LMZ`_ _SP RZO^ TP _SP APOL T^ RTaPY LY PY_T]PWd YPb ]PWTRTZ`^ NZOTYR LYO ^PXLY_TNTeL_TZY LYO TY _ST^ YPb QZ]X T_ NLY MP[P]QZ]XPOTYO]LXLLYO]P[]P^PY_POTYTXLRP^?SP^T_`L_TZYT^\`T_P OTQQP]PY_bT_S_SPP^Z_P]TN?LY_]L^LYO_SP#¢RLXL^bSTNSLNNZ]OTYR _Z/TZRZv^TYQZ]XP]^WTVPbT^PMPWZYR_Z_SPAPOLLYO]P[]P^PY_LYZY SP_P]ZOZc ?LY_]T^X _SP wbLd ZQ _SP XLY_]L^x XLY_]LX£]RL bSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _SP APOL L^ L N`W_`]LW ^dXMZW [P] ^P ^PP -]TLY 6 >XT_S w0cZ]NT^TYR _SP ?]LY ^NPYOPY_% >_]L_PRTP^ QZ] /PQTYTYR 3TYO`T^X LYO =PWTRTZYx 3T^_Z]d ZQ =PWTRTZY $#"%z SP]P!1Z]_SPZYRZTYR^TRYTQTNLYNPZQ_SPAPOLLYOT_^`^PQZ]]LT^ TYR_SP^_L_`^LYOL`_SZ]T_dZQYPb_]LOT_TZY^^PPLW^Z-]TLY6>XT_S =PQWPN_TZY^ZY =P^PXMWLYNP =T_`LW LYO =PWTRTZY /PWST% 8Z_TWLW -LYL]^TOL^^ $$#& .WL^^TQdTYR _SP @YTaP]^P% ?SP LYNTPY_ AL]©L >d^_PX LYO _SP :]TRTY ZQ .L^_P^ :cQZ]O% :cQZ]O @YTaP]^T_d;]P^^$$&7L`]T;L__ZYPO ,`_SZ]T_d,YcTP_dLYO.LYZY%0^^Ld^TY APOTN4Y_P][]P_L_TZY 9PbDZ]V%>@9D$$&7L`]TP7;L__ZY -]TYRTYR_SP2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd% @YTaP]^T_d ZQ .LWT QZ]YTL ;]P^^ & ,YYP__P BTWVP w/P] APOL LW^ 6LYZY OP^ 3TYO`T^X`^* 9P`P ,^[PV_Pe`]6LYZYOPML__PxQZ]_SNZXTYR 1Z] XZ]P OP_LTW NQ Z`] NSL[_P] ZY _SP APOL LYO _SP QZWWZbTYR NSL[_P] 1Z] ^_]`N_`]LWWdLYLWZRZ`^[]ZNP^^P^TYXPOTPaLW.S]T^_PYOZX^PP7PY_P^w?Pc_OP^6L YZY^`YO3PTWTRP]?Pc_x"z#bSZ^P_P]XTYZWZRdML^POZY_SL_ZQ,^^XLYYbP SLaP LOZ[_POLMZaP 4YLOOT_TZY_Z_SPTY_P]P^_TYR ^_]`N_`]LWLYLWZRdSZbPaP]_SP]P L]PLW^ZZMaTZ`^OTQQP]PYNP^BSTWP_SP[^LW_P]_SP^PWPN_TZYZQ[^LWX^QZ]_SPWT_`]Rd LYO[]TaL_P[]LdP]QZ]PcLX[WPbL^_SPXLTY_Pc_TY_SP8TOOWP,RP^LYO]PRL]OPO L^LYwLMM]PaTL_TZYxZQ_SP-TMWP_SP[^LW_P]TY_SP 4YOTLY ]PRTZY ]P[]P^PY_POPc_PY ^TaPYPbMZOTP^ZQ_Pc_^
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
"
]P\`T]P^ ^[PNTLW TYT_TL_TZY ?SPd ]PRL]O _SPX^PWaP^ YZ_ L^ ^`M_Pc_^ M`_ L^ Z]TRTYLW ]PaPWL_TZY^ TYOP[PYOPY_ ZQ _SP APOL 4Y _SP ?LY_]L L YPb QZ]X ZQ XLY_]L bL^ TYaPY_PO _SL_ OTO YZ_ []P^`[[Z^P APOTN TYT_TL_TZY M`_ ^PN_L]TLY NZXXT_XPY_ TY^_PLO ?SP ?LY_]TN XLY_]L [L] PcNPWWPYNP NZY^T^_^ ZQ XZYZ^dWWLMTN ^Z`YO QZ]X`WL^ ]P^PXMWTYR _SP APOTN :¿ M`_ PXMZOdTYR _SP NSZ^PY OPT_d bSTNS L]P _Z MP ]P[PL_PO aT^`LWTePO LYO []ZUPN_PO ZY_Z _SP MZOd ]T_`LWWd w^PXLY_TNTePOx TY OTLR]LX^ LYO XPOT_L_PO `[ZY Md NZYNPY_]L_TYR ZY ^Z`YO LYO ^Z`YO ]P^ZYLYNP TY _SP MZOd ?SP ^ZNTZ^PXTZ_TN XP_SZO NLYYZ_ LOP\`L_PWd ]PNZ]O _ST^ OTaP]^T_d ZQ OTLNS]ZYZ`^ LYO ^dYNS]ZYZ`^ L]PL^ ZQ LN_TaT_d LYO _SP STRSWd OTaP] ^TQTPOQZ]X^ZQLRPYNd?ST^aZW`XPXPY_TZY^XLYdQZ]XL_TZY^ZQNW`^ _P]^ZQWTYR`T^_TN[L]LXP_P]^^ZNTLWLRPY_^^[PNTQTN^P__TYR^LYOST^_Z]T NLW ^T_`L_TZY^ M`_ _ST^ T^ YZ_ L^^ZNTL_PO bT_S LYd NWLTX _Z ^ZNTZ ^PXTZ_TN^_]`N_`]P^LYO_SP_d[ZWZRTP^L]P]L_SP]XZ]P_SPMd[]ZO`N_ZQ _SP ST^_Z]TNLW OP^N]T[_TZY^ ZQ OTQQP]PY_ OT^NZ`]^P bZ]WO^ ,^ L ]`WP bP OZYZ_RZTY_ZOP_LTWLMZ`__SP^ZNTLWZ]RLYTeL_TZYZQWTaTYR[P]QZ]XLYNP ^d^_PX^ LYO bSPY bP OZ RZ TY_Z OP_LTW ZY _SP ^ZNTLW ^_LYOTYR ZQ TYOT aTO`LW ^ZNTLW LRPY_^ T_ T^ ZYWd TY _SZ^P NL^P^ bSP]P _SPd SLaP []ZaPY _SPX^PWaP^ _Z MP [ZbP]Q`W wNSTPQ TOPZWZR`P^x DP_ PaPY SP]P bP bTWW ]P^_]TN_Z`]^PWaP^_ZM]TPQ[]ZQTWP^:YP]PL^ZYQZ]_ST^T^_SL__SP^ZNTLW L^[PN_^L]P^PNZYOL]d_Z_SPRPYP]LW[SZYZNPY_]TNT_dZQ>LY^V]T_3TYO` T^X LYO bP L]P XZ^_ TY_P]P^_PO TY _SP ST^_Z]TNLWWd OZXTYLY_ ^Z`YO OT^ NZ`]^P^ /T^NZ`]^P^ L]P NSL]LN_P]TePO Md _SP QLN_ _SL_ _SPd NLYYZ_ MP _TPO _Z TYOTaTO`LW [WLdP]^ LYO _]LOT_TZY^ M`_ ]`Y ]TRS_ _S]Z`RS aL]TZ`^ OTQQP]PY_ _]LOT_TZY^ :Y _SP Z_SP] SLYO bP OZ YZ_ LTX _Z []ZO`NP OP _LTWPO^ZNTZWZRTNLWLYLWd^P^MPNL`^PbPbT^S_ZOPXZY^_]L_P_SP[SZYZ NPY_]TNT_d TY _SP WZYRP^_ ST^_Z]TNLW WTYP [Z^^TMWP :`] XLTY QZN`^ T^ ZY OTLNS]ZYZ`^ NZY_TY`T_TP^ LYO ]PNZOTYR^ , M]ZLO ST^_Z]TNLW ZaP]aTPb NLY ZYWd ^VP_NS Z`_ RPYP]LW XLN]Z^ZNTZWZRTNLW WTYP^ LYO _d[ZWZRTP^ M`_ YZ_ XTN]Z^ZNTZWZRTNLW NZYQTR`]L_TZY^ 1Z] _SP WL__P] TYOTaTO`LW ^_`OTP^ L]P L QL] MP__P] NSZTNP , []PNT^P ^ZNTZR]L[Sd bZ`WO SLaP YZ_ ZYWd _Z TYaP^_TRL_P LYO NZX[L]P PaP]d ST^_Z]TNLW ^T_`L_TZY PaP]d [P] QZ]XLYNP _d[P LYO PaP]d R]Z`[ TYOTaTO`LWWd M`_ LW^Z TYNW`OP _SP QLN_ _SL_ L_ _SP WPaPW ZQ _SP TYOTaTO`LW [WLdP]^ LYO [L]_TNT[LY_^ OTQQP]PY_ []LN_TNP^ NLY MP NSZ^PY 1`]_SP]XZ]P ZYP LYO _SP ^LXP [P]QZ]XLYNP _d[P NLY MP ^`MUPN_TaPWd Pc[P]TPYNPO LYO PaLW`L_PO TY OTQQP]PY_ bLd^ PaPY _SZ`RS _SP QZ]X ZQ _SP _Pc_ LYO _SP [P]QZ]XLYNP T^ PcLN_Wd _SP ^LXP?ST^NLYZYWdMPLNNP^^PO TYQTPWO]P^PL]NSLYO \`LWT_L_TaPTY_P] aTPb^ >TYRP] YZ_TNPO R]PL_ aL]TLMTWT_d MP_bPPY OTQQP]PY_ [P]QZ]XLYNP^ ]PWTRTZ`^XTWTP`^LYO^PWQOPQTYT_TZY^PaPY bT_STYLaP]d]P^_]TN_PORPZ R]L[STNLWL]PL8LO]L^LYOLbPWWOPQTYPO_TXP[P]TZOO`]TYRST^QTPWO ^_`OTP^Q]ZX$ _Z$":YWd^PRXPY_^ZQ_ST^_d[PNLYMP]PNZ]OPO
3TYO`T^XL^L.`W_`]PZQ>Z`YO
#
bT_S R]PL_ ^`M_WP_d LYO >TYRP]v^ ^_`Od OTO _ST^ TY PcPX[WL]d QL^STZY 7ZYR`PO`]ËPST^_Z]TNLW^_`OTP^L]P^`MUPN__ZWTXT_L_TZY^TY_ST^L]PL DP_ T_ L[[PL]^ TX[Z]_LY_ _Z PX[SL^TeP _SL_ YZ_ PaP]d N`W_`]LW [P] QZ]XLYNP LYO LW^Z YZ_ PaP]d ]PNT_L_TZY T^ YPNP^^L]TWd _TPO _Z L NP]_LTY _TXPLNP]_LTY[WLNPLNP]_LTYTY^_T_`_TZYLYO[]ZQP^^TZYLW^[PNTLWT^_4_ ^SZ`WO MP L^^`XPO _SL_ _SP L`OTPYNP PR ZQ _SP ]PLOTYR^ ZQ _SP P[TN^ LYO;`]£©L^L]PwWLd[PZ[WPxRPYP]LWWdQ]ZXLWW^ZNTLWNWL^^P^;PZ[WP XLdLW^Z]PNT_PL_SZXP LWZYP`^`LWWdMPQZ]P_SPOZXP^_TNLW_L]8LYd SdXY^ LYO []LdP]^ OZ YZ_ ]P\`T]P TYT_TL_TZY ,^ L ]`WP _SP ]P[P_T_TZY ZQ RZO^vYLXP^LYO]PWTRTZ`^^TYRTYRTY[L]_TN`WL]L]P_TPOYPT_SP]_Z_TXP^ YZ] [WLNP^ YZ] []ZQP^^TZYLW _]LTYTYR -d NZY_]L^_ bSL_ NLY LWbLd^ MP L^^`XPO LMZ`_ ]T_`LW X`^TN ]PNT_L_TZY^ [P]QZ]XLYNP^ ZQ ^LN]PO WT_P]L _`]P^ -SLULY ^TYRTYR P_N T^ _SL_ _SPd L]P ]PNPTaPO L^ Pc_]LZ]OTYL]d ^LN]PO LN_^ PaPY TY _SP NL^P ZQ OLTWd ]Z`_TYP ]PNT_L_TZY , NP]_LTY wQ]LXTYRx `^`LWWd XL]V^ _SPT] MPRTYYTYR LYO _SPT] PYO =PNT_TYR ]P \`T]P^ L NP]_LTY QZ]XLWTeL_TZY PR ^PXTX`^TNLW ]Sd_SXTN ^[PLVTYR ,YO YZ_ WPL^_ LY PQQPN_ TP _]LY^QZ]XL_TaP [ZbP] T^ L__]TM`_PO _Z _SP SPL]TYRLYO^[PLVTYRZ]^TYRTYRZ]OLYNTYR
=PWTRTZ`^=PLOTYR^LYO3ZWd3PL]TYR
2LaTY 1WZZO ]PNPY_Wd [`_ QZ]bL]O N]T_TNT^X ZQ L [`]PWd ^ZNTZ LY_S]Z[ZWZRTNLW[P]^[PN_TaP _SL_OZP^XZ]PU`^_TNP_Z_SP]PWTRTZ`^LYO ^PY^Z]d LP^_SP_TN L^[PN_^ LYO T^ NWZ^P] _Z Z`] ZbY L[[]ZLNS _SLY >TYRP]v^ T^ 4Y^_PLO ZQ wN`W_`]LW [P]QZ]XLYNP^x 1WZZO ^[PLV^ ZQ w]PWT RTZ`^]PLOTYR^xLYOw_Pc_^TY[]LN_TNPx3PNWLTX^_SL_]PWTRTZ`^]PLOTYR Z] Z]LW [P]QZ]XLYNP T^ YZ_ ZYWd L NZRYT_TaP LN_ M`_ LW^Z L MZOTWd ZYP LYO T^ LN_`LWWd ]PNPTaPO L^ ^`NS LP^_SP_TNLWWd Md _SZ^P WT^_PYTYR ?SP aZTNP T^ _SP TY_P]QLNP bSP]P MZOd LYO XPLYTYR XPP_ ! ?SP ]PNT_LW _SP ]T_`LW_SPWT_`]RdLYOLWZYRbT_S_SPX_SP^PY^Z]dLbL]PYP^^LYOXPY _LW]PNP[_TZYPYLMWP_SP_Pc_ZQ_SP[L^__ZMPM]Z`RS__ZWTQPTY_SP[]P ^PY_ ?ST^ [P]_LTY^ _Z MZ_S PWT_P LYO [Z[`WL] N`W_`]P 1WZZO L__]TM`_P^ []ZQZ`YO ^ZNTLW ^TRYTQTNLYNP LYO Q`YN_TZY _Z _SP N`W_`]LW [P]QZ]XLYNP^ ZQ b]T__PY LYO `Yb]T__PY ]PWTRTZ`^ _Pc_^ TY ]PNT_LW ]T_`LW QP^_TaLW N`W _`]P O]LXL ^ZYR LYO OLYNP MPNL`^P _SPd N]PL_P NZWWPN_TaPWd ^SL]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPLW^Z8TNSLPW^w=T_`PWWP6WLYR]Æ`XPx!z# 4Y_SPQZWWZbTYRbP]PQP]_Z2LaTY1WZZOv^VPdYZ_PWPN_`]PL__SPNZYQP]PYNPw=PWTR TZYZY_SP-Z]OP]^xTY>_ZNVSZWX,[]TW$z" ! .QLW^Z_SPXZ]P_SPZ]P_TNLWL]_TNWPMd>dMTWWP6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_% >TPMPY 2POLYVPY ÞMP] ;P]QZ]XL_TaT_Æ_ LW^ 8POTLWT_Æ_x TY ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY PO @bP BT]_S 1]LYVQ`]_% >`S]VLX[ z!
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
$
TY_P]TZ]T_d " ?SP _Pc_ T^ TY_P]YLWTePO PXMZOTPO LYO _]LY^QZ]XPO TY_Z _SP]PNT[TPY_^vZbYWTaP^]POPQTYTYR_SPT]WTaP^z_SZ^PZQ_SPLN_Z]^LYO ]PNT_P]^ LYO _SZ^P ZQ _SP ^[PN_L_Z]^ LYO WT^_PYP]^ ?SP XPLYTYR L__]TM `_PO _Z _SP _Pc_^ ^[TWW^ ZaP] TY_Z Z]OTYL]d OLTWd WTQP LYO _S`^ MPNZXP^ Pc_P]YLWTePO ?SP WTQP ZQ _SP [L]_TNT[LY_^ MPNZXP^ _SP WTQP ZQ _SP _Pc_ LYOaTNPaP]^L 1WZZOv^ ZM^P]aL_TZY^ NL[_`]P bPWW _SL_ bSTNS []ZMLMWd L[[WTP^ _Z XZ^_ ZQ _SP [L]_TNT[LY_^ TY ^`NS [P]QZ]XLYNP^ 3ZbPaP] L NZWWPN_TaPWd ^SL]POTY_P]TZ]T_d^`NSL^SPOP^N]TMP^NLYZYWdZNN`]TQ_SP[L]_TNT[LY_^ LW]PLOd ^SL]P L NZXXZY WTQPbZ]WO LYO MPWTPQbZ]WO LYO LW^Z `YOP] ^_LYO _SP ]T_`LW ]PLOTYR^ ?SP QZ]XP] T^ RPYP]LWWd _SP NL^P% ZQ_PY _SPd LW]PLOdVYZb_SP^_Z]TP^_SL_L]PMPTYR_ZWO?SPWL__P]SZbPaP]^SZ`WO MPYPRL_PO:YWdaP]dQPb[PZ[WP`YOP]^_LYO_SPbZ]O^^TYNPXZ^_^`NS ]PLOTYR^ LYO [P]QZ]XLYNP^ L]P TY >LY^V]T_ Z] LY L]NSLTN QZ]X ZQ _SP aP]YLN`WL] >ZXP_TXP^ LY TY_]ZO`N_TZY Z] NZXXPY_^ L]P RTaPY TY _SP N`]]PY_ aP]YLN`WL] -`_ _ST^ T^ Md YZ XPLY^ L RPYP]LW ]`WP ?SZXL^ .ZM`]Y ]TRS_Wd ]PXL]V^ L^ L ML^TN [ZTY_ w_SL_ _SP ^LYN_T_d ZQ 3TYO` ^N]T[_`]P z XZ^_ ZQ bSTNS SL^ MPPY NZX[Z^PO TY >LY^V]T_ z OZP^ YZ_ YPNP^^L]TWd OP[PYO `[ZY T_^ TY_PWWTRTMTWT_d _Z ZYP bSZ SPL]^ Z] ]PNT_P^ T_x # 3P]P .ZM`]YTY_]ZO`NP^L [P]^[PN_TaP_SL_ ^PPX^Q`YOLXPY_LW_Z `^ MPNL`^PT_YZ_ZYWdPX[SL^TeP^_SP[]PQP]PYNPQZ]_SP^[ZVPYbZ]OM`_ LW^Z [ZTY_^ Z`_ L^ w_SP OT^_TYN_Wd 3TYO` bLdx _SP QLN_ _SL_ SPL]TYR LYO ]PNT_TYR z LYO YZ_ YPNP^^L]TWd `YOP]^_LYOTYR z L]P _SP OPNT^TaP L^ [PN_^ $.ZM`]Y^[PLV^ZQLwNPY_]LWOdYLXTNZQ3TYO`_]PL_XPY_ZQ_SP BZ]O L]Z`YO _SP _PY^TZY MP_bPPY _SP OP^T]P _Z []P^P]aP LYO ]P NT_PLYOYZ_YPNP^^L]TWd`YOP]^_LYOLaP]MLWWdQTcPO`^`LWWdZ]LW_Pc_ LYO _SP OP^T]P _Z `YOP]^_LYO MZ_S QZ] ZYP^PWQ LYO QZ] Z_SP]^ ]PWT RTZ`^ TOPL^ _SL_ L]P []P^PY_PO TY aP]MLW QZ]Xx ?SP _PY^TZY MP_bPPY _SP bZ]O L^ _SP NL]]TP] ZQ XPLYTYR LYO T_^ XL_P]TLW LNZ`^_TN []P^PYNP SL^TYQLN_ZNN`[TPOXLYdZQ4YOTLv^_STYVP]^L^bPbTWW^SZbDP_L^L ]`WP _ST^ SL^ YZ bPTRS_ bSPY T_ NZXP^ _Z ]PNT_L_TZY^ BP bZ`WO LR]PP bT_S .ZM`]Y _SL_ bSL_ T^ _d[TNLW ZQ 3TYO`T^_TN LNNP^^ _Z ^LN]PO WT_P]L _`]P^ LYO _SP APOL TY [L]_TN`WL] T^ []PNT^PWd bSL_ XTRS_ MP _SP XZ^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " # $
?ST^bL^LXLUZ][ZTY_ZQ1WZZOv^VPdYZ_PWPN_`]PXPY_TZYPOTY_SPQZZ_YZ_PLMZaP .ZM`]Ywu>N]T[_`]PvTY4YOTLx!Q .ZM`]Ywu>N]T[_`]PvTY4YOTLx z" .ZM`]Ywu>N]T[_`]PvTY4YOTLx$ >PPLW^Z7Z`T^=PYZ` ?SP/P^_TYdZQ_SPAPOLTY4YOTL /PWST%8Z_TWLW-LYL]^TOL^^ $! & 1]T_^ >_LLW 9LXM`OT]T APOL =PNT_L_TZY u^2]LaPYSLRP% 8Z`_ZY $! "& w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY^x Z[ NT_& w?SP .ZYNP[_ ZQ >N]T[_`]P TY _SP4YOTLY?]LOT_TZYxTY >TVS>_`OTP^%.ZX[L]L_TaP;P]^[PN_TaP^ZYL.SLYRTYR?]L
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!
LWTPY _Z L NZY_PX[Z]L]d BP^_P]Y ]PLOP]^ST[% _SP WLNV ZQ YPNP^^T_d _Z `YOP]^_LYO _SP XPLYTYR z bSTNS L[[WTP^ YZ_ ZYWd _Z wWLd [P]^ZY^x M`_ PaPY_Z[]ZQP^^TZYLW]PNT_P]^ZQ_SPAPOL ²]Z_]TdL ?ST^ WLNV ZQ NZYNP]Y LMZ`_ _SP XPLYTYR NLY ZYWd MP [L]_TLWWd Pc [WLTYPO Md ]T_`LW _SPZ]d 4Y L [P]QZ]XL_TaP ]T_`LW _SPZ]d _SP ]T_`LW^ TYNW`OTYR ]T_`LWTePO ]PWTRTZ`^ _Pc_^ OZ YZ_ SLaP _Z XPLY LYd_STYR L_ LWW TY _SP ^PY^P ZQ L []Z[Z^T_TZYLW NZY_PY_ MPNL`^P _SPd L]P ]PT_P]L_TaP TP_SPTYQZ]XL_TZYT^LW]PLOdVYZbYLYOL]P^PWQ]PQP]PY_TLWTP_SPd Pc[]P^^ _SPX^PWaP^ TY _SP QZ]X ZQ ]`WPML^PO aP]MLW LYO YZYaP]MLW LN_^ ^PY^Z]d [LRPLY_]d ]P[P_T_TZY^ P_N LYO LW^Z _S]Z`RS _SPT] _]LOT _TZYLWL`_SZ]T_d?SPdL]P[P]QZ]XL_TaPTY_SP^PY^PZQLYTWWZN`_TZYL]d LYO[P]WZN`_TZYL]dNZY_PY_LYOZQ_SP^T_`L_TaPN]PL_TZYZQLYPc_]LZ]OT YL]d NZY_Pc_ Y`XTYZ`^ []P^PYNP LYO ]T_`LW PQQTNLNd =T_`LW^ N]PL_P ^PY^Z]d LbL]PYP^^ LYO ^T_`L_TaP []P^PYNP^ ?ST^ L[[WTP^ _Z ]T_`LW^ LWW L]Z`YO_SPbZ]WOLYOXLYd[L]_TNT[LY_^TY]T_`LW^bZ`WO^TX[Wd^Ld_SL_ _SPd OZ bSL_ _SPd OZ MPNL`^P T_ SL^ LWbLd^ MPPY OZYP _SL_ bLd 4Y 4Y OTL SZbPaP] WT_P]L_`]P^ L]P YZ_ ZYWd ]T_`LWTePO M`_ L]P LW^Z ^PWQ ]PQWPcTaP NZYNP]YTYR _SP bLd _SPd ^SZ`WO MP ]T_`LWTePO _SP PQQPN_^ ZQ _SPT] ]T_`LWTeL_TZY LYO _SP SZWTYP^^ ZQ WT^_PYTYR LYO SPL]TYR 0aPY TY YL]]L_TZY^ _SL_ NWPL]Wd SLaP LY TYQZ]XL_TaP NZY_PY_ _SP NZY_PY_ T^ YZ_ YPNP^^L]TWd _SP XLTY N]T_P]TZY LYO _ST^ T^ LW^Z TYOTNL_PO Md L`_Z ]PQWPN_TZY 1Z] PcLX[WP _SP ;`]£©L^ Xd_STN YL]]L_TaP^ bT_S L NWPL] ^_Z]dLYO[WZ__SL_TYNW`OP_PLNSTYR^bT_SOTOLN_TN_SPZWZRTNLWLYO[ST WZ^Z[STNLWNZY_PY_TY_PYOPO_ZMP`YOP]^_ZZOLWXZ^_TYaL]TLMWdNZY_LTY _SP Q]LXTYR TYQZ]XL_TZY _SL_ ]PNT_TYR LYO SPL]TYR _SP ;`]£©L^ M]TYR LMZ`_ R]PL_ PQQPN_^ ?ST^ ]PQP]^ TY _SP QT]^_ [WLNP YZ_ _Z _SP ^PXLY_TN NZY_PY_M`__Z_SP[Sd^TNLW^Z`YO?SP^TRYTQTNLYNPZQ_SP;`]£©L^_SL_ _SPd wXLd MP SPL]O Md LWWx TY NZY_]L^_ _Z _SP APOL OZP^ YZ_ Md LYd XPLY^ ^TRYTQd _SL_ _SPd L]P `YOP]^_ZZO Md LWW >LY^V]T_ MPTYR VYZbY ZYWd _Z L QPb M`_ ]L_SP] _SL_ ZYP [L]_TNT[L_P^ TY _SPX Md ]PNT_TYR LYO SPL]TYR_SPX :`][ZTY_T^YZ__Z^Ld_SL__SP]PT^YZTY_P]P^_TYXPLY TYRM`_]L_SP]_SL_QZN`^ZY^Z`YOT^N`W_`]LWWdLNNP[_POL^LWPRT_TXL_P LYOPaPY[]PQP]]POXZOPZQ]PNP[_TZY,WWZQ_ST^T^RPY`TYPWd_d[TNLWZQ >LY^V]T_3TYO`T^X LYOSL^ SLOPQQPN_^NZYNP]YTYR]PWTRTZ`^]P[]P^PY_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OT_TZY PO8L]V5`P]RPY^XPdP]LYO92P]LWO-L]]TP]-P]VPWPd%-P]VPWPd=PWTRTZ`^ >_`OTP^>P]TP^$"$z .Q LW^Z BLOP BSPPWZNV w, ?LcZYZXd ZQ _SP 8LY_]L^ TY _SP 9Pb LYO 1`WW8ZZY >LN]TQTNPx 3T^_Z]dZQ =PWTRTZY^ $ $#%$z!$BSPPWZNV[]Z[Z^P^ _SL_ ]T_` LW^ SLaP WT__WP TYQZ]XL_TaP NZY_PY_ MPNL`^P _SPd ZQ_PY ]P[PL_ L VYZbY QTcPO _Pc_% w4 bTWW ^Ld _SL_ _SP ML^TN TY_PY_TZY ZQ ]T_`LW `__P]LYNP T^ _Z N]PL_P LYO LWWZb _SP [P] QZ]XLYNPZQLVYZbYLYO]P[PL_LMWP^T_`L_TZYxTMTO 8LTY[ZTY_XLOPMd?SZXL^-.ZM`]Ywu>N]T[_`]PvTY4YOTLx z"$
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
!
_TZY ^dXMZWTN bZ]WOaTPb QZ]XL_TZY LYO 4YOTLY N`W_`]P L_ WL]RP .ZM`]YNZ]]PN_Wd]PXL]V^% wBSTWPT_T^_PX[_TYR_ZL^^`XP_SL_^N]T[_`]P^PT_SP]]PLOZ]SPL]O^P]aP L OTOLN_TN ]ZWP TY S`XLY WTaP^ _SP NPY_]LW QLN_ SP]P T^ _SL_ QZ] XLYd 3TY O`^_SPSZWTYP^^ZQSZWdbZ]O^T^YZ_LQ`YN_TZYZQ_SPT]TY_PWWTRTMTWT_d:Y _SPNZY_]L]d^LYN_T_dZQ_PYL[[PL]^_ZMPTYaP]^PWd]PWL_PO_ZNZX[]PSPY^T MTWT_dx
?ST^ NLYYZ_ MP Pc[WLTYPO ^ZWPWd Md QZ]XLWT^X^ LYO ]`WP ^d^_PX^ TY _SP bLd _SL_ 1]T_^ >_LLW ]P[PL_POWd []Z[Z^PO 4_ MPNZXP^ RPY`TYPWd NZX []PSPY^TMWP ZYWd bSPY SPL]TYR LYO ]PNT_TYR L]P _SPX^PWaP^ ^PPY L^ L _]LY^QZ]XTYR^LN]LXPY_LWLN_TaT_dLYON`W_`]LWVYZbWPORPPcT^_^LMZ`_ _SP [ZbP] ZQ _SP ^LN]PO ^Z`YO LYO L Y`XTYZ`^ []P^PYNP ,YO _ST^ T^ TY QLN__SPNL^PbT_S_SPTYOTRPYZ`^WT^_PYP]^L_WPL^_bT_S_SZ^PbSZSLaP L ]PWTRTZ`^ NZXXT_XPY_ :Y _SP Z_SP] SLYO T_ NLYYZ_ MP L^^`XPO _SL_ _SP XPLYTYR ZQ _SP bZ]O^ T^ `YOP]^_ZZO Z] _SL_ PaP]dZYP L^^ZNTL_P^ _SP ^LXP XPLYTYR bT_S _SP bZ]O^ LYO ^_Z]TP^ 9ZYP_SPWP^^ SPL]TYR LYO ]PNT_TYR YPNP^^L]TWd XLVP _SP [P]^ZY [L]_ ZQ L SZWd NZ^XZ^ 1Z] _SP WZNLW ]PNT[TPY_^ VYZbTYR _SL_ w_ST^ T^ L ^LN]PO _Pc_x T^ ^`QQTNTPY_ _Z L^ N]TMP L MPYPQTNTLW PQQPN_ _Z T_ 4YNW`OTYR ^`NS ]PWTRTZ`^ L__]TM`_TZY^ .ZM`]Y^PP^>TYRP]v^N`W_`]LW[P]QZ]XLYNP^LYO1WZZOv^]PWTRTZ`^]PLO TYR^ L^wSZWdaP]MLWPaPY_^xLYOSP ^[PLV^ZQ_SPw[ZbP]ZQSZWdSPL] TYRx LYO _SP wTY_]TY^TN SZWTYP^^ ZQ _SP bZ]Ox ! 4Y LOOT_TZY _Z _SP [P] QZ]XL_TaP OTXPY^TZY ZQ SPL]TYR LYO ]PNT_TYR .ZM`]Y PX[SL^TeP^ _SP ^[T]T_`LW PcP]NT^P _SP []TXLNd ZQ Pc[P]TPYNP LYO _SP Pc[PN_PO ^PWQ _]LY^QZ]XL_TZY bSTNS L]P L__]TM`_PO _Z _SP ]PNT_TYR LYO SPL]TYR ZQ ^L N]PO _Pc_^ P^[PNTLWWd _SP XLY_]L ]P[P_T_TZY^ LYO MPWTPQ TY _SP TY_]TY^TN SZWTYP^^ZQ_SPbZ]O% w _SP []Z[PY^T_d _Z XPXZ]TeP LYO _Z ]PNT_P SZWd bZ]O^ z [P]SL[^ L^ L XLYTQP^_L_TZY ZQ OPaZ_TZY MSLV_T [P]SL[^ bT_S _SP L^[T]L_TZY ZQ SLaTYR ZYPv^NZY^NTZ`^YP^^_]LY^QZ]XPOMd_SP XLY_]L^ ]`Y^aP]daP]dOPP[TY 3TYO`WTQP?SP]PT^^NL]NPWdLQP^_TaLWTY4YOTL_SL_T^YZ_LNNZX[LYTPOMd _SP]PNT_L_TZYZQ^ZXPNWL^^TNLW_Pc_ XZ^_ZQ_PYTY>LY^V]T_TYbSTNS NL^P T_ NLYYZ_ MP TY_PWWTRTMWP _Z XZ]P _SLY L ^PWPN_ QPb Z] TY LY L]NSLTN LYO _SP]PQZ]PL_MP^_]L_SP]Z[L\`PQZ]XZQ_SPaP]YLN`WL]BSL_PaP]PW^PbP XLdNZYNW`OPLMZ`__SP^N]T[_`]LWWTQPZQ4YOTLU`^_TNPX`^_MPOZYP_Z_SP QLN__SL_L_WPL^_QZ]^ZXPZQ_SP_TXP3TYO`^SLaPLQQT]XPO_SL__SPSZWT
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .ZM`]Ywu>N]T[_`]PvTY4YOTLx >_LLW w?SP 8PLYTYRWP^^YP^^ ZQ =T_`LWx 9`XPY ! $"$% z& w?SP >Z`YO ZQ =PWTRTZYx Z[ NT_ TY [L]_TN`WL] Q " Q& =`WP^ bT_SZ`_ 8PLYTYR% =T_`LW 8LY_]L^ LYO _SP 3`XLY >NTPYNP^ 9Pb DZ]V% 7LYR $#$& w1]ZX XPLYTYR^ _Z _]PP^x 5Z`]YLWZQ=T_`LW>_`OTP^ "$$%z ! .ZM`]Ywu>N]T[_`]PvTY4YOTLx "
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!
YP^^ZQ_SPBZ]OT^TY_]TY^TN LYO_SL_ZYP[L]_TNT[L_P^TYT_YZ_Md`YOP] ^_LYOTYRM`_MdSPL]TYRLYO]PNT_TYRT_x "
?SP TY_]TY^TN SZWTYP^^ ZQ _SP bZ]O Pc[WLTY^ _SP TOPZWZRTNLW MLNVR]Z`YO bPWW LYO ZYP NLY LOO _SL_ TY 3TYO` 4YOTL _SP ^LN]POYP^^ PQQTNLNd LYO ^Z_P]TZWZRTNLW [ZbP] ZQ ^Z`YO^ SL^ MPPY Pc_PYOPO YZ_ ZYWd _Z XLY_]L^ M`_LW^Z_ZPY_T]P^LN]POWT_P]L_`]P^.ZM`]YPc[WLTY^_SPSZWTYP^^ZQ_SP XP]P bZ]O bT_S _SP TY_P]LN_TZY ZQ ^PaP]LW QLN_Z]^ MZ_S w[]ZQLYPx LYO w^LN]POx #:Y_SPZYPSLYOSPNT_P^_SPTY_]TY^TNaLW`PZQ>LY^V]T_WT_ P]LWWd wbPWWQZ]XPOx w]PQTYPOx wbPWW NZZVPOx L^ ]T_`LWWd [P]QPN_PO LYOTY_PWWPN_`LWWdN`W_TaL_POWLYR`LRPTPL^_SPWLYR`LRPZQ_SPWT_`]Rd LYOZQ_SPPWT_PLYO^ZSPL]TYRLYO^[PLVTYRT_]P[]P^PY_L^[PNTLW]PWT RTZ`^ LYO TY_PWWPN_`LW []TaTWPRP 8P]PWd SPL]TYR _ST^ STRSWd N`W_TaL_PO WLYR`LRPMZ]OP]POZYY`XTYZ`^Pc[P]TPYNP:Y_SPZ_SP]SLYOLNNZ]O TYR _Z .ZM`]Y LY TX[Z]_LY_ ]ZWP bL^ [WLdPO YZ_ ZYWd Md _SP wL`]L ZQ PWPRLYNPx M`_ LW^Z Md _SP L^^ZNTL_TZY ZQ LY TXXPOTL_P NZYYPN_TZY bT_S []TXZ]OTLW _TXP^ LYO Z]TRTYLW ]PaPWL_TZYL]d VYZbWPORP 3P]P SP ]PQP]^ _Z_SPAPOTN]PaPWL_TZYWTYVPObT_SLNP]_LTYZY_ZWZRd,wXZ^_TY_TXL_P L[[]PSPY^TZY ZQ NZ^XTN _]`_Sx T^ L^^ZNTL_PO bT_S _SP APOL WT_P]LWWd wVYZbWPORPxLW^ZNLWWPO±]`_TWT_P]LWWdwSPL]TYRxbSTNS.ZM`]Y]PY OP]^ L^ wSZWd SPL]TYRx LYO bT_S _SP APOTN w^PP]^x bSZ w^Lbx LYO wSPL]Ox _SP APOL $ ,Y LYLWZRZ`^ _]LY^NPYOPYNd ]PWL_TZY LW^Z L[[WTP^ _Z_SP?LY_]TNXLY_]L^L^_SPP^^PYNPZQ_SPRZO^%w@W_TXL_P]PLWT_dZY _ST^aTPbXLd TYQLN_MPR]PL_P]_SLYbSL_PaP] T^[]POTNL_POZQT_YP_T YP_TM`_T_T^LQQT]XPOL_WPL^__ZSLaP^Z`YOQZ]Xx BP LR]PP bT_S _ST^ QL]]PLNSTYR ZM^P]aL_TZY :YP NLY PaPY Pc[LYO T_ LYO [ZTY_ _Z ^PWQ]PQWPcTaP PaTOPYNP _SL_ T^ QZ`YO Q]ZX WL_P APOTN _TXP^ ZYbL]O^ LYO OPaPWZ[^ L NZY^TOP]LMWP ^Z`YO Xd^_TNT^X ?SP]P T^ LYPcNP[_TZYLWWdWL]RPLXZ`Y_ZQWTYR`T^_TN[STWZ^Z[STNLWLYO]PWTRTZ`^ WT_P]L_`]P NZYQTYPO _Z ]PQWPN_TYR ZY WLYR`LRP LYO ^Z`YO ^ZXP ZQ bSTNS NZY^_]`P ^Z`YO L^ []TXZ]OTLW ]PLWT_d [P]aLOTYR LWW N]PL_TZY ?SP XZ^_ Pc_]PXP PcLX[WP T^ _SP 9£OL-]LSXLY w>Z`YO-]LSXLYx bSP]P ^Z`YO NZ^XZ^ LYO `W_TXL_P ]PLWT_d L]P P\`L_PO Md _SP ?LY_]LTY^[T]PO LYO APO£Y_LTY^[T]PO X`^TNZWZRT^_^ LYO _SPT] VPd _SP^T^ ZQ _SP wbZ]WO L^ ^Z`YOx -`_T_LW]PLOdMPRTY^bT_S_SPwRZOOP^^AZTNPx TY_SPWL_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " # $
.ZM`]Ywu>N]T[_`]PvTY4YOTLx" 1Z]_SPQZWWZbTYR^PP.ZM`]Ywu>N]T[_`]PvTY4YOTLx! .ZM`]Ywu>N]T[_`]PvTY4YOTLx .ZM`]Ywu>N]T[_`]PvTY4YOTLx ?SP _P]X 9£OL-]LSXLY L[[PL]^ _Z SLaP MPPY QT]^_ `^PO Md _SP X`^TNZWZRT^_ ±£]«RLOPaL _S NPY_ bSZ TY_P][]P_PO _SP ^_L_PXPY_ ZQ _SP X`^TNZWZRT^_ 8L_L«RL #_SNPY__SL__SPPY_T]P`YTaP]^PLYOLWW_SPRZO^bP]P^Z`YOTY_SPXPLYTYRZQ_SP -]LSXLY[STWZ^Z[SdZQ_SPAPO£Y_L8L_L«RLSTX^PWQ^PPX^_ZSLaPMPPYTY^[T]POMd DZRTNLYO ?LY_]TN^[PN`WL_TZY^ZY[]TXZ]OTLW^Z`YO Y£OL-`_YZ_`Y_TWWL_P]_TXP^
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
!
RaPOL _SP NZ^XZWZRTNLW TY_P][]P_L_TZY^ ZQ _SP ^dWWLMWP :¿ TY _SP @[LYT´LO^_SPDZRL_PNSYT\`P^QZ]N]PL_TYRTYYP]^Z`YO^_SP_PLNSTYR^ ZY []TXZ]OTLW ^Z`YO Y£OL LYO NZ^XZRZYTN XLY_]L ^[PN`WL_TZY TY _SP PL]Wd ¢RLXL WT_P]L_`]P LYO _SP 3TRS ?LY_]L -P^TOP^ SPL]TYR LYO ]PNT_ TYR ^`NS STRSWd ^[PN`WL_TaP _PYOPYNTP^ L]P RPY`TYPWd _d[TNLW ZQ >LY ^V]T_ 3TYO`T^X _ZZ LYO X`^_ MP _LVPY TY_Z LNNZ`Y_ TY NZY_Pc_`LWTeTYR _SP]T_`LW[P]QZ]XLYNP^TY_SPM]ZLOP]Q]LXPbZ]VZQ]PWTRTZ`^NZY^_]`N _TZYZQXPLYTYR 2`d-PNVOPOTNL_POST^L__PY_TZY[]TYNT[LWWd_Z_ST^L^[PN_L^TWW`^ _]L_PO Md _SP _T_WP ZQ ST^ XZYZR]L[S w>ZYTN ?SPZWZRdx 3P U`^_TQTLMWd N]T_TNTeP^_SPQLN__SL_ST^_Z]TLY^ZQ]PWTRTZYwSLaPN`]TZ`^WdZaP]WZZVPO Z] uZaP]SPL]Ov _SP OTXPY^TZY ZQ ^LN]PO ^Z`YOx -PNV PaPY [Z^_`WL_P^ _SL_ ^LN]PO ^Z`YO T^ _SP Xd^_P]T`X XLRY`X ZQ _SP 3TYO` _]LOT_TZY 3PNWLTX^_SL_wu3TYO`_SPZWZRdvNZY_LTY^LYPNP^^L]d^ZYTN]PLWXM`TW_ TY_Z T_^ ^_]`N_`]P LYO ^`M^_LYNPx LYO PX[SL^TeP^ _SL_ ^LN]PO ^Z`YO wQ`YN_TZY^ L^ L NZXXZY _S]PLO NZYYPN_TYR L Y`XMP] ZQ Z`_bL]OWd OTQ QP]PY_^PN_Z]^bT_STYT_x 4Y NZY_]L^_ _Z >TYRP]v^ LYO 1WZZOv^ []LN_TNPZ]TPY_PO LYO LN_TZY Z]TPY_PO L[[]ZLNSP^ -PNVv^ ^_`Od T^ XL]VPOWd XP^^LRPZ]TPY_PO :`] L[[]ZLNS ZQ ]PWTRTZ`^ LP^_SP_TN^ ^PPV^ _Z `YT_P _SP^P _bZ MPNL`^P _SP w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x T^ Pc[]P^^PO MZ_S TY QZ]X^ ZQ ]PWT RTZ`^ LN_^ N`W_`]LW [P]QZ]XLYNP^ LYO _Pc_^ TY []LN_TNP LYO TY NZRYT _TaP^d^_PX^LYO_SPZWZRTNLWLYO[STWZ^Z[STNLWOT^NZ`]^P^4_T^YZ_ZYWd _SP [P]QZ]XL_TaP ]T_`LW OTXPY^TZY^ TP _SP _Pc_^ TY []LN_TNP bSTNS bP bLY_ _Z Pc[WZ]P M`_ LW^Z _SP [P]QZ]XL_TaP NSL]LN_P] ZQ _SP _Pc_^ _SPX ^PWaP^% _SPT] ^PWQPc[]P^^TaPYP^^ TY _Pc_`]P ^_dWP ]Sd_SX XPWZOd LYO ]SP_Z]TN LYO _SPT] ^PWQ]PQWPcTaT_d NZYNP]YTYR NZ^XZWZRd bZ]WO NZY^_T_`_TYRYL_`]P[P]QZ]XLYNPNSL]LN_P]LYOPQQTNLNd?SPNZYNP[_ZQ [P]QZ]XLYNP T^ L RZZO ZYP QZ] TWW`XTYL_TYR L NPY_]LW XP_SZOZWZRTNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
OTO_SPYZXTYLWTeL_TZYw9£OL-]LSXLYxMPNZXPbTOP^[]PLOTY]PWTRTZ`^NT]NWP^_ZZ BPOZYZ_OT^N`^^_SP9£OL-]LSXLYL^_SPWL^_R]PL__]LY^QZ]XL_TZYZQ_SP-]LSXLY NZYNP[_`Y_TW_SPPYOZQ_ST^MZZV 2`d 7PZY -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTa ZQ >Z`_S.L]ZWTYL;]$$ -PNV >ZYTN?SPZWZRd -PNV >ZYTN?SPZWZRd >TYRP] bL^ [P]SL[^ _SP QT]^_ [P]^ZY _Z TY_]ZO`NP _SP _P]X [P]QZ]XLYNP TY_Z N`W_`]LW ^_`OTP^ LYO TYQW`PYNPO Z_SP]^ TYNW`OTYR .WTQQZ]O 2PP]_e 9Zb [P]QZ]XLYNP SL^ MP NZXP L VPd _P]X TY N`W_`]LW ^_`OTP^ LYO LMZaP LWW TY ]T_`LW ^_`OTP^ >PP -ZMMd . ,WPcLYOP]w=T_`LWLYO.`]]PY_>_`OTP^ZQ=T_`LW%:aP]aTPbxTY ,Y_S]Z[ZWZRdZQ=P WTRTZY% , 3LYOMZZV PO >_P[SPY / 2WLeTP] BP^_[Z]_% 2]PPYbZZO ;]P^^ $$" z!& ,YO]ËL -PWWTRP] LYO /LaTO 6]TPRP] PO =T_`LW_SPZ]TPY :[WLOPY% BP^_ OP`_^NSP] AP]WLR $$# "z TY_]ZO`N_TZY& 5ZSY 8N,WZZY =T_P /]LXL 1P^_TaLW >[PN_LNWP%=PSPL]^LW^ _ZbL]OL ?SPZ]dZQ .`W_`]LW ;P]QZ]XLYNP ;STWLOPW[STL% 4Y^_T
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
L^[PN_ ZQ Z`] bZ]V _SL_ _]LY^QP]^ _SP LN_TZYZ]TPY_PO L[[]ZLNS _Z _SP _Pc_^ _SPX^PWaP^ 3P]P _S]PP _d[P^ ZQ [P]QZ]XL_TaT_d ! NLY MP OT^_TY R`T^SPO% L _SL_ ZQ PXMZOdTYR _Pc_^ `^TYR _SP aZTNP LYO TY LN_`LW [P]QZ]XLYNP^ LYO ]T_`LW^ bSTNS T^ bSL_ >TYRP] _P]XPO wN`W_`]LW [P]QZ]XLYNP^x LYObSL_2LaTY1WZZO]PQZ]X`WL_POL^w]PWTRTZ`^]PLOTYR^x M _SP QZ]X ZQ NZ][Z]PLWT_d LYO [P]QZ]XL_TaT_d _SL_ T^ [PN`WTL] _Z _SP _Pc_^ _SPX^PWaP^ [ZP_]d ]SP_Z]TN ^_dWT^_TN OPaTNP^ ]Sd_SXTNT_d P_N _SL_ T^ _SPT] Z]LWL`]LW ]PLWT_d LYO ^PWQ]PQP]PY_TLW Q`YN_TZY bSTNS LW^Z TYNW`OP^ _SP QZ]XLW ^_]`N_`]P LYO ]PR`WL]T_d _SL_ >_LLW PX[SL^TePOLYO N _SP XPLYTYR^ LYO PQQPN_^ _SL_ L]P LOO]P^^PO TY _SP _Pc_^ TY LY L`_Z ]PQP]PY_TLW bLd LYO bSTNS _SP ]PNT[TPY_^ Pc[P]TPYNP LYO OPaPWZ[ TXLRTYL_TaPWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _`_P QZ] _SP >_`Od ZQ 3`XLY 4^^`P^ $#& LYO _SP N]T_TNLW L[[]LT^LW Md .L_SP]TYP -PWW bSZ `W_TXL_PWd []PQP]^ []LN_TNP _SPZ]d =T_`LW% ;P]^[PN_TaP^ LYO /TXPY^TZY^ 9Pb DZ]V% :cQZ]O @YTa ;] $$" "z"! $z!$& w;P]QZ]XLYNPx TY .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ PO 8L]V . ?LdWZ] .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $$# z LYO =ZYLWO 7 2]TXP^ bSZ N]T_TNTeP^ -PWW w;P]QZ]XLYNP ?SPZ]dLYO_SP>_`OdZQ=T_`LWxTY 9Pb,[[]ZLNSP^_Z_SP>_`OdZQ=PWTRTZY AZW PO ;P_P] ,Y_P^ P_ LW -P]WTY% OP 2]`d_P] z#& w;P]QZ]XLYNPx TY ?SPZ ]TeTYR =T_`LW^% 4^^`P^ ?Z[TN^ ,[[]ZLNSP^ .ZYNP[_^ PO 5PY^ 6]PTYL_S P_ LW 7PT OPY% -]TWW ! "$z$ BT_STY ]T_`LW ^_`OTP^ _SP [P]QZ]XLYNP L[[]ZLNS bL^ LW ]PLOd []ZXTYPY_ TY _SP $"^ WL`YNSPO QZ] TY^_LYNP Md ATN_Z] ?`]YP]v^ _SPZ]d ZQ ]T_`LWL^w^ZNTLWO]LXLxLYOZYPXLdPaPY^Ld_SL_]T_`LW^_`OTP^L^LOT^NT[WTYPT^L]P NZP\`LW_Z[P]QZ]XLYNPL[[]ZLNSP^ ! 7L_PWdLw[P]QZ]XL_TaP_`]YxSL^MPPYZM^P]aPOTY_SPZ]TP^ZQN`W_`]PLYOXPOTLLYO _SP[P]QZ]XLYNPNZYNP[_T^ZQ_PY]P[WLNPOMd_SPNZYNP[_ZQ[P]QZ]XL_TaT_d>PP@bP BT]_S w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWOaZY 4WWZVL_TZY 4_P]L_TZY`YO4YOP cTVLWT_Æ_x TY S__[%`^P]`YTQ]LYVQ`]_OPbT]_S_Pc_PBT]_S;P]QZ]XLYeS_X LNNP^^PO ,[]TW"LYO@bPBT]_SPO ;P]QZ]XLYe%EbT^NSPY>[]LNS[STWZ^Z[STP`YO 6`W_`]bT^^PY^NSLQ_PY 1]LYVQ`]_% >`S]VLX[ TY bSTNS _SP NZX[WP_P L]_TNWP T^ ]P[]ZO`NPO TMTO $z! ,NNZ]OTYR _Z BT]_S L NZYNT^P _SPZ]d SL^ dP_ _Z MP OPaPW Z[PO2WZMLWWd^[PLVTYR[P]QZ]XL_TaPL[[]ZLNSP^_ZWLYR`LRP]T_`LWLYON`W_`]PL]P \`T_P OTaP]^P /TQQP]PY_ OT^NT[WTYP^ LYO TYOTaTO`LW ^NSZWL]^ ^`NS L^ [STWZ^Z[SP]^ ZQ WLYR`LRPWTYR`T^_^WT_P]L]d_SPZ]T^_^N`W_`]LWLY_S]Z[ZWZRT^_^QZWVWZ]T^_^^NSZWL]^ZQ ]PWTRTZY ^NSZWL]^ ZQ RPYOP] ^_`OTP^ LYO ]T_`LW _SPZ]T^_^ `^P _SP _P]X OTQQP]PY_Wd ?Z XPY_TZY U`^_ ^ZXP _SL_ _Z`NS OT]PN_Wd ZY _SP _Z[TN ZQ Z`] ^_`Od% =TNSL]O -L`XLY wAP]MLW ,]_ L^ ;P]QZ]XLYNPx ,XP]TNLY ,Y_S]Z[ZWZRd "" $" % $z& 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x Z[ NT_ z!& ,cPW 8TNSLPW^ w=T_`PWWP 6WLYR]Æ`XPx Z[ NT_ z& 7Lb]PYNP 0 >`WWTaLY w>Z`YO LYO >PY^P^% ?ZbL]O^ L 3P]XPYP`_TN^ ZQ ;P]QZ]XLYNPx 3T^_Z]d ZQ =PWTRTZY^ ! $#!% z& >_LYWPd 5 ?LXMTLSw,;P]QZ]XL_TaP,[[]ZLNS_Z=T_`LWx ;]ZNPPOTYR^ZQ_SP-]T_T^S,NLOPXd ! $"$%z!$&BLOPBSPPWZNVw,?LcZYZXdZQ_SP8LY_]L^xZ[NT_&zw?SP ;]ZMWPX ZQ =T_`LW 7LYR`LRP% 1]ZX 4YQZ]XL_TZY _Z >T_`L_TZYx 5Z`]YLW ZQ _SP ,XP]T NLY ,NLOPXd ZQ =PWTRTZY 7 $#% $z"& z w?SP 8LY_]L TY APOTN LYO ?LY_]TN =T_`LWxTY 8LY_]L^ PO3L]aPd;,W[P],WMLYd9PbDZ]V%>@9D$#$$!z
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
!
:YP NPY_]LW _Z[Z^ ZQ N T^ bSL_ .ZM`]Y NLWW^ wSZWd aP]MLW PaPY_^x _SP w[ZbP]ZQSZWdSPL]TYRxLYO_SPwTY_]TY^TNSZWTYP^^ZQ_SPbZ]OxLYO_Z bSTNS -PNVv^ []Z[Z^T_TZY ]PQP]^ _SL_ ^Z`YO T^ _SP NPY_]LW Xd^_P]d TY 3TYO`T^X LYO LW^Z [P]aLOP^ Z_SP]bT^P bTOPWd OTQQP]TYR ^PRXPY_^ ZQ 3TYO`N`W_`]P4_T^_]`P_SL_ZYPTX[Z]_LY_QTPWOZQOT^NZ`]^PT^_SPTOPL _SL_ TY aL]TZ`^ ST^_Z]TNLW NZY_Pc_^ LYO ^ZNTLW XTWTP`^ L NZ^XZWZRT NLWNZ^XZRZYTN Q`YN_TZY bL^ L__]TM`_PO _Z WLYR`LRP LYOZ] ^Z`YO LYO _SL_ WLYR`LRP^Z`YO bL^ PaPY aTPbPO L^ L ^dXMZW ZQ _SP `YTaP]^P LYO _SP `W_TXL_P ]PLWT_d @YWTVP -PNV bP bZ`WO SZbPaP] ^PL]NS QZ] _SP [P]aLOTYR _S]PLO WP^^ TY _SP _SPZWZRTNLW _SLY TY L ^Z`YONPY_P]PO WTQP bZ]WO LYO TY _SP PcNP[_TZYLW L__PY_TZY [LTO _Z WLYR`LRP TY 4YOTL ^TYNP PL]WTP^__TXP^ 7TVP -PNV bP bTWW TYNW`OP 4YOTLY WTYR`T^_TN^ [W`^ TYOTRPYZ`^ [Z P_]dLYOPcLX[WP^ZQPL]Wd^NTPYNPBSPY_SPL^_]ZYZXP]LYOXL_SPXL _TNTLY¢]dLMSL¶LbZ]V^bT_S^Z`YONZOP^TY^_PLOZQQTR`]P^_ST^TYQLN_ ^SZb^ SZb ^_]ZYRWd ^Z`YO LYO YZ_ ZYWd ^LN]PO ^Z`YO WTYV^ OTQQP]PY_ N`W_`]LW ^PN_Z]^ L^ L NZXXZY _SPXP LYO PaPY L[[PL]^ TY []ZQLYP ^NT PYNP^ ?SP WLMPW w^ZYTN _SPZWZRdx T^ YZ_ ^`QQTNTPY_ _Z Pc[WLTY _ST^ [SP YZXPYZY LYO NLY LN_`LWWd OT^_Z]_ T_ BSPY -PNV OT^N`^^P^ TYOTRPYZ`^ WTYR`T^_TN_SPZ]TP^SP_PYO^_ZbL]O^Xd^_TQTNL_TZYLYO]L_SP]_ZZQL^_SP ^PP^^ZYTN9£OL-]LSXLY_SPZWZRdbSPY_SP[ZTY_T^LN_`LWWdR]LXXL] 4YOTLYWTYR`T^_TN^NP]_LTYWdR]PbZ`_ZQ_SP^_`OdZQ_SPAPOLM`_T_SL^ LNNP^^PO L`_ZYZXZ`^ L]PL^ ZQ VYZbWPORP _SL_ bP]P TYOP[PYOPY_ ZQ ]PWTRTZY ?SP [ZWd[SZYd ZQ aZTNP^ TY _SP TY_P][]P_TaP LYO ]PNPTaTYR NZXX`YT_TP^ bSTNS T^ XLYTQP^_PO TY _SP aP]MLW LYO ]T_`LW PaTOPYNP ]PRL]OTYR WLYR`LRP LYO ^Z`YO TY MZ_S PaP]dOLd LYO ^NSZWL]Wd N`W_`]P bTWW ZNN`[d `^ [L]_TN`WL]Wd TY _ST^ MZZV L^ bTWW _SP OdYLXTN^ ZQ L NZY ^_LY_WdNSLYRTYRQWZbZQ_]LOT_TZYLYOZQNZY_TY`LW]PTY_P][]P_L_TZY^ BP _SP]PQZ]P _LVP L RWZMLW XP^^LRPZ]TPY_PO L[[]ZLNS ^TXTWL] _Z _SL_ ZQ -PNV M`_ Z`]^ ]PQWPN_^ XZ]P ZY _SP OTaP]^T_d ZQ aZTNP^ _SP OT^ N`]^TaP _]LY^QP]^ LYO _SP ST^_Z]TNLW OdYLXTN^ BP [WLNP WP^^ PX[SL^T^ ZYw^LN]POYP^^x_SLYZYw^Z`YOx?SP[L]_TN`WL]YL_`]PZQ^Z`YO_SL_ T_ NLYMP[Sd^TNLWLYOTXXL_P]TLWL__SP^LXP_TXPLYO_SP]PQZ]PNLYWTYV TYYP] LYO Z`_P] bZ]WO^ WTVP YZ Z_SP] XPOT`X LYO _]TRRP] ^PY^Z]d LP^ _SP_TN PQQPN_^ L[[PL]^ _Z SLaP TY_P]P^_PO LYO TY^[T]PO XLYd 4YOTLY _STYVP]^ MZ_S ]PWTRTZ`^ LYO []ZQLYP ?SP []PZNN`[L_TZY bT_S ^Z`YO T^ OZ`M_WP^^Wd XZ^_ XL]VPO LYO XZ^_ OTQQP]PY_TL_PO TY _SP ]PWTRTZ`^ QTPWO :`] []TXP PcLX[WP^ ZQ ^LN]PO ^Z`YO L]P _SP APOL LYO _SP ?LY_]L _Z bSTNS bP OPaZ_P LY P^[PNTLWWd WL]RP LXZ`Y_ ZQ ^[LNP LYO bSTNS Q]LXP Z`]ST^_Z]TNLWOT^N`^^TZY^ ,WL]RP[]Z[Z]_TZYZQ_SP^Z`]NP^L]PLYZYd XZ`^WT_P]L_`]P^^ZXPZQbSTNSL]PRTaPYOL_P^QW`N_`L_TYRZaP]NPY_` ]TP^ LYO _Z bSTNS LOOT_TZY^ bP]P ZQ_PY XLOP ZaP] NPY_`]TP^ ?SP [Z^_ XZOP]Y XLYYP] ZQ ^[PLVTYR ZQ LY L`_SZ]WP^^ _Pc_ T^ aP]d []P^PY_ SP]P
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!!
4Y_SPNL^PZQ_SPAPOLL^wL`_SZ]WP^^SPL]TYRxLYZYdXT_dPaPYMPNLXP LY TOPZWZRd LYO L XL]V ZQ _SP \`LWT_d ZQ RPY`TYP ]PaPWL_TZY DP_ _ST^ aTPb ZQ _SP ;¼]aL8ÅX£À^£ WZdLW _Z _SP APOL OTO YZ_ ]PXLTY `YNSLW WPYRPO9ZYAPOTN^LN]POWT_P]L_`]P^NWLTXPO_ZMPXZ]PPQQPN_Q`W]PaP WL_TZY^bSTWPNZY_TY`TYR_SP[L]LOTRXZQSZWdSPL]TYR;SZYZNPY_]TNT_d NSL]LN_P]TePO _SPN`W_`]PLYORPYP]L_PO]PWTRTZY?SP wLOOT_TZY^x_Z _SP PcT^_TYR _Pc_^ N]PL_PO YPb ^T_`L_TaP NZY_Pc_^ TY bSTNS _SP ]T_`LW ^Z`YO ^[LNP^bP]PRTaPYLYPbQZ]XLYO_SPN`W_`]LWVYZbWPORPZQ_SPTY_]TY ^TN ^LN]POYP^^ ZQ ^Z`YO _ZZV ZY YPb OTXPY^TZY^ LYO \`LWT_TP^ ZQ Pc [P]TPYNP DP_ NSLWWPYRP^ _Z _SP OZXTYLY_ [L__P]Y X`^_ YZ_ MP TRYZ]PO PT_SP]PR_SPWLYR`LRPN]T_TNT^XZQ_SPPL]Wd@[LYT´LO^ 4Y 3TYO` 4YOTL bP OPQTYT_PWd QTYO L ]LYRP ZQ L__T_`OP^ _ZbL]O^ WLY R`LRP% [L]_TNT[L_Z]d SZWT^_TN ZYP^ LYO PXLYNT[L_Z]d ZYP^ TP LYLWd_T NLWWd OT^_LYNTYR LYO `W_TXL_PWd LW^Z _SZ^P _SL_ LTX QZ] L NZY^TOP]PO ^dY_SP^T^ :`] ^_`Od _SP]PQZ]P LW^Z QZN`^P^ ZY _SP ^_]L_PRTN LRPY_^ LYO N`W_`]LW [ZWTNdXLVP]^ _SL_ XLOP WLYR`LRP LYO ^Z`YO ^_]ZYR VPd NL_P RZ]TP^ QZ] OP^N]TMTYR _SP bZ]WO L^ L bSZWP LYO _SL_ ]PQWPN_PO _SP WLY R`LRPYL_`]PZQXPLYTYRLYO_SP^Z`YOYL_`]PZQWLYR`LRP
;]ZR]LXQZ]L>ZYTN7T_P]L]d3T^_Z]dLYO?SPZ]d
w?Pc_`LWT^_ N`W_`]LW ^_`OTP^x ZQ _SP 9Pb 3T^_Z]TNT^X M]ZVP bT_S L ZYP ^TOPO_Pc_NZY_Pc_L[[]ZLNSLYO^PY^T_TePO^NSZWL]^_Z_SPQLN__SL__Pc_^ XLdMP]PLOL^NZY_Pc_^QZ]ZYPLYZ_SP] "4Y]PQWPN_TYRZYPLYZ_SP]LYO TY_SPT]TY_P]_Pc_`LWWTYV^_Pc_^XL[Z`_LwN`W_`]LWL]NSTaPx]P[]ZO`NP T_ LYO L_ _SP ^LXP _TXP L]P MZ`YOPO Md T_ BP ^SL]P bT_S 9Pb 3T^_Z]T NT^X_SP]PNT[]ZNLWTY_P]P^_TY_SPST^_Z]TNLWYL_`]PZQ_Pc_^LYO_SP_Pc _`LWT_d ZQ ST^_Z]d LYO _S`^ QLaZ] LY L[[]ZLNS TY N`W_`]LW ^_`OTP^ bT_S _SP ^_`Od ZQ _Pc_^ L_ T_^ NZ]P 3ZbPaP] ^TYNP bP bT^S _Z TYaP^_TRL_P L wWZYR`PO`]ËPx [SPYZXPYZY bP L]P YZ_ LTXTYR QZ] L w^NTPYNP ZQ _SP [L]_TN`WL]x_SL_T^_d[TNLWZQ_SP9Pb3T^_Z]TNT^XL[[]ZLNS #YZ]OZbP NZY_PYO bT_S L ^dYNS]ZYTN [P]^[PN_TaP ZQ L WTXT_PO _TXP [P]TZO BP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " u9Pb3T^_Z]TNT^XvTY_SPYL]]Zb^PY^POPYZ_P^L[]LN_TNPZQWT_P]L]d]P^PL]NSTY_Z_SP =PYLT^^LYNPOPaPWZ[POL__SPMPRTYYTYRZQ_SP$#^TY.LWTQZ]YTL-P]VPWPd>NSZZW bSZ^PWPLOTYR[]Z[ZYPY_^bP]P>_P[SPY2]PPYMWL__LYO7Z`T^8ZY_]Z^P4_NZY_TY`PO _Z MP OPML_PO LYO OPaPWZ[PO TY _SP $$^ :YP ZQ T_^ 2P]XLY ^`[[Z]_P]^ T^ 8Z]T_e -LÁWP] /TPV`W_`][ZP_T^NSP1`YV_TZY`YOOL^,]NSTa%0TYPWT_P]L_`]bT^^PY^NSLQ_WTNSP ?Pc_6ZY_Pc_?SPZ]TP ?ÞMTYRPY% 9L]] 1]LYNVP ,__PX[Z >PP LW^Z ST^ w9Pb 3T^_Z]TNT^X .`W_`]LW 8L_P]TLWT^X LYO .`W_`]LW >_`OTP^x TY 0TYQÞS]`YR TY OTP 6`W _`]bT^^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_TaPY PO ,Y^RL] LYOAP]L9ÞYYTYR>_`__RL]_%8P_eWP]z #-LÁWP] /TPV`W_`][ZP_T^NSP1`YV_TZY`YOOL^,]NSTa Qz
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
!"
]L_SP] LTX _Z OZaP_LTW OTLNS]ZYTN LYO ^dYNS]ZYTN [P]^[PN_TaP^ ?SP R]PL_ OTaP]^T_d ZQ ^LN]PO _Pc_^ L`OTMWP WT_P]L_`]P^ TY >LY^V]T_ 3TYO` T^XLWZYRbT_S_SPTYNW`^TZYZQWL]RPWd^PN`WL] ^d^_PX^ ^`NSL^R]LX XL] _SPL_P] [ZP_]d LYO XL_SPXL_TN^ ]P\`T]P L ^dYZ[_TNLW []ZNPO`]P LWZYR^TOP _SP ST^_Z]TNLW WZYR_P]X [P]^[PN_TaP _Z ^Z]_ Z`_ _SP ML^TN [L]LOTRX^ ZQ _SP N`W_`]LW L]NSTaP BP ^SL]P bT_S _SP 9Pb 3T^_Z]TNT^X _SP ML^TN _SPZ]P_TNLW L^^`X[_TZY _SL_ _Pc_^ L]P WZLOPO bT_S wN`W_`]LW PYP]Rdx bSTNS T^ ^P_ Q]PP ^Z _Z ^[PLV bSPY X`_`LW P\`TaLWPYNP ]PWL _TZY^ ^dYNS]ZYZ`^ LYO OTLNS]ZYZ`^ TY_P]_Pc_`LWT_d LYO ]PNZOTYR L]P NZY^TOP]PO $ 9Z_ ZYWd OZ _SP TY_P]_Pc_`LW P\`TaLWPYNP^ [ZTY_ Z`_ _Z[T NLW LYO ]SP_Z]TNLW [L]_^ ZQ _SP L]NSTaP TYSP]PY_ _Z _SP _Pc_ M`_ _SPd ^T X`W_LYPZ`^Wd^SPOWTRS_ZY_SPN`W_`]LW[L]LOTRX^ZQ_SPL]NSTaPBSPY L[[WTPO _Z Z`] XL_P]TLW _SP XP_L[SZ] ZQ wN`W_`]LW PYP]Rdx ]PQP]^ _Z L NZ]]PWL_TaP NZY_TY``X ZQ [SZYZNPY_]TNT_d LNZ`^_TN [TP_d LYO SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ 8Z]PZaP] bP LR]PP ZY NP]_LTY XP_SZOZWZRT NLW []TYNT[WP^ `^PO Md _SP 9Pb 3T^_Z]TLY^ ?SP^P TYNW`OP YZ_ ^_L]_TYR Q]ZX bSZWP bZ]V^ M`_ Q]ZX TYOTaTO`LW P[T^ZOP^ _]Z[P^ Z] wLYPNOZ_P^x _SL_ OZ YZ_ LWbLd^ MPWZYR _Z bSL_ T^ ]PRL]OPO L^ _SP wWT_P]L]d NLYZYx LYO_SP]PUPN_TZYZQL^_LYOL]OXP_SZOTYQLaZ]ZQL[ZWdQZNLWNZXMTYL _TZYZQ^PaP]LW_SPZ]P_TNLWLYOXP_SZOTNLWL[[]ZLNSP^ :YP ZQ Z`] TY_P]P^_^ SL^ MPPY _Z ^PL]NS TY _SP N`W_`]LW L]NSTaP QZ] _P]X^ OPYZ_TYR WTYR`T^_TN ^Z`YO PR a£N ²LMOL OSaLYT Y£OL LYO _SP ST^_Z]TNLWLYOOT^N`]^TaPQZ]XL_TZY^LYONSLYRP^ZNN`]TYRTY_SP`^PZQ ^`NS XLUZ] _P]X^ ?SP^P PYNZX[L^^ ^[PPNS [SZYP_TN^ TYOTaTO`LW ^Z`YO TYQ]L^ZYTN ^Z`YO P_N M`_ LW^Z XP_ZYdXTP^ ^PXTZ_TeL_TZY^ LYO ^dXMZWTN QZ]X^ QZ] TY^_LYNP TY APOTN LYO [Z^_APOTN _TXP^ _Z aTPb WLYR`LRP L^ L wNZbx ^PP NSL[ >TYNP Z`] []TXL]d ^`MUPN_^ L]P L`OTMWPWT_P]L_`]P^LYON`W_`]LW^PXTZ_TN^X`W_T[WPL^[PN_^ZQ[P]QZ]XL _TaT_d bTWW MP TY _SP QZ]PQ]ZY_ ,^ LW]PLOd Z`_WTYPO bP QZN`^ Z`] L__PY _TZY YZ_ ZYWd ZY wN`W_`]LW [P]QZ]XLYNP^x >TYRP] M`_ LW^Z ZY _SP [P] QZ]XL_TaT_d ZQ _SP _Pc_^ BP TYNW`OP _SP L`OT_Z]d OTXPY^TZY L^ L VPd PWPXPY_ ZQ _Pc_`LW ^_`Od LYO TY_P][]P_L_TZY ?ST^ L`OT_Z]d OTXPY^TZY T^ LYP^^PY_TLW[L]_ZQ_SP_Pc_^vZbY^PWQ]PQP]PY_TLWT_dLYO[P]QZ]XL_TaT_d LYOT^ZYPZQ_SPXZ^_NSP]T^SPO[L]LOTRX^ZQ_SPN`W_`]LWL]NSTaP?ST^ T^ bSd ^[PNTLWL__PY_TZYT^ [LTO _Z_SP_Pc_^vZbY ^PWQ]PQP]PY_TLWT_d LYO L`_Z]PQWPcTaT_d TP _Z _SP LP^_SP_TN LYO [P]QZ]XL_TaP QPL_`]P^ ZQ _SP WT_P]L_`]P^ LYO _SP N]PL_TaP TXLRTYL_TZY^ ZQ _SPT] ]PNT[TPY_^ 4Y LOOT_TZY _Z_SP[P]QZ]XLYNPLYOPaPY_NSL]LN_P]ZQ_SP_Pc_^bPL]PTY_P]P^_POTY _SP ^PY^Z]d bZ]WO^ LYO _SP bZ]WO^ ZQ XPLYTYR _SL_ L]P ]PQWPN_PO TY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP _L^V ZQ _SP WT_P]L]d ^NSZWL] T^ _Z STRSWTRS_ TOPY_TNLW LYPNOZ_P^ ]SP_Z]TN^ _]Z[P^ LYO^_]`N_`]P^TYOTQQP]PY__Pc_^ZQ _SPL]NSTaPLYOWTYV_SPX_ZRP_SP]?SPZMUPN_TaP ZQ _ST^ []ZNPO`]P T^ _Z ]PWPL^P wN`W_`]LW PYP]Rdx Z] TY _SP bZ]O^ ZQ -LÁWP] w^ZNTLW PYP]Rdx.Q-LÁWP] /TPV`W_`][ZP_T^NSP1`YV_TZY`YOOL^,]NSTa $
!#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_Pc_^ MZ_S TX[WTNT_Wd LYO Pc[WTNT_Wd LYO L]P OPaPWZ[PO Q`]_SP] TY _SP N`W_`]LW XPXZ]d LYO _SP ^`MUPN_TaP [P]NP[_TZY ZQ OTQQP]PY_ R]Z`[^ LYO L`_SZ]^ 4Y^_PLO ZQ _SP NZYNP[_ ZQ w^ZYTN _SPZWZRdx -PNV bP SLaP NZTYPO _SP _P]X wLNZ`^_TN [TP_dx bSTNS bTWW MP OT^N`^^PO TY XZ]P OP_LTW MPWZb NSL[ QQ ?SP NZYNP[_ ZQ LNZ`^_TN [TP_d ^PPX^ _Z `^ _Z MP XZ]P ^`T_LMWP MPNL`^P LW_SZ`RS T_ TYNW`OP^ ^ZYTN _SPZWZRd T_ SL^ L M]ZLOP] ^NZ[PLYO[]TXL]Wd]PQP]^_ZSLMT_`^LYO^ZNTLW[]LN_TNPBP`YOP]^_LYO T_ _Z PYNZX[L^^ aL]TZ`^ QZ]X^ ZQ LN_TZY ]T_`LW LYO NZRYT_TaP ^d^_PX^ LWZYR bT_S \`LWT_TP^ ZQ QPPWTYR^ Pc[P]TPYNP LYO TYaZNL_TZY ZQ TNZYTN []P^PYNP,NZ`^_TN[TP_dTYOTNL_P^_SL_bP^PPV_Z^_`Od_SP_Pc_^YZ_L^ _Pc_^ ZY [L[P] M`_ L^ _Pc_^ _SL_ X`^_ MP SPL]O LYO PXMZOTPO TY _SP aZTNP 4Y RTaTYR bPTRS_ _Z LN_`LW _Pc_ [P]QZ]XLYNP^ ]T_`LW^ XPOT_L _TZY^P_NLYO_SP[P]QZ]XL_TaPYL_`]PZQ_SP_Pc_^_SPX^PWaP^PXMZO TPO TY _SPT] ]SdXP^ ]Sd_SX^ LYO ]SP_Z]TN L_ _SP ^LXP _TXP bP RTaP bPTRS_ _Z _SPT] WL]RP] Q]LXP _SP N`W_`]P bSTNS _SPd XT]]Z] [P][P_`L_P LYOYZ`]T^SLYO_SPTY_P][]P_L_TaPQ]LXP^bSTNS_`]Y_SPXTY_ZwXd_ST NLW^`M^_LYNP^x3ÞMYP]8Z]PZaP]LNZ`^_TN[TP_d^PPX^XZ]P^`T_LMWP QZ]N]Z^^N`W_`]LWNZX[L]T^ZYNSL[! BP_S`^bT^S_ZPX[SL^TePYZ_ZYWdw_Pc_^TY[]LN_TNPx1WZZOM`_ LW^Z LNZ`^_TN [P]NP[_TZY ^[LNP^ LYO ^ZYTN LbL]PYP^^ ?ST^ []ZR]LX ^PPV^ _Z OZ U`^_TNP _Z _SP ]PNP[_TZY XZOP TY bSTNS [L]_TNT[L_TZY TY _SP _Pc_ZNN`]^O`]TYR]PNT_TYRLYOWT^_PYTYRbSTWP_SP^PXLY_TN^PY^PT^YZ_ YPNP^^L]TWd `YOP]^_ZZO .ZM`]Y >_LLW 4_ LW^Z PcLXTYP^ [L]_TNT[L_Z]d XZOP^ ZQ bZ]WO Z]TPY_L_TZY LYO OTQQP]PY_ ^dY_SP_TN XZOPW^ ZQ bZ]WO NZY^_]`N_TZYPXMPOOPOTYWLYR`LRPLYO^ZYLWT_dL^^dXMZWTNQZ]X^_SL_ L_SPXL_TNLWWd `YNZY^NTZ`^Wd `YOP]WTP ^`NS L XZOP ZQ ]PNP[_TZY L]P ^SL[PO Md T_ LYO bSTNS _SPX^PWaP^ SLaP L ^SL[TYR PQQPN_ ZY ]PLWT_d [P]NP[_TZY XPY_LWT_d LYO N`W_`]LW [L__P]YTYR 4Y Z`] ^Z`YO^PY^T_TaP XP_SZOZWZRTNLW L[[]ZLNS _Z _Pc_^ L^ TY _SP TYNW`^TZY ZQ 4YOTLY ^NTPY _TQTN_]LOT_TZY^PRL^_]ZYZXdLYOLYLWd_TNLW\`P^_TZY^bPOTQQP]Q]ZX Z`][]POPNP^^Z]^1WZZO.ZM`]YLYO-PNVBT_SZ`]^Z`]NPML^PbSTNS bPL]PNZY^NTZ`^WdXLVTYRLM]ZLOZYPPaPYTQT_SL^_ZMPLYPNOZ_LW bP ^PPV _Z OPaPWZ[ L ST^_Z]d ZQ WT_P]L_`]P LYO N`W_`]P _SL_ T^ TY_P]P^_PO TY ST^_Z]TNLW WTYV^ LYO L_ bSZ^P NPY_P] L]P OT^NZ`]^P^ ZY WLYR`LRP LYO ^Z`YO LYO [P]QZ]XLYNP^ bSTNS OPXZY^_]L_P SZb QL] _SP wNZXXZY _S]PLO_SL_T^^Z`YOx-PNV]PLNSP^ ?SP L^[PN_^ ZQ _Pc_`LW w[P]QZ]XLYNPx Z] w[P]QZ]XL_TaT_dx _SL_ NLY SLaP L ^ZWTO ML^T^ TY WT_P]L_`]P ^_`OTP^ Z] ]PNP[_TZY LP^_SP_TN^ bTWW MP OPLW_ bT_S TY OP_LTW TY _SP YPc_ NSL[_P] BP SLaP SZbPaP] ^PWPN_PO
?Pc_^TY;]LN_TNPLYO_SP;P]QZ]XL_TaT_dZQ?Pc_^
!$
wNZXX`YTNL_TZYx L^ _SP VPd NZYNP[_ TY Z`] ^_`Od ?ST^ NZYNP[_ ]P QWPN_^ MP__P] _SP aL]TP_d ZQ OT^NZ`]^P^ LYO QTPWO^ ZQ OT^NZ`]^P _SL_ bP bTWWPcLXTYPLYO^SZ`WORTaPLNWPL]P]TYOTNL_TZY_SL_bPL]PYZ_RZTYR _Z[]P^PY_^ZWPWd]T_`LWTeL_TZY^M`_[]TXL]TWd_Pc_`LW_]LOT_TZY^bT^STYR _Z bZ]V TY L XP^^LRPZ]TPY_PO XLYYP] LYO ]PNZ]O ^d^_PX^ ZQ XPLYTYR TYNW`OTYRT^^`P^ZQN`W_`]LW_SPZ]dLYO[STWZ^Z[Sd9Z_WPL^_Z`]NSZ^PY _T_WP >Z`YO LYO .ZXX`YTNL_TZY TYOTNL_P^ Z`] _SP^T^ TY LP^_SP_TN^ ZQ ]PWTRTZY _SL_ ^PY^Z]d OL_L L]P LW^Z MPL]P]^ ZQ Pc[]P^^TZY LYO XPLYTYR []ZO`NP^PY^PLYO_SP]PQZ]P^SZ`WOYZ_MP`YOP]P^_TXL_POL^NZXX`YT NL_TaP XPOTL :`] L[[]ZLNS T^ X`W_TXP_SZOZWZRTNLW M`_ []TXL]TWd ZYP ZQ ]PWTRTZ`^ LP^_SP_TN^ LYO _Pc_ SP]XPYP`_TN^ LYO LW^Z LTX^ QZ] L N`W _`]LW SP]XPYP`_TN^ LYO L _SPZ]d ZQ N`W_`]P _SL_ SPW[^ ZYP _Z `YOP]^_LYO LYO Pc[WLTY _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ N`W_`]P _SL_ YPaP] RLaP `[ _SP^Z`YOTYRbZ]OLYOZ]LWNZXX`YTNL_ZY^d^_PX^TY_SPbLVPZQWT_P] LNd 0aPY TQ _SP ST^_Z]TNLW ^PN_TZY bTWW NZY^T^_ XLTYWd ZQ OP^N]T[_TZY^ RLTYPOQ]ZXLYLWd^P^ZQ_Pc_`LW^Z`]NP^TY_P]X^ZQ]PNP[_TZYLP^_SP_TN^ LYO _Pc_ SP]XPYP`_TN^ _SL_ T^ YZ_ ZYWd ^PY^T_TaP _Z XPLYTYR M`_ LW^Z ^PY^T_TaP _Z ^Z`YO bP QZWWZb L ^d^_PXL_TN LYLWd_TNLW L[[]ZLNS 2ZTYR _S]Z`RS _SP LRP^ XZ^_ ]PWPaLY_ _Z >LY^V]T_ 3TYO`T^X bP bTWW ^_]`N_`]P Z`] XL_P]TLW ^d^_PXL_TNLWWd ZY XZ]P [L]_TNT[L_Z]d LYO XZ]P OT^_LYNPO Z]OP]TYR[L__P]Y^L]T^TYRQ]ZXOPLWTYR^bT_SWLYR`LRPLYO^Z`YOTYaZWa TYR OTQQP]PY_ ^Z`]NP^ LYO OTQQP]PY_ L`_SZ]^ :`] ^d^_PXL_TN LYLWd_TNLW L[[]ZLNS _Z _SP ST^_Z]TNLW XL_P]TLW Q`]_SP] OPaPWZ[^ 0]Y^_ .L^^T]P]v^ _SPZ]d ZQ ^dXMZWTN QZ]X^ >`^LYYP 7LYRP]v^ ^dXMZW _SPZ]d ZQ OT^N`] ^TaP LYO []P^PY_L_TZYLW QZ]X^ ZQ Pc[]P^^TZY 6`]_ 3ÞMYP]v^ _SP^P^ ZY wXd_STNLW ^`M^_LYNP^x LYO _SP Xd_Sv^ ZbY ]L_TZYLWT_d LYO >_LYWPd ?LXMTLSv^ ZM^P]aL_TZY^ ZY NL`^LW LYO [L]_TNT[L_Z]d bZ]WO Z]TPY_L_TZY^ ?SP^PN`W_`]LW_SPZ]TP^OT^N`^^POTY_SPQTYLWNSL[_P]^ZQ_SP8P_SZOZW ZRd ^PN_TZY QQ SLaP MPPY ^Z TX[Z]_LY_ QZ] Z`] ZbY L[[]ZLNS MPNL`^P _SPd XLOP _SP []P_P]XTYZWZRTNLW _SP []PWZRTNLW LYO _SP ^PY ^Z]d [L]_ ZQ N`W_`]LW Pc[WZ]L_TZY^ 4_ T^ STRSWd ]PWPaLY_ _Z >LY^V]T_ N`W _`]P_Z_LVPTY_ZLNNZ`Y__SL__SP^POTXPY^TZY^SLaP_SPT]ZbYQ`YN_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 7TVP[P]QZ]XLYNP[P]QZ]XL_TaT_d_SP_P]XwNZXX`YTNL_TZYxT^`^POTYaL]TZ`^OT^NT [WTYP^ MZ_S _]LY^aP]^PWd LYO [ZWdaLWPY_Wd .Q _SP RZZO ZaP]aTPb Md 4YRZ 8Ø]_S w6ZXX`YTVL_TZYx TY 3LYOM`NS ]PWTRTZY^bT^^PY^^NSLQ_WTNSP] 2]`YOMPR]TQQP >_`__ RL]_%6ZSWSLXXP]$$$z ?SP _P]X OT^NZ`]^P T^ LW^Z `^PO OTQQP]PY_Wd TY OTQQP]PY_ ^NTPY_TQTN _]LOT_TZY^ :`] `^P NZ]]P^[ZYO^WL]RPWd bT_S_SPOTQQP]PY_TL_TZYMP_bPPY_]LOT_TZYLYOOT^NZ`]^PZ`_WTYPO Md 6ZNV`aZY >_`NV]LO BL^T^_0^Z_P]TV*6WPTYP 2P^NSTNS_POP^RPSPTXPYBT^^PY^ 8ÞYNSPY% -PNV z& NQ LW^Z 6ZNV` aZY >_`NV]LO w/T^N`]^TaP >_`Od ZQ =PWTRTZY% 1]ZX >_L_P^ ZQ 8TYO _Z .ZXX`YTNL_TZY LYO ,N_TZYx 8P_SZO LYO ?SPZ]d TY_SP>_`OdZQ=PWTRTZY % z"
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LYO Pc[]P^^TaP bLd^ ZQ XLVTYR ^PY^P YZ_ ZYWd TY Xd_S LYO [ZP_]d .L^^T]P]X`^TNLYO[LTY_TYR7LYRP]LYOXLRTN?LXMTLSM`_LW^Z bT_STY ]L_TZYLWTeTYR Q]LXP^ LYO ^NTPY_TQTN ^d^_PX^ :`] N`W_`]LW NZX [L]T^ZYZQWT_P]L_TTYLYNTPY_LYOXPOTPaLW0`]Z[PLYO4YOTLNSL[# bTWW ]PaPLW _SL_ _SPT] LP^_SP_TN ^_dWP^ OTQQP]PO R]PL_Wd Q]ZX PLNS Z_SP] []PNT^PWd MPNL`^P _SPd _L[[PO OTQQP]PY_ ^Z`]NP^ ZQ Pc[]P^^TZY LYO QZW WZbPO OTQQP]PY_ XZOPW^ ZQ L`_SZ]T_L_TaP ^[PPNS 9Z_ ZYWd TY XLYd 4Y OTLY]PWTRTZ`^_]LOT_TZY^M`_PaPY TYw[]ZQLYPx^NTPY_TQTN^d^_PX^YZY ^PXLY_TN ^Z`YO^ NLY MP XPOTL ZQ _SP `_XZ^_ TX[Z]_LYNP QZ] NZXX`YT NL_TZY4Y4YOTL_SP]PSL^LWbLd^MPPYVPPYLbL]PYP^^ZQ_SP[ZWdaLWPY_ NL[LNT_TP^ZQWLYR`LRP7LYR`LRPT^PQQPN_TaPTYMZ_ST_^_P]XTYZWZRTNLW []Z[Z^T_TZYLW WZRTNLW OT^N`]^TaP L^[PN_^ LYO T_^ ^PY^Z]d PXZ_TaP [Z P_TN ^`RRP^_TaP L^[PN_^ .]PL_TZY ZQ ^PY^P LYO XPLYTYR _SP]PQZ]P _LVP^ [WLNP ZY L aP]d R]PL_ Y`XMP] ZQ WPaPW^ MZ_S ^PXLY_TN LYO YZY ^PXLY_TN aP]MLW LYO YZYaP]MLW 0aPY 4YOTLY ^NTPY_T^_^ XLOP `^P ZQ _ST^ TY^TRS_ TY _SPT] LM^_]LN_TZY^ ?ST^ SL^ _Z OZ bT_S ^ZYTN LbL]PYP^^ LYO Pc[]P^^TZY bSTNS RLaP bLd _Z L w_ST]O ^[LNP SLMT_`^x bSTNS NZX MTYPO QZ] TY^_LYNP QZ]XLWT^_ LM^_]LN_TZY LYO ^`RRP^_TaP [ZP_TN OTN_TZY ^NTPY_TQTN]L_TZYLWT_dLYOXd_STNLWPXMPOOPOYP^^ 1`YOLXPY_LW TY Z`] L[[]ZLNS bTWW MP _SP NZYNP[_[LT] w[L]_TNT[L _TZYxLYOwPXLYNT[L_TZYxbT_SbSTNSbP]PQZ]X`WL_P_SPLYNTPY_0`]Z [PLY OTNS_ZXd Xd_SZ^ LYO WZRZ^ LYO RTaP T_ L YPb Q]LXP 4_ T^ YZ_ ^Z X`NS_ZOPaPWZ[LYPbN`W_`]LW_SPZ]dM`_Z`]TY_P]P^_T^ZQL[]LN_TNLW YL_`]P 4Y NZY_]L^_ _Z _SP ZNNTOPY_LW ST^_Z]d ZQ ]L_TZYLWTeL_TZY 8Lc BPMP] 3TYO`T^_TN 4YOTL OTO YZ_ ^PP LYd YPNP^^T_d _Z SLaP Xd_SZ^ OP aLWZ]TePOMd WZRZ^ OP^[T_PQLXTWTL]T_dbT_SQZ]XLWT^_TNWZRTNL_LYPL]Wd ^_LRP ZQ ST^_Z]d _SP PXP]RPYNP ZQ []ZQZ`YO [STWZ^Z[STP^ ^[PN_LN`WL] QTYOTYR^TYWTYR`T^_TN^LYOXL_SPXL_TN^LYOLSTRSWdOPaPWZ[POWT_P]L]d N`W_`]PP_N4YOTLLW^ZSL^LWZYRST^_Z]dZQw]L_TZYLWTeL_TZYxM`_ZMaT Z`^Wd _SP N`W_`]LW Pc[]P^^TZY^ OTQQP] Q]ZX _SP ZNNTOPY_LW ST^_Z]d ZQ ]L _TZYLWTeL_TZYL^Z`_WTYPOMd8LcBPMP]4_T^YZ_ZYWdLOTQQP]PY_TY_PW WPN_`LW ST^_Z]d M`_ P\`LWWd L OTQQP]PY_ ST^_Z]d ZQ _SP ^PY^P^ ZQ ]T_`LW Pc[]P^^TZY^ ^ZNTLW []LN_TNP^ TY_P]TZ]T_d LYO bZ]WOaTPb^ ;]PNT^PWd _SP^PL]PL^LYO_SPT]TY_P]QLNP^L]PbSL_bPbLY__ZTY\`T]PLMZ`_bSPY ^_`OdTYRST^_Z]dTY_SPQZ]XZQ_Pc_^LYO[TPNP^ZQX`^TN4YQLN_ZYPZQ Z`] R`TOTYR \`P^_TZY^ bL^ LMZ`_ bZ]WOaTPb^% bSL_ L]P _SPd WTVP bSPY _SP QZ]PR]Z`YO T^ ^Z ^_]ZYRWd ZNN`[TPO Md ^[ZVPY LYO ^Z`YOTYR bZ]O^ bSTNS bP ]PRL]O L^ L STRSWd [L]_TNT[L_Z]d []LN_TNP L^ TY 3TYO` 4YOTL LYObSL_NSLYRPOZaP]_TXP*?SP^`MUPN_ZQ[L]_TNT[L_Z]dXZ]PSZWT^_TN LYO LP^_SP_TN Z]TPY_L_TZY LYO Xd_STNLW PXMPOOPOYP^^ T^ LY TX[Z]_LY_ ZYP TY _ST^ ^_`Od MPNL`^P bP L]P RZTYR _Z ^SZb _SL_ T_ [P]^T^_PO TY _SP >LY^V]T_N`W_`]PLWZYR^TOPLYObT_STYbSL_bPNLWWPXLYNT[L_Z]dZ]TPY _L_TZY^ L _P]X bP `^P _Z ]P[WLNP ?LXMTLSv^ NL`^LW Z]TPY_L_TZY LYO
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
^ZXPbSL_ZYL[L]bT_SBPMP]v^]L_TZYLWTeL_TZY:YPZQ_SPXZ^__d[T NLW[L__P]Y^ZQ>LY^V]T_3TYO`T^XSL^MPPY_ZOPLWbT_S_SP^P_bZZ]TPY _L_TZY^ TY L ^dY_SP_TN LYO SZWT^_TN XLYYP] LYO NZY^_]`N_ bSL_ bP NLWW w`YTaP]^LW Xd_Sx Md Pc[WLTYTYR [L]_TNT[L_Z]d bZ]WOaTPb^ TY L ]L_TZYLW XLYYP] ?ST^ [L__P]Y T^ YZ_ ZYWd ZQ TY_P]P^_ TY `YOP]^_LYOTYR 4YOTLY N`W_`]P4_LW^Z^PPX^_ZSLaPTY^[T]POXZOP]YLW_P]YL_TaPBP^_P]Y^[T]T _`LWT_d L^ bP L]P RZTYR _Z ^SZb TY Z`] QTYLW NSL[_P] TY _SP 3T^_Z]d ^PN _TZY ?ST^ ZaP]L]NSTYR L]NST_PN_`]P bTWW MP Q`]YT^SPO Md OP_LTWPO ST^_Z]T NLWPcLX[WP^LYOL[ZWdQZNLW_SPZ]P_TNLWML^P4Y_SPQZWWZbTYRNSL[_P] bP ]PQWPN_ ZY Z`] `YOP]^_LYOTYR ZQ NZXX`YTNL_TZY LYO NWL]TQd bSd bP []PQP]L[P]QZ]XL_TaPNZYNP[_ZQNZXX`YTNL_TZY?ST^bTWWMPOPP[PYPO LYOPcPX[WTQTPOMd[]P^PY_TYR_SP_bZXZ^_ML^TN[P]QZ]XLYNP_d[P^ZQ wLNZ`^_TN[TP_dxTY4YOTL_SL_L]P^_TWW_SPXZ^_[]PaPWLY__ZOLd-Z_S_SP NZXX`YTNL_TZY NZYNP[_ LYO _SP QTPWObZ]V ZM^P]aL_TZY^ P^_LMWT^S L ML^T^QZ]]PQWPN_TYR_SPZ]P_TNLWWdZY_SPNZYNP[_ZQwLNZ`^_TN[TP_dx?SP ^`NNPPOTYRNSL[_P]^Pc_PYO_SPOT^N`^^TZYN]Z^^N`W_`]LWWdLYOPcLXTYP _SPTX[LN_ZQZ]LWLYOWT_P]LWXPOTLZY[P]NP[_TZYLYO^NSZWL]WdbZ]WO^ MPdZYO LNZ`^_TN [TP_d ?ST^ bTWW WPLO _Z L YPb L[[]ZLNS _Z _SP Z]LWT_d WT_P]LNd OPML_P LYO _Z _SP N`W_`]LW _SPZ]d Z`_WTYPO LMZaP bSTNS M]ZLO PY^_SPXPOTLOT^N`^^TZYMdaTPbTYR^dXMZWTNQZ]X^L^N`W_`]LWXPOTL
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
BP ^[PLV ZQ wNZXX`YTNL_TZYx _Z NL[_`]P MZ_S _SP _Pc_^v ZbY ^PWQ ]PQP]PY_TLW [P]QZ]XLYNP ZY _SP ZYP SLYO LYO ZY _SP Z_SP] OT^NZ`]^P^ Z]]PWPaLY_OT^N`]^TaPQTPWO^LYOOT^N`]^TaP_Z[ZT]PRL]OTYR_Pc_^^Z`YO LYOWLYR`LRP:`]TY_P]P^_T^_SP]PQZ]POT]PN_PO_ZbL]O_SP_Pc_^L^^PY ^Z]dOL_LLYO_SP]PNZY^_]`N_TZYZQ_SPN`W_`]LW^TRYTQTNLYNPZQ_Pc_^LYO ]T_P^_Z_SPNZWWPN_TaPLYO[P]^ZYLW[]ZO`N_TZYZQXPLYTYRbZ]WOZ]TPY _L_TZY LYO bZ]WOaTPb NZY^_]`N_TZY^ ?ST^ NZYNP[_ ZQ wNZXX`YTNL _TZYx _S`^ ]PQP]^ _Z L aP]d bTOP]LYRTYR QTPWO ZQ NZXX`YTNL_TaP `YOP] ^_LYOTYRLYOT^^_]ZYRWdZ]TPY_POZY_SP[P]QZ]XL_TaP 4Y]PNPY_dPL]^L[]Z[Z^LWSL^NZXP[]TYNT[LWWdQ]ZX^ZNTZWZRT^_^_Z _P]X LWW ]PWTRTZY wNZXX`YTNL_TZYx L^ L aZW`XP Q]ZX _SP dPL] $$# OPXZY^_]L_P^ ?SP ^`RRP^_TZY NLXP Q]ZX 9TVWL^ 7`SXLYY bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PWTRTZY LW^ 6ZXX`YTVL_TZY PO 3L]_XLYY ?d]PWW AZWVSL]O 6]PNS LYO 3`MP]_ 6YZMWL`NSBÞ]eM`]R%0]RZY$$#TYNW`OTYR9TVWL^7`SXLYYw=PWTRTZYLW^6ZX X`YTVL_TZYx z .QLW^Z_SPWPcTNLWL]_TNWP^bT_STY]PWTRTZ`^^_`OTP^NZYNP]Y TYR wNZXX`YTNL_TZYx Md 8Ø]_S 3]b2 LYO ?SZXL^ 8P_eWP] 7PcTVZY =PWTRTZY bSTNSL]P^_]ZYRWdML^POZY7`SXLYYL^T^6ZNV`aZY>_`NV]LOw/T^N`]^TaP>_`Od ZQ=PWTRTZYx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
"
_`]YPO _SP NZYNP[_ ZQ NZXX`YTNL_TZY TY_Z ^ZNTZWZRdv^ WPLOTYR NZYNP[_ LYO TY_]ZO`NPO L wNZXX`YTNL_TaP _`]Yx bSTNS _Z L R]PL_P] Z] WP^^P] OPR]PP ]P[WLNPO _SP []PaTZ`^ R`TOTYR NZYNP[_ ZQ ^ZNTLW LN_TZY BP _SP]PQZ]PTYT_TLWWd_LVP`[M]TPQWd7`SXLYYv^NZXX`YTNL_TZYNZYNP[_L^ L^_L]_TYR[ZTY_3ZbPaP]_SPTYNW`^TZYZQ_SP^PY^Z]dLP^_SP_TNOTXPY ^TZYLYO]PWL_PO\`LWT_TP^ZQPc[P]TPYNPLYOPXZ_TZYLWL^^ZNTL_TZY^LW^Z ]P\`T]P_SPQZN`^_ZMP^STQ_POLYOPc[LYOPO3P]PT_T^MP__P]_ZQZWWZb ZY Q]ZX [SPYZXPYZWZRTNLWWd Z]TPY_PO ^ZNTZWZRd LYO TY [L]_TN`WL] Q]ZX WT_P]L_`]P^_`OTP^
=PWTRTZYL^>dXMZWTN.ZXX`YTNL_TZYLYO>ZNTZWZRdZQ=PWTRTZ`^ 0c[P]TPYNP
?SPTX[Z]_LYNP_SL_7`SXLYYv^^d^_PX_SPZ]dL__]TM`_P^_Z_SPNZXX` YTNL_TZY NZYNP[_ NLY MP ^PPY Q]ZX _SP QLN_ _SL_ LNNZ]OTYR _Z 7`SXLYY ^ZNTP_dNLYZYWdPcT^_Md]P[]ZO`NTYRNZXX`YTNL_TZYQ]ZXNZXX`YTNL _TZY _SL_ T^ L`_Z[ZTP_TNLWWd 3P ^PP^ NZXX`YTNL_TZY L^ L w^ZNTLW Z[ P]L_TZYx LYO L ^PWQ]P[]ZO`NTYR wL`_Z[ZTP_TNx `YT_ ML^PO ZY L ^dY_SP ^T^ZQTYQZ]XL_TZYNZYaPdTYRLYO`YOP]^_LYOTYR% wBP]PRL]ONZXX`YTNL_TZYL^LXLYYP]ZQZ[P]L_TYRZQLYuL`_Z[ZTP_TNv ^d^_PX_SL_]P[]ZO`NP^T_^PWQQ]ZXT_^ZbY[]ZO`N_^4_OPXLYO^_SL_L^dY _SP^T^ ZQ TYQZ]XL_TZY NZYaPdLYNP LYO NZX[]PSPY^TZY T^ LNSTPaPO _SL_ NZYaP]RP ^Z R]PL_Wd TY _SPT] XPLYTYR _SL_ _SP NZXX`YTNL_TZY NLY MP NZY _TY`PO.ZY^_L_TaPTYQZ]XL_TaPLYO[P]QZ]XL_TaPNZYaPdTYRNZX[ZYPY_^ ZQ NZXX`YTNL_TZY X`^_ MP LWTRYPO TY PaP]d NZXX`YTNL_TaP Z[P]L_TZY LYO `YOP]^_ZZOTY_SPT]NZY_Pc_x
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP 3L]_XLYY ?d]PWW w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY #LYO3L]_XLYY?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYxZ[NT_z 7`SXLYYw=PWTRTZYLW^6ZXX`YTVL_TZYx ?]LY^WL_TZYMd 03TNV^1Z]_SPZ]TRTYLW bZ]OTYRNQ9TVWL^ 7`SXLYY /TP=PWTRTZY OP] 2P^PWW^NSLQ_ ,`^ OPX 9LNSWL^^ PO ,YO]Ë 6TP^P]WTYR 1]LYVQ`]_% >`S]VLX[ z%w6ZXX`YTVL_TZYMPR]PTQPYbT]LW^PTYP^TNS^PWM^_L`^PTRPYPY;]Z O`V_PY ]P[]ZO`eTP]PYOP :[P]L_TZY^bPT^P PTYP^ vL`_Z[ZP_T^NSPYv >d^_PX^ >TP P]QZ] OP]_OLÁPTYP>dY_SP^PaZY4YQZ]XL_TZY8T__PTW`YR`YOAP]^_PSPYP]]PTNS_bT]OOTP TYTS]PX>TYY^ZbPT_VZYaP]RTP]PYOLÁOTP6ZXX`YTVL_TZYQZ]_RP^P_e_bP]OPYVLYY 6ZY^_L_TaP TYQZ]XL_TaP `YO [P]QZ]XL_TaP XT__PTWPYOP 6ZX[ZYPY_PY OP] 6ZXX` YTVL_TZY XÞ^^PY TY UPOP] VZXX`YTVL_TaPY :[P]L_TZY LMRPRWTNSPY `YO TY TS]PX E` ^LXXPYSLYR aP]^_LYOPY bP]OPYx >PP LW^Z 9TVWL^ 7`SXLYY w=PWTRTZY LW^ 6ZXX` YTVL_TZYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY ! LYO w7ÆÁ_ `Y^P]P 2P^PWW^NSLQ_ 6ZXX`YTVL_TZYXT_2Z__e`*x"\`Z_POTY?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx % wAZY 6ZXX`YTVL_TZY VLYY TXXP] Y`] RP^[]ZNSPY bP]OPY bPYY O]PT >PWPV_TZYPY YÆXWTNS PTYP 4YQZ]XL_TZY PTYP 8T__PTW`YR `YO OL^ AP]^_PSPY e`^LXXPY_]PQQPY `YO ^TNSbPNS^PW^PT_TRMP^_Æ_TRPY6ZXX`YTVL_TZYT^_OPXYLNSPTYP>dY_SP^PL`^O]PT>P
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
4Y _P]X^ ZQ _SP ^PXLY_TN^ ZQ bZ]O^ 7`SXLYYv^ ^dY_SP_TN w_S]PP ^PWPN _TZY^xXZOPWZQTYQZ]XL_TZYNZYaPdLYNPLYONZX[]PSPY^TZYT^^_]ZYRWd Z]TPY_PO ZY WTYR`T^_TN TYQZ]XL_TZY _]LY^QP] TY_PWWTRTMTWT_d LYO ^PXLY_TN `YOP]^_LYOTYR ! bSTNS T^ []ZMWPXL_TN TY Z`] NL^P M`_ T_ LWWZb^ Z[PY TYR`[_Z[P]QZ]XL_TaPNZYaPdLYNP "?SPNZYNP[_ZQXPLYTYRT^VPd_Z 7`SXLYY 3P `YOP]^_LYO^ NZXX`YTNL_TZY L^ L []ZNP^^ ZQ `[OL_TYR XPLYTYRZY_SPML^T^ZQ^d^_PX]L_TZYLWT_d,W_SZ`RST_T^YZ_Pc[WLTYPO TY X`NS OP_LTW 7`SXLYYv^ NZXX`YTNL_TZY NZYNP[_ T^ Z[PY _Z _SP ^PY ^Z]d[Sd^TNLWXL_P]TLWOTXPY^TZY #TQ_SPWL__P]T^NZOPOQZ]_SP^d^_PX LYO T^ NZY^NTZ`^Wd L[[WTPO >Z PaPY ^Z`YO^ YZ_ dP_ `YOP]^_ZZO bZ`WO NL]]d TYQZ]XL_TZY L^ WZYR L^ ^LN]PO ^Z`YO T^ ]PRL]OPO L^ L N`W_`]LW NZOP -`_ T_ MPNZXP^ NWPL] Q]ZX 7`SXLYYv^ OPQTYT_TZY ZQ ]PWTRTZY U`^_ SZb WT__WP L__PY_TZY T^ RTaPY _Z _ST^ OTXPY^TZY 3P OPQTYP^ ]PWTRTZY Pc [WTNT_Wd L^ wNZXX`YTNL_TaP SL[[PYTYRx bSZ^P NPY_P] T^ ZNN`[TPO Md wMPWTPQxLYOwNZYQP^^TZYx $% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !
"
#
$
WPV_TZYPY T^_ PTYP e`YÆNS^_ ]PNS_ `YbLS]^NSPTYWTNSP PXP]RPY_P 0TYSPT_ OTP L`^ SZNSVZY_TYRPY_PY0TYePWP]PTRYT^^PYRPMTWOP_bT]Ox 4Y _ST^ ^PY^P LW^Z 7`SXLYYv^ ]PNP[_TZY TY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx LYO ?d]PWW w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZY z -PR]TQQ^RP^NSTNS_WTNSP `YO ^d^_P XL_T^NSP¾MP]WPR`YRPYxTY =PWTRTZYLW^6ZXX`YTVL_TZY #z >PP LW^Z 8Ø]_S w6ZXX`YTVL_TZYx $# bSZ M`TWO^ ZY 7`SXLYY% w.ZXX`YTNL_TZY NLY PaPY _LVP [WLNP bT_SZ`_ uWTYR`TQTNL_TZYv TQ YZYWTYR`T^_TN ^dXMZW^ ]T_`LW^ RP^ _`]P^LYONP]PXZYTP^bSZ^PXPLYTYRNLYMP`YOP]^_ZZOML^POZYNZYaPY_TZYLYO_SP ^T_`L_TZYTX[L]__SP]PWPaLY_TYQZ]XL_TZY 4Y[L]_TN`WL]NZXX`YTNL_TZYTY bSTNS ]P WTRTZ`^XPLYTYR^[WLdL]ZWPT^Q]P\`PY_WdML^POZY_SP`^PZQYZYWTYR`T^_TN^dXMZW^ 3ZbPaP]_SPT]XPLYTYRTYWPL]YTYR[]ZNP^^P^T^XLOPWTYR`T^_TNLWWdPc[WTNT_LYOX`^_ F^TN H ]PXLTY Pc[WTNT_Wd WTYR`T^_TN z L_ WPL^_ _S]Z`RS _SP ]PWTRTZ`^ ^[PNTLWT^_^x 7`SXLYY STX^PWQ SL^ ]P^P]aL_TZY^ LMZ`_ _SP NZXX`YTNL_TaP ^_L_`^ ZQ ]T_P^ 4Y /TP 2P^PWW^NSLQ_ OP] 2P^PWW^NSLQ_ 1]LYVQ`]_% >`S]VLX[ $$" Q SP YZ_P^ w_SL_ _SP ]T_`LW T^ YZ_ NL]]TPO Z`_ L^ NZXX`YTNL_TZY L_ LWW 4_ OZP^ YZ_ OTQQP]PY_TL_P MP_bPPY NZYaPdTYR LYO TYQZ]XL_TZY M`_ ZYWd []ZaTOP^ TYQZ]XL_TZY LMZ`_ T_^PWQ LYO _SP NZ] ]PN_YP^^ZQ_SP[P]QZ]XLYNPx ?ST^ WPaPW T^ [L]_TN`WL]Wd TX[Z]_LY_ _Z 7`SXLYY TY _SL_ NZXX`YTNL_TZY ^SZ`WO ZQ_PY P^[PNTLWWd TY _SP ]PLWX ZQ ]PWTRTZY YZ_ ZYWd MP `YOP]^_ZZO M`_ ^SZ`WO LW^Z OP_P] XTYP MPSLaTZ] >[PNTLW TX[Z]_LYNP T^ L__]TM`_PO _Z ]T_`LW^ TY _ST^ QTPWO MPNL`^P _SPd WTYVNZXX`YTNL_TZYMLNV_Z_SPZ]RLYTN[Sd^TNLW^[SP]P,M]TPQ^`XXL]dT^ZQQP]PO Md 2ÞY_P] ?SZXL^ w6ZXX`YTVL_TZYx 8P_eWP] 7PcTVZY =PWTRTZY >_`__RL]_% 8P_eWP] $$$ #z$& NQ LW^Z _SP PY_T]P L]_TNWP "z bSTNS PX[SL^TeP^ _SP X`W_TXPOTLWT_dZQ]PWTRTZ`^NZXX`YTNL_TZY ,NNZ]OTYR_Z7`SXLYYw>d^_PX_SPZ]P_T^NSP,]R`XPY_L_TZYPY%0TYP0Y_RPRY`YRL`Q 5Þ]RPY 3LMP]XL^x TY 5Þ]RPY 3LMP]XL^ LYO 9TVWL^ 7`SXLYY ?SPZ]TP OP] 2P^PWW ^NSLQ_ ZOP] >ZeTLW_PNSYZWZRTP% BL^ WPT^_P_ OTP >d^_PXQZ]^NS`YR* 1]LYVQ`]_ L8% >`S]VLX[$"!^ZNTP_LW^`M^d^_PX^L]PNZY^_T_`_POTYPLNSNL^P_S]Z`RS^[P NTQTNNZXX`YTNL_TZYXPOTLTY_SP QZ]XZQw^dXMZWTNLWWdRPYP]LWTePO NZOP^ZQL NP] _LTY_d[PLYO Q`YN_TZYxPR_SPPNZYZXdMPTYRPYNZOPOTYXZYPd[ZWT_TN^TY_P]X^ ZQ[ZbP]LYO]PWTRTZYTY_P]X^ZQMPWTPQ
3TYO`T^XL^L.`W_`]PZQ>Z`YO
"
wBP NLY TY _SP NZY_Pc_ ZQ ^ZNTZWZRTNLW _SPZ]d _STYV ZQ ]PWTRTZY PcNW` ^TaPWdL^LNZXX`YTNL_TaPSL[[PYTYR4YNZY_]L^__Z^_L_PXPY_^]PWTRTZY^ XLVPLMZ`__SPX^PWaP^bP_SP]PQZ]PL]PYZ_OPLWTYRbT_S]PWTRTZ`^PY_T_TP^ RZOSPLO^QZ]TY^_LYNP_SL_L]POP^N]TMPOL^PcT^_TYR?SPZYWd_STYR_SL_ TY_P]P^_^`^T^_SPQLN__SL__ST^T^^LTO3PYNP]PWTRTZ`^ MPWTPQ LWbLd^T^ NZYQP^^TZY -`_ _SP SL[[PYTYRv^ `YT_d T^ RPYP]L_PO L^ NZXX`YTNL_TZY LYO YZ_L^`YLaZTOLMWd[]PNL]TZ`^^_L_PZQXTYOZQ_SP[PZ[WPTYaZWaPOx
7`SXLYYv^ `YOP]^_LYOTYR ZQ MPWTPQ L^ L ^dXMZWTNLWWd RPYP]LWTePO NZX X`YTNL_TZY XPOT`X NP]_LTYWd PYNZX[L^^P^ YZ_ ZYWd NZYQP^^TZY^ ZQ QLT_S SZWd ^N]T[_`]P^ LYO Xd_S^ bSTNS bZ`WO MP N]T_TNLW TY _P]X^ ZQ ]PWTRTZ`^ LP^_SP_TN^ M`_ LW^Z TYNW`OP^ ^PY^Z]d LYO MZOTWd XPOTL_TZY LYO ^_LRPO [P]QZ]XLYNP^ 3P]P SP bZ`WO ^[PLV ZQ wPc_P]YLWTeL_TZY^x LYO wLTO^ _Z []ZaTOTYR XPLYTYRx _SL_ LN_TaL_P LYO SZWO _SP [P]NP[_TZY ZQ _SZ^P TYaZWaPO LYO PY^`]P MZ_S NZYOPY^L_TZY LYO PYSLYNPXPY_ ZQ XPLYTYR ?SP NZRYT_TaP WTYV MLNV _Z L ^PXLY_TN ^d^_PX ZQ XPLYTYR _SP]PQZ]PLWbLd^]PXLTY^TX[Z]_LY_,NNZ]OTYR _Z7`SXLYY]PWTRTZY T^ NSL]LN_P]TePO Md w`YTaP]^LW ]P^[ZY^TMTWT_d QZ] XPLYTYRx LYO SP ]PRL]O^ _SP XLUZ] MTYL]d OTQQP]PYNP MP_bPPY TXXLYPYNP LYO _]LY^NPYOPYNd L^ _SP NPY_]LW NZOP ^[PNTQTN _Z ]PWTRTZY 3P ^PP^ _SP `YOP]WdTYR ^ZNTLW Q`YN_TZY ZQ ]PWTRTZY TY _]LY^QZ]XTYR TYOPQTYLMWP NZX[WPcT_d TY_Z OPQTY LMWPNZX[WPcT_d ,NNZ]OTYR _Z 7`SXLYY ]PWTRTZY NLY ZYWd MP ]PLWTePO L^ NZXX`YT NL_TZY3T^L]R`XPY__SL__SPLNLOPXTN^_`OdZQ]PWTRTZYX`^_YZ_XLVP LYd ^_L_PXPY_^ LMZ`_ _SP ]PLWT_d ZQ RZO^ TQ T_ OZP^ YZ_ TY_PYO _Z MP _SP ZWZRd T^ ZMaTZ`^ 4_ T^ _]`P _SL_ ]PWTRTZ`^ PY_T_TP^ MPWTPQ ^d^_PX^ ]PWT RTZ`^ bZ]WO^ ZQ PXZ_TZY^ TOPL^ LMZ`_ _]LY^NPYOPYNd LYO LW_P]PO ^_L_P^ ZQ XTYO NLYYZ_ MP R]L^[PO PcNP[_ TY _P]X^ ZQ _SL_ bSTNS T^ NZXX`YT NL_PO LMZ`_ _SPX 3ZbPaP] ]PWTRTZ`^ bZ]WO^ ZQ Pc[P]TPYNP SLaP WT__WP ^[LNP TY 7`SXLYYv^ _SPZ]d PaPY TQ _SPd NZXX`YTNL_P _SPX^PWaP^& _SP]PT^YZYPPO_ZNZY^TOP]^_L_P^ZQXTYO 3T^NZYNP[_ZQ_SP^d^_PX LYO NZXX`YTNL_TZY SL^ YZ ^`MUPN_ ?ST^ SL^ ZQ_PY MPPY N]T_TNTePO ?SP _SPZ]d ZQ _SP NZXX`YTNL_TaP NZY^_]`N_TZY ZQ ]PWTRTZY TY [SPYZXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 9TVWL^ 7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_ z Z]TRTYLW PX[SL^T^ 0YRWT^S _]LY^WL_TZY Md 6ZNV` aZY >_`NV]LO w/T^N`]^TaP >_`Od ZQ =PWTRTZYx ! ?SP ^_L_P XPY_ L[[PL]^_Z 7`NVXLYY_ZMP[]ZR]LXXL_TN&T_ LW]PLOdL[[PL]PO TY w=PWTRTZYLW^ 6ZXX`YTVL_TZYx"NQLW^ZTMTO 4Y_ST^^PY^P 7`SXLYYv^NPY_]LW PcLX[WP^ZQ]PWTRTZ`^NZOP^Xd_S^OTaTYP[LY_SPL LYOSZWd^N]T[_`]P^TY /TP=PWTRTZYOP]2P^PWW^NSLQ_ zbSTWPTYw=PWTRTZYLW^ 6ZXX`YTVL_TZYx QT]^_ LYO QZ]PXZ^_ ^LN]PO [WLNP^ L]P XPY_TZYPO L^ w_Z[ZR ]L[STNLW XPXZ]dx_SL_LWWZb^ZYP _ZPc[PN_ ]PWTRTZ`^NZXX`YTNL_TZYLYOQTYO_Z`] T^_^LY`T^LYNP .Q7`SXLYY /TP=PWTRTZYOP]2P^PWW^NSLQ_ Q 7`SXLYY /TP=PWTRTZYOP]2P^PWW^NSLQ_ #!"""$$# 7`SXLYYw=PWTRTZYLW^6ZXX`YTVL_TZYx!
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
YZWZRTNLWWd Z]TPY_PO ^ZNTZWZRd ZQQP]^ OTQQP]PY_ ^ZW`_TZY^ _SL_ L]P XZ]P NZX[L_TMWP bT_S Z`] L[[]ZLNS 3`MP]_ 6YZMWL`NS OPQTYP^ ]PWTRTZY L^ L QZ]XZQ^dXMZWTNNZXX`YTNL_TZYNSL]LN_P]TePOMdXL]VP]^OTQQP]PY_TL_ TYR T_ Q]ZX _SP PaP]dOLd bZ]WO LYO TY bSTNS _SP NZY^NTZ`^YP^^ Z] ^`M UPN_TaPPc[P]TPYNP[WLd^LXLUZ][L]_ ,NNZ]OTYR_Z6YZMWL`NS[]ZaTYNP^ZQXPLYTYR^`NSL^]PWTRTZYLYO ^NTPYNPL]PTYOPPO^ZNTLWWdNZY^_]`N_POM`_% w4Y NZY_]L^_ _Z ^d^_PX _SPZ]d _SP NZY^_]`N_TaT^_ [Z^T_TZY X`^_ L^^`XP _SL_ _SP N`W_`]LWWd NZY^_]`N_PO u^dXMZW bZ]WO^v L]P QZ`YOPO ZY ^`MUPN_TaP Pc[P]TPYNP^ ZQ Z_SP] ]PLWT_TP^ _SL_ L]P TY ^ZXP bLd _SP ^_L]_TYR [ZTY_ Q]ZX bSTNS_SL_bSTNST^]PWTRTZ`^LP^_SP_TNZ]^NTPY_TQTNPXP]RP^x !
.ZY_TY`TYR _SP ^ZNTZWZRTNLW _]LOT_TZY ZQ ,WQ]PO >NSÞ_e LYO ?SZXL^ 7`NVXLYY6YZMWL`NSNWLTX^_SL__SPNZY^NTZ`^YP^^[Z^^P^^P^_SPLMTW T_d _Z [P]NPTaP MZ]OP]^ LYO _Z _]LY^NPYO _SPX 4_ _SP]PQZ]P LW^Z [Z^ ^P^^P^_SPLMTWT_d_ZPc[P]TPYNPbSL_L]PNLWWPOwR]PL__]LY^NPYOPYNTP^x TP []ZaTYNP^ XPLYTYR _SL_ RZ MPdZYO PaP]dOLd WTQP dP_ bSZ^P NZY_PY_ T^SZbPaP]LWbLd^ML^POZYN`W_`]LWNZY^_]`N_TZY^%wbSP_SP]_SP^PL]P SZbPaP]ZQL]PWTRTZ`^LP^_SP_TNZ]_SPZ]P_TNLWYL_`]PT^LNZY^P\`PYNP ZQ N`W_`]LW []ZNP^^P^ ZQ NZY^_]`N_TZYx " 6YZMWL`NS NLY _SP]PQZ]P TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YR `YO ^dXMZWT^NSP 6ZXX`YTVL_TZY% /TP [SÆYZ XPYZWZRT^NS Z]TPY_TP]_P >ZeTZWZRTP `YO OTP VZXX`YTVL_TaP /ZY^_]`V_TZY OP] =PWTRT ZYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY POT_PO Md 3 ?d]PWW A 6]PNS LYO 3 6YZM WL`NSBÞ]eM`]R%0]RZY$$#"z#!TY[L]_TN`WL]"#z# ! 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx! " 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx ! ,NNZ]OTYR _Z ?SZXL^ 7`NVXLYY _]LY ^NPYOPYNdT^LY_S]Z[ZWZRTNLWLYOQZ`YOPOTY^ZNTLWT_dTMTO$ LYOSPOTQQP] PY_TL_P^ ^XLWW XPOT`X LYO WL]RP Z] R]PL_ _]LY^NPYOPYNTP^ wVWPTYP XT__WP]P `YO R]ZÁP?]LY^ePYOPYePYx?SPT]NZXXZYOPYZXTYL_Z]T^_Z_]LY^NPYOXP]PMTZWZRTNLW WTQP >XLWW _]LY^NPYOPYNTP^ TYNW`OP _SP [Z^^TMTWT_d _Z ]PXPXMP] _SP [L^_ LYO _STYV LMZ`__SPQ`_`]PLYO^PPZYPv^WTQPTYLM]ZLOP]NZY_Pc__SLY_SP[]P^PY_XZXPY_8P OT`X^NZ[P_]LY^NPYOPYNTP^]PQP]_Z_SPS`XLYNL[LNT_d_ZWPLaPZYPv^ZbYQ]LXPZQ NZY^TNTZ`^YP^^ LYO _]LY^[Z]_ ZYP^PWQ TY_Z _SP [Z^T_TZY ZQ Z_SP] [P]^ZY^ `YOP]^_LYO _SPT] _SZ`RS_^ LYO QPPWTYR^ LYO ^dYNS]ZYTeP bT_S _SPX TY ^ZNTLW LN_TZY 2]PL_ _]LY ^NPYOPYNTP^M]PLV_SPYZ]XLW]Z`_TYPZQOLd_ZOLdWTQPLYOL]PRPYP]LWWdPc[P]TPYNPO L^eZYP^ZQ]PLWT_d_SL_L]PXZ]P]PLW_SLYOLTWd]Z`_TYP?SPdRTaP_SPTX[]P^^TZY_SL_ _SP]P T^ ^ZXP_STYR XZ]P _Z T_ LYO ]PQP] [L]_TN`WL]Wd _Z Pc_]LZ]OTYL]d Pc[P]TPYNP^ RZ TYRMPdZYO_SPYZ]XLWPaP]dOLdbZ]WOMPT_PWL_TYRQ]TRS_PYTYRZ]OPP[Wd^LOOPYTYR Pc_]LZ]OTYL]d Pc[P]TPYNP^ PR Pc[P]TPYNP^ ZQ _SP OPL_S ZQ L MPWZaPO [P]^ZY Z] TY _PY^TaPLP^_SP_TNPc[P]TPYNP^`NSL^wWZZ^TYRZYP^PWQxbSTWPWT^_PYTYR_ZX`^TNBP QZWWZb _SP ^ZNTZWZRT^_ ;P_P] -P]RP] bSPY bP ]PWL_P []TXL]TWd _SP R]PL_ _]LY^NPYOPY NTP^_Z]PWTRTZY?SPdL]P_SPaP]dw^_`QQx]PWTRTZY^M`TW_ZY3ZbPaP]bSPY_SPdRLTY ]PWTRTZ`^ XPLYTYR LYO ]PLWT_d _SPd bTWW LWbLd^ MP PXMPOOPO TY L ^LN]TWTeTYR Q]LXP TPLWL]RP] ^LN]PO`YTaP]^P_SL_PYNZX[L^^P^_SP bSZWPZQWTQP.ZXX`YTNL_TZYLYO ^ZNTLWLNNP[_LYNPLYObSL_/`]VSPTXNLWWPOw^ZNTLWPQQP]aP^NPYNPxL]PaT_LW_SL__SPd WPLaP _SP YL]]Zb Q]LXP ZQ ^`MUPN_TaT_d LYO ]PLNS TY_P]^`MUPN_TaP LYO NZWWPN_TaP ^TR YTQTNLYNP@^`LWWd_SP]PbTWWLW^ZMP^ZXP^Z]_ZQTY^_T_`_TZYLWTeL_TZY
3TYO`T^XL^L.`W_`]PZQ>Z`YO
"!
NW`OP TY ST^ NZXX`YTNL_TZY _SPZ]d YZ_ ZYWd ]PWTRTZ`^ Pc[P]TPYNP^ TP _]LY^NPYOPY_LWPc[P]TPYNP^RZTYRMPdZYOPaP]dOLdWTQPbSTNSL]PTY_P] []P_POL^]PWTRTZ`^M`_LW^ZPc[P]TPYNP^ZQwR]PL__]LY^NPYOPYNTP^x_SL_ L]P YZ_ YPNP^^L]TWd NZOPO TY ]PWTRTZ`^ _P]X^ ^`NS L^ [PLV Z] _]LYNP Pc[P]TPYNP^ O`]TYR X`^TN LYO OLYNTYR P_N # 1Z] _SPX _Z MPNZXP ]PWT RTZ`^]P\`T]P^LNSLYRPTY_SP^NSPXL_LZQTY_P][]P_L_TZYLYO_SPZaP]LWW Q]LXPbZ]V $ 4Y ^ZNTZWZRTNLW _P]X^ ZYP NLYYZ_ ^[PLV ZQ ]PWTRTZY `Y_TW _SP]P T^ L w^ZNTLWTeL_TZY ZQ OPLWTYR bT_S _]LY^NPYOPYNTP^x wAP]RP^PWW ^NSLQ_`YR OP^ @XRLYR^ XT_ ?]LY^ePYOPYePYx ?ST^ NZXP^ LMZ`_ _S]Z`RS NZXX`YTNL_TZY TY bSTNS _SP Pc[P]TPYNP^ L]P ^ZNTLWTePO LYO OZXP^_TNL_PO Md XPLY^ ZQ wTY^P]_TZY TY_Z LaLTWLMWP ^NSPXL_L _SL_ []Z aTOPL_SPZ]dZQ]PLWT_dx TP_SPdL]P^SL[POLYOQZ]XPO=PWTRTZYT^ YZ__SPZYWd[]ZaTYNPZQXPLYTYRLYOTYLYdZYPOLd_SPNZY^NTZ`^YP^^ NLYPc[P]TPYNPLM]ZLO]LYRPZQ[]ZaTYNP^ZQXPLYTYRLYO]PLWT_TP^PR QLY_L^TeTYRTYOLdO]PLX^Z]TXXP]^TYRZYP^PWQTY_SPNZY_PX[WL_TZYZQ L [LTY_TYR Z] _SPZ]P_TNLW NZY^TOP]L_TZY^ 3ZbPaP] _SP TX[Z]_LY_ [ZTY_ T^ _SL_ ]PWTRTZ`^ Pc[P]TPYNP^ ZQ _]LY^NPYOPYNd TP ^dXMZWTNLWWd ZaP] NZOPO ZYP^ OP_P]XTYPO LYO NZYaPY_TZYLWTePO Md N`W_`]LW TY_P][]P_L_TZY ^NSPXL_L_SPX^PWaP^TY_`]YZYWdMPNZXP^ZNTLWWdPQQPN_TaPTPaT^TMWP LYO TY_P]^`MUPN_TaPWd LNNP^^TMWP TY _SP PaP]dOLd bZ]WO bSPY _SPd L]P NZXX`YTNL_PO ,YO _ST^ LN\`T^T_TZY ZQ aT^TMTWT_d TY _`]Y WPYO^ _SPX TXXLYPY_]PLWT_dLYOQLN_TNT_dTYPaP]dOLdWTQP 6YZMWL`NSYZ_P^%w,^ L NZXX`YTNL_TaP LN_ ]PWTRTZ`^ NZXX`YTNL_TZY OZP^ YZ_ ZYWd u]PQP]v _Z Z] uXPLYv _SP R]PL_ _]LY^NPYOPY_LW ]PLWT_d z T_ N]PL_P^ _]LY ^NPYOPYNdx 3P LOO^ _SL_ _ST^ LW^Z L[[WTP^ _Z LP^_SP_TN NZXX`YTNL _TZYbSTNST^PcLRRP]L_POLYOOP[]LRXL_TePOTYP\`LWXPL^`]PDP_SP ^Ld^w_SP]PLWT_d_SL_N]PL_P^L]_FXLVP^HYZNWLTX_Z]PLWT_dMPdZYOT_^ NZXX`YTNL_TaP PcPN`_TZY LYO _SP Pc[P]TPYNTYR ZQ T_ Z] _SP [P]NPTaTYR ZQ T_ L^ 7`SXLYY bZ`WO ^Ldx ?ST^ T^ OTQQP]PY_ TY _SP ]PLWT_d ZQ _SP ]PWTRTZ`^ 4_^ \`L^T ZY_ZWZRTNLW NWLTX T^ _SL_ T_ T^ L^ ^`]P L^ PaP]dOLd WTQP%w_SL__SP]PLWT_dZQ_SP]PWTRTZ`^uT^v\`L^TZY_ZWZRTNLWT^TYOPPO_SP ]P^`W_ZQNZXX`YTNL_TZYDP__SPWL__P]_LVP^]PNZ`]^P_ZPaTOPYNPTY_SP Pc[P]TPYNP ZQ _SP Pc_]LZ]OTYL]dx .ZXX`YTNL_TZY TY TY_P]LN_TaP Pc NSLYRPT^ZYWd^`NNP^^Q`WbSPY_SZ^PTYaZWaPO^SL]P_SP^LXPTY_P][]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # $
6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx#z# 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx" 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx# 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx#z# 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx# 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx# 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx#
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
""
_L_TZY ^NSPXL_L ZQ NZY_Pc_`LWTeL_TZY ! ,^ Q]LXTYR LYO NZY_Pc_`LWTeL _TZY L]P PX[T]TNLWWd OPXZY^_]LMWP NZYaPY_TZYLWTePO QPL_`]P^ ZQ ^dX MZWTN NZXX`YTNL_TaP LN_^ LYO ]PWTRTZ`^ YZYPaP]dOLd Pc[P]TPYNP^ L]P XLYTQP^_PO TY [`MWTNWd ZMUPN_TQTPO ^ZNTLW L[[PL]LYNP^ T_ T^ _SP]PQZ]P [Z^^TMWP_ZL[[]ZLNS_SPXPX[T]TNLWWd 6YZMWL`NSv^ _SPZ]d T^ P^[PNTLWWd ]PWPaLY_ QZ] Z`] _Z[TN O`P MZ_S _Z _SP TYNW`^TZY ZQ _SP ^`MUPN_ LYO _SP Pc[P]TPYNP OTXPY^TZY LYO _Z _SP ^ZNTZN`W_`]LWWd OP_P]XTYPO ^STQ_TYR ]PWL_TZY^ST[ MP_bPPY L]_ LYO ]PWTR TZYLYO_SPT]OTQQP]PY_TL_TZY3PNZ`Y_^_Pc__d[P^^`NSL^^ZYR^]PNT_L _TZY^[]LdP]^LYOXLRTNQZ]X`WL^LXZYR_SPXZ^_TX[Z]_LY_wXPLY^ZQ NZY_Pc_`LWTeL_TZYx ZQ ]PWTRTZ`^ NZXX`YTNL_TZY MPNL`^P w_SP ^[PNTQTN^ ZQ ]PWTRTZ`^ WLYR`LRPx L]P P^[PNTLWWd NWPL] TY _SPX " 4Y L bLd ZYP NLY NLWW ]PWTRTZ`^ WT_P]L_`]P^ NZXX`YTNL_TaP MZ]OP]WTYP NL^P^ ^TYNP _SPd N]PL_P_SP[]P^PYNPZQ_SPYZY[]P^PY_LYOZQLW_P]YL_TaPbZ]WO^_ZPaP ]dOLd]PLWT_d?ST^T^^ZXP_STYR_SPdSLaPTYNZXXZYbT_SQTN_TZY-`_ ]PWTRTZ`^ WT_P]L_`]P OTQQP]^ ^TRYTQTNLY_Wd Q]ZX QTN_TZY TY _SL_ _SP ]PQP] PYNP T^ PYOZbPO bT_S LM^ZW`_P QLN_TNT_d YZ]XL_TaT_d LYO L`_SZ]T_d bSPY Pc_]LZ]OTYL]d XP^^LRP^ L]P NZYaPdPO LYO NZXX`YTNL_TZY bT_S _SPTYaT^TMWP_LVP^[WLNPPRTY[]LdP].LYZYP^_TWWNLWW_SL_NZXX` YTNL_TZY L_ LWW* 7`SXLYY bSZ ]PRL]O^ NZXX`YTNL_TZY L^ L []ZNP^^ NZX[WP_PWdTY_P]YLW_Z^ZNTP_dwRP^PWW^NSLQ_^TY_P]YP]AZ]RLYRxbZ`WO ^Ld YZ_ # 6YZMWL`NSv^ OPQTYT_TZY ZQ ]PWTRTZY L^ ^dXMZWTN NZXX`YTNL _TZY LWWZb^ T_ ?SP ^ZNTZWZRT^_ 3L]_XLYY ?d]PWW bSZ M`TWO^ ZY 7`SXLYY L__PX[_^ _Z OPaPWZ[ 7`SXLYYv^ TOPL^ Q`]_SP] Md ^`RRP^_TYR wNZXX`YTNL_TZY _LVP^ [WLNP PaP]dbSP]P bSP]P ^ZXP_STYR T^ TY_TXL_PO Z] bSP]P ^ZXPZYP L_ WPL^_ _STYV^ ^ZXP_STYR T^ MPTYR Z] SL^ MPPY TY_T XL_PO _Z STXx $ ?d]PWW T^ ZMaTZ`^Wd _STYVTYR ZYWd LMZ`_ NZY_PY_ -`_ QZ] MPWTPaP]^ T_ XLd LW]PLOd MP ^`QQTNTPY_ _Z `YOP]^_LYO _SL_ bSL_ _SPd SLaP T^ L ^LN]PO _Pc_ TY Z]OP] _Z Pc[P]TPYNP OPP[ ^TRYTQTNLYNP LYO L` _SZ]T_d_ZTXXP]^P_SPX^PWaP^TY_SP_]LY^NPYOPY_LWbZ]WOZQ_SPY`XT YZ`^ Z] _Z L^N]TMP ^[PNTLW ^LN]TWTeTYR PQQPN_^ _Z _SP _Pc_ P_N ,YO LW^Z _SP QLN_ _SL_ T_ T^ L ^LN]PO _Pc_ T^ ZQ_PY NZXX`YTNL_PO YZ_ ZYWd aTL _SP NZY_PY_^M`_LW^ZaTL]T_`LWTeL_TZY^TY_ZYL_TZYLYOPXZ_TZYLWXP^^LRP^ ?SP^PL]PXLUZ]XPLY^_Z]Z`^P^ZNTLWPQQP]aP^NPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx#z# " 6YZMWL`NSw?]LY^ePYOPYeP]QLS]`YRx"" # .Q ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx bSZ ]P[]ZO`NP^ 7`SXLYY L_ _ST^ [ZTY_% wu,WWNZXX`YTNL_TZYT^L[]ZNP^^ TY_P]YLW _Z^ZNTP_dv.ZXX`YTNL_TZYbT_S2ZO T^QZ]^ZNTZWZRd YZ_ _ZMP`YOP]^_ZZOL^L^ZNTLWLN_u9PT_SP]]PaPWL_TZYYZ][]LdP]v L]P_ZMP_SZ`RS_ZQL^uNZXX`YTNL_TZYvx4YST^L]_TNWP?d]PWW^PPV^_ZNZY_]LOTN__ST^ ^_L_PXPY_Md7`SLXYY $ ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
"#
4_ _SP]PQZ]P L[[PL]^ TX[Z]_LY_ _Z `^ _Z LOO _SL_ `YOP]^_LYOTYR NZY ^T^_^ YZ_ ZYWd ZQ ^PXLY_TN `YOP]^_LYOTYR _SL_ XPLYTYR T^ NZY^_T_`_PO YZ_ZYWdaTL[]Z[Z^T_TZYLWNZY_PY_^LYONZXX`YTNL_TZYT^YZ_WTXT_PO_Z ^PY_PYNP^ bT_S WPcTNLW aLW`P 4Y LOOT_TZY LN_^ LYO ^PY^Z]d ^TRY^ z TY NW`OTYR _SP ^Z`YO ZQ bZ]O^ LYO ^PY_PYNP^ z SLaP NZXX`YTNL_TaP NZY _PY_ TQYZ_YPNP^^L]TWd`YP\`TaZNLWTYQZ]XL_TaPNZY_PY_?SP NZXX`YT NL_TZYZQ]PWTRTZ`^_Pc_^T^NZX[WPcLYOX`W_TOTXPY^TZYLW:`]QTYOTYR _SL_ bP bTWW Pc[Z`YO TY XZ]P OP_LTW NZ]]P^[ZYO^ bT_S @XMP]_Z 0NZv^ _SPZ]d ZQ WT_P]L_`]P LNNZ]OTYR _Z bSTNS YZ_ ZYWd NZRYT_TaP NZY_PY_^ MPWZYR _Z WT_P]L]d NZXX`YTNL_TZY M`_ ^Z OZ PXZ_TZYLW XPLYTYR^ XP^ ^LRP^LYOL^^ZNTL_TZY^% w,^bTWWMPNZXPL[[L]PY_bPbT^S_ZTRYZ]P_SPOT^_TYN_TZYXLOPMdXLYd L`_SZ]^ MP_bPPY uNZRYT_TaP XPLYTYRv LYO uPXZ_TZYLW XPLYTYRv MPNL`^P T_ L[[PL]^_Z`^ _SL__SPZ[P]L_TZYZQ_SP ^TRYTQTNLY_ TY_SP[]ZNP^^ZQ^PXTZ ^T^ ]PYOP]^_SP^P_bZ QZ]X^ZQXPLYTYR P\`LWWdTX[Z]_LY_4QZYPMLYT^SP^ _SP ^PNZYO _Z L QTPWO ZQ bSTNS ZYP NLYYZ_ ^[PLV NQ .L]YL[ ZYP NLY TY OPPOTYaP^_TRL_P_SP]PQP]PY_TLWQ`YN_TZYZQWLYR`LRPbT_SLOPR]PPZQLNN` ]LNd M`_ ZYP WZ^P^ _SP ]TNSYP^^ ZQ _SP NZXX`YTNL_TZY []ZNP^^ >PXTZ_TN^ X`^_YZ_LNNP[_^`NSQZ]X^ZQNL^_]L_TZYPaPYTQT__SPYLOZ[_^LQPbTYLN N`]LNTP^x !
4_ T^ _SP]PQZ]P `^PQ`W _Z WTYV NZXX`YTNL_TZY XZ]P NWZ^PWd _Z [P]QZ]XL _TaT_dLYO_ZTYNW`OP_SPTX[LN_^ZQ_Pc_^wBT]VOTXPY^TZYxTYLOOT_TZY _ZXPLYTYR:YPNLY^`XXL]TePTY_SPbZ]O^ZQ2ÞY_P]?SZXL^% wATPbPO Q]ZX L NZXX`YTNL_TZY _SPZ]d [P]^[PN_TaP ]PWTRTZY^ L]P NZXX` YTNL_TZY[]ZNP^^P^bT_SLNZX[WPc^_]`N_`]PbSTNSOTQQP]Q]ZXZ_SP]NZX X`YTNL_TZY^ TY _SP QZ]XL_TZY ZQ ^[PNTQTN ^[L_TLW LYO _PX[Z]LW NZXX`YTNL _TZY NZYYPN_TZY^ _SPT] ZbY F]PWTRTZ`^H QZ]X^ LYO ^[PNTQTN FXP_L[Sd^TNLWH _Z[TN^ LYO TY XLYd NL^P^ TY _SP ^`[[Z^T_TZY _SL_ _SP]P L]P OTaTYP [L]_TNT [LY_^TY_SPNZXX`YTNL_TZYx !
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! @XMP]_Z0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV 8ÞYNSPY%1TYVL`_SZ]TePO2P]XLYPOT_T ZY#_SPO$$#?SP]PT^YZ0YRWT^S_]LY^WL_TZYZQ_ST^XLUZ]bZ]V?SP2P] XLY Z]TRTYLW ]PLO^% wBTP XLY ^PSPY bT]O bZWWPY bT] OPY MPT aTPWPY ,`_Z]PY LYe` _]PQQPYOPY @Y_P]^NSTPO ebT^NSPY VZRYT_TaP] -POP`_`YRu `YO PXZ_TZYLWP] -POP`_`YRu TRYZ]TP]PY bPTW `Y^ ^NSPTY_ OLÁ OL^ 1`YV_TZYTP]PY OP^ >TRYTQTVLY^ TX >PXTZ^P[]ZeP^^OTP^PMPTOPY-POP`_`YR^QZ]XPYRWPTNSbTNS_TRXLNS_BPYYXLYOTP ebPT_PTY PTYPY-P]PTNSaP]bPT^_aZYOPX XLYYTNS_^[]PNSPYVØYYP aRW .L]YL[ OLYY VLYY XLY ebL] XT_ PTYP] RPbT^^PY 2PYL`TRVPT_ OTP ]PQP]PY_TPWWP 1`YV_TZY OP] >[]LNSP`Y_P]^`NSPYXLYaP]WTP]_LMP]OPY=PTNS_`XOP^6ZXX`YTVL_TZY^[]ZeP^^P^ /TP >PXTZ_TV OL]Q ^ZWNSP 6L^_]L_TZY^QZ]XPY YTNS_ LVeP[_TP]PY L`NS bPYY ^TP OLMPT PTY[LL] @YRPYL`TRVPT_PYL`Q ^TNS YTXX_x ?SP 0YRWT^S_]LY^WL_TZYbL^[]ZaTOPOMd Z`]_]LY^WL_Z]0WTeLMP_S3TNV^ ! 2ÞY_P] ?SZXL^ w6ZXX`YTVL_TZYx 8P_eWP] 7PcTVZY =PWTRTZY aZW >_`__RL]_% 8P_eWP]$$$"z SP]P":Y_SPNZX[WPcT_dZQ]PWTRTZ`^NZXX`YTNL_TZYNQ LW^Z _SP PcNPWWPY_ OTLR]LX Md 8Ø]_S w6ZXX`YTVL_TZYx ! bSTNS 7`SXLYY LW^Z M`TWO^ZY
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"$
?SZXL^PX[SL^TeP^QZWWZbTYRZYQ]ZX7`SXLYYM`_Q`WWdTY_SP^PY^P ZQ_SPLP^_SP_TN^ZQ]PWTRTZY_SPX`W_TXPOTLWT_dZQ ]PWTRTZ`^NZXX`YT NL_TZY LYO YZYWTYR`T^_TN ^_LRTYR^ TY LOOT_TZY _Z WTYR`T^_TN XPOTL% w]P WTRTZY^ LW^Z `^P TY [L]_TN`WL] NZX[WPc YZYWTYR`T^_TN Z] []P^PY_L_TZYLW ^dXMZWTNNZYOPY^POLYOLXMTR`Z`^NZXX`YTNL_TZYXPOTL?SP^P[]TY NT[LWWd TYNW`OP X`^TN L]NST_PN_`]P aT^`LW L]_^ RP^_`]P^ LYO_SP S`XLY MZOd TY _SP ]T_`LWx ! ?SZXL^v ]PXL]V^ ZY ]PWTRTZ`^ ^TYRTYR L]P P^[P NTLWWd ]PWPaLY_ _Z Z`] _Z[TN PaPY TQ _SPd L]P YZ_ OT]PN_Wd L[[WTNLMWP TY PaP]dL^[PN_% w,^ ^SL[PO NZXX`YTNL_TZY ]PWTRTZ`^ ^TYRTYR bSTNS T^ WL]RPWd NZXX`YLW YZ_ ZYWd WTYV^ _SP XPOT`X ZQ WLYR`LRP bT_S _SP XPOT`X ZQ X`^TN M`_ XLVP^ LWW _SZ^P UZTYTYR TY TY_Z XP^^PYRP]^ LYO L_ _SP ^LXP _TXP TY_Z [P] ^ZY^_SL_]PNPTaP_SPXP^^LRPbT_S`YOP]^_LYOTYRFXLNS_LWWP8T_^TYRPY OPY e` 8T__PTWPYOPY `YO e`RWPTNS e` ^ZWNSPY OTP OTP 8T__PTW`YR aP]^_P SPYO PX[QLYRPYH 4Y LOOT_TZY X`^TN SL^ _SP NL[LNT_d _Z N]PL_P T_^ ZbY Pc[P]TPYNP ^[LNP _SL_ YZ_ ZYWd ^_TX`WL_P^ TY_PY^TaP QPPWTYR^ M`_ LW^Z WPLO^ _ZL]PWL_TaPSL]XZYTeL_TZYZQQPPWTYR^ZY_SP[L]_ZQ_SP[P]^ZY^RL_SP]PO ?SP]PQZ]P NZXXZY ^ZYR^ LYO SdXY^ ZQ_PY QZ]X L Q]LXPbZ]V QZ] XZ]P NZX[]PSPY^TaP]PWTRTZ`^NZXX`YTNL_TZYPaPY_^?SP^TYRTYRLW^ZRTaP^_SP WTYR`T^_TNXP^^LRPL\`LWT_dZQPc[P]TPYNP]PTYQZ]NTYR_SPPaTOPYNPZQbSL_ T^^LTOx !
:MaTZ`^Wd ?SZXL^ SL^ TY XTYO SP]P NZXX`YLW ^TYRTYR WTVP _SL_ TY .S]T^_TLYNS`]NS^P]aTNP^LYOYZ__SPX`NSM]ZLOP]^[PN_]`XZQ]PNT_L _TaP^ TY 3TYO`T^X 4_ T^ _d[TNLW ZQ STX L^ L [P]^ZY ^ZNTLWTePO TY _SP BP^_P]Y bZ]WO _SL_ w`YOP]^_LYOTYRx LYO wNZX[]PSPY^TZYx wAP]^_P SPYx L]P _Z _SP QZ]P M`_ ST^ Pc[Z^T_TZY^ ZY X`^TN L^ T_^ wZbY Pc[P]T PYNP ^[LNPx LYO ^TYRTYR Z] _SP ^Z`YOTYR bZ]O L^ LOOT_TZYLW w\`LWT_d ZQPc[P]TPYNPx_LVP_SPTOPLQ`]_SP]
,P^_SP_TN^ZQ=PNP[_TZYLYO=PWTRTZY
?SP\`P^_TZYZQbSL_LYOSZbL`OTMWP_Pc_^NZXX`YTNL_PMZ_SOT]PN_Wd LYO TYOT]PN_Wd LYO bSL_ _SPd NLY wOZx bSTWP MPTYR aZNLWTePO LYO WT^ _PYPO _Z NLY MP _LNVWPO Q]ZX X`W_T[WP [P]^[PN_TaP^ PR TY _P]X^ ZQ ]T_`LW_SPZ]dXPOTL^_`OTP^[]LN_TNP_SPZ]dZ][^dNSZWZRd_ZYLXPU`^_ L QPb ]PWPaLY_ L[[]ZLNSP^ BP QZWWZb ZY TY [L]_TN`WL] Q]ZX _SP ]PNP[ _TZY LP^_SP_TN^ ZQ WT_P]L_`]P ^_`OTP^ LYO T_^ NZYNP[_ ZQ [P]QZ]XL_TaT_d M`_Z`]QZN`^OPQTYT_PWd]P^_^ZYL[P]^[PN_TaPZQ_SPLP^_SP_TN^ZQ]PWTR TZY TP _SP \`P^_TZY ZQ _SP ^PY^Z]d L^[PN_^ ZQ ]PWTRTZY ]PWTRTZ`^ LT^ _SP_TN^LYO _SPT] ^dXMZWTN ]P[]P^PY_L_TZYTY ^d^_PX^ZQ^TRY^ LYO^dX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SZXL^w6ZXX`YTVL_TZYx ! ?SZXL^w6ZXX`YTVL_TZYx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
#
MZW^ ]PWTRTZ`^ ^PXTZ_TN^ ?SP PX[SL^T^ ZY ^PY^Z]d OL_L LNZ`^_TN NZXX`YTNL_TZY LYO TYOTRPYZ`^ [L__P]Y^ ZQ LN_TZY LYO TY_P][]P_L_TZY T^ []ZR]LXXL_TN ?ST^ MZZV OZP^ YZ_ TY_PYO _Z NZY_TY`P _SP ^PXTZ_TN LYO ^PXTZWZRTNLW ]PXZaLW ZQ ^PY^P [P]NP[_TZY Q]ZX _SP ^TRY^ WPLaTYR _SPX LM^_]LN_[WLNPSZWOP]^Z]XP]P ^_]`N_`]LWPWPXPY_^ L^ T^ _d[TNLWZQNZY aPY_TZYLW ^TRY LYO ^dXMZW _SPZ]TP^ LYO ^_]`N_`]LWT^_ QZ]XLWT^_ L[ []ZLNSP^ 4Y^_PLO _SP PXMZOTPO []P^PYNP ZQ _SP ^TRY^ TY ^Z`YO LYO aZTNP T^ LNNPY_`L_PO LYO _SP w;]Z_P^_LY_ RP^_`^x ZQ _SP w_bZbZ]WO ZY _ZWZRdx T^ []ZMPO TY ]PWL_TZY _Z _SP TOPL _SL_ _SP TX[Z]_LY_ L^[PN_ T^ wMPSTYOx_SP[SPYZXPYZY_SL_NLYMP[P]NPTaPObT_S_SP^PY^P^>dMTWWP 6]ÆXP] bSZ NZTYPO _SP XP_L[SZ] w;]Z_P^_LY_ RP^_`^x TY _SP L]_^ LYO N`W_`]LW^_`OTP^XLVP^LNWLTX_SL_bTWWLW^ZMPTX[Z]_LY_TY_ST^MZZV% w>Z`YOLYOXPLYTYR_ZYP^LYO^PY^PbZ]V ^TX`W_LYPZ`^Wd TY^[ZVPYWLY R`LRP z LYO _ST^ T^ ZQ TX[Z]_LYNP YZ_ ZYWd QZ] [ZP_ZWZRd M`_ LW^Z QZ] NZXX`YTNL_TZY_SPZ]dx !
4Y _SP QZWWZbTYR bP bTWW PcLXTYP _SPZ]P_TNLW L[[]ZLNSP^ _SL_ L]P [L] _TN`WL]WdNSL]LN_P]T^_TNZQZ`]OT^N`^^TZY^BPbTWWOP^N]TMPZ`]NZYNP[_ ZQ NZXX`YTNL_TZY TY XZ]P OP_LTW LYO Pc[WLTY bSd T_ T^ YPNP^^L]d _Z OT^_TYR`T^S MP_bPPY OTQQP]PY_ WPaPW^ ZQ NZXX`YTNL_TZY LYO L_ _SP ^LXP _TXP_Z[LdL__PY_TZY_Z_SPT]TY_PR]L_TaPTY_P][WLdBTOP^[]PLONZXX` YTNL_TZY_SPZ]TP^SLaPZQ_PYZYWdLNNPY_`L_POZYPWPaPWZ]_SPZ_SP]1Z] PcLX[WP_SP>L`^^`]P^NSZZWT^NZYNP]YPO^ZWPWdbT_SbSL_T^NZYaPdPO LYO NZX[WP_PWd TRYZ]P^ _SP XPOTL TYaZWaPO -d NZY_]L^_ 8L]^SLWW 8N7`SLYv^ QLXZ`^ OTN_`X w_SP XPOT`X T^ _SP XP^^LRPx PX[SL^TePO ZYWd_SP]ZWPZQ_SPTY^_]`XPY_^XPLY^LRPYNTP^NZX[WP_PWdTRYZ]TYR NZY_PY_ 8N7`SLYv^ TY^TRS_^ NZYNP]YTYR _SP XPOTL LYO _PNSYTNLW TYYZ aL_TZY^ L^ Pc_PY^TZY^ ZQ _SP MZOd LYO ST^ [Z^_`WL_P _SL_ LWW XPOTL LYO NSLYRP^ TY _SP XPOTL SLaP TX[LN_^ ZY _SZ`RS_ LYO NL`^P NSLYRP^ TY L__T_`OP^ OT^[Z^T_TZY^ LYO SLMT_^ MZ]P Q]`T_ M`_ _SP ZaP]^TX[WTQTNL_TZY O]Pb U`^_TQTPO N]T_TNT^X ! 9Z_ ZYWd _SP NZY_PY_^ L]P WPQ_ Z`_ M`_ LW^Z _SP NL[LNT_d QZ] ^dXMZWTeL_TZY LYO _SP N`W_`]P^[PNTQTN TXLRTYL_TZY^ >ZNTLW LYO N`W_`]LW ^P__TYR^ bP]P _]PL_PO _ZZ ^NSPXL_TNLWWd LYO bP]P LN_`LWWd OT^_Z]_PO ?SP OT^_TYN_TZY MP_bPPY OT]PN_ LYO TYOT]PN_ NZXX` YTNL_TZY bL^ YZ_ PcLXTYPO ?ZZ WT__WP ^d^_PXL_TN _SZ`RS_ bL^ RTaPY _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_x$Z`]PX[SL^T^ ! .Q QZ] TY^_LYNP 6PYYP_S -`]VP 7LYR`LRP L^ ^dXMZWTN LN_TZY% 0^^Ld^ ZY 7TQP 7T_ P]L_`]P LYO 8P_SZO -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $!# TY [L]_TN`WL] z# LYO /LYTPW 8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP 8ÞYNSPY%,VLOPXT^NSP]AP]WLR#z# bSZzTYWTYPbT_S_SPT]WT_P]L]dLYO P_SYZWZRTNLWL[[]ZLNSP^]P^[PN_TaPWdzLNNPY_`L_POTQQP]PY_[ZTY_^bZ]_SdZQN]T_TNT^X TY88N7`SLYv^ @YOP]^_LYOTYR8POTL%?SP0c_PY^TZY^ZQ8LY 7ZYOZY%=Z`_WPORP 6PRLY;L`W%$!LYO ?SP2`_PYMP]R2LWLcd 7ZYOZY%=Z`_WPORP6PRLY;L`W $!
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
#
_SPTY_P]P^_TYR\`P^_TZY%bSL_VTYOZQNZY_PY_T^QLaZ]POMdL[L]_TN`WL] VTYO ZQ XPOTL* ,YO QTYLWWd [ZP_TN PQQPN_^ LP^_SP_TN XP^^LRP^ ]SP_Z]T NLW XZ_TQ^ LYO _SP TYaZWaPXPY_ ZQ ^PY^Z]d [P]NP[_TZY LYO PXZ_TZYLWT_d TY_SPNZXX`YTNL_TZY[]ZNP^^L]P^TX[WdYZ_OT^N`^^PO0XZ_TZYLWT_dT^ LW^Z WPQ_ Z`_ Md OP >L`^^`]P ,WW _SP^P L^[PN_^ L]P [L]_ ZQ ]PWTRTZY L^ L NZX[WPc LYO X`W_TWLdP]PO NZXX`YTNL_TZY ^d^_PX BP QTYO X`W_T OTXPY^TZYLWT_d LYO MWPYOTYR ZY _SP WPaPW^ ZQ ^TRY^ XP^^LRP^ XPOTL LYO]PNP[_TZY[]ZNP^^P^,^TY[ZP_]dTY]PWTRTZ`^WT_P]L_`]P_SP_]TLOZQ w^PWQPc[]P^^TZYx wNZXX`YTNL_TZYx LYO wNZY^`XXL_TZYx !! MPWZYR _ZRP_SP] LYO WTVP T_^ ]SP_Z]TNLW LYO [ZP_TN NZ`Y_P][L]_^ ]PWTRTZ`^ aZ NLM`WL]dWTaP^Q]ZXXZOP^ ZQw[P]^`L^TZYx?SP]PQZ]P ^PY^T_TaT_d_Z _SP [Sd^TNLW ^PY^Z]d LYO [P]QZ]XL_TaP L^[PN_^ ZQ WLYR`LRP T^ LW^Z NLWWPO QZ]TYNZYYPN_TZYbT_SNZXX`YTNL_TZYLYOTY[L]_TN`WL][ZP_TNLYO]PWT RTZ`^NZXX`YTNL_TZYLYOYZ_ZYWdTY4YOTL ?SL_LW^ZXP]P^Z`YO^^SZ`WOSLaPNZXX`YTNL_TaPNZY_PY_XLdTYT _TLWWd ^`][]T^P ^ZXP ]PLOP]^ 7T_P]L]d _SPZ]TP^ NLY _LVP _ST^ L^[PN_ Q`] _SP] P^[PNTLWWd _SPZ]TP^ ZQ ]PNP[_TZY LP^_SP_TN^ ]PRL]OTYR WTYR`T^_TN [P]QZ]XL_TaT_d 7T_P]L]d _SPZ]T^_^ SLaP [ZTY_PO Z`_ _SL_ _Pc_ [P]QZ]X LYNP w?Pc_[P]QZ]XLYex TP _Pc_`LW [P]QZ]XL_TaT_d TYaZWaP^ YZ_ ZYWd ^PWPN_TZY LYOZ]NSP^_]L_TZY ZQ_SP _Z[ZTM`_LW^Z_SP^_dWP]Sd_SX LYO XPWZOd ZQ _SP WLYR`LRP z bSTNS =ZXLY 5LVZM^ZY NLWWPO _SP w[ZP_TN Q`YN_TZYx LYO Pc[]P^^PO bT_STY NZYNP[_^ ^`NS L^ wOTLR]LXXL_TeL_TZYx LYOwTNZYTeL_TZYxZQWLYR`LRP !"5LVZM^ZYv^^PXTZ_TN_SPZ]d`YOP]^_ZZO _SP [ZP_TN Q`YN_TZY _Z MP _SP NZYNPY_]L_TZY ZQ _SP XP^^LRP ZY T_^PWQ bSTNS TY [ZP_]d ]P^`W_^ Q]ZX L ^_]`N_`]PO TY_P]LN_TaP YP_bZ]V ZQ ]PWL _TZY^ZQ]Sd_SXTN[SZYP_TN^PXLY_TNLYO^dY_LN_TNwP\`TaLWPYNP^xTP Q]ZX L X`_`LW XZ_TaL_TZY ZQ ]SdXP [SZYP_TN^ NSZTNP ZQ bZ]O^ LYO ]SP_Z]TN bSTNS ^_]`N_`]P^ _SP NZYaPdTYR ZQ bSL_ T^ ^LTO TY ^`NS L bLd _SL_bSL_T^^LTOLW^ZPNSZP^TY_SPXLYYP]TYbSTNST_T^^LTO5LVZM^ZY PX[SL^TePO _SP NWZ^P TY_P][WLd ZQ ^Z`YO LYO XPLYTYR _SL_ bL^ YP RWPN_PO TY 1P]OTYLYO OP >L`^^`]Pv^ ^PXTZWZRd Md LWWZNL_TYR ZYWd L]MT _]L]d LYO NZYaPY_TZYLW _SL_ T^ ^dXMZWTN XPLYTYR _Z _SP ^Z`YO^ !# 5L VZM^ZYZY_SPZ_SP]SLYONWLTXPO_SL_TY[ZP_]dLYOPaPYTYPaP]dOLd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! .QLW^Z-`]VP 7LYR`LRPL^^dXMZWTNLN_TZY !" =ZXLY5LVZM^ZYw>`NSPYLNSOPXBP^PYOP]>[]LNSPx$! TY=ZXLY5LVZM^ZY >PXTZ_TV% ,`^RPbÆSW_P ?Pc_P $$z$# PO 0WXL] 3ZWPY^_PTY 1]LYVQ`]_% >`S] VLX[$###"z$!TY[L]_TN`WL]$z$!.QLW^ZB5?8T_NSPWWw/TLR]LXXL_ZWZ Rdx TY .]T_TNLW 4Y\`T]d $#%!z!LYO=`OZWQ 3PWX^_P__P]w7d]T^NSPAP]QLS ]PY% 7d]TV 2POTNS_ `YO [ZP_T^NSP >[]LNSPx TY 0TYQÞS]`YR TY OTP 7T_P]L_`]bT^^PY^NSLQ_ PO8TW_Z^;PNSWTaLYZ^P_LW>_`__RL]_%8P_eWP]$$ "z TY [L]_TN`WL] z 4MTO 5LVZM^ZYv^ QLXZ`^ QZ]X`WL ZY [ZP_TN Q`YN_TZY bSTNS SLO L WL^_TYR PQQPN_ ZY ]PNPY_ [ZP_]d OT^N`^^TZY% w_SP [ZP_TN Q`YN_TZY []ZUPN_^ _SP []TYNT[WPZQP\`TaLWPYNPQ]ZX_SPLcT^ZQ^PWPN_TZYZY_Z_SPLcT^ZQNZXMTYL_TZYx !# 5LVZM^ZYw>`NSPYLNSOPXBP^PYOP]>[]LNSPx""z$#
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WLYR`LRP wL ^`T_LMWP [SZYZWZRTNLW PYaT]ZYXPY_ FPYSLYNP^H _SP Pc[]P^ ^TaP\`LWT_dZQLbZ]Ox !$LYOQZWWZbPOZYQ]ZX.SL]WP^>LYOP]^;PT]NP QZ] bSZX _SP MP^_ WTYR`T^_TN ^TRY^ bP]P _SZ^P _SL_ WTYV TNZYTN PR ZYZXL_Z[ZPTN TYOPcTNLW TYOTNL_TYR LYO ^dXMZWTN NZYaPY_TZYLW []Z[P]_TP^ "4YOZTYR^Z 5LVZM^ZYXZaPO[ZP_TN ^TRY^_SPX^PWaP^ TY_Z _SP QZN`^ ZQ L__PY_TZY 8Z]P ]PNPY_ WT_P]L_`]P _SPZ]TP^ LOO]P^^TYR WTY R`T^_TN [P]QZ]XL_TaT_d _ZZV _ST^ Q`]_SP] L^ TY _SP TOPL _SL_ _SP L`_Z ]PQWPcTaT_d ZQ QTN_TZYLW ^[PPNS L^ TNZYTNLWWd Z]RLYTePO ^[PPNS SLO T_^ QZ`YOL_TZYTYMPTYRw_SP^TRYTQTPOT_^PWQx "=PQP]]TYR_Z5LVZM^ZY@X MP]_Z0NZLW^ZOPNWL]PO_SP[ZP_TNQ`YN_TZYZQLXP^^LRP_ZMPLNP]_LTY QZ]X ZQ L`_Z]PQWPcTaT_d _SL_ T^ ]PQP]]TYR _Z T_^PWQ w>PWM^_MPeÞRWTNS VPT_x " ?S]Z`RS NZY_PY_ LYO ^_dWP _SP _Pc_^ YZ_ ZYWd ^Ld ^ZXP_STYR M`_ LW^Z OZ ^ZXP_STYR% _SPd NZXX`YTNL_P _SPX^PWaP^ O]Lb _SP L__PY _TZYZQ_SP]PNT[TPY__Z_SPT]ZbYQZ]XLYOYZ_WPL^_TY_ST^bLdOPaPWZ[ _SPT] TX[LN_^TY_SP]PNT[TPY_^ >ZTY_SPLNNPY_`L_TZY ZQ[P]QZ]XL_TaT_d NSLYRP^ TY [P]^[PN_TaP NLXP LMZ`_ TY _SP ]PNP[_TZY _SPZ]d L[[]ZLNS 8PLYTYRbL^]P[WLNPOMdPQQPN_&_SPOdYLXTN^ZQ_SP WTYR`T^_TN[]ZNP^^ L[[PL]PO LWZYR^TOP _SP ^[PPNS LN_ 0X[SL^T^ bL^ [WLNPO YZ_ WPL^_ ZY _SP bZ]WON]PL_TYR Q`YN_TZY ZQ [ZP_TN WLYR`LRP bSTNS ZQQP]^ PX[_d ^[LNP^ QTWWPO Md _SP TXLRTYL_TZY ZQ _SP ]PNT[TPY_^ " ?Pc_ [P]QZ]XLYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ 5LVZM^ZYw>`NSPYLNSOPXBP^PYOP]>[]LNSPx$.QLW^Z0NZ 0TYQÞS]`YRTYOTP >PXTZ_TV 8ÞYNSPY%1TYV$$#z$!Q " 5LVZM^ZY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx #z#& ZY _SP \`Z_L_TZY Q]ZX ;PT]NPTMTO#;PT]NPTY_]ZO`NPOLSPW[Q`W^TRYNWL^^TQTNL_TZYMdOTQQP]PY_TL_TYR_S]PP ML^TN _d[P^ ZQ ^PXTZ^T^ Z] _S]PP OTQQP]PY_ w]P[]P^PY_L_TZYLW \`LWT_TP^x ML^PO ZY OTQ QP]PY_]PWL_TZY^ST[^MP_bPPY ^TRYLY^ LYO ^TRYL_`X%_SPTNZYTXLRPML^POZYLN _`LW^TXTWL]T_d_SPTYOPcTYOTNL_Z]OP^TRYL_TYRLQLN_`LWWdPcT^_PY_NZY_TR`T_dZ] T_^ L^^ZNTL_TZY LYO _SP ^dXMZW ML^PO ZY P^_LMWT^SPO WPL]YPO NZY_TR`T_d TP L NZYaPY_TZYLW]`WP?SPOPNT^TaPL^[PN_QZ]5LVZM^ZYT^YZb_SL_^TRY^L]PZQ_PY[W`]T Q`YN_TZYLWLYOSLaPOTQQP]PY_N`W_`]LWNZYYZ_L_TZY^LYO_SL_;PT]NPLW^Z_PYOPO_Z^PP L]PWL_TaPSTP]L]NSdTY_SP^P_ZQ_S]PP^TRY^LYOYZ_L^_]TN_^P[L]L_TZY>ZTNZY^_ZZ L]P MLNVPO `[ Md NZYaPY_TZYLW ]`WP^ LYO T_ bZ`WO MP U`^_ L^ OTQQTN`W_ _Z QTYO LY Pc LX[WP ZQ L NZX[WP_PWd [`]P TYOPc L^ L ^dXMZW [Z^^P^^TYR YZ TYOPcTNLW \`LWT_d L_ LWW NQ;PT]NP\`Z_POTY5LVZM^ZYTMTO# " >PP BZWQRLYR 4^P] ,V_ OP^ 7P^PY^% ?SPZ]TP Æ^_SP_T^NSP] BT]V`YR 8ÞYNSPY% 1TYV $$!LYO @bPBT]_Sw/P];P]QZ]XLYeMPR]TQQTX >[LYY`YR^QPWOaZY 4WWZV`_T ZY 4_P]L_TZY `YO 4YOPcTVLWT_Æ_x TY ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_ PO@bPBT]_S1]LYVQ`]_%>`S]VLX[ z " @XMP]_Z0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV Q " ?SP]P T^ OPML_P TY XZOP]Y WT_P]L]d _SPZ]d ZY bSP_SP] _SP L`_Z[ZP_TN Q`YN_TZY ZQ QTN _TZYLW _Pc_^ WTP^ []TXL]TWd TY _SP TWWZN`_TZY Z] _SP [P]WZN`_TZY ,NNZ]OTYR _Z _SPZ]TP^ []PQP]]TYR [P]WZN`_TZY _Pc_^ Q`YN_TZY L^ wOT]PN_Z]v^ TY^_]`N_TZY^ _Z _SP TXLRTYL_TZYx w=PRTPLYbPT^`YRPY LY OTP 4XLRTYL_TZYx -`_ _SP]P T^ TY^`QQTNTPY_ NWL]TQTNL_TZY ZQ _SPPc_PY__Z bSTNS[P]WZN`_TZYL]d PQQPN_^ NLYMPPc[WLTYPOMd_SP ^_PP]TYR[Z_PY_TLW ZQ_SP_Pc_^_SPX^PWaP^Z]L]P_ZMP`YOP]^_ZZOL^]SP_Z]TNOP[PYOPY_w[P]^`L^TaPPQ QPN_^x.QBT]_Sw/P];P]QZ]XLYeMPR]TQQTX>[LYY`YR^QPWOx
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
#
LYO _SP PQQPN_ ZQ _SP LP^_SP_TN XP^^LRP NZXP _Z Q]`T_TZY TY _SP ]PNT[T PY_^vTXLRTYL_TaPNZZ[P]L_TZYZY_SP_Pc_ 4OPL^ ^TXTWL]bP]PLW]PLOd MPTYR[`_QZ]bL]OTYYTY_S NPY_`]d4YOTL TY¢YLYOLaL]OSLYLv^[ZP_]d_SPZ]dLYO_LNVWPO`YOP]_SPL^[PN_ZQ_SP ^`RRP^_TaP [ZbP] ZQ WLYR`LRP ?ST^ L[[]ZLNS OT^N`^^PO TY Z`] 3T^_Z]d ^PN_TZY TY XZ]P OP_LTW ^_]P^^PO _SL_ [ZP_TN ^[PPNS NZXX`YTNL_P^ XP^ ^LRP^ aTL ^`RRP^_TZY^ ]PQP]PYNP^ LYO _SL_ bSTNS T^ `Y^[ZVPY LYO PX [SL^TePO _SP w]L^Lx TP _SP LP^_SP_TN XZZO @YOP] ]L^L ¢YLYOLaL]O SLYL `YOP]^_ZZO MZ_S _SP L`_Z]PQWPcTaT_d ZQ QTN_TZYLW ^[PPNS LYO _SP LP^_SP_TNPc[]P^^TaT_dZQ_SPQZ]XZQWLYR`LRPZY_SPWPaPWZQ_SPXP^ ^LRP LYO LW^Z L SZWT^_TN NL[_`]P wRLYeSPT_WTNSP^ 0]QL^^PYx ZQ _Pc_ XPLYTYR[ZP_TNPc[]P^^TZYLYO_SPWTYVMP_bPPYNZRYT_TaPXPLYTYRLYO PXZ_TZYLWXPLYTYRTY_SP[]ZNP^^ZQ^PXTZ^T^L__SPWPaPWZQ_SP]PNT[T PY_ 4Y XZOP]Y _TXP^ @XMP]_Z 0NZ SL^ ^TXTWL]Wd NWLTXPO _SL_ MZ_S QZ]X^ZQXPLYTYRL]PP\`LWWdTX[Z]_LY_%TQ_SPPXZ_TZYLWXPLYTYRbP]P TRYZ]PO _SP ]TNSYP^^ ZQ _SP NZXX`YTNL_TZY []ZNP^^ bZ`WO MP ^LN]T QTNPO "¢YLYOLaL]OSLYLL__]TM`_PO_Z`^PXZOP]Y_P]X^_SPXLTY]ZWP _Z_SPTWWZN`_TZYL]dNZY_PY__SP]PQP]PY_TLWZ]]P[]P^PY_L_TaPQ`YN_TZYZQ WLYR`LRP ZQ _SP LP^_SP_TN XP^^LRP ML^PO ZY ^`RRP^_TZY^ PR ZQ LWWT_ P]L_TaPLYOXP_L[SZ]TNLWWLYR`LRP?ST^X`^_MPPNSZPOTY_SP[P]WZN` _TZYbSTNS_SPWT^_PYP]^L]P_Z`YOP]^_LYOLYONZX[WP_P0NZ^[PLV^ZQ L wOTLWPN_TN MP_bPPY QZ]X LYO Z[PYYP^^ ZY _SP WPaPW ZQ _SP XP^^LRP LYOMP_bPPYWZdLW_dLYO_LVTYR_SPTYT_TL_TaPZY_SPWPaPWZQ_SP]PNT[T PY_x " ?Pc_^ NZXX`YTNL_P _SPX^PWaP^ Md LN_TYR L^ w[P]^`L^TaP [P]QZ]X LYNP^x LQQPN_TYR _SP ]PNT[TPY_^ >PWQ]PQP]PY_TLWT_d OZP^ YZ_ XPLY _SL_ _SP NZY_PY_^ Pc[]P^^PO LYO SPL]O L]P `YP\`TaZNLW TOPY_TNLW LYO ^_LMWP LYO_SL__SPPQQPN_T^YPNP^^L]TWdTOPY_TNLWZYPaP]dZYP:Y_SPNZY_]L]d LNNZ]OTYR _Z 0NZ LP^_SP_TN XP^^LRP^ L]P P^[PNTLWWd NSL]LN_P]TePO Md SL]MZ]TYR _SP [Z_PY_TLW _Z QTYO PaP] YPb XPLYTYR^ ^TYNP _SPd OZ YZ_ OPYZ_P M`_ NZYYZ_P "! ?SP QZ]X LWWZb^ aL]dTYR TYOTaTO`LW Pc[P]TPYNP^ Z] L Y`XMP] ZQ [Z^^TMWP Q]PP TY_P][]P_L_TaP NSZTNP^ "" bSTNS SZbPaP] L]P NZY_]ZWWPO _S]Z`RS NZOP^ TP NZYaPY_TZYLWTePO ^NSPXL_L []POP_P] XTYPO^_]`N_`]P^LYONZY_Pc_`LW]PWL_TZY^ST[^,NNZ]OTYR_Z0NZ_SP]PT^ L wWZRTN ZQ _SP ^TRYTQTNLY_x _S]Z`RS bSTNS L bZ]V wQ`WQTWW^ T_^ O`LW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV #$Q " w/TLWPV_TVebT^NSPY1Z]X`YO:QQPYSPT_L`QOP]0MPYPOP]-Z_^NSLQ_`YOebT^NSPY ?]P`P `YO 0TRPYTYT_TL_TaP L`Q 0MPYP OP^ 0X[QÆYRP]^x 0NZ 0TYQÞS]`YR TY OTP >P XTZ_TV !! "! 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV ;PT]NPv^ aTPb bL^ ^TXTWL]% LNNZ]OTYR _Z STX _SP TY_P][]P_L_TZY ZQ L ^TRY T^ YZ_ L XPLYTYR M`_ LYZ_SP] ^TRY& _Z `YOP]^_LYO T^ _Z _]LY^WL_P "" 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV !
3TYO`T^XL^L.`W_`]PZQ>Z`YO
#
Q`YN_TZY^ ZQ ^_TX`WL_TYR TY_P][]P_L_TZY^ LYO NZY_]ZWWTYR _SP Q]PPOZX ZQ TY_P][]P_L_TZYx "# ?Z [`_ T_ TY Z_SP] bZ]O^% TY LOOT_TZY _Z _SP PX[_d ^[LNP ZQQP]PO Md QTN_TZYLW ^[PPNS _SP]P L]P OP_P]XTYTYR ^NSPXL_L bT_S ^_PP]TYR[Z_PY_TLWbSTNSZQQP]OPNZOTYR[Z^^TMTWT_TP^?SPLP^_SP_TNXP^ ^LRPT^QZ]XPOZY _SP WPaPWZQ_SP[Sd^TNLW NL]]TP]Md^Z`YO^XZO`WL _TZY^ LYO `__P]LYNP^ Md OTQQP]PY_TLW PWPXPY_^ [SZYP_TN P\`LWT_TP^ LYO TYP\`LWT_TP^ P_N ^dY_LRXL_TN ]PWL_TZY^ST[^ R]LXXL] OPYZ_PO ^TR YTQTNL_P^ NZYaPY_TZYLWTePO NZOP^ LYO ^`MNZOP^ NZYYZ_PO ^TRYTQTNL_P^ ]SP_Z]TNLW ^d^_PX^ LYO ^_dWT^_TN ]P[P]_ZT]P^ LYO TOPZWZRTNLW Pc[PN_L _TZY^ L^ L wRWZMLW NZYYZ_L_Px "$ ?SP LP^_SP_TN TYQZ]XL_TZY T^ ]PLWTePO TY _SP MWPYOTYR ZQ _SP^P ]PWL_TZY^ST[^ Z] TY 0NZv^ bZ]O^ TY L YP_bZ]V ZQ SZXZWZRZ`^ QZ]X^ _SL_ NZY^_T_`_P^ _SP ^[PNTLW NZOP ZQ _ST^ bZ]V # 4Q L ]PWPaLY_ `YT_ T^ ]PNZRYTePO L^ ^`NS T_ T^ LWbLd^ LW]PLOd ]PNZRYTePO TY ]PWL_TZY _Z L NZOP 0aPY TQ _SP PQQPN_ `W_TXL_PWd NLYYZ_ MP PT_SP] QZ]P ^PPYZ]NZY_]ZWWPO_SP_Pc_^_S`^LN\`T]PNP]_LTYTX[WTNT_^_PP]TYR[Z_PY _TLW^]SP_Z]TNLWPQQPN_^ML^POZY_]Z[P^LYONLYZYNTLWWdMTYOTYRPQQPN_^ _S]Z`RS WZYR_P]X `^P :] L^ 0NZ L]R`P^% T_ MPNZXP^ [Z^^TMWP _Z LYL WdeP_SPPc[]P^^TaPQPL_`]P^L^XPLY^ZQNZXX`YTNL_TZYZY_SPML^T^ZQ PT_SP] ZM^P]aPO Z] aTZWL_PO NZOP^ # LYO _Z L[[]PSPYO LYO WLd ML]P wLP^_SP_TN Pc[P]TPYNPx PaPY _SZ`RS _SP LP^_SP_TN XP^^LRP LWWZb^ LY Z[PY []ZNP^^WTVP TY_P][]P_L_TZY 4_ ^SZ`WO MP ]PXPXMP]PO _SL_ LNNZ]O TYR _Z 0NZ _SP]P T^ YZ ]TQ_ MP_bPPY w^PXLY_TN TYQZ]XL_TZYx LYO wLP^ _SP_TNTYQZ]XL_TZYxZ]MP_bPPYTY_PWWPN_`LWLYOLQQPN_TaPWLYR`LRP?SP L`_Z]PQWPcTaP LYO TYSP]PY_Wd LXMTaLWPY_ XP^^LRP T^ MZ_S wL XLNSTYP _SL_ N]PL_P^ PXZ_TZY^x LYO LY wTY^_]`XPY_ ZQ ]PNZRYT_TZYx w4Y^_]`XPY_ OP] 0]VPYY_YT^x% w_ST^ ]PNZRYT_TZY T^ ]PLWTePO MZ_S aT^ÂaT^ _SP NZOP Q]ZX bSTNS _SP XP^^LRP PXLYL_P^ LYO aT^ÂaT^ _SP ]PQP]PY_ _Z bSTNS _SP ^TRYTQTNLY_^ ZQ _SP XP^^LRP ]PQP] _S]Z`RS _SP QTW_P] ZQ _SP ^TRYTQT NL_P^x # ,WW _SP^P ZM^P]aL_TZY^ LW^Z L[[Wd _Z _SP NZXX`YTNL_TZY XZOP^ ZQ ]PWTRTZ`^WT_P]L_`]P^?Pc_^YZ_ZYWdXPLY^ZXP_STYRM`_LW^ZOZ^ZXP _STYR ?SPd XLd XPLY LYO OZ OTQQP]PY_ _STYR^ L_ OTQQP]PY_ _TXP^ LYO _Z OTQQP]PY_[P]^ZY^M`__SP]PT^L[]PNZOPON`W_`]LW^d^_PXZQVYZbWPORP LYO]`WP^_SL_^_PP]^_SPTY_P][]P_L_TZY^LYOPc[P]TPYNP^?ST^L[[WTP^TY 4YOTL U`^_ L^ T_ OZP^ PW^PbSP]P 0LNS OPaZ_PP bTWW [P]NPTaP L _Pc_ _S]Z`RSST^ZbYWPY^P^^SL[POMd^PN_L]TLY]PRTZYLWNL^_P]PWL_POLYO Z_SP] LQQTWTL_TZY^ ?ST^ XPLY^ _SL_ PLNS [P]^ZY XLd SPL] ^ZXP_STYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# "$ # # #
0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV ! 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV ! 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV !
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
#
OTQQP]PY_ M`_ _SP MPWTPQ TY _SP [ZbP] ZQ _SP ^[ZVPY ^Z`YOTYR bZ]O T_ ^PWQ T^ YZ_ LY TYOTaTO`LW [SPYZXPYZY M`_ L ^ZNTZN`W_`]LWWd ^SL]PO wVYZbWPORP ZQ Pc[P]TPYNPx -d ]PQP]]TYR _Z NZYYZ_L_TZY TY^_PLO ZQ OP YZ_L_TZYLYO_SPYPNP^^L]dTXLRTYL_TZYZQ_SP]PLOP]zZ]TY_ST^NL^P _SP WT^_PYP] z 0NZv^ _SPZ]d ^d^_PXL_TNLWWd TYNW`OP^ TYOTaTO`LW bLd^ ZQ ]PNPTaTYR L _Pc_ LYO ST^_Z]TNLW []ZNP^^P^ ZQ NSLYRP TY _Pc_ ]PNP[_TZY ?SP^PL]NSQZ]wNZOP^xXLVP^_SPL[[]ZLNSZQ]PNP[_TZYLP^_SP_TN^^PY ^T_TaP_ZNZY_Pc_TP_SPST^_Z]TNLWN`W_`]LWLYO^ZNTZ]PWTRTZ`^^P__TYR^ LYOTY_P][]P_L_TZYLYOQ]LXPbZ]V^NSPXL_L?SPWT_P]L]dPc[Z^T_TZY^ZY _SPL`_Z[ZP^T^ZQQTN_TZYLW ^[PPNSLYOZY _SP TY_P][WLdZQ^Z`YOXPLY TYR LYO _SP `YT_d ZQ P[T^_PXTNLW LYO LQQPN_TaP Q`YN_TZY L]P P^[PNTLWWd ^TRYTQTNLY_ TY ]PWL_TZY _Z _SP ]PWTRTZ`^ WT_P]L_`]P^ ZQ 4YOTL >LY^V]T_ [Z PX^ LYO WT_P]L_`]P^ LN_ TYOPPO L^ w[P]^`L^TaP [P]QZ]XLYNP^x Z] wXL NSTYP^x QZ] N]PL_TYR PXZ_TZY NZRYT_TZY LYO N]PL_TaP _SZ`RS_ YZ_ WPL^_ ZY_SPWPaPWZQ_SPT]^Z`YOQZ]X,YOSP]PTY[L]_TN`WL]zZY_SPWPaPWZQ ^Z`YOQZ]X^LYO ^Z`YO Pc[P]TPYNP^z _SP]PL]PLNZXXZYOPYZXTYL_Z] LYO ]PNZRYTeLMWP ^_]`N_`]P^ ?Pc_^ L]P [P]NP[_TMWP _Z _SP ^PY^P^ ?SPd SLaP]Sd_SX^LYOQZWWZb ^_dWT^_TN ]`WP^ ^`NS L^_SP4YOTLY[]POTWPN_TZY QZ] LWWT_P]L_TZY^ L^^ZYLYNP^ [L]ZYZXL^TL^ [SZYP_TNLWWd TY^[T]PO P_dXZWZRTP^LYOXP_]TNMTYOTYRLYOL^^`NSL]PLP^_SP_TNLWWdPQQPN_TaP 8P]PWdMdNZXX`YTNL_TYR_SPT]ZbYQZ]X_Pc_^OZ^ZXP_STYRLYOPcP]_ PQQPN_^ :Y _ST^ wMZ__ZX WPaPWx ZQ NZXX`YTNL_TZY _SP `YT_d ZQ NZRYT _TaPLYOPXZ_TZYLWNZYYZ_L_TZYLYOXPLYTYRbSTNS0NZLNNPY_`L_P^T^ P^[PNTLWWd_LYRTMWP ,NNZ]OTYR _Z 0NZ _SP PXZ_TZYLW L^^ZNTL_TZY^ L]P YPNP^^L]TWd L [L]_ ZQ _SP NZXX`YTNL_TZY []ZNP^^ LYO ST^ OT^N`^^TZY ZQ _SP LP^_SP_TN XP^ ^LRP # T^ ZQ ^[PNTLW TX[Z]_LYNP QZ] Z`] NZYNP[_ ZQ NZXX`YTNL_TZY 4Y 4YOTL TY [L]_TN`WL] M`_ Md YZ XPLY^ ZYWd _SP]P ]PWTRTZ`^ NZXX`YTNL _TZY _LVP^ [WLNP WL]RPWd aTL _STYR^ ^`NS L^ _SP [ZP_]d ]SP_Z]TN LYO ^Z`YO \`LWT_d ZQ ]PWTRTZ`^ WT_P]L_`]P^ ^P_ _Z X`^TN Z] [P]QZ]XPO TY L ^PXTX`^TNLW XLYYP] , NZX[]PSPY^TaP NZYNP[_ ZQ NZXX`YTNL_TZY X`^_ _SP]PQZ]P TYNW`OP MZ_S _SP [Sd^TNLW \`LWT_TP^ ZQ aP]MLW XP^^LRP^ [SZYP_TN [SPYZXPYL ]P[PL_PO WP__P]^ LNNPY_^ ]Sd_SX^ LYO NP^`]L^ _SP_ZYLWT_TP^Y`LYNP^ZQ^Z`YOLYOXZO`WL_TZY^_SP^_dWP_SP]SP_Z]TN LYO _SP ^dYP^_SP^TL^ z TY ^SZ]_ _SP Pc[]P^^TaP [P]QZ]XLYNPNSL]LN_P] LYO PaPY_NSL]LN_P] ZQ WLYR`LRP z LYO X`^_ LW^Z NZY^TOP] _SP ^_TX`WL _TZY ZQ QPPWTYR^ LYO _SP N]PL_TZY ZQ ^PY^Z]d LbL]PYP^^ bSPY PcLXTYTYR _SPTYQZ]XL_TaPYL_`]PZQWTYR`T^_TNNZXX`YTNL_TZY,NNZ]OTYR_Z0NZL XP^^LRP P^[PNTLWWd LY LP^_SP_TN XP^^LRP NZ`NSPO TY WLYR`LRP SL^ aL]TZ`^ WPaPW^ ZQ ]PLWT_d LYO _SP NZX[WPcP] _SP XP^^LRP T^ _SP XZ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV z!"
#!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
TY_PY^TaPT^T_^LP^_SP_TNT_d #3T^^PXTZ_TNL[[]ZLNSNWLTX^_SL__SPw^Z NLWWPO Pc_]LR]LXXL_TNLW Z] LQQPN_TaP PWPXPY_^x LYO wPc[]P^^TaP ^ZW` _TZY^xZMPdNP]_LTY]`WP^LYOw]L_TZYLW[L__P]Y^xPR^NSPXL_LZQZ[[Z ^T_TZYZ]^TX[WPR]LO`LW^P\`PYNP^LYO_SL_wPXZ_TZYLW^`MNZOP^FL]PH Z]RLYTePObT_S_SP^_]TYRPYNdbT_SbSTNS_SPNZRYT_TaPNZOP^L]PZ]RLY TePOx # ?SP]PQZ]P _Pc_ [P]QZ]XLYNP^ Pc[P]TPYNP \`LWT_TP^ LYO PaP]YPb XPLYTYR^ L]P LWW RZaP]YPO Md ]`WP^ _SP WT_P]L]d NZOP^ LYO _SP w[L]L OTRX^x ZQ _SP N`W_`]LW L]NSTaP 4_ T^ LWbLd^ TXLRTYL_TZY MZ`YO _Z NZY aPY_TZYLYO_]LOT_TZY_SL_OT^NZaP]^aL]TL_TZY^ZQXPLYTYRLYORPYP]L_P^ YPb _Pc_^ ?ST^ T^ Pc[WLTYPO Md _SP [Z^^TMTWT_d ZQ T_P]L_TaP ]P[PL_LMWP ]PWZNL_TZY ZQ ^TRY^ Md MPTYR \`Z_PO LYO [P]QZ]XPO TY PaP]YPb NZY _Pc_^ 1`]_SP]XZ]P _SP OT^N`^^TZY^ ZQ ]PNP[_TZY LP^_SP_TN^ Pc[WLTY bSd OTQQP]PY_ 4YOTLY WT^_PYP]^ TY ZYP LYO _SP ^LXP NZY_Pc_ ^`NS L^ [L]_TNT [LY_^ZQ_SP ^LXPN`W_`]LW [P]QZ]XLYNPXLdSPL]OTQQP]TYRNZY_PY_LYO dP_ ^_TWWSLaPL NZXXZYPc[P]TPYNP4YLOOT_TZY _Z _SP^`MUPN_TaPTY_P] []P_L_TZY^ _SP []PQP]PYNP QZ] _SP ^[ZVPY bZ]O XPLY^ _SL_ _SP]P L]P L ML^TN LNZ`^_TN NZY^PY^`^ ^ZNTLWWd ^SL]PO SPL]TYR SLMT_^ LYO LY ZMUPN _TaP NZOP ZQ Pc[P]TPYNP \`LWT_d LYO LP^_SP_TN [ZbP] ZQ PXMZOTPO _Pc_^ 4Y _SP ]PWTRTZ`^ NZY_Pc_ _ST^ NZOP _]LY^QZ]X^ T_^PWQ TY_Z L NZOP ZQ _SP ^LN]POYP^^ZQWLYR`LRPLYO^Z`YOLYOZQ_SPXLYTQP^_L_TZYZQOPT_TP^ BSL_PaP] T^ [WLdPO Z`_ TY _SP _STYVTYR Z] QPPWTYR ZQ _SP TYOTaTO`LW WT^_PYP]T^TYOPPOL^7`SXLYYPX[SL^TeP^MPdZYOZ`]]PLNS-`_PaPY ^Z ^_L_P^ ZQ XTYO L]P YZ_ NZX[WP_PWd TYLNNP^^TMWP _Z _SP Pc_PY_ _SL_ _SPd NLY MP OP^N]TMPO LYO ]PNZY^_]`N_PO PX[T]TNLWWd TY ^_L_PXPY_^ TY _P]_Pc_`LW]PQP]PYNP^NZY_Pc_^QZ]LN_TZYLYOQ`YN_TZYLW^P__TYR^zTPTY L Y`XMP] ZQ NZXX`YTNL_TaP PaPY_^ Z] TY @XMP]_Z 0NZv^ _P]XTYZWZRd TYNZYaPY_TZY^N`W_`]LWSP]T_LRP^_]`N_`]P^LYO`YOP]WdTYRNZOP^ #! 4Y ]PRL]O _Z 3TYO`T^X 1WZZO .ZM`]Y LYO -PNV SLaP O]LbY L__PY _TZY _Z \`LWT_TP^ ZQ Pc[P]TPYNP _SL_ L[[PL] _d[TNLW ZQ PXTN ]PWTRTZ`^ ^Z NTLWTeL_TZY LYO NZWWPN_TaP QZ]X^ ZQ SLMT_`^ % _SP TY_P]TZ]TeL_TZY ZQ _Pc_^ YZ_ TY ^TWPY_ ]PLOTYR M`_ TY [P]QZ]XLYNP ^ZXL_TN LYO PXZ_TZYLW PY RLRPXPY_ [L]_TNT[L_TZY TY _SP _Pc_ _S]Z`RS SPL]TYR LYO ]PNT_TYR z TY bSTNS `YOP]^_LYOTYR T^ YZ_ YPNP^^L]TWd OPNT^TaP ?SP^P SLMT_`^ QZ]X^ TYNW`OPPc[PN_L_TZY^ZQ[P]^ZYLW_]LY^QZ]XL_TZYLYO_SPPc[P]TPYNTYRZQ Y`XTYZ`^ []P^PYNP TY _SP ^LN]PO ^Z`YO >`NS ^PY^Z]d LP^_SP_TN ]T_`LW [^dNSZWZRTNLWWd PXZ_TaP P_STNLW LYO ^ZNTLW TY^_T_`_TZYLW LYO TOPZWZRT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV $ # 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV ! $ #! >PPLW^Z7`SXLYY /TP=PWTRTZYOP]2P^PWW^NSLQ_ %w?SPL^[PN_^ZQu[^dNSZWZRTNLW XLYTQP^_L_TZY^v _SL_ L]P _Z MP ]PWPaLY_ _Z NZXX`YTNL_TZY X`^_ XLVP _SPX^PWaP^ YZ _TNPLMWP L^ NZXX`YTNL_TZY :_SP]bT^P _SP NSLYRP^ ]PXLTY bT_SZ`_ NZY^P\`PYNP^ QZ] _SP^ZNTLW^d^_PXZQ^ZNTP_dx0YRWT^S_]LY^WL_TZYMd03TNV^
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
#"
NLW NZRYT_TaP OTXPY^TZY^ bSTNS L]P L^^ZNTL_PO bT_S _SP SPL]TYR ]PNT_ TYR LYO ^TYRTYR ZQ ]PWTRTZ`^ _Pc_^ bP NLWW wLNZ`^_TN [TP_dx ?SP YPc_ NSL[_P] []ZaTOP^ L XZ]P PWLMZ]L_P OT^N`^^TZY ZQ _ST^ _P]X ,^ L NZWWPN _TaP [SPYZXPYZY NZX[]T^TYR MZ_S PaP]dOLd ]PWTRTZ^T_d LYO _SP N`W_`]P ZQ ^NSZWL]^ST[ LNZ`^_TN [TP_d NLYYZ_ MP [TYYPO OZbY TY _P]X^ ZQ TYOT aTO`LW [WLdP]^ _Pc_^ LYO ]T_P^ >LN]PO SPL]TYR ^LN]PO ^Z`YO LYO _SP PQQTNLNd ZQ XLY_]L^ NZ]]P^[ZYO _Z _SP TOPZWZRTNLW Pc[PN_L_TZY LYO L^ L RWZMLW NZYYZ_L_P _SPd L]P L _]LY^TYOTaTO`LW NZOP ^d^_PX Z] TY Z_SP] bZ]O^ _SPd L]P _SL_ bSTNS 7`SXLYY _P]XPO NZOP^ MPWZYRTYR _Z L ^d^ _PXLYO6YZMWL`NSNLWWPO_SP]PWTRTZ`^WdOP_P]XTYPO[]ZaTYNPZQXPLY TYR ,^ L ]`WP _ST^ ^NZ[P ZQ XPLYTYR T^ TX[L]_PO YZY_SPXL_TNLWWd LYO [P]QZ]XL_TaPWdLYOTY_SPZWZRTP^LW^Z_SPXL_TNLWWd0cNW`OTYRPXZ_TZY LWT_dQ]ZX _ST^ ^NZ[PZQXPLYTYR_`]Y^]PWTRTZY TY_Z L O]dLM^_]LN_ ^d^ _PX =PWTRTZ`^[ZP_]d TY[L]_TN`WL] PcP]_^T_^PQQPN_^ TY_SP]PLWXZQ_SP LQQPN_TaPLYO_ST^T^[Z_PY_TL_POTY_Pc_^_SL_L]P[P]QZ]XPO]PNT_POLYO ^`YR BPL]P_SP]PQZ]PNZYNP]YTYRZ`]^PWaP^MZ_SbT_S[P]QZ]XLYNP^ZQL ]T_`LW XYPXZ_PNSYTNLW TY^_]`N_TaP _SPL_]TNLW ^NTPY_TQTN LYO X`^TNLW YL_`]P LYO LW^Z bT_S ]PNP[_TZY LP^_SP_TN^ LYO _S`^ bT_S _SP [P]QZ]XL _TaT_d ZQ _SP _Pc_^ _SPX^PWaP^ ?SP _bZ L^[PN_^ L]P `^`LWWd TY_TXL_PWd TY_P]_bTYPO 4Y _SP Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ [L]_TNT[L_TZY TY _SP _Pc_^ NZXP^ LMZ`_ YZ_ WPL^_ aTL ^Z`YO [L__P]Y^ ]Sd_SX^ P_N TP WL]RPWd TY L [Sd^TNLW ^PY^Z]d LYO LQQPN_TaP QL^STZY ?ST^ Pc[WLTY^ bSd `YOP]^_LYOTYROZP^YZ_SLaP_ZMP_SPP^^PY_TLWQPL_`]PLYOXPLYTYRQ`W YP^^NLYYZ_MP]PO`NPO_Z^PXLY_TNXPLYTYR4Y^_PLOL]P_SP^PY^P^LW^Z TYaZWaPOTYN]PL_TYR^PY^PLYOXPLYTYR?SPdNLYPaPYMP^PPYL^ZbY QZ]X^ZQ`YOP]^_LYOTYR5`^_L^MZOdXZaPXPY_^N]PL_P^[PNTQTN^ZXL_TN LbL]PYP^^ _SP `^P ZQ _SP ^PY^P^ N]PL_P ^[PNTQTN QZ]X^ ZQ ^PY^Z]d LYO LP^_SP_TN LbL]PYP^^ >TXTWL]Wd ZYP SL^ _Z L^^`XP _SL_ w_STYR^ NZY^T^_ TYRZQ^Z`YOxw6WLYRRPMTWOPxSLaP_SPT]ZbYaLWPYNd #"1Z][]PNT^PWd _ST^ ]PL^ZY bP []Z[Z^P TY^_PLO ZQ L _SPZ]d ZQ N`W_`]LW [P]QZ]XLYNP^ L ^PY^P^PY^T_TaP LYO[P]QZ]XLYNPZ]TPY_PO _SPZ]dZQ NZXX`YTNL_TZYLYO LYPc[LYOPO_Pc_SP]XPYP`_TN^MdTYNW`OTYR_SP[Sd^TNLWYL_`]PZQ_Pc_^ LYO _SP ^PWQ]PQP]PY_TLWT_d ZQ _SPT] LNZ`^_TN ]PLWTeL_TZY ?ST^ TX[Z]_LY_ L^[PN_ OTO YZ_ ]PNPTaP LYd L__PY_TZY Q]ZX >TYRP] 1WZZO .ZM`]Y -PNV Z]_SP^ZNTZWZRTNLWNZXX`YTNL_TZY_SPZ]T^_^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" >PPLW^Z3LY^2ÞY_P]3PTXM]ZNVw¾MP]OTP]PWTRTØ^PBT]V`YRaZY6WÆYRPY%;SÆYZ XPYZWZRT^NSP `YO [^dNSZWLYLWd_T^NSP E`RÆYRPx TY ,]NSTa QÞ] =PWTRTZY^[^dNSZWZRTP PO9TW^23ZWXP_LW2Ø__TYRPY%ALYOPYSZPNV=`[]PNS_$$"z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
##
=PWTRTZ`^,P^_SP_TN^LYO,NZ`^_TN;TP_d
,^ LW]PLOd ^SZbY XLYd ZQ _SP QTYOTYR^ TY WT_P]L]d ]PNP[_TZY LP^_SP_TN^ NLYMP_]LY^QP]]POOT]PN_Wd_Z_SP]PWTRTZ`^_Pc_^?SP^PTYNW`OP_SP`YT_d ZQ_SPPXZ_TZYLWT_dLYOTY_PWWTRTMTWT_dZQ_SPLP^_SP_TNXP^^LRPT_^L`_Z ]PQWPcTaT_d_SPOdYLXTN^ZQ_SPWTYR`T^_TN[]ZNP^^_SP[]TZ]T_dZQPQQPN_ ZaP] XPLYTYR LYO YZ_ WPL^_ _SP TXLRTYL_TaP NZZ[P]L_TZY ZQ _SP ]PNT[T PY_^ DP_ ^[PNTQTNLWWd `YOP] _SP [P]^[PN_TaP ZQ ]PWTRTZ`^ LP^_SP_ TN^LT^_SP_TN^ LYO ]PWTRTZ`^ ^PXTZ_TN^ _SP]P L]P []ZMWPX^ _Z MP LO O]P^^PO _SL_ NLY ZYWd MP RTaPY TY^`QQTNTPY_ _]PL_XPY_ Md ^ZNTZWZRTNLW WT_P]L]d LYO WTYR`T^_TN NZXX`YTNL_TZY _SPZ]TP^ Z] PW^P L]P YZ_ PaPY NZY^TOP]PO :YP ZQ _SPX T^ _SL_ TY _SP ]PWTRTZ`^ NZY_Pc_ WPcTNLW `YOP] ^_LYOTYRT^ZQ_PYYZ__Z[[]TZ]T_d,NNZ]OTYR_ZP^_LMWT^SPONZXX`YTNL _TZY _SPZ]TP^ TY ^`NS NL^P^ ZYP ^SZ`WO YZ_ ^[PLV ZQ NZXX`YTNL_TZY L_ LWW LYd XZ]P ^TYNP YZY^PXLY_TN ^PWQPc[]P^^TaT_d QZ]XLW ^Z`YO ^_]`N _`]P^ ]T_`LW [L]_TNT[L_TZY TY _SP _Pc_ LYO T_^ PQQTNTPYNd L]P ^Z X`NS _Z _SP QZ]P _SL_ OT^N`]^TaP PWPXPY_^ LYO ^PXLY_TN XPLYTYR ]PNPOP NZX [WP_PWdTY_Z_SPMLNVR]Z`YO 3P]P T_ L[[PL]^ _Z MP SPW[Q`W _Z `YOP]^_LYO WLYR`LRP Md LYLWZRd bT_S X`^TN Z] _Z `YOP]^_LYO ^[PLVTYR Md LYLWZRd bT_S X`^TNXLVTYR bT_S Z_SP]^ L^ >dMTWWP 6]ÆXP] []Z[Z^P^ TY SP] L]_TNWP ZY w[P]QZ]XL _TaT_d L^ XPOTLWT_dx ## ?SP LOaLY_LRP ZQ _ST^ LYLWZRd LNNZ]OTYR _Z 6]ÆXP]bZ`WOMPwM]TYRTYR_SPZYP^TOPOYP^^ZQ_SP^[PLVP]NPY_]TNT_d ZQ _SP ^[PPNS LN_ _SPZ]d TY_Z _SP NZY^NTZ`^YP^^x LYO wWPLaTYR _SP OZ XLTYZQLXP]P^TRY_SPZ]dML^POaTPbZQWLYR`LRPx #$4YSP]L[[PLWQZ] wL ]PSLMTWT_L_TZY ZQ _SP ^`]QLNPx Z] wL ]PSLMTWT_L_TZY ZQ _SP aZTNPx $ SZbPaP] 6]ÆXP] T^ YZ_ _STYVTYR ZQ ]T_`LW ]PNT_L_TZY^ M`_ XZ]P ZQ PaP ]dOLdNZXX`YTNL_TZYLYO_SPw[P]QZ]XLYNPNSL]LN_P]xZQ[P]QZ]XL_TaL LYO w]T_`LWTePO ^[PPNS LN_^x TY ^ZNTLW TY_P]LN_TZY >SP NWLTX^ _SP LYLW ZRd bT_S X`^TNLW PaPY_^ OPXZY^_]L_P^ YZ_ ZYWd _SP [ZWd[SZYd ZQ PaP]d NZYaP]^PL_TZY LYO _SP WL_PY_Wd PQQPN_TaP TOPLW ZQ SZXZ[SZYd M`_ LW^Z _SP N]PL_TaP [ZbP] ZQ _SP aZTNP bSTNS T^ wYZ_ ZYWd L aPSTNWP LYO TY ^_]`XPY_ ZQ ^[PPNSx M`_ LW^Z TY_P][]P_^ NZXXPY_^ ZY LYO `YOP]XTYP^ ^[PPNS wbT_S T_^ Q`WW NZX[WP_PWd `Y[]POTN_LMWP NZ][Z]PLWT_dx $ >SP ^_L_P^ _SL_ _SP aZTNP Pc[]P^^P^ _SP w`Y^LdLMWPx _SL_ ^[PPNS OZP^ YZ_ Pc[]P^^ LYO N]PL_P^ TY T_^ wZbY WTQPx L w^`][W`^x ZQ XPLYTYR MPNL`^P _SPOPNT^TaP[ZTY_SP]PT^YZ_bSL_M`_SZb^ZXP_STYRT^^LTO>ZXPZQ _SP^P NZY^TOP]L_TZY^ NLY LW^Z MP _]LY^QP]]PO _Z ^[ZVPY LYO ^`YR ]PWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## #$ $ $
6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_xz! 6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_x$ 6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_x!# 6]ÆXP]w>[]LNSPz>_TXXPz>NS]TQ_x
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
#$
RTZ`^ _Pc_^ 3ZbPaP] _SP LYLWZRd bT_S X`^TN SL]MZ]^ _SP [Z^^TMWP OT^ LOaLY_LRP ZQ NZX[WP_P OPWTYR`LWTeL_TZY PaLN`L_TZY ZQ XPLYTYR LYO `W_TXL_PWd WZ^^ ZQ XPLYTYR ?SP ]P^`W_ bZ`WO YZ_ MP _SP ^`][W`^ NZX X`YTNL_TZY _SL_ 6]ÆXP] NWLTX^ M`_ _SP OT^^ZW`_TZY ZQ LYd NZXX`YTNL _TaPNZY_PY_?ST^MPNZXP^NWPL]_S]Z`RSLWZZVL_1]T_^>_LLWv^TX[]P^ ^TaP_SPZ]dZQ_SPWLNVZQXPLYTYRZQ]PWTRTZ`^^Z`YO^ >_LLW OPYTPO ]T_`LW ^ZYR NSLY_^ LYO QZ]X`WL^ LYd OTXPY^TZY ZQ XPLYTYR 3P NZX[L]PO XLY_]L^ YZ_ ZYWd bT_S ^_]TN_ X`^TNLW NZX[Z^T _TZY^ M`_ LW^Z bT_S ^Z`YO^ []ZO`NPO Md LYTXLW^ LYO ZY _ST^ ML^T^ OP YTPO LYd NZXX`YTNL_TaP NZY_PY_ $ 4Y_P]P^_TYRWd SP LW^Z [`]^`PO L N]T_T\`P ZQ ^PXTZ_TN^ ^PPVTYR XPLYTYR^ wMPSTYOx _SP [SPYZXPYL 4Y NZY_]L^_ _Z 6]ÆXP] ST^ L]R`XPY_^ bP]P QZ]XLWT^_TN LYO ^_]`N_`]LWT^_TN >_LLW bL^ aPSPXPY_Wd Z[[Z^PO _Z _SP N`W_`]LW ^PXTZ_TN^ ZQ ^ZNTLW LY _S]Z[ZWZRd LYO T_^ L[[]ZLNS ZQ ]PLOTYR ]T_`LW LYO XL_P]TLW QZ]X^ ZQ Pc[]P^^TZY L^ ^dXMZW^ QZ] ^ZXP_STYR PW^P z PR ^ZNTP_d [ZWT_TN^ Z] ]PWTRTZYzLYOL^^`NSSP[P]NP[_TaPWdN]T_TNTePO.WTQQZ]O2PP]_eTY[L] _TN`WL]>_LLW]P[]P^PY_PO_SPZ[[Z^T_PPYOZQ_SP^[PN_]`X^_]P^^TYR_SP YZY^PXLY_TN ^_]`N_`]P^ QZ]XLW [L__P]Y^ ZQ ^Z`YO^ LYO _SP ]`WPML^PO YL_`]PZQ]T_P^LYONWLTXPO% w_SP^Z`YO^ZQ]PWTRTZYL]PYZ_^Z`YO^ZQLY`YVYZbYWLYR`LRP_SL_SL^ _Z MP OPNT[SP]PO M`_ L]P QPL_`]P^ ZQ ]T_`LW ^d^_PX^ _SL_ OZ YZ_ Pc[]P^^ XPLYTYR^ M`_ _SL_ L]P RZaP]YPO Md ]`WP^ 1Z] _SPT] ^_`Od `YOP]^_LYOTYR LYOLYLWd^T^^`NS^d^_PX^ LNNZ]OTYRWd]P\`T]P ^dY_LN_TN_SPZ]TP^_SL_OPLW bT_S]`WP^YZ_^PXLY_TN_SPZ]TP^_SL_OPLWbT_SXPLYTYR>Z`YO^XLdMP []ZaTOPObT_S XPLYTYRM`__SPdOZYZ_]P\`T]PXPLYTYR^LYOOZYZ_PcT^_ QZ]XPLYTYRv^^LVP4LXTYNWTYPO_ZNZYNW`OP_SL_]T_`LWLN_^LYO^Z`YO^ MPWZYR_ZLOZXLTYZQMTZWZRd_SL_RZP^MPdZYOXLY?ST^T^^`[[Z]_POMd _SP OL_L ZQ LYTXLW ]T_`LWTeL_TZY LYO Md ^`NS N`]TZ`^ QLN_^ L^ _SP ^TXTWL]T_d MP_bPPYXLY_]L^LYOMT]O^ZYR^x $
BP bTWW NZXP MLNV _Z >_LLWv^ XLY_]L _SPZ]d LRLTY MPWZb ,_ _ST^ [ZTY_ T_bTWW^`QQTNP_ZYZ_P_SL_ LW_SZ`RS >_LLW PX[SL^TeP^bT_S]PQP]PYNP _Z 5LVZM^ZY _SL_ L [ZPX XLd MP TY_P][]P_PO ZY ^PaP]LW WPaPW^ `W_TXL_PWd SP ZYWd LWWZb^ _SP aLWTOT_d ZQ _SP QZ]XLW WPaPW ZQ ^dY_LN_TN ^_]`N_`]P^ LYO PcNW`OP^ Q]ZX _SP LYLWd^T^ LWW _SP Z_SP] WTYR`T^_TN WPaPW^ Z[P]L_TYR ^TX`W_LYPZ`^Wd TY LYd RTaPY `__P]LYNP BSL_ T^ []ZMWPXL_TN T^ YZ_ ST^ M]TWWTLY_ ^_]`N_`]LW ^Z`YO LYLWd^P^ ]PaPLWTYR _SL_ _SP NZX[Z^T_TZY ZQ APOTN_Pc_^bL^ML^POZY_SZ]Z`RS[WLYYTYRYZ]ST^TY^TRS__SL_]T_`LW^ OZ YZ_ YPNP^^L]TWd SLaP _Z SLaP TY_]TY^TN ^PXLY_TN XPLYTYR M`_ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3P]P bP ]PQP] QT]^_ LYO QZ]PXZ^_ _Z >_LLW w?SP >Z`YO ZQ =PWTRTZYx 9`XPY $#!% z!& # z TY [L]_TN`WL] $$z ?SP ^LXP ML^TN _SP^T^ T^ SZbPaP] QZ`YO TY LWW ST^ bZ]V^ LYO T^ OT]PN_PO LRLTY^_ LYd VTYO ZQ SP]XPYP`_TN^ YZ_ ZYWd 2PP]_e>_LLWv^L[[]ZLNSRZ_LM]ZLO]PNP[_TZYLYObL^SZ_WdOPML_POL^TYOTNL_POTY _SPQZWWZbTYR $ >_LLWw?SP>Z`YOZQ=PWTRTZYx"z#
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WPaPWTYR Z`_ ZQ _SP ]TNSYP^^ ZQ _SP [SZYTN [SZYPXTN XZ][SPXTN WPcT NLW ^dY_LN_TN LYO ^PXLY_TN QPL_`]P^ 3P NZX[WP_PWd WPLaP^ Z`_ _SP NZY YZ_TYR LYO ^`RRP^_TYR Q`YN_TZY^ ZQ WLYR`LRP 3P _`]Y^ _SP L^[PN_^ ZQ _ZYLWT_d LYO XZO`WL_TZY ZQ aZTNP NZXX`YTNL_TZY PX[SL^TePO Md 6]ÆXP] TY_Z L ]`WPML^PO ^d^_PX ZQ WZRTNLW LYO ^_]TN_Wd XL_SPXL_TNLW ^_]`N_`]P^ 4Y >_LLWv^ ^d^_PX ]PWTRTZ`^ ^Z`YO^ SLaP YZ Pc[]P^^TaP LP^ _SP_TN PXZ_TaP NSL]LN_P] 8LY_]L^ TYNW`OTYR _SP ^PXLY_TNLWWd _]LY^[L] PY_ APOTN LYO ;`]£©TN XLY_]L^ L]P PcSL`^_PO TY Y`XP]TNLW aLW`P^ LYO [SZYP_TN ^_]`N_`]LW [L__P]Y^ ,^ 2PZ]RP ?SZX[^ZY ]TRS_Wd ZMUPN_^ T_ XLdTYOPPOMP _SPXZ^_ TX[Z]_LY_ _STYR _Z]T_`LWT^_^ _SL_LXLY_]L^`NS L^ :¿ YLXLà ^Ta£dL w:À SZYZ] _Z ±TaLx NZY^T^_^ ZQ ^Tc ^dWWLMWP^ 3ZbPaP]_SPZ_SP]WPaPW^zNZRYT_TaPPXZ_TaPLYO[SL_TNQPL_`]P^zL]P LW^Z PQQPN_TaP L_ _SP ^LXP _TXP ZYP ZYWd SL^ _Z _STYV QZ] TY^_LYNP ZQ _SP]PWTRTZ`^^TRYTQTNLYNPZQ_SPYLXPZQ2ZOTY4YOTL?SZX[^ZYNZY NW`OP^%wBPYPPO_ZZaP]NZXP_SPSLMT_ZQL^^`XTYR_SL_LRTaPY`__P] LYNPSL^ZYWdZYPQ`YN_TZYL_L_TXPx $3PPX[SL^TeP^_SPPXZ_TaPLYO NZRYT_TaP NZY_PY_^ LYO ^ZNTLW Q`YN_TZY^ ZQ ]PWTRTZ`^ LYO [ZP_TN ^[PPNS 8Z]PZaP]SPU`^_WdL]R`P^_SL_PaPYTQOT]PN_Wd^PXLY_TNPWPXPY_^bP]P ^`MZ]OTYL_PO _Z YZY^PXLY_TN Z] QZ]XLW [L__P]Y^ _ST^ bZ`WO ^_TWW YZ_ XPLY _SL_ [ZP_]d bL^ YZY^PXLY_TN LYO Md LYLWZRd _SP YZY^PXLY_TN L^[PN_^ZQXLY_]L^ bZ`WONP]_LTYWdYZ_]PYOP]_SPXXPLYTYRWP^^ :_SP] N]T_TNT^X^ ZQ >_LLW SLaP NWLTXPO Q`YN_TZYLW XPLYTYRQ`WYP^^ LYO ]L_TZY LWT_d TY _SP ^PY^P ZQ 8Lc BPMP] $ [ZTY_PO Z`_ _SP PXMPOOTYR TY _SP ZaP]LWW N`W_`]LW ]PWTRTZ`^ NZY_Pc_ _SL_ SL^ MPPY RTaPY _ZZ WT__WP ^d^_PX L_TNL__PY_TZY $!PX[SL^TePO _SPw^_LRTYRZQNZY^_LYNdLYO_TXPWP^^YP^^ _d[TNLW ZQ ]T_`LW^x $" Z] NWLTXPO _SL_ _SP XP_ZYdXTN L^^ZNTL_TZY^ LYO XPY_LW TXLRP^ bP]P NZY^_T_`_TaP PWPXPY_^ ZQ XLY_]L ]PNT_L_TZY^ LYO _SPT]PQQTNLNd $#BPbZ`WOWTVP_ZLOO_Z_ST^LYZ_SP]L]R`XPY_^[PNTQTN _Z ]PWTRTZ`^ LP^_SP_TN^ YLXPWd _SL_ >_LLW OZP^ YZ_ NZY^TOP] _SP ^PY^Z]d MZOTWd OTXPY^TZY ,W_SZ`RS SP [ZTY_^ Z`_ _SL_ _SP LN_ ZQ ]PNT_L_TZY T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2PZ]RP ?SZX[^ZY w:Y 8LY_]L^ LYO 1]T_^ >_LLWx 5Z`]YLW ZQ =T_`LW >_`OTP^ $ $$ %zSP]P $ >PP 3LY^ 3 ;PYYP] w7LYR`LRP =T_`LW LYO 8PLYTYRx 9`XPY $# % z! SP]P$z $! ?SZXL^ 7Lb^ZY LYO =ZMP]_ 9 8N.L`WPd =P_STYVTYR =PWTRTZY% .ZYYPN_TYR .ZRYT _TZY LYO .`W_`]P .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$ !z! !!z!$& QZ]_SPLMZaPXPY_TZYPOL]R`XPY_NQLW^Z"z!"TY[L]_TN`WL] "z!! $" ,cPW 8TNSLPW^ wu3Zb OZ dZ` OZ*v AZ]ÞMP]WPR`YRPY e` PTYP] 2]LXXL_TV OP^ =T_` LW^x TY /P] 8PY^NS z PTY lLYTXLW ^dXMZWTN`Xw* >[]LNSP z /TLWZR z =T_`LW PO 3PTY]TNS >NSXTOTYRP] LYO .WPXPY^ >POXLV /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP ^PWW^NSLQ_"$z #TY[L]_TN`WL] z $# ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ z " $z! & QZ] _SP LMZaP XPY_TZYPOL]R`XPY_NQTY[L]_TN`WL]LYO!LYOLW^Z_SPPY_T]PMZZV
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$
_SP N]`NTLW L^[PN_ LYO L__LNSP^ R]PL_ TX[Z]_LYNP _Z [SZYP_TN^ SP ]P XLTY^ TY L [`]P QZ]XLWT^X _SL_ ]PXZaP^ LWW XPLYTYR Q]ZX _SP [Sd^TNLW LN_ ,NZ`^_TN [TP_d _SP]PQZ]P ]PXLTY^ TY^`QQTNTPY_Wd ]PNZ]OPO LYO _SP 4YOTLY TYNWTYL_TZY _Z NZXX`YTNL_TZY _S]Z`RS ^Z`YO ]PNPTaP^ _ZZ WT__WP NZY^TOP]L_TZY4Y_P]P^_TYRWdbT_S>_LLW^Z`YO^MPNZXPOTRT_^Y`XMP]^ ZQ^dWWLMWP^LYOXL_SPXL_TNLWQZ]X`WLPbSTWPLY4YOTLYXL_SPXL_TNTLY ^`NSL^¢]dLMSL¶LPc[]P^^PO]PLWY`XMP]^TY^Z`YO^LYO[ZP_]d>_LLWv^ L[[]ZLNSQLTW^_Z[]ZaTOPL[L__P]YQZ]Pc[WLTYTYR^`NS[SPYZXPYL 4Y _SP QZWWZbTYR LNZ`^_TN [TP_d bTWW MP OP^N]TMPO TY XZ]P OP_LTW ?ST^ _P]X bP SLaP NZTYPO bSTNS ^[LY^ L M]ZLO ^PXLY_TN QTPWO TYNW`O TYRbSL_bPbTWWNLWWWL_P]wWLYR`LRPLN_xTYaL]TL_TZY_Z_SP^[PPNSLN_ _SPZ]d _Z Pc[WLTY _SP APOTN XLY_]L^ v bZ]VTYR NSL[ LYO bSTNS LW^Z L[[WTP^ _Z YZYAPOTN XLY_]L^ L^ ^dXMZWTN QZ]X^ NSL[ ?SP _P]X wLNZ`^_TN [TP_dx bTWW SL]OWd L[[PL] L_ LWW TY _SP ST^_Z]TNLW [L]_ ZQ _ST^ MZZV MPNL`^P _SP]P bP bTWW `^P RPYP]LWWd Z]TRTYLW _P]XTYZWZRd wZMUPV_^[]LNSWTNSP -PR]TQQWTNSVPT_x ZQ _SP _Pc_`LW ^Z`]NP^ LYO TYOTRP YZ`^ OT^NZ`]^P^ 3ZbPaP] TY _ST^ ^d^_PXL_TN [L]_ NZYNP]YPO bT_S []Z aTOTYR L _SPZ]P_TNLW QZ`YOL_TZY LYO ^NTPY_TQTN XZOPW^ ZQ Pc[WLYL_TZY LNZ`^_TN [TP_d T^ LY TX[Z]_LY_ XP_LWTYR`T^_TN _P]X BP `YOP]^_LYO _SP _P]XL^LYLMM]PaTL_TZYQZ]LX`W_TQLNP__PO^_dWPZQ]PWTRTZYbSP]P_SP ^Z`YOTYRbZ]OLYOYZ_YPNP^^L]TWd_SP^PXLY_TNNZY_PY_T^_SPOZXTYLY_ L^[PN_ L ^_dWP bSTNS TYNW`OP^ ^Z`YONPY_P]PO ]T_P^ ^Z`YONPY_P]PO NZRYT_TaPWd NZOPO ^dXMZW^ LYO [Z^^TMWd LW^Z PWLMZ]L_PO ^dXMZW ^d^ _PX^ w,NZ`^_TN [TP_dx T^ L ^`T_LMWP NZWWPN_TaP _P]X QZ] ^`XXL]TeTYR TX[Z]_LY_ ]PN`]]TYR ]PWTRTZ`^ QLN_^ TY L ^d^_PXL_TN bLd BSTWP _SP NPY _]LW [STWZ^Z[STNLW LYO TOPZWZRTNLW L^[PN_^ ^`NS L^ ^Z`YO L^ L NZ^XTN ^dXMZW SLaP LW]PLOd MPPY [ZTY_PO Z`_ LYO bTWW MP PWLMZ]L_PO XZ]P TY OP[_STYNSL[bPNZYNPY_]L_PMPWZbZY_SPZ]_SZ[]LN_TNLW^TOPZQ LNZ`^_TN [TP_d LYO _SP OTaP]^T_d LYO X`W_TOTXPY^TZYLWT_d ZQ T_^ ]T_`LW XLYTQP^_L_TZY^BPLTX_ZOZaP_LTWMZ_SPXTNLYOP_TN[P]^[PN_TaP^:`] PcLX[WP^TWW`XTYL_TYR_SPPXTN[P]^[PN_TaPL]PTY_PYOPO_ZOPP[PY^[P NTQTN^ ZQ LNZ`^_TN [TP_d XZ]P XTN]Z^NZ[TNLWWd LYO L_ _SP ^LXP _TXP _Z RTaPLOPY^P]TWW`^_]L_TZYZQ^dYNS]ZYZ`^NZYYPN_TZY^_SLYT^[Z^^TMWPTY _SPST^_Z]TNLW^PN_TZYBPbTWW`^PQTPWObZ]V^_`OTP^[L]_WdZ`]ZbY_Z TWW`^_]L_P ^ZXP _d[TNLW _]LT_^ ZQ LNZ`^_TN [TP_d _SL_ bP]P VP[_ LWTQP _S]Z`RS_SPNPY_`]TP^:YP TX[Z]_LY_PWPXPY_ZQ _SP P_TNL[[]ZLNS T^ _Z LYLWdeP LNZ`^_TN [TP_d TY _P]X^ ZQ ]PWTRTZ`^ LP^_SP_TN^ LYO ]PWTRTZ`^ ^PXTZ_TN^ BP aPY_`]P SP]P YZ_ ZYWd _Z `YOP]^_LYO SLMT_`^ QZ]X^ ZQ LNZ`^_TN [TP_d SP]XPYP`_TNLWWd LYO PX[L_STNLWWd M`_ LW^Z _Z Pc[WLTY LYLWd_TNLWWdTYLX`W_TXP_SZOL[[]ZLNSbSL__SPQLN_Z]^L]P_SL_XLVP T_ [Z^^TMWP _Z Pc[P]TPYNP ^Z`YO L^ Y`XTYZ`^ ^`M^_LYNP LYO LYTXL_P ]PLWT_dBT_S_ST^\`P^_TZYbPL]PZYWd[]ZMTYRbSL_T^[P]SL[^_SPXZ^_ Pc_]PXP L^[PN_ ZQ LNZ`^_TN [TP_d LYO _SP ZYP XZ^_ bZ]_Sd ZQ Pc[WLYL
3TYO`T^XL^L.`W_`]PZQ>Z`YO
$
_TZY 4_ ^SZ`WO YZ_ MP QZ]RZ__PY _SL_ LNZ`^_TN [TP_d LW]PLOd MPRTY^ bT_S _SP[]PQP]PYNPQZ]aZNLWTePOZ]X`^TNLWTePO_Pc_^ bSTNSTYXLYd]PWTR TZY^T^_d[TNLWZQ_SPWT_`]RTNLW`^PZQ^LN]POWT_P]L_`]P^
8ZOP^LYO8`W_T/TXPY^TZYLWT_dZQ,NZ`^_TN;TP_d ,NZ`^_TN[TP_dTYNW`OP^]T_`LWLN_^^_]TN_Wd]PR`WL_POQZ]X^LYO^PY^Z]d [P]NP[_TZY LWZYR bT_S NZRYT_TaP NZY_PY_ []Z[Z^T_TZYLW ^_L_PXPY_^ LYO OPaZ_TZYLWPc[]P^^TaT_d?Pc_[P]QZ]XLYNP^OZYZ_LWbLd^PcSTMT_LWWZQ _SP^PL^[PN_^M`_LWbLd^^PaP]LWWPaPW^ZQNZXX`YTNL_TZYLYOPaPYZYP LYO_SP^LXP_Pc_NLY_SP]PQZ]PN]d^_LWWTePZ`_TYTYOTaTO`LW]PNP[_TZYTY OTQQP]PY_ XZOP^ ZQ LNZ`^_TN [TP_d OP[PYOTYR ZY bSTNS L^[PN_ T^ [P] NPTaPOL^_SPOZXTYLY_ZYP?ST^bTWWMPPc[WLTYPO`^TYR_SPPcLX[WPZQ _SP 7LWT_£>LSL^]L9£XL _SP _SZ`^LYOYLXP WT_LYd QZ] _SP RZOOP^^ 7LWT_£ ?SP SdXY T^ L _ZVPY ZQ _SP WT_P]L]d _d[P ZQ _SP _SZ`^LYOYLXP WT_L YTP^ ^LSL^]LY£XL 4YaZNL_TZY^TY _SPQZ]XZQWT_LYTP^bT_S# Z]QPbP]YLXP^L]PLXZYR>LY^V]T_3TYO`T^Xv^XZ^_NZXXZYQZ]X^ZQ []LdP] LYO OTaTYP []LT^P ?SPd ^P]aP ]PWTRTZ`^ NZXX`YTNL_TZY $$ YZ XL__P]bSP_SP]_SPdL]P[L]_ZQLw[`MWTNx]T_`LWZ]L[P]^ZYLW[]LdP] 7TVP LWW []LdP]^ bZ]WObTOP _SP 7LWT_£ WT_LYd TYaZVP^ LYO PaZVP^ _SP []P^PYNPZQ_SPOTaTYPLYO L__SP ^LXP_TXPRTaP^_ST^ []P^PYNPLQZ]X ,^ bT_S LWW >LSL^]LY£XL^ _SP NSZTNP LYO NZX[TWL_TZY ZQ _SP YLXP^ NZY_LTY^LbSZWP_SPZWZRd ?SPaP]^PXP_P] LY`´¶`MS T^_SP^LXPL^ _SL_ TY _SP Z_SP] WT_LYTP^ LYO LW^Z _SP ^PXTX`^TNLW ]PNT_L_TZY ^_dWP T^ LYLWZRZ`^ LYO T^ ^`MUPN_ _Z _SP ^LXP ^WTRS_ aL]TL_TZY^ ZQ XZ]P Z] WP^^ ^_]ZYR X`^TNLWTeL_TZY ?SP ]PLOTYR^ XLd MP TY XP_]TN QZ]X Z] XZ]P ^_]ZYRWd ]T_`LWTePO bT_S PLNS YLXP TY _SP OL_TaP LYO Q]LXPO Md _SP ^dWWLMWP :¿ LYO L R]PP_TYR QZ]X`WL bSP]PMd Q]P\`PY_Wd LYO TY _SP _PX[WP ^P]aTNPLWbLd^L QWZbP][P_LW T^ZQQP]PO _Z_SPOPT_dLWZYR bT_S PLNS YLXP ?SP [P_LW NLY LW^Z MP ^TX[Wd LOOPO XPY_LWWd _SL_ T^ TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ PP LW^Z ;L`W 5 2]TQQT_S =PWTRTZ`^ =PLOTYR% ?SP ;WLNP ZQ =PLOTYR TY _SP ;]LN_TNP ZQ =PWTRTZY :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $$$ " DL^`ST]Z ?^`NSTdLXL w ,MST´PVL TY _SP APOTN LYO [Z^_APOTN =T_`LW^x TY 1]ZX 8L_P]TLW _Z /PT_d% 4YOTLY =T_`LW^ ZQ .ZY^PN]L_TZY PO >STYRZ 0TYZZ LYO 5`Y ?LVL ^STXL9Pb/PWST%8LYZSL] z$]P[]ZO`NPOMd,cPW8TNSLPW^wu3ZbOZ dZ`OZ*vAZ]ÞMP]WPR`YRPYe`PTYP]2]LXXL_TVOP^=T_`LW^x!
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$"
^P]aTNP^ ZQQP]PO Md _SP []TP^_ ZY MPSLWQ ZQ wWLd [P]^ZY^x L^ L _d[P ZQ [P]^ZYLW LOZ]L_TZY ?SP WT_LYd ]PNT_L_TZY^ TY _SP _PX[WP L]P _S`^ WTYVPO _Z^PaP]LW]T_`LWNZX[WPcP^LYOZYPXLdLW^Z^`[[Z^P^PaP]LWXZOP^ZQ LNZ`^_TN [TP_d BSTWP T_ XLd MP L^^`XPO _SL_ O`_d LYO SLMT_ L]P []ZML MWd LXZYR _SP []TP^_^v []PaLTWTYR XZ_TaL_TZY^ z P^[PNTLWWd bSPY _SPd L]P [LTO QZ] [P]QZ]XTYR ^[PNTQTN ^P]aTNP^ z _SP WLd [P]^ZY^v [Z^^TMWP QPL]^ LMZ`_ aTZWL_TYR ]`WP^ L]P LWWLdPO MPNL`^P ZYP L`_ZXL_TNLWWd Pc [PN_^ NZYQZ]XT_d R]PL_P] VYZbWPORP LYO [P]QPN_ ]T_`LW [`]T_d Q]ZX _SP []ZQP^^TZYLW^?SP]PQZ]PWLd[P]^ZY^NLYMP\`T_Pw`YTYSTMT_POxTY^TX [WP _]`^_ L^ _SPd _`]Y Q`WW ZQ []LdP] LYO OPaZ_TZY _Z _SP OPT_d Q]ZX bSZX _SPd Pc[PN_ SPW[ LYO []Z_PN_TZY Z] bSZX _SPd bT^S _Z _SLYV QZ] SPW[ LYO []Z_PN_TZY ?ST^ T^ []PNT^PWd _SP Q`YN_TZY ZQ _SP ^[ZY^Z]PO £]NLYL^ ?SP ZMUPN_TaP^ ZQ ^`NS NZXXT^^TZY^ L]P LN_`LWWd aP]MLWTePO TY LOPNWL]L_TZYZQTY_PY_ ^LÀVLW[L YLXTYR_SP^[ZY^Z]_SPWZNL_TZY_SP OLd ZQ _SP bPPV _SP SZ`] _SP NZY^_PWWL_TZY L_ MT]_S P_N # .ZYaPY_TZY LYO [P]^ZYLW ]T_`LW NZXXT_XPY_ NZXMTYP TY ^`NS OPNWL]L_TZY^ ZQ TY_PY_ LYOTY]T_`LWZMWTRL_TZY^^`NSL^QL^_TYRQ`WQTWWTYR]`WP^ZQ[`]T_dP_N _Z bSTNS LW^Z WLd [P]^ZY^ `^`LWWd ^`MUPN_ _SPX^PWaP^ bSPY aT^T_TYR L _PX[WPL_WPL^_TY>Z`_SP]Y4YOTLLYO>]T7LYVL 1`]_SP]XZ]P LNZ`^_TN [TP_d ZQ_PY LW^Z TYaZWaP^ LN_TaP TXLRTYL_TZY LYON]PL_TYR _SP WTaTYR[]P^PYNPZQ_SPOPT_dTYZYPv^ XTYOLYOSPL]_ bSZ T^ [Sd^TNLWWd []P^PY_ TY L aT^`LW TXLRP TY _SP _PX[WP Z] L_ _SP OZ XP^_TNLW_L]?SP^PY^Z]dN]PL_TZYMZ_SaT^`LWLYOL`OT_TaPZQ_SP[]P^ PYNP ZQ SZWTYP^^ Md _SP ]T_`LW LYO _SP X`_`LW ]PTYQZ]NPXPY_ _S]Z`RS ^dYLP^_SP^TL PQQPN_^ SPW[^ _Z ^SL[P _SP XPY_LW TXLRP^ LYO N]PL_TaP TY [`_^ZQ_SP]PNT[TPY_^BP]PNLWW_SPbZXLYbSZTXXP]^P^SP]^PWQTY_SP ^Z`YO^ ZQ _SP YLXP^ WTVP L OLYNP] TY ST^ RP^_`]P^ LYO Pc[P]TPYNP^ \`T P_YP^^ SL[[TYP^^ LYO LM^Z][_TZY ?ST^ TXLRP Pc[]P^^P^ YZ_ ZYWd SP] []ZQP^^TZYLW VYZbWPORP ZQ _SP 4YOTLY ]L^L LP^_SP_TN^ ZQ 4YOTLY OLYNP LYO _SPL_P] bSTNS T^ QLXTWTL] _Z SP] L^ LY L]_ N]T_TN ?SP TXLRP T^ LW^Z TYQW`PYNPO Md L OPaZ_TZYLW _]LOT_TZY ZQ _PX[WP OLYNP LYO Md ]PWTRTZ`^ TXLRP^ ZQ OLYNTYR OPT_TP^ ^`NS L^ ±TaL9L¶L]£U bSZ^P MZOd LYO SLT] TYOTNL_P OdYLXTN XZaPXPY_ bSTWP ST^ QLNP ]LOTL_P^ XPOT_L_TaP \`TP_ YP^^ ?SPwNPWPM]L_TZYxZQ_SPTYYP]bZ]WOLYOPXZ_TZYLW]PWTRTZ^T_dT^YZ_ L OPaPWZ[XPY_ ]P^_]TN_PO _Z ]PNPY_ _TXP^ Z] _Z PO`NL_PO `]MLYT_P^ Z] PaPY _Z XZYL^_TN _]LOT_TZY^ LYO ]L]PWd Pc[]P^^P^ T_^PWQ ^ZWPWd TY ^TWPY_ []LdP] 1Z] PcLX[WP T_ T^ ]P[Z]_PO _SL_ ¢©¶£ _SP YTY_SNPY_`]d ?LXTW ^LTY_ bPY_ TY_Z L ^_L_P ZQ _Z_LW TXXP]^TZY LYO PN^_L^d TY Q]ZY_ ZQ ]PWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8TNSLPW^ TY wu3Zb OZ dZ` OZ*vx Q LYO PW^PbSP]P PX[SL^TePO []ZXT^^Z]d LN_^ WTVP _SP ^LÀVLW[L^ LYO QZ]X^ ZQ LY TY_PY_TZ ^ZWPXYT^ L^ ^[PNTLW OT^_TYR`T^STYR QPL _`]P^ZQ]T_`LW^
$#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
RTZ`^[TN_`]P^TY_SP_PX[WPLYO^[ZY_LYPZ`^^TYRTYR^TX[WdQWZbPOZ`_ ZQSP]¢©¶£T^ZYPZQ_SP AT´©`T_TN¢a£]^WT_P]LWWdw_SPZYP^bSZL]P TXXP]^PO TY _SP WZaP ZQ 2ZOx bSZ WTVP _SP ±TaLT_TN 9£dLºX£]^ SLaP MPPY N`W_TaL_TYR LY PN^_L_TN MSLV_T LYO [P]^ZYLW ]PWL_TZY^ST[ _Z _SP RZO TY^ZYROLYNPLYO_SP]PNT_TYRZQYLXP^^TYNP_SP^Tc_SZ]^PaPY_SNPY _`]d ?SPd NLXP Q]ZX LWW ^ZNTLW ^_]L_L LYO MPNLXP Pc_]PXPWd [ZbP]Q`W TY^SL[TYR_SP]PWTRTZ`^TOPY_T_dZQ?LXTW[PZ[WP3ZbPaP]_SPPcLX[WP ZQ _SP ¢~a£]^ LYO 9£dLºX£]^ TY [L]_TN`WL] LW^Z ^SZb^ SZb ^_]ZYR ^`M UPN_TaT_d TY_P]YLWT^X LYO ST^_Z]TNLW PQQPN_TaPYP^^ NLY ^ZXP_TXP^ MP L^^ZNTL_PO bT_S L NP]_LTY [P]TZO LYO L NP]_LTY ]PRTZY LYO SZb X`NS ^ZNTLW NZWWPN_TaP []ZNP^^P^ YZ_ ZYWd ]PWTRTZ`^ ZYP^ NLY [WLd L ]ZWP 3P]PT_bL^_SPTY_PY^TaP]PRTZYLW[ZWT_TN^ZQ_SP;LWWLaLOdYL^_dLYOT_^ QZ]NTYR ZQ 3TYO` ?LXTW TOPY_T_d 3ZbPaP] _ST^ T^ YZ_ LY L]R`XPY_ LRLTY^_ ^[ZY_LYPT_d TY_P]YLWT^X LYO ^`MUPN_TaP Pc[P]TPYNP M`_ XP]PWd LY L]R`XPY_ TY QLaZ] ZQ _SP YZ_TZY _SL_ _SP NZ]]P^[ZYOTYR ^ZNTZ [ZWT_TNLW ]P\`T]PXPY_^ SLaP _Z MP XP_ QZ] NP]_LTY _Pc_^ SP]P PN^_L_TN aP]YLN`WL] SdXY^ _Z MP ^PWPN_PO []PQP]]PO ]PNPTaP ]ZdLW ^[ZY^Z]^ST[ MP [L^^PO OZbY LYO MPNZXP ST^_Z]TNLWWd PQQPN_TaP 4_ bL^ ^TRYTQTNLY_ _SL_ YZ_ ZYWd >LY^V]T_ WT_LYTP^ ^`NS L^ _SP _SZ`^LYO YLXP^ ZQ 7LWT_£ Z] _SP APOTN ±TaL WT_LYd ±L_L]`O]¯dL M`_ LW^Z _SP ?LXTW SdXY^ bP]P QT]XWd TY_PR]L_PO TY_Z _SP >Z`_SP]Y 4YOTLY _PX[WP N`W_ LYO LN\`T]PO _SP ^_L_`^ZQLw?LXTWAPOLx3ZbPaP]LWWZQ_ST^T^L\`P^_TZYZQ[]ZNP^^P^ ZQ^ZNTLWTY_P]LN_TZYLYO_]LY^XT^^TZYLYOYZ_[]TXL]TWdZYPZQLNZ`^_TN [TP_d4Q?LXTWMPWTPaP]^_ZOLd^_TWW^TYRL?LXTWSdXYbT_SOPaZ_TZYL_ _SP PYO ZQ _SP _PX[WP ^P]aTNP _SPd NZY_TY`P _SP Z]_SZ[]LN_TNP ZQ _SZ^P TXXP]^POTY_SPWZaPQZ]_SPRZOZ]PW^P^TX[WdLOZ[__SP]TRS_LYO_SP O`_d ZQ _SP WLd [L_]ZY ZQ L [¼U£ BT_SZ`_ bLY_TYR _Z OPYd _SP ^ZNTLW [ZWT_TNLW LYO PNZYZXTN L^[PN_^ LYO Q`YN_TZY^ ZQ ^TYRTYR LYO ]PNT_L_TZY []LN_TNP^ _SPd L]P YZ_ OPNT^TaP QZ] Z`] L]R`XPY_ ZQ LNZ`^_TN [TP_d 4Y ^_PLO _SP OPNTOTYR L^[PN_ T^ _SL_ LNZ`^_TN [TP_d LYO _SP Pc[P]TPYNP ZQ _]LY^NPYOPYNd L]P WL]RPWd Pc[]P^^PO ^ZXL_TNLWWd LYO _ST^ WPYO^ _SPX _SPT] ZbY ]PLWT_d NZY_PY_ LYO LW^Z LWWZb^ LYO PYNZ`]LRP^ NZWWPN_TaTeL _TZY?ST^L[[WTP^_ZaP]YLN`WL]SdXY^U`^_L^T_OZP^_Z>LY^V]T__Pc_^ 9ZbLQ_P]_ST^^SZ]_PcN`]^TZYWP_`^]P_`]Y_Z_SP7LWT_£WT_LYdZ`] ]P[]P^PY_L_TaP ZQ >LY^V]T_ 3TYO`T^X 4_ T^ ZQ ^[PNTLW TY_P]P^_ QZ] Z`] L]R`XPY_ _SL_ TY MZ_S XZOP^ ZQ LNZ`^_TN [TP_d OP^N]TMPO TY XZ]P OP_LTW LMZaP z _SL_ ZQ NZYQZ]XT_d _Z _SP ]`WP^ LYO _SL_ ZQ OPaZ_TZY bSTNS TY OTQQP]PY_ aL]TL_TZY^ XLd []ZMLMWd MP ]PRL]OPO L^ _SP XZ^_ Q]P\`PY_ QZ]X^ ZQ L]_TN`WL_TZY z ^PXLY_TN `YOP]^_LYOTYR ZQ _SP []Z[Z^T_TZYLW NZY_PY_ ZQ _SP YLXP^ T^ `YTX[Z]_LY_ 4Y MZ_S ML^TN _d[P^ ZQ LNZ`^_TN [TP_d _SL_ bSTNS >_LLW NZY^TOP]PO _SP XLTY L^[PN_ YLXPWd _SP WZRTNLW ^_]`N_`]P ZQ _SP L]]LYRPXPY_ ZQ ^TRY^ LYO ^Z`YO NZX[Z^T_TZY MZ]P YZ bPTRS_ bSTNS OZP^ YZ_ XPLY _SL_ _ST^ L^[PN_ bZ`WO YZ_ LN_`LWWd MP
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$$
TX[Z]_LY_ TY Z_SP] NL^P^ z XZ^_ ZQ LWW TY APOLXPXZ]TeTYR _PNSYT\`P LYO OLTWd ]PNT_L_TaP wAPOL ^_`Odx 3ZbPaP] TY ZYP PcLX[WP ]`WP RZaP]YLYNP bL^ TYOPPO []P^PY_ _Z L STRS OPR]PP TY NZYQZ]XT_d bT_S >_LLW bSTWP T_ ]PXLTYPO TY^TRYTQTNLY_ TY _SP Z_SP] NL^P 4Y _SP QT]^_ ML^TN _d[P _SP LN_ T_^PWQ T^ OPNT^TaP L^ T^ _SP]PQZ]P T_^ PaP]NZY^_LY_ QZ]XLWWd NZ]]PN_ [P]QZ]XLYNP 0aPY TQ _ST^ T^ OP QLN_Z YZ_ YPNP^^L]TWd _SP NL^P L_ LWW _SP]P T^ _SP NZYaTN_TZY _SL_ _SP ]T_`LW LN_^ L]P PcLN_Wd TOPY_TNLW Z] SLaP _Z MP ^Z 4Y NZY_]L^_ _Z _ST^ TY _SP ^PNZYO ML^TN _d[P _SP ^`MUPN_TaP TYaZWaPXPY_ T^ OPNT^TaP _SL_ T^ _SP w^[T]T_x ZQ _SP LN_ _SP [P]^ZYLW QPPWTYR ZQ MPTYR XZaPO _SP OPaZ_TZY _Z _SP OPT_d LYO _SP ^PWQ_]LY^QZ]XL_TZY ?SP]PQZ]P _SP ]T_P NLY LWbLd^ MP QPW_ _Z MP YPb PaPY TQ T_ LN_`LWWd LWbLd^ ]PXLTY^ _SP ^LXP 4Y MZ_S _d[P^ _SP LN_ T^ STRSWd ^TRYTQTNLY_ LYO XPLYTYRQ`W QZ] _SP [P]QZ]XP]^ M`_ YZ_ TY _SP ^PY^P ZQ ^PXLY_TN `YOP]^_LYOTYR 4Y _SP PcLX[WP ZQ _SP bZXLY T_ bL^ ^_L_PO Pc[WTNT_Wd _SL_ WT_LYTP^ NLY L[[L]PY_Wd PcP]_ [P]^`L^TaP PQQPN_^ ZbTYR ^ZWPWd _Z _SPT] ^ZYTN OTXPY^TZY :YP X`^_ YZ_ QZ]RP_ _ST^ L^[PN_ TY_SPAPOL]PNT_L_TZYPT_SP]zLYO[L]_TN`WL]WdTY]PWL_TZY_ZAPOL]PNT _L_TZY L^ _SP [L]LOTRXL_TN [L__P]Y ZQ wSZWd SPL]TYRx LYO QZ]XLWT^_TN ^_]TN_YP^^1Z]XLWT^XLYOLNN`]LNdOZYZ_^ZX`NS ^_LYOQZ]PXZ_TZYLW OT^_LYNP z ]L_SP] _SPd L]P TYOTNL_Z]^ ZQ _SP LbL]PYP^^ ZQ OTaTYP [ZbP] $ .ZY^TOP] _SP X`W_TOTXPY^TZYLWT_d ZQ NZXX`YTNL_TZY bSTNS LWWZb^ z TY _SP APOL _ZZ z _SP LNNPY_`L_TZY ZQ ZYP XZOP ZQ LNZ`^_TN [TP_dZ]_SPZ_SP]U`^_L^_SPT]^TX`W_LYPZ`^[]P^PYNPT^LWWZbPO BT_S L NP]_LTY LXZ`Y_ ZQ NL`_TZY ZYP XLd [Z^^TMWd ^_L_P _SL_ _SP XZ]P TY_PY^TaP _SP ]T_`LW PXMPOOTYR _SP ^_]ZYRP] _SP ]`WPRZaP]YLYNP :] _Z [`_ T_ XZ]P []PNT^PWd _SP NWZ^P] _Z _SP Z]TRTYLW APOTN ]T_`LW _SP XZ]P TX[Z]_LY_ T^ ]`WPRZaP]YLYNP& LYO _SP XZ]P 3TYO`TePO LYO _SP XZ]P ZaP]NZOPO Md MSLV_T [TP_d _SP w_ZVPYx ZQ _SP APOTN ]PNT_L_TZY w_d[PxT^_SPXZ]PTX[Z]_LY_L]P_SPL`]LW[P]^`L^TZYLYO_SPLQQPN_TaP TYaZWaPXPY_ TY ^Z`YO -`_ L_ WPL^_ TY _SP RaPOL SdXY^ _SP^P ^_L_P XPY_^MPNZXP\`P^_TZYLMWPLRLTYLYOT_bZ`WOMP[]P^`X[_`Z`^_ZOPYd _SP APOTN w^PP]^x OPaZ_TZY PXZ_TZYLWT_d LYO ^PY^Z]d [P]NP[_TZY :Y _SPNZY_]L]dT_T^^`[[Z^PO_SL__SPT][ZPX^NLXPLMZ`_O`]TYRPN^_L_TN TY_ZcTNL_TZY`YOP]_SPTYQW`PYNPZQ_SPO]`R^ZXL =PRL]OTYR _SP WT_LYTP^ _SPd ]P[]P^PY_ [ZPX^ TY _SP NWL^^TNLW ^PY^P _ZLYPaPYWP^^P]Pc_PY__SLY_SPAPOTNSdXY^4Y_P]X^ZQ_SPT]WT_P]L]d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?ST^ ^_L_PXPY_ NZXP^ Q]ZX 6WTYRSL]O_ w;]LdP] 1Z]X`WL]TP^x # LYO ]PQP]^ SP]P _Z .S]T^_TLY5PbT^SLYO=ZXLY[]LdP]QZ]X`WL^M`_T^LW^ZaP]dL[_QZ]_SP3TYO`NZY _Pc_ .Q?SZXL^:MP]WTP^ /TP=PWTRTZYOP^RaPOL0]^_P]?PTW%/L^]PWTRTØ^P>d^_PXOP^ RaPOL ATPYYL% >LXXW`YR OP 9ZMTWT $$# $Q $QQ :MP]WTP^ OT^N`^^P^ ZYWd _SP^ZXLSdXY^TYOP_LTW[`__TYRMZ_S_SPXLYO_SPw^ZXLTY_ZcTNL_TZYx[]TXL]TWdTY _SPNZY_Pc_ZQWPRT_TXTeTYRL`_SZ]T_d
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QZ]XXP_P]TY _SP ^TX[WP LY`´¶`MS NZX[Z^T_TZYLYOX`^TNLW]PLWTeL _TZY _SPd L]P LYd_STYR M`_ TY_ZcTNL_POWd PN^_L_TN ?SPd L]P ^TX[Wd L ^`NNP^^TZY ZQ YLXP^ Z] P[T_SP_^ LYO _SPT] ^_LYOL]OTePO ^_P]PZ_d[TYR SL^ XZ]P _SP NSL]X ZQ L _PWP[SZYP OT]PN_Z]d _SLY _SL_ ZQ XLRTN [ZP_TN RaPOL SdXY^ DP_ _SPd L]P Md YZ XPLY^ NZX[WP_PWd L]_WP^^ NZX[Z^T _TZY^:Y_SPNZY_]L]d_SPdL]PZQ_PYL]_T^_TNNZX[Z^T_TZY^ZQQTR`]P^ZQ ^Z`YO LYO QTR`]P^ ZQ XPLYTYR w6WLYR `YO >TYYQTR`]PYx 7T_LYTP^ XLVP ]TNS `^P ZQ _SP ^_dWT^_TN OPaTNP^ ZQ [ZP_]d ^`NS L^ LWWT_P]L_TZY LYL[SZ]L ]P[P_T_TZY [ZWd^PXLY_TN^ P_N bSTNS L]P LW^Z _d[TNLW ZQ APOTNSdXY^>PXLY_TNLWWd_SPWT_LYTP^L]PPY_T]P_SPZWZRTP^?SPWZYR YLXP NZX[Z^T_P^ L]P ZQ_PY NZY^_]`N_PO bT_S X`W_T[WP XPLYTYR^ ZY [`] [Z^P LYO Pc[]P^^ TX[Z]_LY_ QPL_`]P^ ZQ L NP]_LTY OPT_d MP^TOP^ _]Z[P^ LYO _Z[ZT _SL_ L]P `^PO QZ] LWW ?SPd XLd MP ]PLO L^ ^_]`N_`]PO XP^ ^LRP^ TY L NP]_LTY L]]LYRPXPY_ ZQ ^PXLY_TN LYO [SZYP_TN LWWT_P]L_TZY^ BT_S_SP^P_d[P^ZQ[SZYP_TNLYO^PXLY_TNYP_bZ]V^ZQ]PWL_TZY^Z[[Z^ TYR [LT]^ P_N TXLRTYL]d _Z[ZR]L[STP^ LYO aT]_`LW ]PLWT_TP^ L]P N]PL_PO _SL_ YZ_ ZYWd ]PNLWW 5LVZM^ZYv^ w[ZP_TN Q`YN_TZYx M`_ LW^Z ]PXTYO `^ ZQ _SPQZWWZbTYR^_L_PXPY_Md8L]NPW;]Z`^_% w2]LO`LWWd_SP^[LNP^ZQXd XPXZ]dNZaP]_SPX^PWaP^ bT_SYLXP^_SL_ L]]LYRPOLYONZZ]OTYL_PO_SPX^PWaP^TY]PWL_TZY_ZZ_SP]^LYOPY_P]POTY_Z Y`XP]Z`^WTYV^bT_SZYPLYZ_SP]^Z_SL__SPdTXT_L_PO_SZ^P[P]QPN_bZ]V^ ZQ L]_ TY bSTNS YZ_ L ^TYRWP M]`^S^_]ZVP PcT^_^ TY T^ZWL_TZY M`_ TY^_PLO PaP]dTYOTaTO`LW[L]_]PNPTaP^Q]ZX_SPZ_SP]^T_^]LT^ZYOvê_]PU`^_L^T_OP _P]XTYP^_SPT]^TYT_^_`]Yx
3ZbPaP]bSL_T^_d[TNLWZQPXTN3TYO`]PNP[_TZYT^_SL__SP^PYP_bZ]V^ ZQ]PWL_TZY^LYO]PNT[]ZNLWXZ_TaL_TZY^L]PYZ_ZYWdLYOQ]P\`PY_WdYZ_ []TXL]TWd]PRT^_P]POaTL_SP^PXLY_TNXPLYTYRM`_aTLLNZ`^_TNL^[PN_^ TY _SP NL^P ZQ L`OTMWP ]PNT_L_TZY Z] aTL _SP [SZYP_TN XL_P]TLW aT]_`LWWd LN_TaL_POTYTYYP]^[PLVTYR 0aPY ^TWPY_Wd ]P[PL_PO XLY_]L QZ]X`WL^ L]P LWbLd^ TYYP] ^[PLVTYR LYO _SP]PQZ]P L^^ZNTL_PO bT_S [P]NP[_TZY ZQ ^Z`YO 4Y _SP NL^P ZQ _SP XLY_]L^ TY [L]_TN`WL] T_ MPNZXP^ aP]d NWPL] _SL_ TY_]TY^TN [ZbP] T^ L_ _]TM`_PO_Z_SP^Z`YO^_SPX^PWaP^LYO_ST^_SZ`RS_T^LW^Z_]LY^QP]]PO_Z Z_SP] _Pc_ _d[P^ LYO _Z PY_T]P WT_P]L_`]P^ ?SP XZ^_ YZ_TNPLMWP TY^_LYNP ZQ_SP^PXLY_TNXPLYTYR]PNPOTYR_Z_SPMLNVR]Z`YOLYO_SPZYP_SL_T^ _SPXZ^_ZMaTZ`^WdLNZYNP[_`LWWdNP]_LTYZYPT^_SL_ZQ_SPw^PPOXLY _]L^x M¯ULXLY_]L TP_SPP^Z_P]TNXZYZ^dWWLMTNXLY_]LQZ]X`WL^RPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP1]PYNSZ]TRTYLW]PLO^%w,TY^TWP^P^[LNP^OPXLXËXZT]P^PNZ`a]LTPY_[P`Â[P` OP YZX^ \`T PY ^vZ]OZYYLY_ PY ^P NZX[Z^LY_ WP^ `Y^ ]PWL_TaPXPY_ L`c L`_]P^ PY YZ`LY_ PY_]P P`c OP^ ]L[[Z]_^ OP [W`^ PY [W`^ YZXM]P`c TXT_LTPY_ NP^ ZP`a]P^ OvL]_ LNSPaËP^ZÛTWYvdL[L^`YP^P`WP_Z`NSP\`T^ZT_T^ZWËPZÛNSL\`P[L]_TP_Z`]Â_Z`] ]P ç ZT_OP^L`_]P^^L]LT^ZYOv۶_]PNZXXPPWWPWP`]TX[Z^PWL^TPYYPx8L]NPW;]Z`^_, WL=PNSP]NSPO`?PX[^;P]O` AZW;L]T^%-TMWTZ_SÊVPOPWL;WËTLOP$" "
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
P]LWWd PYOTYR bT_S L YL^LW ^Z`YO bSTNS L]P P^[PNTLWWd _d[TNLW ZQ ?LY _]T^X4Y_SP?LY_]TN]PNP[_TZYZQ_SP7LWT_£WT_LYd_SP^PPOXLY_]L^,4¿ 3=®¿ ±=®¿ []PNPOP PLNS YLXP >`NS ^PPO XLY_]L^ SLaP YZ WPcTNLW NZY_PY_ M`_ _SPd L]P ]PRL]OPO L^ _SP PXMZOTPO ]P[]P^PY_L_TZY ZQ _SP OPT_d BP bTWW]P_`]Y_Z_SP^P^[PNTLWSd[P]MZWTNQZ]X^ZQ^LN]PO ^Z`YO TY Z`] NSL[_P] ZY _SP ?LY_]L ^SZbTYR SZb _SP ^P]TP^ ZQ QZ]X`WL^ ,4¿ 3=®¿ ±=®¿ bL^ ZaP]NZOPO bT_S ]TNS ^dXMZWTN XPLYTYR 3P]P T_ MP NZXP^P^[PNTLWWdZMaTZ`^SZbPaPY[`]P^Z`YOQZ]X^NLY^_TX`WL_P_SP TXLRTYL_TZY LYO RPYP]L_P XPLYTYR LYO TY _ST^ ^[PNTLW NL^P ZQ LNZ`^_TN [TP_dRPYP]L_PPaPYbSZWP^PXLY_TN^d^_PX^LYO^dXMZWbZ]WO^4Y_ST^ NSL[_P]_SP]PaP]^P[SPYZXPYZYbL^TY_SPQZ]PR]Z`YOBPTY_PYOPO_Z TWW`^_]L_PSZb ^_]ZYRWd[SZYZNPY_]TNT_d _SL_ T^LNZ`^_TNPXMZOTXPY_ T^ LW^Z []P^PY_ TY _SP Z]_SZ[]LN_TNP TY ^PXLY_TN TP WPcTNLWWd _]LY^[L]PY_ _Pc_^^`NSL^_SP7LWT_£WT_LYdLYOLWL]RP[]Z[Z]_TZYZQ_SPAPOTN XLY _]L^ LYO NLY MP ^Z [ZbP]Q`W _SL_ T_ NZX[WP_PWd ZaP]NZOP^ _SP ^PXLY _TN^bSTNS_SPY]PNPOP^TY_Z_SPMLNVR]Z`YO?SP]PL]PLP^_SP_TN]T_`LW LYO^[PNTQTNLWWd]PWTRTZ`^]PL^ZY^QZ]_ST^ ,W_SZ`RS _SP []TXL]d QLN_Z] T^ YZ_ Z] L_ LYd ]L_P YZ_ YPNP^^L]TWd _SP ^PXLY_TN XPLYTYR LYO OP QLN_Z ZQ_PY YZ XZ]P T^ VYZbY LMZ`_ _SP NZY_PY_ _SLY ^ZXP VPd bZ]O L^^ZNTL_TZY^ WTYR`T^_TN ^TRY^ QZ] LNZ`^_TN [TP_d L]P LYd_STYRM`_ L]MT_]L]d4Y^_PLO ^TRY^L]PXP_ZYdXTNLYOaP]d [Sd^TNLW1Z] _SP]PWTRTZ^T]PNT_TYRLYOSZWdSPL]TYRLN_TaL_P ^`[P]YL_` ]LW QZ]NP^ ?SP _Pc_^ ^[PLV YZ_ ZYWd ZQ Y`XTYZ`^ bZ]WO^ LYO _SPT] ]PNT _L_TZYT^YZ_ZYWdPXMZOTPOLYO]T_`LWTePO[]LdP]M`__SP]PNT_L_TZY_TP^ _SP[L]_TNT[LY_^TY_Z_SP^LN]PONZ^XZ^LYOXLVP^T_XLYTQP^_MZ_SXPY _LWWdLYO[Sd^TNLWWd?SP^LN]POT^TXXPOTL_PWd[]P^PY_TY_SP^dXMZWTN LN_TZY LYO _SP _Pc_^ _SPX^PWaP^ MPNZXP Y`XTYZ`^ ^`M^_LYNP^ TY _SPT] [P]QZ]XL_TaP PcPN`_TZY 2ZO^ L[[PL] TY _SP XLY_]L^ LYO YLXP^ , NZW WPN_TaP VYZbWPORP ZQ Pc[P]TPYNP wVZWWPV_TaP^ 0]QLS]`YR^bT^^PYx T^ Pc[]P^^POTY_SPMPWTPQTY_SPSZWTYP^^ZQ_SP_Pc_^LYO_SP[ZbP]ZQ_SP XP]P^Z`YOZ]TY_SPMPWTPQ_SL_OPT_TP^L]PTXXPOTL_PWd[]P^PY_TY?LY _]TNLYOOPaZ_TZYLWXLY_]L^zLYONZYaPY_TZYLW_SPZ]TP^ZQWLYR`LRPLYO NZXX`YTNL_TZY bSTNS PX[SL^TeP _SP [`]PWd ^dXMZWTN Z] ]PQP]PY_TLW YL_`]PZQ_SP^TRY^L]PTY^`QQTNTPY_QZ]Pc[WLTYTYR_ST^VYZbWPORP>`NS XZOPW^ LM^_]LN_ _SP bZ]O Q]ZX T_^ [Sd^TNLW []P^PYNP T_^ [P]QZ]XL_TaT_d LYOT_^LMTWT_dL^_SP^[ZVPYLYO^Z`YOTYRbZ]O_ZTYT_TL_PLYTXXPOT L_PWTYVMP_bPPY_SPSPL]P]LYO_SL_bSTNST^SPL]O_SL_OZP^YZ_SLaPL .L]_P^TLY >[WT_ .ZYaPY_TZYLW ^PXTZ_TN _SPZ]TP^ ^_]P^^ _SP L]MT_]L]d YL _`]PZQWTYR`T^_TN^TRY^?SPZ[[Z^T_PL[[WTP^_ZLNZ`^_TN[TP_d3P]P_SP ^TRY^ SLaP LY Pc_]PXPWd STRS OPR]PP ZQ L`_Z]PQP]PY_TLWT_d LYO _ST^ SL^ TXXPOTL_P []LN_TNLW PQQPN_^ ?SP Pc[PN_L_TZY ZQ Y`XTYZ`^ []P^PYNP LYO TY_]TY^TN PQQTNLNd _SL_ T^ L bTOP^[]PLO RWZMLW NZYYZ_L_P T^ NZ`[WPO bT_S _SP [`]PWd ^PY^Z]d LP^_SP_TN [SPYZXPYZY ZQ [L]_TNT[L_TZY TY _SP
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^[ZVPYbZ]OLYOLM^Z][_TZYMd]Sd_SX^LYOQTR`]P^ZQ^Z`YO?SP_Pc_^ LYO ^Z`YO^ SLaP TXXPOTL_P ^LN]PO PQQTNLNd MPNL`^P _SPd L]P Pc[P]T PYNPO L^ LYTXL_P ]PLWT_TP^ ?SPd L]P ^dXMZW^ L^ bPWW L^ TNZY^ LYO TY OPcP^ZQbSL_T^^LN]PO , OP_LTWPO OP^N]T[_TZY ZQ LNZ`^_TN [TP_d YPNP^^L]TWd LW^Z SL^ _Z TY NW`OP _SP P[T^_PXTN L^[PN_^ TY _SP ]PWTRTZ`^ ^dXMZW ^d^_PX _SL_ L]P ZQ _PY YZ_ LOO]P^^PO Pc[WTNT_Wd Md L RTaPY _Pc_ M`_ LWbLd^ TX[WTNT_Wd bZaPYTY_ZT_?SP_L^VbTWWMP_ZWZNL_P_SPQZ]X^ZQ[]LN_TNPbT_STY_SP N`W_`]LWWd^[PNTQTN]L_TZYLWT_dZQ_SP]PWTRTZ`^ ^d^_PX :YWd_SPYOZP^ T_ MPNZXP NWPL] SZb TY_TXL_PWd ^Z`YO LYO ]PWTRTZ`^ XPLYTYR [PYP_]L_P PLNS Z_SP] LYO bSd LNZ`^_TN [TP_d TY 4YOTL SL^ ^`NS L OZXTYLY_ [Z^T _TZY4Y^PaP]LWbLd^NZYaPY_TZYLW_SPZ]TP^ZQNZXX`YTNL_TZYLYO^TRY^ NZXP `[ LRLTY^_ _SPT] WTXT_^ SP]P bSTWP LY L[[]ZLNS TY _P]X^ ZQ ]PWT RTZ`^LT^_SP_TN^LYO^PXTZ_TN^NLY_LVP`^Q`]_SP] 4Y L ^`XXL]d ZQ _SP _S]PLO^ ZQ _SP ]PWTRTZ`^ LP^_SP_TNLT^_SP_TN L[ []ZLNS TY _ST^ NSL[_P] T_ ^PPX^ _SL_ _SP QZWWZbTYR OTXPY^TZY^ L]P []P ^PY_ _S]Z`RSZ`_ TYOP[PYOPY_ ZQ SZb _SP NZXX`YTNL_TZY WPaPW^ ZQ _SP ^TRY^L]PbPTRS_POLYO bSTNSXZOP^ZQLNZ`^_TN[TP_dZNN`[d_SPQZ]P R]Z`YO% _SP TX[Z]_LYNP ZQ _SP [SZYP_TN XL_P]TLW T_^ [Sd^TNLW []P^PYNP _SP`YOP]^_LYOTYRZQ_SP^LN]POQZ]X`WL^_Pc_^LYORZO^vYLXP^L^SZWd ^Z`YO^ _SP Pc[PN_PO PQQTNLNd _SP PX[ZbP]XPY_ LYO _SP N`W_`]LWWd VYZbY ^LN]PO [ZbP] _SL_ LNNZ]OTYRWd NLY MP Pc[P]TPYNPO TY [P]QZ]X LYNP LYO T^ ]PTYQZ]NPO LYO [L^^PO OZbY Md _SP []ZYZ`YNPO [P]QZ]X LYNPML^PO YL_`]P ZQ _Pc_`LW _]LOT_TZY^ LYO _S`^ OPaPWZ[^ NZXX`YT_d QZ]XTYR [ZbP] BSP]PL^ _ST^ NSL[_P] bL^ TY _SP QT]^_ [WLNP NZYNP]YPO bT_S OP^N]T[_TZY LYO NZX[]PSPY^TZY ZQ _SP OTaP]^P bLd^ TY bSTNS LNZ`^_TN[TP_dT^Pc[]P^^POTYZ]_SZ[]LN_TNPTY_SPQZWWZbTYRNSL[_P]bP XLVPLYL__PX[_L_LYPc[WLYL_TZYTY_P]X^ZQ_SP^PXTZ_TN^ZQ]PWTRTZY O]LbTYR [ZWdQZNLWWd ZY aL]TZ`^ OTQQP]PY_ L[[]ZLNSP^ TY _SP ^_`Od ZQ N`W_`]P BP bTWW QZN`^ ZY _SP \`P^_TZY ZQ bSTNS NZYQTR`]L_TZY^ SLaP _Z TY_P]LN_QZ]^Z`YO^_ZMPPc[P]TPYNPOL^LYTXL_PLYOPQQPN_TaP
,YTXL_PO>Z`YO0c[WLTYPO ,NZ`^_TN [TP_d T^ QZ`YOPO TY L OPY^P YP_bZ]V ZQ ]PWL_TZY^ L OT^N`]^TaP QTPWO ZQ ]T_`LW LYO ^dXMZWTN Q`YN_TZY^ ZQ MZ_S WTYR`T^_TN LYO YZY WTYR`T^_TN ^Z`YO _SL_ NLY MP ]PO`NPO YPT_SP] ^ZWPWd _Z _SP XPOT`X 8N7`SLY YZ] ^ZWPWd _Z _SP XP^^LRP OP >L`^^`]P BSL_ XLVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,^XPY_TZYPOM]TPQWdLMZaP>L`^^`]Pv^ ^PXTZWZRd `YOP]^_ZZOLWTYR`T^_TN^TRY_ZMP L MT[ZWL] ]PWL_TZY^ST[ MP_bPPY _SP ^TRYTQTP] LNZ`^_TN TXLRP LYO _SP ^TRYTQTPO NZY NP[_LYOQZN`^POZY_SPNZY_PY_LYOYZ__SPXPOT`XbSTWP_SP[]PNT^PZ[[Z^T_PbL^
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
LNZ`^_TN[TP_d^ZLbVbL]OQZ][`]PWdNZYaPY_TZYLW^dXMZWTN_SPZ]TP^ZQ ^TRY^LYONZXX`YTNL_TZY^`NSL^_SL_ZQOP>L`^^`]PNLYMPPc[]P^^PO TY_SP_P]XTYZWZRdZQ;PT]NP7`SXLYYLYO6YZMWL`NS:Y_SPZYPSLYO _SP]PT^_SPQ]P\`PY_Pc_]PXPOPPX[SL^T^ZQ^dXMZWTNbZ]OXPLYTYRTY QLaZ]ZQLYPX[SL^T^ZQ_SPTNZYTNLYOTYOPcTNLWL^[PN_^ZQWLYR`LRPT_^ Pc[]P^^TaP YL_`]P TY _SP QZ]X ZQ ^Z`YO [L__P]Y^ _ZYLWT_d ]Sd_SXTN ^[PLVTYR P_N :Y _SP Z_SP] TYQZ]XL_TZY NZYaPdLYNP LYO `YOP]^_LYO TYR Q`^P TY_Z PLNS Z_SP] LYO _SP]P ZNN`]^ Pc_]PXP ^bT_NSTYR MP_bPPY ^NSPXL_LZQTY_P][]P_L_TZYLYO^NSPXL_LZQQ]LXPbZ]V>PXLY_TNXPLY TYRNLY]PNPOP_Z^`NSLYPc_PY__SL_YZ_ZYWdT^T_NZX[WP_PWd`YYPNP^ ^L]dM`__SP^T_`L_TZYT^]PaP]^PO%_SP`YTY_PWWTRTMWPbZ]OT^]PRL]OPOL^ P^[PNTLWWd^LN]PO LYO[ZbP]Q`W?ST^ T^[L]_TN`WL]WdZMaTZ`^ TY_SPNL^P ZQ _SP ^_ZMSL ^ZYR^ ZQ _SP >£XLAPOL >_LLWv^ QLaZ]T_P PcLX[WP^ LYO _SP ?LY_]TN ^PPO XLY_]L^ bSTNS NZY^T^_ ZQ ZYWd L ^TYRWP ^dWWLMWP Z] L ^P]TP^ ZQ WPcTNLWWd XPLYTYRWP^^ ^dWWLMWP^ -`_ LW^Z TY Z_SP] QZ]X^ ZQ Pc[]P^^TZYZQLNZ`^_TN[TP_d^`NSL^_SP_bZML^TNXZOP^ZQWT_LYd]PNT _L_TZY TYQZ]XL_TZYNZYaPdLYNPLYO`YOP]^_LYOTYR L]P^ZNWZ^PWdTY_P] _bTYPO _SL_ 7`SXLYYv^ NZXX`YTNL_TZY NZYNP[_ L[[PL]^ _Z WZ^P LWW L[ [WTNLMTWT_d `YWP^^ _SP XLYTQP^_L_TZY ZQ XPLYTYR T^ `YOP]^_ZZO TY L NZ]]P^[ZYOTYRWd M]ZLO ^PY^P ZbTYR _Z _SP ]L_TZYLWT_d ZQ _SP ^d^_PX 0aPY TQ XPLYTYR TY _SP ^PY^P ZQ _SP NZYaPY_TZYLW ^dXMZWTN XPLYTYR ZQ bZ]O^ T^ ^Z MWL_LY_Wd LM^PY_ L^ TY _SP ^_ZMSL^ LYO ^PPO XLY_]L^ _ST^ OZP^YZ_XPLY_SL_PaP]d_d[PZQTY_P][]P_L_TZYT^[Z^^TMWP?SPL__]TM` _TZYZQXPLYTYROP[PYO^ZYNP]_LTYOT^N`]^TaP]PRT^_P]^bSZ^P ^PXTZ_TN Q`YN_TZYTYOTNL_P^LSZWd^[LNPL^LN]PONZ^XZ^LYO^`[P]YL_`]LW[Zb P]^ z TY ^SZ]_ L ]PWTRTZ`^Wd NZY^_]`N_PO ^dXMZWTN XPLYTYR ?SP^P ^[P NTQTNLWWd ]PWTRTZ`^ NZOTYR^ XL]V L QTPWO ZQ NZXX`YTNL_TZY _SL_ OT^_TY R`T^SP^T_^PWQQ]ZXYZ]XLWPaP]dOLdWLYR`LRPLYOM]PLV^bT_SNZXXZY YZ_TZY^ZQWLYR`LRP ,^L^_L]_TYR[ZTY_QZ]LYP_TNPc[WLYL_TZYZQLNZ`^_TN[TP_dTY4YOTL ZYP NLY QZWWZb ZY Q]ZX ;PT]NPv^ _]T[ZWL] ^TRY XZOPW _SL_ M]TYR^ TX[Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SPNL^PTY8N7`SLYv^MT[ZWL]NZXX`YTNL_TZYXZOPWZQ_SPXPOT`XLYO_SPXP^^LRP bSTNS]PRL]OPO_SPXPOT`XLYOYZ__SPNZY_PY_L^_SPOPNT^TaPPWPXPY_ ?SP TYNW`^TZY ZQ PXTN aTPb^ ]PaPLW^ L Q`YOLXPY_LW OTQQP]PYNP MP_bPPY Z`] `^P ZQ wNZXX`YTNL_TZYx LYO 7`SXLYYv^ NZYNP[_ ZQ NZXX`YTNL_TZY 7`SXLYY ^_L_P^% w.ZXX`YTNL_TZY T^ LWbLd^ LY Z[P]L_TZY Md _SP ZM^P]aP] MPNL`^P T_ ]P\`T]P^ L_ _SP aP]dXTYTX`X_SL_TYQZ]XL_TZYLYONZYaPdLYNPNLYMPOT^_TYR`T^SPOLYO_SL_ _SPNZX[ZYPY_ZQ`YOP]^_LYOTYRbSTNST^_SPML^T^ZQ_SPOT^_TYN_TZYT^YZ_TOPY_TNLW _Z_SPNZYaPdTYRM`_NLYMPOT^_TYR`T^SPOQ]ZXT_x7`SXLYY /TP=PWTRTZYOP]2P ^PWW^NSLQ_ 3ZbPaP] _SP OT^N]P[LYNd ^S]TYV^ bSPY ZYP NZY^TOP]^ _SL_ 7`SXLYY `YOP]^_LYO^NZXX`YTNL_TZYL^L[]ZNP^^ZQXLYTQP^_TYRXPLYTYRZY_SPML^T^ZQ^d^ _PX]L_TZYLWT_dbSP]PMdXPLYTYRT^YZ__ZMPP\`L_PObT_S_SPXPLYTYRZQ_SPbZ]O^ M`_bT_SLXZ]PNZX[]PSPY^TaPQZ]XZQ^LN]PONZY^_]`N_TZYLYON]PL_TZYZQXPLYTYR LYO^TRYTQTNLYNP
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_LY_ L^[PN_^ TY_Z [WLd ,NNZ]OTYR _Z ;PT]NP L ^TRY YZ_ ZYWd WTYR`T^_TN ^TRY^ M`_ LYd VTYO^ ZQ ^TRY^ LYO ML^TN ^PXTZ_TN _d[P^% TNZY^ TYOTNP^ LYO ^dXMZW^ T^ L _S]PPbLd ]PWL_TZY^ST[ MP_bPPY _SP ^TRY _SP ZMUPN_ LYO_SPTY_P][]P_LY_XPLYTYR3P^_L_PO%w,^TRYT^TYLNZYUZTY_]PWL _TZY _Z _SP _STYR OPYZ_PO LYO _Z _SP XTYO _SP ^TRY T^ ]PWL_PO _Z T_^ ZMUPN_ ZYWd TY NZY^P\`PYNP ZQ L XPY_LW L^^ZNTL_TZY LYO OP[PYO^ ZY SLMT_x ,NNZ]OTYR _Z ;PT]NP _SP XZ^_ YZ_TNPLMWP []Z[P]_d ZQ ^TRY^ T^ _SL_ _SPd XLVP ^ZXP_STYR []P^PY_ QZ] _SPT] `^P]^ bT_SZ`_ MPTYR _ST^ _STYR _SPX^PWaP^ >TRY^ _SP]PQZ]P SLaP R]PL_ []LN_TNLW aLW`P ;PT]NP ]PRL]OPOWLYR`LRP L^ _SPXZ^_STRSWdOPaPWZ[PO ^TRY ^d^_PXMPNL`^PT_ XLVP^_SPbSZWPbZ]WOLaLTWLMWPbT_SZ`__SP_STYR^SLaTYR_ZMP[Sd^T NLWWd []P^PY_ DP_ TY []TYNT[WP LYd_STYR _SL_ NLY MP [P]NPTaPO Md _SP ^PY^P^ NLY MPNZXP L ^TRY ,^ LW]PLOd TYOTNL_PO ;PT]NP OT^_TYR`T^SPO _S]PP _d[P^ ZQ ^TRY^ bT_S OTQQP]PY_ ]P[]P^PY_L_TZYLW \`LWT_TP^ MPNL`^P _SPd L]P ML^PO ZY OTQQP]PY_ L__]TM`_TZY ]PWL_TZY^ST[^ MP_bPPY ^TRYLY^ LYO ^TRYL_`X % L LY TYOPc T^ L ^TRY TY L QLN_`LW ]PWL_TZY^ST[ _Z _SP ^TRYL_`X Z] bSL_ T^XPLY_& TYOPcTNLW^TRY^LWWZbNZYNW`^TZY^PR ^XZVPbZ`WOMPL ^TRYQZ]QT]PLYOAPOL]PNT_L_TZYL^TRYQZ]-]LSXLYT^X& M LY TNZY Q]ZX _SP 2]PPV QZ] w[TN_`]Px T^ L ^TRY TY LY TXXPOTL_P ]PWL_TZY^ST[ ZQ TXLRTYR Z] ^TXTWL]T_d _Z _SP ^TRYL_`X PR [TN_Z R]LX^Z]ZYZXL_Z[ZPTNPc[]P^^TZY^& N TY NZY_]L^_ _Z TYOPcTNLW LYO TNZYTN ^TRY^ ^dXMZW^ L]P ^TRY^ bSZ^P ]PWL_TZY^ST[_Z _SPZMUPN_^T^ML^POYPT_SP]ZY LQLN_`LW]PWL_TZY^ST[ YZ]ZY^TXTWL]T_d LYOTY^_PLO^dXMZW^LN\`T]P_SPT]XPLYTYR ^ZWPWd _S]Z`RS NZYaPY_TZY ?SP [SZYTN LYO b]T__PY ^TRY^ ZQ WLYR`LRP L]P LNNZ]OTYR_Z;PT]NP^dXMZW^zLWXZ^_bT_SZ`_PcNP[_TZY 3ZbPaP] SP `W_TXL_PWd ^Lb YZ _Z_LWWd ^_]TN_ ^P[L]L_TZY PR _SP XPLY TYR ZQ TNZY^ T^ LW^Z OP_P]XTYPO Md N`W_`]P LYO NZYaPY_TZY LYO PaP]d ^dXMZWLW^ZSL^LYTYOPcTNLW\`LWT_dP_N 1Z] 4YOTLY WT^_PYP]^ _SP ^[PNTQTNLWWd ]PWTRTZ`^ NZOP^ ZQ wSZWd SPL] TYRx LYO _SP _Pc_^v TYOPcTNLWT_d LYO TNZYTNT_d QZ] ^LN]PO [ZbP] MPWZYR _Z L ^SL]PO QTPWO _SL_ T^ _SPd QZ]X ^ZNTLW ]P[]P^PY_L_TZY^ LYO NZYaPY _TZY^ z LYO L]P _S`^ YZ OTQQP]PY_ Q]ZX LWW Z_SP] NZYaPY_TZYLW ^TRY^ LYO ^dXMZW^ DP_ _SPT] NZY_PY_^ LYO TXLRTYPO bZ]WO^ M]PLV bT_S NZYaPY _TZYLW ^NSPXL_L 4Y ;PT]NPv^ _P]XTYZWZRd ZYP NLY ^[PLV ZQ LY Pc_]PXP `YOP]OP_P]XTYL_TZY ZQ _SP ^dXMZWTN YL_`]P ZQ ^TRY^ TY QLaZ] ZQ L XL^ ^TaP MZZ^_ _Z _SP ^_L_`^ ZQ _SP TNZYTN LYO TYOPcTNLW YL_`]P ZQ ^TRY^ ,_ _SP ^LXP _TXP SZbPaP] ZYP ^SZ`WO ]PXPXMP] _SL_ LNNZ]OTYR _Z ;PT]NP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .SL]WP^ >LYOP]^ ;PT]NP .ZWWPN_PO ;L[P]^ # aZW^ .LXM]TORP% 3L]aL]O @YTa ;] $ QQ ! >PP LW^Z >TYRP] w1Z] L >PXTZ_TN ,Y_S]Z[ZWZRdx z# TY [L] _TN`WL]bSTNST^^_]ZYRWdML^POZY;PT]NP
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
_SP]P L]P SL]OWd LYd [`]P TNZY^ [`]P TYOTNP^ Z] [`]P ^dXMZW^ TY PcT^ _PYNP z bSTNS T^ LW^Z NZ]]PN_ LYO ^TRYTQTNLY_ TY ]PWL_TZY _Z LNZ`^_TN [T P_d ;PT]NP ^_]P^^PO _SP XPY_LW L^^ZNTL_TZY QZ] LWW _d[P^ ZQ ^TRY^ bSTNS WTYV^ _SP ^TRY LYO _SP ]PQP]PY_ 3P L[[WTP^ _SP P[T_SP_ wXZ^_ [P]QPN_ ^TRY^x _Z _SZ^P wTY bSTNS _SP TNZYTN TYOPcTNLW LYO ^dXMZWTN QPL_`]P^ L]PQ`^PO_ZRP_SP]_Z_SPR]PL_P^_[Z^^TMWPPc_PY_x ?ST^L^[PN_bSTNS 5LVZM^ZY LW^Z PX[SL^TePO TY [L]_TN`WL] L[[PL]^ _Z `^ _Z MP P^[PNTLWWd ]PWPaLY__ZLNZ`^_TN[TP_dLYOOP[PYOTYRZY_SPXZOPZQLNZ`^_TN[TP_d YZ_ ZYWd 4YOTLY LNZ`^_TN [TP_d ZYP NLY TOPY_TQd OTQQP]PY_ wLWWZd^x ZQ ^`NS Q`^TZY 8Z]PZaP] ;PT]NPv^ TY^TRS_ T^ Q]`T_Q`W _SL_ _P]X^ TP `W_T XL_PWd NZYNP[_^ L]P LW^Z ^TRY^ LYO XPLYTYR X`^_ MP OPQTYPO L^ _SP _]LY^WL_TZYZQZYP^TRYTY_ZLYZ_SP]^TRY^d^_PX !?ST^T^TX[Z]_LY_QZ] _P]X^ ^`NS L^ a£N waZTNPx Z] wWLYR`LRPx ^PPY L^ L RZOOP^^ LYO NZY NP[_^ ^`NS L^ wSZWd SPL]TYRx LYO w^LN]PO ^Z`YOx LYO Pc[WLTY^ _SP QLN_ _SL__SP^[PNTQTNLWWd]PWTRTZ`^NZOTYRXLdPQQPN_LYPc_]PXP ^STQ_TY_SP ^NSPXL_LZQTY_P][]P_L_TZYLYO_SPRPYP]LWQ]LXPbZ]VMdP^_LMWT^STYRLY LW_P]YL_TaP ^TRY ^d^_PX _SL_ OT^_TYR`T^SP^ T_^PWQ Q]ZX PaP]dOLd WTQP 0aPYTQNZX[WP_PWdYZ]XLWPaP]dOLdWLYR`LRPZ]^PXLY_TNLWWd_]LY^[L] PY_^[PPNST^`^PO_SPw_]LY^WL_TZYxTY_Z_SP]PWTRTZ`^^TRY^d^_PX_`]Y^ _SP^[PPNSTY_Z^ZXP_STYR_SL_T^Pc_]LZ]OTYL]d ;PT]NPv^ ZM^P]aL_TZY^ L]P _SP]PQZ]P LW^Z Pc_]PXPWd ]PWPaLY_ _Z LNZ`^_TN [TP_d =PWTRTZ`^Wd NZOPO ^Z`YO TY 4YOTL T^ TNZY TYOPc LYO ^dXMZW LWW TY ZYP LYO _ST^ Pc[WLTY^ _SP ST^_Z]TNLW [ZbP] LYO N]PL_TaP QZ]NP _SL_ T_ bL^ LMWP _Z PcP]NT^P ZaP] _SP NPY_`]TP^ ,Y PaPY XZ]P TX XPOTL_P ML^T^ XLd MP QZ`YO TY 5LVZM^ZYv^ OPaPWZ[XPY_ ZQ ;PT]NPv^ TOPL^ ]PRL]OTYR [ZP_TN ^[PPNS LYO Q`YN_TZY 5LVZM^ZY PX[SL^TePO _SP YZYL]MT_]L]d L^[PN_ ZQ NZXMTYL_TZY^ ZQ ^TRY^ _SP TY_P][WLd ZQ ^Z`YO LYOXPLYTYR_SPTNZYTNT_dZQWTYR`T^_TN^_L_PXPY_^LYO_SPNZXMTYL_Z]d P\`TaLWPYNP ]PWL_TZY^ST[^ 8Z]P ]PNPY_ ^PXTZ_TN WT_P]L]d _SPZ]TP^ WTVP _SL_ ZQ .SL]WP^ 8Z]]T^ ]PRL]O _SP `^P ZQ ^TRY^ TY WT_P]L_`]P LYO L]_ L^ TNZY^ Z] TNZYTN ^TRY^ " 8Z]]T^v^ TY_PY_TZY bL^ _Z PX[SL^TeP _SP L`_Z ]PQP]PY_TLWT_d ZQ ^TRY^ LYO SP NZTYPO _SP _P]X w_Z_LW ]P[]P^PY_L_TZYx bSTNS L[[PL]^ _Z `^ _Z MP P^[PNTLWWd L[_ QZ] ^LN]PO _Pc_^ LYO ^Z`YO^ _SL_ T^ _SP TXXPOTL_P ZMUPN_^ ZQ LNZ`^_TN [TP_d 8Z]]T^ bLY_PO _SP Pc []P^^TZY w_Z_LW ]P[]P^PY_L_TZYx _Z ^SZb _SL_ TNZYTN ^TRY^ YZ WZYRP] OP YZ_P MPNL`^P _SPd _SPX^PWaP^ L]P _SL_ bSTNS T^ ^TRYTQTPO 0NZ LYO 4^P] ^Lb L []ZMWPX TY _ST^ ]LOTNLW aTPb 1ZWWZbTYR ZY Q]ZX 0NZ 4^P] ^_L_P^ XZ]P []PNT^PWd% w4Q TNZYTN ^TRY^ uXL[v LYd_STYR L_ LWW _SPY ^`]PWd YZ_ _SP[]Z[P]_TP^ZQ_SPZMUPN_]P[]P^PY_PO4Y^_PLO_SPdXL[ NZYOT_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;PT]NP .ZWWPN_PO;L[P]^#.QLW^Z5LVZM^ZY >PXTZ_TV ! ! .Q_SP\`Z_L_TZY^TY5LVZM^ZY>PXTZ_TV LYO " .Q4^P]v^]PLN_TZYTY /P],V_OP^7P^PY^!
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QZ] TXLRTYTYR LYO [P]NPTaTYR ^Z _SL_ _SP ZMUPN_ TYOTNL_PO Md _SP ^TRY NLY MP NZY^_T_`_POx # -Z_S L[[Wd _Z LNZ`^_TN [TP_d ?SP _Pc_^ LYO ^Z`YO^ P^[PNTLWWd _SP XLY_]L QZ]X`WL^ L]P w_Z_LW ]P[]P^PY_L_TZYx TY L aP]d WT_P]LW ^PY^P ,Y P^^PY_TLWT^X T^ LN_`LWWd NZY^_T_`_TaP QZ] LNZ`^_TN [TP_d TY 4YOTL LYO XLY_]L QZ]X`WL^ -`_ _ST^ T^ ZYWd LY Pc_]PXP PcLX [WPZQLRPYP]LW_]PYOTY]PWTRTZY^,XZ]PZ]WP^^P^^PY_TLWT^_TNZMUPN _TaTeL_TZYLW YL_`]P T^ Q`YOLXPY_LWWd _d[TNLW ZQ LWW ]PWTRTZ`^ ^PY^P bZ]WO^ SZbPaP] ^_]ZYRWd w;]Z_P^_LY_x LYO wPYWTRS_PYPOx _SPd NWLTX _Z MP :Y _SP Z_SP] SLYO XLY_]L^ bZ`WO YZ_ MP _Z_LW ]P[]P^PY_L_TZY^ TQ _SP]P bP]P YZ NZYOT_TZY^ QZ] TXLRTYTYR LYO [P]NPTaTYR _SL_ XLOP _SPX ^`NS >Z _SPd TY QLN_ XL[ YZ_ _SP ZMUPN_^ _SP OPT_TP^ bZ]WO _]LY^NPYOTYR QZ]NP^ LYO ^LN]PO `YTaP]^P^ M`_ ZYWd _SP NZYOT_TZY^ QZ] TXLRTYTYRLYO[P]NPTaTYR_SPRZO^LYOM]TYR_SPX_ZXTYO:YP^SZ`WO YZ_QZ]RP_SZbPaP]_SL_QZ]_SP]PNT[TPY_^_SPdSLaPLWTQPLYO[ZbP]ZQ _SPT]ZbYLYO_]`Wd]P[]P^PY__SPOPT_TP^XZ]P_SLY^dXMZWTNLWWd.SLY_ TYR L XLY_]L XPLY^ _Z _L[ OTaTYP [ZbP] LYO L`_SZ]T_d TY L aP]d OT]PN_ LYO`YXPOTL_PObLd :YP NLY ^PP SZb L RL[ L]T^P^ TY _ST^ LXMTaLWPYNP _SL_ NLYYZ_ MP QTWWPOMdWTYR`T^_TNLYO WT_P]L]d_SPZ]TP^0aPYQZ]_SPZ]TP^PX[SL^TeTYR _SP TNZYTN QZ]X ZQ WT_P]L_`]P LYO L]_ _SP [`]P ]PQP]PY_TLW YL_`]P `W_T XL_PWd LWbLd^]PXLTY^_SP []TZ]T_d bSTWP_ST^OZP^YZ_LYONLYYZ_ ^L_ T^Qd LNZ`^_TN [TP_d 4Y []LN_TNP ]PWTRTZ`^ _Pc_^ MPNZXP wP[T[SLYTP^x Md YZ_ ZYWd ]PQP]]TYR _Z L ]PWTRTZ`^ Z_SP] bZ]WO M`_ LW^Z [Sd^TNLWWd PX MZOdTYRT_4Q_SPSd[P]MZWTNPYSLYNPXPY_ZQ_SP^_L_`^ZQTNZYTNT_dLYO TYOPcTNLWT_d T^ OTQQTN`W_ _Z R]L^[ TY _P]X^ ZQ NZYaPY_TZYLW NZXX`YTNL _TZY _SPZ]TP^ _SP Y`XTYZ`^ []P^PYNP TY ^Z`YOTYR _Pc_^ T^ LWW _SP XZ]P OTQQTN`W_ _Z R]L^[ ?ST^ [Z^P^ L NSLWWPYRP _Z L ^[PNTQTNLWWd ]PWTRTZ`^ ^P XTZ_TN Pc[WLYL_TZY _SL_ L__PX[_^ _Z OZ U`^_TNP _Z MZ_S _SP PXTN LYO P_TN [P]^[PN_TaP^>`NSL[P]^[PN_TaPbSTNSbP ^SLWWL__PX[_TY_SPQZWWZb TYRbTWWQT]^_ZQLWWSLaP_Z`YNZaP]LYOQTWW_SPRL[^WPQ_Md_SPWTYR`T^ _TN LYO WT_P]L]d ^PXTZ_TNTLY^ ?SP^P TYNW`OP YZ_ ZYWd _SP P^^PY_TLWT^X U`^_ XPY_TZYPO LMZaP M`_ LW^Z [Sd^TNLWT_d 8Z^_ ^TRY _SPZ]TP^ NZaP] ZYWd aP]d TY^`QQTNTPY_Wd _SP [Sd^TNLW L^[PN_ _SL_ T^ _SP [`]P ^ZYTN YL _`]PZQ_Pc_^LYO_SPT]]PLWTeL_TZYMd_SPaZTNPbSTNSL]P^`NS[ZbP]Q`W NZOP_P]XTYLY_^ ZQ LNZ`^_TN [TP_d LYO LW^Z RTaP _ZZ WT__WP L__PY_TZY _Z _SPZMUPN_TaTeTYRYL_`]PZQ_SP^Z`YOXL_P]TLWw:MUPV_TaTP]`YR^NSL]LV _P] OP^ 6WLYRXL_P]TLW^x 4Y _SP NL^P ZQ ]PWTRTZ`^ _Pc_^ TY [L]_TN`WL] PXMZOTXPY_ LYOZMUPN_TaTeL_TZYL]PLYL^[PN_ _SL_ T^ ZQ_PYXL]VPOZ`_% _SP w^`[P]YL_`]LWx T^ LW]PLOd ^_]P^^PO Md XPLY^ ZQ ^[PNTLW aZNLWTeL_TZY LYO X`^TNLWTeL_TZY bSTNS SLaP L XLUZ] PQQPN_ TY OP_P]XTYTYR _SP _Pc_ ]PNP[_TZY LYO PY]TNS T_ _S]Z`RS LOOT_TZYLW PXZ_TZYLW L^^ZNTL_TZY^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4^P] /P],V_OP^7P^PY^"
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
\`LWT_TP^ 1`]_SP]XZ]P _SP LTX ZQ TYaP^_TRL_TZY ^SZ`WO MP _Z NZY^TOP] _SP ^ZNTZN`W_`]LW []P]P\`T^T_P^ LYO QZ]X^ ZQ wSLMT_`^x LYO _Z TYNW`OP _SP bSZWP]T_`LWWT_`]RTNLW ^P__TYRL^ LXLUZ] TY_PR]LWQLN_Z],YOLMZaP LWW T_ ^SZ`WO ]PQWPN_ ZY _SP N`W_`]LW [L]LOTRX^ LYO ]PWTRTZ`^ ^dXMZW bZ]WO^_SL_L]PTY^P[L]LMWdbZaPYTY_Z_SPXPY_LWL^^ZNTL_TZYZQbSTNS ;PT]NP ^[PLV^ 4Y _P]X^ ZQ _SP ^PXTZ_TN^ ZQ ]PWTRTZY LY TY_PR]L_TaP TY _P][]P_L_TZY XZOPW TY _SP QZ]X ZQ L ]PQWPcTaP SZWT^X T^ ]P\`T]PO _SL_ NZXMTYP^LWW_SP^P[P]^[PN_TaP^LYOL__SP^LXP_TXPPc[WLTY^_SPTY_P] LN_TZY^MP_bPPYZMUPN_TaPNZYOT_TZY^^`NS L^ _Pc_QZ]X^ ^Z`YOQZ]XL _TZY^ XZOP^ ZQ ]PNT_L_TZY NZY_PY_^ ]T_`LW ^P__TYR P_N LYO NZWWPN_TaP LYO^`MUPN_TaP[L__P]Y^ZQTY_P][]P_L_TZY 0NZv^YP_bZ]VZQSZXZWZRZ`^QZ]X^LYO;]Z`^_v^XPXZ]d^[LNP^ZQ ]PNT[]ZNLWWTYVLRP^NLY^P]aPL^LXZOPWM`__SPd^SZ`WOMPRTaPY^ZXP [Sd^TNLW PY]TNSXPY_ LYO [WLNPO ZY L RZZO _SPZ]P_TNLW QZZ_TYR Md _SP NZRYT_TaP_SPZ]dZQwTY_PR]L_TaPYP_bZ]V^xLYOwNZRYT_TaPMWPYOTYRx4Y QLN_bP^`RRP^__ZPc[LYO_SPNZRYT_TaPMWPYOTYRL[[]ZLNSMdQTWWTYRT_ bT_S^_]ZYRP]N`W_`]LWSZWT^XL^Z`_WTYPOMPWZb 4Y _P]X^ ZQ _SP ^PXTZ_TN^ ZQ ]PWTRTZY _SP N`W_`]LW ]PWTRTZ`^ VYZbW PORP _SL_ ]PNT_L_TaP^ SLaP TY_]TY^TN ^LN]PO [ZbP] Z] _SL_ OPT_TP^ L[[PL] TY NP]_LTY ^Z`YO NZXMTYL_TZY^ T^ ML^PO ZY L MWPYO ZQ NZYQTR`]L_TZY^ RPYP]L_TYR L NZXXZY QTPWO _SL_ LWWZb^ ^Z`YO _Z MP Pc[P]TPYNPO L^ LYT XL_P]PLWT_d $?ST^STRSWdTY_P]LN_TaPYP_bZ]VT^NZY^_T_`_POMd^PaP]LW OTQQP]PY_QLN_Z]^OTXPY^TZY^LYOWPaPW^%^LN]PO_Pc_Z]QZ]X`WL^PY^Z]d ^_TX`WL_TZY ]PQP]PY_ ^P__TYR ]T_`LW []LN_TNP ]PNT_P] LYO WT^_PYP] TY_PY _TZYLWT_d]PWTRTZ`^ NZXXT_XPY_^`MUPN_TaP TYaZWaPXPY_ TXLRTYL_TZY ]PLWWTQP []LN_TNLW Q`YN_TZY LYO P[T^_PXTN [L]LOTRX TY _SP N`W_`]LW ^dX MZW ^d^_PX LYO LW^Z TX[Z]_LY_Wd PXMZOTPO [L]_TNT[L_TZY ?ST^ YP_ bZ]VZQQLN_Z]^SZXZWZRZ`^Wd]PWL_PO_ZZYPLYZ_SP]RPYP]L_P^_SP^[P NTQTNNZOPZQLNZ`^_TN[TP_d0LNSZQ_SPQLN_Z]^ T^LW]PLOdTX[Z]_LY_ TY T_^ ZbY ]TRS_ LYO XLd RTaP L OTQQP]PY_ NZWZ] _Z LNZ`^_TN [TP_d 1Z] Pc LX[WP_SP^Z`YONZXMTYL_TZYTYLXLY_]LQZ]X`WLZ]_SP_d[PZQX`^T NLWTeL_TZY XLd OP_P]XTYP bSP_SP] _SP ]PNT_L_TZY _]TRRP]^ PN^_L_TN L]Z`^LWZ]L _]LYNPWTVP ^_L_PZQ]PWLcPO bLVPQ`WYP^^LW[SL]Sd_SXZ] bSP_SP] T_ TYO`NP^ L NSPP]Q`W ^P]TZ`^ Z] ^LO XZZO P_N ,NZ`^_TN [TP_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >ZXPZQ_ST^ZM^P]aL_TZYbL^TY^[T]POMd/LaTO8Z]RLY^v^WPN_`]Pw?SP7ZZVZQ_SP >LN]POx L_ _SP NZYQP]PYNP ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY TY 3PTOPWMP]R !z# 8Ld #LYO[P]^ZYLWNZXX`YTNL_TZY3ZbPaP]_SPWT_P]L]d_SPZ]TP^XPY_TZYPOLYO_SP NZRYT_TaP _SPZ]TP^ LW^Z []ZaTOPO ^ZXP QZ`YOL_TZY .Q 2TWWP^ 1L`NZYYTP] LYO 8L]V ?`]YP]w=P_STYVTYR8P_L[SP]xTY .LXM]TORP3LYOMZZVZQ8P_SL[SZ]LYO?SZ`RS_ PO=Ld2TMM^.LXM]TORP%.LXM]TORP@YTa;]#LYO5P^[P]>ø]PY^PY ,.ZR YT_TaP?SPZ]dZQ8LRTN 7LYSLX%=ZbXLYLYO7T__WPQTPWO" .Q LW^Z _SP NZX[WPc OTLR]LX^ TY 8Ø]_S w6ZXX`YTVL_TZYx ! LYO TY 0NZ 0TYQÞS]`YRTYOTP>PXTZ_TV !"
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NLY NP]_LTYWd MP ]PLWTePO TY OTQQP]PY_ bLd^ PR bSPY _SP ^P__TYR T^ YZ_ _SP _PX[WP M`_ _SP OZXP^_TN LW_L] Z] TQ _SP _PX[WP ZQQP]^ WT_LYd ]PNT_L _TZY L^ L ^P]aTNP Md _SP []TP^_ QZ] WLd [P]^ZY^ L^ TY >Z`_SP]Y 4YOTL Z] YZ_Z]PW^PZQQP]^Z_SP]]PWTRTZ`^ LN_^TY^_PLO^`NS L^_SP]P[P_T_TZYZQ XLY_]L^ LYO _SP bLaTYR ZQ WTRS_^ L^ TY 9Z]_SP]Y 4YOTL BP SLaP LW ]PLOd O]LbY L__PY_TZY _Z XLUZ] OTQQP]PYNP^ TY ]T_`LW []LN_TNP^ _SL_ L]P P^[PNTLWWd_d[TNLWZQLNZ`^_TN[TP_dLYOLW^Z_ZOTQQP]PYNP^TY_SPZ]TPY _L_TZY ZQ TY_PY_TZY LYO TYYP] PXZ_TZY 3ZbPaP] T_ ^PPX^ _Z `^ _SL_ _SP ML^TNOTXPY^TZYbSTNSbPNLWW[L]LOTRXT^LYPaPYXZ]PNPY_]LWL^[PN_ ^[LYYTYR LWW _SP^P QLN_Z]^ LYO bZaPY TY_Z _SPX @YOP] [L]LOTRX bP `YOP]^_LYO _SP bLd _Pc_^ WLYR`LRP LYO ^Z`YO L]P NZOPO TY _SP N`W _`]LW XZOPW ?ST^ TYNW`OP^ ST^_Z]TNLW L__]TM`_TZY ZQ XPLYTYR _SP ]PWT RTZ`^^dXMZW^d^_PXN`W_`]LWXPXZ]dTOPZWZRTNLWPc[PN_L_TZY^LYO_SP RWZMLW NZYYZ_L_P 4Y _P]X^ ZQ N`W_`]LW LY_S]Z[ZWZRd Z] ZQ NZX[L]L_TaP ]PWTRTZ`^^_`OTP^YZ_WPL^_LaP]dRPYP]LW\`P^_TZYT^ZQOPNT^TaPTX[Z] _LYNP SP]P YLXPWd bSP_SP] _SP]P T^ LYd ^ZYTN [L]LOTRX L_ LWW TY _SP N`W_`]LW ^dXMZW ^d^_PX bSL_ T_ NZY^T^_^ ZQ bSP]P T_ ZNN`]^ bSP]P T_ MPNZXP^ P^[PNTLWWd OZXTYLY_ Z] [Z^^TMWd T^ TY_P]]`[_PO SZb bTOP ^[]PLOT_T^bSTNSR]Z`[^[]ZXZ_PT_SZbT_T^_]LY^QZ]XPOTYYPb_Pc_^ LYO[P]QZ]XLYNP^LYObSP_SP]_SP]PL]PLYdNZ`Y_P]XZOPW^ BP NWLTX _SL_ QZ] 4YOTL OP^[T_P NZ`Y_P]XZOPW^ bZ]_S XPY_TZYTYR L[]LN_TNLWWdNZY^T^_PY_^ZYTN[L]LOTRXSL^PcT^_POLN]Z^^_SPNPY_`]TP^ 4_T^ Pc[]P^^POYZ_ZYWdTY _SPaZNLWTeL_TZYLYOX`^TNLWTeL_TZYZQ_Pc_^ M`_ LW^Z TY Pc_]PXP ZMUPN_TaTeL_TZY^ ^`NS L^ _SP -]LSXLY L^ XLRTN [ZbP]Q`W ^[PPNS TY _SP PL]Wd RaPOL TY _SP wRZOOP^^ aZTNPx TY _SP WL_P RaPOL TY_SPMPWTPQ_SL__SP^Z`YOZQSZWd_Pc_^bL]O^ZQQLWWPaTW TY _SP ;`]£©L^ Z] TY _SP NZYaTN_TZY _SL_ ^[PLVTYR L XLY_]L L]Z`^P^ Y`XTYZ`^QZ]NP^TY_SP?LY_]L^_SL__SPYLXPZQRZONZY_LTY^_SPQ`WW []P^PYNP ZQ _SP RZO TY MSLV_T OPaZ_TZY LYO LW^Z TY _SP ^TX[WP QTYOTYR _SL_ LbZ]OT^QT]^_LYOQZ]PXZ^_L ^P_ZQ ^Z`YO^0aPYPc_]PXPST^_Z]T NLW _]LY^QZ]XL_TZY^ ^`NS L^ _SP ]P[WLNPXPY_ ZQ _SP APOL bSTNS ZYP NZ`WO OP^N]TMP L^ _SP NPY_]LW ]P[]P^PY_L_TZY ZQ ^LN]PO ^Z`YO Md _SP P[TN^ ;`]£©L^ ?LY_]L^ OPaZ_TZYLW WT_P]L_`]P^ P_N SLaP YZ_ OT^^ZWaPO _SP ^ZYTN [L]LOTRX M`_ TY^_PLO SLaP ]PTY_P][]P_PO T_ ]PQZ]X`WL_PO T_ LYOWTYVPOT_ bT_SYPb TOPL^ LYOYPbQZ]X^ZQ[]LN_TNP4_ T^OPQTYT_PWd YZ_ LWW ZYP LYO _SP ^LXP bSP_SP] ^LN]PO ^Z`YO LYO QZ]XLWT^X L]P NWZ^PWd L^^ZNTL_PO L^ TY _SP APOL LYO [L]_TLWWd TY _SP ?LY_]L Z] bSP_SP]^LN]PO^Z`YOLYOOPQZ]XLWTeL_TZYNLYMPZM^P]aPOL^TYXLYd Z_SP] WL_P] WT_P]L_`]P^ LYO OPaZ_TZYLW ;`]£©TN?LY_]TN SdM]TO QZ]X^ BSL_T^XZ]PTX[Z]_LY_T^_SPZM^P]aL_TZY_SL_^Z`YO^L]PNZY^TOP]POTY L]PQWPN_TYRbLdL_LWWLYO_SL_TOPL^ZQ^LN]PO^Z`YOPcT^_Z]L_WPL^_L bLd ZQ SLYOWTYR LYO `^TYR ^LN]PO WT_P]L_`]P^ PcT^_^ _SL_ ]PRL]O^ _SPT] LNZ`^_TN ]PLWTeL_TZY L^ TX[Z]_LY_ LYO OZP^ YZ_ ^PP L []ZMWPX TY _Pc_
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$
[P]QZ]XLYNP bT_SZ`_ NZX[]PSPY^TZY ZQ T_^ XPLYTYR ?SP [L]LOTRX L[ [PL]^ _Z `^ _Z MP ^Z NPY_]LW _SL_ T_ T^ WL]RPWd TOPY_TNLW _Z _SP wNZOPx ZQ LNZ`^_TN [TP_d MPNL`^P T_ NSL]LN_P]TeP^ _SP bSZWP NZYRWZXP]L_P ZQ _SP QLN_Z]^ XPY_TZYPO NZXX`YTNL_TZY XPOT`X ^P__TYR P_N LYO []ZaTOP^ L QZ`YOL_TZY QZ] _SPT] w^d^_PX ]L_TZYLWT_dx ?SP [L]LOTRX NZY^_T_`_P^ _SP NZYOT_TZY^ QZ] TXLRTYTYR LYO [P]NPTaTYR TY bSTNS LNZ`^_TN [TP_d MPNZXP^ PT_SP] OZXTYLY_ Z] TY^TRYTQTNLY_ LYO bSTNS XLVP^ w^LN]PO ^Z`YOx LYO wSZWd SPL]TYRx PT_SP] [WL`^TMWP Z] TX[WL`^TMWP 3ZbPaP] _SPL^[PN_ _SL_T^_SPXLUZ]OT^_TYR`T^STYRQPL_`]PZQLNZ`^_TN[TP_dLYO U`^_TQTP^ _SP `^P ZQ _SP ^TYR`WL] OP^[T_P OTQQP]PY_ ^_dWP^ XZOP^ ^ZNTLW PXMPOOTYR^ LYO ST^_Z]TNLW QZ]X^ T^ _SP QLN_Z] ZQ PXMZOTXPY_ ?SP ^Z`YO^NL[P^ _SP aZTNP LYO _SP SPL]TYR N]PL_P LY TY_P]^PY^Z]d bZ]WO ^ZXL_TN LbL]PYP^^ LYO L QZ]X ZQ [Sd^TNLW NZXX`YTNL_TZY _SL_ NLYYZ_ MP]PO`NPO_Z_SPXP]PNZRYTeTYR^PWQ/P^NL]_P^vPRZNZRT_Z 9ZbT_T^OPNT^TaP_SL__SPbSZWPT^LWbLd^XZ]P_SLY_SP^`XZQT_^ [L]_^ 9ZYP ZQ _SP QLN_Z]^ ZY T_^ ZbY ^`NS L^ _SP ]T_`LW L^[PN_ NZY^_T _`_P^w^LN]PO^Z`YOxLYOwSZWdSPL]TYRx4_YPPO^_SPX`_`LWXZ_TaL_TZY ZQ _SP XPOT`X _Pc_ ]PQP]PY_ ^ZNTZ]PWTRTZ`^ ^P__TYR ]T_`LW []LN_TNP Pc[PN_L_TZY ^`MUPN_TaP PXZ_TZYLW ]P^[ZY^P [L]LOTRX LYO PXMZOTXPY_ ?SP [L]LOTRX `YOP][TY^ _SP ]T_`LW LYO T^ PXMZOTPO TY _SP ]T_`LW _SP _Pc_ LYO _SP PXZ_TZY^ _]TRRP]PO :YWd _SP TY_PR]L_TaP TY_P][WLd ZQ _SP OTQQP]PY_OZXLTY^RPYP]L_P^L YPb]PLWT_d Pc_PYOTYRMPdZYOT_^TYOTaTO `LW [L]_^ LYO L QTPWO ZQ [P]NP[_TZY Q`WW ZQ ]PWTRTZ`^ NZOTYR bSTNS _]LY ^NPYO^XP]PWd^`MUPN_TaPL__]TM`_TZY^ZQXPLYTYRLYOPc[P]TPYNP^[LNP^ LYO L_ _SP ^LXP _TXP NLY MP ^`MUPN_TaPWd Pc[P]TPYNPO TY aP]d OTQQP]PY_ bLd^ >LN]POYP^^ T^ YZ_ ZYWd ^ZXP_STYR _SL_ L ]PWTRTZ`^ w]PLOP]x LYO WT^_PYP]M]TYR^_Z_SP_Pc_^4Y^_PLO^LN]POYP^^PXP]RP^L^LWTaTYR\`LW T_d ZQ Pc[P]TPYNP Z`_ ZQ _SP TY_PR]L_TaP MWPYOTYR ?SP ^Z`YO^ MPNZXP WTaTYR MPTYR^ LYO Y`XTYZ`^ ^`M^_LYNP^ 4Y ST^ _SPZ]d ZY _SP ]L_TZYLWT_d ZQ _SP Xd_SZ^ _SP [STWZ^Z[SP] 6`]_ 3ÞMYP] Q]ZX bSZX bP SLaP LOZ[_PO_SP_P]XwY`XTYZ`^^`M^_LYNPxZ]wXd_STNLW^`M^_LYNPxRLaPL RZZOZ`_WTYPZQ_SPQZ]XZQ_SZ`RS_LYOPc[P]TPYNPLOO]P^^PO% w4Y_SP[P_T_TZYTY_SP[]LdP]_S]Z`RS_SP^LN]POLN_TZYPaP]d_STYRPY_P]^ _SP_LYRTMWP[]ZcTXT_dZQ_SPRZO?SPRZOT^[]P^PY_SP]PLYOYZb:Y_SP ZYP SLYO T_^ P[T[SLYd bSTNS XLd MP PT_SP] ^PPY SPL]O Z] QPW_ T^ ZYWd L u^[PNTLWvZNN`]]PYNPZQT_^uRPYP]LWv LYONZX[]PSPY^TaPPcT^_PYNPLYOdP_ T_T^ bSZWWd[]P^PY_ x
5`^_L^MZOTP^NWZ^P_ZL^_]ZYRPWPN_]ZXLRYP_TNQTPWOL]PNSL]RPOMdT_ TY L ^TXTWL] XLYYP] _SP ^`M^_LYNP ZQ _SP OPT_d Z] TY _SP NL^P ZQ _SP APOLZQ_SPY`XTYZ`^ ]PLWT_d[PYP_]L_P^_SP_Pc_LYO_SP[P]^ZY]PNT_ TYR%w4Y_SL_[]PNT^PXZXPY_PaP]d_STYRT^PWPN_]TQTPOMdT_^Z_Z^[PLV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6`]_3ÞMYP] /TPBLS]SPT_OP^8d_SZ^8ÞYNSPY%-PNV$# #$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MdT_^u^[T]T_`LWXL_P]TLWvQW`TOx ?SP]PT^YZ^_]TN_^P[L]L_TZYMP_bPPY ^`MUPN_LYOZMUPN_Z]MP_bPPYNZY^NTZ`^YP^^LYOZMUPN_TY_SP^PY^PZQ L ^NTPY_TQTN ZY_ZWZRd& LYO YPT_SP] T^ _ST^ LMZ`_ L w]PNZRYT_TZY _SL_ L ^`MUPN_NZY_LTY^bT_STY _SP[`]PWd ^[T]T_`LW TY_P]YLWT_dZQT_^ _SZ`RS_LY ZMUPN__SL_WTP^Z`_^TOPT_^PWQx 4Y^_PLO_ST^T^% wL []ZNP^^ TY bSTNS _SP Y`XTYZ`^ ^`M^_LYNP _SL_ [P]aLOP^ _SP ZMUPN_ [L] _TNT[L_TYRTYT_ QWZb^TY_ZLYO QTWW^ _SP[P]^ZY ]PNZRYTeTYR_ST^0aP]d_STYR _SL_ T^ ^[T]T_`LW T^ L_ _SP ^LXP _TXP XL_P]TLW LYO aTNP aP]^L& bSL_ T^ TXLRTYPO T^ TY L NP]_LTY ^PY^P LW]PLOd _SL_ bSTNS SL^ MPPY [P]NPTaPO& _SP YLXP _SP OP^TRYL_TZY LYO _SP ]PLW& _SP u_STYR XZXPY_v LYO _SP uXPLYTYR XZXPY_vL]PYZ_^_]TN_Wd^P[L]L_POx
4YL ^TXTWL]XLYYP]_Z 3ÞMYP]0]Y^_ .L^^T]P]SLOLW]PLOdNWLTXPO _SL_ TY_SPXd_STNLW]PWTRTZ`^LYO]T_`LW]PLWT_dZQPc[P]TPYNP_SP^P[L]L_TZY ZQ _SP ^[T]T_`LW LYO _SP XL_P]TLW YZ WZYRP] L[[WTP^% wBSP]P bP ^PP L ]PWL_TZY^ST[ZQXP]P]P[]P^PY_L_TZY_SP]PPcT^_^mL]PWL_TZY^ST[ZQ]PLW TOPY_T_d ?SPuTXLRPvOZP^ YZ_]P[]P^PY__SPu_STYRvz T_T^_SP_STYRx ?ST^ ^d^_PX ZQ _SZ`RS_ LYO Pc[P]TPYNP T^ LW^Z PQQPN_TaP TY LNZ`^_TN [T P_d BSPY _SP XLY_]L T^ ^[ZVPY _SP OPT_d T^ _SP]P 4_ L[[PL]^ TY _SP aZTNP 4_^ [ZbP]Q`W PQQPN_ T^ LN_TaL_PO TY _SP L`OTMWP LYO TYYP] ^[PPNS 4YaZNL_TZY^ ^`NS L^ _SP [Z[`WL] YLXP []LdP]^ LYO WT_LYTP^ L]P PaZNL _TZY^?SPOPaZ_TZYLW^TYRTYRPXMZOTP^_SPOTaTYPWZaP_SL_T^QPW__ZMP LYO Pc[P]TPYNPO L^ X`_`LW ?SP RZO^ L[[PL] TY aT^TMWP QZ]X TY _SP OLYNP]^LYOLN_Z]^[P]QZ]XTYR_SPXd_S^P_N,YLWZRZ`^Wd_Z.L^^T]P]v^ YZ_P^ZYXd_STNLWO]LXL_SPQZWWZbTYRLW^ZL[[WTP^SP]P%wF?HSPOLYNP] T^_SPRZOMPNZXP^_SPRZO_ST^T^YZ_LXP]PTXT_L_TZY]P[]P^PY_TYR LY LN_ M`_ T^ _SP LN_ T_^PWQ LYO T_^ TXXPOTL_P PcPN`_TZY& T_ T^ L ]PLW PaPY_MPNL`^P T_T^LY PQQPN_TaPZYP_S]Z`RSLYO _S]Z`RSx !4_T^PQQPN _TaPL^3ÞMYP]]TRS_Wd]PXL]V^wMPNL`^P_SPXd_STNLW^`M^_LYNPZQ_SP OPT_d []P^PY_ TY _SP L]NSË FZ]TRTYH [P]aLOP^ _SP [L]_TNT[LY_^ LYO QTWW^ _SPX LYO _S`^ ^ZXP_STYR ZQ _SP [ZbP] ZQ _ST^ ^`M^_LYNP T^ _]LY^QP]]PO TY_Z_SPXx " 4_^SZ`WOMP`YOP]^_ZZO_SL_bPOZYZ_bLY__ZXLVPLYd^_L_PXPY_^ SP]P LMZ`_ _SP ZY_ZWZRTNLW PcT^_PYNP ZQ RZO^ M`_ ZYWd _SL_ _SPd ]P[]P ^PY_LNZXX`YTNL_TaP]PLWT_d>TXTWL]_Z8LcBPMP]WL_P]ZY_SPdZ`YR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 3ÞMYP] /TPBLS]SPT_OP^8d_SZ^#$ 3ÞMYP] /TPBLS]SPT_OP^8d_SZ^! 3ÞMYP] /TPBLS]SPT_OP^8d_SZ^! 0]Y^_ .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY EbPT_P] ?PTW% /L^ Xd_ST^NSP /PYVPY /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$ :]TRTYLW $! 0YRWT^S_]LY^WL_TZYMd03TNV^ ! .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 44 0YRWT^S _]LY^WL_TZY Md 0 3TNV^ " 3ÞMYP] /TPBLS]SPT_OP^8d_SZ^$
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
6L]W 8L]c ^LTO TY _SP dPL] #% w?SL_ bSTNS 4 TXLRTYP _Z MP ]PLW T^ L ]PLWYZ_TZYQZ]XPLQQPN_TYRXPLYOTY_ST^^PY^PLWWRZO^F_SPYZY .S]T^_TLY LYO _SP .S]T^_TLY LWTVPH SLaP L ]PLW PcT^_PYNPx # 3ZbPaP] T_ ^PPX^_ZMPTX[Z]_LY__SL__SP^PL]PLW^Z]PLW[Sd^TNLWPc[P]TPYNP^_SL_ RZ MPdZYO XP]P TXLRTYL_TZY LYO [`]P TY_P]TZ]T_d LYO L]P LNNP^^TMWP _Z [`MWTN OT^NZ`]^P^ 8LY_]L [ZbP] LYO _SP []P^PYNP ZQ OPT_TP^ TY ^Z`YO^ YLXP^ LYO [P]QZ]XLYNP^ L]P TY_P]^`MUPN_TaPWd ^SL]PO ^ZNTLW ]P[]P^PY_L _TZY^ ?SPd NLY MP NZOPO LYO OPNZOPO TY OTQQP]PY_ bLd^ OP[PYOTYR ZY _SP ST^_Z]TNLW [L]LOTRX ^ZNTLWTeL_TZY NT]N`X^_LYNP^ ]PWTRTZ`^ R]Z`[ WTYPLRP LYO ^`MUPN_TaP L__T_`OP PR TY _SP QZ]X ZQ OTQQP]PY_ PXP]RTYR YZ_TZY^ZQOPT_TP^Z]Pc[P]TPYNPOTYOTQQP]PY_bLd^PRTY_SPQZ]XZQ QPL]^ZQOT^L^_]Z`^]P^`W_^LQ_P]TYNZ]]PN_[]ZY`YNTL_TZYZQ^LN]POQZ]X` WL^ TY _SP QPPWTYR ZQ TY_PY^TaP NWZ^PYP^^ _Z _SP OPT_d LYO SL[[TYP^^ TY _SP[P]NP[_TZYZQ ^[PNTQTNPQQPN_^^`NSL^SPLWTYRP_NZ]TY_SP[P]NP[ _TZY ZQ _SP ]PWTRTZ`^ PaPY_ L^ LY PY_P]_LTYTYR z Z] PaPY MZ]TYR z [P] QZ]XLYNPZQXd_S^ ?SP Pc[P]TPYNP ZQ _SP LYTXL_P YL_`]P ZQ ^Z`YO _SL_ T^ _SP ^[PNTQTN ]PWTRTZ`^[]ZaTYNPZQXPLYTYRT^LWbLd^]PLWTePOPT_SP]_SPXL_TNLWWdZ] YZY_SPXL_TNLWWd ZYWd TY L ^`MUPN_TaP XLYYP] PaPY TQ _SP ]PWTRTZ`^ L^ [PN_^ ZQ NZOTYR L]P QTcPO TY LOaLYNP ?SP ]P\`T]PXPY_ T^ LWbLd^ _SL_ ZYPMPSLaP^TYL[L]_TNT[L_Z]dQL^STZY TY]PWL_TZY _Z_SP_Pc_ ^Z^Z`YO^ NZXP _Z WTQP LYO PcP]_ _SPT] PQQPN_^ LYO _SL_ ^ZXP ^Z]_ ZQ VYZbWPORP X`^_ PcT^_ TY LOaLYNP ^Z _SL_ _ST^ NLY SL[[PY L_ LWW :YP NLY ^`[[Z^P LWZYRbT_S6YZMWL`NS_SL_L_^ZXP^_LRPbSP_SP]T_MPTYLOaLYNPZ]L_ _SP XZXPY_ ZQ SPL]TYR L wR]PL_ _]LY^NPYOPYNdx PT_SP] _LVP^ [WLNP Z] SL^_LVPY[WLNP^`NSL^TY_SPNL^PZQ_SPbZXLYbSZTXXP]^P^SP]^PWQ TY _SP YLXP^ WTVP L OLYNP] TXXP]^P^ STX^PWQ TY ST^ XZaPXPY_^ 3Zb PaP]QZ]Z`]XZOPWZQYP_bZ]VTYRZ]MWPYOTYR T_T^ `W_TXL_PWd TXXL_P ]TLWbSP_SP]ZYPL]R`P^^ZNTZ[SPYZXPYZWZRTNLWWdbT_S^XLWWLYOWL]RP _]LY^NPYOPYNTP^ _SL_ L]P ZYWd ZaP]NZOPO ^PNZYOL]TWd TY L ^ZNTZ N`W_`]LWWd]PWTRTZ`^XLYYP]Z]bSP_SP]TY^ZNTLWLY_S]Z[ZWZRTNLW_P]X^ _SP ^ZNTLW L^[PN_^ LYO bSL_ T^ N`W_`]LWWd QZ]XPO LWbLd^ NZXP QT]^_ XZ]P TY /`]VSPTXv^ ^PY^P $ ?SP TOPL ZQ ^LN]PO [ZbP] LYO OTaTYP []P^PYNP TY ]PWTRTZ`^ ^Z`YO T^ TYOPPO OPP[Wd ]ZZ_PO TY 4YOTLv^ N`W_`]LW L]NSTaPLYOOPQTYT_PWdPYUZdPOX`NS^ZNTLWPQQP]aP^NPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # wBL^ TNS XT] bT]VWTNS aZ]^_PWWP T^_ PTYP bT]VWTNSP AZ]^_PWW`YR QÞ] XTNS OL^ bT]V_ L`Q XTNS `YO TY OTP^PX >TYY SLMPY LWWP 2Ø__P] m PTYP ]PPWWP 0cT^_PYex Z`YO
BP SLaP L]R`PO _SL_ LNZ`^_TN [TP_d PYNZX[L^^P^ ^PY^Z]d ]T_`LW [P]QZ]XL_TaP LQQPN_TaP LYO P[T^_PXTN L^[PN_^ LWW ]PQP]]TYR _Z ^`[P] YL_`]LW ]PWTRTZ`^ NZY^_]`N_ ^[LNP^ LYO QZ] _ST^ ]PL^ZY LY L[[]Z[]TL_P TYaP^_TRL_TZY bZ`WO WTP ^[PNTQTNLWWd TY _SP QTPWO ZQ _SP LP^_SP_TN^ LYO ^PXTZ_TN^ ZQ ]PWTRTZY 3P]P NZY_Pc_`LWTeL_TZY XPLY^ []TXL]TWd _Z NZY ^TOP] _SP ]PWTRTZ`^ TOPL^ LYO [L]LOTRX^ ZQ _SP RTaPY N`W_`]P /P^[T_P _ST^ OTaT^TZY ZQ _L^V^ Md OT^NT[WTYP bSTNS bP []ZXZ_P RZZO [ZTY_^ QZ] Z`] ^PXTZ_TN MWPYOTYR XZOPW L]P ZQQP]PO Md ;PT]NPv^ _P]XTYZWZRd ZQ LY wTY_PR]LW ^_]`N_`]Px 5LVZM^ZYv^ XZOPW ZQ P\`TaLWPYNP^ 0NZv^ YP_ bZ]V ZQ SZXZWZRZ`^ QZ]X^ LYO YZ_ WPL^_ ;]Z`^_v^ XPXZ]d ^[LNP ZQ ]PNT[]ZNLW WTYVLRP^ ?ST^ XZOPW bSTNS TYNW`OP^ YZ_ ZYWd WTYR`T^_TN OTXPY^TZY^ M`_ LW^Z L ^P]TP^ ZQ YZYWTYR`T^_TN ZYP^ NLY Pc[WLTY PaPY Pc_]PXPQZ]X^ZQLNZ`^_TN[TP_dZ]Pc_]PXPQZ]X^ZQTYOPcTNLWTNZYTNT_d ^`NSL^_SPP[T[SLYdZQOPT_TP^TYXLY_]L^Z`YO^ZbTYR_ZLYPc_PY^TaP YP_bZ]V ZQ TY_P]LN_TaP QLN_Z]^ _SL_ _ZRP_SP] ]P^`W_ TY L NZXXZY QTPWO TY bSTNS L YPb ]PLWT_d PXP]RP^ 2P^_LW_ [^dNSZWZRT^_^ bZ`WO ^[PLV ZQ LY wLYOWTYVLRPx :`] _P]X wMWPYOTYRx T^ MZ]]ZbPO Q]ZX NZRYT_TaP ^NT PYNP 4Y _P]X^ ZQ NZRYT_TaP [^dNSZWZRd _SP NZX[WPc ^_]ZYRWd ^dY_SP_TN LYO ^dYLP^_SP_TN NZYQTR`]L_TZY ZQ SZWd SPL]TYR LYO ^LN]PO ^Z`YO^ NLY MP Pc[WLTYPO Md _SP _SPZ]d ZQ NZRYT_TaP MWPYOTYR LYO NZYNP[_`LW TY_P R]L_TZYYP_bZ]V^2TWWP^1L`NZYYTP]v^LYO8L]V?`]YP]v^aP]^TZYZQ_ST^ _SPZ]d ^SZb^ `^TYR _SP ^[LNP_TXP XP_L[SZ] SZb L MWPYOTYR ZQ XLYd ^[LNP^ X`W_T[WP []ZUPN_TZY^ LYO Sd[P]MWPYO^ LYO LW^Z NP]_LTY NZRYT_TaP NZY^_]LTY_^ WPLO _Z NZX[WPc NZRYT_TaP TY_PR]L_TaP YP_bZ]V^ L]T^TYR LYO TY _ST^ bLd _SP ]P^`W_ NLY MP _SP PXP]RPYNP ZQ TYaL]TLY_ `YTaP]^LW^_]`N_`]P^^`NSL^_SPQTcPOOLdWPYR_SZQ_bPWaPSZ`]^MPTYR TYOTNL_PO ZY ^ZXP NWZNV^ TY OTRT_^ LYO ZY Z_SP]^ Md _SP SLYO^ M`_ bSTNS L_ _SP ^LXP _TXP L]P Pc[P]TPYNPO ^`MUPN_TaPWd TY NZX[WP_PWd OTQ QP]PY_bLd^PYOWP^^^PNZYO^dPL]^RZYPTYLQWL^SP_N8LdMPLNZ`^ _TN[TP_dLYO_SPNZYaTN_TZYZQ_SP]PWTRTZ`^[ZbP]ZQ^Z`YO^L]PL_d[P ZQ `YTaP]^LW ]PWTRTZ`^ TOPL ^TXTWL] _Z _SP Pc[P]TPYNP ZQ L WTaTYR []P^ PYNP TY ]PWTRTZ`^ TXLRP^ 1L`NZYYTP] LYO ?`]YP] YZ_P _SP []ZUPN_TZY ZQLRPYNdZY_Z _SPZNN`]]PYNPZQPaPY_^ L^ LbTOP^[]PLONZRYT_TaP[L_ _P]Y _SL_ TY _SPT] PcLX[WP WPLO^ _Z _TXP T_^PWQ MPTYR [P]NPTaPO L^ _SP LRPY_ 4Q ZYP YZb ]P[WLNP^ _TXP bT_S ^Z`YO _ST^ T^ SZb _SP ?LY_]TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q5LVZM^ZY >PXTZ_TV ! ,XZYR_SPXLYd[`MWTNL_TZY^ZQ_SPL`_SZ]^_SPT]L]_TNWPw=P_STYVTYR8P_L[SZ]xTY .LXM]TORP 3LYOMZZV ZQ 8P_SL[SZ] LYO ?SZ`RS_ PO =Ld 2TMM^ .LXM]TORP% .LX M]TORP@;#T^_SPML^T^QZ]_SPQZWWZbTYRLM^_]LN_ 3PTXM]ZNV w¾MP] OTP ]PWTRTØ^P BT]V`YR aZY 6WÆYRPYx Q _]LNP^ _SP _]LY^N`W_`]LWWd bTOP^[]PLO aTPb MLNV _Z LY `YMZ]Y NSTWOv^ ^PY^Z]d Pc[P]TPYNP ZQ SPL]TYRT_^XZ_SP]v^SPL]_MPL_
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
wXLY_]LOPT_TP^xL]Z^P>Z`YOSL^LRPYNdLYOOP]TaP^ T_^NL[LNT_dQ]ZX _SP YP_bZ]V [SZYP_TN ^_]`N_`]P^ PXMZOTPO [P]QZ]XLYNP ]T_`LW ^P__TYR ]PWTRTZ`^ [L]LOTRX [P]^ZYLW TYaZWaPXPY_ P_N TY bSTNS T_ L[[PL]^ ,_ _SP^LXP _TXPSZbPaP][]PNT^PWd_SP PcLX[WPZQXLY_]LOPT_TP^^SZb^ _SL_ TY 4YOTL bP QTYO LNZ`^_TN [TP_d _Z MP ^Z ]LOTNLW _SL_ ZYP X`^_ L^ ^`XP ^_]ZYR N`W_`]LW aL]TLMWP^ _SL_ _SPX^PWaP^ NLYYZ_ MP ^PPY L^ `YT aP]^LWL_LWW ,_ _ST^ U`YN_`]P 5P^[P] >ø]PY^PYv^ NZRYT_TaP _SPZ]d ZQ ]T_`LW LYO XLRTN ZQQP]^ L MP__P] ^_L]_TYR [ZTY_ @YWTVP NZXXZY NZRYT_TaP _SPZ]TP^ L^^`XTYR ZYWd `YTaP]^LW NZRYT_TaP XPNSLYT^X^ >ø]PY^PYv^ MWPYOTYR XZOPW LW^Z L__PX[_^ _Z TYNW`OP N`W_`]LW TYQW`PYNP^ 3P ^[PLV^ ZQ L wNZYaP]RPYNP eZYP MP_bPPY `YTaP]^LW NZRYT_TaP XPNSLYT^X^ ZQ NL_PRZ ]T^L_TZY ZY _SP ZYP SLYO LYO N`W_`]LWWd []P^[PNTQTPO NZYQTR`]L_TZY^ ZQ XPLYTYR ZY _SP Z_SP]x LYO NWLTX^% wN`W_`]LW []Z[P]_TP^ bTWW TYQW`PYNP NZYNP[_`LW OZXLTY^ _Z L ^`M^_LY_TLW OPR]PP Md _SPT] PXMPOOTYR TY N`W _`]LWWd ^[PNTQTPO ^d^_PX^ ZQ NZYaPY_TZYLW ^dXMZW^ XL_P]TLW N]d^_LWWT^L _TZY LYO []PP^_LMWT^SPO NZYQTR`]L_TZY^ ZQ XPLYTYRx 1`]_SP]XZ]P _SP _Z[Z^ SP OT^N`^^P^ T^ NWZ^P] _Z Z`] _Z[TN ZQ LNZ`^_TN [TP_d ^LN]PO [ZbP] LYO LYTXL_P ^Z`YO >ø]PY^PY ]PRL]O^ NZRYT_TaP MWPYOTYR L^ LY TX[Z]_LY_ PWPXPY_ TY ]PWTRTZ`^ LYO XLRTN ]T_P^ LYO XLRTNLW LRPYNd ! :YP_STYR[L]_TN`WL]WdNPY_]LW_ZZ`]_Z[TNT^ST^QTYOTYR_SL_NZYNP[_`LW MWPYOTYR LWbLd^ NZY_LTY^ L ^[PNTLW TY_PR]L_TZY WTYVTYR _STYR^ _SL_ L]P OTQQP]PY_LYO_S`^LWWZb^^ZXP_STYRYPb_ZL]T^P% w4YNZYNP[_`LWMWPYOTYRPWPXPY_^LYO^_]`N_`]P^Q]ZX_bZZ]XZ]PXPY_LW ^[LNP^ L]P []ZUPN_PO TY_Z L YPb ^[LNP L MWPYOPO ^[LNP TY bSTNS L YPb ^_]`N_`]PFLYOYPbXPLYTYRHNLYL]T^Px "
,NNZ]OTYR _Z >ø]PY^PY _SP ^[PNTLW LMTWT_d ZQ NZRYT_TaP MWPYOTYR T^ _SL_ PWPXPY_^ ZQ OTQQP]PY_ OZXLTY^ NLY MP Q`^PO _ZRP_SP] _SL_ bZ`WO YZ] XLWWd YZ_ TY_P]LN_ LYO _SL_ _ST^ ]P^`W_^ TY L ^_]`N_`]P _SL_ OTO YZ_ PcT^_ TY _SP TY[`_ ^[LNP^ ?ST^ ^_]`N_`]P TY T_^ _`]Y LWWZb^ YPb TYQP]PY_TLW ^_]`N_`]P^ _SL_ TY _SPT] _`]Y L]P PT_SP] Pc[Z]_PO TY_Z LY TY[`_ ^[LNP Z] []ZUPN_POMLNVbL]O^?ST^L[[WTP^_ZLWW_d[P^ZQMWPYOTYR .ZRYT_TaP ^NTPY_T^_^ ]PRL]O XP_ZYdXTP^ LYO XP_L[SZ]^ L^ NPY_]LW NZRYT_TaPNL_PRZ]TP^QZ]Z`]OLTWd_STYVTYRLYOL__SPSPL]_ZQNZRYT_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN z# QQ! >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ! /P[PYOTYR ZY _SP aL]TZ`^ QZ]X^ ZQ NZRYT_TaPMWPYOTYR_SPL`_SZ]OT^_TYR`T^SP^MP_bPPYOTQQP]TYR_d[P^ZQXLRTNLW_]LY^ LN_TZY^& PR OP[PYOTYR ZY bSP_SP] _SP ]PWL_TZY T^ ML^PO ZY ^TXTWL]T_d Z] NZY_LRTZY bSP_SP]_SPLTXZQ_SP]T_`LWT^_Z_]LY^QZ]XZ]XLYT[`WL_PLYObSP_SP]_SPXLRTNLW LRPYNdT^^PPYL^]P^TOTYRTYLS`XLYLRPY_LYZMUPN_Z]_SP]T_`LWLN_T_^PWQ " >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN ^PPLW^ZTYXZ]POP_LTWTMTO Q !
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MWPYOTYR -Z_S XP_ZYdXd c ^_LYO^ QZ] T_^PWQ LYO LYZ_SP] LYO XP_L [SZ] c ^_LYO^ QZ] LYZ_SP] NZY_LTY PXMZOTPO VYZbWPORP LYO L]P NZX [WPc QZ]X^ ZQ NZRYT_TZY _SL_ Q`^P XZ]P _SLY ZYP ^[LNP TY_Z ZYP ?SPd ]P[]P^PY_ WL]RP] ZMUPN_^ LYO OZXLTY^ ZQ Pc[P]TPYNP LYO SPW[ `^ `YOP] ^_LYOZ`]bZ]WOTY_P]X^ZQ[]Z_Z_d[P^?SPdL]PL__SPSPL]_ZQLM^_]LN_ _SZ`RS_ #L^bPWWL^LMWP_ZPc[WLTY_SPNZRYT_TaPXPNSLYT^X^ZQLNZ`^ _TN [TP_d LYO ^ZNLWWPO XLRTN ?SP QZWWZbTYR OT^N`^^TZY ZQ >ø]PY^PY L__PX[_^_Z^SZbSZbQ]`T_Q`WWd_SPNZRYT_TaT^_v^TY^TRS_^NLYMPL[[WTPO _ZZ`]_Z[TNLYObSP]PbP^PPYPNP^^T_d_ZOTaP]RP >ø]PY^PY XLVP^ `^P ZQ ;PT]NPv^ NL_PRZ]TP^ ZQ ^TRY^ LYO WTYV^ _SPX _Z _SP XLUZ] NZRYT_TaP _P]X^ XP_ZYdXd ^PPY L^ LY TYOPcTNLW ]PWL_TZY ^ST[ LYO XP_L[SZ] ^PPY L^ LY TNZYTN ]PWL_TZY^ST[ TY Z]OP] _Z Pc[WLTY XLRTNLW LRPYNd LYO ]T_`LW PQQTNTPYNd _]LY^QZ]XL_TZY^ LYO XLYT[`WL _TZY^ TP MWPYOTYR []ZNP^^P^ ZQ P^^PYNP _]LY^QP] LYO P^^PYNP NSLYRP NZ]]P^[ZYOTR _Z 1]LeP]v^ wNZY_LRTZ`^x LYO wTXT_L_TaPx XLRTN $ ?d[T NLW QZ] XLRTNLW LN_^ T^ LNNZ]OTYR _Z >ø]PY^PY L OPPX[SL^T^ ZQ _SP ^dXMZWTNXPLYTYR :MaTZ`^Wd _SP]P T^ ^ZXP NZY_TY`T_d bT_S LNZ`^_TN [TP_d _SL_ T^ LW^Z Q]P\`PY_Wd NSL]LN_P]TePO Md _SP PYSLYNPO aLW`P ZQ TYOPcTNLW LYO TNZYTN ^TRY\`LWT_TP^dP__ST^LWZYPOZP^YZ_XLVPT_XLRTN?SP]PL^ZYQZ]_SP PYSLYNPXPY_ T^ X`NS XZ]P ML^TN 4_ T^ XZ^_Wd NZYNP]YPO bT_S L ]PWL _TZY^ST[ _Z ]PWTRTZ`^ []LN_TNP TY bSTNS _Pc_^ L]P SL]OWd PaP] ]PLO ^T WPY_WdM`_TY^_PLOL]P]PNT_PO^`YRLYO[P]QZ]XPOBPbTWWLW^Z`^P_SP _P]XwXLRTNxTY_ST^MZZVOP^[T_PT_MPTYRSPLaTWdM`]OPYPOMdT_^NZWZ YTLW SP]T_LRP M`_ TY L XZ]P ]P^_]TN_PO ^PY^P _SLY >ø]PY^PY 4Y NZY_]L^_ bP`^P_SP_P]Xw[L]_TNT[L_TZYxTYLbTOP]^PY^PYZ_ XP]PWdL[[WTNLMWP _Z XLRTN ]T_P^ 7TVP >ø]PY^PY bP `YOP]^_LYO ]PWTRTZY L^ L wX`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #,NNZ]OTYR_Z_SPNZRYT_TaP^NTPY_T^_8L]V5ZSY^ZY ?SP-ZOdTY_SP8TYO%?SP-ZO TWd -L^T^ ZQ 8PLYTYR 4XLRTYL_TZY LYO =PL^ZY .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $#"XP_L[SZ]^L]PLXZYR_SPXZ^_TX[Z]_LY_[]ZO`NP]^ZQ ]L_TZYLWT_dLYOLM^_]LN _TZY 5ZSY^ZY ^SZb^ SZb ML^TN NZYNP[_^ ^`NS L^ MLWLYNP ^NLWP QZ]NP P_N PXP]RP Q]ZX [Sd^TNLW Pc[P]TPYNP LYO NLY MP XP_L[SZ]TNLWWd Pc_PYOPO _Z Pc[]P^^ LM^_]LN_ XPLYTYR ?SP NL_PRZ]d wXP_L[SZ]x T^ LW^Z _SP XLUZ] ZYP TY 1L`NZYYTP]v^ LYO ?`]YP]v^_SPZ]dXPY_TZYPOLMZaP=PNPY_OT^N`^^TZY^QLaZ]_SPNL_PRZ]dwXP_ZYdXdx L^ _SP XZ]P TX[Z]_LY_ `YO Q`YOLXPY_LW ZYP >PP 6WL`^@bP ;LY_SP] LYO 2ÞY_P] =LOOPY PO^ 8P_ZYdXd TY 7LYR`LRP LYO ?SZ`RS_ ,X^_P]OLX% 5ZSY -PYULXTY^ ;`MWT^STYR .ZX[LYd $$$ 4Y XP_L[SZ] _bZ PWPXPY_^ Q]ZX OTQQP]PY_ NZYNP[_`LW OZXLTY^L]P ]PWL_PObSP]PL^TYXP_ZYdXd_bZPWPXPY_^ZQ_SP^LXPNZYNP[_`LWOZ XLTYL]P]PWL_PO $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ^`RRP^_^ _SP QZWWZbTYR L^ _SP XLTY N]T_P]TZY QZ] Pc[WLTYTYR XLRTNLW _]LY^QZ]XL_TZY LYO XLYT[`WL_TZY% w4Y _SP ^_`Od ZQ XLRTNTYOPcTNLWLYOTNZYTNTY_P][]P_L_TZY^LYO]P[]P^PY_L_TZY^L]P_SP[]TXL]dWZN`^ ZQ TY_P]P^_ L^ _SP^P OT]PN_Wd LOO]P^^ _SP \`P^_TZY ZQ XLRTNLW LRPYNd LYO ]T_`LW PQQT NLNdx:Y_SPNZ]]PWL_TZYZQXP_ZYdXdbT_STYOPcTNLW^TRY\`LWT_TP^^PPTMTO z "& ZY_SPNZ]]PWL_TZYZQXP_L[SZ]^LYOTNZY^^PP "z $
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
M]ZLOP] LYO XZ]P PYNZX[L^^TYR NZYNP[_ _SLY XLRTNx LYO XLRTN L^ wPXMPOOPOTYXZ^_]PWTRTZ`^]T_`LW^x 0aPY_SZ`RSLNZ`^_TN[TP_dOZP^ YZ_ NZaP] LWW 3TYO`T^_TN QZ]X^ ZQ ]PWTRTZY T_ ]P[]P^PY_^ LW^Z L M]ZLOP] NZYNP[_ _SLY XLRTN z dP_ T_ NZY_LTY^ XLRTNLW L^[PN_^ >ø]PY^PY ^_L_P^ _SL_ XLRTNLW ]T_P^ L]P []TXL]TWd NSL]LN_P]TePO Md ]T_`LW PQQTNLNd TP Pc Z[P]P Z[P]L_Z PQQPN_^ L NSLYRP TY _SP ^_L_P Z] P^^PYNP ZQ ZMUPN_^ LN_^ LYO PaPY_^ MPTYR _SP NPY_P] ZQ L__PY_TZY 3ZbPaP] _SP]P T^ SL]OWd L ^TYRWP]PWTRTZ`^]T_`LW_SL_OZP^YZ_WLdNWLTX_Z]T_`LWPQQTNLNdLYOLN_` LWWd PcP]_^ _SP TY_PYOPO PQQPN_^ Md MPTYR [P]QZ]XPO 0QQTNLNd T^ _SP]P QZ]P YZ_ L OT^_TYR`T^STYR N]T_P]TZY [PN`WTL] _Z XLRTN M`_ TY^_PLO L ^PWQOP_P]XTYPO [ZbP] ZQ ]T_`LW [P]QZ]XLYNP :`] XZ]P ]P^_]TN_PO NZY NP[_ZQXLRTNbTWWMPML^POZYSZXZWZRdLYOOPWTMP]L_P[ZbP]ZQLN_TZY _Z Pc[WLTY LN_TaT_TP^ _SL_ SLaP MPPY TOPY_TQTPO TY ]P^PL]NS TY _P]X^ ZQ NZY_LRTZ`^LYOTXT_L_TaPXLRTN,NZ`^_TN[TP_dOZP^YZ_SLaPLOPNT^TaP ]ZWP SP]P :Y _SP Z_SP] SLYO XLYd ZQ _SP NZRYT_TaP []ZNP^^P^ LYO MWPYOTYRXPNSLYT^X^>ø]PY^PY`^P^_ZPc[WLTYXLRTNLWLRPYNdNLYLW^Z MP_]LY^QP]]PO_ZQZ]X^ZQLNZ`^_TN[TP_dLYOLYTXL_P^Z`YO^:`]^_`Od bTWW []PQP] 3ÞMYP]v^ Pc[WLYL_TZY XZOPW ZQ wXd_STNLW ^`M^_LYNP^x _SL_ _LVP^MP__P]TY_ZLNNZ`Y__SP]PLWT_daLW`PL__LNSPO_ZLNZ`^_TN[TP_dLYO LYTXL_P ^Z`YO^ LYO _SP [L]_TNT[L_Z]d bZ]WOaTPb bZaPY TY_Z _SPX .L^^T]P]v^ bTOP NZYNP[_ ZQ ^dXMZWTN QZ]X^ bTWW `W_TXL_PWd MP XZ]P L[_ _Z NL[_`]P N`W_`]LWT_d _SLY >ø]PY^PYv^ L[[]ZLNS ,Y PcN`]^TZY TY_Z _SP MWPYOTYR XZOPW LYO _SP XP_ZYZXdXP_L[SZ] _SPZ]d ZQ NZRYT_TaP ^NT PYNP bTWW _SP]PQZ]P MP TYQZ]XL_TaP QZ] MZ_S _Z OP_PN_ ^ZXP ML^TN NZRYT _TaP XPNSLYT^X^ `YOP]WdTYR TOPL^ LYO []LN_TNP^ ZQ ^LN]PO ^Z`YO TY 4Y OTL LYO _Z ^[Z_ _SP Q]LTW_TP^ ZQ >ø]PY^PYv^ _SPZ]d bSPY L[[WTPO _Z >LY^V]T_3TYO`T^X ATPbPOQ]ZXLNZRYT_TaP ^NTPYNP[P]^[PN_TaP_SPNPY_]LWNL_PRZ]TP^ TYaZWaPO TY LNZ`^_TN [TP_d LYO LYTXL_P ^Z`YO^ L]P TYOPPO XP_ZYdXd LYO XP_L[SZ] bSTNS ]P[]P^PY_ LYO N]PL_P MWPYOPO ^[LNP^ Md LWWZbTYR TYOPcTNLW LYO TNZYTN ^TRY \`LWT_TP^ LYO TY_P][]P_L_TZY^ _Z NZXP _Z _SP QZ]PR]Z`YO ?SPY _SP]P T^ _SP RPYP]TN NZRYT_TaP []TYNT[WP ZQ _SP w[^d NSZWZRTNLW P^^PY_TLWT^Xx _SL_ P^_LMWT^SP^ ]PWL_TZY^ ZQ TOPY_T_d LYO _SP XPNSLYT^X ZQ wXP_L[SZ]TNLW XL[[TYRx _SL_ LWWZb^ ^`NS ]PWL_TZY^ _Z MP Pc[LYOPO -Z_S NZRYT_TaP []TYNT[WP^ [^dNSZWZRTNLW P^^PY_TLWT^X L^ N]TMTYR STOOPY []Z[P]_TP^ _Z PY_T_TP^ L^ L OPQTYTYR NSL]LN_P] LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN #! >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN ?ST^ T^ bPWW OPXZY^_]L_PO TY 6WTYRSL]O_ w;]LdP] 1Z]X`WL]TP^x bSZ N]POTMWd NSLW WPYRP^LOT^_TYN_TZY >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN :Y w[^dNSZWZRTNLW P^^PY_TLWT^Xx ^PP LW^ZTMTO z "%w@YOP]WdTYRNZYYPN_TZY^ZQTOPY_T_dLYOXP_ZYdXdbPQTYO_SPML ^TN NZRYT_TaP []TYNT[WP ZQ [^dNSZWZRTNLW P^^PY_TLWT^X ;^dNSZWZRTNLW P^^PY_TLWT^X
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
XP_L[SZ]TNLW XL[[TYR ]P[]P^PY_TYR wZYP ZQ _SP XLUZ] ^_]L_PRTP^ QZ] N]PL_TYR YPb NZ`Y_P][L]_ NZYYPN_TZY^x L]P [ZbP]Q`W NZRYT_TaP OP aTNP^LYOQZ`YOLNNZ]OTYR_Z>ø]PY^PY_S]Z`RSZ`_LWWS`XLYNL_PRZ]T eL_TZY^ ?SP N]PL_TZY ZQ YPb NZ`Y_P][L]_ NZYYPN_TZY^ ZNN`]^ QZ] TY ^_LYNP _S]Z`RS wTXLRP ^NSPXL_Lx ^`NS L^ _SP NZY_LTYP]NZY_LTYPO ^NSPXL_L?ST^T^TX[Z]_LY_QZ]TOPL^ZQTXXPOTL_PXPOTL_TZY 4YRPYP]LWT_NLYMP^LTO_SL_SZWd_Pc_^TY4YOTLLYOYZ_ZYWd_SP]P L]P ^PPY L^ NZY_LTYP]^ LYO aPSTNWP^ TP XPOTL_TYR ZMUPN_^ ZQ L wYZY PXMZOTPOx OTaTYP P^^PYNP LYO _SP SZWTYP^^ LYO OTaTYP YL_`]P ZQ _ST^ P^^PYNP L]P _]LY^QP]]PO _Z _SPX 4Y LWW N`W_`]P^ ^LN]PO WT_P]L_`]P^ L]P `^`LWWd_]PL_PObT_S^[PNTLWNL]PLYO]P^[PN_LYOXLdMP^PPYL^XP_Z YdX^ TYOPcP^ XP_L[SZ]^ TNZY^ Z] L^ ^dXMZWTN ]P[]P^PY_L_TZY^ ZQ OTaTYPL`_SZ]T_dLYOL^LN]PO`YTaP]^P >ø]PY^PY NZ]]PWL_P^ XP_ZYdXd bT_S TYOPcTNLW ^TRY \`LWT_TP^ _SP NZRYT_TaP []TYNT[WP ZQ [^dNSZWZRTNLW P^^PY_TLWT^X LYO ]PWL_TZY^ ZQ TOPY _T_d 3T^ OT^N`^^TZY ZQ XP_ZYdXd T^ P^[PNTLWWd ]PWPaLY_ _Z Pc_]PXP QZ]X^ ZQ LNZ`^_TN [TP_d bSP]P _SP OT]PN_ [P]NP[_`LW LYO P^^PY_TLWT^_ L^[PN_^ L]P PX[SL^T^PO LYO _SP ^TRY T^ `YOP]^_ZZO L^ L ^`[P]YL_`]LW LYOP^^PY_TLWPc_PY^TZYZQ_SPZMUPN_ !4QZYP]PRL]O^^PPOXLY_]L^LYO QZ]X`WL^ ZQ RZO^v YLXP^ L^ XP_ZYdX^ T_ T^ PL^d _Z Pc[WLTY _SL_ _SPd YZ_ZYWd^dXMZWTNLWWd]P[]P^PY_OPT_TP^M`_LW^ZXLYTQP^__SPXTYL]PLW ^PY^P 8P_ZYdXd LYO wTYOPcTNLW ]PWL_TZY^ ZQ LY P^^PY_TLW WTYV Z] TOPY _T_dxLWWZbMWPYOTYR[]ZNP^^P^ZQP^^PYNP_]LY^QP]LYO_S`^LYZ[[Z]_` YT_d QZ] ]LOTNLW _]LY^QZ]XL_TZY >ø]PY^PYv^ PcLX[WP T^ _SP .L_SZWTN TY _P][]P_L_TZYZQ_SP0`NSL]T^_L^_SP_]LY^`M^_LY_TL_TZYZQM]PLOLYObTYP TY_Z _SP MZOd LYO MWZZO ZQ .S]T^_ " .ZX[L]LMWP _Z _ST^ ?LY_]TN XLY _]L^L]PaTPbPOL^wXLY_]LOPT_TP^xNZY_LTYTYR_SPOTaTYT_dv^YL_`]PLYO [ZbP] bSTNS T^ LW^Z _]LY^QP]]PO _Z _SP S`XLY LRPY_ bSZ ]P[PL_^ _SPX BSTWP_SP]PT^YPPO_Z`YOP]^_LYO_SPN`W_`]LW[L]LOTRXZQ_SP[ZbP]ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
! "
PY^`]P^_SL_[P]^ZY^LYOZ_SP]PWPXPY_^u]PXTY_SP^LXPvPaPYTQ_SPT]Z`_P][P]NP[ _`LW QPL_`]P^ NSLYRP NZY^TOP]LMWd PR bT_S LRP 4_ LW^Z PY^`]P^ _SL_ PWPXPY_^ NLY [L]_LVPTYLNZXXZYP^^PYNP`YT_TYRPWPXPY_^LN]Z^^XPY_LW^[LNP^?S`^L^N]T[_TZY ZQ P^^PYNP PY^`]P^ _SP [P]XLYPYNP ZQ PWPXPY_^ LN]Z^^ _TXP LYO ^[LNP R`TOPO LYO NZY^_]LTYPOMdZY_ZWZRTNLWL^^`X[_TZYLYONL`^LWPc[PN_L_TZY^x >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN # 1Z] PcLX[WP >ø]PY^PY ^_L_P^ TY ST^ .ZRYT_TaP ?SPZ]d ZQ 8LRTN % w;PZ[WP ]P[]P^PY_ _STYR^TYRPYP]LWL^SLaTYRLYTYYP]P^^PYNPwTMTO!&w>ZNTLWNL_PRZ]TP^L]POP [PYOPY_ZY_SPL^N]T[_TZYZQuLY`YOP]WdTYRYL_`]LW^TXTWT_`OPvZ]Lu[^dNSZWZRTNLW P^^PY_TLWT^Xv WTVP _SP ZYP QZ`YO XZ^_ Pc[WTNT_ TY _SP MTZWZRTNLW OZXLTYx "& w?ST^ QWZbZQP^^PYNP T^aP]d ^_]ZYRTY ]PWTRTZYLYOXLRTNL^ [Z^T_TZY^`^`LWWd bTWW MPU`ORPOL^[Z^^P^^TYR^ZXPu^LN]POP^^PYNPvx!.QLW^ZTMTOLYO ! >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN " >PP LW^Z ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO L[[WdTYR_SPNZRYT_TaP[]TNTYT[WPZQXP_ZYdXd_ZPc[WLTYAPOTNXLY_]L]T_`LW^ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN $#z
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
^Z`YO _Z L[[]PNTL_P XLY_]L OPT_TP^ _SP NZRYT_TaP XPNSLYT^X^ `YOP]Wd TYR _SPX ^PPX _Z MP `YTaP]^LW >ø]PY^PY ]PRL]O^ _SP WTYV MP_bPPY P^ ^PY_TLWT^_TN^`[[Z^T_TZY^[L]^[]Z_Z_ZXP_ZYdXTP^LYOP^^PYNP_]LY^QP] P^^PYNP NSLYRP LYO P^^PYNP MWPYO _S]Z`RS XP_ZYdXTN L^^ZNTL_TZY^ L^ ZYPZQ_SPXZ^_[ZbP]Q`WNZRYT_TaPXPNSLYT^X^TYLWWN`W_`]P^ # 8P_L[SZ]TNLW ^TRY \`LWT_TP^ XLd ^P]aP ^TXTWL] Q`YN_TZY^ >ø]PY^PY NZ]]PWL_P^ XP_L[SZ] bT_S TNZYTN ]PWL_TZY^ ZQ TXXPOTL_PWd [P]NPTaPO M`_ XZ_TaL_PO YZYYL_`]LW ^TXTWL]T_d >`NS LY TNZYTN ]PWL_TZY ZMaTZ`^Wd PcT^_^ TY ZYZXL_Z[ZPTN XLY_]L^ QZ] PcLX[WP _SP SL]^S w^PPOx ^dWWLMWP ;3,µ _SL_ T^ `^PO _Z O]TaP LbLd LWW PaTW 4NZYTN ]PWL_TZY^ ZQ ^TXTWL]T_d NLYPc[WLTY_SPNSLYRTYR L^_L_PZQ LQQLT]^MdXLYT[`WL_TYRPWPXPY_^TY LYZ_SP] OZXLTY 8P_L[SZ]TNLW XL[[TYR T^ Q`YOLXPY_LW _Z _ST^ MPNL`^P _SP [P]NP[_TZY ZQ ^TXTWL]T_d ]PWL_TZY^ LWWZb^ wL NZXXZY ^_LYO[ZTY_ Z] [P]^[PN_TaPZY_SP^`M^P\`PY_`YQZWOTYRZQ_]LY^QP]]POTYQP]PY_TLW^_]`N _`]P LYO ]PWL_PO XL[[TYRx $ BSL_ T^ [L]_TN`WL]Wd TY_P]P^_TYR QZ] Z`] ^`MUPN_T^YZ_WPL^__SP^TXTWL]T_d]PWL_TZY^N]PL_POMdTY_P]_Pc_`LWT_dQZ] TY^_LYNP bSPY ]PNT_L_TZY ZQ _SP ;`]£©L^ T^ L^N]TMPO _SP ^LXP ^LaTYR wXLRTNx PQQPN_ L^ _SL_ L__]TM`_PO _Z _SP APOL 4Y _SP 3T^_Z]d ^PN_TZY ZQ _ST^ MZZV bP bTWW []P^PY_ LY Pc_]PXP NL^P ZQ ^`NS P^^PYNP _]LY^QP] TY _SP ;`]£©TN ^_Z]d ZQ _SP wPYQZ]NPO ]POPX[_TZYx ZQ _SP TYQLXZ`^ -TY O`RL 8P_L[SZ]TNLW ^TXTWL]T_d ]PWL_TZY^ L]P PL^TWd _]LY^QZ]XPO TY_Z XP_ZYdXTN WTYV^ LMWP _Z _]LY^[Z]_ P^^PY_TLW \`LWT_TP^ :Y _SP Z_SP] SLYO MPNL`^P XP_L[SZ]^ XL[ [P]NPTaPO ^TXTWL]T_TP^ _SPd MPNZXP TX [Z]_LY_ TYOTNP^ ZQ `YOP]WdTYR P^^PY_TLW TOPY_T_d ?SP ^_Z]d ZQ -TY O`RLXPY_TZYPOLMZaP^PPX^_ZNZXPTY_Z_ST^NL_PRZ]dZQwXP_ZYdXTN Pc_PY^TZYx LYO ^Z OZP^ _SP w^PPOx ^Z`YO ;3,µ BP bTWW RTaP _SP 9P _]L?LY_]L L^ LYZ_SP] XLdMP XZ]P XPXZ]LMWP PcLX[WP ZQ LY TNZYTN XP_L[SZ]TNLW P^^PY_TLWT^_TN ^TXTWL]T_d ]PWL_TZY 3P]P _SP wTXXZ]_LWT_d XLY_]Lx :¿ 5»¿ >, bSTNS OP^_]Zd^ LWW OPXZY^ OT^PL^P LYO OPL_S NZXP^ Z`_ ZQ _SP XZ`_S ZQ _SP ^`[]PXP RZO ±TaL8_d`ÓULdL ?SP XLY_]L_S`^ PXMZOTP^_SPWTaTYR bZ]OZQ2ZO LYO _SP ]T_`LWZ]LW]P[]Z O`N_TZY ]PLN_TaL_P^ _SP P^^PYNP ZQ _SP RZO L^ L`^[TNTZ`^ ²TaL LYO OPL_SNZY\`P]TYR X_d`ÓULdL [ZbP] ?SP OPNTOTYR QLN_Z] T^ LWbLd^ _SL_ YZ_ ZYWd OZ _SP XP_ZYdXTN TY OPcTNLW LYO XP_L[SZ]TNLW TNZYTN WPaPW^ [L]_TLWWd ZaP]WL[ M`_ _SL_ _SPd LW^ZL]PWTYVPObT_S^dXMZWTNNZYaPY_TZYLWL^[PN_^ZQ^TRY^>ø]PY^PYv^ PcLX[WPZQ_SP.S]T^_TLY0`NSL]T^_XLVP^_ST^NWPL]LYOST^TOPL^LMZ`_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # $
>ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN
! " # #
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_SPXTcL]PLW^ZL[[WTNLMWP_Z4YOTLY_Pc_[P]QZ]XLYNP^LYOwSZWdSPL] TYRxBPQTYO% wLYTYOPcTNLWTY_P][]P_L_TZYPX[SL^T^TYR_SP_]LY^QP]LYOOT^^PXTYL_TZY ZQ ^LN]PO P^^PYNP _S]Z`RS _]LY^QZ]XL_TaP LN_TZY^ LYO OPPX[SL^T^TYR TNZYTNLYO^dXMZWTN]P[]P^PY_L_TZY^&LYTNZYTNTY_P][]P_L_TZYPX[SL^T^ TYR _SP ]P[]ZO`N_TZY LYO ]PT_P]L_TZY ZQ _SP Xd_STNLW LN_TZY LYO OP PX[SL^T^TYR _SP TYOPcTNLW LYO ^dXMZWTN ]P[]P^PY_L_TZY^& LYO L ^dX MZWTN TY_P][]P_L_TZY PX[SL^T^TYR _SP [`]PWd ^dXMZWTN L^[PN_^ ZQ _SP ]T_`LW LYOOPPX[SL^T^TYRMZ_STYOPcTNLWLYOTNZYTN]P[]P^PY_L_TZY^?SP^PTY_P] []P_L_TaP^_]L_PRTP^L]PML^TN_ZTY_P][]P_L_TZY^ZQ]T_`LWTYLWW]PWTRTZY^M`_ aP]d QPb TQ LYd TY_P][]P_L_TZY^ L]P [`]P PcLX[WP^ ZQ ZYP ZQ _SP^P TY_P] []P_L_TaP^_]L_PRTP^LYOXZ^_bTWWNZY_LTYLXTcZQ]P[]P^PY_L_TZY^Q]ZXLWW _SP^PR]LaT_L_TZYLW[ZTY_^x
4YLNZ`^_TN[TP_dbPQTYO_SPbSZWP]LYRPZQTYOPcTNLWTNZYTNLYO^dX MZWTN ^TRY \`LWT_TP^ LYO _SPT] L]PL^ ZQ ZaP]WL[ BSP]PL^ TY XLY_]L^ _SP XP_ZYdXTNTYOPcTNLWaLW`PLYO_SP[Sd^TNLWWdPXMZOTPO[]P^PYNPZQ_SP ^LN]PO ZNN`[d _SP QZ]PR]Z`YO ;`]£©L ]PLOTYR^ LYO [P]QZ]XLYNP^ _PYO _Z ]P[]ZO`NP TY LY TNZYTN XP_L[SZ]TNLW ^TXTWL]T_dML^PO bLd ^_Z]TP^ ZQ OPT_TP^ LYO Xd_STNLW LN_^ LYO ^LN]PO WT_P]L_`]P^ L]P RPYP]LWWd ]P RL]OPOL^NZY_LTYP]^ZQ^LN]POP^^PYNPTQYZ_^TX[WdL^T_^NZYaPY_TZYLW ^dXMZWTN ]P[]P^PY_L_TaP^ >TXTWL]Wd _SP WT_LYTP^ L]P QT]^_ LYO QZ]PXZ^_ NZYaPY_TZYLWTePO[]LT^PZQ_SPRZO^ ,_LWWPaPY_^T_L[[PL]^_Z`^_SL_YZ_ZYWd_SP]T_PT^TX[Z]_LY_M`_ LW^ZT_^PXMPOOTYRTYLNZ^XZWZRdBT_SZ`_L]PWTRTZ`^^dXMZW^d^_PX T_ T^ YZ_ [Z^^TMWP _Z SLaP _SP wQWZb ZQ ^LN]PO P^^PYNPx _SL_ >ø]PY^PY ^[PLV^ZQ ]PRL]OTYR]PWTRTZYLYOXLRTN >ø]PY^PY[`_^]TRS_Wd^_]ZYR PX[SL^T^ZY_SP]T_`LWL^[PN_ZQXLRTNM`__ZZWT__WPZYXPY_LWT_TP^LYO NZYNP[_`LW ^d^_PX^ 9PT_SP] LNZ`^_TN [TP_d YZ] XLRTN LRPYNd L]T^P TY PX[_d ^[LNP M`_ L]P OP[PYOPY_ ZY ^ZNTLW []PNZYOT_TZY^ LYO []P P^_LMWT^SPObZ]WOaTPb^_SL_LWWZb_SPX_ZL]T^PLYOwbZ]Vx 4Y_SPOT^N`^^TZYZQ^Z`YOL^^dXMZWTNQZ]X_SP]PQZ]PYZ_ZYWd]T_ `LW QZ]X^ [WLd LY TX[Z]_LY_ ]ZWP M`_ ^Z OZ NZRYT_TaP ^d^_PX^ bZ]WO aTPb^LYO^dXMZWTNaLW`P^1Z]LNZ`^_TN[TP_d^LN]PO_Pc_^L]P^dXMZW^ LYOLW^ZXZ]P_SLY^dXMZW^?SPdQ`YN_TZYL^XP_ZYdX^LYOXP_L[SZ]^ QZ] L ^LN]PO NZ^XZ^ _SL_ MPNZXP^ []P^PY_ TY NZYaPY_TZYLW ^dXMZWTN TYOPcTNLW LYOTNZYTNbLd^TYSPL]TYRLYO]PNT_TYR?ST^wMPNZXTYR[]P ^PY_x T^ PXMPOOPO TY L NZ^XZWZRd LYO L NZX[]PSPY^TaP ]PWTRTZ`^ ^dX MZW ^d^_PX L^ LNZ`^_TN [TP_d TY 4YOTL T^ XLYTQP^_PO YZ_ ZYWd TY Pc[]P^ ^TaP ]T_P^ M`_ LW^Z TY ]PQWPcTaP Xd_S^ _SPZWZRTP^ LYO [STWZ^Z[STP^ 4_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN .Q>ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN!%w?ST^QWZbZQP^^PYNPT^aP]d^_]ZYR TY]PWTRTZYLYOXLRTNL^[Z^T_TZY^`^`LWWdbTWWMPU`ORPOL^[Z^^P^^TYR^ZXPu^LN]PO P^^PYNPvx
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$
L[[PL]^ TX[Z]_LY_ _Z `^ _SL_ MWPYOTYR XPNSLYT^X^ LYO w[L]_TNT[L_Z]d NZYYPN_TZY^x L]P LW^Z QZ`YO TY NZRYT_TaP ^d^_PX^ TYOP[PYOPY_ ZQ _SPT] ]T_`LWTeL_TZY >ø]PY^PY NZ]]PN_Wd L^^ZNTL_P^ ^`NS w[L]_TNT[L_Z]d NZYYPN _TZY^xbT_S]PWL_TZY^ZQTOPY_T_dLYO^TXTWL]T_dLYOLW^ZbT_SPXZ_TZYLW aLWPYNd M`_ SP ]P^_]TN_^ _SPX PcNW`^TaPWd _Z XLRTN 3ZbPaP] SPL]TYR LYO ]PNT_TYR SZWd _Pc_^ LW^Z N]PL_P [L]_TNT[L_TZY PcNSLYRP TOPY_TQTNL _TZY LYO ^TXTWL]T_d MZ_S MP_bPPY _SP _Pc_^]PQP]PY_^ ]T_`LW LRPY_^ LYO [L]_TNT[LY_^ LYO TY_P]_Pc_`LWWd MP_bPPY _SP _Pc_^ ;L]_TNT[L_Z]d LNNP^^ _Z_Pc_^ T^YZ_ZQT_^PWQXLRTNLWLYOP^^PY_TLWT^_TNM`_ T_T^ LRZZOML^T^ QZ] Pc[P]TPYNTYR ^Z`YO^ L^ LYTXL_P LYO Pc[PN_TYR Pc Z[P]P Z[P]L_Z PQQPN_^_SL_L]PQ]P\`PY_WdTOPY_TQTPOP_TNLWWdbT_SXLRTN ,^ QL] L^ Z`] _Z[TN ZQ LNZ`^_TN [TP_d T^ NZYNP]YPO z LYO TY QLN_ XLRTN_ZZzT_^PPX^_Z`^_SL_;PT]NPv^TY^TRS_T^Q`YOLXPY_LW_SL__SP]P T^YZ_L^TYRWP^TRY_SL_T^L[`]P_d[P?SP_S]PP[ZWP^XLdNZPcT^_TYL ^TYRWP ^TRY TPL ^dXMZW XLdNZY_LTYLYTNZYLYOZ]LYTYOPc^TX`W_L YPZ`^Wd ;]PNT^PWd _ST^ QZ]X ZQ wMWPYOTYRx L[[PL]^ _Z `^ _Z PcT^_ TY 4Y OTLY _Pc_ [P]QZ]XLYNP^ LYO _Pc_ [P]NP[_TZY O`]TYR ]PNT_L_TZY LYO SPL] TYR ?SP _Pc_ T^ L ^dXMZW ZQ L ^LN]PO NZ^XZ^ _SL_ SL^ TNZYTN LYO TYOPcTNLWYL_`]P^L_ZYPLYO_SP^LXP_TXPZ]LYTNZY_SL_T^^TX`W_LYP Z`^WdL^dXMZWLYOLYTYOPc?ST^LW^ZL[[WTP^_Z2ÆNS_P]v^QTPWOZM^P] aL_TZY^ TY -LYL]L^ bSTNS bP SLaP []P^PY_PO L^ LY PcLX[WP ZQ ^_]TN_Wd ]`WPML^PO LNZ`^_TN [TP_d bSTWP >ø]PY^PY NT_P^ _SPX L^ LY PcLX[WP ZQ XLYT[`WL_TaP XLRTN >ø]PY^PYv^ aTPb T^ [Z^^TMWP MPNL`^P ZQ _SP Pc Z[P]P Z[P]L_Z PQQPN_ -`_ _SP \`P^_TZY L]T^P^ ZQ bSP_SP] _ST^ ]PLWWd OTQ QP]PY_TL_P^XLRTNLW]T_P^Q]ZXZ_SP]]T_`LWLYO]PWTRTZ`^LN_^Z]_SPdL]P ^TX[Wd NP]_LTY QZ]X^ ZQ ^dXMZWTN LN_^ bSZ^P Pc Z[P]P Z[P]L_Z PQQPN_^ NLY MP MP__P] Pc[WLTYPO Md _SP TY_P]LN_TaP YP_bZ]V ZQ _Pc_ ]T_`LW ^P_ _TYRN`^_ZXN`W_`]LW^dXMZW^d^_PX[L]LOTRXPc[PN_L_TZYP_NLWZYR bT_S[L]_TNT[L_TZYTY_ST^YP_bZ]VaTL_SP_Pc_[P]QZ]XLYNP 9Z_ZYWd_SP]T_PT^PQQPN_TaPM`_LW^Z_ZLXLUZ]OPR]PP_SPXPY_LW TXLRP^ LYO ^dXMZWTN QZ]X^LYO TY_SPNL^PZQ4YOTLYZ_WPL^_ _SP^dX MZWTN QZ]X ZQ ^LN]PO ^Z`YO ?SP APOLv^ [SZYP_TN XL_P]TLW SL^ _Z MP [LTY^_LVTYRWd VP[_ TY_LN_ ZbTYR _Z _SP SZWTYP^^ LYO _S`^ LW^Z ^`[P] YL_`]LW [ZbP] ZQ T_^ ^Z`YO^ bSTWP TY _SP NL^P ZQ Z`] L]_ N]T_TN \`Z_PO LMZaP_SP7LWT_£WT_LYdv^^LN]POYP^^T^XLTY_LTYPOMd_SP]P^[PN_OPaZ _TZY LYO [P]^ZYLW TXXP]^TZY TY _SP _Pc_ 4Y MZ_S NL^P^ _SP ^TRY TP _SP _Pc_ T^ ZQ L ^_]ZYRWd TNZYTN LYO TYOPcTNLW YL_`]P -`_ T_^ [ZbP] T^ LW^Z L`_SPY_TNL_PO YZ_ WPL^_ Md T_^ NZYaPY_TZYLW ^dXMZWTN YL_`]P z bSP_SP] _ST^MPT_^OPNTOPOWdPWT_P -]LSXLYTN ^_L_`^ T_^ L]NSLTNOTRYT_d T_^]P[ ]P^PY_L_TaPNZY_PY_NZYaPY_TZYLW[]LT^PZQ_SPRZO^Z]T_^L`_SZ]T_L_TaP LMTWT_d _Z TRYT_P ]P^[PN_ LYO OPaZ_TZY P_N ?SP ^_]TN_YP^^ ZQ _SP ]`WP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN !#$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
]PQWPN_^ APOTN PWT_P LbL]PYP^^ LYO QT]X MPWTPQ TY _SP N]PL_TaP [ZbP] ZQ WLYR`LRP ?SP OPaZ_TZYLW XZOP ]PQWPN_^ L _]LY^QZ]XL_TZY ZQ _SP ^dXMZW ^d^_PX TY bSTNS _SP PQQTNLNd ]PXLTY^ TY_LN_ M`_ ]P[WLNP^ _SP ^_]TN_YP^^ ZQ _SP ]`WP bT_S Z_SP] QLN_Z]^ ^`NS L^ _SP R]LNP ZQ _SP OPT_d _SP TY_PY _TZYLWT_d ZQ _SP [P]^ZY Z] \`T_P ^TX[Wd _]`^_ LYO QLT_S TY _SP [ZbP] ZQ ^LN]PO ^Z`YO^ 4Y _SP NL^P ZQ _SP L]_ N]T_TN bP QTYO L ^_]ZYR ^STQ_ _Z TY_PY_TZYLWT_d LYO OPaZ_TZY M`_ _SP -TYO`RL ^_Z]d bTWW ^SZb _SL_ _SP PQQTNLNd ZQ ^LN]PO ^Z`YO^ T_^PWQ bZ]V^ bT_SZ`_ _SP ]PNT[TPY_ YPPOTYR _Z OZLYd_STYRZ]SLaTYRLYTY_PY_TZY 0aPYTQ>ø]PY^PYv^MWPYOTYRXZOPWT^aP]dSPW[Q`WTYPc[WLTYTYR_SP NZRYT_TaP QZ`YOL_TZY^ ZQ XLRTN LNZ`^_TN [TP_d LYO SZWd SPL]TYR T_ ]P XLTY^ _ZZ ^_]ZYRWd MTL^PO _ZbL]O^ ]T_P^ ?SP]P T^ YZ ]PL^ZY _Z WTXT_ NZYNP[_`LW MWPYOTYR _Z ]T_P^ LYO PcNW`OP _SP N`W_`]LW TOPLWTePO NZYNP[ _`LW XZOP^ Z] P[T^_PXTN [L]LOTRX^ TY _SP QZ]X ZQ Xd_S^ _SPZWZRTP^ _PLNSTYR ^d^_PX^ NZ^XZWZRTP^ [STWZ^Z[STP^ YZ_TZY^ ZQ SZWd ^Z`YO^ P_N BP _SP]PQZ]P ^_]P^^ YZ_ ZYWd [P]QZ]XL_TaT_d [Sd^TNLWT_d LYO _SP OTXPY^TZY ZQ PQQPN_ M`_ LW^Z P[T^_PXTN TOPZWZRTNLW L^[PN_^ TP _SP TY _P][]P_L_TZYLW Q]LXP^ Z] bSL_ bP NLWW [L]LOTRX , ]PWTRTZ`^ ^PXTZ_TN L[[]ZLNS NLYYZ_ OZ bT_SZ`_ _ST^ MPNL`^P ^`NS P[T^_PXTN TOPZWZRTNLW L^[PN_^XL[_SPbZ]WO^ZQTOPL^TYbSTNSLNZ`^_TN[TP_dTY4YOTLXZaP^ LYO MPNL`^P _SPd WPYO [WL`^TMTWT_d _Z _SP LOOT_TZY ZQ LY ZY_ZWZRTNLW OT XPY^TZY_Z^LN]PO_Pc_^LYO^Z`YO^TYPXTN^PWQ]P[]P^PY_L_TZY >ø]PY^PY L^N]TMP^ ^[PNTLW N]PL_TaT_d LYO _SP [ZbP] _Z M]TYR LMZ`_ NSLYRP ZYWd _Z XLRTNLW ]T_P^ YZ_ _Z Xd_STNLW LYO _SPZWZRTNLW TOPL^ 3P ]PRL]O^ XLRTNLW ]T_`LW^ L^ wOP^dXMZWTeTYR QZ]NP^x LYO w^dYN]P_T^_TN PYRTYP^x LYO^PPX^_ZPcNW`OP_SP[Z^^TMTWT_d_SL_^dXMZWTNTY_P][]P _L_TZY^ _PLNSTYR ^d^_PX^ LYO NZYNP[_^ NLY LW^Z NZY_LTY MWPYOTYR LYO NL`^P YPb ]PLWT_TP^ _Z PXP]RP 3T^ ]PL^ZY QZ] _ST^ T^ _SL_ XLRTNLW ]T_P^ L]P NSL]LN_P]TePO Md _]LY^QZ]XL_TZY XLYT[`WL_TZY LYO LMZaP LWW XLRT NLW LRPYNd PXMZOTPO Md NP]_LTY [P]^ZY^ LYO ]T_`LW PQQTNLNd LYO _ST^ []ZXZ_P^ _SP NZY^_]`N_TZY ZQ YPb ]T_`LWTeL_TZY^ LYO _SP PXP]RPYNP LYO N]d^_LWWTeL_TZY ZQ YPb ]PWTRTZY^ 3P ^Ld^ _SL_ XLRTN _SP]PQZ]P [WLd^ L VPd]ZWPTY_SPOPaPWZ[XPY_ZQLWW]PWTRTZ`^TY^_T_`_TZY^LYO_]LOT_TZY^ ?SPOP^T]P_ZWTMP]L_PXLRTNQ]ZXT_^[PUZ]L_TaPL^^ZNTL_TZY^LYOPc [Z^P T_^N]PL_TaP[ZbP] T^ bPWNZXPO LYOTY ^ZXP NL^P^ >ø]PY^PYv^ _SP ^P^ L]P LW^Z _]LY^QP]LMWP _Z 4YOTLY ]PWTRTZ`^ ST^_Z]d LW_SZ`RS ^ZXP ZQ ST^ XZ^_ Q`YOLXPY_LW []PXT^P^ L]P TY^`QQTNTPY_ QZ] 3TYO`T^X LYO []ZMLMWd YZ_ ZYWd QZ] 4YOTLv^ ]PWTRTZ`^ _]LOT_TZY^ BP QTYO ST^ QZWWZb TYR_SP^T^[L]_TLWWd_]LY^QP]LMWPLYO TYYZaL_TaP%w?S`^T_bTWWMPL]R`PO _SL_ bP QTYO L OdYLXTN _PY^TZY MP_bPPY L _PYOPYNd _Z L^N]TMP ]T_`LW PQQTNLNd _Z PYTRXL_TN ]T_`LW^ LYO L NZ`Y_P]aLTWTYR _PYOPYNd _Z PaZVP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
>ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN !$z$
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
YPb ^dXMZWTN TY_P][]P_L_TZY^ _SL_ OTXTYT^S ]P[]P^PY_L_TZY^ ZQ ]T_`LW PQQTNLNdx ! 3ZbPaP] >ø]PY^PYv^ NWLTX _SL_ w@_TWT^TYR aP]d ML^TN NZR YT_TaP []ZNP^^P^ XLRTN T^ L [P]XLYPY_ QZ]NP TY _SP ST^_Z]TNLW OPaPWZ[ XPY_ ZQ TY^_T_`_TZYLWT^PO ]PWTRTZY 4_ NZY^_LY_Wd NSLWWPYRP^ P^_LMWT^SPO ]PWTRTZY^v LM^_]LN_ LYO NZY_Pc_OT^_LY_ ^dXMZWTN TY_P][]P_L_TZY^ Md OT ]PN_TYR L__PY_TZY _Z NZYN]P_P NZY_Pc_YPL] LYO RZLWOT]PN_PO `YOP] ^_LYOTYR^ ZQ ]T_`LW LN_TZYx T^ ZYWd _]LY^QP]LMWP _Z >LY^V]T_ 3TYO`T^X TQ ^`MUPN_ _Z ^PaP]P ]P^_]TN_TZY^ " 4_ T^ YZ_ _SL_ ^TX[WP _Z `^P _SP _P]X wTY^_T_`_TZYLWTePO]PWTRTZYxYPT_SP]T^_SPL^^`X[_TZYTY8L`^^v^PY^P ZQ L R`WQ MP_bPPY wP^_LMWT^SPOTY^_T_`_TZYLWTePO ]PWTRTZY^x LYO w`YL` _SZ]TePO XLRTNLW LN_TZYx _PYLMWP LYO YZ] NLY T_ MP NWLTXPO _SL_ _SP P^_LMWT^SPO]PWTRTZYSL^ZYWdLM^_]LN_LYONZY_Pc_OT^_LY_^dXMZWT^X ?SP^P OTQQTN`W_TP^ MPNZXP [L]_TN`WL]Wd PaTOPY_ TY ^LN]PO ^Z`YO >L N]PO^Z`YOLYOT_^PQQTNLNdL]PLYTY_PR]LW[L]_ZQ_SPwP^_LMWT^SPO]PWTR TZY^xZQ >LY^V]T_ 3TYO`T^X,YO[]PNT^PWd _SP ^dXMZWTN TNZYTNTYOPcT NLW NZOP ZQ ^LN]PO ^Z`YO ]PaPLW^ U`^_ SZb NWZ^PWd LM^_]LN_TZY LYO NZYN]P_TeL_TZY NLY MP ]PWL_PO >LN]PO ^Z`YO T^ LY LM^_]LN_ _SPZWZR` XPYZYL^T^[Sd^TNLW]PLWT_d>Z`YOT^LYPc_]PXPWd[ZbP]Q`W]PWTRTZ`^ ^dXMZW _SL_ SL^ ]PXLTYPO Pc_]LZ]OTYL]TWd ^_LMWP LYO L_ _SP ^LXP _TXP SL^ LWbLd^ LN\`T]PO YPb TY_P][]P_L_TZY^ LYO WPO _Z YPb ]T_P^ LYO PaPY YPb ]PWTRTZY^ Z] YPb ]PWTRTZ`^ _]LOT_TZY^ ?SP XLY_]L [ZbP] TY _SP APOLQZ] TY^_LYNPZ]TRTYL_PObT_STY _SP TY^_T_`_TZY^LN]TQTNP?SP?LY _]TN XLY_]L OPT_TP^ TY_]ZO`NPO L OTQQP]PY_ XLY_]L NZYNP[_TZY _SLY _SP APOL LYO NSLYRPO YZ_ ZYWd _SP ]T_`LW M`_ LW^Z _SP PY_T]P ^dXMZW ^d^ _PX.WPL]WdLNL^PbSP]PL^dXMZWbL^_SPXZaTYRQZ]NPZQTYYZaL_TZY bL^_SP9£OL-]LSXLYLYPbNZOTYRZQ_SP-]LSXLYTY_SP_SNPY _`]d bSTNS ^PXTZ_TePO _SP bSZWP bZ]WO L^ [P]aLOPO Md Z]TRTYLW ^Z`YO LYOXLOPT_[Z^^TMWP_Z`YOP]^_LYOZYPv^WT^_PYTYR_ZX`^TNL^LQZ]XZQ DZRL?Z`^P7`SXLYYv^bZ]O^^LN]PO^Z`YOT^[L]_ZQw^d^_PX]L_TZY LWT_dx LYO QZ] S`YO]PO^ ZQ dPL]^ bL^ Pc_]PXPWd PQQPN_TaP L_ ^_LMTWTeTYR LYO []ZO`NTYR PaP] Q]P^S XPLYTYR BSP_SP] ZYP XTRS_ bLY_ _Z NLWW ^LN]PO ^Z`YO ^`NS L^ _SP NZYNP[_TZY ZQ XLY_]L [ZbP] XLRTN Z] YZ_ NLYMPOPML_POBPbTWWRTaPZYPNWPL]P]PcLX[WPZQXLRTNTY_SPQZ]X ZQ _SP >L]L^aL_¯=LSL^dL@[LYT´LO ?ST^ PcLX[WP T^ ZQ ^[PNTLW TY_P]P^_ MPNL`^P T_ NZYQT]X^ >ø]PY^PYv^ OT^_TYN_TZY MP_bPPY XLRTNLW ]T_P NZY N]P_P RZLWOT]PN_PO LYO NZY_Pc_YPL] LYO LY LM^_]LN_ _SPZWZRTNLW ^d^ _PX ^dXMZWTN TY_P][]P_L_TZY M`_ ^TX`W_LYPZ`^Wd ^SZb^ _SL_ MZ_S OZ XLTY^NLYPcT^_TY_LN_^TOPMd^TOPTYZYPLYO_SP^LXP_Pc_8Z]PZaP] LM^_]LN_TZY LYO ^dXMZWTN TY_P][]P_L_TZY YPPO YZ_ MP NZY_Pc_OT^_LY_ L_ LWW[L]_TN`WL]WdTQLXZYT^_TNbZ]WOaTPb[]PaLTW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN " " >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN $
3TYO`T^XL^L.`W_`]PZQ>Z`YO
4_T^YZ_PbZ]_Sd_SL_TYNZY_]L^__Z>ø]PY^PY5LVZM^ZY^Lb_SPR]PL_ ]ZWP[WLdPOMd^dXMZW^TY_SPwWTYR`T^_TNLYOYZ_ZYWdWTYR`T^_TNN]PL _TaT_dx ZQ S`XLY MPTYR^ # 3P QZWWZbPO ;PT]NP bSPY [ZTY_TYR Z`_ _SP ^_]PYR_SZQ_SP^dXMZWbL^O`P_ZQLN__SL_T_SL^LRPYP]LWXPLYTYRLYO _SL__ST^XPLYTYRTYT_^_`]YNLYwZYWdMPL^dXMZWx $?ST^^PPX^_ZMP LY TX[Z]_LY_ TY^TRS_ LW^Z ]PRL]OTYR N`W_`]LW ^dXMZW ^d^_PX^ 3ZbPaP] N`W_`]LW ^dXMZW^ LYO ]PWTRTZ`^ ^dXMZW ^d^_PX^ TY [L]_TN`WL] SLaP L bTOP] ^NZ[P _SLY _SP WTYR`T^_^v ^dXMZW^ ,NNZ]OTYR _Z ;PT]NP LYO 5L VZM^ZY_SPLOaLY_LRPZQ^dXMZW^T^_SL__SPdLWWZbRPYP]LWZ[PYPYOPO ^_L_PXPY_^ LMZ`_ _SP Q`_`]P bSTWP TNZY^ []P^PY_ ZYWd [L^_ Pc[P]TPYNP LYO TYOTNP^ L]P ]PWL_PO _Z _SP []P^PY_ , ^dXMZW Q`YN_TZY^ L^ L RPYP]LW ]`WP 5LVZM^ZY Pc[WLTYPO% w, ^dXMZW QZ] PcLX[WP L bZ]O T^ _SP]PQZ]P T_^PWQ L uRPYP]LW ]`WPv LN\`T]TYR T_^ XPLYTYR ^ZWPWd _S]Z`RS T_^ L[[WTNL _TZY _Z aL]TZ`^ TYOTaTO`LW NL^P^ YLXPWd _SP ^[ZVPY Z] b]T__PY ]P[WTNL^ bSTNS]P^PXMWPZMUPN_^3ZbPaP]OTQQP]PY__SPPXMZOTXPY_ZQ_SPbZ]O XLdMPTYLWWZNN`]]PYNP^ T_]PXLTY^uZYPLYO _SP^LXPbZ]Ovx !?ST^ WTYR`T^_TN OPQTYT_TZY ZQ wbZ]Ox bSTNS bP LW^Z QTYO `^PO Md 4YOTLY WTY R`T^_TN_SPZ]T^_^TYLaP]d^TXTWL]QL^STZYOZP^YZ_WPLaPX`NS]ZZXQZ] XP_ZYdXTN L^^ZNTL_TZY^ -`_ _ST^ T^ []PNT^PWd bSL_ N`W_`]LW ^dXMZW^ LWWZb >Z`YO NSL]RPO bT_S ^LN]POYP^^ LYO _]LY^QZ]XTYR PQQTNLNd bL^ TY 4YOTL L VTYO ZQ wRPYP]LW ]`WPx 4_ ]PXLTYPO L ]PWL_TZYLW NZY^_LY_ 3Zb PaP] TYaP^_TRL_TYR ^Z`YO L^ ^dXMZWTN QZ]X _SP XL__P] TY^_LY_Wd MP NZXP^ XZ]P NZX[WPc LYO RZP^ MPdZYO _SP ]LYRP ZQ WTYR`T^_TN ^dXMZW^ ?SP APOL T^ L RZZO PcLX[WP :YP ^SZ`WO ]PXPXMP] _SL_ APOTN _Pc_^ ]P[]P^PY_ [L]^[]Z_Z_Z L^dXMZWLYONLYMP^PPYTY_SP^PY^PZQLRPY P]LW ]`WP ^TYNP APOL ]PNT_L_TZY LTX^ QZ] PcLN_Wd _ST^% _SP N]PL_TZY ZQ PcLN_ ^[ZVPY ]P[WTNL^ ZQ _SP SZWd wVYZbWPORPx APOL LYO SZWd wSPL] TYRx±]`_T ,__SP^LXP _TXPSZbPaP]APOL]PNT_L_TZYT^L[]TXPPc LX[WP ZQ _SP OPPX[SL^T^ ZQ _SP NZYaPY_TZYLW ^dXMZWTN ^TRY YL_`]P ZQ WLYR`LRPMPNL`^PT_T^YZ__SPbZ]Ov^XPLYTYR_SL_T^_SPOPNTOTYRQLN _Z] Z] SL]MZ]^ _SP wXLRTNLWx PQQTNLNd M`_ _SP NZ]]PN_Wd []ZYZ`YNPO ^Z`YO XL_P]TLW LYO _S`^ TY^_PLO _SP TNZYTN LYO TYOPcTNLW ^TRY aLW`P^ 1`]_SP]XZ]P_SP]PL]PAPOTN]P[WTNL^_SL_YZbSLaPYZ_STYRL_LWW_ZOZ bT_S_SPZ]TRTYLW^`NSL^_SPw?LXTWAPOLxZ]_SP;`]£©L^L^_SPwQTQ_S APOLx3P]P_SP^dXMZWTNNLYZY_SPAPOLTXLRTYL_TaPWd_]LY^X`_P^_Z NZX[WP_PWd OTQQP]PY_ WT_P]L_`]P^ _Z bSTNS _SP ^LN]PO ^`M^_LYNP ZQ _SP APOLT^_]LY^QP]]POLYObT_ST__SP[]P^_TRPZQ_ST^aPYP]LMWP_Pc_LWZYR bT_ST_^XLRTNLWPQQTNLNd?SP^_Z]dZQ_SPTYQLXZ`^-TYO`RLbTWWMPLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 5LVZM^ZY >PXTZ_TV "&NQLW^ZTMTO$!z$" $ 5LVZM^ZY >PXTZ_TV $! ! 5LVZM^ZY >PXTZ_TV $!z$"
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
P^[PNTLWWd MWL_LY_ PcLX[WP ZQ _ST^ >dXMZW^ TNZY^ LYO TYOTNP^ XTYRWP bT_S ZYP LYZ_SP] TY LWW _SP^P PcLX[WP^ ?ST^ LN_`LWWd L[[WTP^ _Z LWW ^L N]PO ^Z`YO^ TY 4YOTL LYO P^[PNTLWWd _Z Z]TRTYLW ^Z`YO L^ `YTaP]^LW ^Z`YObSTNS_SP¢RLXL^LYO?LY_]L^aTPbL^_SPML^T^ZQN]PL_TZYLYO bSTNS_SZ^PWZdLW_Z_SPAPOL^PPPXMZOTPOTY_SPAPOL .]PL_TaT_d LYO RPYP]LWTeL_TZY L[[PL] _Z MP WTXT_PO YZ_ ZYWd _Z ^dX MZWTN^TRY^zZ]YZ_ZYWd_Z^dXMZWTN^TRY^NZYNP[_`LWTePOL^_SPZ[[Z ^T_PZQTNZYTNLYOTYOPcTNLWZYP^4Y_SP[Z^_`WL_PZQN]PL_TaP[ZbP]LYO ZQ TNZY LYO TYOPc Z] XP_L[SZ] LYO XP_ZYdXd bP LR]PP _Z_LWWd bT_S >ø]PY^PY M`_ bP bT^S _Z PX[SL^TeP TY [L]_TN`WL] _SL_ LWW L^[PN_^ NZTY NTOPTY _SP ^dXMZWTNQZ]X _SL_T^^Z`YO?ST^WPLO^`^ _Z_SPXZ]PRPY P]LW NZYNW`^TZY _SL_ TY ]PWTRTZ`^ ^dXMZW ^d^_PX^ TY 4YOTL LYO MPdZYO YZ_ ^Z X`NS _SP WTYR`T^_^v OPQTYT_TZY ZQ ^dXMZW L[[WTP^ M`_ ]L_SP] ;PT]NPv^ ]`WP _SL_ _SP XZ^_ [P]QPN_ ^TRY^ L]P _SZ^P TY bSTNS ^dXMZWTN TNZYTN LYO TYOPcTNLW NSL]LN_P]T^_TN^ L]P TY_]TY^TNLWWd Q`^PO _ZRP_SP] 4Y _SP]PWTRTZ`^^dXMZW^d^_PXZQ>LY^V]T_3TYO`T^X^Z`YObL^^Z[ZbP] Q`W MPNL`^P T_ LWWZbPO YZ_ ZYWd LY TYQTYT_P Y`XMP] ZQ ]P[WTNL^ M`_ LW^Z Y`XP]Z`^XP_ZYdXTNL^^ZNTL_TZY^LYOXP_L[SZ]TNLWXL[[TYR^ 4Y >LY^V]T_ 3TYO`T^X TY WTYR`T^_TN _P]X^ ^Z`YO T^ L w[P]QPN_ ^TRYx Z]TYWT_P]L]d_P]X^T_T^LYTNZYTNw_Z_LW]P[]P^PY_L_TZYx4Y_P]X^ZQ_SP N`W_`]LW [STWZ^Z[Sd LYO _SPZ]d ZQ Xd_S TY _SP ^PY^P ZQ .L^^T]P] LYO 3ÞMYP]ZYPNLY^[PLVZQLw^dXMZWTNQZ]XxLYOwY`XTYZ`^^`M^_LYNPx TYbSTNS _SPXL_P]TLWLYO_SPTXXL_P]TLWQ`^PLYO[]PNT^PWd_ST^QLN_Z] [WLd^LXLUZ]]ZWPTYbSL_XLVP^wSZWdSPL]TYRxLYOw^LN]PO^Z`YOx4Y NZRYT_TaP _SPZ]d TY >ø]PY^PYv^ ^PY^P SP]P ^Z`YO bZ`WO MP LY TYOPcT NLW P^^PY_TLWT^_TNLWWd NSL]RPO XP_ZYdXd -`_ _ST^ T^ L XP_ZYdXd _SL_ WPO _Z PaP]YPb ]T_`LWTeL_TZY^ LYO ]PWTRTZ`^ _]LOT_TZY^ _SLYV^ YZ_ ZYWd _Z []ZNP^^P^ ZQ wXP_L[SZ]TNLW XL[[TYRx M`_ LW^Z _Z T_^ NZY^_LY_Wd ^_]ZYR NZYaPY_TZYLW ]PWTRTZ`^ ^dXMZW NZY_PY_ ,NZ`^_TN [TP_d PcT^_^ TY [`MWTN LYO []TaL_P ^[LNP^ LYO _]LY^NPYO^ ^`MUPN_TaP XTYO^P_^ :YP ^SZ`WO YZ_ QZ]RP_ _SL_ aZTNP LYO ^Z`YO L]P L_ ZYNP [ZbP]Q`W YL_`]LW ^dXMZW^LYO^PY^Z]dLP^_SP_TN]PLWT_TP^LYO_SL_^ZYTNQZ]X^ZQPc[]P^ ^TZY [WLd L []TXP ]ZWP bT_STY _SP bSZWP N`W_`]LW ^dXMZW ^d^_PX ?ST^ NLYYZ_ MP ]PO`NPO _Z XP_ZYdXTN L^^ZNTL_TZY^ 8LRTN PQQTNTNLNd T^ L^ X`NS Pc[WLTYPO Md _SP ^ZYTN [L]LOTRX bSTNS PYUZdPO NZY^_LY_ ^ZNTLW PQQP]aP^NPYNP Md _SP [P]QZ]XLYNP N`W_`]P ?SP aZTNP SL^ _SP LMTWT_d _Z XLVP _SL_ bSTNS T^ LM^PY_ []P^PY_ _Z N]PL_P ]PLWT_d Md YLXTYR _STYR^ LYO LW^Z _Z M]TYR TOPL^ LYO LM^_]LN_TZY^ _Z WTQP >ZYTN ]T_P^ L]P MZ_S [Sd^TNLW]PLWT_TP^LYONZRYT_TaPXL[^?SPdSLaPTYOTaTO`LWLYONZWWPN _TaP ]PWTRTZ`^ LYO P_STN Q`YN_TZY^ Md XL_P]TLWTeTYR aLW`P^ LYO bZ]WO aTPb^ /`P _Z _SPT] XP]P [Sd^TNLWT_d _SPd ^dYNS]ZYTeP S`XLY MPSLa TZ`] QZ] TY^_LYNP TY MSLV_T R]Z`[ NSLY_TYR BSP_SP] [P]QZ]XPO TY _SP [`MWTN L]PL Z] []TaL_PWd ^ZYTN ]T_P^ TYaZWaP LWXZ^_ TYaL]TLMWd LW^Z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
YZY[]LRXL_TN L^[PN_^ >Z`YO TYNW`OP^ [L]_TNT[LY_^ ZY LY PXZ_TZYLW WPaPW LYO N]PL_P^ YL_`]LW LM^Z][_TZY LYO PaPY [Sd^TNLWWd Pc[P]TPYNPO YZYO`LWT_d >`NS L^[PN_^ L]P NPY_]LW TY 4YOTLv^ LNZ`^_TN [TP_d M`_ ^Z`YO NLY LW^Z ZNN`] TY L aP]d LM^_]LN_ bLd L^ ^dXMZWTN QZ]X RZTYR MPdZYO LWW ]PWTRTZ`^ NZOTYR PR T_ NLY MP `^PO L^ QZ]X`WLTN WLYR`LRP TY LM^_]LN_ ^NTPY_TQTN ^d^_PX^ L^ _SP ^Z`YO NZOP^ ZQ _SP R]LXXL]TLY ;£©TYT ^SZb 4Y _SP ]PWTRTZ`^ QTPWO LW^Z ^Z`YO L^ L YL_`]LW ^dXMZWTN QZ]X SL^ YZ_ ZYWdRPYP]L_POwXd_STNLWxLYOwXLRTNLWxbZ]WO^ZQ_SZ`RS_LYOPc[P]T PYNPLWZYRbT_S]T_`LWPQQTNLNdM`_T_SL^LW^ZTY^[T]POSTRSWd]L_TZYLW TePO _SPZWZRTP^ ZQ NZ^XTN `YT_d LYO SZWT^X ,XZYR ^NSZWL]^ LYO wWLd [P]^ZY^x LWTVP ]PWTRTZ`^ ^Z`YO^ SLaP N]PL_PO LYO NZY_TY`P _Z N]PL_P TXXPOTL_P [L]_TNT[L_TZY TY L ^LN]PO NZ^XZ^ L__T_`OP^ ZQ ]P^[PN_ PXZ _TZYLW LM^Z][_TZY YZYO`LWT_d _SL_ T^ Pc[P]TPYNPO [Sd^TNLWWd TYYP] TX LRP^ LYO L ]PXPXMP]TYR VYZbTYR _L^_TYR LYO ^LaZ]TYR ZQ PaP]d_STYR LMZ`_ _SP ]PLWT_d _SL_ T^ NZXX`YTNL_PO TY _SP SZWd _Pc_^ LYO RZP^ MP dZYOZ`]bZ]WObT_SZ`__SPbZ]OTYRSLaTYR_ZMP`YOP]^_ZZOTYOP_LTW 1]ZX _SP [P]^[PN_TaP ZQ _SPZ]TP^ ZQ NZXX`YTNL_TZY LYO [P]QZ]XLYNP ^Z`YO SL^ LRLTY LYO LRLTY []ZaPY _Z MP L wXLNSTYPx ^P__TYR PXZ_TZY^ NZRYT_TZY^ LYO N]PL_TaP TXLRTYL_TZY^ TY XZ_TZY ,YO TY _P]X^ ZQ _SP [^dNSZWZRd ZQ X`^TN _ST^ L[[PL]^ _Z MP []ZaPY :Y _SP ^`MUPN_ ZQ ^L N]PO ^Z`YO^ 3LY^2ÞY_P] 3PTXM]ZNV ^_L_P^ _SL_ w_SP PQQPN_ ZQ ^Z`YO^ FT^ ML^POH WL]RPWd YZ_ ZYWd ZY ]PNP[_TaP M`_ LWbLd^ LW^Z ZY []ZO`N_TaP LN_^YLXPWdZYLN_^ZQTXLRTYL_TZYTYbSTNSXPLYTYRT^RPYP]L_PObT_S TYYP]TXLRP^ZQ^Z`YO^x ! >ø]PY^PYL__]TM`_PON]PL_TaPLYOTYYZaL_TaP[ZbP]^ZWPWd_ZXLRTNLW ]T_P^ LYO YZ_ _Z ^dXMZW^ Z] S`XLY NL[LNT_d QZ] ^dXMZWTeL_TZY 5LVZM ^ZY .L^^T]P] _SP L`_Z[ZPT^T^ ZQ WT_P]L]d _Pc_^ _SP TXLRTYL_TZY ZQ _SP ]PLOP]WT^_PYP] 0NZ 3PTXM]ZNV Z] _SP ]P[]ZO`N_TZY ZQ XPLYTYR Md ^d^_PX ]L_TZYLWT_d 7`SXLYY DP_ PLNS ZQ _SP QLN_Z]^ T^ OPNT^TaP TY T_^ ZbY bLd LYO []ZMLMWd ZYWd TY _SP TY_P][WLd ZQ ]T_`LW LYO NZRYT_TaP QZ]X^ LYO TNZYTN TYOPcTNLW LYO ^dXMZWTN L^[PN_^ OZ _SP XZ^_ PQQPN_TaP ]PWTRTZ`^TYYZaL_TZY^L[[PL]_ZSLaPMPPYPcPN`_PO:`]wLP^_SP_TNN`W _`]LWST^_Z]dxbTWW[]ZaTOPPaTOPYNPZQ_ST^ 0aTOPY_Wd _SP N`W_`]LW ^[PNTQTNT_d ZQ ]PWTRTZ`^ ^dXMZW ^d^_PX^ LYO bZ]WOaTPb^[WLdL_WPL^_U`^_L^TX[Z]_LY_L]ZWPL^`YTaP]^LWNZRYT_TaP XPNSLYT^X^ >dXMZWTN QZ]X^ _SP]PQZ]P LN\`T]P LY P^^PY_TLW ]PWPaLYNP _SL_ NLYYZ_ MP TRYZ]PO BP ^PP TY _SP NZX[WPc ZQ TOPL^ _SL_ T^ w^LN]PO ^Z`YOx L ^dXMZWTN QZ]X TY .L^^T]P]v^ ^PY^P ?ST^ ^PPX^ _Z MP L YPNP^ ^L]d P^^PY_TLW MPNL`^P _SP TOPL^ ZQ SZWTYP^^ NZYYPN_PO bT_S ^Z`YO TY 4YOTL NLYYZ_ ^`QQTNTPY_Wd MP Pc[WLTYPO Md XPLY^ ZQ WTYR`T^_ LYO NZRYT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 3PTXM]ZNVw¾MP]OTP]PWTRTØ^PBT]V`YRaZY6WÆYRPYx#
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
_TaP _SPZ]TP^ M`_ ZYWd Md TYNW`OTYR L XPLYTYR Z]TPY_PO NZYNP[_ ZQ N`W _`]P4YQLN_ _SPN`W_`]LW XPLYTYR ^d^_PXSL^[]TZ]T_dMPNL`^P T_T^_SP bZ]WOaTPb^ _SL_ OPNTOP _SP XL]RTY^ ZQ ]PLWT_d /P[PYOTYR ZY _SP N`W _`]LW ^dXMZW ^d^_PX _SP]P bTWW MP []ZQLYPYP^^ Z] SZWTYP^^ L__LNSPO _Z YL_`]LW ^dXMZW^ ^`NS L^ aZTNP LYO ^Z`YO -PNL`^P aZTNP LYO ^Z`YO ]L_SP] _SLY b]T_TYR L__LTYPO ^`NS L R]PL_ N`W_`]LW aLW`P TY 4YOTL _SPd bP]P NZY^_LY_Wd LMWP _Z TY^[T]P XLYd aL]TPO LYO YPb QZ]X^ ZQ LNZ`^_TN [TP_d ]T_`LWT^_TN OPaZ_TZYLW LYO NZRYT_TaP ZYP^ ?SP N`W_`]LW aLW`P ^d^_PX YZ_ ZYWd OPNTOP^ LMZ`_ SZWTYP^^ M`_ LW^Z LMZ`_ _SP []TZ]T_d LYO `^P ZQ XPOTL LYO _SP aLW`P L__LNSPO _Z _SPX ,YO SP]P bP NZXP _Z _SP XZ]P ^`M^_LY_TLW LYO ML^TN L^[PN_ _SL_ X`^_ LWbLd^ MP VP[_ TY aTPb 4Y 4YOTL _SP ^ZYTN [L]LOTRX R]Pb ^Z ^_]ZYR MPNL`^P ZQ L WTQPbZ]WO bSP]PTY_SP^[ZVPYLYO^Z`YOTYRbZ]OSLOL[]TXP]ZWP?ST^L]R`XPY_ T^XZ^_aT_LWMPNL`^PT_Pc[WLTY^bSd_SP^ZYTN[L]LOTRXT^YZ_WTXT_PO _Z LNZ`^_TN [TP_d LYO SZWd SPL]TYR M`_ LW^Z QZ^_P]PO LM^_]LN_ _STYVTYR LYO^[PNTQTNLP^_SP_TN^_dWP^bT_STY_SP[]ZQLYPQTPWO^ZQ^NTPYNP
=PaTPbLYO:`_WZZVQZ]_SPw>ZYTN;L]LOTRXxLYO>Z`YOL^ >dXMZWTN1Z]X
?SP []PaTZ`^ NSL[_P]^ SLaP XLOP T_ NWPL] bSd LYO _Z bSL_ Pc_PY_ bP ]PWL_P ^Z`YO LYO NZXX`YTNL_TZY OT]PN_Wd _Z ZYP LYZ_SP] LYO bSP]P bP QZWWZb ZY Q]ZX ^ZNTZWZRTNLW WTYR`T^_TN LYO WT_P]L]d _SPZ]TP^ ZQ NZXX` YTNL_TZYLYO^TRY^?SPdLW^Z^SZbbSP]P bP^PPLYPNP^^T_d_ZRZQ`] _SP] TY Z]OP] _Z PcLXTYP Z`] 3TYO` OL_L ZY L _SPZ]P_TNLW ML^T^ LYO TY L XLYYP] ^PY^T_TaP _Z NZY_Pc_ ?SP L[[]ZLNS bP QLaZ] ZQ _SP LP^_SP_TN^ LYO ^PXTZ_TN^ ZQ ]PWTRTZY L[[PL]^ _Z MP _SP MP^_ ZYP QZ] OZTYR _ST^ ,_ _SPZ`_^P_bPPc[WLTYPObSdbPNZY^TOP]L[P]QZ]XL_TaPNZXX`YTNL_TZY NZYNP[_ _Z MP P^[PNTLWWd L[[]Z[]TL_P LYO TWW`XTYL_PO T_ Md XPLY^ ZQ L NZX[WPc X`W_TOTXPY^TZYLW NZXX`YTNL_TZY XZOPW TY Z]OP] _Z Pc[WLTY LNZ`^_TN[TP_dLYOLYTXL_P^Z`YO^?ST^XZOPWSL^[]ZaPOT_^PWQ_ZMPL ^`T_LMWP ZYP QZ] M`TWOTYR ZY LYO Pc[LYOTYR NZRYT_TaP _SPZ]TP^ ZQ wNZY NP[_`LW MWPYOTYRx >ø]PY^PYv^ NZRYT_TaP _SPZ]d ZQ ]T_`LW LYO XLRTN SPW[PO TY _SP PWLMZ]L_TZY ZQ _SP NZRYT_TaP XPNSLYT^X^ `YOP]WdTYR _SP NZXXZY QZ]X^ ZQ LNZ`^_TN [TP_d TY 4YOTL ?SP M]ZLO OT^N`^^TZY ZQ _ST^ _SPZ]dSZbPaP]XLOPT_U`^_L^NWPL]bSdbPRTaP[]TZ]T_d_Z^dXMZWTN QZ]X^ LYO L NZY_Pc_^PY^T_TaP ST^_Z]d ZQ TOPL^ LYO bSd bP YZ WZYRP] bT^S_ZL]R`PTY_P]X^ZQNZRYT_TaP_SPZ]dM`_[]TXL]TWdTY_P]X^ZQ_SP LP^_SP_TN^ZQ]PWTRTZYLYON`W_`]LWST^_Z]d ,^ 8Lc BPMP] ^SZbPO TOPL^ _SPX^PWaP^ L]P [ZbP]Q`W QZ]NP^ _SL_ ^SL[P N`W_`]LW [P]NP[_TZY^ LYO ^ZNTLW LN_TZY^ 4_ T^ LN_`LWWd L^_Z`YOTYR _SL_ _SP NZRYT_TaP ^NTPY_T^_ >ø]PY^PY bSZ YZ_P^ _SL_ wXPLYTYR T^ NZY
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^_]`N_PO LYO XLYT[`WL_PO TY^TOP XPY_LW ^[LNP^x ! L^N]TMP^ ^`NS ^_]ZYR XPLY^ZQZaP]MWPYOTYRLYON]PL_TaT_dZYWd_Z]T_`LWLYOYZ_LW^Z_Z_SP N`W_`]LWWd ^[PNTQTNQZ]X^ZQPc[]P^^TZYZQ ]PWTRTZ`^ TXLRTYL_TZY ]PQWPN _TZY LYO ^_LYOL]OTeL_TZY Z] _Z _SL_ bSTNS bP SLaP NLWWPO _SP w[L]L OTRXx TY Z`] ZbY MWPYOTYR XZOPW ,^ L[[]Z[]TL_P _Z Z`] L]PL ZQ TY_P] P^_ bP `^P _ST^ _P]X []TXL]TWd _Z ]PQP] _Z _SP ^ZYTN [L]LOTRX Z] _SP ^ZYTN[L]LOTRX^ZQ>LY^V]T_3TYO`T^X>`NSN`W_`]LW[L]LOTRX^^PPX_Z `^_ZMPNPY_]LWL^_SPML^T^ZQ_SPN`W_`]LW`YOP]^_LYOTYR_SL_T^YPNP^ ^L]d QZ] PcLX[WP TY Z]OP] _Z Pc[P]TPYNP ^Z`YO^ L^ LYTXL_P LYO _Z LY _TNT[L_P]T_`LWPQQTNLNdLYOPc[P]TPYNPT_L]PLWbLd/Z`M_WP^^_SP^ZYTN [L]LOTRXT^P^[PNTLWWd^_]ZYRWd[]P^PY_TY]T_`LWQZ]X^ZQ[]LN_TNPM`_T_ T^ LW^Z _LYRTMWP TY _SP YL]]L_TZY^ LYO ]PQWPcTaP ^_L_PXPY_^ ZQ _SP ^LN]PO WT_P]L_`]P^TYwOT]PN_TZY^xQZ]wSZWdSPL]TYRxZ]wSZWd^[PLVTYRxLYOT^ P^[PNTLWWd XL]VPO TY ^ZYTN NZ^XZWZRTP^ LYO _SPZWZRTP^ 8Z]PZaP] _SP [L]LOTRXPc_PYO^]PWTRTZ`^NZXX`YTNL_TZY4_T^LYTX[Z]_LY_L]R`XPY_ TY _ST^ MZZV _SL_ _SP ^ZYTN [L]LOTRX [P]aLOP^ OTQQP]PY_ ^PRXPY_^ ZQ N`W_`]P0aPYNP]_LTY^NTPY_TQTNNZOP^d^_PX^[]P^PY_TYRPWLMZ]L_POYZY ]PWTRTZ`^VYZbWPORP^d^_PX^^`NSL^R]LXXL]LYOL^_]ZYZXdTYM]TPQ LNZ`^_TN QZ]X`WL^ XL[ L ^ZYTN [L]LOTRX :YP ZQ _SP XZ^_ OT^_TYR`T^S TYR XL]V^ ZQ >LY^V]T_ N`W_`]P SL^ MPPY _Z Pc[]P^^ LM^_]LN_TZY^ YZ_ ZYWd TYR]L[STN^dXMZW^LYOb]T_TYRM`_LW^ZTYLNZ`^_TN^dXMZW^:MaTZ`^Wd _SP[SZYZNPY_]TNWTQP]PLWT_dLYO^ZYTNLbL]PYP^^LW^Z[]ZXZ_POQZ]XLW T^XLYOLM^_]LN_TZYLWZYR^TOPOTaP]^PQZ]X^ZQQ`^TZY 4Y_SPOT^N`^^TZYZQ^Z`YOL^^dXMZWTNQZ]X_SP]PQZ]PYZ_ZYWd]T_ `LW QZ]X^ [WLd LY TX[Z]_LY_ ]ZWP M`_ ^Z OZ NZRYT_TaP ^d^_PX^ aL]TZ`^ ^dXMZWTN QZ]X^ LYO OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d 3ZbPaP] _SP^P OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d QZ] TY^_LYNP ]PWTRTZY LYO ^NTPYNP SLaP MPPY OTQQP]PY_Wd Z]RLYTePO _SLY _SPT] 0`]Z[PLY NZ`Y_P][L]_^ LYO _SPT] ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY ^`QQP]PO WP^^ L M]PLV PaPY TY XZOP]Y_TXP^BPL]PRZTYR_ZL]R`P_SL_ _SP^PXTWT_P]LW TY_P]XPOTL_P eZYP ZQ >LY^V]T_ N`W_`]P _SL_ NZXMTYPO Z]LWT_d LYO WT_P]LNd LYO YPaP] RLaP`[T_^[SZYZNPY_]TN[]PQP]PYNPbSL_bPNLWWw^ZYLWT_dxN]PL_POL w_ST]O ^[LNP SLMT_`^x ?ST^ N`W_`]P RPYP]L_PO YZ_ ZYWd []ZYZ`YNPO QZ]X^ ZQ LNZ`^_TN [TP_d M`_ LW^Z OTQQP]PY_ ^NTPY_TQTN ^_dWP^ _SLY _SZ^P QZ`YOTY0`]Z[P=PRL]OTYR_SPST^_Z]dZQ]L_TZYLWT_dT_T^YZ_TY^TRYTQT NLY_ _SL_ PaPY _SP ^NTPY_TQTN LM^_]LN_TZY^ ZQ YL_`]LW ^NTPYNP^ SLaP MPPY NZXX`YTNL_PO TY ^Z`YO^ LYO [ZP_TN aP]^P^ ?SP LP^_SP_TN ^_dWP^ ZQ _SP _]LOT_TZYLW 4YOTLY ^NTPY_T^_^ OTQQP] []ZQZ`YOWd Q]ZX ^NTPY_TQTN []LN_TNP^ TY _SP BP^_ >`NS L^[PN_^ L]P PL^TWd QZ]RZ__PY MPNL`^P TY _SP BP^_ bP L]P `^PO _Z RTaTYR bPTRS_ ZYWd _Z NZY_PY_ LYO WZRTNLW NZSP]PYNP -`_ _SPd L]P YZ_ _Z MP _LVPY WTRS_Wd YZ] L]P _SPd T]]PWPaLY_ ,P^_SP_TN Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
"
YZYLP^_SP_TN ^_dWP^ ZQ ^NTPYNP L]P ^ZNTLW ]P[]P^PY_L_TZY^ LYO SLMT_`^ QZ]XTYR LYO [P]NP[_TZYRPYP]L_TYR [ZbP]^ BT_STY _SP N`W_`]LW ^d^_PX ZQ3TYO`4YOTLMZ_SLNZ`^_TN[TP_dLYO ^NTPY_TQTN NZOP^d^_PX^]PaPLWL ^_]ZYRWd[L]_TNT[L_Z]dL[[]ZLNS_ZWLYR`LRPLYO]PLWT_d BP TYaP^_TRL_P [L]_TNT[L_TZY L^ L QZ]X ZQ wSLMT_`^x TY aL]TZ`^ N`W _`]LW ^[SP]P^ LYO _SPT] ZaP]WL[[TYR^ ?SP ML^T^ T^ L [SZYZNPY_]TN WTQP ]PLWT_d TY bSTNS ^PXLY_TN LYO PXZ_TZYLW XP^^LRP^ LYO PaPY ^NTPY_TQTN XP^^LRP^ L]P XL_P]TLWTePO TY L ^PY^Z]d LP^_SP_TN XLYYP] ?ST^ WTQP bZ]WO TYNW`OPO XLYd NZRYT_TaP MWPYO^ ZQ []ZQLYP LYO ^LN]PO aTPb^ ZQ WLYR`LRP LYO TY_P][]P_L_TZY ZQ ]PLWT_d 4_ []ZO`NPO L QLT] Y`XMP] ZQ SZWT^_TN bZ]WONZY^_]`N_TZY^ LYO [P]QZ]XL_TaP Q`^TZY bL^ YZ_ ZYWd ZYP ZQ _SP XZ^_ NSP]T^SPO ]PWTRTZ`^ RZLW^ M`_ LW^Z LY TX[Z]_LY_ L^[PN_ ZQ N`W_`]LW ]P[]ZO`N_TZY ?SP [L]_TNT[L_Z]d L[[]ZLNS TY [STWZ^Z[Sd SL^ MPPYNLWWPOXP_L[Sd^TNLWXZYT^XPW^PbSP]P3ZbPaP]>LY^V]T_3TYO` T^XSL^XZ]P_SLYZYPaP]^TZYZQNZ^XTN`YT_dTYNW`OTYRXZ]PO`LWT^_TN ZYP^ bT_STY _SPT^_TN LYO OPaZ_TZYLW XZaPXPY_^ YZ_ QZ]RP__TYR ^ZYTN NZ^XZWZRTP^ 4]]P^[PN_TaP ZQ _ST^ X`W_T[WTNT_d _SP TOPLW ZQ [L]_TNT[L_TZY TY LYO XP]RP] bT_S _SP ^`[]PXP OPT_d Z] STRSP] `YT_d [P]aLOPO []LN_T NLWWd LWW ^d^_PX^ ?SP [P]QZ]XLYNP _d[P^ TYNW`OPO YZ_ ZYWd L^NP_TN Pc P]NT^P^ LYO QL^_TYR Z] TY_PWWPN_`LW NZY_PX[WL_TZY LYO [`]P RYZ^T^ Z] NZX[WP_P OPaZ_TZYLW ^`]]PYOP] LYO QPL_^ ZQ S`XTWT_d M`_ XZ]P ZQ_PY _SLY YZ_ ^Z`YO ]T_P^ BSP_SP] NZXMTYPO bT_S Z_SP] []LN_TNP^ Z] [P] QZ]XPOTYOTaTO`LWWd _SPTOPL_SL_ZYPNLYXP]RP bT_S_SPSTRSP]`YT_d [L]_TNT[L_PTY_SPOTaTYPLYO_L[OTaTYP[ZbP]MdXPLY^ZQ^Z`YOZQ_SP XLY_]L _SP OTaTYP YLXP Z] X`^TN T^ LWW[P]aLOTYR LYO Pc_PYO^ TY_Z [`MWTN[P]QZ]XLYNP^0aPY _ZOLd_SP_Pc_LYO T_^ ^Z`YOL]PZQ_PY_SPX ^PWaP^aTPbPOL^L^LN]POY`XTYZ`^^`M^_LYNP0^^PY_TLWT^_ZMUPN_TaTeL _TZYT^N]`NTLW_ZLNZ`^_TN[TP_d4Y4YOTL_ST^TYNW`OP^NZYaTN_TZYZQ_SP SZWTYP^^ LYO [ZbP] ZQ ^LN]PO ^Z`YO LYO _SP MPWTPQ _SL_ OPT_TP^ L]P TX XPOTL_PWd[]P^PY_TY?LY_]TNLYOOPaZ_TZYLWXLY_]L^ ;L]_TNT[L_TZYTY_SPNL^PZQ4YOTLY[SZYZNPY_]TNT_dXPLY^[L]_TNT[L_ TYR TY _SP ^Z`YO^ LWWZbTYR ZYP^PWQ _Z MP _TPO TY_Z _SPT] ^PY^Z]d L`]LW YL_`]P _Z PYUZd _SP w]L^Lx ZQ _SPT] LP^_SP_TN^ M`_ LW^Z ^ZNTLW ^dYNS]Z YTNT_dXd_STNLWPXMPOOPOYP^^LYO^LN]TWTeTYRZYPv^ WTQP4Y_SPNL^PZQ _SP YL_`]LW ^NTPY_T^_^ XPY_TZYPO [L]_TNT[L_TZY XPLY^ TYNW`^TZY ZQ _SP N]d[_TNL_SXZ^[SP]TN[ZP_TNLYOYZYaP]MLWTY_Z_SP^NTPY_TQTN[]Z[Z^T _TZY LYO _S`^ ^_]ZYRP] PXZ_TZYLW Q`^TZY bT_S _SP ^NTPY_TQTN ^`MUPN_ 4Y _SP NL^P ZQ LNZ`^_TN [TP_d T_ XPLY^ [L]_TNT[L_TYR TY _SP WTQP ZQ _SP _Pc_^ LYO_SPY`XTYZ`^^`M^_LYNP^NZXX`YTNL_POTY_SPX BP NZY^TOP] _SL_ NLWWTYR _ST^ L[[]ZLNS wNZXX`YTNL_TZYx PaPY _SZ`RS TYQZ]XL_TZY LYO _SP NZYaPdTYR ZQ L XP^^LRP NZTYNTOP TY _SP ]PLWX ZQ _SP ^PY^Z]d T^ U`^_TQTPO QZ] ^PaP]LW ]PL^ZY^ ?SP QT]^_ ]PL^ZY QZ] _ST^ T^ _SL_ SP]P _ZZ _SP ^TRY WTaP^ O`P _Z T_^ ^ZNTLW `^P BT__RPY
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^_PTYLYO;PT]NP1Z]TY^_LYNPT_bL^LNZYaPY_TZY_SL_XL_SPXL_TNTLY^ Pc[]P^^PO _SPT] QTYOTYR^ TY OTQQTN`W_ aP]^P^ LYO _ST^ ^SZb ZQ M]TWWTLYNP SLOLRZZOOPLWZQWPRT_TXTeTYR^ZNTLWQ`YN_TZY>TXTWL]Wd_SP]PWTRTZ`^ ^d^_PX bTWW SL]OWd PaP] WLNV LY P^^PY_TLWT^_ `YOP]^_LYOTYR ZQ XLY_]L [ZbP] PaPY TQ T_ TYaZWaP^ ^PaP]P WLYR`LRP N]T_TNT^X L^ TY _SP ,OaLT_L APO£Y_L4_T^Lw_]`_SxbSTNST^^ZX`NS[L]_ZQ_SP]PWTRTZ`^OT^NZ`]^P _SL_ T_ bZ`WO MP SL]O _Z QTYO L ]PWTRTZ`^ [P]^ZY bSZ OZ`M_^ T_ 4_ T^ L^ N`^_ZXL]d L^ _Z TYaZVP 7Z]O 2L©P²L L_ _SP MPRTYYTYR ZQ L YPb `YOP] _LVTYR _Z ]PXZaP LWW ZM^_LNWP^ 4Y LWW TY^_LYNP^ ZQ NZXX`YTNL_TZY LYO [L]_TNT[L_TZY XPY_TZYPO LY Pc_]PXP LXZ`Y_ ZQ L`_Z[ZPT^T^ 7`SXLYY T^ []P^PY_ TYNW`OTYR ^PY^Z]d LP^_SP_TN LYO PXZ_TZYLW L^[PN_^ _SL_ MP WZYR_Z_SPNZXX`YTNL_TZY[]ZNP^^0NZ :YP XLd LOO _SL_ PaPY _SP 7L_TY _P]X NZXX`YTNL_TZ TYNW`OP^ L ^_]ZYRWd [L]_TNT[L_Z]d L^[PN_ TY _SL_ T_ T^ OP]TaPO Q]ZX NZXX`YTNZ wXLVP NZXXZYx w[L]_TNT[L_P TYx wNZYaPdx LYO NZXX`YT^ wNZX XZYx wUZTY_x wRPYP]LWx ,OXT__POWd _ST^ ]PLOTYR ZQ NZXX`YTNZ LYO NZXX`YT^ T^ L OL]TYR ^`RRP^_TaP LYO ^_]ZYRWd L^^ZNTL_TaP XP_ZYdXTN ZaP]TY_P][]P_L_TZY Q`WWd TY VPP[TYR bT_S _SP ^_dWP TY bSTNS XLYd 4YOTLY _STYVP]^ TY_P][]P_ NL_NSbZ]O^ LYO [L^^LRP^ Q]ZX ^LN]PO WT_P]L _`]P^ ,NNZ]OTYR _Z 4YRZ 8Ø]_S _SP _bZ 7L_TY _P]X^ ^TX[Wd XPLY LY wPY_P]TYR TY_Z L ]PWL_TZY Md ^`MUPN_^ _S]Z`RS ^`NNP^^Q`W PcNSLYRP ZQ TYQZ]XL_TZYx ! _SL_ T^ NZX[WP_PWd YZ]XLW TYQZ]XL_TZY _]LY^QP] L^^ZNT L_PObT_SWLYR`LRPLYONZXX`YTNL_TZYTY^ZNTLWTY_P]LN_TZYTY4YOTLLYO PW^PbSP]P ,_ _ST^ U`YN_`]P bP SLaP _Z [ZTY_ Z`_ _SL_ TY _SP aP]YLN`WL] ^P__TYRZQPaP]dOLdWTQPTY4YOTLYWTYR`T^_TN^LYOLWW_SPbLd_Z_SP]PWT RTZ`^ WT_P]L_`]P^_SP TYQZ]XL_TZYLW L^[PN_ZQWLYR`LRPT^ZQNZ`]^P[]P ^PY_ LYO TY ]PRL]O _Z NZXX`YTNL_TZY T^ YZ OTQQP]PY_ Q]ZX 8Ø]_Sv^ Z] 7`SXLYYv^ OPQTYT_TZY 4Y [L]_TN`WL] TY _SP NL^P ZQ _SP 4YOTLY WLYR`LRP _SPZ]T^_^T_MPNZXP^ NWPL] _SL__SPdXZ^_ NP]_LTYWdVYPb _SL_XPLYTYR^ L]PML^POZYNZYaPY_TZY^LYO_SL_^Z`YOLYOXPLYTYRL]P_bZOTQQP]PY_ _STYR^4Y_SPPL]Wd.ZXXZY0]L4YOTLYWTYR`T^_^^`NSL^±LML]L^a£XTY SLOLW]PLOdOT^NZaP]POWTVP;PT]NP_SL__SPbZ]OPR_SPbZ]OwNZbx bL^L^dXMZWZ]wRPYP]LW]`WPxZ]_SL_bSTNS;PT]NPNLWWPO_SPwTXXP OTL_P TY_P][]P_LY_x ! -SL]_SL]Tv^ WLYR`LRP _SPZ]d _SPY bPY_ Q`]_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 8Ø]_Sw6ZXX`YTVL_TZYx$ ! :Y±LML]L^a£XTYLYO-SL]_SL]T^PPMPWZbTY_SPTY_]ZO`N_TZYLYOTYXZ]POP_LTWTY NSL[,NNZ]OTYR_Z5LVZM^ZY >PXTZ_TV ;PT]NPv^NZYNP[_ZQ_SPwTY_P][]P_LY_x T^ ZYP ZQ _SP wXZ^_ M]TWWTLY_ OT^NZaP]TP^ LYO XZ^_ PQQPN_TaP []ZNPO`]P^x _SL_ ;PT]NP TY_]ZO`NPO TY_Z WTYR`T^_TN^ 5LVZM^ZY ^`XXL]TeP^% w,NNZ]OTYRWd vQT]^_ _SP TXXPOTL_P TY_P][]P_LY_ T^ _Z MP OT^_TYR`T^SPO _SL_ T^ _SP TY_P][]P_LY_ L^ T_ ]PaPLW^ T_^PWQ TY _SP NZ]]PN_ `YOP]^_LYOTYR ZQ _SP ^TRY LYO bSTNS T^ `^`LWWd NLWWPO _SP XPLYTYR ZQ _SP ^TRYv ! >`NSLYTY_P][]P_LY_ uT^ PaP]d_STYR_SL_T^Pc[]P^^POTY_SP ^TRYT_^PWQ T]]P^[PN_TaPZQT_^ NZY_Pc_LYO_SP NT]N`X^_LYNP^ZQ_SP`__P]LYNPv " 9ZMP__P]
.ZXX`YTNL_TZYLYO=PNP[_TZYZQ>Z`YOTYR?Pc_^
$
^_L_TYR_SL_LbZ]ONLYZYWdMP`YOP]^_ZZObT_STYL^PY_PYNPz_ST^_ZZ T^ L NPY_]LW TY^TRS_ ZQ XZOP]Y BP^_P]Y WTYR`T^_TN^ 4Y ^`NS NL^P^ ZQ NZXX`YTNL_TaPWd Pc[WLTYPO LYLWd_TNLW OT^_LYNTYR LYO ^_]TN_Wd ^NTPY _TQTN OT^NZ`]^P^ bP bTWW ^[PLV ZQ LY wPXLYNT[L_Z]dx L[[]ZLNS _Z WLY R`LRPLYO _SP bZ]WOM`_ LW^Z ^SZbSZbZYPXZOP bL^_]LY^WL_POMLNV TY_Z _SPZ_SP] LYOSZbOTaP]^P]L_TZYLWWdQZ`YOPOMWPYO^ZQ PXLYNT[L _Z]dLYO[L]_TNT[L_Z]dXZOP^NLXPLMZ`_ BSP]PL^ 4YOTLY WTYR`T^_TN^ PYUZdPO `YWTXT_PO ]P^[PN_ PaPY LXZYR BP^_P]Y[STWZ^Z[SP]^LYOWTYR`T^_^^ZXP_STYR^LMZ`_LNZ`^_TN[TP_dTY 4YOTLXLd[Z^^TMWd^PPXQZ]PTRYZ]PaPYLWTPYL_TYR_ZLBP^_P]Y]PLOP] 3ZbPaP] TQ bP RZ MLNV _Z ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ _SP]P L]P LXLeTYR^_]`N_`]LW^TXTWL]T_TP^TYXLYdL^[PN_^?ST^^_L]_^bT_SL^TXT WL] XPOTL ^T_`L_TZY LYO _SP OZXTYLYNP ZQ _SP aZTNP BSL_ L[[PL]^ _Z OTQQP]PY_TL_P 4YOTL Q]ZX BP^_P]Y N`W_`]P T^ YZ_ ^Z X`NS _SP [L]_TNT[L _Z]dL[[]ZLNS_Z_Pc_^bSTNSbPSLaP^`XXL]TePOTY_SP_P]XwLNZ`^_TN [TP_dx M`_ _SP Pc[WTNT_Wd ^ZYTN [L]LOTRX _SL_ M]Z`RS_ QZ]_S _SP ^ZYTN _SPZWZRTP^NZ^XZWZRTP^ LYOXP_L[Sd^TN^ZQ^Z`YO4Q ZYPTRYZ]P^QZ]L XZXPY_^ZXPOT^_TYN_TaP BP^_P]YL__PX[_^L_^ZYTN^d^_PX^_SL_OPaPW Z[PO [L]LOTRXL_TN PQQTNLNd ZYWd L_ NP]_LTY _TXP^ Z] TY NP]_LTY NT]NWP^ ^`NS L^ _SP ;d_SLRZ]PLY SL]XZYd ZQ _SP ^[SP]P^ -ZP_ST`^v wX`^TN ZQ _SP `YTaP]^Px X`^TNL X`YOLYL bSTNS WPQ_ T_^ XL]V ZY _SP PY_T]P 8TO OWP ,RP^ 6P[WP]v^ ]PTYaTRZ]L_TZY ZQ _SP TOPL Z] 5ZLNSTX -P]PYO_v^ 9Pb ,RP [STWZ^Z[Sd TY^[T]PO Md 4YOTL NLWWPO w?SP BZ]WO T^ >Z`YOx bPQTYOTY_SPBP^_YZLYLWZRZ`^^ZYTN[L]LOTRXLYOLMZaPLWWYZNZY ^T^_PY_ ZYP -`_ bSL_ bP OZ QTYO z LYO _ST^ L[[WTP^ _Z LWW _SP ^ZNLWWPO MZZV ]PWTRTZY^ ]TRS_ `[ _Z _SP []P^PY_ _TXP z T^ LY LP^_SP_TN ^PY^Z]d PXZ_TaP ^ZYTN ]PNP[_TZY ZQ _SP SZWd w^N]T[_`]P^x WTaPO Z`_ TY []LN_TNP BP YZb NZXP MLNV _Z _SP XZ^_ ML^TN QZ]X ZQ LNZ`^_TN [TP_d bSTNS T^ L]_TN`WL_PO TY _SP aZNLWTeL_TZY LYO X`^TNLWTeL_TZY ZQ ^LN]PO WT_P]L_`]P^ TY_SPWT_`]RTNLWL[[]ZLNSLYOPaP]dOLd]PWTRTZ`^[]LN_TNP,NWZ^P]WZZV ]PaPLW^ _SL_ _SP w^Z`YOTYR Z`_x ZQ _SP SZWd w^N]T[_`]Px T^ LW^Z Md YZ XPLY^QZ]PTRY_ZNZY_PX[Z]L]d]PNT[TPY_^ZQ_SPMZZV]PWTRTZY^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OPQTYT_TZY T^ VYZbY ?ST^ u^PWPN_TaPv TY_P][]P_LY_ bSTNS T^ _Z MP OT^_TYR`T^SPO Q]ZX _SP vNZY_Pc_`LWvTY_P][]P_LY_ T^ LY P^^PY_TLWM`_LWW _ZZ Q]P\`PY_WdZaP]WZZVPOVPd_Z ]P^ZWaTYR _SP aT_LW \`P^_TZY ZQ RPYP]LW XPLYTYR^ TY _SP aL]TZ`^ L^[PN_^ ZQ WTYR`T^_TN LYO Z_SP] ^TRY^x 5LVZM^ZY TMTO BSL_ T^ TX[Z]_LY_ SP]P T^ _SP YZ_TZY ZQ _SP TYaL]TLYNP Z] _SP YPNP^^T_d ZQ OT^NZaP]TYR _SP TYaL]TLY_ MPSTYO _SP Y`XP]Z`^ aL]T LMWP^LYO_S`^_Z[P]NPTaP_SP]PWL_TZYLWNZY^_LY_^_SL_L]P`YLQQPN_POMd_]LY^QZ]XL _TZY^,NNZ]OTYR_Z5LVZM^ZY_ST^T^ZYPZQ_SPR]PL_LNLOPXTNOT^NZaP]TP^PaP]TMTO z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z =PWTRTZY^.ZX[L]PO
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^ 4Y _SP BP^_ bP RPYP]LWWd QZ]RP_ U`^_ bSL_ L Q`YOLXPY_LW ]ZWP _SP L`OT MWP LYO ^[ZVPY bZ]O ZQ_PY [WLd^ TY PaP]dOLd ]PWTRTZ`^ []LN_TNP 4Y _SP LNLOPXTNL[[]ZLNSLYOQZ]_SPTXLRPZQSZWd_Pc_^_SPQZN`^SL^MPPY ZY _SP b]T__PY QZ]X LYO _SP OT^N`]^TaP ]PLOTYR ZQ T_ ?SP XZOPW ZQ _SP wMZZV ]PWTRTZY^x OZXTYL_P^ 4Y _SP $#^ BTWWTLX 2]LSLX NSLWWPYRPO _ST^ aTPb Md TY_]ZO`NTYR _SP _P]X wZ]LW ^N]T[_`]P^x _Z OPYZ_P _SP ]T_`LW Q`YN_TZY ZQ _SP ^LN]PO MZZV^ LYO _SP ]PNP[_TZY ZQ _SP TYNP _SP XTO$#^ XZ]P L__PY_TZY SL^ MPPY [LTO _Z _SP Z]LWL`]LW L^[PN_ ZQ SZWd ^N]T[_`]P^:YPZQ_SPWPLOTYR[]Z[ZYPY_^bL^BTWWTLX,2]LSLXTYw[Z VPYbZ]O,Y4^WLXTN.ZY_]TM`_TZY_Z_SP@YOP]^_LYOTYRZQ>N]T[_`]PxTY ,[[]ZLNSP^ _Z4^WLXTY=PWTRTZ`^ >_`OTP^PO=TNSL]O.8L]_TY ?`N^ZY% @YTaP]^T_dZQ ,]TeZYL ;] $# z LYO -PdZYO _SP B]T__PY BZ]O% :]LW ,^[PN_^ ZQ >N]T[_`]P TY _SP 3T^_Z]dZQ=PWTRTZY^ .LXM]TORP%.LXM]TORP@YTaP]^T_d;]P^^$#">PPLW^ZST^L] _TNWP^ TY =P_STYVTYR >N]T[_`]P% 0^^Ld^ Q]ZX L .ZX[L]L_TaP ;P]^[PN_TaP PO 8T]TLX 7PaP]TYR 9Pb DZ]V% >@9D $#$ , WL]RP LXZ`Y_ ZQ XL_P]TLW ZY _ST^ ^`MUPN_ LYO []ZNP^^P^zQ]ZX_SP^[ZVPY_Pc_LYO_SPQTcPOb]T__PYNLYZY_Z_SPNZXXPY_L]dzT^ QZ`YO TY _SP aZW`XP^ [`MWT^SPO Md ,WPTOL LYO 5LY ,^^XLYY ,]NSÆZWZRTP OP] WT_P] L]T^NSPY 6ZXX`YTVL_TZY $# QQ ?ST^ VTYO ZQ WTYPL] OPaPWZ[XPY_ ZQ NLYZY QZ]XL _TZYSZbPaP]T^OTQQTN`W__ZXLTY_LTYTY_SPNL^PZQ4YOTL
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
bSZ PY_P] SP]Px !! ?SP PaP]WL^_TYR YL_`]P ZQ _SP OTaTYP OPNT^TZY NZY ^TRYTYR_SPNZYOPXYPO_Z3PWWT^^dXMZWTePOMdMPTYR_SP]PTYb]T_TYR ,NNZ]OTYR _Z 4^WLX _SP Z]LWWd ]PaPLWPO _`YOPYRPMP_ `YO 8PÁQPT P]xTY /P] ;^LW_P] TY 5`OPY_`X`YO.S]T^_PY_`XZ[NT_ z#4YXZYL^_TN ^P_ _TYR^ _ST^TY_PY^TaP []LN_TNPZQ [TP_dSL^ ]PXLTYPOLWTaP`[ _Z_SP[]P^PY_OLdLYOT^ LW^ZPYUZdTYRL]PaTaLWTY^ZXPNS`]NSNZYR]PRL_TZY^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
.P]_LTYWd TY .S]T^_TLYT_d X`^TN LWbLd^ ]PXLTY^ L WT_`]RTNLW PXMPW WT^SXPY_ L_ WPL^_ LNNZ]OTYR _Z _SP _SPZ]d 3ZbPaP] TY T_^ _bZ ^T^_P] ]PWTRTZY^ 5`OLT^X LYO 4^WLX _SP]P T^ YZ ^`NS LM^ZW`_P ^P[L]L_TZY MP _bPPY _SP bZ]O LYO _SP ^Z`YO PaPY _SZ`RS SP]P _ZZ _SP NPY_]LW PWP XPY_T^bT_SZ`_OZ`M__SP^N]T[_`]P 4_T^bPWWVYZbY_SL_L__SPSPL]_ZQ5`OLT^XT^_SP?Z]LS_SP;PY_L _P`NS WT_P]LWWd XPLYTYR wOT]PN_TZY TY^_]`N_TZY Z] _PLNSTYRx 4_ T^ ]P RL]OPOL^L^P_ZQR`TOPWTYP^ZYSZb_ZWTaPZYPv^WTQPNZ]]PN_WdLNNZ]O TYR _Z _SP ]PWTRTZY ?SP ?Z]LS T^ QT]^_ LYO QZ]PXZ^_ L MZZV L^ NLY NWPL]Wd MP ^PPY TY _SP OP^N]T[_TZY ZQ SZb _Z SZYZ] _SP ?Z]LS Md _SP ]LMMT7PZ?]P[[% w4_ X`^_ MP b]T__PY Md SLYO ZY [L]NSXPY_& QZ] _ST^ T_^ ^N]TMP _SP >ZQP] `^P^LRZZ^P\`TWWQZ]LYT]ZY[PYT^]PXTYT^NPY_ZQbL]x !#
0aPY_SP XL_P]TLWL^[PN_ZQ_ST^MZZVT^SZWd BSPY _SP?Z]LS ^N]ZWW T^ _LVPYZ`_ZQT_^SZWdL]VTY_SP^dYLRZR`PQZ]L]PLOTYRw_SP[PZ[WP]T^P _Z_SPT]QPP_Z`_ZQ]P^[PN_LYOLWW_SZ^PbSZL]PNWZ^P_Z_SP?Z]LSL^T_ T^ _LVPY _Z _SP WPN_P]Y _Z`NS T_^ uXLY_WPv FTP _SP QLM]TN NZaP] TY bSTNS T_ T^ VP[_H mx !$ 4Y ]PWTRTZ`^ []LN_TNP SZbPaP] _SP ?Z]LS T^ \`T_P OTQ QP]PY_ Q]ZX MPTYR U`^_ L MZZV Z] L b]T__PY _Pc_ 4_ T^ L ^Z`YO PaPY_ =PLOTYR _SP ?Z]LS T^ L NZX[WPc ]PNT_L_TaP QZWWZbTYR L QTcPO ^P_ ZQ ]`WP^ " ?SP]P T^ wL []P^N]TMPO [L__P]Y ZQ FX`^TNLWH VPd^ _SL_ _SP NLY_Z] X`^_ MP LMWP _Z `^P 4_ T^ _]`P _SL_ PaP]d 5Pb NLY WPLO _SP []LdP]^& M`_ MPNL`^P _SP 5Pb^ SLaP LWbLd^ MPPY PcNP[_TZYLWWd QZYO ZQ X`^TN _SPd SLaP OP XLYOPO _]LTYPO NLY_Z]^ bT_S RZZO aZTNP^ bSZ SLO _Z MP LMWP _Z M]TYR Z`_ _SP ^PY^P LYO _SP XPLYTYR ZQ _SP bZ]O^ _Z RTaP Q`WW Pc[]P^^TZY _Z _SP WZYRTYR ZQ _SP SPL]_ LYO _Z []P^PY_ _SP ]PWPaLY_ XP^^LRP ZQ _SP OLd TY L X`^TNLWQL^STZYx "
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 7PZ ?]P[[ /TP 5`OPY% AZWV 2P^NSTNS_P =PWTRTZY =PTYMPV% =ZbZSW_ $$# ?]LY^03TNV^ !$ ?]P[[ /TP5`OPY " ?SP NLY_TWWL_TZY ZQ _SP -TMWP bL^ NZOPO TY L ^[PNTLW ^d^_PX ZQ b]T__PY ^TRY^ 8L^Z]P_TNLNNPY_^1Z]XZ]POP_LTW^^PP3PTOdETXXP]XLYY?Z]L`YO>ST]L%@Y_P] ^`NS`YRPY e`] 8`^TVL`QQL^^`YR OP^ ]LMMTYT^NSPY 5`OPY_`X^ -P]YP% ;P_P] 7LYR & ,WPcLYOP] 3L]VLad PO ?SP ;PY_L_P`NS bT_S 3LQ_L]Z_S LYO 1TaP 8PRTWZ_S % 8`^TN 9Z_P^ L]]LYRPO Md 8 9L_SLY^ZY 9Pb DZ]V% 3PM]Pb ;`MWT^STYR .Z $#& 5Z^P[S3P]XLY3P]_e_]LY^ ?SP;PY_L_P`NSbT_S3LQ_L]Z_S^AZW:cQZ]O%>ZY NTYZ;]$$!z#YZ_L_TZY^&>LWZXZY=Z^Zb^VT ?SP.LY_TWWL_TZYZQ_SP-T MWP%?SP1TaP-ZZV^ZQ8Z^P^ 9PbDZ]V%=PNZY^_]`N_TZYT^_;]$ ":Y_SPZWZRT NLW TY_P][]P_L_TZY ^PP 6L]W 0]TNS 2]ØeTYRP] 8`^TV `YO 2P^LYR TY OP] ?SPZWZRTP OP] Q]ÞSPYUÞOT^NSPY7T_P]L_`]%?LWX`O8TO]L^NS8d^_TV ?ÞMTYRPY%8ZS]$# " ?]P[[ /TP5`OPY >PPLW^Z2]ØeTYRP] 8`^TV`YO2P^LYR z
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
,^ 3PTOd ETXXP]XLYY NWLTX^ TY _SP L]PL ZQ >PXT_TN WLYR`LRP LYO N`W_`]P X`^TN LYO _Pc_ L]P YZ_ [P]NPTaPO L^ ^P[L]L_P OTXPY^TZY^ " ,^ TY4YOTL[PZ[WP^[PLVZQ^`YR]PNT_L_TZYL^w]PLOTYRx4Y^_PLOZQw^TYR TYRx _SPd []PQP] _SP Pc[]P^^TZY w_Z ^[PLV L ^ZYRx ,YO _SP ?Z]LS T^ _S`^ LW^Z L _Pc_ TY_PYOPO _Z MP SPL]O ,NNZ]OTYR _Z ETXXP]XLYY _SP wTY_ZYL_TZY ZQ _SP SZWd ^N]T[_`]Px T^ w_Z MP ^PPY MZ_S TY T_^ Q`YN_TZYLW _TP^_ZWLYR`LRPLYOTYLNZRYT_TaPLYO^PY^Z]dZaP]LWWNZY_Pc_x " 4Y4^WLX_SP]PWL_TZY^ST[MP_bPPY^Z`YOLYObZ]O^T^PaPYNWZ^P]4_ bL^ NP]_LTYWd P^^PY_TLW _Z 8`SLXXPO _SL_ _SP ,]LM^ ^SZ`WO YZb LW^Z [Z^^P^^_SPT]ZbYw-ZZVx VT_£M LYLWZRZ`^_Z_SP 5Pb^v?Z]LSLYO_SP .S]T^_TLY^v 2Z^[PW " -`_ PaPY _SP bZ]O wST]L $ ,NNZ]OTYR _Z ETXXP]XLYY _SP^P ZM^P]aL_TZY^ ^SZb_SL_TY?Z]LSNLY_TWWL_TZYwOP[PYOTYRZY_SPN`W_`]P\`T_POTQQP]PY_[P]NP[_TZY N]T_P]TL L]P PQQPN_TaP _SLY _SZ^P bSTNS ST^_Z]TNLW X`^TNZWZRd T^ `^PO _Z L[[WdTYR _Z X`^TNxTMTO " >PPLW^Z3L]_X`_-ZMeTY /P]6Z]LY%0TYP0TYQÞS]`YR 8ÞYNSPY%-PNV " .Q-ZMeTY /P]6Z]LY $LYObSZO]Lb^L__PY_TZY_Z_SPQLN__SL__SP"aP]^P^ ZQ_SPZ`YO
_Pc_ LWbLd^ ]PNPTaP^ _SP R]PL_P^_ L__PY_TZY 9LaTO 6P]XLYT QTYO^ _SL_ `YOP]^_LYOTYR_SPN]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
"
QZ]NTYR.S]T^_TLYT_dw_ZMPLMZZV]PWTRTZYx #$?d]PWWOP_PN_^TY_SP=PQ Z]XL_TZYL]P^_]TN_TZYZQXPOTLOT^NZ`]^P_Zb]T_TYR[]PLNSTYRLYOQLT_S z L ]P^_]TN_TZY _SL_ OTO YZ_ PcT^_ TY _SP 8TOOWP ,RP^ 3ZbPaP] SP ^PP^ L^ _SP LN_`LW RZLW ZQ _SP =PQZ]XL_TZY _SP w]P_`]Y _Z _SP Z]TRTYLW Z]LW aP]MLWXZOPx $TYZ]OP]_ZM]TYR_SPXP^^LRP^P_OZbYTY_SP^N]T[_`]P^ _Z WTQP _S]Z`RS Z]LW []ZNWLXL_TZY 3P ^_L_P^ _SL_ ZbTYR _Z _SP ePT_RPT^_ _SPPX[SL^T^ZYb]T_TYRLYO_SPL`_SZ]T_L_TaPbZ]OQ]ZX_SP[`W[T_bP]P OT]PN_PO LRLTY^_ _SP wPY_S`^TL^_^x bSZ NWLTXPO TY^_PLO ZQ []PQP]PYNP QZ][]PLNSTYRLYOMPWTPQTY_SP^N]T[_`]P^_SL__SPXd^_TNTXXPOTLNdZQ 2ZO bL^ _SP wOT]PN_ bZ]O ZQ 2ZO YZ_ _TPO _Z LYd XPOT`X LYO [SZ YPXPx $ 1Z] Z`] TYaP^_TRL_TZY _SP ]P^PL]NS TY_Z _SP 8TOOWP ,RP^ T^ [L]_TN`WL]LWd TX[Z]_LY_ MPNL`^P _SP ^T_`L_TZY bL^ XZ]P NZX[L]LMWP bT_S _SL_ TY 4YOTL 8POTPaLWT^_^ PWLMZ]L_PO _SP L^ dP_ TY_TXL_P NZYYPN _TZY MP_bPPY waTaL aZcx LYO w]L_TZ ^N]T[_`]Lx TY _SP 7L_P 8TOOWP ,RP^ []TZ] _Z _SP =PQZ]XL_TZY $ >ZXP XPOTPaLW ^_`OTP^ PX[SL^TePO _SP TY YP] bZ]WO LYO TY_P]YLWTeL_TZY QZ] TY^_LYNP _SP wWPN_TZ OTaTYLx L^ w_L^_ TYROTaTYP bT^OZXx LYON]PL_TaPXPOT_L_TZYTY PL]Wd XPOTPaLWXZYL^_T NT^X $ Z] _SP wTYYP] bZ]Ox ZQ _SP 7L_P 8POTPaLW Xd^_TN^ $ -`_ LW^Z \`T_P RPYP]LWWd ]PWTRTZ`^ MZZV^ ^STQ_PO _Z _SP NPY_P] ZQ L__PY_TZY L^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx#z$PX[SL^TeP^_SPwYPbZ]OP]ZQ_SPaL]TZ`^ XPOTLx QLaZ]TYR WLYR`LRP b]T_TYR ^ZWL ^N]T[_`]L LYO _SPZWZRTNLW []ZQP^^TZYLWTeL _TZY LWZYR bT_S _SP NZYYPN_TZY MP_bPPY _SP []TY_TYR ZQ MZZV^ LYO _SP =PQZ]XL_TZY 3T^XLTY_SP^T^SZbPaP]T^_ST^%w?SL_bSTNS`W_TXL_PWdLN_^NZ`Y_P]_Zb]T_TYRL^L [Z^^TMWPuR`TOTYRXPOT`XvQZ][TP_dT^LOPP[^PL_PO[]PQP]PYNP QZ] _SPuNZXX`YT NL_TZYZQQLT_SvbSTNSLWbLd^YPPO^NZYQT]XL_TZYQZ]_SPTY_P]LN_TZYLXZYR_SZ^P []P^PY_xTPL[]TaTWPRPO[Z^T_TZY QZ] _SPZ]LW XZOPZQ NZXX`YTNL_TZYZQ []PLNSTYR L^ wNZXX`YTNL_TZY QTWWPO bT_S _SP ^[T]T_x TMTO #$ ^PP LW^Z #Q 3P ^_L_P^ _SL_ LN NZ]OTYR_Z7`_SP]_SPb]T__PY QZ]X bL^YPNP^^L]d_Z[]Z_PN__SP 2Z^[PW^Q]ZXTYNZ] ]PN_TY_P][]P_L_TZY $ ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx## $ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx $ Q ^PP^ TY _ST^ L ]PLYTXL_TZY ZQ _SP XPOTP aLW Xd^_TNLW wTXXPOTLNd ZQ 2ZOx 3ZbPaP] bSTWP _SP XPOTPaLW Xd^_TN^ L__LNSPO R]PL_ TX[Z]_LYNP _Z b]T_TYR LYO _Z []PLNSTYR QZ] []P^PY_TYR _SPT] _PLNSTYR^ LYO 8PT^_P]0NVSL]_v^PX[SL^T^ZQ_SPwTXXPOTLNdZQ2ZOxLYO_SPTYYP]XLYbL^N]T_T NT^X ZQ _SP OT^[WLd LYO \`LY_TQTNL_TZY ZQ []LN_TNP^ ZQ [TP_d ;]Z_P^_LY_ wPY_S`^TL^_^x ^`NSL^ >PML^_TLY 1]LYNV STX^PWQ LN_TaPTY_SP[]TY_TYRM`^TYP^^_`]YPOLRLTY^__SP =PQZ]XL_TZYv^ []PQP]PYNP QZ] []PLNSTYR LYO LYd QZ]X ZQ wMPWTPQ TY b]T_TYR^x ?SP 3ZWd2SZ^__SPwWTaTYRWTQPxLYOTYYP]BZ]O^`][L^^b]T_TYRLYO^[PPNS $ .Q ATaL aZc & 7PY_P^ w,YOLNS_ `YO 2PMÆ]OPx& w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x $ .Q .L]]`_SP]^ ?SP .]LQ_ ZQ ?SZ`RS_ & ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P]"z"" $ 4Y^_PLO ZQ _SP Y`XP]Z`^ LaLTWLMWP [`MWTNL_TZY^ bP ]PQP] SP]P ZYWd _Z _SP L[[Z^T_P ^`XXL]dTY?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx$Q
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^SL[TYR TY_P]YLW ^[LNP LYO L^ wZMUPN_F^H ZQ ZaP][ZbP]TYR OPWTRS_ LYO R]PL_MPL`_dx $ _SL_L]PTYPcSL`^_TMWPQZ]]PWTRTZ`^]PLOP]^ 4YaTPbZQ_SP^PZM^P]aL_TZY^Z`]^_L]_TYR[ZTY__SPw^_ZYP_LMWP_^x L[[PL]^ _Z M]PLV OZbY -`_ XP_L[SZ]^ LYO _P]X^ L]P Pc[]P^^TaP ]PLWT _TP^ ?SPd ]PQWPN_ N`W_`]LW NZOP^ 0aPY TQ 2]LSLX [`_^ QZ]bL]O RZZO L]R`XPY_^ QZ] MPTYR LMWP _Z ^[PLV ZQ wZ]LW ^N]T[_`]P^x LYO _SP ^N]T[ _`]LW OT^^ZWaP^ TY WT_`]RTNLW ]PLOTYR LWZ`O Z] ?d]PWW LNNPY_`L_P^ _SP =PQZ]XP]^v w[]PLNSTYR QTWWPO bT_S _SP ^[T]T_x Pc[]P^^TZY^ ^`NS L^ wMZZVx LYO wSZWd ^N]T[_`]Px ^_TWW ]PXLTY ,WZYR bT_S 2]LSLX ZYP NLY N]T_TNTeP _SP TYSP]PY_ P_dXZWZRTNLW NZYYPN_TZY WTYVTYR w^N]T[_`]Px LYO w^N]T[_`]Lx bT_S b]T_TYR $! M`_ ZYP NLYYZ_ PWTXTYL_P T_ 3ZbPaP] 2]L SLX NZ]]PN_Wd O]Pb L__PY_TZY _Z _SP Q`YOLXPY_LW []ZMWPX _SL_ TY _SP YTYP_PPY_S NPY_`]d _SP _P]X w^N]T[_`]Px bSTNS T^ Z]TPY_PO ZY 5`OLT^X LYOLMZaPLWW.S]T^_TLYT_dbL^Pc[LYOPO_ZL[[Wd_ZZ_SP]^LN]POWT_P]L _`]P^ L^ bPWW :YP NLY LOO _SL_ _SP NWPL] `Y\`P^_TZYPO Z[_TZY QZ] _ST^ _P]X T^ YZ_ bT_SZ`_ ST^_Z]TNLW NZY_TYRPYNd ?SP PcNW`^TaP QTcL_TZY ZY _SP b]T__PY QZ]X T^ LMZaP LWW L []ZO`N_ ZQ _SP ^Tc_PPY_S NPY_`]d LYO L ;]Z_P^_LY_ WPRLNd w^ZWL ^N]T[_`]Lx 4Q ZYP bP]P _Z ^_L]_ Q]ZX _SP ^PWQ OP^TRYL_TZY^ TY 3TYO`T^X LYO _]LY^QP] _SPX _Z Z_SP] ^LN]PO WT_P]L_`]P^ _SP ^T_`L_TZY bZ`WO WZZV OT^_TYN_Wd WP^^ ^N]T[_`]LW 3P]P bP QTYO _P]X^NL_PRZ]TP^ZQ]PaPWL_TZY^`NSL^wVYZbTYRxAPOLLYOwSPL]TYRx ±]`_T LYO QZ] _SP [Z^_APOTN b]T__PY ^LN]PO WT_P]L_`]P^ bP QTYO _SP _P]X^ N`W_`]LW wXPXZ]dx >X_T wZWO VYZbWPORPx ;`]£©L wQLM]TNx ?LY_]L LYO w_]LY^XT^^TZYx w_]LOT_TZYx LYO wTYQW`c ZQ ^NTPYNPx ¢RLXL ¢RLXL±£^_]L $" ?SP^P _P]X^ ]PQWPN_ _SP bTWW _Z ^LQPR`L]O _]LOT_TZYLYO WTYVLRP _ZT_ ?SPdNZYYZ_P _SP WTaTYR _]LY^XT^^TZYZQ _]L OT_TZY^ LYO _SP NWLTX _Z MP ^[PNTQTN VYZbWPORP ^d^_PX^ 9ZbSP]P OZ _SPdNZY_LTYLYd]PQP]PYNP_Zb]T_TYR 4Y QLN_ _SP 4YOTLY _P]X^ wVYZbWPORPx wN`W_`]LW XPXZ]dx w_]LY^ XT^^TZYx Z] w_]LOT_TZYx LYO PaPY wSPL]TYRx TQ ZYP _STYV^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2]TQQT_S^ =PWTRTZ`^=PLOTYR $! 2]LSLXw[ZVPYBZ]Ox! $" ?SP _P]X w¢RLXLx T^ L OTQQTN`W_ ZYP _Z _]LY^WL_P MPNL`^P ZQ T_^ [ZWdaLWPYNd 4_ T^ []TXL]TWd`^POQZ]±TaLT_TN?LY_]TN_Pc_^L^TY_ST^MZZVLYOT^`^POSP]PL^L^dYZ YdX QZ] ¢RLXL±£^_]L M`_ ^ZXP_TXP^ LW^Z QZ] AT´©`T_TN ?LY_]TN _Pc_^ ;£ÓNL]£_]L LYOPaPY_SPAPOL,YO_SP^PXLY_TNQTPWO^_]P_NSP^PaPYQ`]_SP]8ZYYTP]BTWWTLX^v >LY^V]T_0YRWT^S /TN_TZYL]d TYNW`OP^ uNZXTYR YPL] L[[]ZLNS L[[PL]LYNP ]PLOTYR ^_`OdTYR LN\`T^T_TZY ZQ VYZbWPORP ^NTPYNP _]LOT_TZYLW OZN_]TYP Z] []PNP[_ ^LN]PO bZ]VLYd_STYRSLYOPOOZbYLYOQTcPOMd_]LOT_TZYL?LY_]LZ]Xd^_TNLWbZ]VTYN`W NL_TYR _SP Xd^_TNLW bZ]^ST[ ZQ >TaL LYO >LV_Tv ?SP >LY^V]T_2P]XLY w;P_P]^M`]RP] BØ]_P]M`NSxO]Lb^L__PY_TZY_ZQ]P\`PY_NZX[Z^T_LXPLYTYRwTYQWZbZQx]PYOP]POL^ wE`QW`^^ aZYx ^`NS L^ _SP TYQWZb ZQ VYZbWPORP Z] ^NTPYNP M`_ LW^Z RTaP^ wÞMP] WTPQP]_P 7PS]Px LYO wAZ]^NS]TQ_PY 7PS]M`NS `YO ?LY_]Lx w_PLNSTYR SLYOPO OZbY ]`WP^_Pc_MZZVLYO?LY_]Lx
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
$
ETXXP]XLYYv^ 6P]XLYTv^ LYO ?d]PWWv^ L]R`XPY_^ L]P YZ_ ]PLWWd _SL_ `Y^`T_LMWP QZ] MPTYR _]LY^QP]]PO _Z _SP 5PbT^S .S]T^_TLY LYO 8`^WTX ^LN]PO WT_P]L_`]P^ :YP NZ`WO _SP]PQZ]P NWLTX _SL_ _SP 3TYO` _P]X^ ZQ ]PaPWL_TZY bZ`WO SLaP MPPY XZ]P ^`T_LMWP QZ] XP_LWLYR`LRP TY _SP ^_`Od ZQ ]PWTRTZY _SLY _SP 0`]ZNPY_]TN WZRZNPY_]TN ^N]T[_`]LWT^X _SL_ ]PXZaPO _SP ^PY^P^ Q]ZX _SP ^LN]PO WT_P]L_`]P^ 3ZbPaP] _ST^ bL^ YZ_ PaPY NZY^TOP]PO BSPY 8Lc 8ÞWWP] TYT_TL_PO ST^ WL]RP^NLWP []ZUPN_ w>LN]PO -ZZV^ZQ_SP0L^_xTY_SPYTYP_PPY_SNPY_`]dSPbL^LMWPWTVP QPb LNLOPXTN^ ZQ ST^ _TXP _Z L[[]PNTL_P YZY^N]T[_`]LW Z]LW WT_P]L_`]P^ ^`NSL^_SZ^PZQ_SPPL]WdAPOTN4YOTLY^_SP2]PPV^1TYY^0^_ZYTLY^ P_N $# 3ZbPaP] SP ^_TWW _]LY^QP]]PO _SP _P]X^ w^N]T[_`]Px wMZZVx LYO wNLYZYx _Z _SP ]LOTNLWWd Z]LW APOL LYO Z_SP] ,^TLY ^LN]PO WT_P]L_`]P^ ?SP Pc[WLYL_TZY QZ] _ST^ ]P^_^ YZ_ ZYWd TY 0`]ZNPY_]TNT_d 8ÞWWP]v^ ;]Z_P^_LY_ MLNVR]Z`YO LYO _SP OTRYT_d NTaTWTeL_TZY LYO PO`NL_TZY L^^Z NTL_PO bT_S WT_P]LNd 3P ^Lb _SP ^LN]PO WT_P]L_`]P^ ZQ ,^TL L^ MPTYR ZQ P\`LW bZ]_S _Z _SP MTMWP >N]T[_`]P SLO L^^ZNTL_TZY^ ZQ Q`YOLXPY_LW _TXPWP^^YP^^XPLYTYRLYOaLWTOT_dTYOP[PYOPY_ZQTYOTaTO`LW]P[]ZO`N _TZYLYOTYLWWLRP^BSL_T^b]T__PYSL^[P]XLYPYNPLYOT^LNNP^^TMWP_Z LWW,YOSP]PbPNZXPMLNV_Z_SP^_ZYP_LMWP_^?SPdL]PYZ_XP_L[SZ]^ QZ] SL]OPYTYR LYO ]TRTOT_d L^ NZY^_]`N_PO TY _SP .S]T^_TLY L[ZWZRTL M`_ XP_L[SZ]^ ZQ NZY^_LYNd [P]XLYPYNP LYO P_P]YT_d ,YO SP]P L Q`Y OLXPY_LWOTQQP]PYNPNZXP^_Z_SPQZ]PMPNL`^PTY4YOTL^Z`YOSL^ZQ_PY _LVPY ZY []PNT^PWd _ST^ Q`YN_TZY 4Y -]LSXLY Z]_SZOZcd _ST^ T^ QZ`YO ]PTQTPOTY_SPZ]LWL`]LWAPOL_SPML^TN[L]LOTRXZQ^LN]PO^Z`YO3P]P _SPAPOLw_SPVYZbTYRxLW^ZNLWWPO±]`_T w_SPSPL]TYRxT^]PRL]OPO L^_TXPWP^^P_P]YLWLYObT_SZ`_L`_SZ]^=TRS_`[_Z_SP[]P^PY_OLd_SP APOL SL^ ]PXLTYPO U`^_ bSL_ T_ bL^ ZaP] _SP XTWWPYYTL% []TXL]TWd L ^Z`YOPaPY_,^BLdYP3ZbL]OL[_WdYZ_P^% w?SP QZ`] APOL^ R DLU`] >£XL ,_SL]aL L]P YZ_ uMZZV^v TY _SP `^`LW ^PY^P _SZ`RS bT_STY _SP [L^_ S`YO]PO dPL]^ PLNS APOL SL^ L[[PL]PO TY ^PaP]LW []TY_PO POT_TZY^ ?SPd _PYO _Z MP NZX[]T^PO ZQ _ZYLWWd LNNPY_PO aP]^P^ LYO Sd[YZ_TN LM^_]`^P XPWZOTP^ bSZ^P []Z[P] ]PLWTeL_TZY^ OPXLYO Z]LW_]LY^XT^^TZY]L_SP]_SLYaT^`LW_]LY^XT^^TZY?SPdL]P]ZMMPOZQ_SPT] P^^PYNP bSPY _]LY^QP]]PO _Z [L[P] QZ] bT_SZ`_ _SP S`XLY PWPXPY_ _SP TY Y`XP]LMWP Y`LYNP^ LYO QTYP TY_ZYL_TZY^ z TY^P[L]LMWP LYO YPNP^^L]d NZX [ZYPY_^ZQLWWQZ`]NZX[TWL_TZY^zL]PWZ^_NZX[WP_PWdx $$
?ST^ Pc_]PXP _d[P ZQ ^Z`YO OZXTYLYNP T^ YZ_ QZ`YO TY _SP wMZZV ]PWTR TZY^x ?ST^ OT^N`^^TZY STY_^ L_ _SP YPPO _Z OTQQP]PY_TL_P MP_bPPY Z]LWT_d LYO ^ZYLWT_d ?SP PQQPN_^ ZQ _SP ^Z`YOTYR bZ]O X`^_ MP OT^_TYR`T^SPO Q]ZX_]LY^XT^^TZYL^[PN_^LYO[]PLNSTYR:YPNLY[]ZMLMWd^Ld_SL__SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# .Q_SPPYWTRS_PYTYR\`Z_P]P[]ZO`NPOMd2]TQQT_S^ =PWTRTZ`^=PLOTYR " $$ BLdYP3ZbL]O APOL=PNT_L_TZYTYA£]£©L^¯ /PWST%8Z_TWLW-LYL]^TOL^^$#!Tc
3TYO`T^XL^L.`W_`]PZQ>Z`YO
wMZZV ]PWTRTZY^x SLaP OPaPWZ[PO _SPZWZRTNLW [L]LOTRX^ ZQ Z]LWT_d M`_ SLaP SL]OWd OPaPWZ[PO LYd _SPZWZRTNLW [L]LOTRX^ ZQ ^ZYLWT_d ?SP OTQ QP]PYNP ^SZb^ `[ [L]_TN`WL]Wd MWL_LY_Wd bSPY ZYP _STYV^ MLNV _Z ?d ]PWWv^ PX[SL^T^ ZQ .S]T^_TLY _]LY^XT^^TZY L^ PY_S`^TL^_TN XT^^TZYL]d w^P]aTNP_Z_SPBZ]Ox?SP]PT^LW^ZOTQQP]PYNP_Z_SP]LMMTYTNLWNZYNP[_ ZQ _SP wOZ`MWP ?Z]LSx TP L b]T__PY ]PaPWL_TZY LYO LY Z]LW ZYP _SL_ LNNZX[LYTP^ LYO NZY^_LY_Wd TY_P][]P_^ LYO `[OL_P^ _SP ^N]T[_`]P 3P]P Z]LWT_d\`T_PZMaTZ`^WdZNN`[TP^_SPQZ]PR]Z`YO?SPLN_`LWXL^_P]YL] ]L_TaP T^ YZ_ _SL_ 8Z^P^ ]PNPTaPO _SP []PNT^P TY_ZYL_TZY Q]ZX 2ZO ZY 8Z`Y_ >TYLT M`_ TY^_PLO _SL_ 8Z^P^ ]PNPTaPO _SP b]T__PY ?Z]LS LYO T_^ NZ`Y_P][L]_ _SP Z]LW ?Z]LS bSTNS ^SZ`WO LW^Z MP [L^^PO ZY Z]LWWd LYO []ZaTOP _SP ]`WP^ QZ] [P]QZ]XLYNP ZQ _SP b]T__PY ?Z]LS ?ST^ NPY_]LW ]LMMTYTNLWNZYNP[_bL^OPaPWZ[POTY_SP^PNZYONPY_`]dZQ_SP.ZXXZY 0]L TY _SP bLVP ZQ ]PWTRTZ`^ ]PZ]TPY_L_TZY LQ_P] _SP OP^_]`N_TZY ZQ _SP ^PNZYO_PX[WP ,NZX[L]T^ZYbT_S _SPAPOL]PaPLW^SZbOTQQP]PY__SP[]ZNP^^P^ZQ QZ]XTYR L NLYZY LYO `[OL_TYR XPLYTYR^ bP]P TY 5`OLT^X LYO TY >LY ^V]T_ 3TYO`T^X ?SP _PLNSTYR ZQ _SP OZ`MWP ?Z]LS XPLY_ _SL_ _SP ]LM MTYTNLW _]LOT_TZY VP[_ _SP NWZ^PO NLYZY z TY bSTNS YZ_ PaPY L ^TYRWP bZ]OXLdMPLW_P]PO/_Y% zZ[PYQZ]PLNSYPb`[OL_TYRZQXPLY TYR TY _SP ]P^[PN_TaP []P^PY_ _TXP 0aP]d [L^^LRP ZQ _SP SZWd _Pc_ bL^ MPWTPaPO _Z SL]MZ] X`W_T[WP XPLYTYR^ LYO _ST^ []TYNT[WP XPLY_ _SL_ PaP]d aP]^P LYO PaP]d bZ]O ]P\`T]P^ NZY^_LY_ ^_`Od LYO PaP]YPb PcP RP^T^?SPZ]LW_]LY^XT^^TZYZQYPbXPLYTYR^bL^T_^PWQQTcPOTYb]T_TYR LYO_ST^bL^SZb_SP]LMMTYTNLW^N]T[_^L]Z^P?SPAPOTNwNLYZYQZ]XL _TZYx LYO `[OL_TYR bZ]VPO TY L aP]d OTQQP]PY_ bLd , NZX[WPc XYPXZ_TN _PNSYT\`P R`L]LY_PPO [LTY^_LVTYR wNL]P ZQ _SP ^Z`YOx w6WLYR[QWPRPx LYO PY^`]PO _SL_ ^TYNP _SP WL_P APOTN _TXP Q]ZX L[[]Zc ! -. ZYbL]O^ YZ_ L ^TYRWP bZ]O Z] ^dWWLMWP bL^ NSLYRPO ?ST^ XPLY^ _SL_ T_ bL^ YZ_ ^Z X`NS ^PXLY_TN XPLYTYR bSTNS bL^ []P ^P]aPO M`_ []TXL]TWd _SP QZ]X QZ]XLW NZ]]PN_YP^^ []PNT^P []ZY`YNTL _TZY LYO ]T_`LW L[[]Z[]TL_PYP^^ TP _SP APOL L^ L MZOd ZQ ^Z`YO _SL_ ]PXLTYPO LM^ZW`_PWd MTYOTYR ]TRS_ OZbY _SP NPY_`]TP^ 4YOPPO _SP QZ]X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ETXXP]XLYY ?Z]L`YO>ST]L ,NNZ]OTYR _Z ,WPTOL LYO 5LY ,^^XLYY 6LYZY `YO EPY^`] 8ÞYNSPY% 1TYV $#" _ST^-TMWPaP]^PT^w_SPNLYZYQZ]X`WLx ?ST^ T^ LMZ`_ _SP _TXP _SL_ _SP NZX[TWL_TZY ZQ _SP XLTY _Pc_ _SP QZ`] APOTN NZWWPN _TZY^ LYO QTcL_TZY ZQ _SP ^Z`YO XL_P]TLW L]P _SZ`RS_ _Z SLaP _LVPY [WLNP 4_ bL^ []ZMLMWd LW^Z _SP _TXP bSPY _SP _P]X ±]`_T PXP]RPO ?SP NLYZYQZ]XTYR []ZNP^^ LYOZ]_SPQTYLWPOT_TYRbL^SZbPaP]YZ_NZX[WP_PO`Y_TWL]Z`YO ,/LYOLW^ZTY NW`OPO _SP WL_P] @[LYT´LO^ .Q 8TNSLPW BT_ePW w/PaPWZ[XPY_ ZQ _SP APOTN .LYZY LYOT_^>NSZZW^%?SP>ZNTLWLYO;ZWT_TNLW8TWTP`xTY 4Y^TOP_SP?Pc_^LYO-PdZYO_SP ?Pc_^% 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ PO 8 BT_ePW .LXM]TORP% 3L] aL]O@YTaP]^T_d;]P^^$$" "z
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
]PXLTYPO NZY^_LY_ PaPY LQ_P] APOTN ]T_P^ SLO aT]_`LWWd NPL^PO _Z PcT^_ 4Y NZY_]L^_ _Z _ST^ WT__WP TX[Z]_LYNP bL^ L__LNSPO _Z wNL]P ZQ XPLYTYRx w>TYY[QWPRPx LYO _Z NZXXPY_ ZY _SP APOTN wNLYZYx bSTNS T^ []TYNT [LWWd L ]T_`LWNPY_P]PO _Pc_ PcNP[_ QZ] _SP @[LYT´LO ^PN_TZY 5LY ,^^ XLYY ]PRL]O^ wNL]P ZQ XPLYTYRx LYO NZXXPY_L]d L^ P^^PY_TLW _Z QZ]X TYRLNLYZYLYOT_^NZY_TY`TYRPcT^_PYNPZaP]_SPNPY_`]TP^ =PRL]OTYR _SP APOTN NLYZY SZbPaP] _SP ZYWd ^`]aTaTYR NZXXPY_L]d L]Z^P TY _SP QZ`]_PPY_S NPY_`]d z _S]PP _SZ`^LYO dPL]^ LQ_P] _SP RaPOTN SdXY^ T_ ]PQP]^ _Z 8PLYTYR bL^ XLTY_LTYPO LYO NZY^_LY_Wd `[OL_PO Md Z_SP] XPLY^ z ^_L]_TYR bT_S _SP [STWZ^Z[STNLW @[LYT´LO^ bSTNS ZNN`[d L ^[PNTLW [WLNP TY _SP ZaP]LWW APOTN MZOd ZQ _Pc_^ 3P]P ^PXLY_TN ^PY^P bL^XZ]PTX[Z]_LY_LYOTY_P]TZ]^PY^PLYOYPbTOPL^ZaP]^SLOZbPO_SP APOTN ]T_`LW BP QTYO YZ_ ZYWd YPb _SZ`RS_^ ^`NS L^ NZY^TOP]L_TZY^ ZQ ]PMT]_S Z] wR]PL_ ^PY_PYNP^x ZQ YZYO`LWT_d ^`NS L^ _L_ _aLX L^T w_SL_ dZ` L]Px M`_ LW^Z WTaPWd PcPRP_TN WT_P]L_`]P ZQ NZXXPY_L]TP^ 8Z]P ZaP] @[LYT´LO []ZO`N_TZY NZY_TY`PO WZYR LQ_P] _SP APOTN NLYZY bL^ QTcPO?SPdbP]P^_TWWMPTYR[]ZO`NPOLYO`[OL_POTY_SP8TOOWP,RP^ LYO PaPY WL_P] 3ZbPaP] `Y_TW XZOP]Y _TXP^ _SP @[LYT´LO^ bP]P WT__WP VYZbY _Z _SP XLUZ]T_d ZQ _SP [Z[`WL_TZY Z] PaPY -]LSXTY^ ,WXZ^_ LWW _SP ^NSZWL]Wd NZXXPY_L]TP^ bP]P b]T__PY TY XZYL^_TN PYaT]ZYXPY_^ ^`NSL^_SP,OaLT_LAPO£Y_LWTYPLRP^^_L]_POMd±L«VL]£N£]dLLYOZ_SP] APO£Y_L ^NSZZW^ 1Z] [Z[`WL] ]PNP[_TZY LYO LN_`LW []LN_TNP T_ bL^ QL] XZ]P TX[Z]_LY_ _SL_ wNL]P ZQ XPLYTYRx LYO NL]P ZQ _SP APOLv^ TXLRP bL^ ^STQ_PO _Z YZYAPOTN ^LN]PO WT_P]L_`]P^ LYO _]LY^QZ]XPO TY_Z aP]d OTQQP]PY_ NZY_PY_^ z YZ_ WPL^_ _SP ;`]£©TN ^_Z]TP^ ZQ _SP RZO^ bSTNS bP]POPNWL]PO_ZMP_SPAPOLQZ]_SP[P]TZO?SP;`]£©L^R`L]LY_PPOLY LRRTZ]YLXPY_Z ZQ NZY_PY_ LYO [Z[`WL]TeL_TZY ZQ _SP PWT_P APOL LYO ZY _SPZ_SP]SLYO_SPdLW^ZNZY_TY`PO_SP^ZYTN[L]LOTRXTY_SPT]ZbYYPb QL^STZY 3ZbPaP]ZYWdL^`[P]QTNTLWRWLYNPbZ`WO^PPTY_SP4YOTLY_]LOT_TZY _SP PcLN_ NZ`Y_P][L]_ _Z >_ ;L`Wv^ wQZ] _SP WP__P] VTWW^ M`_ _SP >[T]T_ M]TYR^ WTQPx bSTNS _SP .S]T^_TLY _]LOT_TZY bSP]P b]T_TYR T^ XZ^_ ^TR YTQTNLY_`^POQZ]T_^L[ZWZRP_TNN]T_TNT^XZQ^N]T[_`]LWT^X]T_`LWT^XLYO SZb Z_SP] QLT_S^ `^P _SPT] WT_P]L_`]P^ :YP ^SZ`WO VPP[ TY XTYO SZb PaP] _SP aL^_ OTQQP]PYNP TY MZ_S NZY_PY_ LYO QZ]X ZQ _SP APOL Q]ZX Z_SP]NLYZYTNLW_Pc_^4_OZP^YZ_NZY_LTYLYdOZRXL^YZ]LwNZYQP^^TZY ZQQLT_SxYZ]MTYOTYRTY^_]`N_TZY^ZYSZb _ZWTaPZYPv^WTQPLYOSL]OWd LYd_STYR _SL_ NZ]]P^[ZYO^ _Z WL_P] 3TYO`T^X ,^ XPY_TZYPO LMZaP T_ T^ WL]RPWd XLOP `[ ZQ ]T_`LW _Pc_ bT_S NZ^XZWZRTNLW []LRXL_TN LYO ^Z_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q,^^XLYY 6LYZY`YOEPY^`]"z& /L^V`W_`]PWWP2POÆNS_YT^Q,NNZ]OTYR _Z,^^XLYY[]PNT^PWPL]YTYRMd]Z_PL^LXPLY^ZQw[]P^P]aTYR_SP_Pc_xT^TY^`QQT NTPY__ZRTaP]T^P_ZL2]PL_?]LOT_TZY&SP^_L_PO_SL_T_bL^LW^ZP^^PY_TLW_Zw[]P^P]aP _SPXPLYTYRx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
]TZWZRTNLW ]PWPaLYNP LYO ]PNT_L_TZY _Pc_ LYO T_^ LYYPcP^ @[LYT´LO^ LW^Z NZY_LTY PL]Wd [STWZ^Z[Sd :Y _SP Z_SP] SLYO T_ bZ`WO MP TYL[[]Z []TL_P _Z L[[Wd >_ ;L`Wv^ ^P[L]L_TZY ZQ _SP OPLO WP__P] LYO _SP WTaTYR ^[T]T__ZAPOTN_Pc_]PNP[_TZY?SPL`OT_TaP^PY^Z]dLP^_SP_TNOTXPY^TZY _SL_ T^ ^Z OZXTYLY_ TY APOL ]PNP[_TZY SL^ L ^[PNTLW \`LWT_d WTYVTYR _SP Z`_P]LYO TYYP] bZ]WO^ =PRL]OTYR_SPTYYP]bZ]WO]P^PL]NSSL^[]LN_T NLWWd RTaPY T_^ ^ZWP L__PY_TZY _Z _SP Xd^_TN _PLNSTYR^ ZQ _SP @[LYT´LO^ =PRL]OTYR _SP Z`_P] bZ]WO `[ _Z YZb _SP APOL SL^ MPPY []P^PY_PO ^ZXPbSL_ _ZZ `YTWL_P]LWWd L^ L []TXP PcLX[WP ZQ Z]LW _]LY^XT^^TZY LYO _SP TX[]P^^TaP QPL_^ ZQ XPXZ]TeL_TZY SLaP MPPY TYaP^_TRL_PO _SZ] Z`RSWd 7T__WP L__PY_TZY SL^ MPPY [LTO _Z _SP QLN_ _SL_ [SZYP_TN^ L^ L APOTN ^NTPYNP [L] PcNPWWPYNP LYO T_^ _Pc_MZZV^ LW^Z Pc[WTNT_Wd _ZZV LN NZ`Y_ ZQ LP^_SP_TN [ZTY_^ ?SPd `^PO WTYR`T^_TN XP_L[SZ]^ TWW`^_]L_TYR bPWW _SP WZaP QZ] _SP APOL LYO ^SZbTYR _SL_ _SP LP^_SP_TN OTXPY^TZY T^ YZ_ ZYWd ^ZXP_STYR wPc_P]YLWx ?SP 9£]LOÅdL±TV´£ bSTNS bP OT^N`^^ TY _SP 3T^_Z]d ^PN_TZY QZ] PcLX[WP YZ_ ZYWd []P^N]TMP^ XP_TN`WZ`^Wd []PNT^P ]`WP^ RZaP]YTYR SZb _SP APOL ^Z`YO^ X`^_ MP ]PLWTePO Md _SP aZTNP LYO SZb _SP XPWZOd ^SZ`WO RWTOP w_S]Z`RS _SP P_SP] WTVP L QLW NZYx M`_ LW^Z WTYV^ T_^ bSZWP bZ]WO NZY^_]`N_TZY bT_S _SP YZ_P^ ZQ _SP ^NLWP% w?SP ^SZ`_TYR PcNP^^TaP ^Z`YO ZQ _SP ^NLWP VPP[^ _SP RZO^ LWTaP ?SP QT]^_ YZ_P QPPO^ _SP [PZ[WP& _SP ^PNZYO QPPO^ _SP LYTXLW^ @W_TXL_PWd _SP bSZWP bZ]WO ZQ _SP WTaTYR LYO _SP WTQPWP^^ WTaP^ ZY _SP ^`[[]P^^PO YZ_P _SL_ T^ LW]PLOd MPdZYO _SP aTM]L_TYR ^[SP]Px 3P]P XPXZ]TeL_TZY MPNZXP^ NZY_PX[WL_TZY ZQ _SP `YTaP]^P L OZZ] _Z L ^[P NTQTN bZ]WOaTPb NZYQZ]XTYR _SP WL_P] 9£OL-]LSXLY NZYNP[_TZY _SL_ _SPbSZWPbZ]WOT^ML^POZY^Z`YOLYOLaT^TZYZQ_SPAPOLL^_SPaP]d ML^T^ ZQ PcT^_PYNP bZ]WO Z]OP] LYO P_STN^ z _Pc_ LYO bZ]WO MWPYO TY_Z ZYP ?SP [SZYP_TN _Pc_MZZV ]PQWPN_^ TY ^PY^Z]d XP_L[SZ]^ L w^[T]T_x TY L[[]ZLNSTYR _SP APOL TY L XLYYP] bSTNS BTWSPWX 3LWMQL^^ L[_Wd Z`_ WTYPO% w4Y ]PWL_TZY _Z _SP APOL bP QTYO _SP ^_]TN_P^_ ^`MZ]OTYL_TZY _Z _SP _Pc_ [LTY^_LVTYRMTYOTYRQLT_SQ`WYP^^_ZT_^bZ]OTYRZY_SPZYP SLYOzLYO_SP R]PL_P^_Q]PPOZXTYTY_P][]P_L_TaPLYO_]LY^NPYOPY_LW_SZ`RS_ZY_SPZ_SP] ?SP APOL T^ _SP PY_T]P_d ZQ T_^ bZ]O^ LYO ^dWWLMWP^ 3ZbPaP] T_ T^ LW^Z z YLXPWd TY _SP PcPRP^T^ ZQ _SP ,OaLT_LAPO£Y_L z ^ZXP_STYR _SL_ NLY MP ^`XXL]TePO TY L QPb wR]PL_ ^PY_PYNP^x XLS£a£VdL Z] PaPY TY L ^TYRWP ^dWWLMWP _SP []L©LaL Z] ZX ,YdZYP bSZ bT^SP^ _Z `YOP]^_LYO _SP ]ZWP ZQ_SPAPOLTY4YOTLY_SZ`RS_SL^_ZNZY_PYOYZ_ZYWdbT_Sw_Pc_`LWSP]XP YP`_TN^xM`_LW^ZbT_S_SPwSP]XPYP`_TN^ZQLYPaPY_xLYO_SP]PNZRYTeTYR
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _ST^ ^`MUPN_ ^PP QZ] TY^_LYNP >_LLW 1TOPWT_d ZQ :]LW ?]LOT_TZY LYO 3ZbL]O BLdYPv^^_`OTP^ZY_SP >£XLAPOL 9£]LO¯dL±TV´£ ! z# 1Z] _SP PY_T]P \`Z_L_TZY LYO >LY^V]T_ Z]RTYLW ^PP NSL[ MPWZb
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
ZQ LYO _SP bT^STYR _Z `YOP]^_LYO L Q`YOLXPY_LW ]PLWT_d 4_ F_SP APOLH T^ FQZ]_SZ^PbSZQZWWZb LYO_]`^_T_H _SPMPRTYYTYRZ[PYTYRLYOQZ`YOL_TZY [L] PcNPWWPYNP _SP XLTY_LTYTYR []TYNT[WP LYO PaPY _SP _]`P QZ`YOL_TZY ZQ _SP bZ]WO ?SP ^PWQTXLRP _SL_ QPPW^ T_^PWQ ZMWTRL_PO _Z LYO MPWZYRTYR _Z_ST^MPRTYYTYROZP^YZ_YPPO_ZOZ_ST^TY_SP^PY^PZQLYPcPRP^T^ZQ_SP _Pc_ Z] _S]Z`RS LNNP[_TYR LYO ]P^[PN_TYR L u_PLNSTYRv z ?Pc_ LYO bZ]WO bZ]O LYO ]PLWT_d L]P TY^P[L]LMWd TY_P]_bTYPO TY _ST^ `YOP]^_LYOTYR ZQ _SP bZ]WOLYOZYP^PWQ?SPAPOLRZP^MPSTYO_SPXPLYTYR^Z_Z^[PLVx !
-PL]TYR_ST^TYXTYOTY_SPNL^PZQ_SPAPOLZYPNLY^[PLVZQ_SPwWTa TYRWP__P]xLYO_SPw^Z`YOTYR^[T]T_xLYOPX[SL^TeP_SPOTQQP]PYNPQ]ZX Z_SP] NLYZYTNLW _Pc_^ 3ZbPaP] ZYP NLY LW^Z NWLTX _SL_ _]LY^N`W_`]LWWd _SP]P PcT^_^ L ^TXTWL] L[[]ZLNS _Z wSZWd ^N]T[_`]P^x L_ WPL^_ TY w^[T]T_x ;L`W 2]TQQT_S^vOT^N`^^TZYZQ]PWTRTZ`^]PLOTYRLYO _SP ]PWL_TZYMP_bPPY _Pc_ LYO ]PLOP] XLVP^ _ST^ NWPL] ,NNZ]OTYR _Z 2]TQQT_S^ L ]PWTRTZ`^ w]PLOP]xOZP^YZ_SLaP_ZMPWT_P]L_PM`_bTWWLWbLd^MPNZYaTYNPO_SL_ wPaP]d_STYR T^ TY _SP _Pc_x " LYO ^PP _SP ^LN]PO WT_P]L_`]P L^ LY wZMUPN_ ZQZaP][ZbP]TYROPWTRS_LYOR]PL_MPL`_dx #4YLOOT_TZY_Z_SPw^[T]T_x _SPLP^_SP_TNLYOPXZ_TaPL^[PN_T^LW^ZTX[Z]_LY_ ?ST^N]Z^^N`W_`]LW`YT_dTYOTaP]^T_dLYONWPL]N`W_`]LWOTQQP]PYNP^ bTWWMPPcLXTYPOXZ]PNWZ^PWdTY_SPQZWWZbTYRNSL[_P]^]PaPLWTYR_SL_ Q]ZX ,Y_T\`T_d _Z _SP WL_P 8TOOWP ,RP^ [TP_d []LN_TNP^ TY 0`]Z[P LYO 4YOTLPcSTMT_L^_Z`YOTYRWd^TXTWL]^_]`N_`]P^LYOPWPXPY_^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BTWSPWX 3LWMQL^^ w?]LOT_TZY `YO =PQWPcTZY% E`] 2PRPYbL]_ OP^ APOL TY OP] TYOT ^NSPY;STWZ^Z[STPxTY -PT_]ÆRPe`]3P]XPYP`_TVTYOT^NSP]`YOLMPYOWÆYOT^NSP]=PWT RTZY^_]LOT_TZYPY% ,]MPT_^OZV`XPY_L_TZY PTYP^ >dX[Z^T`X^ ATPYYL% AP]WLR OP] ¸^ _P]]PTNST^NSPY ,VLOPXTP OP] BT^^PY^NSLQ_PY $$ z! SP]P !z"% l4X -Pe`R L`Q OPY APOL QTYOPY bT] ^_]PYR^_P @Y_P]Z]OY`YR `Y_P] OPY ?Pc_ LV]TMT^NSP -TYO`YR LY ^PTYPY BZ]_WL`_ PTYP]^PT_^ z `YO R]ØÁ_P 1]PTeÞRTRVPT_ OP`_PYOPY `YO _]LY^ePYOTP]PYOPY /PYVPY^ LYOP]P]^PT_^ /P] APOL T^_ OTP 2P^LX_SPT_ ^PTYP] BZ]_P `YO >TWMPY 0] T^_ LMP] L`NS YLXPY_WTNS TY OP] ,`^WPR`YR OP^ ,OaLT_LAPO£Y_L P_ bL^OL^TY bPYTRPYlR]ZÁPY >Æ_ePYw XLS£a£VdL ZOP]^ZRL]TYPTYP] PTYeTRPY >TW MP OPX []L©LaL ZOP] ZX e`^LXXPYRPQL^^_ bP]OPY VLYY BP] OTP =ZWWP OP^ APOL TX TYOT^NSPY /PYVPY aP]^_PSPY bTWW SL_ P^ YTNS_ Y`] XT_ l_Pc_WTNSP] 3P]XPYP`_TVw ^ZYOP]Y XT_ OP] l3P]XPYP`_TV PTYP^ 0]PTRYT^^P^w `YO OPX ,YP]VPYYPY `YO -PR]PT QPYbZWWPY PTYP] Q`YOLXPY_LWPY =PLWT_Æ_ e` _`Y 0] FOP] APOLH T^_ FQÞ] OTPUPYTRPY bPWNSPTSXQZWRPY`YOaP]_]L`PYH,YQLYR¸QQY`YR2]`YOWLRP[L]PcNPWWPYNPOL^ P]SLW_PYOP ;]TYeT[ UL ^ZRL] OTP ]PLWP 2]`YOWLRP OP] BPW_ /L^ >PWM^_aP]^_ÆYOYT^ OL^^TNSOTP^PX,YQLYRaP][QWTNS_P_`YOe`RPSØ]TRQÞSW_M]L`NS_OTP^YTNS_TX>TYYP PTYP] _Pc_WTNSPY 0cPRP^P ZOP] O`]NS ,VeP[_TP]PY `YO =P^[PV_TP]PY PTYP] v7PS]Pv e` _`Y z ?Pc_ `YO BPW_ BZ]_ `YO BT]VWTNSVPT_ ^TYO TY OTP^PX BPW_ `YO >PWM^_aP] ^_ÆYOYT^ `Y_]PYYML] XT_PTYLYOP] aP]bZMPY /P] APOL ]PTNS_ ^Ze`^LRPY STY_P] OL^ -POP`_PYe`]ÞNVx " 2]TQQT_S^ =PWTRTZ`^=PLOTYR # 2]TQQT_S^ =PWTRTZ`^=PLOTYR
3TYO`T^XL^L.`W_`]PZQ>Z`YO
!
8PXZ]d?PNSYT\`P^LYO4Y_P]YLWTeL_TZY
,XZYR _SP TOPY_TQTLMWP _]LY^N`W_`]LW NZY_TY`T_TP^ TY OPLWTYR^ bT_S ^L N]PO WT_P]L_`]P^ _SP]P L]P aZNLWTeL_TZY^ LYO aL]TZ`^ L__]TM`_TZY^ Q`YN _TZY^ LYO LN_TaT_TP^ L^^ZNTL_PO bT_S Z]LW _]LY^XT^^TZY LYO ^ZYTN LbL]P YP^^ ?SP^P TYNW`OP NZXXZYLWT_TP^ TY L__T_`OP^ TXLRTYPO bZ]WO^ ]T_`LWTeL_TZY^ _SP []ZXZ_TZY ZQ N`W_`]LW XPXZ]d NZWWPN_TaP MPWZYRTYR LYOTYOTaTO`LWTY_P]YLWTeL_TZY =PWTRTZ`^ w]PLOP]^x z Z] SPL]P]^ ]PNT_P]^ LYO ^TYRP]^ z L^^ZNTL_P bT_S _SP aZNLW LP^_SP_TNTeL_TZY NP]_LTY L__T_`OP^ z ^_L]_TYR bT_S ]P^[PN_ aPYP]L_TZY LYO WZaP ZQ _SP SZWd _Pc_ /P^[T_P XL]VPO OTQQP]PYNP^ TY _SP _SPZWZRTNLW NZY_PY_^ LYO _SP N`W_`]P^[PNTQTN []ZNP^^P^ ZQ NLYZY QZ]XTYR LYO `[OL_TYR XLUZ] NZXXZYLWT_TP^ NLY ^_TWW MP TOPY_TQTPO TY LN_`LW[]LN_TNP?ST^L[[WTP^PaPY_Z.S]T^_TLYT_dbSP]PL^STQ__Z\`TP_ ]PLOTYRLYO[]LdP]SL^MPPYOPaPWZ[TYRZYWd^TYNP_SPWL_P8TOOWP,RP^ LYO bSP]P L MWL_LY_ M]PLV L[[PL]^ O`]TYR _SP 0`]Z[PLY =PYLT^^LYNP _SPLOaPY_ZQ[]TY_POMZZV^LYOTY[L]_TN`WL]_SP=PQZ]XL_TZY?ST^T^ _SPQT]^__TXP bSPY bPQTYONWPL]R]L[SZNPY_]TNT_dZ]L^?d]PWW ^LTOL wZYP^TOPOWd[]TaTWPRPO[Z^T_TZYQZ]aP]MLWT_d ^`[[Z]_POMdb]T_TYRx $ @[ `Y_TW _SP QTQ_PPY_S^Tc_PPY_S NPY_`]d SZbPaP] bSL_ bL^ _]`P ZQ APOLLYO N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
_SP ;^LW_P] 8Z]P Z] WP^^ _SP ^LXP ^_TWW L[[WTP^ _Z _SP LY^V]T_3TYO`T^X_SPAPOLT^]PRL]OPOL^w_SP XLTY_LTYTYR []TYNT[WP PaPY _SP _]`P QZ`YOL_TZY ZQ _SP bZ]WO& LYO T_ bZ`WOMPb]ZYR_ZOT^XT^^T_L^uXP]PWdXP_L[SZ]TNLWv?SPAPOLT^_SP ML^T^ZQWLYR`LRPLYOZQ]T_P^_SL_^_]`N_`]PLYOZ]RLYTeP_SPbZ]WOLYO XLTY_LTY T_ TY T_^ Z]OP]PO TOPY_T_d 4_ F_SP APOLH T^ _SP Z]TRTY LYO ^Z`]NPx ?ST^ M]TYR^ `^ _Z _SP _S]P^SZWO bSP]P Z]LWL`]LW XPXZ]TeTYR _PNSYT\`PLYOTY_P]YLWTeL_TZYNZTYNTOP ,XZYR _SP Q`YN_TZY^ L^^ZNTL_PO bT_S Z]LWT_d T_ T^ [Z^^TMWP _Z TOPY _TQd _SZ^P _SL_ XLYd ]PWTRTZY^ SLaP WTYVPO _]LY^N`W_`]LWWd bT_S bSL_ bP NLWW ^ZYLWT_d LYO LNZ`^_TN [TP_d ?SP _Pc_^ SLaP YZ_ ZYWd NZY_PY_ LYO R]LXXL] M`_ LW^Z SLaP L XPWZOTZ`^ ^Z`YO -PNL`^P _SPd NLY MP SPL]O bT_S^[PNTLWTY_ZYL_TZYLYOMPPXZ_TZYLWWd]PNPTaPO_SPdL]Pw^ZMPL` _TQ`WxTY_SPbZ]O^ZQ6P]XLYTv^_LcTO]TaP]?SP_LcTO]TaP]bSZQZ`YO _SP XP]P LNZ`^_TN \`LWT_d NZX[WP_PWd ^L_T^QdTYR SLO ST_ _SP YLTW ZY _SP SPLO% _SP ^ZYTN []P^PYNP ZQ ^LN]PO WT_P]L_`]P^ MPNZXP^ L ^Z`]NP ZQ [WPL^`]P LYO LY PYRLRTYR PaPY_ L_ WPL^_ QZ] ^ZXP [P]^ZY^ z T]]P^[PN _TaP ZQ bSP_SP] _SP Z`YO
ZY_ZWZRd =PWTRTZ`^ ]PLOP]^ bTWW RPYP]LWWd QPPW _SL_ _SP _Pc_^ LYO _SPT] ]T_`LWTeL_TZY^ wbZ]V QZ] XP _SPd QPPW ]TRS_ _SPd L]P TX[Z]_LY_ _Z XP XPLY ^ZXP_STYR _Z XP XZaP XP NZYYPN_ XP bT_S L XZ]P PYNZX[L^^ TYR ]PLWT_d RTaP XP PXZ_TZYLW [WPL^`]P ^L_T^QLN_TZY [PLNP ZQ XTYOx P_N ?SP]PQZ]P QZ] ]PWTRTZ`^ ]PLOP]^ _SP ]PNT_L_TZY^ L]P YZ_ ZYWd LP^ _SP_TNLWWd [WPL^TYR M`_ _SPd _]LY^[Z]_ _SP ]PLOP]^ TXXPOTL_PWd TY_Z _SP ^LN]PO ]PLWT_d ^TYNP _SPd WT_P]LWWd PXMZOd T_ ^Z _SL_ T_ T^ LNNP^^TMWP _Z _SP ^PY^P^ ?SPd XLYTQP^_ TY L XLYYP] LNNP^^TMWP _SP ^PY^P^ _SP PY_T]P VYZbWPORP_SL_]PWTRTZ`^]PLOP]^L^^ZNTL_PbT_S_SPT]^LN]PO_Pc_^BSPY 6P]XLYTv^0Rd[_TLY_LcTO]TaP]^LTOw4_T^^ZMPL`_TQ`WxTY^TX[WPPaP ]dOLd WLYR`LRP SP bL^ Pc[]P^^TYR []PNT^PWd _SL_ bSTNS ]PWTRTZ^T L^^Z NTL_P bT_S _SP Z`YO^z=PWTRTZY^.ZX[L]PO
$
-TMWP LYO _SP WT_`]Rd L]P w_ZZW^x Z] wXLNSTYP^x _SL_ ^P_ TY XZ_TZY wN]PL_TaP _STYVTYRx LYO LY TXXPOTL_P XPXZ]d ZQ 2ZO ,NNZ]OTYR _Z .L]]`_SP]^ XPXZ]d T^ wYZ_ ]P^_]TN_PO _Z bSL_ bP YZb NLWW XPXZ]d M`_ T^ L X`NS XZ]P Pc[LY^TaP NZYNP[_ QZ] T_ ]PNZRYTeP^ _SP P^^PY_TLW ]ZWP^ ZQPXZ_TZYTXLRTYL_TZYLYONZRT_L_TZYx " ?SP L[[]ZLNS _Z _Pc_^ TY 4YOTL NLY MP OP^N]TMPO TY L aP]d ^TXTWL] XLYYP] LMZaP LWW bSPY _SP NPY_]LW L^[PN_ T^ XPOT_L_TZY ZY XPLYTYR ?SPaL^_WT_P]L_`]PZQNZXXPY_L]TP^bSTNST^P^[PNTLWWd]TNSLYOaL]TPO TY>LY^V]T_3TYO`T^XZbTYR_Z_SPXLYd^LN]POWT_P]L_`]P^LYO_SPM]TPQ >¼_]L _Pc_^ _SL_ L]P TYNZX[]PSPY^TMWP bT_SZ`_ NZXXPY_L]TP^ NLY MP _P]XPO wLY L]_ ZQ TYaPY_TZYx 9Pb _SPZWZRTP^ LYO [STWZ^Z[STP^ SLaP NZXP TY_Z MPTYR YZ_ WPL^_ aTL NZXXPY_L]TP^ ?SP]P LWbLd^ SL^ MPPY L WZ_ ZQ N]PL_TaP _SZ`RS_ LYO L^^ZNTL_TaP TXLRTYL_TZY M`_ _SPd bP]P LW bLd^ _]LOT_TZYMZ`YO L^ TY .S]T^_TLY OZN`XPY_^ OL_TYR Q]ZX _SP 8TO OWP,RP^,__SP^LXP_TXPXZ^_ZQ_SPNZXXPY_L]TP^bP]PQZ]X`WL_PO TYSTRSWd]L_TZYLW_P]X^LYOL]R`XPY_^LYO^ZXPbP]PaP]d^NSZWL^_TN -`_ PaPY bSP]P P[T^_PXTN XPLYTYR T^ YZ_ TY _SP QZN`^ _Pc_^ ^_TWW ^_TX`WL_PN]PL_TaP_SZ`RS_TY_P]YLWTeL_TZYLYOTYNZ][Z]L_TZYMdSPW[TYR [PZ[WP _Z w_`YP TYx ?SP]P PcT^_^ YZ_ ZYWd TXXP]^TZY TY _SP ]PWTRTZ`^ _SZ`RS_ bZ]WO ZQ _SP _Pc_^ LYO _SPT] ZQ_PY ^PY^`Z`^ TXLRP^ LYO XP_L [SZ]^ M`_ LW^Z L ^TYVTYR TY_Z _SPT] ^Z`YO bZ]WO^ WLYR`LRP X`^TN LYO ^ZYR ,YO ^PXLY_TN XPLYTYR NLY TY _`]Y PXP]RP Q]ZX _ST^ BSL_ T^ ^[PNTQTN _Z 4YOTL QZ] PcLX[WP T^ _SP N]PL_TaP TY_P][]P_L_TZY ZQ PaP]d ^TYRWP^dWWLMWPTYLQZ]X`WLQZ][]LdTYRRZOv^YLXP^ ,WW _SP^P QZ]X^ ZQ [TP_d NZXP `YOP] _SP `XM]PWWL ZQ TXXP]^TZY TY _SP bZ]WO ZQ L ^LN]PO NZ^XZ^ bSTNS L]Z`^P^ aL]TZ`^ PXZ_TZY^ LYO TXLRTYL_TZY^ LYO ^TX`W_LYPZ`^Wd LN_^ L^ L N`W_`]LW L]NSTaP LN_TaL_TYR NZXXZYTXLRTYL_TZY^LYONZWWPN_TaP\`LWT_TP^ZQPc[P]TPYNPBSL_WTYV^ _SP 0`]Z[PLY 8TOOWP ,RP^ bT_S 3TYO` 4YOTLY [TP_d T^ L []ZYZ`YNPO [P]QZ]XLYNPN`W_`]PTYbSTNS_SP^Z`YOTYRbZ]OSL^[]TZ]T_d?ST^[`M WTNN`W_`]PZQ]T_`LW^LYO[P]QZ]XLYNP^RPYP]L_P^dYNS]ZYTeL_TZY^SL]PO bZ]WO^ZQXPLYTYRLYOTY_P]^`MUPN_TaP^[LNP^ZQTXLRTYL_TZY ?SP^NSZWL]WdOT^NZ`]^P^LYO[Z[`WL]N`W_`]PZQ[TP_dTYNW`OTYR_SP PaP]dOLd ]PWTRTZ`^ []LN_TNP ZQ SPL]TYR LYO ]PNT_TYR SLaP N]PL_PO _SPT] ZbY TY_P]LN_TYR TXLRTYPO bZ]WO^ ]PLWT_TP^ ZQ Pc[P]TPYNP LYO aTPb^ ZY XT]LN`WZ`^ ]PWTRTZ`^ LYO wXLRTNLWx PQQTNLNd 4Y .S]T^_TLYT_d L^ TY 3TY O`T^X^`NSTOPL^OTOYZ_]PXLTYTY_SPwQZWV]PWTRTZYxLYO_SPw^`MN`W _`]Px 7PY_P^ NT_P^ ^PaP]LW NS`]NS ^Z`]NP^ Q]ZX _SP _ST]_PPY_S NPY_`]d _SL_ LNNZ]O _SP ;^LW_P] bSTNS bL^ TY_ZYPO LYO []LdPO _Z L XPWZOd L^ _SP WT_`]RdZQ_SPSZ`]^T^ ^_TWW[]LdPO_ZOLdL ^[PNTLW[WLNP bT_STY_SP STP]L]NSdZQSZWd_Pc_^LYOL^N]TMPTYY`XP]LMWPMPYPQTNTLWPQQPN_^_ZT_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .L]]`_SP]^ ?SP.]LQ_ZQ?SZ`RS_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
w>TYRTYR_SP[^LWX^^SLWWO]TaPLbLd_SPOPXZY^M]TYRLMZ`_SZWTYP^^]P Q]P^S _SP ^[T]T_ Pc_TYR`T^S _SP ^PO`N_TaP bTWW OP^_]Zd LYRP] _Z`NS PaP]d _STYROPTQdXLYx #
:YP ^PP^ SZb TY 8POTPaLW 0`]Z[P LW^Z _SP aZNLWTePO _Pc_ MPNZXP^ Y` XTYZ`^^`M^_LYNPLYOTY^ZYR[]LdP]LYO^LN]POLN_^PaP]d_STYRPY_P]^ _LYRTMWP[]ZcTXT_d _Z_SP/TaTYP LYOXLVP^2ZO[]P^PY_SP]P LYOYZb >TXTWL] PQQPN_^ _Z _SZ^P L__]TM`_PO _Z _SP ^TYRTYR ZQ [^LWX^ L]P L^^ZNT L_PO bT_S ]PWTRTZ`^ ]PLOTYR^ TY 3TYO`T^X QZ] TY^_LYNP ]PNT_L_TZY^ ZQ WT_LYTP^ LYO ZQ ;`]£©L^ >ZXP [L]_^ ZQ 7PY_P^v OP^N]T[_TZY ZQ XPOTPaLW [TP_d ]PLO L^ _SZ`RS SP T^ OP^N]TMTYR 3TYO`T^_TN LNZ`^_TN [TP_d -d ]P NT_TYR_SP]PNT_P]Z]MdSPL]TYR_SPSPL]P]MPNZXP^[L]_ZQ_SP^LN]PO ^[SP]P LYO [L]_TNT[L_P^ TY _SP ^`[P]YL_`]LW OTaTYP VYZbWPORP LYO _SP ^`[P]S`XLY[ZbP]ZQ_SPY`XTYZ`^ ]PLWT_d8LVTYR w_SP3ZWdx[]P^PY_ _S]Z`RS _SP XPOT`X ZQ _SP aZTNP M]TYR^ LMZ`_ _SP NZYaTN_TZY ZQ w^PWQ PQQTNLNdx ZQ _SP ^LN]PO bZ]O L`_ZXL_TNLWWd ^Z _Z ^[PLV 4Y XPOTPaLW .S]T^_TLYT_d_ZZL^L]`WPT_bL^YZ__SPTYOTaTO`LWbZ]OLYOT_^NZY_PY_ _SL_ bP]P TX[Z]_LY_ M`_ _SP QLN_ _SL_ _Pc_ bL^ SZWd =PWTRTZ`^ ]PLOP]^ LYO SPL]P]^ [L]_TNT[L_P TY _SP ^LN]PO ^[LNP ZQ _SP SZWd _Pc_ TY bSTNS PaP]d_STYR PcT^_^ ?ST^ ^PY^Z]d LP^_SP_TN PXZ_TZYLW LYO NZRYT_TaP [L] _TNT[L_TZYT^LXLUZ][L]_ZQ_SPL__T_`OP^`YOP]WdTYR]PWTRTZ`^]PLOTYR ?SP QZWWZbTYR NSL[_P] bTWW LOO]P^^ ^TXTWL]T_TP^ MP_bPPY 0`]Z[PLY LYO 4YOTLY [TP_d []LN_TNP^ Q]ZX ,Y_T\`T_d ]TRS_ TY_Z _SP WL_P 8TOOWP ,RP^ 4_ OPaZ_P^ XZ]P OP_LTW _Z ^ZXP YZ_TNPLMWP ^_]`N_`]LW LYLWZRTP^ 8POTPaLW .S]T^_TLYT_d TY [L]_TN`WL] NLY MP ^PPY L^ L VPd _Z `YOP]^_LYO TYR _SP 4YOTLY L[[]ZLNS _Z SZWd _Pc_^ YZ_ L^ ^ZXP_STYR LWTPY M`_ L^ ^ZXP_STYR TY ZYPv^ ZbY N`W_`]P _SL_ SL^ MPPY QZ]RZ__PY 8POTPaLW .S]T^_TLY _Pc_ ]PNP[_TZY T^ ^TXTWL] _Z 4YOTLY _Pc_ ]PNP[_TZY TY XLYd L^ [PN_^ MPRTYYTYR bT_S L QLN_ _SL_ XZ^_ .S]T^_TLY^ bZ`WO _PYO _Z QTYO QZ]PTRY _ZOLd YLXPWd _SL_ _Pc_ ]PNP[_TZY OZP^ YZ_ YPNP^^L]TWd SLaP _Z NPY_P]ZYaP]MLWXPLYTYR:_SP]_STYR^XLdMPQL]XZ]PTX[Z]_LY_?SP LP^_SP_TN ]PNP[_TZY LYO ]PWTRTZ`^ L__T_`OP^ ^`NS L^ ]PaP]PYNP TYYP] OP aZ_TZY PXZ_TZYLW [L]_TNT[L_TZY LYO _SP XP]P VYZbWPORP _SL_ _ST^ T^ L SZWd _Pc_ LWWZb ZYP _Z `YOP]^_LYO _SP _Pc_ bT_SZ`_ `YOP]^_LYOTYR _SP bZ]O^?SP^PY^Z]dLP^_SP_TN\`LWT_TP^WPLaP^[LNPQZ]LXZ]P^[ZY_LYP Z`^YZ_[]TXL]TWd]L_TZYLWTeTYRL[[]ZLNS_Z_SP^LN]PO_Pc_?SPbZ]WO^ ZQ Pc[P]TPYNP TY XPOTPaLW .S]T^_TLYT_d LTO Z`] `YOP]^_LYOTYR ZQ _ST^ _d[PZQ_Pc_ NZX[]PSPY^TZY_SL_SL^MPPY WZ^_TY _ZOLdv^0`]Z[P :MaT Z`^Wd TY _SP WL_P 8TOOWP ,RP^ Z]LWT_d LYO WT_P]LNd bP]P YZ_ X`_`LWWd PcNW`^TaPL^bP_PYO_Z_STYVTY_SPBP^__ZOLd?SP^ZWPQZN`^ZY_Pc_ NZX[]PSPY^TZY _SP ;]Z_P^_LY_ wRP^_`^x _SL_ .L_SZWTNT^X SL^ LW^Z LOZ[_PO^TYNP_SP>PNZYOAL_TNLY.Z`YNTW[`^SPO_SP^PY^Z]dLP^_SP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 7PY_P^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_x
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
\`LWT_TP^ LYO PQQPN_^ ^Z aP]d X`NS TY_Z _SP MLNVR]Z`YO _SL_ bP wBP^_PYP]^xSLaPTYN]PL^TYRWdQZ]RZ__PY_SL_T_PcT^_^L_LWW
!
,NZ`^_TN;TP_dTY4YOTLLYO0`]Z[P
?SP QZZO]PWL_PO XP_L[SZ]^ LYO _SP PcLX[WP ZQ _SP OPXZYOP^_]ZdTYR [ZbP] ZQ ]PWTRTZ`^ ]PNT_L_TZY SLaP TWW`^_]L_PO LYLWZRTP^ TY _SP ]PWTRTZ`^ []LN_TNP^ ZQ OTQQP]PY_ ]PWTRTZY^ YZ_ WPL^_ []PNT^PWd TY [WLNP^ bSP]P _Z OLdv^ ]PLOP]^ bZ`WO YZ_ Pc[PN_ _SPX% TY _SP .S]T^_TLY LYO 3TYO` _]LOT _TZY^ 4Y _SP 8TOOWP ,RP^ TY BP^_P]Y 0`]Z[P bP QTYO _SL_ Z]LWT_d LYO WT_P]LNdL]PTY_P]NZYYPN_POL^_SPdbP]PTY4YOTLL__SL__TXPLYOTYWL_P] [P]TZO^ , ]TQ_ QT]^_ MPNZXP^ L[[L]PY_ TY _SP =PQZ]XL_TZY bSP]PL^ YZ _TNPLMWP ^_]`N_`]LW ^TXTWL]T_TP^ NLY MP QZ`YO Q]ZX ,Y_T\`T_d _Z _SP WL_P 8TOOWP ,RP^ OP^[T_P \`T_P OTQQP]PY_ RPZR]L[STNLW N`W_`]LW NT]NWP^ LYO OP^[T_PZ[[Z^TYRNWLTX^Md.S]T^_TLY_SPZWZRTLY^L^_SPd_]TPO_ZOT^_TY R`T^S_SPX^PWaP^Q]ZXYZY.S]T^_TLY]PWTRTZY^ 4Y ,Y_T\`T_d .S]T^_TLYT_d z Z] .S]T^_TLY _SPZWZRTLY^ _Z MP XZ]P XZ]P[]PNT^PzSLOLW]PLOdMPPYVPPYZYZQ_PY[ZWPXTNLWWdOT^_LYNTYR _SPX^PWaP^ Q]ZX Z_SP] ]PWTRTZ`^ N`W_`]P^ _Z bSTNS _SPd L[[WTPO [PUZ]L _TaP _P]X^ ^`NS L^ wSPL_SPYx wMLMMWTYR WTVP [LRLY^x wXLRTNx Z] w ZWO ?P^_LXPY_x _Z OTQQP]PY_TL_P _SPX Q]ZX _SP .S]T^_TLY^v [L]_TNT[L_TZY ZQ _SP SPL]_ LYO _SP .S]T^_TLY `YOP]^_LYOTYR ZQ _SP QLT_S L^ _SP _]`P ]PWTR TZY ?ST^ MPRTY^ bT_S >_ ;L`Wv^ ^_L_PXPY_ wQZ] _SP WP__P] VTWW^ M`_ _SP >[T]T_ M]TYR^ WTQPx .Z] !z# bSTNS ]PXLTYPO OZXTYLY_ LWW _SP bLd Q]ZX 5ZSLYYP^ .S]d^_Z^ZXZ^ bSZ ^LTO _SP .S]T^_TLY OZP^ YZ_ MPL] ^_ZYP _LMWP_^ TY ST^ SLYO^ M`_ _SP 3ZWd >[T]T_ TY ST^ SPL]_ _Z _SP 3PT OPWMP]R .L_PNST^X ZQ ! bSP]P WTaTYR []PLNSTYR T^ NZY_]L^_PO bT_S _SPwO`XMTOZW^xZQ_SP:WO?P^_LXPY_LYOQL]MPdZYO;LRLYN`W_`]P^ RPYP]LWWd RZ_ PaPY ]Z`RSP] _]PL_XPY_ LYO bP]P ZQ_PY WLMPWPO wXLRTNx TY NZY_]L^_ _Z ]PWTRTZY 8LYd PL]Wd ]P^PL]NSP]^ TY_Z ]PWTRTZY LOZ[_PO _ST^ TXLRP LYO _SP L^^ZNTL_PO [PUZ]L_TaP aLW`L_TZY^ ZQ bSL_ T^ wZ_SP]x bT_SZ`_ ]PQWPN_TZY 3ZbPaP] 8L__STL^ 6WTYRSL]O_v^ L]_TNWP PY_T_WPO w;]LdP] QZ]X`WL]TP^ QZ] [`MWTN ]PNT_L_TZYx $ ^SZb^ NZYaTYNTYRWd SZb NWZ^P .S]T^_TLY 5PbT^S LYO w[LRLYx [`MWTN []LdP] LN_`LWWd bL^ TY WL_P 3PWWPYT^_TN LYO =ZXLY ,Y_T\`T_d OP^[T_P NWLTX^ _Z _SP NZY_]L]d Md .S]T^_TLY_SPZWZRTLY^6WTYRSL]O_NZXP^_Z_SPQZWWZbTYRNZYNW`^TZY% w4Y ^[T_P ZQ _SP OTQQP]PY_ ]PWTRTZ`^ _]LOT_TZY^ L ^`][]T^TYRWd SZXZRPYZ`^ [TN_`]P PXP]RP^% ;`MWTN []LdP]^ SLO _Z MP ]PNT_PO TY LNNZ]OLYNP _Z QZ]X` WL]TP^ bSZ^P bZ]OTYR bL^ []P^N]TMPO LYO YZ_ L_ bTWW ZQ _SP []LdTYR [P] ^ZY^?SPNZ]]PN_]PNT_L_TZYZQLQZ]X`WL]dLYOPaPYT_^[]Z[P][]ZY`YNTL
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 9`XPY !$$$%z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_TZYbL^XPLY__ZR`L]LY_PP_SP[]LdP]v^L[[]Z[]TL_PYP^^LYOPQQTNLNd%LY TX[]Z[P]Wd ]PNT_PO []LdP] bL^ NZY^TOP]PO _Z MP PT_SP] TYPQQPN_TaP Z] PaPY OLYRP]Z`^x
,NNZ]OTYR _Z 6WTYRSL]O_ _SP]P bP]P YZ_TNPLMWP [L]LWWPW^ TY _P]X^ ZQ QZ]X [P]QZ]XLYNP NZ]]PN_ PcPN`_TZY XPY_LWT_d LYO NZYNP[_^ ZQ PQQT NLNd T]]P^[PN_TaP ZQ _SP OTQQP]TYR _SPZWZRTNLW NZY_PY_ 4Y LWW _SP ]PWT RTZ`^ _]LOT_TZY^ SP TYaP^_TRL_PO NP]_LTY NWZ^PWd OZaP_LTWPO ]PWTRTZ`^ ^`[[Z^T_TZY^NLYMPTOPY_TQTPO_SL_PL^TWdPc[WLTY _SPYZ_TZYZQPQQTNLNd bT_SZ`_YPPOTYR_Z`^P_SP_P]XwXLRTNx% w@^`LWWd_SP[L]_TN`WL]bZ]OTYRZQL[]LdP]T^_]LNPOMLNV_Z^ZXPOT aTYP Z]TRTY bSTNS LQQZ]OPO T_^ PQQTNLNd& VYZbWPORP ZQ _SP []LdP] T^ _SP]P QZ]P_SP]P^`W_ZQ]PaPWL_TZYZ]OTaTYPTY^[T]L_TZY.Z]]P^[ZYOTYRWd_SP ]PNT_L_TZY ZQ ^`NS QZ]X`WL]TP^ ]P\`T]P^ ^ZXP ^[T]T_`LW \`LWT_d ZQ _SP []Ld TYR [P]^ZY ]TRS_PZ`^YP^^ [`]T_d []TP^_SZZO ^[T]T_`LW uLMTWT_dv P_N& =P^_]TN_TZY ZQ LNNP^^ _Z []LdP] QZ]X`WL]TP^ QZ] NP]_LTY [PZ[WP ZYWd T^ Pc []P^^PO Md _SP []ZSTMT_TZY _Z OTa`WRP _SP QZ]X`WL]d LYO Md _SP PcNW`^TZY ZQ_SZ^PNZY^TOP]PO`YbZ]_Sdx
3ZbPaP]T_T^PaPYXZ]PL^_Z`YOTYR_SL_YZ_ZYWd_SP_d[PZQ[]LdTYRT^ aP]d^TXTWL]LXZYROTQQP]PY_]PWTRTZY^^SL]TYRLNZXXZYN`W_`]LW^[LNP 6WTYRSL]O_v^ OT^N`^^TZY T^ LW^Z aP]d L[[WTNLMWP _Z APOL NSLY_TYR LYO ?LY_]TNXLY_]L]PNT_L_TZY3P]PLWWL^[PN_^XPY_TZYPOLMZaPLW^ZL[[Wd TYNW`OTYR_SPQ`YOLXPY_LWOZ`MWPXZaPXPY_%w_SPQZ]X`WL]dZQLYPQQT NTPY_ []LdP] T^ ZQ OTaTYP Z]TRTYx LYO w_SP ]PNT_TYR XPLY^ ]P_`]YTYR T_ _Z _SP OTaTYP ^[SP]Px ,NNZ]OTYR _Z 6WTYRSL]O_ ]T_`LW PQQTNTPYNd ]P ^`W_^ []PNT^PWd Q]ZX _ST^ OZ`MWP XZaPXPY_ 3T^ Q`]_SP] OT^N`^^TZY^ NZ TYNTOP bT_S bSL_ bP SLaP NLWWPO wLNNP^^ NZY_]ZWx LYO _SP wAPOTN XZOPx ZQ [TP_d% _SP bZ]OTYR T^ []P^N]TMPO LYO YZ_ L_ bTWW LYO LY TX []Z[P]Wd ]PNT_PO []LdP] ]PXLTY^ TYPQQPN_TaP LYO XLd PaPY MP OLYRP] Z`^ ,NNP^^ _Z ^`NS L QZ]X`WL]d LYO _SP [P]XT^^TZY _Z ]PNT_P T_ ]P \`T]P^ NP]_LTY []PNZYOT_TZY^ _Z MP Q`WQTWWPO ^`NS L^ ]TRS_PZ`^YP^^ [`]T_d []TP^_SZZO P_N z -]LSXLYSZZO TY _SP NL^P ZQ _]LOT_TZYLW APOL NSLY_TYRLYO^[T]T_`LWLMTWT_dLYOTYT_TL_TZYTY_ZL?LY_]TNWTYPLRPTY_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
6WTYRSL]O_w;]LdP]QZ]X`WL]TP^x 6WTYRSL]O_w;]LdP]QZ]X`WL]TP^x^PPLW^Z! 6WTYRSL]O_w;]LdP]QZ]X`WL]TP^x! ,NNP^^ NZY_]ZW PY^`]P^ _SP ]PWTRTZ`^ TOPY_T_d ZQ _SP ]P^[PN_TaP NZXX`YT_d 1Z] _SP .S]T^_TLY aP]^TZY ^PP 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x z$ 6WTYRSL]O_ ^_]P^^P^ ZMWTRL_Z]d QZ]X`WL^ ^`NS L^ _SP [L]_TN`WL] bZ]OTYR TY 0`NSL]T^_TN []LdP] Z] _SP 7Z]Ov^ ;]LdP] ,NNP^^ NZY_]ZW bL^ ZQ NZ`]^P LW^Z []LN_TNPO TY _SP QZ]X ZQ ML[_T^X _SP NL_PNS`XPYL_P LYO _SP OT^NT[WTYP ZQ _SP ^PN]P_ TMTO z 7TVPbT^P RZO TY^[T]POPY_S`^TL^_TN[]LdP]LYOSdXYZWZRdbP]PMdYZXPLY^[PN`WTL]_Z.S]T^_TLY T_d^PPTMTOz" 1Z] =ZXLY 5PbT^S LYO .S]T^_TLY PcLX[WP^ F^`NS L^ _SP []Z[P] [WLNTYR ZQ wLXPYxH ^PP6WTYRSL]O_w;]LdP]QZ]X`WL]TP^xz"QQ
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
NL^PZQ?LY_]TNXLY_]LQZ]X`WL^.ZY^P\`PY_WdL^TYWL_P,Y_T\`T_d_SP ]PNT_L_TZYZQLRTaPYQZ]X`WL]dT^YZ_Z[PY_Z_SP[`MWTNM`_]P^_]TN_PO 4_ T^ YPNP^^L]d _Z MP TYT_TL_PO TY_Z _SP ]`WP^ ZQ ]PNT_L_TZY LYO _Z SLaP L wVYZbWPORPx ZQ _SP OPP[P] XPLYTYR _SL_ _SP QZ]X`WL T^ L ]PaPWL_Z]d _]`_SLYOL__T_`OP^PR]PWL_TYR_ZXLTY_LTYTYR^PN]PNd !LYOLNP]_LTY NZ^XZWZRdbSTNSL]PLWW[L]_ZQ_SPTYT_TL_TZYBPQTYOLWWZQ_ST^TY_SP NL^P ZQ _SP APOL LYO LW^Z QZ] PcLX[WP TY _SP TYT_TL_TZY NSL[_P] ZQ _SP ?LY_]TN ;L]L²`]£XL6LW[L^¼_]L "1`]_SP]XZ]PTY_SPAPOTN-]£SXL©L^ LYOTY_SP3TRS?LY_]LZQ_PYL^[PNTLWP^Z_P]TNXPLYTYRbSP_SP]T_bL^ L^PXLY_TNZYPZ]ZYPL^^ZNTL_PObT_SY`XP]TNLWXd^_TNT^XbL^WTYVPO bT_SPaP]dTYOTaTO`LW^dWWLMWPZQ_SPXLY_]L^ :_SP] 3TYO` ]PNT_L_TZY^ QZ] TY^_LYNP _SP OTaTYP YLXP^ LYO WT_LYTP^ [Z[`WL] TY _SP _PX[WP WT_`]Rd LYO []TaL_P []LdP] bSTNS bP SLaP OT^ N`^^PO LMZaP LYO ]PNT_L_TZY ZQ _SP P[TN^ PXP]RTYR Q]ZX _SP ML]OTN NZ`]__]LOT_TZYLYO_SP;`]£©L^YZb[L]_TNT[L_PPT_SP][L]_TLWWdZ]ZYWd XL]RTYLWWdTY _ST^^_dWPZQ ]PWTRTZY,^L]`WP_SPdL]PSL]OWd^`MUPN_ _Z LYd LNNP^^ ]P^_]TN_TZY^ LYd WZYRP] SLaP QPbP] ^_]TN_ [P]QZ]XLYNP ]`WP^ LYO L]P ]L]PWd ]P\`T]PO _Z MP VP[_ ^PN]P_ -Z_S _SP ZWO LYO YPb XZOP^ OZ YZ_ PcNW`OP PXZ_TZYLW [L]_TNT[L_TZY M`_ RPYP]LWWd _ST^ TYN]PL^P^ TY _SP WL_P] WT_P]L_`]P^ ?SP _]LY^T_TZY^ MP_bPPY QZ]XLWTeL_TZY LYO OPaZ _TZYLW []LdP] L]P Pc_]PXPWd QW`TO TY _SP [Z^_APOTN >LY^V]T_ WT_P]L_`]P^ :YP NLY ^[PLV ZQ ]T_`LWTePO []LdP] Z] QZ]XLWTePO OPaZ_TZY 4Y _ST^ ]P ^[PN_ ]PNT_L_TZY^ ZQ WT_LYTP^ LYO YLXP^ L]P QL] XZ]P ^TXTWL] _Z _SP [^LWXZOd TY XPOTPaLW 0`]Z[P _SLY _Z 6WTYRSL]O_v^ LYNTPY_ []LdP] QZ] X`WL]TP^ 4Y _SP NL^P ZQ _SP ;^LW_P] _ZZ _SP bZ]O^ ZQ []LdP]^ L]P ^_TWW []P^N]TMPO LYO SP]P LW^Z _SP ]PNT_L_TZY XLVP^ ]PLOP]^SPL]P]^ [L]_ ZQ _SP^LN]PO^[SP]PLYO[`_^_SPXZYXZ]PQLXTWTL]_P]X^bT_S_SPOPT_d , NZX[L]T^ZY ZQ .S]T^_TLY XPOTPaLW [TP_d []LN_TNP LYO LNZ`^_TN [T P_d TY 3TYO`T^X _S]Zb^ `[ L Y`XMP] ZQ ^_]`N_`]LW ^TXTWL]T_TP^ ^ZXP ZQ _SPX ]PLNSTYR TY_Z _SP QTYP OP_LTW ?SP NPY_]LW [ZTY_^ QZ] N]Z^^N`W_`]LW NZX[L]T^ZYTYNW`OP_SPQLN__SL_LW^ZTY0`]Z[PbPWWTY_Z_SPQZ`]_PPY_S NPY_`]dT_bL^YZ]XLW_Z[]LdLQTcPO_Pc_LWZ`OLYOYZOT^_TYN_TZYbL^ XLOP MP_bPPY XPY_LW LYO aZNLW []LdP] Z] WT_`]RTNLW QTcPO []TaL_P []LdP] ,YZ_SP] LYLWZRd T^ _SL_ TY XPOTPaLW 0`]Z[P _SP ;^LW_P] LYO YZ_ _SP 2Z^[PW MPNLXP _SP XLTY ]PWTRTZ`^ _Pc_ TY _SP .S]T^_TLY WT_`]Rd LYO TY[]TaL_P[]LdP] #^TXTWL]_Z_SPbLdTYbSTNS_SPP[TN^LYO;`]£©L^TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6WTYRSL]O_w;]LdP]QZ]X`WL]TP^x! ! :Y _SP 3PWWPYT^_TN LYO .S]T^_TLY OT^NT[WTYP ZQ _SP ^PN]P_ ^PP 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x " .Q BTWVP w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L^¼_]L ?]LOT_TZYx QZ]_SNZXTYR?SP^Z`]NP_Pc_NLYMPNLWWPOLw^`XXLxZQ_SP3TRS?LY_]L # 4Y5`OLT^XTY5P^`^v_TXP_SP[^LWX^LW]PLOdQZ]XPO_SPML^TN_Pc_ZQ[P]^ZYLW[TP_d LYOLw]PLOP]xQZ]_SP[PZ[WP4Y.S]T^_TLYT_dQ]ZX_SP^PNZYONPY_`]dZYbL]OXZYV^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
4YOTL SLO LW]PLOd MPNZXP P^_LMWT^SPO L^ XLTY _Pc_^ L_ _SP MPRTYYTYR ZQ _SP .S]T^_TLY NLWPYOL] LYO PaPY _ZOLd _SPd ]PXLTY XZ]P OZXTYLY_ _SLY _SP APOL TY LN_`LW []LN_TNP ,MZaP LWW SZbPaP] _SP]P L]P L Y`XMP] ZQ QZ]XLW NZXXZYLWT_TP^ TY ]T_`LWTeL_TZY LYO _Pc_ L^^TXTWL_TZY :Y MZ_S ^TOP^_SPTOPLWQZ]XZQ[TP_dT^]T_`LWTePOOPaZ_TZY TY bSTNSQZ]XLWTePO MPSLaTZ] T^ LNNZX[LYTPO Md TYYP] L__T_`OP ?Pc_ `YOP]^_LYOTYR T^ YZ_ LM^ZW`_PWd YPNP^^L]d QZ] _ST^ 4Y w]PXPXMP]TYRx LYO wL^^TXTWL_TZYx TY .S]T^_TLY[]LN_TNP^TXTWL]_Z_Pc_[P]QZ]XLYNPTY3TYO`T^X_SPNZY_PY_ XZaPO NZX[WP_PWd TY_Z _SP MLNVR]Z`YO P^[PNTLWWd L^ 7L_TY bL^ YZ_ YPNP^^L]TWd `YOP]^_ZZO 4Y _SP WL_P 8TOOWP ,RP^ w`YOP]^_LYOTYRx PaPY TY.S]T^_TLYT_dbL^^_TWWYZ_L_LWW_LVPY_ZXPLYPcLN_`YOP]^_LYOTYRZQ _SP NZY_PY_ LYO YPT_SP] bL^ _SP PQQTNTPYNd ZQ []LdTYR Z] _SP ]PNP[_TZY ZQ[]LdP]^_TPO_Z_ST^ $-dNZY_]L^_bSL_bL^TX[Z]_LY_bL^_SPQ`YN _TZYLYO[]LN_TNLWMPYPQT_LYOXLVTYR_SPSZWd[]P^PY_L^TY3TYO`T^X z TOPLWWd _S]Z`RSZ`_ _SP OLd L^ TY^_T_`_TZYLWTePO TY _SP WT_`]Rd ZQ _SP SZ`]^ 0aPY _ZOLd TY >LY^V]T_ 3TYO`T^X bP QTYO _SP TOPLW ZQ NZY^_LY_ []LdP] LYO L^ TY _SP XPOTPaLW .S]T^_TLY TOPLW ZQ NZY^_LY_ []LdTYR T_ XLd^TX[WdMPLw]P[P_T_TZYZQ[]LdP]^xPRO`]TYRbZ]VPT_SP]bT_SZ] bT_SZ`_ MPTYR LbL]P ZQ _SP XPLYTYR /LTWd []LdTYR ZQ LWW _SP L[[]Z[]T L_P[]LdP]^bL^MdYZXPLY^^PPYL^YPRL_TaPPaPYTYXPOTPaLW0`]Z[P 4Y^_PLO ]PNT_TYR LWZ`O Md ]Z_P LYO _SP ]T_`LW ]P[P_T_TZY L^ LY T_P]L_TaP wNLWWTYR `[ _SP []P^PYNP ZQ _SP SZWd TY _SP XPOT`X ZQ _SP aZTNPx bL^ ]PRL]OPO L^ L ]PWTRTZ`^ TOPLW 4Y ^SZ]_ .S]T^_TLY OPaZ_TZ bL^ YZ_ _TPO _Z NZRYT_TZ M`_ TY^_PLO _Z [P]QZ]XLYNP LYO L`OT_TZY ?SP N`^_ZX ZQ ]PNT_TYRbL^LNNZ]OTYR_Z7PY_P^w_SPaP]d^_LRTYRZQ_SPLM`YOLYNPZQ ]POPX[_TZYLYOL__SP^LXP_TXPLXYPXZYTN_PNSYT\`PQZ]L^^TXTWL_TYR _SP ML^TN _Pc_x ?SP _Pc_`LW XL_P]TLW T_^PWQ bL^ ^PPY L^ aLW`LMWP LYO NL[LMWPZQM]TYRTYR^LWaL_TZY,^TY3TYO`T^X_SPQZNLW[ZTY_bL^ZQ_PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ TYT_TLWWd`^PO_SPXTY_SPT]NPL^PWP^^[]LdP]_SPYTYwOTaTYP]PLOTYRx WPN_TZWPN_TZ OTaTYL LYO _SP QZWWZbTYR []LdP] Z]L_TZ Z] XPOT_L_TZY XPOT_L_TZ LYO QTYLWWd QZ]XPO_SPXLUZ]^LN]PO_Pc__SL_LW^ZMPNLXPLNPY_]LW[]LdP]_Pc_QZ]WLd[P]^ZY^L^ _SP WT_`]Rd MPNLXP QTcPO _SP [^LW_P] MPNLXP L ^_LYOL]O [L]_ ZQ SZ`]Wd []LdP]^ :]TRTYLWWd_SP^TYRTYRZQ[^LWX^L[[PL]^YZ__ZSLaPMPPY[P]NPTaPOL^[]LdP]M`_TY ^_PLO ^PPY L^ LY TY^[T]PO _Pc_ PYLMWTYR _SP aZTNP ZQ 2ZO _Z MP SPL]O ,NNZ]OTYR _Z 7PY_P^_SP^bT_NS_Z_SP[^LW_P]L^_SPaZTNPZQ_SP[PZ[WP_LWVTYR_Z2ZO_ZZV[WLNP O`]TYR _SP !_S NPY_`]d LW_SZ`RS ^_LYOL]OTeL_TZY SLO LW]PLOd NZXXPYNPO _bZ NPY_` ]TP^PL]WTP]7PY_P^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_xP_^P\".QLW^Z ,YRPYPYO_w=PWTRTZ^T_Æ_TX8T__PWLW_P]x"z""""z#";P_P]:NS^PYMPTYw;]T aL_P^-P_PYxLYOZ_SP]L]_TNWP^TYATaLaZc $ 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x $z& 7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvxz 7PY_P^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_x! 7PY_P^wu,YOLNS_v`YOu2PMÆ]OPvx
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
^ZWPWd wbZ]O L^^ZNTL_TZY^x LYO YZ_ `YOP]^_LYOTYR ZQ _SP NZY_PY_ ,_ _SP NPY_P] bL^ _SP w^PWQPQQTNLNdx ZQ _SP bSZWP _Pc_ LYO YZ_ TYOTaTO`LW [L^^LRP^ ^PY_PYNP^ Z] bZ]O^ ?SP Pc_PY^TaP LYLWZRTP^ MP_bPPY XPOTP aLW .S]T^_TLY LYO 3TYO` [P]QZ]XLYNP ^_dWP^ TYNW`OP _SP LWWZNL_TZY ZQ L NP]_LTY Y`XMP] ZQ ]P[P_T_TZY^ _Z OTQQP]PY_ ]P^`W_^ bSTNS NLY MP NLWWPO wNZ`Y_PO [TP_dx LYO _SP NZ]]PWL_TZY ZQ _SP OPT_dv^ YLXP^ Z] WT_LYd QZ] X`WL^bT_S[L]_^ZQ_SPMZOd 4Y ^`XXL]d ZYP NLY ^Ld _SL_ XPOTPaLW 0`]Z[P ^_TWW VYPb _SL_ ^L N]POYP^^ T^ YZ_ ZYWd QZ`YO TY bZ]O^ LYO [S]L^P^ TP TY NZY_PY_^ M`_ LW^ZTY_SPbSZWP_Pc_LYOT_^LP^_SP_TN^PY^Z]dOTXPY^TZY?SPL`OT_TaP OTXPY^TZY`YOP]^NZ]P^ LYOOPP[PY^ _SPXP^^LRP 3P]PT_T^NPY_]LW _SL_ Z]LWT_d LYO ^ZYLWT_d XLd TYNW`OP _SP VYZbWPORP ZQ aP]MLW XPLYTYR LYO T_^ [P]^ZYLW L^^TXTWL_TZY M`_ OZ YZ_ YPNP^^L]TWd SLaP _Z :_SP] _STYR^ ^`NS L^ ^PY^Z]d ]PNP[_TZY LYO ]PWTRTZ`^ L__T_`OP^ XLd ZNN`[d _SP QZ]P R]Z`YO LYO MP Q`WWd ^`QQTNTPY_ ?ST^ bL^ TY QLN_ _SP YZ]XLW ^_L_P ZQ LQ QLT]^ TY LN_`LW []LN_TNP TY XPOTPaLW .S]T^_TLYT_d 3ZbPaP] ^_]LYRP T_ XLd ^PPX _ZOLd SP]P _ZZ []ZYZ`YNPO LNZ`^_TN [TP_d bL^ \`T_P _SP YZ]X?ST^OTOYZ_NSLYRP `Y_TW _SPQTQ_PPY_SZ]^Tc_PPY_SNPY_`]dPaPY _SZ`RSL_]LY^QZ]XL_TZYbL^LY_TNT[L_POMd^NSZWL]^ZQ_SP_bPWQ_SNPY _`]dLYOXd^_TN^ZQ_SPQZ`]_PPY_SNPY_`]d 4_ T^ TX[Z]_LY_ _Z LOO _SL_ _SP NZ]]PWL_TZY WL^_TYR TY_Z _SP QTQ _PPY_S^Tc_PPY_S NPY_`]d bL^ YZ_ ]P^_]TN_PO _Z _SP ]T_`LW OTXPY^TZY LYO _SP L^^TXTWL_TZY ZQ ^LN]PO WT_P]L_`]P^ 4_ LW^Z L[[WTP^ _Z XL]VPOWd ]L _TZYLW OT^NZ`]^P 1P]YLYOZ ?ZWL LYO .L]XPY /]LRZYP__T SLaP O]LbY L__PY_TZY _Z _SP QLN_ _SL_ 4YOTLY LYO 0`]Z[PLY [STWZ^Z[STP^ bP]P aP]d ^TXTWL]`Y_TWbPWWTY_Z_SP^Tc_PPY_SNPY_`]d%w_SP]PbL^Q]P\`PY_]PQWPN _TZY ZY _SP ^LXP [STWZ^Z[STNLW ^`MUPN_^ LYO T_ bL^ NL]]TPO Z`_ TY _SP ^LXPbLdx ?SPL`_SZ]^]TRS_Wd[`_QZ]bL]OLWL]RPY`XMP]ZQ]PL^ZY^ QZ]_SPXL]VPO^S]TYVLRPZQ_SPML^T^QZ]NZX[L]T^ZYQ]ZX_SP^Tc_PPY_S NPY_`]d ?SPd TYNW`OP _d[TNLW 0`]Z[PLY OPaPWZ[XPY_^ TY N`W_`]P PNZY ZXd_SP^NTPYNP^LYO_PNSYZWZRd >ZXPL`_SZ]^L__]TM`_P_ST^_]LY^QZ]XL_TZYTY0`]Z[PTY[L]_TN`WL]_Z _SP LOaPY_ ZQ []TY_TYR LYO R]PL_P] PX[SL^T^ ZY _SP b]T__PY bZ]O 1Z] TY^_LYNP ?d]PWW ^_]ZYRWd PX[SL^TePO _SP ]P^`W_TYR LW_P]PO ]LYRP ZQ XP OTL bSTNS WPO _Z YPb SLMT_^ ZQ ^PPTYR LYO SPL]TYR TY 0`]Z[P ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 7PY_P^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_xNQLW^ZTMTO " ?SPWL__P]T^ QZ`YOTY.S]T^_TLYT_d TY_SP4]T^S7Z]TNL[]LdP]LYOTY 3TYO`T^XTY_SP ?LY_]TN Yd£^L []LN_TNP 1P]YLYOZ ?ZWL LYO .L]XPY /]LRZYP__T w@YT_d TY /TaP]^T_d% 4YOTLY LYO BP^_P]Y ;STWZ^Z[STNLW ?]LOT_TZY^x TY -Z`YOL]TP^ /dYLXTN^ LYO .ZY^_]`N_TZY ZQ ?]LOT_TZY^ TY>Z`_S,^TL PO1]POP]TNZ>\`L]NTYT1WZ]PYNP/PWST%1T]PYeP@YTaP]^T_d;]P^^LYO 8`Y^ST]LX8LYZSL]WLW !"z!#SP]P!$ ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYxZ[NT_
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
L]R`XPY_ NZYNP]YTYR _SP XPOTL T^ ZQ [L]_TN`WL] TY_P]P^_ 4_ SPW[^ _Z Pc [WLTY_SP^_]`N_`]LW^TXTWL]T_TP^TY_SPXZOP^ZQLNZ`^_TN[TP_dTY4YOTL LYO0`]Z[PTY_SP8TOOWP,RP^MdQZN`^TYRZY_SPT]XL_P]TLWML^T^?SP 0`]Z[PLY XPOTPaLW [P]TZO SL^ MPPY NLWWPO L wXZOPW ZQ XPOTL ST^_Z]dx wXPOTPYRP^NSTNS_WTNSP] 8ZOPWWQLWWx LYO XLYd NSL]LN_P]T^_TN^ L^ N]TMPO _Z T_ LW^Z L[[Wd _Z 4YOTL L_ WPL^_ ^TYNP _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L ! ?SP NZPcT^_PYNP ZQ b]T_TYR LYO [P]QZ]XLYNP _`]YPO WT_P]L]d _Pc_^ TY_Z ^NZ]P^ >TXTWL] _Z >LY^V]T_ 3TYO`T^X _SP 0`]Z[PLY 8TOOWP ,RP^ ]P[]P^PY_ LY TY_P]XPOTL_P eZYP ZQ ^PXTWT_P]L_P LYO ^PXT Z]LW _]LOT_TZYM`TWOTYR LYO []LN_TNP 4Y MZ_S NL^P^ _SP]P bL^ L bPWW OP aPWZ[PO N`W_`]P ZQ [P]QZ]XLYNP TY bSTNS []TZ]T_d bL^ RTaPY YZ_ _Z _SP WP__P] M`_ _Z _SP PXMZOTPO aZTNP ?ST^ PYNZ`]LRPO NP]_LTY SLMT_^ ZQ ^PPTYR LYO SPL]TYR bSTNS NSLYRPO LWZYR bT_S _SP ^STQ_ _Z L N`W_`]P ZQ MZZV^ LYO ^TWPY_ ]PLOTYR ?SP YPb NZXMTYL_TZY ZQ LaLTWLMWP XPOTL L_ _SP _TXP ZQ _SP =PQZ]XL_TZY ]PO`NPO _SP ^PY^Z]d L^[PN_ LYO TYN]PL^PO ^PXLY_TNTeL_TZY ?SP XPOTL _SPZ]d Pc[WLTY^ _SP ^TXTWL]T_TP^ LYO [ZTY_^ QZ] NZX[L]T ^ZY YZ_PO LMZaP RZTYR MPdZYO ST^_Z]TNLW N`W_`]LW LYO ^ZNTLW OT^^Z YLYNP^ , ^TXTWL] XPOTL ^T_`L_TZY M]Z`RS_ LMZ`_ _SP PXP]RPYNP ZQ LYLWZRZ`^^_dWP^ZQ]T_`LWLYOXPLYTYR?SPwSLMT_`^xQZ]X^ZQLNZ`^_TN [TP_d TWW`^_]L_P _SL_ XPOTL []LN_TNP^ L]P ^TX`W_LYPZ`^Wd _PNSYT\`P^ QZ] LM^Z]MTYR NP]_LTY QZ]X^ ZQ LY LP^_SP_TN ^PY^P ,NZ`^_TN LYO b]T__PY ^TRY^^_TX`WL_POTQQP]PY_^PY^P^?SPdL]PL^^ZNTL_PObT_SOTQQP]PY_[L_ _P]Y^ ZQ [P]NP[_TZY LYO TX[L]_ OTQQP]PY_ Pc[P]TPY_TLW \`LWT_TP^ 4_ T^ _SP]PQZ]P YZ_ LWW ZYP LYO _SP ^LXP bSTNS XPOTL L]P RTaPY []PQP]PYNP ZaP] Z_SP]^ ?SP ^TXTWL] XPOTL ^T_`L_TZY^ TY XPOTPaLW 0`]Z[P LYO >LY ^V]T_ 3TYO`T^X []ZaTOPO L ML^T^ QZ] NZX[L]T^ZY bSP]PL^ _SP ^`M^P \`PY_ NSLYRP^ TY _SP XPOTL TY 0`]Z[P ]P^_]TN_PO T_ :YP NLY ^[PLV ZQ L _]LY^QZ]XL_TZY ZQ LP^_SP_TN ^_dWP^ TY NZ]]PWL_TZY _Z _SP NSLYRP TY QZ]X^ ZQXPOTL[]LN_TNP ?SP XPOTL L]R`XPY_ SL^ R]PL_ LYLWd_TNLW [ZbP] >TXTWL] XPOTL ^T_`L_TZY^ ^PPX _Z RPYP]L_P ^TXTWL] QZ]X^ ZQ []LN_TNP LYO [TP_d 3Zb PaP]_SPXPOTLL]R`XPY_LW^ZOPXZY^_]L_P^^ZXPbPLVYP^^P^4_T^ZYWd LMWP _Z Pc[WLTY _]LY^N`W_`]LW NZXXZYLWT_TP^ M`_ YZ_ _SP OTQQP]PYNP^ BSL__SPXPOTL_SPZ]dNLYYZ_]PNZRYTePT^_SP]LYRPZQ^dXMZWTNZ]OP]^ ZNN`]]TYR TY _SP TY_P]XPOTL_P ^[LNP 4_ T^ Q`YOLXPY_LW _Z LNNZ`Y_ QZ] _SPX /P^[T_P _SP []PQP]PYNP QZ] _SP aZTNP _SP 0`]Z[PLY 8TOOWP ,RP^ bP]PYZ_LN`W_`]PZQ^Z`YOWTVP4YOTLbL^%^Z`YOTYR_Pc_^OTOYZ_SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >`XXL]TeTYR_SP^`MUPN_ZQ_SP0`]Z[PLY8TOOWP,RP^L^LwXZOPWZQXPOTLST^_Z]dx 1L`^P] 0TYQÞS]`YRTYOTP6`W_`]bT^^PY^NSLQ_ #z#!?SP^_]`N_`]LW^TXTWL]T_TP^Z`_ WTYPO LMZaP NLY LW^Z MP Pc_PYOPO _Z _SP QZ]XL_TZY ZQ aP]YLN`WL] WT_P]L_`]P^ bSTNS SL[[PYPO ^TX`W_LYPZ`^Wd TY 0`]Z[P LYO 4YOTL ZY L WL]RP ^NLWP Q]ZX LMZ`_ _SP _S NPY_ZYbL]O^.Q;ZWWZNV 7LYR`LRPZQ_SP2ZO^"z$
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
"
_SP^LXPVTYOZQN`W_`]LWaLW`PYZ]LYd[WLNPTY_SPZWZRTNLW]PQWPN_TZY >Z T_ T^ YZ_ TY^TRYTQTNLY_ bSP_SP] ^LN]POYP^^ T^ L^N]TMPO ^ZWPWd _Z _SP aZNLWTePO _Pc_ L^ SZWd _Pc_ L^ TY _SP 0`]Z[PLY 8TOOWP ,RP^ LYO TY XLYd QZ]X^ ZQ LNZ`^_TN [TP_d TY 4YOTL Z] TY LOOT_TZY ^Z`YO T^ LW^Z ]P QWPN_PO `[ZY _SPZWZRTNLWWd LYO [STWZ^Z[STNLWWd L^ bL^ _SP NL^P TY XP OTPaLW >LY^V]T_ 3TYO`T^X ?SP]P T^ L OTQQP]PYNP bSPY ^Z`YO RLTY^ T_^ ^LN]POYP^^ XP]PWd Q]ZX _SP SZWd TXLRP ZQ ^N]T[_`]P^ Z] bSPY _SP ^Z`YO^ ZQ ^LN]PO QZ]X`WL^ LYO [ZP_]d L]P TY_]TY^TNLWWd L^^ZNTL_PO bT_S ^LN]POYP^^LYOXLRTNPQQTNLNdL^NLYMPPY^PPYTY4YOTLL^QL]MLNVL^ _SP PL]WTP^_ APOTN _TXP^ MPTYR NZY_TY`LWWd ]PXZOPWPO LYO ]PNZOPO ZaP]_SPNPY_`]TP^?ZOLd[PZ[WPWTVP_ZRTaP^NTPY_TQTNPc[WLYL_TZY^QZ] _ST^ 4Y NZY_]L^_ _Z 4YOTL _SP ^Z`YOTYR _Pc_^ TY 0`]Z[P SLO YZ QTcPO [WLNPTY_SPZaP]LWWN`W_`]LW^d^_PXLYO_SP]PQZ]POTOYZ_SLaPLYPQQPN_ TY _SP N`W_`]LW XPXZ]d -d NZY_]L^_ TY 4YOTL b]T_TYR LYO MZZV^ OPaPW Z[POQL]WP^^aLW`P_SLY_SPdOTOTY0`]Z[P 4X[Z]_LY_ OTQQP]PYNP^ MPNZXP NWPL] L_ _ST^ [ZTY_ 4_ T^ _]`P _SL_ _SP 0`]Z[PLY 8TOOWP ,RP^ bP]P LY TY_P]XPOTL_P ^[LNP ZQ ^PXTZ]LW XPOTL []LN_TNP -`_ TY aTPb ZQ _SP [SZYZNPY_]TNLWWd Z]TPY_PO ]PWTRTZ`^ LYO ^NTPY_TQTN ^dXMZWTeL_TZY^ TY >LY^V]T_ 3TYO`T^X _SP XPOTL L]R`XPY_ []ZaTOP^ZYWd[L]_TLWPc[WLYL_TZY^4_OZP^YZ_NZaP] ^ZXP`YT\`P^dX MZWTN QZ]X^ LYO XZOP^ ZQ ^`MUPN_TaT_d TY >LY^V]T_ N`W_`]P _SL_ OTQQP]PO ^TRYTQTNLY_Wd Q]ZX _SP 0`]Z[PLY XPOTPaLW [P]TZO LYO aTNP aP]^L ?ST^ MPNZXP^ NWPL] TY _SP TX[LN_^ ZQ _SP N`W_`]P ZQ b]T_TYR OT^N`^^PO TY _SP QZWWZbTYR^PN_TZY8POTPaLW^NSZWL]^_]LNP_ST^PQQPN_MLNVL^QL]L^_SP WL_P 8TOOWP ,RP^ wZY _SP _S]P^SZWO ZQ WT_P]LNdx ,NNZ]OTYR _Z _SPT] L]R`XPY__SP]P^`W_TYRN`W_`]PZQb]T_TYRLYOMZZV^PYNZ`]LRPO]L_TZY LWT_d []ZQP^^TZYLWT_d LYO TY_P]TZ]T_d LYO SLO TX[LN_^ ZY _SP XZOP]Y N`W_`]PZQ^NTPYNPLYO^`MUPN_TaT_d>[PNTQTNLWWd0`]Z[PLYOPaPWZ[XPY_^ LYO[L__P]Y^ZQ_SZ`RS_MPNZXPZMaTZ`^L__ST^[ZTY_]PLNSTYRL^QL]L^ NZY_PX[Z]L]d^NTPY_TQTN]P[]P^PY_L_TZYbSTNSTY_ST^QZ]XOZYZ_L[[Wd _Z 4YOTL BP QTYO OTaP]RPYNP TY VYZbWPORP Z]RLYTeL_TZY _SP N`W_`]P ZQ TY_PWWPN_`LW^ _SP STP]L]NSTP^ ZQ [P]NP[_TZY LYO YZ]X^ bSTNS OPaPWZ[PO TY OTQQP]PY_ bLd^ TY 4YOTL 7ZZVTYR L_ >LY^V]T_ N`W_`]P LY LW_P]YL_TaP X`NS WP^^ WTYPL] ST^_Z]d ZQ ]L_TZYLWT_d LYO TY_P]TZ]T_d MPNZXP^ L[[L] PY_
!
3T^_Z]TNLWLYO.`W_`]LW/T^^ZYLYNP^TY>PXT7T_P]L_PEZYP^
8LYd L`_SZ]^ SLaP [ZTY_PO Z`_ ]LOTNLW NSLYRP^ ]PRL]OTYR XPOTL ]PWTR TZYLYO]L_TZYLWT_dTY0`]Z[P^TYNP_SP^Tc_PPY_SNPY_`]d?SPXPOTPaLW T^_ LYO NS`]NS ST^_Z]TLY ,]YZWO ,YRPYPYO_ ^PP^ L XL]VPO NSLYRP LW ]PLOdZNN`]]TYRTY_SP_bPWQ_SNPY_`]d4YST^XLUZ]bZ]VZY_SP8TOOWP
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
,RP^ "SPTY_P][]P_^_SP0`]Z[PLYXPOTPaLW[P]TZOL^LwST^_Z]dZQ^`M UPN_TaTeL_TZYxw2P^NSTNS_POP]>`MUPV_bP]O`YRxLYOOTaTOP^T_`[TY_Z _bZ WL]RP P[ZNS^% L w]PL]NSLTeL_TZYx LYO L w]PYLT^^LYNPx BSP]PL^ SP ^PP^ _SP QT]^_ SLWQ ZQ _SP 8TOOWP ,RP^ L^ NSL]LN_P]TePO Md L NZWWPN_TaP Z]TPY_L_TZY ZQ MPTYR PXMPOOPO TY L w[]TXL]d XZOP ZQ Pc[P]TPYNTYR TY XLRTNLWXd_STNLW NL_PRZ]TP^x 9Z]MP]_ 0WTL^ LYO Md ]T_`LW TY _SP ^PN ZYO SLWQ SP ^PP^ L ]L_TZYLW ^[T]T_ P_STN^ TY_P]YLWTeL_TZY LYO TYOTaTO`LW Q]PP ^[LNP^ MPNZXTYR P^_LMWT^SPO MPNL`^P ZQ _SP w]PYLT^^LYNP ZQ _SP _bPWQ_S NPY_`]dx 5LN\`P^ 7P2ZQQ bT_S _SP wMZZV L^ L YPb _ZZWx ,N NZ]OTYR _Z ,YRPYPYO_ _SP `^P ZQ b]T_TYR LYO L N`W_`]P ZQ MZZV^ _S`^ [WLdPO L XLUZ] ]ZWP TY _ST^ OPaPWZ[XPY_ 3P ^_L_P^ _SL_ _SP TYN]PL^TYR `^PZQb]T_TYRTY_SPWT_`]RdTY_SPYTY_SNPY_`]dWPO_ZLST_SP]_Z`Y^PPY ^_LYOL]OTeL_TZY LYO w]TRTOTQTPOx ]T_`LWT^X TY bSTNS XLRTN _SZ`RS_ bZ]WO^ LYO w^TX[WP ]PWTRTZYx RLTYPO _SP `[[P] SLYO -`_ Q]ZX _SP _bPWQ_S LYO _ST]_PPY_S NPY_`]TP^ WT_P]LNd WPO _Z ST^_Z]TNLW _SZ`RS_ _SL_ ]P[WLNPO_SPXLRTNLWLYOXd_STNLWLYOYZ_WPL^_ZQQP]POYPbZ[_TZY^TY ^NSZWL^_TN_SPZWZRd?SPb]T__PY]PNZ]OZQ _SP[`MWTN ^NSZWL]WdOT^[`_P^ ZQ _SP ]T_`LWTePO \`LP^_TZ LYO ]P^[ZY^TZ WPO LNNZ]OTYR _Z STX _Z L w_P]XTYZWZRTNLW []PNT^TZYx wXZ]P QL]]PLNSTYR ZMUPN_TaP OPML_Px wbPT_P]QÞS]PYOP >LNSOPML__Px LYO _SP WL]RP^NLWP ^[]PLOTYR ZQ _SP YPb ]L_TZYLW _SPZWZRTP^ # ?SP XZOP ZQ []LdP] LW^Z `YOP]bPY_ NSLYRP ;]PaTZ`^Wd[]LdP]SLOXPLY_w]P[PL_TYR[^LWX^xbSP]PL^YZbwR]PL_Wd TY_P]YLWTePOQZ]X^FL]Z^PH_SL_L[[WTPOb]T_TYRTYL_L]RP_POLYO_]LTYPO XLYYP]TY_PY^TQTPO[]LdP]TY_ST^bLdLYO_S`^NZY^NTZ`^Wd^_PP]POLYO OPP[PYPOL[P]^ZYv^ZbY^[T]T_`LWL__T_`OPx $,__SPPYOZQ_SP8TOOWP ,RP^ ,YRPYPYO_ QTYO^ ?SZXL^ 8Z]P bSZ PY_]`^_^ _SP bZ]WO _Z w]PL ^ZYPOPcLXTYL_TZYLYOS`XLYLN_TaT_dx ,YRPYPYO_ ^PP^ TY _ST^OPaPWZ[XPY_ 5LNV2ZZOdv^WT_P]LNd _SPZ]d NZYQT]XPO 2ZZOd [Z^_`WL_PO QL]]PLNSTYR PQQPN_^ ZQ WT_P]LNd ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P] 1Z] L M]TPQ Z`_WTYP ZQ _SP QZWWZbTYR _SP^P^ NQ TMTO z! z LYO ,YRPYPYO_ w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_`YO>NS]TQ_WTNSVPT_x"z # ,YRPYPYO_w=PWTRTZYebT^NSPY8ÞYOWTNSVPT_`YO>NS]TQ_WTNSVPT_x# $ ,YRPYPYO_ 2P^NSTNS_POP]=PWTRTZ^T_Æ_TX8T__PWLW_P] ,YRPYPYO_ 2P^NSTNS_POP]=PWTRTZ^T_Æ_TX8T__PWLW_P] .Q 5LNV 2ZZOd PO 7T_P]LNd TY ?]LOT_TZYLW >ZNTP_TP^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $!# 2P]XLY POT_TZY 7T_P]LWT_Æ_ TY _]LOT_TZYPWWPY 2P^PWW^NSLQ_PY 1]LYVQ`]_%>`S]VLX[$#LYO]P[]TY_ZQVPdPcNP][_^TY5LNV2ZZOd4LYBL__LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`] 1]LYVQ`]_% >`S]VLX[ $#! :Y _SP NZY_TY`L_TZY ZQ _SP _SP^T^ ^PP 5LNV 2ZZOd ?SP 7ZRTN ZQ B]T_TYR LYO _SP:]RLYT^L_TZYZQ>ZNTP_d .LXM]TORP$#!2P]XLYPOT_TZY /TP7ZRTVOP]>NS]TQ_ `YO OTP :]RLYT^L_TZY OP] 2P^PWW^NSLQ_ 1]LYVQ`]_ $$& ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PYLYO_SP:]LW .LXM]TORP$#"& ?SP;ZbP]ZQ_SPB]T__PY?]LOT_TZY BL^S TYR_ZY%>XT_S^ZYTLY4Y^_T_`_TZY;]P^^
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
$
PY_T]PN`W_`]LWXPXZ]dPaPYL^QL]L^_SP_SZ`RS_^_]`N_`]P^?ST^_SP^T^ bL^LVPdL]R`XPY_QZ],YRPYPYO_% w,^ QZ] OZN_]TYP L[[L]PY_Wd ZYWd b]T_TYRML^PO ]PWTRTZY^ NLY RPYP]L_P ]P QWPcTaP _SPZWZRTP^ ?SP XLUZ] PWPXPY_^ ZQ L _SPZWZRd ZQ _ST^ _d[P ^`NS L^ _SPOPQTYT_TZY^ZQ 2ZOP_P]YT_dLYO_TXP L]PYZ_^ZXP_STYR_SPTYOTaTO `LWNLYLNSTPaPMdSTX^PWQM`_]P\`T]PNZX[WPcXPY_LWPQQZ]_^^`NSL^NLY ZYWd MP XLOP Md L SZYPO ^[T]T_ F?SP XL_P]TLWH X`^_ MP ^PN`]PO LYO SLYOPO OZbY 3ZbPaP] WT_P]LNd T^ LY P^^PY_TLW ]P\`T]PXPY_ QZ] _ST^ _Z SL[[PY ,WW _SP ]P^PL]NS ]P^`W_^ LNSTPaPO X`^_ MP MZ_S ^PN`]PO LYO Pc [Z^PO TY L]R`XPY_L_TZY LYO ]PWPL^PO QZ] Q`]_SP] PcLXTYL_TZY 3ZbPaP] _ST^ NLY ZYWd ZNN`] TY L _PLNSTYR ^T_`L_TZY bSP]P MZZV^ LYO WTM]L]TP^ L]P LaLTWLMWP
:MaTZ`^Wd L WZ_ ZQ N`W_`]LW NZY_TYRPYNd SL^ QWZbPO TY_Z _ST^ LNLOPXTN ]P[]P^PY_L_TZY ,YRPYPYO_v^ NL_PRZ]TP^ ZQ LYLWd^T^ LYO PaLW`L_TZY L]P OTQQTN`W__ZL[[Wd_Z4YOTL>_]TN_WdLYLWd_TNLW^d^_PX^LW]PLOdOPaPWZ[PO TY _SP WL_P APOTN [P]TZO bSPY LNNZ]OTYR _Z _SP 4YOZWZRT^_^ 1]T_^ >_LLW LYO3L]]d1LWVb]T_TYRbL^YZ_dP_TYNT]N`WL_TZY?SP4YOZWZRT^_^bP]P YZ_ LMWP _Z RLTY YPL]Wd L^ X`NS Q]ZX 2ZZOdv^ L]R`XPY_ L^ _SP XPOTP aLWT^_^ OTO 4Y QLN_ _SPd ]PRL]OPO T_ L^ []ZaPY _SL_ TY LYNTPY_ 4YOTL YPT _SP] ^_Z]LRP YZ] SLYOTYR OZbY YZ] LM^_]LN_ ]L_TZYLWT_d bL^ _TPO _Z b]T_TYRL^bTWWMPPc[WLTYPOTYXZ]POP_LTWWL_P]4_T^_]`P_SL_>LY^V]T_ N`W_`]P RPYP]L_P^ ^P]TZ`^ OZ`M_^ LMZ`_ bSP_SP] OTQQTN`W_ _SZ`RS_ []ZN P^^P^ ]L_TZYLW _SPZWZRTP^ LYO LY LNLOPXTN ^[T]T_ L]P OP[PYOPY_ `[ZY MZZV^ LYO WTM]L]TP^ Z] bSP_SP] TY_P]YLWTeL_TZY LYO TYOTaTO`LW Q]PP ^[LNP^YPPOLWT_P]L]dN`W_`]P,YObSP]PaP]_SP]PT^NWPL]PaTOPYNP_SL_ b]T_TYR bL^ TY `^P _SP XPOT`X `^PO TY []LN_TNP bL^ OTQQP]PY_ -ZZV^ bP]P WP^^ TX[Z]_LY_ TY _SP TY_P]ZMUPN_TaP ^d^_PX PaPY Q]ZX _SP _TXP bSPY TOPL^ NT]N`WL_PO aTL b]T__PY OZN`XPY_^ ?Z QTYO []TY_PO MZZV^ ZYPX`^_WZZVL_4YOTL`YOP]-]T_T^SNZWZYTLW]`WP ,YRPYPYO_v^TY_P][]P_L_TZYZQST^_Z]d]PaPLW^_bZML^TN[]ZMWPX^ZQ _SP ^_]TN_ WT_P]LNd LYO XPOTL L]R`XPY_% _SP \`P^_TZYLMWP `YTaP]^LWTeL _TZYLYO_SP^`^NP[_TMTWT_d_ZTOPZWZRd /TaTOTYR _SP 0`]Z[PLY XPOTPaLW [P]TZO TY_Z _bZ [L]_^ ZYP YZY ]L_TZYLWLYOZYP]L_TZYLWLYO_SP_d[TQdTYR_P]X^w]PL]NSLTeL_TZYx LYO w]PYLT^^LYNPx SLaP L NP]_LTY ZMUPN_TaP ML^T^ M`_ _SP NSZTNP ZQ bZ]O^ ^SZb^ _SL_ _SPd L]P WTYVPO bT_S ^_]ZYRWd YZ]XL_TaP LYO []ZMWPXL_TN aLW`L_TZY^ ?ST^ MPNZXP^ P^[PNTLWWd YZ_TNPLMWP bSPY ZYP NZX[L]P^ N`W_`]P^BSP]PL^,YRPYPYO_NLYL^^ZNTL_PZYWdwL]NSLTN^xLYOw^TX[WP ]PWTRTZYx bT_SL]`WPML^PO]T_`LWT^X_SL_ TRYZ]P^ ^PXLY_TN^LYOT^[]T XL]TWd NZYNP]YPO bT_S PQQTNTPYNd >_LLW ZY _SP Z_SP] SLYO ^SZb^ SZb bPWW _SZ`RS__S]Z`RS LYO ^Z[ST^_TNL_PO APOTN ]T_`LWT^X T^ bSTNS TY WT_P]L]d LYO ST^_Z]TNLW _P]X^ T^ LN_`LWWd L]NSLTN LYO NP]_LTYWd Z]TPY_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,YRPYPYO_w=PWTRTZYebT^NSPY8ÞYOWTNSVPT_`YO>NS]TQ_WTNSVPT_x$
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
ZY ]`WP^ LYO PQQTNTPYNd bSTWP _SP]P T^ WT__WP YPPO QZ] ^PXLY_TN^ 4Q ZY _SP Z_SP] SLYO ZYP [`]^`P^ ,YRPYPYO_v^ L]R`XPY_L_TZY Z`] NZX[L]T ^ZY LMZaP bT_S _SP 8TOOWP ,RP^ MPNZXP^ [Z_PY_TLWWd OLYRP]Z`^ ?SP XZOLWT_d ZQ [TP_d _SL_ L[[PL]PO _Z `^ _Z MP ^Z NZX[L]LMWP MPL]^ _SP ^_TRXLZQw]PL]NSLTeL_TZYxwL]NSLTNTY_P][]P_L_TZYZQSTRSWdOPaPWZ[PO ]PWTRTZYx w^TX[WP ]PWTRTZYx LYO wbPLVPYPO _SPZWZRdx ,NNZ]OTYR _Z ,YRPYPYO_ bPL]POPLWTYR bT_SL _PX[Z]L]dO]TQ_ TY_Z _SPw`Y_SPZWZRT NLWx LMd^^ ZQ waP]d RPYP]LW ]PWTRTZ`^ TOPL^x ZQ XLRTNXd_STNLW L]NSLTN _SZ`RS_ [L__P]Y^ :YWd TY _SP _bPWQ_S NPY_`]d OTO _SP ]L_TZYLW ^[T]T_ MPRTY_Z]PRLTY_SP`[[P]SLYO?SLYV^_Z_SPMZZVN`W_`]P_SP.S]T^ _TLYwSTRSWdOPaPWZ[PO]PWTRTZYxP_STN^_Pc_NZX[]PSPY^TZYLYO^[PN` WL_TaP _SPZWZRd MPNLXP P^_LMWT^SPO TY L ^_]ZYRP] QZ]X _SLY TY PL]Wd .S]T^_TLYT_dTY,Y_T\`T_d^TYNP_SPdL]P^PWQ]PQWPcTaP ,YRPYPYO_v^ ]P[]P^PY_L_TZY OPXZY^_]L_P^ LY ZaP]Wd [Z^T_TaP aLW`L _TZY ZQ b]T_TYR ]L_TZYLWT_d LYO TY_P]TZ]T_d LYO ^PP^ _SPX TY L[[Z^T_TZY _Z ]T_`LW XLRTN LYO Xd_S ,W_SZ`RS SP T^ NZYNP]YPO YZ_ _Z []P^PY_ _SP WL__P]L^LOPQTNTPY_XZOPLYO]PWZNL_P^_SPXTY_ZST^ZbYN`W_`]P_SPd ]PXLTY^ZXP_STYROTQQP]PY_QZ]PTRYL]NSLTNLYOOPaTLY__SPOL]V8TO OWP,RP^L^Z[[Z^PO_Z_SPM]TRS_]L_TZYLW^[T]T_,YRPYPYO_v^_SP^P^L]P LYL]R`XPY_TYQLaZ]ZQ_SPwSTRSP]N`W_`]PxZQb]T_TYRLYOMZZV^:YP OZP^YZ_MPNZXPL_]`P^`MUPN_Z]TYOTaTO`LW`Y_TW_SPLOaPY_ZQb]T_TYR OP[PYOPY_]L_TZYLWT_d[]TZ]_Z_SL_ZYPbL^L[[L]PY_WdYZ_L^`MUPN_ ?ST^ _SP^T^ OZP^ YZ_ ]PQWPN_ LYd TYOTaTO`LW Z[TYTZY M`_ ZNNTOPY_LW TOPL^ZQ]L_TZYLWT_dLYO_SPZWZRTNLWPc[PN_L_TZY^,YRPYPYO_v^]P[]P^PY _L_TZY T^ YZ_ ZYWd L OP^N]T[_TZY ZQ L N`W_`]LW NSLYRP M`_ L_ _SP ^LXP _TXP ]PaPLW^ L R]PL_ OPLW LMZ`_ L _d[TNLWWd 0`]Z[PLY ^_dWP ZQ _SZ`RS_ LYO WZRZNPY_]TNT_d >TYNP 7Ëad-]`SW OTQQP]PY_TL_PO MP_bPPY OTQQP]PY_ QZ]X^ ZQ XPY_LWT_d T_ SL^ MPPY L [Z[`WL] LNLOPXTN [L]LOTRX _Z [`_ Z]LWT_dLYOWT_P]LNd LYONZ]]P^[ZYOTYRWd]T_`LW LYOOZN_]TYP TYL[[Z^T _TZY _Z ZYP LYZ_SP] ?SPd bP]P NZ]]PWL_PO bT_S wL]NSLTNXLRTNx LYO w]L_TZYLW^NTPY_TQTNx _SZ`RS_ bZ]WO^ LYO w_]LOT_TZYLW[]PXZOP]Yx LYO wXZOP]Yx ^ZNTP_TP^ , NZY^_LY_ []ZMWPX ZQ ]P^PL]NS TY_Z N`W_`]P LYO ]PWTRTZYbL^_SPNZY^_]`N_TZYZQ_SP]P^PL]NSP]v^ZbYN`W_`]PL^^`[P]TZ] LYO_SPZ_SP]N`W_`]PL^TYQP]TZ]0QQTNTPY__P]X^QZ]^`NSNWL^^TQTNL_TZY^ TYNW`OPO wXLRTNx QZ] _SL_ bSTNS bL^ QZ]PTRY LYO `YPYWTRS_PYPO LYO wXd_SxQZ]_SL_bSTNSbL^T]]L_TZYLWLYOZ[[Z^PO_Z_SPwWZRZ^x4_bL^ []P__dX`NS_LVPYQZ]R]LY_PO_SL_T_bL^LWbLd^_SPZ_SP]YZYBP^_P]Y bLd^ ZQ _STYVTYR _SL_ bP]P T]]L_TZYLW []PXZOP]Y LYO []P^NTPY_TQTN bSP]PL^ ZYPv^ ZbY N`W_`]P bL^ ZQ NZ`]^P XZ]P STRSWd OPaPWZ[PO ]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,YRPYPYO_ 2P^NSTNS_POP]=PWTRTZ^T_Æ_TX8T__PWLW_P] z"TY[L]_TN`WL]"NQ LW^ZTMTO
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
!
_TZYLW LYO XZOP]Y :YP NZ`WO YZ_ QTYO X`NS RZZO TY Xd_S LYO XLRTN bSTNSbP]P^`[[Z^PO_ZMPZ`_R]ZbYTY_SPXZOP]YbZ]WO ?SPTYR]POTPY_^ZQ_ST^OT^NZ`]^PVYZbYTY P_SYZWZRd L^ _SPwR]PL_ OTaTOPx NZ`WO MP [P]NPTaPO _Z MP L_ bZ]V TY ,YRPYPYO_v^ NZY^_]`N_TZY ZQ ST^_Z]d 3ZbPaP] T_ T^ L NZY^_]`N_TZY YZ_ _Z_LWWd OT^WZNL_PO Q]ZX ]PLWT_dMPNL`^PLN`W_`]LWNSLYRPL[[L]PY_Wd_ZZV[WLNP4YQLN__SPZYWd []ZMWPXL_TN _STYR bL^ _SP YZ]XL_TaP aLW`P U`ORXPY_ LYO `YNZY^NTZ`^ [PUZ]L_TaPNZOTYRZQ]T_`LWXd_SP_N?SPOPaPWZ[XPY__SL_,YRPYPYO_ [WZ_^Z`_NZ`WOLW^ZMPRTaPYLOTQQP]PY_YLXPLYOLYLWdePOTYLOTQQP] PY_ bLd 4Q ZYP L[[WTP^ _SP _P]XTYZWZRd ZQ _SP ^ZNTZWZRT^_ ,YO]PL^ =PNVbT_e ZYP NLY OP^N]TMP _SP ^LXP []ZNP^^ L^ L _]LY^QZ]XL_TZY ZQ LP^_SP_TN ^_dWP^ LYOXZOP^ ZQ^`MUPN_TaT_dO`P_Z _SPNSLYRP TY_SPXP OTL BSL_ ,YRPYPYO_ NLWW^ w^`MUPN_TaTeL_TZYx w>`MUPV_bP]O`YRx XPLY^ TYOTaTO`LWTeL_TZY Z] _SL_ bSTNS =PNVbT_e ^PP^ L^ _d[TNLW ZQ _SP WT_P]L_P MZ`]RPZT^ N`W_`]P wMÞ]RP]WTNSP >NS]TQ_V`W_`]>`MUPV_V`W_`]x% TY_P]YLWWd Z]TPY_PO NZRYT_TaP LYO XZ]LW ^`MUPN_TaT_d LYO L ]L_TZYLWT^_TN YZYLP^_SP_TN L__T_`OP 4_ T^ YZ_TNPLMWP SZb ^_]ZYRWd ,YRPYPYO_v^ NZY ^_]`N_TZY ZQ ST^_Z]d ]PQWPN_^ _ST^ L__T_`OP MZ_S TY _P]X^ ZQ XP_SZOZWZRd LYOST^NZOTYRZQNZY_PY_ 9PT_SP] NLY LNLOPXTN N]T_TNT^X OZ LbLd bT_S OTQQP]PYNP^ MP_bPPY _SP_bZOTQQP]PY_QZ]X^ZQwSLMT_`^xzLXLRTNXd_STNLWPXMPOOTYRTYL WL]RP]NZ^XZ^LYOL_P]XTYZWZRTNLW^d^_PXL_TNOT^_LYNTYRbLdZQ_STYV TYR BP bZ`WO ^[PLV M]ZLOWd ZQ _bZ ML^TN bZ]WO Z]TPY_L_TZY^ ZYP _SL_ T^ []TXL]TWd [L]_TNT[L_Z]d LYO LYZ_SP] _SL_ T^ PXLYNT[L_Z]d& =PNVbT_e bZ`WO ^[PLV ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ 4Q ZYP bT^SP^ _Z `Y OP]^_LYO ^ZXP_STYR LMZ`_ L N`W_`]P LYO T_^ [PN`WTL]T_TP^ ZYP ^SZ`WO WZZV L_ SZb _SP ]PWTRTZ`^ LYO TY_PWWPN_`LW _]LOT_TZY^ L]P ]PR`WL_PO LN NZ]OTYR _Z _SP _bZ Z]TPY_L_TZY^ BSL_ 4YOTL _PLNSP^ `^ T^ _SL_ _SPd OZ YZ_ SLaP _Z MP U`c_L[Z^PO [ZWPXTNLWWd _SL_ PaLW`L_TZY^ L^ ^`[P]TZ] Z] TYQP]TZ]OP[PYOR]PL_WdZYN`W_`]PLYO_SL_[PLNPQ`WNZPcT^_PYNPNZY_T Y`T_TP^LYOTY_P]QP]PYNP^L]P[Z^^TMWP :Y _SP ZYP SLYO TY >LY^V]T_ N`W_`]P _SP]P bP]P LW^Z OPaPWZ[XPY_^ LYLWZRZ`^ _Z _SZ^P Z`_WTYPO Md ,YRPYPYO_ ,^ ^P_ Z`_ TY XZ]P OP_LTW MPWZb TY WL_P APOTN _TXP^ ZYP NLY LW]PLOd ^PP _SP _]LY^T_TZY Q]ZX L Xd_STNLW NZYNP[_ ZQ WLYR`LRP _Z L RPYP]LW XZ]P LM^_]LN_ ZYP ?SP]P bP]P ^[L_P^ ZQ ]L_TZYLWTeL_TZY ^d^_PXL_TeL_TZY LYO []ZQP^^TZYLWTeL_TZY TY _SPZWZRd [STWZ^Z[Sd LYO WT_P]L]d _d[P^ 1Z] PcLX[WP _SP AT´©` >LSL^]L9£XL WT_LYd]P[]P^PY_^LQL]XZ]PLM^_]LN_[LYPY_SPT^_TN_SPZW ZRd _SLY _SP WL_P APOTN ±L_L]`O]¯dL WT_LYd LYO _SP ^NSZWL]Wd >¼_]L WT_ P]L_`]P LYO LYLWd_TNLW b]T__PY OT^[`_L_TZ TY NZXXPY_L]TP^ SLaP PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q,YO]PL^=PNVbT_e @Y^NSL]QP2]PYePY%;P]^[PV_TaPYOP]6`W_`]^ZeTZWZRTP-TPWP QPWO%_]LY^N]T[_# $z! $z#
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WP^^_ZOZbT_S_SP[`MWTNOPML_P^ZYNZ^XZWZRTNLW[`eeWP^ZQWL_PAPOTN _TXP^ -`_ _SL_ WT_P]LNd ^SZ`WO SLaP MPPY _SP N]`NTLW QZ]NP MPSTYO _ST^ T^ WP^^ ZMaTZ`^ ?SP WT_LYTP^ L]P N]PL_PO QZ] [P]QZ]XLYNP LYO _SP >¼_]L WT_P]L_`]P T^ QZ]X`WL_PO TY ^`NS ^SZ]_ L[SZ]T^X^ _SL_ T_ ]P^PXMWP^ L ^P ]TP^ZQLTOP^XPXZT]PXZ]P_SLYNZX[]PSPY^TMWPPc[WLYL_TZY^ -]PaT_d N]d[_TNYP^^ LYO PWPRLYNP ZQ Pc[]P^^TZY L]P ]P\`T]PO bSTWP NZY_PY_ T^ PWLMZ]L_PO TY _SP _]LY^XT^^TZY Q]ZX _PLNSP] _Z [`[TW ,YO PaPY _SP NZXXPY_L]TP^L]POTQQTN`W__Z`YOP]^_LYObT_SZ`_Z]LWPc[Z^T_TZY 4Y 4YOTL TY _SP PL]Wd 8TOOWP ,RP^ _SP]P bL^ LW]PLOd LY PcNP[_TZY LWWd WTaPWd N`W_`]P ZQ TY_PWWPN_`LW^ _SL_ PcSL`^_PO T_^ Z[_TZY^ QZ] [W`]LW T^_TNOZXLTY^ZQXPLYTYRTY\`T_PaL]TPObLd^PT_SP]TYOP[PYOPY_WdZQ Z] _TPO _Z ]PWTRTZY 4Y _SP NZY_Pc_ ZQ _SP APOL SP]XPYP`_TN^ L 3TYO` ^NSZWL^_TNT^X OPaPWZ[PO Q]ZX LMZ`_ _SP ^PaPY_S NPY_`]d ,/ ZYbL]O^ ^PaP]LW NPY_`]TP^ MPQZ]P .S]T^_TLY ^NSZWL^_TNT^X TY 0`]Z[P ?SP APOL 8ÅX£À^£^NSZZW^Z[PYPO`[_Z[STWZ^Z[STNLWLYOWTYR`T^_TNL]R`XPY_L _TZY LYO MPRLY _Z `^P _P]X^ Q]ZX P[T^_PXZWZRd LYO WZRTN TY Z]OP] _Z []ZaTOP L ]L_TZYLW Pc[WLYL_TZY ZQ bSd LYO SZb _SP APOL bL^ LY Pc_]L wXPLY^ ZQ VYZbWPORPx ZQ ]PLWT_d MP^TOP^ ^PY^P [P]NP[_TZY LYO WZRTNLW NZYNW`^TZY P_N -d NZY_]L^_ _SP [STWZ^Z[Sd ^NSZZW^ ZQ _SP 9d£dL LYO ALT²P´TVL bSTNS L]Z^P Z]TRTYLWWd TYOP[PYOPY_ ZQ _SP APOL OPaPW Z[PO L ]L_TZYLW OPQPY^P ZQ _SP APOTN ]PaPWL_TZY _SP]PMd L_ _SP ^LXP _TXP OPQPYOTYR _SP ]PWPaLYNP ZQ S`XLY ]PL^ZY LYO WZRTN ! ,WZYR^TOP _SPXAPOLTYOP[PYOPY_]PaPWL_Z]d_Pc_^LYO_SPZWZRTP^LW^ZOPaPWZ[PO L^OTOLM]ZLO^[PN_]`XZQw[]ZQLYPxLNLOPXTNWT_P]L_`]P^ DP_ T_ T^ TX[Z]_LY_ _Z YZ_P _SL_ L ^NTPY_TQTN L[[]ZLNS LYO MPWTPQ TY XLRTNLWPQQTNLNdZQSZWd_Pc_^LYO^LN]PO^Z`YO^bP]PYPaP]YPNP^^L]TWd X`_`LWWd PcNW`^TaP ,YO LNZ`^_TN [TP_d ^_LYO^ LWZYR^TOP _SZ]Z`RSWd ]PQWPN_PO _SPZWZRd 8LRTN bL^ YZ_ ^ZXP_STYR MLO M`_ \`T_P SPW[Q`W TY LWW _d[P^ ZQ OTQQTN`W_TP^ 8d_STNLW PXMPOOTYR bL^ LN_`LWWd L N`W_`]LW aLW`P0aPY^NSZWL]^OTOYZ_bLY__ZOZbT_SZ`_T_L^T^^SZbYMPWZbTY _SP NSL[_P] ZY _SP WT_P]L_T ?SPd LN_`LWWd []PQP]]PO L NP]_LTY LXZ`Y_ ZQ LP^_SP_TN L_XZ^[SP]TN LYO N]d[_TN PWPXPY_^& L O]d ]L_TZYLWT^X NWPL] ^TX[WP ^_L_PXPY_^ bT_SZ`_ LYd LP^_SP_TN \`LWT_d L[[PL]PO `YTY_P]P^_TYR PaPY _Z _SP YL_`]LW ^NTPY_T^_^ ?SP XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ `YOP][TYYPOL_WPL^_^PN]P_Wd_SPT][T_SdPXLYNT[L_Z]dwSLMT_`^xbT_S [L]_TNT[L_Z]d PWPXPY_^ 4_ bL^ L QL^STZY TY >Z`_SP]Y 4YOTL _Z `^P _SP ^Z`YO^ZQ _SP LW[SLMP_ L^Y`XP]TNLW NZOP^ bSTNSbL^LXZ]PLP^_SP_TN OPaTNP_SLYOTRT_^LYO_LMWP^,P^_SP_TN^N]d[_TNYP^^LYO_SPYZYaP]MLW LWXZ^_ ]P^PXMWTYR ]PWTRTZ`^ WLYR`LRP [P]aLOP LYO NSL]LN_P]TeP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
.Q3LWMQL^^w?]LOT_TZY`YO=PQWPcTZYx&QZ]Q`]_SP]XL_P]TLWTOTOz!>PP LW^ZNSL[zTY_ST^MZZV ! 3LWMQL^^w?]LOT_TZY`YO=PQWPcTZYx$z&QZ]_SP\`Z_PTMTO
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
!
[]ZQLYP ^NSZWL]Wd wSLMT_`^x LYO ^NTPY_TQTN NZXX`YTNL_TZY 8d_STNLW PXMPOOTYR bL^ L N`W_`]LW NZY_TY``X ZY bSTNS YZ_ ZYWd LNZ`^_TN [TP_d M`_LW^Z_SP^NSZWL]^SLOLYTYQW`PYNP?SPbZ]WOXLdMPRTaPYZaP]_Z ]PL^ZYPO PcLXTYL_TZY LYO dP_ ZYP NLY ^_TWW QPPW NZXQZ]_LMWP TY _SP Xd_STNLWPXMPOOTYRLYOLW^ZNWLTXaP]d]PL^ZYLMWPR]Z`YO^L^_SPZWZ RTLY^ LYO [STWZ^Z[SP]^ bSZ TY 4YOTL L]P ZQ_PY_TXP^ _SP ^LXP [PZ[WP OPXZY^_]L_P ,_ _ST^ [ZTY_ LY LP^_SP_TN NZY_TY``X NZXP^ _Z _SP QZ]P L w_ST]O^[LNP SLMT_`^x PcT^_TYR YZ_ TY _SP PT_SP]Z] M`_ TY ^TX`W_LYPT_TP^ LYO Q`^TZY^ , ]PLW OT^N]P[LYNd MP_bPPY ]PWTRTZY LYO ]L_TZYLWT_d bL^ YPaP]QPW__ZMP_SPNL^P:`]L]R`XPY_TY_SPNSL[_P]ZYWT_P]L_TbTWWMP _SL_ LWW ZQ _ST^ SLO _Z OZ bT_S _SP ^[PNTQTN WT_P]L]d ^T_`L_TZY TY 4YOTL bSP]P_SPQT]^__Pc_bL^L]PWTRTZ`^ZYP1Z]_SP_]LOT_TZYLW^NSZWL]^LYO WT_P]L_T ZQ >LY^V]T_ N`W_`]P _SP WT_`]RTNLW XZOPW ZQ _SP APOL bL^ _SP []Z_Z_d[PZQ[ZbP]Q`W^[PPNS 4Y_P]P^_TYRWd _SP ^ZYTN bZ]WO Z]TPY_L_TZY T^ ]PTYQZ]NPO []PNT^PWd LXZYR _SZ^P _SPZWZRTLY^ LYO [STWZ^Z[SP]^ bSZ L]P NWZ^P^_ TY _TXP _Z ,YRPYPYO_v^ ^NSZZWXPY ,_ L]Z`YO _ST^ _TXP bP QTYO ^Z`YO NZ^XZRZ YTP^ LYO Pc[]P^^TaP QTN_TZYLWTeL_TZY^ ^`NS L^ _SP 7LYR`LRP 2ZOOP^^ TY bSZ^P MZOd _SP ^dWWLMWP^ ZQ _SP LW[SLMP_ L]P TY^N]TMPO NSL[ z _ST^ RZOOP^^ bSZ LW^Z SZWO^ L MZZV TY SP] SLYO T^ L _d[ZWZRTNLWWd NSL]LN_P]T^_TN LP^_SP_TN []ZO`N_ ZQ ^ZYTN N`W_`]P _SL_ T^ LW^Z TY [Z^^P^ ^TZY ZQ b]T_TYR 4Y _SP WL_P RaPOL ^SP bL^ ^_TWW _SP wRZOOP^^ AZTNPx bSZ NZYYZ_PO LYO OPYZ_PO L ^TXTWL] `YTaP]^LW ^dXMZWT^X :`] 4YOTLY XL_P]TLW LW^Z TYNW`OP^ _Pc_^ ZY [STWZ^Z[Sd LYO X`^TN _SL_ []ZXZ_P ^_]TN_Wd ]L_TZYLWWd QZ`YOPO SZWT^_TN XZOPW^ QZ] Pc[WLTYTYR _SP bZ]WO bSTNSL]PML^POZY^Z`YO?SPdL]PNZY^NTZ`^QZ]XL_TZY^ZQwXd_STNLWx ^dY_SP^P^_SL_bP]P^P_OZbYTYb]T_TYR ?SP 0`]Z[PLY WL_P XPOTPaLW _]LY^QZ]XL_TZY TY_Z L w]L_TZYLWx _SPZW ZRdLYOYPb^d^_PXL_TN_P]XTYZWZRd_SL_,YRPYPYO_Z`_WTYPOLYObSTNS SP TY_P][]P_^ L^ L YPNP^^L]d NZY^P\`PYNP ZQ MZZV N`W_`]P LYO L^ _SP ]P[WLNPXPY_ ZQ L w^TX[WP ]PWTRTZY ZQ XLRTNLW Xd_STNLW PXMPOOTYRx ZMaTZ`^WdSLaPYZP\`TaLWPY_TY_ST^QZ]XTY>LY^V]T_3TYO`T^XBSd T^_ST^*8POTL[]LN_TNPL^N`W_`]LW[]LN_TNPbL^OTQQP]PY_TP_SP`^PZQ b]T_TYRLYO_SPaLW`PL__LNSPO_ZT_0aPY_SPbSZWPN`W_`]LW^d^_PXbL^ OTQQP]PY_ 4Y _SP [L]_TNT[L_Z]d XZOP ZQ _SP Xd_STNLW PXMPOOTYR Z] T_^ LN_TaP N]PL_TaP []ZO`N_TZY ZYP NLY ]PNZRYTeP L NZY_TY`T_d LYO NZ]]P ^[ZYOPYNP MP_bPPY LNZ`^_TN [TP_d LYO LNLOPXTN ^_dWP^ ?SPd bP]P YZ_ ^PPY L^ Z[[Z^T_P^ :Y _SP NZY_]L]d w`YTaP]^LW Xd_Sx bL^ ^Z`RS_ TY LWXZ^_ LWW [STWZ^Z[STNLW_SPZWZRTNLW ^d^_PX^ ?SP^P ^d^_PX^ []ZaTOPO ]L_TZYLWTePO Q]LXP^ QZ] ^dY_SP_TN bZ]WOOP^TRY^ LYO ^dXMZWTN OP^_LMTWT eL_TZY^ZQMZ`YOL]TP^ ?SPWT_P]LNd_SP^T^L^QZ]X`WL_POMd ,YRPYPYO_T^YZ_L[[WTNLMWP _Z >LY^V]T_N`W_`]P3T^MW`P[]TY_OT^]PRL]O^N`W_`]LWNZY_TYRPYNd4YZ_SP]
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
bZ]O^ _SP 4YOTLY PcLX[WP ZQ _SP TY_P]XPOTL]d ^PXTZ]LW^PXTWT_P]L_P eZYPTYOTNL_P^SZbTX[Z]_LY_T_T^LWbLd^ _ZWZNL_PZ]LWT_dLN`W_`]PZQ b]T_TYR LYO MZZV^ LYO LW^Z ]L_TZYLWT_d LYO TY_P]TZ]T_d TY _SP ZaP]LWW N`W_`]LW^d^_PX @[ _Z XZOP]Y _TXP^ QPbP] MWL_LY_ M]PLV^ L]P _Z MP QZ`YO TY ^NSZW L]Wd bZ]V LYO ^NTPY_TQTN ]PL^ZYTYR TY 4YOTL _SLY TY 0`]Z[P , ^PL NSLYRP LYO ^TX`W_LYPZ`^ YPb MPRTYYTYR TY 0`]Z[P bL^ XL]VPO Md _SP =PYLT^^LYNP bSTNS ]PaTaPO _SP SP]T_LRP ZQ ,Y_T\`T_d& _SP w2`_PYMP]R 2LWLcdx bSTNS PaPY_`LWWd LWWZbPO _SP N`W_`]P ZQ b]T_TYR _Z ]PLNS _SP XL^^P^&_SPOPaPWZ[XPY_ZQXZOP]Y^NTPYNP^_SL_Z`_^_]T[[PO_SP^NTPY _TQTNN`W_`]P^ZQ3TYO`4YOTLLYO4^WLXTN,]LMTL_SL_`[_Z_SL__TXPSLO MPPYQL]XZ]PLOaLYNPO&LYO_SP0`]Z[PLYNZWZYTLWTeL_TZYZQ_SPbZ]WO bSTNS LW^Z LQQPN_PO 4YOTL ,YO dP_ L XZOP]Y ST^_Z]TNTeTYR ST^_Z]TZR]L [SdbSTNSMZ_S,YRPYPYO_LYO2ZZOd L__]TM`_P_Z WT_P]L_PN`W_`]POTO YZ_ OPaPWZ[ PT_SP] TY 0`]Z[P Z] TY 4YOTL `Y_TW _SP YTYP_PPY_S NPY_`]d 2PYP]LW WT_P]LNd _SP LMTWT_d _Z ]PLO LW^Z MPRTY^ TY 0`]Z[P ZYWd TY _SP PTRS_PPY_S NPY_`]d ?ST^ T^ YZ_ _Z OPYd _SP []ZQZ`YO PQQPN_^ ZQ _SP w=PYLT^^LYNP ZQ _SP _bPWQ_S NPY_`]dx bSTNS bP]P WL]RPWd WTXT_PO _Z ^NSZWL]^ ^_TWW OZXTYL_PO Md NS`]NSXPY 4_ bL^ _SP _TXP bSPY `YTaP]^T _TP^ LYO XZOP]Y `]MLY N`W_`]P PXP]RPO LYO bSPY TY LOOT_TZY _Z _SP wMZZV L^ L YPb _ZZWx ,]T^_Z_WP bL^ ]POT^NZaP]PO LYO bSPY YZ_ ZYWd ^NSZWL^_TNT^X QWZ`]T^SPO M`_ LW^Z XPOTPaLW Xd^_TNT^X ,WW _ST^ SLO [ZWT_TNLW ^ZNTLW PNNWP^TL^_TNLW XPY_LW ST^_Z]TNLW LYO LY_S]Z[ZWZRTNLW NZY^P\`PYNP^ L^ ,YRPYPYO_ LYO Z_SP] XPOTPaLWT^_^ SLaP ^SZbY 1Z] L ST^_Z]TNLWLY_S]Z[ZWZRdT_T^YZ_ZYWdZQTY_P]P^_SZbYZ_WPL^_TYXd^ _TNT^XXZOP]Y TYOTaTO`LWT_dQZ]XPOM`_LW^Z_SPXL]VPO ^P[L]L_TZYZQ _SP TYYP] LYO Z`_P] bZ]WO^ _SL_ bL^ _SPY PXP]RTYR LYO bZ`WO WL_P] MP ^PLWPOMd/P^NL]_P^v 8POT_L_TZYP^ 3ZbPaP] bSL_ T^ P\`LWWd TY_P]P^_TYR QZ] L ST^_Z]TNLW LY_S]Z[ZWZRd LYO [L]_TN`WL]Wd ]PaPLWTYR QZ] _SP [P]TZO ZQ 4YOTLY ]PWTRTZ`^ ST^_Z]d bSPY b]T_TYR bL^ OPQTYT_PWd TY `^P T^ _SP QLN_ _SL_ bP QTYO ]L]PWd L ^_]TN_ ^P[L]L_TZY MP_bPPY Xd_SZ^ LYO WZRZ^ ]T_`LW LYO _PLNSTYR TYYP] bZ]WO LYOZ`_P]bZ]WO PXZ_TZYLYOTY_PWWPN_`LWT_d bZ]OLYO ^Z`YOZ] ^`[P]YL_`]LW LYO bZ]WOWd ]PLWT_TP^ :Y _SP NZY_]L]d bP Q]P\`PY_Wd QTYO NZY^NTZ`^Wd ^dY_SP_TN ^d^_PX^ ?SP ^ZYTN WTQPbZ]WO T_^PWQ bL^ []ZXZ_ TYR_ST^TY_PR]L_TaPN`W_`]LW[L__P]YMdYZ_^P[L]L_TYR_SPaZTNPQ]ZX_SP b]T__PY _Pc_ ,YO NZYaP]^PWd []ZMLMWd O`P _Z _ST^ N`W_`]LW [L__P]Y _SP ^ZYTN N`W_`]P YPaP] OT^L[[PL]PO M`_ TY^_PLO bL^ ]PXZOPWPO ZaP] LYO ZaP]LRLTY4_T^NP]_LTYWdYZ_[Z^^TMWP_ZYLXPZYWdZYP^TYRWPNL`^PQZ] _SP 3TYO` []POTWPN_TZY QZ] SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ LYO _SP wTOPY_TQTNL_Z]d SLMT_`^x 8TNSLPW^ _SL_ ^ZXP L`_SZ]^ QZ`YO _d[TNLW ZQ _ST^N`W_`]P?SP[]POTWPN_TZYSL^_ZOZbT_S_SPOZN_]TYPZQ`YT_dZQ_SP @[LYT´LO^ LYO _SP XP_L[Sd^TNLW XZYT^X _SL_ NZY_TY`PO XZ]P Z] WP^^
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
!
^_]ZYRWdTYWL_P][STWZ^Z[TP^LYOPaPY_SPT^X^M`_T_SL^LW^Z_ZOZbT_S ]T_`LW LYO TXLRTYL_TaP P\`L_TZY^ bT_S QLXTWd ^_]`N_`]P^ LYO NZWWPN_TaP P_SZ^ TY ^ZXP NL^P^ LW^Z bT_S [ZWT_TNLW TY_P]P^_^ _Z N]PL_P `YT_d TY _SP ]PLWOTaP]^T_dZQQLT_SzLYOTY_SPXZOP]YLRPLNNPY_`L_TYR_SP`YT_dZQ _SP YL_TZY 5`^_ SZb R]PL_Wd _SP ]PWTRTZ`^ YZ_TZY ZQ SL]XZYd bL^ `^PO LMZaP LWW ^TYNP _SP YTYP_PPY_S NPY_`]d YZ_ ZYWd QZ] PQQZ]_^ L_ ]PWTRTZ`^ ]PQZ]XM`_LW^ZQZ]_SPQZ]XL_TZYZQ_SP4YOTLYYL_TZYSL^MPPY[ZTY_PO Z`_ TY L WZ_ ZQ ]P^PL]NS ZY YPZ3TYO`T^XYPZAPO£Y_L 0LNS ZQ _SP^P QLN_Z]^ XPY_TZYPO LOOPO Q`PW _Z _SP 3TYO` []POTWPN_TZY QZ] SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ LYO Q`]YT^SPO T_ bT_S XLYd QLNP^ Q`YN_TZY^ LYOXZOLWT_TP^ZQPc[]P^^TZY3ZbPaP]_ST^[]POTWPN_TZYLW^ZSLO_ZOZ bT_S _SP XPOTL ^T_`L_TZY _SL_ ]PTYQZ]NPO _SP SZWT^_TN wSLMT_`^x LYO QL NTWT_L_PO TY_P]QP]PYNP MP_bPPY OTQQP]PY_ N`W_`]LW ^PN_Z]^ ?SP WTQPbZ]WO NPY_P]POZYbZ]O^LYO^Z`YObL^LNZWWPN_TaP_]LTYTYRR]Z`YObSP]PL_ YZ _TXP OTO L ]PLWWd Q`YOLXPY_LW RL[ PaP] Z[PY `[ MP_bPPY Xd_STNLW XLRTNLW PXMPOOTYR LYO ]L_TZYLW _SZ`RS_ ^d^_PX^ Z] WT_P]L]d N`W_`]P PaPYTQZYPNLYTOPY_TQd ^ZXPST^_Z]TNLWOPaPWZ[XPY_^ZQNZY^NTZ`^YP^^ _ZbL]OXZ]PLM^_]LN__SZ`RS_DP_WZRZ^LYOXd_SZ^bP]PLW^Z]P`YT_PO TY YPb ]L_TZYLW ^d^_PXL_TN ^dY_SP^P^ LYO []PNT^PWd _ST^ L[[PL]^ _Z `^ _ZMP_d[TNLWZQ3TYO`T^XLYOT^[Z^^TMWdL[]ZO`N_ZQ_SPQLN__SL_Z]LW T_dLYOWT_P]LNdbP]PYPaP]^P[L]L_PO2ZZOdLYOWL_P],YRPYPYO_OTO YZ_ NZY^TOP] L w_ST]O ^[LNPx ZQ _ST^ VTYO L^ L XPOTL]PWL_PO LP^_SP_TN LYO N`W_`]LW NZY_TY``X ?ST^ [ZTY_^ `[ _SP YPNP^^T_d ZQ RTaTYR XZ]P bPTRS__Z_SPN`W_`]LWNZY^_]`N_TZYNZYOT_TZY^LYO^dXMZWTNZ]OP]^_SLY _SP^_]TN_WT_P]LNd[]Z[ZYPY_^OTO ?SPN`W_`]LWNZY_TYRPYNdLW^ZL[[WTP^_Z_SP]TQ_TY_SPST^_Z]dZQ[T P_d TY XPOTPaLW 0`]Z[P >TXTWL]Wd _Z ST^ _PLNSP] ,YRPYPYO_ ?SZXL^ 7PY_P^TYOPPONZY^_]`N_^LYTXXPOTL_PNZYYPN_TZYbT_S_SPLW_P]PONZY ^_PWWL_TZY ZQ XPOTL z R]PL_P] PO`NL_TZYLW [Z^^TMTWT_TP^ ]P^`W_TYR Q]ZX PL^TP]LNNP^^_ZMZZV^_SP[]ZO`N_TZYZQ[L[P]XZ]PbTOP^[]PLOLMTWT_d _Z ]PLO LYO aP]YLN`WL] _]LY^WL_TZY^ ZQ []LdP] MZZV^ " z M`_ SP PX[SL ^TeP^[]TXL]TWdLYTYYP]OdYLXT^XTY_SPWL_PXPOTPaLWNZYNP[_ZQ[TP_d TY bSTNS _SP Pc_P]TZ] LYO _SP TY_P]TZ] bP]P TYN]PL^TYRWd ^P[L]L_PO 4Y _SP QZ`]_PPY_S LYO QTQ_PPY_S NPY_`]TP^ SP YZ_TNP^ L XL]VPO NSLYRP TY []LdTYR MPSLaTZ] # 4Y _SP QZ`]_PPY_S NPY_`]d LMZaP LWW TY Xd^_TNT^X bPQTYO_SPQT]^_N]T_TNT^XZQ]T_`LW]P[P_T_TZY,NNZ]OTYR_Z7PY_P^_SP]P T^ L_ _ST^ [ZTY_ L NWPL] ^STQ_ TY PX[SL^T^ _Z NZX[]PSPY^TZY ZQ XPLYTYR TY_P]TZ]T_dLYOPXZ_TZYLWTeL_TZY LYOLYTYN]PL^TYRXZaP_ZbL]O`YOP] ^_LYOTYR _SP _Pc_ LYO TYYP] NZX[]PSPY^TZY LYO Q]ZX ^[PLVTYR LWZ`O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x "& 7PY_P^ wu,YOLNS_v `YO u2PMÆ] OPvx # 7PY_P^wv,YOLNS_v`YOv2PMÆ]OPvx
!!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_ZbL]O ^TWPY_ []LdP] w?SP TYYP] XLY FuTYYP]P] 8PY^NSvH ]PWPL^PO STX ^PWQ TYN]PL^TYRWd Q]ZX Pc_P]YLW MPSLaTZ] LYO Z_SP] TY_P]YLW ^_]L_PRTP^ QZ]TYYP]_]LTYTYRFu4YYPY^NS`W`YRvHLYO^PWQ_]LY^QZ]XL_TZYNLXP_Z_SP QZ]Px $ ?SP ^P[L]L_TZY MPNZXP^ ZMaTZ`^ O`]TYR _SP NZ`]^P ZQ _SP ^Tc _PPY_S NPY_`]d ,^ L ST^_Z]TLY 7PY_P^ VYZb^ _SL_ ]P[P_T_TZY^ ZQ []LdP] LYOw\`LY_TQdTYR[]LdP]x_SL_O]ZaP`[_SPY`XMP]ZQ[]LdP]^NZY_TY `PO `Y_TW bPWW TY_Z _SP ^Tc_PPY_S NPY_`]d LYO bP]P TY_PYOPO YZ_ ZYWd _Z PL]Y XP]T_ M`_ LW^Z ^Z`RS_ LYO QZ`YO OPaZ_TZY L]OPYNd LYO OPWTRS_ DP_ SP LW^Z NWLTX^ _SL_ LQ_P] _SP WL_P 8TOOWP ,RP^ TY_P]TZ]T_d bL^ YZ WZYRP] ^Z`RS_ TY _SP _Pc_ T_^ [Sd^TNLW L`OTMTWT_d LYO TXXLYPY_ ^LN]PO YP^^ wM`_ ^ZWPWd TY _SP Pc[P]TPYNP ZQ _SP [P]^ZY []LdTYRx ! 7PY_P^ LOO^ _SL_ _SP Xd^_TNLW PX[SL^T^ ZQ _SP wTYYP] XLYx SL^ ]PYOP]PO Pc _P]YLW MPSLaTZ] ZM^ZWP_P 3P ^PP^ _ST^ L^ _SP ^d^_PXTN []P]P\`T^T_P QZ] _SP =PQZ]XL_TZY 7`_SP] MPWTPaPO _SL_ OPaZ_TZYLW []LdP] bL^ ZYWd [Z^ ^TMWP ZY _SP ML^T^ ZQ _Pc_ NZX[]PSPY^TZY ! ,NNZ]OTYR _Z 7PY_P^ TYT _TLWWd_SP=PQZ]XL_TZYLYO_SP.Z`Y_P]=PQZ]XL_TZYbP]PYZ__SPOTaP] RPYNP ZQ _bZ ]PWTRTZY^ ZbTYR _Z _SPT] OZRXL_T^X% w4Y^_PLO Q]ZX _SL_ [ZTY_ ZY z LYO ZYWd bT_S L WZ_ ZQ MW`]]TYR _TXP OTQQP]PYNP^ LYO _]LY^T _TZY^z_SP]PbP]P_bZXZOPW^ZQR]Z`[QZ]XTYR]PWTRTZ`^MPSLaTZ]_SL_ SLO YPaP] MPQZ]P YPPOPO _Z MP `YOP]^_ZZO L^ Z[[Z^T_P^x ! 7PY_P^ _S`^ PX[SL^TeP^ ST^_Z]TNLW ^STQ_^ bT_STY .S]T^_TLYT_d L ^P[L]L_TZY MP_bPPY _SP TYYP] LYO _SPZ`_P]bSTNS NLYMPTOPY_TQTPOQ]ZX _SPQTQ_PPY_SNPY _`]dZYbL]O^LYObSTNSbPOZYZ_QTYOTY_SP^LXPQZ]XTYZ_SP]_]LOT _TZY^3PYZ_P^% w.ZX[]PSPY^TZY LYO TY_P]TZ]T_d M]Z`RS_ LMZ`_ _SP NZWWL[^P ZQ _SP `YT_d ZQ _SPZ`_P]LYO_SPTYYP]_SL_bL^^[PNTQTN_ZWL_PXPOTPaLW[TP_d_SP`YT_dZQ \`LWT_dLYO\`LY_T_d4Y_P]X^ZQ_SPST^_Z]dZQTOPL^_ST^NLYMPPc[WLTYPO Md _SP TYYP] OdYLXT^X ZQ _SP XPOTPaLW NZYNP[_TZY^ ZQ [TP_d 1]ZX _ST^ L]Z^P_SPOPXLYOQZ]TYN]PL^TYRPXZ_TZYLWTeL_TZYZQ[]LdP]x !
BSPY ZYP WZZV^ L_ 3TYO`T^X ZYP YZ_TNP^ \`T_P OTQQP]PY_ ST^_Z]TNLW LYO N`W_`]LW ^T_`L_TZY^ LYO OPaPWZ[XPY_^ LYO L S`RP aL]TLMTWT_d ZQ ]T_`LW^ ^LN]PO WT_P]L_`]P^ NZRYT_TaP LYO LQQPN_TaP ^_dWP^ ZQ ]PWTRTZY LYO [TP_d ^ZXPZQbSTNSL]P^[PNTQTN_ZNP]_LTYR]Z`[^Z]_d[TNLWZYWdZQLNP]_LTY ]PRTZY7TVP_SPST^_Z]dZQ]L_TZYLWT_dTY_P]TZ]T_dSL^LOTQQP]PY_ST^_Z]d MPRTYYTYRWZYRMPQZ]P_SPQZ`]_PPY_SNPY_`]d,OT^NZaP]dZQ_SPwTYYP] XLYxbT_S^STQ_^ZQQZN`^ZY_Z`YOP]^_LYOTYRTY_P]TZ]T_dLYOXd^_TNT^X RZP^LWZYRbLdMLNVTY_Z[]P.S]T^_TLY_TXP^BP_SP]PQZ]PQTYOOPaPW Z[XPY_^ _LVTYR [WLNP L_ Pc_]PXPWd OTQQP]PY_ P[ZNS^ NZX[L]PO _Z ^`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ! ! ! !
7PY_P^wu,YOLNS_v`YOu2PMÆ]OPvx 7PY_P^wu,YOLNS_v`YOv2PMÆ]OPvx 7PY_P^wu,YOLNS_v`YOv2PMÆ]OPvx$ 7PY_P^wu,YOLNS_v`YOv2PMÆ]OPvx!" 7PY_P^wu,YOLNS_v`YOv2PMÆ]OPvx
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
!"
PaPY_^ TY 0`]Z[P L^ _SPd L]P []P^PY_PO Md 7PY_P^ ! LYO ZY _SP Z_SP] SLYO LW^Z NP]_LTY ^_]`N_`]LW ^TXTWL]T_TP^ ?SP^P TYNW`OP _SP @[LYT´LOTN TY_P]YLWTeL_TZY LYOOT^^ZW`_TZYZQ_SP APOTN]T_`LWNZ`[WPObT_S]LOTNLW N]T_TNT^XZQWLYR`LRP _SL_]PXZaP^_SPQZ`YOL_TZYQZ] _SP^LN]POYP^^ZQ ^Z`YO^ LYO TY [Z^_APOTN _TXP^ L ^_]ZYR PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY _SL_bL^TYT_TLWWdRPZR]L[STNLWWdWL]RPWd]P^_]TN_PO_Z?LXTW9LO`TY_SP ^Tc_SZ]^PaPY_SNPY_`]d,/ 4YRPYP]LWbPNLY^Ld_SL_L^P[L]L_TZYZQ_SPTYYP]LYOZ`_P]bZ]WO^ LYO ]LOTNLW TY_P]YLWTeL_TZY bT_S _SP @[LYT´LO^ MPRTY^ L^ PL]Wd L^ _SP ^PaPY_SZ]PTRS_SNPY_`]dMPQZ]P.S]T^_,YTYN]PL^TYRPXZ_TZYLWTeL_TZY NLXPLMZ`_bT_S_SPYPbXL]VPOWd_SPT^_TNQZ]X^ZQ[TP_dQ]ZX_SPQT]^_ NPY_`]TP^ LQ_P] .S]T^_ LYO _SPT] aP]YLN`WL] QZ]X^ :YP NLY ^[PLV ZQ LY TYYP] OdYLXT^X _SL_ XLOP _SP APOTN ]T_`LW ZM^ZWP_P ?SP NSLYRP^ LW^Z NZ]]PWL_P bT_S _SP PXP]RPYNP ZQ L N`W_`]P ZQ b]T_TYR LYO TYN]PL^TYR ^N]T[_`]LWT_dWT_P]LNd TY _SP QTPWO ZQ ]PWTRTZY DP_ ^N]T[_`]LWT_d YPaP] Pc_TYR`T^SPO_SPwaTaLaZcxLYdXZ]P_SLYTY_P]TZ]T_dLYOPXZ_TZYLWTeL _TZY M]ZVP LbLd Q]ZX _SP _Pc_^ Z] `YOP]^_LYOTYR LYO TYYP] NZX[]PSPY ^TZYXLOPPc_P]YLWQZ]X^ZQ[]LN_TNPZM^ZWP_P4_T^[Z^^TMWP_ZQTYO_ST^ TY NP]_LTY R]Z`[^ []TYNT[LWWd TY XZYL^_TN NZXX`YT_TP^ M`_ T_ YPaP] OPaPWZ[PO TY_Z L XL^^ N`W_`]P :Y _SP NZY_]L]d PaPY TY L^NP_TN _]LOT _TZY^ _Z_LW TY_P]YLWTeL_TZY bL^ LRLTY QZWWZbPO Md L ^PY^`LWTeL_TZY LYO XL_P]TLWTeL_TZYTY_SPQZ]XZQOT^_TYN_TaP^Z`YO]T_P^LYO^Z`YONZY_PX [WL_TZY LYO _SP OT^NZaP]d ZQ _SP TYYP] MZOd LYO TYYP] ^Z`YO^ ?ST^ MPNLXP PQQPN_TaP PaPY TY [Z[`WL] N`W_`]P 3ZbPaP] bSL_ OP_P]XTYPO _SP [Z[`WL] N`W_`]P LYO L XLUZ] [L]_ ZQ LN_`LW []LN_TNP bL^ []TXL]TWd _SL__SPAPOTN]T_`LWbL^]P[WLNPOMd_SP3TYO` [¼U£ LYOL_SPT^_TN[TP_d MPNLXP P^_LMWT^SPO _SL_ [L]_TNT[L_PO TY _SP APOTN ^Z`YO [L]LOTRX LYO TY _SP [LY_SPT^_TN YZYO`LW TYL`OTMWP wVYZbWPORPx ZQ _SP @[LYT´LO^ LYO_]LY^QP]]PO_ST^ bZ]WOaTPbZY_Z_SPR]PL_OPT_TP^4Y_ST^ w_SPTQTNL _TZYx bSTNS bL^ XZYZ_SPTQTNL_TZY L^ L ]`WP _SP]P ^TX`W_LYPZ`^Wd OPaPWZ[PO L ^TXTWL]Wd ]TNS [Z^T_TaPWd R`^STYR ]LYRP ZQ OTQQP]PY_ XPOTL LYO ]T_`LW N`W_`]P ]PWTRTZ`^ TXLRP^ ^LN]PO L]NST_PN_`]P []ZNP^^TZY^ P_NL^TYXPOTPaLW.S]T^_TLYT_d-`_TYNZY_]L^__SP]PT^YZWZYRP]LYd TYYP]OdYLXT^XZ]YPNP^^T_d_Z]PRL]O_SP]T_`LWOZXTYLYNPL^[]ZMWPX L_TNL^SL[[PYPOTY_SP_TXPZQ_SPWL_P@[LYT´LO^bSTNSXLOPXd^_TN VYZbWPORP [ZbP]Q`W LYO Pc_PYOPO `YOP]^_LYOTYR _Z _SP bSZWP ZQ ]PLW T_d 4Y L NP]_LTY bLd bP _SP]PQZ]P QTYO ^_]`N_`]P^ `YOP]RZTYR OPaPWZ[ XPY__SL_T^_SPPcLN_Z[[Z^T_PZQ_SL_TY0`]Z[P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :Q NZ`]^P YPT_SP] _SP OT^NZaP]d ZQ _SP TYYP] bZ]WO YZ] Xd^_TNT^X TY _S NPY_`]d 0`]Z[PbL^LYPbOPaPWZ[XPY_L^7PY_P^T^LW^ZLbL]P8PT^_P]0NVSL]__ZbSZX 7PY_P^Q]P\`PY_Wd]PQP]^O]PbZY_SPNS`]NSQL_SP]^LYOP^[PNTLWWdZY9PZ[WL_ZYT^X :YPNLY^[PLVZQLw]PTYaPY_TZYZQ_]LOT_TZYxL^ZNN`]]POTY4YOTLLRLTYLYOLRLTY BPL]PTY_P]P^_POLMZaPZYWdTYXZ]PRPYP]LW^_]`N_`]LW^NSPXP^
!#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
BPNLYLOO_SL_^TYNP_SP_TXPZQ_SPP_dXZWZRT^_D£^VL!_S_Z _S NPY_ -. _S]Z`RSZ`_ _SP NPY_`]TP^ _SP]P SLaP MPPY ^_L_PXPY_^ ^`NS L^ L ]T_`LWT^_ bT_SZ`_ ^PXLY_TN `YOP]^_LYOTYR T^ WTVP LY L^^ _SL_ NL]]TP^ ^LYOLWbZZO M`_ OZP^ YZ_ VYZb _SP aLW`P ZQ T_^ WZLO 3ZbPaP] _ST^ ]L]PWd WPO _Z NZX[WP_P LMLYOZYXPY_ ZQ ]T_`LW LN_^ YZ_ PaPY TY [WLNP^ bSP]P PXZ_TZYLW ]PNP[_TZY LYO PXZ_TZYLW ]PWTRTZ^T_d MPNLXP OZXTYLY_ 0aPY _SP R]PL_P^_ TY_P]YLWTeL_TZY _ZZV ]PQ`RP TY ]T_`LW WLYR`LRP YZ_ TY Q]P\`PY_Wd L^ TY _SP ]PaPLWTYR XP_L[SZ] ^_L_TYR _SL_ _SP MZOd T^ _SP _PX[WP ZQ 2ZO _SP WZaTYR SPL]_ T^ _SP bZ]^ST[P] LYO _SP XTYO T^ _SP OPNZ]L_PO ]PWTRTZ`^ TXLRP ! ?SP OTaP]^P ]LYRP ZQ XPOTL LYO ]T_`LW NPY_]TNT_d ^_TWW []PaLTW _ZOLd PaPY TQ _SPd SLaP MPPY OTXTYT^SPO Md Pc _P]YLW WL]RPWd QZ]PTRY QLN_Z]^ ^`NS L^ 8`^WTX LYO -]T_T^S ]`WP bSTNS QZ]NTMWd M]Z`RS_ LMZ`_ L YPb Z]OP] LXZYR _SP XPOTL Md OP^_]ZdTYR _PX[WP^ TY_]ZO`NTYR _SP []TY_TYR []P^^ LYO 0YRWT^S L^ L XPOT`X 4Y MZ_SNL^P^_SPLW_P]PO]LYRPZQXPOTLWPO_ZYPb^[L_P^ZQ^`MUPN_TaTeL _TZY bSP_SP] _SPd bPY_ TY _SP OT]PN_TZY ZQ [LY4YOTLY P^_LMWT^SXPY_ ZQ MSLV_T ]PWTRTZ^T_d LYO OPaZ_TZYLW ^TYRTYR L^ T_^ XLTY XPOT`X Z] _Z bL]O^LYw`YOP]^_LYOTYRxTYOP[PYOPY_WdLN\`T]POMd^TWPY_]PLOTYRZQ @[LYT´LOTN bT^OZX LYO XZ^_Wd TY [Z[`WL] QZ]X ±L«VL]Lv^ ,OaLT_L APO£Y_L XLOP [Z^^TMWP Md _SPT] ^[]PLO TY 0YRWT^S TY []TY_ XPOTL LYO [`MWTN^[PPNSP^BT_SMZ_SOPaPWZ[XPY_^L[L]_TLWXZaPLbLdQ]ZX_SP _Pc_MPRLYbSTNSOT^L[[PL]POTY_ZX`^TNLYO_SPTYYP]bZ]WO-`_ZYWd TY_SP4YOTLZQ_ZOLdOZbPQTYOLRLTY^TXTWL]_ZNZY_PX[Z]L]d0`]Z[P L YPb ^`MUPN_TaTeL_TZY _SL_ [WLd^ w^[T]T_`LWT_dx ZQQ LRLTY^_ w]PWTRTZYx _PX[WP]T_`LWLMZaPLWWLXZYR_SPPO`NL_PO`]MLY[Z[`WL_TZYLYOSP]P P^[PNTLWWd LXZYR bZXPY 7TVP TY 0`]Z[P _ST^ L[[PL]^ _Z MP L ^[PNTQT NLWWdXZOP]Y[SPYZXPYZYSL]OWdPaP]^PPYTY_SP[L^_ >Z ZY _SP ZYP SLYO bP NLY ^Ld _SL_ L_ L aP]d PL]Wd ^_LRP TY 3TYO` 4YOTL TY _SP @[LYT´LO^ _SP]P bL^ L OPaPWZ[XPY_ ZQ ^_]L_PRTP^ ZQ TYYP] _]LTYTYR LYO L ^PL]NS QZ] VYZbWPORP LYO ^PWQ_]LY^QZ]XL_TZY ?SP TYYP] _]LTYTYR bL^ [`]^`PO TY XLYd aL]TL_TZY^ ^_L]_TYR bT_S _SP DZRL>¼_]L^ ZQ;L_LÓULWTLYO_SPaL]TZ`^APO£Y_L^NSZZW^LYOLW^ZTY_SP?LY_]LLYO _SP OPaZ_TZYLW XZaPXPY_^ BT_S _SP [Z^^TMWP PcNP[_TZY ZQ ±L«VL]L LYO PL]Wd DZRL ZYP NLYYZ_ SZbPaP] ^[PLV ZQ LYd NZX[WP_P M]PLV MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO O`P _Z _SP TYYP] _]LTYTYR 9Z_ ZYWd bL^ _SP APOTN]T_`LW]P[WLNPOMd_SP^PY^Z]d [¼U£ ]T_`LWM`_LW^Z_SPTYYP]bZ]WO bL^ ]T_`LWWd Z[PYPO `[ LYO ^SL[PO 0aPY TY DZRL MZOd LYO ^Z`YO^ bP]P TYN]PL^TYRWd `^PO _Z LNSTPaP wTXXZ]_LWT_d TY _ST^ WTQPx 9Z_ WPL^_ _SP PXZ_TZYLW ]PWTRTZ^T_d ZQ OPaZ_TZYLWT^X XLVP^ NWPL] SZb Pc_P]TZ] ]T_`LWbZ]^ST[SPL]TYR]PNT_TYRLYO^TYRTYRbP]PL[[WTPOL^_]LTYTYRQZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;ZPX^ _Z ±TaL% ?SP 3dXY^ ZQ _SP ?LXTW >LTY_^ _]LY^ 4YOT]L AT^bLYL_SLY ;P_P]^ZY ;]TYNP_ZY%;]TYNP_ZY@YTaP]^T_d;]P^^$#$
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
!$
_SP TYYP] bZ]WO LYO _SP PXZ_TZY^ 0aPY _SP PY_S`^TL^_TN PN^_L_TN MSLV_T OPaZ_TZYLWT_d ZQ ?LXTW 9LO` Q]ZX LMZ`_ _SP !_S NPY_ ZYbL]O^ Z] -PYRLW _S _Z !_S NPY_ T^ NWZ^PWd L^^ZNTL_PO bT_S ]T_`LW QZ]X^ SdXYZOd LYO ^ZYR ?SP PcLX[WP ZQ -PYRLW T^ P^[PNTLWWd TY_P]P^_TYR MPNL`^P SP]P LY Pc_]PXP PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY ZNN`]]PO TY _SP AT´©`T_TN _]LOT_TZY L_ L]Z`YO _SP ^LXP _TXP L^ ZY _SP 0`]Z[PLY NZY_T YPY_ ?SP _SPZWZRTNLW []ZR]LXXP T_^PWQ bL^ _Z PYSLYNP PXZ_TZY ?SP AT´©`T_TN_SPZWZRTLY^aTPbPOPXZ_TZYL^wPc_]PXPWd TX[Z]_LY__Z ^[T]T _`LW R]Zb_Sx !! LYO bP]P TY_PY_ _Z M`TW_ L w^[T]T_`LW MZOd ZQ WZaPx L^ 5`YP8N/LYTPWPc[WLTY^TYSP]L]_TNWPZYPXZ_TZYTY3TYO`T^X% w?SP -SLV_T]L^LX]T_L^TYOS` SL^ _SP OPaZ_PP MPRTY bT_S ]T_`LW LN_TZY aLTOST MSLV_T LYO []ZR]P^^ _Z ]T_`LW PXZ_TZY ]LRLY`RL MSLV_T ?S]Z`RS [Sd^TNLW LN_TZY LYO TXLRTYL_TaP aT^`LWTeL_TZY _SP OPaZ_PP M`TWO^ L ^Z`W L ^[T]T_`LW MZOd NZX[Z^PO ZQ WZaP bSTNS NLY Pc[P]TPYNP PXZ_TZY XZ]P TY _PY^PWd_SLY_SPZ]OTYL]d[P]^ZYLWT_dx !"
:YP NLY ^PP SZb ^_]ZYRWd TY_P]TZ]T_d LYO PXZ_TZYLWT_d L]P PYNZ`]LRPO TY[]ZQP^^TZYLWLYO ^d^_PXL_TN_]LTYTYR`^TYR]T_`LWLYOLN_TaPTXLRTYL _TZY 4Y .S]T^_TLY 0`]Z[P _ST^ bL^ YPaP] _SP NL^P TY _ST^ Pc_]PXP QZ]X Z]XLdMPZYWdTY_SPM]TOLWXd^_TNT^XLYO_SPXd^_TNT^XZQ;L^^TZY4Y L^TXTWL]XLYYP]?SP2]PL_>ZYRZ]_SPYL]]L_TaP^ZQ_SP;L^^TZYbP]P TXLRTYL_TaPWd TXT_L_PO LYO WTaPO _S]Z`RS TY_PY^TaPWd TY _SP -PYRLW MSLV_T _SP6´©LYL]]L_TaP^LYO_SPRZOv^wWZaPRLXP^xbP]PaT^`LWTePO ]PN]PL_PO TY_SP TXLRTYL_TZYLYOTY_PY^TaPWd Pc[P]TPYNPObT_S_SP TYYP] ^PY^P^LY TOPLW _SL_ NZY_TY`POTY_SP3L]P 6]T^SYLXZaPXPY_Z]PaPY [Sd^TNLWWdPYLN_PO 4_ T^ N`W_`]LWWd ]PWPaLY_ _SL_ TY 4YOTLY WLYR`LRP^ _SP]P T^ L^ WT__WP ^P[L]L_TZY MP_bPPY PXZ_TZY LYO TY_PWWPN_ L^ MP_bPPY Z]LWT_d LYO WT_P] LNd Z] MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO^ 4Y aTPbTYR PXZ_TZYLW LYO TY_PWWPN_`LWNL[LNT_TP^L^YZY^P[L]L_P_SP]PT^R]PL_N`W_`]LWaL]TLYNP_Z 0`]Z[P bSTNS ^SZ`WO LWbLd^ MP ]PXPXMP]PO bSPY ZYP NZY^TOP]^ _SP 4YOTLYL[[]ZLNS _Z _Pc_^1Z]TYOTRPYZ`^`YOP]^_LYOTYRZQPXZ_TZYLWT_d T_ T^ _PWWTYR _SL_ MZ_S TY _SP >LY^V]T_ LYO -PYRLWT WLYR`LRP^ _SP]P T^ YZ PcLN__P]XQZ]PXZ_TZY8N/LYTPW^`RRP^_^_SL__SP_P]X^ MS£aL bSTNS NZaP]^LbTOP^PXLY_TNQTPWO^`NSL^XPY_LW^_L_PXZZOPXZ_TZYWZaP Q]TPYO^ST[ PN^_L^d ]L[_`]P [L^^TZY TYYP] ^TRYTQTNLYNP P^^PYNP P_N Z] LY`MS£aL _SP[Sd^TNLWPc[]P^^TZYZQ_SP^_L_PZQMS£aLL]P_SPXZ^_ Q]P\`PY_ P\`TaLWPY_^ `^PO !# ?SP^P _P]X^ bP]P LN_`LWWd LOZ[_PO Q]ZX _SP ]L^L _SPZ]d ZQ 4YOTLY LP^_SP_TN^ Md _SP AT´©`T_TN _SPZWZRTLY^ =L^L T_^PWQ OPYZ_TYR LP^_SP_TN ^PY_TXPY_^ Z] _SP wP^^PYNP FZQ PXZ_TZY^Hx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 5`YP 8N/LYTPW w.SL[_P] % 3TYO`T^Xx 4Y ?SP :cQZ]O 3LYOMZZV ZQ =PWTRTZY LYO 0XZ_TZY POT_POMd5ZSY.Z]]TRLY:cQZ]O%:cQZ]O@YTaP]^T_d;]P^^# " !" 8N/LYTPWw3TYO`T^Xx # !# 8N/LYTPWw3TYO`T^Xx z
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MPNLXP L _P]X QZ] PXZ_TZY bSTNS T^ YZ_ bSL_ _SP ]L^L _SPZ]d ZQ LP^ _SP_TNXZZO^T^]PLWWdLMZ`_4_T^TX[Z]_LY__ZYZ_P_SL_TY_SP>LY^V]T_ WLYR`LRP PXZ_TZY LYO _SZ`RS_ XTYO LYO SPL]_ L]P YZ_ Z[[Z^PO LYO Q]P\`PY_Wd OPYZ_PO Md L ^TYRWP _P]X ^`NS L^ XLYL^ 8N/LYTPW ^`XXL ]TeP^L^QZWWZb^% w?SP]P T^ YZ ^SL][ OT^_TYN_TZY MP_bPPY PXZ_TZY LYO NZRYT_TZY ?SZ`RS_ T^ L^^ZNTL_PO bT_S VYZbWPORP LYO OT^N]TXTYL_TZY LYO _SP XTYO R]L^[^ LYO SZWO^XPXZ]TP^LYOTOPL^DP__SZ`RS_T^LW^ZL^^ZNTL_PObT_SQPPWTYR^P^ [PNTLWWdLYcTP_dL^bPWWL^TXLRTYL_TZYx !$
1`]_SP]XZ]P ZYP ^SZ`WO VPP[ TY XTYO _SL_ PaPY _SP Xd^_TN w TYYP] bZ]Ox ZQ OTaTYP TXXPOTLNd RPYP]LWWd ]PXLTYPO _TPO _Z TYYP] ^[PLVTYR LYO [^dNSZ^ZXL_TN Pc[P]TPYNTYR ZQ _SP ^Z`YO^ LYO ^Z`YO aTM]L_TZY^ ZQ XLY_]L^ OTaTYP YLXP^ Z] X`^TN 4_ bL^ ]L]PWd _Z_LWWd ]P[WLNPO Md NZX[WP_P w^TWPYNPx PaPY _SZ`RS _ST^ OZ`M_WP^^ LW^Z SL[[PY^ z [L]_TN` WL]Wd TY _SP ,OaLT_LAPO£Y_L ?SP APO£Y_TN bLd ZQ XLY_]L NZY_PX[WL _TZY OTQQP]^ Q]ZX _SP `^`LW DZRTN?LY_]TN LYO OPaZ_TZYLW ZYP TY^ZQL] _SP]P[P_T_TZYZQXLY_]L^[]TYNT[LWWdZQ:¿LTX^L_NZY_PX[WL_TYR_SP ^TWPYNP MP_bPPY _SP ^Z`YO^ TP _SP ^TWPYNP Z`_ ZQ bSTNS _SP ^Z`YO L]T^P^ LYO TY_Z bSTNS T_ ]P_`]Y^ >_]TN_Wd ^[PLVTYR SZbPaP] XLY_]L ]P[P_TZYOZP^YZ_QZ]X[L]_ZQ_ST^_]LOT_TZY4Y_SP,OaLT_LAPO£Y_LT_ bL^LWbLd^_SP_PLNSTYRLYO_SPNZX[]PSPYOTYRwSPL]TYRx ²]LaL©L ZQ _SP @[LYT´LOTN wR]PL_ ^PY_PYNP^x ZQ YZYO`LWT_d _SL_ bP]P XZ]P _Z _SP QZ]P ^`[[Z]_PO Md TY_PWWPN_`LW ]PQWPN_TZY XLYLYL LYO _SP NZY_PX[WL _TZY ZQ XPLYTYR YTOTOSd£^LYL 3P]P Xd^_TNT^X bL^ Pc_]PXPWd PWZ \`PY_]L_TZYLWLYO ^NSZWL]WdLYOYZ_WPL^_ NL[LMWPZQ MPTYR_L`RS_LYO WPL]YPOL^bPbTWW^SZbTYZ`]NSL[_P]ZY±L«VL]L?SP[`]PRYZ^T^ZQ ,OaLT_LAPO£Y_LLYO_SPMSLV_T_]LOT_TZY^_SL_QTYOYZYO`LWT_dTY^TYR TYROPaZ_TZYLW^ZYR^LYOL^[T]T_`LWMZOdXLOPZQPXZ_TZYZ]_SP?LY _]TN DZRTN _]LOT_TZY^ _SL_ Pc[P]TPYNP YZYO`LWT_d TY _SP aTM]L_TZY Z] ^Z`YO bLaP^ ZQ _SPT] XLY_]L QZ]X`WL^ LYO M`TWO L MZOd NZX[Z^PO ZQ ^Z`YO ^SZb U`^_ SZb M]ZLO _SP Xd^_TN ^[PN_]`X TY 3TYO`T^X T^ LYO SZbOTQQP]PY_WdYZYO`LWT_dNLYMP[P]QZ]XPOLYOPc[P]TPYNPO ?SP]P[P_T_TZYZQ^LN]POQZ]X`WL^ UL[L LYOOPT_TP^vYLXP^LYOOP aZ_TZYLW ^TYRTYR SLaP P^_LMWT^SPO _SPX^PWaP^ LWZYR^TOP _SP [¼U£ L^ _SP XZ^_ bTOP^[]PLO ]PWTRTZ`^ []LN_TNP^ ZQ LWW ?SP []LdP] XLd MP WZ`O X`]X`]Z`^Z][`]PWdXPY_LWM`_PaPY_SP\`TP_TYL`OTMWPXLY_]L]P[P _T_TZYLWbLd^]PXLTY^TYYP]^[PLVTYR4_XLdMPNL]]TPOZ`_LNNZ]OTYR_Z ZYPu^ZbYOPWPN_TZYZ]LNNZ]OTYR_Z_SP[]P^N]T[_TZYv^ZQZYPv^R`]`Z] ^NSZZW _]LOT_TZY bT_S _SP R]PL_P^_ L__PY_TZY _Z _SP NZ]]PN_ []ZY`YNTL _TZYwbT_S_SPSPL]_xLYONZX[]PSPY^TZYZ]XLd[]TXL]TWdMPTY_PY^TaP NZY_PX[WL_TZY ZQ ^Z`YO 4_ XLd MP XZ]P ZQ L XPOT_L_TZY Z] XZ]P ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ 8N/LYTPWw3TYO`T^Xx
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
"
]T_`LWLYOXLdMP]P[PL_PO#_TXP^Z]XZ]PbT_S_SPLTOZQL]Z^L]d QZ] PcLX[WP 4_ XLd SZbPaP] LW^Z MP L^^ZNTL_PO bT_S _SP ]Sd_SX^ ZQ _SPM]PL_SLYO_SPMPL_^ZQ_SPSPL]_MPNZXTYRLNZY^_LY_[]LdP]LY^V]T_M`_TY_SP^_dWPZQNWL^^TNLWX`^TNLYO _S`^ ^[]PLO^ bT_SR]PL_QPPWTYRL w-]LSXLYTNL_XZ^[SP]PxLYO NZY_PX [WL_TaP [PLNPQ`W XZZO " L]P _SP^P ZYWd _bZ []TXP PcLX[WP^ Q]ZX L N`W_`]P_SL_ T^ ^_TWWNSL]LN_P]TePOMd ^Z`YOLYO NP]_LTY L^^ZNTL_PO ^_dWP^ ZQ ^`MUPN_TaT_d ?SP PcLX[WP^ Q]ZX _SP QTWX^ TWW`^_]L_P SZb ^_]ZYRWd NZYYPN_PO TY_P]TZ]T_d PXZ_TZY PXMZOTXPY_ LYO ^Z`YOML^PO Pc[P]T PYNP NLY MP ?SPd ^PPX _Z XL[ L _d[TNLW N`W_`]LW [L__P]Y LYO []ZaTOP `^PQ`WTYQZ]XL_TZYTY_S]PPbLd^YLXPWd L NZYNP]YTYR SZb TY_P]TZ]T_d T^ PXMZOTPO aTL ^Z`YOML^PO NZXX`YT NL_TZY M SZb _SP N`W_`]P ZQ [P]QZ]XLYNP T^ []Z[LRL_PO LYO LNZ`^_TN [TP_d T^ ]PYPbPOLYO^PN`WL]TePOTY_SPLRPZQQTWXLYO N SZb _SP TYYP] LYO Z`_P] bZ]WO^ Q`^P LYO SZb aP]d OTQQP]PY_ ^dX MZWTN MZ`YOL]d OP^_LMTWTeL_TZY^ PXZ_TZYLWT_d LYO TY_PY^TQTNL_TZY ZQ LQQPN_L]PN]PL_PO_S]Z`RS^Z`YOP^[PNTLWWd^TYRTYR >Z`YO SL^ _SP LMTWT_d _Z LM^Z]M _SP ^[T]T_ TYaZWaP T_ PXZ_TZYLWWd LYO `YWTVPb]T_TYR_ZN]PL_P[Sd^TNLWWdYZYO`LWPc[P]TPYNP>TWPY_]PLOTYR []ZXZ_P^LOTQQP]PY__d[PZQTY_P]TZ]T_d_SLYMSLV_TX`^TNOZP^-`__SP TY_P]TZ]T_d _SL_ PXP]RPO Q]ZX _SP @[LYT´LOTN N]T_TNT^X ZQ WLYR`LRP Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SL__SP^PYZ]X^L]PZQNZ`]^PNZY_TY`LWWdM]ZVPYLYO^`MaP]_POTY]PLWWTQPT^^SZbY MdXZ]P]PNPY_^_`OTP^ZYbZXPYv^N`W_`]P^.QQZ]TY^_LYNP2WZ]TL2ZZObTY=LSPUL LYO,YY2]ZOeTY^2ZWO 7T^_PY_Z_SP3P]ZYv^BZ]O^%=PTXLRTYTYR2PYOP]LYO6TY ^ST[TY9Z]_S4YOTL -P]VPWPd%@YTaP]^T_dZQ.LWTQZ]YTL;]P^^$$ " ?SPZ]TRTYLWaP]^TZYZQ_SPQTWXXLOPMd_SP-]LSXLY2LYL[L_SdAPYVL_]LXLYL4dP] OL_TYRQ]ZX$#T^TY>LY^V]T_9Zb_SP]PT^LaP]^TZYbT_S0YRWT^S^`M_T_WP^?SLYV^ _Z_SPXLYd[STWZ^Z[STNLWSdXY^_SL_L]P_]LOT_TZYLWWdL__]TM`_PO_Z±L«VL]LLYOSLaP MPPY ^P_ _Z NWL^^TNLW^_dWP X`^TN _SP X`^TNLWTeL_TZY ZQ _SP OZN_]TYP ZQ `YT_d T^ YZ_ L YZaPW_d M`_ L^ TY _SP -ZWWdbZZO QTWX^ T_ bL^ ^_]ZYRWd ^`RRP^_PO 4_ T_ bPWW VYZbY _SL_-ZWWdbZZO QTWX^LWbLd^TYNW`OP^TYRTYRLYOOLYNTYR BSTWP_SP WLYR`LRP^`^PO TY_SP^PQTWX^T^PaP]dOLd3TYOTZ]L>Z`_SP]Y4YOTLY/]LaTOTNWLYR`LRPLYO_SPSd M]TO w3TYOT 0YRWT^Sx TY NZXXZY `^P LXZYR XZOP]Y NT_dObPWWP]^ TY -ZXMLd LYO /PWST LYO QZWV ]Sd_SX^ QPO TY_Z _SP X`^TN _SP ±L«VL]L QTWX T^ PcNW`^TaPWd TY >LY ^V]T_ LYO T^ _SP]PQZ]P TYNZX[]PSPY^TMWP _Z LWW M`_ L QPb XPXMP]^ ZQ _SP L`OTPYNP LYOTX[L]_^[]PNT^PWd_S]Z`RS_SPXPWZOTP^LYTY_PY^TaP-]LSXLYTNL`]LbSZ^PXP _ZYdXdZQ APOL ]PNT_L_TZYPL]WdXZ]YTYRXZZO bST_PWTYPY ]ZMP^ ^YZbd XZ`Y_LTY [PLV^aPRP_L]TLYQZZObPWWVP[_SZXP^LYO_PX[WPR]Z`YO^]PLNSP^L^QL]L^_SPNT_d ZQ-LYL]L^?SPQTWXXLVP^^dYLP^_SP_TN`^PZQLWWZQ_SP^PL^[PN_^
:]TPY_L_TZYZY>N]T[_`]P^LYO:]TPY_L_TZYZY>Z`YO^z=PWTRTZY^.ZX[L]PO
"
±L«VL]Lv^ OTOLN_TN NZXXPY_^ bP]P U`^_ L^ OTQQP]PY_ L^ bL^ _SL_ bSTNS L]Z^P Q]ZX DZRTN ?LY_]TN NZY_PX[WL_TZY ZQ ^Z`YO 3P]P bP ^PP TY_]L N`W_`]LW OTQQP]PYNP^ _SL_ bP]P U`^_ L^ ^PaP]PWd YPRWPN_PO Md _SP ^_]TN_ WT_P]LNd _SP^T^ L^ _SP N`W_`]LW NZY_TYRPYNTP^ LYO _SP QWZb ZQ ZWO TY_Z YPb 4Y ]PWL_TZY _Z MZ_S ]L_TZYLWT_d LYO TY_P]TZ]T_d 4YOTL NLWW^ ^ZXP L^ ^`X[_TZY^ ZQ _SP XPOTL _SPZ]d TY [L]_TN`WL] _SP WT_P]LNd _SP^T^ TY_Z \`P^_TZY 5`^_ WTVP LM^_]LN_TZY TY_P]TZ]T_d L[[PL]^ YZ_ _Z MP YPNP^^L]TWd _TPO _Z b]T_TYR ;]Z[ZYPY_^ ZQ WT_P]LNd LYO XPOTL _SPZ]TP^ SLaP L^^ZNT L_PO TY_P]TZ]T_d LYO ]L_TZYLWT_d _ZZ PcNW`^TaPWd bT_S _SP XZOP]Y ^`MUPN_ ZQ b]T_TYR >P[L]L_TZY ZQ _SP Z`_P] LYO TYYP] bZ]WO^ bSTNS _SP XPOTP aLWT^_7PY_P^_]LNP^MLNVYZ_ZYWd_Z_SPNSLYRPTY_SPXPOTLM`_LW^Z_Z LYwTYYP]OdYLXT^XxTY_SPWL_PXPOTPaLW[TP_dOT^NZ`]^PYPaP]PcT^_PO TY 3TYO`T^X ?SP]P bP]P Z_SP] TYYP] OdYLXTN^ 4YOTLY ST^_Z]d ZQ ]PWTR TZY SL^ _SP]PQZ]P OPaPWZ[PO LWZYR OTQQP]PY_ [L_S^ /P^[T_P ^_]ZYR _PY OPYNTP^ _ZbL]O^ TY_P]YLWTeL_TZY ^TYNP []P.S]T^_TLY _TXP^ L NZX[WP_P ^P[L]L_TZYZQ_SPTYYP]LYO_SPZ`_P]SL^YPaP]NZXPLMZ`_?ST^NZ]]P WL_P^bT_S_SP^ZYTNN`W_`]PNZXMTYTYRZ]LWT_dLYOWT_P]LNdZ]bSL_bL^ NLWWPO _SP w_ST]O^[LNP SLMT_`^x LMZaP 8POTL L]P U`^_TQTLMWd _P]XPO w_]LTYTYR R]Z`YO^ QZ] _SP QZ]XL_TZY ZQ _SP ^`MUPN_x " ?SP]PQZ]P _SP [ZbP] ZQ _SP XPOTL NLYYZ_ MP OPYTPO -`_ ^_TWW Z_SP] aL]TLMWP^ ^SZ`WO YPaP] MP QZ]RZ__PY 1Z] PcLX[WP _SP ST^_Z]d ZQ TY_P]TZ]T_d TY 4YOTL bL^ OPNT^TaPWd TYQW`PYNPO Md SZb _SP ]PWL_TZY^ST[ MP_bPPY TY_PWWPN_`LWT_d LYO PXZ_TZY^ T^ `YOP]^_ZZO LYO ST^_Z]TNLWWd XZOPWPO TY _SP ^d^_PX ZQ ^ZNTZN`W_`]LW ^dXMZW^ ?ST^ T^ ZYP ZQ _SP XLYd TY_P]QLNP^ _Z L OPY^P ^PXLY_TN QTPWO bSP]P _SP 4YOTLY N`W_`]P OTaP]RP^ Q]ZX BP^_P]Y N`W_`]P ?SP Pc_PY_ _Z bSTNS NSLYRP^ TY XPOTL NL`^P ^STQ_^ Z] _]LY^QZ]XL_TZY^ LYO RPYP]L_P ZaP]WL[[TYR^ LYO YPb QZ]X^ ZQ wSLMT_`^x OP[PYO^ YZ_ ZY _SPXPOTLL^ ^`NSM`_ZY _SPXPOTL[]LN_TNP^ LYO _SPT]Q`YN_TZYLWNZY YPN_TZY^ 8LdMP_SPXZOP]YTeL_TZYZQ_SPw^ZYTN^`MUPN_xTY-ZWWdbZZOT^P^ [PNTLWWd _d[TNLW ZQ ZYP XLTY Q`YN_TZY ZQ ^Z`YO L^ L _]LTYTYR R]Z`YO PXMZOTXPY_ LYO [Z^^TMWd LW^Z _SP ML^T^ ZQ L NZWWPN_TaPWd ^SL]PO ST^ _Z]TNLWWd[ZbP]Q`WN`W_`]LW[L__P]YTY4YOTL_SL_NLYMPZ`_WTYPOTYLQPb VPdbZ]O^^`NSL^dPL]YTYRQZ]Q`^TZYSL]XZYdTY_PR]L_TZYTYNW`^TZY TOPY_TQTNL_TZY LYO _SP ^dXMZWTN N]Z^^TYR ZQ MZ`YOL]TP^ :YP NLY ^[PLV ZQ LY LP^_SP_TN ^_dWP Z] LY LP^_SP_TN ^`MUPN_TaTeL_TZY TY bSTNS Xd_STNLW PXMPOOTYRTY_ZLXPLYTYRNZY_Pc__SL_RZP^MPdZYOPaP]dOLd]PLWT_dT^ ^Z`RS_LYON]PL_POTYL^PY^Z]TWd[P]QZ]XL_TaPLQQPN_TaPLYONZRYT_TaP XLYYP]LYObSTNSNLYMP^`XXL]TePOTY_SP_P]Xw[L]_TNT[L_Z]dbZ]WO Z]TPY_L_TZYx :YP Q`YN_TZY ZQ NZXX`YTNL_TZY _S]Z`RS ^Z`YO z LYO [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP2]PYePY $z!"
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
SL[^ YZ_ _SP WPL^_ TX[Z]_LY_ ZYP z T^ PXZ_TZYLW Q`^TZY wAP]^NSXPW e`YRx bT_S L WL]RP] bSZWP LYO [L]_TNT[L_TZY TY LY L`^[TNTZ`^ L_XZ^ [SP]P?ST^Q`YN_TZYZQXP]RTYRNLYMPQZ`YO]TRS_`[_Z_SPNZY_PX[Z ]L]d^T_`L_TZYTY]PWTRTZYbSP]PWLYR`LRPZQ_PYOT^^ZWaP^NZX[WP_PWdTY X`^TN 4Y XZOP]Y _TXP^ T_ SL^ WL]RPWd MPNZXP TYaT^TMWP _SL_ TY _SP [L^_ ^Z`YO^ LYO ^ZYTN NZXX`YTNL_TZY SLO LW^Z _SP TX[Z]_LY_ Q`YN_TZY ZQ QZ]XTYR LM^_]LN_TZY^ BSP]PL^ L_ ZYP _TXP _SP ^ZYTN wSLMT_`^x LYO _SP NZ]]P^[ZYOTYR QZ]XL_TZY ZQ LP^_SP_TN ^_dWP LW^Z TYQW`PYNPO ^NTPYNP LYO M]Z`RS_ LMZ`_ ^NTPY_TQTN QZ]X^ ZQ LM^_]LN_TZY LWZYR bT_S ^PY^Z]d LQQPN _TaP Q`^TZY bT_S _SP ^NTPY_TQTN ZMUPN_ _ZOLd _ST^ wSLMT_`^x ^PPX^ _Z MP ]PO`NPO_Z_SPQ`YN_TZYZQQ`^TZYLYO_ZSLaPbT_SO]LbYQ]ZX_SP]PLWX ZQ^NTPYNP?SPLM^_]LN_TZY^_SL_bP]PZYNPLW^ZQZ]XPO_S]Z`RS^Z`YO^ ^PPXYZb_ZSLaPXTR]L_POLbLdTY_ZR]L[SPXP^LYOOTRT_LW^TRYNZOP^ DP_ _SP QLN_ _SL_ 4YOTL NZXP^ _Z[ TY NZX[`_P] ^NTPYNP SL^ T_^ ]ZZ_^ YZ_ WPL^_TY^Z`YO?SP^Z`YONZOP^ZQ_SPR]LXXL]RPYT`^;£©TYTLYOZ_SP] ^NTPY_T^_^ LW]PLOd XL[[PO LYO []ZXZ_PO _SP LMTWT_d _Z LM^_]LN_ LYO QZ] XLWT^_TN _SZ`RS_ TY ^_]`N_`]P^ L_ LY PL]Wd ^_LRP 4Y _SP [L^_ _SP ^ZYTN wSLMT_`^x LWWZbPO MZ_S ZQ _SP^P z LM^_]LN_TZY [Z^^TMTWT_TP^ ^_]`N_`]TYR ^_LYOL]OTeL_TZY LYO OT^NT[WTYTYR LWZYR bT_S Q`^TZY _SP PaZNL_TZY LYO Pc[P]TPYNPZQXZZO^LQQPN_TY_PY^TQTNL_TZYLYO[L]_TNT[L_Z]dPc[P]TPYNP ZQ bSL_ T^ []P^PY_ ?SP ^ZYTN N`W_`]P SL^ []ZO`NPO T_^ ZbY QZ]X^ ZQ ^`MUPN_TaT_d LYO T_^ ZbY QZ]X^ ZQ ZMUPN_TaTeL_TZY ?SP w_ST]O^[LNP SLMT_`^x_SL_]P^T^_POPT_SP]Z]^ZW`_TZY^LYOTY^_PLOQLaZ]PO^TX`W_LYP T_TP^LYOSZWT^_TNNZXMTYL_TZY^M]Z`RS_LM^_]LN_TZYLYOQ`^TZY _ZRP_SP] TY XLYd OTQQP]PY_ QZ]XL_TZY^ 4Y 4YOTL OTNSZ_ZXTP^ `YT_P _SL_ TY _SP ]P^PL]NS bP]P ^[WT_ TY_Z Z]LWT_d SP]P LYO WT_P]LNd _SP]P ,NNZ]OTYR _Z BLW_P]:YR "Z]LWN`W_`]P^L]PLOOT_TaP^[PNTQTNPX[L_STNLYO[L]_TNT [L_Z]d bSP]PL^ WT_P]L_P N`W_`]P^ L]P OT^_TYR`T^SPO Md LM^_]LN_ LYLWd_T NLWLYOWZRTNLW_SZ`RS_ BSTWP T_ T^ Pc_]PXPWd Q]`T_Q`W QZ] LY LYLWd^T^ _Z M]TYR XPOTL []LN _TNP^ TY_Z aTPb L^ [P]NP[_TZYRPYP]L_TYR YP_bZ]V^ LYO _]LTYTYR R]Z`YO^ ZQLNP]_LTYLP^_SP_TN^PY^PLYO^ZNTLWSLMT_`^L__SP^LXP_TXPN`W_`]LW T_dX`^_]PNPTaPR]PL_P]bPTRS_TYR _SLY T_`^`LWWdOTOTYXPOTL _SPZ]TP^ LYO_SPZ]TP^ZQZ]LWT_dLYOWT_P]LNd?ST^bTWWMPRTaPYXZ]PPc[WLYL_TZY LYOQZ`YOL_TZYTY_SPQZWWZbTYR
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " BLW_P] 5 :YR :]LWT_d LYO 7T_P]LNd% ?SP ?PNSYZWZRTeTYR ZQ _SP BZ]O 7ZYOZY% =Z`_WPORP=P[]:]TRTYLW$#
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
"
"
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
w?SP S`XLY ^`MUPN_ TY T_^ [P]NP[_TaP ^_]`N_`]P z LYO ZYP NZ`WO LYO X`^_ LOO%TYT_^PY_T]P^_]`N_`]PL^LYPY^PXMWPZQ[P]NP[_TZY[L__P]Y^NZRYT_TaP LYO LQQPN_TaP ^NSPXL_L ZQ [Sd^TNLW ^_dWP LYO OT^[Z^T_TZY^ _Z _LVP LN_TZY z T^NZY^_T_`_POYZ_ZYWdYL_`]LWWdM`_LMZaPLWWN`W_`]LWWd^ZNTLWWdLYOST^ _Z]TNLWWd&T_T^L[]ZO`N_ZQT_^^ZNTLW[]LN_TNPbSTNST_^uYL_`]LWv[WL^_TNT_d `_TWTeP^ ?SP QZ]X TY bSTNS _ST^ [P]NP[_TaP ^_]`N_`]P ZQ _SP ^`MUPN_ _]LY^ QZ]X^ T_^PWQ YZb OP[PYO^ z `YOZ`M_POWd YZ_ NZX[WP_PWd M`_ L_ WPL^_ _Z L NZY^TOP]LMWP Pc_PY_ z ZY _SP ST^_Z]TNLW ^_]`N_`]P ZQ _SP uXPOTLv TY bSTNS _ST^[P]NP[_TZYT^Z]RLYTePOMd_PNSYTNLWL]_PQLN_^XZOPWTYR[P]NP[_TZYx "
?SP _d[P^ ZQ XPOTL _SL_ L]P XZ^_ NZXXZY LYO OZXTYL_P _]LY^XT^^TZY [WLd L YZ_ `YTX[Z]_LY_ ]ZWP LYO NZY_]TM`_P _Z ^SL[TYR XPY_LWT_TP^ 4Y 4YOTLZ]LWT_dLYOWT_P]LNdbP]PNZY_TY`LU`^_WTVPPXZ_TZYLYOTY_PWWPN_ 8LdMP_ST^Pc[WLTY^L_WPL^_TY[L]_^_SPQLN__SL__SP]PYPaP]bL^^`NSL ^PaP]P OTaT^TZY MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO LYO PYNZX[L^^TYR _SP bSZWP ]PWTRTZ`^ N`W_`]P L^ _SP]P bL^ TY _SP 0`]Z[PLY WL_P 8TOOWP ,RP^LYO_SP=PQZ]XL_TZY4Y4YOTLbPQTYOMZ`_^ZQ]L_TZYLWTeL_TZYLYO TY_P]TZ]TeL_TZYTYLWXZ^_PaP]dNPY_`]dLYOLW^ZLWL^_TYROZXTYLYNPZQ _SP^[ZVPYLYO^Z`YOTYRbZ]O?ST^SL^]PXLTYPO_SPNL^PLMZaPLWWTY _SP QTPWO ZQ ]PWTRTZY ?Pc_^ ]PXLTYPO _TPO _Z _SPT] aT_LWTeL_TZY TY _SP aZTNPLYO_Z[P]QZ]XLYNP[]LN_TNP^LYO_SP_Pc_^_SPX^PWaP^MPL]_]LNP^ ZQ _SP N`W_`]P ZQ [P]QZ]XLYNP ?SP]P L]P Y`XP]Z`^ b]T__PY TXLRP^ ZQ Z]LWT_d 4Y]PNPY_OPNLOP^L__PY_TZYSL^MPPYO]LbYbT_S^ZXPU`^_TQTNL_TZY TY aL]TZ`^ OT^NT[WTYP^ ^`NS L^ N`W_`]LW ^ZNTZWZRd WT_P]L_`]P ^_`OTP^ XPOTL ^_`OTP^ LYO ST^_Z]d _Z SZb ^_]ZYRWd XPOTL NZYQTR`]L_TZY^ LQQPN_ LYO OP_P]XTYP ^ZNTZN`W_`]LW []LN_TNP ^dXMZWTN Z]OP]TYR ZQ ]PLWT_d Z]RLYTeL_TZY ZQ VYZbWPORP O]LXL_TN []P^PY_L_TZY^ LYO L[[L]PY_Wd `Y NSLYRTYR ^PY^Z]d[P]NP[_TZY,W_P]POXPOTLNZY^_PWWL_TZY^bP]P ^LTO_Z M]TYR LMZ`_ L NSLYRP TY _SP [P]NP[_TaP L[[L]L_`^ 4_ SL^ MPPY NWLTXPO _SL_ OTQQP]PY_ ^_]`N_`]P^ ZQ [P]NP[_TZY L]P _]TRRP]PO Md PT_SP] Z]LW Z] WT_P]L]d ^_TX`WT _SL_ _SP XPOTL TY _SP YL]]ZbP] ^PY^P TP MZZV^ QTWX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " w/L^ XPY^NSWTNSP >`MUPV_ TY ^PTYP] BLS]YPSX`YR^^_]`V_`] z `YO XLY VØYY_P `YO XÞ^^_P P]RÆYePY% TY ^PTYP] RP^LX_PY >_]`V_`] LW^ PTY 0Y^PXMWP aZY ;P]eP[_TZY^ X`^_P]Y VZRYT_TaPY `YO LQQPV_TaPY >NSPXL_L aZY WPTMWTNSPX >_TW ^ZbTP 3LYOW`YR^ OT^[Z^T_TZYPY z T^_ YTNS_ Y`] YL_Þ]WTNS ^ZYOP]Y L`NS `YO aZ] LWWPX V`W_`]PWW RP^PWW ^NSLQ_WTNS`YORP^NSTNS_WTNSVZY^_T_`TP]_P^T^_;]ZO`V_^PTYP]^ZeTLWPY;]LcT^bPWNSP ^TNS^PTYPvYL_Þ]WTNSPv;WL^_TeT_Æ_e`Y`_ePXLNS_/TP1Z]XTYOP]^TNSOTP^P[P]eP[ _TaP >_]`V_`]OP^ >`MUPV_^_]LY^QZ]XTP]_SÆYR_Y`YzebL]ebPTQPWWZ^YTNS_aZWW^_ÆY OTR LMP] e`XTYOP^_ L`NS `YO TY MP_]ÆNS_WTNSPX 8LÁP z LM aZY OP] ST^_Z]T^NSPY >_]`V_`] OP] v8POTPYv TY OPYPY ^TNS OTP^P ;P]eP[_TZY Z]RLYT^TP]_ aZY _PNSYT^NSPY OTP BLS]YPSX`YR XZOPWWTP]PYOPY ,]_PQLV_PYx ,YO]PL^ =PNVbT_e w8POTPY_]LY^QZ] XL_TZY `YO >`MUPV__]LY^QZ]XL_TZYx TY% , =PNVbT_e @Y^NSL]QP 2]PYePY% ;P]^[PV_T aPYOP]6`W_`]^ZeTZWZRTP-TPWPQPWO%_]LY^N]T[_# $z!
"!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_PWPaT^TZY OTRT_LW XPOTL P_N L]P Pc[LY^TZY^ ZQ _SP MZOTWd Q`YN_TZY^ LYO QPPO MLNV ZY_Z _SP MZOd LYO _SL_ NSLYRP TY _SP XPOTL LYO ^`MUPN_ _]LY^QZ]XL_TZY w>`MUPV__]LY^QZ]XL_TZYx L]P NWZ^PWd L^^ZNTL_PO& _SP OP[PYOPYNdZQLWWN`W_`]LW [SPYZXPYLZY_SPXPOTLZ]_SPNZY^_T_`_TaP [ZbP] ZQ XPOTL _PNSYZWZRTP^ ZY S`XLY N`W_`]P bL^ LNVYZbWPORPO L^ `YXT^_LVLMWP "!3ZbPaP]TY ]PWL_TZY_Z>LY^V]T_3TYO`T^XLYOLW^Z_Z XPOTPaLW 0`]Z[P _SP ]P^_]TN_TZY _Z _SP XPOTL Q]P\`PY_Wd QZ`YO TY N`W _`]LW LYO XPOTL _SPZ]TP^ WTXT_TYR _SPX _Z _PNSYTNLW L]_TQLN_^ MZZV^ L`OTZaT^`LW XPOTL NZX[`_P]^ P_N ^SZ`WO MP LMLYOZYPO LYO _SP aTPb ZQ _SP XPOTL Pc[LYOPO _Z TYNW`OP _SP aZTNP LYO [P]QZ]XLYNP []LN_TNP TYbSTNSaT^`LWLYOL`OT_Z]dSLMT_^NZ]]P^[ZYOXZ]P_Z_SPLRPZQQTWX LYO _PWPaT^TZY _SLY _Z _SP XZOP]Y WT_P]L_P MZ`]RPZT^ N`W_`]P 4_ ^SZ`WO LW^ZTYNW`OP_SP^dXMZWTNQZ]X^TOPL^XPY_LWTXLRP^N]PL_TaPOP^TRY^ LYO TXLRTYL_TaP _PNSYZWZRTP^ L^^ZNTL_PO bT_S SPL]TYR LYO ]PNT_TYR LYO bSTNSSLaP ^ZXP_STYR^TY NZXXZY bT_S_SPOTRT_LWaT]_`LW bZ]WO >Z QL] TY 4YOTL _SP aZTNP LYO ^Z`YOML^PO Pc[P]TPYNP SLaP ^`]aTaPO bPWW _SPOTaP]^P^STQ_^TYXPOTL_SPTY_]ZO`N_TZYZQLN`W_`]PZQ b]T_TYRLYO []TY_TYR LYO _SP L`OTZaT^`LW LYO OTRT_LW ]PaZW`_TZY PaPY TQ _SP]P T^ YZ OZ`M_ _SL_ LWW ZQ _SP^P XPOTL SLaP TYQW`PYNPO _SP ^ZNTLW MZOd -LYL]L^ XPY_TZYPO L_ _SP MPRTYYTYR ZQ _ST^ NSL[_P] LYO -ZWWdbZZO bT_S T_^ WZaPZQ^TYRTYRL]PZYWd_bZZQXLYdPcLX[WP^ 8LYd L`_SZ]^ QZ`YO _SL_ _SP ^PLNSLYRP^ ZQ _SP 7L_P 8TOOWP ,RP^ LYO_SP=PQZ]XL_TZYNZYQT]X_SPQL]]PLNSTYR_SP^P^ZQ5LNV2ZZOd4LY BL__ LYO BLW_P] 5 :YR NZYNP]YTYR _SP NZY^P\`PYNP^ ZQ L N`W_`]P ZQ b]T_TYR "":YPZQ5LNV2ZZOdv^XLTYL]R`XPY_^bL^_SL__SPNZXXLYO LYO`^PZQb]T_TYRXLOPT_[Z^^TMWP_ZSLaPPc_P]YLWXPXZ]dMLYV^LYO TYT_TL_P NZOTQTNL_TZY []ZQP^^TZYLWTeL_TZY ]PQZ]XL_TZY TY_P]YLWTeL_TZY LYO LM^_]LN_ _SZ`RS_ ?SP XZ__Z wYZ =PQZ]XL_TZY bT_SZ`_ _SP []TY_TYR []P^^ LYO aTNP aP]^Lx bSTNS _SP ^ZNTZWZRT^_ ?d]PWW LW^Z _LVP^ `[ "# SL^ YZb LW]PLOd MPNZXP L uNL_NS [S]L^Pv ,NNZ]OTYR _Z ?d]PWW O`]TYR _SP =PQZ]XL_TZY YZ_ ZYWd SLO _SP aT^`LW LYO L`OT_Z]d SLMT_^ NSLYRPO M`_LW^Z_SPw[]TaTWPRPZQ _SPb]T__PY_SPNZOTQTPO bZ]OZQ2ZOxNZ]]P ^[ZYOPO _Z w_SP []TaTWPRP ZQ _SP _SPZWZRTNLWWd _]LTYPO ]PWTRTZ`^ []ZQP^ ^TZYLW^x "$?SPXPOTPaLWT^_LYONS`]NSST^_Z]TLY,YRPYPYO_M`TWO^PaPY XZ]PPc[WTNT_WdZY2ZZOdbSZXSP^PP^L^LW]PLOdNZYQT]XPO[ZTY_Md [ZTY_Md_SP^NSZWL]^ZQ_SP8TOOWP,RP^L^LW]PLOdZ`_WTYPOLMZaP3P ^Ld^_SL_^TYNP_SP_bPWQ_SNPY_`]d_SPYPbMZZVN`W_`]PM]Z`RS_LMZ`_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! 8L]V`^ 1L`^P] 0TYQÞS]`YRTYOTP 6`W_`]bT^^PY^NSLQ_ /L]X^_LO_%BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ #!z#" NQ LW^Z #Q LYO =PNVbT_e w8POTPY_]LY^QZ]XL_TZY `YO>`MUPV__]LY^QZ]XL_TZYxTMTO@Y^NSL]QP2]PYePY $z"! "" >PPQZZ_YZ_P^ LYO"2ZZOdLYO:YRbTWWMPOT^N`^^POTYXZ]POP_LTWMPWZb "# ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx#z$ "$ ?d]PWWw=PWTRTØ^P6ZXX`YTVL_TZYx#
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
""
^STQ_ _ZbL]O TY_P]YLWTeL_TZY _SP ]L_TZYLW ^[T]T_ LYO SPTRS_PYPO _SZ`RS_ LYOXLVP^_SPRPYP]LWNWLTX_SL_ZYWd^N]T[_`]PML^PO]PWTRTZY^L]PLMWP _Z[]ZO`NP]PQWPN_PO_SPZWZRTP^LYO_SL_QZ][]PNT^P_P]XTYZWZRd ^PN`] TYR _]LOT_TZY^ [L^^TYR _SPX OZbY LYO NSPNVTYR _SPX WT_P]LNd T^ LY wP^^PY_TLW]P\`T]PXPY_xLYOMZZV^LYOWTM]L]TP^L]PLW^ZYPNP^^L]d ?ST^XLdL[[Wd_Z.S]T^_TLY0`]Z[PLYOPaPWZ[XPY_M`__SPRPYP] LWTeL_TZY^ LYO YZ]XL_TaP PaLW`L_TZY^ ^ZXP_TXP^ TX[WTNT_ TY ^`NS ^_L_P XPY_^ L]P \`P^_TZYLMWP 4Y 4YOTL T_ bL^ [Z^^TMWP _Z SLaP L VPPY XTYO LYO [P]QZ]X _]TNVd XPY_LW PcP]NT^P^ bT_SZ`_ WTM]L]TP^ z LYO _ST^ bL^ TY QLN_ YPNP^^L]d ZbTYR _Z L NWTXL_P `Y^`T_LMWP QZ] MZZV^ bSTNS bL^ YZ_ NZYO`NTaP _Z _SP `^P ZQ QLM]TN MT]NS ML]V [LWX WPLaP^ Z] [L[P] LYO TY bSTNS ZYWd ]ZdLW TY^N]T[_TZY^ ZY ^_ZYP LYO ]ZNV LYO NZ[[P] [WL_P^ NZ`WO^`]aTaPBPSLaPL]R`POLMZaP_SL_^TYNP_SP]PbL^YPaP]^`NSL ^_]ZYR XZaP _Z b]T_TYR L^ _SP]P bL^ TY 0`]Z[P LYO NZY^P\`PY_Wd _SP XPOTL NZY^_PWWL_TZY OTO YZ_ NSLYRP ^TRYTQTNLY_Wd _SP]P bP]P YZ XLUZ] NSLYRP^ TY aT^`LW LYO L`OT_Z]d SLMT_^ DP_ _ST^ OZP^ YZ_ XPLY _SL_ _SP ]PaP]^P T^ _]`P TP _SP]P bL^ wYZ []ZQP^^TZYLWTeL_TZYx Z] wYZ ]L_TZYLW ^[T]T_x MPNL`^P 4YOTL SLO L aP]d ZWO TY_PWWPN_`LW N`W_`]P WZYR MPQZ]P MZZV^ bP]P []TY_PO ?SP ^ZYTN N`W_`]P OTO YZ_ ZYWd []ZO`NP LNZ`^_TN [TP_d BSL_ T^ PaPY XZ]P YZ_TNPLMWP T^ _SL_ LM^_]LN_TZY^ bP]P QZ]X` WL_POYZ_ ^ZWPWdTY b]T_TYR ;SZYZNPY_]TNLWWdZ]RLYTePO_SZ`RS_^d^_PX^ bT_SLSTRSWPaPWZQLM^_]LN_TZY^_]P_NSLWW_SPbLdMLNV_ZAPOTN_TXP^ 2ZZOdv^ _SP^P^ L]P WP^^ L[[WTNLMWP _Z >LY^V]T_ N`W_`]P LYO LNNZ]OTYRWd 4YOZWZRTNLW N]T_TNT^X SL^ MPPY Pc[]P^^PO _SL_ YZ_ WPL^_ \`P^_TZYPO 2ZZOdv^ LYO :YRv^ L]R`XPY_ _SL_ wZ]LW N`W_`]P^ WLNV LYLWd_TNLW NL_P RZ]TP^ b]T_TYR QZ^_P]^ LM^_]LN_TZY^x L^ bP bTWW ^SZb TY XZ]P OP_LTW :`] OTQQP]PY_TL_TZY MP_bPPY ^ZYLWT_d LYO Z]LWT_d SL^ _SP ^d^_PXL_TN LO aLY_LRP ZQ TY_]ZO`NTYR TY_Z _ST^ OPML_P ^ZXP L^[PN_^ LYO YPb [P]^[PN _TaP^ _SL_ bP]P YZ_ []PaTZ`^Wd NZY^TOP]PO MPNL`^P ^ZYLWT_d bL^ YZ_ ^`QQTNTPY_Wd NZY^T^_PY_Wd _SZ`RS_ _S]Z`RS L^ L _ST]O ^[LNP PT_SP] Md 2ZZOdv^ ^`[[Z]_P]^ Z] ST^ Z[[ZYPY_^ LYO _ST^ XPLY_ _SL_ YPT_SP] bL^ _SP]P LYd ]PQWPN_TZY ZY _SP LP^_SP_TN TX[WTNL_TZY^ QZ] [P]NP[_TZY 4_ L[ [PL]^ _Z `^ _SL_ >LY^V]T_ N`W_`]P T^ NSL]LN_P]TePO Md QLN_^ WTVP _SP YZ _TNPLMWPWLNVZQ]PWPaLY__P]X^QZ]WT_P]LNdTY>¼_]LbZ]V^PaPYLQ_P]_SP _TXP ZQ 0X[P]Z] ,²ZVL ]O NPY_ -. # bSPY _SP]P T^ NWPL] PaTOPYNP ZQ LW[SLMP_TN b]T_TYR LYO _SL_ L XLUZ] L^[PN_ ZQ _SP b]T__PY OPQTYT _TZYZQ_SP_P]X ²LMOL wbZ]OxT^T_^^Z`YOLYOYZ_ZYWdT_^Q`YN_TZYZQ LNL]]TP]ZQXPLYTYR?SPNZY_TY`TYROZXTYLYNPZQZ]LWL`]LWNZXX`YT NL_TZY ^d^_PX^ PaPY LQ_P] L N`W_`]P ZQ b]T_TYR MPNLXP P^_LMWT^SPO YZ_ ZYWd XLOP ]PQWPN_PO ^ZYLWT_d [Z^^TMWP M`_ LW^Z Pc[]P^^PO T_^PWQ MZ_S TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 3L]]d1LWV >NS]TQ_TXLW_PY4YOTPY%0TY1Z]^NS`YR^MP]TNS_XT_,YXP]V`YRPY ?ÞMTY RPY%9L]]$$
"#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
Q`^TZYLYOTYLM^_]LN_TZYTYMZ_S[L]_TNT[L_Z]dLYOPXLYNT[L_Z]dXZOP^ ZQ _SZ`RS_ [P]NP[_TZY LYO Pc[P]TPYNP bSTNS OTO YZ_ L[[PL] ZYWd TY ^P[L]L_TZYM`_Q`^PO_ZRP_SP]LRLTYLYOLRLTY;]ZNP^^P^ZQXZOP]YTeL _TZY LYO ]PQZ]X MZ_S ]PNPY_Wd LYO TY _SP [L^_ SLaP _LVPY OTQQP]TYR NZ`]^P^ TY OTQQP]PY_ N`W_`]P^ LYO ^SZ`WO LWbLd^ MP NZY^TOP]PO TY _SPT] ZaP]LWW N`W_`]LW NZY_Pc_ 4YOTL []ZaTOP^ [L]LOTRXL_TN PaTOPYNP ZQ _SP N`W_`]LWaL]TLYNPLYONZY_TYRPYNdZQXPOTL[]LN_TNP^LYOOTQQP]PYNP^TY XPY_LWST^_Z]dTY_SP[]ZO`N_TZYZQVYZbWPORP 8POTLZ[PY`[[Z^^TMTWT_TP^QZ]Pc[P]TPYNPLYONZRYT_TZY3ZbPaP] _SPd OZ YZ_ OZ _ST^ Md _SPT] ZbY YL_`]P M`_ ZYWd TY TY_P][WLd bT_S N`W _`]P]PWL_PO [L__P]Y^ LYO []LN_TNP^ ?ST^ [ZTY_ ^PPX^ _Z `^ _Z MP Q`YOL XPY_LW MPNL`^P _ZZ ZQ_PY TY OT^N`^^TZY ZQ _SP XPOTL TY ^ZNTLW LYO N`W _`]LW ^_`OTP^ _SP L]R`XPY_L_TZY bL^ LWW _ZZ XZYZNL`^LW LYO ]ZZ_PO TY L `YTaP]^LW aTPb ZQ ST^_Z]d LYO N`W_`]LW NZY_TYRPYNd ]PNPTaPO _ZZ WT__WP L__PY_TZY ?SP Z]LWT_d LYO WT_P]LNd _SPZ]TP^ L]P P^[PNTLWWd []ZO`N_TaP [L]_TN`WL]WdTY _P]X^ZQ N`W_`]LWNZX[L]T^ZYM`__SPNZX[WPcT_dZQ]PLW XPOTL OTaP]^T_d TY_P]N`W_`]LW LYO TY_]LN`W_`]LW [W`]LWT_d LYO TY_P]XPOT L]d eZYP^ bL^ `YOP]P^_TXL_PO ?SP ^`NNP^^ ZQ _SP ^_]TN_ WT_P]LNd _SP^T^ WTP^ TY _SP ^_]PYR_S ZQ T_^ ^d^_PXL_TN LYO ^_]`N_`]LW LYLWd^T^ 4_^ OT^LO aLY_LRPT^_SL_T_`YOP]XTYP^Z_SP]^ZNTZN`W_`]LWaL]TLMWP^T^^`^NP[_T MWP_ZTOPZWZRTP^LYOXL^V^_SPQLN__SL__SPXPOT`XZQb]T_TYROTOYZ_ YPNP^^L]TWd PWTNT_ PcLN_Wd _SP ^LXP PQQPN_^ PaP]dbSP]P LYO bL^ YZ_ LWbLd^ PcSL`^_PO LYO PaLW`L_PO TY _SP ^LXP bLd 9Z_ ZYWd T^ N`W_`]P OP[PYOPY_ ZY _SP XPOTL M`_ _SP XPOTL L]P LW^Z OP[PYOPY_ ZY N`W_`]P 7TVP PaP]d_STYR PW^P bSP_SP] YL_`]LW Z] L]_TQTNTLW aZTNP LYO bZ]O b]T_TYRLYOMZZV^L]P^`MUPN__ZN`W_`]LWPaLW`L_TZY^LYONZOTYR^?ST^ XPLY^ _SL_ _SP `YOP]^_LYOTYR PaLW`L_TZY LYO `^P ZQ bZ]O^ LYO b]T_TYR L]PLW^ZTYQZ]XPONZOPOLYO^_]`N_`]POMdLNZX[WPcZQTX[WTNT_QZ]X^ ZQ TY_P][]P_L_TZY LYO L^N]T[_TZY^ VYZbSZb ^ZNTLW TY^_T_`_TZY^ [Sd^T NLWWd LYNSZ]PO QZ]X^ ZQ MPSLaTZ] []PNZY^NTZ`^ ]Z`_TYP ^P\`PYNP^ LYO N`W_`]LWWd QZ]XPO PXZ_TZYLW XZ_TaL_TZYLW ^_L_P^ 4Y XPOTL _SPZ]TP^ _SP N`W_`]P^[PNTQTN NZOTYR^ LYO _SPT] ST^_Z]TNLW LYO N`W_`]LW NZY_TYRPYNd bP]PYZ_LWbLd^^`QQTNTPY_WdNZY^TOP]POLYO_SP]PQZ]P_SP]PbL^LWbLd^ LW^Z L WZb WPaPW ZQ LbL]PYP^^ ZQ _SP [Z^^TMWP ]PWL_TaT_d ZQ ZYPv^ ZbY []LN_TNP z QZ] PcLX[WP SZb ^_]ZYRWd _SP N`W_`]LWWd QZ]XPO [L__P]Y^ QWZbPOL_SPXL_TNLWWdTY_ZLNLOPXTN]P[]P^PY_L_TZY ?SP QZWWZbTYR OT^N`^^TZY NZY_TY`P^ Z`] L[[PLW ^`[[Z]_TYR L XPLY TYRZ]TPY_PONZYNP[_ZQN`W_`]PLYOQZ] _SP[ZbP]ZQ XPOTL[]LN_TNP^ TY _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_ 1]ZX L []LcPZWZRTNLW [P]^[PN_TaP T_ L[[PL]^ _Z MP NPY_]LW YZ_ ZYWd _Z L^V LQ_P] _SP _PNSYZWZRd T_^PWQ M`_ LWbLd^ LW^Z LQ_P] _SP VYZbWPORPOP[PYOPY_ N`W_`]LWWd ^[PNTQTN bLd ZQ OPLWTYRbT_S_SPXPOTL_SL_T^LQ_P]_SPXPOTL[]LN_TNP^_SL_L]PLWbLd^
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
"$
^TX`W_LYPZ`^WdLP^_SP_TN[]LN_TNP^ #@[_ZYZb_SPLP^_SP_TNL^[PN_SL^ MPPYRTaPYWT__WPL__PY_TZYTY_SPZ]LWT_dWT_P]LNdOPML_P?ST^]P^`W_POTY _SP WZ^^ ZQ LY TX[Z]_LY_ QLN_Z] TY _SP LYLWd^T^ MPNL`^P PaP]d ^ZNTLW []LN_TNP T^ L_ _SP ^LXP _TXP LWbLd^ L ^[PNTQTN QZ]X ZQ Pc[P]TPYNTYR ZQ ^PY^Z]d [P]NPTaTYR LYO ZQ LQQPN_TaP Z] YPL]Wd LQQPN_YP`_]LW ^PY^TYR >LY^V]T_ 3TYO`T^X ]P[]P^PY_^ LY TY_P]P^_TYR _P^_ NL^P QZ] _SP Z]LWT_d WT_P]LNd OPML_P LYO ^SZb^ _SL_ LM^_]LN_ _SZ`RS_ T^ [Z^^TMWP YZ_ ZYWd ZY _SP ML^T^ ZQ R]L[STN ]P[]P^PY_L_TZY ?SP ST^_Z]d ZQ _SP aZTNP LYO _SP TY_P]XPOTL]deZYPZQ^ZYLWT_dTPZ]LWT_dN`XWT_P]LNdbT_SLYPX[SL^T^ ZY_SP^Z`YOTYRbZ]OQZ]NPLOTQQP]PY_ST^_Z]dZQ_SZ`RS_[P]QZ]XLYNP N`W_`]P NLYZY QZ]XL_TZY ^dXMZWTeL_TZY^ TY_P][]P_L_TZY ZQ WLYR`LRP LYO_SPbZ]WOZQ[ZP_]dLYOPaPYZQb]T_TYRLYO_SPN`W_`]PZQPO`NL_PO WT_P]L_T Z] XZ]P RPYP]LWWd ^[PLVTYR ZQ _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_ ?SP [Z^_`WL_PO ]PWPaLYNP ZQ TYaP^_TRL_TYR YZ_ ZYWd _SP XPOTL M`_ LW^Z _SP N`W_`]LW NZOTYR []LN_TNP^ ]P^`W_^ TY YZ_ ZYWd L ^PWQN]T_TNLW aTPb ZQ _SP ST^_Z]d ZQ ^NTPYNP LYO ^NTPY_TQTN ]P[]P^PY_L_TZY M`_ `W_T XL_PWd LW^Z TY LY Pc[LYOPO NZYNP[_ ZQ _SP XPOTL z T_^ Pc_PY^TZY _Z TY NW`OP ^dXMZWTN QZ]X^ 3P]P T_ T^ YZ_ T]]PWPaLY_ _Z ]P[]P^PY_ 2ZZOdv^ WT_P]LNd _SP^P^ TY ^ZXPbSL_ XZ]P OP_LTW LYO _Z ]ZWW Z`_ _SP Z]LWT_d WT_P]LNd OPML_P M]TPQWd MPNL`^P 2ZZOd LYO ST^ N]T_TN^ MZ_S _`]YPO `[ TX[Z]_LY_L^[PN_^LYOZ`][Z^T_TZYSL^^ZXP[ZTY_^TYNZXXZYbT_S_SP _bZNLX[^LYO^ZXP[ZTY_^_SL_OTQQP]PY_TL_PT_Q]ZX_SPX
"
:]LWT_d7T_P]LNd/PML_PLYO>LY^V]T_.`W_`]P
,NNZ]OTYR_Z5LNV2ZZOdbSZ_ZRP_SP]bT_S4LYBL__QT]^_[`_QZ]bL]O ST^ ^PXTYLW _SP^P^ ZY _SP PQQPN_^ ZQ b]T_TYR TY _SP $!^ LYO $"^ YZ Z_SP] N`W_`]LW _PNSYZWZRd SLO ^`NS L ^_]ZYR TYQW`PYNP ZY N`W_`]P L^ L bSZWP ^ZNTP_d LYO _SZ`RS_ L^ _SP N]PL_TZY ZQ L b]T__PY _]LOT_TZY 3P L]R`PO _SL_ YZ Z_SP] _PNSYZWZRd SLO M]Z`RS_ LMZ`_ ^`NS L ]LOTNLW NSLYRPLYOMZ`_ZQTYYZaL_TZYTY_SP]PLWXZQPNZYZXd]PWTRTZY^ZNTLW Z]RLYTeL_TZYLYONZRYT_TZYL^LW[SLMP_TNb]T_TYRLYOWL_P]_SP[]TY_TYR ZQ MZZV^ 3P ^_L_PO _SL_ bSP]PaP] _SP^P N`W_`]LW _PNSYZWZRTP^ PXP]RPO _SP]P bL^ L ^_PP[ PO`NL_TZYLW [d]LXTO ?SP N]PL_TZY ZQ L b]T__PY _]LOT _TZY LNNZ]OTYR _Z_SPNPY_]LWL]R`XPY_]PaZW`_TZYTePO_SP WT_P]L]d[]Z O`N_TZY _]LY^XT^^TZY LYO ^_Z]LRP ^d^_PX^ LYO QZ^_P]PO YPb bLd^ ZQ SLYOWTYR TYQZ]XL_TZY LYO YPb ^d^_PX^ ZQ NZXX`YTNL_TZY B]T_TYR LYO []TY_TYRP^_LMWT^SPOPc_P]YLWXPXZ]dMLYV^bSTNS]PYOP]POTY_P]NZ`]^P MP_bPPY S`XLY MPTYR^ YZ WZYRP] ^`MUPN_ _Z _SP _]LY^TPYNP ZQ Z]LW ^[PPNSLYOXLOPT_[Z^^TMWP_ZNZXX`YTNL_PLN]Z^^^[LNPLYO_TXPLYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PPLW^Z=PNVbT_e @Y^NSL]QP2]PYePY !z!!" !#"
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LNNZ]OTYR _Z 2ZZOd _SPd _SP]PQZ]P YPNP^^L]TWd SLO []ZQZ`YO PQQPN_^ ZY _SP^[]PLOLYOZ]RLYTeL_TZYZQVYZbWPORP:Y_SPZYP SLYO_SPdXLOP [Z^^TMWPNZOTQTNL_TZY[]PNT^TZYPc[WTNL_TZYaP]TQTLMTWT_dLYO_SPQTcTYR ZQbSL_bL^[L^^POOZbYXLVTYRT_`YLW_P]LMWP4YLOOT_TZY_ZNZY^P] aL_TZY LYO ^_LYOL]OTeL_TZY RZTYR L^ QL] L^ ]TRTOT_d SZbPaP] 2ZZOd NWLTXPO _SP]P bP]P LW^Z ST_SP]_Z `YVYZbY [Z^^TMTWT_TP^ QZ] NSLYRP TYYZaL_TZY LYO ]PQZ]X 4_ bL^ ZYWd b]T_TYR _SL_ Z[PYPO `[ LW_P]YL_TaP^ LYO _S`^ XLOP YPb OPaPWZ[XPY_^ LYO YPb TY_P][]P_L_TZY^ [Z^^TMWP ,NNZ]OTYR_Z2ZZOd_SPXZ^_MWL_LY_Pc[LY^TZY^TYVYZbWPORP_PNSYZW ZRd TYNW`OPO []ZQP^^TZYLWTeL_TZY RPYP]LWTePO OPNZY_Pc_`LWTePO L`_SZ] T_dQZ]XLWNL_PRZ]TeL_TZYLYOWZRTNLW_SZ`RS_ # 2ZZOd^Lb]PWTRTZY^L^[WLdTYRLOPNT^TaP]ZWPTY_SP^[]PLOZQPO` NL_TZY 3P [P]NPTaP^ L NWZ^P NZYYPN_TZY MP_bPPY WT_P]LNd LYO ]PWTRTZY LYO^ZXP_TXP^PaPYXPY_TZY^]PWTRTZ`^WT_P]L_`]P^TY_SP^LXPM]PL_SL^ LW[SLMP_TNb]T_TYR3P[Z^_`WL_P^_SL_bT_SZ`_b]T_TYR_SP]PbZ`WOMPYZ ]PWTRTZY LYO LW^Z _SL_ ]PWTRTZY []ZXZ_P^ WT_P]LNd MPNL`^P ]PWTRTZ`^ R]Z`[^ bP]P LXZYR _SZ^P _SL_ bP]P OZXTYLY_ TY ^ZNTP_d LYO NP]_LTY WT_P]L_`]P^MPNLXPL]PQP]PY_TLWML^PQZ]^ZNTP_dL^LbSZWPPaPYQZ]_SP `YWP__P]PO XL^^P^ WZYR MPQZ]P MZZV^ bP]P []TY_PO BSTWP 2ZZOd NZY ^TOP]^ L NZYNP[_ QZ] ]PWTRTZY _Z MP XT^^TYR Q]ZX ]PWTRTZ`^ ^d^_PX^ TY N`W_`]P^ bT_SZ`_ b]T_TYR w[L]_Wd MPNL`^P XLRTNZ]PWTRTZ`^ LN_TaT_TP^ QZ]X L [L]_ ZQ XZ^_ ^ZNTLW LN_TZYx # SP YZ_P^ _SL_ _SP ]PWTRTZ`^ WT_P]L _`]P^ LYO WT_P]L_P NS`]NSP^ XLOP _SP _PLNSTYR NZ][`^ LYO WT_`]RTP^ w]TRTOx TP OZRXL_TN STRSWd ]T_`LWT^_TN QTcL_PO ZY ]`WP^ LYO Z]_SZ OZc ,^ ^ZZY L^ Xd_S^ L]P b]T__PY OZbY SP ^LTO _SPT] ^_]`N_`]P NZY _PY_^ LYO WLYR`LRP NSLYRP& _SPd _LVP ZY L `YTaP]^LWT^_TN ^_LYNP LYO MP NZXP RPYP]LWTePO YZ]XL_TaP ^_L_PXPY_^ LYO wTYOP^_]`N_TMWP OZN`XPY_^ ZQLWL]RPbZ]WO]PWTRTZYxXPLYTYRTYOP^_]`N_TMWPOZN`XPY_^ZQLWT_P] L]d]PWTRTZY,NNZ]OTYR_Z2ZZOd_SPbZ]WO]PWTRTZY^L]PNSL]LN_P]TePO Md_SPT]^[]PLOLYOXT^^TZYLN]Z^^WL]RPRPZR]L[STNLW]PRTZY^_SLYV^_Z b]T_TYR LYO Md OPQTYT_TZY Md SZWd ^N]T[_`]P^ LYO _SPT] TY_P][]P_L_TZY 3TYO`T^X LYO _SP APOL L]P YZ PcNP[_TZY _Z _ST^ ?SP []ZNP^^ ZQ >LY ^V]T_TeL_TZY bL^ ML^PO ZY _SP Pc[LY^TZY ZQ WT_P]L_`]P TY _SP QZ]X ZQ L WPRLW NZOPc LYO SZWd ^N]T[_`]P^ LYO _SPT] ^[]PLO PaPY TY_Z _SP w^XLWW _]LOT_TZYx ZQ Z]LW aTWWLRP N`W_`]P^ LYO QL] MPdZYO 4YOTL T_^PWQ # 4Y 2ZZOdv^ aTPb 4YOTL SL^ L aP]d ZWO WT_P]L_P N`W_`]P LYO SL^ OPXZY ^_]L_PONWPL]NSL]LN_P]T^_TN^ZQb]T__PY_]LOT_TZYL_WPL^_^TYNPWL_PAPOTN _TXP^ ?SP^P NSL]LN_P]T^_TN^ TYNW`OP OPQTYT_TaPWd ^d^_PXTN _SZ`RS_ ^NT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8Z^_ZQ_SPXLUZ]L]R`XPY_^L]P^`XXL]TePOTY2ZZOd 7ZRTNZQB]T_TYR "z# # 2ZZOd 7ZRTN ZQ B]T_TYR " :Y _SP QZWWZbTYR NQ 2ZZOd 0Y_^_PS`YR `YO 1ZWRPY & 7ZRTVOP]>NS]TQ_ "LYOST^TY_]ZO`N_TZYTY 7T_P]LWT_Æ_ LYO$ # 2ZZOd 7T_P]LWT_Æ_ "Q& 7ZRTNZQB]T_TYR z "
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
#
PYNP LYO STRSP]WPaPW PO`NL_TZY bSTNS LNNZ]OTYR _Z _SP ^`[[Z]_P]^ ZQ _SP WT_P]LNd L]R`XPY_ LWbLd^ OP[PYO ZY b]T_TYR Z] bP]P ZYWd LMWP _Z PXP]RP LQ_P] _SP LOaPY_ ZQ LW[SLMP_TN b]T_TYR 2ZZOd Pc[WLTY^ _SL_ TY 4YOTL _ST^ OTO YZ_ PWTNT_ _SP ^LXP PQQPN_^ L^ TY 0`]Z[P MPNL`^P ZQ _SP -]LSXLYTN[]TP^_^vXZYZ[ZWd ?SPML^TNXZOPWTYST^QT]^_bZ]VbL^2]PPNP^TYNPT_bL^SP]P_SL_ _SP QT]^_ [SZYP_TN LW[SLMP_ LYO WT_P]L_P ^ZNTP_d QZ]XPO Pc_PYOTYR MP dZYO ^NSZWL]^v NT]NWP^ MP_bPPY _SP PTRS_S LYO QTQ_S NPY_`]TP^ -. ?SP _SP^P^ LMZ`_ _SP PQQPN_^ Z] b]T_TYR bP]P QL]]PLNSTYR 2ZZOd LYO BL__ YZ_ZYWd_SZ`RS_ _SPdSLO WPQ_ _SPT]XL]VZY_SPbSZWPZQ BP^_P]Y N`W _`]P M`_ LW^Z NZY^TOP]PO _SPX_ZMP`YTaP]^LW?SPw[ZbP]ZQ_SP b]T_ _PY_]LOT_TZYx T^^TX[Wd`YWTXT_PO?SPY`XP]Z`^LNSTPaPXPY_^ _SL_L]P L__]TM`_PO _Z _SP `^P ZQ b]T_TYR TY RPYP]LW LYO bTOP^[]PLO WT_P]LNd TY [L]_TN`WL]TYNW`OP[]LN_TNLWWdPaP]d_STYRZQTY_P]P^_LMZ`_LN`W_`]PLYO LW^Z _SL_ bSTNS _SP BP^_P]Y _]LOT_TZY SL^ SPWO OPL] ^TYNP _SP 0YWTRS_ PYXPY_% []ZR]P^^ ]L_TZYLWTeL_TZY `YTaP]^LW PO`NL_TZY OPXZN]LNd N]T_TNLW QLN`W_TP^ST^_Z]TNLWLYO ^NTPY_TQTN _SZ`RS_NL[LNT_dQZ]LM^_]LN _TZYLYORPYP]LWTeL_TZYTYOTaTO`LWT^XLYOXLYdZ_SP]_STYR^MP^TOP^ 2ZZOdv^ _SPZ]d bL^ TXXPY^PWd [ZbP]Q`W ?SP ^_]TN_ L]R`XPY_L_TZY LYO _SP Y`XP]Z`^ PcLX[WP^ bP]P aP]d NZYaTYNTYR ;]ZMLMWd YZZYP bZ`WO bLY_ _Z OPYd _SP YPb [Z^^TMTWT_TP^ ZQ ^[]PLOTYR VYZbWPORP LYO _SP NZYOT_TZY^ XZ]P NZYO`NTaP _Z M`]PL`N]LNd L ^_L_P PNZYZXd LYO []Z[LRLYOL LYO ]PWTRTZ`^ []Z^PWd_TeL_TZY WP_ LWZYP _SP TYN]PL^PO PO` NL_TZYLW Z[[Z]_`YT_TP^ L]T^TYR Q]ZX R]PL_P] RPYP]LW WT_P]LNd DP_ _SP [Z^_`WL_PO OTQQP]PYNP MP_bPPY _SP Z]LW LYO b]T__PY Z]RLYTeL_TZY ZQ VYZbWPORP bL^ RTaPY LY LXMTaLWPY_ ]PNP[_TZY :Y _SP ZYP SLYO _ST^ _SP^T^TY[L]_TN`WL]bL^NZYQT]XPOXLYd _TXP^ZaP]4_bL^ PL^d_ZWTYV T_ bT_S _SPZ]TP^LMZ`_ _SP[]TY_ N`W_`]P8N7`SLY LYOT_TY^[T]PO _SPZ ]TP^LMZ`_N`W_`]LWXPXZ]dLYONLYZYQZ]XL_TZY,^^XLYY4_bL^LW^Z Pc[LYOPO TY _SPZ]TP^ ZY Z]LWWd ML^PO _SZ`RS_ LYO Pc[]P^^TZY :YR 4Y LOOT_TZY_Z^`NS^d^_PXL_TNNZY_TY`L_TZY2ZZOdv^_SP^P^bP]P_LVPY`[ MdXLYdST^_Z]TNLWTYOTaTO`LW^_`OTP^TYbSTNS_SPdbP]PNZYQT]XPOLYO [`_ ZY L QT]XP] QZ`YOL_TZY :Y _SP Z_SP] SLYO _SPd LW^Z PWTNT_PO SPQ_d N]T_TNT^X LXZYR ^ZXP 4YOZWZRT^_^ LYO P_SYZWZRT^_^ BSTWP _SP _SPZ]d L[[L]PY_Wd []ZaTOPO L RZZO Q]LXPbZ]V QZ] LYLWd^T^ TY 0`]Z[P T_ bL^ YZ_aP]TQTPOTYZ_SP]N`W_`]P^Z]PW^PZYWd[L]_TLWWdNZYQT]XPO?SPZ]LW T_dWT_P]LNdOPML_P_SL_QWL]PO`[bL^SZbPaP]]L]PWdL^^ZNTL_PO^ZWPWd bT_S ZMUPN_TaP [ZTY_^ ZQ NZY_PY_TZY 4Y^_PLO _SP]P bP]P LW^Z L^[PN_^ ZQ L[ZWZRd LYO N]T_TNT^X ZQ TOPZWZRd bSTNS Pc[WLTY _SP SPL_ ZQ _SP OT^ [`_P :YP ZQ _SP XLTY [ZTY_^ OT^[`_PO bL^ _SP `YTaP]^LWT^_TN L]R`XPY_ ZQ ]L_TZYLWT_d MPTYR OP[PYOPY_ `[ZY b]T_TYR TP T_ bL^ _SP _SP^T^ ZQ OTQQP]PY_ XZOP^ ZQ _SZ`RS_ LYO _d[TNLW L^[PN_^ ZQ N`W_`]P^ ZQ Z]LW LYO WT_P]L_P ^ZNTP_TP^ _SL_ 2ZZOd ]P[PL_POWd OPQPYOPO bSTNS _]TRRP]PO _SP
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
XZ^_ NZY_]ZaP]^TP^ 9Z_ WPL^_ _SP 2]PPV XZOPW bL^ LW^Z L MZYP ZQ NZY _PY_TZY 0_SYZWZRT^_^ ^Lb _SP wR]PL_ OTaTOPx ]PPXP]RTYR LYO LW^Z 4YOZWZ RT^_^ bP]P T]]T_L_PO MZ_S Md _SP _SP^T^ _SL_ ZYWd b]T_TYR SLO XLOP ^d^ _PXL_TN LYO ^NTPY_TQTN _SZ`RS_ LYO LW_P]YL_TaP^ [Z^^TMWP LYO Md _SP XZOPW ZQ 2]PPNP ?SP 2ZZOdBL__ _SP^T^ OTO TYOPPO ^Z`YO L^ TQ ZYWd _SP NZY_TYRPY_ OPaPWZ[XPY_ ZQ ZYP N`W_`]P _SP BP^_P]Y ZYP ZQ NZ`]^P bL^ `YTaP]^LWTePO LYO `^PO L^ L dL]O^_TNV QZ] PLNS LYO PaP]d OPaPWZ[XPY_ L^ SL^ SL[[PYPO ^Z ZQ_PY TY LNLOPXTN ^_`Od ,YO _SP]P bL^ bZ]^P _Z NZXP% _SP _SP^T^ LW^Z ^Z`YOPO WTVP _SP ]PT_P]L_TZY ZQ LY Z_SP] [Z[`WL] []ZMWPXL_TN [L__P]Y TY LNLOPXTN ^_`Od% 2]PPNP TYaPY_PO ]L_TZYLWT_d& Z]LW N`W_`]P^ L]P WP^^ ]L_TZYLW& _SP BP^_v^ `YT\`P ST^_Z]d ZQ ]L_TZYLWTeL_TZY OT^_TYR`T^SP^ T_ Q]ZX LWW Z_SP] N`W_`]P^ 4_ bL^ PL^d _Z SPL] L wBP^_ T^ MP^_x TOPZWZRd TY 2ZZOdv^ QT]^_ [`MWTNL_TZY L^ 1]T_^ >_LLW OTO bSZ^P TX[]P^^TaP ^_`Od ZY _SP APOTN L]_ ZQ XPXZ]TeTYR ^SL][WdLYOL[ZWZRP_TNLWWdNZ`Y_P]PO2ZZOdMd^LdTYR% wBPQTYOTY4YOTLL_WPL^__bZ_]LOT_TZY^ZQ_]LY^XT^^TZY_SL_L]PQZ]XLW LYOXZ]PZ]WP^^]PWTLMWPTY_SPT][]P^P]aTYRQ`YN_TZY:YPT^b]T__PYLYOZQ ]PWL_TaPWd ]PNPY_ OL_P& T_ PcSTMT_^ ^_]`N_`]P^ _SL_ L]P LW^Z QZ`YO TY Z_SP] ^TXTWL]_]LOT_TZY^?SPZ_SP]T^Z]LWLYOaP]dLYNTPY_&T_T^NWZ^PWd]PWL_PO_Z _d[TNLWWd 4YOTLY QZ]X^ ZQ ^NTPYNP F_SP APOTN ^_`Od ZQ ]T_`LW LYO _SP R]LX XL]H ?ST^ WL__P] _]LOT_TZY T^ Md QL] _SP XZ]P ]PXL]VLMWP YZ_ XP]PWd MP NL`^PT_T^NSL]LN_P]T^_TNLWWd4YOTLYLYO`YWTVPLYd_STYRbPQTYOPW^PbSP]P M`_LW^ZMPNL`^PT_SL^WPO_Z^NTPY_TQTNOT^NZaP]TP^_SL_L]PZQPYO`]TYRTY _P]P^_ LYO Q]ZX bSTNS _SP NZY_PX[Z]L]d BP^_ ^_TWW SL^ X`NS _Z WPL]Y ?SP PcT^_PYNP ZQ _ST^ WL__P] _]LOT_TZY OPXZY^_]L_P^ TY [L^^TYR _SL_ _SP 2ZZOd BL__ _SP^T^ T^ YZ_ bT_SZ`_ TX[Z]_LY_ PcNP[_TZY^ BP L]P ^_TWW `YOP] _SP ^bLdZQN`W_`]LW[]PU`OTNP^%_SP[]PU`OTNP_SL_b]T_TYRT^XZ]P]PWTLMWPLYO _SP]PQZ]PMP__P]_SLYXPXZ]dLYO_SPN]ZbYTYR[]PU`OTNP_SL_^NTPYNP LYO PaPY ]L_TZYLWT_d Z]TRTYL_PO Q]ZX WT_P]LNd ,WW _SP^P []PU`OTNP^ L]P YZ_ XP]PWd N`W_`]LW% _SPd TWW`^_]L_P TY _Pc_MZZV QL^STZY _SP OZ`MWP Z]TRTY ZQ NZY_PX[Z]L]d bP^_P]Y NTaTWT^L_TZY :YP PWPXPY_ RZP^ MLNV _Z _SP ZWO XLcTX_SL__SP2]PPV^SLOTYaPY_POPaP]d_STYRLYOP^[PNTLWWd^NTPYNP& _SPZ_SP]RZP^MLNV_Z_SPZ]TRTY^ZQ XZYZ_SPT^X LYOu_SP]PWTRTZY^ZQ_SP MZZVv MZ_S L]P QTYLWWd LYO YL_`]LWWd ^_]PYR_SPYPO Md _SL_ LWbLd^ NZX QZ]_TYR QPPWTYR _SL_ bP L]P `W_TXL_PWd XZ]P ]PWTLMWP LYO _SP]PQZ]P MP__P] _SLYLYdZYPPW^Px #
2ZZOd SZbPaP] bL^ WP^^ TY_P]P^_PO TY 2]PPNP LYO _SP XZYZ_SPT^_TN MZZV ]PWTRTZY^ _SLY TY L RPYP]LWWd aLWTO ^_]`N_`]LW _SPZ]d 3P NZY_TY` LWWd OPaPWZ[PO LYO OTQQP]PY_TL_PO ST^ WT_P]LNd _SP^P^ QZWWZbTYR ST^ QT]^_ bZ]VLYOL__PX[_PO _Z`YOP][TY _SPX bT_S LOOT_TZYLW XL_P]TLWZY ^`M UPN_^^`NSL^APOTN4YOTL3P]PSPRLaP_SPTY_P]QLNPMP_bPPYZ]LWLYO b]T__PY_]LOT_TZYMP__P]NZY^TOP]L_TZYLYOM]Z`RS_Z`_XZ]P^_]ZYRWd_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >_LLWw1TOPWT_dZQ:]LW?]LOT_TZY^x"z#" z"!
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
#
OTQQP]PYNP MP_bPPY [`]PWd Z]LW ^ZNTP_TP^N`W_`]P^ TP _SZ^P bT_SZ`_ b]T_TYR LYO Z]LW _]LOT_TZY^ TY N`W_`]P^ TY [Z^^P^^TZY ZQ b]T_TYR 3P MLNVPO _ST^ `[ PX[T]TNLWWd bT_S NZX[L]T^ZY^ bT_S ST^ ZbY QTPWO ]P ^PL]NS TY BP^_P]Y ,Q]TNL #! 2ZZOd LWbLd^ XLTY_LTYPO _SP _SP^T^ _SL_ 4YOTL_ZZ[Z^^P^^POLaP]dZWON`W_`]PZQb]T_TYRLYOPaPYNPXPY_POT_ Q`]_SP] ^PP MPWZb 3P OTO NZYNPOP _SL_ _SP NZX[WPc APOL XPXZ]TeL _TZY LYO _SP _]LY^XT^^TZY ZQ ;£©TYTv^ TYRPYTZ`^ LM^_]LN_ R]LXXL] _S _Z_SNPY_ -. bL^ML^POZYZ]LW NZXX`YTNL_TZYM`_ ^PP^LW[SLMP_TN b]T_TYR L^ L []P]P\`T^T_P >NTPY_TQTN _SZ`RS_ bT_SZ`_ L WT_P]L]d N`W_`]P ]PXLTY^ TYNZYNPTaLMWP QZ] STX 3L]]d 1LWVv^ LWWPYNZX[L^^TYR ]P_Z]_ w2ZZOTP^ QZ] 4YOTL*x bTWW MP PcLXTYPO XZ]P NWZ^PWd MPWZb ,WZYR^TOP Y`XP]Z`^ ZMUPN_TaP L]R`XPY_^ PR _SP []ZaPY `^P ZQ LY LW[SLMP_TN ^N]T[_ZYWdLQ_P]_SP_ST]ONPY_`]d-.LXZYR_SP-`OOST^_^LYO_SP^PN ZYO NPY_`]d -. LXZYR _SP -]LSXTY^ 1LWV ^`RRP^_^ NZY^TOP]TYR T_ XTRS_MPZ`]BP^_P]Y[]ZMWPX_SL_bPNLYYZ_TXLRTYP]PXL]VLMWdPL]Wd ^NTPY_TQTN LNSTPaPXPY_^ ^`NS L^ ;£©TYTv^ R]LXXL] MPTYR [Z^^TMWP bT_S Z`_ b]T_TYR #" 1LWV bT__TWd YZ_P^ _SL_ w:YWd _SP XP_LWLYR`LRP `^PO QZ] NZX[`_P]^ NZXP^ NWZ^P _Z _SP XP_SZO L[[WTPO Md _SP LYNTPY_ R]LXXL] TLY/ZP^_ST^XPLY_SL_;£©TYTSLOLNNP^^_ZL;.*x ## ?SP bZ]V Md 2ZZOd _SL_ 1LWV bL^ ]PLN_TYR _Z NZY_LTYPO YZ_ ZYWd YPbL]R`XPY_^]PRL]OTYR4YOTLM`_LW^ZL]P[P_T_TZYZQST^Q`YOLXPY_LW _SP^T^_SL_b]T_TYRYPNP^^L]TWdLQQPN_PONZRYT_TZYLYO_SZ`RS_^_]`N_`]P^ 2ZZOd ^_`NV aPSPXPY_Wd _Z _ST^ L]R`XPY_ TY LWW ZQ ST^ b]T_TYR^ LYO NWLTXPO% wFBH]T_TYR LQQPN_^ NZRYT_TaP[]ZNP^^P^TY TX[Z]_LY_ bLd^ L^bPSLaP^PPY TY _SP OT^N`^^TZY ZQ NZYNP[_`LW WT^_TYR LOXTYT^_]L_TaP WT^_^ LYO _SP OPaPW Z[XPY_ ZQ XZ]P ]PR`WL] LYO ^d^_PXL_TN XZOP^ ZQ []ZZQ LYO L]R`XPY_ ?SP^P M]TPQ NZXXPY_^ ^`RRP^_ SZb _SP XL_P]TLW ZY _SP OTQQP]PYNP^ ZQ b]T__PY LYO Z]LW WLYR`LRP^ OT^[WLd^ ^ZXP ^_]TVTYR ^TXTWL]T_TP^ _Z LYZ_SP] OTQQP]PYNP bSTNS SL^ MPPY _LWVPO LMZ`_ TY aLR`P N`W_`]LW _P]X^ _SP OZ XP^_TNL_PO LYO _SP ^LaLRP []TXT_TaP LYO LOaLYNPO ^TX[WP LYO NZX [WPcSZ_LYONZWO>ZXPXLUZ]OTQQP]PYNP^_Z`NSPO`[ZYTY_ST^OT^N`^^TZY NLY ]PL^ZYLMWd MP L__]TM`_PO _Z _SP LOaPY_ ZQ b]T_TYR LYO _SP ^`M^P\`PY_ OPaPWZ[XPY_^z_SPQZ]XLWTeL_TZYZQOT^NZ`]^P^ZXPQZ]X^ZQLM^_]LN_TZY^ ZQ WZRTN PR _SP ^dWWZRT^X LYO ZQ ]L_TZYLWT_d YZ_ TY _SP ^PY^P _SL_ NZX XZY `^LRP `^`LWWd P^[Z`^P^ M`_ TY L XZ]P ]P^_]TN_PO QL^STZY _SL_ ]PQP]^ _Z _SP LYLWd^T^ ZQ QZ]XLW []Z[Z^T_TZY^ TY bLd^ _SL_ ^PPX _Z OP[PYO `[ZYaT^ `LWTY^[PN_TZYLYOXL_P]TLW XLYT[`WL_TZY #$FB]T_TYRN`W_`]PHT^L_ZYNP XZ]P ]PQWPN_TaP LYO L_ _SP ^LXP _TXP [P]XT_^ _Z ]PZ]RLYTeP _SP Z]OP] ZQ
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! .Q 2ZZOd 4Y_P]QLNP LYO ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY !z!& ZY _SP ^STQ_ Q]ZX ^[PPNS_Zb]T_TYRTMTO"P_^P\ #" 1LWVw2ZZOTP^QZ]4YOTLx ## 1LWVw2ZZOTP^QZ]4YOTLx! #$ 2ZZOd 4Y_P]QLNP $z$
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_STYR^ _Z bZ]V Z`_ _SP XPLYTYR ZQ _STYR^ _Z Pc[WTNL_P XZ]P QZ]XLWWd .ZRYT_TaPWd L^ bPWW L^ ^ZNTZWZRTNLWWd b]T_TYR `YOP][TY^ uNTaTWTeL_TZYv _SP N`W_`]PZQ_SPNT_TP^x $
?ST^ _SP^T^ ZQ 2ZZOdv^ PcP]NT^PO LY L^_ZYT^STYR L__]LN_TZY MZ_S LXZYR []Z[ZYPY_^ bSZ ^Lb T_NZYQT]XPOLYOLXZYRZ[[ZYPY_^bSZNLXPZ`_ bT_S SL]^S N]T_TNT^X 4Q L NZY_PX[Z]L]d NZX[TWL_TZY NZYNP]YTYR _SP 8TOOWP ,RP^ NLWW^ T_^PWQ wATaL AZc `YO =L_TZ >N]T[_`]Lx _ST^ ^SZb^ U`^_ SZb ^_]ZYRWd TY_P]YLWTePO 2ZZOdv^ LYO :YRv^ _SP^P^ MPNLXP TY _SP ST^_Z]d ZQ ^NTPYNP LYO SZb _SP VYZbWPORP RPYP]L_PO _S]Z`RS ST^ ]P[]P^PY_L_TZY X`_L_PO TY_Z QLN_`LW ]PLWT_d 3ZbPaP] _SP]P bP]P LW^Z ^_]ZYR Z[[ZYPY_^ bSZ ]LT^PO ZMUPN_TZY^ ?SPd TYNW`OPO YZ_ ZYWd >_LLW LYO 1LWV M`_ LW^Z P_SYZWZRT^_^ bSZ ^Lb _SP wR]PL_ OTaTOPx ]P[]ZO`NPO LYOLYZM^ZWP_P^NTPYNP[L]LOTRX]PaTaPO&_SPOTaT^TZYZQ_SPbZ]WO_SL_ 7Ëad-]`SW bL^ LNN`^PO ZQ TY_Z w`^ LYO _SPXx TY_Z wXZOP]Yx wWZRT NLW ]L_TZYLWx LYO w[]TXT_TaPx w[]PWZRTNLWx wXd^_TNx LYO ML^PO ZY _SP wWLbZQ[L]_TNT[L_TZYxQZ]X^ZQXPY_LWT_dLYO^ZNTP_TP^ 4Y _SP QLNP ZQ NSLWWPYRP^ Q]ZX N]T_TN^ WTVP _SP^P 2ZZOd ]P[PL_POWd OPQPYOPO STX^PWQ LRLTY^_ _SP LNN`^L_TZY ZQ _SP wR]PL_ OTaTOPx $ ?SP \`Z_L_TZYLMZaPT^T_^PWQ[L]_ZQST^L[ZWZRd1Z]STX_SP]PbL^YZ_STYR OPQLXL_Z]d LMZ`_ OTQQP]PY_TL_TYR MP_bPPY Z]LWT_d LYO WT_P]LNd 3P QPW_ OPP[WdXT^`YOP]^_ZZOLYOLWW_SPXZ]P^ZMPNL`^PSP^Lb_SPPQQPN_^ZQ WT_P]L_P N`W_`]P LW]PLOd MPNZXTYR L[[L]PY_ TY []PXZOP]Y N`W_`]P^ ^`NS L^LYNTPY_8P^Z[Z_LXTLLYOAPOTN4YOTL,N`W_`]LWLY_S]Z[ZWZRT^_bT_S QTPWO Pc[P]TPYNP TY BP^_P]Y ,Q]TNL SP OPQTYT_PWd LNVYZbWPORPO _SP ^[PNTLWLNSTPaPXPY_^ZQ[`]PWdZ]LWWT_P]L_`]P_]LOT_TZY^^`NSL^R]PL_P] QWPcTMTWT_d NZY^_LY_ NZY_Pc_`LWTeL_TZY WTaPWTYP^^ QLNP_ZQLNP TY_P]LN _TZYP_N3PNWLTXPOSPbL^P^[PNTLWWdTY_P]P^_POTY_SPOT^^ZW`_TZYZQ _ZZ ^TX[WT^_TN U`c_L[Z^T_TZY^ WTVP wXZOP]Yx a^ w_]LOT_TZYLW []P XZOP]Yx -`_ SP LOOPO _SL_ _SP NZX[L]T^ZY MP_bPPY [`]PWd Z]LW N`W _`]P^ bT_SZ`_ b]T_TYR bT_S N`W_`]P^ _SL_ `_TWTeP _SP wb]T__PY NSLYYPW TY aL]TZ`^ bLd^ LYO aL]TZ`^ NZY_Pc_^ RTaTYR ]T^P [P]SL[^ _Z ]P^_]TN_PO WT_P]LNdx $ XLOP T_ YPNP^^L]d YZ_ _Z ZaP]WZZV M`_ _Z ]P^NSPO`WP _SP OTQQP]PYNP^ wRTaTYR XZ]P bPTRS_ _Z _SP _PNSYZWZRTP^ LYO NZY_PY_^x $ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2ZZOd 4Y_P]QLNP :`]PX[SL^T^ $ .Q 2ZZOd 7ZRTN ZQ B]T_TYR #z# & 4Y_P]QLNP $z& ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY Qz $ 2ZZOd ;ZbP]ZQ_SPB]T__PY?]LOT_TZY .QLW^Z2ZZOd 4Y_P]QLNP $bSP]PSP ^PP^STX^PWQTYLYwTY_P]XPOTL]d[Z^T_TZYx_SL_YPT_SP]]ZXLY_TNTeP^Z]LWN`W_`]P^YZ] RWZ]TQTP^WT_P]L_PN`W_`]P^%wBPSLaP_ZMPNL]PQ`WYZ__Z^P_`[Z]LW N`W_`]P^L^XZ]P ^L_T^QdTYRaP]^TZYZQZ`]ZbYNZ]]`[_PONTaTWTeL_TZYLYOZY_SPZ_SP]SLYOYZ__Z^PP _SL_NTaTWTeL_TZY_SPN`W_`]PZQNT_TP^Lb]T__PYN`W_`]PL^_SPN`]PQZ]LWWML]ML]T^X^ 4_T^U`^_^`NSLYTY_P]XPOTL]d[Z^T_TZYbPSLaP_]TPO_ZXLTY_LTYMP_bPPY_SPb]T__PY LYO_SPZ]LWx $ 2ZZOd 7ZRTNZQB]T_TYR #
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
#
3P QZ`YO ST^ TY^TRS_^ ZY _SP OTQQP]PY_ TX[WTNL_TZY^ ZQ Z]LW LYO b]T__PY NZXX`YTNL_TZY NZ]]P^[ZYOPO bT_S ZM^P]aL_TZY^ Md Z_SP] ]P^PL]NSP]^ bSZSLOPc[]P^^PO^ZNTP_LWOTQQP]PYNP^L^NZY_]L^_^MP_bPPY_SP`YTaP] ^LWT^_TN LYO _SP [L]_TN`WL]T^_TN MP_bPPY _SP LM^_]LN_ LYO _SP NZYN]P_P MP_bPPY _SP QWPcTMWP LYO _SP QZ]XLW $ 2ZZOd LOOPO ST^ TY^TRS_^ wXLd LW^Z SLaP TX[Z]_LY_ [Sd^TZWZRTNLW NZ]]PWL_P^ L]T^TYR Z`_ ZQ _SP SPXT ^[SP]TN OTQQP]PYNP^ TY _SP M]LTY bSTNS TYQW`PYNP _SP []ZNP^^TYR ZQ ^PY ^Z]d XL_P]TLWx $ :]LW N`W_`]P^ SP ^LTO bP]P YZ_ YZYWZRTNLW Z] []P WZRTNLW `YWP^^ wTY L aP]d YL]]Zb ^PY^P ZQ _SZ^P bZ]O^x $! ?SP YPb ]L_TZYLWT_dZQWT_P]L_PN`W_`]P^ bL^ LNP]_LTYQZ]XZQ]L_TZYLWT_dYLXPWd _d[P^ZQQZ]XLWWZRTNLWZ[P]L_TZY^^`NSL^^dWWZRT^X?ST^]PQZ]X`WL_TZY ZQ7Ëad-]`SWv^OT^_TYN_TZYZQ_bZXPY_LWT_TP^LNVYZbWPORPO_SL_7Ëad -]`SW SLO M]Z`RS_ _Z WTRS_ TX[Z]_LY_ \`P^_TZY^ M`_ _SL_ _SPd SLO _Z MP QZ]X`WL_POOTQQP]PY_Wd BP ^SL]P _ST^aTPb $"LW_SZ`RSbPOZYZ_LR]PP bT_S 2ZZOdv^ N`W_`]LW ^NSPXL_T^X ST^ XPOTL OP_P]XTYT^X Z] ST^ ZYP ^TOPO Z]TPY_L_TZY ZY NZRYT_TZY bT_STY _SP L[[L]L_`^ ZQ [P]NP[_TZY ?SP bLd^ ZQ ]PWL_TYR _Z _SP bZ]WO XLd TYOPPO MP OTQQP]PY_ bT_STY OTQQP]PY_ N`W_`]P^_]LOT_TZY^Z]^ZNTLWR]Z`[^Z]PaPYbT_STY_SPWTQPZQL^TYRWP [P]^ZY ?ST^ MPNZXP^ aT^TMWP [L]_Wd _S]Z`RS _SP ^PWPN_TZY LYO L[[WTNL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ $ $! $"
2ZZOd 7ZRTNZQB]T_TYR # 2ZZOd 4Y_P]QLNP $:`]PX[SL^T^ 2ZZOd 7ZRTNZQB]T_TYR # 7Ëad-]`SWv^ ]PNP[_TZY SP]P ZYWd L ^XLWW ^PWPN_TZY ]LYRP^ Q]ZX SL]^S ]PUPN_TZY TY_P]P^_TYRWdLNN`^TYR7Ëad-]`SWPT_SP]ZQ[PUZ]L_TaPOPQLXTYRZQ_SL_bSTNST^QZ] PTRY wZ]LWN`W_`]P^x ^PPTYRT_L^ w[]TXT_TaPx LYOwT]]L_TZYLWx TYNZY_]L^__Z ]PRL]O TYR_ZST^ZbYwWT_P]L_PN`W_`]P^xL^w]L_TZYLWxLYOwNTaTWTePOxXZ^_bTOP^[]PLOZ] ZQ_SPZ[[Z^T_PTPZQLYZ^_LWRTN ]ZXLY_TNPcZ_T^_TNZaP]SPL]TYRZQ bSL_T^ QZ]PTRY L^wSZWT^_TNxP_N8Z]_ZY,W_P]YL_TaPWdXZ]PRPYP]LWWdST^]PNP[_TZYXLd]PRL]O _SP_SPZ]dZQ_SPwR]PL_OTaTOPxL^L[]ZMWPX>[P]MP]8ÞY^_P]TYNW`OPN]T_TNLWPc LXTYL_TZY BTPMP >ø]PY^PYZ]RZL^ QL]L^LNVYZbWPORTYR_SL_SP ]LT^POTX[Z]_LY_ \`P^_TZY^ /Z`RWL^ 2ZZOdBL__ BTPMP LYO aL]TZ`^ [Z^T_TaP bZ]V^ _SL_ NZY_TY`PO ST^WTYP-P]R`YOP]8Z^NZaTNT>ø]PY^PY?LXMTLS.Q5ZSY8Z]_ZYx-PTYRTY_bZ XTYO^% N]T_TNLW ]PXL]V^ ZY ;]TXT_TaP Xd_SZWZRd LYO _SP ]PSLMTWT_L_TZY ZQ 7Ëad -]`SWx .LYMP]]L,Y_S]Z[ZWZRd $$#!%z $&/LYTPW8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO,Y_S]Z[ZWZRTPOP]>TYYP 8ÞYNSPY%,VLOPXT^NSP]AP]WLR#&/ZYBTP MP w?SP []PWZRTNLW XPY_LWT_d ]PaT^T_POx =PWTRTZY " $#"% $z!& >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN z"& 8TNSLPW -P]R`YOP] BTPOP]RPM`]_ OP] ,SYPY%
0TYP ]PWTRTZY^P_SYZR]L[ST^NSP `YO ]PWTRTZY^[SÆYZXPYZWZRT^NSP @Y_P]^`NS`YR e`] =PTYVL]YL_TZY^aZ]^_PWW`YR 8ÞY^_P] 3LXM`]R% 7T_ $$ z""& >P]RP 8Z^NZaTNT w2P^NSTNS_P`YO ,V_`LWT_Æ_^ZeTLWP]=P[]Æ^PY_L_TZYPYxTY ;^dNSZWZRTPOP^>ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP PO @bP 1WTNV =PTYMPV% =ZbZSW_ $$ !!z&>_LYWPd5?LXMTLSw8`W_T[WPZ]OP]TYR^ZQ]PLWT_dxTY>?LXMTLS 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$ $$ #z bSZ^P XZ]P QL]]PLNSTYR LY_S]Z[ZWZRTNLWWd ^Z`YO ]P Q`^TZYZQ7Ëad-]`SWv^_P]XTYZWZRd_Zw[L]_TNT[L_Z]dxLYOwNL`^LWT^_TNbZ]WOZ]TPY_L _TZYxbPbTWWLOZ[_LYOOPaPWZ[
#!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_TZY ZQ _SP XPOTL 2ZZOd U`^_TQTLMWd bLY_PO _SP PQQPN_^ ZQ _SP XPOTL _Z MP `YOP]^_ZZO ZYWd L^ wRPYP]LW _PYOPYNTP^x w4Y _SP []ZNP^^ PLNS ]P RTZYPLNSNZ`Y_]dRLaP_SPXLYTYOTaTO`LW_bT^_x $#LYOQLN_Z]^^`NSL^ NWL^^ TOPZWZRd ^ZNTLW ^_L_`^ _SP NZY_Pc_^ ZQ Pc[P]TPYNP P_N WTVPbT^P [WLdPOL]ZWP 2ZZOd LWbLd^ [`_ QZ]bL]O ST^ _SP^P^ bT_SZ`_ XLVTYR aLW`P U`OR XPY_^-`__SPdOZSLaPLNP]_LTY^`^NP[_TMTWT_d_ZTOPZWZRdWTVP7Ëad -]`SWv^ [L]_TNT[L_TZY _SP^T^ LYO BPMP]v^ ]L_TZYLWTeL_TZY _SP^T^ ?SP PcLX[WPZQ,YRPYPYO_v^]PNP[_TZYZQ_SP8TOOWP,RP^SL^LW]PLOdXLOP NWPL] SZb PL^TWd 2ZZOdv^ _Z_LWT_dZ]TPY_PO NZYNP[_ ZQ N`W_`]P NLY NSLYRP TY_Z L YZ]XL_TaP ZYP LYO SZb TX[Z]_LY_ T_ T^ _Z NZ`Y_P] ^`NS L NZYNP[_ bT_S L XPLYTYRZ]TPY_PO ZYP _SL_ NLY MP__P] PYNL[^`WL_P N`W _`]LW NZY_TYRPYNTP^ 4Y_P]P^_TYRWd ,YRPYPYO_ QZ`YO _SL_ WT_P]LNd w]T RTOTQTPOx _SP ]T_`LW M`_ YZ_ _SP OZRXL_TN^ ZQ bSTNS ^NSZWL^_TNT^X bL^ Q]P\`PY_Wd LNN`^PO MPNL`^P SP]P SP QZ`YO ]L_TZYLWT_d _SL_ SP OTO YZ_ QTYO TY ]T_`LW bT_S bSTNS SP _PYOPO _Z L^^ZNTL_P XLRTN 2ZZOdv^ NZY NP[_ ZQ ]L_TZYLWT_d TY _SP \`Z_L_TZY T^ NZY^TOP]LMWd ^_]TN_P] 3ZbPaP] bT_S 2ZZOd _ZZ _SP]P L]P QW`TO MZ`YOL]TP^ MP_bPPY WZRTNLW Z[P]L_TZY^ ^`NSL^^dWWZRT^XLYO^d^_PXL_TN_SZ`RS_ -Z_S ,YRPYPYO_ LYO 2ZZOd SLaP L _d[TNLWWd BP^_P]Y QTcL_TZY bT_S _SPWZRZ^LYOb]T_TYR?SP]PT^L]PWL_TaPWdWL]RPOLYRP]ZQ_ST^NZYQT]X TYR LYO TX[WTNT_Wd []Z[LRL_TYR ZWO []PU`OTNP^ :Q_PY _SP []PU`OTNP _SL_ Z]LWN`W_`]P^bP]PwL]NSLTNxw[]TXT_TaPxw`YOP]OPaPWZ[POxw`Y^VTWWQ`W LYO YZ_ bZ]_S ^P]TZ`^ ^_`Odx bL^ NZXMTYPO bT_S _SP L__]TM`_TZY ZQ XLRTN _Z Z]LW N`W_`]P^ BLW_P] :YR ^Z`RS_ _Z NZ`Y_P] _ST^ []PU`OTNP Md NWLTXTYR _SL_ wZ]LW _STYVTYR NLY MP \`T_P ^Z[ST^_TNL_PO LYO TY T_^ ZbY bLd ]PQWPN_TaPx $$ :YR U`^_TQTLMWd MPXZLYPO _SP w^NSZWL]Wd QZN`^ ZY _Pc_^xw_SP]PWPY_WP^^OZXTYLYNPZQ_Pc_`LWT_dTY_SP^NSZWL]WdXTYOx bSTNS L`_ZXL_TNLWWd L^^TRYP^ PaP]d_STYR ^VTWWQ`W _Z L _]LOT_TZY ZQ b]T_ TYR LYO XLVP^ ^P]TZ`^ XP_SZOZWZRTNLW XT^_LVP^ ZbTYR _Z wZ`] TYLMTWT_d _Z]P[]P^PY__ZZ`]ZbYXTYO^LSP]T_LRPZQaP]MLWWdZ]RLYTePOXL_P]TLW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# 2ZZOd 7ZRTNZQB]T_TYR #z# $$ :YR :]LWT_dLYO7T_P]LNd !NQLW^ZTMTOLYO?SPTYN]PL^TYRY`XMP]ZQ ^_`OTP^ZYZ]LWN`W_`]P^^PPYTY]PNPY_dPL]^[]ZaTOP^NZYQT]XL_TZYZQ_ST^.QQZ]TY^ _LYNP ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY PO .L_SP]TYP .SLX[TZY ;L]T^% 0NZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP^ >ZNTLWP^ $$!& >_PaPY 1PWO >Z`YO LYO >PY_TXPY_% -T]O^BPP[TYR;ZP_TN^LYO>ZYRTY6LW`WT0c[]P^^TZY ;STWLOPW[STL%@YTaP]^T_dZQ ;PYY^dWaLYTL ;]P^^ $# LYO /PYYT^ ?POWZNV ?SP >[ZVPY BZ]O LYO _SP BZ]V ZQ 4Y_P][]P_L_TZY ;STWLOPW[STL% @YTaP]^T_d ZQ ;PYY^dWaLYTL ;]P^^ $# ZY E`YT ^_Z]d _PWWTYR LYO Z]LW [ZP_TN^ ,WW _SP^P ^_`OTP^ ^SZb _SL_ [`]PWd Z]LW NZXX`YTNL_TZY ^d^ _PX^ TY TYOTRPYZ`^ N`W_`]P^ ^`NS L^ X`^TN aP]MLW L]_ LYO L`OTMWP _Pc_^ SLaP _SPT] ZbY Pc[]P^^TaT_d NZX[WPcT_d LYO ]L_TZYLWT_d LYO L]P QL] Q]ZX MPTYR w[]TXT_TaPx LYO wL]NSLTNx :YR :]LWT_dLYO7T_P]LNd
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
#"
PcNP[_ L^ ^ZXP aL]TLY_ ZQ b]T_TYRx -`_ XLdMP :YR OTO RZ _ZZ QL] TY ^LdTYR wL WT_P]L_P [P]^ZY NLYYZ_ Q`WWd ]PNZaP] _SP ^PY^P ZQ bSL_ _SP bZ]O T^ _Z [`]PWd Z]LW [PZ[WPx L^ ^`NS L [P]^ZY NLYYZ_ _STYV LMZ`_ L bZ]OPR_SPbZ]OwYPaP]_SPWP^^xTYLYdbLdZ_SP]_SLY_SL_TYbSTNS T_T^b]T__PY ,WT_P]L_P[P]^ZYLNNZ]OTYR _Z:YRNLY ZYWd_STYVZQT_ QZ] L XLcTX`X ZQ ! ^PNZYO^ wbT_SZ`_ LOaP]_TYR _Z LYd WP__P]TYR M`_ ZYWd _Z ^Z`YOx BP OZ YZ_ YPNP^^L]TWd ^SL]P _ST^ Z[TYTZY PaPY TY ]PWL _TZY _Z 0`]Z[PLY^ Z] ,XP]TNLY^ 4Y LYd NL^P TY _SP WT_P]L_P >LY^V]T_ N`W_`]P L bZ]O bL^ YPaP] [P]NPTaPO bT_SZ`_ T_^ ^Z`YO LYO ]PQWPN_TZY^ ZY_ST^bP]PPaPY^P_OZbYTYb]T_TYR ,W_SZ`RS :YR OPQPYO^ Z]LWT_d ST^ _SPZ]d ]PTYQZ]NPO 2ZZOdv^ _SP ^P^ :YR OT^_TYR`T^SP^ L w[]TXL]d Z]LWT_dx w_Z_LWWd `Y_Z`NSPO Md LYd VYZbWPORP ZQ b]T_TYRx Q]ZX L w^PNZYOL]d Z]LWT_dx Z] wYPb Z]LWT_dx TY N`W_`]P^ `^TYR b]T_TYR WTVP 2ZZOd SP [WLNP^ _SP APOL TY _ST^ R]Z`[ LYO []P^PY_OLd STRS_PNSYZWZRd N`W_`]P 3P ZM^P]aP^ _SL_ _ZOLd SL]OWd LYd [`]PWd Z]LW N`W_`]P^ PcT^_ LYd XZ]P LYO [ZTY_^ Z`_ _SL_ w_Z aL]dTYR OPR]PP^ XLYd N`W_`]P^ LYO ^`MN`W_`]P^ PaPY TY L STRS _PNSYZWZRd LXMTLYNP []P^P]aP X`NS ZQ _SP XTYO^P_ ZQ []TXL]d Z]LW T_dx =PRL]OTYR XTYO^P_^ :YR [`_^ QZ]bL]O LY PaPY ^_]ZYRP] L]R` XP_Y _SLY 2ZZOd 3P _ZZ [Z^_`WL_P^ NZRYT_TaP OTaP]RPYNTP^ MP_bPPY Z]LW LYO WT_P]L_P N`W_`]P^ LYOLOPaPWZ[XPY_ZQNZY^NTZ`^YP^^_]TRRP]PO Md b]T_TYR M`_ XZ]PZaP] SP PWLMZ]L_P^ _SP OTQQP]PYNP^ TY R]PL_ OP_LTW TY L ^d^_PX ZQ _d[ZWZRTNLW NWL^^TQTNL_TZY ,NNZ]OTYR _Z :YR [`]PWd Z]LWWdML^PO_SZ`RS_LYOPc[]P^^TZYbZ`WOMPLOOT_TaP]L_SP] _SLY^`M Z]OTYL_TaP LRR]PRL_TaP ]L_SP] _SLY LYLWd_TNLW LYO Q`]_SP]XZ]P aL^_Wd ]PO`YOLY_ LYO NZ[TZ`^ NZY^P]aL_TaP LYO _]LOT_TZYLWT^_ NWZ^P _Z _SP S`XLY WTQPbZ]WO LRZYT^_TNLWWd _ZYPO PX[L_SP_TN LYO [L]_TNT[L_Z]d ]L_SP] _SLY ZMUPN_TaPWd OT^_LYNPO LYO QTYLWWd SZXPZ^_L_TN LYO ^T_` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :YR :]LWT_d LYO 7T_P]LNd >TXTWL]Wd TMTO % wBT_S _SPT] L__PY_TZY OT]PN_PO _Z _Pc_^^NSZWL]^ZQ_PYbPY_ZY_ZL^^`XPZQ_PYbT_SZ`_]PQWPN_TZY_SL_Z]LWaP]MLWTeL _TZY bL^ P^^PY_TLWWd _SP ^LXP L^ _SP b]T__PY aP]MLWTeL_TZY _SPd YZ]XLWWd OPLW_ bT_S LYO _SL_ Z]LW L]_ QZ]X^ bP]P _Z LWW TY_PY_^ LYO [`][Z^P^ ^TX[Wd _Pc_^ PcNP[_ QZ] _SP QLN__SL__SPdbP]PYZ_b]T__PYOZbYx :YR :]LWT_dLYO7T_P]LNd :YR :]LWT_dLYO7T_P]LNd :YR :]LWT_dLYO7T_P]LNd .Q :YR :]LWT_d LYO 7T_P]LNd z % w:]LW N`W_`]P^ TYOPPO []ZO`NP [ZbP]Q`W LYO MPL`_TQ`WaP]MLW[P]QZ]XLYNP^ZQSTRSL]_T^_TNLYOS`XLYbZ]_SbSTNSL]PYZWZYRP] PaPY[Z^^TMWPZYNPb]T_TYRSL^_LVPY[Z^^P^^TZYZQ_SP[^dNSP9PaP]_SPWP^^bT_SZ`_ b]T_TYRS`XLYNZY^NTZ`^YP^^NLYYZ_LNSTPaPT_^Q`WWP][Z_PY_TLW^4Y_ST^^PY^PZ] LWT_d YPPO^ _Z []ZO`NP LYO T^ OP^_TYPO _Z []ZO`NP b]T_TYR 7T_P]LNd T^ LM^ZW`_PWd YPNP^^L]d QZ] _SP OPaPWZ[XPY_ YZ_ ZYWd ZQ ^NTPYNP M`_ LW^Z ZQ ST^_Z]d [STWZ^Z[Sd Pc[WTNL_TaP`YOP]^_LYOTYRZQWT_P]L_`]PLYOZQLYdL]_LYOTYOPPOQZ]_SPPc[WLYL_TZY ZQWLYR`LRPTYNW`OTYRZ]LW^[PPNST_^PWQx
##
3TYO`T^XL^L.`W_`]PZQ>Z`YO
L_TZYLW ]L_SP] _SLY LM^_]LN_ ]PQWPcTaP LYO ST^_Z]TNLW ! :YR _S`^ [Z^_` WL_P^OTQQP]PY_XPY_LWT_TP^ ,W_SZ`RS :YRv^ OTNSZ_ZXZ`^ ^NSPXL_T^X _S]Zb^ `[ L Y`XMP] ZQ []ZMWPX^ _SP SP`]T^_TN N]T_P]TL L]P ^_TWW SPW[Q`W QZ] []ZQTWTYR >LY^V]T_ N`W_`]P_Z_SPPc_PY__SL_L__SPWL_P^_^TYNP_SP.ZXXZY0]L4YOTL[L] _TNT[L_PO TY MZ_S WT_P]L_P LYO Z]LW N`W_`]P^ ZQ [P]QZ]XLYNP LYO _SZ`RS_ 3ZbPaP] :YR OPaZ_PO _ZZ WT__WP L__PY_TZY _Z SdM]TO N`W_`]P^ ZQ _ST^ _d[P 2ZZOdv^ wTY_P]QLNPx NLXP ^ZXPbSL_ NWZ^P] DP_ :YR SL^ _SP LO aLY_LRP_SL_SPNZY^TOP]^YZ_ZYWd_SPNZRYT_TaP^`MUPN_QZ]XL_TZY^M`_ LW^Z _SP PXZ_TZYLW LYO [P]NP[_TaP ZYP^ LYO _SP TOPL _SL_ _SP ZWO NZY _TY`P^ _Z PcT^_ TY _SP YPb 1Z] _SP >LY^V]T_ WT_P]L_`]P^ LYO ^[PNTQTNLWWd QZ] LNZ`^_TN [TP_d T_ T^ LN_`LWWd QZ`YO _SL_ _SPd _PYO _Z MP LOOT_TaP ]PO`YOLY_ LYO NZ[TZ`^ _]LOT_TZYLWT^_ PX[L_SP_TN LYO [L]_TNT[L_Z]d TP PcSTMT_ NP]_LTY QPL_`]P^ ]PRL]OPO L^ _d[TNLWWd Z]LW ^_]`N_`]P^ ZQ [P]NP[ _TZY4_bZ`WOSZbPaP]MPTYL[[]Z[]TL_P_Z ^`[[Z^P_SL_ _SPLYLWd_TNLW LYO _SP LM^_]LN_ bP]P WLNVTYR PaPY bSP]P [L]_TNT[L_Z]d XZOP^ []PaLTW :_SP]L^[PN_^_ZZ^`NSL^wLRZYT^_TNLWWd_ZYPOx "L^[PN_^LYO_SP^`[ [Z^T_TZY _SL_ WT_P]LNd LYO _SP ]PWTY\`T^STYR ZQ SZXPZ^_L^T^ YPNP^^L]TWd WPO _Z RTaTYR `[ Xd_S TY QLaZ] ZQ ST^_Z]TNLW _SZ`RS_ # NLY SL]OWd MP NZY^TOP]PO_]LY^QP]LMWPLYOL]PRPYP]LWWd[]ZMWPXL_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :YR :]LWT_d LYO 7T_P]LNd OPaZ_P^ L ^P[L]L_P NSL[_P] _Z PLNS ^P_ ZQ NL_PRZ]TP^ LYO OTNSZ_ZXTP^ LYO L^ SP OZP^ ^Z SP RZP^ TY_Z XZ]P OP_LTW ZY bSL_ 2ZZOd SLO LW]PLOd NWLTXPO " 4Y :]LWT_dLYO7T_P]LNd z :YRYZ_P^L[L]_TN`WL]aTZWPYNPTYZ]LWL]_QZ]X^LYO TYWTQP^_dWPTYMZ_SZ]LWLYO]P^TO`LWWdZ]LWN`W_`]P^LYONZYaP]^PWd_ST^aTZWPYNPLW^Z NZ]]P^[ZYO^_Z Q`W^ZXPSd[P]MZWTNPc[]P^^TZY^ZQ[]LT^P 3P ]PLO^MZ_SZQ _SP^PL^ [PN_^L^Pc[]P^^TZY^wZQ_SPSTRSWd[ZWL]TePOLRZYT^_TNZ]LWbZ]WOZQRZZOLYOPaTW aT]_`PLYOaTNPaTWWLTY^LYOSP]ZP^xTMTO BSP_SP]N`W_`]P^bT_Sb]T_TYRL]PWP^^ [ZWL]TeTYR[P]^PXLdSZbPaP]MP_SP^`MUPN_ZQOZ`M_4YNZX[L]T^ZY_Z_SPXZYZ _SPT^_TN wMZZV ]PWTRTZY^x ^PXTZ]LW >LY^V]T_ 3TYO`T^X LN_`LWWd _PYOPO _Z MP XZ]P [W`]LWT^XQ]TPYOWd VPPYP] ZY SL]XZYd LYO XZ]P TY_PR]L_TaP 0aPY TQ _SP]P bP]P XLYd^PN_L]TLYOT^[`_P^TY_SPQTPWOZQ]PWTRTZYNZX[P_TYR^PY^P^d^_PX^bP]PYPaP] QPW__ZMP Q`YOLXPY_LWWd[]ZMWPXL_TN 4Y>X£]_L 3TYO`T^X_SP]PT^PaPYLYPL]WdYZ _TZYZQ_ZWP]LYNP_SL_T^QZ]X`WL_PO]PQWPcTaPWd-dNZY_]L^_YZYaTZWPYNPTY2LYOSTv^ ^PY^P bL^ YPaP] ZY _SP LRPYOL TY _SP [ZWT_TNLW QTPWO ZQ ^[WTY_P]PO NZX[P_TYR VTYR OZX^TY[]PXZOP]Y_TXP^ # 7TVP:YR2ZZOd^[ZVPZQSZXPZ^_L^T^L^L[]TYNT[WPPQQPN_TaPTYZ]LWN`W_`]P^bSTNS NZY_TY`LWWdLYO`YZM_]`^TaPWdLOU`^_PO_]LOT_TZY_Z_SP]P\`T]PXPY_^ZQ_SP[]P^PY_Md LOL[_L_TZY LYO ZXT^^TZY ?ST^ bL^ YZ WZYRP] [Z^^TMWP LNNZ]OTYR _Z _SP^P L`_SZ]^ ZYNP NZY_]LOTN_TZY^ TY Xd_S^ SLO MPPY OT^NZaP]PO L^ L ]P^`W_ ZQ SLaTYR b]T__PY ]P NZ]O^:bTYR_Z_SPOTQQP]PY_TL_TZYMP_bPPYXd_SLYOST^_Z]d_]LOT_TZY^bT_Sb]T_TYR TY_]ZO`NPO L YPb NZY^NTZ`^ L__T_`OP _Z _SP [L^_ ?SP wXZ`aLYNPx _SL_ T^ _d[TNLW ZQ Z]LWN`W_`]P^T^YZ_Z]YZWZYRP]QZ`YOTY_SP>LY^V]T_WT_P]L_`]P^DP_YPT_SP]T^_SP L__T_`OP_ZXd_STYWT_P]L_PN`W_`]P^L^^`XPOMd2ZZOd_]LY^QP]LMWPbT_SZ`_NSLYRP _Z 4YOTL YZ] T^ _SP `YOP]WdTYR OPQTYT_TZY ZQ _SP Xd_S L[[WTNLMWP ,^ QZ] ST^_Z]TNLW _SZ`RS_ ;P_P] aLY OP] APP] w/ZP^ >LY^V]T_ 6YZbWPORP 0cT^_*x 5Z`]YLW ZQ 4YOTLY
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
#$
4Y ^`XXL]d ZYP NLY ^Ld _SL_ 2ZZOdv^ LYO :YRv^ _SPZ]TP^ PcSTMT_ ^TXTWL] bPLVYP^^P^ LYO ^_]PYR_S^ ?SP []ZMWPX^ L]P ^TXTWL] _Z _SZ^P TY 7Ëad-]`SWv^ QZ]X^ ZQ XPY_LWT_d _SPT] NWLTX ZQ `YTaP]^LW aLWTOT_d T^ `Y_PYLMWPLMZaPLWWbSPYN`W_`]LW[]LN_TNP^L]P`Y\`P^_TZYTYRWd^`MZ] OTYL_PO _Z _SP _SPZ]d LYO _ZZ WT__WP NZY^TOP]L_TZY T^ RTaPY _Z N`W_`]LW aL]TL_TZY^& _SPd L]P NZY^_LY_Wd TY OLYRP] ZQ TY^_T_`_TYR _SP wR]PL_ OTaTOPxMdNL_PRZ]TeTYRbSZWPN`W_`]P^LYO^ZNTP_TP^&Z]LWLYOWT_P]L_P _SZ`RS_ bZ]WO^ L]P NZY^TOP]PO _Z MP TYNZXXPY^`]L_P LYO OTNSZ_ZXZ`^ _SPXPOTLL]PRTaPY_ZZX`NSPX[SL^T^LYOZ_SP]aL]TLMWP^_ZZWT__WP& _SP PQQPN_^ ZQ b]T_TYR ZY _SP NZRYT_TaP ^_]`N_`]P^ ]PXLTY NZY_]ZaP] ^TLW& LYO ! TY_PWWPN_`LWT_d T^ ^_]P^^PO _ZZ ZYP^TOPOWd bSTWP _SP ZaP]LWW N`W_`]LWQLM]TNZQL_SPXL_TNLYO_SPXL_TNNZOP^LYO[L__P]Y^ZQXPLYTYR L]P YPRWPN_PO LYO ^PXTZ]LW TY_P]XPOTL_P eZYP^ L]P YZ_ RTaPY ^`QQT NTPY_Wd^d^_PXL_TNNZY^TOP]L_TZY4YRPYP]LWbPNLY^Ld_SL__SP_SPZ]TP^ N]PL_P L[[L]PY_Wd T]]PNZYNTWLMWP OTQQP]PYNP^ MP_bPPY Z]LW LYO WT_P]L_P _SZ`RS_bZ]WO^LYOL__SP^LXP_TXPMW`]N`W_`]LWOTQQP]PYNP^ :Y _SP Z_SP] SLYO T_ NLYYZ_ MP OPYTPO _SL_ OTQQP]PYNP^ PcT^_ MP _bPPY Z]LW LYO WT_P]L_P []LN_TNP^ LYO MP_bPPY Z]LW N`W_`]P^ LYO Z]LW _]LOT_TZY^ _SL_[Z^^P^^ b]T_TYRbSTNS:YRNLWW^[]TXL]dLYO ^PNZYOL]d Z]LWT_d L^ TWW`^_]L_PO Md _SP OTQQP]PYNP^ MP_bPPY QZWV 3TYO`T^X LYO >LY^V]T_ 3TYO`T^X QZ] TY^_LYNP DP_ ^TXTWL]Wd OTQQP]PYNP^ MP_bPPY >LY^V]T_ N`W_`]P LYO 0`]Z[PLY N`W_`]P NLYYZ_ MP OPYTPO PT_SP] bSTNS >_LLW LYO 1LWV NZ]]PN_Wd [ZTY_PO Z`_ ?SP []ZMWPX WTP^ YZ_ TY QTYOTYR OTQQP]PYNP^ 4_ T^ X`NS XZ]P _SP MTL^P^ LYO aLW`P U`ORXPY_^ _SL_ bP]P ZQ_PY LW^Z []P^PY_ LYO _SP `YOP]WdTYR 0`]ZNPY_]TN LYO WZRZNPY_]TN L[ []ZLNSP^ 4_ MPNZXP^ P^[PNTLWWd []ZMWPXL_TN bSP]PaP] _SP WT_P]L_P ^ZNT P_dT^OPNWL]POzPT_SP]TX[WTNT_WdZ]Pc[WTNT_Wdz_ZMP_SP^`[P]TZ]N`W _`]P TY L YZ]XL_TaP ^PY^P LYO `YNZY^NTZ`^ L`_ZXL_T^X^ NSL]LN_P]TeP _SP LNLOPXTN ]P[]P^PY_L_TZY 0YZ`RS L__PY_TZY SL^ LW]PLOd MPPY O]LbY _Z _SP NZY^_LY_ []ZMWPX ZQ XLVTYR 2]PPNP _SP QT]^_ LYO ZYWd ^Z`]NP ZQ WZRTN LYO 0`]Z[P _SP dL]O^_TNV QZ] LWW _STYR^ LYO _Z _SP OLYRP] _SL_ []PQZ]XPO_SPZ]TP^NLYPL^TWdXLVPZYPMWTYO_Z[]LN_TNPLYOOT^_Z]__SP TX[L]_TLWaTPbZQZ_SP]N`W_`]P^5P[[P5PY^PYLYO,]XTY2PP]_eST__SP YLTWZY_SPSPLONZYNP]YTYR_SPL^^ZNTL_POwZ_SP]TYRxLYO^PWQL^^P]_TZY _SL_ [P]aLOP^ _SP ST^_Z]d ZQ ]P^PL]NS bSPY _SPd ^LTO w7Ëad-]`SW SL^ WZYR MPPY OT^N]POT_PO M`_ YZY]L_TZYLWT_d T^ ^_TWW NZY^TOP]PO XLTYWd _Z
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;STWZ^Z[Sd !#%!z!NWLTXPO[]ZMLMWdbT_SU`^_TQTNL_TZY_SL_LYTY_P]P^_ TYST^_Z]dZ]ST^_Z]TZR]L[SdOTOYZ_OPaPWZ[TY 4YOTL zL^TY 0`]Z[Pz `Y_TW_SP$_S NPY_`]d L^ [L]_ ZQ L YL_TZYLW TY_P]P^_ ;L]_TN`WL]Wd TY NZY^_]`N_TYR ST^_Z]d T_ T^ LW^Z L[[L]PY_ U`^_ SZb ^_]ZYRWd _ST^ O]Lb^ ZY L Xd_STNLW [L^_ Z] Xd_STQTNL_TZY^ BP bTWW RZTY_Z_SP^`MUPN_ZQXd_STYXZ]POP_LTWMPWZb
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MP L XLUZ] NSL]LN_P]T^_TN ZQ YZYBP^_P]Y XZOP^ ZQ _SZ`RS_x $ ?SP Z_SP] ^TOP ZQ _SP []ZMWPX T^ SZbPaP] _Z OPYd TY PcNP^^TaP u[ZWT_TNLW NZ]]PN_YP^^v LYd OTQQP]PYNP^ TY bZ]WO Z]TPY_L_TZY [P]NP[_TZY LYO Z] RLYTeL_TZY ZQ VYZbWPORP 2ZZOd LYO :YR bP]P U`^_TQTPO TY ]PM`__TYR ^`NSN]T_TNT^X BT_S NZY_TY`T_TP^ LYO OTQQP]PYNP^ XZ]P NL]PQ`WWd NZY^TOP]PO TY N`W _`]LW NZX[L]T^ZY^ bT_SZ`_ OPaLW`TYR Z] ]ZXLY_TNTeTYR ZYP N`W_`]P Z] _SPZ_SP]_SPXPOTLL]R`XPY_SPW[^TY]PNZRYTeTYRLYOPc[WLTYTYRaL]T Z`^ bZ]WO Z]TPY_L_TZY^ _SZ`RS_ LYO Pc[P]TPYNP bZ]WO^ LYO SLMT_^ ZQ ^PPTYR LYO SPL]TYR bSTNS NLYYZ_ MP OPYTPO 3ZbPaP] _Z `^ T_ ^PPX^ _Z MP TX[Z]_LY_ _Z ]PXPXMP] _SL_ LW_SZ`RS TY_P]QP]PYNP^ ]PNT[]ZNT_TP^ LYO NL`^PLYOPQQPN_ ]PWL_TZY^ OZ TYOPPO PcT^_ MP_bPPY XPOTL LYO bZ]WO^ ZQ Pc[P]TPYNP LYO _SZ`RS_ T_ T^ YZ_ ZYPbLd _]LQQTN BZ]WO Z]T PY_L_TZY^LYOXPY_LWT_TP^NLYYZ_MP _]LNPOMLNV ^ZWPWd_Z_SP PQQPN_LYO `^PZQ_SPXPOTLM`_ NLY LW^ZZNN`]`[^_]PLXZQ ^`NSPQQPN_^LYOSLaP NZX[WP_PWdOTQQP]PY_NL`^P^PROTQQP]PY_aLW`L_TZY^ZQZ]LWLYOWT_P]L_P NZXX`YTNL_TZY 1`]_SP]XZ]P T_ L[[PL]^ TX[Z]_LY_ _Z TYaP^_TRL_P Z_SP] bZ]WO^ ZQ Pc[P]TPYNP LYO _SZ`RS_ ^`NS L^ _SZ^P ZQ L ^ZYTN N`W_`]P YZ_ ZYWd TY_P]N`W_`]LWWd M`_ LW^Z TY_]LN`W_`]LWWd 5`^_ L^ T_ T^ L [ZZ] L^ ^`X[_TZY _SL_ WT_P]L_P N`W_`]P^ LWbLd^ SLO TOPY_TNLW NZY^P\`PYNP^ PaP ]dbSP]P ^Z T_ T^ L NWTNSË]TOOPY L^^`X[_TZY _SL_ _SP]P L]P YZ OTQQP] PYNP^ L_ LWW MP_bPPY _SP XPY_LWT_TP^ ZQ [PZ[WP bT_STY L ^TYRWP N`W_`]P NZ`Y_]d^ZNTP_dZ]P[ZNS 4_T^YZ_TNPLMWP_SL_MZ_S^`[[Z]_P]^LYOZ[[ZYPY_^ZQWT_P]LNdZQ_PY [TNVPO Z`_ ZYP L^[PN_ TY [L]_TN`WL] YLXPWd _SP NZYYPN_TZY MP_bPPY b]T_TYR LYO ]L_TZYLWT_d bSTNS bL^ ]PRL]OPO L^ PT_SP] aP]TQTPO Z] QLW^T QTPO 4_ T^ P\`LWWd YZ_TNPLMWP _SL_ ^_`OTP^ ZY 0`]Z[P OTO YZ_ NL^_ OZ`M_ ZY_ST^NZYYPN_TZY0aPY_SP4YOZWZRT^_N]T_TN^bSZ\`P^_TZYPO_SPNZY YPN_TZY bP]P NZYNP]YPO LMZaP LWW bT_S _SP ]L_TZYLWT_d L]R`XPY_ 1Z] PcLX[WP >_LLW N]T_TNTeP^ 0`]ZNPY_]TNT_d M`_ SZWO^ QL^_ _Z WZRZNPY_]TN T_d LYO TRYZ]P^ ^PY^Z]d LQQPN_TaP LYO XLRTNLW Xd_STNLW PWPXPY_^ _SL_ L]PLW^ZwaTM]L_TYRxTY_SP_]`P^_ ^PY^PZQ_SPbZ]OTY APOTN]T_`LWT^_TN^ LYOPaPYTY;£©TYTv^LM^_]LN_R]LXXL]LW_SZ`RS[]LN_TNLWWdTYaT^TMWP 3P]P T_ MPNZXP^ L[[L]PY_ _SL_ :YRv^ N]T_P]TZWZRd NZ`WO NP]_LTYWd MP SPW[Q`W LYO LW^Z U`^_ SZb ZYP^TOPO _ST^ N]T_P]TZWZRd T^ TQ Z]LW N`W_`]P^ L]P WLMPWPO L^ ZYWd LOOT_TaP NZYN]P_P PX[L_STN LYO [L]_TNT[L_Z]d LYO LM^_]LN_LYLWd_TNLWLYOWZRTNLW_SZ`RS_T^L__]TM`_POZYWd_ZWT_P]L_PN`W _`]P^ >`NS OTNSZ_ZXZ`^ ^NSPXL_T^X^ OZ YZ_ PaPY L[[Wd _Z 0`]Z[PLY VYZbWPORP N`W_`]P^ LYO L]P QL] WP^^ L[[]Z[]TL_P QZ] _SP ^ZYTN >LY^V]T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 5P[[P>TYOTYR5PY^PYLYO,]XTYB2PP]_ew?]LOT_TZYLYO=PYPbLWTY_SP3T^_Z]TP^ ZQ=PWTRTZY^xTY =PWTRTZY?]LOT_TZYLYO=PYPbLWPO,B2PP]_eLYO5>5PY^PY ,L]S`^%,L]S`^@YTaP]^T_d;]P^^$$z"SP]P"
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$
N`W_`]P?ST^[P]^[PN_TaPXZOTQTP^LYOPc[LYO^ZYPv^aTPbTY]PWL_TZY_Z _SPN]T_TNT^X^ _SL_>_LLWLYO1LWV]LT^POLRLTY^_ 2ZZOdLYOL_ _SP ^LXP _TXP Z[PY^ 2ZZOdv^ _SP^P^ `[ QZ] OT^N`^^TZY LRLTY BP L]P QL] WP^^ NP]_LTY _SLY >_LLW LYO 1LWV _SL_ _SP APOL XPXZ]TeTYR _PNSYT\`P^ LYO ;£©TYTv^R]LXXL]bP]POPaPWZ[POTYL[`]PWdZ]LWN`W_`]P ?SP \`P^_TZY ZQ bSP_SP] _SP APOL LYO ;£©TYTv^ R]LXXL] ^SZ`WO MP L^^TRYPO_Z_SPWT_P]LNdNLX[Z]_SPZ]LWT_dNLX[_ZZV`[LR]PL_OPLWZQ OT^N`^^TZY >TYNP MZ_S NLX[^ SLO bPTRS_d L]R`XPY_^ bP NZY^TOP] _SPXTYXZ]POP_LTWTY_SPYPc_NSL[_P]:Y_SPZYPSLYO_SP^_]TYRPYNd LYO NZY^T^_PYNd ZQ 2ZZOdv^ ^_]`N_`]LW LYLWd_TNLW L]R`XPY_L_TZY L]P MPdZYO \`P^_TZY LYO M]Z`RS_ `[ TX[Z]_LY_ L^[PN_^ LMZ`_ TY_P]QP]PYNP MP_bPPY aL]TZ`^ ^PN_Z]^ ZQ ^ZNTP_d WT_P]L_T [ZWT_TN^ PNZYZXTN^ ]PWTR TZY P_N _SL_ bP]P NZYQT]XPO TY Z_SP] N`W_`]LW LYO ST^_Z]TNLW NZY_Pc_^ :Y _SP Z_SP] SLYO _SP 4YOZWZRT^_^ 1]T_^ >_LLW LYO 3L]]d 1LWV Z[[Z^PO _SPL]R`XPY_QZ]LYPL]WdN`W_`]PZQb]T_TYRTY4YOTLbT_S^_]ZYRST^_Z]T NLWLYO[]LcPZWZRTNLWNZ`Y_P]L]R`XPY_^^`RRP^_TYRLYPcNP[_TZY_Z_SP RPYP]LW]`WP4YNZY_]L^__Z2ZZOdv^^_]`N_`]LWL]R`XPY_LYO_SPST^_Z]T NLWL]R`XPY_ZQ>_LLWLYO1LWVZ`]^OPLW^bT_S_SPST^_Z]dLYOLP^_SP_ TN^ ZQ ]PNP[_TZY LYO _LVP^ XZ]P LNNZ`Y_ ZQ _SP QLN_ _SL_ _SP Z]LWL`]LW MTL^ TY 4YOTL NZY_TY`PO _Z PcT^_ TY WL_P] [P]TZO^ LYO _SL_ _SP ZWOP^_ ^`] aTaTYROZN`XPY__SPAPOLSL^LQTcPO^Z`YOQZ]X^P__TYRT_L[L]_MZ_S Q]ZX [`]PWd Z]LW _]LOT_TZY^ LYO _SZ^P ZQ b]T_TYR ?SP PT_SP]Z] NZY_]Z aP]^d WPQ_ WT__WP ]ZZX QZ] _SP w_ST]O ^[LNP SLMT_`^x _SL_ bP LNNPY_`L_P TY _ST^ aZW`XP >ZYLWT_d ]PXLTYPO `Y]PNZRYTePO L^ L XZOPW ZQ _SZ`RS_ LYO_SPLP^_SP_TNL^[PN_bL^^d^_PXL_TNLWWdTRYZ]PO
"
:]LWT_dZ]7T_P]LNdTY,YNTPY_4YOTL*
,YNTPY_4YOTLSL^[WLdPOL^[PNTLW]ZWPTY_SPZ]LWT_dWT_P]LNdOPML_PZY >LY^V]T_ N`W_`]P _S`^ QL] 1]T_^ >_LLW QZ`YO _SL_ 2ZZOdv^ _SPZ]d bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP 4YOZWZRT^_^vN]T_TNT^XbL^YZ_ WTXT_PO_Z_ST^1Z]PcLX[WPLOOT_TZYLWTX[Z]_LY_ L^[PN_^ bP]P SPWO LRLTY^_ 2ZZOd ^`NS L^ _SP ^[ZVPY bZ]O ZQ L R`]` SLaTYR STRSP] L`_SZ]T_d _SLY _SP b]T__PY bZ]O LYO _SP [ZbP] ZQ TYYZaL_TZY ZQ Z]LW ^[PPNS TY _ST^ NZY_Pc_ ;L]]dLYO >XT_S[`_QZ]bL]ONZ`Y_P]L]R`XPY_^ZQ_ST^_d[PLYO 2ZZOdL_ _PX[_PO _Z OPQPYO STX^PWQ TY ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY $z# `^TYR 1`WWP]v^ ^_`OdZQ_SP¢RLXLN`W_`]PTY_SP8¯YLV´¯_PX[WPZQ8LO`]LT>TYNP^PXLY_TNL^[PN_^ ]PWL_TYR _Z QTcPO _Pc_ LYO Q]PP TY_P][]P_L_TZY ZNN`[TPO _SP QZ]PR]Z`YO 4YOZWZRT^_ N]T_TN^ZQ_ST^_d[PbSZbP]PNZY^TOP]TYR[Z^_APOTN4YOTLSLaPWT__WPMPL]TYRZYZ`] XLTY L]R`XPY_ BP bTWW SZbPaP] RZ TY_Z XZ]P OP_LTW ZY _SP _PLNSP]^_`OPY_ OTLWZR ^T_`L_TZYLYOT_^ZbYQZ]X^ZQ^`MUPN_TaT_d ?SPZ[[Z^T_TZYMP_bPPYWT_P]LNdLYOZ]LWT_dbL^TXXPOTL_PWdWTYVPO_Z_SPZ[[Z^T_TZY MP_bPPYLM^_]LN_ ]L_TZYLWT_dLYOYZYLYLWd_TNLW_SZ`RS_Z] _SPMTYL]d[LT]ZQTYYZaL _TZYa^_]LOT_TZYNZY^P]aL_T^X
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NWPL]Wd NZY_]LOTN_PO 3P NWLTX^ _SL_ TY 4YOTL _SP]P bP]P L_ WPL^_ _bZ _]LOT_TZY^ ZQ _]LY^XT^^TZY R`L]LY_PPTYR ]PWTLMWP XLTY_PYLYNP ZQ _SP XL_P]TLW3P^Ld^_SL__SPdZ`YRP]ZQ_SP_bZ`^P^b]T_TYRLYONP]_LTYWd PcSTMT_^ ^_]`N_`]LW QPL_`]P^ NZ]]PWL_TYR bT_S 2ZZOdv^ _SPZ]d 3ZbPaP] _SP ZWOP] _]LOT_TZY _SP [`]PWd Z]LW ZYP T^ XZ]P TY_P]P^_TYR ?ST^ T^ APOTN ]T_`LW ^NTPYNP LYO ;£©TYTv^ R]LXXL] bSTNS ]P[]P^PY_ L ^[PNTLW PcNP[_TZY _Z _SP WT_P]LNd _SP^T^ LYO TWW`^_]L_P _SL_ STRSWd ^NTPY_TQTN ^d^ _PX^ ZQ [P]QPN_ []P^P]aL_TZY L]P LW^Z [Z^^TMWP bT_S Z]LW XPLY^ LYO OZ YZ_YPPOLYdPc_P]YLWXPXZ]dMLYV^?SPXP_TN`WZ`^OZN`XPY_L_TZYZQ _SP PcNP[_TZYLWWd NZX[WPc ^[ZVPY XPXZ]TeL_TZY ^d^_PX Md bSTNS _SP APOL bL^ [L^^PO OZbY _SP RPYP]L_TZY^ Z]LWWd ZaP] L [P]TZO ZQ _S]PP _SZ`^LYOdPL]^`YNSLYRPOWPLO^>_LLW_Z_SPNZYNW`^TZY_SL_TY_SPNL^P ZQ^`NS[LTY^_LVTYRXYPXZYTN_PNSYT\`P^Z]LW_]LY^XT^^TZY]P[]P^PY_^L QL] ^`[P]TZ] ]PNZ]OTYR ^d^_PX _SLY b]T_TYR OZP^ 1ZWWZbTYR ZY Q]ZX >_LLW 3L]]d 1LWV LW^Z QZ`YO _SL_ 2ZZOdv^ _SP^P^ bP]P NWPL]Wd []ZaPO b]ZYR Md _SP ST^_Z]TNLW XL_P]TLW Q]ZX LYNTPY_ 4YOTL LYO NZ`Y_P]PO 2ZZOdv^L]R`XPY__SL_PL]WdbZ]V^TY4YOTLMPL]SLWWXL]V^ZQLWT_P]L_P N`W_`]P LYO PcT^_PO ^TOP Md ^TOP bT_S Z]LW _]LY^XT^^TZY 1T]^_ bP bTWW _`]Y_Z2ZZOdv^L]R`XPY_bSTNSLNNZ]OTYR_Z1LWVOZP^YZ_^_LYO`[_Z ST^_Z]TNLW QLN_^ LYO T^ [P[[P]PO bT_S L Y`XMP] ZQ ZaP]TY_P][]P_L_TZY^ LYOXT^]P[]P^PY_L_TZY^ 2ZZOdXLTY_LTYPO_SL_4YOTLSLOLaP]dZWOWZRZR]L[STNN`W_`]PZQ b]T_TYR ^_]P_NSTYR MLNV TY_Z []PAPOTN _TXP^ _SP 3L]L[[L N`W_`]P bSTNS PcT^_PO TY _SP ^PNZYO XTWWPYYT`X -. LYO _SLYV^ _Z LW[SLMP_TN b]T_TYRTY APOTN_TXP^ L_ L]Z`YO"-. T_MPNLXP[Z^^TMWP_ZNZOTQd _SP APOTN _]LOT_TZY LYO N]PL_P ^NTPY_TQTN ^d^_PX^ 4Y NZY_]L^_ _Z _SP RPYP]LW WT_P]LNd TY 2]PPNP 2ZZOd ^PP^ 4YOTLv^ N`W_`]P ZQ b]T_TYR L^ WTXT_PO_Z-]LSXLYTN[]TP^_^>TYNP2ZZOdv^PL]WTP^_[`MWTNL_TZY^SPSL^ LWbLd^ ^_`NV _Z _SP L]R`XPY_ _SL_ _SP APOL LW^Z NLY ZYWd MP L []ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx z z##& ZY 2ZZOd ^PP QQ TY [L]_TN`WL] 1LWVw2ZZOTP^ QZ]4YOTLxz :Y bSL_ QZWWZb^NQLW^Z_SPPc_PY^TaP ]P^PL]NS ]P[Z]_Md1LWV >NS]TQ_TXLW_PY4YOTPY TY[L]_TN`WL]"QQ "" 2ZZOd 4Y_P]QLNP 2ZZOd 4Y_P]QLNP z^`[[Z^P^_SL_L__SP_TXPLW[SLMP_TNb]T_TYRbL^OPaPWZ[ TYR _SP APOL ^TX`W_LYPZ`^Wd MPRLY _Z MP QZ]XLWTePO LYO _SP APOTN ^NTPYNP^ LW^Z PXP]RPO 2ZZOd ^Ld^ _SL_ L ]PXL]V Md _SP P_dXZWZRT^_ D£^VL WPLO^ ZYP _Z MPWTPaP _SL_ L b]T__PY aP]^TZY ZQ _SP APOL LW]PLOd PcT^_PO L_ L]Z`YO -. :Y _SP `YNP] _LTY_d ZQ _ST^ ^Z`]NP ^PP 1LWV w2ZZOTP^ QZ] 4YOTLx #z$ 4Y 2ZZOdv^ QT]^_ MZZV 6L_SWPPY 2Z`RS SLO LW]PLOd L]R`PO _SL_ b]T_TYR bL^ TY `^P TY 4YOTL L_ L]Z`YO ! -.4YST^WL_P]bZ]V^^TYNP 4Y_P]QLNP z2ZZOd]PQP]^_ZL]PWPaLY_L]_TNWPMd .`]_T^1:WTaP]$"$bSZXSPZaP]TY_P][]P_^TY[WLNP^SZbPaP]NQ1LWVw2ZZO TP^QZ]4YOTLx"zTY[L]_TN`WL]#z$
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$
ZQLN`W_`]PZQb]T_TYR !_SL_LW[SLMP_TNb]T_TYRPcT^_POTY4YOTLL_WPL^_ Q]ZX _SP QT]^_ XTWWPYYT`X MPQZ]P _SP _TXP ZQ .S]T^_ LYO _SL_ LM^_]LN_ VYZbWPORP^d^_PX^^`NSL^;£©TYTv^R]LXXL] _S_Z_SNPY_`]TP^-. bZ`WOMPTYNZYNPTaLMWPbT_SZ`_R]L[STNLW]P[]P^PY_L_TZY 4Y _P]X^ ZQ ^_]`N_`]LW LYLWd^T^ 2ZZOd NWLTXPO _SL_ _SP APOL LYO ;£©TYT NWPL]Wd SLaP _Z MPWZYR _Z _SP Z]LW _]LOT_TZY^ ZQ WT_P]L_P ^ZNTP_TP^ MPNL`^P _SPd OTQQP] Q`YOLXPY_LWWd Q]ZX _SP _d[TNLW QPL_`]P^ ZQ [`]PWd Z]LWNZX[Z^T_TZY^ST^[]TXPPcLX[WPZQ_ST^T^BP^_,Q]TNLbSTWPLW^Z OPXZY^_]L_TYR XLYd NWPL] QPL_`]P^ _SL_ _SPd SLaP TY NZXXZY bT_S _SP []ZO`N_^ ZQ L b]T__PY N`W_`]P LYO _SP]PQZ]P bT_SZ`_ OZ`M_ ]P\`T]P LY LW[SLMP_TN ^N]T[_ ".ZX[WPc XPXZ]TeL_TZY ^d^_PX^ WTVP _SP APOTNZYP LYO QZ]X^ ZQ LM^_]LN_TZY WTVP ;£©TYTv^ R]LXXL] LWbLd^ ]P\`T]P _SP []P^PYNPZQb]T_TYRSPNWLTXPO:]LW_]LY^XT^^TZYbL^^ZXP_STYR\`T_P OTQQP]PY_ Q]ZX NZX[Z^T_TZY 2ZZOd YZ WZYRP] bLY_PO _Z OPYd _SL_ _SP APOL bL^ [L^^PO OZbY ZaP] _SP NPY_`]TP^ Md [`]PWd Z]LW XPLY^& w^_LY OL]OTePOZ]LWQZ]X^x^`NSL^_SPAPOLR`L]LY_PPO_SL_Z]LW_]LY^XT^^TZY NZ`WO _LVP [WLNP bT_SZ`_ ]PQP]PYNP _Z L MZZV wbSPY `^P T^ XLOP ZQ _PNSYT\`P^ bSTNS L]P _SPX^PWaP^ NWPL]Wd OP]TaPO Q]ZX WT_P]L_P LN_Ta T_dx # ;£©TYTv^ R]LXXL] ZY _SP Z_SP] SLYO bL^ LNNZ]OTYR _Z 2ZZOd LW^Z [L^^PO OZbY Z]LWWd M`_ L_ _SP ^LXP _TXP T_ bL^ LWbLd^ ^`[[WP XPY_PO bT_S b]T_TYR ?SL_ Z]LW []ZNP^^P^ NZY_TY`PO _Z MP ZQ []TXL]d TX[Z]_LYNP PaPY TQ b]T_TYR bL^ L []P]P\`T^T_P T^ LWW _ZZ PL^TWd Pc [WLTYPO Md 2ZZOd ?SP LOaLY_LRP^ ZQ _SP XZ]P YL_`]LW QLNP_ZQLNP NZXX`YTNL_TZY _SP PL^TP] QWZb ZQ ^[T]T_`LW TY^_]`N_TZY LMZ`_ `W_TXL_P ]PLWT_d _SP [Z^^TMTWT_d ZQ TXXPOTL_P QPPOMLNV _SP ]L]PYP^^ LYO NZ^_ ZQ MZZV^ TY L XLY`^N]T[_ N`W_`]P LYO XZ^_ ZQ LWW _SP []P^P]aL_TZY ZQ -]LSXLYTN VYZbWPORP XZYZ[ZWd LYO TY_P]P^_^ bP]P ]PL^ZY PYZ`RS& TQ MZZV^ bP]P LaLTWLMWP _SP []TP^_ XTRS_ YZ_ MP YPPOPO LYd XZ]P $ ?SP -]LSXTY^XLTY_LTYPO_SPT][]TaTWPORPOLNNP^^_Zb]T_TYRLYOPcPRP^T^TY _SPTY_P]P^_^ZQVPP[TYR_SPT][Z^T_TZYZQ[ZbP]:]LWT_dLWWZbPONZY_]ZW ZaP] _SP [ZbP] ZQ OPQTYT_TZY LYO NZX[P_PYNTP^ _Z TY_P][]P_ _SP _Pc_ bSTWP b]T_TYR []ZXZ_PO L`_ZOTOLN_TN LN\`T^T_TZY ZQ VYZbWPORP LYO LW _P]YL_TaPTY_P][]P_L_TZY^bSTNS_SP-]LSXLYTN[]TP^_^bLY_PO_Z[]PaPY_ MdXPLY^ZQL_LMZZZYb]T_TYR 1LWVNZ`Y_P]POPLNSZQ_SP^PL]R`XPY_^3PZMUPN_^_SL_M]TYRTYRTY _SP L^ dP_ `YOPNT[SP]PO 3L]L[[L ^N]T[_ bSTNS NPL^PO _Z MP TY `^P TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,W]PLOd OP_LTWPO M]TPQWd TY 2ZZOd 7T_P]LWT_Æ_ & L XZ]P _SZ]Z`RS ]L_TZYLWP PcT^_^ TY 4Y_P]QLNP zLYO ;ZbP]ZQ_SPB]T__PY?]LOT_TZY !"" " .QLW^ZZYbSL_QZWWZb^2ZZOd 4Y_P]QLNP z # 2ZZOd 4Y_P]QLNP $ 2ZZOd 4Y_P]QLNP #z>TXTWL]WdTY2ZZOd 7ZRTN !LYO4Y_P]QLNP $z4Y ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY 2ZZOd SL^ ]TRS_Wd MPNZXP XZ]P NL`_TZ`^ M`_ ^_TWW^[PLV^ZQ_SP-]LSXTY^L^_SPw^N]TMP^bSZL]PTYNSL]RPZQ_SPZ]LW_]LOT_TZYx
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
APOTN _TXP^ LYO _SP TX[WTNT_ NWLTX ZQ L YPL]Wd `YTY_P]]`[_PO WT_P]L]d N`W_`]P T^ YZ_ RZZO []LN_TNP PT_SP] ST^_Z]TNLWWd Z] XP_SZOTNLWWd ?SP APOL LYO ;£©TYTv^ R]LXXL] _S _Z _S NPY_`]d -. ^SZ`WO ZMaTZ`^Wd MP ]PRL]OPO L^ Z]LW []ZO`N_^ N]PL_PO _Z MP ^[ZVPY 1LWVv^ XLUZ] L]R` XPY_ T^ _SL_ SL]O PaTOPYNP QZ] _SP `^P ZQ b]T_TYR OZP^ YZ_ L[[PL] `Y_TW _SP_ST]ONPY_`]d-.TYTY^N]T[_TZY^ZY^_PWP^LYO]ZNV^Z]OP]POMd0X [P]Z] ,²ZVL bSTNS bZ`WO LW^Z TYOTNL_P _SL_ LW[SLMP_TN b]T_TYR QT]^_ L]Z^P L_ _ST^ _TXP 1`]_SP]XZ]P 1LWV O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ _SP QT]^_ b]T_TYR^ L]P OPOTNL_PO _Z LOXTYT^_]L_TaP LYO [ZWT_TNLW XL__P]^ LYO _SP QT]^_ ]PWTRTZ`^ ZYP^ bP]P b]T__PY YZ_ Md -]LSXTY^ M`_ Md -`O OST^_^ ?SP PL]WTP^_ -]LSXLYTN >LY^V]T_ b]T_TYR^ @[LYT´LO^ LYO TY ^N]T[_TZY^ ^SZ`WOMPOL_PO LNPY_`]dWL_P]L]Z`YO z-. 8Z]P ZaP] L_ YZ _TXP OTO _SP -]LSXTY^ SLaP L XZYZ[ZWd ZY b]T_TYR Z] TY_P][]P_L_TZYYZ]bL^_SP]PLRPYP]LW_LMZZZYb]T_TYRLYOYPT_SP]bL^ _PLNSTYR LYO PcPRP^T^ WTXT_PO _Z _SP -]LSXTY^ ;]TP^_^ LYO WT_P]L_T OTO YZ_ NZTYNTOP ?SP ZYWd XZYZ[ZWd ZQ _SP -]LSXLYTN []TP^_^ bL^ _SP ]T_ `LWNPY_P]POAPOLM`_[]PNT^PWd TY_ST^ L]PL _PLNSTYRLYOPcPRP^T^ bL^ YZ_ L_ LWW TX[Z]_LY_ 1LWVv^ []LRXL_TN []LcPZWZRTNLW L]R`XPY_ L[[PL]^ _Z`^_ZMPTX[Z]_LY_% w-PTYR LMWP _Z ]PNT_P _SP ^LN]PO _Pc_^ Md SPL]_ T^ _SP []P]P\`T^T_P _Z [P] QZ]X ^LN]TQTNP^ ?SP Z]LW TY^_]`N_TZY T^ YZ_ L _]LY^QP] ZQ XPLYTYR M`_ L _]LY^QP]ZQ_ZZW^bT_SZ`_bSTNS_SPQ`_`]P[]TP^_bZ`WOYZ_MPLMWP_Z[]LN _TNP LYO PL]Y ST^ WTQP , b]T__PY ^LÀST_£ FAPOTN NZWWPN_TZYH T^ OPLO NL[T_LW QZ]L[]TP^_LM`]OPYWTLMWP_Z_SPL__LNV^ZQbST_PLY_^LYOS`XTOT_d4_ OZP^ YZ_ \`LWTQd _SP [Z^^P^^Z] QZ] LYd_STYR LYO FT^H `^PWP^^ QZ] []ZQP^ ^TZYLW[P]QZ]XLYNPx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 2ZZOd^Lb_SPPcT^_PYNPZQ_ST^^N]T[_bSTNS]P^PL]NSP]^RPYP]LWWdOL_P_Z[]PAPOTN _TXP^NL-.M`_bSTNSbL^TY_P]]`[_POL_L]Z`YO" -.L^PaTOPYNPZQL aP]dZWON`W_`]PZQb]T_TYRTY4YOTL2ZZOd 4Y_P]QLNP z4Yw2ZZOTP^QZ]4Y OTLx"QQTY[L]_TN`WL] Q1LWVZMUPN_^_SL_PaPYTQ2ZZOdv^]PNZY^_]`N_TZYZQ _SPL[[PL]LYNPZQLYLW[SLMP_TN^N]T[_L_L]Z`YO"-.LYO_SPb]T_TYROZbYZQ_SP APOL MPQZ]P Z] L]Z`YO -. bL^ NZ]]PN_ T_ bZ`WO ^_TWW WPLaP L [P]TZO ZQ L _SZ` ^LYOdPL]^bT_SZ`_LYdb]T__PYPaTOPYNP`YPc[WLTYPO1LWVL^^`XP^_SL__SP3L]L[[LY ^N]T[_ ^_Z[[PO L]Z`YO " -. 8Z]P ]PNPY_ OT^NZaP]TP^ SZbPaP] ^`RRP^_ _SL_ ]P XLTY^ZQT_PcT^_POL^WL_PL^-. ?SPPX[P]Z]v^^_ZYPTY^N]T[_TZY^XLOPZaP]L[P]TZOZQQZ`]_PPYdPL]^L]Pb]T__PYTY OTLWPN_^ ]PWL_PO _Z >LY^V]T_ ;]LV]T_ [L]_Wd TY 6SL]Z´¶S¯ ^N]T[_ LYO [L]_Wd TY -]LSX¯ ^N]T[_ ,NNZ]OTYR _Z 1LWV _SPd ]PaPLW L NWPL] OPaPWZ[XPY_ TY WLYR`LRP Q]ZX L QL`W_d WTYR`T^_TN^_dWP_ZL bPWWSZYPOZYPLYO_Z_SP QT]^_PaP][ZTY_TYR3P ]PRL]O^_ST^L^ NWPL] PaTOPYNP _SL_ LY TYOTRPYZ`^ ^d^_PX ZQ b]T_TYR OTO YZ_ ZNN`] TY 4YOTL `Y_TW L]Z`YO # -. 4Y LOOT_TZY _SP ^ZXPbSL_ ZWOP] 6SL]Z´¶S¯ ^N]T[_ bSTNS NWPL]Wd Pc STMT_^ YZY4YOTLY ,]LXLTN TYQW`PYNP^ NLY LNNZ]OTYR _Z 1LWV YZ_ MP X`NS ZWOP] _SLY_SP-]LSX¯Q]ZXLMZ`_ -. 1LWVw2ZZOTP^QZ]4YOTLx#
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$
?SP^T_`L_TZYT^^TXTWL]QZ]APOTNWT^_^ZQSdXY^TP_SPT]XL_P]TLWNZY _PY_^ NLY MP LNNP^^PO LO SZN L_ LYd _TXP QZ] aL]TZ`^ ]T_`LW `^P^ LYO T_ X`^_ MP [Z^^TMWP _Z `^P _SPX TY PaP] YPb NZXMTYL_TZY^ :MaTZ`^Wd _SPSdXY^L]PLW]PLOdVYZbYQ]ZXXPXZ]dMPNL`^P_SPWT^_^L]PZ]RLY TePO LNNZ]OTYR _Z XP_P]^ OPT_TP^ P_N LYO NZY_LTY ZYWd _SP QT]^_ _bZ bZ]O^ ZQ L aP]^P WTVP VPd bZ]O^ bT_SZ`_ LYd ^d^_PX ZQ Y`XMP]TYR ?SP]PL]P[]LN_TNLW]PL^ZY^QZ]_ST^_ZZ% w, []TP^_ m T^ NL[LMWP ZQ M]Zb^TYR _S]Z`RS _SP bSZWP XL^^ ZQ ^_LYeL^ TY LY TY^_LY_ QT]^_ NSPNVTYR _SP ]PWPaLY_ [L]_^ OPLWTYR bT_S _SP ]P^[PN_TaP RZO _SPY NSPNVTYR _SP XP_]P^ BSP]P _SP _bZ XPP_ SP SL^ L ^_LYeL OP aZ_PO _Z L NP]_LTY RZO TY L NP]_LTY XP_]P BZ]VTYR bT_S MZZV^ bZ`WO TY aZWaPNZY^TOP]LMWPOPWLdx
BSL_2ZZOdOPPX^_ZMPNWPL]PaTOPYNPZQWT_P]LNdYLXPWd_SPWT^_^ZQ SdXY^ LYO _SP R]PL_ Y`XMP] ZQ _PNSYTNLW OPaTNP^ `^PO Md ;£©TYT SL^ LNNZ]OTYR_Z1LWVWT__WPTYNZXXZYbT_SWT^_^TYWT_P]L_P^ZNTP_TP^L^QL] L^ _SP _d[P ZQ ^d^_PXL_TeL_TZY LYO NWPL] [SZYZNPY_]TNT_d L]P NZYNP]YPO 9PT_SP] _SP APOL YZ] ;£©TYTv^ R]LXXL] ML^PO ZY ^d^_PXL_TNLWWd L] ]LYRPOR]TO^ZQ^Z`YOOPaPWZ[POZ`_ZQ_SPNZYaPY_TZY^ZQb]T_TYR /P^[T_P_SPPaTOPYNP_Z_SPNZY_]L]dbSTNS1LWVM]TYR^`[T_^PPX^ _Z `^ _SL_ 2ZZOdv^ _SP^T^ T^ YZ_ NZX[WP_PWd ]`WPO Z`_ 3T^ XLUZ] L]R` XPY_ bL^ _SL_ ^d^_PXL_TN WT^_TYR WPcTNLW ^NTPYNP LYO ^_LYOL]OTePO LW [SLMP_^ TYaL]TLMWd XT]]Z] ^TRY ^d^_PX^ ZQ QTcL_TZY ?SP L]R`XPY_ T^ NZYaTYNTYRMPNL`^PLRaPOTYbSZLW]PLOdSL^PaP]d_STYRNZXXT__PO_Z XPXZ]d OZP^ YZ_ YPPO L ]PQP]PYNP _Pc_ -`_ TQ SP bT^SP^ _Z XLVP _SP XL_P]TLWLaLTWLMWPLOSZN_ZZ_SP]^SPbTWWb]T_P^`NSL_Pc_?SL_]PQP] PYNPbZ]V^OTN_TZYL]TP^LYOWT^_^PcT^_L_LWWXPLY^_SL__SP]PL]P[PZ [WPbSZOZYZ_SLaP_SPNZX[WP_PXL_P]TLWLYOLWW_SPNZY_Pc_^ZQL[[WT NL_TZY^_Z]POTY_SPT]SPLO^_SL_YZ_PaP]dZYPVYZb^PaP]d_STYRLOSZN Md SPL]_ Z] [Z^^TMWd _SL_ _SP XL_P]TLW SL^ MPNZXP _ZZ NZX[WPc LYO LY LTOPXPXZT]PT^YZbYPNP^^L]d8Z]PZaP]_SP^_LYOL]OTeL_TZYZQ]T_`LW LYO WLYR`LRP TY OTQQP]PY_ ]PRTZY^ aP]d OT^_LY_ Q]ZX ZYP LYZ_SP] T^ LW XZ^_TYNZYNPTaLMWPbT_SZ`_b]T_TYRSZbPaP]RZZO_SPQPL_^ZQXPXZ]d XLdMP>Z T_OZP^LN_`LWWd^PPX[]ZMLMWP _SL_ _SP`^PZQLYLW[SLMP_TN b]T_TYR ^d^_PX PT_SP] OPaPWZ[PO Z] LW]PLOd PcT^_PO L_ _SP _TXP _SL_ _SP ;]£_T²£VSdL ZQ_SP RaPOL bL^^_LYOL]OTePOLYOTY_SP>¼_]L[P]TZO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .QLW^Z;L__ZY -]TYRTYR_SP2ZO^_Z8TYO 1LWVw2ZZOTP^QZ]4YOTLx ,W_SZ`RS1LWVLOXT_^_SL_;£©TYT>¼_]L&NQLW^Z$VYZb^_SP_P]X WT[T VL]LWTMTVL]L w^N]TMPx SP ^Ld^ _SL_ _ST^ OZP^ YZ_ L[[PL] _Z TX[Wd LYd ^PWQ OP^N]T[_TZYM`_T^TY^_PLOLbZ]O_LVPYQ]ZX_SP4]LYTLY_ZTYOTNL_PbSL__SPQZ]PTRY P]^_SP,NSLPXTYTO^OZ.Q1LWV >NS]TQ_TX,W_PY4YOTPY LYOw2ZZOTP^QZ]4YOTLx
$!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
1Z] [`]PWd []LRXL_TN ]PL^ZY^ L N`W_`]P ZQ b]T_TYR TY WL_P APOTN _TXP^ NLYYZ_ MP NZX[WP_PWd OT^NZ`Y_PO , ^_LYOL]OTePO []ZY`YNTL_TZY WTVP_SL_QZ]_SPAPOLZ]_SL_ZQ;£©TYTT^SL]O_ZTXLRTYPbT_SZ`_b]T_ TYRTY^`NSLWL]RPL]PL[Z[`WL_PObT_SOTLWPN_^?SPWLNVZQTY^N]T[_TZY^ MPQZ]P0X[P]Z],²ZVLv^_TXPOZP^YZ_L[[PL]_ZMP ^`QQTNTPY_PaTOPYNP ZQ_SPRPYP]LW LM^PYNPZQL^d^_PXZQ b]T_TYR0L]WdZYZYPNZ`WOSLaP `^PO LYO [L^^PO OZbY _Pc_^ QTcPO ZY ]L[TOWd OPNLdTYR ]ZWW^ ZQ XL_P ]TLW Z] LYZ_SP] ^d^_PX ZQ ^TRY^ ^`NS L^ XLY`LW RP^_`]P^ 4_ T^ PaTOPY_ _SL__SPQT]^_Pc_PY^TaPMZOTP^ZQ_Pc_TYLYNTPY_4YOTLL]Z^PL__SPNZ`]_^ ZQ[]TYNP^?SP-]LSXTY^[]PQP]]POTY^_PLO_SPPc_]PXPWd_]`YNL_POLYO _SP]PQZ]P XL]VPOWd PNZYZXTNLW bT_S b]T_TYR XL_P]TLW^ >¼_]L ^_dWP z L NWPL] TYOTNL_TZY _SL_ ^`[P]TZ] b]T_TYR XL_P]TLW^ ^`NS L^ _]PL_PO MT]NS ML]V bP]P ^_TWW []P__d Pc[PY^TaP TY ,Y_T\`T_d ?ST^ ^_L_P ZQ LQQLT]^ L[ [PL]^ ZYWd _Z SLaP NSLYRPO bSPY T_ bL^ OT^NZaP]PO _SL_ [LWX WPLaP^ NZ`WOMP`^POQZ]b]T_TYRL__SPMPRTYYTYRZQ_SP.ZXXZY0]L 2ZZOdv^ L]R`XPY_L_TZY QZ] WT_P]LNd Q]ZX LMZ`_ _SP ^PaPY_S NPY_`]d -. LW^Z XLVP^ ^PY^P QZ] ^_]`N_`]LW ]PL^ZY^ BP _PYO _Z ^SL]P ST^ Z[TY TZY LYO _STYV _SL_ Z]LWT_d LYO WT_P]LNd PcT^_PO ^TOP Md ^TOP Q]ZX _SL_ _TXP ZYbL]O^ Z] L_ WPL^_ ^TYNP ;£©TYTv^ _TXP ?SP _Pc_ _]LOT_TZY^ TY \`P^_TZY OZ TYOPPO OPXZY^_]L_P ZMaTZ`^ NSL]LN_P]T^_TN^ ZQ L [P]QZ]X LYNP N`W_`]P LYO _SPT] Z]LW _]LY^XT^^TZY _SP [Z^^TMTWT_d ZQ LO SZN LN NP^^ []LRXL_TN `^LMTWT_d LYO [SZYZNPY_]TN Z]RLYTeL_TZY L]P RPY`TYPWd [P]NP[_TMWP3ZbPaP]_SP]PT^LbSZWP]LQ_ZQTYOTNL_TZY^LW^Z^[PLVTYR TY QLaZ] ZQ 2ZZOdv^ L^^`X[_TZY _SL_ L ^d^_PX ZQ b]T_TYR LW]PLOd Pc T^_PO4QZY_SPZ_SP]SLYOZYPbP]P_ZQZWWZb_SPL]R`XPY_^ZQ_SP_bZ ]PYZbYPO 4YOZWZRT^_^ Q]ZX L]Z`YO -. ZYbL]O^ ZYP bZ`WO QTYO OP^[T_P [`]P Z]LWT_d L Y`XMP] ZQ QPL_`]P^ _SL_ TY Z_SP] N`W_`]P^ L]P L^ ^ZNTL_PO bT_S _SP TY_]ZO`N_TZY ZQ b]T_TYR ?SPd TYNW`OP _SP ^`NNP^^TaP NZX[TWL_TZY ^d^_PXL_TeL_TZYLYO^_LYOL]OTeL_TZYZQ _SPQZ`]APOTNNZW WPN_TZY^ _Z QZ]X L wNLYZYx TY _SP WL_P APOTN XLY_]L [P]TZO LYO _SP _TXP ZQ _SP -]£SXL©L^ TY bSTNS YZb ZYP XLd LW^Z QTYO LY TY_P][]P_L _TZY NZ^XTQTNL_TZY LYO []ZQP^^TZYLWTeL_TZY ZQ _SP APOTN ^LN]TQTNP L OTQQP]PY_TL_TZYZQ _SP[]TP^_^vZQQTNP^LYO LYZY_ZWZRTeL_TZYZQ _SP[Zb P]Q`W RaPOTN ^LN]TQTNTLW ^[PPNS M]LSXLY L^ _SP RZOOP^^ 7LYR`LRP a£N WT_P]LWWd waZTNPx ;]ZMLMWd L_ ^ZXP _TXP ]Z`YO LMZ`_ _SP ^Tc_S NPY_`]d -._SP APOTNbZ]OLYO^Z`YOXL_P]TLWbL^QTcPOLYONZOTQTPO _SP RaPOL bL^XLOPwTYaL]TLMWPx !LYO_SPAPOTN^NTPYNP^[SZYP_TN^ P_dXZWZRd P_N OPaPWZ[PO ?ST^ NZ]]PWL_P^ XZ]P Z] WP^^ bT_S 2ZZOdv^ L^^`X[_TZY_SL_LYLW[SLMP_TN^N]T[_bL^TY_]ZO`NPOL_L]Z`YO"-. 3ZbPaP] L^ 8TNSLPW BT_ePW ]PNZY^_]`N_PO ^_P[Md^_P[ _SP QZ]XL _TZY ZQ _SP APOTN NLYZY bL^ L []ZNP^^ _SL_ _ZZV [WLNP TY ^PaP]LW ^_LRP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q-]ZYVSZ]^_w>ZXP:M^P]aL_TZY^x
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$"
ZaP] S`YO]PO^ ZQ dPL]^ LYO bL^ TYQW`PYNPO Md _SP [ZWT_TN^ ZQ _SP OLd "BT_ePW^`[[Z^P^_SL_Lb]T__PYNLYZYZQ_Pc_^LYO_SP[]ZO`N_TZY ZQ_SPQTYLWaP]^TZYZQ_SPAPOLZYWdNLXPTY_ZMPTYRL_L]Z`YO -. 4Y_P]P^_TYRWd _SP X`NS PL]WTP] wXLY_]L [P]TZOx TY bSTNS _SP XLUZ]T_d ZQ _SP NZX[TWL_TZY LYO ^_LYOL]OTeL_TZY SLO LW]PLOd _LVPY [WLNP bL^ LW^Z _SP _TXP bSPY _SP _P]X w ±]`_T x wSPL]TYRx bL^ TY_]ZO`NPO QZ] _SP APOTN ]PaPWL_TZY ?ST^ NZ`WO SLaP _bZ OTQQP]PY_ NL`^P^ 4_ NZ`WO MP _LVPY L^ LY L]R`XPY_ QZ] [`]P Z]LWT_d Z] L^ ZYP QZ] Z]LWT_d ]PQWPN_PO TY b]T_TYRBSL_PaP]_SPNL^PT_T^NWPL]_SL_Z]LWL`]LW[P]QZ]XLYNPZNN` [TPO_SPQZ]PR]Z`YObSPY_SPYLXPbL^NSZ^PY ?Z^`XXL]TePZYPNLY^Ld_SL_2ZZOdv^^_]`N_`]LWLYLWd^T^LYO_SP 4YOZWZRT^_^v ST^_Z]TNLW L[[]ZLNS []ZO`NP OTQQP]TYR ]P^`W_^ bSTNS NLY MP ]PNZYNTWPO bT_S ^ZXP ^[PN`WL_TZY ?SP YZ_TZY _SL_ L N`^_ZX ZQ b]T_TYR PcT^_POL_L]Z`YO#"-.bTWW[]ZMLMWd]PXLTY[`]PSd[Z_SP^T^,_ MP^_ _SP OPNT[SP]TYR ZQ _SP []PAPOTN 3L]L[[LY ^N]T[_ _SL_ LNNZ]OTYR _Z ]PNPY_ QTYOTYR^ OT^L[[PL]PO Q]ZX `^P L]Z`YO -. XTRS_ M]TYR YPb TY^TRS_^ -`_ PaPY _SPY _SP]P bZ`WO ^_TWW MP LY `YPc[WLTYPO RL[ ZQ LMZ`_ _Z dPL]^ 2ZZOdv^ NZX[L]L_TaP ]L_TZYLWP LW^Z ]PXLTY^ ^[PN`WL_TaP 4_ T^ \`P^_TZYLMWP bSP_SP] ST^ QTPWO ZM^P]aL_TZY^ ZQ WZYR ]PNT_L_TZY^TYBP^_,Q]TNLNLYMP_]LY^QP]]PO_Z4YOTLLYOZ_SP]N`W_`]P^
"
>ZYLWT_dL^L?ST]O>[LNP%9Pb,^[PN_^QZ]/PML_P
:YP NLY LR]PP bT_S 2ZZOd _SL_ _SP VYZbWPORP_PNSYZWZRd PO`NL_TZYLW LYO ^ZNTLW ]PWPaLYNP ZQ b]T_TYR LYO LM^_]LN_ ^TRY ^d^_PX^ NLYYZ_ MP \`P^_TZYPO /Z`M_WP^^ ]PO`N_TZY ZQ NZX[WPcT_d T^ YPPOPO TY OTQQP]PY_T L_PO ^ZNTLW ^_]`N_`]P^ WL]RP^NLWP NZWWPN_TaP^ _ZbY^ ^_L_P^ _]LY^WZNLW NZXX`YT_TP^ L]T^TYR _S]Z`RS XTR]L_TZY P_N LYO _SP LNNZX[LYdTYR PWLMZ]L_PO LYO [W`]LWTePO VYZbWPORP N`W_`]P^ ?ST^ T^ LNSTPaPO Md XPLY^ZQ^_LYOL]OTeL_TZYRPYP]LWTeL_TZY^d^_PXL_TeL_TZYQZ]XLWTeL_TZY LYO LM^_]LN_TZY ?SP WL_P APOTN ^LN]TQTNTLW ]T_`LW bT_S T_^ OTQQP]PY_TL_PO ^d^_PXZQ[]TP^_^bL^ZYP^`NSNZX[WPc^ZNTLW^_]`N_`]PLYOVYZbWPORP N`W_`]PbSTNSL[[L]PY_WdNZ]]PWL_PObT_S_SP^[]PLOLYOOTQQP]PY_TL_TZY ZQ NZXX`YT_d WTQP PL]Wd ^_L_P QZ]XL_TZY `]MLYTeL_TZY XTR]L_TZY TY_Z _SP 2LYRP^ [WLTY LYO _SP MPRTYYTYR ZQ NL^_P ^ZNTP_d ?SP QZ]XLWT^_TN APOTNL]_ZQXPXZ]TeTYRR`L]LY_PPOZYPNLYZYTNLWQZ]X;£©TYTv^ ^_LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,NNZ]OTYR _Z BT_ePW w/PaPWZ[XPY_ ZQ _SP APOTN .LYZYx "z _SP XLUZ]T_d ZQ _SP[]ZNP^^ZQNZX[TWTYRPOT_TYRLYO ^_LYOL]OTeTYR_SP APOL_ZZV[WLNPTY_SPYZ]_S 0L^_ZQ4YOTLO`]TYR_SPXLY_]L[P]TZO?ST^bL^_SPL]PL_ZbSTNS_SPAPOTN_]LOT_TZY XZaPO MPNL`^P SPRPXZYTN VTYROZX^ NLXP TY_Z MPTYR _SP]P LYO _SP YPb ]`WP]^ ZM _LTYPO-]LSXTY^Q]ZX_SPBP^__Z>LY^V]T_TeP_SPT]_P]]T_Z]d_S`^RLTYTYR_SPLNNP[ _LYNPZQBP^_P]Y]`WP]^
$#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
OL]OTeL_TZYZQ_SP>LY^V]T_WLYR`LRPXLOPL^_LYOL]OWTYR`LQ]LYNL[Z^ ^TMWP LYO bL^ QZ]XL_TaP QZ] _SP bSZWP WL_P] [P]TZO ?SP OTQQP]PY_TL_TZY LYO NZX[WPcT_d ZQ VYZbWPORP N`W_`]P^ TYN]PL^PO TY _SP WL_P] w>LY^V]T_ NZ^XZ[ZWT^x QZ] bSZ^P [ZWT_TNLW TY_PR]L_TZY b]T_TYR bL^ `^PO L^ >SPW OZY ;ZWWZNV SL^ NZYaTYNTYRWd ^P_ Z`_ ,_ _SP ^LXP _TXP SP [ZTY_PO Z`_ _SP [SZYZNPY_]TNT_d LYO _SP ^[]PLO ZQ _SP [ZWT_TNLW aT^TZY aTL Z]LW [P] QZ]XLYNP^ ?SP N`W_`]LW ^T_`L_TZY Q]ZX _SP QTQ_S _Z _SP _ST]_PPY_S NPY_`]TP^ ,/ NLY U`^_TQTLMWd NLWWPO _SP SPdOLd ZQ >LY^V]T_ N`W_`]P LYO ZQ _SP 4YOTLY ^NTPYNP^ bSTNS NZY_TY`PO XLVTYR `^P ZQ ^Z`YO NZOP^ L^ bPWW L^ b]T_ TYR4_bL^^TX`W_LYPZ`^WdL_TXPbSPYLw]TRS_SLYOPOx?LY_]T^X_SL_ OTO YZ_ aTZWL_P _SP APOTN -]LSXLYTN ]`WP^ ZQ [`]T_d bL^ _SP ]PWTRTZ`^ XLTY^_]PLX .WL^^TNLW ?LY_]T^X T^ LY Pc_]PXPWd NZX[WPc LYO STRSWd PWLMZ]L_PVYZbWPORP^d^_PXTYbSTNSR]L[STNOTLR]LXXL_TNLYOLNZ`^ _TN ^dXMZW^ bP]P `^PO _Z []ZaTOP ^_]`N_`]P LYO ]PO`NP NZX[WPcT_d 4Y _SP ?LY_]TN Z]RLYTeL_TZY ZQ VYZbWPORP L ^TYRWP ^dWWLMWP Z] L ^P]TP^ ZQ _SPX MPNZXP^ L NZX[WPc NZOP ^d^_PX z LYO QZ] _SP TYT_TL_PO L ^d^_PX Q`WW ZQ P^Z_P]TN TYQZ]XL_TZY 4Y _SP ?LY_]L ^ZYTN N`W_`]P bL^ ^Z _Z ^[PLV ^PLWPO TY b]T_TYR ?SP P^Z_P]TN ^Z`YO NZ^XZWZRTP^ LYO _SP ?LY _]TNwXLY_]L^NTPYNPxXZ^_TY_PY^TaPWdZMWTRPO_Z_SP^ZYLWT_d[L]LOTRX OPaPWZ[POTY_SPXPOT`XZQb]T_TYRLYOPaPYQZ`YOTYT_N]PL_TaPQZ]X^ ZQPc[]P^^TZY`^TYRR]L[SPXP^L^^dXMZWTNQZ]X^Z]_SLYV^_Zb]T_TYR bP]PLMWP_ZPYN]d[__SPT]XLY_]L^_ZSTOP_SPXQ]ZX_SP`YTYT_TL_POLYO []Z_PN_ _SPT] TY_]TY^TN PQQTNLNd 4YT_TL_TZY TY_Z _SP ^PN]P_ VYZbWPORP LYO _SP ?LY_]TN WTYPLRP ]P\`T]PO Z]LWT_d LYO _SP aP]d NPY_P] ZQ LN_`LW [P] QZ]XLYNP T^ _SP ^Z`YOTYR LYO aTM]L_TYR XLY_]L QZ]X`WL 4Y _SP [`MWTN L]PL _SP w^PN]P_x XLY_]L QZ]X`WL^ ^_]ZYRWd TYQZ]XPO _PX[WP N`W_`]P ^_TWW[]P^PY__ZOLdTY>Z`_SP]Y4YOTLLYO_SP[TP_dZQWLd[P]^ZY^ BP ]PNZRYTeP _SP ^_]PYR_S ZQ 2ZZOdv^ L]R`XPY_ bSTWP N]T_TeT^TYR STX QZ] YZ_ _LVTYR TY_Z LNNZ`Y_ _SP ^ZNTZN`W_`]LW ^T_`L_TZY z 3TYO` 4YOTLv^aP]d[]ZYZ`YNPO]T_`LWLYO[P]QZ]XLYNPN`W_`]P?SPOPML_PQZ] LYOLRLTY^_WT_P]LNd TYLYNTPY_4YOTLOT^_Z]_^ZYPv^aTPbZQ_SPQLN__SL_ TY 4YOTL b]T_TYR SL^ YZ_ RPYP]L_PO LYd N`W_`]LW aLW`P LYO Z]LWL`]LW NZXX`YTNL_TZY^d^_PX^NZY_TY`PO_ZPcT^_PaPYLQ_P]_SPTY_]ZO`N_TZYZQ b]T_TYR 4Y QLN_ _SP [SZYZNPY_]TN MTL^ bL^ PaPY Q]P\`PY_Wd ]PTYQZ]NPO _S]Z`RSb]T_TYR4_L[[PL]^ _SP]PQZ]PYPNP^^L]d_Z _LVPLaTPbML^POZY _SP LP^_SP_TN^ ZQ ]PNP[_TZY 2ZZOd P^_LMWT^SPO L OTNSZ_ZXd ZQ _SP Z]LW LYO_SPWT_P]LW_SL_OTOYZ_PcT^_TY4YOTLLYO^d^_PXL_TNLWWdTRYZ]PO_SP LP^_SP_TNOTXPY^TZY?ST^OTXPY^TZYTY_]ZO`NP^LNSLYRPTY[P]^[PN_TaP M]TYR^L^[PN_^TY_Z_SPQTPWOZQaT^TZY_SL_[]PaTZ`^WdSLOYZ_MPPY[P] NPTaPO Z] bP]P ]PYOP]PO TYaT^TMWP MPNL`^P _SPd bP]P MWLYVPO Z`_ LYO YZ_]PQWPN_PO`[ZY?SPZYP^TOPOQZN`^ZQ]L_TZYLWT_dPcNW`OPO_SP]ZWP ZQ_SP^PY^P^,P^_SP_TNL^[PN_^SPWOYZTY_P]P^_PaPY_SZ`RS_SPdL]PL
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$$
Q`YOLXPY_LW OTXPY^TZY ZQ Z]LWT_d LYO WT_P]LNd MPNL`^P XPOTL []LN_TNP^ L]P LWbLd^ LW^Z LP^_SP_TN []LN_TNP^ LYO TYQW`PYNP [P]NP[_TZY 4_ T^ YZ_ L XL_`]PYPb_SPZ]d_SL_T^_ZMP[]P^PY_POZYWdLQPb]PL^ZY^LYOL]R` XPY_^L^_ZbSdT_XLVP^^PY^P_Z]PNZRYTeP^ZYLWT_dL^LYTYOP[PYOPY_ OTXPY^TZYLYO_SL__ST^T^LN_`LWWdXP_SZOZWZRTNLWWdYPNP^^L]d:YPZQ _SP XLYd ]PL^ZY^ T^ _SL_ TY >LY^V]T_ N`W_`]P LM^_]LN_ ^TRY ^d^_PX^ bP]P QZ]XPO YZ_ ZYWd R]L[STNLWWd M`_ LW^Z Md `^TYR ^Z`YO^ ?ST^ LW^Z ]P XLTYPO NZXXZY TY WL_P] _TXP^ :`] L]R`XPY_ ZQ ]PNP[_TZY LP^_SP_TN^ bSTNS [Z^T_^ _SP NZPcT^_PYNP ZQ Z]LWT_d LYO WT_P]LNd LYO []Z[Z^P^ L ^ZYTN wSLMT_`^x TY bSTNS _SP Z]LWL`]LW XPOT`X bL^ XZ]P TX[Z]_LY_ LaZTO^ _SP ST^_Z]TNLW _STNVP_^ LYO `YNP]_LTY_TP^ ZQ LY PL]Wd N`W_`]P ZQ b]T_TYRTY4YOTLLYO`W_TXL_PWd]PXZaP^LYdTX[Z]_Q]ZX_SP\`P^_TZYZQ wZ]LW Z] b]T__PY*x L^ QL] L^ T_ ]P^_^ ZY LY TYNZ]]PN_ OTNSZ_ZXd bT_S ]P RL]O _Z 4YOTL 4Y^_PLO _SP QZ]PR]Z`YO T^ ZNN`[TPO Md N`W_`]LW []LN_TNP^ N`W_`]LWXPLYTYR^LYON`W_`]LWNZOTYR^ :YPML^TN[]ZMWPX bT_S2ZZOdv^L]R`XPY_L_TZYT^ _SPXPOTLOP_P] XTYT^X bSTNS >_LLW LYO 1LWV U`^_TQTLMWd ZMUPN_PO _Z :YP NLY ^`XXL ]TeP 2ZZOdv^ L]R`XPY_ TY ZYP ^SZ]_ OPO`N_TaP ^PY_PYNP% ^TYNP TY _SP 4YOTLY WT_P]L_`]P LYLWd_TNLW _SZ`RS_ LYO ]L_TZYLW ^d^_PX^ L]P []P^PY_ ZY L R]LYO ^NLWP _PNSYTNLW TYQZ]XL_TZY XZ]LW U`ORXPY_ `YTaP]^LW OPQTYT _TZY 6LY_TLY TX[P]L_TaP XL_SPXL_TN^ P[T^_PXZWZRd WZRTN P_N _SP N`W_`]P NLYYZ_ MP LYd_STYR Z_SP] _SLY L WT_P]L]d ZYP # 1Z] 4YOTL SZb PaP]_ST^OPO`N_TZYT^ZMaTZ`^Wd_ZZ^TX[WPLYOWLNVTYRTYTXLRTYL_TZY :Y _SP ZYP SLYO 2ZZOd T^ []ZMLMWd NZ]]PN_ bSPY SP NWLTX^ _SL_ bT_S Z`_ ^TRY^ _SP]P NLY MP YZ LM^_]LN_TZY LYO bT_SZ`_ LM^_]LN_TZY _SP]P NLY MP YZ w^`[P]TZ]x N`W_`]P >TRY NZOP^ L]P TX[Z]_LY_ QZ] ^d^_PXL_TeL_TZY P_N -`__SP[Z^^TMTWT_TP^QZ]QZ]XTYR^TRY^L]PXZ]PY`XP]Z`^LYOaL] TPO >TRY^ OZ YZ_ SLaP _Z MP R]L[STNLW LYO aT^`LW ;£©TYT `^PO ^Z`YO NZOP^ _Z]PR`WL_P_SPQTcPO _Pc_R]LXXL_TNLWWd?SP?LY_]T^_^L]PQLXTW TL] bT_S MZ_S _SL_ T^ ^Z`YO ]P[]P^PY_L_TZY^ XLY_]L^ LYO R]L[STNLW ]P[]P^PY_L_TZY^ dLY_]L^ DP_ _SP XLY_]L QZ]X TP _SP WTYR`T^_TN QZ]X LWbLd^]PXLTYPO_SPXZ]PTX[Z]_LY_ZYP?SL_T^_Z^Ld^Z`YO^dXMZW^ bP]P []PQP]]PO ZaP] R]L[STNLW ^dXMZW^ ?SP^P _bZ PcLX[WP^ ;£©TYTv^ R]LXXL] LYO ?LY_]TN []LN_TNP L]P QL] L[L]_ ST^_Z]TNLWWd NZaP] aL^_Wd OTQQP]PY_ VYZbWPORP ^d^_PX^ LYO N`W_`]LW ^`M^d^_PX^ LYO L]P TY RPY P]LW]L]PWd`^POMd_SP^LXP^ZNTLWR]Z`[^zLYOTY_SPNL^PZQ_SP?LY _]L _SPd L]P YZ_ [L^^PO OZbY ^ZWPWd Md TY_PWWPN_`LW PWT_P^ DP_ TY MZ_S NL^P^ _SP L`OTMWP ^dXMZW^ OZ PcLN_Wd _SP ^LXP L^ R]L[STNLW ^dXMZW^% _SPdLWWZbLM^_]LN_TZY ?SP OTNSZ_ZXd 2ZZOd ^P_ `[ MP_bPPY Z]LWT_d LYO WT_P]LNd bSTNS bL^ [L]_TLWWd ]PT_P]L_PO Md >_LLW LYO 1LWV bT_S _SP Z[[Z^T_P TY_P][]P_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 2ZZOd 4Y_P]QLNP z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_TZYT^LNSTXP]LL^QL]L^>LY^V]T_N`W_`]PT^NZYNP]YPO2ZZOd]TRS_Wd ^_]P^^PO _SP YPNP^^T_d ZQ OTQQP]PY_TL_TYR MP_bPPY [`]PWd Z]LW N`W_`]P^ bT_SZ`_ b]T_TYR ^`NS L^ NP]_LTY ,Q]TNLY LYO aTWWLRP 3TYO` _]LOT_TZY^ LYO Z]LW _]LOT_TZY^ _SL_ PcT^_ ^TOP Md ^TOP bT_S _SP `^P ZQ b]T_TYR BP bZ`WOLR]PPbSZWPSPL]_POWdbT_SST^L]R`XPY__SL_w_SP]PT^YZOTQQT N`W_d TY NZYNPTaTYR L b]T__PY _]LOT_TZY MPTYR [L^^PO ZY WL]RPWd Md Z]LW XPLY^x $ 3ZbPaP] T_ T^ WP^^ NZX[]PSPY^TMWP bSd ZYP ^SZ`WO NL_PRZ ]TeP _SP^P _]LOT_TZY^ L^ WT_P]L_P N`W_`]P^ bT_SZ`_ \`P^_TZY DP_ T_ bZ`WO LW^ZMPb]ZYR_Z^Ld_SL_>LY^V]T_3TYO`T^XLYO_SPAPOLTY[L]_TN`WL] bP]PZ]LWN`W_`]P^Z]Z]LW_]LOT_TZY^:]LWT_dLYOZ]LW_]LY^XT^^TZYSLaP MPPY ZaP]PX[SL^TePO TY _SP 4YOZWZRT^_^v LY_T2ZZOd OPML_P ?SP OPNT ^TaP QLN_Z] T^ YZ_ _SP OTNSZ_ZXd MP_bPPY WT_P]LNd LYO Z]LWT_d M`_ _SP OTNSZ_ZXdMP_bPPYQW`TOLYOQTcPO_Pc_^:]LWN`W_`]P^]PR`WL_PN`W_`]LW XPXZ]dMdXPLY^ZQYL]]L_TaP^_SL_L]PLOL[_PO_Z_SPN`]]PY_^T_`L_TZY 2ZZOd LYO :YR ^[PLV ZQ SZXPZ^_L^T^ TY _ST^ NZY_Pc_ :]LW WT_P]L_`]P^ L]P YZ_ QTcPO TYaL]TLMWP _Pc_^ M`_ TY^_PLO _SPd L]P TY NZY^_LY_ wXZ` aLYNPx 1Z] L WZYR _TXP _ST^ LW^Z L[[WTPO _Z _SP >LY^V]T_ P[TN^ bSTNS bP]P LW]PLOd NT]N`WL_TYR TY b]T__PY QZ]X LYO ;`]£©L^ LYO ZYP XLd ^`[[Z^P _SL_ T_ bL^ LW^Z _]`P ZQ _SP APOL TY _SP PL]Wd APOTN [P]TZO w8Z`aLYNPx^_TWWL[[WTP^PaPY_ZOLd_Z^ZXP^`]aTaTYRaP]YLN`WL]_Pc_^ 3ZbPaP] TY _SP NL^P ZQ _SP APOL _Z bSTNS >_LLW LYO 1LWV ]PQP] _SP ^T_`L_TZY T^ OTQQP]PY_ ?SP APOL T^ L QTcPO _Pc_ M`_ QTcPO TY L [`]PWd LNZ`^_TNQZ]X>Z>_LLW 1LWVLYO 2ZZOdLWWSLO L[ZTY_2ZZOd ST__SP YLTW ZY _SP SPLO bSPY SP ^[ZVP ZQ L w^_LYOL]OTePO Z]LW QZ]Xx 3P bL^ LW^Z NZ]]PN_ bSPY SP ^_]P^^PO _SL_ L N`W_`]P bT_S ^_]ZYR TYNWTYL_TZY _Z bL]OZ]LWT_dOZP^YZ_YPNP^^L]TWdSLaP _ZMPYZYWT_P]L_P -`_ST^ NWLTX _SL_ T_ bL^ _TXP _Z ]PNZRYTeP _SP APOL^ L^ Fb]T__PYH w_Pc_^x ]L_SP] _SLY w`__P]LYNP^x TRYZ]P^ LN_`LW []LN_TNP BP _LVP _SP Z[[Z^T_P aTPb LYO PX[SL^TeP_SPYPNP^^T_dZQ]PNZRYTeTYRAPOTNLYO[Z^_APOTNWT_P]L_`]P^ XZ]P NZY^T^_PY_Wd L^ w`__P]LYNP^x _LVTYR _SP OZXTYLYNP ZQ L`OTMWP _Pc_^ ^P]TZ`^Wd LYO LN_`LWWd ]PNZRYTeTYR _SP ^ZYLWT_d [L]LOTRX ?ST^ L[[PL]^ Z[[Z]_`YP TY aTPb ZQ _SP QLN_ _SL_ TY WL_P] _TXP^ TY [L]_TN`WL] _SP]P PcT^_PO YZ_ ZYWd Z]LWWd ^`[[Z]_PO WT_P]LNd M`_ LW^Z b]T_TYR ^`[[Z]_PO^ZYLWT_d BSL_T^_d[TNLWZQ_SPLNZ`^_TNwSLMT_`^xT^_SL__SPAPOLbL^NLWWPO w3PL]TYRx ±]`_T _SL_ TY _SP LNLOPXTN WT_P]L_`]P PaPY LQ_P] _SP []ZaPY TY_]ZO`N_TZYZQb]T_TYR_SP]PT^YZ_TNPLMWPWLNVZQ_P]X^L^^ZNTL_PObT_S b]T_TYR L^ 1LWV ]PXL]V^ TY [L^^TYR LYO _SL_ PaPY bSP]P _SP []ZQLYP ²LMOL wbZ]Ox SLO ]P[WLNPO _SP ^LN]PO A£N _SP RZOOP^^ wAZTNPx _SP aZTNPL^[PN_LYOLNZ`^_TN XL_P]TLWT_d]PXLTYPONZY^_T_`_TaPPWPXPY_^ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2ZZOd 4Y_P]QLNP ! 2ZZOd 4Y_P]QLNP
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
WLYR`LRP LYO bZ]O^ ,WW ZQ _ST^ T^ TYOTNL_TaP ZQ _SP WZb ^_LYOTYR ZQ b]T_TYR TY LYNTPY_ LYO XPOTPaLW >LY^V]T_ N`W_`]P 4_ L[[PL]^ _Z `^ ZQ VPdTX[Z]_LYNP_SL_PaPYTQLYPL]WdLYO^_TWWAPOTNN`W_`]PZQb]T_TYR PcT^_PO bSTNS 2ZZOd ^`[[Z^P^ LYO bP OZ YZ_ QTYO ^Z aP]d QL] ZQQ _SP XL]V_ST^bL^YZ_L^N`W_`]LWWd^TRYTQTNLY_[Z^^TMWdO`P_Z_SPNWTXL_P Z] [Z^^TMWd MPNL`^P _SP ZWOP^_ _Pc_ T^ L WT_`]RTNLW ZYP L^ TY Z_SP] WZNL _TZY^ ^`NS L^ .STYL LYO 0`]Z[P LYO wSPL]TYRx SLO []PNPOPYNP TY _SP N`W_`]LW XPXZ]d PaPY TY LY L]PL bSP]P b]T_TYR NWPL]Wd PcT^_PO >TYNP _SPMPRTYYTYRZQ_SP.ZXXZY0]LL__SPWL_P^_4YOTL[L]_TNT[L_POTY_SP NZY^P\`PYNP^ ZQ L WT_P]L_P N`W_`]P P^[PNTLWWd TY NZXX`YTNL_TZY LN]Z^^ _TXP LYO ^[LNP 4_ T^ `YWTVPWd _SL_ WL]RP^NLWP OT^_]TM`_TZY bZ`WO SLaP MPPY[Z^^TMWPbT_SZ`_b]T_TYRLYO]ZdLWTY_P]P^_^M`__SPOT^_]TM`_TZYZQ [Z^_APOTN WT_P]L]d []ZO`N_^ LXZYR _SP XL^^P^ _ZZV [WLNP aTL ML]O^ _]LaPWTYR^TYRP]^]PWTRTZ`^Pc[P]_^L__SPNZ`]_^ZQ[]TYNP^LYO[P]QZ]X LYNP []LN_TNP^ 2ZZOd QLTWPO _Z ]PNZRYTeP _SP N`W_`]LW []LN_TNP ZQ L XL]VPO N`W_`]P ZQ [P]QZ]XLYNP LYO _SP Pc_PY_ ZQ _SP ^[ZVPY bZ]O BSP_SP] _ST^ bL^ O`P _Z TRYZ]LYNP Z] OT^TY_P]P^_ MPNL`^P T_ bL^ YZ_ SPW[Q`W _Z ST^ _SPZ]d Z] ^TX[Wd _Z _SP QLN_ _SL_ TY [Z^_APOTN _TXP^ _SP `^P ZQ b]T_TYR TY 4YOTL T^ YZ WZYRP] NZY_P^_PO LYdbLd 2ZZOd OPaZ_PO SL]OWdLYdL__PY_TZY_Z_SP[Z^_APOTNNWPL]Wdb]T__PYWT_P]L_`]P^bSTNS NZY_TY`PO _SP MTL^ ZQ _SP ^[ZVPY LYO L`OTMWP bZ]O LYO TY [L]_ PaPY ]PTYQZ]NPOT_1Z]PcLX[WP_SP]PT^YZ]PQWPN_TZYZY_SPQLN__SL_TY>LY ^V]T_3TYO`T^X_SP[ZbP]ZQ^Z`YO]PXLTYPOTY_LN_PaPY_SZ`RSb]T_TYR bL^TY`^PLYOT_bL^PaPY^_]PYR_SPYPOL`_Z]PQWPcTaPWdMdb]T_TYR :aP]LWW _ST^ _Z`NSP^ ZY L bSZWP ^P]TP^ ZQ ]PL^ZY^ QZ] PX[SL^TeTYR _SP ^ZYLWT_d [L]LOTRX% _SP ^Z`YO LM^_]LN_TZY^ _SP [SZYZNPY_]TN ^dX MZWTN QZ]X^ _SP wRZOOP^^ AZTNPx P_N _SP XPOTL []LN_TNP LYO [P] QZ]XLYNP N`W_`]P LYO _SP NZY_TY`L_TZY LYO `[OL_TYR ZQ Z]LWT_d TY b]T_ TYR 2ZZOdv^ ^d^_PX OZP^ YZ_ RTaP LY Pc[WLYL_TZY ZQ bSd ^dXMZWTN QZ]X^ ^`NS L^ _SP RZOOP^^ A£N Z] X`NS WL_P] _SP 9£OL-]LSXLY w>Z`YO-]LSXLYx bP]P NZY^_]`N_PO L_ LWW LYO ]PXLTYPO ^Z [ZbP]Q`W LYO PQQPN_TaP 4Y _SP WTRS_ ZQ ST^ _SPZ]d LY Pc[WLYL_TZY T^ YPPOPO PaPY XZ]P QZ] _SP QLN_ _SL_ PaPY _SP XZ^_ LM^_]LN_ QZ]X`WL^ ^`NS L^ ;£©TYTv^ LWRPM]LWTVP []L_d£S£]L^ bSTNS `YOP][TY LWW _SP R]LXXL_TNLW Z[P]L _TZY^ NZXP TY _SP QZ]X ZQ ^Z`YO NZOP^ _SL_ MPNZXP _]LY^[L]PY_ LYO []LN_TNLMWPZYWdbSPYZYPVYZb^_SPLNZ`^_TN^P\`PYNPZQ^Z`YO^TY_SP LW[SLMP_ ,YO bSL_ T^ [Z^^TMWd PaPY XZ]P LXLeTYR T^ _SL_ _SP w8ZZY >PY_PYNP^x ZQ _SP L^_]ZYZXP] LYO XL_SPXL_TNTLY AL]L]`NT _S NPY_ -. bSTNS NWPL]Wd ]P\`T]P VYZbWPORP LYO `^P ZQ LW[SLMP_TN b]T_TYR bP]PLW^Zb]T__PYTY^Z`YONZOP^2ZZOdNZY^TOP]PO_ST^_ZMPTX[Z^^T MWP LYO [Z^_`WL_PO _SL_ XL_SPXL_TN^ NZ`WO ZYWd MP ]P[]P^PY_PO `^TYR R]L[STNLW^TRY^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
4QZYP_LVP^TY_ZLNNZ`Y__SP4YOTLYPX[SL^T^ZY^ZYLWT_dz]PLNSTYR L^ QL] L^ _SP ^NTPYNP ^d^_PX^ z _SP []ZMWPX ZQ _SP PcT^_PYNP Z] YZY PcT^_PYNP ZQ WT_P]LNd MPNZXP^ QL] WP^^ LN`_P ,Y LW_P]YL_TaP w_ST]O ^[LNPx XZOPW PXP]RP^ _Z _SP OTNSZ_ZXTP^ _SL_ bP]P [Z^_`WL_PO Md 2ZZOdLYOZ_SP]L`_SZ]^ , XP_SZOZWZRTNLW bPLVYP^^ ZQ _SP WT_P]LNd _SPZ]d T^ _SL_ LW_SZ`RS 2ZZOd ]PNZRYTeP^ _SP TY_P]QLNP MP_bPPY Z]LWT_d LYO WT_P]L_P N`W_`]P TY 4YOTL SP OZP^ YZ_ O]Lb LYd ^d^_PXL_TN NZYNW`^TZY^ Q]ZX _ST^ /P^[T_P _SP^_]ZYRZ]LWMTL^bSTNSSP]PNZRYTeP^SPXZ]PZ]WP^^L`_ZXL_TNLWWd NL_PRZ]TeP^4YOTLYN`W_`]PLXZYR_SPWT_P]L_PN`W_`]P^TY^_PLOZQ_LVTYR T_ ^P]TZ`^Wd L^ L _ST]O NL_PRZ]d L _ST]O ^[LNP Z] LY TY_P]XPOTL]d eZYP ?SP [Z^^TMTWT_d ZQ L ^Z`YO N`W_`]P LYO NZ]]P^[ZYOTYR QZ]X^ ZQ VYZbW PORPZ]RLYTeL_TZYLYOLP^_SP_TN^ T^YZ_NZY^TOP]PO:]LWT_dLYOLP^_SP_ TN^ L]P OTQQTN`W_ _Z WZNLWTeP TY 2ZZOdv^ ^d^_PX MPNL`^P _SP _SPZ]d _SP L]R`XPY_L_TZYLMZ`_b]T_TYRT^ ^ZZaP][ZbP]TYR LYO ZYWd[`]PWdQ`YN _TZYLW [ZTY_^ ^`NS L^ TYQZ]XL_TZY _]LY^QP] NLY MP NZY^TOP]PO ,N_`LW []LN_TNP T^ TY_PWWPN_`LWTePO TY _SL_ bLd BSP]P YPNP^^L]d T_ T^ TY_P] []P_PO _Z QT_ _SP _SPZ]d TY ^ZXP [WLNP^ QZ]NTMWd 2ZZOd Pc[WLTY^ ST^ OT^TY_P]P^_TYb]T_TYRbT_S`YQZ`YOPOSd[Z_SP^P^_LMZZZYb]T_TYRLYO L -]LSXLYTN XZYZ[ZWd ZY VYZbWPORP LYO OPaZ_P^ _ZZ WT__WP L__PY_TZY N]T_TNLW ZQ TOPZWZRd _Z _SP YZ_TZY _SL_ `YOP] NP]_LTY NT]N`X^_LYNP^ L`OTMWP _Pc_^ NZ`WO LW^Z MP []PQP]]PO TY L WT_P]L_P N`W_`]P LYO b]T_TYR NZ`WO TY RPYP]LW [WLd L XL]RTYLW ]ZWP TY 4YOTLY []LN_TNP ;]LcPZWZRTNLW L^[PN_^WTVP_SZ^POP_LTWPOMd1LWVTY_SPAPOTNWT^_^ZQSdXY^L]PPT_SP] TYLNNP^^TMWP_Z2ZZOdL^SPWLNV^OPP[P]4YOZWZRTNLWVYZbWPORPZ]L]P w_]TXXPOx_Z^`T__SP_SPZ]dZQ-]LSXLYTNOZXTYLYNPTYXT^]P[]P^PY_L _TZY^ Z] ZaP]TY_P][]P_L_TZY^ ?SP -]LSXTY^ bP]P YZ OZ`M_ ^TRYTQTNLY_ LYO [ZbP]Q`W N`W_`]LW [WLdP]^ P^[PNTLWWd bSPY _SPd bP]P LMWP _Z LN \`T]P ]ZdLW ^[ZY^Z]^ST[ -`_ 2ZZOdv^ _SPZ]d OZP^ WT__WP U`^_TNP _Z _SP NZX[WPc ]PLWT_d ZQ >LY^V]T_ N`W_`]P _SP TY_P]YLW OTaP]^T_d ZQ ^NSZWL]^v bZ]WO^ LYO _SP -]LSXLYTN _]LOT_TZY^ 4Y ^ZXP NL^P^ 2ZZOd XLVP^ TY NZ]]PN_L^^`X[_TZY^O`P_ZTY^`QQTNTPY_VYZbWPORPZQ_SP^`MUPN_XL__P] QZ] PcLX[WP L^^`XTYR _SL_ ZYWd -]LSXLYTN []TP^_^ bP]P WT_P]L_T LYO bP]P NZX[P_PY_ _Z _PLNS Z] _SL_ L OZXP^_TN [¼U£ LWbLd^ YPPOPO -]LS XLYTN XPOTL_TZY LYO NZY_LTYPO ]PNT_L_TZY ZQ _SP APOL 3P _]LY^QP]^ TOPL^ZQWT_P]LNdQ]ZXST^ZbYN`W_`]P_Z_SPQZ]PTRYN`W_`]P^`NSL^_SP YZ_TZY_SL__SPAPOLYPNP^^L]TWdSLO_ZMPTY_P][]P_PO 4Y 4YOTL TY _SP [L^_ XPOTL []LN_TNP LYO _SP bLd ZYP `^PO b]T_TYR bP]PzLYOZQ_PY^_TWWL]P_ZOLdzOTQQP]PY_Q]ZXbSL_2ZZOdbL^_STYV TYR ZQ LYO bSL_ SL^ MPNZXP YZ]XLW TY 0`]Z[P , WT_P]L]d N`W_`]P ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 2ZZOd 4Y_P]QLNP $z?SP[L^^LRPNZY_LTY^PaPYXZ]PZaP]TY_P][]P_L_TZY^LYO P]]ZYPZ`^TY_P][]P_L_TZY^LYOL^^`X[_TZY^
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
\`T]P^ OTQQP]PY_ ^ZNTLW ^T_`L_TZY^ 4Y NZY_]L^_ _Z 2ZZOdv^ NWLTX ZQ _SP R]PL_P]TYOP[PYOPYNPZQb]T_TYRLYOMZZV^L^NZX[L]PO_ZZ]LWNZXX` YTNL_TZY b]T_TYRT^YZ_L`_ZYZXZ`^,^P_ZQ^TRY^T^YPNP^^L]dLYO^Z L]P LN_Z]^ bSZ SLaP XL^_P]PO T_ LYO OZ YZ_ QZ]RP_ T_ L^ bL^ _SP NL^P bT_S _SP ZWO 3L]L[[LY ^N]T[_ >PLW^ b]T_TYR LYO MZZV N`W_`]P YPPO L NZXX`YT_d_SL_T^QLXTWTL]bT_Sb]T_TYRLYONLY]PLO&M`_[]TY_POMZZV^ L]P YZ_ QZ`YO TY 4YOTL `Y_TW _SP _TXP ZQ NZWZYTLW -]T_T^S ]`WP 4Y 4YOTL VYZbWPORP ZQ b]T_TYR LYO WT_P]LNd bP]P aP]d WL]RPWd NZYQTYPO _Z _SP `[[P] NWL^^P^ ]TRS_ TY_Z XZOP]Y _TXP^ L^ _SPd bP]P TY ^ZXP [L]_^ ZQ 0`]Z[P LW^Z 3ZbPaP] _ST^ OZP^ YZ_ L[[Wd _Z _SP _Pc_^ QZ] SPL]TYR LYO_SP[P]QZ]XLYNP[]LN_TNP^TP_SPXPOTL[]LN_TNP^L^LP^_SP_TN[]LN _TNP^-ZZV^L^N`W_`]LWLYNSZ]TYR[ZTY_^LYNSZ]TYOTQQP]PY_[WLNP^_SLY _SP L`OTMWP 4YOTLY _Pc_^ >TWPY_ _Pc_^ L^ 2ZZOd TXLRTYP^ _SPX _LVP `^ ZQQ _]LNV -Z_S _SP XZOLWT_TP^ ZQ Pc[]P^^TZY LYO _SP Q`YN_TZY^ LYO PQ QPN_^ ZQ L`OTMWP _Pc_^ L]P OTQQP]PY_ Q]ZX b]T__PY _]LOT_TZY^ ?SPd ZYWd MPNZXP NZX[]PSPY^TMWP bSPY ]T_`LW LYO [P]QZ]XLYNP []LN_TNP^ [P] ^ZYLWQLNP_ZQLNPNZY_LN_TY_PLNSP][`[TW_]LY^XT^^TZYLYO_SP[]TOPTY _SPWTM]L]dTYZYPv^XPXZ]dL]P_LVPY^P]TZ`^Wd-L^TNLWWdT_T^^_TWW_]`P _ZOLd _SL_ b]T_TYR^ OZ YZ_ [WLd L XLUZ] ]ZWP TY OLTWd WTQP 4Y^_PLO T_ T^ TX[Z]_LY_ SZb bSPY LYO bSd ^ZXP_STYR T^ ^[ZVPY LWZ`O ?SP []TP^_ X`^_ SLaP _SP XL_P]TLW QZ] ST^ WT_`]Rd TY ST^ SPLO , XLY`^N]T[_ TY L O]LbP] ^ZXPbSP]P T^ ZQ WT__WP aLW`P 4_ T^ YZ_ _SP [Z^^P^^TZY ZQ b]T_TYR _SL_QTWW^ZYPbT_S[]TOPM`__SPM]TWWTLY_[P]QZ]XLYNP_SPQTYPWdSZYPO QZ]XZQ_SP^[PPNS_SP\`Z_L_TZYQ]ZXXPXZ]dLYO_SPL[[]Z[]TL_PYP^^ ZQ _SP ^T_`L_TZY :Q_PY TY _Pc_ [P]QZ]XLYNP^ T_ T^ YZ_ _SP ^PXLY_TNLWWd _]LY^[L]PY_ Z] _SP OTOLN_TN _SL_ [WLd^ _SP XLTY ]ZWP M`_ ^dXMZWTN aLW `P^LOXT]L_TZYZQ_SP^VTWWZQ_SP[P]QZ]XP]^PY^Z]dLP^_SP_TN[WPL^`]P LYO _SP Z]LNWPWTVP _SP YZYaP]MLW LYO Y`XTYZ`^ _SL_ T^ QPW_ _Z MP wMP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q2ZZOd ;ZbP]ZQ_SPB]T__PY?]LOT_TZY :Y_ST^NQaLYOP]APP]w/ZP^>LY^V]T_6YZbWPORP0cT^_*x!z!ALYOP]APP] ^_]P^^P^_SL_TY_P]X^MZ_SZQ^ZNTZWZRdLYOOPXZR]L[SdT_bL^ZYNPLRLTY_SP^LXP N`W_`]LWËWT_P^TPTY_PWWPN_`LW^Z]WT_P]L_T_ZMPXZ]P[]PNT^PbSZNZ`WO`^P>LY^V]T_ LYOWP^^_SPAPOL^NSZWL]^ bSZLOaLYNPOLYO[]Z[LRL_POaP]YLN`WL]WT_P]LNd?SP []ZNP^^ ZQ aP]YLN`WL]TeL_TZY TY 4YOTL T^ NZX[L]LMWP TY XLYd bLd^ bT_S _SL_ TY WL_P XPOTPaLW0`]Z[PM`_T_OTOYZ_WPLO_Z>LY^V]T_MPTYRLMLYOZYPOL^7L_TYbL^LMLY OZYPOTY0`]Z[P,YOLRLTYT_bL^ZYWd_SP^LXPTY_PWWPN_`LW^bSZ[L]_TNT[L_POTY_SP N`W_`]PZQ[]TY_POMZZV^L[]ZO`N_ZQ-]T_T^SNZWZYTLW4YOTLL^_SZ^PbSZL^^NSZW L]^ZQ>LY^V]T_^`[[WTPO_SP0YRWT^S:]TPY_LWT^_^bT_SWTYR`T^_TNLYON`W_`]LWPc[P]_T^P 4Y_SPTY_P]LN_TZYXZaPXPY_^_ZbL]O]PQZ]XZNN`]]PO_SL_bP]PXZ]PQTcL_POZYb]T_ TYR_SLY_SPPL]WdN`W_`]P^ZQ_SPTY_PWWPN_`LW^3ZbPaP]PaPYTY0`]Z[P_SP^T_`L_TZY bL^YZ_PY_T]PWdOTQQP]PY_=PLOTYRLYOb]T_TYR[]LN_TNP^_SL_[]ZXZ_POLbTOP^[]PLO N`W_`]PZQ_SPwb]T_TYR^`MUPN_xL]PQZ`YOTY2P]XLYd_SPNZ`Y_]dZQ2`_PYMP]RLYO 7`_SP] ZYWdQ]ZX_SP#_SNPY_`]d:Y_ST^NQ=PNVbT_e@Y^NSL]QP2]PYePY !# bT_S]PQP]PYNP_ZQ`]_SP]WT_P]L_`]P
3TYO`T^XL^L.`W_`]PZQ>Z`YO
STYOx LYOwTYx_SP_Pc_[P]QZ]XLYNP?ST^XPLY^LbSZWP]LYRPZQLP^ _SP_TN OTXPY^TZY^ [WLd L aT_LW ]ZWP TYNW`OTYR TY_PY^TQTNL_TZY ZQ LQQPN_ TXLRTYL_TaP^PXTZ_TNTeL_TZYXZXPY_L]T^_TNwLM^ZW`_P[]P^PY_xP_NzTY ^SZ]_ ^dXMZWTN OP^_LMTWTeL_TZY ZQ MZ`YOL]TP^ MP^TOP^ []LN_TNLW T^^`P^ ^ZNTLWTeTYR ^ZNTLW PQQP]aP^NPYNP LYO ^dYNS]ZYTeL_TZY bSTNS L]P _SPX ^PWaP^ RPYP]L_PO Md _SP ^PY^Z`^LP^_SP_TN 2ZZOd OTO YZ_ PaPY SLaP ^`NSLP^_SP_TNL^[PN_^ZYST^]LOL]TPL^[PN_^_SL_L]PYZ_[`]PWdQ`YN _TZYLW LYO L]P LWbLd^ WTYVPO bT_S ^PY^Z]d [P]NP[_TZY LYO PXZ_TZYLWT_d MPNL`^PSP`YOP]^_ZZONZXX`YTNL_TZY_ZMPaP]dZYPOTXPY^TZYLWZYWd TY NZYYPN_TZY bT_S _SP _]LY^QP] ZQ TYQZ]XL_TZY -`_ _SP 4YOZWZRT^_^v N]T_TNT^X ZQ 2ZZOd bL^ LW^Z _ZZ ZYP^TOPOWd OT]PN_PO L_ ]`WP ^d^_PX^ LYO []LRXL_TN LYO QZ]XLW ]L_TZYLWT_d ?SP PQQPN_^ ZQ _SP XPOTL LYO _SP XPOTL []LN_TNP^ L]P YZ_ PcSL`^_PO TY ^_Z]LRP LYO QTWTYR ^d^_PX^ LYO TY_PWWPN_`LW _PNSYZWZRTP^ Z] TY _SL_ bSTNS T^ NZXX`YTNL_PO _S]Z`RS _SPX^PXLY_TNLWWd4Y^_PLOTY_SPbZ]O^ZQ_SPN`W_`]LW^ZNTZWZRT^_,Y O]PL^ =PNVbT_e _SPd LW^Z WPLaP wPQQPN_^ TY _SP OT^[Z^T_TZYLW NZ][Z]LW LYOXPY_LW^_]`N_`]PZQ_SP^`MUPN_x ?SPdTYQW`PYNPLYONSLYYPW^PY ^Z]d LYO LQQPN_TaP Pc[P]TPYNP _SP ^ZNTZN`W_`]LW QZ]XL_TZY ZQ _SP [P] NP[_TaP L[[L]L_`^ LYO _SP ^PXTZ_TNTeL_TZY ZQ ]PLWT_d 4Y _ST^ bLd _SPd M]PPO TY _SP ^`MUPN_ wL NP]_LTY _d[P ZQ uSLMT_`^v _SL_ T^ YPNP^^L]d TY T_^ _`]Y QZ] ]Z`_TYP LNNZX[WT^SXPY_ ZQ _SP []LN_TNP^x LYO _ST^ QPPO^ MLNVZY_ZNZRYT_TZY^PY^Z]dLQQPN_TaP[P]NP[_TZYLYObZ]WOPc[P]TPYNP ?ST^ ^ZYTN^d^_PXbL^YZ_ LNWZ^PO^d^_PXbT_SZ`_YPbTYaPY_TZY^ M`_ ]L_SP] L OdYLXTN []ZNP^^ ZQ NZY^_LY_ ]PNZOTYR =L_TZYLWTeTYR LYO OP^LN]LWTeTYR []ZNP^^P^ LW_P]YL_PO bT_S ]P^LN]LWTeTYR []ZNP^^P^ 1Z] TY^_LYNPbSPYWLYR`LRPMPNLXP\`T_P[]ZQLYPT_NZ`WOLWbLd^MPTYQTW _]L_PO LRLTY Md _SP Y`XTYZ`^ A£N ?SP ^PXLY_TNLWWd _]LY^[L]PY_ APOTN XLY_]L^ _SL_ bP]P _SP []P^P]aP ZQ _SP -]LSXTY^ bP]P OPXZN]L_TePO TY YPb XLY_]L QZ]X^ _SP YZY^PXLY_TN ?LY_]TN w^PPO XLY_]L^x bSTNS bP]P YZb LW^Z LNNP^^TMWP _Z bZXPY LYO ±¼O]L^ ,YO _SP ^PXLY_TNTePO ±LMOL-]LSXLY wBZ]O-]LSXLYx X`_L_PO TY_Z _SP Sd[P]^ZYTN 9£OL -]LSXLY w>Z`YO-]LSXLYx _SP NZ^XTN ^Z`YO _SL_ NZ`WO MP SPL]O TY X`^TN P_N ?SP N`W_`]P ZQ ^Z`YO SLO T_^ ZbY OdYLXT^X LYO _ST^ bL^ ^_]PYR_SPYPOMdb]T_TYR :YRv^ _SP^P^ bP]P XZ]P ^PY^T_TaP TY ]PWL_TZY _Z _SP LP^_SP_TN^ ZQ Z]LWL`]LW NZXX`YTNL_TZY M`_ ^PPX^ YZ_ _Z SLaP NZY^TOP]PO _SP [Z^^T MTWT_dZQb]T__PYLNNPY_`L_TZYZQZ]LWT_d2ZZOd_SZ`RS_ZQLYTY_P]QLNP M`_ OTO YZ_ ]PNZRYTeP PT_SP] _SP [SZYZNPY_]TN WTQPbZ]WOv^ ZbY OdYLX TN^LYOT_^PQQPN_^ZY[P]NP[_TZYZ]_SPLP^_SP_TN^LYO^dXMZWTeTYRQZ]NP ZQ _SP ^ZYLWT_d QLN_Z] 4_ T^ PL^d _Z ^`[[Z^P _SL_ _ST^ bL^ MPNL`^P ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PNVbT_e @Y^NSL]QP2]PYePY !! =PNVbT_e @Y^NSL]QP2]PYePY !!
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
aT^`LW 0`]ZNPY_]TN LYO WZRZNPY_]TN MTL^ LYO _SL_ 2ZZOdv^ []TXL]d TY _P]P^_ T^ TY w_PNSYZWZRTP^x bSTWP N`W_`]LW XPLYTYR^ [P]NP[_`LW STP]L] NSTP^^dYLP^_SP^TL^LYOTXLRTYTYR^U`^_WTVP[P]QZ]XLYNPSLaP[]LN_T NLWWd YZ ^[LNP TY ST^ _SPZ]d ?SP []LcPZWZRTNLW OTXPY^TZY bL^ TRYZ]PO bSTWP LY TY_PWWPN_`LWT^_TN OPQTYT_TZY bL^ QLaZ]PO z 2ZZOd WTVP XLYd Z_SP]LNLOPXTN^TRYZ]PO[P]QZ]XLYNP ! ?SP LP^_SP_TN^ L]R`XPY_ XLd ^PPX YLTaP LYO TY^TRYTQTNLY_ L_ QT]^_ RWLYNPTY_SPWTRS_ZQ ^ZNTLWWd XZ]PZMaTZ`^Wd PQQPN_TaPL^[PN_^ ^`NSL^ NZXX`YTNL_TZY LN]Z^^ _TXP LYO ^[LNP WT_P]LNd LYO QLNP_ZQLNP NZX X`YTNL_TZY Z]LWT_d -`_ []PNT^PWd _SP LP^_SP_TN L^[PN_ T^ P^[PNTLWWd TX[Z]_LY_ MPNL`^P T_ RZP^ ]TRS_ _Z _SP SPL]_ ZQ _SP OPML_P 2ZZOd LYO :YR _`]YPO `[ ^P]TZ`^ \`P^_TZY^ bSPY _SPd [Z^_`WL_PO _SP PQQPN_^ ZQ Z]LWT_dLYOWT_P]LNdZYNZRYT_TZYLYOQZ]X^ZQXPY_LWT_d[ZTY_POZ`__SP Q`YN_TZY^ ZQ _SP _bZ SPXT^[SP]P^ ZQ _SP M]LTY LYO U`c_L[Z^PO LM^_]LN _TZY LYO NZYN]P_TeL_TZY[L]_TNT[L_TZY ,WW _ST^ ^SZ`WO YZ_ ^TX[Wd MP _S]ZbY ZaP]MZL]O LW_SZ`RS bP VYZb _ZOLd _SL_ _SP M]LTY bZ]V^ TY L X`NS XZ]P NZX[WPc LYO YP_bZ]VPO QL^STZY :YP XLd MP U`^_TQTPO TY OZ`M_TYR bSP_SP] b]T_TYR ^d^_PX^ L]P LY LM^ZW`_P ]P\`T]PXPY_ QZ] ^d^ _PXL_TN_SZ`RS_LM^_]LN_TZY^LYOQZ]XLWWZRTNLWZ[P]L_TZY^?SP[SZYZ NPY_]TNLWWdZ]RLYTePOLM^_]LN_TZY^TPL`OTMWP ^dXMZWTN]P[]P^PY_L_TZY^ `^PO Md PL]Wd 4YOTLY ^NTPY_T^_^ ^`NS L^ ;£©TYT R]LXXL]TLY^ LYO LW^Z WL_P] ZYP^ ^`NS L^ AL]L]`NT LYO ¢]dLMSL¶L XL_SPXL_TNTLY^ LYO L^ _]ZYZXP]^^SZb_SL__SP]PbP]PLW^ZZ_SP][Z^^TMTWT_TP^ZQ^TRYQZ]XL _TZY _SL_ bP]P LM^_]LN_TYR LYO ^dXMZWTN DP_ bP bZ`WO LR]PP bT_S 2ZZOd_SL_LM^_]LN_TZY^]P\`T]P^TRYNZOP^LYO_SL_T_T^YZ_LWW_SP^LXP bSL_ZQ_d[P^TRYNZOP^_SP^PL]P?SPL`OTMWPLM^_]LN_TZY^L]PLYP^[P NTLWWd TY_P]P^_TYR [SPYZXPYZY ZQ _SP LP^_SP_TN^ ZQ XPOTL []LN_TNP% _SPd NZXMTYP LM^_]LN_TZYLYO NZYN]P_TeL_TZY^PY^Z]d[L]_TNT[L_TZYzTP_SPd `YT_P _bZ Q`YN_TZY^ _SL_ 2ZZOd LYO :YR LWWZNL_PO _Z WT_P]LNd TY ZYP [WLNP LYO _Z Z]LWT_d TY LYZ_SP] 4Y NZYN]P_P []LN_TNP MZ_S R]L[STN LYO ^Z`YOTYR LM^_]LN_TZY^ ^ZNTLWTeP QZ]XLWT^_TN _SZ`RS_ M`_ _SPd PLNS []Z XZ_PLOTQQP]PY_LP^_SP_TN ^PY^P4YRPYP]LW_P]X^^TWPY_]PLOTYR_Pc_^ LYO ^[ZVPY ^`YR Z] [P]QZ]XPO L`OTMWP _Pc_^ []ZaTOP OTQQP]PY_ _PNS YZWZRTP^ LYO _]LTYTYR R]Z`YO^ QZ] QZ]XTYR ^`MUPN_TaT_d LYO N`W_`]LWT_d w?]LTYTYR^Z]_P QÞ] >`MUPV_ `YO 6`W_`]QZ]XL_TZYx ?SP PQQPN_^ ZY _SP [P]NP[_TaPL[[L]L_`^^PPX_ZMPaL^_WdOTQQP]PY_OP[PYOTYRZYbSP_SP] L`OTMWPZ]R]L[STNLW]P[]P^PY_L_TZY^L]P`^POL^OTQQP]PY_^PY^Z]d^_TX `WT ZNN`[d _SP QZ]PR]Z`YO LYO OTQQP]PY_ ^PY^P^ L]P PT_SP] P^[PNTLWWd ^_]ZYRWd LN_TaL_PO Z] YZ_ ?ST^ T^ NZY^T^_PY_ bT_S 2ZZOdv^ ]L_TZYLWT^X _SP^T^ M`_ _LVP^ T_ Q`]_SP] LYO XLVP^ L OPNT^TaP ^STQ_ _ZbL]O^ LY LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :Y_ST^[]ZMWPXNQLW^Z1L`^P] 0TYQÞS]`YRTYOTP6`W_`]bT^^PY^NSLQ_ #!LYO=PNV bT_e @Y^NSL]QP2]PYePY
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_S]Z[ZWZRd ZQ _SP ^PY^P^ LYO L ^ZNTZWZRd ZQ _SP LP^_SP_TN ?SP ^STQ_ ^_PP]^ZYPv^L__PY_TZYLbLdQ]ZXNZRYT_TZY[`]PWdXPY_LW[]ZNP^^P^_Z ^PY^Z]d [P]NP[_TZY LYO ZYbL]O _Z [P]NP[_TZY TY _SP M]ZLOP] ^PY^P ZQ bSTNS_SPP[T^_PXTNQTPWOT^M`_ZYPL^[PN_,__SP^LXP_TXP_ST^XPLY^ _SL_ ZYPv^ L__PY_TZY T^ OT]PN_PO _ZbL]O^ LP^_SP_TN []LN_TNP^ L^ N`W_`]LW ZYP^ ,^ ^ZNTLW []LN_TNP^ XPOTL []LN_TNP^ L]P YPaP] Q]PP Q]ZX Z`] N`W _`]LW w^PNZYO ^VTYx TP L^^ZNTL_PO bT_S _SP L_SPXL_TNLWWd []P^PY_ N`W _`]LW YZ]X^ aLW`P^ LYO NZOTYR^ z ^[PNTQTN YZ_TZY^ QZ]X^ ZQ XPY_LWT_d LYO wSLMT_`^x MZOd VYZbWPORP LQQPN_TaT_TP^ P_N z _SL_ _SPd MZ_S ]P QWPN_LYOTX[LN_`[ZY?SP]P^PL]NS\`P^_TZYOT]PN_PO_ZbL]OLP^_SP_TN^ LYO[P]NP[_TZYYPNP^^L]TWdWPLO^QL]MPdZYO_SP]PO`N_TZY_Z^N]T[_^LYO LYLWd_TNLW]L_TZYLWT_dLYO^_PP]^_SPOT^N`^^TZYZY_ZLOTQQP]PY_NZ`]^P ?Z^`XXL]TePZYPNLY ^_L_P_SL_XPOTL _SPZ]TP^ZQ_PY LWW _ZZ ^NSP XL_TNLWWd N]PL_P L OTNSZ_ZXd MP_bPPY Z]LWT_d LYO WT_P]LNd LYO SLaP `YTaP]^LWTePO _SP [Z^_`WL_PO NZY^P\`PYNP^ ZQ WT_P]LNd TY L XLYYP] _ZZ XZYZNL`^LW ?ST^ XPLY^ _SL_ YZ_ ZYWd _SP NZX[WPc ]PWL_TZY^ MP_bPPY WT_P]LNd LYO Z]LWT_d bP]P `YOP]XTYPO LWZYR bT_S _SP OTaP]^T_d LYO SP_ P]ZRPYPT_dZQ XPOTLNZYQTR`]L_TZY^M`_ ^Z bP]P N`W_`]LWWd ^[PNTQTN XP OTL []LN_TNP^ 4YOZWZRT^_^ SLaP MPPY U`^_TQTPO TY N]T_TNTeTYR 2ZZOdv^ WT_P]LNd _SPZ]d LYO [ZTY_PO Z`_ TX[Z]_LY_ N`W_`]LW aL]TL_TZY^ >LY^V]T_ N`W_`]P TYOPPO ]P[]P^PY_^ L _P^_ NL^P LYO NZ]]PN_TZY QZ] 2ZZOdv^ XPOTL OP_P]XTYT^X 3T^ _SP^P^ L]P ZYWd [L]_TLWWd L[[WTNLMWP _Z _SP 4YOTLY N`W _`]LW L]PL LYO _SPY ZYWd LQ_P] ^PaP]P XZOTQTNL_TZY LYO []LcPZWZRTNLW LYO LP^_SP_TN Pc[LY^TZY ?ST^ LW^Z L[[WTP^ TY []TYNT[WP _Z :YRv^ _SP^P^ 4_ NLYYZ_ MP OPXZY^_]L_PO `YP\`TaZNLWWd _SL_ _SP]P T^ L YPNP^^L]d NZY YPN_TZY MP_bPPY b]T_TYRMZZV N`W_`]P []PNT^P ^_Z]LRP ^d^_PXL_TN _SZ`RS_]PQZ]X^LYOTY_P]YLWTeL_TZYBP^_]ZYRWdNLWWTY_Z_SP\`P^_TZY _SP TOPL _SL_ T_ T^ ZYWd [Z^^TMWP _Z SLaP LM^_]LN_ ]P[]P^PY_L_TZYLW QZ]X^ TY _SP []P^PYNP ZQ b]T_TYR LYO YZ_ bT_S Z]LW NZXX`YTNL_TZY ,M^_]LN_ ^TRY ^d^_PX^ NLY LW^Z MP XLOP ZQ YZYR]L[STN OPaTNP^ QZ] TY^_LYNP ^Z`YO^LYORP^_`]P^:Y_SPZ_SP]SLYOZ_SP]PQQPN_^ZQb]T_TYRN`W_`]P NLYYZ_ MP OPYTPO ^`NS L^ MP__P] XPLY^ ZQ ^[]PLOTYR VYZbWPORP ?SP]P T^ YZ OZ`M_ _SL_ b]T_TYR bL^ `^PO TY _SP ^Z[ST^_TNL_PO w>LY^V]T_ NZ^ XZ[ZWT^x M`_ L_ _SP ^LXP _TXP _SP WTaTYR Z]LWL`]LW NSLYYPW^ ZQ NZX X`YTNL_TZY LYO _]LY^XT^^TZY bP]P YZ_ LMLYOZYPO 4Y _ST^ bLd _SP STRSWd[]ZQP^^TZYLW >LY^V]T_N`W_`]P ^_TWW[]P^P]aPOQPL_`]P^ZQZ]LWN`W _`]P^ ,^ _SP XPOTL NZY^_PWWL_TZY OTO YZ_ `YOP]RZ XLUZ] NSLYRP^ _SP [ZbP] ZQ ^Z`YO ]PXLTYPO TY_LN_ :YP NLY ZYWd XLVP Z`_ aL]TL_TZY^ TY XPLYTYR SZb _ST^ [ZbP] bL^ TXLRTYPO NSL]LN_P]TePO LYO Pc[WTNL_PO LYO SZb _SP [SZYZNPY_]TNT_d bL^ Pc[]P^^PO TY OTQQP]PY_ []LN_TNP^ :Q NZ`]^P >_LLW LYO 1LWV bP]P NZ]]PN_ TY NWLTXTYR _SL_ _SP APOL LYO ;£©TYTv^R]LXXL]_SL_T^]PXTYT^NPY_ZQNZX[`_P]WTVPLYOLWRPM]LWTVP XP_LWLYR`LRP bP]P []TXP PcLX[WP^ ZQ PcLN_ _]LY^XT^^TZY LYO ^NTPY
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
"
_TQTN _STYVTYR -`_ _SPT] bZ]V^ OZ YZ_ LOO]P^^ _SP ^PY^Z]d LP^_SP_TN LQQPN_TaP [ZP_TN LYO wXLRTNLW Y`XTYZ`^x L^[PN_^ _SL_ NLY MP QZ`YO TY _SP APOL LYO PaPY z L^ _]LNP^ z TY ;£©TYT ,WZYR bT_S =PNVbT_e bP NZY^TOP]T_Q`YOLXPY_LWYZ_ZYWd_Z^STQ__SPQZN`^Q]ZX_SPXPOTL_Z_SP XPOTL []LN_TNP^ _SP SZb LYO bSd ZQ L[[WTNL_TZY M`_ LW^Z _Z PcLXTYP _SPXPOTL[]LN_TNP^ L^ ^TX`W_LYPZ`^WdLP^_SP_TNZYP^ :`]L]R`XPY_QZ] L^ZYTNN`W_`]PL`_ZXL_TNLWWdM]TYR^Z_SP]L^[PN_^_Z_SPQZ]PTYLOOT_TZY _ZTY_PWWPN_`LWT_dLYO[]LRXL_TN^
"
8POTL;]LN_TNPL^,P^_SP_TN;]LN_TNP
w4Y RPYP]LW _SP XPOTL []LN_TNP^ ZQ _SP N`W_`]P L]P ]P[]P^PY_PO LRLTY LYO LRLTY L^ ^[PNTQTN _PNSYT\`P^ ZQ LY LP^_SP_TNTeL_TZY ZQ _SP ^`MUPN_ L^ _PNSYT\`P^ZQPXMZOTXPY_ZQOTQQP]PY_QZ]X^ZQLYLP^_SP_TN^PY^Px "
0aPY TQ _ST^ ^_L_PXPY_ Md _SP N`W_`]LW ^ZNTZWZRT^_ =PNVbT_e Q]ZX _SP dPL]#]PQP]^^[PNTQTNLWWd_Z_SPTYOTaTO`LWTePON`W_`]PZQ_SPXZOP]Y BP^_P]Y [P]TZO T_ NLY TY []TYNT[WP LW^Z MP L[[WTPO _Z Z_SP] L]PL^ LYO _TXP^ # 3T^ _SP^T^ _SL_ XPOTL []LN_TNP^ WTVP LWW ^ZNTLW []LN_TNP^ L]P LWbLd^ LW^Z LP^_SP_TN []LN_TNP^ ^TYNP _SPd ^TX`W_LYPZ`^Wd PYNZ`]LRP ^[PNTQTN QZ]X^ ZQ LP^_SP_TN ^PY^P Md ^_TX`WL_TYR NP]_LTY ^PY^P^ M]TYR^ `[LYTX[Z]_LY_[ZTY__SL_bL^LWXZ^__Z_LWWdYPRWPN_POTY_SP^NTPY_TQTN _]LOT_TZY^ =PNVbT_e STX^PWQ MPXZLY^ _SP wNZY^T^_PY_ ]PXZaLW ZQ _SP ^PY^P^x wOPWTMP]L_P OPLP^_SP_TNTeL_TZYx LYO _SP w]L_TZYLWT^_TN MTL^x TY NWL^^TNLW ^ZNTLW _SPZ]TP^ ^`NS L^ _SZ^P ZQ 8L]c LYO BPMP] $ bSTNS SP TY_P][]P_^ L^ L NZY_TYRPY_ []ZO`N_ ZQ _SP wMZ`]RPZT^ N`W_`]P ZQ ^`MUPN _TaT_d LYO WT_P]LNdx wMÞ]RP]WTNSP >`MUPV_ `YO >NS]TQ_V`W_`]x LYO bSTNSSPN]T_TNTeP^SL]^SWd ?SP[L]LOTRXZQ_SPNWL^^TNLW^ZNTZWZRTNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP2]PYePY " # ,W^Z=PNVbT_e @Y^NSL]QP2]PYePY "!"#LZ $ =PNVbT_e @Y^NSL]QP 2]PYePY !z! OZP^ SZbPaP] LW^Z XPY_TZY ]PYZbYPO Z[[Z^TYR _PYOPYNTP^ []TYNT[LWWd 2PZ]R >TXXPWv^ w>ZeTZWZRTP OP] >TYYPx LYO w>ZeTZWZRT^NSP ¦^_SP_TVx LYO LW^Z /`]VSPTXv^ WL_P bZ]V TY bSTNS _SP LP^_SP_TN MP NZXP^_SP^PN]P_QZ`YOL_TZYZQ_SP^ZNTLWL^QL]L^/`]VSPTX]P[]P^PY_^_SP]PWTRTZ`^ ]T_`LW^L^L^T_PZQ_SP[]ZO`N_TZYZQ^ZNTLWT_d =PNVbT_e @Y^NSL]QP 2]PYePY $z"!& $z# =PNVbT_e ^PP^ LY TXXPOTL_P NZ]]PWL_TZYMP_bPPY_SPLY_TLP^_SP_TN]L_TZYLWT^_TNMTL^LYO_SPST^_Z]TNLWPXP]RPYNP ZQ ^ZNTZWZRd L_ _SP PYO ZQ _SP $_S NPY_`]d ^SZ]_Wd MPQZ]P _SP M]PLV_S]Z`RS TY _SP XL^^`^PZQL`OTZaT^`LWXPOTL3PPc[WLTY^_SPTYNWTYL_TZY_ZwQZ]XLW]L_TZYLWT_dxTY NWL^^TNLW^ZNTZWZRdLYOT_^WZYRWL^_TYR^VP[_TNT^X_ZbL]O_SPLP^_SP_TNTY_SPWTRS_ZQ ST^_SPZ]dZY_SPNZ]]PWL_TZYMP_bPPYNSLYRPTY_SPXPOTLLYO^`MUPN__]LY^QZ]XL_TZY ,NNZ]OTYR_ZSTX^ZNTZWZRdbL^LYO^_TWWT^TY[L]_NSL]LN_P]TePOMd_SP^`MUPN_TaT eL_TZY_d[TNLWZQ_SPWT_P]L]dN`W_`]PZQLYTYbL]OWdZ]TPY_PONZRYT_TaPXZ]LWMZ`] RPZT^ wb]T_TYR [P]^ZYLWT_dx _SL_ ^TYNP _SP =PYLT^^LYNP LYO _SP w2`_PYMP]R =PaZW` _TZYxSLOQZ]XPOQ]ZX_SP!_S_Z_SP#_SNPY_`]TP^M`_bSTNSbL^]P[WLNPOMdYPb
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
OT^NZ`]^P bL^ LNNZ]OTYR _Z =PNVbT_e _SL_ ZQ L ST^_Z]TNLW _]LY^QZ]XL _TZY Q]ZX ]PWTRTZ^T_d _Z XZ]LWT_d LYO `W_TXL_PWd _Z QZ]XLW ]L_TZYLWT_d 1]ZX _ST^ ^_LYO[ZTY_ SP SZWO^ _SP]P bL^ L _PYOPYNd ZQ aLW`TYR _SP LP^_SP_TN ^ZWPWd wL^ _SL_ bSTNS T^ OTQQP]PY_ Q]ZX _SP XZOP]Y [P]TZOx =PNVbT_e `YOP]^_LYO^ _SP LP^_SP_TN _Z MP _SP ^[SP]P ZQ TY_PY^TQTPO ^PY ^Z]d [P]NP[_TZY LYO LQQPN_^ _SP L[[WTNL_TZY ZQ N]PL_TaT_d wV]PL_TaP 2P^_LW_`YRx YZYLN_TZYMZ`YO Pc[P]TPYNP wSLYOW`YR^PY_WL^_P_P^ 0] WPMPYx LYO L M]PLV LbLd Q]ZX NZRYT_TaP YZ]XL_TaP ^d^_PX^ w>TYYM]`NSVZRYT_TaYZ]XL_TaP]>d^_PXPx3P^PP^T_L^LNZ`Y_P][L]_ _Z wYZYLP^_SP_TNx QZ]XLW WZRTNLW LYO [`]PWd [`][Z^PZ]TPY_PO ]L_TZYLW T_d @Y_TW bPWW TY_Z XZ]P ]PNPY_ _SPZ]TP^ ZQ LN_TZY LYO NZXX`YTNL_TZY Z] _SPZ]TP^ ZQ ^dXMZWTN TY_P]LN_TZY NWL^^TNLW ^ZNTZWZRd RPYP]L_PO wL OPWTMP]L_P_SPZ]dZQOPLP^_SP_TNTeL_TZYxTYbSTNSwLXL]RTYLWTeL_TZYZQ [P]NP[_TaP ^PY^P LQQPN_TaT_d N]PL_TaT_d LYO ^dXMZWTN OP^_LMTWTeL_TZY ZQ MZ`YOL]TP^x ZNN`]]PO bSTWP ]L_TZYLW WZRTN []POTN_LMTWT_d ZMUPN_TaTeL _TZY wNZY^T^_PY_ ]PXZaLWZQ^PY^PQ]ZX[]LN_TNPx w[]LRXL_TNOPNT^TZY XLVTYRxLYOwLN_TZY^bT_SZ`_Pc[P]TPYNPx[]PaLTWPO >PY^Z]d[P]NP[ _TZYLYObT_ST__SP[Sd^TNLWOTXPY^TZYLQQPN_TaT_dLYON]PL_TaPLN_TaT_d bP]P _SP]PQZ]P `YU`^_TQTLMWd []ZUPN_PO wZY_Z _SP WPaPW ZQ _SP []P^ZNTLW [^dNSZWZRTNLW Z] TYOTaTO`LWx 9Z_ `Y_TW _SP XZ]P ]PNPY_ ^ZNTZWZRd ^TYNP _SP $#^ L^ _SP LRP ZQ OTRT_LW XPOTL bL^ MPRTYYTYR OTO =PNVbT_e YZ_TNP L ^_]ZYRP] TY_P]P^_ TY _SP LP^_SP_TN P^[PNTLWWd TY _SP NZY_Pc_ ZQ L N`]]PY_ OTLRYZ^T^ ZQ XZOP]Y WTQP^_dWP^ -Z`]OTP` 3Zb PaP]SPNLWW^PaPYXZ]P^_]ZYRWdQZ]Lw^ZNTZWZRdZQ_SPLP^_SP_TNxLYO LYwLYLWd_TNLW \`Z_TOTLYTeL_TZY ZQ_SPLP^_SP_TNx ?S]PP[ZTY_^TY=PNVbT_ev_SPZ]dZQ^ZNTZWZRTNLWXPOTLLYOLP^_SP_ TN^ L]P P^[PNTLWWd ]PWPaLY_ _Z Z`] ^_`Od L^ SL^ LW]PLOd MPPY ^SZbY 1T]^_Wd _SP QT]X []LcPZWZRTNLW [P]^[PN_TaP SP NLWW^ QZ] LYO _SP `YOP] ^_LYOTYR ZQ XPOTL []LN_TNP^ LYO ^ZNTLW []LN_TNP^ L^ LW^Z MPTYR LP^_SP_TN []LN_TNP^&^PNZYO_SP[]PXT^P_SL__SPXPOTL[]TXL]TWdLQQPN__SP^_]`N _`]PZQ^PY^Z]d[P]NP[_TZYLYOYZ_WPL^_]P[]P^PY_^PWQ]PQP]PY_TLWw_PNS YZWZRTP^ZQ_SP^PWQxLWZYRbT_SNZWWPN_TaPwQTPWO^ZQ_]LTYTYRQZ]QZ]X TYR ^`MUPN_TaT_d LYO WTQP^_dWPx w?]LTYTYR^Z]_P QÞ] >`MUPV_ `YO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QZ]XL_TZY^ ZQ ^`MUPN_TaT_d w>`MUPV_QZ]XL_TZYPYx PXP]RTYR TY _SP L`OTZaT^`LW LYO OTRT_LW LRP ?SP N]T_TNT^X ZQ BPMP] T^ Pc[WLTYPO Md ST^ ]L_TZYLWT^X]L_TZYLWTeL_TZY _SP^T^ 3ZbPaP] T_ X`^_ MP ]PNZRYTePO _SL_ Md YZ XPLY^ OZP^ BPMP] WTXT_ ]L_TZYLW T^X _Z _SP ;]Z_P^_LY_T^X _SP^T^ _SP w^[T]T_ ZQ NL[T_LWT^Xx _SP wOPXLRTQTNL_TZYx ZQ _SPbZ]WOM`]PL`N]LNdZ][`]PWZRZNPY_]TNT_dLYO_SL_ST^Pc[WLYL_TZY^ZQ^ZNTLWLN _TaT_dTYNW`OTYRXLRTNXd^_TNT^XLYOL^NP_TNT^XNZY_LTYMZ_S]L_TZYLWLYOLP^_SP_TN L^[PN_^ ,NNZ]OTYR_Z BPMP] ^ZNTLWLN_TaT_dT^MdOPQTYT_TZYLWbLd^]L_TZYLWPaPYTQ T_OZP^YZ_YPNP^^L]TWdLWbLd^NZ]]P^[ZYO_ZXZOP]YN]T_P]TLZQ]L_TZYLWT_d =PNVbT_e @Y^NSL]QP2]PYePY !z! =PNVbT_e @Y^NSL]QP2]PYePY ! =PNVbT_e @Y^NSL]QP2]PYePY #
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$
7PMPY^QZ]XPYx LYO w_PNSYZWZRTP^ QZ] PXMZOdTYR LY LP^_SP_TN ^PY^Px& LYO_ST]O_SP]P\`T]PXPY_ZQLYLP^_SP_TNLWWd^PY^T_TePO^ZNTLW_SPZ]d 3P]P[]LN_TNP^SZ`WOMP`YOP]^_ZZO_ZSLaPLM]ZLOP]]PQP]PYNP_SLY XP]PWd_SP_PNSYTNLWVYZbSZbZ]_ZZWVT_VYZbWPORP]PWPaLY__ZL[[WT NL_TZYbSTNS>_LLWLYO1LWVOP^N]TMPONWPL]WdTY]PWL_TZY_ZAPOL[]LN _TNP4Y^_PLObPUZTYbT_S=PNVbT_eTY^PPTYR^ZNTZN`W_`]LW[]LN_TNPL^ L _PX[Z]L]TWd `YQZWOTYR LYO ^[L_TLWWd OT^[P]^PO YPc`^ ZQ OZTYR^ LYO ^LdTYR^ >ZNTZN`W_`]LW []LN_TNP []ZO`NP^ ]PN]PL_P^ LYO M`TWO^ ZY _SP L_SPXL_TNLWWd LYO `YNZY^NTZ`^Wd RTaPY N`W_`]LW VYZbWPORP _SL_ TX[WTN T_Wd []PNPOP^ _d[TQTPO LYO ]Z`_TYTePO QZ]X^ ZQ MPSLaTZ] LYO T^ ]PWPaLY_ _ZLN_TZYw?SPWZRTNZQMPTYRTX[WTPOxT^TX[Z]_LY_SP]P% wu.`W_`]Pv TY _SP ^PY^P ZQ ^dXMZWTN Z]OP]^ LYO _SPT] NZOP^ L[[PL]^ SP]P TY L[]LN_TNLW ^PY^P bT_S TXXPOTL_P]PWPaLYNP_Z LN_TZY^% T_SL^_SPQZ]XZQ L ^N]T[_WTVP VYZbSZb w^N]T[_QØ]XTRP^ VYZbSZbBT^^PYx ZQ LY TY_P] []P_L_TaP VYZbWPORP Q]LXP wTY_P][]P_L_TaP^ /P`_`YR^bT^^PYx LYO ZQ NP] _LTY ]Z`_TYTePO XZ_TaPLQQPN_ NZX[WPcP^ bSTNS L]P TY_P]bZaPY TY_Z []LN _TNP>ZNTLW`YT_^]TRS_`[L^QL]L^PY_T]P^ZNTP_TP^_S`^L[[PL]L^YP_bZ]V^ ZQ NZX[WPcP^ ZQ []LN_TNP^ _SL_ L]P WTYVPO PT_SP] WZZ^PWd Z] _TRS_Wd _SL_ NZYYPN_ ^[LNP LYO _TXP _SL_ T^ XLVP [Z^^TMWP MZ_S ^ZNTLW ]P[]ZO`N_TZY TY _TXPLYOOT^[P]^LW_S]Z`RS^[LNPx
?SP XPOTL LQQPN_ _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_Tad _Z _SP Pc_PY_ _SL_ _SPd L]P L^^TXTWL_PO L[[WTPO LYO L^^ZNTL_PO bT_S ^TRY ^d^_PX^ LYO _S`^ MPNZXP [L]_ ZQ _SP ^PXTZ_TN L]^PYLW ZQ _SP N`W_`]P ?SP]PQZ]P _SP \`P^_TZYLMZ`_bLd^ZQ`^TYR_SPXPOTLT^OT]PN_WdWTYVPObT_S_SP\`P^ _TZY ZQ _SP ^ZNTZN`W_`]LW QZ]XL_TZY ZQ _SP [P]NP[_TaP L[[L]L_`^ ZQ _SP S`XLY^`MUPN_ >TXTWL]Wd _Z :YR =PNVbT_e L^^`XP^ _SL_ _SP NZRYT_TaP PXZ_TZYLW LYO [P]NP[_TaP ^_]`N_`]P^ ZQ [P]^ZYLWT_TP^ L]P QZ]XPO LYO _]LY^QZ]XPO bT_STY XPOTL []LN_TNP^ >Z SP ^[PLV^ ZQ w_]LTYTYR R]Z`YO^x QZ] QZ]X TYR ^`MUPN_TaT_d LYO WTQP^_dWP 4Y XPOTL []LN_TNP^ OT^[Z^T_TZY^ N]d^_LW WTeP Z`_ w_SL_ _SPY bT_STY L ST^_Z]TNLW N`W_`]LW QZ]XL_TZY LYO T_^ Z]OP] TYR ZQ ^`MUPN_TaT_d w>`MUPV_Z]OY`YRx ^`[[Wd _SP []P]P\`T^T_P^ QZ] NZX[P_PY_ [L]_TNT[L_TZY TY Z_SP] ^[PNTLWTePO []LN_TNP NZX[WPcP^ PNZY ZXd [ZWT_TN^ QLXTWd P_Nx ! ?Z _SP TYOTaTO`LW XPOTL L[[PL] L^ w_PNSYZWZRTP^ ZQ _SP ^PWQx `^PO bT_S _SP TY_PY_TZY ZQ NSLYRTYR ZYP^PWQ bSP_SP] _ST^ MP PO`NL_TZY XZ]LW POTQTNL_TZY [L^_TXP^ [WPL^`]P Z] Pc [LYOTYR _SP TXLRTYL_TZY P_N 3ZbPaP] _SP ^ZNTZWZRTNLW NZYNP[_ ZQ ^`MUPN_ LYO ^`MUPN_TaT_d RZP^ MPdZYO _SP TYOTaTO`LW 3P]P w^`M UPN_TaT_dxXPLY^_SP^ZNTZN`W_`]LWQZ]XTYbSTNS_SPTYOTaTO`LW_LVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PNVbT_e @Y^NSL]QP2]PYePY !,W^ZZY_SPQZWWZbTYRTMTO =PNVbT_e @Y^NSL]QP2]PYePY ! ! =PNVbT_e @Y^NSL]QP2]PYePY !!z!"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^SL[PLYOTYbSTNS_SP[]LN_TNPT^L^^TXTWL_PO ">`MUPN_TaT_dQZ]XL_TZY Z] ^`MUPN_TaTeL_TZY T^ _S`^ XZ]P Z] WP^^ NZYR]`PY_ bT_S -Z`]OTP`v^ wSLMT_`^x ,NNZ]OTYR _Z =PNVbT_e T_ SL[[PY^ YZ_ WPL^_ aTL WPL]YTYR TYNZ][Z]L_TYR LYO []LN_TNTYR ^[PNTQTN QZ]X^ ZQ LP^_SP_TN ^PY^P ?ST^ T^ LNSTPaPOYZ_ZYWdMdXPOTL[]LN_TNP^M`_LW^ZMdZ_SP]^ZNTLW[]LN_TNP^ TYNW`OTYR]PWTRTZ`^ LYO ^NTPY_TQTN[]LN_TNP QZ]X^?SP ]ZWPZQ_SPXPOTL TYQZ]XTYRLP^_SP_TN^PY^PSZbPaP]T^LYP^[PNTLWWdTX[Z]_LY_ZYP =PNVbT_e `YOP]^_LYO^ ST^ ^ZNTZWZRd ZQ _SP LP^_SP_TN L^ L YPNP^^L]d Pc_PY^TZYZQ^ZNTLW_SPZ]d3T^]P^PL]NS[]ZR]LXz^TXTWL]_Z_SL_TY_SP LP^_SP_TN^ ZQ ]PWTRTZY z T^ _Z PcLXTYP _SP LP^_SP_TN \`LWT_TP^ ZQ ^ZNTLW []LN_TNP^ TP w_SP ^[PNTQTN QZ]X^ ZQ ^PY^Z]d [P]NP[_TZY LQQPN_TaT_d Pc[P]TPYNTYRLYO]PQWPcTaP`^P^ZQ^TRY^d^_PX^xLYOZQ_SPZ[PYYZ_ ZYWd]`WPML^PObLdZQOPLWTYRbT_SZMUPN_^LYO^`MUPN_^ #6YZbWPORP T^ YZ_ ZYWd NZRYT_TaP z T_ LW^Z PYNZX[L^^P^ TY_`T_TaP PaP]dOLd VYZbW PORP MZOTWd VYZbWPORP LYO ^PY^Z]d LYO LQQPN_TaP VYZbWPORP ?ST^ LYLWd_TNLW [P]^[PN_TaP PYLMWP^ ZYP _Z WZZV L_ [P]NP[_TZY ^d^_PX^ L^ NZX[WPc SZWT^_TN ^_]`N_`]P^ 4_ ]P[]P^PY_^ LY TX[Z]_LY_ NZ]]PN_TZY _Z 2ZZOdv^ WZRZNPY_]TNT_d Md Pc[LYOTYR _SP QTPWO ZQ XPOTL PQQPN_^ Q]ZX QZ]X^ ZQ TY_PWWPN_`LW NZRYT_TZY _Z bSZWP [P]NP[_TZY ^d^_PX^ LYO RTaTYR _SP Z]LWT_dWT_P]LNd OPML_P L OTQQP]PY_ OT]PN_TZY Md XLVTYR T_ NZY^TOP]L MWd WP^^ TOPZWZRTNLW 4_ T^ YZ_TNPLMWP _SL_ TY _ST^ TOPZWZRTNLW ML__WPQTPWO 2ZZOdv^ ZYP^TOPO PX[SL^T^ ZQ TY_PWWPN_`LWT_d bL^ SL]OWd aTPbPO L^ L []ZMWPXL_LWWLYOTY^_PLObL^[P][P_`L_POLYOXZ]PZ]WP^^YL_`]LWTePO Md ^`[[Z]_P]^ LYO Z[[ZYPY_^ LWTVP :YP XLd LR]PP bT_S =PNVbT_e _SL_ _ST^ QZN`^ ZY ]L_TZYLWT_d LYO LM^_]LN_TZY NZ`WO MP NSL]LN_P]TePO L^ L _d[TNLW []ZO`N_ ZQ _SP wWT_P]L_P MZ`]RPZT^x wMÞ]RP]WTNSP^ >NS]TQ_^`M UPV_x ?SP WZRTNLW NZ]]PWL_P ZQ _ST^ bL^ _SL_ SL]OWd LYd NZY^TOP]L_TZY bL^ RTaPY _Z LY Pc[LY^TZY ZQ _SP ]P^PL]NS _Z TYNW`OP aL]TZ`^ QZ]X^ ZQ ^PY^Z]d [P]NP[_TZY ^`NS L^ SPL]TYR LYO ^PPTYR SLMT_^ LYO ZQ LP^_SP_TN ^PY^P bSTNS [Z^^TMWd ]PLWWd L]P []ZXZ_PO OTQQP]PY_Wd Md Z]LWT_d LYO WT_P]LNd4Y_ST^OPML_P_SP^PY^Z]dLP^_SP_TNLYOLQQPN_TaPOTXPY^TZY^ZQ `^TYR XPOTL RPYP]LWWd PWTNT_PO LXLeTYRWd WT__WP TY_P]P^_ LW_SZ`RS _SP ^_TX`WL_TZYZQ_SP^PY^Z]dL[[L]L_`^LYO[P]NP[_TZYLYO_S`^ZQNP]_LTY ^_dWP^ ZQ ^`MUPN_TaT_d bLd^ ZQ Pc[P]TPYNTYR LYO bZ]WO Z]TPY_L_TZY^ bL^LXZYR_SPR]PL_P^_PQQPN_^ZQ_SPXPOTLLYOXPOTLNSLYRP^ 4Y_SPWTRS_ZQ_SPLW_P]POLYLWd_TNLW[P]^[PN_TaP[]ZXZ_POMd_SP^Z NTZWZRdZQ_SPLP^_SP_TN_SPLP^_SP_TN^ZQ]PWTRTZYLYO_SPLY_S]Z[ZWZRd ZQ _SP ^PY^P^ L__PY_TZY T^ QZN`^PO ZY _SP wYL_`]LWx ^PY^Z]d YL_`]P LYO LQQPN_TaT_dZQS`XLYMPTYR^LYOZY_SPN`W_`]LWST^_Z]TNLW^[PNTQTNXZO PWTYR ZQ [P]NPTaTYR Pc[P]TPYNTYR LYO QPPWTYR TY aL]TZ`^ XPOTL []LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP2]PYePY !! # =PNVbT_e @Y^NSL]QP2]PYePY "#
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
_TNP^ 0c[LY^TZY ZQ _SP WT_P]LNd OPML_P _Z TYNW`OP OTQQP]PY_ QZ]X^ ZQ LP^_SP_TN ^PY^P MZ_S TY_P]N`W_`]LWWd LYO TY_]LN`W_`]LWWd ZQQP]^ NP]_LTY LOaLY_LRP^TY_P]X^ZQ_SP^ZNTZWZRdZQVYZbWPORPLYON`W_`]LW^_`OTP^ LYOT^`^PQ`WLYOYPNP^^L]d[L]_TN`WL]WdTY]PWL_TZY_Z4YOTL ?SP ^_]PYR_S ZQ =PNVbT_ev _SPZ]d L^ NZX[L]PO _Z 2ZZOdv^ TY_PWWPN _`LWT^_TN^TX[WTQTNL_TZYWTP^TY_SPPc[LY^TZYZQ_SPQTPWO4QXPOTL[]LN _TNP^ L]P ]PRL]OPO L^ TY^_]`XPY_^ LYO _]LTYTYR R]Z`YO^ QZ] RPYP]L_TYR [P]NP[_TZY LQQPN_ LYO NZ]]P^[ZYOTYR WTQP^_dWP^ _SP QZN`^ Pc[LYO^ Q]ZX NZRYT_TZY_ZTY_`T_TaPPaP]dOLdVYZbWPORP^PY^Z]dPXZ_TaPLYOMZOTWd VYZbWPORPLYO^PPTYRLYOSPL]TYRSLMT_^?SP^PSLaPLXLUZ]TYQW`PYNP ZYSZbNZRYT_TaPVYZbWPORPT^Pc[P]TPYNPOaLW`POLYO^_]`N_`]PO 4_T^_]`P_SL__SP`YTaP]^LWT^_TN[]PXT^PZQ2ZZOdLYO:YR_SL_Z]LW N`W_`]P^ WLNV LYLWd_TNLW NL_PRZ]TP^ LYO b]T_TYR QZ^_P]^ LM^_]LN_TZY^ LYO PYSLYNP^ NZY^NTZ`^YP^^ $ T^ \`P^_TZYLMWP -`_ _SP \`P^_TZY ]PXLTY^ NPY_]LW ZQ bSL_ VYZbWPORP T^ N]PL_PO LYO _]LY^QZ]XPO LYO Md bSL_ XPLY^ 4YNW`^TZY ZQ _SP LP^_SP_TN QZ]X^ ZQ VYZbWPORP MZOd]PWL_PO ^PY^Z]d LQQPN_TaP P_N bSTNS bP]P YPRWPN_PO TY _SP WT_P]LNd OPML_P []ZaTOP^ L XZ]P SZWT^_TN LYLWd_TNLW []ZNPO`]P ?SP LOaLY_LRP^ ZQ _SP \`P^_TZYQZN`^POZY[L__P]Y^ZQ[P]NP[_TZYL]PQT]^_Wd_SL_T_T^]PWPaLY_ QZ]MZ_SNZX[L]L_TaPLYOTY_]LN`W_`]LW^_`OTP^>PNZYO_SP]PQZ]X`WL_PO \`P^_TZY ]P^ZWaP^ ^ZXP []ZMWPX^ L]T^TYR Q]ZX 2ZZOdv^ _SP^T^ bT_SZ`_ ]PWTY\`T^STYR T_ NZX[WP_PWd ?SP \`P^_ QZ] LP^_SP_TN []LN_TNP^ WPLaP^ Z[PY Z_SP] [Z^^TMTWT_TP^ ZQ LM^_]LN_TaP ^dXMZWTN ^TRY QZ]XL_TZY^ _SLY _SZ^P[P]_LTYTYR_Zb]T_TYRPR[SZYZNPY_]TNLWWdZ]RLYTePOLM^_]LN_TZY^ ^`NS L^ _SZ^P QZ`YO TY 4YOTL :Y _SP Z_SP] SLYO ZYP NLY LR]PP bT_S 2ZZOd_SL_T_T^YZ_LWWZYPLYO_SP^LXPbSTNS_d[P_SPXPOTLLYO^TRY NZOP^ L]P ?SP PQQPN_^ ZY _SP [P]NP[_TaP L[[L]L_`^ L]P YL_`]LWWd OTQQP] PY_MPNL`^POTQQP]PY_^PY^P^L]PP^[PNTLWWd^_]ZYRWdLN_TaL_POZ][]LN_T NLWWd OPLN_TaL_PO ?SP ]PQZ]X`WL_PO []PXT^P _SPY ^Ld^ _SL_ Z]LWT_d LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q:YR :]LWT_dLYO7T_P]LNd "z" Z`]PX[SL^T^%w?SPPaZW`_TZYZQNZY^NTZ`^ YP^^_S]Z`RSS`XLYST^_Z]dT^XL]VPOMdR]Zb_STYL]_TN`WL_PL__PY_TZY_Z_SPTY_P]TZ] ZQ _SP TYOTaTO`LW [P]^ZY L^ OT^_LYNPO z _SZ`RS YZ_ YPNP^^L]TWd ^P[L]L_PO z Q]ZX _SP NZXX`YLW ^_]`N_`]P^ >PWQNZY^NTZ`^YP^^ T^ NZPc_PY^TaP bT_S S`XLYT_d% PaP]dZYP bSZ NLY ^Ld v4v SL^ LY LN`_P ^PY^P ZQ _SP ^PWQ -`_ ]PQWPN_TaPYP^^ LYO L]_TN`WL_PYP^^ LMZ`__SP^PWQ_LVP_TXP_ZR]Zb?SPSTRSWdTY_P]TZ]TePO^_LRP^ZQNZY^NTZ`^YP^^TY bSTNS _SP TYOTaTO`LW T^ YZ_ ^Z TXXP]^PO `YNZY^NTZ`^Wd TY NZXX`YLW ^_]`N_`]P^ L]P ^_LRP^bSTNST_L[[PL]^NZY^NTZ`^YP^^bZ`WOYPaP]]PLNSbT_SZ`_b]T_TYRB]T_TYR TY_]ZO`NP^OTaT^TZYLYOLWTPYL_TZYM`_STRSP]`YT_dL^bPWW4_TY_PY^TQTP^_SP^PY^PZQ _SP ^PWQ LYO QZ^_P]^ XZ]P NZY^NTZ`^ TY_P]LN_TZY MP_bPPY [P]^ZY^ B]T_TYR T^ NZY ^NTZ`^YP^^]LT^TYR ?SP Z]LWT_dWT_P]LNd TY_P]LN_TZY PY_P]^ TY_Z `W_TXL_P S`XLY NZY NP]Y^ LYO L^[T]L_TZY^ ,WW _SP ]PWTRTZ`^ _]LOT_TZY^ ZQ XLYVTYO SLaP _SPT] ]PXZ_P Z]T RTY^TY_SPZ]LW[L^_LYOT_L[[PL]^_SL__SPdLWWXLVPLR]PL_OPLWZQ_SP^[ZVPYbZ]O DP__SP XLUZ] bZ]WO ]PWTRTZY^SLaPLW^ZMPPYTY_P]TZ]TePOMd_SPOPaPWZ[XPY_ZQ^L N]PO_Pc_^%_SPAPOL^_SP-TMWP_SP6Z]LYx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WT_P]LNdTYLOOT_TZY_ZZ_SP]aL]TLMWP^TYQW`PYNP_SP[L__P]Y^ZQ[P]NP[ _TZYPc[P]TPYNTYRLYO_SP]PWL_TZY^ST[_Z_SPbZ]WOTYOTQQP]PY_bLd^ ?SP^STQ_ZQ_SPR`TOTYROT^_TYN_TZYQ]ZXZ]LWT_dLYOWT_P]LNd_Z[P] NP[_TZY LYO LP^_SP_TN Z]TPY_L_TZY RTaP^ _SP Z]LWT_dWT_P]LNd _SP^P^ ZQ 2ZZOd LYO :YR L bTOP] Q]LXPbZ]V TY ]PWL_TZY _Z NZRYT_TaP ^_]`N_`]P^ LYO XTYO ^P_^ ,W_SZ`RS _SP ^STQ_ VPP[^ _Z MTYL]d [L__P]Y^ T_ SL^ _SP LOaLY_LRP ZQ MPTYR MP__P] LMWP _Z NZY^TOP] N`W_`]LW NZY_TYRPYNd LYO _Z ^ZWaP_SP[]ZMWPX^RPYP]L_POMd2ZZOdv^LYO:YRv^_SPZ]TP^ 4Y_P]P^_TYRWd =PNVbT_eLW^ZbZ]V^ bT_SMTYL]d NZOP^3T^N]T_P]TZW ZRd []TXL]TWd U`c_L[Z^P^ ^PY^Z]d LYO YZY^PY^Z]d QZ]X^ ZQ [P]NP[_TZY ?SPd TYNW`OP _SP YL_`]LW NL[LNT_TP^ ZQ ^PY^P [P]NP[_TZY LYO QPPWTYR w0X[QTYOPYx aP]^`^ QZ]XLW WZRTNLW _SZ`RS_ LYO NZRYT_TaP ^PL]NS QZ] TYQZ]XL_TZYL^[L]_ZQLYZaP]LWW[LNVLRPZQLP^_SP_TNLYOYZYLP^_SP_TN QZ]X^ZQ[]LN_TNP0aPYTQ_ST^SL]^SMTYL]d^P[L]L_TZYZQLP^_SP_TN^LYO WZRTN]PQWPN_^L_d[TNLWWd0`]Z[PLYOT^_TYN_TZYTYNW`OTYR_SPOTNSZ_ZXd ZQ ^PY^TYR LYO _STYVTYR P_N _SL_ \`P^_TZY^ LYO _]TP^ _Z ZaP]NZXP Z`] L[[]ZLNS ZQ ]PWTRTZ`^ LP^_SP_TN^ =PNVbT_ev ]PQZ]X`WL_TZY []ZaTOP^ L `^LMWPSP`]T^_TNLYLWd_TNLW Q]LXPbZ]VQZ]TYaP^_TRL_TYRWT_P]L_PLYOZ]LW VYZbWPORP N`W_`]P^ TY L XZ]P OTQQP]PY_TL_PO XLYYP] ,NNZ]OTYR _Z =PNVbT_e NZX[]PSPYOTYR LYO LYLWdeTYR ^ZNTLW LYO XPOTL []LN_TNP^ L^ wLP^_SP_TN []LN_TNP^x ]P\`T]P^ RTaTYR XZ]P TX[Z]_LYNP _Z QTaP ^P_^ ZQ []Z[P]_TP^_SL_NLYMPNZXMTYPOTYNP]_LTY[]Z_Z_d[TNLWbLd^%^PY^Z]d [P]NP[_TZYPc[P]TPYNP a^ LN_TZY& N]PL_TaP ^SL[TYR a^ ]PR`WL_PO LN _TZY V]PL_TaP 2P^_LW_`YR a^ ]PR`WTP]_P^ 3LYOPWY& LQQPN_TaT_d a^ ]L_TZYLWT_d& ^PXTZ_TNTeL_TZY a^ ]PLWT^X LYO ZY_ZWZRd ZQ [WLd a^ ZY_ZWZRdZQZ]OP] =PNVbT_eLOO^ _SL_TYRPYP]LW _SP ^ZNTZWZRdZQ_SP LP^_SP_TN T^ NZYNP]YPO bT_S L w^PY^T_TeL_TZY _Z _SP OTXPY^TZY^ ZQ _SP Pc[P]TPYNP TYSP]PY_ TY []LN_TNP ^PY^Z]d [P]NP[_TZY LYO ]PNP[_TZYx LYO TY_P]X^ZQ[]LN_TNLW]P^PL]NSbT_SLYLYLWd^T^ZQOTQQP]PY_ST^_Z]TNLWLYO N`W_`]LW aP]^TZY^ ZQ LP^_SP_TN^ ^TYNP _SP ^P_^ ZQ N]T_P]TL NLY LWbLd^ aL]dbTOPWd^STQ_LYOZaP]WL[P_N ?SP NPY_]LW []PXT^P LYO ]P^PL]NS [L]LOTRX ZQ L ^ZNTZWZRd ZQ _SP LP^_SP_TN T^ _SP]PQZ]P _Z ZM^P]aP ^ZNTZN`W_`]LW []LN_TNP^ YZ_ ZYWd L^ L YPc`^ ZQ XZ]P Z] WP^^ ]Z`_TYTePO XZOP^ ZQ _LVTYR LN_TZY M`_ TY L M]ZLOP]^PY^P% w0aP]d[]LN_TNPT^TY^_PLOLWbLd^_ZMP]PNZY^_]`N_POL^L^[PNTQTNQZ]XZQ Pc[P]TPYNP ZQ ^PY^Z]d [P]NP[_TZY LYO ZQ MPTYR LQQPN_TaPWd MZ`YO_`YPO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PNVbT_e @Y^NSL]QP 2]PYePY !" 3P]P =PNVbT_e U`^_TQTLMWd ^[PLV^ ZQ TOPLW _d[P^ LYOZQNZXMTYL_TZY^ZQLP^_SP_TNLYOYZYLP^_SP_TN^_dWP^M`_T^TYNWTYPO_ZNZY^_]`N_ _ZZ ]TRZ]Z`^WdNZY_]L^_TYROTNSZ_ZXTP^ bT_STY_SP QTaP^P_^ZQ[]Z[P]_TP^?ST^T^OTQ QP]PY__SLY_SPXZ]PSZWT^_TNwLP^_SP_TN^x_P]XTYZ`]L[[]ZLNSbSTNSNZX[]T^P^YZ_ ZYWd^`NSL^[PN_^L^N]PL_TaT_dM`_LW^Z]PR`WL_POLN_TZY =PNVbT_e @Y^NSL]QP2]PYePY "#
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
uLQQPV_TaP AP]SLQ_P_SPT_2P^_TXX_SPT_v bSTNS T^ ]P[]ZO`NPO LYO []P OP_P]XTYPO Md PLNS []LN_TNP ;]LN_TNP^ Z]RLYTeP YZ_ ZYWd LN_TZY _SPd LW^Z Z]RLYTePPc[P]TPYNPLQQPN_^LYO^PY^Z]d[P]NP[_TZYTY_SPT]ZbYN`W_`]LWWd ^[PNTQTNbLd_S]Z`RSL^PY^T_TeL_TZYZQNP]_LTY^PY^P^L__SPNZ^_ZQZ_SP]^ _S]Z`RS _SP ]Z`_TYP PaZNL_TZY ZQ NP]_LTY QPPWTYR^ Z] ZQ YPL]Wd uLQQPN_TaPWd YP`_]LWv^_L_P^x
3P]P_SP^ZNTZWZRTNLWWdOPNT^TaPQLN_Z]T^YZ__Z^PP[SPYZXPYZWZRTNLWWd wTY_P]YLWx ^_L_P^Z]_ZRP_LR]L^[ZYLQQPN_TYL[`]PWdw[^dNSZWZRTNLWx bLd 4Y^_PLO L ^ZNTZWZRd ZQ _SP LP^_SP_TN SL^ _SP LP^_SP_TN OTXPY^TZY^ ZQ^ZNTLW[]LN_TNP^QZ]_SPQTPWOZQLYLWd^T^?ST^TYNW`OP^_SPQZWWZbTYR \`P^_TZY% w3Zb OZ ^`NS _STYR^ L^ NP]_LTY ]PWTRTZ`^ []LN_TNP^ ^_]`N_`]P [P]NP[_TZY Pc[P]TPYNP LYO ]PNP[_TZY TQ ZYP OPNZOP^ _SPX YZ_ ZYWd L^ XZ]LW ^d^_PX^ M`_ LW^Z L^ YP_bZ]V^ ZQ [P]NP[_TZY LYO LQQPN_ RPYP]L_TZY TY OPLWTYR bT_S _]LY^NPYOPY_LW TY^_LYNP^ ZYPv^ ZbY u^Z`Wv LYO _SP MZOd z L^ TYOTNL_PO TY >TXXPWv^_SPZ]dZQ_SP]PWTRTZ`^*x
-`__SP\`P^_TZY^LW^ZTYNW`OP_ST^ZYP% wBSL_LP^_SP_TN^T^ NZY_LTYPO TY ^NTPY_TQTN[]LN_TNP^ TQZYPaTPb^_SPXYZ_ ZYWdL^TY^_LYNP^_SL_[]ZO`NPNZRYT_TaPWdYP`_]LW[]Z[Z^T_TZY^M`_LW^ZL^ TY^_LYNP^NZY_LTYTYR^[PNTQTNQZ]X^ZQ^PY^Z]d[P]NP[_TaPLYOLQQPN_TaPL^ ^TXTWL_TZYZQ_SPT]]P^[PN_TaPuZMUPN_^v*x
4YN`W_`]LW^ZNTZWZRd^[PNTLWTY_P]P^_T^LNNZ]OPO_Z_SPN`W_`]LWST^_Z]T NLWWd^[PNTQTNXZOPWTYR_]LY^QZ]XL_TZY^LYO^STQ_^ZQXPLYTYRbT_STYL N`W_`]P ?ST^ TYNW`OP^ XLVTYR Z`_ ^`NS T_PX^ L^ w]LOTNLW LP^_SP_TN XZaPXPY_^xw]LOTVLWÆ^_SP_T^NSP-PbPR`YRPYxbSTNSZY_SPZYPSLYO P^_LMWT^S OT^NZ`]^P^ ZY LP^_SP_TN Z]TPY_L_TZY^ LYO L_ _SP ^LXP _TXP ^SL[P LP^_SP_TN []LN_TNP^ 0cLX[WP^ ZQ XL]VPO LP^_SP_TN ^SL[TYR TY _SP NL^P ZQ >LY^V]T_ N`W_`]P SLaP MPPY _SP `YOP]^_LYOTYR ZQ _SP APOL L^ Y`XTYZ`^ SPL]TYR ;£©TYTv^ ^NTPY_TQTN ^Z`YO NZOP^ _SP ±TaLT_TN TY_]Z O`N_TZY ZQ ?LY_]TN ^PPO XLY_]L^ `YOP]^_ZZO L^ OPT_TP^ PXMZOTPO TY ^Z`YO _SP AT´©`T_TN QZ]NTYR ZQ MSLV_T X`^TN L^ L`OTMWP OPaZ_TZY LYO _SP 9£OL-]LSXLY PXMZOTPO TY NWL^^TNLW XZOLW X`^TN 1`]_SP]XZ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PNVbT_e @Y^NSL]QP2]PYePY "$ =PNVbT_e @Y^NSL]QP 2]PYePY "#Q Z`] PX[SL^T^% wBTP ^_]`V_`]TP]PY P_bL MP ^_TXX_P ]PWTRTØ^P ;]LV_TVPY BLS]YPSXPY 0]WPMPY `YO 0X[QTYOPY bPYY XLY ^TP YTNS_Y`]LW^ XZ]LWT^NSP >d^_PXP^ZYOP]Yz^Z bTPP^TY>TXXPW^ ?SPZ]TPOP^=PWT RTØ^PYLYRPOP`_P_ bT]OzLW^;P]eP[_TZY^`YO ,QQPV_RPYP]TP]`YR^YP_ebP]VPTX @X RLYRXT__]LY^ePYOPY_PY4Y^_LYePYOP]PTRPYPY>PPWPvOPX6Ø][P]OPNSTQQ]TP]_x =PNVbT_e @Y^NSL]QP 2]PYePY "$ `] PX[SL^T^% wBPWNSP ¦^_SP_TV PY_SLW_PY bT^ ^PY^NSLQ_WTNSP;]LV_TVPY bPYYXLY^TPYTNS_Y`]LW^4Y^_LYePYMP_]LNS_P_OTPVZRYT _TaYP`_]LW,`^^LRP^d^_PXP[]ZO`eTP]PY^ZYOP]YL`NS^ZWNSPOTP^[PeTQT^NSP1Z]XPY OP] ^TYYWTNS[P]eP[_TaPYbTPLQQPV_TaPY ,YPTRY`YRTS]P]UPbPTWTRPY :MUPV_Pv PY_ SLW_PYx =PNVbT_e @Y^NSL]QP2]PYePY "
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LNNZ]OTYR _Z =PNVbT_e ZYP ^SZ`WO L^V LMZ`_ ^PXTZ_TNTeL_TZY^ LYO wbLd^ZQbZ]WOXLVTYRx,P^_SP_TN[]LN_TNP^LYObLd^ZQ^`MUPN_TaTeTYR bTWW LWbLd^ PWTNT_ LN_TaP ^PXTZ_TNTeL_TZY LYO QTN_TZYLWTeL_TZY ZQ ]PLWT_d RZTYR MPdZYO PaP]dOLd ]PLWT^X ?SP ^PXTZ_TNTeL_TZY ZQ _SP bZ]WO OP [PYO^ZY^d^_PX^ZQXPLYTYR4_T^_SP]PQZ]PYZ_wYL_`]LWxM`_L]_TQTNTLW LYO Pc[P]TXPY_LW 1Z] _ST^ ]PL^ZY ZYP ^SZ`WO [`]^`P _SP PaP]YPb Z[ _TZY^ ZQ TY_P][]P_L_TZY LYO N]PL_TaP QZ]XL_TZY L^ YPb XPLYTYR []ZO`N _TZY P^_LMWT^STYR ]PNZRYTeLMWP ^_dWP^ ZQ XPLYTYR w>NSLQQ`YR P]V PYYML]P] -POP`_`YR^^_TWPx 8Z]PZaP] _SP OTQQ`^TZY []ZNP^^P^ TY aL]TZ`^ QTPWO^ ^SZ`WO MP TYaP^_TRL_PO ?ST^ TYNW`OP^ _SP ^ZNTLW TY_P]QP] PYNP ZQ LP^_SP_TN Z]TPY_L_TZY^ bT_S YZYLP^_SP_TN ZYP^ QZ] TY^_LYNP TY _SP ^PY^P ZQ SdM]TO NZXMTYL_TZY^ LYO LW^Z TY _SP ^PY^P ZQ OP[Z_PY_TL_ TYR OZXP^_TNL_TYR ]L_TZYLWTeTYR [Z[`WL]TeTYR ^`MZ]OTYL_TYR _Z LY PNZYZXTN WZRTN P_N 8POTL []LN_TNP^ NLY MZ_S MP TY^_]`XPY_^ ZQ OT^NT [WTYP NSLYYPWTYR ^ZNTLW MPSLaTZ] LYO NZ`Y_P]LN_ ]`WPML^PO LN_TZY^ ,NNZ]OTYR _Z =PNVbT_e ZYP _STYR _SL_ _SP]PQZ]P SL^ _Z MP OZYP T^ _Z TOPY_TQd_SP_]LY^MZ`YOL]dLYOOPOTQQP]PY_TL_TYRPQQPN_^LYO_ZQTYOZ`_ bSTNS Q`YN_TZYLW OTQQP]PY_TL_TZY^ LYO QZ]X^ ZQ ^`MUPN_TaTeL_TZY L]P ^P]aPO Md _SP LP^_SP_TN PWPXPY_^ ?SP^P XLd MP w^`MZ]OTYL_TZY _Z L N`W_`]LWWd^[PNTQTNNL_LWZRZQN]T_P]TLZQYZ]XLWLYOOP^T]LMWP^`MUPN_Ta T_d LOL[_PO _Z _SP ^ZNTP_dx wXL]V_QØ]XTRP >`MUPV_TaT_Æ_x Z] LW_P]YL _TaPWd _SP M]TYRTYR LMZ`_ ZQ [Z^^TMWd `Y^P__WTYR w_S]P^SZWO Pc[P]T PYNP^ TY bSTNS _SP ^`MUPN_ _]LY^QZ]X^ T_^PWQx Z] Pc[P]TPYNP^ ZQ _SP wTYPc[]P^^TMWPx L wYZ_STYRYP^^ YZbx LYO LY wLM^ZW`_P []P^PY_x ! =PNVbT_e ^`RRP^_^ _SP PcNP[_TZYLW YL_`]P ZQ ^`NS MZ`YOL]d _]LY^T_TZY^ ^SZ`WOMP_LVPY^P]TZ`^WdL^TY^_LYNP^ZQN]T_TNT^XZQ_SPNZXXZY^PY^P bZ]WO :aP]LWW _ST^ T^ LW^Z \`T_P L RZZO bLd ZQ OP^N]TMTYR Z`] ]P^PL]NS []ZR]LX% >LY^V]T_ 3TYO`T^X L^ L N`W_`]P ZQ ^Z`YO []ZO`NTYR NZ]]P ^[ZYOTYR LP^_SP_TN QZ]X^ ZQ ^`MUPN_TaT_d _SL_ bP]P ST^_Z]TNLWWd XZOPWPO TY OTQQP]PY_ bLd^ 1Z] PcLX[WP Z`] ?LY_]L NSL[_P]^ ZY ZNN`W_ ^Z`YO^ NZY_LTY PcLX[WP^ ZQ PL]Wd ?LY_]TN bLd^ ZQ bZ]WOXLVTYR LYO ZQ _S]P^S ZWO Pc[P]TPYNP^ _SL_ _PYO _Z `Y^P__WP _SP YZ]XLW NT_TePY bSTWP QZ]X^ ZQ [Z[`WL]TeL_TZYLYOOZXP^_TNL_TZY[]ZaTOP_SPZ`_WTYPQZ]_SPNSL[_P]^ZY wSZ`^PSZWOXLY_]L^xZQ_SPWL_P]^dY_SP_TN?LY_]L^ 3ZbPaP] TY _bZ bLd^ =PNVbT_ev NZY^TOP]L_TZY^ NLY MP _]LY^QP]]PO _Z _SP 4YOTLY XL_P]TLW ZYWd TY [L]_ LYO TY L XZOTQTPO QZ]X 1T]^_ T_ bZ`WO XLVP WT__WP ^PY^P _Z U`c_L[Z^P [P]NP[_TZYPc[P]TPYNP LYO LN_TZY^ LYO _Z NZ]]PWL_P _SPX bT_S _SP LP^_SP_TN LYO _SP YZYLP^_SP_TN ?ST^ N]T_P]TZWZRd QLTW^ bSPY T_ XPP_^ L [P]QZ]XLYNP N`W_`]P ?SP ^LXP L[ [WTP^_Z ^PY^`LWT_dLYO WZRTNLYOPXZ_TZYLYO NZRYT_TZYTY_PWWPN_`LWT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! =PNVbT_e @Y^NSL]QP2]PYePY "$
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
1Z] PcLX[WP _SP ^Z`YO L^[PN_ WTYV^ OPaZ_TZYLW X`^TN LYO ;£©TYTv^ R]LXXL_TNLW NZOP^ LYO L__PY_TZY SL^ LW]PLOd MPPY O]LbY _Z _SP `YT\`PWd4YOTLYbLdZQL[[WdTYR_SP^LXP_P]X XLYL^ _ZPXZ_TZYLYO NZRYT_TZY >PNZYO T_ bZ`WO MP TYL[[]Z[]TL_P _Z ^[PLV ZQ w_SPx ^ZYTN [P]^ZYLWT_d Md LYLWZRd _Z =PNVbT_ev _d[ZWZRTP^ WT_P]L_P MZ`]RPZT^ P_N " ?SP PcLX[WP ZQ _SP ?LY_]L TYOTNL_P^ bSd _ST^ T^ TX[P]XT^^TMWP LYO dP_ bP ^[PLV ZQ L w^ZYTN N`W_`]Px% ^Z`YO^ LYO ^Z`YO ]T_P^ [P]aLOP MZ_S_SPPL]WdLYO_SPWL_P?LY_]L-PSTYO_SP^ZYTNN`W_`]PWTP^STOOPYL NZY^TOP]LMWPTYYP]OTaP]^T_dLYOYZ_ZYWdZYPQZ]XZQ^`MUPN_TaT_dBT_S L _TXP bTYOZb ZQ ZaP] dPL]^ _ST^ T^ YZ_ [Z^^TMWP LYd Z_SP] bLd ?SP^P _bZ TY_P]QLNP^ [ZTY_ `[ NPY_]LW OTQQP]PYNP^ Q]ZX 0`]Z[P LYO YZ_ ZYWd Q]ZX XZOP]YOLd 0`]Z[PLY N`W_`]P L^ L^^`XPO Md =PNVbT_e ?SP SP`]T^_TN ^_]PYR_S ZQ ST^ N]T_P]TZWZRd T^ SZbPaP] _SP QLN_ _SL_ T_ Z[PY^ `[TX[Z]_LY_^PXLY_TNQTPWO^_ZM]TYR^`NSOTQQP]PYNP^TY_ZaTPb ,NNZ]OTYR _Z =PNVbT_e LP^_SP_TN L__T_`OP^ LYO ^`MUPN_TaTeL_TZY^ SLaP QT]^_ LYO QZ]PXZ^_ _Z OZ bT_S ^PY^Z]d [P]NP[_TZY LYO ^`MUPN_TaP Pc[P]TPYNP # LYO bT_S MPTYR WZ^_ TY _SP XZXPY_ L^ wLM^ZW`_P []P^PY_x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,_d[ZWZRdWTVP_ST^bZ`WONZ]]P^[ZYO_Z_d[ZWZRTP^ZQXZOP]YQZ]X^ZQ^`MUPN_TaT_d QZ] bSTNS =PNVbT_e ^PP^ _SP XPOTL L^ []P]P\`T^T_P^ LYO w_]LTYTYR R]Z`YO^x .Q =PNVbT_e @Y^NSL]QP2]PYePY !z!!"z"!3P]PSP^_L_P^_SL_WT_P]L]dN`W_`]P []TY_PO MZZV^ bL^ _SP ML^T^ ZQ L ^[PNTQTNLWWd MZ`]RPZT^ QZ]X ZQ ^`MUPN_TaT_d wMÞ] RP]WTNSP1Z]XOP^>`MUPV_^xLYOZQLYTY_P]YLWWdOT]PN_PONZRYT_TaPXZ]LWLYOPXZ _TZYLW Z]TPY_L_TZY ?ST^ ^`MUPN_TaT_d NSLYRPO bT_S _SP LOaPY_ ZQ L`OTZaT^`LW XPOTL _SP^[]PLOZQQTWXLYOWL_P]_PWPaT^TZY?SP]PbL^L^STQ_Q]ZXwMZ`]RPZT^XZOP]YT_dx wMÞ]RP]WTNSP 8ZOP]YPx _Z wZ]RLYTePO XZOP]YT_dx L_ L]Z`YO $ _Z $ Q]ZX LY wTYYP]OT]PN_POx _Z LY wZ_SP]OT]PN_PO NSL]LN_P]x ZQ _SP bZ]VTYR PX[WZdPP LYO L _]LY^QZ]XL_ZY TY_Z LP^_SP_TNLWWd LYO ^ZNTLWWd Pc_]ZaP]_PO ^`MUPN_TaT_d =PNVbT_e OT^ NP]Y^L]PYPbPO^_]`N_`]LWNSLYRPTY_SPQZ]XL_TZYZQN`W_`]PLYO^`MUPN_TaT_d_SL_SL^ _LVPY[WLNP ^TYNP _SP$"^LYO$#^ bT_S_SPYPbOTRT_LW []LN_TNP^ TY_SP_PNSYZW ZRdZQNZX[`_TYR?ST^_PNSYZWZRdbL^OPNT^TaPTY[]ZXZ_TYR_SP_d[PZQPc[]P^^TaP PWPN_TaPLYONZXMTYL_Z]d ^`MUPN_TaT_dTY_SP[Z^_XZOP]Y[P]TZOLYOL]PZ]TPY_L_TZY Q]ZX^ZNTLWWdNZ[TPONZY^`X[_TZY_ZTYOTaTO`LWLP^_SP_TNNZY^`X[_TZY?ST^_d[ZWZRd T^NWPL]WdZ]TPY_POZY BP^_P]YXZOP]YT_d 1Z]=PNVbT_eSZbPaP]ZYPTX[Z]_LY_ L^ [PN_TY_SPL]R`XPY_LMZ`__SPMZ`]RPZT^b]T_TYR[P]^ZYLWT_d_SPZM^P]aTYRQTWXLYO ?A[P]^ZYLWT_dLYO_SPPc[]P^^TaPPNWPN_TNNZX[`_P][P]^ZYLWT_dT^_SL__SPOT^[Z^T _TZYLW ^_]`N_`]P ZQ ^`MUPN_TaT_d TYNW`OTYR _SP L[[L]L_`^ ZQ ^PY^Z]d [P]NP[_TZY SL^ ^STQ_PO TY _SP WL^_ _S]PP S`YO]PO dPL]^ TY _SP NZY_Pc_ ZQ XPOTL []LN_TNP^ TMTO " DP_SPLOO^_SL__SPPL]WTP]N`W_`]LWQZ]XL_TZY^NZY_TY`P_ZPcT^_bT_STY_SPWL_P]ZYP^ ^Z _SL_ NZY_PX[Z]L]d N`W_`]P PcSTMT_^ NZX[WPc SdM]TO QZ]X^ LYO LY ZaP]WL[[TYR ZQ b]T__PYWLYR`LRPML^POL`OTZaT^`LWLYOOTRT_LW[]LN_TNP^>`NSZaP]WL[[TYR^NLYLW^Z MPZM^P]aPOTY4YOTLLYOYZ_ZYWdTY_SPNZY_Pc_ZQXZOP]Y_PNSYZWZRTP^ # :Y _SP QZWWZbTYR NQ =PNVbT_e @Y^NSL]QP 2]PYePY !"z"& ZY _SP ]P^_]TN_TZY wTY _SP XZOP]Y ^PY^Px TMTO !" ,NNZ]OTYR _Z =PNVbT_e L RPYP]LWTeL_TZY ZQ _SP L]_T^_v^ [P]^ZYLWT_dNLYMPXLOPZ`_TY_SPWL_PXZOP]Y[P]TZO3P]PRL]O^ST^R]PL_PX[SL ^T^ ZY N]PL_TaT_d LYO [WLd ^PP LMZaP L^ L[[]Z[]TL_P LMZaP LWW QZ] _SP [Z^_XZOP]Y [P]^ZYLWT_d ZQ _SP OTRT_LW LRP bSTNS ZaP]WL[^ bT_S _SP wb]T_TYR [P]^ZYLWT_dx LYO _SP
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
BT_S _ST^ SP L^^ZNTL_P^ TY_PY^TQTNL_TZY ^PY^T_TeL_TZY LYO PYSLYNPXPY_ ZQ _SP ^PY^Z]d [P]NP[_TaP L[[L]L_`^ Z]TPY_L_TZY ZY LQQPN_ L__T_`OP^ ZQ Q]PPOZX Q]ZX [`][Z^P LYO ]`WP^ LYO LW^Z LY LN_TaP PaZNL_TZY ZQ TYYP] PaPY_^ L [Z^T_TaP ^_]`N_`]TYR ZQ PXZ_TZY^ LYO L []ZLN_TaP ^PXTZ_TNTeL _TZY ZQ ]PLWT_d ?SP ZYWd _d[TNLW XZOP _SL_ T^ LW^Z ]PWPaLY_ _Z wPc_P]TZ] LN_TZYxT^_SP`^PZQN]PL_TaT_dzLN`W_TaL_TZYZQ_SPw[ZTP_TN\`LWT_TP^ZQ LN_TZY^x LYO [WLdTYR bT_S Z[_TZY^ -d NZY_]L^_ YZYLP^_SP_TN L__T_`OP^ LYO []LN_TNP^ L]P NSL]LN_P]TePO Md ]PLN_TZY [`][Z^PZ]TPY_PO ]L_TZYLW T_d NZX[WTLYNP bT_S ]`WP^ Z]TPY_L_TZY ZY YZ]X^ TY_P]^`MUPN_TaT_d LYO TY_P]ZMUPN_TaT_d4Y^`NSNL^P^_SPRZLWT^YZ__Z[]ZXZ_P[P]NP[_TZYM`_ _ZXTYTXTePLQQPN_?SP]PWL_TZY_Z_SPbZ]WOT^YZ_LYZY_ZWZRdZQ[WLd M`_ZYPZQZ]OP] ?ST^ MTYL]d OTaT^TZY XLVP^ _d[ZWZRTNLW ^PY^P M`_ _SP ^P[L]L_TZY ZQ ^PY^`LWT_d LYO WZRTN _SZ`RS_ LYO LN_TZY PXZ_TZY LYO NZRYT_TZY P_N L[[PL]^ _ZMPL _d[TNLWWd 0`]Z[PLY ^[PNTLW_dbSP]PL^_SP^PL^[PN_^L]P L^^ZNTL_PO TY LQL]XZ]P ^dY_SP_TNQL^STZYTY_SP ^ZYTNN`W_`]PZQ4YOTL :Y _SP ZYP SLYO _SP OTQQP]PYNP^ [ZTY_PO Z`_ Md =PNVbT_e L[[PL] :YP ^SZ`WO ]PXPXMP] _SL_ LNZ`^_TN [TP_d TYNW`OP^ XZOP^ ZQ Z]TPY_L_TZY ZY ]`WP^ [`][Z^P LYO YZ]X^ LYO LW^Z XZOP^ ZQ Q]PPOZX Q]ZX [`][Z^P ZQ LQQPN_TaP Pc[P]TPYNP [ZTP_ZWZRTNLW LN_TZY LYO N]PL_TaT_d >TXTWL]Wd _SP PcLX[WP ZQ _SP ?LY_]L ZY bSTNS bP bTWW RZ TY_Z XZ]P OP_LTW MPWZb PYNZX[L^^P^ L^[PN_^ ZQ ^_LYOL]OTeL_TZY LYO ZaP]^_P[[TYR ZQ YZ]X^ _SP WZRTN ZQ `^PQ`WYP^^ LYO N]PL_TaT_d :Y _SP Z_SP] SLYO _SP^P _bZ [ZWP^ L]PWTYVPOMd_SPPc[P]TPYNPZQ^Z`YO.LWWTYRZYWdZYP[L]_wLP^_SP_TNx bZ`WO YZ_ MP [P]XT__PO PaPY `YOP] =PNVbT_ev N]T_P]TZWZRd L^ T_^ []T XL]d LP^_SP_TN TYOTNL_Z] T^ ^PY^Z]d [P]NP[_TZY -`_ []PNT^PWd _ST^ T^ _SP ^LWTPY_ QPL_`]P ZQ 4YOTLv^ N`W_`]P ZQ ^Z`YO z _SL_ T_ NLYYZ_ MP R]L^[PO `^TYR ^TX[WP [T_Sd ^NSPXL_L ?ST^ N`W_`]P []ZXZ_PO _SP QZ]XL_TZY ZQ [L]LWWPW ^_dWP^ ^Z _Z ^[PLV TY bSTNS =PNVbT_ev MTYL]d w^P_^ ZQ []Z[P] _TP^x Q]P\`PY_Wd L[[PL] `YT_PO 3T^ MTYL]d _d[ZWZRd T^ _SP]PQZ]P ZYWd ^ZXP_TXP^L[[WTNLMWP_Z>LY^V]T_N`W_`]PM`_zZbTYR_Z_SPXLYdNZX [WPc ^dY_SP^P^ LYO ZaP]WL[[TYR^ z XZ]P ZQ_PY T_ T^ YZ_ L[[WTNLMWP DP_ T_[]ZaTOP^LaP]dSPW[Q`WSP`]T^_TNQ]LXPbZ]VQZ]LYLWd_TNLWWd]PNZ]OTYR ^ZXP NSL]LN_P]T^_TN^LYO ^_]`N_`]LWQPL_`]P^ZQLP^_SP_TN^_dWPQZ]XL_TZY LYOwSLMT_`^xTY4YOTLv^]PWTRTZ`^LYO^NTPY_TQTN[]LN_TNP^LYOZM_LTYTYR LNWPL]P][]ZQTWPZQ_SL_bSTNST^N`W_`]LWWd^[PNTQTN
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ wL`OTZaT^`LWx [P]^ZYLWT_d ZQ QTWX LYO _PWPaT^TZY N`W_`]P .Q =PNVbT_e TMTO "z " "$
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
"
"
=PWTRTZ`^;]LN_TNP^LYO7T_P]L_`]P^L^;P]NP[_TZY2PYP]L_TYR 9P_bZ]V^
?SP NZX[L]T^ZY TY _SP NSL[_P]^ ZY XPOTPaLW 0`]Z[P LYO 4YOTL SL^ LW ]PLOd OPXZY^_]L_PO _SL_ TY L NZX[L]LMWP XPOTL ^T_`L_TZY ^TXTWL] ]PWT RTZ`^ ^_dWP^ PXP]RPO M`_ L_ _SP ^LXP _TXP LW^Z XL]VPO N`W_`]LW OTQQP] PYNP^1Z]PcLX[WP_SP^P[L]L_TZYZQ_SPTYYP]LYO_SPZ`_P]bSTNSSL^ MPPYZM^P]aPOTY_SP]PWTRTZ`^OT^NZ`]^PZYWL_PXPOTPaLW0`]Z[PYPaP] ZNN`]]PO TY 4YOTL TY ^`NS L ]LOTNLW XLYYP] NSL]LN_P]TeTYR _SP PY_T]P N`W_`]P :YP _SP^T^ bL^ _SL_ TY >LY^V]T_ 3TYO`T^X MTYL]d [LT]^ ^`NS L^ Z]LWT_d LYO WT_P]LNd Xd_SZ^ LYO WZRZ^ LM^_]LN_TZY LYO NZYN]P_TeL_TZY P_N OZ YZ_ ]P[]P^PY_ ^_]TN_ OTNSZ_ZXTP^ M`_ TY^_PLO NZPcT^_ LYO [P] aLOP PLNS Z_SP] ,YZ_SP] _SP^T^ TXXPOTL_PWd L^^ZNTL_PO bT_S _ST^ ZYP bL^ _SL_ _SP [SZYZNPY_]TNT_d ZQ _SP ^ZYTN WTQPbZ]WO PYNZ`]LRPO [L]L OTRX^MZ_SZQQZ]XLWT^_TNLM^_]LN_TZYLYOZQ[L]_TNT[L_Z]dQ`^TZY?SP^P _SP^P^ NLY MP ^d^_PXL_TePO TY L XZ]P OTQQP]PY_TL_PO XLYYP] bT_S =PNVbT_ev N]T_P]TZWZRd ZQ LP^_SP_TN LYO YZYLP^_SP_TN []LN_TNP^ L__T _`OP^LYOQZ]X^ZQwSLMT_`^x ,^LW]PLOdZ`_WTYPO _SPN`W_`]LW^ZNTZWZ RT^_ =PNVbT_e LWWZNL_P^ _SP QZWWZbTYR OT^_TYN_ QTPWO^ _Z _SP _bZ [ZWP^% ^PY^Z]d [P]NP[_TZY aP]^`^ QZ]XLW WZRTNLW _SZ`RS_& Pc[P]TPYNP QZ] T_^ ZbY^LVPLYO[WPL^`]LMWPOPaZ_TZY_Z_SPXZXPY_ZQwLM^ZW`_P[]P^PY_x aP]^`^ LN_TaT^X& NZY^NTZ`^ PaZNL_TZY ZQ TYYP] PaPY_^ aP]^`^ NZRYT_TaP ^PL]NS QZ] TYQZ]XL_TZY& Q]PPOZX Q]ZX [`][Z^P aP]^`^ Z]TPY_L_TZY ZY [`][Z^P& N]PL_TaT_d aP]^`^ NZX[WTLYNP bT_S ]`WP^& ZaP]^_P[[TYR YZ]X^ aP]^`^ Z]TPY_L_TZY ZY YZ]X^& Z]TPY_L_TZY ZY LQQPN_ aP]^`^ XTYTXTeL_TZY ZQLQQPN_&TXLRTYL_TZYLYO^PXTZ_TNTeL_TZYaP]^`^PaP]dOLd]PLWT^X&LYO _SPZY_ZWZRdZQ[WLdbT_SZ[_TZY^aP]^`^_SPZY_ZWZRdZQZ]OP] 4Y >LY^V]T_ 3TYO`T^X L^ L ^PXTZ]LW eZYP LYO [P]QZ]XLYNP N`W_`]P _SPTYOTaTO`LWLYO_SPNZWWPN_TaPbP]PQL]XZ]PNWZ^PWdWTYVPO_SLY_SPd L]P TY _SP XZOP]Y TYOTaTO`LWT^_TN XPOTL []LN_TNP^ 4Y_P]P^_TYRWd =PNVbT_ev OTNSZ_ZXd YZYP_SPWP^^ NZ]]PWL_P^ XZ]P Z] WP^^ bT_S _SP _bZ XLTY XZOP^ ZQ LNZ`^_TN [TP_d _SL_ bP SLaP PWLMZ]L_PO 3ZbPaP] LN NZ]OTYR _Z =PNVbT_e ZYWd _SP OPaZ_TZYLW XZOP LYO _SP w]PWTRTZ`^ ]PLOP]x TY 2]TQQT_Sv^ ^PY^P NZXP `YOP] _SP SPLOTYR ZQ wLP^_SP_TNx bSTWP _SP ]`WPML^PO XZOP ZQ APOL ]PNT_L_TZY bZ`WO MP YZYLP^_SP_TN DP_ _ST^ NLaPL_ T^ SL]OWd _PYLMWP TY aTPb ZQ _SP ^[PNTLW ^Z`YO \`LWT_d _SL_OTQQP]PY_TL_P^APOL]PNT_L_TZYQ]ZXZ_SP]]PNT_L_TZY^APOTNNZX[Z ^T_TZY^ ^SZb _SL_ PaPY Z]TPY_L_TZY ZY ]`WP^ NLY MP aP]d LP^_SP_TN& >_LLW bL^ U`^_TQTPO TY NZX[L]TYR _SPX bT_S -LNSv^ Q`R`P^ ?SP []TXL]d L^ [PN_T^TYOPPOLN_TZYZ]TPY_POZY[`][Z^PLYOYZ]X^LYOWP^^_SP^PL]NS QZ] QPPWTYR LYO TYN]PL^TYR LQQPN_ ,QQPN_^ LN_`LWWd _PYO _Z MP OT^_`]MTYR QLN_Z]^MPNL`^PZQ_SP^_]TN_]`WPZ]TPY_L_TZY,WP]_YP^^T^TX[Z]_LY_YZ_ ^PWQQZ]RP_Q`WYP^^ :Y _SP Z_SP] SLYO _SZ`RS _SP ]`WP^ ZQ [SZYP_TN^
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
TWW`^_]L_P _SL_ NZYQZ]XT_d bT_S ]`WP^ LYO PXZ_TZYLWT_d L]P Md YZ XPLY^ X`_`LWWd PcNW`^TaPLYO PaPYN]PL_TaT_dT^YZ_LM^PY_ .]PL_TaT_d T^PaPY P^[PNTLWWd YZ_TNPLMWP TY _SP QTPWO ZQ PaP]YPb L[[WTNL_TZY^ TY SP]XP YP`_TN^ LYO TY ]PNZOTYR^ ?SP APOL L^ _SP []Z_Z_d[P QZ] L`OTMWP _Pc_^ LYO_SPT][ZbP]SL^XZ]P _ZOZbT_S ^PY^Z]d[P]NP[_TZY_SLYOTO^ZXP WL_P]QZ]X^ZQOPaZ_TZYZ]TY_P]YLWTePO]PLOTYR_PNSYT\`P^LYONZY_LTY^ LYPc_]PXP^PXTZ_TNTeL_TZYZQ]PLWT_d:YP^SZ`WO]PXPXMP]_SPTOPLZQ _SP APOL L^ _SP Z]TRTY LYO QZ`YOL_TZY ZQ _SP bZ]WO L^ _SP []TXPaLW []TYNT[WP _SL_RZP^MLNVPaPYMPdZYOXPLYTYR?SP APOLbL^]PRL]OPO Md T_^ LN_Z]^ L^ ^Z ^LN]PO _SL_ ±¼O]L^ bP]P YZ_ PaPY LWWZbPO _Z NZXP bT_STY PL]^SZ_ ZQ _SP APOL $ ?SP ;`]£©L^ bSTNS QZ]MLOP _ST^ _S`^ ^`[[Z]_PO _SP NZRYT_TaP LYO YZ]XL_TaP XZ]LW Z]OP] []P^N]TMPO Md _SP APOL z Z] bSTNS _SPd []ZUPN_ TY_Z T_ TYT_TL_P LYO [P][P_`L_P -`_ TY_P] P^_TYRWd _SPd LW^Z ]PQWPN_ _SP NSLYRPLMTWT_d ZQ _ST^ Z]OP] Md ^P__TYR _SPX^PWaP^`[bT_STY_SPOZN_]TYPZQ_SPNdNWTNLWLRP^ZQ_SPbZ]WOL^ LYPbAPOLQZ]_SP[]P^PY_OLd_S`^_LVTYRLbLd_SPAPOLv^XZYZ[ZWd ZYSZWdSPL]TYR4Y_ST^bLd_SP;`]£©L^N]PL_PO_SPT]ZbYQZ]NPQTPWOZQ SZWd SPL]TYR _SL_ YZ WZYRP] PcNW`OPO ±¼O]L^ LYO XZ]PZaP] bL^ Pc [LYOPO TY L X`W_T^PY^Z]d XLYYP] _S]Z`RS [P]QZ]XLYNP []LN_TNP^ TNZY^P_N4Y_SPbZ]O^ZQ=PNVbT_e_ST^TY_PY^TQTPOLYOPYSLYNPO_SP ^PY^Z]d[P]NP[_TaPL[[L]L_`^LYOL[Z^T_TaP^_]`N_`]TYRZQLQQPN_TaT_TP^ 3ZbPaP] =PNVbT_e [LTO _ZZ WT__WP L__PY_TZY _Z ]T_P^ 4Y ]T_P^ _SZ`RS_^ LYO LN_TZY^ LP^_SP_TN^ LYO _SP WZRTN ZQ `^PQ`WYP^^ L]P LWbLd^ TY_TXL_PWd WTYVPO =T_P^ `^`LWWd SLaP _SP ^[PNTLW QPL_`]P ZQ Q`^TYR MZ_S [ZWP^% _SPd L]P ]`WP LYO [`][Z^PML^PO [Sd^TNLW ^PY^Z]d LN_TZY _SL_ ]PQWPN_^^_]`N_`]P^LYORPYP]L_P^^dXMZWTNZ]OP]^LYOL__SP^LXP_TXP _SPd M]TYR LMZ`_ ^T_`L_TaP []P^PYNP XZXPY_L]TYP^^ TXLRTYL_TZY LYO LQQPN_^ =T_`LW PQQTNTPYNd T^ N]PL_PO YZ_ WPL^_ aTL _SP [P]QZ]XL_TaT_d Z] RLYTePOQZ]_SP^PY^P^ 4Y 4YOTL _SP ^ZYTN N`W_`]P L^ L ^[PNTLWTePO N`W_`]P ZQ [P]QZ]XLYNP PY^`]PO_SL_LW^ZLP^_SP_TN L^[PN_^TY =PNVbT_ev^_]TN_P]^PY^PbP]PLYO ]PXLTY aP]d X`NS []P^PY_ 8`NS ZQ bSL_ SP ^_L_PO bL^ L _d[TNLWWd XZOP]Y QZ]X ZQ LP^_SP_TN L__T_`OP^ LYO ^`MUPN_TaT_d LYO Pc[WLTY^ Md XPLY^ ZQ ]P[WLNPXPY_ ZQ _SP wMZ`]RPZT^ b]T_TYR ^`MUPN_x Md _SP OTRT_LW [P]^ZYLWT_dNSL]LN_P]TePOLMZaPLWWMdLYZY_ZWZRdZQ[WLdT^QZ`YOTY XPOTPaLW 4YOTL TY T_^ ZbY N`W_`]LWWd ^[PNTQTN QZ]X 1Z] PcLX[WP TY _SP ±TaLT_TN ]P[]P^PY_L_TZY ZQ SZb _SP bZ]WO PXP]RPO Q]ZX ±TaLv^ [WLd W¯W£ _SP]PT^LYZY_ZWZRdZQN]PL_TaP[`][Z^PQ]PP[WLd_SL_T^Pc_PYOPO _Z _SP bSZWP ZQ ]PLWT_d :YP X`^_ ]PXPXMP] _SL_ _SP ^_]ZYRWd ?LY_]TN ±TaLT^X P^_LMWT^SPO T_^PWQ MP_bPPY _SP QTQ_S LYO _ST]_PPY_S NPY_`]TP^ L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP TY^_]`N_TZY _SL_ ±¼O]L^ X`^_ YZ_ w]PLOx _SP APOL bSTNS ZNN`]^ Q]P\`PY_Wd TY ;`]£©TN^_Z]TP^^SZ`WOMP_LVPYL^L[]ZSTMT_TZY^ZWPWdZYSPL]TYR
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
$
_SP OZXTYLY_ ]PWTRTZ`^ XZOPW TP T_ PcP]_PO L XLUZ] TYQW`PYNP ZY N`W _`]LWQZ]X^ZQxSLMT_`^xLYO_SPQZ]XL_TZYZQLP^_SP_TN^_dWP1Z],MST YLaLR`[_L NL$" _Z ,/ _SP ?LY_]TN [STWZ^Z[SP] LYO _SPZ]P_T NTLY ZQ LP^_SP_TN^ _SP ZY_ZWZRTNLW [WLd XZOPW ZQ L`_ZYZXZ`^ Q]PPOZX LN_`LWWd MPNLXP _SP TOPLW ZQ `W_TXL_P WTMP]L_TZY 4Y_P]P^_TYRWd _ST^ XP OTPaLW 4YOTLY _STYVP]v^ NZYNP[_ ZQ LP^_SP_TN^ T^ []LN_TNLWWd TOPY_TNLW _Z =PNVbT_ev wXZOP]Yx ZYP M`_ T_ SL^ MZ_S []ZQLYP LYO ]PWTRTZ`^ NSL]LN _P]T^_TN^ ,MSTYLaLR`[_L ^`MUPN_TaT^_TNLWWd `YOP]^_LYO^ LP^_SP_TN [WPL^ `]PL^PYUZdXPY_OPaZTOZQTY_P]P^_LYO_SPLM^ZW`_P[]P^PY_3PLNNPY _`L_P^ DZRTN ^LX£OST LYO _SP PYUZdXPY_ ZQ L]_ L^ NZY_TY`L ?ST^ TY_P][]P_L_TZY bL^ S`RPWd [ZbP]Q`W YZ_ ZYWd TY ^NSZWL]Wd N`W_`]P LYO [ZP_TN^4_LW^Z]`MMPOZQQZY XLY_]L _PNSYT\`P^LYOAT´©`T_TNOPaZ_TZY LWT^X , NZYYPN_TZY MP_bPPY _SP XPOTL ^`MUPN_TaTeL_TZY^ LYO LP^_SP_TN ^_dWP^_SP]PQZ]PL[[PL]^_ZMP`YXT^_LVLMWPTY4YOTL_ZZ;SZYZNPY_]TN T_dLW]PLOd^PPXPO_ZYL_`]LWWdM]TYRLMZ`_LYLP^_SP_TNTeL_TZYZQ]PLWT_d LYO _ST^ bL^ L^^ZNTL_PO bT_S NP]_LTY QZ]X^ ZQ Pc[P]TPYNP PXZ_TZYLW ]P^[ZY^PLYORPYP]L_TZYZQLQQPN_?SP^PL]PYZ_XP]PWd^`MUPN_TaPL__T _`OP^M`_LW^ZNZWWPN_TaPTOPL^LYO,MSTYLaLR`[_LT^L[ZbP]Q`WPc[Z YPY_QZ]_SPXM`_YZ__SP ZYWdZYP BP _SP]PQZ]P NZY^NTZ`^Wd ^[PLVZQ w^ZYTNN`W_`]PxM`_YZ_ZQL^ZYTN^`MUPN_TY_SP^TYR`WL]?ST^T^QZ] MTOOPY YZ_ ZYWd O`P _Z _SP _]LY^T_TZY Q]ZX _SP APOTN bZ]WO _Z _SP ;`]£©TN LYO?LY_]TNZYPM`_LW^ZO`P_Z_SPaL]TLMTWT_dZQ_SP LP^_SP_TN ^`MUPN_TaTeL_TZY^ bT_STY L NZXXZY QTPWO ^`NS L^ _SP ?LY_]L BSL_ =PNVbT_e_P]X^LP^_SP_TNLYOYZYLP^_SP_TNL__T_`OP^LYO[]LN_TNP^PcT^_ SP]P^TOPMd^TOPzZQ_PYbT_SL^PLXWP^^_]LY^T_TZY ,^ ?LY_]T^X TY XPOTPaLW 4YOTL P^_LMWT^SPO T_^PWQ L^ _SP ]PWTRTZ`^ XLTY^_]PLX bP QTYO L^ L NZY^P\`PYNP Pc_]PXP ?LY_]TN QZ]X^ MPTYR OZXP^_TNL_POLYO[Z[`WL]TePO4YLOOT_TZY_ZNWLYML^POTYT_TL_TZY_]LOT _TZY^ZQ_SP^PL]NSQZ]WTMP]L_TZY_SP]PLW^ZL]T^PMZ`]RPZT^ XLY_]L ]T_P^ TY bSTNS _SP wYZ]XLW [P]^ZYLWT_d LOL[_PO _Z ^ZNTP_dx =PNVbT_e wOL^ YZ]XLWP XL]V_QØ]XTRP >`MUPV_x `^P^ _SP XLY_]L^ TY L [`][Z^PQ`W bLd _ZZaP]NZXPLWW_d[P^ZQPaP]dOLdOTQQTN`W_TP^-`_PaPYTY_ST^OZXP^_T NL_PO[]LRXL_TNPaP]dOLd XLY_]L`^LRPzU`^_L^TYPL]Wd?LY_]Lz_SP WZRTNZQ`^PQ`WYP^^L^^TXTWL_TZYZQ_SPOPT_dv^^`[P]YL_`]LW[ZbP]^LYO _SP [`][Z^PWP^^ ^PL]NS QZ] _SP LM^ZW`_P []P^PY_ WTMP]L_TZY Q]ZX _SP bZ]WO L]P Md YZ XPLY^ X`_`LWWd PcNW`^TaP 4Y _SP PL]Wd [P]TZO _SPd bP]PZQ_PYL^^ZNTL_PObT_SNZY^NTZ`^TY^ZXPNL^P^Pc_]PXPZaP]^_P[ [TYRZQYZ]X^bSP]PL^TY_SPWL_P][P]TZOLOL[_L_TZY_Z_SPYZ]X^T^_SP RPYP]LW ]`WP :YP NLY ^PP L N]PL_TaP ]P^SL[TYR LYO L_ _SP ^LXP _TXP ]`WPML^PO NZY_TY`L_TZY ZQ _SP ZWO N`W_`]LWWd _d[TNLW YZ_TZY ZQ _SP ^LW aL_TN [ZbP] LYO PQQTNLNd ZQ ^LN]PO ^Z`YO^ ?SP Pc[P]TXPY_LW ^Z`YO NZY_PX[WL_TZYZQ_SPPc_]PXPWdLM^_]LN_XZYZ^dWWLMTNw^PPOXLY_]L^xTY
3TYO`T^XL^L.`W_`]PZQ>Z`YO
ZYPv^ ZbY MZOd bSTNS L]P []P^N]TMPO Md -S£^VL]L]£dLv^ AL]TaL^d£ =LSL^dL "_S NPY_ TY ^_]TN_Wd ^d^_PXL_TN TY^_]`N_TZY^ ^PP NSL[ MPWZbT^Pc[WTNT_WdOT]PN_PO_ZbL]O_SPRPYP]L_TZYZQLM^ZW`_P[]P^PY_ .ZX[L]PO bT_S _SP WTXTYLW L`OTZ aT^TZY^ ZQ _SP DZRTN >TOOSL^ Z] _SP bTWO ^ZYR^ ZQ _SP LY_TYZXT^_TN -SLT]LaL bZ]^ST[P]^ TY _SP PL]Wd ?LY_]L ^PP NSL[ T_ ^PPX^ SZbPaP] _SL_ _SP M]PLV bT_S _SP PaP]dOLd bZ]WO TY _SP 3TRS ?LY_]L Q]ZX LMZ`_ _SP _S NPY_ ZYbL]O^ T^ X`NS WP^^ ]LOTNLW TY ^ZNTLW _P]X^ :YP NLY ^[PLV ZQ XZ]P OZXP^_TNL_PO _S]P^SZWO Pc[P]TPYNP^ LYO XZ]P TY_P]YLWTePO ZaP]^_P[[TYR^ ZQ MZ]OP]^ _SL_ L]P STRSWd PQQPN_TaP MPNL`^P _SPd XZaP WTMP]L_TZY O`]TYR ZYPv^ WTQP_TXP bT_STY ]PLNS ZQ YZ]XLW SZ`^PSZWOP]^ 8LY_]TN ^Z`YO ]T_P^ NSL]LN_P]T^_TN ZQ _SP PL]Wd LYO _SP WL_P ?LY_]L L]P ^_]ZYR wYP_bZ]V^ RPYP]L_TYR [P]NP[_TZY LYO LQQPN_x w;P]eP[_TZY^ `YO ,QQPV_RPYP]T P]`YR^YP_ebP]VPx TY OPLWTYR bT_S _]LY^NPYOPY_LW TY^_LYNP^ ZYPv^ ZbY u^Z`WvLYOZYPv^ZbYMZOd?SP?LY_]LPcLX[WP^^TX`W_LYPZ`^WdNWL]TQd _SPST^_Z]TNLWOdYLXTN^bT_STY_SP^ZYTNNZY_TY``XTP_SPST^_Z]TNLWWd LYO ^ZNTZN`W_`]LWWd aL]TLMWP XZOPWTYR _]LY^QZ]XL_TZY^ LYO ^STQ_^ TY XPLYTYR BSP]PL^PaPYTY _SPWL_P]wWPQ_SLYOPOx±LTaL?LY_]LZYPNLY ^_TWW ^PP ^_]ZYR NZX[P_T_TZYMP_bPPY^dXMZWTNOP^_LMTWTeL_TZYZQ ^ZNTLW LYOYL_`]LWMZ`YOL]TP^LYOPaP]dOLdYZ]XL_TaT_dTY_SPw]TRS_SLYOPOx XLTY^_]PLX ?LY_]L _SP]P T^ Q`^TZY ZQ bSL_ =PNVbT_e NLWW^ LP^_SP_TN LYO YZYLP^_SP_TN ^`MUPN_TaT_d 3ZbPaP] PaPY MP_bPPY SP_P]ZOZc WPQ_ SLYOP]^LYOXZ]PZ]_SZOZc]TRS_SLYOP]^_SPMZ`YOL]TP^L]PQW`TOL^ QZ] TY^_LYNP _SP bPWWVYZbY ?LY_]L NWL^^TN 6`W£]©LaL?LY_]L NL _S NPY_ LYO _SP QLXZ`^ ]T_`LW XLY`LW ;L]L²`]£XL6LW[L^¼_]L NL!_S NPY_TWW`^_]L_P ! ;]PNT^PWd ^TX`W_LYPT_TP^ LYO ^dY_SP^P^ ^`NS L^ _SP^P _SL_ L]P MP dZYO _SP PT_SP]Z] OTNSZ_ZXd L[[PL] _Z MP P^[PNTLWWd _d[TNLW ZQ _SP _ST]O ^[LNP ^ZYLWT_d 4Y _SP YPc_ NSL[_P] bP bTWW ^SZb _SL_ _ST^ T^ LW^Z ]PQWPN_PO TY _]LOT_TZYLW ^NTPY_TQTN ^_`Od =PRL]OTYR ^NTPY_TQTN ^_dWP^ bP bTWW[ZTY_Z`_ TYXZ]POP_LTWL^TOPMd^TOPPcT^_PYNP LYOQW`TOOT^^ZW` _TZYZQMZ`YOL]TP^MP_bPPYXL_SPXL_TN^LYO[ZP_]dQZ]XLWT^_TNLM^_]LN _TZY LYO ^PY^Z]d LP^_SP_TN ]P[]P^PY_L_TZY^ ?SP^P ]P[]P^PY_L_TZY^ L]P MZ_SaP]d^SZ]_LYON]d[_TNLM^_]LN_QZ]X`WL^^Z`YONZOP^LYOR`^STYR [ZP_TN aP]^P^ bT_S NZX[WPc XP_P]^ [ZWd^PXLY_TN ^PY^P P_N ?ST^ NZX MTYL_TZYZQQZ]XLWT^_TNLM^_]LN_TZYLYOLP^_SP_TNPWLMZ]L_TZY^PPX^_ZMP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP_SP QZ]_SNZXTYR ^_`OTP^Md ,YYP__P BTWVP w9PRZ_TL_TYR ?LY_]L LYO APOL TY_SP ;L]L²`]£XL6LW[L?]LOT_TZYxTY 9PRZ_TL_TYR=T_`LW PO@_P3Þ^VPYLYO1]LYV9P` MP]_ :cQZ]O%:cQZ]O @YTaP]^T_d ;]P^^QZ]_SNZXTYRLYOw=PNZOTYR _SPYL_`]LWLYO LYTXL_TYR _SP TXLRTYL]d% 6L`WL MZOd []LN_TNP^ TY _SP ;L]L²`]£XL6LW[L^¼_]L ]T_`LW _]LY^QP]^ LYO _SP [ZWT_TN^ ZQ ]P[]P^PY_L_TZYx TY ?]LY^QP]^ LYO ?]LY^QZ]XL_TZY^ ZQ ?LY_]L?LY_]T^XTY ,^TL LYO-PdZYOPO 4^_aLY6P`W -P]WTY%OP 2]`d_P] QZ]_SNZX TYR
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
L N`W_`]LW [L__P]Y L[[PL]TYR TY L ]LYRP ZQ OZXLTY^ LW^Z TY _SP aT^`LW ]PLWX ?ST^ L[[WTP^ TY LY PYSLYNPO QZ]X TY _SP 3TRS ?LY_]L 4Y _SP ^LXP WT_P]L_`]P^ LYO []LN_TNP^ ZQ _SP 3TRS ?LY_]L ZYP QTYO^ ZY _SP ZYP SLYO Pc_]PXP NZYNT^PYP^^ LM^_]LN_TZY [T_STYP^^ XZYZ^dWWLMTN w^PPO XLY_]L^xLYO]`WPML^PO]T_`LWLN_TZYLYOZY_SPZ_SP]LP^_SP_TNW`c` ]TZ`^bZ]OdLYOXd^_P]TZ`^N]d[_TN[P]QZ]XLYNPLYOOT^NZ`]^PbZ]WO^ ?LY_]TNw_bTWTRS_xWLYR`LRP^PY^Z]dLYOMZOTWd]T_P^^Z`YOXP_L[Sd^ TN^^ZYTN NZ^XZWZRd LYO bZ]WOLQQT]XTYR [STWZ^Z[Sd LYO Pc_]PXP QZ]X^ ZQ ^dXMZWTN MZ`YOL]d OP^_LMTWTeL_TZY 3P]P bP NLY ^PP LY LP^ _SP_TN NZY_TY``X NZ]]P^[ZYOTYR ^_]`N_`]LWWd _Z _SP ^ZYTN w_ST]O ^[LNP SLMT_`^x bSTNS bP PWLMZ]L_PO TY _SP []PaTZ`^ NSL[_P]^ ZY WT_P]LNd LYO Z]LWT_d ?SP _d[TNLW ^`MUPN_TaTeL_TZY^ OZ YZ_ WTP TY LY PT_SP]Z] OTNSZ_ ZXd PR PT_SP] WT_P]LNd Z] Z]LWT_d M`_ TY^_PLO TY ^TX`W_LYPT_TP^ LYO Q`^TZY^?ST^T^L[T_Sd^_]`N_`]LW_d[ZWZRdw>_]`V_`]_d[ZWZRTPxbSZ^P NZY_PY_^ SZbPaP] OTQQP] OP[PYOTYR ZY _SP VYZbWPORP N`W_`]P LYO ^Z NTLW]PLWXPR]PWTRTZ`^Z]bZ]WOWdLYO^NTPY_TQTNOT^NZ`]^P 4Y =PNVbT_ev _P]XTYZWZRd _SP ^ZYTN >LY^V]T_ N`W_`]P bL^ L _]LTYTYR R]Z`YO QZ] OT^_TYN_ QZ]X^ ZQ ^`MUPN_TaT_d LYO ZaP]LWW WTQP^_dWP^ w?]LTY TYR^Z]_PQÞ]OT^_TYV_P>`MUPV_`YO7PMPY^QZ]XPYLW^RLYePx4_WPQ_T_^ XL]V^ ZY aL]TZ`^ N`W_`]LW ^PRXPY_^ LYO _SP _PNSYZWZRTP^ ZQ _SP ^PWQ ?bZ OT^_TYN_ LP^_SP_TN ^_dWP^ NLY MP ZM^P]aPO Q]ZX _SP PL]WTP^_ _TXP^ bSTNS bP]P P^[PNTLWWd PYNZ`]LRPO Md _SP [P]QZ]XLYNP N`W_`]P LYO ^Z`YO [P]NP[_TZY ?SP^P bP]P LM^_]LN_TZY LYO Q`^TZY TP LM^_]LN_TaP _SZ`RS_ TY ^_]`N_`]P^ ZY _SP ZYP SLYO LYO L ^dY_SP_T^TeTYR wSLMT_`^x [ZTP_ZWZRTNLW L^[PN_^ ZQ LN_TZY^ Xd_STNLW PXMPOOTYR LYO ^dXMZWTN _]LY^T_TZY^ ZQ MZ`YOL]TP^ ZY _SP Z_SP] ,_ LY PL]Wd ^_LRP _SP]P bL^ LW ]PLOd L STRS OPR]PP ZQ LM^_]LN_TZY LYO QZ]XLWT^_TN WZRTNLW _SZ`RS_ _SL_ TYZ_SP]WZNL_TZY^L[[L]PY_Wd]P\`T]POLN`W_`]PZQb]T_TYR:Y_SPZ_SP] SLYO _SP]P L]P LW^Z QZ]X^ ZQ [P]NP[_TZY LYO LP^_SP_TN ^_dWP^ PaPY LQ_P] _SPTY_]ZO`N_TZYLYO^[]PLOZQb]T_TYRbSTNSL]P]PRL]OPOL^_d[TNLWZQ Z]LW YZYWT_P]L_P N`W_`]P^ _SP ^ZNLWWPO wN`W_`]P^ ZQ _SP PL]x 8N7` SLY ! 4Y LOOT_TZY _Z LM^_]LN_TYR OT^_LYNTYR WZRTNLW LYLWd_TNLW NSL]LN _P]T^_TN^ _SP >LY^V]T_ WT_P]L_`]P^ NZY_LTY L YZ_TNPLMWd WL]RP Y`XMP] ZQ ^PY^Z]d LP^_SP_TN [L]_TNT[L_Z]d PX[L_STN LOOT_TaP LYO ]PO`YOLY_ QPL _`]P^>LY^V]T_3TYO`T^XLW^ZVYZb^bSL_SL^MPPYNLWWPOwSPL]TYRbT_S _SPPdPxLYOw^PPTYRbT_S_SPPL]xZNN`]]TYRQZ]PcLX[WPTY_SPL`OTZ aT^TZY^XPOT_L_TZYaP]^P^LYODZRTN NLV]L aT^`LWTeL_TZY^ZQ_SP?LY_]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q8N7`SLY ?SP2`_PYMP]R2LWLcd 3P^LTO_SL_L^^[ZVPYWLYR`LRP]P[]P^PY_^_SP XZ^_TX[Z]_LY_XPOT`XZQNZXX`YTNL_TZYTYZ]LWN`W_`]P^_SPPL]T^_SPXZ^_TX[Z] _LY_^PY^Z]dZ]RLYTY^`NSN`W_`]P^BT_S_SPLOaPY_ZQb]T_TYRSPLOOPO_SPPL]bL^ ]P[WLNPOMd_SPPdP&M`_YZ_`Y_TW_SPTYaPY_TZYZQXZaLMWP_d[PbSTNSXLOPWT_P]L]d PO`NL_TZYXZ]PbTOP^[]PLObL^_SP]PLNWPL][]TaTWPRPQZ]aT^`LWNZY^NTZ`^YP^^NSL] LN_P]T^_TNZQw_d[ZR]L[STNXLYx
3TYO`T^XL^L.`W_`]PZQ>Z`YO
>`NS Pc[]P^^TZY^ ^SZb ^_]`N_`]LW ^TXTWL]T_TP^ _Z Z]LW QZ]X^ ZQ [P]NP[ _TZY ! 3P]P ZYP NLY ^PP ^Z`YO^ LYO SPL] NZWZ]^ LYO ^SL[P^ ?SP ^T_`L _TZY T^ ^TXTWL] bT_S _SP =£RLX£WL XTYTL_`]P [LTY_TYR^ LYO ^ZXP OPaZ _TZYLW SdXY^ bSTNS SZbPaP] []TXL]TWd ]PQWPN_ PXZ_TZYLW aLW`P^ LYO bZ]WO^ ! ?SP APOL bL^ LW]PLOd L ML^TN ^dYLP^_SP_TN XZOPW L^ QL] L^ T_ T^ ]P RL]OPO L^ w^PPYx Md _SP ZWO w^PP]^x _SP ^T^ 3ZbPaP] T_ T^ _P]XPO w±]`_Tx TP wSPL]TYRx LYO T^ TY QLN_ []TXL]TWd SPL]TYR 4_ T^ LW^Z ZQ ^[PNTLWTY_P]P^__SL__SPAPOLLW]PLOdTYOTNL_PO_SP_bZ_]LTYTYRR]Z`YO^ ZQLM^_]LN_TZYLYOQ`^TZY4YNZX[L]T^ZY_ZZ_SP]QZ]X^ZQPc[]P^^TZYZQ _ST^ [L]LOTRX PR _SP ^NTPY_TQTN ^Z`YO NZOP^ _SP APOL bL^ LY P^[P NTLWWd NZX[WPc _]LTYTYR R]Z`YO PYNZX[L^^TYR LYO `YT_TYR LWXZ^_ LWW L^[PN_^ ZQ =PNVbT_ev _SPZ]d ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ :Y _SPZYPSLYObPQTYOLOPNTOPOWdwAPOTNL`]Lx_SPAPOLL^L[L]LOTRX ZQ ^LN]PO ^Z`YO LYO Y`XTYZ`^ [ZbP] LYO SZWTYP^^ :Y _SP Z_SP] SZb PaP] bP QTYO LY Pc_]PXPWd ^_]TN_ QTcPO QZ]X XL_SPXL_TNLWWd PcLN_ XYPXZ_PNSYT\`P^ []PNT^P []ZY`YNTL_TZY ]`WP^ ^_]TN_Wd ]`WPOML^PO ]T_`LWLN_TZY^LYO^ZNTLWYZ]X^?SPZ]TRTYLW_Pc_T^_SPML^T^QZ]L^_]TN_ Z]OP] OSL]XL ]`WP^ NZXXLYOXPY_^ NZYNP]YTYR [`]T_d RPYOP] NWL^^ LYONL^_P^d^_PXLYOTYXLYdbLd^ËWT_T^_^_L]_TYRbT_S_SP[]ZSTMT_TZY ZY ±¼O]L^ SPL]TYR _SP APOL ?SP APOL [WLNP^ R]PL_ OPXLYO^ ZY _SP [P]QZ]XP]^%_SP[P]QPN_XL^_P]TYRZQ_SPS`RPMZOdZQ]T_`LWMdXPXZ]d ^Z_SL__SPVYZbWPORPNLY MPNLWWPO`[LOSZNL_LYd _TXPQZ]OTQQP]PY_ ]T_`LWL[[WTNL_TZY^L^]P\`T]PO?SPNL^PZQ_SPAPOLTY[L]_TN`WL]^SZb^ _SP R]PL_ Pc_PY_ _Z bSTNS NZRYT_TaP LYO YZ]XL_TaP XZ]LW Z]OP] ZY _SP ZYP SLYO LYO LP^_SP_TN^ ZY _SP Z_SP] [P]aLOP PLNS Z_SP] LYO _SL_ LM ^_]LN_TZY LYO Q`^TZY L]P YZ_ X`_`LWWd PcNW`^TaP >_LLW PWLMZ]L_PO _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1Z]PcLX[WPTY_SPNL^PZQ?^TXSTLYv^[LTY_TYR^T_bL^QZ`YO_SL__SPNZOPZYbSTNS _SPd bP]P ML^PO bL^ L`OT_Z]d ]L_SP] _SLY aT^`LW .Q 0OX`YO .L][PY_P] :S BSL_ L -WZb_SP;SLY_ZX2LaP8P 9PbDZ]V%-LY_LX-ZZV^$" ! ?SP =£RLX£WL XTYTL_`]P^ bSTNS _ST^ MZZV OZP^ YZ_ NZaP] TY R]PL_P] OP_LTW `^P S` XLY QTR`]P^ _Z TWW`^_]L_P X`^TNLW ^NLWP^ ]£RL ?SPd L]P XZ]P L ]P[]P^PY_L_TZY ZQ PXZ_TZYLW aLW`P^ ]£RL WT_P]LWWd XPLY^ wNZWZ]TYRx _SLY L NZ]]P^[ZYOPYNP ZQ _ZYP^ bT_S ^SL[P^ Z] NZWZ]^ 0aP]d [TPNP ZQ X`^TN LYO PaP]d =£RL SL^ YZ_ ZYWd ZYP []P NT^PWdOPQTYPO^NLWPM`_LNNZ]OTYR_Z4YOTLY_SPZ]T^_^ZQX`^TNT_LW^ZSL^LYLP^_SP_T NLWWd OP_P]XTYPO PXZ_TZYLW aLW`P bT_STY bSTNS L X`^TNTLY TX[]ZaT^P^ Q]PPWd ZY L _SPXP TY LNNZ]OLYNP bT_SNP]_LTY]`WP^ 4YWTYP bT_S_SPPXZ_TZYLWaLW`P^_SP=£RL^ L]P LW^Z LWWZNL_PO _Z NP]_LTY _TXP^ ZQ OLd LYO ^PL^ZY^ ZQ _SP dPL] XLWP LYO QPXLWP ^dXMZWTeL_TZY^P_N bSTNS Pc[]P^^ XP_ZYdXTNLWWd_SP ^LXPML^TNXZZO>`NSML^TN XZZO^LW^Z^PPX_ZMP[L]_TN`WL]WdN]T_TNLWQZ]^ZXPSdXY^_Z_SPOPT_TP^0aPYTY_SP ?LY_]TN XPOT_L_TZY aP]^P^ _SL_ PYNL[^`WL_P TNZYZR]L[STP^ ZQ OPT_TP^ TY Wd]TNLW WLY R`LRP LYO L]P `^PO QZ] aT^`LWTeTYR XLY_]L OPT_TP^ PXZ_TZYLW aLW`P^ LYO LP^_SP_TN XZZO^ [WLd L ]ZWP LWMPT_ L XTYZ] ZYP -d NZY_]L^_ _SP DZRTN NLV]L^ L]P L^^ZNTL_PO YZ_ ZYWd bT_S NZWZ]^ RPZXP_]TN QTR`]P^ LYO ^Z`YO^ M`_ LW^Z bT_S _SP PWPXPY_^ LYO aL]TZ`^[L]_^ZQ_SPMZOd
?SP;ZbP]ZQ_SP8POTLLYO?SPT].`W_`]LW.ZY_TYRPYNd
LM^_]LN_TaPXZOPbPWWMdPc[Z^TYR_SPQZ]XLWWZRTNLWLYO^_]`N_`]LWT^_TN [L__P]Y^ ZQ _SP APOTN NZX[Z^T_TZY^ _SL_ ]P^PXMWPO XL_SPXL_TN^ 3P ^[PLV^ ZQ L ^_]TN_ ^NTPYNP LYO ZQ w]`WP^ bT_SZ`_ XPLYTYRx DP_ SP WPQ_ Z`_ _SP ^PY^Z]d LP^_SP_TN LYO XLRTNLW Xd_STNLW L^[PN_^& ?L_dLYL 0WTeL ]PYVZbLOP^N]TMPO_SPN]d[_TNWLYR`LRPZQ_SP RaPOL L[_WdL^XLRTNLW [ZP_]d LYO [ZP_TN XLRTN LYO LNNPY_`L_P^ _SP ^PXLY_TNTeL_TZY ZQ ^Z`YO ^P\`PYNP^ ! 4Y_P]P^_TYRWd L^ QZ] _SP Q`^TZY XZOP wAP]^NSXPWe`YR^XZO`^x TY _SP APOL T_ T^ QZ`YO XZ^_ YZ_TNPLMWd []PNT^PWd L_ _SP [ZTY_ bSP]P ^P XLY_TN^MPNZXP^TX[Z]_LY_TY_SP^PY^PZQ_SPXZOP]Ywb]T_TYR[P]^ZY LWT_dx w>NS]TQ_^`MUPV_x LYO bSP]P ^PY^Z]TYP^^ OTXTYT^SP^ ?ST^ SL[ [PY^ TY _SP ^[PN`WL_TaP @[LYT´LO^ _SL_ TY_]ZO`NP LY PcNP[_TZYLWWd Xd^_TN PWPXPY_ BSL_ T^ ^PXLY_TNTePO SP]P T^ []TXL]TWd L YZYaP]MLW LM^ZW`_P]PLWT_d-]LSXLYLYO¢_XLYLYOLYZYO`LWPc[P]TPYNPZQ_SP `YTaP]^P 3P]P L]P Pc_]PXP QZ]X^ ZQ ]`WPWP^^YP^^ OPaTL_TZY Q]ZX _SP OSL]XL ]PR`WL_PO^ZNTP_dQ]PPOZXQ]ZX[`][Z^P^dXMZWTNOT^^ZW`_TZY ZQ MZ`YOL]TP^ OPOTQQP]PY_TL_TZY LYO LM^ZW`_P []P^PY_ ?]LY^NPYOTYR ^dXMZWTN LYO ]PLW YZ]X^ TY _SP L^NP_TN TOPLW MPNZXP^ _SP wR]PL_P^_ YZ]XxbSTNST^^`[P]TZ]_Z_SPOSL]XL]`WP^PaPYTY_SPWL^_^PN_TZYZQ _SP XZ^_ YZ]XL_TaP OSL]XL bZ]V _SP 7Lb^ ZQ 8LY` ?PWWTYRWd _SP @[LYT´LO^ PY_P]PO TY_Z _SP N`W_`]LW XPXZ]d L^ _SP w[P]QPN_TZY ZQ _SP APOLx ,_ _SP ^LXP _TXP SZbPaP] _SP APOL ]PXLTYPO bSL_ T_ SLO LW bLd^MPPYzL[]TXL]TWdWT_`]RTNLW_Pc_LYOL^Z`YOPaPY_ ,WW ZQ _SP^P L^[PN_^ TWW`^_]L_P _SL_ _SP APOL ]P[]P^PY_PO LY TOPLW _]LTYTYRQTPWOQZ]MZ_SLP^_SP_TNLYOwYZYLP^_SP_TNx^_dWP^LYOQZ]X^ZQ wSLMT_`^xLYO_SPT]XP]RP]?SP]PbL^PL]Wd_]LTYTYRTYQZ]XLWT^__STYV TYRL^bPWWL^TYLP^_SP_TNLYOSTRSWd[L]_TNT[L_Z]dXZOP^ZQ[P]NPTaTYR LYO _STYVTYR BT_SZ`_ _LVTYR _SP N]T_P]TZWZRd ZQ =PNVbT_e L^ L ^[PNTQTN ML^T^ _SP ST^_Z]TNLW ^PN_TZY ZQ _ST^ MZZV bSTNS bL^ NZX[WP_PO MPQZ]P =PNVbT_ev MZZV bL^ [`MWT^SPO ^SZb^ SZb _SP^P _bZ ^_dWP^ LYO _SPT] Q`^TZY NZY_TY`PO LYO bP]P _]LY^QZ]XPO O`]TYR _SP Q`]_SP] NZ`]^P ZQ 4YOTLY]PWTRTZ`^ST^_Z]d?SP^_`OdZQ_SPAPOLQZ] TY^_LYNP bL^NZX [WP_PWd RPL]PO _Z ]L_TZYLWT_d LYO L`_ZYZXZ`^ ]PL^ZY DP_ SP]P _ZZ _SP wO`LW _]LTYTYR QTPWOx LM^_]LN_ ]L_TZYLWT_d LYO [L]_TNT[L_Z]d Q`^TZY bL^ YZ_ M]ZVPY L^ ZYP XTRS_ Pc[PN_ Q]ZX _SP wb]T_TYR ^`MUPN_x ZQ _SP PcP RP_TNNZXXPY_L]TP^4Y^_PLOT_T^]PXZOPWPOLYOPaPY]PNZY^_]`N_POTYL NP]_LTY bLd ?SP APOL SP]XPYP`_TN^ ZY _SP ]T_`LW [L]_ LYO _SP @[LYT´LOTN wVYZbWPORP [L]_x ZQ _SP APOL TWW`^_]L_P^ TY L aP]d [L]L OTRXL_TN QL^STZY U`^_ SZb ^_]ZYRWd LM^_]LN_TZY LYO Q`^TZY ^NTPY_TQTN ]L_TZYLWT_d LYO Pc_]PXPWd [L]_TNT[L_Z]d XZXPY_^ NLY [P]aLOP ZYP LY Z_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 0WTeL]PYVZbL 7LYR`LRPLYO>_dWPZQ_SPAPOTN´T^Z[NT_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
?SPAPOLTXLRPLYO[P]QZ]XLYNPLYO_SPN`W_`]LWOdYLXTN^T_[]Z O`NPO_S`^]PaPLWLYPcNP[_TZYLWWdSTRSOPR]PPZQQPL_`]P^ZQ_SP_d[Z WZRTNLW O`LW [L__P]Y LM^_]LN_TZY LYO Q`^TZY ?SP ^`XXL]d LMZaP XLVP^ NWPL] _SL_ _SP _SP O`LW [LT]^ L]P YZ_ ^ZXP_STYR ^P_ L[L]_ M`_ ]`Y NZY ^_LY_Wd [L]LWWPW LYO L]P TY_P]_bTYPO bT_S ZYP LYZ_SP] BP SLaP NLWWPO _ST^ ^_]`N_`]LW [L__P]Y w_ST]O ^[LNP SLMT_`^x LYO T_ ZMaTZ`^Wd ]PLNSP^ MLNVTY_Z_SPAPOTNbZ]WOZ]_ZMPXZ]P[]PNT^PMLNV_Z_SP_TXPbSPY _SP APOL L^ bP VYZb T_ _ZOLd PXP]RPO ?SP ^_L]_TYR [ZTY_ ^PPX^ _Z MP L]Z`YO_SP^Tc_SNPY_`]d-.bSPY_SPAPOLbL^QTcPOLYOZ]LWWdNZOT QTPO ?SP aP]d ^_]`N_`]P ZQ LY Z]LW dP_ QTcPO NLYZY ZQ ^Z`YO^ ]PaPLW^ T_^PWQLO`LWZ]TPY_L_TZYXP]RPOTY_ZZYP -P^TOP^ 2ZZOd^ZXP4YOZWZ RT^_^^`RRP^_PO_SL__ST^^ZYTNNZOTQTNL_TZYZQ_SPAPOLbL^LW^ZQTcPOTY b]T_TYR Z] NZTYNTOPO bT_S _SP YPb `^P ZQ b]T_TYR z LYO _SP]P L]P ^PaP]LW ]PL^ZY^ _Z QTYO _ST^ _SP^T^ NZYaTYNTYR L^ Pc[WLTYPO TY Z`] 2ZZOdOT^N`^^TZY4Q _ST^ bL^_]`PT_bZ`WOMP_SPPL]WTP^_PaTOPYNPZQ bSL_bPNLWWLN`W_`]PZQw^ZYLWT_dx _SL_[]PQP]^ _SP ^Z`YOTYRbZ]OOP ^[T_PZQb]T_TYR?SPTY_]ZO`N_TZYZQ_SPYLXP±]`_Tw3PL]TYRxQZ]_SP APOL Md _SL_ _TXP T^ LYZ_SP] TYOTNL_TZY ZQ _ST^ BT_S ^ZXP NL`_TZY ZYP NLY ^[PN`WL_P _SL_ _SP PXP]RPYNP ZQ LY Z]LWWd QTcPO NLYZY bL^ L_ _SP ^LXP _TXP _SP MT]_S ZQ _SP w_ST]O ^[LNP SLMT_`^x _SL_ Q`YN_TZYPO L^ L MW`P[]TY_ QZ] WL_P] RPYP]L_TZY^ 9Z_ ZYWd OTO _SP APOL P^_LMWT^S L ML^T^ QZ] 4YOTLY [P]QZ]XLYNP N`W_`]P ZYWd _SP XPXZ]TePO ]PNT_PO LYO [P] QZ]XPOAPOL T^_SPAPOL 8Z]PZaP]_SPAPOLL^ _SP wZ]TRTYLWx WT_P]L _`]P ZQ 4YOTL LYO P[T_ZXP ZQ L`_SZ]T_L_TaP ^LN]PO ^[PPNS ^P_ _SP ^_LY OL]O^QZ][ZbP]Q`WWT_P]L]dPc[]P^^TZYTP_Pc_`LW[P]QZ]XLYNPLYOQZ] _SP ^_]`N_`]LW [L__P]Y ZQ bSL_ bL^ NLWWPO LMZaP wO`LW _]LTYTYR QTPWOx ?ST^ ML^TN ^_]`N_`]P bSTNS T^ _d[TNLW ZQ _SP w_ST]O ^[LNP SLMT_`^x VP[_ ]PL[[PL]TYR TY _]LY^QZ]XL_TZY^ LYO YPb NZY_Pc_^ ;]PNT^WPd _SP ^LXP [L__P]YT^QZ`YOTY_SP^NTPYNP^bSTNSbPOT^N`^^TY_SPQZWWZbTYRNSL[ _P] 3P]PXL_SPXL_TN^LYO [ZP_]dL]PXP]RPO TY_ZZYPLYOLM^_]LN_QZ] X`WL^L[[PL]TY^ZYTNNZOP^ ?SP OTQQP]PY_ ST^_Z]TNLW XZOPWTYR^ ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^NLYYZ_MPLWWZNL_PO_ZZ]LWT_dSP]P LYO_Z WT_P]LNd_SP]PLYOYPT _SP] _Z ]PWTRTZY SP]P LYO ^NTPYNP _SP]P ?ST^ bTWW MPNZXP P^[PNTLWWd NWPL] TY _SP QZWWZbTYR bSP]P _SP []TXL]d _Z[TN T^ ]PaPWL_TZY TYOP[PYOPY_ ^NTPY_TQTN WT_P]L_`]P^ ?SP wO`LW _]LTYTYR QTPWOx ZQ N]PL_TaP _SZ`RS_LYO]PR`WL_POLN_TZYLQQPN_TaT_dLYO]L_TZYLWT_d[WLdLYOZ]OP] L[[WTP^ TY [L]_TN`WL] _Z _SP TYOTRPYZ`^ ^NTPYNP^ , NWZ^P] WZZV L_ _SP ^NTPY_TQTN[]LN_TNP^ TY4YOTLTY,Y_T\`T_d LYO_SP8TOOWP,RP^NZYQT]X^ _SP ]PWPaLYNP ZQ =PNVbT_ev NLWW QZ] ^NTPY_TQTN QZ]X^ ZQ []LN_TNP _Z MP TYaP^_TRL_PO YZ_ ZYWd L^ TY^_LYNP^ []ZO`NTYR NZRYT_TaPWd YP`_]LW ^_L_P XPY_^d^_PX^wVZRYT_TaYP`_]LWP,`^^LRP^d^_PXPxM`_LW^ZTY]PWL_TZY _Z_SP^[PNTQTNQZ]X^ZQ^PY^Z]d[P]NP[_TaPLYOLQQPN_TaPL^^TXTWL_TZYZQ
7T_P]L_TTY4YOTLLYO0`]Z[P
_SPT] ZMUPN_^ ;]LN_TNP^ TY _SP YL_`]LW ^NTPYNP^ ]P[]P^PY_ YZ WP^^ _SLY ]PWTRTZ`^ []LN_TNP^ _PNSYT\`P^ QZ] LM^Z]MTYR L NP]_LTY LP^_SP_TN ^PY^P @YWTVP_SP^T_`L_TZYTY0`]Z[P_SP]PSLaPMPPY^_]ZYRTX[WTNT_LP^_SP_TN TY_P]QP]PYNP^ LYO NZY_TY`T_TP^ MP_bPPY _SP ]PWTRTZ`^ LYO ^NTPY_TQTN OT^ NZ`]^PbZ]WO^TY4YOTL:`]_SP^T^bTWWMP_SL_L^L[]Z_Z_d[PZQL`_SZ]T _L_TaP [L]LOTRXL_TN ^[PPNS _SP APOL TYOT]PN_Wd WPQ_ T_^ XL]V YZ_ ZYWd ZY _SP ]PWTRTZ`^ WT_P]L_`]P^ LYO ]PaPWL_TZYOP[PYOPY_ [STWZ^Z[STP^ M`_ PaPY ZY _SP ]PaPWL_TZYTYOP[PYOPY_ bZ]V^ ZQ YL_`]LW ^NTPYNP 5`^_ SZb ^_]ZYRWd _SP^P L]P [P]aLOPO Md YZ_ ZYWd ^NTPY_TQTN ^_L_PXPY_^ M`_ LW^Z [ZTP_ZWZRTNLW L^[PN_^ ]PaPLW^ _SP N`W_`]LW NZY_TYRPYNd ZQ LP^_SP_TN ^_dWP^TY^NTPY_TQTN[]LN_TNP
#
7T_P]L_TTY4YOTLLYO0`]Z[P
?SP _ST]O ^[LNP z ^ZYTN N`W_`]P z []ZO`NPO T_^ ZbY LP^_SP_TN ^_dWP^ ^`MUPN_TaTeL_TZY^ LYO QZ]X^ ZQ ]L_TZYLWTeL_TZY L^ _SP QZWWZbTYR NZX [L]T^ZYZQ_SP WT_P]L_TTY4YOTLLYO0`]Z[PbTWW^SZb ,Y_T\`T_d LYO_SP 8TOOWP ,RP^ _SP SPdOLd^ ZQ >LY^V]T_ []ZO`N_TZY bTWW []ZaTOP _SP []T XL]d _TXPQ]LXP 4YOTLY ^NTPY_TQTN N`W_`]P OPXZY^_]L_P^ SZb X`NS _SP _bZ [ZWP^ NSL]LN_P]TePO M]TPQWd L^ LM^_]LN_TZY LYO Q`^TZY Z] PXLYNT[L _TZYLYO[L]_TNT[L_TZYNLYZaP]WL[ =L_TZYLWT_d LYO ^NTPYNP QZ]XPO LY TX[Z]_LY_ _Z[TN TY _SP Z]LWT_d WT_P]LNd OPML_P ZaP] 4YOTL 2ZZOd SLO NWLTXPO _SL_ L^ QZ]XL_TZY^ ZQ LM^_]LN_TZY LYLWd_TNLW _SZ`RS_ LYO ]L_TZYLW ^d^_PX^ L]P LW]PLOd aP]d X`NS[]P^PY_TY4YOTLYWT_P]L_`]PL_LaP]dPL]Wd^_LRPbPX`^_MPOPLW TYR bT_S L WT_P]L]d N`W_`]P DP_ 4YOTL TY QLN_ ^SZb^ SZb OP_P]XTYT^_TN ST^NZYNW`^TZY^L]PbSTNSNZ]]PN_Wd_]TRRP]PON]T_TNT^XQ]ZXMZ_S>_LLW LYO 1LWV 4Y ^ZXP bLd^ 2ZZOd XLOP TYNZ]]PN_ L^^`X[_TZY^ LYO LW^Z XLOP L QZ]NPO TY_P][]P_L_TZY ZQ ^ZXP ZQ _SP 4YOTLY XL_P]TLW _Z ^`T_ ST^ _SPZ]dZ]PaPY]PLO^ZXP_STYRTY_ZT__SL_bL^YZ__SP]P?ST^L[[WTP^TY [L]_TN`WL] _Z ST^ _]PL_XPY_ ZQ _SP WT_P]L_T bSZ bP]P Md YZ XPLY^ LWW -]LSXLYTN []TP^_^ .P]_LTYWd ZYP NLYYZ_ OPYd _SL_ _SP -]LSXTY^ SLO L XZ]P Z] WP^^ []POZXTYLY_ [Z^T_TZY TY ]PWTRTZ`^ WT_P]L_`]P^ LYO OSL]XL bZ]V^LYOTY[L]_TN`WL] _SP^[SP]PZQ_SP APOLbL^_SPT] ^[PNTLW[]TaT WPRP -`_ WT_P]L]d LYO ^NTPY_TQTN bZ]V bL^ YPaP] ]P^_]TN_PO U`^_ _Z _SPX PaPYTQT_bL^ZQNZ`]^PWL]RPWdLN`W_`]PZQ_SPËWT_PLYO_SP`[[P]NWL^^ >_LLWv^LYO1LWVv^ZMUPN_TZY^_Z2ZZOdv^WT_P]LNd_SP^T^bSTNSbP]P N]T_TNLW ZQ TOPZWZRd bP]P TX[Z]_LY_ ?SP ST^_Z]d ZQ ^NTPYNP T^ Q`WW ZQ PcLX[WP^ ^SZbTYR 2]PPNP _Z MP _SP QT]^_ LYO ZYWd ^Z`]NP ZQ WZRTN [ST WZ^Z[Sd LYO ^NTPYNP bT_S 0`]Z[PLY ST^_Z]d L^ _SP `YTaP]^LW dL]O^_TNV ?ST^ OT^_Z]_PO _SP TX[L]_TLW aTPb ZQ Z_SP] N`W_`]P^ ,WW _ZZ ZQ_PY 3TY O`T^XbL^NZY^_]`POL^LYwT]]L_TZYLWZ_SP]x1Z]PcLX[WPTY4YOTLZYP
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QZ`YOw0L^_P]YXd^_TNT^XxL_PaP]d_`]YM`_YZ[STWZ^Z[SdzLY:]TPY _LWT^_TN OT^_Z]_TZY _SL_ ?ZWL /]LRZYP__T LYO Z_SP]^ ]TRS_Wd NZY_P^_PO ! :YP NLY LR]PP bT_S _SPX _SL_ T_ XLVP^ ^PY^P _Z ]P^_]TN_ NZX[L]T^ZY^ _Z NZY_TY`T_TP^LYOOTQQP]PYNP^TY[STWZ^Z[STNLW_SZ`RS_LYOL]R`XPY_L_TZY `[_Z_SP^Tc_PPY_SNPY_`]d !!-`_TY4YOTLbPQTYO^ZXPXPY_LWQTR`]P^ WTVP _SZ^P L[[PL]TYR TY 6LY_ Z] 1TNS_P LYO []ZMWPX^ ZQ WTYR`T^_TN^ Z] WTYR`T^_TN[STWZ^Z[SdWTVP_SZ^POT^N`^^POTY_bPY_TP_SNPY_`]d0`]Z[P WZYRMPQZ]P_SP^Tc_PPY_SNPY_`]d>Z_SP]PL]PXLYdNZX[L]LMWP[ZTY_^ TY _SP ST^_Z]d ZQ ]L_TZYLW _SZ`RS_ ^d^_PX^ RZTYR MPdZYO ST^_Z]TNLW LYO N`W_`]LW OT^^ZYLYNP^ 1`]_SP]XZ]P ?ZWL LYO /]LRZYP__T L]P ]TRS_ _Z \`P^_TZY bSP_SP] BP^_P]Y _SZ`RS_ _]LOT_TZY^ bP]P LWbLd^ [`]PWd ]L _TZYLW 9ZbZYPNLYLNN`^P2ZZOdv^_SPZ]dZQLWZ_ZQ_STYR^M`_NP]_LTYWd YZ_ZQQLTWTYR_Z]PNZRYTeP4YOTLv^]L_TZYLWT_d3ZbPaP]_SPWZRZNPY_]TN LYO 0`]ZNPY_]TN wSLMT_`^x T^ YZ_TNPLMWP bSTNS PaPY _SP WT_P]LNd N]T_TN^ SLaP [P][P_`L_PO >_LLW N]T_TNTePO 0`]ZNPY_]TNT_d M`_ L]R`PO TY L WZRZ NPY_]TN XLYYP] >Z QL] _SP OT^N`^^TZY SL^ MPPY OZXTYL_PO Md _SP ^`M UPN_^ZQLM^_]LN_ LYOWZRTNLW_SZ`RS_[`][Z^PQ`W[]LRXL_T^X LYONZRYT _TaPWdYP`_]LW[]Z[Z^T_TZY^4Y_SPQZWWZbTYRbPbTWW_LVPLNNZ`Y_ZQ_SP PQQPN_^ ZQ LP^_SP_TN ^PY^Z]d [P]NP[_TaP L^[PN_^ TY _SP ^NTPY_TQTN []LN _TNP^ ZQ _SP 4YOTLY WT_P]L_T bSTNS RZ MPdZYO _SP [`]P TYQZ]XL_TZYLW aLW`PZQ^NTPY_TQTN^_L_PXPY_^LYONSL]LN_P]TePT_L__SP^LXP_TXP?SP^P YZ_ ZYWd TY_PWWPN_`LW YZ_ ZYWd [`][Z^PQ`W L^[PN_^ _SL_ L`_ZXL_TNLWWd L[[PL] XZ]P ZY _SP ^NPYP bT_S Z`] QZN`^ ZY ^ZYLWT_d [P]QZ]XLYNP LYO XPOTL []LN_TNP L^ LP^_SP_TN []LN_TNP L]P _]PXPYOZ`^Wd TX[Z]_LY_ QZ] RPYP]L_TYRLQQPN__SL_T^_SPPXZ_TZYLW]PWL_TZY^ST[_Z_SPZMUPN_?SPd ]PaPLW L ^NTPY_TQTN wSLMT_`^x _SL_ MTYO^ TY_PWWPN_`LWT_d ^PY^Z]d [P]NP[ _TZY LYO PXZ_TZYLWT_d QL] XZ]P ^_]ZYRWd _ZRP_SP] _SLY _SP BP^_P]Y XZOPW ZQ ^NTPYNP OZP^ ?SPT] []TXP LTX SZbPaP] bL^ YZ_ YPNP^^L]TWd _]LY^[L]PYNd LYO OTOLN_TN^ L^ TY _SP BP^_ 4Y [L]_TN`WL] _SP LP^_SP_TN L^[PN_^ Z] _SP XT^^TYR LP^_SP_TN L^[PN_^ TWW`^_]L_P ^TRYTQTNLY_ N`W_`]LW aL]TL_TZY^ TY _SP ST^_Z]d ZQ ]L_TZYLWT_d LYO ^NTPYNP ?SPd ]PaPLW _SL_ ^NTPYNP YPaP] []ZO`NP^ ^ZWPWd YP`_]LW ^_L_PXPY_ ^d^_PX^ LYO _SL_ TY ^_PLO^NTPY_TQTNQZ]X^ZQwSLMT_`^xZMPdLYO]P[]ZO`NP^dXMZWTNZ]OP]^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ZWLLYO/]LRZYP__Tw@YT_dTY/TaP]^T_dx!"z!#>PPLW^Z=TNSL]O6TYR :]TPY_LW T^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY% =Z`_WPORP$$$ !! ?ZWLLYO/]LRZYP__Tw@YT_dTY/TaP]^T_dx!"Q
7T_P]L_TTY4YOTLLYO0`]Z[P
#
"
,`OTMWP,M^_]LN_TZY^%;£©TYTv^2]LXXL]L^?]PYO^P__P]ZQ>NTPYNP
4YOTLY^NTPY_TQTN[]LN_TNP]PaPLW^OTQQP]PY_LP^_SP_TN ^_dWP^LYOQZ]X^ZQ ^`MUPN_TaTeL_TZY _SLY _SZ^P TY BP^_P]Y TY_PWWPN_`LW N`W_`]P ZQ MZ_S _SP [L^_LYO_SP[]P^PY_?ST^ MPRTY^bT_S ;£©TYTLYONZY_TY`P^TYYPbQZ] XL_TZY^ ?SP 4YOTLY ST^_Z]d ZQ ^NTPYNP LNNZ]OPO R]PL_ TX[Z]_LYNP _Z R]LXXL_TNLW _]LOT_TZY ?ST^ T^ ZY _SP ZYP SLYO MPNL`^P 4YOTL bL^ L RWZMLW ^NTPY_TQTN [TZYPP] TY WTYR`T^_TN^ LYO ZY _SP Z_SP] MPNL`^P TY 4Y OTL R]LXXL] bL^ _SP QT]^_ ^NTPY_TQTN N`W_`]P _SL_ Z[PYPO `[ QTPWO^ TYOP [PYOPY_ ZQ ]PWTRTZY PaPY _SZ`RS T_ L]Z^P TY _SP NZY_Pc_ ZQ _SP APOTN ^NTPYNP^ 2]LXXL] bL^ OPOTNL_PO _Z _SP QZ]XLW LYLWd^T^ ZQ _SP YL_`]LW ^_]`N_`]P^ ZQ WLYR`LRP LYO OPaPWZ[PO NZYNP[_^ _SL_ _ZOLd ZYP bZ`WO NLWW ^dXMZWTN WZRTN LYO WTYR`T^_TN^ 4_ bL^ _SP [L]LOTRXL_TN LYLWd_TNLW ^NTPYNPZQ_SP4YOTLYTY_PWWPN_`LW_]LOT_TZYLYOSLOLOPQTYTYR TYQW`PYNP ZY_SPXP_SZOZWZRdLYO[]P^PY_L_TZYZQ^NTPY_TQTN]P[]P^PY_L_TZY4_LW^Z [L]_WdTY^[T]PO_SPOPaPWZ[XPY_ZQXZOP]YWTYR`T^_TN^LYO[SZYP_TN^ 4_T^_d[TNLWTY;£©TYT_SPQL_SP]ZQ^NTPYNPTY4YOTL_SL_LM^_]LN_TZY LYO [SZYZNPY_]TNT_d L]P NWZ^PWd _TPO ?SP LYLWd_TNLW L]]LYRPXPY_ ZQ _SP >LY^V]T_LW[SLMP_LYO_SP_PNSYTNLWNZOP^ []L_d£S£]L ;£©TYTOPaPWZ[PO L]P^d^_PXL_TNLWWdZ]OP]POR]TO^ZQ^Z`YO^P]aTYR_ZP^_LMWT^SL[SZYP_TN ML^T^ QZ] []PNT^P ]`WP^ ZQ bZ]O QZ]XL_TZY :[TYTZY^ XLd OTQQP] ZY bSP_SP] _SP ]`WP^ ZQ QZ]XL_TZY ^P_ Z`_ TY L[[]ZcTXL_PWd ^SZ]_ L[SZ]T^X^ ^¼_]L^ ]P\`T]PO L ^d^_PX ZQ b]T_TYR Z] YZ_ QZ] _SP LMZaP XPY_TZYPO ]PL^ZY^ ZQ WTYR`T^_TN ^_LYOL]OTeL_TZY bP MPWTPaP _SL_ _ST^ bL^ TYOPPO _SP NL^P M`_ _ST^ OZP^ YZ_ XPLY _SL_ _SP _PNSYTNLW OPaTNP^ QZ]XTYR_SPT]ML^T^LW^Z]P\`T]POaT^`LWYZ_L_TZY^>_]TN_Wd^[PLVTYR_SP wLW[SLMP_x NZY^T^_^ YZ_ ZQ wWP__P]^x M`_ ZQ LY LNZ`^_TNLWWd ^_]`N_`]PO ^P]TP^ ZQ ^Z`YO^ ZQ _SP >LY^V]T_ WLYR`LRP bSZ^P ^d^_PX MPNZXP^ L[ [L]PY_ aTL SPL]TYR LYO YZ_ aTL ^PPTYR ;£©TYTv^ _PNSYTNLW LWRPM]LWTVP >¼_]L WLYR`LRP SP]P _SP R]LXXL_TNLW ]`WP^ LW^Z WL]RPWd NZX[]T^P^ XL _P]TLW _SL_ T^ LNZ`^_TNLWWd ]L_SP] _SLY aT^`LWWd XPXZ]LMWP 4Y [L]_TN` WL] _SP `YOP]WdTYR NZOP ^d^_PX _SP QZ`]_PPY []L_d£S£]L^ _SL_ L]P aLWTO QZ]LWWR]LXXL_TNLWZ[P]L_TZY^L]PYZY^PXLY_TN^SZ]_QZ]X`WL^zLM]TW WTLY_]PZ]OP]TYRZQ _SP ^Z`YO^ZQ_SPLW[SLMP_NZXMTYPObT_S LNZ`^_TN _P]XTYLW ^TRY^ BSPY ]PNT_PO _ST^ P^[PNTLWWd NZYNT^P _ZYLW XL_P]TLW WPLaP^aP]d^[PNTQTNTX[]P^^TZY^TY_SPXPXZ]d?d[TNLWWd_SPQZ`]_PPY ^Z`YONZOP^L]PWPL]YPOLYOVP[_TYXPXZ]dMdMPTYR]PNT_POaZNLWWdTY L^TXTWL]XLYYP]_Z_SPAPOL4Y;£©TYTv^R]LXXL]_SP[Sd^TNLW\`LWT_d ZQ _SP ^Z`YO _SP]PQZ]P SL^ QT]^_ LY PXTYPY_ aLW`P TY ^NTPY_TQTN LM^_]LN _TZY LYO ^PNZYO _SP LP^_SP_TN L^[PN_ T^ YZ_ LM^PY_ Q]ZX ST^ ^_]TN_ STRSWdLM^_]LN_XP_LWTYR`T^_TN^NTPY_TQTN^d^_PX?ST^T^^SZbYYZ_ZYWd Md_SP]PNT_L_TZYZQ_SP[]L_d£S£]L^4YL^_]ZVPZQRPYT`^;£©TYTSTOTY ST^^d^_PXL[ZP_TNXLRTNLWL`^[TNTZ`^^dXMZWT^XMdXLVTYRST^
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
L[SZ]T^X^ MPRTY bT_S _SP bZ]O aOOST wR]Zb_Sx 4Y ;£©TYTv^ bZ]V aOOST T^ L XP_LWTYR`T^_TN _PNSYTNLW _P]X _SL_ T^ TXXLYPY_ TY _SP ^d^ _PXM`__SPL^^ZNTL_POaP]YLN`WL]XPLYTYRLYOT_^TYT_TLW[Z^T_TZYXLVP _SP_PNSYTNLWQZ]X`WLTY_ZL XL«RLWL QZ]X`WL_ZZ?ST^XPLY^_SL_MP ^TOP^ NZY_LTYTYR _PNSYTNLW TYQZ]XL_TZY aOOST T^ LW^Z L QZ]X`WL TYaZV TYR L MWP^^PO LYO L`^[TNTZ`^ MPRTYYTYR XL«RLWL ?ST^ [WLNP^ _SP bSZWPSTRSWd]L_TZYLWwPXLYNT[L_Z]dx^d^_PX`YOP]L^[PNTLWW`NVd^_L] LYO_TP^ T_TY_ZL[L]_TNT[L_Z]dYPc`^ZQXLRTNLWXd_STNLWPXMPOOTYR TY L^LN]PONZ^XZ^ ?SPXP_ZYdXTN_PNSYTNLWO`LWQ`YN_TZYZQwR]Zb_SxT^VYZbYTY4Y OZWZRd M`_ XLdMP WP^^ bPWW VYZbY T^ _SP aZNLWTePO ]PNT_L_TZY ZQ _SP []L_d£S£]L^-Z_SL]PPc_]TY^TN_Z_SP^NTPY_TQTN^_L_PXPY_LYOL[[L]PY_Wd L]P _SP]PQZ]P `^`LWWd ]PRL]OPO L^ `YTX[Z]_LY_ 4Q YZb ZYP NZY^TOP]^ _SL_ PaP]d ]P[]P^PY_L_TZY T^ YZ_ XP]PWd L ]P[]ZO`N_TZY Z] [Z]_]LdLW ZQ _SP ZMUPN_ M`_ L_ _SP ^LXP _TXP _SP _d[P ZQ ]P[]P^PY_L_TZY XLVP^ _SP ]P[]P^PY_L_TZY _SP ZMUPN_v^ N]PL_TaP []ZO`N_TZY ]P^`W_^ TY L OTQQP]PY_ [P]^[PN_TaPZY^NTPY_TQTN[]LN_TNPBSP]PL^;£©TYTv^TYOTRPYZ`^[]LN_TNP TYNW`OPO LP^_SP_TN L^[PN_^ _SPd L]P WLNVTYR TY BP^_P]Y ^NTPY_TQTN []LN _TNP LYO L]P LNNZ]OTYRWd TYaT^TMWP TY ]PNP[_TZY :YP NLY LR]PP bT_S =PNVbT_ev ^_L_PXPY_ _SL_ T_ T^ YZ_ TY^TRYTQTNLY_ bSTNS LP^_SP_TN^ L]P NZY_LTYPO TY Z] XT^^TYR Q]ZX ^NTPY_TQTN []LN_TNP^ ?SP^P []LN_TNP^ L]P _SP]PQZ]P YZ_ ZYWd []ZO`NP]^ ZQ NZRYT_TaPWd YP`_]LW ^_L_PXPY_^ M`_ LW^Z ^[PNTQTNQZ]X^ZQ^PY^Z]d[P]NP[_TaPLYOLQQPN_TaPZ][]LN_TNLWWdLQQPN_ YP`_]LWL^^TXTWL_TZYZQ_SPT]]P^[PN_TaPZMUPN_^ 4YQLN_YZ_ZYWd_SPNZY_PY_ZQ;£©TYTv^R]LXXL]bL^ST^_Z]TNLWWdPQ QPN_TaPM`_^ZbL^ST^_d[PZQ^NTPY_TQTN]P[]P^PY_L_TZY?SP>¼_]L_PNS YT\`P ZQ ^LdTYR L WZ_ TY _SP ^SZ]_P^_ [T_STP^_ [Z^^TMWP ^_L_PXPY_ T^ L OPQTYTYR QPL_`]P ZQ _SP _]LOT_TZYLW ^NTPY_TQTN WT_P]L_`]P ?SP >¼_]L WT_P]L _`]P T^ aT]_`LWWd TYNZX[]PSPY^TMWP bT_SZ`_ _SP WTaTYR _PLNSTYR NZY_Pc_ LYO_SPNZXXPY_L]TP^4YLOOT_TZY _Z_SPPc_]PXP LM^_]LN_TZYSZbPaP] _SP]P L]P [L]_TNT[L_Z]d ^PY^Z]d [P]NP[_TaP LYO LQQPN_TaP L^[PN_^ TY _SP QZWWZbTYR[P]TZOL^bPWW:`]NSL[_P]ZY;£©TYTTY_SPST^_Z]d^PN_TZYZQ _ST^ MZZV _SP]PQZ]P TYNW`OP^ ^_]TN_Wd ^[PLVTYR ST^_Z]TNLWWd LYO 4Y OZWZRTNLWWd \`T_P TYNZ]]PN_Wd ^NTPY_TQTN ^d^_PX^ `^TYR ^TXTWL] LP^_SP_TN ^PY^Z]dNZOPWLYR`LRP^BPL]PYZWZYRP]^[PLVTYRLMZ`_R]LXXL]M`_ L^_]ZYZXdLYOXL_SPXL_TN^
#
>NTPY_TQTN;]LN_TNPLYO,P^_SP_TN>_dWPZQ4YOTLY8L_SPXL_TNTLY^LYO ,^_]ZYZXP]^
;£©TYTv^_]PYO^P__TYR^NTPY_TQTN^_dWPPc_PYOPO_SPR]LXXL_TNLW_]LOT_TZY 4Y Z`] ST^_Z]d ^PN_TZY bP bTWW OT^N`^^ _SP L^_]ZYZXP] AL]L]`NT _S
7T_P]L_TTY4YOTLLYO0`]Z[P
$
NPY_ ,/ LYO _SP L^_]ZYZXP] LYO XL_SPXL_TNTLY ¢]dLMSL¶L _S NPY_ ,/ XZ]P TY OP_LTW 3P]P bP QZN`^ ZY _SP LP^_SP_TN ^_dWP LYO ^NTPY_TQTN SLMT_`^ TY _SP L^_]ZYZXd LYO XL_SPXL_TN^ ZQ AL]L]`NT LYO ¢]dLMSL¶L LYO MPdZYO -Z_S ZQ _SP ^NSZWL]^ NZXX`YTNL_PO _SPT] ^NTPY_TQTN ^_L_P XPY_^ TY OTQQP]PY_ LW[SLMP_TNLW NZ`Y_TYR ^d^_PX^ LYO TY _SPT] _`]Y OP _P]XTYPO _SP WL_P] ^_dWP ZQ L^_]ZYZXd LYO XL_SPXL_TN^ !" ?SPd MPWZYR _ZL_TXPbSPYOPQTYT_PWdb]T_TYRbL^TY`^P?SPdL]PL__SPMPRTYYTYR ZQ _SP RZWOPY LRP ZQ 4YOTLY YL_`]LW ^NTPYNP _SL_ ^_]P_NSPO Q]ZX L]Z`YO _Z ,/ 7TVP R]LXXL] L^_]ZYZXd PXP]RPO L^ L APOTN L`cTW TL]d^NTPYNPLYOT_^]`OTXPY_L]dMPRTYYTYR^]PLNSLWZYRbLdMLNVTY_Z APOTN _TXP^ 3ZbPaP] TY 7L_P,Y_T\`T_dLYO_SP8TOOWP ,RP^ T_bL^L ^NTPYNP ZQ R]PL_ ^_LYOTYR _SL_ TYNW`OPO NZX[WPc NLWN`WL_TZY^ _]TRZ YZXP_]d LYO QTYOTYR ]ZZ_^ LYO WPO _SP bZ]WO L_ _SL_ _TXP `Y_TW T_ bL^ ZaP]_LVPY Md 8`^WTX ^NSZWL]^ TY -LRSOLO bSZ L^^TXTWL_PO _SP L^_]Z YZXTNLW TYQZ]XL_TZY LYO NZY_TY`PO T_^ OPaPWZ[XPY_ TY _SP bLVP ZQ _SP ,]LM^v NZY\`P^_ ZQ 4YOTL 9Z_ WPL^_ ZbTYR _Z ¢]dLMSL¶L XL_SPXL_TN^ OPaPWZ[POTY4YOTLQ]ZX_SPQTQ_SNPY_`]dZYbL]O^NWZ^PWd_TPO_Z^NTPY _TQTN L^_]ZYZXd TY_Z _SP w4YOTLY L]_x STYOT^L_ L^ _SP ,]LM^ NLWWPO XL_SPXL_TN^?ST^bL^[]ZMLMWdMPNL`^P_SPdSLOTX[Z]_PO_SPOPNTXLW ^d^_PX Q]ZX 4YOTL bSP]P _SP YTYP OTRT_^ LYO eP]Z bP]P VYZbY Q]ZX PL]Wd _TXP^ !# ,NNZ]OTYR _Z , 7 -L^SLX XL_SPXL_TN^ TY [L]_TN`WL] [WLdPOL[TZYPP]TYR]ZWPLWWL]Z`YO_SPbZ]WO3PYZ_P^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" 4_T^_]LOT_TZYLWWd^`[[Z^PO_SL_MZ_S¢]dLMSL¶LLYOAL]L]`NTZ]TRTYL_POQ]ZX6P]LWL M`_ _SP \`P^_TZY T^ NZY_]ZaP]^TLW ZYP LYO T_ SL^ LW^Z MPPY ^`RRP^_PO _SL_ _SPd NLXP Q]ZX -TSL] Z] 2`UL]L_ ?SP OL_P RTaPY QZ] AL]L]`NT T^ ML^PO ZY LY `YNP]_LTY ^Z`]NP .Q6`YU`YYT=LUL ,^_]ZYZXdLYO8L_SPXL_TN^ TY 6P]LWL 8LO]L^% ,OdL]=P^PL]NS .PY_P]LYO7TM]L]d$$ z &ZY_SPPXTYPY_PQQPN_ZQST^LW[SLMP_ML^POYZ_L_TZY ^d^_PX TMTO QQ ?SP OL_P^ RTaPY QZ] ¢]dLMSL¶L M "! ,/ LYO ST^ bZ]V ¢]dLM SL¶TdL $$,/L]PML^POZYbSL__SPL`_SZ]^Ld^LMZ`_STX^PWQTY_SP_Pc_.Q6`]_ 0WQP]TYR /TP8L_SPXL_TVOP^¢]dLMSL¶L4 8ÞYNSPY%1TYV$" "0WQP]TYRTMTO ^_]P^^P^¢]dLMSL¶Lv^Z`_^_LYOTYRTX[LN_bSZ^P ¢]dLMSL¶TdL LOaLYNPO_ZMPNZXP _SP^_LYOL]ObZ]VZQLYNTPY_4YOTLY^NSZWL]^ST[LYOLXZOPWQZ]T_^^`NNP^^Z]^TYMZ_S ^_dWPLYONZY_PY_>TXTWL]Wd=LULYZ_P^TY ,^_]ZYZXdLYO8L_SPXL_TN^TY6P]LWL " QQ _SL_ []LN_TNLWWd LWW ZQ 6P]LWLv^ TX[Z]_LY_ XL_SPXL_TNLW LYO L^_]ZYZXTNLW bZ]V^QZWWZbPO_SP^NSZZWZQ¢]dLMSL¶LPR3L]TOL__LNL! z",/LYO2ZaTY OL^a£XTYNL#z# ,/3ZbPaP]AL]L]`NTv^^TX[WP]6L¶L[Ld£OTNZOTYR^d^_PX WT_P]LWWdw^_L]_TYRbT_SV ¶ [ LYO d xbL^[]PQP]]PO_Z¢]dLMSL¶Lv^XZ]PNZX[WPcLW [SLMP_TNLW YZ_L_TZY TMTO a z# 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 " ^`[[Z^P^_SL_ ¢]dLMSL¶Lv^ QTR`]P^ QZ]XPOZ`_ZQ WP__P]^ X`^_LW^ZSLaPMPPY_]LY^ QP]]POMd_SPLYNTPY_4YOTLY^TY_ZNZXXZYY`XP]LWbZ]O^_ZMPXZ]P^`T_LMWPQZ]LN _`LWXL_SPXL_TNLWNLWN`WL_TZY^ !# .Q ,7 -L^SLX ?SP BZYOP] _SL_ bL^ 4YOTL .LWN`__L Z[ NT_% =`[L .Z $$ :]TRTYLW $ $"z$# 1Z] L ^Z`YO ZaP]aTPb ZQ 4YOTLY XL_SPXL_TN^ LYO _]LY^WL _TZY ZQ ^Z`]NP^ NQ 6TX ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx TY ?SP 8L_SPXL_TN^ ZQ 0Rd[_ 8P^Z[Z_LXTL .STYL 4YOTL LYO 4^WLX% , >Z`]NPMZZV PO ATN_Z] 6L_e ;]TYNP_ZY%;]TYNP_ZY@YTaP]^T_d;]P^^"# z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
wF4HY _SP ^[SP]P ZQ []LN_TNLW VYZbWPORP _SP bZ]WO ZbP^ XZ^_ _Z 4YOTL TY _SP]PLWXZQXL_SPXL_TN^bSTNSbP]POPaPWZ[POTY2`[_L_TXP^Fz ,/H_ZL^_LRPXZ]PLOaLYNPO_SLY_SL_]PLNSPOMdLYdZ_SP]YL_TZYZQLY _T\`T_d?SP^`NNP^^ZQ4YOTLYXL_SPXL_TN^bL^XLTYWdO`P_Z_SPQLN__SL_ _SP 4YOTLY^ SLO L NWPL] NZYNP[_TZY ZQ LM^_]LN_ Y`XMP] L^ OT^_TYN_ Q]ZX Y`XP]TNLW \`LY_T_d ZQ ZMUPN_^ Z] ^[L_TLW Pc_PY^TZY BSTWP 2]PPV XL_SP XL_TNLW^NTPYNPbL^WL]RPWdML^POZYXPY^`L_TZYLYORPZXP_]d4YOTL_]LY ^NPYOPO _SP^P NZYNP[_TZY^ \`T_P PL]Wd LYO bT_S _SP LTO ZQ L ^TX[WP Y` XP]LW YZ_L_TZY OPaT^PO L ]`OTXPY_L]d LWRPM]L bSTNS LWWZbPO XZ]P NZX[WTNL_PO NLWN`WL_TZY^ _SLY bP]P [Z^^TMWP _Z _SP 2]PPV^ LYO WPO _Z _SP ^_`Od ZQ Y`XMP] QZ] T_^ ZbY ^LVP 8POTPaLW 4YOTLY XL_SPXL_TNTLY^ XLOP ^PaP]LW OT^NZaP]TP^ bSTNS TY 0`]Z[P bP]P YZ_ VYZbY `Y_TW _SP =PY LT^^LYNPZ]WL_P]x !$
,NNZ]OTYR_Z2ZZOdXL_SPXL_TN^NLYZYWdMP]P[]P^PY_POTYb]T_TYRZ] YZ_L_TZY TP ZYWd R]L[STNLWWd LYO aT^`LWWd " 3ZbPaP] WTVP ;£©TYTv^ ML^TN R]LXXL_TNLW QZ]X`WL^ AL]L]`NTv^ LYO ¢]dLMSL¶Lv^ L^_]ZYZXTNLW LYO XL_SPXL_TNLW QZ]X`WL^ LYO QTR`]P^ L]P ]P[]P^PY_PO Md XPLY^ ZQ ^Z`YO ^_]`N_`]P^ _SL_ L]P QZ]XPO Q]ZX _SP NZOPO LW[SLMP_ M`_ TY PLNS NL^PTYLNNZ]OLYNPbT_SLOTQQP]PY_NZOTYRVPdZ]Y`XP]TNLWYZ_L_TZY " ?SP]P L]P Y`XP]TNLW aLW`P^ RTaPY _Z LWW _SP [SZYPX^ ZQ _SP >LY^V]T_ WLYR`LRP 4Y _ST^ bLd ^NTPY_TQTN QTYOTYR^ ^`NS L^ NLWN`WL_TYR L ^\`L]P ]ZZ_Z]Z_SP]NZX[WPcWTYVLRP^LYOWL]RPY`XMP]^^`NSL^_SP^[PPO^ZQ _SP [WLYP_^ L]P NZYOPY^PO _Z L ]PWL_TaPWd ^SZ]_ ^P]TP^ ZQ WP__P]^ LYO ^TX`W_LYPZ`^Wd RTaPY ^PY^`LWT_d LYO WT_P]LWWd XLOP L`OTMWP TY L ^Z`YO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ -L^SLX ?SP BZYOP] _SL_ bL^ 4YOTL $"z$# .Q LW^Z ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx Q bSZ YZ_P^ _SL_ _SP OPNTXLW[WLNPaLW`P L]T_SXP_TN VYZbY L^ w4YOTLY NZX[`_L_TZYx]P_LTYPOT_^^_L_`^L^LN]`NTLWXL_SPXL_TNLW_ZZWPaPYbSTWP_SPLOL[_L _TZY ZQ 2]PPV XL_SPXL_TNLW LYO L^_]ZYZXTNLW _Pc_^ bL^ MPNZXTYR XZ]P TX[Z]_LY_ ?SP]PL^ZY^QZ]_ST^OPaPWZ[XPY_bP]P[]ZMLMWd_SPR]PL_P]LaLTWLMTWT_dTY_SP]PRTZY LYO _SP QLN_ _SL_ _SP NZY_PY_ bL^ XZ]P LNNP^^TMWP MPNL`^P _SP >LY^V]T_ []LN_TNP ZQ NZX[Z^TYR_PNSYTNLW_]PL_T^P^TYaP]^PbL^OPXLYOTYRLYOQL]XZ]PSP]XP_TN_SLY_SP 2]PPV^u[]Z^PLYOOPO`N_TaPOP]TaL_TZY^ " 2ZZOd 4Y_P]QLNP " ,^ ¢]dLMSL¶Lv^ LW[SLMP_ML^PO Y`XP]TNLW NZOTYR ^d^_PX T^ YZ_ aP]d PL^d _Z R]L^[ T_ ]PXLTYPO WL]RPWd WTXT_PO _Z _ST^ ZYP L`_SZ] `YWTVP _SL_ ZQ AL]L]`NT AL]L]`NTv^ ^TX [WP]w6L¶L[Ld£OTx^d^_PXNQNSL[MPWZbMPNLXP_SPXZ^_bTOPWd`^POZYP MZ_STY6P]LWLLYOTYZ_SP][L]_^ZQ4YOTLQ]ZX_SP"_SNPY_`]dZYbL]O^.Q=LUL ,^ _]ZYZXd LYO 8L_SPXL_TN^ TY 6P]LWL a z# ,NNZ]OTYR _Z =LUL TY 6P]LWL L ]PRTZY P^[PNTLWWd ]TNS TY XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ _SP 6L¶L[Ld£OT YZ_L_TZY ^d^_PX bL^ `^PO TY LWW XL_SPXL_TNLW _LMWP^ LYO L ^TX[WTQTPO QZ]X ZQ T_ bL^ LW^Z NZXXZY LXZYR WLdXPY LYO Z]OTYL]d ^_`OPY_^ ,WZYR^TOP _SP LW[SLMP_ML^PO 6L¶L[Ld£OT ^d^ _PX _SP -S¼_L^LÀVSd£ bL^ _SP XZ^_ [Z[`WL] Y`XP]TNLW YZ_L_TZY 4_ NZXX`YTNL_P^ _SP Y`XMP]^ Md bPWWVYZbY ZMUPN_^ LYO _SPT] OP^TRYL_TZY^ PR _SP Y`XMP] bT_S bZ]O^ ^`NS L^ w0L]_Sx Z] w8ZZYx _SP Y`XMP] bT_S wPdP^x Z] wSLYO^x LYO _SP Y`XMP] bT_Sw^PY^P^xZ]wPWPXPY_^x,WW_SP^P_d[P^ZQ]P[]P^PY_TYRY`XMP]^RPY P]LWWd []P^PY_PO TY XP_]TNLW QZ]X ZQ aP]^P^ NP]_LTYWd ^P]aP QT]^_ LYO QZ]PXZ^_ _Z QL NTWT_L_PXPXZ]TeL_TZY,__SP^LXP_TXP_SPdSLaP^_]ZYR^PY^Z]dLP^_SP_TNQPL_`]P^
7T_P]L_TTY4YOTLLYO0`]Z[P
RP^_LW_ w7L`_RP^_LW_x ,P^_SP_TeL_TZYOZP^YZ_PYOSP]P>TYNP_SP]P T^ L ZYP_ZZYP NZ]]P^[ZYOPYNP MP_bPPY _SP OPNTXLW Y`XMP]^ LYO _SP >LY^V]T_NZY^ZYLY_^T_T^[Z^^TMWP_Z]P[]P^PY_QTR`]P^MZ_STY_SP[WLNP aLW`P QZ]XL_ LYO L^ >LY^V]T_ bZ]O^ 7LYR`LRP ^Z`YO^ LYO bZ]O^ NLY `YWTVPQTR`]P^MPNL^_TYaP]^PLNNZ]OTYR_Z_SP]`WP^ZQ[ZP_]d_SL_T^ TY L QZ]X _SL_ T^ STRSWd LP^_SP_TN ]Sd_SXTN LYO [ZP_TN LYO [Z^^TMWd PaPY L^^ZNTL_PO bT_S NZY^NTZ`^ X`W_T[WP XPLYTYR^ ¢]dLMSL¶L NZXX` YTNL_P^ ST^ _]`Wd L^_]ZYZXTNLW QTR`]P^ TY XP_]TNLW XYPXZYYTN aP]^P^ [L]_WdTY_SPXPXZ]LMWP]Sd_SXTNLW2¯_TXP_P]M`_QZ]PXZ^_TY_SPXZ]P NZX[WPc STRSWd L]_T^_TN ¢]dL XP_P] " AL]L]`NTv^ bZ]V .LYO]La£VdL w8ZZY >PY_PYNP^x YZ_ ZYWd MPRTY^ bT_S L`^[TNTZ`^ ^dXMZWT^X WTVP ;£©TYTv^ R]LXXL] LYO XLYd WL_P] ^NTPY_TQTN bZ]V^ _ZZ " M`_ LW^Z PYO^ bT_ST_?SPL`^[TNTZ`^^_L_PXPY_^L__SPMPRTYYTYRLYOPYOZQST^M]TPQ w8ZZY>PY_PYNP^x]PLOWTVPL[]LdP]TY_P]X^ZQ_SPT]^PXLY_TNNZY_PY_ bSTWP _SP ]PLW ^dXMZWTN NZY_PY_ SZbPaP] ]P[]P^PY_^ LY P[SPXP]TO^ _LMWP ?SP L^_]ZYZXP]^v LYO XL_SPXL_TNTLY^v N`^_ZX ZQ `^TYR aP]^TQTNL _TZY NZX[WTNL_PO XP_P]^ LYO LW[SLMP_ML^PO Y`XP]TNLW YZ_L_TZY^ _SL_ L[[PLWPO _Z _SP ^PY^P^ ]PXLTYPO ^NTPY_TQTN []LN_TNP `Y_TW bPWW TY_Z _SP YTYP_PPY_S NPY_`]d z L^ OTO Pc[]P^^TYR MTZR]L[STNLW OL_L TY NS]ZYZ R]LX^ "8L«RLWLQZ]X`WL^TY[L]_TN`WL]SLaPXLTY_LTYPO_SPT][Z[`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP L^_]ZYZXTNLW LYO XL_SPXL_TNLW 2¯_T aP]^P^ LW^Z NZY_LTY _SP LW[SLMP_TN Y`XMP] ^d^_PX TY LY Pc_]PXPWd NZYNT^P QZ]X TYaZWaTYR [ZP_TN ^_dWT^_TN OPaTNP^ ^`NS L^ LWWT_ P]L_TZY LY`[]£^LLYO_SPdL]PQ]LXPOMdTYT_TLWLYOQTYLWaP]^P^TY_SP¢]dLXP_P] ?SP ^PNZYO LYO XZ]P Pc_PY^TaP [L]_ ZQ _SP ^NTPY_TQTN QTYOTYR^ _SP NSL[_P]^ _Z NZY^T^_^ ^ZWPWd ZQ ¢]dL aP]^P^ 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 L^ ^`XP^_SL__SP_bZ[L]_^L]Z^PTYOP[PYOPY_Wd LYO bP]PZYWdNZXMTYPOMd ¢]dLMSL¶L L_LWL_P]OL_PM`_NZY^TOP]^T_NP]_LTY_SL_MZ_S_Pc_^bP]Pb]T__PYMd_SP^LXPL`_SZ] TY_SP _SNPY_`]d,/>PPLW^Z;WZQVP]w8L_SPXL_TN^TY4YOTLx$$QQ " ¢]dLMSL¶L LW^Z QZWWZbPO _ST^ NZXXZY N`^_ZX ?SP QT]^_ aP]^P TY _SP ¢]dL XP_P] RWZ]TQTP^_SPSTRSP^_OPT_dLYO_SPYZ_TZYZQST^^NTPY_TQTNYL_`]P8Z]P`Y`^`LWT^_SP ^PWQ[]P^PY_L_TZY 0WQP]TYR /TP8L_SPXL_TVOP^ ¢]dLMSL¶L 4" _]LY^WL_P^%w,Q_P]L ]P^[PN_Q`WMZbMPQZ]P_SPSTRSP^_[]TYNT[WP_SL_T^^TX`W_LYPZ`^Wd@YT_dLYO;W`]LW T_d_SP_]`POPT_d_SPSTRSP^_-]LSXL¢]dLMSL¶LLYYZ`YNP^_SP_S]PPOZN_]TYP^ZQ XL_SPXL_TN^NS]ZYZWZRdLYO^[SLP]TN^x0YRWT^S_]LY^WL_TZYQ]ZX_SP2P]XLYMd0 3TNV^ " =LUL ,^_]ZYZXdLYO8L_SPXL_TN^RTaP^PcLX[WP^Q]ZX_SP"_S_Z_SP$_SNPY_`]TP^ LYO YZ_P^ TMTO % wBP^_P]Y OZXTYL_TZY ZQ _SP NZ`Y_]d SLO L OPR]LOTYR PQQPN_ PQ QPN_ ZY LWW TYOTRPYZ`^ ^_`OTP^ LYO _SP]P bL^ YZ ^P]TZ`^ L__PX[_ _Z NZ]]PWL_P BP^_P]Y XL_SPXL_TN^bT_S6P]LWLXP_SZO^x/PaPWZ[XPY_^TY9Z]_SP]Y4YOTLbP]P]L_SP]OTQ QP]PY_bSP]PQTR`]P^_ZZbP]PTYN]PL^TYRWd`^PO`YOP]8`^WTXTYQW`PYNPLMZaPLWW QZ] _SP L^_]ZYZXTNLW _LMWP^ _SL_ bP]P TX[Z]_LY_ _Z _SP SZ]Z^NZ[P LYO NLWPYOL] LWXL YLN []LN_TNP ?SPd bP]P LW]PLOd VYZbY TY aP]^P QZ]X L_ LY PL]Wd ^_LRP LYO MPNLXP TYN]PL^TYRWd Y`XP]TNLW `YOP] _SP TYQW`PYNP ZQ 4^WLX Q]ZX _SP _S NPY_`]d ZYbL]O bSTWPaP]^P^NZY_TY`POL^_SP[]PaLTWTYRQZ]XTYL]PL^_SL_bP]PYZ_^`MUPN__ZOT]PN_
3TYO`T^XL^L.`W_`]PZQ>Z`YO
T_d ]TRS_ `[ _Z _SP []P^PY_ OLd ,`^[TNTZ`^ ^dXMZWT^X T^ QZ`YO TY _SP XZ^_ aL]TPO ZQ LNLOPXTN OT^NT[WTYP^ z TY ^ZXP NL^P^ Pc[WTNT_Wd M`_ []PQP]LMWd TY PYN]d[_PO QZ]X NZY_LTYTYR X`W_T[WP XPLYTYR^ z L_ _SP MPRTYYTYRZQLbZ]V 8L_SPXL_TNTLY^ bP]P _S`^ L_ _SP ^LXP _TXP ^VTWQ`W [ZP_^ >ZXP ZQ _SP 4YOTLY WT_P]L_T bP]P OPQTYT_PWd [ZWdXL_S^ ^`NS L^ ,Nd`_L ;T´£]L¶T NL z! []ZMLMWd 6P]LWLv^ XZ^_ QLXZ`^ YZY-]LSXLYTN L^ _]ZYZXP]LYOXL_SPXL_TNTLYbSZbL^LW^ZLYPc[P]_TY>LY^V]T_R]LX XL]XPOTNTYPLYOWT_P]L_`]PLYOT^VYZbYQZ]b]T_TYRLYTY_]ZO`N_TZY_Z >LY^V]T_ R]LXXL] " , NZY_PX[Z]L]d ZQ ST^ []LT^P^ ST^ Pc[P]_T^P TY L^_]ZYZXdMd^LdTYR_SL_;T´£]L¶TbL^R]PL_P]_SLY_SPZXYT^NTPY_7Z]O ±TaL STX^PWQ LYO L ^_`OPY_ WL`O^ ST^ R]PL_ []ZQTNTPYNd TY _SP aL]TZ`^ M]LYNSP^ ZQ VYZbWPORP LYO L^ bL^ _SP N`^_ZX N]PL_P^ L 6L¶L[LdLOT NS]ZYZR]LX QZ] _SP OL_P ZQ ,Nd`_Lv^ OPL_S , ^TXTWL] [ZWdXL_S bSZ bL^ Pc[P]_ TY LWW ^Tc [STWZ^Z[STNLW ^NSZZW^ LYO P^[PNTLWWd _SP APO£Y_L bT_SPc_PY^TaPVYZbWPORPZQLWW^NTPY_TQTN_]LOT_TZY^ZQST^_TXPbL^_SP 9LXM`OT]T -]LSXLY 9¯WLVL©¶SL z "! ,^ PL]Wd L^ _SP ^Tc _PPY_S NPY_`]d SP b]Z_P ZYP ZQ _SP XZ^_ QLXZ`^ NZXXPY_L]TP^ ZY ¢]d LMSL¶L 3T^ MTZR]L[STNLW OL_P^ LYO _SP OL_P^ bSPY SP b]Z_P ST^ bZ]V^ L]P VYZbY Q]ZX _SP NS]ZYZR]LX^ 3T^ ^PNZYO XLUZ] bZ]V ?LY _]L^LÀR]LSL SL^aP]^P^NZY_LTYTYRLNZYNT^PZaP]aTPbZQ_SPWL_P^_ ]P^PL]NSQTYOTYR^TYL^_]ZYZXdXL_SPXL_TN^LYOZ_SP]QTPWO^ZQVYZbW PORP 0aPY ^ZXP ^NTPY_TQTN PcNSLYRP _ZZV [WLNP TY aP]^TQTPO QZ]X 1Z] PcLX[WP9¯WLVL©¶SLv^WPL]YPO[L_]ZYTX[L]_POST^ZbYaTPb^_ZSTXZY LYL^_]ZYZXTNLW[]ZMWPXTYLaP]^P "" :YP SL^ _Z VPP[ TY XTYO _SL_ ^NTPYNP^ ^`NS L^ L^_]ZYZXd bP]P YZ_ OP[PYOPY_ `[ZY _]LOT_TZYLW ^LN]PO ^Z`]NP^ -d _SP PL]Wd 8TOOWP ,RP^ 4YOTLY L^_]ZYZXd SLO WZYR MPPY LY L`_ZYZXZ`^ w[]ZQLYPx ^NTPYNP ,^_]ZYZXP]^ ^`NS L^ AL]£SLXTST]L !_S NPY_ ,/ SLO YZ _]Z`MWP ]P UPN_TYR;`]£©TNXd_SZWZRTNLW L^_]ZYZXd TQ _SPd_SZ`RS_T_ bL^YZ_NZY QT]XPO LYO _ZZ TX[]PNT^P ?SPd OPXZY^_]L_PO LY TYOP[PYOPYNP _SL_ Z_SP] ^NTPYNP^ QZ] TY^_LYNP _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW OL]²LYL^ waTPb^x _SL_ LNNP[_ _SP APOL OZ YZ_ SLaP -`_ bSL_ _SPd ^_TWW SLaP TY NZXXZY bT_S _SP Z]TRTYLW APOTN _Pc_ T^ PYTRXL_TN ^[PPNS [ZP_]d LYO XP_]TN QZ]X ZQ Pc[]P^^TZY AL]£SLXTST]L L [L^^TZYL_P Pc[ZYPY_ ZQ _SP >¼]dL^TOOS£Y_L L ^d^_PX _SL_ XLOP T_ [Z^^TMWP _Z NLWN`WL_P XZ^_ []P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 8`^WTX TYQW`PYNP .Q /LaTO ;TYR]PP 5dZ_Tಣ^_]L% ,^_]LW LYO 8L_SPXL_TNLW 7T_P]L _`]P BTP^MLOPY%3L]]L^^ZbT_e$#! " .QLW^ZZY_SPQZWWZbTYR=LUL ,^_]ZYZXdLYO8L_SPXL_TN^ z "! .Q=LUL ,^_]ZYZXdLYO8L_SPXL_TN^!z "" 3ZbPaP] L^ PL]Wd L^ _SP #_S$_S NPY_`]d ZYbL]O L NZYaPY_TZY LW^Z OPaPWZ[PO TY MZZV^ ZY XL_SPXL_TN^ ZQ ]P[]P^PY_TYR _SP ]`WP^ LYO PcLX[WP^ TY aP]^P LYO _SP ^ZW` _TZY^TY[]Z^P.Q;WZQVP]w8L_SPXL_TN^TY4YOTLx
7T_P]L_TTY4YOTLLYO0`]Z[P
NT^PWd LWW _SP XZaPXPY_^ LYO [Z^T_TZY^ ZQ _SP [WLYP_^ b]Z_P ST^ ]PQP] PYNP bZ]V ZY Z]LNWP^ LYO _SP TY_P][]P_L_TZY ZQ ZXPY^ QZ] OZXP^_TN `^P TYL_]`WdRWT__P]TYROT^[WLdZQL]_T^_TNXP_P]^3T^_Pc_MZZV]PLO^]L_SP] XZ]PWTVPLXLY`LWZYXP_P]^_SLYLYPX[T]TNLWbZ]VZQYL_`]LW^NTPYNP bSTNST^bSL__SP^_`OdZQZXPY^NP]_LTYWdbL^QZ]AL]£SLXTST]L4_T^ _SP XZ^_ NZX[WTNL_PO LYO XZ^_ LM^_]LN_ >LY^V]T_ V£adL L]_T^_TN [ZP_TN bZ]VTYPcT^_PYNPz\`T_POTQQP]PY__SLYZYPbZ`WOPc[PN_Q]ZXLbZ]V ZQ YL_`]LW ^NTPYNP BSd OTO AL]£SLXTST]L NSZZ^P _ST^ [L]_TN`WL] ^_dWP* BP NLY L^^`XP _SL_ SP OTO YZ_ bLY_ _Z ]P[PL_ _SP ML^TN ^PY_PYNP w4Q dZ`^PP_ST^_SL_bTWW^ZZYNZXP_Z[L^^xL_SZ`^LYO_TXP^-`_T_bL^ YZ_ \`T_P L^ ^TX[WP L^ _SL_ MPNL`^P SP T^ YZ_ _SP ZYWd YL_`]LW ^NTPY_T^_ _Z]PLNSQZ][ZP_TNQZ]X^ZQPc[]P^^TZY 4_T^TYQLN__d[TNLWZQLWXZ^_LWWZQ_SPL^_]ZYZXP]^_SL__SPdOZYZ_ `^P _SP NL_NSd TX[]ZX[_` ,Y`´¶`MS XP_P] Q]ZX _SP P[TN^ LYO ;`]£©L^ LYO PaPY XLVP L [ZTY_ ZQ LaZTOTYR T_ MPNL`^PT_T^ ^Z^TX[WP _Z `^P 4Y ^_PLO _SPdWTVP`^TYR_SP XZ]POPXLYOTYRXP_P]^ PR_SP¢]dLXP_P] ?ST^ XP_P] LWWZb^ Y`XP]Z`^ NZXMTYL_TZY^ MPNL`^P T_^ OPQTYTYR QPL_`]P T^YZ__SP^P\`PYNPZQ^SZ]_LYOWZYR^dWWLMWP^M`__SP^`X^ZQ_SP^SZ]_ LYO _SP WZYR ^dWWLMWP^ ?SP ^dY_SP^T^ ZQ PcLN_ ^NTPYNP LYO [ZP_]d Pc []P^^P^ L UZd TY _SP WLYR`LRP L M]TWWTLYNP TY ^NSZWL]Wd ^_`Od LYO PWP RLYNP LYO L OPXZY^_]L_TZY ZQ SZb bPWW ZYP NLY _STYV LYO OZ XL_SP XL_TNLW NLWN`WL_TZY^ ?SP [ZP_TN N]d[_TN WLYR`LRP SL^ _SP Q`YN_TZY ZQ NZYaTYNTYR LYO [P]QZ]XL_TaPWd LN_`LWWd N]PL_P^ _SP ^_L_P ZQ MPTYR NZY aTYNPO MPNL`^P _SP [ZP_TN QZ]X ZQ _SP ^NTPY_TQTN ^_L_PXPY_ TX[L]_^ _SP QWLT] ZQ ^ZXP_STYR TX[Z]_LY_ aLW`LMWP LYO Xd^_P]TZ`^ 4Y _P]X^ ZQ T_^ bZ]VTYRL[[]ZLNSL^_]ZYZXdT^L[]ZQLYPOT^NT[WTYPLYOOZP^YZ_NZXP TY_Z_SPNL_PRZ]dZQ±]`_T]PaPWL_TZYL_LWW/P^[T_P_ST^TYOP[PYOPYNP T_ ^[PLV^ WTVP L ^LN]PO _Pc_ -d OZTYR ^Z T_ _S`^ ]P[]ZO`NP^ L N`W_`]LW [L__P]YBSL_T^MPTYR^Z`RS_T^YZ_^ZX`NSL[]PNT^PPQQPN_TaPQZ]X` WL_TZY4Y^_PLO_SP^_L_PXPY_X`^_MPQ`WWZQMPL`_dLYOaT]_`Z^T_dLYO ^SZ`WO MP N]d[_TN LYO Xd^_P]TZ`^ ?SP Pc[P]_T^P X`^_ LW^Z MP Pc[P]_Wd XL^VPO ?SP L^_]ZYZXTNLW XPL^`]PXPY_^ X`^_ YZ_ MP ^TX[Wd b]T__PY OZbY 7T_P]L_T _ZZV [LTY^ _Z LaZTO MLYLWT_d LYO XZYZ_ZYd PaPY L_ _SP NZ^_ ZQ MPNZXTYR TYNZX[]PSPY^TMWP .ZX[]PSPY^TMTWT_d bL^ YZ_ _SPT] _Z[[]TZ]T_d:Y_SPNZY_]L]dSPL]P]^LYO]PLOP]^bP]P]P\`T]PO_ZRZ_Z LR]PL_OPLWZQPQQZ]_?ST^bZ`WOMPQ]ZbYPO`[ZYTY_SPBP^_P]Y_]LOT _TZY M`_ SP]P T_ T^ L VTYO ZQ ^PWQWPRT_TXLNd ?SP N`W_`]LW [L__P]Y SL^ L w]`WPx% _SP XZ]P TX[Z]_LY_ _SP XZ]P NZYaZW`_PO LYO PYTRXL_TN 4Y L^ _]ZYZXd _ST^ LW^Z aP]d X`NS NZ]]P^[ZYO^ _Z LY Pc[PN_L_TZY ,^_]ZWZRd bL^ TY aZR`P L^ PL]Wd L^ AL]£SLXTST]Lv^ _TXP L^ T_ LWbLd^ SL^ MPPY ^TYNP TY 4YOTL ,YO L^_]ZYZXd _ZZ _SP]PQZ]P SLO LY L`]L ZQ ^ZXP_STYR
3TYO`T^XL^L.`W_`]PZQ>Z`YO
Y`XTYZ`^ "# .]d[_TN LYO MPL`_TQ`W WLYR`LRP bL^ QT__TYR QZ] ^ZXP_STYR _SL_T^TY_SP^_L]^?SPY`XTYZ`^T^TYNZX[]PSPY^TMWP[P]^P&ZYPSL^_Z XLVPLYPQQZ]__Z`YOP]^_LYOT_ 9ZbL^_]ZYZXdT^YZPcNP[_TZY6TX;WZQVP]LW^ZYZ_P^_SPQZWWZb TYR ]PRL]OTYR XL_SPXL_TN^ bSTNS MPNLXP TYOP[PYOPY_ L^ LY LM^_]LN_ ^NTPYNP _S]Z`RS ¢]dLMSL¶Lv^ bZ]V LW_SZ`RS T_ LWbLd^ ]PXLTYPO LY L[[WTPO^NTPYNPNWZ^PWdLWWTPObT_SL^_]ZYZXd% w4Y QLN_ OP_LTWPO Pc[WLYL_TZY^ LYO OPXZY^_]L_TaP OTLR]LX^ L]P ZNNL^TZY LWWd]PQP]]PO_ZL^uQZ]_SPO`WWbT__POv ?SPTY_PWWTRPY_^_`OPY_T^PaTOPY_Wd Pc[PN_PO_Z[ZYOP]LXMTR`Z`^Z]]TOOWTYR[S]L^P^TY_ZbSTNS_SP[ZP_SL^ [LNVPO X`W_T[WP XPLYTYR^ _Z NZYaPd _SP R]PL_P^_ [Z^^TMWP LXZ`Y_ ZQ XL_SPXL_TN^ TY _SP ^XLWWP^_ [Z^^TMWP Y`XMP] ZQ bZ]O^ LYO TYQP] Q]ZX _SPX bSL_ _SP WTYR`T^_TNLWWd LYO XL_SPXL_TNLWWd NZY^T^_PY_ TY_P][]P_L_TZY X`^_MPx "$
8P_SZOZWZRTNLWWd _SP P^Z_P]TN M]PaT_d T^ ]PXTYT^NPY_ ZQ _SP >¼_]L ^_dWP M`_ T_ T^ YZ_ Md NSLYNP _SL_ ;WZQVP] ^[PLV^ ZQ _SP XL_SPXL_TNTLY^ L^ w[ZP_^x ?SP XP_]TN aP]^P QZ]X bL^ _SP ]`WP bSTWP _SP >¼_]L ^_dWP bL^ SL]OWd`^POL_LWWLYOPaPYNZXXPY_L]TP^_ZZbP]PZQ_PYYZ_b]T__PYTY []Z^P>ZXP^NTPY_T^_^NZX[Z^PObSZWPbZ]V^_SL_L[[PL]L_QT]^_RWLYNP _Z SLaP YZ_STYR L_ LWW _Z OZ bT_S XL_SPXL_TN^ dP_ NLY MP ]PLO TY _bZ bLd^%PT_SP]L^L[ZP_TNbZ]VZQWT_P]L_`]PZ]L^Y`XP]LW_LMWP^ #7LWWL #_SNPY_QZ]X`WL_POST^[Z^_`WL_PZQR]LaT_L_TZYTY_bZaP]^P^ZQ`Y]T aLWPOWT_P]L]dM]TWWTLYNP]TNSTYLWWT_P]L_TZY% MSLaLYLMS£aL_`WZ[L_`W£^aLWLÀ ^_ST_LaL_¯ NL dL_S£ RSLRZOSTV£ ^LXLM STOS£aL_TY¼YLXLY£V`W£V`aLWLdL^dL_L_SLTaLULYZv[dLOSLà ²TVST²TVS£ RLRLYLÀ R`]` XPOTY¯À a]LUL_T dLOaLOTS£^XLOLaL^_ST_L` _LWLRL_£XT_L]P´aL[T_L__L_S£YL_LWLXL^_TMS`aLàVaL[L_L_aL^L` 5`^_L^LSZ`^PWTeL]O]P^_TYR`YOP]YPL_S_SPN]Z^^MPLX^ZQ_SPNPTWTYRZQ L ObPWWTYR ]`Y^ QZ]bL]O bT_SZ`_ SP^T_L_TZY ^Z OZ [PZ[WP ZY _SP MZ__ZX ^TOP ZQ _SP ^[SP]P ZQ _SP PL]_S 4Y Z`] OLTWd WTQP bP ^PP _SL_ _SP QWLXP ZQ QT]PRZP^_ZbL]O^_SP^VdLYOLSPLadbPTRS_QLWW^_ZbL]O^_SPPL]_S4Y_SP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 3ZbPaP] ^TYNP APOTN _TXP^ _SP Q`YN_TZY LYO L[[WTNL_TZY ZQ L^_]ZYZXd ]PXLTYPO TX[Z]_LY_ QZ] ]PWTRTZY :Y AL]L]`NTv^ x8ZZY >PY_PYNP^x =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^]PXL]V^%w?SP^PSLaPMPPYaP]d[Z[`WL]TY>Z`_S4YOTLQ]ZXLYNTPY_ _TXP^LYObP]P`^POQZ]_SPNLWN`WL_TZYZQ_SP[Z^T_TZY^ZQ_SP^`YLYO_SPXZZYTP _SP _T_ST LYO _SP YLV´L_]L ZQ PLNS OLd& _ST^ NLWN`WL_TZY bL^ NZY^TOP]PO L^ _SP XTYT X`XOLTWdO`_dZQL[TZ`^3TYO`TY6P]LWLLYO_SP A£VdL^ bP]P_L`RS__Z_SPNSTW O]PY TY _SP []TXL]d ^_LRP ZQ PO`NL_TZY T_^PWQx 0aPY _ZOLd L^_]ZYZXTNLW NLWN`WL_TZY^ L]P_SPQZ`YOL_TZYZQ_SPWZNLWLWXLYLN^[LÓN£«RL bSTNSOP_P]XTYP_SPOL_P^ZQ]P WTRTZ`^QP^_TaLW^QL^_TYR[P]TZO^LYOL`^[TNTZ`^_TXP^ZQOLdX`S¼]_L "$ ;WZQVP]w8L_SPXL_TN^TY4YOTLx # ?ST^ L]_T^_TNLWWd OPXLYOTYR NZYaPY_TZY T^ []TYNT[LWWd QZ`YO L_ L WL_P] OL_P 4Y _ST^ NZYYPN_TZY;TYR]PP 5dZ_Tಣ^_]L #XPY_TZY^LbZ]VQ]ZX_SP _SNPY_`]d_SL_L[ [L]PY_Wd`^P^_SP VL¶L[Ld£OT NZOTYRZQ AL]L]`NTv^w8ZZY >PY_PYNP^x _ZOP^N]TMP_SP WTQPZQ6´©LM`_TYLN_`LWQLN_NZXX`YTNL_P^L^_]ZYZXTNLW_LMWP^TYaP]^P
7T_P]L_TTY4YOTLLYO0`]Z[P
^LXPXLYYP]PaP]d_STYR_SL_SL^L^`]QLNP_Z]PLNSXLVP^QZ]T_?SPPL]_S SZbPaP]SL^YZ^`NS^`]QLNPBSP]PNLYT_QLWW*7LWWL ±T´dLOS¯aOOSTOL ""z# #
,BP^_P]Y^NSZWL]bZ`WOSLaPL__PX[_PO_ZOP^N]TMP^`NSL^PY^L_TZYLW ^NTPY_TQTN OT^NZaP]d L^ R]LaT_L_TZY TY _SP R]PL_P^_ [Z^^TMWP OP_LTW LYO L[[WTPO _SP L]_ ZQ OPQTYT_TZY LYO YZ_ _SP L]_ ZQ Pc[]P^^TYR ZYP^PWQ TY MPL`_TQ`W WLYR`LRP >`NS MPSLaTZ] bZ`WO YZ_ MP _LVPY ^P]TZ`^Wd TY _SP BP^_ 4Y 4YOTL _SP ^T_`L_TZY T^ ^ZXPbSL_ OTQQP]PY_ 7LWWL OTO _ST^ []P NT^PWd MPNL`^P SP bL^ WZZVTYR QZ] LY L[[]Z[]TL_P QZ]X ZQ Pc[]P^^TZY 3P]PL]_T^_TNPYTRXL_TNWT_P]L]d^[PPNSSL^LWPRT_TXTeTYRQ`YN_TZY?SP Z`_P] LYO _SP TYYP] XP^^LRP NZ]]P^[ZYO _Z PLNS Z_SP] TY _SP [P]QPN_ QZ]X?SP^TRYTQTNLYNPZQ_SP^_L_PXPY_T^PaTOPY_U`^_Q]ZX_SPM]TWWTLY_ Pc_P]TZ] XP^^LRP 1Z]X LYO NZY_PY_ OPXLYO LOXT]L_TZY LYO NSL]LN_P] TeP PLNS Z_SP] ?SP XP^^LRP T^ RTaPY LY LP^_SP_TN QZ]X MPNL`^P ZYP NZY^TOP]^ T_ aP]d TX[Z]_LY_ LYO ^P]TZ`^ LYO bT^SP^ _Z L__]LN_ L__PY_TZY ?SP ^NTPY_TQTN ^_L_PXPY_ T^ LW^Z PL^TP] _Z ]PXPXMP] LYO XPXZ]TeP TY L NZX[LN_QZ]XLYOLP^_SP_TNXP_P] 9Z_WPL^_ bT_S_SPL]_T^_TN TYaPY_TaP OT^[WLd NLY ZYP OPXZY^_]L_P ZYPv^ R]PL_ WPL]YTYR ^Z[ST^_TNL_TZY LYO M]TWWTLYNP LYO _SP]PQZ]POZ LMP__P]UZMZQ[P]^`L^TZY 1Z] _ST^ ]PL^ZY L R]PL_ OPLW ZQ PQQZ]_ T^ TYaP^_PO TY _SP Pc_P]YLW QZ]X 4_ SL^ XZ]P _SLY ZYP NZXX`YTNL_TaP aLW`P LYO L [ZWdaLWPY_ Q`YN_TZY MZ_S bT_STY T_^PWQ LYOMPdZYO_SPZMUPN_MPTYRNZXX`YTNL_PO ?ST^XPLY^_SL_LY`XMP]ZQQLN_Z]^NZY_]TM`_PO_Z_SPLP^_SP_TNTeL _TZY ZQ ^NTPY_TQTN ^_L_PXPY_^ LYO ^`MUPN_TaTeL_TZY^ TY 4YOTL% [SZYP_TN LYOZ] [TN_Z]TLW NZOTYR^ LYO ]PNT_L_TaP QZ]X^ ZQ LN\`T^T_TZY OT]PN_PO _Z ^PY^Z]d [P]NP[_TZY _SP TYNW`^TZY ZQ L`^[TNTZ`^ ^dXMZWT^X WTYR`T^_T NLWWdOPXLYOTYR[ZP_TNLYOXP_]TNQZ]X^LYOMPTYRNZY^NTZ`^WdN]d[_TN LYO ZQ_PY [ZWd^PXLY_TN ?ST^ Q`WQTWW^ ^ZNTLW Pc[PN_L_TZY^ LYO NZYaPY _TZY^ TY ]PWL_TZY _Z \`LWT_d WPL]YTYR LYO M]TWWTLYNP LYO LW^Z XLVP^ T_ [Z^^TMWP_ZLN\`T]PLYOw_`YPTY_Zx_SP^NTPY_TQTNZMUPN_LQQPN_TaPWd?SP LN\`T^T_TZY T^ LN_TaPWd QZ]XPO LYO ^_PP]PO ?SP wSLMT_`^x ZQ Pc[]P^^TYR QTR`]P^ TY ^Z`YO^ LYO aP]^P^ LYO NZY^NTZ`^Wd NL^_TYR ^NTPY_TQTN ^_L_P XPY_^ TY LY LP^_SP_TN QZ]X MPWZYR^ TY _SP QTPWO ZQ L X`NS M]ZLOP] N`W _`]LW wSLMT_`^x 4_ NLY MP ^PPY L^ L N`W_`]LW PQQPN_ ZQ bSL_ bP SLaP _P]XPO w_ST]O ^[LNP SLMT_`^x 1T]^_ _ST^ TYNW`OP^ _SP NZY_TY`Z`^Wd []P ^PY_ Z]LWL`]LW XPXZ]d LYO [P]QZ]XLYNP []LN_TNP _SP WL^_TYR []ZXT YPYNP ZQ _Pc_^ QZ] SPL]TYR LYO _SP WZbWd ^_L_`^ ZQ b]T_TYR PaPY bSP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP aP]^P^ L]P QZ`YO TY 4YOTLY ,^_]ZYZXd z , >Z`]NPMZZV -L^PO []TXL]TWd ZY >LY^V]T_ ?Pc_^ NZX[TWPO Md -A >`MML]LdL[[L LYO 6A >L]XL -ZXMLd% 9PS]` .PY_]P $# ,NNZ]OTYR _Z L \`Z_L_TZY `^PO Md _SP 8`^WTX L^_]ZYZXP] ,W-T]`YT TY 4YOTNL -]LSXLR`[_L $#z!!# SLO [Z^_`WL_PO R]LaT_d LYO _SP WLb ZQ R]LaT_L_TZY PaPY MPQZ]P 7LWWL OTO .Q w-]LSXLR`[_Lx TY BTVT[POTL _SP Q]PP PYNd NWZ[POTLPYbTVT[POTLZ]RbTVT-]LSXLR`[_L,^_]ZYZXdLNNP^^PO8L]NS$
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
[]LN_T_TZYP]^ [WLdPO bT_S WP__P]^ >PNZYO _SP VYZbWPORP _SL_ L bZ]O NZX[]T^P^T_^^Z`YOU`^_L^X`NSL^T_^XPLYTYRLYO_SL_bZ]OXPLYTYR T^ X`W_TOTXPY^TZYLW LYO _SP]PQZ]P [W`]T^PXLY_TN LYO WT_P]LW LYO XP_L [SZ]TNLW WPaPW^ ZQ XPLYTYR NLY MP [WLdPO bT_S z _SL_ T^ LY Pc_]PXPWd N]PL_TaP bLdZQ`^TYR WLYR`LRPLYO[ZP_TN^VTWW^,YO_ST]O _ST^wSLMT _`^x LW^Z TYaZWaP^ L _d[P ZQ ^NTPY_TQTN NZXX`YTNL_TZY ^TRYTQTNLY_Wd OTQ QP]PY_ Q]ZX BP^_P]Y NZXX`YTNL_TZY ^TYNP T_^ PYTRXL_TN NZX[WTNL_TZY^ wAP]VWL`^`WTP]`YRx LYO LP^_SP_TN^ ^PY^Z]d LYO [ZP_TN L^[PN_^ LYO _SP L^^ZNTL_PO L`]LW L^[PN_ Xd^_P]d LYO XP_LWTYR`T^_TN NZXX`YTNL _TZY L]P ZQ_PY L STRSP] []TZ]T_d _SLY _SP NWL]T_d ZQ _SP []Z[Z^T_TZYLW ^_L_PXPY_ :`]_SP^T^bTWWYZbMP_SL_LWWZQ_SP^PQLN_^L]PML^POZYLNZXXZY NL`^LW QZ`YOL_TZY% _SP []POZXTYLYNP ZQ WT_`]RTNLW ^[PPNS ?ST^ T^ [P] NPTaPO LWXZ^_ QZ]NTMWd L^ _SP XZ^_ [P]QPN_ WT_P]L]d QZ]X ZQ Pc[]P^^TZY MPNL`^P_SPAPOL_SL_T^LWT_`]RTNLW_Pc_LYOYZ_Z_SP]WT_P]L_`]P^^`NS L^ PNZYZXTN WT^_^ Z] OTOLN_TN _Pc_^ ]P[]P^PY_^ _SP wZ]TRTYLW _Pc_x ZQ >LY^V]T_N`W_`]P ,^LW]PLOdPc[WLTYPOTY_SP[]PaTZ`^NSL[_P]_ST^Z]TRTYLW_Pc_T_^PWQ []ZaTOPO _SP wOZ`MWP LP^_SP_TN _]LTYTYR R]Z`YOx ZQ LM^_]LN_TZY LYO Q` ^TZYQZ]XLWTePO^_]TN_YP^^LYO^[PNTQTN^PY^Z]TYP^^PcLN_Z]TPY_L_TZYZY ]`WP^LYO^dXMZWTNMZ`YOL]d_]LY^T_TZY?SPSdXY^ZQ_SP RaPOL bP]P Q`WW ZQ N]d[_TN PYTRXL_TN Pc[]P^^TZY^ LYO [ZP_TN XLRTN 7L_P] TY _SP XLY_]L [P]TZO LYO TY _SP P^Z_P]TN TY_P][]P_L_TZY^ ZQ _SP -]£SXL©L^ _ST^ bL^ Pc[WLTYPO TY L ]L_TZYLWT^_TN bLd M`_ _SPT] TY_P][]P_L_TZY bL^ PaPY XZ]PN]d[_TN4YXLYdL^[PN_^_SPWT_`]RTNLWXZOPWZQAPOLbL^LSTRSWd [Z_PY_ [WLNP ZQ WPL]YTYR ZQ TY_P]LN_TaP LP^_SP_TN LYO wYZYLP^_SP_TNx ^_dWPQZ]XL_TZY4_PaPY[]PQTR`]PO_SPWTYVMP_bPPY[ZP_TN^LYOXL_SP XL_TN^?SPNZY^_]`N_TZYZQ_SPAPOTN^LN]TQTNTLWLW_L]TYaZWaPORPZXP_ ]TN VYZbWPORP LYO TY _SP -]£SXL©L^ _SP]P T^ L N]PL_TaP [WLd bT_S QTR `]P^ _SL_ WTYV^ _SP Y`XMP] ZQ XP_P]^ LYO _SP ^dXMZWTN XPLYTYR ZQ _SP ]T_`LWLN__ZZYPLYZ_SP] ?SP[P]QZ]XL_TaP[L]_TNT[L_Z]dL^[PN_^TY_SP[`]^`T_ZQ^NTPYNPLYO T_^LP^_SP_TN^`MUPN_TaTeL_TZY^L]PLYZ_`YTX[Z]_LY_[L]_ZQ_SP_PLNSP] [`[TW ]PWL_TZY^ST[ L^ OPaPWZ[PO TY PcPX[WL]d QL^STZY TY _SP [L^^TYR OZbY ZQ _SP APOL Q]ZX QL_SP] _Z ^ZY ?SP [P]^ZYLW QLNP_ZQLNP _PLNSP][`[TW_]LY^XT^^TZYT^LYZ_SP]]PL^ZYQZ]LYOLYZ_SP]QLN_Z]^`[ [Z]_TYR _SP WT_`]RTNLW XZOPW TY ^NTPYNP MPNL`^P _SP WT_`]RTNLW XZOPW ZQ [ZbP]Q`W ^[PPNS LW^Z OZXTYL_P^ _ST^ NZXX`YTNL_TZY LYO _]LY^XT^^TZY ^T_`L_TZY ?SP [P]^ZYLW ]PWL_TZY^ST[ LYO _SP []P^PY__TXP NZXX`YTNL _TZY T^TX[Z]_LY_ LYOSP]P _SPYZYaP]MLW_SPL`]LLYOL`_SZ]T_dZQ_SP _PLNSP] [WLd U`^_ L^ TX[Z]_LY_ L ]ZWP L^ _SL_ bSTNS T^ MPTYR _L`RS_ ?SP _PLNSP] OZP^ YZ_ SLaP _Z wRP_ LYd_STYR ZaP]x LYO _SP PXZ_TZYLW ]PWL _TZY^ST[ SL^ LW]PLOd MPPY OP_P]XTYPO% _SP [`[TW LOXT]P^ _SP _PLNSP]
7T_P]L_TTY4YOTLLYO0`]Z[P
"
]PRL]O^STXL^LYL`_SZ]T_dbLY_^^ZXP_STYRQ]ZXSTXLYOX`^_XLVP LY PQQZ]_ ?SP _PLNSP] £N£]dL ^SZ`WO MP ]PRL]OPO WTVP L RZO L^ _SP ?LT__T]ÅdL@[LYT´LO $^_L_P^ #?SP_PLNSP]T^_SPQTR`]PbT_SL`_SZ] T_d LYO _SP [ZbP] ZQ STRSP] VYZbWPORP LYO _SP]PQZ]P ZYP LW^Z LWWZb^ STX _Z ^[PLV ?SP [`[TW ZYWd WT^_PY^ ?SP wNZXX`YT_dx XZOPW TY _SP _PX[WPT^^TXTWL]%_SP[]TP^_]PNT_P^_SPWT_LYTP^LYOXLY_]L^bSTWP_SZ^P L__PYOTYR _SP ^P]aTNP ZYWd WT^_PY 8Z^_ ZQ _SP _TXP _SPd OZ YZ_ `YOP] ^_LYO _SP WLYR`LRP >LY^V]T_ _SP []TP^_ T^ `^TYR L_ LWW -`_ _SL_ T^ YZ_ TX[Z]_LY_MPNL`^P_SPdVYZbaP]dbPWWbSL_T_T^LWWLMZ`_PaPYTQ_ST^ T^^TX[WdMPNL`^P_SPdOZXZ]PZ]WP^^_SP^LXPL__SPT]OZXP^_TNLW_L]^ L_ SZXP ,]NSP_d[LW WT_P]L]d ^[PPNS T^ WP^^ LMZ`_ _SP PQQTNTPY_ _]LY^ XT^^TZY ZQ TYQZ]XL_TZY _SLY LMZ`_ _SP NZY^T^_PYNd w>_TXXTRVPT_x ZQ _SP^T_`L_TZY_SP[P]QPN_TZYZQ_SPQZ]XLYO]T_`LWPQQTNTPYNd?SPXLUZ] L^[PN_ TY _SP WT_`]Rd T^ _SP aT]_`Z^T_d LYO _SP PQQTNLNd ZQ _SP ]T_`LW LN_ ?ST^ WT_`]RTNLW XZOPW NZY_TY`P^ TY _SP _PLNSP][`[TW NZXX`YTNL_TZY ?SP_]LY^XT^^TZYZQ ^PY^P OZP^`^`LWWdYZ_SL[[PYTYQZ]XZQLOTLWZR 4Y^_PLO _SP _PLNSP]R`]` T^ _SP NSL]T^XL_TN aT]_`Z^Z _SL_ ZYP LW]PLOd MPWTPaP^ TY LYO Q]ZX bSZX ZYP X`^_ Pc_]LN_ _SP VYZbWPORP ?SP [`[TW SL^ _Z XLVP LY PQQZ]_ YZ_ _SP _PLNSP] bSZ T^ LW]PLOd TY [Z^^P^^TZY ZQ _SP [ZbP] ZQ VYZbWPORP LYO _Z bSZX ZYP _SP]PQZ]P aZW`Y_L]TWd ^`MZ] OTYL_P^ZYP^PWQ?ST^XZOPWNLYMP_]LNPO LWW _SP bLd TY_Z_SPXd_STNLW ^T_`L_TZY^ ZQ Z]LW _]LY^XT^^TZY QTcPO TY b]T_TYR TY aL]TZ`^ OTQQP]PY_ ]PWTRTZ`^ RPY]P^ 1Z] PcLX[WP TY _SP ±TaLT_TN ;`]£©L^ ¢RLXL^ LYO ?LY_]L^ _SP RZO ±TaL T^ _SP R`]` bSZ ^[PLV^ ,YO T_ T^ []PNT^PWd _SP ^LXP ^T_`L_TZY bSPY _]LOT_TZY^ L]P [L^^PO OZbY TY ]PLWbZ]WO WTQP% _SP ZYP bSZ ^[PLV^ LWbLd^ ZNN`[TP^ L ^`[P]TZ] [Z^T_TZY TY _SP STP]L]NSd _SLY_SPZYPbSZL^V^\`P^_TZY^LYOWT^_PY^ ?ST^ T^ _SP ML^TN ^T_`L_TZY Q]ZX bSTNS _SP []LN_TNP ZQ XL_SPXL_TNLW ]P^PL]NS LYO _PLNSTYR OPaPWZ[PO 1Z] XL_SPXL_TN^ bL^ Z]TRTYLWWd `Y OP]^_ZZO _Z MP [L]_ ZQ L^_]ZYZXd LYO L^_]ZYZXd bL^ [L]_ ZQ APOTN ]T_`LW ^NTPYNP >Z XL_SPXL_TN^ LW^Z SLO T_^ ]ZZ_^ TY _SP _]LOT_TZYLW PO` NL_TZYLW ^d^_PX ZQ [L^^TYR ZY VYZbWPORP Q]ZX QL_SP] _Z ^ZY 4Y WL_P] [P]TZO^ _ZZ _SP XLUZ]T_d ZQ _SP L`_SZ]^ ZQ XL_SPXL_TNLW bZ]V^ bP]P -]LSXTY^ # 3ZbPaP] bP OZ YZ_ VYZb PcLN_Wd MPNL`^P XZ^_ ZQ _SP _TXP _SP L`_SZ]^ _SPX^PWaP^ OZ YZ_ RTaP X`NS LbLd LMZ`_ _SPT] TXXP OTL_PMLNVR]Z`YO^PcNP[__SPT]YLXP^LYOMTZR]L[STNLWOL_P^,]PaPLW TYR PcNP[_TZY T^ _SP LMZaPXPY_TZYPO 9LXM`OT]T-]LSXTY LYO ¢]dLM SL¶L NZXXPY_L_Z] 9¯WLVL©¶SL z Q]ZX 6P]LWL bSZ^P OP_LTW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ T^ ^_L_PO TY L WT^_ ZQ [P]^ZY^ bSZ ^SZ`WO MP ]PaP]PO WTVP RZO^ YLXPWd ZYPv^ XZ_SP] QL_SP] _PLNSP] LYO R`P^_^ ?SP]P QZWWZb^ LY Pc_PY^TaP [L^^LRP ZY SZYZ]TYR -]LSXTY^ # ;WZQVP]w8L_SPXL_TN^TY4YOTLx"#
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LMZ`_ STX^PWQ ]PaPLW ^ZXP_STYR LMZ`_ _SP _]LY^XT^^TZY ^T_`L_TZY LYO XLVP^ NWPL] _SL_ APOTN LYO XL_SPXL_TNLW _]LTYTYR bP]P L_ WPL^_ TY _SP WL_P][P]TZO_bZaP]dOTQQP]PY__STYR^ #BPOTR]P^^SP]PQZ]LXZXPY_ Q]ZX Z`] XLUZ] L]R`XPY_ ZQ LP^_SP_TN ^_dWP^ LYO _ST]O ^[LNP SLMT_`^ TY Z]OP]_ZRTaP^ZXPTYQZ]XL_TZYLMZ`__SP^ZNTLW^P__TYR^ ,W_SZ`RS9¯WLVL©¶SLOL_P^Q]ZX^PaP]LWNPY_`]TP^WL_P]_SLYXZ^_ZQ _SP WT_P]L_T bP OT^N`^^ _SP TY_P]P^_ TY L^_]ZYZXd LYO XL_SPXL_TN^ _SP PQQTNLNd ZQ ¢]dLMSL¶L LYO _SP LP^_SP_TN ^_dWP ZQ ]P[]P^PY_L_TZY TY aP]^P ]PXLTYPOL^[]P^PY_L^PaP]TY>Z`_SP]Y4YOTLTY_ST^[P]TZO9¯WLVL©¶SL STX^PWQ NLY MP _LVPY L^ L NL^P ZQ L aP]d WPL]YPO -]LSXLY Q]ZX LY Z] _SZOZcQLXTWdMPWZYRTYR_Z2L]RLRZ_]LLYO_SP,²aLW£dLYL^NSZZW,^ LNSTWOSP]PNPTaPO_]LTYTYRTYXL_SPXL_TN^LYOL^_]ZYZXdM`_YZ_Q]ZX ST^ QL_SP] 4Y^_PLO SP bL^ _L`RS_ ZaP] L [P]TZO ZQ ^PaP]LW dPL]^ TY _SP SZ`^P ZQ _SP XL_SPXL_TN^ _PLNSP] L^ bL^ _SP N`^_ZX 3P LW^Z XPY _TZY^_PLNSP]^ZQZ_SP]OT^NT[WTYP^TYLOOT_TZY_ZL^_]ZYZXd_PLNSP]^ZQ _SPAPO£Y_LLYOZQR]LXXL]bSZXSP[Z^^TMWdRZ_ _ZVYZbL^R`P^_^ TY _SP SZ`^P ZQ ST^ XL_SPXL_TN^ _PLNSP] LYO bSZ TY^_]`N_PO STX TY _ST^ ^P__TYR Z] XZ]P []ZMLMWd SP XP_ _SPX O`]TYR ST^ WL_P] UZ`]YPd^ _S]Z`RS 6P]LWL bSP]P SP bL^ NZWWPN_TYR XLY`^N]T[_^ 3T^ [L_]ZY bL^ ¢~a£ÓNP]T ?LX[]£VLW _SP ^[T]T_`LW SPLO ZQ _SP 9LXM`OT]T -]LSXTY^ ZQ 6P]LWL L[[L]PY_Wd ^`RRP^_PO _Z 9¯WLVL©¶SL _SP TOPL ZQ NWL]TQdTYR NZY _]ZaP]^TLW [ZTY_^ bT_S ¢]dLMSL¶Lv^ ^`NNP^^Z]^ ?SP PcLX[WP ZQ 9¯WLVL ©¶SL T^ TY_P]P^_TYR MPNL`^P T_ TWW`^_]L_P^ _SL_ [L_]ZYLRP bL^ YZ_ ZYWd []LN_TNPOMd]`WP]^L^T^ZQ_PYOP^N]TMPOTY_SP4YOZWZRTNLWWT_P]L_`]P4_ ]PaPLW^_SL__SZ^PZ]_SZOZc_Z_SPAPOLSLOLR]PL_TY_P]P^_TY[ZTY_^ZQ XL_SPXL_TNLWOT^[`_PL^_]ZYZXdbL^TX[Z]_LY__ZOPNTOP_SP]TRS__TXP ZQ]T_`LWLYOLW^Z_SL__]LTYTYRTYLYO^_`OdZQXL_SPXL_TN^_ZZV[WLNP Z`_^TOP ZQ _SP TXXPOTL_P ^[SP]P ZQ _PLNSTYR NZX[P_PYNP ZQ Z]_SZOZc APOL -]LSXTY^ LYO ]P[]P^PY_PO OTQQP]PY_ QZ]X^ ZQ TY^_]`N_TZY LYO PO` NL_TZY ?SP]P bP]P -]LSXTY^ LYO -]LSXTY^ LYO _SP UdZ_T´¯^ L^_]ZYZ XP]^LYOL^_]ZWZRP]^bP]PLOTQQP]PY_NWL^^ZQ-]LSXTY^_SLY_SPXZ]P []P^_TRTZ`^ M`_ YZ_ YPNP^^L]TWd XZ]P ^ZNTLWWd ]P^[PN_PO ^_]TN_Wd Z]_SZ OZc NZYYZT^^P`]^ ZQ _SP APOL 7TVP [ZP_TN^ XL_SPXL_TN^ bL^ L VPd PWPXPY_TYSTRSP]PO`NL_TZYLYOMPWZYRPOXZ]P_Z_SPw[]ZQLYPx^TOPZQ PO`NL_TZY TY NZY_]L^_ _Z _SP L]_ ZQ APOL XPXZ]TeL_TZY QZ] bSTNS _SP 9LXM`OT]T^ bP]P QLXPO ]TRS_ `[ _Z XZOP]Y _TXP^ .ZY^TOP]TYR _SP STRSLXZ`Y_ZQ[ZP_TN^Z[ST^_TNL_TZYT_XLdNZXP_Z^`][]T^PSZbPaP] _SL_ `YWTVP [ZP_TN^ L^_]ZYZXd LYO XL_SPXL_TN bP]P YZ_ L ^NTPYNP ]ZZ_POTYNZ`]_N`W_`]P=L_SP]T_Q`WQTWWPO_SPYPPO^ZQPaP]MZOdz[L] _TN`WL]Wd bSPY ]PWL_PO _Z L^_]ZWZRd 4Y _SPT] ]ZWP L^ L[[WTPO ^NTPYNP^ L^_]ZYZXd LYO XL_SPXL_TN^ SLaP MPPY aT_LW ]PRL]OTYR PaP]dOLd NZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z]_SPQZWWZbTYR^PP=LUL ,^_]ZYZXdLYO8L_SPXL_TN^!z
7T_P]L_TTY4YOTLLYO0`]Z[P
$
NP]Y^ LYO _SP NLWN`WL_TZY ZQ ]T_`LW _TXP `YT_^ z MZ_S YPPOTYR _SP XZ^_ []PNT^PNLWN`WL_TZY^[Z^^TMWP ?SP TXLRP ZQ L^_]ZYZXP]^ LYO L^_]ZWZRP]^ OTO YZ_ ^_Ld `YNSLYRPO _S]Z`RSZ`_ ST^_Z]d 0aPY TQ TY _SP MPRTYYTYR L^_]ZYZXd bL^ LWbLd^ [L]_ ZQ _SP ZQQTNP ZQ L []TP^_ LYO []ZMLMWd ZYWd TY_P]P^_TYR _Z APOTN []TP^_^ZaP]_SPNZ`]^PZQ_TXPT_TYN]PL^TYRWdMPNLXPLYZNN`[L_TZYTY T_^ZbY]TRS_P^[PNTLWWdLQ_P]_SPTX[Z]_L_TZYZQ3PWWPYTNSZ]L]dL^_]ZW ZRd NL _S NPY_`]d ,/ :YP SL^ _Z _STYV ZQ _SP L`_SZ]^ ZQ bZ]V^ ZY XL_SPXL_TN^ LYO L^_]ZYZXd TY NWL^^TNLW _TXP^ LYO TY [L]_TN`WL] _SPT] Y`XP]Z`^]PNT[TPY_^Q]ZX LWW^ZNTLW ^_]L_LL^ TYOP[PYOPY_L^_]ZWZRP]^z ^PWQPX[WZdPO L^ T_ bP]P z [P]QZ]XTYR ^P]aTNP^ TY _SPT] SZ]Z^NZ[P ZQ QTNP^ QZ] _SPT] XZ]P Z] WP^^ bPLW_Sd NWTPY_PWP Q]ZX LWW ^ZNTLW NWL^^P^ 8Z^_Wd _SPd bP]P YPPOPO QZ] _SP XTOOWP NWL^^P^ =T_`LW NLWPYOL]^ LYO SZ]Z^NZ[P^ bP]P P^^PY_TLW QZ] L ^`NNP^^Q`W WTQP ]LYRTYR Q]ZX MT]_S SZ]Z^NZ[P^ _Z _SP L^_]ZWZRTNLW LYO XL_SPXL_TNLW ML^TN^ ZQ M`TWOTYR L SZ`^P ,^_]ZWZRP]^PT_SP] SLOLNL^_PZQ _SPT]ZbYZ]PW^PMPWZYRPO_Z ZYPZQ_SPNL^_P^ZQ_SZ^P[]ZQP^^TZYLW^[]LN_TNTYRL^_]ZYZXdL^_]ZWZRd LYO XL_SPXL_TN^ NLWWPO UdZ_T´¯^ 8Z^_ ZQ _SP L`_SZ]^ ZQ _SP LMZaP XPY_TZYPO XL_SPXL_TNLW LYO L^_]ZYZXTNLW bZ]V^ LYO _SP TXXPOTL_P `^P]^ ZQ ^`NS bZ]V^ Z]TRTYL_PO Q]ZX _ST^ ^ZNTLW ^_]L_`X # ?SPd RPYP] LWWd PL]YPO _SPT] WTaTYR Md XLVTYR NLWPYOL]^ QZ] ]T_`LW `^P LYO L^_]Z WZRTNLW []POTN_TZY^ QZ] WZNLW N`^_ZXP]^ Z] bZ]VTYR QZ] bPLW_Sd [L_]ZY^ bSZ SLO L []LN_TNLW TY_P]P^_ TY Z] ^[PNTLW WTVTYR QZ] L^_]ZYZXd LYO XL_SPXL_TN^ ^`NSL^ bPWWZQQXP]NSLY_^Z]bPWW_ZOZSTRS NL^_PAPOL -]LSXTY^LYOZNNL^TZYLWWdPaPY±¼O]L^ ?SPY TY _SP PTRS_S NPY_`]d #! XL_SPXL_TN^ QTYLWWd MPNLXP LY TYOP [PYOPY_ ^NTPYNP L^ LY PO`NL_PO ËWT_P QZ]XPO TY 4YOTL ?]LY^]PRTZYLW _]LOP bT_S Z_SP] NZ`Y_]TP^ LYO PaPY Z_SP] NZY_TYPY_^ SLO []ZO`NPO L NZY^TOP]LMWP LXZ`Y_ ZQ ^`][W`^ aLW`P Q]ZX bSTNS ZQ NZ`]^P _SP XP] NSLY_^ MPYPQT_PO XZ^_ ZQ LWW LW_SZ`RS ]PaPY`P bL^ LW^Z RPYP]L_PO QZ] _SP_LcNZWWPN_TYR]`WP]^LYO_SPT]Pc_PY^TaP^_LQQ^ZQ ZQQTNTLW^ ;Z^^TMWd LW^ZO`P_Z_SPR]PL_]P^[PN_TYbSTNSWPL]YPO[]TP^_^bP]PSPWOTY4YOTL _ST^PXP]RTYRNWL^^ZQYZ`aPL`c]TNSP^bL^ZQ_PYWP^^TY_P]P^_POTYXL _P]TLW _SLY TY_PWWPN_`LW bLd^ ZQ _`]YTYR _SPT] PNZYZXTN [Z^T_TZY TY_Z ^ZNTLW []P^_TRP 0O`NL_TZY MPNLXP L N`W_`]LW RZZO TY T_^ ZbY ]TRS_ BPWW_ZOZ [L]PY_^ bT^SPO _SPT] NSTWO]PY _Z SLaP _SP XZ^_ NZX[]PSPY ^TaP PO`NL_TZY [Z^^TMWP TY _SP ^NTPYNP^ PaPY TQ _SP ^VTWW^ LN\`T]PO SLO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .QLW^Z;WZQVP]w8L_SPXL_TN^TY4YOTLx""Q #! ?SP -LV^S£W¯ XLY`^N]T[_ L [`]P XL_SPXL_TN^ SLYOMZZV T^ OL_PO TY _ST^ bLd NQ ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx ! QQ 0aPY _SZ`RS XL_SPXL_TN^ LW]PLOd PcSTMT_^ TYOP[PYOPY_ _]LT_^ TY ¢]dLMSL¶L TY PL]Wd _TXP^ T_ bL^ LWbLd^ TY_PR]L_PO TY_Z L^_]ZY ZXd?ST^ZQ_PY]PXLTYPO^ZQZ]_SPXLUZ]NLWN`WL_TZY^M`_L_L]Z`YO#$,/bP LW^ZQTYO_Pc_MZZV^ZYXL_SPXL_TN^LWZYP
3TYO`T^XL^L.`W_`]PZQ>Z`YO
YZ_STYR _Z OZ bT_S _SP QLXTWd ZNN`[L_TZY OP_P]XTYPO Md _SPT] NL^_P 8Z]PZaP] PO`NL_TZY bL^ ^Pcd , YPb ZNN`[L_TZYLW R]Z`[ ZQ PO`NL_PO SP_LP]LPPXP]RPO_SL_SLOYZ_STYRTYNZXXZYbT_S_SPTXLRPZQL_]LOT _TZYLW4YOTLYbZXLY?SP4YOTLYNZ`]_P^LY^ZQNWL^^TNLW_TXP^bP]PYZ_ ZYWd^VTWWPOTY_SPL]_ZQWZaPLYO[WPL^LY_[L^_TXP^^`NSL^^TYRTYRLYO OLYNTYR?SPdLW^ZSLOLWXZ^_LYLNLOPXTNWPaPWZQPO`NL_TZYPYLMWTYR _SPX _Z UZTY TY OT^N`^^TZY^ ,^ L NZY^P\`PYNP _SP^P bZXPY bP]P SPWO TY STRS ]PRL]O LYO _SP]P bL^ YZ NZX[L]T^ZY MP_bPPY _SPT] ^_L_`^ LYO _SL_ ZQ L []Z^_T_`_P bZ]VTYR _SP ^_]PP_^ aP²d£ 1Z] ]TNS NT_TePY^ _SPd bP]P NZX[LYTZY^ QZ] RLXP^ LYO PWPRLY_ P^NZ]_^ LYO _SPd bP]P PaPY PX[WZdPOL__SPNZ`]_^ZQ]`WP]^?SPT]WTaP^bP]PYZWZYRP]OPQTYPOMd QTOPWT_d_ZLS`^MLYOLYOMPL]TYRXLYdNSTWO]PYLYO_ST^]`MMPOZQQZY LWWbZXPY_Z^ZXPPc_PY_1Z]PcLX[WP_SPbZ]V 7¯W£aL_¯ w?SP;WLdQ`W BZXLYxMd_SPL^_]ZYZXP]-S£^VL]L44MT^ZQ[L]_TN`WL]TY_P] P^_ MPNL`^P T_ NZY_LTY^ PaTOPYNP _SL_ bZXPY TY w]P^[PN_LMWPx NT]NWP^ YZb LW^Z PYUZdPO PO`NL_TZY TY XL_SPXL_TN^ ?SP _Pc_MZZV 7¯W£aL_¯ b]T__PY TY aP]^P LYO OPLWTYR []TXL]TWd bT_S _SP NZY_]ZaP]^TLW [Z^T_TZY^ ZQ ¢]dLMSL¶L LYO -]LSXLR`[_L bL^ b]T__PY QZ] L RT]W ZQ _SP ^LXP YLXP []ZMLMWd _SP OL`RS_P] ZQ _SP L`_SZ] #" >Z TQ _SPd bP]P W`NVd bZXPY LYO RT]W^ bP]P MZ]Y TY_Z L QLXTWd _SL_ NZ`WO LQQZ]O ^`NS STRSP] WPL]YTYR QZ] _SPX ?ST^ bL^ \`T_P `YWTVP APOTN _]LTYTYR bSTNS ]TRS_ TY_ZXZOP]Y_TXP^bL^]P^P]aPOQZ]w_bTNPMZ]YxXLWPQLXTWdXPXMP]^ ,^ZYPXLd TXLRTYP_ST^OPaPWZ[XPY_N`WXTYL_PO bSP]P_SP]PbL^ _SPXZ^_XZYPdzL__SPNZ`]_^ZQ_SP[]TYNP^,^`]P^Z`]NPZQPaTOPYNP ZQ ]ZdLW [L_]ZYLRP bSTNS _PWW^ `^ L WZ_ LMZ`_ ^NTPY_TQTN N`W_`]P LYO _SP NZ`]_T^8LS£a¯]L_SPQLXZ`^YTY_SNPY_`]d5LTYXL_SPXL_TNTLYbSZ^P [L_]ZY bL^ L ]`WP] Q]ZX PT_SP] 8LSL]L^_S]L Z] 6L]YL_LVL 3T^ bZ]V QZ] _PLNSTYR XL_SPXL_TN^ T^ ZYP ZQ _SP PL]WTP^_ [TPNP^ ZQ XL_P]TLW PaTOPYNP ZQLQZ]XZQXL_SPXL_TN^^P[L]L_POQ]ZXL^_]ZYZXd4YT_XL_SPXL_TNLW QTYOTYR^ LYO ]`WP^ QZ] NLWN`WL_TZY L]P ^P_ Z`_ L^ TY L _Pc_MZZV 8LdMP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx "z!" bSTNS NZY_LTY^ L _]LY^WL_TZY ZQ _SP bZ]V ]PQWPN_TYR NWPL]Wd _SP NZXX`YTNL_TaP ^T_`L_TZY TY bSTNS TYN]PL^TYRWd NZX[WT NL_PO XL_SPXL_TNLW _L^V^ bP]P ^P_ ]TRS_ `[ _Z _SP NLWN`WL_TZY ZQ ^\`L]P LYO N`MP ]ZZ_^ LWRPM]L LYO RPZXP_]d 1Z] PcLX[WP T_ ^Ld^ TQ _SP LW[SLMP_TNLW NZOP QZ]X`WL^ L]P _]LY^X`_PO TY_Z Y`XMP] bZ]O^ ^ZXP_STYR WTVP _ST^% w :S 7¯W£aL_¯ TY_PWWTRPY_ RT]WTQdZ``YOP]^_LYOLOOT_TZYLYO^`M_]LN_TZY_PWWXP_SP^`XZQ_SPLXZ`Y_^_bZ QTaP _ST]_d_bZ ZYP S`YO]PO YTYP_d_S]PP PTRS_PPY _PY LYO L S`YO]PO L^ bPWW L^ F_SP ]PXLTYOP]ZQH _SZ^P bSPY ^`M_]LN_PO Q]ZX_PY _SZ`^LYOm" 1LbYPdPONSTWO 7¯W£aL_¯WP_T_MP^LTOSZbX`NST^_SPY`XMP]F]P^`W_TYRQ]ZXHZYP_S]PPQTaPX`W_T [WTPO Md _bPWaP TQ dZ` `YOP]^_LYO X`W_T[WTNL_TZY Md ^P[L]L_P [L]_^ LYO Md ^P[L]L_P OTRT_^ ,YO _PWW FXPH MPL`_TQ`W ZYP SZb X`NS T^ _SL_ []ZO`N_ OTaTOPO Md _SP ^LXP X`W_T[WTP] m 1]TPYO _PWW FXPH _SP ^\`L]P ZQ YTYP ZQ QZ`]_PPY ZQ _S]PP S`YO]PO XTY`^_S]PPLYOZQLd`_LFH[W`^QTaPTQdZ`VYZb_SPbLd_Z[]ZO`NP^\`L]P^ mxTMTO$z
7T_P]L_TTY4YOTLLYO0`]Z[P
_ST^ TYYZaL_TaP bLd ZQ XLVTYR XL_SPXL_TN^ TYOP[PYOPY_ TY^[T]PO 8L S£a¯]L _Z MPRTY bT_S LY LOaP]_T^PXPY_ QZ] ST^ L]_ 3P NWLTX^ _SL_ OZTYR NLWN`WL_TZY^ TY LWW _STYR^ ZQ _ST^ bZ]WO bSP_SP] _SPd MP ^LN]PO Z] []Z QLYPT^TX[Z]_LY_LYOYPPOPOTYLWW^NTPYNP^% w4Y LWW _SP^P _]LY^LN_TZY^ bSTNS ]PWL_P _Z bZ]WOWd APOTN Z] FZ_SP]H ^TXT WL]Wd ]PWTRTZ`^ LQQLT]^ NLWN`WL_TZY T^ ZQ `^P 4Y _SP ^NTPYNP ZQ WZaP TY _SP ^NTPYNP ZQ bPLW_S TY X`^TN LYO TY O]LXL TY _SP L]_ ZQ NZZVTYR LYO ^TXT WL]WdTYXPOTNTYPLYOTY_STYR^WTVP_SPVYZbWPORPZQL]NST_PN_`]P4Y[]Z^ ZOd TY [ZP_TN^ LYO [ZP_]d TY WZRTN LYO R]LXXL] LYO ^`NS Z_SP] _STYR^ LYO TY ]PWL_TZY _Z LWW _SL_ NZY^_T_`_P^ _SP [PN`WTL] aLW`P ZQ FLWWH _SP FaL]T Z`^HL]_^_SP^NTPYNPZQNZX[`_L_TZYT^SPWOTYSTRSP^_PPXx ##
?ST^ []LRXL_TN aTPb ZQ _STYR^ T^ []ZMLMWd YZ_ ZYWd L^^ZNTL_PO bT_S _SP QLN_ _SL_ _SP 5LTYL^ bP]P LWbLd^ RZZO _]LOP]^ M`_ LW^Z ]PaPLW^ L NZX XZY wSLMT_`^x ZQ ^NTPY_T^_^ TY _SP NWL^^TNLW [P]TZO z ZQ XLTY_LTYTYR TY _P]OT^NT[WTYL]d PO`NL_TZY LYO []Z[Z`YOTYR LY TY_PR]L_TaP aTPb ZQ _SP ^NTPYNP^ ?ST^ SLMT_`^ bL^ LW^Z bTOP^[]PLO L_ _SP []TYNP^v NZ`]_^ ?SP LMZaP \`Z_L_TZY XLVP^ T_ ZMaTZ`^ _SL_ bSTWP ]PWTRTZY bL^ LY P^^PY_TLW ]P\`T]PXPY_ ZQ _SP PWPRLY_ NZ`]_ N`W_`]P TYNW`OTYR L^_]ZYZXTNLW L^_]Z WZRTNLW NLWN`WL_TZY^ ZQ _SP _TXP^ ZQ QP^_TaLW^ P_N LYO T^ PaPY XPY _TZYPOTYQT]^_[WLNPT_T^YZ_`^`LWWd_SPXZ^_TX[Z]_LY_L^[PN_NZYNP]Y TYR _SP bLd ZYP WPLO^ ZYPv^ WTQP LYO ]P[]P^PY_^ ZYWd ZYP ^PRXPY_ LXZYR aL]TZ`^ OTQQP]PY_ ^PY^P Z]TPY_L_TZY^ w>TYYZ]TPY_TP]`YRPYx 8LS£a¯]L WT^_^ LWW _SP ^NTPYNP^ _SL_ bP]P TX[Z]_LY_ LYO SPWO TY STRS ]PRL]O L_ NZ`]_ ^_L]_TYR bT_S _SP L]_ ZQ WZaP V£XL²£^_]L LYO _SP ^NT PYNP ZQ bPLW_S L]_SL²£^_]L 4Y WL_P] _TXP^ SP bZ`WO YZ_ SLaP SLO _Z OPQPYO XL_SPXL_TN^ ^Z PWZ\`PY_Wd ,NNZ]OTYR _Z ;WZQVP] TY NZ`]_Wd NT]NWP^ w]PN]PL_TZYLW L]T_SXP_TNx NLXP`YOP]w[ZWT_PLX`^PXPY_ZQXPY LYO bZXPY LWTVPx #$ LYO _SP L]_ ZQ NLWN`WL_TZY L[[PL]PO ZY L WT^_ ZQ wNTaTWTePOL]_^xWTVPRLXP^ZQNSLYNP[]Z^ZOdP_NTYbSTNSRT]W^LYO bZXPY^SZ`WOMPNZX[P_PY_4Y_SPNZ`]_^P__TYR_SPTOPLZQ[WLdQZ]T_^ ZbY ^LVP OZXTYL_PO DP_ _SP YPNP^^T_d ZQ WPL]YTYR SZb _Z OZ NLWN`WL _TZY^ SZbPaP] OPQTYT_PWd LW^Z SLO L []LRXL_TN L^[PN_ @[[P]NWL^^ bZXPY bP]P Pc[PN_PO _Z SLaP XL^_P]PO _ST^ ^VTWW wL^ L _ZZW TY SZ`^P SZWOXLYLRPXPY_LYOL^LNTaTWTePO]PQTYPXPY_x $ >ZT_T^NP]_LTYWdYZ_NZX[WP_PWdTYNZ]]PN__Z^`[[Z^P_SL__SP^NTPY _T^_^ MPYPQT_PO Q]ZX _SP NZ`]_^ LYO L RZZO [P]QZ]XLYNP OPXZY^_]L_TYR ZYPv^ZbYM]TWWTLYNPbT_S]PQTYPXPY_[]ZMLMWdLW^ZSLOMP__P][]Z^[PN_^ ZQ [L_]ZYLRP bSTWP WP^^P] L]_T^_TN ^VTWW^ bZ`WO ]PO`NP ZYPv^ WPRT_TXLNd LYOLWW_SPXZ]P^ZMPNL`^P_SP]`WP]^_PYOPO_ZMPMP__P]aP]^POTY_SP ]`WP^ ZQ [ZP_]d _SLY TY STRSP] XL_SPXL_TN^ Z] L^_]ZYZXd :YP NLYYZ_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## Z`YO
OPYd L NP]_LTY NZ]]PWL_TZY MP_bPPY _SP PWPRLY_ WPT^`]P [`]^`T_^ ZQ [ZY OP]TYR [`eeWP^ LYO WPL]YTYR _Z OZ XL_SPXL_TNLW NLWN`WL_TZY^ LYO _SP M]TWWTLYNP [ZP_TN^ LYO N]d[_TN YL_`]P ZQ XL_SPXL_TNLW w^PWQ []P^PY_L_TZYx ?ST^ []P^PY_L_TZY bL^ ^PPY L^ L RZZO NZYaPY_TZY MP WZYRPO _Z _SP XL_SPXL_TNLW P_SZ^ PYSLYNPO ZYPv^ N]POTMTWT_d LYO [P] ^`L^TaP NL[LMTWT_d LYO NP]_LTYWd LW^Z M]Z`RS_ []P^_TRP :YP XLd _SP]P QZ]P^`[[Z^P_SL__SPLMTWT_d_ZN]PL_PPc_]PXPWdNZX[LN_^_L_PXPY_^LYO LW^Z _Z ^STYP WTYR`T^_TNLWWd WTVP _SP bZ]WOWd [ZP_^ bL^ OPQTYT_PWd W`N]L _TaPL_WPL^_QZ]^ZXPZQ_SPL^_]ZYZXP]XL_SPXL_TNTLY^?SZ^PbSZSLO XL^_P]PO _ST^ L]_ NZ`WO Pc[PN_ _Z ]PL[ LOXT]L_TZY QLXP ]P^[PN_ LYO ]ZdLW[L_]ZYLRPLYO^PN`]P_SPT]]P[`_L_TZYTYWL_P]RPYP]L_TZY^ ?SP NZXXZY ^T_`L_TZY ZQ _SP WPL]YPO WT_P]L_T WTVP _SL_ ZQ _SPT] ]P NT[TPY_^ bL^ SZbPaP] L^ LW]PLOd TYOTNL_PO TYOP[PYOPY_ ZQ _SP NZ`]_ N`W_`]P LYO L RZZO OPLW XZ]P []LRXL_TN _SLY LY PWPRLY_ [L^_TXP Z] _SP OP^T]PQZ]STRSP]PO`NL_TZYQZ]T_^ZbY^LVP8L_SPXL_TN^bL^YZ_ZYWd L ^NTPYNP ZQ PWT_P NWL^^P^ 8Z^_ XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ bP]P YZ_ NZ`]_Wd ZQQTNP]^ M`_ [P]^ZY^ ZQ _]LOT_TZYLW WPL]YTYR 8Z^_ ZQ _SPT] ]PNT[TPY_^bP]PwXTOOWPNWL^^xL^_]ZWZRP]^bSZbZ]VPOQZ]NWTPY_^Q]ZX LWW ^ZNTLW ^_]L_L AL]L]`NTv^ LW[SLMP_ML^PO NZOTYR ^d^_PX VL¶L[Ld£OT QZ] _SP YZ_L_TZY ZQ Y`XMP]^ MPNLXP bTOP^[]PLO [L]_TN`WL]Wd TY >Z`_S P]Y 4YOTL LYO TY L ^TX[WTQTPO QZ]X PaPY LXZYR WLdXPY LYO Z]OTYL]d ^_`OPY_^ 4_ LWWZbPO XZ]P [Z^^TMTWT_TP^ ZQ [ZP_TN NZXX`YTNL_TZY ^P XLY_TNWZLOTYRLYOX`W_T[WPXPLYTYR^_SLY,]dLMSL¶Lv^XZ]PNZX[WPc NZOTYRLYO_ST^XTRS_SLaPMPPYLXLUZ]]PL^ZYQZ]T_^[Z[`WL]T_d :YP _STYR L[[WTPO MZ_S _Z _]LOT_TZYLW _PLNSTYR LYO _Z WL_P] PWPRLY_ NZYaP]^L_TZY% _SP WT_`]RTNLW XZOPW ZQ _SP 4YOTLY WT_P]L_T N`W_`]P L`_SZ] T_dZQ_SPNZXX`YTNL_Z]PYTRXL_TN^[PPNSSP]XP_TN_PNSYTNLWWLYR`LRP NZ`[WPO bT_S MPL`_d ZQ Pc[]P^^TZY P_N ]PXLTYPO NZY^T^_PY_ ?ST^ LP^ _SP_TN ^_dWP ZQ wOZTYR ^NTPYNPx bL^ LY PQQPN_ ZQ _SP w_ST]O ^[LNP SLMT _`^x bSTNS NZXMTYPO Z]LWT_d LYO WT_P]LNd LYO M]Z`RS_ LM^_]LN_TZY LYO Q`^TZY _ZRP_SP] ?ST^ SLMT_`^ RPYP]L_PO T_^ ZbY XPLY^ ZQ VYZbWPORP Z]RLYT^L_TZY LYO NZXX`YTNL_TZY ?SP ^T_`L_TZY T^ NZX[WP_PWd OTQQP]PY_ TY _SP BP^_ BP^_P]Y ^NTPY_TQTN _Pc_^ L]P Q`YN_TZYLW LYO [`][Z^PQ`W ?SPd OZ YZ_ SLaP _Z MP _SP NPY_P] ZQ LOXT]L_TZY Z] MP MPL`_TQ`W WP_ LWZYP Xd^_P]TZ`^ 4Y ^NTPYNP _SL_ ^Z]_ ZQ _STYR bZ`WO MP ^PPY L^ LYd _STYR M`_ bZ]_Sd ZQ []ZXZ_TZY BSL_PaP] ZYP ^Ld^ ZYP ^SZ`WO LaZTO MPTYRN]d[_TN4_T^ TX[Z]_LY_YZ_ZYWd_Z TX[L]_VYZbWPORPM`_LW^Z_Z OPXZY^_]L_P PQQTNLNd NWL]T_d QZ]XLW ]TRZ] TY []P^PY_L_TZY ZQ PaTOPYNP LYO _SP bTWW _Z []P^PY_ _SP NZY_PY_ TY [P]^`L^TaP L]R`XPY_ :YP bT^SP^ ZYWd _Z [`_ QZ]bL]O NP]_LTY _SP^P^ LYO _S`^ SLaP L RPY`TYP PQQPN_ ?SP NZY_PY_ ^SZ`WO MP NZYaTYNTYR YZ_ _SP LP^_SP_TN L`]L 4Y 4YOTL Md NZY _]L^_ ^_]ZYR YZYQ`YN_TZYLW L^[PN_^ L]P LW^Z ^TRYTQTNLY_ ?SP ^NTPY_TQTN ^_dWP Z] _Z `^P =PNVbT_ev bZ]O^ _SP LP^_SP_TN XLYYP] ZQ ^`MUPN_TaTeL
7T_P]L_TTY4YOTLLYO0`]Z[P
_TZYTY^NTPYNPT^L_Z_LWWdOTQQP]PY_ZYP?SPTX[L]_TYRZQVYZbWPORPT^ NPWPM]L_POLYORTaPYLN]PL_TaPQZ]X?SP^NTPY_TQTN^_L_PXPY_^L]PN]d[ _TNLWWdM]TPQM`_LW^ZPWLMZ]L_POMPNL`^P_SP`^PZQNZX[WTNL_POXP_P]^ LYO _SP [WLd bT_S _SP X`W_T[WP XPLYTYR^ ZQ ^TRY^ LWWZb^ L NZY^NTZ`^ ^PXTZ_TNTeL_TZY LYO QTN_TZYLWTeL_TZY RZTYR MPdZYO _SP ^NTPY_TQTN XP^ ^LRP:YPw^_LRP^x_SPZMUPN_LYOLW^ZZYP^PWQ8LVTYR_STYR^SP]XP_TN T^ Q`Y LYO _SP MPL`_TQ`W QZ]X N]PL_P^ L ^_]ZYRP] PXZ_TZYLW ]PWL_TZY^ST[ LYO T^ ËWT_T^_ L_ _SP ^LXP _TXP ?SP ^_]TVTYR XTc_`]P ZQ ^_]TN_YP^^ LYO Z]YLXPY_ T^ WTVP L ^[TNd ^YLNV bT_S ^bPP_ _PL 0WPRLY_ ^NTPY_TQTN NZX X`YTNL_TZY T^ YZ_ [Z^^TMWP bT_SZ`_ Pc_PY^TaP PO`NL_TZY 9Z_ ZYWd SL^ ZYP _Z VYZb _SP NZOP^ LYO _SPT] OPNZOTYR M`_ ZYP X`^_ LW^Z []ZaP ZYPv^ ZbY M]TWWTLYNP `^TYR ]PQTYPXPY_ ?ST^ ]P\`T]P^ XZ]P _SLY ^VTWW TY ZYPv^OT^NT[WTYP8L_SPXL_TNTLY^LYOL^_]ZYZXP]^X`^_MPP\`LWWdbPWW aP]^PO TY _SP NZYaPY_TZY^ ZQ [ZP_TN^ LYO []ZaP _SPT] ^VTWW L_ [ZP_]d 7PL]YTYR^SZ`WOMPNZXX`YTNL_PObT_STYaPY_TaPM]TWWTLYNP>Z[ST^_TNL _TZY OPXLYO^ PWPRLY_ LYO N]d[_TN []P^PY_L_TZY ,YO _SP ]PNT[TPY_^ L]P ]P\`T]PO _Z bZ]V SL]O MPNL`^P _SP LXMT_TZ`^ []TXP LTX T^ _Z TY_P][]P_ NZ]]PN_Wd_SPN]d[_TN]`WP^_SL_L]PbZaPYTY_ZPaP]daP]^P9Z_PaPY_SP NZXXPY_L_Z]^ XLVP WTQP PL^d QZ] _SPT] ]PNT[TPY_^ -S£^VL]L bSZ b]Z_P _SP PL]WTP^_ NZXXPY_L]d ZY _SP ¢]dLMSL¶¯dL TY !$ LW]PLOd L^^`XP^ _SL_ ST^ ]PLOP]^ L]P QLXTWTL] bT_S _SP ML^TN L]T_SXP_TNLW Q`YN_TZY^ LYO PaPYOPLW^]L_SP]^[L]TYRWdbT_S_SPPc_]LN_TZYZQ^\`L]PLYON`MP]ZZ_^ bSP]PL^ XZ]P NZX[WTNL_PO _PNSYT\`P^ L]P TWW`^_]L_PO TY R]PL_P] OP_LTW ,Q_P] LWW QZ] L NZXXPY_L_Z] _SP]P T^ YZ_STYR bZ]^P _SLY TY^`W_TYR _SP TY_PWWTRPYNPZQST^]PLOP]^ST[
#
?SP4YOTLY7T_`]RTNLW8ZOPWLYO_SP2]PPV7ZRZNPY_]TN8ZOPW
,^ Pc[WLTYPO LMZaP Q]ZX _SP LP^_SP_TN w_ST]O ^[LNPx ZQ ^ZYLWT_d z L ^[LNP _SL_ TYNW`OPO _SP Pc[P]TPYNPO ^Z`YO bZ]WO ZQ [P]QZ]XLYNP []LN _TNP^ L^ bPWW L^ _SP b]T__PY WT_P]L_`]P _]LOT_TZY z _SP]P PXP]RPO aP]d TYOTaTO`LW QZ]X^ZQ^NTPY_TQTN]P[]P^PY_L_TZY ^NTPY_TQTN XP_SZO^ LYO ^NT PY_TQTN WLYR`LRP% M]TWWTLY_ QZ]X^ ZQ LM^_]LN_TZY LYO Q`^TZY bT_S _SP ZM UPN_ TY _SP ^PY^P^ LYO _S]Z`RS [ZP_]d ,P^_SP_TN LYO YZYLP^_SP_TN L__T _`OP^ Z] _Z `^P Z`] _P]XTYZWZRd PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d Z]TPY_L_TZY^ QWZb TY_Z ZYP LYZ_SP] ZaP] LYO ZaP] LRLTY ,NNZ]OTYR _Z _SP _SP^T^ [`_ QZ]bL]O SP]P ZYP ^PP^ Q]ZX _SP Z]LNWPWTVP L^[PN_^ [P] aLOTYR PaPY _SZ^P L]PL^ ZQ ^NTPYNP TYOP[PYOPY_ ZQ ]PWTRTZY _SL_ _SP XZOPWT^LN_`LWWd_SPWT_`]RdZQ_SP[]TP^_^?ST^T^YZ_^`][]T^TYRTQZYP aTPb^ _SP ^T_`L_TZY Q]ZX _SP [ZTY_ ZQ aTPb ZQ N`W_`]LW ST^_Z]d ?SP ZWO P^_WT_P]L]d^Z`]NP TY4YOTL _ZbSTNSPaP]dZYP]PQP]^ T^TYQLN_LWT_`]RT
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NLW _Pc_ 0aP]dZYP bSZ bL^ PO`NL_PO LYO WT_P]L_P VYPb _SP APOL :_S P]^ Z]TPY_PO _SPX^PWaP^ ZY _SP WT_P]L_T _SP ]`WP^ ZQ [ZP_]d _SP Pc[]P^ ^TaT_d ZQ _SP @[LYT´LO^ _SP P[TN^ _SP ;`]£©L^ LYO _SPT] [P]QZ]XLYNP []LN_TNP^ ,^ WT_`]RTNLW ^[PPNS bL^ [P]NPTaPO _Z MP _SP XZ^_ [P]QPN_ WT_P]L]dQZ]XZQPc[]P^^TZYMPL`_TQ`WQZ]XN]d[_TNNZX[WTNL_PO^[PPNS LYO_SPN]PL_TZYZQLYLP^_SP_TNY`XTYZ`^L`]LbP]PYZ_^PPYL^QZ]PTRY _Z ^NTPYNP M`_ ZY _SP NZY_]L]d bP]P NPWPM]L_PO ?SP WT_`]RTNLW XZOPW Pc[WLTY^ bSd _SPd SLaP ^[PNTLW [ZbP]^ ZQ [P]^`L^TZY LYO WPRT_TXLNd PaPY TY _SP ^NTPYNP^ _SL_ L]P TYOP[PYOPY_ ZQ ]PWTRTZY ?SP WT_P]L]d QZ]X ZQ Pc[]P^^TZY TY _SP PL]Wd ^NTPY_TQTN _]LOT_TZY TY 4YOTL ]PQWPN_^ XLYd L^[PN_^_SL_=PNVbT_e]PRL]O^L^^[PNTQTNLWWdwLP^_SP_TNxL^Z[[Z^PO_Z YZYLP^_SP_TN _]LY^XT^^TZY ZQ TYQZ]XL_TZY% YZ_ ZYWd [`][Z^P M`_ LW^Z L^[PN_^ZQ[`][Z^PWP^^YP^^LYOZQPYUZdXPY_YZ_ZYWdNZX[WTLYNPbT_S ]`WP^ LYO ^_LYOL]OTeL_TZY M`_ LW^Z [ZTP_ZWZRTNLW \`LWT_TP^ ZQ _LVTYR LN _TZY N]PL_TaP ^SL[TYR [WLdTYR bT_S WLYR`LRP ^Z`YO^ LYO X`W_T[WP XPLYTYR^ LYO L NZY^NTZ`^ ^PXTZ_TNTeL_TZY ZQ _SP LN_`LW NZYOT_TZY^ RZ TYR MPdZYO []LN_TNLW `^P ,^ ^NTPYNP bL^ NZYO`N_PO _ST^ bLd YZ_ ZYWd OTO _SP WT_`]RTNLW XZOPW [P]QZ]XL_TaPWd _LVP L []ZQLYP _`]Y M`_ _SP]P bL^LW^ZL^LN]LWTeL_TZYZQ[]ZQLYP^NTPYNP ?SP ]SP_Z]TNLW Q`YN_TZY ZQ NZX[WTNL_PO [ZP_TN LYO Z]LNWPWTVP ^[PPNS T^ QT]^_ LYO QZ]PXZ^_ ZYP ZQ ^SZbTYR ZQQ ZYPv^ NWPaP]YP^^ ZQ WPRT_TXL_TZYLYOZQ[P]^`L^TZYM`_L__SP ^LXP_TXPT_T^LYPc[]P^^TZY ZQ N]PL_TaT_d LYO L w_PNSYZWZRd ZQ _SP ^PWQx ?ST^ LP^_SP_TN ^_dWP ZYP NLY LW^Z ^[PLV ZQ ^NTPY_TQTN ^`MUPN_TaTeL_TZY NZXX`YTNL_P^ ZY _SP XP_LWTYR`T^_TN WPaPW aP]d X`NS XZ]P _SLY XP]P ^NTPY_TQTN ^_L_PXPY_^ >TYNP WT_`]RTNLW ^[PPNS T^ ]PRL]OPO L^ _SP XZ^_ [P]QPN_ WT_P]L]d QZ]X ZQ Pc[]P^^TZY _SP ^NTPY_T^_^ ^[PLV L^ T_ bP]P WTVP L ^LN]PO _Pc_ ?SP [ZbP] ZQ VYZbWPORP ZQ _SP WT_P]L_T [L]_TNT[L_P^ TY _SP ^dXMZWTN YTXM`^ ZQ _SP Z]TRTYLW APOTN _Pc_ LYO ^TX`W_LYPZ`^Wd L^^P]_^ LYO ^_]PYR_SPY^ T_^ ZbY []ZQLYP L`_ZYZXd LYO L`_SZ]T_d ?ST^ XPLY^ _SL_ _]LOT_TZYPW 4YOTLY ^NTPY_T^_^ LNNZ]O _SP []P^PY_L_TZY ZQ _SPT] ZMUPN_^ L ^dXMZWTN aLW`P LYO NSL]LN_P]TeP _SPX TY _ST^ bLd z L aLW`P RZTYR MPdZYO _SP ZMUPN_^v[]LN_TNLW`^P?SP_PYOPYNd_Z^LN]LWTeP^NTPY_TQTN]L_TZYLWT_dT^ NP]_LTYWd YZ_ QZ`YO TY P\`LW XPL^`]P _S]Z`RSZ`_ LWW ^NTPY_TQTN WT_P]L _`]P^ M`_ LWXZ^_ LWW ^NTPY_TQTN ^d^_PX^ OZ SLaP L [L]_TNT[L_Z]d L^[PN_ =LYRTYR Q]ZX R]LXXL] LYO NWL^^TNLW [STWZ^Z[Sd _Z _]LOT_TZYLW XPOT NTYP_SPdNWLTX_ZM]TYROPWTaP]LYNP>NTPYNP_ZZT^^`]]Z`YOPOMdLY L`]LZQ_SP^LN]POZQ_SPPc_]LZ]OTYL]dYZYaP]MLWLYOY`XTYZ`^ ?SP bTWW _Z N]PL_P [L]_TNT[L_TZY LYO Xd_STNLW PXMPOOTYR OT^N`] ^TaPWdLYO[P]QZ]XL_TaPWdMPNZXP^XZ^_ZMaTZ`^bSP]P^NTPYNPL[[PL]^ TY[Z[`WL]TePOQZ]XLYOWZLOPOLW^Z^PXLY_TNLWWdbT_SXd_S1Z]PcLX [WP _SP -SLV^S£W¯ XLY`^N]T[_ LY PTRS_S NPY_`]d XL_SPXL_TN^ SLYO MZZV[]P^PY_^T_^PWQbT_S_SPQZWWZbTYRbZ]O^%
7T_P]L_TTY4YOTLLYO0`]Z[P
w8L_SPXL_TN^ ^_LYO^ L_ _SP _Z[ ZQ LWW ^NTPYNP^ 8L_SPXL_TN^ []ZO`NPO TY _SP X`YOLYP bZ]WO _SL_ SL^ L MPRTYYTYR LYO PYO T^ R]PL_ 4_ bL^ LQ_P] _SP .]PL_TZY _SL_ FXL_SPXL_TN^ bL^H _Z MP RPYP]L_PO Md >TaL _SP >`[]PXP ^[T]T_x $
?d[TNLW ZQ _SP ]PWTRTZ`^ ^PXTZ_TNTeL_TZY ZQ _SP ^NTPY_TQTN ZMUPN_ T^ _SP ^NTY_TWWL_TYR Z^NTWWL_TZY MP_bPPY QTN_TZY LYO ]PLWT_d $ ?SP TX[WTPO w^_L_PXPY_x TY _SP \`Z_L_TZY T^ ZMaTZ`^Wd _SL_ XL_SPXL_TN^ T^ L [`]PWd []ZQLYP^NTPYNPdP_L__SP^LXP_TXPT_LW^ZSL^^ZXP_STYR^`[P]YL_`]LW LYO _TXPWP^^P_P]YLW LMZ`_ T_ ?SP OZ`MWP XPLYTYR NZY_LTYPO TY _SP Xd_STNLW QTN_TZYLWTeL_TZY bL^ NP]_LTYWd NZY^NTZ`^Wd TY_PYOPO ?ST^ ^NT PYNPSL^_ZMPTY^[T]POQ]ZXL^`[P]YL_`]LW^Z`]NP[]PNT^PWdMPNL`^PT_ T^ ^Z PcNPWWPY_ LYO aTNP aP]^L _SP OTaTYP Z]TRTY Pc[WLTY^ bSd XL_SP XL_TN^ T^ _SP _Z[ ^NTPYNP ?SP YL]]L_TZY WPYO^ _SP []ZQLYP ^NTPYNP L` _SZ]T_dWPRT_TXLNdLYOLY L`]LZQ_SPY`XTYZ`^:YP XTRS_MP_PX[_PO _Z ^PP TY _ST^ PcLX[WP L OP^T]P _Z WPRT_TXTeP XL_SPXL_TN^ z bSTNS SLO ZYWdU`^_M]ZVPYLbLdQ]ZXL^_]ZYZXd-`_TYQLN__SP[L__P]Y_S]Z`RS Z`_ >LY^V]T_ N`W_`]P T^ OTQQP]PY_ ?SP ]`WP T^ XZ]P ZQ L WL_P] Xd_STNLW ZaP]NZL_TYR LQ_P] _SP ^NTPYNP SL^ MPNZXP P^_LMWT^SPO L`_ZYZXZ`^ LYO ]PNZRYTePO $?ST^T^[L]_TN`WL]WdYZ_TNPLMWPTYR]LXXL]bSTNSTY]PLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ a£dLÀMS`aL >TOOS£Y_L bSTNS bL^ _L`RS_Md_SPRZO-]LSX£STX^PWQ?ST^^_L_PXPY_T^YZ_SZbPaP]L^YLTaPL^T_XLd L[[PL] 4Y QLN_ _SP]P T^ LY PL]WTP] bZ]V Q]ZX _SP _S NPY_`]d b]T__PY L^ L OTLWZR MP _bPPY_SPRZO-]LSX£LYOLbZ]^ST[P]bSZbT^SP^_ZWPL]Y_SP^NTPYNPZQXL_SPXL_ TN^LYOT_NZY_LTY^XLYd_PLNSTYR^_SL_L]PLW^ZQZ`YOTY_SP ¢]dLMSL¶¯dL ?ST^bZ]V SL^ ZYWd ^`]aTaPO TY L NZ]]`[_PO LYO LM]TORPO QZ]X DP_ T_ L[[L]PY_Wd LW^Z TY^[T]PO -S£^VL]Lv^ NZY_PX[Z]L]d -]LSXLR`[_L !# ,/ bSZ PY_T_WPO ST^ ZbY bZ]V -]£S XL^[S`_L^TOOS£Y_L w.Z]]PN_PO ?]PL_T^P ZQ -]LSX£x LYO TY T_ N]T_TNTePO XLYd ZQ ¢]dLMSL¶Lv^_PLNSTYR^^ZXP_TXP^bT_SZ`_U`^_TQTNL_TZY?ST^T^_SPQT]^_PaTOPYNPZQ ]TaLW^NSZZW^ZQXL_SPXL_TN^.Q;WZQVP]w8L_SPXL_TN^TY4YOTLxPcNP][_Q]ZX -S£^VL]Lv^ NZXXPY_L]d LYO # ZY _SP bZ]V ;LT_£XLSL^TOOS£Y_L LW^Z VYZbY L^ -]LSXL^TOOS£Y_L ?SP WL_P] NZXXPY_L_Z] ;L]LXP²aL]L NL ! ^_TWW NLWW^ _ST^ ^Z`]NPLYTY^[T]L_TZYQZ]¢]dLMSL¶Lv^L^_]ZYZXdLYOTY_P][]P_^_SPL[[PLW_Z-]LSX£ L^ LY TYaZNL_TZY ZQ _SP STRSP^_ w^PWQMZ]Yx OPT_d _SP -]LSXLY bSTNS LN_^ NZ^XZW ZRTNLWWdTY _S]PPQZWOQZ]X -]LSX£AT´©`=`O]L >TXTWL]Wd ¢]dLMSL¶Lv^ ^`MUPN_T^ OTQQP]PY_TL_PO TY_Z _SP _S]PP L]PL^ ZQ XL_SPXL_TN^ NS]ZYZWZRd LYO ^[SLP]TN^ .Q 0WQP]TYR /TP8L_SPXL_TVOP^¢]dLMSL¶L4"Q $ ?SP YL]]L_TaP [L__P]Y ZQ L__]TM`_TYR XL_SPXL_TN^ LYO L^_]ZYZXd _Z L RZO LYO YZ_ ZYWdL[[PLWTYR_ZSTXQZ]^`NNP^^L^¢]dLMSL¶LOTOMPNZXP^XZ]PNZXXZYTYWL_P] _TXP^ L^ _SP ePYT_S ZQ TYYZaL_TaP ]P^PL]NS _S NPY_ T^ [L^^PO LYO QZ] ZaP] _S]PP S`YO]PO dPL]^ ZYWd NZXXPY_L]TP^ LYO XTYZ] bZ]V^ L]P b]T__PY .Q ;TYR]PP 5dZ_Tಣ^_]L #
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
T_d SLO WZYR MPPY w_SP _Z[ ZQ LWW ^NTPYNP^x TY []LN_TNP MPNL`^P _Z `^P XZOP]Y UL]RZY T_ NSL]LN_P]TePO LYO WTYVPO S`XLYT_TP^ LYO YL_`]LW ^NT PYNP^WTVPYZZ_SP]OT^NT[WTYPLYO[]P^N]TMPO_SP]`WP^ZQ[P]QPN_^[PPNS QZ]MZ_S]PWTRTZ`^LYO[]ZQLYPWT_P]L_T3ZbPaP]TY]PWL_TZY_Z_SP^NTPY _TQTN R]LXXL] _SP]P L]P ^ZXP ZQ _SP XZ^_ [Z[`WL] LYO XZ^_ bTOP^[]PLO TY^_LYNP^ ZQ LN_TaP ]PXd_STQTNL_TZY ?SP [Z[`WL] ^_Z]d ZQ SZb ;£©TYTv^ _PNSYTNLW []L_d£S£]L NZOP^ L]Z^P Q]ZX ±TaLv^ SLYO O]`X T^ L w_PWWTYRx PcLX[WP :YP NZ`WO YZ_ Pc[]P^^ T_ bT_S L MP__P] XP_L[SZ]% 2PYT`^ LYO VYZbWPORP^NTPYNP SLaP _SPT] [WLNP TY _SP SPLaPY^ _SPd L]P ^ZXP_STYR wPc_]L_P]]P^_]TLWxLYOXd^_P]TZ`^LYOL__SP^LXP_TXP_SP[P]QPN_Z]OP] ZQ _SP R]LXXL_TNLW ^d^_PX ]PQWPN_^ _SP NZ^XTN Z]OP] LYO T_^ _]LY^NPY OPY_ Z]TRTY ?SP R]LXXL]TLY LYO WTYR`T^_TN [STWZ^Z[SP] -SL]_SL]T _S NPY_ ,/ ZYP ZQ 4YOTLv^ XZ^_ M]TWWTLY_ ^NTPY_T^_^ PWLMZ]L_PO _ST^ _SZ`RS_TYLaP]d]L_TZYLWWd]PQWPcTaPbLdTYST^WTYR`T^_TNXP_L[Sd^TNLW OT^N`^^TZY^ZY_SP±LMOL-]LSXLYWT_P]LWWdwBZ]O-]LSXLYx_SL_zL^ _SP WLYR`LRP T_^PWQ Z] _SP WLYR`LRP []TYNT[WP z T^ _SP OdYLXTN NZXX` YTNL_TaP Z]TRTY ZQ _SP bSZWP ZQ PcT^_PYNP ,_ _SP ^LXP _TXP -SL]_SL]T OPaPWZ[PO L []ZQLYP ^NTPY_TQTN _SPZ]d ZQ WLYR`LRP LYO LY L[[]ZLNS QZ] N`W_`]LW ^_`OTP^ bSTNS ^_TWW ^PPX _Z MP PcNP[_TZYLWWd XZOP]Y PaPY _Z OLd7ZZVTYRL_ST^ZaP]LWW^d^_PXZYPNLY^Ld_SL_SP`^P^_SPNZYNP[_ ZQ -]LSXLY L^ L SZWT^_TN XP_L[SZ] 3T^ ±LMOL-]LSXLY T^ YZ_ _TPO _Z LYd VTYO ZQ ]PWTRTZ`^ NZYQP^^TZY PcNP[_ _SP _]LOT_TZYLW R]LXXL]TLY^v ^_L_PXPY_ _SL_ R]LXXL] M]TYR^ OPWTaP]LYNP bSTNS TY -SL]_SL]Tv^ b]T_ TYR^T^RTaPYL]L_TZYLWT^_TN_`]Y_SL_R]LXXL]LYOWTYR`T^_TN^^Ld^ZXP _STYRLMZ`__SP^_]`N_`]PZQ]PLWT_dLYO_SZ`RS_LYOSZbMZ_SOP[PYOZY WTYR`T^_TN Pc[]P^^TZY BP bTWW NZXP MLNV _Z -SL]_SL]T YZ_ ZYWd TY _SP 3T^_Z]d^PN_TZYM`_LW^ZTY_ST^8P_SZOZWZRd^PN_TZYMPNL`^PSPT^ZYP ZQ _SZ^P ^[PNTLW w^_]L_PRTN LRPY_^x bSZ TYT_TL_PO w]LOTNLW LP^_SP_TN XZaPXPY_^xLYO_SP]PQZ]PQZ]XPOLP^_SP_TNZ]TPY_L_TZY^LYO^`MUPN_TaT eL_TZY^LYOTY_ST^NL^PbSL_bPNLWWLw`YTaP]^LWXd_Sx ?Z ^`XXL]TeP _SP ZM^P]aL_TZY^ ZY SZb ^NTPYNP bL^ NZYO`N_PO TY _]LOT_TZYLW 4YOTL ZYP NLY ^Ld _SL_ TY_PWWPN_`LW ^ZNTLWTeL_TZY LYO ^NTPY _TQTN^_dWPQZ]XL_TZYbP]PR]PL_Wd[]PQTR`]POLYOXL]VPOMd_SPwWT_`]RT NLW XZOPWx :bTYR _Z _SP WT_`]RTNLW XZOPW PYTRXL_TN N]d[_TN LYO NZY aZW`_PO ^[PPNSbL^YZ_LaZTOPOTY3TYO`4YOTLPaPY TY^NTPYNP:Y _SP NZY_]L]d T_ bL^N`W_TaL_PO LYONPWPM]L_POL^T_[Z^^P^^P^L ^[PNTLW N`W _`]LW aLW`P LYO L`_SZ]T_d LYO LW^Z _TP^ ZYP TY PXZ_TZYLWWd 9Z_ NWPL] ^_L_PXPY_^ M`_ [P]QPN_Wd QZ]XPO ^[PPNS LYO [ZTP_ZWZRTNLW \`LWT_TP^ ZQ LN_TZYZNN`[d _SP QZ]PR]Z`YOLYOSLaP PQQTNLNd,^L]`WP[`][Z^PWP^^ L^[PN_^ L]P LWbLd^ bZaPY TY_Z ^NTPY_TQTN ^_L_PXPY_^ ?SP NZYNT^P LP^ _SP_TN ^_dWP NZXMTYP^ ^PY^Z]d [P]NP[_TZY LYO Pc[P]TPYNP bT_S QZ]XLW ]L_TZYLWT_d N]PL_TaT_d bT_S _SP WZRTN ZQ `^PQ`WYP^^ L ^PXTZ_TNTeL_TZY ZQ ]PLWT_dbT_SZMUPN_TaP]PLWT^XLYOLYZY_ZWZRdZQ[WLdbT_SLYZY_ZWZRd
7T_P]L_TTY4YOTLLYO0`]Z[P
"
ZQ Z]OP] ;WLdTYR bT_S X`W_T[WP XPLYTYR^ LWXZ^_ TYaL]TLMWd L_ _SP MP RTYYTYR^ZQ_SPbZ]V^ZQ_PYPY^`]P^_SL_^ZXP_STYRwY`XTYZ`^xNZXP^ TY_Z aTPb wMPSTYOx _SP ^TRY^ LYO LY PXMPOOTYR TY L WL]RP] wXPLYTYR bSZWPx w>TYYRLYeP^x LYO _S`^ L_ _SP ^LXP _TXP ZYP ^LN]LWTeP^ ZYPv^ ZbY^NTPY_TQTNLN_TaT_dLYOTYOP[PYOPY_]PL^ZYTYR@^TYR_SP^PLP^_SP_TN [P]QZ]XLYNP^ PaPY bZ]V^ ZQ YL_`]LW ^NTPYNP Q`YN_TZY L^ ^_]ZYR wYP_ bZ]V^ ZQ [P]NP[_TZY LYO LQQPN_RPYP]L_TZYx w;P]eP[_TZY^ `YO ,Q QPV_RPYP]TP]`YR^YP_ebP]VPx?SPdYPaP] ^ZWPWdM]TYRLMZ`_LQQPN_TaPWd YP`_]LW L^^TXTWL_TZY ZQ VYZbWPORP M`_ LW^Z L`_SPY_TNL_P _SP LQQPN_TaP LN\`T^T_TZY ZQ _SP ZMUPN_ ,WW ZQ _ST^ T^ ]PTYQZ]NPO Md _SP _d[P ZQ NZX X`YTNL_TZY LYO [P]^ZYLW _]LY^XT^^TZY TY _SP _PLNSP][`[TW ]PWL_TZY^ST[ bSTNS L^ Z`_WTYPO LMZaP LW^Z ]P[]ZO`NP^ _SP wWT_`]RTNLW XZOPWx ZQ L`_SZ]T_L_TaP^[PPNS-Z_SL^[PN_^ZQ_SPwWT_`]RTNLWXZOPWxM]TYRLMZ`_ OT^_TYN_ ^_dWP^ ZQ XPLYTYR LYO L RPYP]L_TZY ZQ LQQPN_ _SL_ L]P OT^_TYN_ Q]ZXBP^_P]YbLd^ZQ_PLNSTYRLYONZYO`N_TYR^NTPYNP ?SP QZWWZbTYR \`Z_L_TZY ]PaPLW^ U`^_ SZb N]L^^ _SP OT^N]P[LYNd T^ QPW_ _Z MP LYO YZ_ ZYWd _ZOLd M`_ LW^Z Md _SP 8`^WTX L^_]ZYZXP] ,W -T]`YT bSPY SP _]LaPWPO TY 4YOTL ,W-T]`YT SLO MPPY _]LTYPO TY _SP XP_SZOZWZRd LYO [STWZ^Z[Sd ZQ _SP 2]PPV XL_SPXL_TNTLY^ LYO ]P [Z]_^ZYST^^NTPY_TQTNPcNSLYRPbT_S4YOTLYNZWWPLR`P^L^QZWWZb^% w4 MPRLY _Z ^SZb F4YOTLY ^NSZWL]^H _SP PWPXPY_^ ZY bSTNS _ST^ ^NTPYNP ]P^_^ _Z [ZTY_ Z`_ _Z _SPX ^ZXP ]`WP^ ZQ WZRTNLW OPO`N_TZY LYO _SP ^NTPY _TQTN XP_SZO^ZQLWWXL_SPXL_TN^ LYO_SPY_SPdQWZNVPO_ZRP_SP]]Z`YOXP Q]ZX LWW [L]_^ bZYOP]TYR LYO XZ^_ PLRP] _Z WPL]Y Q]ZX XP 4 NLY ZYWd NZX[L]P_SPT]XL_SPXL_TNLWLYOL^_]ZYZXTNLWWT_P]L_`]PL^QL]L^4VYZbT_ _Z L XTc_`]P ZQ [PL]W ^SPWW^ LYO ^Z`] OL_P^ Z] ZQ [PL]W^ LYO O`YR Z] ZQ NZ^_Wd N]d^_LW^ LYO NZXXZY [PMMWP^ -Z_S VTYO^ ZQ _STYR^ L]P P\`LW TY _SPT] PdP^ ^TYNP _SPd NLYYZ_ ]LT^P _SPX^PWaP^ _Z _SP XP_SZO^ ZQ L ^_]TN_Wd ^NTPY_TQTNOPO`N_TZYx $
,W-T]`YTv^ NSL`aTYT^X SP]P NLY SZbPaP] YZ_ MP ^Z aP]d NZX[WP_P z LQ_P]LWWSP_]LaPWPO_Z4YOTL_Z^_`Od_SPNZ`Y_]dv^L^_]ZYZXdbSTNSL_ _SL__TXPWPO_SPbZ]WOL_T_^^Z`]NP/P^[T_P_ST^T_X`^_SLaPMZZ^_PO ST^ ^PWQP^_PPX _Z MP LMWP _Z OPXZY^_]L_P ^ZXP_STYR _Z _SP 4YOTLY^ _SL_ _SPd SLO YZ TOPL LMZ`_% XL_SPXL_TNLW OPO`N_TZY _SL_ T^ _SP OP]TaL_TZY ZQXL_SPXL_TNLW^_L_PXPY_^Q]ZXZ_SP]^_L_PXPY_^ZY_SPML^T^ZQ^TX[WP []PXT^P^^`NSL^_SPNZXX`YT_L_TaT_d]`WPwLM(MLx?SP4YOTLY XL_SPXL_TNLWbZ]V^QZN`^ZYLWRZ]T_SX^TP^_L_PXPY_^ZQ_SP_d[PwTQ dZ`bT^S_ZNLWN`WL_P_ST^dZ`X`^_OZ_SL_LYO_SL_xLYOYZ_LWRPM]LTN QZ]X`WLP bSTNS TY LYd NL^P bZ`WO YZ_ SLaP WPY_ _SPX^PWaP^ _Z _SP aP]^P QZ]X _SL_ bL^ MPTYR `^PO TY XLYd NL^P^ 4YOTLY XL_SPXL_TNTLY^ L[[]ZLNS_SPT]^NTPYNPTYL_Z_LWWd[]LRXL_TNbLd1Z]PcLX[WP_SPdQPW_ _SL_ NP]_LTY []ZMWPX^ TY BP^_P]Y XL_SPXL_TN^ ^`NS L^ _SP []ZaP]MTLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ Z`YO
w^\`L]TYR_SPNT]NWPxbP]PYZ_[]ZMWPX^L_LWW^TYNP_SP]P^`W_NZ`WOMP L[[]ZcTXL_PO4_ T^_d[TNLW _SL_ _SP QLXZ`^Y`XMP][TbSTNSNLYYPaP] MP NLWN`WL_PO PcLN_Wd bL^ QT]^_ `^PO TY 4YOTL -`_ T_ T^ P\`LWWd _d[TNLW _SL__SPBP^_XLYLRPO_Z[]ZaP_SPT]]L_TZYLWT_dZQ[Tz_SP4YOTLY^SLO YPaP]_SZ`RS_LWZYR_SP^PWTYP^4Y^_PLO_SPdbP]P^L_T^QTPObT_SNLWN` WL_TYR[TL^PcLN_WdL^_SPd]P\`T]POQZ]bSL_PaP]_SPdbP]PPYRLRPOTY L_ _SP _TXP ?ST^ ^PPX^ _Z MP _SP w[PL]W^ LYO [PMMWP^x ZQ bSTNS ,W -T]`YT^[PLV^%QLY_L^_TNVYZbWPORPZY_SPZYPSLYOLYO_Z_LWOT^TY_P]P^_ TY ^d^_PXL_TeTYR T_ ZY _SP Z_SP] 4Y NZY_]L^_ _Z _SP ^T_`L_TZY NZYNP]YTYR WLYR`LRP bSTNS ^NSZWL]^ OTO TY QLN_ bLY_ _Z ]PNZ]O TY T_^ PY_T]P_d LYO Pc[]P^^TYL^d^_PXbSTNST^bSd;£©TYTv^R]LXXL]T^LW^ZZQ_PYNLWWPO L wR]LXXL_TNLW LWRPM]Lx _SP XL_SPXL_TNTLY^ bP]P TY_P]P^_PO TY _SP ^ZW`_TZY^ _Z ^[PNTQTN []ZMWPX^ 7TYR`T^_TN^ ^`NS L^ ;£©TYT LYO -SL]_SL]T bLY_PO _Z `YOP]^_LYO _SP ^_]`N_`]P^ ZQ WLYR`LRP bSTWP _SP XL_SPXL_TNTLY^ OTO YZ_ bLY_ _Z `YOP]^_LYO QTR`]P^ M`_ _Z `^P _SPX L^ PQQPN_TaPWd L^ [Z^^TMWP ?ST^ bL^ YZ_ ZYWd [`][Z^PQ`W M`_ LW^Z WZRT^_T NLWWd ^XL]_ LYO PNZYZXTNLW 4_ T^ ]PaPLWTYR _SL_ XZOP]Y TYQZ]XL_TZY _PNSYZWZRd T^ XLTYWd ML^PO ZY LWRZ]T_SX^ LYO YZ_ ZY LWRPM]L Z] WZRTN MPNL`^P TY NZX[`_P] []ZR]LXXTYR _SP LXZ`Y_ ZQ bZ]V ]P\`T]PO QZ] []ZNP^^TYR T^ L NPY_]LW NZY^TOP]L_TZY LYO Pc[]P^^TYR L []ZMWPX TY _SP ^_]TN_Wd QZ]XLWTePO YZ_L_TZY ZQ LWRPM]L bZ`WO ]P[]P^PY_ L S`RP LXZ`Y_ ZQbZ]V,WRZ]T_SX^ZY_SPZ_SP]SLYOL]P_LTWZ]POPcLN_Wd_Z_SP[]ZM WPX_SL_T^_ZMP^ZWaPO ,W-T]`YT OPXLYOPO ^ZXP_STYR OTQQP]PY_ Q]ZX PcLN_ ^NTPYNP MP NL`^P SP bL^ QZWWZbTYR L OTQQP]PY_ ^NTPY_TQTN XZOPW z SP OPXLYOPO L NWZ^PO XL_SPXL_TNLW ^d^_PX _SL_ _SP 4YOTLY^ NZ`WO YZ_ ^`[[Wd ,YO _SP QLN__SL__SPdwaP]TQTPOx_SPT]QTYOTYR^YZ_TYL^d^_PXL_TNXLYYP]M`_TY PWPRLY_aP]^P^LYOQLY_L^_TN^_Z]TP^LMZ`__SPRZO^[]ZMLMWdZYWdQ`PWPO ,W-T]`YTv^ LYRP] ?SP ^NTPY_TQTN XZOPW _SL_ SP LOZ[_PO Q]ZX 3PWWPYTN N`W_`]P T^ YZ_ L wWT_`]RTNLWx ZYP M`_ L wWZRZNPY_]TNx ZYP :Q NZ`]^P ZYP ^SZ`WO MPL] TY XTYO _SL_ 8`^WTX ^NSZWL]^ MPQZ]P ,W-T]`YTv^ _TXP SLO SLO L OTQQP]PY_ L__T_`OP _Z XL_SPXL_TN^ 4Y _SP PTRS_S NPY_`]d _SP NL WT[SL_P ZQ -LRSOLO SLO >LY^V]T_ bZ]V^ ZY L^_]ZYZXd _]LY^WL_PO TY_Z ,]LMTNLYO ^ZXP _]LY^WL_Z]^PaPY TXT_L_PO _SP^_dWPZQ_SP>LY^V]T__]L OT_TZY ZQ b]T_TYR _PNSYTNLW _]PL_T^P^ TY aP]^P $ -`_ _ST^ OT^N`]^TaP QZ] XL_TZY LW_P]PO ]L[TOWd bSPY _SP ,MML^TO^ TY -LRSOLO SLO 2]PPV XL_SPXL_TNLW LYO L^_]ZYZXTNLW WT_P]L_`]P _]LY^WL_PO 4Y _SP ^SZ]_P^_ _TXP_SP2]PPV^_dWPZQ^NTPY_TQTN]P[]P^PY_L_TZYSLOMPPYLOL[_POLYOL w2]LPNZ4^WLXTNx ^NTPYNP bL^ N]PL_PO ]P_LTYTYR ^ZXP NPY_]LW ^NTPY_TQTN T_PX^ Q]ZX _SP >LY^V]T_ _]LOT_TZY ^`NS L^ _SP OPNTXLW ^d^_PX NLWWPO w4YOTLYNZX[`_L_TZYxM`__SPLP^_SP_TNQZ]XZQ]P[]P^PY_L_TZYbL^WLTO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q;WZQVP]w8L_SPXL_TN^TY4YOTLx
7T_P]L_TTY4YOTLLYO0`]Z[P
$
_Z]P^_NZX[WP_PWd6TX;WZQVP]XLdMPNZ]]PN_TY^`[[Z^TYR_SL_ZYPZQ _SP XLTY ]PL^ZY^ QZ] _ST^ ^_]L_PRTN OPNT^TZY bL^ _SL_ T_ bL^ PL^TP] _Z LNNP^^_SP_]PL_T^P^LYO_SPXZ]POP_LTWPOPc[WLYL_TZYR]PL_P]_]LY^[L] PYNd LYO []Z^LTN QZ]X `^PO TY 2]PPV ^NTPYNP% w;P]SL[^ T_^ []Z^LTN LYO OPO`N_TaP Pc[Z^T_TZY^ ^PPXPO PL^TP] QZ] QZ]PTRY ]PLOP]^ _Z R]L^[ _SLY PWWT[_TN>LY^V]T_aP]^Px $! ,^ QZ] _SP 3PWWPYTN bZ]WO ZY bSTNS _SP 4^WLXTN bZ]WO O]Pb LY wZ]TRTYLW _Pc_x bT_S aP]d ^TXTWL] Q`YN_TZY NLY MP TOPY_TQTPO TY LYLWZRd _Z_SPwAPOLxTY4YOTLYN`W_`]P%_SPWT_P]L]dbZ]V^ZQ_SP,_SPYTLYWT_P ]L_TLMZaPLWW>ZN]L_P^vXLTP`_TN^TY_SPb]T_TYR^ZQ;WL_Z $" ?SP ;WL_ZYTN wZ]TRTYLW _Pc_^x ZQ _SP 3PWWPYT^_TN bZ]WO L]P ZQ L aP]d OTOLN_TNYL_`]P?SPXZOPWT^XLTP`_TN^wL]_ZQXTObTQP]dx?SP^VTWW^ LYO LMTWT_TP^ ZQ _SP _PLNSP] >ZN]L_P^ NZY^T^_ ZQ Pc[WLTYTYR ^ZXP_STYR LYO `^TYR L[[Z^T_P \`P^_TZY^ _Z O]Lb Z`_ Q]ZX _SP [L]_YP] _SP NZ]]PN_ WL_PY_ LY^bP]^ LYO TY^TRS_^ _SL_ SP SLO ST_SP]_Z YZ_ PaPY MPPY LbL]P ZQ ?ST^ XLVP^ R]PL_ OPXLYO^ ZY _SP _PLNSP]& T_ T^ LWW `[ _Z STX 3Zb PaP] bSL_ WTYV^ _SP _bZ [L]_TNT[LY_^ T^ _SP WZRZ^ TYSP]PY_ TY MZ_S ZQ _SPX?SP_PLNSP]T^OT^_TYR`T^SPOZYWdMd_SPQLN_ _SL_ _SP0]Z^ZQ_SP WZRZ^T^LW]PLOdTYSTXzSPVYZb^_SL_SPOZP^YZ_VYZbPYZ`RSbSTWP _SP OTLWZR [L]_YP] MPWTPaP^ _SL_ SP LW]PLOd VYZb^ PaP]d_STYR BSPY >ZN]L_P^ L^V^ ST^ dZ`YR [L]_YP] bSL_ aT]_`P T^ _ST^ OZP^ YZ_ XPLY _SL_ SP z >ZN]L_P^ z T^ P^[PNTLWWd aT]_`Z`^ Z] T^ Z_SP]bT^P P^[PNTLWWd bPWW \`LWTQTPO _Z VYZb L R]PL_ OPLW LMZ`_ aT]_`P ?ST^ NZXX`YTNL_TZY ^T_`L _TZY T^ _SP]PQZ]P NZX[WP_PWd OTQQP]PY_ Q]ZX _SL_ TY _SP WT_`]RTNLW XZOPW bSP]PLWW_SPVYZbWPORPT^TY_SP[Z^^P^^TZYZQ_SP_PLNSP]bSZLWXZ^_ PXMZOTP^ T_ 4Y _SP WZRZNPY_]TN XZOPW _SP _]`_S T^ YZ_ VYZbY L_ _SP Z`_^P_4_ T^OPaPWZ[POTY _SP\`P^_TZYLYOLY^bP]OTLWZR?SPOTOLN_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! ;WZQVP]w8L_SPXL_TN^TY4YOTLx $" :bTYR _Z _ST^ TYT_TLW ^T_`L_TZY LYO QZ] ]PL^ZY^ NZYNP]YTYR _SP ST^_Z]d ZQ ]PNP[_TZY ;WL_Z bL^ U`^_ L^ TX[Z]_LY_ L^ ,]T^_Z_WP QZ] _SP PXP]RPYNP ZQ ^NTPY_TQTN ^_dWP ?SP ,]T^_Z_PWPLY ^NTPY_TQTN _]LOT_TZY bSTNS TYQW`PYNPO ,W-T]`YT bL^ TYPQQPN_TaP TY 0`]Z[PL__ST^_TXP=TRS_TY_Z_SPWL_P8TOOWP,RP^ZYWd;WL_ZZ]L;WL_ZPYNZOPOTY 9PZ[WL_ZYT^X bL^ VYZbY TY _SP 7L_TY BP^_ ,]T^_Z_WP bL^ YZ_ OT^NZaP]PO `Y_TW _SP _S_SNPY_`]daTL_SPSTRSWdWPL]YPO,]LM^TY.Z]OZML 2]LYLOLLYO>PaTWWP TY [L]_TN`WL]aTL,aP]]ZP^3T^]PNP[_TZYbL^TYT_TLWWdWTXT_PO_Z>TNTWdL^>LWP]YZbL^ _SPSZXPZQ 0`]Z[Pv^MP^_[Sd^TNTLY^4_bL^SP]P_SL_ ,]T^_Z_WP bL^ ]PLOLYO_]LY^ WL_POLWZYRbT_S_SPXPOTNLWSLYOMZZV^ZQ_SP2]PPV^LYO,]LM^BSP]PL^_SP,]LM^ WTYVPO[STWZ^Z[SdbT_SXPOTNTYPTY_SPBP^_T_bL^WTYVPO_Z_SPZWZRd?SP]PNP[_TZY ZQ,]T^_Z_WPv^]L_TZYLWT^_TN[STWZ^Z[SdTYT_TLWWdWPO_Z_SPNZYOPXYL_TZYZQ]LOTNLW,] T^_Z_WPTY^[T]PO_PLNSTYR^TY;L]T^TY""M`_LW^ZTY^[T]PO^NSZWL^_TN_SPZWZRdLYO `YOP] _SP TYQW`PYNP ZQ ?SZXL^ ,\`TYL^ MPNLXP _SP OZXTYLY_ OT^NZ`]^P bSTWP 9PZ [WL_ZYT^X ]PNPOPO TY_Z _SP MLNVR]Z`YO ?SP VYZbWPORP ZQ L ;WL_Z w[`]RPOx ZQ 9PZ [WL_ZYT^XLW^ZL]]TaPOaTL_SP,]LM^.Q6`]_1WL^NS 0TYQÞS]`YRTYOTP;STWZ^Z[STP OP^ 8T__PWLW_P]^ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $#$ $ QQ LYO /L^[STWZ^Z[ST^NSP/PYVPYTX8T__PWLW_P]>_`__RL]_%=PNWLX$#!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WZRTNLWOTLWZRTNLYOOTLWPN_TNL^[PN_^_SPbPTRSTYR`[LYOPcLXTYL_TZY ZQ_SPL]R`XPY_^QZ] LYOLRLTY^_ NWPL][Z^T_TZY^LYO NZ`Y_P][Z^T_TZY^ _SP Pc[P]TXPY_LW Pc[WZ]L_TZY LYO _SP NWL]T_d ZQ ^_L_PXPY_^ L]P NPY_]LW QZ]X^ ZQ _ST^ []ZNP^^ O`]TYR bSTNS _SP _]`_S MPNZXP^ L[[L]PY_ LYO LN NP^^TMWP 4Y_P]P^_TYRWd L_ _SP _TXP bSPY _SP ;WL_ZYTN OTLWZR^ bP]P b]T__PY TY 2]PPNP _SP WT_`]RTNLW XZOPW _ZZ bL^ YZ_ `YVYZbY ?SP XZOP TY bSTNS _SPZ]LNWP[]TP^_P^^;d_STL^[ZVP_SPxOL]Vx^[PPNS_SL_O]PbT_^[ZbP] Q]ZX_SP[ZWdaLWPYNdZQ_SP^_L_PXPY_^T^LW^ZQZ`YOTY_SP_Pc_^ZQ_SP ;]P^ZN]L_TN^^`NSL^3P]LNWT_`^LYO ;L]XPYTOP^ ,RLTY^_ _ST^MLNVO]Z[ ZYP NZ`WO LN_`LWWd ]PLO ;WL_Zv^ NZYNT^P OTLWZRT^X L^ L NZ`Y_P]NZYNP[_ -`_ ST^ XZOPW MPNLXP _SP YZ]X LYO O`]TYR ,W-T]`YTv^ _TXP T_ L[ [PL]PO _Z ^ZXPZYP bT_S L 3PWWPYTN PO`NL_TZY YZ WZYRP] NZYNPTaLMWP _Z WPRT_TXTeP ^NTPY_TQTN VYZbWPORP TY LYd Z_SP] bLd _SLY Md OPO`N_TZY :YWd _SP TY_P]^`MUPN_TaP WZRZ^ MP_bPPY _SP OT^[`_LY_^ N]PL_P^ aLWTOT_d .ZX[]PSPY^TaP_]`_STY _SPPcLN_ ^NTPYNP^ LYOTY XL_SPXL_TN^NLYYZ_ MP Pc[]P^^PO TY LYd bLd Z_SP] _SLY _S]Z`RS L NWZ^PO ^d^_PX ,YO _SL_ XPLY^_SL__SPTYOTaTO`LW^_L_PXPY_^ZQ_SP^d^_PXYZ_ZYWdOZYZ_NZY _]LOTN_ZYPLYZ_SP]M`_LW^Z_SL__SPdNLYMPOP]TaPOQ]ZXZYPLYZ_SP] ?SP _bZ XZOPW^ _SP WT_`]RTNLW LYO _SP WZRZNPY_]TN L]P TOPLW NZY ^_]`N_^ ?SPd L]P ^NTPY_TQTN _d[ZWZRTP^ Z`_WTYTYR RPYP]LW _PYOPYNTP^ ,^ bT_S PaP]d TOPLW _d[P SP]P _ZZ _SP ]PLWT_d T^ XZ]P NZX[WPc LYO WP^^ NWPL]:QNZ`]^P_SP^NTPY_TQTNOT^NZ`]^P^SLOLWbLd^SLO_ZLOL[__Z_SP [ZWT_TNLWLYO^ZNTLWNZYOT_TZY^zTYMZ_SN`W_`]P^?ST^bTWWMPPaTOPY_TY _SP YPc_ NSL[_P] bSP]P bP XLVP L WPL[ TY_Z _SP [`MWTN OT^[`_P^ ZQ _SP 8TOOWP ,RP^ TP NZX[WP_PWd OTQQP]PY_ ST^_Z]TNLW LYO ^ZNTLW ^P__TYR^ >TYNP_SP]PbP]PLW^Z[`MWTNOT^[`_P^TY4YOTL_SL_SLOL^_]TVTYRWd^TXT WL]QZ]X_ST^_Z[TNT^ZQ[L]_TN`WL]TY_P]P^_4_^SZb^_SL__SPWZRZNPY_]TN LYO _SP WT_`]RTNLW XZOPW SLaP SLO QW`TO MZ`YOL]TP^ LYO bP]P ^`MUPN_ _Z ST^_Z]TNLWNSLYRP
#
;`MWTN>NSZWL]Wd/T^[`_P^TY8POTPaLW0`]Z[PLYO4YOTLz.S`]NS LYO>_L_P;ZWT_TN^
0aPY TOPLW _d[P^ `YOP]RZ ST^_Z]TNLW NSLYRP^ LYO _ST^ T^ aP]d PaTOPY_ TY 0`]Z[P 0`]Z[PLY N`W_`]LW ST^_Z]d ]P^_^ ZY _bZ XLUZ] QZ`YOL_TZY^ _SP 2]PPV LYO _SP 5`OLPZ.S]T^_TLY SP]T_LRP 0aP] ^TYNP .S]T^_TLYT_d MP NLXPbTOP^[]PLOTY_SPQTQ_SNPY_`]d_SP.S]T^_TLYL^[PN_SL^SLOPYZ] XZ`^ N`W_`]PQZ]XTYR TYQW`PYNP LYO [ZWT_TNLW [ZbP] ?ST^ LW^Z SLO LY TX[LN_ ZY _SP WZRZNPY_]TN XZOPW ?ST^ MPNZXP^ aP]d NWPL] bSPY bP NZY^TOP] _SP [`MWTN ^NSZWL]Wd OT^[`_P^ TY _bPWQ_S_ST]_PPY_S NPY_`]d 0`]Z[P bSTNS bP]P ^PPY Md ,YRPYPYO_ L^ ]PL[[PL]LYNP ZQ ]L_TZYLWT_d
7T_P]L_TTY4YOTLLYO0`]Z[P
bT_STY _SP PYNSLY_PO XPOTPaLW bZ]WO ^PP LMZaP ?SP^P ]`WPRZaP]YPO OT^[`_P^bP]PTYOPPO_SZ]Z`RSWdNZY^TOP]PO]PQWPN_TZY^ZY_SP.S]T^_TLY XP^^LRPLYOPc_]PXPWd]L_TZYLWT^_TNTY_SPT]WZRTNLWL]R`XPY_L_TZYzYZ_ ZYWdbSPYNZX[L]PObT_SXPOTPaLW[P]QZ]XLYNPN`W_`]PM`_LW^ZbSPY NZX[L]PO bT_S _SP XPOT_L_TZY ZY XPLYTYR Md _SP PL]Wd NS`]NS QL_SP]^ :YPXLdMPTYNWTYPO_ZQTYOTY_SPXL]PTY^_L_PXPY_ZQ_SPwWZRZNPY_]TN XZOPWx ?SP TOPLW _d[P ZQ OT^[`_P NZY^T^_PO ZQ aP]MLW L]R`XPY_ LYO NZ`Y_P]L]R`XPY_ MP_bPPY _SPZWZRTLY^ _SP ]P^`W_ ZQ bSTNS bL^ Md YZ XPLY^ LW]PLOd QTcPO L_ _SP Z`_^P_ ?SP [L]_TNT[LY_^ bP]P RPY`TYPWd PY RLRPO TY L ^PL]NS QZ] _SP _]`_S _S]Z`RS OTLWZR ,YO dP_ ^`NS TY^_T_` _TZYLWTePO OT^[`_L_TZY^ bP]P ZYWd L NZY_TY`L_TZY ZQ _SP wWZRZNPY_]TN XZOPWx_ZLaP]d^WTRS_Pc_PY_4_T^_]`P_SL_w_]`_Sx bL^bZ]VPOZ`_ TY OT^[`_L_TZ`^OT^N`^^TZY?SP[P]^ZY[]P^PY_TYR_SPMP__P]L]R`XPY_^bZY _SPOLdL_WPL^__ST^bL^_SPTOPZWZRd3ZbPaP]T_bL^ZYWd.S]T^_TLY _SPZWZRTNLW _]`_S^ _SL_ bP]P NZY_P^_PO z L QTPWO _SL_ bL^ ZQ NZ`]^P []P ^N]TMPOLYOOPXL]NL_POMd_SP.S`]NS 1]PP _STYVTYR TY _SP ^NTPYNP^ bL^ YZ_ [Z^^TMWP TY 0`]Z[P QZ] S`Y O]PO^ZQdPL]^WP_LWZYPLOPXZN]L_TN^[T]T_Z[PY_ZOTLWZR>NTPYNPSLO MPPY `YOP] _SP NZY_]ZW ZQ _SP .S`]NS ^TYNP _SP ^[]PLO ZQ .S]T^_TLYT_d ;STWZ^Z[SdSLOYZL`_ZYZXd`Y_TW]TRS_TY_Z_SPWL_P_ST]_PPY_SNPY_`]d M`_ TY^_PLO bL^ _SP wXLTO^P]aLY_ ZQ _SPZWZRdx ;STWZ^Z[Sd OTO YZ_ P^ _LMWT^S T_^PWQ L^ LY TYOP[PYOPY_ ^NTPYNP TY [Z^_LY_T\`P 0`]Z[P `Y_TW LQ_P] _SP ;L]T^ .ZYOPXYL_TZY^ ZQ _SP ]LOTNLW ,]T^_Z_PWPLY^ L_ _SP @YT aP]^T_dZQ;L]T^""?SPOP[L]_`]PZQ_SP^PwSP]P_TN^xbSZ^P_PLNS TYR^ bP]P NSL]LN_P]TePO Md YL_`]LWT^X LYO [`]P ]PL^ZY LYO TY ^ZXP NL^P^LW^ZLOPNTOPOWdLY_T.S]T^_TLYL__T_`OP^`NSL^_SP^_L_PXPY__SL_ _SPZWZRd bL^ ML^PO ZY QLMWP^ PQQPN_TaPWd O]ZaP _SPZWZRd LYO [STWZ^Z [Sd L[L]_ :_SP] ^NTPYNP^ OTO YZ_ XLYLRP _Z P^NL[P _SP ^_]LT_ULNVP_ ZQ .S`]NSNZY_]ZW`Y_TW_SP=PYLT^^LYNP-`_PaPY_SPY_SP.S`]NSv^TYQW` PYNP ]PXLTYPO NZY^TOP]LMWP 4Y LMZ`_ ! _SP /ZXTYTNLY XZYV LYO YL_`]LW[STWZ^Z[SP]2TZ]OLYZ-]`YZM #bL^M`]Y_L__SP^_LVPQZ] ST^ [LY_SPT^_TN bZ]WOaTPb _SP `YTaP]^P T^ 2ZO LYO T^ XZaPO Md TYYP] QZ]NP^&PaP]d_STYRT^LYTXL_PbSTNSSPPc[Z`YOPObT_S[ZP_TNPYP]Rd ?SP XL_SPXL_TNTLY LYO [Sd^TNT^_ 2LWTWPZ 2LWTWPT !z! SLO _Z OPYdMPQZ]P_SP4Y\`T^T_TZY_SL__SP0L]_SZ]MT_PO_SP^`YDP_2LWTWPZv^ WPRLNd ^SZb^ _SL_ _SP [ZbP] LYO TYQW`PYNP ZQ _SP .S`]NS SLO MPNZXP _ZZ bPLV _Z SZWO Z`_ LRLTY^_ _SP PXP]RTYR ^NTPY_TQTN bZ]WOaTPb 2LWT WPZ T^ VYZbY QZ] OT^NZaP]TYR _SP WLb ZQ R]LaT_d LYO ^_LYO^ QZ] L XP NSLYTNLWPc[WLYL_TZYZQSZb_SP`YTaP]^PbZ]V^LYOQZ]XZOP]Y]L_TZY LWT^X 4YLbLdZYPNLY^[PLVZQL0`]Z[PLYWT_`]RTNLWXZOPWMPQZ]PXZO P]Y ^PN`WL] N`W_`]P 3ZbPaP] T_ bZ`WO MP XZ]P NZ]]PN_ _Z ^[PLV ZQ LY PNNWP^TL^_TNLW XZOPW ^TYNP _SP TY^_T_`_TZY ZQ _SP NS`]NS aP]d X`NS ZN
3TYO`T^XL^L.`W_`]PZQ>Z`YO
N`[TPO _SP QZ]PR]Z`YO z bSTNS XPLY_ YZ_ ZYWd [L]_TNT[L_TZY M`_ LW^Z ^_]ZYR OPXL]NL_TZY .S]T^_TLYT_d [L]_Wd NZY_TY`PO _SP 3PWWPYT^_TN SP]T _LRP LYO [L]_Wd M]ZVP bT_S T_ ?Z MP ^`]P T_ bL^ YZ_ ZYWd WZRZNPY_]TN ?SP ^NSZWL^_TN OT^[`_P^ L]P L_ _SP Q]TYRP^ bSP]P L []POZXTYLY_Wd [L] _TNT[L_Z]d Z]TPY_L_TZY ^WZbWd _`]Y^ TY_Z L []POZXTYLY_Wd PXLYNT[L_Z]d Z]TPY_L_TZY?SPdbP]P^_TWWaP]dX`NS[L]_ZQ_SPXPOTPaLWTY_P]XPOTL_P eZYPZQZ]LWLYOb]T__PYPc[]P^^TZYPcT^_TYRTYMZ_S0`]Z[PLYO4YOTLL_ _SL_ _TXP >`NS ^_]`N_`]LW ^TXTWL]T_TP^ XLd Pc[WLTY _SP QLN_ _SL_ LWXZ^_ TOPY_TNLWQZ]X^ZQ[`MWTNOT^[`_P^L]Z^P4Y4YOTL_SP^POT^[`_P^XZaPO LbLd Q]ZX _SP [L]_TNT[L_Z]d WT_`]RTNLW XZOPW LYO QZ]RPO []ZYZ`YNPO ^[LNP^ ZQ PXLYNT[L_TZY 3ZbPaP] SP]P _SP [L]LWWPW^ PYO ?SP [ZWT_TNLW LYO ^ZNTLW NZYOT_TZY^ TY 4YOTL bP]P aL^_Wd OTQQP]PY_ LYO _ST^ SLO OPNT ^TaP TX[LN_^ ZY _SP Q`YN_TZY LYO ]ZWP ZQ OT^[`_P N`W_`]P 4Y PWLMZ]L_TYR _ST^ L^[PN_ _SP OTQQP]PYNP MP_bPPY PNNWP^TL^_TNLW XZOPW LYO _SP WT_`]RT NLWXZOPWMPNZXP^aP]dNWPL] 4YL ^TXTWL]zdP_OT^_TYN_WdOTQQP]PY_z XLYYP]TY4YOTL_ZZ[ZWT_T NLW LYO ^ZNTLW ^T_`L_TZY N]PL_PO QZ]X^ LWXZ^_ TOPY_TNLW _Z _SP 0`]Z[PLY OT^[`_L_TZ TP QZ]X^ bSTNS NZ`WO YZ_ MP QPO Q]ZX _SP WT_`]RTNLW XZOPW MPNL`^P ZQ _SP NT]N`X^_LYNP^ ?SP^P bP]P _SP OT^[`_P^ MP_bPPY [ST WZ^Z[SP]^ LYO _SPZWZRTLY^ L_ _SP NZ`]_^ ZQ _SP 4YOTLY ]£UL^ :Q NZ`]^P _SPWT_`]RTNLWXZOPWSLOYZ_]PWPaLYNPTY^`NSOT^[`_P^3P]P_SPL`_SZ] T_d ZQ _SP Z_SP] [P]^ZY bL^ YZ_ ]PNZRYTePO LYO TQ ZYP OTO YZ_ ^[PLV NWPL]Wd _SP]P bL^ YZ_STYR _Z OT^[`_P LMZ`_ >Z SZbPaP] LXLeTYRWd ^TXTWL] ^`NS OT^[`_P^ bP]P _Z _SPT] 0`]Z[PLY P\`TaLWPY_^ TY _P]X^ ZQ _SPT] ST^_Z]TNLWWd Q`WWd OPaPWZ[PO QZ]X _SPT] []ZaPYLYNP LYO Q`YN_TZY ]PXLTYPO]LOTNLWWdOTQQP]PY_ ?SP Z]TRTY^ ZQ _ST^ N`W_`]P ZQ OT^[`_L_TZY L]P ^_TWW aP]d X`NS PX MPOOPO TY _SP WT_`]RTNLW XZOPW 4Y WL_P APOTN _TXP^ ]`WP]^ ^Z`RS_ _Z [L]_TNT[L_P TY _SP XLRTNLW ^[T]T_`LW [ZbP] ZQ _SP -]LSXTY^ z _SPT] -]LSXLY VYZbWPORP ?Z _ST^ PYO _SPd TYaT_PO -]LSXTY^ _Z _SPT] NZ`]_^ _Z PYRLRP TY OPML_P TY Z]OP] _Z bTY L ^`X ZQ []TeP XZYPd Z] RZZO^ ^Z _SP]`WP]^bZ`WOQTYOZ`_bSZSLO_SPR]PL_P^_-]LSXLYVYZbWPORP?SP aTN_Z] bL^ OP_P]XTYPO TY L wWL^_ XLY ^_LYOTYRx []ZNPO`]P ?SP -]LS XTY^ NZ`WO [`_ N`]^P^ ZY ZYP LYZ_SP] _Z _SP PQQPN_ _SL_ ZYP bSZ ^[ZVP LRLTY^_ ST^ MP__P] U`ORXPY_ bZ`WO TXXPOTL_PWd wWZ^P ST^ SPLOx ?SP bTYYP]bL^_SPZYPbSZXLYLRPO_ZXLVP_SPZ_SP]^VPP[^TWPY_Md`^P ZQ _ST^ XLRTN ?ST^ TYRPYTZ`^ []ZNPO`]P bL^ LW^Z YPNP^^L]d MPNL`^P TY _SP^P PL]Wd OT^[`_P^ _SP]P bP]P YZ LOU`OTNL_Z]^ Z] XZOP]L_Z]^ >`NS L ]ZWPNZ`WOZYWdSLaPMPPYQTWWPOMd_SPVTYRzbSZ bL^ZQWZbP] ^ZNTLW ^_LYOTYR_SLY_SP-]LSXTY^ BSP]PL^TY_SP^PPL]Wd_TXP^_SPbZ]WOaTPbZQ_SPOT^[`_TYR^NSZW L]^ bL^ ^_TWW ]PWL_TaPWd SZXZRPYPZ`^ LYO _SP OT^[`_P^ bP]P ZYWd LMZ`_ TYOTaTO`LW \`P^_TZY^ bT_STY -]LSXLY _SPZWZRd _SP ]LYRP ZQ bZ]WO
7T_P]L_TTY4YOTLLYO0`]Z[P
aTPb^SL^Pc[LYOPONZY^TOP]LMWd^TYNP_SP.ZXXZY0]L?ST^ST^_Z]TNLW ^STQ_ M]Z`RS_ LMZ`_ L NSLYRP TY _SP OT^[`_L_TZY XZOPW ?SP OPML_P^ _`]YPOTY_Z[STWZ^Z[STNLW_SPZWZRTNLWOT^N`^^TZY^ZQaL]dTYR-]LSXLYTN LYO YZY-]LSXLYTN ^NSZZW^ LYO NZYQP^^TZY^ _SL_ YZb _ZZV L NZ`]^P QZ]XLWWd aP]d ^TXTWL] _Z _SL_ TY 0`]Z[P 3ZbPaP] _SP OT^N`]^TaP NZY ^_PWWL_TZY bL^ \`T_P OTQQP]PY_ _SLY _SL_ TY 0`]Z[P ?SP]P bL^ YZ ^_L_P ]PWTRTZY 4Y NWL^^TNLW _TXP^ _SP ]PWL_TZY^ST[ MP_bPPY _SP VTYR LYO _SP ]PWTRTZ`^ WPLOP]^ bL^ YZ_ OPQTYPO TY _P]X^ ZQ ^_L_P [STWZ^Z[Sd Z] ^_L_P WLb LYO ^Z YPT_SP] bL^ _SP]P LYd_STYR WTVP LY TYaP^_T_`]P OT^[`_P ?SP VTYR^ `^`LWWd OPQTYPO _SPX^PWaP^ TY ^PN`WL] _P]X^ Z] _S]Z`RS ZYWd L Q`eed NZYNP[_ ZQ ]PWTRTZY bSTNS bZ`WO YZ_ SLaP MPPY [Z^^TMWP LYd Z_SP] bLd ZY L NZY_TYPY_ WTVP 4YOTL bT_S X`W_T[WP ]PWTRTZY^ =PWTRTZ`^ R]Z`[^ bSZ QPW_ OT^LOaLY_LRPO LYO ZaP]LXMT_TZ`^ R`]`^ bT_S L M]ZLO QZWWZbTYR bP]P L NZY^_LY_ [Z_PY_TLW ^Z`]NP ZQ []ZMWPX^ LYO bT^P VTYR^ _ZZVL[[]Z[]TL_P[]PNL`_TZY^4Y_SPXLYYP]TYbSTNS_SPYL_TZY^ZQ_SP bZ]WO_LVPZYPLYZ_SP]ZY_ZOLdTYQZZ_MLWWNSLX[TZY^ST[^^Z_SL__SPd OZYZ_SLaP_Z^SZZ_L_ZYPLYZ_SP]_SP]`WP]^^[ZY^Z]POw[STWZ^Z[SP]^v NSLX[TZY^ST[^xbT_SL__]LN_TaP[]TeP^TYbSTNS[]Z_LRZYT^_^bT_SOTQQP] TYRbZ]WOaTPb^SLO _ZOPQPYO_SPX TYL]R`XPY_L_TZY4_bL^RPYP]LWWd _SPVTYRbSZOPNTOPO bSZ bZYLYOYZ_LNZXXT^^TZYZQWPL]YPO _SPZ WZRTLY^ L^ TY 0`]Z[P ?SL_ VTWWPO _bZ MT]O^ bT_S ZYP ^_ZYP :Y _SP ZYP SLYO _SP NZY^_LY_ []Z^[PN_ ZQ L WL]RP []TeP PY^`]PO _SL_ _SP VTYR NZ`WO LWbLd^NZ`Y_ZY]PWTRTZ`^WPLOP]^MPTYRNZZ[P]L_TaPLYOZY_SPZ_SP]T_ QZ]NPO_SPOTaP]^PR]Z`[^_Z_LWV_ZZYPLYZ_SP]LYOYZ_ZYWdLMZ`_ZYP LYZ_SP]?ST^bLdZQ^P__WTYROT^LR]PPXPY_^bL^LW^ZNZ[TPOZ`_^TOP_SP NZ`]_^ /T^[`_P^ MP_bPPY _bZ ]PWTRTZ`^ NZXX`YT_TP^ z ^`NS L^ L OT^ LR]PPXPY_ZaP]_SP`^PZQNP]_LTY]PWTRTZ`^^T_P^zNZ`WOLW^ZMP^P__WPO _ST^bLdTYLNZY_]ZWWPOXLYYP] ?ST^ QZ]X ZQ NZXX`YTNL_TZY MPNZXP^ _LYRTMWP TY _SP WT_P]L_`]P LMZaP LWW TY NZXXPY_L]TP^ _SL_ L]P NSL]LN_P]TePO _S]Z`RS LYO _S]Z`RS Md _SP OT^[`_P ^_dWP 1Z]XLWTePO []P^PY_L_TZY LYO NZ`Y_P][]P^PY_L_TZY _LVP _`]Y^ OZ`M_^ L]P [`_ QZ]bL]O LYO _SPY OT^[PWWPO LYO _SP^P^ Q]ZX ]TaLW ^NSZZW^ L]P ^P_ Z`_ LYO OT^[]ZaPO ?SP^P QTN_T_TZ`^ YL]]L_TaP^ ZQ _SP OT^[`_P^ LW^Z Q]P\`PY_Wd TYNW`OP `YOP]_ZYP^ ZQ ^L]NL^_TN L__LNV^ 0aPYbZ]V^^`NSL^_SP >L]aL/L]²LYL>LÀR]LSL w.ZX[PYOT`XZQLWW bZ]WOaTPb^x bP]P NZX[Z^PO []P^PY_TYR LWW _SP PcT^_TYR bZ]WOaTPb^ ZQ _SP _TXP >`NS bZ]V^ bP]P b]T__PY YZ_ ZYWd Z`_ ZQ OZN`XPY_L]d TY _P]P^_ M`_ ZMaTZ`^Wd LW^Z _Z ]PaPLW bPLVYP^^P^ TY Z_SP] bZ]WOaTPb^ _SZ^PQ]ZXLOTQQP]PY_^NSZZW^Z _SL_ TYLQ`_`]PNZYQ]ZY_L_TZYTY]PLW WTQPZYPbZ`WOMPMP__P][]P[L]PO_Z_LNVWP_SZ^PbT_SZ[[Z^TYRaTPb^ $# ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# ?PWWTYRWdTY_SPNL^PZQ_SP >L]aL/L]²LYL>L«R]LSL _SP^NSZZW_ZbSTNS_SPL`_SZ] STX^PWQ MPWZYR^ T^ XT^^TYR YLXPWd _SP ,OaLT_LAPO£Y_L ?ST^ bZ]V YZ_ ZYWd OZN`
3TYO`T^XL^L.`W_`]PZQ>Z`YO
/T^[`_P^ZQ_ST^_d[PXLdNP]_LTYWdSLaPSLO^bPP[TYRPQQPN_^,YO _SPd OTO L_ WPL^_ TY _SP N`W_`]LW XPXZ]d 4_ T^ ]PaPLWTYR _SL_ WZNLW ^Z`]NP^ OZ YZ_ L__]TM`_P _SP XZaPXPY_ ZQ -`OOST^X Z`_ ZQ 4YOTL _Z ^Z NTLWZ][ZWT_TNLWNL`^P^M`__Z_SPTX[LN_ZQ_SPZ]_SZOZcAPOL[STWZ^Z [SP] 6`X£]TWL bSZ^P bZ]V^ []ZO`NPO Y`XP]Z`^ bPTRS_d ZMUPN_TZY^ _Z _SP-`OOST^_XP_L[Sd^TN^?ST^OPXZY^_]L_P^_SPN`W_`]LWaLW`PL__LNSPO _Z _SP^P [STWZ^Z[SP]^v OT^[`_P^ :YP MWL_LY_ PcLX[WP ZQ _ST^ T^ LW^Z _SP QTR`]P_SL_ZYPNZ`WONLWWLYTNZYZQXZOP]Y3TYO`T^X4_T^YZ_L[Z[P Z]LR`]`M`__SP[STWZ^Z[SP]±L«VL]£N£]dLbSZ]PXLTYPOWZdLW_Z_SP APOL ?SP `YWTXT_PO L`_SZ]T_d SP LNN`X`WL_PO TY _SP NZ`]^P ZQ _TXP T^ QPO YZ_ WPL^_ Q]ZX Y`XP]Z`^ SLRTZR]L[STP^ []P^PY_TYR STX L^ L SP]Z TY _SP w[STWZ^Z[SP]^v NSLX[TZY^ST[^x ,^ _SP Xd_STNLW SP]Z =£XL bLY OP]^ L]Z`YO 4YOTL aLY\`T^STYR LWW _SP WZNLW OPXZY^ _SL_ N]Z^^ ST^ [L_S ±L«VL]L LW^Z bLYOP]^ L]Z`YO 4YOTL MPL_TYR _SP WZNLW [STWZ^Z[STNLW ^NSZZW^ 4Y _ST^ YL]]L_TaP ST^_Z]d ZQ [STWZ^Z[Sd PaPY _SP ZWO APOL ^NSZZW ZQ 6`X£]TWL WZ^P^ _Z _SP M]TWWTLY_ L]R`XPY_^ ZQ _SP [STWZ^Z[SP] ±L«VL]LMPNL`^PL^TYMZcTYR_SP]PTRYTYRNSLX[TZYT^LWbLd^_SP[P] ^ZY bSZ SL^ MPL_PY _SP []PaTZ`^ NSLX[TZY ?ZOLd _SP YLXP w±L«VL]£N£]dLxwXL^_P] ±L«VL]LxT^_SP_T_WPMPWZYRTYR_ZNS`]NS]`W P]^TYST^_]LOT_TZY9Z_ZYWd_SPQLXZ`^NZXXPY_L]TP^L]PL__]TM`_PO_Z _SPZ]TRTYLW±L«VL]LM`_LW^Z[TZ`^SdXY^LYO?LY_]TN_Pc_^LW_SZ`RST_ ]PXLTY^ `YNWPL] bSP_SP] _SP Z]TRTYLW L`_SZ] Z] ZYP ZQ ST^ ^`NNP^^Z]^ b]Z_P _SP bZ]V 4Y RPYP]LW YZ NZY_]LOTN_TZY T^ ^PPY TY _SP QLN_ _SL_ _SP wO]dx LYO []`OT^S XL^_P] ±L«VL]L bSZ^P bZ]V^ L]P NSL]LN_P]TePO Md L aP]d^ZMP]LYOOTOLN_TN^_dWPX`_L_P^Q]ZXZYPXZXPY__Z_SPYPc_TY_Z L R`^STYR b]T_P] ZQ OPaZ_TZYLW [ZP_]d LYO _S`^ [Z^_S`XZ`^Wd MPNZXP^ ZYNPLRLTY_TPOTY_Z_SPWT_`]RTNLWXZOPW
#
>NTPYNPLYO=PWTRTZYz.Z]]PWL_TZY>[LNP^/T^N`]^TaP1Z]XL_TZY^ ;]LRXL_TN1`YN_TZY^
,P^_SP_TN ^_dWP^ LYO SLMT_`^ QZ]XL_TZY^ L]P LMZ`_ XZ]P _SLY U`^_ QTYP _L^_P ?SPd ]PQWPN_ bZ]WOaTPb^ aLW`P^ LYO ^ZNTLW []LN_TNP BP SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ XPY_PO PaP]d ^NSZZW M`_ LW^Z SL^ PcLX[WP^ ZQ NP]_LTY XLUZ] [ZTY_^ MPTYR OT^[]ZaPO MdL ]P[]P^PY_L_TaPZQ_SP^NSZZWTXXPOTL_PLMZaP 1Z]PcLX[WP_SP wWZbP^_x^NSZZW ZQ [STWZ^Z[Sd LNNZ]OTYR _Z _SP L`_SZ] XL_P]TLWT^X .£]a£VL7ZV£dL_L TYT_TLWWd ]P NPTaP^LYZ[[Z]_`YT_d_Z[]P^PY_T_^_SP^T^ZQ_SPYZYaLWTOT_dZQTYQP]]PONZYNW`^TZY^ M`__SPYL-`OOST^_L[[PL]^ZY_SP^NPYPbSZ[]ZaP^_SL__ST^_SP^T^T^`Y_PYLMWP-`_ _SP-`OOST^_SL^ST^ZbYbPLVYP^^_SPwXZXPY_L]TYP^^ZQLWWMPTYRx V´L©TVLa£OL LYO L 5LTYL L[[PL]^ bSZ ^Z`YOWd OT^[]ZaP^ _ST^ _SP^T^ P_N P_N ?SP bZ]V LTX^ _Z NZX[TWP ^[PNTXPY NZ`Y_P]L]R`XPY_^ _SL_ LY ,OaLT_LAPO£Y_TY NZ`WO `^P LRLTY^_ ]T aLW^NSZZW^
7T_P]L_TTY4YOTLLYO0`]Z[P
^`RRP^_PO LMZaP L Y`XMP] ZQ TY_P]QP]PYNP^ LYO NZY_TY`T_TP^ MP_bPPY ^ZYTNN`W_`]P_SPWT_`]RTNLWXZOPWLYONP]_LTYLP^_SP_TN^_dWP^bT_STY_SP ^NTPYNP^ BT_STY _ST^ N`W_`]LW bSZWP ]PWTRTZY LYO ^NTPYNP bP]P YPaP] ^_]TN_Wd ^P[L]L_PO :YP NLY ^PP SP]P LYZ_SP] PQQPN_ ZQ _SP w_ST]O ^[LNP SLMT_`^x bSTNS QLaZ]PO wL^bPWWL^x^ZW`_TZY^ LOOT_TZY^ SZWT^X^ LYO Q`^TZY^?SP]PWL_TZY^ST[MP_bPPY^NTPYNPLYO]PWTRTZYbL^NZY^_]`POTY LQL]XZ]PNZY_]L^_TaPbLd TY_SP:NNTOPY__SLYTY4YOTL?ST^ OZP^YZ_ XPLYSZbPaP]_SL__SP]PbP]PWP^^^ZNTLW]P^_]LTY_^TY4YOTL_SLYTY_SP wPT_SP]Z]x^ZW`_TZY^ LYO ^SL][ OT^_TYN_TZY^ bSTNS ^PPX _Z MP XZ]P _d[TNLW ZQ _SP WZRZNPY_]TN XZOPW ZQ BP^_P]Y N`W_`]P -`_ LRLTY ^ZNTLW ]P^_]LTY_^bP]PZQLOTQQP]PY_VTYOLYO^SZb`[XZ^_NWPL]WdbSPYNZX [L]PO bT_S _SP O`LWT^X^ LYO OPXL]NL_TZY^ ZQ .S]T^_TLY .S`]NS N`W_`]P 4Y _SP QZWWZbTYR bP ]P^`XP _SP OT^N`^^TZY ZQ YL_`]LW ^NTPYNP LYO NZY _TY`P _SP _Z[TN ZQ OTQQP]TYR ^ZNTZN`W_`]LW NZYOT_TZY^ TX[LN_TYR ZY ^NT PYNP,^Z`]XLUZ]TY_P]P^_WTP^TY_SP]PWL_TZY^ST[MP_bPPY^NTPYNPLYO ]PWTRTZY LYO ST^_Z]TNLW OPaPWZ[XPY_^ TY MZ_S L]PL^ bP ^`[[WPXPY_ XZ]P Pc[WTNT_Wd _SLY TY _SP QZ]PRZTYR NSL[_P]^ =PNVbT_ev _SPZ]d ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ bT_S 8TNSPW 1Z`NL`W_v^ _SPZ]d ZQ OT^N`]^TaPQZ]XL_TZY^LYONZ]]PWL_TZY^[LNP^ $$ ?SP WT_`]RTNLW LYO WZRZNPY_]TN XZOPW^ LYO NZ]]P^[ZYOTYR QZ]X^ ZQ ^NTPYNP ^_dWP^ LYO NZY_PY_^ L]P OT^N`]^TaP QZ]XL_TZY^ LYO _SPd _SPX ^PWaP^ N]PL_PO ^`NS QZ]XL_TZY^ /T^N`]^TaP QZ]XL_TZY^ LWbLd^ SLaP _Z OZbT_SNZ]]PWL_TZY^[LNP^TYbSTNSL^_L_PXPY_NLYLN\`T]PXPLYTYRZ] YZ_ ?SP]PQZ]P bSL_ NLY MP ^LTO LYO SZb ^ZXP_STYR NLY MP ^LTO YZ_ ZYWd OP[PYO ZY NZY_PY_ MPTYR ^NTPY_TQTN LYO _SP \`LWT_d ZQ _SP ^_L_P XPY_M`_L]PLW^Z^`MUPN__Z^ZNTP_LW]P^_]TN_TZY^[]PaTZ`^[]ZNP^^P^ZQ TYNW`^TZYTYLYOPcNW`^TZYTX[WTNT_NZYaTN_TZY^LYONWLTX^_Z_SP_]`_S bSTNS LQQPN_ _SP ^_]L_PRTN OPNT^TZY^ LYO _SP [P]^`L^TaP QZ]NP ZQ TOPL^ >[PN_LN`WL] OT^NZaP]TP^ WTVP _SP ^[SP]TNLW ^SL[P LYO ]Z_L_TZY ZQ _SP 0L]_S Z] _SP WLb ZQ R]LaT_d bSTNS TY 0`]Z[P WPO _Z _SP XZOP]Y ^NTPY _TQTN bZ]WOaTPb L]P QZ`YO TY 4YOTL L^ PL]Wd L^ ,Y_T\`T_d LYO TY _SP PL]Wd 8TOOWP ,RP^ LXZYR _SP L^_]ZYZXP]XL_SPXL_TNTLY^ ¢]dLMSL¶L -]LSXLR`[_L LYO 7LWWL M`_ _SPd OTO YZ_ SLaP _SP ^LXP TX[LN_^ L^ TY =PYLT^^LYNP0`]Z[PZbTYR_Z_SPOTQQP]PY_OT^N`]^TaPNZYOT_TZY^ BSdbL^¢]dLMSL¶Lv^[Z^_`WL_PZQ_SP]Z_L_TZYZQ_SP0L]_SYZ_[`] ^`POLQ_P]_SPQTQ_SNPY_`]d,/LYObSdbL^YZSPWTZNPY_]TNbZ]WOaTPb OPaPWZ[PO* BSd OTO _SP OT^NZaP]d ZQ _SP WLb ZQ R]LaT_d Md -]LSXL R`[_LLYO7LWWLTY_SP^PaPY_SNPY_`]dYZ_WPLO_Z_SPOPaPWZ[XPY_ZQL ^NTPY_TQTN ^d^_PX ZQ [Sd^TN^* BSd NZ`WO _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW ^NSZZW^ OL]²LYL 8ÅX£À^£LYOAPO£Y_LZ]_ZMPXZ]P[]PNT^P;¼]aL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ 1Z] Z`] OT^N`^^TZY bP ]PWd ZY 8TNSPW 1Z`NL`W_v^ 7vL]NSËZWZRTP O` ^LaZT] ;L]T^% 0OT_TZY^2LWWTXL]O$!$
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
8ÅX£À^£ LYO @__L]L8ÅX£À^£ >£ÀVSdL LYO DZRL 9d£dL LYO ALT²P´TVLL^^P]__SPX^PWaP^L^3TYO`[STWZ^Z[SdbSTWPZ_SP][Z^T_TZY^ MPNLXPTYaT^TMWP*BT_S0`]Z[PLY.S]T^_TLYT_dR`TOTYRZYPv^TY_P][]P_L _TZYT_T^_PX[_TYR_Z_STYV_SL_ZYPSL^_SPLY^bP]TY^_LY_Wd_ZSLYO_SL_ LWWZQ_ST^bL^O`P_ZwPNNWP^TL^_TNLWxWTXT_L_TZYLYO_SPOZXTYLYNPLYO [ZbP] LXMT_TZY^ ZQ _SP -]LSXLYTN 3TYO` Z]_SZOZcd -`_ _SP ^T_`L_TZY T^YZ_L^ ^TX[WPL^_SL_?SP[STWZ^Z[STNLW/L]²LYL^ L]PTYOPPONSL]LN _P]TePO Md _SPT] WZdLW_d _Z _SP APOL M`_ _SPd L]P NZX[WP_PWd OTQQP]PY_ bZ]WOaTPb^zLN_`LWWd^Tc/L]²LYL^WT_P]LWWdwaTPb^xbSTNSbP]PWL_P] [`__ZRP_SP]TY_Z[LT]^MPNL`^PTYPLNSNL^PZYWd_bZZQ_SPX^SL]P_SP ^LXPXP_L[Sd^TNLWQZ`YOL_TZY^1Z]_SPT][L]__SPdLW]PLOdOPXZY^_]L_P LY L^_ZYT^STYR [W`]LWT_d TY bZ]WOZ]TPY_L_TZY 4Y _ST^ NZY_Pc_ T_ T^ LW^Z TY_P]P^_TYR _SL_ ZYP X`^_ LOO LYZ_SP] \`P^_TZY _Z _SZ^P [Z^PO L_ _SP Z`_^P_% bSd OTO -]LSXLR`[_L LYO 7LWWL ]PUPN_ ¢]dLMSL¶Lv^ ]Z_L_TZY _SPZ]d bSTWP LNNP[_TYR _SL_ _SP 0L]_S bL^ ^[SP]TNLW PaPY _SZ`RS _ST^ NZY_]LOTN_PO P\`LWWd XL^^TaPWd _SP ;`]£©TN bZ]WOaTPb ZQ _SP 0L]_S L^ QWL_* ?SP LY^bP] _Z LWW _SP \`P^_TZY^ T^ ^TX[Wd _ST^% MPNL`^P _SP NZYOT _TZY^ bP]P OTQQP]PY_ ?SP]P bP]P NP]_LTY OT^N`]^TaP NZXMTYL_TZY^ _SL_ bP]P ^TRYTQTNLY_Wd OTQQP]PY_ _SLY _SZ^P TY XPOTPaLW LYO =PYLT^^LYNP 0`]Z[P bSTNS bP]P ]P^[ZY^TMWP QZ] _SP ^_]L_PRTN NSZTNP^ LYO Pc[WLTY bSdYZ^d^_PXZQ[Sd^TN^bL^OPaPWZ[PObSTWPTYL^_]ZYZXdLOaLYNPO XL_SPXL_TN^OPaPWZ[POLYOTY_SPQTPWOZQ]PWTRTZ`^OT^NZ`]^PLOaLYNPO [STWZ^Z[STP^ PXP]RPO _SL_ ]PQWPN_PO [W`]LWT^_TN Z]TPY_L_TZY^ -Z_S OT ]PN_Wd LYO TYOT]PN_Wd _SP wWT_`]RTNLW XZOPWx PcP]_PO LY PQQPN_ YZ_ ZYWd ZY _SP QZ]XL_TZY ZQ LP^_SP_TN ^_dWP M`_ LW^Z ZY _SP ^NTPY_TQTN ZMUPN_^ _SPX^PWaP^ QZ] TY^_LYNP _SP QLN_ _SL_ L^_]ZYZXd bL^ LN_`LWWd _SP WPLO TYROT^NT[WTYPLXZYR_SPYL_`]LW^NTPYNP^,__SP^LXP_TXP_SPWT_`]RT NLW XZOPW bL^ YZ_ QTcPO LYO ]TRTO LYO TY^_PLO LWWZbPO NZY^TOP]LMWP Z[[Z]_`YT_TP^ QZ] XZOPWTYR _SP wR`TOTYR APOTN N`W_`]Px waPOT^NSP 7PT_V`W_`]x bT_STY NP]_LTY WTXT_^ BT_STY _ST^ OT^N`]^TaP QZ]XL_TZY bP QTYO \`T_P OTQQP]PY_ ^_]L_PRTP^ QZ] OP_P]XTYTYR _SP ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY LYO OTQQP]PY_ ^_]L_PRTP^ _Z bZ]V _S]Z`RS M]PLV^ LYO _`]YTYR [ZTY_^ _SLY _SZ^P QZ`YO TY XPOTPaLW LYO =PYLT^^LYNP 0`]Z[PZY_SP_S]P^SZWO_Z_SPXZOP]YLRP 4Y4YOTLTY,Y_T\`T_dLYO_SP8TOOWP,RP^_SP]PWPaLYNPZQ^NTPYNP _Z _SP bZ]WO LYO LN_`LW []LN_TNP LYO _SP O]TaP _Z PYRLRP TY ^NTPY_TQTN LN_TaT_dOTaP]RPONZY^TOP]LMWdQ]ZX_SZ^PTY0`]Z[PO`]TYR_SP =PYLT^ ^LYNP ,WW _SP ]PaZW`_TZYL]d ^NTPY_TQTN OT^NZaP]TP^ z _SL_ _SP 0L]_S T^ L ]Z_L_TYR^[SP]PLYO_SPWLbZQR]LaT_dzbP]PXLOP bT_STY_SP]PLWXZQ L^_]ZYZXd LYO YZ_ Md NSLYNP MPNL`^P _SP]P bL^ ^[PNTQTN []LN_TNLW TY
7T_P]L_TTY4YOTLLYO0`]Z[P
"
_P]P^_SP]P bSP]PL^ _SP]P bL^YZLYLWZRZ`^TX[P_`^ QZ]_SPOPaPWZ[ XPY_ ZQ [Sd^TN^ 4Y 0`]Z[P _SP OPaPWZ[XPY_ ZQ [Sd^TN^ LYO ^NTPY_TQTN XP_SZO[]ZQT_POQ]ZX_SPTY_P]P^_ZQ_SP=PYLT^^LYNP]`WP]^TY[L_]ZYTe TYR ^NTPY_T^_^ ^`NS L^ 2LWTWPZ LYO 7PZYL]OZ OL ATYNT TY Z]OP] _Z RLTY MPYPQT_^TYbLRTYRbL]4Y4YOTLZYPbLY_PO_ZXLVPMP__P]NLWN`WL_TZY^ ZQ_SPXZaPXPY_^ZQ_SP[WLYP_^TYZ]OP]_ZQTYO_SP]TRS__TXP^QZ]]T_P^ LYO TX[Z]_LY_ []ZQLYP LN_^ LYO _Z Pc_]LN_ _SP R]PL_P^_ [Z^^TMWP RLTY Q]ZX_SPX _ZMPLMWP_ZXLVPXZ]PPQQPN_TaP ^LN]TQTNP^LaZTOTYL`^[T NTZ`^ TYQW`PYNP^ LYO O]Lb `[ MP__P] SZ]Z^NZ[P^ QZ] MT]_S^ XL]]TLRP^ LYO M`TWOTYR SZ`^P^ ?SP WLb ZQ R]LaT_d LYO _SP ]Z_L_TZY ZQ _SP 0L]_S bP]PT]]PWPaLY__Z^`NSXL__P]^LYObP]PYZ_[`]^`POQ`]_SP]8Z]PZaP] ¢]dLMSL¶Lv^^[PN_LN`WL][Z^_`WL_PZQ_SP]Z_L_TZYZQ_SP0L]_SLW_SZ`RS T_ bL^ YZ_ L SPWTZNPY_]TN aTPb ZQ _SP `YTaP]^P bL^ NZY^TOP]PO QL] _ZZ TX[]ZMLMWPLYOZ`_WLYOT^S Md^`NNPPOTYRRPYP]L_TZYZQ^NTPY_T^_^PaPY _SP^`[[Z]_P]^ZQ¢]dLMSL¶Lv^^NSZZW4YaTPbZQ_SPQWTRS_ZQMT]O^LYO Z_SP]ZM^P]aL_TZY^_SPdbP]PNZYaTYNPOZQ_SP^_LMTWT_dZQ^[L_TLWNZZ] OTYL_P^ >Z _SP _SPZ]d ZQ _SP 0L]_Sv^ ]Z_L_TZY ]PXLTYPO TYPQQPN_TaP MP NL`^P_SP]PbP]PYZN]T_P]TLQZ]T_^aLWTOT_dZ]bLd^ZQTY_PR]L_TYRT_TY_Z _SPLNNP[_PO_SPZ]dwVPTYP2ÞW_TRVPT_^V]T_P]TPY`YO,Y^NSW`^^XØRWTNS VPT_PYx-`_LOTQQP]PY__SPZ]dMPNLXPbTOPWdP^_LMWT^SPOYLXPWd_SL_ _SP0L]_ST^^[SP]TNLW MS`RZWL 3P]PN]T_P]TLQZ]T_^aLWTOT_dLYO[Z^^T MTWT_TP^ ZQ TY_PR]L_TZY PcT^_PO ZbTYR _Z T_^ TXXPOTL_P []LN_TNLW ]PWP aLYNP4_bL^_]`P_SL__SPMS`RZWL_SPZ]dLW^ZNZY_]LOTN_PO_SP;`]£©TN bZ]WOaTPb_SL__SP0L]_SbL^QWL_M`__SPNLWN`WL_TZY^bP]PPL^TP]bT_S L^[SP]P_SLYbT_S_SP^XLWW_STYOT^NLYO_SL_bL^bSL_bL^TX[Z]_LY_ 1Z] _ST^ ]PL^ZY _SP _SPZ]d LW^Z ^[]PLO LXZYR _SP ]PWTRTZ^T Q]ZX _SP -]LSXLYTN L^_]ZWZRP] O]LbTYR `[ SZ]Z^NZ[P^ L^ L []TaL_P M`^TYP^^ _Z _SP;`]£©TNWT_P]L_`]P 1Z] ZYP _STYR _SP 4YOTLY ^NTPY_T^_^ NZ`WO _SP]PQZ]P ^Ld _STYR^ QZ] bSTNS_SPdbZ`WOSLaPMPPYM`]YPOL__SP^_LVPTY0`]Z[P1Z]LYZ_SP] _SPd _SPX^PWaP^ bP]P [L]_ ZQ LY TY_P][]P_L_TZY ZQ _SP bZ]WO LYO ZQ L ^ZNTLW LYO ]PWTRTZ`^ []LN_TNP _SL_ []P^N]TMPO _SP ^_]L_PRTP^ LYO MZ`YOL ]TP^ LYO OP_P]XTYPO bSTNS QTYOTYR^ bP]P OPaPWZ[PO Q`]_SP] LYO bSTNS ]PXLTYPO TYPQQPN_TaP ?SP OT^NZaP]d ZQ R]LaT_d LYO T_^ WLb ]PXLTYPO L_ _SP TYT_TLW ]`OTXPY_L]d ^_LRP ?SP ^NTPY_T^_^ OTO YZ_ OPaPWZ[ _SP _SP^T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ T^ ]PQWPN_PO Md _SP QLN_ _SL_ PaPY _SP ^NTPY_TQTN NZY_]ZaP]^TP^ ZQ _SP XL_SPXL_T NTLYL^_]ZYZXP]^ ^`NSL^-]LSXLR`[_Lv^ $#z!!#N]T_TNT^XZQST^ ZbY NZY_PX[Z ]L]d -S£^VL]L _SP XZ^_ ^TRYTQTNLY_ PL]Wd XL_SPXL_TNTLYL^_]ZYZXP] LWZYR^TOP ¢]d LMSL¶L]PQP]]PO^ZWPWd_ZL^_]ZYZXdLYO_SP[]LN_TNLWL[[WTNL_TZYZQ_SPNLWN`WL_TZY^ 4Y^ZXP;`]£©L^_SP MS`RZWL _SPZ]dbL^L[[WTPOL^T_bL^]P[]P^PY_POXd_STNLWWdTP YZb_SP]PbL^YZ_U`^_ZYP^LN]PO8Z`Y_8P]`M`__bZ8Z`Y_8P]`^_SP`[[P]ZYP L__SP9Z]_S;ZWPZYbSTNS_SPRZO^WTaPLYO_SPWZbP]ZYPL__SP>Z`_S;ZWP_SP ObPWWTYR[WLNPZQ_SPOPXZY^.QLW^Z;TYR]PP 5dZ_Tಣ^_]L
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
ZQ [Sd^TN^ MPNL`^P _SPd bP]P [`]^`TYR L OTQQP]PY_ ^NTPY_TQTN []ZR]LX ,^_]ZYZXd bL^ ^Z OPNT^TaP MPNL`^P T_ bL^ TX[Z]_PO _ZRP_SP] bT_S L^ _]ZWZRdbSTNSbL^TX[Z]_POQ]ZX2]PPNPLYO_LVPYQ`]_SP]TY4YOTLL^ LwWTQP^NTPYNPxTYLaP]dWT_P]LWPcT^_PY_TLW^PY^PaT_LWQZ]LWWXL__P]^ZQ ]PWTRTZ`^ LYO ^ZNTLW WTQP ?ST^ O]TaP LWTPY _Z ^NTPY_TQTN OT^NZ`]^P TP TOPL^LYONZYaTN_TZY^LMZ`_SZb_ZXLcTXTePbPWWMPTYRLYO^`NNP^^TY WTQPYZ_ZYWdXLOPL^_]ZYZXdTY_ZLWPLOTYR^NTPYNPM`_LW^ZXZ_TaL_PO L OT^N`]^TaP QZ]XL_TZY TY bSTNS T_ bL^ [Z^^TMWP _Z SLaP QLM`WZ`^ QZ] bL]OWZZVTYR OT^NZaP]TP^ TY XL_SPXL_TN^ bSTWP XZ_TaL_TZYLW O]TaP^ bP]PWLNVTYRQZ]OPaPWZ[TYR[Sd^TN^?SP>¼]dL^TOOS£Y_LXPLY__SL_LWW _SP XZaPXPY_^ ZQ _SP [WLYP_^ NZ`WO MP NLWN`WL_PO Pc_]PXPWd []PNT^PWd TP _SP ^NTPY_TQTNL_TZY ZQ L^_]ZYZXd WPO SP]P _ZZ _Z L XPNSLYT^_TN bZ]WOaTPbM`_ZYP_SL_OTQQP]POQ]ZX_SPXL_P]TLWT^_TNZYPZQ^NTPY_TQTN XZOP]Y [Sd^TN^ @YOP]^_LYOLMWd _ST^ bZ]WOaTPb bL^ YZ_ ]PUPN_PO M`_ bPWNZXPO Md Z]_SZOZc 3TYO`^ LYO []TP^_Wd ËWT_P^ MPNL`^P _SPd bP]P LXZYR _SP XLUZ] MPYPQTNTL]TP^ ?SP >¼]dL^TOOS£Y_L R`L]LY_PPO XZ]P ^PN`]P ]T_`LW PQQTNTPYNd L^ _SP []PNT^P OLd LYO SZ`] QZ] _SP ]T_P^ NZ`WO MP OP_P]XTYPO ^Z _SP]P bZ`WO MP YZ ZM^_LNWP^ _Z LNSTPaTYR _SP XLcT X`X PQQPN_ LYO NZWWPN_TaP LYO [P]^ZYLW bPWWMPTYR ?ST^ M]Z`RS_ MPYP QT_YZ_WPL^__Z_SP]`WP]^^ZXPZQbSZX[L_]ZYTePO_SPL^_]ZYZXP]^LYO TY [L]_TN`WL] _SP ]PWTRTZ`^ ]T_`LW ^[PNTLWT^_^ LYO WL]RP _PX[WP^ TY _]`Wd []TYNPWd QL^STZY ?SPT] Pc[P]_ VYZbWPORP LYO ]T_`LW VYZbSZb bP]P Q`YOLXPY_LW_Z_SPPcP]NT^TYRZQ]ZdLW[ZbP] _SP ^PN`]T_dZQ _SP NZ`Y _]d LYO _SP bPWWMPTYR ZQ _SPT] ^`MUPN_^ , XPOTPaLW NZ`]_ bL^ []LN_T NLWWd TYNZYNPTaLMWP bT_SZ`_ NZ`]_ L^_]ZWZRP]^ ]PWTRTZ`^ _PLNSP]^ LYO ]ZdLWNSL[WLTY^L^LOaT^Z]^TYbL]LYO[PLNP 4Y _ST^ aP]d OTQQP]PY_ NZ]]PWL_TZY ^[LNP TY bSTNS ^NTPYNP OPaPWZ[PO TY4YOTL_SP]PWL_TZY^ST[MP_bPPY]PWTRTZYLYO^NTPYNPbL^XZ]PZYPZQ RTaP LYO _LVP _SLY ZYP ZQ X`_`LW PcNW`^TZY Z] L Q`YOLXPY_LW RL[ ?SP ^NTPY_TQTN\`P^_TZY^LYOOPML_P^bP]POP_P]XTYPOU`^_L^_SPdL]P_ZOLd TY _SP XZOP]Y \`LY_T_L_TaP OT^NT[WTYP^ YZ_ Md XL_SPXL_TN^ L^ ^`NS M`_ Md T_^ L[[WTNL_TZY _Z _SP [Sd^TNLW bZ]WO LYO _SL_ XPLY_ ^[PNTQTNLWWd L[[WTNL_TZY _Z _SP L^_]ZYZXTNLW P]L :YP ZQ _SP XLTY NZY_]ZaP]^TLW [ZTY_^ bL^ _SP \`P^_TZY ZQ _SP NZX[L_TMTWT_d LYO TYNZX[L_TMTWT_d ZQ _SP NSZTNP^ZQL^_]ZYZXTNLW[L]LXP_P]^LYO_SPZ]TP^bT_S_SP;`]£©TN_SPZ]d ZQWPYR_SLYO[P]TZO^TY_SPLRPZQ_SPbZ]WO d`RL ?SP]PbP]POPQT YT_PWd NWL^SP^ LYO NZY_]ZaP]^TP^ DP_ ]PWTRTZ`^ Xd_STNLW TY_P][]P_L_TZY^ ZQ _SP bZ]WO LYO ^NTPY_TQTN TY_P][]P_L_TZY^ bP]P YZ_ ^PPY L^ Z[[Z^T_P^ M`_ TY^_PLO bP]P NZY_TY`LWWd LOL[_PO _Z ZYP LYZ_SP] ?SPd PaPY _PYOPO _Z MP TY_P]NSLYRPLMWP MPNL`^P ZYP L^^`XPO _SL_ MZ_S ZQ _SPX SLO _SP ^LXP _]`_S NZY_PY_ PaPY TQ _SP _]`_S NZY_PY_ ZQ ]PWTRTZY []TXL]TWd _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q;WZQVP]w8L_SPXL_TN^TY4YOTLx#z$&;TYR]PP 5dZ_Tಣ^_]L QQ
7T_P]L_TTY4YOTLLYO0`]Z[P
$
APOL YPNP^^L]TWd bPY_ Q`]_SP] _SLY _SL_ ZQ _SP PX[T]TNT^X MPNL`^P T_ bL^ XZ]P NZX[]PSPY^TaP LYO LW^Z ]PWL_PO _Z TYaT^TMWP _STYR^ LYO _SP LQ_P]WTQP?ST^[L__P]YNZY_TY`POLXZYR_SP3TYO`]PQZ]XP]^TY_SPYTYP _PPY_S NPY_`]d LYO PaPY ^ZXP NZY_PX[Z]L]d 3TYO`^ bSPY _SPd NWLTX _SL_ LWW XZOP]Y OT^NZaP]TP^ bP]P LW]PLOd []PQTR`]PO TY 4YOTLv^ ZWO ^L N]POWT_P]L_`]P^Q]ZX_PWPR]L[SdLYO LT][WLYP^TY _SPAPOL^P[TN^LYO ;`]£©L^ _Z _SP ^NTPY_TQTN bZ]WOaTPb TYNW`OTYR ^`NS _STYR^ L^ L_ZXTN _SPZ]d TY _SP [STWZ^Z[Sd ZQ _SP ALT²P´TVL _SP _SPZ]d ZQ PaZW`_TZY TY _SP AT´©`T_TN ,a£_L]L_SPZ]dLYO _SP XZ^_XZOP]Y TY^TRS_^ TY_ZXL__P] LYO PYP]Rd TY _SP ±TaLT_TN ±TaL±LV_T _SPZWZRd ?SP TY_P]P^_TYR _STYR LMZ`__ST^TY_P][]P_L_TZYT^YZ_ZYWd_SPQLN__SL_NP]_LTYTOPL^LYO_P]X^ ZQ_SPLYNTPY_LYOXPOTPaLWN`W_`]P^ZQ[STWZ^Z[SdLYO]PWTRTZYTY4YOTL L]P L[[L]PY_Wd PL^TP] _Z WTYV _Z _SP [Sd^TNLW bZ]WOaTPb ZQ _SP XZOP]Y [P]TZO_SLY_SP.S]T^_TLY_SPZWZRdZQN]PL_TZYT^_SPXZOP]Y3TYO`T^X L[ZWZRd RZP^ TY []PNT^PWd _ST^ OT]PN_TZY M`_ LW^Z _SP NZY_TY`L_TZY ZQL OT^N`]^TaP [L__P]Y _SL_ OZP^ YZ_ [P]NPTaP ]PWTRTZY LYO ^NTPYNP _Z MP TY NZY_]LOTN_TZY?ST^[L__P]YbL^LW]PLOd[]PQTR`]POTY_SP4YOTLY8TOOWP ,RP^ ;WZQVP] bL^ NZ]]PN_ _Z NZXXPY_ ZY _SP XL_SPXL_TNTLYL^_]ZYZXP]^ ZQ ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ Md ^LdTYR% w>TYNP XL_SPXL_TNLW LYO ^N]T[_`]LW _]`_S^ bP]P YZ_ YPNP^^L]TWd _]PL_PO L^ ^P[L]LMWP LR]PPXPY_ bT_S ^LN]PO L`_SZ]T_d bL^ NZY^TOP]PO _Z MP ZYP L^[PN_ ZQ ^NTPY_TQTN aL WTOT_dx .LWN`WL_TZY^NZY_]LOTN_TYR_SP;`]£©TN_SPZ]dZQ_SPLRPZQ_SP bZ]WO P_N bP]P _SP]PQZ]P L []ZMWPX PaPY QZ] _SP ^NTPY_T^_^ _SPX^PWaP^ LYOTRYT_PO _SPXZ^_NZY_]ZaP]^TP^?SP]P bL^LWbLd^ Q]PPOZXZQZ[TY TZY-`_T_ ^PPXPO_SL__SPZ]TP^LYO[L]LXP_P]^bT_SPaPYLSTY_ZQ_Pc _`LW SP_P]ZOZcd LYO ^ZNTZ]PWTRTZ`^ OPaTLYNP LMZ`_ _SPX bP]P WP^^ LN NP[_LMWPMPNL`^P_SPdNZ`WOYZ_MP]PNZYNTWPObT_SP^_LMWT^SPOaTPb^4_ bL^_SP]PQZ]PWP^^ NZP]NTZYZY_SP[L]_ZQZ]_SZOZc3TYO`^Z] LQPL]ZQ MPTYR M`]YPO L_ _SP ^_LVP _SL_ PcP]_PO L ]P^_]TN_TaP PQQPN_ LYO XZ]P ZYPv^ ZbY TY_P]TZ]TePO bZ]WOaTPb LYO _SP OP^T]P QZ] _SP ^NTPY_TQTN ^_L_PXPY_^ _Z MP NZX[L_TMWP bT_S _SP -]LSXLYTN NZ^XZWZRd .ZY aP]^PWd SZbPaP] T_ bL^ _]`P _SL_ bSPYPaP] _SP YPb ^NTPY_TQTN QTYOTYR^ M]ZVP bT_S _SP ;`]£©TN bZ]WOaTPb 3TYO` Z]_SZOZcd OTO YZ_ NL_PRZ]T NLWWd]PUPN__SPXZY[]TYNT[WP4Y^_PLOT__PYOPO_ZMP]PWTRTZY_SL_bL^ LOL[_PO 4_ bL^ XZ]P _SP NL^P _SL_ _SP -]LSXTY^ ZYNP LRLTY ^NZ`]PO _SPT];`]£©L^ bSPY LYPb OT^NZaP]d L[[PL]PO _ZOPaTL_P ]LOTNLWWdQ]ZX _SPT]NZ^XZWZRd;P]SL[^_SPYPbQLN_^LYOQTR`]P^bP]PSTOOPYTY^ZXP bLd TY _SP SZWd MZZV^ LYO z SPd []P^_Z z YZ_ `YNZXXZYWd ZYP QZ`YO _SPX Z] OPaPWZ[PO YPb _Pc_^ LYO ^NSPXP^ ZQ L]R`XPY_L_TZY _SL_ M]Z`RS_ _]LOT_TZY LYO TYYZaL_TZY TY_Z _SP ^LXP QZWO 1Z] PcLX[WP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;WZQVP]w8L_SPXL_TN^TY4YOTLx$
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
;`]£©L NZ^XZWZRd bL^ LOL[_PO _Z _SP YPb VYZbWPORP _SL_ _SP 0L]_S bL^^[SP]TNLWMdO`[WTNL_TYR8Z`Y_8P]`L^_SPSZXPZQ_SPRZO^L__SP 9Z]_S ;ZWPLYO_SPSZXPZQ_SPOPXZY^L_ _SP >Z`_S ;ZWP,OL[_L_TZY^ WTVP_SP^P_ZYPb^NTPY_TQTN_SPZ]TP^Md_SP]PWTRTZ^TNLYLW^ZMPQZ`YOTY [STWZ^Z[STNLWOT^NZ`]^P1Z]TY^_LYNP _SP;¼]aL8ÅX£À^£_SP^_]TN_P^_ QZ]X ZQ APOL Z]_SZOZcd bL^ `YLMWP _Z P^NL[P _SP OPaPWZ[XPY_^ TY WZRTN WTYR`T^_TN^ VYZbWPORP _SPZ]d LYO YL_`]LW [STWZ^Z[Sd LYO QZ`YO T_^PWQ QZ]NPO _Z LOL[_ T_^ `YOP]^_LYOTYR ZQ _SP APOL L^ LY P_P]YLW L`_SZ]WP^^ wVYZbWPORPx ZQ TYaT^TMWP _STYR^ _Z _SP ]L_TZYLWT^_TN _SPZ]TP^ TP_ZOPQPYOT_^NWLTX_Z_SP_]`_SZQ_SPAPOLL^LYP_P]YLWWdaLWTO_Pc_ ZQ ]PaPWL_TZY TY P\`LWWd ]L_TZYLWT^_TN _P]X^ =L_SP] WTVP L Md[]ZO`N_ Q]ZX _ST^ _SP]P PXP]RPO TYYZaL_TaP NZY_]TM`_TZY^ _Z ]P^PL]NS TY_Z WTY R`T^_TN^_SL_^_LYO`[_ZNZX[L]T^ZYbT_SXZOP]YBP^_P]YWTYR`T^_TN^ @YWTVP _SP =ZXLY .L_SZWTN .S`]NS bSTNS SLO _Z OPQPYO YZ_ ZYWd T_^ SZWd ^N]T[_`]P M`_ LW^Z T_^ XZYZ[ZWd ZY TY_P][]P_L_TZY LRLTY^_ ^`NS QTR`]P^ L^ 2LWTWPZ LYO 2TZ]OLYZ -]`YZ 3TYO` Z]_SZOZcd SLO R]PL_P] QWPcTMTWT_d TY T_^ TY_P][]P_L_TZY^ :YWd _SP _]`_S ZQ _SP ^LN]PO _Pc_^ LYO _SPT] P_P]YLW aLWTOT_d SLO _Z MP OPQPYOPO LYO _ST^ bL^ LWbLd^ [Z^^TMWP Md XPLY^ ZQ w_]LY^WL_TZYx XZOTQTNL_TZY ZQ _SP L]R`XPY_L_TZY [L__P]Y^ ]PNZOTYR ]PTY_P][]P_L_TZY [L]L[S]L^TYR ]Pb]T_TYR XPY_LW TY_P][]P_L _TZY LWWPRZ]TeL_TZY P_N BT_S ^`NS ^_]L_PRTP^ _SP ]PWL_TZY^ST[ MP_bPPY _SP]PWTRTZ`^P^_LMWT^SXPY_LYO^NTPYNPbL^XZ]PZYPZQPcNSLYRP_SLY ZYP ZQ X`_`LW PcNW`^TZY 3ZbPaP] _SP TY_P]LN_TaP ]PNT[]ZNLW ]PWL_TZY ^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY SLO NP]_LTY WTXT_^ z bSP]PaP] _SP MZ`YOL]TP^ MP_bPPY _SP OTQQP]TYR aTPb^ NZ`WO YZ WZYRP] MP ]PNZYNTWPO ^ZPL^TWd-`__SL_SLOWP^^_ZOZbT_SMPWTPQ_SLYbT_S_SP OSL]XL []LN _TNP ZQ _SP ^ZNTLW Z]OP] XZ]LW^ LYO WTQP^_dWP TP _SP YZ]X^ ZQ _SP ^`] ]Z`YOTYRAPOTNN`W_`]P_SL_bL^]PTYQZ]NPO[P][P_`L_POLYO]PTYaPY_PO TY_SP;`]£©L^LYO_SPWLb^ 7TVP LWW OT^N`]^TaP QZ]XL_TZY^ _SP ^NTPY_TQTN ^_L_PXPY_^ ^_dWP^ LYO Q`YN_TZY^ L]P LWbLd^ [L]_ ZQ L X`NS XZ]P NZX[]PSPY^TaP NZX[WPc ZQ ^_L_PXPY_^?SPdL]PNZY^_]`N_PObT_STYLYP_bZ]VLYOOPXL]NL_POQ]ZX Z_SP] ZMUPN_^ 4Y NWL^^TNLW 4YOTL ZYP NLY TOPY_TQd LY TY_P]LN_TaP NZY_TY ``X TYaZWaTYR _SP WT_`]RTNLW XZOPW _SP Q`YN_TZY ZQ _SP APOL L^ _SP ZaP]LWWN`W_`]P ^ZNTLWNZYaPY_TZY^ OSL]XL ]`WP^YL_`]LW^NTPYNP[ST WZ^Z[SdLYO _SPZWZRd bSTNSbL^]PWL_TaPWdNZY^T^_PY_ LYOTY_LN_ TY_SP QT]^_XTWWPYYT`XZQ_SP.ZXXZY0]L,W_SZ`RSAPOTN]T_P^bP]PSL]OWd MPTYR [P]QZ]XPO LYd XZ]P LYO L R]PL_ [W`]LWT_d ZQ ]PWTRTZ`^ LYO []Z QLYP XPLYTYR Z]TPY_L_TZY^ bL^ [Z^^TMWP _SP APOL NZY_TY`PO _Z LN_ L^ L ]P^_]TN_TYR LYO WPRT_TXTeTYR QLN_Z] MZ_S aT^TMWd LYO TYaT^TMWd ?SZ^P bSZOP^T]PO_ZMPLYO]PXLTYaT^TMWPLYOL`_SZ]T_L_TaPPXMPOOPO_SPX ^PWaP^TY_ST^YPc`^?ST^T^TWW`^_]L_POMd_SPQLN__SL_ZYWd_SP^TcNWL^ ^TNLW [STWZ^Z[STNLW /L]²LYL^ waTPb^x _SL_ LNVYZbWPORP _SP APOL MP
7T_P]L_TTY4YOTLLYO0`]Z[P
!
NLXPVYZbYL^w_SPx4YOTLY[STWZ^Z[Sd 1Z`]ZQ_SP ^Tc^NSZZW^_PYO _ZSLaPZYWdLYZXTYLWNZYYPN_TZYbT_S_SPAPOL 4YQLN_T_T^ZYWd_SP _bZ APOL 8ÅX£À^£ ^NSZZW^ _SL_ L]P OT^N`^^PO TY R]PL_P] OP_LTW TY _ST^ MZZV _SL_ LN_`LWWd PXP]RPO OT]PN_Wd Z`_ ZQ _SP APOL PcPRP^T^ BSTWP _SPd NZY^NTZ`^Wd TY_PR]L_PO _SPX^PWaP^ TY _SP ]L_TZYLWTePO ^NTPY_TQTN OT^NZ`]^P ZQ _SP PL]Wd 8TOOWP ,RP^ T_ T^ LW^Z ^TRYTQTNLY_ _SL_ _SP Z_SP] /L]²LYL^ _SL_ bP]P ML^PO ^ZWPWd ZY S`XLY ]PL^ZY LYO WZRTN 9d£dL LYOL_ZXT^_TNYL_`]LW[STWZ^Z[SdALT²P´TVL !`^PO_SPZ[[Z^T_P_LN_TN ZQ NZY^NTZ`^Wd WZNL_TYR _SPX^PWaP^ TY _SP APOTN NZY_Pc_ Md OPQPYOTYR _SPAPOTN]PaPWL_TZYL_WPL^_YZXTYLWWd ?ST^ NZYYPN_TZY bT_S _SP APOL bL^ ST^_Z]TNLWWd R]PL_Wd PQQPN_TaP ?SL_TYLOOT_TZY_Z_SP^Tc/L]²LYL^_SP]PbP]PLW^ZZ_SP]STRSWdOPaPW Z[PO [STWZ^Z[STNLW _]LOT_TZY^ bL^ TRYZ]PO Md _SP PL]Wd ]P^PL]NS TY_Z 4YOTL LYO ZYWd ]PNZRYTePO TY ]PNPY_ OPNLOP^ ?SP 6L^SXT]T ±TaLT_TN [STWZ^Z[SP] ,MSTYLaLR`[_L _S NPY_ OP^P]aP^ [L]_TN`WL] XPY_TZY bSZ []Z[Z`YOPO L XZOPW ZQ YZYO`LWT_d _SL_ SLO LY P\`LWWd ]L_TZYLW QZ`YOL_TZY M`_ bSTNS bL^ VPPYP] ZY _SP ^PY^P^ _SLY _SP APO£Y_L LYO OTO YZ_ NZYYPN_ STX^PWQ _Z _SP APOL M`_ _Z _SP ?LY_]L " :`] MZZV LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :YPSL^_ZOPQTYPwZQ3TYO`4YOTLxXZ]P[]PNT^PWdMPNL`^PTY-`OOST^XbSTNSOZP^ YZ_ LNVYZbWPORP _SP APOL TYOP[PYOPY_ [STWZ^Z[STNLW _]LOT_TZY^ PXP]RPO L_ L aP]d PL]Wd^_LRP BSP]PL^9d£dLLYOALT²P´TVLL]Z^PNZX[WP_PWdTYOP[PYOPY_WdZQ_SPAPOL]`OTXPY _L]dMPRTYYTYR^ZQ>£XVSdLLYODZRLL]PLW]PLOdQZ`YOTY_SP@[LYT´LO^3ZbPaP] TY_SP"_SNPY_`]d _SPd bP]P^_TWWMPTYRNL_PRZ]TePOMd_SPQLXZ`^8¯X£À^£^NSZWL] 6`X£]TWL -SL¶¶L TY ST^ ?LY_]La£]__TVL >¼_]L L^ wLWTPY _Z _SP APOLx LYO wQLWWPYLbLdQ]ZX_SP APOTNOSL]XLx LW_SZ`RSSPbL^NP]_LTYWdLbL]PZQ_SP[L] _TLW ]PQP]PYNP _Z _SP APOL 4Y_P]P^_TYRWd 6`X£]TWL XPY_TZYPO _SP []Z[ZYPY_^ ZQ >£XVSdLLYODZRLTYZYPM]PL_SbT_S-`OOST^_^>Z[ST^_^LYOPL]Wd?LY_]TN^NSZZW^ YLXPWd _SP ±TaLT_TN ;£²`[L_L^ LYO _SP AT´©`T_TN ;LÓNL]£_]TY^ WLMPWTYR _SPX wSP]P _TN^x4YLOOT_TZY_ZP_STNLWZMUPN_TZY^SPMPWTPaPO_SL_^`NSR]Z`[^bP]PZYWdTY_P] P^_POTY[ZbP][Z^^P^^TZY^LYO[]P^_TRPLYOQZWWZbPONZOP^ZQ OSL]XL LYO LOSL]XL _SL_ bP]P OTQQP]PY_ Q]ZX _SP >X£]_L _]LOT_TZY LYO SP LNN`^PO _SPX ZQ ML^TYR _SPT] _PLNSTYR^^ZWPWdZYPX[T]TNT^X ! ALT²P´TVL T^ OP]TaPO Q]ZX aT²P´L wOTQQP]PYNPx Z] wTYOTaTO`LWT_dx LYO ]PQP]^ _Z L [STWZ^Z[STNLW bZ]WOaTPb ^_L]_TYR YZ_ Q]ZX `YT_d M`_ Q]ZX [W`]LWT_d L^ _SP Z]TRTY ZQ _SP `YTaP]^P LYO L]R`P^ TY QLaZ] ZQ LY L_ZXT^_TN Pc[WLYL_TZY ZQ _SP bZ]WO M`_ YZ_ L [`]PWd XL_P]TLWT^_TN ZYP WTVP _SP .£]aLVL^ ?ST^ XP_L[Sd^TNLW ML^T^ T^ aP]d WL]RPWd ^SL]PO Md _SP ^NSZZW ZQ WZRTNTLY^ ^Z _SL_ _SP _bZ TYT_TLWWd ^P[L]L_P ^NSZZW^ bP]P XP]RPO_ZQZ]XZYP^TYRWP^dY_SP_TN^d^_PXw9d£dLALT²P´TVLx " ?ZMPXZ]P[]PNT^P,MSTYLaLR`[_L^dY_SP^TePOOTQQP]PY_^_]LYO^ZQ_SP?LY_]L_]LOT _TZY []TXL]TWd 6L`WL ?]TVL LYO 6]LXL bT_S ;]L_TMSTUÓ£ NZY^NTZ`^YP^^ [STWZ^Z[Sd WTYR`T^_TNXP_L[Sd^TN^LYOLP^_SP_TN^ bSTNSbL^_LY_LXZ`Y__ZL ]PQZ]XZQ_SP ?LY _]L3PT^]PRL]OPOL^_SPTYT_TL_Z]ZQ_SP3TRS?LY_]L[]ZMLMWdbT_SU`^_TQTNL_TZY4Y ST^ ]LOTNLWWd SZWT^_TN bZ]WOaTPb _SP]P L]P YZ OTaT^TZY^ MP_bPPY _SP []ZQLYP LYO _SP ^LN]PO_SP`YTaP]^PLYO_SPOPT_dLY_S]Z[ZWZRdLYO_SPZWZRdWLYR`LRPLYO`YTaP]^LW
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NZ]O^,MSTYLaLR`[_LLYOST^SZWT^_TN_PLNSTYRZQLNZ^XTNWLYR`LRPLYO ZQ S`XLY MPTYR^ L^ _SP NPY_P] ZQ ]PLWT_d LY TX[Z]_LY_ ]ZWP L^ ZYP ZQ 4YOTLv^ XZ^_ TX[Z]_LY_ w`YTaP]^LW Xd_SZWZRT^_^x 4Y 0`]Z[P ZYP SL^ _Z WZZV L_ _SP =PYLT^^LYNP LYO _STYVP]^ ^`NS L^ 8L]^TWTZ 1TNTYZ LYO ;TNZ OPWWL 8T]LYOZWL _S NPY_ # Z] 2TZ]OLYZ -]`YZ _Z QTYO Q]PP ^[T]T_^ WTVP ,MSTYLaLR`[_L bSZ ^`[[Z]_PO ^TXTWL] NZYNP[_^ ZQ LP^_SP_TN ]PWTR TZY ZQ ]PL^ZY [LY_SPT^_TN bZ]WOTY_P][]P_L_TZY LYO ]L_TZYLWT^_TN P^Z_P]T NT^X 3ZbPaP] _SPd bP]P YZ_ ]PLWWd LNNP[_PO , ^[PNTLW QPL_`]P ZQ _SP OZXTYLY_ 0`]Z[PLYQTPWOZQOT^NZ`]^PT^_SL_LW_SZ`RS MZ_S2LWTWPZLYO -]`YZ bP]P NZYOPXYPO Md _SP .S`]NS ZYWd 2LWTWPZv^ bZ]WOaTPb OP QTYPO_SPQZWWZbTYR[P]TZO4Y4YOTLMdNZY_]L^_[LYPY_SPT^XSLOMPPY N`W_`]LWWd []PQTR`]PO ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ LYO SLO YPaP] MPPY _SZ`RS_ _Z MP `YLNNP[_LMWP ,MSTYLaLR`[_Lv^ XP_L[Sd^TNLW XZ YT^X SLO L XL]VPO TYQW`PYNP ZY aL]TZ`^ ^NTPY_TQTN _]LOT_TZY^ [ZP_TN^ LP^_SP_TN^[STWZ^Z[SdLYO_SP_SPZWZRdZQ_SP3TRS?LY_]L-`_SPLW^Z LW_P]PO]PWTRTZ`^STP]L]NSTP^Md]LT^TYR _SPaLW`PZQ[Z[`WL]N`W_^ BT_S ST^PX[SL^T^ZY_SPTYYP]^PY^PSP^STQ_PObTWOOPT_TP^Q]ZX_SP[P]T[S P]d TY_Z _SP NPY_P] LYO TYT_TL_PO _SP 3TRS ?LY_]L BSL_ bL^ LMSZ]]PY_ _]LY^X`_PO TY_Z ^ZXP_STYR ^`MWTXP 4_ bL^ L_ _ST^ [ZTY_ _SL_ ,MST YLaLR`[_L MPNLXP ZQQPY^TaP LYO []ZaZVPO _SZ^P bSZ bP]P APOL Z]_SZOZc_Z[]Z_P^_ BSL_ XLOPT_TX[Z^^TMWPQZ] _SPX_ZTY_PR]L_P,M STYLaLR`[_L TY_Z _SP PcT^_TYR ^d^_PX bL^ YZ_ ST^ YZYO`LWT^X M`_ _SP STRSP]^_LYOTYRSPLNNZ]OPO_Z^NZ]YPON`W_^LYO_SPWPQ_SLYOPO?LY_]L bSZ^P OSL]XL PcNPPOTYR]T_P^SPXLOPLNNP[_LMWP_S]Z`RS[ZP_TNXP_L [SZ]^WTYR`T^_TNNZYNT^PYP^^LYOPWPRLYNPTYYP]PX[SL^T^ZY^PY^PLYO STRSWd OPaPWZ[PO [STWZ^Z[Sd $ .T]NWP^ ZQ _SP >Z`_SP]Y 4YOTLY ±L«VL]£N£]dL^L OPYZ`YNPO STX L^ L []LN_T_TZYP] ZQ MWLNV XLRTN -`_ ML^TNLWWd _SPd _SPX^PWaP^ bP]P LW]PLOd TYQTW_]L_PO Md ST^ [STWZ^Z[STNLW _SZ`RS_^ Z] bP]P ^ZZY _Z MP ^Z L^ _SPd LOZ[_PO L w[`]TQTPOx ?LY_]T^X NZY_LTYTYRZYWd_SPLNNP[_LMWP[L]_^ZQ,MSTYLaLR`[_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NZY^NTZ`^YP^^ XTN]Z LYO XLN]ZNZ^XZ^ Z] LNZ`^_TN^ LYO aT^`LWT_d LYO MZ`YOL]TP^ MP_bPPYRPYOP]^LYONL^_P^L]PT]]PWPaLY_ # .Q6ZNV`aZY>_`NV]LO BL^T^_0^Z_P]TV 1TNTYZv^_SZ`RS_^ZYNZ^XTNPYP]RdTMTO $QQZ]PcLX[WPL[[PL]NZX[L]LMWP_Z_SP3TYO`3TRS?LY_]LbSZ^PXZ^_TX[Z] _LY_ ]P[]P^PY_L_TaP T^ []ZMLMWd ,MSTYLaLR`[_L 3ZbPaP] 9PZ[WL_ZYTN _PLNSTYR^ LYO _SP ^NSZZW ZQ ,WMP]_ ZQ _SP 2]PL_ _SL_ []ZO`NPO 8PT^_P] 0NVSL]_ bP]P LW]PLOd 0`]Z [PLY^d^_PX^bT_S^TXTWL]LQQTYT_d $ ,_ _SP ^LXP _TXP ,MSTYLaLR`[_L ^_LYO^ QZ] L ?LY_]L ]PQZ]X ^[T]T_`LWTeL_TZY ZQ _SP ?LY_]LLYOZQbTWOLYOLY_TYZXT^_TNN`W_^LYOL[STWZ^Z[STNLWWdNZY^TOP]POLYOTY_P ]TZ]TePO6L`WL?LY_]TN[]LN_TNP_SL_TYNW`OPO_SPNZY^`X[_TZYZQbTYPLYO^Pc`LWT_d LYOaTZWL_PO_]LOT_TZYLW[`]T_dNZOP^RPYOP]]`WP^LYONL^_P]`WP^ ?ST^]PQP]^_Z_SP±]¯aTOd£_SPXZ^_bTOP^[]PLOWTaTYR?LY_]TN_]LOT_TZY_ZOLdbSTNS bL^ NZXXZY TY >Z`_SP]Y 4YOTL LXZYR >X£]_L -]LSXTY^ LYO LM^Z]MPO L R]PL_ OPLW Q]ZX ,MSTYLaLR`[_Lv^ [STWZ^Z[Sd M`_ bL^ ^_]ZYRWd APO£Y_TePO TY >Z`_SP]Y 4YOTL
7T_P]L_TTY4YOTLLYO0`]Z[P
!
,^ >X£]_L 3TYO`T^X LYO LY LNNP[_LMWP ?LY_]L MPNLXP XZ]P LYO XZ]PQ`^PObT_SZYPLYZ_SP]ZaP]_SPNZ`]^PZQ_TXPT_bL^QZ]RZ__PYTY _SP N`W_`]LW XPXZ]d _SL_ YZ_ _SP APOL Z]_SZOZcd M`_ L XZOP]L_P QZ]X ZQ?LY_]T^XbL^ _SPOZXTYLY_]PWTRTZ`^N`W_`]PTY _SP8TOOWP,RP^LYO _SL_ ^TYNP _SPY T_ SLO XP]RPO bT_S >X£]_L 3TYO`T^X _Z ^`NS LY Pc_PY_ _SL_ _ZOLd T_ T^ YZ WZYRP] ]PNZRYTeLMWP L^ ?LY_]L BSL_ ]PXLTYPO L^ ?LY_]L TY_SPN`W_`]LWXPXZ]dbL^ZYWd _SP]PUPN_PO WPQ_SLYOPO?LY_]L LYOT_^MLO]P[`_L_TZY4_bL^QZ]RZ__PY_SL_T_bL^LN_`LWWd XLY_]L []LN _TNPL^LXPLY^ZQ^PWQ_]LY^QZ]XL_TZYLYO[L]_TNT[L_TZYTY_SP[ZbP]ZQ _SP OPT_d bSTNS `YT_PO LWW ?LY_]TN _]LOT_TZY^ L^ T_^ XLTY PWPXPY_ MP NL`^P?LY_]TNXLY_]L[]LN_TNPMPNLXP^ZNZXXZY[WLNPTYL[Z[`WL]TePO LYO OPaZ_TZYLWTePO QZ]X ?ST^ T^ _SP ]P^`W_ ZQ L _`]YTYR [ZTY_ TY _SP WT _`]RTNLW XZOPW bSTNS ^_PP]PO T_ ZY_Z YPb [L_S^ LYO XL]VPO Z`_ YPb MZ`YOL]TP^ QZ] _SP QTPWO ZQ ]PWTRTZ`^ OT^NZ`]^P ¢RLXL±TaLT^X bSTNS SL^ LWbLd^ MPPY P^^PY_TLWWd ?LY_]TN T^ P^[PNTLWWd TY^_]`N_TaP ]PRL]OTYR _SL_ bSTNS 1Z`NL`W_ NLWW^ _SP QZ]XL_TZY ZQ ^_]L_PRTP^ Z] ^_]L_PRTN NSZTNP^ bSTNS XL]V _]LY^T_TZYLW [ZTY_^ TY L OT^N`]^TaP QZ]XL_TZY LYO L^ OT^N`]^TaP _`]YTYR [ZTY_^ OP_P]XTYP _SP Q`]_SP] NZ`]^P ZQ L OT^ NZ`]^P ,XZYR _SP XPOTPaLW ]PWTRTZ^T _SP ±TaLT_TN ]T_`LWXLY_]L ^[PNTLWT^_^ TYNW`OTYR -]LSXTY^ LYO YZY-]LSXTY^ LWTVP bP]P XZ]P ^`NNP^^Q`W _SLY _SP ^_]TN_APOL -]LSXTY^zbSTNS Pc[WLTY^_SPSPdOLdZQ_SP?LY _]L MP_bPPY _SP QTQ_S LYO _ST]_PPY_S NPY_`]TP^ 4Y _SP ]PWTRTZ`^ QTPWO TY [L]_TN`WL]bSP]PZYPXTRS_WPL^_Pc[PN_T_T_MPNZXP^L[[L]PY__SL__SP WT_`]RTNLWXZOPWbL^YZ_]TRTOLYOTYQWPcTMWPM`_XLWWPLMWPLYONL[LMWP ZQPc[LY^TZY4_bL^^`MUPN_PO_ZPc_]PXP[]ZNP^^P^ZQST^_Z]TNLWNSLYRP L^ T_ OTO YZ_ ^_Ld WTXT_PO _Z _SP APOTN bSTWP _ZOLdv^ 3TYO`T^X MPNLXP P^_LMWT^SPO ,Y P^[PNTLWWd OPNT^TaP _`]YTYR [ZTY_ TY _SP OT^N`]^TaP QZ] XL_TZYbL^_SP^ZNTLW]PWPaLYNP LYO[Z^T_TZYZQ[ZbP]_SL__SP ±TaLT_TN ?LY_]L TYN]PL^TYRWd LN\`T]PO TY _SP 8TOOWP ,RP^ _S`^ ]PNL^_TYR _SP WT_`]RTNLWXZOPW:YP^SZ`WOMPL]TYXTYO_SL_L__SPMPRTYYTYRPaPY_SP ]TRS_SLYOPO ?LY_]L _]LOT_TZY^ _SP ±TaLT_TN LYO AT´©`T_TN ¢RLXL N`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .QBTWVPw±L«VL]LLYO_SP?LXTYRZQBTWO2ZOOP^^P^xw-PL`_d;P]^ZYTQTPOxLYO w,9Pb?SPZWZRdZQ-WT^^x ,NNZ]OTYR _Z 1Z`NL`W_ L OT^N`]^TaP QZ]XL_TZY YPaP] ]PLWTeP^ _SP bSZWP [Z^^TMWP aZW`XP_SL_bZ`WOLN_`LWWdMP[P]XT__POMdT_^ZMUPN_^`__P]LYNP^LYONZYNP[_^?ST^ ]PYOP]^ _`]YTYR [ZTY_^ LYO _]LY^QZ]XL_TZY^ [Z^^TMWP ,NNZ]OTYR _Z 1Z`NL`W_ L XLUZ] QLN_Z]QZ]_SPQZ]XL_TZYZQ^_]L_PRTP^T^_SP[Z^^TMWPM]PLV^TYLOT^N`]^TaPQZ]XL_TZY TP_SP[WLNP^bSP]P_SPOT^N`]^TaPQZ]XL_TZYRPYP]L_P^_bZLW_P]YL_TaP^_ZMP`YT_PO bSTNS SZbPaP] OZ YZ_ ]P[]P^PY_ LY LM^ZW`_P M]PLV M`_ LWbLd^ ^_TWW MPWZYR _Z _SP ^LXP OT^N`]^TaP QZ]XL_TZY TY Z`] PcLX[WP _SP WT_`]RTNLW XZOPW LYO L XL]VPO ]T_`LW N`W_`]P ?SP [Z^T_TZY^ _LVPY OPNTOP _SP OT]PN_TZY ZQ _SP OT^NZ`]^P _SP OPaPWZ[XPY_ LYO YPb MZ`YOL]TP^ ZQ _SP QTPWO ZQ OT^NZ`]^P LYO _SP PQQPN_ ZY YZYOT^N`]^TaP NZY YPN_TZY^
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_`]P^ NL`^PO ZQQPY^P ?SP^P ^_]ZYRWd NZYQP^^TZYML^PO TYT_TL_Z]d ]T_`LW _]LOT_TZY^ bP]P ]PRL]OPO L^ SLaTYR wQLWWPY LbLd Q]ZX _SP [L_S ZQ _SP APOLx MPNL`^P _SPd OTO YZ_ ]PNZRYTeP _SP APOL L^ []TXL]d ]PaPWL _TZY QZ`YOL_TZY ZQ OSL]XL LYO ^Z_P]TZWZRTNLW ^d^_PX ?SP APOL bL^ `YTX[Z]_LY__Z_SPXMPNL`^P_SPdSLO_SPT]ZbY]T_`LW^d^_PXLYO_SPT] ZbY ]PaPWL_Z]d ^N]T[_`]P^ P_STNLW TOPL^ LYO XLY_]L TYT_TL_TZY^ bSTNS _SPd NZY^TOP]PO _Z MP ^`[P]TZ] >`NS LW_P]YL_TaP ]T_`LW N`W_`]P^ bP]P ^PPYL^OPaTLY_Md_SZ^PWZdLW_Z_SPAPOLLYOLWW_SPXZ]P^ZMPNL`^P _SPd LW^Z MPNLXP [Z[`WL] LXZYR -]LSXTY^ LYO _SPT] QZ`YOL_TZY ZY NZYQP^^TZY bL^ XZ]P ^ZNTLWWd QWPcTMWP _SLY _SP APOTN TYT_TL_TZY _SL_ ]PXLTYPO]P^_]TN_PO_Z_SP_bTNPMZ]YDP__SPOPaTLY_MPNLXP_SPYZ]X ?ST^bL^_SP]P^`W_ZQTYN]PL^TYRX`_`LWLNNP[_LYNPLYO]L[[]ZNSPXPY_ @W_TXL_PWd _SP APOTN wR`TOTYR N`W_`]Px waPOT^NSP 7PT_V`W_`]x ]P _LTYPO]P^_]TN_TaP[ZbP]PaPYTY_SP?LY_]TN[P]TZO?SPWT_`]RTNLWXZOPW LWWZbPOQWPcTMTWT_dLYOPaPYM]PLV^dP_bSP]PaP]LM]PLVL[[PL]PO_SP [Z^T_TZY^bP]PYZ_[P]XT__PO_ZRZ_ZZQL]L[L]_:Y_SPZ_SP]SLYO_SP TYPcZ]LMWP]T^PZQYZYAPOTN]T_`LW N`W_`]P^N]PL_POYPbOT^N`]^TaPQZ] XL_TZY^ BSTWP _SP ¢RLXL `YTaP]^P P^_LMWT^SPO T_^PWQ L^ YPb WT_`]RTNLW XZOPWT_^TX`W_LYPZ^WdPc[LYOPO_SPaLWTOT_dN]T_P]TLLYO^ZNTLWLNNP[_ LMTWT_d ZQ _SP ZaP]LWW APOTN N`W_`]P LYO ^_PP]PO T_ ZY_Z YPb [L_S^ :Q NZ`]^P_ST^^ZNTZ]PWTRTZ`^NSLYRPNZ`WOYZ_SLaPNZXPLMZ`_bT_SZ`_L ]PLW ML^T^ TY [ZWT_TN^ LYO QTYLYNTLW [ZbP] TP ]ZdLW [L_]ZYLRP ZQ ±TaLT_TN ]T_`LW Pc[P]_^ ,^ Pc[WLTYPO LMZaP bSP]PL^ _SP ^NTPYNP^ bP]P Q]PP _Z XZaP bT_STY _SP MZ`YOL]TP^ ZQ _SP WT_`]RTNLW XZOPW LYO dP_ TX [WTNT_ NZYaTN_TZY^ []LN_TNLW ]PWPaLYNP LYO Q`YN_TZY^ OP_P]XTYPO _SP ^[LNP bT_STY bSTNS _SP ^NTPY_TQTN ^_L_PXPY_^ bP]P ]PLWTePO _SP WTXT_L _TZY^ LYO Pc[LY^TZY^ ZQ _SP WT_`]RTNLW XZOPW T_^PWQ bP]P OP[PYOPY_ ZY LN_`LW [ZWT_TNLW TY_P]P^_^ ?Z MP XZ]P []PNT^P ]PWTRTZ`^ LYO [ZWT_TNLW ]PWL_TZY^ ZQ [ZbP] LYO OZXTYLYNP bP]P TY L []ZNP^^ ZQ X`_`LW Pc NSLYRP?SP]`WP]^SLOLYTY_P]P^_TY[]Z_PN_TYR_SL_]PWTRTZY_SL_bL^TY _SPT] PdP^ _SP XZ^_ PQQPN_TaP LYO [ZbP]Q`W QZ] R`L]LY_PPTYR _SPT] ]ZdLW L`_SZ]T_d_SP[]Z_PN_TZYZQ_SPVTYROZXLYO^ZNTZ]PWTRTZ`^TY_PR]L_TZY ?SP ]PWTRTZ`^ _]LOT_TZY^ _SL_ NZ]]P^[ZYOPO MP^_ bT_S _SP^P Pc[PN_L_TZY^ LYOQ`YN_TZY^R]PbYZ_ZYWdTY_ZL]PWTRTZ`^[ZbP]M`_L__SP^LXP_TXP TY_ZLYPNZYZXTNLYO[ZWT_TNLW[ZbP] ,NNZ]OTYR _Z ,WPcT^ >LYOP]^ZY _SP [Z[`WL]T_d LYO _SP ^`NNP^^ ZQ _SP ±TaLT_TN ]T_`LWXLY_]L ^[PNTLWT^_^ TY LN\`T]TYR ]ZdLW [L_]ZYLRP T^ Pc[WLTYPOXLTYWdMd_S]PPQLN_Z]^ 1T]^_L`YTaP]^LWT^_TN^[T]T__SL_bP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =£XP²aL]L $_S NPY_ ,/ _SP NZXXPY_L_Z] ZY _SP ;L]L²`]£XL6LW[L^¼_]L MPRTY^ ST^ bZ]V bT_S L WZYR WT^_ ZQ LNN`^L_TZY^ Q]ZX NWL^^TNLW WT_P]L_`]P^ _SL_ `^P _ST^ QZ] X`WL :Y_SPQZWWZbTYR,WPcT^>LYOP]^ZYw=PWTRTZYLYO_SP>_L_P%±LTaL:QQTNTPY_^TY_SP ?P]]T_Z]dZQ_SP-]LSXLYTNLW=ZdLW.SL[WLTYxw,_SL]aLaPOTY^TY?LY_]TN?P]]T_Z]dx
7T_P]L_TTY4YOTLLYO0`]Z[P
!
bZ`WO NLWW wPN`XPYTNLWx TY XZOP]Y _P]X^% _SP TYT_TL_TZY ZQ _SP ±TaLT_TN ]PWTRTZ^T bL^ YZ_ ]P^_]TN_PO ZYWd _Z -]LSXTY^ LYO w_bTNP MZ]Yx STRSP] NL^_P^&MPdZYO_SP[]P^`XLMWd^XLWWTYYP]NT]NWPZQ XLY_]L TYT_TL_P^ ]T_P^ bP]P LW^Z ZY ZQQP] QZ] WLd [P]^ZY^ LYO Z_SP] OPT_TP^ bP]P YZ_ Pc NW`OPO ,^ Pc[P]_^ QZ] NZY^PN]L_TYR _PX[WP^ _SP ±TaLT_TN ]T_`LW ^[PNTLW T^_^ LW^Z Q`YN_TZYPO TY _SP P^_LMWT^SXPY_ ZQ WL]RP YZY±TaLT_TN _PX[WP^ , ^PNZYOTX[Z]_LY_]PL^ZYQZ]_SPT] ^`NNP^^ bL^ _SL_ OP^[T_P_SPT]]T_P^ MPTYR TYOP[PYOPY_ ZQ _SP APOL _SPd Q`WWd LNNP[_PO LYO LNNZXXZOL_PO _SPAPOTN-]LSXLYTN_]LOT_TZYLYOP_STN^?SPT]_PX[WP]T_P^LYOLMZaP LWW_SPT]]T_P^QZ]VTYR^LW^ZTYaZWaPOAPOL]PNT_L_TZY4Y_SP^P]T_P^QZ] _SP[]Z_PN_TZYZQ_SPVTYRLYO_SPVTYROZX_SP]PbL^ ^ZXPOTaT^TZYZQ WLMZ] LYO ^ZXP NZZ[P]L_TZY MP_bPPY _SP ±TaLT_TN LYO _SP ,_SL]aL APOTN]ZdLW]T_`LW^[PNTLWT^_^LYO^ZXP_TXP^PaPY[P]^ZYLW`YTZY?ST^ LW]PLOd[ZTY_^_Z_SP_ST]O]PL^ZYLYO_SPXZ^_TX[Z]_LY_ZYPQZ]]ZdLW [L_]ZYLRP% _SP NZYYPN_TZY MP_bPPY _SP ±TaLT_TN ]T_`LW Pc[P]_^ bT_S _SP VTYROZXLYO_SPT]]ZWPL^]ZdLW_PLNSP]^ ]£ULR`]` LYONSL[WLTY^ ]£UL [`]ZST_L ?SP PcLX[WP ZQ _SP ±TaLT_TN ]T_`LW Pc[P]_^ T^ TYQZ]XL_TaP LMZ`_ _SP 4YOTLY 8TOOWP ,RP^ TY _S]PP bLd^ 1T]^_ T_ ^SZb^ _SL_ _SP wWT_`]RTNLW XZOPWx [P]aLOPO PaPY _SP bZ]WO ZQ [ZWT_TN^ >PNZYO T_ MPNZXP^ NWPL] U`^_ SZb ^_]ZYRWd MPWZYRTYR _Z _SP APOL TY ^ZXP bLd Z] L_ WPL^_ YZ_ Z[PYWd ]PUPN_TYR T_ OP_P]XTYPO bSL_ MPWZYRPO TY _SP OZXTYLY_ OT^ NZ`]^PLYObSL_OTOYZ_,^L]`WPT_bL^WP^^_SPPc_P]YLWNZY_]ZWLYO XZ]P _SP TY_P]YLW NZY_]ZW _SL_ ]P^`W_PO TY _SP ]PWTRTZ^T ^NTPY_T^_^ LYO [STWZ^Z[SP]^P^_LMWT^STYR_SPX^PWaP^TY_SPAPOTNYPc`^?ST^WPY__SPX WPRT_TXLNd LYO L`_SZ]T_d LYO bL^ YZ_ ZYWd ]P\`T]PO QZ] w[ZWT_TNLW NZ] ]PN_YP^^x M`_ bL^ LW^Z [ZWT_TNLWWd LYO PNZYZXTNLWWd bT^P ?ST]O T_ T^ PaTOPY_ _SL_ bT_STY _ST^ XZOPW _SP]P bP]P _]LY^QP]^ _]LY^X`_L_TZY^ LYO M]ZLO Pc[LY^TZY^ TY _SP ]PWTRTZ`^ QTPWO 9ZYAPOTN ]PaPWL_TZY^ bP]P ^`[P]TX[Z^POZY_SPZ]TRTYLWAPOTN_Pc_&_SP?LY_]TN R`]` bL^^`[P]TX [Z^PO ZY _SP APOTN £N£]dL & ?LY_]TN []LN_TNP bL^ ^`[P]TX[Z^PO ZY _SP APOTN ]T_`LW LYO XLY_]L []LN_TNP& Pc[P]_ VYZbWPORP bL^ YZ WZYRP] ]P ^_]TN_PO _Z -]LSXTY^ LYO OTQQ`^PO LbLd Q]ZX _SPX PaPY ]PLNSTYR WLd [PZ[WP ?SP^P ZM^P]aL_TZY^ ZQ ]PWTRTZ`^ NSLYRP SLaP YZ_ ^_PP]PO `^ LbLd Q]ZX _SP _]LNV ZQ LP^_SP_TN ^_dWP^ L^ T_ XTRS_ ^PPX 4Y^_PLO LP^_SP_TN^ L]PLYP^^PY_TLW[L]_ZQ_SPNZ]]PWL_TZY^[LNP^OT^N`^^PO?SP]P[]P^PY_L _TZYLW LMTWT_d ZQ ±TaLT_TN ]T_`LW N`W_`]P L^ bP ^_TWW QTYO T_ TY >Z`_SP]Y 4YOTL LYO >]T 7LYVL _ZOLd bSP]P ?LY_]L LYO MSLV_T bP]P LW]PLOd NWZ^PWdNZYYPN_POQ]ZX_SP^Tc_SZ]^PaPY_SNPY_`]dZYbL]OWTVPWdSL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYO =PWTRTZYLYO_SP>_L_P%4YT_TL_TYR_SP8ZYL]NSTY±LTaT^XLYO_SP-`OOST^_BLd ZQ8LY_]L^
!!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MPPYLYZ_SP]TX[Z]_LY_]PL^ZYQZ]_SP[Z[`WL]T_dLYO_SP^`NNP^^ZQ_SP >TaLT_TN ]T_`LW Pc[P]_^ ?SP L]_T^_TN _PX[WP^ LYO ]PWTRTZ`^ TXLRP^ bSZ^PNZY^_]`N_TZYT^^P_OZbYTYQTYPOP_LTWTY_SP¢RLXL^SLOLXZ]P [WL^_TN XL_P]TLW YL_`]P XZ]P ^PY^`LW LP^_SP_TN^ LYO WZYRP]WL^_TYR ^_L MTWT_d _SLY _SP XZMTWP QT]P ^LN]TQTNP^ ZQ _SP APOTN -]LSXTY^ LYO _SPT] [`MWTN ]PNT_L_TZY RL_SP]TYR^ _SL_ OT^^ZWaPO LRLTY LQ_P] _SP QP^_TaP ZNNL ^TZY^SLO[L^^PO?SPX`W_TXPOTL¢RLXL]T_P^bP]PXZ]PTXLRT^_TNLYO XZ]P _SPL_]TNLW _SLY _SP APOTN QT]P ^LN]TQTNP^ _SL_ ^PPXPO ^TX[WP LYO XZYZ_ZYZ`^Md NZX[L]T^ZY ,W_SZ`RS_SP¢RLXL]T_P^bP]P ËWT_T^_ L^ bPWW_SPdbP]P^_TWWXZ]PLNNP^^TMWP_SLY_SPËWT_T^_APOTNNSLY_^MPTYR LaLTWLMWPQZ]TY^_LYNPYZ_ ZYWdTY>LY^V]T_M`_LW^ZTY?LXTWaP]YLN` WL]^ LYO ^_TX`WL_TYR _SP aT^`LW LYO _SP L`]LW ^PY^P^ ! 9Z_ WPL^_ _SP XZY`XPY_LW _PX[WP^ _SP L]_T^_TN XL_P]TLWTeL_TZY^ ZQ [ZbP]Q`W XLY_]L OPT_TP^ TY LY_S]Z[ZXZ][STN ]PWTRTZ`^ TXLRP^ LYO _SP LM`YOLY_Wd W`c`]T Z`^]T_P^bP]PLR]LYOXPOT`XQZ]]ZdLWN`W_`]PLYO^PWQ]P[]P^PY_L_TZY ?SPVTYROZXT_^PWQbL^LNZ^XZWZRTNLWOTLR]LXLYO_SP?LY_]TNXLY_]L ]T_P^WPY__SPVTYR^^`[P]YL_`]LW[ZbP]LYOXLOP_SPXTYaTYNTMWP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPNL^PT^^TXTWL]bT_S_SPAT´©`T_TN ]T_`LWN`W_`]PTY>Z`_SP]Y 4YOTL bSTNST^aP]d ^TXTWL] _Z _SP ±TaLT_TN TY LWW []ZMLMTWT_d LW^Z TY^[T]PO Md ±TaLT^X LYO SL^ T_^ ZbY ¢RLXL?LY_]L^_SP;LÓNL]£_]LWT_P]L_`]P ?SP¢RLXL^LYO?LY_]L^LN_`LWWdLM^Z]MPO_SPAPOTNQT]P^LN]TQTNPLOOTYRT__Z_SPT] ZbY]T_P^1T]P^LN]TQTNP^L]PLYP^^PY_TLWPWPXPY_ZQWL]RP^NLWPNP]PXZYTP^QP^_TaLW^ LYO _PX[WP NZY^PN]L_TZY^ ?SP ¢RLXL QT]P ]T_`LW^ O`]TYR NZY^PN]L_TZY L]P TY XLYd bLd^ PcLN_ ]P[WTNL^ ZQ _SPT] APOTN []POPNP^^Z]^ _SP ^SL[P^ ZQ _SP ^LN]TQTNTLW LW_L]^ _SP[Z^T_TZYTYRZQ_SP^LN]TQTNTYR[]TP^_^WZZVTYRTYOTQQP]PY_OT]PN_TZY^ZQQP]TYRRSPP LYO Z_SP] NZ^_Wd RZZO^ bSTWP NZY^_LY_Wd ]PNT_TYR XLY_]L^ P_N ?SPT] Q`YN_TZY T^ SZbPaP]_Z_LWWdOTQQP]PY_Q]ZX_SPAPOTNZYP1T]P^LN]TQTNP^WPYO^LN]PO[ZbP]_Z_SP bL_P]_SL_T^[Z`]POZaP]_SP_PX[WP_ZbP]^_SP^S]TYP^LYOTNZY^?SPAPOTN]T_PMP NLXP SPLaTWd ?LY_]TePO TP QTWWPO bT_S LM`YOLY_ LP^_SP_TN^ LYO YPb ^PXLY_TN^ ?SP bL_P][]P[L]PObT_SaL]TZ`^NZ^_WdP^^PYNP^LYOSP]M^T^SPWOTYOPNZ]L_PO[Z_^_SL_ PLNS ]P[]P^PY_^ L _PX[WP OPT_d ?SLYV^ _Z _SP ]T_`LW LYO NZY^_LY_ XLY_]L ]P[P_T_TZY _SPbL_P]T^TY^_TWWPObT_SOTaTYPPYP]Rd_SPOPT_dT_^PWQ ! 4Y_SPAPOTN-]LSXLYTNLYO>X£]_LOT^NZ`]^P_SPLNNP^^TMTWT_dZQ?LY_]TNXLY_]L^_Z _SZ^P bSZ bP]P YZ_ w_bTNP MZ]Yx LW]PLOd XPLY_ _SL_ _SPd bP]P XZ^_Wd L^^TRYPO _Z bZXPY LYO ±¼O]L^ :Y _SP Z_SP] SLYO TY ^ZXP ]P^[PN_^ _SP ¢RLXL N`W_`]P bL^ L NZY_TY`L_TZYZQ_SPËWT_T^_APOLN`W_`]PP^[PNTLWWdTY_SPQLN__SL_]TRS_`[_ZXZOP]Y _TXP^ /LWT_^ bP]P QZ]MTOOPY _Z PY_P] ¢RLXL _PX[WP^ ±¼O]L^ LYO NL^_PWP^^ [P]^ZY^ SLO_Z^_LYOZ`_^TOP_SPOZZ]LYO[P]QZ]X_SPT]bZ]^ST[TYQ]ZY_ZQ_SP^PY_TYPWOPT_TP^ ZY _SP [P]T[SP]d ZQ _SP SZWd L]PL ?SP ?LXTW -SLV_T _]LOT_TZY T^ Q`WW ZQ ^_Z]TP^ TY bSTNS _ST^ STP]L]NSTNLW ]PWL_TZY^ST[ T^ ]PaP]^PO _S]Z`RS OTaTYP TY_P]aPY_TZY _Z _SP MPYPQT_ZQ_SZ^PbSZSLOMPPYPcNW`OPO>`NS^_Z]TP^]PQWPN_YZ_ZYWd[]Z_P^_M`_LW^Z _SPOP^T]P_ZMPWZYR_Z_SPwR]PL__]LOT_TZYx4Y_SP]PLWbZ]WO_SP/LWT_^bP]PYZ_]PWT LY_ZY_SPËWT_T^_>LY^V]T_N`W_`]PLYOTYQLN_SLO_SPT]ZbY]T_`LWN`W_`]P[]TP^_^]PWT RTZ`^ TXLRP^ PR _P]XT_P STWW^ LYO `YSPbY ^_ZYP^ LYO SZWd ^[LNP^ PR XZ`Y_LTY [PLV^LYOZ[PY^S]TYP^TY_SPNZ`Y_]d^TOP
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
!"
?SP ±TaLT_TN ]T_`LW N`W_`]P ^`[[WTPO ^TXTWL]Wd M]TWWTLY_ LYO PWLMZ]L_P ^_LRTYR^ _Z _SZ^P ZQ _SP ^NTPY_TQTN NZXX`YTNL_TZY ZQ _SP L^_]ZYZXP] XL_SPXL_TNTLY^ _SL_ bP Z`_WTYPO LMZaP BSP]PL^ L^_]ZYZXP] XL_SPXL_TNTLY^ NWZ_SPO _SPT] ZM^P]aL_TZY^ LYO NLWN`WL_TZY^ TY LW[SL MP_TNLW ^Z`YO NZOP^LYOL]_T^_TNXP_]TNaP]^P^_SL_bP]PZ]TPY_POZY_SP ^_dWP ZQ Z]YLXPY_LW [ZP_TN^ LYO YZ_ `YNZXXZYWd NZY^NTZ`^Wd RTaPY L X`W_T^PXLY_TN QZ]X _SP ¢RLXL?LY_]L Pc[P]_^ PcPN`_PO bT_S ^TXTWL] QTYP^^PL_d[PZQ]T_`LW[Z_WL_NSTY_SPQZ]XZQZ]YLXPY_LW_PX[WPL]NST _PN_`]P Z[`WPY_ ]T_P^ LYO []ZNP^^TZY^ LYO RZ]RPZ`^Wd OPNZ]L_PO L]_T^ _TN ]PWTRTZ`^ TXLRP^ bSZ^P bZ]^ST[ TYNW`OPO WT_P]LWWd ML_STYR _SPX TY XTWV LYO SZYPd ,WW ZQ _SP^P ^dXMZWTN QZ]X^ LYO W`c`]TZ`^ [P]QZ]X LYNP^bP]PNZOPObT_SLOPP[P]^TRYTQTNLYNPLYOXP_L[SZ]TNLWXPLYTYR 0aP]d WL^_ OP_LTW ZQ _SP L]_T^_TN ^`]QLNP SL]MZ]PO ^[T]T_`LW LYO NZ^XZ WZRTNLW^TRYTQTNLYNPL^VTYR_ZMPOPNZOPO?ST^]T_`LW`YTaP]^PTYNW`OPO NZYOPY^PO ^_]TN_ QZ]X LYO NZYNPY_]L_PO LM^_]LN_TZY 8ZYZ^dWWLMTN ^Z`YO^ NZY_LTYPO TY NZYNPY_]L_PO QZ]X _SP OPT_TP^ MPTYR TYaZVPO LYO _SPT] [ZbP]^ ?SP [SZYP_TN Z]OP] ZQ _SP LW[SLMP_ ]PaPLWPO TY w[`]P]x QZ]X _SP Z]OP] ZQ _SP YL_`]LW bZ]WO LYO bL^ _SP]PQZ]P ]PQWPN_PO NZ^ XZRZYTNLWWd LYO `^PO ]T_`LWWd ,M^_]LN_ OTLR]LX^ `YOP][TYYPO _SP NSL]XTYR LY_S]Z[ZXZ][STN TXLRP^ LYO _PX[WP L]NST_PN_`]P^ LYO ]PR` WL_PO _SP QZ]X^ _SPd _ZZV 4Y ]PLWT_d T_ bL^ XLY_]L OPT_TP^ Z] PYP]Rd [ZbP]^ ZQ ^Z`YO LYO NZY^NTZ`^YP^^ _SL_ bP]P SZYZ]PO bT_S ^Z X`NS PQQZ]_ LYO UZd TY _SP ^PY^P^ 7TVP ^NTPYNP _SP ¢RLXL N`W_`]P WTYVPO ^PY^`LWT_dbT_S_SP^_]TN_P^_NZYNPY_]L_TZYZY_SPXZ^_P^^PY_TLWL^[PN_^ >Z LWW _SP bLd _S]Z`RS OTQQP]PY_ N`W_`]LW ^PN_Z]^ bP QTYO ZMUPN_TaTeL _TZY^ ZQ bSL_ bP SLaP NLWWPO _SP w_ST]O ^[LNP SLMT_`^x LYO _SP wOZ`MWP _]LTYTYRQTPWOxZQ[P]NP[_TZY
$
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^ .`W_`]LW8POTL
?SP QZ]PRZTYR NSL[_P]^ ZY _SP ^NTPY_TQTN N`W_`]P^ TY [L]_TN`WL] SLaP ^SZbYSZbTX[Z]_LY_T_T^YZ__ZTRYZ]PLP^_SP_TNL^[PN_^LYOLWbLd^_Z NZY^TOP] ]L_TZYLWT_d TY L bTOP] N`W_`]LW NZY_Pc_ TP _Z TYNW`OP _SP N`W _`]LWT_d ZQ ]L_TZYLWTeL_TZY TY ZYPv^ NZY^TOP]L_TZY^ =L_TZYLWT_d T^ XZ]P _SLY LY TY_PWWPN_`LW PY_P][]T^P ?SP]P T^ LW^Z L ]L_TZYLWT_d ZQ _SP ^PY^P^ P_N ?SP 4YOTLY ST^_Z]d ZQ ]L_TZYLWT_d TYNW`OP^ ^PY^Z]d LQQPN_TaP LYO NZRYT_TaPOTXPY^TZY^L]LYRPZQXPY_LWbZ]WO^LYO^dXMZWTeL_TZY^_SL_ WL]RPWd OTQQP] Q]ZX BP^_P]Y ^NTPY_TQTN N`W_`]P /`P _Z _SP WT_`]RTNLW XZOPW ^NTPY_TQTN ^_dWP QZ]XL_TZY TY 4YOTL _ZZV L OTQQP]PY_ NZ`]^P _SLY _SL_TY0`]Z[P4_T^LQZ]XL_TZYZQ^_dWPWTYVTYRb]T_TYRLYOZ]LWT_dLYO TY_PR]L_TYR^NTPY_TQTN]L_TZYLWT_dTY_ZLYLP^_SP_TNZ`_bL]OQZ]X_SL_SL^
!#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
XZ]P _SLY L [WPL^LY_ L[[PL]LYNP YZ_ ^LdTYR aP]d X`NS 4Y^_PLO T_ SL^ _SP TX[Z]_LY_ Q`YN_TZY ZQ _SP []ZO`N_TZY ZQ L`_SZ]T_L_TaP ^[PPNS LYO ZQ PXMPOOTYR _SP WT^_PYP]?ST^LP^_SP_TNOTXPY^TZYLYO T_^QZ]XL_TaP ]ZWP QZ] RPYP]L_TYR [P]NP[_TZY LYO LQQPN_TaT_d bL^ YZ_ NZY^TOP]PO PT_SP] Md 2ZZOdZ]ST^N]T_TN^LYOST^^`NNP^^Z]^NL_PRZ]TePOT_LWW_ZZ^NSPXL_T NLWWd ZYWd `YOP] Z]LWT_d ?ST^ OT^_Z]_PO _SP PaP] NWZ^P ]PNT[]ZNLW TY_P] [WLd MP_bPPY _PNSYZWZRTP^ XPOTL NZYQTR`]L_TZY^ Pc[P]TPYNP [P]NP[ _TZY TXLRTYL_TZY ]L_TZYLWT_d LYO N`W_`]P _SP QLM]TN ZQ L__]TM`_TZY^ ZQ XPLYTYR _SL_ T^ Pc[]P^^PO [P][P_`L_PO LYO _]LY^QZ]XPO TY OT^NZ`]^P^ LYO[P]QZ]XLYNP^ ?SP _PWWTYR _T_WP ZQ _SP XPOTPaLW ^_`Od ATaL aZc `YO ]L_TZ ^N]T[_`]L ^SZb^ SZb bTOPWd ]PNZRYTePO 2ZZOdv^ WT_P]LNd _SP^T^ bL^ L^ aLWTO LYO ^NTPY_TQTNLWWd YL_`]LWTePO -`_ _SP _T_WP ^TX`W_LYPZ`^Wd TWW`^_]L_P^ _SP ^`^NP[_TMTWT_d ZQ _SP _SPZ]d _Z MZ_S WZRZNPY_]TNT_d LYO 0`]ZNPY_]TNT_d =L_TZYLWT_dT^L^^ZNTL_POZYWdbT_Sb]T_TYRLYOLYTXL_TZYZYWdbT_S_SP aZTNP :`] OT^N`^^TZY SL^ ^SZbY _SL_ LM^_]LN_ ^TRY ^d^_PX^ NLY LW^Z MP QZ]XPO`^TYR_SPWTaTYRaZTNPLYOLW^Z_SL__SP^NTPY_TQTNLM^_]LN_TZY^ZQ _SP >LY^V]T_WT_P]L_T bSTNS L]PQTcPOTY b]T_TYRL]PaP]dLYTXL_TYRLYO L[[PLWTYR_Z_SP^PY^P^MPNL`^P_SPdTYNW`OP^_]ZYRLP^_SP_TNL^[PN_^4Y 4YOTL _SP ^PXTZ]LW TY_P]XPOTL]d ^[LNP bSTNS bP NLWW ^ZYTN N`W_`]P WTYVPO ]L_TZYLWT_d LYO ^PY^P Pc[P]TPYNP ?SP ZM^P]aL_TZY OT^[]ZaP^ _SP NZXXZY L^^`X[_TZY^ TY XPOTL _SPZ]d M`_ ]PTYQZ]NP^ _SPX _ZZ bSPY WT_P]LNd LYO Z]LWT_d NZXP TY_Z aTPb L^ RPYP]L_Z]^ ZQ [P]NP[_TZY LYO _]LTYTYR R]Z`YO^ QZ] LP^_SP_TN ^_dWP^ :Y _SP ZYP SLYO >LY^V]T_ N`W_`]P ^SZb^_SL__SP U`c_L[Z^T_TZYZQZ]LWT_dLYOWT_P]LNd T^ Lw^SLXNZYQWTN_x ]PRL]OTYR4YOTL,__SP^LXP_TXP_SPLP^_SP_TN^`MUPN_TaTeL_TZY^ZQ_SP 4YOTLYWT_P]L_T]PLWWdOZOPXZY^_]L_P^_]TVTYROTQQP]PYNP^Q]ZX_SP0`]Z [PLY ZYP^ 4Y ^TX[WTQTPO _d[ZWZRTNLW _P]X^ N]d[_TN LY_TOTOLN_TN PY NZOTYR ^d^_PX^ MPL`_TQ`W QZ]X^ LYO NZXX`YTNL_TZY ZQ _SP YZYaP]MLW L]P ]LYRPO ZY _SP ZYP ^TOP bT_S OTOLN_TN^ NWL]T_d ZQ ^_L_PXPY_^ YZY ^PY^Z]d YZYLP^_SP_TN QZ]X^ LYO WZRZNPY_]TNT_d ZY _SP Z_SP] ?ST^ ^SZb^ _SL_ LW_SZ`RS _SP ^TX[WP P\`L_TZY Z]LWT_d ( ^PY^`LWT_d aP]^`^ WT_P]LNd ( ]L_TZYLWT_d ]P[]P^PY_^ L QLW^P OTNSZ_ZXd _SPd OZ SZbPaP] Pc[]P^^ ^ZXP_STYR Q`YOLXPY_LW LYO _SL_ 7Ëad-]`SWv^ X`NS N]T_TNTePO _SPZ]d ZQ OTQQP]PY_ QZ]X^ ZQ XPY_LWT_d T^ [Z^^TMWd YZ_ TY QLN_ _Z_LWWd ZM^ZWP_P TQ T_ T^ ]PQZ]X`WL_PO 0aPY 2ZZOd STX^PWQ []Z[Z^PO _ST^ ^PP TYR _SP VPd TY _SP OTQQP]PY_ N`W_`]LW _PNSYZWZRTP^ Z]LWT_d LYO WT_P]LNd -`_ ^TYNP ST^ bPWWQZ`YOPO L]R`XPY_L_TZY OZP^ YZ_ ]PLWWd L[[Wd _SL_ bPWW _Z 4YOTL LYO PaPY _SP ]PQZ]X`WL_TZY Md =PNVbT_e bSZ OT^_TY R`T^SP^ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ ZQ XPOTL []LN_TNP^ T^ ZYWd [L]_TLWWdL[[WTNLMWPbP^SLWWRTaP[]PQP]PYNP_Z_SPXZ]PZ[PY_P]X^ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d bZ]WOZ]TPY_L_TZY LYO `YOP]^_LYO L N`W_`]Pv^ ^dXMZWTN QZ]X^ L^ XPOTL ?ST^ w^_]L_PRdx ]P[]P^PY_^ L OT^N`]
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
!$
^TaP _`]YTYR [ZTY_ BP L]P QTYLWWd WPLaTYR _SP XPOTL OT^N`^^TZY TY _SP YL]]Zb ^PY^P 4_ _SP]PQZ]P XLVP^ ^PY^P _Z ^`XXL]TeP ^ZXP VPd _SP^P^ _SL_ SLaP PXP]RPO TY ]PWL_TZY _Z 4YOTL TY Z]OP] _Z M`YOWP _SP w_]LY^T _TZYLW [ZTY_^x _SL_ XLVP T_ YPNP^^L]d _Z RTaP L M]ZLOP] ML^P _Z _SP MT YL]dOTQQP]PY_TL_TZYLYO_SPNZYNP[_ZQXPOTL ?SP NL_NSbZ]O w^SLX NZYQWTN_x ]PRL]OTYR Z]LWT_d LYO WT_P]LNd TY 4YOTL NL[_`]P^ LW]PLOd L XLUZ] N]T_TNT^X ZQ 2ZZOd LYO ^TXTWL]Wd ZQ :YR :`] L^^P^^XPY_ ZQ _SP WT_P]LNd _SPZ]d SZbPaP] SL^ MPPY ^ZXP bSL_XZ]POTQQP]PY_TL_PO:Y_SPZYPSLYOT_T^[Z^^TMWP_Z]LT^P^P]TZ`^ N]T_TNT^X^ 4Y _SP OT^N`^^TZY _SP N`W_`]LWWd aL]TLY_ L[[WTNLMTWT_dYZY L[[WTNLMTWT_d ZQ _SP Z]LWT_dWT_P]LNd _SP^P^ LYO _SPT] 0`]ZNPY_]TN LYO WZRZNPY_]TN ^`^NP[_TMTWT_d _Z TOPZWZRTP^ MPNLXP NWPL] 2ZZOdv^ _SPZ]d bL^ S`RPWd ^`NNP^^Q`W MPNL`^P T_ L]R`PO TY L NWPL] LYO ^_]TYRPY_ bLd []P^PY_POLRZZO^_]`N_`]LWLYLWd^T^LYO[]ZaPO_ZMP`^LMWPQZ]0`]Z[P 3ZbPaP]T__`]YPOZ`__ZMPWP^^L[[WTNLMWP_Z4YOTLLYOZ_SP]N`W_`]P^ ?SP QL]]PLNSTYR NZY^P\`PYNP^ ZQ L WT_P]L]d N`W_`]P QZ] _SP N`W_`]LW XPXZ]d _SP Z]RLYTeL_TZY ZQ VYZbWPORP LYO _SP bSZWP ^ZNTLW MZOd bSTNS []Z[ZYPY_^ ZQ WT_P]LNd NWLTXPO bP]P `YTaP]^LWWd aLWTO WLb^ L]P ZYWd [L]_TLWWd _]LY^QP]LMWP _Z >LY^V]T_ N`W_`]P LYO TY ^ZXP NL^P^ L]P ^PaP]PWdNLWWPOTY_Z\`P^_TZY2]TQQT_S^LYOZ_SP]^SLaPLW]PLOd[ZTY_PO Z`_ _SP Q`YOLXPY_LW XP_SZOZWZRTNLW []ZMWPX _SL_ _SP ML^TN []PXT^P T^ QL] _ZZ OP_P]XTYT^_TN LYO _PNSYZN]L_TN " 2ZZOdv^ _SPZ]d T^ _ZZ XZYZ NL`^LW LYO ^NSPXL_TNLWWd OT]PN_PO L_ LWW N`W_`]P^ LYO L^^`XP^ _ZZ `Y N]T_TNLWWd_SL_NP]_LTY_PNSYZWZRTP^[]ZO`NP_SP^LXPPQQPN_^PaP]dbSP]P LYO LM^_]LN_TZY^ NLY ZYWd MP QZ]XPO aTL ^d^_PX^ ZQ b]T_TYR 1L] _ZZ WT__WP L__PY_TZY T^ RTaPY _Z Z_SP] aL]TLMWP^ LYO N`W_`]PQZ]XTYR QLN_Z]^ .`W_`]LW aL]TL_TZY^ Pc[]P^^TYR _SPX^PWaP^ TY OTQQP]PY_ XPOTL []LN_TNP^ LYO OTQQP]PY_ PaLW`L_TZY^ ZQ b]T_TYR LYO MZZV^ ]PXLTY `YOP]Pc[Z^PO MPNL`^P_SPN`W_`]LWWdLYOST^_Z]TNLWWdaL]TLY_OT^N`]^TaPQZ]XL_TZY^LYO _SP []LcPZWZRTNLW OTXPY^TZY^ ]PXLTY aP]d WL]RPWd `YNZY^TOP]PO bSTWP TY_P]XPOTL]deZYP^ZaP]WL[[TYR^LXMTaLWPYNP^_SPNZY_TY`L_TZYZQ_SP ZWO bT_STY _SP YPb L]P ^`MUPN_ _Z SL]OWd LYd LYLWd^T^ L_ LWW ,WW ZQ _ST^ XLVP^ _SP _SPZ]d NZY_P^_LMWP LYO ^`^NP[_TMWP _Z TOPZWZRd PaPY _SZ`RS T_T^aP]dQ]`T_Q`WL^LYTY^_]`XPY_ZQLYLWd^T^[L]_TN`WL]WdTY_SPL]PLZQ N`W_`]LWNZX[L]T^ZY /Z`M_WP^^ _SP WT_P]LNd _SPZ]d LW^Z SL^ R]PL_ ^_]PYR_S^ ?SP LW_P]PO XPOTL NZYQTR`]L_TZY^ XLOP T_ [Z^^TMWP _Z Pc[WLTY OPaPWZ[XPY_^ _d[TNLW ZQ 0`]Z[P TY _SP WL_P 8TOOWP ,RP^ _SP =PQZ]XL_TZY LYO _SP =PYLT^ ^LYNP 0aPY TQ 4YOZWZRT^_^ SLaP U`^_TQTLMWd PX[SL^TePO _SP YZY _]LY^QP]LMTWT_dZQXLYdZQ2ZZOdv^L^^`X[_TZY^_Z4YOTLYN`W_`]PP^[P NTLWWd LYNTPY_ 4YOTL _SP NZ`Y_P]L]R`XPY_^ SLaP YZ_ LN_`LWWd []ZaPO _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .QLW^Z2]TQQT_S^ =PWTRTZ`^=PLOTYR #zTY[L]_TN`WL]
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
MP NZ`Y_P]PaTOPYNP ,_ _ST^ U`YN_`]P T_ T^ ^`QQTNTPY_ _Z RTaP L M]TPQ ^`XXL]dZQ_SPXZ^_^LWTPY_[ZTY_^^_L]_TYRbT_S_SPL]R`XPY_^LRLTY^_ 2ZZOd?SPNL[LMTWT_dZQ[`]PWdZ]LW_]LY^XT^^TZY_Z[]ZaTOPPcLN_^_Z] LRP TY _SP NL^P ZQ _SP APOL bL^ NZ]]PN_Wd PX[SL^TePO& _SP SdXY WT^_^ _SL_bP]PO]LbY`[QZ]LOSZN]PNT_L_TZYLYO;£©TYTv^R]LXXL]N]PL_PO QZ] Z]LW NZXX`YTNL_TZY LYO ST^ LM^_]LN_ [SZYZNPY_]TNLWWd Z]RLYTePO R]TO^ ZQ ^Z`YO []L_d£S£]L^ LYO [SZYP_TN ^d^_PXL_TeL_TZY ZQ _SP LW[SL MP_ bP]P `YOP]^NZ]PO LWZYR bT_S XT^^TYR []ZZQ ZQ LY LW[SLMP_TN ^d^ _PX ZQ b]T_TYR L_ _SL_ _TXP 3ZbPaP] _SP ZYWd NZ`Y_P]L]R`XPY_ _SL_ ^_ZZO `[ _Z NWZ^P] TY^[PN_TZY bL^ _SL_ _SP]P T^ YZ SL]O PaTOPYNP ZQ LY LW[SLMP_TN ^N]T[_ MPQZ]P _SP _ST]O NPY_`]d -. BSTWP _SP ST^_Z]TNLW QLN_ ZQ _SP YZYPcT^_PYNP ZQ TY^N]T[_TZY^ MPQZ]P _ST^ _TXP YZ_ OZP^ OPWTaP] LYd OPQTYT_TaP []ZZQ LYO _SP L]R`XPY_ T^ _SP]PQZ]P ]PWL_TaPWd bPLV 2ZZOdv^ LYLWd_TNLW ^_]`N_`]LW L]R`XPY_ ZQ PcT^_TYR ^d^_PXL_TN WT^_^ LYO WPcTNL L[[PL]PO _Z MP ^_]ZYR MPNL`^P ^`NS T_PX^ bZ`WO YZ_ SLaP MPPY YPPOPOL_LWWTQPaP]dZYP]PLWWdSLOSLOPaP]d_STYRLaLTWLMWP_Z_SPXLO SZN 3T^ _SP^T^ ZQ LY LW[SLMP_TN ^N]T[_ L_ L]Z`YO " -. OZP^ TYOPPO WLNVPaTOPYNPM`_T_NZ]]PWL_P^bT_SZ_SP]^_LYOL]OTeL_TZY^LYO^d^_PXL _TeL_TZY^TYWL_PAPOTN_TXP^BP_SP]PQZ]PLW^ZL^^`XPLVYZbWPORPZQ b]T_TYR TY ;£©TYTv^ _TXP L_ _SP WL_P^_ BSL_ bP QTYO []ZMWPXL_TN LMZ`_ 2ZZOdv^ _SP^T^ T^ YZ_ _SP NZY_]ZaP]^d ]PRL]OTYR _SP PcT^_PYNP Z] YZY PcT^_PYNPZQb]T_TYRTYLYNTPY_4YOTLM`_TY^_PLO_SPRPYP]LWL^^`X[_TZY _SL_ LM^_]LN_TZY^ LYO ^_LYOL]OTeL_TZY^ NZ`WO ZYWd L]T^P aTL _Pc_ QTcPO TY b]T_TYR 4Y NZY_]L^_ _SP APOL bL^ TYOPPO L QTcPO _Pc_ M`_ TY [`]PWd LNZ`^_TNQZ]X4YOTLTWW`^_]L_P^zYZ_ZYWd_S]Z`RS_SPPcLX[WPZQ;£©TYT z_SL_LM^_]LN_^TRY^d^_PX^NLYLW^ZPXP]RPQ]ZX^d^_PXL_TePO^Z`YO^ 0aPY TQ ;£©TYTv^ R]LXXL] []ZMLMWd OTO YZ_ Q`YN_TZY L^ L [`]PWd Z]LW _Pc_TX[Z]_LYNPbL^^_TWWL__LNSPO_ZLOT]PN_^ZYTN]P[]P^PY_L_TZY,YO _ST^ LN_`LWWd ]P^`W_^ TY R]PL_P] PQQTNTPYNd% ;£©TYTv^ QZ]X`WL w TVZ dL© LNT x ^Ld^ aP]d X`NS XZ]P _SLY [ZTY_TYR _Z w>_PYeWP]v^ R]LXXL] [L]L R]L[SxLYOT^X`NS^SZ]_P]_SLYwPcNP[_QZ]LLYO£^TX[WPaZbPW^ ZNN`]]TYRMPQZ]POT^^TXTWL]ZYP^NZYaP]_TY_Z_SPT]^PXTaZbPW^xzdP_T_ NZY_LTY^PcLN_Wd_SP^LXPTYQZ]XL_TZY3P]P_SPQZ]XZQ_SP^_L_PXPY_T^ [P]QPN_WdLOL[_PO_Z_SPNZY_Pc_TYbSTNS_SP^PQZ]X`WL^L]PXZ^_NZX XZYWd `^PO ?ST^ bL^ TYOPPO _SP OT]PN_ NZY_LN_ MP_bPPY _PLNSP] LYO [`[TW bT_SZ`_ LYd LTO Q]ZX MZZV^ 2ZZOdv^ L^^`X[_TZY^ LMZ`_ _SP ^Z NTLWNZYOT_TZY^bP]PTYNZ]]PN_bSPYT_NLXP_ZOPLWTYRbT_Sb]T_TYRLYO _Pc_^TY4YOTL 4_ T^ YZ_ NZTYNTOPYNP _SL_ _SP OPML_P SL^ XZ^_Wd MPPY TRYT_PO Md 2ZZOdv^ _SPZ]d ZQ LY TXXPOTL_P NZYYPN_TZY MP_bPPY b]T_TYR LYO ]L _TZYLWT_d?ST^bL^_SPU`YN_`]PbSP]P_SP_SPZ]dMPNLXP^`^NP[_TMWP_Z TOPZWZRd M`_ LW^Z bSP]P T_ _]TRRP]PO R]PL_ LYLWd_TNLW QZ]NP 1Z] TY ^_LYNP _SP PcLX[WP ZQ _SP XPOTPaLWT^_ ,YRPYPYO_ ^SZbPO SZb ^NTPY
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
"
_TQTNLWWd PQQPN_TaP LYO LYLWd_TNLWWd Q]`T_Q`W _SP WT_P]LNd _SPZ]d T^ z LYO ^TX`W_LYPZ`^Wd SZb ^`^NP[_TMWP _Z TOPZWZRd ?SP PcLX[WP TWW`^_]L_P^ SZb PL^TWd 2ZZOdv^ NZYNP[_ ZQ N`W_`]P TY _P]X^ ZQ N`W_`]LW _Z_LWT_TP^ WT_P]L_P N`W_`]P^ a^ Z]LW N`W_`]P^ NLY _`]Y TY_Z L YZ]XL_TaP OPQTYT_TZY ZQ N`W_`]P # _SL_ PcNW`OP^ _SP ST^_Z]TNLW LYO N`W_`]LW NZY_TYRPYNd LYO `YTaP]^LWTeP^ _d[TNLW aLW`P^ ZQ 0`]Z[Pv^ wMZ`]RPZT^ WT_P]L]d N`W_`]Px b]T_TYR]L_TZYLWT_d[]ZR]P^^.S]T^_TLY_SPZWZRd^PXLY_TN^TY_P]TZ]T_d LYOTYOTaTO`LWT_daP]^`^Z]LWT_dXLRTNL]NSLTN^^TX[WP]PWTRTZY]T_`LW LYONZWWPN_TaP^4YOTL^SZb^SZb[ZZ]WdL[[WTNLMWP_ST^OTaT^TZYZQ_SP bZ]WO LYO ^TX[WP [L__P]Y T^ PR SZb ]L_TZYLW XLRTN NLY MP LYO SZb XLRTNLW ]L_TZYLWT_d NLY MP LYO _SL_ T_ T^ OTQQTN`W_ _Z [TY[ZTY_ L `YTaP] ^LW`YP\`TaZNLWNZYYPN_TZYMP_bPPYb]T_TYR]L_TZYLWT_dLYOTY_P]TZ]T_d ?SP ^ZYTNN`W_`]PLYO _SP WT_`]RTNLWXZOPW[]ZXZ_POLOTQQP]PY_ _d[PZQ ^NTPY_TQTN LYO ^`MUPN_TaT_d N`W_`]P _SLY _SP ZYP _SL_ _SP WT_P]LNd []Z[Z YPY_^ bP]P _STYVTYR ZQ ,YO PaZW`_TaP ^NSPXL_L LYO ^TX[WP WTYPL] OP aPWZ[XPY_^ WTVP _SZ^P _SL_ ,YRPYPYO_ QTYO^ QZ] XPOTPaLW 0`]Z[P bSPY SP ^[PLV^ ZQ L ST^_Z]d ZQ ^`MUPN_TaTeL_TZY LYO ^NTPY_TQTNL_TZY _SLYV^ _Z WT_P]L]dN`W_`]PNLYYZ_MP_]LY^QP]]PO_Z4YOTL?SPTYNZXXPY^`]LMTWT_d ZQ Z]LW LYO WT_P]L]d _SZ`RS_bZ]WO^ L^ T^ ZQ_PY NWLTXPO _Z PcT^_ OZP^ YZ_ L[[Wd _Z >LY^V]T_ N`W_`]P ?SP _bZQZWO ^_]`N_`]P ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d L^[PN_^ T^ L _d[ZWZRTNLW ^_]`N_`]LW [L__P]Y L[[PL]TYR TYLWXZ^_LWWT_^QTPWO^LYOWT_P]L]d[]ZO`N_^ >ZOZP^_SPX`NSOT^N`^^PO_SP^T^_SL_Z]LWN`W_`]P^WLNVLYLWd_TNLW NL_PRZ]TP^ LYO _SL_ b]T_TYR QZ^_P]^ LM^_]LN_TZY^ LYO T^ NZY^NTZ`^YP^^ ]LT^TYR $ SLaP _Z MP ]PUPN_PO L^ `Y_PYLMWP* ,_ LYd ]L_P T_ SL^ _Z MP ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :Y _ST^ _d[ZWZRd NQ =PNVbT_e @Y^NSL]QP 2]PYePY "z ?SP YZ]XL_TaP N`W_`]P NZYNP[_ _SL_L]Z^PO`]TYR_SP0YWTRS_PYXPY_NZYNPTaP^ZQN`W_`]PL^LXZ]PNTaTWTePO WTQP^_dWP 4_ T^ L N`W_`]P NZYNP[_ ZQ _SP `[bL]OWd XZMTWP MZ`]RPZT^TP _SL_ ^PPV^ _SP wPYYZMWPXPY_ ZQ N`W_`]Px LYO L NTaTN WTQP^_dWP LTXPO L_ PO`NL_TZY LYO TYOTaTO`LWT_d ?SP PXP]RTYR N`W_`]P NZYNP[_ ZQ OTQQP]PY_TLW _SPZ]d YZ WZYRP] ^P[L]L_PO ^ZNTP_d LYO N`W_`]P% SP]P PO`NL_TZY LYO ^NTPYNP bP]P ]PRL]OPO L^ OTQQP]PY_TL_PO ^`M^d^_PX^ ZQ XZOP]Y ^ZNTP_d LYO L OT^_TYN_TZY T^ XLOP MP_bPPY XL^^ N`W_`]P LYO RPYP]LW N`W_`]P bSP]PMd[]TXL]dTY_P]P^_bL^OT]PN_POLMZaPLWW_ZSTRSN`W_`]PZMUPN_TaL_TZY^LYOTY _PWWPN_`LWT^T_TNLYOLP^_SP_TNTY_P][]P_L_TZY^ZQ_SPbZ]WO?SP _Z_LWT_dZ]TPY_PON`W_`]P NZYNP[_ T^XZ]PSZWT^_TN4_NZY_Pc_`LWTeP^ST^_Z]TNTeP^LYO[W`]LWTeP^_SPN`W_`]PNZY NP[_Md`YOP]^_LYOTYRN`W_`]P^L^^[PNTQTNWTQP^_dWP^ZQTYOTaTO`LWNZWWPN_TaP^N`W_`]LW L]PL^ [PZ[WP^ YL_TZY^ NZXX`YT_TP^ P_N 4Y_P]N`W_`]LW OTaP]^T_d T^ ]PNZRYTePO M`_ TY_]LN`W_`]LWOTaP]^T_dLYONZY_TYRPYNdRPYP]LWWd]PXLTYPcNW`OPO,WW_SP^P[]ZMWPX^ LYO ^SZ]_NZXTYR^ Z`_WTYPO SLaP MPPY MP__P] ^ZWaPO Md ^PXTZ_TN LYO XPLYTYRML^PO NZYNP[_^ZQN`W_`]P $ >PPQZ]TY^_LYNP:YR :]LWT_dLYO7T_P]LNd "z" Z`]PX[SL^T^%w?SPPaZW`_TZY ZQ NZY^NTZ`^YP^^ _S]Z`RS S`XLY ST^_Z]d T^ XL]VPO Md R]Zb_S TY L]_TN`WL_P L__PY_TZY _Z _SP TY_P]TZ] ZQ _SP TYOTaTO`LW [P]^ZY L^ OT^_LYNPO z _SZ`RS YZ_ YPNP^^L]TWd ^P[L ]L_PO z Q]ZX _SP NZXX`YLW ^_]`N_`]P^ m >PWQNZY^NTZ`^YP^^ T^ NZPc_PY^TaP bT_S S` XLYT_d% PaP]dZYP bSZ NLY ^Ld v4v SL^ LY LN`_P ^PY^P ZQ _SP ^PWQ -`_ ]PQWPN_TaPYP^^
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QZ]X`WL_PO 4Y _ST^ QZ]X T_ SL^ YZ aLWTOT_d L[[WTNLMWP _Z 4YOTL 9PT_SP] NLYZYPNL_PRZ]TeP4YOTL`YP\`TaZNLWWdPT_SP]L^LWT_P]L]dN`W_`]PZ]L^ LY Z]LW N`W_`]P DP_ 4YOTL ^SZb^ _SL_ _SP _SPZ]d OZP^ YZ_ SLaP _Z MP _S]ZbY ZaP]MZL]O NZX[WP_PWd MPNL`^P _SP NZPcT^_PYNP ZQ Z]LWT_d LYO b]T_TYR bSTNS bP NLWW ^ZYLWT_d QZ] ^SZ]_ SL^ M]Z`RS_ LMZ`_ _SP QZ]XL _TZY ZQ _]LOT_TZY^ SP]P _SL_ TY XLYd bLd^ `YT_P MZ_S bSL_ T^ aLW`PO L^ _d[TNLWZQZ]LWN`W_`]P^LYObSL_T^aLW`POL^_d[TNLWZQWT_P]L_PN`W_`]P^ >Z ML^TNLWWd 2ZZOd LYO :YR L]P \`T_P NZ]]PN_ bT_S _SP Q`YN_TZY^ _SPd L__]TM`_P _Z _SP aL]TZ`^ XPOTL ?SP []PXT^P NLY MP ]PQZ]X`WL_PO TY_Z ^ZXP_STYR _SL_ ^PPX^ _Z `^ _Z MP XZ]P aTLMWP% w:]LW NZXX`YTNL_TZY QLaZ]^ PXZ_TZYLW TYaZWaPXPY_ bSTWP WT_P]LNd Z] Z_SP] ^dXMZWTeL_TZY^ `^TYR ^TRY^ QLaZ] LM^_]LN_TZY LYO PLNS SL^ T_^ ZbY [Z_PY_TLW _Z ]LT^P NZY^NTZ`^YP^^x 9Zb _SP \`P^_TZY ZQ L__]TM`_TZY bSTNS TY_P]P^_PO _SP ^NSZWL]^ ^Z X`NS T^ ZQ WT__WP TY_P]P^_ _Z `^ 4Y^_PLO bP L]P TY_P]P^_PO TY SZbZ]LWT_dLYOWT_P]LNdTYQW`PYNPTY_SPT]ZbYOTQQP]PY_bLd^_SP^PP TYR LYO SPL]TYR SLMT_^ Pc[P]TPYNP LYO _SP ]PWL_TZY _Z _SP bZ]WO ?ST^ ^STQ_ _ZbL]O [P]NP[_TZY ^TX`W_LYPZ`^Wd M]PLV^ _SP ZYP^TOPO QZN`^ ZY TY_PWWPN_`LWT_d LYO LWWZb^ L XZ]P SZWT^_TN LYLWd^T^ _SL_ T^ TY L MP__P] [Z^T_TZY_Z_LVPTY_ZLNNZ`Y_ZQ_SPPXZ_TZYLWT_dLYO_SPYL_`]LW^PY^Z]d YL_`]P ZQ S`XLY MPTYR^ LYO _SPT] ST^_Z]TNLWWd LYO N`W_`]LWWd NZY_TYRPY_ XZOPWTYR 4_ ^PPX^ _Z MP TX[Z]_LY_ _Z VPP[ SZWO ZQ _ST^ ]PQZ]X`WL_PO []PXT^PTYZ]OP]_ZMP__P]Pc[WLTY_SP4YOTLYw_P^_NL^PxbSTNSTYXLYd bLd^T^YZ_^ZbPWWLNNZXXZOL_POMd_SPWT_P]LNd_SPZ]d ?SPw^Z`YOTYRx LM^_]LN_TZY^ZQ_SP ^NTPY_T^_^OTO ^`NS _STYR^L^PY NZ`]LRTYRMZ_S^_]TN_WdQZ]XLWT^_TN_SZ`RS_LYOdP_L__SP^LXP_TXPOTO YZ_ PcNW`OP ^PY^Z]d LP^_SP_TN L^[PN_^ PR _SP ^PXTX`^TNLWTePO ]PNT_L _TZYZQ_SPLM^_]LN_QZ]X`WL^Z]_SPT]TY^P]_TZYTY_ZXP_]TNaP]^P^?SP^P bP]P NZYaPY_TZY^ NP]_LTYWd M`_ _SPd LW^Z LWWZbPO L ^_]ZYRP] LQQPN_TaP Q`^TZY bT_S _SP ^NTPY_TQTN ZMUPN_ ?SL_ [SPYZXPYL ^`NS L^ L`OTMWP LM ^_]LN_TZYPcT^_L_LWWT^LN_`LWWdLNZY_]LOTN_TZYTY_P]X^QZ]_SPZ]LWT_d WT_P]LNd _SPZ]d L^ NZYNPTaPO ZQ Md 2ZZOd LYO :YR ?SPd L]P YZ_ PaPY NZY^TOP]POZ]PW^PbZ`WOMPOPNWL]POXP]PWdQ`YN_TZYLWTY_SP^PY^PZQ QLNTWT_L_TYR XPXZ]TeL_TZY =PNVbT_ev ^ZNTZWZRd ZQ _SP LP^_SP_TN ]TRS_Wd N]T_TNTePO _ST^ _d[P ZQ ]P^_]TN_PO aTPb ,NNZ]OTYR _Z =PNVbT_e XPOTL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYOL]_TN`WL_PYP^^LMZ`__SP ^PWQ_LVP_TXP_ZR]Zbm?SPSTRSWdTY_P]TZ]TePO ^_LRP^ ZQ NZY^NTZ`^YP^^ TY bSTNS _SP TYOTaTO`LW T^ YZ_ ^Z TXXP]^PO `YNZY^NTZ`^Wd TY NZX X`YLW^_]`N_`]P^L]P^_LRP^bSTNST_L[[PL]^NZY^NTZ`^YP^^bZ`WOYPaP]]PLNSbT_S Z`_b]T_TYRmB]T_TYRTY_]ZO`NP^OTaT^TZYLYOLWTPYL_TZYM`_STRSP]`YT_dL^bPWW4_ TY_PY^TQTP^ _SP ^PY^P ZQ _SP ^PWQ LYO QZ^_P]^ XZ]P NZY^NTZ`^ TY_P]LN_TZY MP_bPPY [P] ^ZY^ B]T_TYRT^NZY^NTZ`^YP^^]LT^TYR?SPZ]LWT_dWT_P]LNdTY_P]LN_TZYPY_P]^TY_Z`W _TXL_P S`XLY NZYNP]Y^ LYO L^[T]L_TZY^ ,WW _SP ]PWTRTZ`^ _]LOT_TZY^ ZQ XLYVTYO SLaP _SPT] ]PXZ_PZ]TRTY^TY_SPZ]LW[L^_LYOT_L[[PL]^_SL__SPdLWW XLVPLR]PL_OPLWZQ _SP^[ZVPYbZ]ODP__SPXLUZ]bZ]WO]PWTRTZY^SLaPLW^ZMPPYTY_P]TZ]TePOMd_SPOP aPWZ[XPY_ZQ^LN]PO_Pc_^%_SPAPOL^_SP-TMWP_SP6Z]LYx
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
"
[]LN_TNP^ LYO ^NTPY_TQTN []LN_TNP^ L]P LWbLd^ L_ _SP ^LXP _TXP [P]NP[ _TZYRPYP]L_TYR YP_bZ]V^ w;P]eP[_TZY^RPYP]TP]`YR^YP_ebP]VPx LYO QTPWO^ ZQ _]LTYTYR QZ] QZ]XTYR N`W_`]P LYO ^`MUPN_TaT_d LYO QZ] ^ZNTLWTe TYR L NP]_LTY LP^_SP_TN ^PY^P w?]LTYTYR^Z]_P QÞ] OTP 6`W_`] `YO >`M UPV_QZ]XL_TZY`YOPTYPYÆ^_SP_T^NSPY>TYYx>LY^V]T_N`W_`]PTWW`^_]L_P^ TY XLYd bLd^ _SL_ Z_SP] LP^_SP_TN ^_dWP^ _SLY _SZ^P TY 0`]Z[P SLaP QZ]XPO []PNT^PWd MPNL`^P Z]LWT_d LYO WT_P]LNd ]P[]P^PY_PO LY `YM]ZVPY NZY_TY``X_S]Z`RS_SPNPY_`]TP^ 2ZZOdLYO:YRQZ`YOLOTQQP]PYNPML^POZYXPOTL_PNSYZWZRTP^ LYO =PNVbT_e ^[ZVP ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ LYO ^`MUPN _TaTeL_TZY^ :`] ZbY L[[]ZLNS []Z[Z^P^ _SP NZOP^ w[L]_TNT[L_TZYx LYO wPXLYNT[L_TZYxLYLY_S]Z[ZWZRTNLW]PQZ]X`WL_TZYZQ_SPQZ]X^ZQXPY _LWT_dZQ_SPX`NSN]T_TNTePO7Ëad-]`SW-P_bPPY_SP^POTaP]^PMTYL]d [LT]^ _SP]P L]P NZY_TY`T_TP^ LYO TYYP] ]PWL_TZY^ dP_ _SPd LWW ]PRL]O _SP QLN_^ Q]ZX OTQQP]PY_ [P]^[PN_TaP^ LYO _SP]PQZ]P _SP]P L]P LW^Z TY ^ZXP NL^P^ N]Z^^TYR^ZaP] N]Z^^WTYVLRP^ LYO TYaP]^TZY^ 2ZZOd NWLTXPO _Z ]P^NSPO`WP7Ëad-]`SWv^OTQQP]PYNP^MdRTaTYRXZ]PbPTRS__Z_SP_PNS YZWZRTP^ LYONZY_PY_^ -`_ _SPNZY_PY_]PXLTYPOL WZYRbLdMPSTYO _SP _PNSYZWZRd L^[PN_ :`] ]PQZ]X`WL_TZY ZQ _SP VPd OTQQP]PYNP MP_bPPY Z]LWT_d LYO WT_P]LNd TY _P]X^ ZQ [L]_TNT[L_TZY LYO PXLYNT[L_TZY XLVP^ _SP NZY_PY_ [L]_ ^_]ZYR bT_SZ`_ OT^NL]OTYR _SP _PNSYZWZRd [L]_ 1Z] 4YOTL bSP]P Z]LWT_d LYO ^ZYLWT_d ]PXLTYPO TX[Z]_LY_ OP^[T_P b]T_TYR LYOWT_P]LNd_SP]PQZ]X`WL_TZY L^[L]_TNT[L_TZY LYOPXLYNT[L_TZYT^ LY P^[PNTLWWd RZZO LW_P]YL_TaP MPNL`^P MZ_S Z]LWT_d LYO WT_P]LNd Pc[]P^^PO _SPX^PWaP^TYPXLYNT[L_Z]dLYO[L]_TNT[L_Z]dXZOP^TYLM^_]LN_TZYLYO TY Q`^TZY TY Xd_SZ^ LYO WZRZ^ LYO NZ]]P^[ZYOTYR ^dXMZWTN QZ]X^ z LWW ZQ bSTNS T^ NSL]LN_P]T^_TN ZQ _SP ^ZYTN >LY^V]T_ N`W_`]P -`_ _SP [LT] ZQ NZYNP[_^L[[PL]^_Z`^LW^Z_ZMPL[[WTNLMWP_ZXZ]P_SLYZYPN`W_`]P 8`NSZQbSL_=PNVbT_eNLWW^LP^_SP_TN^`NSL^Pc[P]TPYNPQTPWO^ZQ wLM^ZW`_P []P^PY_x NZXP^ bT_STY bSL_ bP NLWW w[L]_TNT[L_Z]d Z]TPY_L _TZYx BSL_ SP NLWW^ wYZYLP^_SP_TNx LYO LWWZNL_P^ _Z ]`WP ^d^_PX^ LYO QZ]XLW WZRTN NZ]]P^[ZYO^ TY [L]_ bT_S Z`] VPd _P]X wPXLYNT[L_Z]d Z]T PY_L_TZYx BP `YOP]^_LYO _ST^ _Z XPLY []TXL]TWd L OT^_LYNPO LYO LM ^_]LN_ L__T_`OP _Z _SP ZMUPN_ M`_ WP^^ [`][Z^PZ]TPY_PO LYO YZ]X Z]TPY_PO LN_TZY WP_ LWZYP L wWZRTN ZQ `_TWT_L]TLYT^X LYO OZXTYL_TZYx bSTNS =PNVbT_e]PRL]O^L^MPTYRLXZYR_SP[]TXL]d YZYLP^_SP_TNQPL _`]P^ ,NNZ]OTYR _Z Z`] LW_P]YL_TaP YZXPYNWL_`]P LY PXLYNT[L_Z]d Z]T PY_L_TZY OZP^ YZ_ Md LYd XPLY^ SLaP _Z PcNW`OP LP^_SP_TN^ ?SP ]P QZ]X`WL_TZY T^ `^PQ`W QZ] aL]TZ`^ ]PL^ZY^ ?SP XLUZ] ZYP T^ _SL_ ^Z`YO NWPL]WdL^PY^Z]dLP^_SP_TN[SPYZXPYZY bL^`^POTY 4YOTLL^L XPLY^ ZQ Q`^TZY LYO LM^_]LN_TZY _SL_ T^ QZ] MZ_S [L]_TNT[L_Z]d LYO PXLYNT[L _Z]d L__T_`OP^ QZ]X^ LYO ^_dWP^ ?SP Z[[Z^T_TZY T^ WP^^ LY Z[[Z^T_TZY MP_bPPY _SP LP^_SP_TN LYO _SP YZYLP^_SP_TN Z] MP_bPPY _SP [`][Z^P
"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WP^^LYO_SP[`][Z^PQ`W_SLYLYZ[[Z^T_TZYMP_bPPYQ`^TZYLYOLM^_]LN _TZYZ]MP_bPPYSZWT^XLYOTYOTaTO`L_TZYL^_bZOTQQP]TYRbLd^ZQNZY YPN_TYRbT_SWLYR`LRPLYO_SPbZ]WO ?SP_bZZ]TPY_L_TZY^OZYZ_LWWZb_SPX^PWaP^_ZMPTOPY_TQTPOPT_SP] bT_S Z]LWT_d SP]P LYO WT_P]LNd _SP]P Z] bT_S ]PWTRTZY SP]P LYO ^NTPYNP _SP]P0aPYTQZ]LWT_d_PYO^XZ]P_ZPYNZ`]LRPL[L]_TNT[L_Z]dwSLMT_`^x LYO b]T_TYR _PYO^ _Z PYNZ`]LRP LY PXLYNT[L_Z]d LYO OT^_LYNTYR wSLMT _`^x >LY^V]T_ N`W_`]P TY [L]_TN`WL] ^SZb^ _SL_ [L]_TNT[L_TZY NLY LW^Z RZ SLYOTYSLYObT_Sb]T_TYRLYOPXLYNT[L_TZYbT_SZ]LWT_d ?SP NZYNP[_[LT] ZQ [L]_TNT[L_TZY LYO PXLYNT[L_TZY PYNL[^`WL_P^ _bZ aP]d RPYP]LW _PYOPYNTP^ _SL_ ^_LYO QZ] OTaP]^P XZOP^ ZQ Q`^TZY LYO LM^_]LN_TZY ?SPd L]P XZOPWPO OTQQP]PY_Wd OP[PYOTYR ZY _SP _TXP WZNL _TZY R]Z`[TYR_Pc_ _d[P LYO TYOTaTO`LW [P]^ZYLWT_dTYOTaTO`LW _Pc_L`_SZ] ?SPd L]P XZ]P LM^_]LN_ LYO Z[PY _P]X^ LYO L]P _SP]PQZ]P LW^Z XZ]P OTQQTN`W_ _Z R]L^[ _SLY Z]LWT_d LYO WT_P]LNd bSTNS SLaP _SP LOaLY_LRPZQLNZYN]P_PXL_P]TLWYL_`]P-`__SP]PT^LbPWWVYZbY[LT] ZQ _P]X^ TY BP^_P]Y N`W_`]P _SL_ L[[]ZcTXL_PWd NL[_`]P^ _SP OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY LYO _SPT] ^NZ[P ZQ L[[WTNL_TZY YLXPWd Xd_SZ^ LYO WZRZ^ 3ZbPaP]bSP]PL^_SP2]PPV^RLaP_SPWZRZ^ LX`NS ^`[P]TZ][WLNP TY_SPXPY_LW`YTaP]^P L_ _SPNZ^_ZQOPaLW`L_TYR Xd_SNZX[WP_PWd_SP4YOTLY^OTOYZ_^PPYPNP^^T_dZQ^`NSSTP]L]NSTeTYR LYO OPLW_ bT_S _SP _bZ Z]TPY_L_TZY^ TY QL] XZ]P SZWT^_TN bLd^ 4_ ^PPX^ _SPdbP]P\`T_PNWPL]TYOT^NP]YTYR_SPOTQQP]PY_Q`YN_TZY^ZQ_SPXd_SZ^ LYO _SP WZRZ^ QZ] TY^_LYNP _SP Xd_Sv^ NL[LMTWT_d _Z LOO _Z _SP \`LWT_d ZQ WTQP Md NZYYPN_TYR T_ bT_S L WL]RP] bSZWP >Z _SP]P T^ L NP]_LTY QLaZ] QZ] [L]_TNT[L_Z]d Z]TPY_L_TZY^ PaPY bT_STY STRSWd PXLYNT[L_Z]d ^d^_PX^ ZQ_SZ`RS_ BPbTWWNZXP MLNV_Z LWW_SP^PT^^`P^XZ]PPcSL`^_TaPWdTY _SPYPc_NSL[_P] >PaP]LW L`_SZ]^ L]R`P _SL_ Z]LWT_d ^SL[P^ LbL]PYP^^ NZRYT_TZY LYO ^PY^Z]d [P]NP[_TZY TY \`T_P OTQQP]PY_ bLd^ _SLY b]T_TYR N`W_`]P^ _Z bSTNS L w^N]T[_Z]TPY_POx waT^`LWx wLM^_]LN_x LYO XZ]P wOT^_LYNPOx [P]NP[_TZY MPWZYR^ BSTWP ^`NS ^_P]PZ_d[TNLW MTYL]d NWL^^TQTNL_TZY^ ZQ N`W_`]P^U`^_Wd]PNPTaPOX`NSN]T_TNT^XLYOLYd`YTaP]^LW_SPZ]d[]ZaPO []ZMWPXL_TN XZ]P OTQQP]PY_TL_PO ^_`OTP^ TY ST^_Z]d LYO N`W_`]LW LY_S]Z [ZWZRd^`M^_LY_TL_PO_SPNWLTX_SL_XPOTLLYOXPOTLNSLYRP^OZXL__P] ?SP TX[Z]_LYNP ZQ _SP XPOTL bL^ TYOPPO Q]P\`PY_Wd ZaP]P^_TXL_PO DP_ _SP[ZbP]ZQ_SPXPOTLT^`YOPYTLMWP4_bZ`WOMPU`^_L^b]ZYR_ZOPYd _SPX LYd PQQPN_^ ZY NZRYT_TZY LYO PXZ_TZY L^ _Z NWLTX _SPd bP]P _SPT] ZYWd NL`^P >Z`YO NZX[Z^T_P^ LYO b]T_TYR NZX[Z^T_P^ w6WLYRRPMTWOP `YO >NS]TQ_RPMTWOPx ^_TX`WL_P OTQQP]PY_ ^PY^P^ TY OTQQP]PY_ bLd^ LYO _]TRRP] OTQQP]PY_ \`LWT_TP^ ZQ Pc[P]TPYNP 4_ T^ _SP]PQZ]P YZ_ LWW ZYP LYO _SP ^LXP bSTNS XPOTL L]P `^PO TY []PQP]PYNP _Z Z_SP]^ 4_ TX[LN_^ ZY [P]NP[_TZYLYO[P]NP[_TZY [L__P]Y^ZY^PY^Z]dPc[P]TPYNPZY_SP PXZ
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
"
_TZY^LYO_S`^LW^ZZYNZRYT_TZY_STYVTYRSLMT_^LYObZ]WOZ]TPY_L_TZY 4Y Z_SP] bZ]O^ XPOTL []ZaTOP _SP [Z_PY_TLW QZ] NP]_LTY Pc[P]TPYNP^ TY bSTNS ^PY^Z]TYP^^ T^ WTYVPO _Z LY TXLRTYL]d NZRYT_TaP NZY_PY_ PR L ^dXMZWTNZYP 8POTL L]P [ZbP]Q`W M`_ YZ_ [P] ^P 4_ T^ ZYWd _SP WTYVLRP bT_S N`W _`]LW[]LN_TNP_SL_XLVP^_SPX[ZbP]Q`WzZ]YZ_:`]_SP^T^ZQ_SPX` _`LW TYQW`PYNP ZQ XPOTL bZ]WO^ ZQ [P]NP[_TZYPc[P]TPYNP LYO TXLRTYL _TZYLYON`W_`]PT^L__SP^LXP_TXPL^^ZNTL_PObT_SLNWPL]Z[_TZYQZ]L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P TP LY `YOP]^_LYOTYR ZQ N`W_`]P _SL_ T^Z]TPY_POZYXPLYTYRVYZbWPORPLYO ^dXMZW^ LYONZY^P\`PY_Wd RTaP^ ^PXTZ_TNTeL_TZY^ LYO N`W_`]LW NZOTYR^ L NPY_]LW [Z^T_TZY BSL_ OPQTYP^ N`W_`]P T^ _SP ^[PNTQTN QZ]X^ ZQ bZ]WO TY_P][]P_L_TZY LYO _SP YL_`]PZQ_SP`^PZQ^dXMZWTNZ]OP]^ >LY^V]T_ N`W_`]P TY [L]_TN`WL] XLVP^ NWPL] U`^_ SZb `YLaZTOLMWP N`W_`]LWT_d LYO L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P L]P ?SP []PNPO TYR NSL[_P]^ ZY _SP WT_P]L_T NZYQT]X SZb ^_]ZYRWd XPOTL []LN_TNP^ L^ LP^_SP_TN []LN_TNP^ XZOPW [P]NP[_TZY [L__P]Y^ LYO ^NTPY_TQTN LYO ]PWT RTZ`^ QZ]X^ ZQ ^`MUPN_TaTeL_TZY BSPY ZYP MPNZXP^ LbL]P ZQ _SP []LN _TNP^ LYO _PNSYZWZRTP^ L^ PXMZOdTYR LYO L^^TXTWL_TYR aL]TZ`^ QZ]X^ ZQ LY LP^_SP_TN ^PY^P N`W_`]LW aL]TLYNP^ MPNZXP L[[L]PY_ LYO NLY MP OP ^N]TMPOLYOLYLWdePOTYLaP]dOTQQP]PY_TL_POXLYYP]>PNZYOT_XLdMP NZYNW`OPO_SL_N`W_`]LWT_dT^^`NSLVPdQLN_Z]_SL__SPXPOTLL]P[ZbP] WP^^ bSPY _SPd L]P YZ_ ^`[[Z]_PO Md N`W_`]LW []LN_TNP^ LYO [L__P]Y^ Z] L_WPL^__SPT]PQQPN_^L]P^`MZ]OTYL_P_ZN`W_`]LWNZY_TYRPYNTP^4_T^ZYWd _SP TY_P]NZYYPN_TZY bT_S N`W_`]LW []LN_TNP _SL_ XLVP^ XPOTL []LN_TNP [ZbP]Q`W z Z] YZ_ L^ _SP NL^P XLd MP ?Z [`_ T_ NZYNT^PWd _SP NZYNW` ^TZY T^ _SL_ R]PL_P] LNNP^^ _Z N`W_`]LW ^_`OTP^ ^SZ`WO MP LOOPO _Z _SP TY^TRS_^ZQ_SPXPOTL_SPZ]T^_^zTYNW`OTYR_SPN`W_`]LWNZOTYR[]LN_TNP^ LYO ^dXMZWTN Z]OP]^ ZQ _SP ]P^PL]NSP]^ -Z_S _SP bPLVYP^^P^ LYO _SP ^_]PYR_S^ ZQ L[[]ZLNSP^ bT_STY XPOTL _SPZ]d TWW`^_]L_P _SP YPNP^^T_d ZQ QZN`^TYR ZY L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P ?ST^ bZ`WO _SPY XPLY Pc[LYOTYR _SP XPOTL NZYNP[_ _Z TYNW`OP _SP ^dXMZWTN QZ]X^ L^ 0]Y^_.L^^T]P]SL^[]Z[Z^PO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1ZWWZbTYRZYQ]ZX.WTQQZ]O2PP]_e0]Y^_.L^^T]P]LYO=PNVbT_e @Y^NSL]QP2]PYePY bP]PRL]O_SPXPLYTYRZ]TPY_PONZYNP[_ZQN`W_`]PL^LY`YOP]^_LYOTYRZQN`W_`]P _SL_ T^ Z]TPY_PO ZY XPLYTYR VYZbWPORP LYO ^dXMZW^ LNNZ]OTYR _Z bSTNS _SP OTQQP] TYR YL_`]P ZQ MPSLaTZ]LW NZX[WPcP^ LYO ^ZNTLW []LN_TNP^ NLY MP ^PPY L_ OTQQP]PY_ [WLNP^LYOL_OTQQP]PY__TXP^LRLTY^__SPLN_TZYNZY^_T_`_TYRMLNVR]Z`YOZQ^dXMZWTN Z]OP]^LYO^[PNTQTNQZ]X^ZQbZ]WOTY_P][]P_L_TZY,NNZ]OTYR_Z_ST^NZY^_]`N_TaT^_L] R`XPY_ _SP]P T^ YZ_STYR wZ`_^TOPx N`W_`]P LYO N`W_`]LW NZYOT_TZY^ ZQ NZY^_]`N_TZY 0aP]d_STYR_SL_ZNN`]^bT_STY_SP^ZNTP_dT^^ZXP_STYRN`W_`]LW?SP^dXMZWTNZ]OP]^ L]PYZ_^_LMWP&_SPdL]T^P]P[]ZO`NP_SPX^PWaP^LYONSLYRP
"!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
?SP PX[SL^T^ ZY ^ZYLWT_d Pc[WLTY^ bSd MZ_S L]P L[[WTNLMWP _Z 4Y OTLv^ >LY^V]T_ N`W_`]P% Z]LWT_d LYO WT_P]LNd NZYN]P_PYP^^LOOT_TZY[L] _TNT[L_TZYLYOLM^_]LN_TZY/P_P]XTYL_TZYZQ_SP]PWL_TZY^ST[T^NZX[WPc 4_SL^aL]TPOQ]ZXZYP[P]TZO_ZLYZ_SP]LYOQ]ZXZYPL`_SZ]_ZLYZ_SP] :YP ZQ _SP XZ^_ ]PXL]VLMWP QLN_^ T^ SZbPaP] _SL_ ZQ_PY _SP [L]_TNT[L _Z]d L^[PN_ T^ []PQP]]PO PaPY bT_STY _SP Q]LXPbZ]V ZQ LYLWd_TNLW LYO ]L_TZYLWL]R`XPY_L_TZY8d_STNLWPXMPOOTYR bL^OPQTYT_PWdOP^T]POLYO NZ`WOMPPc[WLTYPO]L_TZYLWWd?ST^NLXPLMZ`_YZ_WPL^_ PaPY TQMdYZ XPLY^PcNW`^TaPWdaTL_SPXP_L[Sd^TN^ZQWLYR`LRPLYO^Z`YO>ZYLWT_d L^ L ^dXMZWTN QZ]X bL^ QTcPO TY b]T_TYR `^PO ]PQWPcTaPWd LYO M`TW_ `[ `^TYR Sd[P]MZWP , XZ]P Q`YOLXPY_LW WPaPW _SLY ^`NS ^PXTZ_TNTeL_TZY^ T^_SPLN_`LW[]LN_TNPNZY^T^_TYRZQ_SPXPOTLZQZ]LWL`]LWNZXX`YTNL _TZYLYO^Z`YOTYRbZ]O^_SL_X`^_LW^ZMPSPL]OTYb]T__PY_Pc_^ >Z _SP XPOTL OT^NZ`]^P T^ TY^`QQTNTPY_ ZY T_^ ZbY BSL_ _SP XPOTL XPLY LYO bSL_ QZ]X^ ZQ ZMUPN_TaTeL_TZY^ LYO ^`MUPN_TaT_d PXP]RPO Z`_ ZQ _SP XLYYP] TY bSTNS _SPd bP]P SLYOWPO OP[PYO ZY _SP bSZWP N`W _`]LW ^d^_PX TP _SP Q]LXP bT_STY bSTNS _SP []LN_TNP^ ZNN`] 4_ T^ YZ_ `YTX[Z]_LY_SZbWLYR`LRPLYObZ]O^L]P[P]NPTaPOLYO]P[]P^PY_POTYL N`W_`]PSZb PXZ_TZY^L]P `YOP]^_ZZOSZbX`^TNT^PaLW`L_POTY]PWTR TZY Z] SZb TX[Z]_LY_ T_ T^ _Z `YOP]^_LYO NZY_PY_ ?SP ZaP]LWW N`W_`]LW QLM]TN ZQ L_SPXL_TN LYO _SPXL_TN NZOP^ TYNW`OP^ NZYNP[_^ ^dXMZWTN ]P[]P^PY_L_TZY^ _SPZWZRTP^ _SP bLd ^NTPYNP T^ NZYO`N_PO ]PWTRTZ`^ ^_dWP^ ]T_`LW ^P__TYR^ _SP WTYV MP_bPPY ^[PLVTYR LYO RP^_`]P^ MZOTWd XZaPXPY_^P_NLYOLW^ZSZbZYP^d^_PXL_TNLWWd]PQWPN_^ZYWLYR`LRP SZbLYObSP_SP]LYd NZY^TOP]L_TZY T^RTaPYL_LWWTY b]T_TYR _ZZ]LWT_d bSP_SP] STRSWd ]L_TZYLW [STWZ^Z[STP^ LW^Z _`]Y _SPT] L__PY_TZY _Z ^Z`YO [SPYZXPYL LYO bSP_SP] XP_ZYdX^ LYO ^dXMZWTeL_TZY^ WTVP _SP WLY R`LRP RZOOP^^ bSZ^P MZOd T^ NZaP]PO bT_S ^dWWLMWP^ LYO _SP WLYR`LRP NZbbSTNSbPbTWW[]P^PY_MPWZbL]T^PL_LWW >dXMZWTN QZ]X^ ^`NS L^ _SP WLYR`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ Z] _SP w^_ZYP _LMWP_^x Z] _SP 2]PPV Z] 5ZSLYYTYP WZRZ^ L]P _Z MP ^PPY YZ_ ZYWd L^ []ZO`N_^ M`_ L_ _SP ^LXP _TXP L^ N]PL_TaP w_]TRRP]^x LP^ _SP_TN w_]LTYTYR R]Z`YO^x LYO LQQPN_RPYP]L_TYR TY^_]`XPY_^ 4Y _SPT] _`]Y _SPd TYQW`PYNP SZb _SP XPOTL ^`NS L^ _SP aZTNP LYO b]T_TYR L]P SLYOWPO LYO PaLW`L_PO ?SPd N]PL_P XPLYTYR LYO ^_]`N_`]P LYO TX[LN_ ZY MPSLaTZ] ?SP ^dXMZWTN QZ]X^ L^ N]PL_TaP []ZO`NP]^ MPNZXP L[[L] PY_ _S]Z`RS N`W_`]LW ^SL[TYR LYO _SPT] XP_LXZ][SZ^P^ ^`NS L^ _SP _]LY^QZ]XL_TZYZQ_SPRZOOP^^AZTNPTY_Z_SP7LYR`LRPRZOOP^^LYO_SP X`_L_TZY ZQ _SP ]L_TZYLW 7ZRZ^ ZQ 2]PPV [STWZ^Z[Sd TY_Z _SP 5ZSLYYTYP BZ]O 4YNL]YL_P ,^ TY PaP]d NL^P ZQ ]P[]P^PY_L_TZY _SP MPL`_TQ`W WLY R`LRP RZOOP^^ LYO _SP LM^_]LN_ WZRZ^ P_N L]P YZ_ XP]PWd ]P[]P^PY_L _TZY^ Z] TXLRP^ 4Y^_PLO PaP]d ]P[]P^PY_L_TZY T^ LWbLd^ LW^Z L N]PL_TZY TY _SP ^PY^P ZQ L []ZO`N_TZY TY bSTNS bSL_ T^ ]P[]P^PY_PO TY _SP ]P[]P
1]ZX8POTL?PNSYZWZRd_Z_SP>dXMZWTN1Z]X^L^.`W_`]LW8POTL
""
^PY_L_TZY _LVP^ ZY L ^[PNTQTN QZ]X LYO N]PL_P^ ]PLWT_d BP _SP]PQZ]P OPaZ_P L R]PL_ OPLW ZQ L__PY_TZY TY _ST^ MZZV _Z ^dXMZWTN QZ]X^WTVP _SP WLYR`LRP RZOOP^^ =PRL]OTYR XPOTL _PNSYZWZRTP^ _SP WTZYv^ ^SL]P QLWW^ `W_TXL_PWd _Z _SP ^dXMZWTN Z]OP]^ MPNL`^P _SPd PT_SP] WPYO [ZbP] LYO PQQTNTPYNd _Z _SP XPOTL Z] OPYd LYO bT_SO]Lb [ZbP] LYO PQQTNTPYNd Q]ZX_SPX?ST^T^bSd^Z`YOTY>LY^V]T_3TYO`T^X]PXLTYPO^Z[ZbP] Q`W ?SP^P ZM^P]aL_TZY^ L]P TY WTYP bT_S 0]Y^_ .L^^T]P]v^ N`W_`]LW [ST WZ^Z[SdLYOST^_SPZ]dZQ^dXMZWTNQZ]X^bSTNSSP`YOP]^_ZZOL^^PWQ N]PL_PO XPOTL 4_ bL^ .L^^T]P] #"z$ bSZ QT]^_ TY_]ZO`NPO _SP PWPXPY_L]d NZYNP[_ ZQ _SP N`W_`]LWT_d ZQ S`XLY MPTYR^ TY_Z _SP OT^N`^ ^TZY LYO Md ^Z OZTYR PYLMWPO ZYP _Z _STYV ZQ NZY_TYRPYNd , VPd [ZTY_bL^ST^NLWWQZ]L^PXTZ_TNLWWdPY]TNSPO^dXMZW_SPZ]d_SL_TYaP^ _TRL_P^ N`W_`]LW NZOTYR []LN_TNP^ 3P _S`^ TYT_TL_PO L XPLYTYRZ]TPY_PO ^dXMZWTNLYO ^PXTZ_TN NZYNP[_ZQN`W_`]P_SL_SL^^TYNPMPNZXPNZX XZYTY_SPN`W_`]LW^NTPYNP^LYOZYP_SL_bPLW^Z^`[[Z]_ .L^^T]P]v^ ^dXMZW NZYNP[_ T^ L aP]d M]ZLO ZYP 4Y ST^ _SPZ]d ZQ ^dXMZWTNQZ]X^SP^_]P^^PO_SPTY_P]LN_TZYMP_bPPYS`XLYMPTYR^vXPY _LWPYP]RTP^LYO_SPT]YPNP^^L]dXLYTQP^_L_TZYTYXPLYTYRQ`WQZ]X^BP OZ YZ_ ^TX[Wd [P]NPTaP L _STYR M`_ bP LWbLd^ [P]NPTaP T_ wL^x ^ZXP _STYR ?SP]P L]P YZ L]PL^ bT_SZ`_ ^dXMZW^& PaP]d XPY_LW NZY_PY_ ZQ XPLYTYRT^WTYVPO_ZL^PY^Z]d^TRYLYOaTNPaP]^L?SP]PQZ]P_SPXPY _LW NLYYZ_ PcT^_ TY T^ZWL_TZY Q]ZX _SP XL_P]TLWTeL_TZY LYO YPT_SP] NLY ]PLWT_dMPOT^NZYYPN_POQ]ZXZYPv^XPY_LWTPXPLYTYRRTaTYR[]ZNP^^ TYR ,NNZ]OTYR _Z .L^^T]P] [P]NP[_TZY ZQ Pc[]P^^TZY []PNPOP^ PaP]d [P]NP[_TZY ZQ L _STYR 0aP]d TYOTaTO`LW [TPNP ZQ OL_L [ZTY_^ _Z L XZ]P NZX[WPc NZYYPN_TZY bSP]P T_ NLY XLVP ^PY^P z L ^dXMZWTN YP_bZ]V ZQ WLYR`LRP Xd_S L]_ ]PWTRTZY _PNSYZWZRd P_N .ZY^P\`PY_Wd _SP]P T^ YZ_STYR _SL_ T^ []P^PY_PO Md _SP ^PY^P^ TYNW`OTYR ^`[[Z^POWd [`]PWd YL_`]LW QLN_Z]^ ^`NS L^ ^Pc`LWT_d P_N _SL_ T^ YZ_ WTYVPO _Z ^ZXP []P NZYNP[_`LWTePO TOPL Z] N`W_`]LW XPLYTYR ?SP ^dXMZWTN QZ]X^ L]P _SP ^PWQN]PL_POXPOTLbT_SbSTNSS`XLYMPTYR^L^^TXTWL_P_SPbZ]WOLYOL_ _SP^LXP_TXP_]LY^NPYOT_?SP^P^dXMZWTNQZ]X^zZ]XPOTL^_]`N_`]P^ TY .L^^T]P]v^ ^PY^P z L]P YZ_ QTcPO M`_ L]P TY L NZY^_LY_ ^_L_P ZQ QW`c .`W_`]P]P[]ZO`NP^T_^PWQTYPaP]YPbQZ]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1L`^P] 0TYQÞS]`YR TY OTP 6`W_`]bT^^PY^NSLQ_ z! NLWW^ .L^^T]P]^ [STWZ^Z[Sd ZQ ^dXMZWTNQZ]X^$$ $$_SPwQZ`YOL_TZYNP]_TQTNL_Pu2]ÞYO`YR^`]V`YOPv ZQ N`W_`]LW ^NTPYNP^x LYO NLWW^ QZ] .L^^T]P]v^ wOP^P]aPO =PYLT^^LYNPx ,Y LM]TORPO aP]^TZYLYO]PaT^PONZY_TY`L_TZYZQ_SP_S]PPaZW`XP2P]XLYWLYR`LRPaP]^TZYT^ZQ QP]POMd_SPWL_P]bZ]V.L^^T]P]b]Z_PTYPcTWPTY,XP]TNL ,Y0^^LdZY8LY%,Y4Y _]ZO`N_TZY_ZL;STWZ^Z[SdZQ3`XLY.`W_`]P 9PbDZ]V%/Z`MWPOLd$ ?ST^_T _WPbL^[`MWT^SPOQZ]_SPQT]^__TXPTY$LYObL^YZ__]LY^WL_POTY_Z2P]XLY`Y_TW $$
"#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
.L^^T]P]v^ N`W_`]P _SPZ]d []PNPOPO _SP Z]LWT_dWT_P]LNd OPML_P^ LYO XPOTL_SPZ]TP^M`_ST^TY^TRS_TY_ZS`XLYMPTYR^vQ`YOLXPY_LWN`W_`]LW NZY_TYRPYNdLYO_SPN`W_`]LWT_dZQVYZbWPORP^d^_PX^T^U`^_L^]PWPaLY_ _ZOLdL^T_bL^_SPY.L^^T]P]]PRL]OPOWLYR`LRPL^_SPXZ^_Q`YOLXPY _LW ^dXMZWTN QZ]X 7TVP STX TY _SP QZWWZbTYR bP bTWW QZN`^ Z`] L__PY _TZY ZY _SP ]ZWP ZQ WLYR`LRP TY NZY^_]`N_TYR N`W_`]LWWd QZ]XPO bZ]WO aTPb^ 9Z_ WPL^_ aTL WLYR`LRP LYO _SP `YOP]^_LYOTYR LYO _SP SLYOWTYR ZQT_L]P[L]_TNT[L_Z]dLYOPXLYNT[L_Z]dZ]TPY_L_TZY^LYOZ]OP]^N]PL_PO LYO NZY^_LY_Wd []ZO`NPO LYPb ]P[]ZO`NPO LYO _]LY^QZ]XPO :`] WLY R`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ SL^ QT]^_ LYO QZ]PXZ^_ _Z OZ bT_S WLYR`LRP LYO _SP QZ]XL_TZY ZQ bZ]WOaTPb^ M`_ L_ _SP ^LXP _TXP LW^Z bT_SXPOTL[]LN_TNP^>SPPcT^_^TY_SPNZY_Pc_ZQL^ZYTN]T_P_SL_`YT_P^ Z]LWT_d LYO WT_P]LNd& Z] _Z MP XZ]P ^[PNTQTN ^SP PcT^_^ TY _SP NZY_Pc_ ZQ _SP]T_`LWTePOLW[SLMP_TY_SPXPOT`XZQ_SPaZTNP
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN 1Z]X^ZQ7LYR`LRPLYO>Z`YO
-PNL`^PTY[]LN_TNP_SPL`OTMWPbZ]OT^^ZTX[Z]_LY_WLYR`LRPTY4YOTL SL^^PWOZXMPPY]PXZaPOQ]ZXT_^LNZ`^_TN[Sd^TNLWYL_`]PLYOT_^^ZYTN L`]L4_ T^]PaPLWTYR_SL_TY_SP4YOTLYNZY_Pc_T_T^OTQQTN`W__ZOTQQP]PY _TL_P MP_bPPY bZ]O^ LYO ^Z`YO^ PaPY TY _P]XTYZWZRd ?SP NPY_]LW >LY ^V]T_ _P]X ²LMOL NZaP]^ _SP 0YRWT^S _P]X^ w^Z`YOx LYO wbZ]Ox P\`LWWd , bZ]O T^ L ^Z`YO _SL_ T^ WTYVPO bT_S L XPLYTYR ?ST^ ^PY_PYNP NZ`WO SLaP MPPY b]T__PY Md _SP ,`^_]TLY [ZP_ 0]Y^_ 5LYOW LYO _ZOLd _ST^ TOPL T^ YZ WZYRP] [L]_TN`WL]Wd QZ]PTRY _Z `^ BP^_P]YP]^ -`_ TY ^[T_P ZQ _ST^ bPL]P^_TWWXL]VPOMdZ`]ST^_Z]dQZ]TY_SPBP^_z]TRS_`[_ZXZOP]Y _TXP^ z T_ bL^ ZYWd L bZ]Ov^ XPLYTYR LYO T_^ ^PXLY_TN ]PWPaLYNP _SL_ bP]P [P]NPTaPO LYO ]PQWPN_PO `[ZY 4Y _SP 4YOTLY NZY_Pc_ L bZ]O bL^ LWbLd^MZ_SLMZOdZQ^Z`YOLYO_SPMPL]P]ZQXPLYTYR?SPNZY^T^_PY_ NZYNW`^TZYRTaP^]T^P_ZLYZ_TZY_SL_T^aP]d^_]LYRP_Z`^%T_T^YZ_ZYWd ^PY_PYNP^LYO bZ]O^_SL_L]P^PPY L^ NZXX`YTNL_TaP M`_LW^Z ^dWWLMWP^ LYOPaPYTYOTaTO`LW[SZYPXP^,W_SZ`RS_SPdOZYZ_TX[L]_XPLYTYRTY _SP^PY^PZQNZY_PY__SPdL]P^_TWWMZOTP^ZQ^Z`YObT_S_SPT]ZbYL`OT MWP Pc[]P^^TaT_d 1Z] _SP 4YOTLY _STYVP]^ WLYR`LRP T^ YZ_ ZYWd L XPLY^ ZQ NZXX`YTNL_TZY M`_ TY L bLd T^ LW^Z _SP ^`MUPN_ ZQ _SP NZXX`YTNL _TZY []ZNP^^ ?SP WLYR`LRP T_^PWQ T^ PYaT^LRPO L^ L [P]^ZY LYO PaPY TY OTaTO`LW[SZYPXP^L^TYOP[PYOPY_[P]^ZYLWT_TP^Z]^[PPNS^`MUPN_^bT_S _SPT] aP]d ZbY ^_L_PXPY_^ ?ST^ SL^ MPPY _SZ`RS_ _S]Z`RS TY _P]X^ ZQ WTYR`T^_TN[STWZ^Z[SdLYOLW^ZTX[WPXPY_POTY]T_`LW^ :YP P^[PNTLWWd ^_]TVTYR ]P^`W_ ZQ _SP TYSP]PY_ aLWTOT_d XPY_TZYPO PaPY_SP[P]^ZYLWT_dZQTYOTaTO`LW[SZYPXP^T^_SPPcT^_PYNPZQ^LN]PO
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
"$
_Pc_^ _SL_ L]P YZ_ NZX[Z^PO ZQ bZ]O^ TY Z`] ^PY^P L_ LWW :YP ZQ XLYd [Z^^TMWPPcLX[WP^bZ`WOMP_SP X£_V£[¼U£ TY?LY_]T^XL]T_`LW]PNT_L _TZYZQ_SP>LY^V]T_LW[SLMP_TY_SPP^Z_P]TN_PX[WP^P]aTNP?SP ±£]LO£ ?TWLVL?LY_]L L [Z[`WL] ]T_`LW XLY`LW NZX[TWPO Md 7LV´XL©L /P²TVL []ZMLMWd TY _SP _PY_S NPY_`]d ,/ NZXXPY_^ ZY LYO OP^N]TMP^ _SP OPT_dL^^ZNTL_PObT_S_ST^]T_PL^QZWWZb^% w,YO YZb bP ^[PLV ZQ F_SP RZOOP^^H bT_S _SP MZOd XLOP ZQ _SP LW[SLMP_ bSZ XLVP^ TY_PWWTRPYNP TY _SP `YTaP]^P [Z^^TMWP 4Q _ST^ FLW[SLMP_H OTO YZ_ PcT^_TY[P]NPTaLMWPQZ]X_SPbSZWPbZ]WObZ`WOMPbT_SZ`_WTQPFBSPY ZYP []Ld^ _Z SP] ZYP _STYV^ _Z ZYP^PWQ%H 4 _`]Y _Z _SP bST_P^STYTYR _S]PP PdPO RZOOP^^ ZQ WLYR`LRP ZY bSZ^P QLNP ^SZ`WOP]^ M]PL^_ MPWWd LYO QPP_L]POT^_]TM`_PO_SP WP__P]^FZQ_SPLW[SLMP_Hx
?SPOTaP]RPYNPQ]ZX_SPBP^_P]YTOPLZQWLYR`LRPT^LW]PLOdPc[]P^^PO _S]Z`RS _SP NSZTNP ZQ XP_L[SZ]^ BSPY bP BP^_P]YP]^ NZY^TOP] _SP wP_P]YLW bZ]Ox LYO _SP bZ]WOLNNP^^TYR [ZbP] ZQ WLYR`LRP bP L]P `YWTVPWd _Z _STYV ZQ L MPL`_TQ`W bZXLY bT_S _SP WP__P]^ ZQ _SP LW[SLMP_ [LTY_POZYSP]MZOd1Z]TY_ST^NZY_Pc_bPOZYZ__STYVZQ_SPLNZ`^_TN bZ]O LYO PaPY WP^^ ZQ TYOTaTO`LW [SZYPXP^ QTWWPO bT_S ^PY^P LYO ^Z`YO -`_ _ST^ T^ []PNT^PWd bSL_ 7LV´XL©L /P²TVL OZP^ 1Z] STX 7LY R`LRPT^LRZOOP^^NLWWPO>L]L^aL_¯LYO^SPPaPYSL^NZ^XZRZYTN]PWP aLYNP?SP^TX[WPQLN__SL_^SPT^aT^`LWTePOL^LMPL`_TQ`WbZXLYTYOT NL_P^ _SL_ _ST^ T^ YZ_ L [`]PWd LM^_]LN_ LM^ZW`_P M`_ LW^Z ^ZXP_STYR ^PY^Z]d ?ST^TOPL]`Y^ _S]Z`RS_SP bSZWPNSL[_P]ZQ _SP ±£]LO£?TWLVL TY bSTNS _SP w]T_P^ ZQ _SP WLYR`LRP OPT_dx L]P OP^N]TMPO% _SP []LdP]^ _Z _SP RZOOP^^ ZQ WLYR`LRP LYO _SP ]PNT_L_TZY^ ZQ SP] WTaTYR MZOd _SP LW [SLMP_1Z]7LV´XL©L/P²TVLbSL_T^TX[Z]_LY_LMZ`__SPTXLRPZQ_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ OL_P T^ ML^PO ZY =£RSLaL -SL¶¶Lv^ _S NPY_ ,/ TOPY_TQTNL_TZY ZQ 7LV´XL©L /P²TVL bT_S ZYP ZQ ,MSTYLaLR`[_Lv^ _PLNSP]^ >LYOP]^ZY w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]dx z MPWTPaP^ _ST^ TOPY_TQTNL_TZY ZQ _SP ±£]LO£?TWLVL NZXXPY_L_Z] =£RSLaL_ZMPTYNZ]]PN_MPNL`^P_SP ±£]LO£?TWLVLT^YZ_L?]TVL_Pc_,NNZ]OTYR_Z >LYOP]^ZY_SP±£]LO£?TWLVLbL^b]T__PYTY:]T^^LPT_SP]TY_SPPL]Wd_SNPY_`]dZ] ^ZXPbSL_ PL]WTP] 4_ T^ TYOPPO L ^dY_SP_TN ?LY_]L MPL]TYR YZ ]PWL_TZY _Z _SP ?]TVL _PLNSTYR ZQ ,MSTYLaLR`[_L :Y _SP Z_SP] SLYO _SP RZOOP^^v^ YLXP w±£]LO£x LYO NZYNP[_^`^PO^`NSL^ ^LÀaTO TYOTNL_P6L^SXT]bSTWP_SP]PT^WT__WP_ZTYOTNL_P:]T^^L LYO _SP _S NPY_`]d ?SP b]T_P] 7LV´XL©L NZ`WO MP ZYP ZQ _SP _PLNSP]^ _SL_ ,MST YLaLR`[_Lv^ ®²aL]L;]L_dLMSTUÓ£ATa_TATXL]²TY¯ []P^PY_^L^w±]¯±£^_]L6_xbSTNS NLYXPLY_SPL`_SZ]ZQ L_Pc_QZ]_PLNSTYRLMZ`__SP RZOOP^^ Z]_SPL`_SZ] ZQL SZWd _PLNSTYR _Pc_ 3ZbPaP] _ST^ 7LV´XL©L T^ YPaP] \`Z_PO Z] NZXXPY_PO ZY L^ L [ST WZ^Z[STNLW L`_SZ]T_d :Q NZ`]^P _SP _bZ bZ]V^ ]P[]P^PY_ OTQQP]PY_ _SPZWZRTP^ 4_ T^ NZYNPTaLMWP_SL__SP XLRTNLWWdZ]TPY_PO ±£]LO£?TWLVL ]P[]P^PY_^Lw^TYZQdZ`_Sx ZY 7LV´XL©Lv^[L]_LYO_SPL`_SZ]ZYWdNZYaP]_PO_Z_SP?]TVL[STWZ^Z[SdZYNP_SPbZ]V bL^LW]PLOdbPWWVYZbY L_SLaL]©L_LY`ÀaLV´dPaT²aLMZOSL[]LO£dTY¯Xg dL^d£XLY`[LWLMOS£d£À^L]aLXP_LUULRLUULLX gg±£]LO£?TWLVL?LY_]L ! ,WW_]LY^WL_TZY^ZQ_SP>LY^V]T_L]PZ`]ZbY_]LY^WL_TZY^`YWP^^Z_SP]bT^PTYOTNL_PO
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
WLYR`LRP RZOOP^^ NZaP]PO bT_S ^dWWLMWP^ T^ YZ_ _SP R]L[SPXP^ LYO YZ_ _SP b]T__PY ^PXLY_TNLWWd _]LY^[L]PY_ _Pc_ M`_ _SP w^Z`YOTYRx ^[Z VPY Z] ^`YR ^dWWLMWP^ ZQ _SP >LY^V]T_ LW[SLMP_ bSTNS L]P ]PNT_PO TY _SP ]T_`LW 7LV´XL©L /P²TVL T^ YZ_ L wbPT]O MT]Ox Z] OP]LYRPO XLY [`]^`TYR ^_]LYRPTOPL^4YQLN_SPO]Lb^^`[[Z]_Q]ZXLaPYP]LMWP_]LOT_TZYZQ_SP ^LN]POYP^^ZQWLYR`LRP4Q_ST^^LN]POYP^^XLYTQP^_^T_^PWQTY^Z`YOLYO YZ_ TY _SP WZRZ^ _SP ]PL^ZY QZ] _ST^ T^ _SP QLN_ _SL_ 7LV´XL©L /P²TVLv^ bZ]WO T^ ^Z NZX[WP_PWd QTWWPO Md _SP L`OTMWP Pc[P]TPYNP ZQ WLYR`LRP ?SP]PL]P]PLWw^Z`YO]T_`LW^x^`NSL^_SPNZY^_LY_]P[P_T_TZYZQZYPZQ 2ZOv^ YLXP^ Z] XLY_]L ]PNT_L_TZY bSTNS L^ LW]PLOd [ZTY_PO Z`_ L]P ^_TWW LXZYR _SP XZ^_ bTOP^[]PLO ]PWTRTZ`^ []LN_TNP^ _ZOLd 4Y XLY_]L^ M`_MdYZXPLY^WTXT_PO_Z_SPXLYTYSP]PY_[ZbP]T^PaPYL^N]TMPO_Z ^Z`YO 0aPY _SP WP__P]^ ZQ _SP LW[SLMP_ NLY TY _SP ]T_`LW NZY_Pc_ MP NZXP XLY_]L^ LYO [ZbP]Q`W OPT_TP^ LMWP _Z R]LY_ PaP]d bT^S LYO bL]O ZQQ PaP]d PaTW 1ZWWZbTYR ZY Q]ZX ^[PPNS LN_ _SPZ]d bP NZTY _SP _P]X wWLYR`LRPLN_xQZ]^`NS[SPYZXPYLZQ_SPTYSP]PY_[ZbP]ZQWLYR`LRP 8LY_]L^OZYZ_SLaP_ZMP`YOP]^_ZZOM`_LMZaPLWW_SPdSLaP_ZMP `^PO NZ]]PN_Wd TY _SP ]T_`LW LYO []ZYZ`YNPO NZ]]PN_Wd ?SP [SZYP_TN ^_]`N_`]P T^ ZQ_PY XZ]P TX[Z]_LY_ _SLY _SP WT_P]LW XPLYTYR :`_^TOP _SP [P]QZ]XL_TaP NZY_Pc_ ZQ _SP ]T_`LW _SP LN_`LW XPLYTYR ZQ _SP XLY_]L^ _SPT] _]`P ^PY^P ]PXLTY^ TYNZX[]PSPY^TMWP :YWd TY L _]LOT_TZYLWWd OP QTYPO ^[PPNS LN_ _SPd MPNZXP PQQPN_TaP LYO [ZbP]Q`W L^ T^ MPWTPaPO ?SP XPOT`X T^ LW^Z _SP XP^^LRP 1T]^_ LYO QZ]PXZ^_ L XLY_]L T^ `^PO YZ_TY_P][]P_PO >Z`YO ]T_`LW^ LYO WLYR`LRP LN_^ ^`NS L^ _SL_ ZQ _SP ±£]LO£?TWLVL ?LY_]L L]P NP]_LTYWd _SP XZ^_ Pc_]PXP XLYTQP^_L_TZY^ ZQ _SP ^_]ZYRWd ^ZYTNZ]TPY_L_TZYZQ4YOTLYN`W_`]P-`_^`NSPc_]PXPXLYTQP^_L_TZY^L]P _SP MP^_ PcLX[WP^ QZ] _SPd L]P XP]PWd _SP NZY^T^_PY_ NZYNW`^TZY ZQ _SP aTPb_SL_WLYR`LRPT^YZ_PcSL`^_POTY^PXLY_TN^LYOOPYZXTYL_TZYM`_ _SL_ _SP L`OTMWP [Sd^TNLW PWPXPY_ ZQ WLYR`LRP _ZZ LYO T_^ ^ZYTN L`]L [WLdLNPY_]LW]ZWP >TYNP_SP^ZYTNL^[PN_T^^ZTX[Z]_LY_LYO^PXLY_TN^T^^Z`YTX[Z] _LY_ TY XLYd 3TYO` ]T_P^ TY BP^_P]Y ]P^PL]NS T_ SL^ ^ZXP_TXP^ MPPY ^`RRP^_POYZ__ZaTPb_SP XLY_]L^`^PO_SP]PL^wWLYR`LRPxL_LWW?ST^ T^[]Z[Z^POL^XPY_TZYPOPL]WTP]Md_SP4YOZWZRT^_LYO]T_`LW_SPZ]P_T NTLY 1]T_^ >_LLW bSZ^P YPb XLY_]L TY_P][]P_L_TZY XLOP STX _SP XLTY
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPLW^Z_SP L]_TNWP^MdBLOP BSPPWZNVw?SP8LY_]LTY APOTNLYO ?LY_]TN=T_`LWx LYO,YO]Ë;LOZ`cw8LY_]L^zBSL_L]P?SPd*xTY @YOP]^_LYOTYR8LY_]L^PO3L] aPd;,W[P]/PWST%8Z_TWLW-LYL]^TOL^^$$$!z&$ z
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
#
Pc[ZYPY_ ZQ L ]LOTNLW QZ]XLWT^X bT_S bSTNS SP _]TP^ _Z Pc[WLTY YZ_ ZYWd XLY_]L []LN_TNP M`_ PaP]d ]T_`LW LN_ ! ,NNZ]OTYR _Z >_LLW _SP APOTN XLY_]L^ NLY MP MP__P] NZX[L]PO bT_S -LNSv^ STRSWd ^_]`N_`]PO Q`R`P^ Z] PaPY LYTXLW YZT^P^ 3P ^[PLV^ ZQ w]`WP^ bT_SZ`_ XPLYTYRx LYO wXPLYTYRWP^^ ^Z`YO^x bSP]P _SP TX[Z]_LY_ _STYR T^ YZ_ _SP `YOP] ^_LYOTYR M`_ _SP `^P LYO _SP Q`YN_TZY bT_STY _SP ]T_`LW 1Z] >_LLW ]T_` LW^QZ]XLNL_PRZ]dZQLN_^^`TRPYP]T^YZ_]PQP]]TYR_ZLYdNZY_PY_Z`_ ^TOP ZQ _SP ]T_`LW YZ] ]P\`T]TYR LYd NZYN]P_P RZLW ,YO TY XLY_]L []LN_TNP _ZZ _SP [`]P QZ]X ]P[WLNP^ _SP ^PXLY_TN NZY_PY_ >_LLW PaPY RZP^ ^Z QL] L^ _Z NWLTX _SL_ _SP NZ`]_^ST[ ZQ L NZNV MT]O T^ YZ_ ^TRYTQT NLY_WdOTQQP]PY_Q]ZX_SP]T_`LWLN_^ZQLYd[]TP^_ >_LLWT^]TRS_TY_SL_XLY_]L^OZZQNZ`]^PYZ_SLaPLXPLYTYRTY_SP ^PY^P TY bSTNS ^ZXP_STYR WTVP L _]LQQTN ^TRY SL^ XPLYTYR -`_ PaPY TQ XLY_]L^ OZ YZ_ [Z^^P^^ LYd LN_`LW ^PXLY_TN XPLYTYR _SPd OZ YZ_ ^_Z[ MPTYR ^Z`YO^ _SL_ L]P ]PNPTaPO aTL _SP ^PY^P^ LYO NLY LQQPN_ _SP ]PNT[T PY_^ OT]PN_Wd aTL _SPT] ^PY^P^ ,_ _ST^ [ZTY_ _SP QWLb TY >_LLWv^ _SPZ]d NZXP^_ZWTRS_BPNLYSL]OWdL^V_SPXLWPMT]ObSP_SP]T_Pc[P]TPYNPO LYdVTYOZQQPPWTYR^O`]TYRT_^NZ`]_^ST[OLYNPZ]bSP_SP]T_L^^ZNTL_PO LYdQZ]XZQTY_PY_TZYbT_ST_Z]bSP_SP]_SPOLYNPbL^wXPLYTYRQ`Wx_Z _SPMT]OTYLYdZ_SP]bLd-dNZY_]L^_ZYPNP]_LTYWdNLY[`__SP^P\`P^ _TZY^ _Z ^ZXP ZYP bSZ SL^ WT^_PYPO _Z -LNSv^ w,]_ ZQ 1`R`Px 4Y ST^ XLY_]L _SPZ]d >_LLW L^^`XP^ bT_SZ`_ OT^N`^^TZY _SL_ ^Z`YO^ _SL_ L]P YZ_ OPYZXTYL_TaP NLYYZ_ MP TYaZWaPO TY NZXX`YTNL_TZY L_ LWW LYO [Z^ ^P^^YZPc[]P^^TaT_dbSL_^ZPaP]3PNLWW^`[ZY>_]LaTY^Vdv^QZ]XLWT^_TN X`^TN _SPZ]d L^ L bT_YP^^ bSTNS ^_L_P^ _SL_ X`^TN T^ wTYNL[LMWP ZQ Pc []P^^TYR LYd_STYRbSL_^ZPaP]%L^PY_TXPY_LYL__T_`OPL^_L_PZQXTYO L YL_`]LW ^NPYP P_Nx " BSPY X`^TN L[[PL]^ _Z L]Z`^P QPPWTYR^ _ST^ T^ XP]PWdLWPL]YPO^ZNTLW]PQWPc%w 0c[]P^^TZY SL^YPaP]MPPYLYTXXLYPY_ []Z[P]_dZQX`^TNmx #3ZbPaP] _ST^]LOTNLWaTPbSL^ YZ_P^_LMWT^SPO T_^PWQL_LWWTYPT_SP]_SP_SPZ]dZ]]PNP[_TZYZQX`^TN?SP$ ^[]ZUPN_ bT_S ^P]TLW X`^TN z NZX[WP_PWd OP_P]XTYPO Md ]`WP^ z SLO _Z MP _Z_LWWd LMLYOZYPOMPNL`^P_SPL`OTPYNP[P]^T^_POTYSPL]TYRPc[]P^^TZY TYX` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_LLW w?SP 8PLYTYRWP^^YP^^ ZQ =T_`LWx 9`XPY ! $"$% z P^[PNTLWWd TMTO #z$& =T_`LW LYO 8LY_]L^ $$! LYO >_LLW wAPOTN 8LY_]L^x TY @YOP]^_LYOTYR 8LY _]L^PO,W[P]#z$ ! :Y _SP ^`MUPN_ ZQ L QZ]XLWT^_TN ]T_`LW TY_P][]P_L_TZY ^PP LW^Z .L]ZWTYP 3`X[S]Pd LYO 5ZSY 7LTOWLb ?SP ,]NSP_d[TNLW ,N_TZY ZQ =T_`LW% , ?SPZ]d ZQ =T_`LW 4WW`^_]L_PO Md _SP5LTY=T_`LWZQBZ]^ST[ :cQZ]O%.WL]PYOZY;]P^^$$&,cPW8TNSLPW^wu7P]T _`PW[Z`]WP]T_`PWvZOP]bTP^TYYWZ^^TYO=T_`LWP*xTY =T_`LWPSP`_P%?SPZ]TPYz6ZY _]ZaP]^PY z 0Y_bÞ]QP PO . .LO`QQ LYO 5 ;QLQQ.eL]YPNVL -P]WTY% =PTXP] $$$ z" " -Z`WPev \`Z_L_TZY TY% >_LLW =T_`LW LYO 8LY_]L^ #$ ;TP]]P -Z`WPe bL^ ZYP ZQ _SP XLUZ]TYT_TL_Z]^ZQw^P]TLWX`^TNx^PPLMZaP # >_LLW =T_`LWLYO8LY_]L^#$
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
^TNTY^[T_PZQ_SP_Z_LWWdZ[[Z^TYRTY_PY_TZYZQ_SPNZX[Z^P]^4Y_P]P^_ TYRWd L [^P`OZ^P]TLW ^_dWP MPNLXP [Z[`WL] TY _SP $!^ LYO $"^ L^ MLNVR]Z`YOX`^TNQZ]SZ]]Z]QTWX^8`^TNOZP^YZ_TX[L]_XPLYTYRM`_ T_OZP^TX[L]_^PY^P4YQLN_ZYWdTY]L]PTY^_LYNP^LX`^TNTLYNZX[Z^P^ X`^TN bT_S _SP OPQTYT_P [`][Z^P ZQ Pc[]P^^TYR L ^[PNTQTN QPPWTYR z M`_ OP^[T_P _ST^ PaP]d [TPNP ZQ X`^TN bTWW LWbLd^ SLaP ^ZXP QZ]X ZQ Pc []P^^TZY LYO bTWW LWbLd^ SLaP ^ZXP VTYO ZQ PQQPN_ ZY T_^ WT^_PYP]^ 4Y _ST^ ^PY^P X`^TN T^ YPaP] OPaZTO ZQ NZXX`YTNL_TZY LYO YPaP] NZX [WP_PWd OPaZTO ZQ XZZO 1Z] PcLX[WP _SP Q`YOLXPY_LW _SPZ]P_TNTLY 3P]XLYY 6]P_e^NSXL] ^_L_P^ _SL_ X`^TN SL^ LY LWW[P]aLOTYR ^PY^P LYO OPXLYO^LSP]XPYP`_TN^PaPYQZ]TY^_]`XPY_LWNZX[Z^T_TZY^ $>`^LYYP 7LYRP] _LVP^ `[ ^`NS L[[]ZLNSP^ TY SP] [STWZ^Z[Sd ZQ ^dXMZWTN QZ]X^ bSPY^SPNWLTX^_SL_X`^TNT^MdYZXPLY^ZYWd[`]Pw^PWQPc[]P^^TZYx M`_ T^ _SP w QZ]X`WL_TZY LYO ]P[]P^PY_L_TZY ZQ PXZ_TZY^ XZZO^ XPY_LW _PY^TZY^ LYO ]P^ZW`_TZY^x ?ST^ ML^TN ]P^PL]NS LW]PLOd NL^_^ OZ`M_ `[ZY>_LLWv^XLYTNSPLPT^_TNNZXX`YTNL_TZY_SPZ]PXPzubSP]P _SP]PT^ YZ ^PXLY_TN NZYYZ_L_TZY _SP]P T^ YZ NZY_PY_ PT_SP] LYO YZ Z[[Z]_`YT_d QZ]SP]XPYP`_TN^v ,YO]Ë ;LOZ`c T^ U`^_TQTPO TY []Z[Z^TYR L NZX[WPXPY_L]d L[[]ZLNS _Z _SP QZ]XLWT^_TN _SPZ]d bSTNS SP _P]X^ w[^dNSZWTYR`T^_TNx M`_ bSTNSbPbZ`WO[]PQP]_ZNLWWw[SPYZXPYZWZRTNLWxLYOwLP^_SP_TNLWxTY _P]X^ZQ]PWTRTZY[P]NPTaPO_S]Z`RS_SP^PY^P^;LOZ`cQTYO^_SL_XLY _]L^ OZ YZ_ SLaP LYd XPLYTYR TY _SP `^`LW ^PY^P ZQ _SP bZ]O z bSTNS SZbPaP]T^YZ__Z^Ld_SL__SPdL]PYZ_Q`WWZQXPLYTYRQZ]_SZ^P^[PLV TYR_SPX -`_LMZaPLWW_SPdSLaPL]T_`LWPQQTNLNd_SL_T^_SPdPcP]_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q 3P]XLYY 6]P_e^NSXL] 2P^LXXPW_P ,`Q^Æ_eP% ,`^ OPY 5LS]MÞNSP]Y OP] 8`^TV MTMWTZ_SPV ;P_P]^ 7PT[eTR% AP]WLR .1 ;P_P]^ $ !#z$ #z$ Z[ NT_ 6]P_e^NSXL] bL^ ^Z TX[Z]_LY_ TY _SP _SPZ]d ZQ X`^TN MPNL`^P SP Z[[Z^PO _SP ZWOP] TOPL_SL_X`^TNbL^wQPW_xMdNWLTXTYR_SL_X`^TNSLO_ZMPTY_P][]P_POzbT_SLST^ _Z]TNLW MLNVR]Z`YO 0aPY TQ _SP OPML_P ZY XPLYTYR Z] XPLYTYRWP^^YP^^ WL^_PO QZ] L WZYR_TXPL^7Lb]PYNP6]LXP] 8`^TNLW8PLYTYR%?ZbL]OL.]T_TNLW3T^_Z]d -P]VP WPd%@YTaP]^T_dZQ.LWTQZ]YTL;]P^^TWW`^_]L_P^XLYdZQ6]P_e^NSXL]v^TY^TRS_^ L[[PL] _Z `^ _Z ]PXLTY aLWTO 1Z] _SP bTOP L]PL ZQ _Z[TN ^PP LW^Z _SP aZW`XTYZ`^ 3LYOMZZVZQ8`^TNLYO0XZ_TZY?SPZ]d=P^PL]NS,[[WTNL_TZY^PO;L_]TV95`^ WTYLYO5ZSY,>WZMZOL:cQZ]O%:cQZ]O@; >`^LYYP67LYRP] ;STWZ^Z[SdTYL9Pb6Pd%,>_`OdTY_SP>dXMZWT^XZQ=PL^ZY =T_PLYO,]_ .LXM]TORP8L^^%3L]aL]O@YTaP]^T_d ;]P^^$"$Z]TRTYLW$]P aT^PO$" ;LOZ`cw8LY_]L^zBSL_L]P?SPd*x ,W_SZ`RS _SP M¯ULXLY_]L^ L]P YZY^PXLY_TN TY L WPcTNLW ^PY^P _SPd LN_`LWWd OZ [Z^ ^P^^ NZYaPY_TZYLWWd NZOPO ^PXLY_TN XPLYTYR ?SP [`][Z^P^ LYO Q`YN_TZY^ aL]d OP [PYOTYR ZY ^T_`L_TZY ^NSZZW _]LOT_TZY LYO []LN_T_TZYP] ,RSPYLYOL -SL]L_T ?LY_]TN ?]LOT_TZY^ /PWST% 3TYO`^_LY ;`MWT^STYR .Z][Z]L_TZY $$ _SP]PQZ]P ^`RRP^_^ LaP]dQZ]XLWOPQTYT_TZYZQ_SP?LY_]TN XLY_]L^% w,XLY_]LT^L\`L^TXZ][SPXP LYO \`L^TXZ][SPXP^L]]LYRPOTYNZYaPY_TZYLW[L__P]Y^ML^POZYNZOTQTPOP^Z_P]TN_]LOT
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
#
LYPQQPN_3P]P _SPX`^TNLWZ]TYXZ]PRPYP]LW _P]X^_SP[SZYP_TN LYO LNZ`^_TN L^[PN_^ ZQ _SP XLY_]L^ L]P PcNP[_TZYLWWd TX[Z]_LY_ 4_ T^ TY^TR YTQTNLY_ _SL_ L^ L ]`WP XLY_]L^ L]P NZX[Z^PO ]L_SP] OTQQP]PY_Wd _SLY L [TPNP ZQ X`^TN ?SP TX[Z]_LY_ _STYR T^ _SL_ _SPd L]P ^Z`YO^ LYO PaP]d ^Z`YO SL^ LY TYSP]PY_ YL_`]LW Pc[]P^^TaT_d >Z`YO^ PWTNT_ PXZ_TaP Z] TY_`T_TaP L^^ZNTL_TZY^ _SPd NLY MP QPW_ [Sd^TNLWWd LYO _SPd SLaP XPLY TYR^LYONZYYZ_L_TZY^4_T^_]`P_SL_wPaPY_SZ`RSXPLYTYR^LYONZYYZ _L_TZY^ZQXLY_]L^L]PQTcPOMd_]LOT_TZY_SPd`YOZ`M_POWdSLaPPXZ_TaP L^^ZNTL_TZY^ Z] NZYYZ_L_TZY^ _ZZ LYO _SP^P L]P []ZMLMWd XLOP `^P ZQ LWMPT_`YNZY^NTZ`^WdMd_SP_]LOT_TZY^LYONZY_]TM`_P_Z_SPT]]PWTRTZ`^ Z]^[T]T_`LWPQQTNLNdx ?SP XZ^_ ML^TN XPLYTYR ZQ ?LY_]TN XLY_]L^ VYZbY _Z PaP]dMZOd LYO NZY^_LY_Wd ^_L_PO TY _SP ?LY_]L NZXXPY_L]TP^ T^ _SL_ _SP XLY_]L ^_L_P^ _SP OPT_d OPaL_£a£NLVLXLY_]L ?SP[L]_TN`WL]^Z`YONZXMTYL _TZY bTWW TXXPOTL_PWd w_PWWx bSZ _SP OPT_d Z] Y`XTYZ`^ MPTYR T^ LYO bSL_ T_^ ^[PNTQTN [ZbP]^ L]P 4Q _SP LW[SLMP_ T^ _SP RZOOP^^ SP]^PWQ Z] ]T_`LWWd[]ZUPN_POZY_Z_SP[]LN_T_TZYP]v^MZOdT_bTWWLWbLd^NZXX`YT NL_PNZ^XTN]PWPaLYNP?SPXLY_]L^Z`YO^LYOQZ]X`WL^LYO_SPT]XP_Z YdXTN L^^ZNTL_TZY^ _S`^ RPYP]L_P NP]_LTY wQPPWTYR^x LYO ^ZXL_TN LbL]P YP^^ ZQ _SP [ZbP]^ LYO Q`YN_TZY^ NZYYPN_PO bT_S _SP XLY_]L OPT_TP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TZY^LYO[L^^POZYQ]ZXZYP[]PNP[_Z]_ZZYPOT^NT[WPTY_SPNZ`]^PZQL[]P^N]TMPO TYT_TL_TZYx:YOTQQP]PY_XLY_]LQZ]X^LYO`^LRP^^PPTMTO$z LYOZ`]APOLLYO ?LY_]LNSL[_P]^MPWZb -SL]L_T ?LY_]TN ?]LOT_TZY^ ! T^ []ZMLMWd ]TRS_ TY ^`RRP^_TYR bT_S ]PRL]O _Z ?LY _]TN XLY_]L^% w?SP QT]^_ FXZ^_ [WL`^TMWPH _SPZ]d LMZ`_ _SP QZ]XL_TZY ZQ XLY_]L^ ^PPX^ _Z MP _SL_ ^ZXP PL]Wd []TP^_^ Z] Z_SP] P^Z_P]TN TWW`XTYL_T OTO NZYNZN_ _SP M¯UL^ LYO_SL__SPdNZYNPTaPO_SPTOPL`^TYRaP]MLW^Z`YONW`^_P]^bSTNSL]PYZ_TY _PWWTRPY__Z_SPYZYTYT_TL_P_ZXL]VZQQLYTYYP]NT]NWPZQLOP[_^3ZbPaP]T_OZP^YZ_ ^PPX WTVPWd _Z XP _SL_ _SPd XLOP `[ _SP QT]^_ M¯UL^ Q]ZX L NZX[WP_P aLN``X TY _SP XLYYP] TY bSTNS NSTWO]PY NZYNZN_ LY L]MT_]L]d ^PN]P_ WLYR`LRP ?SPd OTO _LVP T_ bZ`WO ^PPX _Z XP [SZYP_TN PWPXPY_^ Q]ZX OTaTYP YLXP^ LYO Q]ZX ^LN]PO _Pc_^ LYO [`_ _SPX _ZRP_SP] `YOP] _SP NZX[`W^TZY ZQ ^ZXP PXZ_TZYLW QZ]NP ^ZXP ^_L_P ZQ _]LYNP Z] ^ZXP ^_L_P ZQ YZYOT^N`]^TaP NZY_PX[WL_TZY , RZZO PcLX[WP QZ] _ST^ Sd [Z_SP^T^ bZ`WO MP _SP M¯UL u[SL¶v NLWWPO L^_]L ubPL[ZYv M¯UL LYO `^PO L^ LY LRR]P^ ^TaP XLY_]L Q]ZX_SPPL]WTP^__TXP^x?SPLRR]P^^TaP^Z`YOTY_ST^NL^PPc[]P^^P^LYO TXT_L_P^_SPYPNP^^L]TWdLRR]P^^TaP[`][Z^PZQO]TaTYRLbLdPaTWQZ]NP^ ;LOZ`cw8LY_]L^zBSL_L]P?SPd*x ?ST^ T^ XZ^_Wd LW^Z _]`P QZ] APOTN XLY_]L QZ]X`WL^ L^ 7L`]TP ;L__ZY L]R`P^ TY SP] -]TYRTYR_SP 2ZO^_Z8TYO ;L__ZY PX[SL^TeP^_SP ]ZWPZQ XP_ZYdXd LYOT_^NZRYT _TaP ^PY^`LW LYO LQQPN_TaP [ZbP]^ LNNZ`Y_TYR QZ] XLRTNLW LRPYNd LYO ^SP OPXZY ^_]L_P^TYOP_LTWSZb_SPXP_ZYdXTNQZ]NPZQ_SP^LXPXLY_]LQZ]X`WLT^`^POTYOTQ QP]PY_ NZY_Pc_^ ZQ []LN_TNLW L[[WTNL_TZY aTYTdZRL ,WXZ^_ TYaL]TLMWd _SP]P L]P SZXZWZRZ`^WTYV^LYOLWWZNL_TZY^MP_bPPYLbZ]OZ]YLXPTY_SPXLY_]LLYO_SP[`] [Z^PZQT_^L[[WTNL_TZYQZ]TY^_LYNPL^LQPUZ`]YPd,aP]dNZXXZYXZ]POPaZ_TZYLW XLY_]L L[[WTNL_TZY T^ OP^N]TMPO LMZaP -`_ T_ ^SZ`WO MP LOOPO _SL_ _SP ?LY_]L LW^Z ]PNZRYTeP^LWL]RPY`XMP]ZQXZ]P_PNSYTNLW[^dNSZ^ZXL_TNLYONZY_PX[WL_TaPL[[WT
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
?SP PaTOPYNP _SL_ XLY_]L^ LW^Z SLaP STRSWd PXZ_TaP NZY_PY_ T^ NWPL]Wd TWW`^_]L_PO Md _SP QLN_ _SL_ XLY_]L^ QZ] TY^_LYNP _SP XLY_]L wYLXLà ±Ta£dLx w;]Z^_]L_TZY_Z ±TaLxL]P^`YR TYaL]TZ`^X`^TNLW bLd^ !MP T_ STRSWd L]_T^_TN TY_PY^PWd PXZ_TZYLW Z] ^TX[Wd TY ^PXTX`^TNLW QZ]X LYO L]P ]P[PL_PO XZ]P _SLY ZYNP ?ST^ []LN_TNP PL^TWd PWTNT_^ XPY_LW LM^Z][_TZY L ^Z]_ ZQ _]LYNP TYYP] UZd LYO [PLNP ZQ XTYO ?SP XLY_]L wYLXLà ±Ta£dLx bSTNS WT_P]LWWd XPLY^ w;]Z^_]L_TZY _Z _SP ,`^[TNTZ`^ ZYPx RPYP]L_P^ LWXZ^_ WT_P]LWWd L MZOTWd QPPWTYR ZQ wL`^[TNTZ`^YP^^x _S]Z`RSM]TRS_ ^Z`YO^ "X`^TNLWTY_ZYL_TZY]Sd_SXLYO]P[P_T_TaP[P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NL_TZY^ZQXLY_]L`__P]LYNPLYOaL]TZ`^^Z`YOPc[P]TXPY_^TY_SPwMZOdWLMZ]L_Z]dx 1`]_SP]XZ]PML^POZY_SPNZYNP[_TZYZQwaTM]L_TZYx ^[LYOL LYO_SP_]LTYTYRZQ_SP LP^_SP_TNLWWd ^PY^T_TaP 4YOTLY PL] _Z [P]NPTaP NP]_LTY ^Z`YO^ L^ SLaTYR L OPQTYT_P [T_NS _SP ?LY_]TN wXLY_]L^NTPYNPx XLY_]L²£^_]L OPaPWZ[PO L Y`XMP] ZQ P^Z_P]TN ^[PN`WL_TZY^LMZ`__SP^PN]P_NZYYPN_TZY^MP_bPPY^Z`YO^OPT_TP^[Sd^TNLWPWPXPY_^ LYO LM^_]LN_ NZYNP[_^ QZ] TY^_LYNP LWWZNL_TYR _SP w^PPO ^dWWLMWPx =,¿ _Z _SP RZO ,RYT _SP []TYNT[WP ZQ QT]P TP T_^ M`]YTYR NL[LNT_d =,¿ `__P]LYNP T^ P^^PY_TLW TY PLNS ?LY_]TN ]T_`LW 4_ MPWZYR^ _Z _SP w[`]TQTNL_TZY ZQ _SP PWPXPY_^x MS¼_L²`OOST LYO^P]aP^_SP[`][Z^PZQ_]LY^QZ]XTYR_SPS`XLYQ]LXPTY_ZLOTaTYPZYPMdwM`]Y TYRx _SP ^TY^ LYO NZY^PN]L_TYR _SP [Sd^TNLW LYO DZRTN MZOd 1Z] XZ]P PcLX[WP^ NQ -SL]L_T ?LY_]TN?]LOT_TZY^ ! ?ST^T^[L]_TN`WL]Wd NZXXZY TY_SP WP^^P^Z_P]TN XLY_]L^ _SL_ NZY_LTYL OTaTYPYLXP M`_T^LW^ZQZ`YOTY:¿]P[P_T_TZYbSP]PL^APOTNXLY_]L^bTWWLWbLd^SLaPL^_]TN_ _]LOT_TZYLWWdQTcPO^PXTX`^TNLWQZ]X?SP[P]QZ]XLYNPZQ_SPP^Z_P]TNXZYZ^dWWLMTN ^Z`YO QZ]X`WL^ M¯UL^ ZQ _SP ?LY_]L^ bTWW MP VYZbY Q]ZX TYT_TL_TZY ?SPd L]P MP WTPaPO _Z SLaP MPPY ]PaPLWPO TY ^ZXP []ZNP^^ ZQ ^`[P]^PY^Z]d [P]NP[_TZY LYO _Z MP [L]_TN`WL]Wd[Z_PY_LYOPQQPN_TaPMPNL`^P_SPdNZY_LTY_SPOPT_dv^P^^PYNPTYMZ_S_SP L`OTMWP^Z`YO^LYOTYL`OTMWP^Z`YObLaP^Z]waTM]L_TZY^x ^[LYOL " ?SP OTQQP]PY_ [^dNSZWZRTNLW PQQPN_^ ZQ M]TRS_ SL]^S LYO OL]V ^Z`YO XL_P]TLW SLaP MPPY[WLdPObT_SLYO]PQWPN_PO`[ZYTYNWL^^TNLW4YOTLY[ZP_]dLYO[ZP_TN^LYOSLaP TY^[T]POXLY_]L^[PN`WL_TZY^LYO[]LN_TNP^TY_SP8LY_]L±£^_]L,YPX[T]TNLWTYaP^ _TRL_TZY ]PRL]OTYR _SP [^dNSZWZRTNLW LYO NZ][Z]LW PQQPN_^ ZQ _SP aZbPW^ ZQ OTQQP]PY_ XZYZ^dWWLMTN YPbWd TYaPY_PO XLY_]LWTVP QZ]X`WL^ bL^ ]PNPY_Wd NL]]TPO Z`_ Md /LYTPW-Ø__RP]0X[T]T^NSP;]ÞQ`YROP],`^bT]V`YRaZYQLNTLWQPPOMLNVL`QOTP^`M UPV_TaP BLS]YPSX`YR aZY =T_`LWPY 8L^_P] ?SP^T^ 7PT[eTR @YTaP]^T_d $ ?ST^ STRSWd []LT^PO _SP^T^ dRRO]L^TW OT^N`^^TZY WT^_ 8TNSLPW -W`XP # 5LY`L]d $ NLXP_Z_SPNZYNW`^TZY_SL__SP[Sd^TNLWLN_ZQ[]ZY`YNTL_TZYQZ]TY^_LYNP^TYRTYR_SP M]TRS_aZbPW^wPxLYOwTxT_^PWQYL_`]LWWdM]TYR^LMZ`_ L ^XTWPZY_SPQLNPLYO[]Z aZVP^[]PNT^PWd_ST^[Z^T_TaPPXZ_TZYZQQPPWTYR]PWLcPOQTYOTYRMPL`_dTY_SPXLY_]L ]P[P_T_TZYLYObLY_TYR_ZNZY_TY`PNSLY_TYRbSP]PL^QZ]X`WL^NZY_LTYTYROL]VP]aZ NLW XL_P]TLW WTVP w`x LYO wÞx WPLO _Z L WP^^ SL[[d LYO ]PWLcPO^_L_P ZQ XTYO LYO ]P O`NPO bTWWTYRYP^^ _Z NZY_TY`P NSLY_TYR ?SP L`_SZ] []Z[Z^P^ _ST^ LQQPN_]PR`WL_TYR NL[LNT_d ZQ ^Z`YO^ T]]PWPaLY_ _Z ]PWTRTZ`^ NZYaTN_TZY _SP [Z^^TMWP ^PXLY_TN NZY_PY_^ LYO_SP]T_`LW^P__TYR0aPYTQZYPT^YZ_]PLOd_ZLNNP[__ST^QL]]PLNSTYRNZYNW`^TZY _SP]P T^ YZ OZ`M_ _SL_ ^Z`YO^ wOZx ^ZXP_STYR _Z _SZ^P bSZ ]P[PL_ _SPX ?SP TX[Z] _LYNP ZQ LNZ`^_TN Pc[P]TPYNP TY ^SL[TYR ]PWTRTZ`^ TOPY_T_d LYO NZWWPN_TaP MPWZYRTYR bL^STRSWTRS_POTY_SPNZX[]PSPY^TaPQTPWObZ]V^_`OdMd4^LMPW7LLNV =PWTRTZY`YO
8`^TV TY 2WL^_ZYM`]d% 0TYP 1LWW^_`OTP e` RPRPYbÆ]_TRPY 1Z]XPY ]PWTRTØ^P] 4OPY _T_Æ_^OT^V`]^P ;S/ OT^^ 3PTOPWMP]R @YTaP]^T_d $ 7LLNV ^`RRP^_^ LY T^ZWL_PO
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
#
QZ]XLYNP NZYO`N_PO TY []TaL_P Z] R]Z`[ ^P__TYR^ LYO _]TRRP]^ aL]TZ`^ ^`MUPN_TaPL^^ZNTL_TZY^^`NSL^QPPWTYR^ZQMPTYR[]Z_PN_POMWP^^POLYO SPW[POTYOTQQTN`W_^T_`L_TZY^P_N 9L_`]LWWdT_T^YZ_^`][]T^TYR_SL__SPN`W_`]LWLN_Z]^_SPX^PWaP^TP _SZ^P bSZ `^P XLY_]L^ OZ YZ_ NZY^TOP] _SPT] XLY_]L^ _Z MP OPaZTO ZQ ^PY^P L_ LWW LYO LW^Z ]PRL]O _SPT] XLY_]L []LN_TNP L^ SLaTYR L [`][Z^P 1Z]XLWT^_^ ^`NS L^ >_LLW ^PP SP]P ZYWd L WLdP] _SL_ SL^ MPPY ^`[P]TX [Z^PO LQ_P]bL]O^ Z] PW^P LY L]_TQTNTLW ]L_TZYLWTeL_TZY ZQ _SPT] ZbY ]PWT RTZ`^[]LN_TNP3P^_L_P^_SL_PaPY_SPaL^_aL]TLYNPLYOOTaP]^T_dZQ_SP Pc[WLYL_TZY^ NWPL]Wd ^SZb _SL_ ^`NS TY_P][]P_L_TZY^ L]P TY_P]NSLYRPLMWP LYO T]]PWPaLY_ ?SP -]LSXTY^ L]P OZ`M_WP^^ Pc[P]_^ L_ QTYOTYR YPb XPLYTYR^ -`_TYQLN__ST^T^ZYWdL^TRYZQ_SPQW`TOT_dZQ_Pc_^LYOYZ_ LY TYOTNL_TZY ZQ _SPT] ^PY^PWP^^YP^^ QZ] ^`NS X`W_T[WP Pc[WLYL_TZY^ L]P NP]_LTYWd LW^Z QZ`YO TY ^PXLY_TNLWWd _]LY^[L]PY_ _Pc_^ z _SP NZY^NTZ`^Wd QZ]NPO[ZWd^PXdT^LNWPL]_]LOPXL]VZQ-]LSXLYTNSP]XPYP`_TN^ 4YZ]OP]_Z`YOP]^_LYO[SPYZXPYL^`NSL^]PNT_L_TZYZQ_SP>LY^V]T_ LW[SLMP_LYO_ZSZYZ]_SPXTY_SPT]ZbYNZY_Pc_^T_T^Pc[POTPY__Z`^P _SP TYOTRPYZ`^ ]T_`LW WT_P]L_`]P LYO T_^ Pc[WLYL_TZY^ -`_ XLdMP T_ T^ PaPY XZ]P Q`YOLXPY_LW _Z _LVP TY_Z LNNZ`Y_ _SP YL_TaP WLYR`LRP _SPZ ]TP^ LYO WLYR`LRP [STWZ^Z[STP^ ^TYNP _SPd MP^_ ]PQWPN_ _SP N`W_`]P ^[PNTQTN aTPb^ ZQ WLYR`LRP 8LY_]L^ LYO Z_SP] ]PWTRTZ`^ 3TYO` _Pc_^ X`^_ YZ_ MP ]PLO ZYWd LRLTY^_ _SP MLNVR]Z`YO ZQ BP^_P]Y WLYR`LRP _SPZ]TP^ L^ _ST^ bZ`WO TX[Wd _SL_ WLYR`LRP T^ `YOP]^_ZZO TY _SP ^LXP XLYYP] PaP]dbSP]P LYO L_ LWW _TXP^ -`_ _ST^ T^ OPQTYT_PWd YZ_ _SP NL^P 1Z] PcLX[WP L _Pc_ Q]ZX _SP WL_P APOTN -]£SXL©L WT_P]L_`]P NLY STOP aP]d TX[Z]_LY_ TYQZ]XL_TZY TY _SP Y`XMP] ZQ YZ`Y^ `^PO TY ZYP ^PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ]PQWPN_TZY ZQ _SP L`OT_Z]d ^PY^P _Z MP ZQ WT__WP aLW`P 4Y^_PLO _SP TY_P]QLNP ZQ XLYd WPaPW^ LYO _SP TY_P][WLd ZQ ^Z`YO LYO X`^TN Pc[P]TPYNP bT_S Z_SP] ^PY^`LW OL_L _SP ^ZNTLW LYO ]T_`LW ^P__TYR^ PR L QP^_TaLW L_XZ^[SP]P P_N ^SZ`WO MP _LVPY TY_Z LN NZ`Y_?ST^MZZVT^LaP]d]TNS^Z`]NPZQTYQZ]XL_TZYTY_P]X^ZQ]PWPaLY__SPZ]TP^ZY X`^TN LYO ]PWTRTZY _SP [^dNSZWZRd ZQ X`^TN [P]QZ]XLYNP PXMZOTXPY_ TOPY_T_d P_N L^ bPWW L^ PX[T]TNLW ]P^PL]NS TY_Z NZY_PX[Z]L]d LW_P]YL_TaP ^[T]T_`LWT_d ?SP 2WL^_ZYM`]d w9Pb ,RPx ^NPYP^ XLVP LW^Z `^P ZQ 4YOTLY XLY_]L^ LYO ^ZXP ZQ _SPT] X`^TNT^TY^[T]POMd4YOTLY MSLULY^ .P]_LTYWd_SP[L]_TNT[LY_^NZYYPN_OTQQP]PY_L^^Z NTL_TZY^ bT_S _SPT] L`OT_Z]d Pc[P]TPYNP _SLY _]LOT_TZYLW 4YOTLY^ bZ`WO OZ -`_ ]P XL]VLMWd _SP]P T^ L_ WPL^_ ZYP NZXXZY Z[TYTZY ^SL]PO bT_S XZOP]Y 4YOTLY R`]`^ YLXPWd _SL_ ZQ ]PRL]OTYR X`^TN XPWZOd SL]XZYd LYO ]Sd_SX L^ L w`YTaP]^LW WLY R`LRPZQPXZ_TZYx_SL_w^[PLV^xOT]PN_Wd_Z_SPQPPWTYR^_SP^PY^P^LYO_SPMZOd&T_T^ ^LTO_ZwXZaP_SPSPL]_xTY^[T]PLw^[T]T_`LWQZN`^x_]LY^XT__SPw`YT_dZQMPTYRxLYO _SPwP^^PYNPZQ]PWTRTZYxbT_SZ`_bZ]O^LYOOZN_]TYP^LYONLYMP`YOP]^_ZZOLYOQPW_ Md PaP]dMZOd ^[ZY_LYPZ`^Wd TMTO !z $ ?ST^ TWW`^_]L_P^ bPWW L [Z[`WL] QPPWTYR LMZ`_^Z`YOPc[P]TPYNPT_^`YTaP]^LWTeTYRNL[LNT_dLYOT_^[ZbP]_ZP^_LMWT^SNZWWPN _TaPTOPY_T_TP^,WWZQ_ST^T^[L]_Wd_ZMPPc[WLTYPOMdXZOP]YRWZMLWTePO^[T]T_`LWT_d [L]_WdMd_SPNZYN]P_PLYOLM^_]LN_YL_`]PZQX`^TN_SL_LWWZb^^`NSVTYO^ZQaTPb^
#!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_PYNP # 9Z BP^_P]YP] bZ`WO NZXP `[ bT_S _SP TOPL ZQ NZ`Y_TYR _SP YZ`Y^ TY PLNS ^PY_PYNP 1Z] _SP -]£SXL©L L`_SZ]^ ZY _SP Z_SP] SLYO Y`XMP]^SLaPR]PL_NZ^XZWZRTNLW]PWPaLYNP ?SP PcLX[WP ^SZb^ _SL_T_ T^YZ_ ^`QQTNTPY_ ^TX[Wd _Z_LVP_SPNZY_Pc_Z]_SP`^P ZQL^TRYTY_ZLN NZ`Y_M`__SL_T_T^ LW^ZYPNP^^L]d_Z Pc[Z^PLYO TYaP^_TRL_P_SPQ`YOL XPY_LW ZY_ZWZRTNLW N]T_P]TL `^PO QZ] L^N]TMTYR aLW`P^ >Z T_ T^ P^^PY_TLW _ZL[[Wdindigenous WLYR`LRP_SPZ]TP^^TYNP_SPd]PQWPN_[]PNT^PWd_SP^P N]T_P]TLLYOaLW`P^ ,[L]_ Q]ZX _SP XLYd LYO aL]TPO [P]QZ]XL_TaP Q`YN_TZYLWTeL_TZY^ ZQ WLYR`LRP LYO^Z`YO _SL_ bPQTYOTY3TYO`T^X[P]SL[^YZZ_SP]N`W_`]P SL^_`]YPO^ZX`NSZQT_^XPY_LWL__PY_TZY_ZWLYR`LRPLYO^Z`YO0aPY _SPL`_SZ]^ZQ_SP-]£SXL©L^NZYNPY_]L_PO ^ZX`NSZYWLYR`LRP_SL_T_ L[[PL]^LWXZ^_L^TQ_SPdSLOYZTY_P]P^_TYLN_`LW_STYR^M`_ZYWdTY_SP bZ]O^LYOYLXP^?SPdOZYZ_^[PLVZQ_STYR^bSZ^P^`M^_LYNPT^XL_ _P] M`_ ZQ bZ]O^ bSZ^P ^`M^_LYNP NZY^T^_^ ZQ [SZYPXP^ LYO XP_P]^ ?ST^QZN`^TYRZYWTYR`T^_TNL^[PN_^LW^ZNSL]LN_P]TeP^_SPQT]^_LNLOPXTN ^_`OTP^ L]T^TYR TY 4YOTL ?SP^P bP]P L`cTWTL]d ^_`OTP^ QZ] _SZ^P bSZ bP]P QLXTWTL] bT_S _SP APOL LYO z L[L]_ Q]ZX _SP ^_`Od ZQ WT_`]Rd LYO L^_]ZYZXd z _SPd ]PaPLWTYRWd _LNVWP _SP bSZWP ZQ WLYR`LRP% R]LXXL] P_dXZWZRdXP_]TN^LYO[SZYP_TN^?bZZ`_ZQ_SP^TcNWL^^TNLWZ]_SZOZc [STWZ^Z[STNLW ^NSZZW^ TY 4YOTL z _SP ;¼]aL8ÅX£À^£ LYO _SP @__L]L 8ÅX£À^£ z L]P PcNW`^TaPWd ML^PO ZY WTYR`T^_TN [STWZ^Z[Sd LYO SP]XP YP`_TN^ ?SP TX[Z]_LYNP ZQ WLYR`LRP T^ YZ_ WPL^_ Pc[]P^^PO TY _SP QLN_ _SL_ _SP NZ^XZWZRTP^ ZQ _SP PL]Wd Xd_SZ^ LYO ZQ _SP WL_P] [STWZ^Z[STNLW WZ RZ^ ^PP TY WLYR`LRP L QZ]NP _SL_ Z[PY^ `[ _SP bZ]WO LYO ^ZXP_TXP^ PaPY N]PL_P^ _SP bZ]WO 7L_P SdXY^ ZQ _SP RaPOL LW]PLOd ^TYR ZQ _SP RZOOP^^7LYR`LRPZ]XZ]PWT_P]LWWdTY_ST^PL]WdLRP_SPRZOOP^^AZTNP a£N L^_SPN]PL_Z]ZQ_SP`YTaP]^PzLYZ_TZY_SL_T^NZY_TY`POTYPaP] YPb QZ]X^ LYO QTYLWWd N`WXTYL_P^ TY STRSWd PWLMZ]L_P [STWZ^Z[STNLW NZYNP[_^TY_SP8TOOWP,RP^BP^_P]YP]^QTYOT_]PXL]VLMWP_SL_LWXZ^_ L^ L Md[]ZO`N_ _SP 4YOTLY WLYR`LRP _SPZ]P_TNTLY^ SLO LY_TNT[L_PO _SP wWTYR`T^_TN _`]Yx ZQ BP^_P]Y [STWZ^Z[Sd Md S`YO]PO^ ZQ dPL]^ 0aPY TY _SP PL]Wd 8TOOWP ,RP^ _SP WTYR`T^_TN [STWZ^Z[SP] -SL]_SL]T _S NPY_ ,/YZ_POTYST^QLXZ`^WTYR`T^_TNbZ]V A£VdL[LO¯dL _SP Q`YOLXPY_LWOP[PYOPYNPZQ[P]NP[_TZYZYWLYR`LRP%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z]PcLX[WPTY_SP[L^^LRPLMZ`__SPw[P]QPN_QZ]XZQWLYR`LRPxbSTNST^OT^N`^^PO TY Z`] APOL NSL[ _SP NPY_]LW _P]X wXLYx [`]`´L T^ ^`RRP^_PO [`]PWd LYO ^TX[WdMd_SPwSTOOPYxY`XMP]QTaPTY_SP_Pc_
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
#"
w4Y _ST^ bZ]WO _SP]P T^ YZ [P]NP[_TZY ZQ _STYR^ _SL_ T^ bT_SZ`_ WLYR`LRP FLYOZ`]HbSZWP[P]NP[_TZYL[[PL]^[P]XPL_POMdWLYR`LRPx $
-SL]_SL]T ^PPX^ OPNTOPOWd XZOP]Y bT_S ST^ _SP^T^ ZQ _SP TYOT^^ZW`MWP NZYYPN_TZY MP_bPPY WLYR`LRP LYO _SZ`RS_ -`_ _ST^ T^ ZYWd L ^`MZ]OT YL_P L^[PN_ ZQ L SZWT^_TN LYO u]PXd_STQdTYRv []ZR]LX ZQ XP_L[Sd^TN^ TY^[T]POMd_SPZWONZ^XZRPYP_TNYZ_TZY^ZQWLYR`LRPTY_SPAPOL?SP Z]TRTYLWWdXd_STNLWTOPL_SL_WLYR`LRPbL^_SPLN_`LWML^T^ZQPcT^_PYNP LYO[Z^^P^^PONZ^XZRZYTN]PWPaLYNPT^OPaPWZ[POQ`]_SP]Md-SL]_SL]T `^TYR ^d^_PXL_TN[STWZ^Z[Sd3T^[STWZ^Z[Sd_PLNSP^_SL__SP[SPYZXP YLW bZ]WO T^ YZ_STYR M`_ L wXP_LXZ][SZ^T^x aTaL]_L ZQ LY P_P]YLW _]LY^[SPYZXPYLW WTYR`T^_TN []TYNT[WP ²LMOL_L__aL ,_ _SP ^LXP _TXP _ST^ []TYNT[WP T^ P\`TaLWPY_ _Z LY TY_PR]LW bZ]WO NZY^NTZ`^YP^^ M]LS XLY_SL_ ZY_SP[SPYZXPYLWWPaPWMPNZXP^ _SPXPLYTYRL^[PN_ZQ WLY R`LRP 4Y -SL]_SL]Tv^ L^^P^^XPY_ XPLYTYR _LVP^ [WLNP ZYWd MPNL`^P _SP]P T^ L RWZMLW YP_bZ]V ZQ XPLYTYR _Z bSTNS LWW bZ]O^ X`^_ ]PQP] _Z MP MPNZXP XPLYTYRQ`W ATPbPO TY T_^ NZ^XTN OTXPY^TZY _ST^ RWZMLW WTYR`T^_TN YP_bZ]V RZP^ MPdZYO MZ_S _TXP LYO ^[LNP LYO OZP^ YZ_ ]PN ZRYTePPT_SP]TYOTaTO`LWbZ]O^Z]TYOTaTO`LW_STYR^4YT_^bZ]WOWdQZ]X SZbPaP] T_ T^ ^[WTY_P]PO TY_Z _TXP LYO ^[LNP LYO T_^ Q]LRXPY_^ z _SP TYOTaTO`LW bZ]O^ LYO _SPT] XPLYTYR^ TP TYOTaTO`LW _STYR^ z QZ]X _SP bSZWP [SPYZXPYLW ]PLWT_d :Q NZ`]^P _ST^ TOPL ZQ L WTYR`T^_TN ML^T^ QZ] _SPbZ]WOv^PcT^_PYNP ²LMOLM]LSXLY L[[PL]^_ZL[P]^ZY^ZNTLWTePOTY _SPBP^__ZOLd_ZMPLYd_STYRM`_XZOP]YM`_TY4YOTL_ST^_PLNSTYRSL^ ^P_ L ]PLW ]PaZW`_TZY ZQ _SZ`RS_ TY XZ_TZY 4_ SL^ ^_]ZYRWd TYQW`PYNPO XLYd Z_SP] [STWZ^Z[SP]^ LYO OP_P]XTYPO \`T_P Q`YOLXPY_LWWd _SP ]T_`LW []LN_TNP ZQ WL_P] ?LY_]T^X ,YO _SP ]T_`LWT^_ 7LV´XL©L /P²TVL bSZ T^ \`Z_PO LMZaP M`TWO^ ZY -SL]_SL]T LYO Pc[WLTY^ _SP TOPL ZQ _SP NZ^ XZRZYTN Q`YN_TZY ZQ WLYR`LRP ]PaPLWTYRWd TY L [STWZ^Z[STNLW bLd% TY_PWWTRPYNP bT_SZ`_ WLYR`LRP LYO _P]X^ N]PL_TaT_d bT_SZ`_ ^PWQ Pc[]P^^TZYZ]L_ WPL^_XPY_LWaP]MLWTeL_TZY T^ TX[Z^^TMWP?SP]PQZ]PTY 3TYO`T^XWLYR`LRPT^]PRL]OPOL^LOTaTYPMPTYRL^A£ROPa¯_SPwWLY R`LRP RZOOP^^x bSZ T^ []P^PY_ TY PaP]d_STYR LYO NZY_LTY^ PaP]d_STYR >SP bL^ [Z[`WL]TePO TY Y`XP]Z`^ TNZYTN QZ]X^ ^`NS L^ _SP ^ZWPXY APOTN 2£dL_]Å L [P]^ZYTQTNL_TZY ZQ _SP P[ZYdXZ`^ aP]^P XP_P] _SP N]d[_TN±£]LO£Z]_SPQ]TPYOWdRPY_WP>L]L^aL_¯
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ YL^Zu^_T[]L_dLdZWZVPdLà²LMO£Y`RLX£O_Pg LY`aTOOSLXTaLUÓ£YLÀ^L]aLÀ²LMOPYLMS£^L_PggA£VdL[LOÅdL &N]T_PO=L`
3TYO`T^XL^L.`W_`]PZQ>Z`YO
##
?SP7LYR`LRP.ZbLYO=P^Z`]NP^ZQ_SP-]LSXTY^
?SP QLN_ _SL_ WLYR`LRP T^ _SZ`RS_ ZQ LYO aT^`LWTePO L^ L RZOOP^^ XLd [Z^^TMWd LW^Z OPWTRS_ BP^_P]Y TY_PWWPN_`LW^ LYO LMZaP LWW _SP QPXLWP^ LXZYR^__SPX -`_bSL_T^^_]LYRP]LYONZX[WP_PWd`Y`^`LWT^QT]^_LYO QZ]PXZ^_ _SP TOPL _SL_ _SP bZ]O wNZbx RZ²LMOL NLY LW^Z XPLY wWLY R`LRPx a£N L_ _SP ^LXP _TXP LNNZ]OTYR _Z TYOTRPYZ`^ OTN_TZYL]TP^ ^`NS L^ _SP ,XL]LVZ²L _S NPY_ ,/ Z] _SL_ NWL^^TNLW L`_SZ]^ WTVP ,MSTYLaLR`[_L WL_P _S NPY_ ,/ PaPY QZ]X _SP NZX[Z^T_P wWLY R`LRPNZbx LYO ^[PLV XP_L[SZ]TNLWWd ZQ _SP wXZ^_ STRS OPT_d 7LY R`LRPxL^LwOT^PXMZOTPONZbx LYL«RLOSLTYLaÅ >ZXPSZb_SP_P]X^ L[[PL] _Z MP WTYVPO Md XPLY^ ZQ L^^ZNTL_TZY^ LYO _ST^ WTYV T^ [P]SL[^ XZ^_TYQZ]XL_TaPLMZ`_4YOTLYaTPb^ZQWLYR`LRP?SPWTYVT^LaP]dZWO ZYP 4_ OL_P^ MLNV PaPY L^ QL] L^ _SP ZWOP^_ ^`]aTaTYR 4YOTLY _Pc_^ _SP SdXY^ _Z _SP RZO^ TY _SP RaPOL QZ] PcLX[WP TY _ST^ Pc_]LN_ Q]ZX _SP PTRS_SMZZV% w?SPNZb bSZWTQ_^`[SP]aZTNPTY_SP ^VTWWQ`WWd^[PLVTYR [P]^ZY bSZT^ L__PYOPO Md LWW RZZO _SZ`RS_^ bSZ MPTYR L RZOOP^^ FPaPYH QZ] _SP RZO^ XZaP^ L]Z`YO FbT_S _SPXH z WP_ YZ_ _SP XZ]_LW MP ^Z ^TWWd L^ _Z ]PWTY\`T^S SP]x
4Y_SPSdXY^ZQ_SPRaPOL_SP_P]XwNZbxNZaP]^LOTeedTYROTaP]^T_d ZQ NZYN]P_P XPLYTYR^ bSTNS L]P _LVPY `[ LRLTY LYO LRLTY PaPY TY _SP WL_P] STRSWd OPaPWZ[PO WT_P]L_`]P ^`NS L^ L]_T^_TN [ZP_]d LYO L]P _SP]P QZ]P LW^Z WT^_PO TY _SP ,XL]LVZ²L ?SP XZ^_ Q]P\`PY_ [Sd^TNLW [SP YZXPYL QZ] bSTNS wNZbx NLY ^_LYO TY _SP RaPOL L[L]_ Q]ZX _SP LYT XLWL]P%wbL_P]xwPL]_SxwOLdWTRS_xLYOZQNZ`]^PwWLYR`LRPx4Y_ST^ PL]Wd `^LRP _SP _P]X wNZbx T^ NWPL]Wd L XP_ZYdX 0aP]d_STYR _SL_ SL^ LYd_STYRL_LWW_ZOZbT_SQZZOZ]LYdZQWTQPv^]P^Z`]NP^NLYMPNLWWPOL NZbU`^_L^TY2P]XLYw1`NS^xXPLYTYRwQZcxNLY^_LYOQZ]N`YYTYR TPLN`YYTYR[P]^ZYw^NSWL`P]1`NS^xZ]w0^PWxXPLYTYRwOZYVPdx NLY ^_LYO QZ] ^_`[TOT_d wO`XXP] 0^PWx BSP]PL^ _SP^P XZOP]Y PcLX [WP^ XLd LW^Z MP _LVPY L^ XP_L[SZ]TN ^[PPNS LWWPRZ]d Z] QTR`]L_TaP WLYR`LRP U`^_ L^ 4YOTLY [ZP_^ WTVPO _Z ^[PLV ZQ _SP wWZ_`^ QLNPx ZQ L MPL`_TQ`W bZXLY XPLYTYR MPL`_TQ`W wWTVPx L WZ_`^ TY _SP RaPOTN bZ]WONZbLYOWLYR`LRPSLaPL]PLWLYO^`M^_LY_TLW]PWL_TZY^ST[bSTNS T^ bSd bP []PQP] _Z ^[PLV ZQ L XP_ZYdX -`_ `W_TXL_PWd _SP]P T^ YZ ^_]TN_ LYO OTPSL]O ^P[L]L_TZY MP_bPPY XP_L[SZ] LYO XP_ZYdX SP]P 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q ,XL]LVZ²L N]T_POMd,,=LXLYL_SLY 8LO]L^%,OdL] 7TM]L]d AZW $"# " aLNZaÏOLÀaÑNLX`O¯]ÃdLY_¯Àaϲa£MST]OS¯MSÏ]`[L_Ï´¶SLX£Y£X OPaÐÀOPaËMSdLà[Ã]TPdÜ´¯ÀRÑXÑX£aV_LXÃ]_TdZOLMS]ÃNP_£à ggA #! 3P]PbP^[PLVZQLw_P]XxMPNL`^PbZ]O^^`NSL^ OSPY` wNZbxLYOLNNZ]OTYR_Z_SP ,XL]LVZ²L LNZb_SL_SL^U`^_RTaPYMT]_SNLYLW^ZL[[PL]bT_S_SP^LXPQ`YN_TZY
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
#$
_SP [L]_TNT[L_Z]d bZ]WO ZQ Xd_STNLW ]L_TZYLWT_d XP_L[SZ] Pc_PYOPO XPLYTYR LYO ^TXTWL]T_d ]PWL_TZY^ST[ LYO _SP XP_ZYdX _SP Pc[]P^^TZY MPWZYR^ _Z _SP ^LXP NZYNP[_`LW OZXLTY LYO ^_LYO^ QZ] T_^PWQ LYO LY Z_SP] P^_LMWT^STYR WTYV^ ZQ TOPY_T_d LYO [L]^[]Z_Z_Z ]PWL_TZY^ NZTY NTOP ?SP APOTN WLYR`LRPNZb T^ TYOPPO L Xd_SZRPXP TP ^ZXP_STYR _SL_TY^[T]POLYOL__]LN_POXd_STNLWYL]]L_TaP^ -`_bPOZYZ_SLaP_Z RZ L^ QL] L^ L Xd_STN bZ]WOaTPb _Z `YOP]^_LYO _SP NZ]]PWL_TZY ^[LNP MP_bPPY NZb LYO WLYR`LRP LYO _SP XP_ZYdXTN XPLYTYR ZQ _SP NZb QZ] LYd_STYRbSZWP^ZXPYZ`]T^STYRLYOaLW`LMWP ?ST^ XP_ZYdXTN XPLYTYR ZQ _SP NZb T^ aT]_`LWWd L YL_`]LW ]P^`W_ ZQ _SP NZYOT_TZY^ TY bSTNS L [L^_Z]LW ^ZNTP_d WTaP^ ?SP M]ZLO ^dXMZWTN XPLYTYR ZQ _SP NZb L^ _SP XZ_SP] ZQ WTQP [P]aLOP^ 3TYO`T^X PaPY _Z OLd APOTN^ZNTP_dbL^ML^POZYNZb^L^]`]LW4YOTLY^ZNTP_dT^PaPY _ZOLd _Z L WL]RP Pc_PY_ ?SP TOPL^ _SL_ PXP]RP Q]ZX ^`NS L ^dXMTZ_TN ]PWL_TZY^ST[MP_bPPYS`XLYMPTYR^ LYO WTaP^_ZNVL]P NP]_LTYWdNZX[]P SPY^TMWPTYZ_SP]N`W_`]P^LYO_SPdLW^ZXLVP_SPwWLYR`LRPNZbxPL^TP] _Z`YOP]^_LYO 1Z]TY^_LYNPTYWL_P]_Pc_^ZQ_SP RaPOL 7LYR`LRPTY_]ZO`NP^SP] ^PWQL^LYTYOP[PYOPY_[P]^ZYLWT_d`^TYR _SPQT]^_[P]^ZYLYO ^Ld^_SL_ ^SPT^OT^_]TM`_POLWWLN]Z^^_SPbZ]WOLYOPaP]d_STYR[L]_TNT[L_P^TYSP]% w4 LWZYP bL^ _SP :YP bSZX _SP RZO^ _SPY OT^_]TM`_PO FL^ _SP [L]_^ ZQ _SP ^LN]TQTNPH ^Z _SL_ 4 WTaP TY XLYd [WLNP^ LYO _]PLO ZY X`NS FOTQQP]PY_ R]Z`YOHx
:Y L NZYN]P_P WPaPW _ST^ LN_`LWWd ZYWd XPLY^ _SL_ TY _SP APOTN ^LN]TQT NTLWNZY_Pc_PaP]dRZO_SL_T^NLWWPO`[ZYSL^ST^ZbYXLY_]L3ZbPaP] _SP TXLRP T^ OPQTYT_PWd TY^[T]PO Md _SP _]LY^N`W_`]LW [SPYZXPYZY ZQ ^ZNTP_TP^WTaTYRMdVPP[TYRNL__WPRPYP]LWWd^PPVTYR_Z`_TWTePLWWw[L]_^x ZQL NZb4Y4YOTLPaPYNZbO`YR T^`^POQZ]Q`PW LYONWPLYTYRXL_P]T LW^ LYO `]TYP Q]ZX NZb^ T^ `^PO L^ XPOTNTYP >`NS `_TWTeL_TZY T^ LW^Z QZ`YO QZ] PcLX[WP TY _SP 2P]XLY ]PRTZY ZQ 3ZW^_PTY bSP]P NL__WP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y Z`] _P]XTYZWZRd _SP _P]X wXd_SZRPXPx ]PQP]^ _Z ZMUPN_^ LYO [P]^ZY^ bSZ TY^[T]P LYOL__]LN_Xd_STNLWYL]]L_TaP^,NNZ]OTYR_Z_ST^OPQTYT_TZY_SP>_L_`PZQ7TMP]_dQZ] TY^_LYNP bZ`WO MP L Xd_SZRPXP bT_STY _SP RPYP]LW Xd_S w@>,x PXM]LNTYR TOPL^ ^`NS L^ wQ]PPOZXx w_SP ,XP]TNLY bLd ZQ WTQPx P_N 4Y NZY_]L^_ _SP _P]X wXd _SZWZRPXPxbTWWMP`^POQZ]ZMUPN_^LYO[P]^ZY^ZQXd_STNLWYL]]L_TaP^ :Y_SP ^`MUPN_ZQ_SPNZbTY4YOTL ^PPLW^Z,cPW8TNSLPW^ w?SP6TYRLYO_SP.Zb% :Y L .]`NTLW >dXMZW ZQ 3TYO`TeL_TZYx TY 9L_TZYLWT^X LYO 0_SYTNT_d TY L 3TYO` 6TYROZX% ?SP ;ZWT_TN^ ZQ .`W_`]P TY .ZY_PX[Z]L]d 9P[LW PO / 2PWWYP] 5 ;QLQQ .eL]YPNVLLYO 5BSPW[_ZY,X^_P]OLX% 3L]bZZO ,NLOPXTN;`MWT^SP]^$$""$z $$& w¾MP] OL^ =TYOaTPS TY `YO `X `Y^ x TY -L^WP] 8LRLeTY 5`Wd " 8TNSLPW^ XLVP^_SP[ZTY__SL__SP^LN]POYP^^ZQ_SPNZbZYWdOPaPWZ[POR]LO`LWWdLYO_SL_TY APOTN _TXP^ _SP LYTXLW bL^ ^_TWW PL_PY 3ZbPaP] _SP]P T^ XPY_TZY ZQ LY wTYaTZWLMWP NZbxZ]LNZb_SL_ZYP^SZ`WOYZ_SL]X LRSYd£RL`àL^PL]WdL^ RaPOL ! _ÑÀX£OPaÑaÏLOLOS`à[`]`_]Ñ g MSÌ]T´¶S£_]£ÀMSÌ]T£aP²ÃdLY_ÅX ggA NO
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
QL]XTYR T^ NZXXZY ?SP]P T^ PaPY L WT__WP QZWV ^ZYR Q]ZX _ST^ ]PRTZY _SL_ NLY ^P]aP L^ L RWZ^^ TWW`^_]L_TYR _SP QLN_ _SL_ MPSTYO _SP YZ_TZY ZQ ^[]PLOTYR7LYR`LRPTY_SPAPOTN_Pc__SP]PT^^ZNTZPNZYZXTNPaP]dOLd ]PLWT_d% L bSZWP aTWWLRP NLY WTaP ZY L ^TYRWP NZb 4Y _SP 3ZW^_PTY ^ZYR _SP[L^_Z]v^NZbT^wN`_TY_Z[TPNP^xLYOPaP]done of these [TPNP^SL^L Q`YN_TZY bT_STY_SP^ZNTP_d%PaP]dZYPTY_SPaTWWLRP]PNPTaP^[L]_ZQ_SP NZbwSP__OPRLYeP/Ø][bL_V]PRPYx?SPaP]RP]]PNPTaP^_SP_LTWQZ] L YPb MPWW[`WW _SP _ZbY MLYO RP_^ _SP STOP QZ] L YPb ^VTY QZ] _SPT] O]`X^ LYO _SP 0YRWT^S _PLNSP] ]PNPTaP^ _SP _PP_S QZ] YPb OPY_`]P^ >Z _SP]PT^SL]OWdLYd[L]_ZQ_SPNZb_SL_NLYYZ_MP`^PO /P3P]]Y;L^_Z]Y^TY6L`3ZW^_PTYNZb^ZYR
:^_P]Y bØØ] ^ÆT OTNV `Y O]LWW c ;TYR^_PY WPPR ^ÆT OZZO TYvY >_LWW OP3P]]Y;L^_Z]Y^TY6L` =PQ]LTY ,^ ^ÆT bØØ] TY >_ÞNVP ^YPOPY c SP__ OP RLYeP /Ø][ bL_ V]PRPY a`YOP3P]]Y;L^_Z]Y^TY6L` =PQ]LTY @Y OP 6Ø^_P] /ÞXPWLYR c V]PPR OP >_PP]_ L^ 6WZNVPY^_]LYR a`YOP3P]]Y;L^_Z]Y^TY6L` =PQ]LTY @Y OP ZWP 4YRWT^NS8T^^ c V]PPR PPY YTRP_ ?PTYRPMT^^ a`YOP3P]]Y;L^_Z]Y^TY6L` =PQ]LTY ! @Y OP ZWP >_LO_VL[PWW c V]PPR PPY YTRP_ ?]`XXPWQPWW a`YOP3P]]Y;L^_Z]^TY6L` =PQ]LTY
4Y L ^TXTWL] QL^STZY _SP NZY_PX[Z]L]d 3LbLTTLY R`]` >TaLdL >`M]LX` YTdL^bLXT LW^Z Pc[WLTY^ _Z ST^ ,XP]TNLY L`OTPYNP bSd 3TYO`^ ]PRL]O _SPNZbL^^LN]PO%
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$
wBSZ OZ bP ^PP ZY PaP]d _LMWP* 4Y PaP]d NZ`Y_]d ZQ _SP bZ]WO M]PLVQL^_ W`YNSLYOOTYYP]*4_T^_SPNZb?SPRPYP]Z`^NZbRTaP^XTWVLYON]PLX dZR`]_LYONSPP^PM`__P]LYOTNPN]PLXRSPPLYOM`__P]XTWVx !
?SP bLd TY bSTNS _SP _Pc_ NZY_TY`P^ ]PaPLW^ _SL_ YZ -]LSXTY^ L]P []P ^PY_QZ]T_bZ`WOXLVP^_]TN_aPRP_L]TLY^^S`OOP]% w4_RTaP^PY_T]PWdZQT_^PWQ_S]Z`RS^T]WZTY]TM^]`X[\`L]_P]]Z`YO[Z]_P] SZ`^P LYO MPPQ ^_Pb 4_^ MZYP^ L]P _SP ML^P QZ] ^Z`[ M]Z_S^ 4_ RTaP^ _SP bZ]WOWPL_SP]MPW_^WPL_SP]^PL_^WPL_SP]NZL_^LYO^SZP^MPPQUP]VdNZb MZdSL_^zdZ`YLXPT_x "
?SP TOPL ZQ SL]XTYR NZb^ T^ SZ]]TQTN _Z -]LSXLYTNLWWd ^ZNTLWTePO 3TY O`^ M`_ ML^TNLWWd _SP TWW`^_]L_TZY^ _SL_ _SP 3LbLTTLY R`]` _LVP^ Q]ZX BP^_P]YN`W_`]PL]PYZ_L_LWWMLOPaPYTQRZZO3TYO`^bZ`WOYPaP]PL_ NZb^ ,YO TY 4YOTL O]`X^VTY^ L]P XLOP ZQ NZbSTOP U`^_ WTVP _SZ^P ZQ _SP_ZbYMLYOTY3ZW^_PTY-`__ST^ZYWd]P^`W_^TY-]LSXTY^_PYOTYR_Z LaZTO[WLdTYRO]`X^LYOO]`XXP]^_PYOTYR_ZMPQ]ZX_SPWZbP]PYOZQ _SP NL^_P STP]L]NSd _SL_ T^ L^ QL] LbLd L^ [Z^^TMWP Q]ZX _SP -]LSXTY^ :_SP]bT^P SZbPaP] O]`X^ L]P PaPY `^PO TY _SP _PX[WP ^P]aTNP^ ^Z _SPd L]P STRSWd ]P^[PN_LMWP TY^_]`XPY_^ 0aPY _SP XZ^_ Z]_SZOZc -]LS XTY^bZ`WO_Z_LWWdLR]PPbT_S_SP3LbLTTLYR`]`bSPYSPQTYO^_SL__SP TYPcSL`^_TMWP [ZbP] ZQ _SP NZb _Z M]TYR MWP^^TYR NLYYZ_ MP Pc_ZWWPO STRSWdPYZ`RS% w?SPNZb]P[]P^PY_^WTQPLYO_SP^`^_PYLYNPZQWTQP4_RTaP^LYORTaP^ LYO RTaP^ ?SP NZb T^ L NZX[WP_P PNZWZRd L RPY_WP N]PL_`]P LYO L ^dX MZWZQLM`YOLYNPx #
?ST^ XZ_TQZQ_SPNZb L^ L ^dXMZWZQ LM`YOLYNPLYOZQLRZZOWTQPSL^ []ZaPO _Z MP ]PXL]VLMWd NZY^_LY_ _S]Z`RSZ`_ 4YOTLv^ ST^_Z]d 4Y APOTN LYO[Z^_APOTN4YOTLZbYTYRWL]RPY`XMP]^ZQNL__WPbL^L^`]PTYOTNL _TZY ZQ XL_P]TLW []Z^[P]T_d ?SP NZb bL^ P^[PNTLWWd ^`T_PO _Z MPNZXP L [Sd^TNLW ^dXMZW ZQ WTQP LYO LM`YOLYNP _Z MPNZXP L Xd_S ZQ _SP TYPc SL`^_TMWP YZ`]T^SP] ZQ LWW _SP ^PL_ ZQ LWW RZO^ LYO _Z MPNZXP L XP_Z YdX LYO XP_L[SZ] QZ] WLYR`LRP 4Y NWL^^TNLW _TXP^ T_ bL^ [Z[`WL] _Z L^^ZNTL_P WLYR`LRP bT_S _SP Xd_SZWZRPXP ZQ _SP bT^SR]LY_TYR NZb V£XLOSPY` ^Z_Z^[PLVL_LMWPWLd_Sd^PWQNZbbSTNSWL^_M`_YZ_WPL^_ XPLY^_SL_bT_SWLYR`LRPZYPNLYSLaPPaP]d_STYRZYPbLY_^ 4Y QLN_ QZ] _SP -]LSXTY^ WLYR`LRP bL^ L wNZbx TY \`T_P L ^[PNTQTN bLd 7LYR`LRP bL^ _SP ML^T^ ZQ _SPT] WTQP TY L aP]d ]PLW ^PY^P 0aPY TY APOTN _TXP^ _SPd bZ]VPO bT_S WLYR`LRP L^ _SPT] []TXL]d _ZZW ]L_SP] WTVP L ^N`W[_Z]`^TYRL NST^PW ^TYNP _SP LYNTPY_4YOTLYQT]P]T_`LW T^[]T XL]TWd L XLY_]L ]T_`LW ;P]QPN_ XL^_P]d ZQ _SP ]T_`LW WLYR`LRP R`L]LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! bbb^[T]T_bPMZ]RYTYP\`P^_TZY^ LNNP^^PO5LY`L]d " bbb^[T]T_bPMZ]RYTYP\`P^_TZY^LNNP^^PO5LY`L]d # bbb^[T]T_bPMZ]RYTYP\`P^_TZY^LNNP^^PO5LY`L]d
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
_PPO _SPX _SPXZ^_aLW`LMWPRTQ_ L^ L]PbL]OQZ]NL]]dTYRZ`__SP^LN]T QTNP% ]PLW NZb^ 0aPY _ZOLd _SP ^ZNTLW []P^_TRP ZQ L -]LSXTY TY aTWWLRP ^ZNTP_TP^ OP[PYO^ WL]RPWd ZY bSP_SP] SP VYZb^ _SP ^LN]PO QZ]X`WL^ Md SPL]_Z]YZ_4YWL_PAPOTNLYO[Z^_APOTNP[TN_TXP^zL[[]ZcTXL_PWd TY _SP XTOOWP ZQ _SP QT]^_ XTWWPYYT`X MPQZ]P .S]T^_ z _SP YPbWd PXP]R TYR R]PL_ VTYR^ ZQ _SP 2LYRP^ [WLTY bP]P TYN]PL^TYRWd M]TYRTYR -]LS XTY^_Z_SPT]NZ`]_^,-]LSXTYv^NSLYNP^ZQMPTYRL[[ZTY_POL^LbPWW [LTO]ZdLWZQQTNTLWbP]PML^POaP]dX`NSZYST^WT_P]L]dPO`NL_TZY]TRS_ `[ _Z _SP PL]Wd XZOP]Y [P]TZO MPNL`^P TY 4YOTL L VTYRv^ QLXP z MZ_S O`]TYR ST^ WTQP_TXP LYO LQ_P] ST^ OPL_S z SLO LWbLd^ MPPY SPLaTWd OP [PYOPY_ `[ZY _SP TY_PWWPN_`LW NSL]T^XL ZQ ST^ NZ`]_ ^NSZWL]^ 1TYLWWd O`]TYR _SP 2`[_L OdYL^_d z ,/ LY P[ZNS TY bSTNS _SP ZWO []TP^_Wd WLYR`LRP >LY^V]T_ SLO MPNZXP L ^PN`WL] WTYR`L Q]LYNL TY PO` NL_PO NT]NWP^ LYO ^ZNTLW PWT_P^ _SP [P]QPN_ XL^_P]d ZQ STRSWd [ZWT^SPO >LY^V]T_bL^_SPTX[Z]_LY_VPd_Z^`NNP^^TYLWWL]PL^ZQWTQPQZ][]LN_T NLWWd PaP]dMZOd .P]_LTYWd _SP -]LSXTY^ bSZ^P WLYR`LRP SLO MPNZXP ^Z ^`NNP^^Q`W MPYPQT_PO R]PL_Wd Q]ZX _ST^ OPaPWZ[XPY_ 4Q _SPd WZaPO _SPT] WLYR`LRPNZb ^Z X`NS _SP]P bL^ RZZO ]PL^ZY ,[L]_ Q]ZX _SPT] aPRP_L]TLY LYO [LNTQT^_ P_SZ^ _ST^ ^ZNTLW R]Z`[ SLO LWbLd^ P^^PY_TLWWd OPQTYPOT_^PWQTY_P]X^ZQT_^WTYR`T^_TNNZX[P_PYNP BPNLY^PPU`^_SZbZY^PaP]LWWPaPW^_SPNZbMPNLXPLXP_ZYdX LYOLXP_L[SZ]QZ]WLYR`LRPTPSZbLYObSdWLYR`LRPbL^[P]NPTaPO wL^x L NZb XTWVTYR ^_]PYR_S LYO LM`YOLYNP LYO wWTVPx L NZb PR TY [ZP_TN ^[PPNS -`_ bSL_ T^ ]PXL]VLMWP T^ YZ_ ZYWd SZb _SP L^^ZNTL_TZY MP_bPPY NZb LYO WLYR`LRP OPaPWZ[^ ST^_Z]TNLWWd M`_ LW^Z _SP QZ]X^ T_ _LVP^ 4Y _SP RaPOL _SP WLYR`LRP RZOOP^^ Z] RZOOP^^ wAZTNPx bL^ ^PPY L^ L XTWNS NZb LYO NLWW^ L]P LW^Z LOO]P^^PO _Z SP] TY _ST^ QZ]X bSPY PaP]ZYPbT^SP^_ZL^VQZ]PQQPN_TaP]T_`LWWLYR`LRP1Z]PcLX[WP% wBSPY _SP RPY_WP 7LYR`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR_SL_T^TYNZX[]PSPY^TMWPT_T^XTWVTYRXTWVLYOPYP]RdQ]ZX_SP QZ`] FOT]PN_TZY^ ZQ _SP SPLaPY^H ?SP RZOOP^^ 7LYR`LRP T^ _SP OL`RS_P] ZQ_SPRZO^>SPT^_SL_ bSTNSLWW_SPLYTXLW^^[PLV8Ld^SPMPRPY_WP _Z `^LYO[]ZaTOPPYP]RdLYO^_]PYR_Sx $
0aZNL_TaP WLYR`LRP T^ U`^_ L^ TYOT^[PY^LMWP L^ _SP XTWVRTaTYR NZb 4Y _SP PL]Wd APOTN SdXY^ _SP []POZXTYLY_ TOPL T^ _SL_ ZYWd [ZP_TNLWWd Pc []P^^TaP TYaZNL_TZY SL^ XLRTN [ZbP] LYO NLY ]PLNS _SP RZO^ ,_ _ST^ _TXP _SP]P bP]P STRSWd [LTO []TP^_[ZP_^ _Z ^TYR wLY PaP]YPb ^ZYRx _Z _SP RZO^ LYO _SPd bP]P LWbLd^ NZX[Z^TYR YPb L]_T^_TN SdXY^ _Z _SP RZO^ LW^Z MPNZXTYR \`T_P QLXZ`^ L^ L ]P^`W_ ?ST^ NP]_LTYWd TYaZWaP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ dÃOaÑRaÃOLY_¯LaTNP_LYÑYT]Ñ´¶]¯OPaÑY£ÀYT´L^ÑOLXLYO]Ñg NÃ_L^]LÌ]ULÀO`O`SP[Ãd£À^T ggA #z
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$
WLYR`LRP M`_ YZ_ YPNP^^L]TWd _SP WZRZ^ TP YZ_ YPNP^^L]TWd ^ZXP_STYR Pc[]P^^POTYLM^_]LN_TOPL^ LYO_P]X^?ZXLVP_SPRZO^QLaZ]LMWdOT^ [Z^PO T_ T^ TX[Z]_LY_ _Z _Z`NS _SPX PXZ_TZYLWWd bT_S LY TYOTaTO`LW ^ZYRA£ROPa¯_SPwRZOOP^^7LYR`LRPxwRZOOP^^AZTNPxT^[]TXL]TWd Pc[]P^^TaT_d LYO PQQTNLNd ?ST^ T^ TYSP]PY_ MZ_S TY _SP `Y^_]`N_`]PO TYNZX[]PSPY^TMWP [`]P ^Z`YO LYO TY ^_]`N_`]PO ^PXLY_TNLWWd XPLYTYR Q`W ^[PPNS 1Z] _SP ^ZYTN NZ^XZWZRd ZQ _SP WL_P] APOL _SP YZY ^_]`N_`]LW PWPXPY_ ZQ _SP Pc[]P^^TaP [`]P ^Z`YO T^ LN_`LWWd _SP XZ]P Q`YOLXPY_LW L^[PN_ ?ST^ YZY^_]`N_`]LW PWPXPY_ XLYTQP^_^ T_^PWQ TY _SP WZbTYR ZQ NZb^ bSTNS T^ NZX[L]PO bT_S _S`YOP] bSTNS SP]LWO^ _SP L[[]ZLNSTYR]LTY 7L_P[L^^LRP^TY_SP RaPOL []LT^P _SPWZbTYRZQ _SP NZb L^ L VTYO ZQ Xd^_P]TZ`^ []TXPaLW ^Z`YO Q]ZX bSTNS LWW Z_SP] ^Z`YO^ QWZb LYO L^ _SP P[T_ZXP ZQ Pc[]P^^TaP ^Z`YO \`LWT_d 9ZY^P XLY_TN _Pc_ [L^^LRP^ ^`NS L^ bP QTYO TY _SP >£XLAPOL _SP APOL ZQ _SPNSLY_^L]P]PRL]OPOL^P^[PNTLWWd^LN]PO[]ZMLMWdMPNL`^P_SP^PWQ RPYP]L_TYR PWPXPY_ ZQ L`OTMWP ^Z`YO Pc[]P^^P^ T_^PWQ XZ^_ TXXPOTL_PWd TY_SPX DP_ L _L]RP_PO `^P ZQ YZY^PXLY_TN _Pc_^ T^ TY YZ bLd WTXT_PO _Z 4Y OTL BP QTYO _SP ^LXP [SPYZXPYZY QZ] TY^_LYNP TY _SP ,[[PYePWW dZ OPWTYR ZQ L >bT^^ NZb ^ZYR >_]`N_`]LWWd ^TXTWL] _Z _SP NSLY_TYR ZQ _SP >£XLAPOL _ST^ ^ZYR NZY_LTY^ [L^^LRP^ _SL_ L]P ^PXLY_TNLWWd NZX[]P SPY^TMWPLWZYRbT_SYZY^PXLY_TN[L^^LRP^1Z]PcLX[WP_SP]PT^LNLWW _Z M]TYR TY _SP NZb^ TY _SP PaPYTYR% w2LYR ]ÞPQ OP -]``YPx w2Z LYO NLWW_SPM]ZbYFNZbHxw^T^ØWTOLLWT^LXTY>_LWWTTPNSZZxw_SPd^SZ`WO LWWNZXPTY_Z_SPML]Y_ZRP_SP]x?ST^T^LNNZX[LYTPOMd_SPdZOPWTYR bSTNS T^ NZX[]T^PO ZQ _SP OT^_Z]_PO bZ]O w^PYYPWWLx Q]ZX w^PYYPWWTx XPLYTYRwWT__WPF,W[TYPH^SP[SP]OxLYO_SP[`]PWdYZY^PXLY_TNPWPXPY_ wSZLSZLx
$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
2LYR]ÞPQOP-]``YP>bT^^NZb^ZYRbT_S,[[PYePWWdZOPWTYR 2LYR]ÞPQOP2QWPNVP_PRLYR]ÞPQOTP2^NSPRRP_P ^TP^ØWTOLLWT^LXTY>_LWWTTPNSZZ DZOPWTYR
,NNZ]OTYR _Z >`^LYYP 7LYRP] XP_L[SZ]TNLW ^[PPNS z bSTNS ^SP NZ`Y_^ L^ []P^PY_L_TZYLW ^dXMZW z T^ _SP QT]^_ ^_P[ _ZbL]O^ RPYP]LWTeL_TZY LYO LM^_]LN_TZY ?ST^OZ`M_WP^^L[[WTP^TY_SPNL^PZQ_SP4YOTLYWLYR`LRP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 7LYRP] ;STWZ^Z[Sd TY L 9Pb 6Pd $z 3P]P 7LYRP] bL^ QZWWZbTYR ZY Q]ZX .L^^T]P]LYOWTYR`T^_^TP^SPPX[SL^TePOST^_Z]TNLWNSLYRPLYOL__SP^LXP_TXP_SP XP_L[SZ] L^ _SP PL]WTP^_ PaTOPYNP ZQ LM^_]LN_ [P]NP[_TZY M`_ ^_TWW TY _SP w[]P^PY_L _TZYLW XZOPx 8Z]P ]PNPY_ ^_`OTP^ QZWWZb ZY Q]ZX _SP WL__P] LYO ^_]P^^ _SP TY_PWWPN _`LWLN_TaT_dNZRYT_TaPQ`YN_TZYLYOLM^_]LN_TYRNL[LNT_dbT_STYXP_ZYdXdXP_L[SZ] LYO ^dYPNOZNSP _SPT] ]P^ZYLYNP bT_S MZOTWd Pc[P]TPYNP _SPT] LOaLY_LRP ZQ NZXX` YTNL_TYRLOOT_TZYLWTYQZ]XL_TZYLYO_SPT][]LRXL_TNTX[WTNL_TZY^:Y_SPaT_LW]ZWPZQ XP_ZYdXd LYO L^^ZNTL_TZYLW _SZ`RS_ TY _SP RaPOL LYO _SP WL_P] ±]L`_L 2SdL LYO ATOS£YL_Pc_^ ^PPLW^Z 7L`]TP ;L__ZY -]TYRTYR_SP 2ZO^_Z8TYO ,NNZ]OTYR_Z ;L_ _ZY XP_ZYdXd wXTRS_ MP aTPbPO L^ L ^[PNTQTN VTYO ZQ TY_PWWPN_`LW []LN_TNP _SL_ []Z aTOP^ NZRYT_TaP WTYVLRP^ MP_bPPY ]T_`LW TXLRP LYO ]T_`LW LN_x TMTO 1TR`]L_TaP XZOP^ZQ_SZ`RS_NZXX`YTNL_PLwNZYNP[_`LW RP^_LW_ xLYO]P[]P^PY_WL]RP]ZMUPN_^Z] OZXLTY^ ZQ Pc[P]TPYNP .Q LW^Z 2PZ]RP 7LVZQQ LYO 8L]V 5ZSY^ZY 7PMPY TY 8P_L [SP]Y 3PTOPWMP]R% .L]W,`P]>d^_PXP $$" PYRW :]TRTYLW $#& 8L]V 5ZSY^ZY ?SP-ZOdTY_SP8TYO Z[NT_LYO6WL`^@bP;LY_SP]LYO2ÞY_P]=LOOPYPO^8P _ZYdXd TY 7LYR`LRP LYO ?SZ`RS_ ,X^_P]OLX% 5ZSY -PYULXTY^ ;`MW .ZX[LYd
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$
NZb 4_ T^ _]`P _SL_ TY WL_P] P[ZNS^ ZQ 4YOTLY _SZ`RS_ _SP _P]X wWLY R`LRPx MPNLXP LM^_]LN_ 9Zb R]LXXL]TLY^ `^P _SP bZ]O wNZbx L^ L ^_LYOL]O PcLX[WP TY NZYYPN_TZY bT_S WTYR`T^_TN \`P^_TZY^ WTVP% wBSL_ WTYV^ _SP ^Z`YO^ uNZbv bT_S _SP LN_`LW LYTXLW*x Z] w/ZP^ _SP bZ]O uNZbv OPYZ_P LY TYOTaTO`LW LYTXLW Z] _SP NWL^^ ZQ LWW NZb^*x ±LML]L^ a£XTY_SP[STWZ^Z[SP]ZQWL_PLY_T\`T_dNLYMPWZNL_PObT_STY_ST^OT^ N`^^TZYL^SPQTYO^_SPQZWWZbTYR% w9Zb _SP]P T^ SZbPaP] _SP TYOTaTO`LW [T©L uNZbv TY LY TYQTYT_P Y`X MP] ZQ [Z^^TMWP QZ]X^ 3Zb ^SZ`WO ZYP ^PWPN_ _SP ZYP XPLY_ Md _SP bZ]O uNZbvbT_SZ`_PaPYSLaTYRLbZ]OQZ]_SL_*x
±LML]L^a£XTY bSZ MPWZYR^ _Z _SP ;¼]aL8ÅX£À^£ ^NSZZW [Z^P^ L \`P^_TZY SP]P U`^_ WTVP ZYP bP XTRS_ QTYO TY XZOP]Y MZZV^ ZY WTYR`T^ _TN^ 1Z] PcLX[WP 5ZSY7dZY^b]T_P^TYST^MZZV4Y_]ZO`N_TZY _Z?SPZ ]P_TNLW7TYR`T^_TN^YZ_PWTYR`T^_^v^_]TVTYRTY_P]P^_TY_SPbZ]OuNZbv % wuBSL_T^_SPXPLYTYRZQ NZb *v4_T^^`]PWdYZ_LYd[L]_TN`WL]LYTXLW4^T_ _SPY_SPbSZWPNWL^^ZQLYTXLW^_ZbSTNSbPRTaP_SPYLXP NZb *,WWNZb^ L]POTQQP]PY_TY^ZXPbLdZ]Z_SP]F_SP]PL]PM]ZbYdPWWZbT^S[TPMLWOLYO ^[PNVWPO >bT^^ NZb^ MWLNV LYO bST_P 3ZW^_PTY NZb^ S`X[MLNVPO WTRS_ M]ZbY 4YOTLY NZb^ P_NH& LYO TY LYd NL^P YZ ZYP T^ Z] NZ`WO MP LN \`LTY_PO bT_S PLNS XPXMP] ZQ _SP bSZWP NWL^^ ZQ NZb^ LYO dP_ bP bZ`WO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$$ ;LY_SP] OPQTYP^ XP_ZYdXd L^ QZWWZb^% w8P_ZYdXd T^ L NZRYT_TaP []ZNP^^ TY bSTNS ZYP NZYNP[_`LW PY_T_d _SP aPSTNWP []ZaTOP^ XPY_LW LNNP^^ _Z LYZ_SP] NZYNP[ _`LW PY_T_d _SP _L]RP_ bT_STY _SP ^LXP TOPLWTePO NZRYT_TaP XZOPWx TMTO ?SP NZRYT_TaP ^NTPY_T^_^ PX[SL^TeP XP_ZYdXd LYO XP_L[SZ] L^ LY P^^PY_TLW [L]_ ZQ Z`] PaP]dOLd bLd ZQ _STYVTYR MZ_S MPTYR Pc[]P^^TaP ZQ _SP MZOTWd ML^T^ ZQ NZRYT_TaP []ZNP^^P^ LYO LM^_]LN_ _SZ`RS_ LYO RPYP]L_TYR NZYNP[_`LW TY_PR]L_TZY LYO MWPYOTYR []ZNP^^P^ 8P_ZYdXd LYO XP_L[SZ] L]P R]Z`YOPO TY Pc[P]TPYNP LYO ^_]`N_`]P Z`] _SZ`RS_^ LYO LN_TZY^ TP [Z^^P^^ aT_LW Q`YN_TZY TY ]PWL_TYR NZYNP[_`LW PY_T_TP^ LYO ]PLWbZ]WO PY_T_TP^ ?SPd L]P _SP]PQZ]P YZ_ ]P^_]TN_PO _Z ]PQP]PYNP M`_ ZNN`] L_ _SP [`]PWd NZYNP[_`LW WPaPW NL_PRZ]TeL_TZY WTYR`T^_TN ]PL^ZYTYR P_N LYO []ZaTOP WTYV LRP^ TY_P]]PWL_TYR OTQQP]PY_ ZY_ZWZRTNLW ]PLWX^ NZYNP[_^ QZ]X^^dXMZW^ LYO _STYR^PaPY_^ 8`NS ZQ _ST^ SL^ LW]PLOd MPPY NZY^TOP]PO Md 7LYRP] M`_ SP] [ZTY_ bL^ _SP ^dXMZW`^TYR LYO ^dXMZWXLVTYR NL[LNT_d ZQ S`XLY MPTYR^ LYO ^dXMZWTN _]LY^QZ]XL_TZY% w4_ FXP_L[SZ]H T^ _SP QZ]NP _SL_ XLVP^ T_ F_SP WLYR`LRP _SP WTQPH P^ ^PY_TLWWd ]PWL_TZYLW TY_PWWPN_`LW QZ]PaP] ^SZbTYR`[ YPb LM^_]LN_LMWP QZ]X^ TY ]PLW T_dQZ]PaP]WLdTYROZbYLOP[Z^T_ZQZWOLM^_]LN_PONZYNP[_^FwQLOPOXP_L[SZ]^xHTY LY TYN]PL^TYR _]PL^`]P ZQ RPYP]LW bZ]O^ ?SP TY_PWWPN_`LW aZNLM`WL]d R]Zb^ bT_S _SP []ZR]P^^ ZQ NZYNP[_`LW _STYVTYR LYO NTaTWTePO WTaTYR ?PNSYTNLW LOaLYNP^ XLVP OP XLYO^ ZY Z`] WLYR`LRP bSTNS L]P XP_ Md _SP PWLMZ]L_TZY ZQ XL_SPXL_TNLW WZRTNLW LYO^NTPY_TQTN_P]XTYZWZRTP^ m 8PLYTYR^MPNZXP XZ]P LYO XZ]P[]PNT^P >[PPNS MPNZXP^TYN]PL^TYRWdOT^N`]^TaP[]LN_TNLW[]Z^LTNLYObL^WL_P]PXMPWWT^SPObT_S XP_L[SZ]^QZ]_SP^LVPZQLN`W_`]LW[]ZO`N_NLWWPO[ZP_]dx7LYRP] ;STWZ^Z[SdTYL 9Pb6Pd z RZ[T©P NL MLS¼Y£X £V_¯Y£À ^LOMS£a£N NSLMOLX LY_L]P©L RZ²LMOLa£Nd£À aTM SLV_£X£V_TÀVPYL[]LV£]P©Z[LOPV´dL_Tg ±LML]LMS£´dL !$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
$!
bT^S _Z ^Ld _SL_ bP VYZb _SP XPLYTYR ZQ NZb LYO L]P LMWP _Z `^P T_ NZ] ]PN_WdTY]PQP]]TYR_Z[L]_TN`WL]LYTXLW^bPSLaPYPaP]^PPYMPQZ]Px
?SP LYNTPY_ LYO XPOTPaLW 4YOTLY WTYR`T^_^ bP]P OZ`M_WP^^ ]L_TZYLWT^_^ LYO YZ WP^^ ^Z _SLY _SP XZOP]Y WTYR`T^_^ bSZ QTYO TY^[T]L_TZY TY _SPX -`_^_TWWTY4YOTL_SP]PT^YZ_ZYWdLOPaPWZ[XPY_Q]ZX_SP Xd_SZ^ _Z_SP WZRZ^ M`_ []PNT^PWd TY _SP NL^P ZQ _SP WTYR`T^_TN [STWZ^Z[SP]^ LW^Z L ^STQ_ M]TYRTYR _SP WZRZ^ NWZ^P] _Z L w`YTaP]^LW Xd_Sx -SL]_SL]Tv^ WTY R`T^_TN [STWZ^Z[Sd bSTNS SL^ LW]PLOd MPPY XPY_TZYPO M]TPQWd LYO T^ []P^PY_PO MPWZb TY XZ]P OP_LTW T^ TY T_^ ]L_TZYLWT_d QL] ]PXZaPO Q]ZX _SP APOTN Xd_SZRPXP ZQ _SP WLYR`LRPNZb ,YO dP_ -SL]_SL]Tv^ ^d^ _PX ZQ _SZ`RS_ N`WXTYL_P^ TY L bZ]WO NZY^NTZ`^YP^^ -]LSXLY TXXL YPY_ TY WLYR`LRP LYO Pc[]P^^TYR T_^PWQ L^ XPLYTYR L^[PN_ ZQ bZ]O^ ²LMOLM]LSXLY 1Z] _ST^ WTYR`T^_TN bZ]WO NZY^NTZ`^YP^^ _SP XPOTPaLW [STWZ^Z[SP] NZY^NTZ`^Wd ]PQP]^ MLNV _Z _SP PL]Wd APOTN WTYR`T^_TN TOPL^ ?SP.Z[P]YTNLY]PaZW`_TZY_SL_SPM]Z`RS__Z4YOTLYWTYR`T^_TN^T^L__SP ^LXP _TXP L ]PXd_STQTNL_TZY :YP ZQ _SP R]PL_P^_ 4YOTLY [STWZ^Z[SP]^ ,MSTYLaLR`[_L WL_P _S NPY_ ,/ _SP XLTY TOPZWZRT^_ ZQ SP_P]ZOZc ?LY_]T^X TY 4YOTL PaPY [STWZ^Z[STePO LMZ`_ L [Z^^TMWP wNZ^XTN WLY R`LRPxLYObT_S_ST^XP_L[Sd^TNLWNZYNP[_SPNL]]TPOZ`_LQ`]_SP]]LOT NLWTeL_TZYZQ-SL]_SL]Tv^Xd_STNLWYZ_TZYZQ`YT_d>`NS_]LY^X`_L_TZY^ NLYZYWdMPL[[]Z[]TL_PWdOP^N]TMPOTQXd_STNLWLYOLM^_]LN__SZ`RS_L]P `YOP]^_ZZOL^[ZWP^ZQLYZ^NTWWL_TYR^d^_PX
8d_SZ^LYO7ZRZ^z:Y_SP.ZPcT^_PYNPZQ;L]_TNT[L_TZYLYO 0XLYNT[L_TZY
4_ T^ []PNT^PWd _SP [STWZ^Z[STNLW WTYR`T^_TN NZ^XZRZYTP^ _SL_ [ZTY_ `[ L _d[TNLW _]LOPXL]V ZQ _SP NZYNP[_TZYLWTeL_TZY ZQ WLYR`LRP TY 4YOTL =L _TZYLWLYOXd_STNLWTOPL^LMZ`_WLYR`LRP ^`OOPYWdL[[PL] ^TOPMd ^TOP >Z`YO]T_`LW^LYOwWLYR`LRPLN_^xz^`NSL^ XLY_]L ]P[P_T_TZYzNZPcT^_ TY ZYP LYO _SP ^LXP _Pc_ bT_S STRSWd ]PQWPN_PO WTYR`T^_TN [STWZ^Z[Sd ;P]^ZYLWTePO LYO OPTQTPO QZ]X^ ZQ WLYR`LRP L]P L_ ZYP LYO _SP ^LXP _TXP NL]]TP]^ ZQ L [`]PWd LM^_]LN_ NZYNP[_ ZQ WLYR`LRP 4Y BP^_P]Y [ST WZ^Z[Sd T_ bL^ []TYNT[LWWd 0]Y^_ .L^^T]P] bSZ QT]^_ ]PNZRYTePO _SP Q`Y OLXPY_LW ^TRYTQTNLYNP ZQ _SP _bZ OTXPY^TZY^ ZQ _SP Xd_STNLW LYO _SP _P]XTYZWZRTNLW QZ] S`XLYVTYOv^ TY_PWWPN_`LW ST^_Z]d LYO [W`XMPO _SP ^dXMZWTN QZ]X^ bT_S ST^ _SPZ]d BP bTWW _SP]PQZ]P NZXP MLNV _Z STX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 5ZSY 7dZY^ 4Y_]ZO`N_TZY _Z _SPZ]P_TNLW 7TYR`T^_TN^ .LXM]TORP% .LXM]TORP @YTaP] ^T_d;]P^^$!# 0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^% AZW`XP z 7LYR`LRP 9Pb 3LaPY%DLWP@YTaP]^T_d;]P^^$ 2P]XLYPOT_TZY%0]Y^_.L^^T]P] ;STWZ^Z[STPOP] ^dXMZWT^NSPY1Z]XPY0]^_P]?PTW%/TP>[]LNSPEbPT_P]?PTW%/L^8d_ST^NSP/PYVPY
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$"
]P[PL_POWd 3ZbPaP] ST^ _SP^T^ ZQ L WTYPL] OPaPWZ[XPY_ Q]ZX Xd_STNLW _Z _P]XTYZWZRTNLW _SZ`RS_ ZYWd [L]_TLWWd QT_^ _SP 4YOTLY aTPb^ ZQ WLY R`LRP LW_SZ`RS^`NSOPaPWZ[XPY_^NLYYZ_MPOPYTPO L^ _SP PcLX[WP ZQ _SP WLYR`LRPNZb SL^ ^SZbY -`_ _SP ^Z`YO ]T_P^ ZQ _SP WLYR`LRP RZOOP^^ NZaP]PO bT_S ^dWWLMWP^ _SP ]PXd_STQTNL_TZY ZQ -SL]_SL]T Z] ,MSTYLaLR`[_L LYO _SP XLRTN ]PWTRTZ`^ [ZbP] _SL_ T^ ^_TWW L^N]TMPO _Z _SPXLY_]L^PaPY_ZOLdLWWTWW`^_]L_P_SL_LXZOPWZQ_SP Xd_SZ^ PaZWa TYRTY_Z_SP WZRZ^ T^TY^`QQTNTPY_
;L]_TNT[L_Z]dLYO0XLYNT[L_Z]dBZ]WO:]TPY_L_TZY^ .L^^T]P] bSZ L^ L N`W_`]LW [STWZ^Z[SP] bL^ TY_P]P^_PO TY []ZNP^^P^ ZQ _SPWZYR`PO`]ËPTOPY_TQTPOLWTYPL]T_dTY_SP_]LY^T_TZYZQ_SZ`RS_Q]ZX _SP XLRTN Xd_STNLW LYO TYOTaTO`LW _Z _SP _P]XTYZWZRTNLW LYO RPYP]LW -d NZY_]L^_ _SP LY_S]Z[ZWZRT^_ >_LYWPd ?LXMTLS b]Z_P TY ST^ MZZV 8LRTN>NTPYNPLYO=PWTRTZY LYP^^LdZY7Ëad-]`SWTYbSTNSSP[Z^ _`WL_P^L^TX`W_LYPZ`^XZOPW_SL__LVP^`[_SP^LXPOTNSZ_ZXdM`_OZP^ YZ_ L__PX[_ _Z OP]TaP ZYP OTXPY^TZY Q]ZX _SP Z_SP] bT_S TX[WTNT_ bPTRS_TYRLYOPaLW`L_TZY ,__SPSPL]_ZQ?LXMTLSv^_SP^T^T^_SPOT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$ ?SP QTaP aZW`XP^ ZQ _SP 2P]XLY POT_TZY $$ NZY_LTY .L^^T]P]v^ _S]PP aZW`XP^ ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ Z]TRTYLW$$ $$ 0YRWT^SPO$ "LYO Q`]_SP] ^_`OTP^ZY _SP^`M UPN_ZQ^dXMZWTN]P[]P^PY_L_TZYTYXd_STNLWLYONZYNP[_`LW_SZ`RS_ :`]OT^N`^^TZYT^ML^POZY.L^^T]P]v^R]PL_2P]XLY_]PL_T^PZQ^dXMZWTNQZ]X^.L^ ^T]P] STX^PWQ NSLYRPO ST^ [P]^[PN_TaP ^ZXPbSL_ TY ST^ 0^^Ld ZY 8LY $ ]P[] $ ?ST^ WL_P] bZ]V LYO [L]_TN`WL]Wd .L^^T]P]v^ aTPb ZY L]_ LYO LP^_SP_TN^ TMTO "!z"NZXPNWZ^P]_ZZ`]L]R`XPY_^Pc[Z`YOPOMPWZb_SLY_SPPaZW`_TZYL]dST^ _Z]dZQ Xd_SZ^ LYOWZRZ^ TYST^ ;STWZ^Z[SdZQ>dXMZWTNQZ]X^BPbTWW]PQP]_Z0^^Ld ZY 8LY TY OP_LTW TY Z`] QZZ_YZ_P^ _Z TYOTNL_P NSLYRP^ LYO NZY_TY`T_TP^ TY .L^^T]P] .ZY^TOP] LW^Z _SP PL]Wd QZ]X`WL_TZY ZQ ST^ L]_ _SPZ]d TY 0]Y^_ .L^^T]P] >[]LNSP `YO 8d_SZ^% 0TY -PT_]LR e`X ;]ZMWPX OP] 2Ø__P]YLXPY -P]WTY% ?P`MYP] $ ]P[] $$&0YRW_]LY^Md>7LYRP]$ 4Y_ST^PL]WdP^^Ld.L^^T]P]`YOP]^_LYO^[ZP_]d L^NZY_LTYTYRL]PL^bSP]PXd_STNLW_STYVTYR[P]^T^_^ >_LYWPd?LXMTLSw8`W_T[WPZ]OP]TYR^ZQ]PLWT_dxTY?LXMTLS 8LRTN^NTPYNP]PWTR TZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTa ;] $$ Z]TRTYLW $$#z.L^^T]P] ]PLNSPOL ^TXTWL][Z^T_TZYTYST^WL_P] 0^^Ld ZY8LY bSP]P SP]P[WLNP^_SPQZN`^ZYXd_STNLW_SZ`RS_bT_S_SPM]ZLOP]_P]Xw^dX[L_SP_TNaT^TZYv ZQ_STYR^xLYO]PXL]V^TMTO!%w_SP_]`_SZQMPL`_dOZP^YZ_NZY^T^_TYL_SPZ ]P_TNLWOP^N]T[_TZYZ] Pc[WLYL_TZYZQ_STYR^&T_ NZY^T^_^ ]L_SP]TY _SPu^dX[L_SP_TN aT ^TZYv ZQ _STYR^ ?SP _bZ aTPb^ ZQ _]`_S L]P TY NZY_]L^_ bT_S ZYP LYZ_SP] M`_ YZ_ TY NZYQWTN_Z]NZY_]LOTN_TZY>TYNPL]_LYO^NTPYNPXZaPTYPY_T]PWdOTQQP]PY_[WLYP^_SPd NLYYZ_ NZY_]LOTN_ Z] _SbL]_ ZYP LYZ_SP] ?SP NZYNP[_`LW TY_P][]P_L_TZY ZQ ^NTPYNP OZP^YZ_[]PNW`OP_SPTY_`T_TaPTY_P][]P_L_TZYZQL]_0LNSSL_T_^ZbY[P]^[PN_TaPLYO ^Z _Z ^[PLV T_^ ZbY LYRWP ZQ ]PQ]LN_TZYx :Y Xd_S .L^^T]P] ]PXL]V^ TY ST^ 0^^Ld ZY 8LY TMTO z % w8d_S NZXMTYP^ L _SPZ]P_TNLW PWPXPY_ LYO LY PWPXPY_ ZQ
$#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NZaP]dZQ_bZML^TNbZ]WOZ]TPY_L_TZY^%LL[L]_TNT[L_Z]d^PY^Z]dLYO LQQPN_TaP Z]TPY_L_TZY LYO M L NL`^LW ]L_TZYLW LYO OT^N`]^TaP Z]TPY_L _TZY ?LXMTLS OZP^ bT_SZ`_ LY PaZW`_TZYL]d ^NSPXP [Z^_`WL_PO TY LO aLYNP LYO T_ T^ []TXL]TWd _ST^ QLN_ _SL_ XLVP^ T_ L[[PL] XZ]P LOaLY_L RPZ`^ _Z _P^_ ST^ SP`]T^_TN XZOPW PX[T]TNLWWd LYO _Z ]P^_L_P T_ ^d^_PXL_TNLWWdTYXZ]P[]PNT^P_P]X^ ?LXMTLS^`XXL]TeP^ST^MT[ZWL]NZX[WPXPY_L]dXZOPWL^[L]_TNT [L_TZY aP]^`^ NL`^LWT_d BT_S _ST^ NWL^^TQTNL_TZY SP T^ OPaPWZ[TYR 7Ëad -]`SWv^ _SP^P^ ZQ XLRTN _SPZ]d ! M`_ SP Pc[LYO^ _SPT] L]PL ZQ L[[WTNL _TZY,NNZ]OTYR_Z7Ëad-]`SWXLRTNT^OPQTYPOMd_SPwWLbZQ[L]_TNT [L_TZYx3P`YOP]^_ZZOw[L]_TNT[L_TZYx L^ LWTYVMP_bPPYS`XLYMPTYR^ LYO _STYR^ bSTNS NLY RZ L^ QL] L^ TOPY_T_d LYO NZY^`M^_LY_TLWT_d 3P ^LbTY_SPWLbZQ[L]_TNT[L_TZYL^LXPY_LWT_dLYONZWWPN_TaP]P[]P^PY_L _TZY ZQ w[]TXT_TaP _SZ`RS_x _SP OPQTYTYR XZXPY_ OTQQP]PY_TL_TYR _SP bZ]WO ZQ wYL_TaP^x " Q]ZX _SL_ ZQ XZOP]Y 0`]Z[PLY^ -`_ _SP []ZMWPX SP]PbL^_SL_SPOP^N]TMPO_SP_SZ`RS_ZQ_SPwYL_TaP^xL^w[]PWZRTNLWx wT]]L_TZYLWx LYO wXd^_TNLWx _S`^ NZY^_]`N_TYR T_ L^ L ^SL][ NZY_]L^_ _Z XZOP]Y w]L_TZYLWx _SZ`RS_ 0aLY^;]T_NSL]Ov^ [TZYPP]TYR bZ]V BT_NS N]LQ_:]LNWP^LYO8LRTNLXZYR_SP,eLYOP #XLOPT_NWPL]_SL_P_SYTN R]Z`[^ bSTNS LNNZ]OTYR _Z 7Ëad-]`SW ^SZ`WO MP L^^ZNTL_PO bT_S _SP WLb ZQ [L]_TNT[L_TZY LW^Z _STYV LYO LN_ w]L_TZYLWWdx LYO NZSP]PY_Wd 0aLY^;]T_NSL]Ov^ N]T_TNT^X NL`^PO 7Ëad-]`SW _Z XZOTQd ST^ _SPZ]d TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L]_T^_TN N]PL_TZY BSL_ ^_]TVP^ `^ T^ T_^ NWZ^P VTY^ST[ bT_S [ZP_]d u,YNTPY_ Xd_Sv T_ SL^MPPY^LTOuT^_SPuXL^^vQ]ZXbSTNSXZOP]Y[ZP_]dSL^^WZbWdR]ZbYMd_SP_SP []ZNP^^bSTNSPaZW`_TZYT^_^NLWWOTQQP]PY_TL_TZYm?SPXd_SXLVP]v^XTYOT^_SP[]Z _Z_d[P&LYO_SPXTYOZQ_SP[ZP_mT^P^^PY_TLWWdXd_SZ[ZPTNv-`_TY^[T_PZQ_ST^RP YP_TNNZYYPN_TZYbPNLYYZ_QLTW_Z]PNZRYTeP_SP^[PNTQTNOTQQP]PYNPMP_bPPYXd_SLYO L]_ , NW`P _Z _ST^ T^ _Z MP QZ`YO TY 6LY_v^ ^_L_PXPY_ _SL_ LP^_SP_TN NZY_PX[WL_TZY T^ uPY_T]PWdTYOTQQP]PY__Z_SPPcT^_PYNPZ]YZYPcT^_PYNPZQT_^ZMUPN_v;]PNT^PWd^`NSTY OTQQP]PYNPSZbPaP]T^PY_T]PWdLWTPY_ZXd_STNLWTXLRTYL_TZYBT_SZ`_MPWTPQTY_SP ]PLWT_dZQT_^ZMUPN_Xd_SbZ`WOWZ^PT_^R]Z`YO-d_ST^TY_]TY^TNLYOYPNP^^L]dNZY OT_TZYbP^PPX_ZMPWPOZY_Z_SPZ[[Z^T_P[ZWP4Y_ST^]P^[PN_T_^PPX^_ZMP[Z^^T MWP LYO PaPY TYOT^[PY^LMWP _Z NZX[L]P Xd_STNLW bT_S ^NTPY_TQTN _SZ`RS_ :Q NZ`]^P _SPdOZYZ_QZWWZb_SP^LXPbLd^-`__SPd^PPX_ZMPTY\`P^_ZQ_SP^LXP_STYR%]P LWT_d8d_SSL^L^T_bP]PLOZ`MWPQLNP:Y_SPZYPSLYOT_^SZb^`^LNZYNP[_`LW ZY_SPZ_SP]SLYOL[P]NP[_`LW^_]`N_`]Px ! ;`MWT^SPO TY 0YRWT^S L^ 3Zb 9L_TaP^ ?STYV 7ZYOZY% 2PZ]RP ,WWPY LYO @YbTY $! ?SP Z]TRTYLW 1]PYNS POT_TZY ZQ _ST^[ZbP]Q`W bZ]V 7P^ QZYN_TZY^ XPY_LWP^ OLY^WP^^ZNTË_Ë^TYQË]TP`]P^ QT]^_L[[PL]POTY$;L]T^%1ËWTc,WNLY " ?P]X^ ^`NS L^ wYL_TaP^x Z] w_]TMLW^x Z] PaPY XZ]P ^Z w[]TXT_TaP N`W_`]P^x L]P YZ WZYRP] `^PO TY P_SYZWZRd Z] N`W_`]LW LY_S]Z[ZWZRd _ZOLd 4Y^_PLO []PNT^P YLXP^ QZ] _SP TYOTaTO`LW P_SYTN R]Z`[^ L]P L[[WTPO BP `^P _SP _P]X wYL_TaP^x SZbPaP] _Z OP YZ_P_SZ^P^ZNTP_TP^bSZ^PbZ]WOT^^`]]Z`YOPO_ZLWP^^P]Pc_PY_MdSZXPXLOPL]_P QLN_^ LYO TY^_T_`_TZY^ LYO bSZ^P ^ZNTLW Z]RLYTeL_TZY T^ WP^^ OTQQP]PY_TL_PO _SLY _SP XZOP]Y^ZNTP_TP^ZQ0`]Z[P,XP]TNLLYO,^TL # 1T]^_[`MWT^SPOTY$"
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$$
WL_P] bZ]V^ 3P YZb []Z[Z`YO^ _SP [^dNSTN `YT_d ZQ T]]L_TZYLW LYO ]L _TZYLW _SZ`RS_ QZ]X^ L^ L ML^TN LY_S]Z[ZWZRTNLW NZY^_LY_ bSTW^_ ^_TWW XLTY_LTYTYR _SL_ ^`NS L ML^TN _SZ`RS_ ^_]`N_`]P OZP^ YZ_ NZY_]LOTN_ ST^ _SP^T^ LYO _SL_ _SP NZWWPN_TaP ]P[]P^PY_L_TZY^ ZQ XLYd ^ZNTP_TP^ bP]P M`TW_ `[ ZY \`T_P OTQQP]PY_ []PXT^P^ LYO NL_PRZ]TP^ _SLY []P^PY_OLd ^NTPYNP LYO XL_SPXL_TNLW WZRTNLW QZ]X^ ZQ _SZ`RS_ z bSP]PMd _SP^P QZ]X^ ^SZ`WO WTVPbT^P MP ^PPY L^ L NZWWPN_TaP [SPYZXPYZY 9Zb SP TX[WTNT_Wd LOXT_^ _SL_ _SP^P Z_SP] _SZ`RS_ ^d^_PX^ OPQTYT_PWd SLO _SPT] ZbYTY_P]YLWwWZRTNxLYONZY^T^_PYNd,YOZY_SPZ_SP]SLYOSPNWLTX^ _SL_ TY PaP]d S`XLY MPTYR _SP]P T^ PaPY TY _SP XZ^_ PYWTRS_PYPO LW^Z LYTYPc_TYR`T^SLMWP^_]PLVZQw[]TXT_TaPXPY_LWT_dxbT_SZ`_bSTNS_SP]P bZ`WO L[[L]PY_Wd MP YZ [ZP_]d YZ L]_ YZ XP_L[Sd^TN^ LYO YZ_ PaPY LYd^NTPY_TQTNOT^NZaP]TP^ $ ?ST^ T^ bSP]P ?LXMTLS NZY_TY`P^ :_SP] N`W_`]P^ NZYQ]ZY_ `^ bT_S LW_P]YL_TaP_SZ`RS_^d^_PX^M`__SPTX[Z]_LY__STYR^SP]PT^_ZNZX[L]P WTVP bT_S WTVP LYO [P]SL[^ _Z OTQQP]PY_TL_P MP_bPPY []LN_TNLW PX[T]TNLW PaP]dOLd MPSLaTZ] LYO ]T_`LW w[L]_TNT[L_Z]dx MPSLaTZ] 3ZbPaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP?LXMTLS w8`W_T[WPZ]OP]TYR^ZQ]PLWT_dx#"$.L^^T]P]LW^Z]PLNSP^L ^TXTWL] L^^P^^XPY_ ZQ _SP ]PWL_TZY^ST[ MP_bPPY Xd_S LYO LM^_]LN_TZY TY ST^ [STWZ^Z[Sd @YWTVP ST^ []POPNP^^Z]^ _SZ`RS ?LXMTLS OZP^ YZ_ _]d _Z NZY^_]`N_ L STP]L]NSd ,W _SZ`RS.L^^T]P]v^YPZ6LY_TLY[P]^[PN_TaPTYST^ ;STWZ^Z[SdZQ>dXMZWTN1Z]X^ bL^ WL]RPWd LMLYOZYPO TY ST^ 0^^Ld ZY 8LY _SP TOPL ZQ L ^PWQ`YQZWOTYR ZQ _SP S`XLY ^[T]T_ w>PWM^_PY_QLW_`YROP^ 2PT^_P^x L^L YPNP^^L]dPaZW`_TZYL]d[]ZNP^^[P]^T^_PO 7LYR`LRP ]PXLTYPOLYP^^PY_TLW QPL_`]P^TYNP_SPST^_Z]TNLW_]LY^QZ]XL_TZYZM^P]aPO Md .L^^T]P] XL_P]TLWTeP^ TY WLYR`LRP% w?SP L^NPY_ _Z `YTaP]^LW NZYNP[_^ LYO NL_PRZ ]TP^ L[[PL]^ _Z MP aP]d ^WZb TY _SP OPaPWZ[XPY_ ZQ S`XLY ^[PPNS& M`_ PLNS YPb LOaLYNP TY _ST^ OT]PN_TZY WPLO^ _Z L XZ]P NZX[]PSPY^TaP ^`]aPd _Z L MP__P] Z]TPY_L _TZY LYO Z]RLYT^L_TZY ZQ Z`] [P]NP[_`LW bZ]WOx 0^^Ld ZY 8LY "! :Y _SP ZYP SLYOTY.L^^T]P]v^ 0^^LdZY8LY _SPTOPL ZQSTP]L]NSd bL^ ]P[WLNPO Md_SP NZYNP[_ ZQ _bZ VTYO^ ZQ NZYNP[_`LW ^d^_PX^ bSTNS NZXP NWZ^P] _Z ?LXMTLSv^ L]R`XPY_^ LYO Z`] ZbY 1Z] .L^^T]P]v^ OT^N`^^TZY ZQ 7Ëad-]`SW ^PP TMTO !z$ .L^^T]P] ^P aP]PWdN]T_TNTePO_SP_SP^T^ZQ[]P]L_TZYLWXPY_LWT_TP^TY[]TXT_TaPN`W_`]P^LYOLNNPY _`L_PO ]L_TZYLW MPSLaTZ] TY OLTWd _]LY^LN_TZY^ BSP]P SP LR]PPO SZbPaP] bL^ _SP wWLb ZQ [L]_TNT[L_TZYx bSTNS SP ]PQZ]X`WL_PO `^TYR _SP _P]X w^dX[L_Sd ZQ _SP BSZWPx bSTNS bL^ TY QLN_ _SP XLcTX ZQ _SP >_ZL bSZ MPWTPaPO TY LY LWW[P]aLOTYR [YP`XL :Y _SP Z_SP] SLYO .L^^T]P]v^ NZYaTN_TZY ZQ XZ]P []TXT_TaP LYO XZ]P LO aLYNPON`W_`]P^[P]^T^_PO?SP>_ZTNw^dX[L_SdZQ_SPBSZWPxT^^PPYL^LYTY_P][]P _L_TZY LYO U`^_TQTNL_TZY ZQ w[Z[`WL] MPWTPQ^x LYO LY Pc[]P^^TZY ZQ _SP wMZ__ZX ZQ LWW XLRTN]T_`LW^xTMTOz ?SPML^TN_SP^T^NZYNP]YTYRWLYR`LRPXd_SLYOWZRZ^ T^X`NS_SP^LXPL^TY_SP ;STWZ^Z[SdZQ>dXMZWTN1Z]X^ RTaTYR_SPWZRZ^ZQ2]PPV [STWZ^Z[SdLSTRSP]]LYVTMTOz LYOQQ3ZbPaP]Xd_SXLRTNLYO]PWTRTZY L]PYPaP]^_]TN_Wd^P[L]L_POLYOYZ]T^L^SL][OT^_TYN_TZYXLOPMP_bPPYTY^_TYN_TY _PWWTRPYNP LYO Xd^_TNLW TY_`T_TZY TMTO ?SP ^dX[L_SP_TN MZYO [P]^T^_^ LNNZ]O TYR_Z.L^^T]P]Q]ZX[]TXT_TaPN`W_`]P^_ZXZ]POPaPWZ[POQZ]X^ZQ]PWTRTZY^^`NSL^ _SP EZ]ZL^_]TLY QLT_S 4_ [P]^T^_^ M`_ _]LY^QZ]X^ T_^PWQ z Q]ZX ^dX[L_SP_TN ZYPYP^^ bT_S YL_`]P bZ]WOaTPb _Z ^dX[L_SP_TN ZYPYP^^ bT_S XLYVTYO P_STN^ LYO R]PL_P] S`XLYQ]PPOZXTMTO$$z
3TYO`T^XL^L.`W_`]PZQ>Z`YO
?LXMTLSv^XLTYL]R`XPY_RZP^L^TRYTQTNLY_^_P[Q`]_SP]L^SP^PP^_SP _bZ ML^TN Z]TPY_L_TZY^ L^ MPTYR P\`LWWd wTYSP]PY_x TY S`XLY MPTYR^ ?SPdL]P[L]_ZQXLYv^LY_S]Z[ZWZRTNLWYL_`]PbSTNSOZP^YZ_]`WPZ`_ ZQ NZ`]^P _SL_ _SPT] LN_`LW Pc[]P^^TZY LYO PaLW`L_TZY T^ ^ZNTLWWd NZY ^_]`N_POLYONZY^_LY_Wd]`Y[L]LWWPW -Z_SZ]TPY_L_TZY^NZPcT^_^TX`W_L YPZ`^WdTYZYPLYO_SP^LXPN`W_`]PTYZYPLYO_SP^LXP[P]^ZYzPaPY TQ _SPT] [Z^T_TZY TY _SP QZ]X`WL_TZY ZQ NZWWPN_TaP TOPY_T_TP^ aL]TP^ MP _bPPY ^ZNTP_TP^ L^ bP bZ`WO NZY_TY`P ?LXMTLSv^ L]R`XPY_ 3P]P _SP OPR]PPZQOTQQP]PY_TL_TZYTYL^ZNTP_d[]ZMLMWd[WLd^LWP^^P]]ZWP_SLYT^ ZQ_PY ^`[[Z^PO AP]d NZX[WPc LYO _P]]T_Z]TLWWd WL]RP] ^ZNTP_TP^ ^`NS L^ _SZ^PZQ_SPRZOVTYROZX^ZQ,YNTPY_0Rd[_Z]ZQ_SP4YNL^NLYSLaPL NPY_]LW Xd_S L^ _SPT] XZ_TaL_TYR TOPL _S]Z`RS bSTNS _SPd QZ]X`WL_P _SPT] NZWWPN_TaP TOPY_T_d WTVP _SP Xd_S ZQ _SP RZOVTYR 0`]Z[PLY^ ZY _SP Z_SP] SLYO _]LNP _SPT] ST^_Z]d MLNV _Z ^XLWW NT_d^_L_P^ WTVP _SP ,_SPYTLY[ZWT^bSTNSOTOYZ_SLaP_SL__d[PZQTOPY_T_d^`NSL^TOPY_T QdTYR bT_S T_^ NT_d SP]Z ?SP^P`^ 4_^ TOPY_T_d OPaPWZ[PO X`NS XZ]P []LRXL_TNLWWdaTL_SPPcPX[WL]d,_SPYTLYNTaTN^PY^P_SP\`LWT_dZQT_^ PO`NL_TZYLW TY^_T_`_TZY^ LYO aP]d RPYP]LWWd aTL _SP ST^_Z]TNLW ^`NNP^^P^ ZQ _SP NT_d ZQ ,_SPY^ ^`NS L^ QTRS_TYR ZQQ _SP ;P]^TLY^ 0aPY L STRSWd OTQQP]PY_TL_POXZOP]Y^ZNTP_d^`NSL^_SP@>,T^OPQTYPOMdLXd_S%_SP NTaTW ]PWTRTZ`^ XT^^TZY _Z M]TYR PaP]dMZOd Q]PPOZX LYO OPXZN]LNd -d NZY_]L^_ TY >bT_eP]WLYO bSTNS LW^Z M]Z`RS_ QZ]_S L OPXZN]LNd L_ LY PL]Wd ^_LRP _ST^ VTYO ZQ XT^^TZY OZP^ YZ_ [WLd L ]ZWP TY _SP NZWWPN_TaP TOPY_T_d9L_`]LWWdQZ]_SP>bT^^_SPT]^_]`RRWPQZ]WTMP]L_TZYT^[P]^ZYT QTPO TY _SP Q]PPOZX QTRS_P] BTWWTLX ?PWW LYO _SP >bT^^ L]P NP]_LTYWd []Z`O ZQ _ST^ N`W_`]LW SP]Z /P^[T_P LWW _ST^ ?PWW T^ YZ_ L WTaTYR Xd_S `YWTVP _SP ,XP]TNLY []P^TOPY_ ,M]LSLX 7TYNZWY bSZ bL^ X`]OP]PO O`]TYR_SP,XP]TNLY.TaTWBL]?ZOLdPaP]d,XP]TNLY^_TWW[L]_TNT[L_P^ TY_ST^Xd_SLYOTY7TYNZWYv^QLXZ`^2P__d^M`]R,OO]P^^TQSPT^bTWW TYRQZ]PcLX[WP_ZQTRS_LYdbSP]PTY_SPbZ]WOQZ]LQ]PP^ZNTP_d ! >ZS`XLYMPTYR^OZYZ_QLWWTY_ZR]Z`[^ZQ_SZ^PbSZL]Pu[L]_TNT[L _Z]dv LYO _SZ^P bSZ L]P uPXLYNT[L_Z]dv TY ?LXMTLSv^ _P]XTYZWZRd _SZ^P bSZ _STYV NL`^LWWd LYO WZRTNLWWd U`^_ L^ ^ZNTP_TP^ LYO N`W_`]P^ L]P YZ_ [L]_TNT[L_Z]d Z] PXLYNT[L_Z]d ,YO _SP]P T^ YZ YPPO L_ LWW QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 2PYP]LWWd ^[PLVTYR Xd_S^LYO Xd_STNLW[L]_TNT[L_TZYTY_SPXL]PLXZYR_SP^_]ZYR P^_XPLY^ZQP^_LMWT^STYRTXLRP^ ZQ_SP bZ]WOLYOZQS`XLY WTQP LYOTYaZVTYRTOPL^ ZQZ]TPY_L_TZYTOPY_T_dLYOMPWZYRTYR?SPdL]PXLUZ]TY^_]`XPY_^QZ]bSL_,^^XLYY NLWWPOwN`W_`]LWXPXZ]dxLYO_SPdL]P]L]PWdXT^^TYRTY_SP]T_`LWNZY^_]`N_TZYZQLY TXLRTYL]d[L^_Z]bSL_3ZM^ML`X_P]XPOwTYaPY_TZYZQ_]LOT_TZYx.Q5LY,^^XLYY
/L^ V`W_`]PWWP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY 8ÞYNSPY%-PNV$$$&0]TN3ZM^MLbXw/L^0]QTYOPYaZY?]LOT_TZ YPYxTY 6`W_`]2P^NSTNS_P%9P`P0TYMWTNVPTYPTYPLW_P-PeTPS`YRPO.S.ZY]LO LYO86P^^PW>_`__RL]_%=PNWLX$$#$"z#
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
^`NS L ZYPOTXPY^TZYLW aTPb 0aPY _SP XZOP]Y [P]TZO TY _SP BP^_ bSTNS T^ ]PRL]OPO L^ ]L_TZYLW N`W_`]P bZ`WO MP TYNZYNPTaLMWP bT_SZ`_ L`_ZYZXZ`^ [L]_TNT[L_Z]d uQTPWO^ ZQ XPLYTYRv ^`NS L^ L]_ WZaP LYO ^[Z]_LYO?LXMTLST^U`^_TQTPOTY[ZTY_TYR_ST^Z`_ !.ZYaP]^PWd^ZNTP _TP^ bT_S XZ^_Wd [L]_TNT[L_Z]d ubZ]WO^ ZQ XPLYTYRv XZ^_ NP]_LTYWd LW^Z VYZb LMZ`_ [`][Z^PQ`W ]L_TZYLW LYO OT^N`]^TaP bLd^ ZQ _STYVTYR LYO MPSLaTYR -Z_S Z]TPY_L_TZY^ L]P TY_PWWTRTMWP LYO Z[P]LMWP TY _SPT] ZbY bLd LYO ZYP NLY _STYV LYO bZ]V bT_S _SPX ?SP ubZ]WO^ ZQ XPLYTYRv Z[PYPO `[ Md _SP _bZ Z]TPY_L_TZY^ L]P P\`LWWd P^^PY_TLW _Z S`XLY MP TYR^ -Z_S L]P [L]_ ZQ S`XLY YL_`]P ,YO []PNT^PWd _SP Xd_STNLW TY_P] []P_L_TZY^ZQ_SPbZ]WOXLVPLYTX[Z]_LY_NZY_]TM`_TZY_Z_SPQZ]XL_TZY ZQMZ_STYOTaTO`LWLYONZWWPN_TaP^PY^PLYOTOPY_T_d ,NNZ]OTYR_Z_SPPcLX[WP^_SL_?LXMTLSRTaP^LYO_SPZ]P_TNLWWd`Y OP][TY^bT_S1]P`O7LYRP]2TWWTRLY6LVL]LYO>NS`_e[L]_TNT[L_TZYT^ OPQTYPO aTL L YZYOTQQP]PY_TL_TZY ZQ _SP PRZ LYO _SP bZ]WO SZWT^_TN bZ]WO TXLRP^ ZQ NZ^XTN `YT_d ]T_`LW LYO Pc[]P^^TaP LN_TZY^ ^dX[L _SP_TN TXXPOTLNd LYO [P]QZ]XL_TaP ^[PPNS LN_^ .L`^LWT_d ZY _SP Z_SP] SLYO T^ NSL]LN_P]TePO Md LY L_ZXTePO TYOTaTO`LW TY L[[Z^T_TZY _Z _SP bZ]WOLYOMdXL_SPXL_TNLWLYOWZRTNLW]L_TZYLWT_dLYO_SPQZ]XL_TZYZQ NL_PRZ]TP^LYOXP_SZO^ZQ_SP[Z^T_TaP^NTPYNP^4_^NSL]LN_P]T^_TN^LW^Z TYNW`OP OP_LNSXPY_ YP`_]LWT_d Pc[P]TXPY_^ LYO _SP WLYR`LRP ZQ LYL Wd_TNLW _SZ`RS_ BSTWP [L]_TNT[L_TZY PX[SL^TeP^ ^PY^Z]d LYO LQQPN_TaP NZXX`YTNL_TZY LYO _SP WLYR`LRP ZQ PXZ_TZY^ _SP NL`^LW Z]TPY_L_TZY PX[SL^TeP^ _SP ]L_TZYLWT_d ZQ TY^_]`XPY_LW LN_TZY LYO _SP WLYR`LRP ZQ NZRYT_TZY ! ,NNZ]OTYR _Z ?LXMTLS _SP [L]_TNT[L_Z]d Z]TPY_L_TZY T^ XZ]PTYNW`^TaPXZ]PSZWT^_TNXZ]P[ZWdaLWPY_XZ]P^PY^Z]dLYOXZ]P TNZYTN 4_ O]Lb^ _Z L R]PL_P] OPR]PP ZY YZYaP]MLW QZ]X^ ZQ Pc[]P^^TZY LYO ]P[]P^PY_^ ^TX`W_LYPZ`^Wd _SL_ bSTNS []P^PY_^ T_^PWQ _Z OT^N`]^TaP _SZ`RS_ TY ^`NNP^^TZY /Z`M_WP^^ _SP wWLYR`LRP LN_^x LYO w^Z`YO ]T_` LW^x ZQ _SP 7LYR`LRP 2ZOOP^^ bP SLaP []P^PY_PO [ZTY_ _Z L XZ]P [L] _TNT[L_Z]d `YOP]^_LYOTYR ZQ WLYR`LRP _SLY T^ YZ]XLW SP]P TY _SP BP^_ LYOQZ]_ST^]PL^ZY]T_`LW^WTVP_SP^P^PPX^ZQZ]PTRY_Z`^ ?SP NZY_]L^_TYR [LT]^ XPY_TZYPO Md ?LXMTLS L[[L]PY_Wd SLaP TY NZXXZY _SP TOPL ZQ _SP wTYNW`^TaP LYO SZWT^_TNx TP [L]_TNT[L_TZY TY NZY_]L^_ _Z _SP wOT^N`]^TaP LYO ^P[L]L_POx TP NL`^LWT_d ! 3ZbPaP] bP bZ`WO NL`^P R]PL_ []ZMWPX^ QZ] Z`]^PWaP^ TQ bP bP]P _Z NZX[WP_PWd ^`M^`XP _SP wOT^N`]^TaP LYO ^P[L]L_POx `YOP] _SP _P]X wNL`^LWT_dx L^ ?LXMTLS OZP^ 4Y ,^TL _SP]P L]P STRSWd ]PQWPN_TaP u_SZ`RS_ bZ]WO^v TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP LW^Z 6`]_ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV$# LYO .L^^T ]P]v^ 7LYR`LRPLYO8d_S LYO 0^^LdZY8LY ! ?LXMTLSw8`W_T[WPZ]OP]TYR^ZQ]PLWT_dx#Q ! ?LXMTLSw8`W_T[WPZ]OP]TYR^ZQ]PLWT_dx$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
bSTNS _SP]P T^ YZ_ L _]LNP ZQ NL`^LWT_d .STYP^P XPOTNTYP QZ] TY^_LYNP T^ML^POZY[`]PWd^d^_PXTN_SZ`RS_bSTNS]PQ`^P^_ZOPQTYPTYOTaTO`LW [L]_^ TYOP[PYOPY_ ZQ _SPT] [Z^T_TZY LYO Q`YN_TZY bT_STY _SP bSZWP 8ZYZNL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY L]P _S`^ PcNW`OPO Q]ZX _SP aP]d MPRTYYTYR9ZYP_SPWP^^.STYP^PXPOTNTYPzU`^_WTVPLYd_d[PZQXPOT NTYP z T^ LY Pc[P]TXPY_LW ^NTPYNP _SL_ ^_]TaP^ QZ] PQQTNLNd SPLWTYR aTL TY^_]`XPY_LW LN_TZY^ :Y _SP Z_SP] SLYO _SP]P L]P NL`^LW ^d^_PX^ _SL_ L]PMdYZXPLY^TY^`NS]LOTNLWZ[[Z^T_TZY_Z_SP[L]_TNT[L_Z]dL^?LX MTLS^`RRP^_^^`NSL^XLRTN^PPMPWZb?SPLN_`LWZ[[Z^T_TZYWTP^YZ_ TY_SPNL`^L_TZYM`_TY_SPZY_ZWZRd 7P_ `^ WZZV QT]^_ ZQ LWW L_ _bZ u_SZ`RS_ bZ]WO^v ZNN`]]TYR TY 4YOTL bSZ^P [ZWL]T_d ^_TWW NZ]]P^[ZYO^ _Z_LWWd bT_S ?LXMTLSv^ LcTZX^ TY _SP XZ^_ Pc_]PXP QZ]X% _SP APOTN RZO =`O]L L^ NSL]LN_P]TePO TY _SP ±L_L ]`O]¯dL WT_LYd LYO _SP L_ZX L©` ZQ _SP ALT²P´TVL [STWZ^Z[SP]^ BSL_ T^L=`O]LLYObSL_T^LYL_ZX* =`O]L T^L[P]^ZYSPSL^MZb^ LYOL]]Zb^dPWWZbSLT]LYOLMW`P _S]ZL_3PT^Pc_]PXPWdOLYRP]Z`^_ZWTaP^_ZNVLYOS`XLYMPTYR^M`_SP T^ LW^Z _SP [Sd^TNTLY bSZ SPLW^ :_SP] ^_L_PXPY_^ L^^P]_ _SL_ =`O]L T^ _SP QWZZO _SP ^_Z]X LYO _SP MPL_PY O]`X DP_ Z_SP] [L^^LRP^ RTaP _SP TX[]P^^TZY_SL_=`O]LT^PaP]d_STYR_SL_SL^LYd_STYR_ZOZbT_SML__WP^ LYO bL] ?SP NZYQ`^TZY T^ NZX[WP_P bSPY _SP]P T^ ^`OOPYWd _LWV YZ_ ZYWdZQZYP=`O]LM`_ZQ=`O]L^TY_SP[W`]LW_SPYPaPYZQL_SZ`^LYO LYO QTYLWWd LRLTY ZYWd ZYP T^ LOO]P^^PO ?SP]P T^ ZYP _STYR _SL_ =`O]L OPQTYT_PWdT^YZ_%L^TYRWPTYOTaTO`LW^TYNPPaPY_SPY`XMP]ZQ=`O]L^T^ ZMaTZ`^Wd YZ_ NWPL]Wd OPQTYPO -`_ bSL_ T^ LM^ZW`_PWd OPQTYPO T^ _SP Xd_STNLW ^`M^_LYNP% =`O]L T^ LWbLd^ _SP bTWO LYO NL_L^_]Z[STN ZYP ^ZXP_TXP^PaPY_SPX`]OP]Z`^ZYP-`_TYL]PXL]VLMWPOTLWPN_TN^STQ_ SPT^ LW^Z _SP[]PNT^PZ[[Z^T_PZQ bSL_T^ WP_SLWLYObTNVPO%SPT^ bSL_ SPLW^ LYO ]P^N`P^ 4Y LWW ST^ L^[PN_^ =`O]L ]P[]P^PY_^ bSL_ T^ WTXTYLW LYO wPcNP[_TZYLWx z bSTNS NLYYZ_ MP WZNLWTePO TY PT_SP] RZZO Z] PaTW ,[[L]PY_Wd _SP]P L]P YZ OPQTYTYR WTXT_^ _Z bSL_ NLY MP NLWWPO =`O]L z [P]SL[^ T_ bZ`WO MP MP__P] YZ_ _Z ^[PLV ZQ =`O]L L_ LWW M`_ ZQ w_SL_ bSTNS T^ =`O]TNx -`_ _SPY PaP]d_STYR _SL_ T^ w=`O]TNx bZ`WO TY ^ZXP bLd MP =`O]L STX^PWQ >`NS N]Z^^TYR ZQ MZ`YOL]TP^ NLY ZYWd MP Pc [WLTYPO Md _SP wWLb ZQ [L]_TNT[L_TZYx 0Y_T_TP^ ^`NS L^ =`O]L OZ YZ_ PcT^_L_LWWPcNP[__S]Z`RS[L]_TNT[L_TZY=`O]L`W_TXL_PWdZYWdPcT^_^TY _SP _STYR^ bSTNS SP TYSLMT_^ 3Zb T_ T^ [Z^^TMWP _SL_ _SP]P L]P L _SZ` ^LYO=`O]L^M`__SL__SP^P_SZ`^LYOL]P_SPX^PWaP^ZYWdZYPMPNZXP^ NZX[]PSPY^TMWPZYWdaTL_SPPc[WLYL_Z]dXZOPWZQ[L]_TNT[L_TZY 7TVP/PXZN]T_`^vL_ZX_SPL_ZXZQ_SP[STWZ^Z[STNLWALT²P´TVL^T^ _SP []PNT^P Z[[Z^T_P ZQ _ST^ 4_ T^ L _Z_LWWd TYOP[PYOPY_ ^P[L]L_P PY_T_d ,_ZX^ NLY ZYWd PcT^_ OTaTOPO Q]ZX ZYP LYZ_SP] ,_ZX^ SLaP YZ NZY ^`M^_LY_TLWT_d BPNLYXLVPPL]_S bP_bT_S bL_P]M`_LYL_ZXZQPL]_S
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
_SL_ T^ ^`]]Z`YOPO Md L_ZX^ ZQ bL_P] OZP^ YZ_ RP_ bP_ M`_ TY^_PLO ]P XLTY^bSL_T_T^LYL_ZXZQPL]_S,_ZX^SLaPYZ_STYRL_LWW_ZOZbT_S [P]NP[_TZY aTL _SP ^PY^P^ 4Y _SP QT]^_ [WLNP _SPd L]P NZYNPTaPO ZQ L^ LM^ZW`_P TYOTaTO`LW PcT^_PYNP 4Y _SP NL^P ZQ L_ZXT^_TN _SZ`RS_ ^d^_PX^ ZYP NLY ^[PLV ZQ _Z_LW PXLYNT[L_TZY ?ST^ T^ [L]_TN`WL]Wd _]`P ZQ _SP ALT²P´TVL^MPNL`^P_SPdLW^ZTXLRTYP_SP^Z`W_ZMPLYL_ZXOPaZTOZQ LWW[]Z[P]_TP^bSTWPZ`]BP^_P]YTOPL^ZQ_SP^[T]T_Z][^dNSP^_TWW]P_LTY X`NSQ]ZXQW`TO[L]_TNT[L_Z]d_STYVTYR?ST^XPLY^ _SL_bP BP^_P]YP]^ L]P YZ_ L_ LWW L_ _SP ePYT_S ZQ NL`^LWT^_TN _SZ`RS_ ^TYNP ]TRTO .L]_P^TLY _STYVTYRSL^^P[L]L_PO_SP^[T]T_NZX[WP_PWdQ]ZXLYdNL`^L_TZYzbSTNS OZP^YZ_XPLY_SL__SP]PbP]PYZL__PX[_^_ZNL`^LWTeP_SP^[T]T__ZZL^ TYOTLWPN_TNXL_P]TLWT^XZ]1Z`NL`W_v^[ZWT_TNLW_SPZ]dZQOT^NZ`]^P 5`^_WTVP=`O]LL_ZX^L]PLW^Z`W_TXL_PWdZYWdTOPL^5`^_L^YZZYP SL^PaP]^PPYL]PLW=`O]LYZZYPSL^PaP]^PPYL]PLWL_ZX:QNZ`]^P XL__P] PcT^_^ bSTNS ZYP NLY Pc[WLTY L^ MPTYR M`TW_ `[ ZQ L_ZX^ M`_ _SP]P L]P LW^Z bL]^ LYO OT^PL^P^ bSTNS ZYP NLY ^TXTWL]Wd Pc[WLTY aP]d PQQPN_TaPWdL^_SP[]P^PYNPZQLOP^_]`N_TaP^[T]T_Z]RZO^`NSL^=`O]L PaPY _SZ`RS bP bZ`WO SL]OWd PaP] OZ ^Z TY _SP BP^_ _ZOLd -Z_S [SP YZXPYLzXL__P]LYObL]^zL]PU`^_L^]PLWL^LWWZ_SP][SPYZXPYL?SP TOPL^ _SL_ bP L^^ZNTL_P bT_S _SPX L]P ^ZXP_STYR \`T_P OTQQP]PY_ 0c [WLYL_Z]dXZOPW^OZYZ_LWbLd^SLaP_ZOZbT_S]PLWT_dM`_LWbLd^SLaP L R]PL_ OPLW _Z OZ bT_S ^ZNTLWTeL_TZY LYO SLMT_^ 3ZbPaP] bSL_ XLVP^ _SP OTQQP]PYNP T^ OZ`M_WP^^ SZb bP Pc[WLTY _SP bZ]WO _Z Z`]^PWaP^ 4Y _SP =`O]L XZOPW _SP]P T^ YZ ]PO`NTMWP TYOTaTO`LW PcT^_PYNP L_ LWW& _SP]P T^ZYWd=`O]Lv^PcT^_PYNPbSTWPTY_SPL_ZXXZOPWPaP]d[L]_TNWP]PLWWd PcT^_^TYT_^PWQLYO\`T_PLWZYP1T]^_ZQLWWZYP_STYV^_SPL_ZXLYO_SPY _SP ]PWL_TZY^ _SL_ _SP L_ZX SL^ >Z _SP ]PWL_`X X`^_ NZXP MPQZ]P _SP ]PWL_TZY^BT_S=`O]L_SP^T_`L_TZYT^]PaP]^PO%SP]P_SP]PWL_TZY^NZXP MPQZ]P _SP ]PWL_`X TP TQ _SP]P bL^ YZ bL] QWZZOTYR Z] OT^PL^P _SP]P bZ`WOMPYZ=`O]LPT_SP] ?SP]PQZ]PPaP]d_STYR_SL_?LXMTLS^Ld^LMZ`_NL`^LWT_dNLYMPMP_ _P] Pc[WLTYPO ZY_ZWZRTNLWWd TY _P]X^ ZQ TYOTaTO`LWTeL_TZY Z] _SP TOPL ZQ LY PcT^_PYNP L^ LY TYOTaTO`LW ,_ZXTN TYOTaTO`LWTeL_TZY T^ NPY_]LW _Z ?LXMTLS_ZZM`_SP]PRL]O^T_L^LSd[ZYdXZQNL`^LWT_d 1]ZXL[ST WZ^Z[STNLWLYON]Z^^N`W_`]LW^_LYO[ZTY__ST^T^[]ZMWPXL_TN^TYNP_SP]P L]P NTaTWTeL_TZY^ _SL_ NLYYZ_ LWbLd^ MP QZ]NPO _Z QT_ ?LXMTLSv^ ^NSPXP ZQ[L]_TNT[L_TZYLYONL`^LWT_d 0aPY _SP 4YOTLY WTYR`T^_TN [STWZ^Z[SP] -SL]_SL]T bT_S ST^ STRSWd LM^_]LN_]PQWPN_TZY^ST^\`P^_TZYZQbSP]PXPLYTYRNZXP^Q]ZXLYOST^ _SP^T^ ZQ _SP WTYR`T^_TN NZY^_T_`_TZY ZQ ]PLWT_d OZP^ YZ_ QT_ TY_Z ?LX MTLSv^ XZOPW L_ LWW ^TYNP QZ] -SL]_SL]T NL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY L]PYZ_ZQ_SP^WTRS_P^_TX[Z]_LYNP@W_TXL_PWd-SL]_SL]TOZP^YZ_PaPY YPPO NL`^LWT_d ^TYNP LWW TYOTaTO`LW PcT^_PYNP L]T^P^ _S]Z`RS _SP _]LY^
3TYO`T^XL^L.`W_`]PZQ>Z`YO
X`_L_TZYZQLYZ]TRTYLW:YP_ZL[W`]LWT_d3PLW^ZL[[WTP^_ST^XZOPW_Z _TXP,WWOTaT^TZY^TY_ZTYOTaTO`LW[TPNP^LYOTY_Z^P\`PYNP^L]PLQ`YN _TZY ZQ PX[T]TNLW NZY^NTZ`^YP^^ LYO YZ_ L Q`YN_TZY ZQ PcT^_PYNP :YWd _SP bSZWP T^ ]PLW ,Y P_SYZR]L[SP] XLd [`_ `[ _SP NZ`Y_P]L]R`XPY_ _SL_ ^`NSPWT_T^_ ^[PN`WL_TZY^SLaPYZ_STYR_ZOZbT_SSTXLYO_SL_[]T XL]TWdSPT^ZYWdTY_P]P^_POTY_SPXLYTY_SP^_]PP_-`_TYQLN__SPQZ]X ZQ _SZ`RS_ Z`_WTYPO Md -SL]_SL]T T^ QZ`YO PaPY TY _SP ^TX[WP aTWWLRP ?LY_]T^_% _SP bSZWP ?LY_]TN ^d^_PX ]P\`T]P^ L_ WPL^_ TX[WTNT_Wd []P NT^PWd_SL_QZ]XZQ_SZ`RS_Pc[WTNT_WdL]_TN`WL_POMd-SL]_SL]T >Z _SP]P L]P ^ZXP STRSWd LM^_]LN_ ^d^_PX^ _SL_ L]P YZ_ NL`^LWT^_TN BP bTWW _SP]PQZ]P `^P _SP _P]X wPXLYNT[L_TZYx TY^_PLO ZQ _SP _P]X wNL`^LWT^Xx ! 1Z] YZ_ ZYWd -SL]_SL]Tv^ [STWZ^Z[Sd ^SZb^ _SL_ _SP]P L]P ]PQWPN_TaP ^d^_PX^ _SL_ OZ YZ_ WPLO TY_Z _SP _Z_LW PXLYNT[L_TZY ZQ _STYR^ Q]ZX ZYP LYZ_SP] L^ TY XZOP]Y ^NTPYNP M`_ TY^_PLO OPaPWZ[ \`T_P OTQQP]PY_ LM^_]LN_TZY^ ,_ L ML^TN WPaPW bP L]P \`T_P QLXTWTL] bT_S [STWZ^Z[STNLW _SPZ]PX^ ^`NS L^ _SZ^P ZQ -SL]_SL]T :YP ZYWd SL^ _Z _STYV ZQ ;L]XPYTOP^v _Z ZY w_SP PcT^_PYNPx LYO ;WZ_TY`^v SPY w_SP ZYPx -`_ QZ] `^ BP^_P]YP]^ _SPd L]P WP^^ TX[Z]_LY_ TY _SP TY_PWWPN_`LW ST^_Z]d ZQ XLYVTYO LYO ]PXLTY ]L_SP] w^_]LYRP MT]O^x bSZ L[[L]PY_Wd bP]P^PWOZXLMWP_ZWPLaP_SPPWT_PNT]NWPLYObSZSLOX`NSWP^^TYQW` PYNP ZY _SP OPaPWZ[XPY_ ZQ N`W_`]LW ^PWQLbL]PYP^^ _SLY ,]T^_Z_WP Z] /P^NL]_P^ ,W_SZ`RS L Q`YOLXPY_LW NSLYRP T^ _LVTYR [WLNP _ZOLd TY 9Pb,RP_d[P ^[T]T_`LWT_d bSTNS SL^ L ]PWL_TaPWd WL]RP QZWWZbTYR NQ Z`]NSL[!_ST^OTO^_TWWYZ_MPNZXPLXLUZ]T_dN`W_`]P ?SP]PL]PYZ_ZYWdSTRSWd]PQWPN_TaP^d^_PX^_SL_L]PYZ_NL`^LWT^_TN M`_ _SP]P L]P LW^Z [L]_TNT[L_Z]d u_SZ`RS_ bZ]WO^v M`TWOTYR `[ZY NL`^LW ]PWL_TZY^ ^`NS L^ XLRTN 4Q XLRTN SL^ MPPY WLMPWPO wT]]L_TZYLWx LYO wTWWZRTNLWx _SPY _ST^ ZYWd ^SZb^ []TXL]TWd SZb `Y]PQWPN_POWd _SP _P]X^ w]L_TZYLWT_dx LYO wWZRTNx L]P RPYP]LWWd `^PO ?SP []ZMWPX T^ _SL_ _SP^P _P]X^ SLaP L []TXL]d XPLYTYR LYO L ^PNZYOL]d XPLYTYR bSTNS L]P ZQ_PY NZYQZ`YOPO 7ZRTN NLY QT]^_Wd MP `YOP]^_ZZO L^ MPTYR OP]TaPO Q]ZX WZRZ^ ]PQP]]TYR _Z L QZ]X ZQ _SZ`RS_ ML^PO ZY _P]XTYZWZRTNLW OTLWPN_TNLYOLM^_]LN_L^[PN_^4QXLRTNT^`YOP]^_ZZOTY_ST^bLd_SPYT_ T^ YZ_ WZRTNLW MPNL`^P T_ QZ]X^ YZ _P]X^ OZP^ YZ_ L]R`P OTLWPN_TNLWWd LYO VYZb^ YZ LM^_]LN_TZY^ -`_ ZY _SP Z_SP] SLYO TQ QZWWZbTYR L XZ]P XZOP]Y `^P ZQ WLYR`LRP WZRTN T^ `YOP]^_ZZO L^ NZY^T^_PY_ NZYNW`^TZY^ LYO NZX[]PSPY^TMTWT_d XLRTN T^ YZ_ L_ LWW TWWZRTNLW M`_ T^ ^_]TN_Wd NZY ^T^_PY_ LYO NZX[]PSPY^TMWP ,Y LYLWZRZ`^ OTQQP]PY_TL_TZY X`^_ LW^Z MP XLOP TY ]PWL_TZY _Z _SP _P]X ]L_TZYLWT_d 4Q ]L_TZYLWT_d T^ `YOP]^_ZZO _Z MP LYLWd_TNLW OTaTOTYR _SZ`RS_ L ^d^_PXL_TeTYR LYO L XL_SPXL_TeTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,^SL^LW]PLOdMPNZXP\`T_PNWPL]Q]ZXZ`][]PaTZ`^OT^N`^^TZY^bP`^P_ST^_P]XTY L[STWZ^Z[STNLW^PY^P]L_SP]_SLYTY_SP^PY^PZQ^ZNTLW^NTPYNP
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
\`LY_TQTNL_TZY_SPYXLRTNT^WL]RPWdwT]]L_TZYLWx-dNZY_]L^_TQ]L_TZY LWT_dzL^T^^ZZQ_PY_SPNL^PzT^]PRL]OPOL^PQQTNTPYNdLYO_SPLMTWT_d _Z Pc[WLTY ZYPv^ LN_TZY^ _SPY XLRTN T^ XZ^_ NP]_LTYWd wPc_]PXPWd ]L _TZYLWx
8LRTNLYO8d_S BP`^P_SP_P]XwXd_SxZ] wXd_SZ^x []TYNT[LWWd_ZOPYZ_PL[L]_TNT[L _Z]d bZ]WO Z]TPY_L_TZY TY OT^_TYN_TZY _Z Xd_S L^ L _]LOT_TZYLW YL]]L _TaP ! 4YNP]_LTYNZY_Pc_^bPLW^Z^[PLVZQXLRTN1Z]_ST^]PL^ZYT_T^ YPNP^^L]d _ZMPL WT__WP XZ]P[]PNT^P LMZ`_SZb _SP _P]X^Xd_SZ^LYO XLRTN L]P `YOP]^_ZZO SP]P LYO SZb bP bZ`WO WTVP _Z OTQQP]PY_TL_P MP _bPPY_SPX BSPY bP ^[PLV ZQ wXLRTNx MPWZb _ST^ []TXL]TWd XPLY^ L NL`^LW ^d^_PX Z] _Z MP XZ]P []PNT^P L ^_]TN_Wd OP_P]XTYT^_TN ^d^_PX bSTNS SZbPaP] T^ ML^PO ZY L [L]_TNT[L_Z]d aTPb ZQ _SP bZ]WO _SL_ XLVP^ YZ NL_PRZ]d OT^_TYN_TZY^ 4Y NZY_]L^_ _Z XZOP]Y ^NTPYNP YZ_STYR SL[[PY^ Md NSLYNP TY XLRTN 4Q _SP ]ZZQ ZQ L M`TWOTYR NZWWL[^P^ ZY_Z L bPOOTYR [L]_dL^NTPY_TQTNPc[WLYL_TZYXLd^Ld_SL__SPSZ`^P bL^YZ_OP^TRYPO []Z[P]Wd-`_bSL_^NTPYNPNLYYZ_Pc[WLTYT^bSd_SP]ZZQNZWWL[^POL_ _ST^ [L]_TN`WL] XZXPY_ bSPY _SP^P [L]_TN`WL] [PZ[WP bP]P `YOP]YPL_S T_ !!,YL^_]ZWZRP]bZ`WO_]d_ZPc[WLTY_SPOT^L^_P]TY_P]X^ZQ`YQLaZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BP^ZXP_TXP^[]PQP]_Z`^P_SP2]PPVPc[]P^^TZY Xd_SZ^ _ZOPYZ_PXZ]PNWPL]Wd_SP _SZ`RS_QZ]XOTQQP]PY_Q]ZX_SP2]PPV WZRZ^ !! ?ST^ bL^ ZYP ZQ _SP TX[Z]_LY_ ^_L]_TYR [ZTY_^ TY 0aLY^;]T_NSL]Ov^ OT^N`^^TZY ZQ XLRTN,R]PL_OPLWSL^MPPY[`MWT^SPOZY_SP^`MUPN_ZQXLRTNLYObPOPaPWZ[LMZaP LQPbZQZ`]ZbY_SZ`RS_^NZYNP]YTYRLbZ]VTYROPQTYT_TZY_SL_XLYLRP^bT_SZ`__SP OT^N`^^TZY_SL_ZQ_PYOP_P]XTYPO_SPOPML_PZYbSP_SP]XLRTNT^]PWTRTZYZ]L[]P N`]^Z]ZQ ^NTPYNP 4_ ^T_`L_P^ XLRTN[]TXL]TWdTY ]T_`LWLN_TZYM`_LN_TZY_SL_SL^LY `YOP]WdTYR[L]_TNT[L_Z]dZY_ZWZRdLMZaPLWWTY_SPQZ]XZQSZXZWZRTP^4_L[[PL]^_Z `^_ZMP`^PQ`W_ZVPP[SZWOZQ_SPNZYNP[_TYLYZY[PUZ]L_TaPQZ]XbT_SZ`_NWLTXTYR _Z[W`XM_SP[SPYZXPYZYTYLWWT_^L^[PN_^Z][]ZaTOPw_SPxOPQTYT_TZYZQXLRTN1Z]L OT^N`^^TZY ZQ _SP OTQQTN`W_TP^ ZQ ^`NS L OPQTYT_TZY NQ ,YYP__P BTWVP wu8LRT^NS ]PWTRTØ^*v3TYO`T^_T^NSPBPW_Z]TPY_TP]`YR`YO8LRTP/PML__PxTY E`],VeP[_LYeaZY 8LRTP =PWTRTZY `YO BT^^PY^NSLQ_ PO , 1TPOP]X`_e7L`Y P_ LW 8ÞY^_P]% 7T_ #z?SPL]_TNWPL]R`P^TYLXZ]PNZY^_]`N_TaT^_XLYYP]_SLY_SPL]R`XPY_ Z`_WTYPOLMZaP:_SP]L[[]ZLNSP^_SL_bPNZY^TOP]_ZMPPY]TNSTYRLYO_SL_SLaPOTQ QP]PY_ QZN`^P^TYNW`OP 0aLY^;]T_NSL]OLYO ?LXMTLSv^aZW`XPZY XLRTNLYO8L]NPW 8L`^^ ,2PYP]LW?SPZ]dZQ8LRTN 9PbDZ]V%9Z]_ZY.Z$"Z]TRTYLW1]PYNS PO $ & >_LYWPd ?LXMTLS w?SP 8LRTNLW ;ZbP] ZQ BZ]O^x 8LY 9> $!#% " z#& w1Z]X `YO -POP`_`YR XLRT^NSP] ,V_P% 0TY >_LYO[`YV_x TY 8LRTP% /TP ^ZeTLWbT^^PY^NSLQ_WTNSP 6ZY_]ZaP]^P ÞMP] OL^ AP]^_PSPY Q]PXOPY/PYVPY^ PO 3LY^ 6T[[PYMP]RLYO-]TRT__P7`NSP^T1]LYVQ`]_%>`S]VLX[$#" $z$!&,WQ]POATP] VLY_w/TPPY_bTNVW`YR^[^dNSZWZRT^NSP?SPZ]TPOP] EL`MP]PTxTY 8LRTP`YO=PWTRT ZY%-PT_]ÆRPe`PTYP]?SPZ]TPOP]8LRTP /L]X^_LO_% BT^^-`NSRP^PWW^NSLQ_$"#
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
LMWP NZYU`YN_TZY^ ZQ _SP ^_L]^ LYO [WLYP_^ :_SP] _d[P^ ZQ Pc[WLYL_TZY bZ`WO MP _STYR^ ^`NS L^ _SP ^[T]T_^ ZQ _SP LYNP^_Z]^ MPTYR ZQQPYOPO L ^[PWW_SL_SLOMPPYNL^_Z]LOPT_dLYRP]POMd_SPYPRWPN_ZQ_SP[PZ[WP TY _SP SZ`^P ?SP ^T_`L_TZY MPNZXP^ XLRTN bSPY YZ_ ZYWd LY Pc[WLYL _Z]d [L__P]Y T^ ^Z`RS_ M`_ LW^Z L [L__P]Y ZQ LN_TZY ?SP LNNTOPY_ NZ`WO SLaPMPPY[]PaPY_POTQ_SPM]TOPLYOR]ZZXSLObZ]Y_LWT^XLY^_Z[]Z _PN_ _SPX^PWaP^ Q]ZX _SP `YQLaZ]LMWP [WLYP_^ TQ _SP TWWOT^[Z^PO LYNP^ _]LW ^[T]T_^ SLO MPPY L[[PL^PO bT_S L QTYP XPLW TQ _SP ^[PWW SLO MPPY bL]OPO ZQQ Md L NZ`Y_P]^[PWW Z] TQ _SP LYR]d OPT_d SLO MPPY [LNTQTPO _S]Z`RS[]LdP]LYO^LN]TQTNP,W_SZ`RSXLRTNT^ML^POZYXd_SZ^TP L [L]_TNT[L_Z]d bZ]WOaTPb T_ SL^ LY PXLYNT[L_Z]d NSL]LN_P]% ZYP T^ LMWP _Z OZ ^ZXP_STYR ZYP^PWQ :Q NZ`]^P XLRTN LN_TZY^ LYO ^[PPNS L]P XZ^_WdML^POZYLMPWTPQTY^`[P]YL_`]LWQZ]NP^LYO[ZbP]^M`__SPTOPL ZQ _SP TYPcZ]LMWP PQQTNLNd ZQ XLRTN RTaP^ [PZ[WP L NZX[WP_PWd YPb [ZbP] _Z _LVP LN_TZY 4_ LW^Z N]PL_P^ ^NZ[P QZ] _LVTYR LN_TZY bSP]P ^NT PYNPLYO_PNSYZWZRdL]PTYPQQPN_TaP , ML^TN LcTZX ZQ XLRTN _SZ`RS_ LYO LN_TZY T^ _SL_ bSP]P _SP]P T^ L SZXZWZRZ`^ NZYYPN_TZY MP_bPPY _bZ _STYR^ _SL_ ^SL]P L NP]_LTY L^[PN_ ZQ_SPT]TOPY_T_dzPR_SPdL]PXLOPZQ_SP^LXPXL_P]TLW_SPdZNN`]TY _SP ^LXP Y`XMP] _SPd SLaP _SP ^LXP QZ]X Z] _SP ^LXP ^_]`N_`]P Z] _SPd^SL]PLNZXXZY[]Z[P]_dP_Nz_ST^NZYYPN_TZYLWWZb^LYTYP^NL[ LMWP ]PWL_TZY^ST[ bSTNS NLY MP `_TWTePO ?SP XZ]P P^^PY_TLW _SP SZXZW ZRd _SP ^_]ZYRP] _SP ]PWL_TZY^ST[ @YWTVP NL`^LW ]PWL_TZY^ SZXZWZRTNLW ]PWL_TZY^ NLY MP N`X`WL_TaP ?SP]PQZ]P _SP QZWWZbTYR LW^Z L[[WTP^% _SP R]PL_P] _SP Y`XMP] ZQ SZXZWZRTP^ _SP XZ]P PQQPN_TaP _SP XLRTN LN_ ?SP NL_PRZ]TP^ ZQ PcT^_PYNP LYO ZQ _STYR^ L]P ZQ YZ TX[Z]_LYNP w/TP >PTY^ `YO /PYVVL_RPZ]TPY ^TYO OLMPT ZSYP -PWLYRx ?SP XTYO NLY SLaPOT]PN_PQQPN_^ZY_SPMZOdLYO_SPMZOdNLYSLaPOT]PN_PQQPN_^ZY _SPXTYO?SPQLXZ`^.L]_P^TLYOT^_TYN_TZYT^YZ_XLOP BP^_P]Y^NSZWL]^ST[SL^L__PX[_PO_Z[`_XLRTN]T_P^TY_ZYPbNL_P RZ]TP^ LYO _Z NWL^^TQd _SPX L^ ^dX[L_SP_TN LN_TYR aTL ^SL]PO []Z[P] _TP^TXT_L_TaPLN_TYRaTLNZ[dTYRLYONZY_LRTZ`^LN_TYRaTLNZY_LN_ 1Z] PcLX[WP _SP ^XLWW T]ZY [Z_^ TY_Z bSTNS [L^^P]^Md TY /PWST _S]Zb NZTY^ZY>L_`]OLd^^Z_SL__SP[WLYP_>L_`]YNLYYZ_PcP]_LY`YQLaZ]LMWP TYQW`PYNP bZ`WO MP LY TY^_LYNP ZQ ^dX[L_SP_TN XLRTN ?SP R]L^^ OZWW ]P[]P^PY_TYR LY PYPXd bSTNS T^ _Z]Y _Z [TPNP^ TY ST^ [WLNP T^ PQQPN_TaP _S]Z`RSLYTXT_L_TaPZ]XTXP_TN]T_P?SPL]_TNWPZQ NWZ_STYR _SL_LXLY ^_PLW^LYOO]PYNSP^TYMWZZO^Z_SL__SPbZXLYbSZbZ]P_SPO]P^^bTWW QLWW TY WZaP bZ`WO MP NZY_LRTZ`^ XLRTN ?SP^P NWL^^TQTNL_TZY^ L]P SP` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !z LYO XZ]P ]PNPY_ L[[]ZLNSP^ ^`NS L^ 2W`NVWTNS ?SP 0YO ZQ 8LRTN $$" Z[ NT_ 6T[[PYMP]R w8LRTPx TY 3]B2 $$# Z[ NT_& /TP_SL]O >LbTNVT 8LRTP 1]LYVQ`]_%1T^NSP]&>ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN "Z[NT_
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
"
]T^_TNLWWd SPW[Q`W M`_ ML^TNLWWd _SPd L]P ZYWd L[[L]PY_ NL_PRZ]TP^ w>NSL__PYVL_PRZ]TPYx MPNL`^P XLRTN _SZ`RS_ OZP^ YZ_ LWWZb T_^PWQ _Z MP L]_TQTNTLWWd NZX[L]_XPY_LWTePO 4Y _SP QTYLW LYLWd^T^ _ST^ NWL^^TQTNL _TZY T^ ML^PO `[ZY _SP BP^_P]Y NL_PRZ]TP^ ZQ ^`M^_LYNP L__]TM`_P^ LYO ]PWL_TZY^ ?SP XZ^_ L[[]Z[]TL_P L[[]ZLNS T^ ^TX[Wd _Z ^Ld _SL_ XLRTN bZ]V^SZXZWZRTNLWWdL^[]Z[Z^POLMZaP?SP]PT^LWbLd^L]PWL_TZYaTL LNZXXZYQPL_`]PzLYOT_T^YZ_ZQLYdR]PL_TX[Z]_bSTNS_d[PZQQPL _`]P _ST^ T^ ?SP ZYWd TX[Z]_LY_ _STYR T^ _SP QLN_ _SL_ _ST^ NZXXZYLWT_d PcT^_^ LYO _SL_ T_ T^ `YOP]^_ZZO _Z MP P^^PY_TLW 4Q QZ] TY^_LYNP L aZZ OZZ[]TP^_O]T[^NSTNVPYv^MWZZOZY_ZL;ZWL]ZTO[SZ_ZR]L[SZQLNP]_LTY [P]^ZY T_ T^ ^LQP _Z L^^`XP _SL_ SP bT^SP^ _Z TYQW`PYNP _SP [P]^ZY ^SZbY TY _SP [SZ_Z LYO YZ_ _SP aLW`P ZQ ;ZWL]ZTOv^ ^SL]P^ ZY _SP ^_ZNV XL]VP_>dX[L_SP_TN]T_P^L]P_SZ^PTYbSTNS^`M^_LYNPT^^PPYL^P^^PY _TLW 1Z] PcLX[WP >L_`]Y ±LYT _SP M]TYRP] ZQ OT^L^_P] T^ P^[PNTLWWd XLWPaZWPY_ ZY >L_`]OLd^ w>L_`]Yv^ OLdx TY 3TYO¯ ²LYTa£] 4Y _SP 4Y OTLY aTPb >L_`]Y T^ XLOP ZQ T]ZY LYO _SP]PQZ]P _SP L^^ZNTL_PO [Z_^ L]P LW^ZXLOPZQT]ZY?SP NZTY^_SL_ L]P _S]ZbY TY_Z_SP [Z_^ L]P PQQPN_TaP MPNL`^P ZQ _SP TOPY_T_d ZQ ^`M^_LYNP 4Q _SPd bP]P _S]ZbY TY_Z ^TWaP] [Z_^ _SP ]T_P bZ`WO SLaP YZ PQQPN_ MPNL`^P ^TWaP] NZ]]P^[ZYO^ _Z _SP XZZYLYOYZ__Z>L_`]Y?SPR]L^^OZWWTY_SPXTXP_TN]T_PZY_SPZ_SP] SLYOT^YZ_ZQ_SP ^LXP^`M^_LYNPL^_SPPYPXdM`_T_^QZ]X T^ LNZ[d ZQSTXLYOZQ_PY_SPOZWWT^LW^ZRTaPY_SPYLXPZQ_SPPYPXd?SPT_PX ZQ NWZ_STYR TY _SP NZY_LRTZ`^ ]T_P `^PO _Z MP TY NWZ^P NZY_LN_ bT_S _SP MZOdZQ_SPZMUPN_ZQOP^T]P?SPMWZZO T^]POWTVP[L^^TZYL_P WZaP_SP WTQPMWZZO ZQ _SP LOXT]P] LYO _SP bZXLYv^ XPY^_]`LW MWZZO ?ST^ ^dX [L_SP_TNXLRTNNZXP^TYLOOT_TZY_Z_SPNZY_LRTZ`^XLRTNLYO_S`^]PTY QZ]NP^_SPPQQPN_^TY^PaP]LWbLd^L__SP^LXP_TXP !"4YLWW_S]PPPcLX [WP^ SZXZWZRTNLW ]PWL_TZY^ NLY MP QZ`YO LYO SZXZWZRd NLY LWbLd^ MP ^PPYL^LQZ]XZQ[L]_TNT[L_TZY ?SPwXd_Sx Xd_SZ^ T^L [L]_TNT[L_Z]dZ]TPY_L_TZYTYLYPaPYXZ]P XL]VPO QZ]X !# BSTWP ^NTPYNP M]PLV^ `[ _SP bZ]WO TY_Z NL_PRZ]TP^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" 4Y XLYd XLRTN ]T_P^ WLYR`LRP [WLd^ LY TX[Z]_LY_ ]ZWP TY _SP PQQPN_TaPYP^^ ZQ XLRTN YZ_ WPL^_ MPNL`^P SZXZWZRTP^ XLd LW^Z MP ^_L_PO [`]PWd aP]MLWWd bT_SZ`_ _SP LN_`LW ^`M^_LYNP^MPTYR_SP]PZ]NP]_LTY^`M^_LYNP^XLdMPOPNWL]PO_ZMPZ_SP]^`M^_LYNP^ !# 4Y_SPTY_P]OT^NT[WTYL]dOT^NZ`]^PZYXd_S_SP[SPYZXPYLWL]PLZQXd_S^T^`^`LWWd ^PPY TY YL]]L_TZY^ _SL_ SLaP NZY^_T_`_TaP PQQPN_^ NZY^_]`N_ wbZ]WOx LYO _S`^ LWWZb VYZbWPORPLYOZ]TPY_L_TZYLYOQ`WQTWWQ`YN_TZY^_SL_SZWO^ZNTP_TP^_ZRP_SP]?SP`Y OP]^_LYOTYR ZQ Xd_S []Z[Z^PO LMZaP bSTNS `YOP]^_LYO^ Xd_S^ YZ_ ZYWd L^ _LWP^ M`_ LW^ZL^ QZ]X^ ZQ _SZ`RS__SL_S`XLYMPTYR^O]Lb Q]ZX_SP^P_LWP^T^ _SP]PQZ]PNZX [L_TMWPM`_T_T^[]TXL]TWdWTYVPO_Z.L^^T]P]v^^dX[L_SP_TNbZ]WOaTPbLYO3ÞMYP]v^ ZY_ZWZRTeTYR`YOP]^_LYOTYRZQwXd_SxL^ L QZ]XZQ_SZ`RS_bSZ^P ]L_TZYLWT_dOTQQP]^ Q]ZX _SP LYLWd_TNLW OTaT^TaP wWZRZ^x LYO NL_PRZ]TN _SZ`RS_ .Q 6`]_ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV $# 8d_S^ LW^Z XLVP RPYP]LW ^_L_PXPY_^ LYOLNNZ]OTYR_Z3ÞMYP]NLYMPNSL]LN_P]TePOMd_SPN]PL_TZYZQWLb^_SPT] wL]NSËx
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
OTNSZ_ZXTP^ _SP []P^NTPY_TQTN Xd_SZ^ L[[PL]^ YZ_ _Z XLVP LYd OT^ _TYN_TZY MP_bPPY _SP ^[T]T_`LW LYO _SP XL_P]TLW MP_bPPY _SP ^`MUPN_TaP LYO _SP ZMUPN_TaP =L_SP] _SP bSZWP bZ]WO T^ ]PRL]OPO L^ w^PY_TPY_x wWTaTYRx LYO wLYTXL_Px >_]TN_Wd ^[PLVTYR _SP]P L]P YZ YZYWTaTYR _STYR^ 6`]_ 3ÞMYP] _SP 2P]XLY [STWZ^Z[SP] LYO _SPZ]P_TNTLY ZQ ^NT PYNP OPQTYPO _SP 2]PPV Xd_SZ^ LYO T_^ bZ]WO Z]TPY_L_TZY TY []PNT^PWd _ST^bLdw0aP]d_STYRT^m^ZXP_STYRWTaTYRLYOLYTXL_Px !$:`]`^`LW TOPL^ LMZ`_ _SP LYNTPY_ Xd_STNLW OPT_TP^ ML^TNLWWd XT^^ _SP [ZTY_ MP NL`^PbPPYaT^LRP_SPXL^[P]^ZY^M`_w?ST^WTaTYRLYOLYTXL_PL^[PN_ OZP^ YZ_ SLaP _Z MP L u[P]^ZYv TY _SP ^_]TN_ ^PY^P WTVP QZ] PcLX[WP _SP RZO^ ZQ :WdX[`^x " ?SP]P T^ LN_`LWWd \`T_P L OTQQP]PY_ [TN_`]P TY _SP NL^P ZQ _SP uYL_`]P OPT_TP^v% QZ] PcLX[WP _SP]P T^ w2LTL TY PaP]d_STYR _SL_T^uPL]_Sdv/PXP_P]TYPaP]d]T[PYTYRR]LTYLYO0Z^TYLWW[Z^^T MWP ^`Y]T^P^x " ?SP RZOOP^^ >L]L^aL_¯ T^ PYaT^LRPO TY 4YOTL TY PcLN_Wd _SP ^LXP bLd% ^SP T^ YZ_ ZYWd 7LYR`LRP T_^PWQ M`_ T^ LW^Z ^`M^_LY_TLWWd []P^PY_ TY PaP]d WTYR`T^_TN `__P]LYNP LYO LMZaP LWW TY PaP]d bT^P `__P] LYNP ?ST^ T^ Pc[]P^^PO PaPY TY ^TX[WP `^P ZQ WLYR`LRP ?SP bZ]O w>L]L^aL_¯x NLY ^TRYTQd YZ_ ZYWd _SP RZOOP^^ TY SP] LY_S]Z[ZXZ][STN QZ]XM`_L__SP^LXP_TXP^TX[WdPaP]d_d[PZQ^[ZVPYWLYR`LRP ?SP wLYTXL_Px L^[PN_ ZQ _SP Xd_S SL^ YPT_SP] L [`]PWd ^[T]T_`LW NSL]LN_P]YZ]L[`]PWdXL_P]TLWZYP-L^TNLWWdT_M]PLV^LWWOTNSZ_ZXTP^ ^`NSL^^[PNTP^a^ TYOTaTO`LWMZOda^ ^Z`WLYOXL_P]TLWa^ ^[T]T_`LW 9PT_SP] T^ T_ ^ZXP_STYR _]LY^NPYOPY_LW LYO T^ _SP]PQZ]P YZ_ Z`_^TOP ^[LNP Z] _TXP ,YO T_ ^PPX^ _SL_ []PNT^PWd QZ] _ST^ ]PL^ZY 3ÞMYP] `^P^ _SPbZ]O^w^Z`WxZ]wLYTXL_PxZYWdbSPY[L]L[S]L^TYR4Y^_PLOSPNZY ^_]`N_^ L YPb _P]X LYO ^[PLV^ ZQ wXd_STNLW ^`M^_LYNPx 8d_STNLW ^`M ^_LYNP^ ]P[]P^PY_ wXL_P]TLW LYO ^[T]T_`LW TYOTaTO`LW^ L_ _SP ^LXP _TXP z ^Z ZaP]LWW bSP]PaP] L NP]_LTY ^`NS ^`M^_LYNP L[[PL]^ _SP ^LXP TYOT aTO`LW T^ []P^PY_ ?ST^ XPLY^ _SL_ TY _ST^ ]P^[PN_ _SP]P T^ YZ OTQQP]PYNP L_ LWW MP_bPPY _SP bSZWP LYO T_^ [L]_^ L^ QZ] PcLX[WP TY _SP NL^P ZQ XL_P]TLW^_SL_L]POT^_]TM`_PO^ZXPSZbTY^[LNPx " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
!$ " " "
ZY_SPQZ`YOL_TZYZQXd_STNLW]PWL_TZY^TP]PWL_TZY^_SL_L]PYZ_^`MUPN__Z_SPWTXT _L_TZY^ZQ^NTPY_TQTNWLb^3ÞMYP]v^NZYNP[_TZYZQXd_SbSTNSbL^OPaPWZ[POZY_SP ML^T^ ZQ _SP 2]PPV [LY_SPZY LYO ST^ OPQTYT_TZY ZQ wXd_STNLW ^`M^_LYNP^x L]P NP] _LTYWd YZ_ _]LY^QP]LMWP _Z LWW NZYNPTaLMWP Xd_S^ M`_ _SPd L]P PXTYPY_Wd ^`T_LMWP QZ] _SP4YOTLYXL_P]TLWLYOP^[PNTLWWdQZ]_SPPL]WdAPOTNXL_P]TLW?SPdLW^ZPc[WLTYZ`] _P]X w`YTaP]^LW Xd_Sx L^ L NZ^XZWZRTNLW NZYNP[_`LWTeL_TZY LYO _Z_LWTeTYR QZ]X ZQ _SZ`RS_Z]XPY_LWT_d:Y_SPOTaP]^T_dZQXd_SOPQTYT_TZY^LYO_SPZ]TP^NQ,^^XLYY w8d_SZ^xZ[NT_&3ZYVZw?SP;]ZMWPXZQ/PQTYTYR8d_SxZ[NT_&LYO=ZMP]_, >PRLW 8d_S%,AP]d>SZ]_4Y_]ZO`N_TZY :cQZ]O%:cQZ]O@YTaP]^T_d;]P^^ 3ÞMYP] BLS]SPT_OP^8d_SZ^ 3ÞMYP] BLS]SPT_OP^8d_SZ^ 3ÞMYP] BLS]SPT_OP^8d_SZ^ 3ÞMYP] BLS]SPT_OP^8d_SZ^"
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$
:Y_ZWZRTNLWWd_SP]PL]PYZMZ`YOL]TP^MP_bPPY_SP^PXd_STNLW ^`M ^_LYNP^ =`O]L T^ L RZO M`_ PaP]d X`]OP]P] LYO PaP]d _STPQ T^ LW^Z L =`O]L LYO NLY MP NLWWPO ^`NS L_ LYd _TXP ?SP Xd_STNLW ^`M^_LYNP^ L]P YZ_ ^P[L]L_P TYOTaTO`LW^ TY _SP bLd _SL_ bP RPYP]LWWd aTPb Z`] PcT^ _PYNP?SPXZOP]YLWTPYL_TZYZQ^`MUPN_LYO_SPbZ]WOOZP^YZ_PcT^_4Y LXd_STNLWPc[P]TPYNPO]PLWT_d_SP^`MUPN_Pc[P]TPYNP^T_^MPTYRPXMPO OPO TY _SP bZ]WO PaPY L^ QL] L^ _SP NZX[WP_P `YTZY ZQ TY_P]YLW ^[LNP LYO Pc_P]YLW ^[LNP >Z SP]P L S`XLY MPTYR OZP^ YZ_ Pc[P]TPYNP STX Z] SP]^PWQ L^ L ^P[L]L_P TYOTaTO`LW OP_LNSPO Q]ZX _SP bZ]WO L^ L bSZWP >`NS Xd_STNLW TYaZWaPXPY_ T^ LW^Z \`T_P QLXTWTL] _Z `^ L^ XZOP]Y [PZ [WP 4OPL^ ZQ _SP bZ]WO LYO Pc[P]TPYNP^ ZQ _SP bZ]WO wBPW_aZ]^_PWW`Y RPY `YO BPW_P]QLS]`YRPYx L]P _bZ OTQQP]PY_ _STYR^ 4Q 4 RTaP Xd MP WZaPOL]PO]Z^P4LXRTaTYRSP]XdWZaPLYO^SPLW^ZPc[P]TPYNP^Xd WZaP TY _SP ]Z^P ?SP ]Z^P T^ WZaP XLOP ^`M^_LYNP LYO T_ [L]_TNT[L_P^ NZX[WP_PWd TY _SP WZaP _SL_ T^ _]LY^QP]]PO _Z T_ ?SP ^LXP T^ _]`P PaPY bSPY ZYP YP`]ZWZRT^_ QLWW^ TY WZaP bT_S LYZ_SP] -Z_S ZQ _SPX L]P NZY aTYNPO _SL_ _SPT] [L^^TZY T^ ZYWd _SP ]P^`W_ ZQ L NP]_LTY NZXMTYL_TZY ZQ NSPXTNLW XP^^PYRP]^ TY _SP M]LTY M`_ _SPd L]P YZ_ RZTYR _Z PcNSLYRP 002^LYOMWZZO^LX[WP^TYLYL__PX[__Z[]ZaP_SPT]WZaP_ZPLNSZ_SP] 8d_STNLWPcT^_PYNPU`^_WTVP_SPPcT^_PYNPZQWZaP TY_SP]Z^PT^TYNZY NPTaLMWPbT_SZ`_[L]_TNT[L_TZY?SP]Z^P[L]_TNT[L_P^Q`WWdTY_SPWZaPZQ _SP_bZYP`]ZWZRT^_^?ST^PcLX[WP^SZ`WOYZ_MPOTQQTN`W__ZR]L^[LYO T_ ^SZb^ _SL_ X`W_T[WP Z]TPY_L_TZY^ L]P [Z^^TMWP -`_ TY QLN_ _SP]P L]P LW^Z [PZ[WP LYO N`W_`]P^ _SL_ `YOP]^_LYO LWW _SP ]PWL_TZY^ST[^ _Z _SP bZ]WO L^ L bSZWP WTVP _SP XZOPW ZQ _SP ]Z^P 4Y PL]Wd APOTN _TXP^ QZ] TY^_LYNP _SP]P ^PPX^ _Z SLaP MPPY YZ Pc[WLYL_TZY QZ] ]PWL_TZY^ST[^ Z_SP]_SLY_SL_ZQZ`]]Z^P?ST^OZP^YZ_XPLY_SL_[PZ[WPTY^`NSN`W _`]P^ NZ`WO YZ_ NZ`Y_ _Z _PY Z] bZ`WO YZ_ MP QLXTWTL] bT_S Z_SP] LM ^_]LN_TZY^Z] bZ`WOYZ_NZYO`N__SPT] OLTWdLQQLT]^ L^ bPOZ :QNZ`]^P _SPd XPLY L ]PLW NZb LYO YZ_ OLdWTRS_ bSPY _SPd _STYV LMZ`_ _SPT] ]TNSP^-`__SPdOZYZ_Pc[WLTY_SPbZ]WOTY_SP^LXPbLdL^LYP`]ZWZ RT^_OZP^?ST^Pc[WLTY^ _SPPL^PbT_S bSTNS_SPNZYQZ`YOTYRZQTOPY_T _TP^ T^]PRL]OPO L^YZ]XLW ^`NS L^bSPYL ^SLXLY _`]Y^STXZ]SP]^PWQ TY_ZLbZWQZ]LY,Q]TNLY>LY_`]Y^TY_ZLWTZY4Y_SP^PNL^P^Xd_STNLW ]PWL_TZY^L]P[L]LOTRXL_TN 8d_STNLW LYO PXLYNT[L_Z]d bZ]WO Z]TPY_L_TZY^ XLd MP NZX[WPXPY _L]dTY]PLWPc[P]TPYNPM`_Z_SP]bT^P_SPdL]PNZX[WP_PWdTYNZX[L_TMWP 4_T^aT]_`LWWdTX[Z^^TMWP_Z_]LY^WL_PXd_STNLWTOPL^TY_Z_SPWZRZ^4YL Xd_STNLWbZ]WO]PWL_TZY^ST[L^_]TN_OT^_TYN_TZYNLYYZ_MPXLOPMP_bPPY LbSZWPLYOT_^[L]_^?ST^WPLO^_Z_SP[L]LOZc_SL_YZ_ZYWdT^_SP[L]_ WZNL_PObT_STYLbSZWPM`_LW^Z_ST^bSZWPT^WZNL_POTY^TOPLWWT_^[L]_^ :`] XZOP]Y WZRTN T^ _S`^ XZ]P Z] WP^^ _`]YPO `[^TOP OZbY 4ZYP^NZ b]Z_Pw,WWNL_^OTP>ZN]L_P^T^OPLO?SP]PQZ]P>ZN]L_P^bL^LNL_x4Y
3TYO`T^XL^L.`W_`]PZQ>Z`YO
XZOP]Y _SZ`RS_ _ST^ T^ XP]PWd LY PcLX[WP ZQ L QLW^P ^dWWZRT^X 1Z] Xd_STNLW _SZ`RS_ Md NZY_]L^_ NZYNW`^TZY^ ZQ _ST^ _d[P L]P [P]XT^^TMWP L^WZYRL^LSZXZWZRTNLW]PWL_TZYPcT^_^0aP]d_STYR_SL_[L]_TNT[L_P^TY _SP^LXPXd_STNLW^`M^_LYNPT^TOPY_TNLW -Z_S Xd_SZ^ LYO XLRTN L]P ML^PO ZY [L]_TNT[L_TZY LYO SZXZWZRT NLW ]PWL_TZY^ " -`_ TY _SP Xd_S bP L]P WZZVTYR L_ bSZWP^ Z] SZWT^_TN QTR`]P^ bSP]PL^ TY XLRTN ^ZXP_STYR T^ ^PWPN_PO LYO [`_ _Z `^P QZ] L NP]_LTYLTX,Xd_S[]ZaTOP^LXPLYTYRbSTWPXLRTN^P]aP^L[`][Z^P 7P_ `^ YZb ]P_`]Y _Z _SP WLYR`LRP RZOOP^^ bT_S _SP^P _SPZ]P_TNLW NZY^TOP]L_TZY^ >SP ^SZb^ SZb _SZ`RS_ _SL_ T^ Xd_STNLW LYO XLRTNLW [P]^T^_^PaPYTY NZX[WPcN`W_`]P^ bT_SOT^_TYN_ PXLYNT[L_Z]dNSL]LN_P] T^_TN^ LYO _SL_ _SP]P T^ YZb L QZ]X ZQ wNZOP^bT_NSTYRx MP_bPPY [L] _TNT[L_Z]dLYOPXLYNT[L_Z]dZ]TPY_L_TZY^
8d_STNLW?P]XTYZWZRTNLW>dY_SP^P^
?SP7LYR`LRP2ZOOP^^L^>`M^_LYNPLYO8P_L[SZ]%w.ZOP >bT_NSTYRx>_]L_PRTP^ ;]ZMLMWd _SP XZ^_ [Z[`WL] WLYR`LRP RZOOP^^ TY 3TYO`T^X T^ _SP RPY_WP LYOVTYOWdRZOOP^^>L]L^aL_¯ 3P]NL]PP]SL^YZ_MPPYaP]d^_]LTRS_QZ] bL]OLYOT^]L_SP]`Y`^`LWPaPYQZ]LY4YOTLYOPT_d4Y_SPZWOP^__Pc_^ ZQ _SP RaPOL >L]L^aL_¯ T^ PcLN_Wd bSL_ SP] YLXP w>SP bSZ T^ ]TNS TY ^_]PLX^x " ^`RRP^_^% ^SP T^ L R]PL_ LYO SZWd ]TaP] TY YZ]_SbP^_P]Y 4Y OTLLYOSdXYTN^`[[WTNL_TZY^QZ]QZZOL]PZQ_PYLOO]P^^PO_Z _ST^]TaP] TYT_^OPTQTPOQZ]X7L_P]_Pc_^^_TWWXPY_TZY_SP]TaP]M`_ZYWd^_L_P_SL_ T_ O]TPO `[ TY _SP ^LYO -`_ YPb Xd_S^ ^`]]Z`YOTYR _SP aLYT^SPO ]TaP] L]T^P4_YZbQWZb^TY_SP`YOP]bZ]WOLYOZYWdNZXP^_Z_SP^`]QLNPL_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .QLW^Z-]`NP7TYNZWY 8d_S.Z^XZ^LYO>ZNTP_d%4YOZ0`]Z[PLY?SPXP^ZQ.]PL _TZYLYO/P^_]`N_TZY .LXM]TORP%3L]aL]O@YTaP]^T_d;]P^^$#!3P]P7TYNZWYLYL WdeP^ _SP WL_P APOTN ;`]`´L>¼V_L _SP Xd_S ZQ _SP OT^XPXMP]PO MZOd ZQ _SP []TXLW XLYLYOLYLWZRZ`^ZWO[ZPX^TY_SP4YOZ0`]Z[PLYL]PL_SL_^SZbSZbNZX[]PSPY ^TaP SZXZWZRZ`^ YP_bZ]V^ NLY MP% _SP [L]_^ ZQ _SP NZ^XZ^ YL_`]P S`XLY MPTYR^ SPLW_S Y`_]T_TZY LYO ^ZNTP_d L]P WTYVPO Md SZXZWZRTP^ _SL_ XLVP _SPX LWWZQZ]X^ ZQ ZYP LYZ_SP] 7TYNZWY ]PLO^ _SP Xd_S^ L^ TOPZWZRTNLW []ZR]LX^ QZ] _SP wPc_]PXPWd ]TRTOLYOSTP]L]NSTNxw[]Z[P]xYL_`]PZQ^ZNTP_dTMTOz QQ " ?SP P_dXZWZRd T^ L WT__WP O`MTZ`^ LYO T^ OT^[`_PO 1Z] _SP APOTN >L]L^aL_¯ ^PP LW^Z 8TNSLPWBT_ePWw>`]WPNSPXTYO`NTPWx-04$#%z"$]P[]ZO`NPOTY[L]_ ZY_SP bPM[LRPS__[%bbb[PZ[WPQL^SL]aL]OPO`ibT_ePW.SPXTY/`.TPW[OQ BT_ ePW^`RRP^_^_SL_>L]L^aL_¯T^YZ_LYPL]_SWd]TaP]M`__SP8TWVdBLd_SL_T^^PPYL^L ]ZLO _Z TXXZ]_LWT_d LYO SPLaPYWd LQ_P]WTQP 4Y wXd_STNLW WZRTNx L^ Z`_WTYPO LMZaP _SP_bZTY_P][]P_L_TZY^L]PYZ_SZbPaP]X`_`LWWdPcNW`^TaP?SP]PL]P[L^^LRP^bSTNS NWPL]Wd^`RRP^_L]TaP]BPRZZYWdTY_Z_SPWL__P]XPLYTYR
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
QPb[WLNP^1Z]PcLX[WPLSTOOPYNZYQW`PYNPZQ_SP]TaP]>L]L^aL_¯SL^ MPPYWZNL_POL_^`NS^T_P^L^;]LdLRLaP]d^LN]PO[WLNPZQ[TWR]TXLRP bSP]P TY QLN_ ZYWd _SP DLX`Y£ QWZb^ TY_Z _SP 2L«R£ 9PaP]_SPWP^^ _SP [WLNP T^ NLWWPO w_SP _]T[WP M]LTOx _]TaP©¯ ,Yd NZYQW`PYNP ZQ ^LN]PO ]TaP]^ [Z_PY_TL_P^ _SPT] Y`XTYZ`^ [ZbP] bSTNS T^ bSd ^`NS [WLNP^ L]P ]PRL]OPO L^ SZWd 9Zb DLX`Y£ LYO 2L«R£ L]P _bZ ZQ 4YOTLv^ XZ^_ ^LN]PO ]TaP]^& _SP []P^PYNP ZQ _SP STOOPY >L]L^aL_¯ XLVP^ ;]LdLR _SP `W_TXL_PY`XTYZ`^WZNL_TZY -`_>L]L^aL_¯LW^ZQZWWZbPOL\`T_POTQQP]PY_NZ`]^PMdQWZbTYRTY_Z _SP XZ`_S^ ZQ XPY >SP LOaLYNPO _Z MPNZXP _SP RZOOP^^ ZQ WLYR`LRP LYO aTL WLYR`LRP _Z MPNZXP _SP RZOOP^^ ZQ bT^OZX LYO X`^TN _ZZ BP NLY ZYWd ^[PN`WL_P ZY SZb _ST^ ^ZXPbSL_ N`]TZ`^ XP_LXZ][SZ^T^ NLXPLMZ`_4Y_SPPL]WdAPOTN[P]TZO_SPST^_Z]TNLW]TaP]>L]L^aL_¯bL^ _SP^`M^_]L_PZQL]PLWXd_STNLW^`M^_LYNPTYQLN_ZYPNZ`WO^LdL_Z[ZR ]L[STNLWWd _LYRTMWP Xd_SZRPXP bT_S R]PL_ XP_ZYdXTN QZ]NP >L]L^aL_¯ bL^_SPYZ`]T^SP]ZQLWWbSZ^PwM]PL^_xZaP]QWZbPOwbT_SXTWVx-`_TY P[TN _TXP^ _ST^ bL^ ZMaTZ`^Wd ZYWd L ^XLWW ^Z]]d _]TNVWP TY _SP OP^P]_ bSTNSNZ`WONP]_LTYWd^_TWW MP^LN]POLYOTYbSTNS[PZ[WP[]ZMLMWd ^_TWW ML_SPO L^ L ]T_`LW 3ZbPaP] _SP ]TaP] >L]L^aL_¯ bL^ YZ WZYRP] L ^`M ^_]L_PQZ] _SP TX[Z]_LY_ Xd_SZRPXPZQ_SPYZ`]T^SP]ZQLWW4Y _SP ^LXP R]Z`[ZQ_Pc_^bSTNS _SPXL_TeP^ >L]L^aL_¯O]dTYRZ`_bPYZbQTYO_SP bZ]O>L]L^aL_¯LW^Z`^POL^L^dYZYdXQZ]WLYR`LRP1Z]PcLX[WP_SP]P T^ _LWV ZQ L wOTaTYP -]LSXLYTN >L]L^aL_¯x OLTa¯ M]£SX¯ ^L]L^aL_¯ L[[L]PY_Wd L ]PQP]PYNP _Z _SP APOL ?SP _Pc_ NZX[L]P^ _SP RTQ_ ZQ _ST^ OTaTYP >L]L^aL_¯Q]ZX_SPAPOL _PLNSP] _Z _SP[`[TW bT_SRTQ_^ZQWLYO LYONZb^% w?SP^P_S]PPRTQ_^SLaPNZX[L]LMWPYLXP^NZX[L]LMWP]PbL]OLYONZX[L ]LMWP MWP^^TYR TY _ST^ bZ]WO% NZb^ QL]XWLYO LYO WLYR`LRP ^L]L^aL_¯ ?SP NZb^ L]P _SP XZ_SP]^ ZQ LWW N]PL_`]P^ LYO MP^_Zb _Z_LW PL]_SWd SL[[T YP^^ :YP ^SZ`WO bLWV L]Z`YO _SPX L^ TQ _SPd bP]P ^LN]PO R]Z`YO FQZ]H _SPd L]P _SP P[T_ZXP ZQ _SP SL]MTYRP]^ ZQ SL[[TYP^^ F_]`PH RZOOP^^P^ bSZXZYP^SZ`WO_SP]PQZ]PLWbLd^SZYZ]x "
>TYNP_SP_bZZ_SP]RTQ_^L]PL^^ZNTL_PObT_SYZ`]T^SXPY_T_T^[]ZMLMWd YZ_ LY ZaP]TY_P][]P_L_TZY _Z `YOP]^_LYO WLYR`LRP _ZZ L^ ^ZXP_STYR YZ`]T^STYR ,YO LN_`LWWd RTQ_^ ZQ NZb^ LYO WL_P] LW^Z ZQ WLYO _Z _SP -]LSXTY^ _SZ^P TY [Z^^P^^TZY ZQ _SP APOL _SP ^LN]PO WLYR`LRP bP]P _SP XZ^_ NZXXZY _STYR TY _SP bZ]WO 4Y _ST^ ^PY^P WLYR`LRP T^ LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " dZM]¼d£NN£[T²T´d£dLOSL]Xd£ÀM]£SX¯À^L]L^aL_¯X g [_STa¯RZ[]LO£Y£MSd£À^L_`WdLÀ[SLWLXL²Y`_P gg X£_L]Là^L]aLMS¼_£Y£ÀR£aLà^L]aL^`VSL[]LO£à gg aOOSTX£V£«V´L_£YT_dLÀR£aLàV£]d£à[]LOLV´T©£à g XL«RLW£dL_LYLÀOPadL^_L^X£_[¼Ud£à^LOLTaLST gg8LS£MS£]L_L ,Y`²£^LYL;L]aLY !# z"
3TYO`T^XL^L.`W_`]PZQ>Z`YO
YZ`]T^SXPY_ TY LM`YOLYNP% L^ LW]PLOd OP^N]TMPO ZYP ]PNPTaP^ PaP]d _STYR_SL_T^TX[Z]_LY_aTLWLYR`LRPzL_WPL^_TQZYPT^L-]LSXTY 7L_P]>L]L^aL_¯MPNZXP^PaP]d_STYR_SL_QLWW^`YOP]_SPRPYP]LW_P]X uWLYR`LRPv% ^PXLY_TN L^[PN_^ PO`NL_TZY bT^OZX [P]^`L^TZY ]P[L]_PP _SP LMTWT_d _Z []P^PY_ LY L]R`XPY_ LYO LW^Z [`]PWd L`OTMWP L^[PN_^ >TYNP TY 4YOTL ZYP NLY YPaP] ]PLWWd ^P[L]L_P _SP L`OTMWP L^[PN_^ Q]ZX _SP WTYR`T^_TN L^[PN_^ T_ NZXP^ L^ YZ ^`][]T^P _SL_ >L]L^aL_¯ LW^Z []Z R]P^^PO _Z MPNZXP RZOOP^^ ZQ X`^TN ,YO L^ RZOOP^^ ZQ X`^TN WLY R`LRPLYObT^OZX^SPT^aT^`LWTePO_ZOLdbT_S_SPNWPL]^dXMZW^ZQ_SP SL][aPPYLZ]^T_L]MZZVLYO]Z^L]d ,^ PL]Wd L^ _SP _TXP ZQ 7LV´XL©L /P²TVL _S NPY_ ,/ TY _SP TXLRP ZQ >L]L^aL_¯ _SP LM^_]LN_ []Z[P]_TP^ ZQ wWLYR`LRPx LYO w^Z`YOx SLO LW]PLOd MPPY _]LY^QP]]PO NZX[WP_PWd TY_Z L Xd_STNLW ^`M^_LYNP% w>L]L^aL_¯ L^ bST_P L^ ^YZb ^STYTYR WTVP _SP XZZY OPNZ]L_PO bT_S RZWOx "!]TOP^ZYL^bLY ""bSTWPTYSP]SLYO^^SP`^`LWWdSZWO^LaPPYL L]Z^L]dLYOLMZZV8PYLYObZXPYTY[L]_TN`WL][ZP_^MPRSP]PaPY _ZOLd _Z WTaP ZY _SPT] _ZYR`P^ bSTWP []TP^_^ L^V QZ] SP] SPW[ bT_S _SP NZ]]PN_ []ZY`YNTL_TZY ZQ _SP ^LN]PO QZ]X`WL^ LYO ^SP WTaP^ TY _SP TY ^_]`XPY_^ZQX`^TNTLY^ TY _SPOPNWLXL_TZY^ZQLN_Z]^ LYOTY_SP\`TNV bT__PO OT^[`_P^ ZQ ^NSZWL]^ ?SP []P^PYNP ZQ _SP RZOOP^^ NLY _LVP ZY aP]dNZYN]P_PQZ]X^>T_L][WLdP]^QZ]TY^_LYNP_`YP_SPXLTY^_]TYRZQ _SPT] TY^_]`XPY_^ bT_S L ^XLWW [WL^_TN ^bLY _SP LYTXLW ZY bSTNS _SP RZOOP^^ ]TOP^ >NSZZWNSTWO]PY SZYZ] SP] Md b]L[[TYR _SPT] MZZV^ TY dPWWZb NWZ_S^ L_ SP] QP^_TaLW LYO ZY _ST^ [L]_TN`WL] OLd _SPd SZYZ] _SP RZOOP^^P^[PNTLWWdMdYZ_^_`OdTYRQZ]]PL^ZY^ZQ[TP_d ?SP TOPL^ LMZ`_ >L]L^aL_¯v^ ^NZ[P z _SL_ T^ L]_ X`^TN [ZP_]d ^NT PYNPbT^OZXLYOLMZaPLWWWLYR`LRPzL]PNZX[WP_PWdOdYLXTNLYOL^ ^`NS>L]L^aL_¯]PXLTY^LwRZOOP^^ZQQWZbx>Z_SPSZXZWZRdNZY_TY`P^ _Z MP PQQPN_TaP >NTPYNP WT_P]L_`]P LYO X`^TN L]P WTVP LY TYQTYT_P LYO TYPcSL`^_TMWP ZNPLY TY_Z bSTNS ZYP NLY OT[ bT_S _SP aZTNP _SP ^[T]T_ LYO _SP TXLRTYL_TZY ?SP >L]L^aL_¯@[LYT´LO Pc[]P^^P^ _ST^ TY aP]d [Sd^TNLW_P]X^% w4QSP[]LT^P^_SPRZOOP^^>L]L^aL_¯TY_ST^XLYYP]bT_SZ`_NPL^TYRLQ_P] ^Tc XZY_S^ _SP XT]LNWP ZQ _SP RZOOP^^ ZNN`]^% Q]ZX _SPY ZY ST^ aZTNP Pc []P^^P^ T_^PWQ ^[ZY_LYPZ`^Wd TY WZaPWd ^Z`YO^ PaP]d_STYR _SL_ SP bLY_^ _Z ^Ld LYO bSL_PaP] PW^P SP NZ`WO YPaP] SLaP TXLRTYPO YZb L[[PL]^ TY _SP QZ]X ZQ aP]^P^ LYO []Z^P [ZPX^ 3P YZb VYZb^ _SP NZY_PY_ ZQ MZZV^ SP SL^YPaP]]PLOFWT_P]LWWduSPL]OvHx "#
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! YÅS£]LS£]LRSLYL^£]L^`OS£VL]£MS£À VLWd£©LO£ÀVLYLVLNLX[LVLO£XLMS¼´£Xg >L]L^aL_Å=LSL^dL@[LYT´LO "" :]Z]TRTYLWWdLRZZ^P "# _L^dLTaLÀ^_`aL_ZYT_dLÀ^LXLMSdL]NdL^L]L^aL_ÅXg MSLV_T²]LOOS£MSTd`V_PYL´L©X£^£_[]L_dLdZMSLaP_gg
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
>L]L^aL_¯ Z] WLYR`LRP T^ L Xd_STNLW ^`M^_LYNP _SL_ ZYP NLY [L]_TNT[L_P TY BSPY _SP OPaZ_PO LOXT]P] ZQ _SP WLYR`LRP RZOOP^^ ]PNPTaP^ [ZP_TN N]PL_TaT_d Z`_ ZQ YZ_STYRYP^^ LYO TY_`T_TaP VYZbWPORP M]TYR^ STX LWW MZZV^ _ST^ T^ L NWPL] TXLRP ZQ OT]PN_ [L]_TNT[L_TZY TY _SP Xd_STNLW WLY R`LRP ^`M^_LYNP _SL_ T^ >L]L^aL_¯ LYO ZQ _SP ML^TN Xd_STNLW LcTZX bSTNS ^Ld^_SL__SPbSZWPT^[]P^PY_TYLWWZQT_^[L]_^ LYO_SP[L]_^L]P []P^PY_ TY _SP bSZWP 0aP]d_STYR _SL_ SL^ PaP] MPPY Pc[]P^^PO TY WLY R`LRP WTaP^ TY _SP Xd_STNLW ^`M^_LYNP ZQ wWLYR`LRPx LYO TY _`]Y _SP bSZWPWLYR`LRPWTaP^TYPaP]dWTYR`T^_TN`__P]LYNP ?SP QT]^_ [L]_ ZQ _SP >L]L^aL_¯@[LYT´LO T^ ^_]ZYRWd Z]TPY_PO ZY XLRTN LYO NSL]LN_P]TePO Md Xd_STNLW _SZ`RS_ 4Y _SP ^PNZYO [STWZ^Z [STNLW [L]_ SZbPaP] bP QTYO L NZX[WP_PWd YZYXLRTNLW LYO OP Xd_SZWZRTePO >L]L^aL_¯ 3P]P ^SP T^ NTNNSLV_T w[ZbP] _Z MP ^PY_TPY_ LYO NZ^XTN LbL]PYP^^x bSTNS NLYYZ_ MP OP^N]TMPO TY NL_PRZ]TP^ ZQ [SPYZXPYLW ]PLWT_d L_ LWW Z] L_ MP^_ bT_S _SP QLXZ`^ QZ]X`WL ^LNNTO £YLYOL w[`]PPcT^_PYNP NZY^NTZ`^YP^^LYOMWT^^x BT_S _ST^[P]^[PN _TaP _SP Xd_STNLW ^`M^_LYNP OT^^ZWaP^ ]PaPLWPO L^ XP]PWd L _SZ`RS_ NZY^_]`N_% w,YdZYP bSZ SL^ ]PNZRYTePO _SL_ 4 LX YPT_SP] LY TYOTaTO`LW ^Z`W U¯aL YZ]LRZOTY[P]^ZYLWQZ]X ¯²L M`_TY^_PLOF_SL_LWW_SP^PTOPL^HL]PZYWd L^[PN`WL_TaPNZY^_]`N_ VLW[T_L T^_]`WdWTMP]L_POx "$ ?SP NZTYNTOPYNP ZQ _SP TYOTaTO`LW ^Z`W LYO _SP RZO >L]L^aL_¯ L^ L Y` XPY ]T^TYR LMZaP S`XLY MPTYR^ TY XP_L^`MUPN_TaP NZY^NTZ`^YP^^ NZ] ]P^[ZYO^ _Z LY LcTZX ZQ _SP ,OaLT_LAPO£Y_L _SP XZ^_ [Z[`WL] ^NSZZW ZQ[STWZ^Z[SdTY4YOTLYZbLOLd^bSTNST^L^^ZNTL_POQT]^_LYOQZ]PXZ^_ bT_S _SP YLXP ZQ _SP R]PL_ [STWZ^Z[SP] ±L«VL]£N£]dL 3P]P LWW ZNN`] ]PYNP^L]PaTPbPOL^^TRY^LYO_SL_bSTNST^_]`WdPcT^_TYRT^TXLRTYPO L^ _]LY^NPYOTYR YLXP LYO QZ]X -PNL`^P WLYR`LRP VYZb^ ZYWd YLXP^ LYOZYWdOPYZ_P^QZ]X^T_SL^YZZY_ZWZRTNLWbPTRS_8LdMPw>L]L^aL_¯ L^ bST_P L^ _SP ^YZb ^STYTYR WTVP _SP XZZYx T^ LP^_SP_TNLWWd [WPL^TYR ^[PPNS QZ] _SP ,OaLT_LAPO£Y_L z L XP_L[SZ]TNLW Pc[]P^^TZY Z] L ^dX MZWZQbT^OZXzM`_YZ_Xd_STNLW^`M^_LYNP3ZbPaP]PYRLRTYR_Z`NS TYR Z] PXZ_TZYLW _SP WTYR`T^_TN QZ]X^ ZQ Pc[]P^^TZY XLd MP `W_TXL_PWd _SPd ]PXLTY `YTX[Z]_LY_ ?SP ZYWd TX[Z]_LY_ _STYR T^ _SP [`]P ZMUPN_ WP^^ ^[T]T_ ?ST^ T^ TYPc[]P^^TMWP ?SP ,OaLT_LAPO£Y_L ^`[[Z]_^ L ]LOT NLW ^VP[_TNT^X ZQ WLYR`LRP L^ QL] L^ bSL_ T^ Y`XTYZ`^ T^ NZYNP]YPO LYOTY]PWL_TZY_ZbZ]WOWdWLYR`LRPT_]P[]P^PY_^LYPXLYNT[L_Z]daTPb% QZ]_SP,OaLT_LAPO£Y_L_SP]PL]PZYWdNZYaPY_TZYLW_P]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _L_Là[]LaL]_L_Pa£©Å^aPNNSLd£WLWT_£V´L]£g RLOdL[LOd£_XLVLTà²LMOLT]L[]LXPdLT]aTaLV´T_LTàgg L²]`_ZM`OSdL_PR]LY_SLà >L]L^aL_Å=LSL^dL@[LYT´LO #z "$ XLdTUÅaL_aLXŲL_aLÀVLW[T_LÀaL^_`_ZYLSTg T_TdL^_`aTU£Y£_T^LX`V_ZY£_]L^LÀ²LdLàgg >L]L^aL_Å=LSL^dL@[LYT´LO
3TYO`T^XL^L.`W_`]PZQ>Z`YO
4Y _SP WL_P aP]d ^SZ]_ >L]L^aL_¯@[LYT´LO bSTNS ZYWd NZaP]^ _bZ []TY_PO [LRP^ TY _SP LY_SZWZRd @[LYT´L_>L«R]LSL bP NLY _S`^ OP_P] XTYP L _d[P ZQ wNZOP ^bT_NSTYRx bSTNS L[[PL]^ _Z `^ _Z MP _d[TNLW ZQ N`W_`]P^ _SL_ PcSTMT_ OT^_TYN_ PXLYNT[L_Z]d PWPXPY_^ :YP LYO _SP ^LXP N`W_`]LW ^d^_PX ZQ ^dXMZW^ LYO YZ_ `YNZXXZYWd PaPY _SP ^LXP _]LOT _TZYZ]_SP^LXP_Pc_NLY[P]NPTaP_SPYL_`]PZQL^TRYTYaP]dOTQQP]PY_ bLd^ ?ST^ XLd MP Md [L]_TNT[L_TZY TP QTWWPO bT_S XPLYTYR ZQ T_^PWQ w>L]L^aL_¯ ]TOP^ ZY _SP ^bLYx L^ L [ZP_TN ^_L_PXPY_ Z] Xd_STNLW ^`M ^_LYNPZQWLYR`LRPLYOLW^Z]L_TZYLWLYONL`^LWTPL^L^dXMZWQTcPO Md NZYaPY_TZY w>L]L^aL_¯ ( NTNNSLV_T x L^ L _PNSYTNLW _P]X 3P]P bP NLY ^PP NWPL]Wd SZb wNZOP^bT_NSTYRx bZ]V^ TY NZX[WPc N`W_`]P^ :YP LYO _SP ^LXP [P]^ZY NLY ^bT_NS Q]ZX wXd_STNLWx _SZ`RS_ LYO wXLRTNx LN_TZY^ TY ZYP NZY_Pc_ _Z wPXLYNT[L_Z]dx _SZ`RS_ LYO MPSLaTZ] TY LY Z_SP] NZY_Pc_ 3`XLY MPTYR^ NLY Z]TPY_L_P _SPX^PWaP^ TY aL]TZ`^ ]PLWT _TP^^TX`W_LYPZ`^Wdz^ZXP_STYR_SL_?LXMTLSLW^ZPX[SL^TeP^bSPYSP ^[PLV^ZQwX`W_T[WPZ]TPY_L_TZY^_Z]PLWT_dxZ]wZ]OP]TYR^ZQ]PLWT_dx # 4Y_SP>L]L^aL_¯@[LYT´LO_bZOTQQP]PY_NZY_Pc_^]P\`T]P_bZOTQQP] PY_ Z]TPY_L_TZY^ ZQ _SP _Pc_ ?ST^ O`LWT^X XLYTQP^_^ T_^PWQ LWW _SP bLd Q]ZX_SPWT_P]LWXPLYTYRZQ_SPbZ]O^]TRS_`[_Z]SP_Z]TNLWLYO^_dWT^_TN L^[PN_^ ?SP XLRTN NZY_Pc_ T^ OP_P]XTYPO []LRXL_TNLWWd& T_ TYNW`OP^ [P]QZ]XLYNPLYTXXPOTL_P^PY^TYRZQ_SPOPT_dLYOQLY_L^_TNXT]LNWP^ LYOTYOZTYR^ZT_`^P^L]SP_Z]TNLW^_dWP_SL_T^VP[_N]d[_TNZY[`][Z^P M`_ LW^Z Pc[]P^^P^ T_^PWQ TY L [ZP_TNLWWd ^`RRP^_TaP XLYYP] ?SP YZP_TN NZY_Pc_ ZY _SP Z_SP] SLYO T^ ^Z_P]TZWZRTNLWWd OT]PN_PO LYO []P^`[[Z^P^ LY TYOTaTO`LW _SL_ ^_LYO^ LWZZQ Q]ZX _SP X`YOLYP bZ]WO LYO bT^SP^ _Z `YOP]^_LYO T_^ ZbY ]LT^ZY Ovê_]P ?ST^ T^ LMZ`_ TY_P][]P_TYR _SP bZ]WO LYOLMZ`__SPNZRYT_TZY_SL_WPLO^_Z_SP ^`XX`XMZY`X LYOT_^[]Z[ P]_TP^L]P_S`^NL`^LWWdWZRTNLW_P]XTYZWZRTNLWLYOOT^N`]^TaP 4Y^`XXL]d_SPQZWWZbTYR[ZTY_^XLdMPVP[_TYXTYObSTNSTYZ`] aTPbL]PP^^PY_TLW_Z_SP]PWL_TZY^ST[MP_bPPY_SP^`MUPN_LYO_SPbZ]WO TYMZ_SQZ]X^ZQZ]TPY_L_TZY%_SPTYOTNL_Z]ZQLXd_STNLW^`MUPN_LYOZ]L Xd_STNLW Pc[P]TPYNPO ]PLWT_d T^ NZX[WP_P TYaZWaPXPY_ LYO PXMPOOPO YP^^ TY _SP bZ]WO LYO L ^LN]PO `YTaP]^P LYO _SP]PQZ]P ZQ_PY M`_ YZ_ LWbLd^ L QPPWTYR ZQ ^PN`]T_d w2PMZ]RPYSPT_x ?SP TYOTNL_Z] ZQ LY PXLYNT[L_Z]d bZ]WO Z]TPY_L_TZY LYOZ] LY PXLYNT[L_Z]d ^`MUPN_ T^ T_^ OP_LNSXPY_LWZYRbT_ST_^TYOP[PYOPY_[ZbP]ZQTY_P][]P_L_TZYT_^LMTW T_d QZ] ^PWQ]PQWPN_TZY LYO QZ] NZX[]PSPY^TaP NZYNP[_TZY^ ?SP^P _bZ ]PLWT_d Z]TPY_L_TZY^ LW^Z Pc[]P^^ _SPX^PWaP^ TY OTaP]RPY_ aTPb^ ZQ WLY R`LRPLYOWTYR`T^_TNQZ]X^M`__SPZ]TPY_L_TZY^L]PYZ_X`_`LWWdPcNW` ^TaP ,W_SZ`RS _SP LcTZX^ ZQ MZ_S Z]TPY_L_TZY^ L]P OTLXP_]TNLWWd Z[ [Z^POzSP]PZYWd_SPbSZWP_SP]PZYWd_SP TYOTaTO`LWzTY]PLWT_dMZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?LXMTLSw8`W_T[WP:]OP]TYR^ZQ=PLWT_dx$Q
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
ZQ_SPXQWZbNZY^_LY_WdTY_ZPLNSZ_SP]?SP]PL]PYZTY_P][]P_L_TZY^ZQ _SPbZ]WO_SL_L]P_Z_LWWdQ]PPZQXd_S^
w.Z^XTN7LYR`LRPxLYO:_SP]@YTaP]^LW8d_S^ ?SP >L]L^aL_¯@[LYT´LO T^ ZYWdZYPPcLX[WPZQ_SPaL]TZ`^XTc_`]P^ZQ _SP [PLNPQ`W NZPcT^_PYNP ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d aTPb^ ZQ WLYR`LRP -`_ bSTWP _SP >L]L^aL_¯@[LYT´LO `W_TXL_PWd TX[WTP^ _SL_ _SP XLRTNLYOXd_STNLWPWPXPY_T^^`MZ]OTYL_P_ZLM^_]LN_LYO[STWZ^Z[STNLW _SZ`RS_TY4YOTLbPLW^ZQTYONZY^NTZ`^`YTaP]^LWXd_STNLW^dY_SP^P^TY bSTNS]L_TZYLWPc[WLYL_TZY ZQWLYR`LRP T^QTYLWWd^`MZ]OTYL_PO_ZLWLY R`LRP Xd_SZ^ ,YO []PNT^PWd _ST^ VTYO ZQ Pc[WLYL_Z]d XZOPW ZQ_PY MPNLXP XZ]P [ZbP]Q`W ^`NS L^ _SL_ ZQ -SL]_SL]T -`_ _ST^ YZ WZYRP] NZ]]P^[ZYO^ _Z _SP TY_PWWPN_`LW WLYO^NL[P TY 0`]Z[P L_ LWW 4Y 0`]Z[P ^`NSL__PX[_^L_Pc[WLYL_TZY^L]P]PRL]OPOL^P^Z_P]TNLYONZY^P\`PY_Wd `YLNNP[_LMWP L_ WPL^_ TY LNLOPXTL 2]LO`L_P^ TY _SP BP^_ ^_TWW []PQP] wNZOP^bT_NSTYRx% _SPd RTaP ]Z^P^ _SPY Pc[WLTY _SPT] WZaP TY _P]X^ ZQ XP^^LRP^ bT_STY _SP M]LTY& M`_ ^_TWW _SPd OZ YZ_ bST^[P] TY_Z PLNS Z_SP]v^ PL]^ w8d M]LTY WZaP^ dZ`] M]LTYx :YWd Xd_S^ NLY []ZaTOP XPLYTYR 0^Z_P]TN _PLNSTYR^ NLY OPQTYT_PWd MP [ZbP]Q`W z ZYP ZYWd SL^ _Z _STYV ZQ _SP 3P]XP_TN _PLNSTYR^ TY LY_T\`T_d L^N]TMPO _Z _SP WPRPYOL]d 3P]XP^?]T^XPRT^_Z^bSZ^PTYQW`PYNPZ]]PTYaPY_TZYNZY_TY`P^PaPY _ZOLd TY L^_]ZWZRd LYO LW_P]YL_TaP ^[T]T_`LWT_d # 4Y QLN_ P^Z_P]TN _PLNS TYR^NLYMPL^NZX[]PSPY^TMWPL^_SPdL]PNZY^T^_PY_LYOXLdNP]_LTYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4_ bL^ ZYWd ]PNPY_Wd LYO `YOP] _SP []P^^`]P ZQ XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d _SL_ P^Z_P]TN _]LOT_TZY^ _SL_ RPYP]LWWd []Z[Z`YO L STRSP] WPaPW ZQ VYZbWPORP LYO L [L_S QZ]]PLNSTYRT_QZ`YO_SPT]bLdTY_Z^P]TZ`^LNLOPXTN]P^PL]NS?SP_P]XLYOOPQTYT _TZYZQwP^Z_P]TN^XxSZbPaP]LYOT_^^NZ[PL]POPML_POLXZYR^NSZWL]^.Q8TNSLPW -P]R`YOP] wBL^ T^_ 0^Z_P]TV* =PWTRTZY^bT^^PY^NSLQ_WTNSP ¾MP]WPR`YRPY e`X 2P RPY^_LYOOP]0^Z_P]TVQZ]^NS`YRxTY ,`QVWÆ]`YR`YO0^Z_P]TV PO8ZYTVL9P`RPML` P]BØWV ?ÞMTYRPY% 8Lc 9TPXPdP] # ""z "& /TN_TZYL]d ZQ 2YZ^T^ BP^ _P]Y0^Z_P]TNT^X aZW^ PO BZ`_P] 5 3LYPR]LLQ 7PTOPY%-]TWW & 2YZ^T^LYO 3P]XP_TNT^XQ]ZX,Y_T\`T_d_Z8ZOP]Y?TXP^PO=ZPWZQaLYOPY-]ZPVLYOBZ`_P] 53LYPR]LLQ,WMLYd%>@9D$$#&,Y_ZTYP1LTa]P ?SPZ^Z[Sd4XLRTYL_TZY?]LOT _TZY% >_`OTP^ TY BP^_P]Y 0^Z_P]TNT^X ,WMLYd% >@9D & z 0^Z_P]TV TX ¾MP]MWTNV% 6WPTYP 2P^NSTNS_P OP^ LMPYOWÆYOT^NSPY /PYVPY^ 1]PTM`]R% 3P]OP] &BZ`_P]53LYPR]LLQ 9Pb,RP=PWTRTZYLYOBP^_P]Y.`W_`]P%0^Z_P]TNT^XTY _SP8T]]Z]ZQ>PN`WL] ?SZ`RS_ 7PTOPY%-]TWW$$!&z w?SP >_`Od ZQBP^_P]Y0^Z _P]TNT^X% 9Pb ,[[]ZLNSP^ _Z.S]T^_TLYLYO>PN`WL] .`W_`]Px TY 9Pb ,[[]ZLNSP^ _Z _SP>_`OdZQ=PWTRTZY PO;P_P],Y_P^P_LWaZW-P]WTY%OP2]`d_P]#$z $&6ZNV`aZY>_`NV]LO BL^T^_0^Z_P]TV* Z[NT_&aZY>_`NV]LOw/TP0^Z_P]TVTY OP]RPRPYbÆ]_TRPY1Z]^NS`YR%¾MP]MWTNV`YO;Z^T_ZY^MP^_TXX`YRxTY ePT_PYMWTNVP !Y]S__[%bbbePT_PYMWTNVPOP!>_`NV]LOTYOPcJS_XW&
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
[Z^^P^ L ^`RRP^_TaP LYO L]R`XPY_L_TaP [ZbP] P^[PNTLWWd TQ _SPd L]P XLOP L^ bPWW L^ _SP WTYR`T^_TN P^Z_P]TN^ ZQ ,MSTYLaLR`[_L ?ST^ 6L^S XT]T R`]` _S_S NPY_ ,/ X`^_ SLaP MPPY L _]`P [ZWdXL_S 3P MPNLXPQLXZ`^L^L±TaLT_TN_SPZWZRTLYLuWPQ_SLYOPOv?LY_]T^_LXZ YT^_TN [STWZ^Z[SP] [ZP_ LYO LP^_SP_TN _SPZ]P_TNTLY LWW TY ZYP 0aPY 7LV´XL©L/P²TVLbSZbL^[]ZMLMWdZYPZQST^ _PLNSP]^LYO bSZXbP SLaP LW]PLOd XP_ NZYNP]YTYR ]PNT_L_TZY ZQ _SP LW[SLMP_ SLO ]PQWPN_PO [STWZ^Z[STNLWWd`[ZY XLY_]L []LN_TNP,MSTYLaLR`[_L`^P^XLY_]L[]LN _TNP _Z OPaPWZ[ ST^ WTYR`T^_TN [STWZ^Z[Sd 3P QZWWZb^ ZY Q]ZX -SL]_SL]T OT^_TYR`T^STYR QZ`] ^_LRP^ ZQ WLYR`LRP% _SP ^[ZVPY bZ]O bT_S bSTNS TY_P]^`MUPN_TaP NZXX`YTNL_TZY _LVP^ [WLNP& OT^N`]^TaP _SZ`RS_& ^PY^Z]d LYO LQQPN_TaP ZaP]LWW TX[]P^^TZY ZQ LY ZMUPN_& LYO _SPTY_PR]LW[P]NP[_TZYZQ_SPbSZWP ^LÀaTO ?Z,MSTYLaLR`[_L_ST^ LWWPYNZX[L^^TYR [P]NP[_TZY ZQ _SP bSZWP ]P[]P^PY_^ _SP RLeP ZQ RZO `[ZY_SPbZ]WOLYO_SPwNZ^XTNWLYR`LRPx [L]£a£N bSTNST^N]d^_LW WTePO XZ^_ [P]QPN_Wd TY _SP >LY^V]T_ bZ]O LSLX XPLYTYR w4x ?Z STX ,3,¿ T^ _SP NPY_]LW XLY_]L ZQ _SP `YTaP]^P QZ] u4v NZY_LTY^ LWW WPaPW^ ZQ WLYR`LRP bT_STY T_^PWQ Q]ZX _SP ^dY_SP_TN aT^TZY ZQ _SP bSZWP _Z _SP U`ORXPY_ w?SL_ T^ _SL_x TOLY_£ WT_P]LWWd w_SL_YP^^x ?SP WPaPW^ ZQ WLYR`LRPL]T^P^ZWPWdZ`_ZQ_SPTYN]PL^TYROTQQP]PY_TL_TZYMP_bPPY4LYO ?SL_ LYO MP_bPPY XP^^LRP LYO ^TRY >Z _SPd L]P YZ_STYR Z_SP] _SLY L NZY_TY`TYR^PWQQZ]X`WL_TZYLYO^PWQPc[]P^^TZYZQ,3,¿ ?ST^ P^Z_P]TN _PLNSTYR T^ ]L_TZYLWWd N]POTMWP QZ] T_ SL^ TX[]P^^TaP [STWZ^Z[STNLW^`[[Z]_?SP^_L]_TYR[ZTY_QZ],MSTYLaLR`[_Lv^WTYR`T^_TN [STWZ^Z[Sd T^ PaTOPYNP TY_PYOPO _Z []ZaP _SP YPNP^^L]d PcT^_PYNP ZQ L ^dY_SP_TNTY_P]^`MUPN_TaPWTYR`T^_TNaT^TZY% wFBP NWLTX _SL_ PaP]d QZ]X ZQH OT^N`]^TaP [P]NP[_TZY ]P\`T]P^ LY TY_PR]LW [P]NP[_TZYZQ_SPbSZWPF1Z]OT^N`]^TaP[P]NP[_TZYHNZY^T^_^FYZ_ZQLYTY _PR]LWTX[]P^^TZYM`_ T^ML^POZYHNZX[WPXPY_L]dF_P]X^H ^`NS L^uMWLNVv LYOubST_PvT_NZY^TOP]^_SPL[[PL]LYNP^L^Z[[Z^T_P^FZQZYPLYZ_SP]HLYO ^`M^P\`PY_Wd`YOP]^_LYO^F_SPXH_ZMP^P[L]L_PTY^[LNPZ]_TXPF-`_T_T^ LWbLd^LQZ]XZQLYTY_PR]LW[P]NP[_TZYZQ_SPbSZWPbSTNSH[`_^_SPNZX [WPXPY_L]d [SPYZXPYL bSTNS L]P OPNWL]PO _Z MP Z[[Z^T_P^ ^`NS L^ uMWLNVv Z] FubST_PvH TY ]PWL_TZY _Z PLNS Z_SP] TY _SP QT]^_ [WLNP F?SL_ T^H NZX[L]LMWP bT_S WZZVTYR L_ L [LTY_TYR Z] _SP aTPb Q]ZX L XZ`Y_LTY_Z[ mx #
7ZYRMPQZ]P>`^LYYP7LYRP]v^MZZV ;STWZ^Z[SdTYL9Pb6Pd #4YOTLY [STWZ^Z[SP]^ SLO MPPY NZY^TOP]TYR _SP SZWT^_TN YL_`]P ZQ aT^`LW [P]NP[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # dL_ dL_ aT]ZOS£aLMS£^T^LÀXL_LV]LXTVLaTVLW[dLX£YLYW£OTYT´¶SLaTVLW[L[¼]aLMS£aT YT]aTVLW[L^LÀaTO]¼[LÀ _L__LOaTVLW[LYdLaT]`OOS£MSTXL_LYWL[_£Od£MS£^£aTMS£RT MSLaL_TdL_S£NT_]LUÓ£YL²TVSL]L^_SL^LÀaTYXPNLVLMZOS£OT ;£]L_]ŲTV£ATaL]L©LX # 1T]^_PO$]PaT^POTY$"LYO$"$:Y_SP_Z[TNZQOT^N`^^TZY^PPTY[L]_TN`WL] $"$%!!Q"$z
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
"
_TZY TY NZY_]L^_ _Z _SP OT^N`]^TaP [P]NP[_TZY ZQ _SP WZRZ^ 3ZbPaP] bSTWP 7LYRP] QTYO^ _ST^ OT^_TYN_TZY XLYTQP^_PO TY OT^N`]^TaP WLYR`LRP LYO aT^`LW XZOP^ ZQ []P^PY_L_TZY LYO NZRYT_TZY LYO TY RZZO BP^_P]Y QL^STZY ]PRL]O^ WLYR`LRP L^ ^dYZYdXZ`^ bT_S OT^N`]^TaP ]PL^ZYTYR ,MSTYLaLR`[_L SLO LW]PLOd LY_TNT[L_PO 7LYRP]v^ N]T_TN^ # LN_`LWWd RZ TYR Q`]_SP] _SLY _SPd OTO 3P ^SZb^ _SL_ WLYR`LRP TYNW`OP^ YZ_ ZYWd WTYPL] XZOP^ ZQ []P^PY_L_TZY M`_ LW^Z ^TX`W_LYPZ`^ LYO []P^PY_L_TZYLW XZOP^ bSTNS LNNZ]OTYR _Z 7LYRP] L]P _d[TNLW ZQ _SP QTYP L]_^ OLYNP LYO X`^TN -`_ ,MSTYLaLR`[_L L]R`PO L_ LY PaPY XZ]P Q`YOLXPY_LW WPaPW Md YZ_ ZYWd NZY_]L^_TYR _SP^P _bZ XZOP^ M`_ LW^Z OP]TaTYR ZYP Q]ZX _SP Z_SP] /T^N`]^TaP [P]NP[_TZY ZYWd bZ]V^ MPNL`^P ZQ L SZWT^_TN [P]NP[_TZY ^`]]Z`YOTYR T_ 3ZWT^_TN [P]NP[_TZY TYNW`OP^ YZ_ ZYWd _SP WZRTNLW OT^N`]^TaP L^[PN_ M`_ _ST^ T^ LW^Z bSP]P _SP ^PY^Z]d LYO PXZ _TaP OTXPY^TZY T^ []P^PY_ bSTNS T^ TY_P]bZaPY bT_S _SP WZRTNLW LYO OT^N`]^TaPL^[PN_ ,MSTYLaLR`[_LTY_]`P4YOTLY^_dWPOZP^YZ_^P[L]L_PWLYR`LRPLYO X`^TN,__SPNZYN]P_PWPaPW_SPLP^_SP_TNTX[]P^^TZYT^NZTYNTOPY_bT_S _SPTY_`T_TaPZaP]LWWTX[]P^^TZYZQLYZMUPN_MPQZ]PT_^LYLWd_TNLWOT^^PN _TZYMdOT^N`]^TaP_SZ`RS_?ST^TY_PR]LWZaP]LWWTX[]P^^TZYT^NZX[L]PO bT_S _SP aTPb Q]ZX L XZ`Y_LTY_Z[ LYO L_ Z_SP] [WLNP^ bT_S PYUZdTYR X`^TN ?SP ZaP]LWW TX[]P^^TZY T^ TY L bLd []PWTYR`T^_TN ^TYNP T_ T^ YZ_ LYO NLYYZ_ MP aP]MLWTePO U`^_ WTVP _SP Pc[P]TPYNP ZQ X`^TN -`_ _ST^ OZP^ YZ_ YPNP^^L]TWd XPLY _SL_ T_ T^ YZ_ NZXX`YTNLMWP >Z`YO^ OZ YZ_ SLaP _Z MP _]LY^WL_PO TY_Z ^ZXP_STYR PW^P z ZYP NLY ]PNPTaP _SPX ^dX [L_SP_TNLWWd LYO ^[ZY_LYPZ`^Wd ,MSTYLaLR`[_L NZYNPTaP^ ZQ WLYR`LRP Q]ZX L ^_L]_TYR [ZTY_ _Z_LWWd PXMPOOPO TY _SP L`OTMWP L^[PN_ MPNL`^P _SP[P]NP[_TZYZQL`OTMWP^Z`YOT^_SPXZ^_SZWT^_TN,WWWTYR`T^_TN^TRY^ OPaPWZ[ Q]ZX L []PNPOTYR ^Z`YO WLYR`LRP w6WLYR^[]LNSPx Z] Z]LW NZXX`YTNL_TZY LYO YZ_ aTNP aP]^L :YWd NZX[WP_P TY_P]^`MUPN_TaP [L] _TNT[L_TZYTY_SPLN_`LW^Z`YON]PL_P^LYZ[[Z]_`YT_dQZ]WTYR`T^_TNNZX X`YTNL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q QZ] TY^_LYNP >`^LYYP 7LYbP]O =PWTRTZY^Æ^_SP_TV% >_`OTPY e`X AP]SÆW_YT^ aZY >dXMZW `YO >TYYWTNSVPT_ BÞ]eM`]R% 6ØYTR^SL`^PY 9P`XLYY !#z"" [L]_TN`WL]Wd"z"3ZbPaP]bPOZYZ_LR]PPbT_S7LYbP]OL_LWW_SL__SP]PNZ`WO YPaP]MPLYd^[ZY_LYPZ`^LYOTXXPOTL_P[P]NP[_TZYLYO[]PQP]L__ST^[ZTY__ZQZWWZb 7LYRP] LYO ,MSTYLaLR`[_L >[ZY_LYPZ`^ ]PNP[_TZY ZQ Pc[]P^^TZY TY ^Z`YO X`^_ MP L^^`XPOQZ][]LN_TNLW]PL^ZY^L^^SZbYMd_SPOTOLN_TN^ZQX`^TNZ]PcLX[WP.STW O]PY OZ YZ_ dP_ WTYV _SP SPL]TYR Pc[PN_L_TZY^ LYO NZOPO L^^ZNTL_TZY^ _SL_ LO`W_^ L`_ZXL_TNLWWdNZYYPN_bT_SNP]_LTY^Z`YO^8`^TNQ`YN_TZY^OTQQP]PY_Wd_SLYWLYR`LRP 7LYR`LRP NLYYZ_ MP Pc[P]TPYNPO ^[ZY_LYPZ`^Wd& T_ QT]^_ SL^ _Z MP WPL]YPO Q]ZX T_^ ^[PLVP]^LYO_SP^ZNTLWNZOTYRT^LWbLd^TYSP]PY_WdbZaPYTY_Z_ST^[LNVLRP?SP[P] NP[_TZYZQ^Z`YOLYOX`^TNSZbPaP]NLYYZ_LYOOZP^YZ_SLaP_ZMPWPL]YPOzZYP NLY[]LN_TNPT_
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
1Z] BP^_P]Y ]PLOP]^ ,MSTYLaLR`[_Lv^ L]R`XPY_L_TZY ^TX[Wd ^PPX^ QZ]PTRYMPNL`^P_SPT]bZ]WONZY_LTY^^ZWT__WPPc[P]TPYNPZQWLYR`LRPL^ ^Z`YO -`_ QZ] _SP 6L^SXT]T ,MSTYLaLR`[_L ST^ ^ZNTLWTeL_TZY XPLY^ _SL_T_T^YZ[]ZMWPX_ZSLaP^Z`YOLYOT_^[P]NP[_TZYL^_SPML^TN[L]L OTRX ZQ LWW NZXX`YTNL_TZY 3P]P SP NZ]]PWL_P^ NZXX`YTNL_TZY bT_S [L]_TNT[L_TZY TY L ]PXL]VLMWP XLYYP] QZ] L`OTMWP Pc[P]TPYNP^ L]P ML^T NLWWd[`]P[L]_TNT[L_TZY8Z^_^ZYTN[SPYZXPYLL]P]PNPTaPOTYL[`]PWd ^PY^Z]d LYO PXZ_TZYLW bLd LYO _ST^ L[[WTP^ QT]^_ LYO QZ]PXZ^_ _Z _SP X`^TNLW LYO ^PXTX`^TNLW QZ]X^ ZQ ^Z`YO bSTNS NLY LW^Z TYNW`OP _SP XP_]TNLW LYO LWWT_P]L_TaP L^[PN_^ ZQ [ZP_]d >Z`YO^ NLY YPaP] MP _Z_LWWd wOP[L]_TNT[L_POx Z] ]PXZaPO Q]ZX _SPT] [Sd^TNLW [P]NP[_TZY ?SPd L]P LWbLd^ O`WW ^S]TWW XPWZOTZ`^ SL]^S Z] ^ZQ_ bSTWP L R]L[SPXP Z] L [TN_`]P NLY MP [P]NPTaPO bT_SZ`_ YPNP^^L]TWd XLVTYR L ^PY^Z]d PXZ _TZYLW TX[]P^^TZY ?SP]P L]P YZ OT^PXMZOTPO ^Z`YO^ 4Q dZ`] SPL]TYR T^ RZZOT_T^X`NSSL]OP]_ZP^NL[PQ]ZXLWZ`O^T]PY_SLYQ]ZXLRL]T^SWd NZWZ]PO bL]YTYR ^TRY ;TN_`]P^ Md QLXZ`^ L]_T^_^ XLd bPWW WPLaP L N`W _`]LW [STWT^_TYP NZWO @W_TXL_PWd PaP]d [LTY_TYR ^_TWW ]PXLTY^ ^ZXP_STYR Pc_P]YLW LYO ZYP NLY NWZ^P ZYP^PWQ _Z T_^ ^`RRP^_TZY^ M`_ ^Z`YO^ L]P TYPcZ]LMWd [PYP_]L_TYR Z] PYR`WQ ZYP SLaTYR L TYP^NL[LMWP []P^PYNP LYOLYTXXPOTL_PPc[]P^^TaT_d_SL_bPNLYYZ_]P^[ZYO_ZTYLYdXLYYP] Z_SP]_SLYbT_S_SPPXZ_TZY^ 1Z] _ST^ ]PL^ZY ,MSTYLaLR`[_L ]PRL]O^ LP^_SP_TN^ L^ LY P^^PY_TLW [L]_ ZQ NZXX`YTNL_TZY _SPZ]d 4Y WTYP bT_S ST^ _SPZ]d ZQ NZ^XTN WLY R`LRPTY bSTNS[P]NP[_TZYZQZMUPN_^ N]d^_LWWTeP^Z`_ ZQ_SP[P]NP[_TZY ZQ_SPbSZWP_SPZMUPN_TaPOTXPY^TZYZQWLYR`LRPbSTNS]PWL_P^_Z_SP Pc_P]YLW bZ]WO T^ LW^Z L ]PTQTNL_TZY ZQ _SP [`]P L`OTMWP LYO Pc[]P^^TaP L^[PN_ ?SP Pc[]P^^TZY NZXP^ QT]^_ LYO _SPY _SP ^PXLY_TN^% _SP R]PL_P] _SP^`[P]TX[Z^T_TZYZQNZYaPY_TZYLWWTYR`T^_TN^_]`N_`]P^ZY_SP^PY^Z]d L^[PN__SPXZ]POP[PYOPY__SP^_L_PXPY_T^ZY^ZNTLWNZY^_]`N_^LYO_SP WP^^ ^dX[L_SP_TN T_ T^ M`_ LW^Z XZ]P NZYN]P_P LYO XZ]P ^[PNTQTNLWWd ]PWL_PO_ZL]PLW^T_`L_TZY-`_QZ],MSTYLaLR`[_L_SPQ`YOLXPY_LWML^T^ ZQNZXX`YTNL_TZYNLYYPaP]WTPTY^PXLY_TNWLYR`LRPMPNL`^PST^TY_P R]L_TaP _SPZ]d ZQ WLYR`LRP NLY ZYWd MP NZYNPTaPO ^_L]_TYR Q]ZX _SP X`NS XZ]P RPYP]LW LYO XZ]P ^dX[L_SP_TN NZY_PY_^ _SL_ L]P NZXX`YT NL_POL__SPWPaPWZQ[`]P^Z`YO BSP_SP] bP L]P _LWVTYR ZQ ,MSTYLaLR`[_L -SL]_SL]T Z] ±L«VL]Lv^ ,OaLT_LAPO£Y_L z `W_TXL_PWd _SP ^LXP []ZR]LX LWbLd^ MPNZXP^ NWPL]% _SP^PL]NSQZ]LXd_SZ^_SL_PYNZX[L^^P^_SPbSZWPbZ]WOTPLw`YT aP]^LWXd_Sx-`_^_TWW_SPXLYYP]TYbSTNS_ST^T^L__PX[_PO^SZb^_SL_ 4YOTL T^ YZ_ L_ LWW XZ]P ^_]ZYRWd [L]_TNT[L_TZYZ]TPY_PO _SLY BP^_P]Y ^ZNTP_TP^ LY^V]T_ N`W_`]P TY bSTNS -SL]_SL]T ±L«VL]L LYO ,MSTYLaLR`[_L R]Pb `[ bL^ ^`[[Z]_PO Md L
>Z`YO=T_`LW^ZQ_SP2ZOOP^^7LYR`LRPz>dXMZWTN1Z]X^ZQ7LYR`LRPLYO>Z`YO
$
STRSWd ]L_TZYLWTePO LYO STRSWd _PNSYTNLW ^ZNTP_d bT_S L NZY^TOP]LMWP ^SL]P TY bZ]WO _]LOP L ^ZNTP_d _SL_ LW^Z [Z^_`WL_PO _SP WLb ZQ R]LaT_L _TZY TYaPY_PO _SP QT]^_ L`_ZXL_PO XLNSTYP TY _SP QZ]X ZQ _SP bL_P] bSPPW LYO ^_L]_PO _Z _LNVWP OTQQP]PY_TLW P\`L_TZY^ -`_ OP^[T_P _SP^P ^_]ZYRWd PXLYNT[L_Z]d PWPXPY_^ TY _SP N`W_`]P _SP Xd_S bL^ YPaP] OP aLW`POTYNZY_]L^__Z2]PPV^ZNTP_dbSTNS^P_ Xd_SZ^ LYO WZRZ^ LRLTY^_ PLNS Z_SP] 4Y 4YOTL _SP]P T^ YZ >ZN]L_TN WZRZ^ []ZR]LX ^[LYYTYR _SP bSZWP N`W_`]P LYO PYRLRTYR TY L OTLWPN_TN ^PL]NS QZ] _SP _]`_S ?SP 4Y OTLY LNLOPXTN []ZR]LX bZ]V^ OTQQP]PY_Wd% ZYP Pc[PN_^ ]PWL_TaPWd WT__WP Q]ZX _SP OTLWPN_TN _L]VL M`_ L R]PL_ OPLW Q]ZX L []LRXL_TN LMTWT_d _Z OTQQP]PY_TL_P LYO XLVP U`ORXPY_^ aTaPVL TP _SP LMTWT_d _Z TOPY_TQd _SPNZ]]PN_L[[]ZLNSQZ]^ZWaTYRL[L]_TN`WL][]ZMWPX BSL_ NSL]LN_P]TeP^ 4YOTLY N`W_`]P T^ _SP ^_PLOQL^_ ]PQ`^LW _Z ^`MZ] OTYL_P T_^ [L]_TNT[L_Z]d bZ]WO Z]TPY_L_TZY ^TX[Wd _Z LY LM^ZW`_P L_ZX T^_TN ]L_TZYLWT_d bSZ^P [`][Z^P T^ _Z PXLYNT[L_P _SP TYOTaTO`LW ,^ 4Y OTLYN`W_`]P[]ZR]P^^P^T_LWbLd^bZ]V^LOOT_TaPWdLYOTYNW`^TaPWd?SP BP^_P]Y []ZR]LX bT_S T_^ YPPO QZ] `YP\`TaZNLW ^ZW`_TZY^ ^_]TN_ ^d^ _PX^ ZQ Z]OP] LYO T_^ ^_]TaTYR _ZbL]O^ PaP] YPb PaP] NWPL]P] QZ]X^ ]P\`T]PO_SPQZ]XL_TZYZQPcNW`^TaP^d^_PX^aT]_`LWWd [P]^P :Y_SPZYP SLYO T_ _PYOPO _ZbL]O^ L _Z_LWT_L]TLY Xd_S ^`NS L^ _SP .S]T^_TLY ZYP LYO ZY _SP Z_SP] _ZbL]O^ L _Z_LWT_L]TLY LY_TXd_S ^`NS L^ _SP 8L]cT^_ ZYP BP^_P]Y N`W_`]P SL^ L_ _SP WL_P^_ ^TYNP T_^ .S]T^_TLYTeL_TZY MPPY P\`LWWd ]LOTNLW TY T_^ N]PL_TZY ZQ Xd_S^ L^ TY T_^ OP^_]`N_TZY ZQ _SPX ?SP []ZR]LX ZQ 4YOTLY TY_PWWPN_`LW ST^_Z]d T^ NZX[WP_PWd OTQQP]PY_ 4_ T^ X`NS WP^^ TYYZaL_TaP L^ T_ RPYP]LWWd LTX^ _Z []P^P]aP _SP YZ]X^ LYO aLW`P^ LYO LaZTO WZ^^ ZQ XPLYTYR BSP]PaP] TYYZaL_TZY^ ZNN`] _SPd WPRT_TXTeP _SPX^PWaP^ YZ_ aTL QZ]NP Z] ST^_Z]TNLW YPNP^^T_d M`_ X`NS XZ]P aTL _SP XZ^_ NZY_TY`Z`^ WTYV [Z^^TMWP _Z bSL_ LW]PLOd PcT^_^ LYO aTL_SPNSLYNPZQRLTYTYRYPb^NZ[PQZ]LN_TZYLYONSZTNP^/P^[T_P_SP NZY^P]aL_TaPYL_`]PZQ4YOTLYN`W_`]P[W`]LWT_dT^LWbLd^OP^T]PO?SP]P T^YZOZ`M__SL_bPL]P ^[PLVTYRSP]PZQ _PYOPYNTP^LYO_SL_ _SP]PLWT_d T^LN_`LWWdXZ]PNZX[WPcLYOXZ]POTQQP]PY_TL_PO1Z]PcLX[WP>X£]_L 3TYO`T^XT^XZ]PTYNW`^TaP_SLY±TaLT^XLYO_SP±TaLT_TN_]LOT_TZY^L]P TY _SPT] _`]Y XZ]P TYNW`^TaP _SLY _SP AT´©`T^X bSTNS NWPL]Wd PcSTMT_^ PcNW`^TaT^_ _]LT_^ L^ bPWW # -`_ ^_TWW [W`]LWT_d bL^ YPaP] QZ`YO _Z MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP NZXXZY XZOP]Y TXLRP ZQ _SP []ZaP]MTLW _ZWP]LYNP LYO YZYaTZWPYNP ZQ 3TYO` T^XSL^MPPY]TRS_WdNZ]]PN_PO-`_TY_ST^[]ZNP^^^ZXPLY_LRZYT^X^bP]PLW^ZZaP] PX[SL^TePO LYO L ^`MZ]OTYL_TYR TYNW`^TaT^X SL^ MPPY [WLdPO ZQQ _ZZ ZYP^TOPOWd LRLTY^_ LY LOOT_TaP RP^_`]P .Q ;L`W 3LNVP] wE`] 2P^NSTNS_P `YO -P`]_PTW`YR OP^ 3TYO`T^X`^% 6]T_TV PTYTRP] aP]M]PT_P_P] ,Y^TNS_PYx $! =P[]TY_ TY% ;L`W 3LNVP] 6WPTYP >NS]TQ_PY BTP^MLOPY% 1]LYe >_PTYP] AP]WLR $"# "!z# TY [L]_TN`WL] #z#& 6WL`^ 6WZ^_P]XLTP] w:]_SZOZcTP `YO 3Æ]P^TPx TY 6WZ^_P]XLTP] 3TYO`T^ X`^ 6ØWY% -LNSPX $! LYO 6WZ^_P]XLTP] , >`]aPd ZQ 3TYO`T^X ,WMLYd% >@
3TYO`T^XL^L.`W_`]PZQ>Z`YO
[]ZMWPXL_TN LYO T_ T^ LWXZ^_ L aLW`P TY T_^PWQ ?SP YZ_TZY _SL_ [W`]LWT_d NZ`WOT_^PWQMPLaLW`PSL^ZYWdMPNZXPQLXTWTL]TY_SP.S]T^_TLYBP^_ TYXZOP]YOPXZN]LNd #! 8d_SZ^ LYO WZRZ^ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d _SZ`RS_ LYO LN _TZY L^ _bZ NZX[WP_PWd OTQQP]PY_ bLd^ ZQ `YOP]^_LYOTYR LYO TY_P][]P_ TYR_SPbZ]WOX`^_`W_TXL_PWdMP]PNZRYTePOL^^d^_PX^ZQP\`LWaLW`P ^TYNP _SPd NLYYZ_ ]P[WLNP PLNS Z_SP] ?SPd `YNZaP] \`T_P OTQQP]PY_ _]`_S^ Z[P]L_P OTQQP]PY_Wd LYO OZ OTQQP]PY_ _STYR^ 4Y BP^_P]Y N`W_`]P^ [PZ[WP SLaP ^Z`RS_ _Z Z]RLYTeP [W`]LWT_d ZQ Z]TPY_L_TZY^ bSP]P T_ L[ [PL]PO YPNP^^L]d QZ] ^`]aTaLW RPYP]LWWd aTL wNZOP^bT_NSTYRx 4YOTLY^ L^ L ]`WP SLaP []PQP]]PO TY_PR]L_TZY ,Yd L]PL^ QZ] _SP PXLYNT[L_Z]d Z]TPY_L_TZY_SL_bP]POT^NZaP]POOTOYZ_PWTXTYL_P_SPXd_SM`_TY^_PLO bP]P LOOPO _Z T_ LYO PXMPOOPO TY T_ ,YO ^LN]PO WLYR`LRP ]PQWPN_^ _ST^ []ZNP^^ ?SP b]T__PY WZRZ^ ^_]T[[PO ZQ T_^ ^Z`YO LYO XPLYTYR SLO YZ NSLYNP ZQ ^`[[WLY_TYR _SP ^PY^Z]d LYO []P^PY_L_TZYLW NZXX`YTNL_TZY ^d^_PX^ ?SP L`OTMWP _Pc_^ bT_S _SPT] STRS OPR]PP ZQ ^PY^Z]d TY[`_ LWbLd^ ]PXLTYPO ]PLW ^dXMZW^ ZQ _SP Y`XTYZ`^ SZbPaP] Sd[P] ]LOTNLWWd_]LY^NPYOPY_LW_SP_SPZWZRTLY^bLY_PO_ZMP?Z_LWT_L]TLY^ZW` _TZY^ L]P QZ]PTRY _Z >LY^V]T_ 3TYO`T^X bT_S T_^ LOOT_TaP TYNW`^TaP []LRXL_TN L[[]ZLNS ,YO QZ] []PNT^PWd _ST^ ]PL^ZY ^Z`YO L^ _SP XZ^_ [L]_TNT[L_Z]dXPOT`XZQLWWLYOL^_SPXZ^_PQQPN_TaPXPLY^ZQ_]LY^[Z]_ QZ]Xd_STNLWTYaZWaPXPY_SL^]P_LTYPOT_^^[PNTLW[Z^T_TZYTYMZ_S]PWTR TZYLYO[STWZ^Z[SdPaPY_ZOLd
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO ;L]_TNT[L_TZYL^2`TOTYR3P`]T^_TN/TQQP]PYNP
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY :`] QZN`^ ZY _SP w[SZYZNPY_]TN P[T^_PXPx ZQ >LY^V]T_ 3TYO`T^X TY _SP [L^_ LYO _SP []P^PY_ LNZ`^_TN [TP_d LYO ^ZYTN NZXX`YTNL_TZY TYNW`OP^ YZ_ WPL^_ _SP \`P^_TZY ZQ bZ]WOaTPb NZY^_]`N_TZY^ L]T^TYR Q]ZX L WTQP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 9D $#$ z!& ,YYP__P BTWVP w2PbLW_WZ^TRVPT_ `YO 2PbLW_L`^ÞM`YR TY 3TYO` T^X`^`YO-`OOST^X`^xTY 1]TPOPL`Q0]OPY* /TPBPW_]PWTRTZYPYebT^NSPY 2PbLW_ aP]eTNS_ `YO 2PbLW_MP]PT_^NSLQ_ PO ,WQZY^ 1Þ]^_ 1]PTM`]R TX -]PT^RL`% 3P]OP] !#z! $"z #! ?ST^ZM^P]aL_TZYT^LW^Z_ZMP`YOP]^_ZZOTY_SP^PY^PZQL_PYOPYNd=PNPY_[`MWTNL _TZY^TY^_`OTP^ZQ]PWTRTZYL]PPLRP]_Z[ZTY_Z`_Lw0`]Z[PLY]PWTRTZ`^[W`]LWT^XxMP QZ]P_SPXZOP]YLRP.Q-`]VSL]O2WLOTRZbw0`]Z[ÆT^NSP=PWTRTZY^RP^NSTNS_PxTY 7ZVLWP=PWTRTZY^RP^NSTNS_PPO326T[[PYMP]RLYO-7`NSP^T8L]M`]R%/TLRZ YLWAP]WLR$$ z&3LY^26T[[PYMP]RLYO6ZNV`aZY>_`NV]LO 0TYQÞS]`YR TY OTP =PWTRTZY^bT^^PY^NSLQ_ 8ÞYNSPY% -PNV z LYO _SP ]PNPY_Wd [`MWT^SPO bZ]V 0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_P 0TY XPS]QLNSP] ;W`]LWT^X`^ aZW^PO326T[[PYMP]R5=Þ[VPLYO6aZY>_`NV]LO2Ø__TYRPY%ALYOPYSZPNV =`[]PNS_$
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY
bZ]WO ^_]ZYRWd NSL]LN_P]TePO Md L`OTMWP WLYR`LRP .ZYNP]YTYR _SP QZ] XL_TZYZQ^`NSbZ]WOaTPb^^ZXPZQ_SPXZ^_TYQW`PY_TLWwZ[TYTZYWPLO P]^xbTWWMPXZ]PbTOPWdOT^N`^^PObSZbP]PLW]PLOdXPY_TZYPOTY_SP []PNPOTYROT^N`^^TZY^TYOTQQP]PY_NZY_Pc_^?SPdTYNW`OP ^`NS ^NSZWL]^ L^ _SP WTYR`T^_ -SL]_SL]T LYO ST^ `YTaP]^LW R]LXXL] NPY_P]PO ZY _SP ±LMOL-]LSXLY WT_P]LWWd wBZ]O-]LSXLYx _SP WT_P]L_`]P _SPZ]P_TNTLY ¢YLYOLaL]OSLYL LYO ST^ TY^TRS_ ZQ _SP ^`RRP^_TaP Q`YN_TZY ZQ WLY R`LRP _SP ,OaLT_LAPO£Y_L [STWZ^Z[SP] ±L«VL]L LYO ST^ OTOLN_TN XP_SZO [W`XMTYR _SP TYOTNL_TaP Q`YN_TZY ZQ WLYR`LRP _SP YZYO`LW 6L^SXT]T ±LTaL ?LY_]T^_ ,MSTYLaLR`[_L LYO ST^ NZ^XTN aT^TZY ZQ WLY R`LRPLYO_SPX`^TNZWZRT^_±£]«RLOPaLbSZNZYNP[_`LWTePO_SPbSZWP bZ]WO L^ ^Z`YO 9£OL-]LSXLY WT_P]LWWd w>Z`YO-]LSXLYx ?SP^P _STYVP]^ LNNPY_`L_PO ^PXLY_TN^ LYO LNZ`^_TN^ TY OTQQP]TYR bLd^ DP_ bSL_ _SPdSLaPTYNZXXZYT^ _SL_ _SPd _ZZVSZWT^_TNL[[]ZLNSP^_Z WLY R`LRPLYO]PLWT_d?ST^T^]PQWPN_POTYNZY^_]`N_TZY^ZQ^dY_SP_TN[L]_TNT [L_Z]dbZ]WOZ]TPY_L_TZYLYO`YT_L]daT^TZY^ZQ_SPbZ]WObSZWP bSTNS L]PRTaPYL]L_TZYLWLYOLYLWd_TNLWQZ`YOL_TZY BPTY_PR]L_PbT_S±LYVL]Lv^[STWZ^Z[STNLW`YTaP]^LWXd_SL^dXMZW ^d^_PX _SL_ T^ YZ_TNPLMWd OTQQP]PY_ Q]ZX _SP [SZYZNPY_]TN XLTY^_]PLX >ZYLWT_d L^ L ^dXMZWTN QZ]X LYO T_^ `^P QZ] SZWT^_TN bZ]WOaTPb NZY ^_]`N_TZY^ LN\`T]P^ T_^ NZY_Z`]^ YZ_ WPL^_ TY _SP NZX[P_T_TZY bT_S NZY _]L^_TYR XZOPW^ ZQ _Z_LWT_d 3ZbPaP] L^ L ]`WP 4YOTLY OT^NZ`]^P T^ YZ_ P^[PNTLWWdNZYNP]YPObT_S NZY_]L^_^LYOZ[[Z^T_TZY^ M`_bT_S ^dY_SP_TN XZOPW^ TY bSTNS YZ_ ZYWd ^PXLY_TN^ T^ [L]_ ZQ WLYR`LRP M`_ ^Z YPNP^ ^L]TWd T^ LNZ`^_TN^ ±LYVL]Lv^ aTPb ZQ NZXX`YTNL_TZY bSTNS NZX [WP_PWd PcNW`OP^ LNZ`^_TN^ bL^ L WP^^ OZXTYLY_ XZOP `Y_TW XZOP]Y _TXP^ 4Y_SPQZWWZbTYRST^_Z]TNLWOP^N]T[_TaP^PN_TZYZQZ`]^_`OdbPNWL^ ^TQd _SP ^d^_PX^ []P^PY_PO ZY _SP ML^T^ ZQ bSP_SP] _SPd SLaP L XZ]P [L]_TNT[L_Z]d Z] XZ]P PXLYNT[L_Z]d Z]TPY_L_TZY _Z WLYR`LRP ^Z`YO LYO ]PLWT_d ?SP LYLWd_TNLW OTQQP]PY_TL_TZY LYO XP_LWTYR`T^_TN _P]XTYZWZRd L]P TY^[T]PO Md >_LYWPd ?LXMTLSv^ OTQQP]PY_TL_TZY MP_bPPY NL`^LWT^_TN LYO [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY^ LYO LW^Z Md 0]Y^_ .L^^T]P]v^ _SP Z]d ZQ ^dXMZWTN QZ]X^ Md >`^LYYP 7LYRP]v^ OT^_TYN_TZY MP_bPPY []P ^PY_L_TZYLW LYO OT^N`]^TaP QZ]X^ ZQ Pc[]P^^TZY LYO LMZaP LWW Md 6`]_ 3ÞMYP]v^ _SPZ]d ZQ Xd_S bSTNS PWLMZ]L_P^ _SP ]L_TZYLWT_d ZQ _SP Xd_S T_^PWQ LYO _S`^ ]PXZaP^ _SP [PUZ]L_TaP L^^ZNTL_TZY^ ZQ _SP NWL^^TNLW OTQ QP]PY_TL_TZYMP_bPPY Xd_SZ^ LYO WZRZ^ ?ST^SL^LW]PLOdMPPYPc[WLTYPO TY OP_LTW ,_ _ST^ [ZTY_ T_ T^ ^`QQTNTPY_ _Z YZ_P _SL_ MTYL]d N`W_`]LW [L_ _P]Y^ ^`NS L^ w[L]_TNT[L_TZYx a^ wPXLYNT[L_TZYx SLaP MPPY []Z [Z`YOPO XLYd _TXP^ LYO LW_SZ`RS _SPd L]P aP]d [ZbP]Q`W LYLWd_TNLW
3TYO`T^XL^L.`W_`]PZQ>Z`YO
NZYNP[_^ #" _SPd L]P LW^Z NZY_]ZaP]^TLW 0cLX[WP^ bZ`WO MP 7Ëad -]`SWv^ X`NSN]T_TNTePO OT^_TYN_TZY MP_bPPY w[]TXT_TaPx LYO w[]PWZRT NLWx XPY_LWT_d aP]^`^ wXZOP]Yx wWZRTNLW ]L_TZYLWx wZ[P]L_TZYLWT^_TNx LYOw[Z^T_TaT^_TNxXPY_LWT_dbSTNSSL^SZbPaP]LRLTYLYOLRLTYMPPY _LVPY `[ XZOTQTPO LYO OTQQP]PY_TL_PO LYO :YRv^ LYO 2ZZOdv^ _SPZ]TP^ ZQ Z]LW LYO WT_P]L_P N`W_`]P^ LYO _SP TYQW`PYNP ZQ b]T_TYR =PNVbT_ev LP^_SP_TN LYO YZYLP^_SP_TN SLMT_`^ QZ]X^ LYO BST_PSZ`^Pv^ TXLRT^_TN LYO OZN_]TYLW XZOP^ ## z _Z XPY_TZY U`^_ L QPb >`[[Z]_P]^ ZQ ^`NS MT YL]d OT^_TYN_TZY^ SLaP ZQ_PY XLOP _SPX _ZZ ^_L_TN LYO LWWZNL_PO bSZWP N`W_`]P^ Z] ^PRXPY_^ ZQ N`W_`]P^ Z] bSZWP ^ZNTP_TP^ Z] ^PRXPY_^ ZQ ^Z NTP_TP^ _ZZYP^NSPXPZ]_SPZ_SP]0aPY >`^LYYP7LYRP]v^OTQQP]PY_TL _TZYT^[]ZMWPXL_TNL^WLYR`LRPT^TOPY_TQTPO_ZZ^_]ZYRWdbT_STY_PWWPN _`LWT_d LYO OT^N`]^TaP ]PL^ZYPO _SZ`RS_ LYO _SP L^[PN_ ZQ ^Z`YO T^ YZ_ TYNW`OPO #$ BP `YOP]^_LYO _SP [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L _TZY^ L^ [L__P]Y^ ZQ _SZ`RS_ LN_TZY LYO MPSLaTZ] ZNN`]]TYR TY LWW N`W _`]P^_ZLXZ]PZ]WP^^^_]ZYROPR]PPLYOPcT^_TYRTYPaP]dS`XLYMPTYR ?SPd ]P[]P^PY_ LYO RPYP]L_P _bZ aP]d OTQQP]PY_ WTQPbZ]WO^ Z] ^PY^P OZXLTY^ LYO []ZaTYNP^ ZQ ]PLWT_d _SL_ NLY MP Z]RLYTePO OTQQP]PY_Wd TY L RTaPY N`W_`]P ^ZNTP_d LYO TYOTaTO`LW LYO LW^Z NLY NSLYRP ZaP] _TXP TY _SPT]NZY^_PWWL_TZYLYOTY_P]LN_TZYDP__SPdLWbLd^]PXLTY]PNZRYTeLMWP L^ ^P[L]L_P WTQPbZ]WO^ Z] OZXLTY^ ZQ ]PLWT_d LYO XPLYTYR :YP NLY TYOPPO NZY_TY`LWWd ^bT_NS MP_bPPY _SP^P _bZ bZ]WO^ M`_ _SPd ]PXLTY ^P[L]L_PTY_SPQTPWOZQ_SP [SPYZXPYLW3ZbPaP] T_T^[Z^^TMWP_Z^dY _SP^TeP_SPXTY_SPQTPWOZQ]PQWPN_TZY 4YOTLY N`W_`]P [L]_TN`WL]Wd WZaP^ _Z ^bT_NS MP_bPPY _SP _bZ bZ]WO^ bSTWP XLTY_LTYTYR [L]_TNT[L_TZY TY _SP PXLYNT[L_Z]d L]PL^ 8d_S T^ YZ_ ZYWdNZY\`P]POMd]L_TZYLWT_dTY_SP^PY^PZQ_SPWZRZ^M`_]L_TZYLWT_d T^ LW^Z ^`[P]TX[Z^PO ZY T_ LYO NZYaP]^PWd LRLTY LYO LRLTY ]L_TZYLWT_d T^Xd_STNLWWdPXMPOOPO;]PNT^PWd_ST^TY_PR]L_TaPLYOTYNW`^TaPQZ]XZQ ^bT_NSTYR^PPX^_Z`^_ZMPZYPZQ_SPXZ^_XL]VPO3TYO`N`W_`]LW[L_ _P]Y^ @YWTVP _SP OZXTYLYNP ZQ _SP PXLYNT[L_Z]d LYO ^bT_NSTYR _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" .ZY^TOP] 7`SXLYYv^ ^d^_PX _SPZ]d Z] 5LVZM^ZYv^ LYO 0NZv^ ^PXTZ_TN^ bSTNS L]P LW^Z ML^PO ZY OdLOTN NZOP^ M`_ LW^Z 7Ëad>_]L`^^v ^_]`N_`]LWT^X ?SP WL__P] L[[PL]^ _Z`^_ZSLaPOPQTNT_^TY_SPOP^N]T[_TZYZQN`W_`]LW^d^_PX^^TYNPN`W_`]P^OZYZ_LW WZb_SPX^PWaP^_ZMP]PO`NPO_ZXL_SPXL_TNLWP\`L_TZY^ ## 3L]aPdBST_PSZ`^P ,]R`XPY_^LYO 4NZY^% /TaP]RPY_8ZOP^ZQ=PWTRTZ^T_d :cQZ]O% :cQZ]O@YTaP]^T_d;]P^^ #$ 4YLXLYYP]^TXTWL]_Z.L^^T]P]7LYRP]]PNZY^_]`N_^L[L_SZQ_SPOPaPWZ[XPY_ZQ_SP S`XLY ^[T]T_WPLOTYRaTL ]T_`LW LYO XLRTN_Z Xd_SLYO ]PWTRTZY LYO _SPY _Z[STWZ^Z [Sd,W_SZ`RSLWW_SP^P^dXMZWTNQZ]X^PcT^_LWZYR^TOPZYPLYZ_SP]bT_SP\`LWU`^_T QTNL_TZYLYO]L_TZYLWT_dT^PX[SL^TePOMd[]P^PY_L_TZYLWXZOP^ZQ_SZ`RS_LYOMPSLa TZ] LYO Md QPPWTYR^ _SP RZLW ZQ _ST^ OPaPWZ[XPY_ T^ `W_TXL_PWd ZYWd [STWZ^Z[Sd OT^N`]^TaPQZ]X^LYOLM^_]LN__SZ`RS_TY^_PLOZQNZY^TOP]TYR_SP[W`]LWT_dZQ_SP^dX MZWTNQZ]X^^dYNS]ZYZ`^Wd
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY
^bTYR^ MP_bPPY PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d ^PY^P OZXLTY^ L^ T^ _d[TNLWZQBP^_P]YN`W_`]P>LY^V]T_N`W_`]P]L]PWdbPY_bT_SZ`_[L]_TNT [L_TZYPaPYTY_SPNZY^TOP]PO]L_TZYLWWZRTNLWL]PLLYO_SP]PQZ]POTOYZ_ YPNP^^L]TWdLWbLd^Z]RLYTeP_SP^PY^POZXLTY^^ZWPWdMd^bT_NSTYRM`_ LW^ZMdNZY^TOP]PO^dY_SP^P^ ?ST^XPLY^_SL__SP^dY_SP^TeTYR[STWZ^Z[STP^LYOWLYR`LRP_SPZ]TP^ _SL_ NLY MP ]PLO L^ L__PX[_^ _Z PT_SP] M]TORP Z] OT^^ZWaP _SP OTQQP]PYNP MP_bPPY [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^ L]P _SP ZYP^ _SL_ L]P P^[PNTLWWd TY_P]P^_TYR ?SPd NZ]]PWL_P bT_S bSL_ bP SLaP OT^NP]YPO L^w_ST]O^[LNPSLMT_`^xLYOLN_`LWWd^PXLY_TNTePT_>`NSL__PX[_^SLaP _SP NSL]LN_P]T^_TN^ ZQ L ]L_TZYLWTeL_TZY QZ`YOPO TY L]R`XPY_ ZQ _SP SZWT^_TN[L]_TNT[L_Z]d XZOP TP _SP QZ]X ZQ L ]PQWPN_PO SZWT^_TN Q`^TZY BP NLWW _ST^ w`YTaP]^LW Xd_Sx LYO []P^PY_ ^ZXP ^TRYTQTNLY_ ^_]L_PRTN LRPY_^bSZO]LQ_POSZWT^_TNbZ]WOTY_P][]P_L_TZY^ZQ_ST^_d[P:QNZ`]^P _SP NZYNP[_^ ZQ [L]_TNT[L_TZY PXLYNT[L_TZY LYO `YTaP]^LW Xd_S ^SZ`WO MPaTPbPOL^TOPLW_d[P^TY8LcBPMP]v^^PY^P,^[SPYZXPYL_SPdNLY MPT^ZWL_POM`_TYLN_`LW[]LN_TNP_SPdL]PYPaP]QZ`YOTYLYLM^ZW`_PWd [`]PQZ]XLYOL^_P]X^_SPdL]PL]_TQTNTLWWdN]PL_POQZ]^NTPY_TQTNLYLWd ^T^ BP OZ YZ_ `YOP]^_LYO _SP MTYL]d L^[PN_ _Z XPLY _SL_ TYOTaTO`LW N`W_`]LW ^PRXPY_^ ^`NS L^ ^NTPYNP Z] PaPY bSZWP N`W_`]P^ L]P ML^PO PcNW`^TaPWd ZY _SP ZYP Z]TPY_L_TZY Z] _SP Z_SP] 4_ T^ _SP TY_P][WLd MP _bPPY _SPX _SL_ T^ TX[Z]_LY_ -`_ _SP []PaLWPYNP ZQ ZYP Z] _SP Z_SP] []ZaTOP^ L NWL^^TQTNL_TZY [L__P]Y _SL_ T^ aP]d ^`T_LMWP QZ] M`YOWTYR _SP ST^_Z]TNLWXL_P]TLW_SL_bP[]P^PY_^_]`N_`]TYRT_LYO^`MUPN_TYRT__ZLY LYLWd_TNLW L^^P^^XPY_ QZ] ]PaPLWTYR TY_]LN`W_`]LW aL]TLYNP^ LYO NZY_T Y`T_TP^LYOLW^ZQZ]PWLMZ]L_TYRN`W_`]LWOTQQP]PYNP^LYOLYLWZRTP^ 1Z] PcLX[WP _SP Sd[Z^_L^TeL_TZY ZQ WLYR`LRPaZTNP ^Z _SL_ T_ MP NLXP L RZOOP^^ TY _SP WL_P RaPOL NL _S NPY_ -. LYO ;£©TYTv^ QZ]X`WLWTVPR]LXXL] _SNPY_-.L]P^dXMZWTNQZ]X^ZQPc[]P^^TZY ZQ LY TY_PY^TaP ZNN`[L_TZY bT_S WLYR`LRP DP_ _SPd SLaP z _Z `^P _SP _P]X^ ZQ _SP 4YOTLY _SPZ]d ZQ LP^_SP_TN^ z L NZX[WP_PWd OTQQP]PY_ ]L^L TP L OTQQP]PY_ w_L^_Px% ZY _SP ZYP SLYO _SP]P T^ LY Pc_]PXPWd TNZYTN XP_ZYdXTN`YOP]^_LYOTYRZQWLYR`LRPNZYNPTaTYRZQT_L^LwY`XTYZ`^ ^`M^_LYNPx LYO ZY _SP Z_SP] L STRSWd LM^_]LN_ ]P[]P^PY_L_TZY ZQ R]LX XL_TNLW]`WP^LYO^dXMZW^4_T^`^PQ`W_ZQTYO_P]X^_ZPc[]P^^_ST^OTQ QP]PYNP MPNL`^P ZaP] _SP NPY_`]TP^ _SP]P SLaP MPPY XLYd LYLWZRTP^ _Z ZYP XZOP Z] _SP Z_SP] M`_ LW^Z XLYd LXMTaLWPYNP^ ^SLOP^ QZ]X^ ZQ wNZOP ^bT_NSTYRx LYO ^dY_SP^P^ :`] RPYP]LWTePO L]R`XPY_ ^_L_P^ _SL_ _SP_bZOTQQP]PY_XZOP^RPYP]L_POTQQP]PY_^PXLY_TNQTPWO^LYOQZ]X^ZQ wSLMT_`^x :Y _SP ZYP SLYO _SP]P T^ L SZWT^_TN ^dY_SP_TN []P^PY_L_TZYLW XP_ZYdXTN TNZYTNL[[]ZLNS_ZWLYR`LRP LYOLXd_STNLW]L_TZYLWT_d :Y _SP Z_SP] _SP]P T^ LY LYLWd_TNLW OT^N`]^TaP LM^_]LN_TaP L[[]ZLNS _Z WLY R`LRP LYO L ^_]TN_Wd ^NTPY_TQTN ]L_TZYLWT_d 4Y 4YOTL bP QTYO MZ_S 3Zb
3TYO`T^XL^L.`W_`]PZQ>Z`YO
PaP] TY NZ]]PWL_TZY _Z _SP ^[ZVPY LYO ^Z`YOTYR bZ]O _SL_ bL^ YPaP] QZ]^LVPYTY_SPbLVPZQWT_P]LNd_SP]PPXP]RPOLW^ZL_ST]O^[LNPSLMT _`^TYOPLWTYRbT_S[L]_TNT[L_TZYLYOPXLYNT[L_TZY ;SPYZXPYL ^`NS L^ _SP OT^L[[PL]LYNP ZQ ^PY^P MPSTYO _SP ^Z`YO LYOXL]VPO ^dXMZWTeL_TZY^^`NSL^_SPSd[Z^_L^TeL_TZYZQ_SP^Z`YO ^Z _SL_T_MPNZXP^L^dXMZWZQ_SP`YTaP]^P^PPX_Z`^L^.ZM`]YL]R`PO _Z MP QPL_`]P^ ^[PNTQTN _Z 3TYO` N`W_`]P 4Y_P]P^_TYRWd PaPY ;£©TYTv^ NZOP QZ]X`WL^ _SL_ L]P ]PXTYT^NPY_ ZQ LWRPM]L L]P ^NTPY_TQTN ^Z`YO NZOP^BP_SP]PQZ]P]PRL]O3TYO`T^Xv^QZN`^ZY^ZYLWT_dL^PcNP[_TZYLW LYO _SP OTQQP]PYNP Q]ZX L QZN`^ ZY b]T_TYR ^`NS L^ _SL_ TY ;]Z_P^_LY_ .S]T^_TLYT_d L^ ZMaTZ`^ ,_ _SP ^LXP _TXP SZbPaP] wXLVTYR [SZYZ NPY_]TNT_daT^TMWPxTYZYPN`W_`]PNLYSPW[_ZwZ[PY_SPPdP^xLYOwQZN`^ _SPaT^TZYx_Z]PaPLW_SL_PaPY_SP^ZNLWWPOwMZZV]PWTRTZY^xL]PYZ_^Z PcNW`^TaPWd NPY_P]POZY b]T_TYR?SP\`Z_L_TZY XL]V^TYOTNL_PU`^_SZb QL] aT^`LWT_d SL^ [PYP_]L_PO Z`] WTYR`T^_TN XPLY^ ZQ Pc[]P^^TZY -`_ TY _SPWTYR`T^_TNQTPWO_ST^ LW^ZL[[WTP^ _Z4YOTLLYOTY _SPQTPWOZQ]PWTRTZY aT^`LWT_dLYO^ZYLWT_dL]PZQ_PYNZYYPN_PO^dYLP^_SP_TNLWWd :`]^d^_PXZQNWL^^TQTNL_TZY[L__P]Y^ZQ[L]_TNT[L_TZYPXLYNT[L_TZY LYO`YTaP]^LWXd_SNLYNP]_LTYWdMP`YTaP]^LWTePOLYO`^POQZ]LYLWde TYR Z_SP] N`W_`]P^ ?ST^ T^ MPNL`^P bP QZWWZb ZY Q]ZX PL]WTP] N`W_`]LW _SPZ]P_TNTLY^ LYO NZRYT_TaP ^NTPY_T^_^ _Z NZY_TY`P TY bSL_ bP _STYV T^ L XZ]PNZY^T^_PY_XLYYP]?LXMTLSbSZ]P[WLNPO7Ëad-]`SWv^OTQQP]PY _TL_TZY MP_bPPY w[L]_TNT[L_Z]d[]PWZRTNLWx LYO wWZRTNLWx QZ]X^ ZQ XPY _LWT_dbT_S_SPOdLO^ZQw[L]_TNT[L_Z]dxLYOwNL`^LWxZ]TPY_L_TZY^TY_SP ^PY^P ZQ LY_S]Z[ZWZRTNLW NZY^_LY_^ L__]LN_PO ^PaP]P N]T_TNT^X Q]ZX _SP NZRYT_TaP ^NTPY_T^_ >ø]PY^PY MPNL`^PZQST^ NL`^LWT_d NZYNP[_ z LYO bP MPWTPaP _SL_ _ST^ bL^ U`^_TQTPO ?SP _P]X wNL`^LWx L[[PL]PO _Z `^ WTVP bT^P _Z MP L []ZMWPXL_TN L^[PN_ ZQ ?LXMTLSv^ MTYL]d XZOPW :`] ZbY N]T_TNT^XLYO_SPL]R`XPY_L_TZYPc[WLTYTYRbSdbPNSLYRPwNL`^LWx_Z wPXLYNT[L_Z]dx bP]P b]T__PY WZYR MPQZ]P >ø]PY^PYv^ MZZV ZY XLRTN bL^[`MWT^SPO $-`_N]T_TNT^XNLYLW^ZMPQZ]X`WL_PO]P_]Z^[PN_TaPWdZQ >ø]PY^PYv^ QZN`^ ZY _SP [`]PWd ]T_`LWT^_TN bSTNS OZP^ YZ_ OZ U`^_TNP _Z _SP QWPcTMTWT_d ZQ ?LXMTLSv^ _P]XTYZWZRd >ø]PY^PY TY_P]P^_TYRWd LOZ[_^ _SP NZYNP[_ ZQ [L]_TNT[L_TZY LYO ^_]P^^P^ _SP ]ZWP ZQ PXZ_TZYLWT_d TY XLRTNLW LN_^ M`_ MPXZLY^ TY ST^ OTQQP]PY_TL_PO N]T_TNT^X ZQ 7Ëad -]`SW $ _SL_ _SP WL__P] OTO YZ_ ]PNZRYTeP _SL_ ]T_`LW^ L]P L ]P\`T]PXPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ,^T^_SPNL^PbT_SXLYd^NTPY_TQTNbZ]V^MPSTYO_ST^ZYP_SP]PT^LWZYR[]ZNP^^ZQ bZ]V LYO _]LY^WL_TZY , RZZO [Z]_TZY ZQ _SP ]P^PL]NS XPY_TZYPOTY _SP TY_]ZO`N_TZY ^`NSL^_SL_Md;ZWWZNV-PNV2W`NVWTNS;L__ZYP_N bL^[`MWT^SPOO`]TYRZ`]ZbY b]T_TYR[]ZNP^^LYObL^TYNW`OPOWL_P]:_SP][`MWTNL_TZY^[P]SL[^P\`LWWdTX[Z]_LY_ ZYP^QZ]Z`]_Z[TNNZ`WOYZ_MPNZY^TOP]POSP]PZ]XLdSLaPP^NL[POZ`]L__PY_TZY $ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTNTYOT]PN_ z"Pc_PY^TaP#"Q`]_SP] ]PLOTYR
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY
QZ][L]_TNT[L_Z]dWTYVLRP^4Y_SPWL^_NSL[_P]ZQST^MZZV>ø]PY^PY_SPY NZ]]PN_^ 7Ëad-]`SW Md QZ]X`WL_TYR ST^ ZbY XLUZ] OTQQP]PY_TL_TZY YLXPWdLOT^_TYN_TZYMP_bPPYw`YL`_SZ]TePOXLRTNLWLN_TZYxLYOwTY^_T _`_TZYLWTePOx Z] wP^_LMWT^SPO ]PWTRTZY^x LYO MP_bPPY w[L]_TNT[L_Z]d NZYYPN_TZY^xLYOw]L_TZYLWT^PO^d^_PX^ZQMPWTPQx% w7Ëad-]`SWv^ PaZW`_TZYL]d OP^N]T[_TZY ZQ SZb [L]_TNT[L_TZY T^ ZMUPN_TQTPO TY_Z TOPZWZRTNLW ^_]`N_`]P^ NLY MP ]P^_L_PO L^ L ^dYNS]ZYTN OP^N]T[_TZY ZQ _SP]PWL_TZYMP_bPPY[]TXL]TWdPXZ_TZYLWWdQPW_ LYO`YNZY^NTZ`^[L]_TNT[L _TZY MP_bPPY PWPXPY_^ ZQ _SP bZ]WO LYO N]d^_LWWT^L_TZY ZQ _SP^P TY_Z TOPZ WZRTNLW^_]`N_`]P^?ST^^SPO^WTRS_ZY_SP]PWL_TZYMP_bPPYXLRTNL^LXL YT[`WL_TZY ZQ [L]_TNT[L_Z]d ]PWL_TZY^ LYO ]PWTRTZY L^ L ^dXMZWTN LYO TYN]PL^TYRWd]L_TZYLWT^PO^d^_PXZQMPWTPQm;L]_TNT[L_TZYT^[]PNZYNP[_` LW _SL_ T^ T_ T^ L Q`YOLXPY_LW QPL_`]P TY NZYNP[_`LW ^_]`N_`]P^ _SL_ NLYYZ_ MP Pc[WLTYPO Md ]PQP]PYNP _Z _SP NZYNP[_^ _SPX^PWaP^ Z] _SP ^d^_PX _SPd QZ]XbSPYNZXMTYPO7Ëad-]`SW$" %!z#;L]_TNT[L_Z]dNZYYPN_TZY^ L]P^[ZY_LYPZ`^WdQPW_LYO[P]NPTaPOLYO_SPdL]PPXZ_TZYLWWdaLW`POm4_ T^ ZYWd _S]Z`RS SL]O ]PQWPcTaP bZ]V _SL_ NZYNP[_^ NLY MP ]PWL_TaPWd TYOP [PYOPY_ZQ[L]_TNT[L_Z]dQPL_`]P^x $
?ST^ ^Z`YO^ WTVP L ]PWL[^P TY_Z _SP ZM^ZWP_P ^PaP]PWd [PUZ]L_TaP OT NSZ_ZXTP^ ZQ XLRTN LYO ]PWTRTZY LYO T]]L_TZYLW LYO ]L_TZYLW ?ST^ T^ OPQTYT_PWd YZ_ TY_PYOPO Md >ø]PY^PY DP_ ST^ ]P[]P^PY_L_TZY OPXZY ^_]L_P^ _SP []ZMWPX ZQ LYd `YTaP]^LWT^_TN OPQTYT_TZY ?SP 3TYO`T^_TN Pc LX[WP^NLYMP`^PO_ZL]R`P_SL_T_T^YZ__SPNL^P_SL_PaP]dLN_^PPYL^ XLRTNLW T^ NSL]RPO bT_S PXZ_TZY YPT_SP] T^ PaP]d [L]_TNT[L_Z]d SLMT_`^ LW^Z YPNP^^L]TWd XLRTN LYO `W_TXL_PWd YPT_SP] XLRTN YZ] [L]_TNT[L_TZY YPNP^^L]TWd PcNW`OP LY PXMPOOTYR TY L w]L_TZYLWT^PO ^d^_PX ZQ MPWTPQx L^ >ø]PY^PY []Z[Z^P^ z L_ WPL^_ YZ_ TY >LY^V]T_ 3TYO`T^X ,NZ`^_TN [TP_d Xd_STNLW ^`M^_LYNP^ LYO `YTaP]^LW Xd_S^ L^ OP^N]TMPO LMZaP RPYP]L_P L M]ZLOP] NZYNP[_ ZQ [L]_TNT[L_TZY SP]P bP QZWWZb ?LXMTLS BPbZ`WONP]_LTYWdLR]PPbT_S>ø]PY^PYbSPYSP^_L_P^_SL_w;L]_TNT[L _Z]d NZYYPN_TZY^ L]P ^[ZY_LYPZ`^Wd QPW_ LYO [P]NPTaPO LYO _SPd L]P PXZ_TZYLWWd aLW`POx $ -`_ _SP YL]]ZbP] OPQTYT_TZY ZQ wTNZYTN ]PWL_TZY^ ZQ ^TXTWL]T_dx LYO wTYOPcTNLW ]PWL_TZY^ ZQ P^^PY_TLW WTYV Z] TOPY_T_dx $ _SL_ T^ _ZZ ZYP^TOPOWd Z]TPY_PO ZY 1]LeP]v^ NZYNP[_ ZQ XLRTN T^ _ZZ WTXT_TYR _Z PXM]LNP LWW XZOP^ ZQ [L]_TNT[L_TZY ?SP^P XZOP^ TYNW`OP LWWZbTYRZYP^PWQ_ZMP_TPOTYMd]Sd_SX^LYO^Z`YO^ wTXXP]^TYRZYP ^PWQTY_SPXWTVPLYLN_Z]TXXP]^P^STX^PWQTYST^RP^_`]P^xOPaZ_TZYLW Q`^TZY ^Z`YO NZY_PX[WL_TZY LP^_SP_TN [WPL^`]P wZNPLYTN QPPWTYRx LYO LW^Z ZY_ZWZRTNLW NZOP^ _SL_ NLY PcT^_ TYOP[PYOPY_ ZQ ]T_P^ LYO L]P YZ_ YPNP^^L]TWd L^^ZNTL_PO bT_S XLRTNLW LRPYNd Z] []LRXL_TN PQQTNTPYNd% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN #" $ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN #" $ >ø]PY^PY ,.ZRYT_TaP?SPZ]dZQ8LRTN #"
!
3TYO`T^XL^L.`W_`]PZQ>Z`YO
aL]TZ`^_d[P^ZQ_Z_LWTeTYRXTN]ZNZ^XTP^LN]TWTeTYR_SP^PWQLYONZY NP[_`LW ^d^_PX^ _SL_]PWL_P PaP]d_STYR_Z LWL]RP] NZ^XTNZ]OP]SZWT^_TN TXLRP ^NSPXP^ LYO YZYO`LWT^_ bZ]WONZY^_]`N_TZY^ ^`NS L^ ^PPTYR _SP NZ^XZ^ L^ _SP MZOd ZQ _SP RZO LYO _SP bZ]WO L^ ^Z`YO P_N >LY^V]T_ 3TYO`T^XSL^L[L]_TN`WL]TYNWTYL_TZY_ZbL]O^SZWT^_TNTY_P][]P_L_TZY^ZQ _SP bZ]WO LYO _SP S`XLY MPTYR LYO _SP]P T^ SL]OWd LYd MP__P] _P]X QZ] OPQTYTYR _SP^P VTYO^ ZQ bZ]WOaTPb [L__P]Y^ _SLY [L]_TNT[L_Z]d Z]TPY_L _TZY?ST^_P]XNZaP]^_SP bSZWP]LYRPZQXLRTNXd_SOPaZ_TZYwWZa TYR[L]_TNT[L_TZYx[LYPY_SPT^XLYOXP_L[Sd^TNLWXZYT^X ,^ _Z _SP OT^N`^^TZY ZQ XLRTN T_ L[[PL]^ _Z `^ _SL_ XLRTNLW LRPYNd LYO PQQTNTPYNd L]P TYOPPO TX[Z]_LY_ QZ] Pc[WLTYTYR XLRTN M`_ bP SLaP []Z[Z^PO OPQTYTYR XLRTN L^ L ^d^_PX ZQ ^dXMZW^ _SL_ T^ ML^PO ZY SZ XZWZRTP^ LYO L [L]_TNT[L_Z]d QZ]X ZQ _SZ`RS_ LYO ZY_ZWZRd 4_ ^PPX^ _SL_ZYP_STYR_d[TNLWZQ XLRTNLWPQQTNTPYNdT^LY wPXLYNT[L_Z]dx[]Z[ P]_d TY _SP QZ]X ZQ ^PWQNSZ^PY XLRTNLW LRPYNd bT_STY L [L]_TNT[L_Z]d ^d^_PX ;L]_TNT[L_TZY NLY TYNW`OP _SP ^ZNLWWPO XLRTNLW LN_^ M`_ T^ YZ_ TOPY_TNLW_ZXLRTNzT_PYNZX[L^^P^XZ]P8LRTNT^ML^POZYSZXZWZRT NLW ]PWL_TZY^ _SL_ L]P L ^[PNTQTN QZ]X LYO L [L]_ ZQ w[L]_TNT[L_Z]d NZY YPN_TZY^x >ø]PY^PY M`_ bSTNS OZ YZ_ PcSL`^_ _SP WL__P] 3ZXZWZRTP^ N]PL_PNZYYPN_TZY^_SL_L^NTPY_TQTNbZ]WOXZOPWNLYYZ_Pc[WLTYZ]SLaP YZ [WLNP TY _SPX ?SP OPNZY^_]`N_TYR LYO OT^^PN_TYR XZOP ZQ ^NTPY_TQTN bZ]WOPc[WLYL_TZY^ WZRTN TY _SP ^PY^P ZQ ^dWWZRT^X LY L_ZXTeTYR bZ]WOaTPbLYOTYOP[PYOPY_L`_ZYZXdZQLN_TZYL]P_STYR^_SL_bPNLWW PXLYNT[L_TZY?SP_bZXZOP^PXLYNT[L_TZYLYO[L]_TNT[L_TZYNLYZaP] WL[M`_TQ_SPdOZ^ZT_T^ZYQ`YOLXPY_LWWdOTQQP]PY_WPaPW^?SZ^PbSZ NZYO`N_XLRTNSLaPL[L]_TNT[L_Z]daTPbZQ_SPbZ]WO0aP]d_STYRX`^_ SLaP^ZXP^Z]_ZQNZYYPN_TZYbT_SPaP]d_STYRPW^PZ]L_WPL^_bT_S^ZXP _STYR^ ?SP]PQZ]P []LN_T_TZYP]^ QTYO T_ WZRTNLW _SL_ SZXZWZRTP^ bZ]V 3ZbPaP] _SPd ]PWL_P _SPX^PWaP^ _Z _SP [L]_TNT[L_Z]d bZ]WO L^ _Z_LWWd TYOP[PYOPY_ ^`MUPN_^ TY NZY_]L^_ QZ] TY^_LYNP _Z _SP ,OaLT_LAPO£Y_L XZYVbSZ^PPV^`YT_dbT_S_SPBSZWPZ]_SP6´©LOPaZ_PPbSZ^PPV^ YZ_STYR M`_ ^`]]PYOP] LYO WZaTYR [L]_TNT[L_TZY bT_S ST^ 7Z]O z MZ_S ZQ bSZX SLaP L XZ]P [L]_TNT[L_TaP ]PWL_TZY^ST[ _Z _SP Q]LXTYR [L]_TNT[L _Z]d ^d^_PX >Z _SP VPd OTQQP]PYNP T^ Q`eed bSPY ZYP ^bT_NSP^ Q]ZX ZYP WPaPW _Z LYZ_SP] M`_ T_ T^ ^_TWW TY_`T_TaPWd ]PNZRYTePO L^ L QZ]X ZQ OTQQP]PYNP :YP NLY LR]PP bT_S 3LY^ 6T[[PYMP]R _SP ^NSZWL] ZQ ]PWTR TZY _SL_ LN_TZY^ _SL_ SLaP MPPY TOPY_TQTPO TY _SP ]P^PL]NS L^ TXT_L_TaP LYO NZY_LRTZ`^ XLRTN L]P LWbLd^ PXMPOOPO TY L NZ^XZWZRTNLW Q]LXP _SL_ XLRTNLW TOPL^ NLY MP QZ`YO TY LWW N`W_`]P^ LYO _SL_ wN`W_`]P^ ZYWd OTQQP]TY_SP[Z^T_TZY_SL_XLRTNLWNZYNP[_^SZWOZaP]LWWTYLN`W_`]Px $ 8LRTN YPPO^ L NZ^XZWZRTNLW Q]LXP Z] bZ]WOaTPb _SL_ LWWZb^ QZ] T_ 4_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6T[[PYMP]Rw8LRTPx$ $"
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY
"
YPPO^ ^ZXP^Z]_ZQ[L]_TNT[L_Z]dZY_ZWZRdbSTNSbPNLWWXd_SLYO`YT aP]^LWXd_S >Z Z`] OPQTYT_TZY ZQ _SP NZYNP[_ ZQ [L]_TNT[L_Z]d NZYYPN_TZY T^ X`NSM]ZLOP]_SLY>ø]PY^PYv^LYOMdYZXPLY^OZ bP]P^_]TN_ T_^ZWPWd _Z XLRTN ?SP VPd OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY NZYNP]Y^ YZ_ ZYWd LN_TZY^ M`_ LW^Z TY_P][]P_L_TZY^ ZQ _SP bZ]WO z LYO PaPY []TXL]TWd bZ]WOTXLRP^ TP ^PY^P ^d^_PX^ ?SP LN_TZY^ LYO _SPT] PQQTNTPYNdZYWdMPNZXP[WL`^TMWP_S]Z`RS_SP^PbZ]WOaTPb^ 4QbPVPP[_SP]PQZ]X`WL_POOdLO^TYXTYObPNLYYZ_ZYWd^TX[Wd RP_ L R]T[ ZY N`W_`]LW ^[PNTQTN^ LYO ST^_Z]TNLW [L]LOTRX^ M`_ bP NLY LW^Z OPXZY^_]L_P TY_]LN`W_`]LW LYO N]Z^^N`W_`]LW OTQQP]PYNP^ LYO ZaP] WL[[TYR^ 4_ T^ LXLeTYR SZb RWZMLW N`W_`]LW _]LY^T_TZY^ Q]ZX _SP OZXT YLYNP ZQ ZYP XZOP _Z _SP OZXTYLYNP ZQ _SP Z_SP] SLaP PaZVPO LWXZ^_ TOPY_TNLW ^dXMZWTN QZ]X^ TY OTQQP]PY_ N`W_`]P^ :YP XLd _STYV MLNV _Z _SP OT^N`^^TZY^ ZY _SP ^_dWP ZQ OT^[`_L_TZY DP_ YZ_ ZYWd ^TXTWL] QZ]X^ L]P N]PL_PO M`_ LW^Z TY_P]N`W_`]LWWd ^TXTWL] bZ]WOaTPb QZ]XL_TZY^ MP NZXPaT^TMWPL_ _SP_T[[TYR [ZTY_^ZQ_ST^OTQQP]PYNPMP_bPPYPXLYNT[L _TZYLYO[L]_TNT[L_TZY1Z]PcLX[WPT_T^[Z^^TMWP_ZLWWZNL_P9PZ[WL_ZY T^XLYO,]T^_Z_PWPLY[STWZ^Z[SdLYOTY_SPT]XPOTPaLWQZ]X^bT_STY_SP [STWZ^Z[STP^ZQ8PT^_P]0NVSL]_LYO?SZXL^ ,\`TYL^_Z_SPZYP XZOP Z] _SP Z_SP] -`_ _ST^ PcLX[WP LW^Z ^SZb^ _SL_ w[L]_TNT[L_Z]dx OZP^ YZ_ YPNP^^L]TWd LWbLd^ XPLY w[]PWZRTNLWx :Y _SP NZY_]L]d 9PZ[WL_ZYT^X LYO0NVSL]_v^7L_TYb]T_TYR^L]PSTRSWdPWLMZ]L_PYZYO`LW[STWZ^Z[STP^ LYO XZOPW^ ZQ bZ]WO TY_P][]P_L_TZY ;L]_TNT[L_TZY T^ LW^Z LNNP^^TMWP _Z _SZ`RS_ TY L ]PQWPN_PO QZ]X ?ST^ [SPYZXPYZY T^ QZ`YO YZ_ ZYWd TY 4Y OTLLYO_SP]PQZ]PRPYP]L_P^NZX[L]LMWP^_L_PXPY_^LYO^dXMZWTNQZ]X^ >ZT_T^YZ_MdNSLYNP_SL_±L«VL]LLYO8PT^_P]0NVSL]_bP]P]P[PL_POWd NZX[L]PO bT_S PLNS Z_SP] BP L[[Wd _SP _P]X w`YTaP]^LW Xd_Sx _Z []P NT^PWd_ST^_d[PZQTY_PWWPN_`LW[PYP_]L_TZYZQ[L]_TNT[L_TZYTY_SPQZ]XZQ ]L_TZYLWWd ]PQWPcTaP SZWT^X^ L^ ]P[]P^PY_PO Md ±L«VL]L LYO 8PT^_P] 0NVSL]_ ?ST^ NZYQTR`]L_TZY SZbPaP] T_ T^ ]P[]P^PY_PO TY 0`]Z[P T^ QZ`YO P^[PNTLWWd Q]P\`PY_Wd LYO TY XLYd OTQQP]PY_ aL]TL_TZY^ TY 3TYO` T^XLYOZ`]Sd[Z_SP^T^T^_SL_L^Z`YONPY_P]POWTQPbZ]WObL^LYOSL^ ]PXLTYPO LY PcNPWWPY_ MTZ_Z[P QZ] T_ MPNL`^P ^Z`YO L^ L ^TX`W_LYPZ`^ MPL]P] ZQ ^dXMZW^ LYO LQQPN_ T^ Md T_^ YL_`]P L ]PLW XP_L[SZ] Z] _Z_LW ]P[]P^PY_L_TZY ZQ _SP `YTaP]^LW Xd_S ?SP P[T_ZXP LYO XZ^_ Pc[WTNT_ ZMUPN_TaTeL_TZYZQ_ST^NZYYPN_TZYbL^_SP9£OL-]LSXLYZQ±£]«RLOPaL bSTNS SL^ MPPY WT__WP ]P^PL]NSPO ^Z QL] M`_ TY^_PLO QZ`YO T_^ bLd TY_Z XZOP]YBP^_P]Y^[T]T_`LWT_d_S]Z`RS_SP[Z[`WL]TePOQZ]X`WLw_SPbZ]WO T^ ^Z`YOx:`]QTYLW NSL[_P]bTWW _]LNP_SP TYOTRPYZ`^ LYO_]LY^YL_TZYLW ST^_Z]dZQ_SP9£OL-]LSXLYLYO_SPTX[WTNL_TZY^ZQ_SPYPbTY_P]P^_ZQ BP^_P]Y[PZ[WPTY[L]_TNT[L_Z]dbZ]WOaTPb^
#
3TYO`T^XL^L.`W_`]PZQ>Z`YO
0aPY _SZ`RS bP RTaP ^[PNTLW PX[SL^T^ _Z [L]_TNT[L_TZY bP OZ YZ_ bT^S _Z NWLTX _SL_ 4YOTL T^ XZ]P [L]_TNT[L_Z]d _SLY Z_SP] ^ZNTP_TP^ LYO N`W_`]P^ M`_ TY^_PLO bP bT^S _Z QTWW TY RL[^ TY _SP ]P^PL]NS NZYO`N_PO _S`^ QL] TY bSTNS _ZZ WT__WP L__PY_TZY SL^ MPPY OPaZ_PO _Z OL_P _Z _SP ^PY^Z]d LP^_SP_TN L^[PN_^ NZ]]PWL_TYR ^_]ZYRWd bT_S _SP [L]_TNT[L_Z]d XZOP ?ST^ SL^ WPO _Z MWTYO ^[Z_^ LYO ^ZXP_TXP^ _Z XT^TY_P][]P_L_TZY^ ?ST^ T^ ^SZbY Md _SP QLN_ _SL_ XLYd 4YOZWZRT^_^ NLYYZ_ ]PNT_P XP_]TN _Pc_^ XP_]TNLWWd QZ] PcLX[WP M`_ TY^_PLO SLaP _Z NZ`Y_ _SP ^dWWLMWP^ z Z]PW^P_SPdPaPYTRYZ]P_SPXP_P]NZX[WP_PWd_S`^L]]TaTYRL_TYNZ]]PN_ _]LY^WL_TZY^ MPNL`^P _SPd OZ YZ_ wSPL]x _SP TX[WTNL_TZY^ _SP XP_P] SL^ QZ] _SP QWZb ZQ _SP _Pc_ >Z ^P]TZ`^ []ZMWPX^ ZQ NZX[]PSPY^TZY NLY L[[PL]PaPYZY^`NSLML^TNWPaPWTQ_SP^PY^Z]dLP^_SP_TNL^[PN_T^YZ_ [P]NPTaPO 3Zb X`NS XZ]P OTQQTN`W_ LYO NSLWWPYRTYR T^ T_ _SPY _Z L[ []PNTL_P LYO NZX[]PSPYO _SP NZX[WPc ^dXMZWTN QZ]X^ ZQ _SP ^ZYLWT_d [L]LOTRX _SL_ bP bT^S _Z []P^PY_* ?SP N`W_`]LW NZY^_]`N_TZY ZQ ]PLWT_d bTWW MP L NZY^_LY_ _SPXP TY _ST^ MZZV ,YO dP_ _SP QLN_ _SL_ LY Pc _]PXPWd ^ZYTN [SPYZXPYZY WTVP _SP 9£OL-]LSXLY _ZZV ]ZZ_ TY _SP BP^_ [ZTY_^ _Z NZXXZYLWT_TP^ TY _SP S`XLY NZYOT_TZY LYO QZ]MTO^ LYd ^_L_TNNZYNP[_ZQN`W_`]PZ]]TRZ]Z`^N`W_`]LW]PWL_TaT^X 3P]P LRLTY TY _SP _SPZ]P_TNLW QTPWO T_ T^ _SP VPd OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY _SL_ XLVP^ T_ [Z^^TMWP _Z PcLXTYP _SP ^PY^Z]d LP^_SP_TN LYO LQQPN_TaP OTXPY^TZY^ ZQ _SP bLd ZYP SLYOWP^ XP OTL OTQQP]PY_ ]PLWT_d OZXLTY^ LM^_]LN_TZY^ ZMUPN_TaTeL_TZY QZ]XLW ]L _TZYLWT_d [`][Z^PQ`W LN_TZY P_N LYO _SP]PQZ]P _Z OP^N]TMP LN_TYR bT_S Pc[P]TPYNP LYO L []LN_TNP _SL_ OZP^ YZ_ SLaP T_^ XPLYTYR ]PXZaPO Md ^NTPY_TQTN]P[]P^PY_L_TZY?SPVPdOTNSZ_ZXdZQ[L]_TNT[L_TZYLYOPXLY NT[L_TZY LWWZb^ XZ]P ^`M_WP LYLWd_TNLW []ZNPO`]P^ QZ] TY_P]N`W_`]LW LYO TY_]LN`W_`]LW NZY_TY`T_TP^ LYO aL]TLYNP^ _SLY _SP OTNSZ_ZXd ZQ Z]LWT_d LYO WT_P]LNd LYO NLY OZ XZ]P U`^_TNP _Z _SP TY_P][WLd MP_bPPY XPOTL ^[T]T_ LYO N`W_`]P _SLY _SP WT_P]LNd _SP^T^ LYO T_^ ZYP^TOPO QZN`^ ZY WZRZNPY_]TNT_dNLY4_SPW[^^SPOOTYRWTRS_ZY_SPOdYLXTN^ZQST^_Z]TNLW ^STQ_^LYO_]LY^QP]^TY_SP[L^_LYOXZOP]YRWZMLWTePON`W_`]P ,OXT__POWd [L]_TNT[L_TZY LYO PXLYNT[L_TZY L]P _P]X^ QZ`YOPO TY N`W_`]LW [STWZ^Z[Sd LYO L]P YZ_ PX[T]TNLW PY_T_TP^ WTVP Z]LWT_d LYO WT_P] LNd ?SPd ]P\`T]P L NP]_LTY LXZ`Y_ ZQ Pc[WLYL_TZY LYO L]P MP__P] _SZ`RS_ ZQ TY YL]]L_TaP LYO TY_`T_TaP _P]X^ _SLY Md `^TYR U`^_ _P]XTYZW ZRd >TXTWL] _Z _SP _P]X w^ZYLWT_dx _SP MTYL]d [LT] ZQ w[L]_TNT[L _Z]dPXLYNT[L_Z]dx T^ LY LMO`N_TaP NZY^_]`N_TZY TYL^QL] L^ _SP QZ]XL _TZY ZQ _SP [LT] LTX^ _Z NL[_`]P _SP XPY_LW O]LQ_ ZQ L YPb XPLYTYR RPYP]L_TYR ]`WP 7TVP PaP]d LMO`N_TZY _ST^ [LT] ZQ _P]X^ T^ L N]PL_TaP NZYNW`^TZY LY TY_`T_TZY ^ZXP_STYR _SL_ NLYYZ_ MP Pc[WLTYPO LYO N]T_T NTePO]L_TZYLWWddP_T_OZP^YZ_L]T^PQ]ZX]LYOZXR`P^^bZ]VM`_Q]ZX L RZZO OL_LML^P LYO LWWZb^ XZ]P Sd[Z_SP^P^ LYO []POTN_TZY^ _Z MP
.ZY^TOP]L_TZY^ZQ.`W_`]LW?SPZ]dZY0XLYNT[L_TZYLYO;L]_TNT[L_TZY
$
XLOP 4Y _SP []PaTZ`^ NSL[_P]^ T_ LW]PLOd MPNLXP NWPL] bSP]P _ST^ T^ SPLOTYR%_SP_bZ_P]X^NLYMP_SZ`RS_ZQL^_d[P^ZQQ`^TZYLYOLM^_]LN _TZYLYOSLaP^ZXP_STYR_ZOZYZ_WPL^_bT_SLP^_SP_TN^_dWP^[]LN_TNP^ LYO L__T_`OP^ LYO ZYWd _Z L WTXT_PO Pc_PY_ bT_S Z]LWT_d LYO WT_P]LNd >TWPY_ ]PLOTYR NLY LW^Z MP []TXL]TWd [L]_TNT[L_Z]d Z] []TXL]TWd PXLYNT [L_Z]d4XXP]^TYRZYP^PWQQ`WWdTY_SP_Pc_LYOMPNZXTYRLM^Z]MPOMdT_ bZ`WO NZ]]P^[ZYO bT_S _SP [L]_TNT[L_Z]d XZOP bSTWP ^PL]NSTYR QZ] TYQZ]XL_TZYLYOL[[]ZLNSTYR_SP_Pc_TYLYLYLWd_TNLWbLdbZ`WONZ]]P ^[ZYO bT_S _SP PXLYNT[L_Z]d XZOP 4Y _P]X^ ZQ _d[ZWZRd 2]TQQT_Sv^ OT^N`^^TZY^ZY_SP]PWTRTZ`^LYONZY^`XP]T^_]PLOP]^O]PbL__PY_TZY_ZL ^TXTWL]OTQQP]PYNPTYL__T_`OP^ ?Z `^ T_ L[[PL]^ TX[Z]_LY_ _SL_ _SP _bZ XZOP^ [L]_TNT[L_TZY LYO PXLYNT[L_TZY YZ_ ZYWd [P]aLOP []LN_TNP^ LYO L__T_`OP^ M`_ _SL_ _SPd LW^Z []ZO`NP ^SL[P LYO NSLYYPW ]L_TZYLW _SZ`RS_ ^d^_PX^ LYO bSZWP bZ]WOaTPb NZY^_PWWL_TZY^ :`] WT_P]L_T NSL[_P]^ SLaP ^SZbY _ST^ TY OP _LTW ?SP []Z[Z^T_TZY ZQ _SP _bZ XZOP^ LYO _SPT] OdYLXTN^ T^ YZ_ ]P ^_]TN_PO_Z4YOTL ?SP R]PL_ WL_P XPOTPaLW _STYVP]^ 8PT^_P] 0NVSL]_ LYO ?SZXL^ ,\`TYL^ NZ`WOMPLWWZNL_PO_d[ZWZRTNLWWd _Z _SP _bZ ^P[L]L_PXZOP^ L^ ^`RRP^_PO LMZaP bSP]PMd TY _SP 2P]XLY LYO 7L_TY bZ]V^ 0NVSL]_v^ ZaP]LWW[TN_`]PLW^Z]P[]P^PY_^LaL]TLY_ZQ_SL_bSTNSbPNLWWw`YTaP]^LW Xd_Sx% _SP ^_]TN_Wd ]L_TZYLW QZ`YOL_TZY QZ] L [L]_TNT[L_Z]d SZWT^_TN ^d^ _PX $! 0NVSL]_ LYO >_ ?SZXL^ [`]^`PO OTQQP]PY_ [STWZ^Z[STNLW _]LOT _TZYLW WTYP^ bSZ^P Pc[ZYPY_^ SLaP MPPY 9PZ[WL_ZYT^X ZY _SP ZYP SLYO LYO ,]T^_Z_WP ZY _SP Z_SP] 4_ T^ NSL]LN_P]T^_TN ZQ 0`]Z[P _SL_ ,]T^_Z_WP MPNLXP _SP XLTY^_]PLX bSTWP 9PZ[WL_ZYT^X _PYOPO _Z NZY_TY`P `YOP] R]Z`YO ?ST^ T^ ^SZbY aP]d ZMaTZ`^Wd TY _SP LNLOPXTN _SPZWZRd ZQ _SP WL_P 8TOOWP ,RP^ LYO bPWW TY_Z _SP YPZ^NSZWL^_TNT^X ZQ _SP XZOP]Y [P]TZO 3P]P ?SZXL^ ,\`TYL^ MPNLXP P^_LMWT^SPO L^ _SP OZXTYLY_ OT^ NZ`]^P bSP]PL^ 0NVSL]_v^ _SP^P^ bP]P NZYOPXYPO L^ SP]P_TNLW 4YOTL PcSTMT_PO _SP Z[[Z^T_P _PYOPYNd :`] Pc[WLYL_TZY QZ] _ST^ T^ YZ_ WPL^_ _SL_ L_ _SP MPRTYYTYR ZQ 4YOTLv^ WT_P]L]d N`W_`]P _SP]P bL^ L WT_`]RTNLW _Pc_ _SP APOL _SL_ bL^ YZ_ L _Pc_ L_ LWW TY Z`] 0`]Z[PLY ^PY^P M`_ bSTNS bL^ ZQ_PY NZYNPTaPO ZQ ^ZWPWd L^ L ^Z`YO [SPYZXPYZY LYO []Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! 0NVSL]_ !z"# T^ `^`LWWd ]PRL]OPO L^ L wXd^_TNx M`_ SP ^Lb STX^PWQ L^ L [STWZ^Z[SP] LYO _SPZWZRTLY 1Z] PcLX[WP SP _bTNP SPWO L NSLT] L_ _SP @YTaP]^T_d ZQ ;L]T^ LYO TY ST^ 7L_TY NZXXPY_L]TP^ TY [L]_TN`WL] SP OPaPWZ[PO wbT_S _SP YL_`]LW XPLY^ZQ]PL^ZYxLYPb_d[PZQ.S]T^_ZWZRdwYZaLP_]L]LxTYbSTNS_SPZWZRdZQ_SP ?]TYT_d _SP OZN_]TYP ZQ _SP TYNL]YL_TZY _SP _SPZWZRd ZQ N]PL_TZY LYO _SP OZN_]TYP ZQ _SPMT]_SZQ2ZOTYPaP]dS`XLYMPTYRTYNL]YL_TZYL^TYYP]PaPY_LWWMPWZYRTYPc_]T NLMWd_ZRP_SP].Q ,YYP__PBTWVP 0TY >PTYz 0TY0]VPYYPY%8PT^_P] 0NVSL]_^.S]T
^_ZWZRTP`YO±LÀVL]L^7PS]PaZX¢XLY%E`]@YAP]RWPTNSML]VPT_ebPTP]0TYSPT_^ WPS]PY -P]YP%7LYR$$
3TYO`T^XL^L.`W_`]PZQ>Z`YO
aTOPOLWT_`]RTNLWXZOPWZQL`_SZ]T_L_TaP^[PPNSL^L]PQP]PYNP[ZTY_QZ] _SZ`^LYO^ZQdPL]^_ZNZXP 4_ T^ _ST^ R]PL_ SP]T_LRP bP bTWW ^_L]_ bT_S XL[[TYR T_^ NZY_TY`T_TP^ LYO M]PLV^ ]TRS_ `[ _Z XZOP]Y _TXP^ 4Y ]PNPY_ ST^_Z]d NZWZYTLWT^X LYO RWZMLWTePO N`W_`]P _]LY^[Z^PO TOPL^ ZQ PYWTRS_PYXPY_ LYO ^N]T[_`]LWTeL _TZY _Z 4YOTL LYO dP_ _SP ^ZYTN SLMT_`^ ^`]aTaPO ,^ TY []PaTZ`^ NPY_` ]TP^ _]LOT_TZY NZY_TY`P^ YPbWd ^PXLY_TNTePO _Z QT_ NSLYRTYR NZYOT_TZY^ , ^_L]VP] M]PLV SL[[PYPO TY BP^_P]Y N`W_`]P bSPY 4YOTLY TOPL^ bSP]P _]LY^[Z^PO_ZT_L^bTWWMPOT^N`^^POTYZ`]QTYLWNSL[_P]
44
3T^_Z]d
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO 7LYR`LRPLYO>LN]PO>Z`YO
;P]QZ]XLYNPLYO,`]L
w?ST^ bPM^T_P T^ OPOTNL_PO _Z SZ^_ L`OTZ QTWP^ ZQ APOL XLY_]L^ ]PNT_PO Md APOL;LYOT_^ APOL WT_P]LWWd XPLY^ 6YZbWPORP 6YZbWPORP T^ 4YQTYT_P :Q _ST^ TYQTYT_P 6YZbWPORP aP]d WT__WP T^ VYZbY _Z `^ ?SP L`OTZ QTWP^ TY _SP QZWWZbTYR WTYV^ []P^PY_ dZ` _SP 6YZbWPORP L^ OT^NZaP]PO Md _SP APOTN =T^ST^ >PP]^ >]`_T ]TRS_TY_ZYL_TZYT^Pc_]PXPWdTX[Z]_LY_QZ]_SP]PNT_L_TZYZQ _SPAPOL?SP APOTNXLY_]L^ SLaPMPPY[L^^POOZbYZ]LWWdQZ]LMZ`_! dPL]^bT_SZ`_LYdNSLYRPPT_SP]TY_SPT]TY_ZYL_TZYZ]_SPNZY_PY_bSTNSTY T_^PWQT^L]PXL]VLMWPQPL_ APOL /SaLYT >Z`YO ZQ _SP APOL RTaP^ [PLNP ZQ XTYO bSPY WT^_PYPO _Z bT_S]PaP]PYNPLYO]PYOP]^_SPXTYOQT_QZ]NZY_PX[WL_TZY;WPL^PWT^_PY_Z _SP^P aP]d ^LN]PO XLY_]L^ bT_S L NWPLY MZOd LYO L [`]P XTYO bSTNS NP] _LTYWdPYSLYNP^dZ`]^[T]T_`LW[]ZR]P^^L^T_SLOZaP]_SPXTWWPYYTLx
?SP^PL]P_SP]PXL]VLMWPbZ]O^`^POTY_SPbPM[LRPZQ_SPAPOL[LYOT_ LYO.LWTQZ]YTLY_PX[WP[]TP^_>]TAPYVL_L>L^_]d_ZbPWNZXPaT^T_Z]^_Z ST^ bPM^T_P ?SPd L]P YZ_ wQL] Z`_x M`_ TY^_PLO TWW`^_]L_P aP]d NWPL]Wd _SP4YOTLYL[[]ZLNS_Z_SPAPOLLYOT_^wTXLRPx% − ?ST^ T^ wVYZbWPORPx LW_SZ`RS _SP]P T^ YZ_STYR TYOTNL_TYR bSL_ _SP NZY_PY_T^ − ?ST^VYZbWPORPbL^OT^NZaP]POMd^PP]^ − 4_ T^ aP]d TX[Z]_LY_ _Z TY_ZYP _ST^ wVYZbWPORPx NZ]]PN_Wd TP T_ ]P\`T]P^aZNLW^[PNTLWT^_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
S__[%bbbaLX^PP+aPOLXLY_]LXNZX LNNP^^PO >P[_PXMP] " LYO >P[_PX MP] BPZbP_SLYV^_ZALX^PP6;LXTWL;S/QZ]SLaTYRR]LY_PO`^LW^Z_SP ]TRS_^_Z]P[]ZO`NPZYP]PNZ]OTYRQ]ZX_SPbPM^T_P[P]^ZYLWNZXX`YTNL_TZY:N_ZMP] 3P T^ L OTL^[Z]L 3TYO` NZXTYR Q]ZX L YL_TaP -]LSXTY QLXTWd ZQ APOTN []TP^_^ LYO b]Z_P _SP _Pc_ QZ] _SP bPM^T_P bSTWP ST^ R`]`UT >]T APYVL_L >L^_]d ]P NZ]OPO_SPL`OTZLYO_L`RS_STX_SP]PNT_L_TZYZQ^ZXP@[LYT´LO^BPSLaP^PWPN_PO L[TPNPZQ_SP ?LT__¯]dL@[LYT´LO ZYZ`]./"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
−
?SP VYZbWPORP T^ LYNTPY_ LYO OL_P^ Q]ZX L _TXP bSPY [TWP ObPWWTYR^ LYO ^_ZYP M`]TLW NSLXMP]^ bP]P _SP WL_P^_ L]NST_PN_`]LW QL^STZY − ?SP _Pc_ SL^ NZXP OZbY _Z `^ `YNZ]]`[_PO OP^[T_P MPTYR [L^^PO ZY Z]LWWd&T_^XPWZOdLYObZ]O^SLaPYZ_NSLYRPOL_LWW − ?SP [PZ[WP bSZ LNSTPaPO _ST^ X`^_ MP SPWO TY _SP STRSP^_ LOXT]L _TZY − 8P]PWdSPL]TYR_SP_Pc_M]TYR^R]PL_^[T]T_`LWMPYPQT_ − 3ZbPaP] _SP WT^_PYP]X`^_RTaP ^ZXP_STYRTY]P_`]Y% SPX`^_ ^SZb ]P^[PN_QZ]_SPSZWTYP^^ZQ_SPXLY_]L^Md[`]TQdTYRSTX^PWQMZ_SPc _P]YLWWdLYOTY_P]YLWWd − >`NNP^^ T^ R`L]LY_PPO QZ] RPYP]L_TZY^ ZQ []PaTZ`^ WT^_PYP]^ SLaP MZ]YPbT_YP^^_ZT_OZbY_SPLRP^ ?SP^P [ZTY_^ ^SZb U`^_ SZb TX[Z]_LY_ L`]L LYO [P]QZ]XLYNP L]P LYO SZb`YTX[Z]_LY_NZY_PY_ML^PON]T_P]TLL]PLNNZ]OTYR_Z_ST^_P^_TXZYd ?SP APOL _Pc_ T^ L ^Z`YO PaPY_ bSTNS LNNZ]OTYR _Z 4YOTLY `YOP]^_LYO TYR SL^ MPPY [L^^PO OZbY `YNSLYRPO z TY _ST^ PcLN_ QZ]X z ^TYNP _TXP TXXPXZ]TLW?SPPYZ]XZ`^NZY^T^_PYNdT^PX[SL^TePOLRLTYLYOLRLTY 0\`LW PX[SL^T^ T^ RTaPY _Z _SP QLN_ _SL_ NZ]]PN_ ]PNT_L_TZY YPNP^^L]TWd TYNW`OP^ XP_TN`WZ`^ L__PY_TZY _Z VPP[TYR _SP XTN]Z TY_P]aLW^ LM^Z W`_PWd[`]P4YZ]OP]_ZOZ ^Z_SP APOL[LYOT_ T^YZbLYOLRLTYLNNZX [LYTPO Md L MLXMZZ QW`_P LYO L aTZWTY ./ "& SZbPaP] _SP^P TY^_]` XPY_^ OZ YZ_ [WLd LYd XPWZOTP^ L^ ^`NS M`_ ZYWd ^P]aP _Z ]P[PL_ `YNPL^TYRWd L ^SZ]_ _S]PPYZ_P XZ_TQ LYO _S`^ _Z TYOTNL_P _SP NZ]]PN_ YZ_P^ 0aPY_ST^T^^`QQTNTPY__Z_]LY^[Z]_aTL_SP^PY^P^_SPXZXPY_ZQ P_P]YT_d _SL_ _SP [LYOT_ T^ ^PPVTYR _Z PaZVP bT_S ST^ OP^N]T[_TZY 3P]P _SPAPOLT^MPTYR[]P^PY_POL^L^Z`YO^dXMZWLYOYZ_L^L_Pc_bT_SL [L]_TN`WL]NZY_PY_bSTNST^bSd_SP[LYOT_ZYWd^[PLV^ZQ_SP^Z`YOZQ _SPAPOL aPOLOSaLYT >`NSXd^_TQTNL_TZYZQ_SPAPOLSL^YZ_STYRL_LWW_ZOZbT_SXZOP]Y P^Z_P]TN^ M`_ T^ TY QLN_ ]ZZ_PO TY _]LOT_TZY 9Z Z_SP] [TPNP ZQ WT_P]L_`]P TY3TYO`T^XT^^`]]Z`YOPOMd^`NSLYL`]LZQ_SPXd_STNLWL^_SPAPOL _SPZWOP^_WT_P]L_`]P_ZMPQZ`YOTY4YOTL0aPY_SP]PLWLRPZQ_SPAPOTN WT_P]L_`]P T^ ^_TWW STOOPY Md uXd_STNLW XT^_^v 8ZOP]Y BP^_P]Y 4YOZWZ RT^_^ WTVP _Z OL_P _SP ZWOP^_ _Pc_^ _Z L]Z`YO -. Z] " -. M`_ _ST^ OL_P T^ NZY_]ZaP]^TLW LYO bL^ NZY^_LY_Wd ^STQ_TYR 1Z] PcLX[WP 8Z]T_e BTY_P]YT_e ^`RRP^_PO -. L^ _SP XZ^_ []ZMLMWP OL_P ?SP 4YOTLY ^NSZWL] - 2 ?TWLV ZY bSZX Z`] APOL [LYOT_ L[[PL]^ _Z SLaP ML^PO ST^ ^_L_PXPY_^ PaPY L__PX[_PO _Z []ZaP _SL_ [L]_^ ZQ _SP APOL X`^_ SLaP L[[PL]PO L_ L]Z`YO -. -L^TNLWWd _SP \`P^_TZY ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
8`^TNLW LNNZX[LYTXPY_ T^ _]LOT_TZYLWWd YZ_ [L]_ ZQ ]PWTRTZ`^ ]PNT_L_TZY ZQ _SP APOL SZbPaP]T_T^_d[TNLWZQXZOP]YL`OTZ]PNZ]OTYR^
;P]QZ]XLYNPLYO,`]L
LRP ZQ _SP _Pc_ T^ ZQ YZ TX[Z]_LYNP QZ] _ST^ MZZV MPNL`^P ST^_Z]TNLW OL_P^OZYZ_L`_ZXL_TNLWWdNZXX`YTNL_PQTYOTYR^NZYNP]YTYR_SPQLN_`LW WTQPL__SL__TXP4YL]_^^`MUPN_^LYON`W_`]LWST^_Z]dOL_P^ZYWdMPNZXP _]`Wd ]PWPaLY_ bSPY _SPd L]P WTYVPO _Z VYZbY []ZNP^^P^ TY XLYVTYOv^ XPY_LW ST^_Z]d ,Q_P] LWW _SP]P T^ LY P^^PY_TLW OTQQP]PYNP TY bSP_SP] L [L]_TN`WL]^PY_PYNPbL^`__P]POL__SP_TXPZQ_SP.]`^LOP^Z]O`]TYR_SP 0YWTRS_PYXPY_ -`_ L^ WZYR L^ []PST^_Z]d ]PXLTY^ []P ST^_Z]d LYO bP VYZb L^ WT__WP LMZ`_ L N`W_`]P bSTNS QWZ`]T^SPO L]Z`YO -. L^ bP OZ LMZ`_ L N`W_`]P _SL_ OTO ^Z L]Z`YO -. Y`XMP]^ WTVP _SP^P ]PXLTYOPaZTOZQXPLYTYRMPNL`^P_SPdOZYZ_]PWL_P_ZLYdTOPY_TQTLMWP ^_LRP^ TY N`W_`]LW []ZNP^^P^ -d NZY_]L^_ X`NS XZ]P TX[Z]_LY_ QZ] Z`] ZM^P]aL_TZY^ T^ _SP ^TRYTQTNLYNP ZQ _SP APOL QZ] _SP ST^_Z]d ZQ ^[T]T_`LW OPaPWZ[XPY_TY4YOTLLYOTY_ST^]P^[PN__SPR]PL_LRPZQ_SP_Pc_[WLd^ L YZ_ TYNZY^TOP]LMWP ]ZWP ;]LN_TNLWWd LWW ]PWTRTZ`^ XZaPXPY_^ ]PWPaLY_ TY 4YOTL _ZOLd ]PRL]O _SP APOL L^ ^ZXP_STYR []TXPaLW LYO _SPd SLaP _]TPO_ZQTYO^ZXP^Z]_ZQWTYVbT_S_ST^LYNTPY__Pc_ 4YMZ_SLST^_Z]TNLW LYO L ^[T]T_`LW ^PY^P _SP APOL T^ _S`^ _SP ]ZZ_ ZQ _SP N`W_`]LW XPXZ]d LYO _SP N`W_`]LW TOPY_T_d ZQ >LY^V]T_ 3TYO`T^X TY \`T_P _SP ^PY^P TY bSTNS 5LY ,^^XLYY OP_P]XTYPO N`W_`]LW XPXZ]d% w^ZNTP_TP^ TXLRTYP ^PWQTXLRP^LYOZaP]^`NNPPOTYRRPYP]L_TZY^_SPd[]Z[LRL_PLYTOPY_T_d TYbSTNS_SPdQZ]XLN`W_`]PZQXPXZ]dx ?ST^N`W_`]PZQXPXZ]d[]Z aTOP^TOPY_T_dMPNL`^PT_T^wXPXZ]dZQLNZXXZYWdTYSLMT_PO[L^_x ?ST^ N`W_`]LW XPXZ]d T^ YZ_ LMZ`_ ST^_Z]d L^ T_ SL[[PYPO M`_ ST^ _Z]d L^ T_ T^ ]PXPXMP]PO ,YO TY _SP NL^P ZQ _SP APOL bSL_ T^ ]PXPX MP]PO T^ YZ_ PaPY XP]PWd WPRPYOL]d M`_ LW]PLOd STRSWd Xd_STNLW ZbTYR _Z _SP N]d[_TN YL_`]P ZQ _SP _Pc_ ?SP _Pc_ SL^ MPPY [L^^PO OZbY _Z `^ M`_ T_^ ST^_Z]TNLW ^P__TYR SL^ MPPY NZX[WP_PWd QZ]RZ__PY >Z _SP APOL T^ PaPYXZ]PSPLaTWdNWZ_SPOTYTXLRTYTYR^LYOSL^T_^PWQQTYLWWdMPNZXPL Xd_S1Z]PcLX[WP_SPAPOLT^ZQ_PYTY_P][]P_POL^_SPML^T^LYOZ]TRTY ZQ LWW N`W_`]P PaPY L^ _SP Z]TRTY ZQ Z`] bZ]WO TY ^ZXP NL^P^ L^ NL`^L XL_P]TLWT^ L^-]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
?ST^^_L_PXPY_SZWO^_]`PQZ]LWXZ^_LWW]PWTRTZ`^N`W_`]P^ZQ4YOTL_SL_`^PO_SP>LY ^V]T_TOTZXPcNP[__SZ^PbSZP^_LMWT^SPO_SPX^PWMP^L^ZbY]PWTRTZY^[]PNT^PWdMP NL`^P _SPd OTO YZ_ LNNP[_ _SP APOL TP -`OOST^X 5LTY^TX LYO >TVST^X 3ZbPaP] _SP ^_L_PXPY_ OZP^ YZ_ Z] YZ_ Q`WWd L[[Wd _Z XLYd _]LOT_TZY^ ZQ [Z[`WL] LYO wQZWVx 3TYO`T^X:Y_SPN`W_`]PQZ]XTYR[ZbP]ZQ_SPAPOL^PPLW^Z7L`]TP;L__ZYPO ,` _SZ]T_d ,YcTP_d LYO .LYZY 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY ,WMLYd% >@9D $$& -]TLY 6 >XT_S w0cZ]NT^TYR _SP _]LY^NPYOPY_% >_]L_PRTP^ QZ] OPQTYTYR 3TYO`T^X LYO ]PWTRTZYx 3T^_Z]dZQ=PWTRTZY "$#"##% LYO =PQWPN_TZY^ZY=P^PXMWLYNP =T_`LW LYO =PWTRTZY /PWST% 8Z_T_WLW -LYL]^TOL^^ $## Md _SP ^LXP L`S_Z] bSZ^P XLUZ] _SP^T^ ZQ _SP APOL MPTYR L NLYZY WTVP _SZ^P ZQ _SP Z_SP] wbZ]WO ]PWTRTZY^x bP OZYZ_SZbPaP]^SL]P 5LY ,^^XLYY LYO ?ZYTZ 3ØW^NSP] PO^ 6`W_`] `YO 2POÆNS_YT^ 1]LYVQ`]_ LX 8LTY% >`S]VLX[$###LYOQZ]_SPQZWWZbTYR\`Z_PTMTO"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
,WW_SP^PQLN_Z]^`W_TXL_PWdWPO_Z_SPAPOLMPTYR[WLNPOYZ_ZYWdL_ _SPMPRTYYTYRZQ_SPbZ]WOM`__ZT_MPTYR]PRL]OPOL^\`T_PZ`_^TOPZ`] bZ]WO LYO Z`_^TOP _TXP 8LYd 4YOTLY [STWZ^Z[SP]^ SLaP SPWO _SP aTPb _SL_ _SP _Pc_ YPaP] PaPY NLXP TY_Z MPTYR M`_ SL^ LWbLd^ PcT^_PO 1Z] _ST^]PL^ZYT_SL^YZL`_SZ]Z]N]PL_Z]TY_SPQZ]XZQL[P]^ZY [`]`´L YPT_SP]LRZOYZ]LS`XLYMPTYR&T_T^]L_SP]_SPNL^P_SL__SPAPOLT^L wYZY[P]^ZYLWx ]PaPWL_TZY L[L`]`´PdL²]`_T ?ST^ SL^ LW^Z MPNZXP L [Z[`WL]QZWVMPWTPQLYO^ZXP[PZ[WP]PRL]O_SPaTPb_SL_ _SPAPOLSL^ YZ L`_SZ] L^ _SP Q`YOLXPY_LW N]POZ ZQ 3TYO`T^X ?SP APOTN _]LOT_TZY T_^PWQ^`[[Z]_^_ST^TY_P][]P_L_TZYL^T_PX[SL^TeP^_SL__SPbZ]O^ZQ_SP APOL bP]P w^PPYx TP [P]NPTaPO TY_`T_TaPWd @YWTVP _SP LY^V]T_ _Pc_^PaPYTY T_^ L`OTMWP TX[]P^^TZY 4_^ XPWZOTP^ L]P \`T_P `YXT^_LVLMWP LYO L]P TX
;P]QZ]XLYNPLYO,`]L
XPOTL_PWd TOPY_TQTLMWP L^ wAPOTNx 1Z] _ST^ ]PL^ZY _SP QT]^_ ^PXLY_TN XP^^LRP_ZLMPWTPaP]PaPYLYZY^[PNTLWT^_T^[`]PWdPc_P]YLWYLXPWd w?ST^ T^ L APOTN _Pc_x 1Z] LY 4YOTLY WT^_PYP] _SP NSL]LN_P]T^_TN _S]PP _ZYP XPWZOTP^ M QWL_ N O QWL_ ZQ APOL ]PNT_L_TZY^ SLaP L NWPL] ^TRYLW TYRQ`YN_TZYz^TXTWL]_Z_]`X[P_QLYQL]P^NZYYZ_TYRwbL]xZ]_SP^Z`YO ZQLYZ]RLY^TRYLWTYR wNS`]NSx_ZL BP^_P]Y WT^_PYP]4YLOOT_TZY_Z _SP XP]P ^TRYLWTYR Q`YN_TZY _SP NSL]LN_P]T^_TN ]Sd_SXTN Z]RLYTeL_TZY LYO _ZYLW ^_]`N_`]P ZQ APOL ]PNT_L_TZY OPaPWZ[^ L ^LN]PO L`]L ZQ ^[PNTLW R]LaT_d LYO ^ZWPXYT_d QZ] _SP ]PNP[_TaP WT^_PYP] ?ST^ ^[PNTQTN wAPOTNx L`]L ]P^`W_^ YZ_ WPL^_ Q]ZX _SP NSL]LN_P]T^_TN X`^TNLW Pc[]P^^TZY ZQ _SP ^Z`YOXL_P]TLW%_SPOL]V^ZWPXYLYO]TRTO^Z`YOZQ_SPYZ_P^MQWL_zN zOQWL__SP]P^_]TN_TZYZQ_SPYZ_P^`^PO_Z_SPXZYZ_ZYZ`^]P[P_T_TZYZQ _SP^LXP_S]PPLYO_SPT]]PR`WL]]Sd_SX^_SL_[P]aLOP_SPbSZWPZQ_SP ]PNT_L_TZY 4Y X`^TNLW YZ_L_TZY _SP ^Z`YO ZQ _SP QLXZ`^ SdXY ;`]`´L >¼V_L QZ]PcLX[WPNLYMPb]T__PYWTVP_ST^ %
:YPNSL]LN_P]T^_TNZQAPOTN]PNT_L_TZY[]LN_TNPT^_SPbLd_SL_MZ_SXPW ZOdLYO]Sd_SXL]PNZX[WP_PWd[]POP_P]XTYPO_S]Z`RSZ`__SP_Pc_?ST^ ]P^`W_^ QZ] TY^_LYNP TY L R]Z`[ ZQ -]LSXTY^ MPTYR LMWP ]PNT_P L _Pc_ TY _Z_LW^dYNS]ZYTNT_dbT_SZ`_SLaTYR]PSPL]^POT_MPQZ]PSLYOTYLYdbLd ?SP^LXP^_TWWSZWO^_]`PTQ^ZXPXPXMP]^ZQ_SPNSZT]OZYZ_VYZb_SP _Pc_ Md SPL]_ LYO SLaP _Z ]PLO T_ Z`_ ZQ L MZZV ,WW _SP [T_NSP^ LYO _SP WPYR_S^ZQ_SPYZ_P^L]PLM^ZW`_PWd[]POP_P]XTYPOMd_SP[SZYP_TN^_]`N _`]PZQ_SP_Pc__SL_T^Md_SPLNNPY_`L_TZYZQ_SPbZ]O^LYO_SPWPYR_S ZQ_SP^dWWLMWP^4Y_P]X^ZQ]Sd_SX_SPX`^TNLW^_]`N_`]PPXP]RP^XZ]P Z]WP^^Q]ZX_SPQLN__SL__SPO`]L_TZY^ X£_]£ ZQ_SPWZYRP]LYO^SZ]_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
BPSLaPLOOPO_Z_SP_Pc__SPY`XMP]^ZQ^dWWLMWP^LYO_SP^dXMZW^Lz`z^z[QZ]_SP APOTNLNNPY_^ 4YRPYP]LW uLv ^_LYO^ QZ]_SP LY`O£__L wYZY]LT^POx(R]LaT^ u`v QZ] _SP `O£__L w]LT^POx ( LN`_P u^v QZ] _SP ^aL]T_L w^Z`YOTYRx waTM]L_TYRx ( NT]N`X QWPc LYO u[v QZ] _SP []LNLdL ( YZYLNNPY_`L_PO ^dWWLMWP 4Y _SP X`^TN aP]^TZY _SP YZ_P^MQWL_ LY`O£__L OQWL_ ^aL]T_L LYON `O£__L LYO []LNLdL NZ]]P^[ZYO_Z_SP^P R]LXXL_TNLWLNNPY_^
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
aZbPW^ L]P VP[_ TY LM^ZW`_PWd []PNT^P []Z[Z]_TZY^ YZ_ U`^_ L[[]ZcT XL_PWdL^TYYZ]XLW^[PPNS4YLbZ]ObT_S_S]PP^SZ]_aZbPW^ ^`NSL^ [`]`´L w[P]^ZYx PLNS ZQ _SP _S]PP ^dWWLMWP^ T^ []ZYZ`YNPO PcLN_Wd L^ WZYRL^_SPZ_SP]^4YX`^TNLWYZ_L_TZY_ST^NLYMPb]T__PYL^QZWWZb^%
[`
]`
´L
4QWZYRLYO^SZ]_aZbPW^LW_P]YL_P_SPWZYRaZbPW^X`^_MP[]ZYZ`YNPO PcLN_Wd_bTNPL^WZYRL^_SP^SZ]_ZYP^1Z]PcLX[WP_SPbZ]OL_T]ZSL_T ^PPMPWZbz_SPZaZbPWMPTYRWZYR_SPLLYOTaZbPWMPTYR^SZ]_Md YL_`]Pz^Z`YO^WTVP_ST^%
L
_T
]Z
SL
_T
?STYR^ MPNZXP L WT__WP XZ]P NZX[WTNL_PO TQ ZYP ^dWWLMWP T^ QZWWZbPO Md LOZ`MWPNZY^ZYLY_4Y_ST^NL^P_SP[]PNPOTYRaZbPWSL^_ZMPPc_PYOPO MdZYP`YT_^`NSL^TY OL²£«R`WLX bSP]P_SPw£«RxSL^_SP^LXPO`]L _TZYL^_S]PP^SZ]_aZbPW^%'()%%%
OL
²£«
R`
WLX
BT_S _SP _S]PP [T_NSP^ _d[TNLW ZQ APOTN >LY^V]T_ _SP XPWZOd T^ OP_P] XTYPO NZX[WP_PWd L`_ZXL_TNLWWd Md _SP _Pc_ 3P]P T_ T^ _SP LNNPY_^ ZY _SPbZ]O^_SL_L]PZQ[L]LXZ`Y_TX[Z]_LYNP>TYNPYZYPZQ_SPXPWZOTP^ SL^MPPYNZX[Z^POM`_TY^_PLO_SPdL]P^_]TN_WdOP_P]XTYPOMd_SP_Pc_ LOOT_TZYLW YZ_L_TZY ^`NS L^ _SL_ TY _SP LMZaP PcLX[WP T^ LN_`LWWd YZ_ YPNP^^L]d ,Y LTO XLd MP []ZaTOPO QZ] []P^PY_OLd ]PNT_P]^ bSZ L]P QLXTWTL] bT_S _SP ]Sd_SX Z] _SP []Z^ZOd ZQ >LY^V]T_ M`_ YZ WZYRP] L`_ZXL_TNLWWdVYZb_SPLNNPY_^MPNL`^PAPOTN>LY^V]T_SL^OTPOZ`_TY _SP QZ]X ZQ WTYP^ LMZaP LYO MPWZb _SP _Pc_ TYOTNL_TYR WZb YZ_P^ LYO STRSYZ_P^%
?SP^P QPb ^XLWW WTYP^ TYOTNL_P _SP bSZWP XPWZOd >ZXPZYP QLXTWTL] bT_SAPOTN>LY^V]T_bZ`WOSZbPaP]YZ_PaPYYPPO_SP^PWTYP^,^P[L ]L_P \`P^_TZY ]PWL_P^ _Z SZb STRS YZ_P^ LYO WZb YZ_P^ L]P ]PLWTePO [Sd^TNLWWd _SL_ T^ _Z ^Ld bSTNS YZ_P^ L]P ^`YR L^ STRS Z] WZb YZ_P^ .WL^^TNLWWd _SP]P L]P aL]TZ`^ ^NSZZW^ M`_ _SP ?SLYULa`] ^_dWP ^SZbY LMZaPMQWL_NOQWL_SL^MPNZXPMdQL]_SPXZ^_NZXXZY^Z_SL__ST^
;P]QZ]XLYNPLYO,`]L
"
^[PNTLWNZXMTYL_TZYZQ_ZYP^T^YZbNZX[WP_PWd^dYZYdXZ`^bT_SAPOTN ]PNT_L_TZY 3ZbPaP]_SP]PT^ZYP_STYR_SL_T^NZXXZY_ZLWWAPOL^NSZZW^%_SP ^Z`YO ^_]`N_`]P ZQ _SP ]PNT_L_TZY T^ OP_P]XTYPO Md _SP ^PXTX`^TNLW PYSLYNPXPY_ ZQ _SP NSL]LN_P]T^_TN TY_ZYL_TZY LYO _SP NSL]LN_P]T^_TN ]Sd_SXZQ_SPAPOTN>LY^V]T_WLYR`LRP,W_SZ`RS_SPXPWZOTP^SLaPYZ_ MPPY NZX[Z^PO TY^_PLO MPTYR ^ZWPWd OP[PYOPY_ ZY _SP ^_]`N_`]P ZQ _SP WLYR`LRPz_SL_T^L]POP_P]XTYPOMd^ZXP_STYRZ`_^TOPX`^TN_SP]PT^ ^_TWW YZ ^_L_P ZQ _Z_LW NSLZ^ L^ T^ ^ZXP_TXP^ QZ`YO TY XZOP]Y Pc[P]T XPY_LW QZ]X^ ZQ X`^TN QZ] PcLX[WP bSPY L NZX[`_P] RPYP]L_P^ NZX [WP_PWd ]LYOZX ^Z`YO^ .P]_LTY X`^TNLW XZ_TQ^ _SL_ L]P ^P_ Md _]LOT _TZYLW ]`WP^ TP _SP ]`WP^ RZaP]YTYR _SP L^^ZNTL_TZY ZQ LNNPY_^ LYO _SP WPYR_S^ZQ ^dWWLMWP^ bT_S_SP[T_NSP^LYOO`]L_TZY^ZQ_SPYZ_P^ LYOMd _SP WLYR`LRP T_^PWQ ]PWL_TZY^ST[^ MP_bPPY WPYR_S^ LYO ^SZ]_YP^^P^ La P]LRPbZ]OWPYR_S^P_NL]PNZY_TY`LWWd]P[PL_POLYOL__SP^LXP_TXP RPYP]L_P ^[PNTQTN XPWZOTP^ bSTWP Z_SP] XZ_TQ^ L]P []PaPY_PO Q]ZX ZN N`]]TYRMd_SP]`WP^ 4YLOOT_TZY_Z_SP[`]PWdP^_SP_TNLWWd]PNPTaPO^Z`YOTX[]P^^TZYLYO T_^ ^TRYLWTYR Q`YN_TZY w3P]P NZXP^ _SP APOL x _SP MPWTPaP] NLY ZQ_PY `YOP]^_LYO NP]_LTY wNL_NSbZ]O^x TY L ]PNT_L_TZY @^`LWWd SZbPaP] _ST^ T^ _SP ZYWd _d[P ZQ `YOP]^_LYOTYR _SL_ _LVP^ [WLNP MPNL`^P _SP]P L]P SL]OWd LYd _]LY^WL_TZY^ Z] NZXXPY_L]TP^ LYO TY LYd NL^P ^`NS bZ]V^ bZ`WOMPZQWT__WPTY_P]P^_4Y_SPNL^PZQ_SP ;`]`´L>¼V_L ^SZbYLMZaP []ZMLMWd^ZXP[PZ[WPbZ`WO`YOP]^_LYO_SPbZ]O w^LSL^]Lx _SZ`^LYO LYOXLYdbZ`WO`YOP]^_LYO_SPbZ]O w[`]`´Lx ?ZOLdU`^_L^TYAPOTN _TXP^ w_SZ`^LYOx T^ L ^dYZYdX QZ] wLM`YOLYNPx w;`]`´Lx T^ `YOP] ^_ZZO MPNL`^P T_ T^ L ^dYZYdX QZ] _SP []TYNT[WP ZQ _SP [`]P ^[T]T_ M`_ LMZaP LWW QZ] _SP 7Z]O 2ZO AT´©` ! ?ST^ XPLY^ _SL_ QZ] _SP 4YOTLY WLd [P]^ZY _SP APOTN _Pc_ T^ L SdXY ZQ []LT^P _Z _SP RZO AT´©` LYO _ST^ VYZbWPORPT^\`T_P^`QQTNTPY__ZPWTNT_LQPPWTYRZQOPaZ_TZYLYO]P^[PN_ 3ZbPaP] L APOL Pc[P]_ bT_S L ST^_Z]TNLW LYO N]T_TNLW L[[]ZLNS bZ`WO _]d aPSPXPY_Wd _Z NZ]]PN_ STX z TY _SP `YWTVPWd PaPY_ _SL_ _SP _bZ ^SZ`WOXPP_1]ZX_SP[ZTY_ZQaTPbZQ_SP4YOZWZRT^_^TYaZWaPOTY_Pc_ N]T_T\`P _SP ;`]`´L>¼V_L T^ YPT_SP] L SdXY _Z _SP XZOP]Y RZO AT´©` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !
,^ ;`]`´L bL^ WL_P] TOPY_TQTPO bT_S 9£]£dL©L AT´©` _SP APOTN SdXY RLTYPO Pc _]LZ]OTYL]d TX[Z]_LYNP TY ALT´©LaT^X 6WL`^ 6 6WZ^_P]XPTdP] , >`]aPd ZQ 3TYO` T^X ,WMLYd%>@9D"$$]PXL]V^_SPSdXYwSL^MPNZXP_SPML^T^ZQLWWWL_P] ALT´©LaL ^[PN`WL_TZY^ LMZ`_ AT´©` L^ _SP XL_P]TLW NL`^P ZQ LWW MPTYR^x ?SP ^Tc_PPY aP]^P^ Q]ZX _SP RaPOTN aP]^TZY ZQ _SP SdXY A $ [WLd L N`]NTLW ]ZWP TY _SP AT´©`T_TN >X£]_L WT_`]Rd [¼U£ ZQ 8LSL]L^_S]L _SL_ bL^ OZN`XPY_PO Md 2`O]`Y -ÞSYPXLYY ;¼U£ , >_`Od TY >X£]_L =T_`LW ATPYYL% 4Y^_T`_ QÞ] 4YOZWZRTP $## >PP TMTO ! !# -ÞSYPXLYY `^PO LXZYR Z_SP]^ _SP [¼U£ XLY`LW RaPO¯dLM]LS XLVL]XL>LXX`NNLdL bSTNS XLVP^ L RZZO PcLX[WP SZb APOTN SP]T_LRP RZ_ _]LY^ QZ]XPObSTWPQWZbTYRTY_ZNWL^^TNLWLYOXZOP]Y3TYO`T^XLYO]T_`LW
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
YZ] OZP^ ^`NS L _Pc_ TY _SP APOTN P[ZNS RPYP]LWWd OPXLYO L QPPWTYR ZQ OPaZ_TZY Q]ZX T_^ WT^_PYP]^ 4Y _SP WTRS_ ZQ ]P^PL]NS ZY _SP APOL _SP ;`]`´L>¼V_L A$T^X`NSXZ]PLNZ^XZRZYTNXd_SNPY_P]POZY _SPAPOTNTOPLZQ8LN]LY_S]Z[Z^ "?SPSdXY^_L]_^bT_S_SPbZ]O^% w?SZ`^LYOSPLOPOFbL^_SPNZ^XTNHXLY [`]`´L FbSZbL^[]P^PY_TY_SP MPRTYYTYRH _SZ`^LYOPdPO _SZ`^LYOQZZ_PO 3P ^_ZZO ^`]]Z`YOTYR _SP 0L]_SZYLWW^TOP^FPaPYH_PYQTYRP]^FXZ]PHMPdZYOT_x
>`NS LY PL^dRZTYR L__T_`OP _Z ST^_Z]d T^ NSL]LN_P]T^_TN ZQ XZOP]YOLd APOL ]PNT_L_TZY 8LYd APOTN _Pc_^ _SL_ L]P NZXXZYWd ]PNT_PO PaPY _Z OLd L]P [Z[`WL] MPNL`^P _SPd TYNW`OP OPT_TP^v YLXP^ _SL_ WL_P] MPNLXP [Z[`WL]:Q_PY_SPZ]TRTYLWRZO^ZQ_SPSdXYL]PTY]PLWT_d\`T_POTQQP] PY_ ZYP^ Z] L]P NZX[WP_PWd OTQQP]PY_ QZ]X^ ZQ _SP^P OPT_TP^ PR _SP APOTN SdXY _Z >L]L^aL_¯ _SP >L]L^aL_¯>¼V_L T^ LOO]P^^PO YZ_ _Z _SP >L]L^aL_¯ bT_S_SP ^bLYLYOaPPYLM`_ ^_TWW_Z_SPZWOAPOTN]TaP]RZO OP^^& LYO YZbLOLd^ _SP SdXY wRL©£Y£À _a£x LOO]P^^PO _Z _SP XLUP^_TN []TP^_RZO -SL^[L_T ^PP MPWZb NT]N`WL_P^ L^ L []LdP] ZQ TY_P]NP^^TZY _Z_SPPWP[SLY_SPLOPO^bPP_XPL_WZaTYRRZOZQ[]Z_PN_TZY2L©P²LLYO XZ]P ^`NS PcLX[WP^ NZ`WO MP LOOPO 4_ T^ PaPY [Z^^TMWP QZ] L bZ]O TY _SP >¼V_L _Z MP TY_P][]P_PO L^ _SP YLXP ZQ L RZO PaPY _SZ`RS T_ T^ YZ_ ZYP ^`NS L^ TY _SP /`]R£>¼V_L TY bSTNS _SP bZ]O O`]R£©T L[[PL]^ bSTNS []ZMLMWd XPLY^ ^ZXP_STYR WTVP wOLYRP]^x M`_ bSTNS _ZOLd T^ _Z_LWWd`YR]LXXL_TNLWWdL^^ZNTL_PObT_S_SPRZOOP^^/`]R£ 4Y LOOT_TZY _Z ^`NS YPb ^PXLY_TNTeL_TZY LYO _SP _SPT^_TN ]PNZOTYR ZQ ZWO APOTN RZO^ _SP]P T^ ZYP XZ]P QLN_Z] _SL_ L[[L]PY_Wd [WLd^ LY P\`LWWd TX[Z]_LY_ ]ZWP TY _SP [Z[`WL]T_d ZQ ^ZXP APOL _Pc_^ 4_ T^ Q]P \`PY_Wd _SP NL^P _SL_ NP]_LTY LWWT_P]L_TaP ^Z`YO [L__P]Y^ XLVP L _Pc_ ^Z L__]LN_TaP _SL_ T_ T^ ^_TWW `^PO _ZOLd 1Z] PcLX[WP U`^_ WTVP XLYd Z_SP] APOTN _Pc_^ _SP ;`]`´L>¼V_L SL^ L ^_]ZYRWd LWWT_P]L_TaP ^_]`N_`]P bSZ^PSTRSWdZ]RLYTePOYL_`]PNLYMPNWPL]WdTWW`^_]L_POTY_SPOTLR]LX MPWZb% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "
4P _SP YZ_TZY ZQ L XLN]ZNZ^XTN w[]TXPaLW XLYx bSZ^P MZOd bL^ _SP ^TeP ZQ _SP `YTaP]^P LYO bSZ^P XTN]ZNZ^XTN TXLRP T^ S`XLYVTYO _ZOLd ?SP QLXZ`^ N]PL_TZY Xd_SPcT^_^TY^P]aP]LWaP]^TZY^4_L[[PL]^TY_SPWL_PMZZV_PYZQ RaPOL A$ TY!aP]^P^ bSTWP_SPaP]^TZYZQ_SP ?LT__T]¯dLM]LYNSZQ_SP DLU`]aPOL NZY_LTY^# aP]^P^?SPML^TN[STWZ^Z[SdTY_SPAPOTNNZY_Pc_T^_SL_PaP]d_STYROP]TaP^Q]ZX]T_ `LW ^LN]TQTNP ?SP Xd_S YL]]L_P^ _SP ^LN]TQTNP ZQ _SP 8LN]LY_S]Z[Z^ z bSZ bL^ OT^ XPXMP]POMd_SPRZO^Z]TY_SPZ_SP]aP]^TZY^LN]TQTNPOSTX^PWQ?ST^^LN]TQTNPP^ _LMWT^SPO _SP bZ]WO LYO _SP Z]OP] ZQ _SP NL^_P^ ?SP XZ_TQ^ ZQ _ST^ NZ^XZRZYd LYO LY_S]Z[ZRZYd SLaP 4YOZP`]Z[PLY ^[]PLO >PP -]`NP 7TYNZWY 8d_S .Z^XZ^ LYO >ZNTP_d%4YOZP`]Z[PLY_SPXP^ZQ.]PL_TZYLYO/P^_]`N_TZY .LXM]TORP%3L]aL]O@; $#!4_T^YZ_PbZ]_Sd_SL__SP[]TXPQ`YN_TZYZQ_SP ;`]`´L>¼V_L TYWL_PAPOTN]T_ `LWbL^_SP[P]QZ]XL_TaP]PP^_LMWT^SXPY_ZQ[]TXPaLW`YT_d
;P]QZ]XLYNPLYO,`]L
]L =
^L
]`
$
]£
]L
_
[` ^ ²¯ ´£ ´L >L ^ V´L ^L
SL
À SL
[£ ^
à SL
AP]^PLzNP]PM]LW^OPY_LW^WLMTLW^^TMTWLY_^L^[T]LY_^Q]ZX_Z[_ZMZ__ZX 3P]P ^_]`N_`]P L]T^P^ YZ_ ZYWd _S]Z`RS _SP aL]dTYR []POZXTYLY_ R]Z`[^ ZQ ^Z`YO^ M`_ LW^Z _S]Z`RS _SP XLYYP] TY bSTNS _SP LWWT_P]L_TaP ]PWL _TZY^ST[^L]PZ]RLYTePO4YaP]^PLbPQTYOLYLW_P]YL_TZY_S]Z`RS_SP ^Z`YO R]Z`[^ w^Lx wSLx LYO w]Lx 4Y _SP QZWWZbTYR aP]^P M T_ T^ ]P [WLNPOMdL]PO`N_TZYZQ_SP[SZYP_TNXL_P]TLWLWXZ^_]P^_]TN_PO_ZWLMT LW^w_xLYOwOxzLVTYOZQw]LOTNLWLWWT_P]L_TaPNZX[Z^T_TZYx%
dL
_Z
_
_
MS¼ XTÀ aT aL
^L
²
R`
¶L
O OL
WL
_T
a a£
X
´
²£À
AP]^P M z R`__`]LW^ [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ Q]ZX_Z[_ZMZ__ZX -d NZY_]L^_ _SP QT]^_ SLWaP^ ZQ L LYO M L]P aT]_`LWWd PY_]Z[TN TP bT_SZ`_ LYd NZRYTeLMWP []TYNT[WP ZQ ^_]`N_`]P bSTWP _SPT] ^PNZYO SLWaP^ NZY_LTY _SP ]PO`N_TZY z [LWL_LW^ wMSx TY L LYO LWXZ^_ ^ZWPWd OPY_LW^TYM%
P
dL
dL N NL
dLX
=`
]
OLÀ
_LÀ
[`
aP
´L
aLÀ
^L
O
MS¼
MS£ a
AP]^P L z [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ Q]ZX _Z[ _Z MZ__ZX
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
dP
DL
]Z
_£ _L ` X
YZ
OL Y 9P Y£ _T
_T
^
²£
SL
AP]^P M z [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ L^[T]LY_^ Q]ZX_Z[_ZMZ__ZX ?ST^Z]RLYTeL_TZYZQ_SP^Z`YOXL_P]TLW]P^`W_^TYL[P]TZOTNLW_P]YL_TZY MP_bPPYLY_TNWTXLcLYONWTXLc,YOWL^_Wd_S]PPZQ_SPQZ`]SLWQaP]^P^ PYObT_SL_d[PZQwNLOPYNPQZ]XL_TZYxz^SZ]_WdMPQZ]P_SPPYOL^Z`YO T^ TY^P]_PO _SL_ SL^ YZ_ dP_ ZNN`]]PO _S]Z`RSZ`_ _SP bSZWP SLWQaP]^P ?SP^P ^Z`YO^ L]P TYOTNL_PO TY _SP LMZaP _Pc_ Md MPTYR ^SZbY TY ^\`L]P Q]LXP^% L w_x M wR`x M w]ZSLx ,WW _SP^P ^_]`N_`]LW QPL_`]P^ L]P TY QLN_ ZQ L X`^TNLW YL_`]P >Z XLdMP _SP QL^NTYL_TZY ZQ _SP ;`]`´L >¼V_L WTP^ YZ_ ^Z X`NS TY _SP ST^_Z]TNLWWd STRSWd OZ`M_Q`W XPY_TZY ZQ _SPRZOAT´©`M`_TY_SPXLRTNZQ_SPWLYR`LRPX`^TNbSTNSNSL]LN_P] TeP^ _SP MPRTYYTYR ZQ _ST^ APOTN SdXY >`NS OPY^T_d ZQ ^_]`N_`]P T^ LM ^ZW`_PWd_d[TNLWZQ_SPAPOLMZ_S_Pc_`LWWdLYO]T_`LWWd9Z_QZ]YZ_STYR OZP^ 1]T_^ >_LLW _SP]PQZ]P NZX[L]P _SP ^_]`N_`]P ZQ _SP bSZWP APOTN ]T_`LW_Z_SPSTRSWdZ]RLYTePOX`^TNLWNZX[Z^T_TZY^ZQBP^_P]YNWL^^TNLW X`^TNz^`NSL^-LNSv^Q`R`P^LYO-PP_SZaPYv^^dX[SZYTP^ # ,Y Z]_SZOZc -]LSXTY bZ`WO []ZMLMWd MP ^ZXPbSL_ MLQQWPO TQ ^`NS LYLWd^P^ bP]P ^SZbY _Z STX APOTN _Pc_^ L]P ]PRL]OPO L^ STRSWd OTRYT QTPO _]LOT_TZYLW WZ]P bSTNS T^ NZX[WP_PWd aLWTO Md T_^PWQ LYO YZ_ ^`MUPN_ _Z LYd WT_P]L]d Z] X`^TNZWZRTNLW N]T_TNT^X 3ZbPaP] LYLWd^P^ ZQ _ST^ _d[P NWPL]Wd ^SZb bSd T_ T^ [Z^^TMWP _SL_ >¼V_L^ L]P ^_TWW [Z[`WL] bSPY _SP]P T^ YZ ]PLW VYZbWPORP ZQ _SP ^PXLY_TN XPLYTYR :YP NZ`WO PaPY ^Ld _SL_ _SP TYOP[PYOPY_Wd aLWTO XPLYTYR ZQ _SP [SZYPXL_TN L^[PN_ T^ ^`QQTNTPY_QZ]LY4YOTLYWT^_PYP]TQ_SP[SZYPXP^L]PL]]LYRPOTYLQL^S TZY_SL_XLVP^^PY^PLYOSP]P_SL_XPLY^XLVTYRX`^TNLW^PY^PQZ]L NZX[WP_P_Pc__ZMPLNNP[_POL^wXLVTYR^PY^PxTPT_SL^XPLYTYRLYO ^TRYTQTNLYNP .ZYNP]YTYR _SP L`]L_TN L^[PN_ ZQ APOL ]PNT_L_TZY SZbPaP] _SP]P T^ YZ_ZYWdLNZY_]TM`_TZYQ]ZX_SP[SZYP_TN^_]`N_`]POTN_L_POMd_SP_Pc_ M`_ ZQ_PY bP LW^Z QTYO wTYOP[PYOPY_x [SZYP_TN NZY_]TM`_TZY^ ZQ _SP ]P NT_P]^bSZLOOPc_]LX`^TNLWw^PY^Px_Z_SP_Pc_?SP^P_]LY^QZ]XL_TZY^ L]P []TYNT[LWWd ML^PO ZY _SP QLN_ _SL_ TY RPYP]LW -]LSXTY^ OZ YZ_ WPL]Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #
1]T_^>_LLW =T_`LWLYO8LY_]L^=`WP^BT_SZ`_8PLYTYR /PWST%8Z_TWLW-LYL]^TOL^^ $$!:]TRTYLW9PbDZ]V$$! $TY[L]_TN`WL]!#""#
;P]QZ]XLYNPLYO,`]L
_SPT] _Pc_^ Q]ZX MZZV^ M`_ Q]ZX Z_SP] -]LSXTY^ ?S`^ TY L bLd L -]LSXTYQLXTWTL] bT_S_SP APOL T^NZX[L]LMWP bT_SL STRS\`LWT_d_L[P ]PNZ]OP] _SL_ NLY ]PNZ]O LYO ]P[]ZO`NP LY `YWTXT_PO \`LY_T_d ZQ ^Z`YO TYQZ]XL_TZY 9Zb S`XLY MPTYR^ L]P YZ_ XLNSTYP^ M`_ N]PL_TaP MPTYR^ bSZ ^SL[P _SP _Pc_^ _SPd ]P[]ZO`NP ^ZXP_TXP^ `YNZY^NTZ`^Wd 4Y _ST^ bLd NP]_LTY TY_P][]P_L_TZYLW [L__P]Y^ ^`M_WP_TP^ TY OdYLXTN^ LNNPY_`L _TZY TY_ZYL_TZY LYO L]_TN`WL_TZY MPNZXP P^_LMWT^SPO bSTNS L]P WTVP bT^P NZY^T^_PY_Wd [L^^PO ZY ,YO _SP^P TY_P][]P_L_TZYLW ^`M_WP_TP^ NLY NP]_LTYWd OP_P]XTYP _SP ^PY^P ZQ L _Pc_ 1Z] PcLX[WP _SP APOTN wPaP] R]PPYx .LXLVL;]L²YL SL^ MPPY _S]Z`RS L [L]_TN`WL]Wd N`]TZ`^ _]LY^ QZ]XL_TZY :]TRTYLWWd T_ ^PPX^ _Z SLaP MPPY L ]P\`P^_ QZ] ]TNS ]P^`W_^ Q]ZXXLVTYR L ^LN]TQTNP0aP]d_STYR_SL_T^OP^T]LMWP T^WT^_POTYL WZYR WT_LYd% wBPWWMPTYR FbZ`WOH 4 SLaP /P^NPYOLY_^ FbZ`WOH 4 SLaP 2TQ_^ FbZ`WOH 4 SLaP4YQW`PYNPFbZ`WOH4SLaPx
?ZOLd _SP Q`YN_TZY TY _SP ]T_`LW T^ \`T_P OTQQP]PY_ ?SP .LXLVL;]L²YL T^]PRL]OPOL^ ²£Y_TXLY_]L TPL^L ^[PWWZ][]LdP]M]TYRTYR[]Z_PN_TZY LRLTY^_PaTWTYQW`PYNP^,Q`YN_TZYWTVP_ST^T^NP]_LTYWdNZX[L_TMWPbT_S _SP^PXLY_TN^PY^PM`__SP^PXLY_TN^PY^POZP^YZ_YPNP^^L]TWd^`RRP^_ ^`NS L Q`YN_TZY ?SP LN_`LW XZ_TaL_TZY T^ XZ]P WTVPWd _Z WTP TY _SP [SZ YP_TNQZ]XZQ_SP_Pc_?ST^T^LW^ZTYOTNL_POMd_SPXZOP]YYLXPZQ_SP >¼V_L% .LXLVL T^LOT^_Z]_TZYZQL^_]TYRZQ^Z`YO^NZY_TY`LWWd]P[PL_PO TY _SP _Pc_% w²NLXPx ,_ _SP ^LXP _TXP _SP YLXP NLY MP OP]TaPO Q]ZX_SP3TYO¯aP]M NLXLVY£ []ZYZ`YNPOwNSLXLVYLLxbSTNSXPLY^ w_ZPXT_WTRS_YTYRxLYOLW^Zw_Z^_`YxZ]w_ZMLQQWPx,[[L]PY_Wd_SP]PT^ SP]P L STOOPY OP^N]T[_TZY ZQ _SP ^Z`YO TX[]P^^TZY _SL_ L]T^P^ Q]ZX _SP NZY^_LY_ ]P[P_T_TZY ZQ w²NLXPx bSZ^P NZY^_T_`PY_ ^Z`YO^ L]P LWW aP]dM]TRS_TY>LY^V]T_%
:bTYR _Z _SP XZYZ_ZYZ`^ ]P[P_T_TZY ZQ _SP _bZ ^dWWLMWP^ w²NLXPx _S]Z`RSZ`_ _SP bSZWP ]PNT_L_TZY _SP [P]QZ]XLYNP ZQ _ST^ ^[PNTLW WT_LYd MPNZXP^ LWXZ^_ Sd[YZ_TN ?ST^ PQQPN_ T^ NZX[Z`YOPO Md _SP QLN_ _SL_ _SP ]PNT_P]^ ZQ_PY ^SZ`_ _SP ^dWWLMWP wXPx XÈ% XLVTYR _SP PaZbPW P^[PNTLWWd SL]O ?SP _TXM]P MPNZXP^ LWXZ^_ L^ ^S]TWW L^ _SP ^Z`YO ZQ L _]`X[P_ 0LNS ZQ _SP^P w_]`X[P_ MWL^_^x T^ TY_]ZO`NPO Md L ^SZ]_ MZT^
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_P]Z`^QTR`]P^SL][WdN`_ZQQbT_SL[]ZYZ`YNPO^_LNNL_Zw²xPX[SL^Te TYR_SPOdYLXTN^LYO]Z`RSYP^^ZQ_SP^Z`YOTX[]P^^TZYPaPYXZ]P,WW _ST^ PYNZ`]LRP^ XLYd ]PNT_P]^ _Z TYN]PL^P _SP _PX[Z ZQ _SPT] [P]QZ]X LYNP ZQ _ST^ [L]_TN`WL] >¼V_L _Z _SP WTXT_^ ?SP LNZ`^_TN PQQPN_ ZQ LWW _SP^P XZOTQTNL_TZY^ T^ PcNP^^TaPWd wPYP]RP_TNx LYO w[TP]NTYRx z LYO _SP]PQZ]P LNNZ]OTYR _Z _SP TYOTRPYZ`^ TY_P][]P_L_TZY _SP >¼V_L T^ LW^Z ^ZPQQPN_TaPL_VPP[TYRLWWQZ]X^ZQPaTWL_MLd 1TYLWWd_SP]PT^ L_ST]OXZOPZQ]PNP[_TZYZQAPOTN >¼V_L^_SL_NLY MPNLWWPONZX[WP_PWdL]_T^_TNAPOL]PNT_L_TZYNLYTYQLN_^TX[WdPcT^_L^ LX`^TNLWLNNZX[LYTXPY__ZQP^_TaT_TP^ZQLWW_d[P^z]PWTRTZ`^LYOYZY ]PWTRTZ`^zZ]T_NLYZNN`[d_SPNPY_P]ZQTY_P]P^_L^LYL]_T^_TN[P]QZ]X LYNPTYT_^ZbY]TRS_,_^`NSZNNL^TZY^T_T^YPT_SP]_SPNZY_PY_YZ]_SP ^[PNTQTN]T_`LWQ`YN_TZY_SL_L]PP^[PNTLWWdTX[Z]_LY_M`_ZYWd_SPXZZO PWTNT_PO ?SP ]PNT_L_TZY []ZXZ_P^ PXZ_TZYLW TYaZWaPXPY_ ^TXTWL] _Z _SP Q`YN_TZYZQL^NSZZWZ]NSP^_]LTY2P]XLYd[]ZaTOTYRQP^_TaPMLNVR]Z`YO X`^TN QZ] _SP ^NSZZWWPLaP]^v NPWPM]L_TZY :Q NZ`]^P ^`NS ZNNL^TZY^ L^ _SP^P ]P\`T]P _SP ]PNT_P]^ YZ_ ZYWd _Z VYZb _SP APOTN XLY_]L^ Md SPL]_ M`_ LW^Z _Z [P]QZ]X _SPX TY L [WPL^TYR QL^STZY ?]LOT_TZYLW [SZYP_TN^ ²TV´£ SL^ TY QLN_ QZ]X`WL_PO Y`XP]Z`^ ]`WP^ QZ] L [WPL^TYR APOL ]P NT_LW ?SP^P ]`WP^ _PLNS X`^TNLWTeTYR [SZYP_TN XLYT[`WL_TZY^ _SL_ _`]Y _SP_Pc_TY_ZwWLYR`LRPX`^TNx_SL_PcT^_^TYT_^ZbY]TRS_aLWTObT_SZ`_ ^PXLY_TN ^PY^P Z] ]T_`LW Q`YN_TZY ,W_SZ`RS []ZMLMWd ZYWd aP]d QPb -]LSXTY^ SLaP ]PLO _SP ±TV´£ bZ]V^ _SP ]`WP^ SLaP MPNZXP QWP^S LYO MWZZO_Z_SPXaTL_SP[]ZNP^^ZQTXT_L_TZY ,RZZOPcLX[WPZQ_SPLP^_SP_TN_d[PZQ]PNP[_TZYbZ`WOMP_SPPc PX[WL]d [P]QZ]XLYNP ZQ _SP 9LV´L_]L/PaL_£>¼V_L ./ # ?SP _Pc_ T_^PWQ XP]PWd NZY_LTY^ L WT^_ ZQ NZY^_PWWL_TZY^ LYO _SP OPT_TP^ L^^ZNTL_PO bT_S_SPX LYO L^QL]L^ bPVYZbT_ T^YZ WZYRP]`^POTY LYd]PWTRTZ`^ NZY_Pc_ 4Y ^[T_P ZQ _ST^ T_ XLd ^_TWW MP QZ`YO _ZOLd ZY _SP 4Y_P]YP_ $ L^ LYPcLX[WPZQMPL`_TQ`WAPOL]PNT_L_TZY% ]ZST©ÅYLV´L_]LÀ[]LU£[L_T]OPaL_£ XRL²Å]´LÀYLV´L_]LR`À^ZXZOPaL_£ ]O]£YLV´L_]LR`À]`O]ZOPaL_£ [`YL]aL^¼YLV´L_]LXLOT_T]OPaL_£ w,WOPML]LY_SPNZY^_PWWL_TZY;]LU£[L_T_SPRZO :]TZY_SPNZY^_PWWL_TZY>ZXL_SPRZO >T]T`^_SPNZY^_PWWL_TZY=`O]L_SPRZO 2PXTYT_SPNZY^_PWWL_TZY,OT_T_SPRZOx
?SP QLN_ _SL_ _SP Z]TRTYLW _Pc_ T^ TY _SP QZ]X ZQ L WT^_ OTN_L_P^ _SP NZY ^_LY_ ]P[P_T_TZY ZQ _bZ bZ]O^ YLV´L_]LX wNZY^_PWWL_TZYx LYO OPaL_£ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $
bbbX`^TNTYOTLZYWTYPNZXOPaZ_TZYLW^LY^V]T_aPOSL^dLU`]aPOL LNNP^^PO >P[_PX MP]
;P]QZ]XLYNPLYO,`]L
wRZOx/`]TYRL[P]QZ]XLYNP_SP]P[P_T_TZYZQ_SP^P_bZbZ]O^N]PL_P^ NZY_TY`LW LW_P]YL_TZY MP_bPPY _PY^TZY LYO ]PWPL^P TP L X`^TNLW WTYP ?ST^X`^TNLWNZX[ZYPY_SL^YZ_MPPY LOOPOMd_SP]PNT_P]^QZ]]PL^ZY^ ZQTYOTaTO`LW_L^_PTY^_dWPZ]MPL`_dMdLYdXPLY^4_T^X`NSXZ]P_SP NL^P _SL_ T_ PXP]RP^ YPNP^^L]TWd Q]ZX _SP [SZYP_TN ]`WP^ ZQ APOL [P] QZ]XLYNP bSTNS OPXLYO _SL_ _SP bZ]O^ YLV´L_]LX LYO OPaL_£ _LVP ZY _Z_LWWd Z[[Z^T_P ^Z`YO NSL]LN_P]T^_TN^ ZbTYR _Z _SP [SZYP_TN XL_P]TLW NZY_LTYPOTY_SPX ?SP ^Z`YO NSL]LN_P] ZQ _SP bZ]O YLV´L_]LX SL^ _Z MP SL]O LYO LN NPY_`L_POTY_SP]PNT_L_TZY?SP_S]PP^dWWLMWP^ZQ_ST^bZ]OX`^_YZ_MP []ZYZ`YNPO^TX[WdL^wYLxwV´Lxw_]LXxMPNL`^P_SPOZ`MWPNZY^Z YLY_^TYwV´LxLYOw_]LXx]P\`T]PL[]Z^ZOTNWPYR_SPYTYRZQ_SP[]PNPO TYR ^dWWLMWP ?Z ]PQWPN_ _SP NZ]]PN_ []ZY`YNTL_TZY ZYP bZ`WO SLaP _Z b]T_P OZbY ^ZXP_STYR WTVP wYLVx wV´L_x w_]LXx ?SP []Z^ZOTN WPYR_SPYTYRT^]PLWTePO[Sd^TNLWWdMd[]ZYZ`YNTYR_SPQT]^__bZ^dWWLMWP^ TY L VTYO ZQ ^_LNNL_Z QL^STZY TP LNNPY_`L_PO LYO N`_ ZQQ `YPc[PN_POWd LM]`[_WdL^wYLVx[L`^PwV´L_x[L`^P:YWd_SP^dWWLMWPw_]LXxXLd MPWTYVPO_Z_SPQZWWZbTYRbZ]O -d NZY_]L^_ _SP bZ]O OPaL_£ SL^ YZ OZ`MWP NZY^ZYLY_^ L_ LWW LYO NZY^P\`PY_Wd _SP]P L]P YZ NSZ[[POZQQ ^_LNNL_Z ^dWWLMWP^ ,YO _ST^ T^ YZ_LWW%_SP[SZYP_TN]`WP^OTN_L_P_SL__SPwaxXLdYZ_MP[]ZYZ`YNPOTY T_^ PY_T]P_d M`_ TY^_PLO T_ T^ ZYWd ]PLWTePO L^ L ^XZZ_S _]LY^T_TZY Q]ZX _SP wPx _Z _SP wLx ?SP ^ZQ_ ]P^_Q`W ^Z`YO NSL]LN_P] T^ PYSLYNPO Md _SP WZYRQTYLWw£x 4_T^ZYWd_SP_PY^TZYZQ_SP^bT_NSTYRMP_bPPYSL]OLYO^ZQ_LNNPY _`L_POLYO^XZZ_S_SL_NZXP^_Z_SPQZ]PSP]P_SL_MTYO^_SPTYOTaTO`LW [SZYPXP^TY_ZLM]ZLOP]XPLYTYRQ`WNZY_Pc_LYO]PYOP]^ _SPQ`WWX`^T NLWT_d ZQ _SP _Pc_ L[[L]PY_ ?ST^ X`^TNLWT_d T^ TY_PY^TQTPO Md _SP `^P ZQ _ST^ Pc[LYOPO ^N]T[_ TY _SP NWL^^TNLW _S]PP_ZYP ]PNT_L_TZY _Z MPNZXP L _]`PXPWZOd 3ZbPaP] TY LOOT_TZY _Z ^`NS XLN]Z^_]`N_`]P^ LNNZ]OTYR _Z _SP [SZYP_TN ]`WP^ _SP]P L]P LW^Z XTN]Z^NZ[TN XZOTQTNL_TZY^ _SL_ ^SZ`WO MP ]PLWTePO 1Z] PcLX[WP TY _SP bZ]O XRL²Å]´LÀ _SP wXx LYO _SP wx ^SZ`WOMPQZWWZbPOMd^ZXPML]PWdL`OTMWPM`_YZYP_SPWP^^]PLWwLQ_P] ^Z`YO^x ]P^`W_TYR TY ^ZXP_STYR WTVP wX Pb Pb RLx TY _SP NZ]]PN_ []ZY`Y NTL_TZY,^TXTWL]_STYRSL[[PY^TY w²Å]´LÀx _`]YTYRT_TY_Zw²Å] L ´LÀxTY LN_`LW [P]QZ]XLYNP ?SP^P NZX[WPc LYO ^`M_WP LOOT_TZYLW ^Z`YO^ YZ_ ZYWd NWL]TQd _SP []ZY`YNTL_TZY M`_ LW^Z SLaP LY LP^_SP_TN Q`YN_TZY% ^TYNP YZ Pc_]L _TXP T^ LWWZNL_PO _Z _SP^P LOOT_TZYLW ^Z`YO^ z _SP wX Pb Pb x _LVP^ _SP ^LXP _TXP _Z []ZYZ`YNP L^ _SP ^TX[WP wXx z _SP^P [SZYP_TN]T[[WP^XP]PWdN]PL_PL]Sd_SXTNNZWZ]L_`]LbT_STY_SPZ]TRTYLW _TXTYR ?SP^P LOOT_TZYLW ^XLWW ]Sd_SXTN OPNZ]L_TZY^ N]PL_P Y`XP]Z`^ TY_P]]`[_TZY^ TY _SP XZYZ_ZYZ`^ WTYP ZQ WZYR^SZ]_ WZYR^SZ]_ ?SP
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
LP^_SP_TNPQQPN_ T^NZX[L]LMWP_Z_SPZ]YLXPY_L_TZYZYLML]Z\`P NL^_WP Z]_SP_]TWW^TYZYPZQ8ZeL]_v^^ZYL_L^ ?SP Y`XMP] ZQ ^`NS XZOTQTNL_TZY^ TY >LY^V]T_ T^ WPRTZY 4Y ]PNT_L _TZYLWW_SPNZY_Pc_OP[PYOPY_QPL_`]P^]P\`T]POMd_SP[SZYP_TN^z^`NS L^aL]TL_TZY^TY_TXM]PWTYVTYR^Z`YO^PX[SL_TN]PTYQZ]NPXPY_[L`^P^ M]PLV^LYOPWZYRL_TZY^zSLaP_ZMPZM^P]aPO4YOPPO^ZXPZQ_SPWLb^ OPQTYTYR_SP^PQPL_`]P^L]P^ZNZX[WPcLYO^ZXP_TXP^^PPX_ZMP^[WT_ _TYR SLT]^ ^Z PcNP^^TaPWd _SL_ ZYP XTRS_ ^P]TZ`^Wd bZYOP] bSP_SP] [P] SL[^LQPb-]LSXTY^SLaPSLO_ZZX`NS_TXPZY_SPT]SLYO^3ZbPaP] _SPTYaPY_TZYZQ^`NSLNZX[WPc[SZYP_TN^d^_PXT^MdYZXPLY^LQLYNd ]P^_]TN_PO _Z _SP -]LSXTY^ =PNT_L_TZY ZQ _SP _LLW =T_`LWLYO8LY_]L^$$!"Q 0WLMZ]L_POZYMd.SL]WP^8LWLXZ`O 7P>a£OSd£dL%=ËNT_L_TZY[P]^ZYPWWPO`APOL ?LT__T]¯dL¢]L©dLVL7Ta]P44;L]T^%-ZNNL]O$"" 1Z] XZ]P OP_LTW^ ^PP >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx LYO Z`] NSL[ >ZXP T]]PR`WL]T_TP^ TY _SP OP]TaL_TZY ZQ _SP^P XZOTQTNL_TZY^ SLaP MPPY PWLMZ]L_PO Md 3 1LWV w?SP 2LWT_L^ TY _SP RaPOL ;LOL[£¶SLx TY ?SP ;LYOT_ PO ,cPW 8TNSLPW^ /PWST%8LYZSL]#z
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?SPZMUPN_TaPZQLWW_SP^PXZOTQTNL_TZY^ ./$T^LNZY^NTZ`^TYN]PL^PTY ]PO`YOLYNdbSTW^_^TX`W_LYPZ`^Wd[]PaPY_TYR[`]PWdXPNSLYTNLW]P[P_T _TZY ?SP WL__P] T^ LaZTOPO Md ]P[PL_TYR _SP R]Z`[^ ZQ bZ]O^ TY YPb [P]X`_L_TZY^LYONZXMTYTYR_SPX LOSZN ?ST^]P\`T]P^_SP`_XZ^_NZY NPY_]L_TZY LYO R`L]LY_PP^ []PaPY_TZY ZQ [SZYP_TN OPRPYP]L_TZY BZ]O^ LYO^dWWLMWP^^TX[WdNLYYZ_MPOT^_Z]_PO^W`]]POZ][WLTYQZ]RZ__PY ?SP XLYYP] TY bSTNS APOTN XYPXZYTN^ Q`YN_TZY NLY MP TWW`^_]L_PO Md L M]TPQ PcLX[WP Q]ZX _SP ?LT__T]¯dL>LÀST_£ ?ST^ ^[PNTLW XLY_]L w;]L_T´¶ST_dLTx SL^YZ[L]_TN`WL]]T_`LWQ`YN_TZYLYOYPT_SP]OZP^T_[Z^ ^P^^ L ^[PNTLW NSL]X QZ] _SP NZYYZT^^P`] M`_ L^ T_ NZY_LTY^ _SP _ZYR`P _bT^_P] YT]_T []ZYZ`YNPO^ZXP_STYRWTVPwYT] `S Pb _TxT_ZQQP]^PcNPW WPY_[]LN_TNPXL_P]TLW?SPXLY_]LT_^PWQRZP^WTVP_ST^% YT]_TXPa£^XLT[]LST©Z_Tg
?ST^ Z]TRTYLW aP]^TZY T^ QZWWZbPO Md L R]LXXL_TNLWWd LYO [SZYP_TNLWWd LYLWdePOaP]^TZYZQ_SP^LXP_Pc_% YT]_TXT_T YTà_TXPaLL^XLT[]P_TST©Z_T
,Q_P]_ST^R]LXXL_TNLWLYLWd^T^_SP]PNT_P]LOO^LaL^_]LYRPZQ[P]X` _L_TZY^ bSTNS YZ WZYRP] SLaP LYd R]LXXL_TNLWWd LYLWd_TNLW Q`YN_TZY LYd XZ]P M`_ bSZ^P [`][Z^P T^ ^ZWPWd _Z MP `^PO QZ] []LN_TNP BP L]P ZYWd RTaTYR L ^TYRWP PcLX[WP SP]P _SP wTY_P]bZaPY ]PLOTYRx UL¶£ [£¶SL ?ZXLVPT_NWPL]P]PLNSbZ]OTY_SPZ]TRTYLWNLYMP]P[]P^PY_PO MdLY`XMP]% YT]_TX ( PaL ( L^XLT ( []L ( ST©Z_T ( 4Y _SP wTY_P]bZaPY ]PLOTYRx _SP^P bZ]O^ X`^_ ZNN`] TY _SP QZWWZbTYR Z]OP]%
?SP]P^`W_T^% YT]_TXPaLTaLYT]_TÀYT]_TXPaLg Pa£^XLL^XLPaLTa£^XLTL^XLT[]L[]£^XLL^XLT[]Lg []LST©Z_TST©Z_T[]L[]LST©Z_TST©Z_Å_TST©Z_Tgg
3P]PT_^SZ`WOMPYZ_PO_SL__SPNZX[WPcWLb^ZQ>LY^V]T_R]LXXL]LW^Z L[[Wd _Z _SP^P aL]TL_TZY^ bSTNS T^ bSd QZ] PcLX[WP _SP bZ]O L^XLT LW^ZL[[PL]^L^w^XLxw^XLTxLYOwL^XLxTYZ]OP]_ZNZX[WdbT_S_SP P`[SZYTN WLb^ ZQ >LY^V]T_ ?ST^ L[[WTP^ _Z LWW [P]X`_L_TZY^ ZQ bSTNS _SPUL¶£[£¶SLT^ZYWdZYP]PWL_TaPWd^TX[WPaL]TL_TZY?SPZMUPN_ZQLWW _ST^ []LN_TNP T^ _SL_ WTYR`T^_TN XL_P]TLW LYO _SP ^d^_PX ZQ ]`WP^ ^SZ`WO MZ_S MPNZXP QWP^S LYO MWZZO _Z _SP ]PNT_P]^ 8LYd -]LSXTY^ SLaP LN \`T]PO ^`NS ^VTWW TY _ST^ _PNSYT\`P _SL_ _SPd NLY ]PNT_P LWW _SP ]PLOTYR^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPwT_Tx_SL_[]ZO`NP^w[]Pu_TxTYNZXMTYL_TZYbT_S_SPbZ]Ow[]LxQ`YN_TZY^SP]P L^LR]LXXL_TNLWXL]VP]LYOXPLY^^ZXP_STYRWTVPwNLYMPLYLWdePOL^xZ]wT^L ^P[L]L_PbZ]Ox
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
"
ZQ_SP;]L_T´¶ST_dLTL__Z[^[PPObT_SZ`_PaP]ZYNP_]T[[TYR`[Z]XLVTYR LXT^_LVP :]TRTYLWWd _SP^P aL]TL_TZY^ bP]P ZYWd TY_]ZO`NPO _Z [P]QPN_ _SP [P] QZ]XLYNP ZQ _SP _Pc_ WPL]YPO Md SPL]_ M`_ YZb ^ZXP P^[PNTLWWd TX[Z] _LY_ LYO bPWWVYZbY aP]^P^ SLaP PaPY MPPY TY_PR]L_PO TY_Z 3TYO` ]T_` LW^ LYO L]P ]PNT_PO TY _SP _PX[WP L_ QP^_TaT_TP^ LYO L_ N`W_`]LW PaPY_^ ! BT_S _ST^ LW_P]PO Q`YN_TZY _SP^P ^SZ]_ _Pc_^ LWXZ^_ ]P[]P^PY_ YPbWd N]PL_PO WT_LYTP^ ?SP ]P[P_T_TZY ZQ _SP bZ]O^ TY L []POP_P]XTYPO ^P \`PYNP N]PL_P^ z L^ L VTYO ZQ ^TOPPQQPN_ z X`^TNLWWd PQQPN_TaP TY_P]YLW ]Sd_SX^ ^Z _SL_ LY PYaPWZ[TYR ^ZYTN PYaT]ZYXPY_ PXP]RP^ Q]ZX _SP TYOTaTO`LW ^Z`YO^ ZQ _SP Z]TRTYLW XLY_]L^ ?SP _ZYLWT_d LYO [SZYP_TN Z]RLYTeL_TZY _SL_ L]P NSL]LN_P]T^_TN ZQ _SP APOL ^`]]Z`YO _SP Z_SP] LN _TaT_TP^ bT_S _SP ^[PNTLW STRSWd^LN]PO APOTN L`]L bSTWP _SP NZY^_LY_ ]P[P_T_TZYZQQLXTWTL]VPdbZ]O^PYSLYNP^_SPT]^TRYTQTNLYNPPaPYXZ]P
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO _SP0aP]1]P^SAPOL^
BSP]PaP] wAPOTN ]PNT_L_TZY^x L]P SPL]O _ZOLd MP _SPd TY _PX[WP ^P] aTNP^ L_ N`W_`]LW PaPY_^ L^ L OZXP^_TN OPaZ_TZYLW PcP]NT^P L^ OLTWd ^PWQ^_`OdML^POZYQLXTWd_]LOT_TZYZ]bSL_PaP]_SPdL]PMdYZXPLY^ wRPY`TYPx APOTN ]T_`LW 4Y^_PLO _SPd SLaP MPPY NZX[WP_PWd ]PXZaPO Q]ZX _SPT] Z]TRTYLW NZY_Pc_ BP OZ YZ_ VYZb LWW _SL_ X`NS LMZ`_ _SP Z]TRTYLWNZY_Pc_PcNP[_ZQNZ`]^PbSL_T^b]T__PYTY_SPAPOL_Pc_T_^PWQ -`_ _ST^ X`NS T^ NWPL]% _SP dLUÓL _SP APOTN ^LN]TQTNP ]P[]P^PY_^ L _Z _LWWd OTQQP]PY_ _d[P Q]ZX XZOP]Y ]T_P^ LYO MPWZYR^ WL]RPWd _Z _SP [L^_ 9ZbLOLd^ APOTN ]T_P^ L]P ZYWd ]L]PWd [P]QZ]XPO LYO ZYWd Md L QPb -]LSXTY^ LYO bSP]P _ST^ OZP^ _LVP [WLNP RPYP]LWWd ZYWd aP]d ^TX[WP ]T_P^ ^`]aTaP ,XZYR^_ Z_SP]^ R]Z`[^ ^`NS L^ _SP 9LXM`OT]T -]LSXTY^ NWLTX _Z SLaP L XZ]P Z] WP^^ `YM]ZVPY _]LOT_TZY ZQ LYNTPY_ ^LN]TQTNTLW ]T_P^ -`_ _ST^ NWLTX T^ Md YZ XPLY^ `YOT^[`_PO ?SP ^[PN_LN`WL] QT]P ^LN]TQTNP _SL_ _SPd OPXZY^_]L_PO _Z 1]T_^ >_LLW TY $" " OTO YZ_ NZY_LTY LYd_STYR YZ_ QZ`YO TY WT_`]RTNLW SLYOMZZV^ _SL_ NLXP TY_Z MPTYR TY L]Z`YO -.LYO_SL_L]PLaLTWLMWPTYPaP]dbPWW^_ZNVPOMZZV^SZ[TY 4YOTL^ZT_T^\`T_POZ`M_Q`WbSP_SP]_SP9LXM`OT]T^]PLWWdSLaP^`NSL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >aLXT/PaL]`[LYLYOPO 8LY_]L[`´[LX 8`XMLT%=LXLV]T^SL8L_SL$$#Ta " ?ST^R]LYO]T_`LWbL^]PNZ]OPOTY1]T_^>_LLW ,RYT%_SPAPOTN=T_`LWZQ_SP1T]P,W_L] aZW^ -P]VPWPd% ,^TLY 3`XLYT_TP^ ;]P^^ $# LYO ZY ATOPZ ,__PY_TZY SL^ MPPY O]LbY_Z_SPQLN__SL__SP]T_`LWbL^LW^ZPc_]PXPWdW`N]L_TaPQZ]_SP9LXM`OT]TNZX X`YT_d $ OZWWL]^ Md =TNSL]O >NSPNSYP] w=T_`LW `YO ?SPL_P]% =PVZY^_]`V_TZY aZYAP]SLW_PYxTY =T_`LW_SPZ]TPY PO,-PWWTRP]LYO/6]TPRP]:[WLOPY%BP^_OP` _^NSP]AP]WLR$$#z!
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
[SPYZXPYLW XPXZ]d Z] bSP_SP] _SPd NLY XP]PWd ]PLO 4Y _SP WL^_ LYLWd^T^ LYd TYQZ]XL_TZY LMZ`_ _SP APOL T_^ P[ZNS T_^ ]T_P^ LYO T_^ _SZ`RS_^NLYZYWdMPOT^NZaP]POMdSP]XPYP`_TNbZ]VZY_SPAPOL_Pc_ T_^PWQ LYO _ST^ L[[WTP^ U`^_ L^ X`NS _Z _]LOT_TZYLW 4YOTLY ^NSZWL]^ L^ _Z XZOP]YBP^_P]Y]P^PL]NSP]^ ?Pc_^TY4YOTLOZYZ_SLaP_ZSLaP^PXLY_TNXPLYTYRLW_SZ`RS_SPd NLYOZ^Z>ZbSPYOPLWTYRbT_SL_Pc_b]T__PYTY^`NSL]NSLTNWLYR`LRP L^_SPAPOLT^bPYL_`]LWWdNZXP`[LRLTY^__SP\`P^_TZYZQbSP_SP]T_ SL^LYd XPLYTYRTY _P]X^ ZQwNZY_PY_x L_ LWW?SP]PSLaPMPPY LYO^_TWW L]P [PZ[WP bSZ OPYd _ST^ # 4_ T^ _]`P _SL_ TY 4YOTLv^ WT_P]L]d ST^_Z]d _SP APOL bL^ ]PRL]OPO QZ] WZYR [P]TZO^ YZ_ L^ L w_Pc_x TY Z`] BP^_P]Y ^PY^PTPL^LMZOdZQb]T_TYRNZY^T^_TYRZQ^PY_PYNP^_SL_SLaPXPLY TYR NZY_PY_ :Q_PY T_ bL^ ZYWd _SP QTYLW NSL[_P]^ ZQ _SP APOTN MZZV^ _SL_ bP]P TY_P][]P_PO TY _P]X^ ZQ Z`] BP^_P]Y `YOP]^_LYOTYR ZQ _Pc_ 4Q bP NSZZ^P _Z MPWTPaP _SP WTYR`T^_^ _SP WLYR`LRP ZQ _SP^P NZYNW`OTYR NSL[_P]^ T^ _SP XZ^_ OPaPWZ[PO LYO TY QLN_ T_ T^ NWZ^P^_ _Z _SP >LY^V]T_ _SL_ T^ ^_TWW ^[ZVPY LYO NLY MP `YOP]^_ZZO _ZOLd ?ST^ QTYLW ^PN_TZY Z] w9ZP_TN [L]_ ZQ _SP APOLx UÓ£YLV£©L LY ZaP]LWW _P]X QZ] _SP [ST WZ^Z[STNLW RYZ^_TN @[LYT´LO^ T^ ]PRL]OPO Md XLYd _SPZWZRTNLW ^NSZZW^ TY 4YOTL L^ _SP LN_`LW NZ]P _Pc_ L^ _SP wNZX[WP_TZY ZQ _SP APOLx aPO£Y_L ?SLYV^ _Z _SP NZXXPY_L_Z]^ ZY _SP APO£Y_L bSZ Pc[WLTY T_ bT_S XPOTPaLW _SZ]Z`RSYP^^ bZ]O QZ] bZ]O T_ SL^ WPQ_ T_^ XL]V ZY _SP bSZWP ZQ 4YOTLY [STWZ^Z[Sd ,YO dP_ _SP @[LYT´LO^ ZYWd XLVP `[ ZYP ^XLWW[L]_ZQ _SP bSZWPMZOdZQAPOTN_Pc_ >TYNP _TXPTXXPXZ]TLW_SP R]PL_P][L]_ZQ_SPAPOLbL^TY_PYOPO[`]PWdQZ]]T_`LW`^PLYO_SP]PQZ]P MPL]^ _SP L[[]Z[]TL_P YLXP w=T_`LW ;L]_ ZQ _SP APOLx VL]XLVL©L TY _SP NWL^^TNLW APOL PcPRP^T^ 8Z^_ ZQ _SP ]T_`LW^ T_ OP^N]TMP^ L]P YZ_ VYZbY_ZLYdMZOd_SP^POLd^YZ_PaPYMdYLXP.ZY^P\`PY_WdXZ^_ZQ _SP^P]T_`LW_Pc_^L]PLW^ZaT]_`LWWd`YVYZbYzPcNP[__Z_SPXPXMP]^ZQ _SPQPbAPOL^NSZZW^^_TWWTYPcT^_PYNP ?SP ]T_`LW [L]_ ZQ _SP APOL T^ OTaTOPO TY_Z _Pc_^ QZ] ]PNT_L_TZY >LÀST_£ LYO]T_`LW TY_P][]P_L_TZY^ -]£SXL©L ,QPb]PNT_L_TZY _Pc_^ ^`NS L^ _SP ;`]`´L>¼V_L LYO _SP .LXLVL;]L²YL bSTNS SLaP MPPY OT^N`^^PO LMZaP SLaP SZbPaP] MPPY TY_PR]L_PO TY_Z 3TYO` bZ]^ST[ [¼U£ XZaTYRMPdZYO_SPT]ZWO]T_`LWNZY_Pc_LYOTY_SPNZ`]^PZQ_TXP _SP^P YPb ]T_P^ SLaP LWXZ^_ NZX[WP_PWd ]P[WLNPO _SP ]T_P^ OP^N]TMPO TY _SPAPOL1Z]LWZYR _TXP_SP]PbL^YZYL_TaPSP]XPYP`_TN^ZQ_SPQT]^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4Y _SP [L^_ _SP^P TYNW`OPO QZ] PcLX[WP _SP XL_P]TLWT^_TN LYO LY_T-]LSXLYTN .£]a£VL^LYOZ_SP]SP_P]ZOZcR]Z`[^8Z]P]PNPY_Wd_SP^PY^PWP^^YP^^LYOZM^N`]T_d ZQ _SP APOL XPY_TZYPO LMZaP SLaP ]P[PL_POWd MPPY _SP ^`MUPN_ ZQ ]TOTN`WP Md /]L aTOTN LY_T-]LSXLYTN XZaPXPY_^ ^`NS L^ _SP /]LaTOL 6LeSLRLX XZaPXPY_ QZ] [Z WT_TNLW]PL^ZY^>PPLW^Z;LOXL9L]L^TXSLYPO >bLXT/LdLYLYOL>L]L^bL_T%?]LOT _TZYLW?PLNSP]ZQ-]LSXLATOd£8LO]L^%??;`MW$$
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
$
[L]_ ZQ _SP APOL ?SP QT]^_ NZX[]PSPY^TaP NZXXPY_L]d bL^ YZ_ b]T__PY `Y_TWX`NSWL_P]TY_SPQZ`]_PPY_SNPY_`]d,/Md>£dL©L?ST^bL^_SP QT]^_ _TXP _SL_ _SP APOL bL^ XLOP TY_Z L XPLYTYRQ`W _Pc_ TY Z`] ^PY^P 3ZbPaP] _SP NZXXPY_L]d bL^ LY ^NSZWL]Wd bZ]V _SL_ SLO WT__WP TYQW` PYNP ZY ]PWTRTZ`^ []LN_TNP 0aPY _ZOLd SL]OWd LYdZYP ]PLO^ >£dL©L QZ] _SP [`][Z^P^ ZQ ]PNT_TYR _SP ;`]`´L>¼V_L 4Y NZY_]L^_ _Z _SP [L]_ NZY _LTYTYR_SP@[LYT´LO^[]LN_TNLW`^PZQ_SP]T_`LW[L]_T^WT__WPNZYNP]YPO bT_S`YOP]^_LYOTYR ?ST^ YPRWPN_ ZQ ^PXLY_TN^ z PaPY ZY _SP [L]_ ZQ YL_TaP ^NSZWL]^ z OPXZY^_]L_P^ _SL_ ZYP NLYYZ_ TXLRTYP WT^_PYTYR _Z _SP APOL _Z MP WTVP WT^_PYTYR _Z _SP -TMWP ?SP APOL T^ _SP P[T_ZXP ZQ _SP QWZb ZQ _]LOT_TZY _SL_ SL^ PcT^_PO QZ] P_P]YT_d LYO TY bSTNS LWW 3TYO` _]LOT_TZY^ [L]_TNT [L_PO4_T^_d[TNLWZQ_SPXZYZ_SPT^_TN]PWTRTZY^bT_SL^[PNTQTNQZ`YOP] _SL_ _SPd SLaP L NZYNP[_ ZQ _SP _TXP MPQZ]P LYO LQ_P] _SP ]PaPWL_TZY ?ST^ T^ \`T_P OTQQP]PY_ TY 3TYO`T^X bT_S T_^ NdNWTNLW `YOP]^_LYOTYR ZQ _TXP,YdTY^TRS_ZQaLW`PX`^_SLaPLW]PLOdPcT^_POQZ]P_P]YT_d4_bL^ _SP]PQZ]P _SP XZ^_ YL_`]LW _STYR _SL_ YPb []TYNT[WP^ ZQ QLT_S bP]P YZ_ aTPbPO L^ YPb L_ LWW M`_ TY^_PLO L^ `Y^SLVLMWP _]`_S^ _SL_ SLO MPPY aLWTOLYOVYZbYQZ]PaP]4Y_ST^]P^[PN__SPAPOLL^_SPZWOP^_^`]aTa TYR 4YOTLY WZ]P YZ_ L^^ZNTL_PO bT_S LYd ^`]aTaTYR XPXZ]d ZQ L ]PLW ST^_Z]TNLW [L^_ ZNN`[TP^ L aP]d ^[PNTLW [Z^T_TZY TY _SP NZWWPN_TaP XPX Z]d ,WW ]PWTRTZ`^ WT_P]L_`]P SL^ _]TPO _Z QTYO T_^ ZbY TY^TRS_^ TY _SP APOL ?SP []TP^_^v Z]_SZOZc >X£]_L WT_P]L_`]P bL^ ]PRL]OPO L^ L ^`[ [WPXPY_ LY L[ZN]d[SLW LOOT_TZY _Z _SP APOL LYO OP]TaP^ T_^ _]LOT_TZY Q]ZX _SP ^LXP WPRPYOL]d ^PP]^ bSZ w^Lbx _SP APOL 7L_P] _SPT^_TN XZaPXPY_^ ^`NS L^ _SP ;£ÓNL]£_]L _]LOT_TZY SLaP XZ]P OTQQTN`W_d TY WTYVTYR _SPX^PWaP^_Z_SP APOLLYONWLTX_SPPcT^_PYNPZQLYwZ]TRTYLW APOLx ]PaPLWPO Md _SPT] [P]^ZYLW OPT_d _SP APOL VYZbY _ZOLd MPTYR ZYWdL]PXYLY_ZQ_SPZ]TRTYLW_Pc_?SP?LXTW MSLV_T [ZP_]dZQ_SP^Pa PY_SNPY_`]d ,/bL^OPNWL]PO_ZMP_SP?LXTW APOL ,YZ_SP]aL]TL_TZY T^ QZ`YO TY XZ]P ^PN`WL] _]LOT_TZY^ ^`NS L^ _SPL_P] ^_`OTP^ bSTNS OP NWL]PO _SP _SPL_P] _Z MP _SP QTQ_S APOL 3P]P _SP _SPL_P] T^ ]PRL]OPO L^ _SPAPOLQZ]_SPXL^^P^QZ]T_T^Z[PY_Z _SPbSZWP[Z[`WL_TZYTYNW`O TYR_SZ^P^_]L_L_SL_L]PYZ_[P]XT__POTYT_TL_TZYTY_Z_SPAPOL?ST^YPb APOL T^ ^LTO_ZXLYTQP^_T_^PWQTYPaP]d_TXPNdNWPLWbLd^LQ_P]_SPZWO APOLLYOQZ]_ST^]PL^ZYLWZYP_SP_SPL_P]bL^YZ_XPY_TZYPOTY_SPZWO APOL_Pc_^ 4Y LOOT_TZY _SP ;`]£©L^ LYO Z_SP] ]PWTRTZ`^ OPaZ_TZYLW WT_P]L_`]P^ WTVP_ZPc[WLTY_SPT]PcT^_PYNPbT_S_SPOPNLOPYNPZQ_ZOLdv^LRP,__SP MPRTYYTYR ZQ _SP bZ]WO Z] L_ _SP MPRTYYTYR ZQ _SP N`]]PY_ _TXP NdNWP [PZ[WP^_TWW[Z^^P^^PO_SPLMTWT_d_Z`YOP]^_LYOLYO_ZZMPd_SPZ]TRTYLW APOL-`_L^_ST^LMTWT_dbL^WZ^_ZaP]_SPPZY^T_MPNLXPYPNP^^L]d_Z [`_ _SP ZWO NZY_PY_ TY_Z L YPb QZ]X ?ST^ ^[PNTLW OPNLOPYNP _SPZ]d T^
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
[Z[`WL]WdWTYVPObT_SL_SPZ]dZQLNdNWPZQbZ]WOLRP^_SL_T^^`[[Z^PO _ZPc[WLTY_SPPcT^_PYNPZQ_SP^_LRP^ZQWT_P]L_`]P_SL_QZWWZb_SPAPOL 4_ T^ NWLTXPO _SL_ TY _SP RZWOPY LRP z TY 4YOTL _ST^ NZ]]P^[ZYO^ _Z _SP [L]LOT^PWTVP P[ZNS ZQ _SP ZWO ^PP]^ z _SP aT^TZYL]d LYO XLRTN [ZbP] _L[L^ bL^ ^_TWW ^Z R]PL_ _SL_ S`XLY^ NZ`WO ^_TWW [P]NPTaP _SP APOTN SdXY^OT]PN_WdLYO^[ZY_LYPZ`^Wd?SPMPL_TQTNAPOLT^^_TWWNZX[WP_PWd TY_P]YLWTePO _SP [PZ[WP L]P aT]_`LWWd TXXZ]_LW LYO _SP]P T^ YZ YPPO L_ LWW QZ] XL_P]TLW ]T_P^ ?SP TYSLMT_LY_^ ZQ _SP ^TWaP] LRP SLaP WZ^_ _ST^ ^[ZY_LYPZ`^ LNNP^^ _Z _SP APOTN ]PaPWL_TZY ?SPd MPRTY _Z [P]QZ]X _SP XL_P]TLW APOTN ^LN]TQTNTLW ]T_P^ dLUÓL 9Zb _SP APOL SL^ _Z MP Pc _PYOPO Md LOOTYR _SP ]T_`LW XLY`LW^ ZQ _SP >X£]_L WT_P]L_`]P 4Y _SP M]ZYeP LRP SZbPaP] _SP [PZ[WP WZ^P _SP TY_PWWPN_`LW NL[LNT_d _Z [P] QZ]X_SPNZX[WTNL_POAPOTN]T_P^LYO_SPd]P[WLNP_SPXbT_S_SPRTaTYR ZQLWX^ O£YL ?ST^T^_SP_TXPbSPY_SP;`]£©L^PXP]RPL^_SPaP]^TZY ZQ_SPAPOL_SL_T^_SPXZ^_^`T_LMWPQZ]_ST^P[ZNS4Y_ZOLdv^OPNLOPY_ 6LWTd`RL bSTNS T^ _Z_LWWd OZXTYL_PO Md bL] N]TXP LYO XL_P]TLW YPPO XZ^_ [PZ[WP OZ YZ_ PaPY SLaP _SP XZYPd QZ] RZZO bZ]V^ ?SP ZYWd _STYR _SL_ ]PXLTY^ T^ _SP OPaZ_TZYLW bZ]^ST[ [¼U£ ZQ _SP [P]^ZYLW XZYZ_SPT^_TN OPT_TP^ LYO _SP OPaZ_PO _]`^_ TY _SPT] [ZbP] _Z MP^_Zb MWP^^TYR .ZY^P\`PY_Wd T_ T^ _SP^P OPaZ_TZYLW _SPXP^ bSTNS WL]RPWd OP _P]XTYP _SP bSZWP ZQ _SP wXZOP]Yx ]PWTRTZ`^ WT_P]L_`]P 4Y_P]P^_TYRWd PYZ`RS _ST^ wXZOP]Yx OPNLOPY_ P[ZNS ^_L]_^ ZQQ L_ L _TXP bSTNS TY BP^_P]Y ]PNVZYTYR ^_TWW bZ`WO MP NZY^TOP]PO ]PXZ_P^_ LY_T\`T_d z LN NZ]OTYR_Z4YOTLYL^_]ZWZRP]^T_MPRLYTY-. ?ST^ XPLY^ _SL_ LNNZ]OTYR _Z _SP TYOTRPYZ`^ TY_P][]P_L_TZY PaP]d LRP SL^ N]PL_PO T_^ ZbY APOL L^ L YPb aP]^TZY ZQ _SP YPaP]NSLYRTYR LYNTPY_ _]`_S 0aPY R]Z`[^ bSZ L]P OPNTOPOWd SP_P]ZOZc LY_T -]LSXLYTN LYO LY_TAPOTN ^`NS L^ _SP 5LTYL^ OZ YZ_ Md LYd XPLY^ NWLTX _Z MP LYYZ`YNTYR L NZX[WP_PWd YPb _]`_S M`_ TY^_PLO _Z MP []P ^PY_TYR _SP Z]TRTYLW QZ]X ZQ L _]`_S _SL_ TY ]PLWT_d SL^ LWbLd^ PcT^_PO =L_SP] `YNSL]T_LMWd _SPd L^^P]_ _SL_ _SP -]LSXTY^ LW^Z VYPb _ST^ _]`_S Z]TRTYLWWd M`_ _SPT] LaL]TNP LYO ^PWQT^SYP^^ WPO _SPX _Z X`_TWL_P LYO OT^_Z]_T_ ?SP N`W_`]LW aLW`P ZQ _SP APOL []ZaPO T_^PWQ LRLTY LYO LRLTY Md _d TYR _SP XZ^_ OTaP]RTYR XZaPXPY_^ TY_Z L RWZMLW N`W_`]LW YPc`^ 4Y L NP]_LTY bLd LWW _SP aL]TZ`^ MPWTPQ^ QZWWZbPO _SP wAPOTN N`W_`]Px YZ XL__P] bSP_SP] _SPd TYNW`OPO [ZWd_SPT^_^ XZYZ_SPT^_^ [LY_SPT^_^ ]T_` LWT^_^ Z] U`^_ LRYZ^_TN^ 0aPY _SP XLYTQZWO TY^_LYNP^ ZQ TYSP]PY_ ^ZNTZ ]PWTRTZ`^LY_LRZYT^XNZ`]^TYRZaP]_SPM]TORPZQ_SPwAPOTNN`W_`]PxTY T_^ XLYTQZWO L^^P^^XPY_^ OTO YZ_ WPLO _Z _Z_LW X`_`LW LWTPYL_TZY ?SZ^P ^PN_TZY^ ZQ ^ZNTP_d ML]]PO Q]ZX -]LSXLYTN TYT_TL_TZY NZ`WO LWbLd^ WTYV _SPT]_Pc_^LYOOPT_TP^_Z_SPAPOLTY^ZXPQZ]XZ]Z_SP]_ZQTYOL[WLNP QZ] _SPX^PWaP^ L^ L aLW`LMWP [L]_ ZQ _SP N`W_`]LW ^d^_PX LYO _Z QZWWZb
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
_SPT]ZbY_]LOT_TZY^bT_SZ`_QPPWTYR_SL__SPdbP]PZ`_^TOP]^z[]ZaTOPO _SPd bP]P bTWWTYR _Z LM^_LTY Q]ZX _SZ^P _STYR^ -]LSXTY^ NP]_LTYWd OZ YZ_ NSP]T^S% LWNZSZW LYO MLO XLYYP]^ PR PL_TYR bT_S _SP WPQ_ SLYO .ZYaP]^PWd _SP -]LSXTY^ NZ`WO LW^Z TY_PR]L_P _SPX^PWaP^ TY_Z [Z[`WL] _]LOT_TZY^ z []ZaTOPO _SL_ _SPd NZ`WO ]PLO _SP QZ]PTRY _Pc_^ LYO OPT_TP^ TY_Z_SPAPOLTY_SPaP]dM]ZLO^PY^POP^N]TMPO ?SP ^TRYTQTNLYNP ZQ _SP APOL _Z 4YOTLY N`W_`]P WTP^ SZbPaP] YZ_ ZYWd TY T_^ TY_]LN`W_`]LW TY_PR]L_TYR Q`YN_TZY 4_ SL^ LW^Z MPPY PYRLRPO _Z w4YOTQdx BP^_P]Y LNSTPaPXPY_^ LYO NZYNP[_^ 4Y ST^ YTYP_PPY_S NPY _`]d NZXXPY_L]d ZY _SP RaPOL >bLXT /LdLYLYOL >L]L^bL_T bLY_PO _Z []ZaP w_SL_ TX[Z]_LY_ PWPXPY_^ ZQ XZOP]Y ^NTPYNP LYO _PNSYZWZRd NLY MP QZ`YO TY _SP APOL& LXZYR^_ Z_SP] _STYR^ _SP]P T^ XPY_TZY ZQ APOTN _PLNSTYR^ NZYNP]YTYR _PWPNZXX`YTNL_TZY^ _£]LaTOd£ uL]_ ZQ _]LY^QP]v _SP NZY^_]`N_TZY ZQ ^ST[^ LYO LT][WLYP^ YL`aTX£YLaTOd£ $ _SPQZ]NPZQR]LaT_dL__]LN_TZY £VL]´L©LLY`VL]´L©L m4YLWWZQ_SP^P NL^P^ /LdLYLYOL MPWTPaP^ _SL_ WL_P] 3TYO` NZXXPY_L_Z]^ ^`NS L^ >£dL©L SLaP _Z_LWWd XT^^PO _SP Z]TRTYLW XPLYTYR ZQ _SP APOTN ]PaPWL _TZYx ?ST^YZ_TZY_SL__SPAPOLLY_TNT[L_POXZOP]Y^NTPYNPLYOZ_SP]OT^ NT[WTYP^ T^ ^_TWW[Z[`WL]_ZOLd,_ _SP ^LXP _TXPYPb APOL Xd_S^SLaP LW^ZL]T^PYTY_SPQTPWOZQOPML_PMP_bPPY[Z^_XZOP]YN]T_TNT^XZQMPWTPQ TY _PNSYZWZRTNLW []ZR]P^^ LYO PY_S`^TL^X QZ] YPbWd N]PL_PO ^NTPY_TQTN Xd_S^ ^`NS L^ \`LY_`X _SPZ]d Z] _SP w-TR -LYRx _SPZ]d TY _bPY_TP_S NPY_`]d4YOTL3ZbPaP]TY_SP^PNL^P^]PNZ`]^PT^_Z_SPAPOLL^L[]T XPaLW ^Z`YO ^_]`N_`]P LYO WP^^ L^ L _Pc_ bT_S XPLYTYRQ`W NZY_PY_ , YPb ^dY_SP^T^ ^`NS L^ _ST^ ZQ XZOP]Y ^NTPY_TQTN Xd_S^ LYO _SP _]LOT _TZYLW APOL Xd_S NLY MP QZ`YO QZ] PcLX[WP bT_STY _SP APOL ;]L^L] >LXT_T w>ZNTP_d QZ] ^[]PLOTYR _SP APOLx bSZ Pc[WLTY _SP ^Z`YO ZQ _SPAPOTN XLY_]L^ TY_P]X^ZQaTM]L_TZY^OL_TYRMLNV_Z_SP-TR-LYR, [SZ_ZR]L[S Q]ZX 9,>, ^P]aP^ L^ []ZZQ bT_S _SP QZWWZbTYR NZXXPY _L]d% w?SP^XLWWP]WTRS_ZMUPN_^L]PRLWLcTP^Z]RLWLcdNW`^_P]^NWZ^P_ZbSL_L^ _]ZYZXP]^ MPWTPaP _Z MP _SP aP]d PORP ZQ _SP `YTaP]^P z MTWWTZY WTRS_ dPL]^ LbLd ?SP 3`MMWP /PP[ 1TPWO ]P[]P^PY_^ L_ _SP _TXP XLYVTYOv^ OPP[P^_Z[_TNLWaTPbZQ_SP`YTaP]^P7TRS_]PNPTaPOQ]ZXLYZMUPN_MTW WTZY WTRS_dPL]^ LbLd SL^ MPPY XZaTYR _S]Z`RS ^[LNP QZ] MTWWTZY dPL]^ ?ST^ XPLY^ _SL_ [L]_^ ZQ _SP 3`MMWP /PP[ 1TPWO TXLRP L]P N]PL_PO Md _SP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4Y_SPXd_SZWZRdZQ_SP;`]£©L^_SPbZ]O aTX£YL TY YL`aTX£YLaTOd£ wL]_ZQM`TWO TYR ^ST[^ LYO aTX£YL^x OPYZ_P^ L [LWLNP _SL_ QWZL_^ _S]Z`RS _SP LT] ^_PP]PO Md _SP _SZ`RS_^ ZQ L RZO ]P^TOTYR TY T_ AP]d NZXXZYWd 4YOTLY^ []Z`OWd [ZTY_ Z`_ _SL_ LT] [WLYP^^[LNP^ST[^bP]PVYZbY_Z_SPT]N`W_`]PQL]MLNVTYLY_T\`T_d BTWSPWX3LWMQL^^ 4YOTPY`YO0`]Z[L -L^PW%>NSbLMP$#"#z"$ bbbLST^_LNZXOa_aPONSLY_S_XW LNNP^^PO>P[_PXMP]
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_PWP^NZ[P L[[L]L_`^ MPTYR ST_ Md [SZ_ZY^ PXT__PO L_ PWPXPY_L]d []ZNP^^P^ _SL__ZZV[WLNPzMTWWTZYdPL]^LRZx
BSL_ OZP^ _ST^ SLaP _Z OZ bT_S APOTN XLY_]L^* 4Y []PNT^PWd _SP ^LXP bLd _SL_ _SP 9,>, [SZ_ZR]L[S OP[TN_^ L NP]_LTY ^_L_P ZQ LQQLT]^ _SL_ PcT^_POMTWWTZY^ZQdPL]^LRZPaP]d]PNT_L_TZYZQ_SPAPOLT^LW^Z^ZXP _STYRLVTY_Z_SP[WLdMLNVZQLYL`OTZ]PNZ]OTYRbSZ^P^Z`YOTYQZ]XL _TZY]PLNSP^MLNVTY_Z_SPPL]WdST^_Z]dZQ_SP`YTaP]^P1Z]TQPaPY^TX [WP [SZ_ZY^ NLY _]LaPW `YSTYOP]PO _S]Z`RS _SP `YTaP]^P QZ] MTWWTZY^ ZQ dPL]^bSd^SZ`WOAPOTNXLY_]L^YZ_MPLMWP_ZOZ_SP^LXP*?SP]PQZ]P _SP_Pc_NZY_TY`P^TYPc_]LWL]RPWP__P]^% wAPOTN 8LY_]L^ L]P Q]ZX _SP MPRTYYTYR ZQ ?TXP []TZ] _Z -TR -LYR >Z`YO^L^aTM]L_TZY^SLaPNZXPOZbY`YNSLYRPOQ]ZXZ]TRTYZQN]PL_TZYx
?SPTX[Z^TYR _Pc_T^ LN_`LWWd_]dTYR _Z ^`RRP^__SPQZWWZbTYR% _SP]LOTZ bLaP^ PXLYL_TYR Q]ZX _SP -TR -LYR bP]P YZ_ L VTYO ZQ NSLZ_TN bST_P YZT^P L^ BP^_P]Y [Sd^TNT^_^ WTVP _Z _STYV M`_ TY^_PLO _SPd ^Z`YOPO PcLN_WdWTVPAPOTNXLY_]L^^`NSL^_SP ;`]`´L>¼V_L >ZPaP]dZYPZQ_SPAPOTN´T^bSZLNNZ]OTYR_Z_SP_]LOT_TZYLWTY _P][]P_L_TZYw^Lbx_SPAPOLbL^TY]PLWT_dLVTYOZQ3`MMWP]LOTZ?SP ZWO TOPL _SL_ _SP APOL SL^ YZ MPRTYYTYR SLaTYR LWbLd^ PcT^_PO LYO _SL_ _SP bZ]WO TY QLN_ PXLYL_PO Q]ZX _SP APOL []ZaTOP^ L [L__P]Y ZQ [WL`^TMTWT_dbT_SbSZ^PSPW[XZOP]YBP^_P]YYZ_TZY^ZQ_TXPLYOMPTYR bSTNSL]P]L_SP]QLY_L^_TNLWNLYMP_]LY^WL_POLYOTY_PR]L_POTY_ZZYPv^ ZbYXPY_LWbZ]WO , ^_TWW XZ]P NZX[WPc NZYNP[_ ZQ w4YOTQTNL_TZYx SL^ MPPY []Z[Z^PO Md8LSL]T^ST8LSP^SDZRT9Z_ZYWdOZP^_SPQZ]XP]-PL_WP^R`]`bLY_ _Z _]LY^WL_P TOPL^ ZQ BP^_P]Y ^NTPYNP TY_Z ST^ ZbY N`W_`]P M`_ LW^Z SP ^PPV^ _Z ^ZWaP []ZMWPX^ ZQ _SP BP^_P]Y ^NTPY_TQTN _]LOT_TZY Q]ZX LY 4Y OTLY^_LYO[ZTY_3T^_SP^P^NWLTX_]LY^N`W_`]LWT_dLYOSLaPz]PaPLWTYRWd zLW^Z QZ`YO ^`[[Z]_P]^TY _SP BP^_ ,NNZ]OTYR_Z8LSL]T^ST_SP APOL T^_SPZWOP^_S`XLYXPXZ]dLYOL^^`NSOZN`XPY_^Q`YOLXPY_LWYL_` ]LWWLb^ZQMPTYRLYOZQ_SPNZY^NTZ`^YP^^3P]PQP]^ZY_SPZYPSLYO_Z _SP SZ[PO QZ] w`YTQTPO QTPWO _SPZ]dx ZQ XZOP]Y [Sd^TN^ LYO ZY _SP Z_SP]SLYO_Z_SPNZY^NTZ`^YP^^[STWZ^Z[SdZQ_SP,OaLT_LAPO£Y_L?Z STX _SP APOTN XLY_]L^ L]P YZ_ ZYWd ^NTPY_TQTNLWWd NZY^T^_PY_ QZ]X`WL _TZY^ ZQ `YTaP]^LW WLb^ M`_ L^ ^Z`YO _SPd L]P LW^Z []TXPaLW aTM]L_TZY^ bSTNSNLYMP`^POQZ]PcLX[WP_Z]PWPL^P[P]^ZYLWXPY_LW_PY^TZY^LYO PaPY _Z ZaP]NZXP NZWWPN_TaP XTWT_L]d NZYQWTN_^ ^TYNP _SPd M]TYR _SP bZ]WOLYOS`XLYVTYOMLNVTY_ZSL]XZYTZ`^]P^ZYLYNPbT_S_SP[]TXZ] OTLWbZ]WONZY^NTZ`^YP^^zbSTNS8LSL]T^STNZY^TOP]^_ZMPNZX[WP_PWd [LNTQT^_4YST^TY_P][]P_L_TZY_SPaPYP]LMWPAPOL_Pc_MPNZXP^LYL_`]LW WLb T_^PWQ LYO _SP WPRPYOL]d APOTN ^PP]^ L[[PL] _]LY^QZ]XPO TY_Z XZO P]Y^NTPY_T^_^%
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
wm _SP NZX[WP_P VYZbWPORP ZQ _SP ^PWQ]PQP]]LW OdYLXTN^ ZQ _SP QTPWO ZQ [`]P NZY^NTZ`^YP^^ T^ LaLTWLMWP TY _SP XZ^_ LYNTPY_ ]PNZ]O ZQ VYZbWPORP =V APOL LYO _SP APOTN 7T_P]L_`]P =V APOL LYO _SP APOTN 7T_P]L_`]P OT^ [WLd _SP uQW`N_`L_TZY^v ZQ _SP @YTQTPO 1TPWO ZQ [`]P NZY^NTZ`^YP^^ bSTNS L]P^[ZY_LYPZ`^WdRPYP]L_POQ]ZX_SP^PWQ]PQP]]LWTX[`W^P^A]T__T^ZQ_SP TY_PWWTRPYNP ZQ _SP @YTQTPO 1TPWO bT_STY T_^PWQ m 4Y APOTN 7LYR`LRP _SP @YTQTPO 1TPWO ZQ 9L_`]LW 7Lb T^ NLWWPO >,834?, F( NZWWPN_TZY ZQ APOTN _Pc_^H_SPZM^P]aP]T^NLWWPO=4>34F(APOTN^PP]Hx
?SPXd_SZRPYTN[ZbP]ZQ_SPAPOLbL^L[[L]PY_Wd^ZR]PL__SL_T_PaPY O]Pb BP^_P]Y ]PNT[TPY_^ `YOP] T_^ ^[PWW ?SP QZWWZbTYR BP^_P]Y ]PNP[ _TZY^ TWW`^_]L_P aP]d bPWW _SP OTQQP]PYNP Q]ZX 4YOTLY ]PNP[_TZY 8LSL] T^ST [Z^_`WL_P^ L NZWWPN_TaP SZXPZ^_L_TN Z]TRTYLW NZY^NTZ`^YP^^ LYO LM^_]LN_ aTM]L_TZY^ _SL_ L]P YZ_ PaPY XPL^`]LMWP LYO LNNPY_`L_P^ _]LY ^NPYOPYNd -d NZY_]L^_ BP^_P]Y ]PNT[TPY_^ _SP ZYP^ YZ_ TYaZWaPO TY _SPXZOP]Y P^Z_P]TN ^`MN`W_`]P^PL]NSQZ] TY_PR]L_TZY TY_ZL WTYPL]NZW WPN_TaP ^Z_P]TZWZRd bSTNS LWbLd^ Pc[]P^^P^ T_^PWQ TY [Sd^TNLW ]P[]P^PY _L_TaP^zQ]ZXN`W_`]LW[ZWTNd[]ZR]LX^_Z^V`WW^SL[P^LYO^VTYNZWZ]^ ^`NSL^TY_SP,]dLYXd_S_SL_NZXP^Q]ZX_SPAPOL :Q NZ`]^P TY _SP BP^_ _SP ^PL]NS QZ] L [Sd^TNLW Z]TRTYLW OZN`XPY_ RTaTYR XPLYTYR _Z S`XLY PcT^_PYNP WTVP _SP APOL OZP^ QZ] 8LSL]T^ST T^ YZ_ `YVYZbY ?STYV ZQ ,_WLY_T^ LYO _SP 8LdLY _PX[WP^ ZQ _SP AZY /ÆYTVPY`QZWZRT^_^ NZY^TOP]PO Md _SPX L^ LYNTPY_ LWTPY ^[LNP[Z]_^ z M`_ _SL_ T^ ^`MN`W_`]P BSL_ T^ XZ]P NSL]LN_P]T^_TN ZQ _SP BP^_ T^ _SL_ ZYP OZP^ YZ_ WPLY MLNV NZXQZ]_LMWd TY ZYPv^ Xd^_TN ]ZNVTYRNSLT] M`_ TY^_PLO_LNVWP^_SPNSLWWPYRP^ZQ]PLWT_dSPLOZYzZYNPZYPSL^OPNTOPO bSL_ _SL_ LN_`LWWd T^ 4Y NZY_]L^_ _Z P^Z_P]TN XZaPXPY_^ ^NTPYNPML^PO _STYVTYR `^TYR ^NTPY_TQTN OT^NZaP]TP^ OZP^ YZ_ ^Z X`NS QZ]X`WL_P ]P_]Z ^[PN_TaP XPLYTYR^ ZQ S`XLY PcT^_PYNP M`_ TY^_PLO LWbLd^ NZXP^ `[ bT_S YPb []Z^[PN_^ QZ] [Z^^TMWP []ZR]P^^ =PRL]OTYR _SP APOL _SP TY _P]P^_ZQPL]WTP]LRP^ZQ ^NTPYNPTY T_^ WT_P]L_`]P^ ^SZ`WOMPaTPbPONZY _TY`Z`^Wd TY _SP WTRS_ ZQ ZYP [L]_TN`WL] OT^NZaP]d ?ST^ bL^ _SP QTYOTYR L__SPPYOZQ_SPPTRS_PPY_SNPY_`]d_SL_>LY^V]T_bL^Pc_]PXPWdNWZ^PWd ]PWL_PO_Z0`]Z[PLYWLYR`LRP^LYOP^[PNTLWWd_Z_SPNWL^^TNLWWLYR`LRP^ 7L_TYLYO2]PPV?ST^XPLY__SL_0`]Z[PLY^LYO4YOTLY^^`OOPYWdSLOL NZXXZY ST^_Z]d LYO _S`^ L NZXXZY TOPY_T_d ?SP APOL _SP ]PWTRTZ`^ []ZO`N_^ ZQ L >Z`_S,^TLY NZWZYd _SL_ SLO YZ_ MPPY [LTO aP]d X`NS L__PY_TZY `Y_TW _SPY bL^ ^`OOPYWd _SP XZ^_ TX[Z]_LY_ OZN`XPY_ ZQ LY TYOP[PYOPY_ZaP]LWW]PWTRTZYZQ_SP4YOZ0`]Z[PLY^_SL_bL^_ZMP]P N]PL_POL]PWTRTZY_SL_OTOYZ_SLaP_Z]PQP]_Z_SP>PXT_TNZ]>PXT_TN ML^PO ]PWTRTZY^ 5`OLT^X LYO .S]T^_TLYT_d z LYO _ST^ bL^ ]PQ]P^STYRWd bPWNZXP_ZTY_PWWPN_`LW^ZQ_SP_TXPbSZbP]P_T]POZQ.S]T^_TLYT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ S__[%T^_[[Z]RXTWT_L]dJ^NTPYNPQT]^_JTYaTYNTMWPJOPQPY^PJ[$S_XW LNNP^^PO 9ZaPX MP]
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
,_LWXZ^__SP^LXP_TXP_SP_]LY^WL_TZYZQ_SPAPOTN_Pc_^MPRLYTY 0`]Z[PL__SPPYOZQ_SPPTRS_PPY_SNPY_`]dbT_S_SP@[LYT´LO^ bSTNS MPNLXP ZYP ZQ _SP XLUZ] ^Z`]NP^ ZQ _SP 2P]XLY =ZXLY_TN^v R`^STYR PY_S`^TL^X QZ] 4YOTL ?SPd ^Lb 4YOTL L^ L _d[P ZQ Z]TRTYLW ;L]LOT^P QZ] XLYVTYO LYO []P^PY_PO 4YOTLY WT_P]L_`]P L^ LY wZ]TRTYLW QZ`Y_x ZQ bT^ OZX ZWOP] LYO XZ]P NZX[WP_P _SLY _SP bT^OZX ZQ _SP LYNTPY_ 0Rd[ _TLY^ LYO LYNTPY_ 2]PPV^ ZQ bSTNS ZYWd Q]LRXPY_^ SLO ^`]aTaPO 4Q 4YOTLbL^^[ZVPYZQL^LwN]LOWPZQS`XLYVTYOx_ST^bL^SZbPaP]YZ_ []TXL]TWd L ST^_Z]TNLW ^_L_PXPY_ M`_ TY^_PLO L [STWZ^Z[STNLW ]PQWPN_TZY ZQ_SP_PLNSTYRZQ`YT_dQZ`YOTY_SP@[LYT´LO^?Z_SP=ZXLY_TN^4YOTL bL^ []TXL]TWd L []TXPaLW ^[T]T_`LW SZXP 4Y _SPT] N`W_`]LW N]T_TNT^X _ST^ bL^LYLW_P]YL_TaPbZ]WOL[L]LOT^PZQSL]XZYdLYO`YT_dMP_bPPYRZO S`XLY^ LYO _SP bZ]WO L `YT_d _SL_ _SPd MPWTPaPO SLO MPPY WZ^_ TY _SP wNZWOx_PNSYZN]L_TN,RPZQ_SP0YWTRS_PYXPY_ ?ZOLdv^ []PaLTWTYR ^NTPY_TQTN TXLRP ZQ _SP APOL ^_L]_PO TY _SP XTO YTYP_PPY_SNPY_`]dbT_S8Lc8ÞWWP]v^POT_TZYZQ_SP RaPOL ?ST^RLaP LNNP^^ _Z L NZX[WP_P ]PWTRTZ`^ _Pc_ ZQ XL]aPWWZ`^ LY_T\`T_d LYO YL_` ]LWWdT_bL^L^PY^L_TZYQZ]BP^_P]Y^NSZWL]^8Lc8ÞWWP]PaPY_SZ`RS_ _SL_ TY _ST^ ZWOP^_ APOTN _Pc_ SP SLO OT^NZaP]PO SL]O LYO QL^_ PaTOPYNP ZQL NZXXZY[]TXPaLW]PWTRTZYZQ_SP4YOTLY^LYO0`]Z[PLY^z ^`NSL^ _SPNZXXZYRZOw1L_SP]3PLaPYxZ]w/dL`´[T_xTY >LY^V]T_ w/TZ^[L _P]x TY2]PPVLYO w5`[T_P]xTY7L_TY 3P NLWWPO _ST^_SPQTYOZQ _SPNPY _`]dNZYNP]YTYR_SPLYNTPY_ST^_Z]dZQS`XLYT_d?ST^T^bSP]P _SPLNL OPXTN APOL Xd_S ZQ _SP BP^_ MPRTY^ 8ÞWWP] ^_TWW [L]_TNT[L_PO TY _SP =ZXLY_TN^v [`]PWd N`W_`]LW [STWZ^Z[STNLW PY_S`^TL^X QZ] 4YOTL TY ST^ NZY^TOP]L_TZY^ ZQ _SP Z]TRTYLW 4YOZ0`]Z[PLY ]PWTRTZY -`_ SP LW^Z LOOPOLNZX[ZYPY_NZYNP]YTYR_SPST^_Z]dZQNTaTWTeL_TZYbSTNSbL^_Z SLaP Pc_]PXPWd TX[Z]_LY_ PQQPN_^ ZY ST^_Z]d ,NNZ]OTYR _Z STX _ST^ ZWOP^_ _Pc_ TY 3TYO`T^X ]PNZ]O^ _SP QT]^_ NZWZYTLWTeL_TZY ZQ 4YOTL Md MPTYR^NLWWPO_SP¢]dL^(,]dLY^_SPwYZMWP[PZ[WPx !3PTY_P][]P_PO _SP Q]P\`PY_ Xd_STNLW ML__WP ^NPYP^ _SL_ NSL]LN_P]TeP _SP _Pc_ L^ L _]`P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y _SP 7L_TY _]LY^WL_TZY ZQ _SP :`[PVSYL_ _SP ;P]^TLY aP]^TZY ZQ _SP @[LYT´LO^ Md ,Y\`P_TW/`[P]]ZYTY_SPdPL]"#! >Z ^Ld^ 1 8LUP] ""z## bSZ LNNZ]OTYR _Z B 3LWMQL^^ 4YOTPY `YO 0`]Z[L $ LN_PO L^ L XLUZ] NL_LWd^_ QZ] _SP =ZXLY_TN PY_S`^TL^X QZ] 4YOTL LYO LXZYR^_ Z_SP]_STYR^NZY_]TM`_PO_Z>NSZ[PYSL`P]v^TY_P]P^_TY_SP@[LYT´LO^ .QZY8ÞWWP]_SPWTYR`T^_L^w[]PLNSP]LYO_SPZWZRTLYx3LY^6T[[PYMP]R /TP0Y_OP NV`YROP]=PWTRTZY^RP^NSTNS_P 8ÞYNSPY%-PNV$$"!z" ! ?SP bZ]O £]dL T^ []ZMLMWd _Z MP OP]TaPO Q]ZX APOTN >LY^V]T_ L]Ï wSZ^[T_LMWP [P] ^ZYx ^PP LW^Z ;L`W ?STPXP /P] 1]PXOWTYR TX =TRaPOL 9PYOPWY% 6]L`^ $!! 4Y WL_P]>LY^V]T_T_XPLY^^ZXP_STYRWTVPwYZMWPxwaT]_`Z`^xwSZYP^_xP^[PNTLWWd`^PO QZ]YZMWPXPY4Y-`OOST^__P]XTYZWZRdT_T^LYLOO]P^^QZ]LYd]P[PN_LMWP[P]^ZYLYO NLY PaPY MP L__LNSPO _Z LM^_]LN_ YZ`Y^ bSP]P T_ ^TX[Wd ^TRYTQTP^ wRZZO PcNPWWPY_x PR £]d£´¶LX£]RL (w_SPPcNPWWPY_PTRS_QZWO[L_Sx
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
OP^N]T[_TZY ZQ L ML__WP MP_bPPY _SP ^`[P]TZ] TY _P]X^ ZQ NTaTWTeL_TZY ,]dLY NZWZYTLW XL^_P]^ LYO _SP YPR]ZTO YL_TaP [Z[`WL_TZY ZQ _SP WLYO .ZY_PX[Z]L]d 3TYO` N]T_TN^ SLaP LNN`^PO 8ÞWWP] ZQ QZ]X`WL_TYR ST^ _SP^P^ bT_S _SP LTX ZQ RTaTYR TOPZWZRTNLW WPRT_TXLNd _Z -]T_T^S NZWZYTLW ]`WPTY4YOTL?ST^XLdMP_]`PZQWL_P]OPaPWZ[XPY_^ZQST^_SPZ]TP^M`_ 8ÞWWP] STX^PWQ bL^ YZ_ R`TW_d ZQ _ST^ -L^TNLWWd 8Lc 8ÞWWP] SLO L X`NS R]PL_P] aT^TZY% _SP ]P`YTQTNL_TZY ZQ 4YOTLY LYO 0`]Z[PLY ,]dLY^ L^ _SP [TYYLNWP ZQ L RWZMLW S`XLY OPaPWZ[XPY_ LYO L^ _SP ]P^_Z]L_TZY LYO^TX`W_LYPZ`^]PQZ]XPO]PNZXXPYNPXPY_ZQL`YTaP]^LWXZYZ_SPT^ _TN ]PWTRTZY 4Y ST^ L]XNSLT] TY :cQZ]O TY _SP dPL] #" SP O]PLXPO ZQ ST^YPbAPOLXd_SLYONZY_PX[WL_PObT_SPY_S`^TL^X% wm SZb _SP OP^NPYOLY_^ ZQ _SP ^LXP ]LNP _Z bSTNS _SP QT]^_ NZY\`P]Z]^ LYO XL^_P]^ ZQ 4YOTL MPWZYRPO ]P_`]Y m _Z LNNZX[WT^S _SP RWZ]TZ`^ bZ]V ZQNTaTWT^L_TZYbSTNSSL^MPPYWPQ_`YQTYT^SPOMd_SPT],]TLYM]P_S]PYx "
?ST^ Xd_S ZQ 8Lc 8ÞWWP]v^ bL^ LN_`LWWd L S`XLYT^_TN ZYP M`_ T_ ^ZZY _`]YPOOPNTOPOWdTYS`XLY #?ST^bL^LOPaPWZ[XPY__SL_8ÞWWP]_]TPO_Z NZ`Y_P]LN_ M`_ bSTNS SP NZ`WO YZ WZYRP] []PaPY_ ?SP YZMWP ,]dLY^ bP]P _]LY^X`_PO TY_Z L MTZWZRTNLW w]LNPx LYO _SPT] YZMTWT_d MPNLXP L N]`OP YZ_TZY ZQ MPTYR _SP wbTYYP]^x 7ZYR MPQZ]P _SP 9LeT^ [`_ _ST^ TOPL TY_Z [ZWT_TNLW []LN_TNP TY # $ _SP >bT^^ WTYR`T^_ ,OZW[SP ;TN_P_ OP^N]TMPO_ST^^[PNTQTN[]Z^[PN_ZQ[]ZR]P^^zbSTNS_ZOLdbPL]PYZ_^Z NZXQZ]_LMWPbT_SLYdXZ]PzbT_S_SPbZ]O^% w4Y L []PST^_Z]TN P]L WZ^_ TY _SP XT^_^ ZQ _TXP L bSZWP ]LNP OP^_TYPO Md ;]ZaTOPYNP _Z ]PTRY ZYP OLd ^`[]PXP ZaP] _SP PY_T]P PL]_S bL^ ^WZbWd R]ZbTYRTY_SP[]TXPaLWN]LOWPTYbSTNST_bL^[]P[L]TYRQZ]LM]TWWTLY_Q` _`]Pm1LaZ]POLXZYRLWWZ_SP]^Md_SPMPL`_dZQT_^MWZZOmx $
?SP 0`]Z[PLY^ ZQ _SP _TXP XLd SLaP MPPY OPWTRS_PO Md ^`NS YZ_TZY^ M`_QZ]_SP4YOTLY^_SPdbP]POT^L^_]Z`^QZ]TYMZ_SLYNTPY_LYOXZOP]Y 4YOTL_SPAPOLSL^LWbLd^MPPYL^dXMZWZQN`W_`]LWTY_PR]L_TZY ?SP ^ZWP ^TRYTQTNLY_ L__PX[_ L_ NZY^_]`N_TYR LY w,]dLY ]LNT^Xx bT_STY4YOTLNLXP]PaPLWTYRWdQ]ZX_SPOPNTOPOWd[]Z0YRWT^STY_PWWPN _`LW^ TY -PYRLW LYO XZ]P TX[Z]_LY_Wd TY .LWN`__L bSP]P _SP -]T_T^S 0L^_4YOTL.ZX[LYdbL^SPLO\`L]_P]PO1Z]PcLX[WPPaPY_SP-PYRLWT [ZP_ -LYVTX .SLYO]L .SL__P]UT ##z#$ _SP L`_SZ] ZQ _SP 4YOTLY wYL_TZYLW ^ZYRx ALYOP8£_L]LX NWLTXPO _SP PcT^_PYNP ZQ L NTaTWTeTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 1]TPO]TNS 8Lc 8ÞWWP] w:Y _SP ]PWL_TZY ZQ _SP -PYRLWT _Z _SP ,]TLY LYO LMZ]TRTYLW WLYR`LRP^ ZQ 4YOTLx =P[Z]_ ZQ _SP -]T_T^S ,^^ZNTL_TZY QZ] _SP ,OaLYNPXPY_ ZQ >NT PYNP #"%$ #:Y_SP^`MUPN_ZQNSLYRPTY4YOTL]PNP[_TZY^PPLW^Z_SPNZX[PWWTYR^_`OdZQ?SZXL^ =?]L`_XLYY ,]dLY^LYO-]T_T^S4YOTL 9Pb/PWST%DZOL;]P^^! $ ,OZW[SP ;TN_P_ 7P^ Z]TRTYP^ TYOZP`]Z[ËPYYP^ Z` WP^ ,]dL^ []TXT_TQ^ # $ " z " \`Z_PO Md 8TNSPW /LYTYZ LYO >`UL_L 9LSL] ?SP 4YaL^TZY _SL_ YPaP] bL^ 8d ^Z]P%8T]L,OT_T.PY_]P
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
^`[P]TZ]T_dZQ_SP -PYRLWT^ LYO_SP -]T_T^SZaP]Z_SP]YL_TZY^ML^POZY _SP TYQW`c ZQ w,]dLY MWZZOx& _ST^ QZWWZbPO _SP BP^_P]Y [L__P]Y NZX [WP_PWd ?SP b]T_P] >LaT_]T /PaT LWTL^ 8LcTXTLYT ;Z]_L^ $ z$# bSZ LW^Z WTaPO LYO bZ]VPO TY .LWN`__L N]PL_PO L ]PLW Q`^TZY ZQ 9LeT TOPZWZRd LYO 4YOTLYXd^_TNT^XbT_SSP]w,]dLY]PWTRTZYZQ_SP^`YxLYO SP] ]PWTRTZ`^ bZ]^ST[ ZQ 3T_WP] L^ _SP TYNL]YL_TZY ZQ AT´©` LYO T_ T^ aP]d [Z[`WL] _ZOLd TY ]LNT^_ NT]NWP^ TY _SP BP^_ 3ZbPaP] YPT_SP] ZQ _SP^P L[[]ZLNSP^ NZ`WO SLaP OP_P]XTYPO _SP [L_S _LVPY Md 4YOTLY OT^ NZ`]^PBSPY_SP_P]Xw,]dLYxT^`^POYZbLOLd^T_T^XZ^_WdMd8L]c T^_Z]^P[L]L_T^_R]Z`[^bSZ`^PT_TYLYPcNW`^TaPWd[PUZ]L_TaP^PY^PL^ LY TY^`W_ _Z _SP -]LSXTY^ 1Z] PcLX[WP WPQ_bTYR TY_PWWPN_`LW^ ^`NS L^ _SP /LWT_ LN_TaT^_ 6LYNSL 4WLTLS LN_`LWWd P\`L_P w,]dLYT^Xx -]LSXLY T^XLYOQL^NT^XbSPY_SPdL__LNV_SPNL^_P^d^_PXL^L_ZZWZQ_SPw,] dLY]LNPxL^[L]_ZQ_SPT]Q`YOLXPY_LWN]T_TNT^XZQ_SPw^[T]T_`LWQL^NT^_ N`W_x ZQ 3TYO`T^X ?SPd NWLTX _SL_ _SP w,]dLY ]LNPx SLO TYaPY_PO _ST^ _ZZW TY Z]OP] _Z QZ]NP _SP TYOTRPYZ`^ YZY,]dLY ]LNP ZQ _SP £WT_ MLS`ULY L>LY^V]T_YPZWZRT^XQZ]w^`[[]P^^POXL^^P^x`YOP]_SPdZVP ZQ Pc[WZT_L_TZY ?ST^ ^[PNTLW Q`^TZY ZQ QZ]XP] LNLOPXTN _SPZ]d LYO _SP _SPZ]d ZQ NWL^^ ^_]`RRWP []Z[LRL_PO Md _SP 8L]cT^_^ bSZ L]P aP]d [Z[`WL] TY 4YOTL PaPY _ZOLd NLXP _Z OZXTYL_P _ZOLdv^ 4YOTLY `YOP] ^_LYOTYRZQ_SP,]dLY0aPY_SPTY_PWWPN_`LW^TY_SP]TRS_bTYRYL_TZYLW T^_TN 3TYO`_aL XZaPXPY_ L]P YZ_ LMWP YZbLOLd^ _Z ^\`PPeP Z`_ LYd XZ]P N]`XM^ ZQ [L_]TZ_TN PY_S`^TL^X Q]ZX _SP wYZMWPx OP^NPY_ ZQ _SP 4YOTLY^ ?SPd YZ WZYRP] ^PP _SP bSZWP Sd[Z_SP^T^ ZQ _SP w,]dLY TYaL ^TZYxL^L^P]TZ`^LNLOPXTN_SPZ]dTY^_PLO_]LNTYRT_MLNVL^LNZY^[T] LNd_SPZ]d_Z^TYT^_P]TY_]TR`PZY_SP[L]_ZQ_SPQZ]XP]-]T_T^SNZWZYTLW XL^_P]^bSZL]P^LTO_ZSLaPNZXP`[bT_S_SPYZ_TZYTYZ]OP]_Z^[WTY _P] _SP w3TYO` YL_TZYx QZWWZbTYR _SP XZ__Z wOTaTOP LYO ]`WPx TY_Z _SP LMZaPXPY_TZYPO R]Z`[^ ZQ w,]dLY^x LYO wYZY,]dLY^x ^Z _SL_ _SPd NZ`WONZY_]ZW_SPXXZ]PPL^TWd?PWWTYRWdzL[L]_Q]ZX_SPOPXLYO_SL_ 8`^WTX ]`WP TY 4YOTL ^SZ`WO MP ]P[]P^PY_PO L^ LY ZNN`[L_TZY ZQ _SP NZ`Y_]d z T_ T^ _SP OPXLYO _SL_ _SP w,]dLY^x MP ]PXZaPO Q]ZX 4YOTLY ^NSZZWMZZV^ bSTNS T^ XZ^_ aPSPXPY_Wd [`]^`PO Md _SP ]TRS_bTYR YL _TZYLWT^_Q]LN_TZYZQw]PaT^TZYT^_xST^_Z]TLY^TYLN`]]PY_Wd]LRTYROPML_P ZY_SP^`MUPN_ ,WWTYLWWNTaTWTeTYROPaPWZ[XPY_TY_SP-]LSXLYTN>LY^V]T_3TYO` T^XbL^YPaP]^PPYL^_SP]P^`W_ZQNZYQWTN_^M`_LWbLd^L^_SP[]ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y_SP[ZWT_TNLWWdPc[WZ^TaP^`MUPN_ZQ,]dLY^LYO/]LaTOTLY^_SP]PL]PLWZ_ZQbPM ^T_P^ZY_SPTY_P]YP_>PPLW^Z8TNSLPW-P]R`YOP]LYO=LS`W;/L^PO^ w,]TP]x`YO w/]LaTOPYx 3LWWP%AP]WLROP]1]LYNVP^NSPY>_TQ_`YRPY&5ZSLYYP^-]ZYVSZ]^_ LYO 8LOSaLa 8 /P^S[LYOP PO^ ,]dLY LYO 9ZY,]dLY TY >Z`_S ,^TL% 0aTOPYNP 4Y_P][]P_L_TZYLYO4OPZWZRd .ZW`XMTL >Z`_S,^TL-ZZV^$$$&LYO_SP[]PQLNPTY ?]L`_XLYY ,]dLY^LYO-]T_T^S4YOTL
?SPAPOLL^.`W_`]LW8PXZ]d%0_P]YLW6YZbWPORPLYO_SP0aP]1]P^SAPOL^
"
ZQ L ^dY_SP^T^ 9Z -]LSXTY NZ`WO TOPY_TQd bT_S _SP 0`]Z[PLY NZY^_]`N_ ZQ _SP wXL^_P]]LNPx 4Q _SP BP^_P]Y ,]dLY _SPZ]d bL^ LOZ[_PO Md LYd -]LSXLYTN L`_SZ]^ T_ bL^ LWXZ^_ LWbLd^ TY L SL]XZYTeTYR ]P TY_P][]P_L_TZY 1Z] PcLX[WP TY _SP NL^P ZQ _SP >Z`_SP]Y 4YOTLY LYO NZY^P\`PY_Wd /]LaTOTLY Pc[P]_ ZY Xd_SZWZRd AP__LX 8LYT _SP Z]TRT YLW /]LaTOTLY TYSLMT_LY_^ L[[PL] L^ wM]LaP LYO N`W_TaL_POx PYPXTP^ ZQ _SP ¢]dL^ bSZ^P \`LWT_TP^ L]P ^ZZY ]PNZRYTePO Md _SP TYaLOP]^ ?SP QZ]XP] PYPXTP^ YZb Pc_PYO _SPT] SLYO^ _Z ZYP Z_SP] MPRTY _Z WPL]Y Q]ZX ZYP LYZ_SP] LYO QTYLWWd M`TWO UZTY_Wd _SP QZ`YOL_TZY ZQ _SP wR]PL_ 3TYO` NTaTWTeL_TZYx 3P]P ZYP NLY ^PP LRLTY aP]d NWPL]Wd SZb _SP 4Y OTLY XPY_LWT_d bZ]V^% _SP _Z_LWT_L]TLY NZYNP[_ ZQ SLXXP]TYR L XZYZ WT_STN`YT_dTY_Z[WLNPzbSP_SP]MdXPLY^ZQ_SPaTN_Z]TZ`^[ZbP]ZQL ^`[P]TZ] TOPL Z] ^TX[Wd Md M]`_P QZ]NP z bZ`WO SZ]]TQd -]LSXLYTNLWWd ^ZNTLWTePO4YOTLY^BPNLY^PPQ]ZX_SP]PNPY_OT^NZ`]^PZY_SPN`W_`]LW _P]X wAPOTN NTaTWTeL_TZYx _SL_ T_ T^ []TXL]TWd _SP OTaP]^T_d ZQ _SP P_SYTN R]Z`[^ WLYR`LRP^ LYO ]PWTRTZY^ _SL_ L]P TY_PR]L_PO TY_Z _ST^ N`W_`]P bSTNS XLVP _SP 3TYO` NTaTWTeL_TZY L^ wR]PL_x L^ T_ T^ ?ST^ [L]_TN`WL] _SZ`RS_T^QZ`YOYLXPWdYZ_ZYWdbT_SNZXQZ]_LMWPNZY_PX[Z]L]TP^^`NS L^ AP__LX 8LYT M`_ ^_TWW NSL]LN_P]TeP^ _Z L NP]_LTY Pc_PY_ _SP b]T_TYR^ ZQ_SPXZ^_w]LMTOx3TYO`_aLYL_TZYLWT^_^-`_TYQLN__ST^RTaP^]T^P_Z LOPP[TY_P]YLWNZY_]LOTN_TZYTYYL_TZYLWT^_OT^NZ`]^P>_]TN_Wd^[PLVTYR _SP P_SYZYL_TZYLWT^X ZQ R]Z`[^ ^`NS L^ _SP =>>_STYVP]^ bSTNS Pc NW`OP^ YZY4YOTLY P_SYTN R]Z`[^ T^ TYNZX[L_TMWP bT_S _SP TY_PR]L_TaP APOL TOPY_T_d _SL_ T^ WTVPbT^P NWLTXPO _Z PcT^_ Md XLYd Z_SP] 3TYO`_aL []Z[ZYPY_^?SPdP\`L_P3TYO`T^XbT_SP_SYTN[LRLYT^XLYOQPPW_SPX ^PWaP^_ZMPM]Z_SP]^TY^[T]T_LWZYRbT_S,XP]TNLY4YOTLY^LYO8LZ]T^ QZ]PcLX[WP?SPdO]LbL^SL][OT^_TYN_TZYMP_bPPY_SPX^PWaP^LYO_SP XT^^TZYTeTYR wLRR]P^^TaPx ]PWTRTZY^ ZQ .S]T^_TLYT_d LYO 4^WLX bSTNS OP^_]ZdPO _SP [PLNPQ`W YL_`]LW ^_L_P ZQ _SP P_SYTN ]PWTRTZ^T_d LYO NZY _TY`P_ZOZ^Z?SPd^PP3TYO`T^X^Z_Z^[PLVL^_SPYL_`]LW]PWTRTZ^T_d ZQ LWW S`XLYMPTYR^YZ_ZYWd_SL_ZQ_SP4YOTLY^,YO_SL_T^YZbZYNP LRLTY _SP LTX ZQ L bZ]WO N`W_`]P L^ T_ T^ OP]TaPO LRLTY LYO LRLTY Q]ZX _SP APOL TY XZOP]Y _TXP^ ^`NS L^ TY _SP XZ__Z ZQ _SP ¢]dL>LX£U w,]dLY>ZNTP_dx% V©aLY_ZaT²aLX£]dLX zw8LVP_SPbZ]WOYZMWPx ,^_ZZMUPN_TaP^_`OdOZ`M_SL^]PNPY_WdMPPYPc[]P^^PONZYNP]YTYR _SP,]dLYTYaL^TZY_SPZ]d?SP]PL]PSPL_POOPML_P^MP_bPPY^`[[Z]_P]^ ZQ _SP ZWO _PLNSTYR TY L bL_P]POOZbY aP]^TZY LYO LNLOPXTN^ XZ^_Wd L]NSPZWZRT^_^ bSZ bLY_ _Z _S]Zb _SP _SPZ]d ZaP]MZL]O WZNV ^_ZNV LYO ML]]PW ,^ NLY MP TXLRTYPO _ST^ NZYQWTN_ bT_STY 4YOTLY LNLOPXTL T^ STRSWd[ZWT_TNTePO4Y_P]P^_R]Z`[^ZQ/LWT_^@Y_Z`NSLMWP^LYO/]LaTO TLY ^P[L]L_T^_ XZaPXPY_^ SLO M`TW_ _SP TYaL^TZY _SPZ]d `[ TY_Z L ]PLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ AP__LX8LYT ;`]LYTN0YNdNWZ[LPOTL /PSWT%8Z_TWLW-LYL]^TOL^^$#$$
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
3ZWZNL`^_ ^NPYL]TZ TY Z]OP] _Z OT^\`LWTQd _SP -]LSXTY^ L^ OP^NPYOPY_^ ZQ L XL^^X`]OP]TYR SZ]OP ZQ ML]ML]TLY^ bSZ SLO OP^_]ZdPO _SP LY NTPY_LYORWZ]TZ`^N`W_`]P^ ZQ_SP/LWT_^LYO/]LaTOTLY^ 3TYO`_aL ^`[ [Z]_P]^ZY_SPZ_SP]SLYO_LVP]PNZ`]^P_Z_SPYZYTXXTR]L_TZY_SPZ]d _ZMPLMWP_Z[Z^_`WL_PL`YTQTPO3TYO`YL_TZYbT_SLST^_Z]TNLWTOPY_T_d 4_^APOTNLRPT^ZQNZ`]^P_SPP[T_ZXPZQN`W_TaL_POMPSLaTZ]LYONTaT WTeL_TZY ?SPd LW^Z WTVP _Z _`]Y _SP TYaL^TZY _SPZ]d L]Z`YO QZ] TQ _SP]P NLYMPXTR]L_TZY_ZL[WLNP_SP]PNLYLW^ZMPXTR]L_TZYQ]ZX_SL_[WLNP LYONWLTX_SL_TY_SPWL^_LYLWd^T^LWW BP^_P]YLNSTPaPXPY_^SLaPMPPY M]Z`RS_LMZ`_MdAPOTNËXTR]Ë^_Z0`]Z[P4YOZTYR^Z_SPdQ]P\`PY_Wd ]P^_L_P_SPZWO]ZXLY_TNaT^TZYZQ4YOTLL^_SPN]LOWPZQS`XLYT_d 4_T^NWPL]bSL_NLYMPXLOPZ`_ZQLYZWO_Pc_bSZ^PXPLYTYRT^YZ WZYRP] []Z[P]Wd `YOP]^_ZZO Md LYdMZOd BP bTWW _SP]PQZ]P VPP[ Z`] L]R`XPY_^ MPWZb ^_]TN_Wd ]PWL_PO _Z _SP _Pc_ ,[L]_ Q]ZX _SP _Pc_ ZQ _SP APOLT_^PWQbPSLaPYZOZN`XPY_^ZY_SPNZYN]P_PST^_Z]dZ]_SP^ZNTLW ^_]`N_`]P ZQ APOTN ^ZNTP_d >ZXP L]NSPZWZRTNLW XL_P]TLW OZP^ PcT^_ M`_ _SPNZYYPN_TZYMP_bPPY_SPL]NSPZWZRTNLWOT^NZaP]TP^LYO_SPAPOL_Pc_ T^ L XL__P] ZQ R]PL_ NZY_]ZaP]^d BSP_SP] QZ] PcLX[WP _SP [L^^LRP^ LMZ`_ _SP ¢]dL^ ^[PLV ZQ L ]LNP LY P_SYTN NZXX`YT_d L ]PWTRTZ`^ Z] ^ZNTLW R]Z`[ Z] XP]PWd ZQ wRZZO [PZ[WPx NLYYZ_ MP OP_P]XTYPO Q]ZX _SPL]NSLTN_Pc_T_^PWQ4QZYPbLY_PO_ZPYRLRPTY^_]TN_SP]XPYP`_TN^T_ bZ`WO YZ_ MP [Z^^TMWP _Z LWWZb ZYP^PWQ _Z MP []POP_P]XTYPO ZY LYd T^^`P LYO QZ] _ST^ ]PL^ZY bP bTWW YZ_ TYO`WRP TY LYd ^[PN`WL_TZY ZY ^ZNTLWOP_LTW^MPWZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BP bTWW ^_TNV _Z _SP ]PWL_TaP NS]ZYZWZRd ZQ APOTN WT_P]L_`]P^ bSTNS T^ `YLYTXZ`^Wd LR]PPO `[ZY TY 4YOZWZRd bSTWP bP NZY^NTZ`^Wd LaZTO _Z [TY OZbY OL_P^ LYO ^ZNTLW OP_LTW^ ?SP]P SL^ MPPY Pc_PY^TaP ]P^PL]NS TY _SP APOL M`_ LW^Z L _PYOPYNd _Z NZ[d []PP^_LMWT^SPO aTPb^ QZ] TY^_LYNP LMZ`_ _SP ,]dLY TYaL^TZY bT_SZ`_ ]PPcLXTYTYR _SPZ]TRTYLW^Z`]NP^?ST^T^YZ__ZOPYd_SPTXXPY^PLXZ`Y_ZQ^NSZWL]^ST[LYO^N]` _TYd _SL_ bPY_ TY_Z APOTN ^_`OTP^ TY _SP [L^_ LYO _SP []P^PY_ 7L_PWd _SP]P SL^ MPPY R]ZbTYR PQQZ]_ _Z _]LNP _SP ^ZNTLW PXMPOOPOYP^^ ZQ _SP APOTN ^Z`]NP^ >PP QZ] TY ^_LYNP 8TNSLPW BT_ePW PO 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^ 9Pb ,[ []ZLNSP^_Z_SP>_`OdZQ_SPAPOL^.ZW`XMTL%>Z`_S,^TL-ZZV^$$"LYO?SZXL^ :MP]WTP^ /TP =PWTRTZY OP^ RaPOL ATPYYL% 2P]ZWO $$# BP VPP[ L XZ]P ]LOTNLW aTPb _SL_ YZ NP]_LTY PaTOPYNP MPdZYO _SP _Pc_ TP XPY_LW ST^_Z]d LYO bZ]WOaTPb QZ]XL_TZY NLY MP ZM_LTYPO LMZ`_ _ST^ [P]TZO PcNP[_ _Z bSTNS APOTN M]LYNS ²£VS£ _SP_Pc_MPWZYR^:`]TY_P]P^_WTP^TY_SP[]TXL]d^Z`]NP^]L_SP]_SLYPY_P]TYRTY_Z4Y OZWZRTNLW OPML_P^ ?ST^ OZP^ YZ_ ^ZWaP _SP RPYP]LW []ZMWPX ZQ `YOP]^_LYOTYR L aP]d LYNTPY_ MZOd ZQ WT_P]L_`]P z LYO _SP ^NSZWL]v^ TXLRTYL_TaP TY_P][]P_L_TZY bTWW LWbLd^ MP_SP]PTYLYdLN_TaT_dMPdZYO_Pc_POT_TZY-`_^_TNVTYR_Z_SP_Pc_SPW[^LaZTONZ[d TYR []PP^_LMWT^SPO aTPb^ LYO Z[PY^ [Z^^TMTWT_TP^ _Z QTYO L Q]P^S L[[]ZLNS ?SP]P SLaPMPPYLWXZ^_YZ[]PN`]^Z]^ ]PRL]OTYRZ`]]P^PL]NSTY_P]P^_TY ^ZYTNNZXX`YTNL _TZY4YNP]_LTYL^[PN_^NWZ^P^__ZZ`]L[[]ZLNSNZXPAWLOTXT]9?Z[Z]Zaw/TP@] ^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx ;ZP_TNL $#% #$ & -Z]T^ :R`TMËYTYP 7L/ËP^^P@´L^%=PNSP]NSP^^`]WP^LN]TQTNPOPWL[L]ZWPOLY^WPRaPOL 7Z`aLTY% ;PP_P]^ $## TY [L]_TN`WL] !!" $$"& LYO ?L_dLYL 5 0WTeL]PYV
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
$
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
4QZYP bLY_^_Z]PLO_SPAPOLL^LST^_Z]TNLWOZN`XPY_ _SP _Pc_`LWLYO NZYNP[_`LW `YT_d OT^TY_PR]L_P^ TY_Z aL]TZ`^ _Pc_^ LYO _Pc_ _d[P^ Q]ZX OTQQP]PY_N`W_`]LWP[ZNS^ ?SP V>LÀST_£ L NZWWPN_TZY ^LÀST_£ ZQ SdXY^ N _Z _SP RZO^ QZ]X^ _SP ZWOP^_ ^PN_TZY ZQ _SP APOL ?ST^ OPNTOPOWd L]NSLTN _Pc_ T^ NSL]LN_P]TePO Md XPY_TZYTYR L WL]RP Y`XMP] ZQ OPT_TP^ bSZ bP]P ZQ_PY TY_P][]P_PO TY _SP ]P^PL]NS L^ [P]^ZYTQTNL_TZY^ ZQ YL_`]LW QZ]NP^ LYO P_STNLW[]TYNT[WP^-`_TYQLN__SP V>LÀST_£ VYZbYL^ RaPOL T^_SP []ZO`N_ ZQ L N`W_`]P _SL_ NZXP^ PcNP[_TZYLWWd NWZ^P _Z 6`]_ 3ÞMYP]v^ TOPLWXd_STNLWbZ]WOZ]TPY_L_TZY@YWTVP_SPWL_P]3TYO`T^_TNOPT_TP^_SP APOTN OPT_TP^ ^_TWW NZTYNTOP aP]d []PNT^PWd bT_S 3ÞMYP]v^ NSL]LN_P]TeL _TZY ZQ _SP PL]Wd 2]PPV RZO^ 1Z] PcLX[WP U`^_ L^ _SP 2]PPV RZOOP^^ /PXP_P]T^TYPaP]dPL]ZQNZ]Y_SPAPOTNRZOOP^^@´L^wOLbYxT^TY PaP]d OLbY -`_ _SP]P L]P LW^Z XZ]P NZX[WPc OPT_TP^ PR AL]`©L _SP RZO ZQ _SP _L w]TRS_YP^^x bSZ T^ []P^PY_ TY PaP]d NZY_]LN_ _SL_ T^ PaP]dbSP]PbSP]P]TRS_^L]PNZYNP]YPO3PLW^ZTYSLMT_^_SP^_L]]d^Vd bSP]P PaP]d ^_L] `YP]]TYRWd QZWWZb^ T_^ w]TRS_x [L_S LYO SP T^ Q`]_SP] XZ]P]PWL_PO_ZbL_P]^TYNPbL_P]YPaP]XT^^P^T_^w]TRS_xOT]PN_TZYzL ]TaP] QZ] TY^_LYNP TYaL]TLMWd XPP_TYR _SP ZNPLY ?SP APOTN OPT_TP^ L]P YZ_ w[P]^ZY^x LYO L]P NZ]]P^[ZYOTYRWd YZ_ TXLRTYPO TY LY_S]Z[ZXZ] [STNQZ]X^4Y^_PLO_SPdL]PNZY^T^_PY_WdTXLRTYPOXd_SZRPXP^LWXZ^_ w^Z`W ^`M^_LYNP^x bSTNS `YWTVP Z`] TOPL ZQ ^Z`W^ NLY LW^Z TYSLMT_ [Sd^TNLW PaPY_^ ^`NS L^ w_SP OLbYx LYO PaPY LM^_]LN_ _P]X^ ^`NS L^ w]TRS_YP^^x ,^ LWW _SP^P _STYR^ _SL_ bP NZY^TOP] WTQPWP^^ L]P LN_`LWWd LYTXL_PMPTYR^_Z_SPL`_SZ]^ZQ_SP V>LÀST_£ _SPdNLYLW^Z^[PLV_Z _SPXLYOL^V_SPXQZ]SPW[ -PNL`^P bSL_ T^ w[P]^ZYLWx TY _ST^ PL]Wd _Pc_ T^ OPQTYPO NZX[WP_PWd aTLXd_STNLW^`M^_LYNP LSP]XPYP`_TN^ZQ_SP V>LÀST_£ T^ LOTQQTN`W_ `YOP]_LVTYRQZ]`^XZOP]Y [PZ[WPLYO _ST^QLN_SL^WPO_ZXLYTQZWO TY ^ZXP NL^P^ OTLXP_]TNLWWd Z[[Z^PO TY_P][]P_L_TZY^ ?SP WLYR`LRP ZQ _SP PL]WdSdXY^SL^YPT_SP][`]PLM^_]LN_TOPL^YZ]NWPL]WdOPQTYPONZYN]P_P TOPL^ 5`^_ L^ _SP 2]PPV 2LTL NLY ^TRYTQd PT_SP] LY 0L]_S RZOOP^^ Z] ^TX[Wd PL]_S TY _SP V>LÀST_£ ZYP NLY YPaP] OT^_TYR`T^S NWPL]Wd bSP_SP]T_T^YZb^[PLVTYRZQLY`XPYZ]LYZMUPN__SL_T^TYSLMT_POMd _ST^ Y`XPY ?]LY^WL_TZY ]P\`T]P^ L OPNT^TZY 1Z] PcLX[WP ZYP NLY ]PY OP] _SP bZ]O LRYT 7L_ TRYT^ bT_S wQT]Px Z] bT_S wQT]P RZOx M`_ MZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ZaL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ´T^ ,WMLYd% >@9D $$ ?SP]P PcT^_ ZQ NZ`]^PXZ]P^_`OTP^ZY^_dWT^_TNQPL_`]P^^`NSL^5LY2ZYOL >_dWT^_TN=P[P_TZYTY_SP APOL ,X^_P]OLX% 9A 9ZZ]O3ZWWLYO^NSP @T_RPaP]^ 8LL_^NSL[[TUT $ $ @^` LWWd^`NS^_`OTP^_PYOPO_ZMPaP]d_PNSYTNLW?SP]PbL^R]PL_[STWZWZRTNLW]TRZ]M`_ WT__WP]PQWPN_TZYZQ_SP^ZYTNOTXPY^TZYLYON`W_`]LWLY_S]Z[ZWZRd
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
L]P XPLY_ >`NS LXMTaLWPYNP^ NLYYZ_ MP ]P^ZWaPO L^ XP_L[SZ]^ PT_SP] 8P_ZYdXTN QZ]NP T^ NL]]TPO _Z _SP Pc_]PXP ?SP bZ]O aLWL ^PPX^ _Z XPLY ^ZXP_STYR WTVP wNZaP]TYRx M`_ TY _SP _Pc_ T_ L[[PL]^ ]L_SP] _Z ^TRYTQdLOPXZYLYO L_LYZ_SP][WLNPL]ZNVbT_SLNLaP4Y_SPPYO T_ T^ TX[Z^^TMWP _Z OPNTOP bSP_SP] NP]_LTY ]ZNV^ L]P TY_PYOPO bSTNS L]P SP]P TY_P][]P_PO XP_L[SZ]TNLWWd L^ OPXZY^ Z] _SP Z_SP] bLd L]Z`YO -Z_S YZ_TZY^ NZPcT^_ ^TX`W_LYPZ`^Wd TY ZYP LYO _SP ^LXP bZ]O aLWL BSPYPaP] _SP _Pc_ ^[PLV^ ZQ RZO^ LYO OPXZY^ ZYP NZXP^ `[ LRLTY^_ []ZMWPX^ZQTY_P][]P_L_TZYZQ_ST^YL_`]P0LNSTYOTaTO`LW_P]XSL^_ZMP PcLXTYPO NL]PQ`WWd LYO OP_P]XTYPO TY T_^ ZbY NZY_Pc_ ^TYNP ZYP NLY YPaP]L^^`XP_SL_L^TX[WP_]LY^WL_TZYT^[Z^^TMWP
3dXY^_SP1ZZOZQ_SP2ZO^
?SP^ZWP[`][Z^PZQ_SPSdXY^ZQ_SP V>LÀST_£ bL^L[[L]PY_Wd_ZLTO NZXX`YTNL_TZY bT_S _SP RZO^ PaPY bSPY _SPd ^[ZVP LMZ`_ _SP RZO^ ?SPdbP]P_SZ`RS__ZMPQZ]X`WL_TZY^ZQaT^TZYL]dTY^TRS_bSZ^PN]PL _Z]^ _SP VLaT^ bP]P LW^Z ^TX`W_LYPZ`^Wd [ZP_^ []TP^_^ LYO PN^_L_TN^ ?SP[]PaLTWTYRMPWTPQbL^_SL_ZYWd[L]_TN`WL]WdTY^[T]PObZ]O^ ]PLNSPO _SP RZO^ L_ LWW ?SP]PQZ]P ^`NS bZ]O^ TY _SP LYNTPY_ APOTN ]T_`LW [Z^ ^P^^PO L ^[PNTLW XPLYTYR QZ] _SZ^P []TP^_^ bSZ^P _L^V T_ bL^ _Z NLWW `[ZY_SPRZO^O`]TYR_SP^LN]TQTNP?SP^P[]TP^_QLXTWTP^ZQ SZ_^ wNLWW P]^x MPRLY _Z NZWWPN_ NP]_LTY P^[PNTLWWd bPWWOZYP SdXY^ N LYO _Z [L^^ _SPX ZY bT_S NL]P ,_ ^ZXP ^_LRP QL] MLNV TY _TXP _SP^P QLXTWd NZWWPN_TZY^ bP]P NZWWL_PO LYO ^Z R]LO`LWWd _SP bZ]V _SL_ bP VYZb _Z OLdL^ V>LÀST_£ NLXPTY_ZMPTYR 4_T^[Z[`WL]TY_SPPL]WdAPOL_Z_STYVZQ_SP^LN]TQTNPL^LMLY\`P_ QZ]_SPRZO^bSTNSTYNW`OPOLW^Z_SPTY_ZcTNL_TYR ^ZXL O]TYV,W_SZ`RS ]PLW OT^SP^ bP]P ZQQP]PO _SP SdXY ZQ []LT^P bL^ _SP _]`P QZZO QZ] _SP RZO^w2ZZO_SZ`RS_x XL_T bL^ZQQP]PO_Z_SPRZOTY_SP^LXPbLdL^ QZZO ^Z _SL_ SP NZ`WO [L]_LVP ZQ T_ MP ^_]PYR_SPYPO LYO OPWTRS_ TY T_ ?ST^ NZYNP[_ _ZZ ZQ WLYR`LRP L^ wQZZOx NLY LN_`LWWd ZYWd MP `YOP] ^_ZZO`^TYR_SPXd_STNLWYZ_TZYZQ_SP L]NSË ,NNZ]OTYR_Z6`]_3ÞMYP] LRZOv^,]NSËT^_SL_bSTNSXL]V^_SPRZOZ`_L^^ZXP_STYR]PR`WL]QZ] PcLX[WPbSTNSLWWZb^^`Y]T^PLYO^`Y^P__ZMPL^N]TMPO_ZLRZOZQ_SP ^`Y]T^P LYO L RZO ZQ _SP ^`Y^P_ ?ST^ ]PR`WL]T_d T^ _SP wP^^PYNPx ZQ _SP RZOLYOL__SP^LXP_TXP_SPSP]ZTNOPPO[]LT^POTY_SPSdXY?SPWT_P] L]dQPL_`]POPQTYTYRLSdXYZQ[]LT^PT^LN_`LWWd_SPQLN__SL__SPSP]ZTN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP LW^Z 1-5 6`T[P] ,YNTPY_ 4YOTLY .Z^XZRZYd 9Pb /PWST% ATVL^ $# 6`T[P] ^_]P^^P^ _SP OTQQTN`W_d LYO _SP YPNP^^T_d _Z ^PP _SP RZOv^ Q`YN_TZY bT_STY _SP bSZWP^d^_PX3PTY_P][]P_P^_SP aLWL NZ^XZRZYTNLWWdL^w[]TXZ]OTLWXZ`YOx
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
!
OPPO^ZQLWW_SPXLYdOPT_TP^L]POPNWLTXPOZaP]LYOZaP]LRLTYbSTW^_ L__SP^LXP_TXPOPXLYOPOLRLTYLYOLRLTY4_T^_SP]PT_P]L_TaPRP^_`]P ZQ_SP wSdXYTNQZZOx LYOT_^ PaZNL_TaP[ZbP]z]L_SP]_SLY _SPRTQ_^ZQ XPL_ M`__P] LYO TY_ZcTNLY_^ z _SL_ WPYO^ ^`M^_LYNP _Z _SP RZO 8LVTYR _SP OTaTYP OPPO VYZbY TY _SP bZ]WO WPYO^ _SP OPPO L_ ZYNP QLXP LYO QZ]X ^Z _SP ]PT_P]L_TZY TY bZ]O^ NZY_TY`LWWd OPQTYP^ _SP ,]NSË LYO _]LY^[Z]_^T_Q`]_SP]4Y_SPSdXYPaP]dYLXTYRT^L__SP^LXP_TXPLW^Z L N]PL_TYR QZ] PaP]d ,]NSË _LVP^ [WLNP LYPb TY _SL_ TY^_LY_ TY bSTNS T_ T^YLXPO
7ZbTYRZQ.L__WPLYO.]ZLVTYRZQ1]ZR^
,W_SZ`RS PaZNL_TaP WLYR`LRP _SP LN_`LW wQZZO ZQ _SP RZO^x ]P[]P^PY_^ _SP NPY_]LW WTYV MP_bPPY S`XLY MPTYR^ LYO _SP RZO^ _SP PL]Wd V >LÀST_£ OZP^ YZ_ SLaP L _P]X QZ] WLYR`LRP TY LY LM^_]LN_ ^PY^P TY Z`] ^PY^P LYO _SP]PQZ]P bP OZ YZ_ QTYO LYd ]PQWPN_TZY^ ZY _SP OTQQP]PYNP MP_bPPY []ZQLYP LYO ^LN]PO WLYR`LRP PT_SP] 4Y XZOP]Y >LY^V]T_ _SP _P]XQZ]wWLYR`LRPxT^ a£N bSTNST^]PWL_PO_Z_SP0`]Z[PLYbZ]O^aZc aZTc aZTNP aZNP aZe LWW XPLYTYR waZTNPx ?SP >LY^V]T_ _P]X QZ] wWLYR`LRPxT^_S`^LbZ]O_SL_LN_`LWWdXPLY^waZTNPxLYOT^_SP]PQZ]P YZ_ NZX[WP_PWd NZYR]`PY_ bT_S Z`] BP^_P]Y _P]X QZ] WLYR`LRP BSTWP wWLYR`LRPxOPYZ_P^_SPLMTWT_d_ZQZ]XbZ]O^_Z`YOP]^_LYO_SPXLYO_Z ^bL[_SPXL]Z`YO _SP _P]Xa£NOZP^YZ_ZYWd XPLY wWLYR`LRPx TY _ST^ ^PY^P M`_ LW^Z _SP ^[ZVPY bZ]O^ 1Z] _ST^ ]PL^ZY 0YRWT^S^[PLVTYR L`_SZ]^ZQ_PY_]LY^WL_P_SP_P]XL^w^[PPNSx]L_SP]_SLYwWLYR`LRPx 4Y_SPV>LÀST_£_SP_P]X a£N T^`^POQZ]LWW`__P]LYNP^M`_LMZaP LWW QZ] _SZ^P _SL_ L]P [L]_TN`WL]Wd Pc[]P^^TaP ?ST^ XPLY^ _SL_ YZ_ ZYWd S`XLY ^Z`YO^ L]P a£N M`_ LW^Z ^Z`YO^ []ZO`NPO Md LYTXLW^ Z] Md TY ^_]`XPY_^ >Z _SP Z]TRTYLW 4YOZ0`]Z[PLY XPLYTYR waZTNPx ZQ_PY ^_TWW NZXP^_S]Z`RSSP]PLYO_SP_P]XT^Q]P\`PY_WdMP^__]LY^WL_POL^waZTNPx LYOYZ_L^wWLYR`LRPx ! :YPaP]d _d[TNLW`^PZQ_SPbZ]O a£N T^QZ`YOTYbSL_T^NLWWPO _SP wQ]ZRSdXYx% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;LOZ`cZM^P]aP^^ZXP_STYR^TXTWL]%w a£N T^MZ_SbSL_T^^LTO`__P]POLYO_SL_bSTNS ^Ld^ Z] `__P]^ z :YP bSZ T^ ^LTO LYO T^ ^LdTYRx .Q _SP TY_]ZO`N_TZY TY ,YO]Ë ;L OZ`c A£N z _SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ,WMLYd >@9D $$cTTT 4YQLN_TYXZOP]Y>LY^V]T_ a£N YPaP]]PQP]^_ZwWLYR`LRPxTY_SP^PY^PZQw_SP0YRWT^S WLYR`LRPxZ]w_SP>LY^V]T_WLYR`LRPx4Y>LY^V]T__SPWL__P]bZ`WOMP ^LÀ^V_£MS£´£ LYOYPaP]^LÀ^V_£a£N ! ,NZXXZYPcLX[WPbZ`WOMP_SPTOTZXL_TN[S]L^Pa£NLXTdL]XT w4]LT^PXdaZTNPx
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
wF7TVPH-]LSXTY^bSZSLaPQL^_POQZ]LdPL]_SPQ]ZR^SLaPYZbSP]LWOPO _SP]LTYTY^[T]POA£NQZ]_SPSPLaPYWdbL_P]^NLXPOZbY`[ZYSTXWTVPL O]TPOZ`_WPL_SP]MLR^WPP[TYRTY_SP[ZYO0cLN_WdWTVP_SPWZbTYRZQNZb^ OP^T]Z`^QZ]_SPT]NLWaP^_SPNLWWZQ_SPQ]ZR^]T^P^`[_ZRP_SP] x "
?SPTXLRPT^^ZXP_STYRWTVP_ST^%_S]Z`RSZ`__SPdPL]_SPQ]ZR^WTPO]TPO Z`_ WTVP WTX[ WPL_SP] MLR^ TY _SPT] [ZYO^ LYO TY _SPT] RL`Y_YP^^ _SPd ]P^PXMWP -]LSXTY^ O`]TYR _SPT] ZL_S ZQ QL^_TYR -`_ bSPY _SP ]LTY NZXP^_SPdLWWWTQ_`[_SPT]a£NLYON]ZLVWZ`OWdLYOSL[[TWdLRLTYU`^_ WTVP _SP -]LSXTY^ NLWWTYR _Z _SP RZO^ O`]TYR ^LN]TQTNP ,^ TY Z_SP] [WLNP^ _ZZ TY _ST^ Q]ZR [L^^LRP _SP ^[PNTLW aZW`XP LYO Pc[]P^^TaT_d ZQ _SP ^Z`YO T^ WTYVPO bT_S _SP TXLRP ZQ L NZb _SL_ T^ WZbTYR LQ_P] T_^ dZ`YRNLWQ,YOQTYLWWd_SPY`XP]Z`^Q]ZR^ZQaL]TZ`^NZWZ]^^_L]_NLWW TYRPLNS bT_ST_^ZbYNSL]LN_P]T^_TN a£N TYLR]PL_Q]ZRNSZT]LYO_SPd TXT_L_P ZYP LYZ_SP] WTVP _SP ^_`OPY_ TY L APOL ^NSZZW TXT_L_TYR _SP _PLNSP] ,MZaP LWW T_ T^ _SP ]TNSYP^^ ZQ _SP ^Z`YO _SL_ XLVP^ _SP OTaP] ^T_d ZQ _SP aL]TZ`^ OTQQP]PY_ aZTNP^ TY _SP Q]ZR NSZT] Z] _SP -]LSXTY NSZT] TY_Z L S`RP YZT^P SP]LWOTYR SL[[TYP^^ z L YZT^P _SL_ LW^Z M]TYR^ XL_P]TLW MWP^^TYR^ ,_ _ST^ [ZTY_ _SP ]PWTRTZ`^ Q`YN_TZY ZQ _SP SdXY MP NZXP^aP]dNWPL]% w0L]_SWd RZZO^ _SP NL__WPWZbTYR ZYP FYZbH RLaP F`^H _SP RZL_MWPL_TYR ZYP RLaP F`^H _SP dPWWZb ZYP LYO _SP R]PPY ZYP RLaP `^ ?SP Q]ZR^ RLaP F`^H NZb^ TY S`YO]PO^ FLYO bTWW PaP] OZ ^ZH BSPY FTY _SP ]LTYd ^PL^ZYH _SZ`^LYOQZWO[WPY_dT^[]P^^POZ`_FZQ_SPNWZ`O^HWTQPFNLYHNZY_TY`Px #
4Y ^ZXP [WLNP^ _ST^ SdXY T^ TY_P][]P_PO L^ XZNVTYR _SP -]LSXTY^ MP NL`^PSP]PS`XLYWLYR`LRPLYOPaPY^LN]POWLYR`LRPT^NZX[L]PObT_S LYTXLW YZT^P^ ?ST^ NZ]]P^[ZYO^ [P]QPN_Wd _Z Z`] []P^PY_OLd aTPb , ML]T_ZYP TY _SP Z[P]L bZ`WO YZ_ MP aP]d [WPL^PO TQ L N]T_TN []LT^PO STX Md^LdTYR _SL_SP]ZL]PO WTVPLYZc -`_TY_SP V>LÀST_£_ST^ T^^LTO QZ] PcLX[WP LMZ`_ _SP RZO >ZXL LYO T_ T^ L NZX[WTXPY_ ?SP N]ZLVTYR TY _SP Q]ZR SdXY T^ _Z MP `YOP]^_ZZO TY L ^TXTWL] XLYYP] ?ST^ T^ YZ_ LMZ`_ _SP MPL`_d ZQ _ST^ ^Z`YO M`_ LMZ`_ T_^ ^TRYLWTYR Q`YN_TZY LYO T_^ Pc[]P^^TZY:YPSPL]^_SPQ]ZR^N]ZLVTYRLYOT^SL[[d_SL__SP]LTYT^ZY T_^bLdL_WPL^_TYLYLR]TN`W_`]LW^ZNTP_d;]PNT^PWdLNNZ]OTYR_ZL[L] _TNT[L_Z]d TY_P][]P_L_TZY ^NSPXP ZYP LW^Z SPL]^ _ST^ SL[[TYP^^ TY _SP Q]ZR^v N]ZLVTYR U`^_ WTVP ZYP MPWTPaP^ ZYP SPL]^ _SP ^_]PYR_S LYO [Z _PYNd ZQ L M`WW TY T_^ MPWWZbTYR ,WW _SP^P YZT^P^ NZXP `YOP] _SP _P]X a£N A£N T^ aZTNP WLYR`LRP ^[PPNS ^Z`YO _SP N]ZLVTYR ZQ Q]ZR^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ^LÀaL_^L]ÃÀ²L²Ld£YÑM]£SXL©Ña]L_LN£]Ï©Làg aÑNLÀ[L]UÃYdLUTYaT_£À[]LXL©ÌV£La£OT´`àgg OTadÑÑ[ZLMSÏdÃOPYLXÑdLYOÄ_TÀYòܴVLÀ^L]L^вÃd£YLXg RÃa£XÃSLYÃX£dÜ]aL_^ÏY¯Y£XXL©ÌV£Y£ÀaLRYÜ]Ã_]£^ÃXP_TggA"z # RÕX£d`]LO£OLUÃX£d`]LO£_[IJYT]LO£OOSÃ]T_ZYZaÃ^¼YTg RÃa£XXL©ÌV£OÃOL_Là²L_ÑYT^LSL^]L^£aË[]Ã_T]LY_LÑd`àggA"
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
!
WZbTYR ZQ NZb^ _SP MPWWZbTYR ZQ M`WW^ LYO _SP NWL[ ZQ _S`YOP] z _SP XZ^_ TX[Z]_LY_ L^[PN_ T^ YPaP] ^Z X`NS _SP ^PXLY_TN XPLYTYR M`_ ]L_SP]_SPPc[]P^^TaPLYO^TRYLWTYRQ`YN_TZY^
?SP-]LSXLYL^;ZP_TN8LRTN
4Y_SP V>LÀST_£ a£N OPYZ_P^LYd`__P]LYNPM`_QZ] ^LN]PO XLRTNLWWd [ZbP]Q`W WLYR`LRP _SP]P T^ L ^P[L]L_P bZ]O% -]LSXLY M]ÃSXLY w_SP 2]PL_ _SP ;ZbP]Q`Wx ,_ _SP _TXP ZQ _SP APOL _ST^ _P]X OTO YZ_ XPLY _SP LM^ZW`_P TY _SP APO£Y_L [STWZ^Z[Sd TY LYd bLd M`_ ^PPX^ X`NS ]L_SP]_Z XPLYL NP]_LTYP^[PNTLWWdTX[]P^^TaPbLdZQQZ]X`WL_TYRWLY R`LRP $ LYO WTVPbT^P _SP PaZNL_TaP [ZbP] TYSP]PY_ TY ^`NS L QZ]X`WL _TZY .ZY^P\`PY_Wd 0YRWT^S^[PLVTYR _]LY^WL_Z]^ Q]P\`PY_Wd ]PYOP] w-]LSXLYxL^wSZWd[ZbP]x:WOP]2P]XLY4YOZWZRT^_^WTVP_Z_]LY^WL_P _SP_P]XL^ wEL`MP]bZ]_xwXLRTNbZ]OxLYO ^ZXP_TXP^ 2PWOYP]LW^Z `^P^ w>PRPY^bZ]_x wbZ]O ZQ MWP^^TYRx :NNL^TZYLWWd PaPY _SP _P]X w2PMP_x w[]LdP]x T^ `^PO M`_ _ST^ []ZMLMWd XT^^P^ _SP XL]V ^ZXP bSL_ 4Y RPYP]LW ZYP NLY ^Ld _SL_ -]LSXLY T^ LWbLd^ QZ`YO TY _SZ^P WTYR`T^_TN `__P]LYNP^ _SL_ ]PWL_P _Z ^ZXP_STYR Y`XTYZ`^ 4_ T^ YPaP] bZ]WOWd WLYR`LRP BSPY -]LSXLY T^ OP^N]TMPO ^ZXP_STYR [ZbP]Q`W T^ LWbLd^ ^`RRP^_PO LYO ^ZXP_TXP^ LW^Z ^ZXP_STYR QZ]NPQ`W Z] aTZWPY_ 1Z] PcLX[WP _SP WL_P] ,_SL]aLAPOL NZX[L]P^ ^LN]PO WLYR`LRP _Z _SP _T[ZQLYL]]ZbbSTNSSL^_ZMP^SL][PYPObT_S_SP-]LSXLYTYZ]OP]_Z SLaPXLRTN[ZbP] ?ST^]L_SP]XTWT_L]dTXLRPT^[P]SL[^Pc[WLTYPOMd _SPQLN__SL__SP[L^^LRPZNN`]^TYLQZ]X`WLQZ]PcZ]NT^X-`_-]LSXLY LWbLd^ XPLY^ L aP]d ^[PNTLW [ZbP] _SL_ T^ ZYWd QZ`YO TY ^LN]PO WLY R`LRP ?SP Pc_]PXPWd OPY^P LYO STRSWd Z]RLYTePO ^Z`YO ^_]`N_`]P ZQ _SP APOTN _Pc_^ L[[PL]^ _Z MP LY TX[Z]_LY_ QLN_Z] QZ] WLYR`LRP _Z L__LTY XLRTN [ZbP]^ BP SLaP LW]PLOd [ZTY_PO Z`_ _SP ^_]ZYRWd LWWT_P]L_TaP L^[PN_ ZQ _SP APOTN _Pc_^ LYO PaPY _ZOLd _ST^ ^_TWW PcP]_^ LY LP^_SP_TN
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP LW^Z ;L`W ?STPXP l-]ÃSXLYw TY ?STPXP 6WPTYP >NS]TQ_PY 4 BTP^MLOPY% >_PT YP]$"Z]TRTYLWE/82$ #,NNZ]OTYR_Z?STPXP_SPQTPWOL^^ZNTL_PO bT_S M]ÃSXLY T^ []TXL]WTWd N]PL_TaP QZ]XTYR [ZP_TN [ZbP] QZ]X`WL_TZY ZQ _]`_S TP ^[PPNS _SL_ MPNZXP^ _]`P w2P^_LW_`YRx wOTNS_P]T^NSP 1Z]X`YRx wBLS]SPT_^QZ] X`WTP]`YRxbSTWP_SPaP]MLW]ZZ_ wMSx OPYZ_P^w[ZbP]xw[ZbP]ZQ_]`_Sx>PPLW ^Z7Z`T^=PYZ`LaPN7TWTLYP>TWM`]Yl>`]WLYZ_TZYO`M]ÃSXLYw 5Z`]YLWL^TL_T\`P " $$% #! BP []PQP] ]PYOP]TYR PaPY _SP PL]Wd `^P ZQ _SP _P]X u-]LSXLYv YZ_P_SPLNNPY_TY uM]ÃSXLYv bT_SNL[T_LWWP__P]^_ZXL]VZ`__SPST^_Z]TNLWwWZYR`P O`]ËPxTX[Z]_LYNPLYO_SP^`NNP^^TaP_]LY^X`_L_TZY^ZQ_SPNZYNP[_ [£]LXP´¶STY¯a£RM]LSXL^LÀ²T_£,A$$L
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
PQQPN_ -`_ TY _SP NZY_Pc_ ZQ _SP APOTN ]T_`LW _SP ^TRYTQTNLYNP ZQ _ST^ L^[PN_Pc_PYO^X`NSQ`]_SP]_SLYMPTYRLP^_SP_TNLWWd[WPL^TYR 4Q bP QZWWZb ZY Q]ZX OP >L`^^`]Pv^ ,YLR]LXXP^ LYO LYLWdeP _SP aP]d QT]^_ SdXY TY _SP RaPOL bSTNS RWZ]TQTP^ QT]P LYOZ] _SP RZO ZQ QT]P ,RYT AbPQTYO_SPNPY_]LWYL_`]PZQ,RYTNWPL]WdZYaL]T Z`^WPaPW^YZ_ZYWdZY _SL_ZQNZY_PY_ ./?SPQT]^_QTaPaP]^P^MP RTYbT_S_SPbZ]O LRYT aL]TZ`^WdTYQWPN_PO% LRYÏX¯~P[`]ÕST_LÀdLUÓÃ^dLOPaÃX_aÏULX LRYÏX SÕ_£]LÀ]L_YLOSÑ_LXLX LRYÏà[Ì]aPMST]Ä´TMST]ÐTdZYÌ_LYLT]`_à LRYÏà ^ÃOPaÑÈËSÃaLV´L_T LRYÏY£]LdÏXL²YLaL_[Õ´LXPaÃOTaËOTaP LRYÏY£ dL²Ã^LÀa¯]ÃaL__LXLX ÃRYPdÃÀdLUÓÃXLOSaL]ÃÀaT²aÃ_Là[L]TMSÌ]Ã^T ÃRYP ^ÃÏOOPaË´`RLNNSL_T LRYÏ]SÕ_£VLaÏV]L_`à^L_dòNT_]ò]LaL^_LXLà LRYÏ] OPaÕOPaËMST]ÑRLXL_ w1T]P LRYÏX 4bZ]^ST[_SPuQZ]PXLYv_SPRZOZQ_SP^LN]TQTNPbSZ]PR` WL]Wd[]P^PY_^RTQ_^_SPFRZOHNLWWP]Q`WWZQW`c`]d 1T]P LRYÏà bL^bZ]_Sd_ZMPRWZ]TQTPOQZ]_SPLYNTPY_^ZQ []PST^_Z]d LYO FT^HQZ][PZ[WPZQ_ZOLd4_bTWWM]TYR_SPRZO^ST_SP] ?S]Z`RSQT]P LRYÏY£ ZYP]PNPTaP^RZZO^NZY^`XP^QTYPQZZOOLdMdOLd LYOLNSTPaP^QL]]PLNSTYRQLXP : QT]P ÃRYP _SL_ ]T_P LYO ^LN]TQTNP bSTNS DZ` PYNZX[L^^ ZY LWW ^TOP^ bLYOP]^_]`WdLXZYR^__SPRZO^ 1T]P LRYÏà _SP [ZbP]Q`W NLWWP] bT_S L [ZP_v^ [ZbP] bT_S _SP XZ^_ bZY OP]Q`WQLXP3PT^_SPRZObT_SbSZX_SPFZ_SP]HRZO^L[[PL] x
4Y]PNT_L_TZY_SP PX[SL^T^ ZY_SPbZ]O LRYT T^PaPYNWPL]P] ,^ T^ZQ_PY _SP NL^P _SP ]`WP^ ZQ ]PNT_L_TZY Q`YN_TZY WTVP L XLRYTQdTYR RWL^^ SPWO ZaP] _SP PcT^_TYR [SZYP_TN ^_]`N_`]P ?SP []TXL]d [Z^T_TZY ZQ _SP bZ]O LRYT TY PLNS WTYP ZQ _SP aP]^P OP_P]XTYP^ _SP _]PL_XPY_ z bSTNS L^ _SP YZ_L_TZY ^SZb^ T^ WTVP L QLYQL]P z ZQ _SP NPY_]LW [SZYPXP^ LRYT LYO _SP_]TZWTN]Sd_SXZQ_SPbZ]OLNNZ]OTYR_Z_SPWLb^ZQ_SP]PNT_L_TZYZQ _SP RaPOL 4_ ^PPX^ _Z MP LY ZYZXL_Z[ZP_TN ]P[]P^PY_L_TZY ZQ L QWLXP QWL]TYR`[%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 5PLY>_L]ZMTY^VT w7P^ ,YLR]LXXP^OP 1P]OTYLYOOP >L`^^`]P _Pc_P^TYËOT_^x 8P] N`]POP1]LYNP $!%z!&^PPLW^Zw7P^XZ_^^Z`^WP^XZ_^%?Pc_P^TYËOT_^ OP^NLSTP]^OvLYLR]LXXP^OP1P]OTYLYOOP>L`^^`]PxTY ?Z3ZYZ]=ZXLY5LVZM^ZY aZW ?SP 3LR`P $!"& 2P]XLY POT_TZY 1]LYVQ`]_ $#& LYO 1P]OTYLYO OP >L`^ ^`]P .LSTP]^aZW$!%#$
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
!
A4zL^]PNT_POMdL>£XLAPOL[]TP^_ ?SP[]TXP[Z^T_TZYL__SPMPRTYYTYRNZ]]P^[ZYO^^dXMZWTNLWWd_Z,RYTv^ NZXTYR QT]^_ TY _SP SZWd dPL] bSTNS T^ Pc[]P^^PO L_ aL]TZ`^ WPaPW^% L^ _]ZWZRTNLWWd ]T_`LWWd LYO ZQ_PY LW^Z Xd_SZWZRTNLWWd ?SP QT]^_ ^_L] ^TRY ZQ_SPdPL]_SP;WPTLOP^MPWZYR^_Z,RYT9Z^LN]TQTNPMPRTY^bT_SZ`_L QT]P SLaTYR MPPY WT_ ,RYT T^ _SP wOZXP^_TN []TP^_x Z] wQZ]PXLYx ZQ _SP ]T_`LW_SP [`]ZST_L ,__SP^_L]_ZQLWWS`XLYN`W_`]P_SP]PT^_SP[Z^^P^ ^TZYZQ_SPSPL]_SQT]P ,YZ_SP]NSL]LN_P]T^_TNZQ_SP[SZYP_TN^_]`N_`]PT^_SPPNSZPQQPN_ZQ [`]ÕST_LX TY SÕ_£]LX LYO ZQ SÕ_£]LX TY ]L_YLOSÑ_LXLX 4Y _SP WL__P] NL^P _SP XPWZOd T_^PWQ T^ ]PQWPN_PO LWXZ^_ PcLN_Wd ?ST^ PNSZ _ZZ [Z^ ^P^^P^ ^[PNTLW ^dXMZWTN XPLYTYR ,RYÏ T^ _SP OPTQTNL_TZY ZQ _SP NLWWTYR []TP^_ SÕ_ SP]P TY _SP LNN`^L_TaP SÕ_£]LX bSZNLWW^ _SPRZO^_Z_SP ^LN]TQTNP^Z_SL_QZZONLYMP^P_MPQZ]P_SPXzQZZOMZ_STYPOTMWPQZ]X LYOL^SdXY^ 4Y_SPaP]^P^z ^SZbYLMZaP_SPbZ]O LRYT LWbLd^L[[PL]^L__SP MPRTYYTYRZQLWTYPM`__ST^^_]`N_`]PM]PLV^OZbYTYaP]^P!3ZbPaP] _ST^OZP^YZ_XPLY_SL__SPbZ]OSL^]PYZ`YNPOT_^[]ZXTYPY_^_L_`^QZ] T_ T^ YZb [Z_PY_TL_PO Md _SP ^TXTWL]^Z`YOTYR bZ]O^ L«RL LYO L«RT]L^ L«RT]L^MPTYRSP]PL^dYZYdXQZ],RYÏ% dÃOL«RÃO£²Ü´P_`aÃXÃRYPMSLO]ÃÀVL]T´dÃ^Tg _ÃaË__Ã_^L_dÃXL«RT]Làgg wF?SPQLN_H_SL_DZ`1T]P ÃRYP bTWWOZRZZO_Z_SPRTaP]T^_]`Wd_]`PTY DZ`]NL^PLWZYP:R]PL_LYNTPY_[]TP^_ L«RT]Là x
!!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
,NNZ]OTYR _Z ?L_dLYL 5 0WTeL]PYVZaL _SP LYLR]LXXL_TNLW QZ]X ZQ _ST^ QT]^_ SdXY TY _SP RaPOL ^P_^ _SP []ZR]LX QZ] _SP bSZWP RaPOL ?SP bSZWP T^ [P[[P]PO bT_S ZYZXL_Z[ZPTL LWWT_P]L_TZY L^^ZYLYNP PW WT[^P^ LYO [L]LWWPWT^X^ bSTNS ZNN`] [L]_TN`WL]Wd ZQ_PY LWZYR bT_S _SP YLXP^ZQOPT_TP^,NNZ]OTYR_Z0WTeL]PYVZaL_ST^[SZYP_TN[PN`WTL]T_dT^ WL]RPWd]P^[ZY^TMWPQZ]_SPwXLRTN[ZP_]dxZ]w[ZP_TNXLRTNxZQ_SP_Pc_ ?SP[]TYNT[WPZQLWWT_P]L_TaP[ZP_]dT^^ZTY_PY^TaPWdL[[WTPO_SL_ZYPNLY LN_`LWWd^[PLVZQL^PXLY_TNTeL_TZYZQ^Z`YO^P\`PYNP^ 7LYR`LRPT^L ^dXMZWTN]PQWPN_TZYZQNZY_PY_?SPTYT_TLW[Z^T_TZYZQ,RYTTY_SPaP]^P PcLXTYPO T^ YZ_ XP]PWd L NL^P ZQ L^^ZYLYNP M`_ LW^Z ^`RRP^_^ ST^T_^ wLWbLd^NZXTYRQT]^_x0c[]P^^TaPXP^^LRP^L]P_S`^TX[L]_POYZ_ZYWd ^PXLY_TNLWWdM`_LW^ZL__SP^ZYTNZ][SZYP_TNWPaPW ?SP`^PZQ ^`NSw[ZP_TNXLRTNxT^P^[PNTLWWdZMaTZ`^ TY_SPNL^PZQ XLRTN ^[PWW^ ?SP `^P ZQ XLRTN bL^ YZ_ `YNZXXZY TY APOTN _TXP^ 8Z^_ ZQ _SP NZ]]P^[ZYOTYR _Pc_ XL_P]TLW T^ QZ`YO TY L ^P[L]L_P >LÀST_£ QZ] []TaL_P `^P _SP ,_SL]aLAPOL >`NS XLRTN ^[PWW^ L]P ZQ_PY NZY ^_]`N_PO^Z_SL__SPOP^T]POPQQPN_T^PaZVPOMd_SPNZY^_LY_]P[P_T_TZYZQ NP]_LTY VPd bZ]O^ LYO T^ LY_TNT[L_PO Md ^`RRP^_TZY 4Y _SP ]T_P RTaPY MPWZb L UPLWZ`^ bTQP _]TP^ _Z PWTXTYL_P SP] ]TaLW LYO _Z OZ _ST^ ^SP M`]TP^ L NP]_LTY [WLY_ `YOP] SP] MPO ?SP QZWWZbTYR bZ]O^ L]P ^[ZVPY ZaP]_SP[WLY_LYOLNNZ]OTYR_Z¢[L^_LXML_SPdX`^_MP]P[PL_PO_S]PP _TXP^PaP]dPaPYTYRMPQZ]P_SPbZXLY^WPP[^bT_SSP]S`^MLYO% Ü__L]£LSÃX`__L]LÜ__L]£ÏOÜ__L]£MSdLàg Ã_S£^L[Ã_Y¯dÑXÃXLÃOSL]£^ÑOSL]£MSTdLàgg w:MP^_F[WLY_HMP__P]LX4MP__P]_SPY_SPMP^_-`__SP]TaLW_SL_4SLaPT^ bZ]^P_SLY_SPbZ]^_x
?SP QZ`]QZWO ]P[P_T_TZY ZQ _SP bZ]O `__L]L wMP__P]x T^ YZ_ YPNP^^L]d Q]ZX L ^PXLY_TN aTPb[ZTY_ ^TYNP _SP NZY_PY_ MZTW^ OZbY _Z w4 ( RZZO >SP(MLOx?SP]P[P_T_TZYSL^_SP^ZWPQ`YN_TZYZQ]PTYQZ]NTYR_SPPaZ NL_TZY4Y_ST^NL^P_SPPaZNL_TaPPQQPN_NLYMP`YOP]^_ZZO\`T_P ^TX[Wd L^ ^PWQ^`RRP^_TZY& PaPY _ZOLd XLRTN ]T_P^ ZQ _ST^ YL_`]P L]P QLXTWTL] _Z `^L^w[Z^T_TaP_STYVTYRx-`_Z`]PcLX[WPTYNW`OP^YZ_ZYWd_SP^TX[WP ]P[P_T_TZY ZQ bZ]O^ bT_S XLRTN [ZbP]& _SP]P T^ LW^Z L NZY_]ZWWPO `^P ZQ L^^ZYLYNPQ`]_SP]LNNPY_`L_TYR_SPVPdbZ]O>`NSL^TY% LSÃXL^XT^ÃSLX£Y£Ã_SL_aÃXL^T^£^LSÏàg `MSË^ÃSL^aL_¯MS¼_aÐ^L[Ã_Y¯XXP^LS£aLSLTgg w4]P^T^_LYODZ`FZ[WLY_H]P^T^_>TYNPbPMZ_SL]P]P^T^_P]^bPbLY__Z ]P^T^_Xd]TaLWx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
0WTeL]PYVZaL 7LYR`LRPLYO>_dWPZQ_SPAPOTN´T^ 0WTeL]PYVZaL 7LYR`LRPLYO>_dWPZQ_SPAPOTN´T^#" ,A#A ,A#A
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
!"
?SP aP]^P NZY_LTY^ ZYWd QZ`] ]PR`WL] QZ]X^ OP]TaPO Q]ZX _SP ]ZZ_ ¥^LS wSZWO Z`_x w]P^T^_x wYZ_ WP_ ZYP^PWQ MP [`_ OZbYx% w^LSLX£Y£x w^£^LSTàx w^LSL^aL_¯x LYO w^LS£aLSLTx M`_ _SP [SZYPXP^ w^x wLx LYO wSxOZXTYL_P_SPbSZWPaP]^P_S]Z`RSQ`]_SP]L^^ZYLYNP wLSLXL^XTx wL^Tx LYO w^L[L_Y¯x BT_S _ST^ ^Z`YO XL_P]TLW ]LOTL_TYR [ZbP] LYO TY _PY^T_d _SP XLRTN PQQPN_ T^ LY_TNT[L_PO LYO _SP ZNN`]]PYNP ZQ _SP ]P^`W_ T^LW]PLOdNZYQT]XPOTYLOaLYNP
?SP6PP[P]ZQ_SP-]LSXLY
4Y_P]P^_TYRWd_SPPaZNL_TaP[ZbP]_SL_T^WZNL_POTY_SPXLRTN[ZP_]dZQ _SP V>LÀST_£ _SL_T^-]LSXLYT^T_^PWQYZ_LRZOzLYO_ST^TYLN`W _`]P bSP]P YPL]Wd PaP]d_STYR ^PPX^ _Z MP OPTQTPO z TY _Z_LW NZY_]L^_ _Z WL_P][P]TZO^bSPYZY_SPZYPSLYO_SP-]LSXLYbL^[P]^ZYTQTPOL^_SP N]PL_Z]RZO-]LSX£LYOZY_SPZ_SP]]PRL]OPOL^_SPTX[P]^ZYLW,M^Z W`_P 3ZbPaP] SP]P T_ T^ ^`MZ]OTYL_PO _Z L wVPP[P]x [L_T LYO _S`^ LW XZ^_ LWWZNL_PO _Z L wOTaTYP ^[PLVP]x YLXPWd _SP -]LSXL©L^[L_T LW^Z VYZbY L^ -SL^[L_T 3P T^ _SP wVPP[P] ZQ _SP -]LSXLYx bSZ wN]PL_P^ LWW_SPbZ]O^ZQMWP^^TYRxA !LYO_ZbSZX_SPdwN]dZ`_xLYO wQWZbx A !# $ 3P T^ _SP Y`XTYZ`^ MPTYR _SL_ SL^ []P NT^PWd_SL_^[PNTLWLQQTYT_d_Z-]LSXLYbSTNSPYLMWP^STX_ZTYaPY__SP [ZbP]Q`W QZ]X`WL z _SP -]LSXLY A !" & O`P _Z _ST^ LQQTYT_d _SP -]LSXLY ZNN`]^ _Z STX ^[ZY_LYPZ`^Wd LYO L_ _SP ^LXP _TXP T_ ]LOTL_P^ Q]ZX STX ?SP ^ZYR ZQ -SL^[L_T T^ [ZbP]Q`W w_S`YOP]TYR WTVP _SP SPLaPY^x A !" LYO _SP Pc[WZ^TaP QZ]NP ZQ _SP _ZYP^ T^ LWbLd^ PX[SL^TePOTYST^^TYRTYR 4Y ST^ OTaTYP LYO Y`XTYZ`^ TOPY_T_d -SL^[L_T T^ ]P[]P^PY_PO L^ L VTYO ZQ QLM`WZ`^ MPTYR% SP T^ ]POOT^S LYO RZWOPY LYO SL^ L MW`P MLNV BT_SLwNWPL]aZTNPxSP^[PLV^Z`_ZQw^PaPYXZ`_S^xTPTY_SP^PaPY XP_P]^ ZQ SdXYb]T_TYR 3P T^ _SP w[ZP_ ZQ [ZP_^x 3P SL^ w^SL][ SZ]Y^x bSTNS TYOTNL_P^ ST^ M`WWWTVP YL_`]P _SL_ T^ ST^ []ZN]PL_TaP [ZbP] 3P XZaP^ bT_S L wS`YO]PO bTYR^x [Z^^TMWd L ]PQP]PYNP _Z _SP Z_SP]bZ]WOWd Z]TRTY ZQ ^LN]PO WLYR`LRP LYO T_^ aT^TZYL]d [ZbP] 3P MPL]^LYLcPXLOPZQRZWOLYOLXP_LWNWPLaP]LWZYRbT_SL]]Zb^LYOL MZb?SP^TYPbZQ_SPMZbT^]TRS_PZ`^YP^^ _L 5`^_ WTVP LWW Xd_STNLW RZO^ PR _SP OLbY Z] _SP 7Z]O ZQ ]TRS_PZ`^ YP^^ L]P L_ _SP ^LXP _TXP w[]ZQLYPx LYO wY`XTYZ`^x -SL^[L_T SL^ L []ZQLYP ^TOP _ZZ 4Y _SP PL]_SWd ]PLWX SP T^ PXMZOTPO Md _SP [`]ZST_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BPSLaPML^POZ`]_]LY^WL_TZY^ZQ LWW _SP-SL^[L_TSdXY^WL]RPWdZY_SZ^P ZQ 1 6 2PWOYP] =TRAPOL $ bSTWP `^TYR Z`] ZbY _]LY^WL_TZY^ QZ] _SP QZWWZbTYR A£N SdXY^ 1Z] -SL^[L_T ^PP LW^Z 3LYY^;P_P] >NSXTO_ -SL^[L_T `YO 4YO]L BTP^ML OPY%3L]]L^^ZbT_e$!#
!#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_SP wZYP bSZ T^ [WLNPO TY Q]ZY_x " ?ST^ bL^ _SP YLXP RTaPY _Z _SP OZ XP^_TN []TP^_ ZaP]^PPTYR L []TYNPv^ SZ`^P bSZ [P]SL[^ LN\`T]PO _ST^ YLXP MPNL`^P SP bPY_ MPQZ]P _SP []TYNP L_ LWW ]P[]P^PY_L_TaP Q`YN_TZY^ WT_P]LWWd L^ L wQZ]PXLYx ,_ WPL^_ _ST^ bL^ _SP N`^_ZX TY WL_P] _TXP^ bSPY_SP-]LSXTY^LWbLd^SLO_Z[]PNPOP_SPVTYR^QZ]]PL^ZY^ZQ]Pa P]PYNP 4Y Z_SP] ]PWTRTZ`^ Q`YN_TZY^ _ZZ _SP [`]ZST_L L[[PL]^ _Z SLaP LN_PO L^ L wWPLOP]x 3P T^ OP^N]TMPO L^ _SP wWPLOP] ZQ _SP SZ]OP^ FZQ ^TYRP]^Hx RL©L[L_T TP SP WPO _SP NSZT] L^ L ^Z]_ ZQ NLY_Z] L_ ^LN]T QTNP^ LYO SP LW^Z Q`YN_TZYPO L^ w_SP WZ]O ZQ []LdP] TY ML__WPx A $ bSTNS XLdMP XPLY^ _SL_ TY _SP ML__WP SP bPY_ TY Q]ZY_ ZQ _SP QTRS_TYR _]ZZ[^ bT_S bZ]O^ ZQ MWP^^TYR TY Z]OP] _Z MPL_ _SP PYPXd aP] MLWWdL^bPWWL^[Sd^TNLWWd-`_T_T^P\`LWWd[Z^^TMWP_SL_bSL_T^XPLY_ SP]P T^ _SP ML__WP LRLTY^_ _SP Xd_STNLW OPXZY^ ZQ O]Z`RS_ Z] Z_SP] PYP XTP^ZQS`XLYWTQP ?SPXd_STNLW ^`M^_LYNPSZbPaP] T^NWPL]P]%LW_SZ`RS SPT^SPLaTWd L]XPO-SL^[L_Tv^]PLWbPL[ZYT^_SP^Z`YOZQ_SPSdXY^?ST^NSL]LN _P]T^_TN T^ XZ^_ XL]VPO TY ST^ ,]NSË YLXPWd TY _SP wM]PLVTYR Z[PY ZQ _SP NZaP]TYRx aLWLMSTO # 3P SL^ _ST^ SP]ZTN OPPO TY NZXXZY bT_S 4YO]L _SP [`RYLNTZ`^ SP]Z LYO QLaZ]T_P RZO ZQ _SP RaPOL M`_ ZYWd -SL^[L_TNLYw^TYRZ[PYxZ]w^N]PLXZ[PYx_SPALWLNZaP]TYR:YPNLY ^PP SZb ^`M_Wd _SP Xd_STNLW ^`M^_LYNP^ OTQQP] Q]ZX ZYP LYZ_SP] LYO L_ _SP ^LXP _TXP SZb QW`TO _SP ZY_TN _]LY^T_TZY^ NLY MP ?SP wNZaP]TYRx T^ L_ ZYNP L OPXZY LYO L ]ZNV ,NNZ]OTYR _Z _SP Xd_S _SP]P L]P NZb^ WZNVPO TY _SP ALWL ^S]Z`O bSTNS wQPPO^ ZY NZb^x 5`^_ WTVP _SP ALWL _SPNZb^ L]PYZ_ ^ZXP_STYR_SL_ NLYMP ^_]TN_WdOPQTYPOYZ_w_STYR^xTY Z`]^PY^PM`_Xd_SZRPXP^_SL_L]PTY_SPT]_`]YNZY^T^_PY_WdXLYTQP^_PO TY _SP TXLRTYL_TZY ?SPd OPYZ_P MZ_S ]PLW NZb^ LYO _SP [Z^^P^^TZY ZQ X`NS WTaP^_ZNV LYO ]LTY LYO L[[L]PY_Wd PaPY _SP ^LN]TQTNTLW WLYR`LRP T_^PWQ bSTNS T^ LOO]P^^PO _Z _SP RZO^ 4_ T^ b]T__PY _SL_ -SL^[L_T wNWPLaPO_SPOPYZQmALWLbT_SXLRTN^ZYR^ L]VL QWLXTYRWTVPQT]Px LYO ^Z _SP wSTOOPY _]PL^`]P ZQ _SP NZb^ bL^ XLOP XLYTQP^_x $ LYO OT^ _]TM`_PO LXZYR^_ _SPSPLaPYWd 3P]P -SL^[L_T L[[PL]^LRLTYXLTYWd L^ _SP wNSZT] WPLOP]x R£_S£YTdL A $ bSZ wbT_S _SP Q]TPYO^ ^N]PLXTYR WTVP _SP RPP^P SP ^[WT_ _SP ^SPWW XLOP ZQ ^_ZYPx >Z L_ LY PL]_SWd WPaPW _SP [`]ZST_L ^_L]_^ _SP ^ZYR ZQQ LYO _SP Z_SP]^ NZ[d STX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .QA "?ST^ [`]ZST_L Q`YN_TZYT^]PWL_PO_Z,RYTL^bPWWM`_^TYNP_SP^LN]TQT NTLW QT]P SL^ YZ OT]PN_ WTYV _Z WLYR`LRP LYO ^[PPNS TY RPYP]LW -SL^[L_T ^_TWW ^_LYO^ Z`_ Md L ST^ OT^_TYN_ [P]^ZYLWT_d LW_SZ`RS ^ZXP_TXP^ TOPY_TQTPO bT_S ,RYT .Q >NSXTO_ -SL^[L_TLYO4YO]L !QQ # :Y_SPALWLXd_S^PPLW^Z_SPTY_P][]P_L_TZYZQ6`T[P] ,YNTPY_4YOTLY.Z^XZRZYd $ maLWÃ^dL[ÐdL_ZUÃ^`XMSËOgMÄSL^[Ã_T]LRYT_Ã[ZMST]L]VLÏàg m£aÏ]YTOSÐÈ]LV©ZO`^]Ïd£©£Xgg A!#! SLÀ^LÏ]TaL^ÃVSTMST]aÑaLOLOMST]L²XLYXÃd£YTYÃSLY£aTÃ^dLY gA!"LM
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
!$
wTY RZZ^P^_P[x TP LY_T[SZYLWWd Z] [Z^^TMWd TY L NLYZY ,WW _SP -SL^[L_TSdXY^PX[SL^TeP_SPTY_PY^T_dLYO^[ZY_LYPT_dZQ_SPwXLRTN ^ZYR^x ]PNPTaPO Md -SL^[L_T _SPT] NSL]LN_P] _SL_ wQT]P^ ZYP `[x _SPT] Pc[WZ^TaP QZ]NP LYO T]]P^T^_TMWP ^_]PYR_S ,W_SZ`RS _SP _P]X -]LSXLY L[[PL]^ \`T_P QZ]PTRY _Z `^ LYO _SP bZ]O NLY ZYWd MP _]LY^QP]]PO _Z L XZOP]YWLYR`LRPbT_SOTQQTN`W_d_SP[SPYZXPYZY T_^PWQT^bPWWVYZbY BPPc[P]TPYNP]Z`^TYRNSLY_TYRZQ_ST^_d[PL_PaP]dQZZ_MLWWXL_NSLYO OPXZY^_]L_TZY ?SP ZYP ^TYRWP _SPXP ZQ _SP wM`]^_TYR ZQ _SP ALWLx ^dXMZW ZQ LWW OTLMZWTNLW QZ]NP^ _SL_ L]P LRLTY^_ _SP RZO^ ZNN`]^ TY Y`XP]Z`^ aL]TL _TZY^1Z]PcLX[WPTY^_PLOZQwNZb^xbPXTRS_QTYO_SPbZ]OwSZYPdx bSTWPLw]ZNVxXLd _`]YTY_ZLw^[]TYRx%w3PP^[TPO_SPSZYPdNZaP]PO Md_SP]ZNVF^SPWWHL^LFS`Y_P]HmbZ`WOFP^[dHLQT^SWTaTYRTYF^SLW WZbH bL_P] -SL^[L_T QP_NSPO T_ Z`_ WTVP L F bZZOPYH MPLVP] Q]ZX _SP _]PP LQ_P] SP SLO M`]^_ Z[PY F_SP ^_ZYPH bT_S WZ`O MPWWZbTYRx ,WW TY^[T]PO [ZP_^ [L]_LVP ZQ _ST^ SZYPd% w,_ _SP ^[]TYR bT_S _SP XZ`_S ZQ ^_ZYP bT_S _SP ^_]PLX ZQ SZYPd bSTNS -]LSXL©L^[L_T SL^ Z[PYPO Md ST^ XTRS_ SP]P O]LYV LWW _SZ^P bSZ ^PP _SP ^Vdx -SL^[L_T _SP w[ZP_ ZQ[ZP_^xAQTYO^_SPSTOOPY[ZbP]ZQ_SP-]LSXLYbSTNST^ ^bPP__Z_SPRZO^LYO]PYOP]^_SPXQLaZ]LMWdOT^[Z^POLYONZYQP]^T__Z _SP[ZP_^ 4Y_SP^P[L]_TN`WL]aL]TL_TZY^ZQ_SP ALWLXd_S bPQTYOL^_]ZYR Pc []P^^TZY ZQ _SP WTYR`T^_TNLWWd N]PL_TaP NZX[ZYPY_ ZQ _SP -SL^[L_T ?SP SZYPd T^ L ^dXMZW ZQ bSL_ T^ w^bPP_x LMZ`_ WLYR`LRP _SL_ T^ QZ] _SP LP^_SP_TN L^[PN_ ?SP bL_P] OPYZ_P^ TYPcSL`^_TMTWT_d M`_ LW^Z QZ]XWP^^ YP^^ LYO TYOTNL_P^ _SP TYQTYT_d ZQ WLYR`LRP Q]ZX bSTNS _SP []TP^_[ZP_ O]Lb^ ?SP ]PWL_TZY^ST[ MP_bPPY WLYR`LRP LYO [ZP_]d ]P^PXMWP^ _SL_ MP_bPPYL_]PPLYO_SPN`[_SL_LbZZONL]aP]NL]aP^Q]ZX_SP_]PP?ST^ T^PcLN_WdSZb_SP[]TP^_[ZP_N]PL_P^NZYN]P_PQZ]X^Q]ZX_SPWTYR`T^_TN XL_P]TLW 4Y _SP APOL _SP w[ZP_x VLaT T^ YPaP] LY PL]_SWd [ZP_ M`_ TY^_PLO _ST^ LWbLd^ ]PQP]^ _Z _SP ZYP bSZ N]PL_P^ LYO Z]OP]^ _SP ^LN]PO [ZP_]d bSTNS L^ wSdXYTN ^LN]TQTNTLW QZZOx T^ bSL_ PYLMWP^ S`XLY^ _Z SLaP NZY_LN_bT_S_SP]PLWXZQ_SPSPLaPYWdbSTNSM]TYR^MWP^^TYR?S]Z`RS _SP XPOTL_TZY ZQ -SL^[L_T _SP SPLaPYWd LYO _SP PL]_SWd ]PLWX^ NLY NZXP TY_Z NZY_LN_ bT_S PLNS Z_SP] -SL^[L_T YZ_ ZYWd OT^_]TM`_P^ _SP NZb^ []P^`XLMWd _ST^ ]PQP]^ _Z _SP ^LN]TQTNTLW bZ]O^ LXZYR^_ _SP SPLaPYWdAM`_SPSTX^PWQLW^ZbLYOP]^LMZ`_L^LSPLaPYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ òYÑ[TYLOOSLXXÃOS`[Ã]dL[L²dLYXÃ_^dLÀYÃO¯YÃ`OÃYTV´TdÃY_LXg YÏ´¶ÃUULMS£]LNLXL^ÃÀYÃaV´ÑOMÄSL^[Ã_T]aT]LaË©£aTVÄ_dL ggA!## òX£^TdLXLaL_ÃXM]ÃSXL©L^[Ã_T]XÃOS`OS£]LXLMSÏdÃXÕUL^Ñ_©L_g _ÃXPaÃaϲaP[L[T]P^`aL]OIJZ m A
"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
XT]LNWP `[ZY _SP 0L]_S LYO M]TYR^ _SP WTRS_ ZQ SPLaPY _Z _SP 0L]_S _S]Z`RSST^XLRTNbZ]OA$ ,^T^NZY^T^_PY_bT_S_SPXd_STNLW_Z_LWWd[L]_TNT[L_Z]dbZ]WOZ]TPY _L_TZYbPQTYOYZ_ZYWd_SPTY_P]NSLYRPLMTWT_dLYOQW`TOT_dZQbZ]O^LYO _STYR^ M`_ LW^Z ZQ _SZ`RS_^ ?SP]P L]P YZ LN_`LW ZY_TN MZ]OP]^ BSPY L []TP^_[ZP_^[PLV^TY]PLWT_d-SL^[L_TT^^[PLVTYR3T^SdXYT^[ZbP] Q`WMPNL`^P_SP^[ZY_LYPZ`^M]PLV_S]Z`RSZQOTaTYP_]`_S_LVP^[WLNPTY T_%w,^_SPWL]RP^`YN]PL_P^_SPOLbY_S]Z`RSSP]WTRS_^ZLW^ZDZ`F( -SL^[L_THN]PL_PLWWbZ]O^ZQMWP^^TYRx ?SP[P]QPN_[]TP^_[ZP_ VLaT T^ _SP PN^_L_TN aT[]L LYO ST^ SdXYTN WLYR`LRP TY ^PaPY XP_P]^ LWbLd^ _PWW^ ZQ L OTaTYP ]PLWT_d ?SP TX[Z]_LY_ [Z^T_TZY ZQ -SL^[L_T T^ Pc [WLTYPOMd_SPQLN__SL_bT_SZ`_STX _ST^]PLWT_dbZ`WO]PXLTY TYaT^TMWP _ZXZ]_LW^ 4Y_ST^]P^[PN_ -SL^[L_Tv^wMPWWZbTYRx _SP -]LSXLY MPNZXP^_SP ^[PNTQTNLWWdOTaTYPL_XZ^[SP]P_SP[]P^PYNPZQ_SPOTaTYPbSTNSTY_SP RaPOL T^ RPYP]LWWd NLWWPO w_SP WTRS_x% wbT_S MPWWZbTYR Z`_ ZQ L ^PaPY QZWO XZ`_S SP SL^ MWZbY LbLd _SP OL]VYP^^x A ^PP LW^Z !$z & $& ?SP WTRS_ TY _SP SPL]_^ ZQ _SP PN^_L_TN^ O]TaP^ LbLd _SP YZYOTaTYP _SP OL]VYP^^ _SP OPXZYTN LYO _SP TYaT^TMTWT_d ZQ _SP RZO^ :YWd TY _SP aT^TZY ZQ _SP VLaT OZ S`XLY MPTYR^ [L]_LVP ZQ _SP OTaTYP_SPWTRS_
7LYR`LRPL^L2ZOOP^^
4Y_SPPL]Wd V>LÀST_£ WLYR`LRPT^ZYWd _SPXL_TePO bSPY_SP_Z[TNT^ [ZbP]Q`W [ZP_TN ^[PPNS LYO _S`^ PaZNL_TaP XLRTN WLYR`LRP z _SL_ T^ M]ÃSXLY -`_ TY _SP WL_P] SdXY^ ZQ _SP V>LÀST_£ YZ_ ZYWd _SP -]LS XLYM`_LW^Z_SPbSZWPA£N_SL_T^PaP]d _d[PZQWLYR`LRPLYO^Z`YO T^ _]PL_PO L^ ^ZXP_STYR Y`XTYZ`^ 4Y_P]P^_TYRWd L^ ^ZZY L^ _SP Y`XT YZ`^ TOPY_T_d ZQ A£N MPNZXP^ _SP _Z[TN z TY NZY_]L^_ _Z -]LSXLY z T_ L[[PL]^Q]ZX_SPaP]dMPRTYYTYRL^LRZOOP^^TYL[P]^ZYLWQZ]X3Zb PaP] L_ LWW _TXP^ ^SP ]P_LTY^ SP] YL_`]P L^ PaP]d _d[P ZQ WLYR`LRP LYO ^Z`YOLYO_S`^NZaP]^LX`NSM]ZLOP]]LYRP_SLY_SP-]LSXLY1ZN`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ `^]ÑTaL^Ì]TdZUdÕ_T´£XLSÕaϲaP´£XÏUULYT_ÑM]ÃSXL©£XL^T ggA L^dòWÕVZOTaÐdL_P[_STadÑXÃ_dZYÃdLÀ^LOdLV´LMSÄOaÏNP_£àgA$ dLOÑaLWÃ^dL[ÐdL_ZUÃ^`XMSËOMÄSL^[Ã_T]LRYT_Ã[ZMST]L]VLÏàg OLOMSÏ]YÃUTSaÑ[Ã]TaT´¶LXÑOLO£aÏ]YTOSÐÈ]LV©ZO`^]Ïd£©£Xgg MÄSL^[Ã_T]ÃXL_LSÏ_dÃO£^£ÀYÑXL^aL]Щ£À^ÃOLYPRÜS£dÃ_g £©ËaLMST__aѲLV`YÃ^dLRÃ]MSLXÜO`^]Ïd£à[Ã]aL_L^dL_XÃY£UL_gg"gg òYÑ[TYLOOSLXXÃOS`[Ã]dL[L²dLYXÃ_^dLÀYÃO¯YÃ`OÃYTV´TdÃY_LXg YÏ´¶ÃUULMS£]LNLXL^ÃÀYÃaV´ÑOMÄSL^[Ã_T]aT]LaË©©£aTVÄ_dL gg#ggA!#!z#
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
"
TYR ZY A£N ]P^`W_^ TY _SP _SPXL_TeL_TZY ZQ WLYR`LRP T_^PWQ ?SP TXLRP ZQA£NTY_SPV>LÀST_£_S`^NZXP^aP]dNWZ^P_ZLRPYP]LW_P]XwWLY R`LRPx`YWTVP_SP_P]X-]LSXLY 4_T^YZ_PbZ]_Sd_SL_TY_SPWL_PV>LÀST_£SdXY^_Z-SL^[L_TZN N`]XZ]PLYOXZ]P]L]PWdbSTWPTYOP[PYOPY_SdXY^_Z_SPRZOOP^^A£N ^_L]_ _Z _LVP _SPT] [WLNP 4_ NLYYZ_ MP OPYTPO _SL_ _ST^ ^STQ_ ZQ TY_P]P^_ Q]ZX -SL^[L_T _Z A£N NZ]]P^[ZYO^ _Z _SP OPaPWZ[XPY_ TY _SZ`RS_ _SL_ 0]Y^_ .L^^T]P]SL^[Z^_`WL_POL^ L_]LY^N`W_`]LWWdaLWTOWLb%_SPST^_Z]T NLW _]LY^T_TZY Q]ZX _SP Xd_STNLW _Z _SP _P]XTYZWZRTNLW L^ L Q`YOLXPY_LW XZaPXPY_TYLWWST^_Z]dZQ_SZ`RS_% w?ST^ NSL]LN_P]T^_TN ubSZWPYP^^v ZQ _SP Xd_STNLW [TN_`]P ZQ _SP bZ]WO TY bSTNS LWW _SP OTQQP]PY_TL_TZY^ ZQ _STYR^ L]P OT^^ZWaPO TY_Z L Xd_STNLW XLRTNLW NSLTY ZQ NL`^LWT_d NL]]TP^ bT_S T_ L ^TRYTQTNLY_ NZY^P\`PYNP QZ] XLYv^ L[[]ZLNS _Z WLYR`LRP ,^ ^ZZY L^ Xd_S ]T^P^ LMZaP _SP WPaPW ZQ _SP XZ^_[]TXT_TaP XLRTNLWu[]LN_TNPvbSTNS^_]TaP^_ZZM_LTYL ^[PNTQTNPQQPN_ Md_SP`^PZQL^[PNTQTNXPLY^bSTNSLNNZ]OTYRWdWTYV^ZYP[L]_TN`WL]bT_S LYZ_SP]TYTXXPOTL_PLN_TZY – L^ ^ZZYL^ Xd_STNLW_STYVTYR^PPV^ PaPYTY _SP N]`OP^_ XZ^_ TX[P]QPN_ QZ]X _Z `YOP]^_LYO T_^ ZbY LN_TaT_d T_ SL^ [PYP_]L_PO_Z_SP^[SP]PZQ`YTaP]^LWT_dx !
,NNZ]OTYR_Z.L^^T]P]_SPO]TaTYRQZ]NPMPSTYO_ST^XZaPXPY_Q]ZX_SP Xd_STNLWLYOXLRTNLWTY_Z_SP_P]XTYZWZRTNLWZ]Q]ZX _SP TYOTaTO`LW_Z _SPRPYP]LWWTP^TYLN`W_`]Pv^LOaLYNTYRNL[LNT_dQZ]^PWQ]PQWPN_TZY3P WTYV^ _ST^ _Z L NWPL] aLW`P U`ORXPY_% Xd_S T^ _SP w[]TXT_TaPx _SP `Y]P QWPN_PObSTWP_SP_P]XTYZWZRTNLWLYO]PQWPN_PO]P[]P^PY_^LYwPWPaL_TZYx LMZaP _ST^ []TXT_TaP ^`M^_]L_P ?SP]P T^ SZbPaP] YZ ]PL^ZY QZ] ^`NS L U`ORXPY_LW aTPb L_ LWW QZ] _SP _]LY^T_TZY Q]ZX ZYP Q]LXP ZQ _SZ`RS_ _Z LYZ_SP] T^ LW^Z LWbLd^ L^^ZNTL_PO bT_S WZ^^P^ 4Y 4YOTL [PZ[WP SLaP LN _`LWWd LWbLd^ MPPY LbL]P ZQ _ST^ bSTNS T^ bSd 4YOTLY WTYR`T^_TN [ST WZ^Z[Sd bL^ YPaP] L ZYPbLd ^_]PP_ ;L]_TN`WL]Wd _SP^P ^_TWW ^PXT Xd_STNLW LYO LW]PLOd ^PXT_P]XTYZWZRTNLW aTPb^ ZQ A£N TY _SP V >LÀST_£bP]P_ZMPNZXPLYTX[Z]_LY_STYRP[TYQZ]_SP]PXd_STQTNL_TZY Md WTYR`T^_TN [STWZ^Z[SP]^ ^`NS L^ -SL]_SL]T LYO ,MSTYLaLR`[_L ?ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP SdXY^ _Z A£N LYO _SP _Z[TN WLYR`LRP bSTNS bP bTWW PWLMZ]L_P ZY MPWZb SLaP MPPYOT^N`^^PO[]PaTZ`^WdMdB9Z]XLY-]ZbYw?SPN]PL_TaP=ZWPZQ_SP2ZOOP^^ A£NTY_SPRaPOLxTY ;]L_TO£YLX?SP3LR`P%8Z`_ZY$!#$z$"&7L`]TP;L_ _ZYw3dXY_ZA£N%8d_SZ];STWZ^Z[Sd*xTY 8d_SLYO;STWZ^Z[Sd PO1=PdYZWO^ LYO/?]LNd,WMLYd%>@9D$$#z&7Z`T^=PYZ`w7P^[Z`aZT]^OPWL[L ]ZWPOLY^WP^SdXYP^aËOT\`P^x 0_`OP^aËOT\`P^P_[£©TYËPYYP^ ;L]T^$$ z!$z " Pc_PYOPO aP]^TZY ZQ _SP L]_TNWP ZQ $ & 1]T_^ >_LLW wRaPOL " ZY _SP :]T RTY^ZQ7LYR`LRPxTY=PaPWL_TZYTY4YOTLY?SZ`RS_ PO3.ZbL]OLYO6>TaL]LXLY 0XP]daTWWP%/SL]XL;`MW$""z ! 0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^% AZW`XP z 7LYR`LRP 9Pb 3LaPY% DLWP @YTaP]^T_d ;]P^^ $ # 0]Y^_ .L^^T]P] ;STWZ^Z[STP OP] ^dX MZWT^NSPY1Z]XPY%0]^_P]?PTWz/TP>[]LNSP/L]X^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP ^PWW^NSLQ_$$ !
"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
bL^MPNL`^PT_ T^ZYWdSP]P_SL_WLYR`LRP T^^_TWW _LYRTMWPL^ LYTY_PR]LW `YTQTPO QZ]X .L^^T]P] Md NZY_]L^_ ^PP^ LY T]]PaP]^TMWP OPaPWZ[XPY_ _LVTYR[WLNP%L`YTaP]^LW_P]XwWLYR`LRPxPXP]RP^bSPY_SP[ZbP]_SL_ bL^[]PaTZ`^WdL^N]TMPO_ZLYTYOTaTO`LWbZ]OMPNLXP_ZMP`YOP]^_ZZO LM^_]LN_WdL^_SP[ZbP]L]T^TYRQ]ZXWLYR`LRPT_^PWQ% w?SP Xd_STNLW aTPb ZQ WLYR`LRP OPaPWZ[^ TY _SP ^LXP OT]PN_TZY ]T^TYR Q]ZX _SP [P]NP[_TZY ZQ _SP [L]_TN`WL] QZ]NP NZY_LTYPO TY _SP TYOTaTO`LW bZ]O LYO TYOTaTO`LW XLRTNLW QZ]X`WL _Z _SP TOPL ZQ L `YTaP]^LW [Z_PYNd [Z^^P^^Md_SPbZ]OL^^`NSMdu^[PPNSvL^LbSZWPv4_T^TY_ST^Xd_STNLW QZ]X_SL__SPNZYNP[_ZQ WLYR`LRPL^L`YT_d T^QT]^_PYRPYOP]POx "
3P]P .L^^T]P] XLVP^ Pc[WTNT_ ]PQP]PYNP _Z _SP APOTN RZOOP^^ A£N MP NL`^PZY_SPZYPSLYOTYA£NWLYR`LRPT^_SZ`RS_ZQL^L`YT_dLYOZY _SP Z_SP] L Y`XPY T^ []P^PY_ _SL_ T^ OP^N]TMPO U`^_ WTVP Z_SP] Xd_STNLW Y`XTYL #-`_LNNZ]OTYR_Z.L^^T]P]_ST^T^ZYWd_SPQT]^_^_P[ZY_SPbLd _Z L RPY`TYP `YTaP]^LWT_d bSTNS MPNZXP^ _LYRTMWP z YL_`]LWWd z wQZ] _SP QT]^_ _TXPx TY _SP 2]PPV ^[PN`WL_TZY ZQ 3P]LNWT_`^ wTY Q`WW NZY ^NTZ`^YP^^LYONWL]T_dx $ 0aPY TY _SP PL]WTP^_ SdXY^ _SP RZOOP^^ A£N LN\`T]P^ L `YTaP]^LW NSL]LN_P]ZQSP]ZbY%^SPT^]PWL_POMdMWZZOZ]XL]]TLRP_ZLWW_SPZ_SP] RZO^^SPT^N]PL_POMd_SPXLYOdP_^SPT^^_TWW_SPT]\`PPY ]£´¶]¯ !>Z ^SP bL^ YPaP] L Xd_STNLW OPT_d TY _SP YZ]XLW ^PY^P M`_ LWbLd^ SLO NZ^XTN]PWPaLYNP BSP]PL^ -]LSXLY T^ L^^ZNTL_PO bT_S [ZP_]d _SL_ T^ `W_TXL_PWd WTYVPO _Z S`XLY MPTYR^ LYO _SPT] N`W_`]P TY _SZ^P PL]Wd SdXY^ A£N T^ ZQ_PY WTYVPO _Z LYTXLW^ Z] _Z YL_`]LW [SPYZXPYL ?SP Pc[]P^^TaP M`_ YZY^PXLY_TNNLWW^ZQLYTXLW^LYO_SP[ZbP]Q`W_S`YOP]Q]ZX_SPSPLa PY^L]PSP]ZbY^[PNTQTNOZXLTY^?SPQLaZ]T_P]P[]P^PY_L_TZYZQA£NT^ _SP TXLRP ZQ L NZb _SP NZb LWbLd^ MPTYR LW^Z `YOP]^_ZZO L^ L XP_L [SZ]QZ]]LTYLYOSP]WZbTYRL^_SP_S`YOP]ZQ_SPNWZ`O^% wBSPY _SP RPY_WP 7LYR`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR_SL_T^TYNZX[]PSPY^TMWPT_T^XTWVTYRXTWVLYOPYP]RdQ]ZX_SP QZ`]FOT]PN_TZY^ZQ_SPSPLaPY^H?SPRZOOP^^7LYR`LRPT^_SPOL`RS_P]ZQ
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW # ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY aZW " # .L^^T]P] aP]d ^_]ZYRWd WTYV^ _SP^P _SZ`RS_^ ZY A£N _Z _SP []TP^_SZZO ?ST^ T^ YZ_ YPNP^^L]TWdXZ_TaL_POMd_SP_Pc_L^_SPA£NSdXY^LW^ZNZY_LTY[]ZQLYP_Z[TN^ $ .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW $ ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY aZW # ! X£_Ñ]`O]Ñ©£ÀO`ST_ÑaÃ^¼Y£À^aÃ^£OT_dÑY£XLXÄ_L^dLYÑMSTàg []ÃYÜaZNLÀNTVT_Ü´PUÃY£dLXÑRÑXÃY£R£XÃOT_TÀaLOST´¶L ggA#
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
"
_SPRZO^>SPT^ _SL_ bSTNS LWW_SP LYTXLW^^[PLV8Ld ^SP MPRPY_WP_Z`^ LYO[]ZaTOPPYP]RdLYO^_]PYR_Sx !
4_^PPX^L^_SZ`RS[PZ[WPTXLRTYP_SPRZOOP^^A£NL^L_d[PZQ[]TXP aLW ^[]TYR ZQ LWW ^Z`YO 4_ T^ YZ_ WZRTNLW LYO NZX[]PSPY^TMWP WLYR`LRP _SL_ T^ _SP QZN`^ ZQ L__PY_TZY 4Y^_PLO A£N TXLRP^ LWbLd^ TYOTNL_P _SP Pc[]P^^TaPL^[PN_ L^ _SPOTXPY^TZYZQOP[_SZQ^Z`YO _SL_ NLYYPaP]MP PcSL`^_POTYNZY_]L^__Z_SPXPL^`]LMWPLYO]PO`NTMWP WZRZ^ ,MZaPLWW _ST^LM`YOLYNPZQ_SPPc[]P^^TaPT^TWW`^_]L_PObT_S_SPTXLRPZQ_SPNZb _SL_RTaP^XTWV`YNPL^TYRWd>ZTYLNP]_LTYbLd_SPRZOOP^^A£N]P[]P ^PY_^ PaPY TQ YZ_ PcNW`^TaPWd LY LY_TXd_S _Z _SP LRR]P^^TaP wMPW WZbP]x-SL^[L_T-SL^[L_TT^L^^ZNTL_PObT_SXP_L[SZ]^TYaZWaTYRQT]P LYO WTRS_ bSTWP _SP NSL]LN_P] ZQ A£N Md NZY_]L^_ T^ wRPY_WPx XLYO]L ?SP >LY^V]T_ bZ]O XLYO]L wRPY_WPx M`_ LW^Z wOL]Vx T^ LWbLd^ _SP NZX[WPXPY_L]d _P]X _Z O¯[_L w^S]TWWx M`_ LW^Z wM]TRS_x 4Y X`^TN _SP^P_bZ_P]X^L]P^_TWW`^PO_ZOLd_ZTYOTNL_P_SPWZbP^_LYO_SPSTRS P^_ ZN_LaP^ 3P]P wXLYO]Lx L[[PL]^ _Z XPLY []TXL]TWd _SP wRPY_WP YL _`]PxZQ_SPNZbM`_T_LW^ZLWW`OP^_Z_SP_TXM]PZQ_SPWZbTYRLYOOPP[ _S`YOP]
w?SP7LYR`LRP>[PLV^x%?SPA£R¢XMS©¯3dXY 4Y L aP]d RPYP]LW ^PY^P _SP SdXY ZQ _SP A£R¢XMS©¯ A T^ NZYNP]YPO bT_S _SP RZOOP^^ A£N 4YNTOPY_LWWd _ST^ SdXY T^ _SZ`RS_ _Z SLaPMPPYNZX[Z^POMdLbZXLY4_T^^_TWW[Z[`WL]_ZOLdL^_SPwSdXY _Z _SP 2]PL_ 2ZOOP^^x /Pa¯>¼V_L 3T^_Z]TNLWWd T_ ]P[]P^PY_^ L YPb _d[P ZQ SdXY bSTNS ZYWd MPNLXP [Z[`WL] L_ _SP _TXP ZQ _SP WL_P >LÀST_£^ ?ST^ YPb _d[P T^ YZ_ ZYWd NZYNP]YPO bT_S _SP ]PT_P]L_TZY ZQ _SP_]LOT_TZYLWXd_SZRPXP^M`_WTaP^X`NSXZ]PQ]ZX_SP[STWZ^Z[STNLW ^[PN`WL_TZYLYO_SP[L^^TYRZYZQP^Z_P]TN^PN]P_^?SPPaZNL_TaPL^[PN_ _LVP^ L MLNV ^PL_ MPSTYO _SP TYQZ]XL_TaP L^[PN_ ?SZ`RS_^ LMZ`_ aTPb^ ZQ _SP bZ]WO L]P OPaPWZ[PO LYO _]LY^XT__PO BSPYPaP] Xd_SZRPXP^ L[[PL] _SPd ^SZ`WO []PQP]LMWd MP `YOP]^_ZZO L^ LWWPRZ]TP^ LYO _SPT] Y`XTYZ`^ NSL]LN_P] QLOP^ :Q_PY _SP SdXY^ TY _SP PL]Wd V>LÀST_£ NZ`WO YZ_ MP TY_P][]P_PO ]L_TZYLWWd 8Z^_Wd bP QTYO YZ_STYR XZ]P TY _SPX _SLY Q]PP L^^ZNTL_TZY^ LYO ^P]TP^ ZQ L^^ZNTL_TZY^ -`_ ^`NS Q]PP ^P]TP^ bP]P YPaP] WTYVPO _ZRP_SP] _Z QZ]X L WZRTNLWWd NZY^_]`N_PO LYO NZX[WP_P _SZ`RS_ ^_]`N_`]P 4_ T^ X`NS XZ]P _SP NL^P _SL_ _SP^P L]P PT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! dÃOaÑRaÃOLY_¯LaTNP_LYÑYT]Ñ´¶]¯OPaÑY£ÀYT´L^ÑOLXLYO]Ñg NÃ_L^]LÌ]ULÀO`O`SP[Ãd£À^Tgg OPaÐÀaÑNLXLULYLdLY_LOPaÑ^_ÑÀaT²aÃ]¼[£à[L²ÃaZaLOLY_Tg ^ÑYZXLYO]ÑÏ´LXÌ]ULÀOÜS£Y£OSPYÜ]aÑRL^XÑYÜ[L^Ü´¶`_LÏ_` ggA#z
"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_SP] _Z_LWWd `YL^^ZNTL_PO ^_L_PXPY_^ Z] ZYP LYO _SP ^LXP _Z[TN TWW`^ _]L_PO ZaP] LYO ZaP] TY YPb bLd^ bT_S aL]dTYR TXLRP^ 1Z] PcLX[WP TY _SP -SL^[L_T SdXY^ bZ]O^ ^`NS L^ wSZYPdx wbL_P]x LYO wNZbx L]P PcNSLYRPO bT_SZ`_ LYd ]PL^ZY _SL_ bP NLY [P]NPTaP 4Y _SP NZY_Pc_ ZQ _SP -SL^[L_T SdXY^ _SP _S]PP bZ]O^ OPYZ_P ^LN]PO ^[PPNS bSTW^_ TY LYZ_SP] NZY_Pc_ _SPd NLY SLaP NZX[WP_PWd OTQQP]PY_ XPLYTYR^ :Y _SP Z_SP] SLYO TY _SP [STWZ^Z[STNLWWd ^[PN`WL_TaP SdXY^ _SP TYOTaTO`LW ^_L_PXPY_^M`TWO`[ZYZYPLYZ_SP] ?SP XZ^_ ^_]TVTYR QPL_`]P ZQ _SP A£R¢XMS©¯ SdXY T^ _SP ^PWQ NZYQTOPY_ `^P ZQ _SP QT]^_ [P]^ZY bT_S bSTNS 7LYR`LRP TY_]ZO`NP^ SP] ^PWQ TY [ZP_TN ^[PPNS L^ _SP ZYP bSZ XLTY_LTY^ _SP RZO^ LYO L^ _SP ^Z`]NP ZQ WTQP 4Y _P]X^ ZQ MZ_S QZ]X LYO NZY_PY_ _ST^ WPYO^ SP] L [L] _TN`WL]WdSTRS[Z^T_TZYLYOLVPdNZ^XTNQ`YN_TZY% w4 bLYOP] bT_S _SP =`O]L^ _SP AL^`^ ¢OT_dL^ LYO AT²aLOPaL^ _SP RZO^ ZQ_SPLT]_SPPL]_S_SPSPLaPY^bT_S_SP`YTaP]^LWRZO^m4M]TYRRZZO^ _Z _SP ^LN]TQTNP] m 4 LX _SP \`PPY bSZ RL_SP]^ LWW RZZO^ _SP 6YZbTYR :YP_SPQT]^_ZQ_SPSZWd_STYR^TY_SP^LN]TQTNP4LWZYPbL^_SP:YPbSZX _SP RZO^ _SPY OT^_]TM`_PO FL^ _SP [L]_^ ZQ _SP ^LN]TQTNPH ^Z _SL_ 4 WTaP TY XLYd[WLNP^LYO_]PLOZYX`NSFOTQQP]PY_R]Z`YOH,YdZYPbSZ^PP^bSZ M]PL_SP^bSZSPL]^bSL_SL^MPPY^LTOSP^SLWW]PNPTaP_ST^QZZOFQZ]ST^ ^PY^P^HQ]ZXXPBT_SZ`_VYZbTYRT__SPdObPWWNWZ^P_ZXPm 3L]VPY FBSL_H 4 ^[PLV NLY MP MPWTPaPO 4 LWZYP LX _SP :YP bSZ ^[PLV^ _SZ^P F^LN]TQTNTLW bZ]O^H TY bSTNS RZO^ LYO XPY [L]_TNT[L_P FLWTVPH BSZX^ZPaP]4WZaP4^SLWWXLVPLVTYRL-]LSXTYL^PP]L^LRPm4OZ _SPNZYaP]^L_TZYQZ]LWW[PZ[WP3PLaPYLYOPL]_S_SPbSZWPbZ]WOSLaP4 _]ZO 4 RTaP MT]_S _Z _SP 1L_SP] FZQ 3PLaPYH ZY _SP ePYT_S ZQ _SP FSPLaPY^H 8d MT]_S[WLNP WTP^ TY _SP QWZZObL_P]^ ZQ NSLZ^ 1]ZX _SPYNP 4 RZ Z`_ TY_Z LWW bZ]WO^ `Y_TW 4 ]PLNS _SP SPLaPY^ bT_S _SP N]ZbY ZQ Xd SPLO 4 MWZb WTVP _SPbTYOLYO_Z`NSLWWbZ]WO^-PdZYO_SPSPLaPY^ LYOMPdZYO_SPPL]_S4 LXPYOZbPObT_S_ST^R]PL_YP^^x !
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! LSÃÀ]`O]ËMST]aÃ^`MST²NL]£XTgLSÃX£OT_dLÏ]`_ÃaT²aÃOPaLTàgm LSÃÀOLOS£XTO]ÃaT©LÀSLaÏ´XL_Pgm LSÃÀ]Ñ´¶]Å^LÀRÃXLYÅaÃ^¼Y£XgNTVT_Ü´Å[]L_SLXdLUÓÏd£Y£Xg _ÑÀX£OPaÑaÏLOLOS`à[`]`_]ÑgMSÌ]T´¶S£_]£ÀMSÌ]T£aP²ÃdLY_ÅXgggg XÃd£^ÕÃYYLXL__TdÕaT[òdL_TgdÃà[]Ñ©T_TdÃÅX²©Õ_T`V_ÃXg LXLY_ÃaZXÑÀ_ÃÜ[LV´TdLY_Tg²]`OST²]`_L²]LOOSTaÃÀ_PaLO£XTgggg LSÃXPaÃ^aLdÃXTOÃÀaLO£XTgUÜ´¶LÀOPaËMST]`_ÃXÑY`´PMSTàg dÃÀV£XÃdP_ÃÀ_LX`R]ÃÀV©ZXTg_ÃÀM]LSXÑ©LÀ_ÃXÄ´TÀ_ÃÀ^`XPOSÑXgg gg m LSÃÀUÃY£dL^LXÃOLÀV©ZXTgLSÃÀOdÑa£[_STaÐÑaTaP²Lgg!gg LSÃÀ^`aP[T_Ã]LXL^dLX¼]OSÃYgXÃXLdÕYT]L[^ÜLY_Ãà^LX`O]Ëg _Ã_ZaÏ_T´¶SPMSÜaLYÑY`aϲaÑg`_ÑXÌÀOdÑÀaL]´XÃYÕ[L^[²£XTgg"gg LSÃXPaÃaÑ_LTaL[]Ãa£XTg£]ÃMSLX£©£MSÜaLY£YTaϲa£g [L]ÕOTaÑ[L]ÃPYÑ[_STadÑgP_ÑaL_ÅXLSTYÑ^ÃÀMLMS`aLgg#ggA z#
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
"
,WW _STYR^ L]P RL_SP]PO _ZRP_SP] TY WLYR`LRP 7LYR`LRP T^ P^^PY_TLW ,MZaP LWW NZY_LN_ bT_S _SP RZO^ ]P\`T]P^ WLYR`LRP L^ ^_L_PO TY A #!% w?SP NZbbSZWTQ_^`[_SPMPL`_TQ`WWd ^[PLVTYRaZTNP bSZ T^ L__PYOPOMd LWWRZZO_SZ`RS_^ bSZMPTYRLRZOP^^FPaPYH QZ]_SPRZO^XZaP^ L]Z`YO FbT_S_SPXHzWP_YZ__SPXZ]_LWMP^Z^TWWdL^_Z]PWTY\`T^SSP]x !
,WW _SP ,]NSÃT ZQ L RZO RLTY ^`M^_LYNP TY _ST^ bZ]WO ^ZWPWd _S]Z`RS WLYR`LRP bSTNS T^ bSd LWW _SP RZO^ ZYWd PcT^_ bSP]P WLYR`LRP LW^Z PcT^_^ 3P]P LRLTY _SP]P T^ LY PNSZ ZQ _SP TOPL ZQ _SP wSdXYTN QZZOx% LQ_P] LWW _SP TXXZ]_LW RZO^ _SPX^PWaP^ L]P ZYWd LWTaP Md XPLY^ ZQ _SP NZY^_LY_]PTYaZNL_TZYTY_SPT]^LN]TQTNTLWSdXY^ -`_ T_ T^ YZ_ ZYWd TY_P]NZ`]^P bT_S _SP SPLaPYWd PY_T_TP^ _SL_ L]T^P^ Q]ZX 7LYR`LRP M`_ LW^Z VYZbWPORP LMZ`_ _SP bZ]WO ,YdZYP bSZ NLY ^[PLV bPWW SL^ L NL]PP]% wBSZX^ZPaP] 4 WZaP 4 ^SLWW XLVP L VTYR L -]LSXTY L ^PP] L ^LRPx /P^[T_P _SP QLN_ _SL_ _ST^ T^ XTcPO bT_S []LR XL_TN L]R`XPY_^ _SP]P T^ ^_TWW _]`P XP_L[Sd^TNLW ^`M^_LYNP wBT_SZ`_ VYZbTYR T_ _SPd ObPWW NWZ^P _Z XPx 7LYR`LRP XLVP^ _SP bZ]WO [Z^^T MWP LYO T^ []P^PY_ TY LM^ZW`_PWd PaP]d_STYR ?ST^ NZ^XTN ]PWPaLYNP T^ `YOP]^NZ]PO Md _SP TXLRP ZQ _SP 8LN]LY_S]Z[Z^ [`]`´L bSTNS ]P XLTY^ [Z[`WL] PaPY TY WL_P] 3TYO`T^X ?SP QPP_ ZQ _SP RZOOP^^ 7LY R`LRP ]PLNS TY_Z _SP `YOP]bZ]WO LYO _SP _Z[ ZQ SP] SPLO _Z`NSP^ _SP SPLaPY^ 0aPY L XP_L[SZ] _SL_ _PYO^ _ZbL]O^ _]LY^NPYOPYNd T^ `^PO _Z OP^N]TMPA£N%w-PdZYO_SPSPLaPY^LYOMPdZYO_SPPL]_S4LXPYOZbPO bT_S_ST^R]PL_YP^^x 3P]P_SPNPY_]LWTXLRPZQbL_P]SL^MPPYLOZ[_POQ]ZX_SPNZ^XZR ZYd 7LYR`LRP [`^SPO `[ Z`_ ZQ _SP OP[_S^ SP] LN_`LW Z]TRTY T^ TY _SP ZNPLY ^LX`O]L XPLYTYR _SP bZ]WON]PL_TYR w[]TXPaLW QWZZO^x bSTNS ^`]]Z`YO _SP 0L]_S ZY LWW ^TOP^ ?ST^ MT]_S[WLNP T^ NZY_]L^_PO bT_S _SP 1L_SP] ZQ 3PLaPY OdL`´[T_ bSZ WTaP^ L_ _SP STRSP^_ [ZTY_ ZQ _SP SPLaPY^LYOT^TY_`]YN]PL_POMdA£N7LYR`LRPT^L_ZYNP_SPP[T_ZXP ZQ_SPZ]OP]PONZ^XZ^LYO_SPQZ]XWP^^[]TXPaLWQWZZO 4_T^NP]_LTYWdYZ_MdNSLYNP_SL__SPSdXY^NZYNP]YTYRwWLYR`LRPL^ ^`NSx ]PQWPN_ L ]P^ZW`_TZY ZQ _SP Z]TRTYLW Xd_STNLW `YT_d bSTNS ^_TWW ]PTRYPO `YTY_P]]`[_PO TY _SP PL]Wd >LÀST_£ z QZ] PcLX[WP _SP Xd_SZ RPXP ZQ -SL^[L_T z LYO TY _ST^ _SPd NZ`WO MP NLWWPO [L]_TLWWd ]L_TZYLW ,^ WZYRL^ bPL]POPLWTYR bT_SXd_SZRPXP^ZYWd]PN`]^TaPOPQTYT_TZY^ L]P [Z^^TMWP% -SL^[L_T T^ bSL_ -]LSXLY ^[PLV^ LYO -]LSXLY T^ bSL_ -SL^[L_T ^[PLV^ 4Y NZX[WP_PWd Xd_STNLW _SZ`RS_ TY bSTNS _SP]P L]P ZYWd SZWT^_TN PY_T_TP^ LYO ]PWL_TZY^ NLYYZ_ MP NZY^TOP]PO TY LYd bLd Z_SP] _SLY [L]_TNT[L_Z]d LM^_]LN_ _P]X^ ]PXLTY NZX[WP_PWd `Y_STYVLMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! aLNZaÏOLÀaÑNLX`O¯]ÃdLY_¯Àaϲa£MST]OS¯MSÏ]`[L_Ï´¶SLX£Y£Xg OPaÐÀOPaËMSdLà[Ã]TPdÜ´¯ÀRÑXÑX£aV_LXÃ]_TdZOLMS]ÃNP_£à ggA#!
"!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?d[TNLW ZQ _SP ZWOP] SdXY^ TY _SP PTRS_S MZZV ZQ _SP RaPOL L]P [`]P Xd_SZRPXP^^`NSL^_SPRPY_WPYL_`]PONWZ`ONZbbSZ^PWZbTYRT^_SP _S`YOP]bSTWP_SPA£R¢XMS©¯SdXYOPXZY^_]L_P^WP^^^PY^Z]dZ]TPY _L_TZY M`_ TY^_PLO PcSTMT_^ R]PL_P] NWL]T_d A£N bSZ^P N]ZbY ]PLNSP^ TY_Z _SP SPLaPY^ T^ XZ]P LWWPRZ]TNLW XZ]P LM^_]LN_ LYO XZ]P XP_L [Sd^TNLW4YNZYYPN_TZYbT_S_SPNZY_TY`TYRLM^_]LN_TZYZQ_SPYZ_TZYZQ WLYR`LRP NL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY ZQ 7LYR`LRP L]P YZb LW^Z PXP]RTYR
w>TQ_PObZ]O^xz?SP-SL^[L_T¢«RT]L^L3dXY ,YZ_SP] SdXY bSTNS T^ L^N]TMPO _Z _SP []TP^_ NWLY ZQ _SP ,«RT]L^ T^ NZYNP]YPO ^ZWPWd bT_S WLYR`LRP 4_ T^ QZ`YO TY _SP RaPOL " LYO MPRTY^ Md NLWWTYR ZY -SL^[L_T M`_ T_ T^ YZ_ L SdXY ZQ []LT^P _Z _SP RZO^MPTYRTY^_PLOL[`]PWd^[PN`WL_TaP_Pc_4Y_P]P^_TYRWdbPQTYOSP]P LYPL]WdOTQQP]PY_TL_TZYMP_bPPY WLYR`LRPLYO^Z`YOLYO_SPaP]d ^_L]_ ZQLNL`^LW[L__P]YZQPc[WLYL_TZYQZ]PaP]dOLdWLYR`LRP!% w: -SL^[L_T _ST^ XZ^_ YZMWP ZQ A£N bSTNS T^ QT]^_ `__P]PO Md _SZ^P bSZ RTaP YLXP^ F_Z _STYR^H _ST^ XZ^_ MPL`_TQ`W LYO XZ^_ YL_`]LW FYLXPH OP ^[T_PT_^STOOPYYP^^bL^]PaPLWPO_Z_SPXMd_SPTYNWTYL_TZYFZQA£NHx !
BSL_ T^ TYT_TLWWd `__P]PO Md S`XLY MPTYR^ T^ YZ_ dP_ WLYR`LRP TY Z`] ^PY^P M`_ LY Pc[]P^^TaP aZNLWTeL_TZY OPaZTO ZQ ^PY^P z MLMd _LWV ?SP WL_P APOTN ,T_L]PdL¢]L©dLVL XPY_TZY^ _SP MLMd ^Z`YO^ _L_L LYO _£_L !! TY T_^ Pc[WLYL_TZY ZQ _ST^ aP]^P !" :Q NZ`]^P [PZ[WP NLYYZ_ XLVP _SPX^PWaP^`YOP]^_ZZO`^TYR^Z`YO^ZQ_ST^^Z]_?SPN`W_`]LW[SPYZXP YZY ZQ uWLYR`LRPv MPRTY^ bT_S _SP NZYYPN_TZY MP_bPPY aZTNP LYO _SZ`RS_%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP]P L]P XLYd Pc_]PXPWd aL]TPO TY_P][]P_L_TZY^ LYO _]LY^WL_TZY^ ZQ _ST^ aP]^P :`] _]LY^WL_TZYT^ML^POZY_SPZQ_PYYPRWPN_PO>£dL©LNZXXPY_L]d ! MÄSL^[L_P[]L_SLXÃÀa£NÕÃR]LXdÃ_[]LÏ]L_LY£XLOSËdLÀOÃOS£Y£àg dÃOP´£À²]Ë´¶SLÀdÃOL]T[]ÃXÑ^Å_[]P©Ñ_ÃOP´£ÀYÏST_LÀRÜS£aÏàggA" !! ?SP >LY^V]T_ bZ]O^ _L_L LYO _£_L XPLY ^ZXP_STYR ^TXTWL] _Z Z`] wOLOOdx Z] w[L[Lx M`_NLYLW^ZMP`^POQZ]LWWXLWP]PWL_TaP^LYOLN\`LTY_LYNP^ !" ?SP ¢]L©dLVL_LVP^L_SPZWZRTeTYRL[[]ZLNSLYOWTYV^_ST^`__P]LYNP bT_S _L_ bSTNS LNNZ]OTYR_Z_SPAPOLNZXXPY_L_Z]>£dL©LXPLY^YZ_STYRZ_SP]_SLY_SP[STWZ^Z[ST NLW-]LSXLYZQ_SP@[LYT´LO^MPTYR_SPXZ^_YZMWPLYOYL_`]LWwYLXPxZQLWW ^TYNP T_^ ^SZ]_ QZ]XT^ _L_ w_SPx ,NNZ]OTYR_Z_ST^L[[]ZLNS_SP^dY_SP_TN ]PNZRYT_TZYZQ _SP`YT_dZQ_SPbZ]WObT_S-]LSXLYT^_SPXZ^_YL_`]LW_STYRTXLRTYLMWP^TYNPPaPY TYQLY_^L[[PL]_ZwVYZbxT_
0aZNL_TZYLYO0c[]P^^TZY%_SP0L]WdRaPOL
""
w,^ R]LTY T^ ^TQ_PO _S]Z`RS L ^TPaP _SP bT^P XPY F]PQTYPO _SPT]H WLYR`LRP Md F_SPT]H _SZ`RS_^ LYO _ST^ T^ SZb Q]TPYO^ ]PNZRYTeP _SPT] Q]TPYO^ST[ ?SP R]PL_PL]_SWdUZdSL^MPPYML^POZY_ST^WLYR`LRPx !#
?SP NWZ^P WTYV MP_bPPY WLYR`LRP LYO Q]TPYO^ST[ ^LVSd£YT L[[PL]^ `YXZ_TaL_PO_Z_SPXZOP]Y]PLOP]-`_ZYPX`^_VPP[TYXTYO_SL__SP]P bL^YZ_LWbLd^SL]XZYdLYOQ]TPYO^ST[]PTRYTYRMP_bPPY_SP[]TP^_^Z] []TP^_Wd QLXTWTP^ L^ ZYP NLY ^PP Q]ZX _SP QLXZ`^ NWL^S MP_bPPY AT²a£XT_]LLYOAL^T´¶SL-`_[]TP^_^Q]ZXOTQQP]PY_QLXTWTP^X`^_bZ]V _ZRP_SP] L_ _SP ^LN]TQTNP^ LYO _SP wFOPNWL]L_TZY ZQH Q]TPYO^ST[x LW^Z ^LVSd£YT T^_SP]PQZ]PPaPY_ZOLdL]T_P_SL_^SZ`WOMP[P]QZ]XPOMPQZ]P PaP]dWL]RP]^LN]TQTNP !$ /`]TYR _SP ^LN]TQTNP _SP]P T^ z LNNZ]OTYR _Z _ST^ SdXY z L ]P TY_PR]L_TZYZQPaP]dOLdWLYR`LRPTY_ZT_^Z]TRTYLWNZ^XTNNZY_Pc_% w?SPdNLXPaTL_SP^LN]TQTNP `[ZY_SP[L_SZQWLYR`LRPLYOQZ`YOSP]WTa TYR TY _SP ^PP]^ ?SPd MZ]P SP] ST_SP] OT^_]TM`_PO SP] TY XLYd [WLNP^ FL^ [L]_^ ZQ _SP ^LN]TQTNPH LYO _SP ^PaPY MT]O^ FTP _SP ^PaPY XP_P]^H _bT__P]PO SP]x "
4Y _SP WT_`]Rd WLYR`LRP T^ ]PXZaPO Q]ZX T_^ PaP]dOLd Q`YN_TZY LYO Pc [LYOPO TY]PaP]^P TY_Z_SP NZ^XTN]PLWXMdMPTYRLWWZNL_PO_Z_SPaL]T Z`^ ]T_`LW PWPXPY_^ ZQ _SP ^LN]TQTNP ?SP wOT^_]TM`_TZYx ZQ WLYR`LRP _Z _SP [L]_^ ZQ _SP ^LN]TQTNP [`_^ _SP []TP^_^ ZY L WPaPW bT_S _SP RZO^ bSZ MPQZ]P _SP MPRTYYTYR ZQ N]PL_TZY OTaTOPO `[ _SP 8LN]LY_S]Z[Z^ TY _SP ^LXPXLYYP]LYOXLOPT_^XPXMP]^TY_Z[L]_^ZQ_SPbZ]WOLYO[L]_^ZQ _SP ^LN]TQTNP ,^ ]T_`LW WLYR`LRP WLYR`LRP ]PNZaP]^ T_^ Z]TRTYLW Pc[]P^ ^TaPOTXPY^TZYZQOP[_SPc[]P^^POMd_SPTXLRPZQ_SP_bT__P]TYRMT]O^ ?SP w^PaPY MT]O^x LW^Z VPP[ NZX[LYd bT_S _SP XLYTQP^_PO w^TQ_POx WLYR`LRP^dXMZWTeTYR_SP^PaPYXP_P]^?SP^PP]^ZQLY_T\`T_d ´T L]P []P^`XLMWd_SP[ZP_^ VLaT ZQ_SPPL]WdV>LÀST_£LYO_SPZYP^bSZ OT^_]TM`_P _SP w^TQ_POx WLYR`LRP L]P _SP []TP^_^ _SZ^P bSZ VPP[ _ST^ WT_P]L_`]PTYZ]OP] 3P]P WLYR`LRP L^ ^`NS T^ aTPbPO L^ L [Z^^P^^TZY ZQ S`XLYVTYO PaPY TQ _SP Pc[]P^^TaP L^[PN_ ZQ WLYR`LRP LWbLd^ ]PXLTY^ TYPc[WTNLMWP LYO MPL]^ LY PWPXPY_ ZQ _SP wSTOOPYx A£N L^ Pc[]P^^TZY T^ YPaP] N]P L_PO&^SP]PaPLW^SP]^PWQ,^LMPL`_TQ`WbZXLYZYWd]PaPLW^SP]YLVPO YP^^ _Z SP] S`^MLYO _SP Pc[]P^^TaP A£N ZYWd ]PaPLW^ SP]^PWQ _Z _SZ^P QPb[PZ[WPbSZ^P^[T]T_T^\`TNV XLYZULaL 4Y _ST^ SdXY _bZ TX[Z]_LY_ XZ_TQ^ NLY MP XLOP Z`_ bSTNS MPNZXP PaP]XZ]PTX[Z]_LY_ZaP]_SPNZ`]^PZQ_TXPLYObSTNSL]PSTRSWd]PWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ^ÃV_`XTaL_Ï_LÞY£[`YÃY_ZdÃ_]LOSÐ]£XÃYL^£aÑNLXÃV]L_Lg Ã_]£^ÃVS£dLà^LVSTdÑYTU£YL_PMSLO]LÏ´£ÀWLV´XÐ]YÏST_ÑOSTa£NÏ ggA" !$ >PP bbbYLXM`OT]TNZXLNNP^^PO>P[_PXMP]# " dLUÓËYLa£NÃà[LOLaÐdLX£dLY_ÑXLYaLaTYOLYYÄ´T´`[]ÃaT´¶£Xg _ÑX£MSÄ_d£aÏLOLOS`à[`]`_]£_ÑÀ^L[_Ã]PMSÑLMST^ÃÀYLaLY_P ggA"
"#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
aLY_ _Z_SPPXLYNT[L_TZYZQ_SP[]TP^_Q]ZX _SPXd_S ?SPTXLRPZQ_SP WLYR`LRPNZb MPNZXP^ TYN]PL^TYRWd ^`[P]TX[Z^PO Md _SP TXLRP ZQ L MPL`_TQ`W bZXLY bSZ^P QLaZ] NLYYZ_ MP QZ]NPO BSZPaP] A£N RTaP^ SP]^PWQ _Z SP Z] ^SP T^ LW^Z QLaZ]PO 1LaZ]PO ^[PPNS T^ PQQPN_TaP 4Q L ^[PLVP] QLTW^ _Z QTYO _SP ]TRS_ bZ]O^ L_ L RL_SP]TYR _ST^ T^ `YQLaZ]LMWP LYOST^^[PPNS]PXLTY^TYPQQPN_TaPwbT_SZ`_Q]`T_LYOMWZ^^ZXx L[SLWL LYO L[`´[L " 4Y LOOT_TZY _Z _ST^ L^[PN_ ZQ QLaZ] _SP ^[PNTLW WTYV MP _bPPY_SP-]LSXTYLYOWLYR`LRP "MPNZXP^LNPY_]LW WPT_XZ_Ta
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P >LÀST_£LYO-]£SXL©L^
BSTWP TY _SP PL]Wd APOTN N`W_`]P _SP []TP^_ T^ _SP ^[PLVP] QZ] L R]Z`[ LYOL^L]`WP_SPwbPxQZ]XT^`^POTY_SPSdXY^TY_SPXTOAPOTNLYO WL_PAPOTN[P]TZO^LYTYOTaTO`LWTeL_TZY_LVP^[WLNP?SP[]TP^_^L]PYZb wST]POx LYO w[LTOx Md bPLW_Sd [L_]ZY^ dLULX£YL 4Y ^ZXP NL^P^ _SP _Pc_^ XPY_TZY SZ]]PYOZ`^ ^`X^ XZ^_Wd TY NZb^ [LTO _Z _SP []TP^_^ L^ ]PbL]O^ QZ] NL]]dTYR Z`_ _SP ^LN]TQTNP BSP]PL^ []PaTZ`^Wd T_ bL^ _SP NZWWPN_TaP _SL_ OP_P]XTYPO PaP]d_STYR z bT_S NP]_LTY PcNP[_TZYLW TYOT aTO`LW^ ^`NS L^ _SP wNSZT] WPLOP]x RL©L[L_T z LYO _SP []TYNT[WP ZQ []TX`^TY_P][L]P^]`WPOYZbbPQTYOTYOTaTO`LWTeL_TZY=T_`LW^L]PYZb [P]QZ]XPO Md TYOTaTO`LW^ QZ] TYOTaTO`LW^ z TP Md -]LSXTY []TP^_^ QZ] bPLW_SdbZ]WOWd[L_]ZY^ " ,YO TY _SP _SPZWZRd _ZZ _SP P[ZNS ZQ _SP PL]Wd WLYR`LRP SdXY^ XL]V^ L _TXP ZQ ^PLNSLYRP% _SP [ZbP]Q`W Xd_STNLW RZO^ ZQ _SP V >LÀST_£ ]PNPOP Q`]_SP] LYO Q`]_SP] TY_Z _SP MLNVR]Z`YO LYO ]PWTY\`T^S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PPA" " =PYZ`w7P^[Z`aZT]^OPWL[L]ZWPx ^`XXL]TeP^_SPZaP]LWW_PYZ]ZQ_SP3dXYZQ BT^OZX"L^QZWWZb^% w?SPSZWdbZ]OT^LYTYaPY_TZYZQ_SPLYNTPY_^LRP^bSZ_ZZVLYOQZ]XPO_SP^WPP[ TYR ]Lb XL_P]TLW NWPLY^PO T_ LYO PY]TNSPO T_ ?SP ^LN]TQTNP PYLMWPO _SPX _Z QZWWZb _ST^[L_SZQ_SPBZ]O?SPdN]PL_POT_L^LNZZ[P]L_TaP[]ZUPN_LUZTY_bZ]Vx " 4Y_P]P^_TYRWd _SP 9LXM`OT]T -]LSXTY^ bSZ ^_TWW [P]QZ]X _SP APOTN QT]P ^LN]TQTNP _ZOLd^PP_SPQZ`YOL_TZYZQ_SPT]]T_`LW[]LN_TNPL^]ZZ_POYZ_^ZX`NSTY_ST^LYNTPY_ DLULX£YLXZOPWM`_TYLw^[T]T_`LW[]Z_PN_TZYZQ_SPPYaT]ZYXPY_xLYO`W_TXL_PWdL^ LTXTYRQZ]_SPMPYPQT_ZQ_SP NZXX`YT_d% w?SPRZLWZQLWW DLLRLX^ T^_SP[]Z^[P]T_d ZQ_SP[PZ[WPL_WL]RPMdPYP]RTeTYRLYO[]Z_PN_TYR_SPPYaT]ZYXPY_?SP>`YT^NZY ^TOP]POL^_SPXLTY^Z`]NPZQPYP]Rd^`[[WdLYOQT]PT^NZY^TOP]POL^L]P[]P^PY_L_TZY ZQ_SP>`Yv^PYP]Rd,NNZ]OTYR_Z_SPLYNTPY__Pc_^ZYDLLRLXLYdZQQP]_Z1T]PL^L RZOT^LN_`LWWdLYZQQP]_Z>`Y,Yd^`NSZQQP]T^PT_SP]_ZPY]TNSPYP]RdTY_SPPYaT ]ZYXPY_Z]_ZOP^_]Zd_SP`YOP^T]LMWPPWPXPY_^TY_SPPYaT]ZYXPY_LYO_S`^TYMZ_S bLd^ PYaT]ZYXPY_ T^ []Z_PN_POx bbbYLXM`OT]TNZX LNNP^^PO >P[_PXMP] #
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
"$
_SP QTPWO _Z _SP TYN]PL^TYRWd NZX[WTNL_PO ^LN]TQTNP ZQ QT]P LYO _SP P^Z _P]TN^[PN`WL_TZY^ZQ_SP[]TP^_^1]ZXSP]PZY_SP^LN]TQTNPZQQT]P^_L]_^ _Z WZ^P T_^ Z]TRTYLW NSL]LN_P] L^ L wMLY\`P_ QZ] _SP RZO^x NZX[WP_PWd LYO L_ _SP ^LXP _TXP _SP bLd TY bSTNS _SP SdXY^ _Z _SP^P RZO^ L]P ]P RL]OPOX`_L_P^?SPdL]PYZWZYRP]^PPYL^Pc[]P^^TaP[ZP_]dLYO_SPT] PaZNL_TaP NSL]LN_P] QLOP^ XLVTYR bLd QZ] Y`XP]ZWZRTNLW ^[PN`WL_TZY^ LYOXLYT[`WL_TZY^?SPSdXY^L]PYZbWTYR`T^_TNXL_P]TLW^LYN_TQTPOMd _TXPXL_P]TLW_ZbSTNSLXd^_P]TZ`^QZ]NPT^L^N]TMPOM`_YZ_YPNP^^L] TWd L ^[PNTQTN ^PXLY_TN XPLYTYR .Z^XTN ]T_P^ L[[PL] ZY _SP ^NPYP LM ^Z]MTYR_SPTYOTaTO`LW^LN]TQTNP^[]PaTZ`^WdXLOP_ZaL]TZ`^OPT_TP^LYO [`__TYR _SPX TY_Z L NZX[]PSPY^TaP NZ^XTN NZY_Pc_ ?Z Q`WQTWW _SP^P YPPO^ YPb WT_P]L_`]P^ L]T^P z _SP -]£SXL©L^ ?SPd []P^PY_ NZX[WPc PcPRP^P^ ZQ _SP PaPY_^ O`]TYR _SP ^LN]TQTNP TY _SP WTRS_ ZQ _ST^ YPb OP XLYOQZ]LYP^Z_P]TNLYONZ^XTeTYR]T_`LW BSL_ T^ NSL]LN_P]T^_TN ZQ _SP WT_P]L_`]P ZQ _SP -]£SXL©L P[ZNS T^ L XL]VPO _PYOPYNd _ZbL]O^ _SP XZYZXd_STNLW 9Zb LWW Xd_STNLW ^`M ^_LYNP^ L]P `YOP]^_ZZO L^ MPTYR RL_SP]PO _ZRP_SP] L_ ZYP ^TYRWP WZNL _TZY?ST^[WLNPT^_SPQT]P^LN]TQTNPbSP]PLWW_SP,]NSLÏ[]P^PY_TY_SP `YTaP]^P _LVP [WLNP L_ _SP ^LXP _TXP ?SP ^LN]TQTNP T^ ]PRL]OPO L^ _SP NZ^XZ^XLTY_LTYTYR QZ]NP >Z LN_`LWWd ZYWd ZYP ^ZWP Xd_S ]PXLTY^ TY PcT^_PYNP z _SP QT]P ^LN]TQTNP T_^PWQ 6YZbTYR LYO L[[WdTYR _SP NZX[WT NL_PO]PWL_TZY^MP_bPPY_SP^LN]TQTNPZQQT]PLYO_SPNZ^XZ^MPNZXP^_SP _L^VZQL^[PNTLWTePOPWT_P[]TP^_SZZObSZ^PXZ^_TX[Z]_LY_TY^_]`XPY_ T^WLYR`LRP-dXL^_P]dZQ_SPWLYR`LRP_SPdPaPY^`MZ]OTYL_P_SPRZO^ _Z _SPX^PWaP^ LYO L]P _S`^ PY_T_WPO _Z ^P_ _SPX^PWaP^ LMZaP LWW PL]_SWd ]`WP]^L^Pc[]P^^POTY_SPQZWWZbTYR]TOOWP% w4 L^V dZ` LMZ`_ _SP PORP ZQ _SP PL]_S 4 L^V dZ` LMZ`_ _SP NPY_P] ZQ _SP bZ]WO4L^VdZ`LMZ`__SPSTRSP^_^PL_ZQWLYR`LRP ?SP LW_L] _SL_ T^ _SP QL]_SP^_ PORP ZQ _SP PL]_S ?SP ^LN]TQTNP _SL_ T^ _SP NPY_P]ZQ_SPbZ]WO?SP[]TP^__SL_T^_SPSTRSP^_^PL_ZQWLYR`LRPx "
?SP NZX[WPcT_d ZQ _SP QT]P ^LN]TQTNP T^ XLYTQP^_PO TY ^`NS _STYR^ L^ _SP QLN__SL_`[_Z!OTQQP]PY_[]TP^_^L]PLN_TaPL__SP^LXP_TXP,XZYR^_ _SPX_SP]PL]PQZ`]XLTYZQQTNP^% ?SP wNLWWP]x SZ_ SL^ _Z PcPN`_P LWW _SP NLWW^ `[ZY _SP RZO^ 3T^ _L^V^TYNW`OPLWW_SP]PLOTYR^Q]ZX_SPV>LÀST_£,_PLNS^_LRPZQ_SP ]T_`LWSP]PNT_P^NP]_LTY ^PWPN_TZY^Q]ZXaP]^P^LYO[L]_^ZQaP]^P^ ²L^ _]L Q]ZXSdXY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " [NSÑXT_a£[Ã]LXÃY_LÀ[_STadÑ[NSÑXTdÃ_]LMSÜaLYL^dLYÑMSTàg [NSÑXT_a£aÄ´©ZòaL^dL]Ë_Là[NSÑXTa£NÃà[L]LXÃÀaÏZXLgg TdÃÀaËOTà[Ã]ZÃY_Là[_STadÑLdÃÀdLUÓÕMSÜaLYL^dLYÑMSTàg LdÃÀ^ÕXZaÄ´©ZòaL^dL]Ë_ZM]LSXÑdÃÀa£NÃà[L]LXÃÀaÏZXL ggA!z
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?SP w^TYRP]x `OR£_ [P]QZ]X^ ^[PNTQTN ^LN]PO XPWZOTP^ ^£XLY [L]_ ZQ bSZ^P _Pc_ XL_P]TLW T^ ML^PO ZY aP]^P^ ZQ SdXY^ LW_SZ`RS [L]_ ZQ T_ NZY^T^_^ ZQ ^dWWLMWP^ OPaZTO ZQ ^PXLY_TN XPLYTYR ,_ NP]_LTY aP]d ^[PNTLW ]T_P^ YZ WZYRP] `^PO SP bZ`WO LW^Z LNNZX[LYd _SP ^LN]TQTNTLW PaPY_^bT_STY^_]`XPY_LWX`^TN[WLdPOZYLSL][Z]O]`X ?SPw^LN]TQTNP]x LOSaL]d` SL^_SPXLTY_L^VZQ[P]QZ]XTYRLWW_SP YZYaP]MLW LN_TZY^% ^P__TYR `[ _SP QT]P LW_L] _SP ^LN]TQTNTLW RTQ_^ _SP ^dXMZWTN XLYT[`WL_TZY^ ZQ _SP ^LN]TQTNTLW P\`T[XPY_ LYO Z_SP] T_PX^ -`_ _SPw^LN]TQTNP]xT^YZ_u^[PPNSWP^^vzTYQLN_PaP]d LN_TZYT^LNNZX [LYTPO Md L ^LN]PO aP]^P dLU`^ @YWTVP _SP wNLWWP]x LYO _SP w^TYRP]x SZbPaP]SP`^`LWWd^[PLV^ST^_Pc_^TYLWZbaZTNP `[£À²` ?SP w-]LSXTYx []TP^_ M]£SXL©L T^ _SP ZYWd []TP^_ TY _SP ^LN]TQTNP bSZ ^_Ld^ ^TWPY_ XZ^_ ZQ _SP _TXP 3P [P]QZ]X^ _SP ^LN]TQTNP ZYWd TY ^[T]T_ LYO ZYWd _LVP^ LN_TZY TQ _SP]P T^ L XT^_LVP TY _SP ^LN]TQTNTLW ]T_P^ Z] TY _SP ]PNT_L_TZY >SZ`WO _SL_ SL[[PY SP ^[PLV^ _SP _S]PP LM^ZWaTYR bZ]O^wPL]_SLT]SPLaPYx MS¼]MS`aLà^aLà ?SP QTQ_S [L]_d L_ _SP ^LN]TQTNP T^ _SP [L_]ZY dLULX£YL LYO ST^ bTQP?SPdL]P_SP^[ZY^Z]^ZQ_SP^LN]TQTNPQZ]bSZ^PMPYPQT__SP]T_`LW T^[P]QZ]XPO ?SPQT]P^LN]TQTNP_S`^NZY_LTY^aT]_`LWWdPaP]dQZ]XZQWLYR`LRPLYO aZNLW ^Z`YO% aP]^P^ LYO []Z^P ^TYRTYR ]PNT_TYR LWZ`O ^ZQ_ X`]X`]TYR LYO^TWPYNP 1ZWWZbTYR _SP PcLX[WP ZQ _SP ^LÀST_£ wNZWWPN_TZYx ZQ _SP wNLWW P]^xTP_SPV>LÀST_£_SPQLXTWTP^ZQ_SPw^TYRP]^xLYO_SPw^LN]TQT NP]^x LW^Z NZX[TWPO _SPT] ZbY ^LÀST_£^ NZY_LTYTYR _SP ^£XLY^ LYO dLU`^ _SL_T^_SPTX[Z]_LY_WTYR`T^_TNXL_P]TLWQZ]_SPw^TYRP]^xLYO_SP w^LN]TQTNP]^x4Y_ST^bLdL__SP_TXPZQ_SPWL_PV>LÀST_£_SP]PNLXP LMZ`_L >LÀST_£QZ] _SP >£XLAPOL LYOZYPQZ] _SP DLU`]APOL ;L]LW WPW _Z _SP^P _SP]P bL^ LW^Z L ^P[L]L_P -]£SXL©L WT_P]L_`]P QZ] PLNS ZQ _SP^P _S]PP ZQQTNP^ :]TRTYLWWd _SP ZYWd ZQQTNP QZ] bSTNS _SP]P bL^ YZ ^[PNTLWWT_P]L_`]PbL^_SPQZ`]_SZQQTNP_SL_ZQ_SP w-]LSXTY []TP^_xL^ SP bL^ ]P^[ZY^TMWP QZ] LWW _SP APOL^ L_ _SP ^LXP _TXP 4Y WL_P] [P]TZO^ SP bL^ LWWZNL_PO XZ]P QZ] ^d^_PXL_TN ]PL^ZY^ _SP ,_SL]aLAPOL L wXLRTNMZZVxML^POZY_SPV>LÀST_£ ?SP QZWWZbTYR ZaP]aTPb ZQ _ST^ ^d^_PX ZQ ZQQTNP^ _Pc_^ LYO WLY R`LRP ^_dWP^ TWW`^_]L_P^ _SP []ZQP^^TZYLWTeL_TZY LYO _SP L^^ZNTL_PO OTaT ^TZYZQ _L^V^TY _SP WL_PAPOTN[P]TZOLYO[]ZaTOP^L M]TPQ ^`XXL]dZQ bSL_T^Pc[WLTYPOTYXZ]POP_LTWMPWZb%
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
#
;]TP^_
1`YN_TZY^TY_SP^LN]T QTNPdLUÓL
?d[P^ZQWT_P]L_`]PLYOWTY R`T^_TNNZYNP[_^
.LWWP] SZ_
=PNT_P^LWZ`OaP]^P^ 3dXY^ZQ_SP RaPOL Q]ZX_SPSdXY^ZQ_SP >[PNTLW_d %LYLWZRTP^ZQY` V>LÀST_£ XP]TNNZXMTYL_TZY^L^^Z NTL_TZY^ZQVPdbZ]O^XLRTN NZYNP[_ML^POZYLYLWZRd
>TYRP]
`OR£_ >TYR^L
`OR£_
>£XLYQ]ZX_SP >£XLAPOL
.ZX[Z^POXPWZOTP^>ZXP _Pc_XL_P]TLW_LVPYQ]ZX_SP V>LÀST_£ ^ZXPQZ]XPO Q]ZX^dWWLMWP^bT_SZ`_^P XLY_TNXPLYTYR
>[PNTLW_d %X`^TNLWTePO^dX MZWTNQZ]X^X`^TNT^`YOP] ^_ZZOL^[Z^^P^^TYRXLRTN [ZbP]LXTXP_TNXLRTN NZYNP[_ >LN]TQTNP]
LOSaL]d`
-]LSXTY[]TP^_ M]£SXL©L
0cPN`_P^LWW_SPYZY aP]MLW]T_`LWLN_TZY^ LYOLNNZX[LYTP^ _SPXbT_SX`]X`]PO QZ]X`WL^Q]ZX_SP DLU`]APOL
6PP[^^TWPY_%[P] QZ]X^_SP^LN]TQTNPTY ^[]T_XZYT_Z]^_SP ]T_`LWLYOZYWdTY_P] aPYP^TQP]]Z]^L]P XLOP
>LN]POQZ]X`WL^TY[]Z^P WT_LYTP^TYPT_SP][]Z^PZ] aP]^P^ZXP^NL__P]POaP]^P^ ZQSdXY^
>[PNTLW_d %STRSWdOPaPWZ[PO [P]QZ]XLYNPZQWLYR`LRP LN_^NZ]]P^[ZYOPYNPMP _bPPY^[PPNSLYOLN_TZY^ P_dXZWZRTNLWLYLWd_TNLW`Y OP]^_LYOTYRZQWLYR`LRP SZXZWZRTNXLRTNNZYNP[_ :YWd_SP_S]PPNZ^XTN wNLWW^x ad£S_T wMS¼]
MS`aLà^aLàx >[PNTLW_d %]P[]P^PY_L_TaPZQ ;]LU£[L_TSL^_SP_S]PPN]PL _TZY XLY_]L^ L_ST^OT^[Z^LW bT_SbSTNS_SP^LN]TQTNPNLY MP]P[LT]POTYLYPXP]RPYNd
?SP OZYZ]^ ZQ XZYPd LYO _SP MPYPQTNTL]TP^ L]P _SP [L_]ZY ZQ _SP ^LN]T QTNP dLULX£YL LYOST^bTQP [L_YÅ _SPT]^LN]TQTNPT^[P]QZ]XPO
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?SPAZTNPLYO_SPw4YPcSL`^_TMWPx%_SP7L_PRaPOL
4Y []TYNT[WP _SP RaPOL SdXY ! bSTNS bP bTWW OT^N`^^ MPWZb T^ LW]PLOd NZX[WP_PWd PXMPOOPO bT_STY _SP XPY_LWT_d ZQ _SP -]£SXL©L^ LW_SZ`RSTY _SP APOL_Pc_ TYNLYZYTNLWQZ]X T_L[[PL]^TY_SP >LÀST_£^ ,WW _SPQPL_`]P^ZQ_SPAPOTNNSLYRP _SL_ bPSLaPXPY_TZYPON`WXTYL_P TY_ST^SdXYbSTNSLW]PLOdNZXXPY_^ZY_SPYPbNZ^XTNQT]P^LN]TQTNP% _SPSd[Z^_L^T^ZQ_SP^LN]TQTNPZQ_SPWLYR`LRPLYOZQ_SP[]TP^_LYO_SP []ZR]P^^TaP PXLYNT[L_TZY ZQ _SP []TP^_ Q]ZX _SP Xd_S =PRL]OTYR _SP WL_P WT_P]L_`]P^ ZQ _SP RaPOL _SP]P L]P _bZ \`T_P Z[[Z^TYR bLd^ ZQ `YOP]^_LYOTYRLYOaTPbTYRWLYR`LRP?SPQT]^_bLdT^QZ`YO[]TYNT[LWWd TY^PN]P__Pc_^?SP[]PaLTWTYRYZ_TZYSP]PT^_SL_WLYR`LRPL]Z^PQ]ZXL OL]V LXZ][SZ`^ Xd^_P]TZ`^ []TXPaLW ^Z`YO bSTNS L_ _SP MPRTYYTYR QZWWZb^ZYQ]ZX_SPZWOTOPL^ZQA£NL^_SPWLYR`LRPNZbLYOWL_P]ZY T^ TY_P][]P_PO PaP] XZ]P XP_L[Sd^TNLWWd LYO PaP] WP^^ Xd_STNLWWd , NZX[WP_PWdZ[[Z^TYRL^[PN_XLYTQP^_^T_^PWQ TY_SP`^P ZQ_SPNSdXY^ TY_SP]T_`LW%SP]PbPQTYO XL]VPO TOPL^ZQSL]XZYdLYOZ]OP]LYOY` XP]TNLW NZ]]P^[ZYOPYNP^ L]P Pc_]PXPWd TX[Z]_LY_ .ZY^P\`PY_Wd _SP -]£SXL©L^ZQ_SPRaPOLNZYNPY_]L_PWP^^LYOWP^^ZY_SP[ZP_TNXLRTN LYO TY^_PLO M`TWO `[ PcNP^^TaP SZXZWZRTeTYR NWL^^TQTNL_TZY XPNSL YT^X^ []TXL]TWd XLRTN Y`XP]TN NZXMTYL_TZY^ bT_S Y`XMP]^ ZQ ^dWWL MWP^ aL]TZ`^ XP_P]^ LYO Y`XMP]^ ZQ aP]^P^ :Q_PY _SP]P T^ SL]OWd LYd TY_P]P^_LYdXZ]PTY_SPTYOTaTO`LWbZ]O^LYO^PY_PYNP^M`_ZYWdTY_SP XP_]TNLW XL_SPXL_TNLW []Z[P]_TP^ ZQ _SP aP]^P^ ZQ _SP SdXY^ 9Zb LYO LRLTY ZYP SL^ _SP QPPWTYR _SL_ PaPY TY _SP -]£SXL©L [P]TZO _SP ZWO APOTN >LY^V]T_ bL^ LW]PLOd MPNZXTYR OTQQTN`W_ _Z `YOP]^_LYO 4Q TY _SP -]£SXL©L^ _SP bZ]O^ ZQ _SP SdXY^ L]P LN_`LWWd ZQ ^ZXP TY_P]P^_ LYO _SP]P T^ ^ZXP SP]XPYP`_TN LN_TaT_d _SP^P Pc[WLYL_TZY^ ZQ _SP w_]`Px XPLYTYR^ ZQ_PY SLaP ^ZXP_STYR QZ]NPO LMZ`_ _SPX ?SP `YOP]^_LYOTYR ZQ _SP LYNTPY_ >LY^V]T_ ZQ _SP N SdXY^ bL^ L[[L]PY_Wd ^Z [ZZ] _SL_ [PZ[WPbP]PPT_SP]YZ_LMWP_ZNZXML_^`NS[STWZWZRTNLWM]`_LWT_dZ]OTO YZ_ bLY_ _Z ,Q_P] LWW PaP]d [L]_ ZQ _SP NZ^XTePO QT]P ^LN]TQTNP SLO _Z SLaP L NZZ]OTYL_PO ^dXMZWT^X ,YO ^Z _SP V>LÀST_£ ^[PNTLWT^_^ NZY ^_]`N_PONZX[WP_PWdYPb ^P_^ZQXPLYTYR^bSTNS bP]PYZWZYRP]ML^PO ZY_SPZ]TRTYLW^PXLY_TNXPLYTYR^ZQ_SPaP]^P^ZQ_SPSdXY^ ?ST^XPLY^_SL_SP]PbPL]POPLWTYRbT_S_bZZ[[Z^TYRTOPL^z_SL_ ZQLYLXZ][SZ`^^ZYTN[]TXZ]OTLWPY_T_dLYO_SL_ZQWTYR`T^_TNXL_P]TLW _SL_ NLY MP Pc[]P^^PO XL_SPXL_TNLWWd 3ZbPaP] _SPd L]P YZ_ QPW_ _Z MP Z[[Z^TYR LYO OZ YZ_ MPSLaP TY Z[[Z^T_TZY _Z ZYP LYZ_SP] 4_ T^ X`NS XZ]P _SP NL^P _SL_ WLYR`LRP ]PQWPN_PO TY _SP -]£SXL©L WT_P]L_`]P T^ LW bLd^LY_T^_]`N_`]PZ]TRTYLWWdLYOT_T^_SP]T_`LW_SL_OPaPWZ[^_SP^_]`N _`]P Q]ZX _SP LY_T^_]`N_`]P ?ST^ []ZNP^^ bT_STY _SP WLYR`LRP T^ ^_]TN_Wd LYLWZRZ`^ _Z _SPQ`YOLXPY_LWbLd TY bSTNS_SP bSZWPWL_PAPOTN]T_`LW
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
#
Q`YN_TZY^ ;P]QZ]XTYR L ]T_`LW XPLY^ SP]P N]PL_TYR ]PWL_TZY^ MP_bPPY _SP XPLYTYR^ ZQ _STYR^ ?SP]P ZNN`]^ L NZY^_LY_ ]PN]PL_TZY ZQ ^PY^P Q]ZX YZY^PY^P ?SP]T_`LWZQ_SPWL_PAPOL_S`^SL^LNWLTX_Z`YTaP]^LW T_d ,WW _SP QZ]NP^ ZQ _SP NZ^XZ^ X`^_ MP ^dXMZWTNLWWd []P^PY_ TY _SP ^LN]TQTNP?SP]PQZ]P_SP ^LN]TQTNTLW]T_`LW NZY_LTY^YZ_ ZYWd ^PXLY_TNLWWd XPLYTYRQ`W ^[PPNS M`_ LW^Z X`^TN YZY^PY^P ^Z`YO^ LYO Pc[]P^^TaP NLWW^ bSTNS SZbPaP] LWbLd^ SLaP L [L]_TN`WL] Q`YN_TZY -d NZY_]L^_ PaPY ^PXLY_TNLWWd XPLYTYRQ`W `__P]LYNP^ ^`NS L^ MS¼]MS`aLà^aLà wPL]_S LT] SPLaPY^x ZQ_PY OZ YZ_ YPNP^^L]TWd XLVP ^PY^P TY _P]X^ ZQ _SPT] ^PXLY_TN XPLYTYR M`_ ^ZWPWd ZY _SP ML^T^ ZQ _SPT] ]T_`LW Q`YN_TZY ?SP PWPXPY_^ _SL_ PaLOP MPTYR ^_]`N_`]PO ^`NS L^ NSLZ_TN X`^TN Z] TYL]_TN`WL_P ^SZ`_^ L]P LY TX[Z]_LY_ [L]_ ZQ _SP TY_PYOPO NZ^XTN QT]P ^LN]TQTNP ?SP -]LSXTY^ ^PP _SPX^PWaP^ L^ ^[PNTLWT^_^ TY OT^NZaP]TYR ^dXMZWTN ]PWL_TZY^ MP_bPPY _STYR^ ]PYOP]TYR _SPX XPLYTYRQ`W LYO ^TR YTQTNLY_ 5`^_ L^ _SPd SLaP ^PXLY_TNLWWd XPLYTYRQ`W wS`XLYx WLYR`LRP L_ _SPT] `YWTXT_PO OT^[Z^LW _SPd L]P LW^Z XL^_P]^ ZQ _SP ^PPXTYRWd XPLYTYRWP^^ M`_ XLRTNLWWd [Z_PY_ w[`]Px ^Z`YO^ bSZ^P w_]`Px XPLY TYRLWbLd^]PXLTY^STOOPYQ]ZXXP]PXZ]_LW^% w4Q WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] [L]_^ BT^P -]LSXTY^ VYZb _SPX FLWWH ?S]PP WTP STOOPY TY _SP OP[_S^ LYO ]PXLTY `YYZ_TNPO ?SP QZ`]_S F[L]_HZQWLYR`LRPT^^[ZVPYMdXPYx "
?ST^N]d[_TN[`eeWPZQLaP]^PSL^MPPYTY_P][]P_POTYaL]TZ`^bLd^?SP ±L_L[L_SL-]£SXL©L ^PP^ TY _SP STOOPY _S]PP \`L]_P]^ _SP WLYR`LRP ZQ LYTXLW^ bSTNSOTQQP]^Q]ZX_SL_ZQS`XLYMPTYR^ TY _SL_T_T^w`YTY_P] []P_LMWPx LYT]`V_L ?SP^LXPNZXMTYL_TZYZQY`XMP]^T^LW^ZQZ`YOTY _SP ;`]`´L>¼V_L bT_S L aL]TL_TZY ZQ XPLYTYR% w:YP QZZ_ ZQ STX T^ LWW N]PL_`]P^_S]PPQPP_L]PTXXZ]_LWT_dTY_SPSTRSP^_SPLaPYx "!BSP]PaP] _ST^Y`XP]TNLW NZXMTYL_TZYL[[PL]^ _SP _S]PP\`L]_P]^XPLY ^ZXP_STYR STOOPY LYO `YTY_P][]P_LMWP ?Z L bPWWaP]^PO -]LSXTY _SP XPLYTYR ZQ _SP ]TOOWP ^SZ`WO MP NWPL]% ^_]`N_`]P LYO LY_T^_]`N_`]P ^Z`YO YZ_ MP WZYRTYR _Z _SP ^_]`N_`]P ZQ WLYR`LRP LYO ^_]`N_`]PQZ]XTYR ^PXLY_TN^ LYOXP_P]^LWWMPWZYR_Z_SP,]NSËZQ_SPQT]P^LN]TQTNP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " NL_aÑ]TaÑV[Ã]TXT_£[LOÑYT_ÑYTaTO`]M]£SXL©ÑdËXLY¯´Ï©Làg RÜS£_]ЩTYÏST_£YË«RLdLY_T_`]ÐdLÀa£NÕXLY`´daLOLY_T ggA! "! [ÑOÕ^dLaT²a£MS¼_ÑYT_]T[ÑOL^d£XÄ_LÀOTaÏ g ,A$!NzOA$NzO
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?SP=TOOWPTY_SP3dXYZQ/¯]RSL_LXL^
?SP QLXZ`^ NL_aL]T a£V aP]^P ZY _SP QZ`]QZWO ^[PPNS bSTNS bP SLaP \`Z_PO LMZaP T^ [L]_ ZQ _SP /¯]RSL_LXL^ SdXY A ! "" ?SP WLY R`LRPaP]^P^ZQ_ST^SdXY L]PLaP]d PL]Wd PcLX[WPZQ_SPYZ_TZYZQLY wLXZ][SZ`^ ^ZYTN []TXZ]OTLW PY_T_dx ?SP SdXY T^ WL]RPWd OL]V LYO Xd^_P]TZ`^ 8LYd ZQ T_^ aP]^P^ L]P [ZWd^PXLY_TN LYO QZ] _ST^ ]PL^ZY T_ T^ ZQ_PY [Z^^TMWP QZ] aL]TZ`^ OTQQP]TYR TY_P][]P_L_TZY^ _Z PcT^_ ^TOP Md ^TOPbT_SP\`LWU`^_TQTNL_TZY>_]TN_Wd^[PLVTYR_ST^T^YZ_LSdXY_Z_SP RZOOP^^ 7LYR`LRP M`_ TY^_PLO XLYd OTQQP]PY_ OPT_TP^ L]P LOO]P^^PO bSTWP _SP LN_`LW OPT_d ZQ _SP SdXY T^ _SP ^LN]TQTNP T_^PWQ ?SP Xd_STNLW RZO^ `YOP]^_ZZO L^ Q`YOLXPY_LW QZ]NP^ ZQ _SP NZ^XZ^ L]P ]P[]P^PY_PO TYLNZX[]PSPY^TaPbSZWPLYOA£NSL^LYTX[Z]_LY_[WLNP
?SP9Pb-]LSXLY 4Y QZ]XLW _P]X^ _SP /¯]RSL_LXL^ SdXY ! T^ L NZWWPN_TZY ZQ ]TOOWP^ ZY _SP ^`MUPN_ ZQ _SP ^LN]TQTNP 4Y ^`NS [`eeWTYR SdXY^ "# M]LSXZOdL _SP -]LSXTY^ ^Z`RS_ _Z QTYO Z`_ _SP ^PN]P_ NZYYPN_TZY^ MP_bPPY _SP NZ^XZ^ LYOT_^QZ]NP^ 1Z] PcLX[WP\`P^_TZY^ WTVP_SPQZWWZbTYRL]P_Z MPLY^bP]PO% wBT_S _bPWaP ^[ZVP^ _SP bSPPW ZQ _SP ]TRS_ NZ`]^P _L _`]Y^ LN]Z^^ _SP ^Vd LYO YPaP] bPL]^ Z`_ : RZO ZQ QT]P ,RYT `[ZY _ST^ FDZ`]H NSTWO]PY ^P_ _SPX^PWaP^ TY [LT]^ FTY Y`XMP] _SPd bP]PH ^PaPY S`YO]PO LYO _bPY_dx "$
?SPSdXYOZP^YZ_[]ZaTOPL ^ZW`_TZYQZ] _SPY`XP]Z`^]TOOWP^,^QZ] _SP ]TOOWP \`Z_PO _SP LY^bP] L[[PL]^ _Z MP ]PWL_TaPWd ^TX[WP ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ?SPSdXYT^L__]TM`_PO_Z_SP^PP]/¯]RSL_LXL^^ZYZQ@NL_SdLLYO8LXL]_S£44_T^ LNZWWPN_TZYZQ^ZNLWWPO M]LSXZOdL ^TP^[PN`WL_TZY^wNWZ_SPOxTY]TOOWP^LYOLWWP RZ]TP^ LMZ`_ _SP bZYOP] ZQ YL_`]P LYO S`XLY WTQP _TXP WLYR`LRP LYO _SPT] NZYYPN _TZY _Z ^LN]TQTNP ?SPd bP]P aP]d [Z[`WL] TY _SP -]£SXL©L [P]TZO LYO LW^Z TYNZ][Z ]L_PO TY_Z ]T_`LW ZY []ZXTYPY_ [WLNP =TOOWP NZY_P^_^ LXZYR [ZP_^ L]P _SP QT]^_ OZN`XPY_^ ZQ 4YOTLY OT^[`_P N`W_`]P ?SP /¯]RSL_LXL^ SdXY T^ []ZMLMWd _SP ZWOP^_ PcLX[WP >PP LW^Z Z`] NSL[ #& BLW_P] =`MPY w¾MP] OTP /PML__PY TY OPY LW_PY @[LYT´LOv^w E/82 91 # $$% # TY [L]_TN`WL] "& 1- 5 6`T[P] w?SP ,YNTPY_,]dLYAP]MLW.ZY_P^_x 445 $!%"#& =TRAPOL%/L^3PTWTRPBT^ ^PY _]LY^LYOPOBT_ePW""" "# :Y _SP ^`MUPN_ ZQ _SP APOTN ]TOOWP NZX[P_T_TZY^ NLWWPO M]LSXZOdL wQZ]X`WL_TZY ZQ -]LSXLYx^PPLW^Z=PYZ`LYO>TWM`]Yw>`]WLYZ_TZYOPM]ÃSXLYx$ z!0cLX [WP^Q]ZX_SPWL_PAPOTN[P]TZOXLdMPQZ`YOTY.S@[#z0cLX[WP^ZQ_SPNZY _TY`L_TZYZQ_ST^RPY]PTY_SPWL_PAPOTN[P]TZOTYNW`OP8-SQQLYO$!QQ "$ O`aÑOL²£]LÀYLST_ÃUUÃ]£dLaÃ]aL]_TNLV]ÃÀ[Ã]TOdÑX_Ã^dLg Ñ[`_]ÑLRYPXT_S`YÑ^ZÃ_]L^L[_òL_ÑYTaTÀ²L_ϲNL_L^_S`à ggA!
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
#
wbSPPWxT^_SPdPL]_SPw_bPWaP^[ZVP^xL]P_SP_bPWaPXZY_S^LYO_SP w^PaPYS`YO]POLYO_bPY_dNSTWO]PYxZQ_SPRZOZQQT]PZ]RZOZQWTRS_ ,RYT L]P _SP ! OLd^ LYO _SP ! YTRS_^ ZQ _SP ^ZWL] dPL] ?ST^ OZP^ YZ_LN_`LWWd]PQP]_Z_SPL^_]ZYZXTNLWdPL]M`_]L_SP]_Z_SP]T_`LWdPL] ,WW _SP NSLYRP^ TY _SP YL_`]LW bZ]WO L]P ]P[PL_PO LNNZ]OTYR _Z _SP ^PL ^ZY ZQ _SP dPL] LYO ^TYNP TY APOTN _TXP^ [PZ[WP bP]P ^_TWW XLTYWd LR]T N`W_`]T^_^ _SP]P bL^ YZ YPPO _Z NZY^TOP] WZYRP] NdNWTN [P]TZO^ ?SL_ T^ bSd _SP dPL] MPNLXP LY L[_ ^dXMZW _Z ]P[]P^PY_ _SP _Z_LWT_d ZQ NdNWTN _TXP9ZbT_T^_ZMP]PXPXMP]PO_SL__SP,]NSÃT_SPOPPO^ZQ_SPRZO^ L]P]PR`WL][]ZNP^^P^LYO_S`^^_]`N_`]POXLTYWdMd_TXP?SP]PQZ]P_SP dPL] OTO PYNZX[L^^ LWW [Z^^TMWP ,]NSÃT L^ bPWW LYO NZ`WO MPNZXP L YL_`]LW LYLWZRd QZ] _SP QT]P ^LN]TQTNP ^TYNP _SP ^LN]TQTNP bL^ LW^Z _SZ`RS__ZNZY_LTYLWW[Z^^TMWP,]NSÃT8LYdTX[Z]_LY_^LN]TQTNP^WL^_PO PcLN_Wd ZYP dPL] LYO T_ T^ Q]P\`PY_Wd ^_L_PO _SL_ _SP ^LN]TQTNP LYO _SP dPL] L]P TOPY_TNLW >Z `W_TXL_PWd _SP aP]^P T^ NZX[WP_PWd PXMPOOPO TY _SP^LN]TQTNTLWNZY_Pc_ >`NS aP]^P^ bT_S ]TOOWP^ LYO LWWPRZ]TP^ L]P NLWWPO M]LSXZOdL XPLYTYRwbSL_T^uPc[]P^^TMWPvLMZ`__SP-]LSXLYx3ZbPaP]_SP_P]X -]LSXLY XPLY^ ^ZXP_STYR OTQQP]PY_ SP]P _SLY T_ OZP^ TY _SP V >LÀST_£?SP]P-]LSXLYbL^[ZbP]Q`W^[PPNSLYOL__SP^LXP_TXP_SP OT]PN_ `__P]LYNP ZQ _SP SZWd ]PLWX -`_ SP]P -]LSXLY ]PQP]^ _Z L ^_L_P XPY_ ZQ _]`_S NZYNP]YTYR _SP STOOPY ^dXMZWTN NZYYPN_TZY^ ZQ _STYR^ LYO _SP SZXZWZRZ`^ YP_bZ]V^ ]PP^_LMWT^SPO Md _SP ^LN]TQTNP LYO T^ _S`^ LY ZMUPN_TaTeTYR ^_L_PXPY_ LMZ`_ bSL_ T^ ^LN]PO 4Y WL_P] _TXP^ _SP _P]X w-]LSXLYx PaPY NZXP^ _Z ]PQP] _Z _SP NZ^XTN TY_P]NZYYPN_POYP^^ ZQLWW_STYR^T_^PWQ_SP^[T]T_`LWNZ]PZQ_SPPY_T]P]PLWT_d ?ST^NSLYRPTYXPLYTYRZQ_SP_P]Xw-]LSXLYxOZP^YZ_XP]PWdTY OTNL_PLNSLYRPO]T_`LWNZ^XZ^M`_LW^ZOT^NWZ^P^XLUZ]NSLYRP^ TY_SP NZY^_]`N_TZYZQ]PLWT_dLYOT_^L^^`XPONZY^_T_`_TZY?SPRaPOTN-]LS XLY L^ [ZbP] TYSP]PY_ TY ^LN]PO ^[PPNS NZ]]P^[ZYO^ bT_S L ]PLWT_d TY bSTNS [SPYZXPYL L]P NZYYPN_PO Md TYOTaTO`LW QZ]NP^ bSZ PcP]NT^P OT]PN_ TYQW`PYNP ZY _SPX ?SP WL_P] APOTN -]LSXLY ZY _SP Z_SP] SLYO OT^NWZ^P^L]PLWT_dbSTNST^NZY^_T_`_POMd^dXMZWTN[]Z[P]_TP^&LWW[SP YZXPYL MPNZXP TY_P]]PWL_PO Md _SPT] ^dXMZWTN ^TRYTQTNLYNP bT_STY L NZZ]OTYL_PO bSZWP 4Y _SP -]£SXL©L^ bP SLaP L]]TaPO L_ _SP [ZTY_ bSP]P .L^^T]P] WZNL_P^ _SP QT]^_ ]PLW ^_P[ Z`_ ZQ _SP Xd_S TY_Z ^[PN`WL _TaP_SZ`RS_% w1Z] _SP QT]^_ _TXP _SP Xd_STNLW aTPb ZQ _SP NZ^XTN []ZNP^^ T^ NWPL]Wd LYO NZY^NTZ`^Wd NZYQ]ZY_PO Md _SP Q`YOLXPY_LW [STWZ^Z[STNLW^[PN`WL_TaP TOPL _SL_ _SP `YTaP]^P T^ ^`MZ]OTYL_P _Z L `YTQTPO LYO TYOTaT^TMWP WLb m BT_S
#!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_ST^ _SP XLRTNXd_STNLW QTPWO ZQ QZ]NP^ SL^ _`]YPO TY_Z L NZY_Pc_ ZQ XPLY TYRx #
.L^^T]P]v^ [TZYPP] ZQ _ST^ YPb bLd ZQ _STYVTYR T^ 3P]LNWT_`^ 3T^ ^_dWP ZQ ^[PLVTYR T^ OL]V LYO Xd^_P]TZ`^ LW_SZ`RS T_ T^ wYZ_ LNNTOPY_LW LYO L]MT_]L]d M`_ _SP LOP\`L_P LYO YPNP^^L]d Pc[]P^^TZY ZQ ST^ _SZ`RS_x ^TYNP T_ [ZTY_^ Z`_ []PNT^PWd _ST^ wTYaT^TMWP SL]XZYdx ZQ XPLYTYRQ`W ]PWL_TZY^ MP_bPPY _STYR^ # 3P]P _ZZ _SP]P T^ L NP]_LTY [L]LWWPW _Z _SP M]LSXZOdL^_SPAPOTN]TOOWP^?SPdPaZVP_SPY`XTYZ`^MdXPLY^ZQL waT^TZYL]dx ^_dWP M`_ LW^Z OP^N]TMP T_ TY _SP ^PY^P _SL_ L ]L_TZYLW ]P^Z W`_TZY T^ TY_PYOPO ?SP N]d[_TN L^[PN_ T^ LY Pc[]P^^TZY ZQ _SP QLN_ _SL_ _SP _]`P YL_`]P ZQ _STYR^ T^ STOOPY bSTWP _SP ]L_TZYLW L^[PN_ LWWZb^ _SP XLYTQP^_L_TZYZQbSL_T^STOOPYLYOT_^TY_PWWPN_`LWNZX[]PSPY^TZY >`NS QL^NTYL_TYR ^_]`N_`]LW ^TXTWL]T_TP^ ^SZ`WO SZbPaP] YZ_ OT^ R`T^P _SP QLN_ _SL_ _SP `YOP]WdTYR [L]LOTRXL_TN ^d^_PX^ L]P NZX[WP_PWd OTQQP]PY_ ?SP -]£SXL©L^ L]P YZ_ NZYNP]YPO bT_S ^[PN`WL_TaP QWTRS_^ ZQ QLYNdTY_SP]PLWXZQLM^_]LN_TOPL^M`_bT_S_SPOPaPWZ[XPY_ZQL[P] QPN_ ^LN]TQTNTLW XLRTN ,_ QT]^_ RWLYNP MZ_S _SP -]LSXLY ZQ _SP ]TOOWP^ LYO 3P]LNWT_`^v WZRZ^ L[[PL] _Z ]PQP] _Z _SP ^LXP _STYR M`_ _SP _bZ _P]X^ ^ZZY _LVP Z[[Z^T_P [L_S^ -]LSXLY MPNZXP^ _SP P[T_ZXP ZQ _SP [L]_TNT[L_Z]d TY _SP WL_P APOTN @[LYT´LO^ bSTWP _SP >_ZTN^v WZRZ^ QT YLWWd MPNZXP^ _SP P[T_ZXP ZQ _SP PXLYNT[L_Z]d BSP]PL^ _SP @[LYT ´LOTN _STYVP]^ ^PPV YZYO`LW Pc[P]TPYNP LYO MWT^^ £YLYOL Md XP]RTYR bT_S _SP -]LSXLY _SP >_ZTN^ ^_]TaP _Z N`W_TaL_P TX[P]_`]MLWT_d L_L]LcTL LYO NLWX PYO`]LYNP L[L_SPTL TY _SP QLNP ZQ _SP `YLW_P]LMWP OTaTYP]PL^ZY WZRZ^ RZaP]YTYR_SPQL_PZQ_SPTYOTaTO`LW 3P]P bP^PP _SPWTXT_^ZQ_SPaP]dRWZMLWTOPLZQLWTYPL]_]LY^T_TZYTYXPY_LWST^_Z]d Q]ZX Xd_SZ^ _Z WZRZ^ L^ [`_ QZ]bL]O Md 6`]_ 3ÞMYP] LYO 0]Y^_ .L^ ^T]P]>`NS[]ZNP^^P^OZPcT^_TYAPOTN4YOTL_ZZM`_SP]P_SP]PLWbLd^ L]T^P YPb bLd^ ZQ WTYVTYR Xd_SZ^ LYO WZRZ^ L^ _bZ NZX[WPXPY_L]d QTPWO^ ZQ ^PY^P TY ZYP N`W_`]LW `YT_ ?SP LNSTPaPXPY_ ZQ TY_PR]L_TZY ZQ _SP -]£SXL©L^ ^SZ`WO []ZMLMWd L^N]TMPO LMZaP LWW _Z _SP Pc_]PXPWd ^_]ZYR XZYZXd_S ZQ _SP QT]P ^LN]TQTNP 3ZbPaP] _SP QT]P ^LN]TQTNP SL^ []PNTZ`^WT__WP_ZOZbT_SL[STWZ^Z[SdTY.L^^T]P]v^^PY^PLW_SZ`RS_SP ^T_`L_TZYNLYZ_SP]bT^PMPOP^N]TMPO\`T_PLNN`]L_PWdTYST^bZ]O^% w?SP bZ]WO T^ YZ WZYRP] _SP [WLd_STYR ZQ OPXZYTN [ZbP]^ bSZ RZaP]Y T_ LNNZ]OTYR _Z _SPT] bSTX Z] QLYNd M`_ T^ ^`MUPN_ _Z L `YTaP]^LW ]`WP bSTNS
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW`XP :YP% ?SP 7LYR`LRP $ Q .L^^T]P] ;STWZ^Z[STPOP]^dXMZWT^NSPY1Z]XPYAZW%/TP>[]LNSP # # .L^^T]P] ;STWZ^Z[SdZQ>dXMZWTN1Z]X^ aZW2P]XLYPO $
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
#"
MTYO^ _ZRP_SP] PaP]d [L]_TN`WL] ]PLWT_d LYO PaPY_ LYO L^^TRY^ _Z _SPX _SPT] `YNSLYRTYRXPL^`]Px #
?ST^XPLY^_SL__SPXPLYTYRZQ_SPbZ]Ow-]LSXLYxSL^NSLYRPOQ]ZX L [ZbP]Q`W QZ]X`WL_TZY _Z L QZ]X`WL_PO wRPYP]LW ]`WPx .Z]]P^[ZYO TYRWd _SP [WLdP]^ SLaP NSLYRPO _ZZ 4_ T^ YZ_ ^PP]^ bT_S _SP RTQ_ ZQ aT ^TZY bSZ ^[PLV z TY^_PLO T_ T^ _SZ^P bSZ SLaP MPPY TYT_TL_PO TY_Z _SP P^Z_P]TN ^PN]P_^ ZQ _SP NZ^XTN ]T_`LW 4Y LOOT_TZY _Z _SP ZWOP] [L]_TNT[L _Z]dL^[PN_ZQ_SP[]TP^_L^LwaT^TZYL]dx aT[]L LOPNTOPOWdPXLYNT[L _Z]d L^[PN_ SL^ L[[PL]PO BSTWP _SP aT^TZYL]d ^_TWW ^[ZVP ^ZWPWd Z`_ ZQ _SP TY^[T]L_TZY ZQ ST^ OTaTYP aT^TZY LYO ]PNPTaPO ST^ [ZbP] _S]Z`RS _SP OTaTYP _SP P^Z_P]TN LW^Z bT^SP^ _Z RLTY VYZbWPORP LYO [ZbP] ZaP] _SP OTaTYP,^LYP^Z_P]TN_SP[]TP^_PXLYNT[L_P^STX^PWQQ]ZX_SP L]NSÃT TY _SL_SPSL^LYZaP]aTPbZQ_SPXLYONZY_]ZW^_SPX`^TYRST^VYZbWPORP ?ST^LOO^LYZ_SP]N]LNV^Z_Z^[PLV_Z_SPXd_S-`_T_T^^_TWWYZ_M]Z VPY YZ_ Md L WZYR bLd z QZ] _SP []TP^_ NZY_TY`P^ _Z [L]_TNT[L_P TY _SP Xd_STNLW TYL^X`NS L^ _SP NZX[P_T_TZY ZQ ]TOOWP^ TY _SP M]LSXZOdL ]P[]P^PY_^LYPb]T_`LW >ZXP_TXP^^`NS]TOOWPNZX[P_T_TZY^L]PTYNW`OPOTY_SP^LN]TQTNPTY bSTNS NL^P _SP ^ZW`_TZY^ L]P VYZbY -`_ XZ^_ ZQ _SP _TXP _SP ]TOOWP ]T_`LW^ _LVP [WLNP U`^_ LYdbSP]P TY LY TX[]ZaT^PO QZ]X bT_SZ`_ _SP ^ZW`_TZY^ MPTYR []ZaTOPO ?SP^P XZ]P TYQZ]XLW ]T_P^ SLaP L XL]VPO WTXTYLWNSL]LN_P]zTYPc_]PXPNL^P^YZ_LY^bP]TYRL \`P^_TZYNLYNZ^_ ZYP ZYPv^ SPLO LW_SZ`RS _SP]P T^ YZ PcPN`_TZYP] []P^PY_ QZ] _ST^ [`] [Z^P M`_ TY^_PLO L aP]d ^[PNTLW QZ]X ZQ w_]`_S XLRTNx ,YO RPYP]Z`^ VTYR^ ZQ_PY [`_ `[ WL]RP Y`XMP]^ ZQ NL__WP L^ L ]PbL]O QZ] ^`NNP^^Q`W LY^bP]^ _Z M]LSXZOdL^ ^Z _LVTYR L NP]_LTY LXZ`Y_ ZQ ]T^V NZ`WO MP \`T_P W`N]L_TaP QZ] TX[ZaP]T^SPO -]LSXTY^ 3ZbPaP] ^`NS ^[PN_LN`WL] PaPY_^ L]P NP]_LTY _Z SLaP MPPY _SP PcNP[_TZY ]L_SP] _SLY _SP ]`WP ,YO ]TOOWP^ ^`NS L^ _SP aP]^P NT_PO LMZaP bP]P [Z[`WL] TY []TaL_P NT]NWP^ _ZZ
?SP?SZ`^LYO>dWWLMWPO-`QQLWZ.Zb 4Y _SP ]TOOWP SdXY A ! _SP WTQP ZQ _SP bSZWP `YTaP]^P T^ _]LNPO MLNV _Z L ^TYRWP Xd^_P]TZ`^ PWPXPY_ bSTNS T^ RTaPY _SP YLXP LV´L]L w_SP TYPcSL`^_TMWPx 0_dXZWZRTNLWWd _SP bZ]O LV´L]L XPLY^ wYL V´L]L_Tx z _SL_ bSTNS OZP^ YZ_ wPcSL`^_x T_^PWQ OZP^ YZ_ wO]d `[x Z] wOTP ZQQx z LYO TY _SP PL]Wd V>LÀST_£ _ST^ T^ LW^Z `^PO TY L [Sd^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW $ ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY aZW #
##
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
^PY^P _Z ^TRYTQd _SP ]LTY # 4_ ^PPX^ _SL_ _SP []PaLTWTYR TOPL T^ _SL_ TY 3PLaPY _SP]P T^ LY TYPcSL`^_TMWP ]P^P]aZT] ZQ bL_P] 4YOPPO _SP YZ_TZY ZQ_SP3PLaPY^MPTYRLYZNPLYT^L[Z[`WL]ZYP4Y_P]P^_TYRWd_SPXZO P]YWPcTNLWXPLYTYRZQLV´L]LT^w_SP^dWWLMWPwbSTNSPc[WLTY^bSd_SP _P]X T^ ZQ_PY ]PYOP]PO L^ wPaP]WL^_TYR ^dWWLMWPx TY A ! 8LYd [PZ[WPLW]PLOd^PPTY _ST^_SP^LN]PO ^dWWLMWP:¿ #-`__ST^T^`YWTVPWd QZ] ST^_Z]TNLW ]PL^ZY^ LYO bSL_PaP] bL^ LN_`LWWd XPLY_ TY A ! bL^LYO ^_TWWT^`YNWPL]4Y LYdNL^PT_L[[PL]^_ZSLaP^ZXP_STYR _ZOZ bT_SLYL`OTMWP]T_`LWPWPXPY_^TYNP_SPQZWWZbTYRT^^LTO% w?SP uTYPcSL`^_TMWPv LV´L]L ZQ _SP SdXY N _SP STRSP^_ 3PLaPY `[ZY bSTNSLWW_SPRZO^L]P^PL_POzbSL_bTWWL[P]^ZYbSZOZP^YZ_VYZbT_OZ bT_S_SPSdXY*?SZ^PbSZVYZbL]PRL_SP]PO_ZRP_SP]x #
,_ Z_SP] [ZTY_^ T_ T^ ^_L_PO _SL_ _S]Z`RS _SP wTYPcSL`^_TMWPx _SP [P]^ZY XLVTYR _SP ^LN]TQTNP [P]QPN_^ LWW _SP SdXY^ TY LWW XP_P]^ #! 4_ ^PPX^ _Z XPLY_SP^dWWLMWPbT_S]T_`LW[ZbP][L]PcNPWWPYNPBSP_SP]_ST^T^YZb L NP]_LTY XZYZ^dWWLMTN NLWW bSTNS X`^_ MP LOOPO _Z _SP SdXY^ Z] _SP ^Z`YO ZQ L MZ`]OZY []ZaTOTYR _SP Q`YOLXPY_LW YZ_P QZ] SdXY^TYRTYR Z]^ZXPZ_SP]QZ]XZQLNNZX[LYTXPY_bPOZYZ_VYZb #" ?SPwTYPcSL`^_TMWPxT^L__SP^LXP_TXPZYP_STYRLYO XLYd_STYR^ LYO_SPTXLRPT^LRLTY_SL_ZQ_SPNZb% w?SP_TOPN]PL_TYRM`QQLWZNZbSL^XZZPObSTNSMPNLXP_SPZYPXP_P]PO _SP _bZXP_P]PO _SP QZ`]XP_P]PO _SP PTRS_XP_P]PO LYO _SP YTYP XP_P]PO ## LYO FWTaP^H bT_S L _SZ`^LYO uTYPcSL`^_TMWP^v TY _SP STRSP^_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PPA LYO # ?SPAPOTNNZXXPY_L_Z]>£dL©LLW^Z`YOP]^_LYO^_ST^aP]^PTY_ST^XLYYP] # NÕLV´Ã]P[L]LXËaÏZXLYdÃ^XTYOPaÑÃOSTaϲaPYT´POÜàg dÃ^_ÃYYÃaËOLVÏÀNÑVL]T´dL_TdÃÏ__ÃOaTOÜ^_ÃTXË^ÃX£^L_P ggA!$ #! .QA!LYO #" ,;LOZ`c A£N%?SP.ZYNP[_ZQ_SPBZ]OTY>PWPN_PO3TYO`?LY_]L^ ,WMLYd%>_L_P @YTaP]^T_dZQ 9Pb DZ]V ;]P^^$$ LYO0 0WTeL]PYVZaL 7LYR`LRPLYO >_dWP ZQ_SPAPOTN´T^ 9PbDZ]V%>_L_P@YTaP]^T_dZQ9PbDZ]V;]P^^$$ Q`Y OP]^_LYO ,V´L]L L^ L ^dWWLMWP TY _SP ^PY^P ZQ L _PNSYTNLW _P]X LYO TY_P][]P_ T_ L^ L XP_]TNLW`YT_ 4YaTPbZQ_SPNZY_Pc__ST^^PPX^ ]L_SP]TX[]ZMLMWP?SPTXLRPZQ_SP ZNPLY ^`RRP^_^ ^ZXP_STYR LM^ZW`_PWd bT_SZ`_ ^_]`N_`]P LYO YZ_ L `YT_ ZQ XPL^`]P XPY_?SPAPOTN^LN]TQTNPTYNW`OP^aP]d[]ZXTYPY_^Z`YO^^`NSL^w3`Àxw3T«xLYO w3Àx 4Y LOOT_TZY _SP]P T^ w3Zx _SP OPP[ _ZYP XLYO]L^aL]L L O]ZYP QZ] _SP >£XLY ^TYRTYRLYO QTYLWWd_SP QLXZ`^ w:¿x bSTNSPYO^PaP]d]PNT_L_TZYZQSdXY^ LYO _ZOLd LW^Z MPRTY^ _SPX >`NS ^Z`YO^ L]P LWbLd^ _P]XPO LV´L]L PaPY TQ _SPd OZ YZ_OPYZ_PLYdXP_]TNLW`YT_^?SP LV´L]L OP^N]TMPOTYA!_SL_T^_SP]T_`LWWd [ZbP]Q`W^dWWLMWP [L]PcNPWWPYNPbL^[]ZMLMWd^ZXP_STYR^TXTWL] ## ?SPXPLYTYRZQ_SP^PY`XMP]^T^YZ_NWPL]L_LWW>£dL©LTY_P][]P_^_SPXL^QZWWZb^% =LTY 7LYR`LRP :YPXP_P]PO( .WZ`O BZ]O^_PX ?bZXP_P]PO( .WZ`OLYOSPLaPY^ 9Z`Y^_PXLYOaP]M^_PX
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
#$
3PLaPY:`_ZQSP]_SPZNPLY^QWZbOZbY`[ZYbSTNS_SPWTQPZQFLWWHQZ`] OT]PN_TZY^ FOP[PYO^H 3P]P _SP uTYPcSL`^_TMWPv L]T^P^ Q]ZX bSTNS _SP bSZWPF`YTaP]^PHWTaP^x #$
3P]P T_ L[[PL]^ _SL_ _SP QLXTWTL] OZ`MWP TXLRP ZQ _S`YOP] LYO XZZTYR ZQWLYR`LRPLYO]LTYT^OPaPWZ[POQ`]_SP]LYOPaPYPc[LYOPO?SPNZb T^ YZ_ ZYWd _SP NWZ`O M`_ LW^Z _SP XZZY _SL_ NZY_]ZW^ _SP ZNPLY bSTNS T^ bSd _ST^ aP]^P T^ ^`YR YZbLOLd^ TY [WLYP_ bZ]^ST[ L^ [L]_ ZQ _SP SdXY_Z_SPXZZY 9LaLR]LSL>¼V_L ?SPPc[LY^TZYZQ_SPTXLRPTY_Z _SP NZ^XTN ]PLWX XLVP^ _SP `YTaP]^LW NSL]LN_P] ZQ WLYR`LRP PaPY NWPL]P] _SLY T_ T^ TY _SP SdXY^ LW]PLOd OT^N`^^PO " LYO % WLYR`LRP T^ _SP ]LTY _SL_ []ZaTOP^ _SP bSZWP `YTaP]^P bT_S bL_P] _Z O]TYVLYOVPP[^T_LWTaP 4Q bP bP]P _Z _]LY^WL_P _SP uTYPcSL`^_TMWPv LV´L]L TY _SP XZOP]Y ^PY^P bT_S _SP bZ]O w^dWWLMWPx bP bZ`WO ZM_LTY _SP [P]QPN_ Xd_STNLW ^`M^_LYNPTY3ÞMYP]v^^PY^P% wm _SP M`QQLWZ NZb m FWTaP^H bT_S L _SZ`^LYO ^dWWLMWP^ TY _SP STRSP^_ 3PLaPY :`_ ZQ SP] _SP ZNPLY^ QWZb OZbYbL]O^ m :`_ ZQ _ST^ QWZb^ _SP ^dWWLMWPQ]ZXbSTNS_SPbSZWP`YTaP]^PWTaP^x $
?SP WLYR`LRPNZb ZQ L _SZ`^LYO ^dWWLMWP^ NLY MP ZYP _STYR Z] PaP]d _STYR?SPZYP^dWWLMWP_SL_^SPXZZ^T^_SPbSZWPLYOL__SP^LXP_TXP L[L]_ZQ_ST^bSZWP1Z]TYSP]STRSP^_QZ]X^SPNZY^T^_^ZQL_SZ`^LYO ( TYQTYT_PWd XLYd ^dWWLMWP^ LYO QPPO^ LWW N]PL_`]P^ bT_S L ^PL ( LY TYQTYT_d ZQ ^dWWLMWP^ -`_ LRLTY _SP^P L]P ZYWd ZYP ^dWWLMWP >Z TY _ST^ _d[TNLW ]PWL_TZY^ST[ _SP TOPY_T_d ZQ TYOTaTO`LW LYO NWL^^ T^ ]PQWPN_PO bSTNS T^ NSL]LN_P]T^_TN ZQ _SP Xd_SZ^ ?SP L`OTMWP wTYPcSL`^_TMWPx T^ YZ_ L ]L_TZYLW _P]X TY LYd bLd M`_ T_ T^ L Xd_SZRPXP bSZ^P YZ]XLW QZ]XT^LNP]_LTYPWPXPY_ZQ^Z`YOTY_SP^LN]TQTNP_SP^Z`YOZQLMZ`] OZYLNP]_LTYVPdQZ]X`WLZ]L]P[PL_PONLWW?SP^`M^_LYNPLYO,]NSË ZQ _ST^ Xd_S L]P LWbLd^ _SP WT_P]LWWd wTYPcSL`^_TMWPx ^`][W`^ LYO LM`Y OLYNP ?ST^ bZ`WO LW^Z Pc[WLTY bSd _SP NZX[TWP] ZQ A ! XTcPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z`]XP_P]PO(
1Z`]OT]PN_TZY^
0TRS_XP_P]PO(
1Z`]OT]PN_TZY^LYOQZ`] L`cTWTL]dOT]PN_TZY^
9TYPXP_P]PO(
,^LMZaPM`_bT_S_SP ePYT_SLOOPO
9Z`YaP]M[]P[Z^T_TZYLYO[L]_T NWP 0TRS_NL^P^YZXTYL_TaPLNN`^L _TaPTY^_]`XPY_LWOL_TaPLMWL _TaPRPYT_TaPWZNL_TaPLYOaZNL _TaP ,^LMZaPM`_bT_S_SPTYOPNWTYL MWPLOOPO
ȱ #$ RL`]Ð]XTX£dL^LWTWÑYT_ÃV´L_ÅËVL[LOÅOaT[ÃOÅ^ÑNÃ_`´[LOÅg L´¶Ñ[LOÅYÃaL[LOÅMLMS¼aÜ´Å^LSÃ^]£V´L]£[L]LXËaÏZXLYgg _Ã^d£à^LX`O]ÑÃOSTaÏV´L]LY_T_ËYLU¯aLY_T[]LOϲL²NÃ_L^]Làg _Ã_LàV´L]L_TLV´Ã]LÀ_ÃOaϲaLXÜ[LU¯aL_T ggA!z $ A!z^PPLMZaP
$
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
uWLYR`LRP aP]^P^v LYO aP]^P^ LMZ`_ Z_SP] OPT_TP^ _ZRP_SP] _SP^P WL__P] aP]^P^ SLaTYR YZ_STYR _Z OZ bT_S WLYR`LRP LW_SZ`RS _SPd LWW SLaP _SP TXLRP ZQ wPcNP^^x TY NZXXZY 0aPY _SP XTWNS NZb TY aP]^P bSTNS w^PYO^ LWW RZZO _STYR^x NZ`WO MP `YOP]^_ZZO L^ TYPcSL`^_TMWd QWZbTYR WLYR`LRP LYO SP] XTWV L^ [ZP_]d 4Y_P]P^_TYRWd >L]L^aL_¯ bSZ WL_P] LOaLYNPO_ZMPNZXPLWLYR`LRPRZOOP^^zSP]P^_TWWMPTYRLL]TaP]zT^ OPYZ_PO TY aP]^P $ bT_S L ^TXTWL] `^P ZQ XP_L[SZ] 3P] M]PL^_ ^bPWW^ bT_S TYPcSL`^_TMWdLM`YOLY_QZZOw^SPNZY_LTY^FLWWH_]PL^`]P^OT^NZa P]^FLWWHPL]_SWdRZZO^LYOXLVP^RPYP]Z`^RTQ_^ZQ_SPXx $
8P_]TNLW8LRTNbT_S9`XMP]^
?SP LN_`LW Xd^_P]d ZQ WLYR`LRP _SP wTYPcSL`^_TMWPx LV´L]L _SL_ PWP XPY_ ZQ WLYR`LRP _SL_ T^ L_ ZYNP ZYP LYO XLYd MPNZXP^ ^ZXP_STYR \`T_P ^TX[WP L_ _SP []ZQLYP WPaPW% _SP LN_`LW ^dWWLMWP TY _SP SZWd APOL _Pc_ ?ST^ XPLY^ _SL_ _SP wTYPcSL`^_TMWPx NLY MP LYd ^dWWLMWP LYO LYd ^dWWLMWP T^ TY _`]Y _SP wTYPcSL`^_TMWPx ^TYNP _SP]P L]P YPT_SP] ^_]`N_`]P YZ] XPL^`]LMWP `YT_^ bT_STY L ^dWWLMWP& T_ ^Z`YO^ QZ] L^ WZYR L^ ZYP XLTY_LTY^T_?SPWPaPWZQ_SPXPL^`]LMWPZYWdMPRTY^L__SPaP]^P>dX MZWTN]PWL_TZY^LYO]PQP]PYNP^L]PZYWd[Z^^TMWPQ]ZX_ST^WPaPW`[bL]O^ ?SP ,]NSË bSTNS T^ ]P[WLdPO ZaP] LYO ZaP] LRLTY TY _SP NZ^XTN QT]P ^LN]TQTNP_SL_T^_SPN]PL_TZYZQ^PY^PQ]ZXYZY^PY^PZQ^_]`N_`]PQ]ZX LY_T^_]`N_`]PZQZ]OP]Q]ZXNSLZ^LW^ZQZ]X^_SPML^T^QZ]SZbbPOPLW bT_S_SP[SZYP_TNOTXPY^TZYZQbZ]O^ ?SP Pc[WLYL_TZY QZ] XP_P] LYO _SP NZ`Y_TYR ZQ ^dWWLMWP^ MPTYR ^Z TX[Z]_LY_QZ]_SP-]£SXL©L_Pc_^[]ZMLMWdWTP^TY_SPQLN__SL_^dWWLMWP^ WTYVMZ_SOTXPY^TZY^^_]`N_`]PLYOLY_T^_]`N_`]P $?SP^dWWLMWPT^^Z`YO ^`M^_LYNP _SL_ NLYYZ_ MP ]PO`NPO LYO T^ _SP]PQZ]P L_ _SP ^LXP _TXP _SP []TXL]dXP_]TNLW`YT_ZQXPL^`]PXPY_>TYNP bPL]P ^_TWWZ[P]L_TYRzTY .L^^T]P]v^_P]XTYZWZRdzXZ]PZY_SP^PY^Z]dWPaPWLYOYZ_^ZX`NSZY _SP WPaPW ZQ LM^_]LN_TZY WLYR`LRP NLY ZYWd MP XPL^`]PO TY _P]X^ ZQ WLYR`LRP LYO YZ_ TY bL_P] O]Z[WP_^ Z] ^LYO TY SZ`]RWL^^P^ L^ ^XLWW `YT_^ZQ_TXPbP]PXPL^`]POTYLYNTPY_N`W_`]P^ 4Y_SP 5LTXTY¯dL-]£SXL©L _SPNZ`Y_TYRZQ_SPWTYR`T^_TN]T_`LWXL _P]TLW ±L^_]L^ LYO >_Z_]L^ PaPY NZY_LTY^ _SP OTQQP]PYNP MP_bPPY OPL_S LYO WTQP 3P]P OPL_S OZP^ YZ_ XPLY _SP PYO ZQ ^PY^Z]d [P]NP[_TZY LYO PY_P]TYR L ^_L_P ZQ YZ_STYRYP^^ M`_ WZ^TYR ZYP^PWQ _SP WZ^^ ZQ PaP]d
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ dÃ^_P^_ÃYLàmdÕ]L_YLOSÑaL^`aÏOdÃà^`OÃ_]Là A!$LzN $ 4_T^ aP]^P^ LYO^dWWLMWP^ _SL_L]PNZ`Y_PO ,W_SZ`RS bZ]O^bZ`WOLW^ZMP L[Z^^TMWP ^_]`N_`]LWT_PXbZ]O^L]PaT]_`LWWdYPaP]NZ`Y_PO
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
$
_d[PZQPXLYNT[L_TZY?SPaTN_Z]ZaP]OPL_ST^_SP[P]^ZYbSZNLY_LXP LYO^`MU`RL_P_SPbZ]WOLWZYRbT_ST_^OLYRP]Z`^LYONSLZ_TNL^[PN_^% wBSPYPaP] ;]LU£[L_T LYO /PL_S XLOP ^LN]TQTNP^ _SPd NZX[P_PO bT_S PLNS Z_SP]TY_SPT]^LN]TQTNP^m;]LT^TYR_SPRZO^]PNT_L_TZY^_SPLN_TZY^ZQ_SP ^LN]TQTNP z _ST^ bL^ _SP L]Xd ZQ ;]LU£[L_T >ZYR^ LNNZX[LYTPO Md _SP eT_SP] OLYNP^ LYO `^PWP^^ LN_TZY^ z _ST^ bL^ _SP L]Xd ZQ /PL_S F1Z] L WZYR _TXPH _SP L]XTP^ ]PXLTYPO P\`LWWd ^_]ZYR BSL_PaP] ZYP SLO _SP Z_SP] SLO LW^Z ,YO XLYd dPL]^ [L^^PO bT_SZ`_ ZYP OPQPL_TYR _SP Z_SP] ;]LU£[L_TbT^SPOFQTYLWWdH_ZaLY\`T^S/PL_S3P[P]NPTaPO_SPNZY^T^_PYNd ^LÀ[LO TY_SP^LN]TQTNPbSTNSWTP^TY_SPNZ`Y_TYR ^LÀVSd£YL ?S`^SP aLY\`T^SPO/PL_Smx $
6YZbTYR LMZ`_ _SP ^_]`N_`]P LYO XPL^`]P ZQ L _STYR SPW[^ TY `YOP] ^_LYOTYR LYO _LXTYR T_ ?SP QTYLW aTN_Z]d ZaP] /PL_S _SL_ ;]LU£[L_T LNSTPaP^WTP^ TYST^VYZbWPORPZQ_SP`YTaP]^LWL[[WTNL_TZYZQY`XMP]^ ?SP ^_]`N_`]PLYOXPL^`]P ZQLYdu_STYRv NLYMPPc[]P^^PO TYY`XMP]^ ?SP]PQZ]PTY_SP -]£SXL©L^ bPQTYOLMPWTPQTYY`XMP]^ ^TXTWL]_Z _SL_ ZQ_SP;d_SLRZ]PLY^LW_SZ`RS_SPMPWTPQSP]POTQQP]^XL]VPOWdQ]ZX_SP 2]PPV Y`XP]TN ^[PN`WL_TZY^ MPNL`^P SP]P _SP NLWN`WL_TZY^ L]P NL]]TPO Z`_ YZ_ bT_S Y`XMP]^ M`_ bT_S XP_P]^ LYO _S`^ bT_S WTaTYR MZOTP^ ZQ ^Z`YO 7P_ `^ ]PXPXMP] _SL_ _SP XP_P]^ SLO LWbLd^ MPPY ^_]ZYRWd [P] ^ZYTQTPO bSPYPaP] _SP]P bL^ _LWV ZQ w^PaPY XZ`_S^x w^PaPY MT]O^x Z] w^PaPYaZTNP^x ?SP ^_]`N_`]PLYOXPL^`]P ZQLSdXY L]P[]TXL]TWdPc[]P^^POTY T_^ XP_P] w8P_P]x T^ wNSLYOL^ x TY >LY^V]T_ -`_ _SP YZ_TZY ZQ NSLYOL^ T^ Q`YOLXPY_LWWd OTQQP]PY_ Q]ZX TOPL^ _SL_ L]P WTYVPO bT_S Z`] wXP_P]x 4Q ZYP `YOP]^_LYO^ XP_P] TY L aP]d ^_]TN_ ^PY^P L^ L ^d^_PX ZQ XPL^`]P XPY_NZX[WP_PWTYPL]T_d^SZ`WO[]PaLTW $?SPZWO^d^_PXZQ_SPNSLYOL^ z_SPw^PaPYMT]O^xZ]w_SP^PaPYXZ`_S^ZQ-SL^[L_TxzSZbPaP]bL^ YZ_ L WTYPL] ^d^_PX 0LNS ZQ _SP ^PaPY XP_P]^ L[[L]PY_Wd SLO T_^ ZbY ^PY^Z]d LP^_SP_TN L`]L T_^ ZbY ]Sd_SXTN NSL]LN_P] LYO T_^ ZbY XZaP XPY_^ z LYO TY _SP QTYLW LYLWd^T^ YZYP ZQ _SP^P []Z[P]_TP^ NLY MP NZY ^_]`N_PO`^TYRL]T_SXP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ X_d`[]LU£[L_¯ dLO LdLUP_£À _L` dLUÓ£MSd£À Pa£^[L]OSP_£X m m _LO dLO dLUÓP ^_¼dL_P dLN NSL^dL_P dL_ []LNL]dL_P ^£ []LU£[L_P^ ^PY£^L L_SL dLO a¯©£d£À R¯dL_P dLYY_dL_PdLOa_S£NL]dL_P^£X_dZ^^PY£^L_LdZ]SL^LX£aL_d£aPaL^PYP£^L_`] d£aL_d PaP_L]L^dL _£aL_¯_L]L^dL _L` SL UdZR Pa£aTULdLX£YL` NP]L_`] MLS¼Yd PaL aL]´£©T ^L []LU£[L_T] LV£XLdL_L ULdPdLÀ X_d`X T_T ^L P_£À dLUÓP ^LÀ[LOLX L[L²dLOP_L_^LÀVSd£YLX_PYLX_d`XLULdL_m5LT-]£4!$PO.LWLYO#NQ B .LWLYO PO LYO _]LY^ /L^ 5LTXTY¯dL-]£SXL©L TY ,`^bLSW BTP^MLOPY% 8 >ÆYOTR$"1Z]L[L]LWWPW[WLNPTY_SP_Pc_^PPTMTO$Q $ 4Y QLN_ SP]P ZYP ^SZ`WO ^[PLV ZQ T^Z_]Z[d TP _SP ^XZZ_S R]Zb_S ZQ PWPXPY_^ 4^Z_ ]Z[d []PaLTW^ TY ^`NS L]PL^ L^ _SP ^P]TP^ ZQ YL_`]LW bSZWP Y`XMP]^ 4Y _ST^ NL^P _SP OTQQP]PYNP MP_bPPY ^Tc LYO ^PaPY T^ TOPY_TNLW _Z _SP OTQQP]PYNP MP_bPPY ^PaPY LYO PTRS_ >Z _SP OTQQP]PYNP MP_bPPY _bZ ^`NNP^^TaP Y`XMP]^ LWbLd^ ]PXLTY^ ZYP YZ XL__P]SZbSTRS_SPY`XMP]^L]P
$
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
,^bPNLY^PPTY_SP_LMWPMPWZb_SPZWOAPOTNXP_P]^L]PYZ_M`TW_ `[ QZWWZbTYR LYd VTYO ZQ NZY^T^_PY_ ^_]`N_`]LW []TYNT[WP ?SP]P L]P XP _P]^ ZQ _S]PP aP]^P^ XP_P]^ ZQ QZ`] aP]^P^ LYO XP_P]^ ZQ QTaP aP]^P^ $ 0LNSaP]^PXLdSLaPPTRS_PWPaPYZ]_bPWaP^dWWLMWP^4YZ]OP]_ZM]TYR LWTYPL][]ZR]P^^TZYTY_Z_ST^XP_]TN^d^_PXbSTNSSL^L]T^PYTYLYL_` ]LW bLd _SP RaPOTY^ `^P L aP]d ^[PNTLW NZ`[OPQZ]NP% _SPd _]PL_ LWW _SP XP_P]^ L^ TQ _SPd SLO QZ`] aP]^P^ z LYO WZ LYO MPSZWO _SP XT]LN` WZ`^ ]P^`W_ T^ L WTYPL] ^P\`PYNP ZQ _SP ^PaPY XP_P]^ -`_ LW_SZ`RS _SP NSLYOL^bP]PZ]OP]POTY_ST^XLYYP]_SPdL]PYPaP]XP]PWdPWPXPY_^ZQ L XZYZ_ZYZ`^ ^P]TP^ 4Y^_PLO _SPd ]PXLTY TYOTaTO`LW QTR`]P^ PLNS bT_S T_^ZbY[ZWdXZ][ST^X 1Z] PcLX[WP _SP XP_P] 2£dL_]¯ T^ L^^ZNTL_PO bT_S NSL]T^XL _PUL^ WT_P]LWWd WTRS_SPL_ LYO bT_S bT^OZX LYO _SP L]_ ZQ ^[PLVTYR M]LSXL aL]NL^ WT_P]LWWd RWPLX ZQ M]LSXLY bSTWP _SP XP_P] @´©TS NZYYZ_P^ SPLW_S LYO WZYR WTQP £d`^ /P[PYOTYR ZY bSP_SP] _SP [L_]ZY ZQ _SP ^LN]TQTNP OP^T]PO ^VTWW TY _SP L]_ ZQ ^[PLVTYR Z] RZZO SPLW_S L^ XLYd SdXY^ L^ [Z^^TMWP bP]P ^`YR TY ZYP Z] Z_SP] ZQ _SP XP_P]^ O`]TYR _SP ]T_`LW0LNSZQ_SP^PaPYXP_P]^M]TYR^T_^ZbY^[PNTQTNMPYPQT_^% 9,80
R£dL_]¯
,.?@,7.:9>?=@.?4:9 -,>4.9::1
aP]^P^ZQ#^dWWLMWP^
-09014?1=:8?30
>D77,-70>
>,.=414.0
(!
NSL]T^XL _PUL^WT_WTRS_ RWPLXaL]NL^ ZQM]ÃSXLY
#("
WZYRWTQP£d`^
LY`´¶`MS aP]^P^ZQ#^dWWLMWP^
(#
SPLaPYWdbZ]WO^aL]RL
MSL_¯
aP]^P^ZQ#^dWWLMWP^ aP]^PZQ^dWWLMWP^ aP]^PZQ#^dWWLMWP^
!($
PL]_SWdSL[[TYP^^²]¯
[L«V_T
aP]^P^ZQ#^dWWLMWP^
(
_SP^LN]TQTNPdLUÓL
_]T´¶`MS
aP]^P^ZQ^dWWLMWP^
(
aT]TWT_da¯]dL PYP]RdZUL^
ULRL_¯
aP]^P^ZQ^dWWLMWP^
#(
XLYdNL__WP[L²`
`´©TS
aP]^P^ZQ#^dWWLMWP^ aP]^PZQ^dWWLMWP^
PL]_SWdQLXPdL²L^
LQ_P] ,T_L]PdL-]£SXL©L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`]_3ÞMYP]SL^LW]PLOd^SZbYU`^_SZbTX[Z]_LY_WTYPL]T_dT^QZ]Z`]XZOP]YTOPL^ LMZ`_^[LNPLYO_TXPLYOSZb^_]ZYRWd_SPXd_STNLW^[LNP_TXPTOPL^OPaTL_PQ]ZXT_
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
$
?SP ]PL^ZY^ QZ] XL_NSTYR XP_P]^ LYO MPYPQT_^ _Z ZYP LYZ_SP] L]P XLYT QZWO :Y _SP ZYP SLYO _SP XP_P] [L]_TNT[L_P^ TY _SP Xd_STNLW ^`M^_LYNP ZQ_SPOPT_dbSZ^PXZ^_QLXPOSdXY^L]Pb]T__PYTY_ST^[L]_TN`WL]XP _P] >Z QZ] PcLX[WP ?]T´¶`MS SdXY^ _Z 4YO]L L]P aP]d NZXXZY LYO _SP]PQZ]P ^TYRTYR L ?]T´¶`MS SdXY []ZXT^P^ XZ]P aT]TWT_d ^TYNP T_ T^ []PNT^PWd_ST^[]Z[P]_d_SL_T^[L]_TN`WL]WdL^^ZNTL_PObT_S4YO]L 4Y _SP NL^P ZQ ,Y`´¶`MS _SP ,T_L]PdL-]£SXL©L []ZaTOP^ L \`T_P OTQQP]PY_]PL^ZYTYRQZ]LWWZNL_TYR_ST^XP_P]_Z_SPwSPLaPYWdbZ]WOx_Z bSTNS ZYP RZP^ LQ_P] OPL_S 3P]P XZ]P TX[Z]_LYNP T^ L__LNSPO _Z Y` XP]ZWZRTNLW ^[PN`WL_TZY^ :YP ,Y`´¶`MS SL^ _TXP^ # ( ^dWWLMWP^ LYO ^Z _bZ ,Y`´¶`MS^ NZY^T^_ ZQ ! ^dWWLMWP^ 9Zb _SP]P L]P _SP _S]PP bZ]WO^% _SP PL]_S MS¼] _SP L_XZ^[SP]P MS`aLà LYO _SP SPLaPY^ ^aLà LYOPLNSZQ_SP^PbZ]WO^NZY_LTY^^`MbZ]WO^?SPY`XMP] T^ []ZMLMWd OP]TaPO Q]ZX _SP YZ_TZY _SL_ _SP Y`XMP]^ _S]PP LYO ^PaPY L]P `YTaP]^LW LYO P^[PNTLWWd SZWd ?SP]P L]P YZ_ ZYWd _S]PP bZ]WO^ M`_ LW^Z _S]PP APOL^ bT_SZ`_ _SP WL_P ,_SL]aLAPOL bSTNS OZP^ YZ_ dP_ MPWZYR_Z_SPNLYZYLYO_S]PP^LN]TQTNTLWQT]P^TYPaP]d^LN]TQTNP4Y_ST^ ^LN]TQTNP ^PaPYXP_P]^ L]P ^`YR ^LN]TQTNP^L]PXLOP _Z_SP^PaPY[WLY P_^ ^L[_LOST´©dL LYO TY _SP QZ]X ZQ _SP NZY^_PWWL_TZY ZQ _SP 2]PL_ -PL] ^PaPY ^PP]^ ^L[_L]´T VPP[ bL_NS ZaP] _SP MZ]OP]^ ZQ _SP SPLa PY^?S]PP_TXP^^PaPYT^,NNZ]OTYR_Z_SP ,T_L]PdL-]£SXL©L T_T^ _S`^[Z^^TMWP_ZOTaTOP_ST^NZ^XZ^MdXPLY^ZQX`W_T[WTNL_TZYbT_S_SP _S]PP bZ]WO^ TY_Z _S]PP _TXP^ ^PRXPY_^ bSTNS XLVP^ ! ^PRXPY_^ LW_ZRP_SP] $! ?SP ! _S ^PRXPY_ T^ _SP STRSP^_ SPLaPY bSTNS T^ LMZaP LWW _SPbZ]WO^LYOT^_SPSZXPZQ_SPRZO^% w?S]PP FTY Y`XMP]H L]P _SP^P `[bL]O F]PLNSTYRH bZ]WO^ ,YO bT_S PaP]dSPNWTXM^FZYPZQ_SP^PHbZ]WO^^Z_Z^[PLVLYOQTYO^ST^[WLNPTY _SPSPLaPYWdbZ]WO_SP!_SbZ]WOx $"
BP LW^Z QTYO Y`XP]ZWZRTNLW L^^ZNTL_TZY^ WTVP _SP^P TY aP]d WL]RP Y`X MP]^ WTYVTYR _SP TYOTaTO`LW XP_P]^ 4Y _ST^ bLd _SP XP_P]^ LNSTPaP L NP]_LTY WTQP ZQ _SPT] ZbY MPNL`^P _SPd NLY LW^Z OPQTYP ZYP LYZ_SP] bT_SZ`_YPNP^^L]TWdSLaTYR_Z]PQP]_Z_SPRZO^>ZXPXP_P]^P^[PNTLWWd _SP Pc_]PXPWd ^LN]PO 2£dL_]¯ PaPY RLTY LY TYOP[PYOPY_ Xd_STNLW ^`M ^_LYNPQ]ZX^`NSY`XP]ZWZRTNLWYP_bZ]V^% :bTYRXZ^_Wd_ZT_^[Z^T_TZYL^_SPQT]^_ZQ_SPXP_P]^_SP2£dL_]¯T^ L^^ZNTL_PO bT_S _SP QT]P RZO ,RYT bSZ T^ LW^Z L [Z[`WL] -]LSXTY RZO >ZT_T^_]`WdTOPY_TNLW_Z_SP-]LSXTY^vNSL]T^XLLYO_SPT]L]_ZQ^[PLV TYR LYO T_ LW^Z MP^_Zb^ _SP^P []Z[P]_TP^ L^ _SP MPYPQT_ ZQ _SP ^LN]TQTNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! 4_ T^ YZ_PbZ]_Sd _SL_ _SP LYNTPY_ 4YOTLY X`^TNLW ^NLWP T^ M`TW_ ZY PcLN_Wd _SP ^LXP Y`XP]TNLW NZXMTYL_TZY% T_ ^_]P_NSP^ ZaP] ZN_LaP^ ^L[_LVL NZX[]T^TYR " YZ_P^ ^aL]LL]]LYRPOTYXTN]Z_ZYLW^_P[^ ²]`_T $" _]LdLTXL¼]OSa£PVLaT«²£WZV£PVLaT«²L_dLTVLVLaT«²L_dLTaPX£«WWZV£Y]ZSL_T^aL]RL PaLWZVPNL_`à´L´¶T_LXPYL[]L_T_T´¶SL_T,T-]4
$
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
^PP_LMWP-`__ST^T^ZYWdZYP^XLWWL^[PN_ZQT_^[P]^ZYLWT_d,OOPO_Z _ST^ TY _SP ]PLW NZY^_]`N_TZY ZQ _SP XP_P] _TXP^ # ^dWWLMWP^ _SP NZ^ XTN Y`XMP] PTRS_ ZNN`]^ PcLN_Wd _S]PP _TXP^ L^ _SP Q`YOLXPY_LW Y`X MP] ZQ _SP ,Y`´¶`MS _TXP^ # ^dWWLMWP^ TY _SP _S]PP aP]^P^ ZQ _SP 2£dL_]¯?SP2£dL_]¯T^_S`^aT]_`LWWdLSTRSP]aP]^TZYZQ_SP,Y`´¶`MS bSTNS T_^PWQ T^ LW]PLOd ^LN]PO ,Y PaPY XZ]P Xd^_P]TZ`^ L^[PN_ WTP^ STOOPYTY_SP_Z_LWY`XMP]ZQ^dWWLMWP^T^LSL]XZYTZ`^Y`XMP]TP T_ T^ _SP []ZO`N_ ZQ LWW _SP Y`XMP]^ MP_bPPY ZYP LYO _SP Y`XMP] QZ`] bSTNS T^ Q`YOLXPY_LW _Z LWW _SP APOTN XP_P]^ c c c ( $# 4Q bP OZ`MWP bP RP_ _SP Y`XMP] ZQ ^dWWLMWP^ TY _SP 5LRL_Å _SL_ T^ _SP WL^_LYO WZYRP^_XP_P] 1Z]_SPY`XMP]WZaTYRL`_SZ]^ZQ_SP -]£SXL©L _ST^ XLOP _SP 2£dL_]Å _SP P^Z_P]TN ]P[]P^PY_L_TaP ZQ LWW APOTN XP_P]^ 7L_P]_SP2£dL_]ÅbL^LW^ZQ]P\`PY_WdL^^ZNTL_PObT_S_SPXZ]YTYR]T_P^ ZQ _SP QT]^_ ^ZXL []P^^TYR MPNL`^P T_ ^_LYO^ L_ _SP MPRTYYTYR ZQ LWW _SP XP_P]^>TYNP_SPXZ]YTYR]T_P^TY_SPT]_`]YSLaPLXL]VPOP^NSL_ZWZRT NLW NSL]LN_P] ^PP MPWZb _ST^ L^[PN_ T^ WTVPbT^P [L]_TN`WL]Wd NPY_]LW _Z _SP2£dL_]Å?SPNZXMTYL_TZYZQLWW_SP^PPWPXPY_^XLVP^`[T_^Xd_ST NLW ^`M^_LYNP bSTNS PaPY _ZOLd T^ ^Z ^_]ZYR _SL_ T_ T^ bZ]^ST[[PO L^ L RZOOP^^_SPbZ]O wR£dL_]¯x MPTYRTY_SPQPXTYTYPRPYOP]?ZOLd-]LS XTY^ ^_TWW ]PNT_P L NP]_LTY 2£dL_]Å aP]^P TY _SP PL]Wd XZ]YTYR MPQZ]P ^`Y]T^PbSTNST^LW^Z^TX[WdNLWWPOw_SP2£dL_]Åx ?SP APOTN ^d^_PX ZQ XP_P]^ T^ _S`^ LY PL]Wd ]L_TZYLWTeTYR ^d^_PX LYO dP_ _SP T]]L_TZYLW ^_TWW ]PXLTY^ _SP QZ`YOL_TZY QZ] _SP ]L_TZYLW ,N NZ]OTYR_Z_SP /¯]RSL_LXL^ SdXYOT^N`^^POLMZaPLWW_SP^PaPYXP_P]^ z U`^_ WTVP WLYR`LRP L^ L bSZWP z NZXP Q]ZX _SP T]]L_TZYLW _SP ,V´L]L LYO_SPd]P_`]YL^^SZbYTY_SPQZWWZbTYR_Pc__Z_SPT]]L_TZYLWTP_SP TXXPL^`]LMWP
>Z`YO=T_`LW^QZ]_SPAPOTN9PbDPL]
4Y _SP RaPOL ZQ _SP ,T_L]PdL ^NSZZW _SP WL^_ ^PN]P_ ZQ WLYR`LRP LYO T_^ Y`XP]ZWZRTNLW NZXMTYL_TZY^ T^ NZY_LTYPO TY L ^PN]P_ -]£SXL©L NSL[_P] >`NS ^PN]P_ NSL[_P]^ MPL] _SP YLXP £]L©dLVL wbTWOP]YP^^ F_Pc_^HxLYOLOO]P^^_SPOLYRP]Z`^LYOWTXTYLW_Z[TN^ZQOPL_SLYOWTQP LQ_P] OPL_S ?SPd bP]P _SP]PQZ]P ]PLO TY _SP bTWOP]YP^^ LbLd Q]ZX ^P__WPXPY_^ :YP ZQ _SP bPT]OP^_ ]T_`LW^ ZQ _SP APOL T^ NZaP]PO TY _SP ,T_L]PdL¢]L©dLVL LYO T_ T^ L^N]TMPO L OPP[P] P^NSL_ZWZRTNLW XPLYTYR ?SP ]T_`LW T^ NLWWPO XLS£a]L_L Z] w_SP 2]PL_ =T_Px ?ST^ YLXP OPYZ_P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# ,^TXTWL]P^Z_P]TNNZYYPN_TZYT^NP]_LTYWdLW^Z_SPML^T^ZQ_SP"OLd^LYOYTRS_^ZQ _SPdPL]XPY_TZYPOTY_SPu]TOOWPaP]^Pv=A!"T^_SPSL]XZYTN[]ZO`N_ZQ ^Tc_SPY`XMP]ZQ^PL^ZY^_TXP^_TXP^_TXP^_TXP^ _TXP^!
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
$
_SP WL^_ OLd ZQ _SP ZYPdPL] ^LN]TQTNP RLa£X£dLYL ZQ bSTNS _SP QZWWZbTYR T^ ^LTO% w,WW WLYR`LRP^ ^SZ`WO ]P^Z`YO ZY _ST^ OLdx LYO TY NZYN]P_P _P]X^ _ST^ XPLY^ _SL_ LWW YZT^P^ LYO ^Z`YO^ _SL_ NLY [Z^^TMWd MP N]PL_PO ^SZ`WO ]P^Z`YO O`]TYR _SP ]T_`LW ?SP ^LN]TQTNTYR []TP^_^ XLVPLWW[Z^^TMWPYZT^P^LYOLWW[Z^^TMWPTY^_]`XPY_^^`NSL^W`_P^LYO SL][^L]PM]Z`RS__Z_SP^T_PZQ_SP^LN]TQTNP_SPbZXPYZQ_SP[L_]ZYv^ SZ`^PSZWO XLVP X`^TN LYO _SP ^P]aLY_ RT]W^ bLWV TY L NT]NWP bT_S [Z_^ ZQ SZYPd ZY _SPT] SPLO^ NLWWTYR _Z ZYP LYZ_SP] WZ`OWd TY OTLWPN_ w: 2]PL_F/LdH3P]PT^_SPSZYPdSP]PT^_SPSZYPdx?ST^T^[]ZMLMWd_SP ZWOP^_^Z`YO]T_`LWTY4YOTL
?SP2]PL_7T_LYd 4Y _SP 8LS£a]L_L _SP NLWWTYR []TP^_ XLVP^ ST^ NZY_]TM`_TZY _Z _SP []Z O`N_TZYZQ_SP^Z`YOZQ_SPbSZWPWLYR`LRPMd^TYRTYRLWT_LYd_SL_SL^ L _SZ`^LYO aP]^P^ TY _SP -SL_¯ XP_P] L^N]TMPO _Z T_ :YP aP]^P ZQ _SP -SL_¯SL^!^dWWLMWP^^ZZYP_SZ`^LYOaP]^P^NZY_LTY!^dWWLMWP^ bSTNSNZ]]P^[ZYO^_Z_SPXLcTX`XWTQP^[LYZQLS`YO]POdPL]^L^_SP ]T_`LW dPL] SL^ ! OLd^ ?ST^ XPLY^ _SL_ _SP WT_LYd SL^ L^ XLYd ^dWWL MWP^ L^ _SP XLcTX`X Y`XMP] ZQ OLd^ _SL_ L S`XLY MPTYR NLY WTaP LYO T^ _SP]PQZ]P NLWWPO _SP w2]PL_ 7T_LYdx XLSLO`V_SLX 9Zb w_SZ` ^LYOx NLY LW^Z XPLY wTYQTYT_PxLYO _SP w2]PL_ 7T_LYdx NZY_LTY^ PaP]d _STYR_SL_PcT^_^L_LWWTYWLYR`LRPLYO^Z`YOLYOLWW_d[P^ZQZ[[Z^T_P^ TY _SP ]PLWX ZQ WLYR`LRP 4Y LOOT_TZY _SP Y`XMP] QTaP [WLd^ L ^TRYTQT NLY_]ZWPTY_ST^]PLOTYR ²L^_]L 1Z]PcLX[WPT_T^NZX[Z^POZQaP]^P^ ZQSdXY^XLOP`[ZQQTaPOTQQP]PY_XP_P]^?SPY`XMP]QTaPT^LRPYP]LW ^dXMZWTNY`XMP]QZ]S`XLYMPTYR^ [`]`´L $$,YOMPNL`^PbPL]PNZY NP]YPO bT_S _SP WLYR`LRP ZQ S`XLY MPTYR^ SP]P WLYR`LRP T^ LW^Z QTaP QZWObSP]PMdTY_SP-]£SXL©L^_SPY`XMP]QTaPLWbLd^LW^ZOP^N]TMP^L NP]_LTY[PY_LOTN^_]`N_`]P%_bZMTYL]dNZOP^L]PLWbLd^R]Z`[POL]Z`YO ZYPNPY_]LW PWPXPY_1Z] PcLX[WP U`^_ L^ LS`XLYMPTYRSL^ _bZL]X^ _bZWPR^LYOZYP_Z]^ZWLYR`LRPNZY^T^_^ZQ[L]_^_SL_L]PXP_]TNLWLYO YZYXP_]TNLW ^LN]PO WLYR`LRP LYO PaP]dOLd WLYR`LRP bSTWP X`^TN T^ T_^_Z]^Z% w9Zb_SP]PT^LQ`WWdOPaPWZ[POQZ]XZQWLYR`LRP_SP2]PL_7T_LYd bSTNS T^QTaPQZWO%T_T^XPL^`]POLYO`YXPL^`]POT_T^^Z`YOTYR ^aL]L T_T^LQ QT]XL_TaP ^L_dL LYO YPRL_TaP LY_L ?SP SdXY^ LYO bZ]WOWd aP]^P^ L]P bSL_ T^ XPL^`]PO ?SP WZ`O LYO _SP X`]X`]PO ^LN]TQTNTLW QZ]X`WL^ LYO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ^LP´L[`]`´Là[LÓNLaTOSLàgm,T_¢]LYOZ_SP][WLNP^
$!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
`^PWP^^ WLYR`LRP FPaP]dOLd WLYR`LRPH L]P bSL_ T^ `YXPL^`]PO >£XLY LYO PaP]d_d[PZQbZ]WOWd^TYRTYRL]PbSL_T^^Z`YOTYRx
,Q_P] _SP^P ML^TN^ _SP _Pc_ NZY_TY`P^ M`TWOTYR `[ _SP TYQZ]XL_TZY MPL]TYR LYOP_STNLWPWPXPY_bSTNS NZY^T^_^ZQ _SPQ`YOLXPY_LWZ[[Z^T _TZY ZQ LQQT]XL_TZY LYO YPRL_TZY 4Y RPYP]LW ^LdTYR udP^v T^ RZZO LYO ^LdTYR uYZv T^ MLO 1]ZX L []LRXL_TN ^_LYO[ZTY_ SZbPaP] ZYP ^SZ`WO MPXZOP]L_PzLQ_P]LWWZYPOZP^YZ_bLY__Z]`TYZYP^PWQ% wuDP^v ZX T^LQQT]XL_TZYLYOuYZv YL T^YPRL_TZY,YOLQQT]XL_TZYT^ _SP XZ^_ MPL`_TQ`W Q]`T_ LYO _SP XZ^_ MPL`_TQ`W QWZbP] ZQ WLYR`LRP BSZ PaP] ^[PLV^ _SP QWZbP] LYO Q]`T_ ZQ WLYR`LRP bTWW MPNZXP L QLXZ`^ ]`WP] bT_S L ^[Z_WP^^ ]P[`_L_TZY _SL_ T^ SP bSZ ^[PLV^ LQQT]XL_TZY 3ZbPaP] _SP ]ZZ_ ZQ WLYR`LRP T^ YPRL_TZY 5`^_ L^ L _]PP bSZ^P ]ZZ_^ L]P Pc[Z^PO X`^_ O]d Z`_ LYO [P]T^S ^Z _ZZ X`^_ L S`XLY MPTYR O]d Z`_ LYO [P]T^S TQ SPLWWZb^YPRL_TZY_ZMP^Z`YOPOQZ]SPPc[Z^P^ST^ZbY]ZZ_^?SP]PQZ]P SP ^SZ`WO YZ_ LWWZb YPRL_TZY _Z MP ^Z`YOPO LYO TY^_PLO ^SZ`WO PcP]NT^P NL`_TZY?]`WdudP^vT^LQZ]bL]OWZZVTYRLYZ`_RZTYR^dWWLMWPBSPYPaP] SP ^Ld^ udP^v _Z ^ZXP ZYP SP RTaP^ ^ZXP_STYR LbLd ,YO TQ SP bP]P _Z ^Ld T_ _Z PaP]dZYP SP bZ`WO YZ_ WPLaP PYZ`RS QZ] ST^ ZbY YPPO^ QZ] SP bZ`WOSLaPRTaPYSTX^PWQLbLdNZX[WP_PWd-`_uYZvT^L^dWWLMWP_`]YPOTY ZYT_^PWQLQ`WWF]PXLTYTYR^dWWLMWPH4QSPbP]P_Z^LduYZv_ZPaP]dZYPST^ ]P[`_L_TZY bZ`WO MP WZLOPO bT_S N`]^P^ ,YO _ST^ bZ`WO N]`^S STX ZY _SP ^[Z_?SP]PQZ]P_SP]PT^L_TXPbSPYZYP^SZ`WORTaPLYOL_TXPbSPYZYP ^SZ`WOYZ_RTaP4Y_ST^bLdSPXLVP^L`YT_PO[LT]Z`_ZQLQQT]XL_TZYLYO YPRL_TZYLYO_S]Z`RS_ST^[LT]SPMPNZXP^XZ]P_SLYSPbL^MPQZ]Px
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^La£P´La£NLà[L]LXZaTV£]ZdLOP_LYXLSLO`V_SLÀ_LOP_L_[LÓNLaTOSLÀ%XT_LX LXT_LÀ^aL]Là^L_d£Y_PgRR£_S£V`XMd£_LYXT_LÀdLU`]YTRLOZa_S£a£V_LOLXT _LÀ^£X£_SZdLàVL²NLRP´©Là^L^aL]Lm,T_¢]! :`]_]LY^WL_TZY^ZQ ^L_dL LYO LY_L wLQQT]XL_TZYxLYOwYPRL_TZYxL]P]L_SP]`Y`^`LW 4Y 4YOZWZRd ^L_dL LYO LY_L L]P RPYP]LWWd _]LY^WL_PO L^ w_]`_Sw LYO w`Y_]`_Sx LYO TY _SPXLUZ]T_dZQNL^P^_ST^T^LW^Z_SPMP^__]LY^WL_TZY4YOTLYNZXXPY_L_Z]^ZQ_PYLW^Z ^PP LY ZY_ZWZRTNLW NSL]LN_P] TY ^L_dL LYO LY_L % ^L_dL T^ `YOP]^_ZZO L^ PcT^_PYNP Z] _SL_bSTNSPcT^_^QZ]PaP]LYO LY_L L^YZYPcT^_PYNP_SL_bSTNST^NZY_TYRPY_9PT _SP]ZQ_SP^PaTPb^ QT_^aP]d bPWWTY_ST^_Pc_MPNL`^P^ZXP[WLNP^TY_SP_]LY^WL_TZY bZ`WOLWbLd^]PXLTYTYNZY^T^_PY_LYO XPLYTYRWP^^ ?SP`^PZQ_SP_bZ_P]X^TY_ST^ _Pc_]PQWPN_^LaP]dL]NSLTNaTPbZQWLYR`LRPLNNZ]OTYR_ZbSTNSWLYR`LRPT^LWbLd^ []TXL]TWd PaZVPO LYO YZ_ []TXL]TWd NZXX`YTNL_PO% bSPY wdP^x T^ ^LTO ^ZXP_STYR ZNN`]^ LYO bSPY wYZx T^ ^LTO YZ_STYR ZNN`]^ ,YdZYP bSZ T^ L^VPO QZ] ^ZXP_STYR wXLVP^x_SP ]P\`P^_TY_ZPT_SP]_]`_SZ]`Y_]`_SOP[PYOTYRZYbSP_SP]SPLQQT]X^Z] OPYTP^LYO_S`^LWWZb^_SL_bSTNST^OP^T]POPT_SP]_ZMPZ]YZ__ZMP 3P]P:¿OZP^YZ_dP_L[[PL]_ZXPLY LNZ^XTNLWWd_]LY^NPYOPY_LW^dWWLMWPM`_ L^L ^TX[WP wDP^x L^ T^ OZN`XPY_PO TY ^PaP]LW [WLNP^ ?SP Y`XMP] [ZTY_^ Z`_ _SP []Z _]LN_PO_TXPXPL^`]P_S]PPXZ]LPZ]X£_]LbT_SbSTNST_T^NSLY_PO mZXT_T^L_dLÀYP_dLY_LXg_LOP_L_[`´[LÀ[SLWLÀa£NZdL_^L_dLÀ^LSP²aL]Z dL²L^a¯ VLWd£©LV¯]_T] MSLaT_Zà [`´[LÀ ST [SLWLÀ a£NLà ^L_dLÀ aLOL_T g L_SLT_LY X¼WLÀ a£NZ dLO LY_LÀ _LO dL_S£ aV´L £aT]X¼WLà ²`´dL_T ^L `OaL]_L_L PaLX Pa£Y_LÀ aLOLYY £aT]X¼WLX £_X£YLÀ VL]Z_T ^L ²`´dL_T ^L `OaL]_L_P _L^X£O LY_LÀ YL aLOPO OLdP_L _aLYPYL g [L]£R a£ P_LO ]TV_LX LV´L]LÀ dLO P_LO ZX T_T _LO dL_
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
$"
?SP bSZWP ZQ WLYR`LRP ^L]a£ a£N PaP]d_STYR _SL_ SL^ PaP] MPPY `_ _P]POZ] PaP] bTWWMP`__P]POT^ NZY_LTYPOTY_SPw2]PL_ 7T_LYdx%XP_]T NLW LYOYZYXP_]TNLW^[PPNSQZ]X^ X`^TN PaP]d wdP^xLYOPaP]dwYZx ?ST^_ZZT^]PLWTePOTY]T_`LWQZ]XTY_SL_ZY_SPOLdZQ_SP8LS£a]L_L _SP^LN]TQTNTLWaPY`PMPNZXP^L^_LRPbSTNST^LXPP_TYR[WLNPQZ]NL_P RZ]TNLW udP^^LdP]^v LYO uYZ^LdP]^v _SZ^P RTaTYR []LT^P LYO _SZ^P RTa TYRTY^`W_^LYOLWW[Z^^TMWPVTYO^ZQZ[[Z^T_TZY^%]P[]P^PY_L_TaP^ZQ_SP STRSP^_ ^ZNTLW ]LYV^ LYO ]P[]P^PY_L_TaP^ ZQ WZbP^_ ^ZNTLW ^_]L_L LYO Z] OP]^?SPSTRS]LYVTYR[PZ[WPL]PLWbLd^L^^ZNTL_PObT_S_SP9PbDPL] LYO _SP WZb]LYVTYR bT_S _SP ZWO dPL] LYO XZNV QTRS_^ L]P [WLdPO Z`_ TY L NL]YTaLWWTVP QL^STZY 1Z] PcLX[WP L ^NSZWL] ZQ _SP APOL LYO L []Z^_T_`_P _LVP _SP ^_LRP bSP]P _SPd S`]W TY^`W_^ L_ PLNS Z_SP] z ^ZXP _TXP^ []P__d a`WRL] ZYP^ ?SP ]T_P TY bSTNS _SP LY_T^_]`N_`]P ]P[WLNP^ _SP YZ]XL_TaP ^ZNTLW ^_]`N_`]P TY _SP WTXTYLW ]T_`LW [P]TZO QZ] L ^SZ]_ _TXP N`WXTYL_P^ TY _SP ]T_`LW TY_P]NZ`]^P MP_bPPY L []Z^_T_`_P LYO L 8£RLOSL 4Y TY_P]NZ`]^P _SP NZYQWTN_ T^ ]P^ZWaPO LYO ^_]`N_`]P LYO LY_T^_]`N_`]PL]P`YT_PO
?SP>dWWLMWPZQ7TQP ,^ bPWW L^ _SP XZ]P wbZ]WOWdx ^[PN`WL_TZY^ LMZ`_ _SP Y`XMP] QTaP TY _SP 2]PL_ 7T_LYd XLSLO`V_SLX TY _SP ,T_L]PdL¢]L©dLVL _SP]P L]P LW^Z ^[PN`WL_TZY^ ZQ L aP]d XP_L[Sd^TNLW YL_`]P ZY _SP Y`XMP] _SZ` ^LYO u?SZ`^LYOv XPLY^ uTYQTYT_Pv TP _SP Y`XMP] ZQ bSL_ NLY MP XPL^`]POT^PcNPPOPO4Y_SPPL]Wd /¯]RSL_LXL^ SdXYbPQTYO_SPP\`L _TZY ( LYO SP]P bP QTYO _SP P\`L_TZY ( ?SP]P L _SZ` ^LYO^dWWLMWP^L]PTY_SPSPLaPY^LYOZYPT^ZY_SP0L]_SbSTWPSP]PTY _SP PL]_SWd ]T_`LW L _SZ`^LYO ^dWWLMWP^ L]P ]PNT_PO bSTNS _`]Y TY_Z L ^TYRWP^dWWLMWPTY_SP]PLWXZQ_SP_]LY^NPYOPY_LYOY`XTYZ`^?ST^ZYP ^dWWLMWPT^TOPY_TQTPOL^L\`T_PNZYN]P_P^Z`YO%_SP[SZYPXP, LV£]L _SP QT]^_ WP__P] ZQ _SP >LY^V]T_ LW[SLMP_ LW_SZ`RS []ZMLMWd L_ L WL_P] OL_P%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ VTÀNZX T_d£S£_]LTa£^XLT _LO]TNdL_P ^L dL_ ^L]aLX ZÀ V`]d£O ]TÓNd£O £_X£YLÀ ^L V£XPMSdZ Y£WLÀ ^d£_ g L_SLT_L_ [¼]©LX LMSd£_XLÀ dLY YP_T ^L dL_ ^L]aLÀ YP_T M]¼d£_[£[TV£^dLV¯]_T]U£dP_L^LTYLÀ_L_]LTaLSLYd£_g_L^X£_V£WLPaLOLOd£_V£WPYL OLOd£__L_^L_d£Y_PXT_S`Y¯VL]Z_T_LdZ]XT_S`Y£_[]LU£dL_PMS¼d£YMSLaL_Tg,T_¢] ! 7T_P]LWdwLXLYQ]ZX8LRLOSLx;PZ[WPQ]ZX8LRLOSLSLOLMLO]P[`_L_TZYLYO_SP bZ]O 8£RLOSL bL^ LW^Z `^PO L^ L _P]X ZQ LM`^P >Z T_ T^ YZ_ YPNP^^L]TWd ^ZXPZYP Q]ZX_ST^[L]_TN`WL]L]PLbSZT^XPLY_SP]PM`_ZYWd^ZXPZYPbT_S^`MLW_P]Y[]ZQP^ ^TZYZ]OP^NPY_PRL^ZYZQL[]Z^_T_`_P
$#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
wAP]TWd bSZPaP] VYZb^ _SP WLYR`LRP a£N _Z bSTNS _ST^ FQ`WWd OPaPW Z[POHQZ]XMPWZYR^T^_]`WdP]`OT_P1Z]_SP^Z`YO,T^LWWWLYR`LRP7LY R`LRPMPNZXP^XLYTQZWOLYOX`W_TQLNP__PObSPYNZY^ZYLY_^LYO^TMTWLY_^ WPYOT_LNWPL]QZ]X4YT_T^_SL_bSTNST^bST^[P]PO_SPM]PL_S?SL_bSTNS T^WZ`OT^_SPMZOd ?SP]PQZ]P_SL_bSTNS^Z_Z^[PLVT^LWbLd^STOOPYT^ bSL_T^TYNZ][Z]PLWLYO_SL_bSTNST^LWbLd^^SZbY_SL_T^_SPMZOdx !
,NNZ]OTYR_Z_SP¢]L©dLVL_SP]PL^ZYQZ]_ST^TOPY_TQTNL_TZYT^QZ`YOTY _SP [W`]LWT_d LYO _SP XLYd QZ]X^ _SL_ wLx NLY _LVP 4_ T^ _SP XZ^_ NZX XZY aZbPW TY >LY^V]T_ LYO L_ _SP ^LXP _TXP L ^[PNTLW [SZYP_TN NL^P 4_ SL^ YZ OPQTYPO MZ`YOL]TP^ _Z T_^ ^Z`YO LYO _SP WL_P] [SZYP_TNT^_^ NZY ^TOP]PO T_ L wN]d[_Z^Z`YOx ^LÀa__L BSPYPaP] T_ L[[PL]^ OT]PN_Wd LQ_P]NZY^ZYLY_^Z]^TMTWLY_^_SP]PT^YZM]TRS_Z[PYwLx_ZMPSPL]OL^ _SP]P T^ TY 2P]XLY M`_ ZYWd L X`_PO LQ_P]^Z`YO bSZ^P [Sd^TNLW []Z Y`YNTL_TZY LWbLd^ OP[PYO^ ZY T_^ TXXPOTL_P ^`]]Z`YOTYR^ " ?SP WL_P] >LY^V]T_b]T_TYR^OZYZ_YZ_P_SPwLx^Z`YOL_LWWTY^`NS^T_`L_TZY^-`_ _SP ¢]L©dLVL RZP^ PaPY Q`]_SP] _SLY _SP [SZYP_TNT^_^ Md ^LdTYR _SP QZWWZbTYR% BSPY _SP wLx T^ bST^[P]PO T_ MPNZXP^ ^Z _Z ^[PLV _SP M]PL_SLYO T^SPL]OL^LYL^[T]LY_ ,NNZ]OTYR_Z_SP^dXMZWTNXPLYTYR ZQ _SP ^Z`YO _SP L`OTMWd []ZYZ`YNPO wLx T^ _SP MZOd ZQ WLYR`LRP LYO _SPML]PWdL`OTMWPL^[T]L_TZY aT^L]RL ZQ_SPM]PL_STY^[PLVTYRwàxT^ _SP TYNZ][Z]PLW [YP`XL ZQ WLYR`LRP L²L]¯]L[]£©L 1Z] _ST^ ]PL^ZY _SP]PLQ_P] _SP ¢]L©dLVL NLWW^ _SP NZXMTYL_TZY ZQ _SP^P _bZ ^Z`YO^ z _SL_ T^ _SP ^dWWLMWP wLàx z w_SP ^dWWLMWP ZQ WTQPx U¯a£V´L]L LYO ^PP^ TY T__SPw`YT_PO[LT]x XT_S`YL ZQMZOdLYO[YP`XL #?ST^^dWWLMWPQ`YN _TZY^L^_SPw-]LSXLYx_SPPc[]P^^TZYZQZYPv^ZbYu4v%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ XP_L[SZ]TNLW _P]XTYZWZRd T^ ^_TWW `^PO _ZOLd TY _SP R]LXXL] ZQ _SP ?LXTW WLY R`LRP ! dZaLT_£Àa£NLÀaPOLdL^d£P´LaTV£]Là ^L ^LÀ[]L_TaTOLV£]ZaLT ^L]a£a£V^LT´£ ^[L]²Z´XLMST]adLUdLX£Y£MLSa¯Y£Y£]¼[£MSLaL_Tg_L^dLTdLO`[£À²`^L[]£©Zu_SL dLO`NNLT^_LNNSL]¯]LÀ_L^X£__L__T]LTaL_T]LTaLSdL²L]¯]LXL²L]¯]ZST[]£©Zu_SL dLO`NNLT^_LNNSL]¯]LÀ_L^X£__LO£aT]£aT]ST²L]¯]LXgg!gg ,T_¢]! " ,YZ_SP] TY_P][]P_L_TZY NZ`WO MP OP]TaPO Q]ZX _SP ^N]T[_ `^PO QZ] >LY^V]T_% TY _SP ^dWWLMTN>LY^V]T_^N]T[__SP^Z`YOwLxSL^YZb]T__PYQZ]XZQT_^ZbYL^T_T^TYSP]PY_ TYPaP]dNZY^ZYLY_LYO_SP]PQZ]P_LVP^ZYwXLYdQZ]X^x Y£Y£]¼[L>£dL©Lv^TY_P] []P_L_TZY T^ _SP ^LXP 3ZbPaP] bSP_SP] _ST^ _SPZ]d T^ NZ]]PN_ Z] YZ_ OP[PYO^ ZY bSP_SP]_SP^N]T[_bL^LW]PLOdTY`^PTY_SPWL_PAPOTN[P]TZO # ?SP _Pc_ ]PTYQZ]NP^ _SP NZ^XTN NSL]LN_P] Md LW^Z YLXTYR Z_SP] [LT]^ ZQ Z[[Z^T_P^% bZXLYLYO XLY_ST^bZ]WOLYO_SPZ_SP] bZ]WOP_N >£dL©LTY_P][]P_^_SPw^dWWLMWP ZQWTQPxL^LYwLxbT_SZ`_L^[T]L_TZYLYO^Z`YOP]^_LYO^_SPwLàxTY_SP`__P]LYNP Là T_T M]LSXL wLà T^ -]LSXLYx ^PP MPWZb L^ YZXTYL_TaP bSTNS bZ`WO MP R]LXXL_T NLWWd TYNZ]]PN_ >TYNP _SP L^[T]L_TZY aT^L]RL T^ YZ_ PWTOPO LY TYOP[PYOPY_ XPLYTYR bL^ []ZMLMWd L^N]TMPO _Z T_ TP _SP L^[T]L_TZY []ZMLMWd NZYYZ_PO _SP M]PL_S ZQ WTQP ?ST^T^LW^ZSZb,MSTYLaLR`[_L]PLO^_SP[L^^LRP ?LY_]£WZVL !QQ
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
$$
wF?ST^H-]LSXLYT^, ?ST^SL^L]]TaPO_SP]PL^u,SLXvFu4vHx $
?SPQLN__SL__SP]PT^YZXPY_TZYSP]PZQ_SP^Z`WZ]ZQ_SP^PWQ £_XLY L^XTRS_MPPc[PN_POM`_ZQw4x LSLX ^PPX^P^[PNTLWWdXZOP]YLYO ZYP bZYOP]^ TY bSTNS NPY_`]d ZYP SL^ L]]TaPO 4Y QLN_ _SP ,T_L]PdL ¢]L©dLVL NZY_LTY^ L \`T_P ]PXL]VLMWP [L^^LRP LMZ`_ L ^_]ZYR _]LY ^NPYOPYNd ZQ S`XLY MPTYR^ 3ZbPaP] T_ OZP^ YZ_ TYNW`OP L NZYNP[_ ZQ ^dY_SP_TN _]LY^NPYOPYNd L^ _SP @[LYT´LO^ OZ M`_ TY^_PLO T_ SL^ L NZY NP[_ZQ_]LY^NPYOPYNdbT_SLYPcT^_PY_TLWL[[]ZLNS% w-`_ ZYWd TY S`XLY MPTYR^ F`YWTVP _]PP^ LYO LYTXLW^H T^ _SP £_XLY FSP]P% NZY^NTZ`^YP^^ LYO ^PWQLbL]PYP^^H ZMaTZ`^ QZ] _SPd L]P P\`T[[PO bT_S NZRYT_TZY []LUÓL ?SPd ^[PLV bSL_ _SPd SLaP `YOP]^_ZZO ?SPd ^PP bSL_ _SPd SLaP ]PNZRYTePO LYO VYZb bSL_ bTWW PcT^_ _ZXZ]]Zb ?SPd VYZb ZQ _ST^ bZ]WO LYO ZQ _SP Z_SP] ?S]Z`RS _SL_ bSTNS T^ XZ]_LW _SPd ^_]TaP QZ] TXXZ]_LWT_d ?SPd L]P P\`T[[PO bT_S LWW _ST^ m >`NS L S`XLY MPTYR T^ LY ZNPLY3P[L]_LVP^ZQPaP]d_STYRTY_SPbZ]WOLYO^_TWWST^_SZ`RS_^RZMP dZYOT_m,YOPaPYTQSPbP]P_Z[L]_LVPZQ_SPZ_SP] bZ]WOST^_SZ`RS_^ bZ`WOLW^ZRZMPdZYOT_x
?SP LMTWT_d ZQ S`XLY MPTYR^ _Z TXLRTYP L _ZXZ]]Zb LYO _S`^ _Z _STYV _SPX^PWaP^MPdZYOOPL_SLWWZb^_SPX_ZPc[P]TPYNP_]LY^NPYOPYNdLYO _Z SZ[P QZ] TXXZ]_LWT_d -`_ SZbPaP] XZOP]Y LYO ^Z[ST^_TNL_PO _SP [STWZ^Z[STNLW []ZMWPX^ XLd MP _SL_ L]P NZY^TOP]PO SP]P _SP []Z[Z^PO ^ZW`_TZY TY _SP APOTN _Pc_ L[[PL]^ P\`LWWd L]NSLTN% TXXZ]_LWT_d NZXP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ Là T_T M]LSXL _L_]£RL_LX LSLX T_T g ,T_¢] # 9Z_P _SP aL]TLY_^ wL T_Tx wLSL T_Tx LYOwLàT_TxNZYYZ_TYRLSLX_SP^PWQ BP]P[]ZO`NPSP]P_SPbSZWP[L^^LRP^WTRS_Wd^SZ]_PYPOTYZ`]_]LY^WL_TZY%_L^dLdL £_X£YLX£aT^_L]£ÀaPO£²Y`_PS£aT]MS¼dLàgZ´LOSTaLYL^[L_LdZdLNNLVTÓNL[]£©LMS_ ^L £_X£YLX£aT^_L]£À aPOL g Z´LOSTaLYL^[L_T´` ST ]L^Z O²dL_P NT__LÀ []£©LMS_^` g []£©LMS_^` _aPa£aT^_L]£X£_X£ _P´` ST ]L^Z u[T O²dL_P YL NT__LXL_T]P´` g [`]`´P _aPa£aT^_L]£X£_X£ ^L ST []LUÓ£YPYL ^LÀ[LYYL_LXZ aTUÓ£_LÀ aLOL_T aTUÓ£_LÀ [L²dL_T aPOL ²aL^_LYLÀ aPOL WZV£WZVL` XL]_dPY£X_LX[^L_dPaLÀ ^LÀ[LYYLà g L_SP_L]P´£À [L²¼Y£XL²LY£[T[£^P Pa£MSTaTUÓ£YLÀ YL aTUÓ£_LÀ aLOLY_T YL aTUÓ£_LÀ [L²dLY_T YL aTO`à²aL^_LYLÀYLWZV£WZVL`_LP_£aLY_ZMSLaLY_TdL_S£[]LUÓLÀST^LÀMSLa£àgggg ^LP´L[`]`´Là^LX`O]Là^L]aLÀWZVLXL_TgdLOOSLVTÓN£²Y`_Pu_dPYLÀXLYdL_PdLO dLY_L]TV´LWZVLXL²Y`_P u_dPYLÀ XLYdL_P dLOdLX`À WZVLXL²Y`a_£_dPaLTYLÀ XLYdP_L g ^L P´L [`]`´Là [LÓNLaTOSL^_L^dL dLO`´©LÀ _LUUdZ_T]d£YT VS£YT ^L £V£²Z u_SLdLWWZST_LÀ²WP´X£]P_L^_££[ZdLNNSL]¯]LÀ^£[_STa¯dLà[]£©Là^La£d`àg^LP´L a£d`à [LÓNLaTOSLà []£©Z u[£YZ ad£YL `O£YLà ^LX£YLà g _£ P_£ OPaL_£à []£©£[£YLd Z]PaLYTaT´¶£²NLV´`à²]Z_]LÀXLYZa£RT_T[]£©L^dLSdLYaL[£dLXP_£L[TdLY_Tg^LP´L a£NL²NT__L^dZ__L]Z__L]TV]LXZ dLOdLUÓLà g ^L P´L dLUÓLà [LÓNLaTOSZ uRYTSZ_]LÀ OL]²L[¼]©LX£^L` N£_`]X£^d£YT [L²`à ^ZXLà g ^L P´L dLUÓ£Y£À ^LÀ[LYYL_LXZ dL_ ^ZXL P_L^XTYSdP_£à [LÓNLaTOS£ LOSTRLXdLY_P dL_[]£V^LaLYPMSdLà ^LTV£aTOS£ _]¯©T ^LaLY£YTdLO¼]OSaLÀ^£[LÓNLX¯gggg,T_¢]z ?SP ^ZNTZWZRT^_ ?SZXL^ 7`NVXLYY SL^ NZTYPO _SP _P]X^ w^XLWW _]LY^NPYOPYNdx wXPOT`X _]LY^NPYOPYNdx LYO wR]PL_ _]LY^NPYOPYNdx []PNT^PWd QZ] _ST^ ^_]`N_`]LW [L_ _P]Y >PP 7`NVXLYY /TP `Y^TNS_ML]P =PWTRTZY LYO 6YZMWL`NS =PWTRTZY^^ZeTZWZRTP $$$z
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_S]Z`RS _SP _]`P VYZbWPORP ZQ _SP -SL_Å aP]^P^ ZQ _SP XTOOLd ]PNT_L_TZY TY _SP 8LS£a]L_L ]T_`LW ?SP]P T^ L Xd^_TNLW NZYYPN_TZY MP_bPPY , _SP w^dWWLMWP ZQ WTQPx LYO ,SLX _SP _]`P 4 ,YdZYP bSZ SL^ ]PNZRYTePO _ST^ L^ _SP _]`P XPLYTYR ZQ _SP -SL_¯ aP]^P^ bTWW MPNZXP4YO]L_SPWZ]OZQLWWN]PL_`]P^LQ_P]ST^OPL_S3P]P4YO]LT^YZ_ L7Z]O2ZOQTR`]PM`_TY^_PLO^_LYO^QZ]_SPZXYT[]P^PY_WTQP[]TYNT[WP ZQ M]PL_S []£©L ?Z WPRT_TXTeP _ST^ ^PN]P_ VYZbWPORP _SP ¢]L©dLVL \`Z_P^^ZXP^_]LYRPaP]^P^ZQ`YVYZbYZ]TRTY% w4Q _SP ^dWWLMWP NZXP^ Z`_ ZQ _SP ^dWWLMWP LYO T^ WTYVPO TQ _SP^P WTYVPO [`WW _ZbL]O^ WTYVLRP& _SP]P bSP]P _]`_S ZQ _]`_S _SPY WTYV^ T_^PWQ FbT_S _SPXH_SP]PbTWWLWWRZO^MPNZXP:YP ?SP udP^v LYO _SP uYZv ZQ WLYR`LRP PaP]d_STYR LMZ`_ T_ _SL_ T^ SL]^S LYO YZT^dT^]PXZaPOMd_SP[ZP_^ VLaT >PL]NSTYR_SPdNLXP`[ZY_SPYLXP LYO _SPd QZ`YO Q`WQTWWXPY_ TY FT_^H ^Z`YO^ ²]`_L ,YO TY F_ST^H YLXP TY bSZ^P^Z`YO^_SPdQZ`YOQ`WQTWWXPY_LWW_SPRZO^RL_SP]POx
?SPLYLNS]ZYT^_TN]PNZ`]^P_Z_SPZWO[ZP_^ L__ST^[ZTY_NP]_LTYWdOZP^ YZ_ NZXP LMZ`_ Md NSLYNP ?SP YPb ^PN]P_ VYZbWPORP ]P\`T]P^ ZWO L` _SZ]T_d ,YO TY _SP @[LYT´LO^ _ZZ ^`NS L^ TY ,T_L]PdL@[LYT´LO _SP PL]Wd APOTN [ZP_^ VLaT^ bP]P ^ZXP_TXP^ M]Z`RS_ TY L^ PN^_L_TN^ bT_S^[ZY_LYPZ`^LNNP^^_Z_SPY`XPY3P]P_ZZ_SPd]P[]P^PY_L_]`_S aLW`PMPdZYO_SPSZXZWZRZ`^aTPbZQ_SPbZ]WObSTNST^_d[TNLWZQ_SP -]£SXL©L^ 4Y _SP ,T_L]PdL¢]L©dLVL SZbPaP] _SP [ZTY_ T^ YZ_ _SP _]`_S NZY_PY_ ZQ NP]_LTY ^_L_PXPY_^ M`_ _SP _]`_S aLW`P ZQ LP^_SP_TN U`ORXPY_^ ?SP PcLX[WP ZQ _SP [ZP_^ ^SZb^ _SL_ _SP]P T^ L _]`_S TY ^Z`YO^_ZZ3P]P^TRYTQTNLY_Wd]L_SP]XZ]PXZOP]Y[ZP_^L[[PL]TY_SP NWZ_STYR ZQ _SP ZWO aT^TZYL]d [ZP_^ M`_ _SPd SLaP L ^ZXPbSL_ XZ]P PcNW`^TaP _L^_P TY L]_ L^ ]PaPLWPO Md _SP PcNW`^TZY ZQ LYd_STYR _SL_ ^Z`YO^ SL]^S Z] YZT^d 4Y [ZP_]d _SL_ ^Z`YO^ MPL`_TQ`W LWW NZY_]LOTN _TZY^OT^^ZWaPLWW^dWWLMWP^QWZbTY_ZZYPLYZ_SP]LYOPaP]d_STYRNZXP^ _ZRP_SP] _Z QZ]X ZYP STRSP] `YT_d LYO Z]OP] z LWW _SP RZO^ XPW_ TY_Z L ^TYRWP :YP ?ST^ T^ NZ]]PWL_PO bT_S _SP wMPTYR QTWWPO bT_S _SP MPL`_TQ`W ^Z`YO^x _SL_ ZYP SPL]^ ,WW WLYR`LRP QWZb^ _ZRP_SP] TY _SP ^Z`YO LWW ^Z`YOQWZb^_ZRP_SP]TY_SPM]PL_SLYO_SP^dXMZWw,xNWPL]Wd^_LYO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,T_¢] m_L_]LT_P²WZV£àdLOLV´L]LÀ[LÓNLaTOSLÀ^LXP_Td`UZd`V_£LMSTdL_^LÀaLSLY_T g ^L_dL^dL ^L_dLX LY` dL_]L d`UdL_P _L_]L OPa£à ^L]aL PVLÀ MSLaLY_T gg dLO LV´L]£O LV´L]LX P_T d`V_LÀ d`UZ d`V_£ LMST dL_ ^LÀaLSLY_T g ^L_dL^dL ^L_dLX LY` dL_]L d` UdL_P_L_]LOPa£à^L]aLPVLÀMSLaLY_Tgg dLOa£NLZXT_TdLNNLYP_TdLNN£^d£àV]¼]LÀdLO`NZWML©T´©`g _LOaTd¼d£VLaLdZLYaLaTYOLYY£X£dL__£^LXL_[dLÓ²]`_PuOSTgg dL^XTYY£X£^LXL_[dLÓ²]`_PuOST_L_]LOPa£à^L]aLd`UZMSLaLY_Tg ,T_¢]# ?SP[L^__PY^PTY_SPZ]TRTYLW_Pc_]PaPLW^_SPQLN__SL_ VLaT OZP^YZ_XPLYLNWPaP]Z] NTaTWTePO[P]^ZYSP]PM`_TY^_PLOLN_`LWWdTYOTNL_P^_SPLYNTPY_APOTN[]TP^_WdNWL^^
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
QZ] _ST^ ,^ L aP]MLWTePO M]PL_S ^Z`YO w,x T^ _SP]PQZ]P L NZOPbZ]O QZ] LWW WTQP LYO _SP ¢]L©dLVL OZN`XPY_^ _ST^ bT_S _SP P^NSL_ZWZRTNLW LQQT]XL_TaPQZ]X`WL_SL_T^NZXXZYWdQZ`YOTY_ST^WT_P]L_`]P% wBT_S _ST^ -]LSXLY _SP VYZbTYR F[P]^ZYH ^_]TVP LbLd PaTW LYO PY_P]^ _SP SPLaPYWd bZ]WO 9ZZYP ^[PLV^ ZQ _ST^ FWTQPv^ M]PL_SH L^ L bZXLY L^ L SP]XL[S]ZOT_PZ]L^LXLYx
5`^_ L^ -]LSXLY T^ _SP NZOPbZ]O QZ] _SP NZYYPN_TZY ZQ LWW _STYR^ _SP w^`[P]^Z`YOx , LW^Z NZYYPN_^ LWW L`OTMWP QZ]X^ 3P]P _SP bZ]O -]LSXLY ^_TWW [L]_TNT[L_P^ TY _SP ZWO YZ_TZY ZQ _SP [ZbP] ZQ _SP ^LN]PO bZ]O ZQ MWP^^TYR bSTNS T^ Pc[]P^^PO TY _SP TOTZX ZQ w^_]TVTYR LbLd PaTWx ?SP ]T_P^ []ZaTOP []Z_PN_TZY LRLTY^_ OPXZYTN [ZbP]^ N]PL_P L ^_L_PZQNZY^PN]L_TZY_S]Z`RS^P[L]L_TZYQ]ZXbSL_T^[]ZQLYPLYOM]TYR ^[T]T_`LW []Z_PN_TZY 3ZbPaP] L_ _SP ^LXP _TXP _SP bZ]O -]LSXLY T^ LW^ZLW]PLOd^SZbTYRTYOTNL_TZY^ZQT_^_]LY^NPYOPY_LWLYO^Z_P]TZWZRTNLW XPLYTYRTY_SP@[LYT´LO^T_T^YPT_SP]XL^N`WTYPQPXTYTYPYZ]YP`_P] -]LSXLY T^ SZbPaP] YZ_ dP_ ]PRL]OPO L^ LY LM^ZW`_P& ]L_SP] T_ T^ _SP M]PL_S _SL_ T^ NZY^TOP]PO _Z MP LY ZXYT[]P^PY_ []TYNT[WP ZQ WTQP ,^ L` OTMWPM]PL_SLYO_SPw^dWWLMWPZQWTQPx,T^_SP^ZYTNXLYTQP^_L_TZYZQ _ST^ ZXYT[]P^PY_ WTQP []TYNT[WP ^TYNP _SP]P NLY MP YZ ^[PPNS bT_SZ`_ M]PL_S ?ST^ XPLY^ _SL_ _S]Z`RS _ST^ w^dWWLMWP ZQ WTQPx ZYP ]PLNSP^ _SP 8L S£a]L_L_SPwOLdZQWTQPxLYO_S]Z`RS_SPwOLdZQWTQPxZYP]PLNSP^_SP w^dWWLMWP ZQ WTQPx ?SP TOPL _SL_ WLYR`LRP L]T^P^ Q]ZX _SP M]PL_S ZQ WTQP T^ []P^PY_PO L^ L R]PL_ ^PN]P_ 3P]P _SP YZ_TZY ZQ _SP wTYPcSL`^_TMWPx []TXPaLW ^Z`YO ,V´L]L T^ YZ_ ZYWd _LVPY `[ LYO Q`]_SP] OPaPWZ[PO TY _SPWT_P]L_`]PLYO[STWZ^Z[SdM`_T_T^LW^ZTY_P][]P_POTY_P]X^ZQ]T_`LW XLRTN LYO _S`^ _LVP^ ZY L OPQTYT_P ^Z_P]TZWZRTNLW Q`YN_TZY TY _SP ^LN]T QTNP ?ST^ VYZbWPORP SPW[^ ZYP _Z LNSTPaP P_P]YLW WTQP ,T_¢] " BSP]PL^_SPw2]PL_7T_LYdxT^]PNT_POL_XTOOLd_SP]T_`LWT^NZX[WP_PO TY_SPPaPYTYRbT_SLYPcNP][_Q]ZX_SP /¯]RSL_LXL^ SdXYbSTNSPYO^ bT_S_SPWLYR`LRPNZbaP]^PLMZ`__SP_SZ`^LYO^dWWLMWPO,V´L]L
0L]_S/]`XLYO7TQP3L][z0^NSL_ZWZRTNLW.L]YPaLW8`^TN ?SP]T_`LWTePO8LS£a]L_LwOLdZQWTQPxT^NZYYPN_PObT_S_SPWL^_OLdZQ _SP dPL] :Y _SP WL^_ OLd ZQ _SP dPL] LYO _S`^ L_ _SP WL^_ ^_LRP ZQ _SP ^LN]TQTNP WLYR`LRP ]P_`]Y^ _Z T_^ Z]TRTYLW ^_L_P TP `Y^_]`N_`]PO NSLZ^ LYO TY _SP ]T_`LW _ST^ []TXZ]OTLW ^_L_P T^ ]P[]P^PY_PO XTXP_TNLWWd bT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _PYL[£[X£YLXL[LSL_dLM]LSXL©£^aL]RLÀWZVLXL[dP_TaTOa£Ygg YLTYLÀa£N£^_]TdLÀM]`aLYYLTYLXL^_]¯[`X£YM]`aLYg [`X£À^LÀYLM]`aLYYPYLÀaLOLYaLOL_TVL²NLYLgg,T_¢]#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_SP R]PL_ N]L^STYR wZQ LWW ^Z`YO^x ! BSTWP _SP NLWWTYR []TP^_ T^ ^_TWW ZNN`[TPObT_SNZ`Y_TYR_SP^dWWLMWP^ZQSdXY^_SP^TYRTYR[]TP^_XLVP^ ST^ bLd _Z L OT_NS TY _SP R]Z`YO L_ _SP _S]P^SZWO ZQ _SP LW_L] bSTNS T^ NZaP]PO Md L _L`_ Zc STOP ?ST^ wPL]_S O]`Xx MS¼XTO`YOS`MST T^ _SP]PQZ]P SLWQ TY^TOP _SP ^LYN_`L]d LYO SLWQ Z`_^TOP _SP ^LYN_`L]d L[ []Z[]TL_P_Z_SPWTXTYLWNSL]LN_P]ZQ_SP]T_P?ST^O]`XT^^LTO_ZMP_SP wSTRSP^_ QZ]X ZQ WLYR`LRPx " z NP]_LTYWd YZ_ MPNL`^P O]`X^ L]P P^[P NTLWWd PWZ\`PY_ ^[PLVP]^ M`_ XZ]P WTVPWd MPNL`^P ZQ _SP PYZ]XZ`^ aZW `XP _SPd []ZO`NP ?SP ^TYRTYR []TP^_ MPL_^ _SP ]Sd_SX ZY _SP PL]_S O]`X `^TYR LY Zc_LTW BSTW^_ OZTYR ^Z SP ]PNT_P^ L XLY_]L TY bSTNS SP LOO]P^^P^ _SP O]`X L^ A£N LYO L^V^ T_ _Z LYYZ`YNP _SP ^`NNP^^ ZQ _SP dPL]WZYR^LN]TQTNPLYO_SPQLXPZQ_SP[L]_TNT[LY_^,[[]Z[]TL_PWd_ST^ XLY_]LSL^_SPMTYL]dQZ]X_SL_T^_d[TNLWZQ_SP8LS£a]L_L% w: O]`X dZ` L]P _SP A£N m WP_ Z`] ^`NNP^^ FZQ _SP dPL]WZYR ^LN]TQTNPH ]TYR Z`_ £aLOL & M`_ ]P^Z`YO LRLTY^_ [L]£aLOL _SP PYPXd bSZ SL_P^ `^ ^PYO Z`_ L _P]]TMWP YZT^P _Z XPP_ STX M`_ L Q]TPYOWd YZT^P _Z FXPP_H `^ : O]`Xx #
?SP W`_P a¯©£ T^ LW^Z [WLdPO LNNZX[LYTPO Md L ^TXTWL] XLY_]L ?SP ,T_L]PdL¢]L©dLVL NZ]]PWL_P^ _SP TY^_]`XPY_ bT_S _SP S`XLY MZOd `^TYR ^PaP]LW SZXZWZRTP^ _Z PX[SL^TeP _SP TOPL ?SP ]P^ZYL_TYR MZOd T^ _SP MPWWd _SP ^_]TYR^ L]P _SP QTYRP]^ LYO _SP [WPN_]`X T^ _SP _ZYR`P ?SP^P SZXZWZRTP^ L]P YZ_ ]P^_]TN_PO _Z L P`WZRd QZ] WLYR`LRP ?SPS`XLYMZOdT^_SPW`_PZQ_SPRZO^&_SPPL]_SWdW`_PSZbPaP]T^_SP W`_PZQS`XLYMPTYR^LYOZYWdLYTXLRPZQ_SPSPLaPYWdW`_PZ]ZQ_SP S`XLYMZOdTP_SPaZTNP0aPY_ZOLd_SPS`XLYaZTNPT^]PRL]OPOMd ^ZXP 4YOTLY X`^TNZWZRT^_^ L^ _SP MP^_ LYO XZ^_ []TXPaLW TY^_]`XPY_ bSTNS T^ ZYWd TXT_L_PO Md _SP Z_SP] X`^TNLW TY^_]`XPY_^ ?ST^ ^[PNTLW ]ZWPQZ]_SPS`XLYaZTNPLW^ZPc[WLTY^bSdTY_SPWL_P]OPaPWZ[XPY_ZQ _SP 8LS£a]L_L ]T_`LW ZYPv^ ZbY aZTNP a£N T^ NLWWPO `[ZY TY NZYYPN _TZY bT_S bZXPY [WLdTYR TY^_]`XPY_^ LYO T_^ Q`YN_TZY T^ Pc_PYOPO TY_Z _SP]PLWXZQ_SPP^NSL_ZWZRTNLW%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BPSLaP_LVPY_SPQZWWZbTYRTYQZ]XL_TZYQ]ZXaL]TZ`^_Pc_^ZY_ST^^Z`YO]T_`LW^PP MPWZb " ?LT_>LÀ" $ # _aLÀa£RL^TdPYLà^LF_H_]PLYTYOT´`OV´£d£È²]£Y_L£^T_P]£OOSTY_PMSdZO`YO`MSP] O`YO`MSP ]£OOSTXL^XLMSdLX£aLOP_T [L]£aLOL OaT´LY_LÀ RSZ]£À a£NLÀ [L]£aLO£ _S£^XLMSdLÈ ^`XT_]Td£À a£NLÀ O`YO`MSP VLWd£©À V]__TX £aLOP_T [L]£aLOL OaT´L_Z a£OdLY O`]S£]OZ dP aT´¼V`SZ_S£^XLMSdLÀ [`´¶TÀ ]£OOSTÈ ²]TdLX £aLOL O`YO`MSPgg7£¶d£dL©L±]L`_L^¼_]L
;]ZQP^^TZYLWT^L_TZYZQ_SP>LN]TQTNTLW7LYR`LRP%7L_P>LÀST_£LYO-]£SXL©L^
w4LX_SPSPLaPYWdPLRWP RL]`_XLY 4bTWWXLVP_ST^aZTNPR]ZbWZ`OLYO 4 bTWW OZ X`NS bT_S T_ QZ] FXd aZTNPH ^SLWW OZ X`NS 4_ ^SLWW MPL] XP _Z 3PLaPYLYO4^SLWWMPL]_SP[L_]ZY^ZQ_SP^LN]TQTNP_Z3PLaPYx $
,YZ_SP] TX[Z]_LY_ NZ^XTePO TY^_]`XPY_ T^ _SP S`YO]PO^_]TYRPO SL][ ²L_L_LY_]¯ ?ST^ TY^_]`XPY_ _ZZ T^ STRSWd ^dXMZWTN ?SP S`YO]PO ^_]TYR^]P[]P^PY__SPS`YO]POdPL]^ZQLS`XLYMPTYRv^WTQPLYO]`YYTYR _SP QTYRP]^ `[ LYO OZbY _SP ^_]TYR^ ^dXMZWTeP^ ST^ M]PL_S^ ?SP ^TYRP] ]`Y^ L _bTR MPL]TYR WPLaP^ ZaP] _SP S`YO]PO `Y_`YPO R]L^^ ^_]TYR^ L_ _SP ^LXP _TXP ]PNT_TYR L XLY_]L _SL_ ZYZXL_Z[ZP_TNLWWd ]PQWPN_^ _SP ^N]L[TYR^N]L_NSTYRLYObST]]TYRYZT^P^RPYP]L_POMd_ST^XLW_]PL_XPY_ ZQ_SPTY^_]`XPY_% aLOL aLO£ aLO aLOZ aLOZ u]`à [_S`à ^`RLà ^`RLÀ _aLà VL]XLà VL]L©Là VL]Là VL]L^d`] LMS´£¶ N£ uMS´£S N£ uMSTX£_TSL N£ MSTX£_TS£ NL ^£^LST² NL ^LSd£È² NL ^LSL^a£È² NL ^LSLX£Y£² NZ uOaLd£² NL MSLOaLd£² NL ^LaLd£² NL MSLOaLd£² NLT uYO]À a£NLÀ MSL_À aT²aL]¼[£È ²L_£d`´À []LaLOLOPaLa£©FLHmgg w>Z`YO^ZZYO^ZYPO^LYPO^TYPO 1L]bTOP BPWWRZTYRRZbPWW .]PL _TZYN]PL_TYR N]PL_TZYN]PL_`]P ?SP XLWP aLY\`T^SP] LYO _SP QPXLWP aLY \`T^SP]LYO_SPXLWP]TaLWVTWWP]LYO_SPQPXLWP]TaLWVTWWP]LYO_SPbTPWOP] ZQ [ZbP] LYO _SP PX[ZbP]PO LYO _SP [ZbP]Q`W m 7P_ _SP ZXYTQL]TZ`^ aZTNPZQ4YO]LTY_SP-SL_¯aP]^P^F_SPaZTNPHZQ_SPS`YO]POdPL]^ZQWTQP ]P^Z`YO:SL][RZOx
1]T_^ >_LLW PcLXTYPO [L^^LRP^ ^TXTWL] _Z _SP MPRTYYTYR ZQ _ST^ XLY_]L 1]ZX_SPT]PcT^_PYNPSPNZYNW`OPO% XLY_]L^ L]P^TX[WdPcLX[WP^ZQ[]P WTYR`T^_TN MLMMWTYR YZ_ ^Z aP]d OTQQP]PY_ Q]ZX MLMd_LWV z ^_]`N_`]PO ^P\`PYNP^ ZQ ^Z`YO^ bT_S L ^ZWPWd ]T_`LW Q`YN_TZY 4_ T^ \`T_P NWPL] _SL_ _SP TX[Z]_LY_ _STYR SP]P T^ YZ_ ^PXLY_TN^ M`_ _SP [`]P ^Z`YO XL_P]TLW >ZXPZQ_SPbZ]O^XLVP^PXLY_TN^PY^PbSTWPZ_SP]^OZYZ_LYO^ZXP _TXP^ L VTYO ZQ [^P`OZOPNWTYL_TZY T^ ]PPWPO ZQQ RTaTYR _SP TX[]P^^TZY ZQ R]LXXL_TNLW NZ]]PN_YP^^ bSP]PL^ TY QLN_ T_ T^ R]LXXL_TNLW YZY^PY^P ?SP PcNP[_TZY _Z _ST^ ]`WP T^ _SP WL^_ [L^^LRP LMZ`_ _SP ZXYTQL]TZ`^ aZTNP bSTNS XLVP^ ^PY^P ^PXLY_TNLWWd LYO T^ b]T__PY TY YZ]XLW >LY ^V]T_?ST^^SZb^_SL_T_T^\`T_P[Z^^TMWPQZ]LXLY_]L_ZNZY_LTYL]LYRP ZQ OTQQP]PY_ WLYR`LRP WPaPW^ LYO TY _ST^ NL^P _ST^ T^ L[[L]PY_Wd OP^T]PO% TY_SPQT]^_[L]__SPZXYTQL]TZ`^aZTNPT^^[ZVPYLYOTY_SP^PNZYO[L]_ T_T^OP^N]TMPO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^`[L]©Z u^XT RL]`_X£Y []PX£À a£NLÀ aLOT´d£XT MLS` VL]T´dLY_À MLS` VL]T´dLY ^aL]RLXLdT´dLY_À^aL]RLXLdT´dLYX£XTX£YdLULX£Y£YT_Tgg7£¶±] 7£¶±] 1Z] L ^ZXPbSL_ OTQQP]PY_ aP]^TZY ZQ _SP XLY_]L ^PP 5LTXTY¯dL-]£SXL©L NQPO.LWLYO"SP]P ^`RLY_`à TY^_PLOZQ ^`RLÀ_aLà
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
4Y_P]P^_TYRWd _SP aL]TZ`^ _L^V^ ZQ _SP []TP^_^ NZ]]PWL_P bT_S aL]TZ`^ OTQQP]PY_ aTPb^ ZQ WLYR`LRP bSTNS L]P LW^Z aT^TMWP TY _SP ]PWPaLY_ WT_ P]L_`]P 4Y _SP RaPOL _SP WTYR`T^_TN XL_P]TLW T^ XZ]P WTVP ^ZXP_STYR _SL_ PcT^_^ TY T_^ ZbY ]TRS_ ?SP SdXY^ NLY MP ^PWPN_PO L^ OP^T]PO LYO L]P YZ_ YPNP^^L]TWd WTYVPO _Z L ]T_`LW LN_ ,^ XP^^LRP^ _Z _SP RZO^ _SP SdXY^SLaP_SPT]ZbY[ZbP]0L]WdZYT_bL^_SPPc[]P^^TaPL^[PN__SP [ZP_]d_SPX`^TNLWT_dZQ_SP^Z`YO^LYO]Sd_SX^LYO_SPaT^TZYL]dPWP XPY__SL_RLaP_SPSdXY^_SPT][ZbP]4Y_SPWL_PAPOTN[P]TZObP_PYO _ZQTYOXZ]PQZN`^ZYSTOOPY^PN]P_XPLYTYR^^`NSL^_SL_QZ`YOTY_SP ]P[]P^PY_L_TZY ZQ _SP w_SZ`^LYO^dWWLMWPO XZYZ^dWWLMWPx _SP ]TOOWP ]T_`LW^ LYO _SP ^[PN`WL_TZY^ bT_S Y`XMP]^ 3ZbPaP] WZZVTYR L_ _SP^P OTXPY^TZY^ ZQ WLYR`LRP T^ _d[TNLW ZQ _SP NLWWTYR []TP^_^ ZQ _SP RaPOL ZYWd ?`]YTYR Z`] L__PY_TZY _Z _SP DLU`]APOL bP NZXP `[ZY Z_SP] WTY R`T^_TNOTXPY^TZY^4_T^TX[Z^^TMWP_Z TXLRTYP_SP WTYR`T^_TN`__P]LYNP^ ZQ_SP,OSaL]d` _SP^LN]TQTNTYR[]TP^_bT_SZ`__SP]T_`LW>PWOZX_SP^P `__P]LYNP^NZY^T^_ZQ[ZP_]dTY XP_P] :Q_PY _SPd L]PaP]d ^SZ]_[]Z^P _Pc_^ LWbLd^ MPWZYRTYR _Z L NP]_LTY ]T_`LW LN_ ?ST^ XPLY^ _SL_ bP L]P OPLWTYR bT_S L NZX[WP_PWd YPb NWL^^ ZQ WTYR`T^_TN `__P]LYNP^% _SP XLY _]L^ WT_P]LWWd w_SP aP]OTN_^x 8LY_]L^ L]P ^LN]PO QZ]X`WL^ _Z bSTNS LYTYSP]PY_[ZbP]T^ L^N]TMPO?SPdQLWW\`T_P ^[PNTQTNLWWdTY_Z_SP ^[P NTLWNL_PRZ]dZQwWLYR`LRP LN_^x _SL_bPSLaP TY_]ZO`NPO4Y_SPDLU`] APOL-]£SXL©L^bPQTYOTYLOOT_TZYL^TY_SPZ_SP]-]£SXL©L^LR]PL_ PX[SL^T^ ZY SZXZWZRTP^ LYO P_dXZWZRTP^ >Z SP]P _SP SZXZWZRZ`^ XLRTN ZQ NZ]]P^[ZYOPYNP ZNN`[TP^ _SP QZ]PR]Z`YO 4_ T^ _SP XLYTQZWO P\`TaLWPYNP^MP_bPPY_SPXTN]ZNZ^XZ^LYO_SPXLN]ZNZ^XZ^_SL_XLVP _SP^LN]TQTNP_Z_SPRZO^PQQPN_TaPTY_SPQT]^_[WLNP :]TRTYLWWd_SP,OSaL]d`bL^[]ZMLMWdYZXZ]P_SLY_SPwNL]P_LVP]x ZQ_SP^LN]TQTNTLW^T_P3P^P_`[_SPLW_L]^[Z`]PO_SPRTQ_^TY_Z_SPQT]P LQ_P] _SP NLWWTYR[]TP^_SLO LWWZNL_PO_SPX _Z_SPaL]TZ`^OPT_TP^LYOTY RPYP]LW [P]QZ]XPO LWW _SP XLY`LW LN_^ 4Y _SP -]£SXL©L [P]TZO SZb PaP]^P__TYR`[_SPQT]PLW_L] LRYTNLdLYL MPNLXPLYTX[Z]_LY_LN_TZY TYT_^ZbY]TRS_bT_STY_SP^LN]TQTNTLW]T_`LWQZ]_SPQT]PLW_L]T^L^dXMZW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 3ZbPaP]T_OZP^NZY_LTY^`NS_STYR^L^_SP ±L_L]`O]¯dLX_SPXZ^_QLXZ`^XP_]TNLW WT_LYdTYLWW3TYO`T^X 2P]XLY wOP] >[]`NSx 4Y _SP APOL T_^PWQ _SP DLU`^ QZ]X`WL^ L]P RPYP]LWWd YZ_ dP_ NLWWPOwXLY_]L^x?ST^_P]XTYZWZRd^_PX^TYT_TLWWdQ]ZX_SPWL_P] ±]L`_L>¼_]L^ bSTNS _LVP L ^ZXPbSL_ _PNSYTNLW aTPb ZQ _SP APOTN WLYR`LRP XL_P]TLW ?ST^ WPLO^ _SPX _Z ^`NS _STYR^ L^ R]Z`[TYR YTRLOL WZ`O QZ]X`WL^ LYO dLU`^ \`TP_ QZ]X`WL^ _ZRP_SP] `YOP] _SP _P]X XLY_]L , XLY_]L LWbLd^ LNNZX[LYTP^ L ]T_`LW LN_TZY bSP]PL^ _SP ]P[P_T_TZYZQ^LN]POXLY_]LQZ]X`WL^UL[LRPYP]LWWdZNN`]^bT_SZ`_]T_`LWLN_TZY^
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
ZQ_SPbSZWPNZ^XZ^-PNL`^PZQ_ST^^STQ__SP^LN]TQTNPMPNLXP_SPLWW OP_P]XTYTYR [ZbP] LYO _SP RZO T_^PWQ LYO _SP ^LN]TQTNTLW bZ]O^ ZQ _SP ,OSaL]d` RLTYPO _SPT] ZbY ^TRYTQTNLYNP LWZYR^TOP _SP SdXY^ N LYO _SPNSLY_^ ^£XLY ?SP NPY_]LW TX[Z]_LYNP ZQ _SP QT]P ^LN]TQTNP QZ] _SP -]£SXL©L _Pc_^ T^ ]PaPLWPO LXZYR^_ Z_SP] _STYR^ Md _SP QLN_ _SL_ _SP QT]P ^LN]TQTNP LW^Z [WLd^ L XLUZ] NZ^XZRZYTN ]ZWP ,^ L XPOT`X ZQ N]PL_TZY T_ T^ _SP N]PL _TaP^Z`]NPZQLWWPcT^_PYNPMZ_SYL_`]LWLYOOTaTYP?SP[]TXL]dLN_ZQ N]PL_TZY T^ ^LN]TQTNP LYO _S]Z`RS ^LN]TQTNP _SP Z]TRTYLW `YT_d T^ ]P N]PL_PO 4Y _SP LRYTNLdLYL ]T_`LW _SP QT]P LW_L] bL^ NZY^_]`N_PO Z`_ ZQ M]TNV^ LYO _S`^ LNNZ]OTYR _Z _SP ±L_L[L_SL-]£SXL©L T_ ]P^_Z]PO _SP NZ^XTN _SZ`^LYOXPXMP]PO Z]TRTYLW XLY [`]`´L Q]ZX bSZ^P ^LN]TQTNP _SP RZO^ NL`^PO _SP bZ]WO _Z L]T^P Z] PW^P Q]ZX ST^ ^PWQ ^LN]TQTNPTY_SPQZ]XZQN`__TYRSTX^PWQTY_Z[TPNP^ 5`^_ SZb TX[Z]_LY_ WLYR`LRP T^ TY _ST^ ]T_`LW LN_ T^ LW^Z TWW`^_]L_PO Md _SP ±L_L[L_SL-]£SXL©L ,NNZ]OTYR _Z _ST^ _Pc_ _SP M]TNV^ L]P TY ]PLWT_dwNZb^xLYOL__SP^LXP_TXPwWLYR`LRPNZb^xbSTNSbTWWYZ`] T^S _SP [L_]ZY bT_S _SPT] XTWV MZ_S TY _ST^ bZ]WO LYO _SP Z_SP] bZ]WO ?SP XLY_]L^ _`]Y _SP M]TNV^ TY_Z [ZbP] TY L XL_P]TLW XLYTQP^_L_TZY bSTNST^bSd_SPLW_L]T^]PLWWdLwWLYR`LRPLW_L]x% w4_ _`]Y^ _SP M]TNV^ TY_Z NZb^ ?]`Wd _SP QT]P LW_L] T^ WLYR`LRP QZ] T_ T^ M`TW_ `[ bT_S WLYR`LRP m ?SP RZO^ _`]YPO WLYR`LRP TY_Z L NZb LYO WTVP bT^P_SP[L_]ZYLW^Z_`]Y^WLYR`LRPTY_ZLNZb,YObSPYSP^[]PLO^_SPX F(_SPM]TNV^HZ`_SPT^LW^Z^[]PLOTYRWLYR`LRPZ`_F,__SP^LXP_TXPSP _STYV^%H u: QT]P _SP^P M]TNV^ ^SLWW MP NZb^ TY _SL_ bZ]WO LYO _ST^ bZ]WOv ,YO^ZSP_`]Y^_SPXTY_ZNZb^TY_SL_bZ]WOLYO_ST^bZ]WO,YOMPNL`^P SP _`]Y^ _SPX TY_Z NZb^ TY _ST^ bZ]WO SP ]PNPTaP^ _SPX FL^ NZb^H TY _ST^ bZ]WOLYO_SL_x
4YOPPO_SPNPY_]LWL^[PN_TY_SPM`TWOTYRZQ_SPLW_L]T^_SPNZY^PN]L_TZY LYO wOP_P]XTYL_TZY ZQ _SP YL_`]Px ZQ _SP M]TNV^ `^TYR ^[PNTLWWd NSZ^PY ^LN]TQTNTLW QZ]X`WL^?SPWTYR`T^_TNwaP]OTN_x^_L_P^ bSL_ _SPM]TNV^ L]P 1Z]PcLX[WPLNP]_LTY^P]TP^ZQ!M]TNV^T^_SPdPL]MPNL`^PLXLY_]L SL^ MPPY ^[ZVPY ZaP] _SPX ^_L_TYR _ST^ NZYYPN_TZY 8LY_]L^ L]P LWbLd^ LaP]MLWLN_MdXPLY^ZQbSTNSLYPQQPN_NZXP^LMZ`_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ dÃOaPaË´¶LV£OSPYÌàV`]`_ÊaLRaÑvLdÃXLRYÏ]a£N£STNT_Ãà^LdLO£SÃTV£NLOòL NÑY_L² NL [L]£]OSL² NË_T a£R a£v ËV£ a£R OòL a£R ÃY_Z aÑV [L]£]OSZ aÑNLX PaL _ÃOOPaÑOSPYÜXLV`]aL_L_Ã_SÂTaLT_LOdÃULX£YZaÑNLXPaÃOSPYÜÀV`]`_Ëu_SLdÃ_ ^LÀ_LYÕ_T aÑNLX PaL _Ã_ ^LÀ_LYÕ_d P_Ñ XP LRYLv Ï´¶LV£ OSPYÃaLà ^LY_a LXÜ_]£XÜ´XTÀW WZVL Ï_d P_LO aÑv PY£ L^XÏÀW WZVË OSPYÌà V`]`_Ë u_SLTY£ P_ÃO LXÜ´XTÀW WZVË OSPYÌà V`]`_Ë _Ã_S£ SLTYLXP_£ `MSÃdZ] WZVÃdZ] MS`ÓULY_d L^XÏÀ² N£XÜ´XTÀ²NL gg±-$"
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
8LY_]L^L^>[PPNS,N_^LYO7LYR`LRP,N_^
?SP bZ]O wXLY_]Lx SL^ XLYd LYO aL]TPO `^P^ M`_ LWbLd^ OPYZ_P^ L ^[PPNS LN_ L^ OPQTYPO TY ,`^_TY LYO >PL]WPv^ ^[PPNS LN_ _SPZ]d% _SP WTYR`T^_TN `__P]LYNP T_^PWQ [P]QZ]X^ LY LN_ ?SP NWL^^TNLW PcLX[WP TY ^[PPNSLN__SPZ]dbL^_SP^_L_PXPY_w4ML[_TePx4Y_ST^NL^PYZ_ZYWdT^ ^ZXP_STYR ^LTO M`_ `__P]TYR _SP bZ]O^ LW^Z [P]QZ]X^ _SP LN_ ZQ ML[_Te TYR?SP^T_`L_TZYT^^TXTWL]bT_S_SP>LY^V]T__P]XwXLY_]LxbSTNSTYL bZ]WOWd ^P__TYR TYNW`OP^ ^[PPNS LN_^ ^`NS L^ TYaT_L_TZY^ OT[WZXL_TN YZ_P^NZ`YNTWOPNT^TZY^P_N ,^ bPWW L^ _ST^ []ZQLYP XPLYTYR _SP _P]X wXLY_]Lx LW^Z SL^ L ^[P NTQTN ]PWTRTZ`^ XPLYTYR @^PO TY _SP ]PWTRTZ`^ ^PY^P _SP _P]X T^ ZQ_PY _]LY^WL_POL^wXLRTNQZ]X`WLxBP[]PQP]_Z^[PLVZQw^LN]POQZ]X`WL^x 4Y _SP ^LN]PO NZY_Pc_ XLY_]L^ bP]P []ZMLMWd Z]TRTYLWWd _SZ`RS_ ZQ [`]PWd L^ w^_L_PXPY_^ ZQ _]`_Sx RTaTYR []PNT^P Pc[]P^^TZY _Z ^ZXP_STYR _SL_ ^SZ`WOMPM]Z`RS_LMZ`_Md_SPXLY_]LLYO_S`^ NZXP^_Z[L^^4Y _P]X^ ZQ ^[PPNS LN_ _SPZ]d _SP APOTN XLY_]L^ NLY MP OPQTYPO L^ _SZ^P ^LN]POQZ]X`WL^bSZ^P[`][Z^PT^_ZLNNZX[LYd_SP^LN]TQTNTLW[]ZNPPO TYR^ bSPYPaP] _SP ]T_`LW LN_ T_^PWQ T^ YZ_ ^`QQTNTPY_Wd [ZbP]Q`W _Z []Z O`NP _SP OP^T]PO PQQPN_^ :bTYR _Z _SP NZ^XTeL_TZY ZQ _SP ^LN]TQTNP XLY_]L^ TP LNNZX[LYdTYR ^[PPNS LN_^ SLaP MPNZXP P^^PY_TLW 1Z] PcLX[WP _SP M]TNV^ ZQ _SP QT]P LW_L] ZYWd MPNZXP _SP NZb^ _SL_ _SP [L _]ZYbTWW[Z^^P^^TY3PLaPYMPNL`^P_SP^LN]TQTNTYR[]TP^_^[PLV^LXLY _]L TY bSTNS T_ T^ ^_L_PO Pc[WTNT_Wd _SL_ _SP M]TNV^ ^SLWW MP NZb^ Q]ZX YZbZY% w:QT]PXLd_SP^PM]TNV^MPNZb^_ZXPzZYPZYPS`YO]POZYP_SZ`^LYO ZYPS`YO]PO_SZ`^LYOmx
3ZbPaP] ^[PPNS LN_ _SPZ]d T^ TY^`QQTNTPY_ _Z Pc[WLTY XLY_]L^ Q`WWd MPNL`^P_SPdL]P]PRL]OPOL^PQQPN_TaPZQ_SPX^PWaP^?SPXLY_]L^M]TYR `^ _Z L ]LOTNLWWd [L]_TNT[L_Z]d TY_P][]P_L_TZY ZQ WLYR`LRP LYO _Z _]`P WLYR`LRP LN_^ TP _Z L `^P ZQ WLYR`LRP _SL_ NLY MP NL_PRZ]TePO TY ^[PPNSLN__SPZ]dLYOdP_L__SP^LXP_TXPRZP^MPdZYOT_4QQZ]PcLX [WP _SP QZ]X`WL wQZ] Xd WTQPx T^ ^[ZVPY ZaP] _SP ]TNP NZZVPO ZY _SP OLTWd ^LN]TQTNTLW QT]P _ST^ QZ]X`WL T^ PQQPN_TaP ZQ T_^PWQ ZbTYR _Z _SP ^LN]TQTNTLW NZY_Pc_ 4Y _SP `YOP]^_LYOTYR ZQ _SP 4YOTLY []TP^_ XLY_]L^ L]P_SP]PQZ]PYZ_L^[PPNSLN_L_LWWTY_SP^_]TN_^PY^P4_T^YZ__SP[]TP^_ bSZ [P]QZ]X^ ^ZXP_STYR _S]Z`RS WLYR`LRP TP M]TYR^ LMZ`_ _SP MWP^^ TYR?SPMWP^^TYRT^M]Z`RS_LMZ`_Md_SPQZ]X`WLT_^PWQ >Z _SP]P PcT^_^ ^ZXP_STYR WTVP L XLY_]L ^`M^_LYNP Z] _Z [`_ T_ MP_ _P]% ^Z`YO ^`M^_LYNP ?ST^ NLY MP TWW`^_]L_PO Md _SP QZWWZbTYR ^TX[WP PcLX[WP ,NNZ]OTYR _Z _SP BP^_P]Y .S]T^_TLY aTPb _SP QZ]X`WL w4NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ TX£vXPLRYLÏ´¶LV£OSPYÃaLà^LY_aËV£²L_ÃXNL^LSÃ^]LÀN£dÜ_LÀNL gg?>
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
"
_L`QPx2P]XLYQZ]w4ML[_TePx[P]QZ]X^ _SPLN_ZQML[_TeTYRPaPY TQT_ T^^[ZVPYTYOTLWPN_^`NSL^,WPXLYYTNw4^NSOL`bbPxZ]-P]WTYOTL WPN_ w4V _L`Qx BSL_ T^ TX[Z]_LY_ SP]P T^ _SP TY_PY_TZY MPSTYO _SP bZ]O^ LYO _SL_ _SP^P bZ]O^ L]P LN_`LWWd `__P]PO LYO `YOP]^_ZZO LYO LNNP[_PO Md _SP WLYR`LRP NZXX`YT_d ?SP^P _S]PP PWPXPY_^ NZY^_T_`_P _SP ^[PPNS LN_ ,_ _SP ^LN]LXPY_ ZQ ML[_T^X _SP^P PWPXPY_^ L]P ]PTY QZ]NPO Md _SP ^LN]PO L`_SZ]T_d ZQ _SP QZ]X`WL ZQ _SP ?]TYT_d% wTY _SP YLXPZQ_SP1L_SP]_SP>ZYLYO_SP3ZWd>[T]T_x4YPaP]dNL^PbSL_T^ TX[Z]_LY_T^_SL_TY_SPBP^_P]Y.S]T^_TLYNZY_Pc__SP [Z_P^_L^ WTP^bT_S _SP ^[PLVP] LYO ST^ TY_PY_TZY ?ST^ T^ \`T_P OTQQP]PY_ TY LY 4YOTLY aTPb 3P]P _SP [Z_P^_L^ ]P^TOP^ TY _SP bZ]O LWZYP ?SP PQQPN_ _LVP^ [WLNP L`_ZXL_TNLWWd bSPY _SP ^Tc [SZYPXP^ TNS_L`QP Z] _SP _S]PP ^dWWL MWP^ TNS_L`QP L]P `__P]PO TY L ^[PNTQTN NZ^XTePO NZY_Pc_ 4_ T^ TXXL _P]TLWbSP_SP]_SZ^P[]P^PY_`YOP]^_LYO_SPXPLYTYRYZbLOLd^_SPdOZ YZ_ L^ L ]`WP Z] bSP_SP] _SP ^[PLVP] SL^ _SP TY_PY_TZY ZQ ML[_TeTYR ?SP ZYWd _STYR ZQ LYd TX[Z]_LYNP T^ _SP NZXMTYL_TZY ZQ [SZYPXP^ 4Y _ST^ aTPb w4^NS OL`bbP /T^NSx Z] w4V _L`Q /T]x OZ YZ_ SLaP _SP ^LXP PQQPN_L^w4NS_L`QP/TNSxLWWaL]TL_TZY^ZQu4ML[_TePdZ`v?SP^Z`YO ^`M^_LYNP ZQ _SP QZ]X`WL NLY ZYWd MP PQQPN_TaP bSPY T_ T^ []ZYZ`YNPO NZ]]PN_Wd:_SP]aL]TL_TZY^ OZYZ_Q`WQTW _ST^Q`YN_TZY ?SP]PQZ]PT_ T^ZQ _SP`_XZ^_TX[Z]_LYNP_ZL [`[TWZQL -]LSXTY_Z WPL]Y_SPNZ]]PN_[]Z Y`YNTL_TZY ZQ XLY_]L^ QZ] ZYWd _SPY bTWW _SP MPYPQTNTLW PQQPN_ MP LNSTPaPO 0aPY L ^WTRS_ ^WT[ N]PL_P^ Z_SP] [Z^^TMWd `YOP^T]LMWP LYO OT^L^_]Z`^ ]PWL_TZY^ Z] ]PXLTY^ bT_SZ`_ LYd PQQPN_ L_ LWW 0aPY MPQZ]P MPRTYYTYR _SP LN_`LW WP^^ZY^ _SP -]LSXTY [`[TW _SP]PQZ]P WPL]Y^ _SP QZWWZbTYRaP]^PMdSPL]_% w, ^TYRWP TYNZ]]PN_ bZ]O bSP_SP] T_ MP _S]Z`RS LNNPY_ _S]Z`RS ^Z`YO Z] LY TYNZ]]PN_ [WLNTYR OZP^ YZ_ LNSTPaP T_^ ZMUPN_TaP 4_ T^ FX`NS ]L_SP]H L OTLXZYO FMWLOPH aLU]L ZQ WLYR`LRP _SL_ ^_]TVP^ OZbY _SP [L_]ZY U`^_ L^ _SPFbZ]OHu TYO]L²L_]` vFOP^_]ZdPO_SPOPXZY^HMdOPaTL_TYRQ]ZX_SPFNZ] ]PN_HLNNPY_x
?SP OPXZY^ bLY_PO _Z bT[P Z`_ _SP RZO^ bT_S L XLY_]L TY bSTNS _SPd NLWWPO_SPX^PWaP^_SPwOP^_]ZdP]^ZQ4YO]LxTYO]L±,_]`-`_bT_S_SP NL]PWP^^YP^^TYWTYR`T^_TNXL__P]^bSTNST^_d[TNLWZQOPXZY^_SPdXLOP L ^P]TZ`^ XT^_LVP bT_S _SP LNNPY_ _SL_ XLOP LWW _SP OTQQP]PYNP LYO TY ]PLWT_d^[ZVPZQZYPwOP^_]ZdPOMd4YO]Lx49O]L²L_]`,YO^ZT_NLXP _Z[L^^_SL_TY^_PLOZQOP^_]ZdTYR_SPVTYRZQ_SPRZO^_SPd_SPX^PWaP^ bP]POP^_]ZdPO;]PNT^P[]ZY`YNTL_TZYT^PaP]d_STYRTYWLYR`LRPLN_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ O`´¶Là²LMOLà^aL]L_ZaL]©L_Za£ XT_Sd£[]Ld`V_ZYL_LXL]_SLX£SLg ^La£RaLU]ZdLULX£YLÀSTYL^_T dL_SPYO]L²L_]`à^aL]L_Zu[L]£OS£_ gg;L_LULWT 8LS£MS£´dL
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
?SP -]£SXL©L^ TY_P][]P_ _SP ^_]TN_ ]`WP^ NZYNP]YTYR []ZY`YNTL_TZY L^RZTYRX`NSQ`]_SP]_SLYU`^_YZ_XTcTYR`[bZ]O^,RLTY^__SPMLNV R]Z`YO ZQ _SP TXXPL^`]LMWP OTaP]^T_d ZQ _SP NZ^XTN ]PWL_TZY^ TY _SP -]LSXLY PaP]d ^_L_PXPY_ SL^ L S`RP ]LYRP ZQ XPLYTYR^ ;ZWd^PXd PYR]LXXL_TN L^[PN_^ NZ^XTN NZYYZ_L_TZY^ LYO aL]TL_TZY^ TY []ZY`YNTL _TZYL]PU`^_L^TX[Z]_LY_TYLXLY_]LL^_SPWT_P]LWXPLYTYR :YP_STYR_SL_ T^ _d[TNLWZQXLY_]L^TY_SP DLU`]APOL T^_SP`^PZQ ^SZ]_ QTcPO QZ]X`WL^ ^TXTWL] _Z _SP .S]T^_TLY wLXPYx ?bZ aP]d NZX XZYZYP^L]P_SPN]dZQ w^a£S£x L^_SPRTQ_^L]P[Z`]POTY_Z_SPQT]PLYO _SPN]dZQ w^a£OS£x O`]TYR_SP^LN]TQTNPQZ]_SP^Z`W^ZQOP[L]_POLYNP^ _Z]^ ?SP R]Z`[ LW^Z TYNW`OP^ _SP N]TP^ ZQ waL´L¶x waL`´L¶x waL¶x LYO waP¶x .]TP^ WTVP _SP^P NLYYZ_ MP _]LY^WL_PO z _SPd SLaP YZ XPLYTYR L[L]_Q]ZX _SPT]]T_`LWQ`YN_TZY -`_LW_SZ`RS _SP]P T^ YZWPcTNLWZ]P_d XZWZRTNLW XPLYTYR _SP NZ]]PN_ []ZY`YNTL_TZY T^ LM^ZW`_PWd P^^PY_TLW bSTWP TY LOOT_TZY ^dXMZWTN ]PWL_TZY^ST[^ L]P N]PL_PO 1Z] PcLX[WP _SP bZ]O aL´L¶ bSTNS _SP ,T_L]PdL-]£SXL©L NZaP]^ T^ []P^`XLMWd LY ZYZXL_Z[ZP_TN ^Z`YO []ZMLMWd L VTYO ZQ ST^^TYR YZT^P WTVP wa^S_ x ?SP NLWWTYR []TP^_ LWbLd^ NZX[WP_P^ ST^ ]PNT_L_TZY ZQ SdXY^ Md N]dTYR wAL´L¶x bSPY _SP ^LN]TQTNTYR []TP^_ [Z`]^ L RTQ_ ZQ M`__P] TY_Z _SP QT]P ?SP N]d ZQ AL´L¶ T^ YZ_ ZYWd LY ZYZXL_Z[ZP_TN ]PQWPN_TZY ZQ _ST^ ]T_`LW LN_M`_T_LW^ZNZY_LTY^L]TNS]LYRPZQ^dXMZWTN]PWL_TZY^ST[^:bTYR_Z _SP Pc[WZ^TaP YL_`]P ZQ _SP ^Z`YO AL´L¶ T^ L^^ZNTL_PO bT_S w^_]PYR_Sx LYO w[ZbP]x >TYNP _SP ^Z`YO ZQ AL´L¶ NZY_LTY^ _SP Y`XMP] ^Tc ´L_ PaP]d_STYR T^ LW^Z XPLY_ _SL_ T^ ^TcQZWO QZ] bSZPaP] ^Ld^ waL´L¶x LW^Z ^Ld^ w´L_x ^Tc ?ST^ XPLY^ L_ _SP ^LXP _TXP _SP NdNWP ZQ aPRP_L_TZY TY _SP^Tc4YOTLY^PL^ZY^LYOQ`]_SP]XZ]P_SP^Tc_P]]LNP^ZQ_SP^_]`N_`]P ZQ _SP bZ]WO% SPLaPY^ LT] PL]_S []TXPaLW ZNPLY -]LSXLY LYO N]PL _TaPSPL_LYOLW^ZZ_SP]NWL^^P^ZQ^TcXPXMP]^?SPNPY_]LW_SZ`RS_T^ _SL_ bT_S ´L_ _SP ^LN]TQTNTYR []TP^_ NLY LOO]P^^ PaP]d_STYR _SL_ T^ ^Tc QZWO 4_ XPLY^ _SL_ TQ _SP ´L_ T^ `Y^`NNP^^Q`W TP YZ_ []ZYZ`YNPO []Z[ P]Wd _SPY _SP NLWWTYR []TP^_ MPNZXP^ wPX[_dx LYO wWZ^P^ ^`[[Z]_x >_]PYR_SLYOPYP]RdL]P_SP^`[[Z]_LWZYRbT_S_SP^Tc^PL^ZY^LYO_SP ^Tc _P]]LNP^ ZQ _SP ^_]`N_`]P ZQ _SP bZ]WO ?SP]PQZ]P TQ _SP N]d T^ ^`N NP^^Q`WLYONZ]]P^[ZYO^_Z_SP[T_NSZQ_SPSdXY_ST^bTWWPY^`]P[]Z^ [P]T_dLM`YOLYNPZQNL__WPLYOLWW_SPRZZO_STYR^TYWTQPQZ]_SP[L_]ZY ?ST^ PcLX[WP XLVP^ _SP STRSWd [L]_TNT[L_Z]d YL_`]P ZQ PaP]d bZ]O NWPL] ?SP]P L]P ZYZXL_Z[ZP_TN ^dXMZWTN Y`XP]ZWZRTNLW LYO ^ZYTN ]PWL_TZY^ST[^4_T^LYPYR]LX[ZWd^PXLY_TNSZXZWZRdLYO^Z`YOXLRTN LWW L_ _SP ^LXP _TXP -`_ LMZaP LWW T_ T^ L WLYR`LRP LN_ TY L _]`P ^PY^P LYO _SP]PQZ]P T_ T^ ^Z`YO ^`M^_LYNP _SL_ T^ `W_TXL_PWd YZY TY_P]NSLYRPLMWP wAL`´L¶x QZ] PcLX[WP SL^ TY T_^ _`]Y ^ZXPbSL_ OTQ QP]PY_]PWL_TZY^ST[^LW_SZ`RST_[P]QZ]X^_SP^LXPQ`YN_TZYL^wAL´L¶x
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
$
?SP LMTWT_d _Z QZ]X`WL_P L XLY_]L ^Z _SL_ T_ T^ LN_`LWWd PQQPN_TaP T^ _SP ^[PNTLW_d ZQ _SP -]LSXTY^ LYO ZQ >LY^V]T_ _SP wWLYR`LRP ZQ _SP RZO^x w?SPRZO^STOWLYR`LRPQ]ZX_SPOPXZY^?SPd_ZZVT_QZ]_SPX^PWaP^LYO [`_ T_ TY_Z _SP ^LN]TQTNTLW QT]P m >Z _SP OPXZY^ bP]P ]ZMMPO ZQ WLYR`LRP £__LaLNL^ -PNL`^P _SPd FNZ`WO ZYWdH []ZYZ`YNP F jSP u]ÃdZ SP u]ÃdLà v u3Pd dZ` Z[[ZYPY_^ 3Pd dZ` Z[[ZYPY_^ v L^H u SP WÃaZ SP WÃaLà v ! u3Pd dZ` Z[[YPY^S u3Pd dZ` Z[[YPY^S v _SPd bP]P OPQPL_PO m ?SP]PQZ]P_SP-]LSXTY^SZ`WOYZ_^[PLVLYdOTLWPN_ XWPNNSL_T QZ]_SL_T^ LWLYR`LRPZQOPXZY^x "
?SPaTN_Z]dZQ_SPRZO^ZaP]_SPOPXZY^]P^_^ZY_SPQLN__SL__SPWL__P] bP]P]ZMMPOZQ_SPT]WLYR`LRP[ZbP]Z]_Z[`_T_XZ]P[]PNT^PWdZQ_SP ^LN]TQTNTLW WLYR`LRP _SL_ N]PL_P^ NZ^XTN ]PWL_TZY^ST[^ ?SP OPXZY^ L]P YZ_ O`XM TY _SP ^PY^P _SL_ _SPd NLYYZ_ ^[PLV M`_ _SPd U`^_ ^[PLV OTL WPN_ OZ`MWP /`_NS YZY^PY^TNLW ]`MMT^S LYO YZ_ NL]PQ`WWd L]_TN`WL_PO >LY^V]T_ 4Y _ST^ ^PY^P _SP bZ]O wOPXZY^x OZP^ YZ_ YPNP^^L]TWd XPLY Y`XTYZ`^ MPTYR^ M`_ ^TX[Wd [P]^ZY^ `YbZ]_Sd ZQ _SP ^LN]TQTNP ?SP OPXZY^ TY _ST^ _Pc_ L]P L[[L]PY_Wd S`XLY MPTYR^ bSZ ^[PLV _SP aP] YLN`WL] ;]£V_ ?SPd SLaP YZ LNNP^^ _Z _SP OTaTYP ]PLWT_d QZ] _SP ZYWd WLYR`LRP TY bSTNS _SP RZO^ NLY MP LOO]P^^PO T^ >LY^V]T_ _SP WLYR`LRP ZQ_SPAPOL_SPRZO^LYO_SP^PP]^
?SP/T^NT[WTYPO>[T]T_LYO_SP/TZYd^TN
?SP ±L_L[L_SL-]£SXL©L _Pc_^ ZQ _SP DLU`]APOL SLaP L aP]d OTQQP]PY_ NZYNP[_ ZQ WLYR`LRP LYO T_ T^ XLYTQP^_PO TY \`T_P OTQQP]PY_ TXLRP^ _SLY TY _SP RaPOL ?SP]P WLYR`LRP T^ ^ZXP_STYR bSTNS ]P^TOP^ bT_STY _SP [ZP_[]TP^_^ _SP OP_P]XTYTYR PWPXPY_ T^ _SP N]PL_TaP LYO _SP [L]LOTRX T^_SP[ZP__ZbSZXWLYR`LRPQWZb^^dXMZWTePOMd_SPXTWNSNZb_SL_ []ZaTOP^ TY ^`[P]QW`T_d LYO Z_SP] TXLRP^ ZQ LM`YOLYNP _SP ZNPLY _SP ]TaP] >L]L^aL_¯ ?SP L^[PN_ ZQ ]PNPTaTYR T^ LW^Z NPY_]LW _Z _SP Xd_SZ RPXP ZQ -SL^[L_T 4Y _SP ±L_L[L_SL-]£àXL©L _SP ]PWL_TZY^ST[ ZQ WLY R`LRP_Z ^[PLVP]SL^MPNZXP[]ZMWPXL_TNQZ]ZYWdNZY_]ZWWPO^[PLVTYR bTWWSLaP_SPPQQPN_^_SL_L]P]PLWWdOP^T]PO8LVTYRLYPQQZ]__Z`^P_SP NZ]]PN_ WLYR`LRP ]P[WLNP^ _SP N]PL_TaP LYO TY_`T_TaP L^[PN_ 1Z] L ^[PLVP] WLYR`LRP T^ L XPLY^ ZQ ]`WTYR LY TY^_]`XPY_ QZ] NZY_]ZWWTYR LYO XLYT[`WL_TYR _SP NZ^XZ^ -`_ _ST^ TY^_]`XPY_ T^ YZ_ TYMZ]Y L^ T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! , [L]LWWPW [WLNP \`Z_PO TY _SP 8LS£MS£´dL RTaP^ _ST^ LW_P]YL_TaP% w SP uWLdZ SP uWLdL T_Tm x;L_LULWT8LS£MS£´dL PO>L^_]T# " _ÑÀOPaÝàgÃ^`]PMSdZuY_Ã]£dLÀ^_ÑÈ^aÅVÄ_d£RYÑaPaL[L]TRÄSdLm_Ëu^`]£Ñ__LaL NL^ZSPWÃaZSPWÃaLÏ_TaÃOLY_Là[Ã]£MLMS¼a`àgm_Ã^X£YYÃM]£SXL©ÕXWPNSPOL^ á]d£SLT´£m ±L_L[L_SL-]£SXL©L
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
bP]P LYOTYQLN_TY^_PLOT_SL^ _ZMPLN\`T]PO^ZZYPNLYLW^Z WZ^P_SP LMTWT_d _Z ^[PLV PQQPN_TaP XLRTN L_ LYd _TXP 7LYR`LRP NLY QLTW ZYP Z] P^NL[PQ]ZX _SPNZY_]ZWZQ_SP[P]^ZYXLVTYR_SP^LN]TQTNP?ST^XPLY^ _SL_ _SP TXLRP `^PO _Z aT^`LWTeP WLYR`LRP LW^Z LW_P]^ 4Y^_PLO ZQ _SP Xd_SZRPXP ZQ _SP RPY_WP XTWNS NZb SP]P TY _SP ±L_L[L_SL-]£SXL©L bP QTYO _SP XP_L[SZ] ZQ L QTNVWP dZ`YR bZXLY bSZX ZYP X`^_ NZ`]_ NZY_TY`Z`^Wd TQ ZYP OZP^ YZ_ bLY_ _Z WZ^P SP] ZYP OLd 3TOOPY MPSTYO _ST^TXLRPZQWLYR`LRPL^LNL[]TNTZ`^bZXLYT^LQLT]Wd^TXTWL]TOPL_Z _SL_ ZQ _SP OPXZY^ bSZ ^[PLV OTLWPN_% _SP []TP^_ OZP^ bPWW _Z XLVP LY LN_TaP LYO ^`^_LTYPO PQQZ]_ _Z [P]QPN_ ST^ []ZY`YNTL_TZY ZQ >LY^V]T_ ^TYNP_ST^T^_SPZYWd[Z^^TMWPbLd_Z^[PLVPQQPN_TaPXLRTN ?ST^TXLRPZQWLYR`LRPL^LQTNVWPbZXLYT^LQ`]_SP]OPaPWZ[XPY_ LYO ]PTY_P][]P_L_TZY ZQ _SP ]T_P^ TY _SP >ZXL ^LN]TQTNP bSTNS SLaP L NZYYPN_TZY bT_S _SP WLYR`LRP RZOOP^^ LYO bSTNS NZY_LTY WT_P]LWWd w^[PPNSWP^^x Z] XZ]P []PNT^P% aZTNPWP^^ [L^^LRP^ ?SP []TP^_^ ^SZ`WO LWbLd^ []Z_PN_ _SP NZY_]ZWWPO WLYR`LRP Md NZY^NTZ`^Wd OZTYR bT_SZ`_ WLYR`LRP bSPY _SPd WPLaP _SP ^LN]PO R]Z`YO _Z M`d _SP ^ZXL O]`R LYO _S`^PY_P]LY`YNZY^PN]L_POLYOPaPYOLYRP]Z`^L]PL9ZbXd_SZWZRT NLWWd_ST^w^ZXL[`]NSL^Px ^ZXLV]LdL T^L_]TNVdXL__P]MPNL`^P_SP O]`RT^R`L]OPOMd^SLOd ^[T]T_^NLWWPO_SP 2LYOSL]aL^4Y_ZOLdv^Xd _SZWZRd _SP 2LYOSL]aL^ L]P SPLaPYWd X`^TNTLY^ LYO _SP ,[^L]L^ _SPT] QPXLWP NZ`Y_P][L]_^ L]P SPLaPYWd OLYNP]^ 3ZbPaP] TY _SP APOL _SP 2LYOSL]aL^ LYO ,[^L]L^ L]P ]PRL]OPO L^ OLYRP]Z`^ OPXZY^ ZQ [Z^^P^ ^TZYbSZLWbLd^SLaPL^_]ZYRWdw/TZYd^TNxPWPXPY_LMZ`__SPX?SPd L]PYZ_ZYWdL^^ZNTL_PObT_SX`^TNM`_LW^ZbT_STY_ZcTNL_TZYLYOXLO YP^^BSPY2LYOSL]aL^LYO,[^L]L^w_LVPZaP]xTP[Z^^P^^LS`XLY MPTYR_SPdNL`^P`YNZY_]ZWWPOMPSLaTZ]PcNP^^NSLZ^LYOXLOYP^^,_ ZYP [ZTY_ TY _SP ,_SL]aLAPOL LY PcZ]NT^X ZQ 2LYOSL]aL^ OP^N]TMP^ _SPX WTVP LY w0]WVØYTRx z _SPd L]P PcNP[_TZYLWWd L__]LN_TaP WL^NTaTZ`^ dZ`YRXPYbT_SL^_]ZYRWdP]Z_TN[]P^PYNP% w?SP]P bSP]P _SP WL]RP _]PP^ bT_S FM]ZLO NLYZ[TP^H ^_LYO RZ _ST_SP] : ,[^L]L^ QZ] dZ` SLaP MPPY ]PNZRYTePO ?SP]P bSP]P _SP RZWO LYO ^TWaP] ^bTYR^ L]P bSP]P NdXMLW^ LYO W`_P^ ]P^Z`YO RZ _ST_SP] : ,[^L]L^ QZ] dZ` SLaP MPPY ]PNZRYTePO m ?SP N]ZbYPO 2LYOSL]aL bSZ L]]TaP^ OLYN TYR_SPS`^MLYOZQ_SP,[^L]L^bSZ^P_P^_P^4N]`^SLYObSZ^PXPXMP]4 N`_ZQQmF?SP2LYOSL]aLHbSZL^LdZ`YRXLYbT_SLM`YOLY_SLT]MPL` _TQ`W_ZMPSZWO]`Y^LQ_P]_SPbZXPYbPO]TaPSTXLbLdbT_S_ST^[ZbP] Q`W-]LSXLY x #
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ²aËaLÏVLà VL[Ï] TaLÏVLà V`X£]Ãà ^L]aLVP²LVÃà g []TdÕ O²Ã TaL MS¼_aÑ RLYOSL]aÃà ^LNL_P ^_]ÏdL^ _ÃX T_Õ Y£²Ld£XL^T M]ÃSXL©£ a¯]FTHdÑaL_£ gggg dÃ_]L aLà []P«VSÑ SÃ]T_£ Ã]U`Y£ `_à dÃ_]£RS£_Ñà VL]VL]dÂà ^LÀaÃOLY_T g _Ã_ [Ã]P_£[^L]L^Là []Ã_TM`OOS£ LMS¼_LYLgg gg£YÄ_dL_Là²TVSL©ÏYZRLYOSL]aÃ^d£[^L]£[L_ËàgMSTYÃOXTX`´VÑaÃ[T d£XT²Ë[Làgg"gg,A"z "
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
?SP WZ^^ ZQ NZY_]ZW LYO _SP QPPWTYR^ ZQ W`^_ bSTNS NLY MP _]TRRP]PO Md OLYNTYR LYO X`^TN L[[PL] [P]^ZYTQTPO TY L ^_]LYRP XTc_`]P ZQ _SP ZM UPN_ZQQL^NTYL_TZYLWZYRbT_S^Pc`LWLYOOPXZYTNL^[PN_^?SP^POT^TY STMT_TYRL^[PN_^L]P]PRL]OPOL^]PLWQZ]NP^z_SP2LYOSL]aLNLYZYWdMP ]PYOP]PO SL]XWP^^ Md NL^_]L_TZY _SP WZ^^ ZQ ST^ aT]TWT_d ;Z^^P^^TZY Md _SP 2LYOSL]aL T^ LWbLd^ LW^Z ^PPY L^ ^Pc`LW TY_P]NZ`]^P L^ TYN`MTYL _TZY ?SP]P T^ ZYWd ZYP bLd QZ] _SP -]LSXTY^ _Z LN\`T]P _SP ^ZXL O]`R bT_SZ`_ bSTNS ZYP NLYYZ_ XLVP L ^LN]TQTNP ?SPd SLaP _Z ]PWTY\`T^S _SPT] WLYR`LRP _Z _SP 2LYOSL]aL^ ?SP RaPOL-]£SXL©L ZQ _SP ,T _L]PdL ^NSZZWPc[]P^^P^_ST^L^QZWWZb^% w>ZXL_SPVTYRZQ_SP^LN]TQTNPbL^^_LdTYRbT_S_SP2LYOSL]aL^,YO_SP RZO^mNZY^TOP]POSZb_SP ^ZXL NZ`WO]PLNS_SPX7LYR`LRP a£N ^[ZVP _Z _SPX% F,WW _SPH 2LYOSL]aL^ L]P N]Led LMZ`_ bZXPY ^Z 4 ^SLWW _`]Y Xd ^PWQ TY_Z L bZXLY LYO dZ` NLY PcNSLYRP XP QZ] _SP ^ZXL u9Zv ^LTO _SP RZO^uSZb NZ`WObPWTaPbT_SZ`_dZ`*v>SP ^LTO u>PWW XPLYdbLdBSPY dZ`YPPOXP4^SLWW]P_`]Y_ZdZ`v,YO^SPMPNLXPLWT__WPRT]W $LYOF_SP RZO^H^ZWOFSP]HQZ]_SP^ZXL,YO_SPTXLRPZQ_ST^FRT]WHT^_SPFZYPdPL] ZWOH NZbNLWQ bT_S bSTNS _SP []TP^_^ [Ld F_SP ^ZXL ^PWWP]H LYO M`d _SP ^ZXLVTYRx
4Y _SP ^LXP _Pc_ LYZ_SP] TY_P][]P_L_TZY ZQ _ST^ WTXTYLW ^T_`L_TZY T^ []P ^PY_PO 4Y^_PLO ZQ WLYR`LRP SP]P _SP _ST]_PPY_S XZY_S L[[PL]^ L^ _SP []TNPZQ_SP^ZXLLYOTY^_PLOZQ_SP2LYOSL]aL^L]PLW^ZXL^PWWP]% w,YO _SPd MZ`RS_ F_SP ^ZXLH bT_S _SP _ST]_PPY_S XZY_S ?SP _ST]_PPY_S XZY_ST^`YVYZbY?SP ^ZXL ^PWWP]T^`YVYZbYQZ]_SP ^ZXL^PWWP]T^_SP bTNVPOZYP [£[L x
?SP_ST]_PPY_SXZY_SbSTNSZYWdZNN`]^bSPY_SPNdNWP^ZQ_SP^`YLYO _SP XZZY YZ WZYRP] NZTYNTOP T^ _SZ`RS_ _Z MP LY Pc_]PXPWd `YQLaZ] LMWP [P]TZO LYO T^ _LY_LXZ`Y_ _Z L NZ^XTN OT^L^_P] MPNL`^P _SP dPL] T^ OT^]`[_PO LYO bT_S T_ _SP ^LN]TQTNP ?SP _ST]_PPY_S XZY_S T^ LW^Z TY_]TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >£dL©L Pc[WLTY^ XLS£YLRY¯ L^ V`X£]¯]¼[P©L \`Z_TYR LYZ_SP] ±£VS£% wm ^_]Td£ YT´V]¯©£XP_T_Pa£NLÀ^_]TdLXPVLS£dLY¯ÀV_a£_Ld£YT´V]¯©LYx ^ZXZ aLT ]£U£ RLYOSL]aP´a £^¯_ _LÀ OPa£² NL ´LdL² N£MSdLOSd£dLY VL_SLX LdLX L^X£Y ^ZXZ ]£U£RLNNSPO T_T ^£ a£R LM]La¯_% ^_]¯V£X£ aLT RLYOSL]a£ XLdLTaL ^_]Td£ MS¼_Ld£ [L©LOSaLX T_T YP_T OPa£ LM]`aLY VL_SLÀ aLdLÀ _aLO _P ^d£XP_T ^£M]La¯_% V]¯©¯_LTaL dL]ST a£aL aZ XLd£]_SZ MSLaT_£ _L]SdPaL aZ uSLÀ [`YL] £RLY_£^X¯_T _L_SP_T _Ld£ XLS£YLRYd£ MS¼_Ld£ ^ZXLÀ ]£U£YLX LV]¯©LY g _£X LY`V_TX L^VLYY£À aL_^L_L]¯X£ULY_T^ZXLV]LdL©¯À_Ld£^ZXLÀ]£U£YLÀV]¯©LY_Tg_£À[`YL]YT´V]¯©¯d£_ [`YL] ST ^£_£Y £RLNNSL_L g_L^X£O `[£À²`a£N£ NL]T_LadLÀ ^ZXP]£ULYTV]¯_P RLYO SL]aP´` ST _L]ST a£R MSLaL_T ^£ uRY£a PaL []L©¯dLX£YP [`YL] £RLNNSL_T gg ,T_-] " []£Nd£À aLT OT²T OPa£à ^ZXLÀ ]£U£YLX LV]¯©LÀ^ _L^X£_ []£Nd£À OT²T V]¯dL_P g _LÀ _]LdZOL²£Y X£^£O LV]¯©LÀ^ _L^X£_ _]LdZOL²Z X£^Z Y£Y`aTOdL_P YL aLT ^ZXLaTV]Ldd LY`aTOdL_P[£[ZST^ZXLaTV]Ld¯ gm,T_-] 4YDLU`]aPOTN_TXP^_SP]PbL^L_ST]_PPY_SXZY_SPaP]dQTaPdPL]^
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
^TNLWWd OP^_]`N_TaP _Z ^_]`N_`]P ,YO U`^_ L^ _SP _ST]_PPY_S XZY_S T^ ]P RL]OPOL^WTXTYLWLYOOT^L^_]Z`^_SP^ZXL^PWWP]T^LW^Z^PPYL^LQTR`]P bSZM]TYR^XT^QZ]_`YP7LYR`LRPbSZT^^ZWO_ZSTXT^TYR]PL_OLYRP] O`]TYR _ST^ ]T_`LW [P]TZO LYO _SP]PQZ]P _SP []TP^_^ VPP[ ^TWPYNP L^ _SPd ]P_`]Y bT_S _SP ^ZXL _Z _SP ^LN]PO ^LN]TQTNTLW ^T_P TP _SPd OZ YZ_ WP_ _SPT] WLYR`LRP ]PLNS _SP Z`_^TOP bZ]WO U`^_ L^ TY _SP Xd_S LMZaP _SP RZO^ STOP WLYR`LRP Q]ZX _SP OPXZY^ TY _SP ^LN]TQTNTLW QT]P -PNL`^P L_ _SP _TXP bSPY _SP ^ZXL T^ MZ`RS_ 7LYR`LRP T^ bT_S _SP 2LYOSL]aL^ LYd `__P]LYNP bZ`WO MP NZY_LXTYL_PO Md _SP NSLZ_TN /TZYd^TN 2LY OSL]aL ^`M^_LYNP LYO _SP aLW`LMWP -]LSXTY WLYR`LRP bZ`WO MP PL^d []Ld QZ] _SP OPXZY^ bSZ WTaP Z`_^TOP _SP ^LN]PO R]Z`YO ?SP OPXZY^ NZ`WOw_PL]_SP^LN]TQTNPZ`_ZQ_SP[]TP^_v^SLYOxWTVP_SL_ZQwLN]LePO XLYx ?SP ±L_L[L_SL-]£SXL©L bSTNS NZY_LTY^ XLYd [L^^LRP^ LMZ`_ _SP WZ^^ ZQ NZY_]ZW ZaP] ^LN]PO WLYR`LRP ]P_PWW^ _SP ^LXP ^_Z]d bT_S L OTQ QP]PY_ TY_PY_TZY 4Y _ST^ NL^P T_ T^ []TXL]TWd LMZ`_ _SP -]LSXLYTN PWP XPY_ _SP OTRYT_d ZQ _SP -]LSXTY LYO LWW`^TZY^ _Z ^ZNTLW L^[PN_^ ?SP ^_Z]dT^NZY^_]`N_POL^LR]Z_P^\`PL[[L]PY_WdQZ]_SP[`][Z^PZQPY_P] _LTYTYR_SP[]TP^_^v[`[TW^3P]PLRLTY_SP[]Z_LRZYT^_^L]P_SPRZO^LYO _SP2LYOSL]aL^?SPQZ]XP]]P[]P^PY__SP[]TP^_^bSTWP_SPWL__P]^_LYO QZ] _SP ^ZXL ^PWWP] L O]`R OPLWP] [`]^`TYR L OT^SZYZ]LMWP WTYP ZQ M`^T YP^^ M`_ bSZ T^ P^^PY_TLW _Z _SP -]LSXTY^ MPNL`^P SP ^PWW^ _SPX _SP XZ^_ TX[Z]_LY_ XL_P]TLW QZ] _SP ^LN]TQTNP TP _SP ^ZXL 4Y LWW _ST^ _SP 2LYOSL]aL^ LYO _SP ^ZXL OPLWP] ]P[]P^PY_ L NZ`Y_P]bPTRS_ _Z _SP NZY _]ZWWPO OT^NT[WTYPO -]LSXTY^ 4Y L XLYYP] _d[TNLW ZQ _SP _TXP _SP^P [^dNSZWZRTNLW Z[[Z^T_P^ L]P LW^Z TY_P][]P_PO ^ZNTLWWd L^ Z[[Z^T_P^ ZQ TY_PWWPN_`LW L]T^_ZN]LNd []TP^_ ZWTRL]NSd LYO _SP XL^^P^ bSZ YPT_SP] ]PQWPN_ ZaP] _STYR^ YZ] [Z^^P^^ ^PWQLbL]PYP^^ :Q NZ`]^P ZYP NLY ZYWd XLVP L R`P^^ L_ _SP NZOPc ZQ aLW`P^ LYO SZYZ] L_ _SP _TXP ZQ _SP ±L_L[L_SL-]£SXL©LM`_T_^_TWWMPNZXP^NWPL]_SL_T_T^L[TPNPZQXZ]LW ^L_T]P _SL_ OZP^ YZ_ [`_ dZ`YR bZXPY NZ]]PWL_PO bT_S X`^TN LYO ^ZXL O]`R TY L aP]d RZZO WTRS_ ?SP WPRPYO LW^Z Pc[WLTY^ L NP]_LTY ]T_`LW P[T^ZOP ?SP ^LN]TQTNP SL^ U`^_ MPR`Y LYO 2£dL_]Å _SP XZ]YTYR []LdP] SL^LW]PLOdMPPY]PNT_PO9Zb_SPQZWWZbTYRSL[[PY^% w>SPF(2£dL_]ÅHQWPb`[_Z3PLaPYM`_bSPY^SP]P_`]YPObT_S_SP^ZXL _SP2LYOSL]aL AT²a£aL^`VTOYL[[POSP]?SPRZO^OT^NZaP]PO_ST^?SPd ^LTOu?SP2LYOSL]aL^]PLWWdL]PN]LedLMZ`_bZXPYv?SPd^PY_7LYR`LRP a£N LYO^SPNLXPMLNVbT_S_SP^ZXL?SP 2LYOSL]aL^]LYLQ_P]SP] LYO ^LTO% u6PP[ dZ`] ^ZXL bP bLY_ dZ`] 7LYR`LRPv u2ZZOv ^LTO _SP RZO^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ ZNN`]^ TY _SP NZY_Pc_ ZQ _SP ,[ZYL[_]¯dL% L_SL dL_ ^LSL [L_Y¯MST] dLY_T g RLYO SL]a£ SL a£ TYO]L^dL ^ZXLX L[^` []L_d£ST_£ RZ[£dLY_T g _L ` SL ^_]¯V£X£à g _P S£^` XLY£À^T V`]aL_P g _LO dL_S£ []LXL__£Y£À dLUÓLX £SL]PO PaLÀ _L_ g `[LY£X`VL ` PaLTYLÀdLUÓZMSLaL_Tgm6L`-]
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
uBP bLY_ _Z NZX[P_P QZ] SP]v ,YO FMZ_SH NZX[P_PO QZ] SP] ?SP 2LYO SL]aL^]PNT_PO_SPAPOLF_ZA£NH_SPbSZWP_TXPLYON]TPO%uF5`^_WZZVHbP VYZb T_ F( _SP APOLH bP VYZb T_v -`_ YZb _SP RZO^ N]PL_PO L eT_SP] ^L_ OZbYLYO^LYR?SPd^LTO_Z7LYR`LRPuBPbTWWXLVPdZ`SL[[dbPbTWW ^TYR dZ` ^ZXP_STYRv ,YO _SPd NL`^PO 7LYR`LRP _Z _`]Y _Z _SPX FZYNP XZ]PH-`_SP]_`]YTYRLbLdQ]ZX_SZ^PF2LYOSL]aL^HbL^aLTYLYO`^PWP^^ XZRSLX QZ]^SP_`]YPOLbLdQ]ZX_SZ^P_SL_[]LT^P_SPRZO^bT_S]PNT_L _TZY^ LYO _`]YPO TY^_PLO _Z ^ZYR LYO OLYNP ,YO _SL_ T^ bSd dZ`YR RT]W^ NSZZ^P _SPT] NZX[LYd aLTYWd LYO `^PWP^^Wd 1Z] 7LYR`LRP ^SZbPO _SPX SZb_ZMPSLaPLYOdZ`YRRT]W^NZ[dSP]bSPY_SPdRTaP_SPX^PWaP^_Z_SP ZYPbSZOLYNP^LYO^TYR^,YO^ZMZ_SbP]PbT_S_SPRZO^^ZXLLYO7LY R`LRPx
4_ T^ TY_P]P^_TYR _SL_ [Z^^P^^TZY ZQ _SP 7LYR`LRP RZOOP^^ T^ LNNZX[L YTPO Md VYZbWPORP ZQ _SP APOL ?SP TOPL ZQ ^[ZY_LYPZ`^ TY_`T_TaP VYZbWPORPZQ_SPbSZWPWT_P]L_`]P^TX[WdL]T^TYRQ]ZX_SPLM^Z][_TZYZQ Xd_STNLW WLYR`LRP ^`M^_LYNP T^ LW^Z QZ`YO TY _SP N`W_ ZQ WL_P] w7LY R`LRP RZOOP^^P^x 9Zb ^`NS L Xd_STNLW _]LY^QP] ZQ WLYR`LRP T^ YZ_ _Z_LWWd `Y[]ZMWPXL_TN Q]ZX _SP ^_LYO[ZTY_ ZQ _SP APOTN []TP^_^ ,Q_P] LWW WLYR`LRP OZP^ YZ_ ZYWd TYNW`OP _SP APOL M`_ LW^Z ^Z`YO^ bT_SZ`_ ^PY^PZ][`][Z^PzSP]P]PQP]]TYR_ZX`^TN 4YLYLWZRd_Z_SPwOZ`MWP/`_NSx^[PLVTYROPXZY^L__ST^[ZTY__SP 2LYOSL]aL^ L]P WP^^ ^dXMZWTN ZQ Y`XTYZ`^ [ZbP]^ ^_LYOTYR XZ]P QZ] X`^TNTLY^ LYO T_TYP]LY_ ^TYRP]^ R£_STY 7LYR`LRP WTVP^ _Z VPP[ _SPT] NZX[LYd M`_ _SPd OZ YZ_ SLaP WLYR`LRP `YOP] NZY_]ZW z TY^_PLO _SPd L]P NZY_]ZWWPO Md SP] ?SP XZZOd PWPXPY_ LYO `YOTRYTQTPO MPSLaTZ] ZQ _SPWLYR`LRPRZOOP^^WTP^TY_SPQLN__SL_^SP_`]Y^_Z_SZ^PbSZPYRLRP TY`^PWP^^^TYRTYRLYOOLYNTYRLYOQWZb^_Z_SZ^PbSZL]PN]PL_TaPLYO YZ_ _Z _SZ^P bSZ L]P L]T^_ZN]L_TN LYO OT^_LY_ ?SP [ZP_^ bSZ bP]P LW^Z LWbLd^ X`^TNTLY^ SLaP XLTY_LTYPO L [L]_TNT[L_Z]d `YOP]^_LYOTYR ZQ WLYR`LRPbSTWP _SP[]TP^_^ SLaPPXLYNT[L_PO _SPX^PWaP^Q]ZXSP]^`R RP^_TaP[ZbP]LYOw`^PxSP]NLWWTYR_SP_`YPLYObLY__ZPc[WZT_SP]TY LNZY_]ZWWPObLd?SP2LYOSL]aL^vNL]OTYLW^TYT^_SL__SPd_]dZ`_]ZWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ mR£dL_]Å^ÕXLXÃNNS£[L_L_ g_Ã^d£v£SÃ]LY_dLTRLYOSL]aÕaT²aÑaL^`à[Ã]dLX`´©£_ _ËOPaÑLaTO`à[]ÃNd`_ZaÃT[L]Ã^_£_ ^ZXÕ u_SLYZYÑRLNNSL_TRLYOSL]a£aLT[Ã]dL XZ´T´`] Ï_Tgg _Ë SZN`à g dZ´Ï_V£X£ aÃT RLYOSL]a£ aÑNLX ÊaLTMSdLà []ÃST©a£XL ^Ñ YLà^LSL^ÕXPYÑRLXT´dL_Ð_T_ËMSdZaÑNLÀ[]ÑST©aÂY_^LTY£Y_^LSL^ÕXPYÑRLNNSL_gg _Ë RLYOSL]aÑ LYa£RÃ_d£M]`aLY g ^ÕXZ d`´XÑVLÀ aÑR Êa£^XÑVLX Ï_T _L_SË_T OPaÑ LM]`aLYY m aTSaLd£XLS£v Ï_T _ÝÀ ad£SaLdLY_L gg _Ã^dLT RLYOSL]aÑà g aËO£YPaL []ÕNT]Lv Ï_T aÃT aLdÃÀ aTOXË_T aLdÃÀ aTOXË_T gg Ã_SL OPaÑà g aЩ£XPaà ^´¶aÑ a£OÃdLY_ZYTRÑdLY_ZYÏ´PO`]Ï_TaÃT_PaLdÃÀR£^dÑXLÏ_T_a£[]ÃXZOLdT´d£XLSLvÏ_T ^ÑOPaÑY`[ÑaLaL]_L ^£aLT^£_£Y XÕRSLX`[ÑaLaL]_LdÑ ^_`aÃOMSdLà²ÃÈ^LOMSdZ Y__ÃÀ RÅ_ÃX `[ÑaLaL]_L _Ã^X£O Ã[d P_Ã]ST XÕRSL^LÈST_£ PaL dÕ´£ PaLÈ ST aÑR `[ÑaLaL]_L_ÑX`SdLYd£ÃY`dÕ´£^_Ã^X£OdÃPaLYÄ_dL_TdZRÑdL_T_Ã^XTYYÊaLT_£ YÏXT²WL_LX£ TaL gg _LO aÑv P_ÃO `MSÃdLÀ OPaË´a £^Å_g ^ÕXL² NL aÑV NL m ±- QQ
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
^bL[[TYRLYOTY^ZOZTYR_SPd^PaP]PWdZaP]P^_TXL_P_SPX^PWaP^?SPd ]PNT_P _SP APOL _Z ^SZb ZQQ _SPT] YPbWd LN\`T]PO []TP^_WTVP ^_L_`^ bSTNSLRPY`TYP-]LSXTYbZ`WOYPaP]OZ-`__ST^L[[PL]^ZYWd_ZMZ]P _SP WLYR`LRP RZOOP^^ 9Zb _SP RZO^ L]P LW^Z QZ]NPO _Z ^bL[ _SPT] ]ZWP bT_S _SP 2LYOSL]aL^ 3ZbPaP] PXML]]L^^TYR T_ T^ QZ] _SPX _Z LML^P _SPX^PWaP^ _SPd L]P P\`LWWd ^`NNP^^Q`W bT_S _ST^ _LN_TN% _SPT] eT_SP] [WLdTYR LYO ^TYRTYR PY_TNP _SP WLYR`LRP RZOOP^^ MLNV _Z _SPX :MaT Z`^Wd ZYP SL^ _Z XLVP PaP]d [Z^^TMWP PQQZ]_ _Z bTY _SP RZOOP^^ 7LY R`LRP ZaP] QZ] WLYR`LRP T^ U`^_ L^ TX[Z]_LY_ L^ _SP [Sd^TNLW ^LN]TQTNTLW XL_P]TLW :YPNLY^PPSZb_SPNZYNP[_ZQ^LN]POWLYR`LRPSL^PaZWaPOTY_SP ±L_L[L_SL-]£SXL©L BSTW^_X`^TNLYOWLYR`LRP^_TWWMPWZYRPO_ZRP_SP] TY _SP RaPOL YZb _SP^P _bZ PWPXPY_^ L]P ^_]TN_Wd ^P[L]L_PO 4Y _SP PL]Wd RaPOL _SP LP^_SP_TN L^[PN_ bL^ TY_PR]LW _Z _SP [ZbP] ZQ ^LN]PO WLYR`LRP?SP[ZP_TNTXLRP]dZQ-SL^[L_Tv^-]LSXLY M]ÃSXLY ^SZ`WO SLaP LY wTYQWLXTYRx TYQW`PYNP -`_ TQ ^LN]PO WLYR`LRP T^ `YOP]^_ZZO L^ L XLY_]L _SPLP^_SP_TNL^[PN_T^XZ]PWTVPWd_ZMPOT^_]LN_TYR ?SPWT__WP_LWPZQ_SPaLTYLYOTOWPWLYR`LRPRZOOP^^T^_d[TNLWZQ_SP YPb aTPb ZQ WLYR`LRP TY _SP -]£SXL©L^ ZQ _SP DLU`]APOL 9Zb _SP []Z_LRZYT^_^ MPRTY _Z NZYaP]^P bT_S 7LYR`LRP 4Y _SP DLU`]APOL _SP [L]_TNT[L_Z]d PWPXPY_^ _SL_ TX[TYRP ZY _SP ^`MUPN_ L]P ^STQ_PO TY_Z _SP YZYWTYR`T^_TN ]PLWX ZQ X`^TN ;L]_TNT[L_TZY T^ LN_`LWWd YZ_ OP^T]PO LYO TY_ST^]P^[PN_bZXPY]P[]P^PY_L[]ZMWPX0aPY_ZOLdTY_SP^LN]TQTNP L^[PNTLWMZbWZQbL_P]T^VP[_]PLOdbT_SbSTNS_SPbTQPZQ_SP[L_]ZY X`^_NWPLY^PSP]^PWQTQ^SP^SZ`WOMPNZXP_ZZL]Z`^PO`[ZYSPL]TYR_SP >£XLY NSLY_^ BSL_ L[[WTP^ _Z _SP bZXPY LW^Z L[[WTP^ _Z L WP^^P] Pc_PY_ _Z _SP []TP^_^% [L]_TNT[L_TZY T^ PcNW`OPO Q]ZX _SP ,OSaL]d` ZQ QTNP ^Z L^ YZ_ _Z PYOLYRP] _SP L`_ZYZXd ZQ _SP ^`MUPN_^ bSZ [P]QZ]X _SP LN_TZY^ ?SP WLYR`LRP ]PXLTYTYR TY _SP ^LN]TQTNP T^ _SP NZY^NTZ`^ NZY_]ZWWPO `__P]LYNP ZQ LY PXLYNT[L_PO ^`MUPN_ ?SP ML^TN [L]LOTRX ZQ _ST^`__P]LYNPT^_SPNL]PQ`WWd^[ZVPY XLY_]L LYOLOT^NT[WTYPO^[T]T_
.Z^XZRZYTN1`YN_TZYZQ7LYR`LRP
?SPTXLRPZQ _SP XLYbZXLY]PWL_TZY^ST[ T^LW^Z ]PQWPN_PO TY_SPN]PL _TZY Xd_S^ ZQ _SP ±L_L[L_SL-]£SXL©L ?SP RZOOP^^ 7LYR`LRP T^ _SP NZX[LYTZY ZQ _SP RZO ;]LU£[L_T bSZ N]PL_P^ _SP bZ]WO bT_S SP] ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _SP bPM^T_P ZQ _SP 9LXM`OT]T -]LSXTY^ T_ ^Ld^ w?SP bTQP ;L_SYT T^ WPO LYO ^PL_PO TY _SP >LOL^^ MPQZ]P >_S`_ST DLUYLLdLUYLdLX LYO ,LRYTXLL]`_SLX >L^_S]LX 4Q _SP bTQP RP_^ PcNT_PO bSTWP WT^_PYTYR _Z _SP XPWZOTZ`^ >_S`_ST ^SP ^SZ`WONWPLY^PSP]MZOdbT_S_SP;LYYP5LYTF(bL_P]QZ][`]TQdTYR_SPbTQPZQ_SP[L _]ZYHxbbbYLXM`OT]TNZXLNNP^^PO,`R`^_
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
-]£SXL©L^ ]PRL]O ;]LU£[L_T _SP w7Z]O ZQ _SP N]PL_`]P^x L^ _SP NPY_]LW OPT_dLYOTY[L]_TN`WL]L^_SPN]PL_Z]ZQ_SPbZ]WO4Y_ST^WL__P]Q`YN_TZY SP T^ L _d[P ZQ OPTQTPO []TP^_ bSZ NLWW^ LWW _STYR^ TY _SP NZ^XZ^ TY_Z MPTYR _S]Z`RS w^LN]TQTNTLW XLRTNx ?SP _ZZW SP `^P^ _Z [P]QZ]X _ST^ LN_ ZQN]PL_TZYT^ZQNZ`]^PWLYR`LRPbT_SZ`_bSTNS_SP[]TP^_bZ`WOYZ_MP LMWP_ZOZLYd_STYRL_LWW4YL^X`NS;]LU£[L_TT^^PPYL^_SPQL_SP]ZQLWW N]PL_`]P^ LYO Md LYLWZRd A£N T^ ]PRL]OPO L^ _SP XZ_SP] ZQ LWW WTaTYR _STYR^ ! ?SP]PQZ]P7LYR`LRPT^LW^ZLWbLd^LW]PLOdNZPcT^_PY_bT_S;]LU£[L_T TY _SP ^_Z]TP^ ZQ N]PL_TZY ;]LU£[L_T T^ L^^ZNTL_PO bT_S N]PL_`]P^ NZXTYR TY_Z MPTYR z YPaP] bT_S _SP N]PL_TZY ZQ WLYR`LRP L^ ^`NS ?ST^ NLY TY _`]YMPPc[WLTYPOMd_SPXZOPWZQ_SP[]TP^_>TYNP XLY_]L^ L]PP^^PY_TLW QZ] _SP ^LN]TQTNP LYO ^TYNP bZ]WO N]PL_TZY T^ LW^Z `YOP]^_ZZO _Z MP L ^LN]TQTNPT_T^TX[Z^^TMWP_ZTXLRTYPL^_L_PZQ_SPbZ]WOTYbSTNS_SP]P bL^ L^ dP_ YZ WLYR`LRP 7LYR`LRP X`^_ LWbLd^ SLaP PcT^_PO TY ^ZXP QZ]X Z] Z_SP] ,YO PaPY ;]LU£[L_T YPPOPO LNNP^^ _Z _ST^ WLYR`LRP _SL_ SLOLWbLd^PcT^_POQZ][P]QZ]XTYRST^QT]^_^LN]TQTNP_SPN]PL_TZYZQ_SP bZ]WO >Z ;]LU£[L_T LYO WLYR`LRP L]P LWbLd^ NZPcT^_PY_ U`^_ L^ YLXP LYO ZMUPN_ L]P ,^ _SP ^`MUPN_ ZQ _SP ^LN]TQTNP ;]LU£[L_T X`^_ []POL_P _SP bZ]WO LYO L^ _SP TY^_]`XPY_ ZQ _SP ^LN]TQTNP WLYR`LRP X`^_ OZ _SP ^LXP " ?SP QZWWZbTYR ^_Z]d ZQ N]PL_TZY # ^SZb^ SZb ZYP SL^ _Z TXLRTYP _ST^WLYR`LRP_SL_SLOLWbLd^PcT^_PO?SP^_Z]dPcT^_^TY_SPNZY_Pc_ZQ _SP ^LN]TQTNTLW LW_L] bSTNS T^ M`TW_ `[ Q]ZX WLdP]^ ZQ M]TNV^ ,^ `^`LW _SPLW_L]T^]PRL]OPOL^_SP]PNZY^_]`N_TZYZQ_SP[]TXPaLWNZ^XTNXLY ;`]`´L bT_S bSZX ;]LU£[L_T T^ LW^Z TOPY_TQTPO ?SP QT]^_ wLN_ ZQ N]PL _TZYxNZY^T^_^ZQ;]LU£[L_Tw^bPL_TYRZ`_xST^_ZZWbSTNST^_SPAPOL4Y OZTYR ^Z SP T^ ZYWd Pc[]P^^TYR Z] ZMUPN_TaTeTYR bSL_ bL^ TXXLYPY_ TY STXL^L[]TP^_L_LYd_TXP-`_WLYR`LRPT^L[[L]PY_WdLOTQQP]PY_NL_P RZ]d% w,YO bSL_ _ST^ ;`]`´L bL^ ;]LU£[L_T FMPNLXP _SP ^LXPH ,YO ;]LU£[L_T NZaP_PO% u4 bT^S _Z MP XZ]P 4 bT^S _Z []ZN]PL_Pv 3P L[[WTPO R]PL_ PQQZ]_ LYOSPMPNLXPSZ_F(SPLNN`X`WL_PON]PL_TaP[ZbP] _L[L^ H,YObSTWPSP bL^ ^Z_T]PO LYO ^ZSZ_SPQT]^_ N]PL_PO_SP -]LSXLY_SL_T^_SP_S]PPQZWO VYZbWPORP _]Ld¯ aTOd£ ( _SP APOL _SL_ MPNLXP ST^ QZ`YOL_TZY ,YO _ST^ T^ bSd ZYP ^Ld^ _SL_ _SP -]LSXLY T^ _SP QZ`YOL_TZY ZQ PaP]dMZOd m ,YO `[ZY _ST^ QZ`YOL_TZY SP ]P^_PO LYO MPNLXP SZ_ 3P N]PL_PO bL_P] F( _SP ZNPLY ZQ NSLZ^H ,YO Q]ZX _SP ^[SP]P ZQ WLYR`LRP LWZYP bL^ _SP WLYR`LRP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP?LT-]£## " >PP±- # ±-!#z
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
N]PL_PO _SL_ bL^ ST^ FZbYH ?ST^ FWLYR`LRP ZQ ;]LU£[L_TH TYNW`OPO PaP]d _STYR_SL_T^TY_SPbZ]WOF_ZOLdHx $
0aPY ;]LU£[L_T NLY ZYWd []ZYZ`YNP bSL_ T^ LW]PLOd ^P_ OZbY TY WLY R`LRP 4Y ST^ XZ`_S SZbPaP] PaP]d bZ]O MPNZXP^ L XLY_]L TP L ^_L_PXPY_ ZQ _]`_S bSTNS XLVP^ PaP]d_STYR _SL_ bL^ `__P]PO _]`P L_ _SP ^LXP _TXP ;]LU£[L_Tv^ XZ^_ TX[Z]_LY_ bZ]O^ L]P _SP _S]PP wN]TP^x ad£S_T^ % MS¼àMS`aLà^aLà %PL]_SLT]SPLaPY^bSTNSOP^TRYL_P_SP _S]PP Q`YOLXPY_LW OTaT^TZY^ ZQ ^[LNP _SL_ X`^_ PcT^_ MPQZ]P LYd_STYR PW^P NLY MP NZXP TY_Z MPTYR ?SP QT]^_ `__P]LYNP ZQ _SP^P bZ]O^ Md STX LW^ZNL`^P^_SP^TX`W_LYPZ`^N]PL_TZYZQ_SPNZ]]P^[ZYOTYR]PLWX% w3P^LTO MS¼à LYO_SP0L]_SNLXPTY_ZMPTYRmx -P^TOP^ MPTYR L N]PL_TZY Xd_S _SP YL]]L_TaP OT^NWZ^P^ _SP Q`YOLXPY_LW P^^PY_TLWT^_ aTPb ZQ _SP -]£SXL©L L`_SZ]^ _ZbL]O^ WLYR`LRP ?SP ^P XLY_TN XPLYTYR ZQ L >LY^V]T_ bZ]O T^ LNNZ]OTYR _Z _SP -]£SXL©L^ YPaP] _SP ]P^`W_ ZQ L S`XLY NZYaPY_TZY M`_ ]L_SP] _SP YLXP ZQ L _STYR Pc[]P^^P^ L ^_L_PXPY_ ZQ _]`_S 9Z_STYR PcT^_^ _SL_ bL^ YLXPO LQ_P] T_ bL^N]PL_POz TY^_PLO_SP bZ]OLYO _SPZMUPN_SLaP _SP^LXPZ]TRTY4Q _SP0L]_SL]T^P^_SPbZ]O MS¼à LW^ZL]T^P^LYOTQ_SPbZ]O MS¼à PcT^_^ _SP0L]_SLW^ZPcT^_^ ?SP TX[WTNT_ Q`YOLXPY_LW XP_L[Sd^TNLW LcTZX^ ZQ _SP -]£SXL©L^ _S`^ MPNZXP NWPL] ?SP bSZWP bZ]WO NLY MP _]LNPO MLNV _Z _SP TY_P]LN _TZY MP_bPPY ;]LU£[L_T LYO A£N ?SP -]£SXL©L^ ]P[]P^PY_ L ]LOTNLWWd WTYR`T^_TNNZY^_T_`_TZYLYONZY^_]`N_TZYZQ]PLWT_d
0_dXZWZRdL^LY4Y_P][]P_L_TZYZQ=PLWT_d
,YLXPOZP^YZ_^_LYOQZ]L_STYR%TY^_PLOT_T^X`NSXZ]P_SPNL^P_SL_ _SP _STYR ^_LYO^ QZ] _SP YLXP , _STYR T^ _SP]P MPNL`^P L YLXP QZ] T_ PcT^_^,YO_ST^XPLY^_SL__SPYLXPT^LWbLd^XZ]P]PLW_SLY_SP_STYR ?ST^ Q`YOLXPY_LW LcTZX _SL_ w]PLWT_d T^ OPQTYPO aTL WLYR`LRPx LW^Z OP _P]XTYP^ _SP SP`]T^_TN^ ZQ _SP -]£SXL©L^ ?SP wYL_`]Px ZQ L _STYR T^ OP^N]TMPO Md _SP NZY_Pc_ ZQ T_^ N]PL_TZY Z] T_^ ,]NSË MPTYR OP^N]TMPO -`_ MPNL`^P _SP NZY^_]`N_TZY ZQ ]PLWT_d Md _SP -]£SXL©L^ ]P^_^ []TXL] TWdZYWLYR`LRP_SP]PL]PYZ[]TXL]d]PWL_TZY^ST[^MP_bPPY_STYR^XLOP ZQ _SP ^LXP XL_P]TLW^ 4Y^_PLO []TXL]d ]PWL_TZY^ST[^ PcT^_ MP_bPPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^ZudLÀ[Ü]`´Là[]LUÑ[L_T]LV£XLdL_LgMS¼dÑY_^d£À[]LULdPdË_Î^Zu²]£XdL_^L_Ã[Z u_L[dL_L ^à ²]£Y_Ã^ _P[£YZ M]ÃSXLTaà []L_SLXÃX L^UL_L _]LdÐX Paà aTOdÝÈ ^ÂTa£^ XLT []L_δ¶S£MSLaL_ _Ã^X£O £S`] M]ÃSX£^dL ^Ã]aL^dL []L_T´¶SË_T _Ã^X£O LYÌNdL []Ã_T_T´¶SL_T []L_T´¶SÝ Sd P´£ dLO M]ÃSXL _Ã^d£À []L_T´¶SÑd£À []Ã_T´¶ST_Z u_L[dL_ gg ^Ô u[Z u^UL_L g a£Nà Paà WZV£O aÑR Êa£^d ^£^UdL_ ^POLÈ ^Ã]aLX £[YZO dÃO TOLÀ VÏÀNLm gg±-!#z$ ±-!
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
"
bZ]O^ NZY_LTYTYR [SZYPXP^ _SL_ ^Z`YO _SP ^LXP 4Y _ST^ bLd LY PL]Wd P_dXZWZRd T^ MZ]Y bSZ^P L[[WTNL_TZY^ LWbLd^ Q`YN_TZY LNNZ]OTYR _Z L ^TX[WP ^NSPXP% TQ _SP YZ`Y c NLY MP OP]TaPO P_dXZWZRTNLWWd Q]ZX _SP aP]M d O`P _Z [SZYP_TN ^TXTWL]T_d _SPY d T^ LY L]NSP_d[LW LN_TZY ZQ c LYOLW^ZNZY^_T_`_P^T_^YL_`]PzL_WPL^_LNNZ]OTYR_Z_SPWLb^ZQXd_ST NLW_SZ`RS_ 1Z] PcLX[WP LNNZ]OTYR _Z _SP ,T_L]PdL-]£SXL©L _SP _]`P YL_`]P ZQ _SP w[Z`]TYR TYx £S`_T ZQ _SP QZZO ZQQP]TYR^ _Z _SP RZO^ bSTNS L]P [Z`]PO TY_Z _SP QT]P T^ _SP wNLWWTYR ST_SP]x £S¼_T _SP ]PNT_L_TZY ZQ _SP SZ_[]TP^_?ST^T^MPNL`^P_SPNLWWZQ_SPNLWWTYR[]TP^_ SZ_ WTVPbT^P OP]TaPO Q]ZX ¥S¼ wNL`^P^x _SP RZO^ w_Z NZXP ST_SP]x £a£SLdL_T /P]TaL_TZY^ WTVP _SP^P L]P YZ_ LNLOPXTN _SPZ]PX^ ^_]TaTYR QZ] P_dXZ WZRTNLWNZ]]PN_YP^^&TY^_PLO_SPdL]P]L_SP]_SPLN_`LW^_L_PXPY_^ZQ_]`_S TY_SP^PY^PZQL]LOTNLWWdWTYR`T^_TNNZY^_]`N_TZYZQ]PLWT_d?SPP_dXZ WZRTNLW Z[P]L_TZY LTX^ _Z XLVP T_ _]LY^[L]PY_ _SL_ _SP]P T^ LY P^Z_P]TN NZYYPN_TZY MP_bPPY _SP ^LN]TQTNTLW RTQ_ LYO _SP TYaZNL_TZY ZQ _SP RZO^ >Z P_dXZWZRd T^ `YOP]^_ZZO \`T_P TY _SP Z]TRTYLW XPLYTYR ZQ _SP bZ]O YLXPWd L^ w_SP ^_`Od ZQ bSL_ T^ _]`P ZQ _SP LN_`LW XPLYTYRx ZQ _SP bZ]O^1T]^_LYOQZ]PXZ^_T_T^LSP]XPYP`_TN^_`Od 0_dXZWZRTP^ NLY MP NZXMTYPO bT_S ZYP LYZ_SP] PXMPOOPO TY M]ZLOP]NZY_Pc_^LYO`^POTY^`NSLQZ]XPR_ZTY_P][]P_^_LRP^ZQ_SP ]T_`LW ?SP P_dXZWZRTP^ ]PaPLW _SP P^Z_P]TN NZ]]PN_YP^^ ZQ _SP _PX[Z]LW LYO ^[L_TLW Z]OP] ZQ _SP TYOTaTO`LW ]T_`LW PWPXPY_^ >`NS [L^^LRP^ L]P XZ^_Wd PXMPOOPO TY _SP NZY_Pc_ ZQ N]PL_TZY ^_Z]TP^ ?SP Z]TRTY ZQ L YZ`Y Q]ZX _SP aP]MLW ]ZZ_ NZ]]P^[ZYO^ SP]P _Z _SP []ZNP^^ ZQ N]PL_TZY BT_STY _SPwQZWVP_dXZWZRdxZQ_SP -]£SXL©L^_ST^ XPLY^_SL__SPP_d XZWZRTNLWWdTY_P][]P_PO[SZYP_TNL^[PN_ZQLYZ`YPc[]P^^P^_SPNZY_Pc_ TYbSTNSL_STYRbL^N]PL_POLYObSL_T_bL^N]PL_POQZ]% w,YO MPNL`^P F_SP ZNPLYH TYNW`OPO T_ £[YZ_T £[YZ_T T_ T^ NLWWPO ubL_P]^v £[L^ LYOMPNL`^PT_NZaP]POT_ a a© ©Z_T Z_T T_T^NLWWPOuQWZZO^v a£] x © Z_T wu, QZ`YOL_TZY SL^ YZb MPPY N]PL_PO LMS¼_ v SP _SZ`RS_ ?ST^ MPNLXP _SP^ZTW MS¼XT ?ST^F^ZTWHSP^[]PLOLMZ`_ []L_SLdL_T LYOT_MPNLXP_SP PL]_S [ [_STaÅ _STaÅ x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,T-] >PP;L`W?STPXPw0_dXZWZRTP%PTY^_`YOSP`_PwF$#HTY;?STPXP 6WPTYP>NS]TQ _PY PO = >ØSYPY?STPXP >_`__RL]_% >_PTYP] $$ LYO _SP bSZWP L]_TNWP TMTO z .Q LW^Z TY _SP ^LXP aZW`XP l>[]LNSXLWP]PTx $$z ?SP LY NTPY_ 4YOTLY P_dXZWZRd SL^ MPPY OPW_ bT_S TY XZ]P OP_LTW Md 8Lc /PPR /TP LW_TYOT ^NSP 0_dXZWZRTP YLNS OPX AP]^_ÆYOYT^ D£^VLv^ `YO ^PTYP] AZ]RÆYRP] $$ >ZXP ZQ_SPPcLX[WP^RTaPYMPWZbL]P_LVPYQ]ZX_ST^^_`Od dLOÑ[YZ__Ã^X£OÑ[ZdLOÃa©Z__Ã^X£Oa£à gg±-!$ ÃMS¼O aÑv TdÃÀ []L_T´¶SË_T g _LO MSÌXT] LMSLaL_ _ÑX L[]L_SLdL_ ^Ñ [_SÎad ÂMSLaL_ m±-!
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
4_ T^ ]PaPLWTYR _SL_ _SP QZ]X`WL wQZ] _SP RZO^ WZaP bSL_ T^ N]d[_TNx T^ ZQ_PYLOOPO_Z _SPP_dXZWZRTP^ZQ_SP -]£SXL©L^P^[PNTLWWdTQ _SPP_d XZWZRTP^L]PaP]dZM^N`]P% w9Zb LY PXM]dZ SLO L]T^PY TY _SP PRR ?ST^ FPXM]dZH bL^ _SP QT]^_ LR]T TY_SP`YTaP]^P_Z L]T^Pm 4Y _]`_S_SL_T^ L uQT]^_v LR]T bSTNSF_SPRZO^H N]d[_TNLWWd NLWW uQT]Pv LRYT QZ] _SP RZO^ L]P VYZbY _Z WZaP bSL_ T^ N]d[ _TN -`_YZb_SP_PL]^FZQ_SPPXM]dZHQWPb_ZRP_SP]m4Y_]`_ST_T^_PL]^ L²]` !bSTNS_SPdN]d[_TNLWWdNLWWuSZ]^Pv L²aL QZ]_SPRZO^WZaPbSL_ T^ N]d[_TN m ,YO YZb T_ NLXP _Z [L^^ _SL_ F_SP PXM]dZH ^N]PLXPO L^ T_ bP]P ]£^L_T LYO_SL_MPNLXPLOZYVPd ]£^LMSL x "
0_dXZWZRTNLWZ[P]L_TZY^ZQ_ST^_d[PL]PaP]dZQ_PYL[[WTPO_Z_SPYLXP^ ZQOPT_TP^4Y^`NSLQ`YN_TZY_SPdM]TYR_ZWTRS_STOOPY,]NSÃTZQLRZO NSL]LN_P]T^_TN^ _SL_ bP]P []PaTZ`^Wd STOOPY ?Z _SP TYT_TL_PO £S`_T w[Z`]TYR TYx NLY LW^Z XPLY £S¼_T wNLWWTYR TYx LYO LR]T w_SP QT]^_x NLY LW^Z XPLY LRYT wQT]Px ^Z _SP YLXP ZQ _SP RZO 4YO]L LN_`LWWd XPLY^w4YOSLxLYwTYNT_P]xZ]wTRYT_P]xQZ]ST^[ZbP] TYO]TdL TRYT_P^ √TYOS _SPaT_LWWTQPQZ]NP^ []£©L # 4Y _ST^ bLd NZX[WP_PWd YPb Xd_SZWZRTP^ L]P N]PL_PO L^ YPb wSTO OPYx ,]NSÃT L]P NZY_TY`LWWd OT^NZaP]PO LYO WTYVPO >`NS YPb Xd_SZWZ RTP^ L]P YZ_ TYQ]P\`PY_Wd wPc[WZT_POx PR _Z LOaP]_T^P YPb ]PWTRTZ`^ R]Z`[^LYO_Z[]ZXZ_PLNP]_LTYOPT_d?SPYL]]L_TaP^_]`N_`]PZQNSLTY^ ZQP_dXZWZRTP^_SPYLW^ZXLVP^T_[Z^^TMWPQZ]PcLX[WP_ZOP^N]TMP_SP R]LO`LWOPaPWZ[XPY_ZQ_SPNSL]LN_P]T^_TN^ZQ_SPOPT_d ?SP WL_P] P_dXZWZRT^_ D£^VL Pc[WLTY^ _SP P_dXZWZRTNLWWd ZM^N`]P YLXP =`O]L L^ QZWWZb^ w=`O]L T^ NLWWPO =`O]L MPNL`^P SP SZbWPO L ]`OL_ x $ ?SL_ T^ SP OP]TaP^ _SP OPT_dv^ YLXP w=`O]Lx Q]ZX _SP ]ZZ_ w]`Ox _Z SZbW bPP[ ^N]PLX ?ST^ T^ LY TX[Z]_LY_ [TPNP ZQ TYQZ]XL _TZY LMZ`_ _SP YL_`]P ZQ _ST^ RZO 4Y OZTYR ^Z D£^VL ]PQP]^ _Z L [L]_ ZQ _SP _Pc_ TY _SP 6L¶SL¢]L©dLVL ZQ _SP DLU`]APOL 4_^ ^`]]Z`YOTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SL__SPQT]PRZO,RYTLWbLd^wNZXP^QT]^_xSL^LW]PLOdMPPYPWLMZ]L_PO ! ?SP_]LY^WL_TZYZQ_SP_P]X L²]` T^ \`T_P`YNWPL]8Z^_[]ZMLMWdT_]PQP]^_Z_SP_PL]^ ZQ _SP YPbMZ]Y MLMd 4Y APOTN ]T_`LW _SP SZ]^P _SP aTN_TX ZQ _SP ]ZdLW ^LN]TQTNP L²aLXPOSL SL^L^dXMZWTNNZYYPN_TZYbT_SbL_P]TYbSTNST_T^_SZ`RS__ZZ]TRTYL_P " Ã_SLdZRÃ]MSZ uY_L]£^¯_ g^Z uR]]L^UdL_L ^LdÃOL^dL ^Ã]aL^dÑR]LX Ã^UdL_L_Ã^X£O LR]] LR]]SLaLT_ÃX LRYT]T_dÑNLNSL_P[L] uV´LX[L] uV´LV£X£ SOPa£Ã_SLdLO ò]`^ÃÀV´L]T_LXÑ^¯_^u²]`]LMSLaLOò]`]SLaLT_LXòaLT_dÑNLV´L_P[L]uV´LX [L]uV´LV£X£SOPa£Ã_SLdLOÃ]L^LOTaL^L]Ñ^LMSZuMSLaLF_Hm±-! # ±- ! ?SP PXTYPY_ LYNTPY_ APOTN RZO 4YO]L M]TYRP] ZQ WTRS_ LYO ^WLdP] ZQ _SP O]LRZYZQ_PYL[[PL]^TY_SP-]£SXL©L^L^_SP]P[]P^PY_L_TaPZQLYLM^_]LN_WTQP[]TY NT[WPL^T_bL^QZ`YOQZ]TY^_LYNPTY_SP ,T_L]PdL¢]L©dLVL LW]PLOdOT^N`^^PO $ mdLOL]`O ]`OL__LO]`O ]`O]L^dL]`O ]`O]L_aLXm ]`O ]`O ]`O dLO]`aLYYLMSdLaLOL__LO]`O]L^dL]`O]L_aLX /PPR$$ %#"_]LNP^D£^VLv^\`Z_L _TZYT_TV£¶SLVLX MLNV_Z6> %wMPNL`^PSPQPWWL[L]_=`O]LSL^_ST^YLXPxdL_ ^LXL]`U ]`UL_ _LO ]`O ]`O]L^dL ]`O ]`O]L_aLX 3P LW^Z WTYV^ [WLNP^ TY _SP @[LYT´LO^ _Z _SP ]`U PWPaPY=`O]L^^`NSL^ -SLO£]L©dLVL $bSTNSTY_P][]P__SPPWPaPY=`O]L^XP_L
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
$
NZY_Pc_ T^ _SP =`O]L Xd_S LYO [P]SL[^ T_ ]P[]P^PY_^ _SP PL]WTP^_ YL]]L _TaPOP^N]TMTYRSZb_SPbTWORZO=`O]LMPNLXP_SPMPYPaZWPY_±TaL ?Z `YOP]^_LYO _ST^ _LWP _SP ]PLOP] T^ ]PXTYOPO _SL_ TY _SP Z]TRTYLW =`O]L Xd_S =`O]L w_SP bTWO ZYP _SP _P]]TMWP ZYPx Z] LNNZ]OTYR _Z _]LOT_TZYLW P_dXZWZRd w_SP SZbWP] _SP ^N]PLXP]x T^ L OLYRP]Z`^ LX MTaLWPY_RZO:YPLaZTO^^[PLVTYRST^YLXP 3P T^ ]PRL]OPOL^ _SPRZO ZQ _SP ^_Z]X L^ LYRP] [P]^ZYTQTPO L^ L ^LN]TQTNPOP^_]ZdTYR L]NSP] L^ ZYP bSZ M]TYR^ [WLR`P^ LYO OPL_S `[ZY S`XLY MPTYR^ LYO NL__WP LYO PYOLYRP]^ NSTWO]PY bSZ X`^_ MP L[[PL^PO LYO [LNTQTPO ^Z _SL_ SP bTWW ]PXZaP _SP OLYRP] LYO M]TYR SPLWTYR 3P T^ PcNW`OPO Q]ZX _SP APOTN ^LN]TQTNPLYO_SPQZWWZbP]^ZQ_ST^RZO_SPA]£_dL^L]PLN_`LWWdaTPbPO L^ wSP]P_TN^x BSPY P_dXZWZRd _`]Y^ _SP bTWO RZO TY_Z L RPY_WP RZO _ST^ SL^ _bZ ^TX`W_LYPZ`^ MPYPQT_^% QT]^_ _SP `YNTaTWTePO =`O]L T^ ]PY OP]PO bZ]_Sd ZQ _SP -]LSXTY `YTaP]^P LYO ^PNZYO _SP A]£_dL^ L]P TY_PR]L_PO TY_Z _SP ]PWTRTZ`^ ^d^_PX ?SP P_dXZWZRTNLWWd QZ`YOPO YPb OPQTYT_TZY ZQ _SP YL_`]P ZQ _SP OPT_d N]PL_P^ L QZ]XLW LNNP[_LYNP ZQ _SP QZ]PTRY ]T_P^ LYO L_ _SP ^LXP _TXP ]P[]P^PY_^ LY L__PX[_ _Z TYQW`PYNP _SP^P]T_P^^Z_SL__SPdQT_TYbT_S_SP[]PaLTWTYRaLW`P^d^_PX% wBSPY =`O]L NLXP TY_Z _SP SPLaPYWd bZ]WO _SP RZO^ OTO YZ_ ]PNZRYTeP STX FQZ]H SP XZaPO L]Z`YO L^ M]TRS_ L^ _SP ^`Y ?SPd ^LTO% uBSZ L]P dZ`*vzu4LX=`O]L4LX4YO]L4LX¢OT_dLF(_SP^`YH4LX_SPPL]_SWd
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [SZ]TNLWWdL^_SP¢_XLYLYO_SP_PYwM]PL_S^x[]£©L bSTNSLNNZ]OTYR_Z_SP±L«VL]L NZXXPY_L]dL]P_SPQTaPZ]RLY^ZQ^PY^PLYO_SPQTaPZ]RLY^ZQLN_TZYLYOWTVPbT^P `^TYR_SPaP]Mw_ZN]dxSP]PTY_SPNL`^L_TaPQZ]Xw_ZXLVPN]dx_ZPc[WLTY _LOdLO ]ZOLdLY_T_L^X£O]`O ]`O]£T_T TMTO# ]ZO ]`O ?SPZ]TRTYLYO_SPXPLYTYRZQ_SPYLXPSLaPYZ_MPPYPc[WLTYPO?SP_]LY^WL_TZYw_SP _P]]TMWPZYP_SPbTWOZYPxT^^`RRP^_POMdPL]WTP]PaTOPYNP^`NSL^A!bSTNS ^[PLV^ ZQ w]L`O]L -]LSXLYx wQZ]NP TY _SP ^LN]TQTNTLW bZ]O _SL_ TY^[T]P^ QPL] LYO LbPxZ]wbTWO^LN]TQTNTLW bZ]Ox4Y_ST^NL^Pw=`O]Lx bZ`WOMPLYZ`YQZ]XZQ_SP LOUPN_TaLW ]L`O]L wbTWOQPL]^ZXPN]`PWaTZWPY__P]]TMWPLbP^ZXPxLYO_SP_]LY^WL _TZYbZ`WONZ]]P^[ZYO_Z_SPPL]WdXd_S^ZQ=`O]LL^[P]^ZYTQTPOLYRP] .`]TZ`^Wd SL]OWd LYd ]P^PL]NSP]^ NZYYPN_ _ST^ L[[L]PY_Wd YZYAPOTN Z] LW_P]YL_TaP ]PWTRTZ`^ R]Z`[ _SL_ T^ OZN`XPY_PO TY _SP APOL bT_S ±TaLT^X ?SP A]£_dL RZO OP ^N]TMPOTY_SP ,_SL]aLAPOL -ZZVCAT^NLWWPO8LS£OPaLLYO®²£YL^ZSPNLYYZ_MP LYd PY_T_d Z_SP] _SLY =`O]L±TaL STX^PWQ bSZ L[[PL]^ SP]P LW]PLOd WTYVPO _Z L XL]VPO [LÓNLX`VSL _SPZWZRd?ST^PY_T]PWdOTQQP]PY_^LN]PO`YTaP]^P_SLY_SPAPOTN ZYP XZaPO TY [Z^_APOTN _TXP^ Q]ZX _SP [P]T[SP]d _Z _SP NPY_P] ?SP ]PWL_TZY^ST[ T^ SZbPaP]LXL__P]ZQOT^[`_P>TXTWL]_ZZ`]aTPbL]R`P^2WPYDZN`XbSZ^`RRP^_PO L ^_]TVTYR NZY_TY`T_d bT_S WL_P] ?LXTW ±TaLT^X WPLaTYR T_ Z[PY bSP_SP] _SP A]£_dL^ X`^_ MP ^PPY bT_STY Z] Z`_^TOP _SP APOTN QZWO .Q DZN`X 3dXY^ _Z _SP /LYNTYR ±TaL 9Pb/PWST% 3P]T_LRP ;`MW$#1Z]OTaP]RTYRTY_P][]P_L_TZY^^PP_SP OT^N`^^TZY ZQ 2PZQQ]Pd >LX`PW ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP?ST]_PPY_S.PY_`]d .LXM]TORP.LXM]TOP@;#1Z]TY^_LYNP5.3PP^_P] XLYY wA]£_dL LYO >LN]TQTNPx 4YOZT]LYTLY 5Z`]YLW 4A $!z! z" _]LNP^ _SP A]£_dL^bT_STY_SPZ]_SZOZcAPOTN QZWO3P[Z^_`WL_P^_SPX_ZMPAPOTN,]dLY^LYO _SP[]POPNP^^Z]^ZQ_SP^LN]TQTNP]LYOTYT_TLYOO¯V´T_L ZQWL_P]±]L`_L^LN]TQTNP
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
XLYTQP^_L_TZYZQLWWSPLaPYWd[ZbP]v?SPFRZO^H^LTO%u?ZZYP^`NSL^_ST^ bP bTWW RTaP YZ_STYR FQ]ZX _SP ^LN]TQTNTLW QZZOHv 3P ^N]PLXPO L_ _SPX ]ZL]TYR 3P [`^SPO _ZbL]O^ _SPX ?SPd ^LTO% u7Z]O PaP]d_STYR F^SLWW dZ` SLaPHv3T^^N]PLXTYRL__SPX]ZL]TYR ]`aLY ]`aLY F]PaPLWPOHbSL_bL^_P]]TMWP ]`aLY LMZ`_ STX ]`O]L_aLX FbSTNS T^ bSd SP T^ NLWWPOH =`O]L =`O]L ?SPT] ^LdTYR u7Z]Ov MSLa£Y MSLa£Y T^ST^PY_P]TYRTY_ZPcT^_PYNP MSLaL_aLX FbSTNST^bSd MSLa£Y SP T^ NLWWPOH -SLaL ^L]]aLX aLX F]PaPLWPOH _SP -SLaL ?SPT] ^LdTYR uPaP]d_STYRv ^L ^L L]NSP]TYSTX ²L]aL_aLX FbSTNST^bSdSPT^NLWWPOH ±L]aL ±L]aL 3PNLWXPO OZbY ²TaL ²TaL FLRLTYH?ST^F]PaPLWPOH_SPR]LNPTYSTX ²TaL_aLX FbSTNST^ ²TaL bSd SP T^ NLWWPOH ±TaL LX L_L L_L _SPX ?ST^ F]PaPLWPOH ST^ NL] ±TaL 3P ^[L]PO LX LX L_L TYRYL_`]P X¹L_aLX FLYObSdSPT^NLWWPOH 8 L?SPRZO^^LTO_ZSTX% L uDZ`]^T^_SPOZXTYTZYZaP]bSL_T^[]P^PY_[L^_LYOQ`_`]Pvx
?ST^aL]TL_TZYZQ_SPZWO=`O]L±TaLXd_SNZY_LTY^_SP^P\`PYNPZQQTaP YLXP^w=`O]L-SLaL±L]aL±TaL8LxLYO_SPT]OP]TaL_TZY^Z`_WTY TYRLOPaPWZ[XPY_bT_STY_SPOTaTYP[P]^ZYLWT_dTYbSTNS_SPZWOYLXP^ ZQ_SPRZOL]P[`_TY_ZLYPb^_Z]d?ST^T^ZQLST^_Z]TNLWYL_`]P]L_SP] _SLYLXd_STNLWZYP1T]^_ZQLWW_SP]PT^LYL[ZWZRdQZ]_SPwZWOx=`O]L NSL]LN_P] LYO ST^ wYPbx NSL]LN_P]T^_TN^ L]P TY_]ZO`NPO% T_ bL^ ZYWd _SP ]PUPN_TZYMd_SPZ_SP]RZO^_SL__]TRRP]PO=`O]Lv^LYRP]9Zb_SPZ_SP] RZO^ L]P TY_TXTOL_PO Md =`O]Lv^ [ZbP] LYO _SPd YZ WZYRP] [`_ `[ LYd ]P^T^_LYNP ?ST^ OT^[PW^ ST^ LYRP] LYO SP NLY ^SZb ST^ RPY_WP ^TOP bSTNST^LN_`LWWdST^_]`P^TOP?SPYLXP^L]PXZ]P_SLYXP]PwWLMPW^x L^ _SP ^`QQTc _aLX XLVP^ NWPL] ?SPd L]P OTQQP]PY_ P^^PY_TLW L^[PN_^ ZQ _SPYL_`]PZQL^TYRWPRZObSTNSNLY]PaPLW_SPX^PWaP^Z]]PNPOP_Z_SP MLNVR]Z`YOOP[PYOTYRZY_SPNZY_Pc_ ?SPYPc_PcLX[WPT^^ZXPbSL_XZ]PNZX[WPcMPNL`^PSP]PL^[PN_^ ZQ_SP[P]^ZYLWT_dZQZYPRZO=`O]LL]P_]LY^QP]]PO_ZLYZ_SP],RYT ,RLTY^_ _SP MLNVR]Z`YO ZQ _SP [ZbP]Q`W ,RYT QT]P LW_L] ^dXMZWTeTYR _SP bSZWP NZ^XZ^ _SP LXMTaLWPY_ RZO =`O]L YZb L[[PL]^ L^ L 7Z]O 2ZO []P^PY_ PaP]dbSP]P TY _SP NZ^XZ^ ?ST^ T^ YZ WZYRP] ^TX[Wd LY TY_P]QLT_S OTLWZR MP_bPPY aL]TZ`^ ]PWTRTZ`^ R]Z`[^ z T_ T^ _]LY^QP] ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :YP ]PaPLWTYR _STYR LMZ`_ _SP _]LY^T_TZY Q]ZX L [P]T[SP]LW RZO _Z _SP `YTaP]^LW WZ]O RZOT^_SPP_dXZWZRdL^^ZNTL_PObT_S_SPZWOYLXP±L]aL ±L]aLOP]TaPOQ]ZX ±L]aL ²L]` XPLYTYR wL]]Zb^SZ_x±L]aL_SPRZObSZVTWW^bT_SL]]Zb^_SPbTWOS`Y_P]LYOL]NSP]bSZ OP^_]Zd^_SP^LN]TQTNP_SPF[TP]NP]HZQ_SPN]PL_Z]QL_SP];]LU£[L_TbSZ^PL]]ZbT^TY _PYOPO _Z []PaPY_ N]PL_TZY ^PP 6]LX]T^NS $## z MPNZXP^ _SP WZ]O ZQ LWW TY L \`L^TP_dXZWZRTNLW QL^STZY ^L]aL 0aPY TQ TY _ST^ Xd_S _SP ZWO YLXP ±L]aL T^ ^_TWW WTYVPO_Z ^L]aL TYWL_P]NZY_Pc_^>L]aLT_^PWQMPNZXP^LYLXPQZ]=`O]L±TaL OPaÑaÃT]`O]ÃÀ^aL]RÃÀWZVÃÀRL_ÃÀYÃadÂU£YLYY£OT_dÃaL]©LÀNÃ]LY_LY_ÊuM]` aLY%VÔu^Ð_dLSÃÀ]`O]ÔuSÃXÏYO]ZuSÃX£OT_dÔ^Ã]aL^d£aLdÑSÃ]L^ZOTadL^dË_T_Ê uM]`aLY% YÏ]MSLU£XLTYLX Ï_T _ÑY ]`aÃYY LMSdÂaLOL_ _ÑY []ÑOS]LUL_ _Ê uM]`aLY% MSLa£Y ^Ã]aLX T_T dÃO ]`aÃYY LMSdÂaLOL_ _ÃO ]`O]Ã^dL ]`O]L_aÃÀ dÃO MSLaÑY Ï_T _ÃOMSLaÃ^dLMSLaL_aÃXdÃ_^Ã]aLXÏ_T_ÃNNSL]aÃ^dL²L]aL_aÃÀ^òTaÔuMSLaL__ÃN NSTaÃ^dL ²TaÃ_aLÀ _ÃÀ OPaÑ LM]`aLY% MSLaÃ^dL MS¼_Ã^dL MSÃadL^dÑOST[L_dLX Ï_T g 6L¶SL¢]L©dLVL\`Z_POTYBT_ePW/L^6L¶SL¢]L©dLVL#Q
>PXLY_TNTeL_TZYLYO7LYR`LRP,N_%_SPDLU`]APOL
_SPZWZRd BSTWP ,RYT bL^ _SP XZ^_ TX[Z]_LY_ RZO ZQ _SP -]LSXTY^ bT_SZ`_ MPTYR L 7Z]O 2ZO T_ ^PPX^ _SL_ _SP RZO ZQ _SP A]£_dL^ bL^ ]PRL]OPO ]TRS_ Q]ZX _SP MPRTYYTYR L^ L [LY_SPT^_TN 7Z]O 2ZO ?ST^ T^ L YPbTOPLQZ]_SP-]LSXTY^bSTNSNSLYRPO-]LSXLYT^XL_LQ`YOLXPY _LW WPaPW Md NZY_TY`LWWd _LVTYR ZY MZL]O YPb =`O]LML^PO ]T_P^ ?SP QZWWZbTYR^_Z]dL__PX[_^_ZP\`L_P,RYTLYO=`O]LNZX[WP_PWdzLYO_SP ST^_Z]d ZQ _SP ]PWTRTZY ^SZb^ _SL_ _ST^ LN_`LWWd _ZZV [WLNP 4Y NWL^^TNLW 3TYO`T^X,RYTPT_SP][WLd^LXL]RTYLW]ZWPZ]T^]PRL]OPOL^L^`MQZ]X ZQ=`O]L±TaL ?PWWTYRWd TY _SP NL^P ZQ _SP YLXTYR ZQ L 7Z]O 2ZO Z] _SP NZXTYR TY_Z MPTYR ZQ L 7Z]O 2ZO _SP Pc[WLYL_TZY OPaTL_P^ Q]ZX _SP NWL^^TNLW ^NSPXP ZQ P_dXZWZRd L^ [^P`OZ ST^_Z]d ?SP YLXP^ OZ YZ_ L]T^P _S]Z`RS L ^_Z]d TY bSTNS _SP NSL]LN_P]T^_TN^ ZQ _SP RZO L]T^P ^TX`W_LYP Z`^WdbT_S_SPYLXPRTaTYR4Y^_PLO_SPRZOLW]PLOdPcT^_^bT_SLWWST^ NSL]LN_P]T^_TN^ M`_ L_ QT]^_ _SP]P L]P YZ YLXP^ QZ] STX bSZ SL^ _SP^P NSL]LN_P]T^_TN^ ?SP]P T^ YZ ,]NSË bT_S _SP PcNP[_TZY ZQ _SP RTaTYR ZQ _SPQT]^_YLXPw=`O]Lx?SPRZOT^LW]PLOd^ZXP_STYRLW_SZ`RSSPSL^ YZ_ dP_ OZYP LYd_STYR ?SP YLXP^ OZ YZ_ NSLYRP _SP RZO& TY^_PLO T_ T^ _SP bZ]WO _SL_ T^ NSLYRPO bSTNS NLY [L]_TNT[L_P TY STX _S]Z`RS _SP YLXPRTaTYR ?SP QZWWZbTYR aP]^TZY ZQ _SP Xd_S Q]ZX _SP ±L_L[L_SL-]£SXL©L ^[PLV^YZ_ZYWdZQQTaPM`_ZQPTRS_YLXP^ZQ=`O]LLYOPc[WLTY^_SPT] Z]TRTYTY_P]X^ZQ_SPwN]dTYRx ¥ ]`O ZQ_SPYPbMZ]YRZO-PNL`^PSP ^N]PLX^ SP T^ RTaPY _SP YLXP w=`O]Lx M`_ ST^ ^N]PLXTYR ZYWd OTP^ OZbYbSPYSP]PNPTaP^_SPPTRS_SYLXP,NNZ]OTYR_Z_ST^Xd_SLWW_SP PWPXPY_^ZQYL_`]PSLaP^ZXP_STYRw=`O]TNxLMZ`__SPXZ]SLaPZYPZQ ST^ NSL]LN_P]T^_TN^ LYO _ST^ `W_TXL_PWd `YTQTP^ _SP RZO bT_S _SP bSZWP NZ^XZ^% w?S]Z`RSZ`_ _SP dPL] _SP WZ]O ZQ _SP N]PL_`]P^ ;]LU£[L_T [Z`]PO ST^ ^PPO TY_Z FST^ bTQPH _SP ]PO OLbY ^Vd @´L^ LYO ZaP] _SP dPL] L MZd bL^ MZ]Y ! ;]LU£[L_T ^LTO _Z STX% u-Zd bSd L]P dZ` N]dTYR* 4 SLaP bZ]VPO Xd^PWQ SL]O LYO ^bPL_PO ^Z _SL_ dZ` NZ`WO MP MZ]Y WT_P]LWWd% _S]Z`RS _T]POYP^^ LYO SPL_ bP]P dZ` MZ]Yv 3P ^LTO% u4 OZ YZ_ dP_ SLaP _SP SZWd ^_L_P WT_P]LWWd% _SP bTNVPOYP^^ SL^ YZ_ dP_ MPPY ^_]`NV Z`_ ZQ XP QZ] 4 ^_TWW SLaP YZ_ dP_ ]PNPTaPO L YLXP 2TaP XP L YLXPv 3P ^LTO _Z STX% uDZ`L]P =`O]LF_SP_P]]TMWPHv,YO bSPYSPSLORTaPYSTX_ST^YLXP _SP =`O]L QT]P LRYT _ZZV ZY _ST^ F_P]]TMWPH QZ]X FbSTNS T_ ^_TWW SL^ _ZOLdH QZ] _SP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] PcLX[WP ?LT__T]¯dL¢]L©dLVL ! #z! !z" PO >SL^_]T LYO =LYRLNL]dL [!z! T^ TOPY_TNLW _Z _SP [TaZ_LW ±TaLT_TN ;LÓNLM]LSXL XLY_]L ZQ _SP ¢RLXL^ LYO L ±L_L]`O]ÅdL ]T_`LW L[[PL]^ TY _SP PWPaPY_S NSL[_P] ZQ _SP 8£YLaL±]L`_L^¼_]L _SL_T^]PXTYT^NPY_ZQWL_P]?LY_]T^X ! ?SPZYPbSZT^MZ]YZaP]_SPdPL]T^LN_`LWWd_SPQT]PRZO,RYT^TYNP_SP]T_`LWWL^_^ QZ]ZYPdPL]
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
QT]PT^=`O]L "-PNL`^PSPSLOMPPYN]dTYR ¥ ]`O SPT^=`O]L3P^LTO%u4 LX XZ]P_SLY_SL_ 2TaP XP XZ]PYLXP^v 3P ^LTO_ZSTX%uDZ`L]P >L]aL >L]aL FPaP]d_STYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ZNPLY _ZZV ZY _ST^ FLWWPYNZX[L^^TYRH QZ]X QZ] PaP]d_STYR ^L]aL SP]P T^ MZ]Y ZQ _SP ZNPLY 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX%uDZ`L]P ;L²`[L_TF_SPWZ]OZQ_SP LYTXLW^Hv,YObSPYSPSLORTaPY ;L²`[L_T STX_ST^YLXP_SP[WLY_^_ZZVZY_ST^QZ]XFZQ_SPWZ]OZQ_SPLYTXLW^HQZ] _SP [WLY_^ L]P _SP WZ]O ZQ LYTXLW^ [L²`[L_T 1Z] bSPY LYTXLW^ PL_ [WLY_^ _SPd MPNZXP OZXTYPP]TYR 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P @R]L @R]L F_SP bTWO ZYP _SP QZ]NPQ`W ZYPHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP bTYO _ZZV ZY _ST^ FQZ]NPQ`WH QZ]XQZ]_SPbTYOT^QZ]NPQ`W,YO_ST^T^bSd_SPd^Ld_SL_bSPY_SPbTYO MWZb^ ^_]ZYRWd T_ MWZb^ bTWOWd `R]L QZ] _SP bTYO T^ _SP bTWO ZYP 3P ^LTO%u4LXXZ]P_SLY_SL_2TaPXPXZ]PYLXP^v3P^LTO_ZSTX%uDZ`L]P ,²LYT ,²LYT F_SP MZW_ ZQ WTRS_YTYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP WTRS_YTYR _ZZV ZY _ST^ FWTRS_YTYRMZW_H QZ]X QZ] _SP WTRS_YTYR T^ L MWZb ,YO_ST^T^bSd_SPd^Ld_SL_bSPYT_^_]TVP^L[P]^ZY_SPMWZb L²LYT SL^ ST_ STX 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P -SLaL -SLaL F_SP MPNZXTYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ]LTY _ZZV ZY _ST^ FMPNZXTYRNL`^TYRH QZ]X QZ] PaP]d_STYR SP]P R]Zb^ MSLaL_T MPNL`^P ZQ _SP ]LTY 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P 8LS£Y /PaL / PaL PaL F_SP R]PL_ RZOHv ,YObSPYSPSLORTaPYSTX_ST^YLXP _SP XZZY_ZZVZY_SPQZ]XFZQ_SP 2]PL_ 2ZOH QZ] _SP XZZY T^ ;]LU£[L_T LYO ;]LU£[L_T T^ _SP 2]PL_ 2ZO 3P ^LTO%u4LXXZ]P_SLY_SL_2TaPXPXZ]PYLXP^v3P^LTO_ZSTX%uDZ`L]P ®²£YL ®²£YL F_SP ]`WP]Hv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ^`Y _ZZV ZY _ST^QZ]XFZQL]`WP]HQZ]_SP^`YT^_SP]`WP] Ų£YL ?SP^`YNZY_]ZW^PaP ]d_STYR 3P ^LTO% u4 LX PcLN_Wd LWW _ST^ DZ` OZ YZ_ SLaP _Z RTaP XP LYd XZ]PYLXP^v,YO_SP^PL]P_SPPTRS_QZ]X^ZQQT]Pmx #
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?ST^[]ZMLMWd]PQP]^_Z_SPYL_`]LWPWPXPY_QT]PLYOYZ__Z_SPQT]PRZO,RYT # MS¼_ÑY£À NL [Ã_Tà ^LÀaL_^L]à `´Ã^T ]Ë_Z u^TÓNLY_ ^à ^LÀaL_^L]Ë V`XÝ]Z uU£dL_ ^Z u]ZO¯_gg_ÃÀ[]LUÑ[L_T]LM]La¯_gVÜX£]LVÏÈ]ZOT´TdLNNS]ÃX£__L[L^ÕuOSTU£_Zu^Ð_Î ^Z uM]La¯O ÃYL[LSL_L[£[X£ aÑv L^Xd ÃST_LY£XL YÑXL XL OSPSÐ_T m gg _ÃX LM]La¯O ]ÛO]Zu^Ð_Tg_LOdÃOL^dL_LYY£XÑVL]ZOLRYT^_ÃO]¼[ÃXLMSLaLOLRYT]aÃT]`O]ZdÃO L]ZO¯_ _Ã^X£O ]`O]Âà ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯_ ^Â]aZ u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO Ñ[L^ _ÃO ]¼[ÃX LMSLaLYY Ñ[Z aÃT ^Â]aZ uOMSdÔ S¯OLÈ ^Ã]aLÀ UÑdL_Ê ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_Tgg_ÃXLM]La¯_[L²`[Ã_T]L^Ð_Tg_LOdÃOL^dL_LYY£XÑVL]ZOÕ´LOLdL^_ÃO]¼[ÃX LMSLaLYY Õ´LOSLdZ aÃT [L²`[Ã_T^ _Ã^X£O dLOÑ [L²ÃaL Õ´LOS¯] WÃMSLY_Ê u_SL [L_¯dLY_Î^ZuM]La¯UUdÑd£Ya£vÃ_Zu^XTOSÊSdPaÃXPY£XË_Tgg_ÃXLM]La¯OáR]Zu^Ð_T g_LOdÃOL^dL_LYY£XÑVL]ZOa£d`^_ÃO]¼[ÃXLMSLaLOa£d`]aÑv`R]L^_Ã^X£OdLOÑ MÃWLaLOaÑ_d`R]Õa£_Ð_d£SÛà^ZuM]La¯UUdÑd£Ya£vÃ_Zu^XTOSÊSdPaÃXPY£XË_Tgg _ÃX LM]La¯O L²ÃYT] L^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO aTOd`_ _ÃO ]¼[ÃX LMSLaLO aTOd`O aÃv L²ÃYT^ _Ã^X£O dÃÀ aTOd`O OSÃY_d L²ÃYT] LMLOS¯O Ï_d £SÛà ^Z uM]La¯U UdÑd£Ya£vÃ_Zu^XTOSÊSdPaÃXPY£XË_Tgg_ÃXLM]La¯OMSÂaZu^Ð_Tg_LOdÃOL^dL_LY Y£XÑVL]ZO[L]UÃYdL^_ÃO]¼[ÃXLMSLaL_[L]UÃYdZaÃTMSLaÃà[L]UÃYdÝOOS¯OLÈ^Ã] aLÀMSÃaL_Î^ZuM]La¯UUdÑd£Ya£vÃ_Zu^XTOSÊSdPaÃXPY£XË_Tgg_ÃXLM]La¯YXL SÑYOÊaZu^Ð_Tg_LOdÃOL^dL_LYY£XÑVL]ZNNLYO]ÃX£^_ÃO]¼[LXLMSLaL_[]LUÑ[L_T] aÃTNLYO]ÃX£à[]LUÑ[L_T]aÃTXLSÑYOPaÂà^ZuM]La¯UUdÑd£Ya£vÃ_Zu^XTOSÊSdPaÃ
>Z`YO=T_`LW^%_SP>£XLAPOL
=`O]L ]PNPTaP^ YLXP^ M`_ bSL_ T^ NSLYRPO T^ _SP bZ]WO -PNL`^P _SP bZ]WOT^ LW]PLOd TY _SPRZO;]LU£[L_Tv^ ^_L_PXPY_^ZQ _]`_SOP_P]XTYTYR _SPYL_`]PZQ_SPOPT_dL]PLW^ZN]PL_TaPLN_^TY_SPbZ]WO-`__SPRZOT^ YZ_ NSLYRPO Md ]PNPTaTYR YLXP^ ?SP YLXP^ OZ YZ_ N]PL_P STX M`_ TY ^_PLOPc[WLTYSTX?ST^T^_SP]PLWXL]VZQL_]`P7Z]O2ZO ?ST^Pc[WLTYTYRZQ_SPRZOLW^ZQZ]X^_SPNPY_]LWL^[PN_ZQ_SP ±L_L ]`O]¯dL _SPZWOP^_WT_LYdbSTNSZNN`]^TY_SP DLU`]APOL LYObSTNSbP L]P PaPY U`^_TQTPO TY NLWWTYR XZYZ_SPT^_TN ?SP _Pc_ NZY^T^_^ LWXZ^_ Pc NW`^TaPWd ZQ _SP YLXP^ ZQ =`O]L bSTNS NZXP _Z YPL]Wd ZYP S`YO]PO ²L_L TY Y`XMP] 3P]P bP QTYO YZ_ ZYWd _SP NWL^^TNLW P[T_SP_^ M`_ LW^Z []ZQP^^TZYLW R]Z`[^ LYO YL_`]LW [SPYZXPYL _SL_ SLaP ^ZXP_STYR u=`O]TNv LMZ`_ _SPX ,WW _SP^P _P]X^ L[[PL] _Z SLaP P\`LW ^_LYOTYR L^ YLXP^ QZ] _ST^ RZO ^PP .SL[ TY _ST^ MZZV ?ST^ WT_LYd bL^ Z]TRTYLWWd`^PObSTWP_SPWL]RPQT]PLW_L]bL^MPTYRM`TW_>ZTY_P]X^ZQ Q`YN_TZY _ST^ T^ ZYP ]T_`LW _Pc_ LXZYR^_ L _SZ`^LYO -`_ PaPY PL]Wd -]LSXLYTN ±TaLT_TN L^NP_TN _]LOT_TZY^ `YOP]^_ZZO _SP _Pc_ L^ L []TXL]d XLYTQP^_L_TZY ZQ _SP 7Z]O 2ZO ±TaL LYO `^PO T_ TY L _d[TNLWWd _SPT^_TN XLYYP]L^L`YTaP]^LWXPLY^ZQ[`]TQTNL_TZYLYO^LWaL_TZY>`NSWT_LYTP^ ZQYLXP^MPNLXPL`YT\`P WT_P]L]d[L]LOTRXTY _SPWL_P]XZYZ_SPT^_TN XZaPXPY_^bSTNSSLOYZ_STYRL_LWW_ZOZbT_S_SP^LN]TQTNPLYdXZ]P ,[L]_ Q]ZX ^`NS ]T_`LW LYO XPOT_L_TaP Q`YN_TZY^ ZQ _SP YLXP^ ZQ RZO^ _SPT] P_dXZWZRTP^ _ZZ ]PXLTYPO NPY_]LW LYO _SPd bP]P _SP ^`MUPN_ ZQ L RZZOOPLWZQ_SPZWZRd^PP.SL[MPWZb
!
>Z`YO=T_`LW^%_SP>£XLAPOL
BSPYbPWZZVMLNVQ]ZXWL_P][P]TZO^_SP >£XLAPOL T^ZQ_PY_LVPY_Z MP _SP XZ^_ [P]QPN_ APOL 1Z] PcLX[WP TY _SP -SLRLaLOR¯_£ _SP 7Z]O 2ZO6´©LOPNWL]P^% w,XZYR^_LWW_SPNPWP^_TLWMZOTP^4 LX_SP^`YLXZYR^_LWW_SPMZOTP^ZQ _SPYTRS_4LX_SPXZZYLXZYR^_LWW_SPAPOL^4LX_SP>£XLaPOLx $
?ZOLdv^ WTYR`T^_^ LYO ST^_Z]TLY^ ^PP _SP ^T_`L_TZY aP]d OTQQP]PY_Wd QZ] _SP >LÀST_£ ZQ _SP >£XLAPOL SL^ SL]OWd LYd _Pc_^ ZQ T_^ ZbY _SL_ bP NLY LYLWdeP TY^_PLO MZ]]ZbTYR aT]_`LWWd LWW T_^ ^PXLY_TN XL_P]TLW Q]ZX _SP RaPOL ,YO _SL_T^YZ_LWW?SPRaPOL _Pc_^L[[PL]SP]P TYLOT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ XPY£XË_Tgg_ÃXLM]La¯Oв£YZu^Ð_Tg_LOdÃOL^dL_LYY£XÑVL]ZO£OT_dL^_ÃO]¼[LX LMSLaLO £OT_dZ aÃT вÃYL £OT_d SdL^dL ^Ã]aL^dË´¶Ê ^Z uM]La¯O P_Ña£Y aÑv L^XT X£ XË_Là[L]ZY£XLOS£Ï_Tgg_ÑYdP_ÑYdL´¶ÑaLRYT]¼[Ñ©Tg±-!#z# $ £OT_d£Y£XLSLÀaT´©`]UdZ_T´£À]LaT]LÀ²`X£Yg XL]ÅNT]XL]`_£XL^XTYLV´L_]£©£XLSLÀ²L²Ågg aPO£Y£À^£XLaPOZu^XTOPa£Y£XL^XTa£^LaLàg-S2zL
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_Z]_PO QZ]X L^ L _d[P ZQ OZ`MWP /`_NS LYO bT_S Pc_]L Xd^_P]TZ`^ ^dWWL MWP^_SL_OZYZ_SLaP LYdOT^NP]YTMWP^PXLY_TNXPLYTYR-`_ _SP >£XL APOL L^ T_^YLXP ^`RRP^_^OZP^[Z^^P^^T_^ZbYTYOP[PYOPY_XPWZOTP^ ^£XLY L^T_T^^`YRLYOYZ_]PNT_PO ./1Z]LWW_SP^P]PL^ZY^WTY R`T^_TN LYO ST^_Z]TNLW NZY^TOP]L_TZY^ ZQ _SP WT_P]L_`]P ZQ_PY WZZV L_ _SP >£XLAPOL TY L bLd _SL_ dZ`]^ _]`Wd bZ`WO ]PRL]O L _L[OLYNTYR SZ]^P TY_SP^_]PP_%bT_S^`][]T^P_SL_^`NSL_STYRPcT^_^M`_ZYPNLYYZ_LN_` LWWdOZaP]dX`NSbT_ST_ !?LVPQZ]PcLX[WP_SPWTYPQ]ZXLSdXYTY _SP2£dL_]¯XP_P]% ! LRYL£d£STa¯_LdPR©£YZSLadLO£_LdPYTSZ_£^L_^TML]ST´T w1T]P NZXP _Z _SP NPWPM]L_TZY ^TYRTYR QZ] ]TNS OZYL_TZY _SZ` NLWWP] OP ^NPYOP^_ZY_SPR]L^^P^x
?ST^MPNZXP^^ZXP_STYRPW^PPY_T]PWdTY_SP^`YR>£XLY% ZRY£¯ £ d£S¯ aZT_Zd£T _Zd£T R©£YZ SL adLO£_Zd£T _Zd£T Y£T SZ_£^£_^£TM£S£££ L`SZa£ S¯¯¯´¯
4QZYPbLY_PO_Z_]LY^WL_PT__SP]P^`W_bZ`WOMP^ZXP_STYRWTVP_ST^% w1ZTdLLTNZXP_Z_SPNZTWZM]LLTWZM]LLT^TYRTYRQZ]]TNSOZYLLT YLLT _SLLT NLWWP] OLL ^NPYOLLT ^_ZY _SP R]LL LL LL L`SZaLL L`SZaLL ^^P P P P^x
?SP bZ]O^ TY _SP >£XLYAP]^TZY L]P OT^_Z]_PO NSZ[[PO `[ LYO ]P^S`Q QWPO >PXLY_TNXPLYTYRNZX[WP_PWd _LVP^LMLNV^PL_ MPSTYO_SP ^Z`YO ,WW _SP aP]^P^ ZQ _SP SdXY L]P ^`MUPN_PO _Z _SP XZ^_ aL]TPO NSLYRP^ ! ;SZYPXP^X`_L_PTY_ZOTQQP]PY_ZYP^ aTV£]L PR LRYP w:QT]Px_`]Y^ TY_Z ZRY£¯ bSP]PMd wLx MPNZXP^ wZx 1`]_SP]XZ]P ^TX[WP ^Z`YO^ MP NZXP NZX[WPc OT[S_SZYR^ aTVL]´L©L Z] PaPY bSZWP NSLTY^ ZQ aZbPW^ aT²WP´L PR a¯_LdP w_Z _SP NPWPM]L_TZYx MPNZXP^ aZT_Zd£T 4Y LOOT _TZY]P[P_T_TZY^ LMSd£^L LYOT]]PR`WL][L`^P^ aT]£XL L]PTY_]ZO`NPO QZ]PcLX[WP R©£YZSLadLO£_LdP w^TYRTYRQZ]]TNSOZYL_TZYxMPNZXP^ R©£YZSL [L`^P adLO£_Zd£T PNSZ% _Zd£T -`_ _SP]P L]P XZ]P ZQ _SP^P ^_]LYRP QPL_`]P^ BP LW^Z SLaP YZY ^PY^PbZ]O^ LYO OT^_Z]_PO bZ]O^ TY X`^TN M`_ ZYWd TY UZWWd WTRS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 7T__WP ]P^PL]NS SL^ MPPY OZYP ZY _SP >£XLAPOL ,[L]_ Q]ZX =TNSL]O >TXZY /TP 9Z_L_TZY OP] aPOT^NSPY 7TPOP]MÞNSP] BTP^MLOPY% >_PTYP] $"$ $ LWXZ^_ _SP ZYWdBP^_P]Y ]P^PL]NSP]_ZSLaP_`]YPOST^L__PY_TZYLYLWd_TNLWWdTY^PaP]LWbZ]V^_Z _SP >£XLAPOL ^TYRTYR bL^ BLdYP 3ZbL]O >£XLaPOTN .SLY_ 7ZYOZY% DLWP @YT aP]^T_d ;]P^^ $""& w8`^TN LYO ,NNPY_`L_TZY TY APOTN 7T_P]L_`]Px ?SP BZ]WO ZQ 8`^TN $#% z& APOL =PNT_L_TZY TY A£]£©L^Å /PWST% 8Z_TWLW -LYL]^TOL^^ $#! $$z!& ?SP /PNT[SP]XPY_ ZQ _SP >£XLaPOTN 9Z_L_TZY ZQ _SP 5LTXTYÅdL^ 3PW^TYVT%1TYYT^S:]TPY_LW>ZNTP_d$## ! £XLaPOL>LÀST_£ [`MMd/LXZOL]L>£_LaL¹PVL]L>LÀaL_ ! ?SP _]LOT_TZY ]PNZRYTeP^ QTcPO _d[P^ ZQ ^`NS [P]X`_L_TZY^ bSTNS bP []P^PY_ MPWZb .Q >£XLaPOL>LÀST_£ [`MMd/LXZOL]L>£_LaL¹PVL]L>LÀaL_z4Y_]ZO`N _TZY
>Z`YO=T_`LW^%_SP>£XLAPOL
SPL]_PO^ZYR^^`NSL^_SZ^PLNNZX[LYdTYROLYNTYRZ]NSTWO]PYv^^ZYR^ -`_LYdZYPbSZ_STYV^_SL_>£XLY_Pc_^NZ`WOMP^`YR_ZLXPWZOd^`NS L^ w/P] AZRPWQÆYRP] MTY TNS UL ^_P_^ W`^_TR SPT^^L SZ[^L^^Lx ;L [LRPYZ TY 8ZeL]_v^ w8LRTN 1W`_Px LY PcLX[WP `^PO Md 1]T_^ >_LLW ! bTWW SLaP _Z _STYV LRLTY ?SP X`^TNLW TX[]P^^TZY ZQ >£XLY ^TYRTYR T^ YZ_ L_ LWW UZWWd LYO WTRS_SPL]_PO M`_ QT]^_ LYO QZ]PXZ^_ PcNP[_TZYLWWd ^_]LYRP4YRPYP]LWT_^X`^TNLW_d[PT^ZYPZQLXZYZ_ZYZ`^WLXPY_L_TZY 4_ T^ OZXTYL_PO Md WZYR O]LbYZ`_ LYO aTM]L_TYR ^`^_LTYPO _ZYP^ ^`YR _Z _SP aZbPW w£x ?SP ^NLWP _Z bSTNS _SP^P _ZYP^ L]P ^`YR `^`LWWd TY OP^NPYOTYRZ]OP]T^LN`]TZ`^aP]^TZYZQbSL_bZ`WOMP_SP/Z]TN^NLWP TYBP^_P]YNS`]NSX`^TN?SP]PT^L]PXL]VLMWP`^PZQXTN]Z_ZYLW^STQ_^ L^ Z[[Z^PO _Z _SP YL_`]LW ^NLWP SP]P / LYO - bSTNS XLVP^ L ^TR YTQTNLY_ NZY_]TM`_TZY _Z _SP w^[ZZVdx LYO wYZYS`XLYx NSL]LN_P] ZQ _SP^P XPWZOTP^ >`NS TY_P]aLW^ ^Z`YO wb]ZYRx _Z XZOP]YOLd WT^_PYP]^ MZ_S BP^_P]Y LYO 4YOTLY LYO NLY ZYWd MP ^`YR Md _ZOLdv^ ^TYRP]^ bT_SOTQQTN`W_d.ZY^TOP]LW^Z_SPaP]d^WZbXZaPXPY_ZQ_SPXPWZOd%
>£XLAPOL 8PWZOd% 2Z_LXL^dL ;L]VL ^`YR TY _SP ?SLYULa`] 6L`_S`XL^_dWP ?SP[SZYP_TNOT^_Z]_TZY^ZQ_SP_Pc_NLYZYWdMd`YOP]^_ZZOaTL_SPXPW ZOd?SP_Pc_`LWWd`YXZ_TaL_PO[L`^PL_ wR©£YZSL [L`^P adLO£_Zd£T PNSZ% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1]T_^>_LLW =T_`LWLYO8LY_]L^%=`WP^BT_SZ`_8PLYTYR /PWST%8Z_TWLW-LYL]^TOL^^ $$!
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_Zd£Tx T^Pc[WLTYPOMd_SPQLN__SL_LQ_P]_SPTYT_TLWwRxZYWd_S]PPXZ]P ^dWWLMWP^ L]P YPPOPO QZ] ^TYRTYR _SP NZY_TY`LWWd ]P[PL_PO _S]PP_ZYP XZ_TQZQ0QWL_/.-`__SP_Pc_SL^^ZXLYd^dWWLMWP^_SL__SPXZ_TQ NLYYZ_LM^Z]M_SPXLYdXZ]PLYOT^_SP]PQZ]PM]`_LWWd_]`YNL_PO ?SP PX[SL_TN PcNWLXL_TZY wL`SZa£x L_ _SP PYO ZQ _SP >£XLY SL^ SZbPaP] YZ []PNPOPY_ L_ LWW TY _SP SdXY bSTNS NWZ^P^ bT_S ML]ST´T wZY_SPR]L^^P^x?SP>£XLYwNSZ[^`[x_ST^QTYLWbZ]OTY_ZwM£S££ £x w¯¯ ¯ ´¯xLYO[`_^_SP ^_]TYRZQ ^Z`YO^wL`SZa£xTY_SPRL[4Y^P] _TZY^ ^`NS L^ _SP^P NLWWPO ^_ZMSL [L`^P ^Z`YO Q]ZX √ ^_`MS w_Z ]T[ `[x TY >LY^V]T_ L]P LWbLd^ YZY^PXLY_TN wYZY^PY^Px ,YO T_ T^ []P NT^PWdXPLYTYRWP^^YZY^PY^PWTVP_ST^bSTNST^LNNZ]OPO^[PNTLW^LN]PO YP^^ BSd* ,^ [L`^P ^Z`YO^ Z] QTWWP]^ _SP >_ZMSL^ SLaP _SP []TXL]d Q`YN_TZY ZQ []ZaTOTYR [SZYP_TN XL_P]TLW L_ _SZ^P [WLNP^ bSP]P _ST^ T^ WLNVTYR TY _SP _Pc_ T_^PWQ ,_ _ST^ [ZTY_ _SP ^Z`YO MPRTY^ _Z OTN_L_P _SP [SZYP_TN^ TY L ^TXTWL] XLYYP] _Z L XZOP]Y ULee ^TYRP] `^TYR YZY^PY^P [S]L^P^ ^`NS L^ w^SZZMPPOZZMPPOZZx TQ SP NLYYZ_ _STYV ZQ LYd XZ]P bZ]O^ ?ST^ OZP^ YZ_ ^Z`YO P^[PNTLWWd SZWd _Z `^ M`_ LQ_P] LWW bP L]P YZ_ []TP^_^ [P]QZ]XTYR ^LN]TQTNP^ TY _SP PL]Wd 4]ZY ,RP ?Z _SP L`_SZ]^ ZQ _SP -]£SXL©L^ ^`NS ^[ZY_LYPZ`^ [S]L^P^ LYO NLWW^ bP]P ]PLW WLY R`LRP LN_^ ZQ _SP SZWd ZYP MPNL`^P _SP ^PWQRPYP]L_TYR []TYNT[WP ZQ ^Z`YOXLYTQP^_^ T_^PWQSP]P1Z]PcLX[WP _SP[Sd^TNLW [SZYPXP^ZQ_SP L`SZa£ L]PLN_`LWWdZYWd^dYP^_SP_TNXLYTQP^_L_TZY^ZQ_SPXPWZOTNWTYP%
?SP PX[SL_TN WZ`O LYO ^`OOPY ^QZ]eL_Z . _Z bSTNS _SP Pc[WZ^TaP w^W`YRZ`_x^dWWLMWP wSZx T^^`YR^TYV^OZbYbL]O^LYOMPNZXP^L^ZQ_ bLaPWTVPXZaPXPY_ZY_SP^ZQ_Z[PY^dWWLMWP wa£x LYO_SP^ZQ_XZaP XPY_ ZQ L _ST]O OZbYbL]O^ 9ZYP ZQ _SP^P ^Z`YO^ OPYZ_P _STYR^ M`_ MPNL`^P ZQ _SPT] YZY^PXLY_TN ^TRYTQTNLYNP _SPd L]P TY^_PLO ]PLWT_TP^ Q]ZX LYZ_SP] bZ]WO ?ST^ T^ LW^Z ]PQWPN_PO TY L ^[PNTLW aZNLW _PNSYT\`P `^POQZ]_SP_bZ SL ^Z`YO^TY MLS£ LYO L`SZa£ ?SPwSxT^w^[L_Z`_x^Z aTRZ]Z`^Wd _SL_ _SP aZTNP uM]PLV^v ^SZbY Md _SP QLW^P__Z YZ_P^ TY _SP LMZaPPcLX[WP ?SPSZWTP^_>£XLY^ZYWdNZY_LTYSTRSWdPc[]P^^TaP>_ZMSL^dWWLMWP^ WTVP _SP^P?SP _PNSYTNLW _P]XQZ]_ST^_d[PZQ ^TYRTYR T^ wLYNx >£XLY TPw>£XLYbT_SZ`_LSdXY N x,W_P]YL_TaPWd_SP^P>£XLY^NLYLW^Z MP NLWWPO wTYNZ][Z]PLWx L²L]¯]L MPNL`^P _SP bZ]O^ ZQ _SP SdXY L]P
>Z`YO=T_`LW^%_SP>£XLAPOL
"
]PRL]OPO L^ _SP MZOd ZQ _SP >£XLY w4YNZ][Z]PLWx >£XLY^ L]P _SZ`RS_ _Z MP [L]_TN`WL]Wd [ZbP]Q`W L]NLYLP M`_ LW^Z [L]_TN`WL]Wd OLYRP]Z`^ ZYP^7TVP_SPP^NSL_ZWZRTNLW[L]_^ZQ_SP-]£SXL©L^_SPdL]P]P^_]TN_PO _Z ^[PNTLW ^PN]P_ NSL[_P]^ ZQ _SP >£XLAPOL -`_ _SP >_ZMSL ^dWWLMWP^ X`^_YZ_MPNZX[WP_PWdLM^PY_Q]ZXLYd>£XLY^TYRTYR_SL_T^_ZXLTY _LTYT_^PQQTNLNd?SPOZaP_LTWTYRZQ^_]`N_`]PLYOLY_T^_]`N_`]PZQ^PY^P LYOYZY^PY^PNSL]LN_P]TeP^YZZ_SP]APOLL^X`NSL^_SP>£XLAPOL
!
8TXP_TN8LRTN
:YP NZ`WO YZ_ NWLTX _SL_ _SP -]£SXL©L^ ZQ _SP RaPOL LYO _SP DLU`] APOL bZ`WO^Z`YOP^[PNTLWWdWZRTNLWZ]]PWPaLY_Q]ZXLXZOP]Y[ZTY_ZQ aTPb .ZX[L]PO bT_S _SP LWXZ^_ w^`]]PLWx -]£SXL©L^ ZQ _SP >£XL APOL SZbPaP] _SPd L]P U`^_ L^ TYQZ]XL_TaP L^ LY TY^_]`N_TZY MZZVWP_ QZ] L aLN``X NWPLYP] -L^TNLWWd _ST^ T^ YZ_ ^`][]T^TYR QZ] TY >£XLY ^TYRTYR _SP ^_]`N_`]TYR XP_P] T^ M]ZVPY `[ Md _SP ^TYRTYR T_^PWQ LYO _SP ^PXLY_TN_Pc_T^]PYOP]PO`Y]PNZRYTeLMWPMd_SP[SZYP_TNOT^_Z]_TZY^>Z T_ T^ TX[Z^^TMWP _Z N]PL_P PT_SP] NZY^T^_PY_ Y`XP]ZWZRTNLW WTYV^ Z] ^P XLY_TN P_dXZWZRTNLW WTYV^ BSPY Pc[WLYL_TZY^ L]P RTaPY QZ] _SP PQQPN_^ _SL_ >£XLY^ PcP]_ _SPd L]P ZQ_PY ML^PO ZY ^`RRP^_TaP L^^ZNTL_TZY^ _SL_ OZ YZ_ SLaP _Z QZWWZb L ^TYRWP WTYP ^_]TN_Wd 0c[WLYL_TZY^ `^TYR XP_L [SZ]^ L]P NZXXZY :YP ^_]TVTYR QPL_`]P T^ _SP L^^ZNTL_TZY MP_bPPY _SP ^TYRTYRLYOLYTXLW^ZQLWW_d[P^ 1Z] PcLX[WP _SP A£XLOPadL XPWZOd ./ T^ ]PRL]OPO L^ L ^_dWP ZQ ^TYRTYR bSTNS T^ wNL__WPMPRP__TYRx Z] wMPWZYRTYR _Z NL__WPx [L²LadL ! 5`^_ L^ WTaP^_ZNV SL^ _Z MP QPYNPO TY _SP ^TYRTYR ZQ _SP A£XLOPadL L[[L]PY_Wd LW^Z SL^ _Z MP QPYNPO TY ^Z _SP NL__WP wOZ YZ_ ^_]Ldx?SP 5LTXTY¯dL-]£SXL©L OP^N]TMP^LXP_SZOQZ]LaZTOTYR_ST^% w.ZX[WP_PWdNZaP]POFMdZYPv^ZaP]RL]XPY_H^SZ`WOZYP^TYRT_bSTW^_YZ_ XZaTYR 4Q ZYP XZaPO ZYP bZ`WO ^NL__P] _SP NL__WP 4Y PL]WTP] _TXP^ _SPd WLTO _SP LcWP ZQ L NL]_ ZY _SPT] SPLO^ LYO bSZPaP] NZ`WO ^TYR _SP FA£XLOPadLHbT_SZ`__SPLcWPQLWWTYRZQQFST^SPLOHbL^_SPZYP_SPdNSZ^P _ZMP_SPT]^TYRP]WT_ZQbSZX_SPd^LTOuSP^SLWW^TYRQZ]`^v?ST^T^_SP bLd_SL_T^SPW[Q`WbT_S^TYRTYRx !
-`__ST^T^YZ__SPZYWd[]PNL`_TZYL]dXPL^`]P_ZMPZM^P]aPOTY^TYRTYR _ST^>£XLYBSPYL>£XLYT^^`YR_SPQTYLW^PN_TZYT^P^[PNTLWWdN]T_T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PPLW^ZB.LWLYOPO_]LY^ /L^5LTXTY¯dL-]£SXL©LTY,`^bLSW BTP^MLOPY%8 >ÆYOTR$"zQZ]_SPQZWWZbTYRPcLX[WP^ ! []£a_LPa£YPULYY`OR£dPO&LV´LÀSL^XLa£P_L_[`]£aT²Lಯ]´LYYTOLOSL_T%dLPaL _LX`OR£dLYY£aL[£_LdT´dL_T ^LYL`OR£^dL_¯_T&_LO`_LO`[LV£]dL]¼[LXPaL5LT -]£#$&B.LWLYOPO_]LY^ /L^5LTXTY¯dL-]£SXL©LTY,`^bLSW BTP^ML OPY%8>ÆYOTR$"$Q
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
NLW _SL_ T^ _SP wWPLaTYRx ZQ _SP ^ZYR ?ST^ wWPLaTYRx T^ L^^ZNTL_PO bT_S wMPTYR O]TaPY LbLdx wPYOx LYO PaPY wOPL_Sx ,^ XTRS_ MP Pc[PN_PO ^`NS QTYLW ^PN_TZY^ NZY_LTY aP]d XLYd ^_ZMSL^ 4Y _SP NL^P ZQ _SP A£XLOPadLNZ]]PN_^TYRTYRZQ_SPQTYLW^PN_TZYT^OP^N]TMPOL^QZWWZb^% w?SPFA£XLOPadLHT^NT]NWTYR ^a£]LX !!F[]P^`XLMWdMPNL`^P_SPXPWZOd NZY_LTY^ XLYd uNT]NWTYRv XZ_TQ^ Z] bLaPWTVP PWPXPY_^H ?]`Wd _SP M]PL_S ZQWTQPT^LNT]NWTYR>ZSPF_SP^TYRP]H[`_^_SPM]PL_SZQWTQPTY_Z_SPNL__WP FZQ _SP [L_]ZY ZQ _SP ^LN]TQTNP LYO NL`^P^ _SPX _Z WTaP WZYR Md ^TYRTYR TY NT]NWP^H -`_ YZb SP bZ`WO MP LMWP _Z O]TaP Z`_ WT_ _Z NT]NWP Z`_ _SP [L _]ZYv^NL__WPFQ]ZX_SP^_LMWPHbT_SST^NT]NWTYR^Z`YOx !"
?ST^XPLY^_SL__SP^TYRP]QTYO^STX^PWQMP_bPPY>NdWWLLYO.SL]dMOT^ :Y_SPZYPSLYO_SPYZ_TZYZQwWPLaTYRxZ]wO]TaTYRZ`_xbSTNST^YPN P^^L]TWd WTYVPO bT_S _SP QTYLW [L]_ T^ []ZMWPXL_TN TY ]PWL_TZY _Z _SP NL_ _WP ?SP ^TYRP] NZ`WO M]TYR XT^QZ]_`YP `[ZY _SP [L_]ZY ^TYNP _SP WL__P] T^ SL]OWd RZTYR _Z bT^S _SL_ ST^ NL__WP ^_]Ld wZ`_^TOPx LXZYR^_ LWW _SP bTYO^M`_TY^_PLObLY_^_SPX_Z]PXLTY[]Z[P]WdwTY^TOPxTY_SP^_LMWP :Y_SPZ_SP]SLYO_SPwNT]NWTYRxPc[]P^^POTY_SP>£XLYT^LYPNP^^L]d ^TOPPQQPN_ ZQ WTQP -]PLVTYR T_ ZQQ bZ`WO XPLY TY_P]]`[_TYR _SP YL_`]LW NdNWPZQ_SPM]PL_SLYO_S`^PYOLYRP]TYR_SP[L_]ZYv^NL__WP% w-`_TQSPWPQ_Z`__SPQTYLW[L]_SPbZ`WO[]P^^LbLd_SPM]PL_SZQWTQPm F3P^SLWWHOZT_L^TQZYPbP]PVPP[TYR_SPNZb^TY_SP^_LMWPWT_[]P^^TYR LbLdMdML]]TYR_SPOZZ]x
?SP ^TYRP] XZOTQTP^ _SP QTYLW ^PN_TZY bSTNS T^ OT]PN_PO Z`_bL]O^ TY L bLd_SL_^SZ`WONZ`Y_P]LN__SPPc_P]YLWTYNWTYL_TZY9ZbSPNLY^Ldw4 SLaP [`_ _SP M]PL_S ZQ WTQP TY_Z _SP XTO^_ ZQ _SP NL__WP F-`_ TQ YZb _SP [L_]ZY ^SZ`WO WZ^P ST^ NL__WP Z] TQ _SPd ^SZ`WO OTPH LYO ^ZXPMZOd bP]P _ZLNN`^PSTXF(_SP^TYRP]HZQNL`^TYRF_ST^HSPF(_SPLNN`^P]HM]TYR^ XT^QZ]_`YP`[ZYSTX^PWQF_S]Z`RS_SP^TYZQ^WLYOP]Hx !# .ZaP]TYRZYP^PWQYZ_XZaTYR_SPNT]NWTYR^TYRTYR_PNSYT\`PLYOT_^ XZOTQTPO QZ]X NLY MP _P]XPO XTXP_TN XLRTN ,Q_P] WZZVTYR L_ _ST^ Pc LX[WP _SP bLd L >£XLY bZ]V^ NLY MP OP^N]TMPO L^ L XTXP_TN RP^_`]P M]TYRTYR LMZ`_ T_^ OP^T]PO PQQPN_ Md XPLY^ ZQ TXT_L_TZY 3ZbPaP] _SP XTXP^T^ WTP^ YZ_ TY L [TN_`]PWTVP TXLRP M`_ TY L RP^_`]LW TXLRP TY _SP ^Z`YO LYO TY _SP L[[PL]LYNP ZQ _SP ^TYRP] ?SP >£XLY^ L]P [ZbP]Q`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 3P]P ^aL]L NLYYZ_U`^_XPLYwLYZ_PxM`_X`^_MP^ZXP_STYRWTVPw_]TWWxZ]wNT]N`X QWPcxL^TY ^aL]T_L?SL_ ^aL]L TY_SPNZY_Pc_ZQM]PL_STYRNLYLW^ZXPLY_SPNT]N`WL _TZYZQM]PL_ST^PaTOPYNPOMd_SPOP^TRYL_TZY ^aL]L²£^_]L L^NTPYNPOPLWTYRbT_S_SP XLY_TNTY_P][]P_L_TZYZQM]PL_STYR !" _L_ ^a£]LÀ MSLaL_T& []£©Z aLT ^aL]Là% []£©£Y PaLT_L_ [L²`´` OLOS£_` ²aL]Z SL _` ^aL]P©L dLULX£YL^dL [L²¼Y YT^aL]T_Z]& dLOd LYTOSLYLÀ V`]d£_ []£©£Y L[TSLYd£_& ^L dL_S£ a]LUP R£ LYL[£Od L]RLWPY£[TSLYd£_ _£OV _L_ 5LT-]£ PO .L WLYOz !# m []£©LX PaLT_LO LOS£ XLOSdL_Là [L²¼Y£X T_T& dL PaLTYLX PaLÀ NLVa£À^LX `[LX¯X£À^P_L^L£]_TX£]NSL_T4MTO
>Z`YO=T_`LW^%_SP>£XLAPOL
$
^Z`YO ^`M^_LYNP^ _SL_ L]P NSLYYPWPO LYO OT]PN_PO _S]Z`RS _SP ^TYRP] ?ST^ OTQQP]PY_TL_P^ _SPX Q]ZX _SP Z_SP] QZ]X^ ZQ WLYR`LRP LYO ^Z`YO PaPY_^ TY_PR]L_PO TY_Z _SP ^LN]TQTNP ,NNZ]OTYR _Z _SP TY_P][]P_L_TZY ZQ _SP -]£SXL©L TY _SP NL^P ZQ SdXY^ N _SP XLRTN [ZbP] L]T^P^ Q]ZX _SP LOOT_TZY ZQ Y`XP]ZWZRTNLW LYO WPcTNLW []Z[P]_TP^ 4Y _SP NL^P ZQ _SP QZ]X`WL^ZQ_SP DLU`]APOL _SP]PL]PLW^Z_SPSZXZWZRTNLW]PWL_TZY^ZQ _SP ^LN]TQTNTLW PaPY_^ bSTNS LXZYR^_ Z_SP] _STYR^ L]P ]PaPLWPO Md P_dXZWZRd ,_ _SP ^LXP _TXP TY L NP]_LTY QL^STZY _SP >£XLY^ L]P LW ]PLOd ^`M^_LY_TLWWd PQQPN_TaP TY _SPT] ZbY ]TRS_ ?SPd OZ YZ_ ^_LYO QZ] [Sd^TNLW Z] ^dXMZWTN ]PWL_TZY^ MP_bPPY _STYR^ M`_ QZ] Q`YOLXPY_LW QZ]NP^ LYO ^P]TP^ ZQ XZaPXPY_^ bSTNS _SPd w^ZYTQdx @YWTVP _SP XLY _]L^_SPLN_`LWPQQPN_^_SL_L>£XLY^ZYRM]TYR^LMZ`_^`NSL^bSP_SP] T_ _]TRRP]^ XLRTN _SL_ M]TYR^ MPYPQT_ Z] XT^QZ]_`YP L]P YZ_ OP_P]XTYPO Q]ZX _SP aP]d MPRTYYTYR ?SPd L]P TY QLN_ OP_P]XTYPO Md _SP bLd TY bSTNS_SP>£XLYT^^`YR 9Z_ ZYWd _SP A£XLOPadL M`_ Z_SP] XP_SZO^ ZQ ^TYRTYR LW^Z ^_LYO QZ]Q`YOLXPY_LW^P]TP^ZQXZaPXPY_^Z]P^^PY_TLWLYO^`M^_LY_TLWQZ]NP^ ?SPdZYWdSLaPLML^TNRP^_`]PLYOWP^^ZQL^[PNTQTNXPLYTYRLW_SZ`RS _SPd ]P[]P^PY_ STRSWd ^dXMZWTN QZ]X^ ?ST^ T^ [L]_TN`WL]Wd ZMaTZ`^ TY _SP _bZ LY_T[SZYTN >£XLY^ =L_SLY_L]L LYO -SL_ ?SPd L]P LWbLd^ ^P_ OTLXP_]TNLWWdZ[[Z^PO_ZPLNSZ_SP]% w?SPSdXYT^ =L_SLY_L]L_SP >£XLYT^-SL_?SP-]LSXTYT^=L_SLY_L]L _SP VTYR T^ -SL_ ?ST^ bZ]WO T^ =L_SLY_L]L _SP Z_SP] bZ]WO T^ -SL_ BSL_PaP]XZaP^^Z_Z^[PLVMPWZYR^ _Z=L_SLY_L]LbSL_PaP] ^_LYO^ ^_TWW MPWZYR^_Z-SL_3P]MTaZ]P^WT_LYTXLW^bT_SZYWdZYPVTYOZQ_PP_SMP WZYR _Z =L_SLY_L]L FLYOH NL]YTaZ]P^ WT_ LYTXLW^ bT_S _bZ VTYO ZQ _PP_S MPWZYR_Z-SL_x !$
=L_SLY_L]L ZMaTZ`^Wd ^dXMZWTeP^ _SL_ bSTNS T^ ^ZQ_ LYO NZX[WTLY_ bSTWP -SL_ ^dXMZWTeP^ _SL_ bSTNS T^ SL]O ]P^T^_LY_ LYO LRR]P^^TaP ?SP^P [SPYZXPYZWZRTNLW WT^_^ Z] ^dXMZWTN QTPWO^ L]P NZY_TY`PO TY LY Z_SP] ^PN_TZY ZQ _SP _Pc_ TY bSTNS _SP _bZ Q`YOLXPY_LW QZ]NP^ `W_T XL_PWdN`WXTYL_PLYONZXMTYPbT_STYS`XLYMPTYR^% w-SL_ LYO =L_SLY_L]L bP]P N]PL_PO LYO _SP LYTXLW^ bP]P N]PL_PO TY _SPT] TXLRP LYO _SZ^P ZQ _SPX _SL_ bP]P =L_SLY_L]TN bP]P N]PL_PO TY _SP WTVP YP^^ZQ=L_SLY_L]LLYO_SZ^PZQ_SPX_SL_bP]P-SL_TNbP]PN]PL_POTY_SP WTVPYP^^ ZQ -SL_ F?ST^H Z[[Z^T_TZY ^LXLO FQTYLWWdH NL`RS_ _SPX ?SP]P bL^_SPFOLYRP]_SL__SPdXTRS_HT^ZWL_P_SPX^PWaP^NZX[WP_PWdFQ]ZXPLNS Z_SP]H F?SPdH ^LTO u4Q bP _bZ L]P _Z MPNZXP _S`^ F( T^ZWL_PO Z[[Z^T_P^H bP bTWW YZ WZYRP] MP LMWP _Z VPP[ _SP N]PL_`]P^ LWTaP ^Z WP_ `^ PcNSLYRP Z`]QZ]X^v,YO_SPdPcNSLYRPO_SPT]QZ]X^,YO^Z_SP=L_SLY_L]TNaZTNP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ R aLT ]L_SLY_L]LÀ ^£XL MSLO& M]LSXL aLT ]L_SLY_L]LÀ V´L_]LÀ MSLO& TOLÀ aLT ]L_SLY_L]LX LOZ MSLO& dLO a£ PUL_L TaL _LO ]£_SLY_L]LÀ dLO `[L^_ST_LÀ _LO M£]SL _LÀ& dP a£ LYdL_ZOLY_£à [L²LaL^ _P ]£_SLY_L]£& dL `MSLdL_ZOLY_£^ _P M£]SL_£à 5LT-]£#PO.LWLYOQ
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
PY_P]PO _SP -SL_TN LYTXLW^ LYO _SP -SL_TN aZTNP PY_P]PO _SP =L_SLY_L]TN LYTXLW^ ?SP NZb T^ _]`Wd =L_SLY_L]TN QZ] ^SP [ZTY_^ OZbYbL]O^ ^Z _Z ^[PLVbSPY^SPMPYO^OZbY-`_^SP^[PLV^bT_SL-SL_TNaZTNPLYO^Ld^ uMS£v?ST^T^NZX[WP_PWdFOT]PN_POH_ZbL]O^_SPZ`_^TOP?SPRZL_T^_]`Wd L -SL_TN LYTXLW QZ] ^SP [ZTY_ `[bL]O^ ^Z _Z ^[PLV bSPY ^SP NSL]RP^ F_ZbL]O^ ZYPH -`_ ^SP ^[PLV^ bT_S L =L_SLY_L]TN aZTNP bSPY ^SP MWPL_^ ?SPd OTO YZ_ LR]PP ZY _SP XLY ?SPd ^LTO uBP MZ_S bLY_ _Z PY_P] _SP XLYv u,R]PPOv _SPd ^LTO LYO MZ_S PY_P]PO STX ?SP]PQZ]P XLY SL^ MZ_S aZTNP^ L =L_SLY_L]TN ZYP LYO L -SL_TN ZYP ,YO _SP =L_SLY_L]TN LYTXLW^ ^Lb _SL_ SP ^[ZVP =L_SLY_L]TNLWWd LYO bLT_PO ZY STX ,YO _SP -SL_TN LYTXLW^ ^Lb _SL_ SP ^[ZVP -SL_TNLWWd ?]`Wd XLY T^ _SP OT^^ZYLY_ ^Z`YO ^LÀV]Z²L ZQ-SL_LYO=L_SLY_L]Lx "
4Y ^ZXP ]P^[PN_^ _ST^ MT[ZWL] XZOPW L[[PL]^ ^TXTWL] _Z _SP DTYDLYR [SPYZXPYZWZRdZQ_SP.STYP^P/LZT^_^-`_SP]PbSL_T^TY_PYOPOT^YZ_ ZYWdLYPc[WLYL_TZYZQ_SPbZ]WOM`_LMZaPLWWLQPPWTYRQZ]_SPNZ]]PN_ `^PZQ_SP=L_SLY_L]LLYO-SL_^ZYR-dYZXPLY^OZ_SP_bZ_d[P^RZ _ZRP_SP] SL]XZYTZ`^Wd z TY^_PLO _SPd L[[PL] ]L_SP] L^ LY_LRZYT^_TN Z[[Z^TYR QZ]NP^ LYO NLY MP OLYRP]Z`^ TY NZXMTYL_TZY :YP [L^^LRP NZX[L]P^ _SPX bT_S _bZ XTRS_d _]PP^ bSZ^P M]LYNSP^ ^_]TVP ZYP LY Z_SP] O`]TYR _SP ^_Z]X LYO N]`^S PaP]d_STYR MP_bPPY _SPX ,NNZ]OTYR _Z_SP 5LTXTY¯dL-]£SXL©L _SP_bZ^_dWP^ZQ^TYRTYRNLY_SP]PQZ]PLW^Z MP`^POQZ]SL]XQ`W XLRTN4_ T^ ^_L_PO_SL_LS`XLYMPTYR TYST^[Z^T _TZY MP_bPPY _SP^P _bZ ^ZYR^ T^ L w]LeZ]^SL][ LcP ZQ _S`YOP]x LYO NZ`WO_SP]PQZ]P[`WaP]TePST^Z[[ZYPY_MP_bPPY=L_SLY_L]LLYO-SL_TQ SP `^PO _SP _bZ >£XLY^ NZ]]PN_Wd BSZX^ZPaP] SP SL_P^ SP w_S]Zb^ TY_Z_SPT]ULb^xLYOMPQZ]PLdPL]SL^[L^^PO_ST^[P]^ZYbTWWOTP
!
w.L_P]bL`WTYRxLYO3ZbWTYR>_Z]X^
4Y_SPXP_L[SZ]TNLWLYO ^dXMZWTN TY_P][]P_L_TZY^ZQ_SP-]£SXL©L^ _SP >£XLY^ L[[PL] ^`][]T^TYRWd ZQ_PY NZ]]PWL_PO bT_S LYTXLW aZTNP^ 0aPY _SP_Pc_T_^PWQPX[SL^TeP^L^_]ZYRWdwYZYS`XLYxL^[PN_LYO_ST^T^LW^Z _SP TX[]P^^TZY WPQ_ Md _SP _ZYLW XL_P]TLW ZQ _SP ^ZYR^ ?ST^ L^[PN_ NLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " MSLO]L_SLY_L]Pa£L^UdP_£À&_LOLY`[L²LaZ u^UdLY_L%dP ]£_SLY_L]££^LY ]L_SLY_L ]LÀ_PuYaL^UdLY_L&dPM£]SL_£MSL__P&_£Y^LXLOLaTYOL_&_LOadLaLMSTYO£YLXL _T´¶SL_&_PLM]¼_£X%T__SLÀNPOaLTMSLaT´d£aZYLaLT_L]ST²LV´d£aLà[]LU£MSL]_`À& SLY_L]¼[£©TadL_T´LU£aLS£T_T&_P]¼[£©TadL_T´LUP_£À%d£]£_SLY_L]¯a£R£^¯_M£]SL_£Y ^L [L²¼Y £aT²LO& d£ M£]SL_¯ ]£_SLY_L]£Y ^£& RL`] aLT ]£_SLY_L]¯ Y¯N¯aL Yd`MUT_£& ^£ M£]SL_¯Àa£NLÀaLOL_TMS£T_T[L]£N¯XPaL&LU£aLTM£]SL_d¼]OSaPa£V]£Y_£&^£]£ _SLY_L]¯À a£NLÀ aLOL_T XLVV£]P©L& _P [`]`´P YL ^LXL[£OLdP_£À& _P LM]¼_£X% `MSP TXLX£aT²£aP_T&_L_SP_T&_LX`MSP£aT²L_£À&_L^X£_[`]`´L `MSLd¯Àa£NLÀ aLOL_Td£ NL ]£_SLY_L]¯d£NLM£]SL_¯&_PdP ]£_SLY_L]£à[L²LaZ ]£_SLY_L]¯XL^dL_Pa£NLÀ[L² dLY_L`[L_T´¶SLY_P&dPM£]SL_£M£]SL_¯À_P&[`]`´ZaLTMSLO]L_SLY_L]LdZà^LÀV]Z²Là m5LT-]£$$ PO.LWLYO#Q
>Z`YO=T_`LW^%_SP>£XLAPOL
MPNZXP ^Z [ZbP]Q`W _SL_ _SP XPWZOTP^ LWXZ^_ WPLaP _SP ]LYRP ZQ bSL_ bP NLWW X`^TNLW :Q_PY _SP ^ZYR^ PcSTMT_ YZ_ ZYWd XTN]Z_ZYLW ^STQ_^ bSPY [P]QZ]XPO Md NP]_LTY ^TYRP]^ LYO LW^Z Pc_]PXP NS]ZXL_TN [L^ ^LRP^ :aP] _SP NZ`]^P ZQ _TXP NZX[WP_PWd L_ZYLW ^TYRTYR ^_dWP^ SLaP OPaPWZ[PO bSZ^P L`OTMWP TX[]P^^TZY^ ^PPX SL]OWd _Z SLaP LYd_STYR _Z OZ bT_S X`^TN LYd XZ]P TY _SP ^PY^P _SL_ 3P]MP]_ aZY 6L]LULY Z] u5ZP ;`MWTNv bZ`WO _STYV ZQ X`^TN BT_S T_^ TY_PY^TaP XZ`]YQ`W NLOPYNP^ _SP XPWZOd ZQ _SP QZWWZbTYR wNS]ZXL_TNx >£XLY L aP]^TZY ZQ _SP A£XLOPadL^PPMPWZbPcSTMT_^XZ]P^TXTWL]T_dbT_S_SP_ZYLW^_]`N_`]P ZQ LYTXLW YZT^P^ ^`NS L^ _SP SZbWTYR ZQ L _ZXNL_ WZZVTYR QZ] L XL_P Z]bT_SYL_`]LWYZT^P^^`NSL^_SPbLTWTYRZQLR`^_ZQbTYO%
>£XLAPOL,]NTVL !#FMPRTYYTYRH_SPA£XLOPadL
>NLWP^ WTVP _ST^ L]P YZ_ QZ`YO LYdbSP]P PW^P TY 4YOTLY X`^TN LYO PaPY _SP XTYTXLWT^_TN _S]PP_ZYP ]PNT_L_TZY^ ZQ _SP NLWWTYR []TP^_ L]P _ZYLWWd MZ`YO _Z L NP]_LTY Q`YOLXPY_LW YZ_P -`_ _ST^ T^ YZ_ _SP NL^P SP]P ?SP _ZYP^ L[[PL] _Z QWZL_ LbLd bT_SZ`_ LYd OT]PN_TZY MPNL`^P _SP]P T^ YZ Q`YOLXPY_LW YZ_P _ZbL]O^ bSTNS _SPd NZ`WO XZaP ,W_SZ`RS _SP _ZYP^ _SPX^PWaP^ NSLYRP _SP XPWZOd ^PPX^ _Z ]PXLTY ^_L_TZYL]d ,WW _SP^P
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
QPL_`]P^ L]P OPQTYT_PWd TY_PY_TZYLW MPNL`^P ^`NS L_ZYLW ^TYRTYR T^ X`NS XZ]P OPXLYOTYR QZ] _SP ^TYRP]^ _SLY _SP XZOLW 6L`_S`XL ^_dWP ZQ >£XLY ^TYRTYR OP^N]TMPO PL]WTP] 3P]P _SP]P T^ YZ [ZTY_ ZQ Z]TPY_L_TZY _SL_ _SP ^TYRP] NZ`WO `^P _Z QTYO _SP NZ]]PN_ [T_NSP^ 1Z] _ST^ ]PL^ZY >£XLY ^TYRTYR Q]P\`PY_Wd ]T^P^ R]LO`LWWd TY [T_NS L^ T_ T^ MPTYR [P] QZ]XPO ?ST^ >£XLY ^TYRTYR _SP A£XLOPadL ./ T^ aP]d ^TXTWL] _Z LY TYNZ][Z]PLW >£XLY ^PP MPWZb TY _SP ^PY^P _SL_ _SP ^_ZMSL ^dWWLMWP^ OZXTYL_PWL]RP^PN_TZY^ZQ_SP_Pc_,YO^PXLY_TNLWWdXPLYTYRQ`WbZ]O^ LW^Z SLaP L ^_]ZYR _PYOPYNd _Z OT^^ZWaP TY ^_ZMSLWTVP [SZYPXP^ 1Z] PcLX[WP _SP _bZ NPY_]LW _P]X^ _SL_ OPYZ_P _SP OPT_d STX^PWQ% ^LVS£ MPNZXP^ ^Z S£ L`SZS£T LYO ²LNT´¶SLd£ MPNZXP^ ²ZN£T ²LdL`SZ S`ÀMS£ 3ZbPaP] bZ]O^ bT_S WP^^ aLWTO XPLYTYR ]PXLTY PL^TWd NZX []PSPY^TMWP%wBSZmbSTNSmbSZ*x?ST^TY_PY_TZYLWTXT_L_TZYZQ_SP wYZYS`XLYx L^[PN_ `^TYR _SP XPWZOd LYO _LN_TNLW OT^^ZW`_TZY ZQ _SP _Pc_ ^PXLY_TN^ L[[PL]^ XZ]P _Z NZY_]LOTN_ _SLY _Z NZYQT]X >_LLWv^ MP SLaTZ]T^_ _SPZ]TP^ L^_SP WL__P]ZYWdLN_ L_LaP]d ^`[P]QTNTLWWPaPW4_T^ X`NSXZ]P_SPNL^P_SL__ST^T^LNZX[WPcQZ]XZQL]_bT_SLWW_SPL__PY OLY_ NSL]LN_P]T^_TN^ TP T_^ ZbY aT]_`Z^T_d LYO L `YT\`P NZX[Z^T_TZYLW L[[]ZLNS ?SP bLd TY bSTNS _SP bZ]O^ TY _SP aP]^P^ ZQ _SP SdXY^ L]P ]PLWTePO TY^Z`YO^_PX^Q]ZXLNWPL]WdOPQTYLMWPaZNLWRP^_`]PBSL_T^ PaZVPO T^ LY L_XZ^[SP]P ZQ ^ZXP_STYR ^`[P]S`XLY LYO NZX[WP_PWd QZ]PTRYLYO_SPbZYOP]WTVPLXLePXPY_TYaTPbZQ^`NSL^_]LYRP]PLW T_d bSTNS Pc[]P^^P^ T_^PWQ TY _SP WLXPY_TYR ^TRS^ ZQ _SP Y`XP]Z`^ NS]ZXL_TN^WTOP^LYO_SPPcNWLXL_Z]dwSLSZxNLWW^
!
w4YNZ][Z]PLW>ZYR^x
,NNZ]OTYR _Z _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L !z " ^ZXP ZQ _SP TYNZ][Z]PLW >£XLY^ L]P ^Z [Z_PY_ _SL_ [PZ[WP bSZ L]P w^`YR STRSx Md _SPXPY_P]_SPSPLaPYWdbZ]WOZQ_SPRZO^LYOMPNZXPTXXZ]_LWL^_SP ^_L]^ TY _SP SPLaPY^ L]P TXXZ]_LW ?ST^ ^Z]_ ZQ _STYVTYR TY P^NSL_ZWZRT NLWNL_PRZ]TP^WTVPbPQTYOTY_SP¢]L©dLVLZY_SP^`MUPN_ZQ_SPwYZT^P ]T_`LWx ZQ _SP 8LS£a]L_L T^ ^ZXP_STYR _Z_LWWd YPb LYO _d[TNLW ZQ _SP WL_P APOTN [P]TZO ?SP NSL]LN_P]T^_TN L^[PN_ SP]P TY _SP wTYNZ][Z]PLWx >£XLY^ T^ _SP YZ_TZY ZQ LY TXXZ]_LW ^Z`YO ^`M^_LYNP BP XPP_ SP]P bT_S LY LcTZX _SL_ MPNLXP NZXXZY TY WL_P] _TXP^% bSL_ T^ MZOdWP^^ T^ LW^ZOPL_SWP^^?SP>£XLY]P[WLNP^_SPXZ]_LWMZOdbT_SLYPbwMZOdx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP_Pc_T^NLWWPOw@[LYT´LO-]£SXL©LxM`_T_^QZ]XT^LN_`LWWd_SL_ZQLY¢]L©dLVL ;]ZMLMWd _SP YLXP @[LYT´LO SL^ MPPY RTaPY _Z _ST^ _Pc_ MPNL`^P _SP 6PYL@[LYT´LO T^WL^_NSL[_P]ZQ_ST^-]£SXL©L:Y_SP5LT@-]£^PPLW^Z8L^L_Z1`UTTv^TYQZ]XL_TaP L]_TNWPTY 4Y^TOP_SP?Pc_^z-PdZYO_SP?Pc_^#$
>Z`YO=T_`LW^%_SP>£XLAPOL
bSTNS ]P_LTY^ _SP QZ]X ZQ _SP ZWO ZYP M`_ `YWTVP _SP ZWO ZYP NZY^T^_^ ^ZWPWd ZQ [`]P wOPL_SWP^^x >£XLY ^`M^_LYNP ?SP wOT^PXMZOTPO ZYP^x YZb TYSLMT_ _SP SPLaPY^ M`_ NLY ^_TWW LW^Z _]PLO _SP PL]_S ^PP 5LT@-]£ !z3ZbPaP]ZY_SPPL]_S_SPdL]PXP]PWd^[T]T_^MPNL`^P_SPdYZ WZYRP] SLaP LYd PL]_SWd \`LWT_TP^ ?SPd L]P ^_TWW ]PNZRYTePO Md _SPT] ]PWL_TaP^M`__SPdNLYYZ_MP_Z`NSPOZ]PXM]LNPOMd_SPXQZ]_SPdL]P TY_LYRTMWP WTVP ^XZVP Z] bTYO >Z RLTYTYR TXXZ]_LWT_d LW^Z XPLY^ _SL_ LWWPL]_SWd_STYR^L]PWZ^_ =T_P^ WTVP _SP^P L]P YZ WZYRP] TY RPYP]LW [Z^^P^^TZY LYO L^ L ]`WP wYZ]XLWx []TP^_^ L]P YZ_ LMWP _Z [P]QZ]X _SPX >`NS OT^PXMZOTXPY_ ^[PNTLWT^_^ L]P _SPX^PWaP^ []P__d wLWTPYx WTaTYR TY N]PXL_TZY R]Z`YO^ LNNZ]OTYR _Z 5LTXTYÅdL@[LYT´LO-]£SXL©L ! U`^_ WTVP _SP WL_P] LOSP]PY_^ ZQ _SP =`O]L?LY_]L ?SPd PcSTMT_ [ZZ] ^ZNTLW TY_PR]L_TZY TY Z_SP]bLd^_ZZ 2LTYTYR TXXZ]_LWT_d Md XPLY^ ZQ _SP TYNZ][Z]PLW YZY^PXLY_TN >£XLY^ QZ]X^ _SP XLTY _SPXP ZQ _SP 5LTXTYÅdL@[LYT´LO-]£SXL©L >£XLY^ WTVP _SP^P L]P ^`YR TY _SP ]T_`LW L_ _SP _TXP ZQ _SP XZ]YTYR []P^^TYR_SL_T^bSPYPaP]_SP^`Y]T^P^TY_SPSPLaPY^(TY_Z_SPZ_SP] bZ]WO 4XLRP]d Pc[]P^^P^ T_^PWQ SP]P% _SP ^`Y M]PLV^ TY_Z _SP uZ_SP] ^TOPv LYO _SP wTYNZ][Z]PLWx >£XLY^ L]P ^`YR TY _SP PL]Wd XZ]YTYR MP NL`^P _SPd LW^Z WPLO _Z _SP Z_SP] ^TOP -`_ _ST^ T^ WTYVPO _Z _SP ^LXP LXMTaLWPYNP _SL_ T^ LW^Z ^`RRP^_PO TY _SP OP^_TYd ZQ _SP OT^PXMZOTPO ZYP^%PL]_SWdbPTRS_TPLYPL]_SWdMZOdT^LW^ZPL]_SWdSL[[TYP^^?SP aP]^P^ ZQ SdXY^ TY _SP V>LÀST_£ L]P L^^ZNTL_PO bT_S _SP PL]_S LYO PL]_SWdSL[[TYP^^ ²]¯ LYO_SP ^_ZMSL^ L]PL^^ZNTL_PObT_S_SPSPLaPY^ ?ST^ T^ LW^Z TWW`^_]L_PO Md _SP QZWWZbTYR ^_Z]d TY bSTNS PaPY _SP RZO^ SLaP _Z RTaP `[ _SPT] PL]_SWd MZOTP^ TY Z]OP] _Z PY_P] 3PLaPY -`_ L_ XTOOLd bSPY _SP ^`Y T^ L_ T_^ STRSP^_ T_ T^ ^_]ZYRWd ]PNZXXPYOPO _Z ^_L]_ZY_SP[L_SSZXPbL]O_Z_SPPL]_S^Z_SL__SPOPXZY^OZYZ__LVP ZaP] _SP bZ]WO ,^ TY XLYd N`W_`]P^ XTOOLd T^ ^PPY L^ LY P^[PNTLWWd WTXTYLW LYO OLYRP]Z`^ _TXP L_ bSTNS _SP OPXZY^ SLaP R]PL_P] [ZbP]^ _SLYL_Z_SP]_TXP^% w?SP RZO^ bT^SPO _Z PY_P] 3PLaPY ?SPd OTO FbSL_ _SPd bLY_PO _SPd NZ`WOHWTP^T_^_LYO]`YzFM`_H_SPdNZ`WOYZ_PY_P]3PLaPY?SPRZO^]LY _Z ;]LU£[L_T% uBP bZ`WO WTVP _Z PY_P] 3PLaPYv m 3P ^LTO _Z _SPX% ?S]Z`RS L >£XLY bT_SZ`_ L SdXY N bTWW DZ` PY_P] 3PLaPYv m -`_ bSPY _SPd ]LY F3PLaPYbL]OH _SPd ^SZZV ZQQ F_SPT]H MZOTP^ FLYO _SP^P bP]PH _SP SdXY aP]^P^ BSP]P`[ZY F_SP aP]^P^H QPWW FWTVP WPLaP^H Q]ZX 3PLaPY LYO WLd FZY _SP R]Z`YOH m 9Zb _SP SdXY T^ FPL]_SWdH SL[[TYP^^ ²]Å ,YO _SP OPXZY^ RL_SP]PO _ST^ FSL[[TYP^^H m ?SP RZO^ ^LTO% u3Zb NZ`WObPRP__ST^SL[[TYP^^MLNV*BPbTWW^TYR_SP>£XLY_Z_SPFbZ]O^ZQ
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
_SPHSdXY m>ZT_T^YZ_]LY^R]P^^TZY_Z^TYRLF>£XLYHL__SP_TXPZQ_SP XTOOLd[]P^^TYRZ]_SPLQ_P]YZZY[]P^^TYR_Z_SPFbZ]O^ZQ_SPHSdXYx "
?SP SdXY^ L]P _SP MZOTP^ ZQ _SP RZO^ >Z _SPd ^SLVP ZQQ _SPT] MZOTP^ M`_ TY OZTYR ^Z _SPd LW^Z WZ^P _SP ^LN]PO SdXY^ bSTNS L]P YZ WZYRP] OT]PN_PO _Z _SP RZO^ ?ST^ LWWZb^ _SP OPXZY^ _Z _LVP [Z^^P^^TZY ZQ _SPX ?Z []PaPY_ _ST^ Q]ZX XTOOLd ZYbL]O^ wMZOTWdx SdXY^ L]P LRLTY ^`YR ?ST^ ^_Z]d ^SZb^ _SP ]PXL]VLMWP LXMTaLWPYNP ZQ _SP YZY^PXLY_TN :Y _SP ZYP SLYO T_ T^ L SPLaPYWd LYO ]PWTRTZ`^ PWPXPY_ LYO Pc_]PXPWd ]PWPaLY_ ^Z_P]TZWZRTNLWWd M`_ ZY _SP Z_SP] T_ LW^Z SL^ L ^[PNTLW ^dX[L _SP_TN]PWL_TZY^ST[bT_S_SPOPXZYTN ?SP WL_P] 2LYOSL]aL X`^TN LW^Z SL^ YZY^PXLY_TN _Pc_^ ^`NS L^ _SP QZWWZbTYRQ]ZX_SP -S£]L_¯dL9£¶dL²£^_]L % USL©¶`À ULRL_T dLaL_TWLVL ULXM`VL USL©¶`À _T_T NL WLRS` NL USL©¶`À _T_T N£g OT«RWP RL©L[L_T[L²`[L_TULXM`VL OT«RWP aL]LMS`UL OTRTYTRT N£ g _T_TN£OTYTYTRTN£[L²`[L_TY¯_TN£gg "
?ST^ [L^^LRP NZY_LTY^ SL]OWd LYd XPLYTYRQ`W bZ]O^ L_ LWW bT_S _SP Pc NP[_TZYZQ_SPYLXP^ZQ _SPMPTYR^2L©L[L_TLYO ;L²`[L_T bSZ bP]P L_ _SL_ _TXP ^_TWW ]PRL]OPO L^ OPXZYTN LYO _SP TYL`^[TNTZ`^ YLXP 5LX M`VL >`NS YZY^PXLY_TN [L^^LRP^ TY ^ZYR^ ^SZ`WO LWbLd^ []PNPOP _SP ^PXLY_TN ^ZYR^ TY L _SPL_P] ZaP]_`]P ?SP 9£¶dL²£^_]L bSTNS bP bTWW NZXP _Z WL_P] ]PWL_P^ L WPRPYO LMZ`_ _SP `^P ZQ YZY^PXLY_TN ^ZYR ?SP QT]^_ _TXP _SL_ _SP SPLaPYWd 2LYOSL]aL^ [P]QZ]XPO L _SPL_P] ZaP]_`]P _SPd MPRLY Md ^TYRTYR LMZ`_ _SP SP]ZTN OPPO^ ZQ _SP RZO^ bSTNS YL_` ]LWWd PY]LRPO _SP OPXZY^ bSZ bP]P LW^Z []P^PY_ TY _SP L`OTPYNP ?Z LaZTOLNWL^S2LYOSL]aL^MPRLY_SPX`^TNbT_SZ`_^TYRTYRNZX[]PSPY ^TMWPbZ]O^?ST^YZY^PXLY_TNX`^TN_ZZV_SPOPXZY^NZX[WP_PWd`YOP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " OPa£aLT^aL]RLÀWZVLXLT[^LYg_LÀYL²Ld£Y£Y£^¯Y£YL_T´¶SLY_ZYLOS£aLY_ZYLTaL VPYLNLYL VL]XL©£[Y`aLY gggg _P OPa£à []LU£[L_TX`[£OS£aLY g ^aL]RLÀ WZVLXLT[ ^T´XLg_LÀYL²Ld£Y£Y£^¯Y£YL_T´¶SLY_ZYLOS£aLY_ZYLTaLVPYLNLYLVL]XL©£[£XLg _L_S£YZuY`²£OSTdL_S£^aL]RLÀWZVLX£[Y`d£XP_Tgggg_£YLM]La¯_g^£XY£YNPYL^aL] RLÀ WZVLÀ []Ld£_P_T g _P ^£XY£YNPYL ^aL]RLÀ WZVLÀ []£dLY gggg []L a£ TXP ^£X Y£R`]T_Tg_L^X£_[]L^£XLg_L^X£O`[]L^£XdLYYLXL__Tgggg_LP_£YTV[LO£YT²L]¯]£©T OS`YaLY_L£dLYg_P^aL]RLÀWZVLXLULdLYgg ggOPa£aLT^aL]RLÀWZVLX£dLYg_LP_£YT VL[LO£YT ²L]¯]£©T OS¼YaLY_L £dLY g _£Yd£ OTaLà []LV¯]©£YdL²P]LY g L_SPX£YT []L U£[L_T]V[LO£YT^LÀNT_d£MSdL]NL_gdLOLMSdL]NL__£PaL]NZuMSLaL_gg!gg^LTaL]RLMSL aL_ g L_Z OPa£ LMSLaLY g L_SLT´£XTX£XL^`]£à ²]TdLXLaTYOLY_L g _LOPa£^`]LXLMSLaL_ gggg_POPa£LM]`aLYd£aLTYLà²]¯]LMS¼OLaTYOLY_L_£XL^`]£à gVL_SLÀYaP´£XTX£À ²]TdLÀ [`YL]PaL ULdPXL T_T gggg _P [`YLà []L_d£O]`_dL ]NT ^£X£R£dLY g _PY£^ X£WWZV£OL^`]£YLY`OLY_L gg gg _LO aLT X£OSdLÀOTYP NL ^LaLYP __¯dL^LaLYP NL YL]NZ u[L]£OSZu^_Tg^LdL__PNTR£dL_T_PY£^X£ÈWWZV£OOaT´LY_LÀMS]£_adLÀY`OL_Pgm 5LT@-]£4Q " 9£±£$#$
>Z`YO=T_`LW^%_SP>£XLAPOL
T_^ ^[PWW 1]ZX _SPY ZY _SPd bP]P L^ [PLNPQ`W L^ WLXM^ LYO OTO YZ_ PY RLRPTY_SPT]`^`LWXT^NSTPQ ?ST^ T^ LN_`LWWd L R]Z_P^\`P Q]ZX L WL_P] [P]TZO TY bSTNS z L_ WPL^_ TYLWT_P]L]dXTWTP`zT_T^YZWZYRP]_SPLYNTPY_QPL]ZQ_SPOPXZYTN_SL_ []PaLTW^ M`_ L Xd_SZWZRTeTYR ZQ _SP OPXZY^ L^ w_]Z`MWPXLVP]^x Md _SPT]aP]dYL_`]P-`__Z_SPLYNTPY_>£XLaPOTY^_SL_bSTNST^OPXZYTN T^ ^_TWW LY PcNP[_TZYLWWd ^P]TZ`^ XL__P] LYO L _SPZWZRTNLW TY_P]P^_ TY RSZ^_ ^_Z]TP^ T^ P^[PNTLWWd _d[TNLW ZQ _SP 5LTXTY¯dL ^NSZZW ZQ _SP >£XL APOL
!
?SPw4YPc[]P^^TMWPx>dWWLMWP:¿
?SP_d[TNLW>£XLaPOTNOT^NZ`]^PZY_SPNL_PRZ]TP^w_ST^bZ]WOxLYO_SP wZ_SP]bZ]WOx_SP^PXLY_TNLYOYZY^PXLY_TNOZP^YZ_[WLdL]ZWPZYWd TY _SP OT^N`^^TZY ZQ _SP XPWZOTP^ M`_ LW^Z TY _SP OT^N`^^TZY ZQ L ^XLWW ^dWWLMWP_SL_bL^WL_P]_ZMPNZXP[Z^^TMWd_SPXZ^_TX[Z]_LY_^dXMZWZQ 3TYO`T^X% _SP NZ^XTN ^dWWLMWP :¿ BP SLaP LW]PLOd XP_ :¿ TY _SP OT^N`^^TZY ZQ _SP ,T_L]PdL¢]L©dLVL L^ L bZ]O ZQ LQQT]XL_TZY " ?SP QZWWZbTYR[L^^LRPQ]ZX_SP ,T_L]PdL-]£SXL©L PcLXTYP^_SP^PTOPL^TY R]PL_P] OP_LTW LYO WZNL_P^ _SP Pc[]P^^ LQQT]XL_TZY aTL :¿ TY _SP ]PLWX ZQ_SPOTaTYP% wu:¿vT^_SPLR]PPXPY_ []L_TRL]L bT_SLSdXY7TVPbT^PT^u _L_S£ v(u>Z MP T_v F_SP LR]PPXPY_H bT_S L FbZ]WOWdH ^ZYR R£_S£ F( _SP L[[WL`^PH -`_ :¿ T^ ^ZXP_STYR OTaTYP LYO _L_S£ T^ ^ZXP_STYR S`XLY F,YO TQ SP ^Ld^ u:¿vHSP Q]PP^STXF(_SP[L_]ZYZQ_SP ^LN]TQTNPHQ]ZXSL]XLYO ^TYMZ_S aTLbSL_T^OTaTYPLYOaTLbSL_T^S`XLYx "
;]ZYZ`YNTYR w:¿x TYaL]TLMWd NWZ^P^ PaP]d ]PNT_L_TZY ZQ SdXY^ LYO ^SZ`WO MP aTPbPO TY _ST^ [Z^T_TZY L^ LY PX[SL_TNLWWd LQQT]XL_TaP LYO QZ]NPQ`W^dWWLMWP []L©LaL bSTNSRTaP^_SPSdXYLOOT_TZYLWXZXPY_`X LYOPYP]RdWTVPL[[WL`^PLQ_P]L_SPL_P][P]QZ]XLYNP,__SP^LXP_TXP w:¿x T^ _SP WL^_ ^dWWLMWP ZQ _SP ]PNT_PO _Pc_ LYO L^ ^`NS L`_ZXL_TNLWWd NZXP^ ZY _SP QTYLW YZ_P _SP Q`YOLXPY_LW _SP ZYP _SL_ NZYQT]X^ LYO NZYNW`OP^ _SP XPWZOd ?SP X`^TNLW Q`YN_TZY LYO _SP ^PXLY_TN Q`YN_TZY ZQ _SP NLWW L]P _S`^ TY QLN_ TOPY_TNLW 4_ T^ []ZMLMWd _ST^ NZX[]PSPY^TaP [P]QZ]XL_TaP LYO L`OTMWP L^[PN_ ZQ :¿ LYO YZ_ T_^ T^ZWL_PO ^PXLY_TN XPLYTYRZQwDP^^ZMPT_x_SL_M]TYR^LMZ`_T_^^_]ZYRWd]T_`LW[]P^PYNP LYO _SP Y`XP]Z`^ XP_L[Sd^TNLW TY_P][]P_L_TZY^ TY _SP QZWWZbTYR [P]TZO -PNL`^P :¿ T^ aT]_`LWWd ZXYT[]P^PY_ TY _SP ]T_P T_ NLY ^_LYO QZ] _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ;P]SL[^ w:¿x T^ L OP]TaL_TaP ZQ _SP /]LaTOTN w¢Xx% PaPY _ZOLd w¢Xx T^ _SP ?LXTW bZ]OQZ]wdP^x-`__SPZ[[Z^T_PT^LW^Z[Z^^TMWPTP_SL_w¢XxT^OP]TaPOQ]ZX:¿ " ZXT_dNLà[]L_TRL]LPaLÀ_L_SP_TR£_S£d£ZXT_TaLTOLTaLÀ_L_SP_TX£Y`´LÀOLTaPYL NLTaLTYLÀ_LYX£Y`´P©L[£[£OPYL^Là[]LX`ÓNL_Tgm,T-]£!
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
bSZWP APOL TY ^TXTWL] bLd _Z MS¼]MS`aLà^aLà ;]LU£[L_Tv^ _S]PP bZ]O^ ZQ N]PL_TZY 4Y _SP ,T_L]PdL-]£SXL©L z w,x w@x LYO w8x _SP _S]PP [SZYP_TN NZX[ZYPY_^ ZQ :¿ L]P PaPY Pc[WTNT_Wd TOPY_T QTPO bT_S _SP^P _S]PP N]PL_TZY XLY_]L^ ?SP NZY_Pc_ ^`RRP^_^ _SL_ :¿ NZYOPY^P^ _SP^P _S]PP ^Z`YO^ U`^_ L^ MS¼]MS`aLà^aLà NZYOPY^P^ _SP bSZWP APOL w-S¼àx F( 0L]_SH NLY MP ^[ZVPY Md _SP -]LSXTY []TP^_ TQ P]]Z]^ ZNN`] TY _SP ]PNT_L_TZY ZQ _SP RaPOL LYO Md LYLWZRd _SP bZ]O^ MS`aLà LYO ^aLà w]P[LT]x _SP DLU`]APOL LYO _SP >£XLAPOL >Z LN NZ]OTYR _Z _ST^ -]£SXL©L_SP]P T^LY P^Z_P]TN TOPY_T_d ZQ:¿LYOMS¼] MS`aLà^aLà -`_ TY NZX[L]T^ZY _Z _SP bZ]O^dXMZW wMS¼]MS`aLà ^aLàx :¿ SL^ L ^[PNTQTN Xd^_TNLW NSL]LN_P] ?SP ,T_L]PdL-]£SXL©L WTYV^T__Z_SP ^`[P]YL_`]LW LYO_Z _SPbZ]WOMPdZYO_SP^`Y ?ST^NSL] LN_P] T^ LW^Z [SPYZXPYZWZRTNLWWd NWPL]% :¿ T^ XZYZ^dWWLMTN LYO _SP]P QZ]PSL^_SP\`LWT_dZQ_SP LV´L]L _SPZ]TRTYLWXd^_P]TZ`^TYPcSL`^_TMWP ^dWWLMWP :bTYR _ZT_^bPLVP_dXZWZRTNLWLYO ^PXLY_TN_TP^:¿ WPLaP^ XZ]P^NZ[PQZ]_SPTXLRTYL_TZY_SLYwMS¼]MS`aLà^aLàxOZP^bSTNST^ NZX[WP_PWdNSLTYPO_ZT_^XPLYTYRZQwPL]_SLT]SPLaPY^x ;]LU£[L_T XLOP _ST^ OT^NZaP]d L^ bP QTYO L_ _SP MPRTYYTYR ZQ _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L bSP]P :¿ [WLd^ L NPY_]LW ]ZWP% ;]L U£[L_T ^Z`RS_ _Z OPQPYO ST^ waTN_Z]d ZaP] _ST^ bZ]WOx LRLTY^_ _SP RZO^ 5`^_ L^ _SP []TP^_^ TY _SP >ZXL ^LN]TQTNP []P^^PO _SP TY_ZcTNL_TYR WT\`Z] w^ZXLx Z`_ZQ_SP ^_PX^ZQ_SP ^ZXL[WLY_;]LU£[L_T []P^^POZ`_ZQ_SP ^Z`YO ZQ _SP bZ]O^ wMS¼àx ( w0L]_Sx wMS`aLàx ( wLT]x LYO w^aLàx ( wSPLaPY^x _SPT] wP^^PYNPx ]L^L TP _SP ]PRTZY^ 0L]_S LT] LYO SPLaPY^LYO_SPYZ`_ZQ_SP^PQWZbPO_SPwP^^PYNP^xQT]PbTYOLYO^`Y w9ZbSPNZ`WOYZ__LVPQZ]STX^PWQ_SPP^^PYNPZQZYP^dWWLMWPTY[L]_TN` WL] YLXPWd _SL_ ZQ :¿ ?ST^ F^dWWLMWPH MPNLXP WLYR`LRP a£N 1Z] FWLY R`LRPHT^:¿,YO_SPP^^PYNPFZQWLYR`LRPHT^M]PL_Sx "!
?ST^ZYP^TYRWP^dWWLMWPbSTNS;]LU£[L_TNZ`WOYZ_NZX[WP_PWdPc[]P^^ QLWW^TY_SPNL_PRZ]dZQ_SPTYPcSL`^_TMWP_SZ`^LYO^dWWLMWPOXZYZ^dWWL MWP ?SP _S]PP Z_SP] w[]TXZ]OTLW bZ]O^x MS¼à MS`aLà ^aLà SLaP L ^PXLY_TN XPLYTYR ^Z L_ ^ZXP ^_LRP _SPd NLY MP wPcSL`^_POx -d NZY _]L^_ _SP ^dWWLMWP :¿ LWbLd^ ]PXLTY^ wTYPcSL`^_TMWPx MPNL`^P :¿ T^ WLYR`LRPLYOWLYR`LRPT^TYQTYT_P?ST^XPLY^_SL__SPN]PL_TaPQ`YN_TZY bSTNS bL^ LWWZNL_PO _Z _SP N]d[_TN w_SZ`^LYO^dWWLMWPO XZYZ^dWWLMWPx TY_SP]TOOWPZQ/¯]RSL_LXL^T^YZbL^N]TMPO_ZLYLN_`LW^dWWLMWPbT_S L OPQTYT_P [Sd^TNLW ^Z`YO NSL]LN_P] TP _SP ]T_`LW ^dWWLMWP :¿ LYO N]PL_TZYT^\`LWTQTPOL^WLYR`LRPN]PL_TZY@W_TXL_PWd:¿LYOWLYR`LRP L]PTOPY_TNLWMPNL`^P_SPP^^PYNPZQMZ_SZQ_SPXT^_SPM]PL_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! m L_SLTVL^dLTa£V´L]L^dL ]L^LÀ Y£²LVYZO £O£_`X g ZX T_d P_L^dLTaL g ^PdLÀ a£R LMSLaL_gZXPaLY£XLT´£g_L^d£`[]£©LPaL]L^Là gg 5LT@-]£
>Z`YO=T_`LW^%_SP>£XLAPOL
"
4Y >LY^V]T_ bSL_ bP _]LY^WL_P L^ wP^^PYNPx T^ NLWWPO ]L^L WT_P]LWWd w[WLY_ U`TNPx LYO Q]ZX _ST^ _SP _]LY^WL_TZY^ wXPOTNTYPx wP^^PYNPx LYO wNZYOPY^L_Px L]P LW^Z OP]TaPO 3P]P _SP bZ]O ^_LYO^ QZ] _SL_ bSTNS NSL]LN_P]TeP^_SPP^^PY_TLW _SL_bSTNST^]PWPL^POQ]ZXT_^ ^`M^_]L_P >Z U`^_ L^ ]Z^P ZTW NZY_LTY^ _SP P^^PYNP ZQ _SP ]Z^P [WLY_ _SP M]PL_S T^ _SP P^^PYNPZQWLYR`LRP ?ST^ ]PWL_TZY^ST[ LW^Z OP_P]XTYP^ L ^PNZYO ^P\`PYNP ZQ Y`XP]TNLW SZXZWZRTP^ bSTNS QZWWZb ZY OT]PN_Wd Q]ZX _SP QT]^_ ^P\`PYNP TY _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L % wBSL_u:¿vT^_SL_T^QT]PuA£NvT^0L]_S& u:¿vT^_SPbTYOuA£NvT^LT]& u:¿vT^_SP^`YuA£NvT^_SPSPLaPY^& u:¿vT^_SPM]PL_SuA£NvT^WLYR`LRPx
>`[P]TX[Z^TYR_SP^P_bZ^P\`PYNP^]P^`W_^TY_SPQZWWZbTYR[TN_`]P% >dWWLMWP^LYObZ]O^ >`M^_]L_P
0^^PYNP
w0^^PYNPx
w0^^PYNPZQP^^PYNPx
MS¼à
0L]_S(A£N
QT]P(:¿
MS`aLà
LT](A£N
bTYO(:¿
^aLà
SPLaPY^(A£N
^`Y(:¿
ZÀ
A£N(A£N
M]PL_S (:¿ ""
BP NLY ^PP _SL_ TY PLNS NL^P WLYR`LRP a£N T^ P\`L_PO bT_S _SP ^`M ^_]L_P^ LYO :¿ T^ P\`L_PO bT_S _SP P^^PYNP ZQ _SP^P ^`M^_]L_P^ ,^ _SP -]£SXL©L[]TP^_NZYOPY^P^_SPbSZWPZQ_SPAPOLbT_S_SP_S]PP bZ]O^ MS¼]MS`aLà^aLà :¿ NZYOPY^P^ _SP _S]PP bZ]O^ MS¼]MS`aLà^aLà LYO _S`^ _SP bSZWP ZQ ]PLWT_d >Z _SP ^dWWLMWP :¿ T^ _SP wP^^PYNP ZQ P^^PYNP^x?ST^ ^PNZYO^P\`PYNPZQSZXZWZRTP^LW^Z]P^`W_^TYLOTQQP] PYNP MP_bPPY :¿ LYO WLYR`LRP :¿ T^ _SP ^dWWLMWP Q]ZX bSTNS WLY R`LRP L^ L ^`M^_]L_P LYO M]PL_S L^ P^^PYNP L]T^P -`_ L_ _SP ^LXP _TXP TY _SP ^PNZYO ^P\`PYNP M]PL_S T^ TOPY_TQTPO bT_S :¿ :¿ T^ _S`^ LXZYR^_ Z_SP] _STYR^ _SP P^^PYNP ZQ :¿ ?ST^ T^ []PNT^PWd bSL_ OZP^ YZ_ L[[Wd _Z WLYR`LRP 7LYR`LRP OZP^ YZ_ L[[PL] TY _SP QT]^_ ^P]TP^ MS¼à MS`aLà ^aLà ZÀ L_ LWW 4Y QLN_ T_ ZYWd ZNN`]^ TY _SP ^PNZYO ^P]TP^ZQ^`M^_]L_P^bSP]PT_T^TOPY_TQTPObT_ST_^PWQ% wu7LYR`LRPv^TX[WdXPLY^WLYR`LRPx "#
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ^L dLO ZX T_T ^Z uRYT] a£R T_T [_STad ZX T_T a£d`] a£R T_d LY_L]TV´LX ZX T_d £OT_dZ a£RT_TOdL`]ZXT_T[]£©Za£RT_dPaLa£Vg5LT@-]£ "# mZXT_T[]£©Làa£RT_dPaLa£Vgg5LT@-]£
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
>Z _SP 5LTXTYÅdL@[LYT´LO-]£SXL©L ^PP^ WLYR`LRP L^ L aP]d `YT\`P _STYR%wWLYR`LRPT^WLYR`LRPx?ST^TOPLT^YPbNZX[L]PO_Z_SP[]PNPO TYR _Pc_^ TY bSTNS WLYR`LRP bL^ LWbLd^ `YOP]^_ZZO L^ Xd_STNLW ^`M ^_LYNP?ST^Xd_STNLW^`M^_LY_TLWT_dSL^YZb_Z_LWWd^STQ_PO_Z_SP^dWWL MWP:¿bSTNST^NSL]LN_P]T^_TNLWWd^TX`W_LYPZ`^WdMZ_SL[L]_LYO_SP bSZWP ,^^PPYTY_SP ,T_L]PdL¢]L©dLVL ZQ_SP RaPOL ]P[]ZO`NPOLMZaP SP]P _ZZ _SP]P PcT^_^ _SP YZ_TZY _SL_ M]PL_S T^ _SP P^Z_P]TN ML^T^ ZQ LWW WLYR`LRP -`_ SP]P T_ T^ YZ_ L^^ZNTL_PO bT_S _SP ^Z`YO ^dXMZW , M`_ TY^_PLO bT_S LY LN_`LW ^Z`YO aLW`P BSTWP , T^ ]P[]P^PY_PO _SP]P L^ L Sd[Z_SP_TNLW ^_]TYR ZQ ^Z`YO^ :¿ T^ L ^dWWLMWP TY ]T_`LW `^P ?SP ^dX MZW , T^ OP]TaPO Q]ZX _SP TXT_L_TaP _SP ^_]`N_`]LW _SP Y`XP]TNLW LYO _SP ^dXMZWTN bSTWP _SP ^dWWLMWP :¿ T^ ^ZWPWd OP]TaPO Q]ZX _SP L`OTMWP LYO_SPX`^TNLW=PaPLWTYRWdbPQTYO_SPPL]WTP^_XPY_TZY^ZQ:¿L^LY ,V´L]L Z] Z]TRTYLW ^dWWLMWP TY _SP ¢]L©dLVL _Pc_^ ZQ _SP >£XLAPOL ^NSZZW^Z]_ZMPXZ]P[]PNT^PTY_SP_Pc_^ZQ_SP5LTXTY¯dLM]LYNSLYO _SP?LWLaLV£]LM]LYNSTPTY_SP .S£YOZRdL@[LYT´LO
!
3`XXTYR;T_SPNLY_S]Z[ZTLYOw>Z^Z^ZZZZYRTYRx
>dXMZWTN ^TRYTQTNLYNP T^ ZYWd ZYP L^[PN_ ZQ _SP ^dWWLMWP :¿ z LYO XLdMP YZ_ PaPY _SP XZ^_ TX[Z]_LY_ L^[PN_ ^TYNP _SP VYZbWPORP ZQ Q`YN_TZY LYO ZQ ^dXMZWTN XPLYTYR ]P\`T]P^ LY L^[PN_ ZQ ]PQWPN_TZY bSTNST^ZQ_PYYZ_[]P^PY_TY]PLW[P]QZ]XLYNPTY_SPZ]_SZ[]LN_TNP-`_ bSL_ T^ LWbLd^ []P^PY_ T^ _SP [Sd^TNLW ^Z`YO ^`M^_LYNP ZQ _SP ^dWWLMWP ?ZOLdv^ []ZY`YNTL_TZY w:Xx T^ L[[L]PY_Wd L ^SZ]_PYPO LYO NZY_]LN_PO aP]^TZY ZQ _SP Z]TRTYLW w:`Xx Z] w,`Xx ,W_SZ`RS _SP ^N]T[_ SL^ MPPY LOL[_PO _Z _SP YPbP] []ZY`YNTL_TZY ZYP ZQ_PY ^_TWW SPL]^ _SP ZWO Z]TRT YLW []ZY`YNTL_TZY w:`Xx Z] w,`Xx _ZOLd ,YLWZRZ`^ _Z _ST^ _SP ZWO Z]_SZR]L[Sd SL^ LW^Z MPPY []P^P]aPO bSTNS T^ bSd _ZOLd _SP]P T^ L ^[PNTLW^dXMZW`^POZYWdQZ]b]T_TYR_SP^dWWLMWP:¿ 9Z_ ZYWd _SP >£XLY ^ZYR^ [`_ R]PL_ PX[SL^T^ ZY wZx AZbPW^ _SL_ bP]P Z]TRTYLWWd YZ_ wZx^ _`]Y TY_Z wZx^ PR LRYT MPNZXP^ ZRY£T ^PP LMZaP ,YO Z_SP] APOTN _Pc_^ _ZZ XLY_]L^ LYO N SdXY^ L]P LW^Z LOL[_PO `YOP] NP]_LTY NZYOT_TZY^ Md L]MT_]L]d OT^_Z]_TZY ZQ _SP aZbPW^ LYO TYZ]RLYTN YL^LWTeL_TZY _Z _SP ^Z`YO ZQ :¿ 1Z] PcLX[WP _SP TYaT _L_TZY ZQ _SP NLWWTYR []TP^_ O`]TYR _SP XZ]YTYR []P^^TYR ^Z`YO^ ^ZXP _STYRWTVP_ST^_]LY^WL_POTY_ZLYP\`TaLWPY_% wF:HWP_`^MZ_S^_L]__SP^ZZZZYRTYR x
?SP^LN]TQTNP]LY^bP]^bT_S% wFDP^HDZ`OTaTYPZYPbPbTWWOZ_SP^ZZZZYRTYR x
>Z`YO=T_`LW^%_SP>£XLAPOL
$
4Y_P]P^_TYRWd _SP NZY_LXTYL_TZY^ Q]ZX :¿ TY _ST^ NLWW _Z _SP ^LN]TQTNP TYN]PL^P O`]TYR _SP NZ`]^P ZQ _SP ]T_`LW OLd 4Y _SP LQ_P]YZZY []P^^TYR _ST^PcNSLYRP^Z`YO^WTVP_ST^% wF:H WP_ `^ MZ_S ^_L]_ _SP ^Z^Z^ZZZZYRTYRx wFDP^H DZ` OTaTYP ZYP bP bTWWOZ_SP^Z^Z^ZZZZYRTYRx "$
?SP`YT\`PwL]NSLTNxPQQPN_L]T^TYRQ]ZX[]ZWZYRTYRZQ_SP^Z`YO^LYO _SP OL]V _TXM]P ZQ _SP wZx T^ Pc[WLTYPO Md _SP XTYTXTeTYR ZQ _SP XP NSLYTNLWPQQZ]_TYL]_TN`WL_TZY?SPM]TRS_w£xbSTNST^]P[WLNPOSP]PMd wZx ]P\`T]P^ _SP XZ`_S _Z MP bTOP Z[PY MPQZ]P L _ZYP T^ []ZO`NPO Md _SP QWZbTYR M]PL_S ?ST^ OPXLYO^ L NZY_]ZWWPO PQQZ]_ TY L]_TN`WL_TZY 3ZbPaP] QZ] :¿ ^`NS PQQZ]_ T^ YZ_ ]P\`T]PO 1]T_^ >_LLW LW^Z YZ_TNPO _ST^bT_S]PQP]PYNP_Z_SPWTYR`T^_5LVZM^ZY% wu?SP XZ^_ YL_`]LW Z]OP] ZQ ^Z`YO []ZO`N_TZY T^ LY Z[PYTYR ZQ _SP XZ`_S QZWWZbPO Md T_^ NWZ^`]Pv ?ST^ T^ L aP]d L[_ OP^N]T[_TZY ZQ _SP XLY_]L ZXx #
?ST^ T^ LW^Z []PNT^PWd SZb Y`XP]Z`^ 4YOTLY TYQZ]XLY_^ Pc[WLTY _SP YL_`]LW Z]TRTY LYO TXXPOTL_P NZX[]PSPY^TMTWT_d ZQ :¿ L^ _SP []TXZ] OTLW ^dWWLMWP 8P]PWdL^WTRS_Z[PYTYRZQ_SP XZ`_S T^ ^`QQTNTPY_ _Z[]Z O`NP _SP ^SZ]_ wLx L aP]d OL]V ^Z`YO TY >LY^V]T_ NWZ^TYR _SP XZ`_S ^WZbWdL`_ZXL_TNLWWd]P^`W_^TY_SPw`xLYObT_S_SPXZ`_SQ`WWdNWZ^PO _SP ZYWd ^Z`YO PXT__PO T^ LY wXx 1]T_^ >_LLW SZbPaP] Pc[WLTY^ _SP PcT^_PYNP ZQ ^`NS ^[ZY_LYPZ`^ ^Z`YO^ X`NS WP^^ Xd^_TNLWWd _SLY _SP 3TYO`^3P[]Z[Z^P^L[[]ZLNSTYR ^Z`YO^ WTVP:¿L^ L_LaT^X^ TY_P]X^ ZQPaZW`_TZYL]dMTZWZRd% w7P_`^L^^`XP_SL_ ZÀ bL^LYuZ]TRTYLWvXLY_]L&_SL_T^bPL^^`XPT_Pc T^_PO MPQZ]P WLYR`LRP bL^ MZ]Y >`[[Z^P _SL_ ;T_SPNLY_S]Z[`^ QZ] PcLX [WPbL^S`XXTYR ZÀ M`_NZ`WOYZ__LWVx #
?ST^XPLY^_SL_`__P]LYNP^^`NSL^w:¿xL]PYZ_WLYR`LRPTY_SPS`XLY ^PY^P M`_ L]P PT_SP] w[]TXZ]OTLW ^Z`YO^x QTcPO Md ]T_`LWTeL_TZY Z] []P WTYR`T^_TNNLWWTYR^TRYLW^LYOTY_SPNL^PZQ3ZXZ^L[TPY^_SP^P^Z`YO^ XLYTQP^_PO _SPX^PWaP^ TY _SP QZ]X ZQ WLYR`LRP bT_SZ`_ LN_`LWWd MPTYR WLYR`LRP ?SPT] ]PWL_TZY^ST[ _Z ^PXLY_TNLWWd XPLYTYRQ`W WLYR`LRP T^ WTVP _SL_ ZQ _SP QTY^ ZQ L QT^S _Z _SP WPR^ ZQ S`XLY MPTYR^ bSTNS NLY YZbYZ_ZYWdMP`^POQZ]^bTXXTYRM`_LW^ZQZ]]`YYTYRNWTXMTYRLYO VTNVTYR,NNZ]OTYR_Z>_LLWWLYR`LRP^Z`YO^WTVP_SP^PL]P_SP]PXLTY^ ZQ LYTXLW NLWW^ bSTNS SLaP NZY_TY`PO _Z PcT^_ TY S`XLY WLYR`LRP L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ ²ZÀ^£aZ T_T []£_Là ^LaLYL £SaLdL_P g ²ZÀ^£XZ OLTaP_d LOSaL]d`à g m LOSaL]dZ ²ZÀ^£aZ T_T X£OSdLÀOTYP ^LaLYL £SaLdL_P g ²ZÀ^£XZ OLTaP_d LOSaL]d`à g m LOSaL]dZ ²Z ²ZÀ^£aZ T_T __¯dL^LaLYP uMSd£^LX £SaLdL_P g ²Z ²ZÀ^£XZ OLTaP_d LOSaL]d`à[]L_dLMSdL^dL_Tgm6L`-]£ # >_LLW =T_`LWLYO8LY_]L^ " # >_LLW =T_`LWLYO8LY_]L^ !
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
]PWTN^ Z] ^`]aTaLW^ LYO Q`YN_TZY \`T_P OTQQP]PY_Wd _SLY ^PXLY_TN WLY R`LRP 4Q L^ >_LLW []Z[Z^P^ ZYP bP]P _Z TY_P][]P_ :¿ L^ L []PWTYR`T^_TN NLWWZYPbZ`WOPYO`[[SPYZXPYZWZRTNLWWdbT_S_SPPcLN_Z[[Z^T_PZQL MLMdv^ N]d ?ST^ T^ []ZO`NPO Md _SP MLMd Z[PYTYR T_^ XZ`_S bTOP Z[PY QZ] XLVTYR _SP ^Z`YO bSTNS ]P^`W_^ TY _SP _d[TNLW wbLLLLS bLLLLSx ^Z`YO:YPNZ`WOTY_P][]P__ST^^TRYLWL^O]LbTYRL__PY_TZY_Z_SPRL[TYR XZ`_SLNNZX[LYTPOMd^Z`YO,W_P]YL_TaPWdML^POZY_SP^S]TWW_TXM]P ZYP NZ`WO TY_P][]P_ T_ L^ LY LNZ`^_TN LWL]X ^TRYLW 4Y PT_SP] NL^P _SP XPLYTYR T^ NWPL]% QPPOTYR T^ ]P\`T]PO 3ZbPaP] _SP NSL]LN_P] ZQ :¿ T^ _SPZ[[Z^T_PZQ_ST^%_SPXZ`_ST^NWZ^POLYO_SP_TXM]PXZO`WL_P^Q]ZX L Q`WW w]TNSWd NZWZ]POx SL]XZYTN ^[PN_]`X L _Z L YPL]Wd wNZWZ]WP^^x ^[PN_]`X OPaZTO ZQ ZaP]_ZYP^ X bSTNS T^ LWXZ^_ NZX[WP_PWd ]PO`NPO _Z_SPQ`YOLXPY_LW_ZYPLYONLYZYWdMPSPL]OL^LQLTY_S`X >Z L^ L ^Z`YO PaPY_ :¿ T^ NSL]LN_P]TePO LNZ`^_TNLWWd Md _SP TY_P] YLWTeTYR XZaPXPY_ Q]ZX _SP Q`WW _ZYP _Z S`XXTYR ?SP []ZY`YNTL_TZY ZQ _ST^ ^dWWLMWP OZP^ TYOPPO TYaZWaP WPLOTYR LNZ`^_TN OTaP]^T_d MLNV _Z `YT_d:QNZ`]^P:¿T^YZ__SPZYWdNZXMTYL_TZYZQ^Z`YO^_SL_SL^_ST^ ^[PNTLW []Z[P]_d 4Y WL_P] ?LY_]T^X bP VYZb aP]d XLYd XZYZ^dWWLMTN XLY_]L^NZY^_]`N_PO ^Z_SL__SPd[Z^^P^^_SP^LXPNSL]LN_P]T^_TN,WWZQ _SPX PYO bT_S _SP QTYLW YL^LW wÀx bSTNS XL]V^ _SP wS`XXTYR LQ_P] ^Z`YOx 4Y QLN_ _SP WL__P] T^ PaPY WPYR_SPYPO LYO NZY^NTZ`^Wd []Z YZ`YNPOTYLYPcLRRP]L_PO QL^STZY TY_SP?LY_]TN]PNT_L_TZYZQXLY_]L^ ^Z L^ _Z ^STQ_ _SP aTM]L_TZY ZQ _SP ^Z`YO TY_Z _SP QZ]PSPLO `Y_TW _SP bSZWP^V`WWMPNZXP^L]P^ZYL_Z]bSTNSNLYTYO`NP_]LYNPWTVP^_L_P^
!!
3Zb_Z>TYR:YP^PWQTY_Z_SP:_SP]BZ]WO
,WW :¿ ^[PN`WL_TZY^ TY _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L L]P _Z MP ^PPY TY _SP NZY_Pc_ ZQ _SP Pc[WLYL_TZY ZQ L NP]_LTY >£XLY% _SP 2£dL_]L ?ST^ T^ LY LWXZ^_ PcNW`^TaPWd YZY^PXLY_TN >£XLY ^ZYR LYO T_^ XLTY [L]__SP @OR¯_SL MPRTY^bT_S_SPQZWWZbTYRYZY^PY^P_Pc_% w:a£:a£:a£3`ÀMS£:a£x
?SP^P ^dWWLMWP^ LWWZb _SP _Pc_ _Z OPaPWZ[ LY PWLMZ]L_P TY_P][]P_L_TZY ^SZbTYR _SL_ LW_SZ`RS _SP wTYNZ][Z]PLWx >£XLY^ OZ YZ_ LN_`LWWd SLaP LYd ^PXLY_TN XPLYTYR TY _SP YZ]XLW ^PY^P _SPd NLY MP WZLOPO LWW _SP XZ]PbT_S^dXMZWTNXPLYTYRLYO_SPw:a£xQZ]X`WL ZNN`[TP^ _SPNPY _]LWQZN`^4Y_SP WTRS_ZQ _SP^[PN`WL_TZY^ZY:¿LYOWLYR`LRPLW]PLOd OT^N`^^PO T_ T^ TY_P][]P_PO L^ MTYL]d NZOP w:x ^_LYO^ QZ] w:¿x LYO wA£xQZ]X^_SPPYR]LXXL_TN^dXMZWQZ]wA£NxWLYR`LRP 3P]P _SP bZ]O wA£Nx T^ ^P[L]L_PO TY_Z wA£xw.x :Q _SP^P _bZ NZX[ZYPY_^ZYWdwA£xT^LOZ[_POTY_SP2£dL_]L^TYNPw.xT^]PRL]OPO
>Z`YO=T_`LW^%_SP>£XLAPOL
L^ L ^Z`YO _SL_ PXMZOTP^ OPL_S L^ T_ T^ L [`]P NZY^ZYLY_ LYO _SP]PQZ]P OZP^ YZ_ ^Z`YO LYO ^Z SL^ YZ M]PL_S ZQ T_^ ZbY ?SP -]£SXL©L PaPY SL^L_PNSYTNLW_P]XQZ]_ST^[SZYP_TNXLYT[`WL_TZYLYONLWW^T_w]T[[TYR Z`__SPXZ]_LW^dWWLMWPx% wF?SPRZO^H^LTO%BPbLY__Z^TYR_SP2£dL_]L_Z[`]POPL_SWP^^^dWWLMWP^ Q]ZXbSTNSPaTWSL^MPPY^_]`NVZ`_,YO_SPXZ]_LW^dWWLMWP^Q]ZXbSTNS PaTWSL^YZ_MPPY^_]`NVZ`_bPbLY__Z]T[Z`_x #
4Y L [L]LMWPWTVP Pc[WLYL_TZY _SP OT^L[[PL]LYNP ZQ _SP w.x TY wA£Nx T^ YZWZYRP]XP]PWd^dXMZWTNM`_LW^ZSL^LX`^TNLWPc[WLYL_TZY% w?SP ±LTWLYL^ ^TYR L^ 2£dL_]L% u :a£N :a£N :a£N 3`XMS£ :a£N v ?ST^ T^ ^ZXP_STYR WPLOTYR LbLd ^ZXP_STYR ^SZ]_PYTYR WTQP :YP ^SZ`WO ^TYR T_ _Z _SPXPWZOdZQ_SPbL_P]LYOZQ_SPbTYO1Z]TQ_SPbTYOLWbLd^ZYWdMWPb LbLdFQ]ZXSP]PHT_bZ`WOOTPm4_F_SP]PQZ]PHMWZb^TYLWW_SPOT]PN_TZY^ ZQ _SP SPLaPY^ 4Q T_ ^_Ld^ TY ZYP [WLNP LYO XLVP^ POOTP^ T_ T^ LQ]LTO ZQ OdTYR,YOTQ_SPbL_P]FLWbLd^ZYWdHQWZbPOLbLdT_bZ`WOOTP4QT_^_Ld^ TY ZYP [WLNP LYO QZ]X^ bST]W[ZZW^ LYO N`]W^ T_ T^ LQ]LTO ZQ OdTYR >Z ZYP ^SZ`WO^TYRT__Z_SPXPWZOdZQ_SPbTYOLYOZQ_SPbL_P]3POZP^T_TY_ST^ bLd%u :a£:a£:a£3`ÀMS£:a£ vBT_S_SP^P_bZF`YT_PO^dWWLMWP^:LYO A£HT_ LNSTPaP^FT_^HQ`WWWTQP_TXP 5`^_L^ZYPNWTXM^L_]PP ^WZbWdT_UZTY^ _bZYLXP^ZQRZO^PLNS_TXPLYONWTXM^_SP^PFdZYOP]HbZ]WO^x #
?SP QWZb ZQ _SP XPWZOd bZ`WO MP TY_P]]`[_PO Md _SP SL]^S wNx ^Z`YO ^TYNP _SPaZTNP bZ`WOSLaP_Z ^_Z[L_ _SP wa£Nx ^dWWLMWP -`_ _SPXPWZ OTP^ ZQ _SP >£XLY X`^_ YZ_ NZY_LTY LYd_STYR M]ZVPY Z] LM]`[_ ?SP NZY^_LY_ bLaPWTVP XZaPXPY_ bSTNS X`^TNLWWd NSL]LN_P]TeP^ >£XLY ^TYRTYR ^dXMZWTeP^ LYO PaZVP^ _SP wOPL_SWP^^x L^[PN_ bSTNS TY _SP >£XLY^ T^ _SZ`RS_ ZQ L^ ^`M^_LY_TLWWd STOOPY LYO bSTNS T^ XL]VPO Md _SPLTXWP^^QWZbTYRZQ_SP NS]ZXL_TN[L^^LRP^, NZY_TY`Z`^QWZb ^`NS L^ _ST^ T^ L XLYTQP^_L_TZY ZQ WTQP _SL_ NLY MP [P]NPTaPO aTL _SP ^PY^P^ U`^_L^^`OOPYTY_P]]`[_TZYLYOPaP]dQZ]XZQOT^NZY_TY`T_dL]PL^TXTWL] XLYTQP^_L_TZYZQOPL_S ?SPXLTY^TYRP]LYO_SP;]L_TSL]_w]P^[ZY^Z]d^TYRP]xQZWWZb_SP QZ]X`WL w:a£ :a£ :a£ 3`ÀMS£ :a£x Md bSL_ T^ NLWWPO wWZbTYRx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # _£ LM]`aLY d£YT YZ X£]_d£Yd LYL[LSL_L[£[X£YT LV´L]£©T _£Yd `OOS_d£X_P´a L[L SL_L[£[XL^`²`OOSP´aLV´L]P´`R£dL_]LÀR£d£X£RYL`a£d£a£OT_dP[]£©PuYYPa£NTg 5LT@-]£# # _LOP_LNNSLTWLY£R£dL_]LÀR£dLY_TgZa£NZa£NZa£NS`XMS£Za£NT_Tgg_LO`SL _L_ [L]£« Ta£Y£d`´dLX TaL g _LO a£dZ² NL L[£À N£Y` aL]_XL RPdLX gg dLO OSL aLT a£d`à [L]£« PaL [LaP_L V´¯dP_L g ^L [`]L^_£O a£_T g ^L OLV´T©L_Làg ^L [L²N£_ g ^L `[L]T´¶£_ g ^L ^L]a£ OT²Z uY`^LÀa£_T gg _LO P_LO £S`] T_d TO£Y¯À a£ LdLX T_Z ua£^¯_ g L_SP__S£Oa£_¯_Tg^LdLO]P²X£©LXLULX£YZYTaP´¶LX£YZa£_TgV´Ld£OPaLMTMSdP_gg!gg dLO`SLa££[Là[L]£N¯]PaL[]L^_£à^dLYOP]LYV´¯dP]LÀ^_£àgdLOL«V£À^TV`]a£©£ YTaP´¶LX£Y££aL]_£Y^ULX£Y£dLY_TV´Ld£OPaLMTMSdL_¯àg_LOP_LOa£dZ²NLTaLL[£À N£Y`aL]_XLRPdLXgg 5LT@-]£z"
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
ST«V£]L ^`YR _Z _SP ^Z`YO^ ZQ w3TÀMS£x # ?ST^ [L]_ ZQ _SP >£XLY _ZZSL^^dXMZWTN]PWPaLYNP ?SPZYZXL_Z[Z_PTNw3TÀx[]ZMLMWdZ]TRTYLWWd]PQP]]PO_Z_SP^Z`YO ZQ _SP []TXPaLW NZb bSTNS MPWWZb^ _SP ^`Y _SP NLWQ ST_SP] 3P]P _SP ^dWWLMWP w3TÀx ^_LYO^ TY L RPYP]LW ^PY^P QZ] PaP]d QZ]X ZQ QZZO _SL_ S`XLY MPTYR^ X`^_ ]PNPTaP TY _ST^ bZ]WO LYO _SP Z_SP] bZ]WO TY Z]OP] _ZOPQPL_w_ST^^_L]aL_TZYLYO_SPZ_SP]^_L]aL_TZYx?ST^^PPX^_ZXPLY OPL_S TY_ST^bZ]WOLYO _SP[Z^^TMWPQZWWZbTYROPL_S [`YL]X_d` TY _SPZ_SP]bZ]WO @YWTVP _SP [`]PWd NZ^XTN :a£ LYO _SP NZ^XTN LYO PL]_SWd 3TÀ w-S£xT^LWWZNL_PO_Z _SPPL]_SWd]PLWXLWZYP4_T^_SPZYWdbZ]OTY_SP 2£dL_]L_SL_SL^L^PXLY_TNXPLYTYRYLXPWdwWTRS_x wu-S£vT^PL]_SWdSL[[TYP^^?SP^`YT^u-S£vF(uWTRS_vHx #
BT_S w-S£x _SP 2£dL_]LX PY_P]^ TY_Z L ^Z]_ ZQ PL]_SWd [SL^P w-S£x T_^PWQ T^ YZb `YOP]^_ZZO _Z MP LY ZYZXL_Z[Z_PTN ]PYOP]TYR ZQ _SP N]TP^ ZQ L YPbMZ]Y MLMd #! LYO L_ _SP ^LXP _TXP T^ TY_P][]P_PO Md QZWV P_d XZWZRdL^]PQP]]TYR_Z_SP`_P]`^LYO_SPPXM]dZ RL]MSL % w?SP ^LXP Z] ^TXTWL] F_Z _SP ^Z`YO uMS£vH T^ u RL]MSL v `_P]`^ Z] PXM]dZ BSPYLbZXLYv^NSTWOT^MZ]YbT_SFLWZ`OHu-SLv #"L^L-]LSXTYSPbTWW _S`^ MPNZXP ^TXTWL] _Z L ^PP] ZQ LY_T\`T_d ´T FZ]H L^ L YZMWPXLY ]£ULYdL ^TXTWL]_ZLNZ`]LRPZ`^L]NSP]x ##
w-SLx T^ SL[[TYP^^ TY WTQP LYO _SP bLd TY bSTNS T_ ]P^Z`YO^ L_ _SP MP RTYYTYR ZQ L WTQP OTN_L_P^ bSL_ SL[[TYP^^ TY WTQP bTWW MP WTVP :bTYR _Z _ST^^[PNTLWXLRTN[ZbP]ZQ-SL_SPNZ]]PN_^TYRTYRZQ_SPw3TÀMS£xTY _SP ]T_`LW SL^ L \`T_P P^^PY_TLW XPLYTYR ?SP ^TYRP] T^ ^Z _Z ^[PLV TY _SP]ZWPZQ_SPRZO^TY_SP^_Z]dZQ_SPL^NPY^TZYTY_Z_SPSPLaPY^&_SPd L]P _S]PL_PYPO bT_S _SP WZ^^ ZQ _SPT] PL]_SWd SL[[TYP^^ _S]Z`RS _SP WZ^^ ZQ_SPT]SdXY^ZQ[]LT^P?ZNZ`Y_P]LN__ST^WZ^^_SP^TYRP]^SZ`WOSZWO ST^ M]PL_S TY _ST^ [L^^LRP LYO _SP _ZYP^ ^SZ`WO MP LWXZ^_ TYL`OTMWP #$ ?SP b]ZYR []ZY`YNTL_TZY ZQ _SP^P ^dWWLMWP^ z _SL_ T^ b]ZYR TY XLRTNLW _P]X^ TP WZ`O bT_S NZYNZXT_LY_ PcSLWL_TZY NZ`WO PaPY [`_ LY `Y _TXPWdPYO_Z_SPPL]_SWdWTQPZQ_SP^TYRP]^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4Y_SP_Pc__SP]PT^ ZYWdL NZXXPY_L]dZY 3TÀMS£ bSTNST^ bSd bP NLYYZ_[]ZaTOP LYPc[WLYL_TZYQZ]3`ÀMS£ # _LÀa£P_LÀSTÀV£]LÀSTÀMS£T_TSTÀV`]aLY_Tg²]¯]aLTMS£àgL^L`a££OT_dZMS£T_Tgg 5LT@[-]£ #! .ZX[L]P -SLO¢]L©dLVL@[LYT´LO bSP]P _SP ^Z`YO wMS£©x ]PQP]^ _SP N]dTYR ZQLMLMd #" :MaTZ`^Wd_SPL`_SZ]^OZYZ_OTQQP]PYNTL_PMP_bPPYwMS£xLYOwMSLx ## P_LÀSLa£P_LÀYdL«RLÀRL]MSLàgdLOMSLT_T^_]Å©£À[]LULYLYLÀYTRLNNSL_T_L^X£_ _L_ZM]£SXL©L]´TVLW[ZU£dL_Pu_Tad£OSÅ]£ULYdL಼]Làgg5LT@-]£z #$ .Q>_LLW =T_`LWLYO8LY_]L^"
:¿TY_SPPL]WTP]@[LYT´LO^
wF-`_ LYdZYP bSZ ^TYR^ T_ Z`_ TY _SL_ XLYYP]H bZ`WO SLaP [`_ STX^PWQ Z`_^TOPPL]_SWdSL[[TYP^^ LYObZ`WOMPNZXPWP^^4QSPOTP^ZYP[`_^STX TY_Z _SP QT]P u,WL^ SP bTWW ^ZZY OTP ?SPd bTWW [`_ STX TY_Z _SP QT]Pv 4_ bZ`WOMP_SL_bLdx $
>Z SP]P _ZZ L ^`M^_LY_TLWTePO QZ]X ZQ _SZ`RS_ OZXTYL_P^% LYdZYP bSZ ^TYR^Z`_ST^SL[[TYP^^_ZZ^_]ZYRWdbTWWYZ_SLaPLYdZQT_WPQ_QZ]STX ^PWQ ?SP]P YZb QZWWZb^ QZ] _SP QTQ_S _TXP _SP wZa£x bT_S _SP NZ^XTN ^dWWLMWP :¿ ?ST^ :¿ MPSLaP^ _ZbL]O^ _SP L`^[TNTZ`^ 3TÀMS£ ^Z`YO WTVP _SP Z_SP] bZ]WO MPSLaP^ _ZbL]O^ _ST^ ZYP 4_ T^ _SP RL_PbLd _Z _SP bZ]WO ZQ bSL_ T^ .ZX[WP_PWd :_SP] LYO T^ LW^Z aT^`LWTePO L^ L _]`P SPLaPYWd[Z]_LW% wBT_S u:¿v SP RZP^ TY_Z _SP ^`Y LYO T^ WTMP]L_PO ?ST^ T^ _SP SZWP TY _SP SPLaPY^ ?SP SZWP TY _SP SPLaPY^ T^ WTVP _SP S`M ZQ L NL]_bSPPW ?SP ]Ld^ ZQ_SP^`YNZaP]T_FYZbZYWdHQ]ZXaTPbx $
?SP WTYVLRP ZQ LWW _SP^P ^dWWLMWP^ TY _SP 2£dL_]L WP_^ ZYP [`^S _S]Z`RS _Z _SP :_SP] >TOP bT_SZ`_ SLaTYR _Z WPLaP PL]_SWd WTQP 5`^_ WTVP _SP w/T^PXMZOTPOx ZYP bZ`WO MP WZ^_ _Z LWW _SL_ T^ PL]_SWd TQ ZYP bP]P _Z ^TYR ZYWd :¿ -`_ TY _ST^ bLd _SP ^TYRP] NLY L[[]ZLNS _SP wOPL_SWP^^x ]PRTZY^ TY ^[T]T_ bT_SZ`_ LN_`LWWd SLaTYR OTPO bSP]P _SP aTPb ZQ _SP 0_P]YLWL__SP^LXP_TXPLW^ZWPLO^_Z[Z^^P^^TZYZQP_P]YLWWTQPbT_SZ`_ OdTYRLRLTY% w3P ^SZ`WO _LVP `[ _SP F2£dL_]LH TY ST^ _SZ`RS_^ FTY _SP XZ]YTYRH 3P ^SZ`WO L[[]ZLNS NWZ^P _Z T_ L^ _Z L STWW 4Y _ST^ XLYYP] SP bLWV^ bT_S _SP OPT_d FZQ _SP 2£dL_]LH _ZbL]O^ _SP OPL_SWP^^ F^[SP]PH bSP]P _SL_ F^`YH bL]X^_ST^FbZ]WOHx $
"
:¿TY_SPPL]WTP]@[LYT´LO^
wu:¿ T^ _SP ,V´L]L _SP WZ`O ^TYRTYR FZQ _SP >£XLYHv ?ST^ T^ SZb ZYP ^SZ`WO_STYVZQT_1Z]ZYP^TYR^_SPWZ`O^TYRTYR `OR¯_SL bT_S:¿x $
?ST^ T^ _SP Z[PYTYR ^PY_PYNP ZQ _SP .S£YOZRdL@[LYT´LO []ZMLMWd _SP ZWOP^_ _Pc_ TY _SP w9ZP_TN [L]_ ZQ _SP APOLx 5Ó£YLV£©L LYO T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ m MLST]OS£ Ya£ LdLÀ ²]TdLX LOST_L [£[Åd£Y MSLaT´dL_FTH m ^L dLO£ aLT X]TdL_P L_S£RYL` []£^_Z MSLaL_T g V´T[]P ML_L XL]T´dL_d LRa£a PYLÀ []£^T[dLY_T T_T g _L_S£ SLTaL^d£_gg5LT@-]£" $ ZX T_d P_LX Pa£OT_dLÀ ^LXLd£_TX`NdL_P g P_LO PaL OTaL² NSTO]LX gg dL_S£ VSLÀ a£YL^Là ^d£O ]L_SL^dL aLTaLX P_LO OTaL² NSTO]LX g ]LO ]L²XTMSTà ^LÀNSLYYLÀ O²dL_Pgg5LT@-]£ ! $_LO MLST´[LaLX£YP ^_¼dLX£YP XLYL^ZORS©¯d£_ g ^L dL_SZNNS]£dLÀ []L_T L^dL []L [LOdP_L g PaLX PaLT_Ld£ OPaL_Ld£ TOLX LX_LX LMST[L]dP_T dL_]£dLX TOLÀ _L[L_¯_T gg 5LT@-]£ z! $ ZXT_dP_LOLV´L]LX`ORÅ_SLX`[£^Å_LgZXT_TSd`OR£dL_Tm.S@
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
L[[PL]^ _Z MP YZ OTQQP]PY_ Q]ZX _SP XPY_LW bZ]WO ZQ _SP 5LTXTY¯dL @[LYT´LO-]£SXL©L bSTNS^_TWWMPWZYR^_Z_SPw=T_`LW[L]_ZQ_SPAPOLx 6L]XLV£©L 4_ T^ _]`P _SL_ _SP TYT_TLW NSL[_P]^ ZQ _SP .S£YOZRdL @[LYT´LO `^P ^LN]TQTNTLW _P]XTYZWZRd LWXZ^_ PcNW`^TaPWd -`_ TY QLN_ LY TX[Z]_LY_ _`]YL]Z`YO SL^ _LVPY [WLNP ?SP RZLW T^ YZ WZYRP] _Z [P]QPN_ _SP ]T_`LW L^ T_ bL^ TY _SP -]£SXL©L WT_P]L_`]P M`_ YZb _SP LTX T^ _Z Pc[WLTY _SP bZ]WO PaPY _Z SLaP LY PL]Wd YL_`]LW [STWZ^Z[Sd LYO _Z OZ _ST^ ZYP `^P^ _SP WLYR`LRP ZQ _SP ^LN]TQTNP ,_ _SP _TXP ZQ _SP -]£SXL©L^_SP^LN]TQTNPbL^T_^ZbYPc[WLYL_TZY,WWS`XLYL^[T]L_TZY^ NZ`WO MP ]PLWTePO TY _SP ^LN]TQTNP LYO _SP]PQZ]P T_ OTO YZ_ ZNN`] _Z LYdZYP L_ LWW _Z \`P^_TZY bSL_ XTRS_ MP MPdZYO _SP ^LN]TQTNP 9Zb _SP XZYZXd_S ZQ _SP ^LN]TQTNP SL^ N]`XMWPO TY _SP QLNP ZQ _SP \`P^_TZY ZQ [P]^ZYLW TXXZ]_LWT_d ,^ PL]Wd L^ TY _SP WL_P APOTN _Pc_^ TY _SP ¢]L©dLVL^ bP QTYO _SP YZ_TZY ZQ TXXZ]_LWT_d ZNN`]]TYR PaP] XZ]P ^_]ZYRWdYZ__SZ`RS_ZQL^L^ZUZ`]YTYLSPLaPYbSP]P_SPRZO^]P^TOP M`_L^[L]_TNT[L_TZYTY_SP0_P]YLW0cT^_PYNP4Y_SP5LTXTY¯dL@[LYT´LO -]£SXL©L _SP TXXZ]_LW ZYP bL^ ^_TWW []P^PY_ TY aT^TMWP QZ]X M`_ ZYWd L^ L ^SLOZbd ^[T]T_ BT_S _SP £_XLY _SP w^PWQx ZQ _SP @[LYT´LO^ bP YZb QTYO _SP QT]^_ ZNN`]]PYNP ZQ _SP YZ_TZY ZQ L ^Z`W _SL_ PcT^_^ TY L bZ]WO MPdZYO Z`] bZ]WO ZQ _SP ^PY^P^ :YP OT^NZaP]^ ZYPv^ ZbY _]LY^NPYOPYNdLYOTXXZ]_LWT_dTYLXP_L[Sd^TNLW^PY^P?SP¢_XLYNLY YZ WZYRP] MP LQQPN_PO Md _SP [ZbP] ZQ _SP ^LN]TQTNP TY LYd bLd LYO NLYYZ_MPXLYT[`WL_PObT_S_SP]T_`LW^LN]TQTNTLWXLRTN1Z]LY`XMP]ZQ [PZ[WP T_ T^ _SP ^PWQ _SP ^Z`W _SP ¢_XLY TY LWW _STYR^ _SL_ SL^ MPNZXP _SP LN_`LW L^[T]L_TZY ZQ S`XLYVTYO LYO _SP ^PL]NS QZ] _ST^ SL^ MPNZXP _SPYPbXZYZXd_SNQ.S@!z!!bSP]PTY_SPQLXZ`^ _L__aLX L^T ZNN`]^ BT_STY _SP Q]LXPbZ]V ZQ _ST^ YPb _]LY^NPYOPY_LW bZ]WO aTPb L [`]P PcT^_PYNP bT_SZ`_ _SP ^PY^P^ QTYLWWd PXP]RP^ Q]ZX _SP ZWO -]LSXLY Z`_ ZQ _SP QZ]X`WL_TZY ZQ _SP Y`XTYZ`^ bSTNS LW]PLOd L[[PL]PO TY _SP -]£SXL©L^ L^ LY LM^ZW`_P QZ]X ZQ _SP STOOPY YP_bZ]V ZQ NZ^XTN LYO XLRTN ]PWL_TZY^ST[^ ?SP ¢_XLY T^ NZ]]PWL_PO LYO PaPY TOPY_TQTPO bT_S _ST^ [`]P PcT^_PYNP ?SP ]T_`LW ^Z`YO :¿ T^ OP ]T_`LWTePO ^TXTWL] _Z _SP -]LSXLY LYO T_ MPNZXP^ NZX[WP_PWd ^`NVPO TY_Z _SP XLPW^_]ZX ZQ _SP ¢_XLY-]LSXLY ^[PN`WL_TZY^ $ 5`^_ WTVP _SP ¢_XLYLYO_SP-]LSXLY:¿_LVP^ZYLXZYZXd_STNLWNSL]LN_P]bSTNS T_ SL^ ]P_LTYPO ]TRS_ `[ _Z _SP []P^PY_ OLd >TYNP _SP _TXP ZQ _SP @[LYT´LO^ :¿ SL^ ^dXMZWTePO LYO ^TRYLWPO _SP NZYNP[_ ZQ LM^ZW`_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $AL]TZ`^¢_XLY-]LSXLY^[PN`WL_TZY^L]P\`T_P[]ZXTYPY_LYOLYZ`_^_LYOTYRQPL_`]P ?ST^ T^ SZbPaP] YZ_ _SP ZYWd _PLNSTYR TY _SP PL]Wd @[LYT´LO^ ?SP^P _Pc_^ L]P SP_P] ZYZXZ`^LYOPaPYZYPLYO_SP^LXP@[LYT´LONZY_LTY^OTQQP]PY__PLNSTYR^>PPLW^Z ;L_]TNV :WTaPWWP _]LY^ @[LYT´LO^ :cQZ]O% :cQZ]O @; $$! ccTTTWaT TY_]ZO`N _TZY&>TRYP.ZSPY ?Pc_LYO,`_SZ]T_dTY_SP:WOP]@[LYT´LO^7PTOPY%-]TWW#& LYO5ZPW;-]P]P_ZYwv?L_?aLX,^TvTY.ZY_Pc_x E/8 !$#!%$#$
:¿TY_SPPL]WTP]@[LYT´LO^
_]LY^NPYOPYNd LYO LM^ZW`_P TXXLYPYNP 0\`T[[PO bT_S _ST^ ^dXMZWTN aLW`P T_ N]PL_P^ QZ] T_^PWQ YPb ]T_`LW NZY_Pc_^ LYO PaPY _]LY^QP]^ T_^PWQ TY_Z YPb _SPZWZRTNLW ^d^_PX^ ^`NS L^ _SP XZYZ_SPT^X ZQ ;L_LÓULWT _SP NZX[Z^P] Z] NZX[TWP] ZQ _SP DZRL>¼_]L^ TY bSTNS T_ LOaLYNP^ _Z MPNZXP _SP YLXP ZQ 2ZO ¯²aL]La£NLVL z YZ_ L MLO NL]PP] QZ] ^`NS L ^XLWW^dWWLMWP
"
:¿L^w0^^PYNPx.S£YOZRdL@[LYT´LO
,^ PL]WdL^ _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L:¿bL^]PRL]OPOL^ _SP P^^PYNPZQP^^PYNP^LYO_ST^TOPLLW^ZOZXTYL_P^_SPQT]^_NSL[_P]ZQ_SP .S£YOZRdL@[LYT´LO z bSTNS T^ []ZMLMWd _SP ZWOP^_ @[LYT´LO 3P]P _ZZ:¿T^_SPP^^PYNPZQ_SPbSZWP`YTaP]^P% w?SP P^^PYNP ZQ _SP^P MPTYR^ T^ _SP 0L]_S _SP P^^PYNP ZQ _SP 0L]_S T^ bL _P]_SPP^^PYNPZQbL_P]T^_SP[WLY_^_SPP^^PYNPZQ_SP[WLY_^T^XLYVTYO ?SP P^^PYNP ZQ XLYVTYO T^ WLYR`LRP _SP P^^PYNP ZQ WLYR`LRP T^ _SP SdXY N _SPP^^PYNPZQ_SPSdXYT^^TYRTYR ^£XLY LYO_SPP^^PYNPZQ^TYRTYR T^_SP@ORÅ_SLx $
?SP @OR¯_SL T^_SL_[L]_TN`WL][L^^LRPZQ_SP>£XLY_SL_T^^`YR_ZSTRS YZ_P^ aP]d WZ`OWd LYO aP]d PYP]RP_TNLWWd LQ_P] _SP TY_]ZO`N_TZY bSTNS SL^RPYP]LWWdXZOP]L_PPc[]P^^TZY4Y^ZXP_]LOT_TZY^_ST^@OR¯_SL[L]_ ZQ_SP>£XLYTYaL]TLMWdMPRTY^bT_S:¿ $!%
-PRTYYTYRZQ_SP=L_SLY_L]L>£XLY?SP@OR¯_SL[L]_MPRTY^bT_SwZX£O`mx ,__SP^dWWLMWPwZXmxYZ_ZYWdT^LYPbWPaPWZQaZW`XP]PLNSPOM`_SP]P_SP XPWZOd LW^Z U`X[^ `[ XZ]P Z] WP^^ L \`L]_P] _ZYP TY [T_NS bSTNS T_ bL^ YZ_ [Z^^TMWP_Z^SZbTY_SPYZ_L_TZY
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ P´£ÀMS¼_£Y£À[_STaÅ]L^Là[_STad££[Z]L^Zu[£XZ´LOSLdZ]L^LZ´LOSÅY£À[`]`´Z ]L^Là [`]`´L^dL a£R ]L^Z a£NL R ]L^L NLà ^£XL ]L^Là ^£XYL `ORÅ_SZ ]L^Là gg .S@ $! 9Z_L_POMd:8Q]ZXL]PNZ]OTYRXLOPQ]ZXL>Z`_S4YOTLY;L©T_
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
,NNZ]OTYR _Z _SP .S£YOZRdL@[LYT´LO _ST^ STRSWd PYP]RP_TN >£XLY ^PN_TZY bSTNS T^ TOPY_TQTPO bT_S :¿ T^ _SP XZ^_ TY_]TY^TN P^^PYNP ZQ _SPbSZWPAPOLLYO_SPbSZWPbZ]WO% wF:¿ T^H _SP @OR¯_SL _SP \`TY_P^^PYNP ZQ F_SP^PH P^^PYNP^ _SP STRSP^_ FP^^PYNPHx $"
BSd LWW _SP^P ^`[P]WL_TaP^* 3P bSZ NZY_PX[WL_P^ _SP @OR¯_SL L^ :¿ wMPNZXP^ L ^TYRP] _Z ^TYR LWW OP^T]P^ ST_SP]x ^PP LW^Z "z# 3PbSZ[]ZYZ`YNP^:¿PX[SL_TNLWWdLN\`T]P^wOPL_SWP^^YP^^LYOQPL] WP^^YP^^xz QZ]:¿T^_SPPYP]RdZQWTQP% wBSPYPaP]SPF(_SPAPOL[`[TWHZM_LTY^LFYPbHSdXYST^aZTNPuU`X[^v FQZ] UZdH bT_S w:¿x LYO T_ T^ PcLN_Wd _SP ^LXP bT_S L ^LN]TQTNTLW ^ZYR ^£XLY LYO L ^LN]TQTNTLW QZ]X`WL dLU`^ ?SPd L]P FLWWH ^Z`YO ^aL]L 0aP]d_STYR _SL_ _ST^ 4YPcSL`^_TMWP >dWWLMWP LV´L]L T^ T^ OPL_SWP^^ LYO QPL]WP^^ ,YO bSPY _SP RZO^ PY_P]PO TY_Z T_ _SPd MPNLXP OPL_SWP^^ ZYP^ LYO_SPdMPNLXPQPL]WP^^ZYP^x $# w,YO ^Z _ZZ T^ L VYZbTYR F[P]^ZYH bSZ VYZb^ ^`NS _STYR^ YLXPWd _SL_ _ST^ ^dWWLMWP :¿ T^ WTQP []£©L LYO _SPY SP _ZZ PY_P]^ TY_Z _SP 4YPc SL`^_TMWP>dWWLMWPTY_Z_SL_bSTNST^OPL_SWP^^TY_Z_SL_bSTNST^QPL]WP^^ ,YO^ZSPbTWWMPOPL_SWP^^L^_SPRZO^L]Px $$
BSL_ OPQTYP^ :¿ [SPYZXPYZWZRTNLWWd L^ @OR¯_SL T^ _SL_ bSTNS T^ Od YLXTN PX[SL_TN LYO WTaTYR z _SL_ bSTNS T^ LN_TaP ZQ T_^PWQ LYO SL^ LY LYTXL_TYRPQQPN_/PL_SLYOPaTWL]P]P[PWWPOL^WTVPLO]TPOZ`_NWZOZQ PL]_S ^XL^SP^ bSPY T_ ^_]TVP^ L SL]O ]ZNV "z# TQ ZYP VYZb^ _SL_ ZYPv^ ZbY M]PL_S ZQ WTQP T^ L w^TYRTYR Z`_x `OR¯_SL ZQ :¿ BSL_ T^ ]P\`T]PO SP]P T^ ]PNP[_TaP QPPWTYR z aP]d TYOTaTO`LW TY_P]YLW bLd^ ZQ Pc[P]TPYNTYR z YZ_ NZYaPY_TZYLW [P]NP[_TZY^ ?Z _SP .SLYOZRL^ _SP >£XLY^TYRTYRT^XZ]P_SLY]T_`LWL[[WTNL_TZYzT_T^XPOT_L_TaP[]LN_TNP WPLOTYR_Z^PWQ]PLWTeL_TZY ?ST^XPOT_L_TaP>£XLY^TYRTYR]PXTYO^`^aP]d^_]ZYRWdZQ_SPWL_P] []LN_TNP ZQ :¿ XPOT_L_TZY TY bSTNS _SP ^dWWLMWP T^ YZ WZYRP] `^PO TY ]T_`LWM`_XZ]PTYZ]OP]_ZTYO`NP_]LYNPWTVP^_L_P^.SL]LN_P]T^_TNLWWd _SP @[LYT´LO LW^Z XPY_TZY^ wNZY_PX[WL_TZY^x ZQ _SP M]PL_S bSTNS ^_TWW ]P[]P^PY_ P^^PY_TLW _PNSYT\`P^ ZQ XPOT_L_TZY PaPY _ZOLd -d NZY_]L^_ _SPNZY_Pc_ZQ_SP^LN]TQTNPSL^MPNZXP_Z_LWWdT]]PWPaLY_?SPY`XP]Z`^ NZY_PX[WL_TZY^ZQ>£XLY^TYRTYROZYZ_]PWL_P_Z_SP[Sd^TNLW]T_`LWM`_ NLYMP[P]QZ]XPOLYdbSP]PL^TYOTaTO`LWXPOT_L_TaP[]LN_TNP^?ZPY_P] TY_ZP_P]YT_dZYPOZP^YZ_YPPO_ZM`TWO`[L_SZ`^LYOM]TNV^LYONZ`Y_ ZQQ L _SZ`^LYO ^dWWLMWP^ ZQ SdXY^ LYd XZ]P 4_ SL^ LWW MPNZXP X`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $" ^LP´L]L^£Y£À]L^L_LXLà[L]LXLàdLO`ORÅ_SLàgg.S@ $# dLO£ a£ NLX £[YZ_d ZX T_d Pa£_T^aL]L_d PaLÀ ^LXLTaLÀ dLU`]PaL ` ^aL]Z dLO P_LO LV´L]LXP_LOLX_LXLMSLdLÀ_L_[]LaT²dLOPa£LX_£LMSLd£LMSLaLYgg.S@ $$ ^L dL P_LO PaLÀ aTOa£Y LV´L]LÀ []L©L`_d P_LO Pa£V´L]LÀ ^aL]LX LX_LX LMSLdLÀ []LaT²L_T_L_[]LaT²dLdLOLX_£OPa£^_LOLX_ZMSLaL_Tgg.S@
:¿TY_SPPL]WTP]@[LYT´LO^
"
^TX[WP]=T_P^L]PMPNZXTYRTYN]PL^TYRWdTY_P]NSLYRPLMWP1Z]TY^_LYNP _SP .S£YOZRdL@[LYT´LO z YL]]L_P^ SZb -LVL /£WMSdL _SP QZ`YOP] ZQ L ^NSZZW XLOP L [LNV ZQ OZR^ MPRRTYR QZ] QZZO ^TYR LYO OLYNP _SP Pc_]PXPWd ^LN]PO -LST´[LaLX£YL>_LaL ^Z _SL_ _SPd bZ`WO RP_ ^ZXP_STYR _Z PL_ z LY TOPL _SL_ bZ`WO ^Z`YO ]L_SP] _]L`XL_TN _Z -]LSXTY^ ^TYNP OZR^ bP]P LYO ^_TWW L]P ^PPY L^ _SP PXMZOTXPY_ ZQ `Y NWPLYWTYP^^LYOZQPaTW 3ZbPaP] _SP RZLW ZQ _SP .S£YOZRdL@[LYT´LO T^ YZ WZYRP] _SP XLRTNLWLN\`T^T_TZYZQQZZONZb^LYO^ZY^M`_VYZbWPORPTY_SP^PY^P ZQLYTY_`T_TaPLYONZX[WP_PaT^TZYZQ_SPNZ^XZ^% w?]`Wd LWW _ST^T^YZ_STYRM`_ _SP^Z`YO:¿?]`Wd LWW _ST^ T^YZ_STYRM`_ _SP^Z`YO:¿x
?SP_PYOPYNd_ZbL]O^TY_P]YLWTeL_TZYbSTNSbPQTYOPaPYTY_SPPL]WTP^_ @[LYT´LO^ MPNZXP^ ]PTYQZ]NPO ZaP] _SP NZ`]^P ZQ _TXP ?SP L^[PN_ ZQ YL_`]LW [STWZ^Z[Sd TY _SP .S£YOZRdL@[LYT´LO bSTNS NLXP Q]ZX _SP -]£SXL©L^ _`]Y^ NZX[WP_PWd TY_Z [^dNSZWZRd LYO RYZ^T^ TY _SP WL_P] @[LYT´LO _Pc_^ , ^Z_P]TZWZRd ZQ WTMP]L_TZY Q]ZX _SP bZ]WO ZQ ^`QQP]TYR L[[PL]^ SP]P QZ] _SP QT]^_ _TXP bSTNS ^`]aTaP^ TY WL_P] _]LOT_TZY^ ZQ L^ NP_TNT^X LYO DZRL LYO QZ]X`WL_P^ L _Z_LWWd YPb [TN_`]P ZQ _SP bZ]WO ?SP ^dXMZWT^X ZQ _SP ^LN]TQTNP NLYYZ_ TY^[T]P S`XLY MPTYR^v TXLRTYL _TZY LYd XZ]P& T_ SL^ XZaPO ZY _Z_LWWd TY_Z _SP ]PRTZY^ ZQ _SP TY_P]YLW LYO _SP XP_L[Sd^TNLW ?SP YPb N]PL_TaP _PLNSTYR^ LMZ`_ VL]XL ^PWQ VYZbWPORP TXXZ]_LWT_d LYO Q]PPOZX NLXP L[[L]PY_Wd YZ_ ZYWd Q]ZX -]LSXTY^ M`_ LW^Z Q]ZX XPXMP]^ ZQ _SP ]`WTYR NWL^^P^ V´L_]TdL LYO Z_SP] ^ZNTLW R]Z`[^ -`_ ^`]PWd -]LSXTY^ SLaP MPPY _SP NZX[Z^P]^ LYO _]LY^XT__Z]^ ZQ _SP PL]Wd @[LYT´LO^ LYO LW^Z _SPT] XLUZ] NZY^`XP]^ ^PPVTYR^`MUPN_TaP^PY^PTY^LN]TQTNPLYO[L]_TNT[L_TZYTYNZ^XTN`YT_d ?SP @[LYT´LO P[ZNS PcSTMT_^ QPL_`]P^ _d[TNLW ZQ LY PXP]RTYR XZO P]Y[P]TZO%_SPY`XTYZ`^SL^^S`_T_^PWQLbLdNZX[WP_PWdTY_SPTY_P]YLW bZ]WO ?SP]P T^ LY Pc_]PXP TYOTaTO`LWTeL_TZY ZQ ]PWTRTZ^T_d ?SP APOTN ]T_`LW^ NZY_TY`P _Z PcT^_ M`_ _SPd L]P ^PN`WL]TePO LYO YZb QLWW bT_STY _SP ^[SP]P ZQ _SP []ZQLYP MPNL`^P SP]P wZYWd bZ]WOWd RZZO^ L]P _SP RZLWx1Z]_ST^]PL^ZY_SPdZQ_PYMPNZXP[P_]TQTPOTY_Z[`]PNZYaPY_TZY , STP]L]NSd ZQ MPL_T_`OP^ OPaPWZ[^ bT_STY _ST^ OTQQP]PY_TL_TZY ZQ LY TYOTaTO`LWTePO ^Z_P]TZWZRd ?SP ^`[P]YL_`]LW T^ [WLNPO LMZaP _SP bZ]WOWd BSP]PL^ []PaTZ`^Wd ZYP SLO LY TY_PR]L_TaP `YOP]^_LYOTYR ZQ _SP ]T_P bSTNS R`L]LY_PPO ZYP _SP UZd^ ZQ _ST^ bZ]WO LYO ZQ _SP Z_SP] bZ]WOTYP\`LWXPL^`]PYZbZYPbL^ZYWd^PPVTYRbSL_T^P_P]YLWPaPY TY _ST^ WTQP ?ST^ [Z^T_TZY N`WXTYL_P^ TY _SP 8TOOWP ,RP^ TY ±L«VL]Lv^ ,OaLT_LAPO£Y_L LYO _SP YZ_TZY ZQ wMPTYR WTMP]L_PO TY WTQPx U¯aLY X`V_T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ZÀV£]LPaPOLÀ^L]aLXZÀV£]LPaPOLÀ^L]aLXm.S@
#
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
"
7LYR`LRP>VP[_TNT^X?LT__T]ÅdL@[LYT´LO
-PNL`^PTOPL^ZQ_SP^`[P]YL_`]LWbP]P[Z[`WL]O`]TYR_SPP[ZNSZQ_SP @[LYT´LO^_ST^bL^LMLO_TXPQZ]NZb^LYOLW^ZQZ]WLYR`LRPNZb^4Y Z_SP] WP^^ XP_L[SZ]TNLW bZ]O^ _SP OT^TY_P]P^_ TY _SP bZ]WO NZTYNTOP^ bT_S L OT^TY_P]P^_ TY WLYR`LRP LYO T_^ WL]RP^NLWP PcNW`^TZY Q]ZX _SP bZ]WO ZQ ]PWTRTZY >TYNP TY _SP RYZ^T^ ZQ _SP @[LYT´LO^ L YZYaP]MLW VYZbWPORPbL^[Z^_`WL_POLYO_SPLNNP^^_Z_ST^VYZbWPORPbL^XPOT_L _TaP LYO NZY_PX[WL_TaP WLYR`LRP WZ^P^ LWW ZQ T_^ NZ^XTN ^Z_P]TZWZRTNLW Q`YN_TZY?SPSd[Z^_L^T^ZQWLYR`LRP`YOP]RZP^LRPYP]LW]PNP^^TZY1Z] PcLX[WP _SP ?LT__T]ÅdL@[LYT´LO bSTNS MPWZYR^ _Z _SP ?LT__T]¯dL ^NSZZWZQ_SPDLU`]APOL^Ld^_SPQZWWZbTYR% w1]ZXbSPYNPWLYR`LRPLYO_SZ`RS_]P_`]YL^_SPdOZYZ_]PLNST__SL_T^ _SP MWT^^ ZQ _SP -]LSXLY LYO QZ] SP bSZ VYZb^ T_ _SP]P T^ YZ WZYRP] LYd ]PL^ZYQZ]QPL]x
?SP ?LT__T]ÅdL@[LYT´LO ./ " OPQTYP^ _ST^ YPb -]LSXLY OPaZTO MZ_S ZQ_SP^PY^P^LYOZQWLYR`LRPL^w ^L_dLÀUÓ£YLXLYLY_LX x_SL_bSTNS T^ w_]`Wd PcT^_TYR [`]P NZY^NTZ`^YP^^ LYO TYQTYT_dx ?SP WTYV MP_bPPY PcT^_PYNP LYO NZY^NTZ`^YP^^ bT_STY TYQTYT_d LWWZb^ -]LSXLY _Z MP _SP ]ZZ_NL`^PQZ]_SPPcT^_PYNPZQ_SP^Z`WLYOZQ_SPbZ]WO% w1]ZX bSPYNP _SP^P bZ]WO^ L]T^P _SL_ _S]Z`RS bSTNS _SPd WTaP LQ_P] _SPT] MT]_S LYO _SL_ bSTNS _SPd ]PPY_P] LQ_P] _SPT] OPL_S z Pc[WZ]P _ST^ 4_ T^ -]LSXLY x
BSL_ OZP^ _ST^ Pc[WZ]L_TZY ZQ -]LSXLY NZY^T^_ ZQ* ,^ TY _SP .S£Y OZRdL@[LYT´LO _ST^ T^ YZ_ L ]PQP]PYNP _Z LYd aP]MLWTePO VYZbWPORP M`__ZLRYZ^_TNTY^TRS__SL_SL^TX[LN_ZYMZOdLYO^Z`W?SPTX[Z]_LY_ L^[PN_T^YZ_LN_`LWWd_SPOPQTYT_TZYZQ-]LSXLYM`__SPPc[P]TPYNPZQT_ L^ RPY`TYPWd QPW_ wMWT^^x £YLYOL ?SP OPQTNTLY_ NZXX`YTNLMTWT_d ZQ -]LSXLYVYZbWPORP T^ QZ`YOPO TY _ST^ [`]P ^`MUPN_TaT_d LYO TYYP] VYZbWPORP:Y_SPZ_SP]SLYOTQ^`NSPc[P]TPYNPZQMWT^^]PLWWdZNN`]^ _SP ^VP[_TNT^X LMZ`_ WLYR`LRP WZ^P^ T_^ ML^T^ LYO _ST^ T^ LW^Z ]PQWPN_PO TY _SP ^_]`N_`]P ZQ _SP _Pc_ ,_ _SP PYO ZQ _SP ?LT__T]ÅdL@[LYT´LO _SP WPL]YPO OT^N`]^TaP WLYR`LRP NSL]LN_P]TeTYR _SP @[LYT´LO^ PW^PbSP]P T^ ]P[WLNPO Md _SP SdXYTN PcNWLXL_TZY _SL_ L[[PL]^ SP]P TY _SP QZ]X ZQ L >£XLY ?ST^ SdXYTN PcNWLXL_TZY T^ YZ WZYRP] LY Pc[WLYL_TZY M`_ _SP ^`MUPN_TaP Pc[]P^^TZY ZQ _SP MWP^^PO Pc[P]TPYNP ZQ -]LSXLY .ZY^TOP] _SP Pc_]L WPYR_SPYTYR ZQ _SP aZbPW^ bSTNS `YOP]WTYP^ _SP PN^_L_TN ]`[ _`]P% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ dL_Z a£NZ YTaL]_LY_P g L[]£[dL XLYL^£ ^LSL g £YLYOLÀ M]LSXL©Z aTOa£Y g YL MTMSP_T VLO£NLYP_Tgm?LT@ mdL_Za£ TX£YTMS¼_£YTU£dLY_P g dPYLU£_£YTUÅaLY_T gdL_[]LdLY_dLMST^LÀaT²LY_T g _LOaTUÓ£^L^aLgg?LT@
:¿TY_SPPL]WTP]@[LYT´LO^
$
S£a` S£a` S£a` g LSLX LYYLX LSLX LYYLX LSLX LYYLX g LSLX LY Y£OZuSLXLYY£OZuSLXLYY£OLàg w,LLWWPW`TL ,WWPW`TL ,WWPW`TL 4LXYZ`]T^SXPY_ 4LXYZ`]T^SXPY_ 4LX YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^S XPY_ x?LT_@[ z!
4Y _SP ?LT__T]ÅdL@[LYT´LO # TY LOOT_TZY _Z _SP QLXTWTL] ^PY_PYNP Q]ZX_SP .S£YOZRdL@[LYT´LO w:¿T^_ST^bSZWPbZ]WOxbPLW^ZQTYO _SP ^_L_PXPY_ w:¿ T^ -]LSXLY FQZ]H :¿ T^ _SP LNNZX[LYTXPY_ LY`V_T F_Z_SPAPOTN]T_`LWHxBSP]PL^_SP.S£YOZRdL@[LYT´LO]PTY QZ]NP^_SPP^^PY_TLWT^_TNL^[PN_ZQ:¿_SP?LT__T]ÅdL@[LYT´LO^PP^:¿ ]L_SP]L^LYLYLWZRdQZ]_SPbSZWPNZ^XZ^LYOPc[WLTY^_ST^TY_P]X^ZQ _SP_]LOT_TZYLWQ`YN_TZY^ZQ:¿TY_SPQZ`]XLTY[]TP^_^vZQQTNP^% wBT_S u:¿v F_SP ^TYRTYR []TP^_^H ^TYR _SP >£XLY BT_S u:¿ ±ZÀv F_SP NLWWTYR []TP^_^H ]PNT_P _SP SdXY^ BT_S u:¿v _SP ,OSaL]d` L[[WL`O^ STX BT_S u:¿v _SP -]LSXLY []TP^_ RTaP^ ST^ L^^PY_ m u:¿v T^ ^LTO Md L -]LSXLY bSPY SP []ZaTOP^ L FXd^_TNLWH Pc[WLYL_TZY ZQ XPLYTYR bT_S _SP _SZ`RS_u4^SLWWLNSTPaP-]LSXLYvx
0aPY _SP ?LT__T]ÅdL@[LYT´LO bSTNS T^ RPYP]LWWd ^_PP[PO TY L]R`XPY_^ ZQ _]LY^NPYOPY_LW [STWZ^Z[Sd ^_TWW Pc[WLTY^ T_^ TY_P]P^_ TY NLWWTYR u:¿v TY _P]X^ ZQ APOTN ^LN]TQTNTLW Xd^_TNT^X ?SP ]T_`LW T^ LY LYLWZRd ZQ _SP bZ]WOLYO:¿LN\`T]P^T_^Q`YN_TZYL^L^dXMZWZQPaP]d_STYRMdMPTYR []P^PY_ _S]Z`RSZ`_ LWW ]T_`LW [L^^LRP^ ?SP NLWW ZQ :¿ LaZTO^ WLYR`LRP ^VP[_TNT^X MPNL`^P T_ T^ YZ_ ]PLWWd ^_]TN_Wd `YOP]^_ZZO L^ WLYR`LRP M`_ TY^_PLO X`NS XZ]P TY Q`YN_TZYLW _P]X^ :¿ SL^ L ^[PNTLW ]PWL_TZY^ST[ bT_S -]LSXLY _SP Xd^_P]TZ`^ NZYYPN_TZY `[ZY bSTNS LWW ]T_`LW SZ XZWZRTP^L]PML^PO-`_PaPY_ST^]T_`LW-]LSXLYT^ZYWdZQLYdTY_P]P^_ TY _SP @[LYT´LO MPNL`^P T_ T^ `YOP]^_ZZO L^ L ]LOTNLW XP_L[SZ] Z] _Z_LW ]P[]P^PY_L_TZY QZ] _SP XP_L[Sd^TNLW NL`^P ZQ _SP PcT^_PYNP ZQ _SP bZ]WO _SP _]LY^NPYOPY_LW -]LSXLY :¿ T^ _SP ^dXMZW ZQ _SP _]LY^NPYOPY_LW -]LSXPY U`^_ L^ T_ T^ _SP ^dXMZW ZQ _SP ]T_`LW -]LSXLY @YWTVP _SP .S£YOZRdL@[LYT´LO _SP TX[Z]_LY_ _STYR^ SP]P L]P YZ_ ZYWd _SL_ T_ T^ LY LTO _Z XPOT_L_TZY M`_ LW^Z _SP QTYOTYR ZQ L XP_LWTYR`T^_TN NZOPbZ]O QZ]_SP,M^ZW`_PbSTNSWLYR`LRPNLYYZWZYRP]OPQTYP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BSTNS T^ _Z ^Ld w4 LX XL__P] 4 ]`WP ZaP] XL__P]x @YWTVP w,WWPW`TLx _SP Z]TRTYLW wS£a`xT^LYZY^PXLY_TNNLWWLW_SZ`RST_SL^_SP^LXP[Z^T_TaPPX[SL_TNNSL]LN_P] ZXT_TM]LSXLgZXT_ÅOLÀ^L]aLXgZXT_dP_LOLY`V_TFàHmZXT_T^£X£YTR£dLY_Tg ZÀ ²ZX T_T ²L^_]£©T ²LÀ^LY_T g ZX T_d LOSaL]d`à []L_TRL]LÀ []L_TR©£_T g ZX T_T M]LSX£ []L^_L`_T g m ZX T_T M]£SXL©Là []LaLV´dLYY £SL M]LSXZ[£[YLa£YÅ_T g ?LT@ # >ZXP ]P^PL]NSP]^ L^^`XPO _SP QT]^_ ZQ _SP _S]PP NSL[_P]^ ZQ _SP ?LT__T]¯dL @[LYT´LO NLWWPO±TV´£aLWWT_ZMPL^P[L]L_P_Pc_4_[]P^PY_^_SP@[LYT´LOL^_SP^P N]P_`YOP]WdTYR_]`_SZQ_SPAPOLLYO_SP`YTaP]^PL^LwNZ^XTN_Pc_bSP]P_SPOTQ QP]PY_ [L]_^ L]P UZTYPO _ZRP_SP] WTVP _SP bZ]O^ TY _]LOT_TZYLW APOTN ]PNT_L_TZYx .Q .ZSPY ?Pc_LYO,`_SZ]T_d $Q
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
#
:¿TY_SPWL_P]@[LYT´LO^
?SP PL]WTP] @[LYT´LO^ L]P LY TY_PR]LW [L]_ ZQ _SP APOL ZQ L NP]_LTY ^NSZZW M`_ YZ_ _SP WL_P] @[LYT´LO^ ?SP^P L]P _Pc_^ _SL_ ^TX[Wd PcT^_ ^ZXPbSP]PL^^ZNTL_PObT_S_SPAPOLZYWdMPNL`^PZQ_SPSTRS]PRL]OTY bSTNS _SPd L]P SPWO 8Z^_ ZQ _SPX L]P QZ]XLWWd LWWZNL_PO _Z _SP ]L_SP] NZY_]ZaP]^TLW ,_SL]aLAPOL bSTNS bL^ YZ_ ]PNZRYTePO L^ L APOL `Y_TW L WL_P] OL_P LW_SZ`RS _SPd OZ YZ_ YPNP^^L]TWd SLaP LYd_STYR _Z OZ bT_S T_^NZY_PY_?SP^P_Pc_^NLYL]_TN`WL_P\`T_PL]LYRPZQOTQQP]PY_]PWTRTZ`^ TOPL^ >ZXP ZQ _SPX L]P NZYNP]YPO bT_S _]LY^NPYOPY_LW [STWZ^Z[Sd& ^ZXP LTX _Z [Z[`WL]TeP YPb ]T_P^& XLYd @[LYT´LO^ L]P L^^ZNTL_PO bT_S YPb7Z]O2ZO^&LYOLQPbL]PPaPYNZYNP]YPObT_SYL_`]LW[STWZ^Z[Sd
#
:¿L^?ZZWQZ].ZY_PX[WL_TZY8`©LVL@[LYT´LO
BSTWP _SP PL]WTP] @[LYT´LO^ L]P LOO]P^^PO PcNW`^TaPWd _Z []LN_TNTYR -]LSXTY^ ^PPVTYR _Z ]PQWPN_ ZY _SP ^LN]TQTNTLW N`W_ Q]ZX bT_STY LYO _Z ]P^ZWaP T_ ^ZXP ZQ _SP WL_P] @[LYT´LO^ Z]TRTYL_PO TY ]PWTRTZ`^ R]Z`[^ bSZ SLO LMLYOZYPO _SP APOTN ^LN]TQTNP NZX[WP_PWd LYO SLO _SPT] ZbY ]T_P^ ?SP 8`©LVL@[LYT´LO QZ] PcLX[WP T^ LOO]P^^PO _Z _SP YPb ]PWTRTZ`^R]Z`[ZQ_SP]PY`YNTL_P^ ^LYYd£^TY TP_Z _SZ^PSLOWPQ_ _SP ZWO ^LN]TQTNTLW ]PWTRTZY bSZ WTaPO Z`_ _]`P wOPYTLW ZQ _SP bZ]WOx TY 8LcBPMP]v^^PY^PL^T_TYP]LY_MPRRTYRXZYV^,NNZ]OTYR_Z_SPWL_P] -]LSXLYTN _]LOT_TZY ^`NS L ^_LRP ZQ WTQP £²]LXL T^ ZMWTRL_Z]d L^ _SP WL^_ ^_LRP ZQ WTQP QZ] _SP _Z[XZ^_ _S]PP ^ZNTLW NWL^^P^ 8`©L XPLY^ w^SZ]Yx^ZTYLWT_P]LW_]LY^WL_TZYbPL]P_LWVTYRLMZ`_wTY^_]`N_TZY^QZ] MLWOSPLO^xXPLYTYRw_SZ^PbSZ]PYZ`YNP_SPbZ]WOxbSZRTaP`[LWW _SPT][Z^^P^^TZY^TYNW`OTYR_SPT]SLT]?SPd_Z_LWWd]PUPN__SP ^LN]TQTNP LYOT_^^dXMZW^L^^`NSbT_S_SPPcNP[_TZYZQ:¿ ?SP L^NP_TN^ _S`^ ]PYZ`YNP YZ_ ZYWd _SPT] XL_P]TLW [Z^^P^^TZY^ M`_ LW^Z_SPT]^[T]T_`LW[Z^^P^^TZY_SPAPOLBT_S_SPNZ^XTNXLY_]L wMS¼à F( PL]_SH ^a£S£x _SPd XPY_LWWd _S]Zb _SPT] APOL TY_Z _SP bL_P] bSTNS XPLY^ _SL_ _SPd ^LN]TQTNP T_ ^dXMZWTNLWWd ?SP XLY_]L :¿ T^ _SP ZYWd XLY_]L _SL_ T^ ]P_LTYPO MPNL`^P T_ OZP^ YZ_ M]TYR LYd ]PbL]O QZ] [P] QZ]XTYR L ^LN]TQTNP ?ST^ YZ_TZY NLY MP OT]PN_Wd OP]TaPO Q]ZX _SP ]T_`LW PcPRP^T^ZQ_SP-]£SXL©L^0aPY_SP]P:¿bL^]PRL]OPOL^LYP^Z_P]TN XLY_]L_SL_]PWL_P^ZYWd_Z_SPZ_SP]bZ]WObSTWP_SP_S]PPNZ^XTNNLWW^ MS¼à MS`aLà ^aLà wPL]_S LT] SPLaPY^x OP^TRYL_P _SP _S]PP [L]_^ ZQ _ST^bZ]WO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPLW^Z 5£M£WL@[LYT´LO !
:¿TY_SPWL_P]@[LYT´LO^
?SP]PQZ]P TY _SP ^Z_P]TZWZRTNLW NZY_Pc_ ZQ LWW _SP PWPXPY_^ ZQ _SP ^PN`WL]TePO ^LN]TQTNP T_ T^ :¿ _SL_ ]P_LTY^ T_^ ZbY ^LN]POYP^^ >PN`WL]T eL_TZY ZQ _SP ^LN]TQTNP T^ XPY_TZYPO Pc[WTNT_Wd TY _SP 8`©LVL @[LYT´LO !:YPXTRS_LWXZ^_bLY__Z^Ld_SL__SPQ`]_SP]ZYPOT^_LYNP^ ZYP^PWQ Q]ZX _SP ^LN]TQTNP _SP XZ]P :¿ NZXP^ _Z _SP QZ]P ,YO T_ T^ _ST^@[LYT´LOTYbSTNS:¿L[[PL]^QZ]_SPQT]^__TXPL^L_ZZWQZ]NZY _PX[WL_TZY \`T_P TYOP[PYOPY_ LYO OP_LNSPO Q]ZX _SP NZY_Pc_ ZQ _SP ^LN]TQTNP% w:YP^SZ`WO_LVP`[_SPMZbZQ_SP@[LYT´LO^_ST^[ZbP]Q`WbPL[ZYLYO ^PWPN_ LY L]]Zb ^SL][PYPO Md NZY_PX[WL_TZY :YP ^SZ`WO ^_]TYR F_SP ^TYPbH TY _SZ`RS_ ZY _SP ^_L_P ZQ -]LSXLY& _SP RZLW MPTYR ^ZWPWd _SP w4Y PcSL`^_TMWPx LV´L]LX F(-]LSXLYH1Z]:¿T^_SPMZb_SP^PWQT^_SPL] ]ZbLYO-]LSXLYT^_SPRZLW m?ST^^PWQ £_XLY LWZYPT^ bSL_dZ`SLaP _Z]PNZRYTePRTaTYR`[PaP]dZ_SP]FQZ]XZQHWLYR`LRP?ST^FLWZYPHT^_SP M]TORP_ZTXXZ]_LWT_dx "
3P]P _SP TXXLYPY_ YL_`]P ZQ :¿ :¿ T^ PaP]d_STYR ]PNPOP^ TY_Z _SP MLNVR]Z`YOTYNZX[L]T^ZYbT_S_SPPL]WTP]@[LYT´LO^LYOLYZ_SP]NZY ^_]`N_TZY NZXP^ _Z _SP QZ]P% :¿ MPNZXP^ L NZOPbZ]O QZ] _SP ]LOTNLW _]LY^NPYOPYNd_L`RS_TY_ST^@[LYT´LO:¿^`RRP^_^T_^PWQSP]PMPNL`^P T_ OZP^ YZ_ PY_LTW LYd ]PbL]O TY _ST^ bZ]WO `YWTVP _SP ^LN]TQTNTLW WLY R`LRP LYO LN_TZY LYO _SP]PQZ]P OZP^ YZ_ SLaP LYd ]PWPaLYNP L_ LWW _Z Z`] _]LY^T_Z]d bZ]WO ZQ XP]P L[[PL]LYNP^ :YWd QZ] _ST^ ]PL^ZY NLY T_ MPNZXP _SP wMZbx z _SL_ T^ _SP ^_L]_TYR [ZTY_ LYO TY^_]`XPY_ z ZQ _SP NZY_PX[WL_TZY ZQ -]LSXLY 4_ T^ _SP ZYWd bZ]O TY S`XLY WLYR`LRP _SL_ [L]_TNT[L_P^TY_SPZ_SP]bT^PLM^ZW`_P_]LY^NPYOPYNdZQ-]LSXLY # -`_ :¿ T^ ZYWd L M]TORP _Z _SP 0aP]WL^_TYR z T_ T^ YZ_ _SP 0aP]WL^_ TYRT_^PWQ?SP]PQZ]P_SPPc[]P^^TZYw4YPcSL`^_TMWPx ,V´L]L T^YZ_`^PO QZ]:¿M`_ZYWdQZ] -]LSXLY3P]P_SP,V´L]LXd_SSL^LW]PLOdMPPY T]]PaZNLMWd M]ZVPY 1T]^_ T_ SL^ MPNZXP L [`]PWd XP_L[Sd^TNLW _P]X bSTNS YZ WZYRP] SL^ LYd_STYR L_ LWW _Z OZ bT_S _SP Xd^_P]TZ`^ Z]TRTYLW ^Z`YO ZQ _SP V>LÀST_£ Z] bT_S [Sd^TNLW ^dWWLMWP^ LYO ^PNZYOWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q8`©@ " OSLY`]RSÅ_aL`[LYT´LOLÀXLS£^_]LÀ²L]LÀSd`[£^£YT²T_LÀ^LYOLOSÅ_Lg £dLXdL_LOMS£aLRL_PYLNP_L^£WLV´dLÀ_LOPa£V´L]LÀ^ZXdLaTOOSTgg []L©LaZOSLY`à²L]ZSd£_X£M]LSXL_LWWLV´dLX`NdL_Pg L[]LXL__PYLaPOOSLadLÀ²L]LaL__LYXLdZMSLaP_gg m_LXPaLTVLÀU£YL_SL£_X£YLXLYd£a£NZaTX`ÓNL_S£X_L^dLT´L^P_`àgg 8`©@z # ?SPL^^ZNTL_TZYMP_bPPY:¿LYO]LOTNLW_]LY^NPYOPYNdT^ZYPL^[PN_ZQ_ST^^dWWLMWP _SL_T^^_TWWPX[SL^TePO_ZOLd?SP[]PaLTWTYRZ[TYTZYT^_SL_]P[P_T_TZYZQ_SP^dWWLMWP :¿ ^SZ`WO MP ]P^_]TN_PO _Z L^NP_TN^ 4_ XLd MP aP]d OLYRP]Z`^ QZ] SZ`^PSZWOP]^ MP NL`^P LNNZ]OTYR _Z [Z[`WL] Z[TYTZY `YNPL^TYR []LdP] ZQ :¿ WPLO^ _Z OT^TY_P]P^_ TY _SPbZ]WOzLYONZY^P\`PY_Wd_ZYPRWPN_ZQQLXTWdO`_TP^
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
wLV´L]Lx YZb L[[PL]^ XP]PWd L^ L _PNSYTNLW _P]X QZ] w^dWWLMWPx TY _SP ^PY^PZQLR]LXXL_TNLWZ][]Z^ZOTN^dWWLMWP
#
:¿L^>`[P]^_]`N_`]P8£©¼VdL@[LYT´LO
,YZ_SP] R]Z`[ ZQ WL_P] @[LYT´LO^ T^ OPOTNL_PO _Z :¿ TY \`T_P L OTQQP] PY_ XLYYP] ?SPd ZYNP XZ]P _LVP `[ LYO [`]^`P _SP _]TLOTN TY_P][]P_L _TZY ZQ _SP _S]PP ^Z`YO^ TY :¿ w,x w@x LYO w8x ZQ _SP -]£SXL©L^ 4_T^^_TWW[Z[`WL]_ZaTPb:¿L^LYLMM]PaTL_TZY^_LYOTYRQZ]_SPbSZWP APOL ,NNZ]OTYR _Z _SP ;]L²YL@[LYT´LO z :¿ NZYOPY^P^ _SP _S]PP APOL^ TY _SPT]PY_T]P_d3P]P:¿ ^_LYO^QZ]MZ_S_SPwWZbP]x LYO _SP wSTRSP]x -]LSXLY TP P\`LWWd QZ] bZ]WOWd LYO ^`[P]YL_`]LW RLTY 5`^_L^TYPL]WTP]_TXP^_SP_S]PP^Z`YO^ZQ:¿]P[]P^PY__SP_S]PPAP OL^ VDLU`à>£XLY _SP _S]PP bZ]WO^ PL]_S LT] LYO SPLaPY^ LYO _SP ]PWPaLY_ waTN_Z]TP^x ZaP] _SP^P bZ]WO^ :YP LNSTPaP^ R]PL_YP^^ TY _SP bZ]WO ZQ XPY aTL _SP N SdXY^ bSTWP _SP DLU`^ ^LdTYR^ WPLO TY_Z _SPbZ]WOZQ_SPXZZYLYOQTYLWWd_SP>£XLY^ZYR^bT_S_SPNZXMTYL _TZY ZQ LWW _S]PP ^Z`YO^ TY :¿ WTQ_ ZYP TY_Z _SP bZ]WO ZQ WTRS_ -`_ `YWTVP _SP -]£SXL©L _ST^ WTRS_bZ]WO T^ TY_P][]P_PO L^ _SP bZ]WO ZQ -]LSXLY M]LSXLWZVL TY bSTNS _SP w^[T]T_`LW MPTYR _SL_ WTaP^ TY _SP NT_dFZQ_SPMZOdHx $T^[P]NPTaPOz_SL_T^_SPTXXZ]_LW^Z`W ?SP 8£©¼VdL@[LYT´LO T^ OPOTNL_PO PcNW`^TaPWd _Z :¿ 4YOP [PYOPY_ZQ_SPYPbWdLN\`T]PO[P]QZ]XLYNPZQ_SP^dWWLMWPLXZYR^__SP L^NP_TN^ TY _bPWaP ^SZ]_ aP]^P^ T_ OPaPWZ[^ LY TY_P][]P_L_TZY ZQ _SP bZ]WO _SL_ T^ ML^PO ZY :¿ ?SP TY_P][]P_L_TZY T^ ^_]TN_Wd P[T^_PXZWZRT NLWLYO_S`^_LVP^LNZX[WP_PWdYPb[L_S?ST^aP]d^[PNTLW:¿ Xd^_T NT^X MPNLXP PcNP[_TZYLWWd [ZbP]Q`W ?SP @[LYT´LO MPRTY^ bT_S _SP NWL^^TNLW^_L_PXPY_% w:¿?ST^^dWWLMWPT^LWW_ST^x
-`_ TY _SP 8£©¼VdL@[LYT´LO :¿ T^ YPT_SP] P^^PYNP YZ] LY TXLRP ZQ _SP bZ]WO& TY^_PLO T_ T^ `YOP]^_ZZO L^ L ^_]`N_`]LW [L__P]Y QZ] _SP NZ^ XZ^ :¿T^_SL_bSTNST^bSTNSbL^LYObSTNS^SLWWMPbSTW^_^TX`W_L YPZ`^Wd Pc_PYOTYR MPdZYO _TXP a :¿ T^ -]LSXLY _SP wQZ`] XP_P]POx NL_`´[£_ ^PWQ ZQ LWW _SL_ T^ a ?SP QT]^_ XP_P] _SP L ^Z`YO T^ _SP bLVTYR ^_L_P U£RL]T_L^_S£YL Z] _SP [P]NP[_TZY ZQ _SP Pc_P]YLW bZ]WO a^ $ ?SP ^PNZYO XP_P] _SP ` ^Z`YO T^ _SP ^_L_P ZQO]PLXTYR ^aL[YL^_S£YL Z]_SP[P]NP[_TZYZQ_SPTY_P]YLWbZ]WOa^ ?SP _ST]O XP_P] _SP X ^Z`YO T^ _SP O]PLXWP^^ OPP[ ^WPP[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ m[`]T²LdLÀ[`]`´LXÅV´L_Pgg ZXT_dP_LOLV´L]LÀTOLÀ^L]aLXm8£©¼VdL@[LYT´LO
:¿TY_SPWL_P]@[LYT´LO^
^`´`[_L _SP RP]XTYLW NZY^NTZ`^YP^^ TY _SP ^_L_P ZQ [`]P MWT^^ a ,__ST^WPaPW_SP¢_XLYT^_SPXL^_P] ŲaL]L LYO_SPTY_P]YLW^_PP]^XLY LY_L]d£XTY ZQ LWW _SL_ T^ a ! ?SP QZ`]_S XP_P] SZbPaP] WTP^ MP dZYO WLYR`LRP LYO MPdZYO _SZ`RS_& T_ NLY ZYWd MP OP^N]TMPO _S]Z`RS YPRL_TZYZQ_SPZ_SP]wXP_P]^x%SP]PZYWd[`]P^PWQ[P]NP[_TZYPcT^_^TY bSTNS_SP[SPYZXPYLWbZ]WOQLWW^^TWPY_a^"% w4_T^YZ_TY_P]YLWbZ]WO[P]NP[_TZYYZ_Pc_P]YLWbZ]WO[P]NP[_TZYYZ_[P] NP[_TZY ZQ MZ_S FbZ]WO^H YZ_ `YOTQQP]PY_TL_PO [P]NP[_TZY YZ_ ]PNZRYTeTYR M`_ LW^Z YZ_ YZY]PNZRYTeTYR 4_ T^ TYaT^TMWP TYOP^N]TMLMWP TY_LYRTMWP TY OPQTYLMWP `Y_STYVLMWP `YYLXPLMWP& T_ ^TX[Wd NZY^T^_^ ^ZWPWd ZQ Pc[P]T PYNTYRZYP^PWQx
?SP ^_]`N_`]TYR Q`YN_TZY ZQ :¿ PcP]_^ T_^ PQQPN_^ YZ_ ZYWd aTL _SP Y` XP]TNLW LYLWZRd ZQ _SP QZ`] wXP_P]^x bT_S _SP QZ`] XZ]LP M`_ LW^Z aTL _SP ^Z`YO ZQ :¿ T_^PWQ ?SP NZ]]PWL_TZY ZQ _SP ^P\`PYNP ,@8 bT_S bLVTYR O]PLXTYR LYO O]PLXWP^^ OPP[ ^WPP[ T^ [SPYZXPYZWZRTNLWWd NWPL] ?SP wLx T^ _`]YPO Z`_bL]O _SP w`x T^ _`]YPO TYbL]O LYO _SP wXx T^ NZX[WP_PWd TY_P]YLWTePO ?ZRP_SP] _SPd QZ]X L ^_P[Md^_P[ LNZ`^_TN LYO L]_TN`WL_Z]d TYaZW`_TZY bSTNS XLVP^ _SP LM^_]LN_ NZY_PY_^ ZQ _SP aP]^P^ TY_Z ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO aTL _SP ^PY^P^ LYO _SL_ NLYMP`^POMZ_SQZ]XPOT_L_TaPLYOQZ]NZY_PX[WL_TaP[`][Z^P^,__SP ^LXP _TXP :¿ LN\`T]P^ LY LOOT_TZYLW ^dXMZWTN w[SZYP_TNx PWPXPY_ ?SP [ZTY_ L_ bSTNS _SP ML]PWd L`OTMWP wXx L[[PL]^ TY _SP ^TWPYNP T^ ]P RL]OPO L^ _SP QZ`]_S [SL^P ZQ :¿ LYO T_ T^ []PNT^PWd _ST^ [SL^P _SL_ T^ _SPXZ^_TX[Z]_LY_ 3ZbPaP] OP^[T_P _SP PX[L_STN NZX[ZYPY_ _SP _Pc_ T^ ^PaP]PWd ]L _TZYLWTePO,[L]_Q]ZX _SP Y`XP]TNLWLYLWZRTP^_SP]P L]PLW^ZP_dXZWZ RTP^ TY _SP -]£SXL©L ^_dWP TY_PYOPO _Z WPRT_TXTeP _SP NZY_PY_ bSTNS T^ YZ_QZ`YOPOTY_]LOT_TZY-`__SP^PP_dXZWZRTP^L]P]L_SP]^_dWT^_TN\`Z _L_TZY^ bT_SZ`_ R]PL_ ]PWPaLYNP TY _P]X^ ZQ NZY_PY_ ^TYNP _SP @[LYT´LO LW]PLOd L]R`P^ TY L NZX[WP_PWd ^d^_PXL_TN bLd `YWTVP _SP QWTRS_^ ZQ QLYNd TY _SP -]£SXL©L^ 4Y _SP -]£SXL©L^ P_dXZWZRTP^ L]P TX[Z]_LY_ ^Z`]NP^ ZQ TYQZ]XL_TZY bSTWP TY _SP @[LYT´LO _SPd XP]PWd NZYQT]X _SP Z_SP]bT^P [`]PWd ^d^_PXL_TNLWWd OPaPWZ[PO ^PY_PYNP^ 1Z] PcLX[WP _SP O]PLXLYO _SP ` [SL^PZQ :¿L]PXZ]PZ] WP^^NSL]LN_P]TePOMdF\`LWT _L_TaPH w[]ZXTYPYNPx ` ` _VL]´L LYO w_bZ^TOPOYP^^x `` MSLdL_aL TYL^ X`NS L^ _SP O]PLX T^ WZNL_PO MP_bPPY _SP bLVTYR ^_L_P LYO _SP O]PLX WP^^OPP[^WPP[a^?SP^PP_dXZWZRTP^L]PYZ_aP]dNZYaTYNTYR TQ ZYP NZX[L]P^ _SPX bT_S _SP M]TWWTLY_ LYO ^ZXP_TXP^ LW^Z ^WTRS_Wd N]Led P_dXZWZRTP^ ZQ _SP -]£SXL©L^ ?SP N]PL_TaT_d TY b]T_TYR SL^ ^STQ_POTY_Z_SPOPaPWZ[XPY_ZQL^d^_PXL_TNLYO^_]TN_]P[]P^PY_L_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ Y£Y_Là[]LUÓLÀ YL MLSTà[]LUÓLÀ YZMSLdL_Là[]LUÓLÀ YL []LUÓ£RSLYLÀ YL []LUÓLÀ Y£[]LUÓLX g LO²dLX LadLaLS£]dLX LR]£SdLX LWLV´L©LX LNTY_dLX LadL[LOP²dLX £_XL[]L_dLdL^£]LFXHm8£@ "
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
:YWdZYPPWPXPY_T^]PXZaPOQ]ZX_SP]L_TZYLWT_dZQ_SP^d^_PX%_SP ¢_XLY ?SP ¢_XLY T^ aTPbPO L^ :¿ LYO T^ _SP BSZWP M`_ TY ^[T_P ZQ _ST^ T_ T^ L_ _SP ^LXP _TXP TOPY_TNLW bT_S _SP wQZ`]_Sx ^_L_P _`]¯dL bSTNS T^ OP^N]TMPO ^ZWPWd TY YPRL_TaP^ @YWTVP _SP _S]PP []PNPOTYR ^_LRP^ _ST^ ]PWL_TZY^ST[ ¢_XLY ( QZ`]_S ^_L_P T^ L NWL^^TNLW Xd_STNLW ]PWL_TZY^ST[%¢_XLYT^LwQZ`]_Sx[L]_LYOL__SP^LXP_TXP_SPBSZWP bSTNSLW^ZNZY_LTY^_SP[]PNPOTYR_S]PP[L]_^bT_STYT_^PWQ>Z_SPLN_`LW YZP_TNRZLWT^WZNL_POL__ST^^_LRPa" 4Y_SP8£©¼VdL@[LYT´LO_SP^dY_SP^T^ZQ_bZXZYZXd_S^ZNN`]^ ?SP¢_XLYz bSTNS T^OPaPWZ[POQ]ZX _SP >`MUPN_TaPzLYO_SPNZ^XTN NZOPbZ]O :¿ bSTNS `Y_TW YZb SL^ MPPY TYOP[PYOPY_ ZQ L ^`MUPN_ _]LY^QP] _SPT] NSL]LN_P]^ _Z ZYP LYZ_SP] ?SP ¢_XLY bSTNS _]LY^NPYO^ _SP [SPYZXPYLW LYO bSTNS NZ`WO ZYWd MP NZX[]PSPYOPO TY YPRL_TaP^ ^`NS L^ wT_ T^ YZ_ _ST^ LYO YZ_ _SL_x% YP_T YP_T LYO TY P\`L_TZY^ bT_S _SP bSZWP NZ^XZ^ w,WWL`^^LRPYx YZb RP_^ wQZ`] XP_P]^x ,YO dP_ _ST^ ¢_XLY T^ _ZZ NZX[]PSPY^TaP QZ] T_ _Z MP ]PO`NTMWP _Z TYOTaTO`LW PWPXPY_^ 4_ PYNZX[L^^P^ PaP]d_STYR _SL_ T^ LWW L^[PN_^ ZQ [SPYZXPYLW ]PLWT_d M`_ LW^Z _SL_ bSTNS T^ YZ_ _SP [SPYZXPYLW ]PLWT_d LYO NLY ZYWd MPOP^N]TMPOTY_P]X^ZQ_SPYPRL_TZYZQ[SPYZXPYLW]PLWT_d ?SPTY_P][]P_L_TZYZQ:¿TY_SP 8£©¼VdL@[LYT´LO M]Z`RS_LMZ`_ LY P^[PNTLWWd [ZbP]Q`W ST^_Z]d ZQ ]PNP[_TZY 4_ bL^ LMWP _Z M]TYR _Z RP_SP] _SP _]LY^NPYOPY_LWT^_ [STWZ^Z[Sd ZQ _SP APO£Y_L bT_S _SP APOL _Pc_ TY T_^ P^Z_P]TN Y`NWP`^ :¿ 4Y ^`NS L ]PNP[_TZY ZQ _SP APOL _SP ^LN]PO _Pc_ _`]Y^ TY_Z _SP ]ZZ_ PWPXPY_ ZQ L N`W_`]P ZQ XPXZ]d w2POÆNS_YT^V`W_`]x?ST^APOLT^YZWZYRP]]PRL]OPOL^L]T_`LW_Pc_L_ LWW LYO T_ MPNZXP^ L []TXZ]OTLW ]PaPWL_TZY _Z bSTNS LWW ]PQP] LYO :¿ MPNZXP^T_^]P[]P^PY_L_TZY ?SP OPQTYT_PWd [Z^_APOTN ;]L©LaL@[LYT´LO T^ PcNW`^TaPWd NZY NP]YPO bT_S :¿ TY LY LWXZ^_ PYNdNWZ[POTN XLYYP] 4Y NZY_]L^_ _Z _SP PL]Wd @[LYT´LO^ T_ OZN`XPY_^ L ^_]ZYRWd Xd_SZWZRTePO aTPb ZQ _SP APOL 4_ MPRTY^ _ST^ bT_S L ^_Z]d ZQ N]PL_TZY LNNZ]OTYR _Z bSTNS _SP TX[P]^ZYLW -]LSXLY ZQ _SP @[LYT´LO^ N]PL_P^ L [P]^ZYLW -]LSXLY YLXPWd_SP[]TP^_RZOLYON]PL_Z]RZO-]LSX£3P_STYV^_ZSTX^PWQ% wBT_S bSTNS ^dWWLMWP ^SLWW 4 LNSTPaP LWW OP^T]P^ LWW bZ]WO^ LWW RZO^ LWW APOL^ LWW ^LN]TQTNP^ LWW bZ]O^ LWW ]TNSP^ LWW WTaTYR _STYR^ LYTXL_P LYO TYLYTXL_P*x
?SP N]PL_Z] RZO [P]NPTaP^ _SP ^dWWLMWP :¿ LYO TY T_ _SP bSZWP NZ^XZ^ TY LWW [Z^^TMWP SZXZWZRTNLW ^P]TP^% _SP OTaT^TZY^ ZQ _SP `YTaP]^P _SP PWPXPY_^ _SP APOL^ _SP XP_P]^ _SP ^PL^ZY^ ZQ _SP dPL] _SP OT]PN_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ VPY£SLX PVPY£V´L]P©L ^L]a£À² NL V£X£Y ^L]a£À² NL WZV£Y ^L]a£À² NL OPa£Y ^L]a£À²NLaPO£Y ^L]a£À²NLdLUÓ£Y ^L]a£À²NL²LMO£Y ^L]a£² NLad`´¶Åà^L]a£©TNL MS¼_£YT^_S£aL]LUL«RLX£YdLY`MSLaPdLXT_Tg ;]L©LaL@[LYT´LO
:¿TY_SPWL_P]@[LYT´LO^
ZQ _SP NZX[L^^ _SP ^PY^P^ LYO X`NS XZ]P MP^TOP^ 8Z^_ ZQ _SP^P SZ XZWZRTP^ L]P [`_ _ZRP_SP] Q]ZX _SP -]£SXL©L^ >ZXP ^[PNTLW APOTN _P]X^ ZNN`] M`_ _SPd SLaP YZ Q`YN_TZY QZ] _SP _Pc_ L^ L bSZWP XP]PWd N]PL_TYR L APOTN L_XZ^[SP]P -`_ _SP QTYLW ^Z`YO ZQ :¿ SL^ L ^[PNTLW ^TRYTQTNLYNP%bSTWPTY_SP 8£©¼VdL@[LYT´LO T_ T^ WTYVPObT_SbSL_ T^ _]LY^NPYOPY_LYOMPdZYO_ST^ bZ]WO TY_SP ;]L©LaL @[LYT´LO T_SL^_SP Q`YN_TZYZQN]PL_TYRN`W_`]P% w?SP PNSZ T^ _SP APO£«RL^ N]PL_TZY LYO OPNLd _SP OT^N`^^TZY^ ZQ _SP APOL _SP R]PL_ ^LdTYR^ _SP @[LYT´LO^ _SP ]`WP^ ZQ _SP APOL _SP ^PaPY Ad£S_T^ _SP ^PaPY _ZYP^ LYO L]_ OLYNTYR ^[PLVTYR LYO X`^TN& LYO _SP ^ZYR^ZQ.T_]L]L_SLLYOZQ_SPZ_SP]F2LYOSL]aL^H&LYOTY]PWL_TZY_Z_SP ^PWQ%_SPPL]_SPaZTNPLYOSPL]TYRx
?ST^ XPLY^ _SL_ Z`_ ZQ _SP WL^_ OPNLdTYR ^Z`YO ZQ :¿ LWW WT_P]L_`]P^ L]T^PLWZYRbT_SLWWZ_SP]N`W_`]LWLNSTPaPXPY_^L^^ZNTL_PObT_S^Z`YO ?SP [L^^LRP L[[PL]^ _Z MP QZWWZbTYR ZY Q]ZX LY wZ]TRTYLWx APOTN XZOPW YLXPWd _SP -SLO¢]L©dLVL@[LYT´LO ?SP]P _SP APOL^ LYO WL_P] ^LN]PO WT_P]L_`]P L]P wM]PL_SPO Z`_ ZQ _SP R]PL_ MPTYRx -`_ SP]P _SP N]PL_TZY ZQ LWW _SP^P ^Z`YO [SPYZXPYL PXP]RP \`T_P ^[PNTQT NLWWd Q]ZX _SP Z]TRTYLW ^Z`YO :¿ LYO _SP]PQZ]P _SP _Pc_ NLY LW^Z LOO ^ZYROLYNPLYOX`^TN 4Y _ST^ @[LYT´LO :¿ M]TYR^ _ZRP_SP] -]LSXLY L^ NL`^L XL_P]TLWT^ LYO _SP YZ_TZY ZQ N]PL_TZY Z`_ ZQ _SP APOL 4_ T^ TXLRTYPO _Z MP L []T XZ]OTLW WTYR`T^_TN ^`M^_LYNP _SL_ []PNPOPO _SP N]PL_Z]RZO LWW APOL^ LYO LWW XLY_]L^ 1]ZX _ST^ [ZTY_ ZQ aTPb _SP :¿ ^dXMZW `W_TXL_PWd ^_LYO^ QZ] _SP bSZWP APOTN ]PaPWL_TZY 4_ NZOP^ QZ] PaP]d_STYR _SL_ T^ YZb WTYVPO bT_S _SP APOL% T_^ aT^TZYL]d LYO P^Z_P]TN NSL]LN_P] L^ _SP []TXZ]OTLW ]PaPWL_TZY T_^ L`]L LYO TYSP]PY_ ^LN]POYP^^ T_^ ZXYT[]P^PY_ YL_`]PbSTNSXLVP^T_^_LYOMZ_SQZ]_SPbZ]WOWdLYOQZ]_SP^`[P]YL_` ]LW LYO WL^_ M`_ YZ_ WPL^_ T_^ ^Z_P]TZWZRTNLW Q`YN_TZY LN\`T]PO aTL _SP @[LYT´LO^ 4Y LWW _SP^P L^[PN_^ _SP aP]d OTaP]^P ^PXLY_TN QTPWO ZQ _SP _P]X u-]LSXLYv bSTNS T^ Pc_]PXPWd NWZ^PWd L^^ZNTL_PO bT_S _SP APOL NZY_TY`P^ _Z PcP]_ T_^ PQQPN_^% :¿ T^ _SP -]LSXLYTN bZ]O ZQ [ZbP] [L] PcNPWWPYNPLYOL__SP^LXP_TXP_SPL]NLYPYP_bZ]VPO\`LWT_dZQ _STYR^ T^ ]PQWPN_PO TY T_ :¿ L^ ^Z`YO ^dXMZW LYO bZ]O ^dXMZW MPNZXP^ _SP ^ZYTNLYO^PXLY_TN[]TXPaLWXP_L[Sd^TNLW]ZZ_ZQ]PLWT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;]L©LaL@[LYT´LO _]LY^WL_PO Md ;L`W /P`^^PY >PNSeTR @[LYT^SLO^ OP^ APOL /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $! #! Q ?SP NZ]]P^[ZYOTYR >LY^V]T__Pc_TY_SP ;]L©LaL@[LYT´LO T^^ZNZ]]`[__SL_TY_ST^NL^PbP[]PQP]_Z`^P /P`^^PYv^:`[PVSYL__]LY^WL_TZY -`_ TY_P]P^_TYRWd TY _ST^ @[LYT´LO :¿ T^ Z_SP]bT^P _]PL_PO L^ L [P]QPN_Wd YZ]XLW bZ]O [Z^^P^^TYR L ML^TN XPLYTYR ^`MUPN_ _Z NP]_LTY P`[SZYTN ]`WP^ bT_S L NP]_LTY XZ][SZWZRdP_N
!
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO>LN]PO>Z`YO
9Z bZYOP] _SL_ L WL_P ^PN_TZY ZQ _SP 8LT_]£dL©¯dL@[LYT´LO LW^Z VYZbY L^ 8LT_]T8LT_]¯@[LYT´LO TY_]ZO`NPO _SP _P]X ±LMOL-]LSXLY wBZ]O-]LSXLYx L^ L YPb []Z[P] YLXP QZ] :¿ 8LT@ ! ?ST^ @[LYT´LO NZY_LTY^ ^TXTWL] TOPL^ ZQ :¿ L^ _SP STRSP] LYO WZbP] -]LS XLYL^_SP ;]L²YL LYOZQ :¿MPTYR _SP`W_TXL_P ^`[P]^_]`N_`]PZQ PaP ]d_STYRL^_SP 8£©¼VdL M`_T_LOO^ _SPT^_TNSZXZWZRTP^ _]TX¼]_T LYO _SP QLY_L^_TN bZ]WO ZQ ZNN`W_ ^Z`YO^ SPL]O Md _SP DZRTY^ LYO ?LY_]TN^ ?ST^ @[LYT´LO T^ STRSWd N`X`WL_TaP TY NSL]LN_P] z T_^ ZWOP^_ [L]_^ MP WZYR _Z _SP [P]TZO ZQ _SP PL]WTP^_ @[LYT´LO^ LYO ZQQP] ^[T]T_`LW SP]XP YP`_TN^ ZQ OLTWd QT]P ^LN]TQTNP ?SP WL_P] [L]_^ ]PLNS QL] TY_Z XPOTPaLW 3TYO`T^X LYO RTaP PaPY _SP TYPQQLMWP wQZ`]_Sx _`]¯dL ^_L_P L _LYRTMWP ^PY^Z]dPc[]P^^TZY%T_NLYMPPc[P]TPYNPOTY^Z`YOaTM]L_TZY^LYObZY OP]Q`WL`OT_TZY^ W3TYO`T^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] OP_LTWPO ^_`Od LYO _Pc_`LW N]T_TNT^X ZQ _ST^ @[LYT´LO ^PP 5,- aLY -`T_PYPY 8LT_]£dL©¯dL @[LYT´LO% , N]T_TNLW P^^Ld bT_S _Pc_ _]LY^WL_TZY LYO NZXXPY_L]d > 2]LaPYSLRP% 8Z`_ZY $! ALY -`T_PYPY ]PNZY^_]`N_^ _SP ZWOP^_ WLdP]^ ZQ _SP 8LT_]¯8LT_]£dL©¯dL@[LYT´LO 3P T^ SZbPaP] YZ_ OPLWTYR bT_S _SP XZ]P ]PNPY_ WLdP]^XPY_TZYPOLMZaP:Y_SP_SPT^_TNwMPY_x^PP,]aTY>SL]XLw?SP?S]PP2ZO^ _SP ?S]PP R`©L^ LYO _SP ?S]PP >dWWLMWP^ ZQ :Xx -`WWP_TY ZQ _SP 4Y^_T_`_P ZQ ?]LOT _TZYLW .`W_`]P^ $##% "z"" , OTQQP]PY_ ]PNZY^_]`N_TZY _SLY _SP ZYP ZQ aLY -`T_PYPY bL^ ^`RRP^_PO Md .ZSPY ?Pc_ LYO ,`_SZ]T_d !$ bSZ ]PRL]O^ _SP ^SZ]_P] >Z`_SP]Y ]PNPY^TZY PY_T_WPO 8LT_]£dL©¯ L^ _SP Z]TRTYLW _Pc_ LYO WZNL_P^ _SP @[LYT´LO bT_STY _SP DLU`]aPOTN _]LOT_TZY 3ZbPaP] .ZSPY OZP^ YZ_ OTaP]RP Q]ZX aLY -`T_PYPY TY ]PRL]OTYR NSL[_P] ! L^ WL_P] LOOT_TZY 4_ T^ []PNT^PWd _ST^ ^PN_TZY bSTNS ^[PLV^ ZQ _SP :¿ L^ w±LMOL-]LSXLYx _SP _]TYT_d -]LSX£ AT´©` LYO ±TaL _]TX¼]_T LYO DZRTN?LY_]TN NZYNP[_^ ZQ w^_]`NVx LYO w`Y^_]`NVx ^Z`YO ^PP NSL[ MPWZb ?SPNWZ^PYP^^_Z_SP ;]L²YL@[LYT´LO NLYMP_]LNPOL^ L\`Z_L_TZYYZ_ dP_QZ`YOTY_SP>Z`_SP]Y]PNPY^TZY
.ZX[Z^T_TZYLYO/PNZX[Z^T_TZY% ,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOLz =L_TZYLWT_dLYO,P^_SP_TN^ZQ;Z^_APOTN7T_P]L_`]P^LYO ;P]QZ]XTYR,]_^ ,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SP9Z^_LWRTLZQ_SP-L]O^
?SP wPYO ZQ _SP APOLx bL^ _SP MPRTYYTYR ZQ _SP TYaPY_TZY ZQ T_^ _]LOT _TZY ?SP APOL T^ YZ WZYRP] ]PLWT_d _SL_ T^ WTaPO Z`_ M`_ TY^_PLO SL^ MPNZXP L ]TRTO NLYZY ZQ QTcPO _Pc_^ ?SP YPb L^[PN_ T^ _SP _PNSYTNLW LYO LNLOPXTN WT_P]L_`]P^ LMZ`_ _SP APOL bT_S _SP -]LSXTY^ _`]YTYR XZ]PLYOXZ]PTY_Z^NSZWL]^4_T^[]ZMLMWdYZ_MdNSLYNP_SL__SPPL]WT P^_ ^`]aTaTYR OZN`XPY_^ ZQ YZYAPOTN WT_P]L_`]P z MPL]TYR bT_YP^^ _Z ^ZNTLW LYO ]PWTRTZ`^ NSLYRP^ _SP R]Zb_S ZQ VTYROZX^ LYO _SP ]T^P ZQ _SPT^_TN _]LOT_TZY^ z LW^Z OL_P Q]ZX _ST^ [P]TZO LMZ`_ -. _S]Z`RS _SPQT]^_NPY_`]TP^,/?SPZWOP^_^`]aTaTYR[L]LWWPW_]LOT_TZYT^_SL_ZQ _SP ^¼_L^ WT_P]LWWdw^_PP]P]^ZQNL]_^xM`_LW^ZXPLYTYRML]O^^TYNP_SP XPY ^_PP]TYR NL]_^ LNNZX[LYdTYR _SP []TYNP^ TY_Z ML__WP bP]P PcNPWWPY_ NLYOTOL_P^ QZ] _SP ]ZWP ZQ PL]Wd wST^_Z]TZR]L[SP]^x ?ST^ YPb R]Z`[ ZQ L`_SZ]^TYaPY_^T_^aP]dZbY_]LOT_TZY4YQTYPXd_SZWZRTNLWQL^STZY_SPd ^PP _SPX^PWaP^ L^ OP^NPYOPO Q]ZX L WPRPYOL]d []TXPaLW >¼_L LYO _ST^ QL_SP]ZQLWWML]O^T^_]LNPOOT]PN_WdMLNV_Z_SPwNZX[TWP]ZQ_SPAPOLx APOLad£^L bSZX ^ZXP ]PRL]O L^ _SP TYNL]YL_TZY ZQ _SP 7Z]O 2ZO AT´©` bSZ bL^ U`^_ P^_LMWT^STYR STX^PWQ L_ _SP _TXP ?ST^ YPb WT_P]L]d R]Z`[ _]TP^ _Z NL^_ _SP YTXM`^ ZQ _SP APOTN ^LN]TQTNTLW _]LOT_TZY L]Z`YO T_^PWQ .ZY^P\`PY_Wd RTRLY_TN ^LN]TQTNTLW QP^_TaT_TP^ WL^_TYR L _SZ`^LYO dPL]^ L]P []ZUPN_PO TY_Z _SP [L^_ L^ L WT_P]L]d QTN_TZY _Z ^P]aP L^ L WPR PYOL]d ^_LRP QZ] _SP QT]^_ ]PNT_L_TZY ZQ _SP ML]OTN _Pc_^ ?SP _bZ R]PL_ P[TN^ 8LS£MS£]L_L LYO =£X£dL©L RZ MLNV _Z _SP^P NZ`]_ ^TYRP]^ LYO bP]P LM^Z]MPO Md T_TYP]LY_ ]PNT_P]^ ZQ -]LSXTY_d[P WZ]P LYO X`NS ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
?SP NZX[WPc []ZNP^^P^ ZQ NLYZY QZ]XL_TZY SLaP MPPY OT^N`^^PO Md 8TNSLPW BT_ePW w?SP APOTN .LYZY LYO ;ZWT_TNLW 8TWTP`x TY 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^% 9Pb,[[]ZLNSP^_Z_SP>_`OdZQ_SPAPOL^PO8BT_ePW.LXM]TORP%3L]aL]O@YT aP]^T_d$$" "z 4_T^NP]_LTY_SL__SPNZ]P^PN_TZYZQ_SPP[TN^bL^NZX[Z^POL_L]Z`YO-.^TYNP _SP[ZWT_TNLW ^T_`L_TZYTY 4YOTL_SPdOP^N]TMP SLONSLYRPOMd_SP_TXP _SP 2]PPVLX
#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
_SP aL^_ MZOd ZQ _Pc_ ZQ _SP ;`]£©L^ LW^Z Z]TRTYL_PO Q]ZX _SP ML]OTN _]LOT_TZY BSL_ _SP ML]O^ ^TYR T^ [P]QZ]XPO Md _SP LN_Z]^ ZY ^_LRP 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
ML^^LOZ]8PRL^_SPYP^NL-.L]]TaPOTY;£_LWT[`_]L3ZbPaP]_ST^OZP^YZ_LW WZb `^ _Z O]Lb LYd NZYNW`^TZY^ LMZ`_ _SP LRP ZQ TYOTaTO`LW [L^^LRP^ TY _SP P[TN^ ^ZXPZQ bSTNS XLdOL_P Q]ZXL^`M^_LY_TLWWdPL]WTP][P]TZO^ZXP Q]ZX LX`NSWL_P] ZYP.Q ?SP8LS£MS£]L_L _]LY^WLYOPOMd5,-aLY-`T_PYPYAZW%4Y_]ZO`N _TZY .STNLRZ% @YTaP]^T_d ZQ .STNLRZ $" cTTTzccca& ?SP =£X£dL©L ZQ A£WX¯VT PO = 2ZWOXLYY AZW % 4Y_]ZO`N_TZY ;]TYNP_ZY% ;]TYNP_ZY $# BSP]PL^ _SP STRSWd ^Z[ST^_TNL_PO XYPXZ_PNSYTN^ ZQ _SP APOL R`L]LY_PPO LY Z]LW NZOTQTNL_TZY bT_SZ`_aL]TLY_^ >_LLW ?SP1TOPWT_dZQ:]LW?]LOT_TZY _SPP[TN^bP]PML^TNLWWdZ]LW _Pc_^_SL_QW`N_`L_POZaP]LWZYR[P]TZOLYObP]PNZY_TY`LWWdMPTYR]PaT^POTY_SPQ]PP ^_dWP ZQ ^PXTTX[]ZaT^PO wQZWV WT_P]L_`]Px ZY _SP PORP ZQ Z]LW LYO b]T__PY _]LOT_TZY BSTWP_SPT]Z]TRTY^WLdTYYZY-]LSXLYTNR]Z`[^L^^ZNTL_PObT_S_SP6´L_]TdLL]T^_ZN ]LNd _SP P[TN ^_Z]TP^ bP]P \`TNVWd L[[]Z[]TL_PO Md >LY^V]T_TN -]LSXTY^ LYO ZaP] NZOPObT_SL-]LSXLYTNTOPZWZRdbSTNSPX[SL^TePO_SP[P]QZ]XLYNPZQ^ZNTLWO`_d ?SP Q]PP LYO `YQP__P]PO OPaPWZ[XPY_ ZYWd PYOPO L_ L]Z`YO ,/ bSPY _SP >LY ^V]T__Pc_^R]LO`LWWdMPRLY_ZMP^PPYL^LNLYZYbSTWPTY_SPaP]YLN`WL]WLYR`LRP^ _SP _]LOT_TZY^ SLaP ]PXLTYPO QW`TO `[ _Z _SP []P^PY_ OLd 4Y LOOT_TZY _Z _bZ XLUZ] >LY^V]T_ ]PNPY^TZY^ 9Z]_SP]Y LYO >Z`_SP]Y ZQ MZ_S P[TN^ _SP]P L]P L R]PL_ Y`XMP] ZQ WZNLW QZ]X^& _SP >LY^V]T_ YL]]L_TaP _]LOT_TZY^ L]P LW^Z LN_PO Z`_ LYO ]PNT_PO Z]LWWd TY aP]YLN`WL] WLYR`LRP^ ?SP TYQW`PYNP ZQ MZ_S P[TN^ ZY 3TYO` NTaTWTeL_TZY SL^ MPPY TXXPY^P LYO SL^ ^SL[PO LN_`LW N`W_`]LW WTQP XZ]P _SLY _SP APOL 4Y XZOP]Y _TXP^ _SPdSLaPMPPYNL^_TYL_PWPaT^TZY^P]TP^bSTNSPYUZdPOR]PL_[Z[`WL]T_d ?]LOT_TZYLWWd MZ_S P[TN^ LYO ;`]£©L^ w^_Z]TP^ ZQ _SP LYNTPY_ [L^_x L]P ^ZXP_TXP^ NWL^^TQTPO _ZRP_SP] L^ T_TS£^L[`]£©L PXM]LNTYR _SP BP^_P]Y NL_PRZ]TP^ ZQ uST^_Z]dv uWPRPYOv LYO uXd_Sv LYO L]P PaPY VYZbY L^ _SP wQTQ_S APOLx ?SP ;`]£©L^ _ZZ SLO LYONZY_TY`P_ZSLaPLYTXXPY^PTX[LN_`[ZY3TYO`T^XL_LWWWPaPW^8TW_ZY>TYRP] ]TRS_WdZM^P]aP^%w?SPaP]d_T^^`PZQ_SPN`W_`]PT^XLOPQ]ZX[`]£©TN_SPXP^;]LN_T NLWWd PaP]d N`W_`]LW [P]QZ]XLYNP TYNW`OP^ ZYP z TY ^ZYR OLYNP [WLd ]PNT_L_TZY LYO Pc[Z^T_TZYx 8TW_ZY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^% ,Y ,Y_S]Z[ZWZRT NLW ,[[]ZLNS _Z 4YOTLY .TaTWTeL_TZY 9Pb DZ]V% ;]LPRP] $" "! ,WW NL^_P^ SLaP LNNP^^ _Z ;`]£©TN ]T_P^ YZ_ ZYWd _SP _bTNPMZ]Y L^ T_ T^ _SP NL^P TY _SP APOTN ]T_`LW _]LOT_TZY ?SP Z]LW _]LY^XT^^TZY NSLYYPW^ bT_S L STRS OPR]PP ZQ Q]PPOZX NZY^_LY_Wd ]PNL^_TYR _SP ^_Z]TP^ TX[]ZaT^TYR LYO LOOTYR WZNLW NZWZ]TYR SLaP MPPY aP]d X`NS WTVP_SZ^PZQ_SPP[TN^?SZXL^.ZM`]Yw?SP>_`OdZQ_SP;`]£©L^LYO_SP>_`OdZQ =PWTRTZYx =PWTRTZ`^>_`OTP^ !$#%z ?SP>¼_L^]PNT_TYR_SP;`]£©L^L]P ^LTO_ZMP^ZY^ZQ6´L_]TdLQL_SP]^LYO-]LSXTYXZ_SP]^LYO_ZOLd_SP]PL]P^[PNTLW TePO]PNT_P]^VYZbYMd_SP3TYOT_P]X MSL¶ 2LaTY1WZZO ,YTY_]ZO`N_TZY_Z3TYO` T^X$$!$&7`OZ=ZNSP] ?SP;`]£©L^ BTP^MLOPY%3L]]L^^ZbT_e$#! z $ BSTWP _SP ]PWL_TaP NS]ZYZWZRd ZQ _SP APOL NLY L_ WPL^_ MP OP_P]XTYPO QLT]Wd LNN` ]L_PWdT_T^TX[Z^^TMWP_ZP^_LMWT^SLNS]ZYZWZRdQZ]_SP;`]£©L^LYOYZ^[PNTQTNOL_P NLYMPTOPY_TQTPOQZ]LYdZQ_SPX=ZNSP] ?SP;`]£©L^ 4YRPYP]LW_SPdOZN` XPY_L^ZXPbSL_WL_P][P]TZO_SLY _SPP[TN^ LYOLXZ]PLOaLYNPO^_L_PZQ^PN_L]TLY LYO OPaZ_TZYLW bZ]^ST[ NPY_P]TYR ZY _SP R]PL_ [P]^ZYLW OPT_TP^ AT´©` ±TaL LYO _SP 2ZOOP^^4_T^LaL^_MZOdZQNZX[WPcYL]]L_TaP^NZY_LTYTYRRPYPLWZRTP^ZQOPT_TP^LYO VTYR^ `[ _Z _SP 2`[_L^ NZ^XZWZRTP^ NZOP^ ZQ YZ]XL_TaP MPSLaTZ] OP^N]T[_TZY^ ZQ ]T_`LW [TWR]TXLRP Xd_SZWZRd LYO XLYd RWZ]TQTNL_TZY^ ZQ WZNLW ^LN]PO [WLNP^ ?SP M`WVZQ_SPXL_P]TLWNZY_LTYPObT_ST_^_d[TNLWXTcTYRZQ_]LOT_TZY^TYNW`OTYRLYNTPY_ LYOwXZOP]YxTOPL^bL^P^_LMWT^SPOO`]TYR_SP2`[_L[P]TZONLz ,//P
?SP9Z^_LWRTLZQ_SP-L]O^
$
^[T_PZQ_SPT]WZb^ZNTLW^_L_`^_SPLN_Z]^LW^Z_]LNP_SPX^PWaP^MLNV_Z L^PXTOTaTYPZ]TRTY?SPd^_dWP_SPX^PWaP^L^ _SPOP^NPYOPY_^ZQ _SP 2LYOSL]aL^ bSZ SLaP TY _SP XPLY_TXP bZ]VPO _SPT] bLd `[ Q]ZX 0]W VØYTR_ZSPLaPYWdNSP]`MTX?SPLN_Z]^Pc[WLTY_SPT]]L_SP]WZbWd^ZNTLW ^_LYOTYR L_ _SL_ _TXP bT_S L ^WT[ XLOP Md _SPT] Xd_SZWZRTNLW []POPNP^ ^Z]^ bSZ ZYNP [P]QZ]XPO L [L]ZOd ZQ _SP SZWd APOTN ^PP]^ ´T X`YT bSZ _SPY N`]^PO _SPX 0aPY TQ _SP ^LN]TQTNP^ ZQ _SP -]LSXTY^ L]P YZ WZYRP] P^[PNTLWWd [Z[`WL] _SPT] N`]^P^ ²£[L L]P ^_TWW QPL]PO U`^_ L^ X`NS L^ PaP] ?SPd TYPaT_LMWd NZXP _]`P >TYNP _SL_ _TXP LN_Z]^ SLaP MPPY LY T_TYP]LY_ R]Z`[ ^NZ]YPO Md Z_SP]^ -`_ LXZYR^_ _SPX^PWaP^ _SPd ^ZZY OPaPWZ[PO LY LNLOPXTN OT^NT[WTYP YLXPWd _SP ^_`Od ZQ _SP _SPL_P] LYO _ST^ OT^NT[WTYP z SZb NZ`WO T_ MP Z_SP]bT^P z T^ Z]TRTYLWWd LYYZ`YNPOMdL[]TXPaLWLN_Z]bSZNZ]]P^[ZYO^PcLN_Wd_Z_SPTOPLWZQ _SPAPOL]PNT_TYR^LRP ?SP P[TN LYO ;`]£©TN _]LOT_TZY PaLW`L_P^ _SP APOL TY L Q`YOLXPY _LWWd OTQQP]PY_ XLYYP] _SLY _SP ]T_`LWWd N]T_TNLW @[LYT´LO^ ?SP ML]O^ NZY^_]`N_ L N`W_`]LW XPXZ]d ZQ _SP APOTN [P]TZO L^ L VTYO ZQ 2ZWOPY ,RP LYO _S`^ bP QTYO YZ_ ZYWd L Xd_SZWZRTeL_TZY ZQ _SP APOL M`_ QZ] _SPQT]^__TXPLW^ZLST^_Z]TNLW]P_]Z^[PN_TaPOTXPY^TZY% wFBSPY_SP2]PL_2ZO=`O]L[P]QZ]XPOHL^LN]TQTNPLWW_SPL^NP_TN^NLXP LWW _SP RZO^ LWW _SP ^LN]TQTNTLW ZMUPN_^ _SP AL´L¶ NLWW TY MZOTWd QZ]X _SP >£XLY^ LYO _SP _SZ`^LYO^ ZQ ^LN]TQTNTLW QZ]X`WL^ ?SP RaPOL NLXP LOZ]YPO bT_S T_^ ;LOL[£¶SL LYO 6]LXL[£¶SL ]PLOTYR^ ?SP]P NLXP PaP]d LNNPY_ _SP >_ZMSL ^dWWLMWP^ _SP P_dXZWZRd _SP >aL]LMSLV_T ^Z`YO^ LYO LW^Z_SP:¿^Z`YOx
?SP APOL L^ L _Pc_ T^ ]PXZaPO Q]ZX _TXP LYO T^ L aLW`P TY T_^PWQ 0aPY T_^ WT_P]L]d[L]_^L[[PL] L^ OPT_TP^ 3ZbPaP]_SPdL]P YZWZYRP]Xd_SZ RPXP^ M`_ ZYWd Xd_SZWZRPXP^ WPRPYOL]d ^SLOZb^ bSZ^P XPLYTYR T^ YZ_ YPNP^^L]TWd NWPL] LYd XZ]P M`_ bSZ SLaP _SP wAPOTNx L`]L ?ST^ LW^Z OP_P]XTYP^ _SP ^ZXPbSL_ XTcPO MLR ZQ R`P^_^ ,_ _SP _TXP ZQ _SP -]£SXL©L^QZ]PcLX[WP_SPXP_P]^L[[PL]POL^\`L^T[P]^ZYLWMPTYR^ M`_ T_ bZ`WO SLaP MPPY TYNZYNPTaLMWP _Z SLaP QTYO ^`NS L XTc_`]P ZQ S`XLY MPTYR^ RZO^ _Pc_^ LYO XP_P]^ L^ bP SLaP SP]P ,Yd_STYR LYO PaP]d_STYR _SL_ T^ wAPOTNx T^ WT^_PO PaPY L`cTWTL]d APOTN ^_`OTP^ ^`NS L^P_dXZWZRdLYOT_^_P]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
^[T_P_ST^PaPYTY_SPPTRS_PPYwR]PL_xNWL^^TNLW;`]£©L^_SP]PL]PLW^Z^_TWWY`XP]Z`^ WL_P]LOOPYOL`[_ZWL_P]XPOTPaLW_TXP^LYOXLYdLOOT_TZYLW;`]£©L^bP]Pb]T__PY £ULRX`]X`YLdLà^L]aPOPa£²N£RYT[`]ZRLX£àg dLUÓ£«R£YTNL^L]a£©TaL´L¶V£]L²NLX¼]_TX£Ygg X¼]_TXLY_TNL^£X£YTdLU¼À´TNL^LSL^]L²Làg RaPOL²N£RLXL__L_]L[LOLV]LXLaTMS¼´T_Làgg WLV´L©£YT^aL]£à^_ZMS£YT]`V_LÀ^aL]LMSLV_LdLàg Z«V£]L²NLmgg8LS£MS£]L_L ,Y`²£^LYL[L]aLY# z
!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SP APOL SL^ T_^ ZbY aLWTOT_d& ZYP NLYYZ_ TXLRTYP YZ_ SLaTYR T_ PaPY TQ MPWTPQ TY L 7Z]O 2ZO LYO L YPb [LY_SPZY ZQ [P]^ZYLW OPT_TP^ TYN]PL^TYRWd NZX[P_P^ bT_S _SP APOTN ]T_`LW QZ] ^_L_`^ 1Z] _ST^ ]PL^ZY _SP`YOT^_Z]_POLYO`YM]ZVPY_]LY^XT^^TZYZQ_SPAPOL]PXLTY^LSTRSWd aLW`PO RZLW ZQ _SP -]LSXLYTNLW ^ZNTP_d LYO LY TY_PR]LW PWPXPY_ TY _SP []P^P]aL_TZY ZQ _]LOT_TZY NLWWPO w OSL]XL x ?SP _P]X OSL]XL T^ OP]TaPO Q]ZX _SP aP]MLW ]ZZ_ OS w_Z ^`[[Z]_ _Z `YOP]RT]O _Z P^_LMWT^Sx z XPLYTYRTYLRWZMLW^PY^PXLTY_LTYTYRLYONZY_TY`TYRPaP]d_STYR_SL_T^ RZZOLYO]TRS_?ST^XLdTYNW`OPN`^_ZX^Z]OP]^ZNTLWYZ]X^LYON`W _`]P U`^_ L^ X`NS L^ TYOTaTO`LW ]`WP^ ZQ NZYO`N_ LYO [P]^ZYLW P_STNLW aLW`P^ ,^ QZ] _SP _P]Xv^ NZWWPN_TaP L^[PN_ OSL]XL LYO aLTOTVL w_SL_ bSTNST^APOTNxMPNZXPLWXZ^_TY_P]NSLYRPLMWP_P]X^OPQTYTYRbSL_T^ wZ]_SZOZcx ?SP TOPL ZQ Z]_SZOZcd T^ LWbLd^ WTYVPO _Z L ^_]ZYRWd YZ^ _LWRTN PWPXPY_% LYdZYP bSZ ]PNT_P^ _SP APOL [P][P_`L_P^ _SP 2ZWOPY ,RP bSPY _SP bZ]WO bL^ [Z[`WL_PO Md SZWd []TP^_^ bSZ NL]]TPO Z`_ ^LN]TQTNP^ `YNPL^TYRWd ,_ _SL_ _TXP _SP bZ]WO bL^ ^_TWW L^ T_ ^SZ`WO MP LYO_SP]PbL^YZ LOSL]XL ?ST^_d[PZQRWZ]TQTNL_TZYZQbSL_T^APOTNT^ ]PQWPN_PO TY _SP P[TN^ TY QTcPO WT_P]L]d _Z[ZT ?SP =£X£dL©L TYaPY_^ ST_SP]_Z`YVYZbY[]TP^_Wd[L^_Z]LWTOdWW^,_d[TNLW-]LSXLY^P__WPXPY_ `^`LWWd WTP^ STOOPY OPP[ TY _SP bZZO^ ,^NP_TN -]LSXTY^ WTaP _SP]P PcT^_TYRZYWdZY]ZZ_^LYOQ]`T_^LYO^[]PLOTYR^`NSL[PLNPQ`WL`]L_SL_ PaPY _SP bTWO LYTXLW^ R]LeP L_ _SP PORP^ ZQ _SP ^P__WPXPY_ bT_SZ`_ L STY_ZQQPL]?SP-]LSXTY^vOLTWd_L^V^NZY^T^_^ZWPWdZQXLVTYR^LN]TQT NTLW RTQ_^ LYO _SPT] ^_]Lb S`_^ aTM]L_P YT√YLO bT_S _SP wSZWd YZT^Px M]LSXLRSZ´L ZQ APOL ]PNT_L_TZY ?SP TOPLW -]LSXLYTN bZ]WO T^ P\`LWWdPc_ZWWPOTY_SP 8LS£MS£]L_L % wF?SP VTYRH NLXP _Z L aL^_ bTWOP]YP^^ _SL_ bL^ OZ__PO bT_S SZWd SP]XT_ LRP^ L UZd _Z _SP SPL]_ LYO L QPL^_ _Z _SP PdP m 9Z _]PP WLNVPO MWZZX Z] Q]`T_ YZ _]PP bL^ _SZ]Yd m 3P ^Lb LY TOdWWTN LYO SPL]_QP_NSTYR SP]XT_ LRPm ,YOZY^PPTYRMPL^_^ZQ[]PdLYOOPP][PLNPQ`WWd_ZRP_SP]_SPVTYR bL^QTWWPO bT_S_SP[`]P^_UZdm3P_TRP] LXZYRXPYSPL]OSdXY^ZQ _SP RaPOL _SL_ bP]P MPTYR ]PNT_PO MZ_S bZ]ObT^P LYO ^_P[bT^Pm ?SP SP] XT_LRP bL^ ]LOTLY_ bT_S ^_]TN_ []TP^_^ ZQ MZ`YOWP^^ ^[T]T_ bSZ ^_]ZOP _SPT] ^_]TOP^ Pc[P]_^ ZY ^LN]TQTNP^ LYO _SP M]LYNSP^ ZQ _SP APOL 2]PL_ ^NSZWL]^ ZQ _SP ,_SL]aLaPOL P^_PPXPO Md _SP L^^PXMWPO ^LN]TQTNP]^ ]PNT_PO _SP >LÀST_£ TYMZ_SbZ]ObT^PLYO^_P[bT^PXZOP^:_SP]M]LSXTY^bSZ^[ZVP bT_S ]PQTYPXPY_ ZQ ^[PPNS XLOP _SP SP]XT_LRP ]TYR ^Z _SL_ T_ RWZ]TZ`^Wd ]P^PXMWPO_SPbZ]WO^ZQ -]LSX£ 4_]P^Z`YOPO bT_S[]TP^_^ bSZVYPb ^LN ]TQTNPLYO^LN]LXPY_bSZbP]PNZYaP]^LY_bT_S_SP^_P[bT^P]PNT_L_TZYLYO [SZYP_TN^ LYO LNNZX[WT^SPO TY _SP ]`WP^ ZQ TY_P][]P_L_TZY LYO _SP ^TRYTQT NLYNPZQ_SP[]TYNT[WP^_SP]PZQz[L^_XL^_P]^ZQ_SPAPOL[]ZQTNTPY_TY_SP NZXMTYL_TZYZQLWWVTYO^ZQ^PY_PYNP^^NSZZWPOTYLaL]TP_dZQ]T_P^TY_PY_ `[ZY >LWaL_TZY LYO 7Lb FOSL]XLHm ,YO ^PPTYR M]LSXTY^ OZTYR [¼U£ _Z
?SP9Z^_LWRTLZQ_SP-L]O^
!
_SP^LYN_`L]TP^ZQ_SP2ZO^_ST^XZ^_^_]TN_VTYR_SZ`RS_STX^PWQL__PYOTYR _SPbZ]WO^ZQ-]LSX£x
3ZbPaP] U`^_ SZb WT__WP _ST^ wAPOTNx L^[PN_ NZ]]P^[ZYO^ _Z APOTN _STYVTYRT^]PaPLWPOMd_SP-]LSXTY^ZQQP]TYRYZYAPOTNbZ]^ST[ [¼U£ _Z[P]^ZYLWRZO^LYOPaPYMd_SP_d[TNLWXd_SZWZRPXP^OP_P]XTYTYR_SP P^NSL_ZWZRTNLW NZX[ZYPY_ ZQ OSL]XL ?SPUZd^ZQ _SPSPLaPYWd -]LSX£ bZ]WO _Z bSTNS_SPSP]XT_LRPT^ NZX[L]POLYObSTNS _SP]TRS_PZ`^NLY Pc[PN_ NZY^T^_ []TXL]TWd ZQ QWZL_TYR _S]Z`RS _SP P_SP] TY QWdTYR [LWLNP^ bSTWPMWZ^^ZX^]LTYOZbYZY_SPX4_T^YPT_SP]_ZZSZ_YZ]_ZZNZWOLYO _SPQZZO T^LWbLd^PcNPWWPY_?SPPL]Wd APOLLYO PaPY_SP -]£SXL©L^ OTO YZ_ TXLRTYP _SP YPc_ bZ]WO TY ^`NS NZYN]P_P _P]X^ L_ LWW ?SP^P TOPL^^PPX_ZSLaPL]T^PYTY_SPL]T^_ZN]L_TNbL]]TZ]NL^_PLYO_SPdSLaP YZ_STYR _Z OZ bT_S _SP APOTN -]LSXLYT^_TN wbZ]WO MPdZYO _SP ^`Yx z M`_YZb_SPdLW^ZMPNZXPXPLYTYRQ`WQZ]_SP-]LSXTY^% w3L]VPY DZ` 2]PL_ ;]Z_PN_Z] ZQ _SP OSL]XL Q]ZX _SP OSL]XL ZQ _SP NL^_P^ TY _SPT] ^P\`PYNP% m ?SZ^P -]LSXTY^ bSZ LWbLd^ SLaP TY XTYO _SPT]STRSP] ^PWQm bSZ]PR`WL]Wd[P]QZ]X_SPFAPOTNH ]T_P^mbSZ L__PYO _Z_SPT]R`P^_^bT_SNZ`]_P^dbSZO`_TQ`WWdNZYO`N__SPT]OLTWdAPOL]PLO TYR^ LYO [P]QZ]X _SPT] ^LN]TQTNP ZQ ]PNT_L_TZY FZ]% LYO LNNZ]O WT_LYTP^ L^ X`NS ]P^[PN_ L^ _Z L ^LN]TQTNPH m bSZ L]P Q]PP Q]ZX MZL^_TYR LYO _PWWTYR WTP^bSZL]P^L_T^QTPObT_S_SPT]ZbYbTQPm_SPdF_S`^HOP^_]Zd_SPT]PaTW OPPO^ LYO PY_P] _SP bZ]WO ZQ -]LSX£ ,YO TY F_ST^H bZ]WO ZQ -]LSX£ _SPd ^SLWWMPSZYZ]POTY^ZYR^ZQPY_S`^TL^_TN[]LT^PU`^_L^_SPdOP^T]PMd_SP 2LYOSL]aL^ bSZ ^TYR _SP APOL F_SP]PH LYO FPaPYH _SP ^PWQN]PL_PO F-]LSX£H bTWW ^SZb _SPX ]P^[PN_ ?SPd ^SLWW PYUZd _ST^ bZ]WO ZQ -]LSX£ `Y_TW_SPOT^^ZW`_TZYZQ.]PL_TZYx !
,XLUZ]TOPLT^_SL_ OSL]XL T^L^PWQLOU`^_TYRwLN_TZYNZYNP[_x "%VPP[ TYR_]LOT_TZYLW ]`WP^T^ LaT]_`P TY T_^PWQ LYOLWbLd^wM]TYR^SL[[TYP^^x [`©dL >Z T_ T^ LW^Z `YOP]^_LYOLMWP _SL_ ]PNT_L_TZY ZQ _SP APOL LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !
"
8-S"!_]LY^WL_POMd5,-aLY-`T_PYPY ?SP8LS£MS£]L_L%AZW%?SPMZZV ZQ_SPMPRTYYTYR .STNLRZ%@YTaP]^T_dZQ.STNLRZ;]P^^$"$" #z! ?SP[L^^LRPbT_ST_^[L]_TLWWdNZ]]`[_>LY^V]T_LYOXP_P]bL^TYNW`OPOTY_SP,[[PY OTNP^ZQ_SPN]T_TNLWPOT_TZYZQ_SP 8LS£MS£]L_L % ²©`aL]©LV]LXP©LTaLOSL]XLÀOSL]XLMS_£ÀaL]Lg Y£^_TVTÀNTYYL]L²]P´¶LO`´V_LXM]£SXL©L^dL_`g dP^_ST_£à^d`à^LO£OSd£_XLYP^LÀOSd£ÀdPN£[d`[£^L_PFXP_P]*Hg dLT²NL[¼]©£S`_Tà[]£[_£aTOSTaLUU`SaL_PNLdPg aLT²aLOPaLÀNLdPV`]d`à[¼ULdLY_dL_T_S¯À²NLdPg YT_dLÀ^a£OSd£dL²¯W£²NLUL[LdLUL[L]£²NLdPg mLXMS£FOLXMS£z*HY_LaTX`V_£²NL^aLO£]LYT]L_£²NLdPg mYL´¶LO`´V_LVL]X£©ZM]LSXLWZVLÀa]LULY_T_Pg M]LSXLWZVP[`YLàV£XLÀRLYOSL]aLT]M]LSXLR£dLVLTàg `OR¯dLX£Y£à[]LdL_LTà[¼UdLX£Y£à^aLdLÀMS`a£g M]LSXLWZVP[]LXZOLY_Pd£aLO£MS¼_L^LÀ[WLaLÀg 8-S ¢²aLXPOSTVL[L]aL A^ " z# ,[[PYOTc49Z[" BPSLaPMZ]]ZbPO_ST^_P]XQ]ZX7T[YP] 3TYO`^"z"
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
!
\`T]P^ T_^ ZbY aLWTOT_d L^ L [`]P []P^PY_L_TZY ZQ T_^ [SZYP_TN XL_P]TLW BSPYLAPOTN^LN]TQTNPT^[P]QZ]XPO_SPXZ_TaL_TZYT^WP^^_SPMPWTPQTY _SP [ZbP] ZQ SZXZWZRTNLW XLRTN M`_ ]L_SP] T_ T^ [`]PWd LYO ^TX[Wd _SP QLN__SL_bSL_T^[P]QZ]XPOT^LAPOTN]T_`LWzTPLYLYNTPY_aPYP]LMWP ]T_`LW LYO _S`^ TY LM^ZW`_P NZYQZ]XT_d bT_S OSL]XL ?SP VPd L^[PN_ T^ YZ WZYRP] _SP ]T_`LW XLRTN LN_ bT_S L ^[PNTQTN [`][Z^P M`_ _SP ]PT_P]L _TZY ZQ _SP APOTN WPRLNd >Z L^ L ]`WP T_ T^ ^`QQTNTPY_ _Z WPL]Y _SP APOL Md SPL]_ TY Z]OP] _Z [L]_LVP ZQ T_^ Q`WW ^Z_P]TZWZRTNLW [ZbP] ,N_TaT_TP^ ^`NSL^]PLOTYR_SPAPOLQZ]ZYP^PWQ ^a£OSd£dL R]LXXL_TNLWLYLWd^T^ NZ]]PN_ []ZY`YNTL_TZY LYO RZZO _PNSYT\`P TY []ZYZ`YNTYR >LY^V]T_ SLO []PaTZ`^WdZYWdMPPYLbLdZQWPL]YTYR_SP^[ZVPY]T_`LWXL_P]TLWzM`_ YZb _SP^P LN_TaT_TP^ MPNZXP LY PYO TY _SPX^PWaP^ BSL_PaP] T^ WPQ_ ZQ _SPXd_STNLW^Z_P]TZWZRTNLW^`M^_LYNPZQ_SPTOPLZQ_SP^LN]TQTNPT^YZb NZX[WP_PWd `YT_PO bT_S _SP APOTN >LY^V]T_ LYO T_^ [P]QZ]XL_TaP L^[PN_^ TY_SP]PNT_L_TZYZQXLY_]L^?SP]T_`LW_Pc_^SLaPMPNZXP_Pc_]T_`LW^ ;`]P _Pc_ ]PNT_L_TZY bL^ ^Z STRSWd aLW`PO _SL_ _SP -]LSXTY^ YZb PaPY^[ZVPZQLw^LN]TQTNPZQ]PNT_L_TZYx UL[LdLUÓL bSTNSXPLY^YZ_S TYR Z_SP] _SLY _SP OLTWd ]P[P_T_TZY ZQ [L^^LRP^ ZQ _SP APOL _SL_ SLaP MPPY WPL]YPO Md SPL]_ ^a£OSd£dL ?ST^ w]PNT_L_TZY ^LN]TQTNPx bL^ ]P RL]OPOL^_SPSTRSP^_[Z^^TMWP^LN]TQTNP^TYNPTY_ST^OLTWd]PLOTYR]T_`LW _SP^LN]TQTNTLWQT]PbL^PYaT^LRPOYZ_L^XT^^TYRM`_L^[]P^PY_TY_P]YLW TePO TY _SZ`RS_ # ?SP TYQW`PYNP ZQ _SP @[LYT´LO^ T^ ZMaTZ`^% _SP _Z_LW NZYNPY_]L_TZYZYLYTY_P]YLWPaPY_ T^ bZ]_SL_SZ`^LYO_TXP^XZ]P_SLY _SPXP]PSL[_TN]T_`LWLN_
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
?ST^ YPb `YOP]^_LYOTYR ZQ _SP APOL z _SP XP]P _Pc_ [P]QZ]XLYNP Z] w]PNT_L_TZY ^LN]TQTNPx MPTYR L STRSWd XP]T_Z]TZ`^ OPPO TY T_^PWQ z LW^Z SLOL^TRYTQTNLY_TYQW`PYNPZY_SPXZYZ_SPT^_TNbZ]V^PXP]RTYRL__SL_ _TXPTP_SPP[TNLYO;`]£©TN[Z]_TZY^LOO]P^^PO_ZAT´©`Z]±TaL?SP ]PNT_LW ZQ _SP^P bZ]V^ LYO ZQ _SP R]PL_ 2ZOv^ YLXP^ LYO OPPO^ TY [L] _TN`WL] MPNLXP L XLUZ] LN_ ZQ bZ]^ST[ LYO L ^PWQLOU`^_TYR LN_TZY NZY NP[_M]TYRTYRLMZ`_L`^[TNTZ`^YP^^LYO^LWaL_TZY-Z_SRZO^[L]_TNT[L_P TY _SP YZ_TZY ZQ _]LY^NPYOPYNd bSTNS _SP ¢_XLY SLO LN\`T]PO TY _SP @[LYT´LO^ -`_ _ST^ T^ WP^^ LMZ`_ ZYPv^ ZbY ^PWQ LYO XZ]P LMZ`_ TOPL^ ZQ L [P]^ZYLW RZO z LY ZXYT^NTPY_ ZXYT[Z_PY_ LYO ZXYT[]P^PY_ 2ZO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #
,YO]Ë ;LOZ`c w.ZY_]TM`_TZY^ Â WvË_`OP O` 8LY_]L²£^_]Lx -010: "! $#" $& ,YYP__PBTWVPw:[QP]2PMP_`YO2PMP_^Z[QP]TX3TYO`T^X`^xTY :[QP]`YO2PMP_ TY OPY =PWTRTZYPY PO @ -P]YP] P_ LW 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^ z
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
!
bSZ YZ_ ZYWd N]PL_PO _SP bZ]WO M`_ LW^Z R]LY_^ WTMP]L_TZY Q]ZX _SP bZ]WO
?SP3`YO]POLYO_SP?SZ`^LYO9LXP^ZQ_SP@YTaP]^LW2ZO
?SPXLYYP]TYbSTNSAPOTN_Pc_]T_`LW^X`_L_POTY_Z_SPT^_TN_Pc_]T_`LW^ NLYMP^PPYTYL]Z`RSQZ]XTY_SPYL]]L_TaP_SL_N]PL_P^_SPMLNVO]Z[_Z _SP QLXZ`^ WT_LYd ZQ _SP ?SZ`^LYO 9LXP^ ZQ AT´©` AT´©`>LSL^]L 9£XL ./bSTNST^TYNZ][Z]L_POTY_Z_SPbL]P[TN 8LS£MS£]L_L $4Y _SP _LWP 6TYR D`OOST´¶ST]L L^V^ -S¯´XL bSZ T^ WdTYR ^PaP]PWd bZ`YOPO ZY L MPO ZQ L]]Zb^ LMZ`_ _SP _]`P YL_`]P ZQ _SP OTaTYP _SP NPY_]LW OSL]XL ZQ S`XLY MPTYR^ LYO _SP MP^_ ]PNT_L_TZY UL[L _SL_ NLY WTMP]L_P S`XLYVTYO Q]ZX _SP NdNWP ZQ ]PMT]_S ?SP \`P^_TZY T_^PWQ XLVP^T_NWPL]_SL_ZYWd Lw]PNT_L_TZY ^LN]TQTNPxNLYMPLOO]P^^PO _Z_SP 7Z]O 2ZO LYO _SL_ T_ PaPY [Z^^P^^P^ ^Z_P]TZWZRTNLW PQQTNLNd -S¯´XLv^ ]P[WdT^_ST^% w0aP] MPTYR PYRLRPO TY []LT^TYR _SP 7Z]O ZQ _SP bZ]WO _SP 2ZO ZQ RZO^ _SP 4YQTYT_P :YP _SP ;`]P >[T]T_ `^TYR YLXP^ bZ]^ST[[TYR Q`WW ZQ OPaZ_TZY _ST^ PaP]WL^_TYR ^[T]T_ LWZYP NZY_PX[WL_TYR LYO []LT^TYR STX LWZYP MZbTYR _Z STX LWZYP SP bSZ XLVP^ _ST^ ^LN]TQTNP dLULX£YL ^SLWW mWPLaPLWW^`QQP]TYRMPSTYOSTXm4YXdZ[TYTZY_ST^T^L OSL]XL LMZaP LWW OSL]XL^ TQ L XLY NZY_TY`LWWd []LT^P^ bT_S OPaZ_TZY _SP WZ_`^PdPO FAT´©`Hx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $
?SPWT_LYdNZY_LTYTYR$aP]^P^bL^LOOPOL^_SP$ _S NSL[_P]_Z_SP¢Y`²£^LYTVL ;L]aLYZQ_SP8-S?SPY`XMP]ZQNSL[_P]T^RTaPYOTQQP]PY_WdTY^ZXPNZXXPY_L]TP^ LYO XLY`^N]T[_^& TY _SP ;ZZYL N]T_TNLW POT_TZY T_ T^ _SP _S NSL[_P] ?SP WT_LYd SL^ MPNZXP L _Pc_ ZQ T_^ ZbY []TY_PO ^P[L]L_PWd TY XLYd POT_TZY^ PWTNT_TYR XLYd NZX XPY_L]TP^ `[ _Z _SP []P^PY_ OLd _SP XZ^_ QLXZ`^ ZQ _SPX MPTYR L^N]TMPO _Z _SP ,O aLT_LAPO£Y_L [STWZ^Z[SP] ±L«VL]L "_S#_S NPY_ ,/ ,YZ_SP] _]LOT_TZYLW NZXXPY _L_Z] ;L]£²L]L -SL¶¶L] NZY^TOP]^ _SP WT_LYd _Z MP _SP \`TY_P^^PYNP ZQ _SP 8-S LYO STRSP] _SLY _SP -SLRLaLOR¯_£ .Q AT´©`^LSL^]LY£XL bT_S _SP NZXXPY_L]TP^ ZQ ±L«VL]£N£]dLLYO;L]£²L]L-SL¶¶L]8LO]L^%2LYP^S:QLWW_SPSdXY^ZQ YLXP^zbSTNSPcT^_TYR]PL_Y`XMP]z_SP AT´©`>LSL^]LY£XL T^YZOZ`M__SP XZ^_ QLXZ`^ SPWO TY R]PL_ aPYP]L_TZY LWW ZaP] 4YOTL LYO ]PNT_PO Md LWW ^ZNTLW R]Z`[TYR^ >ZXPZQ_SPXZ^_NZXXZYXP_SZO^LYO^T_`L_TZY^ZQ]PNT_L_TZYZQ_SPSdXYL]PQZ`YO TY _SP TY_]ZO`N_TZY ZQ AT´©`^LSL^]LY£XL bT_S -S£´dL ZQ ±]¯ ±L«VL]£N£]dL PO LYO _]LY^W TY_Z0YRWT^SMd ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL]7TM]L]d$#ccTTTz ccc 4_^ [P]QZ]XLYNP T^ YZ_ ]P^_]TN_PO _Z ALT´©LaLT_P^ 4YOTRPYZ`^ L`_SZ]^ bTWW ZQ_PY _LVPT_L^LYZY^PN_L]TLYOZN`XPY_LYOXLVPLNZYYPN_TZY_Z_SPAPOL AT´©`^LSL^ ]LY£XL PO LYO _]LY^W ; >LYVL]LYL]LdLYLY 8`XMLT% -SL]L_TdL ATOdL -SLaLY $$! cTTT cTc :`] aP]^P Y`XMP]^ L]P _LVPY Q]ZX ^`NS TYOP[PYOPY_ POT_TZY^ LYO MZZVWP_^`^POQZ]NZY_PX[WL_TZYLYO]PNT_LW ULRL_[]LMS`ÀOPaLOPaLXLYLY_LX[`]`´Z__LXLXg ^_`aLYY£XL^LSL^]P©L[`]`´Là^L_L_Z__ST_Làgg _LXPaLN£]NLdLYYT_dLÀMSLV_d£[`]`´LXLadLdLXg
!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SP [P]^ZY bSZ XLVP^ L _]`P ^LN]TQTNP bSZ bT^SP^ _Z RTaP ^ZXP_STYR aLW`LMWP_Z2ZOOZP^YZ_RTaP3TXLRZL_Z]NWL]TQTPOM`__P]M`_]L_SP] ST^ OPaZ_TZY MSLV_T >Z LXZYR^_ _SP _SPT^_^ _ZZ _SP]P T^ _SP ^`MWT XL_PO YZ_TZY ZQ ^LN]TQTNP QZ] bSTNS _SP TY_P]YLW L^[PN_ T^ XZ]P TX[Z] _LY_ _SLY _SP Pc_P]YLW ?SP STRSP^_ QZ]X ZQ ^LN]TQTNP T^ _SP ^LN]TQTNP ZQ _SZ`RS_ LYO NZYNPY_]L_TZY -`_ TQ bP ]PLO MP_bPPY _SP WTYP^ -S¯´XL ^Ld^ L WZ_ XZ]P TP _SL_ _SP ^LN]TQTNP ZQ ]PNT_L_TZY _Z AT´©` T^ bZ]_S XZ]P_SLYLYd ]PNT_L_TZYZQ_SP APOLzLYOSPLOO^^WTRS_WdL[ZWZRP_T NLWWd_SL__ST^T^ST^[P]^ZYLWZ[TYTZY3P]P_SPbZ]O OSL]XL ^SZ`WOMP `YOP]^_ZZOYZ_ZYWdL^ aLTOTVL aPOTNM`_LW^ZTY_SPZ]TRTYLW^PY^PL^ []P^P]aL_TZY ZQ _SL_ bSTNS T^ RZZO LYO Z]TRTYLW -S¯´XL ^PPX^ _Z bLY_ _Z ^Ld bSL_ NZ`WO MP XZ]P Z]TRTYLW _SLY _SP ^[T]T_ bT_S YZ MPRTYYTYR bSTNSSL^PcT^_POPaPYQ]ZX_SPMPRTYYTYRZQ_TXP*,YObSL_NZ`WOMP MP__P]_SLYNZXXPXZ]L_TYRT_LYO[]P^P]aTYR T_^YLXP*,WXZ^_L^ ^ZZY L^ _SP NZYNP[_ ZQ OSL]XL L[[PL]^ T_ T^ _]LY^WL_PO TY_Z ^ZXP_STYR XP_L [Sd^TNLW ?SP YZ_TZY ZQ L `YTaP]^LW OSL]XL ^LY£_LYLOSL]XL _SL_ T^ NZYNPTaPO ZQ TY NZ^XTN LYO XP_L[Sd^TNLW _P]X^ LYO Z`_^STYP^ LWW Z_SP] O`_TP^N]PL_P^_Pc_^_SL_^`][L^^_SPAPOLbT_SZ`_]PYOP]TYRT_TYaLWTO -`_ QZ]XLWWd _ZZ _SP WT_LYd ZQ _SP _SZ`^LYO YLXP^ ZQ AT´©` T^ WTYVPO_Z_SPAPOL?SPXZOPWQZ]_ST^NLWWTYR_ZL7Z]O2ZOT^_SP ±L_L ]`O]¯dL WT_LYd ZQ _SP DLU`]APOL bSTNS Pc`W_^ _SP ²L_L QZ]X^ ZQ =`O]L 0aPY TY _SP -]£SXL©L PcPRP^T^ L ^[PNTLW \`LWT_d bL^ LW]PLOd L^N]TMPO _Z _SP YLXP^ ZQ =`O]L LYO PL]Wd L[ZN]d[SLW @[LYT´LO _]LOT _TZY^ 6LTaLWdL 5£M£WL ^PP _SP ±L_L]`O]¯dL L^ L Q`YOLXPY_LW ]P[]P^PY _L_TZY ZQ _SP 7Z]O 2ZO ±TaL ?SP `Y`^`LW NL]PP] ZQ _ST^ L]NSLTN _Pc_ NLY SL]OWd MP Pc[WLTYPO Md T_^ NZY_PY_ Z] ^_dWP 7TVP XLYd Z_SP] PL]Wd _Pc_^ _SP ±L_L]`O]¯dL XLTYWd []P^PY_^ ^ZXP L^^ZNTL_TaP ^P]TP^ ZQ T_PX^ LYO T^ bSZWWd ML^PO ZY L Xd_STNLW WZRTN 3ZbPaP] bSL_ OT^_TYR`T^SP^ _ST^_Pc_Q]ZXZ_SP]APOTNSdXY^T^LNP]_LTYML^TN^_]`N_`]P4_NZY_LTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OSd£dLY^_`aLYYLXL^dLÀ²NLdLULX£YL^_LXPaLNLgg LY£OTYTOSLYLXaT´©`À^L]aLWZVLXLSP²aL]LXg WZV£OSdLV´LÀ^_`aLYYT_dLÀ^L]aLO`àVS£_TRZMSLaP_gg mP´LXP^L]aLOSL]X£©£ÀOSL]XZuOSTVL_LXZXL_Làg dLOMSLV_d£[`©L]¯V£V´LÀ^_LaLT]L]NPYYL]Là^LO£gg AT´©`>LSL^]LY£XL aP]^P^z!# ?SP WT_LYd T^ VYZbY TY MZ_S _SP ]PNPY^TZY^ ZQ _SP bST_P DLU`]APOL A£UL^LYPdL >LÀST_£ !z!! LYO MWLNV DLU`]APOL ?LT__T]¯dL>LÀST_£ z LYO L]P LW^Z LaLTWLMWP ^P[L]L_PWd QZ] []LN_TNLW `^P TY ]PNT_L_TZY PR =`O]L[]L²YL PO LYO _]LY^W A6>`M]LXLYTLY8LO]L^%=LXLV]T^SYL8L_S$! 1Z] L OT^N`^^TZY ZQ _ST^ PXTYPY_ _Pc_ ^PP 5LY 2ZYOL w?SP ±L_L]`O]¯dLx TY >LY^V]T_ LYO 4YOTLY >_`OTP^0^^Ld^TYSZYZ`]ZQ /LYTPW 33 4YRLWW^Md89LRL_ZXTP_LW /Z]O]PNS_%=PTOPW;`MW.Z$"$" z$&-]`NP7ZYRw=`O]LL^LY0XMZOdXPY_ ZQ /TaTYP ,XMTaLWPYNP TY _SP ±L_L]`O]¯dL >_Z_]LX x TY 0c[P]TPYNTYR ±TaL 0YNZ`Y _P]^ bT_S L 3TYO` /PT_d Md 1 .WZ_SPd LYO - 7ZYR 7`NVYZb% >Z`_S ,^TLY -ZZV^ $#z#LYO,YYPXL]TP8P]_PY^/P]/LV´LXd_SZ^BTP^MLOPY$$"
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
!
L NZWWPN_TZY ZQ _SP YLXP^ ZQ =`O]L ^ZXP ZQ bSTNS L]P []P^PY_PO NZY U`YN_TaPWdLYOZ_SP]^OT^U`YN_TaPWd&_ST^NZWWPN_TZYQZ]X^LR]LYOXP_L [SZ] QZ] NZ^XTN `YTaP]^LWT_d ?SP ZWO Xd_STNLW ^`M^_LYNP ZQ _SP Z]TRT YLWWd OP^_]`N_TaP RZO T^ LNNZX[LYTPO Md _SP TOPL ZQ ST^ ZXYT[]P^PYNP ,WL]RP[]Z[Z]_TZYZQ_SPNLWW^OP[TN__SPXd_STNLW^`M^_LYNPZQ_SPRZO TY _SP LXMTaLWPY_ QL^STZY bP OT^N`^^PO LMZaP [ $$% _SP bTWO LYO NL_L^_]Z[STN M`_ LW^Z ^`YWTVP LYO [ZbP]Q`W L^[PN_^ ZNN`] TXXPOTL_PWd LWZYR^TOP _SP WTQP[]P^P]aTYR L^[PN_^ LYO PaPY XP]NTQ`W ZYP^ .LWWTYR _SPRZOv^YLXP^MPRTY^L^QZWWZb^% w-Zb_Z_SPRZWOPYL]XPO7PLOP]ZQ_SP,]Xd_Z_SP7Z]OZQ_SPSZZ_^F,]]Zb^H_Z_SP7Z]O ZQNP]PLW^MZbMZb_Z_SPDPWWZbSLT]PO:YPLYO_SP-PL]P]ZQ_SP^LN]T QTNTLWNZ]O_Z_SP7Z]OZQ]P[WP_TZYMZbMZb_Z_SP^SZ_^ZQ-SLaL_Z_SP 7Z]OZQ_SPbZ]WO^MZbx
?SP XZ^_ XL]VPO L^[PN_ ZQ _SP NZY_PY_ T^ _SP XLYd XP_L[SZ]^ ]PWL_TYR _Z _SP ^`Y LMZaP LWW Md YLXTYR Y`XP]Z`^ NZWZ]^ 4Y LOOT_TZY _SP]P L]P _bZ \`T_P Z[[Z^TYR NSLTY^ ZQ L^^ZNTL_TZY^ _SL_ NZ]]P^[ZYO _Z _SP LX MTaLWPY_ NSL]LN_P] ZQ =`O]L% XTWT_L]d _P]X^ ^`NS L^ wL]Xdx wL]]Zbx P_N NZY_]L^_ bT_S wNP]PLW^x w]P[WP_TZYx LYO w^LN]TQTNTLW NZ]Ox WL_P] XPLYTYR _SP SZWd NZ]O ZQ _SP -]LSXTY^ ?SP L^^ZNTL_TaP ^P]TP^ ZQ YLXP^ T^ SPWO _ZRP_SP] Md _SP ^_]TN_ ]PQ]LTY :aP] _SP NZ`]^P ZQ _SP WT_ LYd_SP]Sd_SXNSLYRP^L^_SP]PQ]LTYT^^SZ]_PYPObSTWP_SPNZY_PY_T^ M]ZLOPYPO,^ _ST^OPaPWZ[XPY_ ^_L]_^_SP _Pc_OZP^YZ_XPY_TZYSPLa PYWdQZ]X^ZQ=`O]LM`_TY^_PLOT_XPY_TZY^_SP^ZNTLWR]Z`[^_SL_SLaP _SP XZ^_ [ZbP]Q`W =`O]L ^`M^_LYNP TY _SPX% ^ZWOTP]^ _STPaP^ LYO X`] OP]P]^ LYO LW^Z [ZWT_TNTLY^ LYO XP]NSLY_^ ?ST^ QZN`^TYR ZY _SP w=`O]TNx L^[PN_^ T^ \`TNVWd QZWWZbPO Md L WZYR WT^_ ZQ LWW NZYNPTaLMWP ZNN`[L_TZY^% wm -Zb _Z _SP L]XTP^ _Z _SP RPYP]LW^ MZb MZb _Z _SP SP]LWO^ _Z _SP R]ZZX^MZbMZb_Z_SPNL][PY_P]^_Z_SPNL]_b]TRS_^MZbMZb_Z_SP[Z_ _P]^_Z_SP^XT_S^MZbMZb_Z_SPQLWNZYP]^_Z_SPQT^SP]XPYMZbMZb_Z _SP QWP_NSP]^ _Z _SP MZbXLVP]^ MZb MZb _Z _SP S`Y_P]^ _Z _SP OZR SLY OWP]^MZbMZb_Z_SPOZR^_Z_SPOZRPL_P]^MZbmx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ YÃXZ SÏ]L©dLM£SLaP ^PY£YdÊ OT²ÑÀ NL [Ã_LdP YÃXZ YÃXZ aV´ËMSdZ SÃ]TVP²PMSdLà [L²¼YÑÀ [Ã_LdP YÃXZ YÃXLà ^L^[ÏÓUL]£dL _aÏ´ÅXL_P [L_SÅYÑÀ [Ã_LdP YÃXZ YÃXZ MLMSW`²ÑdL aTad£OSÏYË uYY£Y£À [Ã_LdP YÃXZ YÃXZ SÃ]TVP²£dZ[LaÅ_ÏYP [`´¶ÑY£À [Ã_LdPYÃXZYÃXZMSLaÃ^dLSP_dÃTUÃRL_£À[Ã_LdPYÃXFLàHm?LT>LÀ YÃXZ ^ËY£MSdLà ^PY£YÏMSdL² NL aZ YÃXZ YÃXLà V´L__ÄMSdLà ^LÀRSÅ_ÄMSdL² NL aZ YÃXZYÃXL^ _ÃV´LMSdZ ]ËMSdL²NL aZYÃXZYÃXLà VÜW£WPMSdLàVL]XÑ]PMSdL² NLaZ YÃXZYÃXLà[`ÓUÏ´¶PMSdZYT´£OËMSdZYÃXZYÃXLT´`VÄOMSdZOSLYaLVÄOMSdL²NLaZ YÃXZ YÃXZ XRLdÜMSdLà ²aLYÏMSdL² NL aZ YÃXZ ²aÃMSdLà ²aÃ[L_TMSdL² NL aZ YÃXLà gg?LT>LÀ
!!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SPYNZXPYL_`]LWTXLRP^bSTNSPc[LYOTY_Z_SPNZ^XTN]PLWX% wm-Zb_Z_SPQPY^_Z_SPWLVP^MZbMZb_Z_SP]TaP]^_Z_SP[ZYO^MZb MZb _Z _SP ^[]TYR^ _Z _SP [T_^ MZb MZb _Z _SP ]LTY _Z _SP O]Z`RS_ MZb MZb _Z _SP _S`YOP] _Z _SP WTRS_YTYR MZb MZb _Z _SP L`_`XY NWZ`O _Z _SP ^`YMZbMZb_Z_SP^_Z]X_Z_SPQWZZOMZbMZb_Z_SPWLYO_Z_SP7Z]O ZQ_SPWLYOMZbx
?SP _Pc_ PYO^ TY bT_S LY Pc[WTNT_ NZYQT]XL_TZY ZQ _SP NZ^XTN ZXYT[]P^PYNPZQ=`O]L?SP[]ZNP^^_SL_NLYMPXLOPZ`_TY_ST^WT_LYd T^L^`M_WPPc[LY^TZYZQ_SPZ]TRTYLWWdNL_L^_]Z[STNL^[PN_TY_Z_SP]PLWX ZQ _SP Pc_]LZ]OTYL]d LYO QTYLWWd TY_Z _SP NZ^XTN `YTaP]^LWT_d ?SP WL_P] ]PNP[_TZY TY T_^ _`]Y QZWWZb^ ZY aP]d ^_]ZYRWd Q]ZX _SP]P LYO TY L ]P ]PLOTYRT_[]TYNT[LWWd^PWPN_^_SPPWPXPY_^_SL_M]TYRXP]NdQZ]_SP_Pc_ NZY_LTY^ LXZYR^_ Z_SP] _STYR^ _SP QZ]X`WL wYLXLà ±Ta£dLx w-Zb _Z _SP,`^[TNTZ`^:YPFbSZ -]TYR^>LWaL_TZYHxbSTNS MPNZXP^_SP XZ^_ QLXZ`^±TaLXLY_]L 4_ bL^ []ZMLMWd _SP PcT^_PYNP ZQ _SP ±L_L]`O]¯dL _SL_ LW^Z RLaP _SP AT´©`T_TN bL]]TZ][]TYNP^ L VTYO ZQ uYL_`]LWv TOPL _SL_ _SP WT_LYdWTVP ^[PLVTYRZQ_SPYLXP^ZQ2ZObL^_SPMP^_bLd_ZbZ]^ST[L7Z]O2ZO 5`^_ _SP bLd _SP^P YLXP^ L]P [`_ _ZRP_SP] MZ_S NZYU`YN_TaP LYO OT^ U`YN_TaP L^ TY^[T]PO Md _SP ±L_L]`O]¯dL XPLY_ _SL_ _SP AT´©` WT_LYd LW^Z SLO _SP QZ]XLW NSL]LN_P] ZQ L XP_L[SZ] QZ] `YTaP]^LWT_d ?ST^ T^ `YOP]^NZ]PO YZ_ WPL^_ Md _SP ^dXMZWTN Y`XMP] ZQ YLXP^ 4Y _SP ?SZ` ^LYO 9LXP^ ZQ AT´©` _SP TOPL ZQ `YTaP]^LWT_d T^ ^P_ ]TRS_ L_ _SP MPRTY YTYRMd_SPXPY_TZYZQ_SPbZ]Ow`YTaP]^Px aT²aLX % aT²aLÀaT´©`]aL´L¶V£]ZMS¼_LMSLadLMSLaL_[]LMS`à g MS¼_LVOMS¼_LMSOMS£aZMS¼_£_X£MS¼_LMS£aLYLà gg [¼_£_X£[L]LX£_X£NLX`V_£Y£À[L]LX£RL_Tà g LadLdLà[`]`´Là^£V´¯V´P_]LUÓZuV´L]LPaLNL gg w?SP`YTaP]^PT^AT´©`FbSZT^H_SPAL´L¶NLWW_SP7Z]OZaP][L^_[]P^PY_ LYO Q`_`]P _SP .]PL_Z] ZQ _SP bZ]WO _SP >`^_LTYP] ZQ LWW MPTYR^ FbSZ T^H -PTYR T_^PWQ _SP 0^^PYNP ZQ PaP]d_STYR N]PL_PO _SP :YP bSZ NL`^P^ LWW N]PL_TZY _Z MP F3P T^H _SP ;`]P >Z`W _SP 3TRSP^_ >Z`W LYO _SP 7L^_ =P ^Z]_ ZQ _SP WTMP]L_PO _SP @YNSLYRTYR >[T]T_ _SP F0_P]YLWH BT_YP^^ _SP ;P]NPTaTYR.ZY^NTZ`^YP^^LYO_SP4YPcSL`^_TMWP_ZZmx !
,^bPNLY^PP_SPOT^U`YN_TZY^TY_SP_Pc_ZQWL_PLY_T\`T_dSLaPL\`T_P OTQQP]PY_ NZYNP[_ _SLY TY _SP PL]WTP] XZOPW 4Q QZ] PcLX[WP _SP RZO T^ NLWWPO w_SP :YP bSZ NL`^P^ LWW N]PL_TZY _Z MPx M`_ LW^Z w-PTYR T_^PWQx LYO w0^^PYNP ZQ PaP]d_STYR N]PL_POx _SPY LWW _SP^P _P]X^ L]P LW]PLOd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ m YÃXLà ^ÌOd£dL NL ^L]L^dÝdL NL YÃXZ Y£OdÑdL NL aLT²LY_ÑdL NL YÃXLà VÌ[d£dL N£aL¶dÝdL NL YÃXZ aÃ]´d£dL NL YÃXZ XPRSdÝdL NL aTOd`_dÝdL NL YÃXL ÅRS]Ïd£dL N£_L[dÝdL NL YÃXZ aÑ_d£dL NL ]Ë´XTd£dL NL YÃXZ a£^_LadÝdL NL a£^_`[ÑdL NL gg ?LT>LÀ " ! AT´©`>LSL^]LY£XL aP]^P^z
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
!"
_SPZWZRTNLWwYLXP^x?SPdXLdbPWWL[[PL][L]LOZcTNLWTY_SPT]NZX[T WL_TZYM`__ST^[L]LOZcPc[]P^^P^LWLbZQ[LY_SPT^_TN _SPZWZRd%2ZOT^ _]LY^NPYOPY_ LYO TXXLYPY_ L_ _SP ^LXP _TXP >ZXP_TXP^ _SP _Pc_ T_^PWQ []ZaTOP^]P^ZW`_TZYQZ]PcLX[WPTY_SPQZWWZbTYRWTYP^% aT²aLX¼]_T]XLS£X¼]_T]O¯[_LX¼]_T]LX¼]_TX£Y g LYPVLX¼]_T]LadLV_Là²L_LX¼]_Tà²L_£YLYLà gg wF3P[Z^^P^^P^H_SPQZ]XZQ_SP`YTaP]^PLS`RPQZ]XLQWLXTYRQZ]XF3P T^H L QZ]XWP^^ FZYPH SLaTYR XLYd QZ]X^ FbSTWP MPTYRH L YZYQZ]XPO FZYPHZYPbT_SLS`YO]POQZ]X^ZYPbT_SLS`YO]POQLNP^x "
?SP NZY_PY_ ZQ _SP^P YLXP^ T^ ZMaTZ`^Wd ]PXTYT^NPY_ ZQ _SP =`O]L YLXP^ M`_ SP]P _SPd L]P _`]YPO TY_Z ^ZXP_STYR _Z_LWWd LM^_]LN_ 1Z] PcLX[WP _SP _Pc_ ^Ld^ wTY _SP QZ]X ZQ _SP `YTaP]^Px bSTWP _SP ±L_L ]`O]¯dL XPY_TZY^XLYd[Sd^TNLW_STYR^_SL_^`RRP^_^`NSLQZ]XM`_OZ YZ_PYNL[^`WL_PT_TYZYP_P]X>`RRP^_TaPYLXP^L]PNP]_LTYWdLW^Z[]P ^PY_ TY _SP AT´©` WT_LYd ^`NS L^ wTY L S`RP QZ]Xx LYO wTY L QWLXTYR QZ]Xx ?SP XPY_LW Q]LXPbZ]V ZQ _SP aP]^P SZbPaP] T^ XLOP `[ ZQ LM^_]LN_ _SPZWZRTNLW _P]X^ bSTNS LW^Z NSL]LN_P]TeP _SP bSZWP WT_LYd TY RPYP]LW 4YT_TLWWd T_ T^ ^_L_PO _SL_ 2ZO SL^ w_SP QZ]X ZQ _SP `YTaP]^Px bSTNS T^ _SPY TXXPOTL_PWd YPRL_PO Md wL QZ]XWP^^ FZYPHx -`_ _ST^ [L]LOZc T^ ]P^ZWaPO TY _SP YPc_ SLWQ ZQ _SP aP]^P Md _SP YLXP wL YZY QZ]XPO FZYPHx TP 2ZO _]LY^NPYO^ LWW QZ]X^ ?ST^ OTXPY^TZY ZQ QZ]X WP^^YP^^T^NZX[WP_PWdLM^PY_Q]ZX_SPAPOTN_Pc_ ?SPw?SZ`^LYO9LXP^ZQAT´©`xXLVP`[LNZY^T^_PY_Wd^_]`N_`]PO LWXZ^_ [ZP_TN _Pc_ 5`^_ L^ TY _SP ±L_L]`O]¯dL ^ZXP ZQ _SP YLXP^ L]P Z]RLYTePOTY[SZYP_TNNW`^_P]^ ^ZXPZQ_SPXTY^PXLY_TN NW`^_P]^?ST^ N]PL_P^MZ_SOT^N`]^TaPLYOL`OT_Z]dQTPWO^ZQL^^ZNTL_TZYbSTNSLTXQZ] LP^_SP_TN PQQPN_^ , YPb _d[P ZQ NW`^_P]M`TWOTYR WTP^ TY _SP _SPXL_TN NZX[WPcP^ZQ_SPAT´©`WT_LYd1Z]PcLX[WP_SPSLWQaP]^P MNZY_LTY^ _P]X^ PcNW`^TaPWd Q]ZX _SP _SPT^_TN >£ÀVSdL [STWZ^Z[Sd >TXTWL] _SP XL_TNNZX[WPcP^ZQAPOTN_P]X^L]P LW^ZQZ`YO BSP]PaP]_SPdL[[PL] _SPdRPYP]L_PTY_P]_Pc_`LW]PWL_TZY^NZYNP]YTYRLYPbTXLRPZQ2ZO1Z] PcLX[WP_SPYPbWdQZ]XPOwYLXPx aT²a£_XLY w_SP@YTaP]^PT_^PWQxTY aP]^P " LYO _SP TXXPOTL_PWd QZWWZbTYR YLXP^ w?SZ`^LYOPdPOx ^L SL^]£V´L LYO w?SZ`^LYOQZZ_POx ^LSL^]L[£_ Pc[WLTY ZYP LYZ_SP] ?SP^P WL__P] YLXP^ L]P _LVPY Q]ZX _SP ;`]`´L>¼V_L bSP]P _SPd OP ^N]TMP_SPXLN]LY_S]Z[Z^?SPYPb_SPZWZR`XPYZYw2ZOLYObZ]WOL]P TOPY_TNLWxT^WTYVPO_ZLYONZYQT]XPOMd_SPAPOL 4Y _ST^ PcLX[WP _ZZ 0]Y^_ .L^^T]P]v^ aTPb T^ NZYQT]XPO% NZX[L]PO _Z _SP =`O]L WT_LYd _SP AT´©` WT_LYd OPQTYT_PWd PcSTMT_^ R]PL_P] LbL]P YP^^]PQWPN_TZYNWL]T_dLYORPYP]LWT_dBSL_T^]PXL]VLMWPT^_SP]PQWPc TaP _]LY^QZ]XL_TZY ZQ _SP [L^_% ZWOP] _SZ`RS_ ^d^_PX^ L]P _LVPY `[ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " AT´©`>LSL^]LY£XL aP]^P$
!#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
TY_PR]L_PO TY_Z _ST^ YPb ZYP 3ZbPaP] bSL_ T^ WLNVTYR TY _SP w?SZ` ^LYO 9LXP^ ZQ AT´©`x T^ _SP PaZNL_TaP N]d[_TNYP^^ LYO TYOPNT[SP]LMTW T_d LWZYR bT_S _SP Xd^_P]TZ`^ LXMTaLWPYNP ZQ _SP APOTN []POPNP^^Z] ?SPAT´©`WT_LYdZQQP]^LNZY^T^_PY__SPZWZRdM`_T_T^YZ_L^R]T[[TYRWd [Sd^TNLWZ]L^WTaPWdL^_SPAPOTNXZOPW.ZX[L]PO_Z_SPTXLRP^TY_SP ±L_L]`O]¯dL T_ WZZV^ ^ZXPbSL_ [LWP M`_ T_ NZX[PY^L_P^ QZ] _SP^P OPQT NT_^ bT_S T_^ ^_dWT^_TN M]TWWTLYNP LYO _SP NZX[Z^T_TZYLW QZ]X ZQ T_^ WTY R`T^_TN XL_P]TLW NSZ^PY _Z XLcTXTeP _SP MPL`_d ZQ T_^ ^Z`YO /P^[T_P _SPOP^T]PONZY^_LYNd_SP_bZ_Pc_^`W_TXL_PWdQ`YN_TZYTYaP]dOTQQP]PY_ bLd^ :YP NLY ^PP SZb X`NS bL_P] SL^ QWZbY OZbY _SP 2LYRP^ ^TYNP _SPY LYO SZb aP]d X`NS ZaP]LWW bLd^ ZQ _STYVTYR SLaP NSLYRPO% _SP _P]XTYZWZRTNLWSL^R]ZbYZ`_ZQ_SP^`RRP^_TaPLYOPaZNL_TaP3ZbPaP] X`NS_SPP[TNv^L`_SZ]^_]TPO_ZL^^ZNTL_P_SPX^PWaP^bT_S_SPZWO_Pc_^ _SPOT^NZY_TY`T_dZQ_SZ`RS_U`^_MPNZXP^NWPL]P]
3PL]TYR?SL_-]TYR^/PWTaP]LYNP
,YZ_SP] TX[Z]_LY_ L^[PN_ ZQ _SP TXLRP ZQ APOTN ]PNT_L_TZY TY LOOT_TZY _Z _SP ]PNT_L_TZY ^LN]TQTNP T^ _SP L`^[TNTZ`^ PWPXPY_ ?SP wAPOL YZT^Px M]LSXLRSZ´L MPWZYR^ YZ_ ZYWd _Z _SP TYaPY_Z]d ZQ TYOT^[PY^LMWP QPL _`]P^ ZQ _SP -]LSXLYTN QZ]P^_SP]XT_ ^P__WPXPY_^ M`_ LW^Z _Z LWW _SP ^P__TYR^ _SL_ YPPO L`^[TNTZ`^ []Z_PN_TZY 4Y _SP ^Tc_S NPY_`]d ,/ _SP L^_]ZWZRP]AL]£SLXTST]LbSZZ_SP]bT^PSL^LXZ]PbZ]WOWdZ]TPY_L_TZY b]T_P^\`Z_TYRLYZWOP]^Z`]NPZY_SP]TRS_bLd_ZN]ZbYLVTYR% w?SPSP]LWO^^SZ`WONLWWZ`_WZ`OWdF_SPaT]_`P^ZQ_SPYPb]`WP]H_SP[PZ [WP^SZ`WO[]LT^P_SPOLdLYO_SP-]LSXTY^^SZ`WOOPNWLTX_SPAPOLYZT^ TWd 4Y LOOT_TZY L`^[TNTZ`^ ^Z`YO^ ^SZ`WO ]P^Z`YO Q]ZX O]`X^ LYO NZYNS SZ]Y^?ST^^_TQWP^Q`_`]P`YSL[[TYP^^TY_SPM`Ox #
?SP TOPL _SL_ PaPY _SP LNZ`^_TN PYaT]ZYXPY_ ZQ L APOL ]PNT_L_TZY SL^ L`^[TNTZ`^ PQQPN_^ LYO MLYT^SP^ LWW SL]XQ`W TYQW`PYNP^ bSP]PaP] T_ T^ SPL]O T^ LOZ[_PO LYO Q`]_SP] OPaPWZ[PO QZ] _SP _SPT^_TN _Pc_^ 0aPY _SP ^_Z]d QZ]XTYR _SP MLNVR]Z`YO _Z _SP w?SZ`^LYO 9LXP^ ZQ AT´©`x SL^ _SP^_LYOL]OQZ]X`WL_d[TNLWZQ_SPT^_TNLYOOPaZ_TZYLW_Pc_^^_L_TYR_SL_ _SP ]PNT_L_TZY ZQ _SP YLXP^ ZQ AT´©` [`]TQTP^ LYO WTMP]L_P^ ZYP Q]ZX LWW M`]OPY^ ZQ ^TY ?SP _Pc_^ _LVP ZY _SP L`^[TNTZ`^ [ZbP] ZQ _SP OPT_d& XP]PWdSPL]TYR_SPXM]TYR^_SPRTQ_ZQOPWTaP]LYNPLYOPaPYNZ`Y_P]LN_^ VL]XL WLb^ :Q NZ`]^P [PZ[WP RPYP]LWWd ]PNT_P _SP _Pc_ QZ] _SPX^PWaP^ 3ZbPaP] bSPY ZYP [P]^ZY ]PNT_P^ LYO LYZ_SP] ZYWd WT^_PY^ T_ T^ ZMaT Z`^ _SL_ _SP ]PNP[_TZY ZQ _SP L`^[TNTZ`^ P^^PYNP ]P^TOP^ []TYNT[LWWd TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # aLYOTULYL[L`]LaT[]LTà[]LRS`´¶L[`©d£SLaPOLYT]RSZ´LTàg ^LXOL«RL²L«VSL_¼]dLT]XL«RLWL²LMOLT]SL_£YT´¶Là gg-SL_>LÀST_£ "$
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
!$
_SP SPL]TYR 1Z] PcLX[WP _SP P`WZRd QZWWZbTYR _SP w?SZ`^LYO 9LXP^ ZQAT´©`xPX[SL^TeP^_SPYZ_TZY_SL_LWW^ZNTLWP^_L_P^NLY[L]_TNT[L_PTY _SP L`^[TNTZ`^ PQQPN_^ ZQ _SP _Pc_ 1Z] _SP Z]_SZOZc NZXXPY_L_Z] ±L«VL]£N£]dL _ST^ T^ YZb []ZMWPXL_TN 4Y ST^ _TXP NL "_S#_S NPY_ $ _SP AT´©` WT_LYd bL^ LW]PLOd ^Z STRSWd ]PRL]OPO _SL_ T_^ ]PNT_L_TZY bL^ L^^LN]POL^LAPOTN]PNT_L_TZYLYO_S`^NZ`WOLW]PLOdMPbSZWWdaTPbPO L^ L w]PNT_L_TZY ^LN]TQTNPx :]_SZOZc XPXMP]^ ZQ _SP STRS NL^_P^ SZb PaP] L__LNS _SP R]PL_P^_ TX[Z]_LYNP _Z MPTYR _SP ZYWd ZYP^ LWWZbPO _Z [P]QZ]X ^LN]TQTNP^ LYO ]PNT_P _SP APOL ?SP ±¼O]L^ bSZ MPWZYR _Z _SP WZbP] NL^_P^ L]P PcNW`OPO ?ST^ Pc[WLTY^ bSd ±L«VL]L PX[SL^TeP^ TY ST^NZXXPY_L]dzTYNZY_]L^__Z_SPZ]TRTYLW_Pc_z_SL_±¼O]L^L]PZYWd LWWZbPO_ZSPL]_SPw?SZ`^LYO9LXP^ZQAT´©`xM`_YZ__Z]PNT_P_SPX LYO O]Lb^ ^`[[Z]_ Pc[WTNT_Wd Q]ZX LY L`_SZ]T_L_TaP \`Z_L_TZY ZY _SP NWL^^TNLW[]ZSTMT_TZYZQ[P]QZ]XTYR^LN]TQTNP^4Y_P]P^_TYRWdTY^ZOZTYR ±L«VL]LOZP^YZ_MdLYdXPLY^OPYd_SL__SPL`^[TNTZ`^P^^PYNPZQ _SP _Pc_ T^ PQQPN_TaP QZ] ±¼O]L^ ?SPd L]P ZYWd []ZSTMT_PO Q]ZX ]PNT_TYR T_ _SPX^PWaP^ -`_ _ST^ -]LSXLYTN []P^P]aP T^ ^ZZY ^bP[_ LbLd Md OPaZ _TZYLWXZaPXPY_^ 9Zb _SP]P T^ PaPY LY TY_PY^TQTNL_TZY ZQ _SP L`^[TNTZ`^ L^[PN_ ZQ SPL]TYR bSTNS PY_P]^ _SP ^Z_P]TZWZRTNLW ?ST^ T^ _]LY^WL_PO TY_Z ]LOTNLW XP_L[SZ]^ TY _SP QZWWZbTYR []ZMLMWd WL_P ;`]LYTN ±TaL;`]£©L 8£S£_XdLz YL]]L_TaP 3P]PLRLTYT_T^ZYWdSPL]TYRLYOYZ_]PNT _L_TZY _SL_ M]TYR^ LMZ`_ _SP ]PNP[_TZY ZQ _SP ^`M^_LYNP ZQ OPWTaP]LYNP ?SP NZYOT_TZY^ L]P ^Z `Y`^`LW _SL_ _SPd NLYYZ_ MP ^`XXL]TePO TY ZYP ^TYRWP^PY_PYNP% , bTNVPO -]LSXLY NLWWPO -TYO`RL WPLO^ L NZX[WP_PWd `Y -]LSXLYTN WTQP ,W_SZ`RS SP SL^ L MPL`_TQ`W dZ`YR bTQP SP SL^ QLWWPY QZ] L []Z^_T_`_P LYO YZ WZYRP] _Z`NSP^ ST^ bTQP .LÓN`W£ 1Z] L QPb dPL]^ [ZZ] .LÓN`W£ _]TP^ _Z VPP[ QLT_SQ`W M`_ _SPY QLWW^ aTN_TX _Z _SP L]]Zb^ZQ_SP2ZOZQ7ZaPLYO_LVP^LWZaP]3P]S`^MLYO^ZZYOT^NZa P]^SP]-TYO`RLRTaP^SP]LM]`_LWMPL_TYR-`_^SPSZWO^STX]P^[ZY^T MWPQZ]SP]LO`W_P]dzLQ_P]LWWSPSLOMPPYYPRWPN_TYRSP]@[ZYbSTNS _SPbTNVPO -TYO`RLXLVP^SP]LYZQQP]%^SPXLd^WPP[L]Z`YOL^ X`NS L^ ^SP bLY_^ M`_ ^SP ^SZ`WO L_ WPL^_ NSL]RP XZYPd QZ] T_ >SP LR]PP^ LYO _SP]P QZWWZb dPL]^ ZQ _Z_LWWd `Y-]LSXLYTN uXL]]TPO WTQPv `Y_TW -TYO`RL QTYLWWd OTP^ 9Zb _SP SPLaPY^ TY_P]aPYP .LÓN`W£ SL^ Md YZb RTaPY MT]_S _Z XLYd NSTWO]PY bSZ _LVP SP] bT_S _SPX ZY L [TWR]TXLRP 4Y L _PX[WP ^SP SPL]^ _SP ±TaL;`]£©L MPTYR ]PNT_PO \`T_P Md NSLYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP]PT^OPML_PLXZYRST^_Z]TLY^L^_ZbSP_SP]_SPQLXZ`^NZXXPY_L]dZY_SPYLXP^ ZQAT´©`bL^b]T__PYMd±L«VL]LSTX^PWQ3ZbPaP]T_T^NP]_LTY_SL__SPL`_SZ]NLXP Q]ZX_ST^^NSZZW :Y_SPWL_PYP^^ZQ_SP_Pc_^PP=ZNSP] ?SP;`]£©L^zz
"
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
[]PNT^PWd _SP [L]_ OP^N]TMTYR _SP _P]]TMWP [`YT^SXPY_^ TY 3PWW QZ] LO`W _P]P^^P^ >SP RP_^ L _P]]TMWP Q]TRS_ LYO RZP^ _Z ^PP _SP -]LSXLY bSZ T^ ]PNT_TYR_ZbSZX^SPNZYQP^^P^_SP^TY^ZQSP]WTQP%w8d^TYT^^ZR]PL_ _SL_ PaPY ML_STYR TY _SP 2LYRP^ QZ] L S`YO]PO dPL]^ bZ`WO YZ_ bL^S T_ LbLdx ?SP -]LSXLY NZXQZ]_^ SP] Md ^LdTYR _SL_ SPL]TYR _SP ±TaL ;`]£©L SL^LW]PLOd^LaPOXLYd^TYYP]^4YQLN_T_SL^LW]PLOd^SZbYT_^ [ZbP] TY _SL_ T_ SL^ LW]PLOd NL`^PO SP] _Z ]PR]P_ SP] LN_TZY^ >SP L^V^ STXTQ^SPXLdSPL]_SPbSZWP;`]£©LLYO_SP]PNT_L_TZY]PWPL^P^bT_STY SP]^`NSUZd_SL_LWWSP]QPL]^L]PMLYT^SPO>SPWTaP^_SP]P^_ZQSP]WTQP L^ LY L^NP_TN XPOT_L_TYR ZY ±TaL BSPY ^SP OTP^ ±TaL STX^PWQ ^PYO^ L SPLaPYWd uLT]^ST[v aTX£YL bT_S ST^ RSZ^_Wd PY_Z`]LRP _Z NL]]d SP] _Z 3PLaPY?SP]P ^SP]PNPTaP^LSPLaPYWdMZOdTY_SPQZ]XZQ±TaLv^bTQP ;£]aL_¯ ,YO _ST^ T^ YZ_ LWW% ^SP T^ PaPY L^^`XPO TY_Z _SP OTaTYP QLXTWd LYOMPNZXP^LNWZ^PNZYQTOLY_PZQ;£]aL_¯SP]^PWQ:YPOLd^SPRZP^_Z _SPRZOOP^^;£]aL_¯bT_S_PL]^TYSP]PdP^;£]aL_¯_LVP^[T_dZYSP]LYO L^V^ SP] bSL_ _SP []ZMWPX T^ .LÓN`W£ _PWW^ SP] _SL_ SP] S`^MLYO bL^ L bTNVPO ^TYYP] -`_ OP^[T_P _ST^ ^SP ^_TWW bLY_^ _Z MP `YT_PO bT_S STX LW_SZ`RS^SPOZP^YZ_VYZbbSP]PSPT^;£]aL_¯Pc[WLTY^_ZSP]_SL_SP] S`^MLYObL^TYSPWWQZ]LWZYR_TXPM`_T^YZbWTaTYRL^LYPaTWRZMWTY TY _SP ATYOSd£ 8Z`Y_LTY^ LYO SL^ YZ_ XPYOPO ST^ bLd^ .LÓN`W£ T^ _]Z`MWPO LYO bT^SP^ _Z VYZb bSP_SP] _ST^ OP[]LaPO ^TYYP] NLY ^_TWW MP ^LaPO L_ LWW z LYO ;£]aL_¯ ]P[WTP^ _SL_ SP NLY 3P ZYWd SL^ _Z SPL] _SP ±TaL;`]£©L .LÓN`W£ LYO _SP 2LYOSL]aL ?`XM`]` QWd TY LY LT]^ST[ _Z _SP R]TX ATYOSd£ 8Z`Y_LTY^ bSP]P _SPd ^ZZY NZXP `[ZY _SP Pc -]LSXLY bSZ T^ ^N]PLXTYR LYO WL`RSTYR TY ST^ XLOYP^^ ?`XM`]` NL[_`]P^ _SP RZMWTY bSZ T^ U`X[TYR L]Z`YO bTWOWd `^TYR L ]Z[P LYO []P[L]P^ QZ] L R]LYO ;`]£©L ]PNT_L_TZY -TYO`RL bSZ T^ NL`RS_ TY _SP ]Z[P T^ YZb QZ]NPO _Z SPL] _SP ±TaL;`]£©L LYO MPNZXP^ LbL]P ZQ ST^ ZbY ^_Z]d TY _SP []ZNP^^ bSP]P`[ZY SP TXXPOTL_PWd OT^NL]O^ ST^ `RWd MZOdLYO_LVP^ZYLSPLaPYWdZYPTY_SPQZ]XZQ±TaL?ZRP_SP]bT_SST^ bTQP SP L^NPYO^ _Z SPLaPY LYO _SP NZ`[WP WTaP SL[[TWd PaP] LQ_P] bZ] ^ST[[TYR±TaLLYO;£]aL_¯ :Y _SP ZYP SLYO _SP _Pc_ NZYQT]X^ LYO ^_LMTWTeP^ _SP Z]_SZOZc ^d^ _PX% XLUZ] -]LSXLYTN aTNP^ LYO aT]_`P^ L]P TWW`^_]L_PO 1TOPWT_d T^ ZYP ZQ_SPXZ^_TX[Z]_LY_4YOTLYaT]_`P^ LYO TYQLN_T_ T^LbZXLYv^R]PL_ P^_ aT]_`P LYO ^SP ^SZ`WO _LVP NL]P _Z []P^P]aP T_ YZ XL__P] SZb MLOWd SP] S`^MLYO _]PL_^ SP] :Y _SP Z_SP] SLYO _SP uXZ]LW ZQ _SP ^_Z]dv T^ []PNT^PWd_SPQLN__SL_T_T^ YZ_ LXZ]LWTeTYR^_Z]dL_LWW4_T^TY_PYOPO_Z TWW`^_]L_P _SL_ _SP ±TaL;`]£©L NLY TY QLN_ OZ LYd_STYR QZ] _SP _]LOT _TZYLW Z]_SZOZc OSL]XL ^d^_PX NZ`WO YZ_ MP Z`_OZYP TY LYd R]LYOP] QL^STZY% XP]PWd SPL]TYR L OPaZ_TZYLW _Pc_ bT[P^ Z`_ _SP bZ]^_ [Z^^TMWP ^TY^]PYOP]^_SPNZ^XTNWLb^ZQ VL]XLY [ZbP]WP^^LYOPaPY_]LY^QZ]X^ [P]^ZYLWT_TP^TY_Z_SPT]PcLN_Z[[Z^T_P4Y_SP^_Z]dZQ.LÓN`W£]PXZ]^P
?SPT^_TNw?Z[[TYRxZQ_SPAPOLTY7T_LYTP^LYO;`]£©L^
"
_]`^_TYR _SPOPT_dLYO _SP XP]NTQ`W_]PL_XPY_Q]ZX_SPOPT_dZNN`]NZX [WP_PWd[L]LWWPWbT_S_SP]P\`P^_QZ]L]PNT_L_TZYZQ_SP_Pc_LYO_SPSPL] TYR ZQ T_ 3PL]TYR _SP _Pc_ OT^^ZWaP^ LWW OZ`M_ LYO _SP S`XLY XZ]_LW T^ NWLOTY_SPQZ]XZQ_SPOPT_d:YP]PXL]VLMWPQPL_`]PZQ_SP^_Z]dT^_SL_ PY_]dTY_Z±TaLv^3PLaPYOZP^YZ_^TRYTQd_SPZY^P_ZQSZXPZ^_L^T^M`_ TY^_PLOYZb_SPSP]ZTYPSP]^PWQMPNZXP^[L]_ZQ_SP^Z_P]TZWZRTNLWLN_ZQ _SP OTaTYP LYO Q`YN_TZY^ L^ _SP M]TYRP] ZQ ^LWaL_TZY ?SP XZ_TQ^ ZQ ]P XZ]^PwPY_]`^_TYRZYP^PWQ _Z_SPOPT_dx LYO _SP wUZd TY3PLaPYZaP]L ^TYRWP^TYYP]x]PXTYO`^ZQ^TXTWL]QPL_`]P^TY.S]T^_TLYT_d-`_bSL_T^ XPLY_ _Z MP TWW`^_]L_PO SP]P T^ _SP R]PL_YP^^ ZQ _SP ±TaL;`]£©L 4Y _SP PdP^ ZQ _SP L`_SZ] .LÓN`W£v^ TY_P]YLWTeL_TZY ZQ _SP ±TaL;`]£©L bSTNS N`WXTYL_P^ TY SP] [L]_TNT[L_TZY TY _SP ^LWaL_TZY ZQ SP] S`^MLYO ]LT^P^ SP] LMZaP Z_SP] S`XLY MPTYR^ bSZ L]P \`T_P Z]OTYL]TWd ^LaPO MPNL`^P ZQ_SPT]RZZOOPPO^.LÓN`W£v^TY_P]YLWTeTYRSPL]TYRZQ_SP±TaL;`]£©L XLVP^SP]_SPMPL]P]ZQ_SP^`M^_LYNP_SL_M]TYR^^LWaL_TZYLYOQZ]_ST^ ]PL^ZY^SPPYUZd^]PLWA4;_]PL_XPY_TY3PLaPY -`_LQ_P]LWW_ST^L__SPPYOZQ_SP^_Z]dbPQTYO_SPNWL^^TNLW_Z[Z^ bSTNS T^ _SL_ ]PNT_TYR L ^LN]PO _Pc_ ^[]PLO^ LY L`^[TNTZ`^ L_XZ^[SP]P LYO SL^ PcZ]NT^TYR PQQPN_^ z TY _SP M]ZLOP^_ ^PY^P z Md MLYT^STYR LWW PaTWTYQW`PYNP^TYMZ_S[P]^ZYLWLYOYZY[P]^ZYLWQZ]X:]TRTYLWWd_ST^ ZYWd L[[WTPO _Z _SP APOL -`_ TY _ST^ ^_Z]d _SP APOL LYO _SP ±TaL ;`]£©L NZYaP]RP TY L `YT\`P XLYYP] z LW_SZ`RS _ST^ NZYaP]RPYNP ZYWd NZXP^ LMZ`_ O`]TYR _SP NZ`]^P ZQ _SP ^_Z]d 2TaPY _SP ^_L]_TYR [ZTY_ ZQ _SPYL]]L_TaP_SP WPLOTYRZQLMLOWTQPQZWWZbPOMdXZ]LW NZYaP]^TZY ZYP bZ`WO YZ_ SLaP Pc[PN_PO LYd ^`NS NZYaP]RPYNP ^TYNP _SP APOL T^ YZ_ TY_PYOPO QZ] _SP [`][Z^P ZQ _SP XZ]LW TX[]ZaPXPY_ ZQ T_^ WT^_PYP]^ ,__ST^^_LRPTY_SP^_Z]d_SP±TaL;`]£©LLYO_SPAPOL^_TWWQ`YN_TZYTY \`T_POTQQP]PY_bLd^.LÓN`W£bSZT^ML^TNLWWdaT]_`Z`^]PNPTaP^^LWaL _TZY_S]Z`RS]PXZ]^PLYOWPLOTYRLMP__P]WTQP4YSP]NL^P_SP_Pc_Q`YN _TZY^ L^ L XZ]LW U`ORP ?SP _Z_LWWd OP[]LaPO -TYO`RL SZbPaP] bZ`WO SLaP _Z bLT_ QZ] PaP] QZ] ST^ OPWTaP]LYNP TQ _SP ±TaL;`]£©L bP]P ZYWd _ZbZ]VZY_SPWPaPWZQOTOLN_TNTY^_]`N_TZY-`_YZb_SPL`_SZ]NZY_TY `P^ _SP ^_Z]d ^Z NWPaP]Wd _SL_ L_ _SP PYO _SP]P T^ NZYaP]RPYNP bT_S _SP ^LN]POAPOL?SPbTNVPOXLYSL^MPNZXPLbTNVPO^[T]T_LYO_SP_Z[Z^ ZQ L XZ]LWWd TYOTQQP]PY_ M`_ STRSWd L`^[TNTZ`^ L_XZ^[SP]P bSTNS LW^Z SL^PcZ]NT^TYRPQQPN_^T^NP]_LTYWdL^^ZNTL_PObT_S_ST^,__ST^[ZTY__SP ±TaL;`]£©L MPNZXP^ L \`L^TAPOL LYO LN\`T]P^ XLRTN [ZbP] ,^ LWW OPXZY^ ]`Y ZQQ bSPY ^LN]PO _Pc_^ L]P SPL]O -TYO`RL bZ`WO NP]_LTYWd SLaPOZYP_SP^LXPTQ_SP2LYOSL]aLSLOYZ_MPPY^XL]_PYZ`RS_Z_TP STX OZbY 4Y aTPb ZQ _SP PcNP[_TZYLWWd L`^[TNTZ`^ [ZbP] ZQ _SP ±TaL ;`]£©L_SPOPXZYYZbSL^YZNSZTNPM`__Z]PWTY\`T^SST^bTNVPObLd^ LYO MPNZXP RZZO 3ZbPaP] TX[]ZMLMWP _ST^ XLd ^Z`YO z NZY_TY`PO
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
"
PcT^_PYNP ZQ _SP OPXZYTN T^ _Z_LWWd TYNZYNPTaLMWP TY _SP L`^[TNTZ`^ L_ XZ^[SP]PZQSZWd_Pc_^ @W_TXL_PWd _SP XP]Nd ZQ _SP XZYZ_SPT^_TN OPT_d _SL_ NLY MP NZX [WP_PWd _]LY^QP]]PO _Z T_^ _Pc_^ Z`_^STYP^ PaPY _SP ^Z_P]TZWZRTNLW [ZbP] ZQ _SP APOL ,YO dP_ _SP APOL LYO T_^ ]PNT_L_TZY ]PXLTY ^aLOSL]XL L N`W_`]LW [L]LOTRX LYO L]P ^_TWW _SP QZ`YOL_TZY ZQ _SZ^P ZaP]L]NSTYR NZYNP[_^_SL__]d_ZRZMPdZYOT_
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
:bTYR _Z _SP ^_L_TN LYO ^PWQPc[WLYL_Z]d NSL]LN_P] ZQ _SP YPb OSL]XL ML^PO YZ_TZY^ LMZ`_ -]LSXLYTNLW []LN_TNP LYO _SP QL^NTYL_TZY bT_S _SP YPb Xd_SZWZRPXP^ z bSTNS YZb PWTNT_ X`NS XZ]P TY_P]P^_ _SLY _SP APOLT_^PWQz_SPMZOdZQ_Pc_ZQ_SPAPOLNLYNZY_TY`P_ZPcT^_L^T_T^ 4_T^YZ_QZ]RZ__PYM`_YPT_SP]T^T_]PaT^POLYONSLYRPO?SP\`P^_TZYT^ YZWZYRP]uBSL_vM`_u3Zbv>TYNP_SPAPOLv^aLWTOT_dLYOTYOT^[PY^L MTWT_d NLYYZ_ MP NLWWPO TY_Z \`P^_TZY TY_P]P^_ ^STQ_^ _Z _SP []P^P]aL_TZY ZQ _SP _Pc_ LYO [P]QPN_TYR T_^ [P]QZ]XLYNP 1Z] _SP^P ]PL^ZY^ TY -]LS XLY NT]NWP^ _SP]P YZb L]T^P bSL_ L]P NLWWPO w,[[PYOTNP^ _Z _SP APOLx aPO£«RL bSTNSL]P[`]PWd_PNSYTNLW?SPdL]PL`cTWTL]d^_`OTP^QZ]_SP ]T_`LWT^_^% _SP ^_`Od ZQ WT_`]Rd VLW[L []ZaTOP^ []TP^_^ bT_S L ]L[TO ZaP]aTPb ZQ _SP _STNVP_ ZQ APOTN ]T_`LW QZ]X^ L^_]ZYZXd UdZ_T´L LW WZb^XZ]PPcLN_OP_P]XTYL_TZYZQ_SPNZ]]PN_[ZTY_^TY_TXPQZ]_SP^LN ]TQTNTLW QP^_TaLW^ LYO R]LXXL] ad£VL]L©L P_dXZWZRd YT]`V_L []Z^ ZOd NSLYOL^ LYO [SZYP_TN^ ²TV´£ SPW[ TY _SP PcLN_ OP_P]XTYL_TZY ZQ _SP APOL _Pc_ LYO T_^ []PNT^P []ZY`YNTL_TZY ,^ bP NLY ^PP QZ`] ZQ _SP ^TcL`cTWTL]d^_`OTP^SLaP_ZOZbT_SWLYR`LRPbSTWPZYWdZYPP_dXZW ZRdT^NZYNP]YPObT_S^PXLY_TN^8Z^_ZQ_SP^PL`cTWTL]d_Pc_^RZMLNV _Z[]P,²ZVLY_TXP^TPbP]POPaPWZ[POMPQZ]P"z-. :YP SL^ _Z MPL] TY XTYO _SL_ L_ _ST^ _TXP z NZTYNTOTYR bT_S _SP WL_P APOTN WT_P]L_`]P LYO _SP OLbY ZQ YPb ]PWTRTZ`^ WT_P]L_`]P^ z [PZ[WP NZ`WO SL]OWd `YOP]^_LYO _SP L]NLYP APOTN >LY^V]T_ ZQ _SP XLY_]L^ LYd XZ]P _SP ]PL^ZY^ MPTYR ST^_Z]TNLW L]NSLTN WLYR`LRP N`W_`]LW _SP @[LYT´LOTN _`]Y L^ bPWW L^ RPZR]L[STNLW LYO [ZWT_TNLW \`T_P L[L]_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1LWV >NS]TQ_TXLW_PY4YOTPY ?SPWLYR`LRPZQ_SP @[LYT´LO^ XL]V^_SPTY_]ZO`N_TZYZQNWL^^TNLW>LY^V]T_QZ`YOTY _SPP[TN^LYO;`]£©L^-d_SP_TXPZQ_SP@[LYT´LO^_SPN`W_`]LWNPY_P]SLO^STQ_PO_Z _SP 0L^_ BSP]PL^ _SP >LY^V]T_ ZQ _SP APOTN XLY_]L^ APOTN >LY^V]T_ bL^ []PaLWPY_ TY YZ]_SbP^_P]Y 4YOTL _SP NLYZYTNLW @[LYT´LO^ bP]P NZX[Z^PO TY YZ]_SPL^_P]Y 4Y OTL2LYRP^[WLYP&w2LYRP^>LY^V]T_xbSP]P[]PaTZ`^WdZYWdOTLWPN_^SLOMPPY^[Z VPY BP X`^_ ^`[[Z^P L WLNV ZQ VYZbWPORP ZQ _SP ZWOP] APOTN >LY^V]T_ LW]PLOd TY ^ZXPZQ_SP-]£SXL©L^LYOTYLWW]PRTZY^]PXZaPOQ]ZX_SPZWONPY_P]TPTY]PRTZY^
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
"
Q]ZX _SP RPYP]LW [L__P]Y ZQ RTaTYR []TXP NZYNP]Y _Z _SP ^Z`YO ZQ _SP SZWd `__P]LYNP^ ,WW ZQ _ST^ XLd Pc[WLTY _SP QLN_ _SL_ _SP `_XZ^_ NL]P LYOPc_]LZ]OTYL]dXPXZ]TeL_TZYLYONZYNPY_]L_TZYPQQZ]_^bPY_TY_Z_SP PcLN__]LY^XT^^TZYZQ_SP^Z`YOXL_P]TLWLYO_SPNZ]]PN_P`[SZYTNNZX MTYL_TZY^ ^LYOST M`_YZ_TY_Z_SP[]P^P]aL_TZYZQXPLYTYRLYOTY_PWWT RTMTWT_d 7PL]YTYR _SP APOL bL^ MPNZXTYR XZ]P LYO XZ]P L NL^P ZQ WPL]YTYR L ^P]TP^ ZQ ^PXLY_TNLWWd XPLYTYRWP^^ [SZYPXP^ Md SPL]_ :YP ZQ_SPL`cTWTL]d^_`OTP^ZQ_SPAPOLzP_dXZWZRdzL__PX[_^_ZNZ`Y_P] LN__ST^[]ZNP^^ZQ^PXLY_TNOPNLd7T^_^ZQ^dYZYdX^LYLWd^P^ZQaP]M ]ZZ_^ LYO [SZYP_TN P\`TaLWPYNP^ L]P `^PO _Z _]d _Z ]PN]PL_P _SP XPLY TYR^ ZQ bZ]O^ bSZ^P XPLYTYR SL^ MPNZXP SLed ,^ bP VYZb Q]ZX _SP P_dXZWZRT^_ D£^VL []ZM _S NPY_`]d -. PaPY O`]TYR ST^ WTQP_TXP _SP]P bL^OZ`M_L^_Z bSP_SP]_SPAPOLSLOLYdNZX[]PSPY^TMWPXPLY TYRL_LWWLYObSP_SP]_SP]PbL^LYd^PY^PTYb]T_TYRNZXXPY_L]TP^ZY _SP _Pc_ D£^VL YZ_P^ ^L]NL^_TNLWWd _SL_ T_ T^ YZ_ _SP QL`W_ ZQ _SP [WLYV _SL_ _SP MWTYO XLY SL^ YZ_ ^PPY T_ -`_ ST^_Z]TNLWWd ST^ NZYaTN_TZY OTO YZ_ P^_LMWT^S T_^PWQ `Y_TW dPL]^ WL_P]% _SP QT]^_ NZXXPY_L]d ZY _SP NZX[WP_PAPOL_SL_ ^`]aTaP^_ZOLd bL^b]T__PYMd_SPAPO£Y_TN ^NSZWL] >£dL©L _S NPY_ ,/ 9ZYP_SPWP^^ _SP aTPb ]PXLTYPO ]PWPaLY_ _Z []LN_TNP_SL__SP^LaTYR[ZbP]ZQ_SPAPOLWLdSTOOPYWP^^TYT_^NZY_PY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ bSP]P[ZbP]Q`WWT__WPVTYROZX^]Z^PTY[]P8L`]dLY_TXP^%_SPZYP^OP^N]TMPOTY_SP P[TN^ XTOOWP 2LYRP^ [WLYP L^ bPWW L^ _SP XTRS_d 8LRLOSL LYO 6Z^SLWL _SP -`O OSLv^MT]_S[WLNP ?ST^QLN_bSTNS]PXLTY^_]`P`[_Z_SP[]P^PY_SL^MPPYZM^P]aPOMdXLYd^NSZWL]^ bSZSLaPRTaPYOTQQP]PY_Pc[WLYL_TZY^QZ]T_%7Z`T^=PYZ`?SPOP^_TYdZQ_SPAPOLTY 4YOTL _]LY^W Md /Pa =LU .SLYO]L /PWST% 8Z_TWLW -LYL]^TOL^^ $! NZY _PYO^ _SL_ QZ]X ]L_SP] _SLY XPLYTYR SL^ LWbLd^ []PZNN`[TPO _SP 4YOTLY XTYO LYO ]PNT_L_TZY NZY^_T_`_PO L_ LWW _TXP^ w_SP []TYNT[LW TQ YZ_ PcNW`^TaP ZMUPN_ ZQ APOTN _PLNSTYRx^P]aTYRLaL]TP_dZQ]T_`LW[`][Z^P^YZ_WPL^__SPZYPZQMPTYRLYTY_P]XP OTL]dQZ]OPaZ_TZY4Y=PYZ`v^QZZ_^_P[^?SZXL^.ZM`]Yw>N]T[_`]PTY4YOTLx 5Z`] YLWZQ_SP,,= $#%!Q]PXL]V^_SL__SPML^TN[ZTY_T^_SP^LYN_T_dL__]TM`_PO _ZXPXZ]TeTYRLYOSPL]TYR_SPSZWd`__P]LYNP^w[P]SL[^L^LXLYTQP^_L_TZYZQOPaZ _TZY -SLV_T [P]SL[^bT_S_SPL^[T]L_TZYZQSLaTYRZYPv^NZY^NTZ`^YP^^_]LY^QZ]XPO Md_SPXLY_]L^x1]T_^>_LLW 1TOPWT_dZQ:]LW?]LOT_TZY $#!ZY_SPZ_SP]SLYO ZM^P]aP^_SL_ _SPZYWd_STYR_SL_NZ`Y_POTY[P]QZ]XLYNPZQ_SPAPOTN ]T_`LW bL^_SP NZX[WP_PXL^_P]dZQ_SPAPOLTYL^_L]_WTYRWdNZX[WP_PXLYYP]L^SPT^TWW`^_]L_TYR LYO_SPVYZbWPORPZQL[[WTNL_TZYTYOTQQP]PY_]T_`LWNZY_Pc_^4Y_SP^LXPaPTY3L]]d 1LWV 2ZZOTP^ QZ] 4YOTL $$ # L]R`P^% w?SP ]T_`LW _SPd ^P]aP OZP^ YZ_ ]P\`T]P _SL__SPbZ]O^ZQ_SPaP]^P^L]P`YOP]^_ZZOm?SPZ]LWTY^_]`N_TZYT^_S`^YZ_L_]LY^ QP] ZQ XPLYTYR M`_ L _]LY^QP] ZQ _ZZW^ bT_SZ`_ bSTNS _SP Q`_`]P []TP^_ bZ`WO YZ_ MP LMWP_Z[]LN_TNP LYOPL]YST^WTaPWTSZZOm 9ZZ_SP]N`W_`]PSL^[]P^P]aPO_Pc_^bT_S ^ZWT__WPNL]PQZ]_SPT]XPLYTYRx?SP]T_`LWL]R`XPY_XLVP^LWZ_ZQ^PY^PL^WZYRL^ WL]RP^NLWP APOTN ]T_`LW^ L]P NZXXZYWd [P]QZ]XPO M`_ WP^^ LQ_P] _SPd SLaP MPPY ^` [P]^POPOMdYPb]T_`LWQZ]X^^`NSL^ [¼U£ LYO UL[LdLUÓL ,MP__P]XZOPWQZ]Pc[WLTY TYR_SPZYRZTYRNL]P_Z[]P^P]aP_SP^Z`YOXL_P]TLW^PPX^_ZMPRTaPYMd=PYZ`LYO .ZM`]Y
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
"
_SLY TY T_^ [SZYPXL_TN ^_]`N_`]P bSTNS T^ bSd L__PY_TZY NLXP _Z QZN`^ ZY[SZYP_TN^R]LXXL]LYO[]Z^ZOdz_SL_T^[]PNT^PWd_SP YZY PcPRP_TN OT^NT[WTYP^
2]LXXL]TLY^
4Y NZY_]L^_ _Z _SP YLTaP Xd_SZWZRT^X^ ZQ _SP P[TN LYO [`]£©TN APOL NZYNP[_ z _SP YZ^_LWRTN TOPL^ ZQ L WZYR[L^_ 2ZWOPY ,RP QTWWPO ^ZWPWd bT_S ^LN]TQTNP^ LYO _SP ^TYRTYR ZQ _SP APOL z _SP WTYR`T^_TN L`cTWTL]d ^_`OTP^ZQ_SPAPOLL]PSTRSWd]L_TZYLWLYO^ZXP_TXP^^_]ZYRWdLM^_]LN_ TYR ^d^_PX^ bSTNS OZ bT_SZ`_ ]PWTRTZ`^ bZ]WO^ ZQ ^dXMZW^ LYO TXLRP^ LWXZ^_ NZX[WP_PWd ,W_SZ`RS _SP PXP]RPYNP ZQ _SP PXLYNT[L_Z]d Z]T PY_L_TZY SLO L ]PWTRTZ`^ XZ_TaL_TZY ^TYNP T_ bL^ Z]TRTYLWWd NZYNPTaPO ^ZWPWd _Z []P^P]aP _SP _Pc_ ZQ _SP APOL TY _ST^ [`]P QZ]X ZQ ^NTPYNP T_ ^PPX^ _Z SLaP L__LTYPO NZX[WP_P L`_ZYZXd 4Y L ]PWL_TaPWd ^SZ]_ [P]TZO ZQ _TXP _SP L`cTWTL]d APOTN ^_`OTP^ LNSTPaPO aLWTOT_d ZQ _SPT] ZbY .SL]LN_P]T^_TNLWWd _SP APOTN ^_`OTP^ YZb ^_L]_ _Z MP TYN]PL^TYRWd NZY NP]YPO bT_S L]PL^ ZQ VYZbWPORP bT_SZ`_ LYd ]PWPaLYNP _Z _SP ]T_`LW ^`NSL^^PN`WL]WLYR`LRPLYOX`^TN
;L_LÓULWTv^,]R`XPY_^TY>`[[Z]_ZQ2]LXXL] 9Z_ QZ] YZ_STYR T^ ;L_LÓULWTv^ w2]PL_ 2]LXXL_TNLW /T^NZ`]^Px FAd£VL]L©LH 8LS£MS£´dL ]PRL]OPO L^ _SP NWL^^TNLW XZOPW QZ] LNL OPXTN_Pc_^4_T^b]T__PYbT_SLR]PL_OPLWZQOTOLN_TN^VTWWL^LOTLWZRTY NWPL] ^TX[WP >LY^V]T_ LYO NZY_LTY^ XLYd PYWTRS_PYTYR PcLX[WP^ :YP YZ_TNP^ _SL_ _SP _Pc_ QZWWZb^ TY L _]LOT_TZY ZQ TY^_]`N_TZY ^TXTWL] _Z _SP OTLWZR ^_dWP ZQ _SP BP^_P]Y NWL^^TN^ ZQ LY_T\`T_d 9Z]XLWWd _SP 4YOTLY ^NSZWL]^ PYUZd L WZQ_d u_TXPWP^^YP^^v TY _SP ^PY^P _SL_ _SPd ^Ld YZ_STYR L_ LWW LMZ`_ _SPT] ZbY WTQP_TXP ;L_LÓULWT NP]_LTYWd TY_PYOPO _Z OZ _SP ^LXP M`_ TY LY `YR`L]OPO XZXPY_ SP TYNW`OP^ TY _SP R]LXXL_TNLW [L]LOTRX w4 [P]QZ]X L ^LN]TQTNP QZ] Cx YZ_ _SP `MT\`T_Z`^ PcLX[WP ZQ /PaLOL__LL[ZZ]NSL[bSZT^YZ_ZYWdNZY^_LY_WdZ]OP]POL]Z`YObT_S LWWVTYO^ZQ _L^V^_ZTWW`^_]L_P_SP`^PZQ TX[P]L_TaPaP]MLWQZ]X^M`_ T^ LW^Z SPW[WP^^Wd ^`MUPN_PO _Z LYd NZYNPTaLMWP _]LY^T_TaP aP]M z M`_ _SP QT]^_ VTYRv^ YLXP _SL_ ZNN`]^ _Z STX ,Q_P] LWW APOTN ^LN]TQTNP^ L]P L W`c`]d_SL_ZYWdVTYR^NLYTYO`WRPTY4_SL[[PY^_ZMP6TYR;`´dLXT_]L bSZ `^`][PO _SP PX[T]P ZQ _SP 8L`]dL^ TY # -. LYO ^Z QZ]_`YL_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP LW^Z 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[Sd% AZW % ?SP ;STWZ^Z[Sd ZQ _SP 2]LX XL]TLY^PO3L]ZWO.ZbL]OLYO6`YU`YYT=LUL/PWST%8Z_TWLW-LYL]^TOL^^$$
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
"
QZ] `^ bP YZb VYZb bT_S L QLT] OPR]PP ZQ NP]_LTY_d _SL_ ;L_LÓULWT WTaPO TY _SP ^PNZYO NPY_`]d -. ?ST^ XLVP^ STX _SP PL]WTP^_ [P]^ZY TY _SP >LY^V]T__]LOT_TZYZYbSZXbPNLYRP_L_TXPQTc .SL]LN_P]T^_TNLWWdQZ]ST^_TXP;L_LÓULWTQTYO^_SL_ZYP^SZ`WO^_`Od _SP w,[[PYOTNP^ _Z _SP APOLx QZ] _SPT] ZbY ^LVP _SL_ T^ \`T_P TYOP [PYOPY_Wd ZQ _SPT] ]ZWP TY _SP WT_`]Rd _S`^ ^[PLVTYR Z`_ TY QLaZ] ZQ ^NSZWL]WdL`_ZYZXd BSd ^SZ`WO _SP]P MP _ST^ Z[[Z^T_TZY MP_bPPY LY ZaP]Wd ]ZXLY_TN aTPbZQ_SP[L^_LYOLSTRSWd_PNSYTNLWLNLOPXTN[]ZR]LX*BSL_Pc[WL YL_TZYT^_SP]PQZ]_SP_Z_LW^STQ_ZQ[]TP^_Wd_SZ`RS_TY_Z_SP]PLWXZQ_SP PXLYNT[L_Z]d* ;L_LÓULWT [`_^ QZ]bL]O _ST]_PPY L]R`XPY_^ _Z Pc[WLTY _SP YPPOQZ]L^_]TN_WdQZ]XLWTePOR]LXXL] ?SPQT]^__bZ]PQP]_Z_SP_]LOT _TZYLWOPXLYOQZ][LTY^_LVTYRWdNZ]]PN_XLY_]L[]ZY`YNTL_TZYLYOTWW`^ _]L_P _ST^ bT_S PcLX[WP^ LW]PLOd QLXTWTL] _Z `^ Q]ZX _SP APOL ^PN_TZY% QZ] TY^_LYNP ;L_LÓULWT XPY_TZY^ _SP aTN_Z]d ZaP] _SP OZ`MWP/`_NS ^[PLVTYR OPXZY^ LYO SZb _SP w4YO]L²L_]`^x NLXP _Z L ^_TNVd PYO MP NL`^P _SPd SLO YPRWPN_PO _SP ]`WP^ RZaP]YTYR LNNPY_^ TY []ZY`YNTL_TZY ?SP _ST]O L]R`XPY_ T^ L YPb ZYP LYO NZXP^ Q]ZX _SP P_dXZWZRT^_ D£^VL4_]P\`T]P^_SL_L-]LSXTY^SZ`WOLW^Z`YOP]^_LYO_SPNZY_PY_ZQ _SP XLY_]L^ :_SP]bT^P SP T^ WTVP L W`X[ ZQ QT]PbZZO _SL_ NLYYZ_ M`]Y MPNL`^P _SP]P T^ YZ QT]P ?SP _bZ L]R`XPY_^ _SL_ QZWWZb ]PQP] _Z L QTPWO ZQ WLYR`LRP _SL_ T^ _Z_LWWd Z`_^TOP _SP APOTN ]PWTRTZY ?SP QZ`]_S L]R` XPY_RZP^WTVP_ST^% w4Q L bT^P XLY V`²LWL `^P^ L[[]Z[]TL_P bZ]O^ TY NZX[LYd SP bTWW LNSTPaP LY `YWTXT_PO aTN_Z]d TY _SP Z_SP] bZ]WO -`_ TQ SP `^P^ _SP b]ZYR bZ]O^_ST^bTWWMPST^OZbYQLWWx !
?ST^XPLY^_SL_a`WRL]Z]NL]PWP^^`^PZQWLYR`LRPT^LWbLd^LW^ZLaTZ WL_TZY ZQ OSL]XL LOSL]XL >[PLVTYR TY _ST^ XLYYP] T^ NZX[L]PO bT_S _SP bZ]^_ ^TY^ ^`NS L^ O]TYVTYR LWNZSZW bSTNS WPLO _Z 3PWW ?SP ZYWd bLd_Z]PNZRYTePLYOLaZTOTYNZ]]PN_QZ]X^LYOPc[]P^^TZY^T^bT_S_SP []Z[P] VYZbWPORP ZQ R]LXXL] 3ZbPaP] TQ ZYP VYZb^ LYO `^P^ _SP ]TRS_ bZ]O^ _SP OSL]XL ]PXLTY^ TY_LN_ LYO _SP ^[PLVP] NLY MP ^`]P ZQ PY_P]TYR _SP 6TYROZX ZQ 3PLaPY ,YO _SP QTQ_S L]R`XPY_ _ZZ T^ LMZ`_ L ^`T_LMWP NSZTNP ZQ bZ]O^ TY [ZWT_P NZX[LYd z TY [L]_TN`WL] LMZ`_ _SP NZ]]PN_QZ]X^ZQR]PP_TYR >Z _SP ^LN]POYP^^ ZQ ]T_`LW WLYR`LRP ^[TWW^ ZaP] TY_Z _SP []ZQLYP bZ]WO aTL _SP Y`XTYL OSL]XL LYO LOSL]XL 4Y L ^PY^P _SP PY_S`^TL^_TN R]LXXL]TLY^PaPY]PRL]O_SP^_]TN_]`WP^RZaP]YTYR_SPQZ]XL_TZYZQ_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q;L_LULWT 8LS£MS£´dL PO-S£]RLaL±£^_]¯8`XMLT$ z ! dL^_`[]Ld`«V_PV`²LWZaT²P´P²LMO£YdL_S£aLOadLaLS£]LV£WPg ^ZuYLY_LX£[YZ_TULdLÀ[L]L_]La£RdZRLaT_O`´dL_TN£[L²LMOLTàgg 8LS£MS£´dL PO-S£]RLaL±£^_]¯z
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
"!
bZ]O^ZQSTRS>LY^V]T_L^Y`XTYLL^MPNZXP^L[[L]PY_TY_SP^`NNPPO TYR L]R`XPY_^ z XZ^_Wd L`_SZ]T_L_TaP \`Z_L_TZY^ Q]ZX _SP WLYR`LRP SdXY^ ZQ _SP RaPOL ;L_LÓULWTv^ TY_P][]P_L_TZY ZQ _SP QZWWZbTYR ]TOOWP Q]ZX_SPRaPOLT^\`Z_POP^[PNTLWWdZQ_PY% w1Z`] SZ]Y^ _S]PP QPP_ _bZ SPLO^ LYO ^PaPY SLYO^ SP SL^ ?SP M`WW T^ _S]TNPMZ`YOLYO]ZL]^2]PL_T^_SPRZObSZSL^PY_P]PO_SPXLYx "
,NNZ]OTYR _Z ;L_LÓULWT _SP QZ`] SZ]Y^ ]P[]P^PY_ _SP QZ`] [L]_^ ZQ ^[PPNS%YZ`Y^aP]M^[]PQTcP^LYO[L]_TNWP^?SP_S]PPQPP_L]P_SP_S]PP XLTY_PY^P^%[]P^PY_Q`_`]PLYO[L^_LYO_SP_bZSPLO^L]P_SPNZYaPY _TZYLWLYO_SPP_dXZWZRTNLWXPLYTYRZQLbZ]O?SP^PaPYSLYO^L]P_SP ^PaPY NL^P^ TY >LY^V]T_ ?SP _S]PP [WLNP^ bSP]P _SP w]ZL]TYR M`WWx T^ MZ`YOL]P_SP_S]PP]P^ZYL_TYR^[LNP^z_SPNSP^_YPNVLYOSPLO>Z_SP Pc[]P^^TZY w_SP R]PL_ RZOx XPLY^ _SP bZ]O ?SP P^Z_P]TN NSL]LN_P] ZQ _SP ]TOOWP LWWZb^ ZYP _Z TY_P][]P_ T_ TY LWXZ^_ LYd bLd ZYP NSZZ^P^ ;L_LÓULWTPc[WZT_^_ST^QLN_LYOYZMZOd_LVP^PcNP[_TZY_ZST^TY_P][]P_L _TZYzbSTNSNZXP^ZaP]_Z`^L^]L_SP]QZ]NPO4Y;L_LÓULWTv^TY_P][]P_L _TZY _SP aP]^P OZP^ YZ_ []P^PY_ ]T_`LW QLN_^ Z] L^_]LW ^dXMZWT^X L^ _SP RaPOTN NZY_Pc_ bZ`WO ^`RRP^_ M`_ TY^_PLO _PNSYTNLW R]LXXL_TNLW _P]X^ _Z_LW LM^_]LN_TZY^ MPdZYO LYd ^Z]_ ZQ [L]_TNT[L_TZY z bSTNS L YL_TaP ]PLOP] YPaP]_SPWP^^ ]PRL]O^ L^ \`T_P TY VPP[TYR bT_S _SP PYTR XL_TNL`]LZQ_SPaP]^P?SP^LXP RaPOL aP]^P_d[TNLWWdL[[PL]^TY_SP L[ZN]d[SLW ±L`YLVL@[LYT´LO TY_P][]P_POTY]PWL_TZY_Zu:¿v%_SPQZ`] SZ]Y^ L]P _SP QZ`] [SL^P^ _SP _S]PP QPP_ L]P wLx w`x LYO wXx _SP _bZ SPLO^L]PwZxLYOwXx_SP^PaPYSLYO^L]P_SP^PaPY_ZYP^ZQ_SP^NLWP LYO_SP_S]PP^SLNVWP^L]P_SP_S]PP^LN]TQTNTLWQT]P^BPNLYYZ_]`WPZ`_ _SP [Z^^TMTWT_d _SL_ ;L_LÓULWT VYPb LMZ`_ _ST^ @[LYT´LO [L^^LRP z M`_ _SL_ bZ`WO NP]_LTYWd YZ_ SLaP [`_ STX ZQQ ?SP QL^NTYL_TZY _SL_ _SP APOTN]TOOWPaP]^P^SLaPLWbLd^SLOPaPY_ZOLdWTP^ []PNT^PWdTY_SPT] LXMTaLWPYNP z ZYP NLY LWbLd^ QTYO YPb ^ZW`_TZY^ bSTW^_ L_ _SP ^LXP _TXPL^^`XTYR_SL__SPaP]^PTY_PYOPOLWWZQ_SP^P^ZW`_TZY^ ,^_SPYLXP ad£VL]L©L ^`RRP^_^L__SPSPL]_ZQR]LXXL]T^ LwOT^ ^PN_TZYx Z] w_LVTYR L[L]_x ;L_LÓULWT SL^ L M]TPQ Xd_SZWZRTNLW _LWP NZY NP]YTYR_SPYPNP^^T_dZQ^`NSLwOT^^PN_TYRxR]LXXL]%4YO]LVTYRZQ_SP RZO^SLOL^VPOST^OZXP^_TN[]TP^_-SL^[L_T_Z_PLNSSTXNZ]]PN_>LY ^V]T_-SL^[L_TSLO_SPVTYRWPL]YMdSPL]_LYOOPNWTYPPaP]dbZ]O_SL_ PcT^_^ TY >LY^V]T_ ?SP^P R]LXXL] WP^^ZY^ WL^_PO QZ] ! dPL]^ -`_ PaPY_SPY4YO]LSLOYZ_XLYLRPO_ZXL^_P]_SPbSZWPWLYR`LRP,[[L] PY_WdL_^ZXP^_LRP_SP_bZRZO^]PLWTePO_SL_PaPY_SPWTQP_TXPZQLRZO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "
NL_a£]T²«R£_]LdZL^dL[£O£OaP²Å]´P^L[_LSL^_£^ZL^dLg _]TOS£MLOOSZa´LMSZ]Z]LaÅ_TXLSZOPaZXL]_d£È£aTaP²LggA #\`Z_POTY% 8LS£MS£´dL PO-S£]RLaL±£^_]¯
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
""
bZ`WOYZ_MP^`QQTNTPY_QZ]_ST^XP_SZOZQWPL]YTYRLWLYR`LRP #>Z_SP []ZMWPX bL^ YZ_ ]P^ZWaPO Md _SP R]PL_ -SL^[L_T M`_ Md _SP NWPaP] -]LSXTY^ :YWd S`XLY MPTYR^ NLY NZXP `[ bT_S ]L_TZYLW ^d^_PX^ _SL_ bTWW LN_`LWWd bZ]V TY aTPb ZQ _SP LXZ`Y_ LYO OTaP]^T_d ZQ WLYR`LRP XL_P]TLW 4Y QLN_ _SP 4YOTLY R]LXXL]TLY^ QT]^_ LYO QZ]PXZ^_ ;L_LÓULWTv^ []POPNP^^Z] ;£©TYT O]Pb `[ TYRPYTZ`^ ]L_TZYLW ^d^_PX^ @YWTVP TY _SP BP^_ 4YOTLY R]LXXL]TLY^ `^P L XL]VPO OPML_TYR ^_dWP LYO _LNVWP YZ_ ZYWd [`]PWd _PNSYTNLW T^^`P^ M`_ LW^Z ^d^_PX _SPZ]d _SP OTOLN_TN^ ZQ ^NTPYNPLYOWTYR`T^_TN[STWZ^Z[Sd4_T^_d[TNLWZQ;L_LÓULWT_SL_PaP]d _STYR _Z OZ bT_S _SP ZMUPN_ ZQ LNLOPXTN ^_`Od T^ LW^Z `[ QZ] OT^N`^^TZY LYO SL^ _Z MP ^`[[Z]_PO Md ]L_TZYLW L]R`XPY_^ 4Y L bLd ZYP NLY ^Ld _SL_ L`_ZYZXZ`^ QTPWO^ ZQ _STYVTYR bP]P OT^NZaP]PO []PNT^PWd _S]Z`RS _SP WTYR`T^_TN OT^NT[WTYP^ -`_ _SP^P QTPWO^ L]P LWbLd^ WTXT_PO _Z _PNSYT NLW L^[PN_^ ?SP]P NLY MP YZ OT^N`^^TZY ZQ OSL]XL aLW`P^ L^ LW]PLOd ^SZbYMd;L_LÓULWTv^L]R`XPY_^
?SP;SZYP_TN,W[SLMP_ 4_T^NP]_LTY_SL_MPQZ]PLYdZYPNZ`WO^_L]__ZLYLWdePZWObZ]O^^ZL^_Z MP LMWP _Z QZ]X YPb ZYP^ NZ]]PN_Wd _SP LW[SLMP_ SLO _Z MP QTcPO ^TYNP YZ LNLOPXTN OT^NT[WTYP NLY PWLMZ]L_P NWPL]Wd OPQTYPO ]`WP^ `YWP^^ _SP ZMUPN_ ZQ T_^ ^_`Od SL^ MPPY NWPL]Wd OPQTYPO 4Y _SP ?LT__T]ÅdL ;]£_T²£ VSdL ZYPZQ_SPZWOP^_bZ]V^ZY_SP^`MUPN_ZQ[SZYP_TN^_ST^LW[SLMP_ L[[PL]^ _PWWTYRWd `YOP] _SP YLXP ZQ w.ZX[WP_P _]LOT_TZYLW WTYR`T^_TN ^Z`YO^x aL]©L^LX£XY£dL $>Z_SPLW[SLMP_T^LW^Z]PRL]OPOL^^ZXP _STYR_]LOT_TZYLWzTY_SPQZ]XZQL_Pc__SL_OPQTYP^PcSL`^_TaPWdbSTNS ^Z`YO^ZNN`]TY_SP>LY^V]T_ WLYR`LRP 3ZbPaP] T_SL^ _SP ^[PNTLWQPL _`]P_SL_T_T^L]]LYRPO[SZYZWZRTNLWWd9ZYPZQ_SPBP^_P]YN`W_`]P^SL^ PaP]XLOPLYPQQZ]__Z^Z]__SP^Z`YO^_SL_SLaP^`]aTaPOTYT_^WLYR`LRP TY_Z L ^P\`PYNP OP_P]XTYPO Md _SP L`OTMWP ^Z`YO^ _SPX^PWaP^ ?SP ^P \`PYNP ZQ _SP ^Z`YO^ ,-./012 m T^ NZX[WP_PWd L]MT_]L]d LYO _SP ]PL^ZY^ QZ] _ST^ [L]_TN`WL] ^P\`PYNP L]P ST^_Z]TNLW -`_ _SP >LY^V]T_ LW[SLMP_T^\`T_POTQQP]PY_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q 8LS£MS£´dL PO-S£]RLaL±£^_]¯ $ ?SP QTcTYRZQ_SPLW[SLMP_TY LSTRSWd ]L_TZYLWZ]OP] ^PPMPWZbMPWZYR^_Z _SPQT]^_ ^`MUPN_^ ZQ _SP ;]£_T²£VSdL^ _SP PL]WTP^_ bZ]V^ ZY [SZYP_TN ^NTPYNP []ZM OL_TYR MLNV _Z ! -. L_ _SP WL_P^_ LYO T^ WTVPbT^P QZ`YO TY WL_P] ±¯V´£ _]PL_T^P^ ^`NS L^ _SP Ad£^L±¯V´£ ZQ_SPMWLNV DLU`]APOL M]LYNSbSTNST^LW^ZNZX[L]L_TaPWdZWOLYO QZWWZb^ NWZ^PWd _SP ?LT__T]¯dL ;]£_T²£VSdL 3 7ÞOP]^ /TP Ad£^L±¯V´£ MP^ZYOP]^ TY TS]PX AP]SÆW_YT^ e`X ?LT__T]¯dL ;]£_T²£VSdL 6TPW% /TP_P]TNS #$ & 3 7ÞOP]^ PO Ad£^L±¯V´£ ;L__LMST]LXL>L^_]TAL]LYL^T%.SL`VSLXMSL$"!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
"#
L£T¯`¼¥PLTZL` VLVSLRLRSL«LNLNSLULUSLÓL¶L¶SLLSL©L_L_SLOLOSLYL[L[SL MLMSLXL dL]LWLaL²L´L^LSL
?SP ^Z`YO^ L]P L]]LYRPO TY L ^_]TN_ Z]OP] L^ ^SZbY TY _SP QZWWZbTYR _LMWP ?SP]P SL^ ZMaTZ`^Wd MPPY LY L__PX[_ _Z LaZTO LYd ]LYOZX Z] L]MT_]L]d ^P\`PYNTYR ,XZYR^_ Z_SP] _STYR^ L ML^TN ^d^_PX ZQ Z]OP]TYR SL^ MPPY NSZ^PY _SL_ T^ OP]TaPO Q]ZX L YL_`]LW ^P\`PYNP ZQ _SP [Sd^TZ WZRTNLW WZNL_TZY^ ZQ L]_TN`WL_TZY bT_STY _SP XZ`_S Q]ZX _SP MLNV _Z _SP Q]ZY_% _S]ZL_L__SPaP]dMLNV [LWL_P [LWL_LW]TORP _PP_S WT[^L__SPaP]dQ]ZY_
?SPPcLN_^P\`PYNPZQLWW_SP^Z`YO^TY_SPLW[SLMP_NLYMPTYQP]]POQ]ZX_SP Y`XMP]^TY^P]_POTY_SPQZWWZbTYR_LMWP 2`__`]LW^
;LWL_LW^
=P_]ZQWPc
/PY_LW^
7LMTLW^
>TX[WPaZbPW^ ^SZ]_ 7ZYR ^SZ]_ L
£
T
WZYR
^SZ]_
WZYR
^SZ]_
WZYR
^SZ]_
WZYR
¯
`
¼!
¹$
¥
AZbPWNZY^ZYLY_^
"
#
/T[S_SZYR^
ȱ ȱ ȱ ȱ
R`©L aOOST P
LT
R`©L aOOST Z
L`
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z]]PL^ZY^ZQ^[LNPTY_SP_LMWPbPSLaPWPQ_Z`__SPTYSP]PY_wLx^Z`YO_SL_ZNN`]^ bT_SPaP]dNZY^ZYLY_4YQLN_NZY^ZYLY_^NLYYZ_MP[]ZYZ`YNPOL_LWWbT_SZ`_T_,YO TY0YRWT^SbPNLWWwMxwMPPxLYOwaxwaPPx3ZbPaP]L^`^`LW_SPBP^_P]Y^d^_PXT^ NSLZ_TNLYONLXPLMZ`_MdST^_Z]TNLWLNNTOPY_bSTWP>LY^V]T_T^^d^_PXL_TN
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
2`__`]LW^
;LWL_LW^
=P_]ZQWPc
"$
/PY_LW^
7LMTLW^
.ZY^ZYLY_^ L[[PL]TYRTY_SPZ]OP]%aZTNPWP^^`YL^[T]L_POzaZTNPWP^^L^[T]L_POz aZTNPO`YL^[T]L_POzaZTNPOL^[T]L_POzYL^LW VVSRRS « $
NNSUUSÓ
¶¶SS©
$
__SOOS Y
[[SMMS X $
>PXTaZbPW^
d
]
W
a
´
^!
>TMTWLY_^
²
,^[T]LY_^ S"
5`^_ L^ TX[Z]_LY_ L^ _SP NZ]]PN_ ]P[]P^PY_L_TZY ZQ _SP ZMUPN_ ZQ ^_`Od T^ _SP [`]P MPL`_d ZQ _SP QZ]X ZQ _SP ^NTPY_TQTN XZOPW 4Y L NP]_LTY ^PY^P _SP>LY^V]T_LW[SLMP_NLYMP]PLOWTVPLuXLRTN^\`L]Pv1Z]TY^_LYNPLY LW_P]YL_TaP]PLOTYRbZ`WO_LVP_SPNZW`XY^Q]ZX_Z[_ZMZ__ZXLYOYZ_ _SP]Zb^Q]ZXWPQ__Z]TRS_% L£VLVSLRLRSL«LSL RWZ__LW^Z`YO^ T¯NLNSLULUSLÓLdL²L [LWL_LW^Z`YO^m 4_T^LW^Z[Z^^TMWP_ZSLaP_Z_LWWdOTQQP]PY_NZXMTYL_TZY^zZYPNLY]PLO ZQQ_SPYL^LW^Z`YO^ «LÓL©LYLXL Z]_SPaZTNPOZYP^Z]_SPaZTNPWP^^ ZYP^ PR _SP aZTNPO NZY^ZYLY_^ L^ RLRSL«L ULUSLÓL LSL©L OLOSLYL MLMSLXLdL]LWLaL P_N 3ZbPaP] _SP^P aL]TZ`^ OTQQP]PY_ ]PLOTYR^ L]P YZ_ ^`XXL]TePO LYd bSP]P TY LY ZaP]aTPb ?SP ^d^_PXL_TN Z]OP] _SL_ bP SLaP ^SZbY ^NSP XL_TNLWWdTYZ`]_LMWPPcT^_^TY_SPZ]TRTYLWNZY_Pc_[]TYNT[LWWdTYLXPY _LW LYO LNZ`^_TN bLd BSPY ^Z`YO^ L]P aT^`LWTePO _ST^ OZP^ YZ_ RPYP]LWWd TYaZWaP R]L[SPXP^ M`_ `^P^ Y`XP]Z`^ uSLYO ^TRY^v X`O]£ WT_P]LWWd w^PLW^x 5`^_ L^ L ^ST[v^ NL]RZ bL^ []Z_PN_PO bT_S L ^PLW _Z PY^`]P _SL_ YZYP ZQ L S`YO]PO MLWP^ ZQ .STYP^P ^TWV WZLOPO TY 2`UL]L_ bZ`WO OT^L[[PL] MPQZ]P _SP NL]RZ L]]TaPO TY ?LXTW 9LO` _SP wSLYO ^PLWxPY^`]P^_SL__SP]P_]ZQWPc^Z`YOZQ_SPAPOL_Pc_OZP^TYQLN_QTYO T_^bLd TY_Z_SPXZ`_SZQ_SP[`[TWbT_SZ`_MPTYRuOLXLRPOv?ST^ ^[P NTLW _PNSYT\`P QZ] NZXX`YTNL_TYR NZY_PY_ aTL SLYO ^TRY^ T^ QZ`YO YZ_ ZYWd TY APOL OTOLN_TN^ M`_ LW^Z TY 4YOTLY OLYNP bSP]P _SP SLYO RP^ _`]P^ ^TRYTQd NZX[WP_P WTYR`T^_TN _P]X^ ^`NS L^ WZaP 2ZO P_N ^PP MP WZb ,YO PaPY _ZOLd _SP >Z`_S 4YOTLY APOL _]LOT_TZY ZQ _SP 9LX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 9£¶dL²£^_]L $QQ
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
#
M`OT]T^SL^LYPc_PY^TaP NL_LWZRZQ^`NSSLYO ^TRY^^ZXPZQbSTNS L]P TOPY_TNLW _Z _SZ^P ZQ _SP WZNLW 6L_SLVLT OLYNP _]LOT_TZY 1Z] PcLX[WP bSPY _SP _PLNSP] bT^SP^ _Z TYOTNL_P L ^SZ]_ aZbPW SP ^TX[Wd Pc_PYO^ ST^Z[PY[LWX1Z]Z_SP]^Z`YO^NP]_LTYQTYRP]^L]PMPY_Z]_SPb]T^_T^ ]Z_L_POP_NP_N?SP[]PQP]PYNPQZ]L^d^_PXZQ_ST^_d[P[]ZMLMWdNLXP Z]TRTYLWWdQ]ZX_SPOP^T]PQZ]L^`T_LMWPXP_SZOZQ[]P^PY_TYR_SP^LN]PO >LY^V]T_ WLYR`LRP 4Y RPYP]LW TY L [P]QZ]XLYNP ^T_`L_TZY L RP^_`]P T^ LWbLd^ XZ]P ^`RRP^_TaP _SLY L R]L[SPXP ?SP RP^_`]P LW^Z LOO^ ^ZXP _STYR _Z _SP [P]QZ]XL_TaP NZY_Pc_ ^ZXP_STYR _SL_ _SP R]L[SPXP NLYYZ_ []ZaTOP:YPZYWdSL^_Z_STYVZQ_SPNZYO`N_Z]ZQLNWL^^TNLWZ]NSP^_]L bSZ OZP^ YZ_ [WLd LYd ZQ _SP TY^_]`XPY_^ LYO dP_ ]PXLTY^ _SP XZ^_ TX[Z]_LY_ [P]^ZY ?SP LM^ZW`_P []PNT^TZY OPXLYOPO ZQ L NWL^^TNLW Z] NSP^_]L TY T_^ [S]L^TYR LYO Pc[]P^^TZY bZ`WO YPaP] MP ]PLWTePO bT_SZ`_ _SP OT]PN_TYR RP^_`]P^ ZQ _SP NZYO`N_Z] 4_ T^ ST^ RP^_`]P^ _SL_ _`]Y _SP ^dXMZWTN^VPWP_ZYZQOT^N`]^TaP^TRY^ZY_SP^SPP_X`^TNTY_ZLNZSP]PY_ [Sd^TNLW^Z`YO[SPYZXPYZY ,[L]_ Q]ZX _ST^ wOT]PN_TYRx Q`YN_TZY _SP aT^`LW TX[]P^^TZY LW^Z ^PPX^_Z[WLdLYTX[Z]_LY_]ZWP1Z]PcLX[WPLNNZ]OTYR_Z_SP APO£«RL XLY`LW^ _SP [Z^_`]P ZQ _SP >LY^V]T_ ]PNT_P] T^ TX[Z]_LY_ , NL^`LW Z] ^WZ[[d [Z^_`]P T^ U`^_ L^ `YOP^T]LMWP L^ MLO []ZY`YNTL_TZY ?SP LOaLY _LRPZQ_SPRP^_`]P^ZaP]LR]L[SPXPT^_SL__SP_PLNSP]SL^R]PL_P]NZY _]ZW ZaP] ST^ XZaPXPY_^ LYO OZP^ YZ_ YPPO LYd LTO^ PcNP[_ ST^ ZbY MZOd z SP OZP^ YZ_ SLaP _Z `^P MZZV^ MZL]O^ LYO NSLWV bSTNS bZ`WO ]P\`T]PLWZ_ZQ[Sd^TNLWLN_TZY^LYOXZaTYRL]Z`YO?ST^XPLY^_SL_SP ]PXLTY^ QZN`^PO ZY bSL_ T^ TX[Z]_LY_ TP _SP ^Z`YO ZQ _SP WLYR`LRP 1`]_SP]XZ]P _]LY^WL_TYR _SP ^Z`YO^ TY_Z RP^_`]P^ ^`[[Z]_^ _SP ]P\`T]PO XPXZ]TeL_TZY ZQ _SP WT_`]RTNLW _Pc_^% X`^N`WL] XPXZ]d T^ LOOPO _Z _SP LNZ`^_TNXPXZ]d
>¼_]L?PNSYT\`PLYO;£©TYTv^8P_L7LYR`LRP , ^_]TN_Wd ^dXXP_]TNLW LW[SLMP_ OPQTYT_PWd SL^ []LN_TNLW LOaLY_LRP^ TY WLYR`LRP _PLNSTYR M`_ _ST^ T^ LWXZ^_ NP]_LTYWd YZ_ _SP ]PL^ZY QZ] T_^ STRSWd NZX[WPc ^_]`N_`]P ,Q_P] LWW ^ZXP ^XLWWP] TYNZY^T^_PYNTP^ X`^_ MPLNNP[_PO _ZXLVP_SP ^dXXP_]dZQ_SP ^Z`YO^[P]QPN_?SP XZ^_ZM aTZ`^ ZQ _SP^P T^ _SP LOOT_TZY ZQ _SP LWXZ^_ `Y[]ZYZ`YNPLMWP z ^Z`YO w¥x YZ TY _SP _LMWP bSTNS ^TX[Wd OZP^ YZ_ ZNN`] TY _SP >LY^V]T_ WLYR`LRP , MP__P] Pc[WLYL_TZY ZQ _SP ^_]`N_`]LW OPY^T_d T^ _SP ^_]TaTYR QZ][P]QPN_LYOMPL`_TQ`WWdQZ]XPO]P[]P^PY_L_TZYZQ_SPZMUPN_ZQ^_`Od ?SP]`WP^ZQ_SPR]LXXL]TLY^^SZbL^TXTWL]^_]TaTYRQZ]Z]OP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q>_LLW ,RYT QQ
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
#
@YWTVP BP^_P]Y _]LOT_TZY ZQ ^NSZWL]^ST[ 4YOTLY ^NSZWL]^ LW^Z _]d _Z NZYOPY^P _SPT] LM^_]LN_TZY^ `^TYR WTYR`T^_TN XPLY^ ?SPd ^_]TaP QZ] _SP ^SZ]_P^_ LYO XZ^_ []PNT^P QZ]X`WL_TZY^ [Z^^TMWP TP _SPd _]d _Z QZ]X ^NTPY_TQTNWLYR`LRP^ZWPWdZ`_ZQ^TRYTQTNLY__P]X^LYOLaZTOLYd]PO`Y OLYNd , [P]QPN_ ^NTPY_TQTN ^PY_PYNP _SP]PQZ]P L[[PL]^ L^ L WTYR`T^_TN XTYTL_`]P z ZQ_PY OTQQTN`W_ _Z `YOP]^_LYO bT_SZ`_ LYd NZXXPY_L]d z NZY^T^_TYRXLTYWdZQN]d[_TNLMM]PaTL_TZY^LYOPWWT[^P^>`NSL[SZ]T^X^ L]P NLWWPO >¼_]L w_S]PLO^x [Z^^TMWd MPNL`^P _SPd []ZaTOP L ^Z]_ ZQ _S]PLO bSTNS _SP _PLNSP] NLY QZWWZb O`]TYR WP^^ZY^ ^TXTWL] _Z Z`] BP^_P]Y OTLR]LX^ BSP]PL^ bP _]LY^[Z]_ _SP LM^_]LN_TZY aT^`LWWd 4Y OTLY ^NSZWL]^ L__PX[_ _Z LNSTPaP ^`NS ]P[]P^PY_L_TZY^ TY ^Z`YO ?SP L[SZ]T^X MPNZXP^ _SP ^`M^_LY_TLWWd NZX[]PSPY^TMWP ]P[]P^PY_L_TZY ZQ _SP LM^_]LN_ ]`WP Z] ^_L_PXPY_ 9PL]Wd LWW 4YOTLY ^NSZWL]^ P^[PNTLWWd R]LXXL]TLY^SLaP`_TWTePO_ST^^_dWPLYO^P_OZbY_SPT]_PLNSTYR^TY_SP QZ]X ZQ >¼_]L^ ?SP R]LXXL]TLY 6£_d£dLYL -. _]PL_^ L NZX[WPc OT^N`^^TZY ^`NS L^ w,]P ^Z`YO^ TYOTaTO`LW^ Z] _d[P^*x Md ^P[L]L_TYR T_ TY_Z QTaP L[SZ]T^X^ _SP WZYRP^_ ZQ bSTNS NZY^T^_ ZQ YZ XZ]P _SLY ^Tc bZ]O^ ?]LY^WL_TYR _SP^P bZ]O^ TY_Z 0YRWT^S bZ`WO YZ_ []ZO`NP LYd NZX[]PSPY^TMWP _Pc_ L_ LWW bSTNS T^ bSd bP OZ YZ_ L__PX[_ _Z OZ ^Z ?SPL[SZ]T^XZYWdMPNZXP^`YOP]^_LYOLMWPbT_SLNNP^^_Z_SPNZXXPY _L]d ZQ ;L_LÓULWT 4Y _SP PcLX[WP MPWZb ZYWd _SP bZ]O^ TY MZWO _d[P TYOTNL_P_SPTYQZ]XL_TZY_SL_T^RTaPYPc[WTNT_WdTY_SP>¼_]L_Pc_&LWW_SP ]P^_T^NZXXPY_L]d % £YdLMS£adLÀ_`V£WL²LMOLadLa£d£_ g wF:YP NZ`WOH SZbPaP] SZbPaP] _` FZMUPN_% TY _SP Pc[]P^^TZY wOL©L LR]LXx QZ] PcLX[WP _SP WL^_ wLx TY wOL©Lx SL^H _Z MP MP F^ZXP_STYRH Z_SP] Z_SP] £YdL MS£adLX F_SLY _SP QT]^_ wLx TY wLR]LXxH MPNL`^P MPNL`^P FZYPH XPL^`]P V£WL FZQ \`TP_YP^^ TP L [L`^PH NZXP^ MP_bPPY MP_bPPY F_SP _bZ ^Z`YO^H adLa£d£_ F7TVPbT^P _SP QT]^_ wLx TY wOL©Làx X`^_ MP ^ZXP_STYR Z_SP] _SLY _SP ^PNZYOwLxMPNL`^PLYZ_SP]H^Z`YO ^Z`YO ^Z`YO ²LMOL FNZXP^MP_bPPY_SP_bZHx
?SP bZ]O wSZbPaP]x _` TYOTNL_P^ _SL_ LY Z[[Z^TYR [Z^T_TZY [¼]aL [LV´L T^MPTYROP^N]TMPO ?ST^Z[[ZYPY_NWLTX^_SL_ ^Z`YO^PRPaP]d TYOTaTO`LWwLx^Z`YOL]PTYOP[PYOPY_TYOTaTO`LW^LYOMLNV^_ST^`[Md ^LdTYR_SL_^Z`YO^L]POT^_]TM`_POU`^_WTVP^`M^_LYNP^TY^[LNP% d`RL[LNNLOP²L[_SLV_aLOL]²LY£_ g wF,YO _ST^ T^ _SP]PQZ]PH LW^Z LW^Z NL F_Z MP ^`[[Z^POH MPNL`^P MPNL`^P F^Z`YO^H NLY MP OP_P]XTYPO OP_P]XTYPO OL]²LY£_ L_ _SP ^LXP _TXP d`RL[L_ L_ OTQQP]PY_ WZNL_TZY^ OP²L[_SLV_aL FTP TY OTQQP]PY_ bZ]O^H FL^ TY wL²aLx wL]VLx LYO wL] _SLxHx
>Z U`^_ L^ L NP]_LTY 8] >XT_S NLYYZ_ MP TY ;L]T^ LYO TY -P]WTY L_ _SP ^LXP _TXP LRLTY ;L_LÓULWT ^[PLV^ ZQ /PaLOL__L bSZ NLYYZ_ MP TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;L_LULWT 8LS£MS£´dL PO-S£]RLaL±£^_]¯$ z$#
#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
>]`RRSY£ LYO 8L_S`]£ L_ _SP ^LXP _TXP _SP ^P[L]L_P wLx ^Z`YO^ X`^_ MPOTQQP]PY_TYOTaTO`LW^?SPQT]^_L__PX[_L_QTYOTYRLNZ`Y_P]L]R`XPY_ NWLTXTYR_SL__SPwLx^Z`YOT^ZYP^TYRWP^`M^_LYNPQLTW^MPNL`^PZQ_SP naiveteZQ_SPL]R`XPY_T_^PWQ% ²LV`YTaL_^d`à g wF4_ bZ`WO MP XT^_LVPY _Z ]PUZTYH% [P]SL[^ _SP F^Z`YO^ XZaP MLNV [P]SL[^ ^d`à _SP LYO QZ]_S MP_bPPY _SP aL]TZ`^ [WLNP^ L^ QL^_H L^ L^ aL_ FLH QLWNZY ²LV`YT FbSTNST^bSd_SPT]XZaPXPY_NLYYZ_MP[P]NPTaPOHx
?SP^PNZYONZ`Y_P]L]R`XPY_T^YZ_L_LWWNZYaTYNTYRPT_SP]% £OT_dLaL_^d`à g wF4_ bZ`WO MP U`^_ L^ XT^_LVPY _Z ]PUZTYH [P]SL[^ [P]SL[^ F_SP ^Z`YO^ NLY MP [P] NPTaPOQ]ZXOTQQP]PY_[WLNP^HWTVP WTVPF_SPH^`Y ^`Y*x WTVP ^`Y
?ST^T^LY`Y^`T_LMWPPcLX[WP:QNZ`]^P_SP^`YNLYMP[P]NPTaPOQ]ZX aL]TZ`^WZNL_TZY^M`_YZ_L_aL]TZ`^WZNL_TZY^?SP^ZW`_TZY_Z_SP[]ZM WPX _SL_ L ^Z`YO ^`NS L^ wLx ZNN`]^ L_ aL]TZ`^ _TXP^ LYO TY aL]TZ`^ [WLNP^ WTP^ TY _SP QLN_ _SL_ _SP ^Z`YO wLx T^ L WTYR`T^_TN RP^_LW_ _SL_ TY NW`OP^_SPbSZWPQLXTWdZQwLx^Z`YO^ LaL]©LV`WLX % £V_TR]LSL©£_^TOOSLX g wF?ST^ZYWdMPNZXP^HPc[WTNLMWP Pc[WTNLMWP ^TOOSLX TQ TQFZYPHLNNP[_^ LNNP[_^ TQ LNNP[_^ R]LSL©£_ F_SP TOPL_SL__SPwLx^Z`YOHT^FLH 2P^_LW_ £V_T x -`_ OP^[T_P _SPT] STRS OPR]PP ZQ LM^_]LN_TZY LYO NZYOPY^L_TZY _SP >¼_]L^ Z] ]L_SP] A£]__TVL^ ZQ 6£_d£dLYL L]P ^_TWW WZYRbTYOPO TY NZX [L]T^ZY _Z _SP >¼_]L^ ZQ _SP wQL_SP] ZQ R]LXXL]TLY^x ;£©TYT bSZ X`^_ SLaP WTaPO ^ZXP S`YO]PO dPL]^ MPQZ]P ;L_LÓULWT -. LYO LW^Z MPQZ]P 6£_d£dLYL -. 3T^ OL_P^ SLaP MPPY L XL__P] ZQ OPML_P ]LYRTYRQ]ZX! -._Z -.M`_LWWL`_SZ]^4YOTLYL^bPWWL^ BP^_P]YNZY^TOP]STX_ZMPLXL^_P]XTYObT_SL_]`Wd^NTPY_TQTN^[T]T_ ;£©TYT N]PL_P^ L YPb XP_LWLYR`LRP ^TXTWL] _Z Z`] LWRPM]LTN QZ]X`WL^ Z] XZOP]Y NZX[`_P] WLYR`LRP^ 3P]P _ZZ bP ^PP Pc_]PXP ^[PNTLWTeL _TZY[L]_TN`WL]WdTY_SPWTYR`T^_TNL]PL
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;£©TYTSL^L__]LN_POLaL^_LXZ`Y_ZQ]P^PL]NS^PP2PZ]RP.L]OZYL ;£©TYTL^`]aPd ZQ ]P^PL]NS ?SP 3LR`P% $"!& 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[Sd AZW % 2]LX XL]TLY^ /PWST%8Z_TWLW-LYL]^TOL^^$$z $=PNPY_]P^PL]NSZbP^X`NS_Z .L]OZYLv^NZX[]PSPY^TaP^_`OTP^LYO^PPX^_Z^P__WP_SP\`P^_TZYZQOL_PTYQLaZ]ZQ -.&ZY -. ^PP 0YNdNWZ[POTLAZW 1Z]_SPSZYZ]PO^_L_`^RTaPY _Z;£©TYT^PP1]T_^>_LLW 1TOPWT_dZQ:]LW?]LOT_TZY bSZQZWWZb^?STPXPTYOL_TYR ;£©TYT _Z ! -. :Y ;£©TYTv^ NZOP ^d^_PX OT^N`^^PO MPWZb ^PP LW^Z 3L]_X`_ >NSL]QP ;£©TYTv^ 8P_LWLYR`LRP ;STWLOPW[STL% ,XP]TNLY ;STWZ^Z[STNLW >ZNTP_d $"
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
#
w±TaL^¼_]£©TxLYO_SP.ZOP>d^_PX^T_4Y^[T]PO ;£©TYTv^ R]LXXL] _SP ,´¶£OSd£d¯ SL^ L OPR]PP ZQ PWLMZ]L_TZY LYO L ]PQTYPXPY_^_TWWLOXT]POMd_ZOLdv^WTYR`T^_^zTYNW`OTYRBP^_P]Y^NSZW L]^ ?ST^ T^ O`P _Z T_^ XL_SPXL_TNLW []PNT^TZY LYO OP_LTWPO NZOTYR ^d^ _PX ?SP ^[PNTLW QPL_`]P ZQ ;£©TYTv^ R]LXXL] T^ L ^d^_PX ZQ ^SZ]_ [SZ YP_TN NZOP^ []L_d£S£]L bSTNS NLY MP Z[P]L_TZYLWTePO QZ] LWW _SP R]LXXL_TNLW OPNWPY^TZY^ LYO bZ]O QZ]XL_TZY^ 1Z] PcLX[WP TY^_PLO ZQ _SP Pc[]P^^TZY w^TX[WP aZbPW^x ;£©TYT LWbLd^ `^P^ _SP LMM]PaTL_TZY wL©x?SP_P]XwL©xT^YZ_LbZ]O_SL_ZNN`]^TY_SP>LY^V]T_WLYR`LRP ^Z bP bZ`WO YZ_ QTYO T_ TY L OTN_TZYL]d BSd ^SZ`WO ;£©TYT NWLTX _SL_ wL©x XPLY^ w^TX[WP aZbPWx* ?SP ^PN]P_ WTP^ TY ST^ NZOTYR bSTNS N]P L_P^L`YT\`P[SZYP_TN^dXMZWQZ]PaP]dR]LXXL_TNLWWd]PWPaLY_Pc[]P^ ^TZY3T^wL©xT^XP]PWdZYPZQXLYd ?SP XZ^_ TX[Z]_LY_ ^dXMZW^ ]PQP] _Z _SP ML^TN PWPXPY_^ ZQ LYd R]LXXL] _SL_ T^ _Z _SP R]LXXL_TNLWWd ]PWPaLY_ ^Z`YO R]Z`[^ 1Z] LWW Pc[]P^^TZY^ ^`NS L^ w^TMTWLY_x wYZY,aZbPWx LYO _SP WTVP _SP]P T^ L `YT\`P [SZYP_TN ^dXMZW N]PL_PO OP_P]XTYT^_TNLWWd Md ;£©TYTv^ ^[PNTLW NZOTYR ^d^_PX ?SP VPd QZ] _SP NZOTYR ^d^_PX T^ L XZOTQTPO aP]^TZY ZQ _SP>LY^V]T_LW[SLMP_bSTNST^^`XXL]TePOTY_ZQZ`]_PPY^SZ]_QZ]X`WL^ `^TYR L w_P]XTYLW ^TRYx L^ TY XZOP]Y NZX[`_P] WLYR`LRP^ ?SP R]Z`[ ZQ aZbPW^ TY _SP LW[SLMP_ z U`^_ _Z RTaP ZYP PcLX[WP z L[[PL]^ TY ;£©TYTv^NZOTYRVPdTY_SPQZWWZbTYRQZ]X%
©
LT`
V
¹
«
PZ
LTL`
N
?SP^PNZXMTYL_TZY^ZQWP__P]^WZZVWTVPLWRPM]LTN^dXMZW^-`__SPdL]P YZ_^TX[WdR]L[SPXP^QZ]_SPdL]PLW^Z]PNT_POTYR]LXXL]WP^^ZY^WTVP LYd Z_SP] NWL^^TNLW >LY^V]T_ _Pc_ LYO TY QLN_ _SPd QZWWZb _SP ^LXP XP WZOTNXZOPWL^LAPOTN[]Z^P_Pc_ %
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^T^_SPbLd_SPL`_SZ],BWPL]YPOT_Q]ZX4YOTLY^NSZWL]^
#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SPWPRPYO_SL_WL_P]PXP]RPOPaPYQLYNTP^_SZ^PQZ`]_PPY[]TXL]dNZOP PWPXPY_^ L^ ^Z`YO^ SLTWTYR Q]ZX ±TaLv^ SLYO O]`X bSTNS T^ bSd _SPd bP]PRTaPY_SPYLXPw8£SP²aL]£©T >¼_]£©TxZ]w±TaL>¼_]£©Tx XPLY TYRw_SP,[SZ]T^X^ZQ_SP2]PL_2ZOx ,^ T^ ^Z ZQ_PY _SP NL^P PXLYNT[L_Z]d LYO Xd_STNLW L^[PN_^ L]P TY _P]XTYRWPO TY _SP Xd_SZWZRTeTYR ]PNP[_TZY ZQ WL_P] [P]TZO^ 4Y _]`_S SZbPaP]_ST^T^LSTRSWd_PNSYTNLW^d^_PXbSZ^PZ[P]L_TZYT^ML^POZY _SPTY_]ZO`N_TZYZQ_SP_P]XTYLW^TRY^4_T^_SP^P^dXMZW^_SL_LWWZbQ`WW Q`YN_TZYLWT_d ZQ _SP R]LXXL_TNLW ^dXMZW^ 1Z] PcLX[WP _SP R]LXXL_T NLW ^dXMZW wL©x XPLY^ _SP ^P_ ZQ LWW NZOP PWPXPY_^ TY wLT`©x MP_bPPY _SP TYT_TLW PWPXPY_ wLx LYO _SP _P]XTYL_TYR NSL]LN_P] w©x z _SL_ T^ _SP PWPXPY_^wLT`xbSTNSOP^TRYL_P_SPLN_`LW^Z`YO^fL£TÅ`¼hzTP LWW _SP ^TX[WP aZbPW^ bT_SZ`_ _SP aZbPWNZY^ZYLY_^ LYO ¹ 1ZWWZbTYR _SP ^LXP []TYNT[WP Z_SP] ^dXMZW^ NLY YZb MP N]PL_PO _ZZ ^`NS L^ _SP QZWWZbTYR Pc[]P^^TZY^ Q]P\`PY_Wd YPPOPO Md >LY^V]T_ R]LXXL]TLY^% wLWW ^TX[WP aZbPW^x wLWW ^TX[WP aZbPW^ PcNP[_ L LYO £x LYO wLWW OT[S _SZYR^x% .ZOP%
LT` ©
¹ V
PZ «
,TL` N
8PLYTYR%
fL£T¯`¼h
f¥h
fPZh
fLTL`h
>ZXPPcLX[WP^QZ][Z^^TMWP>dXMZW^% L V ÆfL£T¯`¼¥h (LWW^TX[WPaZbPW^ T V Æf4¯`¼¥h (LWW^TX[WPaZbPW^PcNP[_LLYO£ P N ÆfPZLTL`h (LWWOT[S_SZYR^ 4Q ZYWd L ^TYRWP ^Z`YO T^ XPLY_ _SP ^[PNTLW _P]XTYL_TYR NSL]LN_P] w_x L[[PL]^ >Z _SP YLXP ZQ _SP aZbPW TY _SP ZMUPN_ WLYR`LRP wLx MPNZXP^ wL_xTY;L©TYTv^XP_LWLYR`LRP ;£©TYTNZY^T^_PY_WdRTaP^_SPYLXPwLNx_Z_SPR]Z`[ZQaZbPW^_SP YLXPwSLWx_Z_SPR]Z`[ZQNZY^ZYLY_^bSTWP_SP^P_ZQLWW_SPWP__P]^T^
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
#
NLWWPO wLWx ?SP YLXP wLWx PaPY MPNLXP L ^dYZYdX QZ] _SP bSZWP LW [SLMP_ LXZYR^_ ^NSZWL]^ bSZ SLO YZ_STYR _Z OZ bT_S R]LXXL] 2]LX XL]TLY^ YZb `^PO _SP^P ^dXMZW^ bSPY QZ]XTYR _PNSYTNLW _P]X^ 1Z] PcLX[WP T_ T^ ZQ R]PL_ TX[Z]_LYNP QZ] _SP OPNWTYL_TZY ZQ L ^`M^_LY_TaP bSP_SP]_SP^_PXPYO^TYLaZbPWLNZY^ZYLY_Z]LOT[S_SZYR;£©TYTv^ ^d^_PX[]ZaTOP^LRLTYTYLNZX[WP_PWdOP_P]XTYT^_TNQL^STZY_SP_P]X^ LULY_L (wPYOTYRTYLNx !QZ]L^_PXPYOTYRTYLaZbPW SLWLY_L QZ]L ^_PX PYOTYR TY L NZY^ZYLY_ LYO PULY_L ( wPYOTYR TY PNx QZ] L ^_PX PYOTYRTYLOT[S_SZYR>Z_SPR]LXXL_TNLW^dXMZW^L]PXZ]P_SLYXP]P LMM]PaTL_TZY^ =L_SP] _SPd L]P YPb XP_LWTYR`T^_TN PWPXPY_^ bT_S L [`]PWdR]LXXL_TNLW^TRYTQTNLYNP ?SP `^P ZQ ^`NS NZOTYR ^d^_PX^ T^ YZ_ Md LYd XPLY^ WTXT_PO _Z ;£©TYTv^ R]LXXL] 4_ T^ NSL]LN_P]T^_TN _SL_ PaP]d APOTN L`cTWTL]d OT^NT [WTYP bT_S _SP PcNP[_TZY ZQ P_dXZWZRd LYO [SZYP_TN^ SL^ OPaPWZ[PO ^TXTWL] ^Z`YO NZOP^ 9ZYAPOTN OT^NT[WTYP^ LYO ^NTPYNP^ LW^Z ZQ_PY Pc[]P^^PO_SPT]ML^TNL^^P]_TZY^TY^Z`YONZOP^ 1Z] PcLX[WP _SP NWL^^TNLW XP_P] ^d^_PX LNNZ]OTYR _Z _SP 9£¶dL²£^_]L []ZMLMWd NZX[TWPO MP_bPPY ^PNZYO LYO _S _S NPY_`]d ,/ OZP^ YZ_ RTaP T_^ ML^TN PWPXPY_^ z _SP XP_P]^ ZQ aP]^P z ^[PNTLW YLXP^ L^ _SP 2]PPV^ OTO M`_ TY^_PLO RTaP^ _SPX NZOP ^dWWLMWP^ PR w8Lx w-SLx w9Lx LYO w?Lx ?SP NZOP^ ^_LYO QZ] _SP _S]PP^dWWLMWPO `YT_^ TY_Z bSTNS L aP]^P T^ OTaTOPO _Z XLVP T_ PL^TP] _Z OP_P]XTYP _SP XP_P]4_T^YZ]XLW_ZSLaP_SP^POPQTYT_TZY^ZQXP_P]^TYLaP]^Pb]T__PY TY _SP [L]_TN`WL] XP_P] >Z bP RPYP]LWWd SLaP L [L]LWWPW OPQTYT_TZY% ZY _SP ZYP SLYO _SP OPQTYTYR aP]^P PcPX[WTQTP^ _SP XP_P] bSTWP ZY _SP Z_SP]_SPXP_P]LW^Z]P^TOP^TY_SPNZOP^dWWLMWP^YLXPOTY_SPaP]^P% XZMSYL`NL^d`²NL]L©L]LNT_£^_L` _L`R`]¼NL[]LaT´¶£ XZMSYL` _L` NNSPOLà²WT´¶ZdLOTNLOL²LMSTà^d£__L_S£YdLT²NL_`]MSTà g " w4Q_SPaP]^PXP_P]^ NL]L©L NZY^T^_ZQF^`NNP^^TaPWdH8LFH-SLF H9LFH_bZ_TXP^?LFHL^bPWWL^_bZWZYR^dWWLMWP^ R`]` FHLYOL[L`^P NSPOL T^TY^P]_POLQ_P]_SP_S^dWWLMWPLYOLQ_P]_SP_S ^dWWLMWPF_SPY_ST^T^_SPXP_P]u±]¯OSL]£vHx
, X`NS ^SZ]_P] QZ]X ZQ_PY L[[PL]^ TY []Z^P _Pc_^ 1Z] PcLX[WP _ST^ XP_P]bZ`WOMPLMM]PaTL_PO_Z XLMSLYL_L_LRLRL ?ST^ MPNZXP^ L WT__WP XZ]P NZX[WPc TY L^_]ZYZXd MPNL`^P T_ `^P^ Pc_]PXPWd WL]RP Y`XMP]^ LYO ^Z T_ T^ TY^`QQTNTPY_ _Z SLaP U`^_ L QPb ^XLWWNZOP^dWWLMWP^4QZYPbP]P_ZNZOP_SPY`XMP]^TY_SP^LXPQZ]X L^ _SP XP_P]^ ZYP bZ`WO TXXPOTL_PWd SLaP _bZ []ZMWPX^% QT]^_ _SP NZOP^ []ZO`NPO bZ`WO MP ^Z WZYR _SL_ T_ bZ`WO MP aT]_`LWWd TX[Z^^TMWP _Z]PXPXMP]_SPXLYO^PNZYOWd^`NSWZYRNZOP^bZ`WOMP_ZZWZYRQZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /`P_ZP`[SZYTN]`WP^wNx_`]Y^TY_ZwUxbSPYQZWWZbPOMdLaZbPW " 9£¶dL²£^_]L L
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
#!
LYdXP_P],W^ZT_T^[Z[`WL]QZ]^NTPY_TQTNbZ]V^TY>LY^V]T__ZMPb]T_ _PY TY L XP_]TN QZ]X :YP ]PL^ZY QZ] _ST^ ^PPX^ _Z MP [`]PWd LP^_SP_TN bSTWP LYZ_SP] T^ _SL_ _ST^ XLVP^ _SP _Pc_^ PL^TP] _Z WPL]Y Md SPL]_ , [Z^^TMWP ^ZW`_TZY _Z _SP []ZMWPX T^ []ZaTOPO Md _SP ¢]dLMSL¶L NZOTYR ?SP L`_SZ] ¢]dLMSL¶L L ]PYZbYPO XL_SPXL_TNTLY LYO L^_]ZWZRP] $$,/ #`^P^_SP¢]dLXP_P]LQWPcTMWP^TYRTYRXP_P]LYO_SPaP]d ^TXTWL]2¯_TXP_P]QZ]_SP[L]_TLWWdNZOPOaP]^P^?SPNZOTYRQZWWZb^L ^TX[WP []TYNT[WP% TY PaP]d ^dWWLMWP ZQ NZOP _SP TYT_TLW NZY^ZYLY_ TYOT NL_P^LOTRT_LYO_SPQZWWZbTYRaZbPWTYOTNL_P^_SP[Z^T_TZYZQ_ST^OTRT_ TY _SP Y`XMP] _Z MP OPNZOPO $ ?SP YL_`]LW ^P\`PYNP ZQ _SP ^Z`YO^ TY _SPLW[SLMP_T^`^POQZ]NZ`Y_TYR%
( ( ( ( (
VL VSL RL RSL «L
! " # $ P_N
( ( ( (
NL NSL UL USL
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SPOL_PZQST^XLUZ]bZ]V ¢]dLMSL¶¯dL ,XLY`LWZQL^_]ZYZXdbT_S_SP.ZXXPY _L]d -SL¶LO¯[TV£ ZQ ;L]LX£OT²aL]L PO 3 6P]Y :^YLM]ÞNV% -TMWTZ AP]WLR $" =P[]ZQ_SPPOT_TZYZQ#"bSTNSSPb]Z_PL__SPLRPZQ:YOL_PLYONZOP^d^ _PX `^PO Md ¢]dLMSL¶L TY ST^ XL_SPXL_TN^ L^ bPWW ^PP LW^Z 6`]_ 0WQP]TYR /TP 8L _SPXL_TV OP^ ¢]dLMSL¶L 4 ?Pc_ ¾MP]^P_e`YR L`^ OPX >LY^V]T_ `YO 6ZXXPY_L] 8ÞYNSPY%1TYV$" "$z.Z`Y_TYR^d^_PX^`^TYRWP__P]^SLaPLX`NSXZ]P LYNTPY_ [L^_ ?SPd bSP]P `^PO TY _SP QT]^_ 4YOTLY ^N]T[_ 6SL]Z´¶S¯ L]Z`YO ,/ LYOTY_SPWL_P]-]£SX¯,/zBP^_P]Y^NSZWL]^L__]TM`_P_ST^QLN__Z>PXT_TNTY QW`PYNP^1LWV >NS]TQ_TY4YOTPY !#z"! $ >ZTYXL_SPXL_TNLW_P]X^_SPNZY^ZYLY_^OP^TRYL_PaLW`P^LYO _SPaZbPW^OP^TRYL_P TYOTNP^ 4Y LY Pc_]PXPWd _P]^P >¼_]LWTVP ^_dWP ¢]dLMSL¶L OPQTYP^ ST^ ^d^_PX WTVP _ST^% aL]R£V´L]£©TaL]RPuaL]RPvaL]R£V´L]£©TV£_©XL`dLà g VSLOaTYLaLVP^aL]£YLaLaL]RPuaL]RPYLa£Y_dLaL]RPa£ gg NT_POMd0WQP]TYR8L_SPXL_TV $bSZ_]LY^WL_P^%w/TPuAL]RL6ZY^ZYLY_PYvLYOPY uAL]RL>_PWWPYv LY OPY u,aL]RL^_PWWPYv OTP u,aL]RL6ZY^ZYLY_PYv& XT_ uVLv MPRTY YPYO&©XL`(dLà&OTPYP`YAZVLWPTYOPXL`^c$9`WWPYMP^_PSPYOPY>NSPXL^Z bZSWTYAL]RL`YO,aL]RL^_PWWP&ZOP]TYOP]AL]RLR]`[[POTPL`QOTPYP`YAZVL WP QZWR_x TMTO 0WQP]TYR Pc[WLTY^ _ST^ NZOTYR ^d^_PX TMTO $z TY L ^WTRS_Wd OTQQP]PY_ bLd _SLY Z`]^ RTaPY MPWZb MPNL`^P SP OZP^ YZ_ LNNZ`Y_ QZ] _SP ^dWWLMTN ^N]T[_ TYSP]PY_ wLx ^Z`YO ZNN`]TYR bT_S PaP]d NZY^ZYLY_ LYO []P_PYO^ _SL_ _SP OTQ QP]PYNP MP_bPPY ^SZ]_ LYO WZYR aZbPW^ OZP^ YZ_ XL__P] $z& NZY_]LOTN_TYR ^_L_P XPY_TMTO3PXPY_TZY^OTQQP]PY_TY_P][]P_L_TZY^QZ]_SPTYOTNP^OPNTXLW^TMTO
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
#"
,YLWZRZ`^ _Z _ST^ _SP ^P\`PYNP ZQ aZbPW^ ]P[]P^PY_^ PaP]STRSP] [Zb P]^ZQ_PY% L £ T ¯
( ( ( (
` ¼
( ( ( (
! "
¹ ¥ P_N
( (
# $
1Z] PcLX[WP «£NSL NZ]]P^[ZYO^ _Z _SP Y`XMP] " «L ( c £ ( NSL("bSTWP R£VSL NZ]]P^[ZYO^_Z_SPY`XMP]RL(c£( VSL(>TYNP_SPaZbPW^ZQ_SPNZOP^dWWLMWP^LW]PLOdNWPL]WdTYOTNL_P _SP [Z^T_TZY ZQ _SP OTRT_^ bT_STY _SP OPNZOPO Y`XMP] _SP TYOTaTO`LW ^dWWLMWP^ OZ YZ_ SLaP _Z L[[PL] TY _SP NZOP bZ]O T_^PWQ TY L NP]_LTY Z] OP] 3ZbPaP] TQ _SP aP]^TQTNL_TZY ^_TWW _`]Y^ Z`_ _Z MP TX[Z^^TMWP _SP TYaPY_Z] SL^ LYZ_SP] P^NL[P ]Z`_P ?SP ^PXTaZbPW^ dL ]L WL LYO aL LYO _SP ^`M^P\`PY_ ^TMTWLY_^ OP^TRYL_P _SP QZWWZbTYR wL`cTWTL]d Y`X MP]^x% dL ]L WL aL
( ( ( (
!
²L ´L ^L
( ( (
" # $
?ST^ XPLY^ _SL_ _bZ OTRT_^ bSTNS ^SZ`WO MP YPc_ _Z PLNS Z_SP] TY _SP Y`XMP] _Z MP OPNZOPO NLY LW_P]YL_TaPWd MP YZ_PO L^ L OZ`MWP NZY^Z YLY_ PR NSWL ( " TY^_PLO ZQ «£NSL ( " Z] VSdL ( TY^_PLO ZQ R£VSL ( 9Zb ¢]dLMSL¶L NLY LWbLd^ NSZZ^P MP_bPPY L ZYP ^dWWLMWPO LYO L _bZ^dWWLMWPO ]P[]P^PY_L_TZY ZQ _bZ OTRT_^ bSTNS PY LMWP^ STX _Z XLTY_LTY _SP ^PWPN_PO ¢]d£ Z] 2¯_T XP_P] TY LY `YTY_P] ]`[_PO LYO ]PR`WL] QL^STZY 1Z] PcLX[WP SP T^ LMWP _Z ^\`PPeP _SP ^[PPO^ZQLWW_SP^PaPY[WLYP_^TY_SPT]Z]MT_^TY_ZL^TYRWPaP]^P% d`RL]LaTMSLRL©£àVSd`RS VSd`RS²L²TNLdLRTdT«`²`NSW NLdLRTdT«`²`NSW VSd`RS NLdLRTdT«`²`NSW V`«T²T´`©VS´ «T²T´`©VS´[]£V g «T²T´`©VS´ ²LYTS`«aTRSaL S`«aTRSaLR`]`VS]TNd`MSL VS]TNd`MSLV`ULMSLOWTUSY`VS MSLOWTUSY`VS S`«aTRSaL VS]TNd`MSL MSLOWTUSY`VS MSR`M`OSL^L`]£à gg w4Y ZYP NZ^XTN NdNWP d`RL _SP [WLYP_^ FNZX[WP_P _SP QZWWZbTYRH Z]MT_^ ^_L]_TYR Q]ZX _SP PL^_% _SP ^`Y _TXP^ _SP XZZY "" ! _TXP^mx
4QbP]PLO_SP ^dWWLMWP^ZQ _ST^aP]^P LNNZ]OTYR_Z _SP []Z^ZOTN]`WP^ZQ >LY^V]T_bPRP_LNZY^T^_PY_]Sd_SX_SL_T^PL^d_Z]PXPXMP]%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ¢]dLMSL¶¯dL PO6P]Y
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
##
?SP QT]^_ _bZ NZOP bZ]O^ QZ] _SP ^`Y LYO _SP XZZY L]P OPNZOPO L^ QZWWZb^% VSd`RS(
c!
c
2S
VS
d
`
( NLdLRTdT«`²`NSW( !
C c
c " c " c!
NL
dL
4
`
R
D
T
«
²
`
NS
W
( "" ! ,W_SZ`RS XZ^_ ZQ _SP NZOP ^dWWLMWP^ L]T^TYR TY _ST^ bLd ^Z`YO ]L_SP] ^_]LYRP LYO NLY ZYWd MP []ZYZ`YNPO bT_S R]PL_ OTQQTN`W_d _SPT] M]PaT_d LYO [SZYP_TN NSL]LN_P] ^_TWW XLVP _SPX PL^TP] _Z ]PXPXMP] _SLY _SP XZY^_]Z`^ Y`XMP]^ _SL_ ]P^`W_ Q]ZX _SP OPNZOTYR .ZX[L]PO _Z _SP OTeedTYRWd WZYR ^_]TYR^ ZQ bZ]O^ bSPY ZYP ]PLO^ _SP Y`XMP] wQTQ_d ^PaPYXTWWTZY^PaPYS`YO]POLYOQTQ_d_S]PP_SZ`^LYO_S]PPS`YO]POLYO _ST]_d^Tcx wNLdLRTdT«`²`NSWx XLdbPWWMPLXTYZ]_ZYR`P_bT^_P]M`_ T_ OZP^ WPYO _SP ]PLOTYR LY L`OTMWP TYOTaTO`LWT_d z L ^Z`YO NSL]LN_P] `YT\`P_Z_ST^Y`XMP]4YOTLY^NSZWL]^LWbLd^QTYOT_[]PQP]LMWP_ZSLaP PaPY L NZX[WTNL_PO ^ZYTN ]P[]P^PY_L_TZY ZQ LY LM^_]LN_ NZY_PY_ _SLY YZYPL_LWW
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
#$
w2]Zb_SxLYO:_SP];L]_TNT[L_Z]dw>`]aTaLW^x
3ZbPaP]_SZ]Z`RSWd]L_TZYLWTePO_SP^PNZOTYR_PNSYT\`P^L]P_SPd^_TWW LW^Z SLaP [L]_TNT[L_Z]d L^[PN_^ ?ST^ MPNZXP^ ZMaTZ`^ TY ;£©TYTv^ QT]^_ >¼_]L ,´¶£OSd£dT bSTNS[Z^^P^^P^LYTY_P]P^_TYROZ`MWPNSL]LN _P]% aOOST]£OLTNgg
4YLbZ]OQZ]bZ]O]PLOTYR [LOL[£¶SL _ST^MPNZXP^% aOOSTà£_LTN LYObSPY_]LY^WL_POXPLY^% wu2]Zb_Sv aOOST T^ £_ FLYOH LTN x >TYNP _SP _bZ ^dXMZW^ £_ LYO LTN z QZ]XPO Q]ZX _SP PWPXPY_ w£x bT_S _SP_P]XTYL_TYRNSL]LN_P]w_xLYO_SPPWPXPY_wLTxbT_S_SP_P]XTYL_TYR NSL]LN_P] wNx z TY _SPT] _`]Y ^_LYO QZ] ^Z`YO R]Z`[^ _SP Pc[]P^^TZY LN _`LWWdXPLY^% wu2]Zb_Sv aOOST T^ £LT LYO L` x >Z_SP _S]PP^Z`YO^ w£xwLTxLYOwL`xSLaPMPPYLWWZNL_PO_Z_SP^dX MZWuR]Zb_Sv aOOST LYObSPYPaP];£©TYT^[PLV^ZQuR]Zb_SvWL_P]ZY SP XPLY^ ZYP ZQ _SP^P aZbPW^ 4Y ST^ ZaP]LWW ^d^_PX _SP ^dXMZW uR]Zb_Sv]P[]P^PY_^_SP]`WP^ZQ[]Z_]LN_TZYZQLaZbPW^`NSL^_SPwLTx TYaLTd£VL]L©LwR]LXXL]TLYxOP]TaPOQ]ZXad£VL]L©LwR]LXXL]x .SL]LN_P]T^_TNLWWd TY _SP QZ]X`WL_TZY ZQ _ST^ QT]^_ L[SZ]T^X ;£©TYT LWWZb^ STX^PWQ L ^XLWW M]PLNS TY _SP ^dY_Lc ZQ ST^ XP_LWLYR`LRP Md MPRTYYTYR bT_S _SP bZ]O waOOSTx LNNZ]OTYR _Z ST^ YZ]XLW ^dY_LN_TN NZYaPY_TZY_SPL[SZ]T^X^SZ`WOPYOLYOYZ_MPRTYbT_SwaOOSTx3P TY_PY_TZYLWWd STOP^ bT_STY _ST^ LY LOOT_TZYLW [TPNP ZQ PaP]dOLd YZY _PNSYTNLW TYQZ]XL_TZY ,NNZ]OTYR _Z LY LYNTPY_ LYO aP]d NZXXZY PcP RP_TN LYO WT_P]L]d NZYaPY_TZY _SP QT]^_ bZ]O Z] aP]^P ZQ L _Pc_ LWbLd^ SL^^[PNTLWXPLYTYR LYO[ZbP] LYO L__SPMPRTYYTYRZQ_SP _Pc__SP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,W]PLOd ;L_LULWT ^_L_PO TY ST^ NSL[_P] ZY _SP R]LXXL]TLY 6£_d£dLYL TY _SP 8LS£ -S£´dL % w4Y_PY_ ZY ^`NNP^^ _SP XL^_P] MPRTY^ bT_S _SP FL`^[TNTZ`^H bZ]O ^TOOSL TY Z]OP] _Z ^PN`]P _SP ^`NNP^^ ZQ _ST^ R]PL_ XL^^ ZQ TY^_]`N_TZY NZY^TOP]TYR _SL_ bZ]V^ _SL_ MPRTY bT_S FbZ]O^ _SL_ []ZXZ_PH ^`NNP^^ XL«RLWL MPNZXP bPWW VYZbY mx 6`X£]TWL bSZ []P^PY_^ STX^PWQ L^ L ^_L`YNS L_SPT^_ TY _SP XLTY MZOd ZQ ST^ ±WZ VLa£]__TVL YPaP]_SPWP^^ ^_L]_^ ST^ MZZV bT_S L XL«RLWL aP]^P LO]P^^PO _Z _SP 7Z]O 2ZO TY L STOOPY QZ]X /`P _Z _ST^ NZYaPY_TZY _SP QT]^_ bZ]O ZQ _SP -]LSXL^¼_]L^ APO£Y_L^¼_]L wL_SLx wYZbx SL^ PWTNT_PO ^ZXP ZQ _SP WZYRP^_ LYO XZ^_ TX[Z]_LY_ NZXXPY_L]TP^^PP±L«VL]LMS£´dLMPNL`^PZQT_^^`[[Z^POTX[Z]_LYNP4YWL_P]>LY ^V]T_bZ]V^TYNW`OTYRYZY]PWTRTZ`^_Pc_^T_T^aP]dNZXXZY_Z^_L]_bT_SLYTYaZNL _TZYZQ 2L©P²L 2L©L[L_T_SPOTaTYP=PXZaP]ZQ :M^_LNWP^Z]Z_SP] OPT_TP^MPQZ]P OPLWTYRbT_S_SP^`MUPN_XL__P]¢]dLMSL¶LQZ]TY^_LYNP^_L]_^ST^XL_SPXL_TNLW_]PL _T^PbT_SLYTYaZNL_TZYZQ_SP3TRSP^_=PLWT_d [L]LXM]LSXL LYOST^_]PL_T^PZYL^
$
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
^SZ`WOMPLbZ]ObT_S[Z^T_TaPNZYYZ_L_TZY^bSTNS[]ZXZ_P^^`NNP^^Md OT^[PWWTYR _SP STYOP]TYR [ZbP]^ _SL_ XLd [Z^^TMWd TX[POP _SP NZX[WP _TZY ZQ _SP PYOPLaZ`] 4Y T_^ NZWWZ\`TLW XPLYTYR ZQ wR]Zb_Sx aOOST MPNZXP^ L XL«RLWL bZ]O Z] wL`^[TNTZ`^ QZ]_`YPM]TYRTYRx bZ]O L_ _SP MPRTYYTYRZQL_Pc_?ST^TOPLZQM]TYRTYRMWP^^TYRT^ZMaTZ`^WdTY_PYOPO Md;£©TYT L^T^XLOPNWPL]Md_SP bZ]OZ]OP]TY _SPQT]^_L[SZ]T^XLYO Md _SP bSZWP L]]LYRPXPY_ ZQ ST^ R]LXXL] ?ST^ ^SZb^ _SL_ _SP [L]_TNT [L_Z]d bZ]WOZ]TPY_L_TZY T^ YZ_ NZX[WP_PWd LM^PY_ Q]ZX _SP Z]TRTYLW NZYNP[_ZQST^^_]TN_Wd^NTPY_TQTN^d^_PXPT_SP] ?ST^ bLd ZQ `^TYR NZOP ^dWWLMWP^ L_ L ^dXMZWTN LYO ^PXLY_TN WPaPW SL^ LW^Z TY^[T]PO _SP QZ]XL_TZY ZQ Z_SP] ^d^_PX^ 1Z] PcLX[WP PaPY _ZOLdTY>Z`_SP]Y4YOTL[PZ[WPWTVP_Z`^P_Z_SPw6L¶L[Ld£OTxNZ`Y_TYR ^d^_PX bSTNS T^ ]PXTYT^NPY_ ZQ ¢]dLMSL¶Lv^ ^d^_PX M`_ RZP^ Q`]_SP] _SLY _SP [SZYP_TN ]P[]P^PY_L_TZY _Z LWWZb LW^Z ^PXLY_TNTeL_TZY ZQ Y`X MP]^ 4_ T^ `^PO TY L^_]ZYZXd X`^TNZWZRd LYO _SP XL_SPXL_TNLW OT^NT [WTYP^ LYO [PZ[WP LW^Z WTVP _Z `^P T_ _Z TY_PR]L_P OL_P^ TY_Z WT_P]L]d _Pc_^ ?SP NZOTYR []TYNT[WP L[[WTPO SP]P T^ X`NS ^TX[WP] _SLY ¢]dLM SL¶Lv^ LW_SZ`RS SP]P LRLTY _SP YL_`]LW ^P\`PYNP ZQ _SP ^Z`YO^ TY _SP LW[SLMP_T^`^POQZ]NZ`Y_TYR%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _]ZWZRd bT_S LY TYaZNL_TZY ZQ 2L©L[L_T -d OZTYR ^Z _SP L`_SZ]^ ^PPV _Z MPRTY _SPT] bZ]V^L`^[TNTZ`^Wd ?SP ^d^_PX T^ NLWWPO 6L¶L[Ld£OT MPNL`^P _SP ^dWWLMWP^ VL ¶L [L LYO dL OPYZ_P _SP Y`XMP]L^^SZbYTY_SP_LMWP >PPLW^Z5 11WPP_w?SP 6L_L[LdLOT^d^_PXZQPc []P^^TYR Y`XMP]^x 5Z`]YLW ZQ _SP =ZdLW ,^TL_TN >ZNTP_d $% "##z"$& 6`YU`YYT 6=LULw,^_]ZYZXdLYOXL_SPXL_TN^TY6P]LWL,YLNNZ`Y_ZQT_^WT_P]L_`]Px ,OdL] 7TM]L]d-`WWP_TY "$!#z!"&68PYYTYRP] 9`XMP]bZ]O^LYOY`XMP]^dX MZW^?]LY^W;-]ZXP] .LXM]TORP8,%84?;]P^^$!$ ?SP ^d^_PXT^ LW^Z`^PO TY ±LTaL ¢RLXL LYO ?LY_]TN bZ]V^ LYO [L]_TN`WL]Wd TY NWL^^TNLW >Z`_S 4YOTLY X`^TN #_SNPY_`]d-.M`_T_LW^ZL__]LN_POXZOP]Y4YOTLYNZX[`_P]^[PNTLWT^_^%,YLYOA =LXLYw?SP6L_L[LdLOT1Z]X`WLLYO_SP8ZOP]Y3L^STYR?PNSYT\`Px 4000,YYLW^ ZQ_SP3T^_Z]dZQ.ZX[`_TYR $$$"$QQ
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
!
"
$
#
$
USL
ÓL
VL VSL 2L RSL «L
NL NSL
UL
¶L
_L
_SL
OL OSL YL
´L
^L
SL
¶SL
L SL ©L
[L [SL -L MSL XL
dL
]L
7L
aL
²L
>Z PaP]d Y`XMP] SL^ L XLcTX`X ZQ QZ`] ]P[]P^PY_L_TaP^ LYO L XTYT X`XZQ_bZ4YLOOT_TZYZYWd_SPWL^_NZY^ZYLY_ZQLYTYT_TLW^Z`YOTYL ^dWWLMWP SL^ L Y`XP]TNLW aLW`P LYO _SP Z_SP] ^Z`YO^ SLaP YZ NZ`Y_TYR Q`YN_TZY M`_ TY^_PLO NLY MP NSZ^PY L_ bTWW ?ST^ XPLY^ _SL_ _SP bSZWP 6L¶L[Ld£OT ^d^_PX T^ XZ]P QWPcTMWP LYO X`NS WP^^ OP_P]XTYT^_TN _SLY ¢]dLMSL¶Lv^^d^_PX?ST^QWPcTMTWT_dPY^`]P^_SL_T_T^LWbLd^[Z^^TMWP_Z QZ]XNZOPbZ]O^_SL_LW^ZSLaPL^PXLY_TNXPLYTYR ?SP PL]WTP^_ VYZbY L[[WTNL_TZY ZQ _ST^ ^d^_PX ZNN`]^ TY LY L^_]Z YZXTNLW _LMWP N]PL_PO Md AL]L]`NT _S NPY_ ,/ ?SP^P w8ZZY >PY _PYNP^x NLYO]La£Vd£YT ]PNZ]OY`XP]TNLWaLW`P^TY_ST^NL^P_SP[Z^T _TZY^ZQ_SP]PLWXZZYTY_SPW`YL]dPL]ZQ#OLd^`^TYR^PXLY_TNLWWd LNNP[_LMWP^PY_PYNP^% ^_ OLd%w7LYR`LRPT^Z`]R]PL_P^_[Z^^P^^TZYx R¯]YLà²]PdLà ]v YO OLd%w.Zb^FXPLYHPL]_SWdSL[[TYP^^x OSPYLaLà²]¯à ]$v ]O OLd% w=`O]L ZY _SP Z_SP] SLYO T^ bZ]_Sd _Z MP bZ]^ST[[POx ]`O]L^ _` YLXdLà ]!v _S OLd% w1Z] ZYP ^SZ`WO XLVP ^LN]TQTNP^ _Z ±TaLx MSLaZ ST d£UdLà ] # v
So the collection of “Moon Sentences” also begins characteristically with a blessing,YO_SPWTYR`T^_TNMZbTYR_Z_SPOPT_d=`O]L±TaLNZY _]TM`_P^ _Z _SP L`^[TNTZ`^ NSL]LN_P] ZQ _SP _Pc_ ,YZ_SP] _d[TNLW QPL_`]P
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4YOTLY ,^_]ZYZXd% , >Z`]NP -ZZV .ZX[TWPO Md - A >`MML]LdL[[L LYO 6 A >L]XL-ZXMLd%9PS]`.PY_P]$#
$
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
T^_SL__SPw8ZZY>PY_PYNP^xOZYZ_ZYWdMPRTYbT_S[]ZXT^P^ZQSL[[T YP^^M`__SPdLW^ZQTYT^S_SL_bLd% # _S OLd%w8LdZYPMPSL[[dx MSLaP_^`VSLX ]"v ?SP MPRTYYTYR LYO _SP PYO ZQ _SP ^NTPY_TQTN _Pc_ ^`]]Z`YO T_ bT_S LY L_XZ^[SP]P_SL_[Z]_PYO^bPWWLYO_SPdRTaP_SP]PNT_P]LwRZZOQPPWTYRx ZQNZY^T^_PYNd?SPdMTYO_SPPYNZOPO_LMWPZQY`XMP]^TY_Z_SPRPYP]LW NZY_Pc_ ZQ ^LN]PO `__P]LYNP^ ?SP []LdP] QZ]X`WL L_ _SP MPRTYYTYR NZY QZ]X^ _Z L bTOP^[]PLO NZYaPY_TZY M`_ _SP L`_SZ] T^ L[[L]PY_Wd YZ_ ^ZWPWd TY_P]P^_POTYQZ]XLW NZ]]PN_YP^^?SP WL]RPY`XMP]ZQL`^[TNTZ`^ bZ]O^ ZNN`]]TYR NWZ^P _ZRP_SP] bT_STY _ST^ OZ`MWd NZOPO _Pc_ T^ LY Pc _]PXP Pc[]P^^TZY ZQ _SP LNNZX[LYdTYR [L]_TNT[L_Z]d L^[PN_ ZQ _SP N]PL _TZY LYO ]PNP[_TZY ZQ _Pc_^ bSTNS T^ LN_`LWWd LWbLd^ []P^PY_ L_ WPL^_ `YOP] _SP ^`]QLNP 1Z]XLWWd _SP QT]^_ w8ZZY >PY_PYNP^x ^PPX _Z ]P ^PXMWP L []LdP] LW_SZ`RS _SPd L]P YZ_ L []LdP] ,^ AL]L]`NTv^ L^_]Z YZXTNLW _LMWP T^ TY_PYOPO _Z MP WPL]YPO Md SPL]_ LYO T^ _SP]PQZ]P L _Pc_ QZ] ]PNT_TYR T_ X`^_ SLaP LY L`OTMWP L^[PN_ _ZZ bSTNS SL^ _Z MP NZY ^NTZ`^Wd QZ]XPO LYO XLTY_LTYPO 4Y NZY_]L^_ _Z ¢]dLMSL¶Lv^ M]`_LW _ZYR`P_bT^_P]^TY_SP6L¶L[Ld£OT^d^_PX_SP^PY^Z]dOTXPY^TZYZQ_SP _Pc_ T^ PX[SL^TePO Md NSZZ^TYR MPL`_TQ`W bZ]O^ bT_S [WPL^LY_ L^^ZNTL _TZY^ ?ST^ T^ []ZMLMWd L XLUZ] ]PL^ZY bSd _SP 6L¶L[Ld£OT ^d^_PX MP NLXP^Z[Z[`WL]bSTWP¢]dLMSL¶Lv^^d^_PXOTPOZ`_4_bL^^TX[WP]LYO LP^_SP_TNLWWd XZ]P ^L_T^QdTYR Md LWWZbTYR R]PL_P] R]PL_P] [WLd bT_S ^Z`YO^LYOXPLYTYR^
;SZYP_TNTLY^
;SZYP_TN^ ²TV´£ WT_ wWP^^ZY^x T^ []ZMLMWd _SP ZWOP^_ L`cTWTL]d APOTN LNLOPXTN OT^NT[WTYP LYO TY _SP _]LOT_TZYLW ^NSPXP LW^Z _SP QT]^_ ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 0cNP[_QZ]^ZXP[]PN`]^Z]^ZQAPOTNWTYR`T^_TN^_SPZWOP^__Pc_`LW]P[]P^PY_L_TaP^ZQ ±TV´£ L]P _SP ;]£_T²£VSdL^ w_Pc_MZZV^ QZ] PLNS M]LYNSx ²£VSL ZQ _SP APOL bSTNS L]P NZYNP]YPO bT_S _SP TY_]TNLNTP^ ZQ APOTN ]PNT_L_TZY PR aP]d []PNT^P []ZYZYNTL _TZYLYO_SPOP_P]XTYL_TZYbT_SbZ]O^_PX^7L_P]±TV´£bZ]V^L]PXZ]P^[PNTLWT^PO LYOPaPY_`LWWdXZ]P^d^_PXL_TNBSTWP_SP ;]£_T²£VSdL^PXP]RPO[]ZMLMWdL__SPWL_ P^_TY!-._SP]PPaZWaPOL_LWL_P]_TXPLR]PL_Y`XMP]ZQ^XLWWP][SZYP_TN_]PL _T^P^ MPL]TYR _SP YLXP w±TV´£x PR _SP Ad£^L±TV´£ bSTNS QZWWZb^ aP]d NWZ^PWd _SP ?LT__T]¯dL;]£_T²£VSdL LYO_SP 9£]LO¯dL±TV´£ ZQ_SP >£XLAPOL :YP^SZ`WOYZ_L^ ^`XP SZbPaP] SZXZRPYT_d LXZYR _SP [SZYP_TN bZ]V^ ?SPd OTQQP] WL]RPWd TY ^TeP LYONZY_PY_.Q=LWQ>_L`_ePMLNSv^TY_]ZO`N_TZY_ZST^POT_TZYLYO_]LY^WL_TZYZQ_SP ;£]T±TV´£ LYO _SP >L]aL^LÀXL_L±TV´£ >_`__RL]_% >_PTYP] $$ " ?SP QPL_`]P^ OT^N`^^PO MPWZb bTWW _SP]PQZ]P YZ_ MP QZ`YO TY P\`LW OP_LTW TY _SP [SZYP_TN bZ]V^ ?SP OTQQP]PY_ w]PLOTYR^x LTXPO L_ XPXZ]TeTYR RZ TY QLN_ MPdZYO _SP [SZYP_TNv^ []TXL]dLTXZQLM^_]LN_TYR_SPXZ^_[]PNT^P[]ZYZ`YNTL_TZYZQ_SP^Z`YOXL_P]TLW4Y NZY_]L^__SPLP^_SP_TNNZY^TOP]L_TZY^OT^N`^^POL]POT]PN_Wd_TPO_Z_ST^ZMUPN_TaP
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
$
[SZYP_TNTLY^ OTQQP] Q]ZX _SP R]LXXL]TLY^ LYO P_dXZWZRT^_^ TY ZYP L^ [PN__SL_T^TX[Z]_LY_QZ]`^%_SPT]XZ_TaL_TZYT^YZ_ZYWd_Z[]P^P]aP_SP APOLL^LMZOdZQWTYR`T^_TN^dXMZW^M`_LW^ZL^LMZOdZQ^Z`YOZ]L ^Z`YO PaPY_ ;SZYP_TN^ T^ _SP]PQZ]P YZ_ NZYNP]YPO bT_S _SP OPNZY^_]`N _TZYZQWLYR`LRPTY_SPXLYYP]ZQR]LXXL]TLY^M`_bT_ST_^]PNZY^_]`N _TZY?SP[SZYP_TNTLY^v[]TXL]dLTXT^LM^_]LN_TYR_SP[]ZYZ`YNTL_TZYZQ _SP WTYR`T^_TN ^Z`YO XL_P]TLW TY _SP XZ^_ []PNT^P LYO [P]QPN_ bLd LYO ^ZXP[SZYP_TNbZ]V^^`NSL^_SP ;£]T±TV´£ bTWW[]TYNT[LWWdNZY^T^_ZQ OP^N]TMTYR TY XTY`_P OP_LTW _SP TYOTaTO`LW ^Z`YO^ ZQ _SP [SZYP_TNLWWd Z]OP]POLW[SLMP_ aL]©LV]LXL ?ST^TYNW`OP^_SP_ZYLWTX[LN_^ZQ_SPT] X`_`LW NZXMTYL_TZY _SP APOTN LNNPY_^ LYO _SP O`]L_TZY^ ?ST^ XP_S ZOTNNZYNPY_]L_TZYZY^Z`YO_Z_SP`_XZ^_[]PNT^TZYT^\`T_P LOTQQP]PY_ []ZNPO`]P _SLY _SP OT^^PN_TYR ZNN`[L_TZY ZQ R]LXXL] 3ZbPaP] _ST^ OZP^YZ_XPLY_SL_[SZYP_TNTLY^L]PYZ_NZYNP]YPObT_SR]LXXL]L_LWW ,RZZO[SZYP_TNTLYbTWWWTVPWdLW^ZMPLRZZOR]LXXL]TLYLYOLW_SZ`RS ²¯V´£ OZP^YZ_ZNN`[dL[]ZXTYPY_[WLNPTYR]LXXL]_SP^_`OdZQR]LX XL] TY QLN_ ^_L]_^ bT_S [SZYP_TN^ TP bT_S QTcTYR _SP ^Z`YO^ ZQ _SP LW [SLMP_ _SP Z]OP] ZQ aZbPW^ LYO NZY^ZYLY_^ LYO R]Z`[^ ZQ WP__P]^ LN NZ]OTYR _Z _SP [WLNP^ ZQ L]_TN`WL_TZY LYO _d[P^ ZQ `__P]LYNP^ WTVP Z[PY aZbPW NWZ^PO aZbPW WT\`TO ^TMTWLY_ P_N bSTNS LW^Z Z]OP]^ _SP XTYO >`NS ^d^_PXL_TN L[[]ZLNS _Z _SP ^Z`YO XL_P]TLW ZQ WLYR`LRP T^ _SP QZ`YOL_TZY ZQ [SZYP_TN^ LYO _]LOT_TZYLW APOL WPL]YTYR 7PL]YTYR _SP APOL Md SPL]_ Z] _SP APOL M]LYNS ZQ ZYPv^ QLXTWd T^ L aP]d PcLN_TYR []ZNPO`]P LYO LY wLN_TaT_d RZaP]YPO Md ]`WP^x L^ 1]T_^ >_LLW [`_^ T_ -`_T_T^LW^ZLYLP^_SP_TNPc[P]TPYNPL^bPbZ`WOWTVP_ZLOO?SP[SZ YP_TNTLY^vXTY`_POP^N]T[_TZYZQ[]ZYZ`YNTL_TZYT^YZ_ZYWdSTRSWd_PNS YTNLWM`_ZQ_PYTY^P]_^[ZP_TNLYOXP_L[SZ]TNTXLRP]d4Y_SPQZWWZbTYR bP^_L]_bT_S_SP_]LOT_TZYLW_]LTYTYRLYO_SPwN`W_`]LWNL[T_LWxLN\`T]PO LWZYR bT_S _SP _PNSYTNLW ^VTWW^ ZQ _SP XYPXZ_TN _PNSYT\`P^ ?SP]PLQ_P] bP ^SZb SZb [SZYP_TN bZ]V^ OP^N]TMP _SP LP^_SP_TN^ ZQ ]PLWTeL_TZY LYO TYaZVP LY PXZ_TZYLW Q`^TZY bT_S _SP ^`MUPN_ _S]Z`RS TXLRP^ ZQ R]PL_ XP_L[SZ]TNLWOPY^T_d
?]LTYTYR_SP8TYO_S]Z`RS>Z`YO^ ?SP±TV´£bZ]V^OTQQP]TY^TePLYONZY_PY_M`__SP[]TXL]dLTXZQLWWT^ `_XZ^_[P]QPN_TZYTYAPOL]PNT_L_TZY,WWbTWW_SP]PQZ]PNZY_LTY]`WP^QZ] L]_TN`WL_TZY TY XZ]P Z] WP^^ OP_LTW >ZXP bZ]V^ ZY [SZYP_TN^ LW^Z NZY _LTY _SP XPXZ]TeTYR _PNSYT\`P^ TP OTQQP]PY_ w]PLOTYR^x [£¶SL ZQ _SP _Pc_XL_P]TLWbSTNS_Z]PYOP]TY]T_`LW_SP[]TP^_^X`^_SLaPLXZ^_[P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_LLWSL^LX[WTQTPO_ST^L^^P]_TZYTYXZ^_ZQST^b]T_TYR^
$
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
QPN_ XL^_P]d ZaP] T_ BT_S _SP OTQQP]PY_ w]PLOTYR^x [£¶SL ZQ _SP ^LXP _Pc_ >LÀST_£ ;LOL 6]LXL[£¶SL bSTNS L]P []ZNPPOPO Md NZX[WPc wXZOTQTNL_TZY^x aTV_T 5L¶£2SLYL[£¶SL_SPAPOL^_`OPY_TYNZ][Z ]L_P^ _SP APOL TY L aP]d _SZ]Z`RS XLYYP] LYO LWZYR bT_S T_ LW^Z ML^TN R]LXXL] LYO _SP P`[SZYTN ]`WP^ ^LYOST^ ZQ _SP >LY^V]T_ WLYR`LRP z XP]PWdMdWPL]YTYR_SP^Z`YO^LYO^Z`YONZXMTYL_TZY^ ! 4Y_SP >LÀST_£[£¶SL _SP^_`OPY_WPL]Y^_SP_Pc_MdWT^_PYTYRLYO]P [PL_TYR T_^ ]PNT_L_TZY 3T^ _PLNSP] ZQ_PY ST^ QL_SP] bZ`WO _PLNS _bZ Z] _S]PP bZ]O^ ^_P[ Md ^_P[ LYO _SPY L WTYP _SP]PLQ_P] L aP]^P Z] XLY_]L LYO _SP ^_`OPY_ _SP ^ZY Z] L R]Z`[ ZQ ^_`OPY_^ bZ`WO ]P[PL_ _bTNP ,WZYR bT_S WPL]YTYR YPb [L^^LRP^ TY _SP ^LXP XLYYP] _SP [L^^LRP^ LW]PLOd WPL]YPO L]P ]PR`WL]Wd ]P[PL_PO L^ bPWW YZb ZYWd ZYNP Md _PLNSP] LYO ^_`OPY_Z]Md _SPR]Z`[ZQ ^_`OPY_^?ST^bLdZQNZXXT_ _TYR _Pc_ XL_P]TLW _Z XPXZ]d TYaZWaP^ _SP R]PL_P^_ L__PY_TZY _Z NL]PQ`W []ZY`YNTL_TZYPLNS^_`OPY_MPTYRTYOTaTO`LWWdNSPNVPOMd_SP_PLNSP] ?SP^LXP_PLNSTYR[]ZNPO`]P_SP^_`OPY_L__PY_TaPWdWT^_PY^LYO]P[PL_^ _bTNP P_N L[[WTP^ LW^Z TY _SP QZWWZbTYR XZ]P NZX[WPc ]PLOTYR^ LYO XZOTQTNL_TZY^?SPYPc_^_P[bTWWMP_Z^`[[WPXPY__SP>LÀST_£[£¶SLZ] NZY_TY`Z`^ ]PNT_L_TZY Md _SP ;LOL[£¶SL TP _SP bZ]OQZ]bZ]O ]PNT_L _TZY TY bSTNS _SP ^LYOST^ P`[SZYTN NZXMTYL_TZY^ ZQ _SP _Pc_ L]P OT^ ^ZWaPO LYO _SP bZ]O^ L]P wM]Z`RS_ MLNVx ^Z _Z ^[PLV _Z _SPT] bZ]O ^_PX^ -`_ _SP ±TV´£ bZ]V^ LW^Z NZY_LTY _SP ]`WP^ ZQ ]PNZY^_]`N_TYR _SP >LÀST_£[£¶SL Q]ZX _SP ;LOL[£¶SL TP _SP _Pc_ bT_S LWW _SP ^LYOST NZXMTYL_TZY^ ]PTY_]ZO`NPO ?ST^ T^ LNSTPaPO TY _SP 6]LXL[£¶SL TY bSTNS PLNS bZ]O T^ ]P[PL_PO _bTNP% QT]^_ Md WTYVTYR T_ _S]Z`RS ^LYOST bT_S _SP bZ]O _SL_ []PNPOP^ LYO _SPY bT_S _SP bZ]O _SL_ QZWWZb^ ?Z TWW`^_]L_P_ST^]PNZY^_]`N_TZYbPNLY]PQP]_Z_SP;LOL[£¶SLMdY`XP]LW^ L^ QZWWZb^% m bSTNS XPLY^ _SL_ _SP 6]LXL[£_SL []Z O`NP^ _SP ^P\`PYNP% m BSTWP ]PP^_LMWT^STYR TY _ST^ ]PLOTYR_SP[SZYP_TN`YT_^TY_SPbLd_SPdL]PQZ`YOTY_SPZ]TRTYLW_Pc_ ^`M^P\`PY_]PLOTYR^]PLWWd^[PLVTYRXZOTQTNL_TZY^OZYZ_ZYWd[P]QPN_ _SP XL^_P]d ZQ _SP _Pc_ M`_ LW^Z TY_]ZO`NP YPb ^LYOST NZXMTYL_TZY^ _S]Z`RS L ^d^_PXL_TN [P]X`_L_TZY ZQ _SP bZ]O^ 4Y _SP 5L¶£[£¶SL Z`] PcLX[WP TY _SP APOL NSL[_P] _SP bZ]O^ L]P ]PNT_PO TY _SP QZWWZbTYR ^P\`PYNP% mbSP]PL^TY_SP 2SLYL[£¶SL ./ $ _SP ^P\`PYNP NSLYRP^ _Z% m ?SP^P XZOTQTPO ]PLOTYR^ SLaP L ^_]ZYRLP^_SP_TNLWWT_P]L_TaPPQQPN_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1Z]_SP QZWWZbTYR bP ]PQP]_Z >_LLW 1TOPWT_dZQZ]LW_]LOT_TZY !z LYOzLYO _Z,NSL]dL;9;L__LMST]LXL>L^_]TPOT_Z]ZQ_SP Ad£^L±TV´£ LYO_SPNZXXPY_L]d ZQ >`]dL 9L]LTY >`]LaLOSLYT AL]LYL^T% .SL`VLXMSL $"! TzccTT bSZ ZQQP]^ L RZZOTX[]P^^TZYZQ_SPPc_]LZ]OTYL]TWd_SZ]Z`RSLYOXP_TN`WZ`^TY_P]YLWTeL_TZYZQ_SP APOTN^Z`YOXL_P]TLW
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
$
?SP XP_SZOTNLW [SZYP_TN []ZNPO`]P PY^`]P^ L Y`XMP] ZQ ZMaTZ`^ LOaLY_LRP^% L_SPMZOdZQ_SPAPOL_Pc_T^[]P^P]aPObT_SZ`__SP^WTRS_P^_aL]T LY_^TY_SPXZ^_QLT_SQ`WbLd[Z^^TMWP:]LW_PLNSTYRbSPYT_T^OZYPTY ^`NS L NZX[WP_P LYO ^d^_PXL_TN XLYYP] LNSTPaP^ XZ]P []PNT^TZY _SLY LYd b]T__PY ^_Z]LRP ^d^_PX ?SP Pc_]LZ]OTYL]d ]P_PY_TZY _PNSYT\`P^ R`L]LY_PP _SP XZ^_ [P]QPN_ NLYZY YZ_ U`^_ TY _P]X^ ZQ `YLW_P]PO bZ]O Z]OP]M`_LW^ZTY_P]X^ZQ^Z`YO8Z]T_eBTY_P]YT_ebL^[]ZMLMWd]TRS_ TY L^^`XTYR _SL_ _SP PL]Wd ±TV´£ bZ]V^ TP _SP ;]£_T²£VSdL^ YZ_ ZYWd PY^`]PO _SL_ _SP APOL bL^ NZXTYR OZbY _Z _SP []P^PY_ `YNSLYRPO M`_ LW^Z[WLdPOL]ZWPTY_SPNLYZYTeL_TZYZQ_SPAPOL_Pc_XL_P]TLW^TYNPT_ bL^_SP[SZYP_TNLWWd_]LTYPOPOT_Z]^bSZRLaP_SPAPOLT_^[]P^PY_QZ]X aP]d PL]Wd ZY BTY_P]YT_e SZWO^ _SL_ w_SP >LÀST_£^ _SPX^PWaP^ L]P LW ]PLOd _SP bZ]V ZQ [SZYP_TNTLY^x " ?ST^ T^ ^_]PNS_TYR _SP NL^P _ZZ QL] M`_ NP]_LTYWd _SP [SZYP_TNTLY^ [Z^^TMWd LTOPO Md b]T_TYR SLO L XLUZ] SLYOTYM]TYRTYRLMZ`__SPXZ^__d[TNLWQPL_`]PZQ_SPAPOLYLXPWd_SL_ ZQ MPTYR L QTcPO Z]LW NLYZY BSTWP _SP XPXZ]TeTYR XP_SZO^ LYO _SP [`]PWd Z]LW _]LY^XT^^TZY ZQ L WL]RP _Pc_ NZ][`^ SLaP MPPY RTaPY R]PL_ L__PY_TZYTYBP^_P]Y^NSZWL]^ST[T_bL^RPYP]LWWdZaP]WZZVPOSZbPaP] _SL_ _SP _PLNSTYR XP_SZO LTX^ QT]^_ ZQ LWW L_ N`W_TaL_TYR _SP APOL TY _P]X^ ZQ ^ZYLWT_d ,^ L ]`WP ±TV´£ bZ]V^ OPaZ_P XZ^_ L__PY_TZY _Z _SP []ZY`YNTL_TZYLYOTY_ZYL_TZYZQPLNSaZbPWNZY^ZYLY_LYOLNNPY_LYO TYOZTYR ^ZRZ TY_Z _SPXZ^_ XTN]Z^NZ[TNOP_LTW^ PR^WTRS_ NSLYRP^ TY _SP ^Z`YO OP[PYOTYR ZY _SP [Z^T_TZY ZQ _SP WP__P] TY _SP bZ]O LYO _SP ^PY_PYNP&TYT_TLWLYOQTYLW^Z`YO^ZQbZ]O^QZ]X^ZQ[]Z_]LN_TZYP_N # M , ^PNZYO LOaLY_LRP ZQ [SZYP_TN^ [P]_LTY^ _Z _SP N`W_`]LW NL[T_LW LYO _SP TY_PWWPN_`LW [ZbP] ZQ TYOTaTO`LW ]PNT_P]^ ?SP PcP]NT^P^ OP ^N]TMPOR`L]LY_PPL_]LTYPOLYOOT^NT[WTYPOXTYObT_S_]PXPYOZ`^[Zb P]^ZQ]P_PY_TZY?SP^_`OPY_LNSTPaP^NZX[WP_PXL^_P]dZaP]PYZ]XZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P AZW ! ,NNZ]OTYR _Z BTY_P]YT_e _SP APOL NLYZY T^ L []ZO`N_ ZQ _SP NZXMTYL_TZY ZQ >LÀST_£[£¶SL LYO ;LOL[£¶SL ?SP ^`M^P\`PY_]PLOTYR^[]P^`[[Z^PLYLW]PLOdQTcPONLYZY.ZYNP]YTYRNLYZYQZ]XL_TZY LYO _SP QTcL_TZY ZQ _SP ^Z`YO XL_P]TLW ^PP LW^Z /LaTO .L][PY_P] w?SP 8L^_P]d ZQ >[PPNSxTY,`_SZ]T_d,YcTP_dLYO.LYZY0^^Ld^TYAPOTN4Y_P][]P_L_TZY PO7;L_ _ZY,WMLYd%>@9D$$$z&ZY_SPTYNW`^TZYZQb]T_TYRNQ-]ZYVSZ]^_w>ZXP ZM^P]aL_TZY^ZY_SP ;LOL[£¶SLx LYOZYNLYZY QZ]XL_TZY BT_ePWw?SPAPOTN.LYZY LYO T_^ ;ZWT_TNLW 8TWTP`x "z TY [L]_TN`WL] z BT_ePW L^^`XP^ _SP >LÀST_£^APOTNNZWWPN_TZY^YZ__ZMP_SP[]ZO`N_ZQXLYdWLdP]PO[]ZNP^^P^ZQ]PaT ^TZY LYO `YTQTNL_TZY 3P L__]TM`_P^ _SPT] QZ]XL_TZY _Z L WL]RP ^NLWP NZX[TWL_TZY TY 0L^_P]Y4YOTLLYO^`^[PN_^[ZWT_TNLW]PL^ZY^ # .SL]LN_P]T^_TNLWWd_SPTYOTRPYZ`^^NSZWL];L__LMST]LXL>L^_]TOPLW^TYST^TY_]ZO`N_TZY _Z_SP Ad£^L±TV´£ bT_S_SPLW[SLMP__SPOTQQP]PY_R]Z`[^ZQWP__P]^_SPLNNPY_^LYO _SPXZ]LPTYLXZ^_OP_LTWPObLdbSTWPXPY_TZYTYR_SPOTQQP]PY_ [£¶SL^ ZYWdTY[L^^ TYRbSTWP_SPBP^_P]Y^NSZWL]1]T_^>_LLWRTaP^L__PY_TZY^ZWPWd_Z_SP[£¶SL^
$!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
_Pc_ `YT_^ LYO TY OZTYR ^Z _]LTY^ ST^ TY_PWWPN_`LW NL[LNT_TP^ $ 4_ LW]PLOd [`eeWPO _SP 2]PPV LXML^^LOZ] 8PRL^_SPYP^ -. _SL_ 4YOTLY^ OTO YZ_ `^P LYd b]T__PY OZN`XPY_^ bSP]P SP bZ`WO SLaP Pc[PN_PO _SPX XZ^_TPbT_STYNZ`]_^ZQU`^_TNP7TVPbT^P.STYP^P-`OOST^_[TWR]TX^ ]P[Z]_PO_SL_PaPY^LN]POMZZV^^ZXP_TXP^bP]PYZ_LaLTWLMWPTYb]T__PY QZ]X M`_ _SP]P bP]P Pc_]LZ]OTYL]d QPL_^ ZQ XPXZ]d LYO R]PL_ TY_PWWPN _`LWLNSTPaPXPY_^?SP.STYP^P[TWR]TX4?^TYR!",/bSZNLXP_Z 4YOTL TY ^PL]NS ZQ -`OOST^_ XLY`^N]T[_^ bL^ OT^L[[ZTY_PO YZ_ _Z QTYO LYd M`_ R]PL_Wd TX[]P^^PO Md _SP -]LSXTY^v Z]LW XL^_P]d ZQ _SP APOL LYO_SPT]Pc_]LZ]OTYL]dTY_PWWPN_`LW^VTWW^3Pb]T_P^%w?SP-]LSXTY^L]P ]PRL]OPO _S]Z`RSZ`_ _SP QTaP [L]_^ ZQ 4YOTL L^ _SP XZ^_ SZYZ]LMWP NL^_Pm?SPAPOL^SLaPMPPYSLYOPOOZbYQ]ZXXZ`_S_ZXZ`_SYZ_ _]LY^N]TMPO ZY [L[P] Z] WPLaP^ 4Y PaP]d RPYP]L_TZY _SP]P PcT^_ ^ZXP TY_PWWTRPY_ -]LSXTY^ bSZ NLY ]PNT_P _SP aP]^P^x 4?^TYR RZP^ ZY _Z YZ_TNP _bZ XLUZ] _PNSYT\`P^ ZQ WPL]YTYR _Z LN\`T]P ^`NS R]PL_ XPY_LW NL[LNT_TP^% w4Y _SP _]LOT_TZY ZQ _SP BP^_P]Y ]PRTZY^ FTP 4YOTLH _SP]P L]P F_bZH bLd^ Md bSTNS ZYP NLY L__LTY TY_PWWTRPYNP 1T]^_Wd Md ]P[PL_POWd ^N]`_TYTeTYR FNZXXT__TYR _Z XPXZ]dH ^LRLNT_d T^ M]Z`RS_ LMZ`_& ^PNZYOWd _SP WP__P]^ F_SP LW[SLMP_H RTaP [PLNP ZQ XTYO FZ]% L[ [PL^P _SP ^[T]T_^Hx ?SP QT]^_ XP_SZO ZMaTZ`^Wd [P]_LTY^ _Z _SP _]LOT _TZYLW []LN_TNP^ ZQ APOL XL^_P]d XYPXZ_PNSYT\`P^ LYO OLTWd w]PNT_L _TZY ^LN]TQTNPx bSP]PL^ _SP ^PNZYO XP_SZO T^ `YNWPL] 4_ L[[L]PY_Wd TYaZWaP^ _SPLW[SLMP_LYO ]PQP]^_Z L_PNSYT\`P_ZNLWXLYOwZ]OP]x_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SPXL^_P]dZQ_SPAPOLSZbPaP]T^ZYWd_SPXZ^_Z`_^_LYOTYR[]ZO`N_ZQ_SP^ZYLW N`W_`]P ZQ 3TYO` 4YOTL LYO _SP APOLv^ XYPXZYTN _PNSYT\`P^ L]P U`^_ _SP XZ^_ ]P QTYPO ?]LOT_TZYLW ^NSZWL]^ST[ LYO >LY^V]T_ WPL]YTYR TYaZWaP^ XZ]P _SLY APOL ^_`Od LYO^ZXP_TXP^YZ_PaPY^_`OdZQ_SPAPOLM`_T_LWbLd^TYNW`OP^R]LXXL]LYOZQ _PYNWL^^TNLW[ZP_]d?SPXP_SZOL[[WTPOQZ]NZXXT__TYR_SPWL]RPbZ]V^ZQ[ZP_]d_Z XPXZ]d T^ PcLN_Wd _SP ^LXP L^ _SP ZYP TY _SP APOTN >LÀST_£ LYO ;LOL[£¶SL >PP ,cPW8TNSLPW^v^`XXL]dZQ_SPL`_ZMTZR]L[SdZQ_SPWL_P >SL]XL ;P]T $!z bSZ Md _SP LRP ZQ _bPWaP SLO LW]PLOd WPL]YPO Q]ZX ST^ QL_SP] _SP ±LMOLXLÓUL]¯ _SP QT]^_ NSL[_P] ZQ _SP ,XL]LVZ²L _SP QT]^_ YTYP NLY_Z^ ZQ _SP =LRS`aLÀ²L _SP QT]^_ ^PaPYNLY_Z^ZQ_SP 6`X£]L^LXMSLaL LYO_SP PY_T]P 8PRSLO¼_L &LYOO`]TYRST^`YT aP]^T_d >LY^V]T_ ^_`OTP^ _ST^ LW]PLOd ]PXL]VLMWP WT^_ MPNLXP ^`M^_LY_TLWWd WZYRP] 8TNSLPW^ ?SP;LYOT_ z ?]LY^WL_TZYMd5?LVLV`^`#$!\`Z_POMd1LWV >NS]TQ_TX,W_PY4YOTPY ##z#$ BPZbP_ST^_]LY^WL_TZYZQ ?LT^SZ aZW $M!QQ_Z8Lc/PPR@YTaP] ^T_d ZQ .L]OTQQ @6 [P]^ZYLW PXLTW ZQ 8L]NS ! bSZ bL^ ^Z VTYO L^ _Z ]P NSPNV ?LVLV`^`v^ _]LY^WL_TZY \`P^_TZYPO Md 3L]]d 1LWV LYO 3D 3`aZY 3TYÞMP] 1LWV >NS]TQ_TX,W_PY4YOTPY #$/PPR^`RRP^_^TY2P]XLY%w2PXÆÁOP]?]LOT_TZY OP] BP^_WTNSPY 2PRPYOPY FOL^ ^NSWTPÁ_ 4YOTPY PTYH RTM_ P^ FQZWRPYOPH BPT^PY 6W`R SPT_ e` P]bP]MPY% BPT^SPT_ SP]aZ]RP]`QPY FXT__PW^H bTPOP]SZW_PX ¾MP][]ÞQPY OTP u-`NS^_LMPYv MP]`STRPY OPY 2PT^_ FZOP]% OTP 2PT^_P]Hx ?LVL^`V` _]LY^WL_PO% w4Y 4YOTL_SP]PL]P_bZ_]LOT_TZYLWbLd^MdbSTNSZYPNLYL__LTYR]PL_TY_PWWPN_`LW[ZbP] 1T]^_WdMd]P[PL_POWdNZXXT__TYR_ZXPXZ]d_SPTY_PWWPN_T^OPaPWZ[PO&^PNZYOWd_SP LW[SLMP_QTcP^ZYPv^TOPL^xNT_Md1LWV>NS]TQ_TX,W_PY4YOTPY #$
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
$"
XTYOZ]_ZLXLRTNNSL]X?SP.STYP^PaZNLM`WL]d^`RRP_^_SL_L?LY _]TNMLNVR]Z`YOXLdYZ_MPPcNW`OPO TP?LY_]TN[]LN_TNP^ZQ]PNT_TYR _SP LW[SLMP_ LYO L__]TM`_TYR P^Z_P]TN NZ^XZWZRTNLW LYO XLRTN ^TRYTQT NLYNP _Z _SP [SZYPXP^ 4_ bZ`WO MP ]PXL]VLMWP M`_ YZ_ _Z_LWWd TX [WL`^TMWP _Z U`c_L[Z^P APOL LYO ?LY_]L ^Z PL]Wd TY _SP NZY_Pc_ ZQ -]LSXLYTN N`W_`]LW _PNSYT\`P^ 4?^TYR L__]TM`_P^ LWXZ^_ ^`[P]YL_`]LW [ZbP]^ _Z WPL]YPO -]LSXTY^ z bSTNS ]PXTYO `^ ZQ _SP XLRTN ]P^`W_^ OP^N]TMPO TY _SP >L]L^aL_¯@[LYT´LO NQ Z`] NSL[ LYO Z_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4_SL^MPPY\`P^_TZYPObSP_SP]_SPLW[SLMP_T^TY_SPZ]TRTYLW_Pc_LYOMPWZYR^_Z_SP ^PNZYO XP_SZO 1LWV >NS]TQ_ TX ,W_PY 4YOTPY #$ -`_ _SP .STYP^P bZ]O weTX`x ZNN`]TYRTY_SP^Z`]NP`YXT^_LVLMWd]PQP]^_Z_SPNZY^ZYLY_LYOaZbPWNSL]LN_P]^ZQ _SP >LY^V]T_ LW[SLMP_ 8Lc /PPR [P]^ZYLW PXLTW NZXX`YTNL_TZY 8L]NS LYO !LYOXLdMP_]LY^WL_POL^w^N]T[_XZ_SP]x:8ZPM`^?SPbZ]O eTX` T^RPY P]LWWd `^PO _Z ]PQP] _Z _SP w>TOOSLX LW[SLMP_x NZYYZ_TYR ?LY_]TN []LN_TNP^ LYO _SP .STYP^P bZ]O QZ]XL_TZY T_^PWQ ^PPX^ _Z MP TY^[T]PO Md 4YOTLY ?LY_]TN _P]XTYZWZRd% w X` x MPTYR L WT_P]LW _]LY^WL_TZY ZQ X£_V£ wXZ_SP]^x L _P]X ]PQP]]TYR _Z _SP >LY ^V]T_wLW[SLMP_xbSPY`^POTY?LY_]TN]T_P^XPOT_L_TZY^LYONZ^XZWZRTP^z_SPWP__P]^ MPTYR ]PRL]OPO L^ wXZ_SP]^x Z] N]PL_TZYLW QZ]NP^ ZQ _SP bZ]WO = 3 aLY 2`WTVv^ ^PXTYLW^_`Od >TOOSLX%,Y0^^LdZY_SP3T^_Z]dZQ>LY^V]T_>_`OTP^TY.STYLLYO5L [LY 9Pb/PWST%4Y_P]YL_TZYLW,NLOPXdZQ4YOTLY.`W_`]P$ !"QQXLTY _LTY^_SL_ _SP-]£SX¯^N]T[_[]PQP]]POMd.STYP^P-`OOST^_^QZ]b]T_TYR XLY_]L^LYO OS£]L©¯^ bL^ LW]PLOd VYZbY Md _SP YLXP ZQ >TOOSLX LYO _SL_ _ST^ YLXP MPNLXP L NZXXZY_P]XQZ]LWWQZ]X^ZQ4YOTLY^N]T[_^TYNW`OTYRaP]YLN`WL]^bSTNSQZWWZb_SP ^_]`N_`]PZQ_SP>LY^V]T_LW[SLMP_ALY2`WTVO]Lb^L__PY_TZY_Z_SPVPPY.STYP^PTY _P]P^_ TY _SP 4YOTLY WLYR`LRP TYNW`OTYR R]LXXL] LYO [SZYP_TN^ LYO SZWO^ _SL_ Md !z ,/ _SPT] []TXP NZYNP]Y bL^ ?LY_]TN XLY_]L^ OS£]L©¯^ ^TYRWP >TOOSLX WP__P]^ LW[SLMP_ ^[PN`WL_TZY^ LYO ]T_P^ ?SP ]T_`LW ^d^_PX^ ZQ ?LY_]L 3TYO` -`O OST^_LYO >STYRZY^SL]PLR]PL_Y`XMP]ZQ QPL_`]P^^`NSL^_SP[ZbP]ZQ ^Z`YOZQ w^PPOx ^dWWLMWP^ ZQ WP__P]^ b]T__PY TY_Z XLRTN OTLR]LX^ _SP ^[PNTLW ^TRYTQTNLYNP L_ _]TM`_PO _Z _SP WP__P] wLx P_N ^PP Z`] NSL[ z z ! LYO # LYOaLY2`WTV >TOOSLX"z$ ALY2`WTV >TOOSLX z ^`^[PN_^_SL__SPYLXPw>TOOSLXLW[SLMP_x`^POQZ]_SP ?LY_]TNLW[SLMP_LYOQZ]_SP4YOTLY^N]T[_TYRPYP]LWRZP^MLNV_Z]PLOTYRLYOb]T_TYR PcP]NT^P^QZ]WPL]YTYR_SPLW[SLMP_%bSPYPaP]_SP_PLNSP]TY_]ZO`NPOLYPb[L]LOTRX SPbZ`WOQT]^_b]T_P ^TOOSLX w^`NNP^^xLYO ^TOOST]L^_` wXLd_SP]PMP^`NNP^^ xLYO XLVP _SP NSTWO]PY []LN_TNP _SP^P L`^[TNTZ`^ bZ]O^ QT]^_ ZQ LWW 8LdMP ^`NS NZYYZ_L _TZY^ZQRZZOZXPYPc[WLTY_SP^PNZYO_P]X`^POMd4?^TYRTPw LY^SPY x?ST^_P]X XLdXPLYwNLWXTYR_SPXTYOxL^bPWWL^wL[[PL^TYR_SPRZO^^[T]T_^LYOLYNP^_Z]^x /PPR[P]^ZYLWPXLTWZQ8L]NS!^`^[PN_^LXLRTNPQQTNTPYNdL__]TM`_PO_Z_SP ^PNZYO XP_SZO _Z M]TYR LMZ`_ L QT]X LYO [PLNPQ`W XTYO 7TVP eTX` w LY^SPY x LW^Z ^PPX^_ZMPOP]TaPOQ]ZX>LY^V]T_TPQ]ZXw ^SLY_T xw[PLNPx[Z^^TMWdQ]ZX^SLY_T ]T_P^[P]QZ]XPO_Z[LNTQdRSZ^_^NZ`Y_P]LN_MWLNVXLRTNLYOM]TYRL`^[TNTZ`^YP^^: 8ZPM`^ 8LRTN PQQTNTPYNd bZ`WO LW^Z QT_ bT_S _SP ?LY_]TN TY_P][]P_L_TZY ?SP _P]X >TOOSLXLW[SLMP_T_^PWQ]PNLWW^[Z[`WL]?LY_]LN`W_`]PTP_SP ^TOOSL^WT_P]LWWdw[P] QPN_POZYP^xOPYZ_TYR^PXTOTaTYPMPTYR^LYO[P]QPN_PO?LY_]TN[]LN_TZYP]^ 4Q _SP ?LY_]TN Z] []Z_Z?LY_]TN TY_P][]P_L_TZY ZQ 4?^TYRv^ ^_L_PXPY_ T^ NZ]]PN_ _ST^ bZ`WOMPL]PWL_TaPWdPL]Wd^Z`]NPQZ]LwSTRS3TYO`x?LY_]LZ][]Z_ZwSTRS3TYO`x ?LY_]L TP L ?LY_]L MPWZYRTYR _Z _SP PWT_P -]LSXLY N`W_`]P 4Y WL_P] _TXP^ T_ T^ L bPWWVYZbY[]LN_TNP_SL_-]LSXTY^^`[[WPXPY_APOTN]T_P^bT_S?LY_]TNZYP^
$#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?LY_]TNYL]]L_TaP^zbSPYSP^_L_P^%w-d_ST^bLdLQ_P]L[]LN_TNPZQ_PY OLd^ Z] L XZY_S F`^TYR _SP _bZ XP_SZO^H L ^_`OPY_ QPPW^ ST^ _SZ`RS_^ ]T^P WTVP L QZ`Y_LTY LYO NLY NZXXT_ _Z XPXZ]d bSL_PaP] SP SL^ ZYNP SPL]OFYZ_]P\`T]PO_ZMP_ZWO_bTNPH?ST^T^QL]Q]ZXMPTYRLXd_SQZ] 4 Xd^PWQ SLaP XP_ ^`NS XPYx ?SP Pc_]LZ]OTYL]d XPXZ]d [ZbP]^ ZQ WPL]YPO -]LSXTY^ SLaP LW^Z MPPY YZ_TNPO Md BP^_P]Y ^NSZWL]^ >`NS ^VTWW^ L]P ZQ NZ`]^P SL]OWd _SP []ZO`N_ ZQ _PY OLd^v ^_`Od LYO _SP PL^P bT_S bSTNS _SPd XPXZ]TeP XL_P]TLW []P^`[[Z^P^ L _]LTYPO XTYO ! 4Y QLN_ T_ ^PPX^ []ZMLMWP _SL_ _SP _d[TNLWWd ?LY_]TN LW[SLMP_ ]T_P^ LYO [L]_TNT[L_Z]d ^[PN`WL_TZY^ LYO NZ^XZWZRTP^ PaZWaPO bT_STY APOTN -]LSXLYTN NT]NWP^ bSZ OPaZ_PO R]PL_ L__PY_TZY _Z _SP LW[SLMP_ 3Zb PaP]_SP >LY^V]T_LW[SLMP_ bL^LW^Z _SPXZOPWZQaP]YLN`WL]LW[SLMP_^ 8Z]PZaP] bSPY [SZYP_TN LYO R]LXXL_TNLW _]PL_T^P^ L__LNS []TXP aLW`P _Z _SP LW[SLMP_ _SPd OZ ^Z TY L aP]d PXLYNT[L_Z]d TP L aP]d _PNSYTNLW LYO ]L_TZYLW XLYYP] ?SP STRSWd ^d^_PXL_TN L]]LYRPXPY_ ZQ WP__P]^ LYO R]Z`[^ ZQ WP__P]^ _]LTY^ _SP XTYO _Z _STYV TY ^_]`N_`]P^ LYO [L__P]Y^bSTNSTY_`]YSPW[^_ZOPLWbT_SWL]RPLXZ`Y_^ZQTYQZ]XL_TZY 3P]P_SP^Z`YOL^[PN_[WLd^LYTX[Z]_LY_]ZWP:YP^SZ`WOVPP[TYXTYO _SL__SP_]LOT_TZYLW^_`OdTYaZWaP^XZ]P_SLYXP]PWdXPY_LWWd[ZYOP]TYR ZY_SPLW[SLMP_Z]^PPTYR_SP^N]T[_%_SPL]]LYRPXPY_T^^_]TN_Wd[SZYP_TN LYO_ST^T^]PLWTePOZYWdTYL`OTMWP^[PPNS7PL]YTYR_SP>LY^V]T_LW[SL MP_Q]ZXLb]T__PYOZN`XPY_T^L_]Z`MWP^ZXPPcP]NT^PL^BP^_P]Y^_` OPY_^ ZQ >LY^V]T_ VYZb M`_ bSPY ^[ZVPY T_ MPNZXP^ PL^d ?SP ^_]`N _`]P^L]PL`OTMWPLYOX`^_MPSPL]OLYO`__P]PO&_ST^SZWO^aP]d_]`PQZ] _SP ^LYOST ]`WP^ LW^Z 9Z_ WPL^_ _SP []PaLTWTYR TX[Z]_LYNP ZQ _SP ^ZYLW RLaP]T^P_Z_SPwXLRTNxZQPc_]LZ]OTYL]dXPY_LW[ZbP]^ N?SPAPOTN_]LTYTYRSPW[^_ZOPaPWZ[TY_PWWPN_`LWLNNZX[WT^SXPY_^ TY L [L]_TNT[L_Z]d QL^STZY LYO YZ_ LNSTPaPO Md ^TWPY_ ]PLOTYR 4_ T^ NWPL]WdXZ]P_SLYXP]PXPXZ]TeTYRTYLYZ]OTYL]d^PY^P4Y_SPNL^PZQ _SP LW[SLMP_ _SP XL^_P]d TYNW`OP^ LWW [Z^^TMWP bLd^ ZQ R]Z`[TYR _SP WP__P]^ PR LWW RWZ__LW ^Z`YO^ _ZRP_SP] P_N LYO L]]TaTYR L_ PLNS R]Z`[ TYaZWaP^ LY Pc_]L XPY_LW PQQZ]_ 4Y _SP NL^P ZQ _SP OTQQP]PY_ w]PLOTYR^x ZQ _SP APOL Pc_]L TYQZ]XL_TZY T^ []ZO`NPO ^Z _Z ^[PLV L^ L Md[]ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .T_Md1LWV >NS]TQ_TX,W_PY4YOTPY #$ ! 4Y QLN_ QZ] L WPL]YPO -]LSXLY ^_`Od ZQ _SP APOL T^ L NZY_TY`Z`^ WTQPNZY^`XTYR LN_TaT_d ?SP >LÀST_£[£¶SL T_^PWQ _LVP^ ^ZXP QTaP dPL]^ LYO ^_`OPY_ ^_L]_ WPL]YTYR T_ L_ LY PL]Wd LRP LYO _SP Z_SP] ]PLOTYR^ _LVP ^PaP]LW XZ]P dPL]^ APOL ^_`OTP^ _]LOT _TZYLWWd_LVPL_WPL^__bPWaPdPL]^ZQWTaTYRbT_S_SP_PLNSP] M]LSXLN£]TY&_SP]PLQ_P] _SP^_`OPY__`]Y^_ZQLXTWdWTQPLYONZY_TY`P^ST^^_`OTP^L^LSZ`^PSZWOP] RSL^_SL bT_S ^a£OSd£dL ]P[PL_TYROLTWdST^ZbYAPOL[Z]_TZYTPST^w]PNT_L_TZY^LN]TQTNPx , QPb -]LSXTY^ XL^_P] XZ]P _SLY ZYP APOL L^ _SP QLXTWd YLXP^ /aTaPOT ?]TaPOT LYO .L_`]aPOT TYOTNL_P 3ZbPaP] XZ^_Wd _SP^P L]P LN_`LWWd SZYZ]L]d _T_WP^ ZQ -]LS XLYTN LYNP^_Z]^ bSZ XL^_P]PO _bZ _S]PP Z] PaPY QZ`] APOTN >LÀST_£^ LY LNSTPaP XPY_bSTNSSL^MPNZXPaP]d]L]PYZbLOLd^
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
$$
ZQ_SPPYNZX[L^^TYR _Pc_`LWXL^_P]d :YWd _SP >LÀST_£[£¶SLNZY_TY` Z`^ ]PNT_L_TZY XLd MP NLWWPO XPXZ]TeTYR TY LY Z]OTYL]d ^PY^P 4Y _SP ^`M^P\`PY_ w]PLOTYR^x _SP ^_`OPY_ OZP^ YZ_ ZYWd WPL]Y ST^ APOL TY _SP XZ^_NZX[WP_PbLdM`_LW^ZLM^Z]M^R]LXXL_TNLW]`WP^?SP;LOL[£¶SL bZ]OQZ]bZ]OaP]^TZY bT_S ^LYOST^ OT^^ZWaPO LYO6]LXL[£_SLSLa TYR _SPX ]PP^_LMWT^SPO RTaP LNNP^^ _Z MZ_S L ^`M_WP QLXTWTL]T_d bT_S _SP [Z]_TZY^ XPXZ]TePO LYO L YL_`]LW QPPWTYR ZQ R]LXXL_TNLWWd NZ]]PN_ ^Z`YO NZXMTYL_TZY^ ?SP 5L¶£[£¶SL LYO 2SLYL[£¶SL LNNZX[WT^S TY L XZ^_ WT_P]LW ^PY^P _SP RZLW _SL_ _SP _Pc_ T^ VYZbY TY^TOP Z`_ LYO TY_]Z O`NPMdXPLY^ZQOTQQP]PY_wXZOTQTNL_TZY^xZQ_SPbZ]OZ]OP]YPb^LY OST NZXMTYL_TZY^ PR LYO _SL_ OTO YZ_ ZNN`] TY _SP >LÀST_£ [£¶SL 4Y _ST^ bLd TY OTQQP]PY_ w]PLOTYR^x _SP ^_`OPY_ XLVP^ R]LXXL] ST^ ZbY Md XP]PWd SPL]TYR LYO ]P[PL_TYR 3P PXMZOTP^ T_ [Sd^TNLWWd bSTWP_SPBP^_P]Y^_`OPY_ZQR]LXXL]T^WPL]YTYR]`WP^ BPbZ`WOWTVP_Z^_]P^^TY_SPQZWWZbTYRNSL[_P]dP_LYZ_SP]TX[Z] _LY_ L^[PN_ bSTNS XLd LW^Z PL^TWd P^NL[P L w_d[ZR]L[STN XLYx `YNZY NP]YPO bT_S _SP ^PY^P^& LY L^[PN_ bSTNS XLd MP _P]XPO LP^_SP_TN LYO SZWT^_TN ?SP ±TV´£ bZ]V^v PWLMZ]L_TZY^ ZY []PNT^P []ZY`YNTL_TZY LYO TY_ZYL_TZY ZQ PLNS aZbPW NZY^ZYLY_ LYO LNNPY_ L]P YZ_ ZYWd STRSWd _PNSYTNLWM`_LW^ZSLaPL ^_]ZYRLP^_SP_TNTP^PY^`Z`^LYOPaPYPXZ _TaPOTXPY^TZY4YOTLY[SZYP_TN^L]PPXLYNT[L_Z]dQZ^_P]TYR^_]`N_`]PO _STYVTYR LYO TY_PWWPN_`LW ^VTWW^ M`_ LW^Z STRSWd [L]_TNT[L_Z]d =PNT_L _TZYTYaZWaP^_SPbSZWPMZOdLYOT^LW^ZOP^N]TMPOTY[SZYP_TN_]PL_T^P^ L^ L MZOTWd Pc[P]TPYNP " 1`]_SP]XZ]P ^ZXP ±TV´£ bZ]V^ ^`NS L^ _SP 9£]LOÅdL±TV´£ NWL^^TQd_SPbSZWP`YTaP]^PTY_P]X^ZQ^Z`YO^%RZO^ PWPXPY_^ NZWZ]^ ^ZNTLW NWL^^P^ MZOd [L]_^ LYTXLW^ P_N L]P ]PWL_PO _Z ^TYRWPWP__P]^_ZR]Z`[^ZQ WP__P]^QZ]TY^_LYNP_ZSL]OZ]^ZQ_L^[T]LY_^ LYO NP]_LTY aZbPW^ L^ bPWW L^ _Z LNNPY_^ []Z_]LN_TZY^ XZOP^ ZQ ^TYR TYRP_N4_T^YZ_PbZ]_Sd_SL__SPbZ]O aL]©L XPLY^wWP__P]x[SZYPXP wNZWZ]x TYNW`OTYR _SP _TXM]P Z] wNZWZ]x ZQ ^Z`YO # LYO LW^Z ^TRYTQTP^ _SPQZ`]^ZNTLWR]Z`[^-]LSXLY6´L_]TdLALT²dL±¼O]L $bSZTY_`]Y L]PL^^ZNTL_PO bT_S ^Z`YO^ Md_SP 9£]LOÅdL±TV´£ LYO _SP Ad£^L±TV´£ 8Z]PZaP] _SP [SZYP_TN bZ]V^ NZY_LTY aP]d [ZP_TN TXLRP^ bSTNS SLaP PXZ_TZYLWL[[PLW
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q 9£]LO¯d£±TV´£ z& "z LYO ;Ã]T²TV´£ F$H PO LYO _]LY^ >_L`_ePYMLNS!" # -PNL`^PZQ_SPT]wXTcPOYL_`]Px_SPOT[S_SZYR^OZ_]LOT_TZYLWWdYZ_QLWW`YOP]aL]©L $ ?ST^^ZNTLWXPLYTYR[Z^^TMWdOP]TaPOQ]ZX_SPNZWZ]^ZQO]P^^[]POL_P^_SPXPLYTYR wWP__P]x
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
;SZYP_TN^LYO,P^_SP_TN^ BP ^_L]_PO _ST^ NSL[_P] Md XPY_TZYTYR _SL_ [SZYP_TN^ OTQQP]^ Q]ZX R]LXXL] Md T_^ Q`YN_TZY ZQ ]PNZY^_]`N_TZY ?SP _PNSYTNLW [L]_ ZQ _ST^ ]PNZY^_]`N_TZY SL^ MPPY OP^N]TMPO M`_ _SP ]PNZY^_]`N_TZY LW^Z TYaZWaP^ LY LP^_SP_TN PWPXPY_% _SP ]PNT_P] _`]Y^ _SP APOTN _Pc_ bSTNS T^ LWbLd^ NZX[Z^POL^WLYR`LRPX`^TNMLNVTY_ZLX`^TNLWWdNZY^T^_PY_[P]QZ]X LYNP ?SP WTaTYR ^Z`YO QZ]X T^ ]PLWTePO LYPb Z`_ ZQ _SP ^VPWP_ZY ZQ b]T__PY ^TRY^ ?SP QZWWZbTYR PcLX[WP^ L]P _LVPY Q]ZX _SP 9£]LOÅdL ±TV´£ L [SZYP_TN _]PL_T^P ZQ `YNP]_LTY OL_P ZY _SP >£XLAPOL ! M`_ ^TXTWL]PcLX[WP^LYONWL^^TQTNL_TZY^NLYMPQZ`YOTY±TV´£_Pc_^MPWZYR TYR_ZZ_SP]APOLM]LYNSP^L^bPWW ! ,^bP[ZTY_POZ`_TY_SPOP^N]T[_TZYZQ_SPAPOL]PNT_L_TZY_ZOLdv^ ^P]TZ`^ ]PNT_P]^ ^_TWW [Ld U`^_ L^ X`NS L__PY_TZY _Z _SP XZOTQTNL_TZY^ LYO WPYR_S^ ZQ ^Z`YO^ ]P\`T]PO Md _SP [SZYP_TNTLY^ L^ _SPd OZ _Z _SP TY_PR]T_d ZQ _SP _Pc_ T_^PWQ ,]_TN`WL_TZY X`^_ MP []PNT^P PaPY QZ] _SP XTN]Z^Z`YO^ ^TYNP _SP TYOTaTO`LW ^Z`YO^ L]P ]PRL]OPO LWXZ^_ L^ TYOP [PYOPY_[P]^ZYLWT_TP^bSZ^SZ`WOOPaPWZ[_SPT]ZbYNSL]LN_P]LYO_SPT] ZbY_TXM]P?SP 9£]LOÅdL±TV´£ Pc[]P^^P^_ST^[P]^ZYLWT_dZQ[SZYPXP^ TY_SPQZWWZbTYR^TXTWP% w5`^_ L^ L _TR]P^^ _LVP^ SP] N`M^ _TRS_Wd TY SP] _PP_S bT_SZ`_S`]_TYR _SPX bSTW^_ QPL]TYR _SL_ ^SP XTRS_ O]Z[ _SPX LYO TYU`]P FMZ_S ZQH _SPX ^Z ZYP ^SZ`WOL[[]ZLNS_SPTYOTaTO`LW^dWWLMWP^x !
4_ T^ []PNT^PWd _SP Sd[P][]PNT^TZY ZQ _SP [SZYP_TNTLY^ _SL_ ]PaPLW^ _SP UZd L_ OPLWTYR bT_S WLYR`LRP LYO _SP WZaP LYO NL]P _SL_ L]P TYaZWaPO 0aPY TY _SP STRSWd LNLOPXTN _Pc_^ ZYP SL^ L QPPWTYR _SL_ _SP -]LSXTY^ L]POPQTYT_PWdXZ_TaL_POMdL_d[PZQP]Z^bSP]P_SPT]MPWZaPOWLYR`LRP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯d£±TV´£% BT_S _SP .ZXXPY_L]d ZQ -SL¶¶L ±ZMS£VL]L N]T_TNLWWd POT_PO bT_S 0YRWT^S _]LY^WL_TZY Md @^SL = -ST^P ;ZZYL $#! ?ST^ POT_TZY T^ ML^PO ZY XLY` ^N]T[_^ Q]ZX ^PaP]LW [L]_^ ZQ 4YOTL ?SP POT_Z] ^`^[PN_^ _SL_ _SP _Pc_ T^ aP]d ZWO M`_ SL^MPPYSLYOPOOZbYTYNZX[WP_P :Q_SP >£XL ^NSZZW^ _SP?£©TY^ LYO-S£WWLaTY^ L]PXPY_TZYPOPc[WTNT_Wd&_SP[]P^PY__Pc_SZbPaP]^PPX^_ZbLY__ZNZaP]LWW>£XLY ^NSZZW^ -ST^Pv^ TY_]ZO`N_TZY Pc[Z`YO^ ZY X`^TN TY APOTN ]PWTRTZY LYO _SP X`^TNLW TY^_]`XPY_^ `^PO TMTO z ?SP 9£]LO¯d£±TV´£ bL^ []ZMLMWd _SP QT]^_ [SZYP_TN XLY`LWPOT_POTY_SP$_SNPY_`]d>L_dLa]L_L>£XL²]LXT@´L4.LWN`__L#$ ! >PP QZ] TY^_LYNP _SP ;£]T±TV´£ #$ ZQ _SP ?LT__T]¯dL M]LYNS PO >_L`_ePY MLNS bSTNS NZY_LTY^ ^TXTWL] TXLRP^ ZQ XP_L[SZ]TNLW OPY^T_d L^ _SP ZYP^ OT^N`^^PO MPWZb .Q LW^Z _SP Ad£^L±TV´£ bSZ^P POT_Z] TMTO aTTTzc cTTT LYO cTaz cc SL^ YZ_ ZYWd R]Z`[PO ^ZXP ZQ ^`NS TY^_LYNP^ _ZRP_SP] M`_ LW^Z RTaPY _LM`WL] R]TO^bSTNSTWW`^_]L_PSZbOP_LTWPO_SP[]ZY`YNTL_TZY]`WP^LYO_SPNZZ]OTYL_POL^^Z NTL_TZY^bT_SOPT_TP^LT]QT]PPL]_SXZZYLYO^`YLYO^ZNTLWNWL^^P^L]P ! dL_S£ad£RS]¯SL]P_[`_]£YOLÀ´¶]£MST]YLNL[¯LdP_g MS¯_£[L_LYLMSPO£MSd£À^_LOaLOaL]©£Y[]LdZULdP_gg9£]LO¯d£±TV´£#PO -ST^P"
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
RZOOP^^ T^ NZYNP]YPO ,Yd ZYP bSZ [P]^T^_^ TY TYU`]TYR _SP WLYR`LRP RZOOP^^ Z`_ ZQ WLNV ZQ WTYR`T^_TN ^PY^T_TaT_d ^SZ`WO TY^_PLO VPP[ ^TWPY_ LYOYZ_]PNT_P_SPAPOLTY[`MWTN% w?SP ^[PPNS ZQ L WTX[TYR WLYR`LRP RZOOP^^ TY _SP [`MWTN ]PNT_L_TZY ZQ _SP APOL T^ FL^H TYL[[]Z[]TL_P L^ bSPY L NWPaP] bZXLY bT_S MPL`_TQ`W PdP^ FbST^[P]^^bPP_YZ_STYR^HTY_SPMPOZQLOPLQXLYx !
3P]PbPSLaP_SP_SZ`RS_Q]ZX_SP ±L_L[L_SL-]£SXL©L TYLYPbaL]TL _TZY% WLYR`LRP T^ L MPL`_TQ`W L__]LN_TaP bZXLY M`_ ZYP bSZX ZYP NLY ZYWdPYUZdTQZYPSL^_SP]TRS_VTYOZQPL] ?SP NZX[WPcT_d ZQ _SP ^Z`YO ZQ WLYR`LRP L^ LY LP^_SP_TN [SPYZXP YZYNLYYZ_MPWLTOOZbYTYQ`WWPaPYbT_S^`NSLOP_LTWPO^d^_PXL^_SP ²TV´£ 9Z ^NSPXP NZ`WO MP OTQQP]PY_TL_PO PYZ`RS _Z OP^N]TMP LWW _SP Y`LYNP^TY_SPXZO`WL_TZY^ZQ[T_NSLYO_TXM]PTY_SPS`XLYaZTNP,YO dP_ T_ T^ []PNT^PWd _SP^P Y`LYNP^ _SL_ L]P P^^PY_TLW QZ] _SP LP^_SP_TN TX []P^^TZY -PNL`^P ZQ _ST^ OTQQTN`W_d Q]ZX _TXP _Z _TXP _SP [SZYP_TNTLY^ `^P L ^ZXPbSL_ OTQQP]PY_ OTOLN_TN XP_SZO _SLY _SL_ ZQ _SPT] NZWWPLR`P^ ^_`OdTYR R]LXXL] LYO []Z^ZOd ?PNSYTNLW LYLWd_TNLW WLYR`LRP T^ ZQ_PY TY^`QQTNTPY_ _Z QTc LWW _SP [P]NPTaLMWP ^`M_WP_TP^ ZQ ^Z`YO LYO _SP]PQZ]P ZYP ZQ_PY _LVP^ ]PNZ`]^P _Z TXLRP^ LYO XP_L[SZ]^ 1Z] PcLX[WP _SP ]L_SP]]L]P NLYO]LMTYO` YL^LW^Z`YOL[[PL]^_ZSLaPPW`OPOLWWL__PX[_^ L_NL_PRZ]TeTYRT_TY_SP^NTPY_TQTN^d^_PXZQ^Z`YO^ZQ_SP4YOTLYLW[SL MP_^TYNP_SPOTQQP]PYNPMP_bPPYT_LYO_SP LY`^a£]L YL^LW^Z`YOT^U`^_ _ZZ^`M_WP% w?SP YL^LW ^Z`YO wÈx ]L«RL NLYO]LMTYO` ]T^P^ Q]ZX _SP SPL]_ LYO ^Z`YO^ WTVP L NdXMLW XLOP ZQ M]L^^ 4_ T^ L RPY_WP _ZYP bSTNS ^_]P_NSP^ ZaP]_bZXZ]LPmx !
4XLRP^ LYO XP_L[SZ]^ L]P LW^Z [Z[`WL] TY OP^N]T[_TZY^ ZQ ]PNT_L_TZY ^_dWP^ 4Y RPYP]LW _SP ]PNT_P] ZQ L APOTN _Pc_ X`^_ SLaP _SP ^LXP aZNLW \`LWT_TP^ L^ L RZZO ^TYRP] ?SP TX[Z]_LY_ [ZTY_^ TYNW`OP YZ_ ZYWd TY ^_]`N_TZY^ NZYNP]YTYR _SP NZ]]PN_ []ZY`YNTL_TZY M`_ LW^Z LMZ`_ _SP \`LWT_TP^ ZQ _SP ^TYRTYR 0aP]d_STYR ^SZ`WO MP ^`YR L^ WZ`OWd L^ [Z^^T MWP M`_ ^bPP_Wd LYO _PYOP]Wd ^XZZ_SWd LYO [L^^TZYL_PWd 9£]LOÅdL ±TV´£ 4_ T^ ZQ NZ`]^P ^WTRS_Wd OTQQP]PY_ Q]ZX Z`] BP^_P]Y `YOP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯dL ±TV´£ #" Z`] _]LY^WL_TZY QZWWZbTYR ZY Q]ZX _SP L`_SZ] ZQ _SP NZX XPY_^?SP^Z`]NP_Pc_^Ld^% YLST[£]´©TSL_£aL©¯[]LdZR£YaLV_`XL]SL_Tg MLOST]L^dPaL_LW[L^_S£aTOLROS£a£XLWZNLY£gg ,XZ]PWT_P]LW_]LY^WL_TZYXTRS_]PLO%w,WTX[TYRWLYR`LRPRZOOP^^^SZ`WOYZ_^[PLV TY_SP^LN]TQTNP^U`^_L^LNWPaP]bZXLYbT_SMPL`_TQ`WPdP^WdTYRTY_SPMPOZQLOPLQ XLY^SZ`WOYZ_^[PLVx ! SOLd£O`__T´¶SL_P]L«RLàV£À^dP©L^LXLYTà^aLYLàg XO`²NLTaLOaTX£_]L²NLOLOSLYa£ÀT_TOL]²LYLXgg9£]LO¯d£±TV´£ #PO -ST^P!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
^_LYOTYRZQLMPL`_TQ`WaZTNPbSPY_SP]PNZXXPYOL_TZYT^QZ]_SPaZTNP _ZMPL^STRSLYOL^^S]TWW aTV]`´¶L L^[Z^^TMWPTMTO!=PNT_L_TZY ^SZ`WO MP aP]d QZ]NPQ`W LYO PX[SL_TN -`_ Z_SP] \`LWT_TP^ L]P ]P\`T]PO _ZZ% _SP OdYLXTN^ ^SZ`WO MP ^XZZ_S LYO _SP _ZYP^ ^SZ`WO ^WTOP RPY_Wd TY_Z ZYP LYZ_SP] ?SP [P]QPN_ XPWZOd RWTOP^ wWTVP L QLWNZY _S]Z`RS _SP P_SP]x LYO _SP _ZYP^ ^bT_NS Q]ZX ZYP _Z LYZ_SP] WTVP wQTYP ^SLOZb^ TY _SP^`YWTRS_x ! 1WZbP]dXP_L[SZ]^WTVP_SP^PL]PLN_`LWWdYZ_aP]d_d[T NLW ZQ _SP 4YOTLY ^NTPY_TQTN _Pc_^ -`_ ^_TWW [PZ[WP ^PPX YZ_ _Z SLaP LYd OTQQTN`W_d RZTYR MLNV _Z ^`RRP^_TaP WLYR`LRP bSPYPaP] LNLOPXTN WLY R`LRPNLYYZ_NZ[P :YP \`T_P ^[PNTQTN _PNSYT\`P TY ^`RRP^_TaP OP^N]T[_TZY T^ QZ`YO TY ]PWL_TZY _Z _SP _ZYLW XL_P]TLW 1ZWWZbTYR ZY OT]PN_Wd Q]ZX _SP -]£SXL ©L^ _SP [SZYP_TN^ SLYOMZZV RTaP^ Y`XP]Z`^ NZ]]P^[ZYOPYNP^ MP_bPPY _SPXTN]ZNZ^XZ^LYO_SPXLN]ZNZ^XZ^1Z]PcLX[WP_SP^NLWPPNSZP^ _SPbLdTYbSTNS_SPbSZWPbZ]WOT^^_]`N_`]PO% w?SP ^N]PLXTYR PcNP^^TaP _ZYP ZQ _SP ^NLWP VPP[^ _SP RZO^ LWTaP ?SP QT]^__ZYPYZ`]T^SP^S`XLYVTYO_SP^PNZYOYZ`]T^SP^_SPLYTXLW^_SP_ST]O YZ`]T^SP^_SP2LYOSL]aL^LYO_SP,[^L]L^_SPQZ`]_SYZ`]T^SP^_SPXLYP^ LYO _SL_ bSTNS T^ MZ]Y Q]ZX PRR^ LYO _SP OPP[ _ZYP RTaP^ WTQP _Z LWW _SP OPXZY^LYORZMWTY^1TYLWWd_SP^`[[]P^^PO_ZYPbSTNSPcT^_^MPdZYO_SP aTM]L_TYR ^[SP]P RTaP^ WTQP _Z _SP bSZWP bZ]WO ZQ _SP WTaTYR LYO _SP WTQP WP^^x !!
?ST^ NZ^XTN TXLRP []ZMLMWd ^P]aP^ NZY_PX[WL_TaP [`][Z^P^ ]L_SP] _SLY PO`NL_TZYLW ZYP^ 4_ NZ]]P^[ZYO^ bT_S _SP _d[TNLW 4YOTLY _PYOPYNd _Z M]TYR PaP]d_STYR TY_Z L [L]_TNT[L_Z]d Z]OP] ?SP ^T_`L_TZY T^ ^TXTWL] bSPYNZWZ]^OPT_TP^^ZNTLWP^_L_P^ LYOLYTXLW^vaZTNP^L]P LWWZNL_PO_Z _SP_ZYP^ZQ_SP^NLWP[WLdPOZYLQW`_P?ST^T^YZ_L_LWWL]MT_]L]dzT_T^ X`NSXZ]P_SPNL^P_SL_^ZXPL^[PN_^NLYLW^ZMP`YOP]^_ZZOTYL[SP YZXPYZWZRTNLW LYO YL_`]LWT^_TN XLYYP] Z_SP]^ TY LY TOPZWZRTNLW ZYP LYOdP_Z_SP]^TYL^dXMZWTNXP_L[SZ]TNLWZYP% w4Y _SP ^P\`PYNP [PLNZNV NZb RZL_ N]LYP N`NVZZ SZ]^P LYO PWP[SLY_ _SPLYTXLW^[]ZO`NPL[]ZR]P^^TaPWdSTRSP]TY_P]aLWTY_SPT] NLWW^F_SP[PL NZNV[]ZO`NP^_SP_ZYTNmLYO_SPPWP[SLY_L^PaPY_SHx !"
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯d£±TV´£ ! &!# !! V]`´¶P©LOPa£U¯aLY_T[]L_SLXPYLNLX£Y`´£àg [L²LaL^_`OaT_¯dPYLRLYOSL]a£[^L]L^L^_aLY`gg L©LU£à[T_L]L²NLTaLNL_S`]_SL^aL]LU¯aTYLàg XLYO]LÀ_aPaZ[LU¯aLY_T[T²£N£^`]L]£V´L^£àgg L_T^a£]P©LY¯NPYLULRL_^_S£aL]LUL«RLXLXg ^L]a£©TVSLW`MS¼_£YTOS£]dLY_Pmgg 9£]LO¯d£±TV´£ "!z#LPO-ST^P !" BPSLaP_]LY^WL_PO_SPQZWWZbTYR_bZaP]^P^TYL^WTRS_Wd^TX[WTQTPOXLYYP]WPLaTYR Z`__SP_PNSYTNLW_P]X^QZ]YZ_P^LYO[T_NSP^% ´LULÀaLOL_TXLd¼]ZR£aZ]LXMSLY_TNL]´LMSLÀg LU£aTVPF^TNH_`R£YOS£]LÀV]L`ÓNZaLOL_TXLOSdLXLXgg
,`cTWTL]dAPOTN>_`OTP^%>d^_PXL_TN^LYO,M^_]LN_TZY^
w?SP Q`YOLXPY_LW _ZYP^ _ZYTN QZ`]_S LYO QTQ_S L]P _SP -]LSXTY^ _SP [ZbP]Q`W L^^ZYLYNP^ ^PNZYO LYO ^Tc_S L]P bL]]TZ]^ V´L_]TdL _SP ]TNS Q`WW L^^ZYLYNP^ _ST]O LYO ^PaPY_S L]P _SP QL]XP]^ aLT²dL LYO _SP L`R XPY_POWPLOTYRYZ_P^XLUZ]_ST]OL^WPLOTYRYZ_P_Z_SPQZ`]_SLYOXLUZ] ^PaPY_S L^ WPLOTYR YZ_P _Z _SP ZN_LaP ]P[]P^PY_ _SP ^P]aLY_^ ²¼O]L MP NL`^P_SPdQPWWZ`_ZQ_SPZ_SP]_S]PPP^_L_P^x !# w?SPOPT_dZQ_SP_ZYTNT^-]LSX£_S`^_SPVYZbWPORPLMWP[PZ[WP^LdLYO _SP OPT_d ZQ _SP ^PNZYO T^ _SP QT]P RZO MPNL`^P ZQ _SP RL]T^S WTRS_ ,YO LWW NZb^]PUZTNPbSPY_SP_ST]OT^^`YR?SL_T^bSd_SPdNZXPbSPY_SPdSPL] _ST^ TY_P]aLW ?SP SPLaPYWd NZb >`]LMST T^ _SP OPT_d ZQ _SP _ST]O -`_ _SP XZZY T^ _SP OPT_d ZQ _SP QZ`]_S LYO _SP QTQ_S QZ] _SP XZZY T^ ]PRL]OPO L^ _SP OPT_d ZQ _SP -]LSXTY^ ,YO MPNL`^P _SP ^PaPY_S ^_LYO^ LMZaP PaP]d _STYRmT_SL^L^T_^OPT_d_SP^`Yx !$
?ST^ T^ SZb _SP 9£]LOÅdL±TV´£ L^^ZNTL_P^ ^Z`YO^ LYO ^ZNTLW aL]©L^ NZY_TY`TYR_SPYP_bZ]VNSL]LN_P]ZQ_SPbZ]WO_SL_T^LNZXXZY[L__P]Y ^TYNP WL_P APOTN _TXP^ ?SP]P T^ YZ_ ]PLWWd L STP]L]NSd ZQ STRSP] LYO WZbP] NWL^^P^ M`_ ]L_SP] _SP ^ZNTLW R]Z`[^ QZ]X L SL]XZYTN bSZWP WTVP LY Z]NSP^_]L_PO [TPNP ZQ X`^TN BSL_ T^ [SPYZXPYZWZRTNLWWd NWPL] T^ _SL__SP[]TXL]dTY_P]aLWZQ_PY^TZY_SP^PNZYOT^WTYVPO_Z_SPbL]]TZ]^ LYO _Z QT]P aTL _SP []Z[P]_d ZQ ^_]PYR_S ?SP [`]P TY_P]aLW^ L]P L^^ZNT L_PO bT_S bSL_ T^ -]LSXLYTN ?SP LYTXLW NLWW^ TY _SPT] _`]Y L]P LWWZ NL_PO TY L NZX[WP_PWd YL_`]LWT^_TN QL^STZY ?SP ^P\`PYNP ZQ OPT_TP^ ZY _SP Z_SP] SLYO L[[PL]^ _Z NZY^T^_ LWXZ^_ NZX[WP_PWd ZQ [`]P ^dYP^_SP ^TL^ BP L]P LW]PLOd QLXTWTL] Q]ZX _SP 8£©¼VdL@[LYT´LO bT_S _SP YZ _TZY ZQ ^Z`YO [SPYZXPYL []ZaTOTYR L Q]LXPbZ]V QZ] ^_L_PXPY_^ LMZ`_ `YTaP]^LWT_d ,YO TY _ST^ _Pc_ ZY [SZYP_TN^ _ZZ bP QTYO XP_L[SZ]^ QZ] _ST^ `YTaP]^LWT_d bSTNS SZbPaP] NLY MP YZ_ ZYWd TY_P][]P_PO TY L XP]PWd ^dXMZWTN bLd L^ TY _SP 8£©¼VdL@[LYT´LO M`_ bSTNS LW^Z Q`YN_TZYZYaL]TZ`^WPaPW^^`NSL^_SP^ZNTLWYL_`]LWT^_TNLYOLP^_SP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
!#
!$
[`´[L^£OS£]L©PV£WPVZVTWZaLV_T[LÓNLXLXg L²aL^_`OSLTaL_LÀaLV_TYT´£OLÀaLV_TV`ÓUL]Làgg 9£]LO¯d£±TV´£ zPO-ST ^P" [LÓNLXZXLOSdLXLà´LOULT_dP_PM]£SXL©£à^X_£àg ´LMSZOSLTaL_L²N£[TT_dP_L`V´L_]Td£a`MSL`gg R£YOS£]L²NLYT´£OL²NLaLT²d£aL]OSPYLaLT^X_L`g ²¼O]L_aLÀaTOSTN£]OSPYL[L_T_L_a£YYL^LÀ²LdLàgg 9£]LO¯d£±TV´£ zPO -ST^P £OdL^dLOLTaL_LÀM]LSX£´LOUL^d£[d`NdL_PM`OSLTàg _¯V´©LO¯[_T[]LV£²L_a£O´LMSL^dLS`_£²LYLàgg R£aLà[]LR¯_P_`´dLY_TR£YOS£]L^_PYLSP_`Y£g ²]`_a£NLTaZ[L_T´¶SLY_T^L`]LMSPMSd£YL^LÀ²LdLàgg ^ZXL^_`[LÓNLXL^d£[TOLTaL_LÀM]LSXL]£¶^X_LXgmgg"gg L_T^LYOS¯dL_PdL^X£OP_£Y[¼]aZ__ST_£Y^aL]£Yg_L^X£Omgg#ggmg ^L]a£À²N£MSTMSLaL_dP´LdLO£OT_dZ^dLOLTaL_LXgg 9£]LO¯d£±TV´£ z$PO -ST^P$z
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN 8ZZO^
w>_`OPY_^ ZQ _SP APOL L]P QZ]MTOOPY _Z [WLd OTNP ]PLO MZZV^ NSL^P bZXPY^WPP[LWWOLdWZYRZ]RZ_Z_SP_SPL_P]x "
?SP\`Z_L_TZYT^Q]ZX_SP 9£]LOÅdL±TV´£ M`_ ^ZXP ^_`OPY_^ ^PPXYZ_ _ZSLaPZMPdPOL_ WPL^__SPWL^_ZQ_SP^P[]ZSTMT_TZY^^TYNP_SP_Pc_^ZY _SPL_P] ^_`OTP^ LW^Z NZY_LTY z ]L_SP] ZXTYZ`^Wd z \`Z_L_TZY^ Q]ZX _SP bZ]V^ZQ_SP APOTN[SZYP_TNTLY^ LYO ^ZXP[L^^LRP^ZY^NLWP_SPZ]dTY NP]_LTY ±TV´£ bZ]V^ LW^Z ^PPX _Z SLaP MPPY _LVPY Q]ZX _SPL_P] ^_`OTP^ ,^ ZYP XLd OT^]PRL]O _SP [Z^^TMTWT_d ZQ [L]LWWPW TY^[T]L_TZY ZYP APOL ^_`OPY_Z]LYZ_SP]X`^_SLaP^YPLVPOZQQ_Z_SP_SPL_P]bSP]PT_^PPX^ _SL_ ^ZXP XLY`^N]T[_^ bP]P PcNSLYRPO 4_ T^ _]`P _SL_ _SPL_P] ^_`OTP^ L[[WTP^ aP]d ^TXTWL] XP_SZO^ _Z _SZ^P `^PO TY [SZYP_TN^ bSTNS T^ YZ_ ^`][]T^TYR^TYNP`W_TXL_PWdMZ_SOT^NT[WTYP^L]POPOTNL_PO_Z_SP^PY^Z]d L^[PN_ZQ^TRY^LYO^Z`YO4YOTLY_SPL_P]NZX[]T^P^^[PPNS[WLdOLYNP ^ZYR LYO TY^_]`XPY_LW X`^TN >_]TN_Wd ^[PLVTYR _SPL_P] T^ OLYNP O]LXL Z]X`^TNO]LXL 5`^_ WTVP _SP APOTN ]PNT_L_TZY XLY`LW^ _SPL_P] ^_`OTP^ LW^Z []ZaTOP OP_LTWPO _PNSYTNLW TY^_]`N_TZY^ LMZ`_ SZb ZYP ^SZ`WO ]PNT_P _Pc_^ , OT^_TYN_TZYT^XLOPMP_bPPY[]P^PY_L_TZY^_SL_`^P_SPaZTNPRP^_`]P^Z] QLNTLW Pc[]P^^TZY LMSTYLdL ?SPL_P] ^_`OTP^ SZbPaP] T^ Md YZ XPLY^ WTXT_PO _Z _SP PcLN_ OP^N]T[_TZY LYO LYLWd^T^ ZQ LN_TYR _PNSYT\`P^ M`_ LW^Z[`_^_SP^P_PNSYT\`P^TY_ZLRWZMLWXP_LWTYR`T^_TNNL_PRZ]dbSTNS _]TP^_ZNZaP]_SP^PY^Z]dPXZ_TaPNZY_PY_ZQ_SPLN_Z]^vaZTNP^RP^_`]P^ LYOQLNP^z_SP ]L^L BSL_T^XZ]PNSL]LN_P]T^_TNZQ_SPL_P]^_`OTP^_SLY LYd_STYR PW^P T^ _ST^ NPY_]LW _P]X ]L^L TP XZZO Pc[]P^^TZY O]LXL_TN PQQPN_ ?SPXLTY^Z`]NPQZ]_SPL_P]^_`OTP^T^-SL]L_Lv^ 9£¶dL²£^_]L w?Pc_ MZZV QZ] _SP _SPL_P]x " 4_ bL^ []ZMLMWd [`_ _ZRP_SP] ZaP] L [P]TZO ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 8Z]PWT_P]LWWdw?SP^TcZM^_]`N_TZY^_ZL__LTYTYRFAPOTNHVYZbWPORPL]POTNPWZaPZQ _SP_SPL_P]]PLOTYRMZZV^bZXPYLYO^WPP[TYP^^x% Od¼_LÀ[`^_LVLa£OdLÀNLY£¶LVP´`NL^LV_TV£F^LV_L_£*Hg ^_]TdL^_LYO]£NLYTO]£NLaTOd£aTRSYLVL]£©T´L¶gg 9£]LO¯d£±TV´£ #PO-ST^P " " ?SP 9£¶dL²£^_]L ZQ -SL]L_L bT_S _SP NZXXPYL]d Md ,MSTYLaLR`[_L 0O 8LYLaLWWT =LXLV]T^SYL 6LaT -L]ZOL% $! QQ& LYO = > 9LRL] aZW^ /PWST% ;L]TXLW 0OT _TZY^ $## @YWTVP WL_P] MZZV^ ZY _SP ^`MUPN_ -SL]L_Lv^ _]PL_T^P T^ ZY _SPL_P] LYO YZ_ dP_ L bZ]V ZY OLYNP z L QLN_ ZY bSTNS _SP NZXXPY_L_Z] ,MSTYLaLR`[_L _S NPY_ [ZYOP]^ ZaP] XLYd [LRP^ ?SP bZ]V bL^ _SP QT]^_ _]PL_T^P ZQ ]L^L LP^_SP_TN^ bSTNS,MSTYLaLR`[_L]PQTYPO?SP]PSLaPMPPYLR]PL_Y`XMP]ZQ^PNZYOL]d^_`OTP^ ZY4YOTLY_SPL_]POLYNPLYOLP^_SP_TN^?ZXPY_TZYZYWdLQPb%.SLYO]L-SLY2`[_L ?SP4YOTLY?SPL_]P -LYL]L^%8Z_TWLW-LYL]^TOL^^$ &;L`W?STPXPw/L^TYOT^NSP ?SPL_P]xTY 1P]YØ^_WTNSP^ ?SPL_P]PO 36TYOP]XLYY>_`__RL]_% 6]ØYP]$!!z
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
^PaP]LW NPY_`]TP^ " LYO NZY_LTY^ ^ZXP aP]d ZWO XL_P]TLW bSTNS XLd [Z^^TMWd OL_P MLNV _Z ;£©TYTv^ _TXP ?SP bZ]V NZaP]^ LWW _SP L]_^ _SL_ L]PTX[Z]_LY_QZ]X`^TNLW_SPL_P]%[ZP_]d[]Z^ZOdOLYNPX`^TN_SPZ]d ^TYRTYR LYO _SP ^_`Od ZQ TY^_]`XPY_^ O]LXL _SPZ]d ^_LRP NZY^_]`N_TZY NZ^_`XP^ LYO XLVP`[ LYO _PNSYT\`P^ QZ] OT]PN_TYR 4_ T^ _SP 9£¶dL²£^_]L bSP]P _SP _SPL_P] XLVP^ T_^ NWLTX _Z MP _SP wQTQ_S APOLx L APOL QZ] _SP [PZ[WP TMTO z# 4Y QLN_ _SP ZYWd _STYR T_ ^SL]P^ bT_S _SP APOL T^ _SP NWLTX _Z `YTaP]^LWT_d% w0aP]d_STYR _SL_ ZNN`]^ TY _SP_S]PPbZ]WO^FPL]_SLT]LYOSPLaPY^HT^_SP^`MUPN_ZQ_SP_SPL_P]x " ?ST^ NWLTX ZQ `YTaP]^LWT_d bSTNS T^ L__]TM`_PO _Z _SP APOL T^ QZ`YOPO TY_SPMPWTPQTYT_^_TXPWP^^YP^^LYOP_P]YLWaLWTOT_d?SP`YTaP]^LWT_dZQ _SP _SPL_P] WTP^ TY _SP YZ_TZY _SL_ _SP bSZWP ZQ ]PLWT_d T^ ]P[]P^PY_PO 4_ TX[L]_^Pc_PY^TaPVYZbWPORPLMZ`__SPbZ]WOLYO[ZTY_^Z`__SP NZY^P \`PYNP^ ZQ OZTYR ]TRS_ LYO b]ZYR OP^N]TMP^ _SP aL]TZ`^ QL_P^ ZQ _SP MPTYR^ LYO _SPT] MPSLaTZ] TY SL[[TYP^^ LYO TY XT^P]d >Z T_ T^ YZ_ ZYWd PY_P]_LTYTYR M`_ LW^Z PO`NL_TZYLW LYO NZXQZ]_TYR TMTO z -SL]L_Lv^ _SPL_P] T^ _]dTYR _Z MP w`YTaP]^LW _SPL_P]x TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O LYO _ST^ T^ Pc[]P^^PO YZ_ WPL^_ TY ST^ XP_LWTYR`T^_TN ]L^L _SPZ]d
;SPYZXPYZWZRdZQ8ZZO^
?SP Z]TRTYLW XPLYTYR ZQ ]L^L bL^ w^L[ ZQ L [WLY_x ?SP]P L]P XLYd WPcTNLW XPLYTYR^ ZQ _SP _P]X TY NWL^^TNLW >LY^V]T_% u_L^_Pv LMZaP LWW uL bSZWP^ZXP_L^_PvLYO_SP]PQZ]PLW^ZuP^^PYNPvMZ_STYL_PNSYTNLW^PY^P LYOLXP_L[SZ]TNLWZYP&TYLOOT_TZYuNZYOPY^L_PvLYOuNZYNPY_]L_PvLYO _SP]PQZ]PLW^ZuO]`RvZ]uXPOTNTYPv1Z]-SL]L_L]L^LXPLY^_SP^[PNTQTN XZZO^L]Z`^POLXZYR^__SPL`OTPYNPO`]TYRL[P]QZ]XLYNPTY_SP_SPL _P] :YP NLY YPT_SP] ^PP YZ] SPL] _SP ]L^L Z] _SP O]LXL_TN PQQPN_ ,N NZ]OTYR_Z-SL]L_LZYPNLYZYWdw_L^_PxT_zbPbZ`WO^LdwQPPWxT_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ &0YLV^ST-SLaYLYT ?SP/LYNPTY4YOTL -ZXMLd%?L]L[Z]PaLWL $"&1LM]TeTL -LWOT^^P]L LYO ,cPW 8TNSLPW^ /P] TYOT^NSP ?LYe 6ØWY% /`8ZY_ $##& 2L^_ZY ,YYP8L]TP -SL]L_L 9L_dLX% 1]ZX ?PX[WP _Z ?SPL_]P /PWST% 8LYZSL] $$!& 6LY_T .SLYO]L ;LYOPd 4YOTLY ,P^_SP_TN^ -LYL]L^% .SZbVSLXML $ & =LYTP]Z 2YZWT ?SP LP^_SP_TN Pc[P]TPYNP LNNZ]OTYR _Z ,MSTYLaLR`[_L =ZXP% 4^80: $ !&?;=LXLNSLYO]LY ?SP4YOTLY;STWZ^Z[SdZQ-PL`_d aZW^8LO]L^%@YTa ZQ 8LO]L^ $"$z$#& ;L`W 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR `YO TYOT^NSPY /PYVPY^ATPYYL%4Y^_T_`_QÞ]4YOZWZRTP$# " 1Z] ^TX[WTNT_d bP ^SLWW ^[PLV ZQ w-SL]L_Lx LW_SZ`RS _SP bZ]V X`^_ SLaP SLO XZ]P _SLYZYPL`_SZ]?SP_Pc_bL^[]Z[LMWdNZX[TWPOQ]ZXYO]ONPY_`]d-._Z_S _S NPY_`]d,/M`_XLdNZY_LTYX`NSXZ]PLYNTPY_XL_P]TLW " m _]LTWZVdL^d£^dL^L]aL^dLYL¶dLÀMS£a£Y`V¯]_LYLXg9£¶dL²£^_]L "
!
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
=L^L^ NLY MP PXMZOTPO aZNLWTePO LYO aT^`LWTePO LYO _ST^ T^ []P NT^PWd bSL_ SL[[PY^ TY _SP _SPL_P] -SL]L_L NL_PRZ]TeP^ _SP [Z^^TMWP ]P[]P^PY_L_TZY^L^QZWWZb^% − ]P[]P^PY_L_TZYMdRP^_`]P^[P]QZ]XPObT_S_SPWTXM^ £«RTVL Z]_SP MZOd& − ]P[]P^PY_L_TZY Md _SP OP^N]T[_TZY ZQ ^T_`L_TZY^ TY _SP XZYZWZR`P^ LYOOTLWZR`P^ZQ_SPLN_Z]^LYOLW^ZMd_SPNSL]LN_P]ZQ_SPPc[]P^ ^TZYZQ_SPOPNWLXL_TZY a£NTVL TPaZNLWRP^_`]P^& − ]P[]P^PY_L_TZY Md [^dNSZWZRTNLW Z] [^dNSZ[Sd^TNLW RP^_`]P^ ^£__ aTVL ^`NSL^ZYPv^SLT] ^_LYOTYRZYPYOZ]bPP[TYR L^LYPc[]P^ ^TZYZQ^_]ZYRPXZ_TZY^LYOQPPWTYR^ MS£aL & − ]P[]P^PY_L_TZY Md Z_SP] _STYR^ ^`NS L^ NZ^_`XP UPbPW]d XLVP`[ LYOX`^TNLWLNNZX[LYTXPY_ ?SPR]PL_P^_TYQW`PYNPTY_SPOPaPWZ[XPY_ZQ_SP ]L^L_SPZ]d bL^[]ZML MWd _SP YPPO _Z []ZaTOP ^[PNTQTN TY^_]`N_TZY^ QZ] _SP ^£__aTVL RP^_`]P^ _ZZ bSZ^P PcPN`_TZY ]P\`T]PO _SP [P]QZ]XP] _Z TXXP]^P STX^PWQ TY _SP XZZO ZQ L ^NPYP ,^ L NZY^P\`PYNP _Z OP^N]TMP _SP ]PLWTeL_TZY ZQ _SP ^£__aTVL RP^_`]P^ ZYP SLO LW^Z _Z OP^N]TMP _SP XZZO^ ?ST^ YPNP^^L]TWd WPO _Z _SP N]PL_TZY ZQ LY PL]Wd [SPYZXPYZWZRd LYO _SP QZ]XL_TZY ZQ LY Pc_PY^TaPLYO^`M_WPWLYR`LRPZQRP^_`]P^ 4YST^[SPYZXPYZWZRTNLWPc[WZ]L_TZYZQ_SP^[PN_]`XZQS`XLYQPPW TYR^-SL]L_LNWL^^TQTP^PTRS_Q`YOLXPY_LW^_L_P^ZQ_SP^Z`WZ]_d[P^ZQ PXZ_TZY^ ^_S£dTMS£aL ?SPd L]P NZYOPY^PO TY _SP L]_T^_TN Pc[]P^^TZY ZQ _SP O]LXL LYO WPLO _Z PTRS_ ]L^L^ Z] wLP^_SP_TN XZZO^x -SL]L_L XLVP^ L ^_]TN_ OT^_TYN_TZY MP_bPPY _SP Z]OTYL]d _d[P^ ZQ PXZ_TZY^ PR UZWWT_dLYOLP^_SP_TN^PY_TXPY_^TY_ST^NL^P_SPNZXTNXZZO?d[P^ZQ PXZ_TZY^L]P^`MUPN_TaPLYO[P]^ZYLWbSTWP]L^L^L]P_]LY^[P]^ZYLW 1Z] PcLX[WP _SP V]L`ÓNL P[T^ZOP bSTNS []PW`OP^ _SP =£X£dL©L OP^N]TMP^ SZb _SP L`_SZ] ZQ _SP P[TN A£WXÅVT ^Lb L QPXLWP MT]O ^SZ_ Md L MT]ONL_NSP]v^ L]]Zb LYO _SP [LTY ZQ T_^ XL_P ?ST^ NL`^PO STX _Z b]T_PST^QLXZ`^bZ]VTY_ST^Q`YOLXPY_LWXZZO,NNZ]OTYR_ZWL_P]L]_ _SPZ]T^_^T_T^YZ__SP[L]_TN`WL][LTYZQ_SPMT]OYPT_SP]T^T__SP^`MUPN _TaPQPPWTYRZQ_SP[ZP__SL_QZ`YOPc[]P^^TZYTY_ST^QT]^_aP]^PM`_[LTY LYO [T_d TY RPYP]LW ,NNZ]OTYR _Z 4YOTLY LP^_SP_TN^ _SPZ]d QPPWTYR^ LWbLd^L[[PL]TYbZ]V^ZQL]_TYLOP[P]^ZYLWTePOQZ]X ^£OS£]L©ÅV_L 1Z] _ST^ ]PL^ZY _SPd L]P LMWP _Z L]Z`^P _SP ^LXP QPPWTYR^ TY OTQQP]PY_ [PZ[WPLYOL]PNL[LMWPZQPc[]P^^TYR`YTaP]^LWQPL_`]P^LMZ`_WTQP 4Y_ST^^PY^P_SP_]LY^[P]^ZYLWLP^_SP_TN^PY_TXPY_^L]PNWL^^TQTPO% P]Z_TN]ZXLY_TNXZZO ²«R£]L T^ML^POZY[WPL^`]PZQWZaPLYOUZTP OPaTa]P ]L_T & NZXTNXZZO S£^dL T^ML^POZY_SP^`MUPN_TaPPXZ_TZY^ZQWL`RSTYR LYONSPP]Q`WYP^^ S£^L &
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
"
_]LRTN LYO [T_dTYR XZZO VL]`©£ T^ ML^PO ZY ^Z]]Zb LYO ^`QQP]TYR ²ZVL & _]PXPYOZ`^LbP^ZXPLYO_P]]TQTNXZZO ]L`O]L "T^ML^POZYT]]T_L _TZY]LRPLYOLYRP] V]ZOSL & SP]ZTN XZZO aÅ]L T^ ML^PO ZY bTWW ^_LXTYL ^_PLOQL^_YP^^ PQQZ]_ LYO^_]PYR_S `_^£SL & ! XZZO ZQ SZ]]Z] ^S`OOP] LYO N]PP[d XZZO TY _SP LP^_SP_TN ^PY^P MSLd£YLVL T^ML^POZYQPL]LYOLYcTP_d MSLdL & " ]PaZW_TYR XZZO OT^R`^_ LYO ]Pa`W^TZY L^ LY LP^_SP_TN \`LWT_d MÅM SL_^L T^ML^POZYLaP]^TZYLYOSL_]PO U`R`[^£ TPZY]Pa`W^TZYTY L[^dNSZWZRTNLW^PY^PLYO # ^PY_TXPY_ ZQ _SP QLY_L^_TN LYO bZYOP]Q`W LOMS`_L T^ ML^PO ZY L^ _ZYT^SXPY_ aT^XLdL " ,NNZ]OTYR_Z_ST^_SPZ]d_SP]P[]P^PY_L_TZYZQ[WPL^`]PZQWZaPLYOW`^_ QZ] WTQP ]L_T Md NP]_LTY RP^_`]P^ LYO OP^N]T[_TZY^ N]PL_P^ LY P]Z_TN LYO ]ZXLY_TNXZZO ²«R£]L]L^L :]_ZPc[]P^^T__SPZ_SP]bLd]Z`YO_SP P]Z_TN LYO ]ZXLY_TN ^PY_TXPY_ T^ ML^PO ZY _SP XTXTN ]P[]P^PY_L_TZY ZQ WZaP]PWL_TZY^ST[^±«R£]LT^_S`^YZ__SPOP^T]PZQZ]QZ]LYTYOTaTO`LW [P]^ZY M`_ L _]LY^[P]^ZYLW LP^_SP_TN ^_L_P bSTNS X`^_ YZ_ MP P\`L_PO bT_S_SPPXZ_TZYLW^_L_P MS£aL ZQ^ZXPZYPTYWZaP 4_T^TY_P]P^_TYR_SL_`YWTVPNWL^^TNLWBP^_P]YLP^_SP_TN^PaPY]Pa`W ^TZY LYO OT^R`^_ LW^Z MPWZYR _Z _SP ^_L_P^ ZQ _SP XTYO _SL_ L]P PWTRTMWP QZ] _]PL_XPY_ TY _SP L]_^ 4YOTLY LP^_SP_TN^ SL^ L NSL]LN_P]T^_TN ^_]TaTYR _Z TY_PR]L_P _SP OTaP]RTYR ^_L_P^ ZQ _SP ^Z`W TY bZ]V^ ZQ L]_ 4_ OZP^ YZ_ _]d_Z]P[]P^PY_bSL_T^wMPL`_TQ`WxbT_S^TX`W_LYPZ`^PcNW`^TZYZQbSL_ T^w`RWdxz_SL_T^T_SL^L_Z_LWWdOTQQP]PY_[]ZR]LX_SLY_SL_ZQNWL^^T NLW BP^_P]Y LP^_SP_TN^ ?SP _SPL_P] LTX^ _Z SL]XZYTeP _SP XLYd LYO aL]TPOQTPWO^ZQXPLYTYR TYWTQPbT_SZYPLYZ_SP]bSTNSPcT^_TYPaP]d OLdWTQP^P[L]L_POQ]ZXLYONZYQWTN_TYRbT_SZYPLYZ_SP]% w>ZXP_TXP^ bP ^SZb OSL]XL YZMWP OPPO^ bT_S STRS XZ]LW^ ^ZXP_TXP^ NZXPOd LYO RLXP^ ^ZXP_TXP^ ^_]TaTYR QZ] ]TNSP^ ^ZXP_TXP^ L [PLNPQ`W ^Z`W>ZXP_TXP^[PZ[WPWL`RS^ZXP_TXP^_SPdQTRS_^ZXP_TXP^_SPdL]PTY WZaPLYO^ZXP_TXP^_SPdNZXXT_X`]OP]x "!
?ST^ SZWT^_TN NWLTX T^ _LVPY ^P]TZ`^Wd 0aP]d XZZO T^ [LTY^_LVTYRWd OP ^N]TMPO TY L [SPYZXPYZWZRTNLW XLYYP] ?Z PaP]d XZZO L OPT_d LYO L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 7T_P]LWWdwMPWZYRTYR_Z=`O]LxZ]w^TXTWL]_Z=`O]Lx " >PP LW^Z =LXLNSLYO]LY 4YOTLY ;STWZ^Z[Sd ZQ -PL`_d ;_ $# & 3LNVP] 2]`YOWLRPYTYOT^NSP]/TNS_`YR$# "! VaLNTOOSL]XLàVaLNT_V]¯£VaLNTOL]_SLàVaLNTNNSLXLàg VaLNTOOS£^dLÀVaLNTOd`OOSLÀVaLNT_V£XLàVaLNTOaLOSLàgg9£¶dL²£^_]L #
#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
NZWZ] L]P LWWZNL_PO ,^ LY TWW`^_]L_TZY XLd ^P]aP _SP w_]PXPYO`Xx Z] _P]]TQdTYR ]L`O]L LYO_SPwQL^NTYLY^xZ]bZYOP]Q`W LOMS`_L "" BSL_ T^ _P]]TQdTYR ]L`O]L WT_ w_SP ^_L_P ZQ _SP RZO =`O]Lx SL^ =`O]LL^T_^OPT_d?SPNZWZ]ZQ_ST^XZZOT^FMWZZOH]PO% w?SP Q`YOLXPY_LW ^_L_P ZQ _SP _P]]TQdTYR XZZO T^ LYRP] LYO Z`_]LRP V]ZOSL 4_SL^_SPNSL]LN_P]ZQLOPXZYZQLbTWORTLY_Z]ZQLYL]]ZRLY_ S`XLY MPTYR 4_ WPLO^ _Z bL] 4_ L]T^P^ aTMS£aL bSPY ^ZXPMZOd T^ LYR]d LYOZ`_]LRPOXT^_]PL_POZQQPYOPOOPNPTaPOL__LNVPOZ]LM`^PObSPYSP T^ MPTYR _S]PL_PYPO Z] NSL^PO ?SP^P Pc[]P^^TZY^ LY`MS£aL ]PaPLW T_% _SP [P]^ZY WP_^ QWd bT_S ST^ QT^_^ SP NL`^P^ S`]_ ZY [`][Z^P OP^_]Zd^ _STYR^ ^PTeP^ _STYR^ aTZWPY_Wd QZ] STX^PWQ _LVP^ `[ bPL[ZY^ LYO TYU`]P^ Z_SP]^ LYO O]Lb^ MWZZO 4_ NLY LW^Z MP Pc[]P^^PO TY _ST^ bLd% _SP PdP^ _`]Y ]PO _SP PdPM]Zb^ L]P O]LbY _ZRP_SP] SP []P^^P^ ST^ WT[^ _ZRP_SP] LYO R]TYO^ ST^ _PP_S bSTWP ST^ NSPPV^ QWL[ LYO SP NWPYNSP^ ST^ QT^_^ ?SP _PX[Z]L]d ^_L_P^ adLMSTN£]TY L]P _SP^P% ^ZXP_TXP^ ZYP SL^ L NWPL] SPLO ^ZXP_TXP^ ZYPT^ZQbLY_ZYYL_`]PZ]L]Z`^PO^ZXP_STYRPL_^ZYP`[^ZXP_TXP^ZYP MPNZXP^M]`_LWLYOaTZWPY_ LYO_SPYTYOPNT^TaP LRLTY XP]NTWP^^LYOL]]Z RLY_:YP^bPL_^^SLVP^ZYPv^SLT]^_LYO^ZYPYOLYOZYP^_`__P]^x "#
1L^NTYL_TZY LOMS`_L WT_ wbZYOP]Q`W XL]aPWZ`^ Pc_]LZ]OTYL]d ^`[P] YL_`]LWLYZXPYxSL^-]LSX£L^T_^OPT_dLYONLYL]dZ]WPXZYdPWWZb L^T_^NZWZ]% w?SP Q`YOLXPY_LW ^_L_P ZQ _SP XZZO ZQ _SP QLY_L^_TN LYO bZYOP]Q`W T^ L^ _ZYT^SXPY_4_L]T^P^bSPYZYP^PP^SPLaPYWdMPTYR^bSPYLWZYR^_LYOTYR bT^ST^Q`WQTWWPObSPYZYPPY_P]^LR]ZaPZ] L_PX[WPbSPYZYPTXLRTYP^ SPLaPYWd L^^PXMWTP^ SPLaPYWd [LWLNP^ ^`[P]YL_`]LW [SPYZXPYL ^`NS L^ _]LY^QTR`]L_TZY Z] XLRTN TWW`^TZY^ Z] bSPY ZYP ^PP^ Z] SPL]^ ZQ _SP^P _STYR^?SP^PPc[]P^^TZY^]PaPLWT_%_SPPdP^L]PbTOPZ[PYLYOTXXZaLMWP ZYP SL^ RZZ^PQWP^S _SP PdP^ bL_P] _SP]P T^ ^bPL_ ZY ZYPv^ M]Zb ^STaP]^ ZQUZd]`YOZbYZYPv^MLNVZYPNLWW^u::vLYOuM]LaZvXLVP^^[ZY_LYP Z`^ RTQ_^ XLVP^ `YNZY_]ZWWLMWP XZaPXPY_^ bT_S ZYPv^ L]X^ LYO QLNP LYO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" =`OZWQ :__Zv^ XLUZ] _P]X^ ZQ _SP 9`XTYZ`^ Z] 3ZWd z _SP NZY_]L^_SL]XZYd w8d^_P ]T`X _]PXPYO`Xx LYO w8d^_P]T`X QL^NTYLY^x :__Z /L^ 3PTWTRP $" z L]P \`T_P ^`T_LMWPQZ]_SP4YOTLYNWL^^TQTNL_TZYZQOPT_TP^`R]L LYO ^L`XdL LYOTY[L]_LW^ZQZ] _SPLP^_SP_TN XZZO^OP^N]TMPOLMZaP 4_T^_d[TNLWSZbPaP]_SL__SP 4YOTLY[P]^[PN _TaP T^ YZ_ ]P^_]TN_PO _Z ^`[]LX`YOLYP >PP LW^Z ,YYP__P BTWVP wu>_TXX`YRPYv `YO uE`^_ÆYOPv4YOT^NSP¦^_SP_TV`YO2PQÞSW^]PWTRTZ^T_Æ_xTY 9ZNSPTYP.SLYNPQÞ]OTP=P WTRTZY^[SÆYZXPYZWZRTP* PO , 8TNSLPW^ / ;PeeZWT:WRTL_T LYO 1 >_ZWe -P]YP% 7LYRz! "# L_SL]L`O]ZY£XLV]ZOSL^_S£dTMS£a£_XLVZ]LV´ZO£YLaZOOSL_LXLY`´dL[]LV_Tà ^LÀR]£XLSP_`VLàg^LNLV]ZOS£OSL]´L©£OSTV´P[£Y_LaLNLYZ[LRS£_La£V[£]`´d£MST O]ZSLX£_^L]d£OTMST]aTMS£aLT]`_[LOdL_Pg_L^dLNL_£LYL[£¶LYL[¯LYLNNSPOLYL MSPOLYL[]LSL]L©£SL]L©L²L^_L^LÀ[£_L^LÀ[]LS£]L]`OST]£VL]´L©£Od£YTVL]X£©Tg[`YL² NL]LV_LYLdLYLMS]`V`¶¯VL]L©LOLY_Z´¶SL[¯LYLRL©L^[S`]L©LSL^_£R]TYT´[P´£OTMST ]LY`MS£aLT]LMSTYLdLà[]LdZV_LadLàgMS£a£²N£^d£^LÀXZSZ_^£S£aPR£XL]´L NL[LWL_L`R]dLRL]aL^aPOLaP[L_S`]ZX£ÓNLRLORLO£OLdLàg9£¶dL²£^_]L !!
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
$
ZYPv^ ]ZMP QWL[^ LMZ`_ :YP Pc[P]TPYNP^ ^_L_P^ ZQ MPTYR ^[PWWMZ`YO ZQ L]Z`^LWNZYQ`^TZYLYO^`][]T^PZ]ZYPNZWWL[^P^TYLQLTY_x "$
>Z -SL]L_L OPQTYP^ ST^ ]L^L^ []TXL]TWd TY L WT_P]L]d bLd% aTL NP]_LTY ^NPYL]TZ^ LYO []PQP]LMWd WT_P]L]d _]Z[P^ ^`NS L^ _SP _Z[ZT wSPLaPYWd L^^PXMWTP^x LYO wSPLaPYWd [LWLNP^x bSTNS RPYP]L_P _SP^P XZZO^ LYO SL]MZ]_SPXbT_STY_SPX^PWaP^3ZbPaP]L^_SPaZNLW_PNSYT\`PXLVP^ NWPL]_SPXZZO^L]PYZ_U`^_]SP_Z]TNLWPWPXPY_^L^_SPWL_P]^NSZWL]^ZQ [ZP_]d ^`NS L^ /L©TY ^PP MPWZb ZQ_PY XT^_LVPYWd _SZ`RS_ ?SP WT_P] L]d _Z[ZT _Z bSTNS -SL]L_L ]PQP]^ L]P XP]PWd PcLX[WP^ _SL_ L]P bPWW VYZbY _Z PaP]dZYP TY ST^ L`OTPYNP 4Y QLN_ SP ^_]TaP^ QZ] NWL^^TQTNL_TZY ZQ `YTaP]^LW QPPWTYR^ LYO _SPT] LP^_SP_TN QZ]X^ ZQ Pc[]P^^TZY BSL_ T^ TX[Z]_LY_ _Z STX T^ `YTaP]^LW LP^_SP_TN NL_PRZ]TP^ 1Z] PcLX[WP _SP wQWL[[TYR NSPPV^x ^TX[Wd ]PaPLW LY TYYP] _PY^TZY wMPTYR `YOP] []P^ ^`]Px bSTNS XLYTQP^_^ T_^PWQ [Sd^TZWZRTNLWWd L^ LY TYN]PL^P TY _SP ]L_P ZQ M]PL_STYR z _SP LN_Z] `^P^ wQWL[[TYR NSPPV^x _Z TYOTNL_P _SP R]PL_P] aZW`XPZQLT]M]PL_SPOTYLYOZ`_,BP^_P]YLN_Z]bZ`WO]P[]P^PY__SP ^LXP [^dNSZ[Sd^TNLW [SPYZXPYZY OTQQP]PY_Wd >Z _SP ^NPYL]TZ^ LN _TZY^LYORP^_`]P^`^POL]PYPaP]LYd_STYRZ_SP]_SLY^TRY^ ?SP ]L^L _P]XTYZWZRd TY _SP 9£¶dL²£^_]L XLd MP _P]XPO L XP_L WLYR`LRP_ZZ?SPQ`YN_TZY^ZQ_ST^XP_LWLYR`LRPL]PNZX[L]LMWPbT_S _SPQZ]X`WLTNWLYR`LRPZQ;£©TYTM`_T_^NZY_PY_T^_SP[]PNT^PZ[[Z^T_P BSTWP R]LXXL] T^ NZYNP]YPO bT_S _STYR^ _SL_ PcT^_ ZYWd TY LM^_]LN_ QZ]X LP^_SP_TN^ T^ NZYNP]YPO bT_S _STYR^ _SL_ PcT^_ ZYWd TY [L]_TNT[L _TZY ;£©TYTv^ XP_LWLYR`LRP ^_]T[^ _SP bZ]O wR]Zb_Sx ZQ T_^ YL_`]LW L^^ZNTL_TZY^LYOWPYO^T_L[`]PWdR]LXXL_TNLWXPLYTYR?SPXP_L_P]X wR]Zb_Sx OZP^ YZ_ ^`RRP^_ SL[[TYP^^ LYO []Z^[P]T_d M`_ T^ ^TX[Wd L R]LXXL_TNLW OPQTYT_TZY .ZY^P\`PY_Wd _SP QZ]X`WL aOOST] £O LTN OZP^ YZ_ TYOTNL_P _SL_ _SP aZbPW^ w£x wLTx LYO wL`x M]TYR SL[[TYP^^ LYO []Z^[P]T_d M`_ TY^_PLO XP]PWd OP^N]TMP^ _SP R]LXXL_TNLW []Z[P]_d ZQ []Z_]LN_TZY-SL]L_Lv^XP_LWLYR`LRPZYP_SPZ_SP]SLYO`^P^_SPbZ]O wP]Z_TNT^Xx ²«R£]L WT_P]LWWd w^STYTYR LOZ]YXPY_x M`_ LW^Z wP]Z_TN WZaPx_ZO]LQ_LXP]P^dXMZWbSTNST^^P[L]L_POQ]ZXLWWLN_`LWZNN`] ]PYNP^ ZQ MPTYR TY WZaP LYO ^Pc`LWT_d LYO SL^ L [`]PWd LP^_SP_TN XPLY TYR ,W_SZ`RS _SP P]Z_TN L_XZ^[SP]P ZQ L ^NPYP NLY MP QPW_ ZYP NLYYZ_ LN_`LWWd OPQTYP T_ z L_ XZ^_ ZYP NLY QTYO bLd^ ZQ OP^N]TMTYR NT]N`X ^N]TMTYR LYO LWW`OTYR _Z T_ ?ST^ T^ LNSTPaPO Md aP]MLW LYO YZYaP]MLW XPOTLTY[L]_TN`WL]MdaT^`LWLYO^ZYTNwRP^_`]P^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ L_S£OMS`_ZY£XLaT^XLdL^_S£dTMS£a£_XLVLàg^LNLOTadLULYLOL]²LYP[^T_LXLYZ]L_S£ a£[_d`[LaLYLOPaLV`W£OTRLXLYL^LMS£aTX£YLX£dPYO]LU£WL^LÀMS£aLY£OTMST ]aTMS£aLT]`_[LOdL_Pg_L^dLYLdLYLaT^_£]£YTXP´L[]PV´L©L]ZX£ÓN£²]` ^aPOLSL]´L^£OS`a£OLO£YL[]LMLYOSLS£S£V£]LM£S`aLOLYLNPW£«R`WTMS]LXL©£OTMST] LY`MS£aLT]LMSTYLdLà[]LdZV_LadLàgMS£a£²N£^dL^_LXMS£²]`^aPOL RLORLOL]ZX£ÓN£aPRL^LÀMS]LXLULL_£[]LWLd£OLdLàg 9£¶dL²£^_]L !"
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
>PXLY_TNTeL_TZYZQ2P^_`]P^
-SL]L_LOP^N]TMP^_SPL`OTZaT^`LWNZXX`YTNL_TZYZQ_SP ]L^L^ L^SLaTYR XLYd ^_LRP^ 3P MPRTY^ bT_S _SP XZ^_ []PNT^P [SPYZXPYZWZRTNLW OP ^N]T[_TZY ZQ _]LY^T_Z]d ^`MUPN_TaP PXZ_TZYLW ^_L_P^ adLMSTN£]T MS£aL LOOPO _Z _SP PTRS_ OZXTYLY_ PXZ_TZYLW ^_L_P^ ^_S£dTMS£aL ?ST^ LW^Z TYNW`OP^ ^_L_P^ ^`NS L^ OP[]P^^TZY OZ`M_ _T]POYP^^ bZ]]d UPLWZ`^d NP]_LTY_d UZdQ`W L]Z`^LW LYO XLOYP^^ ?SP^P ^`[[WPXPY_L]d PXZ_TZYLW ^_L_P^ PYNZX[L^^ [^dNSZ[Sd^TNLW ZYP^ ^`NS L^ O]PLXTYR LRZYdTWWYP^^LYOLXYP^TL5`^_WTVP_SP ]L^L^_SP^P]PLWbZ]WOQPPWTYR^ L]P OPQTYPO LNNZ]OTYR _Z _SP NZYOT_TZY^ `YOP] bSTNS _SPd L]T^P LYO _SP bLd^_SPdNLYMPNZXX`YTNL_POL`OTZaT^`LWWd 1Z]PcLX[WPLNNZ]OTYR _Z-SL]L_LXLOYP^^NLYMP_]TRRP]POMd^P[L]L_TZYQ]ZXWZaPOZYP^Md _SPWZ^^ZQZYPv^RZZO]P[`_L_TZYZ]MdTWWYP^^4_T^Pc[]P^^POMdWL`RS TYR bT_SZ`_ LYd ]PL^ZY bPP[TYR Z] ^N]PLXTYR ^[PLVTYR L NZY_TY`Z`^ ^_]PLX ZQ YZY^PY^P ^TYRTYR OLYNTYR ]PNT_TYR ^XPL]TYR ZYP^PWQ bT_S L^SP^Z]OT]_LYONL]]dTYRL^V`WW4Y_P]P^_TYRWd_SPWL__P]TYOTNL_Z]^L]P QZ`YO LXZYR^_ _SP ±LTaL L^NP_TN^ bSZ TY QLN_ TY PL]Wd ±TaLT^X []P _PYOPO _Z MP N]Led LYO bP]P ]PRL]OPO Md _SP RPYP]LW [`MWTN L^ ^`NS -SL]L_L [`_^ _SP PXZ_TZYLW Pc[]P^^TZY^ ZQ XLOYP^^ TY _SP ]L^L NL_PRZ ]TP^ZQ_]LRPOd VL]`©£ LYOWZaP^TNVYP^^.ZY^P\`PY_WdZYPLYO_SP ^LXP^`MUPN_TaP^_L_PNLYQTR`]PTY^PaP]LW]L^L^ ?SP ^£__aTVL RP^_`]P^ z _SP PXMZOTXPY_^ ZQ QPPWTYR^ z L]P ^d^_PX L_TNLWWd _Z MP OT^_TYR`T^SPO Q]ZX _SP PXZ_TZYLW ^_L_P^ M`_ TY []LN_TNP _SPd L]P ZQ_PY NZYQ`^PO bT_S _SPX ?ST^ R]Z`[ TYNW`OP^ ^`NS _STYR^ L^ bPP[TYR^SLVTYR\`TaP]TYRMWLYNSTYRLYO^bPL_TYR?SP^P[SPYZXPYL NLY ZYWd MP ]P[]P^PY_PO NZ]]PN_Wd TQ _SP LN_Z] T^ LMWP _Z PY_P] TY_Z _SP PXZ_TZYLW ^_L_P^ bSTNS _]TRRP] _SP^P ^dX[_ZX^ 3PYNP _SP YLXP ^£__ aTVL OP]TaPO Q]ZX ^L__aL ^ZXP_STYR w_SL_ ]PLWWd PcT^_^x 4_ ^PPX^ `YWTVPWd _SL_ _ST^ TOPLWT^_TN ]P\`T]PXPY_ NZ`WO MP Q`WQTWWPO ?SP]PQZ]P -SL]L_L LW^Z []ZaTOP^ TY^_]`N_TZY^ LMZ`_ SZb _SP [^dNSZ[Sd^TNLW ^£__aTVLRP^_`]P^NLYMP^TX`WL_POMd`^PZQ_SPMZOdLYO_SPaZTNP -PNL`^P ZQ _SP OTQQTN`W_d TY ]P[]P^PY_TYR _SP ^£__aTVL RP^_`]P^ _SP XLUZ] XPOTL ZQ NZXX`YTNL_TYR L ]L^L `_TWTeP ^PY^P [P]NP[_TZY TP L`OTZaT^`LW ^TRY^% bPWWOPQTYPO ^_dWTePO RP^_`]P^ [P]QZ]XPO Md _SP WTXM^ L«R£uMSTYLdL LYOwaZNLWRP^_`]P^xZ]Pc[]P^^TaP^[PPNS a£R LMSTYLdL ?SPNZYNP[_ZQ_SP_SPL_]TNLW ]L^L NLYTYQLN_ZYWdMP]PLWTePO TY L X`W_TXPOTLW QL^STZY ?SP]P L]P _bZ []P]P\`T^T_P^ QZ] _SP _SPL_P]v^ NWLTX _SL_ T_ [Z]_]Ld^ LWW L^[PN_^ ZQ Z`] bZ]WO% L _SL_ LWW ZMUPN_^ LYO PaPY_^X`^_MP^`]]Z`YOPOMd]L^LTPX`^_SLaPLO]LXL_TN[ZbP]LYO TYPcZ]LMWd M]TYR LMZ`_ PXZ_TZYLW [L]_TNT[L_TZY& LYO M _SL_ LWW ZMUPN_^ LYO PaPY_^ TY _SP bZ]WO NLY LW^Z MP ]P[]P^PY_PO TY _ST^ L_XZ^[SP]TN QZ]XZQLP^_SP_TNXZZO^?SP]PLWT_dZQ_SP_SPL_P]OZP^YZ_]PQWPN_[SP
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
YZXPYLW]PLWT_dMdLYdXPLY^Z_SP]bT^PT_bZ`WOYZ_MP_SPL_P]-`_TY NZY_]L^_ _Z L WT_P]L]d bZ]V _SP ZMUPN_^ LYO PaPY_^ ZQ PaP]dOLd ]PLWT_d WZVLOSL]XL L]P YZ_ ZYWd YLXPO M`_ _SPd LW^Z ZNN`] TY L \`T_P ]PLW bLd LYO TXXPOTL_PWd bT_STY _SP ]PLWT_d ZQ _SP _SPL_P] ^SZbY ZY _SP ^_LRP Y£¶dLOSL]XL ?SP ]PLWT_d ZQ _SP _SPL_P] ^SZ`WO []ZaTOP MZ_S PWPXPY_^% ^PY^Z]d TXXPOTLNd TY _SP RP^_`]P [W`^ L]_T^_TN NZXX`YTNL _TZYZQXZZO^ ,^_LRP]P[]P^PY_L_TZYTP[`__TYRbSL_T^XPLY_TY_Z^PY^Z]dQZ]X T^ZYWd[Z^^TMWPaTLRP^_`]P^?ST^_]LY^QP]ZQXPLYTYRTY_ZOT]PN_^PY^P [P]NP[_TZY bSTNS T^ ]PLWTePO `^TYR RP^_`]P^ T^ XT^^TYR TY WLYR`LRP 7LYR`LRPLWbLd^OPaPWZ[^L_LOT^_LYNPQ]ZX_SL_bSTNST_OP^N]TMP^L^ .L^^T]P]YZ_P^% wYZ_ TY []ZcTXT_d _Z _SP TXXPOTL_PWd RTaPY M`_ TY []ZR]P^^TaP ]PXZaLW Q]ZX T_ WTP _SP aLW`P LYO _SP ^[PNTQTN NSL]LN_P] ZQ WTYR`T^_TN L^ ZQ L]_T^_TN Q`YN_TZY 7LYR`LRP _ZZ MPRTY^ ZYWd bSP]P Z`] TXXPOTL_P ]PWL_TZY _Z ^PY^Z]dTX[]P^^TZYLYO^PY^Z]dLQQPN_TaT_d NPL^P^ x #
BSPY -SL]L_L ^[PLV^ ZQ Y£¶dLOSL]XL SP WTYV^ _ST^ bT_S _SP OPXLYO _SL_ _SP _SPL_P] ^SZ`WO SLaP _SP NSL]LN_P] ZQ L ]PLWT_d _SL_ Z[PY^ T_^PWQ `[ TXXPOTL_PWd _Z _SP ^PY^Z]d TX[]P^^TZY -`_ L_ _SP ^LXP _TXP _SP _SPL_P] ^SZ`WO LW^Z Q`WQTWW _SP OPXLYO QZ] L]_T^_TN QZ]X >Z TY _ST^ ]P ^[PN_ _SP _SPL_P] TXT_L_P^ PaPY_^ wTY ]PLW _TXPx L^ TQ _SPd bP]P ]PLWWd SL[[PYTYR& M`_ T_ OZP^ ^Z TY L ^_dWTePO QZ]X bSTNS TY _`]Y T^ YZ_ [`]P XTXTN]dM`_TY^_PLOLYL]_T^_TN]P[]P^PY_L_TZY 7LYR`LRP NLY ZYWd ^[PLV LMZ`_ L _STYR z M`_ T_ NLYYZ_ LW^Z MP _SL_ _STYR 4_ NLY Q`WQTWW _SP OPXLYO QZ] L]_T^_TN ]P[]P^PY_L_TZY M`_ T_ OZP^ YZ_ Z[PY T_^PWQ `[ _Z TXXPOTL_P ^PY^Z]d [P]NP[_TZY ?ST^ T^ bSP]P _SP wWLYR`LRPZQRP^_`]P^xMPNZXP^TX[Z]_LY_z_SPMZOTWdRP^_`]P^LYO_SP ^Z`YO RP^_`]P^ TY _SP _SPL_P] ,Y LN_Z] bSZ NZXP^ ZY ^_LRP bT_S ST^ SLYO^ NL^`LWWd ^_`QQPO TY_Z ST^ _]Z`^P] [ZNVP_^ LYO LYYZ`YNP^ TY _SP aZTNP ZQ L YPb^NL^_P] _SL_ L _P]]TMWP OPXZY T^ [`]^`TYR STX LYO bLY_^ _Z PL_ STX `[ T^ YZ_ P^[PNTLWWd N]POTMWP LYO bTWW YZ_ N]PL_P L ]L^L 4Q SZbPaP] SP QZWWZb^ -SL]L_Lv^ TY^_]`N_TZY^ L^ SP NZXP^ ZY ^_LRP TP ^[PLVTYR _SP ^LXP ^PY_PYNP bT_S ST^ PdP^ bTOP Z[PY LY `Y^_PLOd RLeP LYO ^SLVTYR WTXM^ TY_ZYTYR _SP ^LXP ^PY_PYNP bT_S L OL]V LYO \`TaP] TYRaZTNPSP T^ _SPQPL]_SL_T^_ZMP]P[]P^PY_PO >Z _SP TXT_L_TZY SL^ L \`LWT_d RZTYR MPdZYO WLYR`LRP% T_ T^ XZ]P ^PY^Z]dXZ]POT]PN_NWPL]P]LYO WP^^NZYaPY_TZYLW _SLYWLYR`LRP .L^ ^T]P] ^VP_NSP^ Z`_ _SP L]PL ZQ _PY^TZY bT_STY bSTNS _SP XTXP_TN RP^_`]P ZNN`]^ z SP LW^Z ^[PLV^ ZQ wZMUPN_ ^TRY^x w/TYRePTNSPYx ?SP QT]^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW 9Pb 3LaPY 7ZYOZY% DLWP @YTaP]^T_d ;]P^^ $$ #$ ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 0]^_P] ?PTW% /TP >[]LNSP /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $ $$ #
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
^TOP ZQ _SP NZTY T^ _SL_ _SP LN_`LW LMTWT_d ZQ _SP NZY^NTZ`^YP^^ _Z N]PL_P ^dXMZWTNQZ]X^SL]OWdL[[PL]^TY_SPLN_Z]v^[Sd^TNLWTXT_L_TZY% w4Q bP NZY^TOP] ZYWd _ST^ QLN_Z] ZQ [LY_ZXTXTN TXT_L_TZY ZQ RTaPY ZMUPN_^ ZQ^PY^P[P]NP[_TZYbPOZYZ_^PPX_ZMPZY_SP]ZLO_Z WLYR`LRP L^LQ]PP LYOZ]TRTYLWLN_TaT_dZQ_SPS`XLY^[T]T_x #1Z]wTXT_L_TZYL^^`NSQZ]X^L NZ`Y_P][L]__ZLYdQ]PPQZ]XZQ^[T]T_`LWLN_TaT_d4YTXT_L_TZY_SP4]PXLTY^ L[]T^ZYP]ZQZ`_bL]OTX[]P^^TZYLYOT_^[]Z[P]_TP^m #
-`_ _ST^ T^ ZYWd L ]PO`N_TZY ZQ _SP _]`P ]PWL_TZY^ ,YO .L^^T]P] NZY_TY `P^]PQP]]TYR_Z,]T^_Z_WP% w?S`^ `YOP]^_ZZO FL^ _SP Z]TRTY ZQ L]_T^_TN LN_TaT_dH ȝȓȝȘıȚȢ FXTXP^T^H T_ ^PWQMPWZYR^_Z_SP^[SP]PZQʌȠȓȘıȚȢF[ZP^T^HN]PL_TaPLYOQZ]XL_TaPLN_Ta T_d4_YZWZYRP]TX[WTP^_SPXP]P]P[P_T_TZYZQ^ZXP_STYRZ`_bL]OWdRTaPY M`_LQ]PP[]ZUPN_ZQ_SP^[T]T_%_SPL[[L]PY_u]P[]ZO`N_TZYvw9LNSMTWOPYx LN_`LWWd[]P^`[[Z^P^LYTYYP]u[]ZO`N_TZYvwAZ]MTWOPYxx #
-SL]L_Lv^ NL_LWZR ZQ RP^_`]P^ NZY_LTY^ L OTQQP]PY_TL_PO MZOd WLYR`LRP _SL_[W`XM^_SPbSZWPQTPWOMP_bPPYXP]PTXT_L_TZYLYO^dXMZWTNNZX X`YTNL_TZY_S`^NZX[WPXPY_TYRaP]MLWNZXX`YTNL_TZY?SPRP^_`]P^ZQ 4YOTLY OLYNP _SPL_P] L]P WZNLWTePO ZY XLYd OTQQP]PY_ WPaPW^ MP_bPPY TXT_L_TZYLYO^dXMZW]LYRTYRQ]ZX^TX[WPTXT_L_TZY^`NSL^QLWWTYR_Z _SPQWZZ]TYZ]OP]_Z[Z]_]Ld_SP^£__aTVLRP^_`]PZQQLTY_TYR_ZNZX[WPc \`L^TWPcPXP^ 1Z] PcLX[WP _SP]P L]P XLY`LW RP^_`]P^ QZ] uOPP]v _SP QTYRP]^ QZ]X _bZ WT__WP SZ]Y^ LYO L ^YZ`_ uWZ_`^v _SP SLYO^ L]P [`_ _ZRP_SP]_ZTXT_L_PLQWZbP]Z]uPWP[SLY_v_SPSLYO^LYOL]X^L]PSPWO LMZaP _SP SPLO _Z TXT_L_P _bZ WL]RP QWL[[TYR PL]^ 0aPY uSPLaPY^v uWZaPv uWTVTYRv LYO LM^_]LN_ TOPL^ ^`NS L^ uNSL]T_dv ubZ]Ov LYO uOPNT ^TZYv NLY MP ]P[]P^PY_PO Md _SP [Z^T_TZY^ ZQ _SP SLYO^ LYO MZOd ?ST^ N]PL_P^ L ^d^_PX ZQ ^PXLY_TN^ _SL_ TY ^ZXP NL^P^ NLY ZYWd MP OPNZOPO Md L NZYYZT^^P`] ZQ _SP _SPL_P] TP T_ Q`YN_TZY^ _S]Z`RS NZYaPY_TZY^ LYO ^dXMZW^ >`NS \`L^TWPcPXP^ ZQ_PY SLaP L Q`YN_TZY _SL_ bP Pc[PN_ _Z MP Q`WQTWWPO Md _SP ^NPYP]d 1Z] TY^_LYNP L OLYNP] NLY TYOTNL_P _SL_ _SP]P T^ L _]PP ZY _SP ^_LRP Z] _SL_ SP T^ ]TOTYR ZY LY PWP[SLY_ bT_SZ`_ _SPYPPOQZ]L_]PPZ]LYPWP[SLY_ZY_SP^_LRP 3ZbPaP] XZ^_ ZQ _SP RP^_`]P^ ZQ _SP 9£¶dL²£^_]L L]P WZNL_PO ]TRS_ TYMP_bPPYTXT_L_TZYLYO^dXMZWT^X?SPPdP^LYOPdPM]Zb^L]PLRZZO PcLX[WP ?SP PdP^ L]P ]PRL]OPO L^ ZYP ZQ _SP XZ^_ [ZbP]Q`W XPLY^ ZQ Pc[]P^^TZYP^[PNTLWWdQZ]_SP ]L^L^ bSTNSL]PYPaP]]P[]P^PY_POMd_SP aP]d _PNSYTNLW XLY`LW RP^_`]P^ >Z ZaP] ZYP S`YO]PO aP]^P^ L]P OPOT NL_PO _Z _SP PdP^ LWZYP :YP _STYR _SL_ T^ NWPL]Wd XTXP_TN T^ _SP PdP^ bSPY OP[TN_TYR _SP ^PY_TXPY_ ZQ SZ]]Z] ?SP PdPWTO^ L]P bTOP Z[PY LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ?SP;STWZ^Z[SdZQ>dXMZWTN1Z]X^AZW#2P]XLYPO # .L^^T]P] ?SP;STWZ^Z[SdZQ>dXMZWTN1Z]X^AZW#2P]XLYPO # .L^^T]P] ?SP;STWZ^Z[SdZQ>dXMZWTN1Z]X^AZW#2P]XLYPO
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
]TRTO _SP [`[TW^ \`TaP]TYR ?ST^ ^TX[Wd ]P[]P^PY_^ _SP [Sd^TZWZRTNLW ]PLN_TZY _Z bSL_PaP] _d[P ZQ _S]PL_ T^ TXXTYPY_ 4Y _SP NL^P ZQ _SP P]Z_TN ]L^L _SPPdP^vwRP^_`]P^xL]PXZ]P ^dXMZWTN 1Z]PcLX[WPLQ`] _TaP WZZV Q]ZX _SP NZ]YP] ZQ _SP PdP VL¶£V´L [WLd^ L ^TRYTQTNLY_ ]ZWP ;]PNT^PWdTYXL__P]^ZQWZaP4YOTLY^[]PQP]YZYaP]MLWXPLY^ZQPc[]P^ ^TZY4YXTXP_TN_P]X^_SPQ`]_TaPWZZVQ]ZX_SPNZ]YP]ZQ_SPPdPT^TY _SPQT]^_TY^_LYNPZYWdLYTXT_L_TZYZQL[P]^ZYbSZSL^^PPY^ZXP_STYR OP^T]LMWPM`_bSZbT^SP^_ZNZYNPLWST^Z]SP]OP^T]PYZXL__P]bSP_SP] _SP ZMUPN_ T^ L []PNTZ`^ ^_ZYP L N]PLX NLVP Z] L MPL`_TQ`W bZXLY ,_ _ST^ [ZTY_ L ^PXLY_TNTeL_TZY _LVP^ [WLNP% TY _SP _SPL_P] VL¶£V´L LWbLd^ XPLY^LWZZVZQWZaPLYO^TRYLW^P]Z_TNTY_P]P^_?SPOPWTMP]L_PLXMTR` T_d ZQ _SP ^TRYLW MPNL`^P ZQ T_^ aZWT_TZYLW ^_L_P ZQ ^`^[PY^P _SP OP^T]P MPTYR wSTOOPY M`_ `YXT^_LVLMWPx TY NZY_]L^_ _Z _SP `YP\`TaZNLW ]TRTO RLeP ZQ QPL] ]PNPTaP^ R]PL_ PWLMZ]L_TZY ?SP ^`RRP^_TaP LXMTR`T_d L^ L _Z[TNZNN`]^LRLTYLYOLRLTYTY^NPYP^LYO[ZPX^LYOSL^TY^[T]PO^ZXP ZQ_SPXZ^_MPL`_TQ`WaP]^P^% w7TVPLYL]]Zb_SL_T^_Z`NSPObT_SMZ_S[ZT^ZYLYOLXM]Z^TLT_SL^[PYP _]L_POXPOPP[Wdz_SPRWLYNPQ]ZX_SPNZ]YP]ZQdZ`]PdPx #
,^ _SP ^TRYLW T^ _]LY^QP]]PO SP]P TY_Z L XP_L[SZ] _SP XP^^LRP z bSTNS T^ YZ_ XPY_TZYPO Pc[WTNT_Wd bT_S bZ]O^ z MPNZXP^ NZYOPY^PO LYO Pc LRRP]L_PO -`_ ZYWd [ZP_TN WLYR`LRP T^ NL[LMWP ZQ OZTYR _ST^ 4_ SL^ _SP [ZbP]ZQTX[WTNL_TZY[]PNT^PWdMPNL`^PL^.L^^T]P]^Ld^T_ZYWdMPRTY^ L_ ^ZXP OT^_LYNP Q]ZX _SL_ bSTNS T^ [P]NPTaPO aTL _SP ^PY^P^ 1Z] `W_T XL_PWdYZL]]ZbT^^SZ_M`_TY_SP`Y]PLWbZ]WOZQ[ZP_]dPaP]d_STYRT^ [Z^^TMWP4Y_SP]PLWXZQTXLRTYL_TZYYZ_ZYWdOZWZZV^ZQWZaPMPNZXP ^bPP_Wd [ZT^ZYPO L]]Zb^ M`_ LW^Z _SP ]PLOP] QTYO^ _SP TXLRP [L]_TN` WL]WdL[_PaPY _SZ`RS _SP]PT^YZTXT_L_TZYSP]PL_LWW>TYNP _SP ^TRYLW T^TYL^PY^PwYL_`]LWTePOxLYONPL^P^_ZMPL^TRY_SP[ZP_TNPcLRRP]L _TZY RTaP^ _SP RP^_`]P LY PXZ_TZYLW TXXPOTLNd LYO OPY^T_d _SL_ RZ MP dZYOT_^Z]TRTYLW^TRYLWQ`YN_TZY
0c[]P^^TaPAZNLWTeL_TZY
?SP XTXP_TN RP^_`]P^ NZXX`YTNL_P aTL ^TXTWL]T_d LYO ]PNZRYT_TZY bSTWP_SP^dXMZWTNRP^_`]P^NZXX`YTNL_PaTL^TRY^LYO^TRYLW^_SL_NLY LYO X`^_ MP OPNZOPO 4Y NZY_]L^_ _SP ^ZYTN NZXX`YTNL_TZY T^ [`]PWd Pc[]P^^TaPOZP^YZ_NLWW_STYR^Md_SPT]YLXP^LYO LWbLd^bZ]V^ZYL ^dX[L_SP_TNWPaPWYPaP]LNZYaPY_TZYLWZYP?SP[`]PWdLNZ`^_TNL^[PN_ T^YPT_SP]XTXP_TNQZ]T_OZP^YZ_TXT_L_PLYd_STYRYZ]T^T_^dXMZWTN4_ OZP^YZ_SLaP_ZMPOPNZOPO^TYNPT_^aLW`POZP^YZ_WTPTYT_^XPLYTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # _`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
Z]TYQZ]XL_TZYLWNZY_PY_LYOYPT_SP]OZP^T_WTPTY_SP]P[]P^PY_L_TZYZQ ^PY^Z]dZMUPN_^4Y-SL]L_Lv^_SPL_P]_ST^[`]PWd^ZYTNOTXPY^TZYZNN`]^ []TXL]TWd TY _SP SL][ X`^TN [WLdPO L^ MLNVR]Z`YO X`^TN _Z N]PL_P LY L_XZ^[SP]P BSL_ _SP X`^TNTLY^ [WLd T^ X`NS WP^^ NZYYPN_PO bT_S _SP ^_LRPO O]LXL _SLY _SP X`W_T[WP ^`RRP^_TaP RP^_`]P^ ^`NS L^ _SP PdP XZaPXPY_^ BT_S _SP PcNP[_TZY ZQ L ]L_SP] WZZ^P LWWZNL_TZY ZQ NP]_LTY ^_dWP^_ZNP]_LTY]L^LR]Z`[^_SPX`^TN]PXLTY^^_]LYRPWdaLR`Pz\`T_P L_d[TNLW ZQ _SP 9£¶dL²£^_]L T_^PWQ bSTNS T^ Z_SP]bT^P ZaP]QWZbTYR bT_S OP_LTWPOTY^_]`N_TZY^,YO_SP_Pc_^ZQ_SP^ZYR^[P]QZ]XPOMd_SP^TYR P]^TY_SPZ]NSP^_]LOZYZ_YPNP^^L]TWdSLaPLYd_STYR_ZOZbT_SbSL_T^ SL[[PYTYR ZY _SP ^_LRP PT_SP] ?SPd L]P ]L_SP] YZY^[PNTQTN LYO SLaP XZ]P_ZOZbT_S_SPXZZOLYOXLTYWdbT_SXZZO^L]Z`^POMd^NPYP]TP^ ZQYL_`]P^`NS_SPXZY^ZZY 1Z] _SP X`^TN _PWWTYRWd _SP]P PcT^_ ^[PNTLW RZO^ 1Z] _SP XLTY ^TYRP] _SP]P T^ _SP 2LYOSL]aL 9£]LOL L RZMP_bPPY WTYVTYR _SP bZ]WO ZQ _SP RZO^ LYO _SL_ ZQ XPY& QZ] _SP SL][^ _SP]P T^ ?`XM`]` L QWL_ YZ^PO QZ]X ZQ ±TaL& >a£_T L NPY_L`] _LVP^ NL]P ZQ _SP O]`X^& LYO _SP ,[L^L]L^@]aL²¯T^_SP[]TXLMLWWP]TYLBSL_T^^_]TVTYRT^_SL_SPLaPYWd MPTYR^ L]P ]P^[ZY^TMWP QZ] _SP X`^TN bSTWP _SP _SPL_]TNLW WLYR`LRP RP^_`]P^ LYO QPPWTYR^ L]P _SP []ZaTYNP ZQ L S`XLY MPTYR MSL]L_L ]L_SP]_SLY_SP^P^ZXPbSL_N`]TZ`^OPXTRZO^ ?SP TY^_]`XPY_^ [WLd LY TX[Z]_LY_ ]ZWP YZ_ ZYWd QZ] _SP ]PQ]LTY ^ZYR^ bSTNS L]P TY^P]_PO TY_Z _SP [WZ_ M`_ LW^Z QZ] _SP uZaP]_`]Pv [¼]aL]L«RL ?SP Q`YN_TZY ZQ _SP ZaP]_`]P T^ YZ_ ^Z X`NS _Z [`_ _SP L`OTPYNP TY _SP ]TRS_ XZZO QZ] _SP [WLd M`_ TY^_PLO T^ []TXL]TWd L ]PWT RTZ`^ ZYP ,WW _SP RZO^ ^[T]T_^ LYO OPXZY^ SLaP _Z MP SZYZ]PO LYO w[LNTQTPOxTQZYWd_Z[]PaPY__SP[P]QZ]XLYNPQ]ZXMPTYROT^]`[_PO,^ LW]PLOdXPY_TZYPOTY_SP^PN_TZYZY>£XLY^TYRTYR_SPOPXZY^[Z^^P^^ L ^[PNTQTN LQQTYT_d QZ] LYd_STYR _SL_ T^ YZY^PXLY_TN 1Z] _ST^ ]PL^ZY _SP ^ZYR^ZQ[]LT^P_Z_SPRZO^L]P[]PNPOPOMdLX`^TNLW[L^^LRPTYbSTNS _SPZ]NSP^_]LOZXTYL_P^ZaP]_SP^TYRP]^?SP^TYRP]^L]PLN_`LWWd^TYR TYR L_ _SP ^LXP _TXP M`_ _SP ubZ]O^v _SPd `^P OZ YZ_ MPWZYR _Z LYd NZX[]PSPY^TMWP WLYR`LRP :YWd LQ_P] _SP bTNVPO ^[T]T_^ SLaP MPPY w[LNTQTPOxNLY_SPRZO^MP[]LT^POLYO_SP^_LRP^LYN_TQTPOMdLNT]NLX M`WL_TZY ,^ TYOTNL_PO TY NZYYPN_TZY bT_S _SP >£XLY w[`]Px X`^TN LWbLd^ SL^ L _PYOPYNd _ZbL]O^ _SP bZ]WO MPdZYO _Z bSL_ T^ Y`XTYZ`^ LYOSPLaPYWdLYO_SP]PQZ]PLW^ZLWbLd^]PXLTY^LWT__WPOLYRP]Z`^?SP w_SPL_P] Pc[]P^^TYR _SP bSZWP bZ]WOx YPNP^^L]TWd LW^Z PYNZX[L^^P^ _SP uZ_SP]bZ]WOvM`_T_OZP^YZ_TYNZ][Z]L_PT_TY_Z_SPLN_`LWO]LXL /P^[T_P _ST^ _SP L`OTMWP L^[PN_ T^ YZ_ _Z_LWWd OP_LNSPO Q]ZX _SP O]LXL_TN L^[PN_ LYO T_^ _SPL_]TNLW ]L^L^ 1Z] PcLX[WP _SP ]L^L^ L]P ^_]ZYRWd XLYTQP^_ TY _SP V£V` TP TY _SP _PNSYT\`P ZQ OPNWLXL_TZY PX [WZdPO Md _SP LN_Z]^ bSZ [P]QZ]X _SP XLTY O]LXL _SL_ T^ _Z QZWWZb _SP
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
[]PW`OP [¼]aL]L«RL 4Y_P]P^_TYRWd SZbPaP] _SP XZZO^ bSTNS NLY MP OTQQP]PY_TL_POL__SP^PXLY_TNWPaPWLYOTY^ZXPNL^P^PaPYL[[PL]_ZMP NZY_]L]d N]PL_P LM^ZW`_PWd TOPY_TNLW ^ZYTN QZ]X^ ZQ Pc[]P^^TZY 1Z] PcLX[WP TY _P]X^ ZQ L`OTMWP ^Z`YO _SP _P]]TQdTYR LYO _SP QL^NTYL_TYR L]P_ZMPQZ`YOTY_SP^LXPR]Z`[L^_SPSP]ZTNzLR]Z`[NSL]LN_P]TePO Md M]TRS_ PYP]RP_TN ^Z`YO^ LYO ]Sd_SX^ ZQ _PY^TZY .ZXPOd LYO P]Z_T NT^X NLY LW^Z MP R]Z`[PO _ZRP_SP] Pc[]P^^TYR _SPX^PWaP^ TY L ^XZZ_S XPWZOTZ`^ aTM]L_TZY ZQ _SP aZTNP # 4Y _P]X^ ZQ _SP ^Z`YO^ `^PO _SP Z[[Z^T_P ZQ NZXPOd LYO P]Z_TNT^X L[[PL]^ _Z MP QPL] LYO ]Pa`W^TZY ?SPdOPXLYOOL]VSTOOPY_TXM]P^LYOM]ZVPYT]]PR`WL]]Sd_SX^:YWd _]LRPOd ^_LYO^ LWZYP 4Y L NP]_LTY bLd T_ T^ _SP Z[[Z^T_P ZQ SP]ZT^X QL^NTYL_TZY LYO _P]]Z] ^TYNP T_ T^ NSL]LN_P]TePO Md L XZYZ_ZYZ`^ aZTNP _SL_WLNV^PYP]RdLYO^TYV^TYWLXPY_L_TZY -SL]L_LOTQQP]PY_TL_P^^TcNL_PRZ]TP^ZQXPLY^ZQaZNLWPc[]P^^TZYTY _SPLN_Z]v^OPNWLXL_TZY?SPQZWWZbTYRL]PSTRSWd]PWPaLY__Z_SP ]L^L% ?SP ]L^L ]P[]P^PY_L_TZY TY _SP wWLYR`LRP X`^TNx TP TY _SP Q`YOL XPY_LW _ZYP ZQ ]PNT_L_TZY ^aL]L LYO _SP XPWZOd aL]©L bSTNS NZ]]P ^[ZYO^_Z_SPAPOTNLNNPY_^ `O£__L P_N%L^NPYOTYR OP^NPYOTYR[WLTY XZYZ_ZYPLYO_]TWW^aTM]LY_LYO\`TaP]TYRLW_P]YL_TZYMP_bPPYOTQQP] PY_ _ZYP^ ?SP ]ZXLY_TN P]Z_TN LYO NSPP]Q`W XZZO^ L]P ZYWd ]P[]P ^PY_PO Md bPWWOPQTYPO _ZYLW ^_P[^ bSTWP _SP Z_SP] ^PY_TXPY_^ Pc[]P^^ TY_P]YLW LXMTaLWPYNP bT_S _SP SPW[ ZQ _]TWW^ 9PRL_TaP XZZO^ SLaP OP ^NPYOTYR TY_P]aLW^bSTWP_SP[Z^T_TaP XZZO^L]P ]PYOP]POMd PX[SL_TN L^NPYOTYRTY_P]aLW^9Z_P_SP^TYR`WL]QPL_`]PZQ_]LRPOdw?]LRTVx%
=P[]P^PY_L_TZY aTL aZNLW Pc[]P^^TZY LW^Z TYaZWaP^ XZO`WL_TZY ZQ _SP aZTNP?ST^T^_SP LWL«V£]L WT_wQTYP^^P]PQTYPXPY_xTY_SP]PNT_LW% − >[PLVTYRTYLSTRS`NNLZ]^S]TWWO¯[_LaZTNPSPLOaZTNP%PRTYWTaPWd OT^N`^^TZY^ L]R`XPY_^ OP^[P]L_P [WPLOTYR LYO TY ^T_`L_TZY^ ZQ L]Z`^LW ?ST^aZNLWwRP^_`]PxT^NSL]LN_P]T^_TNZQ_SP_P]]TQdTYRLYOQL^NTYL_TYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :MaTZ`^WdL__ST^[ZTY_-SL]L_L`YOP]^_LYO^_SPNZXTNXZZOL^ `__LXLS£^dL zNSPP] Q`WYP^^LYOZ[_TXT^XzLYOYZ_WL`RSTYRZ`_WZ`O
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
! −
>[PLVTYR TY LOPP[ XLYO]LZ] _S]Z__WPO Y¯NLaZTNP% PRbSPY NZRT_L_ TYRWZ^_TY_SZ`RS_bST^[P]TYR^PN]P_TaPWdZ]bSPYOP[]P^^PO?ST^T^_d [TNLWZQ_]LRPOdLYOOP^[P]L_TZY >ZL^S]TWWSTRS^N]PPNSTYR_ZYPRPYP]LWWd^_LYO^QZ]aT_LWQZ]NPM`_LW^ZQZ] LRR]P^^TZY LYO PYP]Rd -d NZY_]L^_ L \`T_P O`WW OPP[ _ZYP ^_LYO^ QZ] ObTY OWTYRaT_LWQZ]NP:_SP]_ZYLW\`LWT_TP^^TRYLWOTQQP]PY_PXZ_TaPXP^^LRP^% − >[PLVTYRP^[PNTLWWd]L[TOWdZ]SL^_TWd O]`_L%PRbST^[P]TYR_PYOP]WdZ] LYcTZ`^Wd Z] ^[PLVTYR QPaP]T^SWd ?ST^ XLYYP] ZQ ^[PLVTYR T^ _d[TNLW LMZaPLWWZQ_SPXZZO^ZQSZ]]Z]LYOOT^R`^_ − >[PLVTYR P^[PNTLWWd ^WZbWd aTWLXMT_L% PR bSPY ZYP T^ L^SLXPO [PY ^TaPZ]TYWZaP?ST^T^QZ`YObSPY_SPXZZOT^]ZXLY_TNLYOP]Z_TNLYO LW^ZbSP]P_SP]PT^_]LRPOdZ]^ZXP_STYRbZYOP]Q`WLYOQL^NTYL_TYR BSTWPP]Z_TNT^XLYO_]LRPOdNLY]P^`W_TY_SP^LXPaZNLWPc[]P^^TZY_SPQL^NT YL_TYRLYO_SP_P]]TQdTYROTaP]RP?SPQL^NTYL_TYR[]ZO`NP^^WZb^[PPNSbSTWP _SP _P]]TQdTYR []ZO`NP^ QL^_ ^[PPNS ?ST^ XPLY^ _SL_ _SP ^[PPO ZQ ^[PLVTYR T^ OTQQP]PY_LW_SZ`RSMZ_SQZ]X^`^P_SP^LXPSTRS^S]TWW_ZYP^?SP_PX[Z_ZZ SL^T_^ZbYPc[]P^^TaPQ`YN_TZY%^WZb^[PPNS^TRYLW^L[L^^TaP]PNP[_TaPL__T _`OPbSP]PL^LXZ]PPc[LY^TaP[]ZLN_TaPZYPT^Pc[]P^^POTYQL^_P]^[PPNS 8Z]PZaP] _SP]P T^ ]P[]P^PY_L_TZY _S]Z`RS [S]L^TYR L«RL L ^PY _PYNP TP _SP XZZO T^ LW^Z TYOTNL_PO Md QLN_Z]^ ^`NS L^ bSP_SP] _SP ^PY_PYNP^ L]P []ZYZ`YNPO QW`PY_Wd Z] QLW_P]TYRWd bSP_SP] _SP ^[PLVP] XLVP^ [L`^P^ Z] NZY_TY`P^ bT_SZ`_ LYd M]PLV^ LYO bSP_SP] L ^PY_PYNP T^^[ZVPY bT_S L]T^TYRZ]QLWWTYR TY_ZYL_TZY0]Z_TNT^XLYO NZXPOdL]P Pc[]P^^PO _S]Z`RS L bPWWQZ]XPO XLYYP] ZQ ^[PLVTYR LYO L ^TYR^ZYR TY_ZYL_TZYZ]L[WLdQ`WZYP,aZTNP_SL_QLW_P]^Z]RTaP^`[T^NSL]LN_P] T^_TN ZQ SZ]]Z] LYO OT^R`^_ ?SP _d[TNLW QPL_`]P ZQ _SP XZZO^ ZQ _SP SP ]ZTN _SP _P]]TQdTYR LYO _SP QL^NTYL_TYR T^ _SL_ L bSZWP ^PY_PYNP T^ `_ _P]PObT_SZ`__SP^[PLVP]_LVTYRL^TYRWPM]PL_SLYdbSP]PTY_SPXTOOWP ,YOQTYLWWdXZYZ_ZYdLYOLM^PYNPZQ[L`^P^TOPY_TQd_SP_]LRTNXZZO 4_T^[]PNT^PWd TY_ST^QTYPWdY`LYNPOaZTNPXZOPW_SL_ bPQTYO bSL_ R]PL_ L__PY_TZY 4YOTLY LP^_SP_TN^ SL^ [LTO _Z PcLN_ [SPYZXPYZWZRd `YWTVP BP^_P]Y LP^_SP_TN^ 4Y _SP [SPYZXPYZWZRd ZQ ^[PPNS LYO aZTNP bPQTYOLYL__PX[__ZOPQTYP_SP]L^L^TYLaP]d[]PNT^PbLdL_L[`]PWd [^dNSZ[Sd^TNLWWPaPWLYO_ZOPaPWZ[LYL`OTMWP]P[]P^PY_L_TZYZQ_SPX
:YZXL_Z[ZPTN.ZOP^%_SP7LYR`LRPZQ/]`X^
9Z_STYR L_ LWW NLY SL[[PY TY L OPNPY_ 4YOTLY _SPL_P] TQ _SP]P L]P YZ O]`X^ 0aP]d L[[PL]LYNP ZQ L NSL]LN_P] PaP]d TX[Z]_LY_ NSLYRP LYO PaP]d NWTXLc ZQ O]LXL_TN OPaPWZ[XPY_ T^ TY_]ZO`NPO bT_S ^[PNTLW O]`X ^TRYLW^ 4Y _SP _SPL_P] O]`X^ WTYV _SP Z_SP]bT^P ]L_SP] OT^NZYYPN_PO L]PL^ZQ^[PPNSO]LXLLYOX`^TNLYO_`]Y_SP[P]QZ]XLYNPTY_ZLX`^TN
?SPL_P]L^_SP1TQ_SAPOLLYO_SP?SPZ]dZQ,P^_SP_TN8ZZO^
"
O]LXL 1Z] PaP]d NWL^^ ZQ NSL]LN_P]^ _SP]P T^ L ]Sd_SX ZY _SP O]`X^ bSTNSOZP^YZ_ZYWdTXT_L_P_SP]Sd_SXZQ_SPNSL]LN_P]v^RLT_M`_LW^Z uOP^N]TMP^v ST^ NSL]LN_P]T^_TN^ TY ^Z`YO ,YO QZ] _ST^ ]PL^ZY _SP O]`X TY^_]`XPY_^ YZ_ ZYWd SLaP _SPT] ZbY ^[PNTLW OPT_d M`_ LW^Z L ^[PNTLW Xd_SZWZRd 4_ T^ L ^[PNTLW Xd_SZWZRd LW^Z TY _SP ^PY^P ZQ L ]L_SP] `Y `^`LWXd_SZWZRPXPz`Y`^`LWMPNL`^PT_T^LaP]dYL_`]LWT^_TNZYP?SP QZWWZbTYR QP_NSTYR ^_Z]d ZNN`]^ L_ _SP MPRTYYTYR ZQ NSL[_P] ZQ _SP 9£¶dL²£^_]L bSTNST^PY_T]PWdOPaZ_PO_ZO]`X^% :YP OLd _SP NPY_L`] >a£_T bPY_ _Z O]Lb bL_P] Q]ZX L WZ_`^ [ZYO LYO bL^ ZaP]_LVPY Md L ^PaP]P ^_Z]X ?SP ]LTYO]Z[^ bP]P ^Z WL]RP LYO SPLad _SL_ OTQQP]PY_ _ZYP^ ]LYR Z`_ Q]ZX _SP aL]TZ`^ WZ_`^ WPLaP^ TY _SP [ZYO BSL_ L XT]LNWP SP _SZ`RS_ z SZb OPP[ LYO ^bPP_ _SP^P ^Z`YO^ L]P bSL_ L OPWTRS_ _Z _SP SPL]_ 3P ]P_`]YPO _Z ST^ ,^S]LX _Z XPOT_L_P ZY SZb _Z M`TWO LY TY^_]`XPY_ _SL_ NZ`WO N]PL_P ^Z`YO^ WTVP _SZ^P SP SLO SPL]O 1TYLWWd SP TYaPY_PO _SP [`´VL]L^ _SP wO]`X TY^_]`XPY_^x bSTNS MPL] _ST^ YLXP MPNL`^P _SPd ]P^PXMWP WZ_`^ WPLaP^ LW^Z NLWWPO [`´VL]L 3P]P_SP^Z`YOZQO]`X^T^OP]TaPOQ]ZXYL_`]LW^Z`YO^]L_SP]WTVP L ]PLOdXLOP ^Z`YO 4Y NZX[WP_P NZY_]L^_ _Z _SPT] LOSZN NSL]LN_P] TY _SP Xd_S O]`X^ TY _SP _SPL_P] L]P [WLdPO bT_S _SP XZ^_ NZX[WTNL_PO _PNSYT\`P^LYOTY _SPXZ^_aL]TPO^T_`L_TZY^ >Z_SP]PbL^LR]PL_YPPO QZ] YZ_L_TZY QZ] _SP O]`XXP]^ ?SP YZ_L_TZY OPaPWZ[PO bL^ YZ_ L R]L[STNLW ZYP L^ bZ`WO `^`LWWd MP _SP NL^P TY 0`]Z[P M`_ z L^ bT_S ;£©TYT z L YZ_L_TZY ML^PO ZY LW[SLMP_TeL_TZY LYO aZNLWTeL_TZY ?SP ]P ^`W_TYRWLYR`LRPZQ_SPO]`X^NZ`WOMPNLWWPOLYPc_]PXPWd]PQTYPOWTYV MP_bPPY[`]P^ZYLWT_dLYOw_SPL_P]^PXLY_TN^xTP_SZ^P^[PNTQTNQZ]X^ ZQNZXX`YTNL_TZY_SL_SLaPOPaPWZ[POTY_SP_SPL_P] ?SP O]`X YZ_L_TZY T^ ML^PO ZY bSL_ T^ NLWWPO _SP waZNLWTeL_TZYx a£VVL]L©L ZQO]`XMPL_^4Y_SPQT]^_TY^_LYNP_ST^XPLY^_SL_ZYP`^P^ ZYPv^ aZTNP _Z TXT_L_P L O]`XXPO ]Sd_SX ?ST^ TXT_L_TZY NLY _SPY MP b]T__PY OZbY 4_ SPW[^ _SL_ TY >LY^V]T_ _SP]P T^ ^_]TN_ OTQQP]PY_TL_TZY MP _bPPY WZYR LYO ^SZ]_ ^dWWLMWP^ ;]ZYZ`YNTYR _SP WZYR ^dWWLMWP^ PcLN_Wd _bTNPL^WZYRL^_SP^SZ]_ZYP^L^T^`^`LWTY]PNT_L_TZYL`_ZXL_TNLWWd ]P^`W_^TYLX`^TNLW]Sd_SX>ZTY_ST^bLd_SP>LY^V]T_^N]T[_T_^PWQNLY Q`YN_TZYL^X`^TNLWYZ_L_TZY?SPQZWWZbTYRPcLX[WPXLdbPWWWZZVWTVP LYLWWT_P]L_TaP[ZPXM`_TY]PLWT_dT_T^LO]`X^ZWZ% RSL¶LXL_STV`©LVT¶T RLVS£VS£ VL_STOSTU£©L©LVZVSZY£VS£ g V`¶LVL¶TV`©LVT¶T VL¶LVSP gg
#
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
9ZYP ZQ _SP^P wbZ]O^x SL^ LYd ^PXLY_TN XPLYTYR L_ LWW 4Y^_PLO _ST^ _Pc_ T^ [`]PWd L YZ_L_TZY ZQ _SP ]Sd_SX LYO ^TXTWL] YZ_L_TZY^ bP]P OP aPWZ[PO WL_P] QZ] XPWZOTP^ _ZZ ?SP aL]TL_TZY TY _SP ^dWWLMWP^ T^ Pc [WLTYPO Md _SP QLN_ _SL_ PLNS ^dWWLMWP XL]V^ L OTQQP]PY_ _d[P ZQ O]`X MPL_ BSPYPaP] [Z^^TMWP _SP ^dWWLMWP TXT_L_P^ _SP _d[P ZQ MPL_ ZYZXL_Z[ZPTNLWWd,YOZQNZ`]^P_SP^[ZVPY^dWWLMWP^NLYMP_]LY^WL_PO MLNV TY_Z O]`XMPL_^ ?ST^ ^bT_NSTYR MP_bPPY _SP XPOT`X ZQ ^[ZVPY ^dWWLMWP^LYO_SL_ZQO]`XMPL_^T^LOPaTNPZQ_PY`^POYZbLOLd^TYX` ^TNLWNZYNP]_[P]QZ]XLYNP^zLYOT^aP]d[Z[`WL]?SP]PL]PWTaPWdNZX [P_T_TZY^ MP_bPPY _SP aL]TZ`^ O]`XXP]^ ./ LYO NZYaP]^L_TZY^ MP _bPPYO]`X^LYOTY^_]`XPY_^_SL_[WLdXPWZOTP^?Z_SPR]PL_OPWTRS_ZQ _SP WT^_PYP]^ _SP O]`X _]TP^ _Z TXT_L_P _SP ^[PLVP] Z] _SP TY^_]`XPY_ bT_S _SP XPWZOd L^ NWZ^PWd L^ [Z^^TMWP LW_SZ`RS T_ NLY YPT_SP] ^[PLV YZ]^TYR 4Y -SL]L_Lv^ _SPL_P] _SP O]`X^ SLaP L ^_]`N_`]TYR Q`YN_TZY L^ T^ NZXXZYWd ^_TWW _SP NL^P TY _ZOLdv^ ]PWTRTZ`^ ]T_P^ 4Y _SP _SPL_P] _SPd XL]V _SP _]LY^T_TZY [ZTY_^ Q]ZX ^ZYR _Z OPNWLXL_TZY LYO MLNV LRLTY LYO LW^Z ^P_ _SP ^NPYP QZ] YPb L[[PL]LYNP^ 4_ T^ TY _SP WL__P] NL^P _SL_ _SPdSLaP_SPR]PL_P^_^PXLY_TNQ`YN_TZY3P]PL]PLQPbPcLX[WP^% − 9`XTYZ`^ MPTYR^ L]P LWbLd^ TY_]ZO`NPO bT_S OPP[ ]P^ZYLY_ MPL_^ WTVP_SZ^PQ]ZXLVP__WPO]`X?SPT]^WZb[ZbP]Q`W^_P[^L]P]P[]P ^PY_PO TY _SP WLYR`LRP ZQ O]`X^ WTVP _ST^% OSLÀO]£ÀOSLÀO]£À OSLV`_£ÀRSPRSP¶£ − -L^PZ]bTNVPOMPTYR^LYYZ`YNP_SPT]L]]TaLWbT_S_STYYZT^dQL^_P] O]`X^Z`YO^bSTNS_SPY^Z`YOWTVP_ST^% _SZVL¶LVS`VSL©£ − ,^NP_TN^LYO-`OOST^_XZYV^SLaP_ST^% OSLS`OSLS`RSPRSP TP ^Z`YO^_SL_L]PLRTWPSTRSLYOX`_PO − :WO [PZ[WP APOTN ^NSZWL]^ NZ`]_TP]^ LYO NZ][`WPY_ [P]^ZY^ SLaP z L[[]Z[]TL_PWd z w[ZYOP]Z`^x SPLad O]`XMPL_^ LYO R]LaP ^ZWPXY QZZ_QLWW^^Z`YOTYRWTVP VS]ZÀRS]ZOSZVSZVSZ ?SP]P L]P XLYd XZ]P ^`NS NZXMTYL_TZY^ ZQ O]`XMPL_^ QZ] _SP XZ^_ aL]TPO ^ZNTLW R]Z`[^ ZQ [P]^ZY^ LYO QZ] LYTXLW^ ^`NS L^ PWP[SLY_^ SZ]^P^LYONLXPW^ ?SP WLYR`LRP ZQ _SP O]`X^ LWZYP _S`^ NZX[]T^P^ aL]TZ`^ OTQQP]PY_ XZOP^ ZQ ]P[]P^PY_L_TZY LYO NZXX`YTNL_TZY MZ_S XTXP_TN LYO ^PXLY _TN :Y _SP ZYP SLYO _SP]P T^ _SP QLN_`LW WPaPW ZQ X`^TN _SP O]`XXTYR ZQ ]Sd_SX^ _SL_ XL]V _]LY^T_TZY^ :Y _SP Z_SP] SLYO _SP]P T^ L waZNLW TePOx WPaPW bSP]P _SP WLYR`LRP ZQ _SP O]`X^ MPNZXP^ L QZ]X ZQ []Z[P] ^[PPNS&ZY_ST^WPaPW_SP]Sd_SX^L]PLW^Z^[ZVPYZ]b]T__PY
0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]
$
0Y_P]_LTYTYR7PL]YTYR TY?SPL_P]
0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]LYO=PXd_STQTNL_TZYZQ _SP>NTPYNPZQ2]LXXL]TY7TRS_=PLOTYR 0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]
6LY_ ^Lb PYWTRS_PYXPY_ L^ wS`XLY MPTYR^ M]PLVTYR Z`_ ZQ _SPT] ^PWQ XLOP XTYZ]T_d w^PWM^_aP]^NS`WOP_P @YXÞYOTRVPT_xx 1Z] _SP 4YOTLY N]PL_Z] RZO -]LSX£ T_ bL^ TYT_TLWWd ^SPP] `YLO`W_P]L_PO N]T^T^ XLYLRP XPY_ BP ^SZ`WO ]PXPXMP] _SL_ LNNZ]OTYR _Z 4YOTLY NZ^XZWZRd _SP bZ]WO SL^ LWbLd^ QZWWZbPO L OZbYbL]O [L_S ?SP Q]LXP ^_Z]d Z] MLNV R]Z`YO YL]]L_TaP ZQ _SP 9£¶dL²£^_]L T^ _d[TNLW ZQ _SP [Z^_APOTN _]LOT _TZYLYO]PaPLW^_SP_SPL_P]L^LYTY^_LYNPZQPO`NL_TZYLWPYWTRS_PYXPY_ ]L_SP]WTVPL[L_NSQZ]_SPR]PL_8TN]Z^ZQ_^ZQ_bL]PZQ_SPN]PL_PObZ]WO bSTNSL__SPPYOZQ_SP2ZWOPY,RPLQ_P]ZYWd dPL]^ZQ`^POZP^ YZ_ bZ]V LYd XZ]P LYO T^ ]TOOWPO bT_S aT]`^P^ ?SP bZ]^_ aT]`^P^ L]P LYRP] R]PPO ^PWQOPNP[_TZY []TOP PYad LYO W`^_ ?SP^P aT]`^P^ SLaP LW]PLOd TYQPN_PO L Y`XMP] ZQ [PZ[WP bSZ TXXPOTL_PWd _`]YPO TY_Z ±¼O]L^ `Y^`T_LMWP QZ] ^LN]TQTNP z L OLYRP]Z`^ OPaPWZ[XPY_ MPNL`^P ZQ NZ`]^P_SPRZO^ QPPOZY _SP ^LN]TQTNTLWRTQ_^ZQ _SP[PZ[WP ?SP L`_SZ]T _L_TaP bZ]O ZQ _SP APOL SL^ MPNZXP NZX[WP_PWd TYPQQPN_`LW MPNL`^P L_ _SP ^LXP _TXP L^ _SP QT]^_ ZNN`]]PYNP^ ZQ PRZ_T^X LYO R]PPO _SP]P L]P LW^Z ^_]ZYR ^TRY^ ZQ _SP PYN]ZLNSTYR ^_`W_TQTNL_TZY ZQ WTaTYR N]PL_`]P^% _SPd NLYYZ_ `YOP]^_LYO _SP APOL LYd XZ]P #! ?SP RZO^ _`]Y _Z -]LSX£ QZ]SPW[ LYOSPN]PL_P^LYPbAPOL _SP _SPL_P] 3P _]TP^_ZOPWPRL_PT_ _Z_SPRZO^M`__SPdNLYYZ_OZLYd_STYRbT_ST_?ST^T^MPNL`^PT_T^LY TYYZaL_TZY LYO_SPRZO^L]PNZX[WLNPY_ N]PL_`]P^ZQ [WPL^`]PLYONLY YZ_ _LVP LYd LN_TZY _SL_ RZP^ MPdZYO _SPT] PaP][]P^PY_ ]P^[PN_TaP NZ^ XTN Q`YN_TZY^ _SPT] Á]NSLT :YWd S`XLY MPTYR^ NLY LN_ L`_ZYZXZ`^Wd LYO N]PL_TaPWd 5`^_ L^ R]LXXL] NZ`WO ZYWd MP NZYNPTaPO Md _SP S`XLY ;£©TYT LYO YZ_ Md _SP OTaTYP STRS[]TP^_ -SL^[L_T `W_TXL_PWd _SPL_P] ^_`OTP^ NLY ZYWd MP PY_]`^_PO _Z S`XLY MPTYR^ TY _ST^ NL^P _SP bT^P SZWd XLY -SL]L_L LYO ST^ ^ZY^ ?SP NZYNP[_ _SL_ -SL]L_L ]PLWTePO _`]Y^ Z`_ _Z MP TYRPYTZ`^ ?SP YPb APOL T^ X`NS ^TX[WP] _SLY _SP ZWO ZYPLYOL[L]_Q]ZX_SL_T_T^LW^ZPc_]PXPWd[WPL^`]LMWPQZ]T_NZY_LTY^ PaP]d_STYR _SL_ XLVP^ ;L]LOT^P ^Z bZYOP]Q`W% X`^TN MPL`_TQ`W bZXPY LYO RZZO >LY^V]T_ 4Y _SP _SPL_P] T_ T^ Q`Y _Z WPL]Y SZb _Z MPSLaP NZ] ]PN_Wd0aPY_SPXZ^_O`XMLYO_SPXZ^_bTNVPO[P]^ZY^NLY^_TWWWPL]Y ^ZXP_STYR LYO PYUZd _SPX^PWaP^ S`RPWd L_ _SP ^LXP _TXP 4Y _ST^ bLd _SP_SPL_P]RTaP^PaPY_SPXZ^_bZ]WOWd[PZ[WP^ZXPAPOLWPL]YTYRTYL aP]dPY_P]_LTYTYRQL^STZYLYO^P]aP^_ZPO`NL_P_SPNZXXZYP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! 4Y _ST^ TY_P][]P_L_TZY ZQ _SP QLXZ`^ w±¼O]Lx [L^^LRP 9£¶dL²£^_]L >LÀV´T[_L bP []TYNT[LWWd QZWWZb _SP NZXXPY_L]d ZQ ,MSTYLaLR`[_L bSZ TY_]ZO`NP^ _SP _P]X ad`_[L__T L__ST^[ZTY_LYO`^P^T_TY_SP ^PY^PZQwPO`NL_TZYx PO`NL_TYR_SPSPL]_Z] _SP[PZ[WPL^LNPY_]LW_SPXP_S]Z`RSZ`__SP9£_dL²£^_]Lv^Q]LXP^_Z]d
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
?ST^ RWLYNP L_ _SP LNSTPaPXPY_^ ZQ S`XLYVTYO `YOP]RZP^ NP]_LTY []ZQZ`YO NSLYRP^ TY _SP NZY_Pc_ ZQ _SP MPWTPQ TY L 7Z]O 2ZO ?SP^P NSLYRP^ L]P ]PQWPN_PO aP]d NWPL]Wd TY _SP WPRPYO^ L^^ZNTL_PO bT_S _SP TYaPY_TZY ZQ R]LXXL] 4Y -SL]L_Lv^ Q]LXPbZ]V ^_Z]d S`XLY MPTYR^ bP]P _SP TOPLW NLYOTOL_P^ QZ] TX[WPXPY_TYR _SP TYYZaL_TaP []ZUPN_ ZQ w_SPL_P]x MPNL`^P _SPd bP]P wNWPaP] TYaPY_TaP []ZLN_TaP LYO LXMT _TZ`^x #"4YWL_P]WPRPYO^LMZ`__SPTYaPY_TZYZQR]LXXL]_SP^P\`LWT_TP^ ZQ TYYZaL_TZY LYO ^NTPY_TQTN TYaP^_TRL_TZY ]PXLTY P^^PY_TLW QZ] R]PL_ S`XLY LNSTPaPXPY_^ ^`NS L^ ;£©TYTv^ R]LXXL] M`_ bT_SZ`_ _SP MWP^^ TYR ZQ _SP 7Z]O 2ZO ;£©TYT bZ`WO YZ_ SLaP MPPY ;£©TYT z ^TYNP _SP ^Z`]NP ZQ LWW ^_]ZVP^ ZQ RPYT`^ T^ _SP OPT_d ,YO L^ _Z bSL_ XLVP^ S` XLY LNSTPaPXPY_ ^Z R]PL_ T_ T^ XP]PWd _SP NSPPVTYP^^ ZQ OPXLYOTYR TY^[T]L_TZYQ]ZX_SPOPT_d 4Y _ST^ NZY_Pc_ _SP 6L_S£^L]T_^£RL]L L WL_P] NZWWPN_TZY ZQ 4YOTLY QLT]d _LWP^ LYO WPRPYO^ Q]ZX _SP _PY_S NPY_`]d ,/ ]PbZ]VTYR _SPXP^ Q]ZX _SP _TXP ZQ _SP 9LYOL LYO 8L`]dL OdYL^_TP^ NL z # -. ^[TY^LaP]T_LMWPYP_bZ]VZQQLY_L^_TNQLT]d_LWPWTVP^_Z]TP^^`]]Z`YOTYR _SPQLXZ`^R]LXXL]TLY^LYOWT_P]L]d[P]^ZYLWT_TP^ZQ_ST^QT]^_QZ]XL_TaP [P]TZOZQ4YOTLYLNLOPXTL 1Z]PcLX[WPLNNZ]OTYR_Z_SP 6L_S£^L]T_^£RL]L NSL[;£©TYTMd YZXPLY^^_L]_POZ`_L^_SPRPYT`^ZQ_SPXTWWPYYT`X_SL_SPT^]PRL]OPO L^_ZOLd ##=L_SP]SPbL^Z]TRTYLWWd_SPbZ]^_[`[TWTY_SPAPOL^NSZZW ,_ _SL_ _TXP PaP]d NZ]]PN_ bZ]O bL^ ^_TWW WPL]YPO Md SPL]_ Q]ZX _SP 4Y O]LR]LXXL]?SPXZ^_M]TWWTLY_[`[TWbL^AL]L]`NTbSZNZ`WO]PXPX MP]_STYR^ LQ_P]SPL]TYR _SPXZYWdZYNP ;£©TYTbL^L VPPY ^_`OPY_LYO PLRP] _Z WPL]Y M`_ SP NZ`WO YZ_ ]PXPXMP] LYd_STYR 4Y^_PLO ZQ RTaTYR STXWP^^ZY^_SP_PLNSP]SLOSTX]`YP]]LYO^QZ]ST^bTQPBT_SLSPLad SPL]_ ;£©TYT bT_SO]Pb _Z _SP 3TXLWLdL^ _Z WTaP L^ LY L^NP_TN ^P]aTYR _SP R]PL_ RZO ±TaL ±TaL SLO XP]Nd ZY STX LYO ]PaPLWPO _Z STX _SP QL XZ`^ ,´¶£OSd£d¯ R]LXXL] ;£©TYT ]P_`]YPO _Z _SP APOL ^NSZZW bSP]P SP NSLWWPYRPO ST^ QPWWZb ^_`OPY_ AL]L]`NT _Z L OPML_P 1Z] ^PaPY OLd^ SP SPWO Z`_ LRLTY^_ _SP ^_L] [`[TW M`_ ZY _SP PTRS_S OLd ;£©TYT bL^ _S]PL_PYPO bT_S OPQPL_ ?SPY _SPd SPL]O ±TaLv^ _P]]TMWP _S]PL_PYTYR 3`X3`X PXLYL_TYR Q]ZX _SP SPLaPY^ ?SP 4YO]L R]LXXL] OT^L[ [PL]PO Q]ZX _SP QLNP ZQ _SP PL]_S LYO LWW _SZ^P bSZ SLO MPPY ^NSZWL]^ MPNLXPMWZNVSPLO^zPcNP[_QZ]_SP±TaLOPaZ_PP;£©TYT 9Zb ;£©TYTv^ R]LXXL] QZ]X`WL_P^ _SP ]`WP^ ZQ >LY^V]T_ TY LY Pc NP[_TZYLWWdTY^[T]POLYOMPL`_TQ`W^d^_PXM`_T_T^YZ_PcLN_WdbSL_dZ` bZ`WONLWW^TX[WP?]LOT_TZYLWWdT_T^^LTO_SL_ZYPYPPO^_bPWaPdPL]^_Z WPL]Y T_ LWW >Z T_ T^ `YOP]^_LYOLMWP _SL_ _SP 4YOTLY^ bLY_PO _Z OPaPWZ[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" 9£¶dL²£^_]L ## 6L_S£^L]T_^£RL]L z
0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]
PL^TP] R]LXXL]^ QZ] [PZ[WP bSZ OZ YZ_ SLaP M]LTY^ WTVP 0TY^_PTYv^ 4Y >Z`_SP]Y4YOTL_SPdOPaPWZ[PO_SPaP]dX`NSWP^^^d^_PXL_TNM`_XZ]P WPRTMWP w;PLNZNV 2]LXXL]x 6LW£[LAd£VL]L©LX LW^Z NLWWPO 6£ ?LY_]L ?SP w0YWTRS_PYXPY_ QZ] _SP .ZYQ`^POx 8`ROSLMZOSL bL^ OPaPWZ[PO TY _SP _ST]_PPY_S NPY_`]d QZ] PaPY XZ]P SZ[PWP^^ NL^P^ ?ST^ WL__P]R]LXXL]bZ]VbL^`^POMd_SPQT]^_BP^_P]Y>LY^V]T_]P^PL]NSP]^ _ZWPL]Y_SP>LY^V]T_WLYR`LRP ?SP ^_Z]d ZQ SZb _SP w;PLNZNV 2]LXXL]x L]Z^P T^ LW^Z _ZWO Md _SP 6L_S£^L]T_^£RL]L NSL[ !z" BP ZbP _SP YL]]L_TaP _Z L NZWWPN_TZY ZQ WPRPYO^^`]]Z`YOTYR_SP`YW`NVdVTYR>£_La£SLYLbSZbL^YZ_LY0TY ^_PTY PT_SP] ,NNZ]OTYR _Z ST^_Z]TLY^ _SP ^Z`_SbP^_ 4YOTLY >£_La£SLYL OdYL^_d_SL_ T^RTaPY ^`NS L]TMMTYRSP]PQ]ZX# -.ZYbL]O^NLXP Q]ZX,YOS]LLYO_ST^]PRTZY_PYO^_ZMP]PRL]OPOL^L_]TMLW^ZXPbSL_ ]P_L]OPO TQYZ_ _Z_LWWd[]TXT_TaP ]PRTZY?SP 6L_S£^L]T_^£RL]L _PWW^`^ #$ _SL_ _ST^ VTYR >£_La£SLYL ZYNP XLOP L _Z_LW QZZW ZQ STX^PWQ MPNL`^P ZbTYR _Z ST^ ^[L]^P `YOP]^_LYOTYR ZQ _SP WLb^ ZQ P`[SZYTN^ SP `YOP] ^_ZZO L NP]_LTY ^PY_PYNP TY >LY^V]T_ NZX[WP_PWd b]ZYRWd bSTWP SP bL^ SL[[TWd ^[WL^STYR LMZ`_ bT_S _SP WLOTP^ ZQ ST^ SL]PX TY ST^ ^bTXXTYR [ZZW3POTOYZ_TY_P][]P__SP^PY_PYNP wX£ÀXZOLVLTà[L]T_£LdLx $L^ w/ZYZ_[Z`]LYdbL_P]ZaP]XPxM`_zbT_SO]L^_TNNZY^P\`PYNP^zL^ w;Z`] ^bPP_XPL_^ ZaP] XPx >TYNP _SP bT^S ZQ L bZXLY bL^ ]PRL]OPO L^ LY LM^ZW`_P NZXXLYO SP TXXPOTL_PWd ^_L]_PO _Z NL]]d T_ Z`_ LYO Pc[Z^PO STX^PWQ _Z _SP OP]TOTYR WL`RS_P] ZQ _SP bSZWP NZ`]_ ?SP VTYR bL^^ZL^SLXPO_SL_SPbT^SPO_ZOTP0aP]dOLdSPbZYOP]PObSL_`^P LWW ST^ ]TNSP^ bP]P bSPY SP bL^ ^Z ^_`[TO 9Pb^ ZQ >£_La£SLYLv^ [P] XLYPY_ ^_L_P ZQ OP[]P^^TZY ]PLNSPO _bZ NWPaP] R]LXXL]TLY^ bSZ _SZ`RS_ _SL_ _SPd NZ`WO _`]Y _ST^ ^T_`L_TZY _Z _SPT] LOaLY_LRP LYO S`] ]TPOZQQ_Z_SP[LWLNP:YPZQ_SPX±L]aLaL]XLYbLY_PO_ZOPNPTaP_SP VTYRLYO_ZWOSTXw4YLO]PLX4^Lb]LTYQLWWTYRQ]ZX_SPSPLaPY^^PY_ MdLSPLaPYWdMZdLYOZ`_ZQ_SP]LTY^_P[[POLbZXLYTYbST_PNWZ_S TYRbSZ :VTYROT]PN_WdPY_P]POdZ`]XZ`_S BSP]P`[ZY4LbZVP LYO TXXPOTL_PWd _SZ`RS_ u_SL_ bL^ >L]L^aL_¯vx 6TYR >£_La£SLYL L^VPO PcNT_POWd w3Zb WZYR OZP^ T_ _LVP _Z MPNZXP WPL]YPO*x 2`©£SdL _SP Z_SP]R]LXXL]TLYLY^bP]POMZWOWdw?bPWaPdPL]^M`_4NLY_PLNSdZ` bSL_ dZ` YPPO TY ^Tc dPL]^x ±L]aLaL]XLY bLY_PO _Z RP_ ST^ ZbY MLNV ZYST^NZWWPLR`PLYO^LTOwBSd^SZ`WOLVTYRSLaP_ZRZ_Z^`NS_]Z` MWP* 4 bTWW _PLNS dZ` TY ^Tc XZY_S^x 2`©£SdL PY]LRPO Md ±L]aLaL] XLYv^ []P^`X[_TZY ^LTO _SL_ TQ _SL_ NLXP _Z [L^^ Q]ZX _SPY ZY SP bZ`WOYZ_^[PLVLYdWLYR`LRPVYZbY_ZXLYbSTWP±L]aLaL]XLYNZ`Y _P]PO_SL_TQ2`©£àdLbL^^`NNP^^Q`WSPbZ`WObPL]2`©£SdLv^^LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ 6L_S£^L]T_^£RL]L !#z!" $ 6L_S£^L]T_^£RL]L !
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
OLW^ ZY ST^ SPLO QZ] _bPWaP dPL]^ :Y _SP bLd SZXP ±L]aLaL]XLY bL^ LW]PLOd ]PR]P__TYR ST^ ]L^S []ZXT^P 1Z]_`YL_PWd ST^ bTQP VYPb bSL_ _Z OZ% PaPY TY ^`NS OTQQTN`W_ ^T_`L_TZY^ _SP]P bL^ ^_TWW _SP [Z^^TMTWT_d ZQ ZM_LTYTYRLTOQ]ZX_SPRZO>VLYOL?SL_aP]dYTRS_±L]aLaL]XLY^P_ZQQ QZ] _SP _PX[WP ZQ >VLYOL ?SP QZWWZbTYR T^ ST^ ZbY WL_P] LNNZ`Y_ ZQ PaPY_^zLYO^TYNP_ZOLdv^R]LXXL]TLY^RPYP]LWWdbZ]VTYLaP]dOTQQP] PY_XLYYP]bP^SZ`WO\`Z_P±L]aLaL]XLYSP]P% w>TYNP4SLO^P_ZQQ:6TYR4SLOQL^_POLYOVP[_^TWPYNP9Zb_SP]PbL^ ZYWdL^SZ]_bLd_ZRZ&4QPWW_Z_SPR]Z`YOTYLQLTY_bZ]YZ`_MdXd^_]TN_ L^NP_TNT^X ,WW L_ ZYNP T_ ^PPXPO _Z XP _SL_ L XLY bT_S L ^[PL] bL^ L[ []ZLNSTYRXPLYO4SPL]O_SPbZ]O^SP^[ZVPNWPL]L^N]d^_LW%u>_LYO`[ Xd^ZY4^SLWWR]LY_dZ`PaP]d_STYRv4Y_SL_XZXPY_T_^PPXPO_ZXP_SL_ 4bL^MPTYRML_SPOTY L ^_]PLXZQYPN_L] 4 LbZVP bT_SZ`_L _]LNPZQS`Y RP] Z] _ST]^_ LYO 4 bL^ \`T_P bSZWP 1`WW ZQ ZaP]bSPWXTYR OPaZ_TZY 4 L] ]TaPO L_ _SP _PX[WP ML_SPO LYO PY_P]PO _SP ^LYN_`L]d Q`WW ZQ PN^_L^d 4Y ^TOP 7Z]O>VLYOL]PaPLWPOSTX^PWQ_Z XPRLaP XPST^^TRS_ OL]²LYL LYO L aT^TMWP >L]L^aL_¯ PY_P]PO Xd XZ`_S 9Zb bSPY _SP ^TcSPLOPO 7Z]O >VLYOLL[[PL]PO_ZXPTY[P]^ZYSP]PNT_PO_SP>¼_]L%u?SPLW[SLMP_T^L^ ^`XPO_ZMPVYZbYvXZ]PWT_P]LWWd%uF?SP^_`OdHZQ_SP_]LOT_TZYLW^d^_PX ZQWP__P]^F^SZ`WOHMPNZX[WP_POFMPQZ]PNZXXPYNTYR_SP^_`OdZQ_ST^?LY _]LX ^TOOSLà Hvz:YSPL]TYRT_LWL^MPNL`^PbPS`XLY^ZQ_PYMLMMWP4 [`_ _SP YPc_ >¼_]L _ZRP_SP] Xd^PWQ LYO `__P]PO T_ ?SPY _SP RZO ^[ZVP _Z XP% u4QdZ`SLOFYZ_TY_P]]`[_POXPLYOSLOHYZ_`__P]POFT_HdZ`]^PWQ_ST^ MZZV ZQ WPL]YTYR bZ`WO SLaP MPPY R]PL_P] _SLY _SL_ ZQ ;£©TYT -`_ YZb T_ bTWWMPLWP^^P]^d^_PXNLWWPOw6£_LY_]LxLYObTWWMPNLWWPO_SPw[PLNZNV R]LXXL]xLQ_P]_SPLYTXLW`[ZYbSTNS4]TOPvx $
?SP]PL]P^PaP]LW[ZTY_^ZQTY_P]P^_LMZ`__SP^PYL]]L_TaP^?SPdL]PYTNP PcLX[WP^ZQSZb^NTPY_TQTN^d^_PX^MPNLXP[Z[`WL]TePOLYO]PXd_SZWZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ T_Z]£ULYYT]£S£]ZXL`YL^_SZuSLÀ_LO£RL_Làgg _L_ZuOSaLYTXLY£VNSP´PU£_P_¯a]L_L[LàV´Làg VW£Y_Là[L_T_La£YL^XTYTà^LÀUÓZOSL]L©¯_LWPgg `__T´¶SL[`_]L^L]aLÀ_P^LÀ[L_^dL_LT_T^[S`¶LXg ²LV_TSL^_Là[`X£YP_dLU£YPX£XLM]La¯__LO£gg _PY£SLXLX_£^£]L^LÀ^TV_LTaL_L_V´L©LXg []LM`OOSLàV´`_[T[£^£OTS¯YLà^aL^_SLTa£MSLaLXgg L_SLOPaL^dLYTVL¶LÀ[]£[dLMSLV_TMSL]£V`WLàg ^Y£_a£RL]MSLRSLÀ_L^dL[]LaT´¶ZuMS¼aLX`YXLY£àgg _L_ZuY_Là[]LMS`©£F[]LMS`Y£H_PYL^VLYOPYLXLXLOL]²LYLXg OL__LÀ_L_Là[]LaT´¶£XPX`VSPX¼]_£FX¼]__£*H^L]L^aL_¯gg L_S£^L`MSLRLa£Y^£V´£_´LMST]£YLYL[L«VLULTàg ^TOOSZaL]©L^LX£XY£dLT_T^¼_]LX`OLT]LdL_gg _LNNS]`_aLTaLXLY`´dL_aL^`WLMS£NN£[LW£OML_Lg `__L]LÀ^¼_]LXLMSd¼SdL^aLdLXPaLXLdZOT_LXgg L_S£M]La¯_^LOPaZXLÀY£aLOT´dLà^aLdLÀdLOTg LMSLaT´dLOTOLÀ²£^_]LÀ[£©TY¯dZ[LXL]OLVLXgg LOS`Y£^aLW[L_LY_]L_a£_V£_L_LY_]£VSdLÀMSLaT´dL_Tg XLOa£SLYLVLW£[L^dLY£XY£V£W£[LVLÀ_L_S£gg 6L_S£^L]T_^£RL]L "Mz
0Y_P]_LTYTYR7PL]YTYRTY?SPL_P]
RTePO TY [Z[`WL] OT^NZ`]^P ?ST^ T^ [L]_TN`WL]Wd _]`P ZQ R]LXXL] _SP XZ^_ LYLWd_TNLW ^d^_PX ZQ 4YOTLY TY_PWWPN_`LW ST^_Z]d 4_^ Xd_STQTNL_TZY ^SPO^ WTRS_ ZY TP XT]]Z]^ _SP N`W_`]LW aLW`P ^d^_PX .ZY^TOP] SZb `YNZYNPTaLMWP T_ bZ`WO MP TY 0`]Z[P _Z QTYO R]LXXL]TLY^ L^ []Z_LRZ YT^_^ TY 2]TXXv^ QLT]d _LWP^ z TY ZMaTZ`^ NZY_]L^_ _Z _SP 6L_S£^L ]T_^£RL]L 4Y 0`]Z[P L_ MP^_ bP QTYO LYPNOZ_P^ LMZ`_ [STWZ^Z[SP]^ LYO X`^TNTLY^ ?ST^ NZX[L]T^ZY XLVP^ NWPL] SZb bPTRS_d _SP ^_L_`^ ZQ R]LXXL]TLY^ SL^ MPPY TY _SP NZWWPN_TaP XPXZ]d ZQ >LY^V]T_ 4YOTL ?SP R]LXXL]TLY^ L[[PL] SP]P L^ L NZWWPN_TaP ]P[]P^PY_L_TZY]P[]P^PY_L_TaP^ ZQ 4YOTLY N`W_`]P 4Y 0`]Z[P ZYWd R]PL_ [STWZ^Z[SP]^ LYO X`^TNTLY^ SLaPL\`T]PO^`NSL]P[]P^PY_L_TZYLWQ`YN_TZY ?SP NZY_PY_ L__]TM`_PO TY 4YOTL _Z _SP NZWWPN_TaP ]P[]P^PY_L_TZY PX MZOTPO Md _SP R]LXXL]TLY^ T^ P\`LWWd YZ_PbZ]_Sd ?SPT] R]PL_YP^^ LYO QLXP WTP QT]^_ LYO QZ]PXZ^_ TY _SPT] NL[LNT_d _Z NZXXT_ PaP]d_STYR _Z XPXZ]d PaPY LQ_P] ZYWd ZYP SPL]TYR PVL²]`_L ,NNZ]OTYR _Z _SP 6L_S£^L]T_^£RL]L _SP M]TWWTLYNP _SL_ ;£©TYT LN\`T]PO LQ_P] bZ]^ST[TYR _SPRZO ±TaLNZY^T^_^[]PNT^PWdTY ST^MPNZXTYR LY PVL²]`_L LYOYZ_TY ST^ TY_PWWPN_`LW ]TRZ] LYO Z`_^_LYOTYR LYLWd_TNLW NL[LNT_TP^ _SL_ _SP ST^_Z]TNLW ;£©TYT OPQTYT_PWd SLO Z] TY ST^ PcNPWWPY_ R]LXXL] ?ST^ ]P QWPN_^\`T_PQLT_SQ`WWd_SP[Z[`WL]YZ_TZYZQR]PL_^NSZWL]^ST[LYO-]LS XLYTN WPL]YPOYP^^ ,YLWd_TNLW ^_]PYR_S T^ bSL_ T^ aLW`PO TY 0`]Z[P bSTWP L NZX[]PSPY^TaP XPXZ]d T^ aLW`PO TY 4YOTL >`NS L XPXZ]d L[ [L]PY_Wd SL^ LY LT] ZQ ZXYT^NTPYNP 4_ bL^ PL^TWd L^^ZNTL_PO bT_S _SP Pc_]LZ]OTYL]d _SP ^`[]LX`YOLYPLYOOTaTYPLYOO]LbYTY_Z_SP^[SP]P ZQ]PWTRTZYZQXd_SZQQLY_L^dLYOZQQTN_TZY :XYT^NTPYNPLYO_SPOTaTYP^[SP]PMPWZYRYL_`]LWWd_ZRP_SP].ZX []PSPY^TaP VYZbWPORP SL^ T_^ YL_TaP [WLNP TY SPLaPY BT_S _SP ]T^P ZQ _SPR]PL_7Z]O2ZO^±TaLAT´©`LYO/Pa¯_SP]PWTRTZ`^WdXTYOPOYL_` ]LWWdNLXP_Z_SPNZYNW`^TZY_SL_M]TWWTLYNPT^LNSTPaPOMdOPaZ_TZYLYO ^`]]PYOP] _Z _SP 7Z]O ,YO bSL_ _SP R]PL_ [LY4YOTLY RZO^ NLY OZ _SP WZNLWOPT_TP^ NLYOZL^ bPWW?SP>Z`_SP]Y 4YOTLY6£_LY_]LZ]w;PLNZNV 2]LXXL]x bL^ NZYQP]PO Md _SP >Z`_SP]Y 4YOTLY 2ZO 8`]`RLY bSZ^P 9Z]_SP]Y 4YOTLY YLXP T^ >VLYOL ?SP R]PL_ RZO^ NLY NSLYRP PaP]_STYR Q]ZX ZYP XZXPY_ _Z _SP YPc_ ?SPT] _]LY^QZ]XL_TaP [ZbP] LYO R]LNP ^`MaP]_^ VL]XL LYO OSL]XL XPNSLYT^X^ ?SP ^WZbXTYOPO [P]^ZY MP NZXP^ L RPYT`^ _SP WTL] MPNZXP^ L ^[PLVP] ZQ _]`_S LYO _SP ^TYYP] L_ _LTY^ ]POPX[_TZY LYO ^LWaL_TZY PaPY TQ SP OZP^ YZ_ ^PPV _SPX /`]TYR _SP [P]TZO ZQ _SP R]PL_ 7Z]O 2ZO^ _SP TOPL OPaPWZ[^ _SL_ YZ ZYP NLY ]P^T^_ _SP Z`_^_LYOTYR R]LNP LYO [ZbP] ZQ _SP 7Z]O ?ST^ YPb _SPZWZRd _SL_ ]PLNSPO T_^ XZ^_ Sd[P]MZWTN QZ]X^ TY AT´©`T^X NZXMTYPO PL^TWd bT_S_SPZWOP]TOPL^ZQ^ZYTN[ZbP],WW_SPbZYOP]Q`W_STYR^XPY_TZYPO LMZaPSL[[PYLWXZ^_L`_ZXL_TNLWWdbSPYZYPPY_P]^ _SPOTaTYPQTPWOMd
,YLWd_TNLW>_`OTP^LYO;Z[`WL]TeL_TZY^ZQ_SPAPOL
]PNT_L_TZY 9Z_STYR _]TRRP]^ OTaTYP R]LNP L^ PL^TWd L^ ]PNT_L_TZY ^TYNP _SP]PNT_LWLYOT_^XP]P^Z`YOXLVPOTaTYP^`M^_LYNP[]P^PY_ :MaTZ`^Wd Xd_STQTNL_TZY^ LYO QTN_TZYLWTeL_TZY^ bP]P WP^^ _SP ^PWQ L^N]T[_TZY^ ZQ _SP ^NTPY_T^_^ _SPX^PWaP^ -`_ ZY _SP Z_SP] SLYO 4YOTLY TY_PWWTRPY_^TL]L]PWd ^LbL]PL^ZY _ZZ[[Z^P_Z T_,Q_P]LWW PaPY ;£©TYT M`TW_ TY_Z ST^ QZ]XLWT^_TN R]LXXL] LY LWXZ^_ TX[P]NPTaLMWP QWLaZ] ZQ Xd_STNLW PXMPOOPOYP^^ Md `^TYR _SP _P]X wR]Zb_Sx TY L [ZWd^PXLY_TN bLd 8Z^_ 4YOTLY ^NTPY_T^_^ OTO YZ_ bLY_ _Z RTaP `[ Xd_STNLW PX MPOOPOYP^^ Z] ]PUPN_ Xd_STNLW TYaZWaPXPY_ LYO LY PYNSLY_PO bZ]WO >ZXP QZ]X ZQ [L]_TNT[L_TZY T^ LWXZ^_ LWbLd^ _SP]P z L_ WPL^_ TY STOOPY QZ]XTY_SPTYT_TLW XL«RLWL aP]^P^ZQLNLOPXTNbZ]V^?ST^[L]_TNT[L_Z]d MTL^OZP^YZ_XPLY_SL_PaP]_STYRT^]PWTRTZ`^TY4YOTLL^^ZXPBP^_P]Y ]PNT[TPY_^_PYO_Z^`RRP^_YZ]OZP^T_PY_LTW_SL_PaP]dZYP_LVP^_ZT_TY _SP ^LXP XLYYP] Z] TY P\`LW XPL^`]P :`] NWLTX T^ ZYWd _SL_ Xd_SZ^ LYO WZRZ^ SLaP MPPY WP^^ OTaTOPO TY 4YOTL _SLY TY 0`]Z[P 9PT_SP] OZP^ PXLYNT[L_TZYPcNW`OP_SP[L]_TNT[L_Z]dOTXPY^TZYYZ]_SP[L]_TNT[L_Z]d bZ]WOaTPb LY PXLYNT[L_TaP L[[]ZLNS ?SP [Z^_APOTN [P]TZO LMZ`YO^ TY TY_PWWPN_`LW LM^_]LN_TZY^ LYO L [W`]LWT_d ZQ NSZTNP^ ZY SZb _Z WPLO ZYPv^ WTQP LYO L[[]ZLNS T^^`P^ ZQ bZ]WOaTPb ]PWTRTZY LYO WLYR`LRP BP QTYO OPXd_STQTNL_TZY LYO ]PXd_STQTNL_TZY LYO ^PN`WL] LYO ]PWT RTZ`^Z]TPY_L_TZY^?SP[ZP_TNTLY^bT_SbSZXbP^_L]__SPYPc_NSL[_P] bP]P []Z`OWd PX[SLeTYR _SPT] []ZQLYP ^_L_`^ LYO w^PN`WL] NZYQP^^TZYx >ZXP ZQ _SPX bP]P ]PLW _PNSYZWZRT^_^ ZQ WLYR`LRP bSZ QLaZ]PO MPL`_T Q`W QZ]X LYO Z]YLXPY_L_TZY ZaP] NZY_PY_ 4_ T^ _d[TNLW SZbPaP] _SL_ PaPYbT_STY_ST^aP]dbZ]WOWdZ]TPY_POXTWTP`L[L]_TNT[L_Z]dZ]TPY_L_TZY _ZbL]O^[ZP_TNOTN_TZYL]Z^PL ^PY^PZQ _SP ^`RRP^_TaPYP^^ZQWLYR`LRP LYO_SP]L^LT_NZYQP]^?SP]L_TZYLWPMPSTYO_ST^[ZP_TN_`]YbL^^TXTWL] _Z YPb QTYOTYR^ TY WTYR`T^_TN^ P[T^_PXZWZRd LYO XP_L[Sd^TN^% ?SP bSZWP T^ LWbLd^ XZ]P _SLY _SP ^`X ZQ T_^ [L]_^ ,W_SZ`RS _SP Xd_STNLW bZ]WOaTPbZQ_SPPL]WdAPOLSL^WZYRMPPYZ`_OL_PO TY_SP[Z^_APOTN [P]TZOYPbQZ]X^ZQ Xd_STNLW TYaZWaPXPY_VP[_]PL[[PL]TYR BPYZb QTYO _STYVP]^ bSZ RTaP [L]_TNT[L_TZY L XP_L[Sd^TNLW Q]LXPbZ]V LYO OPaPWZ[bSL_ bPNLWW]PQWPN_PO`YTaP]^LWXd_S^?SPT]TY_PWWPN_`LW]TRZ] TYaL]TLMWd TYaZWaPO L^ bP L]P RZTYR _Z OT^N`^^ LY TY_PY^TaP TYaP^_TRL _TZY ZQ WLYR`LRP T]]P^[PN_TaP ZQ bSP_SP] _SPd bP]P [ZP_^ ]T_`LWT^_^ [STWZ^Z[SP]^ Z] R]LXXL]TLY^ ?SPT] Pc[WZ]L_TZY ZQ WLYR`LRP []ZO`NPO ^ZXP Z`_^_LYOTYR ]P^`W_^ []PQTR`]TYR XZOP]Y WTYR`T^_TN^ z [L]_Wd L^ XP]P Md[]ZO`N_^ L^ TY _SP NL^P ZQ _SP ;¼]aL8¯X£À^£ ^NSZZW bSZ^P ^ZWP TY_P]P^_ bL^ _Z []P^P]aP APOTN ]T_`LW TY L _TXP ZQ ^ZNTLW LYO ]PWT RTZ`^NSLYRP
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY% /P>LN]LWTeL_TZYLYO=P>LN]LWTeL_TZYZQ7LYR`LRPTY ;ZP_TN^7TYR`T^_TN^LYO8P_L[Sd^TN^ ;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY w>SZ`WO bP ^P__WP L^ L^NP_TN^ Md ^LN]PO ]TaP]^* >SZ`WO bP OPOTNL_P Z`] ^PWaP^ ^PWQWP^^Wd F_Z Z`]H aT]_`Z`^ bTaP^* >SZ`WO bP O]TYV Q]ZX _SP ^PL ZQ WPL]YPOYP^^ Z] ]L_SP] O]TYV _SP OPWTNTZ`^ YPN_L] ZQ _SP Y`XP]Z`^ [ZPX^* BPOZYZ_VYZbBSL_^SZ`WObPOZ*1Z]_SPWTQPZQLXLYWL^_^M`_LQPb XZXPY_^x
4Y_SPQT]^_SLWQZQ_SPQT]^_XTWWPYYT`X,/_SPWT_P]L]d^_]L_`XZQ4YOTLY ^ZNTP_d MPRTY^ _Z ^SZb L OTQQP]PY_TL_TZY ZQ WTQP^_dWP^ LYO TYN]PL^TYR NSZTNPMP_bPPYaL]TZ`^L`_ZYZXZ`^QTPWO^ZQXPLYTYR>`NSL[W`]LWT^X ZQ [Z^^TMWP bLd^ ZQ WTaTYR NLY ZYWd OPaPWZ[ TY L N`W_`]P ZQ W`c`]d LYO ^`][W`^ 4Y [L]_TN`WL] _SP OdYL^_d ZQ _SP 2`[_L^ bSZ ]`WPO TY9Z]_SP]Y 4YOTL Q]ZX _Z ,/ T^ ]PRL]OPO L^ L ^dYZYdX QZ] L [P]TZO ZQ N`W_`]LW ]PYLT^^LYNP [ZWT_TNLW ^_LMTWT_d LYO PNZYZXTN []Z^[P]T_d _SL_ SL^ YPaP] ^TYNP MPPY P\`LWPO TY 4YOTL 4Y _SP aP]^P \`Z_PO LMZaP -SL]_SL]T _SP QLXZ`^ QTQ_S Z] ^Tc_SNPY_`]d [ZP_ LYO [Z^^TMWd TOPY_T NLWbT_S_SPR]LXXL]TLY-SL]_SL]T OZN`XPY_^_SP[W`]LWT_dZQZ]TPY_L _TZY^_SL_PcT^_POL__SL__TXP3PVYZb^bSL_SPT^_LWVTYRLMZ`_^TYNP LNNZ]OTYR _Z _SP ST^_Z]TZR]L[STN ^Z`]NP^ SP Z^NTWWL_PO LWW ST^ WTQP MP _bPPY XZYL^_TN LYO bZ]WOWd WTQP MP_bPPY L^NP_TNT^X LYO SPOZYT^X ?SPAPOTNP[ZNSPYOPObT_S_SPOT^NZaP]dZQ_SPTYYP]bZ]WO&_SPNWL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
_L[L^dLY_Là^LY_LàVTXLOSTYTaL^£XLà^`]LYLO¯À R`©ZO£]£YO£]£Y`_L[L]TNL]£XLà^LaTYLdLXg [TM£XLಣ^_]L`RS£Y`_LaTaTOSLV£ad£X_L]L^£Y YLaTOXLàVTÀV`]XLàVL_T[LdLYTXP´£d`´TULYPgg-SL]_SL]T ALT]£RdL±L_LVL a "! >`[[Z^POWd L WL]RP Y`XMP] ZQ WT_P]L]d bZ]V^ bSTNS L]P NZY^TOP]PO YZb NWL^^TNLW L__LTYPO _SPT] OPQTYT_P QZ]X^ TY _ST^ [P]TZO >PP 5ZSLYYP^ -]ZYVSZ]^_ w?bZ 7T_P]L]d .ZYaPY_TZY^ZQ.WL^^TNLW4YOTLx ,^TL_T^NSP>_`OTPY C7A$$% 8Lc8ÞWWP][]P^`XPO_SPT]TOPY_T_dZY_SPML^T^ZQL]P[Z]_Md_SP.STYP^P[TWR]TX4 ?^TYR !$ ,/ :Y _SP [ZP_ ^PP BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P aZW z!&ZY_SP\`P^_TZYZQTOPY_T_d3L]ZWO2.ZbL]O -SL]_SL]T -Z^_ZY%?bLdYP $"! $ z ,^SZV ,VW`UVL] w-SL]_SL]Tx TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^ aZW /PWST%8Z_TWLW-LYL]^OTL^^$$^`XXL]TePO_SPOPML_PMd^_L_ TYR _SL_ _SP L]R`XPY_^ ZY TOPY_T_d L]P w[P]SL[^ MPdZYO SZ[P ZQ LYd OPQTYT_P ^ZW` _TZYx >PP LW^Z 5LY 08 3Z`MPY ?SP >LÀMLYOSL>LX`OOP²L NSL[_P] ZY ]PWL_TZY LYO-SL]_SL]Tv^;STWZ^Z[SdZQ7LYR`LRP 2]ZYTYRPY%0RMP]_1Z]^_PY$$ z
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
^TNLW P[ZNS MPRTY^ bT_S _SP []ZR]P^^TaP OTQQP]PY_TL_TZY ZQ NSZTNP^ ?SP^PZ[[Z]_`YT_TP^TYNW`OP_Z_LW]PUPN_TZYZQ_SP[Sd^TNLWbZ]WOU`^_L^ X`NSL^_Z_LWWdPXM]LNTYRT_z_SPdTYNW`OPLWTQPTYL^LN]PO^P__TYRU`^_ L^X`NSL^LWTQPTYL[]ZQLYPZYP?SP^LXPLW^ZL[[WTP^_ZSZb^NSZW L]^ OPLW bT_S _SP >LY^V]T_ WLYR`LRP% ZYP NLY NSZZ^P bSP_SP] _Z OPLW bT_S WLYR`LRP L^ L [ZP_ Z] L^ L R]LXXL]TLY 4Y _SP NWL^^TNLW [P]TZO bP QTYOXLYdOTQQP]PY__PYOPYNTP^ZQXLVTYRWLYR`LRPPT_SP]WP^^^LN]POZ] XZ]P ^LN]PO LRLTY TP aL]TZ`^ _PYOPYNTP^ ZQ OP^LN]LWTeL_TZY Z] ]P ^LN]LWTeL_TZY ?SP []TXL]d ^dX[_ZX ZQ _SP OPXd_STQTPO L__T_`OP _Z WLYR`LRP T^ _SP QZN`^TYR ZY _SP R]LXXL_TNLW _P]X ²LMOL TY^_PLO ZQ _SP Xd_STNLW a£N =PaPLWTYRWd L^ PL]Wd L^ ;L_LÓULWTv^ _TXP _SP ^_`Od ZQ WLYR`LRP T^ YZ_ NLWWPO wa£RLY`²£^LYLXx M`_ w²LMO£uY`²£^LYLXx 4Y NWL^^TNLW >LY^V]T_ ²LMOL T^QT]^_LYOQZ]PXZ^__SPRPYP]LW_P]XQZ]_SPNL_PRZ]dZQ bSL_ T^ L`OTMWP -`_ L_ _SP ^LXP _TXP ²LMOL LW^Z XPLY^ wbZ]Ox 1Z] PcLX[WP ^ZXP_STYR WTVP _SP 0YRWT^S Pc[]P^^TZY w_SP bZ]O uNZbvx bZ`WOMPwRZ²LMOLxTYNWL^^TNLW>LY^V]T_bSTNSTYQLN_WT_P]LWWdXPLY^ w_SP ^Z`YO uNZbvx 1`]_SP]XZ]P TY _SP NZY_Pc_ ZQ S`XLY WLYR`LRP _SP _P]X L]_SL T^LWXZ^_LWbLd^XPY_LWWdLOOPO_Z_SP_P]X ²LMOL ?ST^_P]X L]_SL NLY SLaP XLYd LYO aL]TPO XPLYTYR^ ^`NS L^ ZMUPN_ TY_PY_TZY Z] RZLW 4Y WTYR`T^_TN _P]X^ L]_SL XPLY^ _SP XP^^LRP _SL_ T^ TX[L]_PO Md ²LMOL_SL_T^_SPXPLYTYRZQ_SPbZ]O^TYL^PY_PYNP-`_TYNZY_]L^__Z _SP0YRWT^S[LT]ZQ_P]X^wbZ]OxLYOwXPLYTYRxSP]PT_T^YZ_wbZ]O^x _SL_ SLaP wXPLYTYR^x TY^_PLO _SP]P L]P ZYWd NP]_LTY ^Z`YO^ ²LMOL bSTNS L ^[PLVP] NLY `^P _Z NZXX`YTNL_P _SP ZMUPN_^ L]_SL ZQ ST^ bTWW Z] ST^ ZM^P]aL_TZY^ -`_ ^TYNP ²LMOL T^ YZ_ ]P^_]TN_PO _Z S`XLY WLY R`LRP T_ NLY LW^Z ]PQP] _Z ^Z`YO^ _SL_ ZNN`] TY _SP YL_`]LW bZ]WO 1Z] PcLX[WP _SP]P PcT^_ Pc[]P^^TZY^ ^`NS L^ [L¶L[L¶£²LMOL bSTNS ]PYOP]^ _SP YZT^P ZQ ^ZXP_STYR QLWWTYR _Z _SP QWZZ] LYO NZ`WO [P]SL[^ MP _]LY^ WL_POL^wN]L^SNWL__P]x4YRPYP]LWT_NLYMP^LTO_SL__SPbZ]O²LMOLT^ `^PO bSPY LY TOPY_TQTLMWP XP^^LRP NLY MP RLTYPO Q]ZX _SP ^Z`YO 4_ OZP^ YZ_ XL__P] bSP_SP] _ST^ T^ _SP XP^^LRP wNZbx Z] _SP XP^^LRP w^ZXP_STYR T^ QLWWTYR ZY _SP QWZZ]x BP NLY ^PP SZb OTQQTN`W_ T_ T^ _Z _]LY^WL_P _SP bZ]O u²LMOLv MPNL`^P OP[PYOTYR ZY _SP NZY_Pc_ T_ NLY SLaP\`T_POTQQP]PY_XPLYTYR^^`NSL^wbZ]OxwYZT^PxZ]U`^_w^Z`YOx TYRPYP]LW2`d-PNV^`RRP^_^L^_SPMP^__]LY^WL_TZYNZaP]TYR_SP[]Z Q`^PWd OTaP]^P L]PL^ ZQ L[[WTNL_TZY wuWTYR`T^_TN ^Z`YOv XZ^_Wd NZYYZ_ TYR aZNLW ^Z`YO _Z bSTNS XPLYTYR T^ L__LNSPO PT_SP] TY QZ]X ZQ LY ZM UPN_Z]L_SZ`RS_x 3ZbPaP]TQZYPOZP^YZ_bLY__Z^[PLVZQ_SPXP^^LRPNZYaPdPOMd L ^Z`YO LYO TY^_PLO _Z ]PQP] _Z T_^ [`]PWd LNZ`^_TN \`LWT_d TY NWL^^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
-PNV >ZYTN?SPZWZRd #
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
"
>LY^V]T_ZYP`^P^_SPbZ]O^ OSaLYT LYO Y£OL ?SP^PbZ]O^NLYMP_]LY^ WL_PO TY_Z 0YRWT^S L^ w[SZYP_TN ^Z`YOx Z] w^Z`YO [L__P]Yx QZ] OSaLYT LYO w[Sd^TNLW ^Z`YOx waZTNPO ^Z`YOx w^Z`YO bLaP^x Z] w]P^ZYLYNPx QZ] Y£OL ?SPOTQQP]PYNPQ]ZX_SP_P]X ²LMOL T^MP^_ OPXZY^_]L_POMdL QPb]PLWPcLX[WP^% VZVTWL²LMOL XPLY^ _SP wNLWW ZQ _SP N`NVZZx bSTNS NZYaPd^ _SP XP^^LRP w_SPN`NVZZ^SLaPL]]TaPOxLYObT_S_SPX_SP^[]TYR
VZVTWLOSaLYT bZ`WO TYOTNL_P ^ZXP_STYR WTVP w_SP ^ZYR ZQ _SP N`NVZZ^x 3P]P _SP PX[SL^T^ bZ`WO MP ZY _SP TYOTaTO`LW \`LWT_TP^ ZQ _ST^ [L]_TN`WL] MT]ONLWW z TY _ST^ NL^P T_^ MPL`_d ^TYNP 4YOTLY N`NVZZ^ NLWWPO NZTW^ SLaP LXZ]PMPL`_TQ`WLYOXZ]PaL]TPO^ZYR_SLY0`]Z[PLYN`NVZZ^ VZVTWLY£OL Z`] QTYLW aL]TL_TZY bZ`WO XPLY wN`NVZZ YZT^Px TY _SP ^PY^P ZQw_SPQZ]P^_]PaP]MP]L_P^ bT_S_SPNLWW^ZQ_SPN`NVZZ^x?SP_P]XuY£OLv LWbLd^XPLY^LNP]_LTY^Z`YO^NL[PLYOTY_ST^NL^P^`RRP^_^_SL__SP]PL]P XLYdN`NVZZ^[]P^PY_LYOYZ_U`^_ZYPL^bZ`WOMPTYOTNL_POMd OSaLYT
,^bPNLY^PP_SP_P]X^OSaLYTLYOY£OL`YWTVP²LMOLLNNPY_`L_P_SP YZY^PXLY_TNLNZ`^_TNL^[PN_ZQ_SP^Z`YObSTWP²LMOLLWbLd^PX[SL ^TeP^_SPNSL]LN_P]T^_TNYZT^P_SL_T^WTYVPObT_SLYZMUPN_Z]L[]ZNP^^L YZT^P_S]Z`RSbSTNSLYZMUPN_Z][]ZNP^^NLYMPTOPY_TQTPO?ST^T^_]`P YZ XL__P] bSP_SP] _SP ^Z`YO T^ ZYP _SL_ ZNN`]^ bT_STY S`XLY WLYR`LRP Z] YL_`]LW ^Z`YO [SPYZXPYL >Z ZYWd ²LMOL TYNW`OP^ MZ_S _SP [SZYP_TN LYO_SP^PXLY_TNWPaPW^%T_T^^Z`YO_SL_NL]]TP^LXP^^LRP ?SPbLd^TYbSTNSWLYR`LRPT^aTPbPOLYO`YOP]^_ZZOTYPL]WdXP OTPaLW 4YOTL L]P aT]_`LWWd LWW ML^PO `[ZY _SP L[[Z^T_TZY ZQ ²LMOL LYO L]_SL bT_S _SP QZN`^ ZY _SP \`P^_TZY ZQ _SP YL_`]P ZQ _SP WTYV MP_bPPY _SPX 0T_SP] ^PY^P LYO ^Z`YO bP]P `YOP]^_ZZO L^ MPTYR LWWZNL_PO _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
?SPOT^N`^^TZYRZP^MLNV_Z[]P.S]T^_TLY_TXP^M`_]PLNSPOLSTRSOPR]PPZQ^Z[ST^ _TNL_TZYTYXPOTPaLW_TXP^;L_LÓULWTL^V^L__SPMPRTYYTYRZQST^ 8LS£-S£´dL % wBSL_ T^ _SP bZ]O uNZbv*x LYO LY^bP]^ w4_ T^ _SL_ bSTNS bSPY `__P]PO M]TYR^ `^ VYZbWPORPZQN]PL_`]P^bT_SOPbWL[_LTWS`X[SZZaP^LYOSZ]Y^x1Z]STXVYZbW PORPT^_SPVPdQLN_Z]%LbZ]OT^LbZ]OZYWdbSPYT_SL^XPLYTYR3PT^L]R`TYR_SP 8¯X£À^£aTPb_SL_LYdLRR]PRL_PZQWP__P]^T^L²LMOL PaPYbSPY_SP]PT^YZXPLY TYRZ]bSPY_SPXPLYTYRT^YZ_`YOP]^_ZZO?SP"_SZ]#_SNPY_`]d8¯X£À^LVLWTY R`T^_ 6`X£]TWL -SL¶¶L OPQPYO^ _ST^ aTPb LYO ^Ld^ _SL_ PaPY _SP TYOTaTO`LW WP__P]^ ^SZ`WOMPNZY^TOP]POL²LMOL_SZ`RS_SPdOZYZ_NZYaPdLYdXPLYTYRLYO_SL_TY_SP NL^PZQ bZ]O^_SPTOPLZQ²LMOLZNN`]^PaPYMPQZ]PXPLYTYRT^`YOP]^_ZZO 3PN]T_T NTeP^;L_LÓULWTv^OPQTYT_TZYQZ]MPTYRMZ_S_ZZbTOPLYO_ZZYL]]Zb,bZ]OOZP^YZ_ []ZO`NP _SP NZRYT_TZY ZQ XPLYTYR `YWP^^ T_^ NZY_Pc_^ L]P VYZbY :Y _SP 8¯X£À^£ LYOZ_SP][Z^T_TZY^^PPMPWZbLYO5-]Z`RSw?SPZ]TP^ZQ2PYP]LW7TYR`T^_TN^TY_SP >LY^V]T_ 2]LXXL]TLY^x 7ZYOZY% ?]LY^LN_TZY^ ZQ _SP ;STWZWZRTNLW >ZNTP_d $ & w>ZXP4YOTLY?SPZ]TP^ZQ8PLYTYRxTMTO$ zMZ_S]P[]TY_POTY ,=PLOP]ZY_SP >LY^V]T_ 2]LXXL]TLY^ PO 1]T_^ >_LLW .LXM]TORP% 84? ;]P^^ z z& 6 6`YU`YYT =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR 8LO]L^% ,OdL] $!& 8LOPWPTYP -TL]OPL` ?SËZ]TP OP WL .ZYYLT^^LYNP P_ ;STWZ^Z[STP OP WL ;L]ZWP OLY^ WP M]LSXLY T^XP NWL^^T\`P ;L]T^% 8Z`_ZY $!& 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL
#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
PLNS Z_SP] TY L NZYaPY_TZYLW XLYYP] Z] PW^P ^PY^P LYO ^Z`YO bP]P NZXMTYPO TY L STRSP] XP_LWTYR`T^_TN `YT_ >dY_SP^P^ WTVP _ST^ ^`NS L^ _SZ^PZQ-SL]_SL]TLYO,MSTYLaLR`[_L]PaPLWTYRWdLRLTY_LVP]PNZ`]^P _Z _SP ZWO APOTN _P]X a£N ! 3ZbPaP] SP]P a£N SL^ LW]PLOd MPPY _`]YPO TY_Z L NZX[WP_PWd XP_L[Sd^TNLW _P]X -`_ TY_P]P^_TYRWd []PNT^PWd _SP XZOP]Y YZYWTYR`T^_TN _P]X^ OSaLYT LYO Y£OL bSTNS L[[PLW XZ]P _Z ^PY^Z]d LbL]PYP^^ MZOTWd ]P^[ZY^P LYO PXZ_TZYLW Pc[P]TPYNP LW^Z MPNZXP TY \`T_P OTQQP]PY_ NZY_Pc_^ TX[Z]_LY_ _P]X^ QZ] ]LOTNLW YPb bLd^ZQ^dY_SP^TeTYR_SPZMUPN_^ZQ_SP[Sd^TNLWLYO XPY_LWbZ]WObT_S XL_P]TLW LYO TXXL_P]TLW L^[PN_^ ZQ WLYR`LRP LYO LNZ`^_TN Pc[]P^^TZY " 0LNSZQ_SP^P_bZ_P]X^^_LYO^QZ]_SPL__PX[__ZZaP]NZXP_SPO`LWT^X ZQ ²LMOL LYO L]_SL ^`NS L^ TY _SP OSaLYT [ZP_]d ZQ ¢YLYOLaL]OSLYL Z] TY _SP Y£OL NZ^XZWZRd ZQ _SP ?LY_]L LYO _SP WL_P] 9£OL-]LSXLY OZN _]TYP_SL_[]P^`XLMWdRZP^MLNV_Z_SPX`^TNZWZRT^_8L_L«RL # 5`^_ L^ -SL]_SL]T bSZX bP \`Z_PO LMZaP Z^NTWWL_PO MP_bPPY _SP M]Z_SPW LYO _SP XZYL^_P]d _SP Pc[WLYL_Z]d XZOPW^ TY PL]Wd XPOTPaLW 4YOTLLW^ZZ^NTWWL_POMP_bPPY_SP^LN]POLYO_SP[]ZQLYP_SPXL_P]TLWT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
!
"
#
wBZ]O8PLYTYRxTY 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^ AZW % ?SP;STWZ^Z[SdZQ _SP 2]LXXL]TLY^ PO .ZbL]O LYO =LUL /PWST% 8Z_TWLW -LYL]^TOL^^ $$ LYO _SP PY_T]PaZW`XPbSTNS`YQZ]_`YL_PWdNZY_LTY^^ZXPQWLb^^PP_SP]PaTPbMd5ZSLYYP^ -]ZYVSZ]^_TY ,^TL_T^NSP>_`OTPY C7A44$$%"#z" &-TXLW68L_TWLW ?SP BZ]OLYO_SPBZ]WO4YOTLv^.ZY_]TM`_TZY^_Z_SP>_`OdZQ7LYR`LRP /PWST%:cQZ]O @YTaP]^T_d;]P^^$$&BTWSPWX3LWMQL^^ ?]LOT_TZYLYO=PQWPN_TZY%0c[WZ]L_TZY^TY 4YOTLY ?SZ`RS_ ,WMLYd% >@9D $$& -PNV >ZYTN ?SPZWZRd z#& 3Z`MPY >LÀMLYOSL>LX`OOP²L z -SL]_SL]T T^ LNNZ]OTYR _Z ,^SZV ,VW`UVL] w4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_ 3L]Tx ,^TL_T^NSP>_`OTPY C7A44$$%#w_SPZWOP^_LaLTWLMWPLYONWPL]P^_WTYV _Z_SP_]LOT_TZYZQ a£N Xd^_TNT^X_SL_ZMaTZ`^Wd^`]aTaPOTY4YOTL]TRS_OZbYQ]ZX_SP APOTN[P]TZOx >PPLW^Z6]T^SYL>TaL]LXLYw?SPBZ]OL^L.L_PRZ]dZQ=PaPWL_TZYxLYO3L]ZWO2 .ZbL]O%w-SL_SL]Tv^/SaLYT%,.PY_]LW9Z_TZYTY4YOTLY,P^_SP_TN^xTY3.ZbL]O LYO 6 >TaL]LXLY =PaPWL_TZY TY 4YOTLY ?SZ`RS_ 0XP]daTWWP% /SL]XL ;`MWT^STYR $"" z! ! z# >TaL]LXLYv^ L]_TNWP NZY_LTY^ LY POT_TZY LYO _]LY^WL_TZY ZQ _SP 9£OL6£]TVL^L^SZ]_TY_P]P^_TYR±LTaL_Pc_ZYY£OLTMTO z $ 8L_L«RLv^ -SLOOP²¯ #_S NPY_ T^ ZYP ZQ _SP ZWOP^_ ^Z`]NP^ ZY ^PN`WL] ^ZYR LYO T_^ 9£OL XP_L[Sd^TN^ MPNLXP STRSWd TYQW`PY_TLW TY _SP X`^TNZWZRTNLW _]LOT_TZY ?SP aP]^P^ "z# ^_L_P _SL_ _SP PY_T]P `YTaP]^P NZY^T^_^ ZQ ^Z`YO LYO _SP R]PL_ RZO^ L]P -]LSXLYTY_SPQZ]XZQ9£OL4_T^WTVPWd_SL__SPaP]^P^]PQWPN_DZRTNLYO?LY_]TNTY QW`PYNP 3ZbPaP] _SP]P L]P YZ ^Z`]NP^ SP]P []POL_TYR A£NL^[L_Tv^ DZRL^¼_]L NZX XPY_L]d_SNPY__SL_[Z^_`WL_P -]LSXLYTY_SP QZ]XZQ ^Z`YO -PNV >ZYTN?SP ZWZRd #$ ?SP _P]X w9£OL-]LSXLYx T^ L[[L]PY_Wd PaPY XZ]P ]PNPY_ TP L WL_P] wYZXTYLWTeL_TZYx bSTNS LM^Z]MPO ^PaP]LW _]LOT_TZY^% DZRTN ^Z`YO NZY_PX[WL_TZY LYO ?LY_]TN Y£OL ^[PN`WL_TZY^ >X£]_L LYO -SLV_T TYQW`PYNP^ LYO X`^TNZWZRTNLW NZYNP[ _TZY^ 4_ ^PPX^ ^ZXPbSL_ XT^WPLOTYR Q]ZX _SP ^_LYO[ZTY_ ZQ ST^_Z]TNLW N]T_TNT^X _SL_ -PNVv^ >ZYTN ?SPZWZRd #z" []P^PY_^ L WL]RP Y`XMP] ZQ DZRL LYO ±£V_L ?LY_]L ^Z`]NP^ `YOP] _SP NZXXZY SPLOTYR w9£OL-]LSXLYx LW_SZ`RS _ST^ T^ U`^_TQTPO TY _P]X^ZQ]PNP[_TZYST^_Z]dNQZ`]NSL[!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
$
_TNLYO_SPTOPLWT^_TN_SPNL`^LWT^_TNLYO_SPXd_STNLW,WWZQ_SPaL]TZ`^ L[[]ZLNSP^ Z[PY `[ _SPT] ZbY ^PY^Z]d bZ]WO^ NZRYT_TaP ^NSPXL_L LYO YP_bZ]V^ ZQ XPLYTYR TY bSTNS ZYP NLY WTaP ?SP^P OTaP]^P bZ]WO^ ZQ XPLYTYR LYO ]L_TZYLWT_d L]P ZQ_PY TY NZX[P_T_TZY bT_S ZYP LYZ_SP] LYO _SPd NLYYZ_ MP `YT_PO Md L NZXXZY OPYZXTYL_Z] ?SP bZ]WOWd [ZP_ /L©TYQZ]TY^_LYNPbT_S bSZXbP bTWW^_L]_Z`]OT^N`^^TZYSL^ WT__WP TY NZXXZY bT_S _SP APOL ]T_`LWT^_ LYO WTYR`T^_TN [STWZ^Z[SP] 6`X£]TWL -SL¶¶L LW_SZ`RS _SPd WTaPO L]Z`YO _SP ^LXP _TXP NL "_S#_S NPY_ ,/ 4Y Z`] _P]XTYZWZRd bP QTYO bZ]WO Z]TPY_L_TZY^ _SL_ L]P OPWTMP] L_PWd wPXLYNT[L_Z]dx LYO Z_SP]^ w[L]_TNT[L_Z]dx M`_ ^ZXP ZQ _SP XZ^_ TYQW`PY_TLW _STYVP]^ z -SL]_SL]T YZ_ WL_P] _SLY z ,/ $ ±L«VL]£N£]dL NL ! z# ,/ ¢YLYOLaL]OSLYL $_S NPY_ ,/ LYO ,MSTYLaLR`[_L NL $" z ,/ z bSZX bP OT^N`^^ XZ]P PWLMZ ]L_PWd TY _SP QZWWZbTYR NSL[_P] z ^Z`RS_ PLNS TY _SPT] ZbY bLd L ]L _TZYLW SZWT^_TN ^dY_SP^T^ LYO T_ T^ []PNT^PWd _SP^P L`_SZ]^ bSZ MPNLXP ST^_Z]TNLWWdXZ^_PQQPN_TaP ?SP []P^PY_ NSL[_P] T^ OPaZ_PO _Z _SP XZOP^ ZQ OTQQP]PY_TL_TZY bT_STY [ZP_]d APOL SP]XPYP`_TN^ LYO WTYR`T^_TN [STWZ^Z[Sd _SL_ YZ_ ZYWd ]PQWPN_ L OTQQP]PY_TL_TZY ZQ PWT_P N`W_`]LW ^ZNTLW LN_Z]^ M`_ LW^Z PXMZOd OTaP]RPY_ N`W_`]LW aT^TZY^ ZQ bZ]O LYO XPLYTYR ,WW L`_SZ]^ OT^N`^^PO L]P wWTYR`T^_TN LN]ZML_^x TY _SPT] ZbY ]TRS_ LYO TYRPYTZ`^Wd OPXZY^_]L_POTQQP]PY_VTYO^ZQXL[[TYR^ZQ ²LMOL LYO L]_SL ?SPT]_SPZ ]TP^ ZQ LP^_SP_TN^ ZQ XPLYTYR LYO ZQ RPYP]LW WTYR`T^_TN^ SLaP MPPY R]PL_Wd TYQW`PY_TLW TY 4YOTL ZbTYR _Z _SPT] ^Z[ST^_TNL_TZY LYO ^ZXP LY _TNT[L_PO ]PWPaLY_ [ZTY_^ _SL_ MPNLXP []ZXTYPY_ TY XZOP]Y BP^_P]Y WTYR`T^_TN^ :`]^Z`]NP^]LYRPQ]ZX_SPQTQ_S_Z_SPYTY_SNPY_`]TP^?SP WTYR`T^_ -SL]_SL]T LYO _SP 8ÅX£À^£ NZXXPY_L_Z] ±LML]L WTaPO TY 2`[_L _TXP^ M`_ XZ^_ Z_SP] L`_SZ]^ bP]P b]T_TYR TY _SP ^PaPY_S Z] PTRS_S NPY_`]d BP bTWW []P^PY_ -SL]_SL]Tv^ WTYR`T^_TN ^dY_SP^T^ TY _SP QTYLW [L]LR]L[S^ ZQ _ST^ NSL[_P] ?SP NS]ZYZWZRTNLW M]PLV T^ XLOP QZ] ^d^_PXL_TN]PL^ZY^%bP^_L]_bT_S_SP[ZP_TNTLY^_Z^SZb_SPNZ`]^PLP^ _SP_TN^ SL^ _LVPY ^TYNP -SL]L_Lv^ 9£¶dL²£^_]L QTYLW aP]^TZY L]Z`YO !_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ,VW`UVL]w,Y4Y_]ZO`N_TZY_Z_SP>_`OdZQ-SL]_3L]Tx ,WPcT^>LYOP]^ZYw,MSTYLaLR`[_LxTY 0YNdNWZ[POTLZQ=PWTRTZY aZW#z$ /P >L`^^`]Pv^ OTQQP]PY_TL_TZY ZQ w^TRYTQTLY_x LYO w^TRYTQTËx bL^ TY^[T]PO Md 4YOTLY _SPZ]TP^ _SL_ SLaP TY NZXXZY L OT]PN_ ]PWL_TZY^ST[ ZQ ²LMOL LYO L]_SL =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR z XLTY_LTY^ _SL_ PaPY OP >L`^^`]Pv^ N]T_TN^ :ROPY LYO =TNSL]O^LYO_SPT]_SPZ]TP^ZQ^TRY^Z]^dXMZWT^X_SL_[]Z[Z^PLYTX[`_PO]PWL_TZY ^ST[ ZQ bZ]O LYO XPLYTYR L]P NZX[L_TMWP bT_S 4YOTLY _SPZ]TP^ =LUL [TY[ZTY_^ L Y`XMP]ZQPL]Wd4YOTLYLY_TNT[L_TZY^ZQXZOP]Y_SPZ]TP^^`NSL^_SP8¯X£À^£v^_SP Z]d ZQ _SP [P]XLYPYNP ZQ WP__P]^ LYLWZRZ`^ _Z XZOP]Y [SZYP_TN^ TMTO LYO T_^ _SPZ]dZQWPL]YTYRWLYR`LRPLYOXPLYTYRMd`^LRP]PXTYT^NPY_ZQBT__RPY^_PTY 5ZSLYYP^-]ZYVSZ]^_w?bZ7T_P]L]d.ZYaPY_TZY^x
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
NPY_ ,/ bSTNS T^ ^_TWW Q]P^S TY _SP ]PLOP]v^ XTYO ?SP WTYR`T^_TN OT^ N`^^TZY^_SL_QZWWZbbTWW_LVP`[_SP_S]PLOZQAPOL]PNP[_TZYST^_Z]dTY _ST^ NSL[_P] Md OT^N`^^TYR _SP SP]XPYP`_TN 8ÅX£À^£ _]LOT_TZY^ LYO _SPT] [STWZ^Z[STN L[[]ZLNSP^ _Z _SP APOL L^ waP]MLW L`_SZ]T_dx ²LMOL []LX£©L ?SPR]LXXL]TLYLYOWTYR`T^_XL^_P]XTYO-SL]_SL]TNZXP^L_ _SP PYO MPNL`^P ST^ ]PXL]VLMWP XP_L[Sd^TN^ ZQ WLYR`LRP SLO L R]PL_ TX[LN_ZYSTRS 3TYO`?LY_]LbSZ^PZbYXLUZ]XL^_P]XTYObL^ ,MST YLaLR`[_L -SL]_SL]T STX^PWQ XLd [Z^^TMWd SLaP MPPY TYQW`PYNPO YZ_ ZYWd Md _SP APOTN _]LOT_TZY M`_ LW^Z Md PL]Wd ¢RLXL?LY_]L ]PRL]OTYR ST^ SZWT^_TN L[[]ZLNS LYO [P]^`L^TaP OTQQP]PY_TL_TZY ZQ _S]PP WPaPW^ ZQ WLYR`LRP bSTNS bP]P ]PbZ]VPO TY_Z QZ`] Md ,MSTYLaLR`[_L LYO Z_SP] ?LY_]TN ^NSZWL]^ -SL]_SL]T _S`^ WTYV^ _SP []P^PY_ NSL[_P] bT_S _SP ^`NNPPOTYR ZYP ZY ?LY_]L -`_ LW^Z _SP LP^_SP_TN _SPZ]TP^ bSTNS bP ^_L]_ bT_S QZ]X L WTYV ?SP OPaZ_TZYLW ?LY_]TN SdXY^ bP L]P RZTYR _Z OT^N`^^ XLVP ]TNS `^P ZQ _SP XLUZ] OPaTNP^ ZQ L]_T^_TN [ZP_TN^ TP ZQ Z]YLXPY_L_TZY LYO ^`RRP^_TZY LYO ,MSTYLaLR`[_L bL^ YZ_ ZYWd L []Z YZ`YNPO?LY_]T^_LYO[STWZ^Z[SP]ZQWLYR`LRPM`_LW^ZZYPZQ_SPXZ^_ PXTYPY__SPZ]P_TNTLY^ZQ4YOTLYLP^_SP_TN^
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
?SP7LYR`LRPBZ]V^SZ[ZQ_SP:]YLXPY_LWT^_^
?SP [ZP_^ ZQ _SP NWL^^TNLW [P]TZO L]P YZ WZYRP] NSL]TZ_O]TaP]^ bSZ LN NZX[LYd _SPT] []TYNP^ TY_Z ML__WP TY [P]^ZY z TY^_PLO _SPd L]P ]PQTYPO NZ`]_ [ZP_^ ?SP [ZP_^ L_ _SP ]ZdLW NZ`]_^ bP]P STRSWd ^[PNTLWTePO LYO WPL]YPO N]LQ_^XPY ?SPd YZ_ ZYWd SLO _Z SLaP PcNPWWPY_ VYZbWPORP ZQ R]LXXL]LYOXP_P]M`_LW^ZQZ]PcLX[WPZQb]T_TYR^LMZ`_bLRTYRbL] LYOXLVTYRWZaPLYO_ZMPLMWP_ZOP^N]TMPNZ]]P^[ZYOTYR^NPYP^QLT_S Q`WWd?SPNZ`]_[ZP_^vWPaPWZQPO`NL_TZYNZ`WOPaPYMPNZX[L]PObT_S _SL_ ZQ _SP -]LSXLYTN ^NSZWL]^ bT_S bSZX _SPd NZX[P_PO TY OPML_P^ :Q NZ`]^P _SP R]PL_P^_ O`_d ZQ L NZ`]_ [ZP_ bL^ _Z b]T_P P`WZRTP^ RWZ]T QdTYRST^XL^_P]@W_TXL_PWdT_bL^_SP[ZP_^bSZTYN]PL^PO_SP[]TYNP^v RWZ]d LYO XLOP _SPT] YLXP^ TXXZ]_LW z LYO _SPd bP]P \`T_P LbL]P ZQ bSL_ _SPd bP]P OZTYR 1Z] PcLX[WP _SP [ZP_ /L©TY []ZMLMWd TY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPNSL[ LYO #MPWZb >PPNSL[ $MPWZb >PP LW^Z BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P aZW z QZ] bSL_ QZWWZb^ 1Z] Q`]_SP] ]PQP]PYNP^ ZY 4YOTLY [ZP_TN^ Z] V£adL WT_P]L_`]P% , >LYVL]LY >ZXP ,^[PN_^ ZQ7T_P]L]d.]T_TNT^XTY>LY^V]T_ 8LO]L^%@YTaP]^T_dZQ8LO]L^$$&>`^STW6`XL] /P 3T^_Z]d ZQ >LY^V]T_ ;ZP_TN^ .LWN`__L% 678 NZX[WP_P ]PaT^PO PO $##& LYO 0ObTY2P]Zb 4YOTLY;ZP_TN^ BTP^MLOPY%3L]]L^^ZbT_e$""
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
"_SZ][Z^^TMWd_SP#_SNPY_`]db]T_P^_SPQZWWZbTYRTY_SPTY_]ZO`N_TZY _ZST^ 6£ad£OL]²L % w>PP QZ] dZ`]^PWQ z TY _SP XT]]Z] ZQ WLYR`LRP _SP QLXP ZQ _SP ZWO VTYR^ OZP^YZ_QLOPPaPY_SZ`RS_SPdL]P^ZQL]LbLdQ]ZX`^x !
3ZbPaP] _SP [ZP_^ XLOP _SPX^PWaP^ PaPY XZ]P TXXZ]_LW _SLY _SP VTYR^ _SPd RWZ]TQTPO 4Y LY P]L LYO L ^ZNTP_d TY bSTNS ^ZNTLW []P^_TRP bL^LWXZ^_LWbLd^OP_P]XTYPOMdOP^NPY_Z]uLNNTOPY_vZQMT]_ST_X`^_ SLaP MPPY `[WTQ_TYR _Z [P]NPTaP PaPY _SP XP]P^_ [Z^^TMTWT_d ZQ ]T^TYR LMZaP_SP^_L_`^ZQL^XLWWYLXPWP^^O]Z[WP__ZMPNZXPLST^_Z]TNLW[P] ^ZYLWT_dLYO_ZXLVPLYLXPQZ]ZYP^PWQ_SL_bZ`WOWL^_QZ]S`YO]PO^ZQ dPL]^ .ZY^P\`PY_Wd _SP [ZP_^ `^`LWWd [Z^^P^^PO L aP]d SPLW_Sd ^PWQ TXLRP% w4_T^_SLYV^^ZWPWd_Z_SP^[PPNSP^ZQ_SPN`W_`]PO^NSZWL]^_SL_PaP]d_STYR T^ QWZ`]T^STYR ?ST^ bSZWP NZ^XZ^ bZ`WO MP MWTYO OL]VYP^^ TQ _SP WTRS_ ZQ _SPbZ]OSLOYZ_^SZYPQ]ZX_SPMPRTYYTYRZQ_TXPx "
/L©TYv^NZYNP[_ZQWLYR`LRPT^bSZWWd]ZZ_POTY_SP]PLWXZQ_SP^PN` WL] z OP^[T_P _SP SdXYTN TY_ZYL_TZY ZQ _SP^P XL«RLWL aP]^P^ /L©TY ]PRL]O^ _SP XPY_TZY ZQ []LN_TNLW `^P bSTNS WTP^ TY MPTYR LMWP _Z NZX X`YTNL_P bT_S Z_SP]^ `^TYR WLYR`LRP L^ _SP QTYP^_ bZ]O ZQ []LT^P bT_S bSTNSSP NLYSZYZ] _SPWLYR`LRPRZOOP^^?SPNZRYT_TaPL^[PN_ZQ WLY R`LRP L^ _SP WTRS_ ZQ _SP WZRZ^ TY _SP OL]VYP^^ ZQ RPYP]LW TRYZ]LYNP T^ ZYWdZQ^PNZYOL]dTX[Z]_LYNP-`_XL^_P]dZQ_SPWLYR`LRPT^XZ]P_SLY LYd_STYRPW^PLN`W_`]LWaLW`PTYT_^PWQ% w.Z]]PN_Wd `^PO WLYR`LRP RL`à z L^ _SP bT^P ^Ld z T^ TYOPPO L ubT^S XTWVTYRv FbT^SR]LY_TYRH NZb RL`à -`_bSPYT_T^`^PO b]ZYRWdT_ZYWd ]PaPLW^_SL__SP^[PLVP]T^LMPPQM`WW RL`à x # ?SPL`_SZ]NP]_LTYWdOZP^YZ_NZ`Y_STX^PWQLXZYR^__SPMPPQWTaP^_ZNV ,YO _Z XLVP _ST^ LM^ZW`_PWd NWPL] _Z ST^ ]PLOP]^ SP `^P^ _SP bZ]O wRL`àx TY _SP ^LXP aP]^P TY _S]PP \`T_P OTQQP]PY_ XPLYTYR^ z L OPaTNP _SL_]P\`T]P^LaT]_`Z^ZXL^_P]dZQWLYR`LRP-`_TY^ZOZTYR_SP[ZP_T^ ^TX`W_LYPZ`^Wd OPXZY^_]L_TYR ST^ ZbY LRPYOL ^TYNP TY 4YOTLY [ZP_]d /L©TY^_LYO^L^LYPcLX[WPZQLSTRSWd_PNSYTNLWPc_]PXPWdXLYYP]T^ _TN bLd ZQ `^TYR WLYR`LRP LYO ZQ PX[SL^TeTYR WTYR`T^_TN aT]_`Z^T_d LYO PXMPWWT^SPO Pc[]P^^TZY 3P T^ ZYP ZQ _SP XZ^_ PXTYPY_ _SPZ]P_TNTLY^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! £OT]£ULdL²ZMTXMLX£OL]²LÀ[]£[dLa£«XLdLXg _P´£XL^LYYTOS£YPv[TYL^aLdLÀ[L²dLYL²dL_Tgg6£ad£OL]²L " TSL^T´¶£Y`²T´¶£Y£À²T´¶£Y£XL[T^L]aL_S£g a£N£XPaL[]LXZOPYLWZVLd£_]£[]LaL]_L_Pgg TOLXLYOSLà_LXLàV_^YLÀULdP_LMS`aLYL_]LdLXg dLOT²LMO£SaLdLÀUdZ_T]£^LÀ^£]£YYLO¯[dL_Pgg6£ad£OL]²L z # RL`]RL`àV£XLO`RS£^LÀdLV[]Ld`V_£^XL]dL_PM`OSLTàg O`´[]Ld`V_£[`YL]RZ_aLÀ[]LdZV_`à^LTaL²LÀ^L_Tgg6£ad£OL]²L !
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
V£adLWT_P]L_`]PTPL]_Q`W[ZP_]dLYOT^N]POT_PObT_SPT_SP]P^_LMWT^S TYR _SP ,WL«V£]L ^NSZZW ZQ [ZP_TN^ Z] NZOTQdTYR PcT^_TYR _]LOT_TZY^ ZQ wZ]YLXPY_L_TZYx Z] wPXMPWWT^SXPY_x LWL«V£]L QZ] bSTNS SP ZQQP]PO L NZSP]PY_LYOST^_Z]TNLWWdPQQPN_TaP[]P^PY_L_TZY $4Y^_PLOZQNZYNPY_]L_ TYR ZY O]LXL LYO ^_LRTYR L^[PN_^ bSTNS L]P L_ _SP SPL]_ ZQ -SL]L_Lv^ 9£¶dL²£^_]L /L©TY LYO ST^ NZY_PX[Z]L]TP^ QZN`^ ^_]Z[STN [ZP_]d ZQ L STRS^_LYOL]OL^aP]MLWLYOb]T__PYL]_
7LYR`LRP:]YLXPY_L_TZY ,Y ZWO 4YOTLY ^LdTYR ^_L_P^ _SL_ SZbPaP] MPL`_TQ`W L MPL`_TQ`W bZXLY T^ ^SP T^ YPaP] _]`Wd MPL`_TQ`W bT_SZ`_ SP] UPbPW]d -PL`_d SL^ _Z MP NL]POQZ]&T_X`^_MPN`W_TaL_PO-PL`_dLYOOPNZ]L_TZYTY_ST^^PY^PL]P YZ_ ZYWd L aT^`LW NL_PRZ]d M`_ LW^Z L ^[T]T_`LW LYO XP_ZYdXTN ZYP ,OZ]YXPY_T^LXP_ZYdXZ]TYOPcTNLW^TRY_SL_OZP^YZ_^ZX`NSOPYZ_P Pc_]LaLRLYNPZ]PcNP^^M`_TY^_PLOPXMZOTP^L^ZNTLW]P[]P^PY_L_TZYZQ N`W_`]POYP^^[]Z[]TP_dL[[]Z[]TL_PYP^^LYONZX[WP_PYP^^ -PL`_dSL^ _ZOZbT_SNZRYT_TZYLYO^PY^Z]dLbL]PYP^^%ZYPNLY^PPbSP_SP]^ZXP ZYP NL]P^ QZ] _ST^ bZXLY LYO [P]NPTaP^ SP] L^ MPL`_TQ`W 4Q LY 4YOTLY bZXLY[`_^ZYSP]UPbPW]d^SPLW^Z^TRYLW^_SPQLN__SL_^SPQTYO^SP] ^PWQ YZ_ ZYWd MPL`_TQ`W LYO L__]LN_TaP M`_ LW^Z ^ZNTLWWd LNNP[_LMWP LYO []Z[P]Wd O]P^^PO z bT_SZ`_ T_ ^SP bZ`WO QPPW `YO]P^^PO OT^Z]OP]Wd LYO wYLVPOx 4Q ^SP OZP^ YZ_ [`_ T_ ZY ^SP ^`RRP^_^ _SP Z[[Z^T_P% T_ bZ`WO MP TYL`^[TNTZ`^ TYOPNZ]Z`^ LYO OT^]P^[PN_Q`W Z] ^TRYLW bTOZbSZZO XPY^_]`L_TZY Z] _SL_ SP] S`^MLYO T^ LbLd ZY L UZ`]YPd ?SP [ZP_TN Z] YLXPY_L_TZY LWL«V£]L ZQ_SP¢WL«V£]TVLZ] ;]£N¯YL ^NSZZWT^ML^POZY L ^TXTWL] NZYNP[_ ?SP [WZ_ ZQ L [ZPX T^ ZYWd ^PPY L^ T_^ MZOd z Z] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ /L©TY ^SL]P^ _ST^ N]POT_ bT_S -S£XLSL bSZ bL^ bZ]VTYR L_ LMZ`_ _SP ^LXP _TXP -Z_S _SPT] bZ]V^ 6£adLOL]²L LYO 6£ad£WLÀV£]L ^SL]P ^TXTWL] QPL_`]P^ >PP 2P]Zb 4YOTLY;ZP_TN^ "QQ ,6 .ZZXL]L^bLXd w:]YLXPY_x TY >PWPN_PO ;L[P]^ PO = 7T[^Pd /PWST% ;]TYNP _ZY @YTaP]^T_d ;]P^^ $#! z [ZTY_^ Z`_ _SL_ wLOZ]YXPY_x wOPNZ]L_TZYx Z] wZ]YLXPY_L_TZYx T^ ^PPY L^ LY TY_PR]LW QLN_Z] ZQ MPL`_d TY 4YOTLv^ 8TOOWP ,RP^ LYO QZ]X^LwYPNP^^L]dLNNTOPY_xLYOPaPYLNZY^_T_`_TaP[L]_ZQLYZMUPN_v^Z][P]^ZYv^ NZX[WP_TZYLYO[]Z[]TP_d4Q^ZXP_STYRT^LOZ]YPO_ST^XPLY^T_RTaP^aLWTOT_dZ]PY SLYNP^ T_^ PQQPN_ XLVTYRT_L[_ LYOPX[ZbP]TYRRWZ]TQdTYR XLRYTQdTYRT_ /PNZ]L _TZYT^TY_]TY^TNLWWdMZ`YO`[ bT_S ^ZNTLW ^TRYTQTNL_TZY P_STNLW ]ZWPLYOL bSZWP bLd ZQWTQPLYOTY_ST^^PY^PNZYYPN_^bT_SZ_SP]^PRXPY_^ZQN`W_`]P 4Y QLN_ _SP ^PXLY_TN QTPWO Z]YLXPY_ UPbPW]d L[_YP^^ aT]_`P L`^[TNTZ`^YP^^ RWZ]d ^[WPYOZ] P]Z_TN L__]LN_TZY LYO Z]YL_P [ZP_]d TP [ZP_TNLW QTR`]P^ QZ]X LY Pc[WTNT_ NZY_TY``XTY 4YOTLY[ZP_TN^ >PP6ØWaP] wE`] 1]ÞSRP^NSTNS_P OP] =L^L7PS]Pxz !&ZY_SP^PXLY_TN_]LY^QZ]XL_TZYZQ_SP_P]XuLWL«V£]Lv^TYNPAPOTNLYOP[TN_TXP% .ZZXL]L^bLXdw:]YLXPY_x!Q
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
Z_SP] bZ]O^ _SP NZY_PY_ T^ YZ_ _SP XLUZ] _STYR 4_ T^ YZ_ ^Z TX[Z]_LY_ bSL_ T^ ^LTO L^ SZb T_ T^ ^LTO ?SP L]_T^_TN QZ]X z Z]YL_P WLYR`LRP LYO [ZWT^SPO Pc[]P^^TZY z T^ _SP []TXP T^^`P TP ]SP_Z]TNLW QTR`]P^ NZX [L]T^ZY^_]Z[P^PWWT[^P^L^^ZYLYNP^LYO]SdXP^?SPML^TN]`WPT^%_SP XZ]P Z]YLXPY_L_TZY _SP MP__P]& _SP R]PL_P] _SP LXZ`Y_ ZQ OPNZ]L_TZY LYO_SPY`XMP]ZQaL]TL_TZY^_SPXZ]PbZ]_SdLYOPc\`T^T_P_SP[ZPX ?SP Q`YOLXPY_LW L^[PN_ T^ _SP YZ_TZY _SL_ PaP]d ^_L_PXPY_ NLY MP Pc[]P^^PO TY LY TYQTYT_P Y`XMP] ZQ QZ]X^ 8L^_P]TYR _SP WLYR`LRP XPLY^MPTYR LMWP_Z`^P _SPWL]RP^_[Z^^TMWPY`XMP]ZQaL]TL_TZY^ /T^ _TYN_TZY^L]PXLOPMP_bPPYQTR`]P^ZQ^Z`YO ²LMO£WL«V£]L LYOQTR`]P^ ZQ ^PY^P L]_S£WL«V£]L 4Y _SP wQTR`]P^ ZQ ^PY^Px _SP XLYd LYO aL]TPO Z[_TZY^ ZQ [L]L[S]L^TYR L]P `^PO 3P]P _SP bZ]^_ Z[_TZY ZQ LWW T^ _Z Pc []P^^ ^ZXP_STYR TY LY ZMaTZ`^ LYO NWPL] XLYYP] TP _Z ^Ld PcLN_Wd bSL_ZYPXPLY^>`NS^_L_PXPY_^L]P]PRL]OPOL^a`WRL] R]£XdL bSTNS WT_P]LWWdXPLY^w[P]_LTYTYR_Z_SPaTWWLRPxzTYNZY_]L^__Z`]MLY]PQTYP XPY_ Y£RL]TVL 3P]PT^LNWL^^TNLWPcLX[WPZQLa`WRL]^_L_PXPY_% VLYdPV£XLdLX£YLÀX£ÀYL_aLÀV£XLdL^PVL_SLXg w2T]W BSdOZdZ`YZ_OP^T]PXPbSZOP^T]P^dZ`z_SL_T^_SPLN_`LWa`W RL]^_L_PXPY_ L]_SL &T_^TX[WdWPLO^_Z_SPWZ^^ZQ ]L^L x
?SP[ZP_TNaP]^TZYZQ_SP^LXP^_L_PXPY_]PLO^_S`^% V£XLÀVLYOL][LNL©£WZXLdTa£X£V´TYT]OLdLàg _aLdTYT]XL_^L]ZOT´¶d£gg w4_ XLd MP _]`P _SL_ _SP NL©£WL 0]Z^ : OZPPdPO ZYP SL^ YZ NZX[L^ ^TZYQZ]XPQZ]_`YL_PWdSPT^bT_SZ`_LXMT_TZYbT_SdZ`z^`NSL^_L_PXPY_ SL^ ]L^L x
,^ bT_S -SL]L_L SP]P _SP XZZO Z] LP^_SP_TN wQWLaZ]x ]L^L T^ LWW TX[Z]_LY_ :Y _SP ML^T^ ZQ _SP^P PcLX[WP^ ZYP NLY OPO`NP _SL_ /L©TY ^PP^ _SP XZZO L]T^TYR TY _SP QLN_ _SL_ _SP LN_`LW ^PY^P T^ YZ_ Pc[]P^^PO ZY_SP^`]QLNPM`_]L_SP]TYLYTYOT]PN_bLd>`NSTYOT]PN_]PQP]PYNP_Z XPLYTYR T^ L aP]d P^^PY_TLW LNSTPaPXPY_ ZQ LWL«V£]L Z] wPXMPWWT^S XPY_x?SP]PLOP]YPPO^LQPb^PNZYO^_ZOT^PY_LYRWP_SPNZX[WPcNZY ^_]`N_TZY ZQ _SP ^PNZYO aP]^P LYO T^ _SPY ^`][]T^PO _Z QTYO _SL_ _ST^ ZYP Pc[]P^^P^ PcLN_Wd _SP ^LXP NZY_PY_ L^ _SP QT]^_ -`_ TY QLN_ _SP QZ]X ZQ _SP ^_L_PXPY_ SL^ MPPY _`]YPO TY_Z _SP PcLN_ Z[[Z^T_P% _SP QT]^_ ^_L_P XPY_ T^ L []P__d MW`Y_ L[[PLW bSTWP _SP ^PNZYO STOP^ _SP L[[PLW TY LY Pc[]P^^TZY ZQ _SLYV^ wQZ]_`YL_PWdx LYO [P]^`L^TaP LWW`^TZY^ 4Y _SP ^PNZYO ^_L_PXPY_ _SP bZ]O^ L]P _LVPY Q]ZX \`T_P OTQQP]PY_ ^PXLY_TN QTPWO^ wNL©£WLx w0]Z^x wbT_SZ`_ NZX[L^^TZYx wLXMT_TZYx bSTWP TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6£ad£OL]²L ! .L©£WL^QZ]X_SPaP]dWZbP^_NL^_PTY3TYO`T^X?SPdNWPLYWLaL_Z]TP^M`]YNZ][^P^ LYORPYP]LWWdOZLWW_SP]PaZW_TYRZ]OT]_dUZM^ 6£ad£OL]²L !
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_SP QT]^_ ^_L_PXPY_ L ^TYRWP bZ]O T^ ]P[PL_PO XZYZ_ZYZ`^Wd% wOP^T]Px wOP^T]Px V£XL ?ST^ bZ]O ZYWd L[[PL]^ ZYNP TY _SP ^PNZYO aP]^P LW MPT_ bT_S L \`T_P OTQQP]PY_ XPLYTYR TP L^ L XZOLW LOaP]M wT_ XLd MP _SL_ mx ?ST^ ]P[]P^PY_^ L aP]d ^[PNTLW ]PQTYPXPY_ bSTNS _SP [ZP_ X`^_ SLaP MPPY [L]_TN`WL]Wd []Z`O ZQ 3ZbPaP] _SP XZ^_ TX[Z]_LY_ _STYR T^ _SL_ _SP PXZ_TaP L^[PN_ ZQ _SP bZ]O^ _ZZ [ZTY_^ TY L _Z_LWWd OTQQP]PY_OT]PN_TZY_SLYTY_SPZ]TRTYLWMW`Y_aP]^TZY0]Z^T^^NZWOPOL^ L NL©£WL LYO _SP bZXLYv^ ]P^T^_LYNP T^ NZYQT]XPO ?SP []Z_LRZYT^_^ TP_SPOP^T]Z`^XLYLYO_SPbZXLYbSZT^L[[L]PY_Wd[`__TYR`[]P^T^ _LYNP SLaP NZX[WP_PWd OT^L[[PL]PO TY _SP U`YRWP ZQ Y`XP]Z`^ Z]YL XPY_^LYOZYWdL_]LNPZQ0]Z^T^^_TWWSLYRTYRTY_SPLT],YO[]PNT^PWd QZ] _ST^ ]PL^ZY _SP ^PNZYO ^_L_PXPY_ T^ Q`WW ZQ L_XZ^[SP]TN XZZO `YWTVP _SP QT]^_ aP]^TZY z LYO _SP ZYWd ]PL^ZY QZ] _ST^ T^ _SP WTYR`T^_TN QTYP^^PbSTNSL__SP^LXP_TXPLWbLd^O]Lb^LaPTWZaP]bSL_T^^LTO 4XLRTYL_TaP ^PY^`Z`^ NZX[L]T^ZY^ `[LX£ TP [ZP_TN ^TXTWP^ XP_L[SZ]^LYOXP_ZYdX^[WLdLNPY_]LW]ZWPL^PXMZOTXPY_^ZQQTR`]P^ ZQ ^PY^P L]_S£WL«V£]L /L©TY NZ`Y_^ L _Z_LW ZQ bLd^ ZQ Pc[]P^^ TYR L NZX[L]T^ZY bT_SZ`_ LW_P]TYR _SP LN_`LW ^_L_PXPY_ 3P]P L]P ^ZXP ZQ_SPX% ! ]£U¯aLXTaL_PaLV_]LÀYP_]PY¯WZu_[LWPTaLg! w7TVPL]POWZ_`^T^dZ`]QLNPWTVPMW`PWTWTP^L]PdZ`]PdP^x :MUPN_^TXTWPaL^_¼u[LX£
_La£u£YLYLXTaZuYYTO]LXL]LaTYOLXLMS¼F_Hg" w?SPLbLVPYTYRWZ_`^NLXP_Z]P^PXMWPdZ`]QLNPx 4YaP]_PO^TXTWPaT[L]d£^Z[LX£
_La£uYLYLXTa£uXMSZULXLXMSZULXTaL_PX`VSLXg# w7TVP_SPWZ_`^T^dZ`]QLNPWTVPdZ`]QLNPT^_SPWZ_`^x =PNT[]ZNLW^TXTWPLYdZYdZu_VL]´Zu[LX£
_aLYX`VSLÀVLXLWPYLTuaL_`WdLÀY£uYdPYLVPYLNT_g$ wDZ`]QLNPT^ZYWdNZX[L]LMWPbT_SLWZ_`^YZ_bT_SLYdZ_SP]F_STYRHx =P^_]TN_PO^TXTWPYTdLXZu[LX£
_aLddPaL_aLYX`VSLÀO´¶LÀO²dL_POTaTNLYO]LX£àg TdL_dPaLMSTO£Y£uYd£gg
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP XZ^_ TX[Z]_LY_ QTR`]P^ ZQ ^[PPNS TP wPXMPWWT^SXPY_^x L]P aL]TZ`^ _d[P^ ZQ `[LX£ wNZX[L]T^ZYx w^TXTWPx Q]ZX bSTNS ]¼[LVL wXP_L[SZ]TNLW TOPY_TQTNL_TZYx XLd MP OT^_TYR`T^SPO L^ L ^`MNL_PRZ]d ZQ `[LX£ TY bSTNS _SP ^TXTWT_`OP T^ ^`[ []P^^PO ,YZ_SP] TX[Z]_LY_ _d[P _SP dLXLVL wbZ]O [WLd Md XPLY^ ZQ ]P[P_T_TZYx w]SdXTYRxXLd[P]_LTY_ZQTR`]P^ZQTXLRP]d^dY_LcLYO]SdXPM`_/L©TY`^P^T_ ^_]TN_Wd _PNSYTNLWWd _Z OPYZ_P ]PR`WL]T_TP^ ZQ [SZYP_TN LYO [SZYPXL_TN QPL_`]P^ TP wQTR`]P^ZQ^Z`YOxXZ^_TX[Z]_LY_WdLWWT_P]L_TZY^LY`[]£^L LYOZ_SP]_d[P^ZQ]SdX TYR 4Y NZY_]L^_ _Z _SP [ZP_ -S£XLSL /L©TY [`_^ SPLad PX[SL^T^ ZY Z]YLXPY_^ ZQ ^Z`YOLW_SZ`RSWP^^^Z_SLYZYQTR`]L_TaPNZX[L]T^ZY^ ! 6£ad£OL]²L !z!
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
w:YP^PP^dZ`]QLNPZYWdZYdZ`FZYP^PP^H_SPXZZYTY_SP^Vd&_SL_T^ _SPZYWdOTQQP]PYNPLYO_SP]PL]PYZZ_SP]^x >`[P]WL_TaP^TXTWPL_T²LdZu[LX£
XLddPa£u^d£X`VSL²]¯]T_dLWLXTYOZ]aTVL__SLYLTàg [LOXPu[T^£dLOL^_¯uaLgg wu:YWdbT_SXPFOZP^ZYPQTYOH_SPMPL`_dZQSP]QLNPvzPYZ`RSZQ_ST^ F^PWQH[]LT^PZQ_SPXZZYQZ]T_T^LW^ZTY_SPWZ_`^x >TXTWPZQ^`[[Z^T_TZY`_[]PV´T_Zu[LX£
dLOTVTÀNTOMSLaP_[LOXLÀ^`MS]`aTMS]£Y_LWZNLYLXg _L__PX`VSL²]TdLÀOSL__£Xgg w4QLWZ_`^R]PbbT_SMPL`_TQ`WPdPM]Zb^LYOM]TRS_PdP^T_bZ`WO[Z^^P^^ _SPMPL`_dZQdZ`]QLNPx >TXTWPZQR]Zb_S`OMS¼_Zu[LX£
²L²¯u_d`_[]PV´dL_LYaL«RT_aLYX`VSLÀ_aLYX`VS£u²Ld£g TYO`XL[dLY`OS£a£XTmgg w-PNL`^P:bZXLYbT_S^WPYOP]WTXM^4NZYQ`^PdZ`]QLNPbT_S_SP XZZY4]`YLQ_P]_SPXZZYzSZ[TYRQZ]dZ`]QLNPx >TXTWPZQNZYQ`^TZYXZSZu[LX£
VTÀ[LOXLXLY_L]MS]£Y_£uWTVTÀ_PWZWPuV´L©LÀX`VSLXg XLXLOZWLdL_PNT__LXmgg! w4^T_LWZ_`^bSP]PMPP^M`eeLTXWP^^WdLMZ`_*4^T_LQLNPbT_SM]TRS_ PdP^*8d^PY^P^L]PbLaP]TYR x >TXTWPZQOZ`M_^LÀ²LdZu[LX£
?SP NZX[L]T^ZY ZQ L wbZXLYv^ QLNPx L wWZ_`^x LYO _SP wXZZYx T^ YZ_STYRZ_SP]_SLYL[Z[`WL]^_P]PZ_d[PO^_L_PXPY__SL_X`^_MP[]P^PY_ TY LWW Z]YL_P [ZP_]d TP NWL^^TNLW V£adL WT_P]L_`]P /L©TYv^ PcLX[WP^ L]P[]TXL]TWdXZOPW^_L_PXPY_^?SPdNZ`WOSLaPLYd^_P]PZ_d[PL^NZY _PY_ 1Z]PcLX[WP bT_SLWT__WPTXLRTYL_TZY TQ T_ T^YZ_ LbZXLY bSZ T^ _SPZMUPN_ZQ[]LT^PM`_L[]TYNPZYPNZ`WO]P[WLNPwQLNPxbT_SwQLXPx LYOwWZ_`^xbT_Sw^`YxLYORZ_S]Z`RSLWW_SPaL]TL_TZY^ZQNZX[L]T^ZY `^TYR _SP^P bZ]O^ TY^_PLO 4Y _SP QTYLW LYLWd^T^ _SP ^PXLY_TN NZY_PY_^ L]P TY_P]NSLYRPLMWP ?Z L R]PL_ Pc_PY_ /L©TYv^ [ZP_]d T^ L S`RP ^P_ ZQ M`TWOTYRMWZNV^LYO]SP_Z]TNOPaTNP^QZ] NZY^_]`N_TYR PaP]YPb[L__P]Y^ ZQ L]_T^_TN [L_NSbZ]V LYO ZaP]NZOTYR ^PY^P bT_S LWW`]TYR _]Z[P^ ZQ ^PY ^`LWT_d4_^MPL`_dWTP^TY_SP[P]X`_L_TZY^ ?SPwQTR`]P^ZQ^Z`YOx ²LMO£uWL«V£]L OPXLYOXZ]P]LOTNLWTY_P] aPY_TZY^ TY _SP ^`M^_LYNP Z] YZ]XLW ^_]`N_`]P ZQ WLYR`LRP LYO LOO _Z _SP OPNZ]`X LYO LY LWXZ^_ NZ][Z]LW TX[]P^^TZY PaZVPO Md V£adL^_dWP WT_P]L]d bZ]V^ ZQ L]_ 3P]P _SP [SZYP_TN QZ]X ZQ _SP [ZPX T^ ^`MZ]OT YL_PO _Z Y`XP]Z`^ LYO ZQ_PY_TXP^ aP]d QLYNTQ`W LYO ZM^N`]P ]P^_]TN _TZY^ =PaPLWTYRWd _SP NZ]]P^[ZYOTYR NSL[_P] ZQ /L©TYv^ bZ]V MPL]^ _SP YLXP w>`VL]LO`´VL]LaTMS£RLx w:aP]aTPb ZQ _SP PL^d LYO _SP OTQQTN`W_ F^Z`YO QTR`]P^Hx 4_ T^ _]`P _SL_ ^ZXP ZQ _SP PcLX[WP^ []P ^PY_PO_SP]PTYL]PaT]_`Z^ZWTYR`T^_TN[TPNP^?ZLTO_SPNZX[]PSPY^TMTW
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
T_dZQ_SP^PPcLX[WP^bP^SZ`WO^Ld_SL__SP]PL]PYZ]P^_]TN_TZY^ZY_SP QZ]XL_TZY ZQ YPb bZ]O^ TY >LY^V]T_ L^ WZYR L^ _SPd NZX[Wd bT_S ;£©TYTv^ ]`WP^ 4Q YZ bZ]O^ NLY MP QZ`YO QZ] L NP]_LTY _P]X PR WZaP _SL_ QZWWZb _SP [SZYP_TN WTXT_L_TZY^ _SL_ _SP [ZP_ SL^ TX[Z^PO `[ZY STX^PWQPRSPOZP^YZ_ bLY_ _Z`^PLYdbZ]O^ _SL_NZY_LTY_SPaZbPW w`x SP NLY L_ LYd _TXP N]PL_P L YPb bZ]O _SL_ Q`WQTWW^ _SP ]P\`T]PO N]T_P]TL 1Z] TY^_LYNP _SP]P T^ ZYP aP]^P _SL_ ]P^_]TN_^ T_^PWQ _Z L ^TYRWP aZbPW T L Z] ` TY PLNS ZQ T_^ QT]^_ _S]PP ^PN_TZY^ L^ TY _SP QZWWZbTYR PcLX[WP .ZY^TOP] _SP []ZYZ`YNPO LNZ`^_TN TXLRP L^ bPWW _SP R]L[STN TXLRPbSTNSL]PYZ_]P[]ZO`NTMWPTYLYd_]LY^WL_TZY%
IJIIJPIIJ.IIJTIIJPIIJQ0IIJPIIJ.IIJRIJPIIPINPIIÊLINGIPIIÊb +3IKMI KSK3IK.IKI KIJ3IOIKN.IÊQ.IGIIJNOIKaGIHbbbb V´T_TaTUT_T^_ST_TaTST_Ta]L_L]L_LdLà[L]LXL_LdLàg `]`]`]`OS`]R`]`O`OS`a`]d`OSTV`]LaLà^aLXL]TV`WLXgg " XP_P]%?aL]T_LRL_T w?SP 6L`]LaL^ ^ZWPWd TY_PY_ ZY aLY\`T^STYR _SP PYPXd QZWWZbTYR _SPT] ZL_S _Z PWPaL_P F_SPX^PWaP^H _Z _SP P^_L_P ZQ NZY\`P]Z]^ ZQ _SP PL]_S OP QPYOPO_SPX^PWaP^ZYLWW^TOP^LYO[ZbP]Q`WWdL^^L`W_PO_SPPYPXdNWLYTY ML__WPx
?SP]PT^LYP^^PY_TLWOTQQP]PYNPMP_bPPY_ST^_PNSYT\`PZQ[SZYP_TNQZ] XL_TZYLYO_SP^Z`YO^P\`PYNP^TYAPOTN[ZP_]d?SPAPOTNLWWT_P]L_TaP ]SdXTYR _PNSYT\`P ^P]aPO _Z ]PTYQZ]NP _SP NZY_PY_ ZQ _SP ^_L_PXPY_& T_ bL^TY_PYOPO_ZN]PL_PXZXPY_^ZQNWTXLcLYOLY_TNWTXLcAPOTN^Z`YO QZ]X^ bP]P X`^TNLW Md _SPT] aP]d YL_`]P z LYO LW_SZ`RS _SP ^Z`YO bL^ Z]RLYTePO]Sd_SXTNLWWdMd_SPXP_P]_SP]PbP]PY`XP]Z`^^`][]T^P^LYO YPb^Z`YOTOPL^bT_STY_SP]PR`WL]XP_]TNLW[L__P]Y^?SP_PNSYT\`P^ZQ ^Z`YOQZ]XL_TZYbP]P`^POQWPcTMWdLYObP]PYPaP]_`]YPOTY_ZLQZ]XLW ^NSPXP 0LNS XPLY^ ZQ Pc[]P^^TZY ^P]aPO _SP Pc[]P^^TaP -]LSXLY [Z P_]dbSTNSSLO_ZOPWTRS_LYO_]LY^[Z]_T_^[P]QZ]XP]^TYZ]OP]QZ]T__Z ]PLNS_SPRZO^LYOM]TYR_SPX_ZXTYO9ZbSZbPaP]bPL]PYZ_OPLW TYR bT_S bZ]^ST[ ZQ _SP RZO^ M`_ bT_S OZN`XPY_LMWP aT]_`Z^T_d LYO T_^ NZOTQTNL_TZY >Z _SP ^_]LYRP OT^N]P[LYNd MP_bPPY _SP MWZZOd XL^^LN]P O`]TYR _SP 8LS£MS£]L_L bL] OP^N]TMPO TY _SP aP]^P \`Z_PO LMZaP LYO _SP ^ZXPbSL_ ^TWWd ^Z`YO TX[]P^^TZY V´T_TaTUT_T m `]` ]`]`OS` m T^ WP^^ N`]TZ`^ TQ _LVPY L^ OZN`XPY_PO aT]_`Z^T_d ?SP aP]^P L[[PL]^ _Z NZY^T^_ZQLwYZ]XLWx^PY_PYNP_SL_SL^MPPYL]MT_]L]TWdOT^_Z]_POzL^TY _SP 2P]XLY Y`]^P]d ]SdXP w/]PT .STYP^PY XT_vX 6ZY_]LML^^ mx bSTNS MPNZXP^ w/]T .STYT^TY XT_vX 6TY_]TMT^^ mx LYO _SPY w/]` .S`Y`^`Y X`_vX 6`Y_]`M`^^ mx TY 0YRWT^S% w?S]PP .STYP^P bT_S L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6£ad£OL]²L #
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
"
OZ`MWPML^^x w?S]ZZ .SZZYZZ^P bZZ_S ZZ OZZMWPMZZ^^x P_N >Z`YO^ L]P YZ_ MPTYR QZ]XPO _Z ]PTYQZ]NP _SP XP^^LRP M`_ TY^_PLO _SP ^Z`YO ^dXMZW^ L]P MPTYR XLYT[`WL_PO ?SP L[[]ZLNS T^ XZ]P ^_]`N_`]LW LYO XLdMP R]L[STN _ZZ ?SP LTX L[[PL]^ _Z MP _Z []ZO`NP L_ _SP [SZ YP_TNWPaPWLNZX[WP_P`YT_dZQQZ]XLYOXLcTX`X]PO`YOLYNdbT_SZ`_ WZ^TYR _SP ^PXLY_TN NZY_PY_ 4Y _SP QZWWZbTYR PcLX[WP _SP XZYZ_ZYZ`^ ]P[P_T_TZY ZQ _SP ^Z`YO wV£Wx √VLW N]PL_P^ LWXZ^_ _Z_LW ^ZYTN ]PO`Y OLYNd%
OIIaOIIaMIaOIIaOIIaGIK/IOIIaOIIaOIIaOIIaLIZIOIIaOIIa-IZIOIIaOIIab OIIaOIIaIJQIPIOIIaOIIaaIJZIOIIaOIIaOIIaOIIaMIPIKOIIaOIIaOIIJaOIIaOIIabb V£WLV£WLRLWLV£WLV£WLX`VSLV£WLV£WLg V£WLV£WL[LYLV£WLV£WLRSLYLV£WLV£WLg V£WLV£WL^T_LV£WLV£WLWLYTV£WLV£WLg V£WLV£WLRL_`V£WLV£WLVLWTV£WLV£WLgg # F, WZaP] OP^P]_PO Md ST^ RT]W [P_T_TZY^ _SP XZY^ZZY%H wDZ` _S]Zb XP TY_Z _SP OL]V X`]OP]Z`^ XZ`_S ZQ OPL_S L^ MWLNV L^ _SP _S]ZL_ ZQ OPL_S NZY\`P]TYR F±TaLH dZ` M]TYR _SP ^PL^ZY ZQ _SP ]LTYNWZ`O^ LYO ^PL^ZY ZQ _SPNLWW^ZQ_SPMWLNVSPLOPOF[PLNZNV^H8Ld_SPZYPbT_S_SPbLadMWLNV SLT] bSZ OTWWdOLWWTP^ PXM]LNP XP : 6`MP]L dZ` LOZ]YXPY_ ZQ _SP NT_d ZQ,WLV£:dZ`]LTYd^PL^ZYbSZ]PNZYNTWP^FWZaP]^vH\`L]]PW^x $
8Z]P_SLYLYd_STYRPW^P_SPL`_SZ]T^Pc[WZT_TYR_SP^PXLY_TN[ZWd^PXd ZQ _SP ]ZZ_ √VLW bSTNS NLY SLaP L_ WPL^_ QZ`] Z] QTaP \`T_P OTQQP]PY_ XPLYTYR^,__ST^WPaPWZQ^`NS^Z`YOXLYT[`WL_TZY^_SP]P^`W_TYR^PY^P NLY ZYWd NZXP LMZ`_ bT_S _SP SPW[ ZQ L OTN_TZYL]d LYO L R]LXXL] QZ] _SPaP]^PSL]OWdNZY_LTY^LYdw]PLWxTOTZXL_TN>LY^V]T_Pc[]P^^TZY^LYd XZ]PMPTYRTY^_PLOQ`WWZQL]_TQTNTLWWLYR`LRPNZY^_]`N_^?SP^`MUPN_TaP ^Z`YOTX[]P^^TZY_LVP^ZY LXPNSLYTNLW\`LWT_d bSTNST^LW^Z]PXTYT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 6£ad£OL]²L $ :`]_]LY^WL_TZYT^ML^POZY_SPQZWWZbTYRNZXXPY_L]dZY_SPaP]^P% NL_`]´` [£OP´` £OTXLOSd£Y_LdLXLVLX LadL[P_LadL[P_LÀ m []Td£aT]LST_Là VL²NT_ L_]L RSLYLV£WLÀ []£]_SLdL_P g V£WLV£WLRLWLV£WL z V£WLV£WLà ¯²aL]Là _L^dL RLWLaL_ V£WL V£WLX`VSLV£WLV£WL z X_d`X`VSP V£WLà V´P[L©LÀ _L_VL]Z_¯_T V£WLà V£]XL ©dL© ]LWLdZ]LMSPOLà aT]LST©£À [¯£VL]L T_T d£aL_& V£WLV£WL[LYLV£WL z V´©LÀ ²T]Z dP´£À _P V£WLV£à XLd¼]£à& _P´£À £WL[LYL^dL V£WLà V£]Là VL]L©LÀ _L^dL V£WL ^LXLdL& RSLYLV£WL aL]´£V£WL& V£WLV£WLVL z V£WLVLÀ NP_Là& _L_ £W£_¯_T £OL__P T_T £« [¼]a£_W£O£YPT_dL^X£_VL[]L_dLdLàXLYZSL]P_Td£aL_&dLOa£V£WLV£WL^T_LV£WLV£zV£ ¯´L_LWLVLTà£^LXLY_£_WL^T_LÀ²ZMST_LÀV£WLÀV´©LÀVLÀX¼]OS£dL^d£à^£&WL WLYTV£ []L²L^_LWLWLY£ []L²LÀ^£d£À VLà LWLV£WLV£WLVL z LWLV£ YLRL]¯ _£X LWL«VL]Z_¯_T LWLV£WLVLà aLT²]LaL©Là _LOaL_ LWLVL ^LXL]_SL ^£XL]_SdLa£NTYLà LWLÀ²LMO£_ ©TNT ©a`W £WLRL_` £²WT´dL_`& V£WLV£WL z V£à ²LMOLà VLT RLT ²LMOP MS£aP VaT[V£À]£_¯_TV£]LàV£WLàVLÀULWLX£W£_¯_TV£WLàXPRSLàV£]LàV£WLàdL^XTY_L ^dL^LXMZOSLYLX&VLWTV£WLV£WLzVLWPàVLWLSL^dLV£]LÀV´P[LÀVL]Z_¯_T[]L©LdLVL WLSL²£Y_TVL]Z_T d£aL_ g PaLXMS¼_LRSLYLV£WL V£WLV£WL^T_LV£WLV£ WLWLYTV£ X£ £WLRL_` z T_dLYaLdLàgg
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
#
NPY_ ZQ L XLRTN ^[PWW ZbTYR _Z _SP ^PXLY_TN QTPWO ZQ _SP ]ZZ_ √VLW PY NZX[L^^TYR w_TXPx wMWLNVx LYO wOPL_Sx -`_ _ST^ T^ YZ_ LN_`LWWd _SP [ZTY_ ?SP L[[PLWZQ ^`NS]PQTYPO ^Z`YORLXP^ WTP^TY _SPLM^_]LN_RPZ XP_]TN QZ]X 1Z] PcLX[WP _SP QZWWZbTYR aP]^P NLY PaPY MP ]PLO L^ L XLRTN^\`L]PZ][LWTYO]ZXP%
QIIGIIIIGIIGIIIIGIIQIIGIINIZIIIIIIZIINIGIIb IIZII.IININI.IIZIIIIGIIIINIGIIGIINIIIGIIbbbb ^£X£d£X£X£d£X£^£X£]£Y£d£d£Y£]£X£g d£Y£a£]£]£a£Y£d£X£d£]£X£X£]£d£X£gg XP_P]%ATOd`YX£W£ w?SP RZOOP^^ ZQ QZ]_`YP bSZ SL]MZ]^ TXXPL^`]LMWP ]TNSP^ _SP MPL`_TQ`W bZXLY bSZ _ZRP_SP] bT_S _SP XZZYFWTRS_H M]TYR^ 0]Z^ bSPY ^SP L]]TaP^ F?ST^H MPL`_TQ`W TXLRP ZQ L bZXLY FWPLO^H _Z OPL_S Md NSL]XTYR F_SP ^PY^P^HbT_S_SP^Z`YOZQSP]LYVWPNSLTYx
^£ X£ d£ X£ X£ d£ X£ ^£
X£ ]£ Y£ d£ d£ Y£ ]£ X£
d£ Y£ a£ ]£ ]£ a£ Y£ d£
X£ d£ ]£ X£ X£ ]£ d£ X£
X£ d£ ]£ X£ X£ ]£ d£ X£
d£ Y£ a£ ]£ ]£ a£ Y£ d£
X£ ]£ Y£ d£ d£ Y£ ]£ X£
^£ X£ d£ X£ X£ d£ X£ ^£
?SP P^^PY_TLW u[WLdR]Z`YOv ZQ Z]YL_P [ZP_]d T^ _SP ^_]LTYPO ]PWL_TZY MP _bPPY ^Z`YO LYO XPLYTYR ²LMO£u]_SL LYO _SP O`LWT^X _SL_ PcT^_^ MP_bPPY _SPX ?SP ^`M^_LY_TLW [Z_PYNd LYO TY_]TY^TN ^TRYTQTNLYNP _SL_ ]PWTRTZ`^NZY_Pc_^L__]TM`_P _Z_SP bZ]OL^ ^LN]POPc[]P^^TaP^Z`YOSL^ RTaPYbLdNZX[WP_PWd_Z_SPXL_P]TLWYL_`]PZQWLYR`LRPbSTNSLN_`LWWd XLVP^aT]_`Z^ZRLXP^ bT_S^Z`YOLYOXPLYTYR LYO _SPT] LN]ZML_TNXL YT[`WL_TZY[Z^^TMWPTY_SPQT]^_[WLNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6£ad£OL]²L # ?]LY^WL_TZY ML^PO ZY _ST^ NZXXPY_L]d% ^£ LX£d£X£ X£d£à X£^£ X£]£Y£d£d£Y£ ]£X£d£Y£a£]£]£a£Y£d£X£d£]£X£X£]£dLLX£g^£[]LV_£&LX£d£X£zLXLXLXT _LX £dLX L]_SLX LXL_T []£[YZ_¯_T LXL_Pà [L²N£OdLN& X£d£à WLV´Xd£à& X£^£ NLY O]P©L& X£]£Y£d£d£Y£ z X£]LÀ ^XL]LX& £YLdL_¯_T X£]£Y£dLX& X£]£Y£dLX £d£YLX £RLXLYLX dL^d£à ^£& ]£X£ ]LXL©¯d£& d£Y£a£]£]£a£Y£d£ z d£YLÀ [£OLX £a©Z_¯_T d£Y£a£]Là ©`[`]LÀ _L^dL £]£aLà ²LMOLà ^L PaL £Y£dLà U£WLVLÀ dL^d£à ^£& SOLdLS£]TY¼[`]L²LMO£ T_T d£aL_ g X£d£]£X£ z £²NL]dL]¼[£ ^_]¯& X£]£dL XL]L©£dL& LX£^LSLg
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
$
?SP Z]YLXPY_LWT^_^v XL^_P][TPNP SZbPaP] T^ _SP ±WP´L wQ`^PO aP]^Px bSTNS NLY MP aTPbPO L^ _SP PcLN_ Z[[Z^T_P ZQ L ^Z`YO QTR`]P BSTWP TY _SP ^Z`YO QTR`]P _SP ]PO`YOLYNd ZQ _SP [SZYP_TN XL_P]TLW bL^ _LVPY _Z L XLcTX`X SP]P ]PO`YOLYNd T^ ]PO`NPO _Z L XTYTX`X :YP LYO_SP^LXPaP]^P TY_SP ±WP´L ^_dWPSL^ _bZ\`T_POTQQP]PY_XPLYTYR^ /P[PYOTYR ZY SZb ZYP TY_P][]P_^ T_ ^PXLY_TNLWWd LYO LYLWdeP^ T_ R]LX XL_TNLWWd T_ ^[PLV^ ZQ _bZ \`T_P OTQQP]PY_ _STYR^ Z] XLVP^ aP]d OTQQP] PY_^_L_PXPY_^LMZ`_NP]_LTY_STYR^ 1Z]TY^_LYNP/L©TYv^QT]^_PcLX[WPZQ_ST^^_dWT^_TN_d[PXLVP^`^P ZQ _SP OZ`MWP XPLYTYR^ ZQ _SP bZ]O^ ]LV_L w]POx Z] wTY WZaPx LYO XL©LWL wNT]NWPOT^Nx Z] wFRZaP]YXPY_LWH OT^_]TN_VTYROZXx ?SP TY _P][WLd bT_S ^ZXP Z_SP] bZ]O^ LW^Z bT_S OZ`MWP XPLYTYR^ LWWZb^ ST^ QZWWZbTYRaP]^P_ZMP_]LY^WL_POTY_bZOTQQP]PY_bLd^% L^£a`OLdLX£]¼SLàV£Y_TX£Y]LV_LXL©LWLàg ]£U£SL]L_TWZVL^dLSOLdLÀXO`MSTàVL]LTàgg w3PT^WZaPWd_ZMPSZWOTYST^^`NNP^^MPWZaPOTYST^VTYROZX?SPVTYR ^_PLW^ _SP SPL]_^ ZQ _SP [PZ[WP bT_S _PYOP] SLYO^ F( bT_S NSL]T_LMWP bZ]V^Hx w>SP T^ WZaPWd _Z MPSZWO L^ ^SP ]T^P^ bT_S _SP ]PO OT^N z _SP ]LOTLY_ F^`YH^_PLW^_SPSPL]_^ZQ_SP[PZ[WPbT_S_PYOP]]Ld^x
?SP ±WP´L _PNSYT\`P bL^ LN_`LWWd [P]QPN_PO Md /L©TYv^ ^`NNP^^Z]^ TY ^`NS LbLd_SL_[ZPX^NZ`WOMP b]T__PY_SL_ QZ]PcLX[WP _ZWO_SP^_Z ]TP^ ZQ _SP _bZ P[TN^ 8LS£MS£]L_L LYO =£X£dL©L L_ _SP ^LXP _TXP 3ZbPaP] _SP OPaPWZ[XPY_ ZQ _ST^ _PNSYT\`P NZY_TY`PO TY L ]L_SP] OTQ QP]PY_ OT]PN_TZY 4_ bL^ YZ_ /L©TYv^ QZ]XLWT^_TN LN]ZML_TN^ _SL_ bP]P NZY_TY`POM`_TY^_PLO_SP^`M_WPY`LYNP^ZQ^PY^P_SL_NLYZNN`]TYZYP LYO_SP^LXPaP]^PXZaPOTY_Z_SPQZ]PR]Z`YO?ST^bL^TYQLN_LYL_` ]LWOPaPWZ[XPY_,NL]PQ`WWZZVL_±WP´L[ZPX^]PaPLW^_SL__SP^P[L]LW WPWM`_OTQQP]PY_]PLOTYR^L]PYZ__]`P[L]LWWPW^1Z]PcLX[WP_SP`^PZQ _SP bZ]O VL]L wSLYOx QZ] L bZ]V LYO M ]Ld FZQ ^`YWTRS_H T^ XP_Z YdXTN TY _SP QT]^_ NL^P LYO XP_L[SZ]TNLW TY _SP ^PNZYO ?SL_ _SP bZ]O ]£ULY XPLY^ wVTYRx LYO w^`Yx L_ _SP ^LXP _TXP ]P^_^ ZY _SP QLN_ _SL_ MZ_S L]P OP]TaPO Q]ZX _SP ^LXP ]ZZ_ √]£U w_Z MPLX _Z ]LOTL_P _Z PXT_ ]Ld^x >Z _SP wQ`^POx [ZP_TN ^_dWP NLWWPO ±WP´L T^ LN_`LWWd ^ZXP_STYR Z_SP]_SLYbSL__SPNZXMTYL_TZYXLOZ]YLXPY_LWT^_^_SZ`RS_%T_]PaPLW^ OPP[ WTYR`T^_TN ^_]`N_`]P^ Md [W`XMTYR LYO ]P^PL]NSTYR P_dXZWZRTNLW LYO^PXLY_TNQTPWO^ /L©TY bL^ ^_TWW L^^`XTYR _SL_ _SP _P]X wVTYRx NZ`WO MP QTWWPO Z`_ bT_SLYd^dYZYdXbT_SZ`_NSLYRTYR_SPNZY_PY_7L_P]_SPZ]P_TNTLY^^PP _STYR^\`T_POTQQP]PY_Wd0aPY_SPbZ]O ]£ULY WTYV^_SP_P]XwVTYRxbT_S _SL_ bSTNS T^ w]LOTLY_x LYO w^`YWTVPx LYO _SP]PQZ]P OZP^ YZ_ ZYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6£ad£OL]²L
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
XPLY wVTYRx M`_ LW^Z ^TX`W_LYPZ`^Wd w^`YWTVP VTYRx LYO w^`Y VTYRx bT_SZ`__ST^SLaTYR_ZMPPc[]P^^POMdLOOTYRPc_]LLOUPN_TaP^3P]PbP L]P ZY _SP _S]P^SZWO ZQ _SP [ZP_TNLW NZYNP[_ ZQ OSaLYT wTYOTaTO`LW PWZ\`PY_ ^Z`YO _SL_ NL]]TP^ Pc[]P^^TZYx w^`RRP^_TZYx bSTNS MPNLXP _SP P[T_ZXP ZQ L [ZbP]Q`W ]TaLW XZOPW _Z [`]P Z]YLXPY_L_TZY LYO TY ^[T]PO QZ] _SP QT]^_ _TXP L RPYP]LW _SPZ]d ZQ ^TRYTQTNL_TZY LYO [ZP_TN Pc[]P^^TZY ?ST^ ^TRYTQTNLY_ ST^_Z]TNLWWd R]PL_Wd PQQPN_TaP ^STQ_ bT_STY 4YOTLY [ZP_TN^bL^M]Z`RS_LMZ`_TY_SPWL_PYTY_SNPY_`]dMd¢YLYOLaL]OSLYL bSZ ^dY_SP^TePO -SL]L_Lv^ ]L^L LP^_SP_TN^ LYO _SP Z]YLXPY_LWT^_^v LWL«V£]L LP^_SP_TN^ TY_Z L NZSP]PY_ _SPZ]d ¢YLYOLaL]OSLYL L__LNSP^ []TXP TX[Z]_LYNP _Z _SP XP_LWTYR`T^_TN OSaLYT LYO `^P^ _ST^ _P]X QZ] MZ_S _SP ^`RRP^_PO [^dNSZWZRTNLW NZRYT_TaP LYO PXZ_TZYLW NZY_PY_ ZQ ^[PPNSQTR`]P^LYO_SP^`RRP^_TaP[ZbP]ZQ[ZP_TNWLYR`LRP_SL_T^LMWP _ZTYNT_PXZZO^LYOLQQPN_TZY^0]bTY2P]Zb^`^[PN_^_bZXLUZ] ^ZNTLW ]PL^ZY^ QZ] ¢YLYOLaL]OSLYLv^ TY_P]TZ]TePO LP^_SP_TN _SPZ]d LYO ]P PaLW`L_TZYZQ[ZP_TN^%ZY_SPZYPSLYO_SPOPNWTYPZQ^Z[ST^_TNL_PO[`M WTN O]LXL^ LYO ^ZNTP_TP^ ZQ bPLW_Sd WT_P]L_T []ZO`NTYR LYO PYUZdTYR STRSWdL]_TQTNTLWL]_QZ]X^O`P_Z]PO`NPO^[ZY^Z]^ST[LYOWP^^[ZWT_TNLW LYO N`W_`]LW ^_LMTWT_d TY [Z^_2`[_L _TXP^ LYO ZY _SP Z_SP] R]ZbTYR OPaZ_TZYLWT^X bT_S T_^ PX[WZdXPY_ ZQ ^ZYR X`^TN LYO wOP ^Z[ST^_TNL_POx [ZP_]d BT_STY _ST^ RPYP]LW NWTXL_P ¢YLYOLaL]OSLYLv^ _SPZ]d ZQ [ZP_]d L^ Pc[]P^^Z] z T]]PWPaLY_ ZQ RPY]P^ LYO bT_S L ^_]ZYR QZN`^ ZY YZYWT_P]LW TY_PY_TZY LYO ]L^L z bL^ L WL^_TYR ^`NNP^^ ?SP ^ZNTLW NSLYRP^ SLO LW]PLOd ^_L]_PO O`]TYR _SP Z]YLXPY_LWT^_^v SPdOLd []ZO`NTYRSTRSWdZ]YL_P[TPNP^ZQWT_P]L_`]P_SL_bP]P[]LN_TNLWWdTX[Z^ ^TMWP _Z [P]QZ]X O`P _Z _SPT] OTQQTN`W_ Pc_]LaLRLY_ WLYR`LRP ¢YLYOL aL]OSLYLv^ ]PbZ]VTYR ZQ -SL]L_Lv^ ]L^L _SPZ]d ZY _SP Z_SP] SLYO SLO _SPLOaLY_LRP_SL_T_OTOYZ_YPPOZQ^_LRPOO]LXL^LYOPc[]P^^TaPMZO TWdRP^_`]P^?SP[ZP_TNWLYR`LRPT_^PWQT^_SPPc[]P^^TaPMZOdPYLMWTYR XP_LWTYR`T^_TN NZXX`YTNL_TZY Md WLYR`LRP T_^PWQ bT_SZ`_ ]P^Z]_TYR _Z NZ][Z]LW RP^_`]P^ _SP O]LXL_T^_^v QLaZ]T_P wWLYR`LRPx ¢YLYOLaL]O SLYLv^YPbOSaLYT_SPZ]dLYOWT_P]L]dTWW`^_]L_TZY^OZYZ__LVP]PNZ`]^P _Z]PWTRTZYz_SP[ZP_TNTLYv^_]LOT_TZYT^^_]ZYRWd^PN`WL]zM`_ST^[ZP_TN NZYNP[_XLdSLaPMPPYTY^[T]POMdOPaZ_TZYLWPc[]P^^TZYT^X.P]_LTYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 2P]Zb 4YOTLY ;ZP_TN^ z :Y _SP [Z[`WL] RPY]P ZQ OPaZ_TZYLW SdXY^ ^_Z_]L ^PPLW^Z>`^STW6`XL]/Pw>LY^V]T_/PaZ_TZYLW;ZP_]dLYO3dXYZWZRdx 9Pb4YOTLY ,Y_T\`L]d $ $"% $z!& 2`O]`Y -ÞSYPXLYY w>ZXP ]PXL]V^ ZY _SP >_]`N_`]P LYO ,[[WTNL_TZY ZQ 3TYO` >LY^V]T_ >_Z_]L^x BE6> # $# "z& 2`d 7PZY -PNV w/PaZ_TZYLW 3dXY^ Q]ZX _SP >LY^V]T_x TY =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP PO /ZYLWO > 7Z[Pe 5] ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$ & ATULd 8T^S]L /PaZ_TZYLW;ZP_TN^LYO_SP4YOTLY>`MWTXP 9Pb/PWST%/6;]TY_bZ]WO&LYO LR]PL_Y`XMP]ZQYL_TaP>_Z_]LNZWWPN_TZY^TP-SL_>_Z_]L=L_Y£VL]LPOT_TZY^
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
T_ SLO L XLUZ] TX[LN_ ZY _SP ]PWTRTZ`^ WT_P]L]d []ZO`N_TZY LYO WL_P] >LY^V]T_ [ZP_]d MPNLXP ^_]ZYRWd wOPaZ_TZYLWTePOx ?SP OSaLYT _SPZ]d bL^STRSWd ^`T_LMWPQZ]MPTYR[]LN_TNLWWdL[[WTPOTYOPaZ_TZYLWSdXYZW ZRd LYO Pc[WLTYTYR T_^ Q`YN_TZY ZQ Pc[]P^^TYR LYO ^_TX`WL_TYR ]PWTRTZ`^ QPPWTYR^ LYO XZZO^% _]LY\`TWT_d ²£Y_L ]L^L OPaZ_TZY MSLV_T ]L^L LYO w^bPP_YP^^x X£OS`]dL ]L^L -`_ ZYWd L QPb OPaZ_TZYLW SdXY^ ]PLNS _SP STRS WT_P]L]d ^_LYOL]O ZQ NWL^^TNLW w^PN`WL]x V£adL WT_P]L_`]P ! _SL_ bL^ ¢YLYOLaL]OSLYLv^ QZ`YOL_TZY LYO _Z bSTNS SP LOOPO TX[Z]_LY_ TY^TRS_^ 3P O]Pb Q]ZX _SP PWT_P N`W_`]LW ^NSZZW ZQ Z]YLXPY_L_TZY LYO LOOPO L YPb QZ]X ZQ ^Z[ST^_TNL_TZY TY _P]X^ ZQ [STWZ^Z[STNLW [PYP_]L _TZY
?SP>NSZZWZQ>`RRP^_TZY
wBSL_ZYPNLWW^[ZP_]dT^_SPZ]TRTYZQLWWFPL]_SWdHSL[[TYP^^LRL]OPYZQ _SP RZO^ 4Q _SP M]TWWTLY_ ^_dWP LYO _SP RZ]RPZ`^ Z]YLXPY_L_TZY^ ^`T_ ZYP LYZ_SP]LYOLY`YQLW^TQTPO ]L^L ]P^TOP^TYT_PaP]d_STYRT^QZ`YO_SP]P_SL_ _SP [P]QPN_ ZYP^ F( L]_WZaP]^ L]_NZYYZT^^P`]^H NLY OP^T]P BP SLaP YZb ^SZbY _SP OSaLYT bSTNS NZY_LTY^ FLWWH _ST^ bT_S T_^ bZYO]Z`^ [ZbP] ZQ
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 5LdLOPaLv^ 2¯_LRZaTYOL _S NPY_ T^ ]PNVZYPO _Z MP L NSPQOvZP`a]P ZQ ]PWTRTZ`^ OSaLYT [ZP_]d LYO _SP ]PWTRTZ`^ WT_P]L_`]P ZQ _SP ALT´©LaL LYO 6´©L -SLV_T XLOP ]TNS`^PZQLP^_SP_TN_SPZ]TP^>PP_SP-S£RLaL_LX LYOLWZYRbT_SALWWLMSLv^ NZXXPY_L]d& 5LXP^ =POTYR_ZY ALWWLMS£N£]dL ZY _SP 7ZaP 2LXP^ ZQ 6´©L /PWST% 8Z_TWLW -LYL]^TOL^^ $$& 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR & =LXLNSLYO]LY 4YOTLY;STWZWZ^Z[SdZQ-PL`_d [L]_QQ 4_bL^¢YLYOLaL]OSLYLbSZLOOPO_SPw`YZ]_SZOZcx ²£Y_L]L^L ^[T]T_`LW^P]PYT_dL^ LYTY_S]L^L_Z-SL]L_Lv^NWL^^TNLWWT^_ZQPTRS_>PP=LXLNSLYO]LY 4YOTLY;STWZ^Z[Sd ZQ -PL`_d [L]_ & 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR & .ZbL]O w-SL]_SL]Tv^/SaLYTx"BSP]PL^_SP²£Y_L]L^LQZ`YOXZ]PZ]WP^^RPYP]LWLNNP[ _LYNP LXZYR [ZP_TNTLY^ _SP YPb ]L^L^ -SLV_T LYO X£OS`]dL L^ ]PWTRTZ`^Wd _]LY^ QZ]XPOP]Z_TN ]L^L bSTNSXPLYbSTWPOZXTYL_PO[]ZQLYP[ZP_]dYPaP]OTO?SPdbP]P _SP wTYaPY_TZYx ZQ ALT´©LaL _SPZWZRTLY^ >PP /P 3T^_Z]d ZQ >LY^V]T_ ;ZP_TN^ !" LYO ZY _SP OP^N]T[_TZY ZQ ]PWTRTZ`^ QPPWTYR^ TY LP^_SP_TN _P]X^% ,YYP__P BTWVP wu>_TXX`YRPYv `YO uE`^_ÆYOP%v 4YOT^NSP ¦^_SP_TV `YO 2PQÞSW^]PWTRTZ^T_Æ_x TY 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* PO , 8TNSLPW^ / ;PeeZWT:WRTL_T LYO1]T_e>_ZWe-P]YP%7LYRz &w-PL`_d;P]^ZYTQTPO%?SP2ZOOP^^7L WT_£?]T[`]L^`YOL]¯ LYO 3P] ?SZ`^LYO 9LXP^x TY 1Z`YOL_TZY^ ZQ 4YOTLY ,]_ PO = 9LRL^bLXd .SPYYLT% ?LXTW ,]_^ ,NLOPXd #z& w9LS]`YR^XP_L[SP]Y TYOT^NSP,P^_SP_TV`YOOTP2P^_PYOP]/PaZ_TZYxTY /P]6LYZY`YOOTP>TYYP PO>` ^LYYP7LYbP]O7`cPXMZ`]R%,00>=z! ! , YZ_LMWP PcNP[_TZY TY LOOT_TZY _Z _SP 2¯_L 2ZaTYOL T^ _SP >L`YOL]dL 7LSL]¯ OT^ N`^^POMPWZbTYNSL[_P] $-`_PaPYWP^^L]_T^_TNSdXY^LYOPaPY^TX[WP-SLULY^ TYNZ][Z]L_P wQTR`]P^ ZQ ^Z`YOx LYO wQTR`]P^ ZQ ^PY^Px TY Z]OP] _Z Pc[]P^^ LYO PaZVP NP]_LTYXZZO^BTWVPw>_TXX`YRPYxQ
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
OPWTRS__SL_ NLYZYWdMPNZX[L]PObT_S_SP XLRYTQTNPY_bT^SR]LY_TYR_]PP FZQ[L]LOT^PHx "
?ST^ T^ SZb ¢YLYOLaL]OSLYL $_S NPY_ PYO^ ST^ P[ZNSOPQTYTYR bZ]V /SaLYd£WZVL 4YOZTYR^ZSPTYT_TL_POLYPb YLaÅYL ^NSZZWZQLP^_SP_ TN^ Md PX[SL^TeTYR XZ]P _SLY _SP PL]WTP] L]_ _SPZ]P_TNTLY^ _SL_ _SP TX [Z]_LY_ _STYR LMZ`_ LY L]_T^_TN [TPNP ZQ [ZP_]d bL^ YZ_ T_^ bPWW NZY^_]`N_PO LYO PXMPWWT^SPO QZ]X LWL«V£]L Z] _SP MPL`_d ²ZMSL ZQ T_^ ]P[]P^PY_L_TZY M`_ _SP PXZ_TZY LYO XZZO ]L^L T_ TX[L]_^ ,NNZ]O TYR_Z¢YLYOLaL]OSLYL_ST^OZP^YZ_NZXPLMZ`__S]Z`RS_SPTXXPOTL_P XPLYTYRZQ_SPbZ]O^M`__S]Z`RS OSaLYT /SaLYTWT_P]LWWdwTYOTaTO`LW Pc[]P^^TaP ^Z`YOx T^ NZXXZYWd `^PO TY NZWWZ\`TLW ^[PPNS bSPY L QTYP LWXZ^_ TYL`OTMWP ^Z`YO T^ [P]NPTaPO _SL_ ZYP YPL]Wd XT^^P^ LW_Z RP_SP] ¢YLYOLaL]OSLYL LOZ[_^ _ST^ _P]X TY _SP ^PY^P ZQ LWW`^TZY LN NZX[LYdTYR `YOP]_ZYP L^^ZNTL_TaP QTPWO LYO ^`RRP^_TZY adLÓULY£ # 3P XPLY^ _SP XP_LWTYR`T^_TN [^dNSZWZRTNLW NZY_PY_ ZQ bZ]O^ LYO ^Z`YO^ ?SPd NZY_LTY XZ]P TYQZ]XL_TZY _SLY _SP WT_P]LW XPLYTYR ZY T_^ ZbY LYO _ST^ TYQZ]XL_TZY T^ LWbLd^ SPL]O L^ bPWW L^ _SP WT_P]LW XPLY TYR>Z_SPOSaLYTT^YZ_\`T_P_SP^LXP_STYRL^_SPQTR`]L_TaPXPLYTYR _SPLWWPRZ]d_SPXP_ZYdXdZ]_SPXP_L[SZ]>_dWT^_TNQTR`]P^WTVP_SP^P NLY NP]_LTYWd ]PaPLW _SP OSaLYT ZQ L ^PY_PYNP Z] [ZPX M`_ _SPd L]P YZ_ _SPOSaLYTT_^PWQ w7T_P]L]d \`LWT_d T^ ZYWd []P^PY_ bSP]P L]_WZaP]^ ^LSOLdL [P]NPTaP T_ :YWdbSPY_SP]Ld^ZQ_SP^`YMWP^^_SPXL]PWZ_`^P^WZ_`^P^x $
, NZYYZT^^P`] ZQ L]_ bTWW `YOP]^_LYO _SL_ _SP _bZ bZ]O^ wWZ_`^x OZ YZ_ XPLY _SP ^LXP _STYR ?SP QT]^_ _TXP wWZ_`^x XP]PWd ^TRYTQTP^ _SP WZ_`^ [WLY_-`__SP^PNZYOwWZ_`^x]PQP]^_Z_SPbSZWPL^^ZNTL_TaPQTPWO_SL_T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " T_dLVWT´¶L]L^£²]LdZNT_LR`©£WL«V£]L²ZMS£MS_Z dL^X£OaL^_`^LX¯ST_LÀ^`V_TMSTà^L]aLÀ^LX£^£OSdL_Pg V£ad£VSdPuVSTWL^L`VSdLOS£XYTaTM`OSZOd£YPOSaLYT]OL]²T_Là ^ZudLÀVLW[L_L]¼[LX£YLXLSTX£MSZRdZu^_`MSLad£_XLY£Xgg /SaLYd£WZVL " A__T ,WWZ`]\`Z_L_TZY^L]PML^POZY_SPN]T_TNLWPOT_TZY /SaLYd£WZVLZQ¢YLYOLaL]OSLYL PO 6 6]T^SYLXZZ]_Sd /SL]bL]% 6L]YL_LV @YTaP]^T_d $" SP]P% $# ?SP WL_P YTY_SNPY_`]d bZ]VTYNW`OP^LNZXXPY_L]d a__T ZY_SP V£]TV£ aP]^P^?SP\`P^_TZY ZQ bSP_SP] ¢YLYOLaL]OSLYL bL^ _SP NZX[Z^P] ZQ MZ_S Z] ZYWd ZQ _SP A__T bL^ SZ_WdOPML_PO2P]Zb 4YOTLY;ZP_TN^ # 3L]ZWO 2 .ZbL]O w-SL]_SL]Tv^ /SaLYTx !!z" L^^`XP^ _SL_ ¢YLYOLaL]OSLYL [TNVPO `[ _SP _P]X OSaLYT Q]ZX -SL]_SL]Tv^ A£VdL[O¯dL " LYO A__T TY LYO Pc[LYOPOT_^XPLYTYRQ]ZXXLYTQP^_PO^Z`YO^_ZMZ_S_SP^`RRP^_TaP[ZbP]ZQ^[ZVPY bZ]O^LYO_SP_STYR^`RRP^_POTP_SP[]TYNT[WP[ZP_TNXZZOLYO_SP`YT_L]dTOPLZQ _SP[ZPX $ _£W£U£LY_TR`©£U£W£OP^LSTLPSTRSP[[LY_Tg ]L|VT]L©£©`RRLST£STÈSZY_TVLXLW£TÈVLXLW£TÈgg F_LO£U£dLY_PR`©£dLO£_P^LSOLdLT]RSdLY_Pg ]LaTVT]L©£Y`RS¯_£YTMSLaLY_TVLXLW£YTVLXLW£YTggH /SaLYd£WZVL A__T
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
WTYVPO bT_S wWZ_`^x ^`NS L^ ^[WPYOZ] LYO MPL`_d 4Q _SP^P _bZ TOPY_T NLW bZ]O^ ^LTO _SP ^LXP _STYR _SP ^PY_PYNP bZ`WO MP _L`_ZWZRTNLW 3ZbPaP]_SP]PT^YZOZ`M__SL__SP^PY_PYNPOZP^^Ld^ZXP_STYRXPLY TYRQ`W LYO T_ OZP^ ^Z TY LY L]_T^_TN bLd ?SP XPLYTYR ZYWd MPNZXP^ L[[L]PY_ bSPY _SP [ZP_TN NZY_PY_ T^ `YOP]^_ZZO LYO LWZYR bT_S T_ _SP NZRYT_TaP LYO PXZ_TZYLW wQWLaZ]x ZQ _SP [ZP_TN `__P]LYNP TP T_^ ]L^L -d XPLY^ ZQ _SP OSaLYT NZYNP[_ LYO bT_S ]PNZ`]^P _Z _SP 9£¶dL²£^_]L ¢YLYOLaL]OSLYLZQQP]PO_SPQT]^_Pc[WTNT_LNNZ`Y_ZQ_SP]L^LTY[ZP_]d 4YOZTYR^ZSPWTYVPO ]L^L ^PY_TXPY_LYO LWL«V£]L Z]YLXPY_L_TZYTYL ^dY_SP_TN LYO NZSP]PY_ _SPZ]d ZQ WT_P]L]d LP^_SP_TN^ _S`^ QZ`YOTYR L RPYP]LW_SPZ]dZQWTYR`T^_TN^TRYTQTNL_TZY ?SPOSaLYTOZP^YZ_SLaP_Z]PXLTYRW`PO_ZLNP]_LTYbZ]O&TYQLN_ T_T^XZ]P_SPNL^P_SL__SPXZOPZQOP^N]T[_TZYT_^PWQNLYPaZVPT_L^TY _ST^aP]^P% RLL©LÀXL__LXPSLÀOS£]£W`WTLUU`©T£TÈLaL©£TÈg ©T]LSL«V£]LXTL«V£SL]LY_T©¯W£ZaT©T^£Zgg FRLRLYLÀXL__LXPRSLÀOS£]£W`WT_£]U`Y£YTNLaLY£YTg YT]LSL«V£]LXR£«V£SL]LY_TY¯W£L[TYT²£àggH w?SPNWZ`O^_`XMWPLMZ`_TY_SP^Vd _SPF_LWWH,]U`YLQZ]P^_^bLaP]TY_SP]ZL]TYR]LTY LYOLW_SZ`RS_SPYTRS_^L]PF^ZHOL]V_SL__SPF_TXTOHXZZYMPNZXP^OP ^[ZYOPY_ F_SPT]MPL`_dH^_PLW^FLWWXdH_SZ`RS_^x
3P]P _SP OSaLYT ]P^TOP^ TY _SP bZ]O^ XL__L wO]`YVx wN]Ledx w_`X MWTYRx LYO YT]LSL«V£]L wPRZWP^^x wOP^[ZYOPY_x wbT_SZ`_ L^^P]_TaP YP^^x wTY_TXTOL_POx bSTNS []PNT^PWd MPNL`^P ZQ _SPT] ]L_SP] YPRL_TaP NZYYZ_L_TZY^ P^[PNTLWWd PX[SL^TeP _SP LXMTaLWPY_ MPL`_d ZQ _SP XZY ^ZZYLYOT_^OL]VZaP]NL^_YTRS_^?SP^PL^^ZNTL_TZY^PcNPPO_SPWT_P]LW XPLYTYR LYO ^`]]Z`YO _SP bSZWP aP]^P bT_S _SPT] ^`RRP^_TaP [ZbP] w?`XMWTYRx OZP^ YZ_ ZYWd XPLY _SP ]LTYNWZ`O^ _SL_ ]ZWW LN]Z^^ _SP ^Vd TY _SP ^PY^P ZQ L YL_`]LWT^_TN OP^N]T[_TZY M`_ LMZaP LWW T_ PaZVP^ _SP bTWOLYO`YN`]MPO[ZbP]ZQ_SPXZY^ZZYbT_ST_^]LTYMPL_TYROZbYT_^ _S`YOP] T_^ QWZZO^ LYO _SP MPL`_d ZQ _SP YL_`]LW bZ]WO bSTNS MPNZXP^ W`^SLRLTYLQ_P]_SPSPL_LYOO]Z`RS_ZQ_SP^`XXP]w/P^[ZYOPY_xOZP^ YZ_ZYWd]PQP]_Z_SPXZZYSTOOPYMPSTYOL_STNVMWLYVP_ZQNWZ`O^M`_ LW^Z LWW`OP^ _Z L [L]_TN`WL] _Z[Z^ _SL_ ZNN`]^ Q]P\`PY_Wd TY 4YOTLY [Z P_]d?ST^T^_SP_Z[Z^ZQ_SPWZaP]^^P[L]L_POMd_SP^_Z]XbSZMPNZXP LWW _SP XZ]P OP^[ZYOPY_ bSPY _SPd ^PP _SP [PLNZNV^ [P]QZ]XTYR _SPT] NZ`]_^ST[ OLYNP TY L Q]PYed ZQ OPWTRS_ _SL_ _SP ]LTY SL^ L]]TaPO ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 2P]Zb 4YOTLY;ZP_TN^ &,>LYVL]LY ?SP?SPZ]TP^ZQ=L^LLYO/SaLYT 8LO]L^% ,OdL]$$ /SaLYd£WZVL A__T
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
4YOTLY NZYYZT^^P`] ZQ WT_P]L_`]P _S`^ ^PP^ TY ST^ XTYOv^ PdP L SZXZRP YPZ`^TXLRPZQXZZO^bT_SL^_]ZYRTX[LN_ZYLQQPN_LYOPXZ_TZY^ BSL_NLY_]TRRP]^`RRP^_TZY^ZQLP^_SP_TNL_XZ^[SP]P^*4Y[]TYNT[WP LYd WTYR`T^_TN XL_P]TLW /L©TY NZY^TOP]PO bZ]O LYO XPLYTYR ²LMOL LYO L]_SL _Z MP _SP Q`YOLXPY_LW WTYR`T^_TN NL_PRZ]TP^ LYO SP QZ`YOPO ST^ PY_T]P [ZP_ZWZRTNLW ^d^_PX `[ZY _SP OTQQP]PYNP MP_bPPY _SP^P _bZ _P]X^?ST^^d^_PXOZP^YZ_SZWOQZ]¢YLYOLaL]OSLYL^TYNP OSaLYT T^L `YT\`P _d[P ZQ L]_SL ZY T_^ ZbY 8PLYTYR TYNW`OP^ YZ_ ZYWd _SP NZRYT _TaP WZRTNLW NZY_PY_ M`_ LW^Z PXZ_TaP PWPXPY_^ LYO _SP ^ZNTZN`W_`]LW ^TRYTQTNLYNPZQ`__P]LYNP^?SP\`P^_TZYZQXPLYTYRX`^_MPL[[]ZLNSPO TYLSZWT^_TNXLYYP]?Z_SPQZ]XLWT^_^WTVP/L©TYMPL`_dPcT^_^TY_SP MPL`_d ZQ _SP TYOTaTO`LW [L]_^% _Z _SPX L MPL`_TQ`W bZXLY T^ MPL`_TQ`W MPNL`^P LWW SP] WTXM^ L]P Pc\`T^T_P Md _SPT] aP]d YL_`]P LYO LW^Z OPNZ ]L_PO bT_S aLW`LMWP UPbPW]d 3ZbPaP] LNNZ]OTYR _Z ¢YLYOLaL]OSLYL _SP ]PLW MPL`_d WTP^ YZ_ TY _SP TYOTaTO`LW [L]_^ M`_ TY L \`T_P OTQQP]PY_ OTXPY^TZY ?SP bZXLY SP]^PWQ T^ MPL`_TQ`W 4Q ZYP bT^SP^ _Z OP^N]TMP QPXLWPMPL`_dZYPNLYYZ_OZLYd_STYRZ_SP]_SLY_ZOP^N]TMPTYOTaTO`LW [L]_^M`__SP]PLWLYO_]`PMPL`_dwZYbSTNS_SPPdP^ZQ_SPNZYYZT^^P`] QPL^_L^ZY_SPYPN_L]ZQTXXZ]_LWT_dxWTP^YZ_TY_SP^PTYOTaTO`LW[L]_^ M`_ TY _SP ZaP]LWW TX[]P^^TZY 4Y [ZP_]d _ST^ VTYO ZQ SZWT^_TN TXLRP NZ]]P^[ZYO^ _Z _SP OSaLYT /SaLYT T^ LWbLd^ []TXL]TWd []P^PY_ TY _SP bSZWPaP]^PZ]_SPbSZWP[ZP_TNbZ]V-`_PaPYL^TYRWPbZ]ONLYQWZZO LaP]^PbT_SOSaLYT0aPYTYOTaTO`LW[SZYPXP^NLYMPL]OSaLYTLYOMP wQWZZOPO bT_S ]L^L x BSP]PL^ T_ T^ TX[Z]_LY_ _Z /L©TY _SL_ [ZP_]d ^Z`YO^ RZZO SP]P ZYP bT^SP^ _Z SLaP ZYPv^ PXZ_TZY^ _Z`NSPO ?ST^ T^ bSd T_ bL^ YZ_ /L©TYv^ ^Z[ST^_TNL_PO PXMPWWT^SPO L]_ _SL_ MPNLXP LY TX[Z]_LY_ XZOPW QZ] OPaZ_TZYLW WT_P]L_`]P M`_ TY^_PLO ¢YLYOLaL]O SLYLv^OSaLYTbSTNSQ`^P^YZ_TZY^ZQLP^_SP_TNXZZO^LYOTXLRP]TP^ZQ ]PQTYPO PXMPWWT^SXPY_ LYO bSTNS bL^ Q`]_SP] PWLMZ]L_PO LYO TY_P]TZ] TePO Md ,MSTYLaLR`[_L _S_S NPY_ ¢YLYOLaL]OSLYLv^ LYO ,M ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ /SaLYd£WZVL A__T ,MSTYLaLR`[_L b]Z_P L NZXXPY_L]d ZY ¢YLYOLaL]OSLYLv^ /SaLYd£WZVL NLWWPO 7ZNLY£ L^ bPWWL^_SPXZ^_TYQW`PY_TLWNZXXPY_L]dZY-SL]L_Lv^ 9£_dL²£^_]L NLWWPO ,MSTYLaLMS£]L_T BSTWP ¢YLYOLaL]OSLYL OT^_TYR`T^SPO _bZ L^[PN_^ ZQ OSaLYT z LY Z`_P] OSaLYT L^ _SP ^`RRP^_TaP Q`YN_TZY ZQ `__P]PO bZ]O^ LWWT_P]L_TaP QZ]X^ P_N LYO LY TYYP]OSaLYT L^_SP^`RRP^_POLP^_SP_TNXZZOz,MSTYLaLR`[_L^STQ_^_SPPX[SL^T^ LWXZ^_NZX[WP_PWd_Z_SPWL__P]bSTNSSPNLWW^_SP^Z`WZQ_SPLP^_SP_TNPc[P]TPYNPZ] _SP ]L^LOSaLYT .ZbL]Ow-SL]_SL]Tv^/SaLYTx",MSTYLaLR`[_LOPaPWZ[POLYPb ]L^L _SPZ]d Md `W_TXL_PWd LNNP[_TYR ZYWd ZYP ]L^L% _SP LP^_SP_TN Pc[P]TPYNP L_ T_^ STRSP^_ WPaPW T^ _SP NZY^`XXL_TZY ZQ ZYPv^ ZbY TYYP] YL_`]P ZQ [`]P LYO `YXTcPO MWT^^ LYO ]PLNSP^ L WPaPW ZQ LM^Z][_TZY P\`TaLWPY_ _Z DZRTN LM^Z][_TZY 1Z] Q`]_SP] ]PQP]PYNP^^PP=LYTP]Z2YZWT ?SP,P^_SP_TN0c[P]TPYNPLNNZ]OTYR_Z,MSTYLaLR`[_L =ZXP%4^80:$ !ccTaQzY
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
STYLaLR`[_Lv^LP^_SP_TN^Z`_MLWLYNPO_SPZ]YLXPY_LWT^_^LYOMPNLXP_SP XZ^_TYQW`PY_TLWTY_SPST^_Z]dZQ]PNP[_TZY ?SP ]PNT[P QZ] _SP ZaP]L]NSTYR ^`NNP^^ ZQ OSaLYT LP^_SP_TN^ bT_STY ^PN`WL] LYO ^LN]PO WT_P]L_`]P^ WTP^ TY T_^ ^dY_SP_TN \`LWT_d bSTNS LNSTPaPOaL]TZ`^Q`^TZY^%_SP^`[P]^POTYRZQ_SP^LMOLL]_SLZ[[Z^T_TZY _SP XP]RP] ZQ ^PY^`Z`^ LYO PXZ_TZYLW L[[PLW^ ZQ [ZP_]d _Z QZ]X L XLcTX`X _SP WTYVTYR ZQ _SP TYYP] LYO Z`_P] bZ]WO^ LYO _S`^ [Z_PY _TLWWd _SP NZX[WP_P Q`^TZY ZQ _SP ^PN`WL] LYO ^LN]PO ^[SP]P^ /SaLYT WT_P]L_`]P T^ Pc[]P^^TZY L^ bPWW L^ ^_TX`W`^ ZQ L_XZ^[SP]TN XZZO^ ^PY ^`Z`^Wd PXZ_TaP ^PY_TXPY_^ ^ZNTLW aLW`P^ LYO XP_ZYdXTN L^^ZNTL_TZY^ LYO MZ_S []ZQLYP LYO ]PWTRTZ`^ NT]NWP^ XLOP `^P ZQ _SP X`W_TQ`YN_TZYLW [ZbP]ZQ_SPOSaLYT_ZPXMZOdQPPWTYR^LYO^_TX`WL_P_SPX?SPT]WT_P] L]dOSaLYT[]ZO`N_TZY^^SL[PON`W_`]LW[P]NP[_TZY^MdPaZVTYRN]PL_TYR LYO ]PPXMZOdTYR NZWWPN_TaPWd ^SL]PO ^PY_TXPY_^ LYO NZRYT_TaP bZ]WO^MZ_SbT_STYLYOMPdZYO_SPPWT_PN`W_`]PXTWTP`ZQL]_N]T_TN^ ?SP LWW`^TZY^ bT_STY L OSaLYT aP]^P ZQ_PY `^P WT_P]L]d QTPWO^ ZQ XPLYTYR_SL_^`[P]TX[Z^P[L]_TN`WL]_]Z[P^ZYNZWWZ\`TLW^PXLY_TN^1Z] PcLX[WP _SP w[ZP_TNx XZY^ZZY ZQ _SP aP]^P \`Z_PO LMZaP T^ ML^PO ZY _SP [Sd^TNLW XP_PZ]ZWZRTNLW PaPY_ M`_ T_ T^ LW^Z NZY^_T_`_PO Q]ZX _SP NWL^^TNLW XZY^ZZY ^NPYP^ TY 4YOTLY WT_P]L_`]P bSTNS SLaP ^[]`YR `[ L]Z`YO _SP YL_`]LW PaPY_ 4Y L NP]_LTY XLYYP] TY PaP]d XZY^ZZY [ZPX _SP]PT^_SPR]TPQZQ=£XLZaP]_SPWZ^^ZQST^MPWZaPO>¯_£U`^_L^X`NS L^_SPRZO6´©Lv^ WZaPLQQLT]bT_S_SPMPL`_TQ`W =£OS£LYOLNZYYZT^ ^P`]ZQ4YOTLY WT_P]L_`]PbTWW NZY^_LY_WdSLaP_SP^PbPWWVYZbY[Z[`WL] TXLRP^ TY _SP MLNV ZQ ST^ XTYO ?SP OSaLYT T^ ^L_`]L_PO bT_S ]PLW LYO TXLRTYPObZ]WO^bSTNSXPP_TYT_ /SaLYT T^ RPYP]LWWd YZ_ LNNP^^TMWP bT_SZ`_ L VYZbWPORP ZQ _SP M]ZLOP] N`W_`]LW NZY_Pc_ LYO _SP WT_P]L]d bZ]WO^ ZQ _SP ]P^[PN_TaP N`W _`]P =PXPXMP] _SP PcLX[WP ZQ _SP WZ_`^ bSP]P MZ_LYTNLW VYZbWPORP T_ YZ_ ^`QQTNTPY_ QZ] _SP ]PLOP] _Z L]]TaP L_ _SP ^PXLY_TN LYO XP_ZYdXTN QTPWO^ L^^ZNTL_PO bT_S _SP 4YOTLY WZ_`^ ^`NS L^ MPL`_d []ZQLYP WT_P]L _`]P LYO [`]T_d ]PWTRTZ`^ WT_P]L_`]P 5`^_ SZb aP]d YPNP^^L]d _SP VYZbWPORP ZQ WT_P]L]d _Z[ZT T^ QZ] `YOP]^_LYOTYR NP]_LTY OSaLYT ^L_`]L_PO aP]^P^ T^ ^SZbY Md _SP QZWWZbTYR PcLX[WP bSTNS T^ MZ_S \`Z_POLYONZXXPY_POZYMd¢YLYOLaL]OSLYL% w?SP bTQP ZQ _SP S`Y_P] XZaP^ bT_S PL]]TYR^ ZQ [PLNZNV QPL_SP]^ Q`WW ZQ []TOPLXZYR^_ST^Z_SP]bTaP^TY_SPT]^[WPYOZ]ZQTaZ]dx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^TST[TNNSLVL©©L¼]£U££a£SL^^LRLaaT©¯MSLXL|g X`__£[SLWL]L|L[L^£SL©£©LÈXLUUSP^LaL__¯©LXgg F²TVST[TNNS£VL]©L[¼]£U£d£ad£OSL^dLRL]aT©¯MS]LXL_Tg X`V_£[SLWL]LNT_L[]L^£OS£Y£ÀXLOSdP^L[L_Y¯Y£XggH /SaLYd£WZVL A__T
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
,WW_SPXZ_TQ^L[[PL]TYRSP]PNZXPQ]ZXLWT_P]L]d_Z[Z^_SL_ZYPSL^_Z VYZb TQ ZYP T^ _Z `YOP]^_LYO _SP aP]^P L_ LWW 4Y _P]X^ ZQ _d[ZWZRd Z] RPY]P T_ T^ L [L^_Z]LW ^NPYP z bSTNS SZbPaP] OZP^ YZ_ XPLY L w>NSÆQP]TOdWWPx& TP L ]ZXLY_TN ^NPYP ZQ WZaP]^ TY LY TOdWWTN WLYO^NL[P [Z^^TMWdRZ]RPZ`^WdO]P^^POL]T^_ZN]L_TNWZaP]^OLWWdTYRbT_SPLNSZ_SP] bSTWP ^`]]Z`YOPO Md RPY_WP ^SPP[ L^ L BP^_P]Y L^^ZNTL_TZY ZQ [L^_Z]LW ^NPYP^ bZ`WO MP O`P _Z _ST^ VTYO ZQ 0`]Z[PLY ML]Z\`P [ZP_]d LYO [LTY_TYR LYO ]ZXLY_TN QTN_TZY^ ZQ [PLNPQ`W NZ`Y_]d WTQP 4Y QLN_ T_ T^ LMZ`__SPQZWWZbTYR%_SPNSTPQZQLYL_TaP_]TMPSL^_LVPYL[]P__ddZ`YR bTQPLYOSL^MPPYTYO`WRTYRTYWZaPXLVTYRbT_SSP] QZ]\`T_PL bSTWP 9Zb SP T^ ^Z bZ]Y Z`_ _SL_ SP NLY ZYWd S`Y_ [PLNZNV^ bSP]PL^ MPQZ]P SP bL^ ^_]ZYR PYZ`RS _Z VTWW PWP[SLY_^ ?SP ^[PNTQTN OSaLYT WTP^ TY _SP YL_`]LW NZYNW`^TZY _SL_ ST^ Z_SP] bTaP^ bP]P WP^^ L__]LN_TaP bSTNS LW^Z Pc[WLTY^ _SP []TOP ZQ _SP YPb bTQP ¢YLYOLaL]OSLYL bSZ []ZMLMWd YPaP]^Lb_SPTY^TOPZQLU`YRWPT^LbL]PZQ_ST^XPLYTYRYZ_MPNL`^P T_ MPWZYR^ _Z ST^ PYaT]ZYXPY_ M`_ MPNL`^P T_ L[[L]PY_Wd ]P[]P^PY_^ L [Z[`WL]WT_P]L]dRPY]P?ST^T^ZMaTZ`^WdLWT_P]L]dNZ`Y_P]bPTRS__Z]PLW WTQP LY TXLRTYL_TaP LY_T[ZOP N]PL_PO Md _SP STRSWdN`W_`]PO NT_d ObPWWP]^^Z_SPdNZ`WO[]ZUPN_^ZXP_STYRTY_ZT__SL__SPdNZ`WOYZ_zZ] bP]PYZ_LWWZbPO_ZzTYO`WRPTYZbTYR_ZN`W_`]LWLYO]PWTRTZ`^YZ]X^% L wQ]PPx WTQP `YTYSTMT_PO ^Pc`LWT_d [ZWdRLXd LYO _SP ^[Z]_ ZQ S`Y_TYR bSTNSbL^LYL_SPXL_Z3TYO`OSL]XL ! 7T_P]L_`]P N]PL_P^ T_^ ZbY bZ]WO^ LYO ]PLWT_TP^ LYO _ST^ T^ bSP]P z LNNZ]OTYR _Z ¢YLYOLaL]OSLYL z bP QTYO T_^ ^[PNTLW [ZbP] bSTNS SP MLNV^`[bT_S_SPQZWWZbTYRaP]^PMdLw2]PL_;ZP_%x w?S]PPNSPP]^_Z_SPWLYR`LRPRZOOP^^bSZObPWWTYRTYNWZ^P[]ZcTXT_d_Z Pc_]LZ]OTYL]d [ZP_^ LWWZb^ _STYR^ _Z PY_P] _SP SPL]_ _SL_ ^PPX _Z MP ]PLW QLN_^bSTWP_SPdL]PLN_`LWWd\`T_POTQQP]PY_x "
:Q NZ`]^P _SP WT_P]L]d []ZUPN_TZY ZQ _SP dZ`YR YL_TaP bZXLY OPNZ]L_PO bT_S [PLNZNV QPL_SP]^ SL^ WT__WP _Z OZ bT_S ]PLW 6T]£_L^ L YL_TaP _]TMP WTaTYRTY_SPQZ]P^_^ -`_ _SP[ZP_]dSL^_SP[ZbP] _Z _]LY^QZ]XbSL_T^ ]PLWTY_ZbSL_T^TXLRTYL]dTY_Z^ZXP_STYRNZX[WP_PWdOTQQP]PY_bSTNS T^ Pc[P]TPYNPO L^ U`^_ L^ ]PLW L^ PX[T]TNLW ]PLWT_d ¢YLYOLaL]OSLYL _SP]PQZ]P^_]P^^P^_SL_PaPYTY[WLNP^bSP]P^ZXP_STYRT^OP^N]TMPOL^T_ T^ TY ]PLW WTQP L RZZO [ZP_ bTWW LWbLd^ RTaP T_ L ^[PNTLW QZ]X LYO _S`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP]PT^L[L]LWWPWTY /SaLYd£WZVLbSP]P_SPaP]^PT^LW^ZPc[WLTYPO ! ?SPWL__P]T^YZ_RWZMLWWdL[[WTNLMWP_Z3TYO` OSL]XL ^TYNP[]TYNP^SLaPSLOS`Y_TYR [L]_TP^LYO_SPVTYRRZTYR_Z_SPQZ]P^_bT_SST^NZ`]_TP]^QZ]S`Y_TYRL[[PL]^L^L_Z [Z^TY_SP 8LS£MS£]L_L " L_LSL¶¶STPaT_LSL^L©¶STPaaLSTLLXXTU£©TaP^P|g L__SLaT^P^P^£ULL|aTVLLVL|RZL]£a£©¯gg FL_L_S£^_ST_£YL[T_L_S£^LÀ^_ST_£YTaLSOLdPd£YTaP²LdL_Tg L]_SLaT²P´£Y^£ULdL_TaTVL¶LVLaTRZNL]£a£©¯ggH /SaLYd£WZVL A__T
.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS
"
_SP ZMUPN_ ZQ ST^ OP^N]T[_TZY _`]Y^ TY_Z ^ZXP_STYR _SL_ T^ NZX[WP_PWd OTQQP]PY_ Q]ZX _SP Z]TRTYLW # ,YO _ST^ T^ []PNT^PWd bSd [ZP_]d T^ TYPc SL`^_TMWP% w5`^_ WTVP _SP []TXLW XL__P] ZQ bSTNS _SP bZ]WO T^ XLOP [ZP_TN WLYR`LRP NLYYZ_ PaP] MP PcSL`^_PO YZ_ PaPY TQ _SZ`^LYO^ `[ZY _SZ`^LYO^ ZQ -SL^[L_T^bP]P_Z_]d_ZOZ_ST^x $
-PNL`^P_ST^SL^YZ_STYR_ZOZbT_S_SP[ZP_TNZMUPN_^M`_TY^_PLObT_S WLYR`LRP _SP [ZP_^ YPaP] SLaP _Z QPL] _SL_ _SPT] _Z[TN^ bTWW MPNZXP bZ]YZ`_Z]PcSL`^_PO?SP^`M_WP_TP^TYOP^N]TMTYR ^ZXP_STYRL]PTYQT YT_PLYOPaP]dRZZO[ZPXZ]Z_SP]RZZObZ]VZQWT_P]L_`]P`_TWTeP^_SPX LYPb >TYNP _SP OSaLYT [P]_LTY^ _Z _SP aP]^P Z] _SP NZX[Z^T_TZY L^ L bSZWP _SP]P NLYYZ_ MP LYd []ZaT^TZY Z] TY^_]`N_TZY QZ] _SP L^[T]TYR NZ`]_[ZP_ZYSZb_ZNZY^_]`N_T_/L©TYPYaT^TZYPO[ZP_]dL^LYL]_T^ _TN[L_NSbZ]VLYO[]ZaTOPOLWL]RP^P_ZQZ]YL_PWT_P]L]dM`TWOTYRMWZNV^ QZ]_SPNZY^_]`N_TZYZQM]TWWTLY_XL^_P][TPNP^-`_LNNZ]OTYR_Z¢YLYOL aL]OSLYL _SP]P L]P YZ _PNSYT\`P^ ZQ N]LQ_^XLY^ST[ _SL_ ZYP NZ`WO WPL]Y LYO L[[Wd QZ] []ZO`NTYR L ]PLW OSaLYT[ZPX Z] bZ]V /L©TY ^PP^ ]L^L L]T^TYR _S]Z`RS [P]QPN_ _PNSYT\`P LYO _L^_PQ`W L]]LYRPXPY_ bSTWP TY ¢YLYOLaL]OSLYLv^ Z[TYTZY ]L^L ZYWd L[[PL]^ bSPY _SP w_ZYPx T^ ]TRS_ LYO bSPY L _Z_LWWd `YT\`P XZZO T^ Pc[]P^^PO LYO PaZVPO Md _SP [ZP_TN L^^P]_TZY .ZX[WP_PWd TY VPP[TYR bT_S _ST^ _SP [ZP_ YPPO^ bSL_ bP bZ`WONLWWRPYT`^zLYOTYQLN__SP]PNT[TPY_OZP^L^bPWW^TYNPSPX`^_ MPZYPwbT_SLYP\`LWSPL]_xTPSPSTX^PWQX`^_MP[L]_ZQ_SPN]PL_TaP []ZNP^^ ¢YLYOLaL]OSLYL ^[PLV^ bSPY ]PQP]]TYR _Z _SP [ZP_ ZQ []L_TMS£ wTY^[T]L_TZYx ZQ ^ZXP_STYR _SL_ wTY_`T_TaPWd PYWTRS_PY^x 3P NZY^TOP]^_SPNL[LNT_dZQ_SP[ZP_TNRPYT`^v^[ZY_LYPZ`^TOPL^_ZMP_SP ]PbL]OQZ]PL]WTP]WTaP^LYOL^^P]_^_SL__SPaP]d^Z`]NPZQ[ZP_TNTY^[T ]L_TZY T^ _SP RZOOP^^ >L]L^aL_¯ 1Z] STX SZbPaP] >L]L^aL_¯ T^ ZYWd L XP_L[SZ]TY_SP^PY^P_SL__SPLN_`LWNZ]PLYO_SPNL`^PZQ[ZP_TN`__P] LYNP`W_TXL_PWd]PXLTYTYPc[WTNLMWP 4Q ZYP bLY_PO _Z ]PO`NP _SP OPML_P MP_bPPY _SP ZWO Z]YLXPY_LWT^_^ TY /L©TYv^ ^_dWP LYO _SP YPb ^NSZZW ZQ ¢YLYOLaL]OSLYL _Z L ^SZ]_ [T_Sd [S]L^P LYO ]PNZY^_]`N_ LY wTOPLW _d[Px ZQ _SPT] OT^NZ`]^P ZYP NZ`WO ^[PLV ZQ L ]PO`N_TZYT^XSZWT^X OPML_P , OPaPWZ[XPY_ _ZbL]O^ SZWT^_TN XZOPW^ ^`NS L^ _SP ZYP TY [ZP_]d NLY LW^Z MP ^PPY TY WTYR`T^ _TN^ ^ZXPbSL_ PL]WTP] 4Y _ST^ ^PY^P _SP [ZP_ZWZRTNLW OT^N`^^TZY^ L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # /SaLYd£WZVL A__T $ a£NL^[L_T^LSL^]£©£À^LSL^]LT]L[TdL_YL_Làg YTMLOOS£^£V´LdLÀYLTv_T[]LV_T]ULRL_£XTaLgg/SaLYd£WZVL ?ST^ Q`YOLXPY_LWWd N]PL_TaP ]ZWP ZQ _SP L]_WZaP] L^ ^LSOLdL bL^ XLOP Pc[WTNT_ Md ,MSTYLaLR`[_L LYO _SP TOPL _SL_ T_ T^ _SP ]PNT[TPY_^ bSZ []ZO`NP L bZ]V ZQ L]_ L^ X`NSL^_SPL]_T^_STX^PWQT^\`T_PNZYR]`PY_bT_SXZOP]YBP^_P]Y_SPZ]TP^ZQL]_
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
#
ZYWdL[L]_ZQLaP]dX`NSXZ]PRWZMLWN`W_`]LWOT^NZ`]^PbSZ^PP^^PY _TLW [Z^T_TZY^ MPNLXP aP]d NWPL] SZbPaP] PaPY TY _ST^ ^XLWW Q]LRXPY_ ?SP QZWWZbTYR NSLYRP ZQ ^NPYP T^ TY_PYOPO _Z _LNVWP _ST^ XZ]P RWZMLW OT^NZ`]^P
=L_TZYLWT^_.SLWWPYRP^LYO_SP=T^PZQAPOL3P]XPYP`_TN^
-]LSXLYTNLW,RRTZ]YLXPY_Z%=L_TZYLWT^_.SLWWPYRP^LYO _SP=T^PZQAPOL3P]XPYP`_TN^ =L_TZYLWT^_.SLWWPYRP^LYO_SP=T^PZQAPOL3P]XPYP`_TN^
:Q NZ`]^P _SP bZ]WO ZQ WL_P 4YOTLY LY_T\`T_d LYO _SP PL]Wd XPOTPaLW [P]TZOOTOYZ_NZY^T^_ZYWdZQR]LYO[LWLNP^TYbSTNSVTYR^TYO`WRPOTY Z]YLXPY_POZ]L_XZ^[SP]TN[ZP_]dOP[PYOTYRZY_SPT]ZbY[]ZNWTaT_TP^ 8ZOP^_WPL]YPO-]LSXTY^^_TWWPcT^_PObSZOTOYZ_LWWZb_SPX^PWaP^_Z MP uMZ`RS_v Md _SP VTYR^ M`_ WPL]YPO _SP APOL Md SPL]_ TY _SPT] ^_]Lb S`_^ ,YO ^TYNP WLYR`LRP SLO LWbLd^ MPPY ZYP ZQ _SPT] Q`YOLXPY_LW _ZZW^_SPdLW^ZNZY_TY`PONZY_PX[WL_TYRT_ ,bZ]WOWdXLY^`NSL^/L©TYbSZ^PPX^_ZSLaPOPaZ_POSTX^PWQ []TYNT[LWWd _Z ST^ WZaPLQQLT]^ LYO VPP[TYR ST^ []TYNP TY L RZZO XZZO NZ`WOLQQZ]O_ZMPL^PL^dRZTYRLMZ`_WLYR`LRPL^SPbL^ 1Z]/L©TY WLYR`LRP T^ L []P__d Z`_[Z`]TYR ZQ L STRSP] N`W_`]P T_ T^ Q`Y LYO ZYP NLY`^PT_ _Z]LT^PZYPv^[]ZQTWP-`__SP[ZZ]Z]_SZOZc-]LSXTY^NZ`WO YZ_ ^SL]P _ST^ aTPb ZQ WLYR`LRP ^TX[Wd MPNL`^P ZQ _SPT] ^PWQTXLRP% WLYR`LRP T^ _SPT] XZ^_ MPL`_TQ`W LYO OPL]P^_ _]PL^`]P >Z -]LSXTY^ PY ^`]P _SL_ _SP MPL`_TQ`W WLYR`LRPNZb OZP^ YZ_ QLWW TY_Z _SP SLYO^ ZQ ]ZR`P^ -`_ _ST^ T^ []PNT^PWd bSL_ YZb SL[[PY^ ?SP]P T^ L M]ZLO NWL^^ ZQ ^_]ZYRWd ^PN`WL]TePO >LY^V]T_ Pc[P]_^ QZ] bSZX WLYR`LRP T^ YZ WZYRP]LY`XTYZ`^^`M^_LYNP?SP^`M^_LY_TLWTOPY_TQTNL_TZYZQWLYR`LRP LYO -]LSXLY LN_Z] SL^ MPPY M]ZVPY 9Zb T_ T^ YZ WZYRP] ^`QQTNTPY_ _Z ^[]PLO L MPL`_TQ`W -]LSXLYTN L`]L bT_S ^ZWPXY APOTN ^ZYR^ z PaPY TQ ZYWdQZ]_SP^TX[WP]PL^ZY_SL__SP-`OOST^_[]TP^_YPc_OZZ]XTRS_LW^Z SLaPLWZaPWdaZTNP >P]TZ`^bZ]VZY_SP^LN]PO]T_`LWWLYR`LRP_LVP^L_Z_LWWdYPb[L_S 4_T^`YOT^[`_PO_SL_ WLYR`LRPPcT^_^U`^_WTVP LYdZ_SP]XL_P]TLW?SPZ ]TP^ZQ_SP[Sd^TNLWL^[PN_^ZQ ^Z`YOML^POZY L_ZXT^_TN TOPL^SLO WZYR ^TYNP MPPY bPWW P^_LMWT^SPO 1Z] PcLX[WP LNNZ]OTYR _Z _SP ALT²P´TVL^ PaP]d ^Z`YO T^ ML^PO ^ZWPWd ZY L XPNSLYTNLW NSLTY ]PLN_TZY LXZYR^_ Y`XP]Z`^ L_ZX^ ZQ _SP wP_SP]x Z] ^[LNP bSTNS L]P PYaT^LRPO WTVP MTW WTL]O MLWW^ , ^`OOPY NZY_LN_ MP_bPPY _bZ ZMUPN_^ ^`NS L^ _SP _ZYR`P LYO_SP_PP_SZ]MP_bPPYLO]`X^_TNVLYOLO]`X^VTY[`^SP^LbLd_SP wP_SP] L_ZX^x _SL_ L]P TY MP_bPPY LYO NL`^P^ _SPX _Z ]`^S LbLd TY LWW OT]PN_TZY^ ?SP^P L_ZX^ _SPY w^_]TVPx XZ]P P_SP] L_ZX^ bSTNS TY _`]Y TX[TYRP ZY Z_SP] P_SP] L_ZX^ ,_ ^ZXP ^_LRP ^ZXP ZQ _SP L_ZX^ ]PLNS _SPPc_P]YLWPL]ZQ_SPSPL]P]w^_]TVPx_SPPL]O]`XLYOZYWd_SPYT^_SP
=L_TZYLWT^_.SLWWPYRP^LYO_SP=T^PZQAPOL3P]XPYP`_TN^
$
^Z`YO SPL]O ?SPZ]TP^ WTVP _ST^ L]P aP]d _d[TNLW ZQ _SP PL]Wd ]L_TZYLW [P]TZO 9Z_ ZYWd T^ ^[LNP OTaTOPO `[ TY_Z L NZY_TY``X ZQ TYOTaTO`LW [ZTY_^M`__TXPT^LW^Z_`]YPOTY_ZLNZY_TY``XZQTYOTaTO`LWXZXPY_^ 4Y RPYP]LW _SP [STWZ^Z[SP]^ SLaP MPNZXP Pc_]PXPWd ^`^[TNTZ`^ ZQ LWW P_P]YLWPY_T_TP^?SPXZ^_]LOTNLWTY_ST^]P^[PN_L]P_SP-`OOST^_^bSZ OPYdLYdLYOPaP]dQZ]XZQ[P]XLYPY_^`M^_LYNPzLYOL^QZ]PcT^_PYNP _SPdZYWd]PNZRYTePQWPP_TYRXZXPY_^BSL_SZWO^QZ]^Z`YO_SPZ]dLW^Z SZWO^ QZ] NZXX`YTNL_TZY _SPZ]d ?SP]P L]P YZ P_P]YLW bZ]O^ L_ LWW ?SP]P L]P ZYWd NSLTY^ ZQ ^[PLVP]^ XLOP `[ ZQ TYOTaTO`LW^ bSZ NL`^P WLYR`LRP _Z MP [P][P_`L_PO LYO _SP]P T^ YZ_STYR Xd^_P]TZ`^ LMZ`_ _ST^ ,YdZYP bSZ MPWTPaP^ TY _SP Y`XTYZ`^ NSL]LN_P] ZQ _SP APOL NLY YZ WZYRP]MLNV_ST^`[bT_S^`M^_LY_TLWT^_L]R`XPY_^QZ]_SPAPOLNZY^T^_^ ZQWLYR`LRPLYOWLYR`LRPT^[L]_ZQ_ST^bZ]WO 4Y aTPb ZQ _SP QL]]PLNSTYR LNNP[_LYNP ZQ ^`NS YPb ]L_TZYLW _SPZ ]TP^_SPZ]_SZOZcMPWTPQTY_SPAPOLSL^LOTQQTN`W__TXPQ]ZX_ST^[ZTY_ ZYbL]O^?SPAPOTNaTPbZQ_SPbZ]WOSL^MPPY^SLVPY_ZT_^NZ]P9Z_ ZYWdSLaP XZ^_ZQ _SP APOTN]T_P^MPNZXPZM^ZWP_PM`_LW^Z _SP ^TX[WP ^`M^_LY_TLWT^_XZOPWNWLTXTYR_SL_PaPY_SP^Z`YOZQ_SPAPOLT^^LN]PO LYO[`]TQdTYRSL^MPNZXP`YLNNP[_LMWP_Z_SPTY_PWWPN_`LW^?SP^LN]PO bZ]O^ ZQ _SP APOL _ZZ NZY^T^_ ZQ YZ_STYR Z_SP] _SLY NWZ`O^ ZQ P_SP] L_ZX^bSTeeTYRL]Z`YOLYOzQ]ZXLYL_`]LWT^_TN^_LYO[ZTY_zL]P_SP]P QZ]PYZXZ]P^LN]PO_SLYLYdZ_SP]bZ]O/P^[T_P_ST^_SPAPOL]PXLTY^ _PNSYTNLWWdP^^PY_TLWL^L]PQP]PYNP[ZTY_LYOL^N`W_`]LWXPXZ]d [P]^P -`_^TYNPT_SL^WZ^_T_^TYSP]PY_aLWTOT_dL^L_Pc_QZ]]T_`LW^ LYO_ZMP WT^_PYPO _Z XLYd Z]_SZOZc -]LSXTY^ YZb NZYNPY_]L_P _SPT] PQQZ]_^ ZY ]P^PL]NSTYR_SPNZY_PY_ ?SPAPOLSL^_ZMP]PaLW`L_POL^ L_Pc_bT_S L ^[PNTLW NZXX`YTNLMWP NZY_PY_ ?SP -]LSXTY^ OPaPWZ[ Q]ZX w[P]QZ]X TYR L]_T^_^x _Z SP]XPYP`_TNT^_^ ZQ _SPT] ZbY N`W_`]P TY Z]OP] _Z ]P^_Z]P _SPT]N]POTMTWT_dL^_SPPWT_PZQWPLOP]^ST[3ZbPaP]]P^T^_LYNPT^SPQ_d >TYNP_SPPXP]RPYNPZQSP_P]ZOZcXZaPXPY_^TY_SPXTOOWPZQ_SPQT]^_ XTWWPYYT`X -. -]LSXLYT^X SL^ SLO _Z ^_]`RRWP LRLTY^_ PaP] XZ]P [ZbP]Q`W ]P^T^_LYNP >ZXP ZQ _SP TX[`OPYNP _SL_ _SP -]LSXTY^ SLO _Z [`_ `[ bT_S bL^ []P__d ^_]ZYR ^_`QQ ?SP XL_P]TLWT^_TN .£]a£VL^ PaPY NWLTXPO_SL__SP_Pc_ZQ_SPAPOL^Z`YOPO^ZXPLYTYRWP^^MPNL`^PLWWT_^ L`_SZ]^ SLO MPPY XLOXPY ?SPd ^LTO _SL_ ^ZXP [PZ[WP bSZ bP]P _ZZ WLedZ]_ZZ^_`[TO_ZbZ]VSLOWPL]YPO_ST^]`MMT^SMdSPL]_TYZ]OP]_Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^^_L_PXPY_YPPO^_ZMPOTQQP]PY_TL_PO^TYNP_SP]T_P^ZQ[L^^LRP^`NSL^XL]]TLRP LYO OPL_S ]T_P^ SLaP ]PXLTYPO wAPOTNx ]TRS_ `[ _Z _SP []P^PY_ OLd TP ML^PO ZY _SP 2SdL >¼_]L^ _SL__LVP_SPT]XL_P]TLW Q]ZX _SP APOL7L_PWd 7L`]TP;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO L]R`PO QZ] LY ZYRZTYR ^TRYTQTNLYNP ZQ APOTN ]T_P^ PaPY ZQ ^ZXP ±]L`_]L ]T_P^ O`P_Z_SPT]NZY^_LY_ ]PbZ]VTYR bT_STYOTQQP]PY_ PL]Wd ]T_`LWwNZXXPY _L]TP^x ±]L`_]L >¼_]L^ 2SdL >¼_]L^ ATOS£YL WT_P]L_`]P LYO YPb QZ]X^ ZQ L[[WTNL _TZY aTYTdZRL
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
NWLTX_SL_T_STOLaP]d^[PNTLWLYOOPP[XPLYTYRbSTNSSZbPaP]ZYWd _SPd NZ`WO TY_P][]P_ ,YO TY _ST^ bLd _SPd SLO Pc_Z]_PO XZYPd Q]ZX [PZ[WPQZ]NPY_`]TP^ ,^L]`WP_SP-]LSXTY^bP]P]L_SP]SPW[WP^^TY_SPQLNPZQ^`NSXL WTNTZ`^ LNN`^L_TZY^ ?SP]P T^ ]L]PWd LYd XPY_TZY ZQ LN_TaP ]P^T^_LYNP TY _SP P[TN^ LYO ;`]£©L^ 0aPY ^Z ZYP R]Z`[ ZQ -]LSXTY^ ZYNP MPL_ L .£]a£VL _Z OPL_S bT_S _SPT] ^_LWV^ ZQ SZWd 6`²L R]L^^ bSPY ST^ XZNV P]dMPNLXP_ZZX`NS_ZMPL]4Y_SPXTOOWPZQ_SPQT]^_XTWWPYYT`X-. SZbPaP] _SP -]LSXTY^ MPRLY _Z OPQPYO _SPX^PWaP^ ^ZXPbSL_ XZ]P PQQPN_TaPWd 7PRPYO SL^ T_ _SL_ _SP -]LSXLY 6`X£]TWL -SL¶¶L MP_bPPY ! LYO " ,/ LY PXTYPY_ APOTN ]T_`LWT^_ LYO 8ÅX£À^£ ^NSZWL] ^YPLVPOSTX^PWQTY_ZL-`OOST^_XZYL^_P]d^Z_SL_SPNZ`WO^_`Od-`O OST^_ WZRTN LYO OTLWPN_TN^ bSTNS bP]P `Y^`][L^^PO L_ _SL_ _TXP LYO _Z `_TWTeP_SPXQZ]_SPMPYPQT_ZQ-]LSXLYT^X 7ZZVTYRL_ST^bZ]V^ZYP QTYO^_SL_SPL[[PL]^_ZSLaPNZX[WP_PO_SPXLUZ]NZ`]^P^ZQ^_`Od-`_ ST^ ^_`OTP^ NLXP _Z L ^_TNVd PYO bSPY ST^ -`OOST^_ _PLNSP] N]T_TNTePO _SP APOL L^ XPLYTYRWP^^ LYO NZY_]LOTN_Z]d 6`X£]TWL bL^ `YLMWP _Z SZWO MLNV ST^ _PL]^ LYO _S`^ RLaP STX^PWQ LbLd L^ LY PYPXd -]LSXLY ^[d ?SP ^_Z]d PYOPO _]LRTNLWWd QZ] MZ_S [L]_TP^ ?SP -`OOST^_^ bLY_PO _ZVTWW6`X£]TWLLYO[`^SPOSTXZQQ_SP]ZZQZQ _SPXZYL^_P]d -`_MP NL`^PZQST^MPWTPQTY_SPAPOLSP^`]aTaPO,NNZ]OTYR_Z_SPWPRPYOSP MPNLXP ZYP ZQ _SP XZ^_ `YNZX[]ZXT^TYR Z[[ZYPY_^ ZQ _SP -`OOST^_^ LYO bZ]VPO ^`NNP^^Q`WWd QZ] _SPT] [Sd^TNLW LYYTSTWL_TZY -`_ SP _SPY [LTO QZ] _ST^ bT_S ST^ ZbY WTQP 3P SLO ^TYYPO LRLTY^_ ST^ -`OOST^_ R`]`LYOLNNZ]OTYR_Z_SP OSL]XL WLb^ZYWd]T_`LW^`TNTOPNLYL_ZYPQZ] ^`NSLSPTYZ`^ N]TXP;]ZMLMWdPaP]d_STYRLMZ`__ST^ ^_Z]d T^TYaPY_PO -`_ ^_TWW T_ NLYYZ_ MP OPYTPO _SL_ TY _SP PL]Wd 8TOOWP ,RP^ OPaZ`_ -]LSXTY^TY[L]_TN`WL]bT_SL^_]ZYRMPWTPQTY_SPAPOLL]R`POTY^`NS LOTLWPN_TNNL`^LWT^_TNLYOTY^ZXPNL^P^PaPYXL_P]TLWT^_TNXLYYP]LYO P^[PNTLWWd _SP ST^_Z]TNLW 6`X£]TWL _SL_ ^ZXP_TXP^ T_ ^PPX^ L^ _SZ`RS _SPdSLOLN_`LWWdNZ[TPO_SPT]L]R`XPY_^Q]ZX_SPT]bZ]^_PYPXTP^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ AP]^TZY^ ZQ _ST^ WPRPYO MPWZYR _Z _SP XZ^_ QLXZ`^ P[T^ZOP^ ZQ _SP SLRTZR]L[STP^ ZQ ±L«VL]L^PPLW^ZMPWZb,YTY_P]P^_TYR-`OOST^_TYaP]^TZYZQ_SP^_Z]dT^VYZbYTY _SP ?TMP_LY _]LOT_TZY& ^PP 2Z[TYL_S 6LaT]LUv^ QZ]PbZ]O _Z 2LYRLY£_SL 5SLv^ _]LY^WL _TZY ZQ 6`X£]TWLv^ ?LY_]La£]__TVL .LWN`__L% -L[_T^_ 8T^^TZY ;]P^^ $ azcaTTT 6`X£]TWLv^_TXPSL^MPPYaL]TZ`^WdL^^TRYPO_Z_SPPL]Wd"_SZ]_Z_SP#_SNPY_`]d& QZ]]PQP]PYNP^ZY_SPOL_P!z",/^PP5PLY8L]TPAP][ZZ]_PY 8¯X£À^£7T_P]L _`]P BTP^MLOPY%3L]]L^^ZbT_e$#"
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLW ALWTOT_dZQBZ]O^LYO>Z`YO^
;]ZMLMWd YZ Z_SP] R]Z`[ SL^ _LVPY _SP APOTN WPRLNd ^Z ^P]TZ`^Wd LYO _PYOPOT_^ZNL]PQ`WWdL^_SP;¼]aL8ÅX£À^£Z]8ÅX£À^£QZ]^SZ]_ 4_ T^ _]`P _SL_ XLYd ^NSZWL]^ []TOPO _SPX^PWaP^ ZY _SPT] NZYYPN_TZY bT_S _SPAPOLLYO_SPT]^_`OdZQT_LYOPaPY_ZOLd^NSZWL]^SLaPYZ__T]POZQ \`Z_TYR APOTN XLY_]L^ L_ PaP]d LaLTWLMWP Z[[Z]_`YT_d _Z []ZaP _SL_ PaP]d NZYNPTaLMWP S`XLY LNSTPaPXPY_ SL^ LW]PLOd MPPY XPY_TZYPO TY _SP APOL z M`_ ZYWd _SP 8¯X£À^LVL^ SLaP MPPY _]`Wd TY_P]P^_PO TY _SP NZY_TY`T_dZQ_SPAPOTN^LN]TQTNPLYOLWbLd^_LVPY_SPR]PL_P^_NL]P_SL_ APOTN]T_P^ ^SZ`WOYZ_MPNZXMTYPO bT_SWL_P]]T_`LWQZ]X^4YOZTYR ^Z _SPdXLVPLYLM^ZW`_POT^_TYN_TZY?SPdL]P_SPQT]^__Z]PRL]O_SPAPOL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPYLXP8¯X£À^£SL^MPPY_]LY^WL_POL^wQ`WWOT^N`^^TZYxZ]wL__PX[_^L_]L_TZYLW TY\`T]dx4_^_LYO^QZ]_SPAPOTN^NSZZWZQ]T_`LW[STWZ^Z[SdTP_SZ^PAPOL-]LSXTY^ NZYNP]YPObT_S_SPPc[Z^T_TZYZQ]T_`LWTYU`YN_TZY^TYNW`OTYROT^N`^^TZY^ZY_SP]PWL _TZY^ST[ ZQ bZ]O LYO XPLYTYR SP]XPYP`_TN ]`WP^ XP_SZOZWZRd LYO [STWZ^Z[Sd ZQ ^[PPNS?SP;¼]aL8¯X£À^£T^L[ZZ]Wd]P^PL]NSPOL]PLNZX[L]PObT_SZ_SP]4YOTLY _]LOT_TZY^ 1Z] ^`XXL]TP^ ZQ T_^ [Z^T_TZY^ ^PP 2LYRLYL_SL 5SL ;¼]aLX¯X£À^£ TY 4_^ >Z`]NP^AL]LYL^T%-LYL]L^3TYO`@YTaP]^T_d$&>`]PYO]LYL_S/L^R`[_L ,3T^ _Z]dZQ 4YOTLY ;STWZ^Z[Sd aZW /PWST% 8Z_TWLW-LYL]^TOL^^ ]P[] $$!"z & 8 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd /PWST% 8Z_TWLW $$ Z]TRTYLW $ $#z &>SWZXZ-TOP]XLYw:]_SZOZcdLYO;STWZ^Z[SdTY4YOTL%;STWZ^Z[STNLW4X [WTNL_TZY^ZQ_SP8¯X£À^£>NSZZWxTY :]_SZOZcd3P_P]ZOZcdLYO/T^^PY_TY4YOTL PO>90T^PY^_LO_P_LW-P]WTY%8Z`_ZY$#"#&AP][ZZ]_PY 8¯X£À^£7T_ P]L_`]P Z[NT_?SP^NSZZW^PPX^_ZMPaP]dLYNTPY_[Z^^TMWdOL_TYRMLNV_Z_SP _S Z]_SNPY_-._ZbSTNS^ZXP^NSZWL]^L^N]TMP_SPQT]^__]PL_T^P5LTXTYTv^ 8¯X£À^£ >¼_]L^^PPQZ]TY^_LYNP;L__ZY -]TYRTYR_SP2ZO^_Z8TYO !$:_SP]^OL_P5LTXTYT _Z z -. ^`NS L^ :_SXL] 2ÆNS_P] 3P]XPYP`_TN^ LYO WLYR`LRP TY ;¼]aL 8¯X£À^£% , >_`Od TY ±ÃML]L -S£´dL /PWST% 8Z_TWLW -LYL]^TOL^^ $# $ 1]LYNT^ C.WZZYPdwBSL_v^LRZO*?SP\`P^_QZ]_SP]TRS_`YOP]^_LYOTYRZQ OPaL_£ TY-]£S XL©TNLW]T_`LW_SPZ]d X¯X£À^£x 4Y_P]YL_TZYLW5Z`]YLWZQ3TYO`>_`OTP^ $$"% " L^^`XP^ NL -. LYO .ZbL]O LYO =LUL 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^aZW ""[]Z[Z^P ,/ bT_SL\`P^_TZY XL]V?SPZWOP^_ Pc_LY_NZXXPY _L]d±LML]L^a£XTYv^ 8¯X£À^£^¼_]LMS£´dL ±£ML]L-S£´dL QZ]^SZ]_T^_]LOT_TZYLWWd OL_PO _Z -. , Y`XMP] ZQ BP^_P]Y ^NSZWL]^ LOZ[_PO _ST^ OL_P NQ -TOP]XLYY Z[NT_ " bSP]PL^ Z_SP]^ L]R`PO QZ] ,/ ?SP OL_P^ ^`RRP^_PO ]LYRP Q]ZX ^PNZYO NPY_ ,/ .WZZYPd " LYO ,/ 3T]TdLYYL _Z _SP _S NPY_ ,/ ^PP 2ÆNS_P]v^OT^N`^^TZYZ[NT_$zLYO_SPL]R`XPY_^ZQ0]TNS1]L`bLWWYP] 8L_P]T LWTPYe`]ÆW_P^_PY0]VPYY_YT^WPS]POP]6L]XLX¯X£À^£ATPYYL%-ØSWL`$!#-L^PO ZY±LML]Lv^ NZXXPY_L]d_bZ^NSZZW^ZQ^d^_PXL_TN PWLMZ]L_TZYPXP]RPO%_SPZYPZQ ;]£MS£VL]L-SL¶¶LN! ,/LYO_SPZYPZQ6`X£]TWL-SL¶¶LMP_bPPY!LYO" ,/ ?SP WL__P]v^ ±WZVLa£]__TVL LYO ?LY_]a£]__TVL L]P _SP XZ^_ PWLMZ]L_P Pc[Z^T_TZY^ ZY ±LML]L LYO ]PRL]OPO L^ _SP XZ^_ L`_SZ]T_L_TaP ^Z`]NP ZY 8¯X£À^£ [STWZ^Z[Sd =LXL^bLXT >L^_]T PO ?SP 8¯X£À^£^WZVLa£]__TVL ZQ 6`X£]TWLMSL¶¶L [_ 444 ?]TaLYO]`X%2ZaP]YXPY_;]P^^$>TYNP±LML]LOPaPWZ[POLWTYR`T^_TN_SPZ]d bPbTWW\`Z_PXLTYWdQ]ZXST^NZXXPY_L]dM`_LW^ZTYNW`OP6`X£]TWLv^Pc[Z^T_TZY
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
L^ ±]`_T wSPL]TYRx wSPL]O ]PaPWL_TZYx TP L^ YZ_ NZX[Z^PO Md LYd MZOd L[L`]`´PdL LYOL^ L]PaPWL_TZY _SL_SL^ LWbLd^PcT^_PO -dNZY _]L^_ _SP >X_T w_SP XPXZ]dx TP _SP ^LN]PO WT_P]L_`]P^ bSTNS L]P L^^ZNTL_PO bT_S S`XLY LYO ^`[P]S`XLY L`_SZ]^ ZYWd SL^ ^PNZYOL]d TX[Z]_LYNP ?SP >X_T ^[PNTQTNLWWd TYNW`OP _SP ^LN]PO Z]_SZOZc _Pc_^ _SL_ ^`]aTaP Q]ZX [Z^_APOTN _TXP^% _SP []P^N]T[_TaP bZ]V^ LMZ`_ OSL]XL _SP P[TN^ _SP ;`]£©L^ bSTNS WPRT_TXTeP _SPT] NZY_PY_^ PT_SP] _S]Z`RS L RZO Z] _S]Z`RS LY L`_SZ]T_L_TaP WTYP ZQ _]LOT_TZY -`_ _SP YZ _TZY ZQ ZXYT^NTPY_ RZO^ LYO WPRPYOL]d MPTYR^ bSZ NLY XLVP `YTaP] ^LWWdaLWTO^_L_PXPY_^LMZ`__SPbZ]WOT^LYL_SPXL_Z_SP8¯X£À^LVL^ ?SP ^Z`]NP ZQ LM^ZW`_P _]`_S NLY ZYWd MP _SP APOL bSZ^P ^_]PYR_S T^ []PNT^PWd _SP QLN_ _SL_ T_ bL^ YZ_ b]T__PY Md LYd [P]^ZY 0aP] ^TYNP _SP QT]^_ 8ÅX£À^£ _]PL_T^P 5LTXTYTv^ >¼_]L^ [Z^^TMWd OL_TYR MLNV _Z _SP SZL]d[L^_ZQ _SPQTQ_SZ]QZ`]_SNPY_`]d -._SPVYZbWPORPZQ OSL]XL TP ZQ ^LN]TQTNTLW LN_TZY LYO T_^ w`YQZ]P^PPYx aT]_`Z`^ Q`_`]P PQQPN_^ L[¼]aL SL^ MPPY OP_P]XTYPO L^ _SP aP]d P^^PYNP ZQ _SP APOL -`_ YZb L _SZ`^LYO dPL]^ WL_P] ^_]ZYR YPb L]R`XPY_^ L]P YPPOPO _Z ^`[ [Z]_ _SP []TaTWPRPO ]ZWP ZQ _SP APOTN TYU`YN_TZY^ L^ _SP ^ZWP XPLY^ ZQ LNSTPaTYR OSL]XL LYO _Z []ZaP _SP Z`_^_LYOTYR [Z^T_TZY ZQ _SP APOL L^ _SP ZYWd _P^_TXZYd ZY _STYR^ _SL_ NLYYZ_ MP [P]NPTaPO Md _SP ^PY^P^% OSL]XL T_^PWQ PYO`]TYR SL[[TYP^^ LYO _SP STRSP^_ RZZO ZQ SPLaPY ^aL]RL ±LML]L^a£XTY []ZM _S NPY_ ,/ _]LOT_TZYLW OL_P -. L]R`P^ _SL_ ZYWd LY L`_SZ]WP^^ `__P]LYNP _SP APOL NLY MP _]`^_PO bSP]PL^^_L_PXPY_^Md[P]^ZYLWL`_SZ]^bZ`WOYPaP]MPLMWP_Z[]ZO`NP ]PWTLMWP OL_L ^TYNP _SPd XLd LWbLd^ MP OZ`M_PO Z] XLd MP [Z^^TMWd QLW^PZ]YZ_`YTaP]^LWWdL[[WTNLMWP% w>`NSL^_L_PXPY_bSTNST^ML^POZYL]PWL_TZY^ST[MP_bPPYLbZ]OLYOL _STYR bSTNS SL^ MPPY N]PL_PO Md [P]^ZYLW ^[PLVP]^ bZ`WO LWbLd^ MP OZ`M_Q`W :Q NZ`]^P T_ NZ`WO MP L ^_L_PXPY_ Md ^ZXP ZYP PW^P FbSTNS T^ [P]SL[^ aLWTO QZ] STX M`_ YZ_ QZ] XPH -`_ TQ YZb _SP bZ]O T_^PWQ ^[PLV^ SZbNZ`WOT_MPb]ZYR*1Z]_SP^_L_PXPY_OZP^YZ_NZXPQ]ZXLYZ_SP][P] ^ZY >Z TQ _SP bZ]O XLVP^ T_^PWQ NZX[]PSPY^TMWP L^ L ^Z`]NP SZb NZ`WO ZYP^LdT_T^WdTYRLYONWLTXu4_T^YZ__SL_bLdvx !
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,NNZ]OTYR _Z 8TNSLPW BT_ePW w?SP /PaPWZ[XPY_ ZQ _SP APOTN .LYZYx # Q _SP ±]`_T ^_L_`^ bL^LW]PLOdL__]TM`_PO _Z_SPAPOLTY_SP ±]L`_L]T_`LW[P]TZO TPTY_SP QT]^_XTWWPYYT`X-.[]ZMLMWdL]Z`YO -.TYYZ]_SPL^_P]Y4YOTLbSPY_SPQZ`] >LÀST_£^ bP]P`YTQTPOLYONZOTQTPO ?SP 5LTXTYT>¼_]L^ ^_L]_ bT_S _SP QLXZ`^ L[SZ]T^X w9Zb NZXP^ _SP TY\`T]d TY_Z OSL]XLx L_S£_Z OSL]XLUTUÓd£^L bSTNS SL^ MPPY _SP ML^TN [Z^_`WL_P QZ] LWW ^`M^P \`PY_NZXXPY_L]TP^ ! [L`]`´PdP ST ^L_T ^LÀMLYOSP dLà []L_dLdLà _L^dL XT_Sd£MS£aL £²L«VP_L g [L]L []L_dLdZ ST _LO£ ^d£_g L_SL ²LMOP M]`aL_T VL_SLÀ XT_Sd£ T_T g YL ST _LO£Y¯X LYdL_Là [`]`´£OLaLRLXLàg²LMOL*NPYYTXT__LMS¼_P^aLdLXLaLM`OSdL_PVL_SLÀaT[]L
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
?SP LMZaP ^_L_PXPY_ ZNN`]^ bT_STY L RPYP]LW OT^N`^^TZY ZQ NZRYT_TZY " =PXL]VLMWd±LML]LOPaPWZ[^LRPY`TYP_SPZ]dZQNZRYT_TZYP[T^_PXZW ZRdLYOWTYR`T^_TN^_Z[]ZaPMd]L_TZYLWL]R`XPY_^_SL__SPAPOTN_Pc_T^ L ^PWQ^`QQTNTPY_ aP]MLW _P^_TXZYd 6`X£]TWL -SL¶¶L N "_S NPY_ ,/ RZP^ ZYP ^_P[ Q`]_SP] TY _P]X^ ZQ ZY_ZWZRd TP TY uP^^PY_TLWTeTYRv _SP APOL _Z_SPZY_ZWZRTNLW ^_L_`^ZQ P_P]YT_d #3T^ ±WZVLa£]__TVL Pc[Z`YO^ ^ZWPWd ZY ±£ML]L-S£´dL bSTNS T^ OPaZ_PO _Z WZRTN LYO ]L_TZYLW L]R`XPY_L_TZY _L]VL[£OL LYO ST^ []TXP T^^`P ^PPX^ _Z MP _SP P_P]YLW PcT^_PYNP YT_dL_aL ZQ _SP APOL ?SP]P T^ ^_]ZYRP] PX[SL^T^ ZY ]TRTOWd OPYdTYRLYd_]`_SQ`WYP^^_ZS`XLYLYO^`[P]S`XLYLRPY_^Z]NWLTX^ZQ ^`[P]YL_`]LW VYZbWPORP bSTWP R]PL_P] ^_]P^^ T^ WLTO ZY _SP APOLv^ L` _SZ]WP^^YP^^ LYO _SP ^[PNTLW ^_L_`^ ZQ aP]MLW _P^_TXZYd L^ L ^P[L]L_P XPLY^ ZQ VYZbWPORP []LX£©L ?SP ±WZVLa£]__TVL PYO^ bT_S _SP L^^P] _TZY_SL__SPAPOLT^_SPZYWd]L_TZYLWWdLNNP[_LMWPXPLY^ZQL]]TaTYRL_ _SP]TRS_YZ_TZYZQ OSL]XL LYOTYST^ ?LY_]La£]__TVL 6`X£]TWL]PXL]V^ _SL_ YZbLOLd^ XLYd SLaP WPQ_ _SP ]TRS_ [L_S 4_ T^ YPNP^^L]d _Z ]P P^_LMWT^S _SP APOTN OSL]XL LYO []PaPY_ XT^NZYNP[_TZY^ LYO XT^_LVPY U`ORXPY_^ XLOP `^TYR ^NTPY_TQTN ]PL^ZYTYR LYO ^d^_PXL_TN L]R`XPY_L _TZY $?SPXLUZ]QZN`^ZQST^L__LNVT^_SP-`OOST^_^bSZYZ_ZYWdN]T_T NTeP _SP T]]L_TZYLWT_d ZQ _SP APOL LYO [Z^_`WL_P _SP TX[P]XLYPYNP LYO wPX[_TYP^^x ZQ LWW PcT^_PYNP M`_ LW^Z NWLTX _SPT] ZbY ]PaPWL_TZY SLTW^ Q]ZX LY ZXYT^NTPY_ QZ`YOP] LYO ST^ Pc_]LZ]OTYL]d DZRTN TY^TRS_ ! ,N ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "
#
$ !
WLMOSLÀ M]¼d£Y wYLT_LO PaLXx T_Tg ±£ML]L-S£´dL ( 8¯X£À^£^¼_]LMS£´dLX 4 PO1]L`bLWWYP] 8L_P]TLWTPY WTYP^"z 1Z] _SP bSZWP L]R`XPY_ ^PP ±LML]L-S£´dL z# LO 5LTXTYT >¼_]L^ z XZaTYR ZY Q]ZX _SP OPQTYT_TZY ZQ OSL]XL LYO _SP TYSP]PY_ `Y]PWTLMTWT_d ZQ S`XLY ^Z`]NP^_ZPc_PY^TaP[]ZZQZQaLWTONZRYT_TZYMdaP]MLWTYU`YN_TZY^ LYO NZYNW`^TaPL]R`XPY_^LMZ`__SPP_P]YLWYL_`]PZQbZ]O^!_SPL`_SZ]WP^^YP^^ZQ _SPAPOLLYO_SP ^P]TZ`^YP^^ZQT_^TYU`YN_TZY^#.Q_]LY^Md 2LYRLYL_SL5SL -L]ZOL%:]TPY_LW4Y^_T_`_P$"z ,NNZ]OTYR_Z±LML]LQQ_SPaLWTOT_d ZQ >X_T TP /SL]XL WT_P]L_`]P ]P^TOP^ PY_T]PWd TY _SP APOL LYO T_^ TYYL_P ^PWQ ^`QQTNTPY_L`_SZ]T_d?SPWLb^ZQ8LY`QZ]TY^_LYNPbZ`WOMPTYNL[LMWPZQ[]ZO`NTYR ]PWTLMWPVYZbWPORPbP]P_SPdYZ_ML^POZY_SPAPOLTMTO_]LY^5SL#"z$! >PP _SP QTYLW ^PN_TZY ZQ 6`X£]TWLv^ ±WZVLa£]__TVL aPOLYT_d£OSTVL]L©LX LYO _SP []TYNT[LW^PN_TZY^ L`_[L__TVL^¼_]LX LYO ²LMOL[L]TNNSPOL ZYaP]MLWL`_SZ]T_dLYO_SP P_P]YLW ]PWL_TZY^ST[ MP_bPPY ²LMOL LYO L]_SL ?SP]P T^ YZ N]T_TNLW ±WZVLa£]__TVL POT _TZY L^ dP_ YZ] L NZX[WP_PWd ^_LYOL]OTePO Y`XMP]TYR ^d^_PX >ZXP POT_Z]^ ^`NS L^ = >L^_]T Z[ NT_ $ LYO ; 8T²]L AL]LYL^T% ?L]L ;`MWTNL_TZY^ $"# XPY_TZY ZYWd_SP>LY^V]T_YLXP^ZQ_SP^`M^PN_TZY^PR ²LMOL[L]TNNSPOL ?LY_]La£]__TVL LO >¼_]L _]LY^ 5SL >PP LW^Z ±WZVLa£]__TVL bSP]P 6`X£]TWLOP[WZ]P^_SPQLN__SL_PaPYXZ^_8¯X£À^LVL^SLaPWPQ__SP]TRS_[L_S 6`X£]TWLv^ ±WZVLa£]__TVL TYNW`OP^ Pc_PY^TaP OT^N`^^TZY^ ZQ -`OOST^_ OZN_]TYP^ YT]£WLXMLYLa£OL²¼YdLa£OL ^PPMPWZbLYONZ`Y_P]L]R`XPY_^LRLTY^__SPOZN_]TYP ZQ XZXPY_L]TYP^^ PR LY`X£YL[L]TNNSPOL ! ( ±WZVLa£]__TVL ! []PNPOPO Md L N]T_T\`P ZQ _SP TOPL ZQ ZXYT^NTPY_ [P]^ZY^ NZOLY£^¼_]LX ±WZVLa£]__TVL !z" PO.SZbVSLXML>LY^V]T_>P]TP^!z"?SPWL__P]L]R`XPY_^TYNT_POL[ZWZRP_TN]P
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
NZ]OTYR _Z 6`X£]TWL DZRTN VYZbWPORP _ZZ X`^_ ]PWd ZY Z]OTYL]d ^PY ^Z]d[P]NP[_TZYZ_SP]bT^PT_T^XP]PQLYNdzM`_PaPYDZRTNVYZbWPORP bTWWYZ_R]L^[ OSL]XL !.WLTX^LMZ`__SP-`OOSLv^ZXYT^NTPYNPNLYYZ_ MP M`_ `Y]PL^ZYLMWP L^^`X[_TZY^ LMZ`_ TX[P]NP[_TMWP _STYR^ LYO X`^_ ]PXLTY LWbLd^ Z[PY _Z ^`^[TNTZY -d NZY_]L^_ _SP ^_]PYR_S ZQ _SP APOL WTP^ []PNT^PWd TY _SP QLN_ _SL_ T_ T^ _SP ZYWd SZWd ^N]T[_`]P bSTNS T^ YZ_ ML^POZYS`XLYLRPYNdLYO_SP]PQZ]PLM^ZW`_PWd]PWTLMWPLYOTYQLWWTMWP NZYNP]YTYR ]PWTRTZ`^ XL__P]^ _SL_ L]P YZ_ LXPYLMWP _Z ^PY^Z]d LbL]P YP^^ NZRYT_TZY LYO []ZZQ ^`NS L^ OSL]XL OPT_TP^ SPLaPY LYO _SP N]PL_TaP QZ]NP ZQ ^LN]TQTNTLW LN_TZY _SL_ M]TYR^ QZ]_S NSP]T^SPO ]P^`W_^ _SL_OTOYZ_PcT^_MPQZ]P L[¼]aL 4_T^N]`NTLWQZ]_SP8ÅX£À^£_SL__SP ^LN]TQTNTLW [P]QZ]XLYNP T_^PWQ T^ aT^TMWP z `YWTVP T_^ NZY^P\`PYNP^ ?SP ]T_`LW TY^_]`N_TZY^ QLWW bT_STY ZYPv^ OT]PN_ ^PY^Z]d NZY_]ZW LYO _SP ZYWd _STYR _SL_ T^ YPPOPO T^ _Z NZX[]PSPYO _SPX LYO QZWWZb _SPX .ZXXZY ^PY^P LYOR]LXXL_TNLW P_dXZWZRTNLW LYOSP]XPYP`_TN^VTWW^ !L]P ^`QQT NTPY_LYO_SP]PT^YZYPPObSL_^ZPaP]QZ]^[PN`WL_TaP_SZ`RS_^`[P]^PY ^Z]dLbL]PYP^^ZXYT^NTPY_[P]^ZY^Z]PaPYRZO^ !?ST^N]PPOZQLYZY ^[PN`WL_TaP []LRXL_T^X LYO _SP N`]TZ`^ U`c_L[Z^T_TZY ZQ L ]TRZ]Z`^ ]L _TZYLW []ZR]LX ZQ OPXd_SZWZRTeTYR YZYAPOTN ]PaPWL_TZY^ L^ bPWW L^ APOTNOPT_TP^bSTWP]PXd_SZWZRTeTYR_SPAPOTN]T_`LWNLYZYT^_d[TNLW ZQ _SP PL]Wd ;¼]aL8ÅX£À^£ ZQ _SP [P]TZO ,/ -`_ bSL_ T^ XZ^_ ^_]TV TYR T^ _SP QLN_ _SL_ PaPY _SP w]PXd_SZWZRTeTYRx LRPYOL T^ [`]^`PO Md ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ UZTYOP]^LXZYR5LTYL^LYO-`OOST^_^PR_SPOPQPY^PZQ_SP-`OOST^_N]PPOMd=L_ YLV¯]_TNz ,/bSZ^_]P^^P^NWL]T_dZQXTYOLYODZRTNVYZbWPORPbSTWP L__LNVTYR _SP APOL L^ PX[_d _LWV ^_`[TO MLMMWP LYO L XPLYTYRWP^^ SPL[ ZQ bZ]O^ 6`X£]TWLv^ L]R`XPY_^ L]P []ZMLMWd L[ZWZRP_TN ]PLN_TZY^ _SPX^PWaP^ /SL]XLV¯]_T !z!! ,/ L]R`PO QZ] _SP aLWTOT_d ZQ DZRTN VYZbWPORP TY L ^TXTWL] aPTY _Z =L_ YLV¯]_T .Q 2`O]`Y -ÞSYPXLYY /P] LWWbT^^PYOP -`OOSL% 0TY -PbPT^ `YO ^PTYP ;]ZMWPXP% =L_YLV¯]_T^ >L]aLUÓL^TOOST _]LY^WL_PO LYO bT_S NZXXPY_L]d ATPYYL% ,] MPT_^V]PT^QÞ]_TMP_T^NSP`YOM`OOST^_T^NSP>_`OTPY$#azaTTTcTQQ ! 6`X£]TWL ±WZVLa£]__TVL #z []L_dLV´L^¼_]LX PO .SZbVSLXML >LY^V]T_ >P ]TP^ z" ! ?SP8¯X£À^LVL^Q]ZX5LTXTYTZYbL]O^bP]P[]ZMLMWd_SPQT]^__ZbZ]VZ`_PcPRP_TN LYOSP]XPYP`_TN ]`WP^_SL_MPNLXPTX[Z]_LY_ XZOPW^ QZ]Z_SP]^NSZZW^ LYO_SPNZX XPY_L]d WT_P]L_`]P ?Pc_ TY_P][]P_L_TZY TYaZWaP^ LXZYR Z_SP] _STYR^ _SP OT^NP]YXPY_ ZQ []TXL]d LYO ^PNZYOL]d _Pc_`LW NL_PRZ]TP^ WT_P]LW LYO QTR`]L_TaP ^PY^P ^dY_LN_TN `YT_dNZY_Pc_`LWT_d_SPTX[Z]_LYNPZQ_SPMPRTYYTYRLYO_SPPYOZQ_SP_Pc_[L^^LRP TY_P]_Pc_`LWT_d]PQ`_L_TZYZQZ[[ZYPY_^RZLWZQ_SP_Pc_[L^^LRPP_N5LTXTYTLYO_SP WL_P] ;¼]aL8¯X£À^£ bP]P YZ_ ^Z X`NS TY_P]P^_PO TY XP]P ^PXLY_TN ^PY^P M`_ QT]^_ LYOQZ]PXZ^_TY_SP[]LN_TNLW]T_`LWL[[WTNL_TZY^PPLW^Z;L__ZY -]TYRTYR_SP2ZO^_Z XTYO !$z" ! 8LY_]L^ LYO OP^N]T[_TZY^ ZQ _SP RZO^ OPaL_£ L]P `YOP]^_ZZO _Z MP L]_SLa£OL WT_ wPc[WLYL_Z]d[L^^LRP^xw^`[[Z]_TYR^_L_PXPY_^xTPL^WL`OL_Z]dQTR`]L_TaP^[PPNS ^`[[Z]_TYR _SP ^LN]TQTNP >PP ±£ML]L-S£´dL $ LYO 6`X£]TWLv^ ±WZ VLa£]__TVL ^LXMLYOS£V´P[L[L]TS£]Là z" LYO ?LY_]La£]__TVL _]LY^ 5SL aZWz
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
]L_TZYLW YZY^[PN`WL_TaP XPLY^ YLXPWd L NZX[WP_PWd YZYXd_STNLW WTYR`T^_TN_SPZ]dLMZ`__SPQ`YN_TZYLYONL[LNT_dZQaP]MLW^_L_PXPY_^z LYdaP]MLW^_L_PXPY_^YZ_ZYWd_SZ^PZQ_SPAPOL;`]`´Z__LXL-TWTXZ ]TL ^`RRP^_^ _SL_ _SP 8ÅX£À^£v^ NWLTX ZQ L u_Pc_ bT_SZ`_ LY L`_SZ]v [P]SL[^ ^SL]P^ L ]P^PXMWLYNP bT_S _SP [Z^_XZOP]Y OT^NZ`]^P ZY uL`_SZ]WP^^ _Pc_v z T_^ NWLTX wLMZ`_ _SP _]`_S^ NZYaPdPO _S]Z`RS WLY R`LRPxMPTYRZY_ZWZRTNLW ! ?SP]PbP]P]PL^ZY^QZ]QZN`^TYRZY_SPAPOLL^LYP_P]YLW_Pc_bT_S TY_]TY^TNaLWTOT_d?SPXZ^_TX[Z]_LY_T^^`PQZ]_SP8ÅX£À^£bL^YL_` ]LWWd _SP OPQPY^P z LYO ^`[[Z^POWd ]P[Z[`WL]TeL_TZY z ZQ _SP APOTN ]T_P^ -`_ L^ _SP APOTN Xd_S ZQ NZ^XTN ^LN]TQTNP LYO APOTN YZ_TZY^ ZQ _SPRZO^bP]PLW]PLOdWL]RPWdTQYZ_NZX[WP_PWdPc_TYN_LYOQZ]RZ__PY _SP 8¯X£À^LVL^ ]P\`T]PO L ^_]TN_ N]T_T\`P LYO PcPRP^T^ ZQ _Pc_^ _Z MP LMWP _Z ]PNZY^_]`N_ _SP NZX[WPc []ZR]LX ZQ L APOTN ]T_`LW ^Z _SL_ T_ ]PLWWdbL^wU`^_WTVP_SPZ]TRTYLWx?SP_Pc_`LWML^T^QZ]_ST^bL^YZ__SP @[LYT´LO^M`__SPWL_P]T_`LW[L]_ZQ_SPAPOLTP_SP-]£SXL©L^BSL_ TY_P]P^_^ _SP 8¯X£À^LVL^ T^ YZ_ _SP -]£SXL©L^v ]T_`LWWd PcPRP_TN SZ XZWZRTP^ M`_ ZYWd _SZ^P [L^^LRP^ _SL_ LWWZb NZYNW`^TZY^ NZYNP]YTYR _SP ^[PNTQTN WT_`]Rd ZQ _SP ^LN]TQTNP ?SPd XLVP L ^_]TN_ OT^_TYN_TZY MP _bPPY ]T_`LW wNZXXLYOXPY_^x Z] wTYU`YN_TZY^x aTOST LYO _SP ]PNT_L _TZY _Pc_^ XLY_]L bSTNS _SPd ^PP L^ LW^Z TYNW`OTYR _SP RaPOTN SdXY^ ! 4_ T^ TY _ST^ NZY_Pc_ _SL_ _SPd OPaPWZ[ L RPYP]LW _SPZ]d ZQ _SP wP_P]YT_d ZQ WTYR`T^_TN ^_L_PXPY_^x bSTNS _SPd `W_TXL_PWd `^P _Z WPRT_T XTeP _SPT] PcPRP^P^ 4Y OZTYR ^Z _SPd QZWWZb ZY Q]ZX _SP APOL M`_ L]R`P]L_TZYLWWdbT_S_SP[STWZ^Z[SP]^ZQ_SPT]_TXP^ 4Y XLYd L^[PN_^ _SP 8ÅX£À^£v^ WTYR`T^_TN _SPZ]d T^ TY^[T]PO Md _SP TX[WTNT_ WTYR`T^_TN _SPZ]d ZQ _SP -]£SXL©L WT_P]L_`]P BSL_ _SPd SLaP TY NZXXZY bT_S _SP -]£SXL©L^ T^ _SP TOPL ZQ ]PLWT_d MPTYR OP[PYOPY_ ZY Pc[]P^^TZY TY WLYR`LRP LYO LMZaP LWW _SP TOPL _SL_ L bZ]O LYO _SP ZMUPN_ T_ ]P[]P^PY_^ wSLaP _SP ^LXP Z]TRTYx L`_[L__TVL_aLX -`_ ^TYNP _SP PL]Wd 8ÅX£À^£ OPaPWZ[PO TY LY TY_PWWPN_`LW PYaT]ZYXPY_ LW]PLOd ^_]ZYRWd NSL]LN_P]TePO Md [STWZ^Z[STNLW OT^NZ`]^P T_ NZ`WO YZ WZYRP] NZY_TY`P _Z ]P[]P^PY_ APOTN LcTZX^ bT_SZ`_ [STWZ^Z[STNLW L]R`XPY_L _TZY?SP^_L_`^ZQWLYR`LRPL^LYLM^ZW`_PbSTNSbL^_LVPYQZ]R]LY_PO TY APOTN _TXP^ bL^ ]ZNVPO _Z T_^ NZ]P Md _SP ^VP[_TNT^X ZQ _SP @[LYT´LO^ _ZbL]O^ WLYR`LRP LYO LW^Z Md XL_P]TLWT^_TN LYO ]L_TZYLWT^_ _SPZ]PX^ ^`NS L^ _SP ^VP[_TNT^X ZQ _SP 9LTd£dLdTVL^ LYO _SP -`O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;`]Z´Z__LXL -TWTXZ]TL ±LMOL[]LX£©L% BZ]O LYO 6YZbWPORP /Z]O]PNS_% 6W`bP] $## -TWTXZ]TLv^ bZ]V QZN`^P^ ZY _SP ,OaLT_LAPO£Y_L LYO ZYWd XPY_TZY^ _SP ;¼]aL8¯X£À^£TY[L^^TYR ! 6`X£]TWLOT^_TYR`T^SP^TYST^ ?LY_]La£]__TVL aTOST^ TYU`YN_TZY^ L]_SLa£OL Pc[WLYL _Z]d[L^^LRP^`YOP]^_ZZO_ZMPWL`OL_TZYZQ^LN]TQTNP XLY_]L^]PNT_L_TZY_Pc_^LYO YLXP^ZQ^LN]TQTNP^
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
!
OST^_^ ?PWWTYRWd _SP P[T^_PXZWZRd ZQ _SP 8ÅX£À^£ T^ U`^_ L^ LY_T ^VP[_TNLW L^ T_ T^ LY_TXP_L[Sd^TNLW LYO T_ []ZMLMWd _]TPO _Z `_TWTeP _ST^ TY]PLN_TYR_ZLWW_SP^PXZaPXPY_^
;STWZ^Z[STNLW1`YOLXPY_LW^LYO;]LRXL_TN=L_TZYLWT_d
4Y NZY_]L^_ _Z _SP [Z^T_TZY^ ZQ _SP -`OOST^_ DZR£N£]L LYO _SP WL_P] ,OaLT_LAPO£Y_L LNNZ]OTYR _Z _SP ;¼]aL8ÅX£À^£VL^ _SP bZ]WO [P] NPTaPO Md _SP ^PY^P^ T^ ]PLW 6`X£]TWL ^_]ZYRWd ZMUPN_^ _Z _SP -`OOST^_ OZN_]TYP _SL_ ZYWd NZRYT_TZY^ L]P ]PLW bSTNS SP NZY^TOP]^ NZX[WP_PWd `Y_PYLMWP !! .ZRYT_TZY^ OPaZTO ZQ ]PLW ZMUPN_^ _SP waZTOx Z] wPX[_T YP^^xZQ_SPPc_P]YLWbZ]WO_SPTWW`^Z]dLYOXZXPY_L]dNSL]LN_P]ZQLWW _STYR^ LYO _SP WLNV ZQ L [P]XLYPY_ ^`M^_]L_`X z LWW _SP^P 8LS£d£YL -`OOST^_ OZN_]TYP^ L]P `__P]Wd `YQZ`YOPO LNNZ]OTYR _Z 6`X£]TWL MP NL`^P_SP]PT^YZXZOPZQ[]ZZQZ]aLWTOXPLY^ZQVYZbWPORP []LX£©L _ZL^NP]_LTY_SPX !"?SPXZ^_ML^TNLYO[]TXL]dXPLY^ ZQVYZbWPORPT^ ^PY^Z]d [P]NP[_TZY ?SP -`OOST^_ NWLTX^ _`]Y QLN_^ `[^TOP OZbY z L_ WPL^_ LNNZ]OTYR _Z 6`X£]TWL bSZ L]R`P^ _SL_ ^PY^Z]d [P]NP[_TZY []P NPOP^ TOPL^ ?SP]P T^ L ^PY^Z]d ML^T^ QZ] LWW TOPL^ TP TOPL^ QZ]X ZYWd MPNL`^PZQ^PY^Z]dOL_L[]TZ]_Z_SPX3ZbPaP]NZX[WP_PVYZbWPORPZQ ]PLWT_d XP]PWd _S]Z`RS _SP ^PY^P^ T^ TX[Z^^TMWP bSTNS TY _`]Y T^ _LVPY L^ L ]PL^ZY QZ] ]PUPN_TYR _SP PX[T]TNT^X ZQ _SP XL_P]TLWT^_TN .£]a£VL^ QZ]PcLX[WP ?SP 8¯X£À^LVL^ []Z[Z`YO L ]PLWT^_TN _SPZ]d ZQ VYZbWPORP TP L w]PLWx [Sd^TNLW bZ]WO ]PNZRYTeLMWP TY T_^ MPTYR _SL_ bLd LYO L [Z^T _TaT^_TN SP`]T^_TN^ ML^PO ZY _SP [ZbP] ZQ WLYR`LRP _Z NZXX`YTNL_P XPLYTYR LYO ZY _SP _]`_S ZQ _SP APOL ?SP Q`YOLXPY_LW YL_`]P ZQ WLY R`LRP T^ Pc[WLTYPO Md LY ZY_ZWZRTNLW O`LWT^X ^[PNTQTN _Z _SP ;¼]aL 8ÅX£À^£% _SP bZ]WO T^ OTaTOPO TY_Z LY PX[T]TNLW ^[SP]P LYO LY LM^Z W`_PWd YZYPX[T]TNLW ZYP z O´¶L LYO LO´¶L bSTNS WT_P]LWWd XPLY w_SP aT^TMWPx LYO w_SP TYaT^TMWPx :_SXL] 2ÆNS_P] ^`XXL]TeP^ _ST^ [Z^T_TZY ZQ_SP8ÅX£À^£TY_SP^PbZ]O^% w-`_ _SP O´¶L LYO _SP LO´¶L L]P YZ_ XP]RPO TY_Z ZYP LYZ_SP] _SZ`RS _SPd QZ]XZYP]PLWT_d-Z_S_SP^POTXPY^TZY^MPWZYR_Z_SP^LXP]PLWT_dLYOL]P TY^[T_PZQ_SPT]OTQQP]PY_QPL_`]P^TY^P[L]LMWPQ]ZXZYPLYZ_SP]bT_S]PRL]O _Z VYZbWPORP 8LY T^ OT]PN_PO _Z ]PLWT_d TY MZ_S T_^ aT^TMWP LYO TYaT^TMWP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 6`X£]TWLv^ Pc[Z^T_TZY ZQ >¼_]L TYNW`OP^ _SP WZYR ^PN_TZY^ YT]£WLXMLYLa£OL ( ±WZVLa£]__TVL z LYO ²¼YdLa£OL ( ±WZVLa£]__TVL z!! >PPLW^ZST^ £_XLa£OL ^PN_TZY #z" !" ?SPOT^N`^^TZYZQ_SPaLWTOXPLY^ZQS`XLYVYZbWPORPNZY^_T_`_P^L^`M^_LY_TLW[L]_ ZQ6`X£]TWLv^ ±WZVLa£]__TVL LYObL^TY_PYOPO_Z[]ZaP_SL__SPAPOLX`^_MPL^P[L ]L_PXPLY^ZQVYZbWPORP
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
"
OTXPY^TZY^ -Z_S OTXPY^TZY^ L]P LNNP^^TMWP ZYWd _S]Z`RS XLY QZ] bSZ^P MPYPQT_]PLWT_dPcT^_^x !#
?SP _P]X wTYaT^TMWP ]PLWT_dx T^ XZ]P _SLY L XP_L[SZ] 9PT_SP] T^ T_ Sd [P]MZWP ,YO T_ OPQTYT_PWd OZP^ YZ_ ]PQP] _Z LYd Xd^_TNLW aT^TZYL]d ^[T]T_`LW Z] Z_SP] _d[P ZQ w^`[P]YL_`]LWx VYZbWPORP ?SP QLN_ T^ _SL_ _SP]P T^SL]OWdLYdZ_SP][STWZ^Z[STNLW^NSZZW TY4YOTL_SL_T^ ^ZOZbY _ZPL]_S QZ]RTYR []LRXL_TN ]L_TZYLWT_d L^ _SP 8ÅX£À^£ BSPY T_ ^Ld^ wTYaT^TMWPx T_ LN_`LWWd XPLY^ wLM^ZW`_P `YVYZbLMTWT_dx LYO TY _ST^ ]P^[PN__SP_P]XT^LW]PLOdLWT__WP]PXTYT^NPY_ZQBT__RPY^_PTYv^TOPLZQ w_SP `Y^LdLMWPx% wBSP]PZQ ZYP NLYYZ_ ^[PLV _SP]PZQ ZYP X`^_ MP ^T WPY_x ,NNZ]OTYR _Z _SP 8ÅX£À^£VL^ _SP [Z^^TMTWT_d ZQ ZaP]NZXTYR _ST^ OTWPXXL T^ YZ_ _ZMPQZ`YOTYLYPb`YOP]^_LYOTYRL_ LWWM`_ TY_LVTYR LN_TZY ,_ LYd _TXP _SP wTYaT^TMWPx NLY MP ]PLWTePO L^ LY Z[_TZY LaLTW LMWPTYS`XLYMPTYR^MdS`XLYLN_TaT_dLYOPQQZ]_ [`]`´L[]LdL_YL z QZ] _SP 8ÅX£À^£ _ST^ YL_`]LWWd XPLY^ ^_]TN_ LOSP]PYNP _Z _SP ]`WP^ ZQ _SPAPOTN^LN]TQTNP ?SP8¯X£À^LVL^`^P_SP_P]X ^aL]RL wSPLaPYx_Z]PQP]_Z_SP^LW aL_TZY_SL_bTWWNZXPQZWWZbTYRZYQ]ZX_SPAPOL-`__SPdbP]P]PQP] ]TYR_Z ^ZXP_STYR\`T_POTQQP]PY_Q]ZX_SP]PLW^_L]]d^VTP^ LYO8TWVd BLdL^PYaT^LRPOTY_SPAPOLLYOLW^Z^ZXP_STYR\`T_POTQQP]PY_Q]ZX _SP [L]LOT^P ZQ _SP P[TN^ LYO _SP ;`]£©L^ bSP]P T_ ]LTY^ QWZbP] [P_LW^ LYO_SPNWTXL_PT^LWbLd^LR]PPLMWP% w3PLaPYT^QZ]PcLX[WPQTYP^TWVPY]ZMP^T_T^^LYOLWbZZOT_T^!dPL] ZWO XLTOPY^ 0aP]d UZdM]TYRTYR ^`M^_LYNP T^ NZY_LTYPO TY _SP bZ]O u^aL]RLv uSPLaPYv m -`_ YZb _SP [PZ[WP MPWTPaP _SL_ _SP bZ]O ^aL]RL ]PQP]^ _Z L [L]_TN`WL] [WLNP bSP]P _SP]P T^ YZ SPL_ YZ] NZWO YZ S`YRP] LYO YZ_ST]^_YZ_`]XZTWYZ^LOYP^^LYOYZ_T]POYP^^:YWd_SPZYP^bSZ^PLN _TZY^ L]P MWP^^PO [`©dLV_ RZ _SP]P YZ_ LYdZYP PW^P F?ST^ T^ bSL_ _SPd NWLTXHM`__SP]PT^YZPaTOPYNPQZ]_ST^FQZ]_SP]PPcT^_HYZF^`NSH[ZbP] Q`W ^TOOSL^ F( NZY^`XXL_P XL^_P]^ ZQ DZRLH bSZ NZ`WO ^PP ^`NS _STYR^ LYO _PWW `^ ZQ _SPX ?SP]PQZ]P YZ ^`NS [WLNP PcT^_^ F-`_ YZb _SP bZ]O uSPLaPYv X`^_ SLaP LXPLYTYRHLYO ^TYNP^`NS LFuSPLaPYvHOZP^YZ_ PcT^_ L^ L F[Sd^TNLWH [WLNP TY _SP ]PLWT_d ZQ _SP NZXX`YT_d ZQ ^[PLVP]^ adLaL S£]L FbP L^V Z`]^PWaP^H% bSP]P OZP^ _SP bZ]O NZXP Q]ZX _SL_ YLXP^ ^`NSL_STYRFL^_ST^ ^aL]RL H*,YOQZ]FLWWH_SP^P]PL^ZY^bP^Ld%_SPbZ]O NLYYZ_ MP XPLYTYRWP^^ FQZ] T_ L[[PL]^ TY _SP APOLH LYO bP _SP]PQZ]P NZY NW`OP_SL_ ^aL]RL T^^ZXP_STYR_SL_ZYPNLYZ]^SZ`WO]PLWTeP VL]_LadL_£ !$
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 2ÆNS_P] 3P]XPYP`_TN^ LYO WLYR`LRP TY ;¼]aL 8¯X£À^£ " ?SP OT^_TYN_TZY ZQ _SP O´¶L LYO _SP LO´¶L bT_S ]PQP]PYNP _Z ±£ML]L-S£´dL bL^ QT]^_ PWLMZ]L_PO Md -TL]OPL` ?SËZ]TPOPWLNZYYLT^^LYNP ! !#z$$ !$ ?SP 8¯X£À^£ NZY_TY`LWWd [WLd^ bT_S _SP LXMTR`T_d ZQ _SP QZ]XL_TZY^ bT_S YZXTYLW ^`QQTc _LadLX ?SP bZ]O VL]_LadL_£ SL^ _SP Q`YN_TZY ZQ V`]d£_ w_SL_ ZYP OZ _ST^x ?ST^ QZ]X NLY MP TY_P][]P_PO L L^ LY TX[P]L_TaP wOZ _ST^x M L^ L [Z_PY_TLW wZYP NLYOZ_ST^xZ]NL^LNZYOT_TZYLWwZYPNZ`WOOZ_ST^x
#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
-`_bSL_NSL]LN_P]TeP^S`XLYPQQZ]_ [`]`´L[]LdL_YL T^ _SP^LN]TQTNPLYO ^Z_SP^LN]TQTNPT^_SPTY^_]`XPY_FQZ]T_^]PLWTeL_TZYHx "
,NNZ]OTYR_Z_SP8¯X£À^LVL^LbZ]OX`^_LWbLd^NZ]]P^[ZYO_Z^ZXP _STYR ?SP]P X`^_ MP L ]PQP]PY_ _SL_ T^ ]PLW ,YO _ST^ aTPb ZQ ²LMOL bZ]O LYO L]_SL XPLYTYR T^ \`T_P NZX[L]LMWP _Z XZOP]Y WTYR`T^_TN^ 4YXZOP]YWTYR`T^_TN^]PQP]PYNPLW^ZLWbLd^TX[WTP^PcT^_PYNP% wm u]PQP]PYNPv YPNP^^L]TWd NL]]TP^ bT_S T_ []P^`[[Z^T_TZY^ ZQ uPcT^_PYNPv Z] u]PLWT_dv bSTNS OP]TaP Q]ZX Z`] OT]PN_ Pc[P]TPYNP ZQ ZMUPN_^ TY _SP [Sd^TNLW bZ]WO ?Z ^Ld L [L]_TN`WL] bZ]O Z] Z_SP] T_PX bSTNS SL^ XPLY TYR u]PQP]^ _Z LY ZMUPN_v TX[WTP^ _SL_ T_^ ]PQP]PY_ T^ LY ZMUPN_ bSTNS uPc T^_^v T^ u]PLWv TY _SP ^LXP ^PY^P TY bSTNS bP ^Ld _SL_ [L]_TN`WL] [P]^ZY^ LYTXLW^ LYO _STYR^ uPcT^_v m ?ST^ YZ_TZY ZQ u[Sd^TNLW PcT^_PYNPv XLd MP _LVPYL^Q`YOLXPY_LWQZ]_SPOPQTYT_TZYZQ_SP^PXLY_TN]PWL_TZY^ST[ZQ]PQ P]PYNP ?SP L[[WTNL_TZY ZQ _SP _P]X^ uPcT^_PYNPv LYO u]PQP]PYNPv XLd _SPY MP Pc_PYOPO TY aL]TZ`^ bLd^ 1Z] TY^_LYNP LW_SZ`RS _SP]P L]P YZ ^`NS ZM UPN_^ bP bTWW L^^`XP L^ RZMWTY^ `YTNZ]Y^ Z] NPY_L`]^ bP NLY \`T_P ]PL ^ZYLMWdL^N]TMP_Z_SPXLQTN_TZYLWZ]Xd_STNLWuPcT^_PYNPvTYLNP]_LTYVTYO ZQOT^NZ`]^Pm>TXTWL]WdbPNLYPc_PYO_SPL[[WTNL_TZYZQ_SP_P]X^uPcT^ _PYNPv LYO u]PQP]PYNPv _Z ^`NS _SPZ]P_TNLW NZY^_]`N_^ ZQ ^NTPYNP L^ L_ZX^ RPYP^ P_N& LYO PaPY _Z \`T_P LM^_]LN_ ZMUPN_^ 4_ T^ TX[Z]_LY_ _Z YZ_TNP SZbPaP]_SL_ _SP ^Z`]NPZQ_SP^PuLYLWZRTNLWvPc_PY^TZY^ZQ_SPYZ_TZY^ZQ uPcT^_PYNPv`YOu]PQP]PYNPvT^_ZMPQZ`YOTY_SPT]Q`YOLXPY_LWZ][]TXL]d L[[WTNL_TZY_Z[Sd^TNLWZMUPN_^TY_SPuPaP]dOLdv`^PZQWLYR`LRPx "
?SP8¯X£À^LVL^_LVPPcLN_Wd_SP ^LXPaTPb%PaP]dbZ]OLWbLd^SL^L ]PQP]PYNP PaPY TQ _ST^ T^ YZ_ YPNP^^L]TWd L ]PQP]PYNP _Z L [Sd^TNLW Z] XPY_LWZMUPN_PYNZ`Y_P]POTY_ST^bZ]WO,YO^TYNP_SPbZ]Ow^aL]RLxT^ L APOTN bZ]O [P] ^P T_ LW]PLOd SL^ wXPLYTYRx ZYP ]PWL_TYR _Z _SP P^ ^PYNP ZQ Z`] WTaP^ PaPY TQ T_ OZP^ YZ_ [Z^^P^^ LYd YZYWTYR`T^_TN w]PQ P]PYNPx TY L [Sd^TNLW Z] XPY_LW ^PY^P >ZXP ]P^`W_ X`^_ MP L^^`XPO LNNZ]OTYR_Z ±LML]L^aLXTY^TYNPZ_SP]bT^P _SP]P bZ`WOMPYZ^PY^PTY TYU`YN_TZY^WTVPw/P^T]Z`^ZQSPLaPYZYP^SZ`WO^LN]TQTNPx " >Z XZ]P _SLY LYd_STYR PW^P _SP VPd T^ _LVTYR LN_TZY -`_ LYd _d[P ZQ LN_TZY []P^`[[Z^P^ L VYZbWPORP ZQ _SP [`][Z^P LYO wQ]`T_x [SLWL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " VL`²Pd£YT^¼V´X£©Ta£^£À^T^aL]RLàNLYOLY£YT^aL]RLàOadL´¶LaL]´£^_]TdLà^aL]RL T_Tg dLO dL_ []¯_TXLOO]LadLÀ _L_ _L_ ^aL]RL²LMOPYZNdL_P g YLY` ^aL]RL²LMOZ WZVP []L^TOOSZ aT²T´¶P OP²P g dL^XTY YZ´©LÀ YL ²Å_LÀ YL V´`O YL _´©£ Y£]L_Tà YL RW£YTà [`©dLV_L PaL []P_dL _L_]L RLNNSLY_T Y£YdP g YL _L_]L []LX£©LX L^_T ^TO OS£PaLÀU£_¯dLV£à^LY_T_PNLO´¶a£NLV´¯]LYYT_Tg_L^X£OPaLÀU£_¯dLVZOP²ZY£^_Tm _PYL OP²PYL adLaLS£]£MS£a£_ V`_L^ _L^d£MSTOS£dLVLà ^aL]RL²LMOZ MSLaT´dL_T g _L^X£O LYL]_SLVZ X£ MS¼O T_T ^aL]RL^dL VL]_LadL_£ RLXdL_P g [`]`´L[]LdL_YL² NL d£RLaT²T´¶LT_Td£RL^_L^dLVL]L©LÀ ^d£_ g ±£ML]L-S£´dL !TY 8¯X£À^£OL]²LYL aZW A ¢YLYO£²]LXL >LY^V]T_ >P]TP^ $" $" "!z & ""$z& ""z!& ""z"#&#z " 7dZY^ 4Y_]ZO`N_TZY_Z?SPZ]P_TNLW7TYR`T^_TN^ " ±£ML]L-S£´dL LO>¼_]L
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
$
4Y bZ]WOWd XL__P]^ _ST^ T^ YZ_ L []ZMWPX ^TYNP bP VYZb _SP [`][Z^P^ LYONLY_P^_bSP_SP]_SPdL]PLNSTPaPOZ]YZ_-`_SPLaPYT^LYwTYaT^T MWPx PQQPN_ LO´¶L[SLWL ZQ Z`] PQQZ]_^ LYO bP OZ YZ_ VYZb bSP_SP] bPbTWWTYQLN_RP__SP]PMdXPLY^ZQZ`]LN_TZY^Z]YZ_BPNLYYZ__P^_ _SP ^aL]RL _ZbSTNSbPYPaP]Z^_PY^TMWd]PQP]QZ]T_^^`NNP^^Z]QLTW`]P /`_d T^ YZ_ [P]NP[_TMWP []TZ] _Z T_^ [P]QZ]XLYNP LYO PaPY bSPY T_ SL^ MPPY [P]QZ]XPO T_^ PQQPN_^ ]PXLTY TX[P]NP[_TMWP " ?Z L^^`XP ^ZXP ]P^`W_^ T^ L OTN_L_P ZQ TYQP]PYNP M`_ _SP ]P^`W_^ NLY YPaP] MP [P]NPTaPO OT]PN_Wd ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ _SP TYaT^TMWP NL`^LW QZ]NP ZQ ]T_P^ []ZO`NP^ ^ZXP_STYR PY_T]PWd YPb _SL_ bL^ YPT_SP] VYZbY YZ] Pc _LY_MPQZ]P L[¼]aL "?SPd]PRL]O_SPAPOLLWZYPLYOYZ_STYRPW^PL^ NZX[P_PY_ _Z []ZO`NP ]PWTLMWP OL_L ]PRL]OTYR _ST^ XL__P] ?SP ±]`_T OT ]PN_WdOPWTaP]^YPb_STYR^ _ZZ`]NZRYT_TZY_SL_bZ`WOZ_SP]bT^PYZ_MP VYZbY L_ LWW 4_ T^ _SP ZYWd ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ _SL_ bSTNS T^ TYaT^TMWP LYO QZ] S`XLY MPTYR^ T_ SL^ LM^ZW`_P L`_SZ]T_d TY ]T_`LW LYO ^Z_P]TZWZRTNLW XL__P]^ -PSTYO _ST^ aTPb _SP]P T^ _SP ZM^P]aL_TZY _SL_ bT_STY WLYR`LRP _SP]P NLY MP ]PQP]PYNP^ _Z _STYR^ _SL_ OZ YZ_ PcT^_ Z`_ ^TOP Z] L[L]_ Q]ZX _SPT] WTYR`T^_TN L^^P]_TZY z _SL_ L]P YZ_ waT^TMWPx bT_SZ`_ WLYR`LRP z ^`NS L^ _SP _P]X ^aL]RL wSPLaPYx >Z TY WLYR`LRP LYO TY _SP aTPb ZQ _SP 8¯X£À^LVL^ ZYWd _SP]P bP SLaP WTYV^ _Z _SP ]PLWXZQ_SPTYaT^TMWPLYObP^SZ`WOXLVP`^PZQ_SP^PWTYV^L^±LML ]L^a£XTYQZ]NPQ`WWd^_L_P^% w4Y_SP[]ZQLYP^[SP]P WZVL LN_TZYT^OP_P]XTYPOMd_SP[]LN_TNLWMPYPQT_ YZ_Md ²LMOL _SPbZ]O:YP_LVP^LN_TZYLNNZ]OTYR_Z_SP[]LN_TNLWMPYPQT_ YZ_ ZY _SP ML^T^ ZQ _SP bZ]O 4Y _SP APOL Md NZY_]L^_ ZYP WPL]Y^ ZQ _SP []LN_TNLW MPYPQT_ ZYWd _S]Z`RS _SP bZ]O LYO FZYWd _S]Z`RS _SP bZ]OH NLY ZYP[`]^`PT_x "
?SP8¯X£À^LVL^^PP_SPAPOLL^SLaTYRLM^ZW`_PL`_SZ]T_dZbTYR_ZT_^ P_P]YLW PcT^_PYNP ?SPT] PQQZ]_^ _SP]PQZ]P NZYNPY_]L_P ZY []ZaTYR _SP P_P]YLW YL_`]P ZQ _SP APOL ?SP XP]P PcT^_PYNP ZQ _SP wXZOP]Yx L_ZX T^_TNLYOXZXPY_L]T^_TN_PLNSTYR^bL^LOT]PN_L__LNVZY_SPAPOTNaTPb ZQ _SP bZ]WO LYO OPXLYOPO L APOTN L[ZWZRd ?SP _SP^T^ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL ^SZ`WO MP NZY^TOP]PO YZ_ WPL^_ LRLTY^_ _ST^ MLNV R]Z`YO "!?SP-]LSXLYTNYZ_TZYZQ OSL]XL PYUZdTYRbTOP[Z[`WL]T_dTY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`X£]TWL >WZVLaL]_TVL PO.SZbVSLXML>PPLW^Z ±£ML]L-S£´dL " ±£ML]L-S£´dL zLO>¼_]L^z _]LY^LYOYZ_P^Md5SLaZW!"z# " WZVP VL]X£]_SLWLV´L©LÀ MSLaL_T YL ²LMOLWLV´L©LX g dL_S£]_SL^ _L_S£ V]TdL_P YL dL_S£ ²LMOLà g aPOP _` ²LMOPYLTa£]_SZ uaLRLXdL_P _L_SLTa£Y`´¶SPdLX T_T g ±£ML]L -S£´dL !#"TY 8¯X£À^£OL]²LYL aZWA!!z "! ?ST^T^[L]_TN`WL]Wd_]`PZQ6`X£]TWLbSZ^P ±WZVLa£]__TVL TYNW`OP^Pc_PY^TaPOT^N`^ ^TZY^ZQ-`OOST^_LYOZ_SP]]L_TZYLWOZN_]TYP^4_bL^ZYWd6`X£]TWLOPQTYT_PWd[Z^_ 9LR£]U`YL QZ] bSZX _SP P_P]YT_d YT_dL_aL ZQ _SP APOL MPNLXP _SP []TXP T^^`P TY _P]X^ZQ ZY_ZWZRd ^`[[Z^POWdMPNL`^P ZQ _SP[STWZ^Z[STNLW^_]PYR_S ZQ_SP-`OOST^_
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_SP P[TN^ LYO ;`]£©L^ L^ _SP [P][P_`L_TZY ZQ LY PaP]WL^_TYR NZ^XTN Z] OP] LYO _SP -`OOST^_ aTPb ZQ L bZ]WO TY NZY_TY`LW QW`c bP]P ^TX[Wd T]]PNZYNTWLMWP ?SP -`OOST^_ _SZ`RS_^ bP]P L__]LN_TaP LYO [Z[`WL] LYO _SP8¯X£À^LVL^SLOYZOP^T]P_ZNWZ^P_SPX^PWaP^_Z_SPYPb_SP^P^4Y Z]OP] _Z ^LaP bSL_ NZ`WO MP ^LaPO _SPd NZYNPY_]L_PO ZY _SP XZ^_ NPY _]LWPWPXPY_ZQ_SPT]]PWTRTZY_SL_NZ`WOMPN]d^_LWWTePOZ`_Md]PO`N_TZY% _SPAPOLL^_Pc_ TPL^LY L`_SZ]T_L_TaP`__P]LYNPZQ`YNSLYRTYRaLWTO T_d 6`X£]TWLv^ QTYLW bZ]O^ TY _SP ±WZVLa£]__TVL aPOLYT_d£OSTVL]L©LX XLVPT_\`T_PNWPL]_SL_P_P]YT_d YT_dL_aL X`^_PcT^_QZ]_SPAPOL:YWd TQ T_ T^ L`_SZ]WP^^ LYO P_P]YLW T^ T_ aLWTO ZQ T_^PWQ XLVTYR VYZbY _STYR^ _SL_ bZ`WO Z_SP]bT^P YPaP] MP VYZbY 4Q ZY _SP Z_SP] SLYO _SP APOL bP]PYZ_P_P]YLW T_ bZ`WO WZZ^P T_^aLWTOT_d LYObPbZ`WOMP WPQ_bT_S Z`_ VYZbWPORP LMZ`_ OSL]XL LYO T_^ TYaT^TMWP ]P^`W_^ ?ST^ XPLY^ z aP]d MW`Y_Wd z _SL_ _SP]P bZ`WO MP WT__WP NSLYNP ZQ L SL[[d WTQP TY _ST^ WTQPLYO_SPSP]PLQ_P] ?SP8¯X£À^LVL^[]ZaTOP_SPT][]ZZQZQ_SPP_P]YLWPcT^_PYNPZQ_SP APOL TY _bZ ^_LRP^% []ZaTYR _SP P_P]YLW PcT^_PYNP ZQ WLYR`LRP TY RPY P]LWLYO[]ZaTYR_SPP_P]YLWPcT^_PYNPZQ_SPAPOTN _Pc_ ?SPWL__P][L]_ T^YZ_YPNP^^L]TWdL[STWZ^Z[STNLWXL^_P][TPNP?SP8¯X£À^LVL^Pc[WZT_ _SPQLN__SL__SP]PL]PYZST^_Z]TNLWOZN`XPY_^XPY_TZYTYR_SPL`_SZ]^ZQ _SP APOL bT_S _SP PcNP[_TZY ZQ _SP ;`]£©TN Xd_SZWZRTP^ bSTNS ZQ NZ`]^P_SPd]PUPN_zL^]L_TZYLWT^_^LYO^VP[_TN^1Z]_SPXPaPY_SPQLN_ _SL_ _SP]P L]P YZ OZN`XPY_PO APOTN L`_SZ]^ T^ ^`QQTNTPY_ R]Z`YO^ QZ] ]PRL]OTYR _SP APOL L^ P_P]YLW LYO bT_SZ`_ LY L`_SZ] "" ?SP 8ÅX£À^£ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OZN_]TYP ZQ PX[_TYP^^ bSTNS ±£ML]L SLO YZ_ dP_ MPPY NZYNP]YPO bT_S -`_ ±£ML]Lv^ -S£´dLNZX[Z^POTYL^NSZWL]WdNZXXPY_L]d^_dWPzTY_]ZO`NTYRL]R`XPY_^ZQZ_SP] ^NSZZW^ LYO ]PQ`_TYR _SPX z LW]PLOd NZY_LTY^ [L^^LRP^ N]T_TNTeTYR _SP -`OOST^_^ 4_ NZYNPY_]L_P^[]TXL]TWdZY_SPNZRYT_TZY_SPZ]dZQ_SP wXLS£d£YTVLà[LV´Lx LYO_SPY LW^Z ]PQ`_P^ _SP NZYNP[_ ZQ wXZXPY_L]TYP^^x V´LYTVL_aL ^PP QZ] TY^_LYNP ±£ML]L -S£´dL 4 PO1]L`bLWWYP] LYO!!z"?SP]PSLOLW]PLOdMPPY]TaLW X`_`LW TY_P]LN_TZY^ []TZ] _Z ±LML]L bSTNS YZb LNNPWP]L_PO L^ 1]L`bLWWYP] 8L_P]T LWTPY #z [ZTY_^ Z`_ NZYNP]YTYR /TRY£RLv^ NZRYT_TZY _SPZ]d 8LYRLWL = .STY NSZ]P ,YTNNL_£,YT_dL_£% ,Y ,YLWd^T^ ZQ -`OOST^_ :[[Z^T_TZY _Z ;P]XL YPYNP>_LMTWT_d LYO ,W_P]YL_TaP 1Z`YOL_TZY ZQ :Y_ZWZRd LYOZ] ,Y_S]Z[ZWRd /PWST% >L_R`]`$$ z ^`[[Z^P^_SPMPWTPQTY_SP[P]XLYPYNPZQ _SP APOL_ZMPZYP ]PL^ZY_ZQZ^_P]_SP-`OOST^_OZN_]TYPZQXZXPY_L]TYP^^bSTWPZ_SP]L`_SZ]^PX[SL ^TeP TY_P]YLW PcTRPYNTP^ >PP ,WPcLYOP] aZY =Z^[L__ ?SP -`OOST^_ /ZN_]TYP ZQ 8Z
XPY_L]TYP^^% , >`]aPd ZQ _SP :]TRTY^ LYO 0L]Wd ;SL^P^ ZQ _ST^ /ZN_]TYP `[ _Z AL^`MLYOS` >_`__RL]_ $$ !& _SP L]_TNWP^ Md aZY =Z^[L__ w4X[P]XLYPYNP LYO ?TXP ?SP .ZY_PX[WL_TZY ZQ 4X[P]XLYPYNP LYT_dL_£ TY _SP DZRLN£]L ?]LOT_TZY ZQ 8LT_]PdLLYO ,^L«RLxLYO 5PY^ >NSWTP_P] w/L^ u0Y_^_PSPYTY ,MSÆYRTRVPT_v []L_¯ _dL^LÀ`_[£OL `YOOTP,YQÆYRPOP]M`OOST^_T^NSPY?SPZ]TPOP]EPT_LW^,`RPYMWTNV^ [SL^PYx TY ?TXP% -PRTYYTYR LYO 0YO PO BLW_P] >NSbPTOWP] >_ ,`R`^_TY% ,NLOP XTL!$z# &#$z "" ±£ML]L-S£´dL "!_]LY^5SLaZW!
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
!
SL^LWZRTNLWLcTZX_SL_LWWZb^OPO`N_TZY^_ZMP]PaP]^PO1Z]PcLX[WP YZ_ ZYWd T^ _SP QZWWZbTYR WZRTNLW NZYNW`^TZY aLWTO% w4Y _ST^ SZ`^P _SP]P L]PXTNP_SP]PQZ]P_SP]PL]PYZNL_^WTaTYRSP]PxM`_LW^Z_ST^%w4Y_ST^ SZ`^P _SP]P L]P YZ XTNP _SP]PQZ]P ^ZXP NL_^ X`^_ WTaP SP]Px ?ST^ ]L_SP] OZ`M_Q`W NZYNW`^TZY z VYZbY L^ L]R`XPY_`X Pc ^TWPY_TZ TY _SP BP^_zbL^L[[L]PY_WdZYWdTY_]ZO`NPOQZ]_SPMPYPQT_ZQ_SPAPOL ?SP 8¯X£À^LVL^ ZQ _SP .ZXXZY 0]L SLO _Z XPP_ _bZ NSLWWPYRP^ :Y_SPZYPSLYO_SP]PbL^ LNZY^_LY_WdR]ZbTYRLYO TYN]PL^TYRWdNZX [WPc X`W_T]PWTRTZ`^ ^T_`L_TZY -`OOST^_^ 5LTYL^ >X£]_L^ ±LTaL^ ALT´©LaL^ LYO QZWV ]PWTRTZY^ _SP ]T^P ZQ R]PL_ 7Z]O 2ZO^ LYO LW_P]YL _TaP ]PaPWL_TZY^ ZaP] bSTNS _SPd SLO WT__WP NZY_]ZW :Y _SP Z_SP] SLYO _SPd bP]P _S]PL_PYPO Md XLYd ZQ _SP ]L_TZYLWT^_TN WTYR`T^_TN [STWZ^Z [STP^ N`]]PY_ L_ _SP _TXP BSL_ WTYV^ _SP 8¯X£À^LVL^ z Q]ZX _SPT] P\`LWWd ]L_TZYLWT^_TN ^_LYO[ZTY_ z bT_S _SP WL__P] T^ _SP NZYaTN_TZY _SL_ WLYR`LRP OZP^ YZ_ PcT^_ bT_SZ`_ T_^ ^[PLVP]^ ?SPd ]PRL]O Xd_SZWZRTP^ L^ `YLNNP[_LMWP ^`NS L^ _SP TOPL _SL_ L RZO ]PaPLWPO _SP APOL "# LYO _SPd bZ`WO YZ_ LR]PP _SL_ ^ZXP ´T^ w^Lbx _SP APOL TY_`T_TaPWd L_ L RTaPY _TXP 1Z] _ST^ ]PL^ZY _SPd _]d _Z []ZaP _SL_ _SP APOL SL^ MPPY [L^^PO OZbY Md LY `YM]ZVPY NSLTY ZQ ^[PLVP]^ TP Q]ZX _PLNSP] _Z [`[TW QZ] PaP] "$ 9Zb XZ^_ Z_SP] 4YOTLY [STWZ^Z[STP^ LW^Z L^^`XP _SL_ _SP bZ]WO T^ P_P]YLW 3ZbPaP] TY _SP NL^P ZQ WLYR`LRP _SP]P L]P _bZ [Z^T_TZY^ ?SP WZRTNTLY^ 9LTd£dTVL LYO _SP -`OOST^_^ NWLTX _SL_ WLY R`LRP T^L[]ZO`N_ZQS`XLYMPTYR^>Z`W_TXL_PWdLYdQZ]XZQS`XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 6`X£]TWLv^ WPYR_Sd OT^N`^^TZY ZQ ;]LU£[L_T TY _SP ±WZVLa£]__TVL^PN_TZY ^LXMLYO S£V´P[L[L]TS£]Là z" T^ OPaZ_PO _Z _SP WZRTNLW []ZMWPX^ ZQ L MPWTPQ TY L N]PL_Z] RZOLYOST^OT^NZ`]^PT^ LW]PLOd^_]ZYRWd^SL[POMd ]PWTRTZ`^MPWTPQ^ZQ _SP 8LS£M S£]L_L LYO;`]£©L^?SPRT^_ZQST^NZ`Y_P]L]R`XPY_T^_SL_PaPYTQ_SP]PbP]PLN]PL _Z]RZO_SPAPOLX`^_SLaPPcT^_PO[]TZ]_ZSTXLYOYZ__SPZ_SP]bLd ]Z`YO >`NS NSLWWPYRP^ ^_L]_PO _Z TY_PY^TQd L]Z`YO LYO LQ_P] 6`X£]TWLv^ _TXP bT_S _SP PXP]RPYNP LYOR]ZbTYRTYQW`PYNPZQ^_]ZYR_SPT^_TNN]PPO^TP_SPR]ZbTYR[Z[`WL]T_dZQ?LY_]TN LYO -S£V_L _]LOT_TZY^ ?SP ALT´©LaL ;£ÓNL]£_]TY^ QZ] TY^_LYNP OPNWL]PO _SPT] ZbY _SPT^_TN]PaPWL_TZYL^_SP]PLW[]TXZ]OTLWAPOLLYO_SPQZ`]APOTN >LÀST_£^ L^LWL_P] MZbOWP]TePO aP]^TZY% ^PP 5Ld£VSdL >LÀST_£ N "_S NPY_ ,/ ;L]LXP²aL]L >LÀST_£ N_SNPY_*LYO8L]TZY=L^_PWWTv^^_`OTP^?SP?LXTW±LTaL-S£V_L^NZYNPTaPOZQ _SPT]WZ]ORZO±TaL L^_SP`W_TXL_P ^Z`]NPLYOP^^PYNPZQ_SPAPOLLYO_SP>Z`_SP]Y ±LTaL>TOOS£Y_TY^^PPMZ_S¢RLXL^LYOAPOLL^±TaLv^]PaPWL_TZYPR?T]`X¼W£] ?T ]`XLY_T]L N"_SNPY_\`Z_POMd3B>NSZXP]`^ ±LTaL>TOOS£Y_L _]LY^87Lb /PWST 8Z_TWLW -LYL]^TOL^^ $"$ #& 8PdVL©PaL ±TaLMZOSLUÓ£YL _S NPY_ LYO T_^ NZXXPY_L]d ±TaLUÓ£YL >TOOST£] _S NPY_* \`Z_ TMTO # !& 8£©TV VLa£NLVL] ?T]`a£NLVLX N$_SNPY_\`Z_Md9Z]XLY.`_WP]w?LXTW 2LXP>ZYR^ _Z ±TaLx TY =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP PO / 7Z[Pe 9Pb /PWST% 8`Y^ST]LX 8LYZSL]WLW $$ ! ?SP ±£V_L ±]¯aTOd£ _]LOT_TZY PR _SP ;L]L²`]£XL 6LW [L^¼_]L NSL[ N !_SNPY_LW^Z LOZ[_PO_SPNWLTX_SL_ ±TaL bL^ _SP ]PaPLWP]ZQ _SPAPOL "$ ±£ML]L-S£´dL LYO#$_]LY^5SLaZW LYO$&6`X£]TWL ±WZVLa£]_ _TVL
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
!
WLYR`LRPNLXPTY_ZMPTYRL_^ZXP_TXPLYObTWWLW^ZOT^L[[PL]LRLTYL_ ^ZXP _TXP ?SP Z_SP] ^TOP z []TYNT[LWWd LOaZNL_PO Md _SP ;¼]aL 8¯X£À^LVL^ z SZWO^ _SP aTPb _SL_ WLYR`LRP TY T_^ []P^PY_ QZ]X X`^_ LWbLd^SLaPPcT^_PO^TYNPWLYR`LRPNLYYZ_MPN]PL_POPT_SP]TY[L]_Z] L^ L bSZWP ?SPd SLaP _Z SZWO _ST^ [Z^T_TZY LMZaP LWW MPNL`^P _SPd MP WTPaP TY _SP P_P]YLW PcT^_PYNP ZQ _SP APOL 4Q WLYR`LRP bP]P YZ_ P_P]YLW MdT_^aP]dYL_`]PM`_SLOMPPYN]PL_POL_^ZXP_TXPZ]Z_SP]MdS`XLY MPTYR^_SPY_SP]PbZ`WOSLaPMPPYL_TXPbSPY_SPAPOLOTOYZ_PcT^_ ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ _SP QLN_ _SL_ _SP]P T^ YZb L WLYR`LRP []ZaP^ _SL_ WLYR`LRP X`^_ LWbLd^ SLaP MPPY []P^PY_ >Z _SPT] LN_`LW _L^VT^_ZNZY_]LOTN__SPaTPb_SL_ZYPNLYN]PL_PWLYR`LRP
:Y_SP?SPZ]dZQ_SP0_P]YT_dZQ7TYR`T^_TN>_L_PXPY_^
?SP RPYP]LW 8ÅX£À^£ _SPZ]d NZYNP]YTYR _SP P_P]YLW PcT^_PYNP ZQ WTY R`T^_TN^_L_PXPY_^LYO_SPP_P]YLW]PWL_TZY^ST[MP_bPPYbZ]OLYOXPLY TYRzbSTNST^L__SPSPL]_ZQ_SP8ÅX£À^£[STWZ^Z[SdzT^OTaTOPOTY_Z _S]PP^_P[^%[]ZZQZQ_SPPcT^_PYNPZQP_P]YLW[SZYPXP^ aL]©L []ZZQZQ _SP PcT^_PYNP ZQ P_P]YLW bZ]O^ ²LMOL LYO []ZZQ ZQ _SP P_P]YLW PcT^ _PYNP ZQ _SP APOTN ^_L_PXPY_^ ?SP WL__P] []P^`[[Z^P^ _SP LWMPT_ YZ_ aP]d NZYaTYNTYR w[]ZZQx ZQ _SP APOTN _Pc_ RTaPY LMZaP% w>TYNP YZ L` _SZ]^ L]P OZN`XPY_PO _SP APOL T^ L`_SZ]WP^^ >TYNP _SP]P T^ YZ L`_SZ] _SP APOL bZ]O T^ NLYYZ_ MP OZ`M_PO LYO P_P]YLWx Z] TY ^SZ]_ w-PNL`^P _SP]P T^ YZ TYT_TL_Z] _SP APOL SL^ YZ MPRTYYTYRx 4Y NZY_]L^_ _Z _ST^ SZbPaP] _SP Z_SP] []ZZQ^ L]P XZ]P _SLY XP]P ^Z[ST^X^ LYO L]P _Z MP _LVPY ^P]TZ`^Wd?PWWTYRWd _SPdL]PX`NSXZ]PPWLMZ]L_PLYO LY_TNT[L_P [ZTY_^ZQaTPb_SL_L]P^_TWWOT^N`^^POTYWTYR`T^_TN[STWZ^Z[Sd_ZOLd
0_P]YLW0cT^_PYNPZQ;SZYPXP^ ?SP QT]^_ []ZZQ TP _SP []ZZQ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP [SZYPXP^ ZQ _SP LW[SLMP_ T^ `^PO _Z NZ`Y_P] _SP _SPZ]TP^ ZQ ^Z`YO PWLMZ]L_PO Md _SP9LTd£dTVL^LYOALT²P´TVL^bSZNWLTX_SPQZWWZbTYR% >Z`YO ²LMOL T^ L []ZO`N_ >Z`YO T^ YZ_ P_P]YLW M`_ T^ _]LY^T_Z]d -`_ ^TYNP T_ SL^ NZXP TY_Z MPTYR T_ NZ`WO YZ_ MP WTYVPO _Z XPLYTYR TQ YZMZOd XLOP^`NSLWTYV #
?SP 8¯X£À^LVL^ OPYd _SL_ ²LMOL^ L]P []ZO`NPO Md XLVTYR LY TX[Z] _LY_ OT^_TYN_TZY ±LM-S£ !# ?SPd OTQQP]PY_TL_P MP_bPPY ^Z`YO MPL]TYR L XP^^LRP ²LMOL LYO LNZ`^_TN ^Z`YOaTM]L_TZY Y£OL ;Sd^T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >`XXL]dZQ ±LML]L-S£´dL !PO=LXWLW6L[`]!!
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
!
NLW^Z`YO Y£OL T^L[`]PWd[Sd^TNLW[SPYZXPYZYTPL[SPYZXPYZYZQ _SP YL_`]LW bZ]WO ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ T_ LN_`LWWd Z]TRTYL_P^ L^ _SP ALT²P´TVL^ TXLRTYP z _S]Z`RS NT]N`WL] XZaPXPY_^ ZQ XZWPN`WP^ ZQ LT] a£dLaL^LÀdZRLaTMS£RL _SL_ ^[]PLO Z`_ WTVP ]T[[WP^ XPP_TYR ZM^_LNWP^ ^_TXT_L TY _SPT] bLd bSPY Z_SP] XZaPXPY_^ ZQ LT] Z[[Z^P _SPX,YO _ST^T^ bSd ^Z`YOL[[PL]^_ZMP WTXT_PO_ZL[L]_TN`WL] WZNL _TZY 3ZbPaP] _ST^ [Sd^TNLW [SPYZXPYZY ZYWd L[[WTP^ _Z _SP LNZ`^_TN L^[PN_ ZQ ^Z`YO Y£OL ?SP XP^^LRPMPL]TYR ^Z`YO ²LMOL ZY _SP Z_SP]SLYOT^YZ_TOPY_TNLW_ZLNZ`^_TN^Z`YOM`_LWbLd^ZNN`]^TYaT] _`LWQZ]XL^[`]PTYQZ]XL_TZY ²LV_T % , XPNSLYTNLW TX[`W^P []LdL_YL ^_]TVP^ LMSTSLY _SP bTYO TY _SP XZ`_S ?ST^ ^[LNP _LVP^ `[ _SP QZ]X LY`]`OS NZ]]P^[ZYOTYR _Z _SP XPNSLYTNLW XZaPXPY_ ZQ _SP L]_TN`WL_TZY ^LÀdZRLaTMS£RL ZQ _SP Z]RLY^ ZQ L]_TN`WL _TZY ?SP bTYO NZY_TY`P^ []L_T´¶S£ QZ] L^ WZYR L^ T_ [Z^^P^^P^ ^[PPO aPRL # /`]TYR _SP XZaPXPY_ ZQ _SP bTYO L NZYU`YN_TZY LYO OT^U`YN_TZY X`^_ ZNN`] ZQ T_^ ZbY L_ZX^ LYO _SP FL_ZX^ ZQ _SPH ^_L_TZYL]d ^_TXT_L bTYOFZ`_^TOP_SPXZ`_SH?ST^bTYO_]LY^QP]^T_^TYQZ]XL_TZY ²LV_T _Z_SP FSZWWZbH^[LNP adZXLY ZQ_SPPL] # ;Sd^TNLW ^Z`YO Z] ^Z`YO bLaP^ _]LY^[Z]_^ _SP NSL]LN_P]T^_TN ^Z`YO ZQ [SZYPXP^bSTNST^bSdLNP]_LTY^Z`YOPR_SPXZ][SPXPwLxNLYMP SPL]OL_XLYd[WLNP^ L_ _SP^LXP_TXPZ] NLY ^PPXPT_SP]WZ`OZ]^ZQ_ bT_SZ`_ _SP ^Z`YO TYQZ]XL_TZY LN_`LWWd NSLYRTYR 4_ T^ ZYWd _SP LT] XZWPN`WP^ _SL_ ^STQ_ LYO NSLYRP z LYO _SPd L]P YZ_ WTYR`T^_TNLWWd ]PWP aLY_ >Z_SP8¯X£À^LVL^]P[]P^PY_L^_]`N_`]LWT^_[SZYP_TN^%_SPd]PRL]O [SZYP_TN ^Z`YO YZ_ L^ [Sd^TNLW `YT_d M`_ L^ L QZ]X _SL_ T^ NWPL]Wd OP QTYPO [SPYZXPYZWZRTNLWWd >Z`YO TYQZ]XL_TZY XLYTQP^_^ T_^PWQ TY _SP [Sd^TNLW ]PLWT_d M`_ T_ OZP^ YZ_ L]T^P _SP]P ;SZYPXP^ ^`NS L^ wLx Z] ^Z`YO [L__P]Y^ ^`NS L^ wLRYTx wQT]Px LW^Z ]PXLTY XZ][SZWZRTNLWWd NZY^_LY_ bSPY _SPd L]P `Y^LTO ?SPd L]P YZ_ NZY_TY`LWWd MPTYR QZ]XPO LYPbL^L9LTd£dTVLbZ`WONWLTX?SP^Z`YO[L__P]YwLRYTx]PXLTY^ _SP ^LXP TYOTaTO`LW NSLTY ZQ ^Z`YO^ TY LWW NZYNPTaLMWP ^[PLVTYR ^T_`L _TZY^YZXL__P]SZbXLYdwNZ[TP^xZQT_L]PN]PL_PO ?ST^ ^`M_WP OTQQP]PY_TL_TZY ]PaPLW^ LY LW_P]YL_TaP _Z _SP wNZOP ^bT_NSTYRx Z`_WTYPO TY Z`] TY_]ZO`N_TZY NSL[ LW_SZ`RS T_^ Q`YN_TZYT^]L_SP]^TXTWL]?SPT]]L_TZYLWbSTNSTY_ST^NL^PT^_SPMPWTPQ TY _SP P_P]YLW PcT^_PYNP ZQ _SP APOL T^ YZ_ [WLNPO LWZYR^TOP bSL_ T^ ]L_TZYLW NZX[WPXPY_TYR T_ M`_ TY^_PLO T^ RTaPY L ]L_TZYLW [LNVLRTYR :Y _SP ZYP SLYO bP QTYO LY Pc_]PXPWd ]PO`N_TZYT^_ XZOPW ML^PO ZY Q`YOLXPY_LW ^NTPY_TQTN L_ZXT^_TN []TYNT[WP^ LYO ZY _SP Z_SP] _ST^ ML^T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SPPWPXPY_ZQbTYOT^OP_P]XTYPOMd^[PPOTYL^TXTWL]bLd_Z_SPPWPXPY_ZQPL]_S MPTYROP_P]XTYPOMd^ZWTOT_dP_N # .Q ±£ML]L-S£´dL "PO=LXWLW6L[`]!"
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
T^ `^PO LWW _SP XZ]P _Z PX[SL^TeP _SP ^LN]PO ^Z`YO^ LYO ^dWWLMWP^ L^ TYaTZWLMWP bSZWP^ YT]LaLdLaL ;]PNT^PWd _SP ^LXP []ZNPO`]P bTWW NZY _TY`PTY_SPQZWWZbTYRNZYNW`^TZY^
0_P]YLW0cT^_PYNPZQBZ]O^ ±LML]L^a£XTYv^ []ZZQ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP ^Z`YO_STYR ]PWL _TZY^ST[ QZ]X`WL_P^ _SP NZ`Y_P]L]R`XPY_ _Z _SP ZMUPN_TZY bSTNS ]`Y^ WTVP _ST^% w3Zb NLY T_ MP _SL_ ^Z`YO TYQZ]XL_TZY T^ WTYVPO _Z ZMUPN_^ bT_SZ`_LYdMZOdPaP]SLaTYRN]PL_PO _ST^WTYV*x?SP NZX[WP_PNZ`Y_P] []ZZQ]PLO^L^QZWWZb^% wBSPY _SP bZ]O uNZbv T^ ^[ZVPY T_ ^TRYTQTP^ LWW NZb^ L_ ZYNP ?SP]PQZ]P _SPbZ]OYLXP^_SPFWTYR`T^_TNLYOXPY_LWH RP^_LW_ £V_T ,YO_SPNZYYPN _TZYMP_bPPY_SP RP^_LW_ FNZRYT_TZYHLYO_SP[SZYPXP ²LMOL T^YZ_^ZXP _STYR_SL_NLYMPN]PL_POF:_SP]bT^PH_SP]PbZ`WOSLaP_ZMPLN]PL_Z]FZQ _ST^ NZYYPN_TZYH bSZ NZ`WO WTYV F_SP ^Z`YOH bT_S L RP^_LW_ _Z bSTNS SP NZ`WOLW]PLOd]PQP]3ZbPaP]_SPTYOTaTO`LW [T©L uNZbvZNN`]^TYLYTY QTYT_PY`XMP]ZQ[Z^^TMWPQZ]X^3ZbbZ`WOZYP^PWPN__SP[L]_TN`WL]QZ]X _SL_ T^ XPLY_ Md XPLY^ ZQ _SP bZ]O uNZbv bT_SZ`_ SLaTYR LYd bZ]O QZ] _SL_* -`_YZb^TYNP_SPbZ]OuNZbv RL`à FT^H[P]XLYPY_Wd YT_dL FLWWZ NL_PO _Z _ST^ RP^_LW_H ZYP SL^ ZQ_PY FL^ L NSTWOH SPL]O T_ MPTYR ^[ZVPY FbSTWP L NZb bL^ []P^PY_H m 9Zb FL^ LY LO`W_H ZYP bTWW MP LMWP _Z _P^_ LYaLdLadL_T]PVL LWW Z_SP] TYOTaTO`LW NZb^ RZadLV_T LRLTY^_ _SP N]T_P ]TZY uOZP^ T_ SLaP _SP QZ]X ZQ L NZb*v ,YO QZ] _ST^ ]PL^ZY _ZZ F_SP WTYVH T^[P]XLYPY_x #
BSL_ ±LML]L^a£XTY ^PPX^ _Z XPLY Md w RP^_LW_ x T^ []ZMLMWd ^ZXP_STYR ^TXTWL] _Z _SP w]PQP]PY_x TY _SP w^PXTZ_TN _]TLYRWPx ZQ XZOP]Y WTYR`T^_^ ,NNZ]OTYR_ZSTX_SPbZ]O w£V_Tx XPLY^YPT_SP]LNWL^^ U£_T TP _SP NZbwL^^`NSx9d£dL[Z^T_TZYYZ]LNP]_LTYTYOTaTO`LWNZb-`OOST^_ [Z^T_TZY M`_ TY^_PLO PYNZX[L^^P^ _SP bSZWP ]LYRP ZQ LWW TYOTaTO`LW^ _SL_SLaPPaP]MPPY^PPYLYOTOPY_TQTPOZ][]P^PY_POL^NZb^ ?SP]PT^LYTYQTYT_PY`XMP]ZQTYOTaTO`LWSZZQPOLYTXLW^bT_S_LTW^ SZ]Y^STOP^^YZ`_^P_NP_NZQXLYd^SL[P^LYO^TeP^4Q4bLY__Z^Ld bSTNSZQ_SP^PL]PNZb^LYObSTNSL]PYZ_4X`^_SLaPLLW]PLOd^PPY L NZb L_ ^ZXP _TXP TY Xd WTQP LYO M SPL]O _SP bZ]O wNZbx `^PO QZ] _ST^ [L]_TN`WL] NZb ?ST^ T^ _SP ZYWd bLd _SL_ 4 NLY OT^_TYR`T^S L NZb Q]ZX Z_SP] SZZQPO LYTXLW^ ^`NS L^ L SZ]^P RZL_ Z] bL_P] M`QQLWZ ,W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # RZ²LMOL `NNL]T_P ^L]aLRLa¯´` d`RL[L_ []L_dLdZ MSLaL_T g L_L £V_TaLNLYZ udLX g YL N£V_d£²LMOL^dL^LÀMLYOSLà²LVdL_PVL]_`XgYT]OT²dLSd£V_TÀVL]_£^LÀMLOSY¯d£_ gRZ[T©PNLMLS¼Y£X£V_¯Y£À^LOMS£a£NNSLMOLXLY_L]P©LRZ²LMOLa£Nd£ÀaTMSLV _£X£V_TÀVPYL[]LV£]P©Z[LOPV´dL_TgYT_dP_`^L_TRZ²LMOPMLS`V_aL`NNL]T_Là²]` _L[¼]aL² N£Yd£^` RZadLV_T´a LYaLdLadL_T]PV£MSd£X £V_TaLNLYLX LaLRLXT´dL_T _L^ X£OL[TYT_dLàgg ±£ML]L-S£´dL $TY 8¯X£À^£OL]²LYL aZW4z
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
!
_SZ`RS _ST^ ^PPX^ ZMaTZ`^ TY QLN_ T_ T^ YZ_ ^TYNP _SP]P L]P TY _`]Y TY NZYNPTaLMWd XLYd _d[P^ ZQ NZb^ z ^`NS L^ L >bT^^ >TXXPY_LW NZb TY 0XXPY_LW RTYRP] LYO bST_P L 2P]XLY 3ZW^_PTY NZb MWLNV LYO bST_P LY 4YOTLY NZb bST_P LYO M]ZbY ^ZXP_TXP^ bT_S L S`X[ >Z NZb^L]PU`^_L^aL]TPOL^SZZQPOLYTXLW^ ,NNZ]OTYR _Z ±LML]L^a£XTY TOPY_TQTNL_TZY ZQ L wRP^_LW_x ZNN`]^ aTL LYaLdLadL_T]PVL WT_P]LWWd wRZTYR _S]Z`RSx LYO wWPLaTYRx # ?ST^ _PNS YTNLW _P]X ]PQP]^ _Z L `YTaP]^LW NZRYT_TaP []ZNPO`]P # LYO NLY MP TWW`^ _]L_PO TY Z`] NZY_Pc_ QZ] TY^_LYNP Md _SP QZWWZbTYR PcLX[WP% bSPY ^ZXPZYPQ]ZX0XXPY_LW_]LaPW^_Z4YOTL_SPZYWdNZbTYST^^PXLY_TN QTPWO .:B bTWW MP _SP >TXXPY_LW NZb BSPY SP WLd^ PdP^ ZY L bL_P] M`QQLWZ QZ] _SP QT]^_ _TXP SP bTWW []ZMLMWd _STYV _SL_ T_ T^ L NZb MP NL`^PSPOZP^YZ_VYZbLMZ`_bL_P]M`QQLWZP^?SL_T^_Z^Ld_SPbL_P] M`QQLWZ wRZP^ _S]Z`RSx _SP ^PXLY_TN QTPWO .:B LYaLdL :YWd bSPY _SP 0XXPY_LWP] SPL]^ _SP bZ]O wbL_P] M`QQLWZx `^PO _Z ]PQP] _Z _SP bL_P] M`QQLWZ bTWW _ST^ QZ]X wWPLaPx adL_T]PVL _SP ^PXLY_TN QTPWO .:B ,WW Z`] VYZbWPORP LMZ`_ _SP bZ]WO L]T^P^ TY _ST^ XLYYP] ,YO _SP 8ÅX£À^£v^_SPZ]dZQ WPL]YTYR aOOSLadLaLS£]L WT_P]LWWdw`^PZQWLY R`LRP Md _SP LYNP^_Z]^x ]PXTYO^ `^ ZQ XZOP]Y WTYR`T^_TN _SPZ]TP^ _SL_ ^_L_P _SL_ _SP XPLYTYR^ ZQ bZ]O^ L]P VYZbY MPNL`^P _SPd SLaP MPPY [L^^POOZbYMd_SPNSLTYZQ^[PLVP]^4_LW^Z]PXTYO^`^TY[L]_TN`WL]ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PPLW^Z6`X£]TWL ±WZVLa£]__TVL NSL[ a£Vd£OSTVL]L©L "z! # 1Z]T_^`^PTYR]LXXL]LYO,OaLT_LAPO£Y_L^PP2PZ]RP.L]OZYLw LYaLdL LYO adL_ T]PVL TY4YOTLY2]LXXL]x ,OdL]7TM]L]d-`WWP_TY CCCzCCC44$!"z!#F1PWTNT_L _TZYaZW`XPA=LRSLaLYH%z LYOw:Y=PL^ZYTYRQ]ZX,YaLdLLYOAdL_T]PVL TY0L]Wd,OaLT_LxTY >_`OTP^TY4YOTLY;STWZ^Z[Sd,8PXZ]TLWAZW`XPTY3ZYZ`]ZQ ;LYOT_ >`VSWLWUT >LYRSaT ,SXPOLMLO% 4Y^_T_`_P ZQ 4YOZWZRd $# "$z -d LY aLdL LYO adL_T]PVL _SP R]LXXL]TLY^ OPYZ_P _SP NZY^_LY_ NZZNN`]]PYNP ^£SLNL]dL ZQLWTYR`T^_TNT_PX ²LMOL LYOLXPLYTYR L]_SL3P]P LYaLdL Z] LadL_T]PVL XPLY^ QZ] TY^_LYNP _SP YZYOTQQP]PYNP ZQ _SP ]ZZ_ XPLYTYR bSPY _SP]P L]P OTQQP]PY_ ^`Q QTcP^ .L]OZYL _]LY^WL_P^ LYaLdL L^ wN`]]PY_ ZNN`]]PYNP ZQ L NP]_LTY XPLYTYR LYO L NP]_LTY WTYR`T^_TN `YT_x LYO adL_T]PVL L^ w^`][L^^POx wYZ_ WTXT_PO _Z L NP]_LTY OZ XLTYxwLM^PYNPZQLXPLYTYRLYOWTYR`T^_TN`YT_xbSTNSXPLY^_SP^`][L^^TYRZQ L ML^P XPLYTYR TY L bZ]O YZXTYLW ^_PX Z] TY ^PY_PYNP^ Md ^`QQTcP^ NL^P PYOTYR^ LYO_SPWTVP-Z_SX`^_MPVYZbYQZ]`YOP]^_LYOTYR_ZZNN`].L]OZYL^`[[Z^P^_SL_ _SPWZRTNTLY^ LOZ[_PO_SPR]LXXL]TLY`^PZQ LYaLdLadL_T]PVL 4YLYdNL^P_SPML^TN ^_]`N_`]PT^LYLWZRZ`^LYO_SPNZYU`YN__P]XXLdMP_]LY^WL_POaL]TZ`^WdL^wN`]]PY_ ZNN`]]PYNP LYO NSLYRPx wRZTYR _S]Z`RS LYO WPLaTYRx w[Z^T_TaP LYO YPRL_TaP NZY NZXT_LYNPxwLR]PPXPY_LYOOTQQP]PYNPxwYZYOTQQP]PYNPLYOOTQQP]PYNPxw`YNSLYR TYRLYONSLYRTYRxw_SL_bSTNS[P]^T^_^LYO_SL_bSTNSOT^L[[PL]^xLYOZ]wNZY_TY` T_dLYOOT^NZY_TY`T_dx 4Y ,OaLT_LAPO£Y_L XP_SZOZWZRd LYO XP_L[Sd^TNLW OT^NZ`]^P _SP LYaLdLadL_T]PVL T^ LW^Z aT_LW _Z OT^_TYR`T^S ^PWQ LYO YZY^PWQ% ^PP MPWZb NSL[ LYO BTWSPWX 3LWMQL^^ >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L =PTYMPV% :]TPY_LW T^_T^NSP1LNS[`MWTVL_TZYPY$# z!"&^WTRS_Wd]PaT^POTY3LWMQL^^ ?]LOT_TZYLYO =PQWPN_TZY !z""
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
BT__RPY^_PTYv^ ^_L_PXPY_ _SL_ _SP ^TRY WTaP^ Md MPTYR `^PO 6`YU`YYT =LUL^`XXL]TeP^_SPXZOP]YT_dZQ_SP8ÅX£À^£[Z^T_TZYWTVP_ST^% wBP WPL]Y _SP XPLYTYR ZQ bZ]O^ LYO ^PY_PYNP^ Q]ZX _SPT] `^P TY LN_`LW ^[PPNS NZY_Pc_^& LYO ^Z X`NS ZQ _SP ^Z`YO[L__P]Y TY L QTcPO Z]OP] bSTNS T^ QZ`YO L[[WTPO _Z L [L]_TN`WL] ^PY^P T^ _LVPY _Z MP L bZ]O SLaTYR _SL_ XPLYTYR6`X£]TWLMSL¶¶L^Ld^_SL__SPXPLYTYRZQLbZ]OT^OP_P]XTYPOMd `^LRPLYOL^^`NS_SZ^PWP__P]^`__P]POTYL[L]_TN`WL]Z]OP]ZQ^P\`PYNPMd ZYP TYOTaTO`LW bSTNS Pc[]P^^PO _SP ^PY^P _Z `^ bSPY bP QT]^_ WPL]YPO _SP bZ]OQ]ZXZ`]PWOP]^bTWWPc[]P^^_SP^LXP^PY^PL_LWWQ`_`]P_TXP^x #!
,_ _ST^ [ZTY_ bP NZXP `[ LRLTY^_ LY ZMUPN_TZY% ZQ NZ`]^P bZ]O ^Z`YO^ NLYMPNZXPLW_P]POZaP]_TXPTY_]LY^XT^^TZY_S]Z`RS_SPNZXX`YT_dZQ ^[PLVP]^ ?SP 0XXPY_LWP] bZ`WO ^Ld w.S`Æx LYO ^ZXP ZYP Q]ZX >NSWP^bTR3ZW^_PTY bZ`WO ^Ld w6L`x bSPY ^[PLVTYR LMZ`_ L NZb 3ZbPaP] _SP bZ]O _SL_ T^ XPLY_ LWbLd^ ]PXLTY^ _SP 2P]XLY bZ]O w6`SxwNZbx:WO3TRS2P]XLY8TOOWP3TRS2P]XLY%V`Zz_Z`^P ±LML]L^a£XTYv^ L]R`XPY_^ #" ?ST^ T^ _SP NZ]]PN_ bZ]O ^£OS`²LMOL bSTWP _SP OTLWPN_ QZ]X^ L]P NZ]]`[_TZY^ ZQ _ST^ bZ]O ?SPd L]P ZYWd aLWTOLYONZX[]PSPY^TMWPWZNLWWdTPbT_STY_PX[Z]LWWdLYORPZR]L[ST NLWWdWTXT_PO_]LOT_TZY^±LML]L^a£XTY_LVP^T_L^]PLO_SL_ZYWd_SP>LY ^V]T_ bZ]O wRL`àx T^ _SP Z]TRTYLW bZ]O 3P bZ`WO NZY^TOP] _SP 3TRS 2P]XLY bZ]O w6`Sx L wNZ]]`[_x w^`M^_LYOL]Ox OTLWPN_ QZ]X L[LM S]L´¶LL[LMS]LÀ²L ZQ_SP bZ]OTY>LY^V]T_LYO_SP]PQZ]PTY_SPZ]TRT YLW WLYR`LRP TY _SP ^LXP bLd L^ bP ]PRL]O w.S`Æx LYO w6L`x _ZOLd ,YO ^Z QZ] STX _SP aL]TLYNP TY ^Z`YO TYQZ]XL_TZY LYO XPLYTYR ZQ ZYP LYO_SP^LXPbZ]ObSTNST^OTLRYZ^POTYLN_`LW^[PPNSbT_STYOTQQP]PY_ WLYR`LRPNZXX`YT_TP^T^MdYZXPLY^LYZMUPN_TZY_Z_SPwP_P]YLWWTYV MP_bPPY^Z`YOLYO_STYRx>`NSaL]TL_TZY^L]PLWbLd^ML^POZY[]PPcT^ _PY_^PXTZ_TN^_]`N_`]P^LYOTY_ST^^PY^P_SP]PL]PYZYPbbZ]O^ ##1Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! =LUL 4YOTLY?SPZ]TP^ZQ8PLYTYR z! #" :`]NZX[L]T^ZYT^YZ_L^QL]QP_NSPOL^T_XLdL[[PL]4YXPOTPaLW_TXP^_SPWTYR`T^ _TN ^T_`L_TZY TY 4YOTL NZYNP]YTYR _SP `^LRP ZQ >LY^V]T_ LYO OTLWPN_ QZ]X^ aL]TZ`^ _d[P^ ZQ ;]LV]T_ P_N bL^ \`T_P NZX[L]LMWP _Z XZOP]Y >bT_eP]WLYO Z] OP[PYOTYR ZY _SP 4YOTLY ]PRTZY _Z XZOP]Y >NSWP^bTR3ZW^_PTY TY 2P]XLYd 4Y >bT_eP]WLYO 3TRS 2P]XLY T^ _SP b]T__PY LYO QZ]XLW WLYR`LRP `^PO TY ^NSZZW^ bSP]PL^ >bT^^ 2P]XLY TYT_^aL]TZ`^OTLWPN_^T^_SP]PLWwXZ_SP]_ZYR`Px^[ZVPYMdPaP]dMZOdL_SZXPLYO ZY_SP^_]PP_^LYOWL]RPWd]P^_]TN_PO_ZZ]LWNZXX`YTNL_TZY4Y>NSWP^bTR3ZW^_PTYZY _SP Z_SP] SLYO 3TRS 2P]XLY T^ L ^ZNTLW OT^_TYR`T^STYR XL]V ZQ _SP `[[P] NWL^^ L_ SZXP LYO ZY _SP ^_]PP_ TY NZY_]L^_ _Z WZb NWL^^ OTLWPN_ ?SP^P VTYO^ ZQ X`W_TWTYR`LW ^T_`L_TZY^ SLaP MPPY ]PQWPN_PO ZY Md 4YOTLY WTYR`T^_^ LYO L]P _P]XPO wOTLRWZ^^TLx TY XZOP]YLNLOPXTN^ZNTZWTYR`T^_^_`OTP^>PP5LY083Z`MPYw>ZNTZWTYR`T^_TNL__T _`OP^ ]PQWPN_PO TY _SP bZ]V ZQ -SL]_SL]T LYO WL_P] 2]LXXL]TLY^x TY 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_% .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP PO 5LY 083Z`MPY7PTOPY%-]TWW$$! "z$ ## -PNL`^P _SP ]`WP^ RZaP]YTYR bZ]O QZ]XL_TZY TY >LY^V]T_ L]P PcNP[_TZYLWWd bTOP ]LYRTYR >LY^V]T_NZY_LTY^SL]OWdLYdQZ]PTRY bZ]O^LYOT^`^`LWWdLMWP_ZQZ]XYPb
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
!"
_ST^ ]PL^ZY TQ L [P]^ZY Q]ZX >NSWP^bTR3ZW^_PTY LYO L [P]^ZY Q]ZX 0XXPY_LW _]LaPW _Z 4YOTL _ZRP_SP] OP^[T_P _SP OTQQP]PY_ _d[P^ ZQ NZb^ _SL_ _SPd VYZb L_ SZXP _SPd bTWW []ZMLMWd MP TY _Z_LW LR]PPXPY_ _SL_ L WTRS_ M]ZbY 4YOTLY ePM` T^ L .:B LYO YZ_ L]R`P LMZ`_ bSP_SP] T_ T^ XZ]PZQLw6L`xZ]Lw.S`Æx3ZbPaP]_SPdNLYL]R`PQZ]SZ`]^LMZ`_ bSP_SP]w6L`xZ]w.S`ÆxT^_SP]TRS_bZ]OQZ]]PQP]]TYR_Z_ST^LYTXLWz ^ZWZYRL^YZ-]LSXLYNZXP^LWZYRLYO[`_^_SPX]TRS_ 9Zb ZQ NZ`]^P ±LML]L _ZZ VYZb^ _SL_ T_ T^ P\`LWWd [Z^^TMWP _Z QZ]X L]_TQTNTLW bZ]O^ PR L ^NTPY_TQTN XP_LWLYR`LRP -`_ LNNZ]OTYR _Z _SP 8ÅX£À^£ _SP^P L]P YZ_ ]PLW bZ]O^ ,Yd ZYP bSZ bT^SP^ _Z `YOP] ^_LYO_SP^PY^PZQ_SPbZ]O aOOST wR]Zb_SxTY_SP;£©TYPTNL[SZ]T^X aOOST]£OLTN ^PPLMZaPNZ]]PN_WdX`^_LMPQLXTWTL]bT_S_SPR]LX XL]TLY ;£©TYT LYO ST^ ^d^_PX LYO M VYZb _SL_ _SP R]LXXL_TNLW _P]X aOOST ( wOPR]PP ZQ []Z_]LN_TZY ZQ L aZbPWx T^ XPLY_ LYO YZ_ R]Zb_S TY L NZYaPY_TZYLW ^PY^P 9L_`]LWWd ^`NS Pc_]L wTY^TOP] VYZbWPORPx T^ YPT_SP] RTaPY YZ] YPNP^^L]d bT_S NZYaPY_TZYLW bZ]O^ bSTNS L^ L ]`WP NZYaPd _SPT] NZY_Pc_ _SPX^PWaP^ 4Q ^ZXP ZYP bLY_^ _Z ^[PLV ZQ L NZb SP OZP^ YZ_ SLaP _Z _PWW ST^ WT^_PYP] _SL_ SP bT^SP^ _Z ^[PLV LMZ`_ SZZQPOLYTXLW^LYOYZ_LMZ`_R]LXXL]4YQLN__SP]PNT[TPY_NLYOP]TaP QZ]STX^PWQQ]ZX_SPbZ]O wNZbx_SPQLN_ _SL_ST^NZX[LYTZY T^ _LWVTYR LMZ`_SZZQPOLYTXLW^ 8LOPWPTYP -TL]OPL` XLTY_LTY^ _SL_ _SP bZ]O YT_dL wP_P]YLWx `^PO L^ ±LML]L `^P^ T_ OZP^ YZ_ ^Z X`NS LTX L_ _SP YZ_TZY ZQ P_P]YLW PcT^ _PYNP[P]XLYPYNPZ]^ZXP_STYRYL_`]LWWdTXXLYPY_ ^aLMS£aTVL #$?SP XPLYTYR ZQ L bZ]O YPPO^ _SP ^Z`YO YZ_ MPNL`^P ZQ ^ZXP TY_P]YLW PcT RPYNd M`_ LN_`LWWd _SP ^Z`YO T^ ^ZXP_STYR _SL_ _SP XPLYTYR YL_`]LWWd LN\`T]P^ Md wL VTYO ZQ Pc_]TY^TN L[[]Z[]TL_TZYx 8PLYTYR^ LYO ^Z`YO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ bZ]O^bSPYPaP]YPb_PNSYTNLWOPaPWZ[XPY_^L[[PL],YLWZRZ`^_Z_SP2P]XLYbZ]O w1P]Y^PSPYx XPLYTYR w_PWPaT^TZYx _SP 4YOTLY bZ]O QZ] _ST^ T^ O¼]OL]²LY Q]ZX _SP >LY^V]T_ O¼]L QL] LYO OL]²LYLX ^PP .ZY^TOP] TY NZY_]L^_ _SP 1]PYNS WLYR`LRP bSTNS TY ^`NS NL^P^ T^ QZ]NPO _Z NZXMTYP PWPXPY_^ Q]ZX QZ]PTRY WLYR`LRP^ ^`NS L^ w_ËWËaT^TZYx4YL^TXTWL]XLYYP]XZOP]Y4YOTLY4YOZ,]dLYWLYR`LRP^LYO/]LaTO TLYWLYR`LRP^MZ]]ZbPOZaP]_SPNPY_`]TP^LMZ`_QTQ_d[P]NPY_Q]ZX_SPw^_LYOL]OWLY R`LRPx ZQ >LY^V]T_ 3ZbPaP] MZ]]ZbTYR^ LW^Z SL[[PYPO _SP Z_SP] bLd ]Z`YO [L] _TN`WL]WdL__SP_]LY^T_TZYQ]ZX_SPAPOTN_Z_SPNWL^^TNLW[P]TZOLYOMd^[]PLOTYRTY_Z YPbL]PL^ bSP]P8TOOWP4YOZ,]dLYLYO/]LaTOTLYbZ]O^SLaPMPPYLOZ[_PO_]LY^ QZ]XPO TY_Z >LY^V]T_ TY LNNZ]OLYNP bT_S VYZbY [SZYP_TN NZ]]PWL_TZY^ >`NS MZ]]Zb TYR^L]P^LYN_TZYPOMd6`X£]TWL[]ZaTOPOL>LY^V]T__P]XTYL_TZYT^LOOPO?SP]PWL _TZY^ST[ MP_bPPY _SP _S]PP TYOP[PYOPY_ WLYR`LRP R]Z`[^ 4YOZ0`]Z[PLY /]LaTOTLY LYO 8`©L bL^ ^Z NWZ^P _SL_ ^NSZWL]^ NZTYPO _SP Pc[]P^^TZY w4YOTLY _d[P ZQ WLY R`LRPxO`P_ZLY`XMP]ZQNZXXZYQPL_`]P^WTVP]P_]ZQWPcLYONP]PM]LW^Z`YO^aP] MLW NZX[Z^T_TZY YZXTYLWTeL_TZY P_N >PP 1]T_^ >_LLW w>LY^V]T_ LYO >LY^V]T_TeL_TZYx 5Z`]YLWZQ,^TLY>_`OTP^8Ld$!%!z" [L]_TN`WL]Wd"z" #$ >PP -TL]OPL` ?SËZ]TP OP WL .ZYYLT^^LYNP P_ ;STWZ^Z[STP OP WL ;L]ZWP OLY^ WP M]LS XLYT^XPNWL^^T\`P;L]T^$! !z "LYO2ÆNS_P] 3P]XPYP`_TN^ z
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
!#
LWbLd^ L__LNS _Z ZYP LYZ_SP] LW_SZ`RS _SPd L]P ZQ LY PY_T]PWd OTQQP]PY_ YL_`]P BSL_T^wP_P]YLWx YT_dL LMZ`_LbZ]OT^[]TXL]TWd_SPYPPOQZ] XPLYTYR_ZSLaPL^Z`YO_SL_]PQP]^_ZT_LYO_SPYPPOQZ]_SP^Z`YO_Z NZXX`YTNL_P L XPLYTYR 4Y _ST^ bLd Z`] bSZWP ]PLWT_d T^ QZ]XPO Q]ZX bZ]O^TYbSTNS^Z`YOLYOXPLYTYRL]PWTYVPOBP]PNZRYTeP_SPbZ]WO ZYWd TY _SP ^_]`N_`]PO Q]LXPbZ]V ZQ _SP ^PXLY_TN QTPWO^ _SL_ L]P OP_P] XTYPOaTLX`_`LWWdWTYVPO^TRY^LYO]PQP]PY_^£V_T XPLYTYR
L]_SL
bZ]O
^LXMLYOSL
QZ]X
²LMOL
]PWL_`X £V_T
ȱ
?SP WTYR`T^_^v ^PXTZ_TN _]TLYRWP ?SP `YOP]WTYPO _P]X^ NZXP Q]ZX BP^_P]Y WTYR`T^_TN^9Z_P_SL_YZNZ]]P^[ZYOTYR>LY^V]T__P]XNLYMPQ`WWdLWTRYPObT_S L bZ]O L^ T_ T^ `YOP]^_ZZO SP]P 4Y^_PLO z L_ WPL^_ L^ QL] L^ _SP 8¯X£À^LVL ^d^_PX T^ NZYNP]YPO z bZ]O NZ]]PWL_P^ MP__P] bT_S _SP X`NS XZ]P OdYLXTN wWTYVx ^LXMLYOSL MP_bPPY^Z`YOLYOXPLYTYR
?SP8¯X£À^LVL^OZYZ_OPYd_SP[Z^^TMTWT_dZQaL]TLYNPZQ^Z`YO^LYO XPLYTYR^ M`_ ^`NS aL]TLYNP^ OZ YZ_ NSLYRP LYd_STYR LMZ`_ _SP YPNP^ ^T_dZQ_SP^Z`YO_STYR]PWL_TZY^ST[TY_SPbZ]O4_T^[]PNT^PWd_ST^[L] _TN`WL] L^[PN_ _SL_ T^ NLWWPO wP_P]YLWx -PNL`^P _ST^ YPNP^^T_d PcT^_^ YZ [ZTY_ TY _TXP TY _SP ST^_Z]d ZQ WLYR`LRP NLY MP OP_P]XTYPO bSPY _SP]P bL^YZ^`NS]PWL_TZY^ST[ >Z _SP ^_]TN_ WZRTNLW L]R`XPY_L_TZY ZQ _ST^ []ZZQ WPLO^ _Z _SP NZY NW`^TZY_SL_WLYR`LRPSL^LWbLd^PcT^_PO?SP8¯X£À^LVL^YZbRZZYP ^_P[Q`]_SP]LYO[Z^_`WL_PLw[]TXZ]OTLWxWLYR`LRPzbSTNSZQNZ`]^PT^ >LY^V]T_ $?SPML^T^QZ]_ST^NWLTXTYT_^_`]YT^LRLTY_SP L]R`XPY_`X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;TP]]P>dWaLTY 1TWWTZeL_ ?SP >LY^V]T_ 7LYR`LRP% ,Y :aP]aTPb AL]LYL^T 4YOTNL & Z]TRTYLW 1]PYNS POT_TZY $$ $ []POTNL_P^ _ST^ TOPL LW]PLOd ZY _SP ZWO
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
!$
Pc ^TWPY_TZ bSTNS T^ _d[TNLW ZQ _SP 8ÅX£À^£% _SP 4YOTLY^ OZ YZ_ VYZb ZQ LYd WLYR`LRP _SL_ T^ ZWOP] _SLY >LY^V]T_ LYO _SP]PQZ]P _SP]P T^ YZ ^`NSWLYR`LRP.ZY^P\`PY_Wd>LY^V]T_X`^_MP_SPZ]TRTYLWZYP
,]PWTRTZ`^=PWTRTZY
BT_S _SPSPW[ZQ_SP_S]PP []ZZQ^ZQ_SPP_P]YLWPcT^_PYNPZQ[SZYPXP^ bZ]O^ LYO APOTN ^_L_PXPY_^ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL L^ bP VYZb T_ _ZOLd SL^ MPPY OP_P]XTYPO z L_ WPL^_ TY _SP Z[TYTZY ZQ _SP 8¯X£À^LVL^ z LYO Q]ZX YZb ZY ^SZ`WO YZ WZYRP] MP OZ`M_PO APOTN ^_L_PXPY_^XPLYTYRAPOTN^LN]TQTNTLW]`WP^ ^`NSL^wZQQP]`[_SP,RYT SZ_]Lx L]P Z]TRTYLW LYO TY_PR]LW [L]_^ ZQ bSL_ XLVP^ `[ WLYR`LRP U`^_ L^ [SZYPXP^ LYO bZ]O^ L]P ?SPd L]P LY TY_PR]LW [L]_ ZQ _ST^ bZ]WO _SPd L]P [L]_ ZQ WTQP TY T_ LYO L]P PaTOPYNP ZQ WTQP LQ_P] T_ ?Z OZ`M_ bSP_SP] ZYP ^SZ`WO ZQQP] `[ ,RYTSZ_]L _SP OLTWd RTQ_ ZQ QT]P bZ`WO MP U`^_ L^ LM^`]O L^ OZ`M_TYR bSP_SP] NZb^ PcT^_ -Z_S WTYR`T^_TN ^_L_P XPY_^ PcT^_ LYO SLaP L Q`YN_TZY TY _SP bZ]WO ZQ _SP aT^TMWP LYO TY _SP bZ]WO ZQ _SP TYaT^TMWP% _SP bZ]O NZb TY _ST^ bZ]WO LYO _SP APOTN NZX XLYOXPY_wZQQP]`[_SP,RYTSZ_]LxTY_SPZ_SP]bZ]WO4_MPWZYR^_Z_SP XLUZ]L]R`XPY_^ZQ_SP;¼]aL8ÅX£À^£_SL__SPXPLYTYRZQbZ]O^`^PO TY_SPAPOLLYO_SPZYPTYNZXXZY[L]WLYNPL]PPcLN_Wd_SP^LXP $ 3`XLYMPTYR^]P\`T]PYZL`_SZ]T_dZ_SP]_SLY_SPbZ]OZQ_SPAPOL 6`X£]TWL TY [L]_TN`WL] SL^ YZ _TXP QZ] [PZ[WP bSZ QZWWZb ST^_Z]TNLW QZ`YOP]^ ZQ ]PWTRTZY^ ^`NS L^ -`OOSL Z] 8LS£a¯]L 3P NZY^TOP]^ _SP aP]d TOPL _SL_ ZXYT^NTPY_ MPTYR^ NZ`WO PcT^_ YZ XL__P] bSP_SP] _ST^ ]PQP]^_ZRZO^Z]PYWTRS_PYPOS`XLYMPTYR^_ZMPT]]L_TZYLW3P_LVP^L ^TXTWL] aTPb ZQ _SP YZ_TZY ZQ L `YTaP]^LW N]PL_Z] RZO L^ QZ`YO TY _SP _PLNSTYR^ ZQ _SP ;`]£©L^ 6`X£]TWL ]PRL]O^ ^`NS _PLNSTYR^ L^ XP]P w[]LT^Px ^_`_T LYO w^_Z]d_PWWTYRx LYO OPaZ_P^ L WPYR_Sd OT^N`^^TZY _Z _SP WZRTNLW []ZMWPX^ ZQ LYd MPWTPQ TY LY ZXYT^NTPY_ Z]TRTYL_Z] z T]]P ^[PN_TaP ZQ bSP_SP] _SP RZO T^ `YOP]^_ZZO L^ PXMZOTPO Z] MZOTWP^^ $ BT_SZ`_LYdM]PLV_SPOT^N`^^TZYXZaP^ZY_ZR]LXXL]LYOWTYR`T^_TN^ 4QZYPL^^`XP^LOPQTYT_TZYZQ]PWTRTZYL^_SPTY_P]LN_TZYbT_S^`[P] YL_`]LW MPTYR^ _SP ;¼]aL8ÅX£À^£ T^ []ZMLMWd _SP XZ^_ wL]PWTRTZ`^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ R]LXXL]TLY^ 6£_d£dLYL LYO ;L_LÓULWT bSZ L^^ZNTL_P >LY^V]T_ LYO T_^ wP_P]YLW PcT^ _PYNPxbT_S_SPTOPLZQ`YNZ]]`[_PO[P]QPN_TZY $ ±£ML]L-S£´dL LO>¼_]L $ 6`X£]TWL ±WZVLa£]__TVL ^LXMLYOS£V´P[L[L]TS£]Là z"QQ?SPOT^N`^^TZYNPY_P]^ ZY _SP APOTN N]PL_Z] RZO ;]LU£[L_T bSZ T^ SZbPaP] NWPL]Wd ^SL[PO Md ]PWTRTZ`^ MP WTPQ^ ZQ _SP 8LS£MS£]L_L LYO ;`]£©L^ ?SP^P WT_P]L_`]P^ L]P LW^Z Pc[WTNT_Wd STY_PO L_ TMTO !z! LYO _SP ]PQ`_L_TZY TYNW`OP^ _SP >£«VSdLAPO£Y_L [Z^T_TZY TMTO #!z
"
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
]PWTRTZY _SL_ _SP]P T^ ?SP Y`XP]Z`^ RZO^ bSZ [Z[`WL_P _SP APOTN SdXY^ SLaP LW]PLOd MPPY ^TX[Wd L]R`PO LbLd Md ±LML]L^a£XTY L^ Y` XTYZ`^MPTYR^% w4_ T^ YZ_ _SP Q`YN_TZY ZQ _SP OPT_d _Z ^`[[Z]_ F_SP ^LN]TQTNPH _S]Z`RS T_^ QZ]X -`__S]Z`RSbSL_FOZP^T_H_SPYF^`[[Z]_T_H*?SPLY^bP]T^_S]Z`RS _SP bZ]O _SL_ T^ WTYVPO _Z T_ FTY _SP XLY_]LH 5`^_ L^ _SP ,OSaL]d` LN_^ XLY`LWWd_SPOPT_dLN_^aP]MLWWdF_S]Z`RST_^YLXPHmBSL_NZXP^Z`_ZQ _ST^* @W_TXL_PWd _SP ^LN]TQTNTLW QZZO SLaT^ T^ WTYVPO ZYWd _Z _SP bZ]O m M`_m_SPXPLYTYR L]_SL ZQ_SPbZ]OT^YZ_T_^PWQ_SPOPT_dm?S`^PaP]d FYLXPH_SL_T^NZYYPN_PObT_S^LN]TQTNTLWQZZOT^LOPT_dx $
/PT_TP^ ZYWd NZY_TY`P _Z PcT^_ L^ _SPT] YLXP^ ?SP ;¼]aL8ÅX£À^£ ]P RL]O^ APOTN XLY_]L^ TYaZNL_TZY^ LYO OP^N]T[_TZY^ ZQ _SP RZO^ OPaL_£ L^ L]_SLa£OL wWL`OL_TZY^x WT_ wPc[WLYL_Z]d [L^^LRP^x w^`[[Z]_TYR ^_L_PXPY_^x?Pc_^ZYRZO^L]PWL`OL_Z]dSTRSWdQTR`]L_TaP^[PPNSLYO LWbLd^ Q`YN_TZYLW ?SPd ^P]aP _SP ^LN]TQTNP Md P`WZRTeTYR LYO ^`[[Z]_ TYRT_±LML]L^a£XTYOPQTYP^ OPaL_£ L^L]PWL_TaP_P]XbT_S[]PNT^P[]LN _TNLW L[[WTNL_TZY ?SP NSZTNP ZQ _SP OPT_dv^ YLXP TY _SP ZQQP]L_Z]d QZ] X`WLT^YZ_]LYOZXM`_OP[PYOPY_ZY_SP]T_`LWNZY_Pc_LYOPc[]P^^TaP ZQ _SP OP^T]PO RZLW $ 6`X£]TWL LYO WL_P] NZXXPY_L_Z]^ ^`RRP^_ ]L_SP] MW`Y_ Q`YN_TZYLW OPQTYT_TZY^% w?SL_ bSTNS T^ PYUZTYPO QZ] _SP ^LVP ZQ ^ZXP_STYR T^ T_^ OPaL_£x $ ?SP RZO^ L]P NZ`Y_PO LXZYR _SP wTY^_]` XPY_^x ZQ ]T_`LW LN_TZY WTVP ]TNP QT]PbZZO LYO NSLY_TYR bSTNS SPW[ _Z M]TYR LMZ`_ _SP ]P^`W_ $! ?SP RZO^ OZ YZ_ MP^_Zb _SP Q]`T_^ L^ L _SPT^_ bZ`WO SZWO M`_ ]L_SP] _SP LN_ ZQ ZQQP]TYR T_^PWQ RPYP]L_P^ ^ZXP_STYR PY_T]PWd YPb ±LML]L^a£XTY SPLaTWd ZMUPN_^ _Z _SP TOPL ZQ PXMZOTPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ OPaL_£d£² NL dLUÓL^£OSLYLMS£aP YL ]¼[P©L MSLaL_T g VPYL _L]ST g ^LXMLYOSTY£ ²LM OPYLgdL_S£LOSaL]d`]SL^_£MSd£X`[LVL]Z_TPaLÀOPaL_£²LMOPYZ[LVL]Z_TggVTX _L]STg²LMOLPaLSLaT´£^LÀMLOSdL_Pg_L_^LÀMLYOS£OL]_SZu[TOPaL_£MSLaT´dL_Tg g 4SL _` ²LMOL PaL V£]dLÀ ^LÀMSLaL_T g _L^X£Y Y£]_SL[]L_d£dLY£]_Là ²LMOL T_T g g YLYaPaLÀPaLOPaL_£[]£[YZ_Tg±£ML]L-S£´dL TY 8¯X£À^£OL]²LYL aZW A4# z#& z#&z $ 1Z] Q`]_SP] ]PQP]PYNP^ ^PP LW^Z Z`] OT^N`^^TZY ZQ 6`X£]TWL MPWZb LYO .WZZYPd wBSL_v^LRZO*x .WZZYPdv^L]_TNWPT^LR]PL_^Z`]NPZY_SP^`MUPN_ZQOPaL_£%SP OT^N`^^P^_SP;¼]aL8¯X£À^£>¼_]L^$z&!"z#&$!z&LYO±L ML]Lv^ LYO 6`X£]TWLv^ TY_P][]P_L_TZY MZ_S _]LY^ Md 5SL LYO WL_P] NZXXPY_L]TP^ .ZY_Pc_`LW]PWL_TaT_dLYORZLWZ]TPY_POL[[WTNL_TZYZQ_SPOPT_TP^vYLXP^L[[PL]^_ZMP LNZXXZY[L__P]Y bT_STY_SPZ]_SZOZc APOL ]PNP[_TZY;L__ZY -]TYRTYR_SP 2ZO^_Z 8TYO "[ZTY_^Z`__SL_PaPYTQ_SP^LXPXLY_]LT^`^PO_SPTYaZNL_TZYQZ]X`WLXLd NSLYRPOP[PYOTYRZY_SPRZLWZ]wQ]LXPx 1Z]TY^_LYNPTQL[[WTPO TYL XL]]TLRP ]T_P bSTNSP^_LMWT^SP^L]PWL_TZY^ST[MP_bPPYS`^MLYOLYObTQP_SPN]PL_Z]RZO;]LU£[L_T T^ TYaZVPO z bSTNS T^ aP]d L[[]Z[]TL_P ]PRL]OTYR _SP RZLW ZQ []ZO`NTYR []ZRPYd 4Q _SP ^LXP XLY_]L T^ L[[WTPO _Z P^_LMWT^S L ]PWL_TZY MP_bPPY []PNP[_Z] LYO [`[TW _SP []TP^_RZO-SL^[L_T_SP7Z]OZQPWZ\`PYNPbTWWMP`^PO $ ;£]_SL^£]L_ST8T²]L _SNPY_\`Z_POMd.WZZYPdwBSL_v^LRZO*x"&^PPLW^Z "w_SL_bSTNST^PYUZTYPOQZ]^ZXP[`][Z^PT^OPaL_£x $! >PPLW^Z.WZZYPdwBSL_v^LRZO*x
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
"
RZO^ bSZ SLaP TY_PWWTRPYNP LYO LN_ WTVP S`XLY LRPY_^ $" 3P ^_]TN_Wd OPYTP^ _SPT] SLaTYR PL_TYR SLMT_^ LYO MPTYR [WPL^PO Md ZQQP]TYR^ z L^ _PX[WP []TP^_^ bZ`WO _STYV bSZ L]P LN_`LWWd [WPL^TYR _SPX^PWaP^ TY ^_PLO 9Z LN_`LW PcT^_PYNP T^ YPNP^^L]d bSPY _SP APOL ^[PLV^ ZQ MZO TP^ SLYO^ L]X^ PdP^ LYO WTXM^ >`NS ^_L_PXPY_^ ^SZ`WO MP _LVPY L^ YL]]L_TaP OPaTNP^ QZ] _SP RZO^ _Z MPNZXP LOO]P^^PP^ ?SPT] TYaZNL_TZY^ M]TYR _SPX TY_Z MPTYR BSTWP ±LML]L [Z^_`WL_P^ _SL_ T_ T^ YZ_ _SP XL_P ]TLWQZ]XZQOPaL_£M`_T_^aP]MLWQZ]X_SL_SPW[^LNNZX[WT^S_SP^LN]T QTNP 6`X£]TWL Pc[WLTY^% w?SL_ ZMUPN_ ZQ ]PQP]PYNP L]_SL bSTNS T^ `_ _P]PO Md _SP _Pc_ Pc[]P^^TaP FZQ T_H T^ []Z[Z`YOPO L^ OPaL_£ YZ_ LYd_STYR PW^Px LYO WL_P] NZXXPY_L_Z]^ ]P^_L_P _SP ^LXP L]R`XPY_ ;£]_SL^£]L_ST 8T²]L _S NPY_ [Z^_`WL_P^% w?SL_ _SP OPaL_£ T^ TY LY TYSP]PY_ ]PWL_TZY _Z _SP ]T_`LW T^ O`P YZ_ _Z T_^ []Z[P] YL_`]P M`_ ]L_SP] _Z _SP bZ]O FOP^TRYL_TYR T_Hx $# LYO 6SL©LOPaL "_S NPY_ ]P QZ]X`WL_P^%wBP^Ld_SL_OPaL_£T^_SPZMUPN_ZQ_SP`__P]LYNPZQLbZ]O _SL_T^PYUZTYPOL__SP_TXPZQ^LN]TQTNP>Z_SP]PQP]PY_TYT_^PWQT^_SP OPaL_£x $$ ,^ bP NLY ^PP _SP]P T^ SL]OWd LYd QZ]X ZQ XZOP]YT^X _SL_ _SP 8ÅX£À^£NZ`WOYZ__]`X[TYT_^ZbYbLd.ZY^_]`N_TaT^XLYOYZXTYLW T^X L[[PL] _Z MP QLXTWTL] _Z _SPX ?SP _S`YOP]TYR NWZ`ONZb LYO _SP [ZbP]Q`WWd]ZL]TYR-SL^[L_TL]PYZbXP]P_Pc_`LWTY^_LYNP^bT_S]T_`LW L[[WTNL_TZY z TP []PNT^PWd bSL_ 1]T_^ >_LLW LWbLd^ ]PRL]OPO _SPX @W _TXL_PWd _SP \`P^_TZY ZQ _SP ^PY^P LYO XPLYTYR ZQ TYOTaTO`LW PWPXPY_^ ZQ _SP ^LN]TQTNP MPNZXP^ ^`[P]QW`Z`^ :YWd _SP Q`YN_TZYLW L^[PN_ ZQ _SP ]T_`LW TY_P]P^_^ _SP 8ÅX£À^£ ;]PNT^P LOSP]PYNP _Z _SP ]`WP^ SL^ _Z[ []TZ]T_d ?SP ^N]T[_ T^ ^`QQTNTPY_ Md T_^PWQ 4_ OZP^ YZ_ SLaP _Z MP QTWWPO bT_S XPLYTYR MPNL`^P U`^_ VYZbTYR _SP ^P\`PYNP ZQ LN_TZY^ TY _SP ]T_ `LWT^PYZ`RS ?ST^ NZY^NTZ`^ QZ]PRZTYR ZQ XPLYTYR T^ LN_`LWWd ZYWd Pc[WLTYPO TQ ZYPVPP[^TYXTYO_SP[Z^_`WL_PZQ_SPLM^ZW`_PWdwTYaT^TMWPxOTXPY^TZY bSTNS LWW]T_`LW^LTXQZ] ?SPZYWd _STYR _SL_T^ TX[Z]_LY_ _SP]PQZ]P T^ _SP_Pc_^Z]NZXXLYOXPY_^_SL_OTN_L_P_SPLN_TZY^?Pc_^_SL_TY_P][]P_ ^`NS L^ _SP @[LYT´LO^ L]P Q`YN_TZYLWWd ^`MZ]OTYL_PO _Z _SP TY^_]`N_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $" ±£ML]L-S£´dL LO >¼_]L^ z#& LO >¼_]L^ z& $ LO >¼_]L^ z /Pa£OSTVL]L©L ±LML]Lv^ OPYTLW ZQ LYd LY_S]Z[ZXZ][STN _]LT_^ T^ aP]d X`NS TY VPP[TYR bT_S _SP LYTNZYTN YL_`]P ZQ APOTN OPT_TP^ TY NZY_]L^_ _Z _SP TNZYTN OPT_TP^ ZQ NWL^^TNLW3TYO`T^XbSZL]P^PPYY`]_`]POLYOWZaPO>PP.SL]WP^8LWLXZ`O .ZZV TYR_SPBZ]WO%=T_`LWLYO?SZ`RS_TY,YNTPY_4YOTL /PWST%:cQZ]O@YTaP]^T_d;]P^^ $$!"z bSZNZXXPY_^ZYWL_PAPOTN]PWTRTZY%_SPRZO;]LU£[L_TT^YZ_L[P] ^ZY&SPT^_SPdPL]LYO_SP[TWPO`[LW_L]&SPT^NZY^_]`N_POMd_SP^`X_Z_LWZQ]T_`LW LN_^&_SP]Sd_SX^ZQAPOTN[ZP_]dNZY^_T_`_PST^wMZOdxTMTO# $# ¼_]LLYOATOS£YLWT_P]L_`]PLYO ^_]P^^P^ _SP ]ZWP ZQ TXLRTYL_TZY LYO XP_ZYdXTN L^^ZNTL_TZY^ _SL_ WTYV _SP XLY_]TN TXLRP ZQ RZO^ _Z ]T_`LW LN_TZY z XZOP]Y `^LRP XLd PaPY TYaZWaP[SZ_ZR]L[S^ZQOPT_TP^WTVP >¼]dLZ]>L]L^aL_¯ ;L__ZYL]R`P^% w4Q .WZZYPd T^ ]TRS_ _SPY PaPY L []TXL]TWd aP]MLW aTPb ZQ OPaL_£ ^_TWW WPLaP^]ZZXQZ]_SPTOPL_SL_LXPY_LWTXLRP[]ZO`NPOMdWLYR`LRPNLY MP U`c_L[Z^PO _Z m Z_SP] TY^_]`XPY_^ ZQ _SP ]T_`LW TY Z]OP] _Z SPW[ _SP ]T_`LW []ZNPPO PQQPN_TaPWd ?ST^ T^ PcLN_Wd bSL_ ZNN`]^ TY APOTN XP_ZY dXdx 8Z]PZaP] ;L__ZY ^`RRP^_^% w±LML]L PX[SL^TeP^ _SP WTYR`T^_TN ML^T^ ZQ _SP OPaL_£ L^ L _ZZW TY _SP ^LN]TQTNP& T_^ ^_L_`^ L^ L bZ]O T^ _SP ZYWd_STYR _SL_SPW[^bT_S_SPWL]RP]RZLWm3ZbPaP]±LML]LOZP^YZ_ PcNW`OP _SP \`P^_TZY ZQ XPLYTYR LYO Pc_P]YLW ]PQP]PYNP PY_T]PWd& SP L]R`P^TYPQQPN__SL_[L]_ZQ_SPPQQTNLNdZQ_SPbZ]OT^^_TWWML^POZY_SP QLN_ _SL_ T_ OZP^ SLaP XPLYTYR TY ]PWTLYNP ZY _SP bZ]Ov^ ]PQP]PY_ m F:H]RLYTeTYR _SP ^LN]TQTNP LWZYR WTYR`T^_TN WTYP^ 8ÅX£À^£ _STYVP]^ X`^_ XTYTXTeP M`_ YZ_ PY_T]PWd PcNW`OP _SP Pc_]LWTYR`T^_TN [Z^^TMTWT_d bT_STY _SPT] ^d^_PX ^`NS L^ NZY^TOP]L_TZY^ ZQ _SP ]PLWT_d ZQ _SP RZO^ _SL_ L]P TYaZVPO /PaL_£^NLYYPaP]MP uU`^_ LbZ]Ov&_SPdX`^_MP[]T XL]TWdLbZ]Ox ! ?SP TY_P][]P_L_TZY T^ NZX[PWWTYR z L_ WPL^_ QZ] L OPQTYT_TZY ZQ ]PWTR TZY ML^PO ZY ^`[P]YL_`]LW LN_Z]^ ;L__ZY ^_]ZYRWd ]PWTP^ ZY NZRYT_TaP _SPZ]TP^ ZQ ]PWTRTZY _SL_ OPQTYP ]PWTRTZY TY L ^`M^_LY_TLWT^_ XLYYP] L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP.WZZYPdwBSL_v^LRZO*x"z# .WZZYPdv^LYLWd^T^T^z`[ZYLNWZ^P]WZZVz XZ]PNZX[L_TMWPbT_SZ`]^_SLY;L__ZYv^^`XXL]dZQST^_SP^T^TY -]TYRTYR_SP2ZO^ _Z8TYO "z" .WZZYPd wBSL_v^ L RZO*x z $& "z" >PP LW^Z ST^ PcLX[WP^ ZQ 8¯X£À^£ OT^N`^^TZY^ ZQ ®²aL]L LYO -]LSXLY TMTO ""z"$ bSTNS L]P SZbPaP] ZQ L X`NS WL_P] OL_P _SLY 6`X£]TWL LYO TWW`^_]L_P L R]ZbTYR _SPT^X LYO wOPaZ_TZYLWTeL_TZYx bT_STY_SP8¯X£À^£N]PPO ;L__ZY -]TYRTYR_SP2ZO^_Z8TYO z" ;L__ZY -]TYRTYR_SP2ZO^_Z8TYO " ! ;L__ZY -]TYRTYR_SP2ZO^_Z8TYO "
"
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
MPWTPQ TY ^`[P]S`XLYLN_Z]^zX`NSWTVP _SPYTYP_PPY_SNPY_`]dLY_S]Z [ZWZRT^_ 0ObL]O -`]YP__ ?dWZ] z M`_ ^`M^_LY_TL_PO Md PX[T]TNLW OL_L LYOR]PL_^NTPY_TQTN^Z[ST^_TNL_TZY?ST^OPQTYT_TZYSZbPaP]XLdMP_ZZ YL]]ZbLYOLQ`YN_TZYLWZYPXLd[Z^^TMWdQT_TYMP__P]bT_S_SP]PWTRTZ`^ ^_dWP ZQ _SP 8¯X£À^LVL^ ZQ _SP .ZXXZY 0]L ?SP]P T^ YZ ]PLW YPPO _Z [Z^_`WL_P_SPRZO^v]PLWT_dTY_SP^PY^PZQ]PLWbZ]WOPY_T_TP^@YWP^^bP [Z^T_ []TaL_P MPWTPQ^ LYO []LN_TNP^ _SL_ PcNPPO _SP b]T__PY ^Z`]NP^ LYO ^_TNV NWZ^PWd ZYWd _Z _SP _Pc_ XL_P]TLW bP NLY ]PNZY^_]`N_ L OTQQP]PY_ ]PWTRTZ`^^_dWPbSTNST^YZ_TY_SPWPL^_NZX[PWWTYR%L^ZMP]]T_`LW[]LR XL_T^X ML^PO ZY _SP [ZbP] ZQ WLYR`LRP LYO LY `Y^[PN`WL_TaP ]L_TZYLW T^X _SL_ ]TRZ]Z`^Wd \`P^_TZY^ _SP PcT^_PYNP ZQ RZO^ Z`_^TOP _SP ]T_`LW 4YOPPO _SP RZO^ TYaZVPO L]P ]PLW ]PQP]PY_^ LYO ^`[[Z]_ ]T_`LW PQQTNLNd -`_ Z`] [ZTY_ T^ _SL_ _SPd L]P ]PLW ]PQP]PY_^ PaPY bT_SZ`_ MPTYR wZ`_ _SP]Px TY ^ZXP Pc_]LWTYR`T^_TN ^[SP]P ?SPd L]P ]PLW L^ ]PQP]PY_^ ?SP YL_`]P ZQ WLYR`LRP T^ ^`NS _SL_ ]PQP]PYNP LYO ]PLWT_d L]P LXMTR`Z`^ _P]X^% bZ]O^ XLd OPYZ_P ZY_ZWZRTNLW ]PLWT_TP^ TP ]PLWbZ]WO PY_T_TP^ M`_bZ]O^NLYLW^ZPaZVPXP]PNZYNP[_`LW]PLWT_TP^TPXPY_LWPY_T_TP^ BSTWP _SP [Z[`WL] MPWTPQ TY RZO^ T^ ML^PO ZY _SP QT]^_ [Z^^TMTWT_d _SP 8¯X£À^LVL^^PPX_ZMPTYQLaZ]ZQ_SPWL__P].P]_LTYWdbZ]O^[]ZO`NP XPY_LW TXLRP^ M`_ .WZZYPd LYO ;L__ZY OZ YZ_ _LVP TY_Z LNNZ`Y_ _SP ]PLWT_d ZQ NZYNP[_`LW PY_T_TP^ 4Y _ST^ ^PY^P TYOPPO _SP OPaL_£^ NLY YPaP] MP wU`^_ L bZ]Ox LW_SZ`RS _SPd X`^_ MP []TXL]TWd L bZ]O ?SP bZ]O^ PaZVP NZYNP[_`LW PY_T_TP^ LYO _Z wPYWTaPYx _SP XPY_LW TXLRP^ XLd [Z^^TMWd TYaZWaP XPOT_L_TaP aT^`LWTeTYR []LN_TNP^ L^ ;L__ZY ^PPX^ _Z ^`RRP^_ 3ZbPaP] TY _SP b]T__PY ^Z`]NP^ bP QTYO YZ ]T_`LW L[[WTNL _TZY^_SL_ TYaZWaPLN_TaPWd wTXLRTYTYR _SPRZO^x "?SP]PL]PQTR`]L_TaP z XP_L[SZ]TNLW Z] XP_ZYdXTN z TY_P][]P_L_TZY^ M`_ _SP]P T^ YZ XPY_TZY ZQ aT^`LWTeTYR _PNSYT\`P^ TY NZY_]L^_ _Z ?LY_]TN _]LOT_TZY^ Z] XPOT_L _TaP[]LN_TNP^TYNZY_]L^__ZNP]_LTY^NSZZW^ZQAPO£Y_L1]ZX_SPQTQ_S NPY_`]d±LML]L_Z _SP^PaPY_PPY_SNPY_`]d,YLY_LOPaLbPQTYO_SPTOPL _SL_ _SP RZO^ L]P wNZY_]TM`_Z]d _Z _SP ]T_`LW LN_TZYx # M`_ YZbSP]P OZ bPQTYOLNWPL]STY_LMZ`__SPT]PcT^_PYNPZ]LMZ`_LMPWTPQTY^`[P]YL_` ]LWMPTYR^?SPML^TN8ÅX£À^£[Z^T_TZY^PPX^_ZMP_SL__SPbZ]ORTaP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,W_SZ`RS_SP_P]X MS£aLYL wM]TYRTYRTY_ZPcT^_PYNPxT^`^PObSTNS XLdZ_SP]bT^P ]PQP] _Z LN_TaP wTXLRTYL_TZYx TP XPY_LW LN_TaT_d aT^`LWTeTYR XPOT_L_TZY _SP 8¯X£À^LVL^ ^TX[Wd`YOP]^_LYOT_ L^wPQQPN_TYRxLYO ]PWL_PT__ZaP]M^Pc[]P^^TYRLY LN_TaT_d bSTNS wPQQPN_^x ^ZXP_STYR bSTNS SL^ YZ_ MPPY _SP]P MPQZ]P 6`X£]TWLv^ RWZ^^ZYMS£aLY£±WZVLa£]__TVLa£Vd£OSTVL]L©LX #zOZP^YZ_^[PLVZQRZO^ M`_^ZWPWdZQ^aL]RLTYU`YN_TZY^LYO[]ZSTMT_TZY^WTYR`T^_TN^>PPLW^Z2ÆNS_P]v^OT^ N`^^TZY ZY ±LML]L LYO ±£ML]L-S£´dL TY 3P]XPYP`_TN^ LYO 7LYR`LRP z 2ÆNS_P] _]LY^WL_P^ MS£aLY£ L^ wPQQTNTPY_ QZ]NPx Pc[]P^^PO Md aP]M^ LYO OT^NP]Y^ L YL]]ZbNZYYPc_ZSPLaPYLYOL[¼]aL # ,YLY_LOPaL44\`Z_POMd.WZZYPdwBSL_v^LRZO*x"
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
"
_SPRZO^_SPT]MPTYRLYO_SP^LN]TQTNP^SL[P^_SPX $?SPRZO^ L]P]PLWWd []P^PY_ TY _SP ^LN]TQTNP _S]Z`RS _SPT] YLXP^ OP^N]T[_TZY^ LYO XLY_]L^ ,YO_SPd X`^_ MP_SP]P^TYNP_SPdL]PYPPOPOL^[P]QZ]XL_TaP^[PPNS_Z ^P]aP L^ aPSTNWP^ ZQ ZMWL_TZY LYO Pc[]P^^ _SP OP^T]PO RZLW ?SP YLXP^ LYOXLY_]L^PXMZOd_SPXLYPbTYPLNS^[PNTQTN]T_`LW^P__TYR :Y_SPZYPSLYOT_T^_]`P_SL__SPXLY_]L^OP^N]T[_TZY^LYOZQQP]L _Z]dQZ]X`WL^bT_S_SPOPT_dv^YLXP^P]aPL^TX[Z]_LY_XZ_TaL_Z]^?ST^ T^PcLN_Wd6`X£]TWLv^[Z^T_TZY bSZNZY_PYO^^`NSL^^P]_TZY^SLaP_SP `^PQ`W [`][Z^P ZQ [P]^`L^TZY LYO ]PYOP] _SP TYU`YN_TZY^ L__]LN_TaP :Y _SPZ_SP]SLYOST^ TY_P][]P_L_TZYZQ ^`NS[L^^LRP^ T^^_]TN_WdQ`YN_TZYLW LYO ZQ_PY XP]PWd QTR`]L_TaP ?SP RZO^ L]P LWbLd^ ]PWL_PO _Z L ]T_`LW LN_ LYO SLaP SP]P LYO ZYWd SP]P L Q`YN_TZY ?SPT] TXLRP SPW[^ _Z Pc[WLTY _SP ^LN]TQTNP XLVP _SZ^P []P^PY_ LbL]P ZQ T_^ R]PL_YP^^ LYO WL`O T_^ ]P^`W_^1Z]TY^_LYNPL^_L_PXPY_WTVPwbTYO a£d` T^_SP^bTQ_P^_OPT_dx T^YZ_^PPYL^L^_L_PXPY_LMZ`__SPRZOA£d`v^YL_`]PM`_L^WLTOOZbY _Z LNNZX[WT^S ^ZXP_STYR ]PRL]OTYR _SP TYU`YN_TZY ?SP ^_L_PXPY_ T^ STRSWd XPLYTYRQ`W MPNL`^P T_^ Q`YN_TZY T^ LNNZ]OTYR _Z 6`X£]TWL _Z NZXX`YTNL_P _SL_ _SP ^LN]TQTNP bSTNS T^ ZQQP]PO _Z L ^bTQ_ OPT_d bTWW LWbLd^ LNNZX[WT^S ^bTQ_ ]P^`W_^ ?ST^ T^ []PNT^PWd bSL_ ;L__ZY _P]X^ wXP_ZYdXdx6`X£]TWL^[PLV^ZQL^PNZYOL]dZ]wTX[WTPOXPLYTYRx3P ]L_TZYLWTeP^ _SP LYNTPY_ TOPL ZQ Xd_STNLW ^`M^_LYNP^ TP _SP TOPL _SL_ _SP OPT_TP^ ^`NS L^ _SP PWPXPY_LW RZO A£d` L]P YZ_ [P]^ZY^ 1Z] 6`X£]TWL _SP PWPXPY_ bTYO MPNZXP^ L OPT_d TY _SP ^LN]TQTNP MPNL`^P ZQ T_^ \`LWT_d ZQ ^bTQ_YP^^ 4Y _SP ^_L_PXPY_ wbTYO T^ _SP ^bTQ_P^_ OPT_dx ^ZXP_STYR T^ NZXX`YTNL_PO LMZ`_ _SP aP]d YL_`]P ZQ ^LN]TQTNP T_^PWQ YLXPWd T_^ PQQTNTPYNd LYO PcNPWWPYNP ?SP OP^N]T[_TZY wA£d` T^ _SP ^bTQ_P^_OPT_dxT^_SP]PQZ]PNWPL]WdYPPOPOQZ]_SPTYU`YN_TZYLYO^SZ`WO MP ]PNZRYTePO L^ SPW[TYR _SP LNNZX[WT^SXPY_ ZQ _SP ^LN]TQTNP]v^ [`] [Z^P ,NNZ]OTYR _Z 6`X£]TWL _SP]P T^ LWbLd^ X`_`LW OP[PYOPYNP ZQ _SP ,]_SLa£OL LYO _SP PcNPWWPYNP ZQ _SP ]T_P LYO ^_L_PXPY_^ LMZ`_ OPT_TP^ L]P ]P\`T]PO _Z TYOTNL_P _SP WL__P] -`_ ^`NS ^_L_PXPY_^ NLYYZ_ Pc[]P^^ LYd_STYRZ_SP]_SLY_SPPcNPWWPYNPZQ^LN]TQTNPLYO^dXMZWTNLWWdSTY_L_ _SP LNNZX[WT^SXPY_ ZQ L NSP]T^SPO PYO ?SP TYU`YN_TZY^ PYUZTYPO L]P LWbLd^ZQ[]TXL]d TX[Z]_LYNPLYO_SPdL]PXLOPP\`LWWdL__]LN_TaP LYO PcNPWWPY_Md_SP,]_SLa£OL[L^^LRP^-`__SP]PT^LYLM^ZW`_POTQQP]PYNP MP_bPPY _SP _bZ _SP TYU`YN_TZY^ MPTYR _SL_ bSTNS T^ _Z MP SPW[PO Md []LT^PLYO_SP,]_SLa£OL_SL_bSTNSSPW[^4_T^TXXL_P]TLWbSP_SP]_SP OP^N]T[_TZY ZQ L RZO T^ QLW^P Z] YZ_ MPNL`^P PT_SP] bLd T_ ^`[[Z]_^ _SP ^LN]TQTNP Md T_^ WL`OL_Z]d Q`YN_TZY 7TVP _SP L]_SLa£OL [L^^LRP^ XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 8LWLXZ`O .ZZVTYR_SPBZ]WO 1Z]_SPQZWWZbTYR^PP6`X£]TWL ?LY_]LaL]__TVL LO>¼_]L"_]LY^5SLz!
"!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_]L^ _ZZ L]P ^`MZ]OTYL_P 6`X£]TWLv^ ?LY_]La£]__TVL NZY_LTY^ L OT^N`^ ^TZY ZY _SP XPLYTYR Z] XPLYTYRWP^^YP^^ ZQ XLY_]L^ _SP QTYLW [Z^T_TZY MPTYR _SL_ _SPd SLaP XPLYTYR TY _P]X^ ZQ _SPT] wTYOTNL_TaP [ZbP]x WT«RL LYO L`cTWTL]d Q`YN_TZY ?SP XLY_]L^ L]P []LT^TYR LN_^ L^ bPWW :YWd bSPY LOOPO _Z _SP [Sd^TNLW ]T_`LW [P]QZ]XLYNP bSTNS TYNW`OP^ LN_TaT_TP^ ^`NS L^ _S]P^STYR LYO [Z`YOTYR NZ]Y _Z XLVP _SP ^LN]TQTNTLW NLVPP_NbTWW_SP]T_PM]TYR_SPMP^_]P^`W_^9ZXLY_]LLYOYZOP^N]T[ _TZY T^XPLYTYRWP^^Z]`^PWP^^ ,W_SZ`RSL ^_L_PXPY_ ^`NSL^w;]LU£[L_T N`_ Z`_ ST^ ZbY QL_ LYO [`_ T_ TY_Z _SP ^LN]TQTNPx X`^_ MP U`ORPO _Z MP WT_P]LWWd QLW^P _SP]P T^ L _]`P XP_L[SZ]TN NZY_PY_ bSTNS NLY MP QTR`]PO Z`_ Md WTYR`T^_TN LYLWd^T^ P_dXZWZRd _SP ^TXTWL]T_d ZQ aP]MLW ^Z`YO^ P_N 6`X£]TWL TY_P][]P_^ T_ TY ^PaP]LW bLd^ PR ;]LU£[L_T MPTYR _SP PWPXPY_^ L^ _SP^P ^`[[Z]_ [£Y_T _SP WTaTYR MPTYR^ []LUÓ£à & LYO _SP QL_ OPYZ_TYR _SP TYYP]XZ^_ P^^PYNP ZQ _SP^P PWPXPY_^ P_N 0aPY _SZ`RS TY6`X£]TWLv^PcPRP^T^_SPRZO^^PPX_ZQLOPTY_ZLWWPRZ]TP^SPPX[SL ^TeP^ _SL_ _SP]P T^ LWbLd^ L ]PLW ^`M^_]L_`X ?ST^ ^`M^_]L_`X T^ L ZMaT Z`^WdYZ_L[P]^ZYM`_LXPY_LW]PLWT_d 4Y^_PLOZQPXMZOTPORZO^^`[P]S`XLYLN_Z]^Z]ZXYT^NTPY_MPTYR^ _SP 8¯X£À^LVL^ PX[SL^TeP _SP N]PL_TaP ]ZWP ZQ WLYR`LRP LYO ]T_`LW LN_TZYBZ]O^SLaP_SPNL[LNT_d_Z[]ZO`NPLwXPY_LWTXLRPxbSTNST^L [ZbP]Q`WLTOTY]T_P^?SPRZO^L]PNZYNP[_`LWPY_T_TP^bT_SZ`_bSZXYZ ^LN]TQTNPNLY_LVP[WLNP?SPZMWL_TZYT^ZQQP]PO_Z_SPX3ZbPaP]T_T^ XZ^_N]`NTLWQZ]_SP8¯X£À^LVL^_SL_T_T^YZ__SPRZO^bSZMP^_Zb_SP ]P^`W_^ZQ_SP^LN]TQTNPM`_]L_SP]_SP[ZbP]ZQ_SP]T_PT_^PWQ?ZL^^`XP _SP OPT_TP^ _Z MP []ZaTOP]^ TP L^ LN_TaP PYRLRPO MPTYR^ bZ`WO MP LY `YYPNP^^L]d NZX[WTNL_TZY BP ]PNLWW _SP TOPL _SL_ _SP ^LN]TQTNTLW LN _TZYT_^PWQRPYP]L_P^LYTYaT^TMWPN]PL_TaPQZ]NP_SL_M]TYR^LMZ`_PQQPN_^ _SL_ bP]PYPT_SP]VYZbYYZ]SLaPPcT^_POMPQZ]P L[¼]aL ,[¼]aLNLY YZ_ MP [P]NPTaPO YZ] ^[ZVPY ZQ YZ] aP]TQTPO YZ] []ZaPO 4_ T^ XZ^_ WT_P]LWWd LY `YVYZbY [ZbP] _SL_ NLY ZYWd MP Pc[]P^^PO YPRL_TaPWd% L [¼]aL YZ_ [¼]aL YZ_ SLaTYR MPPY _SP]P MPQZ]P -`_ ^`NS LY L[¼]aL [ZbP] X`^_ MP ]L_TZYLWWd L^^`XPO MPNL`^P Z_SP]bT^P _SP]P bZ`WO MP WT__WP ^PY^P TY _SP APOTN TYU`YN_TZY^ _SL_ PYUZTY ]T_`LW LN_TZY^ QZ] ^`NS LYO ^`NS L RZLW PR w/P^T]Z`^ ZQ SPLaPY ZYP ^SZ`WO ^LN]TQTNPx ,N ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6`X£]TWL ?LY_]La£]__TVL LO >¼_]L^ z ,NNZ]OTYR _Z 6`X£]TWL _SP]P T^ YZ PaTOPYNP z YPT_SP] TY _SP APOL YZ] TY Z]OTYL]d Pc[P]TPYNP z _SL_ _SP XLY_]L^ _SPX ^PWaP^M]TYRLYd^`[P]YL_`]LW]P^`W_ 6`X£]TWL ?LY_]La£]__TVL LO >¼_]L _]LY^ 5SL aZW z ,_ QT]^_ ]PLO TYRT_L[[PL]^_SL_6`X£]TWLLNNP[_^TY_ST^[L^^LRP_SPTOPLZQ;]LU£[L_TSLaTYRN]P L_PO _SP bZ]WO Md ST^ ^PWQXZ]_TQTNL_TZY M`_ _LVP^ _SP APOTN OP^N]T[_TZY L^ L P`WZRd _Z_SP[ZbP]ZQ^LN]TQTNPbSTNSNLY[]ZO`NPTXXPOTL_P]P^`W_^3T^`W_TXL_P[Z^T_TZY T^_SL__SPOP^N]T[_TZYT^WT_P]LWWdQLW^PM`_SL^LXP_L[SZ]TNNZY_PY_ >PPLW^Z.WZZYPdv^\`Z_L_TZY^LYOOT^N`^^TZYTYwBSL_v^LRZO*x "
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
""
NZ]OTYR _Z _SP 8ÅX£À^£ _SP ^LN]TQTNTLW ]T_P RPYP]L_P^ ^ZXP_STYR NZX [WP_PWd YPb% _SP L[¼]aL [ZbP] LYO T_^ MPYPQTNTLW PQQPN_^ ^`NS L^ LY `Y_]Z`MWPO UZ`]YPd L SPLW_Sd WTQP LYO SPLaPY 6`X£]TWL ]PXL]V^ _SL_ YZ_PaPYLQZZWbTWW LN_bT_SZ`_[`][Z^P1Z] _ST^[^dNSZWZRTNLWPc[PN _LYNd _Z MP ^L_T^QTPO SP ^`RRP^_^ _SP _P]X ^aL]RLV£XL wMd ZYP OP^T] Z`^ ZQ SPLaPYx _Z MP LOOPO _Z _SP TYU`YN_TZY w_SP AT²aLUT_ ^LN]TQTNP T^ _Z MP [P]QZ]XPOx aT²aLUT_£ dLUP_L 6`X£]TWL NLY ^`RRP^_ _ST^ MZWO LOOT_TZY MPNL`^P ZQ ST^ RPYP]LW WLYR`LRP _SPZ]d BZ]O^ N]PL_P X`_`LW Pc[PN_LYNd% aP]MLW NZX[]PSPY^TZY T^ [Z^^TMWP ZYWd Q]ZX ^dY_LN_TNLWWd NZX[WP_P ^PY_PYNP^ LYO T^ _SP]PQZ]P YPNP^^L]d _Z ^`[[Wd ZXT__PO bZ]O^ Z] ZXT__PO XPLYTYR LNNZ]OTYR _Z ;]LMS£VL]L _Z XLVP ^PY^P ZQ ^_L_P XPY_^ 4Y PaP]dOLd NZYaP]^L_TZY bSPY SPL]TYR LY TYNZX[WP_P ^PY_PYNP ^`NSL^wz_SPOZZ]xPaP]dMZOdbTWW`YOP]^_LYOLWZYRbT_ST_^ZXPaP]M WTVP wZ[PYxZ]wNWZ^Px_ZQZ]XL^dY_LN_TNLWWdNZX[WP_P^PY_PYNP 7TVP bT^P TY _SP APOTN TYU`YN_TZY waT²aLUT_£ dLUP_Lx _SP bZ]O ^aL]RLV£XL X`^_MPLOOPO_ZXLVPT_NZX[WP_PLYO_ZQ`WQTWW_SP^dY_LN_TNLWL^bPWW L^_SP[^dNSZWZRTNLWPc[PN_LYNd -Z_S SPLaPY LYO RZO^ MPWZYR _Z _SP `Y^PPY ^[SP]P M`_ _SP]P T^ LY TX[Z]_LY_ OTQQP]PYNP ?SP RZO^ L]P ]PLWWd []P^PY_ TY _SP ]T_`LW bSP]PL^ SPLaPY T^ YZ_ >aL]RL T^ L Q`_`]P ]P^`W_ LYO []P^PY_Wd ZYWd PcT^_^ L^ []ZXT^P LYO OP^T]P 4Y NZY_]L^_ _Z _SP RZO^ _SP]P T^ YZ OP^N]T[_TZY ZQ SPLaPY BSP]PL^ _SP OPaL_£ T^ LNSTPaPO SPLaPY T^ YZ_ dP_ LNSTPaPO 4_ T^ _SP P[T_ZXP ZQ L[¼]aL _SP `YVYZbY ]PXZ_P NZY^P\`PYNP bSTNS T^ `Y[]PNPOPO `YQZ]P^PPY ]LOTNLWWd YPb LYO TYNZX[L]LMWP LYO dP_ L NSP]T^SPO RZLW 3PLaPY _SP `YVYZbY ^`XX`X MZY`X bSTNS NLYYZ_ PaPY MP LY_TNT[L_PO T^ _SP RZLW LYO WTVPbT^P L SL[[d LYO `Y_]Z`MWPO WTQPbSTNSNLYMPPL^TWdLY_TNT[L_POM`_YZ__SPRZO^Z]_SPT]OPWTRS_ Q`W [L]LOT^P ZQ NZY^_LY_ SPLaPYWd SZWTOLd^ .WZZYPd LYO ;L__ZY XLVP LY TX[Z]_LY_ [ZTY_ bSPY _SPd PX[SL^TeP _SP RZLW L^ _SP wQ]LXPx ZQ ^LN]TQTNP !-`_T_T^WP^^NWPL]bSP_SP]_SPw]PLWT_dxZQ_SPRZO^LYO_SP PXZ_TZYLW L[[PLW bL^ TX[Z]_LY_ _Z _SP 8TX£À^LVL^ L_ LWW ?SPT] XLUZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =LUL 4YOTLY ?SPZ]TP^ ZQ XPLYTYR ! "z"& ZY _SP bSZWP L]R`XPY_ LYO ;]LM S£VL]Lv^aTPbbSZSZWO^_SL_ZYWd_SPXPLYTYRLYOYZ__SPbZ]OSL^_ZMP^`[[WTPO ^PP !z! ?ST^[ZTY_T^XLOPMd2ÆNS_P] 3P]XPYP`_TN^ ! ?SP TOPL ZQ wQ]LXTYRx T^ NZYaTYNTYRWd `YOP]WTYPO Md ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO "z"%w.WZZYPd^`RRP^_^_SL__SPRZLWZQ_SP]T_`LW^P]aP^L^T_^uQ]LXPv^TXT WL]_Z_SPbLdTY bSTNS_SPNZY_Pc_ZQ _SP ^[PLVTYR^T_`L_TZY^P]aP^ L^_SPQ]LXPQZ] NP]_LTYXP_ZYdXTNWTYVLRP^ ,]_SL _SPYTYT_^^PY^PL^ uRZLWZQ_SP]T_`LWv XTRS_MP aTPbPOL^L[^dNSZWZRTNLWQ]LXP_SL_OP_P]XTYP^_SPbLdAPOTN]T_`LWWLYR`LRPQ`YN _TZY^LYO_SL_L^[PN_^ZQLY`__P]LYNPL]PPX[SL^TePOZaP]Z_SP]L^[PN_^4Q_SP L]_SL T^bPLW_S_SPY_SP[^dNSZWZRTNLWXZ_TaL_TZY^_Z^PWPN_Z`_NP]_LTY OPaL_£^LYO_ZSPL] NP]_LTYL^[PN_^ZQLYPY_T]P]PNT_PO^¼V_L L^]PWL_PO_ZbPLW_SbTWWMPRPL]POTY_SL_OT ]PN_TZYx
"#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
ZMUPN_TaP T^ _SP ^LN]TQTNP ?SP RZLW ZQ _SP ^LN]TQTNP LYO _SP _]`^_ TY _SP APOLLYO_SP`Y^PPY[ZbP]ZQ]T_`LWT^XZ_TaL_TZYPYZ`RSLYOTYaZVTYR _SPRZO^^`[[Z]_^T_ " .WZZYPdv^ NZYNW`^TZY ^SZ`WO MP `YOP]WTYPO _SL_ TY ^[T_P ZQ _SP []T XLNd ZQ WLYR`LRP wT_ ]PXLTY^ QT]^_ LYO QZ]PXZ^_ L _SPZ]d TY_PY_TZYLWWd ]ZZ_PO TY _SP OdYLXTN^ ZQ WLYR`LRP L^ []LcT^x # ?SP [ZTY_ bSP]P bP OP[L]_ T^ .WZZYPdv^ Z[TYTZY ^_]ZYRWd PX[SL^TePO Md ;L__ZY _SL_ _ST^ wOZP^YZ_aPP]ZQQTXXPOTL_PWdTY_ZL_SPZ]dZQWLYR`LRPx $zbSTNSbP NZY^TOP] _Z MP aT_LW QZ] _SP aP]d ^LWaL_TN []ZUPN_ L^ PYaT^TZYPO Md _SP 8ÅX£À^£ ?SPT] w_SPZ]d ZQ WLYR`LRPx Pc[WLTY^ _SP wOdYLXTN^ ZQ WLY R`LRP L^ []LcT^x ?SPZ]d XPLY^ SP]P L ]PQWPN_TZY ZY bSL_ ^[PPNS NLY OZ YLXPWd N]PL_P ]PLWT_TP^ ?SP _SPZ]d ZQ WLYR`LRP Pc[WLTY^ bSd _SP APOL Z[P]L_P^ ZY MZ_S WPaPW^ _SP ^PPY LYO _SP `Y^PPY ?SP APOL OZP^ ^Z []PNT^PWd MPNL`^P ZQ T_^ aP]MLW YL_`]P BZ]O^ NZXX`YTNL_P QT]^_ ZQ LWW TOPL^ L]_SL TY _SP ^PY^P ZQ XPLYTYR LYO ^PNZYOWd ZMUPN_^ L]_SL TY _SP ^PY^P ZQ PX[T]TNLW _STYR^ LNNZ]OTYR _Z 6`X£]TWL 4_ T^ ZYWd WLY R`LRP Z] ²LMOL _SP bZ]O _SL_ PYNZX[L^^P^ _SP ^PPY LYO _SP `Y^PPY SL^LNNP^^_ZMZ_S^[SP]P^ LYOXLVP^_SPX TY_P]^`MUPN_TaPWdNZXX`YT NLMWP TY NZY_]L^_ _Z XP]P _SZ`RS_ 7LYR`LRP LWZYP SL^ _SP ^`[]PXP LYO Pc_]LZ]OTYL]d [ZbP] _Z RPYP]L_P NZRYT_TZY^ _SL_ []P^PY_ ZMUPN_^ ZQ _SP [L^_ []P^PY_ LYO Q`_`]P R]Z^^ LYO ^`M_WP ]PXZ_P LYO YPL] w^PPYx LYOw`Y^PPYx4_N]PL_P^TYZ`]XPY_LWaT^TZYL_WPL^_QZ]L_TXPZMUPN_^ bSTNS OZ YZ_ ]PLWWd PcT^_ :_SP] XPLY^ ZQ VYZbWPORP []LX£©L ^`NS L^ ^PY^Z]d [P]NP[_TZY []L_dLV´L OZ YZ_ SLaP _ST^ `YT\`P [ZbP] ZQ ²LMOL?ST^T^L[[L]PY_Wd_SP]PL^ZYbSd_SP8ÅX£À^£NWLTX_SL_ ²LMOL T^ L ^P[L]L_P []LX£©L aLWTO XPLY^ ZQ VYZbWPORP% ²LMOL YZ_ ZYWd _SP bZ]O ZQ _SP APOL XLVP^ `YVYZbY _STYR^ VYZbY ?ST^ aT_LW ]ZWP ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?ST^T^aP]dX`NSTYWTYPbT_S.WZZYPdv^NT_L_TZY^TYwBSL_v^LRZO*xz #" "Q # .WZZYPdwBSL_v^LRZO*x"$ $ .WZZYPdwBSL_v^LRZO*x"$&;L__ZY -]TYRTYR_SP2ZO^_Z8TYO " ,NNZ]OTYR_Z=>L^_]T 8¯X£À^£²WZVLa£]__TVL $bSZ\`Z_P^Q]ZX_SP ±WZVLa£]__TVL zAP]^P!% L_dLY_£^L_dL[TUÓ£YLXL]_SP²LMOLàVL]Z_TSTgg 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd ""z# [ZTY_^ Z`_ _SL_ ^PY^P [P]NP[_TZY LYOTYQP]PYNPL]P]PNZRYTePOMdLWWNWL^^TNLW^NSZZW^ZQ4YOTLY[STWZ^Z[SdLYOTYQLN_ `YTaP]^LWWdL^TX[Z]_LY_XPLY^_ZL]]TaPL_aLWTOVYZbWPORPbSP]PL^_SPwbZ]OxZ] waP]MLW _P^_TXZYdx T^ YZ_ LNNP[_PO Md LWW LYO TY QLN_ [PN`WTL] _Z 4YOTL LYO _Z _SP 8¯X£À^£ TY [L]_TN`WL] z LW_SZ`RS YZ_ PcNW`^TaPWd YZ] U`^_ ]P^_]TN_PO _Z _SP APOL PaPY LXZYR _SP 8¯X£À^LVL^ 3T]TdLYYL ^`[[Z^P^ _SL_ TY _SP MPRTYYTYR ²LMOL []LX£©L bL^U`^_L^dYZYdXQZ]^d^_PXL_TePO_]LOT_TZYbT_STYOTQQP]PY_^NSZZW^[L] _TN`WL]Wd QZ] ]PaPWL_TZY^ LMZ`_ _STYR^ _SL_ L]P YZ_ VYZbLMWP Md XP]P ]PL^ZY LYO [P] NP[_TZY?SP]L_TZYLWPMPSTYO_SPLNNP[_LYNPZQ²LMOLL^L[]LX£©LTYT_^ZbY]TRS_T^ Pc[WLTYPOMd3T]TdLYYLMd_SPQLN__SL_ZYWdL^XLWW[L]_ZQL[P]^ZYv^VYZbWPORPSL^ MPPYZM^P]aPOZ]OPO`NPO MdSTX Z]SP]^PWQ& XZ^_ZQ bSL_ bPVYZb OP[PYO^ZY _SP _P^_TXZYdZQZ_SP]^
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
"$
²LMOL Pc[WLTY^ bSd ±LML]L OPaZ_P^ L WPYR_Sd OT^N`^^TZY _Z WLYR`LRP _SPZ]d ]TRS_ L_ _SP MPRTYYTYR ZQ ST^ NZXXPY_L]d bSP]PL^ ST^ WL_P] OT^N`^^TZYZQ L[¼]aL _LVP^`[WP^^^[LNP 6`X£]TWLv^ ±WZVLa£]__TVL QZWWZb^ ZY _SP WTYR`T^_TN LRPYOL LYO LOO^ L WPYR_Sd OT^N`^^TZY ZQ _SP []LX£©L^ TP _SP XPLY^ Z] PaTOPYNP _SL_ WPLO _Z aLWTO VYZbWPORP []LX£ ?ST^ T^ YPNP^^L]d MPNL`^P 6`X£]TWLv^ []TXP RZLW T^ _SP P^_LMWT^SXPY_ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL LYO T_^ `YOZ`M_PO aLWTOT_d L^ L `YT\`P XPLY^ ZQ VYZbWPORP NZYNP]YTYR `Y^PPY _STYR^ ^`NS L^ OSL]XL LYO SPLaPY :Q _SP ^Tc []LX£©L^bSTNSSPLNNP[_^ _SPQT]^__S]PPL]P_SPXLUZ]ZYP^%^PY^Z]d [P]NP[_TZY TYQP]PYNP LYO bZ]O aP]MLW _P^_TXZYd 0aPY _SZ`RS _SP _ST]O ZYP T^ ZQ NZ`]^P _SP XZ^_ N]`NTLW QZ] _SP 8ÅX£À^£ _SP ^_L]_TYR [ZTY_ LYO QZ`YOL_TZY ]PXLTY^ ^PY^Z]d [P]NP[_TZY 4Y OT^N`^^TYR DZRTN VYZbWPORP LYO NWLTX^ ZQ ZXYT^NTPYNP _STYR^ bSTNS L]P TX[P]NP[_TMWP LYO QLWW Z`_^TOP _SP ]LYRP ZQ ]PL^ZYLMWd LNNP[_LMWP []LX£©L^ 6`X£]TWL _LVP^ []TOP TY NZY_]L^_TYR _SP 8ÅX£À^£ [Z^T_TZY bT_S Z_SP] OZN_]TYP^3P^PP^_SPaP]d^_]PYR_SZQ5LTXTYTv^[Z^T_TZYTY_SPQLN__SL_ ZYWd_STYR^_SL_NLYMPTXXPOTL_PWd^PPYLYOQLWWTY_Z_SP]PLWXZQ^PY ^Z]d [P]NP[_TZY L]P LNNP[_PO ?ST^ XL_P]TLWT^_TN Z] YL_`]LW [P]NP[_TZY _SPZ]d LW^Z L[[WTP^ _Z APOTN ^LN]TQTNP% _SP aP]d ^_L]_TYR [ZTY_ LYO ML^P T^ _SP [Sd^TNLW ^LN]TQTNP bSP]PL^ _SP N]PL_TaP L^[PN_ ZQ ]T_`LW LN_TZY M]TYRTYRLMZ`_Q`_`]PSL[[TYP^^P_NXLdZYWdMPTYQP]]POBSTWP^LN]T QTNP Z[P]L_P^ TY _SP aT^TMWP OTXPY^TZY ZQ ]PLWT_d LYO SL^ LY PYO T_^ Q]`T_^ z LYO _SP ^`XX`X MZY`X TY [L]_TN`WL] z L]P Md OPQTYT_TZY `Y VYZbLMWPPcNP[_QZ]_SPT]PaTOPYNPTY_SPAPOL>ZYZ_STYRPW^PT^WPQ_ LYO YZ] T^ LYd_STYR YPPOPO Z_SP] _SLY _Z QZWWZb _SP APOTN TYU`YN_TZY^ 4YOPPO _SP []TXLNd ZQ WLYR`LRP ]PXLTY^ QT]^_ LYO QZ]PXZ^_ L _SPZ]d TY_PY_TZYLWWd]ZZ_POTY_SPOdYLXTN^ZQWLYR`LRPL^[]LcT^ ?SP 8TX£À^£VL^v XZOP ZQ APOL ]PNP[_TZY T^ L OPP[ _]`^_ TY _SP _]`_SZQ_SPAPOTN_Pc_L^T_T^LYO_SPT]LRPYOLT^]L_SP]LQ`YOLXPY_LW T^_ZYP_Z[]P^P]aP-`__SPdOZ^ZTYLYZYQ`YOLXPY_LWT^_bLdMd_SPT] STRSWd ]L_TZYLW L]R`XPY_L_TZY ?SPT] ]T_`LW LYO WTYR`T^_TN [STWZ^Z[Sd TWW`^_]L_P^ L QL^NTYL_TYR XP]RP] ZQ PXLYNT[L_TZY LYO [L]_TNT[L_TZY% ZY _SP ZYP SLYO LY LWXZ^_ wL_SPT^_TNx Z] LRYZ^_TN ]L_TZYLWT^X LYO ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] _SP R]PL_ NZY_]TM`_TZY^ ZQ 6`X£]TWL _Z RPYP]LW WTYR`T^_TN^ ^PP =LUL ?SPZ]TP^ ZQ XPLYTYR bSZNT_P^6`X£]TWLQ]P\`PY_Wd >PY^P[P]NP[_TZY []L_dLV´LTYQP]PYNP LY`X£YLbZ]O ²LMOL Z]aP]MLW_P^_TXZYd NZX[L]T^ZY Z] LYLWZRd `[LX£YL []P^`X[_TZY Z] Sd[Z_SP^T^ L]_S£[L__T LYO YZY L[[]PSPY^TZY LY`[LWLMOSTLW^ZNLWWPOwYZYPcT^_PYNPx LMS£aLTP_SPVYZbWPORP ZQLM^PYNP1Z]L^SZ]_OT^N`^^TZY^PP3T]TdLYYL :`_WTYP^ZQ4YOTLY;STWZ^Z[Sd #z >PP 6`X£]TWL ±WZVLa£]__TVL z _]LY^ 2LYRLYL_SL 5SL .LWN`__L% -L[_T^_ 8T^^TZY;]P^^$$
#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
Z_SP] SLYO L NZX[WP_P ]PXd_STQTNL_TZY ZQ _SP APOL L^ LY P_P]YLW `__P] LYNPLYOzaTL_SP^LXPRPYP]LW_SPZ]dZQbZ]OLYOXPLYTYR ²LMOL LYO L]_SL NZ`[WPO bT_S ]T_`LW []LRXL_T^X z L^ LY TYOP[PYOPY_ XPLY^ _Z aLWTOVYZbWPORPZ] w²LMOL[]LX£©Lx .WZZYPd^`^[PN_^_SL__SP8¯X£À^LVL^vePLWQZ]XTYTXTeTYR_SPPc _]LYPZ`^ ]PLWT_d ZQ OPT_TP^ T^ L ]PLN_TZY _Z _SPT] ]PWTRTZ`^ PYaT]ZYXPY_ TPL^Z]_ZQ]L_TZYLWT^_N`]PZQXZ]P[Z[`WL]NZYNP[_TZY^ZQOPaL_£^LYO _SPT]LN_TaP]ZWP^TY]T_`LWLYO_SPZWZRdz^`NSMPWTPQ^MPTYRTY_SPPdP^ ZQ _SP 8ÏX£À^LVL^ wZQ_PY OPWP_P]TZ`^x ! ?ST^ T^ TYOPPO STRSWd []ZM LMWP LYO TY _ST^ ]P^[PN_ _SP]P T^ L N`]TZ`^ OP_LTW LMZ`_ 6`X£]TWLv^ ]L _TZYLWT_d _SL_ OP^P]aP^ ^[PNTLW XPY_TZY BP ^SZ`WO ]PXPXMP] _SL_ _SP _TXP^ SLaP NSLYRPO ^TYNP WL_P APOTN _TXP^ LYO 5LTXTYT YZ_ ZYWd TY _P]X^ ZQ LY TYQW`c ZQ ]L_TZYLW _SPZ]TP^ M`_ LW^Z TY _P]X^ ZQ YPb ]PWT RTZ`^XZaPXPY_^?SP]PL]PYPbZ[_TZY^YZ_ZYWdTYNSZZ^TYRL[]ZQLYP Z] ]PWTRTZ`^ WTQP ^_dWP M`_ LW^Z X`W_T[WP Z[_TZY^ bT_STY _SP ]PWTRTZ`^ QTPWO T_^PWQ 4Y 6`X£]TWLv^ _TXP _SP R]PL_ 7Z]O 2ZO^ ±TaL LYO AT´©` bP]P LW]PLOd QT]XWd P^_LMWT^SPO LYO LWZYR bT_S _SPX YPb ]T_P^ YPb N]PPO^ YPb ]PaPWL_TZY^ YPb P^Z_P]TN _PLNSTYR^ YPb ^Z_P]TZWZRTP^ LYO L [P]^ZYLW ]PWTRTZ^T_d bSTNS T^ YZ WZYRP] ]P^_]TN_PO _Z _SP -]LSXLY wL]T^_ZN]L_^x ?SP [ZbP]Q`W `YTaP]^LW RZO^ LYO _SPT] ]PaPWL_TZY^ SLaP MPNZXP ^P]TZ`^ ]TaLW^ _Z _SP APOL 4Y >Z`_SP]Y 4YOTL _PX[WP N`W_`]P L^^`XP^ [ZWT_TNLW OTXPY^TZY^ MPTYR ^[ZY^Z]PO Md LYO TY ^P]aTNP ZQ VTYR^ ?SP]P L]P YZb R]PL_ ¢RLXL _PX[WP^ ]T_P^ QZ] ]ZdLW ]`WP]^ LYO ^PY^Z]d XZOP^ ZQ TNZYTN bZ]^ST[ _SL_ L]P XZ]P [Z[`WL] _SLY _SP APOTN ]T_`LW^ =PWTRTZ`^ TXLRTYL_TZY SL^ ^STQ_PO _Z _SPT^X ?SP NZRYT_TaP ^PY^Z]d LYO PXZ_TZYLW L[[PLW ZQ _SP _SPT^_TN XZaPXPY_^ bL^ ^_]ZYR PaPY QZ] _SP APOL -]LSXTY^ 4_ ^PPX^ _SL_ 6`X£]TWL Z] ST^ QLXTWd NZ`WOYZ_]P^T^_PT_SP]3P]PaPLW^STX^PWQL^L±LTaL_SPT^_TY_SPTY_]Z O`N_Z]d XL«RLWL aP]^P ZQ ST^ ±WZVLa£]__TV£ ?ST^ MPYPOTN_Z]d aP]^P TYaZVP^ ±TaL TY L ^`RRP^_TaP V£adL WTVP ^_dWP " :YP bLd z TY QLN_ _SP XZ^_WT_P]LWbLdzZQ]PLOTYR_SPaP]^PT^%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4_bL^[]ZMLMWd;]£MS£VL]L"_SNPY_bSZQT]^_TOPY_TQTPO²LMOLLYOAPOLLYO^[ZVP ZQ _SP APOL LWZYP L^ w²LMOL[]LX£©Lx ?ST^ aTPb SLO ST^_Z]TNLW PQQPN_^% ²LMOL L^ L []LX£©LNZY_TY`P^_Z_ST^OLd_Z]P[]P^PY_ZYWd_SPAPOL>PP3T]TdLYYL :`_WTYP^ZQ 4YOTLY;STWZ^Z[Sd "#Y#bSZNSL]LN_P]TeP^;]LMSLVL]LL^_SPXZ]P[]LN_TNLW _d[PLYO6`X£]TWLL^_SPXZ]P]L_TZYLW_d[P ! .WZZYPdwBSL_v^LRZO*x"$ " aT²`OOSLUÓ£YLOPS£dL _]TaPO¯OTadLNLV´`´P g ²]PdL%[]£[_TYTXT¶¶£dL YLXLà ^ZX£]OSLO S£]T©P gg ±WZVLa£]__TVL PO >aLXT /aL]TVLOL^L >L^_]T AL]LYL^T% ?L]L ;`MW $"#
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
#
w=PQP]PYNP_Z3TXbSZbPL]^_SPN]P^NPY_XZZY3TXbSZ^PMZOdT^[`]P VYZbWPORP3TXbSZ^P_S]PPPdP^L]P_SP_S]PPAPOTLW_L]^LYObSZT^_SP ^Z`]NPQZ]_SPL__LTYXPY_ZQ_SPSTRSP^_RZZOx #
?ST^ ±TaL TXLRP T^ YZ_ ^Z X`NS Pc[]P^^TaP ZQ ±TaLv^ TNZYTN LY_S]Z[Z XZ][STN []P^PYNP L^ VYZbY TY ±LTaL ¢RLXL _PX[WP N`W_`]P ZQ >Z`_S P]Y 4YOTL M`_ ]L_SP] _SP bZ]O^ NSZ^PY STY_ L_ L XZ]P ^[T]T_`LW L^^P^^ XPY_ bSTNS T^ _d[TNLW QZ] _SP ±LTaT_P DZRL?LY_]L ZQ 9Z]_SP]Y 4YOTLY L^NP_TN_]LOT_TZY^ $3P]PbPSLaPLXZOPWTYbSTNSRZO^OZYZ_YPNP^ ^L]TWd SLaP _Z SLaP LY Pc_]LWTYR`T^_TN PcT^_PYNP ^TYNP ?LY_]TN OPT_TP^ L[[PL]QT]^_ZQLWWLYO^ZXP_TXP^ZYWdTY_SPT] XLY_]L^ LYOXPOT_L_TZY aP]^P^ OSd£YL²WZVL TYbSZ^P]PNT_LWLYOaT^`LWTeL_TZYbSTNS_SPRZO^ LYO _SPT] [ZbP]^ L]P XLOP []P^PY_ -`_ ZQ P\`LW TY_P]P^_ T^ _SP 8ÅX£À^£ [P]^[PN_TaP ZY _SP aP]^P ?SP NZXXPY_L_Z] ;£]_SL^£]L_ST 8T²]L _S NPY_ ,/ LNVYZbWPORP^ T_ L^ []LT^P ZQ _SP R]PL_ RZO ±TaL _SP WZ]O ZQ _SP `YTaP]^P aT²aP²aL]LÀ XLS£OPaLÀ ^_`_T M`_ MPTYR L ^_L`YNS 8¯X£À^LVL SP TY_P][]P_^ _SP ^LXP bZ]O^ \`T_P OTQQP]PY_Wd 4Y ST^aTPb_SPdLTXQZ]L^PNZYOL]dQTR`]L_TaPXPLYTYR% w aT²`OOSLUÓ£YLOPSL z ?SL_ bSZ^P MZOd T^ _SP VYZbWPORP [`]TQTPO Md _SP 8¯X£À^L ±£^_]L _]TaPOTOTadLNLV´`´P z ?SL_ bSTNS T^ XLYTQP^_PO Md _SP _S]PPAPOL^ ^ZX£]OSLOSLOSL]T©P z?SL_bSTNST^P\`T[[PObT_SaP^^PW^ZQ >ZXL,WW_SP^PP[T_SP_^TY_ST^NL^P]PQP]_Zu^LN]TQTNPv dLUÓL x ?ST^ ^ZXPbSL_ QZ]NPO w]PLWx ^PY^P ^`RRP^_PO Md ;£]_SL^£]L_ST NL[_`]P^ QLT_SQ`WWd6`X£]TWLv^aTPbZQRZO^TY_SPXLTYMZOdZQST^bZ]V^3Zb _Z XLVP ^PY^P ZQ _ST^ TY_]ZO`N_Z]d aP]^P LYO _SP OZ`MWP PY_PYO]P wSPL]Ox Md ;£]_SL^£]L_ST* 4^ _SP aP]^P L WL_P] LOOT_TZY* z bSTNS bZ`WO MP L ]L_SP] `Y`^`LW LYO PL]Wd TY_P][ZWL_TZY []TZ] _Z _SP _S NPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 5SL6`X£]TWL-SL¶¶L .WZVLa£]_TVL _]LY^WL_P^SP]P%w=PQP]PYNP_Z3TXbSZbPL]^ _SPN]P^NPY_XZZYz3TXbSZT^PXMZOTPOTY[`]PNZY^NTZ`^YP^^3TX bSZ^P_S]PP PdP^L]P_SP_S]PPAPOL^LYObSZT^_SP^Z`]NPQ]ZXbSTNSLWW[]Z^[P]T_dQWZb^x $ 1Z] TY^_LYNP ZYP _d[TNLW TOPL T^ _SL_ ±TaLv^ wMZOdx T^ [`]P VYZbWPORP Z] _SL_ _SP _S]PPPdP^L]PNLWWPO_S]PPAPOT^APOTNQT]PLW_L]^bSTNSOPYZ_PSP]P_SPDZRTN^`Y XZZY LYO QT]P TP DZRTN?LY_]TN [Sd^TZWZRd ?SP^P NZYNP[_`LWTeL_TZY^ OZ YZ_ ^PPX _Z MPWZYR _Z _SP >Z`_S 4YOTLY ¢RLXL ZQ _SP ±LTaL >TOOS£Y_L >ZXP _]LOT_TZYLW ^Z`]NP^OP_P]XTYP6`X£]TWLv^YL_TaP[WLNPTY_SP>Z`_SbSP]PL^Z_SP]^[WLNPSTXTY _SP9Z]_SQ]ZXbSP]PSPXTR]L_PO_Z_SP>Z`_SLYO[P]^PN`_PO-`OOST^_^LYO5LTYL^ ^PP6LaT]LUv^TY_]ZO`N_TZY_Z_SP?LY_]La£]__TVLc aT²`OOSLX X¯X£À^Ld£ ^LÀ²ZOST_LÀ UÓ£YLX PaL OPSZ dL^dL g _]TaPOdPaL OTadLÀ NLV´`à []LV£²LVLÀ dL^dL g ^ZXL^dL L]OSLÀ ^_S£YLÀ R]LSLNLXL^£OT _LO OS£]T©P T_T dLUÓL[LV´Pu[T^L«RLNNSL_Pgg 9d£dL]L_Y£VL]L ZY ±WZVLa£]__TVL PO>aLXT/aL]TVL OL^L>L^_]T_]LY^WL_POMd5SL6`X£]TWL-SL¶¶L .WZVLa£]_TVL Y 4Y_P][ZWL_TZY^RPYP]LWWd[P]_LTY_Z_SPXLTYMZOdZQL_Pc_LYOL]P_ZZ`]VYZbWPORP `YVYZbYNZYNP]YTYR XL«RLWL aP]^P^4Y_ST^NL^PLWL_P]LOOT_TZYXLdYZ_PY_T]PWdMP ]`WPO Z`_ , ^_]`N_`]LW [L]LWWPW NLY MP ^PPY TY _SP QLN_ _SL_ XLYd OPaZ_TZYLW >_Z_]L^ L]PL__]TM`_PO_Z_SP ^_]TN_ ,OaLT_LAPO£Y_TY ±L«VL]LzL XLUZ][L]_ZQ_SPSdXY^ZQ ^_LYOL]O -SL_^_Z_]L]L_Y£VL]L NZWWPN_TZY^L]PL^N]TMPO_ZSTX,[L]_Q]ZX_SP`]RP_Z
#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
BL^ _SP]P L ]ZdLW ±LTaT_P ^[ZY^Z] bSZX 6`X£]TWL bLY_PO _Z [WPL^P* 1Z]]ZdLW[L_]ZYLRPX`^_MPL^^`XPOQZ]LWWbZ]V^ZQWL^_TYRTYQW`PYNP :] T^ T_ [Z^^TMWd LY L]_T^_TN XZOP]Y aP]^TZY ZQ L]_SLa£OL L OPXZY^_]L _TZY_SL_OTaTYPLRPY_^L]PM`_]T_`LWQ`YN_TZY^TYNW`OTYR_SPR]PL_7Z]O 2ZO^_Z`YOP]WTYP_SP[]P^_TRPZQ_SPAPOLLYO_SPWL^_TYRYPNP^^T_dZQ APOTN ^LN]TQTNP* ,WW _SP^P TY_P][]P_L_TZY^ L]P [Z^^TMWP M`_ _SP WPL^_ ^[PN`WL_TaP ZYP T^ _SP XZ^_ QWLMMP]RL^_TYR% 6`X£]TWL XLVP^ STX^PWQ VYZbY L^ ±LTaLT_P _SPT^_ TY L ^ZXPbSL_ STOOPY bLd ?ST^ bZ`WO MP L [P]QPN_NL^PZQwNZOP^bT_NSTYRxLYPc[]P^^TZYZQL[]TaL_PLYOZQQTNTLW ^TOP ZQ 6`X£]TWL LYO bZ`WO XLdMP PaPY ]PaPLW ST^ ^PN]P_ TOPY_T_d L^ DZRTN ?LY_]T^_ bSZ [P]QZ]X^ ST^ P^Z_P]TN ]T_P^ OLTWd LQ_P] _SP [`MWTN APOTNZYP^:]WP^^^[PN_LN`WL]%MdXPLY^ZQ_SPMPYPOTN_Z]daP]^PSPT^ ^TX[WdSZYZ]TYRST^±LTaLT_PQLXTWd_]LOT_TZYLYOST^QLXTWdOPT_d ?SPXP^^LRPZQ_SPaP]^PTQU`c_L[Z^PObT_S_SPXLTYMZOdZQ_Pc_ T^QL^NTYL_TYR,^L[]TaL_PXLY6`X£]TWLT^L_SPT^_ LYO±TaLOPaZ_PP M`_ SP OPWTMP]L_PWd STOP^ ST^ TYNWTYL_TZY MPSTYO ST^ YZY_SPT^_ PaPY L_SPT^_ ^_]TN_Wd ^NTPY_TQTN L[[]ZLNS []ZXZ_TYR L []LRXL_TN ]L_TZYLWT^X LYO LY wL]PWTRTZ`^ ]PWTRTZYx _SL_ NLY OZ bT_SZ`_ `Y[]ZaPY ^`[P]S`XLY LN_Z]^ LYO bSP]PTY ^LN]TQTNP _LVP^ _SP []TXP LYO ZYWd [WLNP ,^ LY LOSP]PY_ZQ±LTaLDZRL?LY_]LSPZ]ST^QL_SP]bTWWVYZbLYO[]LN_TNP XLY_]L]P[P_T_TZYLYOL[[WdaT^`LWTeL_TZY_PNSYT\`P^M`_L^LYTY_PWWPN _`LW]L_TZYLWT^_LYO8ÅX£À^£[STWZ^Z[SP]SPT^L^VP[_TNLYO^`^[TNTZ`^ ZQ ^[PNTLW aT^TZYL]d DZRTN TY^TRS_ ZXYT^NTPY_ LRPYNd Z] ^`[P]YL_`]LW [ZbP]^ bSTNS ±LTaL ?LY_]TN^ z ZY _SP Z_SP] SLYO z QT]XWd MPWTPaP TY LYO ^PPV 3T^ Z[_TZY T^ NWPL] 3P OZP^ YZ_ b]T_P L bZ]V ZY ?LY_]L Z] DZRLM`_ZYPZY8ÅX£À^£LYO_SPAPOLzLSTRSWd[]P^_TRTZ`^`YOP] _LVTYR LYO L ^_L`YNS Z]_SZOZc LYO ]L_TZYLWT^_ wN]POZx 5`^_ L^ _SP P_P] YLW WLYR`LRP ZQ >LY^V]T_ X`^_ MP VP[_ `YNZ]]`[_PO Md OTLWPN_TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ WTYVWL_P]_Pc_^_ZLQLXZ`^YLXPT_^PPX^_ZMPN]`NTLW_Z3TYO`^_SL__SPT]XZ^_]P aP]PO APOL [STWZ^Z[SP]^ bP]P LW^Z _SPT^_^ LYO ZMaTZ`^Wd _SPd OZ YZ_ ^PP L XLUZ] NZY_]LOTN_TZY ?d[TNLWWd _SP _PY aZW`XP^ ZQ _SP 4YOTLY POT_TZY^ ZQ _SP BZ]V^ ZQ ±LYVL]L z Q]ZX _SP QT]^_ POT_TZY ZYbL]O^ T^^`PO Md _SP ±L«VL]£N£]dL ZQ >]TYRP]T L^ aZW & TY _SP WL_P] >LXL_L POT_TZY L^ aZW TYNW`OP OPaZ_TZYLW >_Z_]L^ L^ bPWW L^ [STWZ^Z[STNLW ZYP^ LYO _SP ;]L[LÓNL^£]L?LY_]L >`NS _SPT^_TN ]PNP[_TZY^ L]P RPYP] LWWd RWZ^^PO ZaP] Md BP^_P]Y ^NSZWL]^ bSP]PL^ XZ^_ 4YOTLY ZYP^ WTVP _SP TOPL _SL_ _SPT]6`X£]TWLLYO±L«VL]LSLaPMPPYOPaZ_TZYLW[P]^ZYLWT_TP^,^QL]L^6`X£]TWLT^ NZYNP]YPO _SP]P L]P _PY TY_]ZO`N_Z]d aP]^P^ LWW _ZRP_SP] _SP WL^_ ZYP ZQ bSTNS ^Ld^ _SL__SPbZ]VT^b]T__PY_ZM]TYRMLNV_SP[PZ[WP_Z_SP[L_SZQ_SPwMPWTPaP]^x £^_TVL z L bZ]O bSTNS T^ NZXXZYWd `^PO QZ] MPWTPaP]^ TY _SP APOL 5SL 6`X£]TWL -SL¶¶L .WZVLa£]_TVL _]LY^WL_P^% w1Z] _SP XZ^_ [L]_ 8¯X£À^£ SL^ TY _ST^ bZ]WO MPPY XLOP ,_SPT^_TN& LYO _ST^ PQQZ]_ ZQ XTYP T^ XLOP _Z _`]Y T_ _Z _SP _SPT^_TN [L_Sx LW _SZ`RSSP]PRL]O^6`X£]TWLZ_SP]bT^PL^LYZY_SPT^_TNL`_SZ]zLYZ[TYTZYQZ]bSTNS SP ]PNPTaPO TYOTRPYZ`^ N]T_TNT^X ^PP ST^ TY_]ZO`N_TZY _Z 6`X£]TWLv^ ?LY_]La£]__TVL TzTa
?SP;¼]aL8ÅX£À^£LYO?SPT]?SPZ]dZQ_SP0_P]YLWALWTOT_dZQBZ]O^LYO>Z`YO^
#
QZ]X^ _SP P_P]YLW APOL LYO T_^ ]T_`LW^ X`^_ MP VP[_ `YNZ]]`[_PO Md XZOP]Y ]PWTRTZ`^ TOPL^ 6`X£]TWL MPWTPaP^ ZYWd TY bSL_ T^ [P]NPTaLMWP Md_SP^PY^P^bSL_NLYMP []ZaPOMd]PL^ZYLYObSL_T^ ^LYN_TZYPOMd wP_P]YLWx ^LN]PO _]LOT_TZY ?SP]P L]P _ZZ XLYd ]L_TZYLW []ZMWPX^ bT_S ZXYT^NTPY_N]PL_Z]RZO^WTVP±TaL0aPYL^L±TaLOPaZ_PPST^[P]^[PN _TaP ZY _SP RZO^ T^ wOPXd_SZWZRTeTYRx NZY^_]`N_TaT^_ LYO YZXTYLWT^_ ,W_SZ`RS ±TaL XLd MP aP]d ]PLW _Z STX L^ _SP ]PQP]PY_ ZQ ST^ OPaZ_TZY 6`X£]TWL LNNP[_^ L^ ]PLW ZYWd bSL_ NLY MP ^PPY LYO []ZaPO LYO LMZ`_ bSTNS_SP]PNLYMPYZOZ`M_^ 2ZTYR Md _SP _Pc_`LW ^Z`]NP^ _SP ]PWTRTZ`^ ^_dWP ZQ _SP ;¼]aL 8ÅX£À^£VL^ T^ LY `YNZX[]ZXT^TYR ]L_TZYLWT^X LYO OZbY_ZPL]_S []LRXL_T^X bT_SZ`_ LYd ^[PN`WL_TZY LYO TXLRTYL_TZY ,_ WPL^_ _ST^ T^ _SP [`MWTN TXLRP _SPd NZY^_]`N_ ZQ _SPX^PWaP^ z _SPT] LN_`LW []TaL_P []LN_TNPXLdMPOTQQP]PY_-`__SP]PL]PYZ]PL^ZY^_ZOZ`M__SP^P]TZ`^ YP^^ ZQ _SP TXLRP 4Y _P]X^ ZQ ]L_TZYLW NSZTNP LYO [^dNSZWZRd T_ T^ L^ PL^d_ZPc[WLTYL^MPWTPaTYRTY_SPPcT^_PYNPZQ^`[P]S`XLYLN_Z]^?SP ;¼]aL8ÅX£À^£VL^ bLY_ _Z MP ZY _SP ^LQP ^TOP TY ]PWTRTZ`^ XL__P]^ MPWTPaTYR ZYWd bSL_ T^ LM^ZW`_PWd _]`^_bZ]_Sd LYO ]PWTLMWP% _SP aP]MLW _P^_TXZYd ZQ _SP APOL LYO T_^ ]T_`LW TYU`YN_TZY^ ?SPd OPYd _Z _SPX ^PWaP^PXZ_TZYLW^L_T^QLN_TZYPcNP[_QZ]_SPZYPZQ[P]QZ]XTYRLN_^_SL_ NP]_LTYWdWPLO _ZSL[[TYP^^LYOTY^_PLO`]RPOPaZ_TZY _ZO`_dTPaP] MLWLYOYZYaP]MLW]T_`LWLN_^LYO_LYRTMWPZQQP]TYR^L^_SPZYWdNP]_LTY XPLY^ _Z ^LWaL_TZY ?SP ^LN]TQTNP QLWW^ bT_STY ^PY^P [P]NP[_TZY LYO _ST^ T^ LY ZMUPN_TaP ML^T^ _Z ]PWd ZY ?SP]P T^ YZ YPPO _Z ^PPV ^`[P]YL_`]LW DZRTN VYZbWPORP P^Z_P]TN ^PY^P LYO RYZ^_TN TY^TRS_ ?SP]P T^ ZYWd L YPPO QZ] _SP ]T_`LW TYU`YN_TZY^ LYO _SPT] []Z[P] WTYR`T^_TN NZX[]PSPY ^TZY bT_SZ`_ bSTNS YZ ^LN]TQTNP NLY MP [P]QZ]XPO 4_ T^ _SP ^LN]TQTNTLW LN_TZYTP_SPQLT_SQ`W[P]QZ]XLYNPZQ_SPTYU`YN_TZY^_SL_T^_SPXPLY^ ZQL__LTYTYRTYaT^TMWP]P^`W_^APOTNNZXXLYOXPY_^L]P]PNT[P^QZ]P_P] YT_d 5`^_ L^ L NSPP^P QZYO`P SL^ _Z MP ^_T]]PO NZY_TY`Z`^Wd ^Z _SL_ T_ OZP^YZ_QZ]XW`X[^LRZZOWTQP TY_SPSP]PLYOYZb YZ_OT^]`[_POMd TYNZYaPYTPYNP^ LYO ^LWaL_TZY TY _SP LQ_P]WTQP NLY ZYWd MP LNSTPaPO _S]Z`RSNZY^_LY_LOSP]PYNP_Z_SPTY^_]`N_TZY^TY_SPAPOL
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^TOPLLYOLOOT_TZYLWWd_SP]P^[ZY^TMTWT_dZQPWT_PN`W_`]POR]LXXL]TLY^_ZQTcLYO XLTY_LTY_SPNZ]]PN_bZ]O^L]PZWOLYOPc[WTNT_WdXPY_TZYPOMd;L_LÓULWT?SPR]LX XL]TLY-SL]_SL]T _SNPY_QZWWZbTYRLQ_P]STX]PNZ]O^LQPPWTYRZQWTaTYRTYLOPNL OPY_ LRP bSP]P _SP LYNTPY_ _]LOT_TZY ZQ NZ]]PN_ ^[PPNS LYO MPSLaTZ] T^ WL]RPWd WZ^_ >PP 8LOSLa 8 /P^S[LYOP w?SP .SLYRTYR 9Z_TZY ZQ ±T´¶L Q]ZX ;L_LÓULWT _Z -SL]_SL]Tx ,^TL_T^NSP>_`OTPY C7A44$$%$ z
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
#
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP 9ZYAP]MLW
.P]_LTYWd 8L©LYL 8T²]L L QLXZ`^ 8ÅX£À^£ [STWZ^Z[SP] TY _SP ^Pa PY_S NPY_`]d LYO _]LOT_TZYLWWd MPWTPaPO _Z SLaP MPPY 6`X£]TWLv^ OT^NT [WPLW^ZbT^SPOQZ]YZ_STYRZ_SP]_SLYLRZZOWTQPTY_ST^bZ]WOLYO_SP YPc_ ?SP QLN_ _SL_ YZ_STYR NLXP ZQ T_ z L_ WPL^_ LNNZ]OTYR _Z _SP WL_P XPOTPaLW SLRTZR]L[Sd ±L«VL]L/TRATULdL z bL^ L ]P^`W_ ZQ ST^ WPR PYOL]d XPP_TYR bT_S ±L«VL]£N£]dLL NL ! z# ,/ []ZMLMWd #_S NPY_ _SP QZ`YOP] ZQ L NZX[WP_PWd YPb aL]TL_TZY ZQ APOTN _Pc_ PcPRP ^T^ _SP @__L]L8ÅX£À^£ ?ST^ _Z_LWWd TYOP[PYOPY_ aL]TL_TZY ZQ APOTN SP]XPYP`_TN^^PPX^_ZSLaPOPaPWZ[POWL]RPWd^P[L]L_PQ]ZXLWW[]TP^_Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ _P]X WT_P]LWWd w±L«VL]Lv^ ?Z`] ZQ ATN_Z]d TY LWW /T]PN_TZY^x OZP^ YZ_ OPYZ_P L ^TYRWP bZ]VM`_ LY`XMP]ZQOTQQP]PY_aP]^TZY^ LYOTY QLN_ L bSZWP RPY]PZQ wbZ]WO aTN_Z]d _Z`]^x TY bSTNS L ^LTY_ OPQPL_^ ST^ Z[[ZYPY_^ ?SP ±L«VL]L/TRATULdL^ L[ [PL]POL]Z`YO_SP_SNPY_`]d±L«VL]LbLYOP]^L]Z`YOTY_SPbSZWP4YOTLY^`MNZY _TYPY_ _Z ]PP^_LMWT^S _SP ]TRS_ Z]OP] NZYaP]_ XPXMP]^ ZQ XLYd Z_SP] ^NSZZW^ LYO ^PN_^ LYO ]PQZ]X aL]TZ`^ N`W_^ ?SP QZWWZbTYR ^_Z]d T^ ZYP ZQ _SP XZ^_ QLXZ`^ LYO bTWWLWbLd^L[[PL]TYLYd±L«VL]L/TRATULdLLW_SZ`RS_SPPYNZ`Y_P]zLYO[L]_TN` WL]Wd_SP^_L]_zOTQQP]^^ZXPbSL_TY_SPaL]TZ`^aP]^TZY^^ZXPZQbSTNSOPaZ_PZYWd L QPb WTYP^ _Z T_ bSTWP T_ T^ NPY_]LW TY Z_SP]^ BP SLaP NSZ^PY _SP aP]^TZY ZQ 8£O SLaLFATOd£]L©dLHbSTNST^[]ZMLMWd_SPXZ^_QLXZ`^±L«VL]LSLRTZR]L[Sd4_T^ZQ _PY _SZ`RS_ _Z OL_P Q]ZX _SP _S NPY_ ,/ M`_ bL^ []ZMLMWd NZX[Z^PO TY _SP "_S NPY_`]d :Y _SP aL]TZ`^ ±L«VL]L/TRATULdL^ ^PP ,Y_ZY @YRPXLNS ±LÀVL]L 8LYO£]L>L`]LMSL>_`__RL]_%>_PTYP]$$z# 4YNLWWTYR±L«VL]LwQZ`YOP]xbPQZWWZb?TWXLYYAP__P] >_`OTPYe`]0Y_bTNVW`YR`YO 7PS]P ±L«VL]L^ ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $"$ z! bSZ [ZTY_^ Z`_ _SP ]LOTNLWWdYZaPW`YNZX[]ZXT^TYRL[[]ZLNSZQ±L«VL]LTY_SPYL_TaP_]LOT_TZY]P^[PN_ Q`WWdNLWWPOw±L«VL]£N£]dLxTYPXLYNT[L_TYR_SP@[LYT´LO^L^LYL`_ZYZXZ`^[L]_ZQ _SPAPOLLYO_SPT]NZX[WP_P^P[L]L_TZYQ]ZX]T_`LWLN_TZY±L«VL]LbL^SZbPaP]YZ_ _SPZYWdZYPbSZPX[SL^TePO@[LYT´LOPcPRP^T^APO£Y_LLYO_SP^P[L]L_TZYZQ_SP APOL TY_Z L w]T_`LW [L]_x LYO L wVYZbWPORP [L]_x []ZMLMWd SL[[PYO []TZ] _Z STX L^ 9L_LWTL4^LdPaL >SLYVL]LLYO4YOTLY;STWZ^Z[Sd ,WMLYd%>@9D$$$#Q [ZTY_^ Z`_ -P^TOP^ _SP _]LOT_TZYLW ;¼]aL8¯X£À^£ _SP]P QWZ`]T^SPO ^PaP]LW ,OaLT_L [Z^T_TZY^]PRL]OTYR_SPAPOL^L^[]ZaTOTYRRYZ^_TNVYZbWPORP[]TZ]_Z_SP$_SNPY _`]d4]ZYTNLWWdT_bL^[]PNT^PWd8L©LYL8T²]LbSZX±L«VL]LOPQPL_^L^L]T_`LWT^_ LNNZ]OTYR_Z_SPSLRTZR]L[SdbSZ[]ZX`WRL_POLYZ_SP]_d[PZQ,OaLT_L_SL_PX[SL ^TePO `YWTVP ±L«VL]L XPOT_L_TZY PaPY LQ_P] WTMP]L_TZY 8L©LYLv^ aTPb bL^ XZ]P []ZXTYPY_ _SLY ±L«VL]Lv^ `[ _Z _SP _S NPY_`]d LNNZ]OTYR _Z ;L`W 3LNVP] w:Y ±L«VL]L LYO ,OaLT_T^Xx ]P[]TY_PO TY ;STWZWZRd LYO .ZYQ]ZY_L_TZY% ;L`W 3LNVP] ZY ?]LOT_TZYLW LYO 8ZOP]Y APO£Y_L PO BTWSPWX 3LWMQL^^ ,WMLYd% >@9D $$ 4Y^_PLO_SPWPRPYO ]PQWPN_^_SP^_L`YNSN]T_T\`PZQ_SP;¼]aL8¯X£À^£LYO]T_`LW LN _TZY_SL__LVP^L[]ZXTYPY_[WLNPTY±L«VL]Lv^NZXXPY_L]TP^LYOLMW`]]POWL_P][P] ^[PN_TaPZYPL]Wd ]TaLW^d^_PX^ :Y_SPaL]TP_dZQ ,OaLT_L[Z^T_TZY^ MPQZ]PLYOLQ_P] ±L«VL]L ^PP 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ,OaLT_L APO£Y_L `[ _Z ±L«VL]LLYOST^;`[TW^LYOAZW% ,OaLT_LAPO£Y_LQ]ZX#_Z PO6L]W3 ;Z__P]/PWST%8Z_TWLW-LYL]^TOL^^$#!
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
#
NT]NWP^ 4_ L]T^P^ Q]ZX _SP ^_TWW aP]d X`NS LWTaP @[LYT´LO _]LOT_TZY bSTNSPcT^_POLWZYR^TOP5LTYT^XLYO-`OOST^XL^LYL^NP_TNXZaPXPY_ `[ _Z _SP _TXP ZQ 8L©LYL 8T²]L ;]ZMLMWd YZ_STYR OP^N]TMP^ _SP []P aLTWTYR LWTPYL_TZYZQ_SP _bZR]Z`[^zMZ`]RPZT^]T_`LWZ]TPY_PO[]TP^_^ LYOXPYOTNLY_[STWZ^Z[STeTYRO]Z[Z`_^zMP__P]_SLY8L©LYLv^WPRPYO ZQNZYaP]^TZYLNNZ]OTYR_ZbSTNSST^RZZOWTQPNLXP_ZL^`OOPYPYOz WT_P]LWWdZ`_ZQ_SPMW`P ,NNZ]OTYR _Z _SP 8£OSLaL ±L«VL]L/TRATULdL 8L©LYL 8T²]L bL^ _SP XZ^_ PXTYPY_ ;¼]aL8ÅX£À^£ ^NSZWL] ZQ ST^ _TXP 3T^ Pc[P] _T^P TY LWW ^NSZWL]Wd OT^[`_P^ bL^ ]PRL]OPO L^ `Y^`][L^^PO LYO LYd ZYP bSZbT^SPO_ZMP_LVPY^P]TZ`^WdL^L^NSZWL]ZQAPOLSP]XPYP`_TN^SLO _Z MP LMWP _Z ^_LYO `[ _Z STX TY L OPML_P ?SP dZ`YR MPRRL] XZYV ±L«VL]L OPNTOPO _Z OZ []PNT^PWd _ST^ LYO _SP]PQZ]P ^P_ STX^PWQ _SP _L^V ZQNZY\`P]TYR8L©LYL% wBSPYSPbPY__Z_SPSZXPZQ_SP^NSZWL]8L©LYLSPP^[TPOTY_SP^_]PP_ 8L©LYLv^ XLTO^P]aLY_^ ZY _SP bLd _Z _SP bPWW LYO L^VPO _SPX uBSP]P T^ _SP SZ`^P ZQ _SP ^NSZWL] 8L©LYL*v 1`WW ZQ UZd _SPd WZZVPO `[ZY _SP bZYOP]Q`W ±L«VL]L LYO ^LTO muBSP]P _SP [L]]Z_^ TY L NLRP Md _SP OZZ] PYOWP^^Wd ]P[PL_ u?SP bZ]WO T^ P_P]YLW& _SP bZ]WO T^ YZ_ P_P]YLWv z _SL_ T^ _SP SZ`^P ZQ _SP ^NSZWL] 8L©LYLv 0YNZ`]LRPO SP LM^Z]MPO _SPT] bZ]O^ LYO NZY_TY`PO ZY ST^ bLd _Z F8L©LYLv^H P^_L_P F3ZbPaP]H SP QZ`YO _SP RL_PFTY_SPHZ`_P]bLWWML]]POLYOTX[L^^LMWPF>ZSP]Z^P`[bL]O^H`^TYR _SP [ZbP] ZQ dZRL LYO QWZL_PO _S]Z`RS _SP LT] LYO OZbY TY_Z _SP TYYP] NZ`]_dL]O?SP]PSP ^LbLSZ`^PTYQ]ZY_ZQSTXFL^ QTYPH L^_SP[LWLNPZQ _SP RZOVTYR 4YO]L bT_S ^_LYOL]O^ QW`__P]TYR TY _SP TYNZY^_LY_ bTYO LYO bST_P[WL^_P]PObLWW^bSZ^PML__WPXPY_^bP]P^ZSTRS_SL__SPdNZX[WP_PWd NZaP]PO_SPbSZWP^Vdmx
:MaTZ`^Wd ;]ZQP^^Z] 8L©LYL T^ bPWW^T_`L_PO LYO SP]XP_TNLWWd ^PLWPO ZQQQ]ZX_SPZ`_^TOPbZ]WOL^TQTYLYTaZ]d_ZbP]0aPY_SP[L]]Z_^SLaP TY_P]YLWTePO _SP ^NSZWL]Wd PYaT]ZYXPY_ 8L©LYL T^ TY _SP []ZNP^^ ZQ [P]QZ]XTYR L XLYP^ ^LN]TQTNP bSPY _SP ^SLaPYSPLOPO MPRRL] XZYV QWTP^ TY_Z ST^ ^_`Od _Z_LWWd `YLYYZ`YNPO 9Zb _bZ bZ]WO^ NZWWTOP ,_ QT]^__SPT]]P[L]_PP T^ _P^_PObT_S±L«VL]L ^SZbTYR _SL_SPT^YPaP]L_ L WZ^^QZ]bZ]O^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ mRLNNSLYYL^L`XL©LYL[L©T_L`VZO£^¯^_LO¯d£à^LOLOL]²LX£]RPgg V`_]£WLdZXL©LYL[L©T_L^dP_dP_£à^L[L[]LNNSLULW£dLRLY_]¯àg _£²N£[TO²¶a£OMS`_L²LÀVL]LÀ_LÀ^LÀ_Z´LaL_dZOLO`]`__L]LÀ^XLgg ULRLOOS]`aLÀ^d£OLOS]`aLÀ^d£_V¯]£«RLY£dL_]LRT]LÀRT]LY_Tg Oa£aL]L^_SLY¯£Y_L]L^LÀYT]`OOS£U£Y¯ST_LYXL©LYL[L©T_L`VLàgg [¯_a£_LO`V_¯]L_SL_L^dLRPS£ORL_a£MLSTà^LOXLVLa£¶LR`[_LXg O`]aP²LX£WZNdL^LdZRL²LV_d£adZX£OSaLY£a£_L]LOL«RLY£Y_Làgg _LO£^LWPVSPYO]LYTVP_LY£MSLÀ^[S`]LYXL]`NNLÓNLWLVP_LY£MSLXg ^LXLR]LX£WZVL_LXL©LYL^dLYTaP²LYLÀMS¼_LWLXL©LYL^dLgg ^L`OS£R]L^LÀNSLYYLYLMSZvaLV£²LÀ[]LaT²dL_L_[]£[dLVLaPà^LV£²LXg8£O SLaL ±L«VL]L/TRATULdL#z$
#!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
8L©LYL% wBSP]P OZP^ _SP MLWO [L_P bT^S _Z RZ*x ! ±L«VL]L% w9Z Q`]_SP] _SLY_SPYPNVx8L©LYL%w4bZ`WOWTVP_ZSPL]dZ`]RZLWx±L«VL]L%w,YO bSL_OZP^T_^Ld_ZdZ`*x "
,Q_P] ^ZXP XZ]P [`Y^ _SP [L]_TNT[LY_^ XZaP ZY R]LO`LWWd _Z LY PaP] XZ]P^P]TZ`^OPML_PPLNSLNN`^TYR_SPZ_SP]ZQQZWWZbTYRLQLW^P_]LOT _TZYLYO_S`^M]TYRTYR`YYPNP^^L]dSL]O^ST[^`[ZYSTX^PWQ% 8L©LYL% wDZ` SLaP NSZ^PY YZ_ _Z MP XL]]TPO _Z L bTQP MPNL`^P ZQ dZ`] TYLMTWT_d _Z []Z_PN_ LYO []ZaTOP QZZO QZ] SP] 9Zb dZ` bZ`WO ]L_SP] MPL] _SP M`]OPY ZQ MZZV^ LYO ^NSZWL]^ST[ ?ST^ T^ SZb QL] dZ`] u]ZZ_^ TY _SP -]LSXLYv M]LSXLYT´¶SL_£ RZx ±L«VL]L% wDZ` bP]P _ZZ WLed _Z ^P]aP _SP R`]` ?SL_ T^ bSd dZ` ]LY ZQQ Q]ZX ^NSZZWLYOYZbdZ` ^P]aPbZXPY ?ST^ T^SZbQL]dZ`]u]ZZ_^TY_SP ]T_`LWv VL]XLYT´¶SL_£ RZx 8L©LYL% wDZ` WTaPO TY L bZXLYv^ bZXM dZ` bP]P MPTYR ]LT^PO Md bZXPY : bSL_ TYR]L_T_`OP BSd dZ` QZZW OZ dZ` ^WLYOP] _SPX TY [L] _TN`WL]m*x ±L«VL]L%w,YObSdOZdZ`MPSLaPWTVPLYLYTXLWLXZYRbZXPY*DZ`L]P PaPYXZ]PQZZWT^Sx 8L©LYL% wDZ` SLaP M]Z`RS_ _SP ^TY ZQ LMZ]_TZY `[ZY dZ`]^PWQ MPNL`^P dZ`WP__SPQT]PRZZ`_x ±L«VL]L% wDZ` SLaP NZXXT__PO _SP ^TY ZQ ^`TNTOP MPNL`^P dZ` SLaP YZ_ ]PNZRYTePO_SPSTRSP^_[L_Sx #
?ST^ T^ L NWL^S MP_bPPY _bZ bLd^ ZQ WTaTYR ZYPv^ WTQP MZ_S ZQ _SPX QZ`YOPO TY _SP APOL M`_ NZ]]P^[ZYOTYR _Z T_^ OTQQP]PY_ _Pc_ _d[P^ _SP ]T_`LW^PN_TZYLYO_SPRYZ^_TN@[LYT´LO^8L©LYLNWLTX^_SL_MdMPTYR LXZYV±L«VL]LT^YZ_Q`WQTWWTYRST^O`_d_Z_SPbZ]WOPRMdYZ_[]Z O`NTYRNSTWO]PYLYOYZ_NL]TYRQZ]_SPOZXP^_TNQT]P±L«VL]LTYST^_`]Y LNN`^P^ 8L©LYLZQ ^`TNTOPLYPaPYbZ]^P ^TY:QNZ`]^PSP]P ^`TNTOP SL^ _Z MP `YOP]^_ZZO XP_L[SZ]TNLWWd 4Y _SP MLNVR]Z`YO _SP]P T^ LY L` _SZ]T_L_TaP\`Z_L_TZYQ]ZX_SP ®²L@[LYT´LO %w3PbSZOZP^YZ_]PNZR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ±L«VL]LbL^LXPYOTNLY_XZYVLYO_SP]PQZ]PSLOL^SLaPYSPLO " V`_ZX`©d£RLW£YX`©¯[LY_S£^_P[NNSdL_PXLd£g VTX£SL[LY_S£^_aLYX£_£X`©P_d£SL_L_SLTaLSTgg [LY_S£YLÀ_aLXL[NNSL^_a£À[LY_S£à[]L_d£SLXL©LYLg8£OSLaL ±L«VL]L /TRATULdL #!z" # _dLV_a£[£©TRS¯_¯À^a£XL²LV_d£[L]T]LV´L©Pg ²T´dL[`^_LVLMS£]PNNSZ]ad£VS£_£M]LSXLzYT´¶SL_£gg R`]`²`²]¼´L©£WL^d£_^LX£aL]_dLR`]ZàV`W£_g ^_]TdLà²`²]¼²LX£©L^dLad£VSd£_£VL]XLzYT´¶SL_£gg ^_ST_Zu^TdZ´T_£ÀRL]MSP_£MST]PaLaTaL]OST_Làg LSZV_LRSYL_£X¼]VSLVL_SLÀ_£PaLYTYOL^Tgg _£^`X¼]VSL_LXL^_]¯´`[L²`aLO]LXL^PVL_SLXgg a¯]LSL_d£XLa£[_Zu^TaLSY¯Y`Oa£^dLdL_YL_Làg £_XLSL_d£XLa£[_L^_aLXLaTOT_a£[L]LÀ[LOLXgg8£OSLaL ±L«VL]L/TRATULdL #z!
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
#"
YTePST^ZbY^PWQNZXXT_^^`TNTOPxbSTNST^WTYVPOSP]P_Z_SPLNN`^L _TZY_SL__SPAPOTN^NSZWL]8L©LYLSL^XT^`YOP]^_ZZO_SPAPOL0LNS ZQ_SPXNWLTX^_SL__SP]P^[PN_TaPAPOTN_Pc__d[P_SL_T^NPY_]LWQZ]STX T^_SPXZ]PTX[Z]_LY_LYO^`[P]TZ]_Z_SPZ_SP] ,^ TY LWW NWL^^TNLW OPML_P^ bT_STY _SP SLRTZR]L[STN WT_P]L_`]P _SP WZ^P]^SZ`WOLNNP[__SP[STWZ^Z[SdLYO_SPWTQP^_dWPZQ_SPbTYYP].ZY ^P\`PY_WdTQ8L©LYLWZ^P^SP]T^V^SLaTYR_ZRTaP`[ST^bTQPLYOST^ bZ]WOWd RZZO^ M`_ _SP dZ`YR XPYOTNLY_ ]T^V^ TXXPOTL_P XL]]TLRP LYO SLaTYR _Z _LVP `[ L ]PR`WL] UZM ZQ bZ]V ,Q_P] _SP _]LOP TY TY^`W_^ _SP [STWZ^Z[STNLW OT^[`_P NZY_TY`P^ Md NZYNPY_]L_TYR ZY _SP aP]d OTQQP]PY_ [Z^T_TZY^ ZQ _SP ;¼]aL8ÅX£À^£ LYO _SP @__L]L8ÅX£À^£ ,OaLT_L APO£Y_L -Z_S _SP ^NSZWL]^ L]P LR]PPO _SL_ _SP ^`XX`X MZY`X T^ ^P_ OZbY TY _SP APOL >ZXP [PZ[WP MPWTPaP _ST^ T^ LNSTPaPO _S]Z`RS LN _TZY^LYOZ_SP]^_SL_T_T^LNSTPaPO_S]Z`RSVYZbWPORP8L©LYLbLY_^ _Z LN_ TY LNNZ]OLYNP bT_S _SP APOL LYO ±L«VL]L bLY_^ _Z ]PNZRYTeP _SP XP^^LRP4_T^YZbZYOP]_SL__SPOT^[`_L_TZYRZP^TYQLaZ]ZQ_SPdZ`YR MPRRTYRXZYVzLQ_P]LWWbPVYZb_SP^_Z]dQ]ZXLSLRTZR]L[SdTY_SP @__L]L8ÅX£À^£ $ 9ZYP_SPWP^^ _SP WPRPYO NZY_LTY^ XZ]P _SLY L R]LTY ZQ ST^_Z]TNLW _]`_S 4Y QLN_ _SP @__L]L8ÅX£À^£ TP _SP @[LYT´LO SP]XPYP`_TN^ ZQ _SPAPO£Y_LLYO_SP,OaLT_LAPO£Y_LTY[L]_TN`WL]LM^Z]MPO_SP;¼]aL 8ÅX£À^£ ZaP] L [P]TZO ZQ ^PaP]LW S`YO]PO dPL]^ LYO ZaP]_ZZV T_ TY _P]X^ZQ_SPRPYP]LWP^_PPXTYbSTNST_bL^SPWO?ST^T^YZ_WPL^__ZMP N]POT_PO _Z ±L«VL]£N£]dL _SP QZ`YOP] ZQ _SP ^NSZZW ZQ _SP ,OaLT_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP ST^_Z]TNLW QLN_^ bP]P L MT_ OTQQP]PY_ 3LNVP] w:Y ±L«VL]L LYO ,OaLT_T^Xx [ZTY_POZ`__SL_`Y_TWA£NL^[L_T8T²]L_SNPY_,/_SPbZ]V^ZQ±L«VL]L^PPX_Z SLaPMPPYZaP]^SLOZbPOMd8L©LYL8T²]L ?ST^XPLY^_SL_QZ]LMZ`__bZZ]_S]PP NPY_`]TP^ 8L©LYL bZ`WO SLaP MPPY NZY^TOP]PO L^ _SP XLUZ] ]P[]P^PY_L_TaP ZQ _SP ,OaLT_L[Z^T_TZY ?ST^OZP^YZ_XPLYSZbPaP]_SL_±L«VL]LbL^_SPNSTPQ[STWZ^Z[SP]ZQ4YOTL[]TZ]_Z _SP$_SNPY_`]dLYO[Z^^TMWdYZ_PaPY_SPNSTPQAPO£Y_L[STWZ^Z[SP]X`NSWP^^_SP XLUZ] ]P[]P^PY_L_TaP ZQ 3TYO`T^X 8`NS SL^ MPPY ^LTO LW]PLOd LMZ`_ _SP TY_P]LN_TaP []ZNP^^P^ MP_bPPY BP^_P]Y ^NSZWL]^ NLWWPO _SP w:]TPY_LWT^_^x LYO 3TYO` ]PQZ]XP]^ _SL_M]Z`RS_LMZ`__ST^TXLRP,^5`WT`^7T[YP]?SP1LNPZQ?]`_S%,>_`OdZQ8PLY TYRLYO8P_L[Sd^TN^TY_SPAPO£Y_TN?SPZWZRdZQ=£X£Y`UL ,WMLYd%>@9D$#! c ]TRS_Wd ]PXL]V^% w8LYd bP^_P]YP]^ MPWTPaP z LWL^ _ST^ T^ _]`P QZ] _ZZ XLYd ZQ _SP XZOP]Y TY_PWWTRPY_^TL L^ bPWW z _SL_ _SP R]PL_ ,OaLT_TY ±LÀVL]L T^ ]P[]P^PY_L_TaP ZQ 3TYO` ]PWTRTZ`^ _STYVP]^ m 9Z OZ`M_ ±LÀVL]L T^ NPY_]LW QZ] Z`] L[[]PNTL_TZY ZQ _SP ]PWTRTZ`^ _PLNSTYR LYO OPaPWZ[XPY_ ZQ APO£Y_L LYO TYOPPO QZ] 3TYO`T^Xv^ ^PWQ `YOP]^_LYOTYR_ZOLdM`_SPT^SL]OWd]P[]P^PY_L_TaPZQ3TYO`_SPZWZRTLY^Z]PaPYZQ APO£Y_TY^x 6WL`^ 6WZ^_P]XLTP] TY ST^ >`]aPd ZQ 3TYO`T^X ,WMLYd% >@9D $#$ z!Z`_WTYP^_SP^_]ZYR]TaLW]TP^MP_bPPY_SPOTQQP]PY_3TYO`_]LOT_TZY^TYNW`OTYR _SP OTQQP]PY_ ^NSZZW^ ZQ APO£Y_L bSZ bZ`WO X`_`LWWd OPN]d PLNS Z_SP] L^ SP]P_TN^ 1Z] PcLX[WP _SP APO£Y_TY^ ZQ _SP ALT´©LaL N]PPO PR _SP OT^NT[WP^ ZQ =£X£Y`UL _S_S NPY_ ,/ bSZ SLO _SPT] ZbY @[LYT´LO TY_P][]P_L_TZY ]PRL]OPO ±L«VL]L
##
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
APO£Y_L L OZN_]TYP ZQ ^_]TN_ YZYO`LWT_d VPaLW£OaLT_L 3P bL^ _SP ^ZY ZQ L >Z`_S 4YOTLY -]LSXLY QLXTWd LYO bL^ L QZ]XTOLMWP NZYYZT^ ^P`] ZQ _SP APOTN _]LOT_TZY 3P bL^ _SP QT]^_ [P]^ZY _Z ^PP _SP bSZWP APOL TY _P]X^ ZQ _SP SP]XPYP`_TN VPd ZQ _SP @[LYT´LO bZ]O _L_ _aLX L^T wDZ`L]P?SL_FbSL_T^OTaTYP M]LSXLY Hx ,NNZ]OTYR_Z±L«VL]L _ST^w2]PL_>PY_PYNPx XLS£a£VdL T^TY_PYOPO_ZXLVP_SP[`[TW]PLWTeP w4 LX _SL_ ]PLWT_dx TY NZY_]L^_ _Z w4 SLaP _Z [P]QZ]X ,RYTSZ_]Lx LYO ^SPO _SP TRYZ]LYNP LMZ`_ b]ZYR YZ_TZY^ LMZ`_ _SP ^PWQ ^`NS L^ LRPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L^ L SP]P_TN LYO wL_SPT^_x Z] bZ]^P 4Y _SP BP^_P]Y ]P^PL]NS _SP APO£Y_L aP]^TZY ZQ _SP =£X£Y`UL ^NSZZW LW_SZ`RS aP]d []ZXTYPY_ TY >Z`_S 4YOTL SL^ MPPY ZaP]^SLO ZbPOQZ]LWZYR_TXPMdLZYP^TOPOQZN`^ZY±L«VL]Lv^,OaLT_LAPO£Y_L,YO8LO SaLv^ _S NPY_ /aLT_L APO£Y_L bL^ SL]OWd _Z`NSPO 9PaP]_SPWP^^ bP ^_TWW _STYV Z`] ^_L_PXPY_ LMZaP _Z MP NZ]]PN_ ^TYNP T_ bL^ ±L«VL]L #_S NPY_ bSZ P^_LMWT^SPO _SPAPO£Y_LL^L^d^_PXZQT_^ZbYLYOTQSPSLOMPPYTY^TRYTQTNLY_YZ]TaLW^NSZZW^ ]PLN_TYR_ZSTX bZ`WOSLaPPaZWaPO :`]NZYNPY_]L_TZYZY±L«VL]LLYOST^,OaLT_L APO£Y_LT^O`P_Z_SP`YT\`PXP_SZOZWZRdLYOOTOLN_TN^bSTNSbL^OPaPWZ[PObT_STY _ST^_]LOT_TZYTYZ]OP]_ZOT^NWZ^PLX`NSXZ]P ]LOTNLWYZYO`LWT_d_SLY_SPZYP ^`R RP^_POMd_SPWL_P]=£X£Y`UL^NSZZWzbSZ^POTQQP]PY_TL_POYZYO`LWT_dTY_`]Y^PPX^ _Z NZXP NWZ^P] _Z _SP Z]TRTYLW TY_PY_TZY ZQ _SP -]LSXL>¼_]L^ ZQ -£OL]£dL©L _S NPY_ ,/* _SP ML^TN APO£Y_L _]PL_T^P _SL_ SLO MPPY ^_`OTPO []TZ] _Z ±L«VL]L LWZYR bT_S_SP 5LTXTYT>¼_]L^ ±L«VL]LT^ZYPZQ_SPMP^_^_`OTPOL`_SZ]^ZQ4YOTL4Y2P]XLYdLWZYP_SP]PSLaPMPPY ^PaP]LW [TZYPP]TYR ^_`OTP^ ;L`W 3LNVP]v^ 6WPTYP >NS]TQ_PY PO 7LXMP]_ >NSXT_SL`^PYBTP^MLOPY%1]LYe>_PTYP]$"#T^LR]PL_ ^Z`]NPNZY_LTYTYRLWL]RP Y`XMP] ZQ TX[Z]_LY_ 2P]XLY LYO 0YRWT^S L]_TNWP^ _SL_ L]P OPaZ_PO _Z ST^_Z]TNLW N]T_TNLWLYO[STWZ^Z[STNLW^_`OTP^ZQ±L«VL]L >PPLW^Z;L`W 3LNVP] @Y_P]^`NS`YRPY ÞMP] ?Pc_P OP^ Q]ÞSPY ,OaLT_L APO£Y_L% /TP >NSÞWP] ±L«VL]L^ 8LTYe% ,VLOPXTP OP] BT^^PY^NSLQ_PY $ & ATaL]_L >_`OTPY e`] 2P^NSTNS_P OP] TWW`^TZYT^_T^NSPY 6Z^XZWZRTP `YO 0]VPYY_YT^WPS]P OP] 4YOP] 8LTYe% ,VLOPXTP OP] BT^^PY^NSLQ_PY $ & 6WL`^ =Þ[TYR >_`OTPY e`] 1]ÞSRP^NSTNS_P OP] APO£Y_L[STWZ^Z[STP ?PTW W%
;STWZWZRT^NSP @Y_P]^`NS`YRPY e` OPY -]LSXL^¼_]L6ZXXPY_L]PY OP^ ±L«VL]L `YO OP^-S£^VL]L BTP^MLOPY%>_PTYP]$""&?TWXLYYAP__P]x0]QLS]`YROP^@YP]QLS] ML]PYMPT±L«VL]LwTY ?]LY^ePYOPYeP]QLS]`YR PO2P]SL]O:MP]SLXXP]ATPYYL%4Y ^_T_`_ QÞ] 4YOZWZRTP $"# z $& w/TP 2L`L[£O¯dL6£]TV£^% E`] 0Y_^_PS`YR `YO e`] -POP`_`YR aZY ,OaLT_Lx TY BE6> $"#% $ z& >_`OTPY e`] 0Y_bTNV W`YR`YO7PS]P±L«VL]L^Z[NT_ ?ST^QZ]X`WLSL^ZQ_PY_]LY^WL_POL^w?SL_?SZ`L]_xbSTNST^LMT_ZWOQL^STZYPOM`_ ^_TNV^ XZ]P WT_P]LWWd _Z _SP bZ]O Z]OP]±L«VL]LOPLW_Pc[WTNT_WdbT_ST_TYST^ .S£YOZRdL @[LYT´LO-S£´dL!!LYO @[LOP²L>£SL^]¯ #;LOdLMLYOSLM`__SP^_]TN_WdYZYO`LWNZY _PY_SPPc_]LN_^Q]ZX_SPQZ]X`WLT^LWW[P]aLOTYRTYST^WL]RPbZ]VTPST^NZXXPY_L]TP^ZY _SPw_S]PPQZWONLYZYx []L^_S£YL_]LdL ZQ_SPAPO£Y_L%_SP@[LYT´LO^_SP -SLRLaLO R¯_£ LYO_SP -]LSXL>¼_]L^,[L]_Q]ZX_SP^PNZXXPY_L]TP^ MS£´dLbSTNSL]PLN NP[_POL^ST^_Z]TNLWWdL`_SPY_TNLXZYR_SP_PY@[LYT´LONZXXPY_L]TP^_SPZYPZY_SP -SLO£]L©dLVL .S£YOZRdL ?LT__T]¯dL 6PYL LYO 8£©¼VdL LXZYR _SP 2L`L[£OL 6£]TV£^ XZ]P _SLY _]PL_T^P^ LYO bZ]V^ ZQ ?LY_]TN NZY_PY_ L]P L^N]TMPO _Z STX ,XZYR _SP^P _]PL_T^P^ TYOZWZRT^_^ ]PRL]O ZYWd _SP @[LOP²L>£SL^]¯ L^ L`_SPY_TN MP dZYOOZ`M_LYONZY^TOP]T_L^TX[Z]_LY_L^_SPPc_PY^TaP-]LSXL>¼_]LNZXXPY_L]d _SP wZ[`^ XLRY`Xx ZQ ±L«VL]L BP bTWW ]P^_]TN_ Z`] OT^N`^^TZY WL]RPWd _Z _ST^ PXT YPY__]PL_T^P
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
#$
^ST[ LYO PYUZdP]^ST[ L^ SPWO Md _SP ;¼]aL8ÅX£À^£ ,RYTSZ_]L [P] _LTY^_Z_SP[Sd^TNLW^PWQbSZLN_^OP^T]P^PYUZd^LYO^`QQP]^bSP]PL^ VYZbWPORP ]PaPLW^ _SP ^PWQv^ YL_`]P L^ ^PWQW`XTYZ`^ LbL]PYP^^ LYO T_^ TYYL_P Q]PPOZX 0XLYNT[L_TZY XPLY^ YZ_ WPL^_ _SP PYWTRS_PYPO ^PWQv^ TYYL_P Q]PPOZX Q]ZX TOPL^ LMZ`_ MZOd NL^_P O`_d LRPY_^ST[ LYO PY UZdP]^ST[ LYO XZ^_ ML^TNLWWd _SP ]PLWTeL_TZY ZQ _SP wTYYP] ^PWQx MPTYR PaP] OPaZTO ZQ ^`QQP]TYR LYO [LTY 4Y^_PLO ZQ _LVTYR LN_TZY _SP]PQZ]P VYZbWPORPT^]P\`T]PO_Z]PLNS_SP^`XX`XMZY`XMPNL`^PPXLYNT[L _TZY NZY^T^_^ []PNT^PWd TY _SP Q]PPOZX Q]ZX PY^WLaTYR OP^T]P^ ^PWQ NZYNP[_TZY^ LYO TOPL^ ZQ bSL_ ^SZ`WO MP OZYP LYO LNSTPaPO ,WW ZQ _SP^P MPWZYR _Z TRYZ]LY_ ^PWQ bSTNS T^ _SP ML^TN []ZMWPX ,_ XZ^_ _SP ]T_`LW[L^^LRP^^P]aPXPY_LW[`]TQTNL_TZYLYO[]P[L]L_TZYM`_L]P_Z_LWWd T]]PWPaLY_ ^Z_P]TZWZRTNLWWd% LN_TZY M]TYR^ MZYOLRP ZYWd VYZbWPORP M]TYR^ WTMP]L_TZY ?SP ]PPaLW`L_TZY ZQ _SP aLW`P^ _S]Z`RS _SP L^NP_TN _]LOT_TZYYZb^[]PLO^_Z_SPbSZWPPcPRP^T^ZQ_SPAPOLLYONL`^P^_SP ]T_`LW [L]_ _Z aLYT^S NZX[WP_PWd MPSTYO _SP VYZbWPORP [L]_ MPNL`^P T_^ PQQPN_^ bSTNS L]P YZ_ YPRL_PO L]P YZb ZYWd OP^T]PO `YOP] NP]_LTY NT] N`X^_LYNP^
:Y_SP7TXT_^ZQ7LYR`LRP
5`^_ WTVP _SP ;¼]aL^ _SP @__L]L^ z _SP 6PaLWL,OaLT_LAPO£Y_TY^ ^_L]_TYR bT_S ±L«VL]£N£]dL zLW^ZSZWO LNL`^LWT^_TNaTPbZQWLYR`LRP LYO L STRSWd ]L_TZYLWT^_ _SPZ]d ZQ NZXX`YTNL_TZY .ZY_PY_ T^ _]LY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BSPYPaP] bP _LWV LMZ`_ _SP w@__L]L^x w@__L]L8¯X£À^£x wWL_P] 8¯X£À^£x APO£Y_L Z] ,OaLT_LAPO£Y_TY^ TY _ST^ ^PN_TZY bP XPLY _SP 6PaLWL,OaLT_LAPO£Y_L ZQ ±L«VL]L bSTNS bL^ XZ^_ NWZ^PWd QZWWZbPO Md >`]P²aL]L LYO Q`]_SP] OPaPWZ[PO QZ]TY^_LYNPMd>LO£YLYOLbT_SZ`_[]P_PYOTYR_SL_T_T^_SPZYWdw@__L]LxZ],OaLT_L [Z^T_TZY1Z]L^SZ]_^`XXL]dZQ_SP[W`]LWT_dZQPL]WTP],OaLT_LLYO_SP_bZZ]_S]PP [Z^_±L«VL]L ^NSZZW^ ^PP ;Z__P]v^ 4Y_]ZO`N_TZY _Z 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^ aZWz ,OaLT_LAPO£Y_L SL^ ZQ_PY MPPY ]P[]P^PY_PO L^ wXd^_TNT^Xx ?ST^ T^ L []ZMWPX NZY^TOP]TYR ZY _SP ZYP SLYO _SL_ Xd^_TNT^X T^ WTVPWd _Z MP `YOP]^_ZZO L^ ^ZXPbSL_ LY_T_SP_TNLW _Z ]L_TZYLWT_d LYO XZ]P ]PWL_PO _Z PXZ_TZY^ z _SP bLd =`OZWQ :__Z LYO XLYdZ_SP]^NZYNPTaPOZQT_TYST^TYQW`PY_TLWMZZV^ /L^3PTWTRP QT]^_POT_TZY$" zLYOZY_SPZ_SP]SLYO_SL_^ZNLWWPO w4YOTLY Xd^_TN^xWTVP±L«VL]L[]ZO`NPOTY_PW WPN_`LW^d^_PX^ZQLSTRSWdP]`OT_PYL_`]P?ST^OT^N]P[LYNdWPO_ZXLYdVTYO^ZQXT^ ]P[]P^PY_L_TZY^ 8LdMP _SP QT]^_ _Z NZ`Y_P]L]R`P ^`NS XT^]P[]P^PY_L_TZY^ bT_S R]PL_ ^Z[ST^_TNL_TZYbL^-TXLW6]T^SYL8L_TWLW ?SP7ZRTNLW4WW`XTYL_TZYZQ4YOTLY8d^_T NT^X :cQZ]O%.WL]PYOZY;]P^^$""8L_TWLWSTRSWTRS_TYR_SP-`OOST^_[STWZ^Z[SP] 9£R£]U`YL LYO LW^Z XPY_TZYTYR ±L«VL]L ^_]P^^P^ _SP STRSWd TY_PWWPN_`LW ^_LYOL]O ZQ 4YOTLY [STWZ^Z[STNLW OPML_P^ LYO WZRTNLW L]R`XPY_L_TZY z [L]_TN`WL]Wd LRLTY^_ =. ELPSYP]v^ 8d^_TNT^X >LN]PO LYO ;]ZQLYP :cQZ]O% .WL]PYOZY $ " , XZ]P ]PNPY_ LYOP\`LWWdNZYaTYNTYRN]T_TNT^XZQ_SPNZY^_]`N_ZQ_SPw8d^_TN0L^_xbL^]LT^POMd
$
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
[Z]_PO aTL ^[PLVP]^ ,YO _SPd LW^Z ^PP _SP APOL L^ _SP NPY_]LW ]PaPWL _TZY -`_ bSL_ OT^_TYR`T^SP^ _SP _bZ ^NSZZW^ OPNT^TaPWd Q]ZX PLNS Z_SP]T^ _SP]P^[PN_TaPZMUPN_^ZQ_SPT]SP]XPYP`_TN^ ?SP;¼]aL^ TYaP^ _TRL_P_SPYL_`]PZQWLYR`LRPbSP]PL^_SP@__L]L^Pc[WZ]P_SPYL_`]PZQ _SP ^[PLVP] TP _SP ML^TN YL_`]P ZQ ST^ NZY^NTZ`^YP^^ ST^ w^Z`Wx Z] w^PWQx £_XLY !?SP;¼]aL^ZYWd^[PLVLMZ`_PX[T]TNLWZMUPN_^^`NSL^ ^LN]TQTNTLW WLOWP^ LYO MZbW^ QZ] _SP ^LN]TQTNTLW NLVP^ Z] OT^N`^^ _SP OTQ QP]PYNPMP_bPPY]TNPTYT_^YL_`]LW^_L_PbT_ST_^S`^VLYO_S]P^SPO]TNP bT_SZ`_T_^S`^VzLWWZQ_SP^P^XLWW_STYR^NLYMPLM^ZW`_PWdP^^PY_TLW _Z _SP PQQTNLNd ZQ L APOTN ^LN]TQTNP 8P_L[Sd^TN^ LYO TY_]Z^[PN_TZY OZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =TNSL]O6TYR :]TPY_LWT^XLYO=PWTRTZY%;Z^_NZWZYTLW?SPZ]d4YOTLLYOu?SP8d^_TN 0L^_v 7ZYOZY%=Z`_WPORP $$$bSZOT^N`^^P^,OaLT_LAPO£Y_LXZ]PPWLMZ ]L_PWd4Y_SP[L^_[STWZ^Z[STNLWLN_TaT_dTY4YOTLbL^WL]RPWdPcPN`_PObT_STY_SP]TNS NZXXPY_L]dLYO^`MNZXXPY_L]dWT_P]L_`]PbSTNSOT^NWZ^P^LWTaPWdOPML_TYRN`W_`]P RZaP]YPOMd^[PNTQTNOTLWPN_TNLWLYOSP]XPYP`_TNLW]`WP^LYO_PNSYT\`P^ZQL]R`XPY _L_TZY% 3PTO]`Y -]ÞNVYP] w-PbLS]PY `YO 0]YP`P]Y% ;STWZ^Z[ST^NSP 6ZXXPY_L]WT_ P]L_`] TX TYOT^NSPY 8T__PWLW_P]x TY ?Pc_ `YO 6ZXXPY_L] PO 5 ,^^XLYY LYO - 2WLOTRZb8ÞYNSPY1TYV%$$ "z"4_bL^YZ_WPL^__SP8¯X£À^LVL^bSZTY _]ZO`NPO L_ LY PL]Wd _TXP ]PWPaLY_ XZOPW^ ZQ SP]XPYP`_TN^ L^ ;L__ZY -]TYRTYR _SP 2ZO^_Z8TYO !$z"[ZTY_^Z`_:Y _SP ]ZWPZQ ]PL^ZYTY_SP _PLNSTYR^ZQ ±L«VL]L ^PPBTWSPWX 3LWMQL^^vM]TWWTLY_ ^_`Odw3`XLY=PL^ZYLYOAPOTN=PaPWL_TZYTY,O aLT_LAPO£Y_Lx TY ?]LOT_TZY LYO =PQWPN_TZY PO B 3LWMQL^^ z []PaTZ`^Wd [`MWT^SPO TY 3LWMQL^^ >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L "z# 1Z] LY PXTN N]T_T NT^X ZQ wXd^_TNx XT^]P[]P^PY_L_TZY^ LYO L W`NTO TY_]ZO`N_TZY _Z _SP aL]TZ`^ ]L_TZYLW OPaTNP^ LYO ^Z[ST^_TNL_PO _]LOT_TZYLW XP_SZO^ []LV]Td£ ZQ P^_LMWT^STYR YZYO`LWT_d ]L_TZYLWWdLYOPc[P]TPY_TLWWd^PP >bLXT/LdLYLYOL>L]L^bL_T?]LOT_TZYLW_PLNSP]ZQ -]LSXL ATOd£ PO ;LOXL 9L]L^TXSLY 8LO]L^% ?? 8L[^ ;`MWTNL_TZY^ $$ z ;L]_TN`WL]Wd TY ST^ @[LOP²L>£SL^]¯ ;LOdLMLYOSL #& #z& #& ##& #"!z"$&#$#QQ&#z&$"&$ ±L«VL]L]P[PL_POWdL]R`P^_SL__SP]P T^ YZ ]TRS_ VYZbWPORP LMZ`_ _SP ^PWQ bT_SZ`_ _SP APOL% ±]`_T LYO ]PL^ZYTYR L]P _SP ZYWd XPLY^ _SL_ WPLO _Z NZ]]PN_ `YOP]^_LYOTYR LYO YZYO`LW Pc[P]TPYNP bSP]PMd ±]`_TT^_SPXLUZ][]LX£©LLYOTYQP]PYNP LY`X£©L Z]WZRTN d`V_T ZYWd^`[[Z]_^T_ >PPLW^Z ;LOdLMLYOSL"LYO 3LWMQL^^ >_`OTP^TY 6`X£]TWLLYO±L«VL]L &LYOw3` XLY=PL^ZYLYOAPOTN=PaPWL_TZYx ! , XTYZ] LYO dP_ ]PaPLWTYR TWW`^_]L_TZY ZQ _SPT] NZX[WP_PWd OTQQP]PY_ L[[]ZLNSP^ T^ _SPT] ]P^[PN_TaP ]PQ`_L_TZY ZQ -`OOST^X 4Y NZY_]L^_ _Z 6`X£]TWL ±L«VL]L OZP^ YZ_ ^PPV _Z P^_LMWT^S _SP P_P]YLW PcT^_PYNP ZQ _SP APOL M`_ _SP P_P]YLW PcT^_PYNP ZQ _SP ^PWQ ,W_SZ`RS _ST^ T^ LW^Z ZYP ZQ 6`X£]TWLv^ ZMUPN_TaP^ ^PP ST^ £_XLa£OL NSL[_P] 6`X£]TWLv^P_P]YLW ^PWQOTQQP]^aL^_WdQ]ZX_SPZYPZQ ±L«VL]L BSTWPSPOPQPYO^_SP [P]QZ]XP]ZQAPOTNTYU`YN_TZY^LYOSPYNP_SPP_P]YT_dZQLRPYNdLYOPYUZdP]^ST[_ST^ T^ []PNT^PWd bSL_ ±L«VL]L OPYTP^ LW_SZ`RS `^TYR X`NS _SP ^LXP L]R`XPY_^ LRLTY^_ _SP-`OOST^_^L^6`X£]TWL?SP]PQ`_L_TZYZQZ[[Z^TYR^NSZZW^z-`OOST^_^>£«VSdL ALT´P²TVLLYO[L]_TN`WL]Wd_SP;¼]aL8¯X£À^£LYO_SPT]LN_TZYZ]TPY_POAPOLTY_P] []P_L_TZYz_LVP^L[]TXP[WLNPTY±L«VL]Lv^NZXXPY_L]TP^:YOPLWTYRbT_S-`OOST^_ OZN_]TYP^^PPLW^Z @[LOP²L>£SL^]¯ ;LOdLMLYOSL!z &!&# z!&#"& #!QQ&LYO-]TLY.L]]w±L«VL]LZYXPXZ]dLYO_SPNZY_TY`T_dZQ_SP^PWQx =PWT RTZ`^>_`OTP^!%$z
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
$
YZ_ TY_P]P^_ _SP ;¼]aL^ ?SP @__L]L^ ZY _SP Z_SP] SLYO L]P ZYWd TY_P] P^_PO TY TY_P]TZ] []ZNP^^P^ LYO _]LY^NPYOPY_LW ZMUPN_^ ^`NS L^ _SP TYOT aTO`LW ^Z`W U¯aL ¢_XLY Z] -]LSXLY >Z _SP WLYR`LRP []ZMWPX T^ OTQ QP]PY_ QZ] _SPX _SLY T_ T^ QZ] _SP ;¼]aL^% T_ T^ TX[Z^^TMWP _Z [ZTY_ [Sd^TNLWWdL__SP-]LSXLYZ]¢_XLYL^ZYPNLY[ZTY_L_LNZbYZXL_ _P] bSP_SP] T_ SL[[PY^ _Z MP R]LeTYR TY L XPLOZb TY 0XXPY_LW Z] TY >NSWP^bTR3ZW^_PTY >Z _SP []ZMWPX T^ ZYP ZQ NZXX`YTNL_TYR bSL_ T^ YZYaP]MLW "L[]ZMWPX_SL_PXP]RPOTY`YOP]^_LYOTYRLYO_PLNSTYR_SP NZY_PY_ ZQ ML^TN [L^^LRP^ ZQ _SP @[LYT´LO^ ±L«VL]L ^`XXL]TeP^ _SP OTWPXXL TY ST^ @[LOP²L>£SL^]¯ w, ?SZ`^LYO ?PLNSTYR^x # bT_S _SP QZWWZbTYRL]R`XPY_% w?SZ^PbSZF^PP_SL_H_SP^PWQ £_XLY T^ZYWdZYPQ]PPQ]ZX^`QQP]TYRLYO YPaP] NSLYRTYR X`^_ LW^ZFLNNP[_ []TXLQLNTP H_SL_ _SP]PT^YZbZ]OQZ]T_ LYO_SL_`W_TXL_PWdT_NLYYZ_MPVYZbYx $
?SP]P L]P YZ NZYaPY_TZYLW bZ]O^ QZ] XP_L[Sd^TNLW _P]X^ ¢_XLY T^ YZ_ LY ZMUPN_ LYO NLY YPaP] MP ZMUPN_TaTePO QZ] _SP ^PWQ NLY L []TZ]T ZYWd MP LNNP^^PO Md L ^dY_SP_TN aTPb TP T_ NLY MP R]L^[PO ^[ZY_LYPZ`^Wd LYO T^ LM^ZW`_PWd ^PWQPaTOPY_ ?SP Z[[Z^T_P ZQ _ST^ QLN_ NLYYZ_ MP NZYNPTaPOL_LWW%ZYPNLYYZ_^Ldw?SP]PT^YZ^PWQxZ]w4LXYZ_x w?SP aP]d ZbY YL_`]P ZQ _SP ^PWQ T^ VYZbWPORP LYO P_P]YLW WTRS_ QZ] ^Z ^Ld^ _SP ]PaPWL_TZY ,YO _SP]PQZ]P VYZbWPORP T^ YZ_ N]PL_PO Md TY_PWWT RPYNPYZ]Md_SP^PWQZ]LYdZ_SP]QLN_Z]x w4_ T^ LWbLd^ XP]PWd L ]PQWPN_TZY ZQ _SP ^PWQ _Z bSTNS _SP bZ]O^ _]LaPW ?SPdNLYZYWd[ZTY__Z WLV´LdPd`à _SP^dY_SP_TNaTPb M`__SPdNLYYPaP] OP^TRYL_P T_ OT]PN_Wd 1Z] ZMUPN_^ bSTNS OZ YZ_ MPWZYR _Z LYd ZMUPN_ NL_P
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " @[LOP²L>£SL^]¯ ;LOdLMLYOSL $&##&#&$ # ?SP @[LOP²L>£SL^]¯ NZY^T^_^ ZQ L 8P_]TNLW ;L]_ ;LOdLMLYOSL LYO L ;]Z^P ;L]_ 2LOdLMLYOSL >TYNP _SPd SLaP MPPY _]LOT_TZYLWWd _]PL_PO L^ TYOP[PYOPY_ bZ]V^ _SPT] Z]OP] aL]TP^ TY _SP OTQQP]PY_ POT_TZY^ LYO LW^Z _SP aP]^P Y`XMP]^ XLd OTaP]RP ^WTRS_Wd 4Y Z`] \`Z_L_TZY^ bP `^P _SP N]T_TNLW POT_TZY ZQ >PYRLV` 8LdPOL ?ZVdZ% @YTaP]^T_dZQ?ZVdZ;]P^^$"$LYOTYOTNL_PTYM]LNVP_^_SPaL]TLY_^ZQ_SPPOT_TZY ZQ>bLXT5LRLOLYLYOL8dWL[Z]P8LO]L^%>]T=LXLV]T^SYL8L_S ! $"$ $ YLdP´£XPVLPa£_X£YT]O`àVSZuaTV]TdLà^LO£g _P´£À^d£NNSLMOLa£NdL_aLÀUÓPdL_aLÀN£_XLYLà^LO£gg @[LOP²L>£SL^]¯ ;LOdL MLYOSL# " ?ST^ T^ TY QLN_ _SP XZ^_ ML^TN _PLNSTYR ZQ _SP @[LOP²L>£SL^]¯ LYO ZYP ZQ _SP _P]X^ XZ^_ZQ_PY`^POT^w^PWQW`XTYZ^T_dx>PPMPWZbLYO;L`W3LNVP] @[LOP²L^£SL^]¯aZY 8PT^_P] >SLYVL]L ,`^ OPX >LY^V]T_ ÞMP]^P_e_ `YO P]WÆ`_P]_ -ZYY% =ØS]^NSPTO $$&w±L«VL]Lv^.ZYNP[_TZYZQ8LYx$"&w/TP4OPPOP];P]^ZYTX/PYVPYaZY APO£Y_L;STWZ^Z[SPYx$!&w.T_`YO9ZÞ^Z]_SP.ZYNP[_ZQ>[T]T_TYAPO£Y_T^X LYO TY 9PZ[WL_ZYT^Xx $"! TY ;L`W 3LNVP] 6WPTYP >NS]TQ_PY z & "z$& z" ^aL]¼[LX£_XLYZUÓ£YLÀYT_dLÀUdZ_Tà²]`_P]dL_Làg YLM`OOSd£V]TdL_P_L^X£YY£_XLY£YdPYLa£^LO£gg @[LOP²L>£SL^]¯ ;LOdLMLYOSL #!!
$
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
RZ]d YZ_ PcSTMT_TYR LYd ^[PNTQTN _d[P^ ZQ LN_TZY^ Z] []Z[P]_TP^ NLYYZ_ MP OP^N]TMPOTYbZ]O^x
?SP ^PWQ L^ _SP [`]P WTRS_ ZQ NZY^NTZ`^YP^^ SL^ YZ ^[PNTQTN ^_L_P^ LYO _SP]PQZ]P YZ LOUPN_TaP^ MS£aL²LMOL ^`NS L^ wSL[[dx Z] w`YSL[[dx NLY MP `^PO _Z NSL]LN_P]TeP T_ 4_ OZP^ YZ_ [P]QZ]X LYd LN_TZY^ LYO _SP]PQZ]P _SP]P L]P YZ []ZNP^^P^ TY T_ Z] LMZ`_ T_ bSTNS T^ bSd aP]M^ NLYYZ_ MP `^PO TY NZYYPN_TZY bT_S _SP ^PWQ PT_SP] 0aPY _SP bZ]O wVYZbTYRx OZP^ YZ_ QT_ ^TYNP VYZbTYR z L^ L ]PQWPcTaP LN_ z T^ L _PX [Z]LW []ZNP^^ bSTNS LTX^ _Z []ZO`NP _SP ]P^`W_ ZQ wVYZbWPORPx LYO []P^`[[Z^P^ _SP LRPYNd ZQ _SP TY_PWWPN_ TP L wVYZbP]x ^P[L]L_P Q]ZX VYZbWPORP 7LYR`LRP T^YZ_MdLYdXPLY^QZ]XPOTY^`NSLbLdL^_ZMPNL[L MWPZQOP^N]TMTYR _SP ^PWQ4_T^X`NSMP__P] ^`T_PO_ZOP^N]TMTYR _SPZM UPN_ bZ]WO 1Z] _ST^ ]PL^ZY WTYR`T^_TN LNNP^^ T^ ZQ_PY YPRL_PO TY _SP APO£Y_L _Pc_^ bT_S _SP QZ]X`WL YP_T YP_T wYZ_ _ST^ LYO YZ_ _SL_x TP _SP ^PWQ _]LY^NPYO^ _SP^P NL_PRZ]TP^ ±L«VL]£N£]dL _SP]PQZ]P QLNP^ _SP \`P^_TZY ZQ bSP_SP] T_ T^ L_ LWW WPRT_TXL_P _Z `^P L NZWWZ\`TLW _P]X ^`NS L^ wVYZbTYRx :Y _SP ZYP SLYO _SP []ZMWPX ]P^TOP^ TY _SP QLN_ _SL_ TY _P]X^ ZQ YL_`]LW NZXXZY[WLNP `YOP]^_LYOTYR ZQ WLYR`LRP _SP `^P ZQ _ST^ _P]X TY QZ]X`WL_TZY^ ^`NS L^ w4 VYZb Xd^PWQ 4 LX WLed LYO ^WZa PYWdxbZ`WOLWbLd^MPTYNZ]]PN_TY_SP^PY^PZQL[`]PWd_]LY^NPYOPY_LW [STWZ^Z[Sd :Y _SP Z_SP] SLYO TQ _SP _P]X wVYZbTYRx TY NZWWZ\`TLW `^LRP bP]P NZX[WP_PWd TYL[[WTNLMWP _SPY _SP APOL bZ`WO YZ WZYRP] MP L ^Z`]NP ZQ VYZbWPORP LYO T_ bZ`WO LW^Z NZY_]LOTN_ _SP ^[ZY_LYPZ`^ 4 VYZbWPORP _SL_ NLY YPaP] ^Ld w4 LX YZ_x ?SP _P]X w4x LWbLd^ LW^Z TX[WTP^ wPcT^_PYNPx LYO wNZY^NTZ`^YP^^x ?SP ^PY_PYNP^ w4 OZ YZ_ Pc T^_xZ]w4LXYZ_NZY^NTZ`^xL]PTX[Z^^TMWP^PY_PYNP^?ST^XPLY^_SL_ _SP]PX`^_MP^ZXPQZ]XZQVYZbWPORPLMZ`__SPXPLYTYRZQw4xbSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ £MS£^ZdL_]L_L_]LTaL²LMO£à[]L_dLRO²TÀ^_ST_£àg WLV´LdPd`]YL^£V´£__LXLMSTOLOSd`àVL_SLÀNLYLgg YLSdLU£_d£OTX£YVL²NTOL]_SLà²LMOLT]YT]¼[dL_Pggg @[LOP²L>£SL^]¯ ;LOdL MLYOSL#$z @[LOP²L>£SL^]¯ ;LOdLMLYOSL# z!! ?SPML^TNQZ]X`WL YP_TYP_T L[[PL]^QZ]_SPQT]^__TXPTY_SP -SLO£]L©dLVL@[LYT´LO ! 4_ ZNN`]^ TY OTQQP]PY_ ^PN_TZY^ ZQ _SP @[LOP²L>£SL^]¯ LYO T^ `^PO SP]P TY L XZ]P_PNSYTNLW^PY^P?SPYPRL_TZYZQQLW^PL^^`X[_TZY^LMZ`_ZYP^PWQPRMPWZYRTYR _Z L NL^_P LYO ZQ _SP X`_`LW w^`[P]TX[Z^T_TZYx ZQ _SP \`LWT_TP^ ZQ [P]XLYPY_ _STYR^ ZYTX[P]XLYPY__STYR^LYOaTNPaP]^LT^LYTX[Z]_LY_[L]_ZQ_SP_PLNSTYR[]ZNP^^_Z L]]TaP L_ _SP w]PXLTYOP]x bSTNS NLYYZ_ MP YPRL_PO YLXPWd _SP wTYYP] ^PWQx []L_dLR£_XL L^_SPP^^PYNPZQ _L_ LYO _aLX>PP2LOdLMLYOSL"QQLYO &;LO dLMLYOSL z& z!& & #& "" "" PO 5LRLOLYLYOL #$z & #$ #$#PO5LRLOLYLYOL&$#&$:Y_SPNZXXPY_L]dWT_P]L_`]PLYO_SP wYP_T YP_Tx% 8LOPWPTYP -TL]OPL` w£SL^]¯ ;LOdLMLYOSL " @YWTVP ±L«VL]Lv^ NZXXPY_L]TP^ _SP @[LOP²L >£SL^]¯ ;LOdLMLYOSLQ]P\`PY_Wd`^P^_SP_P]X[]L_dLR£_XLY LYO`^P^_SP_P]Xw^PP TYRx O´TàXZ]PZQ_PY_SLYwNZY^NTZ`^YP^^x NT_NTYX£_]L ! ?SP []Z[Z^T_TZY _SL_ _SP wTYYP] ^PWQx Z] NZY^NTZ`^YP^^ T_^PWQ T^ w^PWQW`XTYZ`^x `Y NSLYRTYRLYOTYOP[PYOPY_bSP]PL^_SPTY_PWWPN_LYOLWWT_^NZRYT_TZY^TYNW`OTYR_SP wPRZ NZRT_Zx LYO _SP NZXXZY 4YZ_TZY T^ L XP]P ]PQWPN_TZY NSLYRTYR OP[PYOPY_ LYO SPYNP w`Y]PLWx MPWZYR^ _Z _SP XLUZ] L]R`XPY_^ ZQ MZ_S [L]_^ ZQ _SP @[LOP²L >LSL^]¯ 1Z] _SP NZY_Pc_ ZQ _SP QZWWZbTYR \`Z_P ^PP @[LOP²L>£SL^]¯ ;LOdLMLYOSL ##!z"QQ&_SP^TXTWPZQ_SPQLNPTY_SPXT]]Z]T^XPY_TZYPOQZ]_SPQT]^__TXP TY#LYOT^_LVPY`[LYO Q`]_SP]Pc[WLTYPOTY#!#" z!z & ^PPLW^Z!z`^TYR_SP^LXP^TXTWPLYO z#&! $z!&"!z"&"z"& " z!±L«VL]L^PP^_SPML^TN[]ZMWPXTYLX`_`LW^`[P]TX[Z^T_TZYZQ^PWQLYOTY _PWWPN_LYOZQwTYYP]^PWQxLYOPRZSLaTYRYZ_TZY^WTVPw4xLYOwXTYPx?SPP^^PYNP ZQ]TRS_^PWQVYZbWPORPWTP^_SP]PQZ]PTY_SP[]Z[P]OT^NP]YXPY_LYOOTQQP]PY_TL_TZYZQ _SP _bZ :Y _SP ZYP SLYO T_ ^SZ`WO MP `YOP]^_ZZO _SL_ _SP MZOd ^PY^Z]d LbL]PYP^^ LYO_SPTY_PWWPN_ZYWd L[[PL] _ZMP_SPNZY^NTZ`^4^TXTWL]_ZLYTYP]_XT]]Z]]PQWPN_ TYRWTaTYR[P]^ZY^:Y_SPZ_SP]SLYOT_^SZ`WOMP`YOP]^_ZZO_SL__SP^PWQT^]LOTNLWWd OTQQP]PY_ LW_SZ`RS T_ L[[PL]^ _Z MP _SP MZOd _SP ^PY^P^ _SP TY_PWWPN_ _SP PRZ _Z bSZXT_WPYO^_SPT]`YT_dMd[P]aLOTYR_SPX?SP^PWQT^NZX[L]PO_ZP_SP][P]aLOTYR LWW_STYR^&_ZWTRS__SL_L^^`XP^_SPQZ]X^ZQZMUPN_^]PaPLWPOMdT_&_ZLNWPL]N]d^_LW _SL_ WZZV^ ]PO MPNL`^P ZQ L ]PO ZMUPN_ YPc_ _Z T_ LYO _Z _SP ^`Y TWW`XTYL_TYR PaP]d _STYR?SPTY_PWWPN_ZY_SPZ_SP]SLYOT^NZX[L]PO_ZbL_P]_SL_T^SPL_POMd_SP^`Y M`_SL^YZSPL_T_^PWQBSP]PL^_SPTY_PWWPN_LYOT_^XZOTQTNL_TZY^L]P_SPTWW`XTYL_PO _SP ^PWQ Z] [`]P NZY^NTZ`^YP^^ T^ _SP TWW`XTYL_Z] LYO wbT_YP^^x SP]P bP QTYO LOSdLV´L TY^_PLOZQ ^£V´TY `^POTYZ_SP]_Pc_^
$
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
QLNP BSPY ZYP ]PQWPN_^ _SP Z_SP] _SP _bZ NLYYZ_ MP OT^_TYR`T^SPO ZYP Q]ZX_SPZ_SP] aTaPVL LYO_SP]PQZ]PPaP]dZYPYL_`]LWWd^Ld^_SL_SP]PN ZRYTeP^FSTX^PWQHx "
?SPbZ]Ow]PNZRYTePxWT_wVYZbx U£Y£_T [ZTY_^TY_SP]TRS_OT]PN_TZY LW_SZ`RSTYLN_`LWWTYR`T^_TN[]LN_TNP_SPbZ]ONLYZYWdMP_]LY^QP]]PO_Z TX[P]XLYPY_ [SPYZXPYL ^`NS L^ _SP TYOTaTO`LW [P]^ZY _SP w^[T]T_x Z] w^Z`Wx TP _SP [^dNSP NZRYT_TaP []ZNP^^P^ ^PY^P^ LYO _SP M]LTY # 9ZYP_SPWP^^ T_ [ZTY_^ TY _SP ]TRS_ OT]PN_TZY QZ] PaP]d ]PNZRYT_TZY LW bLd^[]P^`[[Z^P^_SP[]P]PQWPcTaP^PWQLbL]PYP^^TP_SP[`]PZMUPN_ WP^^ w^PWQW`XTYZ`^x NZY^NTZ`^YP^^ L^ T_^ ML^T^ ?SP ]PQWPN_TZY ZQ Xd QLNP TY _SP XT]]Z] T^ YZ_ Xd QLNP LYO _SP ^LXP T^ _]`P ZQ _SP w]PQWPN _TZYx ZQ _SP ^[ZY_LYPZ`^ ^PWQVYZbWPORP ZY_Z bSTNS _SP WLb^ ZQ _SP TY_PWWPN_ L]P _]LY^QP]]PO 3ZbPaP] _SP ^PWQVYZbWPORP T_^PWQ T^ YZ_ L WTYPL] []ZNP^^ L^ T_ L[[PL]^ TY Z`] TY_PWWTRPYNP 0aPY _SP ^PWQ ]PQWPcTaPYP^^ZQ_SPNZY^NTZ`^YP^^T^ZYWdLw]PQWPN_TZYxZQ_SPQZ`YOL _TZYZQMPTYRLYOZQVYZbWPORP_SL_`YOP][TY^LWW_STYR^zL]PQWPN_TZY ZQ _SP [P]XLYPY_ NZY^NTZ`^YP^^ bT_SZ`_ bSTNS _SP]P bZ`WO MP YZ ]PN ZRYT_TZY L_ LWW 3ZbPaP] _ST^ NZY^NTZ`^YP^^ T_^PWQ NLY YPaP] MP ]PNZR YTePO ^TYNP _SL_ bZ`WO XPLY _SL_ NZY^NTZ`^YP^^ NZ`WO _`]Y T_^PWQ TY_Z T_^ ZbY ZMUPN_ 4Y_PWWTRPYNP LYO _SP NZY^NTZ`^ XTYO NLY ]PQWPN_ `[ZY _SPX^PWaP^ M`_ _SP _]LY^NPYOPY_LW QLN`W_d ZQ NZY^NTZ`^YP^^ NLYYZ_ $ ?SP]PL]P_]LOT_TZY^_SL_^ZWaP_SP[]ZMWPXZQ_SPTYNZXX`YTNLMTWT_dZQ ^`NS _]LY^NPYOPY_LW NZY_PY_^ `^TYR NZYNP[_^ ^`NS L^ \`TP_YP^^ LYO VPP[TYR^TWPYNP-`__SP,OaLT_LAPO£Y_LT^OPNTOPOWdL_PLNSTYR_]LOT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " £OL]²LX`VSL^£X£YdLÀX`VSL^dP´¶LÀSTX£YLaLTàg X`VSL^dL[]L_TMTXMZSTX`VS£V£]P©LO²dL_Pgg dL_]LdL^d£aLMS£^L^_`_LdZ]Pa£aTaPVL_Làg U£Y£_Å_TV]Td£À^L]aZWZVZaLV_T^aLMS£aL_Làgg @[LOP²L>£SL^]¯ ;LOdLMLYOSL #!z! # 7TVPLWW4YOTLY^NSZZW^ZQ[STWZ^Z[Sd_SPAPO£Y_TY^LW^Z]PRL]ObSL_bZ`WOTYBP^_ P]YOT^NZ`]^PMPNLWWPOw^[T]T_xXTYONZRYT_TZYTY_PWWPN_`LWNL[LNT_dXPY_LWXLVP `[ `YNZY^NTZ`^ TX[]P^^TZY^ P_N L^ wYL_`]LWx wXL_P]TLWx LYO wNZ][Z]LWx LW_SZ`RS _ST^ T^ L XZ]P ^`M_WP MZOd ^¼V´XL²L]¯]L _SLY _SP [Sd^TNLW ZYP [P]NPTaPO Md _SP ^PY^P^ ?ST^ ^SZ`WO MP VP[_ TY XTYO bSP]PaP] _SP _P]X NZY^NTZ`^YP^^ T^ `^PO TY _SP QZWWZbTYR ?SP]P T^ L Q`YOLXPY_LW OTQQP]PYNP MP_bPPY ±L«VL]Lv^ NZYNP[_ ZQ NZY ^NTZ`^YP^^ LYO _SP ZYP TY BP^_P]Y _SZ`RS_ z LW_SZ`RS L QPb BP^_P]Y ^d^_PX^ NZXP NWZ^P _Z ±L«VL]Lv^ [P]^[PN_TaP ^`NS L^ _SP YPZ[WL_ZYTN ^NSZZW^ TOPLWT^_ _]LY^NPY OPY_LW[STWZ^Z[SdLYOXZOP]Y[STWZ^Z[STP^ZQNZY^NTZ`^YP^^LYO^`MUPN_TaT_d $ 4Y QLN_ _SP VYZbWPORP ZQ _SP wTYYP] ^PWQx X`^_ LW^Z _LVP [WLNP TY _SP TY_PWWPN_ Z] XTYO ?SP @[LOP²L>£SL^]¯ LWW`OP^ _Z _ST^ aP]d M]TPQWd ;LOdLMLYOSL !& & "Z]"PO5LRLOLYLYOLLW_SZ`RSTY^_PLOSPL]R`P^_SL_[`]PNZY^NTZ`^YP^^ T^LWbLd^_SP]PTYLYd4YZ_TZY&LWW_SL_SL^_ZMPOZYPT^_Z]PXZaPb]ZYRL^N]T[_TZY^ PaP]d_STYR_SL_NLYMP_P]XPOw_ST^x%^PP;LOdLMLYOSL z LYO"7L_P]_]LOT _TZYL^^`XP^L^[PNTLWNZRYT_TZYZ]XPY_LWXZOTQTNL_TZY LVSL©£V£]La__T _SL_T^_Z _LWWd[P]aLOPOMd_SP`YM]ZVPYYZYO`LWWTXT_WP^^QZ]XZQ_SP^PWQ
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
$
_TZY bT_S L ]L_TZYLW QZ`YOL_TZY 4Y Z]OP] _Z _]LY^XT_ T_^ _]LY^NPYOPY_LW NZY_PY_^ OTOLN_TNLWWd T_ OPaPWZ[PO L _SPZ]d ZQ NZXX`YTNL_TYR _SP YZY aP]MLW
0cPRP^T^LYO?PLNSTYR8P_SZOZQ_L__aLXL^T
1]ZX _SP ^_LYO[ZTY_ ZQ _SP 8ÅX£À^£v^ _]LOT_TZYLW `YOP]^_LYOTYR ZQ WLYR`LRP_SP[]ZMWPXZQ_SPTYNZXX`YTNLMTWT_dZQ_SP¢_XLYbZ`WOMP NZX[WP_PWdTY^ZW`MWP?SPZWOL`_SZ]T_TP^L^^`XPO_SL_bZ]OLYOZMUPN_ L]P _Z_LWWd NZYR]`PY_ 1Z] PaP]d ^TYRWP TYOTaTO`LW bZ]O _SP]P PcT^_^ []PNT^PWd ZYP TYOTaTO`LW NWL^^ ZQ ZMUPN_^ LYO aTNP aP]^L @YOP] _ST^ []PXT^P NZYNP[_^ ^`NS L^ _SP ¢_XLY L^ T_ T^ `YOP]^_ZZO Md ±L«VL]L bZ`WOMPXP]PNSTXP]L^zZYPbZ`WOYZ_MPLMWP_ZTXLRTYP_SP¢_XLY LYd Z_SP] bLd _SLY L^ L [Sd^TNLW Z] [^dNSZWZRTNLW ^PWQ LYO PaP]d ^PY _PYNP NWLTXTYR _SL_ _SP ¢_XLY bP]P YPT_SP] _SP MZOd YZ] _SP [^dNSP bZ`WOMPYZY^PY^TNLW±L«VL]Lv^bSZWP[STWZ^Z[SdbZ`WOQLWWaTN_TX_Z BT__RPY^_PTYv^ QPL]PO ^_L_PXPY_ LMZ`_ _SP ^PY^PWP^^YP^^ ZQ LWW XP_L [Sd^TNLW^_L_PXPY_^zXP_L[Sd^TN^bZ`WOTYQLN_MPYZ_STYRZ_SP]_SLYL OPY__SL_?SZ`RS_SLOLN\`T]POL__SPWTXT_^ZQWLYR`LRP4QbZ]O^NZ`WO ZYWd MP `YOP]^_ZZO aTL _SPT] `^P bT_STY L NZXX`YT_d ZQ ^[PLVP]^ _SP bZ]O w^PWQx bZ`WO LWbLd^ ZYWd XPLY Xd PX[T]TNLW ^PWQ MPNL`^P ZYWd _SPPX[T]TNLW^PWQ]PLN_^bT_S_SPbZ]WOLYObT_S_SP[L]_TNT[LY_^TY_SP WLYR`LRP NZXX`YT_d ,YO TY _SP ^LXP bLd 4 bZ`WO ZYWd MP LMWP _Z ]PQP] _Z _SPT] PX[T]TNLW ^PWaP^ ?SP []ZMWPX ZQ NZXX`YTNL_TYR XP_L [Sd^TNLWNZYNP[_^ZYWdMPNZXP^^ZW`MWP_S]Z`RS_SPNZYNP[_ZQ WLV´L©£ bSTNSXPLY^_SL_bZ]O^NLYSLaPL^PNZYOL]d^TRYTQdTYRQ`YN_TZYZ]LY TX[WTPO ^PY^P bSTNS T^ TY_TXL_PWd WTYVPO _Z _SP []TXL]d ZYP TP bZ]O^ LYO ^PY_PYNP^ NLY Q`YN_TZY L^ LY wTYOPcTNLW ^TRYx Z] wTYOTNL_TZYx LYO NZXX`YTNL_P _SPT] ]PLW ^PY^P Z] LN_`LW ]PQP]PY_^ ZYWd bSPY _SP NZY_Pc_ T^NL]PQ`WWdNZY^TOP]POLYO_SPTX[WTPOXPLYTYRT^`YOP]^_ZZO ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! =LUL 4YOTLY?SPZ]TP^ZQ8PLYTYR z"OT^N`^^P^_SP_P]X WLV´L©£ TYST^NSL[_P] w8P_L[SZ]x LYO RTaP^ LY ZaP]aTPb ZQ T_^ `^LRP TY [ZP_TN^ LYO OTQQP]PY_ ^NSZZW^ ZQ [STWZ^Z[Sd3T^RPYP]LWOPQTYT_TZY]PLO^TMTO%w?ST^Q`YN_TZYZQLbZ]OOPYZ_ TYRL]PQP]PY_OTQQP]PY_Q]ZXT_^YZ]XLWLYO[]TXL]d^PY^PM`_^ZXPSZb]PWL_PO_ZT_ T^ NLWWPO WLV´L©£ Z] `[LN£]L & Z_SP] _P]X^ WTVP RL`©¯ a__T LYO MSLV_T L]P LW^Z `^PO _Z ]PQP] _Z _ST^ ^PNZYOL]d ^TRYTQdTYR Q`YN_TZY ZQ bZ]O^x ,NNZ]OTYR _Z _SP ;¼]aL 8¯X£À^£ WLV´L©£ T^ LWbLd^ ]P^Z]_PO _Z bSPY _SP]P T^ TYNZX[L_TMTWT_d ZQ _SP Pc []P^^PO ^PY^P LYO _SP ]PWL_TZY MP_bPPY _SP []TXL]d ^PY^P LYO _SP TY_PYOPO ^PY^P 8Z]PZaP]WLV´L©£T^ML^TN_ZPc[WLTYTYRSZb^PY^P_LVP^[WLNPL_LWWbSPYL^PY_PYNP T^ `__P]PO >TYNP TYOTaTO`LW bZ]O^ NZYaPd ZYWd _SPT] ZbY TYOTaTO`LW T^ZWL_PO XPLY TYR^_SP]PX`^_MPL^P[L]L_PQ`YN_TZY_SL_NZYaPd^_SPX`_`LW]PWL_TZYZQXPLYTYR^ TP_SL_NZYaPd^_SP^dY_LN_TNLWWd`YTQTPO^PY_PYNPXPLYTYR6`X£]TWLLYOST^^NSZZW -SL¶¶L8¯X£À^£NLWW_ST^Q`YN_TZYwWLV´L©£xLYO_ST^NZYNP[_LW^ZXLVP^T_[Z^^T
$!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
7LV´L©£ T^ OP]TaPO Q]ZX _SP aP]M ]ZZ_ WLV´ w_Z LTXx 5`^_ L^ LY L]NSP] LOU`^_^ ST^ MZb MLNV LYO QZ]_S `Y_TW _SP L]]Zb T^ LTXPO OT]PN_Wd L_ _SP M`WWv^ PdP LYO ZYWd _SPY ]PWPL^P^ ST^ L]]Zb ^Z T^ T_ bT_S bZ]O^ _ZZ 5`^_ L^ _SP ]LYRP ZQ LY L]]Zb NLY MP Pc_PYOPO QL]_SP] LYO QL]_SP] OP[PYOTYR ZY _SP OT^NSL]RTYR QZ]NP z ^Z _SP XPLYTYR ZQ L bZ]O NLY MP Pc_PYOPO _Z LYd WPYR_S ! @^TYR aP]MLW Pc[]P^^TZY^ NZY^NTZ`^Wd bSTWP MPTYR LbL]P ZQ _SPT] bTOP ]LYRP ZQ XPLYTYR Z] `YOP]^_LYOTYR _SP TY _PYOPO ^PY^P ZQ LY `__P]LYNP PR _SP bZ]O w^[ZYRPx T^ LY L]NSP]WTVP LN_TaT_dZ]WLV´L©£4YT_TLWWd_SPbZ]OZYWdSL^_SP_PYOPYNd_ZOP^TRYL_P ^ZXP_STYR _SL_ T^ ^[ZYRPWTVP 4Q ZYP OPP[^PL OTaP] ^Ld^ _Z LYZ_SP] wM]TYR XP _SP ^[ZYRPx T_ XPLY^ ^ZXP_STYR OTQQP]PY_ _SLY TQ L ^NSZZW _PLNSP]^Ld^_SP^LXP_STYR?bZ_Z_LWWdOTQQP]PY_ZMUPN_NWL^^P^LYTXLW a^ZMUPN_`^POQZ]NWPLYTYRL]PTYOTNL_POM`__SPNZXX`YTNL_TaPLMTW T_dZQ_SPbZ]OZ[P]L_P^TY_SP^LXPbLdTYMZ_SNL^P^?SPXPY_LW[TN _`]PZQw^[ZYRPxTYNW`OP^PaP]d_STYR_SL_T^^[ZYRPWTVP]LYRTYRQ]ZXL OPP[^PL ^[ZYRP _Z L Q]P^SWd L^[SLW_PO [LaPXPY_ _SL_ QPPW^ w^[ZYRdx LYO TY 2P]XLY [L]WLYNP PaPY _Z L w^[ZYRd L]R`XPY_L_TZYx w^NSbLX XTRP ,]R`XPY_L_TZYx XPLYTYR w^WZ[[d Z] `YNWPL] L]R`XPY_L_TZYx ?ST^ T^ SZb bP WPL]Y _SP bZ]O Q]ZX NSTWOSZZO LYO T_^ []TXL]d LYO Pc_PYOPO XPLYTYR^ L]P VYZbY Q]ZX NZY_Pc_ LYO `^LRP ! >Z _SP bZ]O ]PXLTY^NZXX`YTNL_TaPPaPYbSPY_SP]PT^L^bT_NS_ZLOTQQP]PY_WPaPW& TY _SP PcLX[WP ZQ _SP w^[ZYRdx Z] ^WZ[[d L]R`XPY_L_TZY _SP]P T^ L ^bT_NSQ]ZXL[Sd^TNLW]PLWT_d_ZLNZYNP[_`LWLM^_]LN_TZY !?ST^T^_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ MWP_ZTYNW`OP_SP]LYRPZQ^`RRP^_TZYbT_SZ`_]P^Z]_TYR_Z_SP_P]X OSaLYT =LUL 4Y OTLY?SPZ]TP^ZQ8PLYTYR Q"$#±L«VL]LO]Lb^^_]ZYRWdQ]ZX_SP^P PL]WTP] NZY^TOP]L_TZY^ _Z PcNW`OP L QTR`]L_TaP Z] XP_L[SZ]TNLW ^PY^P TY ^_L_PXPY_^ ZQ YZYO`LWT_d :Y ±L«VL]Lv^ `^LRP ZQ WLV´L©£ ^PP MPWZb LYO 2`d 8LcTXTWTPY w7P 7LYRLRP P_ Wv¢_XLY Ov,[]Ê^ @>; #x TY BE6> $ $" % "z& =TNSL]O OP >XP_w7LYRLRPP_NZYYLT^^LYNPOPWv,M^ZW`_NSPeÇLÀVL]Lx =;7 $ %z" ! =LUL 4YOTLY?SPZ]TP^ZQ8PLYTYR $$ ! =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR !z! ^`XXL]TeP^ _ST^ ML^TN TY^TRS_ ZQ _SP 8¯X£À^£LYO_SPT]WLV´L©£_SPZ]dbSTNSLNNZ`Y_^QZ]_]LY^QP]PYNP^ZQ[]TXL]d^PY^P LYO Pc_PYOPO QTR`]L_TaP ^PY^P L^ QZWWZb^% w±LML]L^a£XTY FH ]PXL]V^ _SL_ WLV´L©£ T^ML^POZY`^LRPTYPaP]dOLdWTQP4_T^LYL]MT_]L]dL^^`X[_TZYZQL^PY^PMd ^ZNTP_d >ZXP_TXP^ _SP YPbWd L^^`XPO ^PY^P MPNZXP^ ^Z []ZXTYPY_ _S]Z`RS `^LRP _SL_ _SP []TXL]d Z]TRTYLW ^PY^P ZQ _SP bZ]O T^ YZ_ YZ]XLWWd YZ_TNPO PcNP[_ Md _SP R]LXXL]TLY^x& w6`X£]TWLMSL¶¶L ^Ld^ _SL_ ZWO LYO OPP[]ZZ_PO WLV´L©£ ^ Pc[]P^^ _SP ^PNZYOL]d^PY^PL^TQT_bP]P_SP[]TXL]d^PY^PT_^PWQLYO_SL_TY_SPNL^PZQXZOP]Y LYOYPbWdXLOP WLV´L©£^^ZXPL]P[Z^^TMWPM`_^ZXPL]PTX[Z^^TMWP^TYNP_SPdL]P YZ_LWWZbPOMd`^LRPx ! ?SP 8¯X£À^£ OT^N`^^TZY ZQ WLV´L©£ []PQTR`]P^ ^ZXP ML^TN TY^TRS_^ ZQ ]PNPY_ NZRYT _TaP_SPZ]TP^ZYXP_L[SZ]^LYOXP_ZYdXd%^PP8L]V5ZSY^ZY ?SP-ZOdTY_SP8TYO .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $#"& 2PZ]RP 7LVZb LYO 8L]V 5ZSY^ZY 8P_L[SZ]^ BP7TaP-d .STNLRZ% @YTaP]^T_dZQ.STNLRZ;]P^^$#& 8P_ZYdXdTY 7LYR`LRP LYO ?SZ`RS_ PO 6WL`^@bP ;LY_SP] LYO 2ÞY_P] =LOOPY ,X^_P]OLX% 5ZSY-PYULXTY^;`MW$$$
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
$"
WLV´L©£_SPZ]dL^LW]PLOd`YOP]^_ZZOMd_SP;¼]aL8ÅX£À^£[]Z[ZYPY_ 6`X£]TWL-SL¶¶LBZ]O^[]TXL]TWdNZXX`YTNL_PTOPL^LYOYZ_PX[T]TNLW ZMUPN_^ ?SP TYOTNL_TZY ZQ PX[T]TNLW ZMUPN_^ T^ ZYWd _SPT] ^PNZYOL]d Q`YN_TZY ?SP ]PQP]PY_TLW [ZbP] LWbLd^ []P^`[[Z^P^ _SP []PaP]MLW SLMT_`LW NZXX`YTNL_TaT_d ZQ bZ]O^ bSTNS bZ]O^ X`^_ SLaP MPQZ]P _SPd NLY OP^TRYL_P [Sd^TNLW _STYR^ L_ LWW 6`X£]TWL -SL¶¶Lv^ [Z^T_TZY bSTNS OP_P]XTYP^ NZXX`YTNL_TZY RLXLYL L^ _SP []TXL]d Q`YN_TZY ZQ WLYR`LRP LYO OPYZ_L_TZY LMSTOS£YL LMSTOS£ L^ L XP]P ^PNZYOL]d Q`YN_TZY ! MPNZXP^ TY _SP 6PaLWL,OaLT_LAPO£Y_L ZQ _SP @__L]L 8ÅX£À^£ Q`YOLXPY_LW QZ] _SP `W_TXL_P NZXX`YTNLMTWT_d ZQ _SP _]LY^ [SPYZXPYLW []P]PQWPcTaP ¢_XLY LYO T_^ MPTYR TOPY_TNLW bT_S _SP NZ^ XTN-]LSXLY BSL_OT^_TYR`T^SP^_SPSP]XPYP`_TNTLYQ]ZXLYZ]XLW[L]_TNT[LY_TY _SP WLYR`LRP NZXX`YT_dv^ NZXX`YTNL_TaP `__P]LYNP^* ?SP WL__P] OZP^ YZ_`^`LWWdYPPO_Z`YOP]^_LYO_SPWLV´L©£ZQbZ]O^LYO[ZYOP]WTYR`T^ _TN^ LYO ^PXTZ_TN^ 3P OZP^ YZ_ SLaP _Z VYZb SZb L ^PY_PYNP wXLVP^ ^PY^Px Z] bSd []PNT^PWd _ST^ [L]_TN`WL] bZ]O NLY ^TRYTQd _SL_ [L]_TN`WL] NZY_PY_ BP SPL] w^[ZYRPx LYO RPYP]LWWd VYZb `YNZY^NTZ`^Wd bSL_ T^ XPLY_ ?SP SP]XPYP`_TNTLY ZY _SP Z_SP] SLYO X`^_ MP LMWP _Z `YOP] ^_LYO _SP []ZNP^^ ZQ WLV´L©£ LYLWd_TNLWWd 3P X`^_ MP TY L [Z^T_TZY _Z OP^N]TMP _SP PaP]NWZ^P] _L]RP_ ZQ L bZ]O TY L ^PY_PYNP L_ L NP]_LTY XPLYTYRLYO_ZPc[WLTYbSd[]PNT^PWd^`NSLYO^`NSXPLYTYRT^XPLY_ TY ^`NSLYO^`NS L NZY_Pc_ ?SP []ZR]P^^TaP APO£Y_L SP]XPYP`_TNTLY^ LOZ[_PO LYO OPaPWZ[PO _ST^ XP_SZOZWZRd 4Y _SP ±L«VL]L ^NSZZW ZQ _SP @__L]L8ÅX£À^£_SPZ]TRTYLWWdLYLWd_TNLWXP_SZObL^OPaPWZ[POTY_ZL ^Z[ST^_TNL_PO OTOLN_TN XP_SZO ^Z _SL_ T_ NZ`WO XLVP _SP \`T_P ^[PNTQT NLWWd XP_L[Sd^TNLW ^PY^P ZQ _SP bZ]O^ LYO ^PY_PYNP^ ZQ _SP @[LYT´LO^ NWPL]Wd ]PNZRYTeLMWP LYO _S`^ _]LY^XT_ Pc[P]TPYNPML^PO VYZbWPORP ZQ [`]PWdXP_L[Sd^TNLW]PLWT_d ?SP_P]X WLV´L©£WLV´L©L TY_SP,OaLT_LAPO£Y_L_S`^L^^`XP^_SP ^PY^PZQSP]XPYP`_TNOT^NZaP]dZQXPLYTYRMd]PaPLWTYRTYL]L_TZYLWWd LYO WTYR`T^_TNLWWd _]LY^[L]PY_ bLd _SP XP_L[Sd^TNLW NZY_PY_ ZQ L bZ]O ?SP XP_SZO [WLd^ L VPd ]ZWP TY _SP TY_P][]P_L_TZY ZQ _SP .S£YOZRdL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,NNZ]OTYR _Z 6`X£]TWL _SP ^PY_PYNP XPLYTYR T^ LWbLd^ NZYaPdPO Md _SP ^PNZYOL]d [ZbP]ZQ_SP bZ]O^ WLV´dLX£©L ^TYNPTYL ^PY_PYNP_SP T^ZWL_PObZ]O^ _SPX^PWaP^ L]P`YTY_PWWTRTMWP?SP_P]XWLV´L©LOPYZ_P^_ST^^PNZYOL]d[ZbP]_S]Z`RSbSTNS_SP ^dY_LN_TNLWWd `YTQTPO ^PY_PYNP XPLYTYR T^ NZYaPdPO =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLY TYR Q " 1`]_SP]XZ]P L bZ]O _LVPY L^ ^P[L]L_P WTYR`T^_TN `YT_ YPaP] []ZO`NP^_SPNZRYT_TZYZQXPLYTYROT]PN_WdLYOTYOP[PYOPY_Wd8PLYTYRNLYZYWdMP Pc[WLTYPO TY _P]X^ ZQ L ]PWL_TZY^ST[ MP_bPPY `__P]LYNP LYO NZY_Pc_^ ?Z `YOP]^_LYO bZ]O^ LYO ^PY_PYNP^ []P^`[[Z^P^ _SL_ bP SLaP WPL]YPO XPLYTYR Q]ZX _SP `^P ZQ bZ]O^ TY ^[PPNS NZY_Pc_^ 7LYR`LRP LNNZ]OTYR _Z _SP ;¼]aL8¯X£À^£ T^ L NZYOT _TZYPO ]PQWPc bSP]PMd XPY_LW TX[]P^^TZY^ ZQ _STYR^ []PaTZ`^Wd VYZbY L]P LN_TaL_PO =LULTMTO z! !"
$#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
@[LYT´LO QZ]X`WL _L__aLXL^T w_SL_dZ`L]Px ! ,NNZ]OTYR_Z±L«VL]L _ST^w2]PL_>PY_PYNPx XLS£a£VdL OZP^YZ_^TRYTQdLOZRXLM`_LQLN_ 4_T^^TX[WdLMLYLW^_L_PXPY_ZQQLN_LYOSL^L^PY^P_SL_NLYMPWPL]YPO LYO Pc[P]TPYNPO Md _SP LOO]P^^PP \`T_P TXXPOTL_PWd z bSTNS T^ \`T_P `YWTVP_SP.S]T^_TLYOZRXLZQ_SPO`LWYL_`]PZQ5P^`^L^w_]`PXLY LYO _]`P 2ZOx .S]T^_TLY^ ]PRL]O _ST^ L^ LY LM^ZW`_P _]`_S M`_ T_ LWbLd^ ]PXLTY^ L Xd^_P]d ZQ QLT_S ,NNZ]OTYR _Z ±L«VL]L ZY _SP Z_SP] SLYO _SP^PY_PYNPw_L__aLXL^TxZNN`]^TY_SP .S£YOZRdL@[LYT´LO []PNT^PWd MPNL`^PZYP ^SZ`WO `YOP]^_LYOT_LYOYZ_ZYWd^Z_SL_ZYPNLY]PNZRYTeP T_ L^ L Xd^_P]d ZQ QLT_S 4_ T^ L OTOLN_TN ^PY_PYNP bSTNS _]TRRP]^ \`T_P ]PLWVYZbWPORPbSPYZYP`YOP]^_LYO^T_NZ]]PN_Wd 3ZbNLYZYP`YOP]^_LYOT_NZ]]PN_Wd*±L«VL]LLYOST^^NSZZWbZ`WO ]P[Wd Md WZZVTYR aP]d NWZ^PWd L_ SZb ^PY^P NZXP^ LMZ`_ TY _ST^ ^PY _PYNP ?Z ]PLNS L NZ]]PN_ `YOP]^_LYOTYR _bZ [Z^^TMWP TY_P][]P_L_TZY^ SLaP _Z MP ]`WPO Z`_% L T_ T^ L _SPZWZRTNLW ^PY_PYNP TY _SP ^PY^P ZQ L Xd^_P]dZQQLT_SLYOMT_T^LQTR`]L_TaP^_L_PXPY_ L ?SP _SP^T^ _SL_ _ST^ T^ L [`]PWd _SPZWZRTNLW ^PY_PYNP NLY MP Pc NW`OPO MPNL`^P _L_ w_SL_x LYO _aLX wdZ`x bZ`WO ^TRYTQd Z[[Z^TYR _STYR^ bSTNS YPRL_P PLNS Z_SP] !! w?SL_x _SP OPT_d _SP `YTaP]^P _SP LM^ZW`_P `YLW_P]LMWP PcT^_PYNP LYO w4xwdZ`x _SP TYOTaTO`LW NZY_TY RPY_ PcT^_PYNP z `^PO L^ _SPZWZRTNLW [STWZ^Z[STNLW _P]X^ Z] TY _SP WT_ P]LW ^PY^P ZQ Z]OTYL]d [L]WLYNP z ^TRYTQd OTNSZ_ZXZ`^ NL_PRZ]TP^ LYO _SP ^PY_PYNP bZ`WO _SP]PQZ]P XLVP L^ X`NS ^PY^P L^ wbST_P T^ MWLNVx 1Z] ±L«VL]L T_ T^ ZMaTZ`^ _SL_ _SP APOL NLYYZ_ NZY_LTY ^PY^PWP^^ LYO NZY_]LOTN_Z]d ^PY_PYNP^ LYO SP ^PP^ TY _SP APOL _SP ZYWd XPLY^ ZQ QTYOTYRVYZbWPORPTY]PWTRTZ`^T^^`P^U`^_L^_SP;¼]aL^OZ M 9PT_SP] T^ T_ L QTR`]L_TaP ^_L_PXPY_ L^ TY _SP ^PY_PYNP wdZ` L]P L WTZYx Z] wdZ` L]P 4YO]Lx bSTNS XPLY^% dZ` L]P ^_]ZYR LYO [ZbP]Q`W M`_ TY^_PLO T_ T^ L OT]PN_ WT_P]LW ^_L_PXPY_ TP ZYP OZP^ YZ_ SLaP _Z Pc [LYO_SP@[LYT´LO^PY_PYNPw_SL_dZ`L]PxTYLYdbLd_ZwdZ`L]PWTVPx Z] wdZ` L]P ^TXTWL] _Z _SL_x !" >Z _SP XPLYTYR T^ YZ_ ^ZXP_STYR WTVP wdZ`] ^Z`W T^ WTVP _SP `YTaP]^Px Z] wdZ` ]P^PXMWP 2ZOx ^TYNP _SP ^PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! @[LOP²L^£SL^]Å ;LOdLMLYOSL # LYO z$ ?SP _P]X^ `^PO L]P WLV´LdPd`à @>; #$ LYO WLV´LdP_ @>; ## ±L«VL]Lv^ NZXXPY_L]d ZY .S£YOZRdL@[LYT´LO ! _LNVWP^ _SP ^_L_PXPY_ _L_ _aLX L^T TY PcLN_Wd _SP ^LXP bLd bT_SZ`_ SZbPaP] `^TYR _SP _PNSYTNLW _P]X WLV´L©L Z] T_^ aP]MLW QZ]X^ ^PP TY [L]_TN`WL] _SP NZXXPY_L]d ZY !! .]`NTLW _Z _SP WLV´L©£ SP]XPYP`_TN^ T^ LW^Z ±L«VL]Lv^ ?LT__T]ÅdL@[LYT´LO -S£´dL LYO_SP^`MNZXXPY_L]TP^ZQ_SP±L«VL]L^NSZZW?SPWLV´L©£_SPZ]dbL^ Q`WWdOPaPWZ[POTYWL_P]_]PL_T^P^^`NSL^>LO£YLYOLv^ APO£Y_L^£]L TYZ]OP]_ZPc[WLTY LYO ]L_TZYLWTeP bSd NP]_LTY ^PY_PYNP^ L]P LMWP _Z NZYaPd YZYO`LW TY^TRS_ 4_ NZY^_T _`_P^LRPY`TYPAPO£Y_TNNZY_]TM`_TZY_ZWTYR`T^_TN_SPZ]d !! ±L«VL]LLNNP[_^_SPTOPLZQRZO¯²aL]L WT_w_SP7Z]O_SP=`WP]xM`_OPYTP^LO`LW T^__SPZWZRdZ]_SP[Z[`WL]`YOP]^_LYOTYRZQLN]PL_Z]RZOLYO^`[]PXPMPTYROTQQP] PY_Q]ZX_SPbZ]WOLYOZYP^PWQ>PP @[LOP²L>£SL^]¯ ;LOdLMLYOSL !" ±L«VL]L .S£YOZRdL@[LYT´LO-S£´dL !!
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
$$
_PYNP T^ ]PNZRYTeLMWP L^ L QLN_`LW ^_L_PXPY_ LMZ`_ ]PLWT_d L^ L bSZWP ZbTYR _Z T_^ NZY_Pc_`LW PYaT]ZYXPY_ TY _SP .S£YOZRdL@[LYT´LO BT_STY_ST^NZY_Pc_ _SP_Pc_`YT_dZQ NSL[_P]! T_ SL^ _Z]PQP]_Z PcT^ _PYNP ^L_ T_^PWQwdZ`L^LYPcT^_PY_MPTYRL]P_SL_xLYOYZ_^ZXP_STYR WTVPwdZ`L^L-]LSXTYMdMT]_SL]P_SL_x ,NNZ]OTYR_Z±L«VL]£N£]dL_SPNZY_PY_ZQ_SPw_L__aLXL^TxX`^_MP `YOP]^_ZZOL^RPY`TYPTOPY_T_d?SPVYZbWPORP_SL_T^_ZMP_]LY^XT__PO _Z_SPLOO]P^^PPT^w4LX_SL__SP-]LSXLY_SPbSZWPbZ]WOx !#?ST^ T^ ZYWd [Z^^TMWP TQ _SP ^PY_PYNP T^ `YOP]^_ZZO L^ L WLV´L©£ ^_L_PXPY_ Z] TX[WTNL_TZYTYbSTNS_SPbZ]O^ _L_ w_SL_xLYO _aLX wdZ`x^SPOWTRS_ ZYPLNSZ_SP]^TYNP_SP_bZZQ_SPXL]PWTYVPOMd_SPNZ[`WL L^T wT^x -PNL`^P ZQ _SP NZ[`WL wT^x _aLX NLYYZ_ XPLY _SP NZYaPY_TZYLW Z]OT YL]d ^PY^P ZQ wdZ`x Z] w4x WTVP LY PaP]dOLd 4 z _SL_ T^ L _TXPMZ`YO [Sd^TNLW LYO TY^`QQTNTPY_ TYOTaTO`LW _SL_ LN_^ LYO Pc[P]TPYNP^ [WPL^`]P LYO [LTY z QZ] _ST^ T^ YPRL_PO Md _L_ 4Y NZXMTYL_TZY bT_S _L_ LYO L^T _SP]P L]T^P^ TXXPOTL_PWd _SP LN_`LW TX[WTPO WLV´dL ^PY^P ZQ _aLX bSTNS NZY^T^_^ ZQ _SP wTYYP] ^PWQx []L_dLR£_XLY _SP ^[ZY_LYPZ`^Wd [P]NPTaPO ^PWQPaTOPY_ w^PWQW`XTYZ`^x LbL]PYP^^ WT_ w^PPTYRx ZQ ZYP^PWQ ^aLdLÀaPOdL^aL[]LX£©L^aLdLÀUdZ_T] O²Tà !$ ?SP ]PLW `YOP]^_LYOTYRZQ_ST^^[PNTQTN^PY^PNLYZNN`]MPNL`^PTY _aLX wdZ`x _SP []P]PQWPcTaP 4 LYO T_^ YZYYPRL_LMWP MPTYRPcT^_PY_ T^ LWbLd^ TY NW`OPOLW_SZ`RSZYPT^YZ]XLWWdYZ_LbL]PZQ_ST^-dNZY_]L^_4NZX XZYWd`^P _SP _L_ Z]w_SL_x_Z ^TRYTQdLYZY4_Z bSTNS4L^_SP^`MUPN_ LXU`c_L[Z^PO 4]PWL_P_SP w_SL_x _ZTYOTaTO`LWZMUPN_^TYXd PX[T]TNLW bZ]WO Z] TY _SP ^PY^P ZQ L O`LWT^_ _SPZWZRd _Z L OTaTYP Z_SP] ,YO ZM aTZ`^Wd _ST^ NZXXZY `YOP]^_LYOTYR NLYYZ_ MP bSL_ T^ TY_PYOPO SP]P PT_SP]QZ]T_T^YPRL_POMd _aLX ?SP ^PY_PYNP _L__aLXL^T ZYWd ^SLVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 4Y _SP @[LOP²L>£SL^]¯ ;LOdLMLYOSL _ST^ YZYO`LW `YT_d T^ ]P[PL_POWd ]P^_L_PO OP[PYOTYR ZY _SP NZY_Pc_ ZQ OT^NZ`]^P L^% w4 LX _SP 7Z]Ox w4 LX PcT^_PYNPx w7TVPP_SP]_SZ`RSLMTOTYRTYLWWMPTYR^4LXQ]PPQ]ZXFLWWHQL`W_^&4LX_SP bT_YP^^_SPZM^P]aP]_SP[`]PL__]TM`_PWP^^-]LSXLYx!&w4LX[`]PNZY^NTZ`^ YP^^ NTYX£_]Lx "& w4 LX LWbLd^ NSLYRPWP^^ [`]P Q]PP ZQ ZWO LRP ]PWPL^PO YZYO`LWx $ wF4 LXH TYOP[PYOPY_ ZQ MZOd ^PY^P^ NL^_P [`]T_d LN_TZY PaTW [WPL^`]P LYO [LTY [L^^TZY LYO LaP]^TZY 4 LYO XTYP bLVTYR O]PLX LYO O]PLXWP^^ ^WPP[x z! QQ& wF4 LXH _SP ^PWQPQQ`WRPY_ VYZbP] LYO bT_YP^^ FZQ LWW _SP^PHx " Q # z & w_SP ¢_XLY T^ ZYP LYO _SP ^LXP TY LWW MPTYR^ LYO _SP^P MPTYR^ L]P TY T_ L^ F_SPd L]PH TY P_SP]x $ w4 LX PaP] Q]PP _SP PcT^_PY_x #& w?SZ`LYO?SL_L]POPaZTO ZQ[LTYx #!$& wF4 LXH QPL]WP^^x # P_N -d _SP^P OTQQP]PY_ ^_L_PXPY_^ L ^PXLY_TN QTPWO ZQ ^dYZYdXZ`^ ^PY_PYNP^ T^ N]PL_PO _SL_ _L]RP_^ _SP PYNZX[L^^TYR ]LYRP ZQ YZYO`LW `YT_d LYO T_^ NZRYT_TaP PXZ_TZYLW LYOP_STNLWOTXPY^TZY^ !$ ?SP^P_P]X^LYO^dYZYdXZ`^QZ]X`WL^^`XXL]TeP_SPP^^PY_TLW_PLNSTYRZQMZ_S[L]_^ ZQ _SP @[LOP²L>LSL^]Å >PP 2LOdLMLYOSL $ $ & ;LOdLMLYOSL & & "!$& #! $# ( # PO 5LRLOLYLYOL #& LYO ±L«VL]Lv^ -SLO£]L©dLVL@[LYT´LO-S£´dL"
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
ZQQ LWW _SP NZY_]LOTN_TZY^ bSPY _SP _L_ _L]RP_^ Xd []PaP]MLW YZ_TZY ZQ PcT^_PYNP bSTNS TY T_^ PY_T]P_d NLYYZ_ MP ]PO`NPO _Z LYd TYOTaTO`LW QZ]X ZQ PcT^_PYNP LYO T^ `W_TXL_PWd NZYR]`PY_ bT_S NZY^NTZ`^YP^^ ,N NZ]OTYR _Z ±L«VL]L _SP]P L]P XLYd TY^_LYNP^ bSP]P _SP @[LYT´LO^ []ZaP _SL_ ST^ TY_P][]P_L_TZY ZQ _SP _Pc_ T^ _SP NZ]]PN_ ZYP ^TYNP _SPd PYaT^LRP_SPRZOSPLOYZ_ZYWdL^LwNL`^PxZQLWW_SL_PcT^_^M`_LW^ZL^ T_^wXL_P]TLWZ]TRTYx>TYNP-]LSXLYL^XL_P]TLWZ]TRTYT^_Z_LWWdTOPY_T NLW bT_S PaP]d_STYR _SL_ PcT^_^ WTVP _SP NWLd TY NWLd [Z_^ NZYaP]^PWd YZ_STYR_SL_PcT^_^NLYMP^P[L]L_PQ]ZX-]LSXLY%_SP TYSP]PY_TOPY_T_d ZQ _L_ LYO _aLX T^_SP]PQZ]PLu_SZ`RS_YPNP^^T_dvLYO_SPw2]PL_BZ]O^x ZQ _SP @[LYT´LO^ WZ^P _SPT] [L]LOZc >Z _SP ^PY_PYNP w_L_ _aLX L^Tx _]LY^XT_^ _SP TOPL _SL_ _SP]P T^ L MPTYRNZY^NTZ`^YP^^ NZY_TY``X LYO _SL_bT_STYT_4LYO_SP`YTaP]^PL]PTOPY_TNLW ?SP WLV´L©£ SP]XPYP`_TN^ PYNZX[L^^P^ L []PNT^P LYLWd^T^ ZQ MZ_S _aLX LYO _L_ 4Y _SP NSLTY ZQ _PLNSP]^ LYO [`[TW^ YZ_ ZYWd bL^ _SP TY _PYOPO^PY^PZQ^_L_PXPY_^ZQTOPY_T_d_SP]PQZ]P_]LY^XT__POM`_LW^Z_SP OTOLN_TN XPLY^ ZQ _SPT] NZXX`YTNL_TZY LYO XP_SZOTNLW TYaP^_TRL_TZY bP]P[L^^POZY_Z^`NNPPOTYRRPYP]L_TZY^:YPVPdXPOT`XT^_SPWZRT NLWOPO`N_TZYMdL[[WdTYR_SP LYaLdLadL_T]PVL XP_SZObSTNSXLVP^T_ [Z^^TMWP _Z [P]NPTaP _SP `YNSLYRTYR LYaLdL TY bSL_ T^ NZY_TYRPY_ adL_T]PVL LYO NZY^P\`PY_Wd ^P]aP^ _Z OTQQP]PY_TL_P _SP [P]XLYPY_ ^PWQ Q]ZX _SP _]LY^TPY_ ^PWQ ?ST^ XP_SZO ZQ NZXX`YTNL_TYR bSL_ T^ YZY aP]MLWT^`^POQZ]TY^_LYNPTY_SPLYLWd^T^ZQ_SP_S]PP^_L_P^ZQbLVTYR O]PLXTYRLYOO]PLXWP^^OPP[^WPP[:YWdNZY^NTZ`^YP^^_`]Y^Z`__ZMP `YTaP]^LW SP]P TP `YYPRL_LMWP LYO LWW[P]aL^TaP 0aPY TY O]PLXWP^^ ^WPP[ ZYP QZ]X ZQ NZY^NTZ`^YP^^ X`^_ MP []P^PY_ ^TYNP Z_SP]bT^P ZYP NZ`WO YZ_ MP LbL]P ZQ w4 SLaP ^WP[_x " 4_ T^ []PNT^PWd _SP O]PLXWP^^ OPP[^WPP[_SL_TWW`XTYP^zLNNZ]OTYR_Z_SP,OaLT_LAPO£Y_Lz_SP_]`P YL_`]PZQ _aLX L^YZYOTQQP]PY_TL_POZMUPN_WP^^LYOMWT^^Q`WNZY^NTZ`^ YP^^ ?SP bLVTYR XPXZ]d T^ LbL]P ZQ _SP TY_]TY^TN MWT^^% w4 SLaP ^WP[_ bPWW x L]_TN`WL_P^ LY TY_P]^`MUPN_TaPWd aLWTO Pc[P]TPYNP MPNL`^P T_ T^ ^`MUPN_TaPWd VYZbY _Z PaP]dMZOd ?SP OTXPY^TZY ZQ 4 Pc[]P^^PO Md _SP _P]X _aLX T^ _S`^ L L_ ZYNP YL_`]LW LYO ^[ZY_LYPZ`^Wd LNNP^^TMWP _Z PaP]dZYP M T_ _]LY^NPYO^ _SP Pc[P]TPYNP ZQ NZY_TYRPYNd LYO N _SP L`_ZYZXZ`^LYOTYSP]PY_MWT^^ZQ_SP^PWQT^XLYTQP^_POTYT_ 9L_`]LWWd_SP LYaLdLadL_T]PVL XP_SZOZQwRZTYR_S]Z`RSLYOWPLa TYRxLW^ZZNN`[TP^L[]TXP[WLNPTY_SP _L__aLXL^T LYLWd^T^LYO_PLNS TYR T_^PWQ " ?SP XP_SZO T^ Q`YOLXPY_LW TY OP_P]XTYTYR []PNT^PWd _SP ]TRS_ VYZbWPORP ZQ _SP 4 Md OT^_]LN_TYR P]]ZYPZ`^ 4YZ_TZY^ Q]ZX _SP TYYP]^PWQ>`NSLOT^N]TXTYL_TYRVYZbWPORPT^P^^PY_TLW_ZL]]TaPL__SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP_SP_PLNSP][`[TWOT^N`^^TZY@[LOP²L>LSL^]Å 2LOdLMLYOSL$z$ " >PP @[LOP²L>£SL^]Å ;LOdLMLYOSL#$!"!z##$
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!
NZXXZY OPYZXTYL_Z] ZQ _L_ LYO _aLX bSTNS T^ aP]MLWWd Pc[]P^^PO Md _SP NZ[`WL wL^Tx ?SP NZ[`WL wL]Px TYOTNL_P^ _SL_ _SP]P X`^_ MP L NZY aP]RPYNPZQwdZ`xLYOw_SL_x_ZXLVP^PY^PZQ_SP^PY_PYNPbSTNST^L_ QT]^_ ^TRS_ ^TX[Wd LY TYNZX[L_TMWP ^_L_PXPY_ ?SP ZYP bSZ Pc[P]TPYNP^ [LTY_SPPaP]dOLd^PWQ_SPMZOd^PY^Z]dLbL]PYP^^LYOTY_PWWPN_NLY YZ_MP_SPwdZ`xbSTNS_SP±]`_TT^^[PLV^ZQTPL^PWQ_SL_T^PaP]Q]PP Q]ZX [LTY LYO P\`L_PO bT_S -]LSXLY 4Q ZYP bP]P _Z `YOP]^_LYO _SP wdZ`x L^ ^`NSLYO^`NS ZYP bZ`WO YPaP] RLTY _SP ]TRS_ VYZbWPORP ZQ w4 LX _SP 0cT^_PY_x " LYO TQ _SP wdZ`x bP]P YZ_STYR Z_SP] _SLY ^`NS LYO^`NST_NZ`WOYPaP]MPQ]PPLYO±]`_T^PY_PYNP^bZ`WOMPXPLYTYR WP^^ -`_ _SP]P T^ L OTXPY^TZY ZQ Q]PPOZX bSTNS T^ LWbLd^ _SP]P LYO bSTNS L [P]^ZY NLY MPNZXP LbL]P ZQ Md ±]`_T LYO ]PL^ZY -PTYR LMZ`_ ZYP^PWQ _SP ±]`_T ^_L_PXPY_^ NLY _]TRRP] TXXPOTL_P TY^TRS_ TY bSTNS ]PL^ZYNZTYNTOP^bT_SPc[P]TPY_TLWPaTOPYNPw4LX_SL_PaP]Q]PP^PWQx ?SP wdZ`x NLY ZYWd XPLY _SP wTYYP] ^PWQx bSTNS T^ _SP `Y]PO`NPLMWP ]PXLTYOP] ZQ _SP ]TRZ]Z`^ LYLWd^T^ ZQ _SP 4v^ NSLYRTYR LYO `YNSLYRTYR NZYOT_TZY^?SP]PT^L[[L]PY_WdLYL^[PN_ZQ_SP4bSTNS]PXLTY^[]P^PY_ [P]XLYPY_Wd `YWTVP _SP ^ZNTLW ^PWQ _SP MZOd _SP ^PY^P^ _SP TY_PWWPN_ LYO T_^ NZRYT_TaP Q`YN_TZY^ ?SP ZYWd QLN_Z] _SL_ wRZP^ _S]Z`RSx LY aLdL LWW ZQ _SPX [P]aLOTYR _SPX LYO dP_ L_ _SP ^LXP _TXP ]PXLTY^ TYOP[PYOPY_ZQ_SPXT^_SPwZaP]^PPTYRxNZY^NTZ`^YP^^_SPwNSLYRPWP^^ ^PPTYRx _SP w^PWQPaTOPY_x w^PWQW`XTYZ`^x ¢_XLY _SL_ T^ PaP] OPaZTO ZQ [LTY ,YO []PNT^PWd TY _ST^ [P]XLYPYNP [P]aL^TaPYP^^ LYO Q]PPOZX Q]ZX[LTY_SP]PT^NZYaP]RPYNPZQ_SPTYYP]^PWQ_SP]TRS_Wd`YOP]^_ZZO wdZ`x LYO w_SL_x w_SP PcT^_PY_ PcT^_PYNP T_^PWQx " :YNP _ST^ T^ ^PPY _SP SLMT_`LW TOPY_TQTNL_TZY bT_S _SP MZOd LYO XTYO MPNZXP^ `Y]PL^ZY LMWP " ?SP]P T^ YZ XZ]P ^`MUPN_ ZQ TYU`YN_TZY^ ^TYNP w4 LX -]LSXLYx LYO w4 LX LY LRPY_x NLY YPaP] NZPcT^_ " ?SP]P T^ YZ XZ]P OPW`^TZY :YNP ^L_T^QTPO Md _SP w^bPP_ QZZOx ZQ ^PWQ]PNZRYT_TZY LYO YZYO`LW Pc[P]TPYNP YZMZOd PcNP[_ QZ] L QZZW bTWW bLY_ _Z PL_ [ZT^ZY PaPY bSPY^`QQP]TYRQ]ZXS`YRP] "! 4_ T^ N]`NTLW QZ] ±L«VL]L _SL_ _SP _P]X^ w_SL_x LYO wdZ`x X`^_ SLaP _SP ^LXP ]PQP]PY_ ?ST^ PYNZX[L^^P^ z QZ] _SP wdZ`x z _SP ^PXLY_TN QTPWO ZQ [LTYWP^^YP^^ Q]PPOZX Q]ZX QPL] LYO OP^T]P PXLYNT[L_TZY Q]ZX O`_d LYO NL^_P NP^^L_TZY ZQ _SP 4YZ_TZY LRPYNd LYO ZbYP]^ST[ _SP YZ_TZY ZQ wXTYPx LYO LMZaP LWW ^PWQW`XTYZ^T_d 1Z] _ST^ VTYO ZQ ^PWQ ]PNZRYT_TZY _Z _LVP [WLNP ZYP [L]_ ZQ _SP w4x X`^_ MP ^`MWL_PO YLXPWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " @[LOP²L>£SL^]Å ;LOdLMLYOSL#! " @[LOP²L>£SL^]Å ;LOdLMLYOSL#!"z!$#z#"#$ " @[LOP²L>£SL^]Å ;LOdLMLYOSL # #" PO 5LRLOLYLYOL LYO _SP PY_T]P NSL[_P]$ " @[LOP²L>£SL^]Å ;LOdLMLYOSL#z# z!PO5LRLOLYLYOL "! @[LOP²L>£SL^]Å ;LOdLMLYOSL##PO5LRLOLYLYOL
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_SP w_ST^x[Z]_TZY PaP]d_STYR LMZ`_ ZYP^PWQ _SL_ NLY MP ZMUPN_TaTePO ^`NS L^ w_ST^ T^ Xd MZOdx w_ST^ XTYO ZQ XTYPx QPPWTYR [WPL^`]P LYO [LTY P_N bSP]PL^ _SP NZY^NTZ`^YP^^ [L]_ Z] [`]P ^PPTYR O´¶T]¼[L T_^PWQ T^ ]P_LTYPO LYO QZN`^PO w_SP `YOP]^_LYOP] ZQ `YOP]^_LYOTYRx "" ?ST^ XPLY^ _SL_ bT_SZ`_ RTaTYR `[ T_^ ZbY XPLYTYR _SP _P]X w4x Z] w^PWQx LYO ^TXTWL]Wd _SP _P]X w_SL_x NZYaPd^ L ^[PNTLW XPLYTYR "# YLXPWdLYTX[WTPOXPLYTYRZ]WLV´L©£?SPWL_P]_]LOT_TZY^_L]_TYRbT_S >LO£YLYOL ^d^_PXL_TePO _ST^ TOPL LYO OT^NP]YPO _SP ULSLOLULSLO WLV´L©£ L^ _SP ^[PNTLW QZ]X ZQ WLV´L©£ bSTNS WPLO^ _Z ]TRS_ ^PWQ VYZbWPORP z bSTNS T^ TY QLN_ L ]P^_L_PXPY_ ZQ LYaLdLadL_T]PVL TY _P]X^ ZQ WLV´L©£ SP]XPYP`_TN^% ^ZXP_STYR X`^_ MP ]P_LTYPO LYO ^ZXP _STYR X`^_ MP ]PXZaPO _Z RP_ _SP NZ]]PN_ XPLYTYR ?SP TWW`^_]L_TZY T^ _SP^PY_PYNP%w?ST^T^_SL_/PaLOL__Lx ^ZvdLXOPaLOL__Là "$?SP^PY _PYNPWZZV^NZY_]LOTN_Z]dO`P_Z_SP`^PZQ_SPNZY_]L^_TYR _P]X^w_ST^x LYO w_SL_x M`_ TY QLN_ T_ T^ YZ_ L_ LWW NZY_]LOTN_Z]d LYO _SP TYNZX[L_T MTWT_d T^ ]P^ZWaPO TQ _SP NZY_Pc_ T^ VYZbY >ZXPMZOd TY_]ZO`NP^ _Z XP 8] /PaLOL__L LMZ`_ bSZX 4 SLaP SPL]O L WZ_ TY _SP [L^_ M`_ bSZX 4 SLaPYZ_XP_[P]^ZYLWWdMPQZ]P >Zw_SL_xLYO w_ST^xL]PYPT_SP]TOPY_T NLW YZ] NZX[WP_PWd OTQQP]PY_ L^ TX[WTP] MPNL`^P _SPd ]PQP] _Z _SP ^LXP /PaLOL__L _SP TX[WTPO bSZ T^ ZYNP \`LWTQTPO Md _SP [L^_ ST^ TXLRP TY Xd XPXZ]d LYO ZYNP Md _SP []P^PY_ ST^ [Sd^TNLW []P^PYNP ?SP ^PY_PYNP XPLY^ ZYWd TOPY_T_d bSPY _SP TYNZX[L_TMWP PWPXPY_^ L]P ]PUPN_PO LYO MZ_S _P]X^ `YOP]^_ZZO _Z ]PWL_P _Z _SP ^LXP TYOTaTO`LW /PaLOL__LbSZSTX^PWQT^YZ_P^^PY_TLWWd\`LWTQTPOMdZ]]PWL_PO_Z[L^_ LYO []P^PY_ ]PXZ_PYP^^ LYO TXXPOTLNd P_N 4Y L ^TXTWL] bLd _SP]P T^ ]P^ZW`_TZYZQ_SPTYNZX[L_TMTWT_dZQ _L_ ]PXZ_PYP^^LYO _aLX TXXPOT LNdTY_SPw2]PL_>LdTYRx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" @[LOP²L>£SL^]Å ;LOdLMLYOSL z "# @[LOP²L>£SL^]Å ;LOdLMLYOSL#"#"PO5LRLOLYLYOL "$ >PP >LO£YLYOL APO£Y_L^£]L #z PO 9TVSTWLYLYOL LYO [ $z PO 3T]T dLYYL?SP4YOTLY_]LOT_TZY^VYZbOTQQP]PY_VTYO^LYONWL^^TQTNL_TZY^ZQWLV´L©£^QZ] PLNS ZQ bSTNS LY TWW`^_]L_TaP PcLX[WP T^ []ZaTOPO ,[[L]PY_Wd _SP XZ^_ NZXXZY T^ _SP RL`©¯ WLV´L©£ bSTNS OPYZ_P^ LWW \`LWT_L_TaP XP_L[SZ]^ ML^PO ZY ^TXTWL]T_d PR w_SPMZdT^LWTZYxXPLYTYRwL^^_]ZYRL^LWTZYx1Z]LNZX[]PSPY^TaPWT^_ZQWLV´L ©£^^PP=LUL 4YOTLY?SPZ]TP^ZQ8PLYTYR "?SP ULSLOLULSLOWLV´L©£ LW^ZNLWWPO MS£RL_d£RLWLV´L©£ bL^TY_]ZO`NPOMd_SP,OaLT_LAPO£Y_TY^L^L_ST]OVTYOZQ_bZ NZXXZYWdLNNP[_POLYOLW]PLOdPcT^_PY_WLV´L©£^=LULTMTO$z %L_SP ULSLO WLV´L©£ TWW`^_]L_POMdw_SPaTWWLRPT^ZY_SP2LYRP^xLYOM_SPLULSLOWLV´L©LTWW`^ _]L_POMdw_SP]PO]`Y^x4YL_SP[]TXL]d^PY^PT^LMLYOZYPOTYQLaZ]ZQ_SP^PNZY OL]d XPLYTYRwZY_SPMLYV^xZ]wYPL]_SP2LYRP^x bSP]PL^TYM_SP[]TXL]d ^PY^P ^SZ`WO YZ_ MP PcNW`OPO M`_ ]L_SP] ^[PNTQTPO Md NZY_Pc_ VYZbWPORP 4Y WLV´L©£ _SP bZ]Ow]POxTYOTNL_P^YZ_ZYWd_SPNZWZ]M`_LW^Z_SP]PONZWZ]POSZ]^P_SL_T^]`YYTYR _SP ]LNP w_SP ]PO SZ]^P ]`Y^x ?SP ULSLOLULSLO WLV´L©£ T^ L NZXMTYL_TZY% bSTWP L [L]_Z]LYL^[PN_ZQ_SP[]TXL]dXPLYTYRT^[]P^P]aPO_SP]P^_T^]PUPN_PO
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!
?Z L]]TaP L_ YZYO`LWT_d YZ_ ZYWd _SP _P]X^ _aLX LYO L^T ]P\`T]P SP]XPYP`_TNPQQZ]_M`_LW^Z_SP _L_ ?SP ±]`_T ^[PLV^ ZQ_SPL[P]^ZYLW TP WTYR`T^_TNLWWd YP`_P] -]LSXLY L^ _SP ZYP Q]ZX bSZX LWW MPTYR^ L]T^PbSZ^`^_LTY^_SPXLYO_ZbSZX_SPdLWW]P_`]YLQ_P]OPL_S ?LT_ _T]ÅdL@[LYT´LO -`_ LNNZ]OTYR _Z _SP ,OaLT_LAPO£Y_L NZXXPY_L _Z]^ _SP OTXPY^TZY ZQ _SP OTaTYP TY _L_ ]PQP]^ YZ_ ZYWd _Z _ST^ ZaP]L]NS TYR _TXPWP^^ ^`[]PXP NZ^XTN RZOSPLO 0XLYL_TZY ^`^_PYLYNP LYO LM^Z][_TZY L]P TY QLN_ wYZY]PLWx L__]TM`_TZY^ LYO []ZUPN_TZY^ ZY_Z -]LSXLY bSTNS LNNZ]O _Z -]LSXLY []Z[P]_TP^ LYO LNNTOPY_LW XZOLWT _TP^ Z] wWTXT_TYR LOU`YN_^x # _SL_ L]P YZ_ [L]_ ZQ T_^ ]PLW YL_`]P ?SP ]PaPWL_TZY T_^PWQ XLVP^ _ST^ NWPL] TY T_^ L[[L]PY_Wd [L]LOZcTNLW STRSWd XP_L[SZ]TNLW ^_L_PXPY_^ :Y _SP ZYP SLYO T_ ^Ld^ w3P SL^ SLYO^ LYO QPP_ PaP]dbSP]P 3P SL^ PdP^ SPLO^ LYO XZ`_S^ PaP]dbSP]Px ;`]`´L >¼V_L& -SLRLaLORÅ_£ -`_ TY Z_SP] [WLNP^ T_ ^Ld^ w3P R]L^[^ bT_SZ`_ SLYO^ SP ]`Y^ QL^_ bT_SZ`_ QPP_ SP ^PP^ bT_SZ`_ PdP^ LYO SP SPL]^ bT_SZ`_ PL]^x ±aP_L²aL_L]L@[LYT´LO $ ?SP ]PaPWL_TZY bZ]V^LNNZ]OTYR_Z±L«VL]LTY_ST^OTOLN_TNXLYYP]Md_SPXP_SZOTNLW XPLY^ ZQ []ZUPN_TZY LYO LM^_]LN_TZY LOSd£]Z[LL[La£OL # >_L_PXPY_^ _SL_ NSL]LN_P]TeP -]LSXLY L^ SLaTYR L__]TM`_P^ ^LR`©LM]LSXLY # L]P XP]PWd L NZYNP^^TZY _Z S`XLY Pc[P]TPYNP TY _SL_ _SPd bZ]V bT_S OP ^N]T[_TZY^ _SL_ _LVP `[ bSL_ T^ VYZbY TY Z]OP] _Z WPLO _Z LY `YVYZbY _SL_T^]PXZaPOQ]ZXLWWNZYaPY_TZYLWS`XLYPc[P]TPYNP%_SPTYOP^N]TM LMWP9T]R`©L-]LSXLY_SL_T^wQ]PPZQL__]TM`_P^x ,NNZ]OTYR _Z ±L«VL]L LXZYR^_ _SP XLYd ±]`_T [L^^LRP^ ZYWd _SP QZ]X`WL ^L_dLXUÓ£YLXLYLY_LX w[`]P ^_L_P ZQ MPTYR NZY^NTZ`^YP^^ TYQTYT_dxZQ_SP ?LT__T]ÅdL@[LYT´LO NLYMPaLWTOL^LYLN_`LW^_L_P XPY_ LMZ`_ _SP P^^PY_TLW YL_`]P ZQ -]LSXLY ?SP^P _S]PP _P]X^ LW^Z SLaP _Z MP PcLXTYPO NL]PQ`WWd QZ] _SPT] WLV´L©£ NZY_PY_ # -PTYR TY R]LXXL_TNLW L[[Z^T_TZY _Z PLNS Z_SP] _SP _P]X^ X`^_ SLaP LY TY_]TY^TN X`_`LW ]PWL_TZY^ST[ ?SPT] WLV´L©£ LYLWd^T^ ]PaPLW^ _SL_ PLNS _P]X T^ YPPOPO_ZOPWTXT_PLNSZ_SP]v^XPLYTYR?SPPcT^_PY_Z]_]`PMPTYRLYO ]PLWT_d L^ ^`NS ^L_dLX X`^_ MP NZY^NTZ`^ LbL]PYP^^ UÓ£YLX LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP ,OaLT_LAPO£Y_L `^P^ SP]P _SP _PNSYTNLW _P]X `[£OST ,NNZ]OTYR _Z T_^ _SPZ]d ^`NS LNNTOPY_LW XZOLWT_TP^ Z] `[£OST z RPYP]LWWd _]LY^WL_PO L^ wWTXT_TYR LOU`YN_^x z L]PQ`YOLXPY_LWWdQWLbPO XT_Sd£ # ±L«VL]L -SLRLaLORÅ_£-S£´dL Q ?SP -SLRLaLORÅ_£ aP]^P T_^PWQ NZY_LTY^ ^`NS L [L]LOZcTNLW ^_L_PXPY_ [L]LOZcTNLW L_ QT]^_ ^TRS_ NZYNP]YTYR _SP OPT_d L^ OP aZTOZQL__]TM`_P^ YT]R`©LLYO[Z^^P^^TYRL__]TM`_P^ R`©LMSZV_ # ?SP_P]X ^LR`©LM]LSXLY T^`^POMd_SP±L«VL]L^NSZZW_ZLNNPY_`L_P_SPOTQQP]PYNP MP_bPPY_ST^LYO_SP YT]R`©LM]LSXLY _SL_T^OPaZTOZQL__]TM`_P^ # >PP _SP Pc_PY^TaP NZXXPY_L]TP^ ZQ ±L«VL]L >`]P²aL]L LYO ATOd£]L©dL ZY _SP ?LT_ _T]ÅdL@[LYT´LO 1ZWWZbTYR ZY Q]ZX _ST^ @[LYT´LO [L^^LRP _SP ±L«VL]L ^NSZZW SL^NZTYPO_SPVPdQZ]X`WL ^LNNTO£YLYOL wMPTYRNZY^NTZ`^YP^^MWT^^x
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
WTXT_WP^^ wbT_SZ`_ MPRTYYTYRx LYO PYO LYLY_LX ?SP VYZbWPORP UÓ£YLX ZY _SP Z_SP] SLYO NLYYZ_ SLaP [L]_^ LYO MP ]PQ]LN_PO O`P _Z _SPL[[Z^T_TZYLWwTYQTYT_PPcT^_PYNPx9PT_SP]OZP^_SPZ]OTYL]dOTaT^TZY ZQ _SP NZRYT_TaP ^PWQ VYZbWPORP VYZbP] VYZbY PcT^_ SP]P YZ] _SP NSLYRTYR XZOLWT_TP^ ZQ VYZbWPORP VYZbP] VYZbY ^TYNP _SP bZ]O^ ^L_dLX LYO LYLY_LX ]`WP Z`_ ^`NS LY `YOP]^_LYOTYR ,YO QTYLWWd _SP TYQTYT_d LYLY_LX NLYYZ_ MP ^ZXP_STYR TYP]_ LYO `YNZY^NTZ`^ MPNL`^P _SP _P]X U£YLX T^ []P^PY_ ?S`^ ^SPOOTYR WTRS_ ZY PLNS Z_SP] _SP WLV´L©£NZY_PY_ZQ_SP_S]PP_P]X^LYO_SPT]NZY_TY`T_dT^L]]TaPOL_?SP LYLWd^T^]P^`W_^TYL[]Z[P]OPQTYT_TZY WLV´L©L ZQ_SP/TaTYPL^ ^LNNTO £YLYOL w-PTYR .ZY^NTZ`^YP^^ -WT^^x LYO ]PaPLW^ L_ _SP ^LXP _TXP _SP _P]_T`X NZX[L]L_TZYT^ TYbSTNS _L_ LYO _aLX NZYaP]RPbT_SZ`_OTQ QP]PY_TL_TZY3P]P_SP]PT^LXPP_TYRZQ_SP[STWZ^Z[STNLW4LYLWd^T^_SP ]PaPWL_TZYLYOPcT^_PY_TLW Pc[P]TPYNPMPNL`^P _SPQZ]X`WLOP^N]TMP^ LWW _ST^ L_ _SP ^LXP _TXP 4_ YZ_ ZYWd NZY_LTY^ _SP NZRT_Z NTO NZRYT_TZY NZY^NTZ`^YP^^LYO_SP ^`X ^L_ PcT^_PYNPbSTNSL]PLW^ZVYZbY_Z`^ TYBP^_P]Y[STWZ^Z[Sd_S]Z`RS/P^NL]_P^vQLXZ`^QZ]X`WLwNZRT_ZP]RZ ^`Xx M`_ LW^Z TY_PR]L_P^ P\`LWWd aTL _SP PWPXPY_ ZQ 4YQTYT_d-WT^^ LY LY_L£YLYOL _SP PcT^_PY_TLW Pc[P]TPYNP ZQ TYQTYT_d TY PaP]d XZXPY_ ZQ SL[[TYP^^ 4YQTYT_d-WT^^ T^ L S`XLY [Z_PY_TLW bSTNS NZY^NTZ`^ LYO PcT^_TYR MPTYR^ Pc[P]TPYNP L`_ZXL_TNLWWd LYO \`T_P YL_`]LWWd& bSPYPaP] _SPdQPPWUZd_SPdM]PLVZ`_ZQ_SPYZ]XLWNZY^_]LTY_^LYOWTXT_L_TZY^ZQ PL]_SWd PcT^_PYNP 4Y _ST^ ^PY^P _SP VPd ,OaLT_LAPO£Y_TN QZ]X`WL ^LN NTO£YLYOL T^aLWTOL^_SPQTYLWLYOZYWd[Z^^TMWPOPQTYT_TZYZQLM^ZW`_P OTaTYPPcT^_PYNP=PaPLWTYRWd_ST^QZ]X`WLSL^LW^ZQZ`YO]P^ZYLYNPTY _]LOT_TZY^_SL_SLaPYZ_STYRL_LWW_ZOZbT_S_SPAPOLZ_SP]bT^P
=PaPWL_TZYLYO=PL^ZY
1Z] ±L«VL]£N£]dL _SP APOL T^ L VTYO ZQ RZ^[PW TY _SP WT_P]LW ^PY^P ZQ w2ZZO 9Pb^x 4Y _SP @[LYT´LO^ _SP APOL ]PaPLW^ L `YTaP]^LW ]PLWT_d ZQ OPWTaP]LYNPLYOQ]PPOZX bSTNSS`XLYMPTYR^NZ`WO YPaP]MPLbL]PZQ Md _SPX^PWaP^ ,W_SZ`RS 4 VYZb _SL_ 4 PcT^_ LYO _SL_ 4 LX NZY^NTZ`^ 4 OZ YZ_ VYZb _SL_ 4 LX PaP] Q]PP ZQ NL^_P LYO N]PPO # `YSL[[TYP^^ LYO [LTYLYOZYP bT_S -]LSXLYZ]_SPTYYP]¢_XLYZQPaP]d_STYRMPNL`^P 4P]]ZYPZ`^WdTOPY_TQdbT_SLRPYNdLYOPYUZdP]^ST[ # ?SP±]`_T]PaPLW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SL_ _SP TYYP] ^PWQ T^ Q]PP Q]ZX NL^_P LYO _SP WTVP T^ ]P[PL_POWd XPY_TZYPO TY MZ_S [L]_^ZQ_SP @[LOP²L>£SL^]¯ # ?]LOT_TZYLWWd_ST^w4xbL^WL]RPWd]P^_]TN_PO_ZPO`NL_POXLWP-]LSXLYXZYV^.SL] LN_P]T^_TNLWWd ±L«VL]L ^[PLV^ ZQ Q]PPOZX ZQ NL^_P P_N M`_ YZbSP]P ZQ RPYOP] 4_ T^ ZYWd TY XZOP]Y _TXP^ LYO ]PQZ]X 3TYO` NT]NWP^ _SL_ _SP `YTaP]^LW XP^^LRP T^ ]PLWWd `YTaP]^LWLYOLW^Z_L`RS__ZLYOMdQPXLWP^-]LSXTY^LYOYZY-]LSXTY^?SP^ZNTLW
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!
LY `YVYZbY _]`_S LMZ`_ ZYP^PWQ _SL_ T^ TY VPP[TYR bT_S ]PL^ZY ?Z MP _]`^_bZ]_Sd T_ X`^_ MP ]L_TZYLWWd LNNP[_LMWP ±L«VL]L ]P[PL_POWd ^_L_P^ TY_SP @[LOP²L>£SL^]¯ _SL_±]`_T]PaPWL_TZYLYO]PL^ZYTP LWWLaLTW LMWP []LX£©L^ LYO[L]_TN`WL]WdTYQP]PYNPX`^_MPL[[WTPO,YOTYQLN_ YZYO`LW^PWQVYZbWPORPSL^_ZMP^Z`RS_QZ]LNNZ]OTYR_Z_SP,OaLT_L APO£Y_LSP]XPYP`_TNTLY^?SP±]`_TT_^PWQOZP^YZ_ZYWd^Ldw YP_TYP_T x M`_ LW^Z w_SP ¢_XLY ^SZ`WO MP VYZbYx ?ST^ TY _`]Y XPLY^ _Z LM^Z]M bSL_ SL^ MPPY SPL]O Q]ZX _SP ±]`_T TY_Z ZYPv^ ZbY VYZbWPORP LYO L^ NP]_LTY T_ Md ]PL^ZY >Z ]L_TZYLW LYLWd^T^ _LVP^ LY TX[Z]_LY_ [WLNP L^ bPWW@W_TXL_PWdYZ_TZY^ZQw4xLYOwXTYPxOZYZ_^_LYO`[_Z]TRZ]Z`^ ]L_TZYLWLYLWd^T^LNNZ]OTYR_Z±L«VL]LMPNL`^P_SP]PT^LOTXPY^TZYZQ w4x _SL_ NLYYZ_ MP ^`MWL_PO bSTNS T^ Pc[P]TPY_TLWWd TYOP[PYOPY_ ZQ _SP MZOdXTYO NZX[WPc LYO bSTNS T^ PaP] Q]PP Q]ZX LWW L__]TM`_TZY^ NZX XZYWd []ZUPN_PO ZY_Z LYO _]LY^QP]]PO _Z T_ ?ST^ YL_`]LW TYOP[PYOPYNP LYO TYYL_P Q]PPOZX _SP w^PWQW`XTYZ`^x `YTaP]^LW ¢_XLY MPdZYO bZ]O^NLYMPL__LTYPO_S]Z`RS_SPbZ]O^ZQ_SPAPOL_]LY^XT__POMdL NZX[P_PY__PLNSP]bSZT^L[]ZQZ`YOAPOL^NSZWL] ²]Z_]TdL LYOQT]XWd wP^_LMWT^SPO TY -]LSXLYx M]LSXLYT´¶L LYOZYPv^ZbY]PL^ZYTYR LYO OT]PN_^`MUPN_TaPPc[P]TPYNP ±L«VL]Lv^ `YOP]^_LYOTYR ZQ _SP APOL T^ _S`^ YPT_SP] YZ^_LWRTN Xd_STNLWLYOXLRTNWTVP_SL_ZQ_SPP[TN^LYO;`]£©L^YZ]T^T_YZXT^_T NLWWdQTcPOZYNZXXLYOXPY_^WTVP_SL_ZQ_SP;¼]aL^?SP^Z_P]TZWZRTNLW ]PLWT_d NZXX`YTNL_P^ T_^PWQ YZ_ _S]Z`RS Xd_STNLW ^`M^_LYNP APOTN wXd_Sx LYO ^LN]PO ^Z`YO Z] Md ^P__TYR YZ]X^ ]T_`LW TYU`YN_TZY^ M`_ OTOLN_TNLWWd -PNL`^P ZQ _SPT] ^[PNTLW NZXMTYL_TZY _SP ]PaPLWPO bZ]O^ OPaPWZ[ _S]Z`RS ^PXLY_TN TX[WTNL_TZY _SP LMTWT_d _Z _]LY^NPYO L[[L] PY_Wd TY^`]XZ`Y_LMWP NZYOT_TZY^ ZQ _STYVTYR ±L«VL]L TWW`^_]L_P^ _ST^ [SPYZXPYZY TY _SP @[LOP²L>£SL^]Å bT_S _SP ^PY_PYNP wdZ` L]P _SP _PY_Sx #! 4Y _ST^ ^PY_PYNP SP LWW`OP^ _Z L _]LOT_TZYLW [L]LMWP% _PY XPY N]Z^^LOLYRP]Z`^]TaP]LYOZYNP_SPdSLaP]PLNSPO_SPZ_SP]^SZ]P_SPd NZ`Y__Z^PPbSP_SP]_SPdSLaPLWWL]]TaPO-`__SPdVPP[ZYRP__TYR_SP Y`XMP] YTYP MPNL`^P PLNS ZYP SL^ QZ]RZ__PY _Z NZ`Y_ STX^PWQ 4_ T^ LY Z`_^TOP] bSZ O]Lb^ _ST^ QLN_ _Z _SPT] L__PY_TZY LYO ^Z OT^[PW^ _SP [LTY NL`^PO Md _SP P]]Z] ?SP @[LYT´LOTN ^_L_PXPY_^ ZY YZYO`LW ]PLWT_d Q`YN_TZYTY_SP^LXPbLdLNNZ]OTYR_Z±L«VL]L?SPdL]P^_L_PXPY_^ZQ _]`_SbSTNSNLY_]TRRP]TXXPOTL_P^`MUPN_TaPVYZbWPORPLYOWTMP]L_TZY Q]ZXLYPcT^_PYNPZQ^`QQP]TYRMPNL`^P_SPd L]PLMZ`_ZYPv^ZbYTOPY
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [P]aL^TaPYP^^ SL^ T_^ WTXT_^ PaPY SP]P% L _SZ]Z`RS ^_`Od ZQ 6PaLWL,OaLT_LAPO£Y_L YPaP] WPQ_ L XZ]P Z] WP^^ PWT_P N`W_`]P XTWTP` ^TYNP T_ TYaZWaP^ RZZO >LY^V]T_ VYZb WPORP #! 0R @[LOP²L>£SL^]¯ ;LOdLMLYOSL&#"z"#"$
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_T_d #" BSPY ZYP ]PLWTeP^ _SL_ ZYPv^ ZbY [STWZ^Z[STNLW ]PQWPN_TZY WTVP _SL_ZQ_SPOPP[^WPP[LYLWd^T^LYO_SP]PaPLWPO ^_L_PXPY_^ZQ_]`_SL]P _bZ ^TOP^ ZQ _SP ^LXP NZTY TP bSPY _SP [`[TW SL^ `YOP]^_ZZO _SL_ _SP APOL T^ LN_`LWWd LMZ`_ STX^PWQ LYO YZ_ LMZ`_ LY LM^_]LN_ _SPZ]P_TNLW 4 []TYNT[WP_SPYQZ]±L«VL]L_SPLN_`LW^PY^PZQ_SPZQ_PY[L]LOZcTNLWLYO L[Z[SL_TN @[LYT´LO ^_L_PXPY_^ NZYNP]YTYR -]LSXLY Z[PY^ `[ _Z _SP [`[TW /`P _Z _SP ^[PN`WL_TaP NZY_PY_ ZQ ST^ APOL SP]XPYP`_TN^ ±L«VL]L SL^TY_P]P^_POBP^_P]Y^NSZWL]^ST[X`NSXZ]P_SLY±LML]LZ]6`X£]TWL -`_ QZ] _SP WTaTYR _]LOT_TZY T_ T^ P^^PY_TLW _SL_ ,OaLT_LAPO£Y_L T^ L^ QLT_SQ`W _Z _SP APOTN ]PaPWL_TZY LYO Z]_SZOZcd L^ _SP ;¼]aL^ LYO XZ^_ ZQ LWW _SL_ T_ T^ YZ_ L [STWZ^Z[STNLW w^d^_PXx M`_ L _PLNSTYR XP_SZO ## ?SPXP_SZOv^ TY_PY_TZYT^ _ZXLVP_SP[`[TW]PLWTePw4LX _SL_]PLWT_dx Z] w4 LX _SL_ ^L_dLX UÓ£YLX LYLY_LX x bSTNS _SP ±]`_T ^[PLV^ ZQ L^ _SPP^^PYNPLYO^Z`]NPZQ_SPbZ]WOBSTWP_SPP_TN[P]^[PN_TaPQTYO^LY LM^_]LN_ _]LY^NPYOPY_LW [STWZ^Z[Sd Z] L ^`[P]M [STWZ^Z[Sd ZQ NZY ^NTZ`^YP^^ LYO ^`MUPN_TaT_d _SP PXTN [P]^[PN_TaP QTYO^ LY Pc[P]TPY_TLW ]PLWT_d z ^`MUPN_TaP OT]PN_ Pc[P]TPYNP RYZ^_TN TY^TRS_ LYO NZY_PX[WL _TaP TY^_]`N_TZY z bT_S ^`M^_LY_TLW ^[T]T_`LW LYO ^ZNTLW PQQPN_^ ZY ZYPv^ WTQP?SPOZN_]TYPZQWTMP]L_TZYLYOQ]PPOZXQ]ZXO`_TP^T^PXLYNT[L_TZY TY_SPXZ^_WT_P]LW^PY^P,W_SZ`RSYZ_MPTYROZRXL_TNLMZ`_T_±L«VL]L []LT^P^ ]PY`YNTL_TZY L^ XZ^_ ^`T_LMWP LYO NZYaPYTPY_ WTQP^_dWP TP WTM P]L_TZYZQNL^_PTYLaP]dWT_P]LW^PY^P3T^QZWWZbP]^NZXXPY_L_Z]^LYO _SP aL]TZ`^ XPXMP]^ ZQ _SP PaZWaTYR ±L«VL]L ^NSZZW^ LYO XZYL^_P]TP^ SLaP RPYP]LWWd MPPY STRSWd PO`NL_PO XZYV^ LYO -]LSXTY^ Md MT]_S #$ 9Z_bT_S^_LYOTYR _SP `YTaP]^LW LYO PcT^_PY_TLW L[[]ZLNS ZQ ±L«VL]£N£]dL _SP QWZb ZQ _PLNSTYR _S]Z`RS _SP NSLTY ZQ _PLNSP]^ LYO OT^NT[WP^ R`]`[L]LX[L]£ bL^ TY _SP [L^_ RPYP]LWWd ]P^_]TN_PO _Z ^`NS N`W_`]LWPWT_P^LYO^[T]T_`LWL`_SZ]T_TP^ -Z_S_SP;¼]aL^LYO_SP@__L]L^zLWWAPO£Y_L^NSZZW^YZ_ZYWd_SP ZYP^ TYT_TL_PO Md ±L«VL]L z TWW`^_]L_P _SP APOL Z]_SZOZcdv^ STRSWd TY_PWWPN_`LW _]LOT_TZY^ 7TVP _SP ;¼]aL^ _SP @__L]L^ SZWO _SL_ ]PaPWL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" ?ST^TXXPOTLNdT^LW^Z^_]P^^POMd_SP±L«VL]LOT^NT[WP^LYONZXXPY_L_Z]^>`]P²aL]L LYO;LOXL[£OLbSZZ_SP]bT^POTQQP]TY_SPT]±L«VL]L]PNP[_TZY4YNZY_]L^__Z_SPX A£NL^[L_T 8T²]L bSZ WTYV^ _SP [Z^T_TZY^ ZQ ±L«VL]L LYO 8L©LYL 8T²]L LYO QZ`YOPO _SP -S£XL_T ^NSZZW SZWO^ _SL_ ²LMOL NLY ZYWd []ZO`NP TYOT]PN_ LYO XPOT L_POVYZbWPORP&SP^_]P^^P^NZY^_LY_[]LN_TNPLYONZY_PX[WL_TZYLYO]PRL]O^NZY_PX [WL_TZYL^_SP[]TYNT[LWZ]RLY`XZQVYZbWPORP4_bL^ZYWdTY[Z^_±L«VL]L_TXP^_SL_ _SP _S]PPQZWO ^[T]T_`LW []LN_TNP ZQ ²]LaL©L WT^_PYTYR XLYLYL ]PQWPN_TYR YTOTOSd£^LYL NZY_PX[WL_TYRbL^QZ]RPO ## >PP9L]L^TXSLY /LdLYLYOL?]LOT_TZYLW?PLNSP]ZQ-]LSXLATOd£ #$ 9PT_SP] T^ `YTaP]^LWWd _]`P SZbPaP] ,NNZ]OTYR _Z _]LOT_TZY _SP ±L«VL]L OT^NT[WP ?Z¶LVLbL^LYZ`_NL^_LYO_SPQZ`]_PPY_SNPY_`]d,OaLT_LAPO£Y_L^NSZWL]ATOd£]L ©dLbL^L[]ZXTYPY_SZ`^PSZWOP]LYOXTYT^_P]
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!"
SL^ _Z ^_LYO `[ _Z ]PL^ZY LYO Q`WQTWW _S]PP NZYOT_TZY^% L _SP ]PaPLWPO _]`_S ^SZ`WO MP YPb Z] Pc_]LZ]OTYL]d TP Z_SP]bT^P `YL__LTYLMWP& M bSL_ T^ ]PaPLWPO ^SZ`WO YZ_ MP NZY_]LOTN_PO Md _SP Z_SP] []LX£©L^ LYO YZ_ Z[[Z^P ]PL^ZY& N _SP ]PaPLWPO _]`_S X`^_ L[[PL] []ZMLMWP _Z ]PL ^ZY $ =PL^ZY X`^_ MP L[[WTPO TY ±L«VL]Lv^ ,OaLT_LAPO£Y_L YZ_ ZYWd _Z^`[[Z]__SP]PaPWL_TZYM`_LW^Z_ZXLVPT_ZYPv^ZbYVYZbWPORPLYO Pc[P]TPYNP ?SP @[LYT´LO [L]_ ZQ _SP APOL T^ YZ_ ^PPY L^ XP]P ,]_SLa£OL M`_ L^ L`_ZYZXZ`^ ²LMOL[]LX£©L _SL_ XLVP^ `YVYZbY _STYR^ VYZbY LYO _ST^ ]PaPWL_TZY T^ _Z MP _P^_PO Md TY_]Z^[PN_TZY LYO ]L_TZYLWLYLWd^T^4Y^_PLOZQTY\`T]TYRTY_ZLYOQZWWZbTYR_SPTYU`YN_TZY^ ZQ^LN]TQTNP_SP]PT^ _L__aLXL^T SP]XPYP`_TN^LYORYZ^_TNTY^TRS_?SP XZ__ZT^YZ_wOP^T]Z`^ZQSPLaPYZYP^SZ`WO[P]QZ]X_SP^LN]TQTNPxM`_ ]L_SP]wOP^T]Z`^ZQ WTMP]L_TZYxQ]ZX[LTY LYOQPL] XTR]L_TYRPcT^_PYNP LYO SPLaPYWd bZ]WO^ w_SP ¢_XLY ^SZ`WO MP VYZbYx $ 4Y^_PLO ZQ []LRXL_TN ]L_TZYLWT_d bP QTYO ^[PN`WL_TaP [STWZ^Z[Sd ?SP `__P] `Y VYZbLMTW_dZQSPLaPYT^PcNSLYRPOQZ]^PL]NSTYROPP[P]XPLYTYRTYWTQP Md Pc[WZ]TYR _SP YL_`]P ZQ TYYP] NZY^NTZ`^YP^^ LYO ]PLWTeTYR ZYPv^ TY YL_P Q]PPOZX ?ST^ Q]PPOZX T^ ^PPY L^ L XL__P]ZQQLN_ ]PLWT_d LYO LY Pc[P]TPY_TLW_]`_S ?SP]P L]P P^^PY_TLW OTQQP]PYNP^ MP_bPPY _SP ;¼]aL^ LYO _SP @__L]L^ LYO[L]_TN`WL]WdMP_bPPY ^`NSPXTYPY_]P[]P^PY_L_TaP^ L^6`X£]TWLLYO ±L«VL]L M`_ _SP]P L]P LW^Z TY_P]P^_TYR NZY_TY`T_TP^ ]PRL]OTYR WTYR`T^_TN _SPZ]d LYO ]L_TZYLW PcPRP^T^ ±L«VL]Lv^ ¢_XLY SP]XPYP`_TN^ T^ PcNP[ _TZYLWLYO ^TYR`WL]M`_ST^XLUZ]_P]X^LYOXP_SZO^ SLaPMPPY[]PQTR `]POMd6`X£]TWLzTQbPLNNP[__SPSTRS[]ZMLMTWT_d_SL_6`X£]TWL[]P OL_P^±L«VL]L4Y_SP £_XLa£OL ^PN_TZYZQST^ ±WZVLa£]__TVL $6`X£]TWL LW]PLOd `^P^ _SP _P]X w^PWQW`XTYZ^T_dx L^ L XLUZ] NSL]LN_P]T^_TN ZQ _SP ¢_XLY Z] w^Z`Wx _SP NZ]P^PWQ ZQ _SP [P]^ZY MP^TOP^ _SP NZ]P QPL_`]P wTX[P]XLYPYNPx z 6`X£]TWLv^ XLTY ZMUPN_TZY _Z _SP -`OOST^_^ 0aPY _SP LYaLdLadL_T]PVL XP_SZO T^ []PQTR`]PO $ =PNZRYTeTYR _SP _]`P [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3T]TdLYYL :`_WTYP^ZQ4YOTLY;STWZ^Z[Sd #z# $ 8`X`V´`_aLX L M`]YTYR wTY_PY_ ZY WTMP]L_TZYx T^ _SP ZYWd OP^T]P LNNP[_PO Md ,O aLT_LAPO£Y_TY^?SPXL]VZQ_SPWTMP]L_PO[P]^ZYZY_SPZ_SP]SLYOT^[]PNT^PWdOP ^T]PWP^^YP^^ Z] ]L_SP] LV£XLSL_L_aLX wYZ_ MPTYR OP^_]ZdPO Md ZYPv^ OP^T]P^x ^PP ±L«VL]Lv^NZXXPY_L]dZY_SP £YLYOLaLWWT ZQ_SP ?LT__T]¯dL@[LYT´LO $ 1Z]_SPQZWWZbTYR^PP ±WZVLa£]__TVL #_]LY^5SL#z#[L]_TN`WL]Wd #" z$z!# $ 6`X£]TWL LW^Z [Z^_`WL_P^ _SL_ YZ_TZY^ WTVP w4 LX QL_x X`^_ MP SPWO _Z MP XT^NZYNP[ _TZY^ ]PRL]OTYR_SP NZ]P^PWQ 4YNZY_]L^__Z_SP^P_SP ¢_XLYZ] ^Z`WT_^PWQ T^[P]XL YPY_ TX[P]T^SLMWP ^PWQW`XTYZ`^ LYO ^PWQXLYTQP^_PO ?ST^ TX[P]T^SLMWP ^PWQ T^ OT ]PN_Wd NZRYTeLMWP Md _SP YZ_TZY ZQ w4x LYO bT_SZ`_ T_^ NZY^_LY_ []P^PYNP _SP MZOd ^PY^PZ]RLY^P_NNZ`WOYZ_LN_L_LWW?SZ`RSTYw4RZx_SPbZ]Ow4x]PQP]^_Z_SPMZOd LYORZTYRT^TX[Z^^TMWPQZ]_SP^Z`W_SPYZ_TZYZQ4T^YZ_LXT^_LVPYZYPL^T_T^YZ_ ^P_L^TOPMdLYd^`M^P\`PY_NZRYT_TZY
!#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
XLYPY_ YL_`]P ZQ _SP ^PWQ TP _SP [P]^T^_TYR w4x bSZ T^ L^ NZRYTeP] OTQQP]PY_ Q]ZX _SP ^PWQNZYNP[_TZY^ L^ []ZaPO Md ^`NS ^_L_PXPY_^ WTVP wXd MZOdx wXd PdP^x wXd XTYO T^ bLYOP]TYRx P_N _SP]P T^ MZ_S [L]_TLW NZY_TY`T_d [P]XLYPY_ TY_PWWTRPYNP LYO [L]_TLW NP^^L_TZY TX [P]XLYPY_ NZRYT_TZY^ QPPWTYR^ ZQ [WPL^`]P LYO [LTY P_N 3ZbPaP] LW_SZ`RS _ST^ VTYO ZQ LYLWd^T^ T^ []PNT^PWd _SP ^LXP L^ _SL_ ZQ ±L«VL]L 6`X£]TWL O]Lb^ L aP]d OTQQP]PY_ NZYNW`^TZY ,NNZ]OTYR _Z STX LRPYNd LYO PYUZdP]^ST[ MPWZYR P^^PY_TLWWd _Z _SP `YNSLYRTYR 4 Z] NZ]P [P]^ZY []PNT^PWdMPNL`^P_SP^Z`WT^NZY_TY`Z`^_S]Z`RSZ`__SPaL]TZ`^XZOTQT NL_TZY^:YNPT_T^]PNZRYTePO_SL__SPYZ_TZY^ZQ4TYw4LXQL_xP_NL]P XT^_LVPYLYO_SL__SPMZOd^PY^P^LYOXTYOL]PYZ__SPNZRYTeP]_SPX ^PWaP^LYdYZ_TZYZQTOPY_T_dMP_bPPY_SPNZRYTeTYR4LYO_SPMZOdT^ YZ_ L XT^_LVP O`P _Z _SPT] Pc_]PXP []ZcTXT_d w4x LYO wXTYPx NLYYZ_ ]PQP] _Z LYd Z_SP] _SLY _SP P_P]YLW ZXYT[]P^PY_ ^Z`W bSZ T^ NL[LMWP ZQ XTR]L_TZYTY_ZLYZ_SP]MZOd6`X£]TWLv^XLUZ]ZMUPN_TaPT^YZ_ZYWd_SP ]PQ`_L_TZY ZQ _SP -`OOST^_ OZN_]TYP ZQ TX[P]XLYPYNP $ M`_ XZ^_ ZQ LWW LYL[ZWZRdQZ] _SPAPOL?SPAPOTNTYU`YN_TZY^ ^_LYO TYYPPOZQL[P] XLYPY_ ^Z`WLYO TYOTNL_PT_^PcT^_PYNPZYLNNZ`Y_ZQ_SPTYPc[WTNLMTWT_d ZQ TYU`YN_TZY^ TY NL^P ZQ T_^ YZYPcT^_PYNP BSTWP _SP TYU`YN_TZY^ ^_]PYR_SPY _SP TOPL ZQ _SP ^Z`W TYOT]PN_Wd _SP TOPL ZQ LY P_P]YLW PcT^ _PYNP ZQ _SP [P]^ZY NZXP^ _Z MP ^_]PYR_SPYPO Md ^_`OdTYR _SP APO£Y_L TP_SP@[LYT´LO^ BPLW]PLOdVYZb_SL_±L«VL]LO]Lb^[]PNT^PWd_SPZ[[Z^T_PNZYNW` ^TZY^ ]PRL]OTYR _SP YL_`]P ZQ _SP ^PWQ z ]PQ`_TYR _SP]PMd YZ_ ZYWd _SP -`OOST^_^M`_XZ^_ZQLWW_SP;¼]aL8ÅX£À^£±L«VL]Lv^^PWQW`XTYZ`^ ¢_XLY T^ NZX[WP_PWd ^_]T[[PO ZQ OZP]^ST[ LYO PYUZdP]^ST[ BSP]PL^ 6`X£]TWL NZYNPTaP^ ZQ L X`W_T_`OP ZQ ¢_XLY^ _SP]P NLY ZYWd MP ZYP `YTaP]^LW ¢_XLY QZ] ±L«VL]L bSTNS T^ _SP ^LXP TY PaP]dMZOd LYO [P] aLOP^ _SP PY_T]P NZ^XZ^ L^ [`]P PcT^_PYNPNZY^NTZ`^YP^^TYQTYT_dMWT^^ ?ST^ `YT\`P YZYO`LW wXd^_TNLWx aT^TZY NLY MP WPL]YPO LYO NZXX`YT NL_PO Md TYaP^_TRL_TYR _SP WLV´L©£ NZY_PY_ ZQ @[LYT´LOTN bZ]O^ LYO ^PY_PYNP^ :Q NZ`]^P _SP 6PaLWL ,OaLT_LAPO£Y_TY^ LW^Z ZbP _SP WLV´L©£NZYNP[__Z_SP;¼]aL^M`__SPdXLVPTYRPYTZ`^`^PZQT_TY_SPT] SP]XPYP`_TN^PXTZ_TNLYOOTOLN_TNL[[]ZLNS4YOZTYR^Z_SPdNZY_]TM `_PO _SPT] ZbY TYYZaL_TaP ^SL]P _Z WTYR`T^_TN _SPZ]d ?SPd ^SZb _SL_ T_ T^[Z^^TMWPQZ]bZ]O^_Z^`RRP^_XPLYTYR^LYOTOPL^_SL_RZMPdZYO_SP ]LYRP ZQ _SPT] NZYaPY_TZYLW Pc[]P^^TaP [ZbP] BT_SZ`_ RTaTYR `[ _SPT] ZbY XPLYTYR bZ]O^ TY L[[Z^T_TZY NLY OPWTXT_ PLNS Z_SP] LYO _ST^ T^ []PNT^PWdSZb_SP@[LYT´LOTNNZ]PQZ]X`WL^ w_L__aLXL^Tx LYO w^L_dLX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`X£]TWLv^ ML^TN L]R`XPY_ T^ _SL_ _SP NZRYTeP] ZQ dP^_P]OLdv^ w4 VYZbx T^ _SP ^LXP _ZOLd z _S`^ _SP [P]XLYPYNP ZQ _SP ^Z`W T^ []ZaPO Md ]PNZRYT_TZY LYO _SP]PQZ]P _SP [P]^ZYZ]^Z`WX`^_MPLNNP[_POL^P_P]YLW
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!$
UÓ£YLX LYLY_LXx NZ]P QZ]X`WL^ LNNZ]OTYR _Z ±L«VL]L X`^_ MP `YOP] ^_ZZO-PSTYO_SPQLNPaLW`PZQ^`NS^_L_PXPY_^_SP]PT^LOPP[P]^PY^P _SP WLV´L©£ ^PY^P TP _SP XPLYTYR _SL_ T^ RPY`TYPWd TY_PYOPO bSTNS WPLO^_ZLNZX[WP_PWd`YNZYaPY_TZYLW^PWQ[P]NP[_TZYLYOPYNZX[L^^TYR YZYO`LW TY^TRS_ 4Y _SP 6PaLWL ,OaLT_LAPO£Y_TY^v [P]^[PN_TaP 6`X£]TWLv^]L_TZYLWLYLWd^T^ bL^YZ_OPP[PYZ`RS LYObL^ _ZZNL]PWP^^ LMZ`_^_L_PXPY_^^`NSL^_L__aLXL^T 6`X£]TWL bL^ ^VP[_TNLW LYO SP^T_LY_ LMZ`_ _SP @[LYT´LO^% SP QZ`YO _SPX_ZZNZYQ`^TYRMPNL`^PZQ_SPT]XLYdNZY_]LOTN_Z]d^_L_PXPY_^LYO ]P^ZWaPO _Z ^_TNV _Z _SP -]£SXL©L^ _Z MP ZY _SP ^LQP ^TOP $ ±L«VL]Lv^ TY_P]P^_TYNZY_]L^_WTP^[]PNT^PWdTY_SPNZY_]LOTN_TZY^LYO_SP[]ZZQ_SL_ _SPd L]P TY QLN_ YZ_ NZY_]LOTN_TZY^ L_ LWW M`_ NLY MP ]P^ZWaPO Md _SP WTYR`T^_TN XPLY^ ZQ WLV´L©£ LYO Z_SP] VPd SP]XPYP`_TN XP_SZO^ 3P _SP]PMd LOZ[_^ L ^_]L_PRd ^`T_TYR ST^ _Pc_ XL_P]TLW ^TYNP _SP @[LYT´LO^ LW]PLOd bZ]V bT_S ^`RRP^_TZY LYO XZ_TaP _]LY^QP] LYO _SP]P T^ ]TNS `^P ZQ [ZP_TN XP_L[SZ]^ XP_ZYdX^ LYO [L]LOZcP^ 4Y _SP @[LOP²L>£SL^]¯ _SP_PLNSP]T^LOaT^PO_Z^_L]_ST^_PLNSTYRbT_S±]`_T^_L_PXPY_^^`NSL^ w¢_XLY TYOPPO T^ _ST^ LWWx w-]LSXLY TYOPPO T^ _ST^ LWWx wQ]PP Q]ZX PaTWxw_SL_bSTNS_]LY^NPYO^S`YRP]LYO_ST]^_xwYZ_NZL]^PYZ_QTYPx w_SP `Y^PPY ^PP]x wVYZbWPORP MWT^^x wQ`WWYP^^x LYO _Z LWbLd^ MP NZYNP]YPO bT_S _SP ZYPYP^^ ZQ ¢_XLY LYO -]LSXLY $! ;W`XMTYR _SP QTPWOZQWLV´L©£TP_SPTX[WTPOXPLYTYRZQ_L__aLXL^TWPLO^_ZOT]PN_ TXXPOTL_P VYZbWPORP w^PWQW`XTYZ^T_dx LYO Z[PY^ YPb PXZ_TZYLW ^[SP]P^ Q]PPOZX Q]ZX [LTY ^Z]]Zb QPL] LYO _SP wQPaP] ZQ OP^T]P^x _Z_LWWdYPbNZRYT_TZY^w4LX_SP7Z]OxLYOLYPbbZ]WOaTPb^PPTYR _SP ^PWQ TY PaP]d_STYR LYO LW^Z SL^ LY TX[LN_ ZY P_STN^ ]PYZ`YNTYR PRZT_d OPNPT_ []TOP P_N MPSLaTZ] NZX[L^^TZY ^PWQNZY_]ZW _]LY\`TW WT_d P_N $" ^ZNTLW WTQP LYO WTQP^_dWP RTaTYR `[ []TOP ZQ NL^_P LYO _SP WTVPRTaTYR`[NL^_PLW_ZRP_SP]LYONSZZ^TYR_SPWTQPZQL]PY`YNTL_P 7LV´L©£ T^ L SZWT^_TN L[[]ZLNS _Z WLYR`LRP ^TXTWL] _Z OSaLYT ,YO WTVPOSaLYTT_wWPLO^_Z_SPWLYOZQ ^`RRP^_TZYxL^6`YU`YYT =LUL[`_^ T_ $#>TXTWL] _ZL ^_L_PXPY_WTVPw_SPS`_ T^ZY_SP2LYRP^xbSTNSNZX X`YTNL_P^YZ_ZYWd LRPZR]L[STNLW WZNL_TZYM`_ ^`RRP^_TaPWdLW^Z NZZW YP^^ [`]T_d LYO ^LN]POYP^^ _SP]P T^ LW^Z YZYaP]MLW NZXX`YTNL_TZY XZ_TaP _]LY^QP] LYO PaZNL_TZY ZQ NP]_LTY NZRYT_TZY^ LYO XZZO^ TY ¢YLYOLaL]OSLYLv^ WLYR`LRP L NP]_LTY w]L^Lx TY ^_L_PXPY_^ WTVP w _L_ _aLX L^T x ?SP @[LOP²L>LSL^]¯ ;LOdLMLYOSL []P^PY_^ TY OTQQP]PY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`X£]TWL ±WZVLa£]__TVL #_]LY^5SL" $! @[LOP²L>LSL^]¯ 2LOdLMLYOSL!z" $" 0_STN^ LYO NZOP^ ZQ MPSLaTZ] L]P ]L]PWd XPY_TZYPO LYO PaPY WP^^ ZQ_PY OT^N`^^PO Md ±L«VL]L:YPPcNP[_TZYT^_SPaT]_`P^XPY_TZYPOLMZaPbSTNSMPWZYR_Z_SPOP^N]T[ _TZYZQ_SPAPO£Y_L_PLNSP]TY_SP @[LOP²L>£SL^]¯ 2LOdLMLYOSL! $# =LUL 4YOTLY?SPZ]TP^ZQ8PLYTYR $#
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
NZY_Pc_^ OTQQP]PY_ ^_L_PXPY_^ ZQ YZYO`LWT_d bSTNS N]PL_P L ^PXLY_TN QTPWO ZQ WTMP]L_PO PcT^_PYNP LYO PaZVP L XPY_LW TXLRP ZQ YZYO`LW Pc [P]TPYNP Md XPLY^ ZQ ^`RRP^_TZY LYO XZ_TaP _]LY^QP] 1ZWWZbTYR _SP NS]ZYZWZRd ZQ _SPT] _Pc_`LW L[[PL]LYNP $$ bP RP_ LY PYNZX[L^^TYR [TN _`]P ZQ _L_ LYO _aLX LYO _SPT] XP]RP]% w4 LX _SP 7Z]Ox w4 LX PcT^ _PYNPxwWTVPP_SP]_SZ`RSLMTOTYRTYLWWMPTYR^4LXQ]PPQ]ZXQL`W_^x w4 LX [`]P L__]TM`_PWP^^ -]LSXLYx w4 LX [`]P NZY^NTZ`^YP^^x w4 LX LWbLd^ NSLYRPWP^^ [`]P Q]PP ZQ ZWO LRPx LYO TYOP[PYOPY_ ZQ wWTYPLRP MZOd [WPL^`]P LYO [LTY LN_TZY^ PaTW^ TX[`]T_d u4v LYO uXTYPv YZ_TZY^[L^^TZYLYOLaP]^TZYxw4LXPaP]Q]PPx0cLN_Wd_SP^LXPVTYO ZQTXLRPZ]XPOT_L_TaPOPaTNPT^[]P^PY_POTYLNZX[LN_QZ]XTY_SPWL^_ NSL[_P] ZQ _SP @[LOP²L>£SL^]¯ ;LOdLMLYOSL $ bSTNS T^ NLWWPO w,Y YTSTWL_TZY ZQ 1PaP]x ?SP NSL[_P] NZY^_]`N_^ L OTLWZR bT_S ZYPv^ XTYO 8Z]P _SLY ]PL^ZYTYR LYO LYLWd^T^ _ST^ TY_TXL_P OTLWZR N]PL_P^ YZ_ ZYWd LNWPL]NZRYT_TZYLW^ZLYPXZ_TZYLWQWLaZ]ZQYZYO`LWT_d% wDZ` F: 8d8TYOH ^PPV _ZZM_LTYaLW`PWP^^ _STYR^ ^`NSL^_SPYZ_TZY^ZQ u4vLYOuXTYPvmDZ`TYOPPOSLaPYZVYZbWPORPZQ_SPZMUPN_^FMddZ`] ^PWQH LYO4 FbSZSLaP T_HSLaPYZOP^T]P_Z[Z^^P^^_SPX m,^4LXYZYP Z_SP] _SLY _SP P_P]YLW :YP 4 LX LWbLd^ ^L_T^QTPO FLYOH 4 SLaP YZ OP^T]P ,YO MPTYR LWbLd^ ]PWPL^PO 4 OZ YZ_ bT^S F8dH bPWQL]P m ?SP]PQZ]P : 8TYO dZ` XLVP `^PWP^^ PQQZ]_^ BSPY dZ` SLaP MPPY NLWXPO _SP]P T^ TY OPPOYZYZ_TZYZQOTQQP]PYNPZYLNNZ`Y_ZQbSTNS[PZ[WPQLWWTY_ZOPW`^TZY _S]Z`RS TWW`^TZY m 4 LX YZ_ OPW`OPO Md dZ`] LN_TaT_d ^TYNP 4 LX Md _]`P YL_`]PPYWTRS_PYPO`YQP__P]POLYONSLYRPWP^^mx
=`OZWQ :__Z bSZ ^_`OTPO ±L«VL]Lv^ -]LSXL^¼_]L NZXXPY_L]d PaLW` L_PO _SP 4YOTLY XL^_P]v^ wXd^_TNT^Xx L^ Q]PPeTYRWd NZWO [LWP ^_L_TN \`TP_T^_ LXZ]LW `YNZYNP]YPO bT_S P_STN^ LYO OPYdTYR _SP bZ]WO LYO WLNVTYR LYd PXZ_TZYLW L[[PLW TY NZY_]L^_ _Z _SP Xd^_TNT^X ZQ _SP 2P] XLY8PT^_P]0NVSL]_bSTNS:__Z\`LWTQTP^L^bL]XLWTaPLYOOdYLXTN Q`WW ZQ aT_LWT_d LYO XZ]LWT_d LYO L^ ]TNSWd NZWZ]PO PXZ_TZYLW WTQP =TNSL]O 6TYRv^ M]TWWTLY_ LYLWd^T^ ZQ _SP NZY^_]`N_TZY ZQ _SP w8d^_TN 0L^_x ]TRS_Wd ZM^P]aP^ _SL_ :__Z `^PO ±L«VL]L L^ L QZTW _Z ]POPPX 0NV SL]_ TY ST^ ZbY 2P]XLY 7`_SP]LY ;]Z_P^_LY_ NT]NWP^% wm bSL_ :__Z L_ _PX[_^TYST^8d^_TNT^X0L^_LYOBP^_T^LOT^[WLNPXPY_ZQ_SPYPRL_TaP NZYYZ_L_TZY^ZQu_SPXd^_TNLWvF[LWPLM^_]LN_TZYPX[_dQZ]X`WL^NSL]RP ZQ LY_TYZXTLY LXZ]LWT^X P_NH bSTNS SP ]PWZNL_P^ Z] []ZUPN_^ ZY_Z L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ @[LOP²L>£SL^]¯ ;LOdLMLYOSL & & !z"& $& z"& & z& # @[LOP²L>£SL^]¯ ;LOdLMLYOSL $z! _]LY^WL_PO Md >PYRLV` 8LdPOL ?ZVdZ% @YT aP]^T_dZQ?ZVdZ;]P^^$"$ =`OZWQ :__Z BP^_¸^_WTNSP 8d^_TV 2Z_SL% 6WZ_e $!& 8d^_TNT^X 0L^_ LYO BP^_ $]P[]7ZYOZY%PPQZ]TY^_LYNP_SP /R/´dLATaPVL Z]ATOd£]L©dLv^ ;LÓNLOL²¯
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
N]PL_Z] RZO M`_ `W_TXL_PWd OT^NL]O T_ bT_S OTQQP]PY_ ]L_TZYLW L]R`XPY_^ L^ L []ZMWPXL_TN XT^]P[]P^PY_L_TZY LYO S`XLY []ZUPN_TZY 4_ T^ ^_]TV TYR SZbPaP] _SL_ YPT_SP] ZQ _SPX OT]PN_Wd N]T_TNTeP^ _SP R]PL_ 7Z]O 2ZO^ ±TaL LYO AT´©` bSZ OZXTYL_P _SP ]PWTRTZ`^ ^NPYP LYO SLaP LM ^Z]MPO_SPNZ^XTNQ`YN_TZY^N]PL_TZY^`^_PYLYNPLYYTSTWL_TZYLYO_SP @[LYT´LOTN-]LSXLYLYO¢_XLY !8PLYbSTWP_SP]PT^PaPYL^P[L]L_P NZYNP[_ _SP _]TX¼]_T -]LSX£ AT´©` =`O]L±TaL bSTNS XLd MP ^PPY L^ L [P]^ZYLWTePO TXLRP ZQ _SP ?LT__T]¯dL [L^^LRP LMZ`_ _SP NZ^XTN -]LSXLY Q]ZX bSZX PaP]d_STYR NZXP^ QZ]_S Md bSZX PaP]d_STYR T^ ^`^_LTYPOLYO`Y_ZbSZXPaP]d_STYR]P_`]Y^4_T^[]PNT^PWd_ST^[L^^LRP z U`c_L[Z^PO bT_S _SP QZ]X`WL w0cT^_PYNP .ZY^NTZ`^YP^^ 4YQTYT_dx z bSTNS SL^ TY^[T]PO XLYd [LRP^ ZQ NZXXPY_L]d TY _SP ,OaLT_LAPO£Y_L ZQ ±L«VL]L LYO ST^ ^NSZZW _SP QT]^_ MPTYR ^`MWL_PO L^ L wYZYP^^PY_TLWx LYO`W_TXL_PWdXT^_LVPYOPQTYT_TZYbSTWP_SPZ_SP]T^PX[SL^TePOL^_SP _]`P LYO ZYWd OPQTYT_TZY BSP]PL^ 6`X£]TWLv^ N]T_T\`P ZQ L N]PL_Z] RZO bL^ LTXPO L_ _SP w[]ZZQx ZQ _SP []TZ]T_d ZQ _SP P_P]YLW APOL ±L«VL]Lv^ ZMUPN_TaP T^ L OP[P]^ZYLWTePO LWWTYNW`^TaP LYO ^[T]T_`LWTePO NZYNP[ _TZY ZQ _SP ,M^ZW`_P wbT_SZ`_ L ^PNZYOx LYO L ]LOTNLW [STWZ^Z[Sd ZQ Q]PPOZX -`_ ±L«VL]Lv^ YZY[P]^ZYLW NZYNP[_TZY bSTNS `W_TXL_PWd OPYTP^ LYd L__]TM`_P^ ZQ -]LSXLY X`^_ LW^Z MP ^PPY L^ L ]TaLW NZYNP[_ ZQ ^`[]PXP ]PLWT_d ]PQ`_TYR _SPT^_ LYO YZY_SPT^_ 8¯X£À^LVL^ ;¼]aL^ LYO LW_P]YL_TaP ^d^_PX^ ZQ @__L]L^ " z bSP]PMd bP ^SZ`WO YZ_ QZ]RP_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =PXL]VLMWd _SP XZOP]Y 6PaLWL,OaLT_LAPO£Y_L _PLNSP] >bLXT /LdLYLYOL >L]L^ aL_TNZY_]ZaP]_^_SP.S]T^_TLYN]PL_Z]RZObT_S^TXTWL]L]R`XPY_^_Z_SZ^P[]PaTZ`^Wd `^PO Md 6`X£]TWL _Z OT^NZ`Y_ _SP N]PL_Z] RZO ;]LU£[L_T LYO NZXMTYP^ ST^ N]T_TNT^X bT_S±L«VL]Lv^aTPbZY®²aL]L>PP ,APOLY_TYv^ATPbZQ.S]T^_TLY.ZYNP[_^%,/TL WZR MP_bPPY >bLXT /LdLYLYOL >L]L^bL_T LYO ;]ZQP^^Z] 3PWX`_ 2T]YO_ PO 7L^L /ZYYP]MP]R>LdWZ]^M`]R%,]^SLATOdL2`]`V`WLX$$# ! ?SP XT^^TYR N]T_TNT^X XLd SLaP _Z OZ bT_S _SP R]PL_ [Z[`WL]T_d ZQ _SP^P RZO^ ^TYNP P[TN _TXP^ _SPT] APOTN Z]TRTY LYO PL]Wd _SPT^_TN @[LYT´LO^ OPaZ_PO _Z _SPX ^`NS L^ _SP ±aP²aL_L]L LYO 9£]£dL©L@[LYT´LO bSTNS L]P WPQ_ `YNZXXPY_PO Md ±L«VL]L ;Z^^TMWd MZ_S 6`X£]TWL LYO ±L«VL]L L]P _SPX^PWaP^ _SPT^_^ LYO OZ YZ_ ^[PLV LMZ`_ _SPT] ZbY [P]^ZYLW MPWTPQ^ ?ST^ bZ`WO YZ_ YPNP^^L]TWd NZY_]LOTN_ _SPT] N]T_TNT^X ZQ _SPT^X^TYNP±TaLLYOAT´©`XLdLW^ZMPWZZVPO`[ZYL^wLM^_]LN_x[]TYNT[WP^&NZY ^TOP] ±L«VL]Lv^ NZXXPY_L]d LYO TY_]ZO`N_TZY _Z _SP -SLRLaLOR¯_£ >PP LW^Z ;L`W 3LNVP] w=PWL_TZY^ ZQ 0L]Wd ,OaLT_TY^ _Z ALT´©LaT^Xx TY 6WPTYP >NS]TQ_PY z bSZ ^`^[PN_^ _SL_ ±L«VL]L SL^ MLNVR]Z`YO TY ALT´©LaL bSP]PL^ _SP WL_P] PXTN_]LOT_TZYWTYV^±L«VL]L_Z±LTaT^X " .WZZYPdv^ ^_`Od wBSL_v^ L RZO*x NZY_LTY^ ZNNL^TZYLW ;¼]aL8¯X£À^£ OT^NZ`]^P^ LMZ`_ ®²aL]L LYO -]LSXLY bSTNS Pc_PYO TY_Z APO£Y_L ^PP [ " z"$ ?SP PcLX [WP^ [Z^_OL_P 6`X£]TWLv^ LYO ±L«VL]Lv^ _TXP ^`M^_LY_TLWWd M`_ ZYP SL^ _Z L^^`XP _SL_LW^ZTYPL]WTP]_TXP^_SP]PbL^LM]ZLOP]^[PN_]`XZQ8¯X£À^£aZTNP^_SLY_SZ^P ]PQWPN_POMd±LML]LLYO6`X£]TWL>PPLW^Z2P]SL]O:MP]SLXXP]v^Q`YOLXPY_LW^_`O TP^ ZY _SP \`TP_T^_ LYO ^NSZWL^_TN ALT´©LaL Z]_SZOZcd bSTNS SL^ LWbLd^ MPPY ^_]ZYRWd MZ`YO _Z T_^ APOTN Z]TRTY^ LYO []ZXZ_PO ,OaLT_T^X L^ bPWW% :MP]SLXXP] w?SPTYQW`PYNPZQ:]_SZOZcALT´©LaT^XZYAT²T´¶£OaLT_LAPO£Y_LLYO;£ÓNL]£_]LxTY
?SP@__L]L8¯X£À^£LYO?SPT].ZXX`YTNL_TZYZQ_SP9ZYAP]MLW
!
_SL_ _SP OTaTOTYR WTYP MP_bPPY ;¼]aL^ LYO @__L]L^ bL^ aP]d QW`TO []TZ] _Z±L«VL]L BT_SST^aTPbZQ_SPAPOL±L«VL]LLN_`LWWd NZY^_]`N_^LYPbNL_P RZ]dZQAPOL_Pc_bSTNSZYPSL^_ZNLWWLw`YTaP]^LWXd_SxTYLPcNP[ _TZYLWWd ^_]ZYR ^PY^P MPNL`^P ±L«VL]Lv^ ^_L_PXPY_^ L]P ZY _SP ZYP SLYO LWbLd^ ML^PO ZY _SP Xd_STNLW WZ]P ZQ _SP APOL LYO NZY^P\`PY_Wd L]P LWbLd^ ^`]]Z`YOPO Md _SP YTXM`^ ZQ _SP APOTN bSTWP ZY _SP Z_SP] _SPdLW^ZLWbLd^]P[]P^PY_STRSWd]L_TZYLWT^_^_L_PXPY_^ZQ[STWZ^Z[STNLW ]PQWPN_TZY LYO L]P YZ_ TY_PYOPO _Z MP `YOP]^_ZZO TY L OZRXL_TN bLd L_ LWW BSL_ bP _P]X [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^ XP]RP SP]PNZX[WP_PWdLYO_ST^T^LW^Z]PQWPN_POTY±L«VL]Lv^^_]TN_WdYZYO`LW NZY^_]`N_TZYZQ]PLWT_dLYOWTMP]L_TZY >Z _SP ^PLNSLYRP Q]ZX _SP PL]Wd ;¼]aL _Z _SP @__L]L8ÅX£À^£ WLd TY_SPOPaPWZ[XPY_ZQLAPOLML^PO^Z_P]TZWZRdLYO_SPTY_]ZO`N_TZYZQ LNL_PRZ]dZQ_SPYZYaP]MLWTY_ZSP]XPYP`_TN^_`Od.SL]LN_P]T^_TNLWWd ]LOTNLW YZYO`LWT_d 6PaLWL ,OaLT_L T^ RLTYPO TY _SP 8ÅX£À^£ Md L ]LOTNLW_Pc_aTPb4_T^_d[TNLWZQ_SP]LOTNLW_Pc_aTPbbSTNS_SP@__L]L^ ^SL]P bT_S _SP ;¼]aL^ _SL_ _SP Q`YOLXPY_LW ^Z_P]TZWZRTNLW bZ]V T^ []Z aTOPOMd_SPZ]TRTYLW_Pc_T_^PWQLYOPaPY_SPQTYLWRZLW_SPYZP_TN[Z^ ^TMTWT_dZQPc[P]TPYNTYRbSL_T^wQ]PPZQWLYR`LRPx]P^`W_^OT]PN_WdQ]ZX _SP APOL z _SP WLYR`LRP [L] PcNPWWPYNP ?SP _bZ 8ÅX£À^£ ^NSZZW^ ]PQWPN_ TY LY Pc_]PXP QL^STZY _SP ^PL]NS QZ] Z]TPY_L_TZY LYO _SP [W`]LW T^XZQZ]TPY_L_TZYO`]TYR_SP_]LY^T_TZYQ]ZXWL_P4YOTLYLY_T\`T_d_Z_SP PL]Wd XPOTPaLW [P]TZO BP QTYO OTaP]^P YZYTY_PR]L_LMWP XZOPW^ ZQ `YOP]^_LYOTYR _SP bZ]WO LYO ]LOTNLWWd NZY_]L^_TYR [STWZ^Z[STP^ bSTNS L]P LW^Z _d[TNLW ZQ _SP MPRTYYTYR ZQ _SP _bPY_TP_S NPY_`]d% [Z^T_TaT^X ^VP[_TNLW LRYZ^_TNT^X LYO _SP WTYR`T^_TN _`]Y L]P T]]PNZYNTWLMWd U`c_L [Z^PO bT_S ]LOTNLW _]LY^NPYOPY_LWT^X ^`MUPN_TaT^_TN [SPYZXPYZWZRd LYO_SP NZY^NTZ`^YP^^_`]Y >ZT_^SZ`WONZXPL^YZ^`][]T^PU`^_bSdLNNZ]OTYR_Z_SPSLRTZR ]L[Sd TYT_TLWWd 8L©LYL 8T²]L LYO ±L«VL]L OZ YZ_ _STYV ZQ LYd_STYR Z_SP]_SLYPcNSLYRTYR_SPbZ]^_[Z^^TMWPTY^`W_^LW_SZ`RSMZ_SZQ_SPX MPWZYR_Z_SP^_]TN_P^_APOLZ]_SZOZcd?SP]PT^YZ[L_SQ]ZX_SP[`]PWd YZP_TN^_L_PXPY_^ZQ_SP@__L]L8ÅX£À^£MLNV_Z_SP;¼]aL8ÅX£À^£v^ _PNSYZN]L_TN ^_L_PXPY_^ LMZ`_ LN_TZY ?SP @__L]L^ [`]^`P L ^_`Od ZQ OdYLXTN `YOP]^_LYOTYR YZ_ L ^_`Od ZQ _SP ^_L_TN TX[WPXPY_L_TZY ZQ TYQZ]XL_TZYWTVP_SP;¼]aL^±L«VL]LOTOYZ_bLY__ZN]PL_PNL_PNST^X^ 3P bL^ TY_P]P^_PO TY _SP _]LY^WL_TZY ZQ _SP _Pc_ TY_Z [P]^ZYLW `YOP] ^_LYOTYR -`_ L_ _ST^ [ZTY_ _SP @__L]L SP]XPYP`_TN^ OTW`_P^ _SP XPLYTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_`OTP^TY3TYO`T^X4A%:Y_SP8`_`LW4YQW`PYNP^LYO=PWL_TZY^ST[ZQAT²T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L PO 2 :MP]SLXXP] LYO 8 =L^_PWWT ATPYYL% ¸^_P]]PTNST ^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY QZ]_SNZXTYR "z 0aPY NWZ^P] _Z _SP APOTN Z]_SZOZc_]LOT_TZYbP]PzLYO^_TWWL]Pz_SPALTVS£YL^LALT´©LaL^
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
ZQ_SPAPOL_Pc_TYLNP]_LTY^PY^PQZ]T_T^YZ__SP_Pc_L^^`NSM`_ZYWd _SP ^`MUPN_TaPWd `YOP]^_ZZO _Pc_ _SL_ w^P_^ _SP _ZYPx ,NNZ]OTYR _Z _SP @__L]L^_SP@[LYT´LO^_L_PXPY_^SLaPL_Z_LWWdZMUPN_TaPNZY_PY_M`_T_ NLYYZ_ MP OPYTPO _SL_ _SP]P T^ LY TY_`T_TaP L^[PN_ TY _SP bLd TY bSTNS _SPd LN_`LWWd _]PL_ WLYR`LRP .SL]LN_P]T^_TNLWWd _SPT] wYZYO`LWx L OaLT_L _SPZWZRd[]ZaPOT_^PWQ_ZMPYZ_STYRWTVP^ZNWZ^PWdMZ`YO_Z_SP APOL L^ XTRS_ SLaP L[[PL]PO Z]TRTYLWWd 4Y 4YOTL _ZOLd T_ SL^ MPNZXP LYLWXZ^_`MT\`T_Z`^]PWTRTZ`^[Z^T_TZYLYO T^QZ`YOTYLbTOP]LYRPZQ OTQQP]PY_ ^`M^_]L_P^ ^`NS L^ TY _SP 3L¶SLdZRL _]LOT_TZY LYO TY ?LY_]TN []LN_TNP^Z]TY_SPwNTaTW]PWTRTZYxZQ`]MLYXTOOWPNWL^^TY_PWWPN_`LW^ # ?PWWTYRWd []PNT^PWd _SP ±L«VL]L ^NSZZW _ZZ SL^ TY^[T]PO L []LN_TNP ML^POZYLaP]d^`M^_LY_TLWT^_TN`YOP]^_LYOTYRZQWLYR`LRPLW_SZ`RS_SP @__L]L^NWLTX_SL_ _SPd NZYO`N_[`]PSP]XPYP`_TN^LYO ]PLO _SP_Pc_ TY _SP ^PY^P _SL_ bP `YOP]^_LYO _SL_ TY _SP BP^_ YLXPWd OT^NZ`]^TaPWd -`_ T_ T^ YZ ^`][]T^P _SL_ ^`NS ^SZ]_ M`_ P^^PY_TLW APO£Y_L [L^^LRP^ L^ _L__aLXL^T LW^ZMPNLXP[`]PQZ]X`WL^_SL_bP]PNZY_TY`LWWd]P[PL_POz LWMPT_ TOPLWWd TY _SP NZX[WP_PVYZbWPORPZQbSL_ _SP_Pc_XPLY^?SP w2]PL_ BZ]Ox MPNLXP _SP ^[T]T_`LW []Z[P]_d ZQ PaP]dZYP Q]ZX _SP APO£Y_L XZYV _Z _SP ^WTRS_Wd LYZXT^_TN ±LTaL QLVT] bSZ WTRS_^ ST^ SL^ST^S[T[PbT_SLM`][TYRw:¿ _L_^L_x w:¿T^bSL__]`WdPcT^_^x ?SP _]LY^QP] []ZNP^^P^ bP]P Md YZ XPLY^ ZYP^TOPO LYO TY^_PLO bP]P NZX[WPcWd TY_P]LN_TaP Q`WW ZQ ]TaLW]TP^ LYO Z^XZ^P^ ?ST^ T^ WL]RPWd O`P _Z _SP QLN_ _SL_ _SP [W`]LWT^X ZQ Z]TPY_L_TZY^ LW^Z TYNW`OPO LY TNZYTN _`]Y M]Z`RS_ LMZ`_ Md _SP ^_]PYR_S ZQ _SPT^_TN TXLRP bZ]^ST[ [¼U£ LYO _SP R]PL_ [Z[`WL]T_d ZQ w^PN_L]TLYx ?LY_]TN LYO OPaZ_TZYLW XZaPXPY_^ bSTNS Z]TRTYL_PO Z`_^TOP APOL Z]_SZOZcd 4_ T^ WTVPWd _SL_ _SP _P]X £YLYOL bL^ STRSWTRS_PO TY _SP WL_P] ±L«VL]L ^NSZZW O`P _Z T_^ PXZ_TZYLWQWLaZ]LYOR]PL_[]ZXTYPYNPTYSTRS3TYO`?LY_]L?SPWTaTYR ±L«VL]L _]LOT_TZY bSZ^P ZQQTNTLW ]P[]P^PY_L_TaP^ L]P _SP ±L«VL]£N£]dL^ LYO _SPT] XZYL^_P]TP^ ]P_`]YPO _Z ]T_`LW LN_TZY Md NZXMTYTYR ,OaLT_L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # BSTWP _SP ?LY_]TN ]PNP[_TZY [L]_TN`WL]Wd _SP LOZ[_TZY ZQ ±L«VL]L TY _SP ±]¯aOTd£ ^NSZZW LYO aTNP aP]^L SL[[PYPO TY []PXZOP]Y _TXP^ LYO bL^ QLT]Wd TYQW`PY_TLW LXZYR >X£]_L -]LSXTY^ TY >Z`_S 4YOTL _SP bTOP^[]PLO ]PNP[_TZY ZQ ±L«VL]Lv^ ,O aLT_LAPO£Y_LTYPO`NL_PO`]MLYNT]NWP^[L]_TN`WL]WdTY-PYRLWLYO>Z`_SP]Y4YOTLT^ L $_S NPY_`]d []ZO`N_ ZQ NZX[WPc PcNSLYRP []ZNP^^P^ MP_bPPY BP^_P]Y TYOZWZRT^_^ w:]TPY_LWT^_^xLYO4YOTLY]PQZ]XP]^,YP^^PY_TLWL^[PN_bL^_SP0YRWT^S_]LY^WL_TZY ZQ _SP @[LYT´LO^ LYO ±L«VL]Lv^ NZXXPY_L]TP^ ATaPVLYLYOL TY [L]_TN`WL] ^[]PLO L [Z[`WL]TePO QZ]X ZQ ,OaLT_LAPO£Y_L TY 4YOTL LYO _SP BP^_ LYO ST^ =LXLV]T^SYL 8T^^TZY SL^ WL^_TYR LYO []ZQZ`YO TYQW`PYNP TY 4YOTL /TQQP]PY_ 2`]`^ >bLXT^ SZWd XPY LYO ]PQZ]XP]^ SLaP ^[]PLO OTQQP]PY_ aP]^TZY^ ZQ ,OaLT_LAPO£Y_L TY XZOP]Y _TXP^% ZYP Z`_^_LYOTYR PcLX[WP T^ ,`]ZMTYOZv^ Q`^TZY ZQ APO£Y_L ?LY_]L YL_`]LW ^NTPYNPLYO9TP_e^NSP
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
APO£Y_L bT_S TNZYTN [¼U£ bZ]^ST[ OPaZ_TZYLW >X£]_L 3TYO`T^X LYO M]LSXLYTePO±LTaL±£V_L?LY_]L±]¯aTOd£ $ -PQZ]PXZaTYRZY_Z_SPTNZYTN_`]YbSP]P^Z`YONZXP^_Z_SPQZ]P Q]ZY_LRLTYbP_LVPL^_P[MLNVTY_TXP_ZOT^N`^^-SL]_SL]TbSZ[]P [L]PO _SP R]Z`YO QZ] ?LY_]TN NZ^XZWZRd LYO WLYR`LRP ^[PN`WL_TZY 4Y ST^XP_L[Sd^TN^SP[]P^PY_POLYPL]Wd^dY_SP^T^MP_bPPYWTYR`T^_TN_`]Y LYO NZY^NTZ`^YP^^ _`]Y bSTNS bL^ Q`]_SP] OPaPWZ[PO TY wSTRS 3TYO`x ?LY_]L
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ 7LYR`LRP
-SL]_SL]T PL]Wd _S NPY_ ,/ bSZ ^PPX^ _Z SLaP MPPY L NZY_PX[Z ]L]d ZQ ±LML]L^a£XTY T^ ZYP ZQ _SP XZ^_ NZWZ]Q`W LYO PYTRXL_TN ZQ 4YOTLv^ [STWZ^Z[SP]^ 3T^ _SP^P^ SLaP MPPY TY_P][]P_PO TY aP]d OTQQP] PY_ bLd^ Md NZY_PX[Z]L]d ^NSZWL]^ ZY _SP ZYP SLYO O`P _Z -SL]_SL]Tv^ Pc_]PXPWd OTQQTN`W_ LYO NZX[WPc WLYR`LRP ^_dWP LYO L]R` XPY_L_TZYLYOZY_SPZ_SP]^TYNP_SPdLN_`LWWdOZYZ_QT_TYbT_SLWW_SP NWL^^TNLW QTcPO BP^_P]Y [L__P]Y^ ZQ _STYVTYR -SL]_SL]T ^[PLV^ QZ] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 1Z] XZ]P ]PQP]PYNP^ ^PP DZ^ST_^`R` >LbLd ?SP 1LT_SZQ ,^NP_TN^ LYO7Ld >X£]_L^% , >_`Od ZQ _SP ±L«VL]LY _]LOT_TZY ZQ ±«RP]T ATPYYL% 4Y^_T_`_P ZQ 4YOZWZRd $$& ,YYP__P BTWVPw, 9Pb ?SPZWZRd ZQ-WT^^% uAPOLY_TeL_TZYvZQ?LY_]LLYO u?LY_]TeL _TZYv ZQ ,OaLT_LAPO£Y_L TY _SP 7LWT_£?]T²L_T-S£´dLx TY >£XL]L^dL% >_`OTP^ TY 4Y OTLY,]_^;STWZ^Z[SdLYO4Y_P]]PWTRTZ`^/TLWZR`PzTY3ZYZ]ZQ-P__TYL-Æ`XP]PO >LOLYLYOL/L^LYO0]Y^_1Þ]WTYRP]9Pb/PWST%/6;]TY_bZ]WO $z" -SL]_SL]TL[[L]PY_WdOZP^YZ_VYZb_SP ±LML]L-S£´dL ZYLNNZ`Y_ZQbSTNS5ZSLY YP^ -]ZYVSZ]^_w-SL]_SL]T LYOALT²P´TVLx ,^TL_T^NSP >_`OTPY C7A44 $$%# #!NZYNW`OPO_SL_SPXLdMPPL]WTP]Z]]Z`RSWdNZY_PX[Z]L]dbT_S±LML]L-PWZYRTYR _Z_SP8£YLaL^NSZZWZQ_SP8LT_]£dL©¯>LÀST_£ -]ZYVSZ]^_w?bZ7T_P]L]d.ZYaPY _TZY^x -SL]_SL]T bL^ aP]d X`NS ^_PP[PO TY _SP APOTN _]LOT_TZY LYO L]R`P^ [L]_WdTYQLaZ]ZQ_SP8¯X£À^LVL^LYO[L]_WdLRLTY^__SPX 1Z]]PQP]PYNP^ZY_SPWT_P]L]dbZ]VLYO_SPaL^_^PNZYOL]dWT_P]L_`]P^PP% 0YNdNWZ[P OTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW !!z"& DaP^ =LX^PTP] w-TMWTZR]L[Sd ZY -SL]_SL]Tx ,^TL_T^NSP >_`OTPY C7A44 $$% ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL _TZYLW.ZYQP]PYNPZY-SL]_SL]T z!"&,VW`UVL]w,Y4Y_]ZO`N_TZY_Z_SP>_`OdZQ -SL]_3L]Txz!LW^ZRTaTYRLYZaP]aTPbZQ_SP]P^PL]NSZY-SL]_SL]TTMTO$z 1Z]LY`[OL_P^PP3Z`MPY >LÀMLYOSL>LX`OOP²L z! .ZY^TOP]QZ]TY^_LYNP_SPaL^_WdOTQQP]PY_L[[]ZLNSP^ZQ-]Z`RSw?SPZ]dZQ2PYP]LW 7TYR`T^_TN^x& 5ZSLYYP^ -]ZYVSZ]^_ w>_`OTP^ ZY -SL]_SL]T % -SL]_SL]T ZY ^[SZ¶L LYO `YTaP]^LW^x ,^TL_T^NSP >_`OTPY C7A $$% z#& 9L_LWTL 4^LdPaL 1]ZX 0L]WdAPO£Y_L_Z6L^SXT]>SLTaT^X%2L`OL[LOL-SL]_]SL]TLYO,MSTYLaLR`[_L ,W MLYd%>@9D$$ !$z$&.ZbL]OLYO=LULLYO,VW`UVL]TY 0YNdNWZ[POTL4YOTLY ;STWZ^Z[STP^aZW QQ[L]_TN`WL]Wdz LYOz!8Z^_NZY_]ZaP]^TP^SLaP NPY_P]POL]Z`YO_SP_P]X^ ^[SZ¶L LYO ²LMOL_L__aL ±LMOL-]LSXLY^PPMPWZb
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
^_LYNP ZQ _SP ZYP -]LSXLY bSTNS SL^ X`W_T[WTPO T_^PWQ TY_Z XLYd LYO ]PQP]^ _SP]PMd _Z WTYR`T^_TN T^^`P^ WTVP YZXTYLW ^_PX^ LYO aP]MLW ]ZZ_^ LYO _SPT] QWPcTZY^ _PY^P^ LYO XZZO^ Z] SP ^[PLV^ ZQ L Xd^_P]TZ`^ PY_T_d _SP ^[SZ¶L bSTNS L[[PL]^ _Z OPYZ_P L_ ZYP _TXP XPLYTYR LYO LYZ_SP] _TXP ^Z`YO Z] L_ ZYP _TXP _SP `YTaP]^LW Z] NWL^^ YZ_TZY LYO L_ LYZ_SP]_TXP_SPTYOTaTO`LW^`M^_LYNP8Z]PZaP]-SL]_SL]Tv^WTYR`T^_TN ]TRZ]LYOST^^[PN`WL_TaP[]ZR]LX L]P^`NS_SL_T_^PPXPOSL]O_Z]PN ZYNTWP_SP_bZLYO_SP`^`LWbLd_ZOPLWbT_ST_bL^_Z_LNVWPZYPL__SP Pc[PY^P ZQ _SP Z_SP] >ZXP ^NSZWL]^ NZY^TOP] -SL]_SL]T _Z SLaP QZ]P ^_LWWPO_SPXZ^_PXTYPY_WZRTNTLY^LYOWLYR`LRP[STWZ^Z[SP]^ZQXZOP]Y _TXP^ ^`NS L^ 1]PRP PP LW^Z 8L_TWLW ?SPBZ]OLYO_SPBZ]WO z ! 3L]ZWO.ZbL]Ow/P]]TOLLYO-SL]_SL]Tv^A£VdL[LO¯dLZY_SP:]TRTYZQ7LYR`LRPx ;STWZ^Z[Sd0L^_LYOBP^_ $$%z! " 5ZSY / 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^% -SL]_SL]T LYO _SP -`OOST^_^ LYO;Z^_>_]`N_`]LWT^Xx ,^TL_T^NSP>_`OTPY C7A44$$%#$ # 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x$z$
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!"
L^ L YZYO`LWT^_ ,OaLT_L [STWZ^Z[SP] $ bSZ z `YWTVP ±L«VL]Lv^ WL_P] ,OaLT_LAPO£Y_LzOP_P]XTYPO_SP -]LSXLYaTL WLYR`LRPLYO TYOZTYR ^ZQZ`YOPOST^ZbYXP_L[Sd^TN^ZQWLYR`LRP 3T^XLTYbZ]V_SPZYWd NZX[WP_P ZYP _Z ^`]aTaP A£VdL[LO¯dL bL^ NP]_LTYWd NZYNPTaPO L^ L WTYR`T^_TN _]PL_T^P Md -SL]_SL]T STX^PWQ LW_SZ`RS ST^ ]PNT[TPY_^ RPYP] LWWd]PLOT_L^LbZ]VZQ[STWZ^Z[Sd 5ZSLYYP^ -]ZYVSZ]^_ ]PXL]VPO TY _SP $$^ _SL_ wbP L]P ^_TWW aP]d QL]Q]ZXLY`YOP]^_LYOTYRxZQ-SL]_SL]Tv^[STWZ^Z[STNLWTOPL^LYOQ]ZX LY wTY_PR]L_PO [Z]_]LT_ ZQ -SL]_SL]Tv^ _SZ`RS_ m _SL_ bZ`WO NZYaPd P^^PY_TLW WTYV^ MP_bPPY ST^ R]LXXL_TNLW TOPL^ LYO ST^ XP_L[Sd^TNLW ZYP^x 4Y _SP QZWWZbTYR [LRP^ bP [`_ QZ]bL]O L Q]P^S L[[]ZLNS _Z ^`NS LY TY_PR]L_PO [Z]_]LT_ :`] ^Z`]NP T^ _SP A£VdL[LO¯dL LYO ]PRL]O TYR ^ZXP ]PWPaLY_ XP_L[Sd^TNLW [L^^LRP^ bP LW^Z TYNW`OP _SP LYNTPY_ A__T NZXXPY_L]d bSTNS bL^ _]LOT_TZYLWWd _]LY^XT__PO LWZYR bT_S _SP A£VdL[LO¯dL 6L]TV£^ LYO bSTNS []P^`XLMWd -SL]_SL]T STX^PWQ b]Z_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP QZ] TY^_LYNP ST^ NZXXPY_L_Z] 3PW£]£UL NL z ,/ LYO ST^ ]PNT[TPY_^ >ZX£YLYOLYL NL _S NPY_ ,MSTYLaLR`[_L _S NPY_ @_[LWLOPaL NL _S NPY_LYO>£dL©L8£OSLaLv^ >L]aL/L]²LYL>LÀR]LSL _SNPY_ 1Z]_SPT]OTQQP]PYNP_SP_P]X^wbZ]OXZYT^XYZYO`LWT^Xx ²LMO£OaLT_LLYOx^Z`W XZYT^Xx £_X£OaLT_L SLaPMPPYNZTYPO3LNVP] ATaL]_L $"&3Z`MPY >LÀMLYOSL >LX`OOP²L z 0aPY _ST^ `YOT^[`_PO bZ]V TYNT_PO OPML_P^% 4Y ST^ w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_3L]Tx LYO Z_SP] [`MWTNL_TZY^ ,VW`UVL] PX[SL_TNLWWd L]R`P^ _SL_ w A£VdL [LO¯L xT^LN_`LWWd_SP_T_WPZYWdZQ_SPQT]^_MZZVZQ_SP_S]PP[L]_^ZQ_SPbZ]VTPYZ _SP _T_WP ZQ _SP bSZWP bZ]V bSTNS Z]TRTYLWWd bL^ _P]XPO ?]TV£©¯ ,YZ_SP] [ZTY_ ZQ OT^[`_P bL^_SP WZYRP]NZXXPY_L]d a__T_]LOT_TZYLWWdL__LNSPO_Z _SP A£VdL[LO¯L z LYO MPWTPaPO _Z MP -SL]_SL]Tv^ L`_ZNZXXPY_L]d 1`]_SP]XZ]P LY TYNZX[WP_P NZXXPY_L]d ZY ;L_LÓULWTv^ 8LS£-S£´dL ¶¯V£ LW^Z NLWWPO ?]T[£¯ T^ L^N]TMPO _Z -SL]_SL]T 4_ ^SZb^R]PL_ ^TXTWL]T_dZQTOPL^ bT_S_SP A£VdL[LO¯dL M`_ LW^Z ^P]TZ`^ OTQQP]PYNP^bSTNSXLdSTY_L_LYZ_SP]L`_SZ]Z]LYPL]WTP][SL^PTY-SL]_SL]Tv^ZbY TOPL^% ^PP 5LY 3Z`MPY wBSZ L]P -SL]_SL]Tv^ [LOLOL]²TY^* :Y _SP OPaPWZ[XPY_ ZQ -SL]_SL]Tv^[STWZ^Z[SdZQWLYR`LRPx ,^TL_T^NSP>_`OTPY C7A44$$% z!$ -]ZYVSZ]^_ F]PaTPb L]_TNWPH w0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ Ax "$ LYO w-SL]_SL]T ZY >[SZ¶L LYO @YTaP]^LW^x ,^TL_T^NSP >_`OTPY C7A $$% z# 4Y ST^ w0_`OP^ ^`] -SL]_SL]T % 7vLM^ZW` OLY^ WP A£VdL[LO¯dL P_ ^ZY WTPY LaPN WP 8LOSdLXLVLx ,^TL_T^NSP >_`OTPY C7A4 $$% !z# -]ZYVSZ]^_ STX^PWQ ^`R RP^_^^`NSLYTY_PR]L_TZY1Z]LYZ_SP]L__PX[_bSTNSWZNL_P^-SL]_SL]TbT_STYLXZ]P RPYP]LW OT^N`^^TZY ZQ ²LMOL ^PP -PNV >ZYTN ?SPZWZRd !QQ 4Y $$ 3Z`MPY >LÀMLYOSL>LX`OOP²L ^_TWW]PXL]V^_SL_YZ`YTaP]^LWWdLNNP[_POQ]LXPbZ]VSL^ MPPYL]]TaPOL_dP_ BPRPYP]LWWd`^P_SPN]T_TNLWPOT_TZYZQBTWSPWX=L`BTP^MLOPY%>_PTYP]$""M`_ LW^Z4dP]v^POT_TZY[L]_TN`WL]WdbSPY\`Z_TYRQ]ZX_SPA__TYZ_POT_POMd=L`@Y QZ]_`YL_PWd_SPY`XMP]^ZQ_SP6£]TV£aP]^P^ZQ_PYOTQQP]^`M^_LY_TLWWdTY_SP_bZPOT _TZY^& LYO ,VW`UVL] TY ST^ Z_SP]bT^P aP]d SPW[Q`W ^`XXL]d ZQ _SP A£VdL[LO¯dL TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW !z" `^P^ dP_ LYZ_SP] ST^ ZbY PY`XP]L_TZY 7TVP ,VW`UVL] TMTO LYO w:YNP LRLTY ZY _SP L`_SZ]^ST[ ZQ _SP
!#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
7TYR`T^_TN?SPZ]d
4Y _SP WTYR`T^_TN [L]_ ZQ _SP A£VdL[LO¯dL w?]PL_T^P ZY ^PY_PYNP LYO bZ]O FZ]OP]Hx -SL]_SL]T OPaZ_P^ STX^PWQ _Z \`P^_TZY^ ZQ ^dY_Lc L _Z[TN bSTNS bL^ NZY^TOP]PO XL]RTYLW LYO bL^ _SP]PQZ]P SL]OWd RTaPY LYd _]PL_XPY_ Md PL]WTP] R]LXXL]TLY^ ?SP XLTY NZYNP]Y ZQ PL]Wd R]LXXL] _]LOT_TZY^ bL^ _SP XL_P]TLW ZQ WLYR`LRP% WP__P]^ P_dX^ LYO bZ]O QZ]XL_TZY ?SP ^P\`PYNP ZQ bZ]O^ TY L ^PY_PYNP bL^ NZY^TOP]PO YL_`]LW LYO ^PWQPaTOPY_ BT_S -SL]_SL]T bP PYNZ`Y_P] L ^STQ_ ZQ TY_P] P^_Q]ZXWTYR`T^_TNL_ZX^_ZWTYR`T^_TN^P\`PYNP^LYO^_]`N_`]P^-`_ZQ NZ`]^PST^^_L]_TYR[ZTY_bL^LW^Z_SPPaP]]P_`]YTYRQ`YOLXPY_LW\`P^ _TZY ZQ 4YOTLY WTYR`T^_TN^% bSL_ WTYV^ ^Z`YO LYO XPLYTYR* 0aPY _SP PL]Wd R]LXXL]TLY^ bP]P NZYQ`^PO TY _SP QLNP ZQ _SP SZb WT__WP _SP ^Z`YO^ ZQ L bZ]O ZQ_PY SLaP _Z OZ bT_S T_^ XPLYTYR ?SP bZ]O^ YLO¯ w]TaP]x LYO O¯YL wXT^P]LMWP ^LOx L]P NZX[Z^PO ZQ _SP ^LXP WP__P]^ M`_ _SPT] XPLYTYR^ L[[PL] _Z SLaP YZ NZYYPN_TZY bSL_^ZPaP] 4_ T^ YZ_ _]`P _SL_ LWW ]TaP]^ L]P ^LO LYO YPT_SP] T^ T_ _]`P _SL_ LWW ^LO [PZ[WP L]P ]TaP]^ .]PL_TYR ^`NS ]PWL_TZY^ST[^ LWW _SP ^LXP `^TYR NZX[WTNL_PO P_d XZWZRTP^ bL^ _SP ^[PNTLW_d ZQ _SP -]£SXL©L^ ?SP ]L_TZYLW R]LXXL]T LY^ YZ WZYRP] SLO ^`NS XPLY^ LaLTWLMWP ?SPd bP]P TY_P]P^_PO TY RPY P]LW _SPZ]TP^ YZ_ TY Pc[WLYL_TZY^ ZQ TYOTaTO`LW NL^P^ 3ZbPaP] _SP \`P^_TZY ]PXLTYPO _SP ^LXP% bSL_ OZ ^Z`YO LYO XPLYTYR SLaP _Z OZ bT_S PLNS Z_SP]* ?SP aL]TZ`^ [Z^T_TZY^ ZQ _SP [SZYPXP^ TY wYLO¯x LYO wO¯YLx ZMaTZ`^Wd _S]Zb `[ Pc_]L TYQZ]XL_TZY 4_ PaPY ^PPXPO L^ TQ L WL]RP[]Z[Z]_TZYZQ_SPLN_`LWXPLYTYRWLdTY_SP^P\`PYNPZQ_SPWP__P]^ LYOYZ_TY_SPWP__P]^_SPX^PWaP^2]LXXL]TY4YOTL[]ZO`NPO^ZXP_STYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?]TV£©¯A__Tx ,^TL_T^NSP>_`OTPY C744F$$H% z "bP^`[[Z^P_SPA__T_ZMP -SL]_]SL]Tv^ZbYbZ]V.L]`OPaL±£^_]TbSZ[`MWT^SPOT_QT]^_$]LT^POOZ`M_^ LMZ`__ST^_]LOT_TZYLWL^N]T[_TZYM`_^_TWWNZYNW`OPO_SL_-SL]_SL]TSTX^PWQX`^_SLaP MPPY _SP L`_SZ] ?SP]P SL^ MPPY X`NS OPML_P ZY _ST^ T^^`P ?SP OPML_P SL^ MPPY ^`XXL]TePOLYOQ`]YT^SPObT_SYPbL]R`XPY_^Md5LY3Z`MPYw-SL]_SL]Tv^A£VdL [LO¯dLLYO_SP,YNTPY_A__Tx ,YYLW^-:=4 7CCA444$$"%""z$#&[L]_ TY >_`OTPY e`] 4YOZWZRTP `YO 4]LYT^_TV PO 2 -`OO]`^^ P_ LW =PTYMPV% :]TPY_LW T^_T^NSP 1LNS[`MWTVL_TZYPY&[L]_ BE6> C7444$$$%!"z$" 3Z`MPYL]R`P^ QZ]^`M_WPOTQQP]PYNP^LYO^`[[Z^P^LOT]PN_[`[TWZQ-SL]_SL]T_ZMP_SPL`_SZ]ZQ_SP A__T bSZ Pc[WLTYPO SZbPaP] _SP A£VdL[LO¯dL \`T_P SZYP^_Wd 4Y Z`] Z[TYTZY T_ T^ aP]dWTVPWd_SL__SPNZXXPY_L]dbL^b]T__PYMd-SL]_SL]TSTX^PWQ^TYNP_SP_Pc_LW^Z TY_]ZO`NPOYPbTOPL^?ST^^Z]_ZQ_STYRT^ZYWdNZXXZYbSPY_SPRWZ^^bL^b]T__PY Md_SP^LXPL`_SZ]4YQLN_XLYd6L]TV£aP]^P^bZ`WOMPaT]_`LWWdTX[Z^^TMWP_Z`Y OP]^_LYO bT_SZ`_ _SP A__T LYO PaPY TQ b]T__PY Md L NWZ^P QZWWZbP] ZQ -SL]_SL]T T_ NL[_`]P^aP]dQLT_SQ`WWd_SPXLTYYZ_TZY^ZQ_SP A£VdL[LO¯dL ?ST^T^[]TXL]TWd_SP^`MUPN_XL__P]ZQMZZVbSTNS^_L]_^bT_SOTQQP]PY_Z[TYTZY^ZY _SP_Z[TNLYOLW^ZZQMZZV-`_ A£VdL[LO¯dL TY_]ZO`NP^LWTYR`T^_TN[L]_LYO _SP]PQZWWZb^LOT^N`^^TZYZQ_SPbZ]OTYLXZ]PRPYP]LWbLdTP_SL__SPbZ]OT^Pc []P^^TaPZQXPLYTYR
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!$
WTVPLXZ][SZWZRdZ]^_]`N_`]LW_SPZ]d%[PZ[WPWPL]YPO_Z_STYVTY^_]`N _`]P^ LYO _Z LM^_]LN_ Q]ZX _SP XL_P]TLW L^ SLO LW]PLOd MPNZXP NWPL] bT_S_SP[SZYP_TN_SPZ]dZQ_SP;¼]aL8ÅX£À^£^-`_PLNSYPbQTYOTYR N]PL_POTYT_^_`]YYPb[]ZMWPX^^`NSL^_ST^ZYP%TQWLYR`LRPT^XLTYWd [P]NPTaPO aTL ^_]`N_`]P^ _SP \`P^_TZY L]T^P^ wSZb OZP^ ZYP ]PNZRYTeP ^_]`N_`]P^*x >ZXP 4YOTLY WLYR`LRP ]P^PL]NSP]^ Pc[WLTYPO _SP QLN_ _SL_ L bZ]O T^ `YOP]^_ZZO Md ]PQP]]TYR _Z _SP XPXZ]d _SL_ XLTY_LTY^ _SP TYOTaTO`LW ^Z`YO^ LYO _SPT] ^P\`PYNP L^ WL_PY_ TX[]P^^TZY^ LYO SL^ _SP PQQPN_ _SL_ _SP ^PY^P ZQ _SP bZ]O MPNZXP^ NWPL] LQ_P] SPL]TYR _SP WL^_ ^Z`YO 1Z] -SL]_SL]TSZbPaP]_SP[SPYZXPYZYZQ`YOP]^_LYOTYRWLYR`LRPNLYYZ_ MPPc[WLTYPOMd ^`NSL[Z^_`WL_P4Y^_PLO WTVP_ZOLdv^WTYR`T^_TN ^NSZW L]^ SP ]PNZRYTeP^ _SL_ TY WLYR`LRP T_ T^ []TXL]TWd YZ_ bZ]O^ _SL_ L]P `YOP]^_ZZO M`_ ^PY_PYNP^ ?SP ^PY_PYNP T^ _SP []TXL]d XPLYTYRQ`W LYO wTYOTaT^TMWPx WTYR`T^_TN `YT_ bSP]PL^ bZ]O^ L]P ZYWd ^`MZ]OTYL_P ^PN ZYOL]dWTYR`T^_TN`YT_^ 5`^_L^ TY_SPNZYaPY_TZYLW `^PZQ WLYR`LRPWP__P]^OZ YZ_SLaP LYd XPLYTYR ZQ _SPT] ZbY LYO ZYWd []ZO`NP bZ]O^ TY NZXMTYL_TZY ^Z T_ T^ bT_S bZ]O^ _ZZ 1Z] PcLX[WP ^ZXP_STYR ^`NS L^ _SP NZXXZY bZ]O w L²aLVL]©L xNLYXPLYPT_SP]wSZ]^P L²aL PL] VL]©L (SZ]^Pv^PL]x Z] LW_P]YL_TaPWd wQTR _]PPx ! >Z T_ T^ YZ_ ^`QQTNTPY_ XP]PWd _Z SPL] _ST^ ZYP bZ]O z _SP XPLYTYR NLY ZYWd MP OP_P]XTYPO TY NZYYPN_TZY bT_S Z_SP] bZ]O^ ^`RRP^_TYR PT_SP] _SP NZY_Pc_ wLYTXLWx Z] _SP NZY_Pc_ w[WLY_x ?ST^ PcLX[WP NZ`WO [P]SL[^ MP Pc[WLTYPO `^TYR _SP WLV´L©£ _SPZ]dbSTNSLNNZ`Y_^QZ]_SPYL_`]LW[ZWd^PXdZQbZ]O^-`_T_T^LW^Z [Z^^TMWP_ZQTYOPcLX[WP^TYbSTNS_SPOZ`MWPXPLYTYRZQL^_L_PXPY_T^ YZ_ML^POXP]PWdZYLbZ]ObT_S_bZXPLYTYR^.ZY^TOP]QZ]PcLX[WP _SP NL^P ZQ w ]£UL[`]`´L x% _SP WT^_PYP] NZ`WO PT_SP] ^[WT_ _SP Pc[]P^^TZY TY_Z_bZbZ]O^LYO`YOP]^_LYOw>STYP ]£UL L^LaP]MLWQZ]XFZHXLY [`]`´L L^LaZNL_TaPxZ]ZYPNZ`WO`YOP]^_LYOT_L^LNZX[Z`YObZ]O TY_SP^PY^PZQw_SPVTYRv^ ]£UL XLY [`]`´L xF(XPXMP]ZQ_SP]ZdLW R`L]OH ?SP bZ]O w]£ULx L^ WTYR`T^_TN `YT_ NZ`WO LN_`LWWd U`^_ L^ PL^TWd
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP QZ] TY^_LYNP A£VdL[LO¯dL QQ z z ?SP `W_TXL_P []PQP] PYNP bSTNS -SL]_SL]T RTaP^ _SP ^PY_PYNP T^ NZXXZYWd LNNP[_PO TY _SP ]P^PL]NS ZY -SL]_SL]T LYO NZ`Y_PO LXZYR^_ ST^ XZ^_ OT^_TYR`T^SPO QPL_`]P^ 1Z]XP]Wd R]LX XL]TLY^NZYNPY_]L_POZYbZ]O^LYO_SPT]TYOP[PYOPY_XPLYTYRQ`WYP^^?SPZ[[Z^T_TZY MP_bPPY _SP^P aTPb^ T^ OT^N`^^PO TY A£VdL[LO¯dL " M`_ _SP OT^N`^^TZY ZQ bZ]O LYO^PY_PYNP`YT_^[P]aLOP^_SPbSZWP^PNZYOMZZV?SPwTYOTaT^TMWP^PY_PYNPxaTPb XLdMP-SL]_SL]Tv^ZbYwTYaPY_TZYxZ]XLdSLaP^_L]_PO_ZRLTY[]ZXTYPYNPLXZYR R]LXXL]TLY^ L_ _SP _TXP ZQ _SP NZX[Z^T_TZY ZQ _SP A£VdL[LO¯dL % ^PP 3Z`MPY wBSZ L]P-SL]_SL]Tv^[LOLOL]²TY^*x ! >PP A£VdL[LO¯dL !LYOA__T
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
MPLYZ`YL^LaP]M "4_T^ZYWd_SPNZX[WP_PNZY_Pc__SL_OPNTOP^bSTNS QZ]XT^]PLWWdTY_PYOPO 1Z]6`X£]TWL_SPXPLYTYRZQ_SP^PY_PYNP T^OP_P]XTYPOMd_SP TY QZ]XL_TZY Q]ZX _SP TYOTaTO`LW bZ]O^ LWZYR bT_S _SP TYQZ]XL_TZY Q]ZX _SPT]^P\`PYNP-`_-SL]_SL]TO]Lb^L__PY_TZY_Z_SPQLN__SL__SPXPLY TYRZQ_SP^PY_PYNPOZP^YZ_^`OOPYWdMPNZXPZMaTZ`^_ZLWT^_PYP]LQ_P] _SP WL^_ bZ]O SL^ MPPY SPL]O 0aPY MPQZ]P _SP WL^_ bZ]O T^ SPL]O _SP]P T^ ^ZXP ^Z]_ ZQ []PWTXTYL]d `YOP]^_LYOTYR ZY _SP [L]_ ZQ _SP WT^_PYP] z SPNLYP^_TXL_PXZ]PZ]WP^^bSL__SP^PY_PYNPT^LMZ`_1Z]_ST^]PL^ZY -SL]_SL]T ^[PLV^ ZQ XPLYTYR wQZ]XTYRx Z] wNWL]TQdTYRx adLUdL_P T_ ^PWQ& T_ OZP^ YZ_ L]T^P TY LY LOOT_TaP QL^STZY M`_ R]LO`LWWd >Z WTVP ^ZXPZYPbSZSL^SPL]O_SPY`XMP]^LYOZYPLQ_P]_SPZ_SP]NLY ^`[[Z^P_SL__SPYPc_Y`XMP]bTWWMP_SPWT^_PYP]OPaPWZ[^LYTOPLZQ _SP^PY^PZQ_SP^PY_PYNPbSTWPSP T^SPL]TYRT_LYO_ST^ TOPLR]LO`LWWd TX[]ZaP^L^_SP^PY_PYNP`YQZWO^,YOdP__ST^[]PWTXTYL]d`YOP]^_LYO TYR T^ LWbLd^ L MT_ OPNP[_TaP L^ WZYR L^ _SP ^PY_PYNP SL^ YZ_ MPPY ^[Z VPY TY T_^ PY_T]P_d # 1Z] PcLX[WP _SP Y`XP]TNLW ^P\`PYNP LMZaP NZ`WO MP _SP MPRTYYTYR ZQ _SP ^P\`PYNP ZQ []TXP Y`XMP]^% w "x 3P]P_ZZT_T^ZYWd_SPNZX[WP_PNZY_Pc__SL_]PLWWdN]PL_P^XPLYTYRTY _SP^_]TN_^PY^P>Z-SL]_SL]T]PRL]O^_SPNPY_]LW\`P^_TZYTYWTYR`T^_TN^ _Z MP wbSZ Z] bSL_ LN_`LWWd OPNTOP^ bSP_SP] L NZY_Pc_ T^ uNZX[WP_Pv LYObSP_SP]L]PLWXPLYTYRSL^MPPYNZXX`YTNL_PO*x -SL]_SL]T NLWW^ _SP NZXX`YTNL_TaP PWPXPY_ OP_P]XTYTYR _SL_ L NZX[WP_P`YT_ZQ^PY^PSL^MPPYNZXX`YTNL_POLYOLYLN_`LWXPLYTYRT^ []P^PY_L ^[SZ¶L $?ST^ _P]XSL^MPPYTY_P][]P_PO TYLY`XMP]ZQaP]d OTQQP]PY_ bLd^ ,Y P_dXZWZRTNLW LYLWd^T^ NLY SZbPaP] MP^_ NWL]TQd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " A£VdL[LO¯dL " # A£VdL[LO¯dL $z$"z$$z $ ?ST^^`MUPN_XL__P]T^TY_]ZO`NPOTY A£VdL[LO¯dL z$LYO_SP_P]X^[SZ¶LZNN`]^ QZ] _SP QT]^_ _TXP TY A£VdL[LO¯dL QQ 1Z] _SP QT]^_ []P^PY_L_TZY ZQ _SP >[SZ¶L A£OLw_SPZ]dZQ^[SZ¶Lx[]Z[P]^PP A£VdL[LO¯dL ?SP_P]X^[Z¶SLbL^LW]PLOd VYZbY _Z ;L_LÓULWT M`_ `^PO TY L OTQQP]PY_ bLd _SLY Md WL_P] R]LXXL]TLY^ ^_L]_TYR bT_S-SL]_SL]TLYO_SPLYNTPY_A__T:YaL]TZ`^YL_TaPL`_SZ]^LNNP[_TYR_SP>[SZ¶L A£OL Z] ]PUPN_TYR T_ PR ±L«VL]L ^PP -PNV >ZYTN ?SPZWZRd # bSZ TYNW`OP^ ^ZXPbSL_LYLNS]ZYT^_TNLWWdD£^VLQZ]TY^_LYNP ?SP_SPZ]dZQ_SP ^[SZ¶L _SL_T^ZQ_SPTXXPOTL_P]P^ZW`_TZYZQXPLYTYR`[ZYSPL] TYRLbZ]OZ]^PY_PYNPSL^MPPYTY_P][]P_POTY_bZ\`T_PZ[[Z^T_PbLd^%LL^L]L _TZYLWPc[WLYL_TZYZQ_SPbZ]OL^LWTYR`T^_TN^TRYZQTYQP]PYNPZ]L^MPL]TYRXPLYTYR TPw-POP`_`YR^_]ÆRP]x-]Z`RS=LULLYOZ_SP]^LYOLW^ZML^LXd^_TNSd[Z^_L ^T^ ZQ _SP ^Z`YO L^ L ?]LY^NPYOPY_LW BZ]O w0_P]YLW AP]M`Xx 6PT_S /P& ^PP -]Z`RSv^ ^SL][ N]T_TNT^X TY w?SPZ]TP^ ZQ 8PLYTYRx z! ZQ ^`NS w`YYPNP^^L]d Xd^_TQTNL_TZY^x -PNV >ZYTN ?SPZWZRd OZP^ YZ_ ^PP L NZY_]LOTN_TZY% w _SP 2]LXXL]TLY^>[SZ¶La£OLOPaPWZ[PO_SPYZ_TZYZQ ^[SZ¶L _ZPc[WLTY_SPXd^_P]TZ`^ XLYYP] Md bSTNS XPLYTYR T^ NZYaPdPO TY L ^PY_PYNP& L []ZNP^^ ZQ NZRYT_TZY bSTNS N`WXTYL_P^ TY _SP TY_`T_TaP [P]NP[_TZY ZQ _SP ,M^ZW`_P L^ ±LMOL-]LSXLYx& LYO TMTO
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
bSL_ T^ XPLY_ XZ]P Z] WP^^ 4Y _SP NZWWZ\`TLW ^PY^P _SP ]ZZ_ √ ^[S`¶ Q]ZX bSTNS _SP bZ]O w^[SZ¶Lx T^ OP]TaPO XPLY^ w_Z M`]^_ [Z[ Z[PYx >Z_SPbZ]ONLY^_LYOQZ]^`NS_STYR^L^_SPZ[PYTYRZQLM`OZ]M]PLV TYR Z[PY L Y`_^SPWW ?SP QTR`]L_TaP LYO LW^Z XZ]P NZXXZY ^PY^P T^ _SP]PQZ]P w_Z MP ^PWQPaTOPY_x >Z L ^[SZ¶L T^ ^ZXP_STYR _SL_ wNL`^P^ M`]^_TYRx wZ[PY^x Z] wXLVP^ PaTOPY_x ?SP WTYR`T^_TN ^[SZ¶L _SP]PQZ]P OPYZ_P^ _SP TXXPOTL_P ]P^ZW`_TZY ZQ XPLYTYR `[ZY SPL]TYR L bZ]O Z] ^PY_PYNP 4Y-SL]_SL]Tv^^d^_PX_SP^[SZ¶L]PQP]^_ZLQ`YN_TZYZQ`YOP]^_LYO TYR_SL_SL^_ZMP[Z^_`WL_POLYTY_PR]LWLYOT]]PO`NPLMWP RP^_LW_ bSTNS ZYWd PcT^_^ TY _SP NZY^NTZ`^YP^^ 4_ T^ TX[Z]_LY_ QZ] STX _SL_ _SP TY QZ]XL_TZY NZY^_T_`_TYR _SP ^[SZ¶L T_^PWQ T^ YZ_ TY LYd bLd NZY_LTYPO TY _SPbZ]O^YZ]NLYT_MPTYQP]]POQ]ZX_SPX:YWdbSPY_SPTY_PR]LWTOPL ZQ LY LWWPYNZX[L^^TYR ^PY^P L[[PL]^ MP_bPPY LYO MPSTYO _SP bZ]O^ NLY ZYP ^Ld _SL_ _SP ^PY_PYNP SL^ MPPY u`YOP]^_ZZOv LYO _SP XPLYTYR SL^]PaPLWPOT_^PWQ-SL]_SL]TNZX[L]P^_ST^bT_S_SPTXLRPZQLS`XLY MPTYRTYLO]LbTYR .ZY^TOP]QZ]TY^_LYNPL^_TNVXLY:YPNLYZYWd ]PNZRYTeP_SL_T_T^LOP[TN_TZYZQLS`XLYMPTYRTQZYPNLYLWWZNL_P_SP u^_TNV^vNZ]]PN_Wd%_ST^ZYPSP]PT^LYL]X_SL_MT_T^_SPSPLOP_NLYO NZYaP]^PWd ZYP ZYWd VYZb^ _SL_ _ST^ ^_TNV T^ XPLY_ _Z MP LY L]X LYO _SL_ NT]NWP T^ XPLY_ _Z MP _SP SPLO MPNL`^P ZYP SL^ LW]PLOd ]PNZRYTePO _SP S`XLY QZ]X TY _SP O]LbTYR 4Y [Z^_`WL_TYR LY TY_PR]LW aT^TZY -SL]_SL]T TY_]ZO`NP^ []PNT^PWd _SL_ _SZ`RS_ TY_Z ^PXLY_TN^ _SL_ bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !% w?SP 0_P]YLW AP]M`X XLYTQP^_^ T_^PWQ TY _SP QZ]X ZQ ^[SZ¶L L VTYO ZQ XPLYTYR MPL]TYR^Z`YOx-PNVv^-SL]_SL]T]PNP[_TZYTMTO!z"!^`RRP^_^L[L]_TN`WL]DZRL ZQ _SP R]LXXL]TLY^ !Q " LYO wSTRSP] TY_`T_TZYx ZQ wNZ^XTN ^Z`YOx " Z] _SP w>ZYTN ,M^ZW`_Px " Q , OTQQP]PY_ L[[]ZLNS T^ ^`RRP^_PO Md -]ZYVSZ]^_ w-SL]_ SL]TZY>[SZ¶Lx%w7TVPPaP]d_STYRPW^PbZ]O^_ZZSLaP_bZL^[PN_^_SP]PLWbZ]O F^[SZ¶LH LYO T_^ [SPYZXPYLW XLYTQP^_L_TZY^ bSTNS L]P YZ_ ]PLWx 1TYLWWd 3L]ZWO .ZbL]Ov^ ?SP>[SZ¶L?SPZ]dZQ7LYR`LRP%,;STWZ^Z[STNLW,YLWd^T^ /PWST%8Z_TWLW -LYL]^TOL^^ $# LYO Z_SP] [`MWTNL_TZY^ TP w-SL]_SL]Tv^ /SaLYTx !" OPQTYP^ ^[SZ¶LL^w`YT_L]dTOPLxZ]wXPLYTYRbSZWPx?SPTY_]TY^TNOTQQP]PYNP^ZQ_SPaL]TZ`^ TY_P][]P_L_TZY^NLYMPPc[WLTYPOMd_SPOZ`MWP^TOPONSL]LN_P]RTaPY_Z ^[SZ¶L MdYL _TaP TY_P][]P_P]^ .ZbL]O TMTO !" O]Lb^ L__PY_TZY _Z 9£RP²L -SL¶¶Lv^ >[SZ¶La£OL #_S NPY_ bSP]PTY ^[SZ¶L T^ OP^N]TMPO TY w_bZ bLd^% L^ _SL_ Q]ZX bSTNS XPLYTYR M`]^_ QZ]_S Z] ^STYP^ QZ]_S& LYO L^ LY PY_T_d bSTNS T^ XLYTQP^_PO Md _SP `__P]PO ^Z`YO^ ?SP ^[SZ¶L XLd _S`^ MP _SZ`RS_ ZQ L^ L VTYO ZQ _bZ^TOPO NZTY :Y _SP ZYP ^TOPT_T^XLYTQP^_POMd_SP`__P]PO^Z`YO^LYOZY_SPZ_SP]^TOPT_^TX`W_LYPZ`^Wd]P aPLW^ _SP TYYP] XPLYTYR 4Y L XZ]P [STWZ^Z[STNLW ^PY^P ^[SZ¶L XLd MP OP^N]TMPO L^ _SP _]LY^NPYOPY_ R]Z`YO TY bSTNS _SP ^[ZVPY ^dWWLMWP^ LYO NZYaPdPO XPLYTYR QTYO _SPX^PWaP^ `YT_POx :Y -SL]_SL]Tv^ NZYNP[_TZY ^PP LW^Z 2- ;LW^`WP w;ZTY_ ZQ LR]PPXPY_ LYO OTQQP]PYNP MP_bPPY _SP A£VdL[LO¯dL LYO _SP 8LS£-S£´dL/¯[TV£ TY _SPXL__P]ZQ^[SZ¶Lx ,^TL_T^NSP>_`OTPY C7A44$$% z >PP QZ] TY^_LYNP A£VdL[LO¯dL z!! "!z$ ! $ z z !z! z "! >PP A£VdL[LO¯dL z
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
WL_P] _LVPY `[ Md _SP ^NSZWL] ZQ [ZP_]d ¢YLYOLaL]OSLYL LYO OPaPWZ[PO TY_Z_SP OSaLYT _SPZ]d5`^_L^_SPWL__P]Pc[WLTY^TYWTYPbT_SST^^_L_P XPY_ w_SP MPL`_d ZQ L bZXLY T^ YZ_ Pc[WLTYPO Md _SP MPL`_d ZQ SP] [L]_^x_SL_[ZP_TNMPL`_dOZP^YZ_L]T^PQ]ZX_SPTYOTaTO`LWbZ]O^XLV TYR `[ _SP aP]^P M`_ Q]ZX LY TY_PR]LW PWPXPY_ _SL_ PYNZX[L^^P^ _SP bSZWPaP]^P_SL_T^_SPOSaLYT-SL]_SL]TWZNLWTeP^WTYR`T^_TN^PY^PYZ_ TYTYOTaTO`LWbZ]O^Z][SZYPXP^M`_TY_SPBSZWPZQLWTYR`T^_TN`__P] LYNP 4Y MZ_S NL^P^ bP L]P OPLWTYR bT_S L SZWT^_TN QZ]X ZQ _SZ`RS_ bSTNSLWbLd^^PP^XZ]PTY_SPbSZWP_SLY_SP^`XZQT_^[L]_^ ,NNZ]OTYR_Z-SL]_SL]TLbSZWPYP^^XPOTL_TYRMP_bPPY^Z`YOLYO ZMUPN_ X`^_ PcT^_ QZ] ^PaP]LW ]PL^ZY^ TYNW`OTYR _ST^ ZYP% L bZ]O Z] L ^PY_PYNP T^ ^_TWW NZX[]PSPY^TMWP PaPY TQ ZYP OZP^ YZ_ SPL] _SP bSZWP bZ]OZ]_SPbSZWP^PY_PYNP?SP[Sd^TNLW^Z`YOZQ_SPWLYR`LRPZ]_SP NSLTY ZQ ^Z`YO^ NZX[]T^TYR L bZ]O T^ ZYWd _SP NZY_Z`] Z] _SP Z`_WTYP _SL_ TYOTNL_P^ Z] ^`RRP^_^ _SP bZ]O TOPL Z] u RP^_LW_ v _SL_ T^ LN_`LWWd XPLY_ ?ST^ LN_`LW bZ]O uRP^_LW_v TP _SP bZ]O TY _SP NZY^NTZ`^YP^^ OZP^ YZ_ [Z^^P^^ LYd [Sd^TNLW OTXPY^TZY^ M`_ T^ LYO LWbLd^ ]PXLTY^ L bSZWP bSTNS T^ ZYWd _]LY^WL_PO bT_STY _SP ^[ZVPY bZ]O TY_Z L WTYPL] ^P\`PYNPZQOPQTYPO ^Z`YO^ ?SPQLN__SL_ NP]_LTY^dWWLMWP^L]Pu^bLW WZbPOvZ]NP]_LTY[SZYPXP^L]POT^_Z]_POTYOTLWPN_^OZP^YZ_YPNP^^L] TWd]PYOP]LbZ]OZ]L^PY_PYNPTYNZX[]PSPY^TMWP?SP]PLWTeL_TZYZQ_SP Z]TRTYLW RP^_LW_ ZQ _SP ^[SZ¶L TY ^Z`YO LWbLd^ [Z^^P^^P^ L NP]_LTY aL]T LYNP ?SP X`_`LW _]LY^QP] ZQ bZ]O ^Z`YO LYO ZMUPN_ T^ ML^PO ZY _SP PQQT NLNd ZQ _ST^ ZYP TY_PR]L_TaP QZ]X Z] ^[SZ¶L bSTNS T^ YPT_SP] ^Z`YO YZ] _STYR M`_ ]L_SP] _SP `YT_L]d XPY_LW TXLRP PXMZOTPO Md LYO L]T^TYR bT_S_SPbZ]OLYO_SP^PY_PYNP% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ A£VdL[LO¯dL z ZY _SP bZ]O ^[SZ¶L ^PP LW^Z $z$" LYO _SP A__T Pc[Z^T_TZYZQbSTNSPc[Z`YO^bZ]O^WTYR`T^_TN^Z`YO^XPLYTYR^LYO_SPT]]P WL_TZY^ST[
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
>PXLY_TN^[SP]P
>[SP]PZQ_SP^[SZ¶L
ȱ
ȱ
!
;SZYP_TN^[SP]P
>Z`YO
Y£OL ȱ 1Z]X
.ZY_Z`]
adL«RdL
adLÓULVL
ȱ
ȱ ^[SZ¶L ȱ
8P^^LRP
>TRY
a£NdL
a£NLVL ȱ
ȱ
:MUPN_
L]_SL ?SP[]P^PYNPZQL^[SZ¶LTY_SP^Z`YORTaP^_SP^Z`YO_SPNSL]LN_P]ZQL XP^^LRPLYO _]LY^QZ]X^T_TY_ZL ^TRY :]NZYaP]^PWd_SP[]P^PYNPZQL XP^^LRPTY_SP^Z`YO]P\`T]P^LNP]_LTY^Z`YONZY_Z`]LYO_]LY^QZ]X^T_ TY_Z L XPY_LW uQZ]Xv ^PP OTLR]LX ?SP ^Z`YO ]P[]P^PY_^ _SP ^[SZ¶L TY _SP^[PLVTYR[]ZNP^^LYO_SP^[SZ¶L]P[]P^PY_^_SPZMUPN_>ZSP]POZ` MWP_]LY^QP]_LVP^[WLNPTY_P]WTYVTYR_SP[Z^T_TZY^zL_SPbZ]OT^P^^PY _TLWWd NZYYPN_PO bT_S _SP ZMUPN_ LYO M _SP bZ]O T^ LNNTOPY_LWWd LWWZ NL_PO _Z T_ z TY _SP NZYNP[_ ZQ ^[SZ¶L ?SP ^[SZ¶L OT^^ZWaP^ _SP NZY_]LOTN_TZYMP_bPPY_SP^P_bZPc_]PXP[Z^T_TZY^LYO_]LY^NPYO^T_%ZY _SPZYPSLYO_SPXd_STNLWTOPY_T_dZQ ^Z`YOLYOZMUPN_bSTNS]PXLTY^ [LW[LMWP L^LYZWOAPOTNWPRLNdPaPY TY _SP NZYaPY_TZYLWT^_TN_SPZ]PX^ ZQ _SP 8¯X£À^LVL^ NZb T^ P_P]YLWWd NZYYPN_PO bT_S _SP [SZYPXP^ wR L`àx LYO ZY _SP Z_SP] _SL_ ZQ _SP L]MT_]L]d LWWZNL_TZY ZQ ^Z`YO LYO ZMUPN_L^bL^NZXXZYTYXZOP]YBP^_P]YWTYR`T^_TN^`[_Z_SP$"^
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
8P_L[Sd^TNLW?SPZ]d
-SL]_SL]Tv^ WTYR`T^_TN [Z^_`WL_P ZQ _SP ^[SZ¶L LYO ST^ `YT_L]d ^PY_PYNP aTPbSLaPQL]]PLNSTYRNZY^P\`PYNP^?SP]PT^ZYPL^[PN_TY-SL]_SL]T _SL_^Z`YO^^_]TVTYRWdXZOP]Y4Y_SPQT]^_[L]_ZQST^R]LXXL_TNLWbZ]V A£VdL[LO¯dL SP []P^PY_^ L WTYR`T^_TN [STWZ^Z[Sd _SL_ TX[WPXPY_^ _SP WTYR`T^_TN_`]YPaPYXZ]P]LOTNLWWd_SLY_SP;¼]aL8ÅX£À^£?SPTYOT^ ^ZW`MWP TY_P]WTYVTYR ZQ WLYR`LRP LYO _SZ`RS_ bSTNS LW^Z NZYYPN_^ bT_S NZY_PX[Z]L]d [STWZ^Z[SP]^ T^ QZ`YO TY _SP A£VdL[LOÅdL Pc []P^^POTY_SP^PbZ]O^% w4Y _ST^ bZ]WO _SP]P T^ YZ [P]NP[_TZY ZQ _STYR^ bT_SZ`_ _SP NL[LMTWT_d QZ] WLYR`LRPFLYOZ`]HbSZWP[P]NP[_TZY^PPX^_ZMP[P]aLOPOMdWLYR`LRPx
4_ LW^Z ^PPX^ Pc_]PXPWd XZOP]Y _Z `^ _SL_ -SL]_SL]T NZYNPTaP^ ZQ S` XLYMPTYR^L^N`W_`]LWMPTYR^LYOTYNW`OP^LST^_Z]TNLWOTXPY^TZYTYST^ OPWTMP]L_TZY^ 1Z] TY^_LYNP SP ]PXL]V^ _SL_ _SP [ZbP] ZQ bZ]O^ aL]TP^ TYOTQQP]PY_[P]TZO^ZQ _TXPLYOOP[PYOPY_ZY _SP ^[PLVP] !3PT^aP]d LbL]PZQ_SP]PWL_TaT_dZQS`XLY]PL^ZYTYRLYOOTQQP]PY_[ZTY_^ZQaTPb 0aPY_SP^LXP[P]^ZY^PP^_SP^LXP_STYROTQQP]PY_WdL_OTQQP]PY__TXP^ -SL]_SL]T _LVP^ TY_Z LNNZ`Y_ _SP ^[PLVP]v^ TY_PY_TZY M`_ VYZb^ _SL_ Z_SP]^ XLd `YOP]^_LYO T_ TY L OTQQP]PY_ bLd LNNZ]OTYR _Z _SPT] ZbY MLNVR]Z`YO^ 3P LNVYZbWPORP^ _SL_ _SP]P T^ N`W_`]LW LYO ST^_Z]TNLW NSLYRP OP^[T_P ST^ MPWTPQ TY LY w`YTY_P]]`[_PO _]LOT_TZYx 0aPY _SP APOL T^ YZ_ PcNW`OPO% O`P _Z NSLYRP^ TY ]T_`LW N`^_ZX^ _SP APOTN TY U`YN_TZY^ NLY MPNZXP ZM^ZWP_P " 8Z^_ ^_]TVTYR T^ -SL]_SL]Tv^ STRSWd [P]^[PN_TaT^_ L__T_`OP% WL]RP ^PN_TZY^ ZQ _SP A£VdL[LO¯dL L]P OPaZ_PO _Z NZWWPN_TZY^ ZQ OTQQP]PY_ aTPb^ LYO -SL]_SL]T ^PPX^ OPWTMP]L_PWd _Z LM U`]P QTYLW U`ORXPY_^ ?SP]P T^ Pc[WTNT_ PX[SL^T^ ZY ^_`OdTYR XLYd OTQ QP]PY_aTPb^ £RLXLOL]²LYL #
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] _SP XZOP]Y _SPZ]TP^ ^PP /P] ;L]LOTRXPYbPNS^PW TY OP] >[]LNS[STWZ^Z[STP% >_` OTPY `YO ?Pc_P PO 0OX`YO -]L`Y /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$!$QQ YL^Zv^_T[]L_dLdZWZVPdLà²LMO£Y`RLX£O_Pg LY`aTOOSLXTaLUÓ£YLÀ^L]aLÀ²LMOPYLMS£^L_Pgg A£VdL[LOÅdL PO4dP] ! 1Z] _ST^ LYO _SP QZWWZbTYR ^PP A£VdL[LO¯dL z NO " z# z" $z (z $ "!"".ZY^TOP]LW^Z_SPA__TZY _]LY^4dP]$ " 1Z]_SPWL__P]^PP-SL]_SL]Tv^8LS£-S£´dLNZXXPY_L]d# # A£VdL[LO¯dL #$ -SL]_SL]Tv^ X`W_T[P]^[PN_TaT^_ L__T_`OP T^ ^_]ZYRWd PX[SL^TePO Md6PWWdLYO]PNPY_[`MWTNL_TZY^Md3Z`MPY^`NSL^ >LÀMLYOSL>LX`OOP²L !z# LYOw-SL]_SL]Tv^;P]^[PN_TaT^XxTY-PdZYO:]TPY_LWT^XPO0WT1]LYNZLYO6L]TY ;]PT^PYOLYe,X^_P]OLX%,_WLY_L$$""z #
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
?ST^[P]^[PN_TaT^XST^_Z]TNLW]PWL_TaT^XLYO_SPP[T^_PXZWZRTNLWTY ^TRS_ _SL_ LWW `YOP]^_LYOTYR OP[PYO^ ZY WLYR`LRP $ L[[PL]^ TY [P]QPN_ NZY^ZYLYNP bT_S _bPY_dQT]^_ NPY_`]d ]L_TZYLWT^X 4_ T^ SZbPaP] ZYWd ZYP ^TOP ZQ _SP NZTY ^TYNP LNNZ]OTYR _Z -SL]_SL]T _SP WTYR`T^_TN T^ _SP OP_P]XTYL_TaP LYO NZY^_T_`PY_ NZYOT_TZY YZ_ ZYWd ZQ _SP P[T^_PXTN M`_ LW^ZZQ _SP ZY_ZWZRTNLW 3P]PbPNZXP_Z _SPZ_SP]L^[PN_ZQ -SL]_SL]T _SL_T^WP^^QLXTWTL]_ZXZOP]Y]L_TZYLWT_d4Y A£VdL[LO¯dL SP^Ld^ _SL_ _SP APOTN ^NSZWL]^ SLO LW]PLOd `YOP]^_ZZO _SP `YTaP]^P _Z MP L []ZO`N_ Z] w_]LY^QZ]XL_TZYx [L]T©£XL ZQ WLYR`LRP 3P `^P^ WTYR`T^_TN [STWZ^Z[Sd_ZQZ]X`WL_PLYPbVTYOZQXP_L[Sd^TN^[]ZR]LX_SL_bZ`WO []P^`XLMWd SLaP XLOP 6L]W ;Z[[P] _`]Y L^ bST_P L^ L ^SPP_ LYO M]PLV Z`_ TY L NZWO ^bPL_ L_ _SP ^LXP _TXP -SL]_SL]Tv^ ^[SZ¶L _SPZ]d T^ R]Z`YOPO TY L XP_L[Sd^TNLW ^`[P]^_]`N_`]P z _SP ^`[]PXP -]LSXLY bT_SZ`_ MPRTYYTYR LYO PYO LY£OSTYTOSLYLÀ z L^ bTWW MP XZ]P PWLMZ ]L_PWd OT^N`^^PO MPWZb LYO L[[L]PY_Wd -SL]_SL]T NZYNPTaP^ ZQ _SP ^[SZ¶LT_^PWQL^LXP_L[Sd^TNLWOPP[^_]`N_`]P%L^LNZ^XTN[]P]PQWPcTaP LYO^PWQPc[]P^^TaPQZ]XZQ^PY^P4Y-SL]_SL]Tv^^d^_PX_SP^[SZ¶LT^L SZWT^_TN [L__P]Y Z] `YTaP]^LW ^_]`N_`]P `YOP]WdTYR YZ_ ZYWd S`XLY WLY R`LRP LYO NZRYT_TZY ZQ _SP bZ]WO M`_ _SP bSZWP ZQ PcT^_PYNP A£VdL [LO¯dL # ^[PLV^ ZQ _SP `YMZ]Y P_P]YLW :YP TY bSTNS _SP]P T^ YZ _TXP^P\`PYNP M`_ L ]PLWT_d _L__aL TY bSTNS bP [P]NPTaP MT]_S LYO Z_SP]NSLYRP^?ST^OP^N]T[_TZYQT_^bT_S_SP^[SZ¶LbSTNST^T_^PWQbT_S Z`_ ^P\`PYNP M`_ [P]NPTaPO _S]Z`RS WP__P] LYO bZ]O ^P\`PYNP^ 3P]P SZbPaP] _SP OP^N]T[_TZY ]PWL_P^ _Z -]LSXLY -SL]_SL]T ^_L]_^ ST^ A£V dL[LO¯dL Md \`LWTQdTYR _ST^ L^ wbZ]O ]PLWT_dx Z] wWLYR`LRP []TYNT[WPx ²LMOL_L__aL ?SP wBZ]O-]LSXLYx ²LMOLM]LSXLY zL_P]X`^POTY _SPA__T zZ]_SPw.ZXX`YTNL_TaP -]LSXLYxL^bP bTWWRWZ^^ -]LS XLY LYO ±LMOL-]LSXLY TY -SL]_SL]Tv^ NL^P T^ _SP _]LY^NPYOPY_ R]Z`YO ZQ LWW _SL_ PcT^_^ LYO _SP _Z_LWT_d ZQ MPTYR T^ M`_ L _]LY^QZ]XL _TZY [L]TY£XLaTaL]_L ZQT_1]ZXL^_LYO[ZTY_ZQ[Z^T_TaT^XLYON]T_T NLW ]L_TZYLWT^X -SL]_SL]Tv^ XLTY [STWZ^Z[STNLW _SZ`RS_ NLY ZYWd MP aTPbPO L^ L RSL^_Wd ]P_]ZR]LOP ^_P[ LYO _SPZ^Z[STNLW YTRS_XL]P ?SP ^_L_PXPY_ _SL_ S`XLY MPTYR^v [P]NP[_TZY T^ NZY^_T_`_PO TY WLYR`LRP T^ QZ`YO TY -SL]_SL]T TY L aPYP]LMWP NZY_Pc_ ML^PO ZY _SP APOTN aTPb ZQ WLYR`LRP LYO _SP LYNTPY_ ,V´L]L Xd^_TNT^X -SL]_SL]T XLVP^ ]TNS `^P ZQ APOTN WLYR`LRP TXLRP^ LYO _SP A__T ]P[PL_POWd `^P^ \`Z_L_TZY^ Q]ZX L`_SZ]T_TP^ _Z [ZTY_ _Z _SP APOTN [L^^LRP^ LMZ`_ _SP RZOOP^^ wAZTNPx a£N A£VdL[LO¯dL ^_L_P^_SL__SPwbZ]Ox ²LMOL bSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ A£VdL[LO¯dL z >PP _SP A__T ZY A£VdL[LO¯dL ²LMO£VSd£O M]LSXL©Là LYO ZY LYO bSP]P_SP_P]XZNN`]^aP]MLWWd >PPQZ]TY^_LYNP A£VdL[LO¯dL !ZYA£Nw^[PPNSxwaZTNPxL^wSTRSP^_YL_`]Px LYO!ZY_SPwWLYR`LRPNZbx.ZY^TOP]LW^Z"z!z"!$
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
T^ ¢_XLY TY^TOP _SP ^[PLVP] T^ VYZbY L^ _SP wR]PL_ M`WWx bT_S bSZX ZYP ^PPV^ `YTZY ,YO TY L NZY^NTZ`^ ]LOTNLWTeL_TZY ZQ ;L_LÓULWTv^ ^_L_P XPY_^ TY A£VdL[LO¯dL -SL]_SL]T [Z^_`WL_P^ _SL_ _SP ^_`Od ZQ R]LXXL] LYO _SP LN\`T^T_TZY ZQ QL`W_WP^^ [P]QPN_ WLYR`LRP ²LMOL ^LÀ^V£]L WPLO^ _Z MPNZXTYR ZYP bT_S -]LSXLY LYO _SP L__LTYXPY_ ZQ TXXZ]_LWT_d ?SP[]TaTWPRPOLNNP^^ZQR]LXXL]_Z^`[]PXP]PLWT_dbL^YZ_^SL]PO Md LWW ]PNT[TPY_^ TY _]LOT_TZYLW 4YOTL M`_ -SL]_SL]Tv^ YPb XP_L[Sd^TN^ MPNLXP Pc_]LZ]OTYL]TWd [ZbP]Q`W 4_ OP_P]XTYPO TY L \`T_P Q`YOLXPY_LW XLYYP] ]T_`LW []LN_TNP LYO [STWZ^Z[STNLW _SZ`RS_ ZQ WL_P ?LY_]T^X z LYO aTL ?LY_]L ±]¯aTOd£ PaPY _SP ^[T]T_`LW []LN_TNP ZQ _SP ±L«VL]£N£]dL^ 8Z]PZaP] _SP -`OOST^_^ ]PRL]OPO -SL]_SL]T L^ _SPT] ZbY LYOST^YZYO`LWT^_ATaL]_LNZ^XZWZRdSLO[]ZQZ`YOTX[LN_^ZY [Z^_±L«VL]L ,OaLT_LAPO£Y_L -SL]_SL]Tv^ wWLYR`LRP ZY_ZWZRdx T^ WTYVPO_ZLYZYO`LW[STWZ^Z[Sd^TXTWL]_Z_SP,OaLT_LAPO£Y_LTYXLYd bLd^ ,YO dP_ TY WTYR`T^_TN _P]X^ SP _`]Y^ _SP APO£Y_L XZ]P Z] WP^^ ZY T_^ SPLO z bSP]P APO£Y_TY^ ^PP _SP YZYaP]MLW TP L NZX[WP_P WLNV ZQ WLYR`LRP-SL]_SL]TLN_`LWWd^PP^WLYR`LRPL^LWW[P]aL^TaP?SP_SP^T^ ]PRL]OTYR _SP WTYR`T^_TN L^ _SP QZ`YOL_TZYLW []TYNT[WP QZ] LYd_STYR _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >TXTWL]Wd A£VdL[LOÅdL LYO TYNW`OTYR _SP A__T ! LYO TY QLN_ _SP bSZWP [L^^LRPz@YQZ]_`YL_PWdYZA__TPc[Z^T_TZYPcT^_^QZ] z ?SP]P T^ OT]PN_ TX[LN_ ZY ,MSTYLaLR`[_L LYO ST^ ^NSZZW LYO aTL YZYO`LW 6L^SXT] ±LTaT^X LW^Z ZY _SP ±]¯aTOd£ ]PRL]OTYR _SP LcTZX ZQ LY TY_]TY^TN ]PWL_TZY^ST[ MP _bPPY WLYR`LRP LYO LM^ZW`_P ]PLWT_d OTQQP]PY_ WLYR`LRP WPaPW^ TY_`T_TaP VYZbWPORP []L_TMS£ _SP [W`]LW bZ]WO L^ Pc_P]TZ] Pc[]P^^TZY ZQ _SP ZYP ^`[]PXP ]PLWT_d LYO []ZMLMWd LW^Z _SP ^[SZ¶L NZYNP[_ bSTNS T^ _SPT^_TNLWWd _]LY^X`_PO Md _SP 6L^SXT]T^ TY_Z L wM`]^_TYR QZ]_Sx ZQ N]PL_TZY 7TVPbT^P bP QTYO -SL]_SL]Tv^ TOPL ZQ [ZbP]^ bT_STY_SPLM^ZW`_P-]LSXLY^PPMPWZb_SPT^_TNLWWd_]LY^QZ]XPOLYO]PbZ]VPOTY_ZL ^ZYTN _SPZWZRd >PP LW^Z ;LOZ`c A£N "# $" $# !!z!" "# # # Y #"z##P_NLYO 9L_LWTL 4^_LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X% 2L` OL[LOL-SL]_]SL]TLYO,MSTYLaLR`[_L,WMLYd%>@9D$$ ?SP ]PWL_TZY^ST[ MP_bPPY -SL]_SL]T LYO -`OOST^_ [STWZ^Z[Sd TY _P]X^ ZQ X`_`LW TYOPM_POYP^^LYO ]PLN_TZYSL^MPPYL ]PN`]]TYR_SPXPTY_SP]P^PL]NSZY-SL]_SL]T >PPQZ]TY^_LYNP6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^xLYO7TYOYP]w7TYV TYR `[ -SL]_SL]T LYO _SP -L`OOSL^x TY _SP []ZNPPOTYR^ ZQ _SP QT]^_ TY_P]YL_TZYLW -SL]_SL]T NZYQP]PYNP TY ,^TL_T^NSP >_`OTPY C7A44 $$% "z$& $ z& -]ZYVSZ]^_ w7v,M^ZW` OLY^ WP A£VdL[LO¯dLx !# "!& 3Z`MPY >LÀMLYOSL >LX`OOP²L #$ z # Q$z! z# BSTWP 8L©LYL 8T²]L LOZ[_PO -SL]_SL]Tv^ `^LRP ZQ aTaL]_L LYO [L]TY£XL L^ ^dYZ YdX^ TY _SP ^PY^P ZQ w_]LY^QZ]XL_TZYx _SP [Z^_±L«VL]L ^NSZZW OPaPWZ[PO _SP ATaL]_L A£OL L OZN_]TYP ZQ _SP L[[L]PY_ PXLYL_TZY ZQ _SP bZ]WO Z] PaPY L OZN_]TYP ZQTWW`^TZYT^XTYNZY_]L^__Z_SP;L]T©£XLA£OLLOZN_]TYPZQ_SP]PLW_]LY^QZ]XL_TZY ZQ _SP -]LSXLY TY_Z _SP bZ]WO LY ZWOP] _SPZ]d ]PTYQZ]NPO Md =£X£Y`UL >PP LW^Z 3LNVP] ATaL]_L ! z bSZ LW]PLOd L__]TM`_P^ _Z -SL]_SL]T LY wTWW`^TZYT^_x NZ^ XZWZRd w>NSPTYPY_QLW_`YRx TMTO LYO 3Z`MPYv^ NZ`Y_P]L]R`XPY_ TY >LÀMLYOSL>LX`OOP²L z$
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!"
PcT^_ ²LMOL_L__aL LYO _SP ZYWd _STYR bT_S NZ^XZWZRTNLW ]PWPaLYNP QZ]X^ _SP NZ]YP]^_ZYP ZQ ST^ ^d^_PX .ZXX`YTNLMWP XPLYTYR _SP aP]d ML^T^ ZQ WLYR`LRP T^ _SP _]`P -]LSXLY ?ST^ T^ _SP ML^TN _SZ`RS_ bT_S bSTNSSPZ[PY^ST^bZ]V -SL]_SL]T []TXL]TWd L wXZOP]YT^_x bT_STY ST^ ZbY N`W_`]LW XTWTP` 3ZbPaP] X`NS SP SL^ TY NZXXZY bT_S NZY_PX[Z]L]d WTYR`T^_TN [ST WZ^Z[Sd bP X`^_ YZ_ QZ]RP_ ST^ N`W_`]LW NZY_Pc_ ^`]]Z`YOTYR _SP 8¯X£À^LVL^ LYO Z_SP] PL]Wd [STWZ^Z[SP]^ LWZYR bT_S YZYAPOTN TY_PW WPN_`LWPWT_P^^`NSL^_SP-`OOST^_^LYOLW^ZDZRTN_]LOT_TZY^LYO[Z[` WL] MPWTPQ^ TY Pc_]LZ]OTYL]d [P]NP[_TZY^ LYO [ZbP]^ 3P O]Lb^ TY^[T]L _TZYQ]ZXLWW_SP^PaL]TZ`^^Z`]NP^M`__SPML^TN^_P[[TYR^_ZYP^ZQST^ ]L_TZYLWT_dLYOTYYZaL_TZY^bP]P_SPAPOTN_]LOT_TZYLYO_SPbZ]WOaTPb ZQ _SP R]LXXL]TLY^ bSZ NZ]]PWL_PO _SP NZ]]PN_ ^[PPNS ZQ _SP N`W_`]PO PWT_PbT_S]PWTRTZ`^XP]T_LYO^Z_P]TZWZRd=PXL]VLMWd-SL]_SL]TPaPY _SZ`RS ^`[[Z]_TYR _SPT] _]LOT_TZYLW aTPb _SL_ `YNZ]]`[_PO ^[PPNS T^ XP]T_Z]TZ`^ LYO _SP R]LXXL]TLY^v _L^V _Z w[`]TQdx NZ]]`[_PO QZ]X^ T^ LW^Z LbL]P ZQ N`W_`]LW NSLYRP LYO wOTQQP]PY_ NL[LNT_TP^ ZQ TYOTaTO`LW^ LYONSLYRPONL[LNT_TP^ZQPc[]P^^TZY^L^QL]L^XP]T_LYOOPXP]T_L]P NZYNP]YPOx ! -`_ YZYP_SPWP^^ SP `YOP]^_LYO^ R]LXXL] LYO WLYR`LRP ^_`OdL^LR`L]LY_PPO[L_S_ZWTMP]L_TZY3ZbNLYZYPLNNZ`Y_QZ]_ST^* ?SP]P SLaP MPPY ^ZXP \`T_P OTQQP]PY_ TY_P][]P_L_TZY^ LYO PLNS NLY NWLTX ^ZXP aLWTOT_d ,VW`UVL] RWZ^^P^ TY ST^ -SL]_SL]T ^`XXL]d% w-P NL`^P _SP >PWQ T^ _SL_ bT_S bSTNS ZYP OP^T]P^ `YTZY LYO _SP >PWQ T^ _SP WLYR`LRPTY`^ZYPL__LTY^_SPSTRSP^_>PWQ [L]LX£_XLY _S]Z`RS[`]T QTNL_TZY ^LÀ^V£]L ZQWLYR`LRPLYOZYPbSZT^LbL]PZQ_SP[]TYNT[WP^ ZQWLYR`LRPv^LN_TaT_dL__LTY^TXXZ]_LW-]LSXLYx "3L]ZWO.ZbL]OZY _SP Z_SP] SLYO WZNL_P^ -SL]_SL]T NWZ^P _Z DZRL LYO L__]TM`_P^ L [L] _TN`WL] wDZRL ZQ _SP BZ]Ox _Z STX YLXPWd L wDZRL []PNPOPO Md _SP bZ]Ox ²LMOL[¼]aLdZRL TY_SPQZ]XZQXLY_]L[]LN_TNPLYO:¿XPOT _L_TZY3PL^^`XP^%wm_SP^[PNTLW]ZWPZQR]LXXL]mT^_ZNZY_]ZWLYO [`]TQd _SP `^P ZQ XLY_]L ^Z _SL_ T_^ [ZbP]^ bTWW YZ_ MP bL^_PO Z] XT^ `^POx # PP,VW`UVL]v^RWZ^^P^TY 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^aZW !z" " 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^aZW ! # .ZbL]Ow8PLYTYRLYO;ZbP]ZQ8LY_]L^TY-SL]_SL]Tv^A£VdL[LO¯dLx"LYO_SP PY_T]PL]_TNWP! z"!&^PPLW^Z -SL]_SL]T NSL[LYOw8P_L[Sd^TN^xTY 0YNdNWZ[P OTLZQ4YOTLY;STWZ^Z[STP^ aZW z .ZbL]O]PQP]^SP]P_Z_SPA£VdL[LO¯dL PO 4dP] aP]^P^ $ z # LYO A__T #$ LYO A__T ! XZ^_ ZQ bSTNS OPLW bT_S RPYP]LW WTYR`T^_TN^ bSTNS .ZbL]O L[[WTP^ _Z XLY _]L^3P]PLO^-SL]_SL]TQ]ZX_SP[P]^[PN_TaPZQ_SPDZRL>¼_]L^LYODZRTN?LY_]TN XLY_]L []LN_TNP ,W_SZ`RS L QPb 6£]TV£^ PR A£VdL[LO¯dL PO =L` XLd MP TY_P][]P_POTY_ST^WTRS__SPOTQQTN`W_dZQ_SP DZRLL[[]ZLNST^_SL_T_X`^_]PWdZYL RZZOOPLWZQ^[PN`WL_TZYLYOPc_P]YLWTYQZ]XL_TZY
!#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
T^ YZ_ MPNL`^P LY PcNW`^TaP XPOT_L_TaP []LN_TNP ^`NS L^ ²LMOL[¼]aL dZRL T^LOaZNL_POTYT_M`_MPNL`^PT_NZY_LTY^LbPLW_SZQaTPb[ZTY_^ LYO ^`RRP^_TZY^ bSTNS ^_TX`WL_P TYOP[PYOPY_ ]PQWPN_TZY ZY _SP ]PWL_TZY MP_bPPY WLYR`LRP _SZ`RS_ LYO ]PLWT_dx $ ?SP A£VdL[LO¯dL T^ TYOPPO \`TP_ LMZ`_ -SL]_SL]Tv^ ]PWTRTZ`^ []LN_TNP^ bSP]PL^ T_ SL^ L WZ_ _Z ^Ld LMZ`_ R]LXXL] LYO WLYR`LRP ^_]`N_`]P 5ZSY / 6PWWd _SP]PQZ]P SL^ L RZZO L]R`XPY_ bSPY SP ^_TNV^ _Z _SP ^_`Od ZQ R]LXXL] L^ _SP R`L]LY _PPO [L_S LYO ^`RRP^_^ L^ -SL]_SL]Tv^ XLUZ] ]L_TZYLWP _SL_ _S]Z`RS _SP QZ]XLW_PNSYT\`P^ZQR]LXXL]ZYPNLYWPL]Y_Z^PP_S]Z`RS_SP[W`]LWT_d ZQXLYTQP^_POQZ]X^_Z_SP`YT_L]dNL`^PZQLWW BPL]PRZTYR_Z^`RRP^_L^TXTWL]^ZW`_TZY_Z_SPZYP[`_QZ]bL]OMd 6PWWd LYO PX[SL^TeP dP_ LYZ_SP] L^[PN_% T_ T^ []PNT^PWd _SP XP_L[Sd^T NLWw^`[P]^_]`N_`]PxZ]wOPP[^_]`N_`]Px_SL_LWWZb^LNZY^T^_PY_SZWT^_TN aTPb bSTNS PYNZX[L^^P^ WLYR`LRP [SPYZXPYLW ]PLWT_d LYO LM^ZW`_P ]PLWT_d 2]LXXL] _PWW^ `^ ^ZXP_STYR LMZ`_ _SP [W`]LWT_d ZQ QZ]X^ LYO `YT_d ZQ ^PY^P 4_ ]PaPLW^ _SP TY_P]]PWL_POYP^^ ZQ TYOTaTO`LW PY_T_TP^ LYO _SP]PMd TWW`^_]L_P^ NZXXZY ^_]`N_`]P^ bT_STY WLYR`LRP NZRYT_TZY LYO ]PLWbZ]WO[SPYZXPYL?SPTYOTaT^TMWP^PY_PYNPaTPb^SPO^WTRS_ZY_SP ]PWL_TZY^ST[ ZQ _SP [L]_ LYO _SP bSZWP LYO T^ _SP]PQZ]P ^PPY Md -SL]_SL]T L^ L XT]]Z] ZQ _SP ]PWL_TZY^ST[ MP_bPPY _SP bZ]WO LYO -]LS XLY_SPQZ`YOL_TZYZQLWWPcT^_PYNP,YOYZ_WPL^_OZP^R]LXXL]_PWW`^ ^ZXP_STYRLMZ`__SPML^T^ZQWLYR`LRPYLXPWd_SP^_]`N_`]PZQ_STYVTYR LYO _SP PcT^_PYNP ZQ L []P]PQWPcTaP TY_`T_TZY []L_TMS£ _SL_ PYLMWP^ `^ _Z NZYNPTaP ZQ `YT_^ ZQ XPLYTYR w>TYYPTYSPT_PYx w>TYYRP^_LW_PYx 2]LXXL]SL^_SP]PQZ]PLW^ZRYZ^_TN]PWPaLYNPQZ]-SL]_SL]T4_XLdMP P\`L_PO bT_S DZRL MPNL`^P T_ XLVP^ `^ LbL]P ZQ L wQ`^TZY dZRL _SL_ []PNPOP^ _SP FL`OTMWPH bZ]O ²LMOL[¼]aL x LYO WPLO^ _Z _SP LNVYZbW PORPXPY_ ZQ _SP `YTaP]^LW YL_`]P ZQ _SP ^[T]T_ LYO _SP .ZXX`YTNL_TaP -]LSXLY _SP `W_TXL_P WTYR`T^_TN QZ`YOL_TZY wMPQZ]Px LYO MPdZYO _SP XLYTQP^_ bZ]O^ ?SP `YNWPL] _P]X w²LMOL[¼]aLdZRLx ^PPX^ _Z MP NWZ^PWd ]PWL_PO _Z -SL]_SL]Tv^ TY_`T_TZY _SPZ]d LYO bSL_ SP NLWW^ _SP w>PPTYRx Z] waT^TZYL]dx WPaPW ZQ WLYR`LRP ?Z -SL]_SL]T R]LXXL] L[ [PL]^ _ZMPYZ_ZYWdLYLNLOPXTN`YOP]_LVTYRM`_LW^ZLNZY_PX[WL_TaP LN_ _SL_ LWWZb^ QZ] LY TY_`T_TaP TY^TRS_ TY_Z _SP YL_`]P ZQ -]LSXLY _SP `YXLYTQP^_^[SZ¶LZ]_Z_LWT_dZQ`YT_^ZQXPLYTYRw>TYYRLYeP^x -SL]_SL]T ^_L]_^ ST^ A£VdL[LO¯dL bT_S ST^ ZbY aTPb ZQ -]LSXLY z L -]LSXLY TYPc_]TNLMWd NZYYPN_PO bT_S WLYR`LRP LYO NZXX`YTNL_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3Z`MPY >LÀMLYOSL>LX`OOP²L # 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x" 4YQLN_-SL]_SL]TOZP^YZ_`^P_ST^YZXTYLWTeL_TZYM`_XZ]PNZX[WPc^_L_PXPY_^WTVP w²LMOL[¼]aP©L dZRPYL x A£VdL[LO¯dL LYO A__T ZY A£VdL[LO¯dL & ^PP LW^Z _SP A__T^ ZY A£VdL[LO¯dL $ LYO Z`] OT^N`^^TZY MPWZb ZY _SP _S]PP WLYR`LRPWPaPW^
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!$
LMTWT_d ?ST^ ^_]L_PRTNLWWd NPY_]LW [WLNP NLWW^ QZ] _SP TY_P][]P_L_TZY _SL_ _SP -]LSXLY XP_L[Sd^TN^ QZ]X^ _SP ML^TN QZ`YOL_TZY ZQ ST^ PY_T]P WTY R`T^_TN^d^_PX4_T^LYT]]PO`NTMWPL^[PN_bSTNSNLYYZ_MP^VT[[POZaP] LYO Z`] NZY_PY_TZY T^ _SL_ T_ T^ X`NS XZ]P NZYYPN_PO bT_S -SL]_SL]Tv^ `YT_L]d ^PY_PYNP aTPb _SLY SL^ MPPY ]PLWTePO ^Z QL] BP bTWW _SP]PQZ]P RTaP_SPQT]^_aP]^PLNWZ^P]WZZVTY_SPYPc_NSL[_P]4Y_SPNSL[_P]^_SL_ QZWWZb bP []P^PY_ TY XZ]P OP_LTW -SL]_SL]Tv^ aP]d XZOP]Y^Z`YOTYR N`W_`]LW_SPZ]dbSTNST^L__SP^LXP_TXPL[]ZQZ`YON`W_`]LWN]T_TNT^X YZ_LMWd L N]T_TNT^X ZQ QZ]XLW LYLWd_TNLW ^d^_PX^ NZ`[WPO bT_S L _SPZ]d ZQ []L_TMS£ wTY_`T_TZYx ?ST^ _SPZ]d NZYYPN_^ bT_S -SL]_SL]Tv^ OTQQP] PY_TL_TZYZQOTQQP]PY_WPaPW^Z]OTXPY^TZY^ZQWLYR`LRPbSTNSbTWWNZY NW`OP Z`] OT^N`^^TZY LYO WPLO `^ MLNV _Z _SP \`P^_TZY ZQ R]LXXL] LYO ^Z_P]TZWZRd?SPWLYR`LRPWPaPW^SPW[_ZPc[WLTYTYLNZY^T^_PY_XLYYP] _SP QW`TO MZ`YOL]TP^ MP_bPPY WLYR`LRP LYO NZY^NTZ`^YP^^ z TP _SPT] YL_`]LW NZY_TY``X bSP]P Z_SP]^ ^PP L []ZQZ`YO RL[ 1Z] -SL]_SL]T _SP]P T^ YZ_STYR Xd^_P]TZ`^ Z] Xd^_TNLW LMZ`_ _ST^% _SP w>PPTYRx WLY R`LRP WPaPW T^ YZ_STYR Z_SP] _SLY _SP ]PNZRYT_TZY ZQ _SP ^[SZ¶L ZQ L bZ]O Z] L ^PY_PYNP 4Y _ST^ ^PY^P ZQ NZ`]^P T_ T^ Xd^_P]TZ`^ LYO Xd^_T NLWMPNL`^PT_LWbLd^]PXLTY^XT]LN`WZ`^SZbL`YT_L]dXPLYTYRL]T^P^ Q]ZX L XP]P ^P\`PYNP ZQ ^Z`YO^ Z] bSd L `YT_ ZQ XPLYTYR X`^_ YPNP^ ^L]TWd MPNZXP ^[WTY_P]PO TY_Z LY PXMZOTPO ^P\`PYNP ZQ ^Z`YO^ ^Z _SL_ NZXX`YTNL_TZY NLY [WLNP L_ LWW ?SP YPc_ NSL[_P] ^SZb^ _SL_ _ST^ T^ PcLN_WdSZb-SL]_SL]T`YOP]^_LYO^_SP-]LSXLYMPNZXTYR_SPbZ]WO
?SP.ZXX`YTNL_TaP2WZMLW9P_bZ]VZQ8PLYTYR^
?SPQT]^__bZaP]^P^ZQ_SP A£VdL[LOÅdL ^Ld_SL__SPbSZWPZQPX[T]TNLW ]PLWT_dT^L_]LY^X`_POQZ]X aTaL]_L ZQ_SP.ZXX`YTNL_TaP-]LSXLY -SL]_SL]T^[PLV^TY_SPA__TbSTNSbPL^^`XP_ZMPST^L`_ZNZXXPY _L]dZQ_SPwBZ]O-]LSXLYx ²LMOLM]LSXLY LYOTY_SPTYT_TLW6£]TV£ aP]^P ZQ PX[T]TNLW ]PLWT_d L^ wML^PO TY LYO L]T^TYR Q]ZX _SP bZ]Ox ²LMOL_L__aL 3ZbPaP] SP]P wbZ]Ox SL^ L^ WT__WP _Z OZ bT_S L bZ]O bT_S WPcTNLW NZY_PY_ L^ w_SP BZ]Ox TY _SP 2Z^[PW ZQ >_ 5ZSY LYO YPT _SP]OZP^wbZ]OxXPLY_SP^Z`YO^_]`N_`]P_SL_T^NZY_LTYPOTY_SPNZY NP[_ ZQ ²LMOL 4Y^_PLO T_ T^ L RWZMLW wQZ]X ZQ ^PY^Px bSTNS `YOP]WTP^ PaP]d_STYR_SL_SL^_ZOZbT_SWLYR`LRP_STYVTYRLYOVYZbTYRbSTNST^ bSd TY _ST^ NL^P bP _]LY^WL_P ±LMOL-]LSXLY L^ w.ZXX`YTNL_TaP -]LSXLYx LYO ²LMOL_L__aL L^ ^PWQPc[]P^^TaP wNZXX`YTNL_TaP RWZMLW YP_bZ]VZQXPLYTYR^x^TXTWL]_Z_SPXLYYP]TYbSTNSw_SPBZ]OxZQ>_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -SL]_SL]T`^P^_SPaP]MLWQZ]X aTaL]_L_P ^PPMPWZb
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
5ZSYNLYMP_]LY^WL_POL^w^PY^PxQZ]TY^_LYNPTY_SPQLXZ`^^NPYPQ]ZX 2ZP_SPv^1L`^_ ,NNZ]OTYR_Z_ST^_SPZ]dT_T^WLYR`LRPL^LRWZMLWwQZ]XZQ^PY^Px TY bSTNS _SP `W_TXL_P ]PLWT_d XLYTQP^_^ T_^PWQ z L ]PLWT_d _SL_ `YOP]WTP^ LWWTYOTaTO`LW[SPYZXPYLLWWYLXP^LYOLWWQZ]X^?SPZ]TRTYLWQZ`YOL _TZY ZQ WLYR`LRP L^ ]P^PL]NSPO Md _SP R]LXXL]TLY T^ TY T_^PWQ ^ZXP _STYR Z`_^TOP _TXP LYO `YNSLYRTYR ,^ _SP aLWTO _TXPWP^^ wQZ]X ZQ ^PY^Px_SL_`YOP]WTP^PaP]d_STYR_SL_PcT^_^ZYWd_SP7TYR`T^_TN1Z`YOL _TZYT^_SPML^T^ZQLWW_SPOTaP]^PLYONSLYRTYRZNN`]]PYNP^% w?SPTYPcSL`^_TMWPFZ]TRTYLW^dWWLMWPH LV´L]L _SP-]LSXLY bT_SYZMP RTYYTYR LYO YZ PYO T^ _SP .ZXX`YTNL_TaP 2WZMLW 9P_bZ]V ZQ 8PLYTYR^
²LMOL_L__aL _SL_ []ZO`NP^ L [Sd^TNLW `YTaP]^P ULRL_ _S]Z`RS T_^ XP_L XZ][SZ^T^TY_ZZMUPN_^ZQ]PQP]PYNP L]_SL x
:`] `Y`^`LW _]LY^WL_TZY ZQ _SP _P]X ²LMOL_L__aL LYO NZY^P\`PY_Wd ZQ _SP aP]^P L^ L bSZWP ! T^ L YPb L[[]ZLNS _Z _SP ]TOOWP -SL]_SL]Tv^ [STWZ^Z[SdSL^[Z^PO_ZXZOP]YTY_P][]P_P]^-L^TNLWWd_SP]PSLaPMPPY _bZ L[[]ZLNSP^ _Z `YOP]^_LYOTYR ²LMOL_L__aL " YLXPWd ^TRYTQdTYR L ^[PPNS bZ]O WLYR`LRP L^ _SP P^^PYNP ZQ -]LSXLY LYO NZYaP]^PWd M -]LSXLY TOPY_TQTPO bT_S NZY^NTZ`^YP^^ L^ _SP P^^PYNP ZQ _SP bZ]O -`_ MZ_S L[[]ZLNSP^ N]PL_P []ZMWPX^ LRLTY^_ _SP MLNVR]Z`YO ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 2ZP_SP 1L`^_ /P]?]LRØOTPP]^_P] ?PTW QQ>_`__RL]_%=PNWLX$"" ^`R RP^_^w^PY^PxL^_SPQT]^__]LY^WL_TZYZQ_SPwBZ]OxQZWWZbPOMdw[ZbP]xLYOQTYLWWd Md wLN_TZYx =PXL]VLMWd LW^Z -SL]_SL]Tv^ wRWZMLW QZ]X ZQ ^PY^Px T^ NSL]RPO bT_S Pc[]P^^TaP[ZbP]^LYOTYYP]OdYLXT^XTY_]ZO`NPOTY A£VdL[LO¯dL ?SP _P]X LV´L]L XLd MP U`^_ LY LOUPN_TaLW L[[Z^T_TZY _Z -]LSXLY ^PP QZ] TY^_LYNP 3LNVP]v^_]LY^WL_TZYTY ATaL]_L Z]LWW`OP_Z_SP[]TXZ]OTLWTYOP^_]`N_TMWP^dWWLMWP ZQ bSTNS _SP RaPOL ^[PLV^ ^PP LMZaP LYO ^TXTWL]Wd 4^LdPaLv^ _]LY^WL_TZY TY 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X "$ ?SP A__T SL^ T_^ ZbY YZYXd_STNLW Pc[WL YL_TZY^LdTYR_SL_-]LSXLYT^NLWWPOwLV´L]LxMPNL`^PT_T^_SP^Z`]NPZQ_SP^dWWLMWP^ bSP]PZY_SPNZXX`YTNL_TZYZQXPLYTYR]P^_^^PPMPWZb LY£OTYTOSLYLÀM]LSXL²LMOL_L__aLÀdLOLV´L]LXg aTaL]_L_Pu]_SLMS£aPYL[]LV]Td£ULRL_ZdL_LàggA£VdL[LOÅdL ! .ZY^TOP]QZ]TY^_LYNP4dP]v^_]LY^WL_TZY%w?SP-]LSXLYbSZT^bT_SZ`_MPRTYYTYRZ] PYO bSZ^PP^^PYNPT^_SP BZ]O bSZ T^_SPNL`^PZQ_SPXLYTQP^_PO[SZYPXP^bSZ L[[PL]^L^_SPZMUPN_^ Q]ZX bSZX_SPN]PL_TZYZQ_SPbZ]WO[]ZNPPO^x-dNZY_]L^_ =L` ^`RRP^_^ TY ST^ 2P]XLY _]LY^WL_TZY POT_PO Md :^VL] aZY 3TYÞMP] >_`__RL]_% >_PTYP] % w:SYP ,YQLYR `YO 0YOP T^_ OL^ M]LSXLY bPWNSP^ OL^ `YaP] RÆYRWTNSP bLS]P BP^PY OP^ BZ]_P^ OL]^_PWW_ L`^ OPX ^TNS OTP 3P]aZ]M]TYR`YR OP] BPW_O`]NSOTP0Y_bTNVW`YRe`/TYRPYPY_QLW_P_xLYO^TXTWL]Wd3Z`MPY >LÀMLYOSL >LX`OOP²L $ bT_S L NZY^NTZ`^Wd `Y`^`LW _]LY^WL_TZY ZQ aTaL]_L_P% x-PRTYYTYR LYOPYOWP^^-]LSXLYbSTNST^_SPTX[P]T^SLMWP P^^PYNPZQWLYR`LRP MPSLaP^TYaL]T Z`^bLd^ aTaL]_L_P L^_SP_STYRXPLY_&MdaT]_`PZQbSTNS_SPbZ]WO[]ZNPPO^x?SP T_LWTN^TY_SP0YRWT^S_Pc_^L]PZ`]^ " :Y _SP^P _bZ L[[]ZLNSP^ PLNS ZQ bSTNS SLaP MPPY SPWO Md ]PYZbYPO ^NSZWL]^ ^PP _SP QZ]PRZTYR QZZ_YZ_P& -]ZYVSZ]^_ w7v,M^ZW` OLY^ WP A£VdL[LO¯dLx !z $& LYO 3Z`MPY >LÀMLYOSL>LX`OOP²L $Y
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
bSZWP ZQ _SP A£VdL[LO¯dL LYO ZY _SP^P R]Z`YO^ SLaP MPPY ]PUPN_PO Md 5ZSLYYP^ -]ZYVSZ]^_ 3P ^`RRP^_^ L^ L w_ST]O [Z^^TMTWT_dx ZQ RWZ^^TYR ²LMOL_L__aL bT_S w_Z_LWT_Ëx Z] wWP _Z`_x LYO []Z[Z^P^% w^T WP _Z`_ P^_ ]ËPW NZY_]LT]PXPY_  ^P^ [L]_TP^ WL ]ËLWT_Ë `W_TXP WvLM^ZW`_ YP [P`_ \`vê_]P WL _Z_LWT_Ë OP _Z`_ NP \`T PcT^_P NZYç` NZXXP `YP ^P`WP PY_T _Ëx # -]ZYVSZ]^_v^ TY^TRS_Q`W NZY_]TM`_TZY WZNL_P^ -SL]_SL]Tv^ XP_L [Sd^TN^ TY L OT^N`^^TZY ZQ _SP [L]_bSZWP ]PWL_TZY^ST[ bSTNS T^ TYOPPO LY TX[Z]_LY_ L^[PN_ M`_ SP YPRWPN_^ _SP QLN_ _SL_ -SL]_SL]T OZP^ YZ_ ZYWd ^[PLV ZQ w_L__aLx M`_ U`c_L[Z^P^ T_ bT_S w²LMOLx $ BP _SP]PQZ]P ^_]P^^ _SPL^[PN_ZQ WLYR`LRPLYOXPLYTYR -SL]_SL]TOZP^YZ_ ^PPX_Z ^[PLV TY _SP QT]^_ TY^_LYNP ZQ ]PLW _STYR^ M`_ ZQ TYOTaTO`LW QZ]X^ ZQ ^PY^P Z] XPLYTYR `YT_^ w>TYYPTYSPT_PYx w>TYYRP^_LW_PYx LYO NZYNP[ _`LWTeP^-]LSXLYL^_SP_Z_LWT_dZQXPLYTYRw>TYYRLYeP^x3PXLVP^L [ZTY_ _SL_ PdP^TRS_ T^ ^`T_LMWP QZ] [P]NPTaTYR aT^TMWP ZMUPN_^ bSP]PL^ _SPbZ]OT^^`T_LMWPQZ]Pc[]P^^TYRXPLYTYR ! ?SP ]PWL_TZY^ST[ MP_bPPY -]LSXLY LYO _SP [Sd^TNLW `YTaP]^P T_^ PXMZOTPO L[[PL]LYNP T^ L NZX[WPc ZYP LYO OPQTYPO Md NZY_TY`T_d `YT_d LYO OTQQP]PYNP [W`]LWT_d LYO NSLYRP -d OP_P]XTYTYR _SP -]LSXLY aTL WLYR`LRP LYO XPLYTYR TP aTL _SP ^[SZ¶L Z] wM`]^_TYR QZ]_SxZQXPLYTYR-SL]_SL]TTY_]ZO`NP^L^_]ZYRWdOdYLXTNL^[PN_TY_Z _SP TXLRP ZQ `W_TXL_P ]PLWT_d 4Y _SP -]LSXLY L^ _SP RWZMLW wQZ]X ZQ ^PY^Px TYSP]P LWW [Z^^TMTWT_TP^ ZQ MPTYR 4_ T^ YZ_ L ^_L_TN R]Z`YO M`_ TYSP]PY_Wd wNZXX`YTNL_TaPx MPTYR NSL]RPO bT_S N]PL_TaP [ZbP]^ _Z Pc[]P^^ LYO Q]LN_TQd T_^PWQ TY PaP] YPb QZ]X^ A£VdL[LO¯dL ^[PLV^ ZQ LY TYYP] OdYLXT^X bT_STY -]LSXLY LYO _SP RWZ^^ a__T ZY []P QTR`]P^_ST^TOPL% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -]ZYVSZ]^_w7v,M^ZW`OLY^WPA£VdL[LO¯dLx!?SPbSZWP[L^^LRP]PLO^%w7P_Z`_ P^_ WP ]ËPW _LYOT^ \`P ^P^ [L]_TP^ YP WP ^ZY_ [L^ .P []TYNT[P ^vË_PYO  _Z`_P NSZ^Px TMTO !& wm ^T WP _Z`_ P^_ ]ËPW NZY_]LT]PXPY_  ^P^ [L]_TP^ WL ]ËLWT_Ë `W_TXP WvLM^ZW`_YP[P`_\`v۶_]PWL_Z_LWT_ËOP_Z`_NP\`TPcT^_PNZYç`NZXXP`YP^P`WPPY _T_Ë.P__P_Z_LWT_ËP^__PX[Z]PWWPL`^^TMTPY\`P^[L_TLWP7L]PWL_TZYPY_]PWvLM^ZW`_P_ WL XZYOP [SËYZXËYLW P^_ OZYN WL ]PWL_TZY PY_]P WP _Z`_ P_ ^P^ [L]_TP^ :Y [Z`]]LT_ Xv۶XPLUZ`_P]\`PWvLM^ZW`_P_WLXZYOP[SËYZXËYLW\`ZT\`P]ËPWP_T]]ËPW]P^[PN_T aPXPY_YP^ZY_[L^OTQQP]PY_xTMTO! $ ?ST^ L^[PN_ TY _`]Y L^ MPPY PX[SL^TePO Md .ZbL]O w8PLYTYR LYO ;ZbP] ZQ 8LY _]L^x !"z!# bSZ ^`RRP^_^ L NZXMTYPO aP]^TZY ZQ _SP L LYO M _d[P LYO OPQTYP^ ²LMOL_L__aL L^ wbZ]ONZY^NTZ`^YP^^x 3P Pc[WLTY^ TMTO% wm _SP P^^PYNP ZQ -]LS XLY T^ ZQ _SP YL_`]P ZQ _SP bZ]O LYO _SP bZ]O T^ `YOP]^_ZZO _Z MP ^dYZdXZ`^ bT_SXPLYTYRm,W_SZ`RS`YT_L]dTYYL_`]P_ST^OTaTYPbZ]ONZY^NTZ`^YP^^XLYTQP^_^ T_^PWQTY_SPOTaP]^T_dZQ bZ]O^_SL_XLVP`[ ^[PPNSm FBHZ]O^XPLYTYR^LYONZY ^NTZ`^YP^^ L]P P_P]YLWWd NZYYPN_PO LYO _SP]PQZ]P YPNP^^L]TWd ^dYZYdXZ`^ 4Q _ST^ P_P]YLWTOPY_T_dbP]P_ZOT^L[[PL]VYZbWPORPLYONZXX`YTNL_TZYbZ`WONPL^P_ZPc T^_x ! dL_S£[]L©TST_LÀNLV´`]OL]²LY£dZ[LVLW[L_Pg _L_S£MST^LÀST_Là²LMOZMSaL_dL]_SL^dLa£NLVLàgg A£VdL[LO¯dL
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
wBSL_ bP L]P^[PLVTYR LMZ`_T^_SP-]LSXLY4_^_]`PYL_`]PT^MPdZYOLWW TXLRTYL_TZY ?]LY^NPYOTYR _SP TYOTaTO`L_TZY F_SL_H LWbLd^ NZPcT^_^ TY T_ LWW [Z^^TMTWT_TP^ FZQ MPTYRH ²LV_T ObPWW TY T_ 4_ T^ YZ_ [W`]LW LYO dP_ TY T_ _SP]P T^ XLYTQP^_PO L [W`]LWT_d ZQ aT^TMWP LYO TYaT^TMWP FQZ]X^ ZQ L[[PL] LYNPHx !
?SP ,M^ZW`_P T^ YZ_ [W`]LW OTaTOPO SLaTYR [L]_^ L[]LaTMSLV_L LYO dP_ L [W`]LWT_d ZQ QZ]X^ []LaTMS£RL]¼[L T^ XLYTQP^_PO TY T_ ?ST^ L[ [L]PY_WdwT]]L_TZYLWxQZ]X ZQ_STYVTYR ^PPX^ _ZMPT]]PNZYNTWLMWPbT_SL ]L_TZYLWT^_TN bZ]WO Z]TPY_L_TZY BP SLaP YZ_ NZXP LN]Z^^ T_ ^TYNP _SP NSL[_P]^ZY_SPAPOLbSP]PT_L[[PL]POL^L_d[TNLWQPL_`]PZQXd_STNLW _SZ`RS_ =PXPXMP] _SP ZYP LYO [W`]LW =`O]L Z] _SP Xd^_P]TZ`^ wTYPc SL`^_TMWPxZ]wTYOP^_]`N_TMWPx ,V´L]L ^dWWLMWP_SL_T^^TYR`WL]LYO_SZ` ^LYOQZWO ?SP ZYP ^dWWLMWP T^ _SP bSZWP LYO L_ _SP ^LXP _TXP _SP [L]_^ LYOdP_LWbLd^]PXLTYTYR_SP`YOTaTOPObSZWPwTY_SPSTRSP^_SPLaPY^x -SL]_SL]TLWW`OP^_Z_ST^TXLRPTY_SPQT]^_aP]^PZQ_SP A£VdL[LO¯dL Md `^TYR _SP _P]X ,V´L]L LYO ]PWL_TYR T_ _Z @[LYT´LOTN -]LSXLY bSTNS T^ PaP]d_STYRLYO L_ _SP ^LXP_TXPZYP bT_SZ`_ L ^PNZYOBSP]PL^Xd_ST NLW_SZ`RS_OZP^YZ__]d_ZPc[WLTY_SP]PWL_TZY^ST[MP_bPPY_SPZYPLYO _SPXLYd]L_TZYLW_SZ`RS_OZP^-SL]_SL]TPc[WLTY^T_bT_S_SPNZYNP[_ ZQ[Z_PY_TLWT_TP^Z]w[ZbP]^x ²LV_T _SL_TYSP]PTY-]LSXLYLYOLNNZ`Y_ QZ] _SP [W`]LW ]PLWT_d TP _SP OTaT^TZY ZQ _SP ZYP A£VdL[LO¯dL SL^ _ST^_Z^LdZY_SP^`MUPN_% w4_ T^ _L`RS_ Md _SP LYNTPY_ _]LOT_TZY _Z MP _SP :YP dP_ T_ T^ _SP LMZOP ZQ OTQQP]PY_[Z^^TMTWT_TP^FZ]H[ZbP]^ ²LV_T ,W_SZ`RST_T^TYOTaT^TMWPT_YPa P]_SPWP^^NZXP^_ZMPOTaTOPOZbTYR_Z_SP^P[ZbP]^x !
-SL]_SL]T _PWW^ `^ _SL_ _SP^P [ZbP]^ L]P TOPY_TNLW bT_S -]LSXLY LYO L_ _SP ^LXP _TXP OTQQP]PY_ Q]ZX T_ _SL_ _SP `W_TXL_P ]PLWT_d T^ YPT_SP] ZYP YZ] OTaTOPO ! LYO _SL_ _SP [ZbP]^ L]P wPc_]PXPWd XT]LN`WZ`^x ^TYNP _SPd XLYTQP^_ _SP [L]_WP^^ LYO ^P\`PYNPWP^^ P^^PYNP TY [L]_^ LYO ^P \`PYNP^LYOM]TYRQZ]_S^ZXP_STYRbSTNSOTOYZ_PcT^_MPQZ]P ! ?SP_P]X ²LV_T LYO_SPTOPLZQXLYdN]PL_TaP[ZbP]^TYSP]TYRTY_SP 2ZOSPLO ]PXTYO^ `^ ZQ WL_P] ?LY_]L _SPZWZRd LYO ZYP ZQ _SP XZ^_ NPY _]LW ?LY_]TN LcTZX^ T^ _SL_ ±LV_T T^ YZYOTQQP]PY_ LYO OTQQP]PY_ Q]ZX _SP 2ZOSPLO LYO ]P^[ZY^TMWP QZ] _SP PXLYL_TZY ZQ _SP [Sd^TNLW `YTaP]^P -`_TY?LY_]L_SP^P[ZbP]^L]P[P]^ZYLWTePOL^QPXLWPOPT_TP^Z]`YOP] ^_ZZOL^PYP]RdQZ]X^-SL]_]SL]Tv^[ZbP]^MdNZY_]L^_L]PNZX[WP_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^L]aLaTVLW[£_Å_L_L__aLÀ MSPOL^LÀ^L]RL^LXL_TV]LXP©L ^LX£aT´¶LÀ ^L]a£MSTà ²LV_TM ST]aTOd£aTOd£[]LaTMS£RL]¼[LXL[]LaTMS£RLÀmM]LSXP_TaTUÓ£dL_PgA__TZY A£V dL[LOÅdL PO4dP]z ! PVLXPaLdLO£XY£_LÀMSTYYL²LV_TadL[£²]Ld£_g L[_SLV_aPu[T²LV_TMSdLà[_SLV_aPYPaLaL]_L_PggA£VdL[LO¯dL ! A£VdL[LO¯dL ! A£VdL[LO¯dL $^PPLW^Z
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
YZYXd_STNLWLYOSLaPYZ_STYR_ZOZbT_S^`[P]S`XLYMPTYR^Z]OTaTYP PYP]RTP^ LW_SZ`RS _SPd L]P NLWWPO wXT]LN`WZ`^x -SL]_SL]Tv^ ²LV_T^ L]P _TXP ^[LNP _SP OT]PN_TZY^ ^`M^_LYNP TYSP]PYNP LYO XZ]P ^`MUPN_TaP NL[LNT_TP^ WTVP TXLRTYL_TZY LYO Pc[]P^^TaP [ZbP] ! ?TXP LYO ^[LNP LYO WTVPbT^P TXLRTYL_TaP _SZ`RS_ LYO WTYR`T^_TN XPLY^ ZQ Pc[]P^^TZY L]P_SP[ZbP]^_SL_L]POTQQP]PY_Q]ZX_SP^`[]PXPBZ]OLYOYZ_OTQQP] PY_ Q]ZX T_ bSTNS MPWZYR _Z T_ LYO OZ YZ_ MPWZYR _Z T_ bSTNS L]P ]PLW LYO`Y]PLWL__SP^LXP_TXPzLYO_SP^LXPT^_]`PQZ]LWWPX[T]TNLW[SP YZXPYL 4Y -SL]_SL]Tv^ NL^P _SP TOPL _SL_ _SP bSZWP T^ TOPY_TNLW LYO YZY TOPY_TNLW bT_S T_^ [L]_^ ]PQWPN_^ ST^ ^[SZ¶L _SPZ]d LYO wTYOTaT^TMWP ^PY _PYNPx aTPb ,WW XZOTQTNL_TZY^ _SZ`RS L[[L]PY_Wd OTQQP]PY_ Q]ZX ZYP LYZ_SP]L]PWTYR`T^_TN^SL]TYR_SP^LXPRPYP]L_TaP^Z`]NP4Q-SL]_SL]T ^[PLV^ZQ_TXPLYO^[LNPL^Q`YOLXPY_LW[ZbP]^SPPc[WTNT_WdWTYV^_ST^ TOPL _Z WLYR`LRP PR _SP _PY^P^ [L^_ []P^PY_ LYO Q`_`]P ?SP _PX[Z]LW [ZbP]^ V£WL²LV_T SLaPLNPY_]LW]ZWP^TYNP_SPdLNNZ`Y_QZ]_SP_]LY^ QZ]XL_TZY ZQ _SP [P]XLYPY_ TY_Z _PX[Z]LW LYO ^P\`PY_TLW PcT^_PYNP bSTNS ZY _SP NZ^XZWZRTNLW [WLYP XPLY^ _SP ^Tc YL_`]LW XZOTQTNL_TZY^ ^_L]_TYRbT_SMT]_S4_T^P^^PY_TLWQZ]-SL]_SL]TSZbPaP]_SL_-]LSXLY Z] ±LMOL ?L__aL T_^PWQ T^ Q]PP Q]ZX ^[L_TLW LYO _PX[Z]LW WTXT_L_TZY^ z PcLN_WdWTVP_SP^[SZ¶L -SL]_SL]Tv^ Q`YOLXPY_LW [L]LOTRX QZ] `YOP]^_LYOTYR _SP bZ]WO T^ WLYR`LRP LYO SP NLY ZYWd TXLRTYP WLYR`LRP Z]RLYTePO TY L SZWT^_TN XLYYP] L^ T^ ]PaPLWPO TY ST^ OPWTMP]L_TZY^ ZY _SP [ZWd^PXd ZQ bZ]O^ :YPbZ]OPYNZX[L^^P^LX`W_T_`OPZQ^PXLY_TNWTYV^LYOZYWdMPNZXP^ NZX[]PSPY^TMWPTYLbSZWP^PY_PYNP`YT_LYOLbSZWP`YT_ZQ^PY^P?ST^ OTXPY^TZY ZQ ^PY^P T^ Pc_PYOPO _Z LWW [Z^^TMWP ^PY_PYNP^ LYO _Z _SP _Z _LWT_d ZQ PcT^_PYNP 3P]P _SP ^[SZ¶L L__LTY^ ZY_TN LYO NZ^XTN OTXPY ^TZY^4Q_SP_]`Pu RP^_LW_ vZQLbZ]OT^TYOTaT^TMWPT_NLYZYWdMP`YOP] ^_ZZO SZWT^_TNLWWd TY L aP]d `YTaP]^LW ^PY^P TP bT_STY _SP PYNZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP XZ^_ TX[Z]_LY_ ²LV_T ^PPX^ _Z MP _TXP V£WL²LV_T bSZ T^ TY_]ZO`NPO aP]d YPL] _SPMPRTYYTYR%^PP A£VdL[LO¯dL LYO.ZbL]Ow8P_L[Sd^TN^xTY 0YNdNWZ[POTLZQ 4YOTLY;STWZ^Z[STP^aZW #z,YZ_SP]STRSWdPXTYPY_²LV_TT^]PWL_TZYZ]TYSP] PYNP ^LXLa£dL L^ -]ZYVSZ]^_ [ZTY_^ Z`_ TY ST^ L]_TNWP w7v,M^ZW` OLY^ WP A£VdL [LO¯dLx !z! 3P ]PQP]^ _Z A£VdL[LO¯dL !z$ LYO NT_P^ TMTO !% wm PWWP F^LXLa£dLHP^_`Y[Z`aZT]\`TL^^T^_PWP^FL`_]P^H[Z`aZT]^&PWWPP^_L`OPWÂOPOTQQË ]PYNPP_TOPY_T_ËP_PcT^_POv`YPQL ç ZY_Z`_ÂQLT_OTQQË]PY_P>PWZYWL_]LOT_TZYF\`TaT PY_HOP^LYNTPY^WL]PWL_TZY`YTaP]^PWWP\`TOË[L^^PWP^NL]LN_Ë]T^_T\`P^OP_Z`_P^WP^ NL_ËRZ]TP^QLaZ]T^PFNP^LXLa£dLHx4^LdPaL 1]ZX0L]WdAPOLY_L_Z6L^SXT]>SLTa T^X"z#ZY_SPZ_SP]SLYO[`_^L^[PNTLWPX[SL^T^ZY_SP²LV_TZQTXLRTYL_TZY aTVLW[L LYO Pc[]P^^TaP [ZbP] LMSTO£²LV_T LYO ]PWL_P^ _SP WL__P] _Z [ZP_TN ^[PPNS LYO _SP N]PL_TaP LN_TaT_d ZQ _SP [ZP_ z _SP wLP^_SP_TN NZ`Y_P][L]_x ZQ _SP w[ZbP] ZQ bZ]O^x TY w_SP N]PL_TaP `]RP XLYTQP^_PO ZY _SP NZ^XZWZRTNLW [WLYP ZQ PcT^_PYNPx TMTO"
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
[L^^TYR ^[SP]P ZQ L NZ^XTN bSZWP TY bSTNS YPT_SP] _SP bZ]O^ YZ] _SP [Sd^TNLW PY_T_TP^ SLaP L ^P[L]L_P MPTYR Q]ZX _SP ]P^_ ZQ _SP bZ]WO 1Z] -SL]_SL]T_SPbSZWPT^LWbLd^XZ]P]PLW_SLY_SP[L]_^LYO_SPPY^`TYR ML^TN TY^TRS_ ZQ L RWZMLW QZ]X ZQ ^PY^P z bSTNS NLY MP OP^N]TMPO L^ L YP_bZ]V ZQ TYY`XP]LMWP ]PWL_TZY^ LYO ^PXLY_TN WTYV^ !! z T^ QZ] STX _SP LN_`LW XP_L[Sd^TNLW ML^T^ QZ] PcT^_PYNP ?SP]PQZ]P R]LXXL] SL^ L ^Z_P ]TZWZRTNLW OTXPY^TZY 0aP]d ^PY_PYNP T^ LY TYOTNL_TZY ZQ _SP wRWZMLW QZ]XZQ^PY^PxZQ_SP.ZXX`YTNL_TaP-]LSXLY_SL_MPNZXP^PXMZOTPO Md T_ ?SP ^PY_PYNP^ ZQ WLYR`LRP _SP]PQZ]P OZ YZ_ N]PL_P ^PY^P z L^ _SP 8¯X£À^LVL^ TXLRTYP z M`_ _SPd [ZTY_ _Z L ^`[]LTYOTaTO`LW LYO _TXP WP^^^PY^PL^PY^P_SL_L__SP^LXP_TXPT^0cT^_PYNPT_^PWQ -SL]_SL]T ^[PLV^ TY ST^ XP_L[Sd^TN^ w^`M ^[PNTP LP_P]YT_L_T^x TP Q]ZX _SP ^_LYNP ZQ L _TXPWP^^ STRSP] ^[SP]P 3ZbPaP] _ST^ 3TRSP] 4Y ^_LYNPZYWd]PaPLW^T_^PWQTYLbZ]WOWd_]LY^QZ]XL_TZY>Z-SL]_SL]Tv^ ZY_ZWZRd NZ`WO MP NLWWPO L w_]LY^QZ]XL_TZY ZY_ZWZRdx .SL]LN_P]T^_T NLWWd_SPWTYR`T^_TN[STWZ^Z[SP]`^P^_SP_P]X aTaL]_L_P TYST^QT]^_aP]^P LYO _SP A__T LW^Z VYZb^ _SP YZXTYLW QZ]X aTaL]_L w_]LY^QZ]XL_TZY _]LY^X`_L_TZYx uaTv ( XZ]P Z] WP^^ w_]LY^x WTVP TY w_]LY^R]P^^x Z] w_]LY^N`W_`]LWxM`_bT_SLYTYSP]PY_^PY^PZQX`W_T[WTNL_TZYZ]OTaT^TZY √a_(wX`_L_PNSLYRPF]Z_L_PHxF aZW_L] H?SPA__TSL^_ST^_Z^LdZY _SP^`MUPN_% wFBSL_ OZP^ _]LY^QZ]XL_TZY aTaL]_L XPLY*H u?]LY^QZ]XL_TZYv XPLY^ _SL_ _SP:YPYPaP]OPaTL_P^Q]ZXT_^_]`PMPTYRLYOFdP_HL[[PL]^_Z^[WTY_P]Md MPTYR aTPbPO L^ L OTQQP]PY_ LYO [W`]LW QZ]X bSTNS T^ YZ_ ]PLWWd _SP]P ?ST^T^WTVP_SPbLdTXLRP^L[[PL]TYO]PLX^x !"
-SL]_SL]Tv^ NZYNP[_TZY ZQ aTaL]_L MPNLXP VYZbY L^ wATaL]_L A£OLx wOZN_]TYP ZQ ATaL]_Lx XPLYTYR L NP]_LTY NZ^XZWZRTNLW OZN_]TYP ZQ PXLYL_TZY LYO bL^ ]PbZ]VPO TY WL_P] [STWZ^Z[STNLW OT^NZ`]^P TY_Z L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 4_T^YZ_PbZ]_Sd_SL_4^LdPaL 1]ZX0L]WdAPOLY_L_Z6L^SXT]>SLTaT^XLW^Z^[PLV^ ZQLwYP_ZQXPLYTYR^xLW_SZ`RSSP]LYLWd^T^ZQ A£VdL[LO¯dL zLYOA__TZ_SP] bT^P OTQQP]^ Q]ZX Z`]^ >SP Pc[WLTY^ _SP ^[SZ¶L TY _P]X^ ZQ ^[LYOL L^ L w[`W^L_TZYx LYOw^STXXP]TYRxTMTO LYON]PL_TZYL^wv[`W^L_TZYvLu^STXXP]TYRvZ]Z^NTWWL_ TYR bLaP ZQ XPLYTYR L u[L__P]Yv Z] uYP_v bSTNS T^ _Z_LWWd OPaZTO ZQ LYd ^`M^_]L_Px TMTO :Y _SP Z_SP] SLYO N]PL_TZY T^ LW^Z OPQTYPO L^ L wuXLYTQP^_L_TZYv ZQ _SP STOOPY XPLYTYRx TMTO $ Z] L^ L wuN]PL_TZY ZQ XPLYTYR^v L]_SL V]Td£x TMTO! ,WZYR _SP^P WTYP^ 4^LdPaL NZY_PYO^% w?SP -]LSXLYBZ]O ²LMOL M]LSXLY T^ YZ_STYR M`_ L [P][P_`LW ^STXXP]TYR [P][P_`LW [`W^L_TZY ZQ XPLYTYR^ TXLRP^ _STYR^ 0WPXPY_^ _SPX^PWaP^ L]P TY_P]NSLYRPLMWP _SPd OT^^ZWaP LYO XPW_ LbLd_SPdOT^L[[PL]ZYWd_ZMP]P[WLNPOMdYPbZYP^&bSL_]PXLTY^T^_SPPYP]RP_TN NSL]RP bSTNS LRLTY LYO LRLTY M]TYR^ LWZYR _SP ^LXP ^_]`N_`]P _SP ^LXP ^P_ ZQ PWP XPY_^_SP^LXP[L__P]YZQMPTYRxTMTO$Q !" PVL^dL _L__a£O L[]LNd`_L^dL MSPO£Y`V£]P©£^L_dLaTMSLV_£YdL]¼[Z[LR]£ST_£ aTaL]_Là g ^aL[YLaT´LdL[]L_TMS£^LaL_gA__TZYA£VdL[LOÅdL PO4dP]#z$
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
OZN_]TYP ZQ TWW`^TZYT^X !# 8LYd PXTN LYO P_TN TY_P][]P_P]^ L__]TM`_PO _Z -SL]_SL]T STX^PWQ L OZN_]TYP ZQ TWW`^TZYT^X LYO LNLOPXTN ]P^PL]NSP]^ ^`^[PN_PO-`OOST^_TYQW`PYNP-`OOST^_ATUÓ£YLA£OLLYO8£OSdLXTVL TYQW`PYNPXLdMP_SP]Pz_SPO]PLXTWW`^_]L_TZYLYO_SPOZ`MWPLYOQZ`] QZWO YPRL_TZY QTR`]P^ ZQ -SL]_SL]T bZ`WO QT_ TY bPWW bT_S T_ z M`_ _SP TWW`^TZYT^_ TY_P][]P_L_TZY XT^^P^ L XLUZ] [ZTY_ >TYNP QZ] -SL]¶]SL]T _SP bSZWP T^ LWbLd^ XZ]P ]PLW _SLY T_^ [L]_^ SP ^ZXP_TXP^ NLWW^ _SP [L]_^ w`Y]PLWx MPNL`^P _SPd L]P w`Y]PLWx L^ `Y]PWL_PO ^TYR`WL]^ ?SP PY_T_TP^ ZQ _SP bZ]WO L]P L^ w`Y]PLWx L^ _SP bZ]O^ TY L ^PY_PYNP 4Y QLN_ -SL]_SL]Tv^[Z^T_TZYL[[PL]^_ZMP`__P]Wd]PLWT^_PaPYbSPYSP ^[PLV^ w^`M ^[PNTP LP_P]YT_L_T^x ?SP O]PLXWTVP L[[PL]LYNP^ L]P YZ_ `Y]PLW MPNL`^P _SPd L]P LWW L[[PL]LYNP^ ZQ _SP 7TYR`T^_TN _SL_ T^ Md T_^ aP]d YL_`]P _TXPWP^^ >Z _SPd L]P TY QLN_ wSTP]Z[SLYTP^x L[[PL]LYNP^ ZQ _SP >LN]PO bSTNS NLY ZYWd MP Pc[P]TPYNPO Md S`XLY MPTYR^ TY L ^_L_P ZQ ^[LNP_TXP^[WTY_P]TYRTY_SP^LXPbLdL^TYO]PLX^ZYWdOT^NZY_TY`Z`^ ^N]L[^ ZQ XPXZ]TP^ ZQ NZY_TY`LW OLTWd WTQP NLY ]PL[[PL] ?ST^ []TYNT[WP ZQ wMPTYR^SL__P]POTY^[LNPLYO_TXPx VLW£ T^ Pc[WLTYPO TY XZ]P OP _LTWTY_SPQZWWZbTYRRWZ^^ZYaP]^P% w4_ LWbLd^ZYWd]PaPLW^T_^PWQ TY^P[L]L_PXZXPY_^ZQ_TXP N]PL_P^_SP TX []P^^TZY ZQ TYOTaTO`LW QZ]X^ LYO ZYWd _SP S`XLY NZYaPY_TZY adLaLS£]L FOPNWL]P^ NP]_LTY []ZNP^^P^H _Z MP ]PR`WL] LYO FZ_SP]^ _Z MPH T]]PR`WL] OSL]X£OSL]XL DP_ OP^[T_P LWW F_SP ]P^[PN_TaPH XZOLWT_TP^ FZQ VYZbW PORPH adLaL^_S£ T_ T^ TX[Z^^TMWP _Z QTYO T_^ MPRTYYTYR Z] T_^ PYO 1Z] -]LSXLY bSTNS T^ P\`LWWd MZ_S NL`^P LYO PQQPN_ _SP OTaTOPO LYO _SP bSZWP aTMSLV_L z LaTMSLV_L YZ [STWZ^Z[Sd []La£OL NLY PYaT^LRP L MP RTYYTYR MPQZ]P bSTNS T_ OTO YZ_ PcT^_ YZ] LY PYO LQ_P] bSTNS T_ bTWW YZ WZYRP]MPx !$
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ?ST^T^LW^Z_]`PZQ-SL]_SL]Tv^NZXXPY_L_Z]3PW£]£ULbSZ^PVPd_ZTY_P][]P_L_TZYT^ _SP ,OaLT_LAPO£Y_L?SP ATaL]_L ^NSZZWZQ ,OaLT_LAPO£Y_L bSTNS bL^TY_]ZO`NPO Md_SP±LYVL]Lv^OT^NT[WP;LOXL[£OL[]Z[Z`YO^L^_]ZYR_SPZ]dZQwTWW`^TZYxMd`Y OP]^_LYOTYR_SP bZ]WOL^LO]PLXWTVPXPY_LW[]ZUPN_TZYLYOXP]PWd L[[L]PY_[W`]LW T_d^TXTWL]_Z_SPTOPLWT^_DZR£N£]L-`OOST^X?SPATaL]_LA£OLPYUZdPOR]PL_^`N NP^^ ^TYNP T_ SPW[PO _Z VPP[ _SP NZYNP[_ ZQ -]LSXLY wNWPLYx L^ _SP ZYP LYO ZYWd w]PLW_STYRx aL^_` TYNZY_]L^__Z_SP`Y]PLW[W`]LW bZ]WOWd[SPYZXPYL ?SPATaL]_L A£OLLYOT_^^_]TN_wXZYT^XxTP_SPTOPL_SL__SPNSLYRPZQ_SPNL`^PTY_Z_SPPQQPN_ T^ XP]PWd L[[L]PY_ WTVP _SP QLW^P TXLRP ZQ _SP ^YLVP TY _SP ]Z[P ]P[]P^PY_PO L OT^ NZ`]^P]TaLWTYR_SP;L]TY£XLA£OLLOZN_]TYPLMZ`__SPPaZW`_TZYZQ_SPbZ]WOTY_SP ^PY^PZQL ]PLW _]LY^QZ]XL_TZYWTVP_SP[]ZO`N_TZYZQN`]OQ]ZXXTWV:Y_SPAPO£Y _T^_^v _SPZ]TP^ ^PP >L_T^NSLYO]L .SL__P]UPP LYO /ST]PYO]LXZSLY /L__L ,Y 4Y_]ZO`N _TZY_Z4YOTLY;STWZ^Z[Sd .LWN`__L%@YTaP]^T_dZQ.LWN`__L$!# !"Q"!Q !$ m V£WLMSPOLOL]²LY£MSd£^PYL X¼]_TaTMS£RLMS£aLYLd£ NL adLaLS£]£Y`[£_TMST] OSL] X£OSL]XLTà ^L]a£^a LaL^_S£^a LY£²]T_£OTYTOSLYLFXH m YL ST V£]dLV£]L©£_XLVL^dL aTMSLV_£aTMSLV_L^dLTVL^dL M]LSXL©Là ^L]aL[]La£OP´a L[¼]a£[L]P []La__TYTa__TVZ¶Å [L]T^LÀVSd£dP_PgA__TZY A£VdL[LOÅdL PO4dP][z
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
?SPSZWT^_TNWTYR`T^_TN[L]LOTRXLW^ZTYQW`PYNP^TOPL^ZQ^[LNPLYO_TXP LYO SP]P ZYP NLY ^PP L Q`YOLXPY_LW M]PLV bT_S PL]WTP] [STWZ^Z[STNLW _]LOT_TZY 4_ T^ YZ WZYRP] _SP OTNSZ_ZXd ZQ _SP _]LY^TPY_ LYO _SP [P]XL YPY_ _SL_ T^ _SP OP_P]XTYTYR QLN_Z] M`_ L OTQQP]PY_TL_TZY MP_bPPY WTYPL] PaPY_^ TY _TXP LYO L ^TX`W_LYPZ`^ _TXPWP^^YP^^ A£VdL[LO¯dL Pc_PY_^ _ST^ TOPL _Z PaP]d_STYR _SL_ PcT^_^% w?SP]P T^ YZ `YT_d bT_SZ`_ X`W_T[WTNT_dLYOYZX`W_T[WTNT_dbT_SZ`_`YT_d-`_TY]PLWT_d_SP]PT^YZ OTQQP]PYNP bSL_^ZPaP] MP_bPPY _SP _bZx " 3Zb T^ ZYP _Z LNNZ`Y_ QZ] _ST^YZ_ZYWdw^`M^[PNTPLP_P]YT_L_T^xM`_LW^ZbT_STY_TXPLYO ^[LNP* ?SPA__TZYaP]^PZQQP]^_ST^^ZW`_TZY% w,YO LW_SZ`RSF[PZ[WPH]PRL]OLWW_SP^PNZY_TYRPY_[SPYZXPYL aTV£]L L^ ^P[L]L_P_STYR^dP_FLHNZXXZY^`M^_LYNP []LV_T F]P^TOP^TY_SPXH%_SPd L]P R]L^[PO Md bZ]O^ ,YO ^Z bP ^[PLV SP]P ZQ L NZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^ ²LMOL_L__aL 0aP]d PcT^_PYNP PaP]d NZXTYRTY_Z MPTYR LYO PaP]d OdTYRLbLd ]PNPTaP^ L QZ]X TY bZ]O^ ?SP]PQZ]P _ST^ -]LSXLYT^NLWWPOw^dWWLMWPx LV´L]L MPNL`^PFLWWH^dWWLMWP^L]T^PQ]ZXT_ ;Sd^TNLW F^dWWLMWP^H QWZb FZ`_ ZQ _SP XZ`_S ZQ _SP S`XLY MPTYRH TY Z]OP] _Z NZXX`YTNL_P _Z Z_SP]^ bSL_ SL^ MPPY FTY_`T_TaPWd WZORPOH TY ST^ NZY ^NTZ`^YP^^x "
?ST^WL^_[L^^LRPNZY_LTY^XZ^_ZMaTZ`^Wd_SPw_SPZ^Z[STNLWYTRS_XL]Px bP ^[ZVP ZQ L_ _SP Z`_^P_ 4_ T^ _SP [Z^_`WL_P ZQ L ^`[]LTYOTaTO`LW NZY ^NTZ`^ ^PY_TPYNP NLT_LYdL :YP NLY TXLRTYP _ST^ L^ L RWZMLW wXP_L .ZY^NTZ`^YP^^x QWZbTYR L]Z`YO _SP TYOTaTO`LW NZY^NTZ`^YP^^ ZQ PaP]d ^PY_TPY_ MPTYR A£VdL[LO¯dL z Pc[Z`YO^ _ST^ TOPL bT_S _SP QZWWZbTYRbZ]O^% w?SL_ FWLYR`LRPNSL]LN_P] ZQ `YOP]^_LYOTYRH Q`YN_TZY^ L^ TY^TOP LYO Z`_ ^TOP NZY^NTZ`^YP^^ TY LWW _SP MPTYR^ ZQ _SP bZ]WO ZQ NZY^_LY_ NSLYRP ^LÀ^£]L 9Z ^[PNTP^ NLY MP PYOZbPO bT_S FTYOTaTO`LWH NZY^NTZ`^YP^^ bT_SZ`_ _ST^ ^`M_WP []TYNT[WP FZ]% ?SP NZY^NTZ`^YP^^ TY LWW QZ]X^ ZQ PcT^ _PYNPOZP^YZ_RZMPdZYO_SPOTXPY^TZYZQ_SL_WLYR`LRPNSL]LN_P]ZQ`Y OP]^_LYOTYRH ">[PPNS`]RP^LWWPXMZOTPOFMPTYR^H_ZN]PL_PXPLYTYR^4Q T_ bP]P LM^PY_ PaP]d_STYR bZ`WO MP TY^PY_TPY_ WTVP L NS`YV ZQ bZZO Z] L bLWWFZQ^_ZYPHx "
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " YLTVL_aLXL^_dLY£Y£_aLÀaTYLTVL_aPYLYP_L]L_g [L]LX£]_SP_LdZ]P´LMSPOZu_dLY_LÀYLaTOdL_Pgg A£VdL[LO¯dL " _L_ _` MSTYYL]¼[£MSTXL_£Y£X L[T aTV£]£©£À []LV_dLYaLdT_a£N NSLMOZ[LR]£SdL_Ld£ NL ²LMOL_L__aLX T_d LMSTOSÅdL_P g ^_ST_T[]La__TYTa__TaTMS£R£ ST ²LMOPY£V]TdLY_P g _LN N£V´L]LYTXT__L_a£O LV´L]LX T_d `NdL_P g []L_dLVNLT_LYdP uY_Là^LÀYTaP²T_L^dL [L]L^LÀMZOSLY£]_S£adLV_T]LMST´dLYOL_PgA__TZY A£VdL[LOÅdL PO4dP][!z " " 4Y_ST^_]LY^WL_TZY bP[L]_Wd]PWdZY 4^LdPaL 1]ZX0L]WdAPOLY_L_Z 6L^SXT] >SLTa T^X!LYO[L]_WdZY3Z`MPY >LÀMLYOSL>LX`OOP²L "!z""BPSLaPLOOPOSP]P 3Z`MPYv^_]LY^WL_TZYZQ A£VdL[LO¯dL MTYM]LNVP_^ " ^LT´£^LÀ^£]T©£À^LÀUÓ£MLST]LY_L²NLaL]_L_Pg _LYX£_]£XLadL_TV]£Y_LÀNLT_LYdLÀ^L]aLU£_T´`gg
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!"
,NNZ]OTYR _Z -SL]_SL]T _SP XPLYTYR NZXX`YTNL_PO Md _SP ^Z`YO^ ZQ WLYR`LRPT^[]ZO`NPOYPT_SP]Md_SP^[PLVP]^YZ]_SPWT^_PYP]M`_PcT^_^ TY^_PLO MP_bPPY _SP _bZ L^ T_ bP]P 4_ SL^ L NZ^XTN \`LWT_d ?S`^ S` XLYMPTYR^LYOWLYR`LRPWTaPXZ]PZ] WP^^TY ^dXMTZ^T^?SPwNZXX` YTNL_TaPRWZMLWYP_bZ]VZQXPLYTYR^xT^z_Z`^PTXLRP^z_SPLXYTZ_TN QW`TO _SL_ YZ`]T^SP^ _SP PXM]dZ ZQ _SP TYOTaTO`LW NZY^NTZ`^YP^^ LN]Z^^ _SP [P]XPLMWP XPXM]LYP ZQ ^[PLVTYR LYO SPL]TYR 4Y _SP RWZMLW wQZ]X ZQ^PY^PxZQ_SPWTYR`T^_TN_SP]PPcT^_^YZ^P[L]L_PTYOTaTO`LWNZY^NTZ`^ YP^^ ?SP]P T^ ZYWd [L]_TNT[L_TZY YZ PXLYNT[L_TZY -PNL`^P S`XLY _SZ`RS_ T^ NZY^_T_`_PO Md WLYR`LRP TYOTaTO`LW NZY^NTZ`^YP^^ LYO NZ^ XTNNZY^NTZ`^YP^^L]PTY_SPQTYLWLYLWd^T^TOPY_TNLWBSL_OT^_TYR`T^SP^ _SP RWZMLW wQZ]X ZQ ^PY^Px Z] _SP [Z^_`WL_PO XP_L.ZY^NTZ`^YP^^ Q]ZX TYOTaTO`LWNZY^NTZ`^YP^^T^_SPLMTWT_d ²LV_T _ZwQZ]RP_xZYP^PWQLYO_Z _`]YZYPv^ZbY`YT_dTY_SPTYOTaTO`LWNZY^NTZ`^YP^^TY_ZT_^Z[[Z^T_P% w?SP _]LY^QZ]XL_TZY FZQ -]LSXLYH TY_Z F^P[L]L_PH QZ]X^ TY ^[LNP LYO F^P[L]L_PH ^P\`PYNP^TY_TXP T^ML^PO^ZWPWdZY FT_^H[ZbP] _Z]P[]P^PY_T_ ^PWQ FTY _SP TYOTaTO`LW NZY^NTZ`^YP^^H YZ_ FQ`WWd NZYR]`PY_Wd bT_S T_^PWQH LaTOd£²LV_T 4Y T_^ LN_`LW YL_`]P _SP]P L]P YPT_SP] F^[L_TLWH QZ]X^ YZ] F_PX[Z]LWH ^P\`PYNP^ ZQ PaPY_^ OPQTYPO TY LYd bLd% _SPd L]P YPT_SP] ]PLW YZ]`Y]PLW,YOQZ][]PNT^PWd_ST^]PL^ZY_SPNZY_TYRPY_L[[PL]LYNP^_SL_ bPNLWW_SP[Sd^TNLW`YTaP]^P ULRL_ PXP]RPQ]ZX-]LSXLYNLWWPOuBZ]Ov TYbSTNSLWWWTYPL]^P\`PYNP^L]P]ZWWPOTY_ZZYPLYOLWWNZY_TYRPYNTP^OT^ L[[PL] LYO bSTNS SL^ YZ QZ]X Z] [Z^^TMTWT_d ZQ ]PQP]PYNP 4_ T^ _SP]PQZ]P TX[Z^^TMWP_ZOP_P]XTYPMPNL`^PT_T^_SPYPc`^ R]LY_ST ZQLWWNZY_TYRPY_ QZ]X^ZQL[[PL]LYNP^ aTV£]L x "
-SL]_SL]TLWW`OP^SP]P_ZLOTXPY^TZYZQ_SPwbZ]Ox_SL_T^MPdZYO_SP OZXLTYZQbZ]O^TY_SPbLd_SPdL]PRPYP]LWWd`YOP]^_ZZOLYOTYbSTNS LWW [SPYZXPYL XP]RP TY ZYP BP bTWW ^PP TY ST^ OTQQP]PY_TL_TZY ZQ ^[PPNS WPaPW^ _SL_ SP PaPY PYaT^LRP^ MPdZYO _SZ`RS_ XPY_LW ^[PPNS L ^_TWW ^`M_WP] OTXPY^TZY ZQ WLYR`LRP TY bSTNS bZ]O LYO [`]P LbL]PYP^^ L]PYZ_OT^_TYR`T^SLMWPLYdXZ]P?ST^T^bSL_SL[[PY^bSPY_SP^[SZ¶L ZQ L ^PY_PYNP T^ R]L^[PO -`_ TY [L]_ _S]PP ZQ _SP A£VdL[LO¯dL -SL]_SL]T LW^Z ^[PLV^ ZQ L w[`]P NZRYT_TZY bT_SZ`_ LYd ^`[[Z]_x _SL_ SL^wL^T_^QZ]XLWWXPLYTYR^FZQLWWZMUPN_^HxLYOXLd_SP]PQZ]PLW^ZMP NLWWPO wbT_SZ`_ LYd QZ]Xx " ?ST^ [`]P LbL]PYP^^ ZQ _SP _Z_LWT_d ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L]_SLV]Td£^`a£V^L]a£Y^LX¯SLdL_TOPSTYLàg _LO`_V]£Y_L`aT^LÀUÓZudLÀO²dL_PV£´¶SLV`dLaL_ggA£VdL[LO¯dL z " X¼]__TV]Td£aTaL]_L`LaTOd£²LV_T[]La__TX£_]LÀ_L`aTOd£_XLYT_L__a£YdL_a£MSd£XLY£ VSdPdL` g P_LOOST LaTOd£d£ LaTOd£_aLX T_T g g _L_L PaL ST ²LMO£V Sd£OL^LÀS_LV]LX£O M]LSXL©Là ^L]aLaTV£]L[]L_dL^_LXLdP ^LÀaL]_£OLY£V_£_ [¼] aLÀ aTV£]LR]LY_ST]¼[L_aPY£adL[LOP²d£U ULRLO£VSd£ aTV£]£à []LV]TdLY_P g AT__T ZY A£VdL[LOÅdL PO4dP]$z " ^L]a£]_SL]¼[L_£²`OOST]UÓ£YL^dLYT]`[£²]Ld£g _L_Zu[dL^dL[L]£À²`OOSTXPVP[]£S`]L]¼[LV£Xgg A£VdL[LO¯dL #( !
!#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
_STYR^LYOXPLYTYR^T^_SPVYZbWPORPZQ-]LSXLYLYOTY_ST^NWL]T_dZQ XTYO_SP[L^_LYO_SPQ`_`]PL]PYZYOTQQP]PY_Q]ZXZYPv^[P]NP[_TZY "! -SL]_SL]Tv^ aP]d Z]TRTYLW NZY_]TM`_TZY _Z XP_L[Sd^TN^ bL^ _SL_ SP XLOPZYPLbL]PZQ_SPQLN__SL_T_T^[Z^^TMWPLYOPaPYYL_`]LWLYO\`T_P LY Z]OTYL]d _STYR _Z _STYV ^_L]_TYR Q]ZX _SP bSZWP 4_ SL[[PY^ LWW _SP _TXPbSPYbPR]L^[_SPXPLYTYRZQL^PY_PYNP-SL]_SL]TNZYNPTaP^ZQ _SP`YTaP]^LW -]LSXLYTY[]PNT^PWd _SP^LXPXLYYP]L^ _SP^PY_PYNPL^ XPLYTYRMPL]P] YLXPWd L^ LY TYOTaT^TMWP bSZWP bSTNS ]PXLTY^ ZYP PaPY _SZ`RS L[[PL]TYR w_]LY^QZ]XPOx TY_Z XLYd bSTWP MPTYR PXMZOTPO Md ^Z`YO ^P\`PYNP^ Z] Md ]PLWbZ]WO ZMUPN_^ LYO MPTYR^ 4Y Z_SP] bZ]O^ SP _]LY^QP]^ ST^ wTYOTaT^TMWP ^PY_PYNPx aTPb ZQ -]LSXLY z SP wRWZMLWTeP^xT_^Z_Z^[PLVbSPYNZXTYR_Z_SP`YTaP]^LWWPaPWZQPcT^ _PYNP:]aTNPaP]^LSP^PP^ST^TYOTaT^TMWP^PY_PYNPaTPb[]PQTR`]POTY APOTN XZOPW^ WTVP _SP ZWO A£N LYO ,V´L]L w_SPZWZRdx LYO _SP @[LYT´LOTN TOPL ZQ -]LSXLY L^ _SP _Z_LWT_d ZQ PaP]d_STYR _SL_ PcT^_^ z LWW ZQ _SPX MPTYR QTR`]P^ ZQ LY TYOTaT^TMWP bSZWP _SL_ NZX[]T^P^ LYO ^`[P]NPOP^ _SP PXMZOTPO TX[P]XLYPY_ LYO [W`]LW [SPYZXPYL [SZ YPXP^ bZ]O^ LYO MPTYR^ -SL]_SL]Tv^ WTYR`T^_TN [L]LOTRX XLVP^ T_ [Z^^TMWP_ZWTYV]PLWT^_LYOTOPLWT^_[Z^T_TZY^LYONZYNP[_`LWTeP[W`]LWT_d LYO`YT_d[L]_^LYObSZWPL^MPWZYRTYR_ZPLNSZ_SP]^ZTY_TXL_PWd_SL_ _SPZYPNLYYZ_MP_SZ`RS_ZQbT_SZ`__SPZ_SP]BPbZ`WOYZ_MPLMWP_Z TXLRTYPZYPYP^^bT_SZ`_NZRYT_TZYZQL[W`]LWT_dZQQZ]X^LYO[W`]LWT_d NZ`WO YZ_ MP QZ`YO _Z PcT^_ TQ _SP]P bP]P YZ []PPcT^_TYR TXLRTYL_TZY ZQ ZYPYP^^ "" TP L []P]PQWPcTaP TY_`T_TZY ZQ `YT_d TY Z`] XTYO ?SP ]PWL_TZY^ST[ MP_bPPY _SP PY_T_TP^ ZQ _SP bZ]WO LYO _SP -]LSXLY T^ _SP ^LXPL^_SP]PWL_TZY^ST[MP_bPPYbZ]O^LYO^PY_PYNP^ ?SP ²LMOL_L__aL T^ aP]d NWZ^PWd ]PWL_PO _Z _SP ^[SZ¶L NZYNP[_ OP YZ_TYR LY PYNZX[L^^TYR `YT_L]d ^PY^P bSTNS ZYWd PcT^_^ TY NZY^NTZ`^ YP^^BT_S_SP^[SZ¶L-SL]_SL]TOP_PN_POLXLRTNQZ]X`WLZ]^_]`N_`]LW XZOPW_SL_L[[WTP^_ZPaP]d_STYRT]]P^[PN_TaPZQ_SPWPaPWZQ]PLWT_d?SP ^[SZ¶L wQ`YN_TZY^x TY []PNT^PWd _SP ^LXP bLd L^ _SP LM^ZW`_P ]PLWT_d% _SZ`RS ^TYRWP bSPY PXMZOTPO Md [Sd^TNLW ^Z`YO^ T_ L[[PL]^ _Z SLaP [L]_^ ^P\`PY_TLWWd L]]LYRPO 4_ T^ YZ_PbZ]_Sd _SL_ PaPY _SZ`RS _SP ^[SZ¶L [P]_LTY^ QT]^_ ZQ LWW _Z ^PY_PYNP^ -SL]_SL]T LW^Z ^[PLV^ ZQ L wbZ]O^[SZ¶Lx LYO L wWP__P]^[SZ¶Lx 3T^ ^_]`N_`]LW XZOPW ZQ OTQQP]PY_ bSZWP^Z]_Z_LWT_TP^bZ]V^ZYPaP]dWPaPWZQPcT^_PYNP%_SP[WLYPZQWLY R`LRP LYO _SP [WLYP ZQ ]PLW bZ]WO [SPYZXPYL _SP [WLYP ZQ XP_L[Sd^ TN^ 4_ [P]_LTY^ _Z _SP `YTaP]^LW -]LSXLY _SP PX[T]TNLW PY_T_TP^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! A£VdL[LO¯dL " "" YLTVL_aLÀadLaL_T´¶SP_LY£Y£_LÀNPYYLVLW[LdP_g Y£Y£_aLÀN£aLS¯dP_LdLOdPVL_aLÀYLVLW[LdP_gg A£VdL[LO¯dL !
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!$
APOL "#_SPMZOd "$_SP^PY_PYNP^_SPbZ]O^LYOPaPY_SPWP__P]^zPLNS MPTYRTYT_^PWQLYZ]RLYTNbSZWPLYOLXPLYTYRMPL]P]-`_zLYO_ST^T^ []PNT^PWd _SP [ZTY_ bSP]P -SL]_SL]T YPPO^ XP_L[Sd^TN^ z PLNS [L]_ ZQ _SP[SPYZXPYLWbZ]WOT^YZ_ZYWdLbSZWPLYOLNZWWPN_TZYTYT_^PWQM`_ T^LW^ZWTXT_PO_TXPMZ`YOLYOLWbLd^w`Y]PLWxLYOwXPLYTYRWP^^xL^LY `Y]PWL_PO ^TYR`WL] ?SP [SPYZXPYL ZQ _SP bZ]WO L]P L^ w`Y]PLWx L^ _SP bZ]O^ bT_SZ`_ _SP ^PY_PYNP Z] L^ WP__P]^ bT_SZ`_ _SP bZ]O # ?SP ^PY _PYNP T^ w`Y]PLWx TY ]PWL_TZY _Z L bSZWP bZ]V ZQ WT_P]L_`]P P_N LYO _SP ^LXP T^ _]`P QZ] [Sd^TNLW PY_T_TP^ .ZY^P\`PY_Wd _SP]P X`^_ MP ^ZXP _STYR WTVP L `YTaP]^LW ^[SZ¶L ?ST^ NLY ZYWd MP _SP ±LMOL-]LSXLY bSTNST^_SPZYWdPY_T_dbT_SZ`_LYdWTXT_L_TZY^LYOT^T_^PWQ_SP`YTaP] ^LW ]PWL_TZY _SL_ WTYV^ PaP]d_STYR _ZRP_SP] bSTNS T^ bSd bP ^[PLV ZQ wYP_bZ]Vx -SL]_SL]Tv^ [P]^[PN_TaT^_ aTPb ZQ OTQQP]PY_ _]LOT_TZY^ XLd LW^Z MP L[[WTPOLYONZRYTePOTYST^ZbY[STWZ^Z[SdbSTNST^bSdSP_]TRRP]PO ^Z XLYd TY_P][]P_L_TZY^ 4Q bP bT^S _Z QZN`^ ZY _SP OdYLXTN [Z_PY_TLW^ _SL_TYSP]PTY-]LSXLYbPL]]TaPL_9L_LWTL4^LdPaLv^NZYNW`^TZY%w?ST^ -]LSXLY T^ P_P]YLWWd []P^PY_ L^ LY PaP] ]PYPbTYR YP_ ZQ XPLYTYR^ LYO TX[`W^P^L^LYPYP]RdQTPWObSTNST^PaP]TY_PY_ZY[]ZO`NTYR_SP^LXP ^_]`N_`]P^ LYO _SP ^LXP Z`_WTYP^x # 4Q ZY _SP Z_SP] SLYO bP bT^S _Z QZN`^ ZY _SP [Sd^TNLW [SPYZXPYL bP XLd ^Ld _SL_ _SP ATaL]_L _]LY^ QZ]XL_TZYT^aT_LWWdYPNP^^L]dQZ]XPLYTYR_ZMPXLYTQP^_POLYOPXMZO TPO 4Y ST^ >L]aL/L]²LYL>LÀR]LSL >£dL©L8£OSLaL _S NPY_ ^`XXL]TeP^ _SL_ ZYWd _SP ^[SZ¶L SL^ _SP [ZbP] _Z NZYaPd XPLYTYR LYO _SL_ _SP bT^P XPY VYZb T_ _Z MP _SP wP_P]YLW ^Z`YOx Z] wP_P]YLW bZ]Ox YT_dL²LMOL bSTNSPcT^_^MPdZYO_SPTYOTaTO`LW^Z`YO^ aL]©L _SL_L]P _]LY^TPY_ LYO U`^_ wPXMZOdx Z] XLYTQP^_ _SP ^[SZ¶L @W_TXL_PWd SZb PaP]YZ_PaPY_SP^[SZ¶LNZYaPd^XPLYTYRMPNL`^P_SP\`P^_TZYL]T^P^ ZQ bSP_SP] T_ T^ _SP XLYTQP^_ Z] _SP `YXLYTQP^_ ^[SZ¶L bSTNS NZYaPd^ XPLYTYR 4Q T_ bSP]P _SP P_P]YLW ^[SZ¶L XPLYTYR ^SZ`WO L]T^P NZY ^_LY_Wd&^ZZYPSL^_ZNZYNW`OP_SL__SPXLYTQP^_^[SZ¶LLWZYPT^LMWP_Z NZYaPdXPLYTYR 7TVP LYd bZ]O _SP -]LSXLY T^ wNZXX`YTNL_TaPx PaPY bSPY _SP ^PY^PT^YZ_R]L^[POBP^SZ`WOYZ_QZ]RP__SP_bZ^TOP^ZQ ²LMOL bSTNS TYaZWaPMZ_S^Z`YOLYO^PY^P=PQP]]TYR_Z_SP A£VdL[LO¯dL !6PWWd RWZ^^P^%w_SPbZ]O^SPL]OWTVPWTRS_TWW`XTYPL_WPL^__SPT]ZbYFLNZ`^ _TNHQZ]XTQ]PNPTaPOLYOTQR]L^[PO[]Z[P]Wd_SPT]XPLYTYRT^VYZbYL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# A£VdL[LO¯dL z! "$ 4Y A£VdL[LO¯dL z_SPMZOdLYOT_^ ^PY^PZ]RLY^L]PNZX[L]PO_Z_SP^PY _PYNPLYO_SPbZ]O^ # -SL]_SL]T ]PUPN_^ _SP 8¯X£À^£ TOPL ZQ WP__P]^ LYO [SZYPXP^ :Y ST^ [Z^T_TZY ^PP 3Z`MPYwBSZL]P-SL]_SLTv^;LOLOL]²TY^*x!z! # 4^LdPaL 1]ZX0L]WdAPOLY_L_Z6L^SXT]>SLTaT^XQ
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
bPWWx # >Z _SP]P L]P LWbLd^ _bZ OTXPY^TZY^ ZQ NZXX`YTNL_TZY% L _SP XP]P ^Z`YO TYQZ]XL_TZY LYO M _SP XPLYTYR VYZbY -SL]_SL]T TWW`^ _]L_P^L_SPTOPY_TNLWYL_`]PZQ ^[SZ¶L LYO^Z`YO`^TYR_SP_]LOT_TZYLW _SPZ]d LNNZ]OTYR _Z bSTNS _SP ^PY^P Z]RLY^ ^SL]P _SP YL_`]P ZQ _SP ZM UPN_^ _SPd [P]NPTaP ,NNZ]OTYR _Z _ST^ bTOP^[]PLO Z]TRTYLWWd >£«VSdL NZ^XZWZRd _SP]P T^ LY TY_TXL_P NZ]]PWL_TZY ZQ TYSP]PYNP QZ] TY^_LYNP MP_bPPY PL] ^Z`YO LYOP_SP]bSTNSOTQQP]ZYWdMd_SPT] ^`M_WP_dZ]OP R]PPZQXLYTQP^_L_TZY?SP Z]RLYZQSPL]TYRT^NZY^_T_`_POMd_SPP_SP] bSTNS SL^ ^Z`YO L^ T_^ NSL]LN_P]T^_TN []Z[P]_d -SL]_SL]T Pc_PYO^ _ST^ TOPL _Z _SP ^[SZ¶L% w5`^_ L^ ^PY^P Z]RLY^ LYO _SPT] ZMUPN_^ L]P ^`T_PO _Z PLNSZ_SP]TYL bLd _SL_ T^QTcPOLYOOZP^YZ_NSLYRPTY_SP ^LXPbLd ^[SZ¶L LYO ^Z`YO FL]P ^`T_PO _Z PLNS Z_SP]H L^ XLYTQP^_PO LYO XLYT QP^_Z]x #,^QL]L^MzXPLYTYRzT^NZYNP]YPO;L_LÓULWT[ZTY_POZ`_ _SL_ PaPY ^TYRWP WP__P]^ ^dWWLMWP^ NLY MP ^PXLY_TNLWWd XPLYTYRQ`W YLXPWd TQ _SPd SL[[PY _Z MP ]ZZ_^ LQQTcP^ Z] NP]_LTY [L]_TNWP^ 1Z] -SL]_SL]T ZY _SP Z_SP] SLYO ^Z`YO^ L]P XPLYTYRQ`W []TXL]TWd O`P _Z _SPT] YZYOTQQP]PYNP Q]ZX bZ]O^ TP _SP ^[SZ¶L # ?ST^ XPLY^ L_ _SP ^LXP _TXP _SL_ LWW PXMZOTPO PY_T_TP^ WTYR`T^_TN Z] [Sd^TNLW L]P XP]P ^TRY^ [ZTY_TYR _Z ^ZXP_STYR MPdZYO _SPX ?SP ^Z`YO^ RTaP ]T^P _Z _SP TXXPOTL_P]P^ZW`_TZYZQXPLYTYRbSPYLbZ]OZ]^PY_PYNPT^SPL]OM`_ _SP XPLYTYR T^ MPdZYO _SP ^Z`YO^ ?SP ^[SZ¶L OPYZ_P^ L []P]PQWPcTaP WTYR`T^_TN `YT_d _SL_ `YOP]WTP^ LYO []PNPOP^ _SP bZ]O^ L^ L`OTMWP ^Z`YO^TYbSTNS_SPdL]PML^POLYOQ]ZXbSTNS_SPdL]T^P -SL]_SL]Tv^ ^_]`N_`]LW [L__P]Y T^ _S`^ aP]d NZY^T^_PY_ LYO _ST^ Pc [WLTY^bSdSP^[PLV^ZQ ²LMOL_L__aL L^L`YTaP]^LWwbZ]O[]TYNT[WPxZ] L wNZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x L^ bP []PQP] _Z _]LY^ WL_P_SP_P]XzLRWZMLWYP_bZ]VTYbSTNS_SPPX[T]TNLW]PLWT_dT^ML^PO LYO Q]ZX bSTNS T_ L]T^P^ 2]LXXL] WPLO^ _Z WTMP]L_TZY MPNL`^P T_ []Z aTOP^ L XZOPW QZ] [P]NPTaTYR _SP ,V´L]L ±LMOL-]LSXLY L^ _SP `YTaP] ^LW QZ]X ZQ ^PY^P ?SP _Z_LWT_d ZQ bSL_ PcT^_^ z LYO TY QLN_ LYd ^TYRWP ZMUPN_ZQ]PQP]PYNPZ]`YT_ZQXPLYTYRzT^[]P^PY_TYLYZWZYRP]OPQTY LMWP ^[SP]PZQWLYR`LRPTYL^[SP]PZQ LYPYNZX[L^^TYRNZY^NTZ`^YP^^ bSZ^P WZNL_TZY T^ L^ X`NS wZ`_^TOPx L^ T_ T^ wTY^TOPx 8PLYTYR `W_T XL_PWd NZY^_T_`_P^ T_^PWQ TY LY TY_P]XPOTL]d ^[LNP ZQ aLNLYNd _SL_ Pc NPPO^TYOTaTO`LWNZRYT_TZY^_SZ`RS_[]ZNP^^P^LYO^Z`YO[L__P]Y^?ST^ T^ bSd -SL]_SL]T ^[PLV^ TY L ^ZXPbSL_ PYTRXL_TN bLd ZQ L w^`M_WP []TYNT[WPx _LYX£_]£ w[`]P NZRYT_TZYx LYO L w>PPTYRx WPaPW ZQ ^[PPNS _SL_ T^ wOPaZTO ZQ QZ]Xx bSPY ]PQP]]TYR _Z XPLYTYR LYO _SP WLYR`LRP NSL]LN_P] ZQ `YOP]^_LYOTYR ,YO bP bTWW ^PP TY XZ]P OP_LTW _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x## # A£VdL[LO¯dL _]LY^-]ZYVSZ]^_w-SL]_SL]TZY>[Z¶SLx # A£VdL[LO¯dL "&$$>PPLW^Z3Z`MPYwBSZL]P-SL]_SL]Tv^;LOLOL]²TY^*x!
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
-SL]_SL]T WZNLWTeP^ _SP ^[SZ¶L TY L QWL^S ZQ `YOP]^_LYOTYR Z] TY_`T_TZY []L_TMS£ 7TVP ST^ XP_L[Sd^TN^ LYO ZY_ZWZRd ST^ TY_`T_TZY _SPZ]d L[ [WTP^ _Z MZ_S _SP []ZQLYP PR TY^_TYN_^ LYO _SP ]PWTRTZ`^ ^[SP]P PR DZRTNTY^TRS_ 4_ T^ YZ_PbZ]_Sd _SL_ TY WL_P] ?LY_]L bSTNS T^ ^_]ZYRWd TY^[T]PO Md -SL]_SL]T _SP WTYR`T^_TN P^^PYNP ZQ PaP]d_STYR _SL_ PcT^_^ T^ ]PbZ]VPO TY_Z L ^Z[ST^_TNL_PO NZ^XZRZYd TY bSTNS _SP ^ZYTN LYO [SZYPXL_TN L^ [PN_ ZQ WLYR`LRP T^ PX[SL^TePO LYO _SP ±LV_T^ ZQ -]LSXLY L]P RTaPY L _SPT^_TN TY_P][]P_L_TZY?SP ±LV_T^L]P _SP PYP]RTP^ZQ_SP^`[]PXP 2ZO SPLO ST^ ]LOTL_TYR N]PL_TaP [ZbP]^ Md bSTNS _SP ^`[]PXP 2ZOSPLO [P]aLOP^LWWPcT^_PYNPLYObSTNSL]P[P]^ZYLWTePOL^QPXLWPOPT_TP^bSZ SLaPLYPcT^_PYNP_SL_T^^P[L]L_PLYOdP_YZ_TYOP[PYOPY_ZQ_SPNPY_]LW 2ZOSPLO -SL]_SL]Tv^ XZ^_ Q`YOLXPY_LW ²LV_T^ bP]P _SP [ZbP] ZQ _TXP V£WL LYO _SP [ZbP] ZQ ]PWL_TZY Z] TYSP]PYNP ^LXLa£dL _SP WL__P] MPTYRNWZ^P^__Z_SPw`YTaP]^LW]PWL_TZYxz-]LSXLY_SPRWZMLWYP_bZ]V ZQXPLYTYRQ`W`YT_^4YNZY_]L^__Z?LY_]L-SL]_SL]Tv^XLUZ]TY_P]P^_T^ _SP^PXLY_TNXPLYTYRL^[PN_bSTNSNZYYPN_^STXbT_S_SPZ_SP]L`_SZ]^ OT^N`^^PO TY _ST^ NSL[_P]% ±LML]L 6`X£]TWL LYO ±L«VL]L -`_ L^ L R]LXXL]TLY SP T^ WP^^ TY_P]P^_PO TY NZY_PY_^ ^PXLY_TN^ LYO SP]XPYP` _TN^ LYO XZ]P TY XZ][SZWZRd ^PXTZ_TN^ LYO ^_]`N_`]P^ XPLYTYR MPL]TYR`YT_^ 8Z]PZaP]SPT^X`NSWP^^QTcPO ^ZWPWd ZY_SPAPOLLYO LW_SZ`RS SP aLW`P^ _]LOT_TZY z _SL_ bSTNS wNZXP^ OZbY Q]ZX _SP LY NTPY_^x £RLXL # z XZ]P _SLY ZYPv^ ZbY OPWTMP]L_P NZY^_]`N_TZY^ ST^ N`W_`]P_SPZ]dOPXZY^_]L_P^_SL_SPOPLW_bT_S_]LOT_TZY\`T_PTYOP[PYO PY_WdLYOXZ]PQ]PPWd_SLYZ_SP]_STYVP]^
.`W_`]PLYO7LYR`LRP
,NNZ]OTYR_Z-SL]_SL]TN`W_`]POPaPWZ[^_S]Z`RS_SPOTQQP]PY_TL_TZYZQ _SPWTYR`T^_TN[]TYNT[WPTY_SPaL]TZ`^WT_P]L_`]P^,__SPMPRTYYTYRZQLWW WT_P]L_`]P_SP]PL]P_SPXLY_]L^ZQ_SPAPOLbSTNSbP]P^PPYMdaT^TZY L]TP^% w?SP ^PP]^ ZQ []PST^_Z]d ´T bSZ ^Lb _SP XLY_]L^ bP]P TY L [Z^T_TZY _Z WZZVOT]PN_Wd`[ZY]PLWT_d OSL]XL LYO_SPdNZ`WO[P]NPTaP_ST^P_P]YLWTY L`OTMWP aZTNP -`_ TY Z]OP] _Z TX[L]_ T_ _Z _SZ^P bSZ SLO YZ ^`NS ^[ZY_L YPZ`^TY^TRS__SPd_SZ`RS_`[L^dXMZW^TRY MTWXL _ZNZXX`YTNL_P_SL_ bSTNSSLOMPPY^PPYSPL]OZ]Pc[P]TPYNPOMd_SPXL^TQTYLO]PLXx #!
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^_P]X]PQP]^_Z_SPAPOLLYOTYLXZ]P_PNSYTNLW^PY^P_Z_SP±LTaLwNLYZYx^PP MPWZb -SL]_SL]T `^P^ T_ []TXL]TWd QZ] _SP APOL M`_ LW^Z QZ] LWW _]LOT_TZYLW WT_P]L _`]P^TP_SP>X_T_Pc_^TYRPYP]LWLYO_SP²£^_]LZQ_SPR]LXXL]TLY^TY[L]_TN`WL] #! d£À ^¼V´X£À YT_d£X L_¯YO]Td£À a£NLX ´LdLà ^£V´£_V_LOSL]X£©Z XLY_]LO²Là [L²dLY_T _£X L^£V´£_V_LOSL]XLMSdZ u[L]PMSdLà []LaPOLdT´dLX£©£ MTWXLÀ
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
,W_SZ`RS _SP]P T^ ZYWd ZYP APOL T_ NZXP^ TY QZ`] [L]_^ bSTNS TY _`]Y L]POTaTOPOTY_ZXLYdOTQQP]PY_M]LYNSP^LYO]PNPY^TZY^LYObSTNSNLY MP]PNT_POTYOTQQP]PY_bLd^ #"3P]PbPQTYO_SPLWW[P]aLOTYR[]TYNT[WP ZQ_SP_]LY^QZ]XL_TZYQ]ZXLYTYaT^TMWP:YP_ZLaT^TMWP8LYdPXMZOTPO Md _SP APOL ?SP LN_`LW _Pc_ ZQ _SP APOL T^ ZYWd L w^TRYx LYO PcT^_^ ^ZWPWd TY ^[WTY_P]PO QZ]X bSTWP _SP `YTQTPO Z]TRTYLW APOL ]PXLTY^ MP dZYO LWW PX[T]TNLW [P]NP[_TZY ,WW Z_SP] WT_P]L_`]P LWW _SP _Pc_^ ZQ _SP NZYQWTN_TYR ^NSZZW^ ZQ [STWZ^Z[Sd LYO LWW ^NTPYNP^ LYO L]_^ L]P OP]TaPO Q]ZX_SPAPOL ##-PNL`^P_SPPL]_SWdAPOLZNN`]^ZYWdTYOT^NZY_TY`Z`^ ^[WTY_P]TYR _SP ^NSZZW^v _]LOT_TZY^ NLYYZ_ ZQQP] L `YTQTPO [TN_`]P ZQ ]PLWT_d LYd XZ]P -SL]_SL]Tv^ `YOP]^_LYOTYR ZQ _SP APOL T^ _S`^ LW^Z ML^POZYST^ATaL]_LOZN_]TYP ?SP ZYWd ^dXMZW ZQ L [Z^^TMWP TY_PR]LW bZ]WOaTPb T^ :¿ ,NNZ]O TYR _Z -SL]_SL]T :¿ T^ w_SP [P]QPN_ ]P[]P^PY_L_TZY aTOd£ x ZQ _SP -]LSXLY w_SL_ NZY^T^_^ ZQ ZYP bZ]Ox #$ 4_ T^ _SP TY_PR]L_TaP ^dXMZW ZQ -]LSXLY bSTNS P\`LWWd U`^_TQTP^ TY T_^ L]NSLTN ^PXLY_TN Q`YN_TZY ZQ wDP^ T_ T^ ^Zx LWW NZYQWTN_TYR Z[TYTZY^ ZQ _SP ^NSZZW^ LYO _S`^ ]PQ`_P^ _SPX L_ _SP ^LXP _TXP :¿ T^ L wXLYTQP^_L_TZY ZQ _SP NZX[WP_P ]PaPWL _TZYTYbSTNSLWW[STWZ^Z[STP^SLaP_SPT]]T^PLYOQLWWx $ 4Y-SL]_SL]Tv^NL^PT_T^TY_P]P^_TYR_SL_LW_SZ`RSSPNZYQZ]X^bT_S -]LSXLYTNLW_]LOT_TZYTY^P__TYRZ`__SPAPOLL^_SPQZNLW[ZTY_QZ]NZY NPTaTYRZQS`XLYMPTYR^LYO_SPbZ]WOLYO:¿L^LYTY_PR]LW^dXMZW L_ _SP ^LXP _TXP SP NZYNPOP^ _SL_ _SP TYOTaTO`LW SL^ L VPd ]ZWP TY _SP `YOP]^_LYOTYR ZQ ]PLWT_d ^TYNP SP ]PRL]O^ aT^TZY TP TY_`T_TZY Z] ^[ZY _LYPZ`^TY^TRS_ []L_TMS£ L^LYLN_`LW^Z`]NPZQVYZbWPORP $,NNZ]O TYR _Z -SL]_SL]T _SP `YOP]^_LYOTYR ZQ WLYR`LRP T^ ML^PO ^ZWPWd ZY _ST^ ^[PNTQTNLMTWT_dZQLWW^PY_TPY_MPTYR^% wBSd _ST^ [L]_TN`WL] bZ]O Z] _ST^ [L]_TN`WL] ^PY_PYNP SL^ _ST^ [L]_TN`WL] ^PY^P FTP SZb LY `YOP]^_LYOTYR ZQ ^PY^P NZXP^ LMZ`_H NLYYZ_ MP Pc [WLTYPOMdLYdF^[PLVP]Z]WT^_PYP]H,YOdP_T_T^LM^ZW`_PWdNWPL]_ZPaP]d FS`XLY MPTYRH TY^TOP STX^PWQ []L_d£_XLa__T U`^_ bSL_ _SP ^PY_PYNP XPLY^PaPY_SZ`RS_SP^`MUPN_FbSZNZXX`YTNL_P^LYO`YOP]^_LYO^HNLY YZ_OP^N]TMP_ST^Pc[P]TPYNPx $
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" ## #$ $ $
$
^LX£XLYLY_T ^aL[YLa__LXTaLO´¶L²]`_£Y`MS¼_LX£NTVSd£^LY_LT_dP´L[`]£VLW[Là g A__TZY A£VdL[LOÅdL PO4dP] A£VdL[LOÅdL LYOA__T&!>PPLW^Z/LaTO.L][PY_P]w-SL]_SL]TLYO_SPAPOLx TY ?Pc_^TY.ZY_Pc_ PO5PQQ]Pd=?TXX,WMLYd%>@9D$$"z A£VdL[LO¯dL !z A£VdL[LO¯dL $LYOA__T A__TZY A£VdL[LO¯dL $&NZY^TOP]LW^Z_SP6£]TV£aP]^P^#LYO$ A£VdL[LO¯dL # z " LYO [L]_TN`WL]Wd z >PP LW^Z ,VTSTVZ ,VLXL_^` w;]L_TMS£ TY -SL]_SL]Tv^ A£VdL[LO¯dLx ,^TL_T^NSP >_`OTPY C7A44 $$%"z TOLÀ_LOT_T^£YdP´£XLY£VSdPd£VL¶SLXNLYLg
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
,WW ^PY_TPY_ MPTYR^ SLaP L YL_`]LW LQQTYT_d QZ] ^Z`YO LYO L YL_`]LW _PY OPYNd _Z QZ]X T_ 0aPY TYQLY_^ bSZ SLaP YZ_ dP_ LN\`T]PO LYd WPcTNLW aZNLM`WL]d_]d_ZXLVP_SPX^PWaP^`YOP]^_ZZO`^TYR^Z`YO^ $LYOPaPY LYTXLW^ _SL_ ^SZ`WO YZ_ MP LMWP _Z ]PWL_P _Z S`XLY WLYR`LRP NLY WPL]Y bZ]O^ TY L [L^^TaP XLYYP] $ ?SP NZYNP[_ ZQ _SP waT^TZY TY_`T_TZYx []L_TMS£ T^OPQTYPOMd-SL]_SL]TTY_SPM]ZLOP^_^PY^P%TY^_TYN_TY^[T ]L_TZY _PWP[L_Sd Z] NWLT]aZdLYNP NLY LWW NZXP bT_STY ST^ OPQTYT_TZY $ BSL_T^NSL]LN_P]T^_TNZQLWW_SP^P[SPYZXPYLT^_SL_ZYPOZP^YZ_VYZb U`^_ SZb _SP VYZbWPORP L]Z^P M`_ _SL_ ^`NS VYZbWPORP NLY LWbLd^ MP _]LNPOMLNV_ZNP]_LTYXZOLWT_TP^ZQNZY_Pc_LYONT]N`X^_LYNP^ $! 1T]^_ ZQ LWW _SP]P L]P YL_`]LW TY_`T_TZY^ bSTNS bZ`WO MP NLWWPO TY ^_TYN_^ YZbLOLd^ ?SP bLd _SPd bZ]V NLY MP ^PPY XZ^_ NWPL]Wd TY LYT XLW^ ,YTXLW^ OZ YZ_ SLaP _Z MP _L`RS_ SZb _Z M`TWO L YP^_ QZ] PcLX [WP,N_`LWWd^`NSLMTWT_TP^]P^`W_Q]ZXLY`Y]PQWPN_POTY_`T_TZYbSTNST^ LWbLd^ []P^PY_ LYaLdL TY _SP ^[PNTP^ $" -SL]_SL]T Pc[WLTY^ ^`NS TY ^_TYN_^YZ_L^VYZbWPORPM`_L^L]MT_]L]d]PQWPcP^U`^_WTVP_SPbLdZYP bLVP^Q]ZX ^WPP[PaP]dXZ]YTYR $#:_SP]TY_`T_TZY^]P^`W_Q]ZXPc[P]T PYNP_SL_ZYPSL^LN\`T]POO`]TYRw[]LN_TNPx LMSd£^L LYOTY_P]YLWTePO ^Z _Z ^[PLV ,YZ_SP] ^Z`]NP ZQ TY_`T_TaP aT^TZY T^ _SP DZRTN PcP]NT^P^ ]P^`W_TYR TY _SP LMTWT_d _Z ^PP TY_Z _SP Q`_`]P LYO _Z ]PLO _SZ`RS_^ 4Y LOOT_TZY_SP]PL]PZ_SP]w^`[P]YL_`]LWxQLN_Z]^ _SL_ -SL]_SL]TOZP^YZ_ PcNW`OPbSTNSNLYYZ_MPOP_P]XTYPOTYXZ]POP_LTWLYOMP^_ZbQ`]_SP] aT^TZYL]dLMTWT_TP^ 3T^ _SPZ]d ZQ aT^TZY []ZaTOP^ L N]T_T\`P ZQ MZ_S _]LOT_TZY LYO N`W _`]P :Y _SP ZYP SLYO -SL]_SL]T _ZZ ]PRL]O^ _]LOT_TZY £RLXL L^ LY L`_SZ]T_L_TaP^Z`]NPZQVYZbWPORPM`_ZY_SPZ_SP]SLYOYZ_L^LNLYZY ZQ`YTaP]^LWNZXXLYOXPY_^TY_SP^PY^PZQ _SP ;¼]aL8ÅX£À^£V£^M`_ ]L_SP]L^LYTY_P]YLWTePO^P_Z]LN`W_`]LWwSLMT_`^xTY-Z`]OTP`v^^PY^P 8Z]PZaP]^TXTWL]_ZXZOP]YNZRYT_TaP^NTPYNPSP_]LNP^LRZZOOPLWZQ TY_`T_TZY _Z PaZW`_TZYL]d NL`^P^ TY XZOP]Y [L]WLYNP wRPYP^x YL_`]LW NZYOT_TZYTYR^ TYM`TW_ TYQP]PYNP^d^_PX^ N`W_`]LW wXPXP^x LN\`T]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ []L_d£_XLa__T^TOOS£^£VL]_]£[TYLYT]¼[dL_Pgg A£VdL[LOÅdL $ A£VdL[LO¯dL $ A£VdL[LO¯dL "LYOA__T $ >PPST^aP]^P^ZYPc_]LZ]OTYL]d[P]NP[_TZYTY A£VdL[LO¯dL z"bSTNS`^PLaP]d ^TXTWL]_P]XTYZWZRd_Z_SL_TY_SPaP]^P^ZY[]L_TMS£TYz $! A£VdL[LO¯dL LYOA__T&^PPLW^Z;`©dL]£ULv^NZXXPY_L]dPO4dP]-SL]_SL]Tv^ ML^TN aTPb T^ _SL_ TY_`T_TZY T^ _SP ]P^`W_ ZQ []PNZYOT_TZYTYR _]LOT_TZY £RLXL LYO TXLRTYL_TZY MS£aLYL !z 3P NWL^^TQTP^ ^Tc VTYO^ ZQ TY_`T_TZY^% _SZ^P LN \`T]PO Q]ZX YL_`]P _SZ^P LN\`T]PO Md LOSP]PYNP _Z _SP APOL Md []LN_TNP Md DZRL MdTYaT^TMWPQLN_Z]^LYOMd_SPTY_P]aPY_TZYZQ^[PNTLWWd\`LWTQTPO[P]^ZY^ $" A£VdL[LO¯dL !z ^PPLW^Z_SPA__T $#A__TZY A£VdL[LO¯dL
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
VYZbWPORPTY_ST^WTQPZ]LQZ]XP]ZYPLYO]P[P_T_TaP[]LN_TNP?ST^T^ _SP ^[PNTQTNWTXT_L_TZY _ZbSTNSLWWS`XLYLMTWT_d _ZLN\`T]PVYZbWPORP T^ ^`MZ]OTYL_PO 0aPY TY_PR]LW aT^TZY^ LYO TOPL^ z ^`NS L^ _SZ^P ZQ _SP APOTN ^PP]^ z NLYYZ_ MP QZ]X`WL_PO Z`_^TOP ZQ YL_`]LW []PNZYOT_TZYTYR LYO _SP ^ZNTLW SLMT_`^ _SL_ T^ [L^^PO ZY _S]Z`RS N`W_`]P ?SP aT^TZY NZXP^ MPQZ]P _SP _]LOT_TZY LYO L_ _SP ^LXP _TXP LNNZX[LYTP^ LYO [P] [P_`L_P^ T_ ?SP aT^TZY T^ YZ_ NZXX`YTNLMWP bT_SZ`_ L []PPcT^_PY_ ^P XLY_TN^d^_PX £RLXL Z]L^TY_SPNL^PZQLYTXLW^bT_SZ`_L[]PaTZ`^ MPSLaTZ]LW]P[P]_ZT]P, ^_LYO[ZTY_Q]PPZQ_]LOT_TZYLYONZY_Pc_ ^TX[Wd OZP^YZ_PcT^_ ?ST^ L]R`XPY_LW^ZOP_P]XTYP^ -SL]_SL]Tv^Q`YOLXPY_LWN]T_T\`PZQ ]L_TZYLWT^XLYOQZ]XLWLYLWd_TN^d^_PX^_SPLOP\`LNdZQbSTNSSPNLWW^ TY_Z \`P^_TZY $$ ?SP MPWTPQ TY ZMUPN_TaP ]PL^ZYTYR L^^`XP^ L aLWTO NZR YT_TZY ZQ ]PLWT_d Md w[`]P ]PL^ZYx LYO ]PRL]O^ T_^ WZRTN L^ NZY_Pc_Q]PP -SL]_SL]T []ZaP^ _SL_ _ST^ T^ YZ_ ^Z% WZRTN LYO TYQP]PYNP X`^_ LW^Z `^P WLYR`LRPLYO[L]_TNT[L_PYZWP^^_SLYZ_SP]^_L_PXPY_^TY_SPNZY_Pc_`LW T_dOP_P]XTYPOMdSLMT_`LWNSL]LN_P]T^_TN^% w4_ T^aT]_`LWWdTX[Z^^TMWP_Z RTaPLQTYLW PaLW`L_TZYZQ_STYR^MdXPLY^ZQ WZRTN LYO TYQP]PYNP QZ] _SPd [Z^^P^^ \`T_P OTQQP]PY_ [Z_PY_TLW^ LYO L[[PL] OTQQP]PY_WdL_OTQQP]PY__TXP^L_OTQQP]PY_[WLNP^LYO`YOP]OTQQP]PY_NZYOT _TZY^ ,YO PaPY TQ LY ZMUPN_ SL^ MPPY TYaP^_TRL_PO bT_S _SP R]PL_P^_ NL]P MdNWPaP]WZRTNTLY^T_bTWWMPPc[WLTYPOOTQQP]PY_WdMdPaPYNWPaP]P]_STYV P]^x
?SP[]ZMWPXOZP^YZ_WTPTY_SPWZRTNM`_TY_SPTX[Z^^TMTWT_dZQOPQTY TYR_STYR^TYL_]`Wd`W_TXL_PQL^STZY?SPTOPLZQQT]PT^Q`YOLXPY_LWWd OP_P]XTYPO Md _SP TOPL ZQ wM`]YTYRx LYO QT]P LYO bZZO LW^Z LN_`LWWd ]P^`W_ TY wM`]Y_ bZZOx M`_ QT]P LYO NWZ`O OZ YZ_ ]P^`W_ TY wM`]Y_ NWZ`Ox?SPWZRTNLWNZYNW`^TZYZQwBSP]PaP]_SP]PT^QT]P_SP]PT^M`]Y TYRx T^ _SP]PQZ]P YZ_ RPYP]LWWd aLWTO >PXLY_TN TX[WTNL_TZY T^ YZ_ _SP ^LXP_STYRL^WZRTNLWTX[WTNL_TZY 4Q ZYP PcLXTYP^ -SL]_SL]Tv^ N`W_`]LW N]T_TNT^X bSTNS ZYP NZ`WO LW^Z NLWW [P^^TXT^X LMZ`_ N`W_`]P Z] N`W_`]LW ]PWL_TaT^X LYO _SP []Z YZ`YNPO ^TX`W_LYPZ`^ MZYO _SL_ _TP^ STX _Z _SP APOL LYO _]LOT_TZY T_ MPNZXP^NWPL]U`^_SZbaP]d^_]ZYRWd_SP_bZQ`YOLXPY_LWZ]TPY_L_TZY^ _SP PXLYNT[L_Z]d LYO _SP [L]_TNT[L_Z]d L]P WTYVPO TY ST^ aTPb 3P `YT QTP^ Xd_STNLW _SZ`RS_ QZ]X^ bT_S ]L_TZYLW L]R`XPY_L_TZY 3T^ RWZMLW SZ]TeZY ZQ ^PY^P bT_S ]PLWT_d ML^PO TY WLYR`LRP T^ ZY _SP ZYP SLYO Pc[WLTYPO ]L_TZYLWWd L^ L YPNP^^L]d _SZ`RS_ M`_ ^_TWW T_ OZP^ YZ_ LWWZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ :Y_ST^T^^`P^PPLW^Z6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x"z$ LaL^_S£OP²LV£W£Y£ÀMSPO£OMSTYY£^`²LV_T´`g MS£a£Y£XLY`X£YPYL[]L^TOOST]L_TO`]WLMS£gg A£VdL[LOÅdL dL_YPY£Y`XT_Zv[dL]_SLàV`²LWLT]LY`X£_MSTàg LMSTd`V_L_L]LT]LYdLT]LYdL_SLTaZ[L[£OdL_PggA£VdL[LOÅdL
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
T_^PWQ_ZMP PcLXTYPOTY LYd]L_TZYLWT^_TNXLYYP] -SL]_SL]Tv^ .ZXX` YTNL_TaP -]LSXLY T^ L `YTaP]^LW Xd_S _SL_ OZP^ YZ_ ^P_ T_^PWQ LRLTY^_ ]L_TZYLW Pc[WLYL_TZY LYO `YOP]^_LYOTYR ZQ _SP bZ]WO M`_ ]L_SP] `YOP] [TY^ T_ ?SP Z_SP] ^TOP ZQ ST^ N`W_`]LW N]T_TNT^X T^ ST^ SZWT^_TN [L]LOTRX LYO _SP YPNP^^T_d ZQ [Z^_`WL_TYR L ]PQWPN_PO _SPZ]d ZQ []L_TMS£ TP ZQ waT^TZYx wTY_`T_TaP TY^TRS_x Z] wQWL^S ZQ `YOP]^_LYOTYRx z MZ_S SZWT^X LYO wQWL^Sx MPTYR TWW`^_]L_PO Md _SP NZRYT_TaP []ZNP^^ ZQ _SP L[[]PSPY ^TZYZQL^PY_PYNP?SPbLdXPLYTYR_LVP^[WLNPLYO_SPaP]dYL_`]PZQ XPLYTYRT_^PWQLN_`LWWdPaLOP]L_TZYLWPc[WLYL_TZYBSTWP_SPbZ]O^ZQL ^PY_PYNPNLYMPLYLWdePO_SP ^[SZ¶L T_^PWQ]PXLTY^`YOPQTYPO% wBSPYbP`YOP]^_LYO_SPXPLYTYR^FZQ_SPbZ]O^TYL^PY_PYNPHMdR]L^[ TYR_SPT]OTQQP]PYNPQ]ZXZYPLYZ_SP]_SP]PL]T^P^LQWL^SZQ`YOP]^_LYOTYR []L_TMS£ bSTNS T^ _Z_LWWd OTQQP]PY_ FQ]ZX _SP R]L^[TYR ZQ _SP TYOTaTO`LW bZ]O^H BP NLWW _SL_ F []L_TMS£ H bSTNS T^ []ZO`NPO Md _SP XPLYTYR^ ZQ _SP bZ]O^_SPXPLYTYRZQ_SP^PY_PYNPx w:YWd TRYZ]LYNP LaTOd£ T^ OP^N]TMPO Md _SP OTQQP]PYNP^ ZQ NZY^_]`N_TZY^ TY_SP^NSZWL]WdbZ]V^ ²£^_]L^ @YOP]^_LYOTYR aTOd£ L]T^P^MdT_^PWQYZ_ L^LYLW_P]YL_TaPZQ_]LOT_TZY5`^_L^LYPQQPN_T^TYOP^N]TMLMWPLYOYZ_NZY YPN_PO_Z_SPNL`^P^^Z`YOP]^_LYOTYR aTOd£ LW^Z_SZ`RSYZ_QT__ZMPTY _P][]P_PO T^ NSL]LN_P]TePO L^ TQ T_ SLO _SP ^NSZWL]Wd bZ]V^ ²£^_]L L^ L XPLY^x w3ZbbTWW_SP]PMPOTaT^TZY^ZQXPLYTYR L]_SL *x
w?SP]P T^ L [Z^_^_]`N_`]LWT^X TY -SL]_SL]Tv^ L]R`XPY_^ _SL_ RP_^ ^TR YTQTNLY_Wd MPdZYO _SP [Z^_^_]`N_`]LWT^X^ YZb OT^N`^^PO TY WT_P]L]d N]T_TNT^X ST^_Z]d LYO LY_S]Z[ZWZRdx ?ST^ T^ bSP]P 6PWWd L ^NSZWL] ZQ LY_S]Z[ZWZRTNLW WTYR`T^_TN^ LYO ^ZNTLW _SPZ]d ^PP^ -SL]_SL]T L^ L ^TRYTQTNLY_ ^ZW`_TZY _Z ^_LWWPO XZOP]Y ^NSZWL]Wd OPML_P^ TY _SP $$^ _SL_ ^_TWW WTYRP] ZY YZbLOLd^ QTQ_PPY dPL]^ WL_P]% LY LY_S]Z[ZWZRd w[]TaTWPRTYRQZ]XLWXZOPW^ZQ^TRY^d^_PX^L^_SPaPSTNWPQZ]TY_P][]P_L _TZY LYO Pc[WLYL_TZY ZQ PaP]d_STYRx LY LY_S]Z[ZWZRTNLW WTYR`T^_TN^ _SL_ ^PPV^ _SP bLd MLNV wQ]ZX _SP TY_P]TZ]^ ZQ LM^_]LN_PO ^PXTZ_TN ]PLWX^x LYO bSZ^P NZ`Y_P]NSL]X T^ w[]LN_TNPx LYO L [Z^_^_]`N_`]LWT^_ [ST ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ aTNNSPOLR]LSL©Pu]_S£Y£À[]L_TMS£YdLTaLU£dL_Pg a£Vd£]_SLT_T_£X£S`à[LO£]_SLT]`[L[£OT_£Xgg A£VdL[LO¯dL ²£^_]P´`[]LV]Td£MSPOLT]LaTOdLTaZ[LaL]©dL_Pg LY£RLXLaTVLW[£_`^aLdLÀaTOdZ[LaL]_L_Pgg LYTMLOOSLÀYTXT__P´`YT]`[£VSdLÀ[SLWLXdL_S£g _L_S£aTOd£[dLY£VSdPd£²£^_]Z[£dPaLWLV´dL_Pgg A£VdL[LO¯dL z :`] 0YRWT^S ]PYOP]TYR QZWWZb^ 6PWWdv^ _]LY^WL_TZY bSTNS bP SLaP ZYWd ^WTRS_Wd LW _P]POw`YOP]^_LYOTYRxTY^_PLOZQw_]`_Sx_]LY^WL_TZYZQLaTOd£LYO²£^_]L>PP6PWWd w8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x" V`_Zu]_SL^dLMSLaT´dL_TA£VdL[LO¯dL M 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x" 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x"$
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
!!
WZ^Z[SdÂWL/P]]TOL_SL_[]TaTWPRP^LwQL_`Z`^YTSTWT^XML^POZYOPNZY ^_]`N_TaP bT^OZXx ! BSd ^SZ`WO _SP LYNTPY_ _STYVP] ZQQP] L YPb [Z^_ [Z^_N]T_TNLW ]P^[ZY^P* -PNL`^P SP LOO]P^^PO wTY _SP bLVP ZQ LYO [P] SL[^ TY ]P^[ZY^P _Z L [ZbP]Q`W OPNZY^_]`N_TaP QZ]XLWTeL_TZY ZQ XPLY TYRx_Z[TN^_SL_bZ`WOMPLNNZ]OTYR_Z6PWWdMLOWdYPPOPOTYNZY_PX [Z]L]d OPML_P^ L^ bPWW YLXPWd w_Z OZ XZ]P _STYVTYR LMZ`_ XPLYTYR XPLYTYR `YT_^ LYO _SP RPYP]LW []Z^[PN_^ QZ] QZ]XLW LYLWd^T^ ZQ XPLY TYRx " 6PWWd ^`[[Z^P^ _SL_ w-SL]_SL]Tv^ L]R`XPY_ LMZ`_ _SP `YT_d ZQ ^PY_PYNP`__P]LYNPXPLYTYRLYO_SP`_TWT_dZQNZY_PX[WL_TYR_SP[ZbP]^ LYO WTXT_^ ZQ QZ]XLW L[[]ZLNSP^ _Z WTYR`T^_TN LYLWd^T^x bL^ Z]TRTYLWWd XPLY_L^L]P^[ZY^P_Z-`OOST^_8LOSdLXLVLOTLWPN_TNLYOOPNZY^_]`N _TZYT^_ [STWZ^Z[Sd # -`_ _SP bLd -SL]_SL]T OPLW_ bT_S T_ XLVP^ STX L NLYOTOL_PQZ][]ZaTOTYRLVPdQZ]Lw[Z^_^_]`N_`]LWT^_^PXTZ_TN^xbSTNS T^ 6PWWdv^ NZYNP]Y% w8d ^PY^P T^ _SL_ bP YPPO L X`NS XZ]P [ZbP]Q`W ]PNZY^TOP]L_TZY ZQ XPLYTYR T_^PWQ _Z ]P^ZWaP _SP TX[L^^P LYO _SL_ -SL]_SL]T XTRS_ SPW[x $ _Z RP_ w[L^_ _SP _d[P ZQ u[Z^_^_]`N_`]LWT^Xv _SL_ T^ ]P[]P^PY_PO Md /P]]TOL TY NZY_PX[Z]L]d BP^_P]Y _SZ`RS_% [L^_ _SP OT^NZaP]d ZQ TY^_LMTWT_d TY ^TRY^ LYO _SP T]]PO`NTMTWT_d ZQ LN_^ ZQ [ZbP] TY _SPT] `^Px ,YO SZb OZP^ -SL]_SL]T SPW[* w/P]]TOL TY^T^_^ _SL__SP^TRYTQTP]T^L_]LNP-SL]_SL]T_SL_T_OT^L[[PL]^bSPY_SPXPLY TYRMPNZXP^NWPL]m_SP^TRYFT^HL_ZZW;WZb^^bZ]O^LYO[P^_WP^m L]P L[[WTPO bT_STY _SPT] WTXT_^ _Z _SP YPNP^^L]d _L^V^ >Z T_ T^ bT_S ²LMOL >TRY^ OZYv_ SLaP _SPT] ZbY XPLYTYR^ _SPd L]P `^PO _Z XLVP XPLYTYR^x
?SP?S]PP/TXPY^TZY^ZQ7LYR`LRP
w?ST^ F^NTPYNP ZQ R]LXXL]H T^ _SP bZYOP]Q`W ^`[]PXP LMZOP [L]LXLX [LOLX ZQ _SP _S]PPQZWO ^[PPNS a£N FYLXPWdH _SP ALTVSL]¯ F_SP u.Z][Z ]LWv OTXPY^TZY TP L`OTMWP ^[PPNSH _SP 8LOSdLX£ F_SP u8TOOWPv Z] uXP OTL_TYRvOTXPY^TZYTP_SZ`RS_HLYO_SP ;L²dLY_¯ F_SPu>PPTYRvOTXPY^TZY TP _SP ^`OOPY NZX[]PSPY^TZY ZQ XPLYTYRH bSZ^P OTaP]^P _]LY^T_TZY [ZTY_^ _¯]_SL L]PXLYTQZWOx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! " # $
6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x#$ 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x"$ 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x" 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x#$ 6PWWdw8PLYTYRLYO_SP7TXT_^ZQ,YLWd^T^x$ 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x $& 6PWWd ]PQP]^ SP]P _Z A£VdL[LO¯L " z""$#z$$ aLTVSL]d£XLOSdLX£d£²NL[L²dLY_d£²NLT_LOLOMS`_LXg LYPVL_¯]_SLMSPO£d£^_]Ldd£a£NLà[L]LX[LOLXgg A£VdL[LO¯dL $
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!"
-SL]_SL]Tv^NZYNP[_TZYZQ_S]PPOT^_TYN_OTXPY^TZY^ZQWLYR`LRPNWPL]Wd QZ]X^ L ]PNP[_TZY ZQ ST^ ZbY _SPZ]PX^ LYO ]PLNSP^ TY_Z _SP Xd_STNLW LYO Xd^_TNLW ?SP aP]^P \`Z_PO A£VdL[LO¯dL $ \`LWTQTP^ R]LX XL] L^ [L]LXLX [LOLX w^`[]PXP LMZOPx z L _P]X `^PO TY _SP @[LYT´LO^ _Z OPYZ_P _SP STRSP^_ -]LSXLY LYO WTMP]L_TZY 4Y^_PLO ZQ ²LMOL -SL]_SL]T `^P^ _SP APOTN _P]X a£N bSTNS T^ ]PXTYT^NPY_ ZQ _SP APOTNwRZOOP^^ZQ^[PPNSx?SPA__TLYO_SP^`NNPPOTYRaP]^P A£VdL [LO¯dL !]PQP]_Z_SPwNZbZQWLYR`LRPx_ZOP^N]TMPTYL[ZP_TNbLd _SPYL_`]PZQ^[PPNS,YO TYLSTRSWdXP_L[SZ]TNLW LYOSdXYTNXLYYP] A£VdL[LO¯dL !#z!$ RWZ]TQTP^ _SP ;L²dLY_¯ w>PPTYRx^[PPNS L^ YPN_L]ZQ_SP^Tc_PPY_SOTRT_ZQ_SPXZZYLYO_SPTXXZ]_LW^Tc_PPY_S[L]_ ZQ_SP;`]`´L_SPAPOTNXLN]LY_S]Z[Z^bSZ^P^PWQ^LN]TQTNPNZY^_T_`_PO _SP `YTaP]^P ,WZYR^TOP _SP^P ^`RRP^_TaP APOTN TXLRP^ bP QTYO _SP _S]PP_P]X^ALTVSL]¯8LOSdLX£LYO;L²dLY_¯_SL_OZYZ_MPWZYR_Z_SP APOL YZ] _Z _SP R]LXXL_TNLW _]LOT_TZY ZQ ;£©TYT bSTNS -SL]_SL]T QZW WZb^PW^PbSP]P3ZbPaP]_SPWTYR`T^_TN[STWZ^Z[SP]OTOYZ_TYaPY__ST^ OZN_]TYP STX^PWQ LYO TY^_PLO SP L[[L]PY_Wd ]PQP]^ _Z PcT^_TYR TOPL^ L^ NLY MP TYQP]]PO Q]ZX \`Z_L_TZY^ TY _SP A__T ZY $ ?SP aP]^P^ NT_PO _SP]PTY^Z`YODZRTN?LY_]TNLYO^PPX_ZLWW`OP_ZL^[T]T_`LW[]LN_TNPZQ XLY_]L ]P[P_T_TZY M]PL_S NZY_]ZW LYO NZY_PX[WL_TZY 3P]P _SP [SZ YPXP^ `__P]PO L]P L^^ZNTL_PO bT_S _SP ALTVSL]¯ _SP NZY_]ZWWPO M]PL_S LYO wM]PL_SWP^^x XPY_LW ^_L_P bT_S _SP 8LOSdLX£ LYO QTYLWWd _SP w`Y OTaTOPOxaT^TZYZQwZYPv^ZbYTYYP]WTRS_x ^aL]¼[LUdZ_T]LY_Là LYOZQ _SP wTX[P]T^SLMWP ^`M_WP ^[PPNSx ^¼V´X£ a£RLYL[£dTY¯ bT_S _SP ;L²dLY_¯ z L aT^TZY _SL_ T^ ^LTO _Z _]LY^QZ]X ]LOTNLWWd _SP wPXMZOTPOx [P]^ZY _SP ALTVSL]¯ Z] ^ZXL_TN OTXPY^TZY TY_Z LY TXXZ]_LW ZYP ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .]T_PO=L`( A£VdL[LO¯dL PO4dP]& A£VdL[LO¯dL _]LY^4dP]?ST^T^ _SP ZYWd [L^^LRP ZY _SP _S]PP WLYR`LRP WPaPW^ L[L]_ Q]ZX L ^SZ]_ Pc[WLYL_TZY ZQ _SP _S]PP _P]X^ TY _SP A__T LYO A£VdL[LO¯dL !z" LYO L [L^^TYR LWW`^TZY TY A£V dL[LO¯dL z bSP]PWLYR`LRPNZX[]PSPY^TZYT^WTVPYPO_ZLYP\`LWWd_S]PPQZWO []ZNP^^ZQNZRYTeTYRaT^`LWZMUPN_^PRLQTR`]PTYL[LTY_TYR ?SP _P]X [L]LXLX [LOLX ZNN`]^ QZ] TY^_LYNP TY 6L¶SL@[LYT´LO $ LYO 8LT_]T @[LYT´LO LYO!LYO^PPX^_ZMPLQLaZ]T_P_P]X[L]_TN`WL]WdTY_SPWL_P]DZRL @[LYT´LO^ WTVP _SP /Sd£YLMTYO` ?PUZMTYO` DZRL²TVS£ # DZRL_L__aL " bSTNS ]PXLTYPO `YNZXXPY_PO Md ±L«VL]L LYO [Z^^TMWd [Z^_OL_P^ STX >TXTWL] _Z _SP @[LYT´LO _]LOT_TZY -SL]_SL]T NLWW^ _SP w^`[]PXP LMZOPx _Z bSTNS _SP ^_`Od ZQ R]LXXL] WPLO^ aL]TZ`^Wd ;L]LX -]LSXL wSTRSP^_ -]LSXLYx A£VdL[LO¯dL ;L]LX ¢_XLY w^`[]PXP >PWQx 5dZ_T] wF^`[]PXPH WTRS_x # M`_ LW^Z ±LMOL?L__aLLYOTY_SPA__TPaPY±LMOL-]LSXLYwBZ]O-]LSXLYxP_NzLWW _SP^P _P]X^ OPYZ_TYR XZV´L wWTMP]L_TZYx 4_ T^ YZ_PbZ]_Sd _SL_ _SP _P]X ±LMOL -]LSXLY OZP^ YZ_ ZNN`] TY _SP ZWOP] @[LY´LO^ bT_S _SP PcNP[_TZY ZQ 8LT_]T 8LT_]£dL©L@[LYT´LO!bSP]PT_OPYZ_P^_SP^LN]PO^dWWLMWP:¿zLYTOPY_TQTNL _TZYbSTNST^aP]dNZXXZYTY_SPWL_P]4YOTLY_]LOT_TZY >PP A£VdL[LO¯dL 4 PO 4dP] $ LYO 4dP]v^ _]LY^WL_TZY "z# ?SP aP]^P^ L]P ]PXTYT^NPY_ZQ±LTaL?LY_]LLYO_SPWL_P]2Z]LVYL_S>TOOSLDZRL_]LOT_TZY
!#
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
Z]TRTYLWNZY_Pc_T^ZMaTZ`^WdL]PWTRTZ`^^Z_P]TZWZRTNLWZYP4YNZY_]L^_ -SL]_SL]Tv^ ]PNP[_TZY TY _SP A£VdL[LO¯dL LYO _SP A__T T^ WTYR`T^_TN ! 3P]PNPTaP^_SP_S]PP_P]X^TY_SPWTRS_ZQST^^[SZ¶L_SPZ]d4Y^ZOZTYR SP N]PL_P^ L ML^TN XZOPW _SL_ XLVP^ STX _SP _Z[ TOPZWZRT^_ ZQ _SP WL_P] ?LY_]TN [STWZ^Z[STP^ ?SP A__T ZY A£VdL[LO¯dL $ Pc[Z`YO^ -SL]_SL]Tv^ZbYOZN_]TYPL^QZWWZb^% " ?SPQT]^_OTXPY^TZYZQWLYR`LRP_SP ALTVSL]Å Z]w.Z][Z]PLWxw0X MZOTPOx _SP []PNT^P XPLYTYR T^ `YNWPL] NZTYNTOP^ bT_S _SP LN_`LW WTY R`T^_TN Pc[]P^^TZY LYO _SP ^Z`YO _SL_ bP SPL] ,_ _ST^ ^_LRP LWW YZY WTYR`T^_TN TYOTaTO`LW NSL]LN_P]T^_TN^ ZQ _SP ^[PLVP] L]P []P^PY_ ^`NS L^ _PX[Z LYO XZO`WL_TZY ZQ ST^ ^[PPNS ,_ _ST^ WPaPW T_ T^ [Z^^TMWP _Z OT^ _TYR`T^S ]TRS_ LYO b]ZYR bZ]O QZ]X^ -`_ YZ_ ZYWd bZ]O^ LW^Z PaP]d L`OTMWP ^Z`YO ^`NS L^ QW`_P X`^TN O]`XMPL_^ SL][ X`^TN LYO LW^Z NSLZ_TNYZT^P^^`NSL^^N]L[TYRLYO^\`PLVTYRMPWZYR_Z_SPALTVSL]¯ 8LOSdLX£ _SP w8TOOWPx TP WZNL_PO MP_bPPY ;L²dLY_Å LYO ALTV SL]ÅWLYR`LRPOTXPY^TZY]PQP]^_Z_SP^[PPNSbT_STY_SPXTYObSTNST^ YZ_SPL]OMdZ_SP]^YLXPWd_SP _SZ`RS_ bZ]OTY NZY_]L^__Z _SP ^[ZVPY bZ]O ?SP]P T^ ^_TWW NZRYT_TZY ZQ L NWPL] WTYPL] ^P\`PYNP ZQ ^Z`YO^ Z] [SZYPXP^M`__SPbZ]OT^Pc[P]TPYNPOL^L`YT_ZQXPLYTYRPYNZX[L^^ TYR_SP^P\`PYNP ;L²dLY_Å bSTNS WT_P]LWWd XPLY^ w_SP >PPTYRx WLYR`LRP OTXPY^TZY PcT^_^MPdZYO_SPWTYPL]T_dZQOT^N`]^TaP_SZ`RS_3P]PLWWL^[PN_^ZQ_SP bZ]O L^^ZNTL_PO bT_S ^[LNP_TXP L]P ZYWd []P^PY_ L^ WL_PY_ [Z_PY_TLW^% ;L²dLY_¯wbZ]O^x SLaP YPT_SP] L ^[PNTQTN ^Z`YO QZ]X YZ] L ^[PNTQTN XP^^LRPzLWW_SP^PbZ]O L^[PN_^L]P NZX[WP_PWdQ`^PObT_S _SP ^[SZ¶L _SP^`OOPYTXXPOTL_PTY^TRS_ZQLXPLYTYR`YT_:]TY_SPbZ]O^ZQ_SP A__T ;L²dLY_¯ OPYZ_P^ _SL_ OTXPY^TZY ZQ WLYR`LRP wTY_Z bSTNS _SP [ZbP] ZQ ^P\`PYNP V]LXL²LV_T SL^ PY_P]POx LYO TY bSTNS ^[SP]P ZQ WLYR`LRPLWW[P]NP[_TMWP ^P\`PYNP^^`NS L^_SPZ]OP] ZQ[SZYPXP^ TYL bZ]O Z] _SP Z]OP] ZQ bZ]O^ TY L ^PY_PYNP L]P XP]RPO TY_Z ZYP ?SP]P L]P YZ b]ZYR Z] ]TRS_ QZ]X^ 4Y _SP [`]P aT]_`LWT_d ZQ _SP ;L²dLY_¯ WTY R`T^_TN P]]Z]^ L]P YZ_ PaPY [Z^^TMWP 4Y _SP bZ]O^ ZQ _SP A__T% _SP w^` []PXP QZ]X ZQ >PPTYRx [L]L [L²dLY_¯]¼[L T^ OPaZTO ZQ NZ]]PN_ LYO TYNZ]]PN_bZ]OQZ]X^LYOMPdZYO_SPbZ]WOWd`^LRP ?SP ;L²dLY_¯ OTXPY^TZY ZQ ^[PPNS T^ Md T_^ aP]d YL_`]P LY LM^Z W`_PWd [L]_WP^^ LaTMS£RL bSZWP # M`_ L_ _SP ^LXP _TXP T_ T^ YZ_ SZ XZRPYZ`^ 4_ NZY_LTY^ bT_STY T_^PWQ _SP [Z_PY_TLW ZQ ^P\`PYNP bSTNS MPNZXP^XLYTQP^_TY_SP8LOSdLX£LYOALTVSL]¯OTXPY^TZY^LYO_SP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PPQZ]_SPbTOP]NZY_Pc_ZQ A£VdL[LO¯dL $_SP6£]TV£^ !z" " ?SP A__Tv^WTYR`T^_TNPc[Z^T_TZYZQ _SP_S]PP_P]X^T^aP]d X`NSTYNZY^ZYLYNP bT_S A£VdL[LO¯dL !z"M`_NZY_LTY^^ZXPPWLMZ]L_TZY^ # A£VdL[LO¯dL !" LYO QZ] _SP QZWWZbTYR ^PP LRLTY _SP A__T ZY $ PO 4dP]
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!$
T^ OTQQP]PY_TL_TZY PaPY LXZYR _SP ^P\`PYNPWP^^ ;L²dLY_¯ QZ]X^ ,W _SZ`RS _SPT] ^_]`N_`]P T^ LWbLd^ _SP ^LXP _SP [`]P NZRYT_TZY ZQ _SP TYOTaT^TMWP ^[SZ¶L _SP]P L]P TYY`XP]LMWP LYO XLYTQZWO ;L²dLY_¯^ [L]TX£YLMSPOL OP[PYOTYR ZY _SP [^dNSZWZRTNLW Q]LXP ZQ XTYO TP T_^]P^_WP^^YP^^Z]NZYNPY_]L_TZY_SPNZY_PY_TP_SPZMUPN_^ZQNZRYT _TZY LYO _SP ]LYRP LYO QZ]X ZQ ;L²dLY_¯ 4_ XLd SLaP _SP L[[PL]LYNP []L_dLaLMS£^£ ZQTYOTaTO`LWWTXT_POZMUPN_^ [L]TNNSPOLYY£]_SL ZQLWW ZMUPN_^ TY _SPT] PY_T]P_d ^LÀ^´¶£]_SL Z] MP L QZ]XWP^^ NZRYT_TZY YT]£V£]L TY bSTNS LWW ZMUPN_VYZbWPORP T^ LM^Z]MPO Md L XTYOQ]LXP ZQ_]LY\`TWT_dNLWXYP^^LYO[PLNP []L²£Y_L^L]a£]_SL ,WW`OTYR _Z OTQQP]PY_ Z[TYTZY^ LMZ`_ NZ]]PN_ ^[PPNS L^ L XPLY^ ZQ M]TYRTYRLMZ`_S`XLY[P]QPN_TZY_SPA__T]PXL]V^% x?ST^ F^`[]PXP ;L²dLY_¯ QZ]XH ZQ WLYR`LRP MPNZXP^ NZX[]PSPYOPO LN NZ]OTYR _Z _SP _]LOT_TZYLW aTPb[ZTY_ ZQ ^ZXP Md R]LXXL] Z] FTY Z_SP] bZ]O^H a£ Md _SP `YTZYTY_`T_TaP TY^TRS_ dZRL bSTNS L]Z`^P^ _S]Z`RS VYZbTYR NZ]]PN_ FLYO TYNZ]]PN_H QZ]X^ LYO bSTNS [P]_LTY^ _Z _SL_ bSTNS NZXP^MPQZ]PFLWWL`OTMWPHbZ]O^ ²LMOL[¼]aL x $
,_ _ST^ [ZTY_ L Y`XMP] ZQ `YNZXXPY_PO \`Z_L_TZY^ Q]ZX wLYNTPY_ WZ]Px T_TS£^L L]P LOOPO bSTNS L[[L]PY_Wd LTX _Z TWW`^_]L_P PT_SP] QTR` ]L_TaPWd Z] aP]MLWWd _SP ]LYRP ZQ _SP _S]PP WLYR`LRP XZOLWT_TP^ ^_L]_TYR bT_S L aP]^P ZY _SP wNZb ZQ WLYR`LRPx LYO PYOTYR bT_S _SP DZRTN ?LY_]TN^Z`]NP?SPQTYLW^PN_TZY]P_`]Y^_Z_SPA__TL`_SZ]v^[]P^`XL MWd-SL]_SL]Tv^ZbYNZY_PY_TZY% w,YO []PNT^PWd _ST^ _S]PPQZWO WLYR`LRP ]P^PXMWP^ _SP XP_LXZ][SZ^P^ aTaL]_L ZQ _SP NZ^XTN XP_L.ZY^NTZ`^YP^^ NLT_LYdLR]LY_ST FLYOH T_^ ^TePNLYYZ_MPXPL^`]POL_LWW,YOZYWdTYT_^wQZ`]_S[L]_xOZP^T_L[[PL] FL^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯H LXZYR^_ XPY LYO PaPY ZQ _ST^ F\`L]_P]H ZYWd L ^XLWW [L]_ T^ TY `^P z _SP Z_SP] [L]_ RZP^ MPdZYO YZ]XLW `^PZQWLYR`LRPx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ [L]LÀ_`[L²dLY_¯]¼[LXLYL[LMS]LÀ²LXL^LÀV¯]©LÀWZVLadLaLS£]£_¯_LX g_L^d£PaL a£NZ ad£VL]L©PYL ^£OS`_aLU«£YLWLMSdPYL a£ ²LMOL[¼]aP©L dZRPY£OSTRLXdL_L T_dPVP´£X£RLXLàgA__TZY A£VdL[LO¯dL $PO4dP][! 4dP] _]LY^ A£VdL[LO¯dL 4 ! _]LY^WL_P^% w:YP ZQ _SPX _SP bZ]ONZb SLaTYR L ]LOTLY_^XTWPLYOLYPcNPWWPY_YL_`]PTYSP]OTaTYPLYOYZYOTaTYPQZ]XdTPWO^XTWV L^ _SP .Zb OZP^x 3P _]LNP^ _SP \`Z_L_TZY^ wTY L aP]d OTQQP]PY_ QZ]X TY _SP 8LS£ MS£]L_L ¢²aLXPOSTVL[L]aLYxTMTO# 4Y -SL]_SL]Tv^ NL^P _SP _P]X wNLT_LYdLR]LY_STx L[[L]PY_Wd OPYZ_P^ wYPc`^ ZQ NZY ^NTZ`^YP^^x TY NZY_]L^_ _Z TYOTaTO`LW NZY^NTZ`^YP^^ bSTNS T^ bSd bP _]LY^WL_P T_ L^ wNZ^XTN XP_L.ZY^NTZ`^YP^^x ?SP `^`LW _]LY^WL_TZY L^ wVYZ_^ ZQ NZY^NTZ`^YP^^x ^PPQZ]TY^_LYNP4dP]"OZP^YZ_XLVPX`NS^PY^PQZ]-SL]_SL]TbSZ^PPX^_Z `YOP]^_LYO R]LY_ST TY _SP ^PY^P ZQ PVLRSLYL L NZYNPY_]L_PO NZX[LN_ XL^^ ZQ NZY ^NTZ`^YP^^ ^LT´£ _]LdÅ a£V NLT_LYdLR]LY_STaTaL]_LaLO LY£VSdPdL[L]TX£©£ _`]ÅdP©L XLY`´dP´` []L_dLaLMS£^L_P g _L_]£[T N£^d£à VTÀNTO PaL ad£aLS£]TVLX LYdL_ _` ^£X£YdLadLaL S£]£_Å_LXgA__TZY A£VdL[LOÅdL F( $PO=L`HPO4dP]
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
:MaTZ`^Wd _SP A__T LWW`OP^ SP]P _Z _SP QLXZ`^ RaPOL aP]^P ! bSTNS bP SLaP LW]PLOd NZXP LN]Z^^ ^PaP]LW _TXP^ TY _ST^ MZZV LYO LOO^ dP_ LYZ_SP] TY_P][]P_L_TZY _Z _SP XLYd _SL_ LW]PLOd PcT^_ ?SP APOTN aP]^P T^ L^^ZNTL_PO bT_S _SP _S]PPQZWO YL_`]P ZQ WLYR`LRP LYO -SL]_SL]Tv^ ZbY _]LY^QZ]XL_TZY ZY_ZWZRd aTaL]_L ?SP]P T^ ^_]ZYR PX[SL^T^ZY_SPTYPQQLMTWT_dZQWLYR`LRPYZ_ZYWd]PRL]OTYR_SPWTYR`T^ _TN^Z`]NPTY-SL]_SL]Tv^^d^_PX_SPTXXPL^`]LMWP^`[]PXPwBZ]OxZ] RWZMLWYP_bZ]VZQXPLYTYR^bSTNST^YZY^P[L]L_PQ]ZXNZY^NTZ`^YP^^ _SP ^`[]LTYOTaTO`LW wTY^TOP LYO Z`_^TOPx XP_L.ZY^NTZ`^YP^^ LYO LW^Z YZY^P[L]L_P ]PRL]OTYR _SP _S]PP ^[PPNS WPaPW^ TY PaP]dOLd WLY R`LRP ,_ _ST^ [ZTY_ _ZZ _SP LN_`LW RaPOL aP]^P T^ \`Z_PO LYO _SP A__T PYO^ bT_S L QTYLW ]PXL]V ZY _SP PcNPWWPYNP ZQ RPYP]LW WTYR`T^_TN^ LYOR]LXXL]TYOT^NP]YTYRNZ]]PN_^[PPNSQZ]X^% wu4Q WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] \`L]_P]^ .WPaP] -]LSXTY^ VYZb _SPX FLWWH ?S]PP F\`L]_P]^H WTP STOOPY TY _SP OP[_S^ LYO OZ YZ_ XZaP F( L]P YZ_ aT^TMWPH ?SP QZ`]_S WLYR`LRP F( _SP QZ`]_S [L]_ ZQ WLYR`LRPH T^ ^[ZVPYMdXPYv ,YO TY _ST^ R]LXXL_TNLW ^_`Od bSTNS NZY_LTY^ MZ_S RPYP]LW LYO ^[PNTLW ]`WP^ _SP QZ]X ZQ _ST^ FQZ`]_SH WLYR`LRP _SL_ T^ YZ_ XTcPO FbT_S NZ]]`[_ QZ]X^HT^^P_OZbYTYT_^PY_T]P_dx
-SL]_SL]Tv^ NZYNP[_TZY ZQ OTQQP]PY_ [SL^P^ ZQ WLYR`LRP QTR`]P^ XZ^_ []ZXTYPY_Wd TY ,VW`UL]v^ ^SZ]_ ^`XXL]d ZQ -SL]_SL]Tv^ XZ^_ ^TRYTQT NLY_TOPL^ BSTWP_SP A£VdL[LO¯dL ^[PLV^ZQ_S]PPOTXPY^TZY^,VW` UVL] OT^NP]Y^ QZ`] ^[PPNS WPaPW^ Md TY_P][]P_TYR _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x bSTNS ZNN`]^ TY _SP A__T L^ L ^P[L]L_P QZ`]_S OTXPY^TZY RWZ^^PO Md ,VW`UVL] L^ w[`]P ML^TN WLYR`LRP []TYNT[WPx ,XZYR -SL]_SL]T ^NSZWL]^ _SP]P T^ OT^LR]PPXPY_ ZY _ST^ [ZTY_ M`_ YZ OZ`M_ _SPTOPLZQLQZ`]_SOTXPY^TZYSL^LYLYNTPY__]LOT_TZY?SPL^^`X[_TZY ZQ L QZ`]_S w^`[]PXP ^[PPNSx [L]£ a£N L[[L]PY_Wd RZP^ MLNV _Z >ZX£YLYOLY£_SL _S NPY_ ! _SP QZ`YOP] ZQ _SP ;]L_dLMSTUÓ£ ^NSZZW ZQ YZYO`LW 6L^SXT]±LTaT^X LYO T_ MPNLXP ZYP ZQ _SP XZ^_ TX[Z]_LY_ _SPZ]P_TNLW _PYP_^ ZQ WL_P ?LY_]TN [STWZ^Z[STP^ >ZX£YLYOLv^ STRSWd [STWZ^Z[STNLW bZ]V T^ ZYWd NZYNP]YPO bT_S _SP `W_TXL_P ]PLWT_d LYO SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NL_a£]Ta£V[L]TXT_£[LO£YT_£YTaTO`]M]£SXL©£dPXLYÅ´T©Làg R`S£_]Å©TYTST_£YP«RLdLY_T_`]ÅdLÀa£NZXLY`´d£aLOLY_TggFRaPOL ! H _L^d£² N£^LÀVÅ]©LÀ a£NZ ]¼[LÀ V£]_^YdPYL ^£X£YdLaT²P´LaL_dL^XTÈWWLV´L©P ad£VL]L©£VSdPYTMLOOSLXgA__TZY A£VdL[LOÅdL F( $PO=L`HPO4dP] ,VW`UVL]w-SL]¶]SL]TxTY 0YNdNWZ[POTLZQ4YOTLY[STWZ^Z[STP^ aZW >PP QZ] TY^_LYNP =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR " bSZ SZWO^ _SL_ -SL]_SL]T LNNP[_PO ZYWd _S]PP WPaPW^ bT_S [L²dLY_T TY_`T_TaP TY^TRS_ L^ _SP STRSP^_ QZ]X ?Z RTaP _SP [L]£ OTXPY^TZY L ^P[L]L_P ^_L_`^ T^ L XL__P] ZQ TY_P][]P_L_TZY LYO OZP^ YZ_ ^PPXU`^_TQTPOQZ]-SL]_SL]TSTX^PWQM`_T_bL^TY_]ZO`NPOMdWL_P]]PNT[TPY_^ ! >ZX£YLYOLY£_SL ±TaLO´¶T &=LUL ?SPZ]TP^ZQ8PLYTYR "Q
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
SPLaTWdL__LNV^_SPR]LXXL]TLY^4_T^_d[TNLWZQ_SPWL_P]]PNP[_TZY_SL_ _SP Pc[WLYL_TZY ZQ _SP WLYR`LRP WPaPW^ T^ PT_SP] [`]PWd XP_L[Sd^TNLW Z] LWW`OP^ _Z DZRTN []LN_TNP^ LYO XLY_]L ]P[P_T_TZY ?SP DZRL²TVSL @[LYT´LO ZYPZQ_SPDZRL@[LYT´LO^bSTNSL]PNZXXZYWdL^^`XPO_Z MP WL_P L^^ZNTL_P^ _SP QZ`] ^_LRP^ ZQ ^[PPNS bT_S _SP DZRTN PYP]Rd NPY_P]^ NLV]L^ _SP NZY_PX[WL_TZY ZQ ^Z`YO Y£OL LYO _SP ]T^P ZQ _SP NZ^XTNPYP]Rd V`©LWTY¯ TY_SPMZOd "2]LXXL]LYORPYP]LWWTYR`T^ _TN^ L]P YZ WZYRP] L [L_S _Z WTMP]L_TZY LYO _SP PWPXPY_ ZQ ^Z`YO z [Sd^TNLW ^Z`YO ]P^ZYLYNP w`Y^_]`NVx TY_P]TZ] ^Z`YO LYO _SP P^Z_P]TN [Sd^TZWZRd ZQ ^Z`YO z NZXP^ _Z _SP QZ]PQ]ZY_ 4_ ^PPX^ R]LXXL] LYO WTYR`T^_TN^ bP]P YZ_ PYZ`RS _Z ^L_T^Qd _SP Pc[PN_L_TZY^ ZQ XLYd ]PNT[T PY_^&_SPdbLY_PO_ZQTYOL^[T]T_`LW]PWTRTZ`^^PY^PTY_SP A£VdL[LO¯dL aP]^P $ LYO NZ`WO YZ_ MPWTPaP _SL_ R]LXXL] bL^ PYZ`RS _Z Q`WQTWW ^Z_P]TZWZRTNLWNWLTX^ ?SPQ`]_SP]bPXZaPZYTYST^_Z]d_SPWP^^LNNP[_LMWPR]LXXL]LYO WTYR`T^_TN^ bP]P L^ L XPLY^ ZQ WTMP]L_TZY 4_ NLYYZ_ MP OPYTPO _SL_ -SL]_SL]TRTaP^L_WPL^_L[L]_TLWLYO^`RRP^_TaPTYO`NPXPY__Z_STYVZQ L^Z_P]TZWZRTNLWOTXPY^TZY LYOL^[T]T_`LWZ]P^Z_P]TNTY_P][]P_L_TZY_SL_ `W_TXL_PWd RZP^ MPdZYO R]LXXL] [L]_TN`WL]Wd TQ _SP WLYR`LRP WPaPW ZQ aP]^P $ T^ L^^ZNTL_PO bT_S _SP PYTRXL_TN aP]^P^ z bSTNS ]PWL_P _Z R]LXXL] L^ _SP OZZ] _Z WTMP]L_TZY # ?SP _P]XTYZWZRd `^PO _SP]P T^ ^_]ZYRWd ]PXTYT^NPY_ ZQ _SP A__T ZY $ LYO T_^ DZRL \`Z_L _TZY^ A£VdL[LO¯dL # ^[PLV^ ZQ _SP w^`[]PXP QZ]X ZQ `YOTQQP]PY_T L_PO ^[PPNSx LMSPO£d£ dLO a£NZ ]¼[LX `__LXLX _SL_ T^ w[`]P WTRS_x UdZ_Tà ²`OOSLX $ LYO M ZQ _SP w`YTZY _SL_ []PNPOP^ _SP bZ]O^x ²LMOL[¼]aP©L dZRPYL ?SP WL__P] QZ]X`WL NZ]]P^[ZYO^ WT_P]LWWd _Z _SP A__T RWZ^^ ZY _SP _S]PP WLYR`LRP WPaPW^ bSTNS bP SLaP \`Z_PO LMZaP LYO bSTNS ^ZXP TY_P][]P_P]^ `YOP]^_ZZO L^ LY LW_P]YL_TaP% wR]LXXL] Z]
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP_SP\`Z_P^TY-PNV >ZYTN?SPZWZRd $z$ $!?SP>TOOSL9£_SDZRTY^LOOPOL QTQ_SWPaPWZQWLYR`LRPTMTO%_SP X£_V£ Z]wXZ_SP]^xXPLYTYR_SP>LY^V]T_LW [SLMP_bSTNST^^PPYL^_SPNZX[WP_PNZWWPN_TZYZQ^Z`YO^bSTNSNLYYZ_MPQ`]_SP]OT aTOPOLYOQZ]X_SP^PPO^ M¯ULZQLWWWLYR`LRP^ # , ^`M^_LY_TLW [L]_ ZQ _SP^P aP]^P^ YLXPWd A£VdL[LO¯dL z ]PXLTYPO `YNZX XPY_PO Z] L_ WPL^_ SLaP NZXP OZbY _Z `^ bT_SZ`_ A__T Pc[Z^T_TZY ?SP NZY_Pc_ T^ NWPL]Wd ^Z_P]TZWZRTNLW A£VdL[LO¯dL ! .ZY^TOP] LW^Z A£VdL [LO¯dL z"bSTNSNZY_LTYaP]d^TXTWL]TOPL^LYOTXLRP^ $ ?SPTXLRPZQWTRS_T^LW^ZVYZbYTY_SP@[LYT´LOTN_]LOT_TZYLYO[WLd^LXLUZ]]ZWPTY ±L«VL]Lv^ APO£Y_L -`_ _SP]P T_ T^ L XZ]P LM^_]LN_ ^dXMZW Z] XP_L[SZ] ZQ [`]P NZY ^NTZ`^YP^^bSP]PL^TYDZRLLYO?LY_]L[L]_TN`WL]WdTY±LTaL?LY_]LT_T^X`NSXZ]P _SLY L ^dXMZW LYO XP_L[SZ] M`_ ]L_SP] L w]PLWT^_TN ^dXMZWx Z] XP_ZYdX TYNW`OTYR aT^TZY^ ZQ WTRS_ LYO ^Z`YO ^PP Z`] ?LY_]L NSL[_P]^ ?SP ^dYLP^_SP_TN NZ]]PWL_TZY ZQ ^Z`YO^Z`YO]P^ZYLYNPLYOWTRS_T^aP]d_d[TNLWZQ_SPDZRTNLYO?LY_]TN_]LOT_TZY^
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
DZRLx =PXL]VLMWd _SP PL]Wd NZXXPY_L_Z] A´LMSLOPaL #_S NPY_* OP_PN_PO L OPWTMP]L_P [ZWd^PXLY_TN XP^^LRP TY -SL]_SL]T Md ]PLOTYR STX L^ ]PQP]]TYR _Z MZ_S R]LXXL] LYO DZRL A´LMSL TOPY_T QTPO [L²dLY_¯ bT_S []L_TMS£ ;]L_TMS£ z _SP XT]LN`WZ`^ TY_`T_TaP TY^TRS_ bSTNS NLYYZ_ MP Pc [WLTYPO]L_TZYLWWdLYOXLdTY-SL]_SL]Tv^_SPZ]d]PQP]_ZMZ_S_SPNZX []PSPY^TZY ZQ _SP ^[SZ¶L LYO _Z DZRTN aT^TZY z bL^ []ZMLMWd `YOP] ^_ZZO L^ _SP TY_`T_TaP VYZbWPORP LYO YZYO`LW aT^TZY ZQ _SP STRSP^_ ]PLWT_d LYO NZ`[WPO bT_S _SP TOPL ZQ L Xd^_TN wL^NPY_x ?SP TY_P][]P_L _TZYZQ_SP_S]PPWLYR`LRPOTXPY^TZY^L^w^_P[^xZ]w^_LRP^xbL^`YOP] WTYPO Md _SP [Z^_`WL_P ZQ L QZ`]_S ^`[]PXP ^_LRP [L]£ QZ] bSTNS -SL]_SL]T OPWTaP]PO _SP NL_NSbZ]O^ Md XPY_TZYTYR _SP w^`[]PXP QZ]X ZQ >PPTYRx LYO ST^ \`Z_L_TZY ZQ _SP R APOTN aP]^P 1Z`] WPaPW^ ZQ ^[PPNS SLaP _SP]PQZ]P MPNZXP L NZXXZY TY_P][]P_L_TaP [L__P]Y >ZXP XZOP]Y L`_SZ]^ z 4YOTLY LYO BP^_P]Y z PaPY ^`RRP^_ L ^[PNTLW VTYO ZQ DZRL L wDZRL ZQ _SP BZ]Ox _SL_ WPLO^ _Z L w^`[]PXP aT^TZYx _SP aT^TZY ZQ _SP [P]QPN_PO DZRTY -d YZXTYLWTeTYR _SP Z]TRTYLW Pc[]P^^TZY [L]L [L²dLY_¯]¼[L w^`[]PXP QZ]X ZQ >PPTYRx _Z w;L]£x w_SP >` []PXPx _SPd OT^NP]Y L ^P[L]L_P QZ`]_S ^_LRP ZQ WLYR`LRP _SL_ NZX [WP_PWd _]LY^NPYO^ _SP Z]OTYL]d bZ]WOWd WTQP 7TVPbT^P -SL]_SL]Tv^ Pc[]P^^TZY w ²LMOL[¼]aP©L dZRPYL x T^ YZXTYLWTePO _Z w ²LMOL[¼]aL dZRL xLYO_]LY^WL_POL^wDZRL[]PNPOPOMd_SPbZ]Ox>ZXP^`RRP^_L ^[PNTLW w2]LXXL_TNLW DZRLx Z_SP]^ NZY_TY`LW XLY_]L NSLY_TYR ! L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .ZY^TOP]MdNZY_]L^_Z`]^`RRP^_TZY%bP]PYOP]wDZRLxL^w`YTZYF_SL_[]PNPOP^_SP bZ]O^Hx TY NZY^ZYLYNP bT_S -SL]_SL]Tv^ ^[SZ¶L LYO []L_TMS£ _SPZ]d LYO L__]TM`_P _Z _SP_P]X wa£x wZ]xLXP]PWdPc[WLTYTYR Q`YN_TZYTY_SP ^PY^PZQwYLXPWdxw]P^[PN _TaPWdx :Y _SP OL_P ZQ A´LMSL ^PP 4dP]v^ TY_]ZO`N_TZY _Z ST^ A£VdL[LO¯dL POT_TZY [L]_ 4 caTzcaTT >PP4dP]v^_]LY^WL_TZYZQ A£VdL[LO¯dL4#YZ_Pz 1Z] A´LMSL []L_TMS£ OPYZ_P^ _SP QWL^S ZQ `YOP]^_LYOTYR _SP bZ]O TY T_^ PY_T]P_d ^LXL^_L²LMO£]_SLbSP]PTY_SP²LMOLXP]RP^bT_S_SPM]PL_S []£©L>PP=LUL 4Y OTLY?SPZ]TP^ZQ8PLYTYR "Y ?ST^ TY_P][]P_L_TZY ^PPX^ _Z RZ MLNV _Z _SP 4YOTLY ^NSZWL] >L_dLVLX AL]XL bSZ L^^`XPO _SL_ _SP ;L_LÓULWT ZQ _SP 8LSLMS£´dL LYO _SP ;L_LÓULWT ZQ DZRL^¼_]L^ bP]P _SP^LXP[P]^ZY.ZbL]O 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^ aZW z >PP QZ] TY^_LYNP -PNV >ZYTN ?SPZWZRd " bSZ _]LNP^ L w2]LXXL_TNLW DZRLx Z] wDZRL ZQ _SP BZ]Ox a£RdZRL MLNV _Z ;L_LÓULWT LYO [Z^_`WL_P^% w²LMOL[¼]aLdZRL QZN`^P^ ZY L uOPWT_P]LWTeL_TZYv ZQ WLYR`LRP bSP]PMd L__LNSXPY_ _Z _SP WP__P] Z] ^P \`PYNPZQWP__P]^T^M]ZVPYZ]^PaP]POxTMTO" ! 7TVP ^ZXP 4YOTLY L`_SZ]^ 3L]ZWO .ZbL]O TY ST^ aL]TZ`^ [`MWTNL_TZY^ QZ]RPO _Z ]PLO -SL]_SL]TTY_SPWTRS_ZQDZRL.ZbL]Ow8PLYTYRLYO;ZbP]ZQ8LY_]L^x"`Y OP]^_LYO^ ²LMOL[¼]aLdZRL L^ L wbZ]O dZRLx ZQ ]P[PL_PO XLY_]L NSLY_TYR% w=P[P_T _TZY ZQ _SP `__P]PO ^Z`YO^ ZQ _SP XLY_]L P^[PNTLWWd TQ ^[ZVPY NWPL]Wd LYO NZ]]PN_Wd bTWW PaZVP LQ]P^S _SP ^[SZ¶L PLNS _TXP `Y_TW QTYLWWd _SP ZM^N`]TYR TRYZ]LYNP T^
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
_SP XPLY^ _Z L__LTY _SP Xd^_TNLW QZ`]_S ^_LRP LYO WTMP]L_TZY bSTWP R]LXXL]T^NWLTXPO_ZMPXP]PWd[]P[L]L_Z]dLWMPT__SPYPNP^^L]dwQT]^_ ^_P[x "-SL]_SL]Tv^w^`[]PXPQZ]XZQ ;L²dLY_¯xT^ _LVPY_ZOPYZ_P _SP Xd^_TN `YTZY ZQ _SP DZRTY bT_S _SP w0_P]YLW BZ]Ox LYO _SP _S]PP WLY R`LRP OTXPY^TZY^ L^ w^_LRP^x ZQ L wXd^_TN L^NPY_x _SL_ bL^ ^ZXP_TXP^ OT^NP]YPO TY ]PXL]VLMWP OP_LTW # ?SP^P YZ_PbZ]_Sd TY_P][]P_L_TZY^ bSTNS L]P XZ]P L[[PLWTYR _Z L ]PWTRTZ`^ XTYO _SLY L WTYR`T^_TN _SPZ]d T^[]P^`[[Z^PSZbPaP]LXLUZ]SP]XPYP`_TNPQQZ]_LYOLRZZOOPLWZQ ^[PN`WL_TZYMPNL`^PLN_`LWOL_LL]P^TX[WdWLNVTYR-SL]_SL]TOZP^YZ_ ZQQP] XZ]P _SLY ^TYRWP NL_NSbZ]O^ _SL_ NLY MP TY_P][]P_PO TY aL]TZ`^ bLd^?SPQPb A£VdL[LO¯dL aP]^P^NT_POL^wPaTOPYNPxSLaP_ZMP ^`[ [WTPO bT_S Pc_P]TZ] ^Z`]NP^ QZ] _SP ]PLOP] _Z L]]TaP L_ L _SPZWZRTNLW ^PY^P LYO PaPY _SP LOaZNL_P^ ZQ _SP DZRL TY_P][]P_L_TZY L]P LbL]P ZQ ^`NSOPQTNTPYNTP^ $ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [`]RPO LYO _SP XPLYTYR bSZWP ZQ _SP XLY_]L T^ ^PPY []L_TMS£ -P_bPPY _SP^P _bZ WPaPW^ZQ`__P]TYR aLTVSL]¯ LYO^`[P]^PY^`Z`^^PPTYR [L²dLY_¯_SP]PT^LXTOOWP 1Z] -SL]_SL]T _SP ^TWPY_ []LN_TNP ZQ XLY_]L T^ LNNZ`Y_PO QZ] Md XLOSdLX£ ?SP A£VdL[LO¯dL L[[PLW^YZ__ZL]R`XPY_M`__ZPX[T]TNLWPaTOPYNP_SPOT]PN_[P]NP[_TZY ZQ _SP XPLYTYR bSZWP ^[SZ¶L ZQ _SP XLY_]Lx >TXTWL]Wd .ZbL]O w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW $% w?SP [^dNSZWZRTNLW XPNSLYT^X T^ OP^N]TMPOMd-SL]_SL]TL^LSZWOTYRZQ_SP ^[SZ¶L TY[WLNPMdNZY_TY`PONSLY_TYRx " 4dP] ]PXL]VPO% w1Z] -SL]_SL]T R]LXXL] T^ ZYWd _SP QT]^_ ^_P[ TY _SP WLOOP] ZQ L^ NPY_x LYO -PNV \`Z_TYR STX ]PWTP^ ZY L Y`XMP] ZQ 4YOTLY ^NSZWL]^ bSPY SP ]PLO^ -SL]_SL]T TYL ^TXTWL]WTRS_%wm_SP L^[T]LY_[]ZNPPO^_ZNZY_PX[WL_P_SP>ZYTN,M ^ZW`_PbSTNST^MPdZYOR]LXXL]%u±LMOL[¼]aLdZRL _LVP^`^MPdZYO_SP[WLYP^ZQ ALTVSL]¯LYO8LOSdLX£mvx-PNV >ZYTN?SPZWZRd "z" &^PPLW^Z4dP]v^_]LY^WL _TZYZQ A£VdL[LO¯dL #z[LYO.ZbL]Ow8P_L[Sd^TN^xTY 0YNdNWZ[POTLZQ 4YOTLY;STWZ^Z[STP^ aZW z # .ZbL]Ow8P_L[Sd^TN^xTY 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^aZW ^`RRP^_^ _SP w[`]RTYRZQNZ]]`[_QZ]X^ Q]ZXZYPv^PaP]dOLdWLYR`LRPx L^LYPNP^^L]d[]P]P\ `T^T_P QZ] _SP wdZRL ZQ _SP BZ]Ox 2]LXXL] RTaP^ w^[T]T_`LW XP]T_x LYO wXZ]LW [ZbP]x ZQ _SP ^Z]_ w_SL_ MPRTY^ _Z XZaP `^ TY _SP OT]PN_TZY ZQ TOPY_TQdTYR Z`]^PWaP^ bT_S _SP OTaTYP ?ST^ TOPY_TQTNL_TZY T^ _SP QT]^_ ^_P[ TY _SP DZRL ZQ _SP BZ]O _SL_ RPYP]L_P^XZ]PLYOXZ]P LMSd`OLdL FXZ]LW[ZbP]H`Y_TW_SPbLdT^[]P[L]PO_S]Z`RS _SP WZbP] WPaPW^ ZQ WLYR`LRP aLTVSL]¯ LYO XLOSdLX£ a£V QZ] _SP OLbYTYR ZQ _SP Xd^_TNLW aT^TZY [L²dLY_¯ x ?SP ^PNZYO ^_LRP TYaZWaP^ wM]PLVTYR _SP MZYO^ ZQ _SP PRZx Md wXPOT_L_TYR ZY _SP OTaTYP BZ]O ²LMOLM]LSXLY w^`[[]P^^TZY ZQ _SP ^P \`PYNPx ZQ Z]OTYL]d _STYVTYR LYO w]P[PL_PO F^TWPY_H XLY_]L NSLY_TYRx _Z \`TP_PY _SP XTYOLYOXLVPT_QZN`^POTMTO"z#>`NSLXTYOLWWZb^w_SP []L_TMS£ Z]TY_`T_TaP [P]NP[_TZY ZQ ±LMOL-]LSXLY _SP P^^PYNP ZQ NZY^NTZ`^YP^^ _SL_ ^_LYO^ ]PaPLWPO L__SPNPY_P]ZQ_SP^_TWWPOXTYOm,Q_P]SLaTYR]PLNSPO_SPTYYP]WTRS_SPbT_SST^ VYZ_^N`_MPNZXP^`YT_PObT_S_SP>`[]PXP7TRS_xTMTO# $ .ZY^TOP]QZ]TY^_LYNP_SPNL`_TZ`^]PXL]V^ZQ.ZbL]O >[SZ¶L?SPZ]d Z]-PNV >ZYTN ?SPZWZRd " bSZ NWLTX^% w>TYNP _SP A£VdL[LO¯dL ^PPX^ _Z L^^`XP _SP ]PLOP]v^ QLXTWTL]T_d bT_S _SP []LN_TNP ZQ ²LMOL[¼]aLdZRL SZbPaP] _SP]P L]P ZYWd ^NL__P]PO ]PQP]PYNP^ TY _SP _Pc_ m F?HSP []PNT^P _PNSYT\`P ZQ u2]LXXL_TNLW DZRLv bT_STY_SP_Pc_`LW_]LOT_TZY]PXLTY^^ZXPbSL_ZM^N`]Px
!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
4_ X`^_ MP NZYNPOPO _SL_ -SL]_SL]T STX^PWQ ZQQP]^ R]Z`YO^ QZ] LY Z[PY TY_P][]P_L_TZY Md `^TYR L ^`RRP^_TaP [ZWdaLWPY_ _P]XTYZWZRd WTVP wWTRS_x w^`[]PXP aT^TZYx wdZRLx LYO L STRSWd XP_L[SZ]TNLW LYO ^ZXPbSL_ _bTWTRS_ WLYR`LRP bSP]PaP] _SP ^Z_P]TZWZRTNLW OTXPY^TZY ZQ R]LXXL]T^MPTYROT^N`^^PO ,YOT_T^[]PNT^PWdTY^Z_P]TZWZRTNLWNZY _Pc_^ bSP]P [S]L^P^ OPYZ_TYR _SP Xd^_P]TZ`^ ²LMOL[¼]aLdZRL NZY ^[TN`Z`^Wd VPP[ ]P_`]YTYR 4^ _SP]P XZ]P _Z ²LMOL [¼]aL dZRL _SLY L WTYR`T^_TN Q`YN_TZY LQ_P] LWW* /TO -SL]_SL]T TX[WTNT_Wd []Z[Z`YO L wBZ]O DZRLx a£RdZRL * BP OZ`M_ T_ :YP XLd ZQ NZ`]^P LWbLd^ L^ ^`XPLWTaTYR_]LOT_TZY_SL_RZP^MPdZYO_SP_Pc_`LWOL_L-`__SP]PT^YZ bPWWVYZbYN`W_`]LWWd^SL]PO[]LN_TNPZQ ²LMOL[¼]aLdZRL LYOPaPY_SP LOaZNL_P^ ZQ L wBZ]O DZRLx SLaP OTQQP]PY_ Z[TYTZY^ LMZ`_ T_^ NZY _PY_ ?SPXPLYTYRZQw²LMOL[¼]aLdZRLxT^QL]Q]ZXNWPL]LYO_SPL]_T QTNTLW* _P]X XLd [Z^^TMWd YZ_ ]PQP] _Z LYd DZRL []LN_TNP L_ LWW M`_ ^TX[Wd_Z-SL]_SL]Tv^XZ^_ML^TN_SPZ]d4Y^_PLOZQ_]LY^WL_TYR_SP_P]X L^ wDZRL []PNPOPO Md _SP bZ]Ox bP SLaP ^`RRP^_PO ]PYOP]TYR T_ bT_S wTY_`T_TaP TY^TRS_FTYOTaT^TMWPH `YTZY dZRL _SL_ []PNPOP^ _SP FL`OTMWPH bZ]Ox ?ST^ _]LY^WL_TZY SL^ _SP LOaLY_LRP ZQ MPTYR NZY^T^_PY_ bT_S -SL]_SL]Tv^WTYR`T^_TN_SPZ]dLYOYZ_YPPOTYRLYd^`[[WdPc_]LXL_P]TLW _Z XLVP ^PY^P ZQ T_ 4_ T^ TY LR]PPXPY_ bT_S _SP OPQTYT_TZY ZQ ²LMOL [¼]aLdZRLQZ`YOTY_SPA__TZY _SPZQ_PY\`Z_POaP]^PZYR]LXXL]L^ _SP OZZ] _Z WTMP]L_TZY% w:YP bSZ bT_S L []PaTZ`^ VYZbWPORP ZQ _SP NZ]]PN_ QZ]X^ ZQ bZ]O^ ]PLWTeP^ _SP `YT_d ZQ WLYR`LRP L^ ^`NS WT_ _SP wTYSP]PY_ YL_`]P ZQ _SP bZ]Ox ²LMOL^aL]¼[L RZP^ MPdZYO ^P\`PYNP^ LYO L__LTY^ `YTZY bT_S T_x 4Y^_PLO ZQ []LN_TNTYR LY P^Z_P]TN wBZ]O DZRLx_SPR]LXXL]TLY^^PPVw`YTZYbT_SWLYR`LRPx±LMOL[¼]aLdZRL NZY^T^_^ TY VYZbTYR _SP YL_`]P ZQ bZ]O^ L^ TYOTaT^TMWP 4_ ]PQP]^ _Z _SP ^[ZY_LYPZ`^ []P]PQWPcTaP TYPQQLMWP QWL^S ZQ `YOP]^_LYOTYR _SP XPLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ , RZZO PcLX[WP T^ _SP A£VdL[LO¯dL aP]^P^ z LYO _SPT] A__T^ PO 4dP] z _]LY^ 4dP] z P\`L_P^ _SP wbZ]Ox WLYR`LRP L^ ^`NS* bT_S_SPTYYP]¢_XLYLYO_SPwR]PL_M`WWxbT_SbSZXZYP^PPV^`YTZYLYONZY_TY`P^ TY [Z^_`WL_TYR _SL_ _SP ^`[]PXP >PWQ [L]LX£_XLY LYO TXXZ]_LW -]LSXLY M]LSX£X_L L]P ZM_LTYPO Md _SP w[`]TQTNL_TZY ZQ _SP bZ]Ox ²LMOL^LÀ^V£]L ?SP A__T ZY _ST^ aP]^P NZY_LTY^ LRLTY z WTVP _SP RWZ^^ ZY _SP _S]PP WPaPW^ ZQ WLYR`LRP z ^`RRP^_TaP \`Z_L_TZY^ LMZ`_ _SP []LN_TNP ZQ DZRL LYO _SP w^`[]PXP WTRS_x LYO WTYV^ ²LMOL[¼]aLdZRL bT_S_SPOT^NP]YXPY_ZQNZ]]PN_ bZ]OQZ]X^LYObT_S[]L_TMS£_SP wTY_`T_TZYx ZQ _SP wbZ]O ]PLWT_dx ²LMOL_L__aL Z] NZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^ A£VdL[LO¯dL z" PaPY ^Z`YO^ WTVP _SP OP^N]T[_TZY ZQ LY LN_`LW DZRL[]LN_TNPz_ST^T^SZbPaP]_SPZYWd^`NSTY^_LYNPTY_SPbZ]V >PP A£VdL[LO¯dL MLYO_SPA__T^ZY A£VdL[LO¯dL $ ?SP^`RRP^_TZY^]LYRPQ]ZX:¿]P[P_T_TZYLYOXLY_]LNSLY_TYRLYONZY_PX[WL_TZY_Z LW[SLMP_]T_P^LYOAPOLXPXZ]TeL_TZY ²LMOL[¼]aLÀST²LMOL^aL]¼[L^dLLMSPOL_L__aLvU«£YPV]LXL^LÀS£]P©LdZRLÀWLMSL_P gA__TZY A£VdL[LO¯dL PO4dP]["
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!
TYRZQ_SPbZ]O^TYL^PY_PYNP TP_Z-SL]_SL]Tv^ ^[SZ¶L LYOTY_`T_TZY _SPZ]d LYO ST^ XLUZ] NZY_PY_TZY _SP `YT_L]d ^PY_PYNP aTPb 4Y QLN_ T_ NZaP]^ LWW [Z^^TMWP QZ]X^ ZQ ;L²dLY_¯ z Q]ZX _SP waT^TZYx ZQ _SP ^PY _PYNP ^[SZ¶L _Z _SP DZRTN waT^TZYx ZQ _SP PY_T]P YP_bZ]V^ ZQ XPLYTYR^ LYODZRTN ^LX£OST ?ST^XLdPc[WLTYbSd_SPA]__T\`Z_P^Q]ZXDZRTN _]LOT_TZY^bT_SZ`_^PPTYRLYPPO_ZPc[WLTY_SPNT_L_TZY^ -SL]_SL]T L[[L]PY_Wd LOZ[_PO _SP DZRTN?LY_]TN _P]X^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯ MPNL`^P _SPd []ZaTOPO L [ZbP]Q`W [SPYZXP YZWZRTNLW XZOPW _SL_ ^P]aP^ X`W_T[WP Pc[WLYL_Z]d Q`YN_TZY^ ?SP _S]PP WPaPW^ZQ^[PPNSTWW`^_]L_PPc[P]TPY_TLWWd_SPNZY_TY`T_dZQNZY^NTZ`^YP^^ LYOWLYR`LRPbSP]PZ_SP]^^PPL[]ZQZ`YORL[?SPdSPW[_ZPc[WLTY_SP ^[SZ¶L _SPZ]d LYO ^TX`W_LYPZ`^Wd LWWZb L []ZQZ`YO TY^TRS_ TY_Z _SP YL_`]P ZQ S`XLY _STYVTYR LYO NZY^NTZ`^YP^^ _SP YL_`]P ZQ ]PLWT_d LYO _SP]PQZ]P LW^Z TY_Z _SP YL_`]P ZQ -]LSXLY ,YO YZ_ WPL^_ _SPd SPW[ _Z NWL]TQd _SP ]PWL_TZY^ST[ z LYO [Z^^TMWP NZTYNTOPYNP z ZQ R]LXXL] ^_`Od LYO WTMP]L_TZY 7P_ `^ WZZV L_ PLNS ZQ _SP^P NWZ^PWd ]PWL_PO T^^`P^ ^P[L ]L_PWd BT_STY -SL]_SL]Tv^ ^d^_PX _SP _P]X^ ALTVSL]Å `__P]PO LYO SPL]O ^[PPNS8LOSdLX£XPY_LW^[PPNSTP_SZ`RS_LYO;L²dLY_¯waT^TZY L]dx ^[PPNS TP TY_`T_TaP TY^TRS_ ZQ XPLYTYR NZXX`YTNL_P TY L [SP YZXPYZWZRTNLWWd NZX[]PSPY^TMWP XLYYP] _SL_ _SP]P T^ YZ OTaTOTYR WTYP MP_bPPY WLYR`LRP LYO NZY^NTZ`^YP^^ ,NNZ]OTYR _Z -SL]_SL]T NZRYT _TZY LYO NZY^NTZ`^YP^^ X`^_ LW^Z MP NLWWPO wbZ]Ox w^[PPNSx Z] wWLY R`LRPx LYO _SP A__T ZY A£VdL[LO¯dL Pc[WLTY^ bSd% w-PNL`^P TY Z`] NZRYT_TZY^ bP TOPY_TQd ZMUPN_^ bT_S _SPT] bZ]O^ ²LMOZ[LR]LS¯ LYO Z`]NZRYT_TZY^L]PTY_P]_bTYPObT_S_SPbZ]O^ ²LMOZ[LR]£SdL _SPdL]P P^^PY_TLWWdZQ_SPYL_`]PZQ_SPbZ]OFWLYR`LRPHm?SPXLYTQP^_L_TZYZQ _SPbZ]ObSTNST^TYPaP]dMZOdL^ZYPbT_S_SP^[T]T_T^QZ]_SP[`][Z^P ZQNZXX`YTNL_TYR bSL_T^ bT_STYx !>[PPNSLYO NZRYT_TZYL]PTY_]TY^T NLWWd TY_P]bZaPY LYO _SP WL__P] T^ LW^Z L QZ]X ZQ ^[PPNS >_]`N_`]LWWd _SP _S]PP _P]X^ ]P[]P^PY_ OTQQP]PY_ MZ_S R]Z^^ LYO ^`M_WP ^_L_P^ ZQ ^[PPNS LYO OPR]PP^ ZQ WTYR`T^_TN NZX[]PSPY^TZY bSTNS XP]RP TY _SP `YTQTPOTXLRP?SPTOPL^PPX^_ZMP_ST^%_SPwPXMZOTPOxL`OTMWPbZ]O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP A£VdL[LO¯dL z >`NSNT_L_TZY^L[[PL]_ZSLaP_SPQ`YN_TZYZQXL]VTYR_SPPXTYPYNPZQNP]_LTYaP]^P^ ,W_SZ`RS_SP]PT^LNZXXZY[L__P]YTY_SP A£VdL[LO¯dL LYO_SPA__TZQ[]P^PY_TYRL R]PL_Y`XMP]ZQOTQQP]PY_Z[TYTZY^ ]PRL]OTYRL ^[PNTQTN WTYR`T^_TN_Z[TN WZYRWT^_^ZQ \`Z_L_TZY^ ^PPX _Z ZNN`] ZYWd ]PRL]OTYR _SZ^P aP]^P^ bSTNS _SP A__T L`_SZ] ]PRL]O^ L^[L]_TN`WL]WdTX[Z]_LY_ ^`NSL^_SPaP]^P Z] _SPaP]^P $BSP]PL^LWW NT_L _TZY^]PRL]OTYRLMZ`__SP±LMOL?L__aLL[[L]PY_WdNZXPQ]ZX_SP@[LYT´LOLYO APO£Y_L _]LOT_TZY £RLXL _SP NT_L_TZY^ ]PRL]OTYR $ ZY _SP _S]PP WLYR`LRP WPa PW^NZXPQ]ZXZ_SP]^Z`]NP^ T_TS£^L ! ?]LY^4dP] A£VdL[LO¯dL4 z?ST^Pc[WLYL_TZYT^NZYR]`PY_bT_S_SP A£VdL[LO¯dL 6£]TV£^
! !
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
[]P^`[[Z^P^ L XPY_LW QZ]X Z] TY -SL]_SL]Tv^ _P]XTYZWZRd L ^`M_WP wXPOTL_TYRx QZ]X ZQ ^[PPNS TY bSTNS _SP bZ]O^ L]P YZ_ L]_TN`WL_PO L^ LP]TLWaTM]L_TZY^M`_]L_SP]L^XPY_LW[]ZNP^^P^,YO^`NSLwXPOTL_TYR ^[PPNSx Z] NZRYT_TaP []ZNP^^ T^ TY L NP]_LTY ^PY^P LW^Z _SP YPNP^^L]d []PNZYOT_TZYQZ]_SPTYYP]aT^TZYZQ_SP^[SZ¶LZQ_SPbZ]O_Z_LVP[WLNP MPNL`^P _SP wQWL^Sx ZQ XPLYTYRNZX[]PSPY^TZY X`^_ MP PXMZOTPO TY L XPY_LWTXLRP?SPXPOTL_TYR8LOSdLX£T^LNNZX[LYTPOMdM]PL_SM`_ T^ OT^_TYN_ Q]ZX M]PL_S MPTYR [`]PWd XPY_LW 4_ L[[L]PY_Wd NZaP]^ LWW VTYO^ ZQ TY_P]TZ] ^[PPNS z NZY^NTZ`^Wd NZRYTeTYR OT^N`]^TaP _STYVTYR ]PQWPN_TYR[ZYOP]TYRLYOLW^Z_SP^TWPY_]P[P_T_TZYZQXLY_]L^ "BSL_T^ N]`NTLW _Z -SL]_SL]T SZbPaP] T^ _SP TY^TRS_ _SL_ L[[]PSPY^TZY T_^PWQ _SP XPLYTYR bSTNS wM`]^_^ QZ]_Sx T^ dP_ LYZ_SP] OTXPY^TZY _SLY _SP NZRYT_TaP[]ZNP^^P^YZ XZ]PNZYYPN_PObT_SM]PL_SLYO]PQWPN_TZY LYO NLY _SP]PQZ]P MP NWL^^TQTPO L^ L RPY`TYPWd OT^_TYN_ NL_PRZ]d ZQ ^[PPNS QZ]X%_SP;L²dLY_¯ :MaTZ`^Wd _SP WTYR`T^_ ]PNPTaP^ _SP _S]PP _P]X^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯ TY _SP WTRS_ ZQ ST^ ^[SZ¶L _SPZ]d bSTNS SP TY _]ZO`NPO TY A£VdL[LO¯dL QQ Md OT^NP]YTYR w_bZ bZ]O^ bT_STY _SP bZ]O^x #% _SP [SZYP_TN ^TRY^ _SP OTaT^TMWP bZ]O LYO _SP XPLYTYR _SP TYOTaT^TMWP bZ]O bSTNS T^ Pc[]P^^PO LYO NZX[]PSPYOPO _S]Z`RS _SP [SZYP_TN ^TRY^ ?SP [P]NP[_TMWP [SZYP_TN LYO LNZ`^_TN OTXPY^TZY ZQ WLYR`LRP NLY MP NLWWPO ^[SZ¶L MPNL`^P T_ XLVP^ XPLYTYR XLYTQP^_ $ 7TVPbT^P _SP NZRYT_TaP wX`_Px OTXPY^TZY T^ _SP ^[SZ¶L MPNL`^P _SP wQWL^Sx ZQ XPLYTYRNZX[]PSPY^TZY X`^_ MP PXMZOTPO TY L XPY_LW TX LRP -`_ `W_TXL_PWd _SP ^[SZ¶L ]P^_^ TY _SP TY_`T_TaP Z] wQZ]XWP^^x OT XPY^TZY_SPbZ]OXPLYTYRT_^PWQbSTNST^^`MUPN_TaPL^bPWWL^ZMUPN _TaP LYO M`]^_^ QZ]_S TY LY TYPQQLMWP QWL^S ZQ `YOP]^_LYOTYR ,W_SZ`RS `__P]LYNP^XPY_LW[]ZNP^^P^LYONZX[]PSPY^TZYQZ]XLNZY_TY``XT_T^ \`T_P NWPL] _SL_ -SL]_SL]T ^PP^ ZYWd TY _SP ]P^ZW`_TZY ZQ XPLYTYR _SP w_]`PbZ]OxLYO_SP]PQZ]PL__]TM`_P^R]PL_P]TX[Z]_LYNP_Z_SPTYOTaT^T MWP waZTNPWP^^ ^[PPNSx bT_STY NZY^NTZ`^YP^^ _SLY _Z _SP ^Z`YO OTXPY ^TZY% w>SP Fa£NH NLY MP WZ`O FaLTVSL]¯H X`_P FXLOSdLX£H Z] NZX[WP_PWd aZTNP WP^^ F[L²dLY_¯H -`_ ZQ _SP^P _bZ F^TN H _SP aZTNPWP^^ ZYP T^ XZ]P PXTYPY_ _SLY_SPaZTNPOZYPx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SPWL__P]PcLX[WPT^RTaPYTY_SPNZXXPY_L]dZQA´LMSLbSZPX[SL^TeP^YZ_ZYWd R]LXXL] M`_ LW^Z DZRTN TY^TRS_ ^PP 4dP]v^ NZXXPY_^ TY ST^ _]LY^WL_TZY ZQ A£VdL [LO¯dL4#YZ_P^z # 4_T^YZ_PbZ]_Sd_SL_ A£VdL[LO¯dL T^_SPQT]^_aP]^PTYbSTNS-SL]_SL]TSPWPLaP^ _SP-]LSXLYXP_L[Sd^TN^LYOPXML]V^ZYWTYR`T^_TN^ $ :Y _SP ^ZYTN OTXPY^TZY ZQ _SP ^[SZ¶L ^PP A£VdL[LO¯dL "!z& ZY _SP XPY_LW L^[PN_^^PP z RSZ´TY¯U£_LYT]RSZ´£LRSZ´£NL[]LaL]_L_Pg
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
! "
?SP^[PNTLWQZN`^ZY_SPw>PPTYRxOTXPY^TZY]PQWPN_^-SL]_SL]Tv^TY_P] P^_ TY L RPYP]LW _SPZ]d ZQ WLYR`LRP ,WW _SP bLd _S]Z`RS ST^ A£VdL [LO¯dL SP ^_]P^^P^ _SP^P _bZ L^[PN_^ ZQ L bZ]O% _SP [Sd^TNLW [P]NP[_T MWP L^[PN_ NZ]]PN_ ^[PPNS QZ]X^ LYO _SP TX[P]NP[_TMWP TYL`OTMWP XPLYTYRL^[PN_ ^[SZ¶L ?SP\`Z_L_TZYZQ_SPXd^_P]TZ`^ RaPOL aP]^P ^PP LMZaPLYO T_^ U`c_L[Z^T_TZY bT_S_SP PYOPLaZ]ZQ_SPR]LXXL]TLY^ NL[_`]P^ ST^ WTYR`T^_TN []ZR]LX bPWW ?SP OP_P]XTYL_TZY ZQ NZ]]PN_ WTY R`T^_TN QZ]X^ R]LXXL] LYO _SP LYLWd^T^ ZQ WLYR`LRP L^ ^`NS RPYP]LW WTYR`T^_TN^SLaPLYLWXZ^_]PWTRTZ`^NSL]LN_P]QZ]-SL]_SL]T^TYNPLW^Z _SPwQZ`]_Sx[L]_zS`XLYWLYR`LRPzNZY_LTY^PWPXPY_^ZQTYPQQLMTWT_d% _SP XPLYTYR L^[PN_ LYO _SP waT^TZYL]dx bLd TY bSTNS T_ T^ R]L^[PO 4Y A£VdL[LO¯dL ! QQ SP ^Ld^ _SL_ _SP XTRS_d N]PL_Z] RZO ;]LU£[L_T T^ []P^PY__ZLR]PL_P]Pc_PY_TY[P]QPN_PONZ]]PN_^[PPNS ^£OSa¯a£N _SLY TYWP^^[P]QPN_^[PPNSQZ]X^MPNL`^PTYNZ]]PN_Z]b]ZYRbZ]O^L]PWP^^ ^`T_LMWP QZ] NZXX`YTNL_TYR _SP TY_PYOPO XPLYTYR ,YO A£VdL[LO¯dL z ^_L_P^ _SL_ _SP `YOP]^_LYOTYR ZQ XPLYTYR ZNN`]^ TY L ^`O OPY TY_P]YLW QWL^S []L_TMS£ LYO NLYYZ_ MP Pc[WLTYPO TY LYd XLYYP] 0c[WZ]TYR _SP YL_`]P ZQ WLYR`LRP ZYP WPL]Y^ LMZ`_ _SP NZX[WPc ^_]`N _`]P^ ZQ _SP XTYO% _SP ^`NNP^^TaP _SZ`RS_ []ZNP^^P^ LYO _SP SZWT^_TN YL_`]P ZQ NZX[]PSPY^TZY 2]LXXL]WTYR`T^_TN^ SPW[ `^ _Z R]L^[ _SP YL _`]P ZQ _STYVTYR LYO NZY^NTZ`^YP^^ LYO _SP]PQZ]P LW^Z SLaP []TaTWPRPO LNNP^^_ZOTXPY^TZY^_SL_PcNPPO_SPXL_P]TLWLYOL`OTMWPbZ]O.ZRYT _TZY ]P^_^ ZY []P]PQWPcTaP TY_`T_TZY^ LYO `YOP]^_LYOTYR ZYWd _LVP^ [WLNP bSPY bP R]L^[ _SP TYOTaT^TMWP XPLYTYRbSZWP wMPQZ]Px LYO wMP dZYOx_SP^TRY^0aPY_SZ`RS-SL]_SL]Tv^XLUZ]OT^_TYN_TZYT^_SP_bZ QZWO bZ]O _SP L`OTMWP ZYP LYO _SP XPY_LW ZYP ST^ WLYR`LRP^_dWP NSLYRP^ bSPY ^[PLVTYR LMZ`_ _SP ;L²dLY_¯ OTXPY^TZY TY_Z L SdXYTN STRSWd XP_L[SZ]TNLW WLYR`LRP LYO ZYP ZQ _SP NZXXZY _P]X^ `^PO TY _ST^NZY_Pc_T^wWTRS_x 4Y _SP A__T ZY _SP _S]PP WLYR`LRP WPaPW^ _SP w>PPTYRx XZOLWT_d T^ RTaPY_SPWL]RP^_^[LNPLYONLWWPOwSTOOPYLYO[`]Px £a_£NLaT²`OOS£ NL 4Y NZY^ZYLYNP bT_S _SP ATaL]_L _SPZ]d _SP A__T OT^NP]Y^ L R]PL_ aL]TP_d ZQ ;L²dLY_¯ QZ]X^& _SPd L]P L^ TYY`XP]LMWP L^ _SP ZMUPN_^ ZQ NZRYT_TZY-`_LWW^SL]PLNZXXZY^_]`N_`]PTY]P^PXMWTYR_SP_]LY^QZ] XL_TZY^ ZQ _SP ZYP -]LSXLY% LW_SZ`RS L[[PL]TYR L^ XLYd _SPT] NZX XZY YL_`]P T^ _SP Q`^TZY ZQ OT^N`]^TaP _SZ`RS_ TY_Z ZYP ?SP A__T OZP^ YZ_ Q`]_SP] Pc[Z`YO _SP ATaL]_L NZ]]P^[ZYOPYNP -`_ ZMaTZ`^Wd T_ ^`R RP^_^ _SL_ _SP _S]PP WLYR`LRP WPaPW^ P\`LW _SP _]LY^QZ]XL_TZY^ ZQ -]LS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _LdZ]L[TNLRSZ´TYd£YT]RSZ´LTaLRL]¯dL^TggA£VdL[LO¯dL ! >PP A£VdL[LO¯dL " z# 1Z] _SP N]`NTLW aP]^P^ ZY ;L²dLY_¯ ^PP A£VdL[LO¯dL !"z!$& NZY^TOP] LW^Z "z
! #
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
XLY _SP ^`[]PXP wBZ]O OPaZTO ZQ LWW TYYP] ^P\`PYNPx MPNZXTYR _SP bZ]WO LYO NZY_LTYTYR TY T_^PWQ _SP [Z_PY_TLW^ ZQ LWW PcT^_PYNP LYO ZQ LWW _PX[Z]LWLYO^[L_TLW[]ZNP^^P^ ?SPwPXMZOTPOxZ]wNZ][Z]LWx^[PPNS z LWbLd^ L[[PL]TYR Q]LN_TQTPO TY [SZYPXP^ bZ]O^ LYO ^PY_PYNP^ z T^ L _]LY^QZ]XL_TZY aTaL]_L ZQ _SP _]`P bZ]O _SP ^[SZ¶L Z] TYOTaT^TMWP XPLYTYRbSZWP TY ZYP^ NZY^NTZ`^YP^^ bSTNS T^ XPOTL_PO Md _SP 8LOSdLX£ [L^^LRP ZQ _SZ`RS_ LYO XPY_LW ]P[]P^PY_L_TZY ?SP ;L²dLY_¯ w^PPTYRxOTXPY^TZYzMPTYROPaZTOZQ^P\`PYNP ^TYNPLWW[P] NP[_TMWPbZ]OL^[PN_^L]PQ`^PObT_S_SP^[SZ¶LzNZY_LTY^bT_STYT_^PWQ ^TXTWL]Wd _Z _SP ^`[]PXP -]LSXLY _SP PY_T]P [Z_PY_TLW ZQ PX[T]TNLW PcT^_PYNP LWW ZMUPN_^ XPLY_ LYO TY L WL_PY_ QZ]X LWW ^P\`PYNP^ Z]OP] ZQ [SZYPXP^ P_N L]P []P^PY_ TY T_ ?SP ^LXP ^_]`N_`]P^ L[[Wd _Z WLY R`LRP NZY^NTZ`^YP^^ LYO ]PLWT_d ZY _SP _]LY^NPYOPY_ NZ^XTN [WLYP LYO ZY _SP TYOTaTO`LW [WLYP ZQ bZ]WOWd Pc[P]TPYNP% WLYR`LRP LYO ]PLWT_d T^ ZYP LYO [W`]LW LYO _SP ^LXP L[[WTP^ _Z _SP `YOP]WdTYR NZY^NTZ`^YP^^ ?SP ^_]`N_`]LW TOPY_T_d NZY_TY`P^ LWW _SP bLd _S]Z`RS 0aPY _SP S`XLY ]LYRP ZQ ^[PPNS NZY_LTY^ LY TYPQQLMWP ^[LNP z _SL_ Md T_^ aP]d YL_`]P NLYYZ_MPOPQTYPOZ]Pc[WLTYPOLYdXZ]PzLYO_ST^L[[WTP^[L]_TN`WL]Wd _Z _SP ;L²dLY_¯ bSTNS P\`LW^ _SP `YTaP]^LW XP_L.ZY^NTZ`^YP^^ _SP XZ^_ 3P]P -SL]_SL]Tv^ XP_L[Sd^TN^ ZQ WLYR`LRP []ZaTOP^ LY TYYZaL _TaP Pc_PY^TZY ZQ _SP APOTN aP]^P BSP]PL^ _SP TOPL _SL_ _SP PaP]dOLd `^LRPZQ^[PPNST^ZYWdL^XLWWQ]LN_TZYNZX[L]PObT_S_SP_]LY^NPYOPY_ NZ^XTN [WLYP T^ \`T_P TY VPP[TYR bT_S _SP Z]TRTYLW RaPOTN aP]^P L YZaPW TOPL T^ TY_]ZO`NPO Md [Z^_`WL_TYR _SL_ _SP NZYaPY_TZYLW PaP]dOLd WLYR`LRP LW^Z ZYWd NZY^_T_`_P^ L Q]LN_TZY ZQ _SP _S]PP ^[PPNS WPaPW^ VYZbYTY_SPbZ]WO 0c[WZ]TYR _SP YL_`]P ZQ WLYR`LRP ZYP ^TX`W_LYPZ`^Wd WPL]Y^ ^ZXP _STYRLMZ`__SPYL_`]PZQNZY^NTZ`^YP^^LYO_SPYL_`]PZQ]PLWT_d:YPZQ -SL]_SL]Tv^ XLUZ] L]R`XPY_^ ^PPX^ _Z MP% TQ _SP YL_`]P ZQ _SP bZ]O T^ TYOTaT^TMWP _SLY LW^Z _SP YL_`]P ZQ ]PLWT_d X`^_ MP TYOTaT^TMWP 4Q ZYP VYZb^ _SL_ bZ]O^ SLaP YZ `Y]PWL_PO ^TYR`WL] TYOTaTO`LW PcT^_PYNP ZYP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .ZX[L]P_SPA__TZY A£VdL[LOTd£ $LYO A£VdL[LO¯dL zLYOA__TZY -SL]_SL]T NZYNPTaP^ ZQ _SP LNZ`^_TN OTXPY^TZY ZQ _SP bZ]O OSaLYT L^ L aTaL]_L ZQ _SP ^[SZ¶L >PP A£VdL[LO¯dL "zPO=L`LYO[]PQLNP4dP]PO A£VdL[LO¯dL4 cccTa :Y _SP Z_SP] SLYO NZY^TOP] LW^Z 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X #$z$! bSZ ^_]P^^P^ _SP LNZ`^_TN YL_`]P ZQ _SP ^[SZ¶L M`_ QTYLWWd LW^Z L] ]TaP^ L_ _SP NZYNW`^TZY _SL_ _SP OT^_TYN_TaP _]LT_ ZQ _SP _ST]O ^_LRP ZQ ^[PPNS T^ _SP XPLYTYRw_SP^PY^PZQL[S]L^PxbSTNSwNLYZYWdQWL^SZ`_^`OOPYWdL^L`YTQZ]X bSZWPxTMTO$!4^LdPaL[Z^_`WL_P^w^_LRP^xZQ^[PPNS%_SPPX[T]TNLW[Sd^TNLWWdL] _TN`WL_PO^Z`YO^ Y£OL bSTNS]PQWPN__SPTYYP]XPY_LW^[PPNS XLOSdLX£ NZX[Z^PO ZQwTOPLW^Z`YO^xZ]w[]TXZ]OTLW^Z`YO^x OSaLYT LYO_SPw ^[SZ¶L Z]`YTQZ]XTYOT aT^TMWP >[PPNS bSTNS T^ `W_TXL_PWd NZYNPY_]L_PO TY ZYP ^Z`YOx TMTO $ -`_ T_ ]P XLTY^ `YNWPL] TY SP] OP^N]T[_TZY SZb ^Z`YO T^ _]LY^QZ]XPO TY_Z XPLYTYR ?ST^ NLY ZYWdMPPc[WLTYPOMd_SPaTaL]_LL^[PN_
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
! $
X`^_ NZYNW`OP _SL_ PLNS bZ]O LYO `W_TXL_PWd LW^Z PLNS XL_P]TLW PY_T_d NLYYZ_MP^P[L]L_POQ]ZX_SP]P^_ZQ_SP`YTaP]^P3P]PR]LXXL]L__LTY^ _SP Q`YN_TZY ZQ L NZY_PX[WL_TaP LN_ ?SP _]`P wbZ]O RP^_LW_x T^ ZYWd NZX[]PSPY^TMWP SZWT^_TNLWWd LYO WTVPbT^P _SP bZ]WO X`^_ MP L NZ^XTN bSZWP ?SP bZ]O RP^_LW_ Z] ^[SZ¶L P^NL[P^ OPQTYT_TZY ?SP `YOP]^_LYO TYRZQXPLYTYR]P^_^ZY_SP[]P]PQWPcTaPTY_`T_TZYZ]waT^TZYxZQLw`YT_d bSTNS []PNPOP^ _SP XL_P]TLW bZ]Ox LYO [ZYOP]TYR LMZ`_ T_ ZYP L]]TaP^ L_^ZXPML^TNNZYNW`^TZY^LMZ`__SPNZ^XTN]PLWT_dZQ_SP^[T]T_wXP_L NZY^NTZ`^YP^^x LYO _SP -]LSXLY L^ _SP RWZMLW QZ]X ZQ ^PY^P MPQZ]P MPdZYO LYO MPSTYO _SP bZ]O^ ?SP wNZ][Z]LWx XL_P]TLW QZ]X ZQ bZ]O^ T^ _PX[Z]LW Q]LN_TQTPO LYO [W`]LW M`_ _SPT] TXXL_P]TLW QZ]X NZY^_T_`_P^ L[P]QPN_XZOPWQZ]w^PPTYRx_SP_Z_LWT_dZQbSL_PcT^_^TYZYPwaT^TZYx _SL__LVP^[WLNPTYL^[SP]PZQWLYR`LRP_SL_NLYYZWZYRP]MPOPQTYPO ?SP^P L[[PL] _Z MP _SP XLUZ] ]PL^ZY^ bSd LWW ^Z_P]TZWZRTNLW [L^ ^LRP^ NZY_LTY L^ _SPT] XZ^_ ^_]TVTYR QPL_`]P _SP TXLRP]d ZQ L wSTRSP^_ QZ]X ZQ ^[PPNSx LYO w[`]P WTRS_x NZXMTYPO bT_S _SP [Z^_`WL_P _SL_ _SP ^`[]PXP -]LSXLY T^ L__LTYPO Md _SP VYZbWPORP ZQ R]LXXL] 4_ ^PPX^ _SL_ -SL]_SL]T YPaP] OTaP]RP^ Q]ZX ST^ ^_]TN_Wd WTYR`T^_TN []ZR]LX ?SP A__T T^ LW^Z \`T_P NZY^T^_PY_ LMZ`_ _ST^ PaPY bSPY TY_]ZO`NTYR STRSWd ^`RRP^_TaPL`_SZ]T_L_TaPNT_L_TZY^Q]ZX]PWTRTZ`^ ^Z`]NP^?SP^P^Z`]NP^ L]PRPYP]LWWdXP]PWd\`Z_PObT_SZ`_Q`]_SP]Pc[WLYL_TZYLYO_SPNZY_Pc_ XLVP^NWPL]_SL__SPdL]P`^PO_ZTWW`^_]L_PWTYR`T^_TN]PLWT_TP^?SPA__T OZP^YZ_ L^^ZNTL_P_SP_S]PPWPaPW^ZQWLYR`LRPYZ_ bT_SL^[T]T_`LW[]Z R]LX Z] ]PWTRTZ`^ []LN_TNP M`_ ]PWL_P^ _SP _Z[TN _Z _SP R]LXXL]TLY^v TY_P]P^_TY[]P^P]aTYR`YNZ]]`[_PO^[PPNSLYOTYRPYP]LWWTYR`T^_TN^1Z] _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x _SP VYZbWPORP ZQ ]TRS_ LYO b]ZYR ^[PPNSQZ]X^T^YPNP^^L]dM`_L__SP^LXP_TXP_ST^w>PPTYRxOTXPY^TZY ZQ ^[PPNS T^ Md T_^ aP]d YL_`]P Q]PP ZQ NZ]]PN_ LYO TYNZ]]PN_ QZ]X^ LYO LNSTPaPO YZ_ Md R]LXXL_TNLW LYLWd^T^ M`_ Md _SP w`YTZY dZRL _SL_ NZXP^ MPQZ]P _SP L`OTMWP bZ]O^ ²LMOL[¼]aL x YLXPWd _SP ^[ZY_LYP Z`^TY_`T_TaPTY^TRS_ZQ_SPXPLYTYRbSZWP-SL]_SL]Tv^[]TOPWTP^TY_SP `YT_L]d ^PY_PYNP aTPb ZY LNNZ`Y_ ZQ bSTNS SP L[[L]PY_Wd NZY^TOP]^ R]LXXL] _Z MP L ^`[P]TZ] ^_`Od 4_ NLY Pc[WLTY _SP ^TX`W_LYPT_d ZQ `YT_dLYO[W`]LWT_dLYOL ^[SP]PZQPcT^_PYNP TYbSTNSLWWZ[[Z^T_P^L]P `YT_PO L^ WL_PY_ [ZbP]^ -SL]_SL]T L]R`P^ TY L aP]d ^TXTWL] QL^STZY LMZ`_ _SP :¿% _SP _]`P LYO [`]P P^^PYNP _L`RS_ Md _SP APOL NLY MP R]L^[PO Md ZYP ^TYRWP bZ]O _SP :¿ TY bSTNS LWW NZY_]LOTN_TYR aTPb^ LMTOPTYZYP !9ZOZ`M_-SL]_SL]Tv^TY_P]P^_TYWLYR`LRPLYOXPLYTYR T^ LW^Z L ^[T]T_`LW LYO RYZ^_TN ZYP M`_ T_ T^ YZ_ YPNP^^L]TWd L ]PWTRTZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ A£VdL[LO¯dL #LYO ! A£VdL[LO¯dL $
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
ZYP ?SP]P T^ YZ XPY_TZY ZQ ]P[P_T_TZY Z] NZY_PX[WL_TZY ZQ :¿ M`_ TY^_PLOSPXPY_TZY^NZY_PX[WL_TZYZQWLYR`LRP -SL]_SL]T ^PPX^ _Z OT^_TYR`T^S R]LXXL] TY _SP ^PY^P ZQ P^_LMWT^S TYR NZ]]PN_ ^[PPNS QZ]X^ LYO R]LXXL] TY _SP ^PY^P ZQ RPYP]LW WTYR`T^ _TN^ TY L XLYYP] _SL_ NZ]]P^[ZYO^ _Z ST^ _bZQZWO OTQQP]PY_TL_TZY^ ZQ bZ]O LYO ^PY^P Z] ZQ ^TYR`WL] bZ]O^ LYO WLYR`LRP L^ ^`NS TP _SP wbZ]O]PLWT_dx LYO T_^ TYSP]PY_ NZXX`YTNL_TaP LMTWT_d " 4_ T^ YZ_PbZ] _Sd_SL__SPaP]dQT]^_aP]^PNZYNP]YTYRR]LXXL]L^_SPOZZ]_Z^LWaL_TZY OZP^ YZ_ XPY_TZY ²LMOL[¼]aLdZRL M`_ ZQQP]^ L ^_]`N_`]LW Pc[WLYL_TZY ZQ bSd R]LXXL] ^SZ`WO MP w_SP ^SZ]_P^_ ]Z`_P _Z _SP XZ^_ L`^[TNTZ`^ 7TRS_x% w?SP >NTPYNP ZQ 2]LXXL] WLV´L©L NZY^T^_TYR ZQ RPYP]LW LYO ^[PNTLW ]`WP^ T^ _SP XPLY^ ZQ WPL]YTYR _SP bSZWP ZQ _SP BZ]O-]LSXLY TY LY PL^d XLYYP]x # ?SP R]LXXL]TLY^v TY_P]P^_ TY MZ_S L RPYP]LW WLY R`LRP_SPZ]dLYO^_]`N_`]PO]`WP^Pc[WLTY^bSd-SL]_SL]TTY^T^_^ZY_SP ^Z_P]TZWZRTNLW]ZWPZQR]LXXL]LYOL__]TM`_P^_Z_SPR]LXXL]TLY^L^[P NTLW []ZQTNTPYNd TY OP_PN_TYR _SP Xd^_P]TP^ ZQ -]LSXLY BP SLaP LW ]PLOd ^LTO X`NS ZY _ST^ T^^`P LYO T_ T^ PYZ`RS _Z ]PNLWW ^ZXP XLUZ] [ZTY_^% _SP WLYR`LRPNSL]LN_P] ZQ LWW `YOP]^_LYOTYR _SP NZXX`YTNL_TaP NL[LNT_d _SP `YT_d LYO [W`]LWT_d ZQ WLYR`LRP bSTNS XLVP^ T_ L SZWT^_TN TY_PR]L_TaPXZOPWQZ]`YOP]^_LYOTYR _SP TY_P]NZYYPN_POYP^^ZQ _SP[L]_^ LYO _SP bSZWP _SP TY_P]TZ] LYO Pc_P]TZ] L^[PN_^ ZQ WLYR`LRP LYO _SP []TZ]T_d ZQ _SP TY_P]TZ] _SP Pc[P]TPY_TLW TYPQQLMTWT_d ZQ XPLYTYR -SL]_SL]T^PPX^_Z^`RRP^__SL_R]LXXL]L^L[[WTPORPYP]LWWTYR`T^_TN^ T^ L DZRLWTVP LN_TaT_d MPNL`^P T_ LNSTPaP^ _bZ ^TXTWL] _STYR^% NZYNPTa TYRZQ`YT_d_S]Z`RS_SPOTaP]^T_dZQQZ]X^LYOPc[P]TPYNTYRbSPYPaP] XPLYTYR _LVP^ [WLNP L `YTQTPO waT^TZYx _SL_ T^ TY_]TY^TNLWWd TYPQQLMWP LYOWTP^MPdZYOM]PL_SLYO]PQWPcTaT_d BT_SZ`_]P^Z]_TYR_ZL]PWTRTZ`^TY_P][]P_L_TZY^PY^PNLYMPXLOPZQ _SP _P]X w²LMOL[¼]aLdZRLx LYO _SP]P T^ YZ YPPO _Z ]P^Z]_ _Z DZRL _Z Pc[WLTY _SP _S]PP WPaPW^ ZQ WLYR`LRP LYO _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x?SP_P]X^w^`[]PXPWTRS_xLYOw^`[]PXPQZ]XZQ>PPTYRxL]P ]P[PL_POWd L[[WTPO _Z _SP wTY_`T_TZYx ZQ _SP `YNZ]]`[_PO bZ]O QZ]X^ bSTNS PcT^_ QT]^_ TY _SP R]LXXL]TLYv^ XTYO MPQZ]P MPTYR ^[ZVPY -`_ bP ^SZ`WO YZ_ QZ]RP_ _SL_ LNNZ]OTYR _Z -SL]_SL]Tv^ RPYP]LW WLYR`LRP _SPZ]d XPLYTYR T^ YPaP] N]PL_PO Md _SP ^TRY^ LYO LNNZ]OTYR _Z ST^ XP_L[Sd^TN^ _SP ^TRY^ LN_`LWWd [ZTY_ _Z L wNZXX`YTNL_TaP RWZMLW YP_ bZ]V ZQ XPLYTYR^x z L RWZMLW QZ]X ZQ ^PY^P TY bSTNS bP [L]_TNT[L_P L wXP_L.ZY^NTZ`^YP^^xTYbSTNSbPWTaPLN_^[PLVLYOSPL]=PRL]OTYR _SP wTY_`T_TZYx []L_TMS£ ZQ _ST^ `YTaP]^LW OTXPY^TZY bP QTYO _SP NZY YPN_TYR WTYV TY bSTNS DZRTN aT^TZY LYO _SP R]LXXL]TLYv^ w^`[]PXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PPQZ]TY^_LYNP A£VdL[LO¯dL " # A__TZY A£VdL[LO¯dL _]LY^4dP]#>PPLW^Z_SPbSZWPA__TZY_SPaP]^P
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!!
QZ]XZQ;L²dLY_¯xXP]RP TY_ZZYP ?SP DZRLL^[PN_ZQR]LXXL] T^[L] _TN`WL]Wd L^^ZNTL_PO bT_S _SP wTY_`T_TZYx []L_TMS£ L^[PN_ ZQ WLYR`LRP ?SP A__T ZY A£VdL[LO¯dL NWLTX^ _SL_ ]P[PL_PO w`YTZY bT_S _SL_ bSTNS NZXP^ MPQZ]P _SP bZ]Ox WPLO^ _Z NZX[WP_P L[[]PSPY^TZY ZQ _SP []TYNT[WP ZQ TY_`T_TZY $ LYO _Z _SP Q`^TZY bT_S _SP w^`[]PXP WTRS_x ?SP NSZTNP ZQ _SP _P]X w²LMOL[¼]aLdZRLx _SP]PQZ]P OZP^ YZ_ L[[PL] ]LY OZXWd TY ^[PNTQTNLWWd ^Z_P]TZWZRTNLW NZY_Pc_^ LYO _SP ^`RRP^_TaP A__T \`Z_P^NZYNP]YTYRDZRL[]LN_TNP^[]ZMLMWdOZYZ_YPT_SP]4YOPPO_SP]P T^L^PXLY_TN`YT_dZQ_SP_P]X^w^`[]PXPQZ]XZQWLYR`LRPxw^`[]PXP QZ]X ZQ >PPTYRx w^`[]PXP WTRS_x w^`[]PXP ^PWQx w^`[]PXP -]LSXLYx LYO wbZ]O ]PLWT_dx Z] wRWZMLW NZXX`YTNL_TaP YP_bZ]V ZQ XPLYTYR^x ²LMOL_L__aL 8Z^_ZQ_SP^P_P]X^LN_`LWWdZNN`]TY_SPA__T >Z_SP]P]PXLTY^L]TOOWPLMZ`_bSP_SP]_SP_P]Xw^`[]PXPQZ]XZQ >PPTYRx ]PQP]^ _Z LYd ]P^ZW`_TZY ZQ XPLYTYR Z] ZYWd _Z L ^[PNTQTN QZ]X ZQ ;L²dLY_¯ L RWZMLW QZ]X bSTNS T^ Pc[WTNT_Wd XPY_TZYPO LXZYR Z_SP]^ TY_SPA__TZY_SP_S]PPWLYR`LRPWPaPW^% LWW ZMUPN_^ZQVYZbWPORPSLaP PY_P]PO TY_Z _SP w>PPTYRx LYO _SP]P L]P YZ ZMUPN_^ L_ LWW TY T_ ,[[L] PY_Wd _SP]P T^ LNNP[_LYNP ZQ DZRTN aT^TZY LYO ^LX£OST L^ L ^[PNTLW QZ]X^ ZQ ;L²dLY_¯ -`_ _ST^ T^ YZ_ _SP A__Tv^ N]`NTLW [ZTY_ ?SP WTY R`T^_v^TY_PY_TZYT^XZ]PRPYP]LWT^_TN%SP]PQWPN_^_SPR]LXXL]TLYv^_L^V LYO ^PPV^ [L__P]Y^ _SL_ L[[Wd _Z WLYR`LRP L^ ^`NS 4Y [L]_TN`WL] _SP TY aP^_TRL_TZY TY_Z _SP ;L²dLY_¯ w>PPTYRx WLYR`LRP WPaPW LYO ;]L_TMS£ waT^TZYx wTY_`T_TZYx L[[PL]^ _Z MP _SP ]PL^ZY bSd -SL]_SL]T ^[PLV^ ZQ L wDZRLx bSTWP OPYZ_TYR L WTYR`T^_TN LN_TaT_d ,YO SP]P bP ^SZ`WO YZ_QZ]RP__SL_-SL]_SL]Tv^OT^NZ`]^PZYw[]L_TMS£xTYNW`OP^LWWVTYO^ZQ NZRYT_TZY^ bSZ^P NZXXZY QPL_`]P T^ _SL_ _SPd NLYYZ_ MP Pc[WLTYPO ]L _TZYLWWdLYdXZ]P%Q]ZXLYTXLWTY^_TYN_^_ZDZRTNPc[P]TPYNP3P_STYV^ TY ^_]`N_`]P^ LYO _ST^ LW^Z Pc[WLTY^ bSd QZ] STX PaP]d QZ]X ZQ ;L²dLY_¯ SL^ L ^_]ZYR RYZ^_TN _Z`NS LYO bSd _SP ;L²dLY_¯ TY RPYP]LW bT_SZ`_ \`LWTQdTYR T_ L^ w^`[]PXPx T^ P\`L_PO bT_S _SP TYPQQLMWP ^Tc _PPY_SOTRT_ZQ_SPXZZY LYO_SPTXXZ]_LW[L]_ZQ _SP ;`]`´L >TXTWL]Wd -SL]_SL]TNLWW^_SPwbZ]OxbT_STY_SP^[PLVP]v^NZY^NTZ`^YP^^bT_SZ`_ \`LWTQdTYR T_ L^ wP_P]YLWx _SP ¢_XLY LYO _SP wR]PL_ M`WWx bT_S bSZX ZYP^PPV^`YTZY 4Q Z`] -SL]_SL]T TY_P][]P_L_TZY T^ NZ]]PN_ T_ QZWWZb^ _SL_ -SL]_SL]T STX^PWQ OTO YZ_ NZYNPTaP ZQ L NZY_]LOTN_TZY Z] Z[[Z^T_TZY MP_bPPY R]LXXL] LYO DZRL Z] MP_bPPY R]LXXL] LYO XP_L[Sd^TN^ 3P SLO L NZXXZY [L__P]Y Z] ^_]`N_`]P QZ] ^[PLVTYR ZQ WTYR`T^_TN T^^`P^ LYO _SP STRSP^_ -]LSXLY TY PcLN_Wd _SP ^LXP bLd BT_S ST^ `YT_L]d ^PY_PYNP aTPbSPQZ`YOLw^`[P]QZ]X`WLx_Z]PWL_P_ZMZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ _LOLMSd£^£N NL ²LMOL[¼]aLVLÀ dZRLÀ LOSTRLXdL []L_TMS£À _L__aL[]LMSLa£À m A£VdL[LO¯dL PO4dP][
!!
;W`]LWT^XLYO_SP>PL]NSQZ]:]TPY_L_TZY
?ST^ T^ZYPZQ_SPXZ^_NZWZ]Q`WLYOTYNZY^_LY_[STWZ^Z[SP][P]^ZY LWT_TP^ZQ4YOTLz bSZXLd [Z^^TMWdSLaPMPPYLW^Z _SP[ZP_bSZaLNTW WL_POMP_bPPYP]Z_TNT^XLYOLYL^NP_TNDZRTNWTQP^_dWPbSTNSbZ`WOQT_ L YZYNZYQZ]XT^_ ?LY_]TN ±LTaL \`T_P bPWW M`_ WP^^ _SP NZYaTYNPO QZW WZbP] ZQ _SP APOTN _]LOT_TZY bSZ _SP WTYR`T^_ -SL]_SL]T LN_`LWWd bL^ BP NLY ^LQPWd NZYNW`OP _SL_ PaPY _SP WTYR`T^_ bL^ NP]_LTYWd QLXTWTL] bT_SDZRLL^L]PWTRTZ`^^_dWPLYOXZOPZQ_SZ`RS_ !3P[Z^^TMWdPaPY QLaZ]POT_zZ] L_ WPL^__ZZVT_ L^ LYTY^[T]L_TZYQZ]ST^WTYR`T^_TN_P]XT YZWZRd ?SP _P]X ²LMOL[¼]aLdZRL TWW`^_]L_P^ _SL_ ^_]TN_Wd ^[PLVTYR -SL]_SL]T YPT_SP] []ZXZ_P^ YZ] YPRL_P^ DZRL []LN_TNP^ bSP]PL^ SP T^ OPQTYT_PWd TY_P]P^_POTYWLYR`LRP _SPZ]dLYO XP_L[Sd^TN^ 3PXTRS_`^P DZRTN TXLRP]d SP]P LYO _SP]P M`_ T_ T^ LWbLd^ Q]LXPO Md WTYR`T^_TN T^^`P^ ?ST^ T^ LW^Z NWPL] TY ST^ ]PNP[_TZY ZQ _SP _S]PP WLYR`LRP OTXPY ^TZY^ bSTNS SP L[[L]PY_Wd LOZ[_PO Q]ZX DZRTN?LY_]TN _]LOT_TZY^ z []P^`XLMWd ±LTaLT_P ZYP^ 3P]P SP QZ`YO L XLUZ] TY^[T]L_TZY QZ] ST^ ^NTPYNPZQR]LXXL]LYOWTYR`T^_TN^BSL_NLXPQT]^_TYST^waT^TZYx_SP _S]PP WLYR`LRP OTXPY^TZY^ Z] _SP w^`[P]QZ]X`WLx ZQ _SP `YT_L]d ^PY _PYNP*BPOZYZ_VYZb >Z -SL]_SL]T WPLaP^ `^ `W_TXL_PWd bT_S L \`P^_TZY XL]V BP NLY ZYWd R`P^^ Q]ZX STY_^ LYO \`Z_L_TZY^ _SL_ ]PRL]OTYR _SP ]PWTRTZ`^ QTPWO YZ_ZYWd_SPAPOTNLYO@[LYT´LOTN_]LOT_TZYM`_LW^Z_SP?LY_]TNDZRTN _]LOT_TZYzLYObP^`[[Z^P_SP±LTaL>TOOS£Y_Lz[WLdPOLXLUZ]*]ZWP QZ]STX?LY_]L^_L]_PO_ZRLTY^`M^_LY_TLWR]Z`YOQ]ZX_SPQTQ_SNPY_`]d ZYbL]O^ LYO MPNLXP L YPb ]PWTRTZ`^ [L]LOTRX LQ_P] -SL]_SL]Tv^ WTQP _TXP,^bTWWMP^PPYTY_SPYPc_NSL[_P]_SP_]T`X[SLWaTN_Z]dZQ?LY _]LbL^XLTYWdO`P_ZT_^TNZYTNTXLRP]d^PY^`LWT_dLYONZ][Z]LWT_d_SP YPb XLY_]L []LN_TNP _SP TOPL^ LMZ`_ L w^ZYTN ^[SZ¶Lx OTaTYP [ZbP]^ XTRS_d 7Z]O 2ZO^ LYO _SP R]PL_ ±LV_T bSP]PL^ _SP PWT_P L^NP_TN LYO STRSWd RYZ^_TN DZRL?LY_]L N`W_`]P _SL_ ^PPX^ _Z SLaP TY^[T]PO -SL]_SL]TLWbLd^]PXLTYPO_SP[]TaTWPRPZQLQPb]PWTRTZ`^aT]_`Z^T ;Z^^TMWd TY L XLYYP] ^TXTWL] _Z 6`X£]TWL -SL]_SL]T ^_TNV^ _Z ST^ ^NTPY_TQTN []ZR]LX LYO _SP]PQZ]P OZP^ YZ_ ]PaPLW LYd_STYR _Z `^ LMZ`_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^ZM^P]aL_TZYNLYMPXLTY_LTYPOPaPYTQbPOZYZ_L__]TM`_P_SPA__T_Z-SL]_]SL]T STX^PWQM`_TY^_PLO_ZLOT^NT[WPZ]NWZ^PQZWWZbP]L^5LY3Z`MPY]PNPY_WdL__PX[_PO _Z[]ZaP
-SL]_SL]Tv^w7TYR`T^_TN?`]YxLYO3T^8P_L[Sd^TN^ZQ7LYR`LRP
!!
ST^ZbY]PWTRTZ`^LQQTWTL_TZY !-`_PaPYTQ_ST^bP]PLN_`LWWd^ZbPQTYO TY -SL]_SL]T L NZX[WP_PWd OTQQP]PY_ _d[P ZQ _STYVP] @W_TXL_PWd SP QZ`YO]L_TZYLWT^XLYOQZ]XLWWZRTN ^`^[PN_ ,YOXLdMP_ST^ T^ _SP`W_T XL_P ]PL^ZY bSd _SP A__T NSZ^P _SP Xd^_P]TZ`^ RaPOL aP]^P ZQ _SP QZ`] \`L]_P]^ ZQ WLYR`LRP z _Z ^SZb _SP WTXT_^ ZQ R]LXXL] LYO WTYR`T^ _TN^bSTNSbP]PZ_SP]bT^P-SL]_SL]Tv^R]PL_P^_[]TOP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^bZ`WOPc[WLTYQZ]TY^_LYNPbSd_SP^`RRP^_TaP\`Z_L_TZY^TY_SPA__TZY A£V dL[LO¯dL $L]PYZ_Pc[WLTYPOZ]bSdLA__TZY_SPaP]^P^ zT^XT^^TYR
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO @YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X ;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP Sd[Z^_L^TeL_TZY ZQ WLYR`LRP LYO ^Z`YO ]PLNSP^ T_^ [PLV TY ?LY _]T^X _SP[]PaLTWTYR]PWTRTZ`^XZaPXPY_TY4YOTLQ]ZXL]Z`YO_SPQTQ_S _Z_SP_ST]_PPY_SNPY_`]d ?LY_]LXLdMP^PPYL^L wePT_RPT^_x [SPYZXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
?ST^NZWWPN_TaP_P]XPYNZX[L^^P^LR]PL_Y`XMP]ZQTYOTaTO`LW_]LOT_TZY^LYO^NSZZW^ BT_S_SPPcNP[_TZYZQ_SP[TZYPP]TYRbZ]VZQ>T]5ZSYBZZO]ZQQPbSZ^P[^P`OZYdX bL^,]_S`],aLWZYbSZPOT_POLY`XMP]ZQ?LY_]TN_Pc_^TY_SP$z^?LY_]T^X bL^ YPRWPN_PO Md RPYP]L_TZY^ ZQ 4YOZWZRT^_^ `Y_TW _SP WL_P $"^ 4Y ]PNPY_ dPL]^ SZbPaP]_SP]PSL^MPPYLaP]T_LMWPQWZZOZQ^NSZWL]Wd[`MWTNL_TZY^TY_ST^QTPWO?SP ^_`OdZQ¢RLXTN±LTaT^XTYRPYP]LWLYOMP__P]LNNP^^_ZT_^ST_SP]_Z`YPOT_PO^Z`]NP^ SLaP MPPY ^PXTYLW .ZX[]PSPY^TaP ^`]aPd^ ZY _SP aL^_ WT_P]L]d _]LOT_TZY^ ZQ 3TYO` ?LY_]LLYOT_^P^Z_P]TN]T_`LW^LYOXP_L[Sd^TN^SLaPMPPYZQQP]POMd>LYU`V_L2`[_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 3TYO` ?LY_]T^X 7PTOPY% -]TWW $"$ LYO ? 2Z`O]TLLY LYO > 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P BTP^MLOPY% 3L]]L ^ZbT_e$#2ZZOTY_]ZO`N_TZY^TY_Z_SP?LY_]LL]P,YO]Ë;LOZ`c ?£Y_]LMSTO£YL VZ²L 4PO3-]`YYP]2:MP]SLXXP]LYO,;LOZ`cATPYYL%¸,Bz! LYO /LaTO 2Z]OZY BST_P ?LY_]L TY ;]LN_TNP PO / 2 BST_P ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ z# 9ZaPW L[[]ZLNSP^ TYNW`OP [TZYPP]TYR ST^_Z]TNLW LYO ]PRTZYLW ^_`OTP^ ^`NS L^ _SP ZYP^ Md ,WPcT^ >LYOP]^ZY ^PP MPWZb LYO 8L]V /dNeVZb^VTv^ ,5Z`]YPdTY_SPBZ]WO^ZQ_SP?LY_]L^9Pb/PWST%4YOTNL ?SP NZX[WPc ST^_Z]d ZQ ?LY_]L ^_TWW YPPO^ Q`]_SP] ]P^PL]NS ?SP XZ^_ PYNZX[L^^TYR L[[]ZLNS_Z?LY_]TNST^_Z]d_ZOL_P^PPX^_ZMP2PZQQ]Pd>LX`PWv^]PNPY_Wd[`MWT^SPO ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP ?ST]_PPY_S .PY_`]d .LX M]TORP%.LXM]TORP@;#bSTNSL[[PL]POLQ_P]bPSLaPb]T__PYZ`]?LY_]LNSL[ _P] LYO NLXP _ZZ WL_P _Z Z`] L__PY_TZY _Z MP ]PaT^PO 7TVP BST_P ?LY_]L TY ;]LN_TNP bP XLTY_LTY_SL_?LY_]LPXP]RPOZ`_ZQ_SP >Z`_S ,^TLYPWT_PLYO[Z[`WL] XLTY ^_]PLX^ZXP _TXPTY_SPXTOOWPZQ _SP QT]^_XTWWPYT`X,/LYOOPaPWZ[POLYPYNZX [L^^TYR []P^PYNP BST_P [ZTY_^ Z`_ TY ST^ 6T^^ ZQ _SP DZRTY¯% w?LY_]TN >Pcx TY T_^ >Z`_S ,^TLY .ZY_Pc_^ .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ _SL_ ?LY_]L ]PXLTYPO_SPw[]POZXTYLY_]PWTRTZ`^[L]LOTRXxQZ]ZaP]LXTWWPYYT`XLYO_SP]PL]P RZZO ]PL^ZY^ _Z SZWO ZY _ST^ NWLTX 3ZbPaP] bP ZYWd [L]_TLWWd ^SL]P _SP ST^_Z]TNLW w^`MLW_P]YT^_x]PNZY^_]`N_TZY[`_QZ]bL]OTYBST_Pv^ 6T^^LYOXLTY_LTY_SPYPNP^^T_d ZQTYNW`OTYR_SPXZ]PwNZYaPY_TZYLWT^_xLYOwPWT_T^_x¢RLXL_]LOT_TZY^TYNZY^ZYLYNP bT_S9=LXLNSLYO]L-SL__ 7L]PWTRTZYOP±TaL ;LWLT^PL`%0OT_TZY^¢RLX£_ 1Z] `YNP]_LTY ]PL^ZY^ M`_ XZ^_ WTVPWd MPNL`^P ZQ _SP R]LO`LW 8`^WTX NZY\`P^_ ZQ 9Z]_S 4YOTL _SP _S LYO _S NPY_`]TP^ XL]V L OT^]`[_TZY TY XZ^_ WTYPLRP^ ZQ _SP XLUZ]?LY_]TN_]LOT_TZY^TY9Z]_SP]Y4YOTL8Z^_?LY_]TN_]LOT_TZY^^`]aTaPOTY>Z`_S P]Y 4YOTL ZYWd /dNeVZb^VT , 5Z`]YPd QY ! :Y OL_P^ LYO OPaPWZ[XPY_^ Q]ZXPL]Wd>LY^V]T_^Z`]NP^_ZQ`WWMWZbY?LY_]TN_]LOT_TZY^^PPLW^Z/LaTO97Z]PY ePY w0L]Wd 0aTOPYNP QZ] ?LY_]TN =PWTRTZYx TY ?SP =ZZ_^ ZQ ?LY_]L PO 6L_SP]TYP
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!!
YZYbSTNSzLQ_P]L[P]TZOZQ[STWZ^Z[STNLWLM^_]LN_TZYLYObZ]WOYPRL _TZY z RTaP^ L []TXP [WLNP _Z _SP MZOd _SP ^PY^P^ YPb [P]QZ]XL_TaP []LN_TNP^ LYO YZ_ WPL^_ _SP TNZYTN [ZbP] ZQ WLYR`LRP Md TYN]PL^TYR _SP [Z_PYNd ZQ XLY_]L [ZbP] TY L YZaPW aPTY 9Pb XLY_]L^ PXP]RP bSTNS L]P [`_ Pc[WTNT_Wd L_ _SP SPL]_ ZQ bZ]^ST[ ,W_SZ`RS ±LTaT^X [WLdPO L XZ^_ N]`NTLW ]ZWP TY _ST^ OPaPWZ[XPY_ _SP N`^_ZX bL^ YZ_ ]P^_]TN_PO _Z T_ LYO ^ZZY RLTYPO bTOP TY_P]]PWTRTZ`^ ^[]PLO BT_STY _SP OTQQP]PY_ PL]Wd ALT´©LaL ?LY_]L ;£ÓNL]£_]L NZXX`YT_TP^ QZ] TY^_LYNP bP QTYO NP]_LTY w]ZZ_ XLY_]L^x X¼WLXLY_]L WTVP wYLXZ 9£]£dL©£dLx wF4H MZb _Z 9£]£dL©£x wYLXZ -SLRLaL_P A£^`OPa£dLx wF4H MZb _Z 7Z]O A£^`OPaLx LYO _SP `Y_]LY^WL_LMWP XLY_]TN QZ]X`WL w6³®¿ 6³4x ?SP^P XLY_]L^ L]P XPY_LWWd bZ]^ST[PO NSLY_PO aT^`LWTePO LYO XPOT _L_PO `[ZY L_ XTOYTRS_ OLbY XTOOLd LYO ^`Y^P_ LYO ]PNT_PO bSTWP ML_STYR_SPTNZYZ][P]QZ]XTYR[¼U£LYOLRLTYNZY^_LY_Wd]P[PL_POLQ_P] _SP[¼U£]T_`LW 4YaL]TLMWd?LY_]TNXLY_]L^SL]MZ]Y`XTYZ`^[]P^PYNPbSTNSNLYMP ]PTYQZ]NPO Md ]P[P_T_TZY bSL_PaP] _SP w_]LY^NPYOPY_x ]PQP]PYNP [ZTY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
,YYP3L][P]LYO=ZMP]_7-]ZbY,WMLYd%>@9D z!LYO_SP[TZYPP]TYR ^_`OTP^ZQ,WPcT^>LYOP]^ZY%w;`]T_dLYO[ZbP]LXZYR_SP-]LSXTY^ZQ6L^SXT]xTY ?SPNL_PRZ]dZQ_SP[P]^ZY%,Y_S]Z[ZWZRd[STWZ^Z[SdST^_Z]d PO8.L]]T_SP]^> .ZWWTY^ LYO > 7`VP^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $# $z!& w6]LXL ±LTaT^Xx w?]TVL ±LTaT^Xx w±LTaT^X TY 6L^SXT]x TY ?SP 0YNdNWZ[POTL ZQ =PWTRTZY aZW 9Pb DZ]V% 8LNXTWWLY $#" z"& w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZYx TY ?SP BZ]WOv^ =PWTRTZY^ PO >_PbL]_ >`_SP]WLYO 7ZYOZY% =Z`_WPORP $## !!z"& w?SP aT^`LWTeL_TZY ZQ _SP OPT_TP^ ZQ _SP ?]TVLx TY 7vTXLRP OTaTYP% .`W_P P_ XËOT_L_TZY OLY^ Wv3TYOZ`T^XP PO , ;LOZ`c ;L]T^% .9=> $$ z$!& w8PLYTYR TY ?LY_]TN =T_`LWx TY 0^^Ld^ ^`] WP =T_`PW 444 PO ,z0 -WZYOPL` LYO 6]T^_ZQP]>NST[P]7Z`aLTY;L]T^%;PP_P]^$$ z$ &LYO>LYOP]^ZYv^XZ]P]PNPY_ ^_`OTP^ZY±LTaT^XLYOVTYR^ST[^`NSL^w=PWTRTZYLYO_SP>_L_PxLYOw,_SL]aTY^TY ?LY_]TN ?P]]T_Z]dx Z[NT_ BP ^SL]P >LYOP]^ZYv^ MTL^ ZY ±LTaL N`W_`]P LYO 3TYO` ?LY_]L]PRL]OTYRPL]WdOPaPWZ[XPY_^LYOWL_P]_]LY^QZ]XL_TZY^bSTWPLNVYZbWPORTYR L [Z^^TMWP ^SZ]_NZXTYR TY [LdTYR _ZZ WT__WP L__PY_TZY _Z -`OOST^_ ?LY_]L LYO 3TYO` -`OOST^_TY_P]NSLYRP^ 8L]TZY =L^_PWWT wE`X AP]^_ÆYOYT^ OP^ ;£ÓNL]£_]L aZY OP] 3P]V`YQ_ ^PTYP] >LÀST_£^x BE6> $$$% !&w?SP]PWTRTZ`^[]LN_TNPZQ_SP>£OSLVLLNNZ]OTYR_Z _SP5Ld£VSdL^LÀST_£x 445 L%$z$ &w/TPQÞYQEPT_PY[LÓNLV£WL ^TYOPY ÆW_P^_PY ;£ÓNL]£_]L>LÀST_£^x BE6> M% !z #Q& ;L_]TNTL D 8`XXP w;£ÓNL]£_]L?Pc_^TY_SP?PYVLWLTAL¶LVLWLT/T^[`_PxTY >_`OTP^TY 3TYO`
T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L PO 2 :MP]SLXXP] LYO 8 =L^_PWWT ATPYYL% ¸,B QZ]_SNZXTYR # $z& 6L_SP]TYP 6 DZ`YR w-]£SXL©L^ ;£ÓNL]£_]TY^ LYO _SP 1Z]XL_TZY ZQ ±]¯aLT´©LaT^XxTY TMTO #Q# ,NNZ]OTYR_Z DZ`YR TMTO # # QY#_SP]P T^ L NZY_TY`T_d ZQ _SP ;£ÓNL]£_]L>LÀST_£^ _SP ?LXTW ¢¹a£] [ZP_]d LYO _SP WL_P] >Z`_S4YOTLY±]¯aLT´©LaL_SPZWZRdTYNZYNP[_`LWTeTYR_SPOL]V7Z]O 2ZO9£]£dL©L L^_SP^ZWP ^`[]PXPOPT_dLYO L QZN`^ZY9£]£dL©LXLY_]L^^`NSL^_SP?LXTWwQTaP ^dWWLMWPO XLY_]Lx YLXZ Y£]L©L DZ`YR ^`[[Z^P^ _SL_ _SP ±L_L]`O]¯dL bT_S T_^ wQTaP ^dWWLMWPO±TaLXLY_]Lx YLXZ±Ta£dL bL^_SPVPdXZOPW
!!!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
XLd MP bSL_PaP] ^Z_P]TZWZRTNLW Z] []LRXL_TN RZLW XLd MP [`]^`PO LYO bSL_PaP] WTYR`T^_TN QZ]X _SPd XLd SLaP ?SP XZ^_ _d[TNLW QZ]X ZQ L ?LY_]TN XLY_]L T^ L N]d[_TN NZXMTYL_TZY ZQ [SZYPXP^ ?LY_]TN _]PL_T^P^ ^[PLV ZQ w^PPO^x M¯UL Z] w^PPO ^dWWLMWP^x ]PQP]]TYR _Z ZYP^dWWLMWPO LNZ`^_TN QZ]X`WL^ ^`NS L^ 6³®¿ 6³4 Z] ,4¿ 3=®¿ ±=®¿ 7TVP _SP APOTN ^_ZMSL^ ^`NS M¯UL^ L]P YZ_ XPLYTYRQ`W >LY^V]T_ bZ]O^ M`_ _SP]P L]P TX[Z]_LY_ OTQQP]PYNP^ >_ZMSL^ L]P Z]YLXPY_LW aZNLWTeL_TZY^ LYO ZYWdMPWZYR_Z_SPLN_`LW]PLWTeL_TZYZQAPOTN`__P]LYNP^LYOYZ__Z_SP _Pc_`LW XL_P]TLW T_^PWQ APOTN XLY_]L^ LWbLd^ NZY^T^_ ZQ bZ]O^ _SL_ NLY MP _]LY^WL_PO ?]LOT_TZYLWWd _SPd YPPO L ]T_`LW NZY_Pc_ LYO L [`]TQTPO ]T_`LW ^[LNP ,APOTNXLY_]LT^L ^[PPNSQZ]X`WLbSTNSLTX^ L_ NP]_LTY PQQPN_^ TY NP]_LTY NT]N`X^_LYNP^ LYO NLY MP `^PO _]LOT_TZYLWWd ZYWd Md NP]_LTY LN_Z]^ TOPLWWd LWW w_bTNPMZ]Yx XLWP^ []LN_TNLWWd ZYWd -]LS XTY^ ?LY_]TN XLY_]L^ L]P OTQQP]PY_ YZ_ ZYWd MPNL`^P _SPd LWWZb QZ] L M]ZLOP] ]LYRP ZQ N`W_`]LW LN_Z]^ M`_ LW^Z Md _SPT] XZ^_ OPQTYTYR XL]V% _SPd ^`M^_LY_TLWWd NZY_LTY _SP RZO Z] Y`XTYZ`^ QZ]NP LYO TXXPOTL_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
>PPLW^Z5Þ]RPY3LYYPOP]wAPOTNLYO?LY_]TN8LY_]L^x =TaT^_LOPRWT>_`OT:]TPY_LWT 7CC4 $$"% "z!" -P^TOP^ TYOTRPYZ`^ XLY_]L NZX[TWL_TZY^ LYO Z_SP] PXTN bZ]V^ZQ?LY_]TNwXLY_]L^NTPYNPx^`NSL^8LSLOTSL]Lv^ 8LY_]L8LSZOSLOST POMd L -ZL]O ZQ >NSZWL]^ /PWST% >L_R`]` ;`MWTNL_TZY^ $# LYO _SP aL]TZ`^ XLY_]£MTO S£YL M¯ULYTRSLY_` LYO M¯ULVZ²L _Pc_^XLY_]L^SLaPLW^ZMPPYaL]TZ`^WdOPLW_bT_SMd BP^_P]Y ^NSZWL]^ ^ZXP ZQ _SPX PX[SL^TeTYR _SP ?LY_]TN NZY_TY`T_d ZQ APOTN bZ]O ^[PN`WL_TZY^ .Q 5LY 2ZYOL w?SP 4YOTLY 8LY_]Lx :]TPY^ ! $!% z$"& ,RSP YLYOL-SL]L_T /TP?LY_]L?]LOT_TZY 1]PTM`]R%,`]`X$""#zZ]TRTYLW0YR WT^SPO$! &3L]aPd;,W[P]PO @YOP]^_LYOTYR8LY_]L^,WMLYd%>@9D$#$& ,YO]Ë ;LOZ`c w>ZXP >`RRP^_TZY^ ZY =P^PL]NS TY_Z 8LY_]Lx 4? $"#% z$& w.ZY_]TM`_TZY^ Â WvË_`OP O` 8LY_]L²£^_]Lx -010: "! $#"% "z & A£N ?SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ,WMLYd% >@9D $$& w7vZ]LW P_ WvËN]T_ 8LY_]L P_ XLY_]L²£^_]L x TY ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY PO . .SLX[TZY .ZWWPN_TZY ;`]`´£]_SL # $$!% z & =ZMP]_ , DPWWP 0c[WLTYTYR 8LY_]L^% =T_`LW =SP_Z]TN LYO _SP /]PLX ZQ L 9L_`]LW 7LYR`LRP TY 3TYO` ?LY_]L 9Pb DZ]V% =Z`_WPORP 7L`]TP ;L__ZYv^ -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd LZ% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ OPLW^ZYWdbT_SRAPOTNXLY_]L^M`_T^]PWPaLY__Z_SPT^^`PZQ?LY_]TNXLY _]L^L^bPWW ?SPT]OT^_TYR`T^STYRXL]VT^YZ_MT]_SZ]NL^_PM`_L^[PNTLWVTYOZQTYT_TL_TZYBSL_T^ VYZbY L^ ?LY_]TN TYT_TL_TZY T^ WL]RPWd XLY_]L TYT_TL_TZY 3ZbPaP] QZ]XLW TYT_TL_TZY XLdLW^ZMPLM^PY_BST_P ?LY_]LTY;]LN_TNPOT^_TYR`T^SP^_S]PPXLUZ]R]Z`[^ZQ ?LY_]TNLN_Z]^%w?LY_]TN ^[PNTLWT^_^ bSZSLaP ]PNPTaPOTYT_TL_TZYTY_Z L_Pc_`LW_PLNS TYRWTYPLRPLYO_SPT]RPYP]LWWdPWT_PNWTPY_^&?LY_]TN^[PNTLWT^_^WLNVTYRTYQZ]XLWTYT _TL_TZY bSZ^P _]LTYTYR _PYO^ _Z MP _S]Z`RS Z]LW _]LY^XT^^TZY Z] OTaTYP [Z^^P^^TZY LWZYP LYO _SPT] RPYP]LWWd YZYPWT_P NWTPY_^& LYO SZ`^PSZWOP] Z] WLd YZY^[PNTLWT^_^ bSZ^P [P]^ZYLW []LN_TNP XLd MP \`LWTQTPO L^ ?LY_]TNx ?SP _ST]O NL_PRZ]d T^ Y`XP]T NLWWd_SPWL]RP^_LYO_SPXZ^_bTOP^[]PLO?LY_]TN[]LN_TNPT^L[Z[`WL]TePOLYOwOP aZ_TZYLWTePOx aP]^TZY% _SP ]P[P_T_TZY ZQ OPaZ_TZYLW wXLY_]L^x TP QZ]X`WL^ bT_S _SP 7Z]O2ZOv^YLXPbSTNSOZYZ_YPNP^^L]TWdYPPOLYdXZ]PTYT_TL_TZYM`_]L_SP]^`] ]PYOP]QLT_SLYOOPaZ_TZY
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!!"
M]TYRT__ZQZ]PbSPY_SPdL]P`__P]PO?SP]P^`W_T^YZ_LYPQQPN_M`__SP aP]d []P^PYNP ZQ _SP Y`XTYZ`^ QZ]NP 1Z] TY^_LYNP bSTWP _]LaPWTYR _S]Z`RS QZ]P^_^ LYO bTWOP]YP^^ _SP]P T^ ^`[[Z^PO _Z MP L STRS ]T^V ZQ MPTYR L__LNVPO Md OPXZY^ 4Y _ST^ ^T_`L_TZY T_ T^ SPW[Q`W _Z `__P] _SP XLY_]LZQ ATYOSdLa£^TY¯ LYPL]WdQZ]XZQ _SP2ZOOP^^ /`]R£bSZSL^ L[L]_TN`WL]LQQTYT_d bT_SQZ]P^_^ LYObTWOP]YP^^LYObSZT^L__SP ^LXP _TXP LY LY_LRZYT^_TN [ZbP] _Z OPXZY^ ?ST^ XLY_]L NLY MP _SP ^TX[WP ^_LYOL]O QZ]X`WL% w4 MZb _Z /`]R£x w/`]R£dLT YLXLàx Z] T_ NLY TY aZVP _SP RZOOP^^v^ LN_TZY% w/`]R£ ^_]TVP ^_]TVP LYO VTWWx Z] T_ NLY MP PY]TNSPO Md YZY^PXLY_TN M¯UL^ % w:¿ 3=®¿ 4 MZb _Z /»¿ /`]R£ ;3,µ;3,µx w:¿3=®¿/»¿/`]R£dLTYLXLà;3,µ;3,µx ?SP PQQPN_ T^ LWbLd^ _SP ^LXP% /`]R£ T^ []P^PY_ LYO _SP OPXZY^ X`^_ ^PPV ^ZXPZYPPW^P_Z[P^_P]>TYNP_SPQ`YN_TZYZQ_SPXLY_]LT^T]]P^[PN_TaP ZQ^PXLY_TNXPLYTYR?LY_]TNXLY_]L^OZYZ_YPNP^^L]TWdYPPOL^PXLY _TNXPLYTYRL_LWW4YQLN__SPdL]PQZ]X`WL^bSZ^PXZ^_OT^_TYR`T^STYR QPL_`]PT^YZ__SP^PXLY_TN[L]_^bSTNSXLdMPXT^^TYRLW_ZRP_SP]M`_ YZY^PXLY_TN ^Z`YONSLTY^?LY_]TNXLY_]L^ L]P[ZbP]Q`W^`M^_LYNP^TY L aP]d WT_P]LW ^PY^P ^TYNP _SP ^[PNTQTN ^Z`YO NZXMTYL_TZY OZP^ YZ_ U`^_ TYaZVP OPYZ_P Z] ^dXMZWTNLWWd ]P[]P^PY_ _SP OPT_d Z] _SP QZ]NP Pc []P^^PO M`_ NZY_LTY^ WTVP L ^PPO _SP PY_T]P [Z_PYNd ZQ _SP Y`XTYZ`^ [ZbP]L]_TN`WL_PO>TYNP_SP]PT^YZOTQQP]PYNPMP_bPPY_SP^TRYTQTP]LYO _SP ^TRYTQTPO _SPNSLYRPZQZYPM¯ULNSLYRP^_SP bSZWPXLY_]TN ^d^_PX LYO _SP Y`XTYZ`^ [ZbP] PaZVPO ?SP]P T^ SL]OWd L ?LY_]TN _]LOT_TZY bT_SZ`_ XLY_]L TYNLY_L_TZY^ ]P[P_T_TZY^ aT^`LWTeL_TZY^ LYO ]T_P^ >`NS [P]QZ]XLYNP^NPY_P]POZY[ZbP]Q`W^Z`YO^LYO^[PNTLWQZ]X`WL^L[[PL] _Z SLaP MPPY N]`NTLW TY ?LY_]TN ]T_`LW ^TYNP PL]WTP^_ _TXP^ .PY_P]PO ZY XLY_]L YPb ]T_`LW QZ]X^ PXP]RPO ^`NS L^ Yd£^L _SP ^`[P]TX[Z^T_TZY ZQXLY_]L^Z]_SPYL^LWT^POWP__P]^ZQLW[SLMP_ZY_SPMZOdLYO_SP]T_`LW TX[WPXPY_^_ZXLVP_SPXwOTaTYPx ?SP]P T^ X`NS _Z =ZMP]_ , DPWWPv^ NWLTX _SL_ w8LY_]L^ aP]MLW QZ]X`WL^ ZQ ^[PNTLW [ZbP] L]P L_ _SP SPL]_ ZQ _SP ]T_`LW _]LOT_TZY ZQ 3TYO`?LY_]Lx !?ST^L^^ZNTL_TZYbL^^Z^_]ZYR_SL_TYWL_P]_TXP^?LY_]L LYO w_SP ^NTPYNP ZQ XLY_]L^x XLY_]L²£^_]L TP L VTYO ZQ Xd^_TN WTY R`T^_TN^LYOSP]XPYP`_TN^ZQ_SPw^PPOXLY_]L^xMPNLXPWL]RPWdTOPY_T NLW ",W]PLOd _SP M¯UL QZ]X`WL^_SPX^PWaP^SZbPaP] ^PPX_ZMPLWL_P] OPaPWZ[XPY_ ?LY_]L T^ YZ_ L NZSP]PY_ Z] `YTQTPO XZaPXPY_ L^ _SP XZOP]Y LM^_]LN_ YZ`Y w?LY_]T^Xx XT^WPLOTYRWd ^`RRP^_^ # M`_ ]L_SP] L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! "
#
DPWWP 0c[WLTYTYR8LY_]L^ ?SP ;£ÓNL]£_]L _]LOT_TZY QZ] TY^_LYNP w]PQP]^ _Z T_^ ZbY ^N]T[_`]P^ L^ XLY_]L²£^_]L x >LYU`V_L2`[_Lw?SP;£ÓNL]£_]L,__T_`OP_Z8LY_]LxTY @YOP]^_LYOTYR8LY_]L^PO ,W[P] ,YO]Ë;LOZ`cw,>`]aPdZQ?LY_]T^XQZ]_SP3T^_Z]dZQ=PWTRTZYx 3T^_Z]dZQ=PWTR TZY^ $#% LYO 3`RS - @]MLYv^ XZYZR]L[S ?LY_]L >Pc ^PN]PNd [ZWT
!!#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
NZX[WPc NL_PRZ]d TYNW`OTYR L aL^_ Y`XMP] ZQ ]T_`LW ^d^_PX^ bSTNS SLaP MPPY TY NZY^_LY_ QW`c LYO TY_P]LN_TZY ?SP ±LTaL ALT´©LaL -`O OST^_^ LYO 5LTYL^ SLaP OPaPWZ[PO _SPT] ZbY ?LY_]TN QZ]X^ bSTNS [L]_Wd OTQQP] LYO [L]_Wd ZaP]WL[ M`_ OZ YZ_ YPNP^^L]TWd TYNW`OP ^Pc`LW ]T_P^ bSTNS SLaP ZNN`[TPO ^Z XLYd BP^_P]Y N]T_TN^ z LYO aL^_Wd OTQQP] L^ bPWW $ ?LY_]TN QPL_`]P^ LW^Z TYQTW_]L_PO _SP NZXXZY >X£]_L QZWO , Y`XMP] ZQ ST^_Z]TNLW ^STQ_^ LYO ]PRTZYLW OTQQP]PYNP^ XLd MP OT^NP]YPO L^ bPWW L^ ]TaLW]TP^ LYO Z^XZ^P^ MP_bPPY APOL LYO ?LY_]L LYO ?LY_]L LYO MSLV_T 0aPY_SZ`RSTY9Z]_SP]Y 4YOTL?LY_]LLYOMSLV_T bP]P[Z _PY_TLWLY_T_d[P^_SPMSLV_T_]LOT_TZY^LM^Z]MPO_SPQ`YOLXPY_LW?LY_]TN TY_`T_TZY ZQ OPT_d LYO XLY_]L MPTYR ZYP Md ]PRL]OTYR _SPT] ^`[]PXP OPT_dv^YLXP^L^[ZbP]Q`WXLY_]L^4Y>Z`_SP]Y4YOTL_SPMZ`YOL]TP^ bP]PQW`TOL_LYPL]Wd_TXPL^QZ]TY^_LYNP_SP?LXTW±LTaL MSLV_L LYO ^TOOSL ?T]`X¼WL]OPXZY^_]L_P^ TYST^ ?T]`XLY_T]LX !_SZ]"_S NPY_ , R]PL_ ^Z`]NP ZQ TY^[T]L_TZY bL^ _SP ±L_L]`O]¯dL LYO XZ]P []PNT^PWd _SP w1TaP>dWWLMWPO FXLY_]LHx YLXLà ±Ta£dL ?LX YLXL .Ta£dL NZY _LTYPO TY _ST^ LYNTPY_ WT_LYd ?SP =`O]L±TaL ZQ _SP ZWO A]£_dL^ T^ MZ_S z_SPZYPLYOZYWd2ZOLYOL__SP^LXP_TXP[]P^PY_TYPLNSLYOPaP]d _STYR LYO _SP XLY_]L NZYNP[_TZY Z`_WTYPO bZ`WO SLaP MPPY TYNZYNPTa LMWPbT_SZ`__SP=`O]L_SPZWZRdLYOT_^[LY_SPT^_TNbZ]WOaTPb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TN^ LYO [ZbP] TY _SP ^_`Od ZQ ]PWTRTZY -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ [ZTY_Z`__SL__SP_P]Xw?LY_]T^XxT^L[]ZO`N_ZQ4YOTLYLYOBP^_P]YPcNSLYRP []ZNP^^P^ ?ST^ T^ ZQ NZ`]^P _]`P QZ] w3TYO`T^Xx L^ bPWW LYO OZP^ YZ_ []PaPY_ _SP _P]X^Q]ZXMPTYR`^PO[]`OPY_WdP^NL[TYR_SPOLYRP]^ZQLYdwT^X^xBPbTWW[]PQP] _SP_P]X?LY_]LbSTNST^LW^Z]PWL_PO_ZLMZOdZQXZ^_WdLYZYdXZ`^WT_P]L_`]PLYO `^P_SP[Z[`WL]RPYP]TN_P]Xw?LY_]T^XxTY_P]NSLYRPLMWd_ZOPYZ_PLY`XMP]ZQ]T_`LW ^d^_PX^zbSTNSaL]dPaPYbT_STY_SP±LTaLQZWO $ , RZZO ZaP]aTPb T^ ZQQP]PO Md @]MLY ?LY_]L z @YWTVP BST_P 6T^^ ZQ _SP DZRTY¯ bSZ ^PPV^ L _TRS_ ?LY_]L OPQTYT_TZY Md ^PWPN_TYR 6L`WL ?LY_]L DZRTY¯ N`W_^ LYO^Pc`LWQW`TOPcNSLYRPbP[]PQP]L]L_SP]QZ]XLWOPQTYT_TZY^PPMPWZb_SL_OZP^ YZ_ YPPO _Z [Z^_`WL_P L OTaT^TZY MP_bPPY ?LY_]L LYO ¢RLXL bSTNS T^ SL]O _Z XLTY _LTYLYONLYMP__P]LNNZ`Y_QZ]_SPR]PL_OTaP]^T_dbT_STYPL]Wd±LTaLNT]NWP^_SPLX MTaLWPY_]PWL_TZY^ST[ZQAPOLLYO?LY_]LLYO_SPT]PaPY_`LWXP]RP]TYL?LY_]TNXLTY ^_]PLX N`W_`]P BP ^_]P^^ ^Z`YO TY^_PLO ZQ ^Pc ^TYNP ^Pc`LW ]T_P^ ^PPX _Z MP L WL_P] OPaPWZ[XPY_ bT_S _SP [Z^^TMWP PcNP[_TZY ZQ _SP WPRPYOL]d 8L_^dPYO]L bSZ WPQ_ YZ b]T__PY^Z`]NP^LYOL]PYZ_NZXXZY_ZLWW?LY_]TN_]LOT_TZY^bSP]PL^OTaP]^P^Z`YO [SPYZXPYLLYOXLY_]L[ZbP]LYOTY_SPNZ`]^PZQ_TXP[L]_TN`WL]Wdw^PPOXLY_]L^x SLaP MPPY aT_LW TY LWW ?LY_]TN _]LOT_TZY^ bT_S _SP [Z^^TMWP PcNP[_TZY ZQ _SP 6L`WL^ Q]ZX PL]Wd ±LTaL ^`MN`W_`]P^ LYO ALT´©LaL XLY_]TN ^d^_PX^ _Z WL_P] OZXP^_TNL_TZY^ ^d^_PXL_TeL_TZY^ ^NSZWL]Wd ]PQWPN_TZY^ [Z[`WL] M]ZLONL^_TYR LYO OPaZ_TZYLW L[[]Z []TL_TZYTP_SPNZXXZYTOPL_SL_LRZOv^YLXPSL]MZ]^OTaTYP[]P^PYNPLYOXLY_]L [ZbP] >PP LW^Z = 9LRL^bLXd ?LY_]TN .`W_ ZQ >Z`_S 4YOTL /PWST% ,RLX 6LWL ;]LVL^SLY $# z!& /Z`RWL^=PYQ]Pb-]ZZV^w,`^[TNTZ`^1]LRXPY_^LYO @YNP]_LTYBT^ OZX% ?SP =ZZ_^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTLx TY =ZZ_^ ZQ ?LY_]L PO 3L][P]LYO-]ZbY "z"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!!$
?SPPL]WTP^_]PQP]PYNP_ZR]Z`[^bSTNSXLd[Z^^TMWdMP_P]XPO?LY _]TN T^ L QZ`]_SNPY_`]d ,/ * [L^^LRP TY _SP 8LS£MS£]L_L ]PQP]]TYR _Z _SP ±LTaL ;£²`[L_L^ LYO ALT´©LaL ;£ÓNL]£_]L^ L^ wYZY APOTNx ?SP Z]TRTYLW ^Z`]NP^ ZQ _SP L^NP_TN ;£²`[L_L^ L]P ^[L]^P M`_ L Q`WWMWZbY ?LY_]TN _SPZWZRd T^ QZ`YO TY _SP ¢RLXL^ ZQ _SP ±LTaL >TOOS£Y_L LYO _SP -SLT]LaL ?LY_]L^ ?SP ¢RLXL WT_P]L_`]P ZQ MZ_S ±LTaL LYO ALT´©LaL TP _SP ;£ÓNL]£_]L>LÀST_£^ XLd MP OP_P]XTYPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BST_P ?LY_]L TY ;]LN_TNP & 2LaTY 1WZZO ,Y 4Y_]ZO`N_TZY _Z 3TYO`T^X .LX M]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$! z !& >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN?]LOT_TZY^x!!z!! 3PTY]TNSaZY >_TP_PYN]ZY /P] 3TYO`T^X`^ 8ÞYNSPY% -PNV z ^`^[PN_^ _SP R]Zb_S ZQ _SP ALT´©LaL ;LÓNL]£_]TY^ LYO _SP XZ]P APOLZ]_SZOZcALTVS£YL^L^ bT_STY DLU`]APOL NT]NWP^TY WL_P APOTN _TXP^ z -.3POPO`NP^Q]ZX_SPR]LXXL]TLY;L_LÓULWTv^XPY_TZYZQw±TaL-S£RLaL_L^x_SL_ _SP bZ]^ST[ ZQ ±TaL SLO L M]ZLO ML^P TY _SP YZY¢]dLY* [Z[`WL_TZY L_ WPL^_ Md _SP ^PNZYONPY_`]d-.TMTO! ?SP ;£²`[L_L>¼_]L^ bT_S_SP;LÓN£]_SLMS£´dLZQ6L`©TYdL PO=,YLY_SLV]T^SYL >L^_]T ?]TaLYO]`X $ L]P _SP ZYWd Z]TRTYLW ^Z`]NP M`_ ZQ `YNP]_LTY OL_P /dNeVZb^VT , 5Z`]YPd # ^PPLW^Z$!LYO! QY"^`RRP^_^LOPaPWZ[ XPY_ Q]ZX _SP ;£²`[L_L>¼_]L^ bSTNS SP L^^TRY^ _Z _SP ]O_S NPY_ ,/ _Z _SP ¢RLXL^ ZQ _SP ±LTaL >TOOS£Y_L _Z _SP -SLT]LaL?LY_]L^ bSTNS TY _`]Y TY^[T]PO _SP 6L`WL?LY_]L^ ?SLYV^ _Z 9 =LXLNLYO]L -SL__v^ XLY`^N]T[_ NZWWL_TZY^ _SP 1]PYNS 4Y^_T_`_P ZQ ;ZYOTNSP]]d [`MWT^SPO N]T_TNLW POT_TZY^ ZQ ^ZXP ±LTaL ¢RLXL^ LYO ]PWL_PO ]T_`LW WT_ P]L_`]P ^`NS L^ _SP =L`]LaL¢RLXL aZW^ PO 9= -SL__ $! $" $##& 8RPYO]£RLXL V]Td£[LOL LYO N£]dL[LOL PO 9= -SL__ $!& >ZXL²LXMS` [LOOSL_T aZW^POLYO_]LY^WMd3ËWÊYP-]`YYP]7LNSL`c$!z$""&$# & ?SP ;L]LVSdL_LY_]L% , ^N]T[_`]P ZQ _SP ±LTaL >TOOS£Y_L PO LYO _]LY^W Md /ZXTYTN 2ZZOLWW & ?SP;LÓNLaL]LYL^_LaLZQ,RSZ]L²TaL%L_bPWQ_SNPY_`]d>Z`_S4YOTLY []P^N]T[_TZY QZ] _SP aT^`LWT^L_TZY ZQ >LO£²TaL LYO ST^ ]P_TY`P PO / 2ZZOLWW P_ LW >PP LW^Z 8RPYO]L ?LY_]L F8RPYO]£RLXL H aTOd£[£OL LYO dZRL[£OL PO bT_S _SP NZXXPY_L]d ZY 9£]£dL©LVL©¶SL Md 8LOS`^`OLYL 6L`W >SL^_]T -ZXMLd% 9T]YLdL>LRL]$& 6£XTV£RLXL aZW^PO8LdTWLT,WLRL[[L8`OLWTL]8LO]L^% >TaLYLYL[Z_L$$& ;L`´VL]£RLXL .TOLXML]LX$ &5Ø]R2PYRYLRPW 8£d£;`
]`´LLYO±TaL%/TPO`LWT^_T^NSP?]LOT_TZYOP^±TaLT^X`^YLNS,RSZ]L²Ta£N£]dL^?L__ aL[]LV£²La__T BTP^MLOPY% 3L]]L^^ZbT_e $$!& -SL__ 7L ]PWTRTZY OP ±TaL $$z $&3ËWÊYP-]`YYP]w?SP1Z`];£OL^±LTa£RLXLx 5Z`]YLWZQ:]TPY_LW=P^PL]NS !z !$#!z$$%!z"#&w7vTXLRPOTaTYPOLY^WPN`W_P£RLXT\`POP±TaL=L[[Z]_ PY_]P WvTXLRP XPY_LWP P_ WP ^`[[Z]_ NZYN]P_ O` N`W_Px TY 7vTXLRP OTaTYP N`W_P P_ XËOT_L_TZYOLY^Wv3TYOZ`T^XP;L]T^%0O.9=>$$$z$&w?SP;WLNPZQDZRLTY _SP ±LTa£RLXL^x TY ;LYOT_ 9= -SL__ 1PWTNT_L_TZY AZW`XP PO ;> 1TWWTZeL_ >; 9L]LYR LYO .; -SL__L /PWST% 8Z_TWLW -LYL]^TOL^^ $$ z!& =TNSL]O 3 /LaT^ =T_`LWTYLY:^NTWWL_TYR@YTaP]^P%BZ]^ST[TYR±TaLTY8POTPaLW4YOTL ;]TYNP _ZY%;]TYNP_ZY@YTaP]^T_d;]P^^$$ 8Z^_ZQ_SP-SLT]LaL?LY_]L^L]PPc_TYN__ZOLdLYO_SZ^P^`]aTaTYRL]PXLTYWdLaLTW LMWP TY XLY`^N]T[_ QZ]X ZYWd ?bZ XLUZ] ZYP^ [`MWT^SPO L]P _SP >aLNNSLYOL?LY_]L LYO _SP 9P_]L?LY_]L :Y _SP -SLT]LaLD£XLWL^ bSZ^P QZN`^ T^ ZY _SP QPXTYTYP ^PP /dNeVZb^VT ,5Z`]YPd $#!z#LYO3L_WPd -]LSXLd£XLWL_LY_]L :Y_SP ;LÓNL]£_]L>LÀST_£^ ^PP%:__Z>NS]LOP] 4Y_]ZO`N_TZY_Z_SP;£ÓNL]£_]LLYO_SP ,ST]M`OSYdL >LÀST_£ 8LO]L^ $!& 5,- ALY -`T_PYPY D£X`YLv^ ¢RLXL
!"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
L^ _SP PL]WTP^_ ^Z`]NP^ ZY ?LY_]L ! ?SP^P WT_P]L_`]P^ L]P [ZbP]Q`W w^PN _L]TLYx ]PaPWL_TZY^ LYO ]T_`LW XLY`LW^ _Z bSTNS _SPT] YZY-]LSXTY LYO -]LSXTY L^NP_TN LYO []TP^_Wd QZWWZbP]^ LNNZ]O STRSP] ^_L_`^ _SLY _SP APOL?SP¢RLXL^OZN`XPY_L_]LOT_TZYRPY`TYPWd[L]LWWPW_Z_SPAPOL LYO []ZO`NPO LY LW_P]YL_TaP QZ]X ZQ PWT_P N`W_`]P ?SPd L]P _SP XZ^_ NZ[TZ`^ ^Z`]NP^ ZY TXLRP bZ]^ST[ " LYO _PX[WP ^P]aTNP @[ _Z _SP []P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;]£X£©dLX Z] ?]PL_T^P ZY _SP ALWTOT_d ZQ ;£ÓNL]£_]L >LY^V]T_ ?Pc_ LYO 0YRWT^S ?]LY^WL_TZY 8LO]L^ $"& 3 /LYTPW >XT_S , /P^N]T[_TaP -TMWTZR]L[Sd ZQ _SP ;]TY_PO ?Pc_^ ZQ _SP ;£ÓNL]£_]£RLXL aZW^ -L]ZOL% 2LPVbLO $" $#& 8T_ ^`YOZ]T 8L_^`ML]L ;£ÓNL]£_]L >LÀST_£^ LYO ALT´©LaL ?SPZWZRd bT_S L ?]LY^WL_TZY LYO .]T_TNLW 9Z_P^ Q]ZX .SL[_P]^ ZY ?SPZWZRd TY _SP ,ST]M`OSYdL >LÀST_£ /PWST $$& 8L]ePYYL .eP]YTLV/]ZeOeZbT_Ne ;£ÓNL]£_]L >N]T[_`]P TY _SP ;]ZNP^^ ZQ .SLYRP% , >_`Od ZQ _SP ;L]LXL^LÀST_£ ATPYYL & 8L]TZY =L^_PWWT ;STWZ^Z [ST^NS_SPZWZRT^NSP2]`YOLY^NSL``YRPYOP]5Ld£VSdL^LÀST_£%8T_PTYP]/L]_^_PWW`YR OP^ _ÆRWTNSPY=T_`LW ATPYYL% ¸,B$$$& /TP?]LOT_TZYOP^ ;£ÓNL]£_]LTX >[TPRPW OP];£]LXP²aL]L^LÀST_£ 3LMTWT_L_TZY?SP^T^@YTaP]^T_dZQATPYYL ! 4Y[]P^`[[Z^TYR_SP¢RLXLWT_P]L_`]P_ZMP_SPPL]WTP^_^Z`]NP^ZY?LY_]LbPQZWWZb _SP _]LOT_TZYLW NWL^^TQTNL_TZY PR 5LdL]L_SLv^ NZXXPY_L]d ZY ?LY_]£WZVL # :Y _SP NZY_TY`T_d ZQ _SP _P]X^ ?LY_]L LYO ¢RLXL _SL_ L]P ^ZXP_TXP^ `^PO L^ ^dYZYdX^ _ZOPYZ_P_SP^LXP_Pc_^PP-SL__ 7L]PWTRTZYOP±TaL z&2PYRYLRPW 8£d£;` ]`´L LYO ±TaL z& 2Z`O]TLLY LYO 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P "z# =LXLNSLYO]L =LZ ¢RLXL6Z²L AZW -LYRLWZ]P% 6LW[L_SL]` =P^PL]NS 4Y^_T_`_P $#$ " [Z^_`WL_P^ LY Z]TRTYLW TOPY_T_d LYO L ^[WT_ MP_bPPY ?LY_]L LYO ¢RLXL ZNN`]]TYRL]Z`YO_SP_SZ]_SNPY_`]d?SP;£ÓNL]£_]LSL^MPPY_]LNPOL^LNZSP] PY_]PWTRTZ`^^d^_PXQ]ZX_SPQT]^_NPY_`]d-.Z]PL]WTP]/PYYT^3`O^ZYw0L]Wd0aT OPYNPZQ_SP;£ÓNL]£_]L¢RLXLxTY ?SP=ZZ_^ZQ?LY_]L PO6,3L][P]LYO=ZMP]_ 7-]ZbY ,WMLYd%>@9Dz!"5`ORPOZYXP]PWdWTYR`T^_TNN]T_P]TL_SP ±LTaL¢RLXL^^PPX_ZMPQLT]WdLYNTPY_L^bPWWLW_SZ`RS_SPPcT^_TYR^Z`]NP^OZYZ_ RZ MLNV _Z APOTN _TXP^ ,NNZ]OTYR _Z aZY >_TP_PYN]ZY /P] 3TYO`T^X`^ !# _SP ±LTaL ]T_`LW _SPZWZRd SL^ MPPY M]LSXLYTNLWWd ]PbZ]VPO Md O]LbTYR ZY _SP ALT´©LaL _]LOT_TZYM`_^_L]_PO_ZRZT_^ZbYbLd^Md_SP_SNPY_`]d,/]PLNSTYRT_^N`WXTYL _TZY TY _SP $_S _Z _SP _S NPY_`]d ;LOZ`c ?£Y_]TV£MSTOLYLVZ²L 4 ! L^^TRY^ _SP ZWOP^_±LTaL¢RLXL^_Z_SP!_SZ]"_SNPY_`]d " ?SP ^`M^_]L_`XZQ_SP ¢RLXTNXZOPZQbZ]^ST[ XLdMPaP]d LYNTPY_ ;£©TYT _SZ] _SNPY_-.LW]PLOdVYZb^LMZ`__SPPcT^_PYNPZQYZYAPOTNTXLRPbZ]^ST[-SL__ 7L]PWTRTZYOP±TaL Z[NT_QM`_bPOZYZ_VYZbbSL_T_WZZVPOWTVP?SPQ`WW MWZbY¢RLXTNbZ]^ST[T^aP]d^Z[ST^_TNL_PO1TWWTZeL_v^[]PQLNP_Z-SL__ 7L]PWTRTZY OP ±TaL ^`XXL]TeP^ ^ZXP P^^PY_TLW^% w7P^ NZ][^ OP ±TaL []TYNT[LWPXPY_ WP 7T«RL^ZY_OP^ZMUP_^OPN`W_P7PN`W_PNZY^T^_PPY]T_P^OvSZXXLRP[]L_T\`Ë^[L]WP QTOÊWPNSPeW`TZ`[L]WP^[]Ì_]P^OËWËR`Ë^OP^QTOÊWP^OLY^WP_PX[WP[`MWTN^7PN`W_P OLY^^L_Z_LWT_ËTX[WT\`PWL[]Ë^PYNPOP±TaL7P±TaLT^XP[]Z[Z^POP`cXZOP^7P []PXTP]P^_^`MUPN_TQ7PQTOÊWPN]ËPPY[PY^ËPWPOTP`ZMUP_OP^ZYN`W_PPY[`T^^LY_ OLY^WLXd_SZWZRTPZ`WL_SËZWZRTPWLQTR`]POP^ZYNSZTc7vL`_]PXZOPOP[]Ë^PYNP P^_ ZMUPN_TQ 7v ZMUP_ XL_P]TPW O` N`W_P 7T«RL Z` ^_L_`P P^_ NZY^TOË]Ë NZXXP Ë_LY_ ±TaL W`TXÌXP P_ YZY [L^ `YP TXLRP ;Z`] QZYOP] WL QZT OLY^ WL []Ë^PYNP PQQPN_TaP O`OTP`WP²TaL|^XP[]Z[Z^P`Y]T_`PWËWLMZ]ËOvTY^_LWWL_TZYOPWvZMUP_OPN`W_PF,Q_P] _SP []PWTXTYL]d TY^_LWWL_TZY ]T_P^ bSTNS TYaZWaP L Y`XMP] ZQ ^LÀ^V£]L^ PYOTYR bT_S XL]]TLRPHZY[]Ë[L]P`Y QP`\`T ]P[]Ë^PY_P WL ^PXPYNP OP A£R¯²aL]L ±TaL >PTRYP`] OPWL[L]ZWPWL[L]ZWPconçueNZXXPN]ËL_]TNPOP^ZMUP_^:YNZY^LN]P`Y[Z_\`TP^_
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!"
^PY_ OLd >Z`_S 4YOTLY _PX[WP bZ]^ST[ TY [L]_TN`WL] ZbP^ L^ X`NS _Z ¢RLXL?LY_]L L^ _Z _SP APOTN;`]£YTN WZ]P Z] ^bPP[TYR OPaZ_TZYLWT^X MSLV_T LYO QZWV []LN_TNP^ ¢RLXTN TXLRP bZ]^ST[ Z]TRTYLWWd []TaL_P bT_S _SP R]PL_ _PX[WP^ WL_P] P]PN_PO MPTYR [L]_ ZQ _SP [`MWTN N`W_`]P TYaZWaP^ TXLRTYL_TZY aT^`LWTeL_TZY ]PNT_L_TZY XPOT_L_TZY P^Z_P]TN DZRLX`NS ]T_`LW ^N]`_TYd LYOTYT_TL_TZYZY_SP[L]_ZQ_SP[P]QZ]XP]^ ?SP RZO T^ []P^PY_ TY _SP TXLRP L^ TY _SP XLY_]L # M`_ _SP TXLRP WLNV^ _SP XLY_]Lv^ TXXPOTLNd ?SP ]TNS ]T_`LW _SPZWZRd T^ ]P[WP_P bT_S ^dX MZWTN QZ]X^ XLY_]L [P]QZ]XLYNP^ LYO ^ZYTN ^[PN`WL_TZY^ _Z TYaZVP _SP LWW[P]aL^TaP7Z]O2ZOXPY_LWWdLYO[Sd^TNLWWdTY_SPTNZYLYOTYSTX ^PWQ?ST^STRSWd?LY_]TN^`[P]^_]`N_`]PRTaP^LOPP[P]XPLYTYR_ZbSL_ T^ OZYP TY _SP OLTWd [¼U£ LYdbLd LYO LOO^ XZ]P ]T_`LW OPaTNP^ 9Z_ Md ]PO`N_TZY M`_ Md LY Pc_]PXP TYN]PL^P ZQ ^PY^Z]d aP]MLW LYO XPY_LW ^_TX`WT ?LY_]TN ]T_`LW T^ L[_ _Z M]TYR LMZ`_ TY_PY^T_d LYO L wXd^_TNLWx Pc[P]TPYNP^_]ZYRWdNZYYPN_PObT_S[P]QZ]XLYNP ?SPL__PY_TZY[LTO_ZXPOTLWTeL_TZYTNZY^LYO^dXMZWTeL_TZYT^aP]d NSL]LN_P]T^_TN ZQ _SP ?LY_]TN QZ]X ZQ 3TYO`T^X ?SP TY_P]P^_ TY XPOTL ^TRY^ LYO ^dXMZW^ L[[WTP^ YZ_ ZYWd _Z WLYR`LRP LYO N]PL_TaP TXLRTYL _TZY M`_ LW^Z _Z bSL_ T^ NZ][Z]LW LYO aT^`LW 4Y _ST^ [SL^P ZQ OPaPWZ[ XPY_ _SP]PZNN`]^ L[L]_TN`WL] ^dXMTZ_TNOZaP_LTWTYRZQ]PWTRTZY LYOL]_ _SL_ T^ ^`[]PXPWd _d[TNLW ZQ 3TYO`T^X PaPY _ZOLd =PWTRTZY _]TP^ _Z ]PLNS _SPQLT_SQ`WaTL LWW[Z^^TMWPXPOTL NSLYYPW^LYO _Z]LT^P _SPXZ`_ ZQ _SPT] PaP]dOLd bZ]WO ?SP L`OT_TaP XPLY^ TYNW`OP XLY_]L^ WT_LYTP^ ^ZYR^LYOTY^_]`XPY_LWX`^TNLWZYR^TOP_SPXLYdLYOOTaP]^P^dXMZWTN TY^_]`XPY_^^`NSL^MPWW^LYONZYNS^SPWW^&QZ]_SPPdP^_SP]PL]P^[WPY OTO ]PWTRTZ`^ TXLRP^ OPNZ]L_TZY^ QWZbP]^ aL]TZ`^ WLX[^ LYO ]T_`LW TX[WPXPY_^ XL©LWL^ LYO Z_SP] ^LN]PO OTLR]LX^& LYO QZ] _SP ^PY^P ZQ ^XPWW _SP]P T^ L ]TNS NZ^XZ^ ZQ ZOZ]^ ?SP^P ^PY^Z]d ^_TX`WT L]P TY _PYOPO _Z SPTRS_PY _SP [P]NP[_TZY ZQ _SP ^LN]PO LYO M]TYR LMZ`_ L YPb ]PWTRTZ`^ \`LWT_d ?SP ^PY^Z]d _]LY^[Z]_ LYO _SP WL]RP Y`XMP] ZQ ^dX MZWTN QZ]X^ OT^NZaP]PO N]PL_P LY TY_P]^`MUPN_TaT_d z TY QLN_ LY TY_P]N`W _`]LWT_d 4_ T^ YZ_PbZ]_Sd _SL_ LWXZ^_ PaP]d_STYR ^`NNP^^Q`WWd Pc[Z]_PO Q]ZX3TYO`T^X_SL_OZP^YZ_QLWWbT_STY_SP[STWZ^Z[STNLW^[PN_]`XSL^ MPPY TYQW`PYNPO Md _SP ?LY_]L _Z L R]PL_P] Z] WP^^P] OPR]PP 8L©LWL [LTY_TYR LYO NSLV]L XPOT_L_TZY MPNLXP [Z[`WL] TY _SP BP^_ `YWTVP LY PL]Wd XZ]YTYR OT[ TY LY TNPNZWO ]TaP] `YOP] LY L`^[TNTZ`^ ^_PWWL] NZY ^_PWWL_TZYbSTNST^_d[TNLWZQ_SP;`]£©L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _PY`[Z`]Ì_]PWP^PTYOPA£R¯²aL]¯WL[L]ÊO]POP±TaLx>PPLW^Z=TNSL]O3/LaT^ BZ]^ST[TYR±TaLTY8POTPaLW4YOTL%=T_`LWTYLY:^NTWWL_TYR@YTaP]^P /PWST%8Z_TWLW &:]TRTYLW;]TYNP_ZY@YTaP]^T_d;]P^^$$ # ?SP ¢RLXL OPT_TP^ L]P ^`[[Z^PO _Z SLaP _S]PP QZ]X^ X¼]_T% L^ [P]^ZYTQTNL_TZY^ OPaL_£X¼]_TL^^dXMZWTNOTLR]LX^ dLY_]LX¼]_T LYOL^^Z`YO XLY_]LX¼]_T z_SP ^ZYTNQZ]XT^_SP[]TXL]dZYP2`[_Lw?SP;£ÓNL]£_]L,__T_`OP_Z8LY_]Lx
!"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
-PSTYO_SP]PaLW`L_TZYZQXPOTLWTeL_TZY_SP]PT^LYPb]PWPaLYNP_Z _SPbZ]WOPaPYTY_SPL]PLZQ[STWZ^Z[Sd?d[TNLWZQ_SP?LY_]TNbZ]WO aTPbT^_SPTY_TXL_POZaP_LTWTYRZQ_SP[]ZQLYPLYO_SP^`[P]YL_`]LWLYO _SP PX[SL^T^ ZY TXXLYPYNP 4Y NZY_]L^_ _Z _SP L^NP_TN LY_TNZ^XTN ^d^ _PX^SP]PbPQTYOLNZX[WP_PWd[Z^T_TaPaTPbZQ^PY^Z]d]PLWT_dLYOZQ _SP [SPYZXPYLW NZ^XZ^ ?ST^ L__PY_TZY _Z TXXLYPYNP T^ XZ^_ NWPL]Wd Pc[]P^^PO TY _SP YPbWd OPaPWZ[PO _SPZWZR`XPYZY ZQ w;ZbP]x ±LV_T bSTNS QT]^_ L[[PL]^ TY ±TaLT^X M`_ WL_P] LW^Z ^_L]_^ _Z N]PP[ TY_Z LWW Z_SP] ]PWTRTZ`^ ^d^_PX^ z AT´©`T^X -]£SXLYT^X LYO PaPY -`OOST^X ?ST^ NZYNP[_ ZQ [ZbP] NLY L[[PL] TY OTQQP]PY_ QZ]X^ 4Y PL]Wd ±LTaT^X QZ] PcLX[WP T_ NZYYZ_P^ XZ]P bT_S LY L[P]^ZYLW OdYLXT^X% ±TaL SL^ PYZ]XZ`^ [ZbP]^ bT_S bSTNS SP NLY XL_P]TLWTeP LYd_STYR LYO PaP]d _STYR_SL_SPbT^SP^ $-`_±LV_TT^LW^Z[P]^ZYTQTPOL^_SPNZX[LYTZYZQ L2ZOZ]L-`OOSL4Y^`NSNL^P^ ^SPPXMZOTP^ST^[ZbP]LYO_LYRTMWP []P^PYNPTY_SP[Sd^TNLWbZ]WO4_T^PaPY[Z^^TMWPLYOTYWL_P]?LY_]L^ LYO±£V_L;`]£©L^T_T^_SPYZ]XQZ]±LV_T_ZL[[PL]L^LM^ZW`_P]PLWT_d L^ _SP 2]PL_ 2ZOOP^^ LYO OTaTYP 8Z_SP] ZQ LWW bZ]WO^ bSTWP _SP XLWP OPT_d_Z_LWWd]PNPOP^TY_Z_SPMLNVR]Z`YO 3T^_Z]TNLWWd _SP R]PL_P^_ M`WV ZQ NZY_]TM`_TZY^ _Z 3TYO` ?LY_]L NZXP^Q]ZX±LTaT^XBT_S_SP¢RLXLWT_P]L_`]P_SP±LTaL^N]PL_PO_SPT] ZbY ^LN]PO NLYZY LYO _SPT] ZbY wZ]_SZOZcdx NZaP]TYR L ]PWTRTZ`^ L[ []ZLNS bSTNS TYaZWaP^ \`T_P OTQQP]PY_ []LN_TNP^ Q]ZX _SZ^P bP QTYO TY _SPAPOL?SP_Z[TN^ZQ_SPPTRS_Z]_PYNWL^^TNLW±TaL¢RLXL^_ZbSTNS _SP Z]_SZOZc ±LTaL >TOOS£Y_L ]PQP]^ NZaP]^ X`NS WTVP _SP ;£ÓNL]£_]L >LÀST_£^ [STWZ^Z[Sd DZRL NZ]]PN_ MPSLaTZ] LYO ]`WP^ QZ] [P]^ZYLW OTaTYP bZ]^ST[ _PX[WP ]T_`LW^ _PX[WP NZY^_]`N_TZY LYO _SP TY^_LWWL_TZY ZQ ]PWTRTZ`^ TXLRP^ ?SPY TY LOOT_TZY _SP]P L]P LW^Z _Pc_^ TY_PYOPO ^ZWPWdQZ] TYOTaTO`LW]PWTRTZ`^[]LN_TNP ?SP^PL]P_SP#=`O]L ?LY_]L^ =`O]L ¢RLXL^ LYO _SP ! -SLT]LaL ?LY_]L^ BSTWP _SP QZ]XP] L]P LNNP[_PO bT_STY _SP wZ]_SZOZcx ±LTaL >TOOS£Y_L QZWO bSZ^P NWL^^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SPQPXLWPPWPXPY_SL^MPPY^_]ZYRWdPX[SL^TePOMdBST_P 6T^^ZQ_SPDZRTY¯ ?SP ?LY_]LWT_P]L_`]PNT_POMdBST_PSZbPaP]^PPX^_ZMPLWL_P]^_LRPTYbSTNSLR]LO `LW QPXTYTeL_TZY ZQ ?LY_]L ZNN`]]PO Md TYNW`^TZY ZQ L Y`XMP] ZQ WZNLW _]LOT_TZY^ ZQ QPL]^ZXPQPXLWP^[T]T_^LYORZOOP^^P^]P^`W_TYRTYL^`MWTXL_TZYLYO^[T]T_`LWTeL_TZY ZQaTZWPY_LYOwXLRTNxQZWV[]LN_TNP^bSTNS[]PaTZ`^WdSLOYZ_STYR_ZOZbT_S±LTaL ±£V_L_]LOT_TZY^-`__SP^LXP[]ZNP^^ZQTYNW`^TZYPc[WLTY^L^bPWWbSdXZ]PXL_P ]TLWLYOaTZWPY_QZ]X^ZQbZ]^ST[L[L]£ bZ]^ST[MPNLXPQL^STZYLMWPTY^ZXP±LTaL ±£V_L _]LOT_TZY^ :Y _SP NT]NWP^ ZQ RZOOP^^P^ L]Z`YO _SP >`[]PXP 2ZOSPLO ^PP LW^Z /dNeVZb^VT ,5Z`]YPd $QQYLYO>LYOP]^ZYw;`]T_dLYO;ZbP]x$#QQ ?ST^TYOTRPYZ`^OTaT^TZYZQ_SP?LY_]L^T^[]ZaTOPOMd_SP6L^SXT]TL`_SZ]5LdL]L_SL ,/TYST^NZXXPY_L]dZY ?LY_]£WZVL #,NNZ]OTYR_Z>LYOP]^ZYw±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZYx !!# _SP NWL^^TQTNL_TZY RZP^ MLNV _Z _SP $_S Z] _S NPY _`]d ,/& ^TXTWL]Wd8L]V /dNeVZb^VT ?SP.LYZYZQ_SP ±LTa£RLXLLYO_SP 6`MUTV£ ?LY_]L^ZQ_SPBP^_P]Y6L`WL?]LOT_TZY ,WMLYd%>@9D$##
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!"
NLYZY T^ ^LTO _Z NZY^T^_ ZQ # ¢RLXL^ LYO bSZ QLaZ] _SP XTWO PaP] [PLNPQ`W >LO£²TaL QZ]X _SP WL__P] SLaP L wSP_P]ZOZcx QWLT] LYO QLaZ] -SLT]LaLLQTP]NPQZ]XZQ±TaL ?SP 4YOTLY ^NSZWL] 9 =LXLNLYO]L -SL__ T^ NP]_LTYWd ]TRS_ TY ^`R RP^_TYR _SL_ _SP APOTN LYO _SP ¢RLXL?LY_]TN _]LOT_TZY^ bP]P TYT_TLWWd ]TaLW ^d^_PX^ M`_ TYQW`PYNPO ZYP LYZ_SP] _Z ^`NS LY Pc_PY_ _SL_ _SPd `YT_P TY NZY_PX[Z]L]d 3TYO`T^X -SL__ PaPY NZY_PYO^ _SL_ T_ T^ []P NT^PWd _ST^ X`_`LW TY_P]LN_TZY ZQ _bZ Z]TRTYLWWd TYOP[PYOPY_ MZOTP^ ZQ ]PaPWL_TZY_bZOT^_TYN_^NSZZW^ZQw±]`_Tx_SL_M]Z`RS_LMZ`_3TYO`T^X L^bPVYZbT__ZOLd4Y[L]_TN`WL]_SP[ZbP]Q`W_SPT^_TN^Z_P]TZWZRd_SP ±LV_T NZYNP[_ LYO YZ_ WPL^_ _SP ^Z_P]TZWZRTNLW LYO []LRXL_TN PQQTNTPYNd ZQ XLY_]L^ z TP _SP TOPL _SL_ WTYR`T^_TN QZ]X`WL^ NZY_LTYTYR L RZOv^ YLXP^ Z] MTUL^ SL]MZ] OTaTYP []P^PYNP LYO [ZbP] TY _SPX^PWaP^ z SLaP MPNZXP aP]d X`NS [L]_ ZQ XLTY^_]PLX 3TYO` N`W_`]P LYO XP]RPO bT_S>X£]_LLYO MSLV_T _SPZWZRd ?ST^ wXLTY^_]PLX ?LY_]Lx X`^_ MP OT^_TYR`T^SPO SZbPaP] Q]ZX L ?LY_]TN WTQP^_dWP TY L ^_]TN_P] ^PY^P% >£OSLVL^ bSZ OPaZ_P _SPT] WTaP^ PcNW`^TaPWd _Z ?LY_]TN []LN_TNP^ LYO OTaP]^P WTYPLRP^ ZQ TYT_TL_P^ TY_Z _SP¢RLXL^LYO?LY_]L^?LY_]LSL^YZ_[]ZO`NPOL[LY4YOTLYYP_bZ]V ZQ ]PWTRTZ^T Z] L QTcPO wNLYZYx ZQ WT_P]L_`]P =L_SP] T_ SL^ []ZO`NPO w^PN_L]TLYx NT]NWP^ Z] OPYZXTYL_TZY^ bSZ^P PcNW`^TaP L^^TRYXPY_ _Z L NP]_LTY QZ]X ZQ L 7Z]O 2ZO Z] 2]PL_ 2ZOOP^^ LWZYR bT_S _SPT] [LY _SPZYzLWWZQbSZX[]TYNT[LWWd8LY_]LOPT_TP^zM]Z`RS_QZ]_STY^_T_` _TZYLW[L__P]Y^Z_SP]_SLY_SPAPOTN_]LOT_TZY%wQLXTWTP^x V`WL ZQTYT_T L_P^ bSZ^P \`LWTQTNL_TZY^ L]P YZ_ _SZ^P ZYP L__LTY^ Md MT]_S M`_ ]L_SP] _Z_LW NZXXT_XPY_ LYO [`]T_d ZQ NZYO`N_ 7TVPbT^P _SP _]LY^XT^^TZY NSLYYPW^ OTQQP] ?SP]P L]P aP]d NWZ^P R`]` OT^NT[WP ]PWL_TZY^ST[^ LYO XZ]PTX[Z]_LY__SLY_SP_Pc_`LW_]LOT_TZYT^bSL_NZXP^Q]ZX_SPXZ`_S ZQ_SPR`]`?LY_]TNNT]NWP^N]PL_PO_SPT]ZbYTOPY_T_dXL]VP]^ ]`WP^ZQ NZYO`N_ LYO P_STN^ TY_PWWPN_`LW PWT_P^ []TP^_Wd L]T^_ZN]LNTP^ STP]L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,^SP^_L_P^TYST^NPY_]LW_SP^T^TY 7L]PWTRTZYOP±TaL Z[NT_z# ?SPXZ^_bTOP^[]PLOLYOTX[Z]_LY_TOPY_T_dXL]VP]T^_SP[L]_TN`WL]w]ZZ_XLY_]LxZQ _SPNPY_]LWOPT_dM`__SP]PL]PLW^ZNZ][Z]LW^TRY^WTVP_SP_S]PP^_]PLV^ZQL^SP^LYO ^ZXP_TXP^ YLVPOYP^^ TY ±LTaL _]LOT_TZY^ Z] _SP ^PN_L]TLY XL]V^ LYO M]LYOTYR TY ALT´©LaL_]LOT_TZY^±£V_L?LY_]TN^bZ`WObPL]L]POO]P^^zLYO±]¯aTOd£LOP[_^L]P ^`[[Z^PO _Z LOOT_TZYLWWd MPOPNV LYO [P]Q`XP _SPX^PWaP^ z bSTWP [P]QZ]XTYR _SPT] ]T_`LW w.£]dLxMPWZYR^_Z_SPQTcPOT_PX^Q]ZX_SP¢RLXL^_Z_SPWL_P?LY_]TN]T_`LWXLY`LW ;L]L²`]£XL 6LW[L >¼_]L bSTNS TY NSL[_P]^ LYO ZQQP]^ RZZO PcLX[WP^ ZQ _d[T NLWWd?LY_]TNP_STN^ -PWZbbPbTWWL]R`P_SL_PaPY_SP`__P]WdYZYNZYQZ]XT^_6£[£WTVL^MPL]PWT_PN`W_`]P QPL_`]P^8Z]PZMaTZ`^PcLX[WP^L]P ±LTaL >TOOS£Y_TYNZ^XZRZYd,MSTYLaLR`[_Lv^ 6L^SXT]±LTaL[STWZ^Z[SdLYO-S£^VL]£dLv^±]¯aTOd£RYZ^_TNT^X
!"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
NSTNLW [L__P]Y^ ! LYO ^_]L_PRTP^ ZQ ^PN]PNd _Z []Z_PN_ _SPT] XLY_]L^ LYO P^Z_P]TN]T_P^Q]ZX_SP`Y\`LWTQTPO "?LY_]LTY_ST^XZ]P]P^_]TN_PO^PY^P SL^LWbLd^MPPY[]TXL]TWdL[]TaL_PLQQLT]]P\`T]TYRYPT_SP]_PX[WP^YZ] NZXX`YLW QP^_TaLW^ >ZXP ZQ T_^ QZ]X^ L]P YZ_ bPWW ^`T_PO _Z MP [`MWTN ]PWTRTZY PT_SP] MPNL`^P _SPd L]P _ZZ NSL]RPO bT_S P^Z_P]TN ^dXMZWT^X bSTNST^LWbLd^_SPNL^PZ]MPNL`^P_SPdL]P_ZZLY_TYZXTLYLYOLYL] NSTNbSTNST^^ZXP_TXP^_SPNL^P
?SP?LY_]TNwBPLaTYR1]LXPx% 9Z_P^ZY/PQTYT_TZY,N_Z]^LYO;ZWT_TN^ ?SP?LY_]TNwBPLaTYR1]LXPx >TYNPYZ_ZYWd_SP±LTaL^M`_LW^Z_SPALT´©LaL^_SP-`OOST^_^LYO_SP 5LTYL^ SLaP ?LY_]L ZYP NLYYZ_ ^[PLV ZQ LY TYOP[PYOPY_ ]PWTRTZY M`_ ZYWd ZQ L XZaPXPY_ bT_STY _SP ]PWTRTZY^ ?ST^ XZaPXPY_ z N`__TYR LN]Z^^ ]PWTRTZ`^ _]LOT_TZY^ LYO ^ZNTLW ^_L_`^ R]Z`[^ z ^SL]P^ NP]_LTY NZXXZY QPL_`]P^ ^`NS L^ _SP NPY_]LWT_d ZQ XLY_]L _SP TYNW`^TZY ZQ DZRL aT^`LWTeL_TZY^ LYO MZOd []LN_TNP^ L wWTXT_WP^^ L[[P_T_P QZ] ^dX MZWTN ]P[]P^PY_L_TZY^x # LYO XZ^_ ZQ LWW NZYNP[_TZY^ LMZ`_ ^`[P]X`Y OLYP[ZbP]LYOPX[ZbP]XPY_ML^POZYLaP]dTXXPOTL_POTaTYPS`XLY ]PWL_TZY^ST[ ?LY_]L T^ STRSWd [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d L_ _SP ^LXP_TXP?SPXLUZ]XPLY^ZQPX[ZbP]XPY_L]PYPbXLY_]LQZ]X`WL^ LYO^[PNTQTN]T_P^^ZXPZQbSTNS]PaP]^P_SPwYZ]XLWx-]LSXLYTNaLW`P ^d^_PX PR Md ]PaLW`TYR LY_TYZXTLY MPSLaTZ] LYO wTX[`]Px ^`M ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPQZ]TY^_LYNP.S]T^_Z[S1`WWP]v^LNNZ`Y_ZQ_SP¢OT²LTaL_PX[WP[]TP^_^ZQ8LO`]LT TY >P]aLY_^ZQ_SP2ZOOP^^%?SP;]TP^_^ZQL>Z`_S4YOTLY?PX[WP .LXM]TORP%.LX M]TORP@YTaP]^T_d;]P^^$# ! >PPQZ]TY^_LYNP_SPOTQQP]PY_DZRLLYOTYT_TL_TZYXP_SZO^TY_SP 9P_]L?LY_]L NSL[ LYO_SP ±£]LO£?TWLVL?LY_]L NSL[ ^`[[Z^PO_ZMPOP^TRYPOQZ]XZ]PLYOWP^^ NZX[P_PY_L^[T]LY_^?LY_]LT^RPYP]LWWd]P[]P^PY_POL^wPRLWT_L]TLYxLYOQ]PPZQNL^_P OT^_TYN_TZY^ bSTNS NZTYNTOP^ bT_S _SP []PNP[_^ ZQ _SP ?LY_]L^ P^[PNTLWWd _SP 6L`WL ?LY_]L^ 3ZbPaP] NL^_P OT^_TYN_TZY^ L]P RPYP]LWWd ^`^[PYOPO ZYWd TY _SP ]T_`LW NZY _Pc_^ /dNeVZb^VT , 5Z`]YPd $ z O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ ^ZXP_TXP^ YPb STP]L]NSTP^ L]P N]PL_PO Md OT^_TYR`T^STYR _SZ^P bSZ XLd wRTaPx L XLY_]L LYO _SZ^P bSZ w]PNPTaPx T_ 4Y 9P[LW QZ] TY^_LYNP bSP]P 6L`WL ?LY_]L T^ L `MT\`T_Z`^ [L]_ZQ9PbL]N`W_`]P3TYO`L^bPWWL^-`OOST^_LYOaP]dbTOP^[]PLOLXZYR-]LS XTY^_SP]PT^LOPQTYT_PR]LOPOSTP]L]NSdLNNZ]OTYR_ZNL^_P]T_`LWQ`YN_TZY^LYO_SP OPR]PPZQTYOP[PYOPYNP_SP]T_`LWLRPY_^PYUZd " 4_T^NZXXZYWdLNNP[_POMd?LY_]T^_^_SL__SPT]_PLNSTYR^SZ`WOMPVP[_^PN]P_8`NS L^TY_SPNL^PZQ_SPAPOL_SPOPWTMP]L_P^PN]PNdQZ]RPOTOPY_T_dQZ]XL_TZYZQLYPWT_P ZQTYT_TL_P^Md_SPbT_SSZWOLYOL^dXXP_]TNLWOT^_]TM`_TZYZQVYZbWPORPLYOXPNSL YT^X^ZQTYNW`^TZYLYOPcNW`^TZY3ZbPaP]_SPOPR]PPZQ^PN]PNdaL]TP^^`M^_LY_TLWWd OP[PYOTYRZY_SPR]Z`[Z]]PRTZYLYOXLdPaPYMPLM^PY_LW_ZRP_SP][L]_TN`WL]WdTY YZYPWT_PNT]NWP^ # >Z_SP[P]_TYPY_]PXL]VZQ/dNeVZb^VT ,5Z`]YPd
?SP?LY_]TNwBPLaTYR1]LXPx
!"
^_LYNP^ L^ [L]_TN`WL]Wd [Z_PY_ BT_STY ?LY_]TN NT]NWP^ R]Pb Q]ZX wMP WZbx YPb ]PWTRTZ`^ ^[PNTLWT^_^ bSZ OPQTYPO _SPT] ZbY L`_SZ]T_d ^ZNTZ ]PWTRTZ`^TOPY_T_dLYO]PWTRTZ`^ ^_dWP^ WL]RPWd T]]P^[PN_TaPZQ_SP APOTN -]LSXLYTN ^d^_PX LYO _ST^ TYOP[PYOPYNP Z[PYPO YPb L`_ZYZXZ`^ LaPY`P^3TYO`?LY_]LSL^LM^Z]MPOLYO]PbZ]VPOMZ_SPWT_PLYO[Z[` WL]QZWV_]LOT_TZY^4YXLYdbLd^T_T^L^`MaP]^TaPNZY_TY`L_TZYZQbPWW VYZbY APOTN [L__P]Y^% X`NS ZQ T_ T^ SL]OWd NZYNPTaLMWP bT_SZ`_ _SP APOTN [L]LOTRX ZQ _SP [ZbP] ZQ XLY_]L^ LYO _SP YZYO`LW bZ]WOaTPb ZQ _SP @[LYT´LO^ -Z_S L[[PL] w]PTYaPY_POx TY 3TYO` ?LY_]L bSTNS RPYP]LWWd TYaZWaP^ LWZYR bT_S L ^_]ZYR XZYZ_SPT^_ wN]PPOx L YPb OdYLXTN YZYO`LWT^_ NZ^XZRZYd LYO XP_L[Sd^TN^ $ ?SP MZ`YOL]TP^ ZQ _SP TY_P]TZ] LYO Pc_P]TZ] bZ]WO L]P Pc_]PXPWd QW`TO TY LWW ?LY_]TN _]LOT _TZY^ 3ZbPaP] ?LY_]L T^ OPQTYT_PWd YZ_ L SZXZRPYZ`^ XZaPXPY_ RTaPY _SP OTQQP]PY_ N`W_`]LW LN_Z]^ LYO ]PWTRTZ`^ ^d^_PX^ TYaZWaPO 1Z]XL_TaP TYQW`PYNP^ NLXP Q]ZX ¢RLXTN ±LTaL N`W_`]P LYO OTQQP]PY_ R]Z`[^ ZQ ]LOTNLW ±LTaL L^NP_TN^ BP _PYO _Z ^`RRP^_ MPWZb _SL_ _SP ?LY_]TN w^PPO XLY_]L^x ^`NS L^ _SP ±TaL M¯UL 3,@¿ SLaP XZ]P []Z_ZQZ]X^ TY ^Z`YO XTXP^T^ LYO ZYZXL_Z[ZP_TN ^[PPNS QZ`YO TY SP_P]ZOZc PN^_L_TN -SLT]LaL N`W_^ LYO PL]Wd ?LY_]L^ TYQW`PYNPO Md QZWV XLRTN _SLY TY _SP APOTN:¿bSTNSSLOLWL^_TYRTX[LN_ZY?LY_]LL^bPWW BP^PPSZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 0aPYO`LWT^__]LOT_TZY^^`NSL^_SP±LTaL>TOOS£Y_LNZY_LTY]T_`LWPWPXPY_^ZQTOPY_T QTNL_TZY XZ^_ Z`_^[ZVPYWd TY _SP ^_LYOL]O QZ]X`WL _SL_ ZYP NLYYZ_ bZ]^ST[ ±TaL bT_SZ`_ MPNZXTYR L ±TaL% ²Ta¯MS¼dL ²TaLÀ dLUP_ ?SP QZ]X`WL T^ ^ZXP_TXP^ _]LNPO MLNV_Z -SLO¢]L©dLVL@[LYT´LO 4Y_SP ±LTaL >TOOS£Y_L_SP ]`WPOZP^YZ_OP YZ_P SZbPaP] L Q`WW TOPY_T_d L^ L XZYT^_ YZYO`LW ,OaLT_LAPO£Y_TY Z] L OdYLXT^_ YZYO`LW6L^SXT]±LTaLbZ`WONZY_PYOM`_]L_SP]L±TaLWTVP^_L_P ²TaL_aL&_SP[P] ^ZYMPNZXP^zPaPYLQ_P]OPL_SzwLx±TaLZ]P\`TaLWPY__Z±TaL^PPMPWZb:YP^ _LMWT^STYRTOPY_T_d%/LaT^w-PNZXTYRL±TaLLYO,N_TYRL^:YPTY±LTaLBZ]^ST[x LYO A]LULaLWWLMSL /aTaPOT w3LaTYR -PNZXP L 2ZO 3P >SZ`WO >LN]TQTNP _Z _SP 2ZO^xTY =T_`LWLYO>[PN`WL_TZY PO?2Z`O]TLLY,WMLYd%>@9D$$"z$& z# ?SPPL]Wd^PXLY_TN;£ÓNL]£_]LXLY_]L^PR YLXZ9£]£dL©£dL wSZYZ]_Z9£]£dL©Lx LW]PLOd TYNW`OP _SP ^LN]PO ^dWWLMWP :¿ :¿ YLXZ 9£]£dL©£dL LYO -SLT]LaL ?LY_]L^^`NSL^_SP >aLNNSLYOL?LY_]L PaPYTYNW`OP:¿XPOT_L_TZY?SPWL_P]^_]TYR^ ZQ ?LY_]TN M¯ULXLY_]L^ LWXZ^_ TYaL]TLMWd ^_L]_ bT_S :¿ L^ bPWW ?SP 8LY_]L²£^_]L LNNZ]O^_Z:¿^[PNTLWQ`YN_TZY^WTVPwaTaTQdTYRx U¯aLYLX _SP?LY_]TNXLY_]L^dWWL MWP^ /T]V 5LY 3ZPY^ w8LY_]L NZY^_T_`PY_^ ZQ ?LY_]TN ;]LN_TNPx TY 3TYO` ?LY_]T^X PO > 2`[_L P_ LW Z[ NT_ # LYO OPaPWZ[PO LY PcPRP^T^ ]PXTYT^NPY_ ZQ _SP :¿ SP]XPYP`_TN^ZQ_SP@[LYT´LO^MdLNNZ]OTYRL^[PNTLWP^Z_P]TNXPLYTYR_ZPLNSWP__P] ZQ _SPM¯ULZ]PLNS^dWWLMWPZQ_SPXLY_]L DPWWP 0c[WLTYTYR8LY_]L^ "[ZTY_^Z`_ _SP]ZWPZQ:¿L^wLXL[Z]OTLR]LXZQNZ^XTNPaZW`_TZYLYOTYaZW`_TZYxQZ]?LY_]TN []LN_TNP^ LYO ]SP_Z]TN^ ?LY_]TN L`_SZ]^ ^`NS L^ -S£^VL]L]£dL TY ST^ NZXXPY_L]d ZY _SP 7LWT_£>LSL^]LY£XL _]LY^W ,YLY_SLV]T^SYL >L^_]d $## #z$ ObPWW ZY _SP ^[PNTLW XPLYTYR ZQ :¿ ?SP]P T^ L bTOP^[]PLO TOPZWZRd bT_STY _SP PXTN ^NSZWL]Wd _]LOT_TZY ZQ ]P^_]TN_TYR :¿ _Z -]LSXTY^ LYO Z_SP] _bTNPMZ]Y bSP]PL^ bZXPY LYO
!"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
PaP] _SP LYNTPY_ ^`M^_]L_`X YZ_ ^Z X`NS TY QZWV LYO []LRXL_TNLWWd Z]TPY_PO[]LN_TNP^M`_]L_SP]TYLW_P]YL_TaP^Z_P]TZWZRTNLW]T_`LW^d^_PX^ bSTNS OPaPWZ[PO MP^TOP _SP APOTN ^LN]TQTNTLW ]T_P^ z LYO bP]P TY^[T]PO Md _SP WPRPYOL]d A]£_dL^ LYO Q`WWd OPaPWZ[PO TY _SP ¢RLXL^ bSZ^P NPY_]PL]P_SP7Z]O2ZO^±TaLLYOAT´©` ,W_SZ`RS_SP±LTaL¢RLXL^ SLaP MPPY OL_PO WL_P _SPT] WTYR`T^_TN ^_dWP L[[PL]^ _Z MP aP]d LYNTPY_ [Z^^TMWdRZTYRMLNV_ZAPOTN _TXP^ ,_ _SPNZ]PZQ WL_P]¢RLXL_PX[WP ]T_`LWbL^L[[L]PY_Wd[]TaL_P^[T]T_`LWLYOL^NP_TN[]LN_TNP_SL_^Z`RS__Z MP TYaP^_PO bT_S _SP WTMP]L_TYR [ZbP] ZQ _SP bZ]WO_]LY^NPYOTYR RZO :_SP]^ SLaP [ZTY_PO Z`_ _SL_ [Z^^P^^TZY N`W_^ ^SLXLYTN []LN_TNP^ LYO ]T_`LW XL^_P]d ZQ _SP ^[T]T_ bZ]WO L]P L XLUZ] ]ZZ_ ZQ ?LY_]L >`NS ]T_P^ LN_Z`_TXXPOTLNdYZYO`LWT_dLYO[ZbP]TYLaP]d[Sd^TNLWbLd?SPd L]P ^_TWW [Z[`WL] TY aTWWLRP 4YOTL _ZOLd LYO _SP N`W_`]LW LN_Z]^ L]P YZY -]LSXLY ^[PNTLWT^_^ ,NNZ]OTYR _Z /LaTO 2Z]OZY BST_P ?LY_]L PXP]RPO Z`_ ZQ _SP >Z`_S ,^TLY PWT_P LYO [Z[`WL] XLTY^_]PLX L]Z`YO _SP XTOOWP ZQ _SP QT]^_ XTWWPYT`X ,/ LYO NZY_TY`PO _Z O]Lb Q]ZX _bZ XLUZ]^Z`]NP^LYOMZOTP^ZQ[]LN_TNP%w_SPu^SLXLYTNvXLRTNLW[]LN_TNP^ Z] ]T_`LW _PNSYZWZRTP^ ZQ YZYPWT_P ]PWTRTZ`^ ^[PNTLWT^_^ LYO _SPT] NWTPY _PWP^& LYO _SP ^[PN`WL_TaP LYO ^NSZWL^_TNT^_ []ZO`N_TZY^ ZQ ZQ_PY ^_L_P ^[ZY^Z]PO ]PWTRTZ`^ PWT_P^x BST_P ^`[[Z^P^ _SP VTYR^ _Z SLaP NZY^_T _`_PO _SP aT_LW WTYV MP_bPPY PWT_P LYO YZYPWT_P ?LY_]TN []LN_T_TZYP]^ LYO [P]QZ]XLYNP^ w_SP ZYP _]LY^NPYOPY_ LYO \`TP_T^_TN LYO _SP Z_SP] []LR XL_TN LYO u^SLXLYT^_TNvx LYO _SP ]ZdLW ]`WP] L^ w?LY_]TN LN_Z] [L] Pc NPWWPYNPx ?SP WL__P] L^^`X[_TZY XLdMP ZaP]PX[SL^TeP^ _SP ]ZWP ZQ VTYR^ L WT__WP ^TYNP ?LY_]TN WT_P]L_`]P LO]P^^P^ _SZ^P bSZ ^PPV WTMP]L _TZY L^ LWW Z_SP] 4YOTLY ]PWTRTZ`^ bZ]V^ OZ LYO YZ_ [ZWT_TNTLY^ -`_ NP]_LTYWd _SPR]ZbTYR[ZX[Z`^ _PX[WPN`W_`]PbSTNST^ ^ZNSL]LN_P]T^ _TN ZQ ¢RLXTN ±LTaT^X YPPOPO ]TNS Q`YOTYR >Z VTYR^ SLO \`T_P LY TY QW`PYNP ZY _SP OPaPWZ[XPY_ ZQ ?LY_]T^X LWZYR bT_S _SP YZYPWT_P T_TYP] LY_L^NP_TN^LYObZYOP]bZ]VTYRDZRT^bSZZY_SPZ_SP]SLYOTYaPY_PO LYO ^[]PLO ?LY_]TN TOPL^ LYO []LN_TNP^ ,WW TY LWW ?LY_]TN^ SLaP MPPY -]LSXTY^ LYO YZY-]LSXTY^& L^NP_TN^ DZRT^ []TP^_^ VTYR^ aTWWLRP ^SLXLY^WLdNZXXZYP]^LYOPO`NL_PO`]MLYSZ`^PSZWOP]^8`NSL^ TY Z_SP] 3TYO` N`W_`]P^ _SP]P L]P R]PL_ ]PRTZYLW aL]TP_TP^ ±LTaL ?LY_]L TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ±¼O]L^XLdZYWd`^P?LY_]TNM¯UL^LYOXLY_]L^M`_TYLN_`LW[]LN_TNP_SP`^PZQ:¿ ,@¿T^LWW[P]aL^TaPLYO QZ][]LN_T_TZYP]^T_T^ LRPYP]LWTYOPcTNLW^TRY QZ]_SPOT aTYP^[SP]P ,OXT__POWd _SP A]£_dL TOPY_T_d T^ L R]PL_Wd OPML_PO T^^`P QZ] L ^`XXL]d ZQ ]PNPY_ _SPZ]TP^ ^PP >LX`PW :]TRTY^ ZQ DZRL LYO ?LY_]L " LYO Z`] ]PNZY^_]`N_TZY MPWZbT^Sd[Z_SP_TNLW-`__SPTX[Z]_LYNPZQ¢RLXLN`W_`]P_ZbSTNSbP]PQP]_ZPc [WLTY_SP?LY_]TN]ZZ_^L[[PL]^_ZMPZ`_ZQ\`P^_TZY BST_P ?LY_]LTY;]LN_TNPZ[NT_# BST_P ?LY_]LTY;]LN_TNP
?SP?LY_]TNwBPLaTYR1]LXPx
!""
[L]_TN`WL] T^ YZ_ L XZYZWT_STN MWZNV Z] bT_SZ`_ ST^_Z]TNLW ^STQ_^ LYO M]PLV^ ,^LNZXXZYOPYZXTYL_Z]LYO^`M^_]L_`XZQ?LY_]LbPOZYZ_^`R RP^_ L wNZ]Px ZQ NZY_PY_^ Z] TYOTaTO`LW ]T_P^ LYO X`NS WP^^ LY wP^ ^PYNPxM`_L]L_SP]QZ]XLWOPQTYT_TZYML^POZY_SP`^PZQ_SP_P]X?SP bZ]O?LY_]LT_^PWQXPLY^wbPLaTYRQ]LXPx LYOTYLQTR`]L_TaP^PY^PT_ ]PQP]^ _Z L NWZ^PO ^d^_PX PR L ^d^_PX ZQ _SZ`RS_ NLWN`WL_TZY Z] b]T_ TYR 4Y _SP ]PWTRTZ`^ ^PY^P _SP _P]X ]PQP]^ _Z L aL^_ Y`XMP] ZQ ]T_`LW ^d^_PX^ _SL_ L]P OP]TaPO YPT_SP] Q]ZX _SP APOTN ]T_P^ YZ] _SP >X£]_L _]LOT_TZY OSL]XL WT_P]L_`]P P[TN^ ;`]£©L^ LYO _SP]PQZ]P ^_LYO LWZYP LYOTYOP[PYOPY_ZQZ_SP]^d^_PX^4Y_ST^OPQTYT_TZYbPQZWWZb_SPPXTN ?LY_]L OPQTYT_TZY ZQQP]PO QZ] TY^_LYNP Md =£RSLaL -SL¶¶L TY ST^ TY_]Z O`N_TZY _Z _SP ±£]LO£?TWLVL?LY_]L 4_ T^ YZ_PbZ]_Sd _SL_ =£RSLaL -SL¶¶L T^ TY_P]P^_PO ZYWd TY WT_P]LWTePO N`W_TN ^d^_PX^ LYO _SP >LY^V]T_ WZ]P ?SP PWT_P N`W_`]PO TY_PWWPN_`LWv^ [P]^[PN_TaP ^N]PPY^ _SP Z]LW WZ]P ZQ YZYPWT_P QZWV _]LOT_TZY^ NZNLWWPO wWT__WP _]LOT_TZY^x bSTNS Md LYO WL]RP L]P OPQTYT_PWd wTYOP[PYOPY_ ^d^_PX^x L^ bPWW 3ZbPaP] =£RSLaL -SL¶¶LSL^LRZZO[ZTY_ _ZZ,^L XL__P]ZQQLN_ _SP ?LY_]TN _]LOT_TZY^ L]PWL]RPWd]P^_]TN_PO_Z_SP>LY^V]T_QZWO,W_SZ`RS_SP]PL]P^ZXPaP] YLN`WL] ?LY_]L^ PR TY 6L^SXT]T LYO 3TYOT _SP R]PL_ M`WV T^ TY >LY ^V]T_ 8Z^_ ?LY_]L^ L]P YZ_ wQZWVx Z] w^`MLW_P]Yx TY L ^_]TN_ ^PY^P ZQ _SP^P _P]X^ ^TYNP WZNLW _]LOT_TZY^ wQZWVx []LN_TNP^ R]`P^ZXP ^[T]T_^ LYOQP]ZNTZ`^OPT_TP^L[[PL]_SPZWZRTNLWWd]PQWPN_POLYO]PTY_P][]P_PO :`] Sd[Z_SP^T^ T^ _SL_ TYT_TLWWd _SP^P TYOP[PYOPY_ _]LOT_TZY^ bSTNS XLd MP _P]XPO ?LY_]TN XLTYWd NZYNPY_]L_P ZY _SP N]PL_TZY ZQ L ^Z_P]TZWZRTNLW ]T_`LW ^d^_PX bSTNS _SP APOL OZP^ YZ_ ZQQP] :Q NZ`]^P _SP]P L]P _SP @[LYT´LO^ bSTNS LW^Z NZYNPY_]L_P ZY ^Z_P]TZWZRd M`_ _SP^PL]P_Pc_^LTXPOL_TYOTaTO`LW[STWZ^Z[STNLW]PQWPN_TZYLYONZY_PX [WL_TZY ?SP @[LYT´LO^ OPWTMP]L_PWd OZ YZ_ []P^PY_ ]T_`LW OP^TRY^ ?LY _]L QTWW^ _ST^ RL[ 4Y T_^ PL]Wd ^_LRP^ T_ NZYNPY_]L_P^ ^ZWPWd ZY _SP _bZ XLUZ] 7Z]O 2ZO QTR`]P^ =`O]L±TaL TY _SP ¢RLXL^ LYO AT´©` 9£]£dL©LA£^`OPaL TY _SP ;£ÓNL]£_]L>LÀST_£^ LYO TYaPY_^ L ]T_`LW Z]TPY_PO _SPZWZRd PcNW`^TaPWd OPaZ_PO _Z _SP^P 7Z]O 2ZO^ 4Y [Z^_ APOTN 4YOTL _SP aP]d OPQTYT_TZY ZQ L 7Z]O 2ZO T^ ^Z_P]TZWZRTNLW PQQT NTPYNdLYOT_T^PcLN_Wd_ST^PQQTNTPYNd_SL_OP_P]XTYPObSTNSZYPZQ_SP APOTN RZO^ bL^ _Z MP PcLW_PO _Z _SP OTRYT_d ZQ L 7Z]O 2ZO LYO bSTNS ZYP bL^ YZ_ 4YO]L _SP QZ]XP] VTYR ZQ RZO^ QPWW TY_Z ZMWTaTZY MPNL`^P ST^]PLWXZQLN_TaT_d_SPXLTY_PYLYNPZQWTQPQZ]NP^bT_STY_SP`YTaP]^P T^ `__P]Wd PYNZ^XTN LYO OZP^ YZ_ OPYZ_P LYd_STYR Z`_^TOP _ST^ bZ]WO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP _P]X T^ ZQ_PY _]LY^WL_PO L^ wQLM]TNx ,NNZ]OTYR _Z _SP P_dXZWZRd SZbPaP] _SP XZ]P[]PNT^PXPLYTYRZQ_SP_P]XT^LYTY^_]`XPY_ _]L bSTNSSPW[^_ZSZWO_L`_Z] ^_]P_NS _LYZ_T L _S]PLO _LY_` ZY L WZZX , [Z[`WL] wQZWVx P_dXZWZRd Pc[WLTY^ _SP XLY_]L^_ZMPTY^_]`XPY_^ _]L_Z_STYV XLY
!"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
=`O]L ZY _SP Z_SP] SLYO _SP RZO ZQ NSLZ^ LYO OT^Z]OP] bSZ _]TP^ _Z X`]OP] _SP N]PL_Z]RZO bSTWP _SP WL__P] []P[L]PO STX^PWQ _Z N]PL_P _SP ^_]`N_`]PO bZ]WO T^ Md ST^ YL_`]P LY_TNZ^XTN ,YO []PNT^PWd _ST^ LY_T NZ^XTNL__T_`OPbSTNSPcNW`OPO=`O]LQ]ZXAPOTN^LN]TQTNPXLOPSTX L[P]QPN_LOO]P^^PPQZ]^`[[WTNLY_^OP^T]TYRWTMP]L_TZYQ]ZX_SPbZ]WOZQ [SPYZXPYL?SPAPOTNAT´©`TY_`]YT^L^^`XPO_ZMPTY_SP^SL[PZQL ObL]Q -`_ TYZ]OP] _ZQ]PP _SP bZ]WOQ]ZX _SPA£WLOPXZYZQPYaPWZ[ TYR OL]VYP^^ SP _]LY^QZ]X^ STX^PWQ TY_Z L XTRS_d RTLY_ LYO bT_S ZYWd _S]PP ^_P[^ SP ^_]TOP^ _S]Z`RS LWW _S]PP bZ]WO^ Q]ZX _SP PL]_S `[ _Z _SP ^Vd_SP]PMdNWLTXTYRPLNSZYPZQ_SPXL^ST^[Z^^P^^TZY-d_ST^LN_TZY SP ]PYOP]^ _SP bZ]WO LY TYSLMT_LMWP ^[LNP ?SP WL_P] _]LOT_TZY ^PP^ TY _ST^YL]]L_TaPLYPc[]P^^TZYZQ_SPQZ]XWP^^^[T]T_bSZT^MZ_STY^TOPLYO Z`_^TOP _SP bZ]WO L_ _SP ^LXP _TXP 9Zb T_ T^ _]`P _SL_ MZ_S 7Z]O 2ZO^ L]P Pc_ZWWPO TY _SP ;`]£©L^ TY PcLN_Wd _SP ^LXP XLYYP] -`_ T_ T^ ZYWd _SP?LY_]L^bSTNSOPaPWZ[POPYNZX[L^^TYR]T_`LW^d^_PX^LYO]PWTRTZ`^ ^[PNTLWT^_^_SL_NZ`WOMPNZXP[Z_PY_TLW]TaLW^_Z_SPAPOTNZYP^ ?SP _SPT^_TN bZ]WOaTPb ZQ _SP ;£²`[L_L^ QZ] TY^_LYNP bSZ L]P _SP PL]WTP^_ L^NP_TN ±LTaL R]Z`[ LMZ`_ bSZX bP SLaP ST^_Z]TNLW PaTOPYNP LYObSZNLYMP_P]XPO?LY_]TNSL^MPPY^Z^`NNP^^Q`W_SL_Md_SPQTQ_S NPY_`]d ,/ bP QTYO PaPY LXZYR _SP QZ]XP]Wd `__P]Wd YZY_SPT^_TN 9d£dLALT´P²TVL[STWZ^Z[SP]^ _SP TOPL _SL__SPAPOL bL^RTaPY Md_SP XTRS_d ZXYT^NTPY_ 7Z]O 2ZO ±TaL8LSP²aL]L LYO _SL_ ZYWd _ST^ 2ZO NLY PY^`]P _SP [STWZ^Z[STNLWWd NWLTXPO NZPcT^_PYNP ZQ NL`^P LYO PQQPN_ MdSLaTYR_SPL`_ZYZXZ`^[ZbP]_Z[`__SPL_ZX^_ZRP_SP]LYOOPWTMP] L_PWd LM^Z]M LYO ]PN]PL_P _SP bZ]WO ! =PXL]VLMWd TY -`OOST^_ LYO 5LTYL^Z`]NP^ZQ_SL__TXP_SP;£²`[L_L^L]P^`[[Z^PO_ZMPALT´P²TVL^ " ?ST^ TY_P]P^_TYR ^STQ_ LYO N`]TZ`^ _bT^_ ZQ ^ZMP] w^PN`WL]x [STWZ^Z[SP]^ MPTYRNZYQZ`YOPObT_SN]Led-]LSXTYL^NP_TN^bSZ`^PO^ZXP^PWPN_PO APOTN XLY_]L^ QZ] _SPT] `YNZYaPY_TZYLW ]T_P^ ZY N]PXL_TZY R]Z`YO^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPwZ_SP]bZ]WOWdxYL_`]PZQ±TaLT^XZ^_[P]QPN_WdPc[]P^^POMd_SPQLXZ`^Xd_STY bSTNS±TaLL[[PL]^L^LNZW`XYZQWTRS_bSZ^PPYO^YPT_SP]_SPRZO-]LSX£YZ]_SP RZOAT´©`L]PLMWP_ZQTYObSP]PL^_SPwZ_SP]bZ]WOWdxYL_`]PZQAT´©`QTYO^L[P] QPN_ Pc[]P^^TZY TY _SP TXLRP ZQ _SP 7Z]O 2ZO ]PNWTYTYR ZY ST^ TYQTYT_P bZ]WO ^YLVP ,YLY_LTY_SPXTWVdZNPLYzLYTXLRPbSTNST^aP]dOPL]_Z_SP ;LÓNL]£_]L>LÀST_£^ L^bPWW ! .ZYQP]PYNP [L[P] Md ;TZ_] -LWNP]ZbTNe% wBSd OTO 4YOTLY [STWZ^Z[SP]^ YPPO 2ZO*x []P^PY_POL__SP0,>=NZYQP]PYNPTY-`NSL]P^_>P[_PXMP]!-LWNP]ZbTNeNT_POL Y`XMP]ZQ^Z`]NP^ " ?SPZYWdPcT^_TYR^PWQ]PQP]PY_TLW^Z`]NP_SP ;£²`[L_L>¼_]L T^[]TXL]TWdLXLY`LWZQ ]T_`LW^ M`_ 6L`©TYdLv^ NZXXPY_L]d ZQ `YNP]_LTY OL_P _]TP^ _Z P^_LMWT^S L [STWZ^Z [STNLWLYO _SPZWZRTNLWMLNVR]Z`YO 4Y NZY_]L^__Z _SP-`OOST^_^ LYO5LTY^SP WZNL_P^ _SP;£²`[L_L^bT_STY_SPDZRL>£«VSdL[STWZ^Z[STNLW_]LOT_TZY8TYZ]`3L]Lw;£²` [L_L>_`OTP^xTY =T_`LWLYO>[PN`WL_TZYPO?2Z`O]TLLY$z!
?SP?LY_]TNwBPLaTYR1]LXPx
!"$
bP]P]LOTNLWWTMP]L_TZY^PPVP]^ #^`RRP^_^NZY^TOP]LMWPTYQW`PYNPMd_SP ;£²`[L_L^ bSZ [Z^^TMWd Md _ST^ _TXP SLO MPNZXP XZ]P wNTaTWTePOx bSTNSXLdMPMP^_Pc[WLTYPOMd]ZdLW[L_]ZYLRP4YWL_P]_TXP^_SP]PT^ MP__P] ST^_Z]TNLW PaTOPYNP LMZ`_ NWZ^P LYO PaPY ^dXMTZ_TN ]PWL_TZY^ST[^ MP_bPPY ?LY_]TN ^[PNTLWT^_^ LYO 4YOTLY VTYR^ bSZ ZQ_PY ^PPX _Z SLaP []PQP]]PO _SP ?LY_]TN LW_P]YL_TaP _Z _SP APOTN ZYP $ ,^ BST_P [ZTY_PO Z`__SP?LY_]LZQ_SP[L^_LW^ZSLOPXTYPY_Wd[ZWT_TNLWOTXPY^TZY^TYLWW [L]_^ ZQ ,^TL L^ L wM`WbL]V ZQ _SP ^_L_Px ?SP]P L]P L Y`XMP] ZQ ]PL ^ZY^ bSd _SP ?LY_]L bL^ L__]LN_TaP _Z _SP ]`WTYR PWT_P^ LYO LOZ[_PO QZ] ^_L_P []Z_PN_TZY LYO NZY_]ZW LYO SL^ MPPY _SP]PQZ]P ^[ZY^Z]PO Md L]T^ _ZN]L_TN NWTPY_^ ?SP XTRS_d 7Z]O 2ZO^ LYO 2ZOOP^^P^ TY bSZ^P ^`[P] X`YOLYP[ZbP]^_SP?LY_]TN[]LN_T_TZYP]^SL]P^LYORLTY^XL^_P]dZaP] OLYRP]Z`^ QZ]NP^ _SL_ _S]PL_PY _SP S`XLY bZ]WO L]P _SP XZ^_ [P]QPN_ ]P^Z`]NP^ZQL`_SZ]T_dQZ]]ZdLWw[ZbP]M]ZVP]^xL^bPWW 0X[ZbP]TYR ?LY_]TN ]T_`LW OPaTNP^ ^`NS L^ TYT_TL_TZY NZY^PN]L_TZY LYO TYaP^_T_`]P ]T_P^ SLaP MPPY _SP ^[PNTLW []P]ZRL_TaP ZQ ,^TLY ]`WP]^ 8L©LWL^ TY bSZ^PNPY_P]T^ LNPY_]LWOPT_dbSZ^P [SZYTNwPYP]RTP^xTP_SPXTYZ] OPT_TP^ ZQ _SP [LY_SPZY ]LOTL_P TY LWW NL]OTYLW OT]PN_TZY^ SLaP MPPY L XLUZ] MW`P[]TY_ QZ] _SP VTYR L^ R]PL_ PX[P]Z] Z] wNLV]LaL]_TYx bSZ NZYNPY_]L_P^ L`_SZ]T_d LYO OT^_]TM`_P^ ST^ [ZbP]^ _Z _SP RZaP]YZ]^ NZY _]ZWWTYR _SP [P]T[SP]d ?LY_]L bL^ L SLYOd TY^_]`XPY_ QZ] _SP NZY\`P^_ ZQ YPb _P]]T_Z]TP^ [ZWT_TNLW ^`MU`RL_TZY LYO ^[]PLOTYR 3TYO` ]PWTRTZ`^ NZOP^ >LY^V]T_TeL_TZY LYO NL^_P ^ZNTP_d QZ] _SP ?LY_]TN^ SLaP MPPY RPYP]LWWd WP^^ NZYNP]YPO bT_S [`]T_d _SLY _SP APOTN -]LSXTY^ LYO LW WZbPO QZ] WP^^ OT^_LYNP MP_bPPY ^[T]T_`LW L`_SZ]T_d LYO [ZWT_TNLW [ZbP] _SLY_SPZ]_SZOZcL^NP_TNLYO[]TP^_Wd[]ZQP^^TZYLW^ ?SP]PSL^MPPYLXMTaLWPYNP]TaLW]dLYOZ[[Z^T_TZYMP_bPPY?LY_]L LYOAPOLZ]-]LSXLYN`W_`]PM`_YZ_PcNW`^TaPYP^^>ZXPZQ_SPPL]Wd ±LTaL^ LYO OPQTYT_PWd XLYd ;£ÓNL]£_]TY^ bP]P -]LSXTY^ bSZ []PQP]]PO _SP bZ]^ST[ ZQ L 7Z]O 2ZO _Z APOTN ]T_P^ ?SPd NZY^TOP]PO _SPT] ZbY ]PaPWL_TZY _Z MP _SP ]PLW ±]`_T Z] []TXZ]OTLW APOL bSP]PL^ ^_L`YNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP >LYOP]^ZYw±LTaT^X LYO_SP?LY_]TN ?]LOT_TZYx!!z!!"&/dNeVZb^VT , 5Z`] YPd # $ >PP >LYOP]^ZY w=PWTRTZY LYO _SP >_L_P ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP 6TYRv^ -]LSXLYTNLW NSL[WLTYx& 8`XXP w;£ÓNL]£_]L ?Pc_^x "& /dNeVZb^VT , 5Z`]YPdTY_SPBZ]WOZQ_SP?LY_]L^ Z[NT_$z#TY[L]_TN`WL]!z BST_P ?LY_]LTY;]LN_TNP#z!&6T^^ZQ_SPDZRTY¯ z $ BST_P [ZTY_^ Z`_ MZ_S _SP VTYR L^ w?LY_]TN LN_Z] [L] PcNPWWPYNPx LYO _SP ^dXMTZ_TN ]PWL_TZY^ST[^ MP_bPPY ?LY_]TN w[ZbP] M]ZVP]^x LYO w_SPT] [ZbP]bTPWOTYR ]ZdLW [L _]ZY^x ?SP YZYL]T^_ZN]L_TN ?LY_]T^_ STX^PWQ T^ L wN]d[_Z [Z_PY_L_Px Z] wZNN`W_ NZ^ XZN]L_x bSZ XLd L^^`XP [ZWT_TNLW [ZbP] TY ^_L_P^ ZQ TY_P]]PRY`X Z] bSPY _SP wb]ZYRVTYRxT^ZY_SP_S]ZYP >PP =L^_PWWT 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£% ?]LOT_TZY OP^ ;£ÓNL]£_]L TX >[TPRPW OP] ;£]LXP²aL]L^LÀST_£ Z[ NT_ ?SP^P VTYO^ ZQ NWLTX^ SLaP [P]^T^_PO ,N
!#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
Z]_SZOZc -]LSXTY^ N]T_TNTePO _SPX QZ] SLaTYR wQLWWPY Q]ZX _SP APOLx -`_ PaPY XLYd APOTN -]LSXTY^ MPNLXP PY_TNPO Md _SP ?LY_]L >TYNP ?LY_]TN]T_P^L]PYZ_ML^POZY_SPAPOL_SPdSLaPMPPYWZZVPO`[ZYMd _SPAPOTN-]LSXTY^TY_bZOTQQP]PY_bLd^%PT_SP]L^L`^PQ`W^`[[WPXPY_ _Z_SPT]ZbY]PWTRTZ`^[]LN_TNPZ]L^TYTXTNLWL__LNV?ST^XPLY^_SL_ZY _SPZYPSLYO_SP_P]Xw?LY_]LxNLYOPYZ_P]T_P^QPW__ZMPSP_P]ZOZcMd Z]_SZOZc-]LSXTY^bSTWP ZY_SPZ_SP]T_NLYLW^Z]PQP]_Z]T_P^_SL__SP -]LSXTY^bSZWPSPL]_POWdLWWZbPO_ZMPLOOPO_Z_SP_]LOT_TZYLW>X£]_L ]T_P^ ?LY_]T^_^ TY _SP QT]^_ ZQ _SP^P ^PY^P^ L]P NLWWPO w_SP WPQ_SLYOPOx bSTWP ?LY_]T^_^ TY _SP WL__P] ^PY^P L]P _P]XPO w_SP ]TRS_SLYOPOx ?SP _bZ _P]X^ bSTNS L]P XLTYWd `^PO Md BP^_P]Y ^NSZWL]^ LYO WP^^ Md YL _TaP ?LY_]TN []LN_T_TZYP]^ OPYZ_P TY L XZ]P RPYP]LW ^PY^P `YNZYaPY _TZYLWLYONZYaPY_TZYLW]T_P^ ?SP?LY_]TN^_SPX^PWaP^SL]OWdPaP]`^P _SP_P]Xw]TRS_SLYOPOx_ZOP^N]TMP_SPX^PWaP^>ZXPSZbPaP]OZNLWW _SPX^PWaP^ wWPQ_SLYOPOx Z] ]L_SP] A£X£N£]TY^ w_SZ^P bSZ LN_ NZY _]L]dx_ZPc[]P^^L[]ZR]LXXL_TN]T_`LWOT^_TYN_TZY LYOL[]ZYZ`YNPO LY_TAPOTN SLMT_`^ MPNL`^P _Z _SPX _SP APOL NLY ZYWd WPLO _Z bZ]WOWd PYO^4Y_ST^QTPWOZQOT^NZ`]^PwWPQ_xLYOw]TRS_xSLaPL^_]TN_Wd_PNSYT NLW^PY^P_ZOPYZ_PL]T_`LWOP^TRYZQ]PaP]^LW^TXTWL]_ZL>L_LYT^_XL^^ TYaP]_TYR L .S]T^_TLY XL^^ ?SP ]T_`LW OT^_TYN_TZY NZXP^ LMZ`_ _S]Z`RS NWZNVbT^P LYO LY_TNWZNVbT^P ]T_`LW [P]QZ]XLYNP% _SP w]TRS_SLYOPOx NWZNVbT^P [P]QZ]XLYNP PR bSTWP O]LbTYR L ]T_`LW OTLR]LX Z] []Z YZ`YNTYR XLY_]L ^dWWLMWP^NZ]]P^[ZYO^_Z_SPNZ`]^PZQ_SP^`YTP_SP YL_`]LW NZ`]^P ZQ _SP ^SLOZb ZY L ^`Y OTLW bSP]PL^ _SZ^P [P]QZ]XTYR wWPQ_SLYOPOxLY_TNWZNVbT^P]T_P^]PUPN__SPYL_`]LWNZ`]^PZQ_SPbZ]WO ^TYNPQZWWZbTYR_SPNZ`]^PZQ_SPbZ]WOT^PcLN_WdbSL__SPdOZYZ_bLY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NZ]OTYR _Z _SP WL_P ±LTaL±£V_L?LY_]L ;L]L²`]LXL 6LW[L^¼_]L NSL[ _SP APOL^ NZXPQ]ZX±TaL >LYOP]^ZYw8PLYTYRTY?LY_]TN=T_`LWx#^`RRP^_^_SL__SPNWL^^TQTNL_TZYTY_Z]TRS_ LYO WPQ_ ^SZ`WO MP `^PO QZ] TY^_LYNP _Z OT^_TYR`T^S _SP Z]_SZOZc ±LTaL >TOOSLY_L Q]ZX _SP SP_P]ZOZc ±LTaL ^NSZZW^ ZQ _SP 6]LXL ?]TVL LYO 6L`WL 8Z^_ BP^_P]Y ^NSZWL]^ RPYP]LWWd TOPY_TQd wWPQ_SLYOPOx ?LY_]T^X bT_S _SP P]Z_TNZXd^_TN []LN_TNP^ ZQ _SP 6L`WL^ -SL]L_T ?LY_]TN ?]LOT_TZY^ ! Q 4Y NZY_]L^_ BST_P 6T^^ ZQ _SP DZRTY¯ z#TY_]ZO`NPOL^YPb_P]X^wSL]ONZ]P?LY_]LxL^Z[[Z^PO_Zw^ZQ_?LY _]Lx LYO w?LY_]TN XLTY^_]PLXx _SP QZ]XP] ]PQP]]TYR _Z PL]Wd 6L`WL ^Pc`LW ]T_P^ LYO _SP WL__P] _Z STRS 3TYO` ?LY_]L bSTNS `^P^ ^`M^_T_`_P^ Z] XP]P aP]MLW XP_L[SZ]^ , XZ]PNZYaTYNTYR]PNZY^_]`N_TZYZQPL]WdSP_P]ZOZcTYQLN_[]P6L`WL[]LN_TNP^T^ZQ QP]PYOMd>SLXLY3L_WPdv^NZX[]PSPY^TaP^_`Od ?SP-]LSXLd£XLWL_LY_]LLYO0L]Wd ±LTaL.`W_ZQ_SPDZRTY¯^/ZN_Z]LWOT^^P]_L_TZY@YTaP]^T_dZQ;PYY^dWaLYTL" >PP ,MSTYLaLR`[_L _S NPY_ ,/ TY ST^ ?LY_]£WZVL $" ?SP XLUZ] OTQQP]PYNP MP_bPPY WPQ_SLYOPO LYO ]TRS_SLYOPO []LN_TNP^ T^ O`P _Z LY TYaP]_TYR ]T_`LW OP^TRY bSTNS ^SZ`WO YZ_ MP NZYQZ`YOPO bT_S Z_SP] ]T_`LW OT^_TYN_TZY^ WTVP _SP TYNW`^TZY Z] PcNW`^TZY ZQ ^Pc`LW LYO LWNZSZW ]T_P^ ?SP 6L`WL^ LN_`LWWd bLY_ _Z PYNZX[L^^ wWPQ_x LYO w]TRS_x LYO ,MSTYLaLR`[_Lv^ V`WL TOPLW ^PPV^ _Z _]LY^NPYO LYd OTQQP]PYNP MP _bPPYWPQ_LYO]TRS_
?SP?LY_]TNwBPLaTYR1]LXPx
!#
_Z OZ 4YNW`^TaT^_ -]LSXLYT^X bZ`WO YZ_ SLaP SLO L []ZMWPX OTRP^_TYR ^`NS L wXTYZ]x ]T_`LW LW_P]L_TZY M`_ _SP ]PLW Q`YN_TZYLW OT^_TYN_TZY ^PPX^ _Z [ZTY_ _Z L X`NS XZ]P ^P]TZ`^ NWPLaLRP MP_bPPY _SP ?LY_]TN _]LOT_TZY^ 0c[Z^_QLN_Z T_ XLd MP NZYNW`OPO _SL_ _SP WPQ_ LYO ]TRS_ SLYO OT^_TYN_TZY z Z] XZ]P []Z[P]Wd ^[PLVTYR _SP /LV´T©£N£]L LYO A£X£N£]L OT^_TYN_TZY z STY_^ L_ OTQQP]PY_ ^_]L_PRTP^ QZ] ]PLWTeTYR ^ZNTZ [ZWT_TNLWTYN`W_`]L_TZYTYYPbWdLNNP^^POL]PL^ 4_ ^SZ`WO MP ]PXPXMP]PO _SL_ RPZR]L[STNLWWd >LY^V]T_ 3TYO` N`W _`]P bL^ Pc[LYOTYR `Y_TW _SP _PY_S NPY_`]d 4Y >X£]_L _TXP^ w¢]dLaL]_Lxw_SPWLYOZQ_SPN`W_`]POLYONTaTWTePOxPYNZX[L^^POZYWd L Q]LN_TZY ZQ bSL_ T^ R]PL_P] 4YOTL _ZOLd TP ZYWd _SP N`W_`]LW NPY_P]^ 9Z]_S ZQ _SP ATYOSdL XZ`Y_LTY^ Q]ZX _SP 4YO`^ _Z _SP 2LYRP^ [WLTY^& _SP]P^_ZQS`XLYT_dbL^NZYNPTaPOZQL^[]TXT_TaPML]ML]TLY^zL_WPL^_ LNNZ]OTYR_Z_SP-]LSXLYTNbZ]WOaTPb,WW WL_P]_P]]T_Z]TLW Pc[LY^TZY^ z Md [ZWT_TNLW LWWTLYNP^ NZY\`P^_ XTR]L_TZY Z] _]LOP z ]P^`W_PO TY _SP ^LXP []ZNP^^P^ ZQ _]LY^QZ]XL_TZY ]PRL]OTYR TYOTRPYZ`^ ]PWTRTZ`^ _]LOT _TZY^ :Y _SP ZYP SLYO QZ]PTRY OPT_TP^ NZ`WO MP PL^TWd TYNW`OPO TY _SP APOTN QZWO M`_ ZY _SP Z_SP] SLYO _ST^ bL^ ZYWd _Z _LVP [WLNP bSPY ]T_ `LW LNN`W_`]L_TZY TY_Z _SP -]LSXTY P_SZ^ _ZZV [WLNP% YZ XPL_ YZ LWNZ SZWTN O]TYV^ YZ aTZWPYNP YZ []ZXT^N`T_d LYO XP_TN`WZ`^ [`]T_d ?ST^ NZWZYTLWTeTYR []ZUPN_ bL^ XZ]P Z] WP^^ ^`NNP^^Q`W OP[PYOTYR ZY _SP ]PRTZY 4_ bL^ R]PL_Wd ^`NNP^^Q`W TY >Z`_S 4YOTL QZ] PcLX[WP% >Z`_S 4YOTLY?LXTW-]LSXTY^YZbLOLd^PaPYQ`WQTWW-]LSXLY[`]T_d^_LYOL]O^ _ZLYPc_]PXP_SL_9Z]_S4YOTLY-]LSXTY^bZ`WOYPaP]SLaP_SZ`RS_ZQ -dNZY_]L^_Z_SP]]PRTZY^ bZ`WOSZWOZYXZ]P _TRS_Wd_Z_SPT] []PNTZ`^ TYOTRPYZ`^ ]T_P^ PR _SP 9P[LWT^ NZY^TOP]PO LWNZSZW ^Z TX[Z]_LY_ _SL_ PaPY -]LSXTY^ SLO _Z ^`NN`XM ?ZOLd 9PbL] -]LSXTY^ LN_`LWWd O]TYV LWNZSZWO`]TYR]T_`LW^M`__SPdU`^_^T[T_^Z_SL__SPdOZYZ_RP_O]`YV 4_ T^ YZ_PbZ]_Sd _SL_ ?LY_]L T^ bTOP^[]PLO LXZYR -]LSXTY^ TY ?LXTW 9LO` >Z`_S 4YOTL L^ bPWW L^ -]LSXTY^ TY _SP 6L_SXLYO` aLWWPd 9P [LW M`_ TY \`T_P OTQQP]PY_ bLd^% bSP]PL^ _SP >Z`_S 4YOTLY ?LY_]L T^ WL]RPWd NZYaPY_TZYLW w^ZQ_x ?LY_]L _SP ?LY_]TN _]LOT_TZY ZQ 9P[LW T^ ML^TNLWWd6L`WLLWWZbTYRQZ]`YNZYaPY_TZYLW[]LN_TNP^^`NSL^_SPNZY ^`X[_TZYZQLWNZSZWLYO^Pc`LW]T_P^ 4Y _SP >LY^V]T_TeL_TZY []ZNP^^P^ YZ_ ZYWd APOTN-]LSXLYTN LN_Z]^ M`_LW^Z?LY_]TNLN_Z]^[WLdPOLYO^_TWW[WLdLaT_LW]ZWP !5`ORPOQ]ZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y DZRTN PcP]NT^P^ _SP ]PaP]^TZY ZQ _SP YZ]XLW OT]PN_TZY NLY YPaP]_SPWP^^ MP \`T_P N]`NTLW%wYZ]XLW DZRTY^x_]d_ZOT]PN__SP ^Z`WLMZaP_SPN]ZbYZQ_SPSPLO TP _SP [WLNP bSP]P ^Z`WT^ ^`[[Z^PO_ZWPLaP_SPWTaTYRMZOdL__SP_TXPZQ OPL_S bSP]PL^ _SP A£XLN£]TY^ L^ ^_L_PO TY _SP A¯©£±TVS£?LY_]L _]d _Z PY_P] NZX[WP_PWd TY_Z _SP MZOdLYO]P_]LN__SP^Z`W_Z_SPMZ__ZXZQ_SP^[TYP ! ?SP ±£V_T NZYNP[_TY[L]_TN`WL]SL^ MPPYL M]TWWTLY_OPaTNP QZ]NSLYYPWTYRWZNLW RZO OP^^P^ TY_Z _SP >LY^V]T_ XLTY^_]PLX Md `YTQdTYR _SPX L^ OTQQP]PY_ XLYTQP^_L_TZY^ ZQ
!#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
_SP[P]^[PN_TaPZQ_SPAPOTN-]LSXLYTNP_SZ^?LY_]L[WLdPOMZ_SQ`YN _TZYLW LYO Od^Q`YN_TZYLW ]ZWP^& U`ORPO Q]ZX L _]LY^N`W_`]LW ^_LYO[ZTY_ _LVTYR TY_Z LNNZ`Y_ _SP [W`]LWT^_TN ]PLW ^T_`L_TZY ?LY_]L SL^ MPPY L XLUZ] QLN_Z] TY M]TORTYR w¢]dLYx LYO wYZY¢]dLYx ^ZNTP_LW NZOP^ -P NL`^P ZQ _SPT] ZbY TYOP[PYOPY_ ]PWTRTZ`^ ^d^_PX _SP ?LY_]TN^ OTO YZ_ YPPO _Z LOU`^_ _Z _SP APOTN-]LSXLYTN P_SZ^ L^ ]TRZ]Z`^Wd L^ Z]_SZOZc -]LSXTY^ TQ _SPd OTO YZ_ bLY_ _Z ?SP ?LY_]TN^ OPaPWZ[PO _bZ NZX [WP_PWd OTQQP]PY_ ^_]L_PRTP^ bSPY _SPd XP_ bT_S OTaP]RPY_ YL_TaP ^_dWP^ ZQ ]PWTRTZ`^ NZYO`N_ TY ]PNPY_Wd LNNP^^PO L]PL^ ?SP /LV´T©£NL]TY^ QZW WZbPO _SP w]TRS_x -]LSXLYTN MPSLaTZ] LYO VP[_ _SPT] ]T_P^ NZYQZ]XTYR _Z -]LSXLYTN ^_LYOL]O^ PcNW`OTYR LYd_STYR _SL_ T^ ]PaZW_TYR ?SP A£XLN£]TY^ ]PLN_PO TY U`^_ _SP Z[[Z^T_P bLd LNNP[_TYR LYd_STYR LYO PaPY[]PQP]]TYRw`YVZ^SP]x]T_P^?SP?LY_]TNbZ]WOaTPbMPTYR[]TYNT [LWWd TYOP[PYOPY_ Q]ZX _SP ]P^_]TN_TaP APOL>X£]_L NZOP^ []ZaTOPO L XPLY^ ZQ MPTYR XZ]P QWPcTMWP TY OPLWTYR bT_S QZ]PTRY N`^_ZX^ LYO LN NZXXZOL_TYR OTaP]RPY_ ]PWTRTZ`^ ^_dWP^ 4Y LNNZ]OLYNP bT_S _SPT] LY_T APOTN[]ZR]LX^ZXPA£XLN£]TY^OPaPWZ[POL]PLWN]LePQZ]`YNZYaPY _TZYLW ]T_P^ _SL_ _SPd ]PRL]OPO L^ ^`[P]TZ] _Z _SP -]LSXLYTN P_SZ^ []P NT^PWd MPNL`^P _SPd ]PaZW_PO LRLTY^_ APOTN NZYO`N_ bSTNS bL^ ^`[ [Z^PO _Z QZN`^ ZY bZ]WOWd LTX^ LWZYP " .ZY^P\`PY_Wd ^`NS ?LY_]T^_^ SLaP MPPY Z[PY _Z LWW VTYO^ ZQ ]PWTRTZ`^ []LN_TNP^ Q]ZX ]L_SP] TYYZNPY_ _Z STRSWd LY_TYZXTLY ZYP^% [Sd^TNLW DZRL PcP]NT^P^ ^SLXLYT^_TN []LN _TNP^ [Z^^P^^TZY N`W_^ ]T_`LW O]TYVTYR ZQ LWNZSZW ^Pc`LW ]T_P^ aTZWPY_ ]PWTRTZ`^ []LN_TNP^ ]T_`LW ^PWQLQQWTN_TZY bT_NSN]LQ_ LYO YPN]ZXLYNd ?SP []LN_TNP^ WL^_ XPY_TZYPO L]P ZQ NZ`]^P _LVPY `[ PcNW`^TaPWd Md OPaZ_PP^ ZQ =`O]L±TaL bSZ^P LY_TYZXTLY _PYOPYNTP^ L]P bPWWVYZbY LYO YZ_ Md ALT´©LaL^ bSZ SLaP LWbLd^ MPPY NWZ^P] _Z _SP Z]_SZOZc ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SPZYP/Pa¯?SP]PSLaPMPPYaL]TZ`^PWT_T^_?LY_]L^_]L_PRTP^_Zw>LY^V]T_TePxLYO w-]LSXLYTePxTYOTRPYZ`^]PRTZYLWN`W_`]P^%^PP/dNeVZb^VT ,5Z`]YPdTY_SPBZ]WO ZQ _SP ?LY_]L^ !z& ,YYP__P BTWVP w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZO OP^^P^xTY BTWO2ZOOP^^P^ZQ4YOTLLYO9P[LW PO,8TNSLPW^.AZRPW^LYRP]LYO , BTWVP -P]Y% 7LYR $$! z"#& w, 9Pb ?SPZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_LAPO£Y_L TY _SP 7LWT_£?]T²L_T-S£´dLx TY >£XL]L^dL% >_`OTP^ TY 4YOTLY ,]_^ ;STWZ^Z[Sd LYO 4Y_P]]PWTRTZ`^ /TLWZR`P PO > /L^LYO01Þ]WTYRP]9Pb/PWST%/6;]TY_bZ]WO$z SP]P%"z" " 4Y_SPWL_P =`O]LD£XLWL PO=?]T[L_ST"z#;L¶LWL"_SPQLXZ`^AL^T´¶SL z_SPaP]dP[T_ZXPZQLaT]_`Z`^-]LSXLYTNSZ`^PSZWOP]zT^_SZ]Z`RSWdOT^L[[ZTY_PO bT_S _SP ^Z_P]TZWZRTNLW TYPQQTNTPYNd ZQ _SP APOL ?PWWTYRWd PYZ`RS _ST^ ^_L`YNS QZW WZbP]ZQAPOTN[`]T_dX`^_MP^PYOLM]ZLO^Z_SL_SPNLYWPLaPST^bZ]WOWdbLd^3P T^ LOaT^PO Md _SP -`OOSL bSZ T^ Q]P\`PY_Wd `YTQTPO bT_S ±TaL TY _SP _Pc_ _Z RZ _Z .STYL bSP]P ?LY_]TN []LN_TZYP]^ L]P PcNP[_TZYLWWd ^`NNP^^Q`W TY L__LTYTYR WTMP]L_TZY MPNL`^P _SPdOZ[]PNT^PWdLWW_SP_STYR^ bSTNS_SPAPOL Pc[WTNT_Wd[]ZSTMT_^ TYO`WR TYR TY XPL_ LWNZSZW Y`OT_d LYO XLYd bZXPY 8LYd WL_P ?LY_]L^ ^_dWP _SPX^PWaP^ L^ w8LS£N¯Y£N£]L?LY_]Lx w.STYP^P []LN_TNPx bSTNS OZP^ YZ_ XPLY _SL_ _SP []LN _TNP^NZXPQ]ZX.STYLM`_]L_SP]_SL__SPdL]PXPLY__ZMP]PLWwSL]ONZ]Px?LY_]L
?SP?LY_]TNwBPLaTYR1]LXPx
!#
APOTNQZWO0aPY_SZ`RS_SP;£ÓNL]£_]TY^TP?LY_]TNALT´©LaL^XZ^_ ZQ bSZX bP]P -]LSXTY^ ]PRL]OPO _SPT] ZbY _]LOT_TZY LYO XLY_]L TYT _TL_TZY L^ ^`[P]TZ] _Z _SP APOL _SPd ]P_LTYPO _SP _]LOT_TZYLW APOTN Z]_SZOZc WTQP^_dWP LYO WL_P] _Pc_^ XLVP _SP APOLZ]_SZOZc _TP^ PaPY XZ]PPc[WTNT_ #4YNZY_]L^__SP±LTaL^bSZXbPbTWWOT^N`^^[]TXL]TWd []ZO`NPO XZ]P aL]TPO LYO TY ^ZXP NL^P^ ^_]ZYRWd SP_P]ZOZc ?LY_]TN ^d^_PX^ 8`NS XZ]P _SLY _SP ALT´©LaL ?LY_]L _SP ±LTaL _]LOT_TZY^ XLVP NWPL]_SL__SP]PL]P X`W_T[WP]ZZ_^LYO^_]LYO^ZQ?LY_]L%MP^TOP^ LNZY _TY`L_TZYLYO]PZ]RLYTeL_TZYZQAPOTNTOPL^LYOLYPb_SPT^_TN_SPZWZRd bT_STY DLU`]APOL []TP^_Wd NT]NWP^_SP]PL]PaL]TZ`^wQZWVxLYOw^`MLW _P]Yx TYQW`PYNP^ ?SP wLY_TYZXT^_x MPSLaTZ] []ZMLMWd NLYYZ_ MP Pc [WLTYPO ZYWd Md _P]]T_Z]TLW Pc[LY^TZY YZ] T^ T_ ^ZWPWd _SP []TaTWPRP ZQ ^ZXP]LOTNLWWL_P]A£XLN£]TY^/TQQP]PY_^ZNTLWR]Z`[^SLaPLWbLd^SLO _SPT]OTQQP]PY_]PWTRTZ`^^_dWP^^ZXPOP[PYOTYRZYPO`NL_TZY^ZNTLWTeL _TZY LYO ]PRTZYLW _]LOT_TZY ^ZXP MPTYR LY Pc[WTNT_ []ZR]LX ?SP]P T^ LW]PLOd L R]PL_ aL]TP_d LXZYR PL]Wd ±LTaL R]Z`[^ ^PP MPWZb LYO ZYP XLd ZYWd ^Ld _SL_ ]PRL]OTYR Q`_`]P OPaPWZ[XPY_^ _SP]P bL^ ZY _SP ZYP SLYO L ]LOTNLWTeL_TZY ZQ ?LY_]TN []LN_TNP^ [L]_TN`WL]Wd Md TYNW`OTYR aTZWPY_ ]T_P^ LYO QP]ZNTZ`^ WZNLW RZOOP^^P^ Q]ZX _SP [Z[`WL] XLTY ^_]PLX LYO ZY _SP Z_SP] SLYO L R]ZbTYR ^[T]T_`LWTeL_TZY LYO TY_P]YLWT eL_TZY ZQ QPL]^ZXP QZWV OPT_TP^ _SPT] ^SLXLYT^_TN LYO XLRTN ]T_P^ LYO ZQ _SP ?LY_]L TY RPYP]LW 1`]_SP]XZ]P _SP]P bL^ L XZaP Q]ZX [`]PWd ^Z_P]TZWZRTNLW RZLW^ _Z XZ]P []LRXL_TN LTX^ LYO Q]ZX L^NP_TN^ _Z SZ`^PSZWOP]^ -`_ _SP^P _PYOPYNTP^ SLaP _SPT] NZ`Y_P]PcLX[WP^ /PQT YT_PWd _SP w]PWTRTZ`^ XL]VP_x ZQ 3TYO` 4YOTL SL^ LWbLd^ MPPY [W`]LWT^_ LYO X`W_T]PWTRTZ`^ 4_ YPaP] NZYaP]RPO PY_T]PWd bT_S _SP WZQ_d -]LS XLYTN TOPLW ZQ L `YTQTPO APOTN N`W_`]P PaPY _SZ`RS XLYd R]Z`[^ SLaP OPWTMP]L_PWdTOPY_TQTPObT_ST_:_SP]^OTOYZ_MPNL`^P_SPdOTOYZ_U`ORP T_ _Z MP L^ WZQ_d L^ _SP ¢RLXL^ LYO ?LY_]L^ OPXZY^_]L_P .`]TZ`^Wd []PNT^PWd _SP^P XZ^_ [ZbP]Q`W TYOP[PYOPY_ _]LOT_TZY^ MPNLXP ^Z TYQW` PY_TLW _SL_ _SP []PaTZ`^ Z[[Z^T_TZY ZQ APOL LYO ¢RLXL _`]YPO TY_Z L ^dXMTZ_TNZ^XZ^T^ $:QNZ`]^PT_bL^ZYWd_SPwZ]_SZOZcx¢RLXLZ] bSL_ T^ VYZbY L^ w]TRS_SLYOPOx ?LY_]L _SL_ bL^ OPNWL]PO wALTOTVLx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # =L^_PWWTw/TPQÞYQEPT_PYxz $ ,aP]dZMaTZ`^PcLX[WPT^_SPXTcPOXLY_]L^bSTNSNZY_LTYAPOTNLYO?LY_]TN[L]_^ >PP MPWZb LYO 3LYYPOP] wAPOTN LYO ?LY_]TN 8LY_]L^x ?SP ^PY^Z]d TXLRP bZ]^ST[ ZQ _SP ¢RLXL^ LYO _SPT] ]T_`LWZ]TPY_PO QLT_S TY L R]PL_ 7Z]O 2ZO SLaP MPPY ST^_Z]T NLWWd ^Z PQQPN_TaP _SL_ PaPY ^_L`YNS APOTN -]LSXTY^ NZ`WO YZ_ P^NL[P _SPX .ZY aP]^PWd_SP>Z`_S4YOTLY±LTaL>TOOS£Y_LT_^PWQSL^LM^Z]MPO^ZXLYdAPOTNXLY_]L^ LYO APOLY_TN TY_P][]P_L_TZY [L__P]Y^ _SL_ T_ T^ OTQQTN`W_ _ZOLd _Z ^P[L]L_P _SP []PaT Z`^WdOTQQP]PY__]LOT_TZY^1`]_SP]aP]dZMaTZ`^PcLX[WP^L]P_SP±£V_L@[LYT´LO^LYO _SP>Z`_S4YOTLY±]¯aTOd£_]LOT_TZY
!#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
bSTNS T^ YZ_ PaPY b]ZYR NZY^TOP]TYR _SP APOTN Z]TRTY ZQ ±TaL bSP]PL^ZY_SP]LOTNLWQ]TYRP^_SPZ[[Z^T_TZY]PXLTYPO ±LTaT^XTY[L]_TN`WL]bSTNSSL^LaP]dWZYR_]LOT_TZYTY4YOTLzLQ _P]LWW_SP=`O]L±TaLZQ_SPZWOA]£_dL^T^L[[L]PY_Wd_SPQT]^_RZO_SL_ T^]PRL]OPOL^Lu7Z]O2ZOvTY4YOTLzSL^LWbLd^]PXLTYPOXZ]PZ]WP^^ w?LY_]TNx 8LYd ±LTaL XZaPXPY_^ L]P ^_TWW []Z`O ZQ _SPT] APOL TYOP[PYOPY_ _]LOT_TZY _SP ¢RLXL WT_P]L_`]P ?SP NWL^^TNLW ±LTaL ¢RL XL^ _Z bSTNS _SP Z]_SZOZc ±LTaL >TOOS£Y_L ]PQP]^ L]P ]L_SP] NZYaPY _TZYLW&_SP]T_P^_SPdOP^N]TMPNZY_LTYYZ_STYR]PaZW_TYR_ZNZY_PX[Z]L]d 3TYO`^ LW_SZ`RS APOTN -]LSXTY^ TYT_TLWWd Pc[P]TPYNPO _SPX L^ ]PaZW_ TYR 8Z^_ ZQ LWW T_ T^ _SP NZ][`^ ZQ _SP -SLT]LaL ?LY_]L^ _SL_ SL^ M]Z`RS_ _SP ?LY_]L L MLO YLXP z LYO L^ bP ^SLWW ^PP _SP]P L]P ^ZXP _TXP^RZZO]PL^ZY^QZ]_ST^
>PcLYO.]TXPbT_S_SP?LY_]T^_^% :_SP]TYR/T^NZ`]^P^TY0L^_LYOBP^_ >PcLYO.]TXPbT_S_SP?LY_]T^_^ ?ZOLd _SP w_SP ]TRS_SLYOPOx ?LY_]T^_^ L]P ^Z ^_]ZYRWd Q`^PO bT_S _SP APOTN -]LSXLYTN ]T_`LW ^d^_PX _SL_ _SPd L]P RPYP]LWWd YZ WZYRP] [P] NPTaPO L^ MPWZYRTYR _Z L YZY-]LSXLYTN ]PWTRTZY L_ LWW >Z _SP WLMPW w?LY_]Lx ]PXLTYPO TY `^P PcNW`^TaPWd QZ] _SP wWPQ_SLYOPOx LY_TYZXTN LYO LY_TAPOTN ?LY_]T^X LYO L^ L NZY^P\`PYNP SL^ LN_`LWWd _LVPY ZY _SP NZYYZ_L_TZY ZQ wSP_P]ZOZc OLYRP]Z`^ TYOPNPY_x ?SP]PQZ]P _SP bZ]O w?LY_]Lx TY NZXXZY `^P `[ LYO OZbY _SP NZ`Y_]d ZQ_PY SL^ L NZX[WP_PWd YPRL_TaP XPLYTYR ?SP LaP]LRP OPNPY_ 3TYO` _STYV^ ZQ L w?LY_]T^_xL^LSTRSWd^`^[PN_LYOOLYRP]Z`^QTR`]P[]ZMLMWdLbTNVPO `Y^N]`[`WZ`^ LYO [ZbP]S`YR]d []LN_T_TZYP] ZQ MWLNV XLRTN bSZ NLY NL^_ ^[PWW^ ZY [PZ[WP LYO PaPY VTWW _SPX ?ST^ T^ LW^Z SZb ?LY_]T^_^ L[[PL] TY NWL^^TNLW bZ]V^ ZQ WT_P]L_`]P bSP]P _SPd L]P `^`LWWd NL^_ L^ _SPaTWWLTY^?ST^NWTNSË]TOOPY[P]NP[_TZYZQ?LY_]T^XT^QZ`YOYZ_ZYWd L^ L RPY]P bT_STY QZWVWZ]P M`_ L[[PL]^ TY L ^TXTWL] QZ]X TY _SP TYOTRP YZ`^ ST^_Z]TZR]L[Sd ZQ TYOTaTO`LW 3TYO` ^PN_^ 1Z] TY^_LYNP 6´©LXT²]L _SP L`_SZ] ZQ _SP [Z[`WL] ;]LMZOSL .LYO]ZOLdL LY LWWP RZ]TNLW O]LXL b]T__PY TY L ALT´©LaLAPO£Y_TN ^_dWP L]Z`YO ,/ Q`WQTWW^ LWW _SP WZNLW []PU`OTNP^ Md NL^_TYR _SP _d[TNLW ?LY_]T^_ L^ LY TY _ZWP]LY_XPRLWZXLYTLNXZY^_P]OPXLYOTYRS`XLY^LN]TQTNP^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y QLN_ ,aLWZY XLOP L RZZO [ZTY_ ]PXL]VTYR% w8POTPaLW u3TYO`T^Xv m bL^ L^ T_^ ^`NNP^^Z] XZOP]Y Z]_SZOZcd T^ WL]RPWd ?£Y_]TNx ,aLWZY ;]TYNT[WP^ ZQ ?LY_]L $]P[]$!;Z^_,aLWZY^_`OTP^ZY?LY_]LZQ_PYQZN`^PO_ZPcNW`^TaPWdZYWd _SPYZY-]LSXLYSP_P]ZOZcwWPQ_SLYOPOxPWPXPY_^bSP]PL^^ZXP]PNPY_]P^PL]NS ]PPXM]LNP^,aLWZYv^L^^P^^XPY_;LOZ`c ?LY_]TV£MSTOLYLVZ²L4!
>PcLYO.]TXPbT_S_SP?LY_]T^_^
!#
w>V`WWMPL]P]% u: 5LTYL SPL] Xd ]PWTRTZY% BP XLVP S`XLY ^LN]TQTNP^ TY NW`OTYR _SP M]LTY TYYL]O^ LYO MZYP XL]]Zb TY _SP ^LN]PO QT]P ?Z Q`WQTWW Z`]ZL_SbPO]TYVWT\`Z]Z`_ZQ_SP^V`WW^ZQ-]LSXTY^BPNLWWZYZ`]RZO _SP R]PL_ -SLT]LaL Md ZQQP]TYR STX S`XLY MPTYR^ L^ ^LN]TQTNTLW QZZO LYO FZ`] bL_P] ZQQP]TYRH T^ _SP SZ_ MWZZO [Z`]TYR Z`_ ZQ L Q]P^SWd NSZ[[PO YPNVv -`OOST^_%u:-`OOSL-`OOSLbSL_LR]`P^ZXP]PWTRTZYv 5LTYL%u:5TYL5TYLSZbX`NS_ST^[ZZ]^TX[WP_ZYX`^_SLaPQLWWPY`YOP] _SPTYQW`PYNPZQLOPaTWT^SNZYU`]P]v >V`WWMPL]P]%u>SLWW4^SZbdZ`_SP[ZbP]ZQXd]PWTRTZY*4M]TYRLWWRZO^ `YOP] Xd NZY_]ZW 4 ^_Z[ _SP [WLYP_^ TY _SPT] [L_S^ LN]Z^^ _SP ^Vd 4 QWZZO _SP PL]_S PaPY T_^ XZ`Y_LTY^ LYO NT_TP^ LYO z TY LOOT_TZY z U`^_ _STYV 4 O]TYVLWWT_^bL_P]TYZYP^PNZYOv 5LTYL%u: ^V`WWMPL]P]_ST^ T^ []PNT^PWdbSd 4^Ld_SL_^ZXPNZYU`]P] X`^_ SLaPWPOdZ`L^_]LdbT_SST^_]TNV^v >V`WWMPL]P]% u>SLXP ZY dZ` DP_ LRLTY dZ` NLWW _SP 7Z]O LYO 8L^_P] L NZYU`]P]* ?SP]P T^ YZ [L]OZY QZ] _ST^ ^Z]_ ZQ TX[`OPYNP /]LbTYR ST^ ^bZ]O 4^SLWW[`_ LY PYO_ZdZ`4^SLWW^PaP]dZ`]U`R`WL] bT_S_ST^_P]]T MWP MWLOP BT_S _SP QZLXTYR LYO M`MMWTYR ZQ dZ`] MWZZO ^SLWW 4 []Z[T_TL_P _SPbTQPZQ _SP7Z]ObSTWP 4TYaZVPSP] LYOSP]SZ]OP^ZQ^[T]T_^bT_S_SP ^Z`YOZQXd]L__WTYR^YL]PO]`Xv ?SP 5LTYL Q`WW ZQ QPL] WPL[^ TY_Z _SP WL[ ZQ _SP -`OOST^_% u-`_ SZYZ]PO ^T]NZY^TOP]_ST^%YZYaTZWPYNPT^_SP^`[]PXP OSL]XL vx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ V£[£WTVLàzL]PV´L[L©LVLOSL]XLÀ_£aLOL^X£VLXLaLOS£]LdLz XL^_T´V£Y_]LaL^£MST[¼]T_LXLS£X£À^£S`_Å]U`SaL_£À aLSYL`M]LSXLVL[£WLVLW[T_L^`]£[£YPYLYLà[£]L©£g ^LOdLàV__LVL¶SZ]LVL©¶SLaTRLWL_VÅW£WLOS£]ZUUaLWLT ]L]NdZYLà[`]`´Z[LS£]LMLWTMST]OPaZXLS£MSLT]LaLàgg MSTV´`àzM`OOSLM`OOSLLSZO£]`©£OSL]XLNL]d£g V´L[L©LVLàzLWTSLY_LLWTSLY_LLSZRSZWL[£aLV£WT©£FTYOLU£WT©£*HVP©£aT aT[[LWLOOSZMLW£Zg V£[£WTVLàzOL]²Ld£XL^_L]STOSL]XL^d£^dLXLSTX£YLX* SL]TSL]L^`]LUdP´¶SL²]P´¶S£YLSLX£SL]P aTdL_TaLSL_£ÀYLV´L_]£©£À]`©LOSXTRL_Å]L[Tg ^LYLRLYLRL]ÅXLXMSLà[¼]©£ÀaTOS£dLXLSÅXTX£À VLWLdL^LVLWLÀMS¼dL^_ZdLÀV´L©PYL[TM£XT_L_gg V´L[L©LVLàzLWPV£a£WTLLOZUPMMLMSL©£XTVP©£aTTYOLU£WT©£X££ÀOLÀ^ÅdL aT[[LWLOOSZu^T__Tg V£[£WTVLàz£à[£[L[`YL]L[T[L]LXP²aL]LXLTYO]LU£WTVLXT_d£V´T[L^Tg _LYYLXL]´L©ÅdLXL^dLOL`]£_XdLXgVSLRLX£V´dL_LOLWLXL^dLg P_L_VL]£WLVL]La£WLYTa__LVL©¶SL Y£WZNNLWLOMLS`WL[SPYTWLM`OM`OL`RSLTàg ^£]OSLÀLXLLXL]`£ÀV_TS¼_LMS¼_Lz aL]RP©LMSL]RLRST©ÅÀ]`OST]LT]OSTYZXTgg mV´L[L©LVLà^LMSLdLÀzXLS£MS£LLSTÀ^£[LWLXZOSLXXZ_aTMSTV´Z]
!#!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP^P LNN`^L_TZY^ LTXPO L_ _SP ?LY_]T^_^ L]P YZ_ [`]P QLYNTQ`W QLM]TNL _TZY M`_ YPT_SP] OZ _SPd LN_`LWWd ]P[]P^PY_ _SP _]`_S 4Y _SP ]P[]P^PY_L _TZY ZQ _SP ^V`WWMPL]P] _SP L`_SZ] L -]LSXLYTN ALT´©LaL SL^ ^TYRWPO Z`_ ^ZXP Pc_]PXP[]LN_TNP^ZQPL]Wd wWPQ_SLYOPOx±LTaLR]Z`[^ bSZ^P LYZXT^_TN MPSLaTZ] bZ`WO NP]_LTYWd SLaP ^SZNVPO OPNPY_ NZYaPY_TZYLW 3TYO`^ ,WPcT^ >LYOP]^ZY NZTYPO _SP _P]X wN`W_`]P ZQ _SP N]PXL_TZY R]Z`YOx Z] wN]PXL_TZY R]Z`YO L^NP_TNT^Xx QZ] _SP^P YZYTY^_T_`_TZYL WTePO [P]T[L_P_TN L^NP_TN^ _SL_ _]LY^NPYOPO XZ]P Z] WP^^ ]LOTNLWWd _SP APOTN [LWP LYO WTaPO L [ZbP]Q`W ^Z_P]TZWZRd NPY_P]PO ZY PXLYNT[L_TZY LYO^`[P]YL_`]LWPc[P]TPYNP ,NNZ]OTYR_Z>LYOP]^ZY_SPXZ]P]LOTNLW R]Z`[^ ^`NS L^ _SP 6£[£WTVL^ w^V`WWMPL]P]^x bP]P bZ]^ST[TYR =`O]L Z] -SLT]LaL TP ±TaL QZ]X^ bT_S LY L`]L ZQ _P]]TQdTYR LYO PN^_L_TN [ZbP] ?SPd NL]]TPO L ^V`WW_Z[[PO ^_LQQ LYO LY LWX^MZbW QL^STZYPO Q]ZX L S`XLY N]LYT`X VL[£WL bLYOP]PO L]Z`YO LYO WTaPO ZY N]PXL _TZYR]Z`YO^-dNZY_PX[WL_TYR_SPT]7Z]O2ZOL^P^^PYNPTYLWW_STYR^ TYaZVTYR STX Md XLY_]L TYNLY_L_TZY^ bZ]^ST[[TYR STX TY _SPT] aP^^PW QTWWPO bT_S LWNZSZWTN WT\`Z] LYO TXT_L_TYR STX XZ^_ [Sd^TNLWWd TY _SPT] L[[PL]LYNP LYO WTQP^_dWP _SPd _SPX^PWaP^ MPNLXP =`O]L-SLT]LaL _SP Xd_STNLW -]LSXLY^WLdP] @YWTVP _SP ]L_SP] O`MTZ`^ S`XLY ^LN]TQTNP^ TY 6´©LXT²]Lv^ LNNZ`Y_ bSTNS ^SZ`WO MP `YOP]^_ZZO L^ L WT_P]L]d _Z [Z^ ]T_`LWNZY^`X[_TZYZQLWNZSZWLYO^_]TaTYRQZ][L]LYZ]XLW[ZbP]^ bP]PaP]dbTOP^[]PLOLXZYR^__SP^PR]Z`[^-`_6´©LXT²]Lv^OP^N]T[ _TZYN]PL_P^L_Z_LWWdQLW^PTX[]P^^TZY?LY_]TNLWNZSZW]T_P^L]PLYd_STYR M`_ bTWO O]TYVTYR [L]_TP^ LYO _SP QLY_L^TP^ ZQ ZXYT[Z_PYNP L]P X`NS XZ]P _SP []ZO`N_ ZQ `YTZXd^_TNL Pc[P]TPYNP^ Z] [Z^^TMWd [Z^^P^^TZY _]LYNP_SLYZQ_SPNWL^^TNLWOP^T]PZQLWWR]PL_aTWWLTY^_Z]`WP_SPbZ]WO ?SP]P^_T^WT_P]L]dQTN_TZY%_SPS`XLYML]MPN`PL]T^P^Q]ZX_SP_Z[Z^ZQ _SP N]PXL_TZY R]Z`YO RZMWTY [T²£NL LYO _SP -]LSXLY ^V`WW T^ LY PWP XPY_ Q]ZX L QLXZ`^ ±TaL Xd_S ?SP LNNZ`Y_ ZQ LY Z]RTL^_TN MWZZO _ST]^_d XZY^_P] LN_`LWWd NZY_LTY^ XZ]P -]LSXLYTN ^PWQOP^N]T[_TZY _SLY LY LNNZ`Y_ ZQ ]PLWT_d 4Y _SP ^V`WWMPL]P] bP ^PP _SP TOPLWTePO TXLRP ZQ _SP XZOP^_ [PLNPWZaTYR LYO XZOP]L_P -]LSXLY _`]YPO TY_Z T_^ PcLN_ Z[[Z^T_P ,YO TY QLN_ T_ T^ ZYWd _SP [`]P []TP^_v^ Z] -]LSXLYTN XZYVv^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L«VLÀ[]LaT²L_Tg ;]LMZOSL.LYO]ZOLdL z >LYOP]^ZY w;`]T_d LYO ;ZbP]x z LYO w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x !!z!!$ TY [L]_TN`WL] !!! >PP LW^Z MPWZb Z`] NSL[_P] w?SP ^TYRTYR ^V`WWx @Y_TW >LYOP]^ZYv^ ^_`OTP^_SP XZ^_]LOTNLWPL]Wd ±LTaLL^NP_TN^bP]PVYZbYLWXZ^_PcNW` ^TaPWd Q]ZX [Z[`WL] O]LXL WT_P]L_`]P LYO Z]_SZOZc -]LSXLY SLRTZR]L[STP^ / 9 7Z]PYePY ?SP 6£[£WTVL^ LYO 6£W£X`VSL^% ?bZ 7Z^_ ±LTaT_P >PN_^ /PWST% 8Z_TWLW -LYL]^TOL^^]P[]$$Z]TRTYLW$" 3P]PT_T^YZ_LWbLd^PL^d_Z^P[L]L_P_]TMLWN`^_ZX^LYO?LY_]LQ]ZXPLNSZ_SP]4_T^ NWLTXPO z bT_S L OPR]PP ZQ NP]_LTY_d z _SL_ ^ZXP _]TMLW R]Z`[^ TY 4YOTL SLaP XLOP S`XLY^LN]TQTNP^4YWT_P]L]d?LY_]LMdNZY_]L^__SP_Z[Z^^SZ`WONP]_LTYWdMP`YOP] ^_ZZOLWWPRZ]TNLWWd
>PcLYO.]TXPbT_S_SP?LY_]T^_^
!#"
^`[P]TZ] XZ]LW ^_LYO[ZTY_ _SL_ LWWZb^ STX _Z MP \`T_P ^Z R`^STYR LMZ`_ _SP ]PaZW_TYR ]T_`LW []LN_TNP^ ZQ _SZ^P bT_S OTQQP]PY_ MPWTPQ^ z PaPY _SP bTWOP^_6£WÅ_Pc_^ZQw_SPWPQ_SLYOPOx_SPX^PWaP^L]PSL]XWP^^TYNZX [L]T^ZYbT_S6´©LXT²]Lv^PcNP^^TaPWT_P]L]daTZWPYNP 4_ T^ ]PXL]VLMWP _SL_ _SP L`_SZ] z LYO WTVPbT^P LYZ_SP] [WLdb]TRS_ -SLaLMS¼_T TY ST^ 8£WL_Å8£OSLaLX OPLWTYR bT_S _SP ^LXP _Z[Z^ z L__]TM`_P^ _Z _SP OP^[T^PO aTWWLTY STRSWd N`W_`]PO aP]d NZX[WPc V£adL VTYO ZQ >LY^V]T_ ^[PPNS -PYRLWT ^_dWP bSP]PL^ _SP -`OOST^_ LYO 5LTY L[[PL] L^ QZWV ^TX[WP_ZY^ ^TX[Wd MPNL`^P ZQ _SPT] WLYR`LRP ^_dWP& 6´©LXT²]Lv^ 5LTY ^[PLV^ 8£RLOS¯ L ;]£V_ ^[ZVPY TY bSL_ T^ _ZOLd -TSL] _SL_ T^ NZY^TOP]PO aP]d WZb NL^_P TP _SP WLYR`LRP ZQ _SP `Y _Z`NSLMWP .£©£WL^ 4_ T^ L NZYaPY_TZY LXZYR [WLdb]TRS_^ _SL_ _SP WLY R`LRPZQ_SPNSL]LN_P]^TYOTNL_P^_SPT]^ZNTLW^_L_`^?ST^XPLY^_SL__SP N`W_`]LW XPXZ]d ZQ _SP WPRPYOL]d 6£[£WTVL^ T^ _SL_ ZQ `__P]Wd ]Z__PY TY_PWWPN_`LW^ M`_ YZ_ _SL_ ZQ YZYPWT_P ^`MLW_P]Y LN_Z]^ Z] LY TYQP]TZ] ^ZNTLW ^_L_`^ R]Z`[ ?SP NWTNSË ZQ _SP 6£[£WTVL TYNW`OP^ _SP YZ_TZY _SL_ SPT^LSTRSWdPO`NL_PO[P]^ZY4_ T^YZ_ _SP bZ]WOZQ aTWWLRPXLRTNTLY^ Z] ^`MLW_P]Y ?LY_]TN^ _SL_ _SP [WLdb]TRS_ []ZUPN_^ 4Y ST^ PdP^ _SP 6£[£WTVL^L]PTYNL]YL_POPaTW^LYOOP^[TNLMWPXZY^_P]^MPNL`^PZQ_SPT] LY_TYZXTNLYOaTZWPY_MPSLaTZ] BSP_SP] _SP 6£[£WTVL^ L]P ]PLWWd L ST^_Z]TNLW R]Z`[ ZQ TY_PWWPN_`LW^ bSZ WPQ_ ^ZNTP_d LYO _ZZV OPWTRS_ TY `YNZYaPY_TZYLW ]LOTNLW ]T_P^ Z] bSP_SP] _SPd L]P L XP]P QTN_TZY ZQ O]LXL b]T_P]^ LYO Z]_SZOZc SLRTZR ]L[SP]^ bSZ []ZUPN_ PaP]d_STYR SZ]]TQdTYR L^^ZNTL_PO bT_S ?LY_]L ZY_Z _SPQTN_T_TZ`^NSL]LN_P]^bPNLYYZ_VYZbQZ]NP]_LTY_ZOLdMPNL`^P_SP Z]TRTYLW ?LY_]L ^Z`]NP^ ZY PL]Wd R]Z`[^ L]P aP]d ^[L]^P LYO YZ_ SZXZ RPYPZ`^ ?SP]P SLaP MPPY XZ]P wZ]_SZOZcx LYO XZ]P wSP_P]ZOZcx ^_]LYO^ ?SP >aLNNSLYOL?LY_]L MPWZYRTYR _Z _SP -SLT]LaL ?LY_]L^ QZ] TY^_LYNP TYNZ][Z]L_P^ APOTN XL_P]TLW P^[PNTLWWd Q]ZX _SP ±L_L]`O]¯dL :¿ XPOT_L_TZY >X£]_L []PNP[_^ -]LSXLYTN [STWZ^Z[Sd LYO ^NTPYNP^ WTVP WZRTN L^_]ZWZRd LYO XPOTNTYP ;`]£©TN LYO ;£ÓNL]£_]L TOPL^ LYO ±LTaL^TOOS£Y_L ?SP]P NP]_LTYWd SL^ MPPY L N]PXL_TZY R]Z`YO N`W_`]P% L^NP_TN^ bSZ ^XPL]PO _SPX^PWaP^ bT_S L^SP^ ^TRYTQdTYR ZYPv^ OPL_S bSTWP WTaTYR L]P aP]d bPWW OZN`XPY_PO ?SPd XLd MP OTQQP]PY_TL_PO Q]ZX -SLT]LaL L^NP_TN^ bSZ ^LYR LYO OLYNPO LYO ZNNL^TZYLWWd XLd SLaP NL]]TPO L ^V`WW MZbW TYOTNL_TaP ZQ _SPT] XLOYP^^ Md bSTNS _SPd TXT_L_PO ±TaL bSZ bPY_ XLO LQ_P] MPSPLOTYR RZO -]LSX£ ]P^[PN_TaPWd ST^ QTQ_S _]LY^NPYOPY_LW SPLO LYO WPLaTYR -]LSX£ ZYWd bT_S _SP QZ`] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^T^bSL_BST_P 6T^^ZQ_SPDZRTY¯ ^`RRP^_PO B / ,]]LU ?SP >aLNNSLYOL_LY_]LX% 3T^_Z]d LYO >_]`N_`]P ZQ L ±LTaL >N]T[_`]P ;S/ OT^^ @YTaP]^T_d ZQ .STNLRZ $## ^`XXL]TePO Md /dNeVZb^VT , 5Z`]YPd !QY"
!##
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
wbZ]WOWdx SPLO^ QLNTYR TY _SP QZ`] NL]OTYLW OT]PN_TZY^ ?SP -SLT]LaL ?LY_]L^ NZY_LTY []P^N]T[_TZY^ QZ] Y`XP]Z`^ aZb^ a]L_L ?SP 5LdLO ]L_SLd£XLWL MPWZYRTYR _Z _SP WL_P] ±£V_LZ]TPY_PO d£XLWL -SLT]LaL ?LY_]L^ WT^_^ LXZYR^_ Z_SP]^ _SP AZb ZQ 8LOYP^^ `YXL__La]L_L _SP AZb ZQ 9LVPOYP^^ YLRYLa]L_L _SP AZb _Z -P L ?]LY^aP^_T_P ^_]¯ aP²LOSL]La]L_L _SPAZb_ZBPL] =PO .WZ_S ]LV_LaP²LOSL]La]L_L LYOLW^Z_SP2]PL_AZb XLS£a]L_L !?SPWL__P]]P\`T]P^_SPL^NP_TN_Z bLYOP] L]Z`YO NZY^_LY_Wd TXT_L_TYR -SLT]LaLv^ [PYLYNP QZ] SLaTYR ^PaP]PO ZYP ZQ -]LSX£v^ SPLO^ 3P ^SZ`WO bPL] ^Tc TY^TRYTL TP L YPNVWLNP Z]YLXPY_^ PL]]TYR^ L N]P^_UPbPW L^SP^ LYO _SP ^LN]PO _S]PLOLYONL]]dL^V`WW 4Y_SPNZXXZYTXLRPZQ?LY_]LT_T^TYOTaTO`LWL^[PN_^ZQ]PLW?LY _]T^X_SL_L]P[TNVPOZ`_LYOPcLRRP]L_PO?ST^T^LW^Z_]`PZQ_SPTXLRP ZQ ?LY_]L TY _SP BP^_ , ^PL]NS QZ] _SP bZ]O w?LY_]Lx ZY _SP bZ]WO bTOP bPM RPYP]L_P^ _SZ`^LYO^ ZQ ST_^ LWXZ^_ PcNW`^TaPWd NZYNP]YPO bT_S ^Pc`LWT_d bSTNS NLY MP Pc[WLTYPO XZ]P L^ L wNZ`Y_P]NWTNSËx _Z .S]T^_TLY OPXZYTeL_TZY^ ZQ ^Pc`LWT_d _SLY L^ ^ZXP_STYR OP]TaPO Q]ZX ?LY_]T^XL^T_T^LN_`LWWdWTaPOZ`_TY4YOTL?SPXZOP]YBP^_P]YNWTNSË ZQ?LY_]LT^ML^TNLWWdYZ_STYRZ_SP]_SLYL[Z^T_TaP]PTY_P][]P_L_TZYZQL YPRL_TaPTXLRPZQ3TYO`T^XLYO?LY_]T^XM]Z`RS__Z_SPBP^_Md-]T_ T^S XT^^TZYL]TP^ LYO LOXTYT^_]L_Z]^ ?SP L^^ZNTL_TZY MP_bPPY ]PWTRTZY LYO ^Pc`LWT_d L^ QZ] PcLX[WP Pc[]P^^PO TY _SP ^Pc`LWWd XP_L[SZ]TNLW WT«RL bZ]^ST[ bL^ ZQ NZ`]^P LY `Y]TaLWPO aT^TZY ZQ SZ]]Z] QZ] _SP XT^ ^TZYL]TP^ _SL_ SLO L []ZQZ`YO TYQW`PYNP ZY SZb _SPd [Z]_]LdPO 3TYO` T^X " ?SP TXLRP ZQ L N`W_TaL_PO STRSWd OPaPWZ[PO 3TYO`T^X ^`NS L^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /dNeVZb^VT , 5Z`]YPd # ?SP _Pc_ SL^ YZ_ dP_ MPPY POT_PO ,YZ_SP] `YPOT_PO -SLT]LaL?LY_]L _SP -]LSXLd£XLWL WT^_^ L Y`XMP] ZQ aZb^ L^ bPWW TYNW`OTYR _SP NL]]dTYRZQL^V`WW4_SL^_SP]PQZ]PMPPYOP^N]TMPOL^w6£[£WTVL?LY_]LxLYO_SPN`W_ T_[]P^N]TMP^T^LNNZ]OTYR_Z /dNeVZb^VTTMTO#z$w]PWL_TaPWdWT_P]LWLYO`Y OZXP^_TNL_POx 3P LW^Z ]PXL]V^ SZbPaP] _SL_ NZYN]P_P ]PQP]PYNP^ _Z LYd 6£[£WTVL ^PN_L]P]L]PLYO_SP-]LSXLD£XLWLOZP^YZ_NZY_LTYLYdPT_SP]LW_SZ`RST_NZY_LTY^ TY_P]P^_TYROP_LTW^LMZ`_LaZb_ZMPLw^V`WWMPL]P]x V£[£WTVL " ,]PXL]VLMWPPcLX[WPT^,MMË/`MZT^#_SNPY_bSZZQQP]^LWZ_ZQaLW`LMWPwP_S YZR]L[Sdx ZY 3TYO` N`^_ZX^ LYO ^[PLV^ TX[]P^^TaPWd LMZ`_ aT]_`P^ LYO QL^_^ ZQ -]LSXTY^bSTWPL__SP^LXP_TXPPc[]P^^TYR`__P]OT^R`^_LYOSZ]]Z]LMZ`__SPT]wOP RPYP]L_POx ]PWTRTZY LYO wZM^NPYPx ^dXMZW^ .Q ,MMË 5PLY ,Y_ZTYP /`MZT^ 7PMPY `YO=T_PYOP]4YOP]%6L^_PYbP^PY`YO3TYO`RWL`MPTY>ÞOTYOTPY`X# FML^POZY _SP 1]PYNS LYO 0YRWT^S POT_TZY^ ZQ # LYO $!H -TPWPQPWO% =`X[ Q $ Q?SP]PT^SZbPaP]YZ`YTQZ]X XT^^TZYL]dOT^NZ`]^P >ZXP_ZZV ]P XL]VLMWd OPP[ LYO ]PWL_TaPWd `YL[ZWZRP_TN TY_P]P^_ TY _SP 3TYO` N`W_`]P WTVP _SP 2P]XLY XT^^TZYL]d 3TWVZ BTL]OZ >NSZXP]`^ ZQ _SP 0aLYRPWTNLW 7`_SP]LY .S`]NS bSZ b]Z_P _SP QT]^_ LNLOPXTN _]PL_T^P ZY ±LTaL >TOOS£Y_L $ 0YRW PO /PWST
>PcLYO.]TXPbT_S_SP?LY_]T^_^
!#$
_SL_ QZ`YO TY _SP @[LYT´LO _]LOT_TZY # LYO ZQ L OPRPYP]L_P 3TYO`T^X _SL_ bL^ XZ]P Z] WP^^ P\`L_PO bT_S ?LY_]T^X NLY PaPY MP QZ`YO TY MZZV^Md]PYZbYPO4YOZWZRT^_^ZQ_SP[L^_ $ .ZWZYTLW OT^NZ`]^P^ ]PaP]^POWd NZY_TY`P TY ?LY_]L TXLRP^ ZQ 9Pb ,RP_d[P ^[T]T_`LWT_d ?SP XZ^_ []PaLWPY_ TXLRP ZQ ?LY_]L TY _SP BP^_ T^LNZY^_]`N_ZQLSPOZYT^_TN]PWTRTZYbSTNSSL^U`^_L^WT__WP_ZOZbT_S ]PLW ?LY_]T^X L^ OZP^ 6´©LXT²]Lv^ -]LSXLYT^_TN TXLRP 4_ T^ _]`P _SL_ _SP]P L]P ^ZXP TYOTaTO`LW ?LY_]TN ^Pc`LW ]T_P^ ! -`_ TY YZ bLd OZ _SPd []P^PY_ P^[PNTLWWd ]PQTYPO _PNSYT\`P^ QZ] TYN]PL^TYR OP^T]P Z] [WPL^`]P ?ST^T^X`NSXZ]P_SP[]P^P]aPZQ_Pc_^WTVP_SP 6£XL>¼_]L bSTNSL]P OPaZTO ZQ L ]PWTRTZ`^ MLNVR]Z`YO LYO ^TX[Wd ^P]aP _Z []ZaTOP TY^_]`N _TZYTYL[]LN_TNLWOT^NT[WTYPbSTNSbL^RPYP]LWWd]PNZRYTePOTYLYNTPY_ 4YOTL ?SP TOPL _SL_ _SP ?LY_]T^_^ PYRLRPO TY ^Pc`LW ]T_P^ TY Z]OP] _Z PYUZd [L]_TN`WL]Wd RZZO ^Pc T^ LMZ`_ L^ LNN`]L_P L^ _SP ^`[[Z^T_TZY _SL_ .S]T^_TLY^ RZ _Z NS`]NS PaP]d >`YOLd MPNL`^P _SP NZXX`YTZY bLQP]^ L]P[L]_TN`WL]Wd_L^_d @W_TXL_PWd _SP wWPQ_SLYOPOxOTQQP]Q]ZX_SPw]TRS_SLYOPOxZYWdTY _SPT] ]LOTNLW YL_`]P -Z_S R]Z`[^ L]P TY_P]P^_PO TY TYNW`OTYR ^PY^Z]d [P]NP[_TZY LYO NZ][Z]LW ^PY^L_TZY TY _SPT] ]PWTRTZ`^ []LN_TNP^ LYO MZ_S ^PPVL[Sd^TNLWPc[P]TPYNPZQ_SP^LN]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :Y _SP []TaTWPRPO [Z^T_TZY ZQ APO£Y_L [STWZ^Z[Sd LXZYR XT^^TZYL]TP^ ^PP BTWSPWX 3LWMQL^^ 4YOTPY `YO 0`]Z[L% ;P]^[PV_TaPY TS]P] RPT^_TRPY -PRPRY`YR -L^PW% >NSbLMP $# z!$ ?SP QT]^_ aZW`XP ZQ 8Lc 8ÞWWP]v^ []ZUPN_ >LN]PO -ZZV^ ZQ _SP0L^_ bL^OPOTNL_PO_Z_SP@[LYT´LO^:cQZ]O#"$ $ @]MLY ?LY_]L !z">PPLW^Z5ZSYBZZO]ZQQP ;]TYNT[WP^ZQ?LY_]L ;L]_8LO]L^% 2LYP^S"_SPO$$z ! >Pc`LWXP_L[SZ]^L]PbTOP^[]PLOTY?LY_]T^XM`_^Pc`LW]T_P^L]PX`NSWP^^Q]P\`PY_ _SLY_SPBP^_P]YTXLRPZQ?LY_]L^`RRP^_^@YWTVP XLY_]L []LN_TNP_SPdL]PYZ_NZX XZY _Z LWW ?LY_]TN _]LOT_TZY^ >Pc`LW ]T_P^ SLaP MPPY [L]_TN`WL]Wd PYSLYNPO Md _SP ^NSZZW^ ZQ 6L`WL ?LY_]L LYO TY WL_P] 6L`WL _SPd XLd MP ^`M^_T_`_PO Md Z_SP] ]T_`LW T_PX^ Z] LM^PY_ LW_ZRP_SP] Z] WPQ_ _Z _SP LOP[_v^ ZbY NSZTNP >Pc`LW TY_P]NZ`]^P XLT_S`YL MPWZYR^ _Z _SP QTaP ]T_`LW LN_^ _SL_ OPWTMP]L_PWd `^P []ZSTMT_PO ^`M^_LYNP^ [LÓNLXLV£]LLYOT^RPYP]LWWd]P^_]TN_PO_ZWPQ_SLYOPOLOP[_^ZQ_SP a¯]L wSP]Zx _d[P 4_ LWbLd^ Pc[]P^^P^ L STRSWd ]T_`LWTePO ^Z_P]TZWZRd LYO L Xd^_TNLW P]Z_TNT^X XP]RTYRXLWPLYOQPXLWPOTaTYT_dMPTYRL[ZbP]Q`W[Sd^TNLW^dXMZWZQMZ_S_SPMWT^^ ZQ YZYO`LWT_d LYO NZ^XTN N]PL_TaT_d 1Z] L NZX[LN_ LNNZ`Y_ ZQ 6L`WL []LN_TNP ^PP 2`O]`Y -ÞSYPXLYY ?SP BZ]^ST[ ZQ 8LS£RL©L[L_T LNNZ]OTYR _Z _SP 9T_dZ_^LaL BTNS_]LNS%4Y^_T_`_QÞ]4YOZWZRTP$##ccaT1Z]XZ]POP_LTWZYOT^_TYN_QZ]X^^PP ,UT_ 8ZZVP]UPP LYO 8LOS` 6SLYYL /TP BPW_ OP^ ?LY_]L 8ÞYNSPY% 3PdYP $"" !z##& 0ObL]O . /TXZNV ?SP ;WLNP ZQ _SP 3TOOPY 8ZZY% 0]Z_TN 8d^_TNT^X TY _SP ALT´©LaL^LSLUTd£ .`W_ ZQ -PYRLW .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $!! ]P[] $#$ /PWST $$ ,NNZ]OTYR _Z BST_P 6T^^ ZQ _SP DZRTY¯ SZbPaP] LWW ZQ _ST^T^WL_P]6L`WLw^PNZYOZ]OP]x?LY_]TN^PcbSTNSOTQQP]^^`M^_LY_TLWWdQ]ZXPL]Wd 6L`WL wSL]O NZ]Px 1Z] L ^`M^_LY_TLW N]T_T\`P ZQ BST_Pv^ _SP^T^ ^PP >SLXLY 3L_WPd ?SP -]LSXLd£XLWL_LY_]L LYO 0L]Wd ±LTaL .`W_ ZQ DZRTY¯^ /ZN_Z]LW OT^^P]_L_TZY @YTaP]^T_dZQ;PYY^dWaLYTL"QY
!$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
8LY_]L^L^/TaTYP>PWQ=PaPWL_TZY
?SP OPT_TP^ ZQ _SP ?LY_]L L]P YZ WZYRP] Xd_SZWZRTNLW QTR`]P^ WTVP _SZ^P QZ`YO TY _SP ;`]£©L^ LYO _SPd SL]OWd PcT^_ TY ?LY_]TN WT_P]L]d ^[LNP^ PT_SP] 4Y^_PLO _SPd L[[PL] L^ ^[PNTQTN XLY_]L^ ,^ LW]PLOd OT^N`^^PO _SP _P]X XLY_]L _SP]PQZ]P ]PQP]^ YZ_ _Z LY TX[Z]_LY_ aP]^P OPOTNL_PO _Z _SPOPT_dWTVP_SPAPOTNXLY_]L^=L_SP]T_T^`^`LWWdLN]d[_TNNZXMTYL _TZY ZQ WP__P]^ LYO _SP ?LY_]T^_^ RZ ^Z QL] L^ _Z ^Ld _SL_ _ST^ ^[PNTLW NZXMTYL_TZY ZQ ^Z`YO^ OZP^ YZ_ U`^_ OPYZ_P Z] TYaZVP _SP OPT_d M`_ LN_`LWWdT^_SPOPT_d-`_L?LY_]TNXLY_]LT^YZ_ZYWdTOPY_TNLWbT_S_SP OPT_dzT_LW^ZSL]MZ]^[ZbP] 5`^_ WTVP _SP APOL _SP ?LY_]TN XLY_]L^ L]P ]PRL]OPO L^ ^Z`YO^ _SL_ SLaP LWbLd^ PcT^_PO ?SP _Pc_^ LWbLd^ _PWW _SP ^_Z]d ZQ _SP XLY_]L L^ L Xd_S ZQ LYY`YNTL_TZY LYO YZ_ L^ L Xd_S ZQ N]PL_TZY 4Y _SP NL^P ZQ _SP ¢RLXL ?LY_]L^ T_ T^ YZ]XLW QZ] _SP OPT_d T_^PWQ _Z LYYZ`YNP T_^ XLY_]L LYO _ST^ ]PaPWL_TZY RPYP]LWWd _LVP^ _SP QZ]X ZQ L OTLWZR 4Y _SP ±LTaL ?LY_]L^ _SP RZOOP^^ ;£]aL_¯ L^V^ _SP \`P^_TZY^ LYO SP] S`^MLYO ±TaL []ZaTOP^ _SP LY^bP]^ bSTWP _SP ]PaP]^P ^T_`L_TZY ZNN`]^ TY _SP ±£V_L ?LY_]L^ , aP]d Pc_PY^TaP OTLWZR T^ QZ`YO TY _SP 9P_]L?LY_]L LY ¢RLXLbZ]VNZX[Z^POL]Z`YO"z# ,/ !LYOPcNW`^TaPWdOPOTNL_PO _Z _SP w8_d`ÓULdL XLY_]Lx _SP XLY_]L ZQ _SP w.ZY\`P]Z] ZQ /PL_Sx 8_d`ÓULdL L QZ]X ZQ ±TaL _SL_ M]TYR^ SPLWTYR LYO WTMP]L_TZY ?SP TXXZ]_LWT_d XLY_]L :¿ 5»¿ >, T^ _SP LY^bP] _Z _SP RZOOP^^v^ ]P \`P^__Z_SPRZOL__SPMPRTYYTYRZQ_SPbZ]V_Z]PaPLW_SPNPY_]LWXLY _]LQZ]QTYLWWdZaP]NZXTYR_SP^`QQP]TYR^ZQ_SPbZ]WO% w,W_SZ`RSdZ`]^`[]PXP[ZbP] a¯]dL :RZOFbTWWLWbLd^]PXLTYH`Y ]PNZRYTeLMWPLYOTXXPL^`]LMWPTYT_^YL_`]PT_SL^NP]_LTYWdM]Z`RS_MWP^^ TYR _Z LWW FMPTYR^H Q]ZX Z`_ ZQ dZ`] XZ`_S m : dZ` 2ZO ZQ 2ZO^ bSZ MWP^^P^ _SP bSZWP bZ]WO LWW m LYTXLW^ [PZ[WP LYO RZO^ ^`QQP] `YOP] _SP _S]PL_ ZQ OT^PL^P LYO _SP _S]PL_ ZQ [ZT^ZY LYO ^[T]T_^ 3`YO]PO^ ZQ OPL_S^ NZXP `[ZY _SPX _SPd ^`QQP] L__LNV^ ZQ QPaP] OT^PL^P^ ZQ _SP W`YR^ LYO NZY^`X[_TZY m SZb NZ`WO _SPd MP SL[[d* ?SPT] WTQP^[LY T^ WTXT_PO LYO _SPT] WTaP^ L]P _S]PL_PYPO Md _SP [ZbP]Q`W bSZ SLaP R]ZbY R]PL_ _S]Z`RS dZ`] RWZ]d LYO dZ`] ^_]PYR_S m : 7Z]O ZQ _SP bZ]WO SLaP XP]Nd `[ZY_SPXmLYO_PWW`^ZQL]PXPOd_ZQ]PP_SPXQ]ZXLWW_SP^PFTWW^Hx !
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >LYOP]^ZY w=PWTRTZY LYO _SP >_L_Px "z$ >LYOP]^ZY ^`RRP^_^ _SP 9P_]L ?LY_]L _Z MP L 6L^SXT]T _Pc_ ZQ ]ZdLW MLNVR]Z`YO 3P []Z[Z^P^ _SP L`_SZ] _Z SLaP MPPY L[P]^ZYLWNSL[WLTY_Z_SPVTYR LYO^`^[PN_^_SP ]T_P^[]P^PY_PO QZ]_SP[]Z_PN _TZY LYO []Z^[P]T_d ZQ LWW XPXMP]^ ZQ ^ZNTP_d M`_ []TXL]TWd ^[PNTQTPO QZ] _SP ]ZdLW QLXTWdL^[]TYNT[LWMPYPQTNTL]TP^TMTOz" ! 3P]PT^L^WTRS_Wd^SZ]_PYPO]PYOP]TYRZQ_SPaP]^P^% dLOdPaLÀ[L]LXLÀ²£Y_LXL[]LXPdLR`©£WLdLXg ^L]a£Y`R]£SLVLÀa¯]dLÀ_LaLOPaLX`VS£NNS`_LXgg MSLRLaLYOPaLOPaP²LWZV£Y`R]LSLV£]LVLg
8LY_]L^L^/TaTYP>PWQ=PaPWL_TZY
!$
4YNZY_]L^__Z_SP7Z]O2ZO^TY_SP;`]£©TNP[TN^_SP?LY_]TN7Z]O2ZO ±TaLT^NSL]LN_P]TePOMd_Z_LWL`_ZYZXdLYOQ]PPOZX ^a£_LY_]dL 3PT^ YZ_ MZ`YO Md PT_SP] _SP WLb^ ZQ VL]XL Z] _SZ^P ZQ _SP OSL]XL 3P T^ LMWP _Z M]TYR LMZ`_ TY^_LY_ OPWTaP]LYNP ?ST^ L^[PN_ ZQ XP]Nd LY`R]LSL _d[TNLWZQ±TaLT^TYaZVPOTY_SP^_Z]d-`_LNNZ]OTYR_Z_SP ?LY_]L SP M]TYR^ LMZ`_ OPWTaP]LYNP LYO XP]Nd []TYNT[LWWd _S]Z`RS ST^ XLY_]L^ LYO _SP RZOOP^^ LW^Z ^[PLV^ ZQ _SP wMWP^^TYR ZQ _SP RZO _S]Z`RSST^XZ`_Sx±TaLLY^bP]^SP]bT_S_SP^PbZ]O^% wBT_S^`NSOPP[NZX[L^^TZY:RZOOP^^dZ`L^VXP_STYR^LMZ`_bSTNS4 SLaPYPaP]MPPYL^VPOMPQZ]PLYOZQbSTNS4SLaPYPaP]_ZWO,W_SZ`RS^Z XLYd XLY_]L^ PcT^_ LW]PLOd _SP XZ^_ TX[Z]_LY_ ZYP WT_ _SP PdP >V_ YP _]L LXZYR _SPX SL^ YZ_ MPPY YZ_TNPO LW_SZ`RS 4 LWbLd^ bLY_PO _Z FTX [L]_HT_QZ]T_T^LFXLY_]LH_SL_T^OTQQTN`W__ZR]L^[9Zb4bTWWLYYZ`YNP T__ZdZ`mx !
,_ _ST^ [ZTY_ bP ]PXTYO ]PLOP]^ _SL_ L XLY_]L T^ _SP OPT_d 4Y XLY_]L^ _SP RZO ZQQP]^ STX^PWQ 4Y _ST^ ]P^[PN_ _SP ±LTaL ¢RLXL _SPZWZRd ]P XTYO^ `^ aP]d X`NS ZQ .S]T^_TLY _SPZWZRd M`_ _SP ]P^`W_TYR _SPZWZR` XPY T^ aP]d OTQQP]PY_ Q]ZX .S]T^_TLYT_d 4_ T^ _]`P _SL_ TY MZ_S ^d^_PX^ ^LWaL_TZYSL^MPNZXP[Z^^TMWPMPNL`^P_SPRZOSL^ZQQP]POSTX^PWQM`_ .S]T^_TLY^ L]P ^LaPO Md QZWWZbTYR .S]T^_ bSTWP TY _SP NL^P ZQ _SP ±LTaT_P^_SPLTXT^_SL__SPMPWTPaP]]PNPTaP^_SPWTMP]L_TYR[ZbP]ZQ_SP RZOLYO_S`^SPSTX^PWQMPNZXP^L^PNZYO±TaL ²TaL_aLX ?SPLM^Z][ _TZY ZQ _ST^ OTaTYP [ZbP] WP^^ ^Z _SP RZO STX^PWQ SPW[^ _Z ZaP]NZXP _SP ^`QQP]TYR^ ZQ _ST^ bZ]WO LYO _Z LNSTPaP OPWTaP]LYNP Z] TY 4YOTLY _P]X^% PXLYNT[L_TZY ?ST^ _]LY^`M^_LY_TL_TZY ZNN`]^ PcNW`^TaPWd aTL _SP XLY_]L bSTNS PY^`]P^ _SL_ _SP ^`M^_LYNP ZQ _SP RZO LN_`LWWd QTWW^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _]TdZYTULXTOLÀ^L]aLÀ_T]dL«X£Y`´LOPaLRLXgg £OSTad£OSTMSLdZOaTRYLÀaT´LMS¼_LMSLd£]OT_LXg L[LX_d`²L_£V¯]©LÀUaL]LV£^LV´Ld£YaT_LXgg MS¼]MS`aL]X£Y`´PWZVPaT[]£OT[]£©TYL^_L_S£g O`àVSLOZ²L²L_£V¯]©£àV`_L^_P´£À^`VSLÀaTMSZgg d`R£Y`]¼[LX£YPYL_P´£X£d`à^aLX£YL_Làg UTRS£À^LY_TMLWZ[P_£^_aL__PUZMLWLÀMST_£gg LYPVL²L_L²ZMSPOLT]ad£OSTMST²NL^`[¯T_£àg _P´£XLY`R]LS£]_S£dLV[Ld£[]£©TY£ÀST_LXgg aPOZ[£dLÀULRLYY£_SLX`NdLY_PdPYL^L]aL_Làg dPYLdPYL[]LV£]P©LUÓ£YLdZRPYLXLY_]L_Làgg dLOdL_[L²dL^TOPaP²L_LO`[£dLÀaLOL^aLXPg 9P_]L?LY_]L z#L ! L_TV£]`©dLX£aT´¶£OPaT_aLÀ[NNSL^¯SLX£Xg YLVPYLNTOLSLÀ[´¶SZY£VSd£_LÀVL^dLNTYXLd£gg ^L_^`XLY_]P´`^L]aP´`YP_]LMS¼_LÀ[]LV¯]_T_LXg XLX£²LdPYLVPY£[TWLV´T_LÀ_`^`O`]WLMSLXgg _La£OdLVL_SLdT´d£XT_]T[]LV£]LÀ[L]LÀOS]`aLXg XLY_]LdZRLUÓ£YLRLXdLÀXZV´LOLÀ^TOOSTOLÀaL]LXgg9P_]L?LY_]L $z
!$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
MPWTPaP] L^ _SP ]T_`LW T^ [P]QZ]XPO w-PTYR ±TaLx T^ YZ_ ZYWd LY PcT^ _PYNP M`_ T^ []TXL]TWd L QZ]NP _SL_ NLY XZaP LYO NSLYRP PaP]d_STYR Q]ZXZYPXZXPY__Z_SPYPc_ ?SP ±LTaT_P^ L__]TM`_P `YWTXT_PO [Z_PY_TLW PQQPN_^ _Z _SPT] XLY_]L^ :YP ZYWd SL^ _Z LbLVPY _ST^ [Z_PY_TLW z Md `^TYR _SP XLY_]L 4Q ZYP OZP^ _ST^ YZ_STYR T^ TX[Z^^TMWP 4Y L NP]_LTY ^PY^P NWLTXTYR TYPc SL`^_TMWP [ZbP] QZ] _SP XLY_]L QZ]X^ _SP LN_`LW ±LTaL N]PPO LYO _ST^ _d[PZQNWLTX [SLWL²]`_T L[[PL]^L__SPPYOZQPaP]dXLY_]L]PNT_L_TZY LWXZ^_bT_SZ`_PcNP[_TZY4YZ`]_Pc__SP^PL]P±TaLv^QTYLWbZ]O^_Z_SP RZOOP^^ MPQZ]P _SP LN_`LW ]PaPWL_TZY ZQ _SP XLY_]L LYO _SP L^^ZNTL_PO ]T_`LWTY^_]`N_TZY^% 0aPY TQ Xd]TLO^ ZQ ^[T]T_^ RSZ^_^ aLX[T]P^ OPXZY^ OPaTW^ ZR]P^ LYO Z_SP] XZY^_P]^ ^`]]Z`YOPO _SPX TQ _SP ULb^ ZQ OPL_S FT_^PWQH _S]PL_PYPO _Z OPaZ`] _SPX z _SP XP]P _SZ`RS_ ZQ _SP XLY_]L _SL_ 4 bLY_ _Z _PWW dZ` YZbNZ`WO^LaP_SPX !
0aPY XZ]P ^Z _SLY TY _SP ;`]£©TN ^_Z]d ZQ -TYO`RL LYO .LÓN`W£ TY bSTNS_SPWTXT_WP^^YL_`]P ZQ±TaLv^XP]Nd_]LY^QP]]POT_^PWQNZX[WP_PWd _Z _SP _Pc_ SP]P TY _SP ¢RLXL ?LY_]L ±TaLv^ `YWTXT_PO [ZbP] XP]Nd LYO Q]PPOZX SLaP MPNZXP NZYNPY_]L_PO TY _SP XLY_]L ?SP XLY_]L MP TYR _SP MPL]P] ZQ _SP RZO T^ LY PQQPN_TaP ^_]L_PRd QZ] NZ[TYR bT_S WTQP LYO T_ Q]PP^ [PZ[WP Q]ZX QPL] ^`QQP]TYR LYO SL]X @^TYR _SP XLY_]L XPLY^[L]_TNT[L_TYRTY_SP^ZaP]PTRYL`_ZYZXdZQ_SPRZO,YOYZ_WPL^_ T_RTaP^_SP[P]^ZY]P[PL_TYRT_LN_`LWPc[P]TPYNPZQ±TaL
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
,W_SZ`RS _SP A]£_dL^ bP]P NZY^TOP]PO L^ SP_P]ZOZc _SL_ OTO YZ_ ^_Z[ _SPT] [LY_SPT^_TN NZYNP[_TZY ZQ _SP 7Z]O RZO =`O]L±TaL Q]ZX MPTYR LY ZMUPN_ ZQ ZMaTZ`^ QL^NTYL_TZY LYO SLaTYR L Q`YOLXPY_LW TYQW`PYNP ZY 3TYO`T^X ?ST^ ^_]ZYRWd ^`MaP]^TaP L^[PN_ ZQ _SP ±LTaL^ SL^ L[[PL]PO ]P[PL_POWd_S]Z`RSZ`_ST^_Z]d>ZT_T^[]ZMLMWP_SL__SP[]LN_TNPZQ?LY _]TNXLY_]L]P[P_T_TZY_ZZL]Z^PYZ_TY_SPSTRSWdN`W_`]PONT]NWP^ZQ_SP ¢RLXL±LTaT^XM`_TY^_PLORZP^MLNV_Z±LTaL^`MN`W_`]P^,YLWZRZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 3P]PT^L^WTRS_Wd^SZ]_PYPO]PYOP]TYRZQ_SPaP]^P^% MS¼_LdLV´LR]LSZYX£OL²£VTY¯dZRTY¯RL©LTàg MSLRTY¯]`O]LX£_]£OT£a¯£XL]TV£OTMSTàgg ]¼[TV£MST]L[L^X£]LTà[T²£NLT²N£[dLYPVL²Làg M]LSXL]LV´ZR]LS£OdLT²NLVZ¶T²ZdLOTX`O]T_£àgg L[LX_d`MST]£V]£Y_£àV£WL[£²LT]UTRS£À^T_£àg ]£U£YZ]£UL_LYLd£]£UL[L_YdZSdLYPVL²Làgg aT[]£OT[]£©TYLà^L]aP^L]aLOZ´LMSLd£]OT_£àg dPYLaLT^X_TX£_]P©LX`NdLY_P_LOM]La¯XT_Pgg 9P_]L?LY_]L z!
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
!$
_Z _SP L^^TXTWL_TZY ZQ PL]Wd =`O]L±TaL[LY_SPT^X T_ ^PPX^ _SL_ SP]P _ZZ LY Z]TRTYLWWd ^`MLW_P]Y Z] [P]SL[^ wYZY,]dLYx Z] YZYPWT_P XLTY ^_]PLX ]PWTRTZ`^ [SPYZXPYZY MPNLXP ZaP]NZOPO Md LYO LM^Z]MPO TY_Z _SPSTRSWdOPaPWZ[POPWT_PN`W_`]PLYOXLTY^_]PLX3TYO`T^X^ZXP_TXP WL_P] 4Y QLN_ _SP PL]WTP^_ _Pc_^ MPL]TYR bT_YP^^ _Z ?LY_]TN []LN_TNP [ZTY_ _Z L aP]d LY_TYZXTN LYO LYL]NSTN ]PWTRTZ`^ N`W_`]P bSZ^P QZWWZbP]^ OPOTNL_PO _SPX^PWaP^ LWXZ^_ PcNW`^TaPWd _Z XLY_]L ]P[P_T_TZY ?SPd L]P NLWWPO _SP >£OSLVL^ XZ^_ ZQ bSZX WTaP TY `YTYSLMT_PO ]PRTZY^ TY bZZO^ ZY XZ`Y_LTY^ Z] TY N]PXL_TZY R]Z`YO^ ?SP YLXP w>£OSLVL^x NZ`WOMP_]LY^WL_POL^w_SZ^PbSZ^_]TaPx?SP>£OSLVL^NWLTX_SL__SPT] XLY_]L^SLaP_SP[ZbP]_ZNSLYRP]PLWT_dT_^PWQ1Z]_SP>£OSLVL^XLY _]L^ [Z^^P^^ LM^ZW`_P [ZbP] ZQ N]PL_TZY LYO LW^Z LM^ZW`_P [ZbP] ZQ OP^_]`N_TZY1Z]PcLX[WP_SP_Pc_^^[PLVZQXLY_]L^_SL_L]P^Z[ZbP]Q`W _SL_ bSZWP VTYROZX^ NLY MP QZ`YOPO bT_S _SPX M`_ _SPd NLY LW^Z OP ^_]ZdbSZWP^_]P_NSP^ZQWLYO ! 4Q_SP_Z_LW[ZbP]ZQ_SPXLY_]LT^_]LY^ QP]]PO _Z _SP >£OSLVL^ LYO _SPd SLaP _`]YPO _SPT] MZOTP^ TY_Z wOTaTYP MZOTP^x Z] wXLY_]L MZOTP^x _SPd MPNZXP >TOOSL^ TP w;P]QPN_PO :YP^x !! >TOOSL^ L]P ]PRL]OPO L^ ^PXTOTaTYP MPTYR^ [Z^^P^^TYR ^`[P] YL_`]LW [ZbP]^ 3ZbPaP] _SP >£OSLVL^ L]P YZ_ TY_P]P^_PO TY bZ]WOWd [ZbP] bSPY _SPd ^_]TaP QZ] >TOOSL ^_L_`^% _SPd OZ YZ_ LTX _Z OP^_]Zd bSZWP_]LN_^ZQWLYOZ]_ZM`TWOPX[T]P^LW_SZ`RSZQNZ`]^PTY_SPPdP^ ZQ _SP ?LY_]LMPWTPaP] _SPd NZ`WO OZ ^Z 4Y^_PLO _SPd L]P LTXTYR QZ] YZ_STYRWP^^_SLY[L]_TNT[L_TZYTY_SP[ZbP]ZQ_SPOPT_d_SL_T^LNSTPa TYR L aP]d ^[PNTQTN _d[P ZQ `YTZY bT_S _SP /TaTYP -`_ _SPd L]P bZ]WO^ LbLd Q]ZX _SP NZYNP[_ ZQ _SP OTaTYP QZ`YO LXZYR^_ _SP STRSWd WPL]YPO >LY^V]T_ PWT_P^ 1Z] _SP^P PL]Wd ?LY_]T^_^ T_ T^ YZ_ ^_L_TN MPTYR TY bSTNS _SPPX[T]TNLWbZ]WOT^]ZZ_POM`_TY^_PLO_SPbZ]WOT^`YOP]^_ZZO_ZMP _SP ^_LRP QZ] [ZbP]Q`W QZ]NP^ LYO T_ T^ _SP^P QZ]NP^ _SL_ L]P ]PLWWd ^[PLVTYR _SP 9`XTYZ`^ 1Z] _SPX ±TaL T^ YZ_ ^Z X`NS _SP 7Z]O 2ZO M]TYRTYR WTMP]L_TZY z L^ _SP OZXTYLY_ OT^NZ`]^P^ ZQ _SP STRS N`W_`]P ¢RLXL ±LTaT^X Z] _SP [Z[`WL] ;`]£©TN WZ]P bZ`WO XLTY_LTY z M`_ QZ] _SPX ±TaL =`O]L -SLT]LaL T^ []TXL]TWd _SP P[T_ZXP ZQ LWW QZ]NP^ bT_STY_SP`YTaP]^P-PTYR±TaL_SP]PQZ]PXPLY^SLaTYRST^[ZbP]^PR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^[ZbP]_SL_NLYLQQPN_]PLWWTQP_SL_T^L__]TM`_PO_ZXLY_]L^T^LW]PLOdbPWWOZN` XPY_POTY_SPP[TN^TYbSTNS_SPXZ^_[ZbP]Q`WbPL[ZY^_SL__SPSP]ZP^,]U`YLLYO =£XLZM_LTY Q]ZXXTRS_dL^NP_TN^ L]PYZ_^Z X`NS_SP[Sd^TNLWXLRTN bPL[ZY^M`_ _SPXLY_]L^ !! :YXLY_]L]T_P^LYONZX[WPXPY_TYR_PNSYT\`P^YZ_LMWdLWNSPXd_Z]PYOP]_SPMZOd TXXZ]_LW LYO ZY aL]TZ`^ ^_]LYO^ OPaPWZ[TYR bT_STY _SP >TOOSL N`W_`]P ^TYNP 2`[_L _TXP^^PP6LXTWAEaPWPMTW ?SP;ZP_^ZQ;ZbP] 7ZYOZY%=TOP]$"& ?SP>TOOSL TOOSL ?]LOT_TZY^ TY 8POTPaLW 4YOTL .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $$!& 6T^^ZQ_SPDZRTY¯ !z#"
!$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
MPTYR LMWP _Z QWd LYO TY LN\`T]TYR _SP^P [ZbP]^ PYUZdTYR ±TaLv^ L`_ZYZXd LYO Q]PPOZX ?SP >TOOSL ]PWTRTZY T^ \`T_P ZMaTZ`^Wd LY LYT XT^_TN w[ZbP] ]PWTRTZYx bT_S T_^ ZbY NZX[WP_P aLW`P ^d^_PX bSTNS NLYYZ_ MP NZX[L]PO bT_S _SL_ ZQ _SP -]LSXTY^ 9L_`]LWWd _ST^ OZP^ YZ_ XLVP _SPX MWZZO_ST]^_d XZY^_P]^ z L^ _SPd L]P XLOP Z`_ _Z MP TY 6´©LXT²]Lv^ [WLd TY^[T]PO Md _SP APO£Y_L z M`_ T_ NLYYZ_ MP OPYTPO _SL_ L ]PLW ?LY_]TN >TOOSL bZ`WO ^_TWW SLaP L MT_ XZ]P Q`Y L_ L WTaPWd bT_NSP^v ^LMML_S _SLY L_ L ;]Z_P^_LY_ OT^N`^^TZY XPP_TYR ZY _SP _Z[TN w.S]T^_TLY^]P^[ZY^TMTWT_dLYO_SPbZ]WOx 1Z] _SP PL]Wd >TOOSL^ TY wMPTYR ±TaLx _SP Xd_STNLW WLb ZQ WZ^TYR ZYPv^ TYOTaTO`LWT_d TY_SP Xd_STNLW ^`M^_LYNP]PXLTY^TY_LN_L^bP^Lb TY _SP NL^P ZQ _SP =`O]L^ bSZ L]P ^_TWW ZYWd ZYP =`O]L 4Q L ?LY _]T^_OZP^^ZXP_STYRWTVP^`MO`TYRL^[T]T_SPMPNZXP^_SPWZ]OZQ^[T] T_^ z ±TaL STX^PWQ z Md OZTYR ^Z 4_ XLd MP OTQQTN`W_ _ZOLd _Z aTPb _ST^ L^LWZYRPOQZ][]Z^[PN_ZQOPWTaP]LYNPM`__ST^T^SZbT_T^TY_SPPL]Wd ?LY_]L^ ?SP]P L]P _SP QZ]P^_^ LYO _SP aTWWLRP _SP]P L]P _SP ^[T]T_^ ObPWWTYR _SP]P bSZ NZ`WO [Z_PY_TLWWd TYQWTN_ LWW TXLRTYLMWP _d[P^ ZQ SL]XLYOMPTYRLMWP_ZNZY_]ZW_SPX T^ OPWTaP]LYNPLYOPXLYNT[L_TZYTY LaP]d]PLW^PY^P ?SP N`W_`]P ZQ _SP >£OSLVL^ LYO >TOOSL^ []ZMLMWd ]P[]P^PY_^ _SP LN_`LW ]ZZ_^ ZQ ?LY_]L 4_ T^ YZ_ VYZbY SZb WZYR _SP^P XLY_]L SP]XT_^ ]ZLXPO 4YOTLv^ QZ]P^_^ M`_ _SP]P L]P XLYd TYOTNL_TZY^ _SL_ T_ T^ L aP]d ZWO _]LOT_TZY >ZXPbSL_ ZXTYZ`^Wd L QLM`WZ`^ MPTYR ]P^PXMWTYR L >TOOSLL[[PL]^PL]WdZYTY_SPWT_P]L_`]PZQ_SP >£XLAPOL bSP]PT_T^ L^^ZNTL_PO bT_S _SP []LN_TNP ZQ OT^PXMZOTXPY_ _S]Z`RS ^ZYR ^PP NSL[ ! ?SP]P T^ Pc[WTNT_ XPY_TZY ZQ L ²XL²£YL^£OSLYL L w^_]TaTYR ZY _SP N]PXL_TZY R]Z`YOx 4_ T^ YZ_TNPLMWP _SL_ _SP^P _bZ _]LOT_TZY^ z _SP >£XLAPOL LYO ?LY_]T^X z SLaP L_ WPL^_ ZYP TOPL TY NZXXZY YLXPWd _SL_ ^Z`YO^ L]P [ZbP]Q`W ZNN`W_ QZ]NP^ ?SP [ZbP]ML^PO YL_`]P ZQ _SP >TOOSL N`W_`]P bL^ ]PQTYPO _S]Z`RS _SP NPY_`]TP^ M`_ VP[_ aP]d X`NS LWTaP LW^Z TY WL_P] _TXP^ L^ L QZ`]_PPY_S Z] QTQ_PPY_S NPY_`]d _Pc_ OPXZY^_]L_P^% w?SPY _SP >TOOSL []LN_T_TZYP]^ m ^LTO% u:`] ZbY OZN_]TYP T^ ML^PO ZY bSL_ T^ XLYTQP^_Wd ]PLW m 3P]P Md XPLY^ ZQ _SP NZX[WP_P [P]QPN_TZY ZQ XLY_]L^mbPSLaP]PLWTePOZ`]RZLW^LYOL]PP_P]YLWWdQ]PPm?SPPY_T]P Pc[LYOTYR`YTaP]^PT^Q`WWdVYZbY_Z`^m?S]Z`RSZ`]^[PNTLWVYZbWPORP ZQ FXLY_]L^ SP]M^ LYO LWNSPXd aL]TZ`^ [ZbP]^ ZQ ^Z]NP]d LYO ^[PNTLW QZ]X^ ZQ dZRL []LN_TNPH LYO Z`] ^[PNTLW Pc[P]_T^P TY RLTYTYR XL^_P]d ZaP] FPLNSZQ_SPQTaPPWPXPY_^HmbPL]PTYQLN_ZXYT^NTPY_vx !"
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" ¢YLYOLRT]T ±L«VL]LaTULdL NSL[$\`Z_POMdBST_P 6T^^ZQ_SPDZRTY¯ !
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
!$
?SP3PLaPYWd0L]
?SP >£OSLVL^ LYO _SP >TOOSL^ TXLRTYP _SP `YTaP]^P TY L OdYLXT^_TN bLd L^ L NZX[WPc QLM]TN ZQ QZ]NP^ LYO _SP OPT_d L^ TXXPOTL_PWd TXXL YPY_ TY _ST^ QLM]TN , >TOOSL ^PP^ LYO SPL]^ _STYR^ _SL_ YZ]XLW [PZ[WP OZ YZ_ QZ] SP ^PP^ LYO SPL]^ _SP Y`XTYL TY _ST^ QLM]TN 4Y _SP aT^`LW ]PLWX _ST^ [L]_TN`WL] LMTWT_d RZP^ `YOP] _SP YLXP ZQ wSPLaPYWd ^TRS_x OTadLNLV´`^ 4Y _SP L`OT_Z]d ]PLWX ZYP ^[PLV^ ZQ _SP wSPLaPYWd PL]x OTadL²]LaL©L Z] wSPL]TYR SPLaPYWd ^Z`YO^x OTadL²LMOL²]LaL©L !# 1Z]PcLX[WPL>TOOSLNLYSPL]_SPO]`X^ZQ_SPRZO^_SPTY^_]`XPY_LW X`^TN ZQ _SP 2LYOSL]aL^ LYO _SP bST^[P]TYR ZQ _SP RSZ^_^ ?SP^P NZ^ XTN L`OT_Z]d Pc[P]TPYNP^ L]P LNNZX[LYTPO Md Z`_ZQMZOd Pc[P]TPYNP^ LYObZYO]Z`^aT^TZY^ZQWTRS_% w1]ZX _SP YTY_S dPL] FZQ ST^ XLY_]L []LN_TNPH ZYbL]O^ SP ^PP^ bT_S ST^ ZbY PdP^ XLYd bZYO]Z`^ _STYR^ bSTNS QTWW STX TY ST^ SPL]_ bT_S UZd LYO OPWTRS_ 3P ^PP^ _SPX [Sd^TNLWWd LYO _SPd RTaP STX TXXPOTL_P ]PQ]P^S XPY_ 1Z] LY TY^_LY_ SP _`]Y^ ]TRTO QZ] LY TY^_LY_ SP T^ L]Z`^PO bT_SZ`_ ]PL^ZY1Z]LYTY^_LY_SPSPL]^Q]ZXLMZaP_SPMPL_TYRZQO]`X^1Z]LYTY ^_LY_ SP SPL]^ TY^_]`XPY_^ [WLdTYR TY aL]TZ`^ OTQQP]PY_ ^_dWP^ 1Z] LY TY ^_LY_SP^XPWW^_SP^NPY_ZQNLX[SZ]LYOX`^V1Z]LYTY^_LY_SP^PP^STX ^PWQ]T^PTY_Z_SPLT]1Z]LYTY^_LY_SP^PP^_SP^VdWT_`[Md_SP^`YLYO_SP XZZY^TX`W_LYPZ`^Wd1Z]LYTY^_LY_SPSPL]^_SPYZT^PZQNZb^SZ]^P^LYO PWP[SLY_^ 1Z] LY TY^_LY_ SP SPL]^ _SP [Z`YOTYR ZQ L bL_P]QLWW 1Z] LY TY ^_LY_SP^PP^MZW_^ZQWTRS_YTYR^_]TVTYRLWWZaP]_SPPL]_S1Z]LYTY^_LY_SP ^PP^ _SP bSZWP RWZMP QWZZOPO 1Z] LY TY^_LY_ SP SPL]^ _SP YZT^P ZQ _SP R APOL DLU`]APOL LYO >£XLAPOL 1Z]LYTY^_LY_SP^PP^TY_SPSPLaPY^TY _SPQZ]XZQ^_L]^aL]TZ`^LbPTY^[T]TYRDZRTY^bSZL]P^NL]POZQSTX1Z] LYTY^_LY_SPSPL]^LRSZ^_WdbST^[P]TYRLYO_SPN]LNVWTYRZQQT]Pmx !$
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ?SP SPLaPYWd PdP OTMMLNLVVS`& OTadLNLV´`^ T^ VYZbY LW]PLOd TY PL]Wd -`OOST^_ WT_P]L_`]P^`NSL^_SP/¯RSL9TV£dLZQ_SP;£WTNLYZY.Z]]P^[ZYOTYRWd_SPSPLaPYWd PL] OTMML^_Z_LT^VYZbYM`_T_T^YZ_aP]d^TRYTQTNLY_ !$ YLaLX£OaL_^L]£O¼]OSaLÀ^aLdLÀ[L²dL_TXLY_]LaT_g Y£Y£²NL]d£©TSOLdPS£^£YLYOLXLd£YT_`gg ^LO£SW£OL[]LO£Yd£²`[]L_dLV´P©LMLST^_L_S£g ULL£^_PV´L©LÀaT[]LV´L©LX£^_P[]LSL]´T_Làgg V´L©LÀO`YOS`MSTYT]RSZ´LÀ²©`d£OLY_L]TV´L_Làg V´L©LÀNLXLOS`]LÀa£OdLÀY£Y£]Å_T^LXLYaT_LXgg V´L©LX£UTRS]L_PRLYOS£YVL][¼]LXRLY£MSTU£©g V´L©LX`_[L_LX£YLÀNL[L²dL_d£_X£YLX£_XLY£gg NLYO]£]VLVT]L©£VÅ]©LÀV´L©LX£WZVLdPYYLMSLàg RLa£²aLRLULY£O£À²NL²©`d£NNLV´L©LÀOaTULgg YT]USL]L^d£XM`^LÀV´ZMSLÀV´L©LÀ£VL]©LdPYXLSL_g aTOd`UUa£W£V`WLÀ[L²dP_V´L©LÀV´T_T_LWLÀOaTULgg _ZdL[¼]©LÀV´L©LÀ[L²dP_^LXLR]LÀV´T_TXL©LWLXg RdLU`^^£XLRSZ´£À²NL£VL]©LdL_TNLV´L©LXgg _£]LV£V£]T©L²NT_]£YdZRTYZYLMSL^T^_ST_£Yg
!$!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP WTYV MP_bPPY _SP Y`XTYZ`^ LYO WTRS_ Z] PaPY aT^TZY^ ZQ WTRS_ T^ VYZbY _Z MP L NZXXZY ZYP TY ]PWTRTZY^ BSL_ T^ WP^^ QLXTWTL] T^ _SP TOPL _SL_ _SP]P L]P LW^Z Y`XTYZ`^ ^Z`YO^ ?SP [L]LYZ]XLW L`OT_Z]d Pc [P]TPYNP^ OP^N]TMPO NZYNPY_]L_P YZ_ ZYWd ZY _SP ^Z`YO^ ZQ Z]NSP^_]LW TY^_]`XPY_^M`_LW^ZZYNSLZ_TN`Y^_]`N_`]POLYO[ZbP]Q`W^Z`YO^^`NS L^ VP__WPO]`X^ _S`YOP] bL_P]QLWW^ LYO _SP ^Z`YO^ XLOP Md SP]O^ ZQ LYTXLW^?SPTOPL_SL__SP^Z`YOZQLbL_P]QLWWZ]_SP]ZL]TYRZQLYTXLW^ ^SZ`WO MP P^[PNTLWWd Y`XTYZ`^ ^PPX^ ^_]LYRP L_ QT]^_ -`_ wTY^_]`XPY_^ ZQ YZT^Px L]P aP]d bTOP^[]PLO LXZYR^_ aL^_Wd OTQQP]PY_ ]PWTRTZY^ LYO L[[PL] _Z MP [L]_TN`WL]Wd [Z[`WL] L^ ]T_`LW OPaTNP^ 4Y _ST^ NZY_Pc_ _SP LY_S]Z[ZWZRT^_/ZYLWO?`eTY[]P^PY_^LY`XMP]ZQN]Z^^N`W_`]LWP_SYZ R]L[STN OL_L LYO QLN_^ ^SZbTYR _SL_ w_SP Z[P]L_TZY^ ZQ ]T_`LW ^Z`YO XLVTYR OPaTNP^ ]PWTRTZ`^ NZY^NTZ`^YP^^ LYO _S`YOP] SLaP X`NS _Z OZ bT_S ZYP LYZ_SP]&x SP NWLTX^ TY [L]_TN`WL] w_SP bZ]WObTOP ^dXMZWTN L^^ZNTL_TZYMP_bPPYM`WW]ZL]P]^LYO_S`YOP]x "?SPX`^TN^NSZWL]=PTY SZWO 3LXXP]^_PTY z bSTWP O]LbTYR ZY ^Z`]NP^ Q]ZX LYNTPY_ 4^]LPW LYO 0`]Z[Pz^[PLV^TYL^TXTWL]aPTYZQLw[]PX`^TNLWY`XTYZ`^_S`YOP] TYRx " :YP ZYWd SL^ _Z _STYV ZQ RTLY_ ?TMP_LY LW[SZ]Y^ 0L^_ ,^TLY RZYR^4YOTLYNZYNS^SPWW^]LXv^SZ]Y^TY5`OLT^XZ].S]T^_TLYNS`]NS MPWW^ Z]RLY^ LYO _]`X[P_^ 8LYd ZQ _SP^P TY^_]`XPY_^ ^`NS L^ _SP NZYNS ^SPWW^ TY 4YOTL Z] _SP _]`X[P_^ TY 0`]Z[P bP]P Z]TRTYLWWd TY^_]` XPY_^ `^PO TY bL] TY_PYOPO _Z Q]TRS_PY _SP PYPXd bT_S _SPT] R]PL_ YZT^P :_SP] TY^_]`XPY_^ ^`NS L^ _SP ?TMP_LY LW[SZ]Y^ ZYWd _LVP ZY _SPT]S`RP^TePTY_SP]PWTRTZ`^^P__TYR?SPWZ`OP^_TY^_]`XPY_TY>Z`_S P]Y 4YOTL L bTYO TY^_]`XPY_ NLWWPO 9£OL^aL]LX XPLYTYR wYZT^P XLVP]x Z] 9£RL^aL]LX XPLYTYR wO]LRZY ^Z`YOP]x T^ LW^Z _SP XZ^_ [Z[`WL] TY^_]`XPY_ TY _SP _PX[WP^ ?ST^ T^ LN_`LWWd PL^d _Z Pc[WLTY TY _P]X^ZQ_SP[^dNSZWZRdZQX`^TN7Z`O^Z`YO^NLYPaPYMPQPW_MdZ`] MZOTP^ z _SPd wRZ ]TRS_ _S]Z`RS `^x _SP WTXT_^ ZQ Z`] MZOTP^ OT^L[[PL] LYOTQbPL]PPc[Z^PO_Z^`NS^Z`YO^QZ]LWZYRP][P]TZO_SPdLM^Z]M`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [L²dL_d`R]£YMSLd£]_£À²NLV´L©LÀXLY_]La]L_ÅX`YPgg V´L©LÀVTWLVTW£]£aLÀ^LSLaLSYT]LaLÀV´L©LXg5Ld£VSdL>LÀST_£ $z# ?ST^ _Pc_ NZXP^ Q]ZX LY PL]Wd ?LY_]TN AT´©`T_TN >LÀST_£ []ZM MP_bPPY ! LYO # ,/ ^PP 8L]TZY =L^_PWWT ;STWZ^Z[ST^NS_SPZWZRT^NSP 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£ z" M`_ T^ NSL]LN_P]T^_TNLWWd YZ OTQQP]PY_ L_ LWW Q]ZX ±TaLT_TN DZRL_Pc_^NZYNP]YTYR_SP]LYRPZQZNN`W_^Z`YO^?SP^N]TMPbSZQZ]X`WL_POT_YZ_PO OZbYRPYP]LWWdSPWOTOPL^LMZ`_DZRLNZYNP]YTYR[L]LYZ]XLW[SPYZXPYL " /ZYLWO?`eTYw8T]LN`WZ`^AZTNP^%?SP,`OT_Z]d0c[P]TPYNPZQ9`XTYZ`^:MUPN_^x .`]]PY_ ,Y_S]Z[ZWZRd $#% "$z $!& SP]P% "$ # ## #$ QY ?`eTYv^ XLUZ] ]P^PL]NS QZN`^ T^ 9Pb 2`TYPL M`_ ST^ NWLTX T^ ML^PO ZY L ^`]aPd ZQ ^ZNTP_TP^ " =PTYSZWO 3LXXP]^_PTY /TP>_TXXPL`^OP]LYOP]PYBPW_% ¾MP]OTP /L]^_PWW`YROP^ 9`XTYZ^PYTYOP]:[P]aZY8ZY_PaP]OTMT^8ZeL]_ ?`_eTYR%3LY^>NSYPTOP]$$# zz
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
!$"
NZX[WP_PWd ?`eZY ^`RRP^_^ ZY L YP`]ZWZRTNLW ML^T^ _SL_ NP]_LTY PaZNL _TaP ^Z`YO^ ^`NS L^ _SZ^P ZQ WZ`O TY^_]`XPY_^ _SL_ ]P^PXMWP _S`YOP] LYO[L]_TN`WL]Wd_SPw^`ML`OT_Z]dxZ]wTYQ]L^ZYTN^Z`YObLaP^xz^Z`YO bLaP^ bSZ^P Q]P\`PYNTP^ L]P MPWZb NZY^NTZ`^ S`XLY [P]NP[_TZY z _SL_ L]P []ZO`NPO Md O]`XMPL_^ RTLY_ LX[WTQdTYR [T[P^ M`WW]ZL]P]^ WL]RP RZYR^MPWW^LYOLW^ZMdNP]_LTYWT_`]RTNLWNSLY_^LYOXZYZ_ZYZ`^]PNT _L_TZY^LQQPN__SPM]LTYTP_SP_PX[Z]LWWZMPTYLXLYYP]_SL_L]Z`^P^ `Y`^`LW^_L_P^ZQNZY^NTZ`^YP^^wXd^_P]TZ`^xQPPWTYR^LYOLNZYaTN_TZY _SL_^ZXP_STYR\`T_P^`[P]YL_`]LWT^MPTYRSPL]O "
?SP>TYRTYR>V`WWLYO_SP-T]_SZQ-¯UL8LY_]L^
?SP TOPL _SL_ NSLZ_TN LYO `YOTQQP]PY_TL_PO ^Z`YO^ ^SZ`WO MPWZYR _Z _SP _SPZ[SLYd ZQ _SP OPT_d T^ LW]PLOd QZ`YO TY PL]Wd N`W_^ ZQ =`O]L ;L²`[L_T ?SP L^NP_TN^ NLWWPO ;£²`[L_L^ bZ]^ST[ _SP APOTN =`O]L LYO `^PAPOTNXLY_]L^^`NSL^ _SPw;LÓNLM]LSXLXLY_]Lx ZQ_SPQTaP SPLO^ ZQ ±TaL " ,WZYR^TOP _SP^P ZWO N`W_ QZ]X^ SZbPaP] _SPd LW^Z `^P ^ZYR OLYNP R£YOSL]aL LYO]PNT_L_TZYZQ_SPOPPO^ZQ_SPOPT_d VÅ]_LYLX L^ QZ]X^ ZQ bZ]^ST[ :YP ZQ _SPT] ^[PNTLW_TP^ T^ _SL_ _SPd TXT_L_P =`O]L TY _SPT] MPSLaTZ]% _SP ;£²`[L_L w^YZ]P^ bT_SZ`_ ]PLWWd ^WPP[TYRx []P_PYO^ _Z SLaP P[TWP[_TN L__LNV^ ^_LRRP]^ wL^ TQ SP bP]P O]`YV Z] N]LePOx R]LM^ L_ []P__d RT]W^ LYO RPYP]LWWd MPSLaP^ TYOPNPY_Wd LYO _LWV^ YZY ^PY^P " , NSL]LN_P]T^_TN QPL_`]P T^ ^S]TWW WL`RS_P] L¶¶LS£^L LYO TYNZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?`eTY w8T]LN`WZ`^ AZTNP^x Z[ NT_ #z # #z #! ?`eZY L]R`P^ _SL_ wZYPv^ [L]_TN`WL] ]P^[ZY^P _Z L [TPNP ZQ X`^TN OP[PYO^ YZ_ ZYWd ZY _SP N`W_`]LWWd ^[PNTQTN Z`_bL]OQZ]XZQ_SPX`^TNM`_ LW^ZZY[]TXT_TaP]P^[ZY^PXPNSLYT^X^SLaTYR_ZOZ bT_SNZRYT_TZYPXZ_TZYLYO_SPL`OT_Z]dL[[L]L_`^xTMTO #,NNZ]OTYR_Z?`eTY _SPLN`_Pw^LN]PO^PY^L_TZY^xL]Z`^POMdWZ`OTY^_]`XPY_^LYOTYQ]L^ZYTNbLaPPc[Z ^`]P L]P []TXL]TWd wQPPWTYR^ ZQ _SP `YNLYYdx wLYcTP_dx LYO wO]PLOx 3ZbPaP] bP LW^ZVYZbQ]ZXX`^TNXPOTNTYP_SL_NP]_LTY^Z`YO^TYNW`OTYRL]L[TOX`^TNLW_PX[Z LYO WZb Q]P\`PYNTP^ NLY NP]_LTYWd SLaP L [Z^T_TaP P`[SZ]T^_TN PQQPN_ ZY S`XLY MP TYR^ = >[TY_UP LYO /]ZS 8`^TV8POTeTY% ;Sd^TZWZRT^NSP 2]`YOWLRPY `YO []LV _T^NSP ,YbPYO`YRPY >_`__RL]_% ?]TL^ $$ z :Y _SP M]ZLO ]P[P]_ZT]P ZQ ^PY^Z]d ^_TX`WT _SL_ NLY _]TRRP] PcNP[_TZYLW PN^_L_TN ^_L_P^ ^PP -`]VSL]O 2WLOTRZb w0V^_L^P `YO 0Y_S`^TL^X`^% E`] ,Y_S]Z[ZWZRTP `YO >ZeTZWZRTP PV^_L_T^NSP] ;SÆYZ XPYPx TY =PWTRTZY^bT^^PY^NSLQ_ LW^ 6`W_`]bT^^PY^NSLQ_ Md -`]VSL]O 2WLOTRZb >_`__RL]_%6ZSWSLXXP] $#z " ?LT__T]¯dL¢]L©dLVL z" 7L_P] _]LOT_TZY^ ^`NS L^ _SP 6`MUTV£ N`W_ Z] _SP ±]¯aTOd£ ]PNZRYTeP L w;LÓNLM]LSXL XLY_]Lx _SL_ YZ WZYRP] ]PQP]^ _Z APOTN XLY_]L^ M`__ZQTaPM¯UL^TYNW`OTYR_SPQPXTYTYP,4¿3=®¿±=®¿(±LV_T;3=0¿3>,@¿ (±TaL/dNeVZb^VT ,5Z`]YPd !# " ,NNZ]OTYR _Z >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x !!z!! _SP ;£²` [L_L ZM^P]aLYNP^ TYNW`OPO L Y`XMP] ZQ ^_LRP^ QZ] L^^TXTWL_TYR =`O]Lv^ \`LWT_TP^ ZQ ZXYT^NTPYNPLYOZXYT[Z_PYNP&_SP^PNZYO^_LRPTY[L]_TN`WL]TYaZWaPOOPWTMP]L_POP
!$#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
[]PSPY^TMWP ]ZL]TYR S``VV£]L _SL_ T^ TY_PYOPO _Z ]P[WLNP YZ]XLW NZX[]PSPY^TMWP^[PPNSTY_SPTXT_L_TZYZQ=`O]L?Z_SP;£²`[L_L_SP^P LN_TaT_TP^]P[]P^PY_wRL_P^x Oa£]L _Z_SPOPT_d 3P L^^`XP^ _SPXd_ST NLWNSL]LN_P]T^_TN^ZQ_SPOPT_dTYZ]OP]_ZLN_`LWWd_`]YSTX^PWQTY_ZT_ AP]d ^TXTWL] TOPL^ LYO ]T_P^ L]P LW^Z L^^ZNTL_PO bT_S _SP RZO -SLT]LaL bSTNS XPLY^ ^ZXP_STYR WTVP w_SP 3Z]]TQTNx ?ST^ T^ _SP XZ^_ TX[Z]_LY_?LY_]TNQZ]XZQ_SPbTWOYZYOZXP^_TNL_PO^TOPZQ±TaL?SP -SLT]LaL T^ LW^Z ZQ_PY PYaT^LRPO L^ w]ZL]TYRx Z] wMPWWZbTYRx ,YO _Z `YOP]WTYP_ST^ST^YLXPT^ZQ_PY]PLOP_dXZWZRTNLWWdL^wMSLT]LaLxLYO OP]TaPO Q]ZX √MSÅ w_Z QPL]x LYO √]` w^S]TPV]ZL]x bSTNS []ZO`NP^ _SP XPLYTYR wSP bSZ ]ZL]^ ^_]TVTYR QPL] TY_Z Z_SP]^x MSÅ´L©L^aLYL ,^bT_S=`O]L;L²`[L_T^TYRTYRLYOOLYNTYRL]P[Z[`WL]TY_SP]PWTRTZY ZQ _SP QZWWZbP]^ ZQ -SLT]LaL ?SP QLXZ`^ >L«RÅ_L =L_Y£VL]L L X`^TN XLY`LW OL_TYR Q]ZX _SP _ST]_PPY_S NPY_`]d ^PP Z`] NSL[ ! NZY_LTY^ LNSL[_P]ZYLYNTPY_ ^LN]PO±LTaL ^ZYR^ RÅ_T TYNW`OTYR^PaPYw^V`WW^x VL[£WL " ?SP MLNVR]Z`YO _Z _ST^ ^ZXPbSL_ ^_]LYRP YLXP T^ Pc[WLTYPO Md _SP NZXXPY_L_Z] 6LWWTY£_SL `^TYR LY ZWO ±TaL Xd_S 4Y _ST^ Xd_S ±TaL L^ -SLT]LaL MPSPLO^ _SP []TP^_RZO -]LSX£ LYO Q]ZX _SPY ZY NL]]TP^ _SP ^V`WW L]Z`YO bT_S STX L^ L MPRRTYR MZbW BSPY ZYP OLd L O]Z[ZQ_SPPWTcT]ZQTXXZ]_LWT_dbSTNSNZY_TY`Z`^Wd[Z`]^Q]ZX±TaLv^ SPLOQPWWZY_Z_SP^V`WWT_TXXPOTL_PWdNLXPMLNV_ZWTQPLYOMPRLY_Z ^TYR^PaPY^ZYR^TYNW`OTYR_ST^ZYP% "!
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ]LYRPO LYO TYOPNPY_ MPSLaTZ] 1Z] WL_P] ;£²`[L_L []LN_TNP _SL_ bL^ ML^TNLWWd XLY_]L ]P[P_T_TZY LYO XPOT_L_TZY ^PP 2P]SL]O :MP]SLXXP] w?SP @^P ZQ 8LY_]L TY DZRTN 8POT_L_TZY% ?SP ?P^_TXZYd ZQ _SP ;£²`[L_Lx TY @YOP]^_LYOTYR 8LY_]L^ PO ,W[P] z " ±£]«RLOPaL >L«R¯_L]L_Y£VL]L % BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TX SLMS¼[£WL PO > >`M]LSXLYdL >L^_]T aZW^ 8LO]L^% ,OdL] 7TM]L]d$z$ 1Z] _SP w2¯_T ;]LVL]L©Lx ^PP aZW NSL[ ^PN_TZY #& z u>L]L^aL_¯v ad£VSd£ L`] LY`a£O^LST_ ;]L_SLXL 6SL©L ;]L_SLXL ,OSd£dL PO >`MSLO]£ .L`OSL]¯ 9Pb /PWST% =£OS£ ;LMWT²PLY^L z#& z PO LYO _]LY^W =6 >S]TYRd 9Pb /PWST%8`Y^ST]LX8LYZSL]WLW$$!$z#! "! ?SP QZWWZbTYR X`^TNLW YZ_L_TZY Md :WTaP] 8ZPM`^ _]TP^ _Z ]PNZY^_]`N_ _SP XPWZOd OP^N]TMPO Md _SP >L«R¯_L =L_Y£VL]L # 2¯_T ;]LVL]L©L M`_ TRYZ]P^ _SP ZN_LaP OP ^N]T[_TZY L^ T_ T^ ^ZXPbSL_ `YNWPL] LYO OL]V ?SP L__PX[_^ L_ L _]LY^N]T[_TZY ZQ _SP YZY^PXLY_TN[L]_^ZQ _SP^ZYRL]P YZ_ML^POZY NWL^^TNLW >LY^V]T_[]ZY`YNTL_TZYM`_ ZY3TYOT[]ZY`YNTL_TZY`[ZYbSTNS_SPL]NSLTN^ZYRT^[]P^`XLMWdML^PO
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
!$$
.]L^SMZZX .]L^SMZZX -PL]P]ZQ_SP^_LQQbT_SL^V`WW 8Z`_SbT_SQLYR^ ?SP _ZYR`P OL]_^ WTVP WTRS_YTYR FWL`RSTYR ]ZL]TYRH 3Z`SZ`SZ`SZ` SZ`SZ` SZ`SZ` 8LYdVTYO^ZQQLNP^ 1]TRS_Q`W_S`YOP] :ZXZZXS]LLX]ZYRSZbYR SZbYR SZbYR SZbYR >PaP]PO SPLO^ L^ L YPNVWLNP FMZZXTYRH 3ZZX SZZX 6PSPVPSP 3ZZXSZZX ;`WW^LQLNP 4dTPWO_Z_SPRZO-SLT]LaL
4Y_ST^^V`WW^ZYR ""ZYZXL_Z[ZPTNYZT^P^LW_P]YL_PbT_SOP^N]T[_TaPNLWW^ _Z _SP OPT_d >`YR 2£YOSL]aL X`^TN L^ VYZbY TY LYNTPY_ _SPL_P] USL ©¶`X ( wN]L^S MZZXx bTWO _S`YOP]Z`^ WL`RS_P] 3Z`SZ`SZ`SZ` _S`YOP]LYO[PLW:ZXZZXS]LLX]ZYRSZbYRSZbYR^S]TPVTYR6P SPVPSP X`QQWPO ]`XMWTYR LYO ^YL]WTYR 3ZZX SZZX TXT_L_P aZNLWWd _SPRZO_SL_T^MPTYROP^N]TMPO^PXLY_TNLWWd ,W_SZ`RS _SP QTR`]P OP^N]TMPO bZ`WO YZ_ WZZV Z`_ ZQ [WLNP TY L XZOP]YSZ]]Z]QTWX_SPXPWZOdXLVP^T_NWPL]_SL_^`NSL^^ZNTL_TZY^OZ YZ_ XL_NS _SP TY_PY_TZY ZQ _SP ^ZYRb]T_P] ?SP X`^TNLW Pc[]P^^TZY T^ [PLNPQ`W^P]TZ`^LYOXPOT_L_TaP4Y_P]P^_TYRWdXLUZ]XZ_TQ^TY_SPXPW ZOd OQRQO ONO ]PXTYO `^ ZQ _ZOLdv^ 9Z]_SP]Y 4YOTLY =£RL 8£WLaL 6L`²TVLX8£WVL`À^?ST^T^]PRL]OPOL^_SPMP^_=£RLQZ]Pc[]P^^TYR RLXMSÅ]_£ wOP[_S ^P]TZ`^YP^^ TXXP]^TZYx -`_ _SP ZWO XPOT_L_TZY TXLRP QZ] _ST^ XPWZOd []P^PY_^ L \`T_P ^TXTWL] QTR`]P _Z _SL_ ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" >L«R¯_L=L_Y£VL]L ,´¶LXLX 2¯_T;]LVL]L©LX ´£U¯VL[£WL[LO£YT QT]^_ VL[£WL ^ZYR #LM&^PPLW^ZPO.L`OSL]¯"LYO>S]TYRd"% USL©¶`XUSL©¶`XggVSL¶a£«RLOSL]LXggOLÀ´¶]£VL]£WLXgg_LT_^LO²LUTSaLÀggSL`SL` SL` SL` SL` SL` SL` SL` gg MLS`]¼[LaLOLYLÀ RSLYLRSZ]LY£OLX gg SL` SL` SL` SL` SL`SL`SL`SL`gg¼À¼ÀS]£À]L`ÀSL`ÀSL`ÀàL`ÀSL`ÀggYX`©LXL©T_LXgg S¼ÀS¼ÀVLSLVLSLS¼ÀS¼ÀggV_LaTVL¶LX`VSLXggYLX£XTOPaLÀMSLT]LaLXgg
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
^V`WWMPL]P] YLXPWd L XLY bT_S L XZ`^_LNSP L O]LbY ^bZ]O LYO L ^_]TYR ZQ ^V`WW^ 3P]P bP L]P ZMaTZ`^Wd TY L ^TXTWL] L]PL ZQ Pc[]P^^TZY% _SPbTWORZOT^YZ_[P]NPTaPOL^]PaZW_TYRM`_L^L^ZWPXYXd^_P]d 0aPY _SP X`^TNLW L^[PN_ ZY T_^ ZbY TYOTNL_P^ _SP Q`YN_TZY ZQ _SP ^V`WW ^ZYR 4_ PcT^_^ TY LY PcNW`^TaPWd ^Z_P]TZWZRTNLW NZY_Pc_ ?SP]P T^ L bSZWP^P]TP^ZQ_LWP^ZQNPY_L`]^LYO2LYOSL]aL^zMZ_SZQ_SPXR]Z`[^ ZQSPLaPYWdX`^TNTLY^zLNSTPaTYRWTMP]L_TZY^ZWPWd_S]Z`RS^LN]PO±TaL ^ZYR^ LYO LW^Z TY _SP NL^P ZQ S`XLY DZRTY^ T_ T^ ^LTO _SL_ _SPd L]P ]P MZ]Y _S]Z`RS _SP ^TYRTYR ZQ _SP^P ^[PNTLW ^ZYR^ LXZYR^_ _SP SPLaPYWd SZ]OP^ZQ=`O]L ?SP [P]QZ]XL_TaP []LN_TNP ]PQWPN_PO TY ^`NS YL]]L_TaP^ T^ []TXL]TWd ^ZYRLYOYZ_XLY_]L]P[P_T_TZY4_ T^YZ_PbZ]_Sd_SL__SP-SLT]LaL?LY _]L^NZY_LTYNP]_LTY M¯UL^ WTVP3@¿Z]3,@¿ "#M`_^`NSw^Z`YO^PPO^x bSTNSL]P_SP P[T_ZXPZQWL_P]?LY_]LSLaPLOTQQP]PY_ ]T_`LWLYONZRYT _TaPNSL]LN_P]LYOXLd ^_]TN_Wd ^[PLVTYRYZ_dP_MP_P]XPOM¯UL=L_SP] _SLY QZ]X`WL^ _SL_ L]P NZY^_LY_Wd ]P[PL_PO LYO RTaPY STRSWd ^dXMZWTN P^Z_P]TN XPLYTYR _SPd L]P ZYZXL_Z[ZPTN OPaTNP^ LYO ^PPX _Z MP aTPbPOL^L^Z]_ZQwYL_`]LWWLYR`LRPxTXT_L_TYR_SPRZOv^ZbYaZTNPZ] _SP aZTNP^ LYO YZT^P^ ZQ ST^ RSZ^_Wd SZ]OP^ :`] ^V`WW ^ZYR T^ LY TY_P] P^_TYR PcLX[WP :bTYR _Z T_^ aP]d QZ]X LYO ^_]`N_`]P T_ T^ L ^ZYR LYO YZ_ L XLY_]L 4_ NZY_LTY^ SZbPaP] bSL_ _SP XLY_]L ^NTPY_T^_^ bZ`WO NLWWM¯ULw^PPOxZ]M¯ULWTVPXL_P]TLW1]ZX_SP>LY^V]T__]LY^WT_P]L_TZY TY _SP X`^TNLW YZ_L_TZY T_ T^ PaTOPY_ _SL_ ^ZXP ZQ _SP `Y_]LY^WL_LMWP ^Z`YO^TY_SP^ZYRXP]PWd]P^PXMWPM¯ULXLY_]L^bSP]PL^LQPbL]P]PLW M¯UL^ ^`NS L^ 3»¿ LYO 3,@¿ z dP_ Z_SP]^ SZbPaP] L]P U`^_ YZT^P^ bT_SZ`_ L NZYaPY_TZYLW XZOPW L_ LWW :`] _]LY^N]T[_TZY ZQ _ST^ OTaP]^P `Y_]LY^WL_LMWPLNZ`^_TNXL_P]TLW_]TP^_ZNL[_`]P_SP3TYOT[]ZY`YNTL_TZY `[ZY bSTNS _SP ^ZYR T^ []P^`XLMWd ML^PO PR wSZ`SZ`SZ`SZ` SZbYR SZbYRx ]L_SP] _SLY wSL` SL` SL` SL` 3,@¿ 3,@¿x ?ST^ ]PNZY^_]`N_TZY []ZO`NP^ LY TY_P]P^_TYR ]P^`W_% TY^_PLO ZQ M¯UL XLY_]L^ TP QTcPO QZ]X`WL^ _Z MP ]P[PL_PO _SP _S`YOP]TYR WL`RS_P] ZQ -SLT]LaL NZXP^ _Z _SP QZ]P ,WW _SP YZY^PY^P wYZT^P^x z YZ_ ZYWd 3»¿ LYO 3,@¿ z ^_L]_ _Z XLVP ^PY^P% U`c_L[Z^PO bT_S _SPT] _]LY^WL_LMWP NZ`Y _P][L]_^ _SPd M]TYR _Z PL] LYO XTYO _SP ]ZL]TYR WL`RS_P] LYO [Sd^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 3,@¿T^LYTX[Z]_LY_L]NLYP±TaLw^PPOx^PPLW^Z=LX6`XL]=LUPOLYO_]LY^W /TN_TZYL]TP^ ZQ _SP ?LY_]L ±£^_]L Z] _SP ?LY_]£MSTOS£YL AL]LYL^T% ;]LNSdL ;]LVL ^SLY $# $ $ 3»¿ T^ VYZbY TY _SP -¯ULYTRSL©¶` =LU /TN_TZYL]TP^ "& ^PP LW^Z $ L^ w6]ZOSL M¯ULx TP w^PPO ZQ ]LRPx ^TRYTQdTYR L QPL]TY^[T]TYR LYO b]L_SQ`W Y`XTYZ`^ ^`M^_LYNP 4_ T^ `^PO L^ _SP w^PPOx ZQ 8£]_L©L-SLT]LaL L ^dY N]P_T^_TN ]P[]P^PY_L_TZY ZQ >¼]dL LYO ±TaL -SLT]LaL L^ TY _SP ;L]L²`]LXL6LW[L >¼_]L ,W^Z_SP[SZYPXP3@¿bSTNSZNN`]^TY_SP -S¼_L£XL]L?LY_]L ^PPMP WZbLYOZ_SP]_Pc_^SL^LwV]ZOSLxL^[PN_=LU /TN_TZYL]TP^$"
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
"
[]P^PYNP ZQ _SP RZO bSZX ST^ PN^_L_TN bZ]^ST[P]^ TXT_L_P TY ^ZYR LYO OLYNP ?SP TYL]_TN`WL_P WL`RS_P] wSZ`SZ`SZ`SZ` m SZbYRx Pc[]P^^P^ TY L aP]d ]PLWT^_TN XLYYP] LYO XZ^_ WT_P]LW ^PY^P bSL_ T^ _SZ`RS_ _Z NZXP Q]ZX _SP RZOv^ XZ`_S LYO WTVPWd NZY^_T_`_P^ _SP aP]d ML^P LYO []Z_Z QZ]X ZQ _SP >LY^V]T_ M¯ULXLY_]L 3,@¿ L^ L QTcPO ^_LYOL]O QZ]X`WL ]P[]P^PY_TYR ±TaL :] TY Z_SP] bZ]O^ TYT_TLWWd M¯UL^ WTVP 3,@¿ XTXTN _SP Xd^_P]d _SPd L]P OP^TRYPO _Z ^TRYTQd 4Y NZY_]L^_ WL_P] M¯UL^ L]P ZQ_PY NZY^_]`N_PO L^ LN]Z^_TN^ ^`NS L^ w/»¿x QZ] /`]R£ ?SP WL_P] ^_LYOL]O QZ]X`WL^ YZ WZYRP] TXT_L_P _SP OPT_d M`_ ]P[]P^PY_ T_ ?SPT] ^NSZWL]WdLM^_]LN_TYRNSL]LN_P]OTQQP]^R]PL_WdQ]ZXZYZXL_Z[ZPTN`__P] LYNP^LYO^Z`YOXTXP^T^WTVP3,@¿SZbYR_SL_TY_PYOLaP]d]PLWT^ _TN XP]RP] bT_S _SP RZO LY PN^_L_TN LM^Z][_TZY Z] XLdMP [Z^^P^^TZY _]LYNP?ST^]PLWT^_TN[Sd^TNLWMLNVR]Z`YOXLdPc[WLTY_SPaP]d?LY_]TN TOPLZQRZOXLY_]LLYObZ]^ST[P]MPTYRZYPX`NSMP__P]_SLYWTYR`T^_TN NZY^_]`N_TZY^ WTVP /»¿ Z] _SP APOTN M¯UL[]Z_Z_d[P :¿ LYO PL]Wd ^P XLY_TN TYaZNL_TZYWTVP XLY_]L^ ^`NS L^ wSZYZ] _Z 9£]£dL©L YLXZ 9£]£dL©£dL Z] wSZYZ] _Z ±Ta£x YLXLà ±Ta£dL ?SP []PaLWPYNP RTaPY _Z M¯UL ^Z`YO^ ZaP] ^PXLY_TN QZ]X`WL^ T^ aL^_Wd OZN`XPY_PO TY WL_P] ?LY_]L^ ,W]PLOd _SP ?LY_]L^ ZY _SP aP]RP ZQ PL]Wd XLRTN ?LY_]L^ LYO WL_P] ^dY_SP_TN ?LY_]L^ ^`NS L^ _SP =`O]LD£XLWL@__L]L?LY_]L LMZ`YO TY M¯UL QZ]X`WL^ =PXL]VLMWd ^Z`YO XTXP^T^ [P]^T^_^ M`_ bP QTYO L WTYR`T^_TN ^STQ_ Q]ZX PN^_L_TN `__P]LYNP _Z M¯UL XLY_]L% TY^_PLO ZQ TXT_L_TZY ZQ _SP RZOv^ ZbY aZTNP _SP =`O]LD£XLWL []P^PY_^ YZY WTYR`T^_TN aZNLW ^Z`YO^ TXT_L_TYR _SP M¯UL^ bT_SZ`_ MPTYR _SPX^PWaP^ M¯UL QZ]X`WL^ "$ ?ST^ _Z_LW ^STQ_ _Z WTYR`T^_TN^ ]PLNSPO T_^ N`WXTYL_TZY TY _SP WL_P] 8LY_]L²£^_]L wXLY_]L ^NTPYNPx bSTNS ^_]P^^P^ QZ]X LYO NZY _PY_ Md TY_`T_TYR ^dXMZWTN ^PY^P LYO []ZQZ`YO P^Z_P]TN XPLYTYR TY _SP XLY_]L^dWWLMWP^LYOPLNSM¯UL[SZYPXP # @W_TXL_PWd_SP?LY_]TNXLY_]L^LYO_SPT]Q`WWMWZbYw^NTPYNPxX`^_ MP _]LNPO _Z XLYd ^Z`]NP^ 2ZTYR Md _SP PL]WTP^_ WT_P]L]d ^Z`]NP^ ^P XLY_TN XLY_]L^ NZY_LTYTYR L 7Z]O 2ZOv^ YLXP ^`NS L^ _SP ;LÓNLM]LSXLXLY_]L Z] _SP QZ]X`WL wYLXZ 9£]£dL©£dLx NZXP QT]^_ MPQZ]P_SPM¯UL^RLTY[]PaLWPYNP4YPL]Wd?LY_]L^M¯UL^L]P]L]PZ]XT^^ TYR LW_ZRP_SP] ?SPT] PaPY_`LW OZXTYLYNP XLd MP Pc[WLTYPO bT_STY _SP PWT_P ]PQP]PYNP Q]LXP ZQ _SP APOTN :¿ ;Z^^TMWd _SP ?LY_]TN M¯UL^ bP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ =`O]LD£XLWL ##!^PPMPWZb # ?SPWL_P]LYOXZ]P-]LSXLYTePO?LY_]LMPNZXP^_SPXZ]P^dXMZWT^XbPQTYO>PP QZ]TY^_LYNPAPO£Y_LOP²TVLNT_POMd3ZPY^3TYO`?LY_]T^X PO2`[_LP_LWZ] _SP RWZ^^P^ ZY 3=®¿ TY _SP 7LWT_£?]T²L_T-S£´dL >NSZWL]Wd -SLV_T ^`NS L^ _SP 9£XL^TOOS£Y_L_SPZWZRdZQ_SP6LaP]T[ZP_^LOZ[_PO_SPXP_SZOQZ]OPaZ_TZYLWXLY _]L^ B 5LNV^ZY PO ?SP ;ZbP] ZQ _SP >LN]PO 9LXP% A =LRSLaLYv^ >_`OTP^ TY 9£XL^TOOS£Y_LLYO4YOTLY.`W_`]P /PWST%>L_R`]`$$
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
TYT_TLWWdLXTXTN]dZQ:¿Z]L_SPT^_TNL[[]Z[]TL_TZYZQ_SPYZY_SPT^_TN []£©LaL ?SP :¿ TYQZ]XPO ?LY_]L TY ^PaP]LW bLd^ BP QTYO _SP ^LN]PO ^dWWLMWP L__LNSPO _Z ^PXLY_TN XLY_]L^ LYO M¯UL^_]TYR^ LWTVP ,YO NP] _LTYWd :¿ SL^ MPPY LY PcNPWWPY_ XZOPW ]PRL]OTYR [SZYP_TN^ _SP QTYLW YL^LW ^Z`YO ZQ XZ^_ M¯UL^ UL[L ]T_`LW NZY^_LY_ ]P[P_T_TZY LYO ^dX MZWTNPcPRP^T^^PXLY_TNTeL_TZYZQPLNS[SZYPXP-`__SP:¿bL^YZ_ L XZOPW QZ] _SP XZ^_ TX[Z]_LY_ QPL_`]P ZQ ?LY_]TN XLY_]L^% _SP M¯UL T_ ^PWQMPTYR_SPOPT_dZ]Y`XTYZ`^QZ]NPPc[]P^^POLYOLOT]PN_]PaPWL_TZY ZQ_SPRZOZ]RZOOP^^ :`]]PNZY^_]`N_TZYXTRS_MP_SPLY^bP]_Z_SP`Y^P__WPO\`P^_TZYZQ bSP]P _SP M¯UL^ NZXP Q]ZX BP ^`RRP^_ _SL_ TXT_L_TaP []LN_TNP^ LYO YZYPWT_P M¯UL[]Z_ZQZ]X^ bP]P _SP TYT_TLW TX[`W^P^ # _SL_ PaPY_`LWWd WPO _Z_SPXZ^_N`W_TaL_PO ?LY_]TNOPaTNP%_SP`__P]TYR]P[PL_TYRLYOXPOT _L_TYR ^_]TYR^ ZQ w^PPOXLY_]L^x TP LNZ`^_TNLWWd QTcPO YZY^PXLY_TN QZ]X`WL^ bSTNS TY _`]Y TY^[T]PO _SP NZY^_]`N_TZY ZQ YPb M¯UL^ LYO LY PWT_PwXLY_]L^NTPYNPx XLY_]L NL_LWZR^WPcTNLW^d^_PX^SP]XPYP`_TN^ ?ST^Sd[Z_SP^T^T^^`M^_LY_TL_POMd_SPQLN__SL_LY`XMP]ZQPL]Wd?LY _]TN ^Z`]NP^ L]P Q`WW ZQ XTXP_TN ^[PPNS QZ]X^ LYO XTN]ZXLN]ZNZ^XTN ^Z`YO [SPYZXPYL _SL_ RTaP LNZ`^_TN TYQZ]XL_TZY LMZ`_ LWW ^Z]_^ ZQ Y` XTYZ`^MPTYR^TYSLMT_TYR_SPbZ]WOZQXPYLYO_SPbZ]WOMPdZYO
.WLYVTYR0_SP]:XTYZ`^9ZT^P^LYOw9ZY>_]`NV>Z`YOx
ATWWLRP3TYO`T^XT^[Z[`WL_POMdXLYdY`XTYZ`^MPTYR^LYOZ]OTYL]d XZ]_LW^ bZ`WO []ZMLMWd YZ_ bLY_ _Z SLaP LYd_STYR _Z OZ bT_S XZ^_ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4_ ^SZ`WO MP XPY_TZYPO _SL_ NP]_LTY M¯UL^ Z] [L]_^ ZQ M¯U£^ ^PPX _Z MP TY^[T]PO Md ^N]T[_ w>NS]TQ_MTWOx ]L_SP] _SLY `__P]LYNP 4Y ^`NS NL^P _SP aT^`LW wRP^_LW_x ZQ _SP NSL]LN_P]^ SL^ OT]PN_ MPL]TYR ZY ^ZXP ^dXMZWTN ^PXLY_TN NZY_PY_ 1Z] TY^_LYNP _SP WZYR w¯x T^ ^PPY L^ TNZY ZQ _SP RZOOP^^v QLNP M]PL^_^ LYO bZXM V£XLVLW£ bSZX ZYPXPOT_L_P^`[ZYTY±]¯aTOd£]T_`LW9Z_^ZX`NS_SP/PaLYLRL]TNSL]LN_P]M`__SP ZWO 9PbL]T ^N]T[_RTaP^ _SPNW`P QZ]_ST^ TOPY_TQTNL_TZY%_SPR]L[STN]P[]P^PY_L_TZYZQ w¯xNZY^T^_^ZQ_S]PPOZ_^QZ]XTYRLY`[bL]OQLNTYR_]TLYRWPLYO`YOP]YPL_S_SP]PT^L N`]aP% T_ T^ PL^d _Z ]PWL_P QLNP M]PL^_^ LYO bZXM _Z _ST^ NSL]LN_P] .Q 8LOS` 6SLYYL?SP.ZYNP[_LYO7T_`]RdZQ_SP±]¯NLV]LML^POZY±Ta£YLYOLv^?]TWZRd /ZN _Z]LW OT^^P]_L_TZY :cQZ]O% BZWQ^ZY .ZWWPRP $#! # >TXTWL]Wd _SP aZbPW wPx]P^PXMWP^L_]TLYRWPTYZWO-]LSX¯^N]T[_LYO_SP]PQZ]PNZYYZ_P^ wULRLOdZYTx _SP wbZXM ZQ _SP `YTaP]^Px .Q 5Ld£VSdL^LÀST_£ !" LYO ZY _bZ Q`]_SP] PcLX[WP^ TMTO!"LYO!#?SPQLN__SL__SP^N]T[_LYO_SP[TN_Z]TLWNZXX`YTNL_TZYZQNSL] LN_P]^ bP]PR]PL_Wd ]PWPaLY_TY XLY_]L²£^_]L v^^PXLY_TeTYRLYO_SP?LY_]TNNZ^XZWZ RTP^ ^PP MPWZb ! OZP^ YZ_ SZbPaP] TYaLWTOL_P Z`] L]R`XPY_ QZ] T_ NLY YZ_ Pc [WLTY _SP P^^PY_TLW L^[PN_^ ZQ ^Z`YO LYO ^Z`YO aTM]L_TZY >N]T[_ LYO ^Z`YO NZXX`YTNL_P ZY OTQQP]PY_ WPaPW^ LYO SLaP PLNS _SPT] ZbY LP^_PS_TN^ 1Z] TY^_LYNP ^ZXP 9P[LWT ±]¯aTOd£ XLY`^N]T[_^ b]T_P _SP ]ZZ_XLY_]L TY L]_T^_TN NLWWTR]L[SdWTVP bLd^
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
"
_SPX ?SP^P RSZ^_WTVP QTR`]P^ ZQ_PY LW^Z SLaP _SPT] ZbY [L]_TN`WL] ^Z`YO NSL]LN_P]T^_TN^ BSTWP ]`XMWTYR WL`RS_P] LYO _S`YOP] L]P _d[TNLW ZQ -SLT]LaL \`T_P OTQQP]PY_ ^Z`YO^ L]P L^^ZNTL_PO bT_S _SP Z_SP] Y` XTYL 1Z] PcLX[WP TY -SLaLMS¼_Tv^ QLXZ`^ O]LXL 8£WL_Å8£OSLaLX #_S NPY_ ,/ _SP]P L]P bTWO RSZ^_Wd MPTYR^ MWZZOO]TYVTYR RZMWTY^ LYONLOLaP]PL_TYR^[T]T_^ZQ_SPOPLO_SL_LYYZ`YNP_SPT]L[[]ZLNSbT_S L bST]]TYR PcNT_PO bST^[P]TYR VTWLVTW£VZW£SLWL 4Y _SPT] NZYa`W^TaP U`X[TYROLYNP `__£WL _SPdSZbWL_ZYPLYZ_SP]WTVPULNVLW^ # ,YTX[Z]_LY_]ZWPT^[WLdPOMd_SP_P]]TQdTYRDZRTY¯^TY?LY_]TN_]L OT_TZY^ _SL_ ]PQWPN_ YZYPWT_P QZWV [LY_SPZY^ LYO _SP bZ]WO ZQ aTWWLRP ^SLXLY^ LYO XLRTNTLY^ # ?SP DZRTY¯^ SLaP MPPY LM^Z]MPO TY_Z -SLT]LaL bZ]^ST[ LYO L]P NZYNP[_`LWTePO LYO aT^`LWTePO L^ L wbSPPWx NLV]L ZQOLYRP]Z`^[ZbP]^^`]]Z`YOTYR_SPNPY_]LWRZOSPLO-SLT]LaL _SPT] WZ]O LYO XL^_P] ?d[TNLW ZQ _SP^P QZWVTY^[T]PO -SLT]LaL N`W_^ L]P _SPaP]dNZ][Z]LWLYO[Sd^TNLWTXLRP]TP^ZQO]PLOLYOOLYRP]?SPDZR TYÅ^ L]P L _d[P ZQ 4YOTLY bT_NS LYO MPWZYR _Z L aP]d LYNTPY_ ^_]L_L ZQ STRSWd LXMTaLWPY_ QPXLWP OPT_TP^ ?SPd N]LaP _SP aT_LW ^`M^_LYNP^ QWP^S LYO MWZZO O]LTY _SP S`XLY MZOd ZQ T_^ QW`TO^ NLY _`]Y S`XLY MPTYR^ TY_Z LYTXLW^ LYO [P]QZ]X Z_SP] L]_^ _d[TNLW ZQ bT_NSP^ M`_ _SPd XLd LW^Z N`]P TWW^ TQ LOP\`L_PWd bZ]^ST[PO LYO [Z^^TMWd PaPY MP^_Zb _SP [ZbP] ZQ QWTRS_ PN^_L^d LYO OPTQTNL_TZY _Z _SP XLWP^ bSZ ^`]]PYOP] _Z MPNZXP _SPT] _Z]_`]PO []Pd # ,MZaP LWW _SPT] ZbY QWTRS_ T^ L NZXXZY _Z[Z^TY_SPWT_P]L_`]P?SPPP]TPDZRTY¯^L]PMPWTPaPO_ZQWd_S]Z`RS_SP ^VdZ]P_SP]8POTPaLW^N`W[_`]P^ZQ_PY[Z]_]Ld_SPXL^bTYRPOQTR`]P^ Z][Z^^P^^TYRLS`XLYMZOdLYOLYLYTXLWv^Z]MT]Ov^QLNP # 4YWT_P]L]d OP^N]T[_TZY^ _SPd L]P TYaL]TLMWd L^^ZNTL_PO bT_S NP]_LTY LT]d LYO PP]TP ^Z`YO^ :Q_PY _SPd L]P SPL]O MPQZ]P _SPd NLY MP ^PPY ?SPT] NZXTYR T^ LYYZ`YNPO Md PT_SP] _SPT] NdXMLW^ _£WL Z] MPWW^ ZY _SPT] LYVWP NSLTY^ VT«VTYÅ LYO _SP XLYd MPWW^v ]TYRTYR LWZYR bT_S _SP ]L__WTYR ZQ ^V`WW^ LYOO]`X^XLdLXZ`Y__Z \`T_PL _P]]TQTN NWLXZ] #!,MZaPLWW_SPDZR TY¯^v QWTRS_ T^ LWbLd^ L^^ZNTL_PO bT_S _SP NWLYVTYR ^Z`YO Q]ZX _SP MPWW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q 8£WL_Å8£OSLaLX,N_AaP]^PbT_S_SPNZXXPY_L]dZQ5LRLOOSL]L # BST_P 6T^^ZQ_SPDZRTY¯ ##z#BST_P^`^[PN_^_SP]ZZ_^ZQ?LY_]LTYw^`MLW_P]Yx NT]NWP^ ZQ DZRTY¯ N`W_^ bSZXSP ^PP^L^wSPT]^x ZQ _SP 6£[£WTVL^ LYO bT_S bSZXSP L^^ZNTL_P^ wSL]O NZ]Px ^Pc`LW 6L`WL ]T_P^ [L]_TN`WL]Wd _SP Z]LW NZY^`X[_TZY LYO Pc NSLYRP ZQ ^Pc`LW QW`TO^ ?SP _SP^T^ T^ [P]^`L^TaP M`_ _SP _Pc_`LW ML^T^ T^ aP]d _STY ?SP PL]Wd ?LY_]L^ bSTNS bP OT^N`^^ MPWZb L^ wQZWV ?LY_]Lx OZ YZ_ RTaP _SP QPXLWP PWPXPY_L[]TXP[WLNPbSTWP_SPU`c_L[Z^T_TZYZQaTZWPY_RZOOP^^P^LYO^Pc`LW6L`WL ?LY_]L ^PPX^_ZMPZQL WL_P] OL_P 4_ T^ OZ`M_Q`W bSP_SP] aTWWLRP ^SLXLYT^X XLdMP _SL_PL^TWdTOPY_TQTPObT_S6£[£WTVL^>TOOSL^LYO-SLT]LaLL^NP_TN^ # ?ST^T^LXLUZ]L]R`XPY_[`_QZ]bL]OMdBST_P # BST_P 6T^^ZQ_SPDZRTY¯ #$z #! >PPLW^Z_SPPcNPWWPY_PcLX[WP^TYBST_P6T^^ZQ_SPDZRTY¯ $LYO"
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
ZY _SPT] LYVWP_^ 4Y -SLaLMS¼_Tv^ [WLd 8£WL_Å8£OSLaLX ZYP DZRTYÅ ^Ld^% w?SP ^V`WW^ ZY Xd YPNVWLNP ]L__WP ^bTYRTYR _Z LYO Q]Z 8d PP]TP LYVWP MPWW^ULYRWPLWZYRbT_S_SP^V`WW^4LXNZX[WP_PWdQTWWPOMd_SPbZYOP]Q`W bTWOPN^_L^d £XL]L_aL bSTNSWPYO^^[PPO_ZXdQWTRS_x #"
4Y ST^ RWZ^^L]d ZY _SP bZ]O VT«VTYÅ wLYVWP MPWWx _SP NZXXPY_L_Z] 5L RLOOSL]L YZ_P^ _SL_ PcNP^^TaP YZT^P RSZ´L^LÀMS£]L ^Z`YO^ ^`NS L^ _SL_ZQ_SP^PLLYO^`M_WPULYRWTYRLYOUTYRWTYR^Z`YO^^`NSL^_SZ^PZQ LYVWP MPWW^ Z] Z_SP] _TYd MPWW^ RSL©¶TV£ QTWW _SP S`XLY DZRTY^ bT_S _SP R]PL_P^_ OPWTRS_ 4Y _ST^ ^_L_P _SP DZRTY^ YPT_SP] ^WPP[ YZ] S`YRP] YZ] OZ _SPd _ST]^_ 0aPY _ZOLd DZRTY^ WTVP _Z bPL] LYVWP MPWW^ LYO _SP `^P ZQ L ^XLWW MPWW MPWZYR^ _Z _SP ^_LYOL]O ]P[P]_ZT]P QZ] OTaTYP ^P] aTNP^MZ_SL_SZXPLYOTY_SP_PX[WP ?SP L^^ZNTL_TZY MP_bPPY _SP P_SP] LYO _SP ^Z`YO ZQ MPWW^ ]TYRTYR T^ LW^ZQZ`YOTY_SP±LTaLbZ]VZYDZRL 8£WTYÅATULdZ__L]L?LY_]L ##TY_SP NZY_Pc_ ZQ _SP PcP]NT^P QZ] LNSTPaTYR [ZbP] ZaP] _SP PWPXPY_^ ?SP P_SP]PcP]NT^PT^]PRL]OPOL^_SPXZ^_OTQQTN`W_M`_T_LW^ZM]TYR^_SPMP^_ ]P^`W_^% wm ,_ L [WLNP bT_SZ`_ YZT^P Z] bTYO SP ^SZ`WO [`_ ST^ _SZ`RS_^ TY ST^ SPL]TYR m ?SP]P`[ZY SP bTWW SPL] L ^Z`YO WTVP _SL_ ZQ L NdXMLW ZQ [`]P M]L^^^_]`NV]P[PL_POWd\`T_POT^_TYN_Wdm,YOTQSPSPL]^_ST^SPT^Q]PPO Q]ZX MZ_S ST^ RZZO LYO ST^ MLO VL]XLY 4Q SP [`_^ ST^ NZY^NTZ`^YP^^ TY_Z _ST^ ^Z`YO LQ_P] ^Tc XZY_S^ SP STX^PWQ bTWW `YOP]^_LYO _SP NLWW^ ZQ _SP MT]O^LYOLQ_P]LdPL]SPbTWWMPLMWP_ZSPL]LYd^Z`YOYZXL__P]SZbQL] LbLdT_T^mx #$
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" `Oa__L^VSLWT_LVL[£WLVL©¶SLX£W£z ^LÀRSL¶¶LVaL©T_LVL]£WLVT«VT©¯VLàg [L]d£[_LÀXLdT]LXL©¯dL£XL]L_aLÀ ^LÀOSL__PRLRLYL_LWL[]Ld£©LaPRLàgg8£WL_Å8£OSLaL ,N_AaP]^P ## ,NNZ]OTYR _Z >LYOP]^ZY _ST^ _Pc_ T^ L O`LWT^_ ?LY_]L bSP]PL^ _SP QLXZ`^ NZXXPY _L]d Md ,MSTYLaLR`[_L 8£WTY¯ATULdLA£]__TVL ^PP^ TY T_ _SP aP]d P^^PYNP ZQ _SP YZYO`LW-SLT]LaL?LY_]L^,>LYOP]^ZYw?SP/ZN_]TYPZQ_SP8£WTY¯aTULdZ__L]L_LY _]Lx TY =T_`LW LYO >[PN`WL_TZY TY 0L]Wd ?LY_]T^X PO ?P`Y 2Z`O]TLLY ,WMLYd% >@9D$$#z #$ ?SPbSZWP[L^^LRP]PLO^% L_S£_Là[L]LXLÀR`SdLÀVL_SLd£XT_La£OS`Y£g ^LOdZ[LWLMOSTULYLVLÀdZRTY£ÀdZRL^TOOSLdPgg [¼]aLYd£^PYL^LÀYLOOSL²NT__LÀ²]Z_]PYTaP²LdP_g YTa£_P^aLW[La£_Pa£M£SdL²LMOLaTaL]UT_Pgg L_L^_L_]L²©Z_dP´LdZRÅOSaLYTXLY£a_LXg ^`aT²`OOSL^dLV£À^dL^dLSL_L^dPSLX`S`]X`S`àgg dLX£VL]©dLXLS£OPaT[`©dL[£[LTà[]LX`NdL_Pg _L_]L^LÀOS£dLNLT_LYdLÀ´L©X£^£OdZRLaT__LXLàgg ]`_LÀ[LV´TRL©L^d£[T[]L^[S`¶LÀaP__dLdL_YL_Làg
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
"
7TVP Z_SP] ^TOOST^ wLNNZX[WT^SXPY_^x ^`NS L^ _SP QT]P ^TOOST bT_S bSTNS ZYP NLY ^PP PaP]d_STYR bT_S _SP [P]QPN_PO P_SP] ^TOOST ZYP NLY SPL] PaP]d_STYR 5`^_ L^ TY _SP OP^N]T[_TZY ZQ _SP QWdTYR bT_NSP^ _ST^ _Pc_ LW^Z ^PPX^ _Z aTPb NdXMLW^ L^ TY^_]`XPY_^ _SL_ L]P P^[PNTLWWd NWZ^PWd WTYVPO bT_S _SP P_SP] ?SP PX[SL^T^ [WLNPO ^[PNTQTNLWWd ZY _SP `YOP]^_LYOTYRZQMT]ONLWW^T^QZ`YOPOYZ_ZYWd TY_SP ^PXLY_TNQTPWOZQ SPLaPY^zP_SP]zQWdTYRz^Z`YO M`_ LW^Z TY _SP ZNN`W_ XLY_TN ^TRYTQTNLYNP LNNZ]OPO _Z MT]ONLWW^ TY 4YOTL 4Y ST^ DZRL>¼_]L ;L_LÓULWT LW]PLOd XPY_TZY^ _SP `YOP]^_LYOTYR ZQ MT]O WLYR`LRP L^ _SP XZ^_ TX[Z]_LY_ [L]LYZ]XLWLMTWT_d_SL_ZYPNLYLN\`T]PaTLZYPv^SPL]TYR?SP >LY^V]T_ bZ]O QZ] wZXPYx ²LV`YL NLY MP OP]TaPO OT]PN_Wd Q]ZX _SP bZ]O QZ] wMT]Ox ²LV`YÅ 1Z] MT]O^ LW^Z [WLd LY PcNP[_TZYLWWd WL]RP ]ZWP TY _SP -SL_>LÀST_£ LNWL^^TNTY4YOTLYXLY_TN^b]T__PYMdAL]£SLXTST]L!_S NPY_ 4_ PaPY XPY_TZY^ L MT]O _SL_ `YOP]^_LYO^ PaP]d WLYR`LRP LYO bSTNSZYPNLYNZY^`W_WTVPLYZ]LNWP% BSPY_SP;T«RLW£MT]ONLWW^wu NT]TWaT]TWaT vQ]ZX_SP_Z[ZQ_SP_]PP_SPbT^S bTWW NZXP _]`P ?SP]P bTWW MP ^P]TZ`^ []ZMWPX^ TQ T_ NLWW^ _SP ^Z`YO u OT²TV£]L vZ]TQT_NLWW^u V`N£V`N£ vx $
?SP L__]TM`_TZY ZQ []Z[P]_TP^ ZQ L [P]QPN_PO DZRTY Z] >TOOSL _Z L MT]O _SL_T^LYLYTXLW_SL_QWTP^TY_SPP_SP]^PPX^_ZMPL^^ZNTL_PObT_S_SP QLN_ _SL_ TY RPYP]LW _STYR^ TY _SP P_SP] L]P _SZ`RS_ _Z MP STRSWd ^TRYTQT NLY_ TY ^[T]T_`LW _P]X^ LYO _SP P_SP] T^ TOPY_TQTPO bT_S _SP ^`[P]YL_`]LW XZ]P _SLY LYd Z_SP] PWPXPY_ 4Y _SP 4YOTLY _SPZ]d ZQ _SP PWPXPY_^ _SP [P]NP[_TZYZQ^Z`YOLYO_SP^PY^PZQSPL]TYRL]PNWZ^PWdL^^ZNTL_PObT_S _SPP_SP]L^_SPQTQ_SPWPXPY_ .Z^XTN L`OT_Z]d Pc[P]TPYNP^ WTVP NZ^XTN aT^TZY^ LW^Z SLaP ^ZXP _STYR Q]TRS_PYTYR LMZ`_ _SPX QZ] Z]OTYL]d XZ]_LW^ 1Z] PcLX[WP _SP L`_SZ] ZQ _SP XLY_TN XLY`LW NZY^TOP]^ T_ _Z MP LY P^[PNTLWWd OT^L^_]Z`^ ZXPY TQ _SP ^Z`YO^ ZQ TY^_]`XPY_^ ]TYR Z`_ TY _SP P_SP] bT_SZ`_ _SP TY ^_]`XPY_^ LN_`LWWd MPTYR [WLdPO $ 3ZbPaP] [L]LYZ]XLW L`OT_Z]d Pc [P]TPYNP^ WTVP _SP^P L]P aP]d _d[TNLW ZQ _SP >TOOSL^ LYO DZRTY^ ?SP Pc[]P^^TZY wYZY^_]`NV ^Z`YOx LY£SL_L²LMOL TP L ^Z`YO _SL_ T^ L` OTMWP LW_SZ`RS YZ TY^_]`XPY_ T^ MPTYR [WLdPO T^ L NZXXZY _PNSYTNLW _P]XTYDZRL,^_SPQTQ_SPWPXPY__SPP_SP]T^_SPZYP_SL_T^_SPNWZ^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ O¼]£NNS]LaL©LaTUÓ£YLÀaL_^L]P©£^dLU£dL_Pgg ^L]aLV£XL[SLW£a£[_T]aL_^L]L_]T_LdPYLNLg ^TOOSdL_Å_TVTX£²NL]dLXLY£d£^PYL^TOOSdL_Tgg8£WTY¯ATULdZ__L]L?LY_]Lz! $ T_dPaLX`V_P_L]`X¼]OSLR£d£²NT]TWaT]TWa¯_T]`_Pv]_SL^TOOSTàg L_d£V`WL_aLÀOT²TV£]L²LMOPV`N£V`NP_dPaLX`O£S_Pa£gg-SL_>LÀST_£ #" $ R¯_L]LaL_¼]dL²LMO£YLMSL^TdLO£a£NL]L^_ST]£YdL_aLXg X_d`^_LO£RLO£a£aT^aL_¼]dP[L]£MSTMSLaLàgg LYLMSTSL_L_¼]dLY£OLà²LMOZa£_£T_P´`dLOTYL^d£_g ad`_[L__L`a£_P´£À[L]£RLXZY[L_TXL]L©LÀa£gg-SL_>LÀST_£ !z!
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
P^_ _Z _SP TYNZ][Z]PLW LYO TY _SP 4YOTLY aTPb T_ T^ LW^Z _SP NWZ^P^_ _Z bSL_T^Y`XTYZ`^LYOMPNZXP^ LWXZ^_ [P]QZ]NP _SPXLTYXP_L[SZ]QZ] _]LY^NPYOPYNd 5`^_ WTVP WTRS_ TY ]PWTRTZ`^ _Pc_^ T_ T^ ]PRL]OPO L^ LY TNZYTN^dXMZWLYONZX[Z`YO_P]X^^`NSL^wNZY^NTZ`^YP^^P_SP]NZY ^NTZ`^YP^^ ^[LNPx NTO£V£²L Z] wP_SP] ZQ _SP SPL]_x SOLd£V£²L L]P [Z[`WL] 8LYd DZRL _Pc_^ NZY_LTY bSZWP NL_LWZR^ ZQ ^[PNTLW ^Z`YO^ bSTNS L]P TOPY_TQTPO L^ w>Z`YO-]LSXLYx ±LMOL-]LSXLY Z] ]L_SP] Y£OL ,NNZ]OTYR _Z _SP L[ZN]d[SLW APOTN 8LT_]£dL©ÅdL@[LYT´LO _SP w>Z`YO-]LSXLYx SP]P% ±LMOL-]LSXLY T^ Pc[P]TPYNPO _S]Z`RS LY wP_SP] ^Z`YOx £V£²L²LMOL ?Z SPL] _ST^ ZYP ^SZ`WO NWZ^P ZYPv^ PL]^ bT_SZYPv^_S`XM^LYOWT^_PY_Z_SPTY^TOPZQZYPv^SPL]_?SPYZYPbTWW SPL]_SP]`^STYRZQ]TaP]^LYVWPMPWW^M]L^^NdXMLW^_SPN]PLVTYRZQL bLRZY bSPPW _SP N]ZLVTYR ZQ Q]ZR^ _SP ^Z`YO ZQ ]LTY LYO QTYLWWd ^T WPYNP z WT_P]LWWd _SP ^Z`YO ZQ [WLNP^ bT_S YZ bTYO YTa£_P aLOLO¯_T ?SP^P MPWZYR _Z _SP _d[TNLW LNZ`^_TN [SPYZXPYL ZQ _SP Y`XTYZ`^ ]ZL] TYR LYO P_SP]PLW ]L__WTYR ,NNZ]OTYR _Z _SP @[LYT´LO LYO DZRTN _]LOT _TZY^ _SP^P L]P TY_P]YLW LYO dP_ [Sd^TNLW ^Z`YO^ bSTNS L]P SPL]O bSPY ZYP_`]Y^TY^TOPzbSTNST^OZYPTYLaP]d[Sd^TNLWXLYYP]L^bPWWTP Md WT_P]LWWd NWZ^TYR ZYPv^ PL]^ ?SP TY_P]TZ] ^Z`YO^ N`WXTYL_P TY _SP w`Y^_]`NVx ^Z`YO ZQ ^TWPYNP _SP XZ^_ ^`M_WP wP_SP] ^Z`YOx ?SP 8LT_]£dL©ÅdL@[LYT´LO ^_L_P^ _SL_ _SP^P ^PaPY ^Z`YO^ QPPO TY_Z _SP -]LSXLY& LYdZYP bSZ SPL]^ _SP ^PaPYQZWO ^Z`YO TP wVYZb^ _SP ±LMOL-]LSXLYbTWWPY_P]_SPSTRSP^_-]LSXLYx $ >`NS NL_LWZR^ SLaP L WL]RPWd `YTQTPO MZOd ZQ LNZ`^_TN [SPYZXPYL LW_SZ`RS TYOTaTO`LW ^Z`YO^ XLd MP WPQ_ Z`_ Z] LOOPO ?SP NZXXZY ^Z`YO^L]PWZ`OZYP^^`NSL^_SP]`^STYRZQ_SPZNPLY_S`YOP]Z]O]`X MPL_^ LYO ZY _SP Z_SP] SLYO _SPd LW^Z TYNW`OP XZ]P ^`M_WP M`_ aP]d TY_PY^P ^Z`YO^ ^`NS L^ ^XLWW MPWW^ ]TYRTYR ?SP NL_LWZR^ YZ_P LWW [Z^^T MWP ^Z`YO^ XPY_TZYPO TY ^`]aTaTYR b]T_TYR^ LMZ`_ DZRL ?SP]P ^PPX^ YZ__ZMPLQTcPO^P\`PYNPL^_SPZ]OP]TYbSTNS_SP^P^Z`YO^L]PWT^_PO aL]TP^ 4Y WL_P] DZRL bZ]V^ ^`NS L^ _SP 2SP]L©L>LÀST_£ LYO 3L¶SL DZRL;]LO¯[TV£ MP_bPPY _SP _S LYO !_S NPY_ bSTNS OP^N]TMP L R]PL_Y`XMP]ZQTY_P]TZ]^Z`YO^ $_SPPcP]NT^PTYNW`OP^^[PNTLW[]LN_TNP QZ]M]PL_SNZY_]ZWLYO_LVP^[WLNPL__SP\`TP__TXPZQXTOYTRS_4Y^_PLO ZQ±LMOL-]LSXLY_SP^P _Pc_^`^P_SPXZ]P[]PNT^P_P]Xw9£OLx]PQP] ]TYR _Z _SP P_SP]PLW ^`ML`OT_Z]d ^Z`YO bLaP^ VYZbY TY _SP ?LY_]TN _]LOT_TZY^ L^ Z]TRTYLW []TXZ]OTLW w^Z`YOx 4_ T^ ^LTO _SL_ _SP NZYNPY_]L _TZY ZY _SP TY_P]TZ] Y£OL M]TYR^ LMZ`_ NZX[WP_P LM^Z][_TZY WLdL LYO ^`MXP]^TZY ^LX£OST LY TYOP^N]TMLMWP ^_L_P ZQ MWT^^ TY bSTNS ZYP _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ²LMOLM]LSXL©TYT´Y£_Là[L]LÀM]LSX£OSTRLNNSL_Tg8LT_]£dL©¯dL@[LYT´LO ! $ 2SP]L©L>LÀST_£ "$z#LYO 3L¶SLDZRL;]LO¯[TV£ # z#!
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
""
_LWWd QZ]RP_^ ZYPv^ MZOd LYO YZ WZYRP] SPL]^ _SP TYOTaTO`LW TY_P]YLW ^Z`YO^ ZQ O]`X^ MPWW^ MPP^ LYO ^Z ZY M`_ TY^_PLO _SP [`]P w`Y^_]`NV ^Z`YOx ,YO Q]ZX _SP]P z OP^N]TMPO L^ L ^dYLP^_SP_TN [L]LYZ]XLW Pc [P]TPYNPZQ^Z`YOLYOWTRS_zZYP]PLNSP^_SPSTRSP^_RZLW ?SPPWT_PN`W_`]P¢RLXL _SPZWZRdLYOSTRS 3TYO` ?LY_]L ^PPTY _SP 9£OL _SP QT]^_ PXLYL_P TY _SP NZ^XZRZYTN []ZNP^^ L^ ^SZbY TY L WL_P] NSL[_P] -`_ QZ] _SP [Z[`WL] aTWWLRP N`W_`]P LYO YZYPWT_P >£OSLVL^ _Z bSTNS bP bT^S _Z ]P_`]Y QT]^_ ^Z`YO T^ YZ_ L ^[PN`WL_TaP T^^`P YZ] TY aL]TLMWdLYTYYP]Xd^_TNLWPc[P]TPYNPLYO^[]TYRMZL]O_Z_SP_]LY^NPY OPY_LW [WLYP M`_ QT]^_ LYO QZ]PXZ^_ L aP]d NZYN]P_P LYO [Sd^TNLWWd L` OTMWP [ZbP] ^`M^_LYNP bSTNS T^ XLRTNLWWd PQQPN_TaP LYO LMWP _Z NZY_]ZW _SP QPL]^ZXP ^[T]T_ bZ]WO >_L]_TYR bT_S ^ZXP PL]Wd ?LY_]L^ bP OPWTYP L_P_SP[L^^LRPQ]ZXXTXP^T^_ZXLY_]L
8TXP_TN>Z`YO8LRTN
BSPY _SP >£OSLVL^ TY_P]LN_ bT_S Y`XTYZ`^ MPTYR^ _SPd WTVP _Z `^P L ^[PNTLW WLYR`LRP ]PXTYT^NPY_ ZQ _SP ^V`WW ^ZYR ?SP []TXP ZMUPN_TaP TY _SP ^V`WW ^ZYR L[[PL]^ _Z MP _Z LNSTPaP TOPY_T_d bT_S _SP OPT_d _S]Z`RS _SP Y`XTYZ`^ ^Z`YO^ bSTWP NZXX`YTNL_TZY bT_S _SP OPT_d T^ WP^^ TX [Z]_LY_ BP L]]TaP L_ _SP _]`Wd ?LY_]TN XLY_]L^ bSPY S`XLY^ TY_P]LN_ bT_S_SPOPT_d3ZbPaP]TY_P]X^ZQ_SP^_]`N_`]P_SP^PXLY_]L^NZY^T^_ ZQ L ^TXTWL] XTc ZQ ^PXLY_TN LYO YZY^PXLY_TN NZX[ZYPY_^ _Z _SL_ QZ`YOTY_SP^ZYRZQ_SP^V`WWMPL]P] ?ST^ ZNN`]^ TY _SP -S¼_L£XL]L L aP]d ZWO ?LY_]L []ZM " NPY _`]d ,/ $ :YP aP]d \`TNVWd YZ_TNP^ _SL_ _SP _Pc_ T^ LWXZ^_ NZX[WP_PWd Q]PPZQPWT_PwSTRS3TYO`xTYQW`PYNP7TVPZ_SP]PL]Wd?LY_]L^T_MPWZYR^ _Z L NL_PRZ]d QZ] bSTNS bP ^`RRP^_ _SP _P]X wTYOTaTO`LWT^_TN ?LY_]L^x ?SP^P?LY_]L^L]POPaZ_PO_ZL^[PNTQTNRZOQZ]XTYNZY_]L^__Z_SPWL_P] w^dY_SP_TN ?LY_]L^x _SL_ NZXMTYP _SP ^Z`YO QZ]X^ ZQ OTQQP]PY_ OPT_TP^ ?SP XLTY OPT_d ZQ _SP -S¼_L£XL]L T^ -SLT]LaL TY ST^ P^[PNTLWWd Q]TRS_PYTYRQZ]XL^6]ZOSL-SLT]LaLw]LRP-SLT]LaLxSP]PTOPY_TQTPO bT_S_SP-`OOST^_ALU]L[£©Tw_S`YOP]MZW_MPL]P]x>Z_ST^T^YPT_SP]L [`]PWd 3TYO` YZ] L [`]PWd -`OOST^_ ?LY_]L 4_ T^ NP]_LTY _SL_ _SP bZ]V bL^ YZ_ b]T__PY TY LNLOPXTN >LY^V]T_ NT]NWP^ bSTNS NLY MP ^PPY Q]ZX _SP [L]_TLWWd SdM]TO >LY^V]T_ 4_ XLd MP _P]XPO L wQZWV ?LY_]Lx ?P`Y
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP]PPcT^_3TYO`LYO-`OOST^_aP]^TZY^ZQ_ST^?LY_]LLYOL_WPL^__SP-`OOST^_ZYP^ L]P\`T_PLRPO?P`Y2Z`O]TLLYw?LY_]L^ZQ8LRTNxTY 3TYO`?LY_]TN7T_P]L_`]PPO 2Z`O]TLLYLYO2`[_L#
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
2Z`O]TLLY NWL^^TQTP^ T_ LXZYR^_ _SP wXLRTN ?LY_]L^x MPNL`^P T_ T^ []P ZNN`[TPObT_SXLRTNLYOPcZ]NT^X $ 4Y _SP -S¼_L£XL]L _SP]P L]P ^_TWW ]PWL_TaPWd QPb YZY^PXLY_TN QZ]X`WL^ z TP w^PPO XLY_]L^x Z] ^_]TYR^ ZQ _SPX $! z TY^_PLO _SP]P L]P WZYR YL]]L_TaP ^P\`PYNP^ , >£OSLVL []PQP]^ LY PcNP[_TZYLW ^P__TYR QZ] ST^ PcP]NT^P^ ^`NS L^ L N]PXL_TZY R]Z`YO Z] L XZ`Y_LTY [PLV 3T^ LTX T^ _Z ^`MO`P L NP]_LTY ^[T]T_ LYO _Z LN\`T]P T_^ ^TOOST^ TP T_^ ^[PNTLW [ZbP]^ 4Y _SP NL^P ZQ 6TYYL]Å>£OSLYL _SP >£OSLVL ^SZ`WO ]P[PL_ _SP XLY_]L w:¿ 8LYZS£]T©T FudZ` _SP .L[_TaL_TYR ZYPvH 3,@¿ F[]Z YZ`YNPO uSZbYRvHx # _TXP^ ZY L XZ`Y_LTY LYO _SPY XLVP LY ZQQP] TYRZQ_SPQWP^SZQLNZbLYOM`]YLNP]_LTYSP]M,_ XTOYTRS__SP6TY YL]ÅLQPXLWPNPY_L`]L[[PL]^9ZbSP^SZ`WOYZ_MPLQ]LTO% w>SPbTWW L^VuBSL_T^dZ`] NZXXLYO*v ?SP>£OSLVL ^SZ`WOLY^bP] u-P Xd bTQPv m ?SP 6TYYL]¯ _LVP^ STX ZY SP] MLNV ^SZb^ STX _SP SPLaPY^ LYO RTaP^ STX bSL_PaP] SP bLY_^ _Z PL_ FL^ bPWW L^H SPLaPY FLQ_P] OPL_SH LYOXLRTNLW^`M^_LYNP^ ^TOOSTO]LadL x $"
?SP]P L]P NP]_LTY ^_LYOL]O ^TOOST^ XPY_TZYPO QZ] YPL]Wd LWW ^[T]T_^ z YZ XL__P] bSP_SP] _SPd L]P SPLaPYWd YdX[S^ ^YLVP ^[T]T_^ Z] QPXLWP ZR]P^ ,WXZ^_ PaP]d _TXP _SP >£OSLVL ]PNPTaP^ PTRS_ [TPNP^ ZQ RZWO wOTYL]^x OLTWd LYO LWW _SP OPWTRS_^ SP OP^T]P^ 3P bTWW WTaP QZ] dPL]^ bT_S XLYd []TYNP^^P^ LYO bTWW MP ]PMZ]Y TY L ]ZdLW QLXTWd z TY ^SZ]_SPZM_LTY^PaP]d_STYR_SL_WZbP]^_]L_LZQ^ZNTP_dXTRS_O]PLXZQ ^_L]_TYRbT_S[WPY_dZQQTYPQZZOLYOZ_SP]NSP]T^SPObZ]WOWdRZLW^,YO ZQNZ`]^PSPNLYLW^ZPYUZd^Pc`LW[WPL^`]P^4_T^XLWPO]PLX^_SL__SP -S¼_L£XL]L OP^N]TMP^ ?SP ?LY_]L OZP^ YZ_ dP_ MPWZYR _Z _SP wQPX TYTePOx ?LY_]L^ _SL_ RTaP _SP QPXLWP PWPXPY_ LY PWPaL_PO [WLNP LYO ^ZXP_TXP^ TYNW`OP ^Pc`LW ]T_P^ Z] PaPY aTZWPY_ ^PWQXZ]_TQTNL_TZY^ _S]Z`RSbSTNS_SP>£OSLVLbZ]^ST[^_SPDZRTY¯^Z]6LW¯Md[TP]NTYRST^ MZOd ZQQP]TYR ST^ QWP^S ^PaP]TYR ST^ SPLO z O]PLOQ`W PcP]NT^P^ ZQ ^PWQ ^LN]TQTNPQZ]bSTNSSPT^RPYP]LWWd]P^_Z]POMdOTaTYPR]LNPLYOR]LY_PO ^`[P]YL_`]LW [ZbP]^ LYO PXLYNT[L_TZY ,W_SZ`RS _SP -S¼_L£XL]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2Z`O]TLLY w?LY_]L^ ZQ 8LRTNx TY 3TYO` ?LY_]TN 7T_P]L_`]P PO 2Z`O]TLLY LYO 2`[_L#z$ $! 1Z] _SP M¯UL^ _SL_ ZNN`] ^PP _SP WL_P] OTRP^_ -ÏUL 9TRSLY_` TY =LT /TN_TZYL]TP^ ZQ ?LY_]L²£^_]L z $" aLOP_VTX£UÓ£[LdL^TMSLaLMS£]dP_T^£OSLVLàg _]TOTaLÀ[´¶SLX£]Z[dLOL]²LdL_dL[TdLNNSL_Tg V£XTVLÀMSZULYLÀ^aL]RLÀ^TOOSTO]LadLÀ[]LdLNNSL_Tgg-S¼_L£XL]L?LY_]L ?SP_P]X ^TOOSTO]LadL XLdLW^ZMP_]LY^WL_POL^w[ZbP]^`M^_LYNPxLYO[Z^^TMWd STY_L_^Pc`LWQW`TO^BST_P 6T^^ZQ_SPDZRTY¯ ]PWL_P^_SP_P]XO]LadL w^`M^_LYNPx TYaL]TLMWd_Z^Pc`LWQW`TO^LYO_SPO]TYVTYRZQw[ZbP]^`M^_LYNP^xTPwO]TYVTYRQP XLWPOT^NSL]RPx^PPTMTO"!"Q#Q$" LYO$ bSP]P_SPbZ]O ^TOOSL O]LadL ZNN`]^-`__SPNZY_Pc_ZQZ`]aP]^P[ZTY_^TY^_PLO_ZLYd_STYROP^T]LMWP
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
"$
VYZb^LWWVTYO^ZQQPXLWP ^[T]T_^ _SPdL]P WP^^P][ZbP]^?SP -SLT]LaL ZQ _SP -S¼_L£XL]L T^ bT_SZ`_ NZY^Z]_^ LYO _SP S`XLY XLRTNTLY^ ]P[]ZO`NP L NZXXZY RPYOP] XZOPW% _SP XLY NLWW^ LYO _SP bZXLY NZXP^ _Z ^P]aP STX ?SP ^[T]T_^ X`^_ MP ^`MO`PO 8LY_]L^ Z] XLY_]L WTVP TYaZNL_TZY QZ]X`WL^ L]P _SP XLUZ] XPLY^ ?SP ^[T]T_^ bSZ PLNS PXMZOd ^[PNTLW [ZbP]^ L]P QZ]NPO _Z ^P]aP _SP >£OSLVL ZbTYR _Z _SP [ZbP]_SPXLY_]L^SLaPZaP]_SPX?SP_Pc_]P[PL_POWd^_L_P^_SL_TQ_SP ^[T]T_^OZYZ_ZMPdLYOOZ YZ_NZXPALU]L[£©TbTWW ^[WT_ _SPT]SPLO^TY _bZbT_SST^_S`YOP]MZW_ 5`^_ L^ _SP]P T^ L ]LYRP ZQ OTQQP]PY_ ^TOOST^ ZQ _SP ^[T]T_^ _SP XLY _]L^bT_SbSTNS_SP^[T]T_^NLYMPTYaZVPOLW^ZaL]d?SPdNLYMPNLWWPO Md YLXP^ ^`NS L^ wDZ` 1LT] ZQ 1LNPx wDZ` 7ZaP] ZQ >Pcx Z] wDZ` bT_S L 1LNP WTVP _SP >`Yx LYO NZXXLYO^ ^`NS L^ wNZXPx Z] w[]Z_PN_ XP x ?SP^P ^PXLY_TN _Pc_^ L]P NWZ_SPO TY APOTN ^LN]TQTNTLW NLWW^ ?SPd MPRTY bT_S w:¿x LYO ZQ_PY PYO bT_S w>a£S£x 8Z^_ ZQ _SPX SLaP ^[P NTQTN ^Z`YO^ TY^P]_PO TY _SP XTOOWP ^ZXP ZQ bSTNS L]P TXT_L_TaP bSTWP Z_SP]^ ^PPX YZ_ _Z SLaP LYd ]PNZRYTeLMWP XPLYTYR ?SP XZ^_ Q]P\`PY_ ^Z`YO T^ []ZMLMWd _SP ]ZL]TYR ]L__WTYR ^Z`YO 3@¿ F[]ZYZ`YNPO S]]]`XXXH L ^Z`YO L^^ZNTL_PO bT_S ]LRP V]ZOSL TY WL_P] XLY_]L OT RP^_^ LYO VYZbY L^ wVLaLNL M¯ULx w^PPO ZQ L]XZ]x $# 3@¿ T^ ZQ_PY NZXMTYPO TY _SP ?LY_]L bT_S _SP XLRTNLWWd _S]PL_PYTYR ;3,µ L ^Z`YO _SL_ T^ NLWWPO _SP wL]]Zbx L^_]L LYO []ZMLMWd LW^Z TXT_L_P^ LY L]]Zb ^SZ_ Q]ZX L MZb z LQ_P] LWW _SP LYNTPY_ =`O]L T^ LY L]NSP] -Z_S ZQ _SP^P^Z`YO^L]PL^^ZNTL_PObT_S_SPXLWPOPT_dLYObP]PLW]PLOd[Z[` WL]TY_SPPL]Wd¢RLXL^?SPXLY_]LbT_SbSTNS_SPXLTYOPT_d6]ZOSL -SLT]LaL NLY MP TYaZVPO ]`Y^ WTVP _ST^% :¿ 3@¿ ALU]L wOTLXZYOx ;3,µ 6=@¿ 6=:¿ 6=@¿ 6=@¿ 3@¿ 3@¿ ;3,µ ?SP ^Z`YO^ 6=@¿ 6=:¿ []ZYZ`YNPO wV]ZZYR V]ZbYRx L]P L _d[TNLWWd ?LY_]TN QTR`]P%ZY_SPZYPSLYO_SPdL[[PL]_ZTXT_L_P-SLT]LaLv^]ZL]TYRbSTWP ZY _SP Z_SP] _SPd ]P[]P^PY_ L NL^P ZQ LN]Z[SZYd QZ] w6]xZOSL -SLT]LaL ?SP Z_SP] YZY^PXLY_TN NZXMTYL_TZY^ ZQ ^Z`YO^ _ZZ SLaP LY LYLWZRZ`^ XTXP_TN LYO L^^ZNTL_TaP NSL]LN_P] 4Y _ST^ PL]Wd ?LY_]L _SP []PaLTWTYR TOPL L[[PL]^ _Z MP _SL_ ZYP SL^ _Z ^[PLV _Z _SP ^[T]T_^ TY L ^[T]T_WTVPQL^STZY8Z^_ZQ_SP^Z`YO^NLYMPNWL^^TQTPOL^ZYP^_SL_L]P ]PRL]OPO L^ ^[PNTQTNLWWd RSZ^_Wd 1Z] _SP DZRTYÅ^ _SP]P L]P _SP bPWW VYZbY UTYRWTYR ^Z`YO^ LYO MPWWWTVP ^Z`YO^ ®¿ 4¿ 67®¿ 7¿ LYO _SPM]PL_Sd^Z`YO^,LYO;@4Y_SP -S¼_L£XL]L _ST^WL__P]^Z`YO T^ [L]_TN`WL]Wd NWZ^PWd L^^ZNTL_PO bT_S ^YLVP^ L ^[PNTP^ P^[PNTLWWd ^_]ZYRWd WTYVPO bT_S ±TaL& LXZYR^_ Z_SP] _STYR^ _SP RZO bPL]^ L NZM]L L]Z`YOST^YPNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# =LU /TN_TZYL]TP^ZQ?LY_]L²£^_]L $
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP @£XL]P²aL]L L ?LY_]L MPWZYRTYR _Z _SP ^LXP _]LOT_TZY Q]P \`PY_WdPaPY`^P^LNSLTYZQ^Z`YO^_SL_T^Z_SP]bT^P]L_SP]`Y`^`LWQZ] XLY_]L^ YLXPWd wVTWT VTWTx z bSTNS T^ NP]_LTYWd OP]TaPO Q]ZX _SP ZYZ XL_Z[ZPTN >LY^V]T_ bZ]O QZ] _SP bST^[P]TYR ZQ ^[T]T_^ wVTWLVTW£x ,[L]_ Q]ZX _SP `Y`^`LW ^Z`YO NZXMTYL_TZY wVTWTx LYO _SP ZWO wL]]Zbx ^dWWLMWP;3,µ_ST^WL_P]?LY_]LZQ_SP£XL]L_]LOT_TZY_ZZ`^P^ZYWd XLY_]L ^dWWLMWP^ bT_S _SP MPWWWTVP YL^LW PYOTYR wÀx Z] _SP L^[T]L_PO PYOTYR wàx 4Y _SP QZ`]_PPY_S NSL[_P] _SP]P T^ L QZ]X`WL _Z []Z_PN_ LRLTY^_ ^YLVP aPYZX bSTNS NZY_LTY^ L WL]RP []Z[Z]_TZY ZQ _SP XLY_]L ^dWWLMWP^ZNN`]]TYRTY_ST^?LY_]L% :¿ =,¿ =¢¿ >,¿ >¢¿ 7,¿ 7¢¿ 3,¿ 3, >,¿ >, 63,¿ 63, ?,¿ ?, 23,¿ >,¿ >;3@¿ >;3@ 3=®¿ 3@¿ 3@¿ 3@¿ 6³®¿ 6³®¿ 6³,@¿ >,@¿ >, .3,¿ .3, /3,¿ >, >;3@¿ >;3, 3=®¿ 3@¿ 3@¿ 3@¿ 6³®¿ 6³®¿ 6³,@¿ >,¿ ;3,¿;3,3@¿;3,µ>A¢3¢ $$
.ZX[L]PO bT_S _SP `^`LW [SZYP_TN ^_]`N_`]P ZQ 4YOTLY WLYR`LRP^ _ST^ `Y_]LY^WL_LMWP ^P\`PYNP []ZO`NP^ L ]L_SP] OL]V LYO SPLad PQQPN_ ZbTYR _Z T_^ XLYd w`x LYO wLx aZbPW^ ?SP [L^^LRP T^ OZXTYL_PO Md SL]^S ]Z`RS ^Z`YO^ ^`NS L^ wVSx wNSx w^[Sx LYO wV´x AZNLW ^Z`YO^ _SL_ L]P []TXL]TWd YZYWTYR`T^_TN z ^`NS L^ ST^^TYR ^ V´ ^[T__TYR ^[S [S LYO ]L^[TYR S] ^Z`YO^ z ^PPX _Z MP TXT_L_PO ZYZXL_Z[ZPTNLWWd ?SP Y`XP]Z`^ MPWWWTVP QTYLW ^Z`YO^ NZXMTYPO bT_S aZbPW X`_L_TZY^ WTVP Z`] wOTYROZYRx QZ] TY^_LYNP wV´ÅÀ V´L`Àx ZNN`] [L]_TN`WL]Wd Q]P \`PY_WdLYO]PTYQZ]NP_SPTX[]P^^TZYZQYZYWTYR`T^_TNaZNLWT_d9`XP] Z`^ XLY_]L^ RZ _S]Z`RS QTR`]L_TZY^ ZQ _ST^ _d[P `^TYR LWW _SP aZbPW^ ZQ _SPLW[SLMP_L^TY_SPZYPRTaPYMPWZbbT_S_SP^Z`YOw6³x% :¿ 3@¿ /=¢¿ 6³,¿ 6³¢¿ 6³4¿ 6³®¿ 6³@¿ 6³»¿ 6³0¿ 6³,4¿6³:¿6³,@¿6³,¿6³,3@¿;3,µ
7L_P] ZY L Q`WW XLY_]L ^NTPYNP XLY_]L²£^_]L OPaPWZ[PO bSTNS []Z aTOPOL^dXMZWTNVPdQZ]_SP^P_d[P^ZQXLY_]L^dWWLMWP^LYOOPaPWZ[PO [L__P]Y^ QZ] _SP TY_P][]P_L_TZY ZQ XLY_]L^ /P^[T_P _ST^ _SP [P]XPL_TZY ZQ_SP^LN]POWLYR`LRPZQ_SP?LY_]LbT_SXTXP_TN^Z`YOXLRTN]PXLTY^ LOPNT^TaPQLN_Z]LYOSL^NZY^T^_PY_PQQPN_^TY_SPWL_P]WT_P]L_`]P^bSTNS NZXP NWZ^P] _Z PWT_P N`W_`]LW Pc[]P^^TZY^ 1Z] PcLX[WP QZWWZbTYR ZY Q]ZX _SP APOTN;`]£©TN _]LOT_TZY ZQ SdXY^ ZQ []LT^P _SP WL_P] ?LY_]L LW^Z NZYNPTaP^ ZQ SdXY^ >_Z_]L _Z ZYPv^ ZbY OPT_TP^ 5`^_ WTVP _SP ^dXMZWTN TY_P][]P_L_TZY^ ZQ _SP XLY_]L^ _SP^P SdXY^ ^SZb _SL_ ?LY _]T^X MPRLY _Z Z]TPY_ T_^PWQ ZY STRSWd WT_P]L]d ^_LYOL]O^ 9Zb YZ_ ZYWd _SP^ZNTLWWdLNNP[_LMWP7Z]O2ZO^±TaLLYOAT´©`SLaP_SPT]ZbY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ @£XL]P²aL]L?LY_]L NSL[ PO 5LRLO /SL] ELOZZ >]TYLRL]% =P^PL]NS /P[L]_ XPY_$"! @£XL]L NSL[PO5LRLO/SL]ELOZZ
;ZbP]=PWTRTZYLYO:NN`W_>Z`YO^
"
YLXP SdXY^ M`_ ^Z OZ _SP Y`XP]Z`^ ^XLWW LYO R]PL_ ?LY_]TN OPT_TP^ @YWTVP-]LSXLYTN;`]£©LSdXY^ZQ[]LT^PSZbPaP]_SP?LY_]TNSdXY^ L]P ZQ_PY YZ_ NZY^_]`N_PO TY L aP]d ^PXLY_TN bLd MPTYR X`NS XZ]P LWWT_P]L_TaP LYO YZ_ `YNZXXZYWd NZX[Z^PO LNNZ]OTYR _Z LY LN]Z[SZ YP_TN []TYNT[WP PR LWW _SP bZ]O^ MPRTY bT_S wVLx TY L 6£WÅ SdXY Z] L 6`©LWTYÅSdXYZ]_SPaP]^P^L]PL]]LYRPOL^LYLN]Z^_TNQZWWZbTYR_SP LW[SLMP_ 4Y _SP =`O]LD£XLWL@__L]L?LY_]L bSTNS T^ ZYP ZQ _SP WL_P wTYOT aTO`LWT^_TNxLYOwQPXTYTePOx?LY_]L^_SP]PL]PY`XP]Z`^SdXY^ZQ_ST^ _d[P3P]PLRLTY_SP[L]_WdSdM]TOLYONZ]]`[_>LY^V]T_TYOTNL_P^_SL_T_ T^XZ^_`YWTVPWd_SL__SPL`_SZ]^ZQ_ST^?LY_]LPaP] ^Lb_SPTY^TOPZQL APOL ^NSZZW ,YO dP_ T_ SL^ ^ZXP PWT_P N`W_`]P QPL_`]P^ ^`NS L^ _SP YLXP^ P[T_SP_^ L[[PL]TYR TY _SP YLXP SdXY ZQ _SP RZOOP^^ 6`X£]ÅTYT_^_PY_SNSL[_P]L]]LYRPOXZ^_Pc[P]_Wd TYLYLN]Z^_TNXLY YP]QZWWZbTYR_SP>LY^V]T_LW[SLMP_?SPQT]^__ST]_PPYLYOLSLWQaP]^P^ QZ] PcLX[WP NZY_LTY ZYWd YLXP^ MPRTYYTYR bT_S wVLx ?SP WL]RP Y`X MP] ZQ _SPX QPbP] aP]^P^ L]P OPOTNL_PO _Z _SP Z_SP] WP__P]^ NLY MP Pc [WLTYPOMd_SP^_]TaTYR_ZVPP[_SP[]Z[P]YLXPw6`X£]Åx[]P^PY_LN]Z [SZYTNLWWd L^ QL] L^ [Z^^TMWP 8Z^_ ZQ _SP Z_SP] SdXY^ L]P WP^^ PWLMZ]L_PM`_]PLWTePL\`T_P^TXTWL][]TYNT[WPZQXTXP_TN ^Z`YOXLRTN ?SPd NZY_LTY L WL]RP Y`XMP] ZQ L^^ZYLYNP^ LYO _S`^ QZWWZb L []TYNT[WP ZQ NZX[Z^T_TZY _SL_ T^ L RPYP]LW QPL_`]P ZQ 4YOTLY [ZP_]d M`_ _SP NZY ^_LY_Wd ]P[PL_PO ^Z`YO^ L]P NSL]LN_P]T^_TNLWWd WTXT_PO _Z NP]_LTY XLRT NLWWdPQQPN_TaPNZXMTYL_TZY^?SP/`]R£SdXYTY_SP# _S NSL[_P]^_L]_^ TY_]LY^WL_TZYbT_S_SP^PbZ]O^% w?SP 8£d£ _SL_ OP^_]Zd^ _SP OPXZY 8LdL _SP ±LV_T F^SP T^H QZ]RTaPYP^^ _SP N]PL_Z] _SP FRZOOP^^H Q`WW ZQ VTYOYP^^ bSZ WZaP^ FO]TYVTYRH MWZZO bSZNL`^P^UZdbT_SPdP^WTVPWTWTP^ ]PO bT_S]LRP_SP.£X`©£_SPOL]V ZYP F`YOP]H _SP [ZXPR]LYL_P _]PP F_SL_ ^[]Z`_POH Q]ZX _SP MWZZO ZQ ML__WP _SP^STYTYRWZ_`^QLNPOZYPx
?SP_]LY^WL_TZYNLYZYWd]P[]ZO`NP_SP^PXLY_TNTXLRP^ZQ_SPZOOXTc _`]PZQ_SPAT]RTY8L]dLYOaLX[T]PbSZT^_SP]PNT[TPY_ZQ_ST^[]LdP] -`_ TY _SP >LY^V]T_ Z]TRTYLW _SP L`OT_Z]d TX[]P^^TZY T_^PWQ NZYaPd^ _SP ^LXP XP^^LRP XP]PWd MPNL`^P ZQ _SP U`c_L[Z^T_TZY ZQ ^ZQ_ LYO aP]d SL]^S^Z`YO^% d£X£d£XLdLO£YLaLV´LdLVL]ŲLV_TàV´LX£VL]__V£ ²`XMSL²]ÅXLST´£^`]£^`]LMLWL[]£_]ZWLNL©£XLS£g MSLO]£]O]£]`OST]L[]Td£[]TdLVL]ÅV]ZOS£«RL]LV_Z_[LW£ N£X`©£]L©L]LV_LMÅUL]LULYÅUdZ_^Y£X`VSPYOÅaL]£gg
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =`O]LD£XLWL ## PO =£XL[]L^£OL ?]T[£¶S¯ AL]LYL^T% >LX[`]YLYLO >LY^V]T_ @YTaP]^T_d
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
3P]P _SP b]T_P] ZQ _SP SdXY T^ \`T_P NWPL]Wd QZN`^TYR ZY ^dWWLMWP^ MP RTYYTYR bT_S NZY^ZYLY_^ NZXMTYPO bT_S w]x Z] wx z w_x w²]x w[]x _S]PP _TXP^ wO]x _bTNP LYO wV]x ?SP NZX[Z^T_TZY SL^ Y`XP]Z`^ ]L^[TYRNZXMTYL_TZY^L__SPMPRTYYTYR^ZQbZ]O^^`NSL^TYMSLO]£]O]£ ]`OST]L[]Td£ []TdLVL]Å L[[L]PY_Wd _]dTYR _Z TXT_L_P _d[TNLW XLY_]L ^dW WLMWP^ _SL_ L[[PL] TY TYY`XP]LMWP ?LY_]TN XLY_]L^ PR TY _SP ^P\`PYNP wm/=®¿/=,¿/=,@¿/=,mx 4Y ZYP ZQ _SP QZWWZbTYR aP]^P^ ZQ _SP =`O]LD£XLWL []ZO`NPO MP WZb _SP]P T^ L ^TXTWL] TXT_L_TZY ZQ XLY_]L ^Z`YO^ ?ST^ NZXP^ LMZ`_ _S]Z`RS _SP NZYNPY_]L_TZY ZQ ]P[P_T_TaP ^Z`YO NZXMTYL_TZY^ ^`NS L^ VSLÀ _S]PP _TXP^ LYO NLÀ _S]PP _TXP^ ?ST^ VTYO ZQ w^_LXXP]TYRx _ZZ bSTNS T^ ZMaTZ`^Wd LW^Z _SZ`RS_ _Z MP P^[PNTLWWd XLRTNLW T^ _d[TNLW ZQ ?LY_]TN>_Z_]L^?ST^T^OTQQP]PY_Q]ZX_SPNL^PZQ_SPL^^ZYLYNP^bSTNS ZNN`] PXMPOOPO TY L ^PXLY_TNLWWd NZ]]PN_ _Pc_ 3P]P wPNSZP^x L]P [`_ MPQZ]P_SPXLTYbZ]OL^TY_SP[Z[^ZYRw=L=L=L^[`_TYx?SP_Pc_T^ ^ZN]d[_TN_SL_bPSLaPOPNTOPOYZ__Z_]d_]LY^WL_TYRT_SP]P% ^£M£W£MLWLa£SLY£^`RLSLY£^LXX£YLY£OS£]L©£ 63,¿63,¿63,¿VSLNL]£NL]£V`WLNL]£a£N£NL]£aLÀVSL]£g .,¿.,¿.,¿NLXL]ÅSL]ÅMSLRLaL_ÅR£_S£RL_£à^LÀRL_Tà a£SL`XP[L]T[£_`[L«VLULX`VSÅd£NL©LX`©£[LS£gg ,W_SZ`RS_ST^aP]^PSL^YZ_STYRL_LWW_ZOZbT_S?LY_]TNXLY_]L^Z`YO^ PaPY _SZ`RS _SP ^Z`YO NZXMTYL_TZY^ LN_`LWWd TXT_L_P _SPX LYZ_SP] aP]^P NZY_LTY^ _SP ^P\`PYNP 3,¿ ;3,µ 6³,@¿ bSTNS L]P RPY`TYP LYOQ]P\`PY_XLY_]L^dWWLMWP^% ²d£X£[£_`[L_L«RLVZ¶TYTYLO£3,¿V£]L;3,µV£]T©Å £YLYOZ_^LaL^L]aL^£]LULdLO£^L]aL_]L^£]LV´TV£g 6³,@¿6³,@¿6³,@¿VL¶STY£V´L]£V´LdLVL]Å^L]a£«RLOZ´LÀSLY£ OPS£]PàVLNLS£[L]£VLNLV`N£VÅW£WL[¼]£²T_£gg w;]Z_PN_ DZ` -WLNV :YP ]TYRTYR WTVP Xd]TLO^ ZQ MT]O^ bT_S _SP 3,¿ ^Z`YO LYO _SP ;3,µ ^Z`YO R]LY_ _SP R]PL_P^_ ZQ _]T`X[S^ _SP QP^_TaLW ZQ MWT^^ LYO []Z_PN_ `^ TY LWW _STYR^ DZ` OP^_]Zd bT_S _SP SL]^S ^dWWLMWP^ 6³,@¿ 6³,@¿ 6³,@¿ dZ` XLVP RZZO LWW MWPXT^SP^ ZQ _SP MZOd F=P^_TYNZX[]PSPY^TMWPHx
,Y Pc_]PXP X`^TNLWTeL_TZY ZQ WLYR`LRP NSL]LN_P]TeP^ _SP £VTYÅ SdXY ZQ_SP =`O]LD£XLWL 3P]PbPQTYO^PXLY_TNTeL_TZYZQaL]TZ`^OTQQP]PY_ TY^_]`XPY_^ 7P_ `^ U`^_ _LVP L^ LY PcLX[WP _SP TXT_L_TZY ZQ _SP O]`X ^Z`YO^ ?SP LXL]` L ^YL]P O]`X TY _SP ^SL[P ZQ LY SZ`]RWL^^ _SL_ T^ XPY_TZYPO LRLTY LYO LRLTY _S]Z`RSZ`_ _SP _Pc_ T^ _SP T_TYP]LY_ DZRT^v QLaZ]T_P TY^_]`XPY_ ?SP aP]^P []ZaTOP^ L RZZO TWW`^_]L_TZY ZQ SZb _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ @£XL]L NSL[LYO =`O]LD£XLWL ##! =`O]LD£XLWL #$
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
MZ]OP]^MP_bPPYYZY^PY^PLYO^PY^P^PPX_ZOT^L[[PL]TY?LY_]TN^Z`YO [ZP_]d% £À£À£À £VTYÅY_£LXL]`aL]L]L_£À_£]T©ÅÀ_£]L]¼[£À g TÀTÀOTÀ £XL]L^_S£ÀLXL]`LXLRSPLÀVLTÀVTÀXLY`^_S£Àgg LÀLÀLÀ £XL]P²ÅTXTTXTTXTRLOSa£YLYT]X£©LZ]£Àg ZÀOZÀZÀ £VLLÀLà[]L`XLLX`£ÀO£TX£X£²]Ld£XTgg w?SP /LLYR/LLYR/LLYR£VTYÅOL _SP OPWTaP]P] TY _SP QZ]X ZQ :¿ bSZ OLYNP^ _SP /TYR/TYR/TYR£XL]` OLYNP m TY _SP ^YL]P O]`X SZ`^P TY _SP /LYVLOTYVT XLY_]L ?SP /LYR/LYR/LYR XT^_]P^^ ZQ _SP £XL]L OLYNP bSZ^P /TXXT/TXXT/TXXT O]`X ^YL]P T^ _SP bLd _Z OP WTaP]LYNP bT_S _SP /ZZX/ZZX/ZZX u]Z^P L[[WPv O£TXL OZ 4 ^PPV ]PQ`RPmx
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
?SP8LY_]TNw1T]^_,TO6T_x
3ZbPaP] N`]TZ`^ _SP Z]TRTYLW ?LY_]L _]LOT_TZY^ XLd ^PPX _Z L NZY_PX [Z]L]d ZM^P]aP] _SPd ^_TWW []ZaTOPO L ^[PNTQTN ^dXMZWTN QZ]X LYO []LN _TNP_SL_bL^^Z[Z[`WL]Q]ZXL]Z`YO_SPQTQ_SNPY_`]d,/ZYbL]O^_SL_ T_PaPY_`LWWdWPQ_T_^XL]VZYWL]RP^PN_TZY^ZQ3TYO`T^X8LY_]L]P[P_T _TZYbT_ST_^^_]LYRP^Z`YOTYRXd^_P]TZ`^LYO^SZ]_^dWWLMWP^_SP[Zb P]Q`W PQQPN_TaPYP^^ NZWWPN_TaPWd L^N]TMPO _Z _SPX LYO _SP _]LYNP TYO`NTYR NZY^_LY_ ]P[P_T_TZY ZMaTZ`^Wd L[[PLWPO YZ_ ZYWd _Z aTWWLRP ^SLXLY^ LYO PNNPY_]TN SP]XT_^ TY _SP QZ]P^_^ M`_ `W_TXL_PWd LW^Z _Z WL]RP [Z]_TZY^ ZQ _SP [Z[`WL_TZY ?SP ^PN_Z] ZQ 3TYO`T^X TYQW`PYNPO Md _SP XZYT^_TN APO£Y_L bT_S T_^ SPLad PX[SL^T^ ZY _]LY^NPYOPYNd LM^Z W`_P QZ]XWP^^YP^^ ZQ _SP OTaTYP LYO ^`MWTXPWd LM^_]LN_ TOPL ZQ WTMP]L _TZY bL^ ^Z ^_]ZYRWd Z]TPY_PO ZY Z_SP]bZ]WOWTYP^^ _SL_ T_ bL^ ZYWd ^`T_LMWP QZ] PWT_P N`W_`]P ]PWTRTZ`^ aT]_`Z^T LYO WPL]YPO -]LSXLY L^NP_ TN^?SP?LY_]LNZXXPY_L_Z]=£RSLaL-SL¶¶LNWLTX^_SL_?LY_]TN3TYO` T^X T^ MP__P] _SLY APO£Y_L 3TYO`T^X L]R`TYR _SL_ ^[T]T_`LW []ZR]P^^ _S]Z`RS ^_`Od ZQ _SP @[LYT´LO ]P\`T]P^ _ZZ XLYd WTaP^ _Z MP []LN_TNL MWP !?LY_]LZY_SPZ_SP]SLYOZQQP]PO_SP[Z^^TMTWT_dZQPY_P]TYRTY_Z TXXPOTL_P NZY_LN_ bT_S _SP OPT_d SP]P LYO YZb LYO Pc[P]TPYNTYR T_^ PQQPN_^ \`T_P _LYRTMWd TY ZYPv^ OLTWd WTQP ,YO ZYP X`^_ YZ_ QZ]RP_ PT _SP] _SL_ QZ] _SP WLd 3TYO` LQ_P] XLYd NPY_`]TP^ ZQ wOP[`_TeTYR ]PWTR TZYx NZY_LN_ bT_S _SP Sd[P]^LN]PO -]LSXLYTN ^_L_`^ ^dXMZW wXLY_]Lx X`^_ SLaP MPPY U`^_ L^ `[WTQ_TYR L^ _SP Pc[P]TPYNP ZQ _SP XTYP] bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =`O]LD£XLWL ! .QNZXXPY_L]dZY_SP ±£]LO£?TWLVL?LY_]LaPO,,aLWZY$$$!
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
bTY^_SPYL_TZYLWWZ__P]dLYORP_^ST^QT]^__L^_PZQ.SLX[LRYPZYMZL]O _SP LYOP]^ZY w±LTaT^XLYO_SP?LY_]TN?]LOT_TZY^x"&,YYP__P BTWVPw, 9Pb ?SP ZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_LAPO£Y_L TY _SP7LWT_£?]T²L_T-S£´dLxTY >£XL]L^dL%>_`OTP^TY4YOTLY,]_^;STWZ^Z[SdLYO4Y _P]]PWTRTZ`^ /TLWZR`P PO > /L^ LYO 0 1Þ]WTYRP] 9Pb /PWST% /6 ;]TY_bZ]WO $z
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
bLdZQNZ[TYRbT_SWTQPbSTW^_L__SP^LXP_TXPPYUZdTYR^PN`]T_dTY_SP Y`XTYZ`^ ?SP ^`[]PXP 3TYO` RZLW ZQ ]PWPL^P TY_Z _SP Z_SP] bZ]WO X`V_T L[[PL]^ SP]P Pc[LYOPO Md _SP LOOT_TZY ZQ _SP RZLW ZQ PYUZdTYR WTQP MS`V_T LYO ZYP ZQ _SP ^_LYOL]O QZ]X`WL^ QZ] []LT^TYR L XLY_]L ]`Y^ WTVP _ST^% w-]TYRP] ZQ [WPL^`]P LYO OPWTaP]LYNPx MS`V_TX`V_T []LO£dLVL 4Q XLY_]L^ L]P ^Z [ZbP]Q`W _SL_ _SPd NLY XLVP L S`XLY MPTYR QWd _S]Z`RS _SP LT] Z] M]TYR _SP OPLO MLNV _Z WTQP _SPd NLY NP] _LTYWd ^ZWaP _SP ^XLWW []ZMWPX^ ZQ OLTWd WTQP bT_S PL^P 1Z] TY^_LYNP [PZ[WP LW^Z []LN_TNP XLY_]L^ QZ] NZX[WP_PWd []ZQLYP ]PL^ZY^ ;PZ[WP bLY__ZRP_]TOZQ_SPT]NZY^_LY_SPLOLNSP_ZNZXPTY_ZXZ]PXZYPd_Z QTYLWWd XL]]d ZQQ _SPT] `RWd OL`RS_P] LYO _Z MP XZ]P [Z[`WL] bT_S _SP YPTRSMZ]^ ?SP _Z[TNLW RZLW^ ZQ XLY_]L ]PNT_L_TZY TYNW`OP YZ_ WPL^_ MP NZXTYR XZ]P PWZ\`PY_ LYO NWPaP]P] 1Z] _ST^ NWTPY_PWP _SP]P L]P bSZWP ^P_^ ZQ XLY_]TN wXPOTNTYP VT_^x NZY_LTYTYR XLY_]L^ _Z SPW[ TY PaP]d NZYNPTaLMWP WTQP ^T_`L_TZY ?ST^ OPaPWZ[XPY_ N`WXTYL_P^ TY Pc_PY^TaP NZX[PYOTL ZQ XLY_]L^ XLVTYR _SP PYNdNWZ[POTN NWLTX _SL_ _SPd NZX []T^PLWWXLY_]LVYZbWPORPQ]ZXLWW_TXP0cLX[WP^ZQ^`NSNZX[PYOTL L]P_SP ±£]LO£?TWLVL?LY_]L NL_SNPY_LYO_SP 8LY_]L8LSZOLOST !_SNPY_ ,^ L WT_P]L]d _d[P _SP^P ^PWQSPW[ XLY_]L VT_^ L]P LN_`LWWd YZ_STYR YPb0aPY_SP ,_SL]aLAPOL LMZZVZQSPLWTYRLYOSL]XTYRXLRTN_SL_ bP SLaP WL]RPWd WPQ_ Z`_ ZQ Z`] NZY^TOP]L_TZY^ LW]PLOd NZY_LTY^ LWW VTYO^ZQ`^PQ`WLYO[]LN_TNLWLOaTNPQZ]MZ_SXL_P]TLW LYO^[T]T_`LWWTQP ,YO PaPY ZWO OSL]XL _Pc_^ ^`NS L^ _SP 8LY`>X_T ]PNZXXPYO -]LS XTY^ _Z MP ^`]P _Z Pc[WZT_ _SP Z[[Z]_`YT_d ZQ XLVTYR _SPT] WTaP^ PL^TP] MdXPLY^ZQ_SP ,_SL]aLAPOL BPX`^_YZ_QZ]RP__SL_ZY_SPZYPSLYO _SP -]LSXTY^ ]PRL]O _SPX^PWaP^ L^ _SP N]PLX ZQ ^ZNTP_d bSTW^_ ZY _SP Z_SP] _SPd L]P ^PaP]PWd ]P^_]TN_PO Md _SP Y`XP]Z`^ ]`WP^ ZQ _SPT] -]LS XLY P_SZ^ ;]TYNT[LWWd -]LSXTY^ L]P ^_]TN_Wd QZ]MTOOPY _Z NL]]d Z] _Z `^P bPL[ZY^ ?ST^ XPLY^ _SL_ _SPd L]P _Z_LWWd SPW[WP^^ bSPY QLNTYR PYPXTP^ LMZ`_ _Z L__LNV ;ZbP]Q`W bZ]O^ ^`NS L^ _SP XLY_]L^ L]P _SPT] ZYWdbPL[ZY1Z]PcLX[WPLWL_PAPOTN-]£SXL©L_Pc__PWW^_SP^_Z]dZQ LYPQL]TZ`^]`WP]bSZ_S]PL_PY^_ZVTWW_SPbTQPZQL-]LSXLYTQ^SPOZP^ YZ_ ZMPd STX 3Zb T^ SP] S`^MLYO ^`[[Z^PO _Z []Z_PN_ SP]* ?SP -]LS XLYNLWW^`[LOP^_]`N_TaP^[T]T_bSZVTWW^_SPVTYR >ZZYPOZP^YZ_SLaPLR`TW_dNZY^NTPYNPLQ_P]`^TYRXLRTNXLY_]L^ MPNL`^P _SP -]LSXLY P_SZ^ T^ LWbLd^ []P^`[[Z^PO ?SP aTPb _SL_ ^Z] NP]d ^SZ`WOZYWdMP^_`OTPOMd_SZ^P bT_SL ^Z`YOVYZbWPORPZQP_STN^ T^ LW^Z QZ`YO TY _SP ?LY_]L M`_ T_ T^ YZ WZYRP] WTYVPO _Z _SP NL^_P WLMPW u-]LSXLYv :Q NZ`]^P _SP ?LY_]L _PLNSP] ^SZ`WO PY^`]P _SL_ ST^ [`[TW^ L]PZQRZZONSL]LN_P]LYOYZ_R]PPOdZ]bTNVPOM`_Z[TYTZY^XLdOTQQP] ZYbSP_SP]_ST^T^^`QQTNTPY_[]Z_PN_TZYLRLTY^__SPXT^`^PZQXLY_]L^
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
8LY_]L^L]P`^POTYLWWL]PL^ZQS`XLYWTQPLYOL]PXPOTNTYPQZ]LWW _d[P^ ZQ R]PL_ LYO ^XLWW TWW^ 4Q dZ` VYZb dZ`] XLY_]L^ dZ` ^SZ`WO YZ WZYRP] SLaP LYd []ZMWPX^ RP__TYR ZY TY ^ZNTP_d% dZ` NLY QTRS_ ZQQ dZ`] Z[[ZYPY_^ Md ^_`[PQdTYR _SPX ^_LXMSLYLX O]TaTYR _SPX LbLd `NN£¶LYLX XLVTYR_SPXQLWWZ`_ aTOaP´L©LX LYOzTQLWWPW^PQLTW^z Md VTWWTYR _SPX X£]L©LX ?SP WL__P] ]T_P^ L]P ZQ_PY ^Z OTQQTN`W_ _Z NL]]d Z`_ _SL_ ZYP bZYOP]^ bSd _SPd L]P XPY_TZYPO L_ LWW bSPY L [ZbP]Q`W MWZb _Z _SP SPLO bT_S L ^_Z`_ ^_TNV bZ`WO SLaP _SP ^LXP PQQPN_ :Q NZ`]^P _SP ?LY_]T^_ LW^Z LWbLd^ SL^ L QTc QZ] XL__P]^ ZQ _SP SPL]_ TY _SP QZ]X ZQ L QZ]X`WL QZ] XLVTYR _SP ZMUPN_ ZQ ZYPv^ OP^T]P bTWWTYR aL²ÅVL]L©LX _Z_`]Y`YSL[[dWZaPLQQLT]^TY_ZSL[[dZYP^?Z _LVP NL]P ZQ XL_P]TLW XL__P]^ SP NLY [P]QZ]X ]T_P^ _Z PY^`]P []Z^[P]T_d [`´¶T ,YO QTYLWWd SP SL^ [PLNP ]T_P^ ²£Y_T QZ] N]PL_TYR LYO ^LQPR`L]OTYR L WL^_TYR L_XZ^[SP]P ZQ [PLNP LYO RZZObTWW ?SP^P w^Tc QZWO XLRTN LN_^x ´L¶VL]XL LWZYR bT_S ²£Y_T ^PPX _Z SLaP MPPY ^[PNTQTNLWWd OP^TRYPO QZ] ]ZdLW ]`WP]^ # _Z ^PN`]P [ZbP] LYO bPLW_S M]TYR OZbY _SPT] PYPXTP^ LYO []Z_PN_ _SP VTYROZX^ -`_ _SP]P T^ YZ ^`NS]`WPL^NL^_PZ]RPYOP]]P^_]TN_TZYQZ]_SP^PXLY_]L]T_P^ $ ?LY_]T^_^ ^SZ`WO _SP]PQZ]P MP LMWP _Z NZ[P bT_S _SP bZ]WO LYO bT_S WTQP bT_SZ`_ ^P]TZ`^ []ZMWPX^ >Z ZYWd _SP [Z^^TMTWT_d ]PXLTY^ _SL_ _SP bZ]WO LYO _SP [PZ[WP WTaTYR TY T_ XTRS_ SLaP []ZMWPX^ bT_S _SP ?LY _]T^_^ ?Z LaZTO OTQQTN`W_TP^ ZQ _ST^ WL^_ _d[P _SP]P T^ L WT__WP YZ_P TY _SP 0YRWT^S _]LY^WL_TZY ZQ _SP XLY_]L NZX[TWL_TZY 8LY_]L8LSZOLOST $# NZY_LTYTYR L WPRLW []Z_PN_TZY NWL`^P bSTNS ^_L_P^ _SL_ wL`_SZ]^ POT_Z]^_]LY^WL_Z]^[]TY_P]LYO_SP[`MWT^SP]xL]PTYYZbLd]P^[ZY^TMWP QZ]bSL_XLdSL[[PYTQ_SPXLY_]L^[`MWT^SPOTY_ST^NL^PYZ_PYNZOPO L]P XT^`^PO Md NP]_LTY ]PLOP]^ QZ] wYPQL]TZ`^ LN_^x 4_ T^ Pc[]P^^Wd ^_L_PO _SL_ _SP XLY_]L^ []P^PY_PO TY _SP MZZV ^SZ`WO ZYWd MP `^PO QZ] wSPW[RZZONL`^PLYO^P]aTNPZQXLYVTYOx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP QZ] TY^_LYNP _SP 8LY_]L8LSZOLOST NSL[ bSTNS ]P[PL_POWd XPY_TZY^ VTYR^ TY T_^ OP_LTWPO OP^N]T[_TZY ZQ _SP^P ]T_P^ 8Z^_ ?LY_]TN ]T_`LW XLY`LW^ bP]P []ZMLMWd NZX[Z^PO LYO `^PO L_ ]ZdLW NZ`]_^ ?SP 8LY_]L8LSZOLOST z SZbPaP] ^_L_P^_SL__SP-]LSXLYL`_SZ]b]Z_P_SPNZX[TWL_TZYzLQ_P]XTR]L_TYR_ZA£]£©L^¯z QZ]ST^^ZYLYOZ_SP]-]LSXTY^ $ >PP 8LY_]L8LSZOLOST NSL[ !zLYO"z"$_SPWL__P]MPTYRL]T_PQZ] bZXPY _Z ^PN`]P _SP PYO`]TYR WZaP LYO QTOPWT_d ZQ _SPT] S`^MLYO^ .SL[_P] ZYWd OT^_TYR`T^SP^ _SP ²£Y_T ]T_P^ Q]ZX _SP Z_SP] ^Tc LN_^ 0LNS ]T_P T^ L^^TRYPO _Z NP]_LTY ^PL^ZY^LYOOLd^TY_SPW`YL]XZY_SLYO_SP]PL]POP_LTWPOTY^_]`N_TZY^ZY_SPOTQQP] PY_ ^`M^_LYNP^ `^PO _SP OTQQP]PY_ VTYO^ ZQ _]PP^ `^PO QZ] QT]PbZZO TY _SP SZXP _SP XL_P]TLWZQ_SPaP^^PW^_SPOTP_ZQ_SP[P]QZ]XP]^P_N
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
""
8Z][SZWZRdZQ_SPu>PPO>Z`YO^v
?SP XLY_]L NZX[PYOTL LYO ^TXTWL] _Pc_^ ]PaPLW L RZZO OPLW ZQ ^d^_PX L_TNaTRZ]LYOP^Z_P]TN^Z[ST^_TNL_TZY>NSZWL]Wd?LY_]T^_^N]PL_POL]PLW wXLY_]L ^NTPYNPx QZ]X`WL_TYR ^ZXP_STYR WTVP R]LXXL_TNLW ]`WP^ QZ] _SP NZ]]PN_ QZ]XL_TZY ZQ XLY_]L^ ?SP]P bL^ PaPY L WPcTNLW ^d^_PX ZQ XLY _]L ^dWWLMWP^ QZWWZbTYR _SP XZOPW ZQ _SP ;£©TYLPTN WT^_ ZQ _SP ]ZZ_^ ZQ bZ]O^ 4Y _ST^ XLY_]L ^NTPYNP _SP YZY^PXLY_TN ^dWWLMWP^ ZQ L XLY_]L MPL] _SPRPYP]TNYLXPZQwNZ]P^Z`YOxZ]w^PPO^Z`YOx MÅULM¯U£V´L]L ?SP []PaLTWTYR YZ_TZY T^ _SL_ _ST^ ZYP ^Z`YO NZY_LTY^ wQZWOPO `[x _SP Y` XTYZ`^ [ZbP] ZQ _SP XLY_]L ?SP ^PPO ^Z`YO T^ YZ_ ]PRL]OPO L^ MPTYR OPaZTO ZQ XPLYTYR Z] TX[L]_TYR YZ TYQZ]XL_TZY M`_ L_ YZ _TXP OZP^ T_ SLaPLY`YP\`TaZNLWWPcTNLWXPLYTYR:YWdTY_ST^^PY^PNLYZYPNLWWT_ YZY^PXLY_TN ,W_SZ`RS SdM]TO XLY_]L^ PcSTMT_TYR L XTc_`]P ZQ ^PXLY _TN LYO YZY^PXLY_TN PWPXPY_^ L]P _SP ]`WP _SP XLY_]L ^NTPYNP LW^Z LWWZb^_SPQZ]XL_TZYZQXLY_]L^_SL_NZY^T^_^ZWPWdZQ^`NS^PPO^Z`YO^ -d NZY_]L^_ SZbPaP] bP OZ YZ_ QTYO LYd [`]PWd ^PXLY_TN XLY_]L^ bSTNS ^SZb^ _SL_ _SP ^PPO ^Z`YO^ L]P ^PPY L^ _SP XZ^_ TX[Z]_LY_ PWP XPY_^ ?SP .LYO]LMTYO` À LYO _SP AT^L]RL à _SL_ T^ _Z ^Ld MZ_S _SP TX[Z]_LY_ QTYLW ^Z`YO^ _SL_ XLY_]L ^dWWLMWP^ NLY SLaP L]P ]PRL]OPO L^ _SP N]`NTLW [L]_^ ZQ L ^PPO ^Z`YO ?SP TY_P][]P_L_TZY ZQ _SP^P WTYR`T^_TN PWPXPY_^ T^ ^_]ZYRWd XP_L[Sd^TNLW% _SP .LYO]LMTYO` QTYLW ^Z`YO À T^ TY_P][]P_PO TY _SP XLY_]L ^NTPYNP ML^PO ZY T_^ b]T__PY QZ]X bSTNS T^ L SLWQXZZYbT_SLOZ_ZaP]T_L^LXd^_TNTY_P][WLdZQ^Z`YO Y£OL LYO WTRS_ MTYO` ?SPYLXP MTYO` QZ]wWTRS_x^PPX^ _ZMPOP]TaPO Q]ZX_SP YLXP LYO _SP QZ]X ZQ _SP .LYO]LMTYO` NSL]LN_P] ( wFSLWQH XZZY LYO O]Z[WP_x >Z`YO LYO WTRS_ TYT_TL_P LYO ]PLM^Z]M N]PL_TZY LYO L]P _SP TYYP]XZ^_LN_TaT_dbT_STY_SPRZOSPLO3P]P^Z`YOLYOWTRS_L]P^PPYL^ [P]QPN_ _SPZ[SLYTP^ ZQ _SP OPT_d TY T_^ NZ^XTN QZ]X ?ST^ TOPL SL^ NP] _LTYWd MPPY TYQW`PYNPO Md _SP DZRL _]LOT_TZY bSP]P _SP OPT_d T^ LW^Z SPL]O TY Y`XTYZ`^ ^Z`YO^ LYO ^PPY TY LXZ][SZ`^ WTRS_ aT^TZY^ >Z `W _TXL_PWdT_T^_SP.LYO]LMTYO`TYbSTNS_SPOPT_dT^[]P^PY_TY^SL[PWP^^ QZ]X ^TX`W_LYPZ`^Wd NZX[LN_ LYO ^`M_WP LYO TY bSTNS T_ bTPWO^ T_^ [ZbP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_]TN_Wd^[PLVTYRT^_SPÀ^Z`YObSTNSXZ^_ZQ_PYQZ]X^_SPQTYLW[SZYPXZQLM¯UL XLY_]L YZ_ L NLYO]LMTYO` TP LY`Y£^TVL M`_ LY LY`^a£]L 3ZbPaP] ?LY_]TN _Pc_^ WTVP_SP ;L`´VL]L¢RLXL ^PPX_Z[]PQP]_SP_P]X.LYO]LMTYO`[L]_ZQbSZ^PR]L[STN ^TRYT^_SPN]P^NPY_XZZY`YOP]YPL_S_SPOZ_Z]MTYO`QZ]^dXMZWTN]PL^ZY^NZYYZ_ TYR_SPQPXLWPL^[PN_ZQ_SPOTaTYP4YQLN_PaPY_SPLN_`LW^Z`YOTX[]P^^TZYNZXP^ NWZ^P _Z L YLeLWT^PO LQ_P]^Z`YO TY _SP NL^P ZQ M¯UL^ >PP LW^Z Z`] OT^N`^^TZY MPWZb NSL[ !
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SPL^[T]L_POAT^L]RLàSL^WTVPbT^PTY^[T]POLYP^Z_P]TNTY_P][]P _L_TZY ?SP _bZ OZ_^ XLVTYR `[ _ST^ NSL]LN_P] L]P TY_P][]P_PO L^ ±TaL LYO ±LV_T MPQZ]P N]PL_TZY z LYO _SP]PQZ]P TY _SP ^_L_P ZQ Z]TRTYLW MWT^^ >PPO^Z`YO^PYOTYRTY_SPAT^L]RL_SP]PQZ]PLTXX`NSXZ]PL__SP^Z_P ]TZWZRTNLWLYOYZP_TNLYOZYWd]L]PWdL[[PL]TY[`]PWdXLRTNQZ]X`WL^ ?SP_bZXLTY_L^V^ZQ_SP XLY_]L^NTPYNPL]P_SPQZ]XL_TZYZQYPb XLY_]L^ QZ] OPT_TP^ ST_SP]_Z bT_SZ`_ XLY_]L^ LYO _SP TY_P][]P_L_TZY ZQ XLY_]L^ _SL_ LW]PLOd PcT^_ ?SP YPbWd N]PL_PO ^PPO ^Z`YO^ RPYP]LWWd [Z^^P^^ L WL]RP] [SZYP_TN ^[PN_]`X _SLY OZ _SP ^[ZY_LYPZ`^ XTXP_TN ^dWWLMWP^ WTVP _SZ^P TY _SP ^V`WWMPL]P] ^ZYR 1Z] PcLX[WP bP QTYO 27,@¿QZ]6´©LA4¿QZ]AT´©`µ3,¿QZ]_SPXZZYRZOP_NLYO PaPYaT]_`LWWd`Y[]ZYZ`YNPLMWPQZ]X^^`NSL^37¢¿3A7®¿=37»¿ 37D,4¿ 37,@¿ z L ^P\`PYNP ^_LYOTYR QZ] NP]_LTY YL_`]LW PWPXPY_^ 4Y NZY_]L^_ _Z _SP QTYLW ^Z`YO^ TYT_TLW ^Z`YO^ LYO aZbPW^ TY _SP XLY_]L ^NTPYNP L]P ZQ_PY ^PWPN_PO LYO NZXMTYPO LNNZ]OTYR _Z [`]PWd ^dXMZWTN N]T_P]TL 1Z] TY^_LYNP _SP [Z[`WL] XLY_]L ZQ _SP 2]PL_ 2ZOOP^^ ,4¿ 3=®¿ ±=®¿ 67®¿ >,@ T^ STRSWd ^dXMZWTN ?SP ?LY_]L NZXXPY_L _Z]^L__]TM`_P_SPQZWWZbTYRXPLYTYR^_Z_SP^P^dWWLMWP^% ,4¿ 3=®¿ ±=®¿ 67®¿ >,@
(7LYR`LRP2ZOOP^^Z]P^^PYNPZQ^[PPNS (8£d£²LV_T[ZbP]ZQX`W_T[WTNL_TZYLYObZ]WONZY^_]`N_TZY (2ZOOP^^ZQ1Z]_`YP (;]TYNT[WPZQ0]Z^ (TXXZ]_LWPcT^_PYNPTY_SP^`[P]YL_`]LW
?SP _S]PP M¯UL^ ,4¿ 3=®¿ ±=®¿ TYaL]TLMWd []PQTc LWXZ^_ LWW XLY_]L^ ZQ_SP±]¯aTOd£_]LOT_TZYLYOL]P^LTO_ZMP_SP^PPO^ZQN]PL_TZYPc[LY ^TZY[P]^T^_PYNPLYOOP^_]`N_TZYNZY_]LN_TZY4Y_SP6`MUTV£_]LOT_TZY ZY_SPZ_SP]SLYOZYWd_SP M¯UL ,4¿ T^NPY_]LWLYO[]PNPOP^XZ^_XLY _]L^ZQ_SP ^NSZZW 8Z]PZaP]T_ T^ _SPQT]^_^dWWLMWPZQLR]Z`[ZQQTaP ^PPO ^dWWLMWP^ _SL_ L]P NLWWPO _SP w1TaP -]LSX£^x ;LÓNLM]LSXL XLY_]L Z] w1TaP 4Y^_]`XPY_^x [LÓNLVL]L©L LYO NZXMTYP _SP _S]PP XLUZ] ±LV_T M¯UL^ bT_S _bZ ±TaL M¯UL^% ,4¿ 3=®¿ ±=®¿ ;3=0¿ 3>,@¿ ?ST^ R]Z`[ ZQ QTaP OPYZ_P^ L_ _SP ^LXP _TXP _SP QTaP NZ^XTN LN_TZY^ bSTNS L]P L^N]TMPO _Z ±TaL L^ bPWW L^ _Z _SP 2]PL_ 2ZOOP^^% N]PL_TZY [P]^T^_PYNP OP^_]`N_TZY aPTWTYR LYO R]LNP ?SP ±]¯aTOd£ VYZb^ L ^TXTWL] M`_ aL]TLY_ M¯UL NZXMTYL_TZY _Z OPYZ_P _SP ^Z NLWWPO w1TaP 2SZ^_^x [LÓNL[]P_L bSZ NZY^_T_`_P _SP QZ`] QPP_ LYO _SP XL_ _]P^^ ZQ _SP _S]ZYP ZQ _SP ^`[]PXP RZOOP^^ ?]T[`]£ YLXPWd -]LSX£ AT´©` =`O]L 8LSP²aL]L LYO >LO£²TaL bSZ ]P[]P^PY_ _SP ^LXP QTaP NZ^XTNQ`YN_TZY^4Y_ST^bLd_SP?LY_]TN_]LOT_TZY^OPWTYPL_P_SPT]OTQ QP]PYNP^ Q]ZX ZYP LYZ_SP] Md ^NSZZW^[PNTQTN M¯UL NZXMTYL_TZY^ PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ /dNeVZb^VT ,5Z`]YPd !#
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"$
_SZ`RS _SP _SPZWZRd XLd MP \`T_P ^TXTWL] Z] [L]_Wd ZaP]WL[ z bSTNS T^ LW^ZPc[]P^^POMd_SPaL]TLY_^ZQ_SP^LXPZ]^TXTWL]^Z`YONZOP^ 4QbPLYLWdeP_SPQZ]X^ZQ^`NS^LN]POQZ]X`WL^bPQTYO_SL__SP]P L]P_S]PPOTQQP]PY_bLd^ZQNZOTYR_SPX% .ZOTYR `^TYR _SP []TYNT[WP ZQ LN]Z[SZYd 1Z] PcLX[WP ±=®¿ T^ ^TX[Wd_SPRZOOP^^v^YLXPw±]¯xTP _SP4YOTLY 1Z]_`YL_ZbSTNS_SP ZMWTRL_Z]d ,Y`^a£]L SL^ MPPY LOOPO , ^TXTWL] ^PPO ^Z`YO _SL_ NLY MP NWPL]Wd _]LNPO MLNV _Z _SP []TYNT[WP ZQ LN]Z[SZYd T^ >?=®¿ L ^PPO ZQ _SPRZOOP^^QZ]_SP^[PWWQZ]QP]_TWT_dLYOLMZaPLWWQZ]WZaPQ]ZXw^_]¯x bZXLY ,YZ_SP] NWPL] PcLX[WP T^ _SP ^PPO ^Z`YO 2,¿ ZQ w2L©P²Lx Z] w2L©L[L_Tx z MZ_S ZQ bSTNS L]P YLXP^ ZQ _SP MPWZaPO [Z_MPWWTPO PWP[SLY_SPLOPO RZO bSZ _LVP^ LbLd LWW []ZMWPX^ 4Y Z_SP] NL^P^ _ZZ _SP^PPO ^Z`YOT^QZ]XPOQ]ZX_SPQT]^_^dWWLMWPZQ_SP RZOv^YLXP[W`^ _SP ,Y`^a£]L% 6@¿ ^_LYO^ QZ] 6`X£]L A4¿ QZ] AT´©` /»¿ QZ] /`]R£P_N .ZOTYR LNNZ]OTYR _Z L ^PXLY_TN ^dXMZWTN VPd LW^Z ML^PO ZY LN]Z[SZYd1Z]PcLX[WP6³,¿T^OP]TaPOQ]ZX V´P_]L wQTPWOWLYOx Z] [Z^^TMWd Q]ZX V´LdL wOPNLd OT^TY_PR]L_TZYx ,_ _SP ^LXP _TXP T_ T^ L^^ZNTL_PObT_S_SPPYOZQ_SPbZ]WO ^LÀaL]_L MPNL`^PT_ZNN`]^L__SP PYOZQ_SP?LY_]TNLW[SLMP_bSTNSLOO^NP]_LTYT_PX^TYNW`OTYRwV´Lx_Z _SP YZ]XLW LW[SLMP_ 6³, ZNN`]^ TY _SP XLY_]L ZQ _SP RZOOP^^ ?aL]T_£ QZ] TY^_LYNP% :¿ 3=®¿ 3@¿ 630 ., .30 6³, >?=® 3»¿ 6³0 3=®¿ ;3,µ 4_ LWbLd^ OPYZ_P^ L bTWO Q]TRS_PYTYR OPT_d bT_S _SP [ZbP] _Z OP^_]Zd PaTW ^`NS L^ _SP R`L]OTLY OPT_TP^ V´P_]L[£WL bSZ []Z_PN_L]T_`LW^[LNP1Z]XL_TZY^`^TYR6³,L]P_SP]PQZ]PWTVP;3,µ `^PO L^XLRTN L]XZ]4Y_SP^PQZ]XL_TZY^ _SP[]TYNT[WPZQ ^Z`YOXTXP ^T^NZY_TY`P^_ZMPaP]d[ZbP]Q`W .ZOTYR aTL TYOTaTO`LW ^Z`YO^ _SL_ L]P RTaPY L Y`XP]ZWZRTNLW ^dXMZWTNaLW`P1Z]PcLX[WP_SPQZ`]aT^TMWPPWPXPY_^zLT]QT]PbL_P] LYOPL]_SzL]PLWWZNL_PO_Z_SPR]Z`[ZQQZ`]^PXTaZbPW^dL]LWLLYO aL>Z_SP^PPO^Z`YO^ZQ_SPQZ`]PWPXPY_^LYOL__SP^LXP_TXPZQ_SP OPT_TP^ZQ_SP]P^[PN_TaPPWPXPY_LW^[SP]P^^Z`YOWTVP_ST^% >dWWLMWP% D,¿ =,¿ A,¿ 7,¿ 0WPXPY_% LT] QT]P bL_P] PL]_S /PT_d% A£d` ,RYT AL]`©L 4YO]L ?SPZ]OP]ZQ_ST^^P]TP^ZQPWPXPY_^QZWWZb^_SPLW[SLMP_dL]LWLaL& ZYWdA,¿LYO7,¿SLaP^bL[[PO[WLNP^[]ZMLMWd^Z_SL__SP^dWWLMWP A,¿NLYMPLWWZNL_PO_ZAL]`©L_SPRZOZQ_SP^PL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP 8LY_]L8LSZOL_T $!z$" ±£]LO£?TWLVL?LY_]Lz
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
>ZXP [SZYP_TN ^_]`N_`]P^ LXZYR^_ _SP ^PPO ^Z`YO^ L]P XZ]P OTQQT N`W_ _Z Pc[WLTY 1Z] PcLX[WP _SP ^PPO ^Z`YO ZQ _SP RZO 6£XL ( 0]Z^ T^ w67®¿x ?SP QLN_ _SL_ _SP LN]Z[SZYTNLWWd OP]TaPO wV£Xx _`]Y^ TY_Z wV¯XxNLYMPPc[WLTYPOMdLYLWZRd_Z_SP^dWWLMWP>?=®¿_SL_T^QZ`YO TYWZaP XLRTN4YZ_SP]NZY_Pc_^ _SPaZbPW w®xRPYP]LWWd^TRYLW^ QPXLWP OPT_TP^ 3P]P _SP XLY_]L 67®¿ ]P[]P^PY_^ L ^TRYTQTNLY_ PcNP[_TZY MP NL`^PT_^_LYO^L^LYP]Z_TN^dWWLMWPQZ]^Pc`LW]PWL_TZY^ST[^MP_bPPY_SP ^PcP^LYOL^^`NSNLYL[[PL]TY_SPXLY_]L^MZ_SZQXLWPLYOZQQPXLWP OPT_TP^L^^SZbYMd_SPLMZaPXPY_TZYPOXLY_]LZQ_SP2]PL_2ZOOP^^ ?SP w7x TY^P]_PO TY _SP XLY_]L 67®¿ T^ []ZMLMWd _LVPY Q]ZX _SP PL]_S ^dWWLMWP 7,¿ w0L]_Sx T^ L^^ZNTL_PO ^TX`W_LYPZ`^Wd aTL _SP ^[SP]P ZQ 4YO]LVTYRZQ_SPRZO^^PP_SP^P]TP^ZQPWPXPY_^LMZaPbT_SPL]_SWd SL[[TYP^^ZQLYdVTYObSTNST^bSdXZYV^[]PQP]_ZVPP[_SPT]OT^_LYNP Q]ZX _SP ^dWWLMWP 67®¿ ?SPd XLd MP bZ]^ST[[P]^ ZQ _SP RZOOP^^ M`_ _SPd L]P YPaP] 6£XL bZ]^ST[[P]^ BSPY _SPd `^P L ?LY_]TN RZOOP^^ XLY_]L T_ T^ YPaP] ZYP _SL_ NZY_LTY^ _SP ^PPO XLY_]L 67®¿ ^TYNP _ST^ ZYP^_LYO^QZ]0]Z^[P]^ZYTQTPOLYOzLNNZ]OTYR_Z _SPT]MPWTPQzM]TYR^ LMZ`_QZ]_`YPTYWZaP 0aPY _SZ`RS ^ZXP ^PPO ^Z`YO^ NLY MP Pc[WLTYPO _ST^ bLd _SP XL UZ]T_d ZQ _SPX NLYYZ_ MP NZX[WP_PWd OPNZOPO `^TYR L [`]PWd LYLWd_TNLW []ZNPO`]P 4_ T^ ]L_SP] ]L]P _Z QTYO LN]Z[SZYTP^ L^ ZMaTZ`^ L^ TY _SP^P PcLX[WP^ >dXMZWTN VPd^ L]P YZ_ LWbLd^ ^_]LTRS_QZ]bL]O PT_SP] 1Z] TY^_LYNP_SP 8LY_]£MSTOS£YL L?LY_]TNWPcTNZYRTaP^L_Z_LWZQ"^[P NTQTNXPLYTYR^U`^_QZ]_SPaZbPWw®x -`_OP^[T_P_SP^PX`W_T[WPXPLYTYR^ZQT_^[SZYP_TNNZX[ZYPY_^_SP ^PPO ^Z`YO T_^PWQ OZP^ YZ_ SLaP XZ]P _SLY ZYP XPLYTYR =L_SP] T_ T^ LWbLd^ LM^ZW`_PWd `YP\`TaZNLWWd L^^ZNTL_PO bT_S L NP]_LTY OPT_d Z] L NP]_LTY[ZbP]LYOLYL_XZ^[SP]P>TYNPXLY_]LLYOOPT_dNZTYNTOPLYO ^PPO XLY_]L^ LWbLd^ SLaP \`T_P NWPL] NZYYZ_L_TZY^ ^PPO XLY_]L^ L]P YPaP]TY_P]NSLYRPLMWPz`YWTVP_SPYLXP^ZQ_SPRZO^1Z]TY^_LYNP,4¿ LWbLd^OPYZ_P^_SPWLYR`LRPRZOOP^^3=®¿LWbLd^OPYZ_P^8£d£²LV_T _SP RZOOP^^ L^ _SP R]PL_ XZ_SP] ZQ bZ]WO^ LYO ±=®¿ LWbLd^ OPYZ_P^ _SP RZOOP^^ L^ _SP P[T_ZXP ZQ PaP]d_STYR _SL_ L`RP]^ SL[[TYP^^ 67®¿ LWbLd^ OPYZ_P^ _SP P]Z_TN OTXPY^TZY LYO >,@ LWbLd^ OPYZ_P^ LY P^Z_P]TN RYZ^_TN L^[PN_ >Z _SP XLY_]L ,4¿ 3=®¿ ±=®¿ 67®¿ >,@ T^ L^^ZNTL_PO bT_S L ^dY_SP_TN RZOOP^^ QTR`]P 4Y _ST^ NL^P LWW [Z^^TMWP[Z^T_TaPL^[PN_^ZQ_SP2]PL_2ZOOP^^L]PM]Z`RS__ZRP_SP]TYL ^TYRWPXLY_]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -PNL`^P67®¿\`T_PNWPL]WdTYOTNL_P^_SPP]Z_TNOTXPY^TZYZ]PW^PMPNL`^P_SPLOOT _TZYZQ_ST^^PPO^Z`YOLWbLd^TY_]ZO`NP^LYP]Z_TNOTXPY^TZY_SP^dWWLMWPT^LW^ZL^ ^ZNTL_PO bT_S _SP [L^_Z]LW RZO 6Û©L bSZ T^ VYZbY QZ] ST^ LXZ]Z`^ LQQLT]^ bT_S NZbXLTO^
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
0aP]d^PPO^Z`YOSL^zTYOP[PYOPY_ZQ_SPOPT_dZ]OPT_TP^_ZbSTNS T_ T^ LWWZNL_PO z LY `YXT^_LVLMWP [P]^ZYLWT_d ZQ T_^ ZbY LYO LW^Z _SP ^d^_PX ZQ _SP ^PPO XLY_]L^ SL^ ^P[L]L_P WLb^ ZQ T_^ ZbY >PPO XLY_]L^ NLY MP^_Zb LOOT_TZYLW \`LWT_TP^ ZY QLXTWTL] OPT_TP^ bSTNS _SPd bZ`WO YZ_ SLaP Z_SP]bT^P Z] _SPd NLY LNNPY_`L_P NP]_LTY L^[PN_^ ZQ L OPT_d 1Z]PcLX[WP_SPaT]RTYLWRT]WWTVPRZOOP^^-£W£?]T[`]L^`YOL]¯bSZ^P ^PPO XLY_]L T^ ,4¿ 67®¿ >,@ OPaPWZ[^ \`T_P OTQQP]PY_ TNZYZ R]L[STP^LYOQ`YN_TZY^OP[PYOTYRZYbSP_SP]67®¿Z]>,@]PNPTaP^ [L]_TN`WL] PX[SL^T^ TY SP] XLY_]L QZ] PcLX[WP Md O`[WTNL_TZY Z] bSP_SP]_SPdL]PLM^PY_LW_ZRP_SP] >ZXP OPT_TP^ NLY TY QLN_ ZYWd MP Pc[]P^^PO aTL _SPT] ^PPO XLY_]L^ PR _SP 8£d£²LV_T ,YO ^ZXP_TXP^ PaPY YPb XZ]P Pc_PY^TaP OPT_TP^ wL]T^Px _S]Z`RS _SP Q`^TZY ZQ TYOTaTO`LW ^PPO XLY_]L^ >`NS SdM]TO OPT_TP^ NLY SLaP aP]d NZX[WTNL_PO XLY_]L MZOTP^ ^`NS L^ 3>673=®¿ ?]T[`]LMSLT]La¯ XLY_]L =6³8=D,@¿ .TY_£XL©T XLY_]L 3=D,@»¿ 8£]_£©L-SLT]LaL XLY_]L Z] 3>6³87A=D» 9La£_XLY-SLT]LaL ?ST^ XLVP^ T_ [Z^^TMWP _Z SLaP wX`W_T^PPOx XLY_]L^ ^`NS L^ _SP ^dWWLMWP XLY_]L ZQ _SP XZYVPd RZO 3LY`X£Y z 3,@¿ 3>;3=0¿ 63;3=0¿ 3>=,@¿ 3>,@¿ 3>6;3=0¿ SLY`XL_P YLXLà z NZY^T^_TYR ZQ T_PX^ TYNW`OTYR L ±TaL ^PPO LYO L ?LY_]TePOaTWWLRPOPT_d
8LY_]L=T_`LW^
?]LOT_TZYLWWd XLY_]L^ ^SZ`WO YZ_ MP WPL]YPO Q]ZX MZZV^ M`_ Q]ZX L R`]` bSZ TYT_TL_P^ Z_SP]^ TY_Z XLY_]L^ ?SP^P TYT_TL_TZY^ O¯V´£ L]P NZX[]T^PO ZQ NZX[WTNL_PO TYOTaTO`LW ]T_`LW^ bSTNS NZY^T^_ []TYNT[LWWd ZQ ^[PPNS LN_^ LYO XPY_LW _]LY^QP]^ ! ?SP PcP]NT^P^ TYaZWaP aL]TZ`^ _STYR^ TYNW`OTYR bSL_ T^ NLWWPO _SP w[`]TQTNL_TZY ZQ _SP PWPXPY_^x MS¼_L²`OOST TY bSTNS _SP _PLNSP] OT^^ZWaP^ ST^ ZWO MZOd bT_S _SP SPW[ZQ_SPPWPXPY_L]d^dWWLMWP^D,¿=,¿A,¿LYO7,¿LYO_SPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP 8LY_]L8LSZOLOST # LYO ;L]L²`]£XL6LW[L>¼_]L bSTNS RTaP^ _SP -£WL XLY_]L ,4¿TYPYNZOPOQZ]XZYWd ! >PP QZ] TY^_LYNP _SP >ZXL²LÀMS`;LOOSL_T NSL[ Z] _SP QT]^_ NSL[_P] ZQ _SP ;L]L²`]£XL6LW[L^¼_]L L QLXZ`^ ?LY_]TN ]T_`LW XLY`LW []PQLNP^ _SP TYT_TL_TZY ]T_P^ bT_S RYZ^_TN _PLNSTYR^ LYO P_STNLW ]`WP^ QZ] L ?LY_]TN WTQP^_dWP DP_ Z_SP] TYT_TL_TZY []P[L]L_TZY^LYO]T_P^L]POP^N]TMPOMd/dNeVZb^VT ,5Z`]YPd "#QY# ?SP OP_LTW^ ZQ TYT_TL_TZY OTQQP] LNNZ]OTYR _Z WTYPLRP _PLNSP] LYO OT^NT[WP LYO SLaP MPPY WT__WP ^_`OTPO L^ dP_ >ZXP ?LY_]L^ ^`NS L^ _SP ;]L[LÓNL>£]L NSL[ LYO ! 6`W£]©LaL NSL[LYO ±£]LO£?TWLVL NSL[LYO XPY_TZYXZ]PZ]WP^^M]TPQWd LY`XMP]ZQOTQQP]PY_VTYO^ZQTYT_TL_TZY:`]^SZ]_OP^N]T[_TZYLMZaPT^]P^_]TN_PO_ZL ML^TN[L__P]YZQ_]LY^QP]PYNPZ]R`]`OT^NT[WPTY_P]LN_TZY_SL_T^QZ`YOTY_Pc_^WTVP_SP ±£]LOL?TWLVL?LY_]L
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
]PNZY^_]`N_^ T_ LYPb Q]ZX [`]P PWPXPY_^ " -d XPLY^ ZQ _ST^ PcP]NT^P LYO Z_SP]^ SP MPNZXP^ _SP LN_`LW PXMZOTXPY_ ZQ _SP OTaTYP [L]LX£_XLY 4Y _ST^ ^_L_P _SP _PLNSP] YZb XLVP^ ST^ ZbY NZY^NTZ`^YP^^Q`^PbT_S_SL_ZQ_SPYZaTNP:YNP_ST^SL^SL[[PYPO_SP YZaTNPv^MZOdT^TYT_TL_PObT_SL]T_PbSZ^P^_]`N_`]PT^LYLWZRZ`^_Z_SP NZY^PN]L_TZY ZQ L _PX[WP ,Q_P] _ST^ NZY^PN]L_TZY _SP YZaTNP T^ PYLMWPO _Z`^PXLY_]L^STX^PWQ ?SPZ]P_TNLWWdSPNZ`WOYZb^`NNP^^Q`WWd`^PLYdXLY_]LSPQLYNTPO -`__SP]PT^LYZ_TZY_SL_YZ_PaP]dXLY_]LT^^`T_LMWPQZ]PaP]dYZaTNP 8LY_]L^ L]P TYOTaTO`LW [P]^ZYLWT_TP^ 5`^_ L^ TY L XL]]TLRP ZYP NLYYZ_ L`_ZXL_TNLWWd L^^`XP _SL_ YZaTNP LYO XLY_]L bTWW RP_ LWZYR # ,YO ^TXTWL]Wd _Z L XL]]TLRP QZ] _ST^ ]PL^ZY _SP SZ]Z^NZ[P ZQ _SP YZaTNP LXZYR^_ Z_SP] _STYR^ T^ NZY^`W_PO _Z QTYO Z`_ TY LOaLYNP bSTNS XLY _]L^bZ`WO]P^`W_TYOTQQTN`W_TP^LYObSTNSXLY_]L^[]ZXT^P_ZMPP^[P NTLWWd ^`NNP^^Q`W ?SPwb]ZYR[]Z[P]_TP^xZQ LXLY_]L RPYP]LWWd NZY^T^_ ZQ `Y^`T_LMWP L]]LYRPXPY_^ ZQ ^dWWLMWP^ Z] `Y^`T_LMWP Y`XMP]^ ZQ _SPX $ 4QZYPbT^SP^_Z_LVP`[_SP[]LN_TNPZQXLY_]L^L^L]`WP_SP]PT^L WZYRP] [SL^P ZQ ]P[P_T_TZY ZQ ZYPv^ [P]^ZYLW w]ZZ_ XLY_]Lx _Z XLVP T_ PQQPN_TaP ^TOOSL :YNP _SP XLY_]L SL^ MPPY NZX[WP_PWd L^^TXTWL_PO LYO TY_P]YLWTePO T_ NLY _SPY MP `^PO TY aP]d OTQQP]PY_ bLd^ ^ZXP ZQ bSTNSXLdMPX`W_TXPOTLW
0YNZOTYRLYOAT^`LWTeL_TZYZQ8LY_]L^ , ?LY_]TN XLY_]L LWbLd^ MPWZYR^ _Z L NP]_LTY ^[PNTQTN OPT_d bT_S L NP] _LTY ^[PNTQTN QZ]X bSTNS T^ LWbLd^ []PNT^PWd OP_P]XTYPO MZ_S LY_S]Z [ZXZ][STNLWWd LYO TNZYZR]L[STNLWWd TY ]PWL_TZY _Z SZb _SP SLYO^ L]P SPWO _SP ^PL_TYR [Z^T_TZY NZWZ] ZQ _SP MZOd LYO bPL[ZY^ LYO Z_SP] ZMUPN_^ T_ NL]]TP^ 3ZbPaP] _ST^ TNZY T^ YZ_ YPNP^^L]TWd L XL_P]TLW TX LRP4_L[[PL]^[]TXL]TWdTYLaP]^POP^N]TMTYRLWW_SPTNZYZR]L[STNQPL _`]P^ TY OP_LTW ?ST^ XPOT_L_TZY aP]^P OSd£YL²WZVL _LVPY Q]ZX LYd ?LY_]TNXLY`LWT^]PNT_POL__SPMPRTYYTYRZQ_SPOTaTYP^P]aTNP_ZXLVP T_ [Z^^TMWP _Z aT^`LWTeP _SP OPT_d XPY_LWWd ,YO bT_S _SP^P XPOT_L_TZY aP]^P^_ZZ_SPNWZ^PL^^ZNTL_TZYMP_bPPY?LY_]LLYOL]_LRLTYMPNZXP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 4Y ZWOP] ?LY_]L^ ZYWd _SP _PLNSP] [P]QZ]X^ _ST^ PcP]NT^P ZY STX^PWQ M`_ TY WL_P] ]T_`LWXLY`LW^T_T^ZMWTRL_Z]dMPQZ]PPaP]d?LY_]TNbZ]^ST[ # ?ST^ T^ ^ZXPbSL_ OTQQP]PY_ TY _SP NL^P ZQ ^PN_L]TLY OPaZ_TZYLW XLY_]L^ MPNL`^P _SPT] Q`YN_TZYT^[]TXL]TWd^Z_P]TZWZRTNLW $ :Y_SPSTRSWd_PNSYTNLW[]ZNPO`]P^L[[WTPO_ZQTYOZ`_bSP_SP]_SPXLY_]LT^^`T_LMWP QZ] L [L]_TN`WL] [P]^ZY ^PP 2`O]`Y -ÞSYPXLYY w:Y ;`]L²NL]L©L% 6`W£]©LaL_LY_]L .SL[_P] xTY =T_`LWLYO>[PN`WL_TZY !z!
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
NWPL]8LYdZQ_SPaP]^P^L]Pb]T__PYTYLYPcNP[_TZYLWWdL]_T^_TN6£adL ^_dWPTPTYOTQQTN`W_XP_P]^LYO`^TYR]L]PbZ]O^4_T^YZ]XLW_Z]PNT_P ^`NS XPOT_L_TZY aP]^P^ TY L ^PXTX`^TNLW XLYYP] :aP] _SP NZ`]^P ZQ _TXP SdXY^ ZQ []LT^P _Z _SP OPT_d L]P LOOPO _Z LNNZX[LYd _SP XPOT_L _TZYaP]^P^ @YWTVP _SP APOTN XLY_]L^ ?LY_]TN XLY_]L^ L]P YZ_ ^TX[Wd ]PNT_PO M`_ NPWPM]L_PO , ^TYRWP XLY_]L T^ _SP ML^TN PWPXPY_ ZQ ^PaP]LW ]T_P^ 5`^_ _Z RTaP LY PcLX[WP ZQ _SP XLYd LYO aL]TPO L^[PN_^ ZQ L XLY_]L z _SP bLd _SL_ T_ Q`YN_TZY^ LYO T_^ ]T_`LW `^P z bP SLaP NSZ^PY _SP w8_d`ÓULdL 8LY_]Lx bSTNS ZQQP]^ L [L]_TN`WL]Wd NWPL] TWW`^_]L_TZY ZQ _SPNZXMTYL_TZYZQaL]TZ`^OTQQP]PY_L^[PN_^NZYNP]YTYR_SPOPT_dMPTYR bZ]^ST[[PO ?SP ±TaL QZ]X ZQ _SP 8_d`ÓULdL _SP wOPL_SNZY\`P]Z]x T^ZYPZQ_SPOPT_TP^bSZL]POPQTYPO^ZWPWdMdLXLY_]L >`NSXLY_]L^L]PLWbLd^]PYOP]POTYLYPYNZOPOQZ]XTY_SP?LY_]L WT_P]L_`]P^ _Z []PaPY_ _SP `YTYT_TL_PO Q]ZX MPNZXTYR QLXTWTL] bT_S L XLY_]L ^TX[Wd Md SPL]TYR _SP ?LY_]L ]PNT_PO LYO _SPY `^TYR _SP XLY_]L _Z ^[]PLO XT^NSTPQ ?SP XLY_]L ZQ _SP wOPL_SNZY\`P]Z]x T^ RTaPY PY NZOPOQZ]TY^_LYNPTY_SP ;]L[LÓNL>£]L NL"_SNPY_,/ % w?SP ^PaPY_S ZQ _SP SPLaPY^ VSLX bT_S _SP PL] [Z^^P^^TYR L SLWQXZZY _SP QTQ_S ZQ _SP PL]_S V` bT_S _bZ XZZY^ LYO L_ _SP MPRTYYTYR _SP ;ZWP >_L] OS]`aL z 8_d`ÓULdL L XLY_]L _SL_ NLY []Z_PN_ _SP ?LY_]T^_ T^ _S`^ RTaPYTYLNWPL]QZ]Xx
:Q NZ`]^P YZ_STYR LMZ`_ _SP aP]^P T^ NWPL] `YWP^^ dZ` VYZb _SP NZOP ,YO T_ T^ YZ_ NZX[WP_PWd TX[Z^^TMWP QZ] _SP `YTYT_TL_PO _Z WPL]Y _SP NZOP ,W_SZ`RS _SP ?LY_]L T^ QLXPO QZ] MPTYR L ^PN]P_ VYZbWPORP ^d^ _PX TY NZX[L]T^ZY _Z ^`NS _STYR^ L^ _SP 2]PPV Xd^_P]d N`W_^ LMZ`_ bSTNS bP VYZb aP]d WT__WP QZ] NP]_LTY _SP]P L]P bSZWP WTM]L]TP^ ZY _SP ?LY_]L?SP?LY_]LL`_SZ]^_SPX^PWaP^_LVPR]PL_[LTY^_ZLOSP]P_Z_SP []TYNT[WPZQwVPP[dZ`]XLY_]L^L^^PN]P_L^L]P^[PN_LMWPQLXTWdVPP[^ LXL]]TLRPLMWPOL`RS_P]xLYONZ]]P^[ZYOTYRWdYPaP]Pc[Z^PXLY_]L^TY `YNZOPO QZ]X -`_ _SP NZXXPY_L_Z]^ `^`LWWd ^NZ_NS _SP^P [WLY^ QZ] ZYWd TY _SP ]L]P^_ ZQ NL^P^ NLY _SPd ]P^T^_ _SP _PX[_L_TZY _Z M]PLV _SP NZOP^ LYO []Z`OWd []P^PY_ _SP ]P^`W_^ TY _SPT] NZXXPY_L]TP^ bT_SZ`_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP _SP aL]TZ`^ OTQQP]PY_ ]L_TZYLWP^ TY ±£]LO£?TWLVL?LY_]L NZXXPY_L]d ZY NSL[_P] a LYO ZY aL]TZ`^ PYNZOTYR _PNSYT\`P^ LYO OPNZOTYR ^_]L_PRTP^ .WL`OTL BPMP] /L^ ;L]L´`]£XL6LW[L^¼_]L 1]LYVQ`]_% 7LYR "$ ?SP]P L]P LNNZ]OTYR _Z BPMP]PcLX[WP^ZQOTQQP]PY_OPNZOTYR^TP_SPdL]P[L]_ZQYPRZ_L_TZY^ /`P _Z ^_dWT^_TN ]PL^ZY^ bP ^`RRP^_ L ]L_SP] PL]Wd OL_P QZ] _ST^ bZ]V TY NZY_]L^_ _Z >LYOP]^ZYw,_SL]aLaPOTY^TY?LY_]TN?P]]T_Z]dxz bSZL]R`P^TYQLaZ]ZQLY :]T^^LY_Pc_ZQ_SPPL]Wd_SNPY_,/ VSL^L[_LXLàVL]©Ld`_Zv]OSLNLYO]La£YV`[LÓNLXZOa¯YO`d`_ZOS]`a£OSTVLàg XLY`^_aLdLÀX_d`ULd£_XLVLà^[S`¶LÀ^LX¯]T_Là^£OSLVL]LV´L©LV´LXLàgg ;]L[LÓNL>£]L #PO,aLWZY
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
LYdPYNZOTYR L_ LWW >TYNP_SPNZOP^L]PWL]RPWd ^_LYOL]OTePOLYOX`NS _SP^LXPPYNZOTYR_PNSYT\`P^L]P`^POTYLWW?LY_]L^ZQ_PY_SPNZOPNLY MP M]ZVPY PaPY bT_SZ`_ L NZXXPY_L]d Md LYdMZOd bSZ T^ bPWW aP]^PO TY _SP^P _Pc_^ -`_ _SZ^P bSZ SLaP YZ ^[PNTLW ?LY_]TN VYZbWPORP bTWW MP`[LRLTY^_LM]TNVbLWWLYO_ST^T^[]PNT^PWd_SPTY_PY_TZY BSPY OPNZOPO _SP wPL]x TY _SP aP]^P XPLY^ _SP aZbPW w»x _SP SLWQXZZYXPLY^_SP,Y`^a£]L_SP_bZXZZY^TP_bZOZ_^XPLY_SP AT^L]RLLYO_SP;ZWP >_L] XPLY^:¿1Z] _SPZ_SP] _bZVPd^_SP]PT^L WT__WP_]TNV%_SPwQTQ_SZQ_SPPL]_Sx]PQP]^_Z_SP^Z`YOw>LxL^_SPPL]_S T^ LWWZNL_PO _Z _SP ^Z`YO w7Lx LYO w>Lx T^ _SP QTQ_S ^Z`YO TY _SP LW[SL MP_ LQ_P] w7Lx :YP XTRS_ YZb ^`[[Z^P _SL_ _SP w^PaPY_S ^Z`YO ZQ _SP SPLaPY^x T^ _SP ^PaPY_S ^Z`YO LQ_P] w3Lx _SP ^PPO XLY_]L ZQ _SP P_SP] LYO_SPSPLaPY^M`_TYQLN__SP]PT^YZ^`NS^Z`YO?SP^ZW`_TZY_Z_SP [`eeWPT^_ST^% _SP bZ]O VSLX wSPLaPY^xXPLY^ T_^PWQ_SL_T^ T_^ZbY [SZYP_TN QZ]X ^aL^aL]¼[L _SP ^Z`YO w6SLx >Z _SP w^PaPY_S ZQ _SP SPLaPY^x VSLX T^_SP^Z`YOw5Lx_SP^PaPY_S^Z`YOLQ_P]w6SLx?ST^ XPLY^_SL__SPXLY_]LZQ_SPwOPL_SNZY\`P]Z]x]PLO^:¿5»¿>, 0aPY _SP XLY_]L ^dWWLMWP^ _SP NZ^XTN :¿ LNNZX[LYTPO Md >, bSTNS T^ ]PXTYT^NPY_ ZQ _SP P^Z_P]TN RYZ^_TN >,@ XLVP T_ NWPL] _SL_ _ST^T^YZ__SP^V`WWMPL]P] bT_SST^ ^NZ]YQ`WWL`RS_P] M`_LNZ^XTNLYO ^ZWPXY QZ]X ZQ ±TaL ,NNZ]OTYR _Z ST^ XPOT_L_TZY aP]^P ZYP ^SZ`WO aT^`LWTePSTXL^QZWWZb^% w8ZZY^`YLYOQT]PL]PST^PdP^>XTWTYRFSP_L]]TP^HMP_bPPY_bZWZ_`^P^ FZYP ZQ _SPX MPWZb bT_S T_^ MWZ^^ZX [ZTY_TYR `[bL]O^ _SP Z_SP] LMZaP bT_S T_^ MWZ^^ZX [ZTY_TYR OZbYbL]O^H :YP SLYO XLVP^ _SP RP^_`]P ZQ VYZbWPORP bSTWP _SP Z_SP] F_S]PP SLYO^H SZWO L ^YL]P L RLePWWP LYO L ]Z ^L]d9PN_L][Z`]^Z`_ZQ_SPXZZYL_Z[ST^XZ`YOZQSLT]LYOQWZZO^ZaP] ST^ WTXM^ ±TaL bT_S _SP NZWZ] ZQ ^YZb LYO ]LOTLY_ TY ST^ [PL]W^ NSL]X^ _SP `YTaP]^P bT_S ST^ MPL`_d ?ST^ T^ SZb _Z PYaT^LRP _SP NZY\`P]Z] ZQ OPL_Sx
?SP^TX[WP_S]PP^dWWLMWPOQZ]X`WL:¿5»¿>,T^RTaPYL^_SPXLY _]TN QZ]X ZQ _SP wOPL_SNZY\`P]Z]x TY _SP ZWOP] 9P_]L?LY_]L _SP ;]L [LÓNL>£]L LYO _SP ±£]LO£?TWLVL _S NPY_ bSTNS T^ ML^PO ZY T_ -d NZY_]L^_ _SP WL_P] 8LY_]L8LSZOLOST !_S NPY_ NZXMTYP^ _SP XLY_]L bT_S L [Z[`WL] RaPOTN aP]^P bSTNS ^TYR^ LMZ`_ ±TaL `YOP] _SP YLXP ZQw?]dLXMLVLx%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^T^SZbPaP]YZ_LYPL^d_L^V^TYNP_SP]PL]PLaL]TP_dZQ[L__P]Y^QZ]PYNZOTYR NLYO]£]V£RYTaTWZNLYLÀ^XT_LX`VSLÀ[LOXLOaLd£Y_Là^_ST_LÀ X`O]£[£²dLXR£V´L^¼_]LaTWL^L_[£©TÀSTX£À²`[]LMSLXg VZ¶Å]PYO`RLWL_^`OS£[W`_L_LY`ÀS£]£OTMS¼´ZUUaLWLÀ V£Y_d£aT²aLaTXZSLYLÀ[L²`[L_TÀX_d`ÓULdLÀMS£aLdP_gg±£?T##
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
_]dÃXMLVLÀdLU£XLSP^`RLYOSTÀ[Ü´¶TaL]OSÃYLXg `]a£]`VLXÏaLMLYOSÃY£YX_dZ]XÜV´¯dLX£X_£v_gg BP ZQQP] ^LN]TQTNP^ _Z _SP ?]dLXMLVL _SP WZaPWd M]TYRP] ZQ YZ`]T^SXPY_ 8Ld4^SLVPZQQOPL_SL^FPL^TWdL^HL[`X[VTY^SLVP^ZQQFT_^H^_LWVFM`_H YPaP]TXXZ]_LWT_d
4_T^NP]_LTY_SL__SPAPOTN aP]^P bL^LOOPO_ZXLVP_SP?LY_]TNXLY_]L XZ]P L__]LN_TaP _Z -]LSXTY^ ?SP NZY_PY_ ZQ _SP ^PPO XLY_]L QZ]X`WL XL_NSP^_SL_ZQ_SPAPOTNaP]^P%>,T^]PRL]OPOL^_SPw^PPOZQOPL_S WP^^YP^^x LX_LM¯UL LYO_SP^PXLY_TNNZY_PY_ZQ_SPaP]^PT^L[P_T_TZY QZ] TXXZ]_LWT_d ?ST^ SdM]TO APOL?LY_]L aP]^TZY ! bL^ L[[L]PY_Wd ^Z [Z[`WL] _SL_ _SP APOTN aP]^P LW^Z MPNLXP bPWW VYZbY TY T_^ Z]TRTYLW QZ]XbT_SZ`__SP^PPO^Z`YO^L^_SP8_d`ÓULdLXLY_]L -`_ _ST^ bL^ YZ_ LWW >TYNP _SP Y`XMP]^ ZQ _SP ^dWWLMWP^ TY XLY_]L^ LWbLd^ SLaP LY TX[Z]_LY_ ]ZWP _SP Z]TRTYLW XLY_]L T^ LW^Z PYSLYNPO Md _SP LOOT_TZY ZQ _SP _bZ Pc_]L ^PPO ^Z`YO^ :¿ LYO 3,@¿ ?ST^ RTaP^ _SPw^PPOx[L]_ZQ_SPXLY_]L_SPQZWWZbTYRQZ]X%:¿3,@¿:¿5»¿ >, ?SP w^PPOx 3,@¿ T^ L XLUZ] L]NLYP ±TaL XLY_]L TY_]ZO`NPO NZX[WPXPY_L]d _Z _SP APOTN-]LSXLYTN :¿ ?SP ]P^`W_TYR YPb QTaP ^dWWLMWPO wX`W_T^PPOx T^ NZYNP[_`LWWd bPWW _SZ`RS_ Z`_ 1TaP T^ ±TaLv^ Y`XMP] ±TaL SL^ QTaP wQLNP^x XLTY QZ]X^ QTaP NZ^XTN Q`YN_TZY^ N]PL_TZY []P^P]aL_TZY OP^_]`N_TZY R]LNP LYO ZM^N`]L_TZY LYO _SP QTaP^dWWLMWPO^PXLY_TNXLY_]L wYLXLà±Ta£dLx wSZYZ]_Z±TaLxT^_SP []TXL]dQZ]X`WLQZ]TYaZVTYRSTX 4Y _SP ?LY_]TN ]T_`LW _SP RaPOTN aP]^P T^ Q]LXPO ZY MZ_S ^TOP^ Md _ST^Pc[LYOPO ^PPOXLY_]L "?SP^PPOQZ]X`WLL[[PL]^ L__SPPYO[L] _TLWWd ]PQWPN_PO LYO ^WTRS_Wd LW_P]PO L^ =:¿ 5»¿ >, 3,@¿ :¿ # ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ RaPOL " $ ! ?SP NZXMTYL_TZY ZQ APOTN LYO ?LY_]TN WTYR`T^_TN T_PX^ SL^ MPNZXP aP]d NZXXZY TY ?LY_]TN XLY_]L^ L^ bPWW L^ APOL ]PNT_L_TZY LYO >X£]_L ]T_P^ 1Z] L Y`XMP] ZQ LOOT _TZYLWPcLX[WP^^PP3LYYPOP]wAPOTNLYO?LY_]TN8LY_]L^x " ,NNZ]OTYR _Z DPWWP 0c[WLTYTYR 8LY_]L^ " Q ^`NS Q]LXTYR Z] wPYaPWZ[TYRx ^LÀ[`_L OPaTNP^_SL_LOO:¿LYOwZ_SP]M¯UL^xL]PZYPZQ_SPXZ^_N]`NTLWPWPXPY_^ ^PN`]TYR_SPXLY_]Lv^XLRTNPQQTNLNdMdNZYaP]_TYR_SPXLY_]LTY_ZL[LWTYO]ZXPLYO TXT_L_TYR _SP YL_`]LW Z]OP]% NZ^XTN TYaZW`_TZY LYO PaZW`_TZY TYRZTYR LYO Z`_RZTYR M]PL_S^_SP[L_SZQ^[PPNSQ]ZX_SPMLNVZQ_SP_S]ZL__Z_SPQ]ZY_ZQ_SPWT[^LYO_SP NdNWPZQ^Pc`LW[]ZO`N_TZYTYNW`OTYRMT]_SLYOOPL_STMTOz"DPWWP]TRS_WdZM ^P]aP^_SL__SPWT__WPL__PY_TZY[LTO_Z_SPQZ]XZQXLY_]L^SL^MPPYL^P]TZ`^ZXT^^TZY TY BP^_P]Y ^NSZWL]^ST[ 3T^ TY^[T]TYR _SP^T^ ZY _SP ]SP_Z]TN LYO [ZP_TN Q`YN_TZY^ ZQ XLY_]L^ SZbPaP] ^N]PPY^ ST^_Z]TNLW OPaPWZ[XPY_^ LYO _SP QLN_ _SL_ YZ_ LWW ?LY_]TN XLY_]L^ L]P [LWTYO]ZXP^ ?SP Y`XMP] ZQ ^dWWLMWP^ LYO Y`XP]TNLW ^[PN`WL_TZY^ L]P []ZMLMWdXZ]PTX[Z]_LY_ #?SPl=:¿w ^PP_SP XLY_]L QZ]X`WLMPWZbT^[Z^^TMWdL XT^_LVP TPL b]ZYR ^LY OST ^ZW`_TZY TY Z`] ^Z`]NP 8LS¯OSL]Lv^ 8LY_]L8LSZOLOST ! PO /PWST $# 4Y^_PLOZQw^aLà=:¿xT_[]ZMLMWd^SZ`WOMPw^aL]:¿x?ST^bZ`WOLW^ZMP_ _P] QT_ _SP ^dXXP_]TP 3ZbPaP] L NZY^NTZ`^ [P]X`_L_TZY ZQ _SP :¿ _Z w_LVP ZY _SP
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP [L]_^ ^`]]Z`YOTYR _SP aP]^P LW^Z NZY_LTY _SP _S]PP APOTN wNLWW^x wMS¼] MS`aLà ^aLàx wPL]_S LT] SPLaPY^x z bSTNS [`^SP^ `[ _SP Y`XMP]ZQ^dWWLMWP^TY_SPXLY_]L_Z $bSTNST^LW^Z_SPY`XMP]ZQ WP__P]^ ZQ _SP ?LY_]TN LW[SLMP_ ?SP XLY_]L T^ _SP]PQZ]P [P]QPN_Wd ^dX XP_]TNLW QTaP ^PPO^ _S]PP wNLWW^x ZQ QZ`] ^dWWLMWP^ L ^Tc_PPY^dWWLMWPO SLWQaP]^P LYZ_SP] ^Tc_PPY^dWWLMWPO SLWQaP]^P _S]PP wNLWW^x ZQ QZ`] ^dWWLMWP^ LYO QTaP ^PPO^ MPTYR XLOP `[ ZQ _bZ SLWaP^ ZQ c ^dWWLMWP^PLNS% :¿3,@¿:¿5»¿>, MS¼]MS`aLà^aLà _]dLXMLVLÀX£X_£_ MS¼]MS`aLà^aLà =:¿5»¿>,3,@¿:¿
?ST^QZ]X`WLQZ]X^ _SPaZNLWXL_P]TLWQZ] _SPNPY_]LW]T_Pz_SPw^LdTYR _ZZYP^PWQx UL[L TP_SP NZY^_LY_]P[P_T_TZYZQ_SPQZ]X`WL >`NSUL[L ]T_P^MPWZYR_Z_SPXZ^_[Z[`WL]LYOXZ^_bTOP^[]PLOQZ]X^ZQbZ]^ST[ ?SP ]P[P_T_TZY T^ YPL]Wd LWbLd^ NZXMTYPO LYO ^dYNS]ZYTePO bT_S QT]P ^LN]TQTNP^ ?SP 8LY_]L8LSZOLOST []P^N]TMP^ L _Z_LW ZQ XLY_]L ]P[P_T_TZY^ LYO ^LN]TQTNTLW ZQQP]TYR^ ZQ []PNT^PWd OP_P]XTYPO ^LN ]TQTNTLW ^`M^_LYNP^ TY _SP QT]P QZ] _SP 8LS£X_d`ÓULdL XLY_]L ?SP 8L S£X_d`ÓULdL ]T_`LW bZ`WO _SPY _LVP LWXZ^_ PcLN_Wd ZYP XZY_S _Z [P] QZ]X LYO T_ ^PPX^ []ZMLMWP _SL_ _SP []P^N]TMPO XLY_]L ]P[P_T_TZY^ L]P ^P_L_^`NSLWPYR_SZY[`][Z^P^Z_SL__SP]T_`LWNLYMP[P]QZ]XPOZaP] _SP NZ`]^P ZQ L W`YL] XZY_S 4Q ZYWd _SP ^PPO XLY_]L :¿ 5»¿ >, T^ ]P[PL_PO_SPY`XMP]ZQ]P[P_T_TZY^TYN]PL^P^_Z?SP_TXPQ]LXP ZQZYPXZY_ST^[]ZMLMWdOP_P]XTYPOMd_SPQLN__SL_ L^L]`WP_SPYZa TNP bT^SP^ _Z MPRTY LYO PYO ST^ XLY_]L []LN_TNP TY L XZY_S _SL_ L^_]ZW ZRdTYOTNL_P^L^P^[PNTLWWd[]ZXT^TYRQZ]STX
>ZXL_TN,[[WTNL_TZY^%9d£^L .P]_LTY []P[L]L_Z]d ]T_P^ X`^_ MP NZX[WP_PO MPQZ]P _SP XLY_]L XLd MP ]P[PL_PO ?SP XZ^_ TX[Z]_LY_ []PWTXTYL]d ]T_P T^ _SP wOP[Z^T_TZYx Z] w[WLNTYRx Yd£^L ZQ _SP XLY_]L ^dWWLMWP^ ZY _SP MZOd ZQ _SP ?LY_]T^_ ?ST^ TYaZWaP^ ^[PLVTYR NP]_LTY ^PN_TZY^ ZQ _SP XLY_]L LYO L_ _SP ^LXP _TXP []ZUPN_TYR _SPX ZY_Z L NP]_LTY [L]_ ZQ _SP MZOd 4Y XZ^_ NL^P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QPL_`]P^x]^Z`YOZQ=`O]L_SPRZOZQ_SPXLY_]L^SZ`WOYZ_MPPcNW`OPOBPSLaP _SP]PQZ]PYZ_LXPYOPO_SPwXT^_LVPx $ >PP 8LY_]L8LSZOLOST !zZY_SPQZ]X`WLNT_POMPWZb ,Yd£^L]T_P_SL_`^P^XLY_]L^ZQ_SP ±L_L=`O]¯dL bSZ^PXPLYTYR^NZ]]P^[ZYObT_S _SP MZOd [L]_^ _SPd L]P []ZUPN_PO ZY_Z T^ LW]PLOd XPY_TZYPO TY _SP 8£YLaL±]L`_L
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
""
_ST^w[WLNTYRxT^L[`]PWdXPY_LW[]ZNP^^M`_^ZXP_TXP^T_T^]PTYQZ]NPO Md_Z`NSTYR_SP]PWPaLY_[L]_ZQ_SPMZOdbT_S_SP]TRS_SLYO ?SP XZ^_ TX[Z]_LY_ w[WLNTYRx T^ _SP ZYP ZQ _SP w>Tc ;L]_^x ´L L«RLYd£^L TP3PL]_3PLO.]ZbYZQ_SP3LT]w,]XZ]xw?ST]O0dPx ( QZ]PSPLO LYO w,]]Zbx 4Y _ST^ NL^P _SP L[[WTNL_TZY T^ [`]PWd XPOT_L_TaPYPaP]TYaZWaTYR[ZTY_TYRQZ]_ST^T^YZ_LN_`LWWdLMZ`_[L]_^ ZQ _SP MZOd z L^ bP NLY ^PP Q]ZX _SP _P]X^ wL]XZ]x LYO wL]]Zbx z M`_ LMZ`_ TX[Z]_LY_ DZRTN NPY_P]^ Z] z TY _SP WLYR`LRP ZQ _SP 9Pb ;SPYZXPYZWZRd z LMZ`_ wMZOd ^[SP]P^x TP [WLNP^ _SL_ ZYP ZQ_PY NLYYZ_WZNLWTeP[]PNT^PWdTY[Sd^TNLWZ]^[L_TLW_P]X^M`_bSTNSZYPNLY QPPW OP^[T_P _ST^ ?SP wSPL]_x ^SZ`WO MP RTaPY L aP]d M]ZLO TY_P][]P_L_TZY M`_ T_ T^ ZYP bP L]P QLXTWTL] bT_S w3PLOx XPLY^ []TXL]TWd_SPM]LTY4_T^aT^`LWTePOL^LXZZYLYO`YOP]^_ZZO_ZMP_SP [^dNSZ[Sd^TZWZRTNLW WTQPNPY_P] :YPv^ bSZWP WTQP WZYR L aT_LWTeTYR w^_]PLX ZQ YPN_L]x LX_LOS£]£ [Z`]^ Z`_ Q]ZX _SP M]LTY aTL _SP ^[TYP YZ`]T^STYR LYO ]PRPYP]L_TYR _SP bSZWP MZOd ?SP ^[P]X _ZZ z LNNZ]OTYR_ZDZRTN[Sd^TZWZRdzL]P[]ZO`NPOTY_SPM]LTY?SPw^_]PLX ZQ YPN_L]x T^ L^^ZNTL_PO bT_S _SP ^[P]X ?SP N]ZbY ²TVS£ T^ LW^Z Pc_]PXPWd TX[Z]_LY_ TY DZRL MPNL`^P T_ T^ _SZ`RS_ _SL_ _SP ^Z`Wv^ RL_PbLd_ZP_P]YT_dT^WZNL_PO_SP]P?SPw_ST]OPdPx]PQP]^_Z_SPu4v_SL_ T^ _`]YPO _ZbL]O^ _SP _]LY^NPYOPY_LW ,YO w,]XZ]x LYO w,]]Zbx L]P TYT_TLWWd YZ_STYR Z_SP] _SLY _SP XLRTN ^dWWLMWP^ ZQ []Z_PN_TZY 3@¿ LYO ;3,µM`_NLYLW^ZMP`YOP]^_ZZOTYL[Sd^TNLW^PY^PL^w[]Z_PN_TZYZQ MZOd^[LNPxLYOTY_SPNL^PZQ;3,µL^NZY_]ZWWPOLRR]P^^TZY_ZbL]O ZQQ QZ]NP^ ZQ PaTW ^TRYLWPO Md L RP^_`]PO w^[PL]TYRx ZQ _SP OPXZY^ ZY LYZ`_^_]P_NSPOTYOPcQTYRP] ,NNZ]OTYR_Z_SP ±£]LO£?TWLVL ZYPQZ]X^_SP[SZYP_TNXL_P]TLWQZ] _ST^^TcQZWO[WLNTYRQ]ZX_SPTXXZ]_LWT_d^dWWLMWP>,?ST^]P^`W_^TY _SP ^PaPY ^Z`YO^ >¢¿ >®¿ >»¿ >0¿ >:¿ >,4¿ >,@¿ bSTNS NLY YZb MP NZ]]PWL_PO bT_S _SP 3PL]_ 3PLO .]ZbY w,]XZ]x w?ST]O 0dPxLYOw,]]Zbx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >¼_]L "z! PO 6L]W 1 2PWOYP] /PWST ]P[] $# LYO NLWWPO w=`O]LUL[Lx SP]P , ]L_SP]`YNZXXZYLYOaP]d^[PN_LN`WL]Yd£^LT^QZ`YOTY_SP 6`MUTV£8L_L ?LY_]L _S Z] _S NPY_ L^ [L]_ ZQ L aTZWPY_ ]T_P NLWWPO wMZW_[]LN_TNP^ MPRTYYTYR bT_S _SL_ ZQ _SP VYTQPx bSTNS T^ NT_PO Md BST_P 6T^^ ZQ _SP DZRTY¯ "z" 3P]P _SP >£OSLVL[TP]NP^ST^MZOd[L]_^LYO_SPYZQQP]^ST^ZbYMWZZOLYOQWP^S XTcPO bT_S `]TYP QPNP^ LYO WT\`Z] ZY L XL©LWL _SL_ SL^ MPPY O]LbY LYO TY^N]TMPO bT_S ST^ MWZZO ?SP [P]QZ]XLYNP OZP^ YZ_ ^PPX _Z MP _d[TNLW PaPY QZ] _SP 6`MUTV£ _]LOT_TZY :Y_SPNZY_]L]d/dNeVZb^VT ,5Z`]YPd XPY_TZY^LY`XMP]ZQYd£^L^LYOXL©LWL ]T_P^ZQ_SP6`MUTV£N`W_bSTNS]PaPLWLSTRSWdRYZ^_TNLYOXP_L[Sd^TNLWMLNVR]Z`YO >PP 3P]XLYY >NSXT_e /L^ >d^_PX OP] ;STWZ^Z[STP TY [L]_TN`WL] aZW`XP 444% /L^ 2Ø__WTNSP`YOOP]=L`X-ZYY%-Z`aTP] $$
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
/P[PYOTYR `[ZY _SP NZY_Pc_ QZ] `^P _SP]P L]P XZ]P Yd£^L QZ]X^ _SL_ L]P `^PO MZ_S ZY ]PLW [L]_^ ZQ _SP MZOd LYO ZY _SP ]T_`LW ZMUPN_^ BSTWP TY ZWO ?LY_]L^ ZYP w[WLNTYRx T^ RPYP]LWWd ^`QQTNTPY_ YZbLOLd^ L Y`XMP]ZQOTQQP]PY__d[P^ZQw[WLNTYRxL]PNL]]TPOZ`_ZYPLQ_P]LYZ_SP] ?SP 8LY_]L8LSZOLOST NSL[_P] ! LW]PLOd WT^_^ L Y`XMP] ZQ OTQ QP]PY_ Yd£^L []ZNPO`]P^ [P]QZ]XPO bT_S _SP waPOTNTePOx 8_d`ÓULdL 8LY_]L ?SP Yd£^L ZQ _SP ^Tc w^T_P^ ZQ WZaPx ´LOL«RLYd£^L T_ P^[P NTLWWdNZX[WPcSP]P?SPbZ]OXL_P]TLWQZ]_SPaL]TZ`^[WLNTYR^NZY^T^_^ ZQ QTcPO LYO aL]TLMWP [L]_^ Q]ZX MZ_S APOTN LYO ?LY_]TN XLY_]L^ M`_ LWbLd^ NZY_LTY^ LWW _SP ^PPO XLY_]L^ :¿ 3,@¿ :¿ >, ?SP QZWWZbTYR Yd£^L _SP w^dWWLMWP[WLNTYRx aL]©LYd£^L T^ MZ_S NZX[WPc LYO ZQ [L]_TN`WL] TY_P]P^_ MPNL`^P _ST^ QZ]X ZQ Yd£^L ^SZb^ _SL_ _SP []TYNT[WPZQTXT_L_TZYT^^_TWWMP`^PO3P]P_SPZWOAPOTNaP]^PT^w?LY _]TNTePOxMd_SPYL^LWTeL_TZYZQPLNS^dWWLMWPTP_SPLOOT_TZYZQ,Y`^ a£]L bSTNS [Z_PY_TL_P^ T_ TY_Z L VTYO ZQ ?LY_]TN w^PPOx% w _]dLÀ MLÀ VLÀ dLÀ U£X XLÀ SPÀ m x 4Y _ST^ Yd£^L ]T_P _SP QT]^_ QZ`] ^PPO^ _]dLÀ MLÀ VLÀ dLÀ L]P L[[WTPO _Z _SP 0L^_P]Y BP^_P]Y >Z`_SP]Y LYO 9Z]_SP]Y ^TOP^ ZQ _SP QLNP U£À _Z _SP NSP^_ XLÀ _Z _SP YPNV LYO SPÀ _Z_SPXZ`_SP_N,^TY_ST^NL^P_SP]PL]PL_Z_LWZQ^dWWLMWP^_Z MPOT^_]TM`_PO_SP^NSPXPQZ]OZTYR^ZT^\`T_PNZX[WTNL_POLYOLWW_SP XZ]P ^Z MPNL`^P ZYP SL^ _Z RZ Q]ZX WPQ_ _Z ]TRS_ LYO aTNP aP]^L TY L eTReLR [L__P]Y 4Y _SP QZWWZbTYR [LOLYd£^L _SP ^TX[WP^_ QZ]X _SP ?]dLXMLVLaP]^PT^ _SPY]PNT_PO bZ]OQZ]bZ]O LYO L__SP^LXP _TXP T^ wL[[WTPOx_Z_SPMZOdTYLWTYPL]QL^STZYQ]ZXSPLO_Z_ZP%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PP 8LY_]L8LSZOLOST !"z _]LY^W Md L -ZL]O ZQ >NSZWL]^ /PWST% >L_R`]` $# $!z$"% w?SP APOTN XLY_]L bT_STY _ST^ XLY_]L `YOP] ]PQP]PYNP F_SP 8_d`ÓULdL8LY_]LH^SZ`WOMP^[WT_L__SP^dWWLMWP^#$ LYO?SPYTYPTYT _TLW ^dWWLMWP^ ZQ _SP []P^PY_ XLY_]L L]P _Z MP LOOPO MPQZ]P _SP ^[PNTQTPO ^PN_TZY^ ZQ _SP APOTN XLY_]L QZ] _SP [`][Z^P ZQ ³LL«RL LWZYR bT_S NP]_LTY Z_SP] [S]L^P^ L^ bPWW L^ QZWWZb^% L :À 3L`À :À 5¼À >Là -S¼] -S`aLà >aLà ?]dLXMLVLX :À 9LXZ-SLRLaL_P=`O]£dL±¼WL[£©LdP>a£S£ zZMPT^LYNP_Z_SPSPL]_M :À3L`À
:À 5¼À >Là -S¼] -S`aLà >aLà DLU£XLSP :À 9LXZ -SLRLaL_P =`O]£dL ,X_LX¼ULdP8£X5¯aLdL z>a£S£`Y_Z_SPSPLO x 8LY_]L8LSZOLOST !z
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
_]dLXMLVLX
SPLO
dLU£XLSP
PdPM]Zb^
^`RLYOSTX
PdP^
[`´¶TaL]OSLYLX
XZ`_S
`]a£]`VLX
NSPPV^
TaL
SPL]_
MLYOSLY£_
MPWWd
X_dZà
[PYT^
X`V´¯dL
_STRS
X£
WZbP]WPR
LX_£_
QPP_
"$
4]]P^[PN_TaPZQXZ]P^TX[WPZ]XZ]PNZX[WPcQZ]X^_SPw[WLNTYRx]T_`LW T^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ OPaTNP^ QZ] [`]TQdTYR ^LYN_TQd Z] wOPTQdx _SP MZOd LYO XLVTYR T_ bZ]_Sd QZ] bZ]^ST[ 4_ T^ ZYWd LQ_P] _ST^ ]T_`LW OPTQTNL_TZY_SL__SPaT^`LWTeL_TZYZQ_SP2ZOLYO_SP]PLQ_P]_SPZQQP]TYR ]T_`LW^LYO?LY_]TN bZ]^ST[ZQ_SPOPT_dLYOT_^PY_Z`]LRP £aL]L©L OPT _TP^ _LVP [WLNP bSTNS TYaL]TLMWd LW^Z TYaZWaP _SP `__P]TYR ZQ ^[PNTQTN XLY_]L^ ?SP bZ]O LYO ^Z`YO XL_P]TLW ZQ _SP Yd£^L ]T_P NLY aL]d R]PL_Wd :YP T_PX _SL_ ZNN`]^ Q]P\`PY_Wd LYO T^ _d[TNLWWd ?LY_]TN T^ _SP []ZUPN_TZY ZQ _SP YL^LWTePO ^dWWLMWP^ ZQ _SP LW[SLMP_ ZY_Z _SP MZOd _Z _`]Y T_ TY_Z L NZ^XTN MZOd >ZXP_TXP^ TY LOOT_TZY _SP YLXP^ ZQ _SP QTQ_dRZOOP^^[TWR]TXLRP^T_P^L]PXPY_LWWdb]T__PYTY_Z_SPMZOd4Y_SP [Z[`WL] MSLV_T aP]^TZY_SP]PT^L^P]TP^ZQYLXP^ZQRZO^LYOZ_SP]P[T _SP_^ w[WLNPOxZY _SPMZOd _Z ^LYN_TQdT_ ?SPYd£^L]T_PSL^MPNZXP^Z NZXXZY TY _SP _PX[WP WT_`]Rd ZQ >Z`_S 4YOTL [P]^ZYLW [¼U£ LYO A]L_L ]T_`LW^ ]PWTRTZ`^ aZb^ LYO QL^_^ XLTYWd [P]QZ]XPO Md bZXPY _SL_ XLYdbZ`WOYZ_NZY^TOP]T_?LY_]TNLYdXZ]P
2]L[STN,[[WTNL_TZY^%DLY_]LLYO8L©LWL , YPb OPaPWZ[XPY_ _SL_ T^ `Y`^`LW QZ] LY 4YOTLY NZY_Pc_ T^ _SP `^P ZQ b]T_TYR TY ?LY_]TN ]T_`LW [P]QZ]XLYNP 3P]P bP QTYO LOOT_TZYLW OTQQP] PYNP^ MP_bPPY APOTN LYO ?LY_]TN XLY_]L^ BT_S _SP APOL PXMPOOPO TY _SPNZYNP[_ZQ_SPA£NWT_waZTNPxT_^PPX^LM^ZW`_PWdTX[Z^^TMWP_SL_ L b]T__PY APOL aP]^P NZ`WO OPaPWZ[ Y`XTYZ`^ [ZbP] 4Y _SP ?LY_]L _SP ^T_`L_TZY T^ OTQQP]PY_ MPNL`^P SP]P _SP OPT_d T^ ^`M^_LY_TLWWd []P^PY_ TY _SPXLY_]L?ST^^`M^_LY_TLW[]P^PYNPMPNZXP^bPLVP]M`_T^OPQTYT_PWd
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
YZ_WZ^_bSPY_SPXLY_]LT^QTcPOTYb]T_TYR?SPaT^`LWTeL_TZYbPXPY _TZYPO LMZaP ZQ w^Z`YO LYO WTRS_x Y£OLMTYO` TY _SP ^dXMZW .LYO]L MTYO`T^U`^_ZYPPcLX[WPZQ_ST^ 1`]_SP]XZ]P _SP ^LN]POYP^^ ZQ _SP ?LY_]TN XLY_]L OZP^ YZ_ ]P^TOP PcNW`^TaPWdTY_SP ^Z`YOMdLYdXPLY^ 1Z]PcLX[WP_SPXP]P ^dWWLMWP S`À ZYT_^ZbYT^NP]_LTYWdYZ_LXLY_]L4_ZYWdMPNZXP^ZYPbSPYT_T^ `YOP]^_ZZOL^LXLY_]LR]LY_POMd_SPOPT_dLYO`^POTYL]T_`LWXLYYP] >Z_SPXLRTN[ZbP]LYO_SP^Z_P]TZWZRTNLW ^`M^_LYNPWTPYZ_ZYWdTY_SP ^Z`YOM`_LW^ZTY_SPLN_ZQR]LY_TYR?ST^_d[PZQ^`M^_LY_TLW_]LY^QP]T^ L NZXXZY [SPYZXPYZY TY ]PWTRTZY^ 1Z] PcLX[WP _SP [Z[P T^ YZ_ ]P RL]OPOL^TYQLWWTMWPMPNL`^PSPT^P^[PNTLWWdTY_PWWTRPY_M`_MPNL`^PwTY L[Z^_ZWTN ^`NNP^^TZYx LYO L^ L ]P[]P^PY_L_TaP ZQ _SP bSZWP NS`]NS SP PXMZOTP^_SPw^Z_P]TZWZRTNLW]PLWT_dxRTaPYMd5P^`^.S]T^_L^_SPZWZRT LY^bZ`WOPc[]P^^T_;L[LW[]ZYZ`YNPXPY_^L]P_SP]PQZ]P`W_TXL_PWdLY Pc[]P^^TZYZQw2ZOv^]PaPWL_TZYZQSTX^PWQ_Z`^TYST^XP]Nd^SZbY_Z S`XLYVTYOx ?LY_]TN XLY_]L^ WTVP _SL_ ZQ _SP wOPL_SNZY\`P]Z]x L]P `YOP]^_ZZO TY U`^_ _SP ^LXP bLd L^ ^PWQ]PaPWL_TZY ZQ _SP R]LNP LYO [ZbP] ZQ ±TaL _SP wXP^^LRP Q]ZX ST^ XZ`_S RTaTYR MWP^^TYRx L^ _SP 9P_]L?LY_]L Pc[]P^^P^ T_ 4Y _SP ]T_`LW OTLR]LX^ NLWWPO dLY_]L^ _SP]P T^ LNSLYRPZQXPOT`XQ]ZX_SPZ]LW_Z_SPaT^`LW 8LY_]L^ `^PO TY ?LY_]TN [P]QZ]XLYNP L]P YZ_ ZYWd ]P[PL_PO Z]LWWd M`_ LW^Z L[[PL] TY^N]TMPO ZY dLY_]L^ ?SP ]T_`LW ]`WP^ TYNW`OP OP_LTWPO TY^_]`N_TZY^ LMZ`_ _SPT] NZY^_]`N_TZY DLY_]L^ L]P LWbLd^ NZX[Z^PO ZQ QZ]X^ _SL_ L]P ^_]TN_Wd RPZXP_]TNLW 4Q _SPd L]P bT_SZ`_ LYd TY^N]T[_TZY _SPdL]P`^POL^LwQZ`YOL_TZYxZ]^`[[Z]_QZ]]T_`LWZMUPN_^LYOTQ_SPd L]P WLMPWPO _SPd L]P ZQ_PY `^PO L^ XLRTN LX`WP_^ ! ?SPd XLd MP [LTY_PO XLOP Z`_ ZQ [ZbOP] ^N]L_NSPO ZY_Z XP_LW [WL_P^ Z] PaPY NZY ^_]`N_PO TY _S]PP OTXPY^TZY^ TY XP_LW Z] ^ZXP Z_SP] XL_P]TLW 8LRTN LX`WP_^ L]P bZ]Y _Z SPLW OT^PL^P^ ZQ LWW _d[P^ LYO ^[PNTQTNLWWd _Z []Z _PN_ LRLTY^_ QPaP] LYO ^YLVPMT_P^ ?SPd SLaP L []Z_PN_TaP Q`YN_TZY QZ] TY^_LYNP[]Z_PN_TYR_SPMZOdLRLTY^_bPL[ZY^?SPdLW^Z[WLdLYTX[Z] _LY_ ]ZWP TY NL^_TYR ^[PWW^ ZY [PZ[WP% VTYR^ LYO bZXPY L]P _SP XZ^_ [Z[`WL]ZMUPN_^ZQ^`NSXLRTN,YOQTYLWWd_SPdL]PPaPY`^POTYMWLNV XLRTN L^ ]T_`LW X`]OP] TY^_]`XPY_^ ?SP dLY_]L^ L]P L[[L]PY_Wd P^[P NTLWWd ^`T_LMWP QZ] QZN`^PO XLRTN `^P^ ^`NS L^ MPbT_NSTYR LYO VTWWTYR MPNL`^P _SP YLXP ZQ _SP [P]^ZY bSZ T^ _SP _L]RP_ NLY MP b]T__PY ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SPZ]TRTYLW2P]XLYbZ]O^]PQP]]PO_ZL]Pw3PTW^bT]VWTNSVPT_xLYOwOTP>PWM^_XT__PT W`YR 2Z__P^ TY OP] 2YLOP LY OPY 8PY^NSPYx% ^PP =LSYP] LYO AZ]R]TXWP] w@YQPSW ML]VPT_xFw4YQLWWTMTWT_dxHTY 6WPTYP^_SPZWZRT^NSP^BØ]_P]M`NS $# % QQ ! >PPLW^Z 3ËWÊYP-]`YYP]w8L©LWLP_ DLY_]LOLY^WP±TaLT^XP¢RLXT\`PxTY 8LY _]L^ P_ /TLR]LXXP^ =T_`PW^ OLY^ Wv3TYOZ`T^XP ?LMWP =ZYOP ;L]T^ z U`TY $# ;L]T^% .9=> $#! z LYO 2`O]`Y -ÞSYPXLYY 8L©LWL^ LYO DLY_]L^ TY _SP 3TYO`?]LOT_TZY 7PTOPY%-]TWW
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
dLY_]L -`_ WTVP L^_]ZWZRTNLW OTLR]LX^ ^bL^_TVL^ LYO Z_SP] []Z_PN_TaP _LWT^XLY^dLY_]L^NLYLW^ZMPTY^_LWWPO_Z[]Z_PN_LSZ`^P:Y_SPZ_SP] SLYO dLY_]L^ L]P SL]OWd PaP] `^PO TY L_XZ^[SP]TN ]T_P^ TY_PYOPO _Z PY ^`]PNZX[]PSPY^TaP[]Z^[P]T_dZ]_ZNWPLY^PLSZ`^PQ]ZXPaTW^[T]T_^ ?SPdLY_]LZQ_SPwOPL_SNZY\`P]Z]xNLYLW^ZMPQZN`^POTY_ST^bLd LNNZ]OTYR _Z _SP 8LY_]L8LSZOLOST % T_ ^SZ`WO []Z_PN_ LRLTY^_ LY LYR]d VTYR TQ ZYP M`]TP^ T_ LYO ]PNT_P^ _SP LW[SLMP_ L_ _SP ^T_P ZQ _SP M`]TLW " ?SP ]T_`LW XLY`LW ^_L_P^ w4Q _ST^ ]T_P T^ NL]]TPO Z`_ PaPY _SP RZO ZQ OPL_S T^ YZ WZYRP] L OLYRP] BSL_ bTWW LY PL]_SWd VTYR _SPY MP LMWP _Z OZ _Z dZ`*x DLXL _SP 4YOTLY RZO ZQ OPL_S T^ ]PRL]OPO L^ _SP VTYR ZQ _SP `YOP]bZ]WO dLXL]£UL LYO _SP]PQZ]P L^ _SP XZ^_ [ZbP]Q`W ZQ LWW VTYR^^TYNPSPNZY\`P]^LWWPL]_SWdVTYR^ ,NNZ]OTYR_Z,YO]Ë;LOZ`cT_T^_SPXLY_]L^_SL_LYTXL_P_SP]T_`LW OTLR]LX^ # 3P TY_P][]P_^ _SP WLMPWTYR []ZNPO`]P L^ L w[WLNTYR ]T_`LWx Yd£^L [`_ TY_Z b]T_TYR $ ?SP]P T^ L NP]_LTY SLeTYP^^ SZbPaP] LMZ`_ _SP 0YRWT^S _P]X wOTLR]LXx bSTNS T^ `^PO TYaL]TLMWd QZ] dLY_]L^ XL©LWL^ [LÓUL]L^ LYO NLV]L^ TP OT^_TYN_ _P]X^ bSZ^P XPLYTYR T^ ZQ_PYNZYQZ`YOPOTYP_TNL^bPWWL^[Z[`WL]PXTNOT^NZ`]^P^LYO^ZXP _TXP^ ZaP]P^_TXL_PO :`] ]L_SP] `Y^[PN_LN`WL] YZYXP_L[Sd^TNLW YZ_P^ ZY dLY_]L L]P ML^PO ZY PL]Wd >Z`_SP]Y 4YOTLY ¢RLXL WT_P]L_`]P L^ bPWW L^WL_P]?LY_]L^Z`]NP^ DLY_]L^L[[PL]_ZMP`^POTY_SP^P_Pc_^^ZWPWd TY V£XdL ]T_P^ TP ^[PNTLW ]T_P^ [P]QZ]XPO _Z LNSTPaP L OP^T]PO X`Y OLYP]P^`W_ V£XL DLY_]L]T_P^L]PaTPbPOTYPXTN^Z`]NP^L^wL[[WTPOXLY_]L^NTPYNPx []LdZRL LYO []P^`[[Z^P _SP XL^_P]d ZQ XLY_]L^ BT_STY LY P_TN [P] ^[PN_TaP ^`NS ]T_P^ QLWW `YOP] L N]Z^^N`W_`]LWWd bTOP^[]PLO ]PWTRTZ`^ ^_dWPbSTNSXLdMP_P]XPOw[TP_dXPL^`]POMdY`XMP]^x MPNL`^P_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " :Y_ST^]T_P^PP 8LY_]L8LSZOLOST "z # ,YO]Ë ;LOZ`c 4Y_]ZO`N_TZY TY 8LY_]L^ P_ /TLR]LXXP^ =T_`PW^ OLY^ Wv3TYOZ`T^XP ?LMWP=ZYOP;L]T^zU`TY$#;L]T^%.9=>$#! $ ?SP ?LY_]TN WT_P]L_`]P VYZb^ L ^P[L]L_P _PNSYTNLW _P]X YLXPWd []L^_£]L XPLYTYR w^[]PLOTYRZ`_xZ]w_LM`WL]]P[]P^PY_L_TZYx -P^TOP^_SP 8LY_]L8LSZOLOST NSL[^PPA6>`M]LXLYTLYv^POT_TZYLYO_]LY^ WL_TZY ZQ _SP >L`YOL]dL7LSL]Å bSTNS TYNZ][Z]L_P^ _SP XLRTNLW dLY_]L^ _SL_ bP]P WL_P] L__LNSPO _Z PLNS aP]^P ZQ _SP QLXZ`^ SdXY ,W^Z _SP ^PN_TZY^ ZY dLY_]L TY _SP ;]L[LÓNL>£]L zLYO_SP ±£]LO£?TWLVL?LY_]L z#!OPLWZYWdbT_S]`WP^ZQ NZY^_]`N_TZYLYOXLRTN]T_P^ >PPLW^Z-]`YYP]w8L©LWLLYODLY_]Lx$ BPZbP_ST^_P]XTYZWZRd_Z_SP[L^_ ]P^PL]NS[]ZUPN_w2PeÆSW_P 1]ØXXTRVPT_xL__SP `YTaP]^T_d ZQ 8`PY^_P] 2P]XLYd bSTNS OPLW_ bT_S XPOTPaLW .S]T^_TLY ^[T]T_`LWT_d 1Z]QTYPPcLX[WP^ZQ[TP_dXPL^`]POMdY`XMP]^bT_STY_SP.S]T^_TLYNZY_Pc_^PP,] YZWO ,YRPYPYO_ w2PeÆSW_P 1]ØXXTRVPT_x TY ST^ XZYZR]L[S 2P^NSTNS_P OP] =PWTRT Z^T_Æ_TX8T__PWLW_P] /L]X^_LO_%;]TX`^$$" #z #BSTWP_SP^_]`N_`]PZQ^`NS LN_^ZQ[TP_dXLdMPQZ`YOTY^PaP]LW_]LOT_TZY^PRLW^Z4^WLX_SP_SPZWZRTNLWNZY
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
]T_`LW ]`WP^ RPYP]LWWd TYaZWaP []PNT^P TY^_]`N_TZY^ ZY _SP Y`XMP] ZQ ]P[P_T_TZY^ZQ_SPXLY_]LZ]aP]^PL__LNSPO_Z_SPdLY_]LLYO^_L_PXPY_^ LMZ`_ _SP ]P^`W_ _Z MP Pc[PN_PO Q]ZX OZTYR ^Z 4_ T^ L ]PWTRTZ`^ ^_dWP TY bSTNS _SP ]L_TZYLW NSZTNP LYO NLWN`WL_PO ^`NNP^^ ZQ ]PWTRTZY LYO ]T_`LW LN_^ L]P XZ^_ ZMaTZ`^ @YWTVP .S]T^_TLYT_d LYO [L]_TN`WL]Wd ;]Z_P^_LY_ .S]T^_TLYT_d _SP 3TYO` _]LOT_TZY^ TYNZ][Z]L_P []LRXL_TN ]PWTRTZ^T_d ;Z[`WL]]PWTRTZYT^ZQ_PYWL]RPWd[]LRXL_TNLYOLW^Z_SP-]LSXLY_]LOT _TZY YPaP] ^Lb L []ZMWPX ZQ ]PWTRTZY LW^Z MPTYR LMWP _Z Q`WQTWW bZ]WOWd bT^SP^ LYO XLVP WTQP NZXQZ]_LMWP LYO [WPL^`]LMWP z LQ_P] LWW L]_SL bPLW_S LYO V£XL R]L_TQTPO OP^T]P MPWZYR _Z _SP LNNP[_PO RZLW^ ZQ S`XLYWTQP?SP-]LSXLYTN^d^_PX]P^ZWaPO_SPRL[MP_bPPY[]LRXL_TN LYO^Z_P]TZWZRTNLWRZLW^MdXPLY^ZQLR]LOPOSTP]L]NSdZQaLW`P^% L]_SL LYO V£XL [`]PWd []LRXL_TN NZY^_T_`_P _SP MZ__ZX OSL]XL []LRXL_TN N`X ^Z_P]TZWZRTNLW NZY^_T_`_P^ _SP QZ`YOL_TZYLW XTOOWPR]Z`YO LYO XZV´L [`]PWd^Z_P]TZWZRTNLWNZY^_T_`_P^_SP_Z[BSTWP XZV´LT^QPW__Z MPL`_Z[TLYPYOQL]LbLd QZ]NZXXZYWLd[P]^ZY^LYO_SPT]NSP]T^SPO bZ]WOWd OP^T]P^ WL_P] ?LY_]T^X z LYO ±£V_T^X TY [L]_TN`WL] z M]Z`RS_ XZV´L TY_Z PaP]dMZOdv^ ]PLNS Md OPYdTYR _SP PcT^_PYNP ZQ L RL[ MP _bPPY MS`V_T PX[T]TNLW [WPL^`]P LYO X`V_T ^[T]T_`LW PXLYNT[L_TZY BT_STY _ST^ wN]PPOx dLY_]L ]T_P^ LYO PcP]NT^P^ ZQ w[TP_d XPL^`]PO Md Y`XMP]^x L]P ^TX[Wd wL[[WTNL_TZY^x ZQ XLY_]TN [ZbP] _SL_ NLY LNSTPaP QL] XZ]P PR MP^_Zb ^`[P]YL_`]LW [ZbP]^ LYO QTYLW WTMP]L_TZY 4_ T^ []P^`XLMWd _ST^ aP]d wNL_SZWTNx TY_PR]L_TaP L__T_`OP _SL_ Pc[WLTY^ _SP WL^_TYR^`NNP^^ZQ>X£]_L-]LSXLYTNaLW`P^LYONZYQZ]XT^_?LY_]L?SP XZ]P OZXP^_TNL_PO ?LY_]L MPNLXP _SP R]PL_P] _SP TYNW`^TZY ZQ []LR XL_TN ]PWTRTZ^T_d LYO X`YOLYP RZLW^ , NP]_LTY Q]TN_TZY ]PXLTYPO ZYWd MP_bPPY MSLV_T LYO?LY_]L]PRL]OTYR[]LRXL_T^XLYO^Z_P]TZWZRdDLY _]L ]T_P^ ]PQWPN_ L aL^_Wd OTQQP]PY_ TOPZWZRd _SLY _SP TOPZWZRd ZQ ^`]]PY OP] R]LNP LYO PcNW`^TaT^_ OPaZ_TZY _Z L R]PL_ 7Z]O 2ZO .ZX[PYOTL ^`NS L^ _SP 8LY_]L8LSZOLOST ^d^_PXL_TeP L []ZYZ`YNPO _ST^bZ]WOWd ]T_`LW Z]TPY_L_TZY LYO ]PTYQZ]NP ]T_`LW _PNSYT\`P Md ZQQP]TYR L NWPL] LYO bPWW^_]`N_`]PO []P^PY_L_TZY ZQ XLY_]L^ LYO XLY_]L ]T_P^ ?SPd NZYaP]_ _SP TOPLW ZQ _SP DZRTN ^`[P]XLY TY_Z L []ZQP^^TZYLWTeL_TZY ZQ XLRTN bT_STY _SP ]PLNS ZQ PO`NL_PO `]MLY SZ`^PSZWOP]^ ?SP 8LY_]L 8LSZOLOST NSL[_P] WT^_^ ^ZXP _bPY_dQTaP dLY_]L^ ZQ ±TaL MP^TOP^ _SP 8_d`ÓULdL DLY_]L LYO []P^N]TMP^ TY OP_LTW _SPT] ]T_`LW `^P^ LYO XLRTNPQQPN_^ 4Y _SP [Z[`WL] OT^NZ`]^P^ LYO ^ZXP WT_P]L_`]P^ _SP _P]X dLY_]L SL^ LM^Z]MPO _SP XPLYTYR^ ZQ Z_SP] _d[P^ ZQ OTLR]LX^ 1Z] PcLX[WP _SP ±TW[L;]LV£²L L XLY`LW ZY TXLRP NZY^_]`N_TZY NLWW^ _SP RPZXP_]TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _PY_^OTQQP]aL^_WdLYO_SP]PXLdLW^ZMPQZ]XLWOT^_TYN_TZY^?d[TNLWWd?LY_]TNT^_SP dLY_]LL^LaT^`LWQZN`^LYO_SP[Z_PY_M¯UL^TY^N]TMPOZYT_
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
R]TOZ]OTLR]LXZQNZX[Z^T_TZY_SL_`YOP]WTP^LOTaTYPTXLRPZ_SP]bT^P VYZbY L^ [LÓU£]L dLY_]L 4Y _ST^ NL^P _SP dLY_]L QZ]X^ YZ_ ZYWd _SP NZYNP[_`LW R]TO LYO ZQ_PY LW^Z _SP [Sd^TNLW ML^P ZQ LY TNZY M`_ XLd LW^Z MPNZXP LY TY^_]`XPY_ ZQ XPOT_L_TZY -`_ RPYP]LWWd dLY_]L^ z LW _SZ`RS]P[]P^PY_TYR[L]_TN`WL]RZOQZ]X^zL]PYZ_TY^_]`XPY_^ZQXPOT _L_TZY,YZ_LMWPPcNP[_TZYT^_SPQLXZ`^ ²]¯NLV]L Z] ²]¯dLY_]L OT^N`^^PO MPWZb ?ST^ XZ^_ [Z[`WL] dLY_]L T^ TY QLN_ L ^[PNTQTN _d[P ZQ XL©LWL 4_^ aT^`LW RPZXP_]TN [L__P]Y T^ X`NS XZ]P NZX[WPc _SLY _SP NZXXZY dLY_]L _d[P LYO T_^ ]TYR^ ZQ ^\`L]P^ WZ_`^P^ LYO _]TLYRWP^ _SL_ PYNT]NWP _SP TYYP]XZ^_ _]TLYRWP SLaP MPPY NSL]RPO bT_S STRSWd ^dXMZWTN XPLY TYR?SP±]¯NLV]L_ZZNLYMP`^POL^XLRTNLX`WP_M`_TY_SP±]¯aTOd£ ^NSZZW bSTNS T^ _SP XZ^_ bTOP^[]PLO ?LY_]L _]LOT_TZY _ZOLd T_ T^ L NZX[WPc LYO]ZRdYZ`^ ^dXMZW ZQ _SP XP]RP] ZQ ±TaL LYO ±LV_T LYO L ^Z[ST^_TNL_PO NZ^XZR]LX bSZ^P ]T_`LW bZ]^ST[ PYLN_^ _SP TYaZW`_TZY LYO PaZW`_TZY ZQ _SP `YTaP]^P ±]¯aTOd£ bZ]^ST[ NZXMTYP^ Pc_P]YLW ]T_ `LW LYO TY_P]YLW XPOT_L_TaP []LN_TNP LYO SL^ L ^Z_P]TZWZRTNLW RZLW bSP]PL^_SP`^`LWdLY_]L]T_P^SLaP[]LRXL_TNRZLW^ ?SP ?LY_]TN ^Z`]NP^ RPYP]LWWd OZ YZ_ _]PL_ dLY_]L^ LYO XL©LWL^ L^ TOPY_TNLW 3ZbPaP] _SP _P]X XL©LWL WT_P]LWWd wNT]NWPx Z] w_P]]T_Z]dx wOZXLTYx w[]ZaTYNPx T^ X`NS XZ]P [ZWdaLWPY_ LYO X`W_TQ`YN_TZYLW @YWTVP dLY_]L^ XL©LWL^ XLd SLaP NZY^TOP]LMWP OTXPY^TZY^ ?SPT] ^TePLYOXPLYTYR]LYRP^Q]ZX]PLW _P]]T_Z]TP^_Z TXXL_P]TLW]PLWX^ LYO Q]ZX Z]YLXPY_LW ^_]`N_`]P^ _Z R]Z`YO [WLY^ PR _SZ^P ZQ _PX[WP^ 8L©LWLXLd ^TX[Wd]PQP] _ZL[ZWT_TNLWOT^_]TN_TY ^[LNPLYO_TXP[L] _TN`WL]Wd _Z L VTYRv^ _P]]T_Z]d 4Y _SP ]PWTRTZ`^ NZY_Pc_ bP QTYO L]_T^_TN NZWZ]Q`W XL©LWL^ _SL_ RPYP]LWWd SLaP L [`]PWd LP^_SP_TN Q`YN_TZY TY NZY_]L^__Z_SPdLY_]L^bSTNSL]PTYaL]TLMWd]T_`LWTY^_]`XPY_^LYO_SP ?TMP_LY -`OOST^_ XL©LWL^ bSTNS L]P LWbLd^ XPOT_L_TaP OPaTNP^ -P^TOP^ OPYZ_TYR aT^`LWWd [WPL^TYR ]PWTRTZ`^ bZ]V^ ZQ L]_ _SP _P]X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P__TYL-Æ`XP]w;LÓUL]LP_DLY_]L%7P/TLR]LXXPOPWvTXLRP>LN]ËPx TY 8LY _]L^P_/TLR]LXXP^]T_`PWWP^ $z!>`NSOTLR]LX^SLaP_SPT]ZbYaP]daT^`LWwWLY R`LRP&xNT]N`WL]aP]_TNLWSZ]TeZY_LWZ]ZMWT\`PWTYP^XLdMPOZXTYLY_OP[PYOTYRZY _SP OPT_d OP[TN_PO >PP LW^Z ,WTNP -ZYP] >LOL^TaL =L_S >L]XL LYO -P__TYL -Æ`XP] A£^_`^¼_]L @[LYT´LO% ?SP 0^^PYNP ZQ 1Z]X TY >LN]PO ,]_ /PWST% 8Z_TWLW -LYL]^T OL^^$#]O]PaPO$$! BPZbP_ST^TYQZ]XL_TZY_Z-]`YYP]w8L©LWLP_DLY_]Lx3ZbPaP]_SP]PL]PPcNP[ _TZY^ LYO PaPY TYaP]^TZY^ _Z _ST^ ]`WP QZ] TY^_LYNP QZ`YO TY _SP ;L]L²`]£XL 6LW[L^¼_]L -]`YYP] w8L©LWL P_ DLY_]Lx z# -]`YYP] [ZTY_^ Z`_ _SL_ ^`NS ]PWTRTZ`^ bZ]V^ ZQ L]_ bSTNS L]P TYOT^[PY^LMWP TY ZNNL^TZYLW ¢RLXL ]T_P^ XTRS_ MP L^^ZNTL_PO bT_S L`^[TNTZ`^YP^^ O`P _Z _SPT] NZWZ] ^dXMZWT^X LYO []PNTZ`^ XL_P]TLW^ M`_ YZ_ bT_S XPOT_L_TZY >SP OT^NP]Y^ L _S]PPQZWO `^LRP ZQ _SP _P]X XL©LWL TY _SP ¢RLXL^ YLXPWd OPYZ_TYR wWP^ ^TÊRP WP^ TXLRP^ OTaTYP^ WP^ OTLR]LXXP^ OT^_]TM`_TQ^x TMTO #
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
XL©LWLZQ_PY]PQP]^_Z]L_SP]TY_LYRTMWP^dXMZWTNwOZXLTY^x?SP]PT^ QZ] TY^_LYNP XPY_TZY ZQ _SP XL©LWL^ ZQ PL]_S bL_P] QT]P bTYO LYO P_SP]4Y_SP?LXTW±LTaL>TOOS£Y_LbZ]^ST[_SP^POZXLTY^L]PYZ_ZYWd L^^ZNTL_PObT_S_SPM¯UL^ZQ_SPPWPXPY_^M`_LW^ZbT_SOTQQP]PY_NZWZ]^ OTQQP]PY_ RPZXP_]TNLW ^SL[P^ OTQQP]PY_ wOZXLTY^x ZQ _SP S`XLY MZOd _SP QTaP QLNP^ ZQ >TaL _SP QTaP -]LSXLXLY_]L^ LYO _SP ±TaL WT«RL ! ?SP WT«RL T_^PWQ T^ _SZ`RS_ _Z SLaP QTaP eZYP^ NZ]]P^[ZYOTYR _Z _SP QTaP PWPXPY_^ bSP]PMd P_SP] _SP ^[LNP LMZaP _SP [Sd^TNLW WT«RL _LVP^ L []TXP[WLNPLYOQZ]X^LNZYNP[_`LW`YT_dbT_S[`]P^`ML`OT_Z]d^Z`YO LYO _SP Xd^_TNLW w_SZ`^LYO[P_LWWPO WZ_`^x LMZaP _SP N]ZbY ,W^Z _SP 9Z]_S4YOTLY 8LY_]L8LSZOLOST NSL[_P] NLWW^PLNSZQ_SPQTaPPWP XPY_^ wXL©LWLx M`_ ]PWL_P^ _SPX _Z _SP ^Tc XLRTNLW LN_^ 4Y ?LY_]TN DZRL_Pc_^LYZ_SP]^P_ZQXL©LWL^T^Q]P\`PY_WdXPY_TZYPOYLXPWd_SP XL©LWL^ ZQ _SP ^`Y _SP XZZY LYO QT]P bSTNS ]PQP] _Z P^Z_P]TN DZRTN [Sd^TZWZRd M]PL_S NZY_]ZW wMZOd ^[SP]P^x LYO ^ZWL] W`YL] LYO TRYP Z`^ PYP]Rd _SL_ SLaP _Z MP Q`^PO 1`]_SP]XZ]P ?LY_]L^ XLd ^[PLV ZQ w±TaLv^ XL©LWLx " _Z OPYZ_P L ]PQP]PYNP [ZTY_ _SL_ T^ _Z_LWWd _]LY^NPY OPY_LW% _SP STRSP^_ ^[SP]P ZQ ^`[]PXP YZYO`LW MWT^^ LYO _]LY^XPY_LW LbL]PYP^^ _SL_ T^ L_ _SP ^LXP _TXP _SP ML^TN ^_L_P ZQ _SP S`XLY MPTYR 0c_P]YLWTePO TY aT^TMWP OTLR]LX^ _ST^ ^`[]PXP w4x bSTNS OTQQP]^ Q]ZX _SP ^ZNTLW w4x T^ aT^`LWTePO Md L wOZ_x MTYO` z ^ZXP_TXP^ L ^XLWW NT]NWP Z] L WZ_`^ z TY _SP NPY_P] ZQ _SP RPZXP_]TN R]TO bSTNS T_^PWQ T^ NLWWPOLXL©LWL>`NS[Sd^TNLWXL©LWL^L]PNZY^TOP]PO_ZMP_SPRZO SPLOv^_S]ZYP_SL_T^^`]]Z`YOPOMdST^SP]PY_Z`]LRP DLY_]L^ XLd MP ^TX[Wd ]T_`LW TY^_]`XPY_^ Z] WTVP XL©LWL^ OTL R]LX^_ZMPbZ]^ST[POLYOXPOT_L_PO`[ZY>`NSOTLR]LX^LWbLd^SLaP ^_]TN_Wd^dXXP_]TNLW[L__P]Y^LYOPc_P]YLWTePOTaTYPSTP]L]NSTP^?LY_]TN _SPZWZRd LYO NZ^XZWZRd ?SP OPT_TP^ ZQ _SP XL©LWLdLY_]L L]P ZQQP]PO bZ]^ST[ ZYP Md ZYP ^TXTWL] _Z _SP _PX[WP OPT_TP^ BP QTYO XZ]P PcZ _P]TNQZ]X^L^bPWWL^STRSWdP^Z_P]TNZYP^_SPWL__P]MPTYRRPYP]LWWd_SP []P^P]aPZQYZYO`LW?LY_]TN_]LOT_TZY^?SPXZ^_NZXXZY_d[PZQ]T_`LW XL©LWL^aT^`LWTeP^L]TYRZQPTRS_OPT_TP^ZQ_PY_SPPTRS_-SLT]LaL^Z] ,´¶LX£_]V£ w0TRS_ 8Z_SP]^x ^P_ L_ _SP PTRS_ [ZTY_^ ZQ _SP NZX[L^^ L]Z`YO L ^`[]PXP OPT_d L XLUZ] ±TaL QZ]X Z] L R]PL_ 2ZOOP^^ TY _SP NPY_P] #?ST^T^[]PNT^PWdSZb_SP8_d`ÓULdLDLY_]LT^NZYNP[_`LWTePO LYOwPYWTaPYPOxTYXZOP]YOP[TN_TZY^%TY_SPNPY_P]ObPWW^8_d`ÓULdL _SPbSPPWZQPTRS_WZ_`^P^^`]]Z`YOTYR_SPNPY_P]L]PTY^N]TMPObT_S_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /LaT^ BZ]^ST[TYR ±TaL z & ±TaL 7T«RL BZ]^ST[ aTOPZ NL^^P__P 8LO]L^% 6`[ [`^bLXd>L^_]T=P^PL]NSTY^_T_`_P$$ " >PP/dNeVZb^VT 5Z`]YPd Q # >`NS R]TO^ QZ] bZ]^ST[ L]P YZ_ ZYWd bTOP^[]PLO TY ?LY_]TN _]LOT_TZY^ M`_ L]P LW^Z QZ`YOTYLY`XMP]ZQ;`]£©L^bSZTYNW`OPO±£V_L?LY_]LQPL_`]P^>PPQZ]TY^_LYNP _SP /Pa¯-S£RLaL_LX$ Z]_SP 6£WTV£;`]£©L z
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
"
YLXP^ ZQ _SP PTRS_ -SLT]LaL^ LYO _SP Z`_P]XZ^_ ^\`L]P T^ WLMPWPO bT_S ±TaLv^ bPL[ZY^ $ ?SP XL©LWTN R]TO ZQ_PY TYNZ][Z]L_P^ _SP WP__P]^ ZQ _SP LW[SLMP_ _SL_ SLaP L STRSWd NZ^XZWZRTNLW ^TRYTQTNLYNP bT_STY _SP ¢RLXL?LY_]L _]LOT_TZY^ LYO L]P VYZbY L^ wXZ_SP]^x X£_V£ MP NL`^P _SPd L]P _SP wbZXMx ZQ _SP XLY_]L^ LYO ZQ _SP `YTaP]^P ?d[T NLWWd _SP XZ]P P^Z_P]TN OP[TN_TZY^ ZQ _SP 8_d`ÓULdL DLY_]L ^SZb L NPY_]LW ±TaL M¯UL PYNT]NWPO Md _SP PTRS_ >LY^V]T_ aZbPW^ bSTNS TY _`]Y L]PQ]LXPOMd_SPNZY^ZYLY_^ :bTYR_Z_SPRPZXP_]TNLWOP^TRYdLY_]L LYO XL©LWL L]P PL^TWd NZYQWL_PO z LYO PaPY XZ]P ^Z TQ _SP dLY_]L OP ^TRY ^`T_^ _SP Q`YN_TZY ZQ L wXPY_LW XL[x ZQ L ^`[]PXP OPT_d LYO T_^ PY_Z`]LRP L^ TY _SP NL^P ZQ _SP 8_d`ÓULdL DLY_]L -`_ _SPd XLd MP ]T_`LWWd OT^_TYR`T^SPO% bSP]PL^ _SP dLY_]L _d[P T^ ZQ_PY ]P^_]TN_PO _Z XLRTN ]T_P^ _SP XL©LWL _d[P XLd TYNZ][Z]L_P STRSWd ^dXMZWTN LYO NZY_PX[WL_TaP Q`YN_TZY^ /P[PYOTYR ZY _SP VTYO ZQ ]T_`LW _SP dLY_]L T^ TYQZ]XPO bT_S _SP XL©LWLv^ [STWZ^Z[STNLW LYO ^Z_P]TZWZRTNLW []Z[P] _TP^ Z] aTNP aP]^L ^ZXP_STYR _SL_ T^ NLWWPO XL©LWL XLd SLaP dLY_]L Q`YN_TZY 8Z]P NZX[WPc LYO XZ]P ]L]P _SLY _SP NZXXZY _d[P ZQ QZ`] Z] PTRS_OPT_TP^]P[]P^PY_POMdM¯UL^]ZZ_XLY_]L^Z][]Z[P]YLXP^QLNTYR _SP NL]OTYLW OT]PN_TZY^ LYO PYNT]NWTYR L QTQ_S Z] YTY_S ZYP TY _SP NPY_P] L]P XL©LWL^ LYO dLY_]L^ LW^Z NLWWPO NLV]L _SL_ ^SZb ^PaP]LW ]TYR^ Z] wbSPPW^x NLV]L ZQ OTaTYP [ZbP]^ L]Z`YO _SP ^`[]PXP RZOSPLO XLWP QPXLWP Z] LYO]ZRdYZ`^ ?SP^P NZYNPY_]TN ]TYR^ ZQ XTYZ] OPT_TP^ Z] L__PYOLY_^ z bSZ ZQ_PY ]P[]P^PY_ OTaP]^P YL_`]LW [ZbP]^ LYO PXZ_TZY^ LYO L]P aT^`LWTePO Md NZYNPY_]TN NT]NWP^ ZQ ^\`L]P^ ]TYR^ WZ_`^P^ LYO _]TLYRWP^ ^`]]Z`YOTYR _SP NPY_]LW Xd^_P]d z L]P `YOP]^_ZZO _Z MP _SP PXLYL_TZY^ Z] N]PL_TaP PYP]Rd ZQ _SP NPY_]LW OPT_d _SL_ ]LOTL_P^ TY LWW NL]OTYLW OT]PN_TZY^ ?SP ^`[]PXP RZOSPLO TY _SP NPY_P] T^ ]P[]P^PY_PO Md L OZ_ Z] NT]NWP PYaT^LRPO L^ L wO]Z[x ZQ WTRS_ LYO ^Z`YO TP ^dXMZWTeTYR _SP NZ^XTN PYP]Rd ^Z`]NP ZQ ^Z`YO LYO WTRS_ _SL_ M`]^_^ TY_ZN]PL_TZYLYO`YQZWO^_SP^`M_WP`YTaP]^PZQWLYR`LRP_SPLW[SLMP_ LYO _SP WL]RP] [WLYP^ ZQ _SP [SPYZXPYLW bZ]WO ?SP bZ]^ST[ ZQ _SP XL©LWLLTX^L__]LY^QZ]XTYR_SPLOP[_v^MZOdTY_Z_SP`YTaP]^P:Q_PY _SPXL©LWLT_^PWQT^^PPYYZ_ZYWdL^L_PX[WL_PZQ_SPNZ^XZ^M`_LW^Z L^ L _PX[WL_P ZQ _SP DZRTN NPY_P]^ NLV]L^ TY _SP S`XLY MZOd >`NS STRSWd ^dXMZWTN XL©LWL^ `^PO QZ] TYT_TL_TZY ZNNL^TZYLW Z] PaPY OLTWd ]T_`LW bZ]^ST[ LYO NZY_PX[WL_TZY OZ YZ_ YPNP^^L]TWd SLaP L NT]N`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $
S__[%bbbS`MNZXNZX_LY_]TNX]T_RTQLNNP^^PO5LY`L]d S__[%bbbS`MNZXNZX_LY_]TNX]T_RTQLNNP^^PO,`R`^_ 1Z]LYPcLX[WPZQ_SPWL__P]^PP/dNeVZb^VT ,5Z`]YPd ! ,YZ_SP]XPLYTYRZQ_SP[ZWd^PXLY_TN_P]XNLV]LT^_SPNT]N`WL]^T__TYRL]]LYRPXPY_ZQ TYT_TL_P^O`]TYRSP_P]ZOZc6L`WL]T_P^
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
^SL[P ?SP]P L]P LW^Z XL©LWL^ TY _SP ^SL[P ZQ L _]TLYRWP ^TYNP _SP _]TLYRWP T^ _SP XZ^_ TX[Z]_LY_ ^dXMZW ZQ _SP RZOOP^^ L^ bZ]WO XZ_SP] LYORZOOP^^ZQ^[PPNS4_aT^`LWTeP^SP]dZYTQPXLWPRPYT_LW^SP]M¯UL ,4¿ bSZ^P R]L[SPXP SL^ L _]TLYR`WL] ^SL[P Z] _SP _S]PP M¯U£^ ,4¿ 3=®¿ ±=®¿ LYO L []ZYZ`YNPO _]TLOTN _SPZWZRd OTaTYP bTWW VYZbWPORP LYO LN_TZY _SP _S]PP NZ^XTN Q`YN_TZY^ _SP _S]PP NPY_]LW DZRTN YP]aP NSLYYPW^ P_N ?SP ?]T²¼W£MUL 8L©LWL ZQ _SP 6L^SXT]T ?]TVL SL^ L ^\`L]P QZ]XL_ LYO TYNZ][Z]L_P^ [TN_Z]TLW PWPXPY_^ z ±TaLv^ _]TOPY_ LYO MWZ^^ZXTYR WZ_`^P^ z _Z bSTNS STRSWd ^dXMZWTN aLW`P T^ L__LNSPO 4Y LWW ^`NS NL^P^ z _SP ²]¯NLV]L TYNW`OPO z _SP XL©LWL ^_]`N_`]P T^ LMWP _Z _]LY^XT_ _SP ZXYT[Z_PY_ RZOSPLO LYO T_^ ^PWQ []ZUPN_TYR [ZbP]^ PXLYL_TYR L^ L ^P]TP^ ZQ []ZR]P^^TaP NZY_]LN_TZY^ LYOLSTP]L]NSdZQZY_TNWPaPW^]LYRTYRQ]ZX>TaL_ZTYP]_XL__P] ?SPXL©LWTNR]TOZQ[P]T[SP]dLYONPY_P]PaZVP^LNZ^XTNZ]OP]Md aT^`LWTeTYR L ^_]`N_`]PO [LY_SPZY _SP NL]OTYLW OT]PN_TZY^ LYO LY wLcT^ X`YOTxLYOL`YTaP]^PNZY^T^_TYRZQL^P]TP^ZQR]LOPOPXLYL_TZY^?SP XL©LWL_PX[WL_PSL^MPPYL[[WTPO_ZMZ_S^[T]T_`LW[]LN_TNPLYO[ZWT_T NLW]`WP_SPDZRTNMZOdLYO_PX[WPL]NST_PN_`]P^LN]PORPZR]L[SdLYO NT_d [WLYYTYR LYO OTaTYP LYO ^ZNTLW STP]L]NSTP^ , ^[PNTLW QPL_`]P ZQ 3TYO`XL©LWTNR]TO^T^_SPT]Q`YN_TZY_Z^LYN_TQd_P]]T_Z]dLYO[]ZUPN_L ^LN]PORPZR]L[Sd]PTYQZ]NPOMd_Pc_^]T_P^[TWR]TXLRPXL[^^dXMZWTN TY_P][]P_L_TZY^ LYO SZXZWZRTP^ TP ]PWL_TYR _SP WP__P]^ ZQ _SP LW[SL MP_ _Z _SP XLUZ] RZOOP^^ ^T_P^ ! /TLR]LX^ TY bSTNS M¯UL^ Z] YLXP^ ZQ OPT_TP^ L]P b]T__PY L_ _SP NL]OTYLW [ZTY_^ LYO _SP NPY_P] SLaP MPPY `^PO_ZN]PL_PLNZ^XTNOTXPY^TZYbT_STY]PLWX^ZQ_SPS`XLYbZ]WO_Z NZY^PN]L_P TY_P]TZ] LYO Pc_P]TZ] ^[LNP LYO _Z PaZVP Z]OP]PO STP]L]NSTP^ TY _SP OTaTYP LYO ^ZNTLW ^[SP]P^ 8L©LWL^ ^P]aP MZ_S _SP NZY^_]`N_TZY ZQ NZX[WPc [L__P]Y^ LYO X`W_T[WP XPLYTYR^ Md ]PWL_TYR ^Z`YO^ OPT_TP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP wXL©LWLx ZQ _SP RZOOP^^ 6`MUTV£ QZ] TY^_LYNP T^ L _]TLYRWP _SL_ T^ NLWWPO w>LÀaL]_£ XL©LWLx LYO TYNZ][Z]L_P^ ^PaP]LW WLdP]^ ZQ aP]d ^dXMZWTN XPLYTYR /dNeVZb^VT , 5Z`]YPd $$z #z # $ z "z!# "z# ,W^Z_SPWTYPLRPZQ_]LY^XT^^TZYTP_SPNdNWPZQ_PLNSP]^LYOWPRPYOL]dQZ`YOP]^T^ aT^`LWTePO L^ L wXL©LWLx R`]`XL©LWL LYO O]LbY LWZYR bT_S _SP XL©LWL ZQ _SP RZOOP^^M`_bZ]^ST[POMPQZ]PSLYOTMTO!! ,WPcT^ >LYOP]^ZYw8L©LWLLYO¢RLXTNTOPY_T_dTY_SP?]TVLZQ 6L^SXT]xTY 8LY _]L^P_/TLR]LXXP^]T_`PWWP^$z! >PP QZ] TY^_LYNP =ZMP]_ 4 7Pad 8P^ZNZ^X% 3TYO`T^X LYO _SP :]RLYTeL_TZY ZQ L ?]LOT_TZYLW 9PbL] .T_d TY 9P[LW /PWST% 8Z_TWLW $$ & /dNeVZb^VT , 5Z`] YPdz &8L]d>SP[SP]O>W`^^P]9P[LW8LYOLWL%,.`W_`]LW>_`OdZQ_SP6L_S XLYO`ALWWPdaZW^6L_SXLYO`%8LYOLWL-ZZV;ZTY_$$# ! /dNeVZb^T ,5Z`]YPd z# #&ZY?LY_]LLYO[TWR]TXLRP[WLNP^$z" :Y^LN]PO_Z[ZR]L[Sd^PPLW^Z AT^`LWTeTYR>[LNPTY-LYL]L^%4XLRP^8L[^LYO_SP ;]LN_TNP ZQ =P[]P^PY_L_TZY PO 8 2LPYeWP LYO 5 2PYRYLRPW BTP^MLOPY% 3L]]L^ ^ZbT_e!"z$
?SP8LY_]LZQ_SP>dY_SP_TN?LY_]L^
""
[WLNP^ LYO _SP ]PO`N_TZY ZQ NZX[WPcT_d Md []P^PY_TYR L NWPL]Wd ^_]`N _`]PO OTLR]LX LYO XLVTYR NSLZ_TN NZYQTR`]L_TZY^ LXPYLMWP _S]Z`RS [P]QPN_ RPZXP_]TN [L__P]Y^ :Y _SP ZYP SLYO XL©LWL^ ]P[WTNL_P NZY N]P_PPc_P]YLWPcT^_PYNPTYLYLM^_]LN_RPZXP_]TNQZ]XLYOZY_SPZ_SP] SLYO_SPdNZYN]P_TePLSTRSWdLM^_]LN__]LY^NPYOPY_]PLWT_d /LaTO 2Z]OZY BST_P XLTY_LTY^ _SL_ XL©LWL^ L]P L XLUZ] VPd _Z ?LY_]TN []LN_TNP LYO [ZTY_^ Z`_ _SPT] ]ZWP L^ wXP^ZNZ^Xx LYO wPYP]Rd R]TO%x " w?SP PYP]Rd WPaPW^ ZQ _SP ?LY_]TN `YTaP]^P L]P RPYP]LWWd ]P[]P^PY_PO L^ L ^P_ ZQ NZYNPY_]TN NT]NWP^ NLV]L^ ZQ Sd[Z^_L^TePO QZ]X^ ZQ OTaTYP PYP]Rd bSTNS m LW^Z XLYTQP^_ _SPX^PWaP^ ZY _SP LNZ`^_TN WPaPW L^ RL]WLYO^ Z] [TWPO`[LRR]PRL_P^ZQ[SZYPXP^ XLY_]L^ &ZYLR]L[STNWPaPWL^_SPb]T_ _PY NSL]LN_P]^ ZQ _SP STP]L_TN LW[SLMP_^ LYO L^ STP]L]NSTePO NLV]L^ ZQ _SP DZRTN MZOd&x # wL_ PLNS WPaPW ZYP T^ RYZ^PZWZRTNLWWd _]LY^QZ]XPO TY_Z L STRSP] XZ]P OTaTYP m MPTYR m 4Y _ST^ []LN_TNP XZaPXPY_ _ZbL]O _SP NPY_P] PQQPN_PO _S]Z`RS L NZXMTYL_TZY ZQ Pc_P]YLW LYO TY_P]YLW XPOT_L_TaP []LN_TNP^ PY_LTW^ SL]XZYTeTYR ZYPv^ ZbY PYP]Rd Z] NZY^NTZ`^YP^^ WPaPW bT_S_SL_ZQ_SPOPT_TP^ZQ_SPNT]NWPTYbSTNSZYPQTYO^ZYP^PWQ1T]^_PY NZ`Y_P]PO L^ ZM^_LNWP^ _SP^P OTaTYP OPXZYTN Z] LYTXLW TX[`W^P^ L]P PaPY_`LWWd ZaP]NZXP _SL_ T^ _]LY^QZ]XPO TY_Z [Z^T_TaP ^Z`]NP^ ZQ PYP]Rd _SL_NL]]dZYPNWZ^P]LYONWZ^P]_Z_SPOPT_dmx $
,NNZ]OTYR_ZBST_P_SPXL©LWLTY?LY_]TN[]LN_TNP^P]aP^L^L_PX[WL_P _S]Z`RSbSTNSS`XLY^TY_P]LN_bT_S_SPOTaTYPLYONZY^_]`N_^LYTY_P] YLW [TWR]TXLRP ]Z`_P ZQ L R]LO`LW ]P_`]Y _Z _SP OTaTYP wPYP]Rd NPY_P]x _SL_ T^ _SP ^Z`]NP ZQ _SP `YTaP]^P 3ZbPaP] ZYWd ^ZXP OTLR]LX^ PR _SP _]TLYR`WL] XL©LWL ZQ _SP RZOOP^^ 6`MUTV£ Z] _SP ±]¯NLV]L ]P[]P ^PY__ST^TOPL !LYO_ST^NZYNP[_T^YZ_]P^_]TN_PO_ZXL©LWL^.Z^XZW ZRdNZ^XZRZYdLYO_SPTOPLZQOTaTYPPYP]RTP^LYOLYwPYP]RdNPY_P]x MPWZYR _Z _SP RPYP]LW QPL_`]P^ ZQ ?LY_]TN ]T_`LW LYO XP_L[Sd^TN^ LYO XL©LWL^ZYWdXPOTL_P^`NSQPL_`]P^TYLaT^`LWQZ]X?SPLWTRYXPY_ZQ LNZ`^_TNLYOR]L[STN[SZYPXP^ bT_S_SPRPZXP_]TNPWPXPY_^ZQ_SPOTL R]LX T^ XZ]P _SLY NZYNP[_`LW ?SP wXP^ZNZ^Xx Z] XL©LWTN PYP]Rd R]TO OP^N]TMPO Md BST_P T^ YPaP] ^ZWPWd aT^`LW LYO NZYNP[_`LW M`_ TY _]TY^TNLWWd]PWL_PO_ZXLY_]L^LYO_SP?LY_]TNLW[SLMP_,YLWZRZ`^_Z_SP APOTNQT]PLW_L]bSTNST^^LTO_ZMPNZY^_]`N_POZQXLY_]L^]L_SP]_SLY M]TNV^ _SP XL©LWLNZY^_]`N_TZY^L]PaP]dX`NS ]PWL_PO_ZL`OTMWPLYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " # $ !
BST_P ?LY_]LTY;]LN_TNP$1Z]_SPbSZWPL]R`XPY_^PP$z BST_P ?LY_]LTY;]LN_TNP BST_P ?LY_]LTY;]LN_TNP >PP-]`YYP] w8L©LWLLYO DLY_]Lx$bSZ]PXL]V^_SL_ _SP]PT^ LWL]RP]Y`XMP] ZQ _Pc_^ wYP XPY_TZYYPY_ L`N`Y u[L]NZ`]^v LWWLY_ [L] PcLX[WP OP WL [Ë]T[SË]TP L` NPY_]PxbSP]PL^_SP`^`LWbZ]^ST[ZQXL©LWL^QZWWZb^_SPYZ]XLW[L__P]YZQ_PX[WP WT_`]RdTY bSTNS_SP[]TP^_ ^_L]_^bT_S_SP bZ]^ST[ZQ_SPNPY_]LWOPT_dLYO bZ]^ST[^ PLNSZQ_SPZ_SP]OPT_TP^TY^`NNP^^TZY
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
^`ML`OT_Z]d XLY_]L ^Z`YO LYO ]P^ZYLYNP ?SP TOPL ZQ _SP [ZbP] ZQ ^Z`YOT^Q`YOLXPY_LWPaPY_Z_SPb]T__PYM¯UL^LYOWP__P]^LYONP]_LTYWd QZ] _SP aT^`LW XL©LWL ^_]`N_`]P L^ L bSZWP 4_ T^ LN_`LWWd YZ_ _SP XL©LWL _SL_ T^ _SP MW`P[]TY_ QZ] _SP `YTaP]^P M`_ _SP WP__P]^ ZQ _SP LW [SLMP_1Z]?LY_]T^_^wPYP]RdxLYO^Z`YOMPWZYRTY_]TY^TNLWWd_ZRP_SP] ?SP NPY_]LW wPYP]Rd NPY_P]x T^ L^^ZNTL_PO bT_S Z]TRTYLW Z] []TXZ]OTLW [`]P^Z`YO,YO_SP]T_`LWPQQPN_TaPYP^^ZQXLY_]L^X`^_LW^ZMP^PPYTY _SP WL]RP] NZY_Pc_ ZQ NZ^XZWZRd Z] ]L_SP] TY _SP NZY_Pc_ ZQ L NZ^XZR ZYdbSTNST^ML^TNLWWd[SZYPXL_TN
!
;SZYPXL_TN.Z^XZRZYTP^ !
0YP]Rd
3Zb OZ XLY_]L^ bZ]V* >TYNP LYNTPY_ _TXP^ ?LY_]T^_^ SLaP PX[SL^TePO _SPNZYNP[_ZQPYP]RdZ]±LV_T?Z_SPX_SPNZ^XTNPYP]RdZ]w[ZbP]x T^ L RPY`TYPWd _LYRTMWP [SPYZXPYZY BP SLaP ZNNL^TZYLWWd ^[ZVPY ZQ ?LY_]L MPWTPaP]^ 4Y _SP PdP^ ZQ L ?LY_]T^_ SZbPaP] _ST^ T^ NZX[WP_PWd b]ZYR 3P Z] ^SP bZ`WO ^[PLV ZQ VYZbWPORP LYO Pc[P]TPYNP ?SP []T XLNdZQPc[P]TPYNP T^zXZ]PZ] WP^^zL_ _SP]ZZ_ZQ _SP?LY_]L?SPZ ]P_TNLW LYO []LRXL_TN VYZbWPORP L]P NLWWPO QZ] TY P\`LW XPL^`]P ,^ L ]`WP ?LY_]T^_^ L]P YZ_ ^SPP[ ]PNPTaTYR U`^_ LYd ^Z]_ ZQ XLY_]L^ Q]ZX R`]`^ bT_SZ`_ _STYVTYR LMZ`_ _SPX ;L]_TN`WL]Wd TY _SP NL^P ZQ _SP ¢RLXL _Pc_^ LYO LW^Z ZQ XLYd ?LY_]L^ L ^PN_TZY ZY [STWZ^Z[Sd _d[T NLWWd MPWZYR^ _Z _SP NLYZY ;STWZ^Z[Sd LYO ]T_`LW L]P ]PRL]OPO L^ NZX [WPXPY_L]d ?SP [STWZ^Z[STNLW ^PN_TZY^ ZQ_PY Pc[WLTY bSd _SP XLY_]L^ L]P PQQPN_TaP 4Y _SP ±£]LO£?TWLVL?LY_]L _SP OZN_]TYP ZQ QTYLW PXLYNT [L_TZYNZYNW`OP^_SPbZ]VbSTWP_SPQT]^_NSL[_P]NZY_LTY^NZ^XZRZYd LY_S]Z[ZWZRdLYO[STWZ^Z[Sd3ZbPaP]XLY_]L[]LN_TNPPaPYWPLaP^T_^ _]LNV^TY]L_TZYLW_SZ`RS_?SP?LY_]TN[STWZ^Z[SdT^ZYPZQ4YOTLv^XZ^_ Z[L\`P [STWZ^Z[STP^ MPNL`^P T_ OZP^ YZ_ VPP[ ^_]TN_Wd _Z [STWZ^Z[STNLW _P]XTYZWZRd M`_ TY^_PLO Z[P]L_P^ bT_S ^`RRP^_TaP ^dXMZWTN QZ]X^ , [STWZWZRT^_X`^_MP[]P[L]PO_Z_LNVWPLaP]T_LMWPMP^_TL]dZQN]d[_T^X^ SP]XP_T^X^ ZNN`W_T^X^ LYO P^Z_P]T^X^ _Z OT^PY_LYRWP _SP OTQQTN`W_ ^PY^P >ZXP_TXP^ T_ T^ YZ_ PL^d _Z ]PNZRYTeP L [STWZ^Z[STNLW NZY_PY_ L_ LWWQZ]T__PYO^_ZMP_SPXd_STNLWQZ]XZQNZ^XZRZYdLYOTY^ZXPNL^P^ PaPYZQ_SPZRZYd_SL_L]PNSZ^PYQZ]Pc[]P^^TYRYZYXd_STNLWNZYNP[_^ 8ZOP]Y?LY_]T^_^WTVP_Z`^P_P]X^^`NSL^wPc[P]TXPY_LWNZYQT]XL _TZYx LYO w[]LN_TNLW PQQTNTPYNdx bSPY _SPd bLY_ _Z PX[SL^TeP _SP []T XLNd ZQ Pc[P]TPYNP TY _SPT] ]PWTRTZ`^ NZYaTN_TZY 4_ T^ _d[TNLW _SL_ _SPd L__PX[__ZWTYV_SPX^PWaP^bT_SBP^_P]Y^NTPYNPzLYO^TYNP_SP_TXPZQ 8Lc;WLYNV_SL_SL^bZ]VPO\`T_PbPWW
;SZYPXL_TN.Z^XZRZYTP^
"$
?SP QLN_ _SL_ BP^_P]Y [Sd^TNT^_^ YZb ^[PLV ZQ WTRS_ LYO ^Z`YO bLaP^ L^ L QZ]X ZQ PYP]Rd `YOP]^_LYOLMWd QTWW^ ?LY_]LTY^[T]PO 4YOTLY^ bT_S ^L_T^QLN_TZY QZ] ^TYNP _TXP TXXPXZ]TLW _SPd SLaP ^[ZVPY LMZ`_ MTYO` LYO Y£OL wWTRS_O]Z[WP_xLYO w^Z`YO bLaP^xL^LQZ]XZQ ²LV_T ,^ LW]PLOd TYOTNL_PO _SPT] XP_L[Sd^TNLW ^d^_PX T^ QZ`YOPO ZY _SP NPY _]LW_SP^T^_SL__SPbSZWP`YTaP]^PT^YZ_STYRZ_SP]_SLYw[ZbP]xzZ]L^ T_ T^ ZQ_PY Pc[]P^^PO _ZOLd TY XZ]P [Sd^TNLW _P]X^ wPYP]Rdx ²LV_T 7TVP _SP YZYO`LWT^_ -SL]_SL]T _SP^P ?LY_]T^_^ MPWTPaP _SL_ _SP bSZWP NZ^XZ^ T^ ZYP ^TYRWP ^`M^_LYNP LYO L^ XZOP]Y \`LY_`X [Sd^TN^ LW^Z _LVP^ _ST^ aTPb L_ WPL^_ L^ L bZ]VTYR Sd[Z_SP^T^ _SPd ^PP _SPT] [ST WZ^Z[SdZQYZYO`LWT^XNZYQT]XPOMd_SPYL_`]LW^NTPYNP^?SPNZYNP[_ ZQ XL__P] T^ `YYPNP^^L]d QZ] PaP]d _STYR TY _SP `YTaP]^P T^ YZ_STYR Z_SP]_SLYLQZ]XZQPYP]Rd?SP?LXTWL`_SZ]>SLY=LYUT_L]R`P^TYLY 4Y_P]YP_OT^N`^^TZYQZ]`XZY_SP_Z[TNZQw^[T]T_`LWT_d%x w4_^SZ`WOMPYZ_PO_SL__SPOTQQP]PY_aTM]L_TZY^L]PYZ_TY_]TY^TNLWWdOTQ QP]PY_ Q]ZX PLNS Z_SP]& _SPd ZYWd OTQQP] TY _SPT] ]L[TOT_d F?HSP]P T^ YZ OTQQP]PYNP TY ^`M^_LYNP ?SPd L]P LWW XP]PWd aTM]L_TYR PYP]Rd 0aP]d _STYRTY_SP`YTaP]^PT^0YP]Rd >SLV_ST x !
4Y _SP WTRS_ ZQ ^`NS L XZOPW ZQ Pc[WLYL_TZY _SP bLd _SL_ XLY_]L^ bZ]V T^ YZ_ L_ LWW Xd^_TNLW Z] N]d[_TN M`_ TY^_PLO MPNZXP^ L \`T_P YL_`]LW []ZNP^^:YP^SZ`WO]PXPXMP]_SL_MZ_SXL_P]TLWLYO[^dNSTNLWPY_T_TP^ LYO `W_TXL_PWd PaPY ^[T]T_`LW MPTYR^ L]P ^TX[Wd PYP]Rd LYO _S`^ NZY ^`M^_LY_TLW ?SP wXLRTNx Z] wXd^_TNx PQQPN_^ ZQ XLY_]L ]PNT_L_TZY XPY _TZYPO L]P _SP]PQZ]P [SPYZXPYL ZQ Q]P\`PYNd TYO`N_TZY TP ZQ _SP _]LY^QP] ZQ bLaP^ Q]ZX ZYP XPOT`X _Z LYZ_SP] ?SP SPLWTYR PQQPN_^ ZQ XLY_]L^L]PML^POXZ]PZ]WP^^ZY_SPTYO`N_TZYZQ_SPXLY_]LaTM]L_TZY TY_SPPWPN_]ZXLRYP_TNMZOdQTPWO% wm _SP 8LY_]L []ZO`NP^ L ^_L_P bSP]P _SP Z]RLYT^X aTM]L_P^ L_ _SP ]L_P NZX[WP_PWd TY _`YP bT_S _SP PYP]Rd LYO ^[T]T_`LW ^_L_P ]P[]P^PY_PO Md LYO NZY_LTYPO bT_STY _SP 8LY_]L m :aP] L [P]TZO ZQ _TXP _SP XLY_]L aTM]L _TZY^ ZaP]]TOP LWW Z_SP] aTM]L_TZY^ bSTNS L]P PaPY_`LWWd LM^Z]MPO Md _SP 8LY_]Lx !
?SPTY_]ZO`N_TZY_Z_SP 8LY_]L8LSZOLOST WT^_^LbSZWP^P]TP^ZQ^NTPY _TQTNLWWd []ZaPY bLaP _]LY^QP][SPYZXPYL _Z ^`[[Z]_ _ST^ aTPb z ]LYR TYRQ]ZX^Z`YO_SP]L[dLYO@A]LOTL_TZY_Z_SPXd^_P]TZ`^TYQW`PYNPZQ X`^TNZY_SPR]Zb_SZQ[WLY_^ ,YO _SP ^[T]T_`LW PQQPN_ ZQ _SP XLY_]L^ _ZZ ]P^`W_^ Q]ZX _SP TYO`N _TZYZQ_SPT]aTM]L_TZY^zLNNZ]OTYR_Z_SP^PL`_SZ]^,WWXLY_]L^TYO`NP _SP ^[PNTQTN aTM]L_TZY ZQ L NP]_LTY ^[T]T_`LW MPTYR ?ST^ XPLY^ _SPd LQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >SLY =LYUT_ w>SZ`WO 8LY_]L^ MP =PNT_PO TY ?LXTW Z] >LY^V]T_*x bbbV`aTdLXNZXM]^[T]T_`LWT_dS_X LNNP^^PO 8L]NS LW^Z [`M WT^SPOTY% ?LXTW.T]NWP/TRP^_AZW`XP9`XMP]$ ! >SLY=LYUT_w>SZ`WO8LY_]L^MP=PNT_POTY?LXTWZ]>LY^V]T_*x
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
QPN_ _SP OPT_d TY _SP ^LXP XLYYP] TY bSTNS L STRSQ]P\`PYNd aTM]L_TZY NLYXLVPLN]d^_LW_SL_]P^ZYL_P^L__ST^[L]_TN`WL]Q]P\`PYNd^[WT_% w7TVPbT^P_SPaL]TZ`^u2ZO^v_SL_bPQZYOWd[]Ld_ZLW^ZPcT^_ZYWdTY0Y P]Rd QZ]X ?SP ZYWd OTQQP]PYNP MP_bPPY _SP TYOTaTO`LW ^Z`W^ LYO _SP^P 2ZO^ L]P _SP PYP]Rd WPaPW ?SP ^Z NLWWPO 2ZO^ L]P YZ_STYR M`_ STRSWd uPY P]RTePO NZY^NTZ`^YP^^v mF-HdNZY^_LY_Wd NSLY_TYR L ^[PNTQTN XLY_]LbT_S TY_PY^P XPY_LW TY_PY_TZY bP N]PL_P LY PYP]Rd QTPWO _SL_ P\`L_P^ bT_S _SL_ ZQ_SL_RZOv^PYP]RdWPaPWzLYO_S`^_SPMPYPQTNTLWPQQPN_^x !
8ZOP]YXLY_]LPc[WLYL_TZY^WTVP_ST^ZYPL]PLN_`LWWdYZ_L^XZOP]YL^ _SPd ^Z`YO ?SP Q`YOLXPY_LW TOPL T^ _SL_ wXL__P]x T^ P\`L_PO bT_S wPY P]RdxzbSTNST^QZ`YOL^ PL]WdL^ TY_SPZWONZ^XZWZRTNLWWT_P]L_`]PZQ _SP?LY_]LbSP]P_SPbZ]WOT^P\`L_PObT_S±LV_T[ZbP]ZQRZO3Zb PaP]R]PL__SPOTQQP]PYNPMP_bPPY_SP^PQ`YOLXPY_LWbLd^ZQ_STYVTYRz ZYPXd_SZWZRTNLWLYOXP_L[Sd^TNLW_SPZ_SP]PX[T]TNLWz_SP^TXTWL]T_d T^ U`^_ L^ R]PL_ MP_bPPY _SP [STWZ^Z[STNLW NZY^P\`PYNP^ LYO _SP ZY_Z WZRTNLWTX[WTNL_TZY^%_SPbZ]WOX`^_MP_SZ`RS_ZQL^LOdYLXTNBSZWP YZ_L^_SP^`XZQTYOTaTO`LW[SPYZXPYL
!
:]TRTYLW8L__P]LYO:]TRTYLW>Z`YO
0aP] ^TYNP _SP MPRTYYTYR^ ZQ ^d^_PXL_TN [STWZ^Z[Sd TY 4YOTL TP ^TYNP _SP [Z^_@[LYT´LOTN P[ZNS NZ^XZRZYTN ^[PN`WL_TZY bT_STY APOTN -]LSXLYTN _SZ`RS_ SL^ LWbLd^ MPPY NSL]LN_P]TePO Md _SP _bZ NZYNP[_^ ZQ_SP>[T]T_`LWLYO_SP8L_P]TLW [`]`´L LYO []LV_T ?SPXLUZ]^d^_PX TY _ST^ QTPWO T^ _SP >£«VSdL 4_ _PLNSP^ L [L]_TN`WL]Wd ^_]TN_ ^[T]T_XL__P] O`LWT^X M`_ YZ_ WTVP _SP ZYP bP VYZb Q]ZX /P^NL]_P^ >[T]T_ T^ `YOP] ^_ZZO PcNW`^TaPWd L^ [`]P `YLW_P]LMWP NZY^NTZ`^YP^^ ?SP NZYNP[_`LW z LYO_SPPXZ_TaPzL]PYZ_`YOP]^_ZZOL^LYTXXZaLMWP^[T]T_^TYNP_SPd L]P NSLYRPLMWP NZY_PY_^ ZQ NZY^NTZ`^YP^^ M`_ L^ XL__P] ZM^P]aPO Md _SP ^[T]T_ ?SP NZ`Y_P][L]_ _Z _SP TXXZaLMWP ^[T]T_ T^ _SP P_P]YLWWd NSLYRTYRuZ]TRTYLWXL__P]vz_SP;]LV_T4_T^_SPbSZWPaT^TMWPLYONZY NPTaLMWP`YTaP]^P TYLWWT_^ L^[PN_^%Q]ZX_SPXL_P]TLW PWPXPY_^ _ZXPY _LWLYOLM^_]LN_L^[PN_^ 1Z] L WZYR _TXP _SP >£«VSdL LcTZX ZQ _SP P_P]YLW Z[[Z^T_P^ ZQ _SP @YNSLYRPLMWP LYO .SLYRPLMWP bL^ _SP QZ`YOL_TZY ^_ZYP ZQ 4YOTLY NZ^ XZRZYd LYO NSL]LN_P]TePO _SP _SPZWZRTP^ ZQ DZRL LYO APO£Y_L 1Z] PcLX[WP TY ;L_LÓULWTv^ DZRL >¼_]L^ 2ZO ŲaL]L T^ NZX[WP_PWd MPdZYO _ST^ bZ]WO 3P T^ L w^[PNTLW ^[T]T_ MPTYRx [`]`´LaT²P´L NZX[WP_PWd `Y_Z`NSPOMd_SPbZ]WO?SPN]PL_TZYZQ_SPbZ]WONZXP^LMZ`_bT_SZ`_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >SLY=LYUT_w>SZ`WO8LY_]L^MP=PNT_POTY?LXTWZ]>LY^V]T_*x!
;SZYPXL_TN.Z^XZRZYTP^
"
ST^OZTYRL`_ZXL_TNLWWd_S]Z`RS_SP^PWQPaZW`_TZY [L]T©£XL ZQZ]TRT YLWXL__P] []LV_T 4Y_SP¢RLXL^_SP^LN]PO_Pc_^ZQ±LTaT^X_ST^]PWL_TZY^ST[T^]P[ ]P^PY_PO TY L XZ]P NZX[WPc QZ]X 2ZO ±TaL T^ _SP ]PLW Z]TRTY ZQ _SP bZ]WO ?SP Z]TRTYLW XL__P] ;]LV_T SL^ _`]YPO TY_Z 8£d£ 3P]P _SP bZ]O XPLY^ ^ZXP_STYR WTVP wQLM]TNL_TZY OPNP[_TZYx 4Y _SP ^LXP bLd _SL_3PWPYL bSZT^NLWWPO `[Md1L`^_Q]ZX_SP =PLWXZQ_SP 8Z_SP]^ T^ aT^TMWP _Z PaP]dZYP LYO dP_ ^PPX^ YZ_ SLaP LY PcT^_PYNP ZQ SP] ZbY _SP [SPYZXPYL ZQ _SP bZ]WO ZYWd PcT^_ MPNL`^P 2ZO bT^SP^ _SPX _Z PcT^_4YNZY_]L^__Z;]LV_T_SP8£d£NLYYZ_MPPYaT^LRPOTYOP[PYOPY_ ZQ LY TY_PWWTRPYNP 1Z] _SP ¢RLXL^ SZbPaP] T_ T^ TX[Z]_LY_ _SL_ 2ZO LYO 8£d£ L]P YZYP_SPWP^^ \`T_P OT^_TYN_ ?SP 8£d£ T^ bSL_ 2ZOv^ bTWW ²LV_T TY_PYO^ BSTWP _SP 8£d£ ]P[]P^PY_^ _SP XL_P]TLW NL`^L XL_P]T LWT^ ZQN]PL_TZY2ZOT^bSL_NL`^P^N]PL_TZY_ZNZXPTY_ZMPTYR NL`^L PQQTNTPY^ LYO_SP±LV_TT^ST^_ZZW NL`^LTY^_]`XPY_LWT^ 1Z]N]PL_TZY2ZO`YT_P^STX^PWQbT_SST^ZbY[ZbP]_SP±LV_T?SP MW`P[]TY_ ZQ _SP bZ]WO MPQZ]P T_^ ]PLWTeL_TZY T^ _SP PY_T]P_d ZQ WTYR`T^_TN XL_P]TLW NZY^T^_TYR ZQ [SZYPXP^ bZ]O^ LYO XLY_]L^ ?ST^ YZ_TZY L[ [PL]^NZX[L]LMWPbT_S;WL_Zv^NZYNP[_ZQLbZ]WOZQTOPL^QZ]SP]P_SP ¢RLXL^^[PLVZQw[`]PVYZbWPORPx ²`OOSLaTOd£ bSTNSPcT^_PO[]TZ] _Z _SP [Sd^TNLW bZ]WO L^ L NZY^_]`N_TZY [WLY QZ] _SP ^[T]T_`LW bZ]WO NLWWPO_SPwWLYR`LRPN]PL_TZYx ²LMOL^´¶T 1Z]PcLX[WP_SPQZWWZbTYR [L^^LRPZNN`]^TY_SP ;L`´VL]L¢RLXL % w?SP ´T^ ^LTO% u3Zb OTO _SP ?LY_]L^ LYO _SP XLY_]L^ L]T^P *v LYO 2ZO ^[LVP% u4Y _SP MPRTYYTYR bL^ [`]P NZ^XTN -]LSXLY LYO _ST^ MPNLXP _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_ 3L]VPY : -]LSXTY^ SZb _ST^ QT]^_ ^Z`YO _`]YPOTY_Z_SP?LY_]L^LYOXLY_]L^vx !
3P]P _SP wWLYR`LRP N]PL_TZYx ]PQP]^ TYT_TLWWd _Z _SP XLY_]L^ ;]ZMLMWd _SP TY_PY_TZY T^ _Z Pc[WLTY _SP ^[PNTLW [ZbP] ZQ _SP XLY_]L^ QT]^_ ZQ LWW M`_Q]ZX_ST^_SP]P_SPYLW^Z]P^`W_^LRPYP]LW_SPZ]dZQWLYR`LRPLYOT_^ RPYP^T^ Q]ZX ^Z`YO ?SP bZ]O^ NZXP TY_Z MPTYR TY _SP Y£OL w^Z`YO bLaP^x?ST^ TYQ]L^ZYTN ^Z`YOT^_SP[]PN`]^Z]ZQ_SP OTQQP]PY_ _d[P^ZQ ^Z`YO^TPZQ_SPLW[SLMP_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ´LdLàzVL_SLY_LY_]LÀ^LX`_[LYYLÀXLY_]£aLT^LSL²LV_TMSTàg m¯²aL]Làz£OL`M]LSXL[L]LÀ²`OOSLX£OTaL]©L_aLX£RL_Làg _LY_]LXLY_]L_aLX£[LYYLÀ²©`OSaLÀOaTUL^L__LX£àgggg;L`´VL]L¢RLXL ?LY_]L XLY_]Z_[L__Tz ?SP ;L`´VL]L¢RLXL T^LaP]d]L]P?LY_]LLYO^PPX^_ZMP\`T_PLRPO@YWTVPZ_SP] ¢RLXL^T_T^LaLTWLMWPZYWdTY2]LY_SL^N]T[_4_T^YZbLOLd^LaLTWLMWPZY_SPTY_P]YP_ LYObL^POT_POL_LYPL]WdOL_P%^PP ±]¯XL_;L`´VL]L^LÀST_£UÓ£YL[£OLàPOLYO NZXXMd@X£[L_T±Ta£N£]dL.TOLXML]LX$ & ;L`´VL]£RLXLUÓ£YL[£OLàPO .TaLÓ£9L[Z_LdLY_]LN£WLT.TY_£_]T[P¶¶LT8LO]L^#$?ST^±LTaL_Pc_T^_ZMPOT^ _TYR`T^SPOQ]ZX_SPALT´©LaL;LÓNL]£_]L ;L`´VL]L>LÀST_£
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
w>TYNP _SP NdNWP ZQ _SP bZ]WO^ T^ bT_SZ`_ MPRTYYTYR 2ZO T^ T_^ Z]TRTY -d ST^aP]dYL_`]PSPT^_SP2]PL_:YPbSZT^XP]NTQ`W_ZLWWMPTYR^,YO^ZT_ NLXP_Z[L^^_SL_TY_SPWTRS_ ZQ_SPOLbYZQ_TXP±TaL LYO±LV_TNLXP _Z RP_SP] ^TX[Wd MPNL`^P ±TaL bT^SPO _SL_ PaP]d_STYR ^SZ`WO NZXP TY_Z MP TYR,YOL__SP^LXP_TXP_SP]PL]Z^PQ]ZX_ST^QT]^_TX[`W^P_SP]PaPWL_TZY ²£^_]L TYT_^Z]TRTYLWQZ]XL^^Z`YO Y£OL x !
?SP_]LY^[SPYZXPYLW[Sd^TNLW^Z`YOY£OLT^_SPXL_P]TLWQ]ZXbSTNS _SP bZ]WO^ PXP]RP M`_ T_ T^ LW^Z _SP WZRZ^ TY _SP QZ]X ZQ _SP ±LTaT_P ]PaPWL_TZY :Y_ZWZRTNLWWd ^Z`YO T^ `YOP]^_ZZO \`T_P OTQQP]PY_Wd _SLY XL__P] 8L__P] T^ LWbLd^ OT^_]TM`_PO TY ^[LNP bSTWP ^Z`YO ]P_LTY^ T_^ `YT_dPaPY TQbPOTaTOPT_ `[,NSZ]O[WLdPOZYL[TLYZQZ]PcLX[WP NLYMPSPL]OL^_S]PPYZ_P^TPZYPNLYSPL]_SP^P[L]L_PYZ_P^XLVTYR `[_SPNSZ]OdP_L__SP^LXP_TXPZYPNLYSPL]ZYPNSZ]O:Y_SPZ_SP] SLYO TQ ZYP _S]Zb^ L aL^P ZY_Z _SP QWZZ] ZYP WZ^P^ _SP aL^P 4Y LY Z]TRTYLWXL__P]XZOPW_SP[]TXPaLW`YT_dZQ_SP`YTaP]^PT^OP^_]ZdPOMd N]PL_TZY M`_ TY _SP ^Z`YO XZOPW _SP]P T^ ZYWd L OTQQP]PY_TL_TZY bSTWP _SP`YT_d]PXLTY^ -SL]_SL]TLW^ZL]R`POTY_ST^QL^STZYLYO[Z^_`WL_PO L WTYR`T^_TN QZ`YOL_TZY TY bSTNS _SP bZ]WO T^ ^_TWW _SP]P TY T_^ []TXPaLW `YT_d z L `YT_d _SL_ T^ ^[WT_ `[ TY PaP]dOLd WLYR`LRP TY_Z TYOTaTO`LW _P]X^ 0aPY TY .S]T^_TLY _SPZWZRd bSTNS _PLNSP^ L N]PL_TZY Z`_ ZQ _SP aZTO,`R`^_TYPNZYNP[_`LWTePO_SP^LXP_SZ`RS_TY_SP_SPZWZR`XPYZY ZQLN]PL_TZ NZY_TY`L TY _SPP_P]YLWbZ]O% _SPN]PL_TZY ]PXLTY^ NZX[LN_ TY_SPOTaTYPWZRZ^4Y4YOTLY_SZ`RS__SPNZ^XZWZRdT^ZQNZ`]^PZ]RLY TePO TY NdNWP^ LYO _SP]PQZ]P PaZW`_TZY X`^_ LW^Z SLaP L NZ]]P^[ZYOTYR TYaZW`_TZY BT_S ^Z`YO _SPZWZRd _ST^ T^ PL^d _Z NZYNPTaP ^TYNP ^Z`YO ^`ML`OT_Z]d^Z`YObLaP^T^^Z^`M_WP_SL_ZYPNLYYZ__LVPT_L[L]_WTVP _SP Z_SP] PWPXPY_^ ZQ _SP [SPYZXPYLW bZ]WO z ZY _SP ZYP SLYO T_ T^ L [Sd^TNLW [SPYZXPYZY bSTWP ZY _SP Z_SP] T_ T^ LW^Z LY P_SP]PLW [SP YZXPYZY 9Z_ ZYWd ¢RLXL _SPZWZRTLY^ M`_ LW^Z 4YOTLY X`^TNZWZRT^_^ SLaP _SP]PQZ]P OPaPWZ[PO NZ^XZRZYTP^ _LTWZ]PO _Z ^`NS _Z[TN^ TY _SPT] bZ]V^% w0aPY L_ _SP _TXP ZQ _SP R]PL_ [SL^P ZQ OT^^ZW`_TZY ZQ _SP `YTaP]^P TY bSTNS LWW N]PL_`]P^ L]P OT^^ZWaPO _SP TXXL_P]TLW P_SP] LYO _SP TXXL_P]TLW ^Z`YO NLYYZ_ MP OP^_]ZdPO ?SP]P T^ YZ bLd _SL_ _SP^P _bZ YZY[Sd^TNLW PWPXPY_^NLY[L^^LbLd,YOZYWd_SP^P_bZF^Z`YOL^^`M^_LYNPLYOP_SP] L^ _SP ^`M^_]L_P _SL_ NL]]TP^ _SP ^Z`YO bLaP^H L]P _SP Z]TRTY ZQ _SP bSZWP PL]_SWd bZ]WO >Z`YO Y£OL : RZOOP^^ XLVP^ _SP TY_P]YLW LYO _SP Pc_P] YLWbZ]WO^NZXPTY_ZMPTYR,YObSP]PaP]^Z`YOQZ]X^_SP]P]Sd_SXLW^Z
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! LY£OL`^L_T^LÀ^£]PV£]L©LÀ[L]LXP²aL]Làg ^aLMS£a£OPaLULY_¼Y£XLY`R]LSLVL]Là[L]Làgggg _L_L^_aLSL]X`VSPV£WP²TaL²LV_T^LX£RLX£_g ²TaPNNSLdLTaL^L]aP´£X`_[LF_H_dL]_SLXLYLY_L]Làgggg _L_V´ZMSL_L^^LX`_[LYYLÀ²£^_]LÀY£OL^aL]¼[LVLàFPXXXHg;L`´VL]L¢RLXL ?LY_]LXLY_]Z_[L__Tz
;SZYPXL_TN.Z^XZRZYTP^
"
Z[PY^ `[ ,YO F_ST^ T^ bSdH : RZOOP^^ _ST^ bSZWP bZ]WO T^ Md T_^ YL_`]P ]Sd_SXTN^Z`YOx !!
?ST^ ^[PNTQTN L^^ZNTL_TZY MP_bPPY ^Z`YO LYO XZ_TZY QT__PO TY ^Z [P] QPN_WdbT_S_SPRPYP]LW?LY_]TNNZYNP[_ZQ^PY^Z]dLYOOdYLXTN]PWTRTZ^ T_d _SL_ T_ SL^ []ZO`NPO _SP XZ^_ NZY^T^_PY_ LYO _SP]PQZ]P _SP XZ^_ NZXX`YTNL_TaP ^dXMZW ZQ 3TYO`T^X QZ] _SP BP^_% _SP OLYNTYR ±TaL 9L¶L]£UL !"bSZTY2P]XLYdLYOZ_SP]BP^_P]YNZ`Y_]TP^T^TOPY_TQTPO bT_S 3TYO`T^X [P]SL[^ WTVP YZ Z_SP] TNZYZR]L[STN XZ_TQ LYO T^ _Z MP QZ`YO TY L NZY^TOP]LMWP Y`XMP] ZQ 2P]XLY WTaTYR]ZZX^ ?SP ]PNZ]O NZX[LYd _SL_ M]Z`RS_ Z`_ >_ZNVSL`^PYv^ ^SZNVTYR NZX[Z^T_TZY w>_TX X`YRx[]TY_POLOLYNTYR±TaLZY_SP]PNZ]ONZaP]?SP^WPPaPTYOTNL_PO bSL_bL^TY^TOP%>_ZNVSL`^PYv^OPXZY^_]L_TZY_SL_T_T^[Z^^TMWP_ZSLaP L _TXPWP^^ ^Z`YO `^TYR _SP ST^_Z]TNLWWd NZX[WP_PWd ZM^ZWP_P NSZ]O ZQ L XLUZ] ^PaPY_S 4_ NZY^T^_PO ^ZWPWd ZQ ZYP SZ`] ZQ ^TYRP]^ ^TYRTYR _SP YLXP^ZQRZO^ Q]ZX_SPXZ^_aL]TPO[L^_LYO[]P^PY_ N`W_`]P^ZYL XL UZ] ^PaPY_S _`YPO bT_S XL_SPXL_TNLW []PNT^TZY :Q NZ`]^P _ST^ bL^ L []ZaZNL_TZY L^ bL^ TY_PYOPO _Z _SP 8L]cT^_ TOPZWZRd ZQ OTLWPN_TN NSLYRP TP NZY^_LY_ []ZR]P^^ _S]Z`RSZ`_ ST^_Z]d L^ bSZWPSPL]_POWd LOZ[_PO Md LaLY_RL]OP X`^TNTLY^ L_ _SL_ _TXP ,[[L]PY_Wd QZ] _SP ]P NZ]ONZX[LYd_SPQZ]PTRY^dXMZWZQ_SP±TaL9L¶L]£ULbL^_SPMP^_bLd _Z]P[]P^PY_>_ZNVSL`^PYv^[]ZR]LXXL_TN[]ZUPN_?ST^[ZbP]Q`W^dXMZW ZQLRZObSZOLYNP^_SPP_P]YLW]Sd_SX^ZQN]PL_TZY_Z_SP^Z`YO^ZQST^ _LXMZ`]TYP O]`X LXL]` SLO LW]PLOd TY^[T]PO 4YOTLY _PX[WP X`^T NTLY^TYXPOTPaLW_TXP^ 1Z]_SP4YOTLYX`^TNTLY^LYOX`^TN_SPZ]T^_^T_bL^^`QQTNTPY__ZOP _P]XTYP _SP Z]TRTYLW ^Z`YO TY T_^ []PaP]MLW Y£OL QZ]X -`_ QZ] _SP []TP^_ TY _SP _PX[WP ^P]aTNP SZYZ]TYR z LWZYR^TOP _SP ^Z`YO^ ZQ 9£OL^ aL]LX LYO O]`X^ z _SP _PX[WP OPT_TP^ ^`NS L^ _SP OLYNTYR ±TaL bT_S XLY_]L^ WT_LYTP^ LYO PWPRLY_ SLYO XZaPXPY_^ _SP QZWWZbTYR ^_LRP^ ZQ _SPPXLYL_TZYZQ_SPZ]TRTYLW Y£OL ^Z`YOL]PYL_`]LWWdU`^_L^TX[Z]_LY_ ,NNZ]OTYR _Z _SP ¢RLXL NZ^XZRZYd _SP []TXZ]OTLW TYQ]L^ZYTN ^Z`YO ^[WT_^L__SP_TXPZQXZ]PXLYTQP^_^_LRP^TY_Z_SPTYOTaTO`LWNZY^NTZ`^ YP^^ WZRZ^ ZQ _SP MTYO` NZYNPTaPO ZQ L^ L wO]Z[WP_x ZQ WTRS_ LYO _SP bZ]WO WZRZ^ _SL_ T^ PYNL[^`WL_PO TY PaP]dOLd WLYR`LRP ?SP ¢RLXL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! XLS£[]LWLdLV£WPv[T^L]aLMS¼_£[LS£]T©Tg £V£²LY£OLdZ]Y£^_T^¼V´XLdZàV´LdL^LÀRLXLàgg _£aPaLMS`aLYL^d£^dLV£]L©LÀ^LVLWL^dLNLg M£Sd£MSdLY_L]LdZ]OPaTY£OL`_[L__TV£]L©LXgg dL_]LY£OL^dL^LÀMS¼_T^_L_]L_£WZaTUXMSL_Pg Y£O£_XLVLXTOLÀOPaT^L]aLÀ_£WLXLdLÀULRL_gg,`X£[L_LXz !" :Y _ST^ [ZbP]Q`W TXLRP ^PP LW^Z /LaTO >XT_S ?SP OLYNP ZQ ±TaL% =PWTRTZY L]_ LYO [ZP_]dTY>Z`_S4YOTL .LXM]TORP%.LXM]TORP@YTaP]^T_d;]P^^$$!
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
NSL]LN_P]T^_TNLWWd NLWW^ _SP WL__P] wXZ_SP]x z T_ T^ TOPY_TNLW _Z _SP ±LV_T _SL_NLYMPLM^_]LN_POQ]ZX±TaL% w,YO `YOP]YPL_S F_SP ^Z`YO bLaPH ±TaL MPRLY F_Z L[[PL]H TY L ^WTRS_Wd N`]aPO QZ]X LYO _SL_ T^ _SP MTYO` bSTNS ^STYP^ L^ M]TRS_Wd L^ _SP SL]aP^_ XZZY?SPd^LdZQT__SL_T_SL^QZ`][L]_^LYOLWWWTRS_WTaP^TYT_,YOMP WZb _ST^ WTRS_ XZaPO Md _SP bTWW ZQ 2ZO bL^ _SP [ZbP] bT_S _SP YLXP u8Z_SP]v LXMTV£ >SPWZZVPOWTVPLN]P^NPY_XZZYx !#
3P]P _SP ZWO DZRL TOPL ZQ _SP _SPZ[SLYd ZQ RZO TY _SP [L]LYZ]XLW ^d YLP^_SP_TN [SPYZXPYL ZQ L`OT_Z]d Pc[P]TPYNP^ ZQ WTRS_ LYO aT^TZY^ ZQ ^Z`YO T^ _]LY^QP]]PO _Z L R]PL_P] NZ^XZRZYd ZQ _SP NZYNP[_`LW LYO TXLRTYL]d 3P]P _SP bZ]WO ZQ TOPL^ T^ L[[L]PY_Wd ]PRL]OPO L^ TY^P[L]L MWP Q]ZX _SP WTYR`T^_TN LYO L`OTMWP z U`^_ L^ -SL]_SL]T LW^Z _SZ`RS_ z LYO T^ aT^`LWTePO TY _SP ^dXMZW .LYO]LMTYO` BSTWP _SP bZ]WO T^ _]LY^ QP]]PO Q]ZX YZYMPTYR L YZYXLYTQP^_ ^_L_P TY_Z MPTYR L XLYTQP^_ ^_L_P_SP[`]P^Z`YOWZRZ^T^^TX`W_LYPZ`^Wd_]LY^QZ]XPOTY_Z_SPb]T_ _PY WZRZ^ ?SP [L]LWWPWT^X ZQ _SP aT^`LW LYO _SP L`OT_Z]d T^ _LVPY Q`] _SP]bT_S_SPWP__P]w,x_SPQT]^_^Z`YOZQ_SPLW[SLMP__`]YTYRTY_Z_SP _S]PP ML^TN PWPXPY_^ ZQ _SP R]L[SPXP w,x% SZZV N]Z^^[TPNP LYO N`]a TYR WTYP 1]ZX _ST^ QT]^_ ^Z`YO w,x _SP]P L]T^P LWW Z] ZQ _SP ^Z`YO^ZQ_SPLW[SLMP_LYOQ]ZX_SP^P^Z`YO^L]T^P_SPXLY_]L^ !$% w,YO _SPY _SP]P L]Z^P _S]PP FXZ]PH [ZbP]^% A£X£ 5dP´¶S£ LYO =L`O]¯ A£X£ bL^ WTVP L ^WPP[TYR ^YLVP 5dP´¶S£ bL^ WTVP L ^_LQQ LYO =L`O]¯ bL^ WTVP L SZZV ,YO Q]ZX _SPX L]Z^P LWW _SP ^Z`YO^ ZQ _SP LW[SLMP_ :Y _SPT] QZ]PSPLO ^_ZZO =L`O]¯ A£X£ bL^ _SP XZ`_S ,XMTV£ S`YR L_ _SP ^TOP^LYO5dP´¶S£^_ZZO_SP]PWTVPL^_LQQ,YO_SL_T^NLWWPO_SP^Z`YOu,v 9Zb SPL] _SP ^Z`YO u¢v ?ST^ ^PNZYO ^Z`YO L]T^P^ Q]ZX L ^_LQQ WZNL_PO L_ _SP `[[P] PYO 4 ^SLWW YZ_ YLXP _SP NSL]LN_P]T^_TN^ ZQ _SP Z_SP]^ MPNL`^P 4 OZYZ_bT^S_ZMPNZXP_ZZbZ]Od?ST^FQT]^_^Z`YOHSL^L[ZbP]_SL_T^OT aTOPO `[ QTQ_d _TXP^ FTY_Z _SP ^Z`YO^ ZQ _SP LW[SLMP_H >PP TY T_ _SP RTQ_ ZQ R]LNP_ZLWWFWTaTYRMPTYR^HbSTNSPXMZOTP^LWWbZ]O^LYOXPLYTYR^BT_S Z`_T__SP]PbZ`WOMPYZXPLYTYRFZQbZ]O^H L]_SL LYOPaPY_SP]T_`LW^ NZ`WO YZ_ MP [P]QZ]XPO ?SP FWP__P]^H SLaP _SPT] Z]TRTY TY _SP Z_SP] bZ]WO LYO _SL_ T^ _SP WTRS_ _PUL^ ZQ _SP XZ^_ PcLW_PO 7Z]O ?SP 7Z]O T^ _SP ]ZZ_ NL`^P ZQ _SPT] MPTYR LYO _SP Z]TRTY ZQ _SPT] XL_P]TLW PcT^_PYNP T^ _SP VTYR -TYO` ,YO MPNL`^P _SP Z]TRTY ZQ _SPT] XL_P]TLW PcT^_PYNP T^ -TYO` _SP WP__P]^F^SZ`WOHYZ_MPbT_SZ`_-TYO`x "
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# []La__LY_LOLOSLàVTÓNTOaTV`MU£V£]L_L²²TaLàgg gg ^LNLMTÀO`]T_TVSd£_L²²L]L²NLYO]L^LXL[]LMSLàg ^LNL_`]OS£^LX£VSd£_ZUdZ_T´£À[L]LXZYTOSTàgg!gg ²TaPNNS£V´ZMST_ZMTYO`^_LOLOSL²²LV_T]LXMTV£g ²L²£ÀVL²LVLW£V£]£ ;L`´VL]L¢RLXL ?LY_]LXLY_]Z_[L__Tz"M !$ >PPLW^ZNZXXPY_L]dLYO_Pc_TY ±£]LO£?TWLVL?LY_]L "z$ " ²LV_T_]LdLXLMS¼__L_Làgg"gg a£X£ UdP´¶S£ _L_S£ ]L`O]¯ ^`[_LY£RPYO]L^LYYTMS£ g a£X£ aLT OL©LaL_ UdP´¶S£]L`O]¯ ²ÀR£MSLaL_^_ST_£ gg#gg
;SZYPXL_TN.Z^XZRZYTP^
"
?SP ^_L_PXPY_ _SL_ _SP wWP__P]^ ^SZ`WO YZ_ MP bT_SZ`_ -TYO`x [ZTY_^ `^ TY T_^ _`]Y _Z _SP L]PL ZQ [Sd^TNLW bZ]^ST[ LYO T_^ ]T_`LW WLYR`LRP 4Y NZY_]L^_ _Z _SP bZ]WOWd LW[SLMP_ SP]P bP QTYO LWW _SP WP__P]^ bT_S _SP .LYO]LMTYO` TY _SP YL^LWTePO M¯ULWTVP QZ]X LÀ £À TÀ ÅÀ P_N -`_ _SP _Pc_ NZY_TY`P^ Md ^_L_TYR _SL_ PaPY PaP]dOLd WLYR`LRP SL^ T_^ ]ZZ_^ TY_SPOTaTYP-TYO`_SP[SZ^[SZ]Z^LYO]P^ZYLY_P_P]YLWO]Z[ZQWTRS_% w?S]Z`RS_SPWTYVbT_S_ZYP^ ^aL]L _SPWP__P]^MPNZXPbZ]O^ [LOL LYO Z`_ ZQ _SP^P ^PY_PYNP^ a£VdL L]T^P 1]ZX _SPX z TY NZYYPN_TZY bT_S _SP NZYaPY_TZYLW `^P ZQ WLYR`LRP adLaLS£]L z L]T^P^ _SP `YOP]^_LYOTYR ZQ XPLYTYRx "
BSL_-SL]_SL]TOPaPWZ[^[STWZ^Z[STNLWWdT^QZ]X`WL_PO_SPZWZRTNLWWdTY _SP ;L`´VL]L¢RLXL ?SP ¢RLXL LW^Z NZXP^ _Z _SP NZYNW`^TZY _SL_ WLYR`LRPTYRPYP]LWYZ_ZYWd_SPWLYR`LRPZQ_SPXLY_]L^[Z^^P^^P^LY P_P]YLW LYO ^`[]LTYOTaTO`LW TOPY_T_d MPNL`^P T_ T^ LW]PLOd []P^PY_ L^ L WL_PY_ [Z_PY_TLW TY _SP ^_L_P MPQZ]P N]PL_TZY 4_ T^ YZ_ L []ZO`N_ ZQ _SP 8£d£_SPTWW`^TZYZQ[SPYZXPYLM`_T_T^bSL_TXXPOTL_PWdPXLYL_P^ Q]ZX_SPbZ]WOWZRZ^LYO_SPOTaTYPXZ_SP],YO[]PNT^PWd_SPLW[SLMP_ T_^PWQ T^ OP_P]XTYPO L^ _SP ^[PNTQTN [Z_PY_TLW LYO NZYN]P_P RP]X ZQ WLY R`LRPQZ]XLY_]L^U`^_WTVPPaP]dOLdWLYR`LRPL]PML^POZY_SPLW[SL MP__SPT]wXZ_SP]x?SPNZYNW`OTYRSdXYZQ[]LT^PNZY_LTY^_SPQZWWZb TYRP_dXZWZRdbSTNS]PWL_P^XP_L[SZ]TNLWWd_SPLW[SLMP__Z_SPXL_P]TLW bZ]WOzL]PWL_TZY_SL_L__LTYPOTYN]PL^TYR^TRYTQTNLYNPLYO]PLWT_dTY_SP PXP]RTYRSTRS3TYO`?LY_]L% w>PP TY _SP LW[SLMP_ X£_V£ _SP ZXYT^NTPY_ FRZOOP^^H bSZ T^ WTVP L XZ_SP] X£_ QZ]_SPbZ]WOx " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ adZXL]¼[£LYLY_£NLLY£_S£Y£²_£_L_S£g LMSTad£[_LXTOLÀ^L]aLÀ²Ta£OdLaLYTRZNL]LXgggg £MSdL^^L]aP ^LX`_[LYY£^_]TÀ²LOaL]©£ ^LaTÀ²L_Tà g ²T]L^d£^£À ^_ST_£ ]L`O]¯ aLV_]LÀ a£X£ []LV¯]_T_£ gggg LÀMTV£M£S`^LÀWLRY£UdP´¶S£aLTOL©LaL_^_ST_£g LV£]LP´LaTVSd£_Z£V£]LÀ²©`_LOaTU£àgggg P´LPaLOaT_¯dZ]©ZOL©PY£R]P^_ST_PYLNLg ²P´£©£ÀWLV´L©LÀYZV_LÀXLd£aT^_L]LMS¯]`©£gg gg _L^dL²LV_T^X_£MSTYY£[LÓNLOS£OL²LMSPOLVLàg ^L]a£Y`R]LSTV£UÓPd£^L]aL²LMO£]_SL]¼[T©¯gg!gg _LT]aTY£_`MSLaP²FPXXNHNSLYOZY£]_SZY£[TaTOSP]RL_Tàg _P´£XPV£[L]£dZYT]dL__PULà[£]LXP²aL]LXg YTXT__LX¯²aL]L^_P´£X`[£O£YLÀ^LMTYO`]£¶gg#ggg `[£O£YLXL_ZMTYO`]dL^X£OaL]©£YL_LOaTY£g ;L`´VL]L¢RLXL ?LY_]LXLY_]Z_ [L__T"Mz$L " aL]©£²NL^aL]L^LÀdZR£_[LOLY_LT]a£VdLXT´dL_Pgg$gg _L^X£O L]_SL[]L_¯_T^ ^d£_ adLaLS£]LYTMLYOSLY£ g ;L`´VL]L¢RLXL ?LY_]LXLY_]Z_ [L__T$MzL " gaL]©£²NL^aL]L^LÀdZR£_[LO£Y_LT]a£VdLXT´dL_Pgggg _L^X£OL]_SL[]L_¯_T^^d£_adLaLS£]LYTMLYOSLY£g
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
!
7LYR`LRP.]PL_TZYLYOBZ]WO.]PL_TZY
0aPY TY _SP PL]Wd ±LTaL XZOPW ZQ _SP ;L`´VL]L¢RLXL _SP]P T^ LW]PLOd L^PaP]POTW`_TZYZQ_SP ^_]TN_NZY_]L^_MP_bPPY_SPbZ]WOL^NSLYRPLMWP LYO 2ZO L^ `YNSLYRPLMWP ?SP NZY_]L^_ T^ ]PXZaPO NZX[WP_PWd TY _SP WL_P]bZ]V^ZQYZYO`LWT^_3TRS?LY_]LbSTNSTY_P]WLNP8£d£LYO±LV_T LYO ]PRL]O _SPX `W_TXL_PWd L^ NZX[WP_PWd TOPY_TNLW ;]ZR]LXXL_TNLWWd _SP Z[PYTYR aP]^P^ ZQ _SP >[LYOL6£]TV£^ w>_LYeL^ ZY ATM]L_TZYx " _SP PL]WTP^_ bZ]V TY YZYO`LW 6L^SXT] ±LTaL _SPZWZRd $_S NPY_ ,/ []ZNWLTX% wBSPY SP Z[PY^ ST^ PdP^ _SP bZ]WO T^ N]PL_PO BSPY SP NWZ^P^ ST^ PdP^ T_ T^ OP^_]ZdPO BP []LT^P _SP [PLNPXLVP] F±TaLH bSZ^P ZXYT[]P^PYNP LYO ZXYT[Z_PYNP FSLaP _SPT] Z]TRTYH TY _SP bSPPW ZQ FST^H ±LV_T^ 4Y STX _ST^ bSZWP FbZ]WOH SL^ T_^ PcT^_PYNP 1]ZX STX NZXP^ PaP]d_STYR _SL_ PcT^_^ -PNL`^PPaP]d_STYRT^]PaPLWPO_S]Z`RSST^QZ]XSPVYZb^YZWTXT_x "
?SP bZ]WO T^ _SP Z`_bL]O Pc[]P^^TZY ZQ _SP TY_P]YLW OdYLXT^ ZQ _SP ^` []PXPRZOSPLO?SPZ[[Z^T_TZYZQ_SPNSLYRPLMWPLYO_SP`YNSLYRPLMWP SL^_]LY^QZ]XPOT_^PWQTY_Z_bZL^[PN_^ZQ±TaL4Y2ZOv^TY_P]YLWbZ]WO _SP`YTaP]^PSL^LWbLd^PcT^_POLYOL^2ZOv^Pc_P]YLWbZ]WOT_MPNZXP^ _SPNSLYRPLMWPbZ]WO?SPNSLYRPLMTWT_dZQ_STYR^TY_SP`YTaP]^PT^YZ_ Pc[WLTYPO Md _SPT] _PX[Z]L]d Z] XZXPY_L]d PcT^_PYNP M`_ Md _SPT] aT] _`LWT_d ?SPd PcT^_ z XZ]P Z] WP^^ z TY _SP bLd _SL_ _SP TYOTaTO`LW [TN _`]P^TY LQTWXPcT^_TY _SP NTYPXL?SPd L]PaT^TMWP_Z_SPL`OTPYNPQZ] ZYWdLM]TPQXZXPY_M`_^_TWW_SPbSZWPQTWXT^XLOP`[ZQYZ_STYRM`_ _SP^P TYOTaTO`LWTXLRP^?ST^ T^[]PNT^PWdbSL_ T^Pc[]P^^PO TY _SP TOPL ZQ L wbSPPW ZQ ±LV_T^x ?SP ZYWd OTQQP]PYNP T^ _SL_ SP]P _SP []ZUPN_TZY T^_ _SP QTWX LYO _SP ^N]PPY L]P TOPY_TNLW bT_S ZYP LYZ_SP] :Q NZ`]^P _ST^YZ_TZYTX[WTP^LS`RPMZZ^__Z_SPPaLW`L_TZYZQ_SPbZ]WOWd]PLWX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^L]aLUÓ£X£_V£UÓPd£ULRL_ZX£_aL_^_ST_£gggg;L`´VL]L¢RLXL ?LY_]LXLY_]Z_[L__TMz " >[LYOLV£]TV£ ZQAL^`R`[_L bT_Sa__TMd6LWWL¶LMSL¶¶LPO 5..SL__P]UPP6>?> $!&z bT_S9T]©LdLMd6´PXL]£UL POLYO_]LY^W8LOS`^`OLY6L`W>SL^_]T>S]T YLRL]% 6L^SXT] ;]L_L[ >_PLX ;]P^^ $ 6>?> & z P_ WP`]^ RWZ^P^ PO LYO 1]PYNS _]LY^W Md 7TWTLY >TWM`]Y ;L]T^% -ZNNL]O $$& z bT_S L NZXXPY_L]d Md -S£^VL]£N£]dL PO 8L]V /dNeVZb^VT ,WMLYd% >@9D $$ 1Z] ]PQP]PYNP^ LYO OT^N`^^TZY ZQ _ST^ 6L^SXT]T bZ]V LYO ]PWL_PO _Pc_^ ^PP LW^Z /dNeVZb^VT ?SP /ZN _]TYP ZQ ATM]L_TZY% ,Y ,YLWd^T^ ZQ _SP /ZN_]TYP^ LYO ;]LN_TNP^ ZQ 6L^SXT] >SLTaT^X /PWST% 8Z_TWLW -LYL]^TOL^^ $#$ Z]TRTYLW >@9D $#" LYO ?SP >_LYeL^ ZY ATM]L _TZY _]LY^W bT_S TY_]ZO`N_TZY LYO Pc[Z^T_TZY AL]LYL^T% /TWT[ 6`XL] ;`MWT^SP]^ $$ " dL^dZYXP´LYTXP´LMSd£ÀULRL_Là[]LWLdZOLdL`g _LÀ²LV_TNLV]LaTMSLaL[]LMSLaLÀ²LÀVL]LÀ^_`XLàgg dL_]L^_ST_LXTOLÀ^L]aLÀV£]dLÀdL^X£NNLYT]RL_LXg _L^d£Y£a_L]¼[L_a£YYLYT]ZOSZv^_TV`_]LNT_gg>[LYOL6£]TV£ z
;SZYPXL_TN.Z^XZRZYTP^
""
?SP bZ]WO T^ YZ_STYR Z_SP] _SLY _SP ^TOP ZQ 2ZO _`]YPO _Z _SP Pc_P]TZ] LYO_SP]PQZ]PT_T^±LV_TSP]^PWQ 1Z] -SL]_SL]T _SP bZ]WO bL^ L ]PLW XP_LXZ][SZ^T^ ZQ _SP .ZXX` YTNL_TaP -]LSXLY ²LMOLM]LSXLY bSTNS [Z^^P^^P^ _SP [ZbP] _Z ^[WT_ T_^PWQ TY_Z ^[LNP LYO _TXP VLWLY£²LV_T LYO _Z WZ^P T_^PWQ ^Z _Z ^[PLV TY_ST^bZ]WOWd^[WTY_P]TYR1Z]-SL]_SL]T_ST^QZ]RP__TYRZQZYP^PWQbL^ LYZ_SP] [ZbP] ZQ _SP .ZXX`YTNL_TaP -]LSXLY YLXPWd _SP w[ZbP] YZ_ _Z VYZb ZYP^PWQx LaTOd£²LV_T ?ST^ [ZbP] T^ _SP ^ZWP ML^T^ ZQ _SP PcT^_PYNP ZQ _SP [SPYZXPYLW `YTaP]^P 1Z] _SP YZYO`LW ±LTaL^ ZY _SP Z_SP] SLYO _SP `YTaP]^P T^ L ]PLW XLYTQP^_L_TZY ZQ _SL_ bSL_ PcT^_^ TY ±TaL aT]_`LWWd L^ ±LV_T >Z T_ OZP^ YZ_ NZXP L^ LYd ^`][]T^P bSPY _SP WTYR`T^_TN ^[PN`WL_TZY^ ZQ YZYO`LW ±LTaT^X L__PX[_ _Z NZ]]PWL_P _SP XLY_]L WLYR`LRPLYO_SPbZ]WOTY^_PLOZQ^P[L]L_TYR_SPX BSTWP TY ZWO _Pc_^ ^`NS L^ _SP ;L`´VL]L¢RLXL _SP PXLYL_TZY _SP ZWZRd ZYWd ]PQP]^ _Z _SP N]PL_TZY ZQ WLYR`LRP WL_P] _Pc_^ ^`NS L^ _SP ±£]LO£?TWLVL?LY_]L " WTYV _SP N]PL_TZY ZQ WLYR`LRP LYO ZQ _SP bZ]WO 7T_P]LWWd _SPd ^[PLV ZQ ²LMOL^´¶T LYO L]_SL^´¶T TP wN]PL_TZY ZQ bZ]O^x LYO wN]PL_TZY ZQ XPLYTYR^ _STYR^x ?SP _bZ NZX[WPXPY_L]d NSL]LN_P]^ ZQ ±LV_T z 8£_V£ wLW[SLMP_x LYO ;]LV_T wZ]TRTYLW ^`M ^_LYNPx z NZ]]P^[ZYO _Z _bZ NZX[WPXPY_L]d ^P]TP^ ZQ PaZW`_TZYL]d OPaPWZ[XPY_^ BT_STY _SP wN]PL_TZY ZQ bZ]O^x _SP WP__P]^ ZQ _SP LW [SLMP_ N]PL_P LWW XLY_]L^ LYO PaPY LWW bZ]O^ LYO ^PY_PYNP^ 4Y _SP wN]PL_TZY ZQ XPLYTYR^x LWW ^PY^Z]d LYO YZY^PY^Z]d [SPYZXPYL OP aPWZ[ Z`_ ZQ _SP Z]TRTYLW ^`M^_LYNP ;]LV_T z TY ^SZ]_ _SP bSZWP ZQ _SP ]P^_ZQ_SPbZ]WO;L]LWWPWT^X^MP_bPPY_SP^PN]PL_TZY^L]PQZ`YOLMZaP LWW TY _SP QTPWO ZQ Y`XP]ZWZRTNLW NZ]]P^[ZYOPYNP^ ?SP ?LY_]L^ WTVP _Z QTYO LYLWZRTP^ MP_bPPY _SP YL_`]LW []TYNT[WP^ ZQ _SP >£ÀVSdL z TP _SP QTaP PWPXPY_^ _SP QTaP ^PY^P Z]RLY^ P_N z LYO _SP Z]OP]Wd [SZYP_TN ^P]TP^ZQ^Z`YO^TY_SPLW[SLMP_ ?SP ±£]LO£?TWLVL?LY_]L ^PP^ _SP NZYYPN_TZY MP_bPPY _SP _bZ ^[SP]P^_SPN]PL_TZYZQWLYR`LRPLYO_SPN]PL_TZYZQ_STYR^L^ WZNL_PO TY _SP ±LMOL-]LSXLY LY TOPL _SL_ QZWWZb^ -SL]_SL]Tv^ _PLNSTYR^ -`_ bSTWP -SL]_SL]T ^_TWW ]PRL]OPO _SP ±LMOL-]LSXLY L^ TYPQQLMWP _SP ±£]LO£?TWLVL?LY_]L #z$ TY_P][]P_^ T_ L^ _SP PXLYL_TZY ZQ ±LV_Tv^ L__PY_TaPYP^^ `YX`VSL_£ _Z ±TaL =£RSLaL -SL¶¶L \`Z_P^ TY ST^ NZX XPY_L]dZ_SP]?LY_]L^_ZPc[WLTY_ST^TOPL%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,^OZP^_SP[]PN`]^Z]_SP ;]L[LÓNL^£]L
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
w>SP T^ LbLVPYPO Md _SP FYZT^P ZQ _SPH Z]TRTYLW ^Z`YO Y£OL LYO _`]Y^ _Z _SPTYPQQLMWP_]LY^NPYOPYNdZQ±TaL?SPY^SP_LVP^ZY_SPQZ]XZQL^[T]T_ MPTYR [`À]¼[£ LYO_S`^MPNZXP^NL[LMWPZQN]PL_TZYx "! w?S]Z`RSSP][]ZcTXT_d_Z_SPWTRS_ZQ[`]PNZY^NTZ`^YP^^^SP`YOP]^_LYO^ TY_`T_TaPWd _SP FQ`_`]PH bLdZQMPTYR FZQ _SP `YTaP]^PH >SP bZ`WO WTVP _Z FMPNZXP T_H >SP NZYOPY^P^ LYO TY ^ZXP [WLNP^ _LVP^ ZY _SP QZ]X ZQ L O]Z[WP_ MTYO` x ""
3P]P _SP MTYO` T^ P\`L_PO bT_S _SP []TXZ]OTLW ^[T]T_ MPTYR [`]`´L ?S]Z`RS ±LV_Tv^ L__PY_TaPYP^^ _Z ±TaL _Z [`]P ^PY_TPYNP Z] Q`WW LbL]P YP^^ NTYX£_]L "# bSTNS T^ YZ_ dP_ NZY^NTZ`^YP^^ ZQ L _STYR L NZY ^NTZ`^YP^^ NZXP^ TY_Z MPTYR QZ] _SP QT]^_ _TXP ?SP ±LV_T YZb SL^ L NZY^NTZ`^YP^^ ZQ ±TaL ,YO ^Z MPRTY^ TYOTaTO`L_TZY ]PTQTNL_TZY LYO wNZYOPY^L_TZYx TY_Z XL__P] LYO TY_Z WLYR`LRP ?S]Z`RS SP] L__PY_TaP YP^^ _Z ±TaL ±LV_T ]PNPTaP^ L NZYNP[_ ZQ _SP `YTaP]^P ZQ [Z^^TMTWT_TP^ _SL_ ^_TWW PcT^_ aT]_`LWWd TY ±TaL L_ _ST^ [ZTY_ TY _TXP >SP L__PX[_^ _Z ]PLWTeP _SP^P [Z^^TMTWT_TP^ LYO L_ _SP ^LXP _TXP ^SP SL^ _Z NSLYRP SP] ^PWQ ,NZ^XZRZYP_TN_]TYT_dT^_LVTYRQZ]XTY _ST^ ±LV_TNZY^NTZ`^YP^^% _SPZ]TRTYLWWTRS_ MTYO` _SPZ]TRTYLW^Z`YO Y£OL LYO_SP^PPO MÅUL z _SP _S]PP Q`YOLXPY_LW NZX[ZYPY_^ ZQ L XLY_]L ?SP^P _S]PP QZ]X MPL]TYR Z]TRTYLW PWPXPY_^ NZY^_T_`_P _SPX^PWaP^ _S]Z`RS L _]TYT_d YLXPWd _S]Z`RS _SP TY_P]YLW OdYLXTN ZQ RZO RZOOP^^ LYO _SPT] NZ TYSP]PYNP ^LX£a£dLà TP_SPT] ]PWL_TZY^ST[_ZPLNS Z_SP] bSTNS NLY YZ_ MP LWWZNL_PO _Z PT_SP] _SP RZO Z] _SP RZOOP^^ LWZYP z TY L ^TXTWL] bLd _Z bSTNS _SP 3ZWd >[T]T_ T^ TY_P][]P_PO L^ _SP ]PWL_TZY^ST[ MP_bPPY _SP 1L_SP] LYO _SP >ZY 3ZbPaP] _SP [P]TNSZ]P^T^ ZQ _SP 4YOTLY _]TYT_d NZY_TY`P^ TY Q`]_SP] _]TLO^ 1]ZX _SP _S]PP Z]TRTYLW PWPXPY_^ wWTRS_x w^Z`YOx LYO w^PPOx L]T^P _SP _S]PP RZOOP^^P^ A£X£ 5dP´¶S£ LYO =L`O]¯3P]P_SPdL]PYZ_]PRL]OPOL^TY_SP ;L`´VL]L¢RLXL L^NZX [ZYPY_^ ZQ _SP R]L[SPXP wLx M`_ L^ XZ_SP]^ ZQ _SP _S]PP R]PL_ NZ^XTN RZO^ _]TX¼]_T % _SPd RTaP MT]_S _Z -]LSX£ bSZ M]TYR^ QZ]_S _SP bZ]WO AT´©` bSZ ^`^_LTY^_SP bZ]WOLYO =`O]L bSZ LM^Z]M^ _SP bZ]WO?SP ]P^[PN_TaP YL_`]P ZQ _SP^P _S]PP RZO^ T^ bTWW TNNS£ NZRYT_TZY UÓ£YL LYOLN_TZY V]Td£ z_SPML^TNQ`YN_TZY^ZQPLNSWTaTYR_STYRzLYO_SPT] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! Y£O£_XLY£[]LM`OOS£^£YT]£XLdL[LOZYX`VS¯g ²TaZYX`VS¯dLO£²LV_Tà[`À]¼[£^£_LO£^X_£gg^LTaL^L]RLV´LX£_PYLFgH ;]LdZRL>£]L \`Z_POMd=£RSLaL-SL¶¶LTYST^RWZ^^ZY ±£]LO£?TWLVL?LY_]L" "" ^£_L__aL^LÀUÓ£NTYX£_]LUdZ_T´Là^LYYTOSP^_LO£g aTNTV¯]´`]RSLY¯MS¼_£VaLNTOLMSdP_TMTYO`_£Xgg;]L[LÓNL>£]L \`Z_POTMTO "# ?SP?LY_]Lv^NZYNP[_TZYZQNZY^NTZ`^YP^^ X`^_YZ_MPNZYQ`^PO bT_S_SPXZ]P ^_L_TN ZYPZQ_SP,OaLT_LAPO£Y_TY^BPRPYP]LWWd^[PLVZQw^PY_TPYNdx_ZOPYZ_P_SP^_]ZYR OdYLXTNL^[PN_8LdMPLYPaPYMP__P]_]LY^WL_TZYSL^MPPYZQQP]POMd/dNeVZb^VT, 5Z`]YPd LZ bSZ ]PYOP]^ _P]X^ WTVP NT_ NTORSLYL LYO NTYX£_]L Md _SP OP ^N]T[_TaPQZ]X`WLw_SPOdYLXTNPYP]RdZQNZY^NTZ`^YP^^x
;SZYPXL_TN.Z^XZRZYTP^
"$
MZOTP^ L]P _SP Xd^_TN PWPXPY_^ QT]P XZZY LYO ^`Y bSTNS [WLd TX[Z] _LY_]ZWP^TY_SP[^dNSZWZRdZQDZRLLYO?LY_]L ?SP N]PL_TZY ZQ _STYR^ L]_SL^´¶T ^SZ`WO MP _SZ`RS_ ZQ LYLWZ RZ`^Wd_Z_SPN]PL_TZYZQWLYR`LRP w?SP RZOOP^^ ±£]LO£ WLYR`LRP RZOOP^^ ^SZ`WO LWbLd^ WTaP TY Z`] _SZ`RS_^ bSZ N]PL_P^ _SP Q`_`]P bZ]WO ^[SP]P^ ZQ bZ]O LYO _STYR TY _SP QZ]X ZQ _SP XZZY 4Y _SP QZ]X ZQ _SP ^`Y ^SP YZ`]T^SP^ _SPX bT_S SP] [ZbP],YOL^QT]P^SPOP^_]Zd^_SPXNZX[WP_PWdL__SPPYOZQLYPZYx "$
!
?SP.ZXX`YTNL_TaP-]LSXLYL^L.ZTWPO>YLVPLYO0YP]RP_TN ;]P^PYNPTY_SP-ZOd
4YLOOT_TZY_Z_SP_]TLO^ZQOPT_TP^LYONZY^NTZ`^YP^^NZX[ZYPY_^L[]P WTYR`T^_TN LYO YZY^_]`N_`]LW LVSL©L Pc[]P^^TaP XPLYTYRQ`W ^Z`YO ]LaL LW^Z L]T^P^ Q]ZX _SP Z]TRTYLW ±LV_TNZY^NTZ`^YP^^ 4_ T^ ZYWd ^Z`YO Y£OLX£_]L z T_ T^ YZ_ dP_ bZ]O ?ST^ T^ _SP ±LMOL-]LSXLY ,NNZ]OTYR _Z _SP ±£]LO£?TWLVL?LY_]L _ST^ YZY^_]`N_`]PO ^Z`YO T^ L_ _SP ^LXP _TXP _SP ^`[]LTYOTaTO`LW NZWWPN_TaP NZY^NTZ`^YP^^ ZQ WTaTYR _STYR^% w,YO L^ _ST^ [ZTY_ ZQ WTRS_ MTYO` OTaTOPO _SP]P L]Z^P LY TYOP_P]XTYL_P NLWWTYR LadLV_L]LaL ?PLNSP]^ ZQ _SP ¢RLXL YLXP _ST^ NLWWTYR w±LMOL -]LSXLYx9Zb^ZXP^LdT_T^_SPXPLYTYRZQ_SPbZ]OLYO^ZXP^LdT_T^ _SP ^Z`YO ZQ _SP bZ]O -`_ YZYP ZQ _SPX L]P ]TRS_ QZ] MZ_S _SP ^Z`YO ZQ _SP bZ]O LYO _SP XPLYTYR ZQ _SP bZ]O L]P FTY _SPX^PWaP^H TY^PY_TPY_ FTY L^X`NSL^_SPT]^PY^PT^OP[PYOPY_`[ZYNZY^NTZ`^YP^^H4LXZQ_SPZ[TY TZY _SL_ _SP ±LMOL -]LSXLY T^ _SP FNZWWPN_TaPH NZY^NTZ`^YP^^ ZQ LWW WTaTYR _STYR^x #
1Z] _SP L`_SZ] 7LV´XL©L /P²TVL LM^ZW`_PWd LWW WTaTYR MPTYR^ ZY _SP WLOOP] ZQ PaZW`_TZY Q]ZX L NZXXZY MPO M`R _Z _SP []P^TOPY_ ZQ _SP @YT_PO >_L_P^ SLaP NZY^NTZ`^YP^^ NLT_LYdL -`_ bP ^SZ`WO YZ_ NZY Q`^P _ST^ NZYNP[_ ZQ NZY^NTZ`^YP^^ bT_S TY_PWWTRPYNP Z] ]PL^ZYTYR 4_ T^ YZ_ QZ]XPO Q]ZX _SP WZRZ^ M`_ Q]ZX OP^T]TYR [P]NPTaTYR LYO _LVTYR LN_TZY TNNS£UÓ£YLV]Td£ LYOPaPYLWZbWdMPOM`RNLYOZLWW_ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ ²LMO£]_SLMS£aTMS`aLYLÀ^UL_¯YO`]¼[£d£_LOMTMSL]__T[`YL]L]VL_LY`à^aL²LV_d£g aLSYd£_XTV£SL]L_T_L_^LVLWLÀd`R£Y_P_£À²£]LO£ÀXLYL^TU£_`YLaT^XL]£XTgg 7LV´XL©L/P²TVL\`Z_POMd=£RSLaL-SL¶¶LTYST^RWZ^^ZY ±£]LO£?TWLVL?LY_]L # MSTOdLX£Y£_[L]£OMTYOZ]LadLV_£_X£]LaZuMSLaL_gg ²LMOLM]LSXP_T_LÀ[]£S`à^L]a£RLXLaT²£]LO£àg ²LMOLM]LSXP_T²LMO£]_SLÀ²LMOLXT_dL[L]PULR`àgg YLST_P´£À_LdZà^TOOST]ULL_a£O`MSLdZ]L[Tg NLT_LYdLÀ^L]aLMS¼_£Y£À²LMOLM]LSXP_TXPXL_Tàgg ±£]LO£?TWLVL?LY_]LMz
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
BSL_ T^ ]PRL]OPO L^ NZWWPN_TaP NZY^NTZ`^YP^^ ZY _SP XLN]ZNZ^XTN WPaPWT^]PQWPN_POTY_SPXTN]ZNZ^XTNWPaPW4Y_SP?LY_]TNNZ^XZRZYdZQ _SP ±£]LO£?TWLVL?LY_]L _SP ±LMOL-]LSXLY MPNZXP^ V`©LWTYÅ _SP NZTWPO ^YLVP ObPWWTYR TY _SP MZOTP^ ZQ WTaTYR MPTYR^ 6`©LWTYÅ bSTNS WT_P]LWWd XPLY^ wNZTWTYRx T^ Q]P\`PY_Wd OP^N]TMPO TY _SP ?LY_]TN bZ]V^ L^LOLYNTYRMZW_ZQWTRS_YTYR^YLVTYRT_^bLd_S]Z`RS_SPMZOdv^NSLY YPW^ Y£T LYO DZRTN NLV]L^ # 5`^_ WTVP XZOP]Y YP`]ZWZRd _SP ?LY_]L LW^Z L^N]TMP^ L NZ][Z]PLW TXXLYPYNP _Z TYOTaTO`LW NZY^NTZ`^YP^^ ,N NZ]OTYR _Z _SP ?LY_]L Pc[P]_ ,]_S`] ,aLWZY >T] 5ZSY BZZO]ZQQP _SP ^_]`N_`]P ZQ _SP MZOdv^ NSLYYPW^ LYO NLV]L^ T^ LN_`LWWd YPL]Wd NZX [WP_PWd TOPY_TNLW _Z _SP YP]aZ`^ ^d^_PX ZQ XZOP]Y [Sd^TZWZRd BSL_ YP`]ZWZRT^_^ _]d _Z Pc[WLTY TY _P]X^ ZQ PX[T]TNLWWd OP_P]XTYLMWP YP]aP TX[`W^P^T^Pc[WLTYPOMd?LY_]T^_^TY_P]X^ZQL\`T_P_LYRTMWPPYP]RP_TN []P^PYNP ZQ _SP RZOOP^^ TY _SP MZOd ,YO dP_ _SP ?LY_]TN NZYNP[_ T^ _Z_LWWd OTQQP]PY_ ^TYNP ^PY_TPYNP WTYR`T^_TN LMTWT_d LYO Pc[]P^^TaT_d L]P YZ_ L NZX[WPc []ZO`N_ ZQ ^ZXL_TN QLN_Z]^ M`_ TY QLN_ _SP ]ZZ_ ZQ NZY ^NTZ`^YP^^% w,YO_ST^F±LMOL-]LSXLYZ]NZWWPN_TaPNZY^NTZ`^YP^^HPY_P]^_SP[Sd^TNLW MZOd ZQ WTaTYR Z]RLYT^X^ TY _SP QZ]X ZQ _SP 6`©LWTY¯ LYO ]PaPLW^ T_^PWQ _SP]PTY_SPQZ]XZQWP__P]^bSTNSL]POTQQP]PY_TL_POTYLWW[Z^^TMWPWTYR`T^ _TNQZ]X^^`NSL^[ZP_]dLYO[]Z^Px #
BSL_ WLYR`LRP L^ L bSZWP T^ TY _SP XLN]ZNZ^XTN bZ]WO NZ]]P^[ZYO^ z LXZYR^_ Z_SP] _STYR^ z _Z [ZP_]d LYO WT_P]L_`]P TY _SP XTN]ZNZ^XTN bZ]WOAT]_`LWWdPaP]d_STYR_SL_SL^RLTYPO[]TXPTX[Z]_LYNPTY?LY_]TN ]T_`LW ^d^_PX^ T^ L^^ZNTL_PO LYO TOPY_TQTPO bT_S _SP ^P][PY_TYP PYP]Rd [ZbP]6`©LWTY¯%±LV_TZ]NZ^XTNPYP]RdbT_STY_SPXTN]ZNZ^XTN]PLWX& aT_LW M]PL_S& ^[PPNS& ?LY_]TN [^dNSZWZRd LYO [Sd^TZWZRd WTVP _SP ^Tc NLV]L^Z]w[ZbP]NPY_P]^xLYO_SP_S]PPDZRTNNSLYYPW^&^Pc`LWT_d^Pc `LWPYP]Rd&TYOTaTO`LWYZYO`LWNZY^NTZ`^YP^^TPZYPv^ XP_L[Sd^TNLW TOPY_T_d Z] NZY^NTZ`^YP^^ PYP]Rd _SL_ T^ [`]P ^`[]LXPY_LW ^PY_TPYNP 1`]_SP]XZ]P LWW XLUZ] ?LY_]TN RZOOP^^P^ LYO [L]_TN`WL]Wd _SZ^P ZQ _SP 6L`WL L]P TOPY_TQTPO bT_S 6`©LWTY¯ # LYO XZ^_ RPYP]LWWd ^[PLVTYR 6`©LWTY¯ T^ _SP aP]d WTQP[]TYNT[WP ZQ _SP YL_`]LW bZ]WO LYO ZQ NZY ^NTZ`^YP^^ ?SPZWZRTNLWWd ^SP T^ [L]_TN`WL]Wd NWZ^PWd ]PWL_PO _Z OTaTYP bTWW TP _SP []TXLW TY_PY_TZY _Z `YQZWO _SP `YTaP]^P ,YO YZ_ WPL^_ ^SP T^ _SP WLYR`LRP RZOOP^^ TY SP] [`]P^_ QZ]X ^TYNP 6`©LWTY¯ T^ LW^Z _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z] Q`]_SP] ]PQP]PYNP^ LYO OT^N`^^TZY ZQ _ST^ TX[Z]_LY_ ?LY_]TN NZYNP[_ ^PP 7TWTLY >TWM`]Y 7L 6`©LWTY¯ Z` 7v0YP]RTP OP^ []ZQZYOP`]^ ;L]T^% 7P^ /P`c :NËLY^ $# # _L_[]£[dLV`©LW¯]¼[LÀ[]£©TY£ÀOPSLXLOSdLRLXg aL]©£_XLY£aT]MSLaL_TRLOdL[LOd£OTMSPOL_Làgg ±£]LO£?TWLVL?LY_]L # /dNeVZb^VT ,5Z`]YPd !QQY&QZ]Q`]_SP]]PQP]PYNP^_Z6`©LWTY¯^PPTMTO #
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
"
9£OL Z] QT]^_ PaZW`_P ZQ NZ^XTN ^Z`YO 4Y _ST^ NZY_Pc_ ^SP T^ YZ_ _SP ±LMOL-]LSXLY Z] .ZXX`YTNL_TaP -]LSXLY M`_ NZY^[TN`Z`^Wd _SP 9£OL-]LSXLYZ]>Z`YO-]LSXLY 4Y NZY_]L^_ _Z YP`]ZWZRT^_^ _SP ?LY_]T^_^ LW^Z ]PNZRYTeP L _]LY^NPY OPY_L^[PN_ZQ_SPNZY^NTZ`^YP^^TYLOOT_TZY_Z_SPZYP_SL_T^TXXLYPY_ TY _SP MZOd ?SP NZ][Z]PLWWd TXXLYPY_ L^[PN_ T^ aT^`LWTePO z LXZYR^_ Z_SP]_STYR^zMdWZNLWTeTYR_SPLW[SLMP_TY_SPNZ][Z]LWNLV]L^LYO_SP L^[PN__]LY^NPYOTYR_SPMZOdT^aT^`LWTePOTY_SP_SZ`^LYO[P_LWPOWZ_`^ _SP STRSP^_ NLV]L bSTNS SZaP]^ LMZaP _SP N]ZbY ZQ _SP SPLO LYO _Z bSTNSYZ^[PNTQTN ^Z`YO T^ L^N]TMPO?SP 6`©LWTY¯QWZb^`[LYOOZbY Q]ZX _SP MZOd TY_Z _]LY^NPYOPYNd LYO Z`_ ZQ _]LY^NPYOPYNd TY_Z _SP MZOd4Y_SPQTR`]L_TaPWLYR`LRPZQ_SP?LY_]LT_NWTXM^Q]ZX_SPML^PZQ _SP ^[TYP _S]Z`RS _SP QZY_LYPWWP^ LYO QTYLWWd PY_P]^ _SP _SZ`^LYO [P_LWPOWZ_`^bSTNST^aT^`LWTePOLMZaP_SPMZOdLYONZ]]PWL_P^_Z[`]P `Y^_]`N_`]PO^Z`YO% wBP NZY_PX[WL_P _SP ^`[]PXP RZOOP^^ bSZ T^ L^ ]PO L^ _SP ^`Y]T^P LYO ^`Y^P_WTVP_SPNTYYLML]NZWZ]POSTMT^N`^MWZ^^ZX?S]Z`RS_SP_S`YOP]TYR ZQ_SP^Z`YO^bSTNSL]T^P^_S]Z`RS_SP_`X`W_ZQ_SPNWL^STYRbTYO^F(LY _LRZYT^_TNYP]aPTX[`W^P^ZQ_SP]TRS_LYOWPQ_SPXT^[SP]P^ZQ_SPMZOdHTY _SPXTOOWPFZQ_SP^[TYPH^SP]T^P^`[_Z_SPWTRS__SL_^STYP^WTVPLXd]TLO ZQ MZW_^ ZQ WTRS_YTYR LYO Q`WW ZQ _SP YPN_L] ZQ ZaP]QWZbTYR MWT^^ ^SP ]PLNSP^ _SP STRSP^_ ±TaL 8Ld ^SP bSZ NZXP^ LYO RZP^ ^Z QL^_ R]LY_ FLWW WTaTYR MPTYR^H ^`NNP^^ TY dZRL QZ] ^SP T^ _SP NSPP]Q`W bT^SR]LY_TYR NZb bT_STY_SPMZOdLYOR]LY_^^`[[WTNLY_^PaP]d_STYR_SPdOP^T]Px #
"
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
?SP XZ^_ bTOP^[]PLO ?LY_]TN _]LOT_TZY _ZOLd T^ bT_SZ`_ OZ`M_ _SP ±]ÅaTOd£bSZ^PPL]WTP^_^Z`]NP^OL_PMLNV_Z_SP_PY_SZ]PWPaPY_SNPY _`]d # ?SP YLXP ZQ _ST^ ^NSZZW ]P[]P^PY_^ _SP NPY_]LW QTQ_PPY^dWWLMWPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # XLOSdPaL]_XL^LX¯]L©LOaLdLXT_SLà^L«RSL¶¶L^LÀV´ZMSLULÀ ²LMOL^_ZXLXL_¯_dL_PUL^T_LT_VZ¶T[]LMS£MS£^`]Pg `OdLY_TÀ^LX`[L^XLSPYLaLULa£^TYO¼]L^LYOSd£]`©£À ^£YO]£YLYOL^`OS£XLd¯À[L]L²TaLÀ[]£[_£À[L]£ÀOPaL_£Xgg RLXLY£RLXLYP´`W£«RSTV¯^£_LY`d£OdZRL[SLW£YTV`©LW¯g X`OT_£V`WLV£XLOSPY`]P´£MSLUL_£ÀV£«V´T_LVLW[LaLWWL]¯gg ±£]LO£?TWLVL?LY_]L !"z!# # ?SP]P T^ ^_TWW OT^N`^^TZY ZY bSP_SP] _ST^ WL_P ?LY_]TN ^NSZZW PXP]RPO TY 6L^SXT] bSP]PT__ZZVZYT_^[]P^PY_^SL[PZ]TY>Z`_SP]Y4YOTLPR?LXTW9LO`bSP]PT_T^ aP]d[]ZXTYPY_LXZYRLbTOP]±LTaL>X£]_L-]LSXLYNZXX`YT_d0cNP[_QZ]_SP^P L]PL^WT__WPT^VYZbYLMZ`__SPaL]TZ`^WTYPLRP^ZQTYT_TL_P^LYOOTaP]^P]PRTZYLW_]LOT _TZY^LW_SZ`RS_SP±]¯aTOd£MPWZYR^_Z_SP XZ^_^_`OTPO ?LY_]TN_]LOT_TZY^8`NSL_ _PY_TZY SL^ MPPY [LTO _Z XP_L[Sd^TN^ LYO NZ^XZWZRd 1Z] Q`]_SP] ]PQP]PYNP^ ^PP /Z`RWL^ =PYQ]Pb -]ZZV^ ?SP ±]¯aTOd£ >NSZZW ZQ ±£V_L ?LY_]T^X% , >_`Od ZQ _SP
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
XLY_]L bSTNS T_^ OPaZ_PP^ NZY^TOP] _Z MP _SP XLY_]L [L] PcNPWWPYNP #! 1Z] QZWWZbP]^ ZQ ±]ÅaTOd£ _ST^ XLY_]L [Z^^P^^P^ NZ^XTN ]PWPaLYNP LYO RYZ^PZWZRTNLW Q`YN_TZY 4_ T^ YZ_ _SP ^Z`YO MZOd ZQ L NP]_LTY TYOTaTO`LW OPT_dbSTNST^bSd_SP2]PL_2ZOOP^^T_]P[]P^PY_^T^RPYP]LWWdVYZbY MdLaL]TP_dZQYLXP^?SPXLY_]LXLdMP`^PO_Z[P]QZ]XXLRTNM`_T_ T^ YZ_ []TXL]TWd LY TY^_]`XPY_ ZQ XLRTN 4_ T^ aT^`LWTePO LYO `^PO TY ]T_`LW^ LWZYR bT_S _SP P^[PNTLWWd NZX[WPc ^LN]PO OTLR]LX NLWWPO _SP ²]ÅNLV]L Z] ²]ÅdLY_]L ?SP ]T_P T^ aP]d WL]RPWd RYZ^_TN NZY_PX[WL_TZY 4Y ±]ÅNLV]L bZ]^ST[ £aL]L©L[¼U£ _SP QZWOTYR LYO `YQZWOTYR ZQ _SP `YT aP]^P T^ [P]QZ]XPO ^dXMZWTNLWWd ?SP []LN_T_TZYP]v^ LTX T^ _Z LNSTPaP _SPXd^_TN^_L_PTYbSTNSLWWZ[[Z^T_P^NZTYNTOPTY`YT_dLYO_SPMWT^^Q`W `YTZY ZQ ±TaL LYO ±LV_T MPNZXP^ _LYRTMWP ]PLWT_d TY ZYPv^ ZbY NZY ^NTZ`^YP^^3P]PXLY_]LLYOdLY_]LLN_L^STRSWd^dXMZWTNQZ]X^bT_SL [ZbP]Q`W NL[LNT_d QZ] ^`RRP^_TZY ?SP XZ^_ aL]TPO ^NSZZW^ SLaP XLOP `^P ZQ _SP ±]ÅaTOd£ Q]ZX 6L^SXT]T ±TaLT_TN SL]ONZ]P ?LY_]T^_^ _Z _SP Z]_SZOZcXZYV^ZQ_SP>Z`_SP]Y4YOTLY±L«VL]L_]LOT_TZY
"
?SP.Z^XZ2]LXXL]ZQ_SP±]ÅaTOd£
?SP ±]ÅNLV]L T^ []ZMLMWd _SP XZ^_ QLXZ`^ LYO XZ^_ NZX[WPc 3TYO` ]T_`LW OTLR]LX 4_^ TYYP]XZ^_ [ZTY_ _SP MTYO` T^ ^`]]Z`YOPO Md YTYP ZaP]WL[[TYR _]TLYRWP^ QTaP [ZTY_TYR OZbYbL]O^ LYO QZ`] [ZTY_TYR `[
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?Pc_^ LYO .ZY_Pc_^ ZQ _SP 7TaTYR ?]LOT_TZY^ TY >Z`_S 4YOTL ;S/ OT^^P]_L_TZY .LX M]TORP 8L^^% 3L]aL]O @YTaP]^T_d $#"& [L]_Wd [`MWT^SPO TY -]ZZV^ ,`^[TNTZ`^ BT^OZX% ?SP ?Pc_^ LYO ?]LOT_TZY^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTL ,W MLYd%>@9D$$&2`O]`Y-ÞSYPXLYY?SPBZ]^ST[ZQ8LS£RL©L[L_TLNNZ]OTYR_Z _SP9T_dZ_^LXL BTNS_]LNS% 4Y^_Q4YOZWZRTP$##]PaT^PO ]P[] /PWST%6LY_;`MWT NL_TZY^ & A= =LXLNSLYO]L /TV^ST_L] ?SP 7LWT_£ .`W_ ^_ PO 8LO]L^ $ ]P[]/PWST%8Z_TWLW-LYL]^TOL^^$$&8LOS`6SLYYL ?SP.ZYNP[_LYO7T_`]RdZQ _SP ±]¯NLV]L ML^PO ZY ±Ta£YLYOL^ ?]TWZRd `Y[`MWT^SPO ;S/ OT^^P]_L_TZY :cQZ]O% BZWQ^ZY .ZWWPRP $#!& 5PQQ]Pd 7TOVP ?SP 2ZOOP^^ BT_STY LYO -PdZYO _SP ?S]PP .T_TP^% ±£V_L?LY_]LLYO_SP ;L]LOZcZQ;ZbP]TY 9P[£WL8L©LWL ;S/OT^^ >LY_L -L]ML]L% @YTa ZQ .LWTQZ]YTL & ,YO]Ë ;LOZ`c 7P .ZP`] OP WL DZRTY¯ DZR TY¯SOLdL LaPN WP NZXXPY_LT]P /¯[TV£ Ov,X_£YLYOL PO LYO LYYZ_L_TZY ;L]T^% -ZNNL]O $$& >6 =LXLNSLYO]L =LZ >]T .SLV]L /PWST% >L_R`]` ;`MWTNL_TZY^ $#$& z ±]¯aTOd£6Z´L TMTO & ,YYP__P BTWVP w±L«VL]L LYO _SP ?LXTYR ZQ BTWO2ZOOP^^P^&xzw,9Pb?SPZWZRdZQ-WT^^&xLYOw-PL`_d;P]^ZYTQTPO%?SP2ZO OP^^ 7LWT_£?]T[`]L^`YOL]¯ LYO SP] ?SZ`^LYO 9LXP^x TY 1Z`YOL_TZY^ ZQ 4YOTLY ,]_ PO=9LRL^bLXd.SPYYLT%?LXTW,]_^,NLOPXd#z #! ?SP XLY_]L PcT^_^ TY _bZ XLUZ] aP]^TZY^ NLWWPO _SP 3£OT aP]^TZY LYO _SP 6£OT aP] ^TZY BP bTWW ]P^_]TN_ Z`]^PWaP^ _Z _SP WL__P] MPNL`^P ZYWd _SP 6£OT aP]^TZY SL^ []ZaPYWZYRWL^_TYRST^_Z]TNLWPQQPN_TaPYP^^
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
"
bL]O^ MZ`YOPO Md _bZ NT] NWP^ ZQ ^Tc_PPY[P_LWPO WZ_`^P^ LYO L ^\`L]P _]LNPO Md _S]PP WTYP^ bT_S LY Z[PYTYR TY PLNS ^TOP #" ?SP bSZWP dLY_]L T^ L NZ^XZR]LX 4_^ R]L[STNLW PWP XPY_^ ]P[]P^PY_ RZOOP^^P^ Z] PXLYL_TZY^ ZQ _SP 2]PL_ 2ZO OP^^ z bSTNS L]P SZbPaP] YZ_STYR Z_SP] _SLY [P]^ZYTQTPO NZ^XTN LYO [^dNSTN QZ]NP^ ?SP Z`_P] ^\`L]P ^dXMZWTeP^ _SP ]PLWX ZQ _SP PL]_S MS¼ [`]L LYO _SP 8£d£ L^[PN_^ ZQ _SP RZOOP^^ bT_S _SPT] ]L_SP] YPRL_TaP NZYYZ_L_TZY^ >Z _SP Z`_P] MZ`YOL]TP^ ZQ _SP _]TLYRWP^ L]P bSP]P_SPL`^[TNTZ`^L^[PN_^_L]_^_ZMPNZXPL[[L]PY_ ?SPTYYP]QTR`]PT^]PRL]OPOL^_SPNPY_]LWXd^ _P]d 4_ T^ QZ]XPO Md _SP _S]PP TYYP]XZ^_ _]TLYRWP^ L]]LYRPOZYPTY^TOP_SPZ_SP]0aPYTY_P]X^ZQ_SP R]L[STNLW NZY^_]`N_TZY _ST^ TY_P]TZ] L]PL ZQ _SP dLY_]L T^ Q`WW ZQ _SP ^dXMZWT^X ZQ Y`XMP]^ ^TYNP _SP _S]PP _]TLYRWP^ QZ]X z Md _SP bLd _SPd L]P TY _P]WLNPO L^ _SZ`RS YL_`]LWWd z _SP NPY_]LW _]TLYRWP [ZTY_TYR OZbYbL]O^ bSTNS NZY_LTY^ _SP MTYO` z _SP OZ_ TY _SP XTOOWP ZQ _SP bSZWP OTLR]LX 3P]P QTYLWWd T^ _SP Xd^_TN XL_SPXL_TNLW QZ]X`WL _SL_ bP VYZb Q]ZX _SP APOTN 8£©¼VdL@[LYT´LO ((TYLR]L[STNLWQZ]XbSP]PMd_SP _S]PP PWPXPY_^ TYOTNL_P _SP [SPYZXPYLWPL]_SWd LYO _SP LOOT_TZYLW QZ`]_S PWPXPY_ TYOTNL_P^ _SP Pc_]L[SPYZXPYLW^`[]LPL]_SWd bSTNS L_ _SP ^LXP _TXP PYNZX[L^^P^ PaP]d_STYR 1`]_SP]XZ]P _ST^ QTR`]P [Z^ ^P^^P^ PTRS_ _]TLYR`WL] Z`_P] ^PRXPY_^ _Z bSTNS _SP TY_P]YLW _]TLYRWP NLYMPLWWZNL_PObSTNSXPLY^_SL__SPbSZWPQTR`]PSL^YTYPTPc _]TLYR`WL]^PRXPY_^ ?SP^P PTRS_ ^PRXPY_^ SLaP RZOOP^^P^ ^dXMZWTNLWWd L^N]TMPO _Z _SPX NLWWPO _SP wPTRS_ WLYR`LRP RZOOP^^P^x .LWW^ L]P XLOP _Z _SPX O`]TYR _SP ]T_P QZ] PcLX[WP Md ]PNT_TYR _SP LW[SLMP_ bSTNS T^ OTaTOPO TY_Z PTRS_R]Z`[^?SPNPY_]LWQTQ_PPY^dWWLMWPOXLY_]L%]ZZ_ _SL_T^_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" >PP LW^Z ?L]L 8TNSLPW bSZ^P L]_TNWP w7P ²]¯NLV]L OLY^ WL >L`YOL]dL7LSL]¯x TY 8LY_]L^P_/TLR]LXXP^"z$OPLW^XLTYWdbT_S_SPRPZXP_]TNPWPXPY_^LYO_SP NZX[WPcTYOPcTNLWLYO^dXMZWTNYL_`]P_]LOT_TZYLWWdL^N]TMPO_Z_SPX
"
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
±]ÅaTOd£ T_^PWQ T^ LWWZNL_PO _Z _SP YTY_S _]TLYRWP TY _SP NPY_P] ZQ _SP OTLR]LX ?ST^ XLY_]L T^ NZY^_T_`_PO Q]ZX _d[TNLW QPXTYTYP WP__P]^ z _SZ^P _SL_ L]P QZ`YO TY QZ`] XLUZ] ^PPO ^Z`YO^ ZQ _SP 2]PL_ 2ZOOP^^ z ,4¿ 3=®¿ 67®¿ >,@ _SL_ L]P ZQ_PY ]T_`LWWd ]P[PL_PO TY _SP ±]ÅaTOd£ -`_ TY LNNZ]OLYNP bT_S _SP P^Z_P]TN NSL]LN_P] ZQ _SP WL^_ _]T LYRWP _SPd L[[PL] TY _SP QZ]X ZQ _S]PP w[`eeWP ^Z`YO^x Z] XZ]P WT_P] LWWd w[PLV^PPO^x V¼¶LMÅUL bSTNS NZY^_T_`_P _SP QTQ_PPY^dWWLMWPO ±]ÅaTOd£w]ZZ_xXLY_]L% 6L0®7L3=®¿z_SP^PPOwL]T^TYRQ]ZX_SPaZTNPx a£RMSLaL 3L>L6L3L7L3=®¿z_SPw6TYR0]Z^x V£XL]£UL >L6L7L3=®¿z_SPw^PPOZQ±LV_Tx ²LV_TMÅUL
"
?SP7LYR`LRP2ZOOP^^ZY_SP>SZ`WOP]^ZQ_SP3P]XPYP`_T^_
?SP±]ÅaTOd£XLY_]LT^YZ_ZYWdLYTY_PR]LW[L]_ZQ_SPOTLR]LXM`_LW^Z _SPLN_`LWw]ZZ_XLY_]Lx`YOP]WdTYR_SPUL[L_SP]P[P_T_TZY5`^_WTVP_SP ]T_`LW bZ]^ST[ ZQ _SP ±]ÅNLV]L OTLR]LX _SP ]P[P_T_TZY ZQ _SP^P _S]PP w[`eeWP ^dWWLMWP^x ^P]aP^ ^ZWPWd _Z LNSTPaP LY `YTZ Xd^_TNL bT_S _SP OPT_d,YOU`^_L^TY_SPOTLR]LXPaP]dPWPXPY_ZQ_SPQTQ_PPY^dWWLMWPO XLY_]LT^Q`WWZQ^dXMZWT^X4_^TY_P][]P_L_TZYSL^M]Z`RS_QZ]_ST_^ZbY M]LYNSZQSP]XPYP`_TN^?SP]PT^ZQ_PYLNZYQ`^TYRLXZ`Y_ZQ[ZWd^PXd SP]P -S£^VL]L]£dL "_Sz#_S NPY_ _SP XZ^_ PXTYPY_ ±]ÅaTOd£ NZX XPY_L_Z] LYO _SPZ]T^_ ## YZ_ ZYWd ZQQP]^ TY ST^ AL]TaL^d£=LSL^dL Xd^ _TNLW LYLWd^P^ ZQ _SP Y`XMP]^ LYO LN]Z[SZYP_TN TY_P][]P_L_TZY^ ZQ _SP TYOTaTO`LW ^Z`YO^ M`_ SP LW^Z M`TWO^ `[ L WL]RP Y`XMP] ZQ ^PXLY_TN P_dXZWZRTNLW ^dXMZWTN LYO WT_P]L]d ]PWL_TZY^ QZ] Pc[WLTYTYR _SP^P _S]PP ^Z`YO NZX[Z^T_TZY^ 3ZbPaP] _ST^ PcPRP^T^ OZP^ YZ_ N]PL_P L NWZ^PO [TN_`]PZQ_SPXPLYTYRZQ_SPXLY_]LM`_]L_SP]T_RTaP^_SP TX[]P^^TZY _SL_ _SP]P T^ YZ_STYR _SL_ _SP XLY_]L NZ`WO YZ_ XPLY 4Y _ST^ bLd -S£^VL]L]£dL `YTQTP^ _SP XLY_]L YZ_ ZYWd bT_S aL]TZ`^ ±LTaL ?LY_]L _SPZWZRTP^ bT_S L^_]ZWZRTNLW Y`XMP]^ LYO [Z[`WL] OPT_TP^ ZQ ST^ _TXP M`_PaPYbT_S_SP]T_`LW[L]_LYO_SPRYZ^_TN[L]_ZQ_SPAPOL ,NNZ]OTYR _Z _SP aP]^P LYO NZXXPY_L]d z! _SP RaPOL T^ NZYOPY^POTY_SPQZ]X`WLw6L0®7L3=®¿x4Y_SPL`_SZ]v^Z[TYTZY_SP [SZYPXP^ wÅWLx L]P ^`RRP^_TaP ZQ _SP bZ]O ÅP bSTNS L[[PL]^ TY _SP QT]^_ aP]^P ZQ _SP RaPOL LRYTX ÅP [`]ZST_LX w4 bZ]^ST[ _SP QT]P _SP OZXP^_TN []TP^_x ,^ TY _SP ±L«VL]L ^NSZZWv^ `YOP]^_LYOTYR ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## -S£^VL]L]£dL bL^ L 8LSL]L^_S]TLY -]LSXLY bSZ ^P__WPO TY -LYL]L^ AL]LYL^T 3P []ZMLMWd SLO RZZO ]PWL_TZY^ _Z _SP ?LYUZ]P NZ`]_ bSP]P ST^ []ZXTYPY_ OT^NT[WP @X£YLYOL_SPL`_SZ]ZQ_SP 9T_dZ_^LaL bL^WTaTYR,W_SZ`RSLNNP[_POTYMZ_SPXTN LYOP_TNOT^NZ`]^P^L^XZ^_PXTYPY_±]¯aTOd£_SPZWZRTLY-S£^VL]L]£dLSL^YZ_dP_L_ _]LN_POOPP[P]^NSZWL]WdL__PY_TZY
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
"
APOL -S£^VL]L]£dL L^^ZNTL_P^ _SP ]T_`LW [L]_ ZQ _SP APOL z LYO bT_S T_ LW^Z_SPRaPOTNSdXY^zbT_S_SPPcZ_P]TNwWZbP]_]`_Sx L[L]£aTOd£ TY bSTNS [P]^ZYLW OPT_TP^ L]P bZ]^ST[[PO ?SP^P [P]^ZYLW OPT_TP^ L]P []P^PY_ TY _SP [SZYPXP^ w6L0x #$ TY _SP QZ]X ZQ _SP _S]PP NZ^XTN uQ`YN_TZY RZO^v _]TX¼]_T -]LSX£ AT´©` LYO =`O]L±TaL bSZ N]PL_P ^`^_LTY LYO OP^_]Zd _SP `YTaP]^P -`_ LW^Z _SP wSTRSP] _]`_Sx [L]£ aTOd£ ZQ _SP -]LSXLY ZQ _SP @[LYT´LO^ T^ LNNZ]OTYR _Z -S£^VL]L]£dL []P^PY_ TY _SP QZ]X`WL L^ _SP Xd^_P]TZ`^ 3=®¿ >TYNP SP `YOP]^_LYO^ 3=®¿ _Z MP YP`_P] z bSTNS TY >LY^V]T_ T^ RPYP]LWWd TYOTNL_PO Md _SP PYOTYRwXxzSPNZ]]PWL_P^_ST^bZ]ObT_S _SPL__]TM`_PWP^^LYORPYOP] WP^^ -]LSXLY 1Z] STX _SP QT]^_ [`eeWP ^Z`YO 6L0®7L3=®¿ _SP]PQZ]P XPLY^ ^ZXP_STYR WTVP _ST^% _SP [P]^ZYLW RZO^ bT_S _SPT] ]P^[PN_TaP L_ _]TM`_P^LYONSL]LN_P]T^_TNQ`YN_TZY^6L0bZ]^ST[®7L_SPL[P]^ZYLW L__]TM`_PWP^^-]LSXLY3=®¿ 1Z] Y`XP]ZWZRTNLW ]PL^ZY^ _SP Z_SP] _bZ PYTRXL_TN ^dWWLMWP^ 3L>L6L3L7L LYO >L6L7L ^_LYO QZ] DLU`]APOL LYO >£XLAPOL _PLNSTYR _SP -]LSXLY bT_S _SPT] ZbY @[LYT´LO^ bSTNS T^ TY _`]Y TYOT NL_PO TY _SP XLY_]L Md _SP ]P[PL_PO 3=®¿ 3P]P -S£^VL]L]£dL T^ LN_` LWWdZYWd_]dTYR_Z^LdZYP_STYR% _SPbSZWPAPOLL^ SP`YOP]^_LYO^T_ T^ LW]PLOd NZY_LTYPO TY _SP ±]ÅaTOd£ XLY_]L TY L aP]d NZX[LN_ \`L^T ^PPOWTVPQZ]X&Q]ZX_SPWZQ_d[ZTY_ZQaTPbZQZYPbSZVYZb^XLY_]L LYOAPOLL]PTOPY_TNLW ?ST^ T^ ZYWd ZYP TY_P][]P_L_TZY ZQ XLYd bSTNS ^PP _SP _S]PP [`eeWP ^Z`YO^ ZQ _SP XLY_]L \`T_P OTQQP]PY_Wd TY _P]X^ ZQ NZY_PY_ M`_ LWbLd^ TY_P][]P_ T_ bT_S ^TXTWL]Wd Q]PP L^^ZNTL_TZY^ ZQ TOPL^ LYO STRSWd ^`RRP^ _TaPTXLRP]d5`^_WTVP_SPAPOL_SP?LY_]TN_SPZWZRTP^LWWZQbSTNSL]P R]PL_Wd aLW`PO Md -S£^VL]L]£dL L]P PT_SP] _TPO TY_Z _SP XLY_]L Z] ]PN ZRYTePOTYT_?ST^T^LW^ZLaP]d_d[TNLWbLdQZ]NZY_PX[Z]L]dPO`NL_PO 3TYO`^_ZL[[]ZLNS_SPT]^LN]PO_Pc_^zLbLd_SL_NZ`WOMPOP^N]TMPOL^ LY TXLRTYL_TaP NZY_TY`L_TZY Z] ]PTYaPY_TZY ZQ _]LOT_TZY 4Y -S£^VL ]L]£dLv^ NL^P _ST^ QZ]X ZQ PcPRP^T^ T^ [L]_TN`WL]Wd bPWW OPaPWZ[PO 3P WT^_^ L WL]RP Y`XMP] ZQ [Z^^TMWP SP]XPYP`_TN bLd^ ZQ QTYOTYR []ZQZ`YO ^PY^P TY _SP XLY_]L LYO bZ]VTYR T_ TY_Z OTQQP]PY_ MLNVR]Z`YO^ ZQ _SZ`RS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ w6LxT^LAPOTNYLXP QZ] ;]LU£[L_TWL_P]ZQ_PYTOPY_TQTPO bT_S_SPRZO-]LSX£ bSZ T^LWWZNL_PO_SPQ`YN_TZYZQN]PL_TYR_SPbZ]WO,NNZ]OTYR_Z-S£^VL]L]£dLwPx]P[]P ^PY_^ AT´©` _SP ^`^_LTYP] ZQ _SP bZ]WO L[[L]PY_Wd MPNL`^P TY ?LY_]T^X _SP ^dXMZW wPxSL^L^Pc`LWNZYYZ_L_TZYLYO_SPXLWPOPT_dbT_S_SPXZ^_[ZbP]Q`WP]Z_TNL^[PN_^ T^ 6´©L -`_ bSPY T_ NZXP^ _Z _SP TOPY_TQTNL_TZY ZQ =`O]L±TaL _SP RZO ZQ OP^_]`N _TZY -S£^VL]L]£dL SL^ _Z `^P L ^XLWW R]LXXL_TNLW _]TNV >TYNP _SP]P L]P YZ XZ]P ^Z`YO^bT_SbSTNSZYPNZ`WOTOPY_TQdSTX-S£^VL]£dLL^^`XP^_SL__SPwPxX`^_MP QZWWZbPOMd LYPWTOPOwLx bSTNSbZ`WO TY QLN_MP R]LXXL_TNLWWd [Z^^TMWP 4Y 6L^S XT]T±TaLT^X_SP^Z`YOwLxT^L^dXMZWQZ]±TaL
" !
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
-S£^VL]L]£dL T^ []ZMLMWd ]PRL]OPO Md ±]ÅaTOd£ QZWWZbP]^ L^ _SP XZ^_ TX[Z]_LY_NZXXPY_L_Z]MPNL`^PST^Pc[WLYL_TZY^L]PNZSP]PY_LYO [PZ[WP Q]ZX _SP XZ^_ aL]TPO TOPZWZRTNLW MLNVR]Z`YO^ NLY OT^NZaP] ^ZXP_STYR TY _SPX _SL_ XLVP^ ^PY^P :Q NZ`]^P QZ] ^_]TN_ BP^_P]Y [ST WZWZRT^_^ ^`NS Pc[WLYL_TZY^ L]P XP]PWd QLY_L^_TN TOPL^ LYO NZX[WP_PWd T]]PWPaLY_ WTYR`T^_TNLWWd -`_ LN_`LWWd -S£^VL]L]£dL T^ YZ_ TY_P]P^_PO TY PcLXTYTYR _SP_Pc_ L^L BP^_P]Y[STWZWZRT^_bZ`WOM`_TYNZY_TY`TYR T_ TY _SP TY_P]P^_^ ZQ ST^ ZbY _]LOT_TZY ?SP N]PL_TaP L^[PN_ T^ YZ_ T]]PWP aLY_&TYQLN__SP4YOTLY_]LOT_TZY^PP^OTaTYPTY^[T]L_TZYTY^`NSwTYaPY _TZY^x -S£^VL]L]£dLv^ PcPRP_TNLW XP_SZO OZP^ YZ_ ]P[]P^PY_ L ^_L_TN NZYNP[_M`_LOdYLXTNZYPZQVYZbWPORPLYOWPL]YTYR,YO_ST^M]TYR^ `^_ZLYLYPNOZ_PLMZ`_STX $% ?SP [LYOT_^ ZQ -LYL]P^ bLY_PO _Z M]TYR -S£^VL]L]£dL bSZ SLO MPPY OPYZ`YNPO QZ] MPTYR wWPQ_SLYOPOx MLNV QTYLWWd ZY_Z _SP w]TRS_ bLdx BSPY -S£^VL]L]£dL TYaT_PO _SPX _Z L APOTN >ZXL ^LN]TQTNP $ TY ST^SZ`^P_SPd_SZ`RS__SL__SPT]_TXPSLONZXP?SPdTYaZWaPOSTXTY LOPML_PLMZ`__SP^NTPYNPZQXLY_]L^TYZ]OP]_ZXLVPLQZZWZ`_ZQSTX LYO _Z bTY STX ZaP] _Z _SPT] bLd^ 3ZbPaP] -S£^VL]£dL XLYLRPO _Z NZ`Y_P] LWW _SPT] L]R`XPY_^ 1TYLWWd L XPYOTNLY_ XZYV TY_P]aPYPO LYO LOaT^PO_SP[LYOT_^_ZRTaP`[_SPT]\`P^_4_bL^RZTYR_ZMPTX[Z^^TMWP _Z MPL_ -S£^VL]L]£dL TY L OT^[`_P MPNL`^P _SP RZOOP^^ SP]^PWQ bL^ ^[PLVTYR _S]Z`RS ST^ XZ`_S 9L_`]LWWd _SP [LYOT_^ OTO YZ_ MPWTPaP L bZ]OZQ_ST^>Z_SPXZYV_ZZV^ZXPZQ_SPbL_P]_SL_-S£^VL]L]£dLSLO `^PO_ZML_SPST^TXLRPZQ_SPRZOOP^^LYO]`MMPOT_ZY_SPPdP^ZQ_SP [LYOT_^v^[ZVP^XLYz,YOWZLYOMPSZWO_SPXLYYZb^Lb_SPRZOOP^^ ^T__TYRZY-S£^VL]L]£dLv^^SZ`WOP]^LYO^[PLVTYRZ`_ZQST^XZ`_S
"
m8TWWT^PNZYO^ZQ0_P]YT_d
,WZYR^TOP_SP\`L^T^PXLY_TNNZY_PY_RTaPY_Z_SPYZY^PXLY_TNXLY_]L ^dWWLMWP^ Md XLVTYR TY_PR]L_TaP WTYV^ MP_bPPY PcT^_TYR _]LOT_TZY^ ZQ PXLYNT[L_TZY PaPY _SP QT]^_ NSL[_P] ZQ -S£^VL]L]£dLv^ NZXXPY_L]d ZY ST^ ZbY AL]TaL^d£=LSL^dL PX[SL^TeP^ _SP DZRL L^[PN_ ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2TaPY TY LM]TORPO QZ]X Md _SP L`_SZ]^ ML^PO ZY% AL]TaL^d£=LSL^dL LYO T_^ NZX XPY_L]d;]LV£²L PO>`M]LSXLYdL>L^_]T8LO]L^%,OdL]7TM]L]dLYO=P^PL]NS.PY _]P$#z$F0YRWT^Sw4Y_]ZO`N_TZYxH $ ?]LOT_TZY LW^Z ^Ld^ _SL_ -S£^VL]L]£dL [P]QZ]XPO >ZXL ^LN]TQTNP^ TY Z_SP] NZY_Pc_^ _ZZ 3ZbPaP] APOTN >ZXL ^LN]TQTNP^ YPaP] TYaZWaP ML_STYR TXLRP^ ZQ RZO^ TY SZWd bL_P] L^ -S£^VL]L]£dL ZMaTZ`^Wd OTO TY _SP ^_Z]d ?SP YL]]L_Z] L[[PL]^ _Z MP TY_P] P^_PO TY ^SZbTYR -S£^VL]L]£dL _Z MP LY Z]_SZOZc APOL NZYYZT^^P`] M`_ TY QLN_ _SP L`_SZ]L[[PL]^YZ__ZVYZbZ]YZ__ZbLY__ZVYZb_SPOTQQP]PYNPMP_bPPYLAPOTN ^LN]TQTNPLYOL?LY_]TN]T_`LW
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
" "
±]ÅaTOd£ XLY_]L ?SP _S]PP R]Z`[^ ZQ [`eeWP ^Z`YO^ 6L0®7L& 3L>L6L3L7L& >L6L7L L]P _SP PcZ_P]TN [L]_ ZQ _SP XLY_]L LYO 3=®¿T^_SPP^Z_P]TN[L]_/`]TYRLN_`LW]PNT_L_TZY_SPWL^_3=®¿Q`YN _TZY^ L^ L RL_PbLd _Z _]LY^NPYOPYNd 3P]P _SP YL^LWTePO QTYLW ^Z`YO ZQ .LYO]LMTYO`,Y`^a£]L z U`^_ WTVP LWW ^PPO XLY_]L^ _SL_ L]P _P]XTYLWWd YL^LWTePO z SL^ XZ]P Z] WP^^ _SP ^LXP [^dNSZLNZ`^_TN PQQPN_ L^ _SP ]PaP]MP]L_TZY^ZQLRZYRZ]LNS`]NSMPWW?SPaTM]L_TYRNZY_TY`L_TZYZQ _SP YZ_P LQ_P] T_ SL^ MPPY ^_]`NV VPP[^ T_ []P^PY_ [^dNSZWZRTNLWWd PaPY _SZ`RST_SL^LW]PLOd^_Z[[PO]TYRTYRZ`_ :MaTZ`^WdL^L]P^`W_ZQST^ZbYXLY_]L[]LN_TNPLYO TY_SPXLYYP] ZQ L YL_`]LW ^NTPY_T^_ -S£^VL]L]£dL OTaTOP^ `[ _SP YL^LW QTYLW ^Z`YO ZQ _SP _ST]O w[`eeWP ^Z`YOx R]Z`[ TY_Z YTYP OT^_TYR`T^SLMWP R]LOPO aTM]L _TZY^TPTYN]PL^TYRWd^`M_WPLQ_P]^Z`YO^bSTNSNZY_TY`P^`NNP^^TaPWd aTL _SP N]ZbY ZQ _SP SPLO LYO _S`^ MPdZYO _SP [Sd^TNLW MZOd% MTYO` QZ]PSPLO L]OSLNLYO]L ]ZOSTYÅ Y£OL Y£O£Y_L ²LV_T ! ad£[TV£ " ^LXLY£ # QZY_LYPWWP L_ _SP N]ZbY `YXLY£ $ LMZaP _SP N]ZbY TY _SP _SZ`^LYO[P_LWPOWZ_`^ ?SP^P YTYP [SL^P^ ZQ _SP ]PaP]MP]L_TZY ZQ _SP XLY_]L bSTNS L]P LWW _P]XPO w[`]Px ^Z`YO Y£OL ²`OOSLY£OL MPNZXP ^SZ]_P] LYO ^SZ]_P] TY _P]X^ ZQ _TXP LYO XZ]P LYO XZ]P TY_LYRTMWP TY _P]X^ ZQ _SPT] ^Z`YO \`LWT_d z _SP [PY`W_TXL_P ^Z`YO TY _ST^ ^P]TP^ T^ YZ WZYRP] _SLY ! X£_]£ bSTNS NZ]]P^[ZYO^ _Z LMZ`_ XTWWT^PNZYO^ ?SP WL^_ ^Z`YO `Y XLY£ WL^_^ QZ] YZ _TXP L_ LWW @YXLY£ NLY MP _]LY^WL_PO L^ wRZTYR MP dZYO LN_`LW _SZ`RS_x $ w_]LYNPx Z] wPN^_L^dx 3P]P _SP []LN_T_TZYP] _L^_P^ L^ _SZ`RS _TXPWP^^YP^^ ^TYNP TY _ST^ ^_L_P NZRYT_TZY ZQ _TXP [SP YZXPYZWZRTNLWWd NPL^P^ _Z PcT^_ L_ LWW LYO SP RPY`TYPWd Pc[P]TPYNP^ L XZXPY_ ZQ P_P]YT_d >Z NZY_PX[WL_TZY ZQ _SP XLY_]L T^ LMZ`_ ^PY^Z]d Pc[P]TPYNP ZQ P_P]YT_d bT_STY _SP _PX[Z]LW LYO LMZWT^STYR _SP _PX[Z]LW Md_]LY^QZ]XTYRT_TY_ZP_P]YT_d ?SP ?LY_]TN TY_P][]P_L_TZY ZQ _ST^ _PNSYT\`P LYO T_^ [^dNSZWZRTNLW PQQPN_^L]PaP]dNWZ^PWd]PWL_PO_ZZY_ZWZRdLYONZ^XZRZYd%MdQZWWZb TYR `[ _SP ^Z`YO ]P^ZYLYNP^ ZYP ]PaP]^P^ _SP N]PL_TZYLW []ZNP^^ LYO L]]TaP^ L_ _SP ^Z`]NP ZQ PaP]d_STYR ?SP ^ZYTN _SPZ]d ZQ bZ]WO PXLYL _TZYT^YZ_ZYWdLNZRYT_TaPXZOPWM`_LW^Z^ZXP_STYR_SL_NLYMPwQPW_x aTL_SP^PY^P^LYO_SPMZOd.ZY_PX[WL_TaP]PNT_L_TZYZQ_SPXLY_]L_SL_ T^ L^^TXTWL_PO TY_Z ZYPv^ ZbY MZOd ]P_`]Y^ WLYR`LRP _Z T_^ aT]_`LW []P N]PL_TZYLW ^_L_P LYO L_ _SP ^LXP _TXP WLYR`LRP NZY_TY`P^ _Z MP Pc[P]T PYNPOL^XLYTQP^_BPQTYO_SPNPY_]LW[]TYNT[WPZQ[STWZ^Z[STNLWXd^_TN ?LY_]T^X MPTYR L[[WTPO LRLTY SP]P% _SL_ bSTNS L[[PL]^ TY _SP bZ]WO TY XLYTQZWO QZ]X T^ L `YT_d bT_STY _SP OPT_d z LYO DZRTN XLY_]L []LN_TNP NLYXLVP_ST^Xd^_P]dLNNP^^TMWP_S]Z`RSPc[P]TPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP-S£^VL]L]£dLv^NZXXPY_L]d ;]LV£²L ZYaP]^P!
" #
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP±]ÅaTOd£TY_SP]PNP[_TZYZQ-S£^VL]L]£dLLWbLd^Pc[]P^^P^ _SP _SZ`RS_ZQYZYO`LWT_dTY_SPSZWT^_TNQZ]X`WL%TYOTaTO`LW_STYR^( _Z_LWT_dZ]YZYO`LW`YT_d(_SP bSZWPNZX[]T^TYRMZ_S _SP_Z_LWL^ YZYO`LW `YT_d LYO _SP ^`X ZQ T_^ [L]_^ =PQP]]TYR _Z WLYR`LRP -S£^VL]L]£dL LW^Z ^[PLV^ ZQ L _Z_LW ZQ QZ`] 8£_V£^ w8Z_SP]^x wLW [SLMP_xQZ]X^?S]PPZQ_SP^P8£_V£^NZ]]P^[ZYO_Z_SPw^PPTYRxWLY R`LRP [L²dLY_Å _SP wXTOOWPx WLYR`LRP XLOSdLX£ LYO _SP w[Sd^T NLWx WLYR`LRP aLTVSL]Å bSTNS -SL]_SL]T LW]PLOd XPY_TZYPO ?SP QZ`]_S 8£_V£ T^ NLWWPO _SP w^`[]PXPx [L]£ 8£_V£ LYO LNNZ]OTYR _Z -S£^VL]L]£dL T^ TOPY_TNLW _Z _SP NPY_]LW ±]TaTOd£ RZOOP^^ ?]T[`]L ^`YOL]Å% w,YO_ST^T^YZb_SPNSL[_P]ZQ_SPN]PL_TZYZQWLYR`LRP ²LMOL^´¶T ?]T [`]L^`YOL]ÅLWZYPT_T^bSZNZY_LTY^TYSP]^PWQ_SP^`M_WPQZ]XZQ_SPN]PL _TZY ZQ WLYR`LRP ,YO _ST^ T^ NZX[L]LMWP bT_S _SP ^`M_WP QZ]X TY bSTNS L QTR _]PP T^ NZY_LTYPO bT_STY L QTR ^PPO 4_ T^ NLWWPO _SP u^`[]PXPv [L]£ 8L_V£MPNL`^PT_bZ]V^TY ^`NSL^`M_WP QZ]X,YO _ST^?]T[`]L^`YOL]ÅT^ NLWWPO 8£_V£ MPNL`^P ^SP uPOTQTP^v Z] uSZWO^ bT_STY SP]^PWQv X£_T MP NL`^P^SPuLWWZb^_]LY^QP]v _L]L_T LYOMPNL`^P^SPuPXMZOTP^v V£dL_T x $
3P]P_SPN]PL_TZYZQWLYR`LRPT^`YOP]^_ZZO_ZbZ]VTYPcLN_Wd_SP^LXP bLd L^ _SP N]PL_TZY ZQ _SP bZ]WO ?SP QZ`]_S WPaPW NZ]]P^[ZYO^ _Z _SP Xd^_TN wQZ`]_S PWPXPY_xZQ_SP_]TLO QZ]X`WLbSTNS T^LW^Z]PRL]OPOL^ w_SP `Y`__P]LMWPx LY£VSdL 4_ T^ _SP ML^T^ ZQ LWW TYOTaTO`LW L[[PL] LYNP^ bSTNS YPNP^^L]TWd SL^ _Z MP [Z^_`WL_PO ?SP ^LXP L]R`XPY_ WPO _SP WTYR`T^_ -SL]_SL]T _Z [Z^_`WL_P L RWZMLW YP_bZ]V ZQ XPLYTYR^ 4_ T^ _d[TNLW _SL_ _SP ?LY_]T^_ -SL^VL]£dL OZP^ YZ_ ^[PLV ZQ L YP_bZ]V ZQ XPLYTYR^ TP YZ_ ZQ ^PXLY_TN WLYR`LRP M`_ ZQ _SP LW[SLMP_ bSTNS LWbLd^VPP[^_SP[SZYTNL^[PN_TY_SPQZ]PQ]ZY_PaPYbSTWP[Z^_`WL_TYRL ^`[]PXP LM^ZW`_P ^_LRP ZQ ^`[]L[SPYZXPYLW _]LY^NPYOPYNd _SP `Y`_ _P]LMWPLW^ZNLWWPO_SPaZTO,__ST^WPaPW_SPLW[SLMP_T^`YOP]^_ZZOL^ [`]PPYP]RdZ]^PWQNZY_LTYPO`YTaP]^LWaTM]L_TZYzNZ]]P^[ZYOTYR_Z_SP uZ]TRTYLW ^Z`YOv4YNZY_]L^__Z -SL]_SL]Tv^ ±LMOL-]LSXLY_SP ^`[]L [SPYZXPYLW YP_bZ]V ZQ XPLYTYR^ bSTNS WZ^P^ T_^ Z]TRTYLW `YT_d LYO MPNZXP^ L^ TQ T_ bP]P ^[WTY_P]PO bSPY _]LY^QZ]XTYR TY_Z _SP bZ]WO ZQ _TXP LYO ^[LNP _SP LW[SLMP_ ZQ _SP ?LY_]T^_^ OZP^ YZ_ RP_ _]LY^QZ]XPO Z] ^[WTY_P]PO M`_ MPNZXP^ XZ]P OPY^P LYO NZ][Z]LW% TY _SP bZ]WO ZQ _TXPLYO^[LNPT_wPXMZOTP^x_SPbSZWP_SL_T_NZY_LTY^TYT_^XZ^_^`M _WP^_L_PL^uZ]TRTYLWaZTOvZ]uZ]TRTYLW^Z`YOvTYLXP]PWdaT]_`LWQZ]X BP SLaP _]LY^WL_PO -SL]_SL]Tv^ ±LMOL-]LSXLY bT_S w.ZXX`YTNL_TaP -]LSXLYx Z] wNZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x -`_ LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ L_]PdLÀ ²LMOL^´¶T[]LV]Td£ z aL¶LMÅU£Y_L]RL_LaL¶LaV´ÅdL^¼V´XL]¼[L_`WdL²LMOL^´¶T ^¼V´XL]¼[L²£WTYÅ _]T[`]L^`YOL]dPaL _£O²L^¼V´XL]¼[LaL__aL[]La__TYTXT__LVL[L]£ [LOLa£Nd£ g ^LTaL NL X£_T _L]L_T V£dL_Å_T NL ad`_[L__d£ X£_VP_d `NdL_P g AL]TaL^d£ =LSL^dL ;]LV£²L PO>L^_]T["
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
" $
_SP ?LY_]TN LW[SLMP_ SL^ NZXX`YTNL_TaP L^[PN_^ LNNZ]OTYR _Z -SL^VL]£dLv^P_dXZWZRd ^TYNP_SPLW[SLMP_OZP^YZ_ZYWdwSZWObT_STY T_^PWQx _SP bSZWP WLYR`LRP NZ^XZ^ TY L ^PPO QZ]X M`_ LW^Z wLWWZb^ _]LY^QP]x ZQ T_ MPNL`^P T_ NZY_LTY^ _SP XZ^_ ML^TN PWPXPY_^ ZQ WLYR`LRP LYOPaP]dQZ]XZQ^[PPNS4YT_^^`[]PXPQZ]X_SPLW[SLMP_T^_SP]PQZ]P ^PPY L^ _SP MW`P[]TY_ ZQ N]PL_TZY NZY_LTYTYR PaP]d_STYR TY L aT]_`LW QZ]X 1Z] _SP ^LXP ]PL^ZY T_ T^ LW^Z TOPY_TQTPO bT_S ?]T[`]L^`YOL]T _SP ^`[]PXPXZ_SP]ZQ_SPbZ]WO?SPTXLRPZQ_SP^PPOT^LQLaZ]T_PXP_L [SZ] QZ] OP^N]TMTYR aT]_`LWT_d ?SP OTQQP]PYNP MP_bPPY _ST^ w^`[]PXPx ^_LRP LYO -SL]_SL]Tv^ w^PPTYRx ^_LRP T^ _SL_ TY -S£^VL]L]£dLv^ NL^P TY _SP w^PPTYRx WPaPW _SP WL_PY_ [Z_PY_TLWT_d ZQ _SP w^`[]PXPx WPaPW XZaP^ TY_ZLOdYLXTNZ]MP__P]_Z^LdLVTYP_TN^_L_P% w,YO LW_SZ`RS ^SP F?]T[`]L^`YOL]¯H OZP^ YZ_ LN_`LWWd LW_P] _SP]P ^_TWW L]T^P^ _SP _PYOPYNd _ZbL]O^ N]PL_TZY ZQ L `YTaP]^P _SL_ T^ WL_PY_ TY SP] >SPaTPb^_SP_STYR^_SL_L]P_ZMPN]PL_POQZ]_SP]PaPWL_TZY^Ld^u4bT^S _ZMPXLYd4bT^S_Z]P[]ZO`NPv,YOT_T^^`NSLuaTPbTYRvZ]LubT^STYRv ÅV´L©LX LWZYP _SL_ T^ _SP NL`^P ?SP]PQZ]P ZYP NLWW^ _SP RZOOP^^ TY _ST^ ^_L_P [L²dLY_Å u_SPZYPbSZ^PP^vx $
,__ST^WPaPWZQN]PL_TaPbTWWbSP]PWLYR`LRP_`]Y^TY_ZMPNZXTYRPTRS_ PWPXPY_^ NLY MP OTQQP]PY_TL_PO LNNZ]OTYR _Z -S£^VL]L]£dL ?SP^P PWP XPY_^L]PzL^MPQZ]Pz[`]P±LV_TTP^_TWW[`]PPYP]RTP^Z][Z_PY_TLWT _TP^ ?SPd L]P ]P[]P^PY_PO Md _SP PTRS_ WLYR`LRP RZOOP^^P^ ,NNZ]OTYR _Z_SPQLXTWTL]SZWT^_TNQZ]X`WL_SPdQZ]XLYTY_SPWPXPY_%LWW_SPPTRS_ RZOOP^^P^_ZRP_SP]L^ZYPbSZWP ?ST^ []TYNT[WP ZQ OTaTOTYR TY_Z PTRS_ T^ LW^Z QZ`YO L_ _SP wXTOOWPx XLOSdLX£ WPaPW ZQ WLYR`LRP NZ]]P^[ZYOTYR _Z _SZ`RS_ TXLRP^ LYO ^PY^Z]d LbL]PYP^^ Z] _Z bSL_ _SP XPOTPaLW 0`]Z[PLY [STWZ^Z[SP]^ NLWWPO _SP wTYYP] ^PY^P^x 3P]P WLYR`LRP T^ OTQQP]PY_TL_PO TY L ^P]TP^ ZQ ZY_TN NZYOPY^L_TZY^ $ L^ bP LW]PLOd ^Lb TY 7LV´XL©L /P²TVLv^ ²LV_T MTYO`Y£OL NZYNP[_%Q]ZX_SPwZ]TRTYLWaZTOxaTL_SPQW`cZQ[`]P^Z`YO bLaP^ LYO MTYO`WTRS_ _Z _SP w^PPO ^dWWLMWPx LYO _SP WTYR`T^_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ _L^d£À YT]aTV£]£d£XL[dLY£OT^TOOSL[]£©dLO´¶LaL²£_ ^a£Y_Là^LÀS_LaT²aL^T^V´Z _[LOdL_Pg _L_Là ^]L´¶LadL[LO£]_S£Y£WZNLdL_T z u_LOLTV´L_L MLS` ^d£À []LULdPdLv T_T ²]`_Pà g _£O²LXÅV´L©LXPaL []La__TYTXT__ÅV_dL _L^d£À [L²dLY_Å_T [LOLÀ []LaL]_L_P g ^LTaL NL [L²dLY_d£VSd£ X£_V£ VL]L©L^L]L©T_L `__Å]©L_a£O`__Å]©P_d`NdL_P g AL]TaL^d£=LSL^dL ;]LV£²L PO>L^_]T[" $ ?SPQZWWZbTYROT^N`^^TZYT^ML^POZY%_LOLaLdLa£²NLa£X£OLdZu´¶L`²LV_LdZuYdL_]L []L[LÓNT_£à g L_Là ^LTaL adL´¶T^LXL´¶TaP´P©L YLaLaTOS£ g _L_Z YLaL Y£O£ LaTV_L²¼Yd£OLdZU£_£àg_L_^LXL´¶T²NLY£OLOSaLYd£OT[LOLa£Nd£Y£_T^¼V´X£[L]£aLY Y£_T^_S¼W£ aLTVSL]ÅaLO L_Z XLOSdLX£VSd£ X£_V£ XLOSdLX£aLdLaL]¼[LX LaTV_L²¼YdL^[L]²LY£OLOSaLYTMTYO`²LV_TMÅU£V´L]£VSdLÀ Y£OLYLaLVLÀ X¼W£ OS£]£OT´L¶VP Y£OP Y£O£Y_P M]LSXL]LYOS]P NL ^_ST_LX g YLaLMST] Y£OLT] LVLNL¶L_L[LdL²L£VSdLaL]RLYLaLVLaL_Å aLTVSL]d£VSd£ X£_V£ U£_£ AL]TaL^d£ =LSL^dL;]LV£²L PO>L^_]T"
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
uXZ][SZRPYP_TNv `YT_ w^dWWLMWPx LV´L]L L^ _SP NPY_]LW PWPXPY_ ZQ WLY R`LRP-`__ST^T^YZ_dP_L^P]TP^ZQ[Sd^TNLW^Z`YO^Z]TYOTaTO`LW[SZ YPXP^ z TY^_PLO T_ T^ LMZ`_ aL]TZ`^ OPR]PP^ ZQ TYOTaTO`L_TZY ,RLTY _SP YTY_S PWPXPY_ T^ _SP ^`X ZQ PTRS_ XPXMP]^ z RPYP]TNLWWd NLWWPO ^Z`YO Y£OL LYO YZ_P OSaLYT ?ST^ WPaPW T^ LW^Z bSP]P _SP ^ZXL_TeL_TZY ZQ WLYR`LRP _LVP^ [WLNP ^TYNP _SP DZRTN NLV]L^ Q]ZX 8¼W£OS£]L TP _SP WZbP^_ NLV]L YPL] _SP RPYT_LW^ `[ _Z _SP w-]LSXLY RL_PbLdx ZQ _SP QZY_LYPWWPL]PLWWZNL_PO_Z_SP^PYTYPQZ]X^ ?SPWL^__]LY^QZ]XL_TZYZQ_SPY`XMP]YTYP_LVP^[WLNPL__SPXL_P ]TLW WPaPW NZYN]P_TePO TY _SP L`OTMWP LW[SLMP_ bSTNS -S£^VL]L]£dL OT aTOP^ TY_Z YTYP R]Z`[^% aZbPW^ Q]ZX L R`__`]LW^ Q]ZX VL [LWL_LW^ Q]ZXNLWTYR`LW^Q]ZX¶LOPY_LW^Q]ZX_LWLMTLW^Q]ZX[L^PXT aZbPW^Q]ZXdL^TMTWLY_^Q]ZX²LLYO ^[PNTLW ^Z`YO^Q]ZX L?SP aLTVSL]Å ^_LRPZQPaP]dOLdWLYR`LRPT^ML^POZY^_]`N_`]PO^Z`YO^ 3ZbPaP]_SPXLTY[ZTY_TY-S£^VL]L]£dLv^L]R`XPY_L_TZYT^_SL_LWW _SP []PNPOTYR WPaPW^ L]P ^_TWW TYSP]PY_ TY _SP [Sd^TNLW WLYR`LRP ^Z`YO^ _SL_ bP NLY L]_TN`WL_P LYO SPL] 1Z] LWW ^_LRP^ ZQ WLYR`LRP SP `^P^ _SP _P]XLW[SLMP_LYOQZ]LWWOPR]PP^ZQTYOTaTO`L_TZYQ]ZX_SP^`M_WP^Z`YO bLaP^ bSTNS SP NLWW^ w[`]Px ^Z`YO `[ _Z _SP [Sd^TNLW LW[SLMP_ LYO PaP]OLdWLYR`LRPSP`^P^_SP_P]X9£OL?ST^T^YZ__SZ`RS_WP^^YP^^Z] NZYQ`^TZY M`_ LY L]R`XPY_ QZ] ST^ NZY_PX[WL_TaP []ZR]LX ?SP [P]QPN_ XPOT`X aTL bSTNS _SP []LN_T_TZYP] NLY RZ MLNV _Z _SP []PWTYR`T^_TN QZ]XZQWLYR`LRPzLYO_SP^`[]PXP^_L_PZQMPTYRZ]NZ^XTNNZY^NTZ`^ YP^^ z T^ [Sd^TNLW ^Z`YO Y£OL ?SP NZY_PX[WL_TZY ZQ ^Z`YO XLVP^ T_ [Z^^TMWP_ZPc[P]TPYNP_SPZ]TRTYLW`YT_dZQWLYR`LRPLYO_ST^T^RTaPYL [STWZ^Z[STNLW QZ`YOL_TZY 0aP]d WP__P] NZY_LTY^ [`]P ^Z`YO MZ_S TY L _]LY^NPYOPY_LWQZ]XLYOL^TXXLYPY_^`M^_LYNP% w,YO TY _ST^ bLd F_SP [`]P ^Z`YOH T^ FTP ]PXLTY^H bZaPY FTY_Z _SP WLY R`LRP ^Z`YO^H FBP NZXP _Z _ST^ NZYNW`^TZYH ZY _SP ZYP SLYO ZbTYR _Z F_SP PcT^_PYNPH ZQ _SP ^`MUPN_TaP [P]NP[_TZY LY`MSLaL ZQ L F[SZYP_TNH NSL]LN_P]T^_TN OSL]XLY LYO LY FLNZ`^_TNH NSL]LN_P]T^_TN FTY _SP ^LXP WLY R`LRP^Z`YOHzL^TQTY_SPF]PNT_POH^dWWLMWPwVLx_SPWP__P]6 LYO FL__SP ^LXP _TXPH _SP YZ_P . FbP]P SPL]OH F,YO bP NZXP _Z _ST^ NZYNW`^TZYH ZY _SP Z_SP] SLYO ZbTYR _Z _SP ZM^P]aL_TZY _SL_ _SP ^`M^_LYNP F]PXLTY^ LW bLd^HbZaPYTY_ZT_^PaZW`_PWTVP_SPNWLdTYLNWLd[Z_?ST^XPLY^_SL_ MP_bPPY _bZ WP__P]^ [`]P ^Z`YO PcT^_^ TY _SP ^LXP bLd L^ _SP ML]P _S]PLO MP_bPPY_SP[PL]W^ZQL^_]TYRZQ[PL]W^ BT_STY _SPWP__P]^SZbPaP]T_L[ [PL]^ YZ_ ZYWd WTVP _SP NWLd TY L NWLd [Z_ M`_ LW^Z z ^TYNP PaP]d WLYR`LRP ^Z`YOT^TYT_^_`]Y[`]P^Z`YOL^bPWWzWTVP_SP_S]PLO^Q]ZXbSTNSLQLM ]TNT^bZaPYTY_ST^QLM]TNT_^PWQ3P]P_SP^TXTWPZQ_SP^_]TYRZQ[PL]W^YZ WZYRP]SZWO^QZ]_SP_S]PLOTY_SP^_]TYRZQ[PL]W^T_^PWQT^ YZ_ L[PL]Wx $!
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! FaLTVSL]d£VSd£X£_V£U£_£aLTYT²NLdPYL^[L´¶L_L]L_a£_VSLÀ VL]©LaTaL]LaL]_TYLMSZ]¼[L²]Z_PYO]TdLÀ]£_TRLNNSL_TH_LUULYdLUÓ£YLaT´LdZMSLaL_¯_T ad`_[L__P]T_d£OdLYdL_ZaT^_L]LàgPaLÀNLVLV£]£OL`VL_a£OTaL]©LOSL]X£©£À
8LY_]L^L^.ZY_PX[WL_TaP4Y^_]`XPY_^
"!
:Y _SP ZYP SLYO [Sd^TNLW [`]P ^Z`YO ^Z`YO bLaP^ T^ _SP XL_P]TLW ZQ _SP WLYR`LRP ^Z`YO^ U`^_ L^ NWLd T^ _SP XL_P]TLW ZQ L NWLd [Z_ BT_SZ`_ NWLd _SP]P bZ`WO MP YZ NWLd [Z_& bT_SZ`_ [Sd^TNLW ^Z`YO _SP]P L]P YZ WLYR`LRP^Z`YO^,__SP^LXP_TXPSZbPaP][Sd^TNLW^Z`YObLaP^L]P LW^Z bSL_ RTaP^ WP__P]^ _SPT] ^_]`N_`]P^ LYO QZ]X U`^_ L^ _SP _S]PLO XLVP^_SP[PL]W^TY_ZLNSLTY3ZbPaP]_SL_bSTNS^P[L]L_P^_SP[PL]W^ Q]ZX ZYP LYZ_SP] T^ YZ_ L [PL]W T_^PWQ ?SP ^T_`L_TZY T^ OTQQP]PY_ bT_S ^Z`YO^%_SPTYOTaTO`LW^Z`YO[SPYZXPYLLN\`T]P_SPT]^_]`N_`]P^ZYWdTY ]PWL_TZY_Z_SPNZY_TY``XZQLWW^Z`YO^?SPPY_T]P^Z`YONZ^XZ^T^MZ_S L^ZYTNbSZWP ^LXL´¶T LYOLNZWWPN_TZYZQTYOTaTO`LW^Z`YO^ adL´¶T 8POT_L_TZY ZY _SP QTQ_PPY^dWWLMWPO ±]ÅaTOd£ XLY_]L LN_`LWWd NZY ^T^_^ZYWdZQ_SPNZY_PX[WL_TaP]PLWTeL_TZYZQ_ST^[STWZ^Z[STNLWTY^TRS_% w?SP WP__P]^ ^SZ`WO MP PYaT^LRPO ZY _Z[ ZQ ZYP LYZ_SP] TY _SP MZOd _S]PLOPO WTVP [PL]W^ ZY L ^_]TYR ,YO ZYP ^SZ`WO TXLRTYP _SL_ _SP ^Z`YO Y£OL _SL_]T^P^Z`_ZQ_SP8¼W£OS£]LT^FTXXLYPY_HTY_SP WP__P]^WTVP_SP _S]PLOFTYLQLM]TNHx $"
-S£^VL]L]£dL YLXP^ ^PaP]LW XLY_]L PcP]NT^P^ "z QZ] N]PL_TYR _ST^ Pc[P]TXPY_LW VYZbWPORP bSTNS L]P NLWWPO w^ZW^_TNP^x aT´`aL_ ?SP NdNWP^ TY _SP MZOd ^[LNP ^`NS L^ M]PL_S^ YP]aP TX[`W^P^ Y£T LYO LN_TaT_d ZQ _SP YP]aZ`^ NPY_P]^ NLV]L ^SZ`WO MP `YT_PO bT_S _SP ]PNT_POXLY_]LLYOT_^WP__P]^MdXPLY^ZQ]P^ZYL_TZY?SPMP^_PcP]NT^P SZbPaP] T^ _ZPc[P]TPYNPLWWXLY_]LWP__P]^_S`^TYNZ][Z]L_POLYOWT_P] LWWd PXMZOTPO LYO LW^Z _SP MZOd T_^PWQ L^ [`]P ^Z`YO ?SP _]LY^QZ]XL _TZY ZQ _SP bSZWP MZOd TY_Z L ]P^ZYLY_ XLY_]L Z] w^Z`YOTYRMZL]Ox T^ LNNZ]OTYR _Z -S£^VL]L]£dL _SP RL_PbLd QZ] _]LY^NPYOTYR _SP Z]OTYL]d S`XLYWTXT_^LYOQTYOTYR_SP^PN]P_ZQNZ^XTNNZY^NTZ`^YP^^% w4Q_SPTYOTaTO`LW^dWWLMWP^ZQ_SP±]ÅaTOd£Q]ZX_SPWZbP^_NLV]L LV`WL _Z _SP _SZ`^LYO[P_LWPO WZ_`^ `YXLY£ LYO Q]ZX _SP WP__P] uVLv _Z _SP XZ^_ ^`M_WP Y£OL `YXLY£ L]P LWW F[]P^PY_H QZ] _SP bSZWP O`]L_TZY ZQ XTWWT^PNZYO^ $# FLYO ZYPH L]_TN`WL_P^ F_SPX ZYWdH L^ F[`]PH
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ´LU£OTOSaLYTOSL]X£©£ÀN£Y`MS¼dL_a£_[L]T©£XP[L]T©£XTYZuY`^d¼_L_£d£XORSL¶P OL]²LY£NNLaL]©P´`Y£OZuY`^d¼_LàgLdLÀMS£aLàzOaLdZ]aL]©LdZ]XLOSdL MS£RPXL©TOaLdLXLOSdLMS£RL^_SL²`OOSL^¼_]LaLNNS`OOSLY£OL^dLMS£YLXaL]©L ²L]Å]£Y_L]MS£RP_`[L¶£MSPOPYL^LÀaLWT_L_LY_`aLORSL¶£Y_L]XOaLNNL_L_ _LOaL]©£MSPOPYLTaLY£OL^dLMS£YLXYL[`YL^_L_]LXL©dLY_L]RL_L^¼_]LO´¶£Y_Là _L^dLXL©T_Zu_dLY_LMSTYYL_a£OT_TggAL]TaL^d£=LSL^dL;]LV£²L [" $" X£W£XL©TaLOaL]©£àV]LXP©LMS£ad£`[L]d`[L]Tgg £OS£]Z__ST_LY£OZR`©LTaL[L]TMS£_TaL]©LXLOSdLRL_LàgAL]TaL^d£=LSL^dL Mz L $# 4Y _SP Z]TRTYLW% " _]`¶T^ ( _S^ ZQ L ^PNZYO LYO _S]PP LYO L SLWQ YTXP´L^ ( " _S^ZQL^PNZYO
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
^Z`YO Y£OL TY _SP PYO ZYP bTWW Pc[P]TPYNP _]`_S ,YO _ST^ T^ _SP STOOPY _]PL^`]PZQ_SPXLYTQP^_L_TZYZQ_SPNZ^XTNNZY^NTZ`^YP^^x $$
#
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
-S£^VL]L]£dLv^±]ÅaTOd£[STWZ^Z[SdZQWLYR`LRPbT_ST_^QZ`]WLYR`LRP WPaPW^O]Lb^ZYLNPY_`]TP^ZWO_]LOT_TZYWTYVPOYZ_ZYWdbT_S_SPYLXP ZQ-SL]_SL]TM`_PaPYXZ]P^_]ZYRWdbT_S_SPYLXPZQ,MSTYLaLR`[_L ,MSTYLaLR`[_L _S_S NPY_ T^ _SP XZ^_ QLXZ`^ [STWZ^Z[SP] ZQ 6L^SXT] LYO TY ^ZXP bLd^ SP T^ LW^Z `YT\`P TY _SP 4YOTLY ST^_Z]d ZQ [STWZ^Z[Sd 6L^SXT]T OP[TN_TZY^ aT^`LWTeP ST^ Z`_^_LYOTYR \`LWT_TP^ LYOL__SP^LXP _TXP_SP LRPYOLMPSTYO _SP ^NSZZWZQ6L^SXT]±LTaT^X ±TaLT^X%_SL_SP^_L]_PO :YLQLXZ`^XTYTL_`]P[LTY_TYR_SPXL^_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ²]ÅaTOd£V¼¶£aLdLaP´` VLV£]£OT´¼YXLY£Y_P´` gg LV`W£OTVZYXLY£Y_L[]LOP²L^LÀ^_SP´` ^LVLWP´` g LOSd`´¶LYTXP´Z__L]L^L[_LOL²£OSTVL^L_L_]LdL_]`¶TMSTà gg `NNL]T_P Y£OP ^L_T _L^d£Y_P_L__aLaPOLYLÀMSLaL_Tg_LOTOLÀNLT_LYd£MSTadLV_TYTO£YLÀ_`_L__aLaT´`a£V SdLXgg AL]TaL^d£=LSL^dL $z >PPLW^Z_SPNZXXPY_L]d ;]LV£²L PO>L^_]TbSTNSRWZ^^P^_SPQTYLWLNSTPaP XPY_bT_Sw_L__aL^dL^LÀaTOLMSPOL^dLx ?SP ^Z[ST^_TNL_PO YZYO`LW [STWZ^Z[Sd ZQ ,MSTYLaLR`[_L LYO ST^ ^NSZZW VYZbY L^ 6L^SXT]±LTaT^XOPaPWZ[POZ`_^TOP_SP]LYRPZQ_SPZ]_SZOZc^NSZZW^ZQ4YOTLY[ST WZ^Z[Sd LYO bL^ WT__WP VYZbY `Y_TW _SP [TZYPP]TYR ]P^PL]NS NZYO`N_PO ^TYNP _SP $"^% ^PP=LYTP]Z2YZWT 7`NPOPWWP>LN]P >N]T__`]POT ,MSTYLaLR`[_L ?Z]TYZ% @Y TZYP ?T[ZR]LQTNZ $"& /dNeVZb^VT .LYZY & z /ZN_]TYP ZQ ATM]L_TZY & z >_LYeL^ ZQ ATM]L_TZY &_SPL]_TNWP^ZQ>LYOP]^ZYZ[NT_LYOST^w,MSTYLaLR`[_LxTY_SP 0YNd NWZ[POTLZQ=PWTRTZY &9LaUTaLY=L^_ZRT ?SP6]LXL?]LOT_TZYZQ6L^SXT]%3T^_Z]TNLW LYO 2PYP]LW >Z`]NP^ aZW /PWST% 8Z_TWLW -LYL]^TOL^^ $"$ ]P[] $$!& z 4Y_]Z O`N_TZY _Z ?LY_]£WZVL% , >_`Od TY >_]`N_`]P /PWST% 8Z_TWLW $#"& ;L`W 0O`L]OZ 8`WWP]:]_PRL ?SP ?]TLOTN SPL]_ ZQ ±TaL% 6L`WL ?LY_]TNT^X ZQ ,MSTYLaLR`[_L LYO YZYO`LW >SLTaT^X ZQ 6L^SXT] ,WMLYd% >@9D $#$& /PWST% >L_R`]` ;`MWTNL_TZY^ $$"& -P__TYL -Æ`XP] ,MSTYLaLR`[_L% BPRP TY^ 7TNS_% ?Pc_P OP^ _LY_]T^NSPY ±T aLT^X`^L`^6L^NSXT] EÞ]TNS%-PYeTRP]$$&z ?]TVL%2]`YO_SPXPYOP^VL^NSXT ]T^NSPY±TaLT^X`^ATPYYL%?d]ZWTL 4Y bSL_ T^ NLWWPO _SP 6L^SXT] ±LTaT^X OTQQP]PY_ R]Z`[^ TP ]T_`LW LYO [STWZ^Z[STNLW ^NSZZW^ _SP QZWWZbTYR L]P Q`^PO% ?]TVL 6L`WL 6]LXL LYO ;]L_dLMSTUÓ£ [STWZ^Z[Sd ]PNZRYT_TZY_SPZ]d?ST^TY_PR]L_TZYZQ_]LOT_TZY^^ZXPZQbSTNSQLaZ]aL^_Wd`YZ] _SZOZc ]T_P^ bL^ M]Z`RS_ LMZ`_ Md ,MSTYLaLR`[_L LYO ST^ ^NSZZW BSL_ bP NLWW 6L`WL T^ TY QLN_ LY Z^XZ^T^ ZQ 6L`WL LYO ?]TVL LYO L ]PQTYPXPY_ ZQ PL]WTP] ?LY_]L LNSTPaPO Md L []ZYZ`YNPO QZN`^ ZY TY_P]TZ] []ZNP^^P^ LYO RYZ^T^ 4Y NZY_]L^_ _Z _SP L^^TXTWL_TZYZQ_SPPL]Wd¢RLXL±LTaT^XTY_Z_SP;£YNL]£_]L_SPTOPY_TNLW`^PZQ_SP _P]X^ ?LY_]L ¢RLXL >LÀST_£ LYO -`OOST^_3TYO` ^dYN]P_T^X QZ`YO TY _SP -S¼_L £XL]LP_N_SPR]PL_^dY_SP^T^ZQ_SP6L^SXT]T^bL^XLdMP_SPQT]^_TY^_LYNPTYST^ _Z]d_SL_OPWTMP]L_PWd_]LY^QZ]X^_SPNZWWPN_TaP_P]X?LY_]LzOPYZ_TYRXLYdOTQQP]PY_ ^d^_PX^ z TY_Z L ^TYR`WL] `YT_ NLWWPO 3TYO` ?LY_]L Z] 3TYO` ?LY_]T^X 4Y ,MST YLaLR`[_Lv^[P]^[PN_TaPSZbPaP]T_T^L`YT_TYaZWaTYRLR]LOPOSTP]L]NSd%X`NSWTVP _SP-SLT]LaL?LY_]L^LYOD£XLWL^SPNZY^TOP]^±LTaL>TOOS£Y_LL^LWZbP]R]LOPZQ
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"!
^T_^N]Z^^WPRRPO`[ZYL_S]ZYPZYL[POP^_LW3T^WPQ_SLYO]P^_^ZY_SP Q]P_MZL]O ZQ L A¯©£ LYO SP T^ NZ`Y_TYR L ]Z^L]d bT_S ST^ ]TRS_ SLYO BSTWP _SP [STWZ^Z[SP] STX^PWQ T^ ]P[]P^PY_PO L^ L XPXMP] ZQ L STRS NL^_PLRPY`TYP6L^SXT]TbT_SaP]d[LWP^VTYLYOLMPL]OST^L`OTPYNP L[[L]PY_Wd NZXP^ Q]ZX XLYd OTQQP]PY_ ]PRTZY^ ZQ 4YOTL LYO Q]ZX LWW ^ZNTLW^_]L_L%X`^TNTLY^XZYV^LYOPaPYLQPXLWPOLYNP]L]PLXZYRST^ [`[TW^ 8PY LYO bZXPY ZQ LWW ]LNP^ XLVP `[ _SP L__PY_TaP L`OTPYNP AL]TZ`^ ]PWTRTZY^ L]P ]P[]P^PY_PO% L ±LTaL L^NP_TN ^T_^ YPc_ _Z L >Z`_S P]Y 4YOTLY -]LSXLY 4_ T^ `Y`^`LW QZ] _SP 4YOTLY TOPLW ZQ [`]PWd Z]LW _]LY^XT^^TZY ZQ _SP XL_P]TLW _Z MP WPL]YPO _SL_ _bZ ^_`OPY_^ L]P M`^TWd LN_TYR L^ ^_PYZR]L[SP]^ b]T_TYR OZbY PaP]d bZ]O _SL_ QLWW^ Q]ZX _SP XL^_P]v^ XZ`_S >ZXP_STYR _SL_ T^ YZ_ ZYWd `Y`^`LW M`_ _ZOLd \`T_P TX[Z^^TMWPMPNL`^PT_ T^]PRL]OPO L^TYOPNPY_ T^ _SP XLYYP] TY bSTNS _SP QPXLWP XPXMP]^ ZQ _SP L`OTPYNP L]P O]P^^PO >PaP]LW bZXPY L]P bPL]TYR ZQQ _SP ^SZ`WOP] QTR`]PS`RRTYR O]P^^P^ 4_ T^ NWPL] bSL_ _SP [TN_`]PT^_]dTYR_Z^Ld%_SP]PL]PYZP_SYTNZ]RPYOP]]PWL_PO]P^_]TN_TZY^ TY_ST^^d^_PX0aPY_ZOLd6L^SXT]±LTaT^X_LVP^[]TOPTY_SPQLN__SL_ TY _SP^P [ZTY_^ T_ OPaTL_P^ Q]ZX _SP APO£Y_L LYO _ST^ []TOP QTWW^ _SP NZY_PX[Z]L]d^[T]T_`LW_PLNSP]7LV^SXLY5PP_ZZ% w4Y QLN_ ±LÀVL]£]£N£]dL SZWO^ _SL_ APO£Y_L T^ XPLY_ QZ] ^LÀYd£^TY^ LYO YZ_ Z_SP]^ 1]ZX _SP APO£Y_TN [ZTY_ ZQ aTPb bZXPY LYO Z_SP] NL^_P^ L]P YZ_ LWWZbPO _Z []LN_TNP _SP APO£Y_TN ^d^_PX ?ST^ aTPb SZbPaP] T^ YZ_ ]PNZRYTePO Md Z`] 6L^SXT] >SLTaT^X 6L^SXT] >SLTaT^X _PLNSP^ _SL_ _ST^ XZYT^_TN _SZ`RS_ NLY MP []LN_TNPO Md LYdZYP XLY Z] bZXLY bT_SZ`_ ]P ^_]TN_TZYZQNL^_PN]PPOZ]NZWZ]4YQLN_Z`]>SLTaT^X_PLNSP^`^_SL__ST^ _SZ`RS_NLYMP[]LN_TNPOXZ]PQ]`T_Q`WWdMdbZXPY_SLYMdXPYx
8LdMP T_ bL^ []PNT^PWd _ST^ []ZYZ`YNPO uTYOPNPYNdv TY T^^`P^ ZQ NL^_P LYO QLT_S _SL_ _`]YPO ,MSTYLaLR`[_L TY_Z L ^[PNTLW YZY[P]^ZY TY _SP Z]_SZOZcAPO£Y_TNXTWTP`ZQ>Z`_SP]Y4YOTLLYOM]Z`RS_STX L]P[`_L _TZY L^ L MWLNV XLRTNTLY ,NNZ]OTYR _Z WPRPYO bT_S ST^ OL]V ^[PWW^ SP PaPY SLO L OPNT^TaP SLYO TY ±L«VL]Lv^ `Y_TXPWd OPL_S z L^ ]PaPYRP QZ] LY TRYZXTYTZ`^ OPQPL_ TY L WPL]YPO OT^[`_P BT_S LWW ]P^[PN_ QZ] _SP >Z`_SP]Y 4YOTLY ±L«VL]L _]LOT_TZY T_ X`^_ SZbPaP] MP PX[SL^TePO _SL_ _ST^ YPRL_TaP NWTNSË T^ Pc_]PXPWd QL]QP_NSPO ,MSTYLaLR`[_Lv^ ^PWQ ]P[]P^PY_L_TZY T^ \`T_P OTQQP]PY_ LYO XZ]P N]POTMWP 4Y _SP RZZO XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?LY_]L -`_ OPQTYT_PWd _SP]P T^ L NZY^NTZ`^ L__PX[_ _Z TY_PR]L_P wWPQ_SLYOPOx LYO w]TRS_SLYOPOx ^_]LYO^ 4Y ST^ ?LY_]£WZVL "! ,MSTYLaLR`[_L [Z^_`WL_P^% w?SP P^ ^PYNPZQLWW_SP ?LY_]L^ []P^PY_TY_SP ]TRS_ LYOWPQ_ _]LOT_TZY^ bSTNSSL^MPPY`YT QTPO TY 6L`WL FT^ _Z MP OT^NZaP]POH TY _SP ?]TVLx _]LY^W ;LOZ`c A£N #Y @]MLY ?LY_]L bSZ\`Z_P^_ST^[L^^LRPZM^P]aP^%w?ST^T^[P]SL[^_SPNWZ^P^_bPNZXP L_ LY TOPL ZQ u?LY_]Lv L^ L ^TYR`WL] NZX[]PSPY^TaP NL_PRZ]d _SL_ PXM]LNP^ XZ^_ ZQ _SP_]LOT_TZY^_SL_bPYZbTOPY_TQdMd_SP_P]Xx 7LV^SXLY5PP 6L^SXT]>SLTaT^X%?SP>PN]P_>`[]PXP /PWST%>L_R`]`;`MWTNL_TZY^ $##"
"!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
YP]ZQ_SP?LY_]LZQ_SP6L`WL^SPNLYL[[]PNTL_PzTY_SP]T_`LWNZY_Pc_ z L RZZO bTYP LYO L []P__d RT]W O¼_¯ bSTNS ZQ NZ`]^P T^ PYZ`RS _Z SZ]]TQd LY Z]_SZOZc 3TYO` M`_ WTVP XZ^_ wWPQ_SLYOPOx ?LY_]TN^ SP _Z_LWWd]PUPN_^MWLNVXLRTN?SP?LY_]T^XZQ_SP6L`WL^T^L_PLNSTYRZQ OPWTaP]LYNP8LRTN]T_P^L]PYPaP]`^POQZ][P]^ZYLWRLTY ,W_SZ`RS _SP 6L`WL^ ^PP _SPX^PWaP^ TY _SP _]LOT_TZY ZQ _SP PL]Wd >TOOSL?LY_]TN^zbSZ bP]PYZ_LaP]^P _ZNZYU`]TYR`[RZWOOTYL]^LYO [ZbP] ZaP] LWW NZYNPTaLMWP ^[T]T_^ z M`_ L^ [SPYZ_d[P^ _SPd SLaP aP]d WT__WP _Z OZ bT_S _SPX 4Q bP WZZV L_ ^ZXP ZQ _SP _T_WP^ Q]ZX ,MST YLaLR`[_Lv^WTM]L]dz ^`NS L^ wBT_NSv^SPL]_?LY_]Lx w-PSPLOTYR?LY _]Lx LYO w9TRS_bLWVP] ?LY_]Lx z T_ ^Z`YO^ L^ _SZ`RS bP SLaP YZb QT YLWWd ]PLNSPO _SP WT_P]L]d ^Z`]NP^ ZQ _SP RZ]P LYO M`_NSP]d TY _SP APO£Y_TN [WLd M`_ _SP OP^T]P QZ] ^PY^L_TZY T^ YZ_ Q`WQTWWPO 1`WW ZQ OT^ L[[ZTY_XPY_ bP bTWW QTYO _SL_ ZY [LRP `[ZY [LRP _SP]P T^ YZ_STYR M`_ ]PNZRYT_TZY_SPZ]dLYO]T_`LWOTLR]LX^TP_SPYZ]XLW^_`QQZQLWWXLUZ] ?LY_]L bZ]V^ >Z bSd OZ _SP WTMP]LW LYO _ZWP]LY_ 6L^SXT]T^ [`][Z^PWd M`TWO`[LYuTXLRPZQSZ]]Z]vZQ_SPX^PWaP^*?ST^NLYLN_`LWWd ZYWdMP Pc[WLTYPO TY _SP 4YOTLY ^P__TYR ?SP 6L^SXT]T^ `^P _SP /]LN`WLWTVP NWTNSË^ZY[`][Z^P_ZOTQQP]PY_TL_P_SPX^PWaP^Q]ZX_SP>Z`_SP]Y4YOTLY ,OaLT_LAPO£Y_L _]LOT_TZY bSTNS _SPd LNN`^P ZQ MPTYR TYNZY^T^_PY_ 4_ T^ _]`P _SL_ _SP w_L_ _aLX L^Tx T^ _L`RS_ _SP]P M`_ _SPY NZXP^ _SP -]LS XLYTN ]P^P]aL_TZY _ZbL]O^ _SP .L©£WL^ bSZ MPWZYR _Z L WZbP] NL^_P LYO TYNW`OP ^`NS ZNN`[L_TZY^ L^ N]PXL_Z]^ LYO ]`MMT^S NZWWPN_Z]^ LYO PaP]d_STYR PW^P _SL_ ^XPWW^ ZQ RL]WTN ZYTZY^ Z] Z_SP] ]Z__PY LYO NZY _LXTYL_TYR^`M^_LYNP^:YPT^TOPY_TNLW_Z_SP`YTaP]^PM`_L-]LSXLYT NLWWd^ZNTLWTePO>Z`_SP]Y4YOTLYXPYOTNLY_XZYVbZ`WO]L_SP]YZ_SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y_SPOPNT^TaPST^_Z]TNLW^STQ_^M]Z`RS_LMZ`_bT_STYSP_P]ZOZcR]Z`[^Md_SP6L^S XT]T [STWZ^Z[SP] ,MSTYLaLR`[_L LYO ST^ ^NSZZW ^PP LW^Z >LYOP]^ZY w;`]T_d LYO [ZbP]LXZYR_SP-]LSXTY^ZQ6L^SXT]&xw6]LXL±LTaT^X&xw?]TVL±LTaT^X&xw±LTa T^X TY 6L^SXT]&x w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY&x w8PLYTYR TY ?LY_]TN =T_`LWx ?SP^STQ_Z`_WTYPOMd>LYOP]^ZYSL^MPPY^_]ZYRWdPX[SL^TePOMdBST_P 6T^^ZQ_SP DZRTY¯ Z[ NT_ $z "& w?]LY^QZ]XL_TZY^ TY _SP ,]_ ZQ 7ZaP% 6£XLVLW£ ;]LN _TNP^TY3TYO`?LY_]TNLYO6L`WL?]LOT_TZY^x 3T^_Z]dZQ=PWTRTZY^#$$#"z $# BP LR]PP bT_S BST_P _SL_ ,MSTYLaLR`[_Lv^ 6L`WL ?LY_]L []P^`[[Z^P^ LY `]MLY N`W_`]P& bP NLYYZ_ NZYN`] SZbPaP] TY ]PRL]OTYR ,MSTYLaLR`[_L L^ L wNZYQZ]XT^_x bSZwTY_P]YLWTePOxwLP^_SP_TNTePOxLYOwMZbOWP]TePOx_SP?LY_]LMd]PXZaTYRPaP]d _STYR bSL_ bZ`WO SLaP MPPY _ZZ ^SZNVTYR LYO [P]aP]^P _Z L ]PQTYPO `]MLY ^ZNTP_d BST_P 6T^^ZQ_SPDZRTY¯ #Q #Q$!QQ "?ST^ XLdMP WL]RPWd_]`P QZ] _SP >Z`_SP]Y ±]¯aTOd£ M`_ QZ] ,MSTYLaLR`[_L ]L_SP] _SP Z[[Z^T_P T^ _SP NL^P% _SP aP]d N]d[_TN LYL]NSTN NSL[_P] $ ZQ ST^ ?LY_]£WZVL /S¼_TN£]dL LYO TY [L]_TN`WL] _SP[L^^LRP^$QQ^PPX_ZSTY_L_TYNP^_`Z`^]T_`LWLN_^bSTNSbZ`WOMPaT]_`LWWd TY_ZWP]LMWPTYLaTWWLRPNZY_Pc_>`NS]T_P^]L_SP][]P^`[[Z^PLXZ]PLYZYdXZ`^`]MLY NZY_Pc_LYOLN`W_`]LWPWT_PbSZNLYNZ[PbT_S_SPX7L_P]6L`WL?LY_]L_SL_LNNP[_^ ^`M^_T_`_P^ T^ OTQQP]PY_ LYO bL^ XZ]P L[_ _Z MP TYNZ][Z]L_PO TY_Z aTWWLRP NZY_Pc_^ LRLTY
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"!
LYd_STYR _Z OZ bT_S ^`NS ]PaZW_TYR OPXZYTN _STYR^ LYO [P]^ZY^ ?SP PXP]RPYNPZQzZ]^[PNTLWL__PY_TZY_Zz_SPLY_TYZXTN>TOOSLDZRTbSZ SL^ YZ_STYR LRLTY^_ _LVTYR L [`YRPY_ XPLW bT_S _SP WZNLW ZR]P ^[T]T_ ^SZ`WO MP ^PPY L^ L NZY^NTZ`^ ]PWTRTZ`^ LY_T_d[P bSTNS _SP WPL]YPO wWPQ_SLYOPOx `^P _Z OZN`XPY_ _SPT] ZbY ]LOTNLWWd ,OaLT_T^_TN aTPb^ LYO _Z []ZXZ_P _SPT] NZY^T^_PY_ ]P^T^_LYNP _Z _SP R]PL_ OPT_TP^ _SL_ L]P ^XZ_SP]POMd-]LSXLYTNTOPL^ZQ[`]T_d?ZMPQLT]ZYP^SZ`WO]PXPX MP]_SL_ _SP >Z`_SP]Y4YOTLY^LW^Z]PNZRYTeP _SP[]ZMWPXZQ _SP NZY_]L OTN_TZYMP_bPPY_SPZ]dLYO[]LN_TNP?SPT]QLXZ`^_Pc_^N]T_TNTeTYR_SPT] ZbY TYNZY^T^_PYNd Q]ZX LY TY_P]YLW -]LSXLYTN ^_LYO[ZTY_ TYNW`OP ^`NS b]T_TYR^ L^ _SP 8LYÅ´£;LÓNLVLX bSTNS T^ ML^PO ZY L .L©£WL [L^ ^LRPTY_SP±L«VL]LSLRTZR]L[STP^LWZYR^TOPWPRPYO^TYbSTNS_SP/L_ _L_]PdL QZ]X ZQ ±TaL L[[PL]^ L^ L MZ__WP ZQ WT\`Z] Z] L NZ[`WL_TYR .L©£WL-`_`W_TXL_PWd_SP>Z`_SP]Y4YOTLY-]LSXTY^bP]P^Z_TPOTY_Z _SP NZY^_]LTY_^ ZQ _SP NL^_P ^d^_PX bT_S T_^ ]`WP^ NZYNP]YTYR QZZO LYO [`]T_d _SL_ PaPY _SP[ZbP]Q`W±L«VL]L TOPZWZRdbL^YZ_LMWP_Z]PQZ]X ^ZNTP_d TY _ST^ ]PRL]O ?SP QL] 9Z]_S ZQ 4YOTL SL^ YPaP] SLO ^`NS ^_]TN_ NZXXLYOXPY_^LYO^Z7LV^SXLY5PPSL^RZZO]PL^ZY_ZWL`RSbSPYSP _LVP^ L [Z_ ^SZ_ L_ >Z`_SP]Y 4YOTLY ,OaLT_T^X QZ] MPTYR L]NS NZY^P]aL_TaPLYOPWT_T^_ , NWZ^P] WZZV L_ _SP SP_P]ZOZc []LN_T_TZYP]^ ZQ _SP 6L`WL^ ]PaPLW^ _SL__SPdL]PYZ_^ZSP_P]ZOZcLQ_P]LWW,WNZSZWTNLYO^Pc`LWwPcNP^^P^x TY_PYO U`^_ _SP ^LXP L^ _SP A¯©£ WLTO L_ _SP _PLNSP]v^ ^TOP TY _SP 6L^S XT]T XTYTL_`]P 8PL^`]P^ _Z TYO`NP _]LYNP LYO ]PXZaP TYSTMT_TZY^ L]P TY_PYOPO _Z SPW[ _SP `^P] MPNZXP w-SLT]LaLx z bSTNS TY _ST^ NZY_Pc_ XPLY^MPNZXTYRL_Z_LWWdL`_ZYZXZ`^[P]^ZYLWT_dLN_TYR^[ZY_LYPZ`^Wd LYON]PL_TaPWdZQT_^ZbYLNNZ]O1Z],MSTYLaLR`[_L-SLT]LaLT^YZ_^Z X`NSLbTWO]ZL]TYR^V`WWNL]]dTYRRZOL^L^_L_PZQNZY^NTZ`^YP^^_SL_ T^PN^_L_TN]L[_`]PQ]PPOZXLYO^PWQQZ]RP_Q`WYP^^ ./ ?SP6L^SXT]T [STWZ^Z[SP] MPWZYR^ _Z _SP ^LXP ^NSZZW L^ _SP WL_P] 6`W£]©LaL?LY_]L bSTNSNZY_LTY^_SPQZWWZbTYR[L^^LRP% w?SPd ]PUZTNP Pc[P]TPYNP _SP R]PL_P^_ OPWTRS_^ LYO uQWdv LYO_SPT] VYZbW PORP R]Zb^ ?SPd [WLd QW`_P^ LYO AÅ©£^ LYO b]T_P aP]^P^ ?SPd bPP[ LYO ^[PLVbT_SZYPLYZ_SP]QLWWOZbYLYO^_LYO`[LRLTY?SPddLbYLYO^`O OPYWdWPLaP?SP^P_]LY^QZ]XL_TZY^L]P_SPT]dZRL4Y_ST^NT]NWP_SPO]`YV
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] PcLX[WP _SP]P L]P ]P[Z]_^ ZQ 8L_^dPYO]L _SP R]PL_ >TOOSL SZWd XLY PL_TYR L bSZWP^LNVQ`WZQZYTZY^PaP]dOLd ?ST^ [STWZ^Z[STNLW SdXY LMZ`_ YZYO`LW VYZbWPORP NZY_LTY^ TY aP]^P^ LYO _SP ]PQ]LTY w MP SP LY Z`_NL^_ Z] L _bTNPMZ]Y SP T^ Xd _PLNSP]x =ZMP]_ 0]bTY 2`^^ YP] 3dXY^ ZQ ;]LT^P% , _Pc_`LWN]T_TNLW LYLWd^T^ ZQ ^PWPN_PO APOLY_TN ^_Z_]L^ L__]TM `_PO _Z ±L«VL]L bT_S ]PQP]PYNP _Z _SP \`P^_TZY ZQ L`_SPY_TNT_d aZW ;S/ OT^^P]_L _TZY.LXM]TORP8L^^%3L]aL]O@YTaP]^T_d$"
"!!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
PYWd ^_LRRP]TYR SP]ZTN DZRTY^ LYO DZRTY¯^ OZ bSL_PaP] ZNN`]^ _Z _SPXx !
?ST^ `YNZZ]OTYL_PO NSLZ_TN MPSLaTZ] T^ `YOP]^_ZZO SP]P L^ L ^TRY ZQ ±TaLv^L`_ZYZXd?SPPN^_L^d_SL_NZXP^Q]ZXLWNZSZWLYO]T_`LW^PcT^ TY_PYOPO _Z XLVP _SP []LN_T_TZYP]^ QZ]RP_ _SPT] bZ]WOWd PcT^_PYNP NZX [WP_PWd4YL6L`WL]T_`LW_SPPL]_SWd[P]^ZYLWT_dT^]P[WLNPOMdLOTaTYP ZYP LYO ZYP bSZ PY_P]^ _ST^ OP[P]^ZYLWTePO PN^_L_TN ^_L_P T^ STX^PWQ _SZ`RS_ZQL^LOPT_d% w?SPd NWL[ TY _TXP bT_S _SP MPL_ PaPY _SZ`RS _SPd OZ YZ_ VYZb T_ ?SPd ^TYRTYNZX[]PSPY^TMWP^dWWLMWP^?SPd^_`XMWPbT_S_SPT]QPP_?ST^T^SZb _SP6`WL²LV_T^OLYNPx "
?SPZWZRTNLWWd_ST^T^TY_P][]P_POL^_SP`YTZYbT_S±LV_TLYO_S`^L^_SP ]P_`]Y _Z _SP ^_L_P MPQZ]P N]PL_TZY 1Z] _SP 6L`WL^ LYO Z_SP] YZY NZYaPY_TLWT^_ ^ZNLWWPOwWPQ_SLYOPOx #R]Z`[^_SP[L_S_ZRYZ^T^T^YZ_ LY TY_PWWPN_`LW ZYP M`_ ZYP ZQ ^PY^Z]d _]LTYTYR ?SP ^LN]PO ^SZ`WO MP QPW_ _LYRTMWd 7TMP]L_TZY Q]ZX _SP >LÀ^£]L WTP^ TY _SP [^dNSZ^ZXL_TN [P]NP[_TZYZQZYPv^ZbYLM^ZW`_PLYONZ^XTNPcT^_PYNP
#
;ZP_TN-TZR]L[SdLYO>`MUPN_TaP7LYO^NL[P
,MSTYLaLR`[_LT^_SPQT]^__SPZWZRTNLWb]T_P]_ZOP^N]TMPST^WTQPLYOST^ ^`]]Z`YOTYR^ TY OP_LTW 4Y 4YOTL ZYPv^ ZbY WTQP NT]N`X^_LYNP^ L]P ]P RL]OPOL^X`NS _ZZ_]TaTLW QZ]LYdZYP_Z ^`[[Z^P _SL_ _SPdXTRS_ TY_P] P^_ WL_P] RPYP]L_TZY^ :YPv^ ZbY WTQP T^ L bZ]_SWP^^ [L__P]Y z _SP]P L]P ZYWd ]ZWP^ bSTNS SLaP _Z MP [WLdPO TY _SP MP^_ [Z^^TMWP bLd BSPY ,MSTYLaLR`[_L b]T_P^ LMZ`_ STX^PWQ T_ T^ YZ_ LMZ`_ ST^ PaP]dOLd [P] ^ZYLWT_d YZ] LMZ`_ ST^ ]ZWP^ M`_ LMZ`_ ST^ ZbY -SLT]LaL [P]^ZYLWT_d 3T^ 6L`WL MLNVR]Z`YO RTaP^ STX L NZY^NTZ`^YP^^ ZQ ST^ ZbY `YT\`P TYOTaTO`LWT_d MPdZYO LYd ^ZNTLWTeL_TZY ,^ ZYP ZQ _SP TYY`XP]LMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^LXXZOLà[L]LX£YLYOLà[L_LYLÀUÓ£YLaL]OSLYLXg aP©`aÅ©£OTa£OdLÓNLVLaT_£]LNLY£OTVLXgg ]ZOLYLÀMS£´LYLÀ[£¶SLà^LX`__S£YLÀaTUXMSLYLXg RLXLYLÀaTV]Td£OPaTdZRLT_dLMSTOSÅdL_Pgg NLV]P’^XTYdZRTYZaÅ]£dZRTYdZXLOLXLY_SL]£àg ^LX£NL]LY_TOPaP²TdL_SZWW£^LÀXLYZRL_LXgg 6`W£]©LaL?LY_]L #!z! " LUÓ£YLVL]L_£W£Y_LXL^[L´¶£V´L]LRÅ_LVLXg []L^VSLWL_[LOLaTYd£^LY_dLY_TV`WL²LV_LdLàgg 6`W£]©LaL?LY_]L #" # BP`^P_SP_P]XwWPQ_SLYOPOxSP]PLYOLW^ZMPWZbYZ_TY_SP^_]TN_Wd_PNSYTNLW^PY^P ZQ ]T_`LW ]PaP]^LW M`_ TY _SP XZ]P Z[PY ^PY^P ZQ w`YNZYaPY_TZYLWx LYO wSP_P]ZOZcx ?ST^ XPLY^ PaP]d_STYR _SL_ XLd MP QPW_ _Z MP wSP_P]ZOZcx TY _SP PdP^ ZQ ±LTaL >TOOS£Y_TY^APOTN-]LSXTY^[Z[`WL]>X£]_LN`W_`]PLYOZ_SP]^_]LYO^ZQYZ]XL_TaP XLTY^_]PLX 3TYO`T^X LW^Z OPYZ_P^ L OPWTMP]L_P []ZR]LX ZQ 6L^SXT] ±LTaL YZY O`LWT^_^
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"!"
XLYTQP^_L_TZY^ ZQ ±TaL ST^ [P]^ZYLWT_d T^ TYQTYT_PWd aLW`LMWP LYO TY ST^ PdP^T_T^LW^Z]PWPaLY__ZWL_P]RPYP]L_TZY^% w?SL_ bSTNS T^ YZ_ Xd L`_ZYZXZ`^ 4 XLd MP ]PRL]OPO PT_SP] L^ TX[Z]_LY_ Z] L^ `YTX[Z]_LY_ z T_ OZP^ YZ_ XPLY Q]PPOZX YZ] PXLYNT[L_TZY XZV´L YZ]OZP^T_XP]T_LYdXPY_TZYx $
?SP L`_ZMTZR]L[Sd b]T__PY TY L[[]Zc WZYR aP]^P^ LYO TY_PR]L_PO TY_Z ,MSTYLaLR`[_Lv^ XLUZ] [STWZ^Z[STNLW bZ]V ?LY_]£WZVL T^ P^[P NTLWWd]PXL]VLMWP?SPXZ^_^_]TVTYRNSL]LN_P]T^_TNT^T_^Q]P\`PY_`^PZQ _SP L]_T^_TN ±WP´L ^_dWP bSTNS LWWZb^ _SP N]PL_TZY ZQ WTYR`T^_TN OZ`MWP PY_PYO]P^% PaP]d bZ]O NLY MP `YOP]^_ZZO TY ^PaP]LW bLd^ LYO OP[PYO TYRZY_SPTYOTaTO`LWNZY_Pc__SP^PXLY_TNXPLYTYRNLYMP\`T_POTQQP] PY_,]PLOP]QLXTWTL]bT_S0YRWT^SWT_P]L_`]PbTWWMP]PXTYOPOZQ5LXP^ 5ZdNPv^ 1TYYPRLY^ BLVP LYO _SP NZX[L]T^ZY T^ YZ_ L MLO ZYP L_ LWW 4Y MZ_SNL^P^_SPX`W_T[WPNZY_Pc_^N]PL_PLXd_STNLWZaP]NZOTYRZQbSL_T^ SL[[PYTYRSP]PLYOYZb ?ST^ _d[P ZQ b]T_TYR bL^ bTOP^[]PLO TY ,MSTYLaLR`[_Lv^ _TXP QZ] aP]^P^ZQMWP^^TYR?ZLNSTPaP_SPR]PL_P^_[Z^^TMWPMPYPQT__SPL`_SZ]^ [`][Z^PWd`^PX`W_T[WPXPLYTYR^^Z_SL__SP_Pc_NLYMP]PLOL_ ^PaP]LW WPaPW^ /P[PYOTYR ZY _SP [P]^[PN_TaP _SP XTN]ZNZ^XTN T^ _]LY^X`_PO TY_Z _SP XLN]ZNZ^XTN _SP PcZ_P]TN TY_Z _SP P^Z_P]TN _SP []ZQLYP TY_Z _SPY`XTYZ`^LYOaTNPaP]^L,MSTYLaLR`[_LOZP^^ZXP_STYR^TXTWL]TY ST^ aP]^P^ 3P ^`[P]TX[Z^P^ ZY _SP XPXZ]TP^ ZQ ST^ WTQP ^NPYP^ Q]ZX ±TaLT_TN Xd_SZWZRd LYO LWW`^TZY^ _Z ^PN]P_ _PLNSTYR^ ZQ _SP wWPQ_ SLYOPOx?LY_]L-dOZTYR^ZSPLNSTPaP^LYL^_ZYT^STYRLP^_SP_TNPQQPN_ LYO RTaP^ _SP XZ^_ _]TaTLW L^[PN_^ ZQ WTQP L Xd^_P]TZ`^ Xd_STNLW L`]L ?SP ±WP´L QTR`]P^ L]P YZ_ XP]P [ZP_TN QTYRP] PcP]NT^P^ L^ TY /L©TYv^ NL^P& SP]P _SPd L]P `^PO QZ] N]PL_TYR WZLOPO L_XZ^[SP]P^ =P[P_T_TZY T^ TX[Z]_LY_% NP]_LTY ^`RRP^_TaP TOPL^ NZXP L]Z`YO LRLTY LYO LRLTY WTVP _SP_SPXP^TYL^dX[SZYd 4YLNNZ]OLYNPbT_S_SPLP^_SP_TNTeL_TZY,MSTYLaLR`[_LSL]OWd[Ld^ LYdL__PY_TZYL_LWW_ZST^_Z]TNLWOL_P^L^SPOP^N]TMP^ST^QLXTWdST^_Z]d 4Y^_PLO _ST^ ^PN_TZY T^ LWXZ^_ PcNW`^TaPWd NZYNP]YPO bT_S _SP [ZP_TN OP^N]T[_TZY ZQ ST^ SZXPWLYO 6L^SXT] -`_ _ST^ [ZP_TN _Z[ZR]L[Sd T^ L_ _SP ^LXP _TXP L ]P[]P^PY_L_TZY ZQ ST^ uXPY_LW WLYO^NL[Pv QZ] YZYP ZQ _SP TXLRP^ _SZ`RS_ `[ QZ] _SP RWZ]TQTNL_TZY ZQ _SP N`W_`]P LYO _SP WLYO ^NL[PPaP]PcT^_^TYT^ZWL_TZY4_T^LWWLYPc[]P^^TZYZQ,MSTYLaLR`[_Lv^ ZbY]PWTRTZ`^Pc[P]TPYNP?ST^WPLO^_ZNZX[WP_P^`MUPN_TaTeL_TZYZQ_SP ]PLWWLYO^NL[P^ ,MSTYLaLR`[_L`^P^_SP^`M_WP_TP^ZQ_SP±WP´L_PNSYT\`P_Z^`RRP^_ ]TRS_ L_ _SP ^_L]_ _SL_ 6L^SXT] OZP^ YZ_ LN_`LWWd PcT^_ LYdbSP]P ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^aL_LY_]£_X£_T]TV_L^_`_`NNSZv_`NNSZv[TVL²NLYLg YLXZV´ZY£XL_LYY£^dL[_SL«Y£X£[TRSdL_Pgg?LY_]£WZVL
"!#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
PL]_S M`_ TY _SP SPLaPY^ 3T^ LYNP^_Z] ,_]TR`[_L NLXP YZ_ ZYWd Q]ZX _SP [WLTY ZQ _SP wXTOOWP NZ`Y_]dx _Z 6L^SXT] M`_ SP ]Z^P ZaP] _SP SZ]TeZY WTVP _SP ^_L] .LYZ[`^ LRL^_T L_ _SP MPRTYYTYR ZQ _SP ]LTYd ^PL^ZY .LYZ[`^ LWbLd^ ]T^P^ L_ _ST^ _TXP bSPY _]LOT_TZYLWWd _SP ^_`Od ZQ_SP3ZWd>N]T[_`]P^MPRTY^,YO\`T_PTYVPP[TYRbT_S_ST^,_]TR`[_L T^ ^LTO _Z SLaP NZXP _Z 6L^SXT] _Z _L^_P wZQ _SP >PL ZQ >NTPYNPx ²£^_]£MOSTNL]aL©L _SP]PLYOTY_`]Y_ST^XLVP^STX]P^PXMWP_SP^PP] ,RL^_TbSZ^`NNPPOPOTYO]TYVTYR_SPSPLaPYWd2L«R£_SP8TWVdBLd O]d @[ZY L]]TaTYR TY _SP NL[T_LW ZQ 6L^SXT] SP ^PP^ STRSWd N`W_`]PO [PZ[WP bLWVTYR _S]Z`RS _SP ^_]PP_^ ZQ _SP NT_d WTVP _SP [WLYP_^ TY _SPT] Z]MT_^ 3ZbPaP] _ST^ ^TXTWP T^ ZYWd ]PaPLWPO Md _SP NZY^NTZ`^ `^P ZQ X`W_T[WPXPLYTYR^ZQST^bZ]O^1Z]TY^_LYNP_SPbZ]O ^L]aZWZVLà NLY MP_]LY^WL_PObT_SwPaP]dZYPxZ]w_SPbSZWP`YTaP]^Px% F3P]PH
PaP]dZYP
F3P]PH
_SPbSZWP`YTaP]^P
L^LRP
LSP]Z LYPWZ\`PY_^[PLVP]
8P]N`]d
8L]^
bSTWP_SPNT_dv^WLOTP^
_LVP_SPT]^_P[^^XZZ_SWd
^[WPYOTOWTVP_SPXZZY
]P^PXMWP_SPF^WZbXZaTYRH>L_`]Y
FLYOH
FT^H
FT^[]P^PY_%H
L[ZP_ APY`^
5`[T_P]
3ZbPaP]_SP^LXPaP]^PRZP^Q`]_SP]LYO^STQ_^Q]ZX_SP]PLW[WLYP_^_Z _SP Xd^_TNLW [WLYP_^ _SP ^`Y LYO _SP XZZY _Z NZX[WP_P _SP Y`XMP] ZQ _SP ^PaPY [WLYP_^ LYO L_ _SP ^LXP _TXP _Z TYOTNL_P ^PN]P_ DZRTN _PLNS TYR^ LMZ`_ _SP V`©LWTY¯ TY _SP QZ]X ZQ L ^YLVP 4Y _ST^ bLd _SP aP]^P _LVP^ZYLYL^_]ZWZRTNLWXPLYTYR^ZWL]PNWT[^PLYOL_SPZWZRTNLWXPLY TYR dZRTN _]LYNP 4Y NZY_]L^_ _Z _SP QT]^_ SLWQ ZQ _SP aP]^P bSTNS OP ^N]TMP^_SPNT_TePY^_SP^`MUPN_YZbMPNZXP^QPXLWPDZRTYÅ^% wFBT_STY _SPH SZ]OP ZQ DZRTY¯^ F_SP]P L]T^P^ LYH PX[_d ^Vd QZ] ^`Y LYO XZZY FSLaPH OPaZ`]PO FPLNS Z_SP] _S]Z`RSH _SP RTLY_ ^YLVP _SL_ OPaPWZ[^ bT_SLQTP]dMWLePTY_SPNPY_]LWNSLYYPWx
?SP Y`XP]Z`^ L^_]LW TXLRP^ XLVP 6L^SXT] L[[PL] _Z MP L [WLNP _SL_ OZP^ YZ_ MPWZYR TY Z`] bZ]WO L [P]QPN_ ]P^TOPYNP QZ] [PZ[WP bT_S L []POTWPN_TZY QZ] _SP NZ^XTN z _SL_ T^ QZ] LWW _d[P^ ZQ ^LTY_^ LYO DZRTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?LY_]£WZVL "z ?LY_]£WZVL "# ^L]aZWZVLàVLaT]L_SLM`OSZdL_]L²¼]Zu[Ta£RX¯ NLYO]ZOOdZ_£XL^©LRL_LdLà[L`]LY£]dL²NLdL_]Lg?LY_]£WZVL "!L dL_]£«R£]ZUUaLWLaTVL^T_£YLY_L^L`´`X©LX£]RLz R]L^_£]VPYO`RLRLYLaTXLWZdZRTY¯Y£ÀNLaL]RLàgg?LY_]£WZVL "!M
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"!$
?ST^ WPT_XZ_Ta NLY PaPY NZYOPY^P TY_Z L ]PLW wL^NPY^TZYx% bSPY VTYR ;]LaL]L^PYL NZY^PN]L_P^ L ^_L_`P ZQ ±TaL _SP []P^PYNP ZQ _SP RZO T^ ^Z [ZbP]Q`W _SL_ O`]TYR _SP ^P]aTNP _SP VTYR wQWTP^ `[ TY_Z _SP SPLaPY^x 0aPYTYLYTXL_PZMUPN_^^PPX_ZMPTY^[T]POLYOLYTXL_P% ;]LaL]L^PYLv^ ]T_`LWMPWWNZY_TY`P^_Z^bLdLYOL^T_^bTYR^MLNVbL]O^LYOQZ]bL]O^T_ []ZNWLTX^_SP_PLNSTYRZQ±TaL >ZXPbSP]PTY_SPXTOOWPZQ_SPMTZR]L[Sd_SP]PT^L]LOTNLWNSLYRP ZQ^NPYP_SL_M`]^_^_S]Z`RS_SP`YbZ]WOWdL_XZ^[SP]P_SL_ bL^PaZVPO Md DZRTY^ LYO L^_]LW TXLRP^ LYO NZ]]P^[ZYOPO _Z _SP ^`[P]YL_`]LW wXZZYN]ZbYPOx ±TaL 9Zb L OTQQP]PY_ QZ]X ZQ ±TaL _LVP^ _SP QZ]P R]Z`YOzLYOQZ]_SPwWPQ_SLYOPOx_ST^T^LX`NSXZ]PTX[Z]_LY_QZ]X 4_ T^ _SP XZY^_]Z`^ -SLT]LaL ?ST^ SP_P]ZOZc OPT_d NLY ZYWd MP OP ^N]TMPO TY LYL]NSTN LYO /TZYd^TN TXLRP^ 2]LYO YL_`]P ^NPYP^ ^`RRP^_ LM`YOLYNPLYOQWZ`]T^STYRWTQPM`_L__SP^LXP_TXP_SP]PL]PY`XP]Z`^ TYOTNL_TZY^ZQ_SPwOL]VxLYOwOLYRP]Z`^x]T_P^ZQ_SP-SLT]LaLN`W_% w4Y _SP ^SZbd FXZ]YTYRH ]POYP^^ ZQ _SP Z]LYRP _]PP^ TY _SP MPL`_d ZQ _SP _LWW bSPL_ L^[LWP L^_SP XZZYTY_SPWTRS_ZQ_SPRZWOPY ^SLOPZQM]LYNS TYR WPXZY _]PP^ _SL_ TYaT_P^ ZYP _Z _L]]d TY _SP RWT__P]TYR MWLNV ^SL[P^ ZQ _SP XLYRZ _]PP^ OLYNP^ _SP _P_]LO ZQ _SP RZOOP^^P^ : WP_ `^ YZ_ XPY _TZY_ST^bTYPZQ_SP2]PL_-SLT]LaL x
BSL_ L[[PL]^ L^ L OPWTRS_Q`W ^[]TYR XZ]YTYR LYO L [L^_Z]LW TOdWW LN_` LWWdNZY_LTY^L\`T_POTQQP]PY_XPLYTYRZbTYR_Z_SP^`[P]TX[Z^PO^dX MZWTNWPaPW:]LYRP^bSPL_WPXZY^LYOXLYRZ_]PP^L]PNZYYZ_PObT_S _SP NZWZ]^ ZQ _SP NPY_]LW XL©LWL ZQ _SP ±LTaL^% ]PO bST_P dPWWZb LYO MWLNV?SP ^LXPNZWZ]^^TRYLW_SPQZ`]RZOOP^^P^ VL]L©LOPa¯ bSZTY _SP 9P_]L?LY_]L _SP6L^SXT]TNWL^^TN]P[]P^PY__SP[Sd^TNLWZ]RLYT^X% wF4Y _SP PL^_H _SP XTWVbST_P >TOOS£ bST_P L^ L ^_]TYR ZQ [PL]W^ LYO _SP WL`RS_P]LOTLXZYOTYSP]SLYO]TYRTYRWTVPLMPWW ! F4Y _SP ^Z`_SH _SP NTYYLML]NZWZ]PO =LV_£ NZ][`WPY_ bT_S L ^LRRTYR MPWWdLYOM]PL^_^SLYRTYROZbY]TOTYRZYLNZ][^P^STYTYRWTVPLXP_P Z]T_Pm " F4Y_SPbP^_H_SPMWLNVLYO]PO±`´V£MTYO^SP]WTXM^bT_S]Z[P^ZQ^TY Pb^mNL]]TP^LU`RQ`WWZQPY_]LTW^MWZZOLYOQWP^Sm #
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?LY_]£WZVL ""z# Y£]£«R£]`©LV£Y_T[£©`aTVLaLOMLWW£aLO£_LNNSLaT []ZOMSTYY£XLWLX£_`W`«RLVLYLVLNNS£d£MST]£XL[]LMSLXg VP]¯V`Y_LWLVLYOLW¯[]L_TV_T²d£XL[]LMS£MS£^aL]LÀ dL^XTÓ²LV_TNL_`´¶LdZUUaLWLXLWLÀXLOdLÀXLS£MSLT]LaLXgg?LY_]£WZVL " ! RZV´¯]L^LO²¯XS£]LS£^L^LXL[]LMS£XaLU]LSL^_£XRSL©¶£OSaLYTXTY£OTY¯X [¼]aL^d£ÀOT²T 9P_]L?LY_]L "$ " ^TYO¼]L]£²T^LO´¯X ^_S¼WLV£d£À WLXMZOL]¯À WLXMLV`N£À []P_L]¼S£X XL SZWV£XTaL]£ULY_¯XOLV´LOTV^LÀ^_ST_£X9P_]L?LY_]L
""
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
F4Y_SPYZ]_SH_SPMW`P@_[LWLSL^_¯WTVPLYL`_`XY^VdZY_SPMLNVZQ LWTZYMZbLYOL]]ZbTYSP]SLYOm $ F4Y _SP NPY_P]H m T^ PY_S]ZYPO ]ZL]TYR SZ]]TMWd ZY L NZ][^P _SP _Z_LWWd MWLNV-SLT]LaLmLRTLY_bT_SST^XZ`_SbTOPZ[PY^SZbTYR_P]]TMWPQLYR^ mx
?Z ,MSTYLaLR`[_L _SP QPXLWP aT^TZY^ ZQ SZ]]Z] ^dXMZWTeP _SP L`_ZXL _T^X^ ZQ _SP TYLYTXL_P QWP^S _SL_ T^ YZ_ [P]aLOPO Md _SP NZY^NTZ`^YP^^ ?ST^ T^ XZ^_ N]L^^Wd Pc[]P^^PO Md _SP NZ][^P ZY bSTNS -SLT]LaL ^T_^ -SLT]LaLT^OPL_SLYOL__SP^LXP_TXPSPT^_SP]P^`]]PN_TZY?SPbTYP NZY^`XPO TY _SP N`W_ T^ YZ_STYR Z_SP] _SLY _SP P^^PYNP ZQ ±TaL ]PTQTPO MWT^^ 1Z] _ST^ ]PL^ZY _SP NZ][^P _SP OPLO QWP^S T^ NSLYRPO O`]TYR _SP TY_ZcTNL_TZY TY_Z L QWZ`]T^STYR ^[]TYR WLYO^NL[P LYO _SP PY_]LTW^ L]P _]LY^`M^_LY_TL_POTY_Z^bPP_^NPY_POWPXZY_]PP^?SPwbTYPZQ_SPR]PL_ -SLT]LaLx T^ QZ] ,MSTYLaLR`[_L _SP XPP_TYR ZQ _SP QWP^S LYO _SP ^[T]T_ ZQ_SP?LY_]TNDZRTYL_]P^_TYLMWT^^Q`W[]TXPaLW^_L_P 4Y ,MSTYLaLR`[_Lv^ /TZYd^TN WLYO^NL[P^ Q]`T_ _]PP^ LYO QTPWO^ ZQ bSPL__]LY^X`_PTY_Z?LY_]TNXL©LWL^aTYP^TY_Z[SLWWTLYO_SPQLWWTYR MWZ^^ZX^ZQL;LW£²L_]PP_`]YTY_ZQPXLWPRPYT_LW^% w-W`P]PO;LW£²LMWZ^^ZX^PXP]RPQ]ZXNWTXMTYRR]LdM`O^LYOF_SPdHMP NZXP M]TRS_WdNZWZ]PO ZbTYR _Z _SP QTWLXPY_^ ZY _SP PORP^ ZQ _SPT] FRZM WP_^H_SL_L]POPP[]POTY_SPT]TY_P]TZ]x
?SP ;LW£²L MWZ^^ZX^ LWW`OP _Z ?LY_]TN Xd^_P]TP^ ZQ ]T_`LW `YTZY bSTNS TY ]PWTRTZ`^ WT_`]Rd Q`WQTWW^ _SP ^LXP Q`YN_TZY L^ _SP NZY^`X[_TZY ZQ LWNZSZW 4Y _SP ^`MUPN_TaTePO WLYO^NL[P _SP NZ^XZRZYTN LN_ ZQ `YTZY MP_bPPY ±TaL LYO ±LV_T [P]QZ]XPO TY _SP ]T_`LW MPNZXP^ LY `YOP]WdTYR Xd_STNLWPaPY_%TYPaP]d_]PPLYOTYPaP]dM`^S_SP[P]XLYPY_`YTZYZQ ±LV_T LYO ±TaL _LVP^ [WLNP ?ST^ T^ YPT_SP] XP_L[SZ] YZ] LWWPRZ]d 9Z bSP]P T^ T_ ^LTO Pc[WTNT_Wd M`_ T_ T^ QPW_ PaP]dbSP]P% /TZYd^TN aT_LWT_d [P]aLOP^ _SP bSZWP ZQ YL_`]P ?SP ^`MUPN_TaTePO WLYO^NL[P ]PQWPN_^ L ^`MUPN_TaTePO _SPZWZRdZYPv^ZbY]PWTRTZ`^Pc[P]TPYNP?SP ^`RRP^_TaP ±WP´L ^_dWP NZXX`YTNL_P^T_^NZY_PY_SP]PMPdZYO _SP `^PZQXP_L[SZ]^ LYO LWWPRZ]d ?SP NZY^NTZ`^ MW`]]TYR ZQ _SP MZ]OP]^ ZQ _SP ^PXLY_TN QTPWO^N]PL_P^LYTX[]P^^TZYZQNZX[WP_P[L]_TNT[L_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # V´©£]`©£X^`²`´V£À^Y£d`]LUU`YTMLOOS£«R¯ÀLY _]£^«X£À^L^LÀ[¼]©L[T¶LVLÀMTMS]L_¯ÀVL]P[L²NTX£d£ÀOT²T 9P_]L?LY_]L !#$ $ Y¯WZ_[LWLOLWL²d£X£²£]LO£XML]L^LÀYTMS£^TÀSL[´¶SL^LX£]¼S£ ²L]LN£[LVL]ZOdL_£ 9P_]L?LY_]L MSTYY£ÓULYLNLdL[]LVSdLX²La£]¼SLXRL]ULY_LÀMS¯´L©L^aLYLÀ OLÀ´¶]£VL]£WLaLOLYLXO£]T_£^dLÀXLS£_LY`XMSLT]LaLX 9P_]L?LY_]L NSL[ `OdLORL`]£«V`]LaTVL^T_LTà²d£XL]LV_LTà[LW£²LT]LY _L]R£S£]`©L]`NTWL^L_VP^L]£W¯aTNT_]LTàg?LY_]£WZVL " L
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
""
?SP _Z_LW ^`MUPN_TaTeL_TZY ZQ _SP WLYO^NL[P TXLRP^ _SP]PQZ]P ]P XZaP^ LWXZ^_ LWW ZMUPN_TaT_d Q]ZX _SP OP^N]T[_TZY :Y _SP ZYP SLYO bP QTYO L WZ^^ ZQ TYQZ]XL_TZY /P^N]T[_TaT_d T^ ]P[WLNPO Md _SP WLYR`LRP XLRTNZQ_SP±WP´LbSTNS[`_^\`T_POTQQP]PY_^PXLY_TNQTPWO^TY]PWL_TZY _Z ZYP LYZ_SP] LYO ^TX`W_LYPZ`^Wd VPP[^ _SPX L[L]_ Q]ZX ZYP LYZ_SP] _S]Z`RS _SP [W`]LWT_d ZQ _SP WPaPW^ 3ZbPaP] _SP]P T^ L NZ]]P^[ZYOTYR Pc_]L LXZ`Y_ ZQ TYQZ]XL_TZY% _SP [ZP_TN OZ`MWP PY_PYO]P^ TX[L]_ L _Z _LWWd ^`MUPN_TaPWPaPWZQXPLYTYR_SL_ bZ`WOZ_SP]bT^PMPWTYR`T^_TNLWWd TYLNNP^^TMWP ?ST^ ^Z]_ ZQ b]T_TYR T^ XZ]P _SLY XP]PWd Pc[P]TXPY_LW b]T_TYR =L_SP] TY _ST^ QZ]X ZQ MTZR]L[Sd ,MSTYLaLR`[_L T^ TWW`^_]L_TYR _SP LN _`LW _Z[TN ZQ ST^ bSZWP ^d^_PX ZQ LP^_SP_TN^ LYO XP_L[Sd^TN^% _SP ]P TY_PR]L_TZYZQ_SPTYYP]LYOZ`_P]bZ]WO
#
3ZWT^_TN;P]NP[_TZYLYO.Z^XTN7LYR`LRP
?SP ^LXP `YT_d LYO OT^^ZW`_TZY ZQ ^`MUPN_ZMUPN_ OTQQP]PY_TL_TZY _SL_ ,MSTYLaLR`[_L []ZUPN_^ TY ST^ L`_ZMTZR]L[Sd Md XPLY^ ZQ ^`RRP^_TaP [ZP_]d L[[PL]^ NZYNP[_`LWTePO bT_STY _SP Q]LXPbZ]V ZQ ST^ XP_L[Sd^ TN^ZQWLYR`LRP 3T^NZXXPY_L]dZY_SP ;L]£?]TÀ²TV£;L]£?]¯²TV£ LQLXZ`^XLY `LWZYXLY_]L]PNT_L_TZYT^LW^ZLR]PL_XZYZR]L[SZY_SP[STWZ^Z[SdZQ WLYR`LRP4_T^aL^_WdTYQW`PYNPOMd-SL]_SL]TLW_SZ`RS_SPNZY_Pc_^ZQ _SP _bZ L`_SZ]^ L]P aP]d OTQQP]PY_ ,MSTYLaLR`[_L T^ YZ_ L R]LXXL]TLY M`_L[STWZ^Z[SP]LYO _SPZWZRTLY BSTWP -SL]_SL]Tv^ WLYR`LRP[STWZ^Z [Sd T^ NZYNPTaPO L^ L YZYMTYOTYR TY_]ZO`N_TZY _Z LY Z_SP]bT^P _PNSYT NLW WTYR`T^_TN bZ]V ,MSTYLaLR`[_Lv^ WLYR`LRP [STWZ^Z[Sd XLTYWd ^P]aP^_Z]PPaLW`L_PNWL^^TNLWwWPQ_SLYOPOx_SPZWZRPXP^ ,__SP^LXP _TXPT_T^L[STWZ^Z[STNLW]PQWPN_TZYZQST^ZbYPc[P]TPYNP^bT_SXLY_]L ]PNT_L_TZY ?SP Q`YOLXPY_LW _SP^T^ ZQ _SP bZ]V T^ _SL_ _SP]P T^ L NZ^XTN WLYR`LRP _SL_ T^ `YOP]^_ZZO _S]Z`RSZ`_ _SP bSZWP `YTaP]^P :Q NZ`]^P _ST^ T^YZ__SP6WTYRZYWLYR`LRPQ]ZXXZOP]Yu>_L]?]PVv -`_LN_`LWWd MPSTYO ,MSTYLaLR`[_Lv^ wNZ^XTN WLYR`LRPx [L]£ a£N _SP]P T^ L [ST WZ^Z[STNLW NZYNP[__SL_L__PX[_^_ZZ`_OZ -SL]_SL]Tv^ [Z^_`WL_PO _]LY^ [SPYZXPYLW YP_bZ]V ZQ LWW XPLYTYR^ bT_STY _SP Q]LXPbZ]V ZQ LY PaPY XZ]P]LOTNLWWd_SZ`RS_Z`_SZWT^_TNZY_ZWZRd%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP^PL]PXLTYWdQZ`YObT_STY_SP6L`WL?]TVLLYO6]LXL^NSZZW^ZQ6L^SXT]±LTa T^X&,MSTYLaLR`[_LNWLTX^_Z^_LYOP\`LWWdTY_SP_]LOT_TZY^ZQPLNS 4Y,MSTYLaLR`[_Lv^NL^PT_^PPX^XZ^_L[[]Z[]TL_P_Z]PYOP]_SP_P]X [L]£a£N WT_P] LWWdw^`[]PXP^[PPNSxZ]wSTRSP^_QZ]XZQWLYR`LRPxL^wNZ^XTNWLYR`LRPx
""
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
wm?SP]PL]PLWW_SP^`MUPN_^_SL_NZXX`YTNL_PbT_SZYPLYZ_SP]z^`NSL^ _SPR`]`LYO_SP^_`OPY_LYOLW^ZFLWWZ_SP]S`XLYMPTYR^HzTYPaP]d_STYR _SL_ _SPd OZ LYO L_ PaP]d [ZTY_ TY _TXP bT_STY L NZX[WP_P FNZ^XTNH LbL]P YP^^ ^LÀaTO LYOTY_ST^bLd_SPdLNSTPaP[L]_TNT[L_TZYTY_SPNZXX`YT NL_TZY L^ L bSZWP >Z _SPd ]PQP] FML^TNLWWdH ZYWd _Z FL ^TYRWP NZ^XTN WLY R`LRPHx
,_ _SPNZ]PZQ _SP L]R`XPY_L_TZYZQ _SPXZY`XPY_LW ;L]£_]TÀ²TV£NZX XPY_L]d aTaL]L©L T^ L YPb _d[P ZQ []ZZQ ZQ _SP PcT^_PYNP ZQ _SP ^dY _SP_TNWTYR`T^_TNaT^TZYQZ]bSTNS-SL]_SL]TSLO[]ZaTOPOL]L_TZYLWPTY WTYR`T^_TN[]LN_TNP,MSTYLaLR`[_L_]TP^_Z^SZb_SL_OT^N`]^TaP_SZ`RS_ bT_SZ`_ _SP ^dY_SP_TN ]PNZRYT_TZY ZQ L bSZWP T^ LN_`LWWd TX[Z^^TMWP 4Y ^ZOZTYRSPLW^ZWLd^ _SPQZ`YOL_TZY ^_ZYPQZ]_SP]LOTNLWWdSZWT^_TNZY _ZWZRd LYO P[T^_PXZWZRd ZY bSTNS ST^ _SPZWZRTNLW LYO NZ^XZWZRTNLW WLYR`LRP^[PN`WL_TZY^L]PML^PO% wFBP NWLTX _SL_ PaP]d QZ]XH ZQ OT^N`]^TaP [P]NP[_TZY aTVLW[L F]P\`T]P^H LY TY_PR]LW [P]NP[_TZY ZQ ]PLWT_d L^ L []PNZYOT_TZY [¼]aLMS£aTY F1Z] OT^N`]^TaP [P]NP[_TZYH OZP^ FYZ_H NZY^T^_ ZQ FLY TY_PR]LW TX[]P^^TZY M`_ T^ ML^POH ZY NZX[WPXPY_L]d aTVLW[dLX£YL F_P]X^H ^`NS L^ uMWLNVv LYO ubST_Pv YW£OT &T__STYV^ZQ ^LÀXL_L _SPL[[PL]LYNP^ LaLMS£^TY L^Z[ [Z^T_P^ aT]ZOSL LYO ]PRL]O^ F_SPXH L^ ^[L_TLWWd OT^[L]L_P Z] ^`M^P\`PY_ V]LXTVL TY _TXP FDP_ T_ T^ LWbLd^ L QZ]X ZQ TY_PR]LW SZWT^_TN [P]NP[_TZY bSTNSH [`_^ _SP NZX[WPXPY_L]d [SPYZXPYL OPNWL]PO _Z MP Z[[Z^T_P^ ^`NS L^ uMWLNVv Z] FubST_PvH TY ]PWL_TZY _Z ZYP LYZ_SP] aTMS£RTY TY _SP QT]^_ [WLNP F?ST^ T^H NZX[L]LMWP bT_S WZZVTYR L_ L [LTY_TYR Z] _SP aTPb Q]ZX L XZ`Y_LTY_Z[mx
4Y_ST^[L^^LRP,MSTYLaLR`[_L^PP^LNWPL]STP]L]NSd bT_STY_SPOT^N`] ^TaP LYO [L]LWWPW XZOP^ ZQ NZRYT_TZY% OT^N`]^TaP [P]NP[_TZY ZYWd bZ]V^ ZbTYR _Z L [P]NP[_TZY ZQ _SP bSZWP _SL_ ^`]]Z`YO^ T_ BSZ OP_P]XTYP^ bSL_T^NZX[WPXPY_L]dLYObSL_T^YZ_*4Y_SPNL^PZQNZWZ]^_SP\`P^ _TZY T^ ]PWL_TaPWd PL^d _Z LY^bP] ?SP MWLNV [TPNP^ TY L NSP^^ ^P_ L]P OPQTYPO Md _SP bST_P ZYP^ LYO aTNP aP]^L 7ZRTNLW _SZ`RS_ Q`YN_TZY^ WL]RPWd`^TYRMTYL]dNZOP^ -`_ ,MSTYLaLR`[_Lv^ PcLX[WP^ ZQ [LTY_TYR^ LYO WLYO^NL[P^ L]P XZ]PNZX[WPcLYOTQbP_]LY^WL_P_SPXTY_ZL0`]Z[PLYWLYR`LRP_SPd LN\`T]PLOZ`MWPPY_PYO]P_SL_OZP^YZ_PcT^_TY_SP>LY^V]T_%bSPY,M STYLaLR`[_L ^[PLV^ ZQ [P]NP[_TZY ZQ _SP bSZWP SP OZP^ YZ_ XPLY ^Z X`NS L NZY^NTZ`^ QZN`^PO [P]NP[_TZY M`_ X`NS XZ]P LY TX[]P^^TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ PaLÀ^L]aLPaL[]LX£_£R`]`²T´d£OT[LOPLYdL_]La£adLaLS£]P^_ST_Là^L]aLV£WLXPaL dL_VTÀNT_V`]a£©Là PY£XPaL ^LÀaTOLXLY`[]LaT²dL ^L]aLadLaLS£]LMS£ULYLÀ MSLaL_T L_Là _£XPaL aL^_`_Z aTX²L_T ;L]£_]¯²TV£ATaL]L©L ZY aP]^P PO >TYRS F/PWST% 8Z_TWLW-LYL]^TOL^^$##H dL_ dL_ m aT]ZOS£aLMS£^T^LÀXL_LV]LXTVLaTVLW[dLX£YLYW£OTYT´¶SLaTVLW[L[¼]aL MS£aT YT]aTVLW[L^LÀaTO]¼[LÀ _L__LOaTVLW[LYdLaT]`OOS£MSTXL_LYWL[_£Od£MS£^£ aTMS£RT MSLaL_T dL_S£ NT_]LUÓ£YL²TVSL]L^_SL^LÀaTYXPNLVLMZOS£OT m ;L]£_]¯²TV£ ATaL]L©L ZYaP]^P^ z#PO>TYRS!
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
""
LYTY_`T_TaP]PLN_TZYZ]LQPPWTYR]L_SP]_SLYLNZY^NTZ`^]PRT^_P]TYR1Z] _ST^SP`^P^_SPbZ]O ^LÀaTO bSTNSNLYMP_]LY^WL_POTY_bZ\`T_POTQ QP]PY_ bLd^ 4_ NLY MP _]LY^WL_PO L^ ^LXLX w_ZRP_SP]x aTO w[P] NPTaPxZ]L^ ^LXdLV wNZX[WP_Px aTO wQPPWx>Z_SPbZ]O ^LÀaTO XPLY^ PT_SP] wTY_PR]LW aT^TZYx Z] wNZX[WP_P LbL]PYP^^x L^ L ]P\`T]P XPY_ QZ] _SP WZRTNLW LYO ZMUPN_TaP LYO ^Z ,MSTYLaLR`[_Lv^ ^LÀaTO T^ LW^Z P\`L_PO bT_S -SL]_SL]Tv^ WTYR`T^_TN waT^TZYx []L_TMS£ -`_ _SP bZ]OLW^ZNZYYZ_P^bT_SwQPPWTYRxLYOw[Sd^TNLW^PY^L_TZYxTY_SP]PLWX ZQ _SP PXZ_TaP LYO LP^_SP_TN LYO ,MSTYLaLR`[_L `^P^ T_ ^dYZYdXZ`^Wd bT_S NLXL_V_T _SPwbZYOP]TYRL^_ZYT^SXPY_x_SPLP^_SP_TNLbP^_]`NV PXZ_TZYZQ_SPNZYYZT^^P`]^LYOL`_SZ]^ZQ[ZP_]dLYOO]LXL ?SP PcLX[WP ZQ _SP WLYO^NL[P Q`YN_TZY^ TY LWW XZOP^ ZQ NZRYT_TZY YZXL__P]bSP_SP]_SPd^SZ`WO[]PQP]LMWdMPLWWZNL_PO_Z_SPWZRTNLWLYO ZMUPN_TaP Z] _Z _SP ^PY^Z]d LYO LP^_SP_TN TYL^X`NS L^ SZWT^_TN [P]NP[ _TZYLW^ZPYNZX[L^^P^^PY^L_TZYLYOQPPWTYR?ZMPLMWP_ZTOPY_TQdLYO TY_P][]P_LYPWPXPY_ZQ_SP[TN_`]P4SLaP_ZVYZb_SPbSZWP[TN_`]PZ] L_ WPL^_ ZYP [L]_ ZQ T_ Z_SP]bT^P 4 VYZb ZYWd TYOTaTO`LW OLM^ ZQ [LTY_ ?STYV ZQ 8ZYP_v^ QLXZ`^ bL_P] WTWTP^ Z] ?`]YP]v^ RWZbTYR WLYO^NL[P^ BSL_ L[[WTP^ _Z _SP WZRTNLW LYO OT^N`]^TaP L[[WTP^ LWW _SP XZ]P _Z _SP LP^_SP_TN ?SP _PYOP]YP^^ LYO \`TP_YP^^ TY _SP [TN_`]P^ LW^Z ZYWd L]T^P Q]ZX_SPZaP]LWWNZX[Z^T_TZY 7TVPbT^P4ZYWd^PPL]PLWWLYO^NL[PL^LWLYO^NL[PbSPY4SLaPLY ZaP]aTPb 4Q 4 bLYOP] _S]Z`RS L bZZOPO XZ`Y_LTY aLWWPd 4 ZYWd ^PP TYOTaTO`LW QT] _]PP^ L ^_]PLX LYO L M]TORP 4 YPaP] LN_`LWWd ^PP _SP XZ`Y_LTY aLWWPd LW_SZ`RS 4 LX ]TRS_ TY^TOP T_ 4_ T^ ZYWd bSPY 4 SLaP NWTXMPOLYPTRSMZ]TYR XZ`Y_LTY_SL_ _SP bSZWPWLYO^NL[PZQ _SPaLWWPd ^[]PLO^Z`_MPQZ]PXP?SP_]PP^ _SPM]ZZVLYO_SPM]TORP L]P TYOTaTO `LW X`_`LWWd PcNW`^TaP [SPYZXPYL _SL_ NZX[WPXPY_ ZYP LYZ_SP] TY L _d[TNLWXZ`Y_LTY WLYO^NL[P?SPdL]PWZNL_POTY_SPWLYO^NL[P M`_ ^_TWW _SP WLYO^NL[P T^ YZ_ _SP ^`X ZQ _SP^P [L]_^ 7LYO^NL[P^ L]P bSZWP^ , QT] _]PP TY L Y`]^P]d LYO L w^_]PLXx [Z`]TYR Z`_ ZQ L M`]^_ [T[P TY Xd QWL_ OZ YZ_ XLVP L bZYOP]Q`WWd ]ZXLY_TN XZ`Y_LTY WLYO^NL[P ,YO _SP ^_PPW ]LTW]ZLO M]TORP TY Q]ZY_ ZQ Xd SZ`^P SL^ aP]d WT__WP TY NZXXZY bT_S L ]TNVP_d bZZOPY QZZ_M]TORP TY _SP NZ`Y_]d^TOP ?SP TX[Z]_LY_ TYQZ]XL_TZY LMZ`_ _SP NZX[ZYPY_^ ZQ L XZ`Y_LTY aLWWPd z wQT] _]PPx w^_]PLXx LYO wM]TORPx z L]P STOOPY bT_STY _SP NZY_Pc_& _SP TY_PR]LW aT ^TZY ZQ L XZ`Y_LTY WLYO^NL[P T^ LN_`LWWd _SP VPd OP_P]XTYTYR QLN_Z] ^LÀ^V£]L ,YO WTVPbT^P _SP [SPYZXPYL bP WT^_PO L^ TYOTaTO`LW PWP XPY_^ZQ_ST^WLYO^NL[PL]PTY_SPT]_`]YbSZWP^LYOL]P_S`^_SPLN_`LW NL]]TP]^ ZQ TYQZ]XL_TZY LYO _SP VPd OP_P]XTYLY_^ ZQ _SPT] TYOTaTO`LW PWPXPY_^ >TYNP TYOTaTO`LW _STYR^ ZYWd PaP] NL]]d TYQZ]XL_TZY L^ NZX[WPXPY _L]d NZX[ZYPY_^ ZQ L NZX[]PSPY^TaP bSZWP TY P[T^_PXZWZRTNLW _P]X^
""
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
_SP ]PQP]PYNP _Z L NZY_Pc_Q]PP TYOTaTO`LW ZMUPN_ T^ LM^`]O 1Z] bT_SZ`_ ]PQP]PYNP _Z Z_SP] _STYR^ ^`NS LY TYOTaTO`LW ZMUPN_ LWbLd^ ]PXLTY^ `YOP_P]XTYPO% w3ZbPaP] TQ YZ X`_`LWWd PcNW`^TaP L[[PL]LYNP^ z L^ QZ] TY^_LYNP u4_ T^ bST_PvZ]u4_T^MWLNVvzL]POT^_TYR`T^SPO_SP]PT^LW^ZYZ^_L]_TYR[ZTY_QZ] _SP FL[[WTNL_TZYH ZQ OT^N`]^TaP NL_PRZ]TP^ FL^ _SP^P YZ]XLWWdH L]T^P Z`_ ZQ _SP TYOTaTO`LW LMTWT_d FZQ LY ZMUPN_H _Z RPYP]L_P LY TYQTYT_P Y`XMP] ZQ L[ [PL]LYNP^^`NSL^bST_PYP^^Z]MWLNVYP^^F?ST^bZ`WOMPWTVPH_SP[P]NP[ _TZYZQZYWdZYPuMWLNVYP^^vFTPZYPbZ`WOYZ_^PPLYd_STYRL_LWWHx !
?SPTOPLZQuNZWZ]v[]P^`[[Z^P^_SPVYZbWPORPZQXZ]P_SLYZYPNZWZ] ?SP XZYZNS]ZXP [TN_`]P^ ZQ _ZOLdv^ NZYNP[_ L]_ bZ`WO NP]_LTYWd SLaP L^_ZYT^SPO ,MSTYLaLR`[_L z M`_ XZ]P _SP LP^_SP_TN TY STX LYO WP^^ _SP [STWZ^Z[SP]L^_SPdbZ`WOYZ_OPXZWT^SST^_SP^T^,MWLNV[LTY_TYRTY LMWLNVQ]LXPZYLMWLNVbLWWXLdbPWWPaZVPLYLP^_SP_TNPc[P]TPYNPTY _SPNZY_Pc_ZQLYPcSTMT_TZYTYLX`^P`XM`__ST^ZYWdbZ]V^MPNL`^PT_ NZY_]L^_^bT_S_SPZ_SP][ZWdNS]ZXP[TN_`]P^TY_SPX`^P`XzZ]L_WPL^_ _SZ^P TY Z`] aT^`LW XPXZ]d -d NZY_]L^_ TQ ^`NS L [LTY_TYR ZY ^`NS L bLWW bP]P M]ZLONL^_ bT_SZ`_ NZXXPY_L]d ZY WL_PYTRS_ ?A [PZ[WP bZ`WOMPWP^^WTVPWd_ZNZYNW`OP_SL_bSL__SPdbP]P^PPTYRbL^LbZ]V ZQ L]_ 4Y QLN_ _SPd bZ`WO MP XZ]P WTVPWd _Z _STYV _SL_ _SP]P bL^ ^ZXP _STYR b]ZYR bT_S _SP _]LY^XT^^TZY Z] _SP ?A ^P_ >Z bP NLY ^PP SZb TX[Z]_LY_T_T^_ZVYZb_SPNZY_Pc_ @W_TXL_PWd_SP]P^SZ`WOMPLNZX[]PSPY^TaPbSZWPL`YTaP]^LWNZY _Pc_ MP_bPPY LWW [SPYZXPYL TY _SP bZ]WO ZQ Z`] Pc[P]TPYNP^ z ^TX[Wd MPNL`^P Z_SP]bT^P _SP]P NZ`WO YZ_ MP LYd [P]NPTaPO [SPYZXPYL L_ LWW ?ST^ ^_L_PXPY_ SL^ TX[Z]_LY_ _SPZWZRTNLW NZY^P\`PYNP^ QZ] ,MST YLaLR`[_L?SL_bSTNSbL^OP_P]XTYPOTY_SP[STWZ^Z[STNLWNZY_Pc_L^L `YTaP]^LW NZYYPN_TZY _Z MP [Z^_`WL_PO MPNZXP^ TY _SP _SPZWZRTNLW NZY _Pc_ L NZX[]PSPY^TaP SZWT^_TN aT^TZY ZQ RZO _SL_ T^ _SP NZY^NTZ`^YP^^ _SL_ SP SL^ ZQ _SP `YTaP]^P 1Z] ^PY_TPY_ MPTYR^ TY _SP bZ]WO _ST^ LWW PYNZX[L^^TYR aT^TZY ]PaPLW^ T_^PWQ L^ L ^[LNP MP_bPPY _SP [SPYZXPYL LY_L]£WL ,YOL^TY-S£^VL]L]£dLv^PcLX[WPZQ_SP^_]TYRZQ[PL]W^QZ] ,MSTYLaLR`[_L RZOv^ NZY^NTZ`^YP^^ ZQ _SP bZ]WO QZ]X^ _SP `YTaP]^LW NZY_Pc_ _SL_ X`^_ MP [Z^_`WL_PO QZ] _SP TYOTaTO`LW [P]NP[_TZY^ ZQ TYOT aTO`LW MPTYR^ 4Y Z_SP] bZ]O^ TY PaP]d TYOTaTO`LW [P]NP[_TZY _SL_ bP SLaP _SP OTaTYP [TN_`]P ZQ _SP bSZWP MPNZXP^ L[[L]PY_ _Z `^ L_ _SP ^LXP _TXP ,_ L Q`YOLXPY_LW WPaPW _SP Pc[P]TPYNP ZQ _SP w^LN]POx T^ \`T_PLYPaP]dOLd_STYR% w/Z`M_WP^^_SP]PPcT^_^^ZXP_STYRMP_bPPY_SPOT^N`]^TaP[P]NP[_TZY^,YO _ST^ T^ _SP [P]NP[_TZY ZQ _SP bSZWP bSTNS T^ []ZNWLTXPO Md _SP ±LTaL ^L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! m dL_ _` _LOaT]`OOSL]¼[LYWL[_£Od£MS£^£aTMSLV_LÀ YL MSLaL_T _L__LOLYLY_L ^aL^£XL]_SdZOMS¼_LYWL[_£Od£MS£^LaTVLW[L[¼]aLMS£Rd L[T YL MSLaL_T dL_S£ YWLTVL^£V´£_V£]TUÓ£YLXg;L]£_]¯²TV£ATaL]L©L ZYaP]^P^ z#PO>TYRS!
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
""
N]PO _]LOT_TZY _Z MP u_SP Z[PYTYR ZQ _SP PdP^ ZQ 2ZO FbSTNS N]PL_P^ _SP bZ]WOHv `YXP´L Z] _SP uaT^TZYL]d LbL]PYP^^v []L_TMS£ FZQ PaP]d MZOdHx "
1Z],MSTYLaLR`[_L_SPTY_PR]LWaT^TZYZQ_SPbSZWPQ`WQTWW^_SPQ`YN_TZY ZQ L wNZ^XTN WLYR`LRPx [L]£ a£N `YOP]^_ZZO Md PaP]dZYP LYO TY L NP]_LTY bLd LW^Z w^[ZVPYx Md PaP]dZYP BT_SZ`_ _SP TY_PR]LW aT^TZY ZQ _SP bSZWP TY bSTNS LWW ^PY_TPY_ MPTYR^ [L]_TNT[L_P _SP]P bZ`WO MP YZ TY_P]^`MUPN_TaT_dLYO_S`^YZWLYR`LRPPT_SP]9ZMPTYRbZ`WOMPLMWP_Z Pc[]P^^ T_^PWQ TY L XLYYP] _SL_ LYZ_SP] MPTYR bZ`WO `YOP]^_LYO 1`] _SP]XZ]P _SP]P bZ`WO MP YZ_STYR L_ LWW _SL_ ZYP NZ`WO _LWV LMZ`_ MP NL`^P _STYR^ bZ`WO MP L^ TYOP_P]XTYL_P L^ _SP MWLNV bZ]V ZQ L]_ ZY YTRS__TXP?A
#
;SPYZXPYZWZRdZQ_SP,W[SLMP_
,NNZ]OTYR _Z _SP 6L^SXT]T XP_L[Sd^TNTLY U`^_ SZb LYO bSd NZYaPY _TZYLW WLYR`LRP bZ]V^ L_ LWW ZYWd MPNZXP^ NZX[]PSPY^TMWP bSPY ZYP `YOP]^_LYO^SZb_SPNZ^XTNWLYR`LRPQ`YN_TZY^z_SL_T^_SPNZY^NTZ`^ YP^^ ZQ 2ZO ,YO TY ST^ aTPb _ST^ _d[P ZQ `YOP]^_LYOTYR T^ YL_`]LWWd MP^_ ]PaPLWPO TY L ?LY_]TN XLYYP] TP aTL NZ^XZRZYTN ^[PN`WL_TZY .ZY^P\`PY_Wd_SPRPYP^T^ ZQWLYR`LRPT^ Pc[WLTYPO Q`WWd TY_SPWTRS_ZQ _SP±TaLT_TN_]LOT_TZYTPL^^dYNS]ZYZ`^bT_S_SPN]PL_TZYZQ_SPbZ]WO LYONZXTYRLMZ`__S]Z`RS_SPXPOT`XZQLW[SLMP_^[PN`WL_TZY 1Z] ,MSTYLaLR`[_L _SP TY_P][WLd MP_bPPY RZO LYO RZOOP^^ T^ _SP ]PWL_TZY^ST[ MP_bPPY ]PLWT_d LYO ]PQWPN_TZY =PLWT_d []LV£²L T^ []P ]PQWPcTaP P^^PY_TLW LYO `YNZYOT_TZYLW []P^PYNP # -`_ ZYWd bSPY _ST^ w[]P^PY_ LYO PcT^_TYRx T^ R]L^[PO LYO ]P_`]YPO Md ]PQWPN_TZY aTXL]²L OZP^ L bZ]WO L]T^P 4Y [^dNSZWZRTNLW _P]X^ _SP^P _bZ NZYNP[_^ NZ]]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP bSZWP [L^^LRP bSTNS bP SLaP ^`XXL]TePO ^ZXPbSL_ ]PLO^% MSLaL_T NL TOLX L^_LXT_ZOP´dLO`MSLdLaTVLW[LUÓ£Y£Y_L]£WLaL]_T`YXP´L[]L_TMS£OT²LMO£RLXLR_LÀYT] aTVLW[LVLÀ^L^LÀa£OLaT]`OOS£MSTXL_LYW£OTaTVLW[L[¼]aLMS£aTg_L^X£__LOLYLY_£aL MS£^£aTMS£RLXLdLXPaP_T `MSLdZ²NL UÓ£YLdZ]LY_L]£WLXLYL[LSYLaLYdLÀ z UÓ£YLdZ] MSPO£OPaL _LN NL ^LÀaTO£_XLVLX PaL LYdL_S£ _PYLTaL ^LÀaT_^LÀ^V£]ZNNSPOP ^XL]L©£OdLY`^LÀOS£Y£OdLdZRL T_T []L_TMS£VSdL^dL OSL]XT©Là ^L]aLa£OTYLà []L_T LaTa£OL PaL T_T YL L^TOOSTà ^LÀVP_Lad`_[L__TV£W£YLaLWLXMLY£_ NL L^dL LaTVLW[L_ aLXPaLFgH;L]£_]¯²TV£ATaL]L©L ZYaP]^P^ z#PO>TYRS! # ,NNZ]OTYR_Z_SP6L^SXT]T^ []LV£²L wM]TRS_WTRS_xOPYZ_P^_SPw[`]PWTRS_ZQMPTYRx TP ]PLWT_d Z] [`]P []P^PYNP ?SP _P]X wWTRS_x TYOTNL_P^ _SL_ ]PLWT_d T^ LWbLd^ L [P] NPTaPO]PLWT_dZ]zL^6L^SXT]T^bZ`WO^LdzL]PLWT_d]PQWPN_POTY_SPXT]]Z]ZQNZY ^NTZ`^YP^^ ?SPd OT^_TYR`T^S SZbPaP] []LV£²L _SP ^[ZY_LYZ`^ wL_SPXL_TNx []P ]PQWPcTaP[P]NP[_TZYZ][`]PLbL]PYP^^L^^ZNTL_PObT_S±TaLQ]ZX aTXL]²L _SPNZY ^NTZ`^]PQWPcTaP[P]NP[_TZYL^^ZNTL_PObT_S±LV_TLYONZYNPTaPZQ_SPbZ]WOL^_SP ^PWQ]PQWPN_TZYZQ_SPRZO
""!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
^[ZYO _Z [`]P ^PY_TPYNP z bSTNS XLd MP _P]XPO _SP PYP]Rd ZQ NZY ^NTZ`^YP^^ [`]P ^PWQ[]P^PYNP Z] XZ]P WT_P]LWWd _SP w[`]P WTRS_ ZQ MP TYRxzLYO_SPNZY^NTZ`^YP^^ ZQ ^ZXP_STYR?SPTY_P]LN_TZYZQ_SP^P_bZ L^[PN_^ZQRZON]PL_P^_SPbSZWP`YTaP]^P% w?SP `YTaP]^P T^ L ]PQWPN_TZY TY _SP N]d^_LW NWPL] aZTO ZQ _SP ^PY_TPYNP ZQ _SP2]PL_-SLT]LaL9Z_STYRPW^PFSL^_ZMP^`[[Z^POHLYOYZZ_SP]MPTYRv^ R]LNPFT^YPNP^^L]dHx $
?Z,MSTYLaLR`[_LPaP]dTY^_LYNPZQNZY^NTZ`^YP^^T^LW^ZLY`__P]LYNP ?SP ^PWQ[P]NP[_TZY LYO WTYR`T^_TN ^PWQPc[]P^^TZY ZQ RZO NZTYNTOP -`_ RZO bTWW YZ_ `^P LYd NZYaPY_TZYLW _P]X^ ^£ÀVP_TVL _Z NZX[]PSPYO STX^PWQ 4Y NZYN]P_P _P]X^ RZOv^ QT]^_ bZ]O^ TY _SP `YTaP]^P bTWW NP] _LTYWd YZ_ MP LYd_STYR WTVP wBSL_ x wBSP]P LX 4*x w4_ T^ ^Z OL]V SP]PxZ]wBSP]PT^_SPWTRS_^bT_NS*x,WW_SP^P`__P]LYNP^MPWZYR_ZZ`] ST^_Z]TNLWNZYaPY_TZYLWWLYR`LRPLYO_Z,MSTYLaLR`[_L_SP`^PZQ^`NS WLYR`LRPT^TYNZYNPTaLMWPL__SPWPaPWZQRZO% w?SP NZX[]PSPY^TaP YL_`]P ZQ _SP 7Z]O NLYYZ_ ]PXLTY STOOPY Q]ZX STX QZ] T_ T^ TYNZYNPTaLMWP _SL_ L NZY^NTZ`^ FMPTYRH bZ`WO YZ_ NZX[]PSPYO T_^ ZbY PcT^_PYNP ,YO _ST^ NZX[]PSPY^TZY NLYYZ_ ZNN`] TY NZYaPY_TZYLW _P]X^ -`_ ZYWd _SP bZXM ZQ NZ^XTN ^Z`YO bLaP^ [L]LY£OLRL]MSL NLY MP YLXPO FTY _ST^ Q`YN_TZYH FQZ]H _SP]P T^ YZ OTQQP]PYNP MP_bPPY F_SP^P ^Z`YObLaP^HLYO[`]PNZY^NTZ`^YP^^x
BSPY ,MSTYLaLR`[_L ^Ld^ SP]P _SL_ w_SP]P T^ YZ OTQQP]PYNP MP_bPPY _SP^P^Z`YObLaP^LYO[`]PNZY^NTZ`^YP^^xSPT^]PQP]]TYR_Z_SP^[ZY _LYPZ`^ ^LSLUL LYO^dX[L_SP_TN L^£X£dTVL [P]NP[_TZYZQ^Z`YO?SP QLN_ _SL_ YPL]Wd PaP]d MPTYR YZ XL__P] bSP_SP] XLXXLW Z] S`XLY ]P LN_^_Z^Z`YO^XZ]PZ]WP^^L`_ZXL_TNLWWdLYOZQ_PYLW^Z`^P^^Z`YO^_Z Pc[]P^^T_^PWQbL^_LVPYMd-SL]_SL]TL^PaTOPYNPZQ_SP`YT\`PYL_`]P ZQ_SPXPOT`Xw^Z`YOx,MSTYLaLR`[_LRZP^ZYP^_P[Q`]_SP]Md[Z^_` WL_TYR _SL_ NZXX`YTNL_TZY Q`YN_TZY^ []TXL]TWd waTL ^Z`YOx LYO YZ_ aTL ^dXMZW^:]TRTYLWNZXX`YTNL_TZYNLYYZ_SLaPPc[WZT_PO_SPXPOT`XZQ OPYZXTYL_TZY& T_ NLY ZYWd MP NZX[L]PO bT_S Pc[]P^^TZY ZQ [P]NP[_TZY^ aTL_SPXPOT`XZQYZYWTYR`T^_TN^Z`YO^% wF?SPHNZ^XTNWPaPWZQWLYR`LRPT^MdT_^YL_`]P_SPWL^_LYO^`[]PXP]PLW T_dT_T^_SP[ZbP]FZQRZOHFbSTNSRZONL`^P^_Z^[PLVTYHYZYNZY_TYRPY_ bZ]O^ ²LMOL LYO TY T_ WTP STOOPY F_SZ^PH YZYNZYaPY_TZYLW LYO YL_`]LW
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ T__SLÀaT²aLXTOLÀY£_SPMSLT]LaÅdLNTOLXML]Pg []L_TMTXMLXLWLÀ^aLNNSPYLVSLWaLYdL[]L^£OL_Làgg?LY_]£WZVL ! _LN NL _£aL_ aT²a£_XLVL_aLÀ [L]LXP²aL]L^dL ^aL]¼[LÀ YL LX£X´¶LÀ MSLaL_T NT_^ aLMS£aL^dL ^aL]`[£Y£XL]²LY£Y`[L[L__Pà g ^aL]¼[£Y£XL]²LYP ST aL^_`_Z ULL_LTaL ^d£_g £XL]²L² NL LdLÀ YL ^£ÀVP_TVLà g L[T _` NT_^aLMS£aL_£X£_]LY£Y_L]ÅdLVLà [L]LY£OLRL]MSL `V_Là g ?LY_]£^£]L PO 39 .SLV]LaL]_d FAL]LYL^T% >LY^V]T_ >LY^_SLY$#!H
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"""
VPd OP_P]XTYLY_^ ^LÀ^V£]L FXLOP ZQ ^Z`YOH _SL_ L]T^P Q]ZX _SP WL^_ LYO ^`[]PXP]PLWT_dx
4Y _P]X^ ZQ ^Z`YO _SP VPd OP_P]XTYLY_^ ,MSTYLaLR`[_L PWLMZ]L_PO TY ST^ P[T^_PXZWZRd L^ NZY_Pc_`LW VYZbWPORP L]P ZQ NZ`]^P _SP WP__P]^ ZQ _SP >LY^V]T_ LW[SLMP_ bSTNS bP]P LW]PLOd []LT^PO TY _SP ¢RLXL^ L^ ^Z`YO^`M^_LYNP^PcT^_TYRMPQZ]PN]PL_TZY,^bP^SLWW^PPSPTY_P][]P_^ _SPX TY L ST_SP]_Z `YVYZbY XLYYP] TY LW[SLMP_ ^[PN`WL_TZY L^ ^[ZY_L YPZ`^LYO^dX[L_SP_TNLWWd]PNPTaLMWP[]TXT_TaP^ZQPc[]P^^TZYL^TQZYP bP]P OP^N]TMTYR X`^TNLW YZ_P^ 1Z] STX _SP LW[SLMP_ MPNZXP^ L [SP YZXPYZWZRTNLW NL_LWZR ZQ ^Z`YO LYO Pc[]P^^TZY bSZ^P Z]RLYTN ^P \`PYNP ZQ LNZ`^_TN ^TRY^ ^TX`W_LYPZ`^Wd QZ]X^ _SP L]NSP_d[LW [L__P]Y LYO L ]PQWPN_TZY Z] YL_`]LW TYOPc ZQ _SP Z]OP] TY bSTNS _SP NZY^_T_`PY_^ ZQPcT^_PYNPPXLYL_PQ]ZX_SPOTaTYP 5LdL]L_SL L [`[TW ZQ LYO NZXXPY_L_Z] ZY ,MSTYLaLR`[_L LW^Z `Y OP]^NZ]P^_ST^[ZTY_% w?SP ]PQP]PYNP £XL]²L FZQ _SP `YTaP]^P _Z 2ZO z LYO _ST^ LW^Z XPLY^ 2ZOv^ ]PQP]PYNP _Z STX^PWQH T^ YZ_ OPQTYPO Md L NZYaPY_TZY ^£ÀVP_TVL M`_ PaP]d ^TYRWP ?LY_]T^_ NWLTX^ TY^_PLO _SL_ F_ST^H T^ wL QZ]X ZQ uNZ^XTN WLYR`LRPv [L]£a£N _SL_]LT^P^`[F_SPQT]XLXPY_ZQNZY^NTZ`^YP^^HMdT_ ^PWQx
?SP PY_T]P 8£_V£ _S`^ MPNZXP^ L aZNLM`WL]d ZQ RZO LYO z L^ ,MST YLaLR`[_L T^ L ^_]TN_ ,OaLT_TY z L_ _SP ^LXP _TXP T_ YL_`]LWWd LW^Z MP NZXP^ L [^dNSZWZRTNLW NZY^NTZ`^YP^^bSZWP ?SP ]P[P_T_TZY ZQ _SP 8£_V£LW[SLMP_^Z`YO^bSTNST^NZXXZYTYXLYd?LY_]TN]T_P^_SP]P QZ]P MPNZXP^ _SP YZP_TN XPLY^ ZQ _]`Wd Pc[P]TPYNTYR _SP `YT_d ZQ _SP `YTaP]^P% wF?SP NZ^XTN WLYR`LRPH T^ _SP TY_`T_TZY NLXL_V£]L ZQ _SP `YT_d LTVdL z bSTNSNLYYZ_MPOPYTPOMPNL`^PT_SZWO^FLWW_STYR^HbT_STYT_^PWQzF_SPTY _`T_TZYZQ`YT_dM]Z`RS_LMZ`_MdH_SP]PNZRYT_TZYZQ_ST^`YTaP]^P bT_SLWW T_^ N]PL_`]P^ QZ]X^ ZQ MPTYR LYO bZ]WO^ ZQ MPTYR 4_^ _]`P QZ]X T^ XLYT QP^_POTYT_^bSZWPbZYO]Z`^`YTaP]^LWYL_`]PMd_SPSTP]Z[SLYdZQ_SPPc LW_PO RZO -SLT]LaL 3P XLVP^ _SPX L[[PL] TY _SP TXXLN`WL_P XT]]Z] ZQ STX^PWQL^ LY TYQTYT_dZQF`YTaP]^P^H _SL_`YQZWO PcT^_LYONZWWL[^P L^_SP `YT_dF_SL_[P]aLOP^_SP`YTaP]^PHL^_SP±LV_TZQ_SPZYP2]PL_@YQZWOTYR TY_SPQZ]XZQuLv_ZuV´Lvx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ dLTaL [L]£a£RMS¼XTà ^LTa£X£d¯dL²LMOL²LV_T[L]LX£]_SL^aLMS£a£^£ÀVP_TV£V_LVL [£]LX£]_STVL^LÀ^V£]L^£]£;L]£_]¯²TV£ATaL]L©L ZYaP]^PPO>TYRS ^L N£dLX£XL]²ZYL ^£ÀVP_TVLàL[T_`wNT_^aLMS£aL_£X£_]LY£Y_L]ÅdLVLàx^aL]L^ZOT _Là[L]£a£R]¼[LT_T^L]aLT]`ORSZ´dL_Pm 5LdL]L_SL TY_]ZO`N_TZY_Z ?LY_]£WZVL !! m_LORL]MSÅV£]LaL²£aTa£OLRSL¶T_L^LVLWLMS¼_LMS`aLYLMS£a£OT[]L[LÓNL[]LMZOSLTVdL NLXL_V£]L^£]£ [L]LXP²aL]LMSLT]LaLMSL¶¶£]LV£aT]MS£aL[]L_ST_L_L_S£aTOS£OMS`_LMS¼ _L[L]LX£]_SL^aL]¼[£ ^a£_XLaTXLWLOL][L©LYT]MS£^T_£YLY_L^´ÖT^_ST_T^LÀS£]LTVdLXL dLXLS£^´¶T²LV_T] £OTV´£Y_L]¼[£ m ;L]£_]ŲTV£ATaL]L©L ZY aP]^P^ z# PO >TYRS #
""#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
# ?SP4YYP]?]TYT_dLT` ,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ STRSWd [STWZ^Z[STNLW _SPZWZRd _SP []P ]P\`T^T_P QZ] _SP PXLYL_TZY ZQ _SP `YTaP]^P T^ wRZOv^ TYOP[PYOPYNP LYLYd£[PV´T_£ x ST^ LMTWT_d _Z MP L_ ZYNP XT]]Z] LYO ]PQWPN_TZY RZO LYO `YTaP]^P 2ZOv^ ^PWQPc[]P^^TZY L_ _ST^ WPaPW ZQ _Z_LW L`_ZYZXd T^ ]PLWTePO TY_SP ^Z`YOZQ_SPWP__P]wLx !?ST^^Z`YO T^LYPc[]P^^TZYZQ _SP LM^ZW`_P LY`__L]L ,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ NZXXPY_L_Z] 5LdL]L_SL _ST^ QT]^_ aZbPW ^TRYLW^ _SP bZYOP]TYR L^_ZYT^SXPY_ NLXL_ V£]L ZQ RZO TY aTPb ZQ ST^ ZbY MZ`YOWP^^ L`_ZYZXd LYO [ZbP] L^ ]`WP] ,_ _ST^ WPaPW RZO NLY ZYWd MP OP^N]TMPO L^ [`]P ^PWQ[]P^PYNP []LV£²L 4Q_SP]PT^LYd^Z`YOL_LWW_SL_NLYwPc[]P^^xRZOTY_ST^[]P N]PL_TZYLW^_L_PT_T^_SP^Z`YOwLx?SP^Z`YO^TRYwLxT^L]P[]P^PY_L _TaP ZQ _SP SL]XZYTN ^[PN_]`X ZQ _SP `YTaP]^P ,WW _SP aZbPW^ L]P LW ]PLOd NZY_LTYPO ^`M^_LY_TLWWd TY _SP LaZbPW U`^_ L^ LWW [SPYZXPYL ZQ _SP`YTaP]^PL]PaT]_`LWWd[]P^PY_TYRZO% w?SPu,vT^RZOv^[ZbP]ZQ L`_ZYZXdbSTNST^ bTWWT_^PWQF3P]PHT_T^YZ_ dP_`YQZWOPO_ZMPL_STYRM`_T^XP]PWdLXT]]Z]ZQST^YL_`]LWTYYP]^PWQ [P]NP[_TZYx "
4Y ,MSTYLaLR`[_Lv^ Xd^_TNT^X _SP ^Z`YO wLx T^ _SP]PQZ]P ]PRL]OPO L^ L NZX[WP_P]PQWPN_TZY aTXL]²L ZQOTaTYPPcT^_PYNP4_TYNW`OP^LWWL^[PN_^ ZQ ^Z`YO LYO _S`^ LWW L^[PN_^ ZQ Pc[]P^^TZY 4_ T^ _SP aT^TMWP MZOd ZQ RZO[P]^ZYTQTPOL^6L`WTV¯±LV_TST^w[ZbP]ZQNZ][Z]PLWT_dxbSTNST^ TOPY_TNLW _Z _SP WTYR`T^_TN LYO LP^_SP_TN aT^TZY ZQ _SP bSZWP []L_TMS£ LYOL__SP^LXP_TXP]P[]P^PY_^_SPbZ]WOZQ[SPYZXPYL%
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BP^[PLVZQw±TaLxZ]w-SLT]LaLxZYWdTY]T_`LWNZY_Pc_^4YL[STWZ^Z[STNLWNZY_Pc_ bP`^P_SP_P]XwRZOxMPNL`^PSP]PbPL]POPLWTYRbT_SL[`]PWd[STWZ^Z[STNLWNZY NP[_ZQRZO ,MSTYLaLR`[_LSL]OWdPaP] ]PQP]^_Z_SPTXLRPZQ ±TaL TY_SP Xd_S_SP RZO SZWOTYR L _]TOPY_ bT_S XL__PO SLT] LYO L ^YLVP L]Z`YO ST^ YPNV LYO bSPY SP OZP^^ZT_T^ZYWdTYL^dXMZWTNbLdBSPYSP^[PLV^ZQu±TaLvSP`^`LWWdXPLY^_SP w[`]PWTRS_ZQMPTYRx BSPYSP^[PLV^ZQ u-SLT]LaLv _SPL^[PN_ZQ_Z_LWT_dNZXP^_Z _SP QZ]PR]Z`YO 4Q YZ ^[PNTQTN NZY_Pc_^ L]P TY_PYOPO L^ TY Z`] PcLX[WP ?LY_]£WZVL !! SP RPYP]LWWd ^[PLV^ ^TX[Wd ZQ u[]LMS`v w_SP ZXYT[Z_PY_x Z] uaTMS`v w_SP ZXYT[]P^PY_x aT²a£_XL_aLÀ[]L_T?LY_]£WZVL !! ! :Y _SP 6L^SXT]T LW[SLMP_ ^[PN`WL_TZY ^PP LW^Z ;LOZ`c A£N LYO ;L`W 0 8`WWP] :]_PRL w?LY_]TN 8POT_L_TZY% AZNLWTN -PRTYYTYR^x TY =T_`LW LYO >[PN`WL_TZY PO 2Z`O]TLLY!z " PaLÀ [L]LXP²aL]L^dL ^a£_XLYT TNNS£_XTV£ ^a£_LY_]dL²LV_T] LY`YXWT_LMS£aLaTV£^£ LY_L]RSLYL^LÀaT_^aLMS£aLaTXL]²L^£]£wLxT_d`NdL_Pg ;L]£_]ŲTV£ATaL]L©L ZYaP]^P^ z#PO>TYRS #
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
""$
wF?SP RZOOP^^ uAT^TZYvH NZY_LTY^ FLWWH [SPYZXPYL ZQ _SP MZOd ZQ _SP RZO bSZSTX^PWQSL^YZMZOd>SPT^_SP[ZbP]ZQNZ][Z]PLWT_d VL`WTV¯²LV_T Q]ZXbSTNS_SPRZOFNLYHYPaP]^P[L]L_PSTX^PWQx #
,NNZ]OTYR _Z _SP NZXXPY_L_Z] 5LdL]L_SL _SP wNZ][Z]PLWT_dx ZQ RZO XPLY^YZ_STYRZ_SP]_SLY_SPbSZWPZQ[SPYZXPYLW]PLWT_d% w,NNZ]OTYR _Z _SP^P bZ]O^ _SP MZOd FZQ RZOH V`WLX FXPLY^H _SP bZ]WO FZQ [SPYZXPYLH _SL_ FNZXP^ TY_Z MPTYRH L^ ]LOTL_TZY ZQ OTaTYP [ZbP] .ZY^P\`PY_Wd_SPMZOdT^_SP MZOdFZQ_SPRZOHLYOT^_SP]PQZ]P NLWWPO _SP QT]^_^Z`YOZQ_SPLW[SLMP_x $
-PNL`^P _SP ^Z`YO ^TRY wLx ^_LYO^ QZ] L `YTaP]^LW ^[PN_]`X T_ T^ ^Z _Z ^[PLV_SPSTP]Z[SLYdZQ_SPTYPQQLMWPOPT_d LV`WLX bT_STY_SP]PLWXZQ _SP[SPYZXPYLW V`WLX % w>PP:ZXYT^NTPY_ZYPTY_SPFOTaTYPHMZOd V`WLX _SL_FbSTNST^HbSP]P _ST^ aL]TPO `YTaP]^P ]T^P^ `[ LYO bSP]P T_ ^TYV^ bSP]P L^ dP_ _SP]P T^ YPT _SP]RZOYZ]RZOOP^^x
>ZT_T^YZ_[Z^^TMWP_ZL^VLYd_STYRRZTYRMPdZYO_SPV`WLX?SPTYPQ QLMWP OPT_d _]LY^NPYO^ RZO LYO RZOOP^^ P\`LWWd 0aPY RZO LYO RZOOP^^ L]PL[[PL]LYNP^% w4_T^YPaP][Z^^TMWP_Z`^PQTcPO_P]X^ adL[LOP²L ^`NSL^uRZOvZ]uRZO OP^^v QZ] _SP bSZWP [¼]©L 4Y `W_TXL_P ]PLWT_d T_ T^ _SP T]]P[]ZO`NTMWP LY£VSdL bSTNS WTP^ TY _Z_LW ^PWQ]PQWPcTaT_d [L]L[L]£XL]²L F?ST^ T^ L_ _SP ^LXP _TXPH _SP LM^ZW`_P ZQ _SP u,v F_SP MPRTYYTYR LYO _SP PYOH
LY`__L]L _SP[`]PPcT^_PYNP,YOT_T^ZYWd_ST^FLM^ZW`_PH_SL_OP^T]PO_SP L[[PL]LYNP ZQ _SP `YTaP]^P XZ_TaL_PO Md T_^ N]PL_TaP L`_ZYZXd LYO QT]^_ XLVP^RZOLYORZOOP^^L[[PL]bT_STYT_^ZbY^PWQx
2ZOv^ _]`P YL_`]P T^ _SP WTRS_ ZQ [`]P PcT^_PYNP LYO LM^ZW`_P []P^PYNP []LV£²L M`_ _ST^ WTRS_OZP^YZ_PcT^_ bT_SZ`__SPZMUPN_ _SL_T_ TWW`XT YL_P^% wF?ST^Pc_]LNZ][Z]PLWL^[PN_H XLYTQP^_^T_^PWQ^ZWPWdL^ L[`]PWTRS_FZQPc T^_PYNPH FbSTWP T_H T^ _SP YL_`]P Z] _SP ;L]£ /Pa _SP ^`[]PXP RZOOP^^ _ZQTWW_SP`YTaP]^PFbT_SNZY_PY_Hx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # LV`WL^d£^dLOPaL^dLV`WL[]L_SLYL²£WTYÅg VL`WTVÅ^£[L]£²LV_T]LaTd`V_ZdLd£[]LMS`àgg?LY_]£WZVL !" $ FV`W£_H T_d£Od`V_d£ ²£V_L[]L^L]£_XLYZ ULRL_FLàH V`WLÀ ²L]Å]LX L^dL T_d£O dLaL]©Zv[dLMSTST_Là5LdL]L_SLNZXXPY_L]dZY ?LY_]£WZVL !" dL_]ZOT_LXTOLÀNT_]LÀaT²aLÀdL_]£^_LXP_TNLg_L_V`WLÀaTOOST^L]aLUÓL²TaL²LV_T aTaL]UT_LXgg\`Z_POTY5LdL]L_SLNZXXPY_L]dZY?LY_]£WZVL !" TSL VSLW` [¼]©Là ²TaL²LV_d£OT[]L_TYTdL_LadL[LOP²£^LST´©`à LY£VSdLà [L]L[L]£XL] ²£_X£ LY`__L]Là []LV£²L PaL PaLÀ [L]LÀ _L__aLÀ ^L PaL NL ^aL^a£_LY_]d£OaT²aLX LaLMTMS£^LdT´©`à[]L_SLXLÀ²TaL²LV_T]¼[L_£À^a£_XLYdLaLMS£^LdL_Tm5LdL]L_SL NZXXPY_L]dZY ?LY_]£WZVL !" _L^dL[]LV£²LTVL]¼[L_aPYLOdZ_LX£YL^dL^£[L]£aT²a£[¼]L©L^aLMS£a£m5LdL]L_SL NZXXPY_L]dZY ?LY_]£WZVL !"
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
0aP]d_STYR _SL_ bP NLY [P]NPTaP bT_S Z`] ^PY^P^ LYO PaPY Z`] ZbY NZY^NTZ`^YP^^T^_SPaT^TMWPMZOdZQRZOXPOTL_POMd_SPRZOOP^^% w?SP]PQZ]P _SP ^[SP]P ZQ _SP `YTaP]^LW RZOOP^^ [L]£ MSL¶¶£]TV£ FPYNZX [L^^P^H LWW FQZ]X^ ZQ WTQPH% XZ`Y_LTY^ _]PP^ LYTXLW^ [PZ[WP RZO^ FLYOH XLY_]L^F>SPHObPWW^TY_SPQZ]XZQ_SP3TRSP^_7Z]O [L]LXP²aL]L FTY PaP]d MPTYRH L^ _SP PY_T]P `YTaP]^P TXXLYPY_ TY PaP]d_STYR ^L]aL ^L]a£_XLY ?SP XLYd LYO aL]TPO ^Z`YO^ _SL_ SLaP MPPY [`_ TY_Z _SP Z] RLY^ZQ^[PPNS_S]Z`RSFSP]H ZXYT[]P^PYNP ^£]a£_XdLX QZ]XSP]MZOdz YZ XL__P] bSP_SP] _SPd [Z^^P^^ L NZX[]PSPY^TMWP FXPLYTYR Z]H L OPQTYT_P F^Z`YONSL]LN_P]T^_TNHx
3P]P ,MSTYLaLR`[_L bLY_^ _Z ^Ld _SL_ _SP bSZWP NZ^XTN WLYR`LRP ]P XLTY^[]P^PY_TYPaPY_SP^XLWWP^_MWLOPZQR]L^^&Z]TYZ_SP]bZ]O^LWW _STYR^ TY _SP `YTaP]^P L]P _ST^ `YTaP]^P T_^PWQ :bTYR _Z _SP SZWT^_TN TY_P]NZYYPN_POYP^^ ZQ LWW [SPYZXPYL TY _SP aT^TZY ZQ _SP bSZWP RZOv^ WTRS_ ZQ PcT^_PYNP bZ`WO YZ_ L[[PL] L_ LWW bT_SZ`_ _SP RZOOP^^ _SL_ bSTNST^[SPYZXPYLW4YQLN_T_bZ`WOYZ_PaPYPcT^_2ZOLYO_SP[SP YZXPYLWL]PLWbLd^NZPcT^_PY_ ?SP TY^P[L]LMTWT_d P^^PY_TLW _Z _SZ`RS_ LYO MPTYR ZQ _SP WTRS_ ZQ PcT^_PYNPLYO[SPYZXPYLTY_SP]PLWXZQ_SP[STWZ^Z[STNLW]P^`W_^TY_SP TY^P[L]LMTWT_dZQRZOLYORZOOP^^TY_SP]PLWXZQ_SP_SPZWZRTNLW% w9ZRZObT_SZ`__SPRZOOP^^YZRZOOP^^bT_SZ`__SPRZOQ]ZXbSTNSWZa TYRNZ`[WP d£XLWL LWWZQ_ST^[Z`]^Z`_mx
?ST^ wZ`_[Z`]TYRx T^ NZXX`YTNL_PO TY _SP RPYP]L_TZY ZQ _SP ]P^_ ZQ _SP ^Z`YO^ ZQ _SP LW[SLMP_ ?SP ^P\`PYNP ZQ WP__P]^ TY _SP LW[SLMP_ OZN` XPY_^ _SP ]PQWPN_TZY^ ZQ _SP ^PWQPcT^_PY_ []P^PYNP ZQ RZO ZY T_^ bLd _Z MPNZXTYR _SP bZ]WO ?ST^ XLVP^ _SP LW[SLMP_ L [SZYP_TN Pc[]P^^TZY ZQ _SP ]PLWTeL_TZY ZQ _SP bTWW QZ] N]PL_TZY LYO QZ] [W`]LWT_d bSTNS T^ bSL_ _d[TQTP^_SPLN_`LWYL_`]PZQRZO >Z MPdZYO _SP WPaPW ZQ _SP [`]P LM^ZW`_P N]PL_TZY MPRTY^ bT_S _SP WZYR M]TRS_ ^Z`YO w£x _SP ^PNZYO ^Z`YO ZQ _SP >LY^V]T_ LW[SLMP_ ?SP ^Z`YO T_^PWQ T^ `YOP]^_ZZO _Z MP _SP Q`^TZY ZQ _bZ wLx^ SP]P ]P[]P^PY_ TYRRZOLYORZOOP^^LYONZ]]P^[ZYOTYRWd^dXMZWTeP^RZOLYORZOOP^^ TY_SPLN_ZQWZaP ^LÀRSL¶¶L w?SPT] NZ[`WL_TYR QZ]X d£XLWL T^ NLWWPO _SP uLN_ ZQ WZaPv ^LÀRSL¶¶L F?ST^LN_ZQWZaPHT^_SP[ZbP]ZQMWT^^F_SP^Z`]NPHZ`_ZQbSTNS_SP`YT aP]^PT^[Z`]POx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^L]aP[£´£©L_L]`_T]dL«XLY`´dLOPaL]`O]LVPaLWTXLY_]L_LOŲLXLY_]L_LOŲL_LYXLSP²£OT V£ PVLTaL [L]£MSL¶¶£]TV£MS¼XTà ^L]aL^L]a£_XLYLTaL [L]LXP²aL]L]¼[P©£^_P T_T g _LO aTNT_]L^_S£Y£OT^£]a£_XYdLaTYTaT´¶L^[S`¶£^[S`¶LadLV_£adLV_£OT]¼[L²LMOL²L]Å]£ FXLY _]LaÅ]dLXT_TRÅdL_PH;L]£_]ŲTV£ATaL]L©L ZYaP]^P^ z#PO>TYRS! YL²TaLà²LV_T]LST_ZYL²LV_Tà²TaLaL]UT_£gd£XLWLÀ[L]L^L]LÀ^L]aLFXH\`Z_POTY 5LdL]L_SLTY_]ZO`N_TZY_Z ?LY_]£WZVL !#
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"#
,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ _SPZWZRd N]PL_TZY T^ _SP]PQZ]P L STRSWd [WPL^`]LMWP LN_TaT_d LYO YZ_ SL]O WLMZ] L^ T_ T^ QZ] L RZO bSZ SL^ _Z bZ]V L_ N]LQ_TYR ST^ N]PL_TZY ,_ _SP MPRTYYTYR ZQ LWW QZ]X^ ZQ MPTYR _SP]P T^ YZ_ _SP ^TcOLd bPPV M`_ N]PL_TaP PN^_L^d bSP]PMd _SP LN_ ZQ WZaPT^]PRL]OPOL^_SPSTRSP^_QZ]XZQN]PL_TaT_d4Y_SP_SPZWZRdZQ_SP ?LY_]L T_ T^ Q]P\`PY_Wd _SP TY_P]YLW OdYLXT^X ZQ _SP OPT_d _SL_ T^ Pc []P^^PO TY ^Pc`LW XP_L[SZ]^ ?ST^ ^dXMZWTeP^ _SP ^PWQ]PQWPN_TaT_d _SL_ T^_ZMP[Sd^TNLWWdPXMZOTPOTY_SP]T_`LW% w?SP _bZ [P]^ZY^ L]P _SP RZO LYO _SP RZOOP^^ RTaPY _SP _P]X^ uYZY MZOTWdvLYOuMZOTWdv?SPLN_ZQWZaP ^LÀRSL¶¶L T^_Z_LWXZ_TZYTPLOd YLXTNLWWd aTM]L_TYR QZ]X FZQ RZOH ^[LYOL bSTNS N]PL_P^ T_^PWQ Z`_ ZQ T_ ^PWQ ^a£_XZNNSLWL__£ 1Z] _ST^ ]PL^ZY _SP ^PNZYO ^Z`YO F¢H ]T^P^ Z`_ ZQ _SP NZY_LN_ MP_bPPY _SP _bZ LM^ZW`_P F[P]^ZY^H FTP Q]ZX _SP NZY_LN_H ZQ _SPWTRS_ZQPcT^_PYNP []LV£²L bT_SFT_^H]PQWPN_TZY aTXL]²L &F_ST^^PNZYO ^Z`YO u¢v T^H _SP u[ZbP] ZQ MWT^^v Q]ZX bSTNS _SP N]PL_TZY ZQ LWW Z_SP] ^Z`YO^ QZWWZb^ ,YO TY ]T_`LW []LN_TNP _SP uLN_ ZQ WZaPv MP_bPPY XLY LYO bZXLY WPLO^ _Z L N]PL_TZY 3P]P _SP RZO T^ _SL_ bSTNS _]LY^NPYO^ _SP `YT aP]^PLYO_SPRZOOP^^T^_SL_bSTNST^TXXLYPY_TY_SP`YTaP]^Px !
,^ TY _SP NL^P ZQ _SP LM^ZW`_P LY`__L]L _SP YLXP Z] YL_`]P ZQ _ST^ aZbPW £YLYOL wMWT^^x T^ LW^Z QZ]XPO LN]Z[SZYTNLWWd Q]ZX _SP aZbPW T_^PWQ 4Y ^_P[[TYR MPdZYO _SP ^PWQQZ]RP_Q`WYP^^ LYO NZX[WLNPYNd ZQ _SP LM^ZW`_PLYO_SPMWT^^Q`W^_P[Md^_P[LYPc_P]YLWbZ]WOT^NZY^_T_`_POTY L[[Z^T_TZY _Z RZOv^ TY_P]YLW bZ]WO ?SP `YTaP]^LW ^[PN_]`X ZQ _SP wLx ^Z`YO T^ TYT_TLWWd OTQQP]PY_TL_PO TY_Z _bZ NZX[WPXPY_L]d ^Z`YO ^[PN_]L% _SP^S]TWW[PYP_]L_TYRwTxaZbPW_SP_ST]OWP__P]ZQ_SPLW[SLMP_LYO_SP O`WW]PNPOTYRw`xaZbPW_SPQTQ_SWP__P]ZQ_SPLW[SLMP_?SPwTxaZbPW T^_SPPc[]P^^TZYZQ_SP^[PNTQTNbTWW_ZN]PL_P TNNS£ bSTNSOPaPWZ[PO TY _SP LN_ ZQ WZaP MP_bPPY RZO LYO RZOOP^^ ^LÀRSL¶¶L ?ST^ ^Z`YO PYO^ RZOv^ ^PWQ^L_T^QLN_TZY -d LYLWZRd RZOv^ ^PWQ[P]NP[_TZY QZ]X^ bT_STY _SP w`x aZbPW z bSPY SP QT]^_ w^PP^x `YXP´L _SP bZ]WO SP ]PNZRYTeP^ LWW [Z^^TMWP ZMUPN_^ ZQ bTWW STOOPY bT_STY STX 3P MPRTY^ _Z ZMUPN_TaTePSTX^PWQ?SP_bZWZYRQZ]X^ZQ_SPaZbPW^¯LYO¼XP]PWd Pc[]P^^L]PTYQZ]NPXPY_ZQ_SP^P_PYOPYNTP^%¯²£YLw]`WPx]PTYQZ]NP^T NNS£wbTWWx&w¼YL_£xw]PO`N_TZYx]PTYQZ]NP^w`YXP´Lxw^PPTYRx% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _LdZ]dLOd£XLWLÀ]¼[LÀ^L^LÀRSL¶¶LT_T^X_Làg £YLYOL²LV_Tà^LTaZV_£dL_ZaT²aLÀaT^UdL_Pgg?LY_]£WZVL !# ! LV`WLVL`WTVŲLMOLadL[LOP²dLdZà ²TaL²LV_dZà ^LÀRSL¶¶L T_T z ^LXdLV RSL¶¶LYLÀ NLWLYLÀ ^[LYOL]¼[L_£ ^a£_XZNNSLWL__£ T_dL]_SLà L_L² NL []LV£²LaTXL]²£_XLYZ] LY`__L]LdZ] PaL ^LÀRSL¶¶£O £YLYOL²LV_d£_XLYZ OaT_ÅdLaL]©L^dL `OLdZ dL_Là z TN NS£Od£_XLYZ aT²aL^dL ^L]RLà g NL]d£V]LXP v[T ^_]Å[`À^LdZà ^LÀRSL¶¶L Pa£YLYOZ OLd£OaT^L]RLàgTSL²TaL^dL²LV_P²NLaT²aZ__Å]©L_aPYLaT²aLXLdL_aPYLNLaTNNSTYYLÀ ]¼[LX5LdL]L_SLNZXXPY_L]dZY?LY_]£WZVL !#
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
w?SP^Z`YOu4vT^_SP[P]QPN_bTWW TNNS£ 4Q_ST^bTWWL__PX[_^_Z[Z^^P^^ FT_^ZMUPN_HF_SPbTWWH_`]Y^TY_Z_SP^Z`YOu®vTYZ]OP]_Z]`WP ²LY£ FZaP] _SP ZMUPN_ ZQ bTWWH -`_ TQ _SP [ZbP] ZQ [P]NP[_TZY MPRTY^ _Z u^PPv `Y XT´LY_ FT_^ZMUPN_^H_SP^Z`YOu@vL]T^P^3P]PTYWTP^FSTOOPYH_SPuaTPbv ZQLWWF[Z^^TMWPHZMUPN_^ZQbTWWF4Y_SP^Z`YOu»v[P]NP[_TZYHQZN`^P^T_ ^PWQ ^LÀVZNL LYO F_SP [P]NP[_TZY ZQ T_^ ZbY LM^ZW`_PYP^^H ¼YMS¼_£ T^ ]PO`NPO -PNL`^P FSZbPaP]H LWW ZMUPN_^ MS£aL L]P NZY_LTYPO TY _SP [P] NP[_TZYZQ LM^ZW`_PYP^^_ST^Fu»v ^Z`YOHT^_SP`OOP]ZQ_SPSPLaPYWdNZb ZQ_SP>`[]PXP2ZOOP^^Q]ZXbSTNSLWW_STYR^L]PXTWVPOx "
?SP _S]PP aZbPW^ L _SP LM^ZW`_P T bTWW LYO ` [P]NP[_TZY L]P _SP _S]PPNPY_]LWOP_P]XTYLY_^ZQ_SPWTQPbT_STYRZO% w?SP F[ZbP][Z^^P^^TYRH RZO bSZ NZY^T^_^ ZQ LM^ZW`_PYP^^ FuLvH LYO MWT^^ Fu£vHT^LWbLd^ZYWdL^`MUPN_ZQPX[T]TNT^X MSZV_£ bSTWPbTWWFuTvH[P] NP[_TZY Fu`vH LYO LN_TZY F_SP OT[S_SZYR^ QZ]XPO Q]ZX uTv LYO u`vH L]P ZYWd PaP]PX[T]TNLWZMUPN_^ MSZRdLX LYO_SP]PQZ]P_SPdL]PRZOv^PcT^_PYNPL^ [ZbP] ²LV_T_£ m ?ST^ _]TLO FuLv uTv LYO u`vH T^ _SP ;P]QPN_ ?]T`X[S XLSL^ ZQ _SP FSZWT^_TN OPT_dH -SLT]LaL m -PNL`^P _SP bSZWP `YTaP]^P T^ NZYYZ_PO £V´T[_L TY_ST^F_]TLOHT_^NZY_PX[WL_TZYWPLO^_ZNZY_PX[WL_TZY ZQ_SPMZ`YOWP^^[ZbP]_ZMP_SP`YTaP]^Px #
,WW ZQ _SP aZbPW^ _SL_ QZWWZb TY _SP LW[SLMP_ L]P XP]PWd PXLYL_TZY^ ZQ _SP QT]^_ _]TLO >Z _SP aZbPW^ ¹ LYO ¥ Pc[]P^^ _SZ^P [L]_TN`WL] N]PL _TaP TX[`W^P^ _SL_ NLYYZ_ RZ MPdZYO bSL_ T^ TY _SP OTaTYP M`_ ]PXLTY bT_STYRZOv^`YT\`PMWT^^?SPOT[S_SZYR^PZLTLYOL` $ZY_SPZ_SP] SLYO ^_P[ Z`_^TOP RZOv^ _TXPWP^^YP^^ TY_Z WTYPL] _TXP ?ST^ ^dXMZWTeL _TZY NLY PL^TWd MP `YOP]^_ZZO ^TYNP `YWTVP _SP ^TX[WP aZbPW^ OT[S _SZYR^ NZY^T^_ ZQ ^PaP]LW ^Z`YO [SL^P^ QZWWZbTYR ZYP LQ_P] _SP Z_SP] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " [L]T[¼]©PNNS£ vTv T_T g TNNSLTaL MS£aTUÓ£YL²LV_d£_XLVL^a£_LY_]dP©L UTRSV´LY_ŠŲ£YL]¼£vÅvT_T g`YXT´LY_Å_`UÓ£YL²LV_T]T´dLX£YL^LVLWLMS£aZYXP´LXLdÅ v`vT_T g`Y XT´L__LTaL `YXTXT´L_£d£X L[T LY_Là[]£©L^L]aL^aL]¼[ZYXP´Z__L]LTVL]¼[LT] L[T LY _LàVL]L©LaPOdLOP²Åd£^[S`¶L[]£dLMSPO£À²LMS£^LX£YLMS£aL]£²TMSTà ^LÀVZNLaL²PYL ¼YÅMS¼_£Y`__L]L^LÀaT_^L]aLMS£aLRL]MSÅV£]P©L LYL«RLOSLTYLaÅ]¼[L[L]LOPaL_£d£ ¼O SZ]¼[£ ¼SL^LVLWLMS£aL]£²Tà ^`^[S`¶£ []L^_£ UÓ£YL²LV_Tà v¼v T_T g ;L]£_]ŲTV£ ATaL]L©L ZYaP]^P^ z#PO>TYRS $ # LY`__L]£YLYOLXLdZOPaZMSZV_LTaLVL_SdL_Pgg TNNS£OTVLÀMSZRdLXPaL_L_LPa£^dL²LV_T_£g MSZRdLÀMSZV_L]TWÅYLÀNPOMSZV_£_LOaL^_`_Là^[S`¶Làgg L_Là´L©©£À_]TVLÀ^£]LÀNTOT´d`YXP´L©Y£_XLVLXg _LOPaL_]T_LdLÀ[]£S`]MSLT]LaL^dL[L]LÀXLSLàgg _L__]TVLÀ[L]LXP²L^dL[¼]©£²LV_Tà[]LRÅdL_Pg _PY£V´T[_LÀdL_ZaT²aLXL_Zv^XTY^LX`[£^T_Pgg aT²aL²LV_£aLaLNNSPOLaLYOSdPU£_LX`[£^LYLXg?LY_]£WZVL $z$ $ 9ZbLOLd^ _SP aZbPW^ wPx LYO wZx L]P []ZYZ`YNPO LWW ZaP] 4YOTL L^ XZYZ[S_SZYR^ M`_Z]TRTYLWWd_SPdbP]POT[S_SZYR^TPwPxwZxwLTxLYOwL`xbP]P[]ZYZ`YNPOL^ wLzTxwLz`x wLLzTxLYOwLLz`xw:¿xT^^_TWW Q]P\`PY_Wd[]ZYZ`YNPOL^ w:`ÀxM`_ LWbLd^b]T__PYw:¿x
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"#
_TXP LT L` LYO ^Z LNNZ]OTYR _Z ,MSTYLaLR`[_L _SPd ZYWd PcT^_ L^ _PX[Z]LW[SPYZXPYL ?SP6L^SXT]TXL^_P]^_L_P^_SL__SPOTaTYPYL_`]PZQ_SPRZO]P^TOP^ []PNT^PWd TY _ST^ TY_P]YLW OTaP]^T_d LYO OdYLXT^X TY _SP LMTWT_d _Z MP NZXPPaP]d_STYR :YWd_SP [Sd^T^ T^XPL^`]LMWPz LWW_SL_ T^^PY_TPY_T^ TXXPL^`]LMWP% w4Q _SP 2]PL_ 2ZO SLO ZYWd PaP] bZ]Y L ^TYRWP MZOd SP bZ`WO SLaP RTaPY `[MPTYRL2]PL_ 2ZOLYOMPTYR[P]NP[_TZYzFSPbZ`WOMPHWTVPLF^TX[WP TY^PY_TPY_ZMUPN_H1Z]_SPXL]VZQ_SPTY^PY_TPY_T^_SL_T_^[]P^PYNPT^WTX T_PO .ZY^NTZ`^YP^^ ZY _SP Z_SP] SLYO T^ OTQQP]PY_ Q]ZX _SP TY^PY_TPY_ TY _SL_T_NLYYZ_MPXPL^`]PO>ZTQQ]ZX_SPR]PL_ZNPLYZQNZY^NTZ`^YP^^T_^ ZbY [ZbP]^ L]T^P _SPd _SPX^PWaP^ z WTVP _SP bLaP^ z _LVP ZY L OTaP]^T_d FZQQZ]X^H_S]Z`RS_SPLN_ZQWZaP ^LÀRSL¶¶L bT_S_SPX^PWaP^x
# ?SP?]TYT_d=PWPaLY__Z>Z_P]TZWZRdLSX ?SPNZY^ZYLY_^L]PTYOTaTO`L_TZY^ adLV_T ZQ_SPaZbPW^,NNZ]OTYR_Z ,MSTYLaLR`[_L_SPd L]P L[L]LMWPQZ]_SPZMUPN_^ZQ _SPPc_P]YLWbZ]WO bSTNS NZ`WO YZ_ PcT^_ bT_SZ`_ _SP NZY^NTZ`^YP^^ 1Z] TY NZY_]L^_ _Z _SP aZbPW^ ^aL]L NZY^ZYLY_^ NLYYZ_ ^Z`YO Md _SPX^PWaP^ TP ZYP NLYYZ_ []ZYZ`YNP _SPX bT_SZ`_ aZbPW^ ,MSTYLaLR`[_L LW^Z ]PNZRYTeP^ _SP NZ]]PWL_TZY MP_bPPY [SZYP_TN ^P]TP^ ZQ NZY^ZYLY_^ R]Z`[^ ZQ QTaP LYO YL_`]LW NL_PRZ]TP^ QTaP PWPXPY_^ QTaP ^PY^P^ QTaP Z]RLY^ ZQ LN_TZY P_NLW_SZ`RSSPT^YZ_P^[PNTLWWdTY_P]P^_POTYT_ ,[L]_Q]ZX_SP_S]PPaZbPW^LTLYO`,MSTYLaLR`[_L_`]Y^ST^L_ _PY_TZYZYWd_Z_SP,Y`^a£]LwÀxLYO_SPAT^L]RLwàx?ST^T^ZQNZ`]^P YZ_]PXL]VLMWP^TYNPZYPZQ_SP^P_bZ^Z`YO^X`^_LWbLd^NZXPL__SP PYOZQLXLY_]TN^PPO^dWWLMWPLYO_SPdL]PNZY^P\`PY_WdPcNP[_TZYLWWd ]PWPaLY_QZ] _SP]T_`LW BSTWPTYST^_]PL_T^PZY _SPQT]^__]TYT_dNZY^T^_ TYR ZQ _SP QT]^_ _S]PP ^Z`YO^ ZQ _SP LW[SLMP_ L T LYO ` ,MSTYLaLR`[_L ^[PLV^\`T_PL^LXP_L[Sd^TNTLYM`_bSPYSPRP_^_Z_SP_]TYT_dQZ]XPO Q]ZX _SP ^Z`YO^ wLx ,Y`^a£]L LYO AT^L]RL SP T^ aP]d X`NS _SP ]T_`LW TY_P][]P_P]LYOZQQP]^NZY_PX[WL_TaPTOPL^QZ]LN_`LWXLY_]L]PNT_L_TZY ?SP_bZ^Z`YO^À ,Y`^a£]L LYOà AT^L]RL L]P]PRL]OPOSP]PL^ _SP QTQ_PPY_S LYO ^Tc_PPY_S aZbPW^ ZQ _SP LW[SLMP_ LYO L[[PL] L^ wLÀx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L^_S£^dLOPVL]¼[P©LaL[`´£NPYXLSP²aL]Làgg XLSP²aL]L_aLÀ^LÀaT__aLÀ_LOL_dLV´dLORSL¶£OTaL_g [L]TNNSTYYL[]LV£²L_aLÀULL^dLVTWLWLV´L©LXgg UL£OTWLV´L©ZMZOSZdL_ZYL[L]TXÅdL_Pg _PYLMZOSLXLS£^TOSZ]`WW£^TYdLà^aL²LV_LdLàgg £²]LdLY_d¼]XLdLTaL^a£_XL^LÀRSL¶¶LNT_]L_£Xg ?LY_]£WZVLz 1Z] PcLX[WP SP OZP^ YZ_ [Ld LYd L__PY_TZY _Z _SP NZY^ZYLY_^ TY ?LY_]£WZVL TY _ST^ ]PRL]O
"#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
LYOwLàx4YQLN_,Y`^a£]LLYOAT^L]RLNLYYZ_MPPT_SP][]ZYZ`YNPOZ] b]T__PY bT_SZ`_LaZbPWMPTYRLOOPO1Z] ,MSTYLaLR`[_LSZbPaP]_SP TYNW`^TZY ZQ _SP wLx ^Z`YO SL^ L OPP[P] ^TRYTQTNLYNP ,Y`^a£]L LYO AT^L]RL ]P[]P^PY_ _SP LWWTYNW`^TaP YL_`]P ZQ _SP wLx ^Z`YO TY _SP [SP YZXPYLW bZ]WO TY _SP XZ^_ TXXPOTL_P bLd YLXPWd TY _SP _bZ NZX[WP XPY_L]d L^[PN_^ ZQ NZYNPY_]L_TZY LYO OTQQ`^TZY ?SP^P _S]PP ^Z`YO^ XLVP`[_SPXZ^_TX[Z]_LY_ XLY_]L TY6L^SXT]T±TaLT^X% LSLX w4x ?SP wLSLXx T^ _SP ^dXMZW ZQ _SP OdYLXT^X ZQ N]PL_TZY LYO TYOPPO _SP bSZWP NZ^XZ^ 4_^ UL[L z _SP ]P[P_T_TZY ZQ _SP XLY_]L ,3,¿ z T^ ]P RL]OPO L^ _SP MP^_ [Z^^TMWP bLd _Z Pc[P]TPYNP _SP TYPQQLMWP LYO _SP XLYTQP^_ OPT_d TY P\`LW XPL^`]P 4Y NZY_]L^_ _Z ^ZXP Z_SP] ?LY_]TN WLY R`LRP^[PN`WL_TZY^bSTNSZQ_PY^PPXPOaP]dQZ]NPO,3,8Xd^_TNT^X T^ NZYNPTaPO TY L aP]d ^_]TN_ XLYYP] OZbY _Z _SP WL^_ OP_LTW ,YO T_ SL^ _ZMP_ST^bLdMPNL`^P_SP]PNT_L_TZYZQ,3,¿T^TY_PYOPO_ZXLVP_SP NPY_]LW []TYNT[WP ZQ QLT_S ZQ _SP 6L^SXT]T OZN_]TYP ZQ _SP _]TYT_d _]TVL ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO% _SP TOPY_T_d ZQ RZO bZ]WO LYO S` XLY MPTYR 2ZOv^ w4x T^ ^TX`W_LYPZ`^Wd _SP NZ^XZ^ LYO _SP \`T_P TYOT aTO`LW 4 TY MZ_S _SP ^_L_P ZQ OPWTaP]LYNP LYO _SP ^_L_P ZQ YZY OPWTaP]LYNP ?SP ^ZWP OTQQP]PYNP MP_bPPY RZO LYO S`XLY MPTYR T^ _SL_ _SP S`XLY SL^ _PX[Z]L]TWd WZ^_ RZOv^ wbSZWPYP^^x ?SP wMPNZXTYR -SLT]LaLx []ZXZ_PO Md [STWZ^Z[Sd LYO TY_P]YLWTePO ]T_`LW LN_^ WTMP] L_P^ _SP PL]_SWd NZY^NTZ`^YP^^ LYO WPLO^ _SP S`XLY MPTYR `W_TXL_PWd MLNVTY_Z_SPwbSZWPYP^^xZQRZO ?SP ^TRYTQTNLYNP ZQ ,3,¿ L]T^P^ YZ_ ZYWd Q]ZX _SP ^PY^P ZQ _SP bZ]O M`_ LW^Z Q]ZX T_^ _S]PP TYOTaTO`LW [SZYP_TN [L]_^ 6L^SXT]T _]LOT _TZY TY_P][]P_^ _SP ,Y`^a£]L wLÀx L^ ]P[]P^PY_TYR _SP LM^ZW`_P WTRS_ ZQ PcT^_PYNP LY`__L]L[]LV£²L L_ _SP WPaPW ZQ O`LW PX[T]TNLW [P]NP[_TZY UÓPdLVLW£ ?SP WTRS_ ZQ _SP MTYO` ]P^TOP^ TY PaP]d TYNL]YL_PO ^Z`W ?SP]P _ST^ WTRS_ L[[PL]^ TY _S]PP OTQQP]PY_ QZ]X^ z L^ QT]P NZRYT_TaP ^`MUPN_ ^`Y XPOT`X ZQ ]PNZRYT_TZY LYO XZZY ]PNZRYTePO ZMUPN_ ?SP TYOTaTO`LW WTRS_ ZQ NZY^NTZ`^YP^^ T^ L ]P^_]TN_TZY ZQ _SP Z]TRTYLW WTXT_WP^^ WTRS_ ZQ PcT^_PYNP ?SP YL_`]P ZQ _SP MTYO` L^ WTRS_ T^ z U`^_ WTVP _SP ^`[]PXP WTRS_ z bT_SZ`_ LYd [L]_TN`WL] NZWZ] Z] LYd [L]_TN`WL] QZ]XYZ_]P^_]TN_POMd_SPXLYdaL]TPOQZ]X^ZQ_SPbZ]WO% w?SP ^`[]PXP WTRS_ ZQ PcT^_PYNP T^ YZ_ ]PWL_PO _Z _SP OTaP]^T_d ZQ _SP FTY _PY^T_TP^ LYO NZWZ]^HTY F_SPWTRS_HQ]ZX ^`Y XZZYFLYOQT]PHQZ]T_SL^YZ [L]_TN`WL]QZ]XLYONLYYZ_MPTOPY_TNLWbT_S_SL_x
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >PPLW^Z3L]aPd;,W[P]x?SP.Z^XZ^L^±TaLv^7LYR`LRP2LXPxTY,W[P] @YOP] ^_LYOTR8LY_]L^$z$[L]_TN`WL]TWd"#z# ?LY_]£WZVL P_^P\ ?LY_]£WZVL z SW£OL_LTV´©d£OTaLTNT_]dLÀ^T_L]LV_£OTVLÀNLdL_gg ^aLdLÀ_LYYT]L[PV´Zv^L`[]LV£²ZFR`]`]£SLNLHg?LY_]£WZVL
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"#
,__SPWPaPWZQO`LWT_d_SP,M^ZW`_P LY`__L]L TYT_^XZ^_NZYNPY_]L_PO QZ]X NLY LN_`LWWd ZYWd MP OPQTYPO `^TYR YPRL_TaP^ ?SP Z]TRTYLW LM`Y OLYNPLYOSZWT^_TNbSZWPYP^^ZQ_SPwLx,M^ZW`_PNSLYRP^TY_SPNZY_TY RPY_]PLWT_dTY_Z _SP[`]P_]LY^NPYOPYNdZQ _SPMTYO` BT_S _SPAT^L]RL _SP^T_`L_TZYT^[]PNT^PWd_SPZ[[Z^T_P 1Z] _SP ?]TVL _SP aZbPW wLàx T^ _SP XZ^_ ^LN]PO ^Z`YO ZQ _SP 8£_V£ ^TYNP T_ T^ NSL]LN_P]TePO Md TXXLYPYNP LYO ZaP]QWZbTYR LM`Y OLYNP% w?SP NZ^XTN NZ][Z]LW F6L`WTV¯ ±LV_TH LMZ`_ bSTNS bP ^[ZVP NZYNP]YTYR _SP ,M^ZW`_P LY`__L]L _ST^ bT^S _Z [Z`] T_^PWQ Z`_ X`^_ TYPaT_LMWd MP _]LY^X`_POTY_Z_SP^_L_PZQ_SP aT^L]RL MPNL`^PZQT_^OdYLXT^Xx !
4Y _SP AT^L]RL WTP^ _SP LN_`LW Xd^_P]d ZQ _SP ?]TVL MPNL`^P TY _ST^ ^Z`YOLYPY_PWPNSdT^]PLWTePObSTNSbL^LN_`LWWdLWbLd^[]P^PY_TY_SP ,M^ZW`_P ?SP N]PL_TaP L`_ZYZXd T^ ]PLWTePO SP]P bT_S T_^ WTXT_WP^^ [Z_PY_TLW2ZOv^`]RP_Z^_P[Z`_ZQSTX^PWQLYO_ZWZ^PSTX^PWQWPLO^_Z _SPWZ^^ZQST^^PWQNZY_LTYPONPY_]LW[ZTY_LYO_ZLMW`]]TYR ZQ_SPMZ] OP]^ ZQ TYOTaTO`LWT_d 2ZO RTaP^ `[ ST^ TYOTaTO`LWT_d LYO MPNZXP^ _SP bZ]WO z SP w^WTYR^ STX^PWQ Z`_ ZQ STX^PWQ TY_Z STX^PWQx 4Y _SP AT^L]RL _SP]P PcT^_^ ZYWd [`]P NPY_P]WP^^ OdYLXT^ 4Y _SP _SPZWZRTNLW ^PY^P AT^L]RL XPLY^ wN]PL_TZ NZY_TY`Lx bT_SZ`_ L NPY_P] LYO bT_SZ`_ L [P ]T[SP]d% wF-PTYRH TY _SP ^_L_P ZQ QWZbTYR FXPLY^H []ZUPN_TYR ZYP^PWQ Z`_ ZQ ZYP^PWQ TY_ZZYP^PWQx "
?SL_ XLd ^Z`YO NZX[WP_PWd [L]LOZcTNLW M`_ T_ ]PQWPN_^ L NPY_]LW LcTZX ZQ ,MSTYLaLR`[_Lv^ ^Z_P]TZWZRd 4Y _SP TY_PR]LW NZY^NTZ`^YP^^ ZQ _SP PYWTRS_PYPO [P]^ZY bSZ SL^ ]PLWTePO _SP NZ^XTN SZWT^_TN [P]NP[_TZY TY STX^PWQ_SPTYOTaTO`LWT^OT^^ZWaPOTY_SPNZ^XZ^LYO_SPNZ^XZ^TY_SP TYOTaTO`LW 4Y _ST^ ^_L_P ZQ LM^ZW`_P PcT^_PYNP OdYLXT^ LYO ^_L^T^ NZTY NTOP TY _SP LN_ ZQ wQWZbTYRx ?SP YZ_TZY ZQ ^`NS L WZ^^ ZQ MZ]OP]^ MP _bPPY_SPTY_P]TZ]LYO_SPPc_P]TZ]NZ]]P^[ZYO^_Z_LWWdbT_S_SPTOPLZQL OPT_d _SL_ w[Z`]^ T_^PWQ TY_Z _SP `YTaP]^Px WTVP LY Pc[WZ^TZY L^ bL^ OP aPWZ[POTY_SPTY_P][]P_L_TZYZQ_SPAT^L]RL^Z`YO>Z_SPAT^L]RLSL^L OPNT^TaPM]TORTYRQ`YN_TZY%TYT__SP^Z`WZQ _SP`YTaP]^P T^ _]LY^QZ]XPO TY_Z_SPTYOTaTO`LW^Z`WLYO_SPTYOTaTO`LW^Z`WT^_]LY^X`_POMLNVTY_Z _SP^Z`WZQ_SP`YTaP]^P ?ST^ XPLY^ _SL_ _SP AT^L]RL wLàx NZXP^ _SP NWZ^P^_ _Z L [SZYP_TN ]PLWTeL_TZY ZQ _SP SZWT^_TN OPT_d -SLT]LaL 0aPY _SP OTNSZ_ZXd ZQ wTY _P]YLW _Z _SP OPT_dxwPc_P]YLW _Z _SP OPT_dx U`^_ WTVP _SL_ ZQ w_]LY^NPY OPY_xwTXXLYPY_x bSTNS TX[WTNT_Wd NZOP_P]XTYP^ _SP TY_P]LN_TZY MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! L^d£Y_L]aT^T^V´£^L`d£[]ZV_£VL`WTVÅ[L]£gg ^LTaLV´ZMSLaL²£OP_TaT^L]R£_XLVL_£ÀOS]`aLXg?LY_]£WZVL ! " ^a£_XLYLà^a£_XLYT^a£_XLV´P[ZaLT^L]RTVÅ^_ST_Tàgg?LY_]£WZVL
"#!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
_bPPYRZOLYORZOOP^^T^NZX[WP_PWdOT^^ZWaPOTY-SLT]LaL?ST^NSL] LN_P]T^_TNZQ_SPAT^L]RLLW^Z^[]PLO^_Z_SP]PWL_PONZY^ZYLY_w3Lx?SP w3Lx NZY^ZYLY_ T^ ^PPY L^ L [SZYP_TN bTOPYTYR ZQ _SP L^[T]LY_ AT^L]RL LYO _SP]PQZ]P w3Lx T^ ]PRL]OPO _SPZWZRTNLWWd L^ LY PcZ_P]TN LYO PL]_SWd QZ]XZQ_SPAT^L]RL% w>ZYZbT_T^NP]_LTY%_SPAT^L]RLLWZYPT^_SP7Z]ObSZzFZaP]H^L_`]L_PO bT_S _SP [ZbP] QZ] MWT^^ z OPaZ`]^ LYO ^[T_^ Z`_ _SP `YTaP]^P _SL_ T^ TY FSTX^PWQH 4Q SP NZYOPY^P^ SP MPNZXP^ _SP u3,v ^Z`YO LYO _`]Y^ TY_Z LY TYQTYT_P OTaP]^T_d ZQ NZXMTYL_TZY^ L^ QL] L^ _SP u6³,v F_SP WL^_ NZY^ZYLY_ ZQ _SP ?LY_]TN LW[SLMP_ bSTNS ]P[]P^PY_^ _SP PYO ZQ _SP bZ]WOH ,YO T_ T^ WTVPbT^P _SP AT^L]RL _SL_ MPNZXP^ _SP TX[`W^TaP uYZYN]PL_POv ^Z`YO Y£OL bSTNS FXLYTQP^_^H T_^PWQ L^ LY L`OTMWP ^Z`YO aL]©L TY _SP LN_ ZQ WZaPbT_S_SP`_P]`^ZQ_SPRZOOP^^FTPH_SPPYaZdF(]T_`LWQPXLWP^Pc`LW [L]_YP]HzFYLXPWdu3,vHx #
?SP^Z`YOw3Lx T^ ]PRL]OPOL^ L^[ZY_LYPZ`^ ^Z`YO ^TRYLYOZQ NZ`]^P LY wTYMZ]Yx ZYP bT_S LWW _SP NSL]LN_P]T^_TN^ ZQ L YL_`]LW TYOPc 4_ aP] MLWTeP^_SP ^Z`YOZQM]PL_STYRLYO]PLNSP^T_^Sd[Z^_L^T^TY _SP ^[ZY_L YPZ`^ NLWW ZQ _SP ]T_`LW [L]_YP] O`]TYR Z]RL^X 5LdL]L_SL Pc[WLTY^ _ST^ ^Z`YOL^_SPNPY_]LW[SZYP_TN_SPZ[SLYdbSTNSTYQ`YN_TZYLW_P]X^NLY MP P\`L_PO bT_S _SP Xd^_TN L`OT_Z]d Pc[P]TPYNP^ ZQ _SP DZRTY^ _SL_ T^ _SPw`Y^_]`NV^Z`YO^x% w,YO LW_SZ`RS T_ SL^ ^`NS L QZ]X L_ _SP _TXP ZQ F^Pc`LWH [WPL^`]P T_ ]T^P^ Q]ZX _SP _S]ZL_ ZQ _SP ^L_T^QTPO WZaP] \`T_P Md T_^PWQ bSPY _SP OPWTRS_ TY SP] W`^_ ZaP]NZXP^ SP] LYO LWW ZMUPN_^ ZQ SP] _SZ`RS_ SLaP OT^^ZWaPO LYO XLYTQP^_^ T_^PWQ TY LY ZMaTZ`^ XLYYP] >Z LW_SZ`RS T_ T^ LWbLd^ []P^PY_ T_ ]P^TOP^ TY _SL_ [WLNP TY [L]_TN`WL] ,YO TY _ST^ bLd MPNL`^P ZQ _SP YZY []ZO`NPOYL_`]PFZQ_ST^^Z`YOHT_T^^`M^_LY_TLWTePOOP^[T_PT_^TXXL_P]TLW T_d TY _SP _S]ZL_ ZQ _SP WZaP] VTÀNTO`NNS¼YL_£[L__T LYO F_SPYH \`T_P NWPL]Wd]P^TOP^TY_SP^Z`YOu3£3£vbSTNST^bSdZYPNLYOPXZY^_]L_PT_ _SP]P L^ PX[T]TNLWWd [P]NPTaLMWP 1Z] _ST^ ]PL^ZY YZ_ ZYWd OZ _SP DZRTY^ []P^^QZ]bL]O_ZbL]O^T_M`_ PaP]dZYPNLY[P]NPTaPT_ ,YO^Z\`T_PTYNT OPY_LWWd_SPYL_`]PZQ_SP3L^Z`YO_ZZT^^TX[WdOPXZY^_]L_POzZYWdZb TYR _Z T_^ XL_P]TLW YL_`]P T_ T^ NWPL]P] bSTWP _SP Z_SP] ZYP F( _SP AT^L]RLH T^ Md NZY_]L^_ TXXL_P]TLW LYO _SP]PQZ]P YZ_ ^Z FNWPL]H -`_ _SL_ T^ _SP ZYWd OTQQP]PYNPx $
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ^L]a£©d PaL NL ^LÀaPOLY£YT aL^_`_Z vSLX T_T [L]LX£]_S£YT aTXL]²LXLd£Yd PaL g _LO PaLÀ ^_ST_LX z P_LOaT²aLXLY_Là^_ST_LX£YLYOL²LV_TMSL]T_Z aLXLY R]L^LX£YL²NL aT^ L]RL PaL [L]LXP²aL]Z RSLYMS¼dL SLV£]£_XL_£À []L_T[LOd£YLY_L^LÀdZRLaLTNT_]dP©L V´L]¼[L_£XL[dP_T g ^L PaLT´L O¼_d£_XLVL²£V_LdZYT^LÀRSL¶¶L^LX`NT_LaL]©£_XLVLV´Z MSL]¼[£Y£SL_LY£OLOL²£²]LdP©L FXLOSdLXL^L`´`XYL[LOZNNSLWL__L__LOLYLY_LMS£aL [L¶LW£_X£ aT^L]RZ aT²WT´dLY OS]`aLOS£XYT LY`__L]L[LOL PaL []LaT²L_TH g ;L]£_]¯²TV£ ATaL]L©L ZYaP]^P^ z#PO>TYRS!#z!$ $ PaLÀ]¼[L_aP u[T `[LMSZR£aL^L]P ]L_T^L`VSdL^LX£aP²LaLTaL²dPYL aTRLWT_LaPOd£Y_Là VL]L©L_a£_ YT]L^_LaLTVLWd£d£à V£Y_£d£à VL©¶S£Y_Là ^aL]L^L_L PaL `OdL_ LMSTadLUdLX£YLX L_LPaL ^L_L_ZOT_L_aP u[T _L_V£WLX L^dL aT²P´P©£aL^_S£YLX g PaLÀ NL aT^L]RL]¼[L^dL LY£SL_L]¼[L_a£_ ^L`V´XdP u[T V£Y_£VL©¶S£Y_Là VTÀNTO`NNS¼
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"#"
1Z] ,MSTYLaLR`[_L LYO 5LdL]L_SL _SP LW[SLMP_ ^[PN`WL_TZY^ L]P YZ_ ZYWd _SPZWZRTNLW _]`_S^ z _SPd LW^Z OZN`XPY_ ^[PNTQTN Pc[P]TPYNP^ _SL_ NLYMPRLTYPO_S]Z`RS]PWTRTZ`^[]LN_TNP,MSTYLaLR`[_Lv^Pc[WLYL_TZY^ ZQ _SP wYL_`]LW XLY_]Lx ,3,¿ LSLX ( w4x L]P _Z MP _LVPY TY _ST^ WTRS_ ,W_SZ`RS LSLX T^ L NZYaPY_TZYLW bZ]O TY _SP >LY^V]T_ WLYR`LRP ,MSTYLaLR`[_L L^N]TMP^ _Z T_ L aP]d ^[PNTLW 8LY_]L [Z_PYNd ML^PO ZY _SP YZ_TZY _SL_ _SP _S]PP XZ^_ ^LN]PO ^Z`YO^ ZQ _SP Xd^_TN LW[SLMP_ LWW ZNN`] TY T_% L S à X À .ZY_TY`LW ]P[P_T_TZY ZQ wLSLXx TY NZY_PX [WL_TaP 5L[L ]PNT_L_TZY YPNP^^L]TWd NL`^P^ _SP MPRTYYTYR _Z MPNZXP _SP PYOLYO_SPPYO_ZMPNZXP_SPMPRTYYTYR% w>TYNP _SP]P T^ YZ OTQQP]PYNP Q]ZX ZYPv^ ZbY PcT^_PYNP TY T_^ ZaP]QTWWPO PcT^_PYNP _ST^ AT^L]RL ]PXLTY^ TY NZY^_LY_ QWZb LYO TXXPOTL_PWd MPNZXP^ _SP 3L ^_LRP 4Y ]PLWT_d _ST^ _]LY^QZ]XL_TZY TY_Z _SP 3L ^_LRP T^ _SP PcT^ _PYNP ZQ _SP TYY`XP]LMWP _L__aL^ Q]ZX u6Lv ZYbL]O^ L^ L ^d^_PX& LYO MP NL`^P _SP 3L6LW£ TY T_^ _`]Y PY_P]^ _SP MTYO` T_ PYO^ L_ _SP WPaPW ZQ _SP ,M^ZW`_P >Z bSL_ bP SLaP SP]P T^ ZYWd _SP ZYP ^TYRWP YZYO`LW [P]QPN_ u2P^_LW_v ZQ _SP bSZWP _SL_ T^ _SP YL_`]P ZQ _SP PcLW_PO RZOOP^^ ;L]£ L^ NZX[WP_P FNZ^XTNH LbL]PYP^^ LYO Q`WWYP^^ 3P]P _SP]P L]P YZ ^P\`PYNP^ F^ZHT_NLWW^T_^PWQMZ_Su,3,8vLYO_SP]PaP]^POQZ]Xu8,3,vF,YOdP_H OP^[T_P_ST^OZ`MWPQZ]XTY]PLWT_dT_T^ZYWdZYP^TYRWP[P]NP[_TZYx !
?SP NZX[WP_P NZ^XZR]LX _SL_ T^ STOOPY bT_STY _SP bZ]O ,3,8 NLY _S`^MP]P[]P^PY_POL^QZWWZb^% ,
wLM^ZW`_PYP^^x
[Z_PY_TLWT_dbZ]WOTYaT]_`LWQZ]XTYRZO
3L
wQWZbTYRx
N]PL_TZY RZO ]PWPL^P^ ST^ TY_P]TZ] TY_Z _SP Z`_^TOP bZ]WO LYO ^WTYR^ _SP `YTaP]^P Z`_ ZQ STX^PWQ
8L
wQZN`^TYRx
PX[T]TNLW4]PLWT_d_SP[SPYZXPYLWbZ]WO
3L
wQWZbTYRx
OP^_]`N_TZYRZO]PWPL^P^_SPbZ]WOMdOPaZ`] TYRT_LRLTY
,
wLM^ZW`_PYP^^x
[Z_PY_TLWT_dbZ]WOTYaT]_`LWQZ]XTYRZO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ YL_£[L__d£ uS£S£v T_T ^[S`¶LX LaL^_S£YLX dPY£^dL P_LO `[LWLMSdLX£YLÀ YT OL]²LY¯V_LÀ _PYL YL dZRTX£_]LRLXdLX PaLT_LO L[T_` ^L]aLT] L[T `[LWMSdL_L T_T MS£aLà g L_L² NL LYPYLTaL SLV£]L^d£[T []L^L«R£_ ^aL]¼[LÀ YT]OT´¶LÀ VTÀ_` _L^dL ^_SL`Wd£_z ^[S`¶L_aP uY£aL^_S£YLXL^dL_`^L`V´Xd£_YL_L_S£T_TTd£YPaLaT²P´Là mgg5LdL]L_SLNZXXPY_L]dZY?LY_]£WZVL " ! ^L PaL aT^L]RLà ^aL^L__£YLY_L]¯dLVL_LdLTaL _L_SLTa£_TMSL]T_Ld£ ^L__Ld£ []L^L]LY O]£RT_dPaLSLVLW£XLdLà ^LÀ[LOdL_PSLVLW£XLdL_£^LÀ[L__T]PaLaL^_`_LàV£OT^L__£ YLY_L_L__aLU£WL^_ST_Tà SLVLWLTaL NL [`YL] L[T MTYO£aLY`[]LaT²LY_d LY`__L]L[LOL PaL [L]dLaL^dL_T z 4_d PVLTa£OaLdL[L]T[¼]©L]¼[£ ^LÀaPOLYL^L__£ MSL¶¶£]TVPdLÀ [L]£ MSLRLaL_¯ [L]LXP²aL]¯ YL _a L_]L V]LX£OTdZRLà VL²NT_ _LO P_LO `NdL_P uLSLX T_Tv aT[L]dLdP _` ^LÀS_L` uXLSLLv T_T OaLTOSLX L[T NL TdLX PVLTaL aL^_`_Là ^LÀaT_ g ;L]£_]¯²TV£ATaL]L©L ZYaP]^P^ z#PO>TYRS!"
"##
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SP WLYR`LRP ^[PN`WL_TZY^ LMZ`_ _SP bZ]O wLSLXx w4x ^SZb NWPL]Wd SZb_SPw4NZYNP[_xZQ6L^SXT]T±LTaT^XT^OTQQP]PY_Q]ZX_SPBP^_P]Y 4NZYNP[_ LYO LW^Z Q]ZX _SP 4NZYNP[_ ZQ _SP APO£Y_L ?SP w4x Z] _SP £_XLY ZQ _SP APO£Y_L T^ YZYO`LW ZbTYR _Z T_^ _]LY^NPYOPYNd& _SP w4x LSLX ZQ 6L^SXT]T±TaLT^X T^ YZYO`LW ZbTYR _Z T_^ ^PWQ]PQP]PYNP bSTNS T^ ^Z ]LOTNLW _SL_ _ST^ 4 ^Ld^ ZQ T_^PWQ% w4 LX _SP NZ^XZ^x ?SP ]PLWTePO4ZQ-SLT]LaLT^^ZWTMP]L_PO_SL__ST^^_L_PXPY_RZP^QL]MPdZYO L XP]P ^ZWT[^T^X ,MSTYLaLR`[_Lv^ 4 T^ YZ_ ZYWd Xd N`]]PY_ 4 M`_ LWW [Z^^TMWPPcT^_PYNP^L]PLW]PLOd[Z_PY_TLWWd[]P^PY_TYXd4 BSTWP_SPNZ^XTNWLYR`LRPL^LSZWT^_TNaT^TZYPc[]P^^P^_SPTYQTYT_P [W`]LWT_d ZQ LWW [Z^^TMWP PcT^_PYNP^ ^TX`W_LYPZ`^Wd _SL_ bSTNS ]PQP]^ ^ZWPWd _Z L WZNLW LYO LN_`LW w4x NLY ZYWd Pc[]P^^ T_^PWQ TY L WZNLW LYO LN_`LW QZ]X ZQ WLYR`LRP 4Y _SP _]LY^T_TZY Q]ZX _SP NZ^XTN _Z _SP TYOT aTO`LW Q]ZX _SP YZYO`LW _Z _SP O`LW WLYR`LRP LW^Z ]PO`NP^ T_^PWQ 4_ NSLYRP^ Q]ZX `YTaP]^LW TYQZ]XL_TZY TY _SP QZ]X ZQ ^Z`YO Pc[]P^^TZY TY_Z L NZYaPY_TZYLW WTYR`T^_TN ^d^_PX XLOP `[ ZQ XP^^LRP^ LYO ^TRY^ /P^[T_P _ST^ ,MSTYLaLR`[_Lv^ ML^TN P[T^_PXZWZRTNLW LcTZX ]PXLTY^ aLWTO% bT_SZ`_ ]PNZRYT_TZY ZQ _SP bSZWP _SP]P T^ YZ ]PNZRYT_TZY ZQ _SP [L]_^?SPNZ^XTNWLYR`LRPT^_SP^Z`]NPZQXPLYTYRQ`WWYP^^TYPaP]d [Z^^TMWP WTYR`T^_TN ^d^_PX YZ XL__P] bSP_SP] bP L]P LbL]P ZQ _ST^ Z] YZ_
#
?SP1Z`]7PaPW^ZQ7LYR`LRP
?SPMZ`YOL]TP^ZQ4SLaPYZ_dP_MPPY^P_ZY_SPWPaPWZQ_SPw^`[]PXPx Z]NZ^XTNWLYR`LRP [L]£a£N L_LWW% w?SP FNZ^XTN WLYR`LRPHYPaP]^SZb^T_^PWQ_ZMPLYd_STYR PcNP[_TOPY_TNLW _Z _SP FYZYZMUPN_TaTePOH SZWT^_TN LbL]PYP^^ ^LÀaTO ZQ _SP TYOTaTO`LW ^`MUPN_^x !
1Z]_SPOP^N]T[_TZYZQ_SP_]LY^T_TZYQ]ZX_SPLWWPYNZX[L^^TYRNZ^XTN4 ,3,8 _Z L MZ`YOPO WTXT_PO 4 LSLX bSTNS T^ U`c_L[Z^PO bT_S _SP PcNW`OPO ?SL_ ,MSTYLaLR`[_L _LVP^ ]PNZ`]^P _Z -SL]_SL]Tv^ _S]PP WPa PW^ ZQ WLYR`LRP% [L²dLY_¯ XLOSdLX£ LYO aLTVSL]¯ 3P TYNZ][Z]L_P^ _SP^P_S]PPWPaPW^TY_ZST^ZbY^d^_PXM`_TY_P][]P_^_SPXOTQQP]PY_Wd% w9ZTYOTaTO`L_TZYPcT^_^FL__SPWPaPWZQ_SP.Z^XTN7LYR`LRPHzFYZ^ZWPH u_SL_vF^ZWPHu^ZvF^ZWPHuSP]PvZ]F^ZWPHuYZbv1]ZXF_SPT]LN_`LWZ]TRTYLWH QZ]X Q]ZX bSTNS _SP Fu,3,8vH _SP ^`[]PXP XLY_]L T^ N]PL_PO OZbY _Z _SP ALTVSL] bSTNS FYZb ZYWdH M]TYR^ TY TYOTaTO`L_PO RTaPY OP_LTW^ MS£aLMSPOL TY_Z _SP F^`MUPN_TaPH []P^PYNP z T_ LWbLd^ _LVP^ PQQPN_ L^ TY _`T_TZY NLXL_V_T `YT\`P LYO LXLeTYR bSTNS ZYWd PcT^_^ TY ZYPv^ ZbY
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^LTaL NL ^LVLWL[]LX£_^LÀaTOLOaLdLXLd¯ ^L_L_LXPaL aL]_LX£YL]¼[£ g ;L]£_]¯²TV£ATaL]L©L ZYaP]^PPO>TYRS
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"#$
^PWQ F^TYNP ZYWd ZYPv^ ZbY ^PWQH NLY N]PL_P F`YNZYOT_TZYLWH []P^PYNP []LV£²LYL x !
>Z _SP ^Z_P]TZWZRTNLWWd ]PWPaLY_ ]PNZRYT_TZY w4Y Xd 4 T^ _SP bSZWP NZ^ XZ^x T^ ]PQWPN_PO TY _SP _SPZ]d ZQ WLYR`LRP WPaPW^ _ZZ ,MST YLaLR`[_Lv^ YPb TY_P][]P_L_TZY WTP^ TY _SP YZ_TZY _SL_ _SP WLYR`LRP bSZWP ]PXLTY^ TY_LN_ TY MZ_S _SP WLYR`LRP _SL_ T^ _SZ`RS_ LYO _SP WLY R`LRP_SL_T^^[ZVPYLYO_SL_`YWTVP-SL]_SL]TSPOZP^YZ_WZNL_P_ST^ WLYR`LRPbSZWP TY L [`]PWd ^`[]LTYOTaTO`LW _]LY^NPYOPYNd M`_ TY _SP ^[PNTQTN 4 ZQ PLNS LYO PaP]dZYP 4Y -SL]_SL]Tv^ aTPb L RPY`TYP XP_L XZ][SZ^T^_LVP^[WLNP%_SPNZXX`YTNL_TaPQZ`YOL_TZY ZQLWWXPLYTYRT^ YZWZYRP]LNNP^^TMWPL_LWWZY_SPWPaPWZQ`^[ZZ]bZ]X^zbPZYWdSLaP ^dXMZW^LYO^TRY^QZ]T_^`NSL^:¿,MSTYLaLR`[_Lv^w4xMdNZY_]L^_ T^T_^PWQLYPY_T_d_SL_[]ZaTOP^XPLYTYR4Y_ST^PcT^_PY_TLWT^_TY_P][]P_L _TZYZYPv^ZbY4PYNZX[L^^P^LWW_SPWLYR`LRPWPaPW^bT_STYT_^PWQ?SP TY_PR]LW aT^TZY ZQ _SP bZ]WObSZWP _SP NZ^XTN WLYR`LRP ZQ _SP w4x []Z[LRL_P^ T_^PWQ TY_Z _SP U`ORXPY_ w?SL_ T^ _SL_x ?SP w4x T^ _SP TYQT YT_P L]PL ZQ [Z^^TMTWT_TP^ bSTNS LW]PLOd NZY_LTY^ TY L aT]_`LW XLYYP] PaP]dNZYNPTaLMWPw_SL_x% wBSPY _SP TYOTaTO`LW F_SL_PY_T_TP^H ^_L]_ _Z _S]PLO _SPX^PWaP^ _ZRP_SP] TY _SP;L²dLY_FWTVP_SP[PL]W^ZYL^_]TYRHLYObSPY_SPdF^_L]_H_ZL[[PL]TY _SP8LOSdLX£FLWW_ST^SL[[PY^HTY]PLWT_dbT_STYF_SP4Hu,3,8vz_ST^ bZYOP]Q`W TY_`T_TZY NLXL_V_T z _LVP^ PQQPN_ L^ _SP _Z_LW FZQ LWW [Z^^TMWPH ^`RRP^_TZY^FLYON]PL_P^HLWW[Z^^TMWPTYYP]`YTaP]^P^L^_SL_PY_T_TP^FZQT_^ ZbY4PY_T_dHx !
4Y -SL]_SL]Tv^ NL^P _SP TYOTaTO`LW WLYR`LRP WPaPW^ XL]VPO _SP bLd Q]ZX _SP SZXZRPYPZ`^ NZX[LN_ bZ]OTOPL ;L²dLY_Å WPaPW aTL _SP bZ]O_SL_T^_SZ`RS_8LOSdLX£WPaPW_Z_SPbZ]O_SL_T^LN_`LWWd^[Z VPY ALTVSL]Å WPaPW ?SP 6L^SXT]T [STWZ^Z[SP] T^ _STYVTYR ZQ _SP^P WLYR`LRP WPaPW^ TY L NZX[WP_PWd OTQQP]PY_ bLd _SLY ST^ R]PL_ []POPNP^ ^Z] MPNL`^P SP SL^ WZNLWTePO _SP bSZWP TY _SP 4 ,NNZ]OTYR _Z ,MST YLaLR`[_L _SP ZYWd OTQQP]PYNP MP_bPPY _SP WLYR`LRP WPaPW^ WTP^ TY _SP R]LO`LW OTQQP]PY_TL_TZY ZQ XP^^LRP LYO ^TRY ?SP WPaPW ZQ ;L²dLY_Å T^ bSP]P _SP XP]P [P]NP[_TZY ZQ [SPYZXPYL PT_SP] [P]NPTaPO Md _SP ^PY^P^ Z] ]PXPXMP]PO _LVP^ [WLNP bT_SZ`_ WLMPWTYR _SPX >Z YPT_SP] XP^^LRP YZ] ^TRY NLY MP OP_P]XTYPO 4Y _SP [`]P TX[]P^^TZY _SP]P T^ L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! _L_]L NL TOLX PaLX L_]L ¯O£Y¯X z T_d£OTMSPOLVLWLY£ YL V£NT_ _L_L PaL NL [L]LXL S£XLY_]LaT^´¶T]¼[£d££]LMSdLaLTVSL][]L^_LMS£aLMSPOL[]LV£²L[L]dLY_LÀdL_TdLÀ ^aLNLXL_V_TXLd ^a£_XLYdPaL []LV£²LYLXLdP aT²]LXdL ^[S`]L_T F_LOPaLÀ ^[S`]T _LX LaTNNSTYYL_£[L]LX£]_SLX wLSLXx T_TH g ;L]£_]¯²TV£ATaL]L©L ZY aP]^P PO >TYRS ! _LYXLOSdL PaL _` [L²dLY_d£À dL_]L MSPO£À²L^d£^¼_]L©LÀ dL_]L NL XLOSdLX£d£À MSPO£aLMS£^Là _L_]L `MSLdL_]L UÓ£YLV]Td£²LV_TXLdP ]¼[P ^LO£²TaP²aL]L^£]P ^LTaL wLSLXxT_TNLXL_V_TàLY_LàV_£YLY_LaT²aPOLY_£NLXL_V_T[¼]©La__Tà g ;L]£_]¯²TV£ ATaL]L©L ZYaP]^PPO>TYRS
"$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
dP_ YZ OTQQP]PYNP MP_bPPY _SP _bZ MPNL`^P _SP NZY_PY_^ L]P TXXPOT L_PWd []P^PY_ LYO QLN_`LWWd Pc[P]TPYNPO L^ L RTaPY ^PY^Z]d Z] XPXZ]d TXLRP M`_ TY LY uL_SPXL_TNv XLYYP] ,MSTYLaLR`[_L `^P^ _SP PcLX[WP ZQL[PLNZNVv^_LTW%TQ4_LVPLbLWVTYL[L]VLYO^PPL[PLNZNVbT_SST^ MPL`_TQ`W^STYTYR_LTW4^PP_SP_LTWTYLWWT_^R]LYONZWZ]bT_SZ`_XPY _LWWd ^P[L]L_TYR _SP TYOTaTO`LW NZWZ]^ Q]ZX ZYP LYZ_SP] ,YO T_ T^ ZYWd _ST^ ZaP]LWW TX[]P^^TZY _SL_ ]PXLTY^ TY Xd XPXZ]d :YWd ZY _SP 8LOSdLX£ WPaPW OZP^ L OTQQP]PYNP L[[PL] MP_bPPY XP^^LRP LYO ^TRY 4 LWWZNL_P_SPTX[]P^^TZY_Z_SPbZ]O^w[PLNZNVv^_LTWxLYOOP_P]XTYP_SP NZWZ]^ 4 SLaP ^PPY _Z MP wR]PPYx wMW`Px P_N TY Z]OP] _Z NZXX`YTNL_P _SPXZY_SPWPaPWZQLN_`LW^[PLVTYR ALTVSL]Å
#
?SP,`OTMWP;PLNZNVv^?LTW
?SP PcLX[WP ZQ _SP [PLNZNVv^ _LTW bL^ L NWPaP] NSZTNP Md _SP X`^TN WZaP] ,MSTYLaLR`[_L 4_ XLVP^ T_ NWPL] _SL_ L_ _SP WPaPW ZQ OT^N`]^TaP WLYR`LRP _SP]P T^ LWbLd^ L WZ^^ z `W_TXL_PWd T_ T^ YPaP] [Z^^TMWP _Z OP ^N]TMP _SP ZaP]LWW NZWZ] TX[]P^^TZY YZ XL__P] SZb [LTY^_LVTYR _SP LYLWd^T^ 4Y PaP]dOLd ^[PPNS T_ T^ ^_TWW _SP ^dX[L_SP_TN LYO [L]_TNT[L_Z]d XP OT`X w^Z`YOx _SL_ NL]]TP^ NZXX`YTNL_TZY M`_ _SP ^Z`YO w[PLNZNVv^ _LTWx T^ ZYWd L ^TRY WL_P] ^`[P]TX[Z^PO ZY _SP [PLNZNVv^ _LTW L^ [P] NPTaPOMd_SP^PY^P^?SP^Z`YOZQL[PLNZNVv^_LTWOZP^YZ_^Z`YOWTVP w[PLNZNVv^ _LTWx LYO YPT_SP] OZP^ _SP ^Z`YO ZQ _SP bZ]O^ _]TRRP] _SP ^PY^Z]d TX[]P^^TZY ZQ [PLNZNVv^ _LTW _Z ^ZXP ZYP bSZ OZP^ YZ_ `YOP] ^_LYO 0YRWT^S ?SP ^Z`YO^ L]P Z]RLYTePO LNNZ]OTYR _Z [`]PWd WTYR`T^_TN N]T_P]TL LYO YZ WZYRP] NZY_LTY LYd LP^_SP_TN ^PY^Z]d \`LWT_d 4Y ,MST YLaLR`[_Lv^bZ]O^_SPdL]PwSL]^SLYO`YL__]LN_TaPx ! -`_ bSPY WLYR`LRP L[[PL]^ TY _SP QZ]X ZQ L ]PNT_PO aP]^P T_^ NSL] LN_P] NSLYRP^ 4_ MPNZXP^ XZ]P TXXPOTL_P LYO N]PL_P^ XZZO^ LYO ^[ZY_LYPZ`^PXZ_TZYLW]PLN_TZY^4_XLVP^[Z^^TMWPL^_L_PZQLM^Z][_TZY _LYXLdÅMS£aL ,MSTYLaLR`[_L _SP]PQZ]P YZ WZYRP] LWWZNL_P^ ]Sd_SXT NLWWd Z]RLYTePO WLYR`LRP _Z _SP ALTVSL]Å WPaPW M`_ _Z _SP 8LOSdLX£ 8P^^LRP LYO ^TRY MPRTY _Z NZTYNTOP ZY _ST^ WPaPW -SL]_SL]T SLO LWWZ NL_PO _ST^ WPaPW _Z _SP bZ]O _SL_ bL^ XP]PWd _SZ`RS_ YZ_ _SP bZ]O _SL_ bL^ ^[ZVPY ,MSTYLaLR`[_L _SP AÅ©£[WLdTYR 6L^SXT]T _LVP^ ST^ PcP RP^T^ZQ _SP WPaPW^ZQWLYR`LRPTYL_Z_LWWdOTQQP]PY_OT]PN_TZY 1Z]STX PaP]d ^Z`YO_SL_ T^YZ_Z]RLYTePOLWZYRWTYR`T^_TN WTYP^M`_MdX`^TNLW N]T_P]TL T^ L 8LOSdLX£ ^Z`YO 3P RTaP^ O]`X^ L^ LY PcLX[WP L_ _ST^ WLYR`LRP WPaPW ?SP TYOTaTO`LW O]`XMPL_^ L]P ^SZ]_WTaPO ^Z`YO PaPY_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?LY_]£WZVL
,MSTYLaLR`[_Lz7LYR`LRPL^=PQWPN_PO;]P^PYNP
"$
_SL_ NLY PL^TWd MP OTQQP]PY_TL_PO M`_ _SPd ^_TWW PcT^_ _ZRP_SP] TY L bLd _SL_XLVP^^PY^PX`^TNLWWd 1Z] ,MSTYLaLR`[_L [`]P X`^TN z L NZX[WP_P X`^TNLW QLM]TN z MP WZYR^ bT_STY _SP ;L²dLY_Å 3P]P _SP]P L]P ZYWd w^Z`YO bLaP^ Y£OL QTWWPOMd_ZYP^_SL_L]PbZaPY_ZRP_SP]x ! ?SPWLYR`LRPZQ_SPX`^TNLW _ZYP^TYLXPWZOd[Z^^P^^P^_SP\`LWT_dZQw^bPP_YP^^xLYOM]TYR^SL[ [TYP^^ LYO MWT^^ >Z XPWZOTP^ L]P LW^Z wWLYR`LRPx a£N 3P]P ^TRY LYO XP^^LRPNZTYNTOPNZX[WP_PWd?ST^T^bSd_ST^ WLYR`LRP^PPX^w^bPP_x z TY NZY_]L^_ _Z _SP w]Z`RSx LYO `YL__]LN_TaP ^[ZVPY WLYR`LRP >ZXP _STYR T^ NZXX`YTNL_PO LW_SZ`RS _ST^ ^ZXP_STYR T^ YZ_ L ^_L_PXPY_ M`_ [`]P^bPP_YP^^LYO_ST^^bPP_YP^^NLY_LVPSZWOZQS`XLYMPTYR^PaPY _LVTYR_SPXL^QL]L^_Z_LW LM^Z][_TZY ,__SPWPaPWZQX`^TN_SP]PT^YZ bLd _Z ZMUPN_TaTeP NZY_PY_^ :Q LWW _SP QZ]X^ ZQ WLYR`LRP X`^TN T^ _SP ZYP_SL_T^NWZ^P^__Z_SP`YTaP]^LWNZ^XTNWLYR`LRP% w?SP[`]P^Z`YOWLYR`LRPFZQX`^TNHT^^_TWWaP]dNWZ^P_Z_SP[P]NP[_TZYZQ _SP bSZWP ^LÀaTO ,YO MPNL`^P T_ T^ ^Z ^TXTWL] _Z T_ _SP LM^Z][_TZY _S]Z`RS _SP ^Z`YO^ TY _SP WT^_PYP] _LYXLd¯MS¼_T NLY _LVP TXXPOTL_P PQ QPN_x !!
4_^PPX^_SL_QZ],MSTYLaLR`[_LT_T^YZ_[Z^^TMWP_ZXLVPLYdOPNT^TaP ^_L_PXPY_^ LMZ`_ _SP `YTaP]^P `^TYR ^PXLY_TN WLYR`LRP L_ LWW ,_ MP^_ ^PXLY_TN WLYR`LRP SL^ L ]PTQdTYR PQQPN_ TY aTPb ZQ _SP X`NS XZ]P RPY P]LWLYOXZ]P^dX[L_SP_TN NZY_PY_^ _SL_L]PNZXX`YTNL_POZY_SPWPaPW ZQ [`]P ^Z`YO 3P _SP]PQZ]P NZYNPTaP^ ZQ ST^ _Z_LW [STWZ^Z[Sd ^_L]_TYR `W_TXL_PWd Q]ZX _SP L`OTMWP >Z`YO^ _SL_ OZ YZ_ NZXX`YTNL_P LYd_STYR ^TX[WdOZYZ_PcT^_% w0aPY L YZYWTYR`T^_TN ^Z`YO bSTNS MPNZXP^ L`OTMWP TY _SP ^Z`YO ZQ L O]`X Z] FTY _SP ]`^STYR ZQ _SPH ^PL NLY NP]_LTYWd M]TYR LMZ`_ [WPL^LY_ Z] [LTYQ`WF^_L_P^HzbSL_Z_SP]LOOT_TZYLWQ`YN_TZY^SZ`WOZYPOPXLYO*x !"
?SP ^_]ZYRP] _SP ^`[P]TX[Z^T_TZY ZQ _SP ^PXLY_TN^ ZY ^Z`YO _SP XZ]P _SP^Z`YOWZ^P^T_^^[ZY_LYPZ`^Pc[]P^^TaT_dLYOT_^TXXPOTL_P[ZbP]ZQ [L]_TNT[L_TZY £^LV_T M`_ LW^Z _SP XZ]P OPQTYT_P LYO ^[PNTQTN _SP ^_L_P XPY_ 4Y ^[T_P ZQ _ST^ bP L]P `W_TXL_PWd OPLWTYR SP]P bT_S ZYP LYO _SP ^LXPXPOT`XZQWLYR`LRP1Z]XPTYXdPaP]dOLdbZ]WO_SPOLTWd_]T[ _Z_SPMLVP]v^_ZQP_NSQ]P^S]ZWW^bZ`WOMP[]P__dOTQQTN`W_TQ4bL^ZYWd TY L [Z^T_TZY _Z []ZO`NP XPWZOTP^ QTWWPO bT_S WZYRTYR Z] TYL]_TN`WL_P R]`Y_^_ZPc[]P^^bSL_4bLY_PO?SP_L^VMPNZXP^aP]dX`NSPL^TP]TQ4 LX LMWP _Z ^[PNTQd `YP\`TaZNLWWd _SP ZMUPN_ ZQ Xd OP^T]P _S]Z`RS _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?LY_]£WZVL " !! _LOL^d£ÀY£OL]¼[£d£À^LÀaT_^LaTOSLa__T_Làgg ^£U£_d£__LYXLdÅMS¼_T]USLRT_dPaZ[LWLMSdL_Pg?LY_]£WZVL $ !" X£_V£_T]PVdL[TLadLV_Là²LMOZvY`[LdZR£YYL^LÀRS¯_LàT_dL[d`[Ld`V_LXLadLV_L aL]©L]¼[L^d£[T XL`]LUL^£X`O]£OTOSaLYT_L^dL SW£OL[L]T_£[LV£]T_aLXL[T L^_dPaL z T_T VZvYdZvMSTXL_L`[LdZRLàg ;L]£_]¯²TV£ATaL]L©L ZYaP]^P^ z#PO>TYRS!
"$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
[SZYP_TN^Z`YONSLTYwM]PO]ZW^x-`_ZQNZ`]^PXLYOZP^YZ_WTaP ZYM]PLO]ZWW^LWZYPLYO,MSTYLaLR`[_L !#_SP±LTaT_PPc[P]_ZY]PWTRTZY LYO_SPZ]P_TNTLYZQLP^_SP_TN^bL^bPWWLbL]PZQ_ST^% w4Y _ST^ bLd _SP N]PL_TaP [ZbP] ZQ _SP RZO Z[P]L_P^ PaP]dbSP]P LYO QZ] _ST^ ]PL^ZY _ST^ bSZWP F`YTaP]^PH T^ NZ\`P_]d aTMS]LXL ZQ _SP MWT^^ ]L^L uQWLaZ]v?ST^XLVP^_SPSPL]_QW`__P]bSPYZYPWT^_PY^_Z^bPP_^TYRTYRZ] QPPW^ ^LYOLWbZZO FZY _SP ^VTYH LYO T_ F( _SP ^PY^L_TZYH XPW_^ LbLd LWW TY OTQQP]PYNP z []PNT^PWd _ST^ T^ _SP NL[LMTWT_d ZQ MWT^^ bSTNS XLVP^ S`XLY MPTYR^WZaPL]_ ^LSOLdL x !$
$
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW ?]LOT_TZY^
,MSTYLaLR`[_Lv^ YZ_TZY ZQ ^Z`YO L^ ^[ZY_LYPZ`^ WLYR`LRP YZ_ YPPOTYR L_]LY^WL_TZY bL^SL]OWdMZ]YTY _SP TaZ]d _ZbP]ZQL 8L©LYLYZ]`Y OP] L MZOST _]PP 4Y^_PLO T_ bL^ ML^PO ZY _SP ]PWTRTZ`^ []LN_TNP LW]PLOd PcT^_TYRL__SP_TXP?SPPN^_L_TNMWT^^Q`WLM^Z][_TZY_SL__SP6L^SXT]Tv^ WZQ_d [STWZ^Z[STNLW TOPL^ ^Z[ST^_TNL_POWd []ZX`WRL_P ]PL[[PL]^ TY N`W _`]LW [P]QZ]XLYNP^ ZQ PaP]dOLd ]PWTRTZY TY _SP XZ^_ YL_`]LW NZ][Z]LW LYO ^PY^`Z`^ bLd^ 8`^TN XL]V^ _SP XZXPY_ TY _SP _PX[WP WT_`]Rd bSPY _SP ]T_`LW bZ]^ST[ ZQ _SP OPT_d _`]Y^ TY_Z L ^_L_P ZQ MPTYR _]`Wd LQQPN_PO Md _SP OPT_d >Z`YO T^ _SP XZ^_ [L]_TNT[L_Z]d XPOT`X LYO bSPYPaP] bP L]P NZYNP]YPO bT_S TOPY_TQTNL_TZY XZZO LYO L_XZ^[SP]P X`^TNT^_SPMP^_XPLY^ZQM]TYRTYRLMZ`_^`NSPXZ_TZYLW[L]_TNT[L_TZY ,W_SZ`RS_SP^TYRTYRZQSdXY^ ^_Z_]L T^LYP^^PY_TLW[L]_ZQ_SP_PX[WP ]T_P T_ T^ ZQ L \`T_P OTQQP]PY_ YL_`]P _SLY ]T_P^ ^`NS L^ ML_STYR _SP RZO OP^^TYXTWVLYOSZYPdZ][Z`]TYR]TNP[`OOTYRZaP]SP]SPLOzLaP]d NZXXZY bLd _Z SZYZ] _SP _PX[WP OPT_TP^ TY >Z`_SP]Y 4YOTL BSTWP T_ T^ _SP[]TP^_^ bSZ[P]QZ]X_SP^PNP]PXZYTLWML_S^ L^L ]`WP T_ T^_SPTYOT aTO`LW aT^T_Z]^ _Z _SP _PX[WP z ZQ_PY ^[ZY^Z]^ ZQ L ]T_`LW LN_ MZ_S bZXPY LYO XPY z bSZ PY_S`^TL^_TNLWWd TY_ZYP L OPaZ_TZYLW ^ZYR L_ _SP PYOZQ_SP^P]aTNP>ZYRSL^_SPNL[LNT_d_ZN]PL_PLM^Z][_TZYbSTNSTY _SP ]PWTRTZ`^ NZY_Pc_ MPNZXP^ ^[T]T_`LW Wd^T^ bT_STY _SP OPT_d 4_ T^ YZ_ _SP]TNP[`OOTYR_SL_M]TYR^_SP]T_P _ZL NWZ^PM`__SPX`^TN ,YOT_ T^ YZ_ `YNZXXZY QZ] aT^T_Z]^ _Z _SP _PX[WP _Z ^_L]_ ^TYRTYR L SdXY PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ,MSTYLaLR`[_L LW^Z b]Z_P _SP XZ^_ QLXZ`^ NZXXPY_L]d ZY -SL]L_Lv^ _SPZ]d ZQ _SP _SPL_P]LYOT^ZYPZQ_SPXZ^_TX[Z]_LY_Pc[ZYPY_^ZQ4YOTLYLP^_SP_TN^ !$ aT^L]RL²LV_T]d£²LXMSZà^P__SLÀ^L]aL_]LaL]_L_Pg _L_LPaL^LXL^_ZudLX£YLYOL]L^LaTMS]LXLàgg _L_S£STXLOS`]PR¯_P^[L]²Pa£NLYOLY£OTVPg X£OSdL^_SdLaTRLXPd£^L`SOLdP^[LYOLX£YL_£gg £YLYOL²LV_Tà^LTaZV_£dL_Là^LSOLdZULYLàgg?LY_]£WZVL #z
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
"$
bSPY L ]PR`WL] ^P]aTNP T^ YZ_ TY []ZR]P^^ L^ _SPd ^_LYO TY Q]ZY_ ZQ _SP NPY_]LW OPT_d TY _SP ^LYN_`X ^LYN_Z]`X ?ST^ NPY_]LW ^_LYOTYR ZQ _SP ]PWTRTZ`^ ^ZYR T^ Md YZ XPLY^ ]P^_]TN_PO _Z _PX[WP^ TY >Z`_SP]Y 4YOTL ?S]Z`RSZ`_ _SP NZ`Y_]d [PZ[WP XPP_ `[ LQ_P] bZ]V _Z ^TYR -SLULY^ z ^TX[WPOPaZ_TZYLW^ZYR^zL^[]LT^P_Z_SPT]QLaZ]T_POPT_dBSTWPR]TYO TYR NZ]Y bZXPY TY _SP NZ`Y_]d ^TYR ^ZYR^ _Z 7LV´XÅ _SP RZOOP^^ ZQ QZ]_`YP LYO bPLW_S " LYO [PZ[WP ZY L 2L«R£ QP]]d ^[ZY_LYPZ`^Wd ^_L]_ ^TYRTYR[]LT^P^_Z_SPLWW[`]TQdTYR]TaP]RZOOP^^2L«R£2PYP]L_TZY^ZQ 4YOZWZRT^_^SL]OWdYZ_TNPO_SP^P[SPYZXPYLMPNL`^P_SP^TYRP]^L]PYZ_ _]LTYPO TY _SP NWL^^TNLW ^PY^P LYO _SP ^ZYR^ L]P RPYP]LWWd NZX[Z^PO TY _SPaP]YLN`WL]Z]ZYWdTYSdM]TO>LY^V]T_ 9Zb >LY^V]T_ 3TYO`T^X bZ`WO YZ_ MP >LY^V]T_ 3TYO`T^X TQ T_ SLO YZ_ L__PX[_PO _Z TYNZ][Z]L_P _ST^ [SPYZXPYZY LW^Z ,YO TY QLN_ _SP ?LY_]LP[ZNSzbSP]PTYbPLW^ZLNVYZbWPORP_SP]T^PZQ MSLV_T _ZLXL UZ] ]PWTRTZ`^ [L]LOTRX " z T^ P^[PNTLWWd TX[Z]_LY_ TY _ST^ ]P^[PN_ 4_ XL]V^_SP[P]TZOO`]TYRbSTNS_SPPWT_T^_PWPXPY__SL_bL^LWbLd^L^^Z NTL_PO bT_S -]LSXLYTN >LY^V]T_ T^ LMLYOZYPO LWXZ^_ NZX[WP_PWd >LY ^V]T_ _Pc_^ L]P b]T__PY TYNW`OTYR _SP >_Z_]L^ wSdXY^x bSTNS _LVP `[ _SP]PWTRTZ^T_dZQPXZ_TZY^LYOTY^ZXPNL^P^L]PNZX[Z^POPc[WTNT_Wd_Z MP^`YR>ZXPZQ_SP^P_Pc_^L]P^_TWWaP]d[Z[`WL]PaPY_ZOLd?SPdL]P LW^Z WPL]YPO Md SPL]_ LYO ^`YR Q]ZX XPXZ]d Md [PZ[WP bSZ OZ YZ_ VYZb L ^TYRWP bZ]O ZQ >LY^V]T_ -`_ RPYP]LWWd _SPd L]P YZ_ XT^^TYR X`NS 8Z^_ ZQ _SP >_Z_]L^ L]P YZ_ TY_PYOPO _Z TX[L]_ L NZX[WTNL_PO NZY_PY_,YOYPT_SP]L]P_SP]PNT[TPY_^ TY_P]P^_PO TY`YOP]^_LYOTYR LYd _STYR_SPZWZRTNLWQ]ZX_SPX?SPdL]P^_]TaTYRQZ]]PLWLQQPN_TaPPc[P]T PYNPZQ_SPOPT_dTY_SPT]TYYP]bZ]WOLYOQZ]_SPX_SP>_Z_]L^LYO-SL ULY^L]P[]TXL]TWdXPLY^ZQw_`YTYR_SPX^PWaP^xTY_Z_SPOPT_d :Y _SP ZYP SLYO X`^TN T^ L [P]QPN_ ^_TX`W`^ QZ] M]TYRTYR LMZ`_ PN ^_L^dLYOLM^Z][_TZYZ]WLdLLYOZY_SPZ_SP]T_T^LaP]d[ZbP]Q`WWLY R`LRP ZQ QPPWTYR^ 8`^TN WPLO^ _Z LNZ`^_TN [P]NP[_TZY ZQ TX[P]NP[_TMWP XZZO^ ?ST^ SL^ MPPY Pc[WZT_PO TY 4YOTLY OPaZ_TZYLW X`^TN LYO SdX YZWZRd ?SP 8LST´£^`]LX£]OTYÅ>_Z_]L ./ ! LYO _SP >L`YOL]dL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 2`d;ZT_PaTYLYO3PXL=LT]VL] >_ZYPXTWWLYO-SLV_T%1]ZX_SP/PaZ_TZYZQ;PL^LY_ BZXPY_Z_SP;STWZ^Z[SdZQ>bLXT^9Pb/PWST%/6;]TY_bZ]WO$$!z " :Y_SPPL]WdPN^_L_TN MSLV_T XZaPXPY_^bSZ^P[ZP_]d^P__ZX`^TNSL^MPPYTYNW`OPO TY>Z`_S4YOTLY_PX[WP^P]aTNP^^PP%A=LRSLaLY ?SP2]PL_4Y_PR]L_Z]^%?SP>LTY_ >TYRP]^ ZQ 4YOTL 9Pb /PWST% ;`MWTNL_TZY /TaT^TZY $!! ]P[] $!$ z& ,6 =LXLY`ULY 3dXY^ QZ] _SP /]ZbYTYR% ;ZPX^ QZ] AT´©` Md 9LXX£Wa£] ;]TYNP_ZY% ;]TYNP_ZY@YTaP]^T_d;]P^^$#&9Z]XLY.`_WP] >ZYR^ZQ0c[P]TPYNP%?SP;ZP_TN^ ZQ ?LXTW /PaZ_TZY -WZZXTYR_ZY% 4YOTLYL @YTaP]^T_d ;]P^^ $#"& 4YOT]L AT^bLYL _SLY;P_P]^ZY ;ZPX^_Z±TaL ;]TYNP_ZY%;]TYNP_ZY@YTaP]^T_d;]P^^$#$,YZaP] aTPb ZQ -SLV_T _]LOT_TZY^ ZQ >Z`_SP]Y LYO 9Z]_SP]Y 4YOTL T^ RTaPY TY 57 -]ZNVTYR _ZYv^ ?SP >LN]PO ?S]PLO% 3TYO`T^X TY T_^ .ZY_TY`T_d LYO /TaP]^T_d 0OTYM`]RS% 0OTYM`]RS@YTaP]^T_d;]P^^$#]P[]$$z"
"$
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
7LSL]Å ./ " _SL_ bP L]P RZTYR _Z OT^N`^^ TY XZ]P OP_LTW L]P _bZ Z`_ ^_LYOTYR PcLX[WP^ ?SPd bP]P NZX[Z^PO bT_STY _SP N`W_`]LW XTWTP` ZQ >Z`_S 4YOTLY _PX[WP N`W_`]P LYO [¼U£ ]T_P^ ZQ ±LTaL±£V_L R]Z`[^ LYO L]P ZQ L XZ]P NZX[WPc VTYO _SLY _SP NZXXZY ^TX[WP -SLULY _d[P TY _P]X^ ZQ _SPT] L]_T^_TN OP^TRY -Z_S NZXMTYP ?LY_]L LYO OPaZ_TZYLW MSLV_T LYO TWW`^_]L_P _SP Z`_^_LYOTYR aLW`P ZQ X`^TN L^ L WLYR`LRP ZQ OPaZ_TZYLWT^X TY 3TYO` 4YOTL ?SPd OZ ^Z SZbPaP] TY \`T_P OT^_TYN_ bLd^ MPTYR Pc[ZYPY_^ ZQ _bZ OTQQP]PY_ ^ZNTZ]PWTRTZ`^ ]P[]P^PY_L_TZY^% [Z[`WL] LYO PWT_P RZOOP^^ TXLRP^ NZXX`YLW LYO TYOTaTO`LWT^_TN OPaZ _TZYLYO_bZXLUZ]^_dWP^ZQ4YOTLYaZNLWX`^TN%QTcPO[L__P]YLYOQ]PP TX[]ZaTeL_TZY ?SP 8LST´£^`]LXL]OTYÅ>_Z_]L XLd MP NLWWPO LY Pc[Z YPY_ ZQ QZWV 3TYO`T^X Z] [Z[`WL] N`W_`]P 4_^ RZOOP^^ /`]R£ T^ aP]d X`NS L RZOOP^^ ZQ _SP [`MWTN L]PYL LW_SZ`RS ^SP SL^ LN\`T]PO ZaP] _TXP ?LY_]TN ZaP]NZOTYR^ -d NZY_]L^_ _SP ?LY_]TN >L`YOL]dL7LSL]Å LYO T_^ RZOOP^^ LM^Z]MPO MSLV_T ±]¯aTOd£ LYO V£adL TYQW`PYNP^ 4_ MP WZYR^ `YOZ`M_POWd _Z PWT_T^_ STRS 3TYO` ?LY_]L LYO T^ ]L_SP] TY_PYOPO QZ] NZY_PX[WL_TZY LYO []TaL_P bZ]^ST[ MP T_ L_ _SP PYO ZQ _SP _PX[WP [¼U£ Z] bT_STY NT]NWP^ ZQ ±]ÅaTOd£ TYT_TL_P^ bSZ L]P XZ^_Wd -]LSXTY^ BSTWP Pc[]P^^TYR NZWWPN_TaP LYO TYOTaTO`LW X`^TNLW XZOP^ _Z ]PWL_P _Z _SP OTaTYP MZ_S >_Z_]L^ L]P N`W_`]LW [P]QZ]XLYNP^ _SL_ L]P L[_ _Z M]TYR LMZ`_ LM^Z][_TZY z LY LM^Z][_TZY ZQ L OTQQP]PY_ VTYO SZbPaP] 3P]P 8Lc BPMP]v^ OT^_TYN_TZY ZQ _bZ QZ]X^ ZQ PN^_L^d []ZaP^ SPW[Q`W " :Y _SP ZYP SLYO _SP]P T^ L wXLRTN LYO Z]RTL^_TN PN^_L^dx bSTNS SP NZY^TO P]^ L XL^^ [SPYZXPYZY ]PWL_TYR _Z QZWV LYO [Z[`WL] N`W_`]P :Y _SP Z_SP]SLYO _SP]PT^ LYwL[L_STNPN^_L^dx _d[TNLWZQ -]LSXLYTNWTQP^_dWP LYO _SP -]LSXLYv^ YZMWP ]P^P]aL_TZY NZYNP]YTYR TY_ZcTNL_TZY PN^_L_TN Q]PYed[Z^^P^^TZY_]LYNPLYO_SPWTVP
$
3PL]TYRLYO>PY^TYR_SP-`QQLWZ/PXZY>WLdP]
:YP QLT]Wd ]LOTNLW LYO _SP]PQZ]P P^[PNTLWWd TY_P]P^_TYR PcLX[WP ZQ L X`^TNLWTePO>_Z_]LT^_SPZYPLMZ`__SP8LST´£^`]LXL]OTYÅw.]`^SP]ZQ _SP -`QQLWZOPXZYx ./ ! -d XPLY^ ZQ L [P]^`L^TaP O]`XWTVP ]Sd_SX ZYZXL_Z[ZPTN ^Z`YO NSLTY^ LYO OT^^ZYLY_ SL]XZYTP^ _SP SdXY N]PL_P^ XP]PWd Md aT]_`P ZQ _SP ^Z`YO XL_P]TLW _SP wL_XZ^[SP]Px ZQ _SP RZOOP^^ /`]R£ 3P]P _SP 2]PL_ 2ZOOP^^ L[[PL]^ TY SP] Q`YN_TZY L^ L OPXZY^WLdP] ?ST^ T^ NWZ^PWd ML^PO ZY _SP QLXZ`^ /`]R£ Xd_S " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP 8Lc BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP aZW ?ÞMTYRPY% 8ZS]$##ZY3TYO`T^XLYO-`OOST^X " ?SP Xd_SL[[PL]TYRTY_SP 8£]VL©PdL;`]£©L L]Z`YO!_SNPY_T^ LW^ZVYZbYL^ /Pa¯8£S£_XdL LYOQZ`YOTY_LY_]TNTePOQZ]X^bT_S VLaLNL LOOPOTYXLYd /`]R£^ L[_L²L_¯ POT_TZY^QZ]]T_`LW`^P
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
"$
TY bSTNS _SP MPL`_TQ`W M`_ SPLaTWd L]XPO RZOOP^^ ^WL`RS_P]^ ^PaP]LW OPXZY^ZYPLQ_P]_SPZ_SP]?SP^_Z]dZQ_SPXd_STNLWML__WPT^QZWWZbPO Md L SdXYTN OP^N]T[_TZY ZQ _SP RZOOP^^v^ MPL`_d LYO TYOP^N]TMLMWP L_ _]LN_TaPYP^^[]LT^TYRSP]QZ]SP]aTN_Z]dZaP]_SPQZ]NP^ZQPaTW ?SP SdXY MPWZYR^ _Z _SP LYZYdXZ`^ WT_P]L_`]P LYO T^ ZQ `YNP]_LTY OL_P4Y_P]P^_TYRWdT_OZP^YZ_L[[PL]TYLYdZQ_SPNWL^^TNLW>_Z_]LNZW WPN_TZY^M`_TY >Z`_SP]Y4YOTLT_ T^PcNP[_TZYLWWd[Z[`WL]LYOT^PaPYL wX`^_x L_ QP^_TaT_TP^ TY ^ZXP _PX[WP^ " :Y _SP bSZWP _SP >_Z_]L T^ ]L_SP] wQZWV^dx ?SP WLYR`LRP `^PO T^ >LY^V]T_ M`_ L^ bT_S XLYd ?LY _]TN _Pc_^ T_ T^ L VTYO ZQ SdM]TO NZWWZ\`TLW >LY^V]T_ NZY_LTYTYR XTYZ] R]LXXL_TNLW P]]Z]^ OP^[T_P _SP WTYR`T^_TNLWWd OPXLYOTYR QZ]X ?ST^ NZ`WOMP_SP]PL^ZYbSdT_bL^YZ_TYNW`OPOTY_SPNZWWPN_TZY^ 4Y_SP 8LST´£^`]LX£]OTYÅ>_Z_]L _SPXPWZOdT^QZ`YO_ZRP_SP]bT_S _SP _Pc_ bSTNS []ZMLMWd TYOTNL_P^ _SL_ _SP _bZ bP]P N]PL_PO _ZRP_SP] 5`^_LQPb^PNZYO^T^PYZ`RS_ZTOPY_TQd_SP>_Z_]L4YQLN__SPXPWZOdT^ ^ZbPWWVYZbY_SL_T_^ZXP_TXP^ZNN`]^TYXZOP]Y]PWTRTZ`^wST_^ZYR^x L^LX`^TNLW\`Z_L_TZY " aP]dWTVP_SP_S]PP_ZYPXPWZOTP^ZQ_SPAPOTN SdXY^ ?SP>_Z_]LT^NSL]LN_P]TePOMdL^_L_TNXZ_Z]WTVP]Sd_SX4_T^ZQ_PY ^`YR TY L XP_LWWTN aZTNP LWXZ^_ WTVP L XLNSTYP z []ZMLMWd []TYNT[LWWd MPNL`^P_SPXPWZOdRPYP]LWWdWLNV^_SPZ]YLXPY_L_TZY_SL_T^_d[TNLWZQ 4YOTLY ^TYRTYR ?SP SL]^S LRR]P^^TaP YL_`]P ZQ _SP ^Z`YO T^ ]PTYQZ]NPO Md SLaTYR QZ`] _ZYP^ TY L OT^^ZYLY_ SL]XZYd ZQ bSTNS _bZ L]P XP]PWd Z]YLXPY_LW ?SP ^[PNTLW bLd _SP >_Z_]L T^ ^`YR TY L XZYZ_ZYZ`^ ]Sd_SX LNNPY_`L_PO ZY _SP Q`YOLXPY_LW MPL_ T^ XZ]P ]PXTYT^NPY_ ZQ L bL]OLYNP _SLY _SP NWZdTYRWd ^bPP_ ^_dWP _SL_ T^ Z_SP]bT^P NZXXZYWd QZ`YOTYXZOP]Y MSLV_T ^ZYR^DP_OP^[T_P_SPXZYZ_ZYdZQ_SPWTYP_SP ]Sd_SXTN X`^TN LYO _SP ZYZXL_Z[ZPTL ZQ _SP bZ]O^ ]PYOP] _SP >_Z_]L LWXZ^_Sd[YZ_TNLQ_P]L[P]TZO?ST^uWLYR`LRPX`^TNvwOZP^x^ZXP_STYR bT_S_SPWT^_PYP]^bT_SZ`_LYdVYZbWPORPZQNZY_PY_% LdTRT]TYLYOTYTYLYOT_LXPOTYTaT²aLaTYZOTYTYLYOLY`_P RT]TaL]LaTYOSdL²T]ZvOSTYTa£^TYTaT´©`aTW£^TYTUT´©`Y`_Pg MSLRLaL_TSP²T_TVL©¶SLV`¶`XMTYTMS¼]TV`¶`XMTYTMS¼]TV_P ULdLULdLSPXLST´£^`]LXL]OTYT]LXdLVL[L]OTYT²LTWL^`_Pgggg
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 9ZbLOLd^ T_ NLY LW^Z MP SPL]O TY >]T 7LYVLY ?LXTW 3TYO` OTL^[Z]L _PX[WP^ QZ] TY^_LYNP TY _SP 6£X£¶NT _PX[WP TY 3LXX@PY_]Z[ 2P]XLYd ?SP]P L]P XLYd X`^TN NL^^P__P^LYO./^TYNW`OTYR_SP8LST´£^`]LXL]OTYÅ>_Z_]L LYO_SP_Pc_SL^MPPY[`M WT^SPOZY_SPTY_P]YP_% S__[%bbbNSPYYLTZYWTYPNZXQP^_TaLW^]PWTRTZY^WZRLX^^WZRLX L^[ LNNP^^PO ,`R`^_ " >`NS L^ TY w¢dT]LX 6L©©`OLTd£x bSTNS _SP QLXZ`^ ?LXTW MSLULY ^TYRP] > ; -LWL^`M]LXLYTLY^TYR^ZYST^LWM`X,]`±LV_T
"$!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
=PRL]OTYR_SPbZ]O^LYO_SPT]XPLYTYRTY[L]_^_SP>_Z_]LT^^ZSL]O_Z `YOP]^_LYO _SL_ ^ZXP aP]^P^ ^PPX LWXZ^_ TX[Z^^TMWP _Z _]LY^WL_P ?ST^ T^ O`P _Z _SP R]PL_ WTNPY^P _LVPY bT_S _SP R]LXXL] LYO aZNLM`WL]d Md _SP /L©TYP^\`P Z]YLXPY_LW [ZP_TN ^_dWP `YOP]WdTYR _SP >_Z_]L 0aPY _SP XZ^_ ZM^N`]P LYO XZ^_ O`MTZ`^ bZ]O^ NLY MP `^PO L^ WZYR L^ _SPd L]P L`_SZ]TePO Md _SP WPcTNZY ?SP NSZTNP ZQ bZ]O^ SL]OWd QZWWZb^ _SP OTN_L_P^ ZQ ^PXLY_TN^ LYO ^_L_PXPY_^ L_ LWW M`_ T^ []TXL]TWd OP_P]XTYPO MdNP]_LTY^Z`YOTOPL^TY_SP[ZP_v^XTYO?SP^_dWT^_TNL^[PN__SPL]_ZQ NSZZ^TYR bZ]O^ MPNZXP^ ^Z ^PNZYOL]d _SL_ _ST^ T^ LN_`LWWd YZ_ LMZ`_ [ZP_]d 4_ T^ X`NS XZ]P _SP NL^P _SL_ _SP aP]^P^ []P^PY_ NP]_LTY ZYZ XL_Z[ZPTN XZ_TQ^ L^ _SPT] LN_`LW _SPXP bSTNS ZYWd _`]Y TY_Z NZX[]P SPY^TMWPWLYR`LRP_S]Z`RSWL_P]^PXLY_TNTeL_TZY ?SP XP_P] ^PWPN_PO L]T^P^ XZ]P Z] WP^^ YL_`]LWWd Q]ZX _SP YLXP w8LST´£^`]LXL]OTYÅx bSZ^P []Z^ZOd T^ LOZ[_PO L^ _SP ]Sd_SX QZ] _SP bSZWP>_Z_]LbT_SZ`_QZWWZbTYRLNWL^^TNLW>LY^V]T_XP_P]?SPYLXPZQ _SP RZOOP^^ L^ L ]Sd_SXTN RP]X NPWW ZQ [ZP_]d NZX[Z^T_TZY T^ []P NPOPOMd_SPNLWWwULdLULdLSPmxwaTN_Z]daTN_Z]d:xLYO_ST^TY _`]Y T^ _SP RP]X NPWW ZQ _SP XPWZOTN XL_P]TLW ?SP wSPx w:x T^ QZ]NPO Z`_ [L^^TZYL_PWd ZY _SP Pc[]P^^TaP w[L^^TZYL_Lx TY_P]aLW ZQ _SP ?ZÅ _ST]O LYO _SP]PQZ]P LW^Z OP_P]XTYP^ _SP =£RL X`^TNLW XZOP ZQ _SP bSZWP>_Z_]LTP_SP=£RL?ZÅ`^POQZ]bTWO[L^^TZYLYO_]LRTN^NPYP^ 4Q WTVP L BP^_P]Y X`^TN ^NSZWL] ZYP bP]P _Z L^V LMZ`_ L Q`YOLXPY_LW TOPL ZQ _SP NZX[Z^T_TZY T_ OPaPWZ[^ Md T_^PWQ Q]ZX _SP NLWWTYR ZQ _SP YLXP LYO YZ_ Q]ZX LYd _SPZWZRTNLW Z] LWWPRZ]TNLW NZYNP[_ ^ZXPbSP]P TY_SP_Pc_ 0aPY_SPbZ]OXL_P]TLWZQ_SPQT]^_aP]^PT^QZ]XPONZX[WP_PWdQ]ZX _ST^]Sd_SXTNL`OTMWPQ`YOLXPY_LWTOPL% LdTRT]TYLYOTYTYLYOT_LXPOTYTaT²aLaTYZOTYTYLYOLY`_P
BP ^PPSP]PLYPc_]PXPQZ]XZQ_SP^LXP[]ZNPO`]PZQ^PXLY_TNTeL_TZY ZQ^Z`YO ^P\`PYNP^_SL_?L_dLYL0WTeL]PYVZbLQZ`YOTY_SPNL^PZQ_SP RaPOL ?ST^ STRSWd ^`RRP^_TaP ^_dWP ZQ w[ZP_TN XLRTNx LYO wXLRTN [ZP_]dxSL^L[[L]PY_Wd^`]aTaPOQZ]_SZ`^LYO^ZQdPL]^?SPQT]^_T_PX_Z MP ]P[]P^PY_PO TY _SP aP]^P T^ _SP MPL_TYR ZQ L O]`X bSTNS ^Z`YO^ ^ZXP_STYR WTVP wOTYTOLXX OTYTOLXX mx BP ]PNZRYTeP _ST^ XZ_TQ ZQ _SP w4XT_L_PO /]`Xx Q]ZX _SP ?LY_]TN SdXY _Z £VTYÅ TY bSTNS Y` XP]Z`^O]`X^L]PTXT_L_PObT_S^Z`YO^WTVPw£À£À£Àx?SPOTQQP] PYNPQ]ZX_SP?LY_]TN>_Z_]LT^XP]PWd_SL__SPZYZXL_Z[ZP_TN^dWWLMWP^ SLaP MPPY _]LY^X`_PO SP]P TY_Z L NZX[]PSPY^TMWP _Pc_ bT_S _SP QZWWZb TYR XPLYTYR% w,dT /L`RS_P] ZQ _SP XZ`Y_LTY MPYPQLN_]P^^ ZQ _SP 0L]_SFbSZ^P[WLdTYRHXLTY_LTY^_SP`YTaP]^P_SPPYaZdZQUZdx?SP]P T^YZTXXPOTL_P^_]TN_NZYYPN_TZYMP_bPPY_SPXPLYTYRZQ_ST^ZYPaP]^P LYO _SP wO]`X XZ_TQx T_ NZY_LTY^ 3ZbPaP] TY _SP 4YOTLY NZY_Pc_ _SP NZYNP[_^ wO]`Xx wOLYNPx LYO wPN^_L^dx L]P NWZ^PWd L^^ZNTL_PO 4Y aTW
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
"$"
WLRP 4YOTL _SP ^Z`YO ZQ O]`X^ LYO OLYNP ZQ_PY TYO`NP [Z^^P^^TZY _]LYNP /`]TYR _SP 9LaL]£_]T QP^_TaLW [Z^^P^^TZY ZNN`]^ LQ_P] ]T_`LWWd TXT_L_TYR /`]R£v^ aTN_Z]d ZaP] _SP OPXZY ?SP ]T_P^ XLd TYNW`OP ]T_`LW aTZWPYNP ^`NSL^M`QQLWZ^LN]TQTNP^LYO ^PWQXZ]_TQTNL_TZY^9ZbbPOZ YZ_ []P_PYO _SL_ _SP >_Z_]L YPNP^^L]TWd SL^ _Z MP ^`YR O`]TYR ^`NS PaPY_^& TY^_PLO T_ PaZVP^ LYO TXT_L_P^ Md T_^ ^Z`YO [L__P]Y^ _SP bSZWP ]LYRPZQNZWWPN_TaPTOPL^LYONZXXPXZ]L_TaPNZXX`YLW]T_P^NZYYPN_PO bT_S_ST^RZOOP^^?SP]Sd_SXLYO^Z`YO^_]`N_`]PZQ_SP>_Z_]LT_^PWQT^ _SL_ bLd ^Z _SL_ T_ NLY TYO`NP L _]LYNPWTVP ^_L_P QZ] _SZ^P bSZ w_`YP _SPX^PWaP^TYx4_T^L[__Z ]LT^PNZWWPN_TaPQPPWTYR^ LYOXZZO^4_ NZX X`YTNL_P^ aTL _SP ^PY^P^ _SP ^SL]PO VYZbWPORP ZQ L [ZbP]Q`W OTaTYP []Z_PN_]P^^TYbSZ^PSPLWTYR[]Z_PN_TYRLYOOPXZYN]`^STYRQ`YN_TZY^ ZYPNLY[L]_TNT[L_P?SP[L__P]YZQNZXX`YLWTOPY_T_d LYOMPWZYRTYR T^ YZ_WPL^_Pc[]P^^POTY_SP _d[PZQ X`^TNLW[P]QZ]XLYNP ^_dWP?SP^TYR P]^ LWbLd^ ]P[]ZO`NP L []PQLM]TNL_PO XPWZOd LYO L QTcPO [L__P]Y _SL_ WPLaP^ WT__WP ^[LNP QZ] TYOTaTO`LW TX[]ZaT^L_TZY z `YWTVP TY NWL^^TNLW X`^TN BSL_ T^ NPY_]LW T^ _SL_ _SP L_XZ^[SP]TN XZZO `YOP]WdTYR _SP >_Z_]L T^ []P^PY_ Q]ZX _SP QT]^_ \`L]_P] ZQ _SP aP]^P ZYbL]O^ Md aT]_`P ZQ _ST^ [SZYP_TN OLYNP XZ_TQ TY NZXMTYL_TZY bT_S _SP LRR]P^^TaP OT^^ZYLY_ SL]XZYTP^?ST^^[PNTQTNXZZObSTNST^aP]dNSL]LN_P]T^_TNZQ _SPRZO OP^^ /`]R£ ]PXLTY^ _S]Z`RSZ`_ _SP bSZWP >_Z_]L YZ XL__P] bSP_SP] T_ T^ _SP PaPY_^ ZQ _SP ML__WP _SL_ L]P MPTYR OP^N]TMPO Z] WL_P] ZY _SP MPL`_dZQ_SPRZOOP^^ ?SP LRR]P^^TaP X`^TNLW ^_dWP []TXL]TWd ]PQWPN_^ _SP M]`_LW LN_^ ZQ bL] _SL_ ^PXLY_TNLWWd OP_P]XTYP _SP QT]^_ [L]_ ZQ _SP >_Z_]L ?SP [SZ YP_TNXZ_TQ^TYNW`OPQZ]PcLX[WP.L©Lw_SPN]`PWxLYO8`©Lw_SP ^SLaPYSPLOPOx _SP YLXP^ ZQ _bZ OPXZY^ ?SP^P _bZ YLXP^ L]P Q]P \`PY_Wd `^PO _Z RTaP L QZWV P_dXZWZRd ZQ _SP YLXP ZQ _SP RZOOP^^ .£X`©L z XPLYTYR w_SP aTN_]Tc ZaP] .L©L LYO 8`©Lx ;]ZMLMWd ZbTYR_Z_ST^TX[WTNT_[ZTY_P]_ZLYLXPZQ_SPaTN_Z]TZ`^RZOOP^^_SPd L]P `^PO TY _SP >_Z_]LX z `YWTVP _SP OPXZYv^ YLXP 8LST´L w_SP M`Q QLWZx z L^ L WPT_XZ_Ta _S]Z`RS ^PaP]LW aP]^P^ 7TVP L RP]X _SP YLXP^ L]PSTY_POL_]TRS_TY_SPQT]^_aP]^PTY_SPY`XP]Z`^QZ]XL_TZY^ bT_Sw YOLx wXMLx P_N 4Y aP]^P _SPd L]P _SPY XPY_TZYPO Pc[WTNT_Wd LYO TXXPOTL_PWd ]PbZ]VPO TY _P]X^ ZQ _SP ^Z`YO XZ_TQ bT_S ^[PNTLW L__PY _TZYMPTYR[LTO_Z_SPNP]PM]LWNSL]LN_P] ©L % LdT²L_LVSL©LaTVSL©T_L]`©LaT_`©T_L²`©LRLU£OST[L_P ]T[`RLULRL©LaTO£]L©LNL©L[L]£V]LXL²`©LXR£OST[L_Pg YTULMS`ULOL©LYT[£_T_LVSL©LaT[£_T_LX`©LMSL¶£OST[L_P ULdLULdLgggg w,dT >SP OTaTOP^ _SP MZOTP^ ZQ _SP PWP[SLY_^ FZQ _SP OPXZY L]XdH TY_Z L _SZ`^LYO[TPNP^LYONSZ[^ZQQ_SPT]_]`YV^ 3P]WTZY ^S]PO^ _SP_PX[WP^ZQ
"$#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
_SP PYPXd PWP[SLY_^ "! LYO _S`^ bPLVPY^ _SP NZ`]LRP ZQ _SP FOPXZYH .L©L 3P] ^_]ZYR L]X [`WW^ OZbY _SP FOPXZYH bL]]TZ] 8`©L LYO NSZ[^ STXTY_Z[TPNP^x'=PQ]LTY)
-d QZN`^TYR ZY _SP NP]PM]LW _SP L`_SZ] T^ QZWWZbTYR YZ_ WPL^_ L ]PNZX XPYOL_TZY ZQ _SP [ZP_ZWZRT^_^ bSZ ]PNZXXPYO _SP SZWWZb^Z`YOTYR ]P_]ZQWPc ^Z`YO^ ¶ © QZ] SZ]]Z] O]PLO LYO OT^R`^_ ?SP ^Z`YO^ w²x LYOw´xSLaPL^TXTWL]LRR]P^^TaPQ`YN_TZYMPTYRU`^_WTVP_SP]P_]ZQWPc ^Z`YO^ _SP MPL]P]^ ZQ YPRL_TaP XZZO^ LYO NZY^P\`PY_Wd ]PRL]OPO L^ [L^^TZYVTWWP]^ ?SP L`_SZ] LW^Z QZN`^P^ ZY _SP^P ^Z`YO^ WL_P] TY aP]^P " MPNL`^P _SPd [TNV `[ [SZYP_TNLWWd _SP OPXZY^v YLXP^ ±`XMSL LYO 9T´`XMSL% LdTYTULS`ÀV_TX£_]LYT]£V_LOS¼X]LaTWZNLYLOS¼X]L²L_P ^LXL]LaT²Z´T_L²Z©T_LM¯UL^LX`OMSLaL²Z©T_LM¯ULWL_Pg ²TaL²TaL²`ÀMSLYT´`ÀMSLXLS£SLaL_L][T_LMS¼_L[T²£NL]L_P ULdLULdLgg"gg w,dT >SP QTYT^SP^ ZQQ _SP FOPXZYH /S¼X]LWZNLYL u^XZVPPdPv U`^_ Md ^SZ`_TYR L _S]PL_ LYO XLVP^ _SZ`^LYO^ ZQ NWZ`O^ ZQ ^XZVP F*H 1]ZX _SP ^PPOZQ_SPMWZZOO]TPOTY_SPML__WP_SP[ZXPR]LYL_P_]PPR]Zb^ZYbSTNS ^SP T^ L N]PP[P] : ±TaL : ±TaL ?SP R]PL_ XL^^LN]P ZQ F_SP OPXZY^H ±`XMSL LYO 9T´`XMSL SL^ RTaPY LWW SP] MPWZaPO RSZ^_^ LYO RSZ`W^ FQ]ZX ±TaLv^L]XdH_SPT]QTWWx'=PQ]LTY)
?SP^Z`YO^TY_SPOP^N]T[_TZYZQ_SPaTN_Z]dMPNZXPwWTRS_P]x3P]P_SP bZ]O^ waTN_Z]d _]T`X[Sx ULdL LYO wOLYNPx Y£¶dL L[[PL] _Z MP OT^ _]TM`_PO ZaP] _SP QT]^_ Z] ^PNZYO SLWQ ZQ _SP aP]^P O`P _Z PT_SP] _SPT] [SZYP_TN XL_P]TLW Z] _SPT] ]ZZ_^ -Z_S ^PXLY_TNLWWd LYO LNZ`^_TNLWWd Pc[]P^^TZYT^RTaPY_Z_SPUZdLMZ`__SPRZZOPYOTYRZQ_SPML__WP4Y_SP ZYZXL_Z[ZP_TN ^Z`YO NSLTY wUSL©L USL©L USTÓUSTXTx ZYP SPL]^ _SP _TY VWTYR LYVWP MPWW^ ZQ _SP RZOOP^^ LYO SP]P LRLTY _SP]P T^ LY L^^ZNTL_TaP WTYVMP_bPPY_TYVWTYR^Z`YO^LYORSZ^_^ MS¼_L % ULdLULdLUL[dLULdPULdL²LMOL[L]L^_`_T_L_[L]LaT²aLY`_P USL©LUSL©LUSTÓUSTXTUST«V_LY¼[`]L^TÓUT_LXZST_LMS¼_L[L_Pg YL¶T_LYL¶£]OSLYL¶¯YL¶LY£dLVLY£¶T_LY£¶dL^`R£YL]L_P ULdLULdLgggg wATN_Z]d ATN_Z]d :Y _SP ZNNL^TZY ZQ _ST^ QLXZ`^ aTN_Z]d _SP `YTaP]^P ^TYR^ NZY^_LY_ SdXY^ ZQ []LT^P Q`WW ZQ N]TP^ ZQ aTN_Z]d FDZ`]H LYVWP MPWW^ _TYVWP u_TYRLWTYRLWTYRv LYO NSL]X _SP []TYNP ZQ ^[T]T_^ F±TaLH DZ` OP WTRS_ TY _SP ^ZYR bSTWP ±TaL _SP NSTPQ OLYNP] LXZYR LWW OLYNP]^ T^ LYT XL_PO_ZOLYNPLYOLN_^Z`_L[WLdx'=PQ]LTY)
:Q NZ`]^P ZYP NLYYZ_ ^PP Q]ZX Z`] WTRS_SPL]_PO _]LY^WL_TZY U`^_ SZb OL]VLYOTYNZX[]PSPY^TMWP_SPZ]TRTYLW>_Z_]L_Pc_T^4Y^ZXP[L^^LRP^ YZ_ OT^N`^^PO SP]P PaPY 4YOTLY ^NSZWL]^ bZ`WO ^SLVP _SPT] SPLO^ TQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! ,NNZ]OTYR_Z_SP4YOTLYaTPb_SPbTWOYP^^LYO_SP[ZbP]ZQLYPWP[SLY_]P^TOPTYT_^ _PX[WP^MPNL`^P_ST^T^bSP]P_SPL__]LN_LY_T^Pc`OPOO`]TYR_SPXL_TYR^PL^ZY
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
"$$
L^VPOQZ]L_]LY^WL_TZY9L_`]LWWd_ST^XPLY^_SL__ZOLdv^4YOTLYWT^_PYP] bT_S L YZ]XLW PO`NL_TZY TYNW`OTYR L MT_ ZQ STRS^NSZZW >LY^V]T_ `YOP] ^_LYO^L_MP^_ZYWdLQ]LN_TZYZQ_SPNZY_PY__SL_bPSLaP[]P^PY_POSP]P -`_ ^_TWW _SP SdXY T^ ZYP ZQ _SP XZ^_ [Z[`WL] /`]R£ >_Z_]L^ BSL_ XLVP^ _SP >_Z_]L ^Z [Z[`WL] T^ _SP QLN_ _SL_ _SP NPY_]LW PWPXPY_ ZQ /`]R£v^ [P]^ZYLWT_d _SP `YM]TOWPO LYO WTMP]L_PO [ZbP] _SL_ T^ LN_`LWWd _SP ^Z`]NP ZQ SP] LMTWT_d _Z OP^_]Zd _SP OPXZY^ T^ ]PLWTePO [P]QPN_Wd TY _SP ^Z`YO ZQ _SP >_Z_]L ?SP ^`RRP^_TaP WLYR`LRP X`^TN ZQ _SP TY_P]YLW ]SdXP^ _SP SLXXP]TYR XLNSTYPWTVP XP_P] LYO _SP `Y]P^ZWaPO OT^^Z YLYNP^SLaP^`NSLYPYP]RP_TNLYOPcNT_TYRPQQPN__SL__SPWT^_PYP]NZ`WO YZ_RP_LbLdQ]ZX_SPXPaPYTQSPZ]^SPbLY_PO_Z?SP/`]R£L_XZ^ [SP]PT^[]P^PY_MdaT]_`PZQ_SP^Z`YOLWZYP/`]R£L_XZ^[SP]PT_^PWQT^ []PNT^PWd _ST^ PYP]RP_TN L^[PN_ DP_ QZ] _SP -SLV_L TP _SP ZYP bSZ ^PPV^ WZaTYR [L]_TNT[L_TZY MSLV_T TY _SP OPT_d _ST^ PYP]RP_TN L^[PN_ T^ YZ_ ^TX[Wd M]`_LW [ZbP] M`_ L ^_]`RRWP QZ] RZZO LYO LRLTY^_ _SP OP XZYTN?ST^VYZbWPORP_SL_T_T^_SPRZOOP^^bT_SSP]SPLWTYRLYO[]Z _PN_TYR Q`YN_TZY bSZ T^ _SP ^`MUPN_ ZQ _ST^ TYNZX[]PSPY^TMWP >_Z_]L NSLYYPW^_SPM]`_LW^Z`YOTX[]P^^TZYTY_ZOPaZ_TZY
$
4YOTaTO`LW8`^TNLW1Z]X^ZQ_SPw1WZZOZQ-PL`_dx
BSTWP _SP /`]R£ SdXY NLY MP aTPbPO L^ LY PcLX[WP ZQ L QZWV >_Z_]L ^_dWP _SP >L`YOL]dL7LSL]Å WT_P]LWWd w1WZZO ZQ -PL`_dx ./ " T^ []ZMLMWd _SP XZ^_ QLXZ`^ RZOOP^^ SdXY "" b]T__PY TY L STRSWd L]_T^_TN ^_dWP Z[P]L_TYR ZY XLYd WPaPW^ LYO `^TYR XLYd XP_L[SZ]^ ?SP SdXY SL^ L S`YO]PO aP]^P^ LYO OZP^ YZ_ ^TYR ZQ _SP bL]]TZ] RZOOP^^ M`_ ZQ _SPZ`_^_LYOTYRWdMPL`_TQ`W LYORPY_WPRZOOP^^L^ ;L]£±LV_Tw^`[]PXP [ZbP]x 4_ OZP^ ^Z YZ_ _Z bL]O ZQQ PaTW M`_ bT_STY L ^Z_P]TZWZRTNLW Q]LXPbZ]V TY _SP ^PY^P ZQ _SP ±]ÅaTOd£ [STWZ^Z[Sd L^ L wQWZZO ZQ ^PY _TPYNPLYOMWT^^x?LY_]LLYO MSLV_T L[[PL]SP]P_Z_LWWdQ`^PO?SPWT_P] L]d NZX[Z^T_TZY `YT_P^ [STWZ^Z[STNLW _SPZWZRTNLW OPY^T_d ZQ _SZ`RS_ bT_SLYPWPRLY_>LY^V]T_^_dWPLYOLYLM`YOLYNPZQWd]TNLWTXLRP^\`T_P TYVPP[TYRbT_S_SPTOPLWZQL]_T^_TN[ZP_]dbT_S[STWZ^Z[STNLWNZY_PY_L RPY]P _SL_ NZY\`P]PO _SP WT_P]L]d ^_LRP Q]ZX LMZ`_ _SP _PY_S NPY_`]d ZYbL]O^ ?SP [ZPX T^ L__]TM`_PO _Z ±L«VL]L ^TYNP T_ T^ ZMaTZ`^Wd L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ?SP]P PcT^_ L WL]RP Y`XMP] ZQ XLY`^N]T[_^ ^PaP]LW NZXXPY_L]TP^ LYO L Y`XMP] ZQ POT_TZY^% ?SP >L`YOL]dLWLSL]¯ Z] 1WZZO ZQ -PL`_d _]LOT_TZYLWWd L^N]TMPO _Z ±L«VL]£N£]dL PO LYO _]LY^W B 9Z]XLY -]ZbY .LXM]TORP% 3L]aL]O $ #& >L`YOL]dLWLSL]¯ ZQ ±L«VL]£N£]dL BT_S _SP NZXXPY_L]d Md 7LV´X¯OSL]L -S£aLYZ[LYT´L_ LYO /Pa¯ ;LÓNL^_LaT N]T_ PO 9> APYVL_LYL_SNSL]dL 8d^Z]P% :]TPY_LW =P^PL]NS 4Y^_T_`_P $!$& z bT_S _PY NZXXPY_L]TP^ TY >LY^V]T_ PO , 6`[[`^bLXd/PWST%9LR;`MWT^SP]^]PaLYOPYWL]RPO$$
#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
>Z`_SP]Y 4YOTLY LYO [Z^_;`]£©TN []ZO`N_ LW_SZ`RS T_ T^ NWPL]Wd ZWOP] _SLY _SP 8LST´£^`]LX£]OTYÅ SdXY LYO TY ^`NS NL^P^ 4YOTLY _]LOT_TZY _PYO^_ZLNNP[__SPR]PL_[STWZ^Z[SP]L^_SPL`_SZ] "# @YWTVP _SP /`]R£ ^ZYR bSTNS T^ NZXXZY TY _PX[WP QP^_TaLW^ LYO bSPY R]Z`[^ L]P ^TYRTYR ^Z[ST^_TNL_PO _Pc_^ bT_S L OPP[P] P^Z_P]TN XPLYTYR ^`NS L^ _SP >L`YOL]dL7LSL]Å L]P TY_PYOPO L^ ]PNT_L_TZY _Pc_^ XZ]P QZ] []TaL_P NZY_PX[WL_TZY ?ST^ ZQ_PY LW^Z ]P^`W_^ TY L XZ]P TYOT aTO`LW ^_dWP ZQ [P]QZ]XLYNP 1Z] PcLX[WP L ^TYRP] TY _SP NL^P ZQ _SP >L`YOL]dL7LSL]ÅRPYP]LWWdLQPXLWP^TYRP]NSZZ^P^LNP]_LTY=£RLQZ] NP]_LTYR]Z`[^ZQaP]^P^Z]PaPYQZ]PLNSTYOTaTO`LWaP]^P-d^ZOZTYR _SP ^TYRP] M]TYR^ Z`_ ST^ Z] SP] ZbY TY_P][]P_L_TZY bSTWP ^TYRTYR _SP _Pc_4YNZY_]L^__Z_SPBP^_P]YbLdZQ^TYRTYR^ZYR^_SPNZX[Z^P]LYO _SP [P]QZ]XP] L]P ZYP LYO _SP ^LXP [P]^ZY ?SP >L`YOL]dL7LSL]Å T^ NWPL]WdTY_PYOPOQZ]^`NSNWL^^TNLW^TYRTYRPaPYTQTY[]LN_TNPYZbLOLd^ _SP]P L]P NP]_LTY ^TX[WP ^_LYOL]O XPWZOTP^ _Z bSTNS LWW _SP aP]^P^ NLY MP^`YR-`_LN_`LWWdPaP]daP]^PT^XLOPTY^`NSLbLd_SL_T__LVP^`[ T_^ ZbY _SPXP LYO TX[L]_^ L NP]_LTY XZZO z bSTNS T^ aP]d X`NS TY VPP[TYR bT_S _SP []TYNT[WP _SL_ PaP]d aP]^P ^SZ`WO MP ^`YR TY T_^ ZbY =£RL 4Y NZY_]L^_ _Z _SP /`]R£ SdXY T_ T^ _S`^ L NZX[WP_PWd OTQQP]PY_ ^_dWP ZQ X`^TNLW [P]QZ]XLYNP% TY^_PLO ZQ []PQLM]TNL_PO [L__P]Y^ _SP]P T^ TYOTaTO`LWNSZTNPQZ]bSTNSZYPYPPO^X`^TNLW_]LTYTYRLYOVYZbWPORP ZQ>LY^V]T_ ?Z^SZbbSL_^`NSLYTY_P][]P_L_TZYXTRS_WZZVWTVPbPRTaPL^LY PcLX[WP MPWZb _SP .L]YL_TN ^TYRP] = APOLaLWWT 3P]^ T^ \`T_P L [P]^ZYLW TY_P][]P_L_TZY :_SP] ^TYRP]^ ]PLWTeP _SP _Pc_ NZX[WP_PWd OTQQP]PY_Wd TY _SPT] ZbY [P]^ZYLW bLd 4Y >Z`_SP]Y 4YOTL _SP >L`YOL]dL7LSL]Å T^ ZYP ZQ _SP >_Z_]L^ XZ^_ Q]P\`PY_Wd w^P_ _Z X`^TNx LYO ^ZWO ZY NL^^P__P >Z _SP]P L]P XLYd X`^TNLW ]PNZ]OTYR^ LaLTWLMWP M`_LWW ^TYRP]^SLaP _SPT]ZbYTYOTaTO`LWbLdZQTY_P][]P_TYR _SPSdXY bT_SOTQQP]PY_=£RL^ 1Z] _SP QT]^_ aP]^P >X_ APOLaLWWT ^PWPN_PO _SP wQPXLWPx =£RL ¢YLYOL-SLT]LaÅ L^ ^`T_LMWP QZ] _SP MPRTYYTYR :bTYR _Z T_^ YLXP _ST^ =£RL NLY ZY _SP ZYP SLYO MP L^^ZNTL_PO bT_S _SP YLXP ZQ _SP QT]^_ [L]_ ZQ _SP SdXY _SL_ T^ ¢YLYOL7LSL]Å w1WZZO ZQ -WT^^x bSTWP ZY _SP Z_SP]¢YLYOL-SLT]LaÅT_^PWQT^LW^ZLYLXPZQ_SPRZOOP^^bT_S6L`WL ?LY_]TNNZYYZ_L_TZY^L^_SPbTQPZQ±TaL-SLT]LaL,__SP^LXP_TXPTY L \`T_P ^[PNTQTN XLYYP] _ST^ =£RL T^ ^`T_LMWP QZ] _SP RZOOP^^ L^ ^SP T^ [Z]_]LdPO TY _SP >L`YOL]dL7LSL]Å ¢YLYOL-SLT]LaÅ T^ ^ZQ_ LYO QWZb TYRM`_LW^ZPWPaL_PO?SP=£RLT^]PRL]OPOL^RPY_WPLYOL^[]ZXT^TYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# ?SP SdXY T^ TYNW`OPO TY aZW % >_Z_]L^ TY _SP .ZX[WP_P BZ]V^ ZQ ±L«VL]£N£]dL TY _SP :]TRTYLW >LY^V]T_ aZW^ 8LO]L^% >LXL_L -ZZV^ $# LYO LW]PLOd L[[PL]PO TY_SPPL]WTP]POT_TZY>]T]LYRLX%ALYTATWL^$
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
#
QZ]_`YP 0aPY _SP TY^_]`XPY_LW []PW`OP ZY _SP A¯©£ LYO QW`_P bSTNS LY_TNT[L_P _SP XZ_TQ ZQ _SP =£RL LYYZ`YNP^ _SP []P^PYNP ZQ _SP MPL`_T Q`W RZOOP^^ LW]PLOd ?SPY _SP ^TYRP] ^_L]_^ ^TYRTYR _SP QT]^_ aP]^P TY \`T_P L ]P^_]LTYPO QL^STZY ?ST^ T^ ZYP ZQ _SP XZ^_ QLXZ`^ LYO XZ^_ \`Z_POXYPXZYTNaP]^P^TY_SP±£V_L_]LOT_TZY4_[]LT^P^_SPRZOOP^^L^ _SP ^`[P]TZ] w[ZbP]x ±LV_T ?SP QZWWZbTYR _]LY^WL_TZY SL^ LW]PLOd MPPY LOL[_PO _Z >X_ APOLaLWWTv^ X`^TNLW [S]L^TYR LYO _SP]PQZ]P OZP^ YZ_QWZb\`T_P^XZZ_SWd% w4Q_SP7Z]OT^`YT_PObT_S_SP;ZbP]SPT^NL[LMWPZQN]PL_TZY4QT_T^YZ_ ^Z_SPRZOT^YZ_PaPYNL[LMWPZQ_SP^XLWWP^_XZaPXPY_>ZDZ`L]PbZ] _Sd ZQ bZ]^ST[ PaPY Md F_SP RZO^ bSZH M`TWO ^`^_LTY LYO OP^_]Zd F_SP NZ^XZ^H-ZbTYROZbYMPQZ]PDZ`^TYRTYRDZ`][]LT^P^zNLYZYPOZ_ST^ bT_SZ`_XP]T_*x
?SP ^TYRP] ]PLWTeP^ _ST^ [L]_TN`WL] aP]^P TY LY TY_P]P^_TYR bLd ^PP QTR `]PMPWZbBPXLdQTYO_SP_]PL_XPY__SP^TYRP]RTaP^_Z_SP]PWTRTZ`^ _P]X^ ^`][]T^TYR ?SP bZ]O wRZOx OPaZ QZ] TY^_LYNP ^PP ^PNZYO \`L]_P] ZQ _SP aP]^P T^ ^`YR aP]d NL`_TZ`^Wd LWXZ^_ ^SdWd ?SP Z_SP] YLXP^ZQRZO^L]P\`T_P^TX[WdwZaP]^`YRx 4Y _SP QT]^_ \`L]_P] ZQ _SP aP]^P _SP ZYWd LNNPY_ M]TPQWd L[[PL]TYR WTP^ ZY _SP RPY_Wd PX[SL^TePO QTYLW ^dWWLMWP ZQ []LMSLaT_`X wMPNZXP XZ]Px XPLYTYR SP]P wMPNZXP [ZbP]Q`W FL^ N]PL_Z]Hx ?SP ^TYRP] WP_^ _SP_ZYP^bPWWLWT__WPZY_SP^dWWLMWPwm_`XxLYO_SPY_`]YTY_ZL[L] _TN`WL]XZ_TQ_SL_]P_`]Y^LRLTYLYOLRLTYTY_SPNZ`]^PZQ_SP^ZYR?ST^ XPWZOd ^TYV^ Q]ZX _SP XLTY YZ_P 2 aTL _SP ^ZQ_ 0 QWL_ OZbYbL]O^ L^ QL]L^/LYOQTYT^SP^_SP]PbT_SZ`_PaP]RZTYRMLNV_Z_SPQ`YOLXPY_LW YZ_P 4Y^_PLO _SP XPWZOd OPaPWZ[^ TY_Z L RPY_WP _]PXZWZ bSTNS PMM^ LbLd TY _SP SL]XZYTN ^`^[PY^P ZQ _SP _ZYP^ / LYO 1 ?ST^ TYQTYT_d ^`RRP^_TYRwXZ_TQZQWZYRTYRxT^_SPNPY_]LWXZ_TQZQ¢YLYOL-SLT]LaÅ
#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
4Y _SP ^PNZYO \`L]_P] ZQ _SP aP]^P _SP ^TYRP] XL]V^ _S]PP bZ]O^% _SP LMZaPXPY_TZYPO OPaZ w_SP RZOx T^ NSL]LN_P]TePO Md OPPX[SL^TeTYR LYO Md _SP LbPQTWWPO ^SdYP^^ bT_S bSTNS T_ T^ TY_ZYPO ?ST^ bZ]O T^ LW^ZbSP]P_SPXPWZOd]P_`]Y^_Z_SPQ`YOLXPY_LWzbSTNSOTOYZ_SL[ [PYTY_SPQT]^_\`L]_P]ZQ_SPaP]^P?SPbZ]O V`²LWLà SP]PwLMWPxM`_ LW^Z wbPWWMPTYRx bSTNS T^ NSL]LN_P]TePO Md L ^XLWW _]TWW T^ WTVPbT^P ^`YR ZY _SP Q`YOLXPY_LW ?SP ^PNZYOL]d XPLYTYR ZQ wbPWWMPTYRx XL]V^ Z`_ _SP bZ]O L^ L XL«RLWL bZ]O ^TRYLWTYR L`^[TNTZ`^YP^^ LYO RTaP^ T_ L NZ]]P^[ZYOTYR X`^TNLW QZ]X ?SP _ST]O XL]VPO bZ]O T^ L[T wPaPYx LYO SP]P XPLYTYR wYZ_ NL[LMWP ZQ PaPY _SP ^XLWWP^_ XZaP XPY_x ?SP ^TYRP] ^TYR^ _SP bZ]O OPaZ w_SP RZOx ( ±TaL [TLYT^^TXZ L^TQ^SPbP]PQLNTYRLR]PL_^PN]P_LYO L[T T^^`YRTY_SP^LXPXLYYP] z aP]d \`TP_Wd LYO bT_S ]P^_]LTY_ 4_ T^ YZ_ RTaPY _SP NZWZ]L_`]L _SL_ T^ `^`LW L_ _SP PYO ZQ PaP]d \`L]_P] ZQ _SP aP]^P ?ST^ ^ZQ_ LYO ]PWLcPO [L^^LRP NZXP^ ZaP] L^ L M]TPQ XZXPY_ ZQ [PLNP LYO Q`WQTWWXPY_ TY _SP `YOP]WdTYRQPPWTYRZQWZYRTYR4_LWXZ^_ ^PPX^L^ TQ_SP^TYRP]bLY_^_Z Pc[]P^^ _SP LM^ZW`_PWd TYPQQLMWP _]LY^NPYOPYNd ZQ ±TaL 3ZbPaP] LQ_P] L XZXPY_ _SP X`^TNLW Pc[]P^^TZY RPY_Wd RWTOP^ MLNV _Z _SP XZZO ZQ WZYRTYR_SL_[P]aLOP^_SPbSZWP=£RL 4Y _SP ^PNZYO SLWQ ZQ _SP aP]^P >X_ APOLaLWWT XL]V^ _SP bZ]O^ wMZb OZbYx []L©LY_`X LYO w^TYR []LT^P^x ^_Z_`X TY L ^[PNTLW bLd ?SP MSLV_T PWPXPY_ T^ ZMaTZ`^Wd P^[PNTLWWd TX[Z]_LY_ _Z _ST^ [L]_TN`WL]
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
#
^TYRP] BSTWP _SP _SPZWZRTNLW ?LY_]TN aP]^P^ ZQ _SP SdXY L]P ^`YR TY L ]L_SP] YP`_]LW _ZYP ZQ ]PNT_L_TZY bZ]O^ PaZVTYR L OPaZ_TZYLW XZZO L]P LWbLd^RTaPYLX`^TNLWPc_]L1Z]PcLX[WP_SPbZ]O^wDZ`xLYOwbZ] _SdZQbZ]^ST[xTY_SP_ST]O\`L]_P]ZQ_SPaP]^PL]PWPYR_SPYPOM`_ZYL ^TYRWP YZ_P bT_SZ`_ LYd XPWZOTN XZaPXPY_ ,_ _SP PYO ZQ _SP WTYP _SP ^NLWP Z[PY^ `[bL]O^ TY_Z L WZYR NZWZ]L_`]L L]Z`YO _SP M]TRS_ YZ_P , ^`YR ZY _SP WPYR_SPYPO bZ]O L[T wPaPY QZ] _SP^P R]PL_ RZO^x ?SP bZ]O^wMZbOZbYxLYOw^TYR[]LT^P^xTY_SPQZ`]_S\`L]_P]ZQ_SPaP]^P L]P ^P[L]L_PO Md [L`^P^ LYO _SP ^TYRP] [`_^ LWW SP] PXZ_TZY TY_Z _SP^P bZ]O^ bSTNS ^SP ^TYR^ bT_S ^TRSTYR Z]YLXPY_L_TZY ZQ OPWTRS_ ?ST^ X`^TNLWTePO OPaZ_TZY T^ Pc[]P^^PO P^[PNTLWWd ^_]ZYRWd TY _SP WZYR O]LbY Z`_ LYO [SZYP_TNLWWd Pc_PYOPO ^_Z_`À a£Fd£d£H wm Z] ^TYR []LT^P^xbSTNSLRLTY_LVP^`[_SPwXZ_TQZQWZYRTYRx210QWL_/,_ _SPPYO_SPbZ]O[]LMSLaL_TwbSZNLYLNSTPaPT_xSL^LNZWZ]L_`]LL^ LYPNSZZQ_SPTYT_TLW []LMSLaT_`X LYOWPLO^TY_Z_SP^PNZYOaP]^P ?SP bSZWP ]PNZ]OTYR ZQ _SP ^`YR ]PLWTeL_TZY ZQ _SP >L`YOL]dL 7LSL]ÅMd >X_ APOLaLWWTT^ L^bT_SZ_SP] ^TYRP]^ZQ ^`NS_Pc_^YZ_ LY TY_P][]P_L_TZY TY _SP BP^_P]Y ^PY^P ?SP ^TYRP] OZP^ YZ_ L__PX[_ _Z [`_ ZaP]LYd_Pc_`LWNZY_PY_Z]_Z_]LY^[Z]_TOPL^Z`_ZQT_4_T^X`NSXZ]P _SP NL^P _SL_ ^SP ]PLN_^ WTVP L ^PT^XZR]L[S _Z TYOTaTO`LW bZ]O^ 3P] ^ZYR T^ LN_`LWWd L ]PNT_L_TZY O`]TYR bSTNS ^SP TXXP]^P^ SP]^PWQ NZX [WP_PWd TY _SP _Pc_ ?SP NZX[WPc X`^TNLW ^_]`N_`]P^ TY NZX[L]T^ZY _Z YZ]XLW ]PNT_L_TZY L]P LY TX[]ZaT^PO Pc[]P^^TZY ZQ _SP ^TYRP]v^ ZbY XZZObSPY[P]QZ]XTYR_SP_Pc_,NNZ]OTYR_Z_SP4YOTLYOPQTYT_TZYT_T^ ^ZWPWd _ST^ L`OTMWP TYaZWaPXPY_ ]LV_T WT_P]LWWd wNZWZ]L_TZYx bSTNS OT^_TYR`T^SP^ ^ZYR R£YL Q]ZX _SP QTcPO QZ]X^ ZQ ]PNT_L_TZY [£¶SL ,W_SZ`RS ]PNT_L_TZY^ NLY NP]_LTYWd SLaP LY LP^_SP_TN PQQPN_ _SP [P] QZ]XP]OZP^YZ_[]P^PY_STXZ]SP]^PWQbSTWP^TYRTYRL^QL]L^SPZ]^SP T^ZYWd]P[]ZO`NTYR _]LOT_TZYLW ^Z`YO[L__P]Y^zWTVP TYNL^PZQ _SP 8L ST´£^`]LX£]OTYÅ>_Z_]L =PNT_L_TZY^ L]P YZ_ [P]^ZYLW Pc[]P^^TZY^ ZQ PXZ_TZYM`_NZWWPN_TaPWd^SL]PO[L__P]Y^?ST^T^OTQQP]PY_TY_SPNL^PZQ OPaZ_TZYLW NWL^^TNLW ^TYRTYR >X_ APOLaLWWT T^ LY PcLX[WP ZQ _ST^ aP]d [P]^ZYLW []LN_TNP bSTNS z `YWTVP OPaZ_TZYLW R]Z`[ ^TYRTYR ZQ XLYd >_Z_]L^LYO-SLULY^bT_S^TX[WP[]PQLM]TNL_POXPWZOTP^zLWbLd^T^LYO ]PXLTY^TYOTaTO`LW4Y4YOTLYX`^TN_SP]PT^L^_]TN_OT^_TYN_TZYMP_bPPY _SP ^TYRTYR ZQ L []PQLM]TNL_PO XPWZOd LYO Q]PP TX[]ZaT^L_TZY £W£[ 3P]PZYWdQ]PPTX[]ZaT^L_TZYT^]PRL]OPOL^]PLWwL]_xLYOw[]Z[P]NWL^ ^TNLW X`^TNx "$ , ^TYRP] MPRTY^ _Z RTaP QZ]X _Z L >_Z_]L Z] L =£RL Md ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ 4YOTLY 0YRWT^S SL^ _SP _P]X wWTRS_ X`^TNx QZ] ^ZYR^ bT_S []ZR]LXPO XPWZOTP^ TY NZY_]L^_ _Z wNWL^^TNLWx bSTNS ]PQP]^ _Z TX[]ZaT^PO NWL^^TNLW X`^TN ?SP NZYNP[_ ZQ wWTRS_ X`^TNx TY T_^ Z]TRTYLW 0YRWT^S ^PY^P ZQ wPL^d WT^_PYTYRx ^PPX^ _Z SLaP MPPY WZ^_:Y_SP4Y_P]YP_T_T^PaPY[Z^^TMWP_ZQTYOAPOTN]PNT_L_TZY^`YOP]wWTRS_X`^TNx ^TYNP_SPdL]PYZ_TX[]ZaT^PO
#
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
bZ]VTYRQ]ZXST^Z]SP][P]^ZYLWPXZ_TZYLWwNZWZ]x?ST^T^^TYRTYR_SL_ T^ _Z_LWWd TY_P]YLWTePO z [`]P Pc[]P^^TZY ZQ QPPWTYR ?SP X`^TNLW QZ]X QZWWZb^ TYLXZOP _SL_T^ XZ]P[L^^TaP _SLY LN_TaP BSL_T^ NZX[WP_PWd XT^^TYR Q]ZX 4YOTLY OPaZ_TZYLW ^TYRTYR T^ ^Z`YO PQQPN_^ ]PWL_TYR _Z _SP [Sd^TNLW bZ]WO ?SP X`^TN T^ \`T_P OPQTYT_PWd YZ_ _]dTYR _Z ]P[]P^PY_ LYd_STYR 1Z] TY^_LYNP TQ _SP _Pc_ ^Ld^ _SL_ AT´©` T^ WTVP L QT^S TY _SP []TXPaLW ZNPLY _SP X`^TNTLY^ OZ YZ_ ^TYR Z] [WLd bLaPWTVP QTR`]P^ _Z N]PL_P L [TN_`]P ZQ LY ZNPLY >Z TY _SP X`^TN _ZZ _SP XZOP^ ZQ ]P[]P ^PY_L_TZYL]PYZ_OP]TaPOQ]ZX_SPaT^`LWLYO_SPOT^N`]^TaP?SP`YOP] WdTYRXZZOT^bSL_T^OPNT^TaP%_SP^TYRP]bT^SP^_Z_LVPT_`[_Z_]LY^ [Z]_T_LYOOPaPWZ[T_^QZ]X ?SP LM^Z][_TZY M]Z`RS_ LMZ`_ Md _ST^ VTYO ZQ PWT_P ^TYRTYR ^_dWP T^ YZ_ L wXLRTN LYO Z]RTL^_TN PN^_L^dx bSTNS T^ XZ]P NZYR]`PY_ bT_S _SP 8LST´£^`]LXL]OTYÅ>_Z_]L M`_]L_SP]LYwL[L_STNPN^_L^dxL^ 8Lc BP MP] bZ`WO [`_ T_ z LY PN^_L^d _SL_ T^ NZX[WP_PWd TY_P]YLWTePO LYO NZY _PX[WL_TaP -Z_S SdXY^ TQ ^`YR XLd MP NLWWPO LNZ`^_TN OPaZ_TZY M`_ _SPd L]P NZX[WPc NZXX`YTNL_TZY ^d^_PX^ _SL_ OTQQP] TY _P]X^ ZQ NZY _PY_ LNZ`^_TN^ ^dXMZWT^X LYO N`W_`]LW XTWTP` ?ST^ T^ YZ_ _Z ^Ld _SL_ >X_APOLaLWWTbZ`WOYPaP]^TYR_SP8LST´£^`]LXL]OTYÅ>_Z_]L-`__ST^ >_Z_]LzU`^_MdaT]_`PZQT_^wWLYR`LRPX`^TNxzRPYP]L_P^LNZWWPN_TaPWd ^SL]POTXLRPZQPYP]RP_TN[ZbP]bSTWP_SP >L`YOL]dL7LSL]Å _L[^Z_SP] ^Z`]NP^ ZQ ]PWTRTZ`^ QPPWTYR^ LYO T^ WL]RPWd ]P^P]aPO QZ] PWT_P N`W_`]P ?ST^PWT_PQPL_`]PT^SPL]OTPLNZ`^_TNLWWd_]LY^XT__PO
$
?SP/T^L[[PL]LYNPZQ7LYR`LRPTY8`^TN
1Z] _SP R]PL_ MSLV_T XZaPXPY_^ bSTNS MPNLXP aP]d ^_]ZYR TY 4YOTL Q]ZX LMZ`_ _SP PTRS_S NPY_`]d ,/ X`^TNLW []P^PY_L_TZY T^ LN_`LWWd _SP YZ]X 4YYZaL_TaP ]PWTRTZ`^ WT_P]L_`]P^ L]Z^P ZaP] _SP WL^_ _SZ`^LYO dPL]^LMZaPLWWTY_SPMSLV_TLYO_SPYZ]XLWQZ]XZQLMSLV_T_Pc_T^L ^ZYR ?SP XZaPXPY_ ^PPX^ _Z SLaP ^_L]_PO TY ?LXTW 9LO` TY >Z`_SP]Y 4YOTLbT_S_SPT_TYP]LY_^TYRP]^ZQ_SPAT´©`T_TN¢~a£]^LYO_SP±TaLT_TN 9£dLºX£]^bSZ_Z`]POQ]ZX_PX[WP_Z_PX[WP_ZZQQP]_SPT]OPaZ_TZYLW ^ZYR^_Z_SPOPT_TP^4YLOOT_TZY_Z_SP`Y`^`LWaP]YLN`WL]ZQ_SP^P^ZYR^ T_bL^[]TYNT[LWWd_SPaP]d[P]^ZYLWWTYVMP_bPPY_SP^P^TYRP]^LYO_SPT] OPT_d bSTNS bL^ YPb LYO bPY_ ZY _Z MPNZXP ^Z [Z[`WL] LN]Z^^ 4YOTL _SL_ bP QTYO MSLV_T [ZP_]d LYO ^ZYR^ TY _SP XZ^_ aL]TPO ]PRTZYLW WLY R`LRP^,W_SZ`RS_SPdOPaPWZ[POZ`_ZQZYPTYOTRPYZ`^TX[`W^PT_bL^ []ZMLMWd YZ_ WPL^_ _SP [ZWT_TNLW ^T_`L_TZY TY _SP QZWWZbTYR NPY_`]TP^ _SL_ NZY_]TM`_PO_Z_SP_Z_LW^`NNP^^ZQ_ST^aP]YLN`WL]WT_P]L_`]P8Z^_ZQLWW TY 9Z]_SP]Y 4YOTL `YOP] 8`^WTX ]`WP L NP]PXZYTLW _PX[WP ]PWTRTZY OTO YZ_ SLaP ^`NS LY PL^d _TXP ZQ T_ ?SP TNZYZNWL^_TN ]LRTYR ZQ NSL]LN_P]^
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
#
^`NSL^8LSX`OZQ2SLeYTLYO,`]LYRePM^[PNTQTNLWWdNL`^POLYTY_P] YLWTeL_TZY ZQ _SP ]PWTRTZY 3P]P TY_P]YLWTeL_TZY OZP^ YZ_ YPNP^^L]TWd XPLY YZ_ SLaTYR ]T_P^ M`_ L [P]^ZYLWTeL_TZY LYO ^TX[WTQTNL_TZY ZQ _SP XL_P]TLWL^[PN_^ZQ]PWTRTZY4Y^_PLOZQLYPWLMZ]L_PLXMTPYNPNZY^T^_TYR ZQ^LN]POL]NST_PN_`]PLYO]PWTRTZ`^^_L_`P^R]Z`[^TYRTYRLYO_SP[]Ld TYR ZQ YLXP^ _ZZV ZY XLUZ] ^TRYTQTNLYNP L^ XPLY^ ZQ N]PL_TYR ^LN]PO L_XZ^[SP]P^,_PX[WPNLYMPWZZ_POLYO^_L_`P^NLYMP^XL^SPOM`_L ^ZYR Z] L YLXP NLYYZ_ 9Z_ ZYWd OZ _SP NZWWPN_TaP -SLULY ^ZYR^ PY SLYNP ^ZNTLW TY_PR]L_TZY LYO TOPY_T_d M`_ _SPd L]P LW^Z TYOP[PYOPY_ ZQ _TXP LYO ^[LNP L]P PL^TWd _]LY^[Z]_PO LYO L]P NSPL[ TY NZY_]L^_ _Z SPLad^_L_`P^XLOPZQ^_ZYPZ]XP_LW?ST^XLVP^_SPX`^PQ`WYZ_ZYWd TY _TXP^ ZQ [P]^PN`_TZY M`_ LW^Z TY _SP OTL^[Z]L 1Z] PcLX[WP _ZOLd [PZ[WP RP_ _ZRP_SP] YZ_ ZYWd TY _SP >L«VL¶8ZNLY _PX[WP TY -LYL]P^ PaP]d 1]TOLd PaPYTYR _Z ^TYR -SLULY^ bT_S L X`^TNLW LNNZX[LYTXPY_ _Z _SPT] RZO =£XL M`_ ^Z OZ -SLULY R]Z`[^ TY 8LO]L^ LYO >_ZNVSZWX ./#,YOPaPY3TYO`?LXTWOTL^[Z]L_PX[WP^SLaPTY_]ZO`NPOR]Z`[ ^TYRTYRZQ_PYWPOMdWLd[PZ[WP=T_P^ZQ_ST^_d[POZYZ_YPPOL[]TP^_z L_ _SP XZ^_ _SPd YPPO L wNLY_Z]x -`_ TY _P]X^ ZQ ]PWTRTZ`^ XP]T_ _SPd L]P ^PPY L^ []Z[P] ]T_`LW^ ?SP^P -SLULY ]T_P^ L]P Q]P\`PY_Wd [P]QZ]XPO ^[ZY_LYPZ`^Wd LYO _SP R]Z`[^ ZQ_PY Z]RLYTeP _SPX^PWaP^ ^TYNP PaPY _bZ Z] _S]PP [PZ[WP bT_S _SP ^LXP QLaZ]T_P OPT_d QZ]X L [Z_PY_TLW -SL ULY R]Z`[ 1`]_SP]XZ]P -SLULY ]T_P^ L]P Pc_]PXPWd X`W_TQ`YN_TZYLW ?SPd L]P []LT^P _Z RZO NZY_PX[WL_TZY PY_P]_LTYXPY_ LYO ^ZXP_TXP^ PaPYwL^NP_TNT^XxzYLXPWdbSPY_SP[L]_TNT[LY_^[]ZXT^P_Z[]LT^P_SP RZOMd^TYRTYR_SPbSZWPYTRS__S]Z`RS ,[L]_Q]ZX_SP[]PQP]PYNPQZ]_SPXPOT`XZQX`^TN_SP]PT^LYZ_SP] YPbOPaPWZ[XPY_TY_SPMSLV_TWT_P]L_`]P,YTYOTaTO`LWTeL_TZYLYO[P] ^ZYLWTeL_TZYZQ_SPWT_P]L_`]PMPNZXP^_LYRTMWP?SP[ZP_^RPYP]LWWdRTaP _SPT] YLXP^ TY _SP WL^_ aP]^P ZQ _SPT] ^ZYR^ ?ST^ NZYaPY_TZY LXZYR^_ _SP ^ZYRb]T_P]^ TYNW`OTYR YZY]PWTRTZ`^ ZYP^ NP]_LTYWd LW^Z SLO _SP Q`YN_TZYZQLNZ[d]TRS_?ST^T^bZ]_SdZQNZXXPY_MPNL`^PZQ_SPNZY _]L^_ bT_S _SP R]PL_ ]PWTRTZ`^ >LY^V]T_ bZ]V^ ZQ WT_P]L_`]P ^`NS L^ _SP APOL^ P[TN^ LYO ;`]£©L^ bSTNS L]P LWW LYZYdXZ`^ ,Y L`_SZ] TY LY _T\`T_dPRL;`]£©TN[ZP_bZ`WOSLaPNZY^TOP]POST^PL]_SWd^PWQ_ZMP X`NS _ZZ TY^TRYTQTNLY_ _Z MP XPY_TZYPO TY ^ZXP_STYR WTVP L SdXY _Z ±TaL4YST^YPc_WTQPSPbTWWMPLNZX[WP_PWdOTQQP]PY_MPTYRM`_±TaLT^ R]PL_P] PaPY _SLY XTWWPYYTL ZQ bZ]WO NdNWP^ 3P]P bP QTYO _SL_ _SP MSLV_T ^LTY_^ XLVP L ]LOTNLW M]PLV ?SPd YPaP] ^[PLV LMZ`_ _SPT] bZ]WOWdPRZM`__SPT]ZbYWTaP^L]POPQTYT_PWdTX[Z]_LY_bSPY_SP[ZTY_ T^ _SPT] ]PWL_TZY^ST[ _Z _SP OPT_d LYO _SP ]ZWP _SL_ T_ [WLd^ TY _SPT] [P] ^ZYLWWTaP^?SPT]NWZ^P]PWL_TZY^ST[_Z_SPOPT_dLWWZb^_SPX_Z[L]_TNT [L_P TY T_ :YP NLY ^PP _SP TYQW`PYNP ZQ _SP R]ZbTYR TX[Z]_LYNP ZQ 2` ]`^ , S`XLY [P]^ZY NLY LW^Z _]LY^[Z]_ _SP L`]L ZQ _SP OPT_d []ZaTOPO
#!
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
_SL__ST^[P]^ZYSL^LNWZ^P]PWL_TZY^ST[_ZT_?SP]PWTRTZ`^bZ]WOZQ_SP WL^_ XTWWPYYT`X TY 4YOTL SL^ MPPY XLTYWd TYQW`PYNPO Md ST^_Z]TNLW [P] ^ZYLWT_TP^ ^`NS L^ >LXMLYOSL] 7LWWL /dPO 6LMÅ] 8Å]£M£Å LYO ?`W ^¯O£^ bSZ []TXL]TWd PcP]_PO _SPT] TYQW`PYNP _S]Z`RS _SP WT_P]L_`]P ZQ _SPT]^ZYR^LYObP]PQ`]_SP][Z[`WL]TePOTYSLRTZR]L[STP^ 0aPY TQ >LY^V]T_ 3TYO`T^X SL^ WZ^_ X`NS ZQ T_^ ^TRYTQTNLYNP _ZOLd _SP ST^_Z]d ZQ ]PWTRTZY NZY_TY`P^ L^ bP NLY ^PP Q]ZX XZOP]Y R`]`^ 2`]` []LN_TNP T^ LY TY^_T_`_TZY _SL_ NLYYZ_ ]PLWWd MP _]LNPO MLNV _Z _SP WLYR`LRP PWT_P ZQ _SP APOL_]LTYPO -]LSXTY^ LYO -]LSXLYTePO 3TYO` T^X,R`]`OZP^YZ_YPNP^^L]TWdSLaP_ZSLaPRZZOVYZbWPORPZQ>LY ^V]T_3POZP^YZ_PaPYSLaP_ZMPP^[PNTLWWdPWZ\`PY_TY_SPaP]YLN`WL] 7LYR`LRP NZX[P_PYNP T^ YZ_ _SP []TXL]d \`LWTQTNL_TZY Md LYd XPLY^ BSL_ NZ`Y_^ T^ NSL]T^XL LYO _SP bLd _SL_ WT^_PYP]^ QPPW PXZ_TZYLWWd LQQPN_POMd_SP[P]^ZYLWT_d ZQ_SPR`]` .ZY_LN_bT_S_SPR`]`T^STRSWd [L]_TNT[L_Z]d ?SP R`]`v^ QZWWZbP]^ ^PPV TY STX L _LYRTMWP RZO ^Z _Z ^[PLV:Q_PY_SPNZY_LN_OZP^YZ_TYaZWaPWLYR`LRP_LVTYR[WLNPZYWdTY _SPQZ]XZQ_Z`NSTYRzM`_]L]PWdbT_SZ`_X`^TN ?SPNZY_PX[Z]L]dR`]`>]T2LYL[L_T>LNSNSTOLYLYOL>bLXTUTbSZ _]LaPW^ _SP bZ]WO aT^T_TYR _SP 3TYO` OTL^[Z]L TYNW`OTYR [PZ[WP TY _SP BP^_ LYO _SP .L]TMMPLY ^[PLV^ _Z [PZ[WP LMZaP LWW bT_S L R]PL_ OPLW ZQ bL]X_S LYO ^dX[L_Sd 3P NZXX`YTNL_P^ _Z L R]PL_ Pc_PY_ aTL ST^ ZbY -SLULY NZX[Z^T_TZY^ TY >LY^V]T_ ./ $ LYO ?PW`R` LYO aTL _SP ¢W£[ TX[]ZaT^L_TZY^ ZY ST^ ^dY_SP^TeP] _Z bSTNS SPLWTYR [ZbP] T^ L^ N]TMPO 3P OP^N]TMP^ ST^ w^[T]T_`LW X`^TN NZYNP]_^x z LYO LMZaP LWW _SP [`]PWdTY^_]`XPY_LWX`^TNZQST^^dY_SP^TeP]zL^wXPWZOTNLWXPOTNTYPx Y£OLNTVT_^£ # 3P OZP^ YZ_ NWLTX _Z MP ]P^[ZY^TMWP QZ] SPLWTYR M`_ ^PP^ STX^PWQ ZYWd L^ L _d[P ZQ _]LY^XT__P] MP_bPPY ST^ L`OTPYNP LYO wRZO _SP ^`[]PXP ]PLWT_dx 3P TY^T^_^ _SL_ ZYP ^SZ`WO WT^_PY bT_S _SP wSPL]_x LYO wYZ_ bT_S _SP TY_PWWPN_x LYO [ZTY_^ Z`_ _SL_ SP T^ YZ_ L _]LTYPO X`^TNTLY 3T^ LTX T^ _Z wL__`YP XLY _Z 2ZO _S]Z`RS MPWTPQ LYO X`^TNx LYO _Z N]PL_P L NZXX`YLW Pc[P]TPYNP TY bSTNS _SP [PZ[WPv^ wMZOdNZY^NTZ`^YP^^aLYT^SP^R]LO`LWWdLYObT_S_SL_LQQWTN_TZYNPL^P^ _ZMPPc[P]TPYNPOx # 0aPYXZ]P^_]TVTYRT^_SPOPNTOPOWdYZYTY_PWWPN_`LWL[[]ZLNSTY_SP NL^PZQ8£_£¢X_£YLYOLXLdÅNLWWPOw,XX£x wXZ_SP]xMdSP]OPaZ _PP^bSZT^WTVPbT^PaP]d[Z[`WL]TY_SPBP^_>SPNZXP^Q]ZXLQT^S TYR aTWWLRP TY 6P]LWL LYO L[[PL]^ L_ TY_P]YL_TZYLW PaPY_^ ^`NS L^ _SP BZ]WO;L]WTLXPY_ZQ=PWTRTZY^LYO_SP@9>SPNZXX`YTNL_P^bT_SSP] QZWWZbP]^LYOLOXT]P]^[]TYNT[LWWdMdPXM]LNTYR_SPX4YSP]NL^P-SL ULY^ L]P ^`YR TY []P[L]L_TZY QZ] SP] L]]TaLW LYO N]PL_P _SP ^[PNTLW L_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # bbbOL__L[PP_SLXNZXTYOTLX`^TNX`^TNS_XWLNNP^^PO8Ld # 4MTO
/TaTYP,_XZ^[SP]P^%?Pc_LYO8`^TNTY_SP/PaZ_TZYLW?]LOT_TZY^
#"
XZ^[SP]P QZ] _SP LN_`LW [L]_TNT[L_Z]d LN_ 9`XP]Z`^ NL^P^ ZQ SPLWTYR L]P LW^Z L__]TM`_PO _Z MZOTWd NZY_LN_ bT_S w,XX£x ,^ L 0`]Z[PLY ZYP SL^ OTQQTN`W_d TY TXLRTYR bSL_ L ^`MaP]^TaP LN_ _ST^ TY_TXL_P [Sd^TNLW NZY_LN_ NZY^_T_`_P^ TY _SP 3TYO` ^d^_PX ZQ aLW`P^ [P]aLOPO L^ T_ T^ Md YZ_TZY^ ZQ [`]T_d LYO TX[`]T_d% TY _SP STP]L]NSd ZQ _SP ^PY^P^ _Z`NSTYR bL^LYO^_TWWT^aP]dLXMTaLWPY_^TYNPMZOTWdNZY_LN_MP_bPPY[PZ[WPZQ OTQQP]PY_ ^ZNTLW ^_LYOTYR T^ _]LOT_TZYLWWd TYNZYNPTaLMWP LYO PaPY MP _bPPY S`^MLYO LYO bTQP [Sd^TNLW NZY_LN_ ^SZ`WO MP LaZTOPO TY [`MWTN ,XX£v^PXM]LNP^ L]PLYPc_]PXPWd`Y-]LSXLYTNLN_9Z_ WPL^_ZbTYR _Z _SP NZY_LN_ bT_S _SP BP^_ ^`NS aLW`P^ L]P NSLYRTYR TY 4YOTL _ZOLd LYO^ZXP_TXP^_ST^^PPX^_ZMPLNNZX[LYTPOMdLNSLYRPTY_SPSTP]L] NSdZQ_SP^PY^P^ 4YMZ_SZQ_SP^PNL^P^ZQXZOP]Y3TYO`]PWTRTZ^T_dTY_PR]L_TaP]T_P^ L]P Q`WWd ]P[WLNPO Md PXZ_TZYLW ]PWTRTZ^T_d ^PY^Z]d ]PNP[_TZY LYO X` ^TN ?SP MZOd LYO _SP ^PY^P^ YZ_ NZRYT_TZY LYO _SZ`RS_ L]P _SP XPOTL ZQ [L]_TNT[L_TZY 1Z] MZ_S ZQ _SP^P 2`]`^ _SP _TP OZP^ YZ_ NZXP LMZ`_ _S]Z`RS _SP ^LN]PO _Pc_^ ZQ 3TYO`T^X LYO LN_`LWWd YZ_ PaPY aTL WLY R`LRPLYdWZYRP]:bTYR_Z_SPT]PXZ_TZYLWL[[PLWLYO_SPWLNVZQ WLY R`LRP ML]]TP]^ _SP^P L]P _bZ ZQ _SP 2`]`^ bT_S _SP R]PL_P^_ QZWWZbTYR LXZYR BP^_P]YP]^ ?SP PXM]LNP^ ZQ ,XX£ L]P \`T_P ^TX[WP _]LY^N`W _`]LWWd aLWTO S`XLY LN_^ w0XM]LNTYR _SP bZ]WOx T^ ZYP XZ__Z ZQ SP] L^S]LX8L_L,X]T_LYLYOLXLdT8L_STY,X]T_L[`]T6P]LWL5`^_WTVP ,XX£ 2LYL[L_T >bLXT bSZ _]LaPW^ _Z QL]ZQQ NZ`Y_]TP^ NLY LW^Z L_ _]LN_[PZ[WPbSZOZYZ_^[PLVLYdWLYR`LRP_SL_SP^[PLV^-`_^_TWWSP NLY NZXX`YTNL_P bT_S _SPX -L^PO ZY _ST^ SP TY_P][]P_^ X`^TN L^ L [ZbP] _SL_ TY LYd N`W_`]P wSL^ L [WPL^TYR L[[PLW _Z MZ_S S`XLY^ LYO LYTXLW^x >Z wm _]LY^R]P^^TYR XLYXLOP Q]ZY_TP]^ 8`^TN ^PYO^ _SP XP^^LRPZQSL]XZYd[PLNPLYOM]Z_SP]SZZOx #TY_ZOLdv^bZ]WOQ`WWZQ NZYQWTN_^ LYO _PY^TZY^ 0aPY L aP]d N`W_`]LWWd ^[PNTQTN TOPL ^`NS L^ _SP A£ROSPY` wWLYR`LRP NZbx bSTNS bSPY _]LY^WL_PO TY L YZY4YOTLY NZY_Pc_^_TWW]P\`T]P^LS`RPLXZ`Y_ZQPc[WLYL_TZYNLYTY_SPQZ]XZQ _SP -SLULY w :X YLXZ M]LSXLYP x ./ $ QTWW BP^_P]Y WT^_PYP]^ bT_S ^`NSPY_S`^TL^XZbTYR_Z_SP[]P__dXPWZOd_SL__SPdPaPYUZTYTY_SP ]PQ]LTY% MS£aL^LÀMZOSTV£MS£]L_Å_P^L_Å^L]aLMS£a£_TR£MS£^aL_Åd£^aLdLXg V£XLOSPY`²NLd£UÅaTY£ÀMS£aTY£Xd£_aLd£^LÀRL_£^LNNTO£YLYOL_£gg =PQ]LTY% :XYLXZM]£SXL©Pm w>L]L^aL_¯DZ`]WZdLWbTQPbSZXLVP^LWW_STYR^TY_SPbZ]WO]PNZRYTe LMWP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4MTO
##
;P]QZ]XLYNPLYO>PY^`LWT_d%?SP>Z`YO@YTaP]^P^ZQ?LY_]LLYO/PaZ_TZYLWT^X
?SPZYPbSZ^STYP^bT_SSP]ZbYWTRS_ZaP]LWW_STYR^ ?SPbT^SR]LY_TYRNZbZQLWWWTaTYRLYO[P]NPTaTYRMPTYR^ BSZT^bT_SDZ`L^0cT^_PYNP.ZY^NTZ`^YP^^LYO-WT^^x
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYO BP^_
>ZXP ZQ _SP _]LOT_TZY^ ZQ >LY^V]T_ 3TYO`T^X bSTNS bP SLaP []P^PY_PO LW]PLOd MPWZYR _Z _SP [L^_ M`_ _SP ST^_Z]d ZQ ]PWTRTZY OZP^ YZ_ PYO _SP]PL^_SPWL^_^PN_TZYSL^^SZbY4_XLdMP_]`P_SL_TYXLYdL]PL^ZQ WTQPLYO_SZ`RS_4YOTLY^SLaPMPNZXPwBP^_P]YP]^x^TYNPT_T^XL_P]TLW T^_TN BP^_P]YN`W_`]P_SL_SL^ TYN]PL^TYRWd ^`]]Z`YOPO _SPXQZ]_SPWL^_ dPL]^ -`_ NZ`WO ZYP YZ_ L^V z bT_S P\`LW U`^_TQTNL_TZY z TY bSTNS L^[PN_^ZQWTQPLYO_SZ`RS_0`]Z[PLY^LYO,XP]TNLY^SLaPYZbMPNZXP w3TYO`^x*?ST^\`P^_TZYT^]PWPaLY_^ZWPWdTYaTPbZQ_SPQLN_`LW[Z^^T MTWT_d ZQ LY LW_P]YL_TaP LYTXLW []Z_PN_TZY LN_TaT^_ bSZ OZP^ ST^ DZRL PcP]NT^P^ PaP]d XZ]YTYR LYO _SPY NZY^`XP^ L aPRP_L]TLY M]PLVQL^_ MPQZ]P RZTYR _Z _LVP [L]_ TY _SP YPc_ YZYaTZWPY_ ^T_TY Z] ZQ L dZ`YR MLYVP] bSZ ]`^SP^ _Z _SP YPc_ PaLW`L_TZY XPP_TYR bSTWP ^`NNP^^Q`WWd ^`[[]P^^TYR _SP MPLO^ ZQ ^bPL_ ZY ST^ M]Zb `^TYR _SP [Z[`WL] ?8 TOPL _SL_ST^^Z`WT^LaL^_QWZbTYRZNPLYL^SPWPL]YPOZY_SPWL_P^_XLYLR P]^v _]LTYTYR NZ`]^P :MaTZ`^Wd N`W_`]LW MZ`YOL]TP^ SLaP MPNZXP ^Z QW`TO_SL_NZYNP[_^NLY^_]PLX`YTX[POPOQ]ZXZYPN`W_`]P_ZLYZ_SP]z bSP]P T_ ^PPX^ _SPd ^ZXP_TXP^ PaPY ^ZWaP []ZMWPX^ bT_STY _SP YPb SZ^_N`W_`]P 4Y WTRS_ ZQ _ST^ TOPL ZYP NLY `YOP]^_LYO _SP SZWT^_TN bZ]WO TY_P][]P _L_TZY_SL__SPULeeST^_Z]TLYLYO]PNZ]O[]ZO`NP]5ZLNSTX0]Y^_-P]PYO_ [Z[`WL]TePOTYST^MP^_^PWWP] ?SPBZ]WO4^>Z`YO%9LOL-]LSXL $# 0YRW$#" 3P_ZZV`[_SP4YOTLYw9£OL-]LSXLYxNZYNP[_w>Z`YO -]LSXLYx LYO OPNWL]PO T_ _Z MP L VPd _Z L w9Pb .ZY^NTZ`^YP^^x L w[L]LOTRX ^STQ_x Z] w9Pb ,RPx L_ _SP ^LXP _TXP ]PQP]]TYR _Z XLYd LYNTPY_Xd_S^ZQLYNTPY_[PZ[WP^% w8LYdZQ_SPbZ]WOv^N`W_`]P^SLaP[L^^POOZbY^LRL^LYOXd_S^WPRPYO^ LYO_LWP^TYbSTNS_SPbZ]WOSL^T_^Z]TRTYTY^Z`YOx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
5ZLNSTX0]Y^_ -P]PYO_ 9LOL -]LSXL% /TP BPW_ T^_ 6WLYR 1]LYVQ`]_% 4Y^PW $# ]PaT^PO0YRWT^SPOT_TZY ?SPBZ]WOT^>Z`YO%8`^TNLYO_SP7LYO^NL[PZQ.ZY^NTZ`^ YP^^ =ZNSP^_P]%/P^_TYd-ZZV^$#"$$?ST^[Z[`WL]MZZVT^ML^POZYL^P]TP^ ZQ]LOTZ[]ZR]LX^LYO_SP0YRWT^SPOT_TZYNZY_LTY^LQZ]PbZ]OMd1]T_UZQ.L[]L-P] PYO_^_L_P^_SL_ST^MZZVbL^LYTYN]POTMWP^`NNP^^SPNZ`WOYPaP]SLaPO]PLX_ZQP^ [PNTLWWdST^NSL[_P]ZYSPL]TYRw?PX[WPTY_SP0L]x -P]PYO_ ?SPBZ]WOT^>Z`YO "
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
-P]PYO_OT^NZaP]POTY_SP9£OL-]LSXLYLVPd_ZLYPbXP_L[Sd^TN^ZQ X`^TN ^Z [ZbP]Q`W _SL_ T_ SLO _SP NL[LNT_d _Z NSLYRP _SP bSZWP bZ]WO BSL_T^9£OL-]LSXLY*BSL_OZP^T_XPLY_Z-P]PYO_LYObSL_OZP^T_ XPLYTY_SP4YOTLYNZY_Pc_* ?SP^P \`P^_TZY^ Md YZ XPLY^ WPLO ^ZWPWd TY_Z _SP bZ]WO ZQ XZOP]Y P^Z_P]TNT^XbT_SbSTNS9£OL-]LSXLYT^L^^ZNTL_PO_ZOLdM`_TY_Z_SP bZ]WO ZQ 4YOTLY XZOLW X`^TN _SL_ LW^Z ]PLNSPO _SP BP^_ TY _SP $!^ ;Z^^TMWd9£OL-]LSXLYZYWdTYQTW_]L_PO4YOTLYOPaZ_TZYLWWT_P]L_`]PLYO _SP [Z[`WL] ?LY_]L L^ WL_P L^ _ST^ _TXP 4_ L[[PL]^ _SL_ ,]_S`] ,aLWZY bSZ [TZYPP]PO ?LY_]L ]P^PL]NS TY _SP PL]Wd _bPY_TP_S NPY_`]d bL^ YZ_ QLXTWTL]bT_S_ST^_P]X:YPXLd^`[[Z^P_SL_SPbZ`WOSLaPOT^N`^^PO T_ MPNL`^P _ZOLd 9£OL-]LSXLY T^ ^_]ZYRWd L^^ZNTL_PO bT_S wTYYP] ^Z`YO^x LYO NP]_LTY XPOT_L_TZY _PNSYT\`P^ wDZRL ZQ ^Z`YOx DP_ T_^ Z]TRTYLW ^PL_ TY WTQP T^ X`^TN LYO _SP X`^TNZWZRTNLW OT^N`^^TZY^ TY _SP 4YOTLY 8TOOWP ,RP^ L _]LOT_TZY bSTNS -P]PYO_v^ 4YOTLY X`^TNTLY^ QZW WZbPO ?SP]ZWPZQ4YOTLYX`^TNbT_STY_SPST^_Z]dZQX`^TNLYONZY_PX[Z ]L]d BP^_P]Y ]PWTRTZ`^ ST^_Z]d LYO XZ]P RPYP]LW _SP^P^ NZYNP]YTYR 4YOTLv^^SL]PTY_SPXZOP]Y^[T]T_`LWT_dZQ0`]Z[PLYO,XP]TNL[]ZaTOP _SP Q]LXPbZ]V QZ] _ST^ NWZ^TYR NSL[_P] ZQ Z`] MZZV ?SP XTOOWP [L]_ NZY_LTY^ L ST^_Z]TNLW PcLXTYL_TZY ZQ _SP _P]X 9£OL-]LSXLY LYO _SP \`P^_TZY ZQ _SP ^PY^Z]d LP^_SP_TN LYO NZRYT_TaP \`LWT_TP^ _SL_ XLOP 4Y OTLY X`^TN TY_Z L ]P[]P^PY_L_TZY ZQ NZ^XTN bSZWPYP^^ ZQ -]LSXLY T_ ^PWQ LYO TY_Z L N]Z^^N`W_`]LW L__]LN_Z] -PQZ]P MPRTYYTYR _SP _Z[TN ZQ 9£OL-]LSXLYT_^PPX^SPW[Q`W_ZTYNW`OP^ZXP[]PWTXTYL]d]PXL]V^
!
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT_^?]LY^]PWTRTZ`^ 4X[LN_
4Y PcLXTYTYR _SP 9£OL-]LSXLY bP L]P PY_P]TYR _SP QTPWO ZQ L WT__WP ]P^PL]NSPO ^dXMZWTN QZ]X _SL_ SLO _]LY^]PWTRTZ`^ TX[LN_ ?SP XZ^_ TY_P]P^_TYRL^[PN_QZ]`^LYO_SP]PL^ZYQZ]RTaTYR_SP9£OL-]LSXLY^Z X`NSL__PY_TZYT^_SL_T_LOO]P^^P^ZYPZQZ`]XLUZ]\`P^_TZY^zYLXPWd bSL_ VTYO ZQ bZ]WOaTPb T^ N]PL_PO TQ _SP ML^T^ ZQ Pc[P]TPYNP T^ ^ZYLW* ,YP^[PNTLWWdRZZOPcLX[WPT^_SP9£OL-]LSXLYL^QZ]X`WL_POMd_SP X`^TNZWZRT^_ ±£]«RLOPaL TY _SP _S NPY_`]d 4Y ±£]«RLOPaLv^ `YOP] ^_LYOTYRZQ9£OL-]LSXLY XZ^_ZQ_SPTOPL^LMZ`_WLYR`LRPLYO^Z`YO PX[SL^TePO TY _ST^ MZZV NZXP _ZRP_SP] LYO QZ]X L YPb [L]LOTRX YLXPWd _SL_ _SP bSZWP bZ]WO T^ ML^PO ZY ^Z`YO ?SP OT^L[[PL]LYNP ZQ WLYR`LRP TY_Z X`^TN L^ T^ ^Z _d[TNLW ZQ MSLV_T [TP_d ZNN`]^ TY _SP 9£OL-]LSXLY NZYNP[_TZY TY ]PQWPN_TZY 4Y _SP bZ]WO ZQ _SP X`^TNTLY^ WLYR`LRPMPNZXP^L^`MQZ]XZQPc[]P^^TaP^Z`YOLYO -]LSXLYL`OTMWP
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT_^?]LY^]PWTRTZ`^4X[LN_
#
TYX`^TN±£]«RLOPaL^SZb^SZb_SP_]LY^WL_TZYZQWLYR`LRPTY_ZX`^TN NLYMPPc[WLTYPO]L_TZYLWWd3POP]TaP^TOPL^Q]ZX_SP±LTaL?LY_]LLYO XLYd Z_SP] ^Z`]NP^ ?ZOLd _SP ]LOT`^ ZQ _SP 9£OL-]LSXLY Pc_PYO^ bLd MPdZYO _SP bZ]WO ZQ NWL^^TNLW 4YOTLY X`^TNTLY^ SLaTYR ]PLNSPO [Z[`WL] ?LY_]TN LYO OPaZ_TZYLW NT]NWP^ LYO PaPY LW_P]YL_TaP XZaPXPY_^ TY 0`]Z[P L []ZNP^^ R]PL_Wd PYNZ`]LRPO Md _SP ULee ST^_Z]TLY 5ZLNSTX -P]PYO_LXZYRZ_SP]^ >ZT_T^YZ_MdNSLYNP_SL__SP9£OL-]LSXLYNWZ^P^Z`]w^ZYTNST^ _Z]dx 1T]^_ T_ T^ LY PcNPWWPY_ _Z[Z^ QZ] O]LbTYR _ZRP_SP] _SP w_S]PLO^x Q]ZX _SP []PaTZ`^ NSL[_P]^ ?ST^ NZYNP[_ ZQ L `YTaP]^LWWd [P]aLOTYR w[]TXZ]OTLWx^Z`YOLYOT_^[Sd^TNLW]PLWTeL_TZYTYNWL^^TNLW4YOTLYX`^TN Q`^P^ LWW _SP ^TRYTQTNLY_ WLYR`LRP LYO ^Z`YO OT^NZ`]^P^ bSTW^_ _SPd LN \`T]PLYPbNZ][Z]PLWT_dLYO^PXTZ_TNTeL_TZY4Y_SPTYOTRPYZ`^NZY_Pc_ _SP9£OL-]LSXLYT^_SPWL^_R]PL__]LY^QZ]XL_TZYZQ_SP-]LSXLYNZY NP[_ LYO T_^ w]PTYaPY_TZYx 4_ XZOP]YTeP^ ^PaP]LW 4YOTLY w`YTaP]^LW Xd_S^x_SL_L]PNZXMTYPOTYL^TYRWP`YTaP]^LWXP_L[SZ]?SP]PQZ]P_SP ]PLOP]XPP_^XLYdwZWOQ]TPYO^xTYLYPbR`T^PQZ]TY^_LYNP%_SPAPOTN RZOOP^^AZTNP,OaLT_TNXZYT^X-SL]_SL]Tv^XP_L[Sd^TN^ZQWLYR`LRP DZRTNLYO?LY_]TNPc[P]TPY_TLWbZ]WO^LYO_SPP^Z_P]TN9£OLNZ^XZWZRd ZQ _SP ¢RLXL^ 8Z]PZaP] SP QTYO^ TYOTRPYZ`^ LP^_SP_TN^ MWPYOTYR []Z QLYP LYO ^LN]PO bZ]WOaTPb^ LYO MSLV_T OPaZ_TZYLWT^X L^ L NPY_]LW QLN_Z] ?SP 9£OL-]LSXLY T^ []ZMLMWd _SP XZ^_ NZX[WPc LYO ^PY^P ]PWL_PO ZQ LWW _SP `YTaP]^LW Xd_S^ RPYP]L_PO Md >LY^V]T_ 3TYO`T^X 4_ NZXMTYP^LM^_]LN_TZYLYOXL_P]TLWTeL_TZYTYLYTOPLW_d[TNLWXLYYP] ,__SP^LXP_TXPT_X`^_MP^LTO_SL__SPNZYNP[_ZQ9£OL-]LSXLY T^ YZb ZYP ZQ _SP XZ^_ Z[L\`P NZYNP[_^ QZ`YO TY >LY^V]T_ 3TYO`T^X -PNL`^P _SP 9£OL-]LSXLY SL^ MPPY LOZ[_PO Md aL]TZ`^ R]Z`[^ T_^ XPLYTYR SL^ MPNZXP Pc_]PXPWd `YNWPL] LYO [ZWdaLWPY_ ZaP] _SP NZ`]^P ZQ _TXP 9£OL T_^PWQ XPLY^ L ^Z`YO^NL[P LYO NLY MP^_ MP ]PYOP]PO Md _SP 2P]XLY bZ]O w>NSLWWx bSTNS TYOTNL_P^ ^Z`YO aTM]L_TZY^ 4_ PYNZX [L^^P^XLYd_STYR^Q]ZXL`OTMWPaTM]L_TYR^Z`YO_Z^`ML`OT_Z]dTYQ]L ^ZYTNLYO^`[P]^ZYTN^Z`YOTP_SPbSZWP^[PN_]`XZQ^Z`YO_L[P^_]TP^ ZQ_SPPc_P]YLWbZ]WO[Sd^TNLW^Z`YOLYO^Z`YObLaP^LYO_SPTY_P]YLW bZ]WO _SP ^`MUPN_TaP PQQPN_ ZQ ^Z`YO ZY _SP MZOd LYO XTYO 4_ LW^Z TY NW`OP^LP^_SP_TNXZZO^LYO^Z`YONPY_P]POTXLRP^4_T^L^QL]]PLNSTYR L^ _SP TYYP] ^Z`YO^ ZQ _SP DZRT^ LYO _SP w^Z`YO ZQ ^TWPYNPx BSPY -]LSXLY_ZZVZY_SPXPLYTYRZQ9£OLT_LW^ZLM^Z]MPOLWW_SP^PXPLY TYR^ ZQ _SP L`OTMWP[]ZO`NPO w^_]`NVx £SL_L LYO TYL`OTMWPYZY []ZO`NPOw`Y^_]`NVx LY£SL_L ^Z`YOLYOzbSTNST^P\`LWWdTX[Z]_LY_ z _SPT] ]PWTRTZ`^ NZOTYR^ :YP NLY LW^Z ^Ld _SL_ LOOTYR -]LSXLY _Z _SP 9£OL [Z_PY_TL_PO _SP ^[T]T_`LW _]LY^QZ]XL_TaP [ZbP] ZQ ^Z`YO ?SP QL XTWTL] NZYNP[_ ZQ -]LSXLY `YTaP]^LWTePO LYO [Z[`WL]TePO _SP P^Z_P]TN TOPL^ZQ^[PNTQTN_]LOT_TZY^^`NSL^_SP±LTaL¢RLXL^Z`YONZ^XZWZRd
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
4_bL^[]ZMLMWd_SP^PY^Z]d^`M^_LYNPZQ^Z`YO_SL_bL^_SPXLTYQLN_Z] M]TYRTYR LMZ`_ _SP [Z[`WL]T_d ZQ _SP 9£OL-]LSXLY bSTNS L_ _SP ^LXP _TXP ]PQWPN_PO LY LM^_]LN_ ZY_ZWZRTNLW ]PLWT_d ?SP 9£OL-]LSXLY SLO ^ZXP_STYR _Z OZ bT_S ^Z`YO _SL_ T^ bT_S L _STYR ZQ _ST^ bZ]WO _SL_ PaP]d ZYP bL^ QLXTWTL] bT_S YZ XL__P] bSL_ PO`NL_TZY _SPd SLO ]P NPTaPO ?ZOLd _SP NZYNP[_ T^ RPYP]LWWd `^PO ^TX[Wd bT_SZ`_ R]PL_P] Pc[WLYL_TZY4_T^L^^`XPO_SL_PaP]dZYPVYZb^bSL_T_XPLY^-`__ST^ T^ YZ_ ]PLWWd _SP NL^P ?SP _P]X SL^ MPNZXP L aLN``X _SL_ NLY QTWWPO bT_S L R]PL_ OPLW ?ST^ T^ TWW`^_]L_PO P^[PNTLWWd bPWW Md -P]PYO_ 3T^ 9Pb,RP LNNP^^ NZY^_]`N_^ T_^ ZbY YPb `YTaP]^LW Xd_S ,YO dP_ -P] PYO_ bSZ bL^ TY^[T]PO Md 4YOTLY XZOLW X`^TN ]PXLTYPO NWZ^P] _Z _SP 9£OL-]LSXLY L^ NZYNPTaPO Md T_^ wTYaPY_Z]x ±£]«RLOPaL _SLY ^ZXP WL_P] ]PNP[_TZY^ 4Y _ZOLdv^ [Z[`WL] ]PWTRTZ`^ LYO WLd ^NTPY_TQTN OT^ NZ`]^P 9£OL-]LSXLY NZYYZ_P^ Pc_]LZ]OTYL]d LYO Xd^_TNLW Pc[P]T PYNP^ ^`NS L^ wTYYP] ^Z`YO^x XLY_]L [ZbP] bLaP^ LYO ]TaP]^ ZQ ^Z`YO TY bSTNS ZYP NLY TXXP]^P ZYP^PWQ TQ ZYP []ZYZ`YNP^ _SP RZOv^ YLXPZ]]P[PL_^_SP^dWWLMWP:¿LYOLWWZb^_SP]P^ZYLYNPZQ_SP^Z`YO^ _ZPcP]_T_^TX[LN_^ZYZYPP_N 4Y aTPb ZQ _SP ^_]ZYRWd P^Z_P]TN LYO ZNN`W_ L^^ZNTL_TZY^ LYO OTXPY ^TZY^ ZQ Pc[P]TPYNP LYO OT^NZ`]^P T_ T^ _PX[_TYR _Z ^`[[Z^P _SP MPRTY YTYR^ZQ_SP9£OL-]LSXLYNZYNP[_WTPTY_SPDZRTNLYO¢RLXL?LY_]TN ^Z`]NP^ -`_ bP OZ YZ_ QTYO _SPX _SP]P 4_ T^ _]`P _SL_ bP QTYO L WZ_ LMZ`_ 9£OL M`_ T_ T^ YZ_TNPLMWP _SL_ _SP NZXMTYPO _P]X w9£OL -]LSXLYx OZP^ YZ_ ZNN`] ?ST^ T^ YZ_ _Z OPYd _SL_ TOPL^ LMZ`_ _SP []T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
1Z] PcLX[WP 2`d -PNV >ZYTN ?SPZWZRd .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL ;]P^^ $$ " bSZ PaPY ^[PLV^ ZQ w¢RLXTN _]LOT_TZY^ ZQ 9£OL-]LSXLYx TMTO # LW_SZ`RS SP _LVP^ WT__WP ]PNZ`]^P _Z _SP ¢RLXL^ TY NZY_]L^_ _Z ^_L_PXPY_^ Q]ZX DZRL _Pc_^ LMZ`_ _SP bZYOP]Q`W wTYYP] ^Z`YO^x ZY bSTNS SP QZN`^P^ TMTO #z# -PNVbL^ZYPZQ_SPQPb]P^PL]NSP]^bSZ_`]YPO_SPT]L__PY_TZY_Z_SP9£OL-]LSXLY PaPY _SZ`RS SP OTO YZ_ WZZV L_ _SP ST^_Z]d ZQ _SP _P]X ?PWWTYRWd SP NLY NT_P ZYWd L WL]RP Y`XMP] ZQ DZRL ^Z`]NP^ _SL_ ^[PLV LMZ`_ _SP 9£OL LYO TYYP] ^Z`YO^ ?Z ^`[ [Z^P _SL_ w9£OL-]LSXLYx T^ QZ`YO TY _SPX L^ SP OZP^ L[[PL]^ LYLNS]ZYT^_TN LYO LW^ZwQTYOTYRxLNZYaP]_TMWP[]LN_TNPZQ_SP9£OLDZRL[P]aLOTYR_SPNPY_`]TP^^PPX^ L ]L_SP] OL]TYR NWLTX ?SP ZYWd DZRL ^Z`]NP _SL_ OZP^ TY QLN_ ]PWL_P _SP 9£OL _Z _SP -]LSXLYLYOTY_P][]P_^T_L^_SPwQZ`]_SxTYL`OTMWP[L]_ZQ:¿T^A£NL^[L_Tv^_S NPY_ NZXXPY_L]d ZY _SP DZRL>¼_]L ! -PNV MPWTPaP^ _SP _Pc_ _Z MP _SP PL]WTP^_ ZNN`]]PYNP ZQ _SP w9£OL-]LSXLYx TY _SP NWL^^TNLW DZRL _]LOT_TZY TMTO #$ 3Zb PaP] _SP _P]X OZP^ YZ_ ZNN`] PaPY TY A£NL^[L_T LYO ZYP NLYYZ_ OP_P]XTYP bSP_SP] ST^TY_P][]P_L_TZY^ZQ_SP9£OLNLYMP^ZPL^TWd]PNZYNTWPObT_S_SP¢RLXLNZ^XZWZRd Z]_SPTYYP]^Z`YO^ZQ_SPDZRT^LYO_SL_bSTNS-PNVNLWW^w9£OLDZRLx_PNSYT\`P 3ZbPaP]ZYP_STYR_SL_NZXP^NWZ^P]_ZZ`]L]R`XPY_L_TZYT^-PNVv^]PQP]PYNP_Z_SP PL]WdX`^TNZWZRT^_8£_L«RLTMTO#z$LW_SZ`RSSPOTOYZ_`^P_SP_P]Xw9£OL -]LSXLYxPT_SP] :Y _SP Z_SP] SLYO bSL_ ZYP OZP^ QTYO _SP _P]X w±LMOL-]LSXLYx QZ] _SP ^dWWLMWP :¿TY_SP 8LT_]T8LT_]£dL©TdL@[LYT´LO _SL_LW^Z^[PLV^ZQTYYP]^Z`YO^M`_LTX^
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT_^?]LY^]PWTRTZ`^4X[LN_
#
XZ]OTLW 9£OL ^Z`YO QZ`YO TY _SP ¢RLXL^ SLO L ^_]ZYR TX[LN_ ZY _SP _P]X,YODZRL[]LN_TNP^_SL_QZN`^ZY_SP]P^ZYLYNPZQXLY_]L^TYYP] ^Z`YO^ Z] ^TWPYNP PcT^_PO PL]WTP] LYO NP]_LTYWd NZY_]TM`_PO _Z _SP ^P XLY_TN^ ZQ _SP w9£OL QTPWOx 1`]_SP]XZ]P ZYP NLYYZ_ OPYd _SL_ _SP XZOP]Y 9£OL-]LSXLY TY_P][]P_L_TZY [L__P]Y^ bP]P []PQTR`]PO TY 9£¶S LYO 3L¶SL DZRL ;P]SL[^ >TVST^X LYO >`QT^X LW^Z TYQW`PYNPO _SP^P [L__P]Y^ -`_ _SP _P]X 9£OL-]LSXLY OZP^ YZ_ ^PPX _Z ZNN`] TY _SP WT_P]L_`]P^ ZQ _SP^P _]LOT_TZY^ ?SP _P]X T^ QT]^_ XPY_TZYPO bT_STY _SP QTPWOZQX`^TNLWOT^NZ`]^P4_bL^_SPWPL]YPOX`^TNZWZRT^_±£]«RLOPaL bSZbL^L NZ`]_QTYLYNPXTYT^_P]LYOSZMMd,d`]aPOTN[Sd^TNTLY bSZ NZTYPO _SP _P]X 9£OL-]LSXLY TY _SP _ST]_PPY_S NPY_`]d ±£]«RLOPaLv^ 9£OL-]LSXLYbL^L^^ZNTL_POOT]PN_WdbT_SX`^TNLYOL__SP^LXP_TXP LYPc_]PXPWdNZX[WPcNZYNP[__SL_LM^Z]MPOLWW_SP2]PL_9L]]L_TaP^ZQ _SP[L^_ ?SPNZ^XZWZRTNLW ^Z`YO^[PN`WL_TZY^ZQ_SP ¢RLXL^LYO ?LY _]L^ LYO _SP bZYOP]Q`W ^Z`YO bZ]WO ZQ _SP DZRT^ LYO >TOOSL^ L]P ZYWd ZYP [L]_ ZQ ±£]«RLOPaLv^ WPRLNd LYO DZRTN TYYP] ^Z`YO^ L]P YZ_ Pc LN_Wd _SP XZ^_ TX[Z]_LY_ L^[PN_ TY ST^ 9£OL-]LSXLY NZYNP[_ -`_ Md OPNWL]TYR X`^TN _Z MP L _d[P ZQ XZ]P [WPL^`]LMWP DZRL LYO Q`^TYR _SP 9£OL NZYNP[_ bT_S _SP -]LSXLY NZYNP[_ SP ]PQP]]PO _Z QZ]XP] DZRL _]LOT_TZY^ bSTWP []ZO`NTYR L NL_NSbZ]O PYLMWTYR WL_P] ]PWTRTZ`^ []LN _TNP^ LYO [Z[`WL]TeL_TZY^ _Z OPaPWZ[ ?SP]PMd _SP _P]X 9£OL-]LSXLY NZTYPO Md ±£]«RLOPaL WL_P] Pc_PYOPO MPdZYO _SP WTXT_L_TZY^ ZQ X`^TNLW _SPZ]d 4_ T^ PaPY [Z^^TMWP _SL_ T_ TY^[T]PO YPb ]PWTRTZ`^ XZaPXPY_^ ;P]SL[^>TVST^X _SNPY_T^_SPWTYVMP_bPPY_SPXZOP]YXPLYTYRZQ _SP 9£OL-]LSXLY LYO ±£]«RLOPaLv^ TOPL 0aPY YZb []LN_TNTYR >TVS^ L__PX[_ _Z XP]RP bT_S _SP w^Z`YO N`]]PY_x ZQ _SP STRSP^_ wbZ]Ox Z] wYLXPx_S]Z`RS^TYRTYRLYO[]LdP] ?SP LN_`LW ST^_Z]d ZQ _SP 9£OL-]LSXLY SL^ YZ_ MPPY TYaP^_TRL_PO _Z OL_P 4_ bL^ ZYP ZQ _SP _Z[TN^ _SL_ bP]P ^Z ^_]ZYRWd ^`^[PN_PO ZQ MP TYR P^Z_P]TN _SL_ w]PLWx LNLOPXTN^ []PQP]]PO _Z VPP[ LbLd Q]ZX T_ _Z []P^P]aP _SPT] ]P[`_L_TZY^ ?SPd ^TX[Wd OTO YZ_ _LVP _SP ^`MUPN_ ^P]T Z`^Wd ,_ _SP ^LXP _TXP _SL_ T_ MPNLXP LY PaP]R]PPY _Z[TN [Z[`WL] TY P^Z_P]TN LYO [Z[`WL] ^NTPY_TQTN OT^NZ`]^P TY 4YOTL LYO MPdZYO T_ bL^ SL]OWd []P^PY_ L_ LWW TY LNLOPXTN OT^NZ`]^P , []LcPZWZRTNLW L[[]ZLNS QZN`^^TYRZYPaP]dOLd]PWTRTZ^T_dLYO_S`^LW^ZzTY4YOTLTY[L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QZ]_SPwQZ`]_SxTYL`OTMWP^_L_PZQ^TWPYNP3ZbPaP]_ST^T^LWL_P]XPOTPaLW*LOOT _TZY_Z_SPZ]TRTYLW@[LYT´LONQ_SPN]T_TNLWPOT_TZYZQ5,-aLY-`T_PYPY9Z]OTO ±L«VL]L NZXXPY_ ZY _ST^ @[LYT´LO 1Z] P\`L_TYR _SP ±LMOL-]LSXLY LYO 9£OL -]LSXLY_ZOLdLYO_SPL^^ZNTL_PONZYYZ_L_TZY^ZQw^[T]T_`LW^Z`YO^x_SP 8LT_]T LYO WL_P]DZRL@[LYT^LO^TY[L]_TN`WL]_SP 9£OLMTYO`@[LYT^LO XLdSLaP[WLdPOLOP NT^TaP ]ZWP L^ LYNTPY_ []PN`]^Z]^ -`_ T_ T^ YZ_ NWPL] SZb _ST^ VYZbWPORP PY_P]PO _SP [Z[`WL]N`W_`]PYPT_SP]SZbT_bL^ZaP]WLTObT_S_SP9£OL-]LSXLYBP^`[[Z^P_SL_ _ST^T^^ZXP_STYR_SL_^SZ`WO]L_SP]MP^Z`RS_Z`_^TOP3TYO`T^XYLXPWdTY>TVST^X
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
zZY^Z`YOTYR]PWTRTZYX`^_SZbPaP]QLNP`[_Z_SPNSLWWPYRPZQ_LNV WTYR9£OL-]LSXLYBPLTX_Z[]ZaTOPLYTYT_TLWNZY_]TM`_TZY_Z`YOP] ^_LYOTYR _SP NZX[WPc ST^_Z]d ZQ _ST^ NZYNP[_ LYO _SP QZ]XL_TZY ZQ bZ]WOTXLRP^ _SL_L]PL^^ZNTL_PO bT_S_SP9£OL-]LSXLY BP bTWWLW^Z _LVP L WZZV L_ _SP _]LY^YL_TZYLWTeL_TZY LYO _]LY^X`_L_TZY ZQ 4YOTLY TOPL^ []LN_TNP^ LYO QZ]X^ ZQ SLMT_`^ TY _SP XZOP]Y LRP ^`NS L^ 9£OL SPLWTYRbPWWYP^^N`W_`]PLYO-ZWWdbZZO ?SP]P T^ ^`NS L bTOP ]LYRP ZQ N`W_`]LW NZYYPN_TZY^ NZY_TYRPYNTP^ LYOOTQQP]PYNP^ bSTNS 9£OL-]LSXLY PYLMWP^`^ _ZL[[]ZLNSz^_L]_TYR Q]ZX LYNTPY_ X`^TN ZQ _SP ^[SP]P^ _Z bSTNS XZOP]Y ]PNP[_TZY^ ZQ_PY ]PQP]]TRS_`[_Z_SPPc[LY^TZYLYOOT^^ZW`_TZYZQN`W_`]LWMZ`YOL]TP^TY _SP XZOP]Y [P]TZO T_^PWQ BP QTYO 4YOTLY X`^TN [L]_TN`WL]Wd bPWW^`T_PO _Z `YOP]^_LYO N`W_`]LW NZY_TYRPYNTP^ 4Y _SP NWL^^TNLW LRP MZ_S 4YOTLY LYO BP^_P]Y X`^TNZWZRT^_^ ZNN`[TPO _SPX^PWaP^ bT_S XZ]P Z] WP^^ _SP ^LXP OTNSZ_ZXTP^_]TNSZ_ZXTP^ MP_bPPY _SP bZ]WO X`^TN LYO S`XLY MPTYR^3ZbPaP]OTQQP]PY_XZOPW^SLaPSLOL[L]LOTRXL_TN]ZWPTY[]Z aTOTYR Pc[WLYL_TZY^% SP]P WLYR`LRP _SP]P Y`XMP]^& SP]P _SP S`XLY aZTNP _SP]P TY^_]`XPY_^& SP]P LP^_SP_TN XZZO]PWL_PO ]PNP[_TZY _SP]P ]`WPML^PO VYZbWPORP& SP]P []LN_TNP _SP]P _SPZ]d& SP]P [P]X`_L_TZY^ _SP]P []Z[Z]_TZY^ P_N ,[[L]PY_Wd SZbPaP] []PNT^PWd _SP^P OT^NZY_T Y`T_TP^ L]P _SP ZYP^ _SL_ _`]YPO 4YOTLY X`^TN TY _SP _S NPY_`]d TY_Z L XLUZ] TY_P]N`W_`]LW NZY_LN_ eZYP ^_TX`WL_TYR YPb X`^TNLW LYO ^[T]T_`LW QZ]X^ ZQ Pc[]P^^TZY TY BP^_P]Y N`W_`]P Q]ZX :WTaTP] 8P^^TLPYv^ w3TYO`]Sd_SX^x_Z-P]PYO_v^9Pb,RP?SPXZOP]YNWL^^TNLWX`^TNTLY LYO _SP ULee ST^_Z]TLY `^PO 4YOTLY NZYNP[_TZY^ ZQ X`^TN TY aL]dTYR bLd^ M`_ MZ_S bP]P NZYNP]YPO bT_S L ^[T]T_`LWTeL_TZY LYO ]P^LN]LWTeL _TZYZQWTQP?SPd bP]P TY OTQQP]TYRbLd^XLVTYRRZZOLN`W_`]LWOPQT NT_LYO^PPVTYR_ZZaP]NZXPLXZOP]Y^PY^PZQ`YPL^P -d XLVTYR _ST^ OL]TYRWd M]ZLO NZYYPN_TZY bP bTWW QZN`^ ZY _d[Z WZRTNLW[L__P]Y^LYOST^_Z]TNLW ^STQ_^MZ_S TY4YOTLLYOMPdZYONZY_TY` TYR OPP[PYTYR LYO ^`[[WPXPY_TYR _SP _SPZ]P_TNLW OT^N`^^TZY TY Z`] 8P_SZOZWZRd ^PN_TZY BP bTWW _LVP L ST^_Z]TNLW WZZV L_ _SP OTXPY^TZY^ ]PWL_PO _Z Pc[P]TPYNP TY WZRZRPYTN NZ^XZWZRTNLW XP_L[Sd^TNLW []LN_T NLW[P]QZ]XL_TaPLQQPN_TaPTY^_T_`_TZYLWLYONZWWPN_TaPLYO^`MUPN_TaP Pc[P]TPYNTLW OTXPY^TZY^ TY ZWO 0`]Z[PLY LYO 4YOTLY [P]NP[_TZY^ LYO ]PNP[_TZY^ ZQ X`^TN ?ST^ bTWW TYPaT_LMWd WPLO _Z \`P^_TZY^ LMZ`_ _SP ]PWL_TZY^ST[ MP_bPPY X`^TN LYO bZ]WOaTPb LYO X`^TN LYO ]PWTRTZY LYO LW^Z _Z _SP TYaP^_TRL_TZY ZQ XZ]P RPYP]LW ^d^_PXL_TN T^^`P^ 8`^TN L^ _SP w[`]P^_ QZ]Xx ZQ ^Z`YO [P]NP[_TZY LYO T_^ XLYd Pc[P]TPYNP ]PWL_PO OTXPY^TZY^ [Sd^TZWZRTNLW [^dNSZWZRTNLW LQQPN_TaP LYO L]_T^_TN OTXPY^TZY^ L]P P^[PNTLWWd ^`T_LMWP QZ] L ]PPcLXTYL_TZY ZQ _SP OT^N`^ ^TZY^ LMZ`_ ^Z`YO [P]NP[_TZY LYO LNZ`^_TN [TP_d LYO LOOTYR YPb L^ [PN_^_Z_SPX?SPXL_P]TLW[]P^PY_PO^`RRP^_^NL^_TYRLWZZVL__SPZ]TP^
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT_^?]LY^]PWTRTZ`^4X[LN_
#
_SL_ _Z OL_P SLaP ZYWd MPPY _Z`NSPO ZY ^`NS L^ N`W_`]LW LY_S]Z[ZWZRd ]PRL]OTYR_SP]PWL_TZY^ST[MP_bPPYX`^TNLYO_]LYNP_SP[^dNSZWZRdZQ X`^TN LYO wLQQPN_TaP ^NTPYNP^x LYO LW^Z _SPZ]TP^ ZQ N`W_`]LW LYO ]PWT RTZ`^NSLYRPTYXZOP]Y_TXP^ -P]PYO_ LYO 8P^^TLPY bSZX bP bTWW _LWV LMZ`_ TY XZ]P OP_LTW []ZaTOP[]P__dRZZOPaTOPYNPQZ]_bZML^TNXPNSLYT^X^_SL_NL`^PO_SP ^ZNTZWZRT^_ .ZWTY .LX[MPWW _Z ^`[[Z^P LY w0L^_P]YTeL_TZYx ZQ XZOP]Y BP^_P]YN`W_`]P 8P^^TLPYv^OT^NZaP]dZQ4YOTLYX`^TNbL^LYTY_PWWPN _`LW LOaPY_`]P L[[L]PY_Wd ML^PO ZY _SP YPbWd LaLTWLMWP _]LY^WL_TZY ZQ ±£]«RLOPaLv^ SLYOMZZV _SL_ TY^[T]PO _SP 0`]Z[PLY NZX[Z^P] _Z QTYO L YPb_ZYLWWLYR`LRPTYST^w3TYO`]Sd_SX^xbSTWP-P]PYO_v^TY_P]P^_TY 4YOTLv^ X`^TN LYO _SP 9£OL-]LSXLY bL^ TY^[T]PO Md [P]^ZYLW Pc[P]T PYNP^LYOPYNZ`Y_P]^bT_S4YOTLYX`^TNTLY^LYO_PLNSP]^bSTNSL[[L] PY_WdSLOL[]ZQZ`YOTYQW`PYNPZYST^bZ]WOaTPbzLYOL^SPNWLTX^ZY _SP bZ]WOaTPb ZQ L bSZWP RPYP]L_TZY ZQ dZ`YR X`^TNTLY^ TY _SP $!^ LYO$"^,W_SZ`RST_^PPX^_Z`^_SL_.LX[MPWWv^RPYP]LWTeTYRw0L^_ P]YTeL_TZYx T^ OZ`M_Q`W LYO ^ZXP L^[PN_^ _SL_ SP L^^ZNTL_P^ bT_S T_ L[ [PL] QL] _ZZ ^_P]PZ_d[PO LYO ^ZXP_TXP^ P]]ZYPZ`^ DP_ ZYP NLYYZ_ ^TX[Wd ]PUPN_ Z`_ ZQ SLYO ST^ _SP^P^ ZY _SP ^_]`N_`]LWWd YPNP^^L]d Pc NSLYRPZQLwXL_P]TLWT^_TNO`LWT^_TNxbZ]WOaTPbSP]PRL]O^L^ _d[TNLWWd BP^_P]Y _S]Z`RS L wXP_L[Sd^TNLW XZYT^Xx _SL_ SP NZY^TOP]^ _d[TNLWWd 0L^_P]Y L_ WPL^_ TY _SP L]PL ZQ ]PWTRTZY ?SP XZOP]Y ]PWTRTZ`^ ^_dWP QZ`YOTY-P]PYO_v^9Pb,RPZQ_SPPL]Wd$#^NLYLN_`LWWdMPL^^TRYPO _Z _SP M]LYNS ZQ wXP_L[Sd^TNLW XZYT^Xx L^ OP^N]TMPO Md .LX[MPWW .LX[MPWWL^^ZNTL_P^bT_ST_Xd^_TNLW^[T]T_`LWT_dTXXPOTL_PPc[P]TPYNP ^PY^L_TZY^QPPWTYR^LYOTY_`T_TZY?SP^PMPNLXP_SPOZXTYLY_]PWTRTZ`^ ZMUPN_TaP^O`]TYR_SPNZ`Y_P]N`W_`]PZQ_SP$!^LYO$"^bSTNS[]P QTR`]PO _SP 9Pb ,RP ,NNZ]OTYR _Z .LX[MPWW _ST^ Z`_WZZV TYNW`OP^ ]ZXLY_TN N`W_`]LW N]T_TNT^X _SP LOZ[_TZY ZQ LY w0L^_P]Y ^[T]T_`LWTeTYR Q]LXPxwWZaPN`W_`]PxLYO[LNTQT^X]PQWPN_POTY[Z[X`^TNL^bPWWL^ PNZWZRTNLW LbL]PYP^^ LW_P]YL_TaP SPLWTYR XP_SZO^ LYO wLY P^^PY_TLWWd ^[T]T_`LWL[[]ZLNS_ZWTQPx?ST^YPb[L]LOTRXPY_LTW^_d[TNLWTOPL^^`NS L^ NZ^XTN bSZWPYP^^ LYO OTaTYP TXXLYPYNP TOPLW^ ZQ [P]^ZYLW R]Zb_S LYOwR]PL_P]^PWQVYZbWPORPxLWZYRbT_SLWTQP[STWZ^Z[SdZQw[P]NPTa TYR^PN`WL]LN_TaT_TP^_SPX^PWaP^L^P^^PY_TLWWd^[T]T_`LWTYYL_`]Px ! ?ZOLd _ST^ bZ]WOZ]TPY_L_TZY T^ ^_TWW ]PWPaLY_ z TY QLN_ T_ SL^ _PYOPO _Z RLTY R]Z`YO PaPY TQ _SP ST[[TP^ SLaP XZ]P Z] WP^^ OTPO Z`_ LYO _SP _P]X 9Pb ,RP T^ ^PWOZX SPL]O LYd XZ]P MPTYR RPYP]LWWd ]P[WLNPO Md _SP _P]X w^[T]T_`LWT_dx 3ZbPaP] bSL_ .LX[MPWW ^PPX^ _Z TRYZ]P bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !
.ZWTY .LX[MPWW ?SP 0L^_P]YTeL_TZY ZQ _SP BP^_% , ?SPXL_TN ,NNZ`Y_ ZQ .`W_`]LW .SLYRPTY_SP8ZOP]Y0]L -Z`WOP]%;L]LOTRX;`MWT^SP]^" .Q.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ z#!z !z!"!z$
#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_SPNSLYRPZaP]_SPWL^_QZ]_ddPL]^LYO_SPXTcZQ]PWTRTZY^_SL_T^_d[T NLW ZQ XZOP]Y ^[T]T_`LWT_d /`]TYR _SP LRP ZQ _SP ST[[TP^ _SP w0L^_P]Y ^_dWP Z`_WZZVx _SL_ SP ^`[[Z^P^ _Z MP L Q]LXPbZ]V ZQ XZOP]Y BP^_P]Y bZ]WOTY_P][]P_L_TZY bL^ X`NS XZ]P ZMaTZ`^ ?ZOLd _SP 4YOTLYTeL_TZY T^`^`LWWdWP^^_]LY^[L]PY__SLY.LX[MPWWOP^N]TMP^PaPYbSP]PPc[WTNT_ ]PQP]PYNP T^ XLOP _Z 4YOTL >_]`N_`]LW PWPXPY_^ Q]ZX 0L^_P]Y bZ]WO aTPb^ NLY ZQ_PY MP NWPL]Wd TOPY_TQTPO M`_ _SPd L]P NZXMTYPO TY YPb bLd^ -P]PYO_v^PcLX[WP T^_d[TNLWZQ_ST^3T^MZZVT^LRZZONZY_PX [Z]L]d OZN`XPY_ MZ_S QZ] _SP 4YOTLZ]TPY_PO ST[[TP LRP LYO QZ] _SP WL_P] OPaPWZ[XPY_ ZQ L _]LY^]PWTRTZ`^ ^[T]T_`LWT_d bSTNS L^^TXTWL_P^ OT aP]^P N`W_`]LW aTPb[ZTY_^ LYO ]PTYQZ]NP^ wYP_bZ]VPO _STYVTYRx waP] YP_e_P^/PYVPYxLYOSZWT^X 0c[P]TPYNP]PWL_PO LW_P]YL_TaP ^[T]T_`LWT_d LYO T_^ _]LY^]PWTRTZ`^ XL]NS QZ]bL]O SL^ YZb []ZR]P^^PO ]TRS_ TY_Z _SP WL]RP .S]T^_TLY NS`]NSP^ LYO MPNZXP [L]_ ZQ _SP XZOP]Y XLTY^_]PLX TY 0`]Z[P LYO ,XP]TNL ?SP ]PWTRTZ`^ ^ZNTZWZRT^_ 3`MP]_ 6YZMWL`NS M`TWOTYR ZY ?SZXL^ 7`NVXLYYv^ _SP^T^ ZQ TYOTaTO`LWTeL_TZY M`_ N]T_TNLW ZQ .LX[ MPWW PaPY ^PP^ _SP 0`]Z[PLY OPaPWZ[XPY_ L^ MPTYR wZY _SP bLd _Z L ^[T]T_`LW ^ZNTP_dx "4Y_P]P^_TYRWd_ST^bL^ L_SZ`RS_ _SL_ -P]PYO_[Z^_` WL_POTY[Z[`WL]^NTPYNP_bPY_ddPL]^LRZL^L9Pb,RP[]ZR]LX3Zb PaP] 6YZMWL`NS _SP ^ZNTZWZRT^_ L]R`P^ ^_]TN_Wd TY _P]X^ ZQ ^_]`N_`]LW ^ZNTZWZRd LYO TYNW`OP^ YZ_ ZYWd XZOP]Y P^Z_P]TNT^X _SL_ OZP^ TYOPPO SLaP L []ZXTYPY_ [WLNP M`_ LW^Z LWW _SP Pc[P]TPYNP]PWL_PO QZ]X^ ZQ ]PWTRTZ^T_d 0aPY TQ ZYP QTYO^ _ST^ LY PcLRRP]L_PO aTPb[ZTY_ T_ NLYYZ_ MPOPYTPO_SL__SL_bSTNS6YZMWL`NS_SPZ]P_TNLWWd`YOP][TY^TYST^w^Z NTZWZRd ZQ ^[T]T_`LWT_dx L^ wSZWT^Xx LYO _SP OT^^ZW`_TZY ZQ ^_]`N_`]LW MZ`YOL]TP^ MP_bPPY ^LN]PO LYO []ZQLYP []TaL_P LYO [`MWTN .S]T^_TLY LYOYZY.S]T^_TLYP_N #T^]PWL_TaPWdbTOP^[]PLO_ZOLd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "
#
?ST^ bL^ _SP ^`M_T_WP ZQ ST^ ]PNPY_Wd [`MWT^SPO MZZV% 3`MP]_ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY% ,`Q OPX BPR TY PTYP ^[T]T_`PWWP 2P^PWW^NSLQ_ 1]LYVQ`]_% .LX[`^ $ ?ST^bZ]VTYOPPOQZN`^P^QT]XWdZYLW_P]YL_TaP^[T]T_`LWT_dLYOP^Z_P]TNT^XM`_6YZ MWL`NS `YOP]^_LYO^ w[Z[`WL] ]PWTRTZYx Q`YOLXPY_LWWd L^ LWW _SP Pc[P]TPYNP]PWL_PO QZ]X^ ZQ XZOP]Y PaP]dOLd ]PWTRTZ^T_d TP TYNW`OTYR .S]T^_TLY QZWV]PWTRTZ`^ QZ]X^ PR bZ]^ST[ ZQ _SP AT]RTY 8L]d LYO MPWTPQ TY LYRPW^ PNNWP^TL^_TNLW PaPY_ N`W_`]P PR BZ]WO DZ`_S /Ld LYO PcNW`^TaT^_TN []ZQP^^TYR NSL]T^XL_TN ]PWTRTZY MZ_S .S]T^_TLYLYO8`^WTX 6YZMWL`NS []P^PY_PO _SP TYT_TLW O]LQ_ ZQ ST^ w^ZNTZWZRd ZQ ^[T]T_`LWT_dx TY ST^ P[ZYd XZ`^L]_TNWPTY EQ= zOPOTNL_PO_Z_SP^_TWWPcNW`^TaPWdLW_P]YL_TaP 9Pb,RP^_dWPQZ]X^3PNLXP`[bT_SLNWL^^TQTNL_TZYR]TO_SL_LW^Z^`T_^\`T_PbPWW -P]PYO_v^`YOP]^_LYOTYRZQ9£OL-]LSXLQZ]_SP^P_d[TNLW[SPYZXPYLZQN`]]PY_]P WTRTZ`^N`W_`]PbSTNSQZ]LWZYR_TXPbP]P]PRL]OPOL^OTQQTN`W__ZNZX[]PSPYOTY^Z NTZWZRdZbTYR_Z_SPT]WZbWPaPWZQTY^_T_`_TZYLWTeL_TZY8ZOP]Y^[T]T_`LWT_d_SP]PQZ]P ]PQP]^_Z%LOPNTOPOZ]TPY_L_TZYZY^`MUPN_TaPPc[P]TPYNPTY_P][]P_POL^^[PNTLWLYO Z`_^_LYOTYRbSP]PMd_SP^Z`]NP^ZQ_ST^TY_P][]P_L_TZY]P[]P^PY_LW_P]YL_TaPQZ]X^ ZQ]PWTRTZY_SL_L]PNZX[]T^POZQ0L^_P]Y]PWTRTZ`^Xd^_TNLWwYZ_SPRPXZYTNx_]LOT
,7T__WP=P^PL]NSPO>dXMZWTN1Z]XLYOT_^?]LY^]PWTRTZ`^4X[LN_
#"
4_NLYYZ_MPYPRL_PO_SL__ST^]PWTRTZ`^^_dWPZQ_PYT^TY^[T]POMd4Y OTLY _]LOT_TZY^ LW_SZ`RS _SPd L]P Q]P\`PY_Wd L^^TXTWL_PO `YNZY^NTZ`^Wd XZ]P_S]Z`RSwL_XZ^[SP]Px_SLY_S]Z`RSNZRYT_TZYLYOTY_PY^TaP^_`Od -P]PYO_v^ 9£OL-]LSXLY T^ L RZZO PcLX[WP ZQ _ST^ BP bTWW OT^N`^^ -P]PYO_v^ MZZV L_ WPYR_S MPNL`^P T_ ^SZb^ _SL_ ]PWTRTZ`^ _Z[TN^ LW^Z PY_P]PO _SP NZY^NTZ`^YP^^ aTL YZY]PWTRTZ`^ XPOTL TY _ST^ NL^P 4YOTLY XZOLW X`^TN BT_S 9£OL-]LSXLY -P]PYO_ ]PYPbPO _SP _Z[Z^ ZQ N`W _`]LW N]T_TNT^X _S]Z`RS ,^TL ]PNP[_TZY -P]PYO_ T^ L [P]QPN_ PcLX[WP ZQ XZOP]Y^[T]T_`LWT_d3T^ 9£OL-]LSXLY T^L`^PQ`WXZOPWQZ]LYLWdeTYR SZb N`W_`]LW NZYNP[_^ bSPY _]LY^[Z]_PO TY_Z L YPb N`W_`]LW QTPWO L]P _]LY^QZ]XPO _S]Z`RS [L]_TNT[L_TZY TY _SL_ QTPWO ,_ _SP ^LXP _TXP _SP YPb N`W_`]LW QTPWO bTWW LWXZ^_ LWbLd^ MP _]LY^QZ]XPO _S]Z`RS _SP LOOT _TZY ZQ _SP YPb NZYNP[_ ?SP TY_P][]P_L_TZY []ZNP^^ -P]PYO_ RZP^ _S]Z`RSbSPYSPPcLXTYP^_SP9£OL-]LSXLYT^bSL_bPNLWW[L]_TNT[L _TZYLYO`YTaP]^LWXd_S-`_T_T^YZWZYRP]LY4YOTLYZYP,RPY`TYPWd 4YOTLY NZYNP[_ T^ L^^TXTWL_PO TY_Z XZOP]Y BP^_P]Y LYO X`W_T]PWTRTZ`^ NZY_Pc_^ X`^TN ^NPYP^ LYO XZOP]Y ^NTPYNP LYO _SP]PMd _]LY^QZ]XPO -P]PYO_ `YTaP]^LWTePO LYO ]PNZOPO _SP 4YOTLY NZYNP[_ bT_S L bSZWP L]]LdZQbZ]WON`W_`]P^LYOTYOZTYR^ZL__SP^LXP_TXPNZY_]TM`_PO_Z RWZMLWTeTYR 4YOTLY QZ]X^ ZQ SLMT_`^ []LN_TNP^ LYO bZ]WOZ]TPY_L_TZY^ _SL_ bP NLWW [L]_TNT[L_TZY LYO `YTaP]^LW Xd_S ?SP 9£OL-]LSXLY T^ LY P^[PNTLWWd RZZO QZTW Pc[Z^TYR N`W_`]LW LYO ^_]`N_`]LW MZ`YOL]TP^ LYO LW^Z_SPT]XZOP]YOPWTXT_L_TZY^4_[]ZaTOPOTYXPOTPaLW4YOTLLYOXZO P]Y0`]Z[PLYPbOPQTYT_TZYZQ^[T]T_`LWT_dTYbSTNS_SP[]ZQLYPLYO_SP ^LN]POQWZbTY_ZPLNSZ_SP] ?SP 9£OL-]LSXLY bL^ ZYWd ZYP ZQ _SP NSP]T^SPO Pc[Z]_^ Q]ZX >LY^V]T_ 3TYO`T^X TY_Z BP^_P]Y N`W_`]P -`_ T_ TWW`^_]L_P^ [L]_TN`WL]Wd bPWW _SP ]PWTRTZ`^ _]LY^X`_L_TZY^ ZNN`]]TYR TY _TXP^ ZQ N`W_`]LW Pc NSLYRP4_T^TY^_]`N_TaPQZ]_SPQZ]XL_TaP]ZWPZQ4YOTLTYXZOP]YBP^_ P]Y ^[T]T_`LWT_d ,NNZ]OTYR _Z Z`] _SP^T^ _SP TY_P]LN_TaP PYNZ`Y_P] bT_S 4YOTL WPO YZ_ ZYWd _Z LOZ[_TZY ZQ 4YOTLY _SZ`RS_^ ^`NS L^ _SP XZYT^X ZQ _SP APO£Y_L LYO []LN_TNP^ PR ZQ 9£OLDZRL Z] ,d`]aPOL X`^TN _SP]L[dM`_LW^Z_ZYPbQZ]X^ZQSLMT_`^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TZY^ LYO SLaPL _PYOPYNd_ZMP LY_TTY^_T_`_TZYLWT^_TNLYOOP_LNSPO Q]ZXOZRXL^ ?ST^T^L^^ZNTL_PObT_SLXL]VPOTYOTaTO`LWT^XTYbZ]WOaTPb^LYOLYZ]TPY_L_TZY ZY Pc[P]TPYNP bSTNS PX[SL^TePO SZWT^X LYO ! WTVP^ _Z `^P ^[T]T_`LWT_d L^ LY LW _P]YL_TaP_P]XQZ]]PWTRTZY
##
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Y w0dP;PZ[WPx%_SPwBZ]WOT^>Z`YOxTY9Pb,RP
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx 4QZYPN]POT_^ -P]PYO_4YOTLYX`^TNSLO_SPPQQPN_ZQ R]PL_WdSPTRS_PY TYR _SP NZY^NTZ`^YP^^ bSPY T_ MPNLXP VYZbY TY _SP BP^_ 3P L^N]TMP^ LY TYSP]PY_ ^[T]T_`LW L__T_`OP _Z XZOLW X`^TNXLVTYR LYO _S`^ Pc[WLTY^ _SP ^`NNP^^ ZQ 4YOTLY X`^TN TY _SP $!^ z QT]^_Wd TY ULee LYO _SPY TY ]ZNV LYO [Z[ XTYTXLW X`^TN XPOT_L_TZY X`^TN LYO bZ]WO X`^TN 3P bLY_PO YZ_ WPL^_ _Z OZN`XPY_ _ST^ TY ST^ MZZV ?SP BZ]WO T^ >Z`YO% 9LOL -]LSXL BSL_ _SP MZZV NP]_LTYWd OZN`XPY_^ T^ QZ]PXZ^_ -P] PYO_v^ ZbY wOT^NZXQZ]_ TY N`W_`]Px LYO ST^ ZbY TY_P]P^_ TY LW_P]YL_TaP ^[T]T_`LWT_d 4_ T^ L aP]d ^`MUPN_TaP LYO [P]^ZYLW ^Z`]NP ,_ _SP ^LXP _TXP T_ [ZTY_^ _Z WL]RP] []ZNP^^P^ ZQ ]PWTRTZ`^ NSLYRP LYO XLVP^ _SP ]PLOP] LbL]P _SL_ 4YOTLY ^[T]T_`LWT_d bL^ OT^^PXTYL_PO _S]Z`RS XLYd NSLYYPW^ ZYP ZQ _SPX LYO YZ_ LY `YTX[Z]_LY_ ZYP MPTYR X`^TN -P] PYO_v^ MZZV NLYYZ_ MP _LVPY L_ QLNP aLW`P LYO dP_ T_ T^ L aLW`LMWP OZN`XPY_QZ]_SP^STQ_TYRaLW`P^LYObZ]WOaTPb^TYT_TL_POTY_SPNZ`Y _P]N`W_`]P ZQ _SP $!^ LYO _SP $"^ ?ST^ RPYP]L_TZY ]PMPWWPO LRLTY^_ LWW _]LOT_TZYLW QZ]X^ ZQ WTQP z ^_L]_TYR bT_S _SP ^`QQZNL_TYR wMZ`]RPZT^x ^ZNTP_d XZOP]Y NL[T_LWT^X [ZWT_TN^ ^Pc`LWT_d LYO QLXTWd WTQP LWW _SP bLd _Z NWL^^TNLW BP^_P]Y X`^TN LYO ]PWTRTZY ?SP ]PWTRTZ`^ L^[PN_ TY N]PL^POTY_SP$"^TY_SPSPdOLdZQ4YOTLYX`^TNLYOR`]`^NZXTYR_Z _SP BP^_ LYO L WL]RP Y`XMP] ZQ BP^_P]Y dZ`YR^_P]^ wRZTYR YL_TaPx ?ST^ wWZaP ^_Z]dx bT_S 4YOTL bL^ []P__d ^SZ]_ 4_ LW]PLOd NPL^PO TY _SP 9Pb ,RP ZQ _SP $#^ M`_ _SP w9Pb .ZY^NTZ`^YP^^x SLO LW]PLOd L^ ^TXTWL_PO X`NS ZQ 4YOTL LYO XLOP T_ NZX[WP_PWd T_^ ZbY ?ST^ T^ []P NT^PWd bSP]P -P]PYO_v^N`W_`]LWN]T_TNT^XLYO[]ZYZ`YNPOSZWT^_TNN]PPO MPNZXP^ ZQ TY_P]P^_ 3T^ bZ]V 9LOL -]LSXLY T^ L RZZO OZN`XPY_ ZQ 9Pb ,RP^[T]T_`LWT_dLYO]PXLTYPOLw^Z`]NPMZZVxZQXZOP]YP^Z_P]TN _SZ`RS_4_TWW`^_]L_P^YPbSLMT_`^QZ]X^_SL_L]PYZWZYRP][`]PWdBP^_ P]Y Z] 0L^_P]Y M`_ O]Pb L R]PL_ OPLW ZQ TY^[T]L_TZY Q]ZX 4YOTL :YP ZQ -P]PYO_v^XLUZ]_SP^P^T^_SL_4YOTLYX`^TNN]PL_POYPb]PWTRTZ`^TY_P] P^_ LYO _ST^ []ZMLMWd _]`P L_ WPL^_ TY [L]_ ;]PNT^PWd MPNL`^P 4YOTLY NWL^^TNLW X`^TN T^ ^Z aL^_Wd OTQQP]PY_ Q]ZX BP^_P]Y NWL^^TNLW X`^TN T_ []ZaTOPO BP^_P]Y X`^TNXLVTYR bT_S YPb TOPL^ LP^_SP_TN ^_dWP^ LYO L__T_`OP^ -P]PYO_ ^[ZVP PY_S`^TL^_TNLWWd ZQ L YPb SPL]TYR _SL_ SP LYO Z_SP]^WPL]Y_Q]ZX4YOTLYX`^TN -P]PYO_ b]Z_P ST^ MZZV 9LOL -]LSXL P^[PNTLWWd QZ] [PZ[WP TY _SP BP^_ LYO L^^ZNTL_PO bT_S T_ L N]T^T^ OTLRYZ^T^ LYO L SPLWTYR []ZR]LX N]T_TNLW ZQ NTaTWTeL_TZY 3P `]RPO BP^_P]Y N`W_`]P _Z NSLYRP MPNL`^P T_ bL^TY_SP[]ZNP^^ZQOP^_]ZdTYRT_^PWQbT_SL_ZXMZXM^PYaT]ZYXPY_LW [ZWW`_TZYLYO,4/>3PQPW__SL_ZYWdLQ`YOLXPY_LW^STQ_TY_SPXLYYP] ZQ_SPwYPbNZY^NTZ`^YP^^xZQYP_bZ]VTYR[]PQTR`]POTY9Pb,RP^[T]T
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#$
_`LWT_d LYO TY ST^ RPYP]L_TZY ZQ 4YOTLTY^[T]PO X`^TNTLY^ NZ`WO LaP]_ OT^L^_P] -P]PYO_v^ N]T^T^ OTLRYZ^T^ T^ _SL_ `[ _Z _SL_ _TXP _SP PdP bL^ _SP []POZXTYLY_ ^PY^P Z]RLY Md _SP BP^_ LYO _SP []PaLWPY_ _SZ`RS_ QZ]X bL^ LYLWd_TNLW _SZ`RS_ 3P _STYV^ _ST^ T^ []PNT^PWd bSL_ _SP []ZM WPXT^% w?SPPdP^L]PbZYOP]Q`WZ]RLY^M`__SPMP__P]_SPdL]P_SPu^SL][P]v_SPd L]P& u^SL][YP^^v T^ L \`LWT_d ZQ VYTaP^ LYO ZQ N`__TYR m ?SP XZ^_ LOXT]L MWP TOPLW ZQ _SP uPdP[P]^ZYv T^ _Z [Z^^P^^ LY uPLRWP PdPv ?SP PLRWP ^[Z_^ T_^[]PdOTaP^LYO^PTeP^T_mx $
-P]PYO_ _S`^ L^^ZNTL_P^ _SP wPdP [P]^ZYx PcNW`^TaPWd bT_S LYLWd_TNLW OT^^PN_TZY ?ST^ ,]T^_Z_PWTLY TOPLW SP ^Ld^ SL^ MPNZXP LY LM^ZW`_P TY _SPLRPZQ_SP_PWPaT^TZYLYO_ST^]PO`N_TZYT^XSL^TX[ZaP]T^SPOWTQPTY RPYP]LW% w7TaTYR ZYWd _S]Z`RS _SP SPLO SL^ XLOP Z`] WTaP^ [ZZ]P]x ?SP _PWPaT^TZYPdP [P]^ZY bSZ PL_^ ST^ _aOTYYP] ^_]LTRS_ Z`_ ZQ _SP XTN]ZbLaPbSTWPNZY^`XTYRXL^^LN]P^LYOOT^L^_P]^TY_SPbZ]WObT_S Z`_ PaPY WZ^TYR ST^ L[[P_T_P YPNP^^L]TWd WTaP^ TY L OTXTYT^SPO ]PLWT_d 1LN_^ L]P ]PO`NPO _Z TYQZ]XL_TZY& _SP LMTWT_d _Z Pc[P]TPYNP SL^ ^S]Ta PWPO ,NNZ]OTYR _Z -P]PYO_ _ST^ NZ]]PWL_P^ OT]PN_Wd bT_S _SP ^S]TaPWTYR ZQ_SPwXZ^_YZMWP^PY^PZ]RLYx_SPPL];PZ[WPSL]OWdwSPL]xLYd_STYR LYdXZ]P?SPPL]T^YZ_ZYWdLXL_SPXL_TNLWXPL^`]TYRTY^_]`XPY_M`_ LW^ZLWWZb^^PY^Z]dLYOPXZ_TZYLWPc[P]TPYNPLYO_SP^P_bZXZOP^L]P OZaP_LTWPOTYSPL]TYR 1Z] PcLX[WPbSPYSPL]TYR LXTYZ]_ST]O_SPPL] NZXX`YTNL_P^ YZ_ ZYWd _SP TYQZ]XL_TZY % _SL_ T^ _SP XL_SPXL_TNLW ]PWL_TZY^ST[ MP_bPPY _SP _bZ aTM]L_TZY^ M`_ LW^Z L NWPL] ^PY^Z]d LYO PXZ_TZYLW NZY_PY_ ZQ _SP X`^TNLW [L^^LRP >Z _SP PL] NZX[WP_PWd _]LY ^NPYO^_SPQ`YOLXPY_LWO`LWT^XZQ_SPBP^_P]YN`W_`]P% w4Y LOOT_TZY _Z _SPT] XPL^`]TYR LMTWT_d _SP]P T^ _SPT] LMTWT_d _Z ^PY^P ?SP XZ^_ bZYOP]Q`W _STYR T^ SZb _SP^P _bZ QLN`W_TP^ L]P NZ`[WPO _ZRP_SP] 4Y QLN_T_^PPX^_SL_TY_ST^NZ`[WTYRWTP^_SPR]PL_P^_NL[LNT_dZQZ`]PL]^%_SP LMTWT_d _Z _]LY^QP] bT_S `YMPWTPaLMWP []PNT^TZY XL_SPXL_TNLW \`LY_T_TP^ TY_Z ^PY^P [P]NP[_TZY^ NZY^NTZ`^ TY_Z ^`MNZY^NTZ`^ XPL^`]LMWP _STYR^ TY_Z `YXPL^`]LMWP ZYP^ LM^_]LN_ NZYNP[_^ TY_Z XL__P]^ ZQ ^Z`W z LYO aTNP aP]^LZQNZ`]^Px
-P]PYO_v^ NPY_]LWL]R`XPY_^_L_P^_SL_QZ][]PNT^PWd _ST^]PL^ZY _SPWZ^^ ZQ _SP wNL[LMTWT_d _Z SPL]x T^ L R]LaP ZYP QZ] _SP bSZWP N`W_`]P BSL_ NLYYZ_ MP QPW_ NZYUZTY_Wd NLYYZ_ MP _SZ`RS_ ZQ _ZRP_SP] PT_SP] @W_T XL_PWd LWWZ`]PX[_d[]LRXL_TN^ZQLN_TZY bSTNSSLaPRTaPY_SPbZ]WO _STYR^ WTVP L_ZXTN MZXM^ T^ R]Z`YOPO TY _SP ^PWQ^LXP TX[ZaP]T^SPO `YTY_PR]L_PO NZY^NTZ`^YP^^ OPaZTO ZQ YP_bZ]VTYR _S`^ XLYd Pc[P]T PYNP^NLYYZWZYRP]ZNN`]-P]PYO_v^]PXPOdT^_SP]PQZ]P% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ -P]PYO_ ?SPBZ]WOT^>Z`YO -P]PYO_ ?SPBZ]WOT^>Z`YO -P]PYO_ ?SPBZ]WOT^>Z`YO !z"
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
w?SP9Pb8LYbTWWMPL7T^_PYTYR8LYzZ]bTWWYPaP]MPL_LWWx
:Y LY Z[_TXT^_TN YZ_P -P]PYO_ MPWTPaP^ _SL_ _ST^ NSLYRP SL^ LW]PLOd MPR`Y ?Z ^ZXP Pc_PY_ SP T^ _]dTYR _Z b]T_P T_ TY_Z PcT^_PYNP bT_S XT^ ^TZYL]dePLW3P]P_bZXLTY[]ZNP^^P^ZQNSLYRPTY_SP_SNPY_`]dL]P [L]_TN`WL]Wd TX[Z]_LY_ TY ST^ L]R`XPY_L_TZY% QT]^_ _SP ^PLNSLYRP^ TY XZOP]Y [Sd^TN^ M]Z`RS_ LMZ`_ Md 0TY^_PTY 9TPW^ -ZS] LYO Z_SP]^ LYO ^PNZYO_SPOT^NZaP]dZQ0L^_P]Y[STWZ^Z[SdLYO4YOTLYX`^TN,^bT_S _SP[TZYPP]^ZQ_SP9Pb,RPT_T^YZ^`][]T^P_SL_-P]PYO_^PP^0L^_P]Y ]PWTRTZYLYOXZOP]Y ^NTPYNP^NZYQT]XTYRPLNSZ_SP]%w4Y3TYO`T^X_SP NZ^XTN OLYNP ZQ >STaL OP[TN_^ _SP ^LXP NZYNP[_ ZQ XL__P] L^ QZ`YO TY NP]_LTY L^[PN_^ ZQ _SP \`LY_`X LYO QTPWO _SPZ]d TY XZOP]Y [Sd^TN^x BT_STY _ST^ NZY_Pc_ _SP 9£OL-]LSXLY _P]X RLTY^ TX[Z]_LYNP -P]PYO_ Pc[]P^^P^_SP3TYO`TOPL_SL_QL^NTYL_POSTX^ZX`NSTY_SP^PbZ]O^% w9LOL -]LSXLY XPLY^ YZ_ ZYWd% 2ZO _SP .]PL_Z] T^ ^Z`YO& M`_ LW^Z LMZaP LWW% .]PL_TZY _SP NZ^XZ^ _SP bZ]WO T^ ^Z`YO ,YO% >Z`YO T^ _SP bZ]WOx
>Z _ST^ T^ YZ_ U`^_ LMZ`_ X`^TNZWZRd M`_ LW^Z LMZ`_ L bZ]WOaTPb -P] PYO_ ML^PO _ST^ bZ]WOTY_P][]P_L_TZY ZY Y`XP]Z`^ L]PL^ ZQ VYZbWPORP% LYNTPY_ Xd_SZWZRTP^ LYO NZ^XZWZRTP^ XZOP]Y [Sd^TN^ LYO LW^Z XZ] [SZWZRdMTZWZRdN]d^_LWWZR]L[SdLYOSL]XZYTN^9ZXL__P]bSP_SP]SP ^[PLV^ LMZ`_ ]PWTRTZY LYNTPY_ X`^TN ZQ _SP ^[SP]P^ 4YOTLY X`^TN LYO XLY_]L[]LN_TNP\`LY_`X[Sd^TN^]P^PL]NSTY_Z_SP`YTaP]^PZ][]Z_ZY^ _SP MPSLaTZ] ZQ OZW[STY^ Z] N]d^_LW^ _SP]P T^ LWbLd^ _SP ^LXP NZYNW` ^TZY% _SP bZ]WO T^ ^Z`YO 1Z] -P]PYO_ _ST^ bL^ _SP VPd _Z L bZ]WOaTPb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO " -P]PYO_ 9LOL -]LSXL /TP BPW_ T^_ 6WLYR !$% wF0^H bT]O OPX 3TYO` O`]NS OPY VZ^XT^NSPY ?LYe OP^ 2Z__P^ >STaL OTP^PWMP AZ]^_PWW`YR aZY OP] 8L_P]TP aP]XT__PW_ bTPOPX ;Sd^TVP]O`]NSRPbT^^P,^[PV_POP] Z`YO cTz cTTT bSP]P .L[]L PX[SL^TePO _SP wYPb aT^TZY ZQ ]PLWT_dx L SZWT^_TN OdYLXTN YP_ bZ]VPO bZ]WO`YOP]^_LYOTYR _SL_TY_SP Q`_`]P ^NTPYNP^ bZ`WO]P[WLNP_SP XPNSLYT^ _TN 3P LOOPO_SL_-P]PYO_v^ ]P[]P^PY_L_TZYSLO w[]ZQZ`YOTX[WTNL_TZY^x QZ]^NTPYNP [STWZ^Z[Sd LYO PaP]dOLd N`W_`]P wBP^_P]Y N`W_`]P SL^ ZaP]PX[SL^TePO ^PPTYR LYO YPRWPN_PO WT^_PYTYRx LYO OZN`XPY_PO wZ`] N`]]PY_ NSLYRP ZQ [L]LOTRX^x& _SP [L]L OTRX^STQ_Q]ZXPdP_ZPL]Q]ZXXL^N`WTYP_ZQPXTYTYPaLW`P^Q]ZXLYLWd^T^_Z^dY _SP^T^Q]ZXw]L_TZYLWVYZbWPORP_ZTY_`T_TaPbT^OZXxLYOwQ]ZXOZXTYL_TZYLYOLR R]P^^TZY _Z YZYaTZWPYNP LYO [PLNPx TMTO cTTT 4Y _SP 4Y_]ZO`N_TZY _Z _SP 0YRWT^S POT_TZY^ -P]PYO_ STX^PWQ ^`XXL]TeP^ ST^ bZ]V bT_S _SP^P bZ]O^% w?SP ^Z`YO bT_S bSTNS_ST^MZZVOPLW^T^LW^ZLu^Z`YOTYR_ZRP_SP]vLNSZ]OQZ]XPOMdXLYdaZTNP^% Q]ZX 7LZ_e` _Z 9TPW^ -ZS] Q]ZX ;d_SLRZ]L^ _Z 5ZSY .ZW_]LYP Q]ZX _SP MTMWTNLW [^LWXT^_^ _Z 3P]XLYY 3P^^P Q]ZX _SP EPY 8L^_P] 3LV`TY _Z BP]YP] 3PT^PYMP]Rx TMTO -P]PYO_ ?SPBZ]WOT^>Z`YO #
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#
_SL_ SP OP^N]TMPO TY _P]X^ ^`NS L^ wSZWT^_TNx wYP_bZ]VPOx wQPXTYTYPx R`TOPO Md PXZ_TZYLW TY_PWWTRPYNP wWT^_PYTYRx LYO w^[T]T_`LWx /P^[T_P _SP ZY_ZWZRTNLW LYO [Sd^TNLW L^[PN_^ TP _SP ^_]ZYRWd ^NTPY_TQTN NZOTYR _SL_ -P]PYO_ `^P^ _Z `YOP][TY ST^ ^_L_PXPY_^ _SP []TXL]d TX[P_`^ ]P XLTY^ NPY_P]PO ZY ^[T]T_`LWT_d LYO X`^TNLW []LN_TNP TY ST^ NZYNP[_ ZQ 9£OL-]LSXLY3PbL^TY^[T]POYZ_WPL^_Md=LaT>SLYVL]_ZbSZXSP ]P[PL_POWd ]PQP]^ LYO LW^Z Md @^_LO ,WWL`OT 6SLY LYO Z_SP] 4YOTLY _PLNSP]^ bSZ NLXP _Z _SP BP^_ TY _SP $!^ LYO $"^ -P]PYO_ []P ^PY_^MPNZXTYR LN\`LTY_PObT_S NWL^^TNLW4YOTLYXZOLWX`^TNL^ LVTYO ZQ ]PaPWL_TZY LYO _SP []LcPZWZRTNLW TY^_]`N_TZY^ ZQ _SP XL^_P]^ ZQ 4Y OTLYX`^TNL^LYTYT_TL_TZYTY_Z_SPYPb^[T]T_`LWL__T_`OPZQ_SPwWT^_PY TYR XLYx TY bSTNS X`^TN LYO ]PWTRTZY XP]RP ^PLXWP^^Wd ?SP 4YOTLY _PLNSP]^OP_P]XTYPO_SPTOPLWL__T_`OPZQLX`^TNTLYL^QZWWZb^% w 9LOL -]LSXL >Z`YO T^ RZO >SZb _SL_ TY dZ`] ^TYRTYR 8POT_L_P ZY T_ .WPLY^PdZ`]VL]XLMdT_>TYR^Z_SL_[PZ[WPbTWW`YOP]^_LYO_SL_PaPYTQ dZ`SLaPYv__ZWO_SPXMPQZ]P>Z`YOT^RZO 9LOL-]LSXL x
1Z] -P]PYO_ X`^TN ^[T]T_`LWT_d LYO NZY_PX[Z]L]d ^NTPYNP bP]P YZ_ _S]PP^P[L]L_P_STYR^M`_TY_P]_bTYPO bT_SZYPLYZ_SP]LYO TYST^PdP^ _ST^ Pc[]P^^PO _SP VLT]Z^ ZQ _SP _TXP 8ZOLW X`^TN bSTNS []PaLTW^ TY 4YOTLY N`W_`]P M`_ SLO WZYR MPPY WZ^_ TY BP^_P]Y N`W_`]P ! bL^ YZb MPTYR]POT^NZaP]POSPNWLTXPOMPNL`^P_SPYP_bZ]VPOQZ]XZQ_SZ`RS_ MPSTYO XZOLWT_d SLO YZ_ ZYWd MPNZXTYR w_STYVLMWPx LRLTY M`_ SLO LN _`LWWdMPPYQZ]NPOMd_SP^PLNSLYRP^ZQXZOP]Y]PWL_TaT^_TN[Sd^TN^% wm^ZXP_STYRPc_]LZ]OTYL]dSL^SL[[PYPOTY_SP[]P^PY_RPYP]L_TZYO`]TYR _SZ^P ^LXP dPL]^ bSPY bP MPNLXP LbL]P ZQ _SP ^Z`YO NSL]LN_P] ZQ _SP `YTaP]^P bP LW^Z RLTYPO L YPb L__T_`OP _ZbL]O X`^TN BP OT^NZaP]PO Z] ]POT^NZaP]POVTYO^ZQX`^TN_SL_NZ]]P^[ZYO_Z_SP^Z`YONSL]LN_P]ZQ_SP `YTaP]^PTYLXZ^_QL^NTYL_TYRbLdx "
4YOTLY NWL^^TNLW X`^TN bSTNS SL^ MPPY [`^STYR T_^ bLd TY_Z BP^_P]Y NZYNP]_SLWW^^TYNP_SP$!^OTOTYQLN_Z[PY`[LYPbbZ]WOMPNL`^P 4YOTLYX`^TNXLTY_LTYPO_SPXZOLW^d^_PXZaP]XLYdS`YO]PO^ZQdPL]^ LYO NZ`WO _SP]PQZ]P OPaPWZ[ T_ TY L ^`MWTXP OTaP]^T_d ^`M_WP_d LYO [P] QPN_TZY # ?SP X`^TNZWZRTNLW NZSP]PYNP ZQ L XZOP NZY^T^_^ ZQ _SP ]PWL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 3P]P-P]PYO_ ?SPBZ]WOT^>Z`YO \`Z_P^;LYOT_;]LY9L_SbSZbL^WTaTYRTY 9PbDZ]VL__SP_TXP ! ,YNTPY_ 2]PPV X`^TN LYO XPOTPaLW 2]PRZ]TLY NSLY_^ LW^Z MPWZYRPO _Z _SP XZOLW _]LOT_TZY " -P]PYO_ ?SPBZ]WOT^>Z`YO # ?SP ^`NNPPOTYR YZ_P^ QZWWZb ZY Q]ZX _SP L]_TNWP w¾MP] OTP VWL^^T^NSP TYOT^NSP 8`^TVxw:Y.WL^^TNLW4YOTLY8`^TNxTY_SP>bT^^YPb^[L[P] 9P`PEÞ]NSP]EPT_`YR $! LYO []ZR]LX^ Md 0aL 8PNS_STWO 6ZWWTY bSZ _ZRP_SP] bT_S _SP >bT^^4YOTLY >ZNTP_d_SP=TP_MP]R>ZNTP_dLYO_SP>bT^^>ZNTP_dQZ],^TLY>_`OTP^Z]RLYTePO4Y
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_TZY^ST[ ZQ PLNS TYOTaTO`LW YZ_P bT_S L QTcPO Q`YOLXPY_LW MZ`]O`Y ?ST^ `YNSLYRPO Q`YOLXPY_LW bT_S L QTQ_S Z] L QZ`]_S T^ [P]XLY_Wd XLTY_LTYPO ?SP WT^_PYP] ^SZ`WO LWbLd^ MP LMWP _Z [P]NPTaP _SP [P]XL YPY_ YZ_P LYO _SZ^P ZQ _SP XPWZOd L^ LY Z]RLYTN `YT_ 4YOTLY X`^TN T^ LWbLd^ TY `YT^ZY TP T_ OZP^ YZ_ SLaP LYd NSZ]O^ M`_ TY^_PLO T_ OPaPW Z[PO Pc_]PXPWd ]TNS PYSLYNPXPY_ ZQ XTN]Z_ZYP^ ²]`_T $ 4_ `YQZWO^ T_^ MPL`_d TY _SP WTYPL] OPaPWZ[XPY_ ZQ XPWZOTP^ ]£RL TY _SP XTN]Z_ZYLW Z]YLXPY_L_TZY LYO TY T_^ PcNP[_TZYLW bPLW_S ZQ ]Sd_SX^ _£WL 0aP]d =£RL T^ ]P^_]TN_PO _Z NP]_LTY YZ_P^ Z] ^NLWP^ LYO L ^VPWP_LW Q]LXPbZ]V 4_ T^ MPWTPaPO _Z TYSP]PY_Wd NZY_LTY L ^[PNTQTN PXZ_TZYLW NZY_PY_ L^ T_^ aP]d P^^PYNP ]L^L ?SP L]_T^_ T^ YZ_ TY_PYOPO _Z OP^N]TMP _SP XZZO ZQ _SP=£RLM`__ZLNSTPaPT_?SPLN_`LWL]_NZY^T^_^TYwLbLVPYTYRx_ST^ LP^_SP_TN PXZ_TZYLW L_XZ^[SP]P Md OPaPWZ[TYR LYO Z]YLXPY_TYR _SP ^VPWP_LW XPWZOTN ^_]`N_`]P ]TRS_ `[ _Z _SP WL^_ ]PQTYPXPY_ ?PX[P]TYR bZ`WO ^[PWW _SP PYO ZQ _SP ]PQTYPXPY_^ LYO T^ _SP]PQZ]P ]PUPN_PO BSL_ NZ`Y_^XZ^_T^YZ__SPXP]PLNZ`^_TN=£RLQ]LXPbZ]V^`NSL^_SP=£RL ?ZT ^NLWP M`_ _SP Pc[]P^^TZY ZQ _SP =£RL ?ZT XZZO ZQ _PYOP] WZaP [L_SZ^LYOL_Z`NSZQSP]ZT^XbSTNS_SPL]_T^_^SZ`WOOPaPWZ[LYOWPYO QZ]X_Z`^TYRLWWST^_LWPY_^4YOTLYX`^TNTLY^L]PNZX[Z^P]^L^bPWWL^ [P]QZ]XP]^ ?SPT] bZ]V^ _SP =£RL^ L]P MZ]YP Z`_ ZQ _SP XZXPY_ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OTLY NZYNP]_^ TY >bT_eP]WLYO EÞ]TNS LYO -L^PW TY _SP $!^ LYO $"^ LYO bSZ bLY_PO_ZQLXTWTL]TePLBP^_P]YL`OTPYNPbT_S_SP_SPYLWTPYX`^TN $ ?SP^P w\`L]_P] _ZYP^x Z] wXTN]Z_ZYP^x ²]`_T OTaTOP _SP ZN_LaP TY_Z T]]PR`WL] TY_P]aLW^ 4_T^LQTaP_Z^PaPY_ZYPXZOP_SL_ZQ_PY[]P^N]TMP^OTQQP]PY_YZ_P^QZ]_SPL^NPYOTYR XPWZOTP^_SLY_SZ^PQZ]OP^NPYOTYRXPWZOTP^?SPXZOLW_ZYP^L]PNSZ^PYQ]ZXL^d^ _PX ZQ " VPd^ XPWL _SL_ L]P `^PO TY >Z`_SP]Y 4YOTLY X`^TN PaPY _ZOLd bSTWP TY 9Z]_SP]Y4YOTLX`^TN_SPdL]PWTXT_PO_Z0LNS=£RLTYNW`OP^LNP]_LTY^NLWPbT_S bSTNS _SP X`^TNTLY^ NLY TX[]ZaT^P _ZYP^ bT_STY L QTcPO Q]LXPbZ]V ?ST^ QTcPO OP _P]XTYL_TZYL[[WTP^_Z_S]PPXLTY[ZTY_^^TYNP_SP>L«R¯_L=L_Y£VL]L %L_SPQZ]XL_TZY ZQ XPWZOd TY bSTNS _SP ML^TN _ZYP [WLd^ L NPY_]LW ]ZWP bSP]PMd _SP QT]^_ LYO WL^_ _ZYP OZ YZ_ SLaP _Z MP TOPY_TNLW _Z T_& M _SP OTaT^TZY ZQ _SP [P]QZ]XLYNP TY_Z _S]PP [L]_^^WZbTY_]ZO`N_TZYZQ_SPXPWZOdNLWWPO £W£[ QZWWZbPOMdLUZTY_TX[]ZaT^L_TZY bT_SL]Sd_SXTY^_]`XPY_LYO_SPYLQL^_NWZ^TYR^PN_TZY&LYON_TXPZQ_SPOLdLYO dPL]ZQ_SP[P]QZ]XLYNPZQ_SP^[PNTQTN=£RL ?SP XZZO T^ YPaP] NSZ^PY L]MT_]L]TWd 4Y^_PLO LNNZ]OTYR _Z 4YOTLY X`^TNZWZRd T_ T^ YL_`]LWWdbZaPYTY_Z_SPNZX[Z^T_TZYZQTY_P]aLW^?SP]PQZ]P_SPX`^TNTLYT^YZ_^`[ [Z^PO_ZLN_`LWWdQPPW_SPPXZ_TZY^Z]TXLRTYP_SPX=L_SP]ST^_L^VT^_ZLbLVPY_SP LP^_SP_TN ^PY_TXPY_^ bSTNS RZ MPdZYO _SP ]PLW wQPPWTYR^x L^ _SPT] OP[P]^ZYLWTePO wP^^PYNP^xZ] ]L^L L^ LW]PLOdPc[WLTYPOTY _SPNSL[_P]^ ZY_SPL_P] ^_`OTP^ LYO[ZP_ TN^ ?SPL`OTMWP_ZYP^LYOw_LYRTMWPx QPPWTYR^L]P ]PRL]OPOL^^`]QLNP^LYOPc_P]YLW TY_PY^TQTNL_TZY^ZQOPP[P][^dNSZWZRTNLW LYONZ^XTN ^_]L_L ,^_SP_ZYP^LYO QPPWTYR^ L[[PL]X`_`LWWdOP[PYOPY_ZY_SP^`]QLNP_SPZMUPN_TaPLYO_SP^`MUPN_TaPL]P`YOP] ^_ZZOL^MPTYROZaP_LTWPObT_SZYPLYZ_SP]LW^ZTY_SPOPP[P]^_]L_LZQMPTYRLYO`W _TXL_PWdL^PXMZOTXPY_^ZQLQTYLWLM^ZW`_P`YT_d_ZbSTNSX`^TNRTaP^L`OTMWPPc []P^^TZYLYOLNNP^^_S]Z`RS_SPRL_PbLdZQ_SP_ZYP^
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#
YPaP] ]P_`]Y TY PcLN_Wd _SP ^LXP QZ]X PaP] LRLTY ?SP QT]^_ LYO XZ^_ TX[Z]_LY_OPaPWZ[XPY_[SL^PZQL=£RLNLWWPO £W£[ T^[P]QZ]XPObT_S Z`_ _£WL TP bT_SZ`_ LYd ]Sd_SXTNLW PWPXPY_^ Z] QTcPO [P]TZO ZQ NZ`Y_ TYR _TXP ?ST^ £W£[ [L]_ ZQ _SP =£RL TX[]ZaT^L_TZY NZXX`YTNL_P^ XZ^_ NWPL]Wd_SPYL_`]PZQ_SPL]_ZQ=£RLLYOT^^PPYL^_SPLN_`LW_Z`NS^_ZYP ZQ _SP^P ^VTWW^ :YWd TY _SP ^`NNPPOTYR RL_ [SL^P ZQ _SP =£RL OZP^ _SP []ZYZ`YNPO ]TNS ]Sd_SXTNT_d ZQ 4YOTLY X`^TN OPaPWZ[ 4Y [`MWTN NZY NP]_^ _ST^ [SL^P RPYP]LWWd TYNW`OP^ L [P]N`^^TZY TY^_]`XPY_ PXMZOdTYR _SP ]Sd_SXTN _£WL PWPXPY_ _SL_ YZb LNNZX[LYTP^ _SP =£RL ?SP O]`X XP] LYO _SP ^TYRP] Z] TY^_]`XPY_LWT^_ [P]QZ]X UZTY_ TX[]ZaT^L_TZY ?SP LN_`LW NWTXLc ZNN`]^ bSPY _SP X`^TNTLY^ NZX[P_P bT_S PLNS Z_SP] bT_STY _SP []P^N]TMPO ]Sd_SXTN Q]LXPbZ]V L^ OP^N]TMPO TY Z`] NSL[_P] ZY_SPWLYR`LRPZQO]`X^ 4YNZY_]L^__Z_SPL]NST_PN_WTVPL[[]ZLNSZQBP^_P]YNZX[Z^P]^LYO _SP _PNSYTNLW aT]_`Z^T_d ZQ BP^_P]Y [P]QZ]XP]^ XZOLW X`^TNXLVTYR XPLY^ _SL_ L X`^TNTLY LOL[_^ _Z LY PcT^_TYR NZX[WPc YP_bZ]V ZQ _ZYLW ]PWL_TZY^ .WL^^TNLW 4YOTLY X`^TN SL^ WT__WP TY NZXXZY bT_S NWL^^TNLW BP^_P]Y X`^TN M`_ SL^ ^ZXP [ZTY_^ ZQ NZY_LN_ bT_S ULee z ZbTYR _Z MZ_S_SPS`RP]ZWP[WLdPOMdTX[]ZaT^L_TZYLYO_SPPX[SL^T^ZQ]Sd_SX 3ZbPaP] _SP]P L]P LW^Z ]PWPaLY_ OTQQP]PYNP^ Q]ZX _SP TX[]ZaT^L_TZY Md LYZYXZOLW ULeeX`^TNTLY?SPNZY^_LY_WdNSLYRTYRQ]LXPbZ]V NSZ]O^ ZQ YZYXZOLW X`^TN []ZaTOP L _TXP ^_]`N_`]P QZ] _SP X`^TNTLYv^ TX []ZaT^L_TZY_Z bSTNSSP]PLN_^]L_SP] _SLYN]PL_TYRT_ STX^PWQ ?SPXZ OLWX`^TNTLYZY_SPZ_SP]SLYOT^MdYZXPLY^]P^_]TN_PO_ZLYLM^ZW`_P _TXP^d^_PX?SP £W£[ _SPNWL^^TNLWPc[Z^T_TZYZQLXZOPTY4YOTLYX` ^TNNLY_LVP^PNZYO^Z]XTY`_P^Z]PaPYOLd^bT_SZ`_T_^TYYP] ^_]TYRPYNd LW_P]TYR BSL_ NSLYRP^ T^ _SP TY_PY^T_d LYO _SP OPR]PP ZQ OTQQP]PY_TL_TZY ZQ ]PLWTeTYR _SP XZOP ?SP XZOP T_^PWQ ZYWd OP_P]XTYP^ ]PWL_TaP_TXP\`LY_T_TP^WTVP_SPO`]L_TZYZQ_SPXLTYYZ_P^L^NZX[L]PO _Z_SL_ZQ^`M^TOTL]dYZ_P^-`_bSL_T_OZP^YZ_[]P^N]TMPTYNZY_]L^__Z _SPQ]LXPbZ]VZQNSZ]O^T^LQTcPOTYYP]^_]`N_`]PLYOLOPQTYT_TaPPYO ,MZaP LWW _SP]PQZ]P L QPPWTYR ZQ P_P]YT_d ^`]]Z`YO^ XZOLW X`^TN ?ST^ XLd SLaP MPPY L XLUZ] ]PL^ZY bSd _ST^ X`^TN bL^ QPW_ _Z MP wXZ]P [PLNPQ`WLYOWP^^YP]aZ`^x LYOLW^Z_ZMPYL_`]LWWdw^[T]T_`LWxMd[PZ [WP WTVP -P]PYO_ LYO XLYd ULee LYO [Z[ X`^TNTLY^ bSZ MPNLXP LN \`LTY_PO bT_S 4YOTLY X`^TN TY _SP $!^ 1Z] L bSTWP T_ MPNLXP _SP QL^STZY_ZLOL[__Z_ST^^_dWP?ST^L__]LN_TZYbL^NP]_LTYWd[L]_WdO`P_Z _SPPcZ_TNLYO_SPOTQQP]PY_Q]ZXbSL_bL^]PUPN_POL^ZM^ZWP_P[L]_Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO $ .WL^^TNLW >Z`_S 4YOTLY X`^TN T^ TY QLN_ LW^Z R]PL_Wd [P]aLOPO Md ]PWTRTZ`^ _Z[TN^ X`^TNLWTePOTYaZNL_TZY^TY_P]NP^^TZY^LYO_]TM`_P^_Z_SPR]PL_OPT_TP^LYO_SP ²£Y_T ]L^L w[PLNPQ`WXZZOx.WL^^TNLW9Z]_S4YOTLYX`^TNZY_SPZ_SP]SLYOT^ZQ_PY[`]PWd ^PN`WL]LMZaPLWWTY_SPQZ]XZQWZaP]PWL_PO_Z[TN^LYO_SP ]L^L ZQ_SPwP]Z_TNXZZOx
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_Z _SP NZXXZY NZOTYR ZQ 4YOTL bT_S Xd^_TNT^X LYO ^[T]T_`LWT_d LY LW _P]YL_TaP QZ]X _Z .S]T^_TLYT_d LYO LW^Z _Z _SP `Y`^`LW LP^_SP_TN TX []P^^TZYLYOYPbPc[P]TPY_TLW\`LWT_TP^ -P]PYO_v^ L]R`XPY_ bL^ _SL_ XZOLW X`^TN LN_`LWWd N]PL_PO L ]PWT RTZ`^TY_P]P^_?SPL]R`XPY_T^TY_P]P^_TYRTY_P]X^ZQ]PWTRTZ`^LP^_SP_ TN^ LYO NLYYZ_ MP ]PUPN_PO Z`_ ZQ SLYO 1]ZX 5ZSY .ZW_]LYP _Z 5ZSY 8N7L`RSWTY ]PWTRTZY SL^ SLO T_^ ^_LYOTYR MZZ^_PO _SLYV^ _Z X`^TN 4Y OTLY X`^TN SLO L_ WPL^_ L [L]_TLW ^SL]P TY _ST^ 4_ bL^ L OTQQP]PY_ ^dX MZWTNQZ]X_SLY_SPQLXTWTL]SL]XZYTP^LYON]PL_POOTQQP]PY_Pc[P]TPYNP [`]PWd _S]Z`RS LP^_SP_TN ^PY^Z]d L^[PN_^ z bSTNS XLYd L^^ZNTL_PO bT_S ]PWTRTZYzZ]MP__P]bT_S^[T]T_`LWT_d/P^[T_P_SPR]PL_bPLW_SZQZ]YL XPY_L_TZY]Sd_SXTNLYOXPWZOTNOTaP]^T_dLYOWTaPWdXZaPXPY_=£RL^ XLVP LY TX[]P^^TZY ZQ ^ZXP_STYR _SL_ ]P^_^ bT_STY T_^PWQ ?SP]P L]P []LN_TNLWWd YZ NZY_]L^_^ Z] O]LXL_TN NZY^_PWWL_TZY^ 4Y^_PLO _SP =£RL OPaPWZ[^ QWZbTYR TY L _TXPWP^^ LYO [PLNPQ`W XLYYP] L^ T_ bP]P ^TYNP _SPL]_T^_T^^ZUZ`]YTYRTY_SP`YT_dZQL=£RLVPd?ST^RPYP]L_P^LOTQ QP]PY_QPPWTYRZQ_TXPLYO^[LNPLYOLOTQQP]PY_QPPWTYRLMZ`_ZYP^PWQL^ LX`^TNTLYZ]LWT^_PYP]_SLY_SL_QZ`YOTY BP^_P]YX`^TN-P]PYO_^Lb wPc[P]TPYNTYR ZYPYP^^x LYO wOT^^ZW`_TZY ZQ _TXPx L^ _SP XZ^_ ^TRYTQT NLY_ NSL]LN_P]T^_TN^ ZQ XZOLW X`^TN LYO NZ]]PWL_PO _ST^ TXXPOTL_PWd bT_SLYZYO`LWXPOT_L_TZYPc[P]TPYNP% w?SP X`^TN bP L]P _LWVTYR LMZ`_ SP]P z NWL^^TNLW 4YOTLY X`^TN _SP X`^TN ZQ5ZSY.ZW_]LYPLYOST^X`^TNLWSPT]^TYULeeLYO]ZNVXTYTXLWX`^TNLYO _SPMP^_ZQ_SPYPbXPOT_L_TZYX`^TNz[ZTY_^_ZbL]OLYPc[P]TPYNP_SL_TY _SPPL^_P]Y_]LOT_TZYT^]PQP]]PO_ZL^uMPNZXTYRZYPv?ZMP^`]P_ST^X` ^TN LWZYP NLY YZ_ M]TYR LMZ`_ ^`NS uL_ZYPXPY_v 9Z X`^TN NLY OZ _SL_ :YWddPL]^ZQXPOT_L_TZYNLYOZT_-`__ST^X`^TN[LaP^_SPbLd4_T^L VTYOZQX`^TNTYbSTNS_TXPT^OT^^ZWaPOTYLXLYYP]MPdZYObZ]O^x
?ST^ _LYRTMWP YPb ]PWTRTZYQ]TPYOWd \`LWT_d L__]TM`_PO _Z XZOLW X`^TN []ZMLMWd Pc[WLTY^ L WL]RP [L]_ ZQ _SP P`[SZ]TL bT_S bSTNS ,^TLY X`^TN bL^]PNPTaPOL__SL__TXP ,NNZ]OTYR_Z -P]PYO__SP Pc[]P^^TaP\`LWT_d ZQ XZOLW X`^TN T^ L`_ZXL_TNLWWd _TPO _Z L OTQQP]PY_ L__T_`OP TY X`^TN XLVTYR LYO SPL]TYR bSTNS SP NLWW^ ^[T]T_`LW 8ZOLW [WLdTYR ZQ X`^TN []ZaTOPO _SP X`^TNTLY^ bT_S _SP [Z^^TMTWT_d ZQ OPLWTYR bT_S ]PWTRTZ`^ QPPWTYR^ TY L aP]d [P]^ZYLW QZ]X LYO LOZ[_TYR Pc[WTNT_Wd ^[T]T_`LW L__T _`OP^bT_SZ`_SLaTYR_ZPY_P]TY_ZTY^_T_`_TZYLWLYOOZRXL_TN_TP^?ST^ QT__PO TY bPWW bT_S _SP NSLYRP TY ^`MUPN_TaP [TP_d [L__P]Y^ MPNZXTYR L[[L]PY_ L_ _SL_ _TXP LYO YZb bPWW OZN`XPY_PO TY _SP ]P^PL]NS WT_P]L _`]P TP Pc_]PXP ]PWTRTZ`^ TYOTaTO`LWTeL_TZY LYO _SZ^P YPb ]PWTRTZ`^ ^_dWP^ LYO ^dYN]P_T^X^ _SL_ L]P NSL]LN_P]TePO _ZOLd L^ wTYaT^TMWP ]PWTR TZYx 7`NVXLYY w^`MUPN_TaP WTQP ^[T]T_`LWT_dx 3PPWL^BZZOSPLO LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO !#
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#
w`YNS`]NSPO ]PWTRTZYx 1`WWP] 1Z] PcLX[WP _SP _PYZ] ^LcZ[SZYT^_ 9L_SLY/LaT^YZ_P^% w;WLdTYR XZOLWWd SL^ _Z OZ bT_S ^[T]T_`LWT_d BSL_ bP ]PLWWd XPLY Md ^[T]T_`LWT_d T^ ]PWTRTZ`^YP^^ :YWd bP OZYv_ `^P _SL_ bZ]O MPNL`^P bP OZYv_XPLYbSL__SP.S]T^_TLYbZ]WOXPLY^Md]PWTRTZ`^YP^^x !
BSPY -P]PYO_]PRL]OPO_SP]PXZOLWTeL_TZYZQX`^TN L^ TYOTNL_TaPZQL X`NS R]PL_P] YPb ]PWTRTZY[]ZO`NTYR []ZNP^^ MPdZYO X`^TN SP bL^ YZ_ ZYWd L WZYP _SPZ]P_TNTLY 4Y ST^ MZZV SP bL^ TY QLN_ _]dTYR _Z OP ^N]TMP _SP L]_T^_TN ^PWQLbL]PYP^^ LYOWTQPQPPWTYRZQL bSZWPRPYP]L_TZY ZQ ULee X`^TNTLY^ " ^_L]_TYR bT_S 5ZSY .ZW_]LYP TY _SP $!^ 5Lee bL^ LWbLd^ []POP^_TYPO QZ] WT_P]LWWd w[WLdTYR ZQQx _SP [P]^ZYLW _SP ^[ZY_L YPZ`^ LYO _SP TYOTaTO`LW LRLTY^_ _SP OZXTYL_TYR wM]LTYdx XPNSLYT^_TN bZ]WOaTPb@YWTVP_SPNWL^^TNLWX`^TNTLY^QZ]ULeeX`^TNTLY^_SP]PT^L NWZ^P]PWL_TZY^ST[MP_bPPYWTQPLYOX`^TNXLVTYR?SPd[WLdbSL__SPd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SZXL^ 7`NVXLYY /TP `Y^TNS_ML]P =PWTRTZY 1]LYVQ`]_% >`S]VLX[ $$& ;L`W 3PPWL^ LYO 7TYOL BZZOSPLO ?SP >[T]T_`LW =PaZW`_TZY :cQZ]O% -WLNVbPWW & =ZMP]_ . 1`WWP] >[T]T_`LW -`_ 9Z_ =PWTRTZ`^% @YOP]^_LYOTYR @YNS`]NSPO ,XP]TNL 9Pb DZ]V% :@; .Q LW^Z 2]LNP /LaTP =PWTRTZY TY -]T_LTY ^TYNP $ % -P WTPaTYRbT_SZ`_-PWZYRTYR :cQZ]O%-WLNVbPWW$$4YNZY_]L^__Z1`WWP]v^ST^_Z]TNLW ]PNZY^_]`N_TZYZQXZOP]Y^[T]T_`LWT_dOT^NZ`]^P^TY9Z]_S,XP]TNL^TYNP_SP$_SNPY _`]dbSTNS[Z^T_TZY_SPX^PWaP^Z`_^TOP.S]T^_TLYMPWTPQ^LYOXZ]PbT_STY_SPQ]LXP bZ]V ZQ [STWZ^Z[Sd LYO YL_`]LW ^NTPYNP /LaTP NWLTX^ _SP PcT^_PYNP ZQ L M]ZLO ^PR XPY_ ZQ _SP [Z[`WL_TZY TY _SP @YT_PO 6TYROZX bSZ TYOPPO ^PP _SPX^PWaP^ L^ OPNTOPOWdZ`_^TOP_SP.S`]NSM`_^_TWW bT_STY_SP.S]T^_TLYM]LNVP_7`NVXLYYv^_SP Z]d^_TWWL[[WTP^_ZMZ_SaL]TL_TZY^bSTNSSP[Z^_`WL_POTY_SPPL]Wd$!^^_L_TYR_SL_ _SP]PSLOMPPYWP^^ZQL^PN`WL]TeL_TZYLYOXZ]PZQLYTYOTaTO`LWTeL_TZYZQ]PWTRTZYTY _SPXZOP]Y[P]TZOLYO_SL__SPYPb ^ZNTLWWZNL_TZYZQ ]PWTRTZY bL^ _SPL`_ZYZXdZQ _SPTYOTaTO`LW4Y_P]P^_TYRWd_SP[]TaL_TeL_TZY_SPZ]P_TNTLY7`NVXLYY^_TWW[Z^_`WL_PO TY_SPQT]^_POT_TZYZQST^@Y^TNS_ML]P=PWTRTZY$!"_STYR^^`NSL^QLXTWd^Pc`LWT_d LYO XZMTWT_d L^ wYPb ]PWTRTZY^x _SL_ T^ [SPYZXPYL _SL_ NZ`WO YZ WZYRP] MP ]PNZR YTePO L^ ]PWTRTZY M`_ ^_TWW Q`WQTWWPO ]PWTRTZYWTVP Q`YN_TZY^ L^ w^XLWWx LYO wXPOT`X _]LY^NPYOPYNTP^xRZTYRMPdZYO_SP[`]PWdMTZWZRTNLWLYOL^L]`WPbP]PXLOP`[ZQ L NZWWLRP ZQ bZ]WOaTPb^ MZ_S ^PN`WL] LYO ]PWTRTZ`^ NP]_LTYWd TYNW`OTYR .S]T^_TLY ZYP^ 4Y _SP QT]^_POT_TZY_SP ^STQ_ _Z TYOTaTO`LWYPPO^TWW`^_]L_POL ^PWQ^LN]LWTeL_TZY _SL_bL^^_TWWQ`WWdLYNSZ]PObT_STY_SPw^PN`WL]x?SPYPbPOT_TZYZQ$$SZbPaP] NZY_LTY^LYP[TWZRMd7`NVXLYYLYOLQZ]PbZ]OMd7`NVXLYYv^^_`OPY_3`MP]_6YZ MWL`NSL^N]TMTYR_SPR]PL_P^_TX[Z]_LYNP_ZLW_P]YL_TaP^[T]T_`LWT_dLYOLW^ZLOXT__TYR _SP VPd ]ZWP ZQ _SP wR]PL_ _]LY^NPYOPYNTP^x ZQ Pc_]LZ]OTYL]d Pc[P]TPYNP^ _SL_ bPY_ MPdZYO PaP]dOLd ]Z`_TYP 7`NVXLYY LYO 6YZMWL`NS ^PP LW_P]YL_TaP ^[T]T_`LWT_d L^ _SPXZ^_NZY_PX[Z]L]dQZ]XZQ]PWTRTZYTY_SPXZOP]Y[P]TZO:YPNLY^Ld_SP^LXP Z] ^TXTWL] ZQ 3PPWL^ LYO BZZOSPLO bSZ LN_`LWWd RZ Q`]_SP] LYO PaPY ^[PLV ZQ L w^[T]T_`LW ]PaZW`_TZYx ZY L R]LYO ^NLWP Q`WWd TY _SP ^PY^P ZQ -P]PYO_v^ wYPb NZY ^NTZ`^YP^^xLYO ]PRL]O bZXPYL^_SPXLTY[WLdP]^TYXZOP]Y^[T]T_`LWT_d?SP_SP ^P^[L]_TN`WL]Wd_SZ^PZQ3PPWL^LYOBZZOSPLOSLaPSZbPaP]YZ_RZYP`YOT^[`_PO :YPQ]P\`PY_N]T_TNT^XT^_SL__SPdZaP]P^_TXL_P_SP]ZWPZQXTYZ]T_TP^ ! -P]PYO_ ?SPBZ]WOT^>Z`YO ! " -P]PYO_ ?SPBZ]WOT^>Z`YO z"z"
#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
QPPW LYO Pc[P]TPYNP 1Z] _ST^ ]PL^ZY PaP]d ULee X`^TNTLY SL^ ST^ uZbY ^Z`YOv 3P [WLd^ XZ]P Z] WP^^ ubT_S L R`_ QPPWTYRv LYO _ST^ bLd QTYO^ wL^ X`NS Pc[]P^^TZY TY L ^TYRWP YZ_P L^ TQ T_ bP]P L bSZWP XPWZOdx # ?ST^ X`^TN U`^_ wSL[[PY^x SP]P LYO w9:Bx $ ,NNZ]OTYR _Z -P]PYO_ _ST^ T^ []PNT^PWd bSL_ XLOP _SP ULee X`^TNTLY^ P^[PNTLWWd ]PNP[_TaP _Z _SP 4YOTLY 9£OL 3P MPWTPaPO XZOLW X`^TN bL^ TYPaT_LMWd LYO LWXZ^_ YPNP^^L]TWd MZ`YO TY_Z L OTQQP]PY_ XPY_LW L__T_`OP LYO NZYaP]^PWd _SL_ _SP YPb ^[T]T_`LW _STYVTYR L`_ZXL_TNLWWd OPXLYOPO _SP XZOLW ^_dWP ZQ [WLdTYR -Z_S L^[PN_^ NL`^PO _SP X`^TNTLY^ _Z OPaPWZ[ LY TYN]PL^TYR TY_P]P^_TY4YOTL ,NNZ]OTYR _Z -P]PYO_ bSPY 5ZSY .ZW_]LYP O $!" T^^`PO _SP ]P NZ]O w7ZaP >`[]PXPx $! SP bL^ _SP QT]^_ X`^TNTLY _Z TY_]ZO`NP ^[T]T_`LWT_d 9ZbLOLd^ -P]PYO_ ^_L_P^ TY _SP $#^ _ST^ T^ YZ WZYRP] QPW_ _Z MP ^_]LYRP LYO TYL[[]Z[]TL_P bSP]PL^ T_ bL^ []PaTZ`^Wd Pc _]PXPWd `Y`^`LW TY ULee X`^TN L[L]_ Q]ZX RZ^[PW ^TYRTYR TY NS`]NSP^ ?SP ZYWd _Z[TN^ bP]P WZaP QTOPWT_d [L^^TZY LYO WZYRTYR TP _SP ^_LY OL]O_Z[TN^ZQX`^TNQZ]OLYNTYRLYOPY_P]_LTYXPY_.ZW_]LYPSZbPaP] b]Z_P_SPQZWWZbTYRZYST^]PNZ]ONZaP]% wBZ]O^ ^Z`YO^^[PPNSXPYXPXZ]d_SZ`RS_^QPL]^PXZ_TZY^z_TXPz LWW ]PWL_PO LWW XLOP Q]ZX ZYP LWW XLOP TY ZYP -WP^^PO MP ST^ YLXP ?SZ`RS_ bLaP^ z SPL_ bLaP^ z LWW aTM]L_TZY^ z LWW [L_S^ WPLO _Z 2ZO ?SLYVdZ`2ZOx
:Y_SP^LXPNZaP].ZW_]LYPOZN`XPY_^LYLbLVPYTYRPc[P]TPYNPTY_SP dPL] $ " bSTNS SP SLO YZb OPNTOPO _Z ^_LYO Md ?SP ]PNZ]O bL^ T^ ^`POTY_SP^LXPdPL]TYbSTNS.ZW_]LYPOT^NZaP]PO_SL__SPTX[]ZaT^L _TZY[]TYNT[WPTY4YOTLYX`^TNbL^TOPLWQZ]ULee,NNZ]OTYR_Z-P]PYO_ .ZW_]LYP OTO XZ^_ ZQ _SP M]TORPM`TWOTYR MP_bPPY ULee LYO 4YOTL bSP]PMd_ST^M]TORPbL^TYT_TLWWd]L_SP]XZ]PML^POZY4YOTLY^[T]T_`LW T_d_SLYZY4YOTLYX`^TNLYOSPNWLTXPOT_bL^LW^Z_SLYV^YZ_WPL^__Z .ZW_]LYP _SL_ _SP L^[PN_ ZQ ^[T]T_`LWT_d ^[]PLO QL] MPdZYO _SP bZ]WO ZQ ULee 4Q .ZW_]LYPv^ TY_P]P^_ TY 4YOTL bL^ ]L_SP] ]`OTXPY_L]d _SP]P bL^ LY TYN]PL^TYR Y`XMP] ZQ X`^TNTLY^ bSZ NZY^NTZ`^Wd L^[T]PO _Z LOZ[_ 4Y OTLY ^[T]T_`LWT_d z Z] _SL_ L^^ZNTL_PO bT_S 4YOTL 4YOTL bL^ _SP R]PL_ ]ZWPXZOPW QZ] XLVTYR SPL]TYR LYO Pc[P]TPYNTYR X`^TN ML^PO ZY L XPOT_L_TaPL__T_`OP5ZSY.ZW_]LYPv^X`^TNLWLYO^[T]T_`LWTYQW`PYNPbL^ QZWWZbPOMd_SPbZ]WOX`^TNTLY/ZY.SP]]dbSZ^_`OTPObT_SLXL^_P] ZQ4YOTLY^TYRTYRLYOMPNLXPTYN]PL^TYRWdNPY_P]POZY4YOTL,__SPPYO ZQ_SP$!^4YOTLbL^LWW_SPQL^STZY?SP-PL_WP^MPNLXPTY_P]P^_POTY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -P]PYO_ 9£OL-]LSXL/TPBPW_T^_6WLYR QQ $ -P]PYO_ ?SPBZ]WOT^>Z`YO " -P]PYO_ ?SPBZ]WOT^>Z`YO !
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#"
?8 2PZ]RP 3L]]T^ZY WPL]YPO ^ZXP 4YOTLY X`^TN LYO PaPY _SP =ZWWTYR >_ZYP^ XLOP LY PcN`]^TZY TY_Z 4YOTL Md `^TYR L >T_L] TY w;LTY_ T_ -WLNVx ?ST^ QL^STZY [L^^PO ]PWL_TaPWd \`TNVWd M`_ QZ] XLYd X`^TNTLY^ Z`_^TOP ZQ _SP [Z[`WL] XLTY^_]PLX 4YOTL ]PXLTYPO L [P]XLYPY_ QZ]NP z WP^^ TY ]PWL_TZY _Z _SP X`^TNLW _SLY _Z _SP ^[T]T_`LW ?SP R`T_L]T^_ 5ZSY 8N7L`RSWTY LYO ST^ R]Z`[ w>SLV_Tx bP]P ]PLW 4YOTL XLYTLN^ z TY QLN_ 8N7L`RSWTY STX^PWQ bL^ _SP ZYWd BP^_P]Y X`^TNTLY TY _SP MLYO ?SP LW_Z ^LcZ[SZYT^_ .SL]WTP 8L]TLYZ PaPY WTaPO TY ,^TL QZ] ^PaP]LW dPL]^ LYO^_`OTPO_SPWZNLWbTYOTY^_]`XPY_9£OL^bL]LXTYL^XLWWaTWWLRPTY >Z`_SP]Y4YOTLWTaTYRbT_SZ`_PWPN_]TNT_dLYOZ_SP]MWP^^TYR^ZQXZOP]Y NTaTWTeL_TZY 7L_P] SP LW^Z [WLdPO _SP 9£OL^bL]LX O`]TYR ST^ ULee [P] QZ]XLYNP^3PPc[WLTYPO_SP]PLW]PL^ZYMPSTYOST^PY_S`^TL^XQZ]4YOTL TY_SPQZWWZbTYRbZ]O^% wDZ`VYZb4SLaPZM^P]aPO_SL_dZ`]ULeeRP_^MP__P]bSPYdZ`SLaPXL^ _P]PO4YOTLYX`^TN9Z_ZYWdTYXd4YOTLY[TPNP^M`_LW^ZTYZ_SP]^bSTNS SLaP YZ_STYR _Z OZ bT_S 4YOTL DZ` ^TX[Wd RZ OPP[P] DZ` ^Ld XZ]P ,YO bSL_dZ`[WLdSL^XZ]PXPLYTYRx
BT_S _SP Z[PYTYR `[ _Z 4YOTL TY _ST^ bLd LYO bT_S 4YOTL L^ L VPdbZ]O QZ] ^[T]T_`LWT_d _SP^P TOPL^ NZY_TY`PO _Z ^[]PLO LQ_P] .ZW_]LYPv^ _TXP LYO TY ^ZXP NL^P^ MPNLXP PaPY ^_]ZYRP] bSPY _SP X`^TNLW QL^STZY NSLYRPO 1]ZXBZZO^_ZNV_Z_SPYPbbZ]WOX`^TN_SP^[T]T_`LWTeL_TZY LYO NZ^XZ[ZWTeL_TZY ZQ X`^TN _`]YPO TY_Z L YPb uN]PPOv ZQ [P]NPTaTYR X`^TNL^L`YTaP]^LWWLYR`LRPZQS`XLYT_d >Z bSL_ bL^ ^_TWW ]PaZW`_TZYL]d L_ _SP _TXP ZQ 5ZSY .ZW_]LYP TY _SP $!^SLOLW]PLOdMPNZXP YZ]XLWWP^^ _SLY_bPY_ddPL]^WL_P]4Y$# -P]PYO_ _ZZV R]PL_ OPWTRS_ TY [ZTY_TYR Z`_ _SP PcT^_PYNP ZQ L w_d[P ZQ X`^TNTLYZQbSTNSQTQ_PPYdPL]^LRZ_SP]PZYWdPcT^_POLQPbTYOTaTO`LW^ L_ XZ^_ LYO ZQ bSTNS _ZOLd _SP]P L]P _SZ`^LYO^x ?SP NZX[Z^P] ;P_P] 8TNSLPW3LXPWbSZbL^_]LTYPOTYNWL^^TNLWX`^TNLYOL__SL__TXPbL^ ^_]ZYRWd TYQW`PYNPO Md 4YOTLY X`^TN YZ_PO _SP QZWWZbTYR TY _ST^ P[ZNS ZQ_SPw9Pb.ZY^NTZ`^YP^^x% w,_ []P^PY_ _SP]P T^ L M]ZLO ^_]ZYR `]RP _Z Z[PY `[ LRLTY _SZ^P NWZRRPO bLWW^ ZQ X`^TN bSTNS LWZYP NLY ]PaPLW _SP bLd _Z L YPb _d[P ZQ X`^TNLW Pc[P]TPYNP PYNZX[L^^TYR XLYv^ MPTYR TY T_^ PY_T]P_d BSP_SP] TY LaLY_ RL]OP X`^TN TY ULee Z] TY [Z[ X`^TN bP SLaP MPPY bT_YP^^TYR L _]PYO _Z bL]O^LXZ]P^[T]T_`LWTY_]ZaP]_POX`^TNLWWLYR`LRP?SPTYN]PL^TYR[`MWTN TY_P]P^_TY^[T]T_`LWX`^TNMZ_SBP^_P]YLYOYZY0`]Z[PLY^`RRP^_^_SL_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
Z`YO .Q-P]PYO_ 9LOL-]LSXL%/TPBPW_T^_6WLYR QQ .Q-P]PYO_ ?SPBZ]WOT^>Z`YO z -P]PYO_ 9LOL-]LSXL%/TPBPW_T^_6WLYR "
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
SP]P _ZZ _SP Q`_`]P ]ZWP ZQ X`^TN bTWW YZ_ MP NZYQTYPO _Z ZYP [L]_TN`WL] OTXPY^TZYZQS`XLYPcT^_PYNPx
0aPY _SZ`RS 9Pb,RPWTVP ^[T]T_`LWT_d LN_`LWWd MPNLXP aP]d bTOP ^[]PLO_SPLMZaP[]POTN_TZY[]ZaPOLMT__ZZYLTaPzL_WPL^_TY]PWL_TZY _Z X`^TN 4Y X`^TN ^[T]T_`LWT_d SL^ OPQTYT_PWd YZ_ MPNZXP [L]_ ZQ _SP XL^^ N`W_`]P M`_ T^ ZYWd QZ`YO TY NP]_LTY LW_P]YL_TaP YTNSP^ bSP]P bZ]WOX`^TNTY^[T]POMd4YOTLT^^_TWW[WLdPOLYOX`^TNT^`YOP]^_ZZO_Z MP L w`YTaP]^LW WLYR`LRPx ! 3ZbPaP] ZYP NLY ZM^P]aP _SL_ PaPY TQ _SP QL^STZY QZ] 4YOTL SL^ QTeeWPO Z`_ TY ^ZXP ]P^[PN_^ [Z[ X`^TN SL^ MP NZXPXZ]PTY_]ZaP]_PONP]_LTYWdXZ]P[P]^ZYLWLYOZQ_PYXZ]PPN^_L_TN ;PZ[WP L]P ^PL]NSTYR QZ] wR]PL_ _]LY^NPYOPYNTP^x ZQ Pc_]LZ]OTYL]d Pc [P]TPYNP^ TY X`^TN _SL_ ]T^P LMZaP PaP]dOLd ]Z`_TYP ?ST^ T^ Q]P\`PY_Wd _SP NL^P bT_S YPb ^_dWP^ _SL_ NZ]]P^[ZYO _Z _SP Q`YN_TZYLW ^NSPXP ZQ OLYNP LYO PY_P]_LTYXPY_ X`^TN z ^`NS L^ w_]T[ SZ[x LYO w_]LYNP _PNSYZx bSTNS L]P OP]TaPO OT]PN_Wd Q]ZX _SP PWPN_]ZYTN XPOT_L_TZY X` ^TNZQ_SP$"^LYOL]P^_]ZYRWd_]LYNPTYO`NTYR4Y^_PLOZQ_SP^`MUPN_ ZQ WZaP bSTNS _SP TYPaT_LMWP _Z[TN TY [Z[ X`^TN _SP^P XLTYWd TY^_]` XPY_LWX`^TN^_dWP^L]PNZX[WP_PWdZ]TPY_POZY^PWQ^`QQTNTPYNdTXXP] ^TZY LYO PN^_L^d PaPY TQ `YWTVP _SP PL]WTP] XPOT_L_TZY X`^TN ZQ _SP w9Pb ,RPx _SPd L]P YZb YZ WZYRP] \`TP_T^_TN bT_S LY Pc[WTNT_Wd ]PWT RTZ`^ NSL]LN_P] ,Y LYLWZRZ`^ ^NSPXP ZQ [Z[`WL] L^^TXTWL_TZY TY _SP XL^^N`W_`]PLYO^PN`WL]_]LY^X`_L_TZYT^LW^ZOPXZY^_]L_POMd_SPQLN_ _SL__SP4YOTLLYOO]`RTY^[T]PO[^dNSPOPWTLZQ_SP$!^LYO$"^SL^ _]LY^QZ]XPO T_^PWQTY_Z_SP -ZWWdbZZON]Led -SLYR]L OLYNPw-SLYR]Lx []ZMLMWd MPTYR OP]TaPO Q]ZX wMS£«Rx XPLYTYR wSL^ST^Sx _SL_ T^ YZ_ OLYNPOTY_SPDZRL^NSZZW^Z]?8NT]NWP^M`_TY^_PLOSL^QZ`YOT_^bLd TY_Z bPWW_ZOZ OLYNTYR ^NSZZW^ LYO PY^`]P^ L QPPWTYR ZQ MZOTWd bPWW YP^^ ?SP _`]Y _LVPY Md NWL^^TNLW X`^TN _SL_ bL^ OZN`XPY_PO Md -P]PYO_ SLO ^ZXP XZ]P QL]]PLNSTYR PQQPN_^ BSPY _SP XTYTXLW X`^TN ZQ ?P]]d =TWPd;STWT[2WL^^LYO>_PaP=PTNSPXP]RPOzLX`^TNLW^_dWPML^POZY \`T_P ^TX[WP _ZYLWXZOLW ^_]`N_`]P^ _SL_ L]P LW_P]PO TX[P]NP[_TMWd TY ^WZb XZ_TZY z T_ bL^ _SP QT]^_ _TXP TY S`YO]PO^ ZQ dPL]^ _SL_ L ^_dWP L]Z^P TY 0`]Z[P bSTNS bL^ ^`T_LMWP QZ] X`^TNLWTeTYR ^[PNTQTNLWWd ]PWT RTZ`^ QPPWTYR^ BSL_ OPaPWZ[PO bL^ L w^[T]T_`LWx Z] w^LN]PO XTYTXLW T^Xx 4_ T^ YZ_ L ^_dWP []Z[LRL_PO Md L QTcPO R]Z`[ ZQ NZX[Z^P]^ M`_ XZ]PZQLWLMPWRZZOQZ]OP^N]TMTYR_SPbZ]V^ZQbTOPWdOTQQP]TYRNZX [Z^P]^,]aZ;Æ]_T^_SPZYPbT_S_SPXZ^_]PWTRTZ`^WPLYTYR/`]TYRST^ _ZYP [P]TZO ST^ ]PWTRTZ`^ _Z[TN^ L]Z`^PO _SP OT^L[[]ZaLW ZQ _SP RZa ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO !" ! .Q4^LMPW7LLNV =PWTRTZY`YO8`^TVTY2WL^_ZYM`]d%0TYP1LWW^_`OTPe`RPRPYbÆ]_T RPY1Z]XPY]PWTRTØ^P]4OPY_T_Æ_^OT^V`]^P /ZN_Z]LW_SP^T^3PTOPWMP]R$
?SP9£OL-]LSXLYL^L8PLY^ZQ3PLWTYRQZ]BP^_P]Yw0dP;PZ[WPx
#$
P]YXPY_ TY _SP >ZaTP_ @YTZY >TYNP $"! SP SL^ OPaPWZ[PO ST^ ZbY XTYTXLWT^X bT_S Pc_]PXPWd ]PO`NPO _ZYP XL_P]TLW SL]XZYTP^ ]PXTYT^ NPY_ZQ2]PRZ]TLYNSLY_LYO_SP8TOOWP,RP^OPP[NLYZYTNLW^_]`N_`]P^ LYOaP]d^WZb]Sd_SX^ZQPc_]PXP^TX[WTNT_dbSTNSN]PL_P^_SPTX[]P^ ^TZYZQXZYL^_TN ^TWPYNP ;Æ]_v^X`^TN T^ ^Z NZX[WP_PWdTY_]ZaP]_PO _SL_ T_XZ]PZ] WP^^L`_ZXL_TNLWWdL]Z`^P^LYO _]LY^[Z]_^L XZZOZQ ^P]PYT_d LYO ^[T]T_`LWT_d ,^ bT_S _SP Z_SP] XTYTXLWT^_^ bSP_SP] _SPd MP ]PWT RTZ`^Z]YZ__SP]PT^LOPY^P_]LYNPWTVPXZZOLYOL_PX[Z]LWWdOPWTX T_PO XPOT_L_TaP NSL]LN_P] ?SP STRSWd ]P[P_T_TaP _ZYP WLYR`LRP ]PO`N _TZY _Z _SP XTYTX`X LYO R]PL_ OPR]PP ZQ ]PR`WL]T_d TY bSTNS _SP _ZYP^ ^PPX _Z OPaPWZ[ Md _SPX^PWaP^ ]P[WLNP ZYP LYZ_SP] ^WZbWd LYO ]PNZY YPN_]P^`W_^TYR]PL_[PLNPQ`WYP^^LYOL^ZXPbSL_LM^Z]MTYR_]LYNPWTVP PQQPN_aP]dYL_`]LWWdLYOYZXL__P]bSP_SP]_ST^T^TY_PYOPOZ]YZ_ 4Y ?P]]d =TWPdv^ NL^P _ST^ bL^T^ Pc[WTNT_Wd TY_PYOPO 3P PaPY ]PN ZXXPYOPO _LVTYRO]`R^ ^ZL^_ZMPMP__P]LMWP _ZSPL]_SP X`^TNPY_P] TY_Z T_ LYO LWWZb T_ _Z LM^Z]M ZYP _Z_LWWd 1]ZX _SP $!^ ZYbL]O SP OPaPWZ[PO LY `YNZX[]ZXT^TYR XZOLWT_d QZ] bSTNS SP OPaPWZ[PO L _ZYP ^NLWP bT_S LM^ZW`_P [T_NS LYO TY [L]_ LW^Z TY_PR]L_PO bT_S 4YOTLY /S]`[LO^TYRTYRbSTNSSPSLOWPL]YPOTY4YOTL8`NSZQbSL__PNSYZ X`^TNTLY^OZ_ZOLdbT_S_SPT]^LX[WPWZZ[^LYOSd[YZ_TeTYRPQQPN_^bL^ LW]PLOd OPaPWZ[PO Md =TWPd 3P STX^PWQ ^LTO _SL_ _SP bLaP XZaPXPY_^ N]PL_PO Md _PNSYZ X`^TN L]P L QZ]X ZQ XPOT_L_TZY ?ST^ L[[WTP^ P^[P NTLWWd _Z ST^ ZbY X`^TN PaPY TQ L WL]RP Z]NSP^_]L [WLd^ ST^ QLaZ]T_P [TPNPw4Y.x 0aPY TY _SP X`^TN ZQ ;STWT[ 2WL^^ bSZ T^ _SP WPL^_ ]PWTRTZ`^ NZX [Z^P]ZQ_SPR]Z`[PT_SP]bT_SNS`]NSL^^ZNTL_TZY^WTVP;Æ]_Z]bT_SZ`_ WTVP =TWPd _SP Pc_]PXP WPaPW ZQ ]PO`YOLYNd ]P[P_T_TaP _ZYP ^P\`PYNP^ LYO]PR`WL]T_dLN\`T]P^_SPL`]LZQLN`W_?ST^RLaP[P]^`L^TaP[ZbP]_Z _SP NTYPXL_ZR]L[STN P^^Ld 6ZdLLYT^\`L_^T w.]Led 7TQPx Z] w7TQP ZQ 8Z]LW .Z]]`[_TZY LYO ?`]XZTWx _SL_ N]T_TNTePO XZOP]Y NTaTWTeL_TZY TY _SP PL]Wd $#^ ^SZbTYR _SP WTQP ZQ ^ZXP XZOP]Y NT_dObPWWP]^ TY Pc _]PXP [TN_Z]TLW NZWWLRP^ L^ L XLO ]P^_WP^^ LY_WTVP PcT^_PYNP LYO NZY _]L^_TYR _ST^ bT_S MPL`_TQ`W YL_`]P ^SZ_^ ?ST^ [ZbP] bL^ ML^PO XLTYWd ZY _SP Sd[YZ_TN X`^TN ZQ ;STWT[ 2WL^^ _SL_ Pc[WLTYPO _SP ^P\`PYNP^ ZQ TXLRP^ YZ_ TY L X`^TNLW bLd M`_ TY^_PLO Md WTQ_TYR _SPX ZY_Z L ^[SP]P MPdZYO _SL_ bSTNS bL^ MPTYR [Z]_]LdPO 2WL^^v X`^TN _S`^ PcLRRP]L_P^ LYO TY_PY^TQTP^ _SP LP^_SP_TNTePO NSLZ^ _SP ]P^PXMWLYNP _Z XLNSTYP^ LYO_SPTYS`XLYT_dZQ_SPaT^`LW^PXLY_TN^LYOWPYO^T_LOPP[^_]`N_`]P XLVTYR_SL_bSTNST^^SZbYZY_SP^N]PPYPYOWP^^^Vd^N]L[P]^NW`^_P]^ ZQ[PZ[WP^_]PLX^ZQNL]^P^NLWL_Z]^]P^_WP^^QLN_Z]dbZ]VP_NX`^T NLWWd waT^TMWPx TY _SP QT]^_ [WLNP @YWTVP _SP `^`LW []LN_TNP TY QTWX []Z O`N_TZY _SP X`^TN bL^ YZ_ LOOPO _Z _SP QTYT^SPO QTYLW N`_ ZQ _SP QTWX M`_ _SP QTWX bL^ _LTWZ]PO _Z _SP X`^TN ?SL_ _SP ]PWTRTZ`^ OTXPY^TZY T^
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
#
YZ_ NZX[WP_PWd LM^PY_ Q]ZX _SP bZ]V ZQ 2WL^^ bSZ^P X`^TN T^ Z_SP] bT^P YZY]PWTRTZ`^ MPNZXP^ NWPL] TY _SP Z[P]L >L_dLR]LSL bSTNS _PWW^ _SP ^_Z]d ZQ 2LYOSTv^ PL]Wd WTQP LYO TYNW`OP^ [L^^LRP^ Q]ZX _SP -SLRL aLOR¯_£ :Q NZ`]^P ZYP X`^_ YZ_ QZ]RP_ _SP R]PL_ X`^TNTLY DPS`OT 8PY`STY PT_SP]bSZbL^YZ_ZYWdLNWL^^TNLWBP^_P]YX`^TNTLYM`_L^LNSTWOTY ;L]T^ TY $ LW^Z ]PNPTaPO TY^_]`N_TZY TY NWL^^TNLW 4YOTLY X`^TN Q]ZX =LaT>SLYVL]v^M]Z_SP]@OLd>SLYVL]=LaTbL^QZ`]_PPYL__SP_TXP " ,]Z`YO_ST]_ddPL]^WL_P]8PY`STYv^NZYNP]_bT_S=LaT>SLYVL]QZ]_SP @YT_PO 9L_TZY^ TY 9Pb DZ]V TY $!" LYO _SPT] ]PNZ]O^ _SPd XLOP _ZRP_SP]SPW[PO_ZL]Z`^P_SPTY_P]P^_PaPYZQL_]LOT_TZYLWNZYNP]_L`OT PYNP TY 4YOTLY X`^TN BSL_ PaTOPY_Wd QL^NTYL_PO 8PY`STY LMZ`_ _ST^ X`^TNbL^_SPNZYNPY_]L_TZY^Z_Z^[PLVZYZYP^TYRWPTYOPQTYLMWPQZN`^ MPdZYOOPQTYLMWPQPPWTYR^LYOTY_PWWPN_`LWOT^_LYNPTYbSTNSPc[LY^TZY LYO[PLNPZQXTYOL[[PL]PO_Z[LT]`[bT_SbLVPQ`WYP^^LYOaT_LWT_dTY L ]PXL]VLMWP bLd 8PY`STYv^ PX[SL^T^ ZY _SP ^TX`W_LYPT_d ZQ wSd[ YZ_TN XZZOx LYO XL_SPXL_TNLW ]L_TZYLWT_d _Z`NSPO L RPY`TYPWd TX[Z] _LY_[ZTY__SL_bL^LW^ZLVPdZYPQZ]-P]PYO_% wmOP^[T_P_SP[ZbP]_ST^^[PWWOP^[T_P_SPSd[YZ_TNXZZOT_T^LNSL]LN _P]T^_TNZQ4YOTLYX`^TN_SL_T_zQL]]PXZaPOQ]ZXY`XMTYR_SP^[T]T_zLN _`LWWd ^P_^ T_ Q]PP ?ST^ XL_SPXL_TNLW PcP]NT^P SL^ MPNZXP L _d[P ZQ PN ^_L_TN L^_]ZYZXd _]LY^[Z]_TYR _SP ^PY^P TY_Z L ^_L_P TY bSTNS _SP OPXLYO^ ZQ_SPMZOdLYOZQ]PLWT_dSLaP]PNPOPOTY_Z_SPQL]OT^_LYNPx #
!
?SP9£OL-]LSXLYL^LY4YOTRPYZ`^.L_PRZ]d%_SP wBZ]WOT^>Z`YOxTY_SP4YOTLY8TOOWP,RP^ ?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
4Q WL]RP ^PN_TZY^ ZQ -P]PYO_v^ XP_L[Sd^TN^ ^Z`YO WTVP XZOP]Y P^Z_P]T NT^X LYO YZ_ QZ] YZ_STYR SLaP RZYP OZbY bPWW bT_S _SP XZ^_ aL]TPO P^Z_P]TNR]Z`[^_SL_PYRLRPYZ_ZYWdTY9£OLX`^TNM`_LW^Z_d[TNLWWdTY 9£OLXPOT_L_TZY 9£OLSPLWTYR LYO 9£OLRYZ^T^ _SP TOPL ZQ 9£OL -]LSXLY WT_P]LWWd w>Z`YO-]LSXLYx OZP^ TYOPPO L^ LY LWW[P]aLOTYR NZ^XTN^Z`YOLYOOTaTYP]PLWT_dRZMLNV_ZLXPOTPaLW4YOTLYNZYNP[_ -P]PYO_ OPLW_ bT_S _SP TOPL L^ L VTYO ZQ Z]TRTYLW VYZbWPORP ZQ S`XLY T_d bSTNS SP L__PX[_PO _Z QTYO TY XLYd Xd_SZWZRTP^ Q]ZX _SP 4Y`T_ _Z _SP 4YNL^ 3ZbPaP] bSL_ SP OTO YZ_ XPY_TZY LYO L[[L]PY_Wd OTO YZ_ VYZb LMZ`_ PT_SP] bL^ _SP LN_`LW ^Z`]NP^ LYO NZY_Pc_^ ZQ _SP TOPL^ ZQ 9£OL-]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q-P]PYO_ ?SPBZ]WOT^>Z`YO # DPS`OT 8PY`STY \`Z_PO TY 6ZWWTYv^ []ZR]LX QZ] _SP NZYNP]_ RTaPY Md ,WT ,VML] 6SLYTY-L^PWZY5LY`L]d$!"
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
?SP XZ^_ QLXZ`^ LYO QT]^_ Pc[WTNT_ QZ]X`WL_TZY T^ QZ`YO TY _SP XP OTPaLW X`^TN NWL^^TN >L«R¯_L=L_Y£VL]L Md ±£]«RLOPaL _S NPY_ $ bSZ XLYLRPO _Z XLVP L YLXP QZ] STX^PWQ L^ LY PYNdNWZ[POTN XLRY`X Z[`^TY4YOTLYX`^TN ±£]«RLOPaLSTX^PWQT^NP]_LTYWdYZ__SPZ]TRTYL _Z] ZQ _SP 9£OL-]LSXLY NZYNP[_ 3P LOZ[_PO T_ Q]ZX LY ZWOP] _Pc_ MZZV _SP -SLOOP²¯ Md 8L_L«RL !_S _Z #_S NPY_ -. _SL_ z WTVP ±£]«RLOPaLv^ ZbY bZ]V z SL^ L ^_]ZYRWd ?LY_]TN NSL]LN_P] ?SP 9£OL aTM]L_TYR^Z`YOL^L]PWTRTZ`^NL_PRZ]dLYONZ^XTNLWWd[ZbP]Q`WQZ]NP bL^ bPWW VYZbY TY DZRTN LYO ?LY_]TN NT]NWP^ LYO 8L_L«RL bL^ ^_TX` WL_POMd_SPT]N`W_`]P^ZQVYZbWPORPLYO bZ]WO^ZQPc[P]TPYNPbSPYSP ]PWL_PO _SP 9£OL TX[WTNT_Wd _Z _SP -]LSXLY LYO Pc[WTNT_Wd _Z X`^TN 3ZbPaP] _SP bZ]V ZQ ±£]«RLOPaL bL^ _SP QT]^_ _SL_ LW^Z Pc[WTNT_Wd L^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >L«R¯_L =L_Y£VL]L ZQ ±£]«RLOPaL% BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TÀSLMS¼[£WL AZW^ F" NSL[_P]^H 0O > >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] 7T M]L]d $ $ $ $ & NQ LW^Z _SP YPb POT_TZY bT_SZ`_ NZXXPY_L]TP^ Md >`MSLO]L .L`OL]T 9Pb /PWST% =LOSL ;`MWTNL_TZY^ 1Z] _]LY^WL_TZY^ bT_SZ`_ NZXXPY_L]TP^ ^PP >L«R¯_L=L_Y£VL]L .SL[_P] 4 AZW ?]LY^ . 6`YSLY =LUL 8LO]L^% ,OdL] 7TM]L]d $ LYO _SP _S]PPaZW`XP POT_TZY F.SL[_P] z! bT_SZ`_ _SPNSL[_P]ZYOLYNPHPOLYO_]LY^=6>S]TYRd`YOP]_SP^`[P]aT^TZYZQ;]PX7L_L >SL]XL 9Pb /PWST% 8`Y^ST]LX 8LYZ]SL]WLW AZW .SL[ 4 $$ AZW .SL[ 44z4A$#$AZW.SL[AzA4$$ ±£]«RLOPaLNLXPQ]ZXL^NSZWL]WdQLXTWdTY 6L^SXT] _SL_ SLO PXTR]L_PO TY_Z _SP /PNNLY LYO QTWWPO aL]TZ`^ STRS ZQQTNP^ L_ _SP NZ`]_ZQ_SPYPbWdP^_LMWT^SPOD£OLaLOdYL^_d7TVPST^QL_SP]LYOR]LYOQL_SP]MPQZ]P STX SPMPNLXP _SP QTYLYNPXTYT^_P]LY ¢d`]aPOTNOZN_Z] LYO^NSZWL]L__SP NZ`]_ ZQ6TYR>T«RSL©LLR]PL_[L_]ZYZQ_SPL]_^bSZ^P]PTRYNZXXPYNPOTYNQPO >S]TYRdcacaT!,NNZ]OTYR_Z=TNSL]OBTOOP^^w?SPZ]LWTYb]T_TYR%0L]Wd4Y OTLYX`^TNLWYZ_L_TZY^x 0L]Wd8`^TN $$!%$!±£]«RLOPaLbL^_SPNSTPQ LNNZ`Y_LY_ ZQ _SP D£OLaL ]`WP] >TÀSLWL 44 ZQ /PaLRT]T ]`WPO " .Q LW^Z ±£]«RLOPaLv^[]Z`O^PWQ[]P^PY_L_TZYTY >L«R¯_L=L_Y£VL]L 4z ±£]«RLOPaLv^ >L«R¯_L=L_Y£VL]LT^MZ_SLbZ]VZQX`^TN_SPZ]dLYOLNZX[PYOT`XZQ PL]WTP]_]PL_T^P^ZYX`^TNLYOZWOLYOYPb[TPNP^ZQX`^TN_SL_SPSLONZWWPN_PO?ST^ Q`YOLXPY_LW bZ]V bL^ _]LY^WL_PO TY _SP $^ LYO bL^ ]PNPTaPO bT_S TY_P]P^_ Md 0`]Z[PLY X`^TNTLY^ ?SP w3TYO` ]Sd_SX^x _SL_ :WTaTP] 8P^^TLPY bZ]VPO TY_Z ST^ NZX[Z^T_TZY^L]P_LVPYQ]ZX_ST^aP]dMZZV -SLOOP²¯ ZQ ±]¯ 8L_L«RL 8`YT AZW^ 0O LYO _]LY^ ;]PX 7L_L >SL]XL 9Pb /PWST%429,LYO8Z_TWLW-LYL]^TOL^^$$$$?SPbZ]VbL^POT_POTY$#Md 6>LXML^TaL>L^_]TBT_STY4YOTLYX`^TNZWZRd-SLOOP²¯T^ZYPZQ_SPPL]WTP^_XL UZ]_Pc_^ZYX`^TN_SPZ]d8L_L«RLv^MZZVT^]PRL]OPOL^_SP^Z`]NPZQX`^TNLW^_]`N _`]P LYO NZX[Z^T_TZY MZ_S TY NWL^^TNLW 9Z]_SP]Y 4YOTLY 3TYO`^_LYT X`^TN LYO LW^Z TYNWL^^TNLW>Z`_SP]Y4YOTLY.L]YL_TNX`^TN4_SL^MPPYaL]TZ`^WdOL_PO_Z_SPQTQ_S NPY_`]d ,/ -TMWTZ_SPV^VL_LWZR 2A6 _Z wXZ^_ []ZMLMWdx ^Tc_S NPY_`]d TRYNLYTNTY LYO wNL PTRS_S NPY_`]d ,/x 3LYOM`NS OP] :]TPY_LWT^_TV AZW PO 0XXTP _P 9TUPYS`^ LYO 5LY 2ZYOL $" AZYP^^PY LW^Z ^`[[Z^P^ T_ _Z MP LY PTRS_S NPY_`]d bZ]V .Q ,`X£[L_LX 6]T_T^NSP 0OT_TZY ¾MP]^P_e`YR `YO 6ZXXPY _L]PTYP^>LY^V]T_?Pc_P^ÞMP]8`^TV`YO?LYePOLYO_]LY^;P_P]AZYP^^PY-P]Y% 7LYR$$!$
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
^ZNTL_PO9£OL bT_S-]LSXLYLYOOPNWL]PO_SP9£OL-]LSXLY_ZMP_SP LN_`LW QZ`YOL_TZY ZQ X`^TN ^ZYR TY^_]`XPY_LW X`^TN LYO OLYNP 4_ T^ [Z^^TMWP _SL_ _ST^ TOPL bL^ ZYP ]PL^ZY bSd _SP >L«R¯_L=L_Y£VL]L SL^ MPPY `^PO ]TRS_ `[ TY_Z _SP XZOP]Y [P]TZO LRLTY LYO LRLTY TY NZX[PY OT`X^LYORWZ^^P^LW_SZ`RS_SP_PNSYTNLWOP_LTW^ZQ_SPbZ]VSLaPWZYR ^TYNPMPNZXPZM^ZWP_PLYOSLOWT__WP_Z^LdLMZ`_LN_`LWX`^TN[]LN_TNP -PQZ]PbPRZTY_ZXZ]POP_LTWZY±£]«RLOPaLv^9£OL-]LSXLYNZY NP[_ T_ XLVP^ ^PY^P _Z SLaP ^ZXP TY_]ZO`N_Z]d Pc[WLYL_TZY^ _Z [`_ _SP ZaP]LWWOT^N`^^TZYTY_ZLNWPL]P]NZY_Pc_ ?SP >L«R¯_L=L_Y£VL]L T^ ]PRL]OPO LWZYR^TOP -SL]L_Lv^ 9£¶dL ²£^_]L L^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ bZ]V^ ZY X`^TN ?SP WL__P] T^ _SP PL]WTP^_ Pc_LY_ X`^TNZWZRTNLW bZ]V M`_ _SP _Z[TN ZQ X`^TN bL^ ^_TWW ^`M Z]OTYL_PO_Z_SL_ZQ_SPL_P];P]SL[^_SPQT]^_OPOTNL_POX`^TNSLYOMZZV bL^ 8L_L«RLv^ -SLOOP²¯ 7L_P] ZY _SP >L«R¯_L=L_Y£VL]L OP_P]XTYPO _SP XLTY^_]PLX TY NWL^^TNLW 4YOTLY X`^TN LYO bL^ QZWWZbPO Md Z_SP] bZ]V^ M`TWOTYR ZY T_^ QZ`YOL_TZY ?ZOLd ZYP bZ`WO ^Ld _SL_ ±£]«RLOPaLZQQP]POLML^TNZaP]aTPbZQ_SPQZ]PRZTYRLYONZY_PX[Z]L]d ]P^PL]NSTY_Z_SP^_`OdZQX`^TN ^L«R¯_L²£^_]L LYOLW^Z^P_YPb^_LY OL]O^ TY X`^TN _SPZ]d ?SP WPL]YPO QTYLYNP XTYT^_P] OZN_Z] LYO X`^TN _SPZ]T^_ L_ _SP NZ`]_ ZQ 6TYR >T«RSL©L Z] >TÀSLWL ]`WPO Q]ZX _Z "XLOPLOPNT^TaPNZY_]TM`_TZY_ZXLVTYRX`^TNXZ]PLNLOPXTNMd NZX[TWTYRZWO[TPNP^ZQX`^TNQ]ZX9Z]_SP]YLYO>Z`_SP]Y4YOTLO]Lb TYR _ZRP_SP] X`^TN _]LOT_TZY^ ]PQTYTYR _SP Z]RLYTeL_TZY ZQ _SP _ZYLW ^d^_PX ^aL]L ^d^_PXL_TeTYR _SP =£RL ^d^_PX Md _ZYP _d[P^ XPWL LYO []ZMLMWd TY^[T]PO Md ,MSTYLaLR`[_L LW^Z NZY_]TM`_TYR R]PL_Wd _Z _SP _SPZ]d ZQ X`^TNLW Pc[]P^^TZY ZQ XZZO^ z _Z YLXP ZYWd _SP XZ^_ TX[Z]_LY_ TYYZaL_TZY^ _SL_ ±£]«RLOPaL PT_SP] TY_]ZO`NPO Z] NZY^ZWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,Q_P]8£_L«RLLWW_SPbZ]V^ZYX`^TNMPRLYbT_SLXZ]PZ]WP^^Pc_PY^TaPPc[Z^T_TZY ZY_SP9£OL_SL_T^bT_SL^LN]LWTeTYRL^[PN_QZWWZbPOMdL_PNSYTNLWPc[Z^T_TZYZQ _SP Q`YOLXPY_LW^ZQ X`^TN 4Y NWL^^TNLW bZ]V^_ST^ QT]^_TYNW`OPO_SPTX[Z]_LY__ZYP^ ZQ_SP ]PWPaLY_=£RL_SPY_SPL[[]Z[]TL_POPT_TP^NZWZ]_TXPZQOLdP_N ,Q_P]_SL_ _SP _ZYP ^P\`PYNP^ bP]P ^_T[`WL_PO TY OP_LTW LYO _SP]P ZQ_PY QZWWZbPO _SP NZX[WP_P ]P[]P^PY_L_TZY ZQ _SP [TPNP ZQ X`^TN .Q AZYP^^PY TY ,`X£[L_LX ?SP >L«R¯_L =L_Y£VL]L OPaTL_P^Q]ZX_ST^^_]`N_`]PTY_SL__SP=£RL^L]PNZaP]PO^P[L]L_PWdTY_SP YPc_ NSL[_P] ?ST^ SL^ MPPY _SP ^`MUPN_ ZQ L WZ_ ZQ NZYUPN_`]P NQ _SP POT_Z]v^ TY_]Z O`N_TZY^LYOPc[WLTYPOMd_SPLW]PLOdWL]RPY`XMP]ZQ=£RL^L__SL__TXP .Q 6`YSLY =LUL TY ST^ TY_]ZO`N_TZY _Z _SP >L«R¯_L=L_Y£VL]L aZW aTTT LYO 5ZYL _SLY 6L_e PO ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNP ZQ 8`^TN LYO /LYNP 7PTOPY%-]TWW$$" >S]TYRd >L«R¯_L=L_Y£VL]L aZW cccTT OT^_TYR`T^SP^ QZ`] XLTY [P]TZO^ TY _SP OPaPWZ[XPY_ ZQ NWL^^TNLW 4YOTLY X`^TN% 4 ;]TXL]d LYO 1Z]XL_TaP -. _Z ,/ 44 0c[Z^T_Z]d LYO 0c[LY^TaP ! ,/ _Z 444 =PNZYNTWTL_Z]d LYO =P aLW`L_TaP ,/ _Z " ,/ 4A .]T_TNLW LYO 4Y_P][]P_L_TaP Q]ZX " ,/ ZY bL]O^3PLWWZNL_P^_SP >L«R¯_L=L_Y£VL]L _Z_SPTYYZaL_TaP^PNZYOP[ZNS
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
OL_PO 3T^_Z]TNLWWd ZYP ZQ _SP XZ^_ PQQPN_TaP TYYZaL_TZY^ _SL_ MPNLXP ^_LYOL]O TY X`^TN []LN_TNP bL^ _SP OTaT^TZY ZQ _SP WL]RP Y`XMP] ZQ =£RL^ bSTNS SLO LW]PLOd PcT^_PO TY ±£]«RLOPaLv^ _TXP LNNZ]OTYR _Z _TXP^ZQOLdLYO^PL^ZY^ZQ_SPdPL]LYOTY_ZXLWPQPXLWPLYOYP`_]LW =£RL^?ST^OTQQP]PY_TL_TZY ZQX`^TNv^\`LWT_TP^ZQPc[]P^^TZYLYOPXZ _TZY bL^ LW^Z TX[WPXPY_PO TY WL_P] =£RLX£WL [LTY_TYR aT^`LWWd TY L_ XZ^[SP]TN [TN_`]P^ ±£]«RLOPaL _S`^ NZY_]TM`_PO _Z _SP ]PQTYPXPY_ ZQ _SP [^dNSZWZRTNLW XZZO^ MP^TOP^ TY_]ZO`NTYR _PNSYTNLW TX[]ZaPXPY_^ LYOLXP_L[Sd^TNLWQZ`YOL_TZYZQX`^TNaTL_SP9£OL-]LSXLY ?SP QT]^_ NSL[_P] ZQ ST^ _]PL_T^P NZY_LTY^ YZ_ ZYWd OP_LTW^ LMZ`_ _SP 9£OL^Z`YOLYO_SP_SP^T^ZQ_SP9£OL-]LSXLY^PPMPWZbM`_LW^Z z L^ bL^ _SP LNLOPXTN N`^_ZX z _SP _PNSYTNLW LYO XL_SPXL_TNLW ML^TN^ ZQ X`^TN ?SP 9£OL bSTNS MPWZYR^ _Z MZ_S X`^TNLW LYO [STWZ^Z[STNLW ML^TN^ T^ RTaPY L QZ`YOL_TZY TY LY_S]Z[ZWZRd LYO wWTQP^NTPYNPx 4Y_P] P^_TYRWd _SP >L«R¯_L=L_Y£VL]L NZY_LTY^ L M]ZLO LYL_ZXTNLW PcNZ`]^P ZY S`XLY PXMZOTXPY_ [T©Z_[L__T bSTNS T^ `YT\`P LXZYR _SP X`^T NZWZRTNLW bZ]V^ LYO T^ Pc[WLTYPO Md ±£]«RLOPaLv^ Z]TRTY^ L^ LY ¢d `]aPOTN OZN_Z] 4Y 4 ZQ ST^ TY_]ZO`N_TZY ±£]«RLOPaL OT^_TYR`T^SP^ MP_bPPY_bZ_d[P^ZQ9£OLXLYTQP^_POTY_SPMZOd%_SP £SL_L w^_]`NVx TP L`OTMWP 9£OL LYO _SP LY£SL_L w`Y^_]`NVx 9£OL ,^ L ^NSZWL] ZQ X`^TN SP T^ []TXL]TWd TY_P]P^_PO TY _SP £SL_L 9£OL MPNL`^P X`^TN MP WZYR^ U`^_ WTVP ^[ZVPY WLYR`LRP 4 _Z _SP ]PLWX ZQ L`OTMWP ^Z`YO -`_L`OTMWP ^Z`YOLW^Z]PLNSP^TY_Z _SP TYL`OTMWPaTL ^Z`YO[]ZO`N_TZY LYO _SP aTM]L_TZY^ LYO ]P^ZYLYNP^ TY _SP MZOd LYO _SP TY^_]`XPY_ ±£]«RLOPaLv^ OPQTYT_TZY ZQ ^Z`YO ^aL]L TYNW`OP^ _ST^ L^[PN_ 4z ! ^Z T_ T^ LW^Z LY L`OTMWP [L]_ ZQ ^Z`YO LYO LY Pc[]P^^TaP \`LWT_d ZQ ^Z`YObSTNSSL^LP^_SP_TNL[[PLWLYOTX[L]_^OPWTRS_3P]P±£]«RLOPaL T^ []ZMLMWd _STYVTYR ZQ L aTM]L_TYR ^_]TYR LYO bL^ \`T_P WTVPWd TYQW` PYNPO Md ,MSTYLaLR`[_L ! ,NNZ]OTYR _Z ,7 -L^SLX [L]_TN`WL]Wd TY _SP ]P^PL]NS LYO NLWN`WL_TZY^ ZQ _SP XTN]Z_ZYP^ LYO XTN]ZTY_P]aLW^ ²]`_T bSTNSL]P^_TWWL`OTMWP_Z_SPPL]TYLWW_S]PP]PRT^_P]^LYONLYMP ]P[]ZO`NPO Md X`^TNTLY^ " _SP 4YOTLY ^_`Od ZQ X`^TN XLOP R]PL_ LNSTPaPXPY_^LYONZYO`N_PORPY`TYPPX[T]TNLW]P^PL]NS% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q AZYP^^PYv^ ^`XXL]d ZQ _SP TYYZaL_TZY^ ^TYNP _SP _TXP ZQ _SP >L«R¯_L=L_Y£VL]L TY ,`X£[L_LX #Q Q LYO QZ] XZ]P OP_LTW^ ^PP _SP TY_]ZO`N_TZY^ ZQ =LUL LYO >S]TYRd _Z _SP POT_TZY^ LYO _]LY^WL_TZY^ ZQ _SP >L«R¯_L=L_Y£VL]L AZW ?SP bZ]V \`TNVWd ^[]PLO _S]Z`RSZ`_ 4YOTL LYO LNNZ]OTYR _Z >S]TYRd TMTO ccaTTzccaTTT ccc bL^Q]P\`PY_WdNZY^`W_POM`_^ZXP_TXP^LW^ZN]T_TNTePOP^[PNTLWWdTY]PWL_TZY_Z_SP L]_^ZQ^`RRP^_TZYLYOPc[]P^^TZYWLV´L©LWLV´dLOT^N`^^TZY ! .Q >L«R¯_L=L_Y£VL]L AZW _]LY^ =LUL z LYO AZW PO >S]TYRd ccaTT >S]TYRdL__P^_^,MSTYLaLR`[_LS`RPTYQW`PYNPZY±£]«RLOPaLv^ >L«R¯_L=L_Y£VL]L " .Q _SP OP_LTW^ ZY _SP ^NSZZW _]LOT_TZY ZQ ±£]«RLOPaL TY >L«R¯_L=L_Y£VL]L PO >S]TYRd#z
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
w4Y _SP ^NTPYNP ZQ LNZ`^_TN^ m 4YOTL XLOP ]PLW OT^NZaP]TP^ ML^PO ZY Pc [P]TXPY_ LYO _SP PL] STRSWd _]LTYPO Md _SP [SZYP_TN ^_`Od YPNP^^L]d QZ] _SPNZ]]PN_]PNT_L_TZYZQ_SPAPOL^WPL]YPO_ZOT^_TYR`T^SX`^TNLWYZ_P^QL] NWZ^P] _SLY _SZ^P ZQ Z_SP] LYNTPY_ X`^TNLW ^d^_PX^ AP]d PL]Wd _SP ZN_LaP bL^ OTaTOPO TY_Z _bPY_d_bZ ²]`_T^ Z] \`L]_P]_ZYP^ LYO _SPT] []Z[P]_TP^ bP]P XPL^`]PO bT_S R]PL_ LNN`]LNd 4_ bL^ ]PNZRYTePO _SL_ OTQQP]PYNP^ TY _TXM]P bP]P NL`^PO Md ZaP]_ZYP^ LY`]L©LYL bSTNS aL]TPO bT_S OTQQP]PY_ TY^_]`XPY_^x #
4Y Z`] QZWWZbTYR OT^N`^^TZY ZY _SP XP_L[Sd^TN^ ZQ X`^TN LYO T_^ ]PWT RTZ`^ NZOTYR^ ZYP ^SZ`WO VPP[ TY XTYO _SL_ _SP >L«R¯_L=L_Y£VL]L T^ QT]^_ZQLWWL_PNSYTNLWbZ]VZYX`^TN3ZbPaP]±£]«RLOPaLv^TY_]ZO`N _TZY ZQ _SP 9£OL-]LSXLY LWWZbPO X`^TN _Z RLTY L []ZYZ`YNPOWd NZ^ XTNOTXPY^TZYLYOMPaTPbPOL^LOTaTYP^P]aTNP?SP_P]XLYOT_^NZY YZ_L_TZY^ MPNLXP ^Z [Z[`WL] _SL_ _SP 9£OL-]LSXLY XTR]L_PO Z`_ ZQ X`^TNTLY^v NT]NWP^ LYO QZ`YO L [P]XLYPY_ SZXP TY _SP [Z[`WL] ?LY_]L LYOTYOPaZ_TZYLWWT_P]L_`]P4_bL^LW^Z_LVPY`[MdAPOL8¯X£À^LVL^ ?SP 9£OL-]LSXLY MPNLXP _SP VPd _Z OPaZ_TZYLW Q`^TZY LWW _SP bLd _Z XZOP]Y 9£OL ST_ ^ZYR^ TY _SP -ZWWdbZZO ^_dWP _PWWTYR ZQ _SP LWW [P]aLOTYR 9£OL-]LSXLY LYO PaZVTYR T_^ LQQPN_ _S]Z`RS L ^bPP_ ^TYR TYR^_dWP4YNZY_PX[Z]L]d3TYO`T^XT_T^^_TWWP^[PNTLWWd[Z[`WL]TY_SP XZOP]YTePO ?LY_]L ZQ 4YOTLY OPaZ_TZYLW WT_P]L_`]P bSP]P ^[T]T_`LWT_d LYO\`L^T^NTPY_TQTNPc[WLYL_TZY^ZQ_SP XLY_]L^ ^`M^ZYTN^Z`YO^`[P] ^ZYTN Q]P\`PYNTP^ WTRS_ LYO PYP]Rd bLaP^ P_N L]P MWPYOPO _ZRP_SP] ?SP L`OTMWP 9£OL-]LSXLY TY X`^TN SL^ LW^Z TYaTRZ]L_PO _SP TYYP] bZ]WO^ LYO SPW[PO _Z M]PLV Z[PY LWW _d[P^ ZQ WTXT_L_TZY^ LYO TY_PY^TQd _SP 4YOTLY ^[PNTLWT_d ZQ Q`^TZY LYO YZYO`LW bZ]WOaTPb 4Y _SP 9£OL -]LSXLY L[[L]PY_ Z[[Z^T_TZY^ OT^^ZWaP WTVP ^_]`NV LYO `Y^_]`NV ^Z`YO XL_SPXL_TN^ LYO QPPWTYR^ [WPL^`]P LYO WTMP]L_TZY _SP ^LN]PO LYO _SP []ZQLYP _SP TYYP] bZ]WO LYO _SP Z`_P] QTN_TZY LYO ]PLWT_d S`XLY^ LYO OPT_TP^ _SP PaP]dOLd bZ]WO LYO _SP `YTaP]^P _SP PO`NL_PO PWT_P LYO wWLdXPYx _SP []TaL_P LYO _SP [`MWTN 3TYO` LYO YZY3TYO` ±£]«RLOPaLv^NZYNP[_TZYLW]PLOdNZY_LTYPO^`NS[Z_PY_TLW^bSTNSbP]P Q`]_SP]OPaPWZ[POWL_P] ?ZOLd _SP 9£OL-]LSXLY T^ ZQ_PY L^^ZNTL_PO bT_S w^[T]T_`LW SPL] TYRwzMZ_STY4YOTLLYOMPdZYO?SP4Y_P]YP_[LRP\`Z_POMPWZb^SZb^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ,7-L^SLX ?SPBZYOP]?SL_bL^4YOTL .LWN`__L%=`[L.Z$$ ,NNZ]O TYR _Z _SP ^NSZWL]^ ZQ X`^TN _SP ]PWL_TZY^ST[ ZQ _SP ^PaPY XLTY _ZYP^ ^aL]L _Z _SP _bPY_d_bZ XTN]Z_ZYP^ ²]`_T OP_P]XTYP^ _SP wML^TN XZZO^x R]£XL ±£]«RLOPaL OT^N`^^P^_S]PPML^TNXZZO^Z]ML^TN^NLWP^LYO_SPXZOPZQNZX[`_TYR_SPXTP_SP XL_SPXL_TNLWPc[WZ]L_TZYTY_P]X^ZQNZXMTYL_TZY^LYO[P]X`_L_TZY^3T^ XPWL ^d^ _PXZQ_ZYP_d[P^QZ]XPO_SPML^T^QZ]]P[WLNTYR_SPNWL^^TNLWWd_bZ R]£XL^ bT_S_SP XPWL^ bSTNS ZQQP]PO R]PL_P] _SPZ]P_TNLW Z[_TZY^ LYO bP]P Q`WWd Pc[WZ]PO _S]Z`RS XL_SPXL_TNLW^NSPXP^ZQ_LM`WL_TZY
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
bPWW _SP QTPWO ZQ L^^ZNTL_TZY^ LYO SZb ^_]ZYRWd TYYP] Pc[P]TPYNP LYO TYYP] ^PY^P L]P ^_]P^^PO LYO OTaP]RP Q]ZX ±£]«RLOPaLv^ NZYNP[_ ZQ L` OTMWP X`^TN 4Y^_PLO OTaTYP BZ]O ±LMOL `YOP]^_ZZO L^ OTaTYP YLXP LYOX`^TNL]PMWPYOPOTY_ZZYPX`^TNT^Q`^PObT_SDZRL XLY_]L []LN _TNP T^ OPQTYPO TY _P]X^ ZQ 9£OL-]LSXLY LYO _SP ±LMOL-]LSXLY wBZ]O-]LSXLYx LYO 9£OL-]LSXLY w>Z`YO-]LSXLYx L]P YZb TOPY_TNLW% w>SLMOL Z]9LOL-]LSXLYT^L^[T]T_`LWX`^TNLW^Z`YO_SL_NLYMPSPL]O O`]TYR dZRTN XPOT_L_TZY LYO T^ MPWTPaPO _Z SLaP L ^[T]T_`LWWd _]LY^QZ]XL _TaP [ZbP] ?ST^ MPWTPQ TY _SP ^[T]T_`LW YL_`]P ZQ MZ_S _SP TYYP] ^[T]T_`LW ^Z`YO^ ZQ XPOT_L_TZY LYO [Sd^TNLW Z`_P] ^Z`YO^ ZQ XLY_]L LYO NSLY_TYR ^SLMOL T^ L^^ZNTL_PO bT_S MZ_S T^ L NZXXZY ZYP _S]Z`RSZ`_ 4YOTL _Z OLdx $
?SP PX[SL^T^ ZY TYYP] ^[T]T_`LW ^Z`YO^ bL^ [Z[`WL]TePO Md _SP =LOSL >ZLXT^ TY [L]_TN`WL] bSZ QZ]XPO L YPb ]PWTRTZ`^ 3TYO` XZaPXPY_ TY _SP$_S NPY_`]d LYOTY _SPT]wDZRLZQ^Z`YOxbP]PR]PL_WdTY^[T]POMd >TVS []LN_TNP^ BP bTWW NZXP MLNV _Z _SPT] QL^NTYL_TYR _SPZWZRd TY bSTNS _SP 9£OL-]LSXLY _]LY^X`_P^ TY_Z _SP wP_P]YLW N`]]PY_ ZQ ^Z`YOx bT_S bSTNS _SP ^Z`W T^ _Z `YT_P `YOP] _SP TY^_]`N_TZY ZQ L XL^ _P] ?ST^ TYaZWaP^ _]LaPWWTYR _S]Z`RS XT]LN`WZ`^ TYYP] bZ]WO^ LYO STRSP] ^[SP]P^ ZQ WTRS_ LYO ^Z`YO ?ZOLd TY 4YOTL LYO TY _SP BP^_ LWW _d[P^ZQ ^ZYTN _SPZ[SLYTP^bZYOP]Q`W UZ`]YPd^ TY_Z _SP^ZYTNNPY_P]ZQ _SP`YTaP]^PLYO_PNSYT\`P^ZQ^PWQPc[P]TPYNPL]PRTaPYYLXP^ ^`NSL^ w9£OLDZRLx LYO w9£OLXPOT_L_TZYx bSTNS WZNL_P _SP 9£OL-]LSXLY TY]P^ZYLYNP^LYOTYYP]^Z`YO^ ?SP XZOP]Y LOL[_L_TZY^ []Z[LRL_TYR NP]_LTY XPOT_L_TZY _PNSYT\`P^ LYO wTYYP] SPL]TYRx SLaP YZ_ LWW _SL_ X`NS TY NZXXZY bT_S ±£]«RLOPaLv^ 9£OL-]LSXLY bSTNS T^ NZYNP]YPO bT_S X`^TN TP wPc _P]YLW SPL]TYRx bSTNS ZQ NZ`]^P LWbLd^ LW^Z LN_TaL_P^ TYYP] bZ]WO^ ,W_SZ`RS BP^_P]Y 9£OLWZaP]^ WTVP _Z ]PQP] _Z -P]PYO_ L_ WPL^_ TY MTM WTZR]L[STP^ _SP 9£OL-]LSXLY _SL_ SP WPL]YPO Q]ZX 4YOTLY X`^TNTLY^ T^ ZQ L OTQQP]PY_ _d[P 3ZbPaP] QL] ]PXZaPO _SP TYOTaTO`LW OT^NZ`]^P^ L]P_SP]PT^^_TWWLYTYaT^TMWP^P_ZQ_S]PPQLN_Z]^WTYVTYR_SPX%L[LYPY _SPT^_TN bZ]WOaTPb ^_]ZYR ]PWL_TZY _Z Pc[P]TPYNP LYO _SP LMTWT_d ZQ ^Z`YO_ZM]TYROPWTaP]LYNP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 5 /PYZ^Vd w>LN]PO >Z`YO /`]TYR >[T]T_`LW ?]LaPWx NZ[d]TRS_ z S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO^Z`YOS_XWLNNP^^PO8L]NS
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
#! !
8`^TNL^LDZRLQZ]0aP]dMZOdLYO_SP>Z`YO8d^_TNT^XZQ_SP 4YOTLY8`^TNZWZRT^_^
4Y_SP >L«R¯_L=L_Y£VL]L ±£]«RLOPaL_SPwTYaPY_Z]xZQ9£OL-]LSXLY NZYNP[_QZ]X`WL_PO_SP9£OL-]LSXLYL^_SPLY^bP]_Z_SPZWO?LY_]TN \`P^_TZY ZQ _SP XPLY^ ^`T_LMWP QZ] WPLOTYR L_ _SP ^LXP _TXP _Z PYUZd XPY_ZQWTQPLYO_Z`W_TXL_PWTMP]L_TZY% w0YUZdXPY_ZQWTQPT^]PLNSPO _S]Z`RSXPOT_L_TZYZY_SP^[PNTQTNFOPT_TP^H dP_ XPOT_L_TZY ZQ _SP LM^_]LN_ F-]LSXLYH T^ L []P]P\`T^T_P QZ] OPWTaP]LYNP 9Zb XPOT_L_TZY NLY ZYWd MP LNSTPaPO _S]Z`RS [P]QPN_ NZYNPY_]L_TZY LYO _SL_T^YZ_PL^dQZ]S`XLYMPTYR^?SP]PQZ]P_SP]PT^SP]PL ^TX[WPXPLY^ _SP SZWd `Y^_]`NV ^Z`YO FTY _SP SPL]_H bSTNS _SP DZRTY^ NZY_PX[WL_P L^ _SP _PLNSP] SL^ Pc[WLTYPO _Z _SPX -`_ _ST^ F9£OLH OZP^ YZ_ L[[PLW _Z _SP QPPWTYR^LYONLYF_SP]PQZ]PHYZ_MTYO_SP^[T]T_ZQS`XLYMPTYR^?SP]PQZ]P _SP]P T^ _SP ^_]`NV F( [Sd^TNLWH ^Z`YO Q]ZX bSTNS _S]Z`RS TY_P]aLW^ F^NLWP^ P_NH _SL_ PY_T]P NZY^_]`N_TZY ZQ X`^TN L]T^P^ _SL_ [`_^ _SP bZ]WO `YOP]T_^^[PWWLYOFL__SP^LXP_TXPH_PL]^L[L]__SPFQP__P]^ZQHPcT^_PYNP bSZ^PPXP]RPYNPbPYZbOP^N]TMPLYOWTVPbT^P_SP]ZWP_SPTY_P]aLW^P_N [WLdx >L«R¯_L=L_Y£VL]L 4!z!"
±£]«RLOPaL ML^P^ _ST^ ZY LY Z[_TXT^_TN _SPZWZRd ,^ SP ^Ld^ L_ _SP MP RTYYTYR ZQ _SP ^LXP NSL[_P] _SP bZ]WO bL^ N]PL_PO QZ] _SP UZd ZQ _SP WTaTYR MPTYR^ LYO T_ T^ OP^_]ZdPO ^Z _SL_ _SP WTaTYR MPTYR^ NLY ]PNZaP] Q]ZXT_LRLTY8Z]PZaP]2ZOSL^[]ZaTOPOQZ]PaP]dZYP_SP[Z^^TMTWT_d ZQMPTYROPWTaP]POQ]ZX_ST^bZ]WOTYOTaTO`LWWd?SP^_]TN_XPOT_L_TZYZQ _SP DZRT^ LYO _SPT] TYYP] ^Z`YO^ bSZ^P ]LYRP ZYWd TYNW`OP^ MZZXTYR _S`YOP]TYR Z] ]`^STYR L]P ZYWd QZ] [PZ[WP bSZ PcP]NT^P _SP R]PL_P^_ PQQZ]_TYZ]OP]_ZLNSTPaPOPWTaP]LYNP-`_^`NSPQQZ]_^OZYZ_L[[PLW_Z PaP]dZYP LYO NZ`WO PaPY PYNZ`]LRP [PZ[WP _Z QZ]PRZ OPWTaP]LYNP ±£]«RLOPaLv^ MPYPaZWPY_ RZO _SP]PQZ]P `^P^ L _]TNV% SP RTaP^ _SPX L XPLY^ ZQ OPWTaP]LYNP TY _SP QZ]X ZQ X`^TN bSTNS T^ LW^Z R]PL_ Q`Y ^Z _SL_[PZ[WPbTWWsimply`^PT_QZ]T_^ZbY^LVPPaPYTQ_SPdOZYZ_bT^S _ZMPOPWTaP]PO ?SP]PL]P^TXTWL]T_TP^SP]P_Z_SP^_Z]dZQ_SPbTNVPO-TYO`RLTY_SP ±TaL;`]£©L LYO _Z _SP PaTWOZP] TY _SP -S£RLaL_L;`]£©L bSZ ^SZ`_^ Z`_ _SP YLXP ZQ ST^ ^ZY 9£]£dL©L ZY ST^ OPL_SMPO bSTNS Md NSLYNP T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
_L_]L^d£_^LR`©£OOSd£Y£OMS`V_T]X`V_T^_`YT]R`©£_ OSd£YLXPV£R]LNT__LTVL^£OSdLÀYL^`VL]LÀY©£X _L^X£OL_]L^`VSZ[£dLÀ²]¯XLYY£OLXLY£SL_LX R`]¼[LOT´¶LX£]RP©LX`YLdLà^LX`[£^L_P ^Zv[T]LV_TaTS¯YL_a£YYLXLYZ]LÓULYLVZY©£X _L^X£O£SL_LY£OL^dL²]`_d£OTOa£]L_ZvVSTWLX RPdLÀaT_LYaL_ZWZVL]LÓULYLÀMSLaLMSLÓULYLX `_[L__TXLMSTOS£^d£XL^_L_S£²]`_d£OTSP_`_£X >L«R¯_L=L_Y£VL]L 4!z!" .Q >L«R¯_L=L_Y£VL]L 4$z
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#"
_SPYLXPZQLRZO_SPYLXPZQ6´©LLYOT^_SP]PQZ]P`YTY_PY_TZYLWWd L^ T_ bP]P OPWTaP]PO -`_ _SZ^P ^_Z]TP^ L]P _Z[[PO SP]P% L [WPL^LY_ WPT ^`]P_TXP ZNN`[L_TZY T^ ^`QQTNTPY_ _Z ]PLNS _SP STRSP^_ L__LTYXPY_ 8` ^TN T^ L VTYO ZQ DZRL QZ] PaP]dZYP 4_ XLVP^ PaP]dZYP SL[[d LYO L[ [PLW^ OT]PN_Wd _Z _SP ^PY^P^ LYO _SP PXZ_TZY^ ?SP aP]^P^ \`Z_PO Q]ZX _SP >L«R¯_L=L_Y£VL]L QZ]X _SP NZYNW`^TZY ZQ L WZYR _]PL_T^P ZY LYL_ ZXd LYO _SP [^dNSZ[Sd^TZWZRTNLW NPY_P]^ ZQ _SP DZRTN MZOd bSTNS SP]PL]PYZ_L^T^N`^_ZXL]dL^^ZNTL_PObT_SOPT_TP^M`_bT_SQPPWTYR^ ±£]«RLOPaL[]ZaTOP^L]L_TZYLWPQZ]_ST^WZYRXPOTNLW^PN_TZYMd^LdTYR _SL_ X`^TN L]T^P^ TY _SP MZOd LYO _SP]PQZ]P _SP [Sd^TNLW MZOd SL^ _Z MP RTaPYLWZ_ZQOP_LTWPOL__PY_TZY?SPbZ]O w]LV_Tx `^POTY_SP\`Z_L_TZY LMZaP XPLYTYR w_]TRRP]TYR QPPWTYR^x []PQTR`]P^ _SP VPd _P]X w=£RLx TY X`^TNZWZRd XPLYTYR wXPWZOd XZOPWx Z] XPWZOTN wXZOPx bSTNS LNNZ]OTYR_Z_SPNWL^^TNLWOPQTYT_TZYOPYZ_P^L_ZYP^_]`N_`]P_SL_N]PL_P^ QPPWTYR^ ]LÓULYLX ±£]«RLOPaL LW^Z LYNSZ]^ _SP^P QPPWTYR^ TY _SP MZOdYLXPWdTY_SPTYYP]XZ]P^`M_WPDZRTNMZOTWdNPY_P]^ NLV]L^ ?SP^Z_P]TZWZRTNLW]PWPaLYNPZQX`^TNT^Pc[WLTYPOL__SPPYOZQ_SP NSL[_P] ZY _SP DZRTN MZOd LYO _SPY X`^TN T_^PWQ T^ NSL]RPO bT_S ^L N]POYP^^ LYO RTaPY L XP_L[Sd^TNLW ML^T^ Md ]PWL_TYR T_ _Z _SP 9£OL -]LSXLY ?SP TY_]ZO`N_Z]d aP]^P^ _Z _SP LN_`LW NSL[_P] ZY _SP Q`YOL XPY_LW^ZQX`^TN]PLOL^QZWWZb^% w?SP NZY^NTZ`^YP^^ NLT_LYdLX ZQ LWW WTaTYR MPTYR^ bSTNS _`]Y^ T_^PWQ Md T_^PWQTY_Z_SPbZ]WO aTa_L T^_SPu>Z`YO-]LSXLYv Y£OLM]LSXLY 4YT_ bPTYaZVP √`[L£^ MWT^^_SPu:YPbT_SZ`_L>PNZYOv 4QbPTYaZVP^Z`YObP LW^ZTYaZVPbT_SZ`_OZ`M_F_SPR]PL_NZ^XTNRZO^H -]LSX£ AT´©` LYO ±TaL MPNL`^P _SPd L]P YZ_STYR Z_SP] _SLY F^Z`YOHx >L«R¯_L=L_Y£VL]L 4z
?SP^P _bZ aP]^P^ Md ±£]«RLOPaL NZY_LTY L_ ZYNP ^PaP]LW TX[WTNT_ ]PWL _TZY^ _Z []PNPOTYR _]LOT_TZYLW PWPXPY_^% -SL]_SL]T _SP ,OaLT_L APO£Y_L _SP OTaTYP ?]TX¼]_T ^PP MPWZb M`_ []TXL]TWd _SP ±TaLT_TN ?LY_]TN ¢RLXL^ 4Y L _SPZWZRTeTYR ]PNZ`]^P _Z _SP WL__P] ±£]«RLOPaL NZTYPO_SP_P]X9£OL-]LSXLYbSP]PMdSPbL^LMWP_ZQZWWZbZYQ]ZX LY TOPL _SL_ L_ ST^ _TXP bL^ LW]PLOd aP]d bTOP^[]PLO ?SP LYNTPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ±£]«RLOPaL SL^ YZ_ ZYWd _SP ^Tc Z] ^PaPY NLV]L^ _SL_ L]P VYZbY Q]ZX ,aLWZYv^ >P] [PY_;ZbP]M`_PWPaPYZQ_SPXBSP]PL^_SPN]PL_TZYZQL`OTMWPX`^TN^[PNTQTNLWWd ZQ^ZYRT^WTYVPObT_S_SPbSZWPMZOd[]TYNT[LWWd_SPYLaPW]PRTZYOTL[S]LRXSPL]_ LYO_S]ZL__SPM]PL_STYRLYO_SPXTYOL^8L_L«RLSLOLW]PLOd^_L_PO±£]«RLOPaL L^^ZNTL_P^[]ZQTNTPYNdTYX`^TN bT_S_SP`[[P][L]_ZQ_SPMZOdLYONP]_LTY[P_LW^ZQ _SP NLV]L^ .Q >LYR¯_L=L_Y£VL]L 4z TY [L]_TN`WL] 4z & ZY LYL_ ZXdbSTNSMPRTY^bT_SLM]ZLOOT^N`^^TZYZQPXM]dZWZRdTMTO4"z$ NLT_LYdLÀ^L]aLMS¼_£Y£ÀaTa_LÀULRLO£_XLY£ Y£OLM]LSXL_LO£YLYOLXLOaT_ÅdLX`[£^XLSP Y£OZ[£^LYLd£OPa£M]LSXLaT´Y`XLSP²aL]£à MSLaLY_d`[£^T_£Y¼YLÀdL^X£OP_P_LO£_XLV£à
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
±TaLT_TN¢RLXL^SLOL^SL^MPPY^SZbY^PPY_SPQT]^_PaZW`_PZQN]PL _TZYTY_SPNZY_Pc_ZQ_SPT]NZ^XZRZYTN XLY_]L ^[PN`WL_TZY^TY_SP^Z`YO Y£OL >Z`YO T^ XZ]P ML^TN _SLY PT_SP] XTYO Z] XL__P] LYO TY QLN_ Pc T^_PO []TZ] w[]TXPaLWx _Z _SPX ?ST^ TOPL ZQ _SP []TXZ]OTLW 9£OL MP NLXP ]ZZ_PO TY X`^TNZWZRTNLW bZ]V^ :YP ^SZ`WO ]PXPXMP] _SP TOPL NZY_LTYPO TY _SP X`^TN SLYOMZZV ,`X£[L_LX OT^N`^^PO TY _SP ?LY_]L NSL[_P]_SL_^Z`YOWTVP_SPP_SP]]P[]P^PY_^wP_P]YLWxPWPXPY_^LYO_SP bZ]WOL]Z^PQ]ZXw]Sd_SXTN^Z`YOx,M]TPQNZX[L]T^ZYbT_S_ST^bZ]V bSTNS bL^ b]T__PY L_ LMZ`_ _SP ^LXP _TXP MP_bPPY _SP _S LYO _S NPY_`]TP^L^±£]«RLOPaLv^_]PL_T^P_SNPY_LYOXLdMPPaPYO]PbZY T_ T^ TYQZ]XL_TaP LMZ`_ _SP ^_LYOL]O ZQ ^NSZWL]^ST[ TY _SP X`^TNZWZRT NLWOT^NZ`]^P 4Y_SPQT]^_NSL[_P]ZQ_SP ,`X£[L_LX _SP]P PcT^_^_SP^LXPNZ^XZ WZRTNLWbZ]WOaTPbw_ST^bSZWPbZ]WOT^MdT_^YL_`]P9£OLLYONZY^T^_^ ZQ _£WL F]Sd_SXHx dP__SP_P]X9£OL-]LSXLYT^YZ_`^PO4Y^_PLO_SP 9£OL _SPZWZRd T^ Pc[WLTYPO TY R]PL_ Xd_SZWZRTNLW OP_LTW LYO OZXTYL_P^ _SP bSZWP ZQ _SP QT]^_ NSL[_P] ! >TYNP _SP _TXP ZQ 8L_L«RL T_ bL^ ^_LY OL]O _Z MPRTY X`^TNZWZRTNLW bZ]V^ Md XPY_TZYTYR _SP 9£OL L^ Z]TRTYLW ^Z`YO LYO T_^ XLYTQP^_L_TZY TY _SP bZ]WO LYO TY _SP S`XLY MZOd 4_ T^ _SP]PQZ]P YZ_ ^`][]T^TYR _SL_ _SP ,`X£[L_LX WL]RPWd []Z[LRL_P^ _SP ^LXP bZ]WOaTPb L^ _SP >L«R¯_L=L_Y£VL]L 4_ T^ SZbPaP] YZ_TNPLMWP _SL_ TY^_PLO ZQ _SP 9£OL-]LSXLY LYO _SP Y`XP]Z`^ ]PQP]PYNP^ _Z [L^_ [STWZ^Z[STP^ LYO _PNSYTNLW Q`YOLXPY_LW^ ZQ X`^TN TY ±£]«RLOPaL _SP ,`X£[L_LX NZY_LTY^ L M]ZLO Xd_SZWZRTNLW YL]]L_TZY bSTWP _SP _PNSYT NLW OP_LTW^ L]P ]L_SP] ^SZ]_ LYO LOL[_PO _Z 6`©LWTY¯DZRL 8Z]PZaP] TY_SPWTRS_ZQ_SPYZ]XLWX`^TNZWZRTNLWOT^NZ`]^P_SP,`X£[L_LXNZY _LTY^ XT^_LVP^ 0aPY _SP ^`NNPPOTYR NSL[_P]^ L]P [P[[P]PO bT_S ]PWT RTZ`^ YL]]L_TaP PWPXPY_^ ZY _Z[TN^ ^`NS L^ w3PLaPYv^ X`^TNx LYO L^^ZNTL_TaPWd P^Z_P]TN TY_P][]P_L_TZY^ ZQ X`^TNLW PWPXPY_^ 4Y WTYP bT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .QAZYP^^PYv^OT^N`^^TZYZQ_SP ,`X£[L_LX z3T^NZX[L]T^ZYZQ_Pc_^ WPLO^STX_ZQTcZY_SP_bPWQ_SNPY_`]dL^_SPXZ^_WTVPWd_TXPZQZ]TRTYLYO>Z`_SP]Y 4YOTLL^T_^WZNL_TZYDP_SPLOXT_^_SL_L[P]TZOQ]ZX_SP_S_Z_SP_SNPY_`]dZ] L__SPWL_P^__SPPL]Wd _SNPY_`]dMPNL`^PT_T^\`Z_POMd6LWWTY£_SLX`^_MP^`[ [Z^PO P^[PNTLWWd L^ _SP L`_SZ] L[[PL]^ _Z SLaP MPPY QLXTWTL] bT_S _SP >L«R¯_L =L_Y£VL]L M`_YZ__ZSLaP`YOP]^_ZZOT_Z]L_WPL^_SPTY_P][]P_POT_TYLaP]d`Y`^`LW bLd TMTO Q :Y_SPZ_SP]SLYO AZYP^^PY ^Ld^_SL__SPL`_SZ]bL^YZ_ LN_`LWWd LN\`LTY_PObT_SLWW[L]_^ZQ_SP>L«R¯_L=L_Y£VL]L^TYNPSPbL^YZ_LbL]PZQNP]_LTY NPY_]LW L^[PN_^ ^`NS L^ _SP R]Z`[TYR^ ZQ =£RL^ Md _TXP^ ZQ OLd LYO ^PL^ZY^ ZQ _SP dPL] :YP ^SZ`WO YZ_P _SL_ _SP L`_SZ] ZQ _SP ,`X£[L_LX XLd NZY^NTZ`^Wd YZ_ SLaP bLY_PO _Z bPWNZXP []PNT^PWd _SP^P VPd YPb LNSTPaPXPY_^ MPNL`^P _SPd XPLY_ SP bZ`WOWZ^P_ZZX`NSZQ_SP]PWTRTZYLYO_SPP^Z_P]TNXd^_TNLWL^[PN_ZQX`^TN Y£O£_XLVLX TOPX OPaT ^L]aLÀ _£WLXLdLÀ ULRL_ ,`X£[L_LX PO AZYP^^PY ! ! ,`X£[L_LX PO_]LY^LYONZXXAZYP^^PY!z""
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$
_ST^wXd^_TN^_`OdZQX`^TNxM`_TYNZY_]L^__Z_SPX`^TNZWZRT^_^v^_LY OL]O _SP _ZYP^ QZ] PcLX[WP ^aL]L^ LYO ²]`_T^ L]P YZ_ []P^PY_PO L^ PX[T]TNLW ]PLWT_TP^ M`_ L^ PXLYL_TZY^ ZQ ±TaL " ;P_P] AZYP^^PY YZ_P^ _SL_ _SP ,`X£[L_LX NZY_LTY^ SL]OWd LYd VPd X`^TNZWZRTNLW _P]X^ U£_T R]£XL ²]`_T ]£RL P_N _SL_ L]P `^PO TY _SPT] YZ]XLW ^PY^P^ 3P [ZTY_^ Z`_ _SP XLYd R]LXXL_TNLW LYO XL_SPXL_TNLW P]]Z]^ _SL_ L]P \`T_P `Y `^`LWTYX`^TNZWZRTNLW bZ]V^zU`^_L^`Y`^`LW L^_SP XL]VPOXd_SZWZ RTeTYR ]PQP]PYNP^ _SL_ [P]aLOP _SP PY_T]P bZ]V # 8`NS ZQ bSL_ _SP ,`X£[L_LX ^Ld^ T^aLWTOQZ]T_^L`_SZ]LWZYP AZYP^^PY_SP]PQZ]P bZY OP]PO SZb bT_S ^Z WT__WP X`^TNZWZRTNLW VYZbWPORP ^`NS L bZ]V NZ`WO SLaP MPPY b]T__PY L_ LWW LYO NLYYZ_ LY^bP] _SP \`P^_TZY ;Z^^TMWd SZbPaP]_SPLY^bP]OZP^YZ_WTPTY_SP]PLWXZQX`^TNL_LWWM`_TY_SL_ ZQ _SP ]PWTRTZ`^ L ]P^LN]LWTeL_TZY ZQ X`^TN bSPY z Z] LQ_P] z T_ bL^ XLOP QL] XZ]P ^NTPY_TQTN BP SLaP LW]PLOd NZXP LN]Z^^ _ST^ TOPL bSPY WZZVTYRL_R]LXXL] ?SP ,`X£[L_LX bL^ YZ_ NZ[TPO L_ WPL^_ YZ_ TY X`^TNZWZRd LW _SZ`RS L QPb XLY`^N]T[_^ SLaP TY QLN_ ^`]aTaPO ?d[TNLW ZQ _SP PWT_P STRSWd^Z[ST^_TNL_POLNLOPXTNOT^NZ`]^PTY4YOTLYX`^TNZWZRdLYONWL^ ^TNLW X`^TN bSTNS bL^ L _SZ]Z`RSWd NZ`]_Wd L]_ T^ _SP QLN_ _SL_ _SP ,`X£[L_LX z \`T_P `YWTVP _SP >L«R¯_L=L_Y£VL]L z ]PXLTYPO aT]_`LWWd `YVYZbY LXZYR X`^TNTLY^ LYO SLO YZ []POPNP^^Z]^ LYO YPT_SP] OTO Z_SP]^ QZWWZb T_ 4Y L NP]_LTY bLd T_ L[[PL]^ _Z MP ]PLOTWd NZX[L]LMWP bT_S XZOP]Y 9Pb,RP P^Z_P]TNT^X bSTNS T^ WTVPbT^P TRYZ]PO Md ^NT PYNP $ ?SP 9£OL NSL[_P] TY _SP ,`X£[L_LX NZYQZ`YO^ ]PWTRTZ`^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 0aPY_SPL`_SZ]v^YLXP@X£[L_TSL^LOZ`MWPXPLYTYRL^T_T^ZYPZQ_SPYLXP^ZQ ±TaL >Z _SP NZWZ[SZY NLY MP ]PLO L^ wb]T__PY Md _SP L`_SZ] @X£[L_Tx Z] L^ wZ]TRT YL_TYRQ]ZX_SPRZO±TaLx.Q ,`X£[L_LXNZXXAZYP^^PY # .Q AZYP^^PY ,`X£[L_LX z " ZY _SP `Y`^`LWWd M]ZLO Xd_SZWZRTNLW YL]]L_TaP PWPXPY_^^ZXPZQ_SPXZNN`]]TYRZYWdTY_ST^bZ]V^`NSL^ZY_SPwSPLaPYWd^_`Od ZQX`^TNx_SP_ZYP^`^POTY 3PLaPY_SPML^TNXZZO^ ^ZYRNZX[Z^T_TZY^QW`_P^ZQ _SP RZO^ ZY ^ZYR^ ZQ _SP `YOP]bZ]WO LYO X`^TNXLVTYR RZO^ LYO 2LYOSL]aL^ :Y _SPOPaTLY_X`^TNZWZRTNLWYZXPYNWL_`]PLYO_SPZMUPN_TaPQZ]XLWP]]Z]^TMTOz! #z $ ?SPNZX[L]T^ZYT^LWT__WPLbVbL]OMPNL`^PTY4YOTLZYPSLOYZZMUPN_TZY^_ZP^Z_P]T NT^XSTOOPY_]`_S^L^^ZNTL_TaP_SZ`RS_Z]Xd_STNLWXLRTNLWPXMPOOTYRL^_SP]PLOP] T^ LW]PLOd LbL]P :Y _SP NZY_]L]d L ]PWPaLY_ Z[PYTYR aP]^P bL^ LN_`LWWd bPWW ]P NPTaPO TY ^NTPY_TQTN bZ]V^ ,YO Pc_]LZ]OTYL]d Pc[P]TPYNP^ ZQ DZRTY^ bP]P ^ZNTLWWd LNNP[_LMWP LYO ]P^[PN_PO ?SPd SLO WZYR MPPY LY `Y\`P^_TZYPO [L]_ ZQ _SP N`W_`]LW XPXZ]d -SL]_]SL]T QZ] PcLX[WP LWXZ^_wYL_`]LWWdxLNNP[_PO L^[PNTLW DZRTNTY_`T _TZY LYO LXZYR _SP TY_PWWPN_`LW^ ZQ _SP _S NPY_`]d U`^_ L^ WT__WP NSLYRPO L^ TY _SP ^_NPY_`]d?SP]PbP]PZQNZ`]^PLW^ZLWbLd^[PZ[WPLYOTY_PWWPN_`LW^TY[L]_TN`WL] z PR _SP ^_]TN_ ,OaLT_LAPOLY_L WTYP z _SL_ NZ`WO YZ_ RP_ _Z R]T[^ bT_S _SP DZRTY^v L`OT_Z]d Pc[P]TPYNP^ LYO WTRS_ aT^TZY^ LYO NZXX`YTNL_PO TY NZX[WP_PWd OTQQP]PY_ `YTZPc[P]TPYNP^9PT_SP]bL^_SPXTc_`]PZQ^NTPYNPLYO]PWTRTZY_SPLN_`LWOT^]`[ _TaPQLN_Z]LW_SZ`RS_SP_PNSYTNLW[L]_^ZQ^NTPY_TQTNYZY_SPZWZRTNLWbZ]V^RPYP]LWWd
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
^PXT^NTPY_TQTNPWPXPY_^LYON]PL_P^ _SPTX[]P^^TZYZQL^[PNTLW^PN]P_ VYZbWPORP _SL_ NLY WZZV QL]_SP] TY_Z _SP OP[_S^ _SLY []ZQLYP ^NTPY_TQTN OT^NZ`]^P NLY LYO VYZb^ LMZ`_ _SP ^PN]P_ XTN]Z LYO XLN]ZNZ^XTN L^ ^ZNTL_TZY^ P_N ,WW ZQ _ST^ T^ LM^PY_ TY ±£]«RLOPaL LW_SZ`RS SP N]PL_P^ L YPb w`YTaP]^LW Xd_Sx bT_S _SP 9£OL-]LSXLY Z] Z_SP]bT^P ZYP XTRS_ SLaP _Z ^Ld _SL_ MPNL`^P SP N]PL_P^ L YPb w`YTaP]^LW Xd_Sx bT_S _ST^ NZYNP[_ 3P _d[TNLWWd L^^ZNTL_P^ L SZWT^_TN [L]_TNT[L_Z]d bZ]WO TY_P][]P_L_TZY bT_S LY PXLYNT[L_Z]d LYLWd_TNLW []ZNPO`]P z TY _ST^ NL^P Md RTaTYR LY LY_S]Z[ZWZRTNLW LYO [STWZ^Z[STNLW QZ`YOL_TZY _Z _SP ^LN ]LWTeL_TZY ZQ X`^TN -`_ P\`LWWd TY_P]P^_TYR TY ]PWL_TZY _Z Z`] []PaTZ`^ OT^N`^^TZY^TY[L]_TN`WL]_SPNSL[_P]ZY_SPWT_P]L_T TY_SP8P_SZOZWZRd ^PN_TZY T^ _SP QLN_ _SL_ _SP L`_SZ] ZQ _SP ,`X£[L_LX `^P^ L ^NTPY_TQTN WTYR`T^_TN ^_dWP QZWWZbTYR bSL_ bP SLaP NLWWPO _SP wWT_`]RTNLW XZOPWx ?SPXZ^_L]_T^_TNaP]^P^L]P_SZ^PNZY_LTYTYR_SPXZ^_OTQQTN`W_NLWN`WL _TZY^ LYO TY ^ZXP NL^P^ QZ] ]PWTRTZ`^ TOPL^ ! 0aPY TQ _SP NLWN`WL_TZY^ LYO XP_P]^ TY _SP ,`X£[L_LX L]P YZ_ LWbLd^ [P]QPN_ L[[L]PY_Wd L bTWW PcT^_^ _Z _TP ZYP^PWQ TY_Z _SP NSL]LN_P]T^_TN ^_dWP ZQ YL_`]LW ^NTPYNP Md `^TYR LY LP^_SP_TN WTYR`T^_TN ^_dWP _SL_ NZ]]P^[ZYO^ _Z _SL_ ZQ _SP XL_SPXL_TNLWLYOL^_]ZYZXTNLWbZ]V^_SL_bPSLaPOT^N`^^PO ±£]«RLOPaLLW^Z`^P^LaP]dN]d[_TNLYOLP^_SP_TNWTYR`T^_TN^_dWPTY ST^ MPYPOTN_Z]d Z[PYTYR aP]^P XL«RLWL _SL_ T^ NZX[Z^PO TY _SP ±WP´L _PNSYT\`P LYO NLY MP ]PLO TY _bZ bLd^ ! 4Y _SP ZMaTZ`^ ]PLOTYR T_ T^ L SdXYZQ[]LT^P_Z ±TaL_SP7Z]OZQ_SPbZ]WO_ZbSZXS`XLY^L[[PLW QZ] [WPL^`]P LYO SL[[TYP^^ ?SP R]PL_ MPYPaZWPY_ RZO T^ ^LTO _Z MP _SP PXMZOTXPY_ZQ9£OL[]TXZ]OTLW^Z`YOLYOT^[]LT^POL^_SPN]PL_Z]ZQ _SP bZ]WO LYO T_^ Z]OP] LYO L^ XLOP XLYTQP^_ TY _SP DZRTY^v MZOTWd NPY_P]^ _S]Z`RS NZY_PX[WL_TZY ZQ :¿ LYO M]PL_STYR PcP]NT^P^ -`_ _SP aP]^PNLYLW^ZMP]PLOOTQQP]PY_Wd4Y_ST^^PNZYO]PLOTYR^ZYRT^[]LT^PO L^PXMZOTXPY_ZQ9£OLTYLYL`OTMWPQZ]X>ZYRRTaP^UZd_Z_SPbSZWP bZ]WO LYO T^ _SP ^Z`]NP ZQ _SP Z]OP] ZQ _SP _ZYP^ LYO ^TYRTYR ^_dWP^ 8`^TNT^[]ZO`NPOTY_SPMZOd^`[[Z]_POMd_SPXTYOLYO_SPM]PL_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ VP[__ZL^TYRWPOT^NT[WTYP:Y_SPZ_SP]SLYObSL_bL^`YQZ]RTaLMWPTYLYLNLOPXTN bL^LOPQTNT_TY_SPVYZbWPORPZQ>LY^V]T_LYOZQNZ`]^PP]]ZYPZ`^ NLWN`WL_TZY^ 4Y _SP 4YOTLY 8TOOWP ,RP^ STOOPY _]`_S^ LW^Z SLO _Z MP NZXX`YTNL_PO TY L ]L_TZYLWWd NZX[]PSPY^TMWPXLYYP]LYOQ]PPZQP]]Z]^_ZMP]PNZRYTePOL^_]`_S^>NTPY_T^_^NZ`WO MPXP_L[Sd^TNTLY^M`_XP_L[Sd^TN^SLO_ZMPL^M]TWWTLY_L^^NTPYNPLYOaTNPaP]^L -SL_]SL]T_SP;¼]aL8¯X£À^£LYO@__L]L8¯X£À^£,MSTYLaLR`[_LLYOZ_SP]^SLO ^P_ _SP ^_LYOL]O^ SP]P ±£]«RLOPaL QZWWZbPO ZY Q]ZX _SP^P [L]_TN`WL] OT^NZ`]^P^ :Y _SPZ_SP]SLYOSPSLOWT__WPTYNZXXZYbT_S_SP P^Z_P]TNXd^_TN^_`OdZQ X`^TNLYO _SPM]ZLOXd_SZWZRTNLWYL]]L_TaP^ZQ_SP ,`X£[L_LX ! .QAZYP^^PY ,`X£[L_LX" ! .Q >L«R¯_L=L_Y£VL]L 4 PO >S]TYRd z 1Z]_`YL_PWd >S]TYRd _]LY^WL_PO MZ_S [Z^^TMWP]PLOTYR^`YWTVP6`YSLY=LUL
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
4Y []TYNT[WP _ST^ QT]^_ aP]^P LW]PLOd NZY_LTY^ ±£]«RLOPaLv^ PY_T]P X`^TNLW bZ]WOTY_P][]P_L_TZY LYO XP_L[Sd^TNLW []ZR]LX bT_SZ`_ `^TYR _SP _P]X w9£OL-]LSXLYx 4Y_P]P^_TYRWd SZbPaP] _SP -]LSXLY T^ LW ]PLOd TYOTNL_PO TY STOOPY QZ]X MPNL`^P _SP aP]d QT]^_ bZ]O T^ M]LSXL R]LY_ST L DZRTN?LY_]TN _P]X QZ] _SP UZTYTYR ZQ _SP MZOdv^ PYP]RTP^ TY_SPNPY_]LWYP]aP NLYLWL__SPWPaPWZQ _SPYLaPW ±£]«RLOPaLv^R]PL_ TYYZaL_TZY bL^ LOOTYR _SP -]LSXLY _P]X _Z _SP 9£OL bSTWP T_ bL^ LW]PLOdNZXXZY[]LN_TNP_ZWTYVX`^TN_Z_SP9£OLLYONP]_LTY[WLNP^TY _SPMZOd BSL_T^ZMaTZ`^WdNZXX`YTNL_POMd_SPQT]^_aP]^Pz ^_TWWL^ TYNZX[]PSPY^TMWd ^`M_WP L^ _SP ^NPY_ ZQ L ]Z^P z T^ _SP `YT\`PYP^^ ZQ X`^TN ZQ ^ZYR LXZYR _SP _STYR^ ZQ _ST^ bZ]WO ,NNZ]OTYR _Z ±£]«RLOPaL X`^TN T_^PWQ L[[L]PY_Wd SLO ^ZXP_STYR OTaTYP LMZ`_ T_ 4_ XP_ []PNT^PWd _SP [P_T_TZY _SL_ SP OT]PN_PO _Z _SP R]PL_ 7Z]O 2ZO ±TaL% X`^TNM]TYR^OPWTRS_4_T^LY LWWZQZ]X LYLW_P]YL_TaP^SL[PZQRZOLYO PXMZOTP^Z]TRTYLW^Z`YO TYL`OTMWPQZ]X2ZOSTX^PWQT^TYaZVPOL^LY wPXMZOTXPY_ZQ_SP9£OLxL_d[TNLWTOPLZQ_SP±LTaL±TOOS£Y_LZQ_SP ±LTaL¢RLXLN`W_`]PLYOLW^ZZQXLYdX`^TNZWZRT^_^LYOXZ]PzL^LY PXMZOTXPY_ZQ[]PNT^PWd_SL_9£OL_SL_L]T^P^TY_SPMZOd?SP \`LWTQT NL_TZY wPXMZOTXPY_ ZQ _SP 9£OLx Y£OL_LY`X L[[WTP^ _Z _SP RZO U`^_ L^ T_ OZP^ _Z ^ZYR ,_ WPL^_ _SL_ bL^ _SP STOOPY XP^^LRP bT_S QL] ]PLNSTYR TX[WTNL_TZY^% RZO Pc[P]TPYNP ZQ RZO LYO ^ZYR TYL`OTMWP LYO L`OTMWP 9£OL L]P []LN_TNLWWd TY_P]NSLYRPLMWP BT_S _SP OZ`MWP XPLY TYR^ _SP TYT_TLW aP]^P N]PL_P^ _SP `Y^[ZVPY ML^T^ ZQ L X`_`LW NZOTYR PaPY TOPY_TQTNL_TZY ZQ []ZQLYP X`^TN LYO ^LN]PO ]PWTRTZY bSTNS NLY LW^Z LWbLd^ MP SPL]O TY _SP _PNSYTNLW [L]_^ ZQ _SP bZ]V LYO SLO S`RP TYQW`PYNP[]TXL]TWdTY_SP[]LN_TNPZQX`^TN ±£]«RLOPaL NWPL]Wd ^_L]_^ bT_S aZNLW X`^TN L^ _SP XZ^_ TX[Z]_LY_ LYO NZYYPN_^ X`^TN OT]PN_Wd _Z _SP []ZNP^^ ZQ aZTNP []ZO`N_TZY TY _SP MZOd]T^TYRQ]ZX_SPYLaPW>ZX`^TN ^L«R¯_LX YZXL__P]bSP_SP]T_ bL^ NWL^^TNLW X£]RL Z] ]PRTZYLW TY ^_dWP OP²T _SP]PQZ]P []TXL]TWd XPLY^ ^ZYR R¯_LX M`_ LW^Z TX[WTP^ TY^_]`XPY_LW X`^TN a£OdLX LYO OLYNP Y__LX !>ZYRT^wPXMZOTXPY_ZQ_SP9£OLx Y£OL_LY`X Z]L^ XPY_TZYPO L_ LYZ_SP] [ZTY_ 4 wTY_]TY^TNLWWd 9£OLx R¯_LX Y£O£_ XLVLX bSTWP TY^_]`XPY_LW X`^TN XLVP^ _SP 9£OL XLYTQP^_ adLV_d£ LYO OLYNP wQZWWZb^x _SP^P _bZ bSTNS T^ bSd LWW _S]PP OP[PYO ZY _SP 9£OLzU`^_WTVP_SPLW[SLMP_WLYR`LRPLYO_SPbSZWPbZ]WOOP[PYOZY ^Z`YO 4z 1]ZX _ST^ WL^_ ^_L_PXPY_ bSTNS ]PXTYO^ ZYP ZQ -SL]_SL]T T^ T_ YZ_ QL] _Z _SP -]LSXLY 4Y QLN_ _SP -]LSXLY T^ TY_]Z O`NPO TY _SP YPc_ aP]^P TYT_TLWWd \`T_P TY _SP APO£Y_TN XLYYP] L^ NZY ^NTZ`^YP^^ MWT^^ LYO _SP QPL_`]PWP^^ ZXYT[]P^PY_ ^Z`]NP ZQ LWW _STYR^ 4Q>Z_SP_SP^T^ZQ_SP9£OL-]LSXLYL^_SPQZ`YOL_TZYZQX`^TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q >LYR¯_L=L_Y£VL]L 4z
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LYO _SP bZ]WO _SL_ T^ _Z MP ^P_ QZ]_S TY _SP YPc_ NSL[_P] SL^ LW]PLOd MPPY[]P[L]POTX[WTNT_Wd 1Z]_SP9£OL-]LSXLY_SP^T^±£]«RLOPaLQZWWZbPOZYTXXPOTL_PWd Q]ZX_SPPL]WdX`^TNZWZRT^_8L_L«RL4Y8L_L«RLbPNLYLW]PLOdQTYOL ^_L_PXPY_ _SL_ LY_TNT[L_P^ _SP 9£OL-]LSXLY TY _SP NZXMTYL_TZY ZQ _bZ \`Z_L_TZY^ T_TVPNT_ % wBT_SZ`_ ^Z`YO _SP]P T^ YZ ^ZYR bT_SZ`_ ^Z`YO YZ _ZYP^ bT_SZ`_ ^Z`YO YZ OLYNP ?SP]PQZ]P _ST^ FbSZWPH bZ]WO ULRL_ T^ TY T_^ YL_`]P ^Z`YO ?SP F2ZOH -]LSX£ T^ L QZ]X ZQ ^Z`YO _SP F2ZOH AT´©` SP]P% 5LY£]OLYL T^ L QZ]X ZQ ^Z`YO _SP _]LY^NPYOPY_LW [ZbP] ;L]£±LV_T T^ L QZ]X ZQ ^Z`YO LYO _SP R]PL_ 2ZO F8LSP²aL]L TP ±TaLH T^ L QZ]X ZQ ^Z`YOx -SLOOP²¯ #z$!
8L_L«RLv^ -SLOOP²¯ NL "_S NPY_ bL^ ]PNZY^_]`N_PO Q]ZX PcNP][_^ QZ`YOTYWL_P]L`_SZ]^4_T^_SP]PQZ]P[Z^^TMWP_SL_aP]^P#T^NZ]]`[_PO L^ _SP NZYNW`^TZY _SL_ _SP bSZWP bZ]WO _SP `YTaP]^P bL^ ^Z`YO OZP^ YZ_ Z]TRTYL_P Q]ZX _SP []PNPOTYR ^PY_PYNP _SL_ ]PQP]^ ZYWd _Z _SP bZ]WO ZQ X`^TN 3ZbPaP] Pc_PYOTYR _ST^ _Z _SP PY_T]P ]PLWT_d T^ LW]PLOd NWPL] TYPL]WTP][L^^LRP^ZQ_SP-SLOOP²¯TY[L]_TN`WL]4Y_SPTY_]ZO`N _Z]d ^P\`PYNP^ X`^TN LYO WLYR`LRP L]P TXXPOTL_PWd M]Z`RS_ _ZRP_SP] Md XPLY^ ZQ _SP OSaLYT NZYNP[_ _SP TYOTaTO`LWWd NZYYZ_L_PO L`OTMWP ^Z`YO -SLOOP²¯ z bSTWP _SP ^`NNPPOTYR [L^^LRP ZY _SP 9£OL _SPXZ]PPc_PY^TaPaTM]L_TYR^Z`YOZ][]TXZ]OTLW^Z`YOL]R`P^`^TYR _P]X^ Q]ZX NZ][Z]PLWT_d LYO ?LY_]TN [Sd^TZWZRd -SLOOP²¯ "z 8L_L«RL z LYO bT_S STX _SP PY_T]P PL]Wd 4YOTLY ^_`Od ZQ X`^TN z PaT OPY_Wd LW^Z OPLW^ bT_S aZNLW X`^TN LYO YZ_ TY^_]`XPY_LW X`^TN L^ TY BP^_P]Y X`^TNZWZRd bSPY SP WZNLWTeP^ _SP OPaPWZ[XPY_ ZQ _SP 9£OL TY_SPMZOd 8Z]PZaP]8L_L«RLSTX^PWQOZP^YZ_ ^[PLVZQw-]LSXLYx M`_ _SP _P]X T^ YPaP]_SPWP^^ TX[WTNT_ TY _SP aP]^P \`Z_PO $ ?SP OTaTYP _]TYT_d _]TX¼]_T ZQ -]LSXL AT´©` LYO ±TaL NLY MP ]PLO L^ L _SPTQTPO QZ]X ZQ _SP ^_L_PXPY_ TY _SP ?LT__T]ÅdL@[LYT´LO ^LdTYR _SL__SP -]LSXLY T^_SL_Z`_ZQ bSTNS_SP WTaTYRMPTYR^L]T^PMd bSTNS _SPd L]P XLTY_LTYPO LYO TY_Z bSTNS _SPd ]P_`]Y 4Y _SP WL_P] _]LOT_TZY _ST^Q`YN_TZYZQ_SP_]TLOT^[P]^ZYLWTePOTY -]LSXL _SPN]PL_Z]AT´©` _SP []P^P]aP] LYO ±TaL _SP OP^_]ZdP] ?SL_ _SP _S]PP RZO^ L]P NLWWPO ^Z`YO SP]P NLY MP Pc[WLTYPO Md _SP MZOTP^ ZQ _SP OPT_TP^ MPTYR _SPT] XLY_]L^ TY _SP ±TaLT_TN ?LY_]L ?SP ±LTaL MLNVR]Z`YO T^ aP]d NWPL]Wd STY_POL_MdXPY_TZYTYR_SPwR]PL_2ZOx 8LSP²aL]L LYOST^w^`[]PXP _]LY^NPYOPY_LW[ZbP]xZ]^[Z`^P ;L]£±LV_T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! YLY£OPYLaTY£R¯_LÀYLY£OPYLaTY£^aL]£à YLY£OPYLaTY£Y_LÀ_L^X£YY£O£_XLVLÀULRL_ Y£OL]¼[Là^X_ZM]LSX£Y£OL]¼[ZULYL]OSLYLà Y£OL]¼[£[L]£²LV_T]Y£OL]¼[ZXLSP²aL]Là-SLOOP²¯ #z$aZWPO>SL]XL !
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
L«R¯_L=L_Y£VL]L XLVP^ _ST^ NWPL] YZ_ WPL^_ _S]Z`RS _SP TOPL _SL_ _SP _bZ aP]^P^ TY ST^ bZ]V _SL_ [Z^_`WL_P _SP _P]X 9£OL-]LSXLY NZY ^T^_^ ZQ ]PWPaLY_ [L]L[S]L^P^ ZQ 4YOTLY WLYR`LRP LYO ^Z`YO OT^NZ`]^P^ 3P]PZYNPLRLTYT^_SP_]LY^WL_TZYZQ±£]«RLOPaLv^_bZ]PWPaLY_aP]^P^% w?SPNZY^NTZ`^YP^^ZQLWWWTaTYRMPTYR^bSTNS_`]Y^T_^PWQMdT_^PWQTY_Z_SP bZ]WO aTa_L T^_SPu>Z`YO-]LSXLYv Y£OLM]LSXLY 4Y _ST^bPTYaZVP √`[L£^ MWT^^_SPu:YPbT_SL>PNZYOv 4Q bP TYaZVP ^Z`YO bP LW^Z TYaZVP bT_SZ`_ OZ`M_ F_SP 2]PL_ 2ZO^H -]LSX£ AT´©` LYO ±TaL MPNL`^P _SPd L]P YZ_STYR Z_SP] _SLY F^Z`YOHx >LYR¯_L=L_Y£VL]L 4z !
?SPQT]^_aP]^PPaPY TYT_^ _P]XTYZWZRd wNLT_LYdLÀ^L]aLMS¼_£Y£X aTa_LÀ ULRLO£_XLY£x T^ TX[Z]_PO OT]PN_Wd Q]ZX _SP -SL]_SL]T ^NSZZW ! z bT_S ZYP OPNT^TaP OTQQP]PYNP% TY^_PLO ZQ -SL]_SL]Tv^ ±LMOL-]LSXLY wBZ]O-]LSXLYx _SP]P L[[PL]^ SP]P _SP 9£OL -]LSXLY w>Z`YO-]LSXLYx LYO _ST^ T^ XZ]P YL]]ZbWd OPQTYPO Md _SP @[LYT´LOTN Pc[]P^^TZY w:YP bT_SZ`_ L >PNZYOx ?SP 9£OL -]LSXLY T^ bZ]WO NZY^NTZ`^YP^^ TY bSTNS 2ZO _SP bZ]WO LYO _SP TYOTaTO`LW^NLYYZ_MPOTQQP]PY_TL_PO ?SP^PNZYOaP]^P[L]L[S]L^P^_SPw_SPbZ]WO T^^Z`YOxaP]^PZQ_SP 8L_L«RL LYO _S`^ QZWWZb^ ZY Q]ZX T_^ ?LY_]TN TY_P][]P_L_TZY ZQ ^Z`YO ?SL_ _SP R]PL_ RZO^ L]P ^Z`YO XPLY^ YZ_STYR^ Z_SP] _SLY _SL_ LWW OPT_TP^ SLaP _SPT] ZbY XLY_]L^ LYO TY _SP ?LY_]TN aTPb L]P LN_`LWWd TOPY_TNLW _Z _SPX ?SP [LYPY_SPT^_TN aTPb Md _SP ±LTaL^ L`_ZXL_TNLWWd RTaP^ ]T^P _Z _SP ^_L_PXPY_ w_SP bZ]WO T^ ^Z`YOx MP NL`^P TQ _SP R]PL_ NZ^XTN OPT_TP^ L]P ^Z`YO LYO _SP]P T^ YZ bZ]WO Z`_^TOPZQ2ZOLWWMPTYR^LYO_STYR^L]PLW]PLOdTYNW`OPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! NLT_LYdLÀ^L]aLMS¼_£Y£ÀaTa_LÀULRLO£_XLY£ Y£OLM]LSXL_LO£YLYOLXLOaT_ÅdLX`[£^XLSP Y£OZ[£^LYLd£OPa£M]LSXLaT´Y`XLSP²aL]£à MSLaLY_d`[£^T_£Y¼YLÀdL^X£OP_P_LO£_XLV£à>LYR¯_L=L_Y£VL]L 4z ! .Q LW^Z ±£]LO£_TWLVL?LY_]L NLT_LYdLÀ ^L]aLMS¼_£Y£À ²LMOM]LSXP_T LYO _SP NZXXPY_L]d Md =£RSLaL -SL¶¶L bSZ \`Z_P^ -SL]_SL]Tv^ QT]^_ aP]^P >PP LW^Z _SP aP]^P >L«R¯_L=L_Y£VL]L 4 bSTNS []P[L]P^ _SP _SP^T^ ZQ 9£OL-]LSXLY bT_S ]PQ P]PYNP_Z-SL]_SL]T%w9£OLXLYTQP^_^_SP[SZYPXP^ZQ_SPLW[SLMP_WP__P]^NZY^_T _`_P _SP bZ]O LYO bZ]O^ XLVP L ^PY_PYNP ?S`^ _SP PY_T]P M`^TYP^^ ZQ WTQP adaL S£]L T^ NL]]TPO ZY _S]Z`RS WLYR`LRP ?SP]PQZ]P _SP PY_T]P bZ]WO ULRL_ T^ ML^PO ZY 9£OLx4Y_SPYPc_aP]^P_SPL`OTMWPLYOTYL`OTMWP9£OLT^WZNLWTePOTY_SPMZOdLYO TY _SP QZWWZbTYR aP]^P -]LSXLY T^ TYT_TLWWd []P^PY_PO Q`WWd TY _SP APO£Y_TN ^PY^P ZQ MPTYRNZY^NTZ`^YP^^MWT^^
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
>Z bP SLaP TY_P][]P_PO _SP aP]^P L^ T_ T^ `YOP]^_ZZO YZbLOLd^ ,[[L] PY_Wd QZ] ^ZXP ZQ ±£]«RLOPaLv^ NZY_PX[Z]L]TP^ LYO ^`NNP^^Z]^ _SP _SP^T^bL^SZbPaP]]L_SP] OL]TYRMPNL`^P>TÀSLMS¼[£WLNLLYO 6LWWTY£_SL NL !! z _SP _bZ XZ^_ TX[Z]_LY_ NZXXPY_L_Z]^ ZY _SP >L«R¯_L=L_Y£VL]L z OPNWL]P _SL_ _SP aP]^P T^ YZ_ XPLY_ WT_P]LWWd LYO TY^_PLO _SPd `YOP]^_LYO ^Z`YO _Z MP L XP_L[SZ] QZ] -]LSXLY ?SP PL] WTP] NZXXPY_L_Z] >TÀSLMS¼[£WL _S NPY_ ^PP^ SP]P L wQ`^PO XP_L [SZ]x ²WT´¶L]¼[LVL TY bSTNS _SP ]PQP]PY_ LYO _SP TXLRP QZ]X _SP _bZ LW_P]YL_TaP TY_P][]P_L_TZY^ ZQ L OZ`MWP XPLYTYR !" ?SP QZWWZbTYR XPLY TYR]PWL_P^_Z^Z`YOLYOX`^TN% w?SL_bT_SZ`_bSTNS_SP]PbZ`WOMPYZNZY^NTZ`^YP^^TY_SPWTaTYRMPTYR^ F(TPbT_SZ`_WLYR`LRP^Z`YOHLYObSTNST^^[]PLO_S]Z`RSZ`__SPbSZWP bZ]WO _SP 9£OL-]LSXLY _SP ^TX[WP ]PWTRTZ`^ PcP]NT^P F( ^Z`YO dZRL Z] X`^TNH_SL_T^TYNZX[L]LMWPLYO`YPL]_SWdT^bSL_bPM]TYR_ZXTYOx
?SP^PNZYOXPLYTYRbSTNS]PWL_P^_Z_SPSTRSP^_-]LSXLYT^_ST^% w?SP NZY^NTZ`^YP^^ ZQ LWW WTaTYR MPTYR^ bSTNS SL^ NSLYRPO T_^PWQ TY_Z _SP bZ]WO _SP 9£OL-]LSXLY _SP QZ]X _SL_ OPWTRS_^ _SL_ T^ :YP bT_SZ`_ L >PNZYOT^bSL_bPM]TYR_ZXTYOx
,[[L]PY_Wd>TÀSLMS¼[£WLbT^SP^_SP_Pc__ZMP`YOP]^_ZZO^`NS_SL__SP 9£OL T^ WTVP_SP -]LSXLYZ]]PXTYO^ZYPZQ T_M`_T^ TYYZbLdTOPY_T NLW _Z T_ ?ST^ LW^Z NZXP^ L^ YZ ^`][]T^P MPNL`^P TY ST^ L]R`XPY_L_TZY >TÀSLMS¼[£WL XLVP^ T_ PL^d PYZ`RS _Z TOPY_TQd STX L^ []ZMLMWd LY LOSP]PY_ ZQ _SP ,OaLT_LAPO£Y_L XLdMP ZQ _SP ±L«VL]L ^NSZZW !# ?SP WL_P]NZXXPY_L_Z]6LWWTY£_SL _SNPY_bSZLW^Z^PPX^_ZMPLWT__WP ,OaLT_T^_TN LW_SZ`RS YZ_ L^ ^_]ZYRWd L^ >TÀSLMS¼[£WL ^PP^ X`^TN L^ L NZX[WP_P^TXTWPZQ_SP-]LSXLY ^£aLdLaL]¼[LVL !$BSL_PYLMWP^NZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! ?SPOL_P^L]P^`RRP^_POTYBTVT[POTL_SPQ]PPPYNdNWZ[POTLS__[%PYbTVT[POTLZ]R bTVT>L«RT_LJ=L_YLVL]LLNNP^^PO:N_ZMP]!$/L_TYR>TÀSLMS¼[£WL_Z_SP_S NPY_ L[[PL]^ _Z MP NZXXZY ^PY^P .Q 8LYOLV]LY_L -Z^P 8ZaPXPY_ LYO 8TXP^T^% ?SP TOPL ZQ /LYNP TY >LY^N]T_TN ?]LOT_TZY 9Pb /PWST% ;]TY_bZ]WO $$ " 3Zb PaP]_SPZ[TYTZYLW^ZPcT^_^_SL_MZ_SNZXXPY_L_Z]^^SZ`WOMPOL_PO_Z_SP _SNPY _`]d LYO ! S__[%bbb]LRLN`W_`]PNZX_Pc_^SX_W LNNP^^PO :N_ZMP] ! $ !" .Q >L«R¯_L=L_Y£VL]L z PO >L^_]T ! _]LY^WL_P TY _SP QZWWZbTYR TY ^WTRS_Wd LM]TORPOQZ]X !# @[LYT´LO \`Z_L_TZY^ LYO Pc[]P^^TZY^ ^`NS L^ w^LU£_¯dLaTU£_¯dL^aLRL_LMSPOL²¼YdLx ]PXTYO ZYP ZQ _SP ±L«VL]L ^NSZZW ?SP XP_L[SZ]TNLW TY_P][]P_L_TZY bL^ [Z^^TMWd TY ^[T]PO Md ±Ã]«RLOPaLv^ []P^PY_L_TZY _SL_ OT^N`^^P^ _SP [STWZ^Z[STNLW ^[PN`WL_TaP -]LSXLYTYNSL[4LYO^[PLV^ZQ9£OL-]LSXLYTYNSL[4 !$ Y£OZ ST ^[SZ¶£_XLY£ ^LXL^_L[LO£]_SL[]LV£²LVL_aL^£OSL]XdP©L NLT_LYd£]Z[LaT´LdL_ a£N NLT_LYdLX ULRLO£_XLY£ [L]TO²dLX£YLNL]£NL]L[]L[LÓN£V£]P©L aTa__LX L_L__ aL_Z vYdL_S£ MS¼_LX Y£OP ²]`_TaL]©£OT^LVLWL²LMOL[]L[LÓNL[]L_TMS£^L^£OSL]XdP©L Y£XL]`[ZWWTVST_L^dL ULRL_Z v[d LOST´¶S£YL_a£]Z[£_ £YLYOLX LMSTadLÓULVP v^XTYY LMSTadL«Rd£YLYOL]¼[£]Z[£_ LOaT_¯dLÀ ^aLV£]dL^aL]£OT[]L[LÓNLV£]L©L_aL]¼[P©L M]LSXL^£OSL]XdP©LTVL_a£]Z[£_ Y£OLM]LSXL Y£OL PaL M]LSXP_dLMSPOL[]£O
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
[L]T^ZY TY _SP ^TXTWP T^ L Y`XMP] ZQ [L]LWWPW^ MP_bPPY -]LSXLY LYO X`^TN Z] ^Z`YO 9£OL^Z`YO -Z_S NLY M]TYR QZ]_S LWW _SP bZ]O^ LYO _SPT] ZMUPN_^ LYO XLVP _SPX [`MWTN []LV£²LVL & _SP -]LSXLY L^ NZY ^NTZ`^YP^^LYO_SP9£OLL^ ^[SZ¶L wM]PLVTYRZ[PYxMPTYRXLOPXLYT QP^_^[ZY_LYPZ`^`YOP]^_LYOTYRZQ^PY^P -]LSXLYT^_SPZ]TRTYZQ_SP bZ]WOTYL^X`NSL^T_NSLYRP^TY_Z^ZXP_STYR_SL_T_T^YZ_LYO_LVP^ZY _SPQZ]XZQ_SPNZ^XZ^ bT_ST_^LYTXL_P LYOTYLYTXL_P_STYR^ 5`^_WTVP _ST^_SP9£OLZQX`^TNT^ LW^Z_SPQZ`YOL_TZYZQLNZ^XZ^bSZ^PYLXP LYO QZ]X Y£XL LYO ]¼[L LWWZb NL_PRZ]TeL_TZY ,YO _ST^ X`^TNLW NZ^ XZ^T^NZX[L]LMWP_Z_SL_ZQ_SP-]LSXLY-`_TY_SP^Z`YONZ^XZ^L]P ]PQWPN_POLWW_ZYP[SPYZXPYL_SL_PcT^_%TY_P]aLW^_ZYPXZaPXPY_^P_N -]LSXLYT^MWT^^LYOX`^TNRPYP]L_P^MWT^^-Z_SL]PZYWdwZYPbT_SZ`_ L^PNZYOxbSTNSLNNZ]OTYR_Z6LWWTY£_SLXPLY^_SL_bT_SMZ_SZQ_SPX _SL_bSTNST^RPYP]L_POSL^_SP^LXPQZ]XL^_SL_bSTNSRPYP]L_P^0aP ]d_STYRRPYP]L_POMd-]LSXLYT^LQZ]XZQ_SP-]LSXLYLYOPaP]d_STYR RPYP]L_POMd^Z`YOQ]ZX_ZYP^_ZL[TPNPZQX`^TNT^LQZ]XZQ^Z`YO 6LWWTY£_SL^`XXL]TeP^TY_SP^PbZ]O^% w>ZTY_SPYPL]TOPY_TQTNL_TZY ZQ9£OLLYO-]LSXLYbPQTYOL^dXMZW_SL_ RZP^]TRS_TY_ZOP_LTWTYL^X`NSL^_SPZYPWTVP_SPZ_SP]T^P\`T[[PObT_S LYLWZRZ`^ NZX[ZYPY_^% _SPd L]P NZY^NTZ`^YP^^ _SP QZ`YOL_TZY ZQ T_^ ZbY NZ^XZ^ LYO _SP Z]TRTY ZQ LWW XL_P]TLW 3P]P SZbPaP] T_ ^SZ`WO YZ_ MP OP YTPO _SL_ _SP 9£OL T^ ZYWd L ^dXMZW FLYO YZ_ L ]PLW ^_L_PXPY_ ZQ TOPY_T_dH m?SP9£OLTP_SP;L]£A£N(_SPw_]LY^NPYOPY_LWWLYR`LRPxT^TYOPPO ZYWd L [ZbP] ZQ _SP -]LSXLY M`_ T_ T^ ^Z TYQTYT_PWd NWZ^P _Z _SP -]LSXLY _SL__SP-]LSXLYT_^PWQNLYMPLNSTPaPOTQZYPNZY_PX[WL_P^T_zWTVP^ZXP ZYP ^PL]NSTYR QZ] []PNTZ`^ ^_ZYP^ QTYOTYR _SP RPX TQ SP ZYWd QZWWZb^ _SP ^Z`YOx
.ZY_PX[WL_TZY ZQ ^Z`YO WPLO^ _Z _SP -]LSXLY M`_ ^Z`YO T^ YZ_ -]LS XLY@W_TXL_PWdbT_SMZ_SNZXXPY_L_Z]^_SP9£OL-]LSXLYT^L[ZP_TN ^TXTWP _SL_ OZP^ LWWZb^ []ZcTXT_d M`_ Md YZ XPLY^ T^ T_ L ^_L_PXPY_ ZQ TOPY_T_d ;Z^^TMWd MZ_S ZQ _SPX SLaP MPPY wNZ]]`[_POx Md ±L«VL]L MP NL`^P _SP WT_P]LW ^PY^P ZQ _SP aP]^P^ ^_L_P^ ^ZXP_STYR OTQQP]PY_ ±£]«RLOPaLv^ 9£OL T^ NP]_LTYWd TY_PYOPO _Z MP ^`M^_LY_TLW LYO _ST^ T^ Q`WWd_]LY^QP]]PO_Z_SP-]LSXLYNZYNP[_ 9ZYO`LW MPTYR ZXYTTXXLYPY_ NZY^NTZ`^YP^^ MWT^^ bZ]WO ]PLWT_d LYO X`^TNLW ^Z`YO Q`^P TY ±£]«RLOPaLv^ 9£OL-]LSXLY ?SP PY_T]P
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ S£YdL £]Z[LaT´LdLMS¼_LY£O£YL[LSYLaP NLT_LYd£OdLaLdLaLd`V_L_aPYL ^LXL^_LaL^_` aT´LdLÀ^£aLdLaL]¼[LVLXLdLXLMST^LÀOSTàz[L]£a£V[L]d£dL^dLM]LSXL²LV_P] Y£OL^dLM]LSXL©Zv_dLY_L[]L_d£^LYYL_a£__LO`[£^LY£d£ÀV_£d£ÀM]LSXL[]£[_T]XL ©T[]LMS£[]La__L^dLXL©TW£MSLaLOMSLaPOT_T6LWWTY£_SLNZXXPY_L]dZY >L«R¯_L =L_Y£VL]L 4zPO>L^_]T!
#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
bZ]WOLYOZYPv^ZbY^PWQNZY_LTY9£OLLYO-]LSXLY "zLYO^ZYRP^[P NTLWWdXLVP^_ST^XLYTQP^_BSPY±£]«RLOPaLQ`^PO_SP±TaLT_TNLYO_SP APO£Y_TN _PLNSTYR TY _SP 9£OL-]LSXLY SP NZXMTYPO YZ_ ZYWd _bZ _SPZWZRTP^M`_LW^ZNL`^POLYPbZYP_ZL]T^P%_SP]PWPaLYNPZQX`^TN_Z OPWTaP]LYNP ,YO _ST^ bL^ _SP LN_`LW M]TWWTLY_ TOPL MPNL`^P X`^TN YZb XLOP _SP -]LSXLY XZ]P _LYRTMWP LYO XZ]P PL^TWd Pc[P]TPYNPO ATL X`^TN _SP -]LSXLY MPNLXP L ^PY^Z]d ^`M^_LYNP _SP L`OTMWP 9£OL -]LSXLY8`^TNTXXPOTL_PWdM]Z`RS_OPWTRS_LYOT_bL^Q`WWZQPc[]P^ ^TZYTYNZY_]L^__Z_SP-]LSXLY]PXZaPOQ]ZX_SP^PY^P^LYO_SPTYL` OTMWP[]TXZ]OTLW^Z`YO7T^_PYTYR_ZT_NZ`WO[]ZaTOPLNNP^^_Z_SP`YT_d ZQ ]PLWT_d _SP bZ]WOTXXLYPY_ LYO bZ]WO_]LY^NPYOTYR YL_`]P ZQ _SP OTaTYPQPPWTYR^LYO_SP^PY^P^,_LYd_TXPZQ_SPOLdZ]LYd^PL^ZYZQ _SPdPL]_SP`YTaP]^LWZYPYP^^NZ`WOMPSPL]OLYPbLYOOTQQP]PY_Wd_SP ^[T]T_NZ`WOMPOPWTRS_POLYOMWT^^_L^_POLYOZYPNZ`WO]T^PLMZaPZYP ^PWQ LYO PaP]dOLd WTQP 8`^TN NZ`WO MP Pc[P]TPYNPO L^ ^ZXP_STYR ^[T]T _`LW Pc[P]TPYNPO L^ OTaTYP ^P]aTNP bSTWP L_ _SP ^LXP _TXP T_ T^ ^TX[Wd Q`Y 1Z] ±£]«RLOPaL T_ T^ LR]PPO _SL_ NWL^^TNLW w_]LOT_TZYLWx 4YOTLY X`^TN X£]RL TYNW`OTYR >£XLAPOL NSLY_TYR ^TX[Wd OPWTRS_^ LWW MP TYR^ _SP RZO^ LYO S`XLY MPTYR^ LYO PaPY WT__WP NSTWO]PY LYO LYTXLW^ 3P RZP^ ZY _ZZ ^_L_P _SL_ X`^TN WTMP]L_P^ Q]ZX LWW PaTW LYO R`L]LY_PP^ _SPQ`WQTWWXPY_ZQLWWZMUPN_TaP^TYWTQP OSL]XLL]_SLV£XLXZV´L " >Z±£]«RLOPaLv^9£OL-]LSXLYbL^TYOPPOXPLY__ZMP^`M^_LY_TLW ,W_SZ`RS_SPNZXXPY_L_Z]^OTOYZ_bLY__ZM`d_SL_T_T^[]PNT^PWd_ST^ L^[PN_ _SL_ MPNLXP TXXPY^PWd [ZbP]Q`W TY _SP [Z[`WL] OT^NZ`]^P QL] MPdZYO_SPbZ]WOZQX`^TN4Y_SPNL^PZQ9£OL-]LSXLYZYPNLY^[PLV ZQLWL^_R]PL_NSLYRPTY_SP-]LSXLYNZYNP[_TY_SP]PWTRTZ`^ST^_Z]dZQ 4YOTL 0aPY TQ _SP _bZ NZXXPY_L_Z]^ ZY ±£]«RLOPaL L__PX[_PO _Z YT[ _ST^NSLYRPTY_SPM`O_SPd]PXLTYPO`Y^`NNP^^Q`W?SP9£OL-]LSXLY NZY_TY`P^ _Z WTaP TY _SP bZ]WO ZQ X`^TN LYO PaPY Z`_^TOP T_ ?ZOLd T_ T^ PaPYXZ]P ^`M^_LY_TLW_SLYPaP]4_SL^MPPY_SPTQTPOLYOw]PdZRTQTPOx 4_SL^QTWWPOT_^PWQbT_SOPaZ_TZYQ]ZX^TX[WP-SLULY^_ZNWL^^TNLW^ZYR LYO LW^Z bT_S P^Z_P]TN DZRL 4Y_P]P^_TYRWd _SP 9£OL-]LSXLY T^ _SP XZ^_ Xd_STNLW ^`M^_LYNP []PNT^PWd QZ] _SZ^P bSZ ^PL]NS QZ] _SP DZRTN bZ]WO ZQ TYYP] ^Z`YO^ LYO ^ZYTN _SPZ[SLYTP^ bSTWP TY ±£]«RLOPaL T_ L[[PL]^XZ]PTY_PWWPN_`LWLYO^[T]T_`LWTePOPaPY_SZ`RST_NLYMPSPL]O TY_SPZ`_P]bZ]WOTY^ZYR8`^TN T^YZ_ZYWdL^^ZNTL_PObT_S _SPMZOd PXZ_TZY LYO Pc[]P^^TZY M`_ LW^Z bT_S XL_SPXL_TN^ LYO ^d^_PXL_TN ^[T]T_ ?ST^ T^ ^SZbY TY [L]_TN`WL] TY _SP .L]YL_TN X`^TN ZQ >Z`_SP]Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,NNZ]OTYR_Z±Ã]«RLOPaLYZ_ZYWdL`OTMWPLYOTYL`OTMWP9£OL^Z`YOXLYTQP^__SPX ^PWaP^ TY _SP MZOd >L«R¯_L=L_Y£VL]L 4& SP LW^Z ^_L_P^ TY Q`WW APO£Y_TN QL^STZY _SPZXYT[]P^PY_-]LSXLYT^_SP¢_XLY_SPTYYP]^PWQZQS`XLYMPTYR^4Q " .Q >L«R¯_L=L_Y£VL]L 4zzLYO444
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#"
4YOTLbSP]P_SP]PbL^LYPc_]PXPOPaZ_TZYLWTeL_TZYLYOTY_P]YLWTeL_TZY ZQ X`^TN L^ w9£OLNZY_PX[WL_TZYx LYO LW^Z _SP XZ^_ NZX[WPc NLWN`WL _TZY^L^bPbTWW^SZbTYXZ]POP_LTW ?SPTY_P]LN_TZYZQXd_STQTNL_TZY LYOOPXd_STQTNL_TZY^ZXL_TeL_TZY LYO^[T]T_`LWTeL_TZYQ`^TZYLYOLM^_]LN_TZY[L]_TNT[L_TZYLYOPXLYNT[L _TZY bSTNS T^ _d[TNLW ZQ _SP 4YOTLY ^Z`YO OT^NZ`]^P^ LW^Z OP_P]XTYPO _SP X`^TNLW 9£OL LYO _SP 9£OL-]LSXLY DP_ _ST^ PXLYNT[L_TZY bL^ LN_`LWWd YPaP] bT_SZ`_ ^_]ZYR [L]_TNT[L_Z]d LYO LP^_SP_TN ^PY^Z]d LYO LQQPN_TaP L^[PN_^ ,YO LNNZ]OTYR _Z Z`] _SP^T^ ]`YYTYR _S]Z`RS _ST^ MZZV_ST^bL^O`P_Z_SP[SZYZNPY_]TNYL_`]PZQ>LY^V]T_N`W_`]PZbTYR _Z bSTNS _SP ^PY^Z]d LQQPN_TaP [P]QZ]XL_TaP LYO [ZPT_ZWZRTNLW L^[PN_^ ZQ LN_TZY^ bP]P YPaP] WZ^_ Q]ZX ^TRS_ LYO TY^_PLO bP]P LWbLd^ _LVPY Q`]_SP] TY YPb aL]TL_TZY^ BT_SZ`_ _ST^ [WL`^TMTWT_d ^_]`N_`]P _SP]P bZ`WO []ZMLMWd YPaP] SLaP MPPY L 9£OL-]LSXLY _SL_ NZ`WO SLaP MP NZXP [Z[`WL] ?SP TOPL ZQ _SP 9£OL-]LSXLY Z] >Z`YO-]LSXLY bSTNS bL^ SL]OWd LOO]P^^PO L_ LWW TY BP^_P]Y 4YOZWZRTNLW ]P^PL]NS MPNL`^P T_ bL^ ^`^[PN_PO ZQ MPTYR _ZZ P^Z_P]TN T^ _SP]PQZ]P LY TOPLWWd ^`T_LMWP ZYP QZ] ^`XXL]TeTYR _SP VPd _]PYO^ TY 4YOTLY OT^NZ`]^P^ ZY WLYR`LRPLYO^Z`YO
!
/PaPWZ[XPY_^TY_SP?P]Xw-]LSXLYxLYO_SP?]LY^QZ]XL_TZY^ZQ_SP 7LYR`LRP2ZZOP^^
BSP]P T^ _SP NSLYRP TQ ZYP YZb YZ WZYRP] ^[PLV^ ZQ _SP wBZ]O -]LSXLYxM`_ZQ_SPw>Z`YO-]LSXLYx*?ST^\`P^_TZYT^TY_P]P^_TYRYZ_ WPL^_Q]ZX _SPaTPb[ZTY_ZQ^[T]T_`LWLYO[STWZ^Z[STNLWST^_Z]dMPNL`^P ^TYNP _SP ^PXTYLW @[LYT´LO P[ZNS -]LSXLY T_^PWQ SL^ YZ_ MPPY PT_SP] P^[PNTLWWd^PY^Z]dYZ]P^[PNTLWWdXd_STNLW ?Z LY^bP] _SP \`P^_TZY ZYP SL^ _Z NZY^TOP] _SL_ ^TYNP T_^ QZN`^ TY _SP WL_P APOL _SP -]LSXLY SL^ MPPY ^ZXP_STYR WTVP L N`W_`]LW []ZR]LX LYO LY TNZY ZQ 3TYO` ^[T]T_`LWT_d 4_ T^ _SL_ bSTNS SZWO^ _SP bZ]WO _Z RP_SP]L_T_^aP]dNZ]PZ`_ZQbSTNS_SPbZ]WOL]T^P^LYOTY_ZbSTNSZYP LW^Z bT^SP^ _Z ]P_`]Y ,YO PaPY LQ_P] _SP ]T^P ZQ _SP R]PL_ RZO^ _ST^ _SZ`RS_[P]^T^_POLYObL^_]LY^QP]]PO_Z_SPTXLRP^ZQRZO^_SL_LWbLd^ TYNW`OPO_SP^`[P][P]^ZYLWL^[PN_ZQ-]LSXLY?ST^QZN`^ZY_SP-]LS XLY L^ LY LM^ZW`_P TXXLYPY_ LYO _]LY^NPYOPY_LW ]PLWT_d SLO PXP]RPO aP]d^WZbWd4Y_SPAPOLT_LW]PLOd`YOP]bPY_aL]TZ`^^_LRP^ZQNSLYRP% Q]ZX WTYR`T^_TN Pc[]P^^TZY^ ]PWL_TYR _Z _SP Y`XTYZ`^ SLaTYR LQQTYT_d bT_ST__S]Z`RS[ZP_TNLYON]d[_TNOTN_TZYLYOT_^TY_PY^TaP^Z`YOYL_`]P LYO _SP]PQZ]P MPTYR LMWP _Z TYQW`PYNP T_ _Z _SP ^_L_PXPY_ ZY _SP Y`XT YZ`^ _SL_ T^ `YOP]^_ZZO _Z MP _SP XLRTNLW ^dXMZWTN OTXPY^TZY ZQ bZ]WOWd [SPYZXPYL LYO _SP Y`XP]TNLW LYO SZXZWZRZ`^ bLd _SPd L]P
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
YP_bZ]VPO4YL_ST]O^_LRP_SP-]LSXLY_SPY]PQP]]PO_Z_ST^^dXMZWTN OTXPY^TZY T_^PWQ 1TYLWWd _SP @[LYT´LO^ _]LY^QZ]XPO _SP ^dXMZWTN TY_Z _SP ^[T]T_`LW ?SP -]LSXLY MPNLXP _SP _]LY^NPYOPY_LW []TXZ]OTLW QZ`Y OL_TZYZQPcT^_PYNPLYO_S`^LW^ZZQS`XLYMPTYR^ -SL]_SL]Tv^ TY_P][]P_L_TZY _S NPY_ -. T^ OTQQTN`W_ _Z `YOP]^_LYO bT_SZ`_ VYZbWPORP ZQ _SP^P ^_LRP^ ZQ XP_LXZ][SZ^T^ ,W_SZ`RS SP QZW WZb^ZYQ]ZX_SPWL^_NSLYRP_SPZWOP]^_LRP^]PXLTYZ[P]L_TZYLWTYST^ _SZ`RS_ 4Y [L]_TN`WL] T_ T^ _SP TOPL ZQ -]LSXLY L^ L XLRTN ^dXMZWTN YP_bZ]VZQ _STYR^ _SL_NZY_TY`P^_ZPcP]_ T_^ PQQPN_^ PaPYTY_SP^[T]T_` LWTePONZYNP[_ZQ-]LSXLYbSTNS^_TX`WL_P^-SL]_SL]T_ZNZYNP[_`LWTeP ^`NSLYP_bZ]VPOQZ]XQZ]_SP^PXLY_TNOTXPY^TZYZQWLYR`LRP1Z]STX T_ T^ L ZMaTZ`^ ^_P[ _Z _STYV TY bSZWP^ LYO YZ_ TY [L]_^ ?ST^ T^ bSd SP _STYV^ _SL_ _SP TYOTaTO`LW XPLYTYR^ ZQ bZ]O^ L[[PL]TYR `YOP] ST^ ]L _TZYLWXTN]Z^NZ[POTaTOPO`[TYL]PO`N_TZYT^_XLYYP]NZXP_ZRP_SP]TY _SP^PY_PYNPbSZWPLYO`W_TXL_PWdTYLNZ^XTNNZX[]PSPY^TaP-]LSXLY _SL_ SP NLWW^ _SP wWLYR`LRP []TYNT[WPx ²LMOL_L__aL Z] wBZ]O -]LSXLYx ²LMOLM]LSXLY -SL]_SL]T `^P^ _SP^P _P]X^ QZ] L RWZMLW QZ]X ZQ XPLYTYR _SL_ NLY MP [P]NPTaPO ZYWd Md _SP ^[T]T_ ?SP 9£OL OZP^YZ_[WLdLYd^TRYTQTNLY_]ZWPQZ]STX 4Y _SP ST^_Z]d ZQ ]PNP[_TZY SZbPaP] _ST^ _`]YPO Z`_ OTQQP]PY_Wd =£XLVL©¶SLv^ 9£OL6£]TV£ _S NPY_ ]PTQTPO LYO _SPZWZRTePO _SP wbZ]O []TYNT[WPx Md ]P[WLNTYR T_ bT_S _SP 9£OL NZYNP[_ bSTWP []P^PY_ TYR L]R`XPY_^ ML^PO ZY -SL]_SL]T TP WTYR`T^_TN L]R`XPY_^ -SL]_SL]Tv^ WLYR`LRP []TYNT[WP bL^ _ZZ LM^_]LN_ LYO TY_P]YLW QZ] STX 8PLYTYRT^^ZXP_STYRXLYTQP^_[`MWTNLYOTY_P]^`MUPN_TaPLYOX`^_MP XLYTQP^_ [`MWTN LYO TY_P]^`MUPN_TaP _Z MP PQQPN_TaP 1Z] PcLN_Wd _ST^ ]PL^ZY LNNZ]OTYR _Z =£XLVL©¶SL _SP XZ]P ^[PNTQTN 9£OL NZYNP[_ _SL_ ]PWL_P^ _ZL`OTMWP LNZ`^_TN^SL^_ZMPM]Z`RS_TY_Z[WLdLYORTaPY XZ]P PX[SL^T^:YP^SZ`WOYZ_P_SL_SP`^P^ZYWd_SP9£OLNZYNP[_LYOOZP^ YZ_ ^[PLV ZQ 9£OL-]LSXLY bSTNS bZ`WO MP Pc[PN_PO Md LYLWZRd _Z -SL]_SL]Tv^±LMOL-]LSXLY0aPYTQ_SPL]R`XPY_^ZXPbSL_]P^PXMWP^ XZOP]Y N`W_`]LW ^_`OTP^ =£XLVL©¶SL _d[TNLWWd SL^ YZ `YOP]WdTYR ]L _TZYLWT^_TN Z] XL_P]TLWT^_TN TY_PY_ 4Y^_PLO ST^ 9£OL T^ QPO NZX[WP_PWd Q]ZX?LY_]TN¢RLXTN]T_`LW[]LN_TNP TY[L]_TN`WL] _SP ;L`´VL]L¢RLXL ?ST^ WPLO^ TY_Z NZ^XZRZYTN WLYR`LRPZY_ZWZRd LYO `W_TXL_PWd TY_Z _SP Xd_STNLW _SPZWZRTNLW bZ]WO^ ZQ _SP APOTN RZOOP^^ A£ROPa¯ a£N bSZ ]P[]P^PY_^ LY TX[Z]_LY_ WTYV _Z _SP ^Z`YO -]LSXLY LYO Pc[WLTY^ T_^ Xd_STNLW^`M^_LY_TLWT_dTY±£]«RLOPaLv^^PY^P 4QZYPbT^SP^_Z`YOP]^_LYOSZb_SPbZ]OMPNZXP^ ^Z`YO_SPNZY NP[_ZQ-]LSXLYLWZYPT^YZ_^`QQTNTPY_4Y^_PLOLYZ_SP]APOTNWTYR`T^ _TN NZYNP[_ LW^Z [WLd^ LY TX[Z]_LY_ ]ZWP YLXPWd _SP A£N _SP RZOOP^^ 7LYR`LRP LW^Z VYZbY L^ _SP RZOOP^^ AZTNP ?SP A£N bSTNS OPYZ_P^ YZ_ZYWdLRZOOP^^M`_LW^Z_SPS`XLYaZTNP LYOWLYR`LRPT_^PWQ T^_SP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$
PYRTYPO]TaTYR_SP_]LY^QZ]XL_TZYQ]ZXbZ]O_Z^Z`YOBSL_OTQQP]PY_T L_P^_SP-]LSXLYNZYNP[_Q]ZX_SPA£NTY4YOTLYN`W_`]PT^T_^ST^_Z]TNLW NZY_TY`T_d ,YO ZYP XLd LOO _SL_ LW_SZ`RS _SP -]LSXLY NZY^_LY_Wd _]LY^QZ]XPOT_^PWQTYT_^ST^_Z]d_SP]PT^`W_TXL_PWdYZXL]VPOXd_STNLW M]PLV M`_ ZYWd L ]PWZNL_TZY TY_Z _SP _]LY^NPYOPY_LW bSTNS NLY LW^Z MP R]L^[PO bSP]P _SP -]LSXLY T^ TOPY_TQTPO bT_S _SP R]PL_ `YTaP]^LW [P] ^ZYLWOPT_TP^3ZbPaP]_ST^NZX[WP_P^STQ_TY_Z_SP_]LY^NPYOPY_LWOZP^ YZ_ L[[Wd _Z _SP NZYNP[_ ZQ A£N L^ T_ SL^ ]PXLTYPO L _d[TNLWWd wXd_ST NLW ^`M^_LYNPx TY 6`]_ 3ÞMYP]v^ ^PY^P A£N XPLY_ _SP aZTNP LYO L_ _SP ^LXP _TXP _SL_ bSTNS T^ ^[ZVPY >`MUPN_ LYO ZMUPN_ NLYYZ_ MP OT^_TY R`T^SPO TY _SP A£N NZYNP[_ ?ST^ NZYN]P_P [WL^_TN TNZYTNT_d bL^ WZ^_ Q]ZX_SP-]LSXLY_P]XTYTYOTRPYZ`^OT^NZ`]^P^TYNP@[LYT´LOTN_TXP^ ^ZX`NS^Z_SL_ T_YPPOPO _SP:]TPY_LWT^_^_Z]PXTYO`^ZQ _SP[ZbP]Q`W XLRTN bZ]O _SP -]LSXLY ZYNP ^TRYTQTPO ?SP A£N ZY _SP Z_SP] SLYO WZ^_T_^OPQTYTYR[ZbP]TY_SP[]ZQLYPLNLOPXTNWTYR`T^_TNOT^NZ`]^PLYO TYPaP]dOLdWLYR`LRPM`_WPOL^PN]P_WTQP TYP^Z_P]TNLYOXd^_TNXP_L [Sd^TNLW WTYR`T^_TN ^[PN`WL_TZY^ LYO Pc[]P^^PO T_^PWQ [`MWTNWd TY YPb QZ]X^ZQ_SPWLYR`LRPRZOOP^^ :YP X`^_ ]PXPXMP] _SL_ L_ -SL]_SL]Tv^ _TXP _SP A£N NZYNP[_ bL^ _Z_LWWd ]P[WLNPO Md ²LMOL _SP []ZQLYP wbZ]Ox L_ WPL^_ L^ QL] L^ _SP OP^N]T[_TZYZQNZYN]P_PWLYR`LRPbL^NZYNP]YPO?SP]PL]P_SPOTQQP]PY_ WLYR`LRP^ MS£´£ >LÀ^V_£ _SP N`W_TaL_PO WLYR`LRP ;]£V_£ _SP NZXXZYWLYR`LRP/P²¯_SPOTaP]^PWZNLWWLYR`LRP^LYO_SP]PL]P_SP bZ]O^ ²LMOL LYO ^Z L ]L_TZYLWT^_TN WTYR`T^_TN [STWZ^Z[SP] LYO TY_P] []P_P]ZQ_SPAPOL^`NSL^6`X£]TWL"_SNPY_NLYb]T_PLbSZWPbZ]V ZY WTYR`T^_TN [STWZ^Z[Sd bT_SZ`_ _SP A£N [WLdTYR LYd ]ZWP TY T_ ?SP XL_P]TLWZQ_SP bZ]O^_SP [SZYPXP^ aL]©L^ T^ LYLWdePOLYO_SP]PWL _TZY^ST[ MP_bPPY bZ]O ²LMOL LYO XPLYTYR L]_SL T^ OPML_PO M`_ _SP [ZZ]ZWOA£NbSZSL^YZbMPPY^P[L]L_POTY_ZbZ]OLYOXPLYTYRT^ZQ YZ`^P_Z_SPWTYR`T^_^ 9PaP]_SPWP^^ _SP Xd^_TN LYO `YTaP]^LW Xd_STNLW OTXPY^TZY ZQ _SP A£N T^ Md YZ XPLY^ WZ^_ -`_ T_^ WTQP T^ NZYQTYPO _Z ]PXZ_P P^Z_P]TN XLRTNLWNZ]YP]^1Z]PcLX[WP_SPQLXZ`^ RaPOTN ]TOOWPaP]^P^ZY_SP N]d[_TN STOOPY WLYR`LRP LYO _SP NWPL] WLYR`LRP ZQ S`XLY MPTYR^ NL_ a£]Ta£V aP]^PMPNZXPTYaZNL_TZYQZ]X`WL^TY_SPWL_PXPOTPaLW?LY_]TN >L]L^aL_¯@[LYT´LO bSTNS bP SLaP LW]PLOd XP_ TY _SP 8P_SZOZWZRd ^PN_TZY4YZ]OP]_ZTYaZVP_SPXd_STNLW^`M^_LYNPZQ_SPWLY R`LRP RZOOP^^ >L]L^aL_¯ TY _SP MP^_ [Z^^TMWP bLd _SP @[LYT´LO XLVP^ `^P ZQ _SP NL_a£]T a£V aP]^P LYO L ^P]TP^ ZQ Z_SP] RaPOTN aP]^P^ PR _SZ^P TY bSTNS _SP YLXP w>L]L^aL_¯x bL^ ^_TWW _SP YLXP ZQ L ]TaP] LYO YZ_ZQ_SPWLYR`LRPRZOOP^^LYOP^[PNTLWWdZQ_SPWLYR`LRPNZbaP]^P^ ^`NS L^ _SL_ TY bSTNS _SP A£N L[[PL]^ L^ _SP OL`RS_P] ZQ _SP RZO^ LYO _SP [TYYLNWP ZQ _SP NZ^XZ^ ?SP >L]L^aL_¯@[LYT´LO NZXMTYP^ _SP^P
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
APOTN ^_L_PXPY_^ bT_S _SP ?LY_]TN ^PPO ^dWWLMWP^ ZQ _SP 2]PL_ 2ZOOP^^ ,4¿ 67®¿ >,@ ?SP ^_]`N_`]P T^ LWbLd^ _SP ^LXP% L OPOTNL_TZY aP]^P _Z >L]L^aL_¯ QZWWZbPO Md L ^PPO ^dWWLMWP LYO _SPY L APOTN WLY R`LRP aP]^P 4Y _SP QZWWZbTYR bP bTWW RTaP _S]PP PcLX[WP^ TWW`^_]L_TYR _ST^ L]_T^_TN TY_P]_Pc_`LW QLM]TN _SL_ wTYaZVP^x _SP []Z_PN_TZY ZQ >L]L^ aL_¯ ?SP ]PLOP] bTWW QTYO QLXTWTL] XL_P]TLW ]PNZXMTYPO LYO SZWT^_TN Q`^TZY ZQ X`W_T[WTNT_d LYO `YT_d _SP PX[T]TNLWWd [P]NPTaLMWP LYO P^Z _P]TNVYZbWPORP% w8LYTQP^_TYRSP]^PWQ ^SP_SP2ZOOP^^T^[P]NPTaPOF\`T_P OTQQP]PY_WdHMd _SP^Z`W^PLNSbT_S_SPT]ZbYbLd^ZQWZZVTYRF,YOOP^[T_P_ST^HT_T^ZYWd ZYP LWWPYNZX[L^^TYR 2ZOOP^^ bSZ XLVP^ FPaP]d_STYRH ]PNZRYTePO 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP ,4¿ TQ WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] [L]_^ BT^P-]LSXTY^VYZb_SPXFLWWH?S]PPWTPSTOOPYTY _SPOP[_SLYO]PXLTY `YYZ_TNPO?SPQZ`]_SF[L]_HZQWLYR`LRPT^^[ZVPYMdXPY >SPFbSZ^PPWPXPY_^HL]PR]Z`[POTYPTRS__d[P^ZQNWL^^TQTNL_TZYMdYLXP FNWL^^H ^[PNTP^ FNWL^^H P_N bSTNS SZbPaP] TQ ^SP XLYTQP^_^ SP]^PWQ LW bLd^ OZP^ ^Z L^ LY `YOTaTOPO BSZWP YT]aTVLW[L F7LYR`LRP T^ LWbLd^ 7LYR`LRPH 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP 67®¿ bSPY _SP RPY_WP 7LY R`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR _SL_ T^ TY NZX[]PSPY^TMWPT_T^XTWVTYRXTWVLYOPYP]RdQ]ZX_SPQZ`]FOT]PN_TZY^ZQ _SPSPLaPY^HbSP]PSP]^`[P]TZ][L]_SL^RZYP >SPZQbSZXLWW[`MWTNLYOYZY[`MWTN^[PPNS^`NSL^_SPAPOLXLVP`^P _ST^ NZb _SL_ R]LY_^ LWW bT^SP^ 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP >,@ _SP RZOOP^^ 7LYR`LRP T^ _SP OL`RS_P] ZQ _SP RZO^ >SP T^ _SL_ bSTNS LWW _SP LYTXLW^ ^[PLV 8Ld ^SP MP RPY_WP _Z `^ LYO []ZaTOP PYP]Rd LYO ^_]PYR_Sx >L]L^aL_¯@[LYT´LO !z# "
,]L_TZYLW]P^ZW`_TZYT^YZ_TY_PYOPOSP]PL_LWW\`T_P`YWTVP_SPPL]WTP] LYNTPY_ LYO XPOTPaLW bZ]V^ Md _SP WLYR`LRP [STWZ^Z[SP]^ LYO R]LX XL]TLY^ bSZ LW^Z `^PO aP]^P^ ZQ _ST^ _d[P ?SP R]LXXL]TLY ;L_LÓULWT YO NPY_ -. QZ] TY^_LYNP SLO `YOP][TYYPO L ]L_TZYLW ]P^ZW`_TZY bSPY SP `YOP]^_ZZO _SP w_S]TNP MZ`YO M`WWx ZQ ZYP ZQ _SP ]TOOWP aP]^P^ _ZMPR]LXXL_TNLWWd]PR`WL_POWLYR`LRPMZ`YO_Z_SP_S]PP_PX[Z]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " d£[]L_dLRO´¶TMST]U¯aLT]adLUdLX£Y£Y`MS¼dL_P ad£[TY¯UÓL[_T]¼[LTV£^£X£À[£_`^L]L^aL_¯ LTÀNL_a£]Ta£V[L]TXT_£[LO£YT_£YTaTO`]M]£SXL©£dPXLY¯´T©Là R`S£_]¯©TYTST_£YP«RLdLY_T_`]¯dLÀa£NZXLY`´d£aLOLY_T! Y£XLU£_d£OTMST]MSPOLT]L´¶LOS£d£aTVLW[T_£ YT]aTVLW[£_XLY£adLV_£^£X£À[£_`^L]L^aL_¯ VW¯ÀdLOa£RaLOLY_¯LaTNP_LY£YT]£´¶]¯OPa£Y£ÀYT´L^£OLXLYO]£ NL_L^]L¼]ULÀO`O`SP[Ld£À^TVaL^aTOL^d£à[L]LXLÀULR£XL" adLV_£adLV_LRT]Là^L]aPaPO£Od£ad£SL]LY_Td£X ^L]aLV£XLO`RS£OSPY`à^£X£À[£_`^L]L^aL_¯ ^L`àOPa¯Àa£NLXLULYLdLY_LOPa£^_£ÀaT²aL]¼[£à[L²LaZaLOLY_T ^£YZXLYO]P´¼]ULÀO`S£Y£OSPY`]a£RL^X£Y`[L^`´¶`_LT_`# >L]L^aL_¯ @[LYT´LO !z#
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
BSL_ bL^ ^_TWW `^PQ`W XL_P]TLW _Z ;L_LÓULWT QZ] N]LNVTYR TY_PWWPN_`LW []ZMWPX^ LYO TY _SP >L]L^aL_¯@[LYT´LO bL^ L XLRTN Xd^_TNLW ^[PWW Z] []LdP]QZ]X`WLTYaZVTYR_SP[]Z_PN_TZYZQ_SPRZOOP^^bL^_]LY^QZ]XPO TY_Z L XP_SZO ZQ TY_P][]P_TYR _SP bZ]WO Md _SP 6L^SXT]T ?LY_]T^_^ TY ^[T]PO Md -SL]_SL]T 1Z] _SPX _SP Xd^_P]TZ`^ L`]L ZQ _SP aP]^P ZY _SP QZ`]WLYR`LRP^ _SPQT]^__S]PPZQ bSTNSL]PYZ WZYRP]TY_SP bZ]WOLYO _SPQZ`]_S T^ ^[ZVPYMdS`XLY^_SPXZ^_ bTOP^[]PLOZQ_SPAPOTNWLY R`LRP ]TOOWP^ T^ _SP Q]LXPbZ]V bT_STY bSTNS _SPd OPaPWZ[ _SPT] Z_S P]bT^P ^_]TN_Wd ^d^_PXL_TN _SPZ]d ZQ _SP QZ`] ^_LRP^ ZQ WLYR`LRP% WLY R`LRPSL^YZ_ZYWdL`OTMWP[`MWTNL^[PN_^ aLTVSL]¯ M`_T^LW^Z^`MUPN_ _Z _STYVTYR L^ TYYP] ^[PPNS XLOSdLX£ LYO _Z TY_`T_TZY [L²dLY_¯ 0aPY _SP NZY^NTZ`^YP^^ T_^PWQ [L]£ ;L]_TNT[L_TZY TY _SP YTXM`^ ZQ _SP APOL aTL _SP [`eeWP aP]^P XPLY^ _SL_ _SP [STWZ^Z[STNLW _PLNSTYR _SL_ WLYR`LRP L]T^P^ TY _SP L]PL ZQ _PY^TZY MP_bPPY OT^N`]^TaP LYO YZY OT^N`]^TaP NZY^NTZ`^YP^^ MPNZXP^ LY P^Z_P]TN _PLNSTYR bT_S ]T_`LW LYO ^[T]T_`LW ]PWPaLYNP ,YO _SP]Pv^ XZ]P% _SP bSZWP T^ TY_P][]P_PO _SPT^_T NLWWd _Z TYOTNL_P L QZ]X ZQ _SP 2]PL_ 2ZOOP^^ YLXPWd ;L]£ A£N _SP w.Z^XTN 7LYR`LRPx ?ST^ ]P^`W_^ TY Y`XP]Z`^ _SPZWZRTNLW N]Z^^ ]PQP]PYNP^ ?SP .Z^XTN 7LYR`LRP T^ L_ _SP ^LXP _TXP _SP bTQP ZQ ±TaL bSZ bT_S STX PcPN`_P^ _SP N]PL_TZY ZQ _SP bZ]WO LYO ^SP T^ LW^Z _SP V`©LWTY¯ _SP NZTWPO ^YLVP z L ^dXMZW ZQ NZ^XTN PYP]Rd LYO N]PL_TaP [ZbP] z TY _SP S`XLY MZOd _Z YLXP M`_ L QPb ZQ SP] R`T^P^ ,_ _SP ^LXP _TXP SZbPaP] OP^[T_P _SP XZ]P Z] WP^^ Xd_STNLW _]TXXTYR^ _SP bSZWP LWbLd^ ]PXLTY^ [STWZ^Z[Sd bT_S LY PcT^_PY_TLWT^_ MLNVR]Z`YO ?SP^PWQ]PQWPN_TZY^PWQPc[]P^^TZYLYO^PWQN]PL_TZYZQ2ZOTY_SPQZ]X ZQ _SP bZ]WO L^ OP^N]TMPO TY ,MSTYLaLR`[_Lv^ P^Z_P]TN PcPRP^T^ ZQ _SP LW[SLMP_T^LW^ZNZY^_LY_WdZNN`]]TYRTY_SPS`XLYNZY^NTZ`^YP^^3P]P _SP N]PL_TaP L`_Z[ZTP_TN LN_TaT_d ZQ _SP ^`[]PXP 2ZO MPNZXP^ L aP]d NZYN]P_P [^dNSZWZRTNLW ]PLWT_d 4_ MPNZXP^ OPWTRS_Q`W MWT^^ bZYOP] LYO LP^_SP_TN ]PaP]TP TY _SP Pc[P]TPYNP^ ZQ OT^^ZW`_TZY TX[L]_PO Md L]_ LYO ]PWTRTZY 4_ T^ QLT]Wd NP]_LTY _SL_ ,MSTYLaLR`[_L SL^ SLO L S`RP M`_ ZQ_PY TYaT^TMWPTYQW`PYNPZYX`^TN_SPZ]dLYO[]LN_TNPLYO NZY_]TM`_PO _Z TY^[T]TYR _SP `YTaP]^LW Xd_STNLW 9£OL-]LSXLY NZYNP[_ BSL_ T^ TY_P]P^_TYRQZ]_SP9£OL-]LSXLYOT^N`^^TZYT^_SL_,MSTYLaLR`[_L^PP^ _SP ]PLW X`^TNTLYv^ WTQP TY L w]PLW ^dXMZWTNx TNZYTNTYOPcTNLW ]PWL_TZY ^ST[ _Z ;L]£ A£N 9Z_STYR PW^P T^ L^ NWZ^P _Z _SP TXXPOTL_P Pc[P]TPYNP ZQ_SPTY_PR]LWbZ]WONZY^NTZ`^YP^^ ^LÀaTO L^_SPTXXP]^TZY_SL_ NLY MP _]TRRP]PO Md X`^TN 9PaP]_SPWP^^ ,MSTYLaLR`[_L ^_TWW LaZTO^ P\`L_ TYR ZYP bT_S _SP Z_SP] 4_ T^ _SP ^[T]T_`LW OPP[Wd OPWTRS_TYR Pc[P]TPYNP ZQ_SPLM^Z][_TZYLYORZTYRMPdZYOZYP^PWQ_SPNZX[WP_PTOPY_TQTNL_TZY bT_S _SP ZMUPN_ LYO L QPPWTYR ZQ MPTYR YZ WZYRP] ZQ _ST^ bZ]WO WZVZ_ _L]L LYO L_ _SP ^LXP _TXP TXXP]^TYR ZYP^PWQ TY _SP PYNZX[L^^TYR R]PL_P] BSZWP _SL_ NSL]LN_P]TeP^ ,MSTYLaLR`[_Lv^ ]L^L LP^_SP_TN^ :YP
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
NZ`WO NZXP `[ bT_S L ^ZXPbSL_ ^SZ]_P] ^`XXL]d% 9£OL T^ L w]LOTNLW XP_L[SZ]x Z] w_Z_LW ]P[]P^PY_L_TZYx QZ] _SP ^LÀaTO _SP TY_PR]LW bZ]WO NZY^NTZ`^YP^^^TYNP_SP9£OLNLYMP]PLWTePO^[ZY_LYPZ`^WdTYTXXP] ^TZY ?SP QPPWTYR ZQ MPTYR YZ_ TY _ST^ bZ]WO _SL_ T^ Pc[P]TPYNPO bSPY SPL]TYR X`^TN T^ L_ _SP ^LXP _TXP _SP PY_]d TY_Z _SP bSZWPYP^^ ZQ _SP bZ]WO ?P]_T`X NZX[L]L_TZYT^ QZ] ,MSTYLaLR`[_L T^ _SP ^[ZY_LYPT_d ZQ Pc[P]TPYNP ZQ ^Z`YO [SPYZXPYL ,NNZ]OTYR _Z STX T_ T^ []PNT^PWd _ST^ ^[ZY_LYPZ`^ Wd^T^ _SL_ PYLMWP^ ZYP _Z SLaP L OPTYOTaTO`LWTePO bZ]WO Pc[P]TPYNP ZQ YZYO`LW bSZWPYP^^ @W_TXL_P WTMP]L_TZY OZP^ TYOPPO ZN N`] ZY L ^_TWW XZ]P PcT^_PY_TLW [WLYP _SLY XP]P PYUZdXPY_ ZQ L]_ M`_ Z_SP]bT^PMZ_SSLaP_SP^LXPPQQPN_^ 4Q ZYP _LVP^ ,MSTYLaLR`[_Lv^ _SZ`RS_ []ZNP^^P^ L^ L ^_L]_TYR [ZTY_ T_T^ZYWdL^SZ]_^_P[_Z_SP^Z`YONZY_PX[WL_TZY Y£OL`[£^LYL ZQ_SP X`^TNZWZRT^_^ @YOP][TYYPO Md M]TWWTLY_ [STWZ^Z[STNLW L]R`XPY_L_TZY bP LW^Z QTYO ^`NS NZY_PX[WL_TZY WL_P] TY -S£^VL]L]£dL _SP w-LYL]^T bLWWLSxLYO8LSL]L^S_]L-]LSXLYbT_SL6L^SXT]TMLNVR]Z`YObSZT^ VYZbY L^ _SP XZ^_ ^TRYTQTNLY_ _SPZ]T^_ ZQ _SP ±]¯aTOd£ ?ST^ ^PaPY _PPY_SNPY_`]d_STYVP]TOPY_TQTP^_SPQZ`]_S^_LRP_SL_T^;L]£A£NZ]_SP STRSP^_QZ]XZQ_SPSTOOPYWLYR`LRPbT_S_SP9£OLSP]P XLY_]L ^Z`YO LYO _S`^ LW^Z bT_S ^ZXP_STYR aP]d ^[PNTQTNLWWd ^PY^Z]d 3P `^P^ _SP PcLX[WP ZQ L ^_]TYR ZQ [PL]W^ _Z TWW`^_]L_P SZb aP]d OTQQP]PY_ ^Z`YO T^ Q]ZX Z_SP] bZ]WOWd [SPYZXPYL >Z`YO T^ L_ ZYNP ^`M^_LYNP TP _SP [PL]W^ TY _SP NZX[L]T^ZY LYO ^_]`N_`]P _SP ^_]TYR ?Z ^PY^P ^Z`YO TY ^`NS L NZYN]P_P bLd TY _SP MZOd LYO MPdZYO _SP MZOd XPLY^ _Z Pc [P]TPYNP L bSZWPYP^^ z bSTNS TY -S£^VL]L]£dLv^ TY_P][]P_L_TZY LW^Z XPLY^LNSTPaTYRLYTXXPOTL_PTY^TRS_TY_Z_SP]PLWT_dZQ_SP`YTaP]^P4Q ZYP SPL]^ PaP]d ^Z`YO ^TX`W_LYPZ`^Wd []P^PY_ TY _SP QTQ_PPY^dWWLMWPO ±]TaTOd£ XLY_]L LYO Pc[P]TPYNP^ _ST^ LN_TaPWd TY L [Sd^TZ [^dNSZWZRTNLW XLYYP] _SP]P ZNN`]^ _SP wQPPWTYRx ZQ YZYO`LW ]PLWT_d _L__aLaPOLYL LYO _SP ]PLWTeL_TZY ZQ NZ^XTN NZY^NTZ`^YP^^ NLT_LYdL LMSTadLV_T @YWTVP_SP,OaLT_LAPO£Y_L_ST^]PLWTeL_TZYT^ZYP^SZ`WO YZ_PYZ_U`^_LRLTYTYRZQVYZbWPORP UÓ£YL TPYZ_L[`]PWdNZRYT_TaP [SPYZXPYZY M`_ L QPPWTYR aPOLYL _SL_ T^ LY Pc[P]TPYNTYR _SL_ TY NW`OP^ MZOd ^PY^P LYO PXZ_TZY^ ?ST^ Pc[P]TPY_TLW OTXPY^TZY SLO LW ]PLOdSLOR]PL_TYQW`PYNPZY,MSTYLaLR`[_Lv^ ^LÀaTO NZYNP[_ ,^TY,MSTYLaLR`[_Lv^LP^_SP_TN^_SPZ]dLYO?LY_]L-S£^VL]L]£dLv^ 9£OLDZRLT^[P[[P]PObT_S[STWZ^Z[Sd_SPZWZRd]T_`LWNZY_PX[WL_TZY LYO [^dNSZWZRd 3T^ TY^_]`N_TZY^ ^SZb SZb ^_]ZYRWd XLY_]L []LN_TNP ^PY^Z]d[P]NP[_TZYLYO]L_TZYLWTePOWd^T^NLYQWZbTY_ZZYPLYZ_SP]?SP ?LY_]TN ^Z`YO Pc[P]TPYNP SP OP^N]TMP^ SL^ ^TXTWL] _Z ,MSTYLaLR`[_Lv^ LP^_SP_TN LM^Z][_TZY LYO OPWTXT_TYR [L]LOTRX LYO _SP X`^TNZWZRT^_^v 9£OL-]LSXLY _Z_LW LQQTYT_d bT_S L ^ZXL_TePO ^PY^Z]TePO -]LSXLY _SL_NLYMPPc[P]TPYNPOPXZ_TZYLWWd
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
BSL_ -P]PYO_ QLTWPO _Z ^PP bL^ _SP NWZ^P NZYYPN_TZY MP_bPPY WLY R`LRP LYO X`^TN TY _SP TYOTRPYZ`^ NZY_Pc_ ?SP NPY_]LW _P]X^ A£N LYO -]LSXLY ]PXLTYPO NWZ^PO _Z STX BSL_ -P]PYO_ XT^^PO T^ _SP]PQZ]P []PNT^PWd _SP OPNT^TaP QLN_Z] ZQ _SP TYOTRPYZ`^ 9£OL-]LSXLY% T_^ OP aPWZ[XPY_ Z`_ ZQ Pc[]P^^TaP WLYR`LRP LYO []TXZ]OTLW [SZYPXP^ _SP Q`^TZY ZQ ^Z`YO LYO NZY^NTZ`^YP^^ LYO _SP WTYR`T^_TN LYO XLY_]L ZY_ZWZRTNLW QZ`YOL_TZY ZQ _SP 4YOTLY _SPZ]d ZQ X`^TN :YP ^SZ`WO ]P XPXMP]_SL_PaPYTY 8L_L«RLX`^TN bL^^PPYL^MPTYROP]TaPOMdWTY R`T^_TN^Z`YO^?SL__SPNPY_]LWQLN_Z]z-]LSXLYzMPNLXPL__LNSPO_Z _SP 9£OL TY 4YOTL ZYWd ]PWL_TaPWd WL_P LYO _SL_ _SP Wd^T^ L^[PN_ bL^ TY _]ZO`NPO TY_Z _SP 9£OL ZYWd bT_S _SP -]LSXLY LYO wMWT^^x £YLYOL _SZ`RS__ZMPTYSP]PY_TYT_L]PQLN_^ZQbSTNS-P]PYO__SPULeeST^_Z ]TLYLYO9Pb,RP[]Z[ZYPY_VYZb^U`^_L^WT__WPL^ZQ_SP?LY_]TN^PY ^Z]TePOXZYT^XLYO _SPNSL]LN_P]TeTYR]ZWPZQOPaZ_TZYLWT^XLMZaPLWW TY >Z`_SP]Y 4YOTLY X`^TN bSTNS ^_]PYR_SPYPO _SP Wd^T^ L^[PN_ PaPY XZ]P 5`^_ L^ OPNT^TaP TY _SP QZ]XL_TZY ZQ _SP 9£OL-]LSXLY PaPY TQ T_ NLXPTYLYLWXZ^_TYaT^TMWPQZ]XbL^SZbPaP]_SPLYNTPY_4YOTLYTOPL ZQ _SP RZOOP^^ A£N _SP wRZOOP^^ AZTNPx L^ _SP \`PPY ZQ _SP `YTaP]^P _SL_L^LYZWON`W_`]LWWPRLNd^Z_Z^[PLVOP_P]XTYP^T_^OPP[R]LXXL] LYO []P^`XLMWd bZ`WO SLaP OPWTRS_PO -P]PYO_ TQ SP SLO MPPY QLXTWTL] bT_S _SP A£N ?SP A£N bL^ ^[PNTQTNLWWd _SP aZTNP LYO `YWTVP _SP YZY O`LW Pc[P]TPYNP ZQ _SP @[LYT´LO^ LYO ±L«VL]L^ _ST^ LWWZbPO _SP -]LS XLY _Z MP Pc[P]TPYNPO LYO PXMZOTPO TY L XZ]P _LYRTMWP bLd _Z `YT_P _SP TYYP] LYO Z`_P] bZ]WO^ LYO _Z NZYNPTaP ZQ £YLYOL ^`[]PXP MWT^^ L^ ^PY^Z]d Wd^T^ ,RLTY^_ _SP MLNVR]Z`YO ZQ _SP A£N T_ bL^ ML^TNLWWd PL^d _Z TXLRTYP _SP S`XLY MZOd L^ _SP ^PL_ ZQ _SP NZ^XTN 9£OL LYO _Z []Z[Z`YO_SPOTaTYT_dZQ^ZYR4Y_d[TNLWQZ]X±£]«ROPaLOZP^YZ__`]Y OT]PN_Wd_Z_SPA£NTOPLYZ]_Z>L]L^aL_¯bSZT^XPY_TZYPOZYWdM]TPQWd L^L X`^TNWZaP]M`_TY^_PLOTYOT]PN_Wd_Z_SP_]LY^QZ]XPO[STWZ^Z[ST NLWWd ]PQWPN_PO A£N Md M`TWOTYR OT]PN_Wd ZY _SP WTYR`T^_ LYO WLYR`LRP [STWZ^Z[SP] -SL]_SL]TLYOTYLXZ]PSTOOPYQL^STZYZY_SPXP_L[Sd ^TNTLY LYO LP^_SP_TN _SPZ]P_TNTLY ,MSTYLaLR`[_L MZ_S ZQ bSZX SLO ^P_ _SPLNLOPXTN^_LYOL]O^QZ][`]^`TYRXP_L[Sd^TN^bT_STYLQ]LXPbZ]VZQ ^NTPYNP 4Y _SP OZXTYLYNP ZQ _SP aZTNP _SP A£N ]PXLTYPO ZXYT[]P^PY_ ]TRS_ TY_Z PaP]dOLd N`W_`]P ?d[TNLWWd QZ] X`^TNZWZRT^_^ ^ZYR bL^ XZ^_ TX [Z]_LY_ bSPY X`^TN bL^ NZY^TOP]PO 4Y ±£]«ROPaL _SP TY^_]`XPY_^ LYO TY^_]`XPY_LWX`^TNOZYZ_L[[PL]`Y_TW_SPPYOZQ_SP_]PL_T^PNSL[! :Y _SP Z_SP] SLYO _SP TOPL ZQ _SP OTaTYT_d ZQ ^ZYR LW]PLOd L[[PL]PO TY ST^ TYT_TLW N]d[_TN aP]^P bSTNS LW^Z ^PN]P_Wd STY_PO L_ _SP 9£OL -]LSXLY ,[[L]PY_Wd ±£]«RLOPaL bL^ LbL]P ZQ _SP L`OLNT_d ZQ _SP ^_L_PXPY_ ^ZYR L^ LY LWWZQZ]X ZQ 2ZO 3P ]PQP]]PO _Z _SP >£XLAPOL
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
L^ L WPRT_TXTeTYR L`_SZ]T_d ZY ^ZYR MPTYR _Z[ []TZ]T_d >L«R¯_L
=L_Y£VL]L 4 4Y X`^TN []LN_TNP _SP S`XLY aZTNP bL^ _SP ]ZWP XZOPW QZ] TY^_]` XPY_LW X`^TN TY^_]`XPY_ M`TWOTYR LYO _SP ^dXMZWT^X L^^ZNTL_PO bT_S _SP TY^_]`XPY_^ 4Y _ST^ NZY_Pc_ T_ X`^_ MP ]PXPXMP]PO _SL_ _SP S`XLY aZTNPT_^PWQbL^]PRL]OPOL^_SPwOTaTYPW`_Px OLTa¯a¯©£ wS`XLYW`_Px X£©`´¯a¯©£ Z] wMZOd W`_Px ²£]¯]¯a¯©£ Md LYLWZRd bT_S _SP LN_`LW TY^_]`XPY_ _SP wbZZOPY W`_Px O£]La¯a¯©£ _SL_ ^SZ`WO TXT_L_P _SP aZTNP ?ST^ XP_ZYdXTN TOPL ZQ _SP wMZOd W`_Px RZP^ ]TRS_ MLNV _Z WL_P] APOTN _TXP^ L^ OT^N`^^PO TY Z`] APOL NSL[_P] LYO T^ OPQT YT_PWd []P^PY_ TY _SP wQTQ_S APOLx _SP 9£¶dL²£^_]L " _SP Q`YOLXPY_LW _Pc_ QZ] 4YOTLY LP^_SP_TN^ LYO _SP QT]^_ bZ]V ZY X`^TN ,YO ^Z _SP A£N LW^Z]PXLTYPO^`MUPN_TaPWd[]P^PY_TY_SPOTaTYPMZOdW`_P0Y]TNSPOMd _SP ?LY_]TN LYO DZRTN N`W_`]P^ ZQ VYZbWPORP _SP WL_P] X`^TN _SPZ]P_T NTLY^[]LT^PO_SPS`XLYMZOdL^_SPXPOT`XZQ_SP[]TXL]dXLYTQP^_L _TZYZQ_SP9£OLLYOWZNL_POMZ_S_SPL`OTMWPLYO_SPTYL`OTMWP9£OLTY _SPMZOd?SP9£OL[ZTY_^\`T_PNWPL]Wd_Z?LY_]TNLYODZRTNNZWWPN_TaP XPXZ]dQT]^_LYOQZ]PXZ^__Z_SP NZ^XZWZRTNLW[]TXZ]OTLW 9£OLZQ_SP Z]_SZOZc ±LTaL¢RLXL^ M`_ OZ`M_WP^^ LW^Z _Z _SP DZRTN []ZO`N_TZY ZQ TYYP]^Z`YO^_S]Z`RSNZY_PX[WL_TZYZQ XLY_]L^ LYO]P^ZYLYNP 4_ bL^ L WZYR ST^_Z]d LYO L NZX[WPc TY_P]_Pc_`LW YP_bZ]V _SL_ N]P L_PO L YPb -]LSXLY _SP 9£OL-]LSXLY _SL_ TYN]PL^PO _SP PXZ_TZYLW NZY_PY_ ZQ _SP APO£Y_TN bZ]OWP^^ LYO ^Z`YOWP^^ -]LSXLY LYO -SL]_SL]Tv^ LM^_]LN_ wBZ]O-]LSXLYx ²LMOLM]LSXLY LYO XLOP T_ XZ]P ^ZXL_TN bZ]WOWd LYO LP^_SP_TN MPNL`^P _SP aZTNP LYO XZ]P ^[P NTQTNLWWd ^ZYR NZ`WO MP [P]NPTaPO L^ ZMUPN_TaTeL_TZY ZQ _SP -]LSXLY LYO ZQ _SP bSZWP NZ^XZ^ , Q`YOLXPY_LW _]TRRP] XLd SLaP MPPY bZ]V^ ZQ [SZYP_TN^ ^ZXP ZQ bSTNS ^[PLV ZQ L aTM]L_TYR ^Z`YO _SL_ [P]aLOP^ _SPbSZWPbZ]WOLYORTaP^WTQP_ZT_ "-`__SPdOZ^ZZYWd[L^^TYRWdLYO bT_SOTQQP]PY_aZNLM`WL]d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q ;]PX 7L_L >SL]XL w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^ TY _SP 4YOTLY ?]LOT_TZYx TY /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO PO >. 8LWTV 9Pb /PWST% 429.,LYO/6;]TY_bZ]WO$$$ z"SP]P " .Q 9£]LO¯dL±¯V´£ "# ]P[]ZO`NPO TY Z`] NSL[_P] ZY _SP LP^_SP_TN^ ZQ [SZYP_TN^ NSL[ ?SP _P]X `^PO QZ] ^Z`YO SP]P T^ ^aL]L _SP ^`[]L^ZYTN ^[SP]P MPTYR NSL]LN_P]TePO L^ L_T^aL]L LYO _SP _P]X M]LSXLY T^ XT^^TYR .WZ^P] TY _P]XTYZWZRd NZXP^ ;£]T±TV´£ 444 F$H PO >_L`_ePMLNS !" bSP]PTY T_ T^ ^LTO _SL_ ^Z`YO SP]P ²LMOL T^ ZQ _bZQZWO YL_`]P L N]PL_PO LYO LY P_P]YLW ZYP ?ST^ P_P]YLW YPaP] [P]T^STYR LYO YZYO`LW ^Z`YO _SL_ PcT^_^ PaP]dbSP]P LYO NZY_LTY^ LWW WTYR`T^_T^N ^Z`YO^ T^ NLWWPO _SP M]LSXLY -]LSXLY ^PPX^ _Z ]PWL_P SP]P _Z _SP ZWOP] []P @[LYT´LOTN M]ÃSXLY NZYNP[_TZY 4Y YPT_SP] bZ]V OZP^ _SP _P]X 9£OL-]LSXLY L[ [PL]M`_NZY^TOP]TYR_SPWL]RPLXZ`Y_ZQ±TV´£bZ]V^_ST^\`P^_TZYbZ`WOYPPOQ`] _SP] ]P^PL]NS ?SP _P]X Y£OL T^ OPQTYT_PWd LW^Z VYZbY z LYO `^PO TY XZ]P ^[PNTQTN bLd?SP >L]aL^LÀXL_L±TV´£ 4F HPO>_L`_ePMLNS^PPX^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#
±£]«RLOPaL^ 9£OL-]LSXLY LM^Z]MPO LWW _SP L^^ZNTL_TZY^ bT_S _SP -]LSXLY 3P `YOP]^_LYO^ _SP -]LSXLY _Z MP ^ZXP_STYR _]LY^NPYOPY_LW LYO L_ _SP ^LXP _TXP TXXLYPY_ WTVP _SP APO£Y_TY^ OZ 3ZbPaP] TY NZY_]L^_ _Z ±L«VL]L SP NZYNPTaP^ ZQ _SP -]LSXLY L^ 9£OL L^ LY TYL` OTMWP^Z`YO_SL_MPNZXP^L`OTMWPLYO[]P^PY_TYX`^TNM`_LW^ZL[[PL]^ TY PaP]d bZ]O L^ -SL]_SL]T _SZ`RS_ 4Y -SL]_SL]T Y£OL bL^ ^_TWW ^TX [Wd_SPMPL]P]ZQWLYR`LRP3T^±LMOL-]LSXLYbL^TYOPPOLW^Z_SZ`RS_ _Z MP SZWT^_TN MPNL`^P T_ PYNZX[L^^PO _]LY^NPYOPYNd _S]Z`RS _SP NZY ^NTZ`^YP^^ M`_ ^Z`YO T^ LW^Z ^_TWW TY ]PLWT_d L SZWT^_TN [SPYZXPYZY L^ _SP WL_P] ±TaLT_TN []TP^_[STWZ^Z[SP]^ OPXZY^_]L_PO ±£]«RLOPaL _ZZV _SPT]TOPL^ZY Y£OL L^ST^ML^T^LYOOPNWL]PO^Z`YOT_^PWQ_ZMPL`YTaP] ^LW Xd_S TY_Z bSTNS _SP PY_T]P bZ]WO T^ MZ`YO 3P]P SP T^ ZMaTZ`^Wd TYQW`PYNPOMd_SP^PY^`LWT_dLYOXLY_]LNPY_]TNT_dZQ_SP?LY_]LLYOST^ TOPLT^^WTRS_Wd]PXTYT^NPY_ZQ_SPZWORZOOP^^A£NbSTNSbL^YZ_ZYWd _SP S`XLY aZTNP M`_ LW^Z ^ZXP_STYR NZ^XTN 8Z]PZaP] _SP 9£OL -]LSXLYXLdMP^PPYL^LQLTY_PNSZZQ_SPAPOTN[SZYP_TNTLY^v[ZP_TN bZ]WOaTPbbSTNST^RTaPYLYPbRL]M BSL_ ±Ã]«RLOPaLv^ 9£OL-]LSXLY NZYNP[_ LNSTPaPO bL^ _SL_ Q]ZX _SP L`OTMWP _Z _SP TYL`OTMWP Z] Q]ZX _SP [Sd^TNLW QZ]X _Z _SP ^[T]T_`LW T_ T^ YZ_ YPNP^^L]d _Z SLaP L OT^_LY_ [`]P ZM^P]aP] Z] ^dY_SP^T^ TY _SP NZY^NTZ`^YP^^ L^ TY ±L«VL]L ?SP ^dY_SP^T^ ZNN`]^ YZ_ ZYWd TY _SP NZY ^NTZ`^YP^^ L^ OP^N]TMPO Md _SP QLXZ`^ [STWZ^Z[SP] ZQ _SP ,OaLT_L APO£Y_L 1Z] ±£]«RLOPaL X`^TN T^ XZ]P _SLY XP]PWd LY TYOTNL_TZY ZQ _SP -]LSXLY 9PT_SP] T^ L wNZOP^bT_NSTYRx YPNP^^L]d L^ ^[PNTQTPO Md _SP >L]L^aL_¯@[LYT´LO 3P]P >L]L^aL_¯ T^ ZYWd XPY_TZYPO TY _SP QT]^_ [L]_L^LXLRTNLWXd_STNLW^`M^_LYNPbSTWPTY_SP^PNZYO[L]__SPRZO OP^^ T^ `YOP]^_ZZO [`]PWd ^[T]T_`LWWd LYO XP_L[SZ]TNLWWd L^ NTNNSLV_T [ZbP]ZQNZY^NTZ`^YP^^[ZbP]QZ]^PY_TPYNP?SP ^bT_NSTYROPXLYO^ _SL_ ZYP LM^_]LN_^ Q]ZX _SP ^bLY _SP eT_SP] LYO _SP ]Z^L]d _Z QTYO _SP LM^ZW`_PQZ]XZQ _SPOPT_d 4Y±£]«RLOPaLSZbPaP] _ST^WPL[ TY_Z[`]P LM^_]LN_TZY T^ YZ_ YPNP^^L]d 4Y ST^ 9£OL-]LSXLY L ^dY_SP^T^ L[[PL]^ TY bSTNS OdYLXTN LbL]PYP^^ NLT_LYdLX LYO ^Z`YO L]P P\`L_PO TY L ^TXTWL] QL^STZY _Z _SL_ TY ,MSTYLaLR`[_L LYO -S£^VL]L]L]£dL ±£]«RLOPaLOZP^YZ_SLaP_Z^bT_NSMPNL`^PST^w>Z`YO-]LSXLYxT^L_ ZYNP NZYN]P_P LYO LM^_]LN_ 4_ T^ Xd_STNLW ^`M^_LYNP LYO T_ LWWZb^ L ]L _TZYLWWd TY^TRS_Q`W bZ]WOTY_P][]P_L_TZY ?SP w>Z`YO-]LSXLYx ZQ bSTNSSPNZYNPTaPO PcT^_^ TYPaP]daZNLW^Z`YOLYOTYPaP]dTY^_]`XPY _LW ^Z`YO TY PaP]d MPPv^ S`XXTYR LYO PaP]d NWL[ ZQ _S`YOP] LYO TY PaP]d bZ]O bSP_SP]T_MP X`]X`]PO]PNT_POZ] ^`YR?SP]PT^YZYPPO _Z OT^_TYR`T^S TY_P]TZ] LYO Pc_P]TZ] bZ]WO^ MPNL`^P _SP bZ]WO T^ TY_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _Z `^P T_ QZ] NP]_LTY LQ_P]^Z`YO^ WPQ_ Md ^aL]T_L LNNPY_ bSTNS ]P^PXMWP _SP YL^LWTePO LQ_P]^Z`YO LY`^a£]L ÀLYOQZ]YL^LW^TYL[L`^P
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
# !
[]P_PO TY LNNZ]OLYNP bT_S _SP XZOPW ZQ ^Z`YO ^[PNTQTNLWWd ZQ XZOLW X`^TN LYO _ST^ SL^ NZY_TY`PO `[ _Z _SP []P^PY_ OLd 1Z] PcLX[WP _SP ML^TN_ZYPT^ZQ_PYNZX[L]PO_Z_SPOTaTYP[]TYNT[WP_Z_SPPaP][]P^PY_ LYO `YNSLYRTYR Z]OP] ZQ MPTYR -]LSXLY Q]ZX bSTNS L[[PL]LYNP LYO OT^L[[PL]LYNPZQ_SPQZ]X^TYX`^TN_SP_ZYP^]PNPTaP_SPT]^PY^P?SP YP_bZ]VZQ_ZYP^XLVP^_SPYP_bZ]VZQMPTYR_]LY^[L]PY_BPbTWWNZXP MLNV_Z_ST^TY_SPNSL[_P]ZY?£X[¼]L 4YT_TLWWd SZbPaP] _bZ Z_SP] _]LOT_TZY^ ^SZ`WO MP XPY_TZYPO _SL_ SLO TX[LN_^ ZY _SP NZYNP[_ ZQ 9£OL-]LSXLY ?ST^ NZYNP[_ T^ NWZ^PWd L^^ZNTL_PO bT_S _SP Pc[P]TPYNP ZQ X`^TN LYO _SP]PQZ]P T_ NLYYZ_ MP Pc [WLTYPO ^ZWPWd L^ L ^[PN`WL_TaP aT^TZY ZQ _SP YZYO`LW bSZWPYP^^ ZQ _SP bZ]WOL^QZ`YOTY_SP-]LSXLYZQ_SP@[LYT´LO^LYOZQ-SL]_SL]TLYO TY _SP 9£OL NZ^XZWZRd ZQ _SP ¢RLXL^ ?SP 9£OL-]LSXLY bL^ L__]LN _TaP []PNT^PWd MPNL`^P T_ bL^ ^[PN`WL_TaPWd NZ^XZWZRTNLWWd LYO ^`MUPN _TaPWd ]PWL_PO _Z Pc[P]TPYNP LYO TYNW`OPO ^ZXL_TN ^PY^Z]d LQQPN_TaP LYO LP^_SP_TN L^[PN_^ ?SP ]PWL_TZY _Z Pc[P]TPYNP bL^ [L]_TN`WL]Wd LQ QPN_PO Md _bZ XZ]P _]LOT_TZY^ _SL_ N]PL_PO L OT]PN_ ]PWL_TZY^ST[ bT_S ]PWTRTZ`^ []LN_TNP% DZRL LYO _SP MSLV_T DZRL LRLTY WPLO^ MLNV _Z _SP aZTNP L^ _SP OTaTYP wMZOd W`_Px ^[PNTQTNLWWd _Z ^Z`YO []ZO`N_TZY TY ^ZYRbSTNS T_^PWQNLYMP`YOP]^_ZZO_ZMPLSZWT^_TN XZOPWZQL bZ]WO TY_P][]P_L_TZYWTYVTYR_SPPc_P]TZ]LYOTY_P]TZ]bZ]WO^
!
?SPDZRTN?LY_]TN7PRLNdLYOT_^=PNZOTYR
;]PX 7L_L >SL]XL ^`[[Z^P^ _SL_ _SP []TXP ]ZWP ZQ _SP aZTNP TY 4YOTLY X`^TNZWZRd T^ ML^PO ZY _SP QLN_ _SL_ _SP wTYYP] ^[LNP TY _SP S`XLY MZOdx bL^ [P]NPTaPO _Z MP _SP QTPWO ZQ DZRTN Pc[P]TPYNP LYO _SP ]PLWT eL_TZYZQ_SP`YT_dZQ_SPTYYP]LYOZ`_P]^[LNPSLOLW^ZMPPY_SPLN_`LW RZLW ZQ 4YOTLv^ X`^TN N`W_`]P " >SP \`Z_P^ L^ PaTOPYNP L [L^^LRP Q]ZX 8L_L«RLv^ -SLOOP²¯ _SL_ NWPL]Wd L^^`XP^ L MZOdXTYO NZY_TY``X QZ] _SP []ZO`N_TZY ZQ ^Z`YO TY ^ZYR LYO MZ]]Zb^ _P]XTYZWZRd Q]ZX DZRTN ?LY_]TNXLY_]L[]LN_TNP% w-d_SPbTWWZQ_SP £_XLY F_SPS`XLY^Z`WH_SP a£d` FbTYOH_SL_T^XZa TYR `[bL]O Q]ZX _SP ML^P ZQ _SP PL]_S Y£MST YLaPW LYO T^ SPWO ZY _SP ubLWWvZQ_SP Y£¯^ FDZRTNYP]aZ`^N`]]PY_^H LYOTY _SP ^[LNPFNP]PM]LW]P RTZYTY_SPMZOdHT^VYZbYL^ ^aL]L _SPOPWTRS_Q`W^Z`YOx "! ?S`^ LNNZ]OTYR _Z >SL]XL bSL_ MPWZYR^ TY aZTNP Z] ^Z`YO []ZO`N_TZY L]P XPY_LW LYO ^ZXL_TN QLN_Z]^% L _SP bTWW _Z []ZO`NP ^Z`YO^& M _SP LN_TaL_TZY ZQ _SP XTYO& N _SP LN_TaL_TZY ZQ _SP TYYP] wQT]P^x Z] _SP VT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >SL]XLw=PWL_TZY^ST[-P_bPPYAZTNPLYO4Y^_]`XPY_^x "! SL]XLw=PWL_TZY^ST[-P_bPPYAZTNPLYO4Y^_]`XPY_^x
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
# "
YP_TN PYP]Rd& LYO O _SP ^_PP]TYR ZQ _SP LT] ^_L]_TYR Q]ZX _SP YLaPW "" >Z`YO Z] 9£OL L^ _SP ^Z`]NP ZQ N]PL_TZY SL^ L [Sd^TNLW ML^P LYO T_^ N]PL_TaP [ZbP] T^ [L]_ ZQ _SP MZOd Pc[P]TPYNP TY []ZO`NTYR L`OTMWP ^Z`YOZ] OSaLYT _SPYL_`]LWP\`TaLWPY_ZQ[]TXZ]OTLW^Z`YOZ]9£OL4_^ LNZ`^_TN^ LYO ]P^ZYLYNP^ NLY MP SPL]O LYO QPW_ Md _SP MZOd 4_ NZaP]^ MZ_S_SPL`OTMWPLYO_SP^`M^ZYTNZ]^`[P]^ZYTN]PLWXLYOPaPY^TWPYNP ^TYNP LY£SL_LY£OL _SP w`Y^_]`NV 9£OLx Pc[P]TPYNPO Md _SP DZRT^ T^ WTYVPO _Z _SP ^`[P]^ZYTN Q]P\`PYNTP^ LYO aTM]L_TZY^ _Z _SP ZNN`W_ TYYP] ^Z`YO^ _Z _SP SPL]_ MPL_^ LYO _Z ^_TWWYP^^ LYO ^TWPYNP MZ_S Pc_P]YLWWd LYOTY_P]YLWWd BSL_ DZRL LYO ?LY_]L []ZaTOPO MPdZYO _SP ^[PN`WL_TaP ^Z`YO NZ^ XZWZRTP^ bL^ L ]TNS bZ]WO ZQ Pc[P]TPYNP TY [L]_TN`WL] L ]TNS []LN_TNP LYO wPc[P]TPYNP NZX[P_PYNPx bT_S ^Z`YO^ 8L_L«RL LYO ±£]«RLOPaL QZWWZbPO ZY OT]PN_Wd Q]ZX _SP ?LY_]TN DZRL ZQ _SPT] _TXP^ P^[PNTLWWd _SP DZRTN?LY_]TN [^dNSZ^ZXL_TN [SPYZXPYL 4Y ±£]«RLOPaL _SP]P T^ L ^TXTWL] PaPY XZ]P OP_LTWPO Pc[WLYL_TZY QZ] ^Z`YO []ZO`N_TZY TY _SP MZOd _Z _SL_ TY _SP LMZaP aP]^P Q]ZX 8L_L«RL "# >ZYR T^ L `YT_d ZQ _SP MZOdLYO^Z`WLYOSL^_ZOZbT_S_SP^Z`W £_XLY _SPM]PL_SLYOaL]T Z`^[WLNP^TY_SPMZOdYLaPWSPL]__S]ZL_SPLOLYOXZ`_S_SL_PY^`]P OTQQP]PY_ ^Z`YO \`LWT_TP^ PR ±£]«RLOPaL WZNLWTeP^ OPP[ YZ_P^ TY _SP SPL]_ LYO STRS YZ_P^ TY _SP SPLO bSTWP ^Z`YO TY _SP L]PL L]Z`YO _SP YLaPW]PXLTY^TYL`OTMWPLYO_SPXTN]Z_ZYP^aTM]L_PTY_SP_S]ZL_LYO_SP SPLO 4Y ]PWL_TZY _Z _SP XTN]Z_ZYP^ ²]`_T^ ±£]«RLOPaL [ZTY_^ Z`_ _SP TOPL _SL_ _SPd L]P NZYYPN_PO bT_S _SP DZRTN YP]aZ`^ N`]]PY_^ Y£¯ "$ 8Z]PZaP] ZYP ZQ ST^ NZY_PX[Z]L]TP^ bSZ []Z[LRL_PO _ST^ _PLNSTYRNZ]]PWL_PO_SP ²]`_T^ LYO Y£¯^ bT_S_SP^Z`YO^ZQ_SPLW[SLMP_ LYO_SP^PaPY[WLNP^ZQ[]ZYZ`YNTYR_SPWP__P]^ZQ_SPLW[SLMP_bT_S_SP ^PaPY_ZYP^ ^aL]L^ :YP NLY ^PP^SZbaP]d ^_]ZYRWd X`^TNaZTNPLYO WLYR`LRPL]P]PRL]OPOL^L`YT_d&_SP^Z`YO^ZQWLYR`LRPLYO_SP^Z`YO^ ZQ X`^TN QWZb ^PLXWP^^Wd TY_Z ZYP LYZ_SP] 4_ LW^Z MPNZXP^ P\`LWWd NWPL] SZb PL^d T_ bL^ QZ] P^Z_P]TN X`^TN TY_P][]P_L_TZY^ LYO L Xd^_TN ^_`Od ZQ X`^TN _Z OPaPWZ[ _SLYV^ _Z _SP DZRTN aZNLM`WL]d LYO _SP XT N]Z_ZYLWT_d ±£]«RLOPaL ZY _SP Z_SP] SLYO L_ _ST^ [ZTY_ TXXPOTL_PWd NZY_TY`P^bT_SX`^TNZWZRTNLW_PNSYTNLWPc[WLYL_TZY^ZQ_SP ²]`_T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" >SL]XLw=PWL_TZY^ST[-P_bPPYAZTNPLYO4Y^_]`XPY_^x! "# >L«R¯_L=L_Y£VL]L 4zTY[L]_TN`WL]4 "$ >L«R¯_L=L_Y£VL]L 4#z$ PO >S]TYRd 1Z] _SP QZWWZbTYR TMTO !z" 4Y _SPT] _]LY^WL_TZY^ LYO RWZ^^P^ >S]TYRd LYO ;]PX 7L_L >SL]XL [P]SL[^ L^^`XP _ZZ ^_]ZYRWd_SL_±£]«RLOPaL^SZ`WOMPLWWZNL_PO_Z_SPDZRTNP^Z_P]TN_]LOT_TZYbSP]PSP ^TX[Wd ]P[]ZO`NP^ []PaLTWTYR Z[TYTZY^ .Q LW^Z QZ] TY^_LYNP _SP _]LY^WL_TZY ZQ _SP wQZWVP_dXZWZRdxOP]TaL_TZYZQ_SP 9£OL _P]X >L«R¯_L=L_Y£VL]L 4! PO >S]TYRd
# #
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
BT_SZ`_OZ`M__SP]PbP]PTY_P]LN_TZY^MP_bPPY_SPDZRTNbZ]WOLYO _SL_ ZQ X`^TN 1Z] PcLX[WP _SP ^_LYOL]O ]P[P]_ZT]P ZQ _SP bZYOP]Q`W L`OT_Z]d Pc[P]TPYNP^ ZQ _SP DZRT^ SPLaPYWd X`^TN LYO TYYP] ^Z`YO^ TYNW`OPO X`^TNLW TY^_]`XPY_^ P^[PNTLWWd _SZ^P _SL_ bP]P LW^Z `^PO TY ]PWTRTZY :Y _SP Z_SP] SLYO _SP X`^TNTLY^ LOZ[_PO ?LY_]TN DZRTN VYZbWPORP LYO _P]X^ TY _SPT] aZNLM`WL]d LYO L[[WTPO _SPX L^ [L__P]Y^ QZ]Pc[WLTYTYR_SP[Sd^TNLW[]ZNP^^P^ TY^ZYRLYOL__SP^LXP_TXPL^L MLNVR]Z`YO QZ] TY_P][]P_TYR _SP NZ^XZWZRTNLW NZY_PY_ ZQ _SP 9£OL ?SP DZRTN TXLRPZQ_SPMZOdLYO_SPDZRTN9£OL[]LN_TNP^Q`^POTYYP]LYO Z`_P] bZ]WO^ R]Z^^ LYO ^`M_WP MZOd NZ][Z]PLWT_d LYO TY_P]TZ]T_d LYO _SPXTN]ZLYO_SPXLN]ZNZ^XZ^^Z_SL_LWW_SP^PbP]P]PQP]PYNP^_ZZYP LYZ_SP];]PNT^PWd_SPNZYNPY_]L_TZYZY ^Z`YO bL^ ^PPYL^_SPMP^_XP OT`XQZ]Pc[P]TPYNTYR_ST^TY_P]NZYYPN_POYP^^1Z]PcLX[WP_SPDZRTY^ SLO]PNZRYTePO_SL_TY_SPMZOdZYPNLY^PY^PaTM]L_TZY^LYOPaPYSPL] ]PNZRYTeLMWP ^Z`YO^ WTVP _SZ^P ZQ _SP Pc_P]YLW bZ]WO z Q]ZX _S`YOP] _Z _SPS`XXTYRZQMPP^TQZYP[W`R^ZYPv^PL]^Z]PYRLRP^TYXLY_]L]PNT _L_TZYQZ]LWZYRP][P]TZO #LYONZY_TY`P^_ZQPPW_SPQTYLW^Z`YO^ZQ_SP ^PPO ^dWWLMWP^ L^ ^`M_WP aTM]L_TZY^ ?SP MZOd T_^PWQ bL^ QTWWPO bT_S ^Z`YO^ z U`^_ WTVP _SP `YTaP]^P 7TVP _SP P_SP] ^Z`YO bL^ ^ZXP_STYR _SL_[P]aLOPOMZ_S_SPTY_P]TZ]LYO_SPPc_P]TZ],RLTY^__SPMLNVR]Z`YO ZQ_ST^_d[PZQbZ]WOaTPbT_bL^[WL`^TMWP_SL__SPX`^TNWZaTYROZN_Z] LYO[ZWdXL_S±£]«RLOPaL^SZ`WOO]Lb_SPNZYNW`^TZY_SL__SP9£OLbL^ TYSP]PY_ TY _SP -]LSXLY bSTNS L^ LM^ZW`_P MPTYR T^ _SP Z]TRTY ZQ _SP bZ]WO LYO [P]aLOP^ T_ BSL_ L[[WTP^ _Z _SP 9£OL LW^Z L[[WTP^ _Z ^ZYR _SPX`^TNZQ_SPwMZOdW`_Px ?SPDZRTN?LY_]TNbZ]WObL^ZYPZQPc[P]TPYNP^TYOPPOZYPZQPc _]LZ]OTYL]dPc[P]TPYNP^LYO]LYVPOSTRSWdLXZYR_SPN`W_`]LWMZOTP^ZQ VYZbWPORP TY _SP 8TOOWP ,RP^ 1Z] ST^ _SP^T^ ZY _SP PQQTNLNd ZQ X`^TN TY OPWTaP]LYNP ±£]«RLOPaL XLOP TXXPOTL_P ]PQP]PYNP _Z _SP w`Y^_]`NV ^Z`YOx LY£SL_LY£OL ZQ _SP DZRTY^ M`_ TY _SP ^PY^P ZQ L OTQQP]PY_TLW XL]VP]% _SP DZRTN 9£OL bL^ YZ_ NL[LMWP ZQ RPYP]L_TYR PXZ_TZY^ LYO NZWZ]TYR _SP XTYO \`T_P `YWTVP X`^TN DZRL bL^ YZ_ ]PUPN_PO :Y _SP NZY_]L]d T_ T^ L VPd bZ]O QZ] N]PL_TYR L`_SPY_TNT_d ZQ _SP PQQTNLNd TY OPWTaP]LYNP 3ZbPaP] ±£]«RLOPaL OPNWL]P^ X`^TN _Z MP L [WPL^`]LMWP LYO bZ]_Sd DZRL _SL_ OZP^ YZ_ PcNW`OP _SP QPPWTYR^ LYO L[[PLW^ _Z _SP ^PY^P^,MZaPLWWT_T^LQZ]XZQDZRL_SL_OZP^YZ_]P\`T]PL[P]^ZY_Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # =£XP²aL]L$_SNPY_Pc[WLTY^_SPw[P]QPN_TZYTY_SPXLY_]Lx XLY_]L^TOOST TYST^ NZXXPY_L]dZY_SPA£]£S¯NSL[_P]ZQ_SP ;L]L²`]£XL6LW[L^¼_]L bT_S_SP^LXPbZY OP]Q`W L`OT_Z]d Pc[P]TPYNP^ LYO aT^TZY^ _SL_ bP SLaP OP^N]TMPO LMZaP TY _SP ?LY_]L NSL[_P] `^TYR L _Pc_ Q]ZX _SP ^Tc_S NPY_`]d LYO ^_]P^^P^ dPL]^ ZQ ^_]TN_ _]LTYTYR bT_S NZY^_LY_ XLY_]L ]P[P_T_TZY ?SP QLY_L^_TNLW bZ]WO SL^ MPNZXP L WT_P]L]d _Z[Z^ ?SP 8LT_]T@[LYT´LO bSTNSOPQTYP^:¿L^±LMOL-]LSXLYT^[]ZMLMWdZYPZQ_SPPL]WT P^_PcLX[WP^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
# $
MPL]PWTRTZ`^aT]_`Z^ZMPNL`^PLNNZ]OTYR_Z±£]«RLOPaLX`^TNT^WZaPO Md PaP]dZYP PaPY WT__WP NSTWO]PY LYO LYTXLW^ 3P bL^ YZ_ TY_P]P^_PO TY _SP TYYP] ^Z`YO^ M`_ _SP MPL`_d LYO ^`M_WP_d ZQ _SP ^Z`YO^ ZQ XPWZOT Z`^NWL^^TNLWX`^TN_SL_bP]PL`OTMWPTY_SPPc_P]YLWbZ]WO_ZPaP]dZYP LYO_SPT][ZbP]_ZMTYOZYPPXZ_TZYLWWd 4_ T^ _PWWTYR _SL_ ±£]«RLOPaL TYNZ][Z]L_PO _SP MZOd NLV]L^ TY ]P NZOPO QZ]X 4Y_P]P^_TYRWd SP LW^Z L^^ZNTL_PO _SPX bT_S L ^[PNTLW []LN _TNP Md []Z[Z^TYR _Z X`^TNTLY^ _SL_ _SPd ^SZ`WO XPOT_L_P ZY NP]_LTY [P_LW^ZQ_SPOTLR]LX^ NZ]]P^[ZYOTYR_Z _SPMZOTWdNPY_P]^TYZ]OP]_Z ]PTYQZ]NP NP]_LTY aT]_`P^ ^`NS L^ ^_LXTYL LYO bTWW[ZbP] ^Z _SL_ _SPd bZ`WO MPNZXP []ZQTNTPY_ TY X`^TN 4Y _ST^ TY^_]`N_TZY ZYP NLY [P]SL[^ PaPY XLVP Z`_ L ^TXTWL]T_d _Z _SP bLd _SL_ NWL^^TNLW DZRL>¼_]L^ ^_L_P _SL_ NZYNPY_]L_TZY ZY ZYP _STYR z PR _SP ^dWWLMWP :¿ _SP XLY_]L^ Z] ^Z`YO D> 4"z# 4A z M]TYR^ LMZ`_ XL^_P]d TY []PNT^PWd _ST^ L]PL 444 QQ 4_ bL^ N`W_`]LW VYZbWPORP _SL_ bL^ ^[]PLO _S]Z`RS XLYd DZRL _Pc_^ 4Q ±£]«RLOPaL PaP] _SZ`RS_ LMZ`_ _ST^ SP TX[WPXPY_PO T_ XZ]P []LRXL_TNLWWd _SLY Xd^_TNLWWd 3T^ bZ]WO bL^ YZ_ _SL_ ZQ _SP DZRTY M`_ _SL_ ZQ _SP []ZQP^^TZYLW X`^TNTLY LYO X`^TNWZaP] 4_ T^ X` ^TNT_^PWQ_SL_SPNZY^TOP]^_ZMP^Z[ZbP]Q`W_SL_T_NZ`WOM]TYRYZ_ZYWd [WPL^`]P M`_ LW^Z WTMP]L_TZY ^ZWPWd _S]Z`RS _SP UZdQ`W LM^Z][_TZY T_ PY LMWPO , wOTaTYP SPL]TYRx OTadLÀ ²]Z_]LX LYO L UZ`]YPd _S]Z`RS _SP P_SP] 444 L^ []ZXT^PO Md _SP ^Z`YO NZYNPY_]L_TZY ZQ _SP DZRL >¼_]L^ bL^ L OTQQP]PY_ bZ]WO LYO bL^ NZX[WP_PWd ]P[WLNPO Md X`^TN 9Z_STYR TY _SP >L«R¯_L=L_Y£VL]L ]PXTYO^ `^ ZQ _SP bZYOP]Q`W Pc[P]T PYNPbZ]WO^ZQ_SP>TOOSL^LYODZRTY^bSTNSbP]PWL_P]L^^ZNTL_PObT_S _SP 9£OL-]LSXLY z _SP SPLaPYWd ^Z`YO^ ZQ NZ^XTN SL][^ MPWW^ LYO O]`X^P_NbSTNS_SPDZRTY^SPL]OTY_SPT]ZbYTY_P]TZ]^LYOTYSTRSP] [WLYP^ZQ_SP`YTaP]^P ?ST^ OZP^ YZ_ XPLY _Z ^Ld _SL_ _SP]P bP]P YZ X`^TNZWZRT^_^ bSZ bLY_PO_ZQZWWZbZYXZ]PNWZ^PWdQ]ZX_SPP^Z_P]TNDZRL_]LOT_TZY?ST^ L[[PL]^ _Z MP _SP NL^P bT_S _SP L`_SZ] ZQ _SP ,`X£[L_LX Z] _SP X`^T NZWZRT^_bSZL^^ZNTL_PO_ZYP^LYOXTN]Z_ZYP^bT_S_SPYP]aZ`^N`]]PY_^ LYO _SP LW[SLMP_ ?ST^ TYOTNL_P^ L Q`^TZY ZQ 9£OLDZRL ±LMOLDZRL LYO LW[SLMP_ DZRL L^ ^`[[Z^PO Md 2`d -PNV _Z MP _SP MLNVR]Z`YO _Z _SP 9£OL-]LSXLY LYO _SP 3TYO` wXd^_P]d ZQ ^Z`YOx >TYNP WLYR`LRP LYO X`^TN L]P ^PPY _Z MP ^Z NWZ^P _SP _]LY^T_TZY T^ aP]d QW`TO -PNV [ZTY_^ Z`_ _ZOLdv^ QZ]X^ ZQ WPL]YTYR X`^TN _SL_ L]P XZ]P Z] WP^^ TOPY_T NLW _Z DZRTN XLY_]L []LN_TNP TYNW`OTYR T_^ M]PL_STYR _PNSYT\`P^ ?SP QZWWZbTYR ^_L_PXPY_^Md_bZZQ -PNVv^ TY_P]aTPbPP^^SZbSZb^_]ZYRWd ^ZYRLYOX`^TNSPL]TYRNLYMPTY_P][]P_POLYOPc[P]TPYNPOTY_SP^PY^P ZQ P^Z_P]TN LYO Xd^_TN XLY_]L []LN_TNP z LYO SZb w^`M^_LY_TLWx _SP 9£OL-]LSXLYT^`YOP]^_ZZOSP]P%
#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
wF=HPRL]OTYR _SP Xd^_TNLW ^TOP ZQ Z`] 3TYO`^_LYT aZNLW X`^TN bSPY _SP ^TYRP]SL^[]ZO`NPO_SPaL]TZ`^YZ_P^ ^aL]L^ _Z[P]QPN_TZY_SPY_SL_Z`_ bL]O L`OTMWP aTM]L_TZY T^ NL[LMWP ZQ []ZO`NTYR L NZ]]P^[ZYOTYR TYYP] u^dX[L_SP_TNv aTM]L_TZY bSTNS TY Z`] _P]XTYZWZRd T^ VYZbY L^ 9£OL -]LSXLYx8=2L`_LX^TYRP]LYOX`^TNZWZRT^_ #
3P]P_SPPc_P]YLW^Z`YO^WPLOTXXPOTL_PWd_ZLYTYYP]^Z`YOPc[P]TPYNP _SL_ T^ TY_P][]P_PO L^ 9£OL-]LSXLY LYO OP^N]TMPO TY L DZRTN XLY_]TN XLYYP] 1`]_SP]XZ]P _SP QZWWZbTYR \`Z_L_TZY ^SZb^ SZb PL^TWd _SP 9£OL-]LSXLY LYO _SP ±LMOL-]LSXLY `YOP]^_ZZO _Z MP _SP ^dWWLMWP :¿Z]PaPY-SL]_SL]Tv^±LMOL-]LSXLYNZX[WP_PWdZaP]WL[% wBSPYdZ`]aZTNPT^[P]QPN_Wd_]LTYPOdZ`bTWWQTYO_SL_LWWZQ_SPYZ_P^ZQ Z`] NWL^^TNLW X`^TN ^L ]P RL XL [L OSL YT FNQ OZ ]P XT QL ^Z WL _T TY BP^_P]Y ^ZWXTeL_TZYH L]P LN_`LWWd aL]TL_TZY^ ZQ ZYP YZ_P bSTNS T^ 9£OL -]LSXLY Z] :Àx >LTWPY -LYP]UPP TY^_]`N_Z] LYO QZ`YOP] ZQ _SP ?LY^PY 8`^TN.ZWWPRP #
3P]P -LYP]UPP T^ LN_`LWWd Pc[]P^^TYR X`^TNLWWd bSL_ -SL]_SL]T SLO WTYR`T^_TNLWWd L^^ZNTL_PO bT_S _SP ±LMOL-]LSXLY LYO SZb _SP 8£©¼VdL LYO 8LT_]T@[LYT´LO [P]NPTaPO _SP :¿ z L^ L bZ]O _SL_ `YT_P^ LWW WPaPW^ ZQ ]PLWT_d bT_STY T_^PWQ 4_ T^ YZ_TNPLMWP _SL_ MZ_S 2L` _LX LYO -LYP]UPP ^_]P^^ SPLaTWd _SP WZYR LYO TY_PY^TaP _]LTYTYR _SP [P]QPN_TYRZQX`^TN?ST^T^]PXTYT^NPY_ZQ_SPwXLY_]L^TOOST x[P]QPN _TZY TY _SP XLY_]L _Z bSTNS ZYP ^_]TaP^ _S]Z`RS TY_PY^TaP XLY_]L []LN _TNP 4_bL^TY[L]_TN`WL]_SPQ`^TZYZQ_SPTYYP]LYOZ`_P]bZ]WOTY^Z`YO []ZO`N_TZYLYOTY_SPPc[P]TPYNPZQ^Z`YObSTNS`YT_PO_SPDZRL_]LOT _TZY LYO X`^TNLW []LN_TNP ?SP ^Z_P]TZWZRTNLW RZLW ZQ _SP DZRTN XLY_]L []LN_TNPbL^_ZOT^^ZWaP_SPS`XLY]P^_]TN_TZY^LYOXLVP_SPMZOdT_^PWQ XLY_]LXLdL wLWTaP bT_S XLY_]L^x _Z NZ^XTQd T_ LYO _Z TY_P]YLWTeP _SP[ZbP]ZQ _SPOPT_d ?ST^ NZYQW`PYNPZQ TYYP] LYOZ`_P] bZ]WO^NZ] [Z]PLWT_dLYOTY_P]TZ]T_dT^LW^ZQZ`YObT_S_SPX`^TNTLY^,`OTMWPX` ^TN bL^ YZ_ ZYWd ^ZXP_STYR Pc_P]YLW z T_ LW^Z PWTNT_PO TYYP] QPPWTYR^ PXZ_TZYLW L_XZ^[SP]P^ LYO Wd^T^ LYO ZQ_PY OPXZY^_]L_P^ STRSWd OPaZ _TZYLWTePONSL]LN_P]T^_TN^4YL`OTMWP^Z`YO_SPYZYL`OTMWPbL^L`OTMWP TY _SP bZ]WOWd _SP ^`[P]YL_`]LW TY X`^TN _SP OPT_d ?PWWTYRWd L _]LOT _TZYLW_]PL_T^PZYX`^TN_SP >aL]£]©LaL ^_L_P^_SL_% w7TQPQZ]NP []£©L ObPWW^L__SPNPY_]PZQ_SP^Z`W £_XLY ,`OTMWP^Z`YO OSaLYT ObPWW^L__SPNPY_]PZQWTQPQZ]NP8`^TNLW^Z`YOZ][]TXZ]OTLWaT M]L_TZY Y£OL ObPWW^ L_ _SP NPY_]P ZQ L`OTMWP ^Z`YO ,_ _SP NPY_]P ZQ _SP X`^TNLW[]TXZ]OTLW 9£OL^Z`YO ObPWW^ 7Z]O ±TaL _SP P_P]YLWWd ,`^[T NTZ`^x #
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -PNV >ZYTN?SPZWZRd # -PNV >ZYTN?SPZWZRd # £_XLXLOSdLRL_Là[]£©Là[]£©LXLOSdLRL_ZOSaLYTà
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#!
3P]P DZRTN XPOT_L_TZY LYO ^ZYTN Xd^_TNT^X L]P ]PWZNL_PO TY_Z X`^TN ±£]«RLOPaL SLO LW]PLOd [`_ QZ]bL]O L ^TXTWL] _SZ`RS_ TY ST^ Z[PYTYR aP]^P M`_ TY _SP >aL]£]©LaL T_ L[[PL]^ TY L X`NS XZ]P _SPTQTPO LYO OPaZ_TZYLWTePO QZ]X ?SP ^Z`YO ZQ X`^TN T^ _SP []TXZ]OTLW 9£OL ^Z`YO LYO TX[L]_^ _SP aP]d P^^PYNP ZQ ^Z`YO% _SP STRSP^_ 2ZO 3P]P _SP ]PWT RTZ`^ ^PXTZ_TNTeL_TZY_`]Y^_SPPc[P]TPYNTYRZQX`^TN TY_ZL^LN]POLN_ bSTWP TY ±£]«RLOPaL T_ bL^ ^ZYR T_^PWQ -`_ ST^ aP]^P NZ`WO LW^Z PL^TWd MP ]PLO PaPY []TXL]TWd OPaZ_TZYLWWd L^ ±TaL bL^ _SP wPXMZOTXPY_ ZQ _SP 9£OLx L^ bL^ ^ZYR ,YO T_ NZ`WO LW^Z MP SPL]O TY _SP NZPcT^_PYNP ZQ ±TaL LYO ^ZYR% ^ZYR X`^TN WPLO^ _Z _SP TXXPOTL_P Pc[P]TPYNP ZQ 2ZO?SPOPT_dT^[]P^PY_wPXMZOTPOxSP]PLYOYZbTYX`^TN>ZYRT^ TYLaP]d]PLW^PY^POTaTYP^P]aTNPTYaZNL_TZYZQ_SPMWP^^PO2ZOL`OT MWP OPaZ_TZY LYO [L]_TNT[L_TZY TY _SP OTaTYP 8LYd X`^TNTLY^ `YOP] ^_LYO_SP LW£[ _SP Pc[Z^T_TZY[SL^PZQ _SP =£RL _ZMPTYaZNL_TZY8` ^TNT^^ZXP_STYR^[T]T_`LWMPNL`^PT_NLYMP[P]NPTaPO L^[]LdP]LYO_SP wPXMZOTXPY_ ZQ 2ZOx LYO _SP]PQZ]P OPWTaP]^ ]PWTRTZ`^ WTMP]L_TZY ?ST^ WTYP ZQ _SZ`RS_ LYO \`LWT_d ZQ Pc[P]TPYNP MPNLXP bTOP^[]PLO [L]_TN` WL]Wd TY _SPX`^TNLW_]LOT_TZYZQ>Z`_SP]Y4YOTL?SPX`^TNTLYLYOdZRT -S£V_LLM^Z]M^LYOTY_P]TZ]TeP^2ZOaTL9£OL@[L^£YL^Z`YONZY_PX [WL_TZY z SP]P =LRSLaLY ]TRS_Wd RWZ^^P^ wOPaZ_TZY _S]Z`RS OTaTYP ^Z`YOx #zLYO^[PNTQTNLWWdaTL^TYRTYR_SPYLXPZQ2ZO?SP^`YRYLXP ZQ2ZOT^_SP XLY_]L TYbSTNSZYPTXXP]^P^ZYP^PWQLYObSZ^PP^^PYNP ZYP wLbLVPY^x 3P]P DZRL LYO X`^TN Q`^P XLY_]L ]P[P_T_TZY LYO ^ZYR XP]RP TY_ZZYP TY _SP XZ^_[P]QPN_bLdLYOdP__SPdSLaP L\`T_POTQ QP]PY_ \`LWT_d ZQ Pc[P]TPYNP U`^_ L^ SLO LW]PLOd MPPY NZYNPTaPO TY ±£]«RLOPaL?SPO]d]P[P_T_TaPPcP]NT^P UL[L _`]Y^TY_ZXPWZOTZ`^LYO ^PY^Z]dLP^_SP_TN[WPL^`]P LYO^ZXP_STYR_SL__Z`NSP^ZYPPXZ_TZYLWWd 4Y^_PLO ZQ XPOT_L_TYR ZY _SP ]P^ZYLYNP ZQ _SP XLY_]L TY _SP MZOd ZYP NLYOPaZ_PZYP^PWQ_Z^ZYRLYO_SP^`M_WPXTN]Z_ZYP^LYO_SPQPPWTYRZQ MPTYR NWZ^P _Z 2ZO LYO SLaTYR LY TXXPOTL_P _L^_P ZQ OTaTYP MWT^^ 4Y _SPT] XZYZOTN LYO [PLNPQ`W QWZb _SP Pc_P]YLW ^Z`YO^ XTR]L_PO \`T_P YL_`]LWWd TY_Z _SP TYYP] bZ]WO LYO T^^`PO [PLNPQ`WYP^^ OPWTRS_ LYO wR]PL__]LY^NPYOPYNTP^x7T^_PYTYR_Z_SPXbL^TXXPOTL_P[L]_TNT[L_TZY TY 2ZO ?S]Z`RS 9£OL@[£^LYL OPaZ_TZYLW ^ZYR T_^PWQ MPNLXP 9£OL DZRL 8`^TN bL^ _SP bLd _Z YZYO`LW MPTYR LYO _Z WTMP]L_TZY U`^_ L^ ±£]«RLOPaLSLO^LTO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
OSaLYTXLOSdLRL_ZY£OLàY£OLXLOSdP^LO£²TaLà >aL]L]©LaL \`Z_PO LQ_P] 8`]_Sd LYO >L]L_NSLYO]L 6`XL] w8PL^`]PXPY_ LYO >dX MZWT^XZQ >Z`YOTY 4YOTLY8`^TNxTY /SaLYT PO >.8LWTVZ[NT_$ .Q LW^Z
?SP;ZbP]ZQ_SP>LN]PO9LXP%A=LRSLaLYv^>_`OTP^TY9£XL^TOOS£Y_LLYO4YOTLY .`W_`]P POBTWWTLX55LNV^ZY/PWST%>L_R`]`;`MWTNL_TZY^$$c # ?SP ;ZbP] ZQ _SP >LN]PO 9LXP !! 1Z] _SP 9Z]_S 4YOTLY ALT´©LaL _]LOT_TZY ^PP >_PaPY=Z^PY ?SPDZRLZQ6T]_LY%.ZYaP]^L_TZY^ZY_SP>LN]PO,]_ZQ.SLY_TYR
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
#! !
/PaZ_TZYLW9£OLDZRLTY>Z`_S4YOTLY.WL^^TNLW8`^TN
8`^TNLYO_SPOPaZ_TZYLWZ]TPY_L_TZYRLaP]T^PTYNZY_]L^__Z_SPNWL^^T NLW QZ]X^ ZQ DZRL _Z L ^_]ZYR PXZ_TZYLWTeL_TZY LYO [P]^ZYLWTeL_TZY ?SP]PWTRTZ`^L^[PN_PcT^_^TYMZ_S9Z]_SLYO>Z`_S4YOTLYX`^TNbSTNS ^TYNP _SP !S NPY_`]d SL^ MPPY QZ`YO TY _SPZ]TePO QZ]X L^ STYO`^_£YT LYO VL]©£_LVL ^_dWP^ # 3ZbPaP] ]PWTRTZ`^YP^^ T^ ZYWd L []TZ]T_d TY >Z`_S 4YOTLY X`^TN bSTNS T^ []P^`XLMWd O`P _Z _SP QLN_ _SL_ >Z`_SP]Y 4YOTLbL^X`NSWP^^LQQPN_POMd8`^WTXZNN`[L_TZY_SLY_SP9Z]_SbL^ 4Y 4YOTL =£RL X`^TN bL^ LWbLd^ L aP]d ]PRTZYLW [SPYZXPYZY LYO bL^ _SP]PQZ]P Z]TRTYLWWd LW^Z NLWWPO /P²T X`^TN WT_P]LWWd w]PRTZYLW X` ^TNx?SPQT]^__SPZ]P_TNLWOT^N`^^TZYNLYMPQZ`YOTY_SP^PNZYO.S]T^ _TLY XTWWPYYT`X Q]ZX _SP _S NPY_`]d ZYbL]O 4Y _ST^ NZY_Pc_ _SP]P bL^ L MTQ`]NL_TZY TY bSTNS _bZ OTQQP]PY_ ^d^_PX^ N]d^_LWWTePO Z`_ ZYP QZ] _SP 9Z]_S LYO ZYP QZ] _SP >Z`_S -`_ NWPL]Wd _ST^ T^ YZ_ L[[L]PY_ `Y_TW_SP!_SNPY_`]d 4Y _SP 9Z]_S 4YOTLY 3TYO`^_LYT X`^TN XZ^_ ZQ _SP _Pc_^ L]P ZQ L ^PN`WL] YL_`]P []TYNT[LWWd TY _SP QZ]X ZQ WZaP]PWL_PO _Z[TN^ bT_S _SP PcNP[_TZY^ ZQ -SLULY LYO 6¯]_LYLX ;]ZXTYPY_ QZ]X^ TYNW`OP /S]`[LO L^_]TN_aZNLWNZX[Z^T_TZYVYZbY^TYNP,Y_T\`T_d6Sd£WLYPc_PY^TZY ZQ _SP /S]`[LO QZ]X bT_S aT]_`Z^Z OPaPWZ[XPY_^ ?S`X]¯ P^Z_P]TN WZaP ^ZYR^ LOZ[_TYR []ZYZ`YNPO QZWV PWPXPY_^ bSTWP LOOTYR Z]YLXPY_ _Z _SPX _SP -SLULY^ SdXY^ ZQ []LT^P Z]TPY_PO ZY [`]PWd ]PWTRTZ`^ NZY_Pc_^ LYO 6¯]_LYL^ _SP X`^TNLW wYL]]L_TZYx ZQ ^_Z]TP^ ZQ _SP RZO^ ,MZaP LWW ?`W^¯O£^ z! >¼]O£^ LYO 8¯]£ -LT WTVPbT^P !_S NPY_`]d bP]P [ZbP]Q`W TY ]PWTRTZ`^ NZX[Z^T_TZY^ -`_ _SLYV^ _Z _SP 6´©LP]Z_TNT^XT_bL^PL^dQZ]]PWTRTZ`^LYO^PN`WL]_Z[TN^_ZXP]RP -d NZY_]L^_ >Z`_S 4YOTLY .L]YL_TN X`^TN bL^ LWXZ^_ bT_SZ`_ Pc NP[_TZY Pc[WTNT_Wd ]PWTRTZ`^ 6]T_T V_T NZX[Z^T_TZY^ NWL^^TNLW OPaZ _TZYLW ^ZYR^ L]P _d[TNLW ZQ _ST^ RPY]P ?SP _S]PP X`^TNTLY^ ?d£RL]£UL 8`__`^a£XT /¯V´T_L] LYO ±d£XL ±£^_]T L]P ]PRL]OPO L^ _SP ePYT_S ZQ .L]YL_TN NWL^^TNLW X`^TN LYO ?d£RL]£UL L >X£]_L -]LSXLY Q]ZX ?LY ULa`]?LXTW9LO`T^_SZ`RS__ZMP_SPR]PL_P^_RPYT`^ZQ_SP_S]PP ?d£RL]£UL "!"z#" []ZMLMWd _SP XZ^_ QLXZ`^ >Z`_S 4YOTLY NZX[Z^P] PaP] LYO L_ _SP ^LXP _TXP L R]PL_ OPaZ_PP ZQ =£XL ^_LYO^ LXZYR_SP.L]YL_TNX`^TNTLYNZX[Z^P]^YZ_ZYWdwQZ]PXZ^_QZ]WT_P]L]d L[[PLW ]TNSYP^^ ZQ TOPL^ LYO QLYNTP^ PYOWP^^ PXZ_TZYLW aL]TL_TZY^ LYO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q LW^Z _SP OT^N`^^TZY ZY X`^TN TY 0TYQÞS]`YR TY OTP 4YOZWZRTP >_LYO 8P_SZOPY ,`QRLMPY PO 3PTYe -PNSP]_ LYO 2PZ]R aZY >TX^ZY /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $"$ ]Pa PO $$ $z 4Y Z`] Z`_WTYP bP MPYPQT_ XLTYWd Q]ZX_SP_]LTYTYRTY4YOTLYLYO0`]Z[PLYX`^TNZQZYPZQ_SPL`_SZ]^:8
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#!
TY_PY^T_d ZQ QPPWTYRx #! M`_ TY XLYd ZQ ST^ NZX[Z^T_TZY^ SP LW^Z Pc []P^^P^ 2ZO L^ _SP PXMZOTXPY_ ZQ 9£OL #" >Z SP]P SP Pc[LYO^ ZY L _Z[TN _SL_ SL^ ZYWd L ^PXTYLW MPRTYYTYR TY ±£]«RLOPaL ?ST^ OZP^ YZ_ NZXP LMZ`_ Md NSLYNP L^ _SP []LN_TNP ZQ ]PNT_TYR LYO ^TYRTYR OPT_TP^v YLXP^L^ XLY_]L^ SLOQZ]XLYddPL]^MPPYNZXXZY[]LN_TNPMZ_STY_SP _PX[WP^LYOTY_SPSZXP1Z]LWZYR_TXP_SP[]LdTYRZQYLXP^QZ]X` WL^^`NSL^ :¿YLXZ 9£]£dL©£dL :¿YLXLà ±Ta£dL Z] =£X =£X£dL YLXLà SLO LW]PLOd MPPY ]PRL]OPO L^ _SP ^TX[WP^_ OT]PN_ ]Z`_P _Z 2ZO LYO L^ _SP XZ^_ [Z_PY_ XPLY^ ZQ LNSTPaTYR OPWTaP]LYNP LYO ^TX`W_LYP Z`^Wd L^ OPP[Wd PXZ_TZYLWWd ^L_T^QdTYR TY _SL_ T_ LWWZbPO ZYP _Z Pc[P]T PYNP [P]^ZYLW OPaZ_TZY TYYP] [PLNP LYO OTaTYP []P^PYNP 4_ T^ TY_P]P^_ TYR SZbPaP] _SL_ TY _SP 6LaP]T/PW_L L_ _SP ^LXP _TXP MP_bPPY ! LYO# ,/LYOZQ_PYTY[P]^ZYLW`YTZYL^TY_SPNL^PZQ?d£RL]£UL _SP .L]YL_TN NWL^^TNLW X`^TN OPaPWZ[PO LYO L ]PQWPN_PO YZYO`LW _SPZW ZRd ZQ YLXP^ 9£XL>TOOS£Y_L 4_ QPO ZY _SP APO£Y_L LYO OTO YZ_ _]d _Z XLVP LYd OT^_TYN_TZY MP_bPPY _SP R]PL_ RZO^ ±TaL AT´©` LYO /Pa¯ ?SP ^Z`YO ZQ _SP OTaTYP YLXP bL^ ^PPY L^ _SP w]ZMPx _SP MZOd LYO TXXPOTL_P OPWTaP]TYR []P^PYNP ZQ _SP TYaT^TMWP OPT_d LYO bL^ NWZ^PWd L^^ZNTL_PO bT_S 9£OL NZY_PX[WL_TZY Y£OL`[£^LYL ## @YWTVP bSL_ bP QTYOTY-S£^VL]L]£dLSP]PNZY_PX[WL_TZYZQ9£OLXPLY_aTPbTYR_SPL]_ ZQ X`^TN wL^ LY LTO _Z OPaZ_TZY LYO NZY_PX[WL_TZYx 8`^TNLW []LN_TNP bL^ NPY_P]PO wZY 2ZO MPTYR _SP PXMZOTXPY_ ZQ Y£OL ^`M_WP ^LN]PO aTM]L_TZY LYO_SPLM^Z][_TZYTY _SP UZdZQXPWZOd L^ T_^PWQNZY^_T_`_TYR ^[T]T_`LW WTMP]L_TZY XZV´L x #$ Z] TY _SP bZ]O^ ZQ ?d£RL]£UL% w/PaZ_TZY L^^ZNTL_PObT_S_SPYPN_L]ZQ ^aL]L FYZ_P^HLYO=£RLFXPWZOTP^HT^aP]TWd [L]LOT^P LYO QTYLW WTMP]L_TZYx& w?SP UZd ZQ X`^TN T^ T_^PWQ _SP MWT^^ ZQ -]LSXLY_SL_ aPO£Y_L ^[PLV^ZQx $ ?SPRZLWZQ_SP9£XL>TOOS£Y_LLYOZQ_SPLN_`LW[]LN_TNPZQOPaZ _TZYLW ^ZYR ZQ _SP XPY_LW LYO L`OTMWP ]PNT_L_TZY LYO ^TYRTYR ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?SP;ZbP]ZQ_SP>LN]PO9LXP !?d£RL]£ULT^_SZ`RS__ZSLaP]P[PL_PO_SPw^LaTYR YLXP^x=£XL _£]LVLY£XL$!XTWWTZY_TXP^LYO_ZSLaP^PPY=£XL4YST^QLXZ`^ ^ZYR^SP PX[SL^TeP^_SL__SP ]PNT_L_TZY X`^_YZ_MP XPNSLYTNLW ^[PPNSM`_X`^_TY ^_PLOMPML^POZYLQ`WW]PLWTeL_TZYZQ_SPXPLYTYRZQ=£XLL^_SPSTRSP^_MPTYRLYO OPP[WZaPZQ2ZOLYO_SL__SP_]`P [¼U£ bL^TYYP]OPOTNL_TZYLYO_SPMP^_]T_`LWML_S bL^_SPNZY_PX[WL_TZYZQ_SPYZYO`LWSTRSP^_OPT_d3P`YOP]^_ZZO=£XL_ZMP;L]L -]LSXLYLYOTY_P][]P_PO_SPYLXP =£XL _SPNZXMTYL_TZYZQ_SP ^dWWLMWP^ w=£xLYO w8LxL^L ^dY_SP^T^ZQ_SPP^^PYNPZQ_SP PTRS_^dWWLMWPO9Ã]£dLYLAT´©`XLY_]L^ =£ Z] _SP QTaP^dWWLMWPO ±TaL XLY_]L^ 8L 1Z] XZ]P OP_LTW ZY ?d£RL]£UL ^PP F=LRSLaLYH ?SP;ZbP]ZQ_SP>LN]PO9LXP "z#$LYO"z #" .Q8`]_SdLYO>L]L_NSLYO]L6`XL]w8PL^`]PXPY_LYO>dXMZWT^XZQ>Z`YOx LYOF=LRSLaLYH ?SP;ZbP]ZQ_SP>LN]PO9LXP z ## .Q ?SP;ZbP]ZQ_SP>LN]PO9LXP Z[NT_ #$ F=LRSLaLYH ?SP;ZbP]ZQ_SP>LN]PO9LXP $ LN]PO9LXP
#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
YLXP ZQ 2ZO LYO ZQ _SP NZY_PX[WL_TZY ZQ ^Z`YO bL^ aP]d ^TXTWL]Wd _Z _SP DZRTN XLY_]LMZOd TOPLW L [P]QPN_ ^`[P][Z^T_TZY Md _SP OPT_d TP w_Z ^L_`]L_P _SP bSZWP M]LTY _SP bSZWP [^dNSP _SP bSZWP XPXZ]d _SP bSZWP WTQP bT_S bSL_ _SP YLXP NZYYZ_P^x $ BTWWTLX 5LNV^ZY NZXXPY_^ ZY_ST^bT_S_SP^PbZ]O^% w=Sd_SXTN ]P[P_T_TZY LQQPN_^ _SP S`XLY Z]RLYT^X bSPY [P]QZ]XPO XPY _LWWd& LYO LNZ`^_TN aTM]L_TZY^ XLVP LY TX[LN_ ZY _SP YP]aZ`^ ^d^_PX =Sd_SX[Z_PY_TLWWdNLY]PPX[L__P]YL[P]^ZYv^_SZ`RS_^QPPWTYR^LYO[P] NP[_TZY^ m ?S`^ TY Y£OLdZRL _SP aTM]L_TZY ZQ NSLY_TYR _SP YLXP `W_T XL_PWd [L]_TNT[L_P^ TY _SP YL_`]P ZQ bSTNS T^ YLXPO ?SP XLY_]L ^Z`YO bSTNS_`YP^ZYPTY_Z_SPXd^_P]dZQ_SP`W_TXL_P Y£OL z_SPNZ^XTNuX`^TN ZQ _SP ^[SP]P^v _SP ^Z`YO ZQ _SP YLXP ]TYRTYR TY ZYPv^ SPL]_ LYO aZTNP z SL]XZYTeP^ ZYP bT_S _SP TYQTYT_P P_P]YLW S`X ZQ -PTYR 4Y VPP[TYR bT_S _ST^ NZYNP[_ NSLY_^ LYO ^ZYR^ L]P NLWWPO _SP OPT_dv^ NWZ_STYR TY L ?d£RL]£UL Wd]TN ?SP TOPL ZQ _SP XLRTNLW [ZbP] TYSP]PY_ TY _SP ]PNT_PO YLXP LYO TY _SP XLY_]TN aTM]L_TZYLW QZ]NP ZQ ^Z`YO bL^ OPaPWZ[PO LYO N`WXTYL_PO TY XL^_P][TPNP^ ZQ OPaZ_TZYLW X`^TN N]PL_PO Md _SP 9£XL ^TOOS£Y_L LYO MSLULYL ^LX[]LO£dL ^LTY_^ ZQ _SP 6£aP]¯ OPW_L 4Y 4YOTL bP QTYO_SL_]T_`LWDZRTNX`^TNLWLYO MSLV_T MPWTPQ^LWWSLaP_PYOPO_ZTX[PW 4YOTLY^ZQaL]TZ`^[P]^`L^TZY^_Z]P[PL_^LN]POYLXP^LYO[ZbP]Q`W^Z`YO^ L^XPLY^_Z^[T]T_`LW]PLWTeL_TZYx $
BSL_^P_^X`^TNTLY^^`NSL^?d£RL]£ULLYO8`__`^a£XT/¯V´T_L] ./ L[L]_ Q]ZX _SP DZRTY^ LYO ?LY_]T^_^ T^ L^ ±£]«RLOPaL LW]PLOd YZ_PO _SL_ _SP UZd ZQ X`^TN T_^PWQ LYO _SP LM^Z][_TZY TY _SP X`^TNLW 9£OL ^Z`YO T^ _SPT] DZRL >TYNP TY NWL^^TNLW 4YOTLY X`^TN _SP ^TYRP] LWbLd^ `^P^LQTcPOXPWZOTNQ]LXPbZ]V_ZMPNZXPwNZWZ]POx Md_SPX`^TN LYO TX[]ZaT^PQ]PPWdTY_SPOPaZ_TZYLW6_T_SPNZY^NTZ`^Z]TPY_L_TZYZY_SP OPT_d ]P[PL_POWd OPXLYOPO Md ?d£RL]£UL PcT^_^ LWXZ^_ L`_ZXL_TNLWWd TYNZY_]L^_ _Z _SP[]LdTYRZQYLXP^LYOWT_LYTP^ TY bSTNSLXPNSLYTNLW ]PNT_L_TZY T^ LW^Z [Z^^TMWP 8`^TN _SP]PQZ]P XZ]P Z] WP^^ YL_`]LWWd MP NZXP^ OPaZ_TZYLW NZY_PX[WL_TZY ZQ 9£OL LYO OTaTYP YLXP^ bSTNS XLVP^ T_ [Z^^TMWP _Z wQPPWx TXXPOTL_PWd _SP OTaTYP L_XZ^[SP]P _SP wMWT^^ ZQ -]LSXLYx ?ST^ []P^`XLMWd Pc[WLTY^ ?d£RL]LULv^ TY^T^_PYNP _SL_X`^TNWTMP]L_P^ZYPbSTWPWTaTYRLYO]P[WLNP^LWWZ_SP][]LN_TNP^LYO [L_S^% w:8TYO O]TYVLYOOPWTRS_TY_SPTXXZ]_LWPWTcT]ZQXPWZOdLYOL__LTY_SP Q]`T_ ZQ d£RL F^LN]TQTNPH dZRL _d£RL F]PY`YNTL_TZYH LYO MSZRL F^PY^P PY UZdXPY_H&_SZ^PbSZ`YOP]^_LYO_SL_ 9£OL :ÀV£]L F_SP ^dWWLMWP:¿HLYO ^aL]L FX`^TNLWYZ_P^HL]PYZ_STYRM`_±TaLFHL]PaP]TWd5TaLYX`V_L^_SZ^P bSZ SLaP LNSTPaPO WTMP]L_TZY SP]P T_^PWQx& w: 8TYO 3P bSZ OPWTRS_^ TY _SP9£OLL__LTY^_SPMWT^^ZQ-]LSXLYx $
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP;ZbP]ZQ_SP>LN]PO9LXP Tc $ ?SP;ZbP]ZQ_SP>LN]PO9LXP c $ LN]PO9LXP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#!
:YP NLY ^PP U`^_ SZb _SP DZRTN LYO APO£Y_TN OT^NZ`]^P NZX[WP_PWd OT^^ZWaP^SP]P TY_ZOPaZ_TZYLYOX`^TNLW Wd^T^1T]^_ _ST^ bL^L NZY^T^ _PY_ NZY_TY`TYR OPaPWZ[XPY_ ZQ ±£]«RLOPaLv^ wX`^TN ]PWTRTZYx _SL_ OT^^ZWaPO_SPMZ`YOL]TP^MP_bPPYX`^TNLYO]PWTRTZYLYO^PNZYOL]P _SPZWZRTeL_TZYLYOXZ]PPc[WTNT_MTYOTYRZQX`^TN_Z]PWTRTZYLYO_SPZ WZRTNLW NZY_PY_^ dP_ LW^Z _Z ^`MUPN_TaP ^PY^P ?SP ]P^`W_ bL^ _SL_ ?d£RL]£UL bL^ LMWP _Z WTYV Pc[P]TPYNP ZQ X`^TN bT_S -]LSXLYTN MWT^^ PaPY XZ]P TXXPOTL_PWd _SLY ±£]«RLOPaL OTO ?SP OPaZ_TZYLWTeL_TZY ZQ X`^TN z LYO TY RPYP]LW _SP [LY4YOTLY OPaZ_TZYLWTeL_TZY aT^TMWP ^TYNP _SP !_S"_S NPY_`]TP^ z bL^ LNNZX[LYTPO Md _SP LM^_]LN_ NZYNP[_^ MPTYRXLOPXZ]PLYTXL_PLRLTYLYOXZ]PNSL]RPObT_SPXZ_TZY;PZ[WP bLY_PO _Z QPPW LYO Pc[P]TPYNP -]LSXLY LYO QZ] _ST^ X`^TN bL^ LY P^ [PNTLWWd^`T_LMWPXPOT`X ?SP TX[P]^ZYLW 9£OL-]LSXLY MPNZXP XZ]P [P]^ZYLWTePO TY _SP _SPT^_TN NZOTYR ZQ _SP >Z`_SP]Y 4YOTLY NZX[Z^P]^ L^ ^SZbY Md ?d£RL]£ULv^ STRSWd [ZP_TN 6_T NZX[Z^T_TZY^ _Z L ]LYRP ZQ OPT_TP^ LYO MdZ`]^LX[WPZQX`^TNQ]ZX8`__`^a£XT/¯V´T_L]v^X`^TNLWNZY_PX[WL _TZY ZQ _SP OLYNTYR ±TaL ZQ .TOLXML]LX ./ ?ST^ [P]^ZYTQTNL_TZY bL^ L^ TX[Z]_LY_ QZ] OPaZ_TZY L^ X`^TN L^ L XZOP ZQ NZXX`YTNL_TZY bSTNST^PXZ_TZYLWWdL[[PLWTYRLYOOPXLYO^WT__WPPQQZ]_8`^TN^TX[WT QTP^ NZXX`YTNL_TZY bT_S _SP ^LN]PO ]PTYQZ]NP^ _SP ]PWL_TZY^ST[ LYO NWZ^PYP^^ _Z 2ZO LYO TY_PY^TQTP^ [P]^ZYLW OPaZ_TZY ?ST^ X`^TNLW [L] _TNT[L_TZY TY _SP OTaTYP T^ ^`[[Z]_PO Md OPT_TP^ _SL_ OLYNP LYO [WLd X` ^TN 1Z]PcLX[WPTYZYPZQST^6]T_T^ ?d£RL]£UL[P_T_TZY^6´©L_Z[]Z _PN_STX LYO ^TYR^ZQ_SP 2Z[¯WZaTYRQW`_P[WLdTYR RZOL^_SPwSPL]_ NSL]XP]x wWTRS_ Q]ZX _SP XZ`Y_LTY ZQ _SP ^PaPY YZ_P^x LYO wXL^_P] ZQ _SPYPN_L]ZQX`^TNx 4YLOOT_TZY_ZLYOLWZYR^TOP_SPOPP[PYTYRZQ[P]^ZYLWWZaPQZ]2ZO LYO [P]^ZYLWTePO TXLRP^ ZQ 2ZO X`^TNLWTeL_TZY z LYO ^TX`W_LYPZ`^Wd _SP 9£OL-]LSXLY NZYNP[_ z []ZXZ_PO L ^`[P][P]^ZYLW TOPL ZQ _SP OTaTYP Z] TY MSLV_T _P]XTYZWZRd _SP wWZaP QZ] _SP 1PL_`]PWP^^x ?d£RL]£UL ^PP^ X`^TN T^ YZ_ WPL^_ L aPSTNWP QZ] R]ZbTYR MPdZYO PaP]d _STYR [P]^ZYLW PY_P]TYR TY_Z _SP _]LY^NPYOPY_LW OTaTYP []TXLW ^_L_P MP dZYO_SPYLXP^LYOQZ]X^LYOPc[P]TPYNTYRQ`^TZYTYL^`[P][P]^ZYLW OTXPY^TZYZQ_SPOPT_d_SL_Q`^P^ _ZRP_SP]LWW_SP[P]^ZYLWLYOXLYTQP^_ QZ]X^ZQL[[PL]LYNP?d£RL]£UL_d[TNLWWdXPY_TZY^_SP9£OL_SPaPYP] LMWP^dWWLMWP:¿LYOX`^TNLWYZ_L_TZYTYZYPM]PL_SbSPYSP^[PLV^ZQ _SP WTMP]L_TYR -]LSXLY MWT^^ _SL_ `YWPL^SP^ X`^TN 8`^TNLW Wd^T^ T^ TOPY_TQTPO bT_S _SP STRSP^_ RZLW ZQ _SP APO£Y_L LYO _S`^ T^ YZ_ L^^ZNT L_PO bT_S ZYP ^[PNTQTN OPT_d 8`^TN bL^ ^`T_LMWP QZ] []ZXZ_TYR MZ_S ^LR`©LMSLV_T _SP WZaP QZ] [P]^ZYLW OPT_TP^ LYO YT]R`©LMSLV_T _SP wWZaP QZ] _SP 1PL_`]PWP^^x ?d£RL]£UL `YOP]^_ZZO ST^ [P]^ZYLW QLaZ]T_P RZO =£XL bSZ^P w^LaTYR YLXPx _£]LVL Y£XL SP T^ ^LTO _Z SLaP ]P
#!!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
[PL_PO $! XTWWTZY _TXP^ _Z MP ;L]L-]LSXLY STRSP^_ ]PLWT_d LYO _SP ^dY_SP^T^ ZQ _SP wP^^PYNPx ZQ _SP R]PL_ 7Z]O 2ZO^ AT´©` LYO ±TaL LYO _SPT]XLY_]L^Z`YO^ 1Z] ?d£RL]£UL X`^TN T^ L [L_S WPLOTYR _Z 2ZO _SP wSTRSP^_ -]LS XLYxLYOLXPLY^ZQ_]LY^NPYOTYRZYP^PWQLYO_SP`YNP]_LTY_dM]ZVPY YP^^ LYO NZY_TYRPYNd ZQ PL]_SWd PcT^_PYNP ,^ bT_S -PNVv^ TY_P]aTPb [L]_YP]^ \`Z_PO LMZaP ?d£RL]£ULv^ ]PNP[_TZY ZQ X`^TN T^ Xd^_TNLW M`_ SP]PRL]O^T_L^XZ]POPaZ_TZYLWLYOLP^_SP_TNLYOWP^^DZRTN3P]P_SP wTYYP] aTM]L_TZYx T^ QT]^_ LYO QZ]PXZ^_ L XPY_LW LYO PXZ_TZYLW ]P^Z YLYNPTY]P^[ZY^P_Z_SPOTaTYPPcT^_PYNP_SL_SPWT_P]LWWdSPL]^TYX`^TN LYO VTYOWP^ LRLTY LYO LRLTY bT_S PaP] YPb ^ZYR^ _Z aL]TZ`^ OPT_TP^ ?d£RL]£ULv^ aL]TL_TZY^ ZQ _SP YZ_P^ _SL_ _]LTYPO X`^TNTLY^ TY_P]P^_PO TY DZRL [P]NPTaP L^ L ^TYRWP 9£OL ^Z`YO NZ]]P^[ZYO _Z _SP aL]TL_TZY^ TY _SP TOPL^ZQ2ZO NZTYNTOTYRTY_SPSTRSP^_ -]LSXLY ,`OTMWPLYOTYL` OTMWP TYQ]L^ZYTN _d[P^ ZQ 9£OL ]PWL_P _Z ZYP LYZ_SP] WTVP >LR`©L -]LSXLY _SP -]LSXLY bT_S [P]^ZYLW QZ]X _SP OTaP]^T_d ZQ _SP R]PL_ RZO^ LYO 9T]R`©L-]LSXLY _SP TYPQQLMWP QPL_`]PWP^^ -]LSXLY _SL_ MPL]^ LWW QZ]X^ ZQ PcT^_PYNP TY T_^PWQ L^ ^PPO^ 7TVP _SP ^LN]PO ^dWWLMWP :¿ X`^TN TYOTNL_P^ LY TYaT^TMWP `YT_d _SL_ `YOP]WTP^ _SP PY_T]P OTaP] ^T_dM`_NLYLW^ZMPPc[P]TPYNPOTYX`^TNTYL^PY^Z]dLQQPN_TaPXLYYP] 1Z]_ST^_SP^_]`N_`]PZQXZYZOTNXZOLWX`^TNbL^P^[PNTLWWd^`T_LMWP ?d£RL]£UL MPWTPaPO _SL_ TXXP]^TYR ZYP^PWQ TY X`^TN LYO Pc[P]TPYN TYROPP[SL[[TYP^^_]LY^NPYOTYRZYP^PWQLYO]T^TYRLMZaP_SPPaP]dOLd bZ]WO bL^ OTaTYP []P^PYNP LYO -]LSXLY OPWTRS_ 8`^TN PYNZ`]LRPO NZY^NTZ`^ N`W_TaL_TZY ZQ Pc[P]TPYNP^ ZQ R]PL_ _]LY^NPYONTP^ >`MUPN_TaP ^PY^P bL^ ^`[[Z]_PO Md TYOTRPYZ`^ LP^_SP_TN _SPZ]TP^ LYO L ]PWTRTZ`^ ^[PN_]`X ZQ TY_P]^`MUPN_TaP ^PY^P ^d^_PX^ bSTNS QZ^_P]PO _SP XP_L [Sd^TNLWXd^_TNLYOOPaZ_TZYLWTY_P][]P_L_TZYZQX`^TNLYOWTYVPO ^PY ^Z]d^`M^_LY_TLWT_dbT_SLM^_]LN_TZY,NNZ]OTYR_Z_SPTYOTRPYZ`^_PLNS TYR ZQ LP^_SP_TN^ L]_ LN\`T]P^ L ^[PNTLW ZY_ZWZRTNLW ^_L_`^ L^ ^ZXP_STYR _SL_ T^ YZ_ ZQ _ST^ bZ]WO WZVZ__L]L ?ST^ bL^ `YOP]^_ZZO MZ_S ^`MUPN _TaPWdLYOZMUPN_TaPWdLYONZ`WOMPTY_P][]P_POTYLYPT_SP]XZ]PZ]WP^^ ]PWTRTZ`^ bLd OP[PYOTYR ZY ZYPv^ [P]^ZYLW YPPO^ ?d£RL]£ULv^ [P]NP[ _TZY ZQ _SP Pc[P]TPYNP ZQ X`^TN L^ Pc[P]TPYNP ZQ -]LSXLY NZ]]PWL_P^ bT_S_SP_SPZ]dZQ^PWQ_]LY^NPYOPYNdTY_SPPc[P]TPYNPZQL]_LYObT_S _SPOP[P]^ZYLWTePO[P]NP[_TZYZQPXZ_TZYLWXZZO^?SPNZXXZYTXLRP ZQ _SP TX[]ZaT^TYR X`^TNTLY T^ _SL_ ZQ L XPOT`X wOPaZTO ZQ ^PWQx 3P OZP^ YZ_ Pc[]P^^ [P]^ZYLW QPPWTYR^ M`_ wL]Z`^P^x _SP P^^PYNP^ ZQ QPPW TYR^ ]L^L _SL_ ObPWW _TXPWP^^Wd LYO P_P]YLWWd TY _SP =£RL ^Z`YO QZ]X^?d£RL]£ULv^wTXXZ]_LWPWTcT]ZQXPWZOdxT^_SP]PQZ]PXZ]P_SLYL XP_L[SZ] 0LNS ZQ _SP _ZYP^ NZX[]T^TYR _SP =£RL^ T^ YZ_ ZYWd L ^P_ ZQ aTM]L_TZY^ M`_ L ^aL]L L ^`M^_LYNP LYO ]PLWT_d _SL_ XLVP^ P_P]YLW PcT^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#!"
_PYNPXLYTQP^_ $4QLYL]_T^_ XLVP^ _SP P^^PYNP^ZQQPPWTYR^ L[[L]PY_ T_ T^ YZ_ ^TX[Wd wLYRP]x Z] w[PLNPx M`_ OTaTYP bZ]WOOP^_]ZdTYR LYRP] LYO OTaTYP [PLNP ?Z [`_ T_ TY WLYR`LRP ZQ w4YOTLY TXLRP]dx% _SP ^PPO^ ZQ_SP]L^L^]P^_QZ]XWP^^TY_SPP_P]YLWLYOTY_SP^[T]T_LYOSPL]_ZQ_SP L]_T^_ _SPd RP]XTYL_P& ST^ N]PL_TZY ZQ ^Z`YO QZ]X^ _SPX TY_Z [WLY_^ LYO _SP WT^_PYP] T^ _SP MPP _SL_ O]TYV^ _SP SZYPd ZQ _SP P_P]YLW Q]ZX _SP QWZbP]^ w: 8TYO O]TYV LYO OPWTRS_ TY _SP TXXZ]_LW PWTcT] ZQ XPWZOdx T^ _SP]PQZ]P T]]P^[PN_TaP ZQ _SP ]PWTRTZ`^ [P]^[PN_TaP [`]PWd Q]ZX _SP [P]^[PN_TaP ZQ L]_ _SPZ]d L NLWW _Z LM^Z]M bT_S X`^TN _SP TYSP]PY_ 0_P] YLW LYO PYUZd _SP _TXPWP^^Wd aLWTO =£RL P^^PYNP^ /P^[T_P L ^_]ZYR Z]T PY_L_TZYZY PXZ_TZY^X`^TNLW[]LN_TNPT^Z]TPY_POZY LOP[P]^ZYLWTePO [P]NP[_TZY LYO Pc[P]TPYNP MZ_S _SPZ]P_TNLWWd LYO TY LY PX[T]TNLW LYO []LN_TNLWXLYYP] ?SPY _SP]P T^ LW^Z _SP ^[PNTQTNLWWd _SPZWZRTNLW NZOTYR 9Z_ ZYWd ±£]«RLOPaLv^ XP_L[Sd^TNLW TY_P][]P_L_TZY ZQ X`^TN L^ 9£OL-]LSXLY QZWWZbPOZYQ]ZXX`NS_SL_bL^LaLTWLMWPTY_SP]TNSSZL]OZQ>LY^V]T_ 3TYO`T^X _SP OTaTYP YL_`]P ZQ _SP aZTNP _SP APO£Y_TN TOPL ZQ -]LS XLY-SL]_SL]Tv^NZYNP[_ZQ_SP±LMOL-]LSXLY9£OLNZ^XZWZRdLYO DZRL _]LOT_TZY^ ?SP OPaZ_TZYLW [P]^ZYLWT^_TN LYO XZYT^_TN Xd^_TN TY_P][]P_L_TZY ZQ 9£OL-]LSXLY LW^Z QZWWZbPO ZY Q]ZX L ]TNS ^[PN_]`X ZQ N`W_`]LW ^dXMZW^ LYO TOPL^ ?d£RL]£ULv^ ]PWTRTZ`^ WTQPbZ]WO bL^ YZ_ ZYWd L bZ]WO ZQ X`^TNWZaTYR X`^TNXLVTYR LYO OLYNTYR RZO^ z QZ] PcLX[WP_SPbPWWVYZbYOLYNTYR±TaLbSZM]TYR^_SPbZ]WOTY_ZPcT^ _PYNP _S]Z`RS ST^ OLYNP LYO _SP ^Z`YO^ ZQ ST^ O]`X Z]TRTYL_PO TY _SP ]PRTZYLWN`W_`]PZQ?LXTW9LO`4YQLN__SP]PbP]PXLYd[]POPNP^^Z]^_Z ?d£RL]£ULv^ `YOP]^_LYOTYR ZQ _SP _]LY^NPYOPY_LW STRSP^_ OPT_d RZTYR MPdZYO [P]^ZYLW NSL]LN_P]T^_TN^ bSTNS TXXLYPY_Wd `YOP][TYYPO LWW [P]^ZYLW LYO XLYTQP^_ QZ]X^ L^ _SP ^Z`]NP ZQ MPTYR LYO _SP]PQZ]P TY NW`OP^_SPT]P^^PYNP?SPTOPLLW]PLOdPcT^_POTY_SPZWO:¿Xd^_TNT^X LYObL^LW^ZbTOP^[]PLO_S]Z`RSZ`_XLYd_SPT^_TNaL]TL_TZY^^`NSL^TY _SP9£¶S DZRTY^v[]LN_TNP ZQP\`L_TYR_SP w^LaTYRYLXPxZQ =£XL bT_S ±TaL LYO QZ] NPY_`]TP^ TY _SP _SPTQTPO APO£Y_L ZQ _SP >Z`_SP]Y 4YOTLY AT´©`T_P^ TY TY_PR]L_TaP >X£]_L 3TYO`T^X _SL_ ]PRL]OPO LWW _SP R]PL_ RZO^L^wP\`LWxM`_[WLNPOZYPZQ_SPXL__SPNPY_P]4_T^_SP]PQZ]PYZ_ ^`][]T^TYR _SL_ _SP ^ZYR[ZPX^ Md _SP >X£]_L-]LSXLY ?d£RL]£UL ^TYR ZQ L WL]RP Y`XMP] ZQ OPT_TP^ LYO _SL_ SP ^PP^ ST^ NPY_]LW OPT_d =£XL L^ w;L]L-]LSXLYx ;L]_TN`WL]Wd TY ST^ SZXPWLYO ?LXTW 9LO` TY ¢RLXL ±TaLT^X ±LTaL>TOOS£Y_L _SP 9£OL _SPZWZRd SP L^^ZNTL_PO bT_S _ST^ SLO L aP]d ZWO WT_P]L]d _]LOT_TZY TYNW`OTYR _SP aP]YLN`WL] OL_TYR MLNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PPLW^Z=ZYLWO 6`]_ 4YOTPY `YO0`]Z[L%0TYV`W_`] `YOX`^TV^ZeTZWZRT^NSP] AP] ^_PSPY^aP]^`NS -TPWPQPWO% _]LY^N]T[_ $ $z 9Z]_S LYO >Z`_S L[[PL] YZ_ _Z OTQQP]TY_SPNZYNP[_TZYZQX`^TNZ`_WTYPOLMZaP
#!#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_Z_SP _SNPY_`]dLYOT^LW^ZQZ`YOTY_SP?LXTWWT_P]L_`]P^ZQ_SP^`M N`W_`]LW TY ^ZXP NL^P^ ^_]ZYRWd SP_P]ZOZc ?LY_]TN >TOOSL^ $ ?SP ?LXTW_Pc_^^[PLVZQaTM]L_TYR^Z`YO_SL_`YOP][TY^_SPNZ^XZ^LYO_SL_ MZ_S XTYO LYO XL__P] PaZWaPO Q]ZX ^Z`YO ZWT Z] aTM]L_TYR ^Z`YO YL _LX _SP?LXTWP\`TaLWPY_ZQ>LY^V]T_ Y£OL ?ST^_SZ`RS_Pc[WLTYPO_SP PQQTNLNd ZQ _SP XLY_]L^ LYO MPNLXP L^^ZNTL_PO bT_S _SP TOPL _SL_ _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_ _SP [SZYPXP wLx TY MZ_S ?LXTW LYO >LY ^V]T_ T^ L XP_ZYdX QZ] _SP WTQPRTaTYR []TYNT[WP LYO NZY^P\`PY_Wd L ]P[]P^PY_L_TZY ZQ ±TaL $! ?SP >TOOSL^ `^PO _ST^ Z]_SZOZc ±LTaL >TOOS£Y_L TOPL _Z ^`[[Z]_ _SPT] TY ^ZXP NL^P^ ^`MaP]^TaP ]T_`LW []LN _TNPLYO]LOTNLWXd^_TNLYOwPN`XPYTNLWxYPRL_TaP _SPZWZRd _]LY^NPYO TYRNL^_P^LYO]PWTRTZY^?SPd[Z`]PO_ST^TY_Z_SPQZ]XZQ[ZP_TNaP]^P^ Q`WW ZQ LWWT_P]L_TaP WLYR`LRP X`^TN bSTNS T^ YZ WP^^ _d[TNLW ZQ ?LXTW _SLY T_ T^ ZQ >LY^V]T_ 4Y _SP QZWWZbTYR PcLX[WP Q]ZX _SP _S!_S NPY_ Z] PL]WTP] _SP _SPZWZR`XPYZY ZQ _SP []TXZ]OTLW 9£OL LYO _SP ^` [P][P]^ZYLW OTXPY^TZY ZQ _SP OTaTYP L]P LW]PLOd MPTYR NZXX`YTNL_PO aTL _SP [`]P ^Z`YO ZQ WLYR`LRP _SP bZ]O^ ZQ _SP QT]^_ WTYP ZQ _SP aP]^P MPRTYbT_SwLx% w.TaLaLVVTdL]v^ ^_LYeL $z ^Ld^ u3P T^ YZ_ 3L]T 3P T^ YZ_ 7Z]O >TaL 3PT^_SP@W_TXL_P.L`^PTY_SP-PdZYOZQ-PdZYOv?LXTW%L]Td`XLWWL LdLY`X LWWL L[[`]L__TW L[[`]LX 9Z_P SZb _SP QT]^_ WTYP T^ ]P[WP_P bT_S LWWT_P]L_TZY ZQ bZ]O^ MPRTYYTYR bT_S _SP u[]TXPaLW ^Z`YOv fLh% TY ?LXTW PL] _ST^ ^[PNTLW uX`^TNv ZQ _SP QT]^_ WTYP PaZVP^ L_ ZYNP _SP OPP[P^_ ^dX MZWT^XRZTYRMPdZYO_SP^`]QLNPXPLYTYRZQ_SP@W_TXL_P.L`^PMPTYRYPT _SP] 3L]T ( AT^Y` YZ] ,dLY ( >TaL & TY Z_SP] bZ]O^ _SP @W_TXL_P T^ NZX[WP_PWdLYOLM^ZW`_PWd_]LY^NPYOPY_LYOdP_TXXLYPY_x $"
?d£RL]£ULv^_SPZWZRdLYO]PNP[_TZYZQX`^TNQZWWZbPOaP]d^TXTWL]WTYP^ LYO LW^Z Pc[]P^^PO _SP ^`[P][P]^ZYLW OTXPY^TZY z NSL]LN_P]T^_TN ZQ L >X£]_LTYL[Z^T_TaPQZ]X%_SP;L]L-]LSXLYNZY_LTY^_SPwP^^PYNP^xZQ AT´©` LYO ±TaL U`^_ L^ X`^TN NZY_LTY^ _SP LP^_SP_TN wP^^PYNP^x ZQ _SP YTYP ML^TN QPPWTYR^ ,YO TY LOOT_TZY ^TYNP _SP STRSP^_ OPT_d `YOP]WTP^ LWWQZ]X^ZQL[[PL]LYNPT_NLYLW^ZMPSPL]OTY_SP[P]^ZYLWU`^_L^_SP YZYXLYTQP^_ ^Z`YO T^ []P^PY_ TY _SP XLYTQP^_ ^Z`YO ?SP _SPZWZRTNLW LYO XLY_]TN P^^PYNP^ ZQ _SP OPT_TP^ LYO _SPT] ZbY [P]^ZYLWT_TP^ _S`^ NZ]]PWL_PbT_S_SPNZYNP[_TZYZQX`^TN_SL_PaP]d=£RLLYOPaPYPaP]d TYOTaTO`LW _ZYP T^ WTVP LY TYOP[PYOPY_ [P]^ZYLWT_d LYO PYNZX[L^^P^ L NP]_LTY [P]NP[_TaP L_XZ^[SP]P M`_ U`^_ WTVP _SP ]L^L P^^PYNP^ ZQ _SP =£RL^ LYO _SP X`^TNTLYv^ LP^_SP_TN ^PWQWP^^YP^^ PaP]d RZO LW^Z ^TX`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q6LXTWAEPaPWMTW ?SP>TOOSLWZMZOL :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ -`WVPWPd BZYOP]TYR -]LTY $ ,_ _SP ^LXP _TXP -`WVPWPd ]PR]P_^ _SL_ _Z OL_P ]P^PL]NSSL^[]LN_TNLWWdMPPYNZYO`N_PO^ZWPWdbT_STY_SPQ]LXPbZ]VZQBP^_P]YNZY NP]_N`W_`]PLYO_SP^T_`L_TZYZQ_SP[L^^TaPXZ_TZYWP^^L`OTPYNPSL^WT__WP_ZOZbT_S _SL_QZ`YOTY_SP]PWTRTZY^wbSP]PX`^TN]PR`WL]Wd[]ZO`NP^^_]ZYRMZOTWdNSLYRP^TY [PZ[WP bT_S SPTRS_PYPO PXZ_TZYLW L]Z`^LW LYO LN_TaP ^[ZY_LYPZ`^ [Sd^TNLW ]P^[ZY ^TaPYP^^_ZbSL__SPdL]PSPL]TYRxTMTO .Q ZY _ST^ LYO ZY _SP QZWWZbTYR -`WVPWPd BZYOP]TYR -]LTY $z TY [L]_TN`WL]
#"
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ X`^TN LYO Md X`^TNTLY^ bL^ _SL_ X`^TN bL^ _Z MP `YOP]^_ZZO L^ L QZ]XZQ2ZOLYOXLVTYRLYOSPL]TYRX`^TNL^L[L_S_ZOPWTaP]LYNP4_ T^ SL]O _Z QT_ L _]LOT_TZYLW TY^_T_`_TZYLW NZYNP[_ ZQ ]PWTRTZY ^`NS L^ .S]T^_TLYT_d bT_S _SP 9£OL-]LSXLY , QL] MP__P] L[[]ZLNS T^ _SP ^Z NTZWZRTNLW NZYNP[_ ZQ _]LY^NPYOPYNd LYO T_^ LY_S]Z[ZWZRTNLWWd LYNSZ]PO NZYNP[_TZY ZQ ^XLWW XPOT`X LYO R]PL_ _]LY^NPYOPYNTP^ _SL_ L]P ML^T NLWWdS`XLYLYOOPYZ_P_SPLMTWT_d_Z_]LY^NPYO_SP[`]PWdMTZWZRTNLW 2]PL_ _]LY^NPYOPYNTP^ L]P ]PRL]OPO L^ TYNW`OTYR Pc_]LZ]OTYL]d Pc[P]T PYNP^RZTYRMPdZYO _SPYZ]XLWPaP]dOLd ]Z`_TYP4XXP]^TYRZYP^PWQ TY X`^TNT^ZYPZQ_SP^PPc[P]TPYNP^L^L]PTY_ZcTNL_TZYWZ^TYRZYP^PWQTY _SPTXLRTYL]dbZ]WOZQWT_P]L_`]PaT^TZY^Xd^_TNPc[P]TPYNP^LYOYPL] OPL_S Pc[P]TPYNP^ BSL_ _SPd SLaP TY NZXXZY T^ YPT_SP] NZY_PY_ YZ] ^[PNTLW]PWTRTZ`^\`LWT_TP^YZ]]PWL_TZY^_ZL^LN]PO`YTaP]^PM`_^TX[Wd _SP QLN_ _SL_ _SPd N]Z^^ MZ`YOL]TP^ ZQ PaP]dOLd YZ]XLWT_d LYO L]P [P] NPTaPO L^ ^`NS .ZY^P\`PY_Wd _SPT] Pc_]LZ]OTYL]d YL_`]P T^ XPL^`]PO LYO ^STQ_PO ]PWL_TaP _Z _SL_ bSTNS T^ ]PRL]OPO L^ wYZ]XLWx 2]PL_ _]LY ^NPYOPYNTP^ L]P _SP]PQZ]P ML^TNLWWd waZTOx 1TWWTYR LYO TY_P][]P_TYR _SPXOP[PYO^ZY_SPNZXX`YTNL_TaPZ]OP]ZQ_SP^dXMZWTN]PLWT_dZQ_SP ]PWPaLY_ N`W_`]P bSTNS OP_P]XTYP^ ^`NS _STYR^ L^ bSP_SP] X`^TN SL^ ]PWTRTZ`^ NZYYZ_L_TZY^ LWW _SP _TXP ^ZXP_TXP^ Z] YPaP] LYO bSP_SP] _SPQTPWO^ZQL]_LYO]PWTRTZYPcT^_TYOP[PYOPY_WdZQPLNSZ_SP]?SPbLd X`^TNLYO_SPPc[P]TPYNPZQX`^TNL]P]PRL]OPOLWbLd^OP[PYO^R]PL_Wd ZY _SP ^d^_PX ZQ ]P[]P^PY_L_TZY TY _SP ^ZNTP_d 4_ T^ QZ] _ST^ ]PL^ZY L^ =Z`RP_ ]TRS_Wd ^_]P^^P^ _SL_ ZYP ^SZ`WO LWbLd^ L^V SZb _SP RZO^ L]P Pc[P]TPYNPO TY OLd_ZOLd WTQP Z`_^TOP ZQ ]PWTRTZ`^ X`^TN wZ`_^TOP LYd QZ]X ZQ NP]PXZYdx SZb QTcPO Z] QW`TO _SP MZ`YOL]d T^ MP_bPPY _SP LYTXL_P LYO _SP YZYLYTXL_P bZ]WO LYO _Z bSL_ Pc_PY_ _SP OTaTYP ^[SP]PT^^PPYL^MPTYRTXXLYPY_Z]_]LY^NPYOPY_LW ?SP ^ZNTLW ^PY^P ^d^_PX OZP^ YZ_ ZYWd XL]V Z`_ _SP Q]LXPbZ]V bT_STY bSTNS Pc[P]TPYNP T^ TY_P][]P_PO L^ MPTYR PT_SP] ]PWTRTZ`^ Z] YZ_ M`_ LW^Z _SP Q]LXPbZ]V OP_P]XTYTYR bSTNS Pc[P]TPYNP^ L]P aTPbPO L^ [P]XT^^TMWPLYO bSTNS L^ TX[P]XT^^TMWP bSTNS L^PYOLYRP]TYR ^ZNTP_d LYObSTNSL^^_LMTWTeTYRT_bSP]P_SPMZ`YOL]TP^L]PO]LbYZ]OT^^ZWaPO MP_bPPY_SP[]ZQLYPLYO_SP^LN]PO^[SP]P^LYObSP_SP]XZ]PTYOTaTO `LWZ]XZ]PNZWWPN_TaPL^[PN_^ZNN`[d_SPQZ]PR]Z`YO4YNZY_]L^__Z_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ XPLY^ _SP LMTWT_d _Z NZYYPN_ _SP [L^_ []P^PY_ LYO Q`_`]P bT_STY L ^TYRWP ^PY^P NZY_Pc_ LYO _Z XLVP _SP LM^PY_ []P^PY_ ^XLWW _]LY^NPYOPYNTP^ [`__TYR ZYP^PWQ TY_Z _SP [Z^T_TZY ZQ Z_SP] [PZ[WP XPOT`X^NZ[P _]LY^NPYOPYNTP^ LYO SLaTYR Pc_]LZ]OT YL]d Pc[P]TPYNP^ RZTYR MPdZYO _SP YZ]XLW PaP]dOLd bZ]WO R]PL_ _]LY^NPYOPYNTP^ BPWWPc[WLTYPOTY3`MP]_6YZMWL`NS ;Z[`WÆ]P=PWTRTZY%,`QOPXBPRTYPTYP^[T]T _`PWWP 2P^PWW^NSLQ_ 1]LYVQ`]_% .LX[`^ AP]WLR z! & ZY _SP wPX[_TYP^^x ZQ R]PL_ _]LY^NPYOPYNdPc[P]TPYNP^LYO_SPPcLX[WPZQX`^TNTMTO! = Z`RP_ 8`^TNLYO?]LYNP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#"
BP^_P]Y .S]T^_TLY `YOP]^_LYOTYR ZQ X`^TN QZ] PcLX[WP TY _SP NZYNP[_ ZQ 9£OL-]LSXLY LYO _SP 4YOTLY `YOP]^_LYOTYR ZQ X`^TN MZ`YOL]TP^ MP_bPPY_SP^LN]POLYO_SP[]ZQLYPL]P[]LN_TNLWWdYZYPcT^_PY_LYOL]_ LYO]PWTRTZYXP]RP ^PLXWP^^WdTY_ZPLNSZ_SP] BSP]PL^ ^ZXP]PWTRTZY^ LYON`W_`]P^SLaPMPWTPaPO_SL_PY_P]_LTYXPY_aLW`PLYOWLNVZQ[`][Z^P SL]XPO ]PWTRTZY LYO XZ]LW ^_LYOL]O^ LYO []ZXZ_PO TXXZ]LWT_d ^Pc`LW OP^T]P^ LYO wML^P [L^^TZY^x L^ _SP ?LWTMLY SLaP ]PNPY_Wd OZYP ^TX[Wd MLYYTYR X`^TN LYO ^XL^STYR X`^TNLW TY^_]`XPY_^ ! QZ] ±£]«RLOPaL T_ bL^ []PNT^PWd UZd LYO [WPL^`]P _SL_ XLOP X`^TN ^Z [Z^T_TaP LYO `[WTQ_ TYRBSTWPTYLYNTPY_0`]Z[PNP]_LTYXPWZOTP^]Sd_SX^LYOTY^_]`XPY_^ bP]P ]PRL]OPO L^ L ]T^V _Z _SP ^_L_P XZ]LWT_d LYO dZ`_S LYO Z_SP]^ L^ `[SZWOTYR XZ]LW^ _SP ^_L_P LYO SPLW_S _SP QTYLYNP XTYT^_P] LYO OZN_Z] ±£]«RLOPaL bL^ NZWWPN_TYR LWW _SP [TPNP^ ZQ X`^TN SP NZ`WO QTYO 9Z XL__P] bSP_SP] SP T^ NZY^TOP]TYR wL]_T^_TNx X`^TN X£]RL WL_P] NLWWPO wNWL^^TNLWx X`^TN bSTNS SP aTPbPO L^ wSTRSWd PcLW_TYRx LYO []ZaTOPO bT_S L OTaTYP RPYPLWZRd bSZ^P QT]^_ S`XLY ]P[]P^PY_L_TaP bL^ -SL]L_L Z] _SP wUZdQ`W PY_P]_LTYXPY_x ZQ QZWV X`^TN OP²T ]PQWPN_TYR _SP w_L^_P ZQ aL]TZ`^ ]PRTZY^x z ±£]«RLOPaL ^PP^ X`^TN L^ ML^TNLWWd RZZO [WPL^LY_ LYO MPYPQTNTLW QZ] PaP]dZYP LYO LWW _SP -]LSXLYTN WTQP RZLW^ ?SL_ T^ SP ]PRL]O^ T_ L^ MPYPQTNTLW _Z []Z^[P]T_d LYO QLXP [WPL^`]P TYNW`OTYR ^Pc`LW [WPL^`]P OSL]XL P_STN^ LYO WTMP]L_TZY " BSP]PL^TYZ_SP]N`W_`]P^LYOLRP^X`^TNLWPN^_L^dLYOWd^T^bP]PZQ_PY aTPbPO L^ `Y^PPXWd QZ] PcLX[WP Md ,`R`^_TYP LYO TY LYNTPY_ .STYL LXMTaLWPY_Wd LW^Z TY APOTN 4YOTL ±£]«RLOPaL TYNW`OPO _SP PN^_L_TN ^V`WW ^ZYR^ TY ST^ NZWWPN_TZY YZ_TYR _SL_ bSZPaP] ^LYR _SPX bZ`WO MP ]TNSWd MWP^^PO LYO LNSTPaP _SP STRSP^_ RZZO VLWd£©L ^TYNP LQ_P] LWW _SPwNZX[Z^P]xbL^_SPOPNL[T_L_PORZO-]LSX£TY[P]^ZYbSZ^LYRZQ _SP R]PL_ RZO ±TaL # 4Y LYNTPY_ 2]PPNP LYO .STYL X`^TN bL^ PXMPO OPOTYL^_L_POT^NZ`]^PLYO_SPTX[LN_^ZY_SPNZWWPN_TaPbP]POPNT^TaP 4Y 4YOTL Q]ZX WL_P ,Y_T\`T_d OT^N`^^TZY ZQ X`^TN bL^ PXMPOOPO TY L ]PWTRTZ`^ Q]LXPbZ]V LYO TYOTaTO`LWT^_TN L^[PN_^ ZNN`[TPO QZ]PR]Z`YO ,YO bSTWP -ZP_ST`^ LYO ,`R`^_TYP _SP XLUZ] X`^TN _SPZ]T^_^ TY 0`]Z[PPX[SL^TePONZY_]ZWLYOXZOP]L_TZYLYO bL]YPOZQ_SPSL]XQ`W PQQPN_^ZQPcNP^^TaPPXZ_TZYLWT_d_SP4YOTLYX`^TN_SPZ]T^_^L]PYZ_LMWP QZ]YZ_OT^N`^^TYR_SP[^dNSZWZRTNLWLYONZ][Z]LWPQQPN_^ZQX`^TNzYZ_ PaPYTY]PWL_TZY_ZSPLWTYR $zZ]LYdLY_T^ZNTLW_PYOPYNTP^,^_SPRZO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !.Q _SP L]_TNWP S__[%bbb_TXPNZX_TXPX`^TNRZP^RWZMLWX_LWTMLYS_XW LNNP^^PO 9ZaPXMP]$ ".QTY[L]_TN`WL] >L«R¯_L=L_Y£VL]L44 # >L«R¯_L=L_Y£VL]L 4## ,[L]_ Q]ZX _ST^ ±£]«RLOPaL OT^N`^^P^ ZYWd _SP X`^TNLW OP_LTW^SP^PP^L^PcSTMT_TYRXLYdw]L]Px^[PNTLWQPL_`]P^ $:YPNZ`WO[P]SL[^TY_P][]P_ >L«R¯_L=L_Y£VL]L 4TY_ST^bLd^TYNPT_^_L_P^_SL_ _SPbZ]V^L]Pb]T__PYQZ]LWW_SZ^PbSZ^PPVVYZbWPORPbSZL]P[WLR`POMdOT^PL^P
#"
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_SPX^PWaP^ PYUZd X`^TN T_ X`^_ MP L RZZO _STYR 7d^T^ T^ OP^T]PO LYO bL^PaPY ^Z`RS_ LQ_P]L^]PWPaLY__ZOPWTaP]LYNP4Y4YOTLT_bL^YPaP] ^`^[PN_ L^ WZYR L^ T_ OTO YZ_ RZ LRLTY^_ _SP NZXXLYOXPY_^ ZQ [`]T_d ;]P^`XLMWd ±L]«RLOPaLv^ aTPb ZQ _SP NZWWPN_TaP ]ZWP ZQ X`^TN wDZRL QZ] _SP [PZ[WPx bL^ ^TXTWL] _Z -SL]L_Lv^ aTPb ZQ _SPL_P] L^ L ^TX[WP PQQZ]_WP^^ LYO PYUZdLMWP XPLY^ QZ] PaP]dZYP _Z RLTY wSTRSP] ]PWTRTZ`^ VYZbWPORPx bT_SZ`_ PaPY YZ_TNTYR .WL^^TNLW 4YOTLY X`^TN L^ [P] QZ]XPOTY]ZdLWNZ`]_^TY_PX[WP^L_QP^_TaT_TP^P_NbL^_S`^[]ZMLMWd LW^Z NZY^TOP]PO _Z MP L OSL]XL PYNZ`]LRTYR XPLY^ ZQ [Z[`WL] PO`NL _TZY3ZbPaP]X`^TNL__SPNZ`]_^ZQ[]TYNP^TY9Z]_SP]Y4YOTLMPNLXP ^ZQL]]PXZaPOQ]ZX_SPw[PZ[WPxMdT_^aT]_`Z^T_dTY_SP#_SLYO$_S NPY_`]TP^ _SL_ SL]OWd LYdZYP WT^_PYPO _Z T_ Z`_^TOP ZQ _SP NZ`]_^ ?ST^ bL^ _SP NL^P `Y_TW T_^ ^_L_`^ ]Z^P TY _SP PL]Wd LYO XTO _S NPY_`]d _Z _SL_ZQL_]LOPXL]VZQ4YOTLYN`W_`]P/`]TYR_ST^[P]TZOT_bL^`^POZY _SP]LOTZPc[WTNT_WdL^LYL_TZYLWXPLY^ZQPO`NL_TYR_SP[PZ[WP.WL^^T NLWWd _SP []TXL]d Q`YN_TZY TY_PYOPO QZ] X`^TN TY _SP w>LY^V]T_ NZ^ XZ[ZWT^x LYO NZY_TY`TYR TY_Z _SP aP]YLN`WL] QZ]X^ ZQ _SP NZ^XZ[ZWT^ bL^SZbPaP]YZ__ZPO`NL_P_SP[PZ[WPLYOYPT_SP]_Z^_]PYR_SPY^_L_P L[[]ZaPO aT]_`P^ LY Z]OP]PO XZ]LW WTQP LYO _SP _]PL_XPY_ ZQ [^dNSZ WZRTNLW LYO [Sd^TNLW OT^PL^P^ L^ TY LYNTPY_ 0`]Z[P 4Y^_PLO T_^ Q`YN_TZY bL^ ^Z_P]TZWZRd UZd bT_SZ`_ [`][Z^P _Z MP L XPLY^ ZQ _]LY^NPYOTYR ZYP^PWQ LYO ZQ MWT^^Q`W LM^Z][_TZY 0aPY _ZOLd _ST^ T^ ^_TWW ]PRL]OPO L^ bSL__SPXLTYQ`YN_TZY^SZ`WOMP ?SP^_]ZYRTYOTaTO`LWT^_TNZ]TPY_L_TZYXLdMPWTYVPO_Z_SPQLN__SL_ TY4YOTL T_MPNLXPNZXXZYPL]WdZY _Z[WLd X`^TNL_ SZXP8`^TNbL^ [L]_ZQ_SPPO`NL_TZYZQ_SP`[[P]XTOOWPNWL^^LYO_SPNZ`]_TP]^.ZTY^ SLaP MPPY QZ`YO OL_TYR ]TRS_ MLNV _Z _SP 2`[_L 0X[T]P bSTNS ^SZb L VTYR[WLdTYRLSL][bSTNSbZ`WOSLaPMPPYOTQQTN`W_ _ZTXLRTYP TY_SP =ZXLY L]T^_ZN]LNd ?SP ?LY_]TN ^NSZWL] LYO [STWZ^Z[SP] ,MST YLaLR`[_L L[[PL]^ _Z SLaP WPL]Y_ _Z OLYNP L^ L NSTWO LYO _SP QTYLYNP XTYT^_P] LYO [Sd^TNTLY ±£]«RLOPaL [`]^`PO X`^TN L^ L [L^^TZYL_P SZMMd ?SP YZ_TNPLMWd WT__WP ^[LNP SP OPaZ_PO _Z _SP \`P^_TZY ZQ _SP NZWWPN_TaP TX[LN_^ T^ ^`]PWd L^^ZNTL_PO bT_S _SP QLN_ _SL_ XZ]LW^ LYO aLW`P^ bP]P LW]PLOd ]PR`WL_PO Md _SP ]P^_]TN_TaP NL^_P ^d^_PX LYO LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYO bSZ L]P O]TaPY _Z NZY\`P] _SP _S]PP PaTW^ ZQ _ST^ bZ]WO ^`MUPN_]PWL_PO wRZO RTaPYxQL_PQ`WLYOPYaT]ZYXPY_]PWL_PO 6`]_ 4YOTPY`YO0`]Z[L #^PPLW^Zz4Y8`^WTXOZXTYL_PO9Z]_SP]Y 4YOTL LNNZ]OTYR _Z 6`]_ _SP QLXTWTP^ ZQ X`^TNTLY^ L_ _SP aL]TZ`^ NZ`]_^ M`TW_ `[ wTY ^PN]P_xLYPWT_P^[PNTLWVYZbWPORPZQ_SPOTQQP]PY_NZY^_LY_Wd]PQTYPO^_dWP^LYOLaT] _`Z^T_d QZ] [P]QZ]XTYR L_ NZ`]_ bSTNS L_ _SP PYO ZQ _SP $_S NPY_`]d ]P^`W_PO TY _SP WZbWd^_L_`^ZQNWL^^TNLW4YOTLYX`^TNTY9Z]_SP]Y4YOTL,NNZ]OTYR_Z6`]_]PQZ]XTYR -]LSXLYTNX`^TNTLY^LYOTY_P]P^_PO:]TPY_LWT^_^wTYaPY_POxNWL^^TNLW4YOTLYX`^TNL_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d bSTNS _SPY OPaPWZ[PO TY_Z L STRSWd ]PRL]OPO L]_ QZ]X
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#"
_SP N`W_TaL_PO _]LY^NPYOPYNd LYO Wd^T^ TY SPL]TYR X`^TN N]PL_PO LY LP^ _SP_TNLW_P]YL_TaPbZ]WO_SL_]LT^POZYP^`MUPN_TaPWdZ`_ZQZYPv^WTXT_L _TZY^ bT_SZ`_ _Z`NSTYR _SP ^ZNTLW Z]OP] ?SP NZY^T^_PY_Wd [Z^T_TaP aTPb ZQ X`^TN X`^TNLW Wd^T^ LYO X`^TNLW PN^_L^d TY NWL^^TNLW 4YOTL ]PXLTY^ \`T_PYZ_TNPLMWP LYO_SP^P L^[PN_^ L]PPaPYPc[WTNT_Wd P\`L_PObT_S_SP STRSP^_ ^Z_P]TZWZRTNLW RZLW , XPLY^ ZQ WTMP]L_TZY LR]PPLMWP DZRL QZ] PaP]dZYPLYO9£OL-]LSXLYL]P_SPVPdbZ]O^SP]P1Z]4YOTLYX`^TN _SPZ]T^_^LYOX`^TNTLY^_SPXLTY]ZWPbL^[WLdPOYZ_Md_SPQ`YN_TZYZQ ^ZNTLWTY_PR]L_TZY^Z^_]ZYRWdPX[SL^TePOMd/`]VSPTXM`_MdLOTQQP] PY_ ^ZNTLW LYO Q`YN_TZYLW L^[PN_ ^_]P^^PO Md -`WVPWPd% wm X`^TN NLY LW^Z MPNZXP ^ZXP_STYR XZ]P _SLY _SL_ ^ZXP_STYR _SL_ WTQ_^ ZYP LMZaP _SP Q]LTW_TP^ LYO TX[P]QPN_TZY^ ZQ Z]OTYL]d WTQP ^ZXP_STYR _SL_ M]TYR^ ZYP NWZ^P] _Z _SP OTaTYPx BP SLaP LW]PLOd XPY_TZYPO LMZaP _SL_ L Y`XMP] ZQ X`_`LWWd PYSLYNTYR QLN_Z]^ NZXMTYPO TY OP_P]XTYTYR _SP [`][Z^P _`]YTYR X`^TN TY_Z ^ZXP_STYR OTaTYP LYO PXZ_TZYLW XZZO TY_Z ^ZXP_STYRw^`[P]X`YOLYPx:YPNLY^`XXL]TeP_SPXL^QZWWZb^% 1T]^__SP]PbL^L]PWTRTZ`^PYaT]ZYXPY__SL_bL^]PNP[_TaP_Z^Z`YO X`^TNLYOWd^T^LYOSLORZO^_SL_OLYNPOLYO[WLdPOX`^TN4_^`[[WTPO XLUZ]NZYNP[_^QZ]NZX[]PSPYOTYR_SPbZ]WOL^ML^POZY^Z`YOLYOQZ] _STYVTYR ZQ [LY_SPT^_TN XZYT^_TN TXXLYPYNP LYO _]LY^NPYOPYNd L^ MP WZYRTYR _ZRP_SP] ?SP 9£OL-]LSXLY QZ]X`WL^ LWWZbPO X`^TN _Z MP `YOP]^_ZZO L^ TXXPOTL_P [L]_TNT[L_TZY TY _SP NZ^XZ^ Z] TY _SP OPaZ _TZYLW QZ]X`WL_TZY L^ `YT_d bT_S 2ZO 0c[P]TPYNTYR X`^TN NZ`WO MP TY_P][]P_PO L^ -]LSXLY MWT^^ BT_S _ST^ NL_NSbZ]O _SP R]PL_ _]LY ^NPYOPYNdPc[P]TPYNPT^NZY^NTZ`^WdVP[_wOPaZTOZQNZY_PY_x >PNZYO L aTPb ZQ X`^TN ^`M ^[PNTP LP_P]YT_L_T^ LYO L w^PWQWP^^x wPRZWP^^x L]_T^_TN TOPLW bP]P OPNT^TaP QLN_Z]^ bSTWP _SP YZ_P^ LYO =£RL^ L]P ]PRL]OPO L^ P_P]YLWWd aLWTO ^Z`YO QZ]X^ LYO NSL]LN_P]^ ZQ Pc[]P^^TZY bSZ^P XZZOWLOPY ]L^L ^PPO^ SLaP WLTY WL_PY_ QZ] LWW _TXP ]PLOd _Z MP wLbLVPYPOx Md X`^TNTLY^ >Z X`^TNTLY^ ^SZ`WO YZ_ RTaP Pc[]P^^TZY _Z _STYR^ ^`NS L^ _SPT] ZbY QPPWTYR^ Z] N]PL_P ^ZXP_STYR YPb M`_ ^SZ`WO PYLMWP _SL_ bSTNS T^ _TXPWP^^ LYO aLWTO _SP ^Z`YO QZ]X^ LYO _SPT] PXZ_TZYLW P^^PYNP^ _Z L[[PL] 4Y =£RL TX[]ZaT^L_TZY X`^TNTLY^RTaP_SPX^PWaP^ZaP]bSZWWd_Z_SP=£RLLYOOT^^ZWaPTY_ZT_ ?ST^ L]_T^_TN LP^_SP_TN aTPb SL^ SLO L S`RP TYQW`PYNP ZY X`^TNLW []LN _TNP TY MZ_S >Z`_SP]Y LYO 9Z]_SP]Y 4YOTL `Y_TW _ZOLd% wBSPY bP ^_L]_ ^TYRTYR bP QZ]RP_ Z`]^PWaP^x 76 ;LYOT_& w_SP XZXPY_ dZ` ^TYR TOPY_T_d O]Z[^x ATOdL =LZ& w_SP =£RL ^TYR^ _S]Z`RS dZ`x ,^ST^S >LYV]T_dLdLY 4Y LOOT_TZY ZYP ^SZ`WO ]PXPXMP] _SP NPY_]LW L]_T^_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -`WVPWPd BZYOP]TYR-]LTY .QZY_ST^LYOZY_SPQZWWZbTYR6`]_ 4YOTPY`YO0`]Z[L z PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ Q`^TZY []ZNP^^x LYO wSLaTYR _Z WP_ RZ ZQ ZYP^PWQ LYO QZWWZb _SP _PLNSP]x WPLO^ _Z wMPTYR ZYP TY _SP ^Z`YOx L wOPOTQQP]PY_TL_TZY ZQ _SP _PLNSP][`[TW ]PWL_TZY^ST[x LYO LY ZNPLYTN wX`^TNLW QPPWTYR ZQ ZYP YP^^x " 3ZbPaP] _SP XTXP^T^ ZQ _SP _PLNSP] LYO NZ]]P^[ZYOTYR [L_ _P]Y^ ZQ LN_TZY LYO Pc[P]TPYNP L]P YZ_ ]P^_]TN_PO _Z X`^TN ?SPd QZ]X L N`W_`]LWNZY_TY``XTYOP[PYOPY_ZQX`^TN ?Z RPYP]LWTeP ZYP NLY ^Ld _SL_ TY LWW LRP^ LYO N`W_`]P^ Pc[P]TPYN TYR X`^TN SL^ MPPY [P]NPTaPO YZ_TNPLMWd Q]P\`PY_Wd L^ L wR]PL_ _]LY ^NPYOPYNd Pc[P]TPYNPx wR]ZÁP ?]LY^ePYOPYeP]QLS]`YRx /TQQP]PYNP^ L]PZYWdQZ`YOTY_SPaL]dTYRNZYNW`^TZY^O]LbY4Y^ZXPNL^P^LYPXZ _TZYLW]P^[ZY^P_Z^Z`YObL^_LMZZLYOOT^N]POT_PO1Z]XP]WdX`^TNLYO X`^TNLW Wd^T^ bP]P LW^Z ]PRL]OPO Pc_]PXPWd LXMTaLWPY_Wd PaPY TY 4YOTL ^PP MPWZb >ZNTLW ^d^_PX^ ZQ XPLYTYR L]P YZ_ ^_L_TN M`_ PaZWaP ZaP] _TXP 1]ZX L NP]_LTY [ZTY_ TY _TXP ZYbL]O^ TP bT_S _SP ]T^P ZQ [Z^_ APOTN _SPT^X L NZY^NTZ`^ N`W_TaL_TZY ZQ R]PL_ _]LY^NPYOPYNd Pc[P]T PYNP TY X`^TN OPaPWZ[PO TY 3TYO` 4YOTL ?SP ^ZNTLW LYO ]PWTRTZ`^ ^dX MZW ^d^_PX []ZaTOPO LY Z[[Z]_`YT_d ZQ `YOP]^_LYOTYR X`^TN L^ _SP wMZOdxZQ_SP9£OL-]LSXLYbT_S_SPNZ]]P^[ZYOTYRNZY^P\`PYNP^QZ] SPL]TYR LYO Pc[P]TPYNTYR X`^TN 3P]P []ZQLYP Z] ^LN]PO `YOP]^_LYOTYR NLY aL]d OP[PYOTYR ZY _SP ^`MUPN_TaP ]PNP[_TZY LYO X`^TNLW ^_dWP PR ?S`X]¯ T^ NZOPO TY L [`]PWd []ZQLYP bLd -Z_S OPaZ_TZYLWT^X LYO L]_ _SPZ]dbSTNSSLO^_]ZYRTX[LN_^ZYX`^TNLW[]LN_TNPTYMZ_S9Z]_SLYO >Z`_S SLO PQQPN_^ _SL_ bP]P U`^_ L^ ]PTYQZ]NTYR L^ _SPd bP]P wOZXP^_T NL_TYRx LYO w^`MWTXL_TYRx ?SPd NSLYYPWPO QPPWTYR^ LYO LQQPN_^ TY_Z L w^`[P]X`YOLYPx OTaTYP _TXPWP^^ LYO P_P]YLW OTXPY^TZY ?ST^ bL^ YZ_ LMZ`_ ^ZNTLWTeL_TZY TY NP]_LTY ^ZNTLWWd ^_LMTWTeTYR [P]^ZYLW aT]_`P^ LYO PXZ_TZY^L^bL^_SPNL^PTYLYNTPY_0`]Z[PM`_LMZ`_L]PQTYPXPY_ZQ ^PY^Z]dLYOPXZ_TZYLWPc[P]TPYNPLYOPc[LYOTYR_SPLbL]PYP^^MPdZYO PaP]dOLd Pc[P]TPYNP ,Y TY_P]P^_TYR L^[PN_ T^ _SP NZY^NTZ`^ N`W_TaL_TZY ZQ _SP waZTOx ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP bSTNS T^ WTYVPO bT_S _SP^PY^Z]dPc[P]TPYNPZQX`^TNLYO_SPNZYYPN_TZYMP_bPPYPXZ_TZYLW Q`^TZY LYO NZRYT_TaP LM^_]LN_TZY 8`^TN X`^TNTLY^ LYO X`^TNLW Pc[P]T PYNP L]P ^ZNTLWWd NZOPO bT_S wTYNZ][Z]PLWT_dx w^`[P]TYOTaTO`LWT_dx LYO wOP_LNSXPY_ Q]ZX _SP bZ]WOx bSTWP L_ _SP ^LXP _TXP _SPd XLVP _SP -]LSXLYLNNP^^TMWPTYL^PY^Z]dLQQPN_TaPLYO^`M^_LY_TLWQL^STZYTY_SP L`OTMWPX`^TNLW9£OL:YP^SZ`WOYZ_P_SL__ST^ZNN`]^aP]d^TX[WdL^ OPWTRS_ `Y_]LXXPWPO UZd LYO TXXP]^TZY TY _SP X`^TN z bT_SZ`_ MPTYR ZaP]WZLOPObT_S_SPZWZRd 9Zb TY 3TYO`T^X _SP MZ`YOL]TP^ MP_bPPY _SP []ZQLYP LYO _SP ^L N]POLYOMP_bPPY_SPOTaTYPLYO_SPS`XLYL]PLWbLd^[P]XPLMWPLYO QW`TO ±£]«RLOPaLOTOYZ_ XLVP^`NSLOT^_TYN_TZYdP_L__SP ^LXP_TXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "6`]_ 4YOTPY`YO0`]Z[L "LYO "
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#"$
SP LN_`LWWd []LN_TNPO T_ Md wTYaPY_TYRx _SP 9£OL-]LSXLY LYO TY OZTYR LW^Z ^LYN_TQTPO bZ]WOWd WTQP ?d£RL]£UL bL^ QL] XZ]P ZMaTZ`^Wd ]PWT RTZ`^ M`_ TY_P]P^_TYRWd ST^ STRSWd ]PWTRTZ`^ OT^NZ`]^P bL^ OT]PN_PO _Z bL]O[Z[`WL]TeTYRX`^TNL^LaLWTO]Z`_P_Z2ZOLYO_ZWTMP]L_TZY8Z]P _SLY TY >Z`_SP]Y 4YOTL _SP _]LY^T_TZY^ MP_bPPY []ZQLYP LYO ^LN]PO TY 9Z]_SP]Y4YOTLYX`^TNLWN`W_`]P]PXLTYPOPc_]PXPWdQW`TOLYOaL]TLMWP 1Z] PcLX[WP L NZYNP]_ XLd NZXXPYNP bT_S L aP]d WZYR £W£[ ]PRL]OPO L^LYTYaZNL_TZYZQ2ZO_SPQ`YOLXPY_LW_ZYPNLYMP^PPYL^_SP _TXP WP^^LYOP_P]YLW9£OL-]LSXLYLYO_SPX`^TNTLYXLd]PRL]OSTX^PWQL^ L QZ]X ZQ w^PWQWP^^x XPOT`X M`_ _SP X`^TNLW [P]QZ]XLYNP bTWW RPYP] LWWdPYObT_SL?S`X]¯LwWTRS_x=£RLZQL]ZXLY_TN^_dWPbSTNST^WP^^ ]`WPMZ`YO 4Y L RZZO TY_P][]P_L_TZY _SP ]P^`W_ T^ M]TWWTLY_ LP^_SP_TNLWWd ^L_T^QdTYR LYO wNSL]XTYRx TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O z LYO ZYP ^SZ`WOYZ_PT_T^NZY^NTZ`^WdbZ]WOWd4YOTLYX`^TNSL^L]PWTRTZ`^LYO XP_L[Sd^TNLW Z]TPY_L_TZY M`_ T^ YZ_ w^ZWPWdx ]PWTRTZ`^ X`^TN ;P]SL[^ _SPXZOP]YPc[]P^^TZYw^[T]T_`LWT_dxT^_SPXZ^_^`T_LMWP:Y_SPT]ZbY WT_`]RTNLW Q`YN_TZY LYO _ZYLW TY_P][]P_L_TZY ZQ [TZ`^ QPPWTYR^ OZ YZ_ XLVP4YOTLYX`^TN]PWTRTZ`^Z]^[T]T_`LWLYOYPT_SP]T^T_^`NSTYLWWT_^ OTQQP]PY_^_dWP^QZ]X^LYOTY_P][]P_L_TZY^8`NS^[LNPSL^LWbLd^MPPY LaLTWLMWP QZ] QTYOTYR X`^TNLW Pc[]P^^TZY QZ] LWW _SP ^SLOP^ MP_bPPY _PX[Z]LWT_dLYOP_P]YT_d _SL_ bSTNST^S`XLYLYO_SL_bSTNST^OTaTYP ;L]_TN`WL]Wd TY X`^TN L^ LY L]_ QZ]X _SP MZ`YOL]TP^ QLOP LbLd NZX [WP_PWd MP_bPPY S`XLY WTQP L]_T^_TN Pc[]P^^TZY [STWZ^Z[Sd LYO z OP [PYOTYRZY_SP[P]^ZYLWYPPO^z]PWTRTZ`^TY_P][]P_L_TZY3P]PwLWbLd^x XPLY^ ^TYNP _SP _TXP bSPY X`^TN LYO X`^TN Wd^T^ MPNLXP ^ZNTLWWd LN NP[_POLYONWPL]WdOTaTYPWdZMUPN_TaTePObSTNSSL^YZ_LWbLd^MPPY_SP NL^P PaPY TY 4YOTL ?SP [P]NP[_TZY ZQ X`^TN L^ ^ZXP_STYR ^`MWTXP bL^ []PNPOPOMdT_^[P]NP[_TZYL^^ZXP_STYRWTXTYLW
!!
1]ZX_SP7TXTYLW_Z_SP>`MWTXPLYO;Z[`WL]
0aPY TY 4YOTL X`^TN bL^ YZ_ LWbLd^ L^ OTaTYP LYO `YNZY_PY_TZ`^ L^ T_ MPNLXP TY NWL^^TNLW _TXP^ ?SP 9£OL-]LSXLY MWT^^ SL^ L WTXTYLW PL]Wd ST^_Z]d LYO T^ aT]_`LWWd TYNZYNPTaLMWP bT_SZ`_ _SP _SPT^_TN _LXTYR ZQ X`^TN7d^T^LYOQ`^TZYSLaPTYOPPOMPPYL]PWTRTZ`^LYON`W_`]LWTOPLW ^TYNP@[LYT´LOTN_TXP^M`_Wd^T^TYX`^TNLYOLYPXZ_TZYLW]P^[ZY^P_Z X`^TNbP]PYZ_NZY^TOP]POOP^T]LMWPTYLYNTPY_4YOTL7d^T^LYO]PWTRTZY L]P YZ_ LWbLd^ YPNP^^L]TWd NZX[L_TMWP LYO _ST^ L[[WTP^ P^[PNTLWWd TY X`^TN4_ZQ_PY^PPX^_ZSLaPWP^^ZQLOT^NT[WTYL]dPQQPN_ZY_SPWT^_PYP] _SLYZQ]PWPL^TYRSTXQ]ZXST^TYSTMT_TZY^?Z_LWOT^^ZW`_TZYLYOWZ^^ZQ NZY_]ZW L]P LM^ZW`_PWd NZY_]L]d _Z _SP ]T_`LW LYO XZ]LW L^[PN_ ZQ ]PWTR TZY^4YLYNTPY_4YOTL_SP]P^`W_TYR]P^P]aL_TZYNZYNP]YTYRX`^TNbSTNS
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
bP QTYO Q]ZX ;WL_Z LYO ,`R`^_TYP _Z .STYL LW^Z PcT^_PO LXZYR _SP -]LSXTY^ bSZ^P ]T_`LW ML^T^ LYO ^PWQTXLRP ZQ NZY_]ZWWPO XZOP]L_TZY bL^UPZ[L]OTePOTY_SPPc_]PXPMdPaP]d_STYR_SL_OT^^ZWaPONZY_]ZW4Y _SP -]£SXL©L^ _SP QZ]XL_TaP _Pc_^ ZQ _SP -]LSXTY^ X`^TN OLYNP LYO _SPL_P] bP]P _SP]PQZ]P Md YZ XPLY^ bPWW ]PRL]OPO LYO PaPY [P]NPTaPO ZQL^LY wL]XdZQOPL_Sx 1Z]LWZYR _TXP_SP2LYOSL]aL^_SPSPLaPYWd X`^TNTLY^bP]P^PPYL^_SPL]NSP_d[LWSPOZYT^_^TYO`WRTYRTYbTYPLYO Q]PP WZaP RLYOSL]aLaTa£SL ( w2LYOSL]aL bPOOTYRx 1Z] _ST^ _SPd bP]PYZ_ZYWdWZaPOM`_LW^ZQPL]PO3ZbPaP]]PWTRTZYNZ`WOYZ_XLY LRPNZX[WP_PWdbT_SZ`__SP/TZYd^TLYL^[PN_:YPXPLY^ZQNZY_]ZWLYO ]L_TZYLWTeL_TZY bL^ _Z NZ`Y_ LWW _SP XL_P]TLW _SL_ bL^ ^`YR Z] ]PNT_PO LYO^Z]PO`NPT__ZLNP]_LTYWPaPW_SL_^SZ`WOYZ_MPPcNPPOPOzTP_SP wNZ`Y_TYRxbL^PcSL`^_POYZ_ZYWdTY_SPXP_P]]PR`WL_TYR_SPWLYR`LRP XL_P]TLWM`_LW^ZTY_SP\`LY_T_dZQ_Pc_BSPY_SP]T_`LWbL^ZaP]ZYP bL^ YZ_ LWWZbPO _Z NZY_TY`P ?ST^ bL^ \`T_P `YWTVP _SP WL_P] PYOWP^^ XLY_]L^ ZQ _SP =£X-S£V_L^ LYO 3L]P6]T^SYL^ QZ] TY^_LYNP ,Y LYLWZRZ`^ NZY_]ZW XPNSLYT^X bL^ WL_P] OPaPWZ[PO PaPY Md _SP 6L`WL N`W_^ TY ]PWL_TZY _Z _SP ]T_`LW NZY^`X[_TZY ZQ LWNZSZW _SL_ bL^ LN_`LWWd []P^N]TMPO,WNZSZWNP]_LTYWdSLO_ZMP[]P^PY_M`__SPaP^^PW^`^POQZ] bTYP LYO WT\`Z] bP]P NZ`Y_PO TY LNNZ]OLYNP bT_S _SP ]LYV ZQ _SP NWLY XPXMP]^%_SZ^PZQSTRSP]]LYVNZ`WOLYObP]P]P\`T]PO_ZO]TYVXZ]P ?Z_LWO]`YVPYYP^^bL^]PRL]OPOWTVPWd^T^TYX`^TNL^LVTYOZQOTaTYP ZM^P^^TZY -`_ bSL_ ]PXLTYPO L Q`YOLXPY_LW []ZMWPX bT_S LWNZSZW YLXPWd _SL_ T_ YPaP] MPNLXP LNNP[_LMWP TY _SP -]LSXLYTN OSL]XL ^d^ _PXNPL^PO_ZL[[Wd_ZX`^TNQ]ZXLNP]_LTY[ZTY_TYST^_Z]dZYbL]O^ ?ST^NLYMP^PPYQ]ZX_SPNL]PP]ZQ_SP2LYOSL]aL^bSZ]Z^PQ]ZX _SP^_L_`^ZQ 0]WVØYTR _Z_SL_ZQNSP]`MTXLYOLW^ZTY_SP6L`WLN`W_^, WL_P]6L`WLZQQ^SZZ_bL^_SP±]¯aTOd£OT^N`^^POTY_ST^MZZV_SL_NZY _LTYPO L XP_L[SZ]TeL_TZY ZQ TX[`]P PWPXPY_^ LYO L STRS OPR]PP ZQ LP^ _SP_TNTeL_TZY:YPXLd]PXPXMP]_SPSdXY >L`YOL]dL7LSL]Å _SL_^TYR^ ZQLWZaPWdRZOOP^^TYMPL`_TQ`W[ZP_TNaP]^P^_SL_L]P_]LY^QZ]XPOTY_Z P\`LWWdOPaZ_TZYLWLYOL]_T^_TN=£RLTX[]ZaT^L_TZY^?SP ±]¯aTOd£ NZX [Z^T_TZY^ TY SZYZ] ZQ _SP RZOOP^^ 6LXLW£ ZQ _SP R]PL_ .L]YL_TN X`^T NTLY8`__`^aLXT/¯V´T_L]MPWZYR_Z_SP^LXPRPY]P #9Z_ZYWdTY_P]YLW TePO]T_`LWLYOTYN]PL^POXLY_]L[]LN_TNPM`_LW^Z_Z_LW MSLV_T Wd^T^LYO X`^TN]P[WLNPOLWNZSZWNZX[WP_PWdbSTWP_SPRPY`TYPWPQ_SLYOPO[]LN _T_TZYP]^ MPNLXP ]L]P 8`^TNLW PN^_L^dWd^T^ OPWTaP]PO LY Pc[P]TPYNP ZQ OPWTXT_L_TZYLYO^PY^Z]d-]LSXLYMWT^^bT_SZ`_LWNZSZWLYOLYLW_P]YL _TaP LP^_SP_TN bZ]WO _SL_ bL^ YZ_ OT^]P[`_LMWP LYO LW^Z WTQ_PO ZYP ^`M UPN_TaPWd Z`_ ZQ _SP OLd_ZOLd bZ]WO ]P^_]TN_PO _Z ^ZNTLW ]ZWP^ bT_S T_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #.Q>LYU`V_L2`[_LLYO0XXTP_P9TUPYS`T^ >LN]PO>ZYR^ZQ4YOTL%/¯V´T_L]v^.dNWP ZQ3dXY^_Z_SP2ZOOP^^6LXLW£ BTY_P]_S`]%,XLOP`^AP]WLR$#"
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
##
NZWWPN_TaT^_TN LYO O`_dML^PO Z]TPY_L_TZY ?ST^ w`[WTQ_TYRx Pc[P]TPYNP NZYYPN_POzLYO^_TWWNZYYPN_^_Z_ST^OLdz]PWTRTZ^T_]LTYPOTYNWL^^TNLW X`^TN bT_S `Y_]LTYPO WLd WT^_PYP]^ WZbNL^_P -LML^ $ LYO ^TX[WP -SL ULY R]Z`[^ 8`^TN MPNLXP ZYP ZQ _SP XLTY _ZZW^ QZ] NZY^NTZ`^Wd N`W_T aL_TYRR]PL__]LY^NPYOPYNdPc[P]TPYNP^LXd^_TNYZYO`LWbZ]WOaTPb OPaZ_TZYLWT^XTYLWWT_^aL]TL_TZY^LYO[P]^ZYLW]PWTRTZ`^aT]_`Z^T_d ?SP L^^ZNTL_TaP QTPWO ZQ X`^TN `YOP]bPY_ Q`YOLXPY_LW NSLYRP 4Y PL]WTP] LRP^ _SP]P bL^ L XZ]P Z] WP^^ `MT\`T_Z`^ L^^ZNTL_TaP QTPWO TY bSTNS X`^TNLW LYO ZNN`W_ ^Z`YO^ bSP_SP] _SPd bP]P _SP SPLaPYWd TY ^_]`XPY_LW ^Z`YO^ _SP DZRTY^ SPL]O _SP WT__WP MPWW^ ZQ _SP bTWO QWdTYR DZRTY¯^ _SP w^V`WW ^ZYR^x ZQ _SP -SLT]LaL bZ]^ST[[P]^ Z] PaPY _SP >£XLAPOL bP]P NZYYZ_PO bT_S ^ZXP_STYR WTXTYLW Xd^_P]TZ`^ ^[ZZVdLYOPaPYOPXZYTNLYOLWbLd^WTVPX`^TNTYWL_P]_TXP^ bT_S ^ZXP_STYR Z_SP]bZ]WOWd :Y _SP Z_SP] SLYO _SP []PNL]TZ`^ [L]_TNT[L _Z]d ]PWL_TZY^ST[ _Z ^Z`YO T^ M]ZVPY TY _SP ;`]£©TN ^_Z]d ZQ .LÓN`W£ ?SP ^PXTX`^TNLW ^Z`YO^ ZQ _SP ]PNT_L_TZY O]TaP _SP OPXZY^ Z`_ LYO WT_P]LWWdN]PL_PLYL`^[TNTZ`^L_XZ^[SP]PM]TYRTYR_SPOPXT^PZQLWW_SL_ T^bTNVPOLYOXLWTRY 4YLWW[]ZMLMTWT_d TY 3TYO`4YOTL_SPT^X bSTNS]P[WLNPO_SP APOTN bZ]WO`[ZY_SP]T^PZQ_SPR]PL_RZO^±TaLLYOAT´©`L__SPMPRTYYTYRZQ _SP .ZXXZY 0]L bL^ _SP XLTY ]PL^ZY _SL_ X`^TN TYN]PL^TYRWd WZ^_ T_^ Z]TRTYLWOLYRP]Z`^OT^]P[`_LMWPLYOWTXTYLWNSL]LN_P]LYOMPNLXPQ`WWd TY_PR]L_POTY_Z_SPOTaTYP^[SP]P?SPT^XM]Z`RS_RZO^bSZOLYNPOLYO [WLdPO X`^TN 8`^TNLW Wd^T^ MPNLXP `Y[]ZMWPXL_TN L^ T_ bL^ PXMPOOPO TY L _]LY^[L]PY_ XTN]ZXLN]Z NZ^XTN Z]OP] LYO OPaZ_TZY 1`^TZY TY X`^TN WZ^_ LYd STY_ ZQ `YOP^T]LMTWT_d bSPY T_ bL^ PYYZMWPO LYO ]P QZ]XPO Md MSLV_T LYO _SPT^X 8`^TN T_^PWQ PaPY MPNLXP ^ZXP_STYR OT aTYP ?ST^ _]LY^T_TZY MPNZXP^ NZX[]PSPY^TMWP TY _SP ;`]£©L^ bSP]P _SP QZ]X ZQ _SP OLYNTYR ^V`WW-SLT]LaL L[[PL]^ bSZ NZXMTYP^ WTXTYLWT_d LYOLYZMUPN_ZQQL^NTYL_TZYTY[P]^ZYLW`YTZY,__ST^U`YN_`]PZYPXLd ]PXPXMP] _SL_ -SLT]LaL T^ _SP bTWO QZ]X ZQ ±TaL bSTNS _SP RZO L^ ^`XP^ LQ_P] SP N`_^ ZQQ ZYP ZQ _SP SPLO^ ZQ _SP []TP^_RZO -]LSXL MP NL`^PZQ_SPZWZRTNLWOTQQP]PYNP^_SPdNZ`WOYZ_LR]PPZYbSZ_SPSTRS P^_RZOTY_SP`YTaP]^PbL^?ST^OPPOXPLY__SL_SPSL^NZXXT__PO_SP bZ]^_ [Z^^TMWP ^TY VYZbY _Z _SP -]LSXLYTN aLW`P ^d^_PX% SL]XTYR L -]LSXTY M]LSXLSL_d£ .L]]dTYR _SP ^V`WW TY ST^ SLYO L^ L ^TRY ZQ ST^ ^SLXPSPPXML]V^ZYL[TWR]TXLRP_Z-LYL]L^bSP]PSPT^QTYLWWdQ]PPO Q]ZX _SP ^V`WW LYO WTMP]L_PO Q]ZX ST^ ^TY 4_ T^ TY_P]P^_TYR QZ] Z`] _Z[TN _ZYZ_P bSL_SL[[PY^ZY_SPUZ`]YPd4YLSLWQN]LePO^_L_P ±TaLMPRTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $>PP7TOTL2`ed -LML^`YO ,WPVS^ ,^VP^P`YO0V^_L^PPTYP]=PWTRTZYTXBP]OPY -P]WTY%BPTÁPY^PPAP]WLR
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_Z OLYNP LYO TY ST^ PN^_L^d SP MPNZXP^ TYN]POTMWd L__]LN_TaP _Z _SP bZXPY QZWWZbTYR STX 0aPY _SP ^V`WW^ ZY ±TaLv^ YPNVWLNP ZQ ^V`WW^ ^_L]__Z^TYRLYO[]Ld_Z_SPR]PL_RZO4Y_SPNZYQP^^TZYML^POQLT_SLYO OPaZ_TZY_SL_QZWWZb_SP[]PaTZ`^WdWTXTYLWRZOXZaP^Q]ZX_SP[P]T[S P]d _Z _SP NPY_P] LYO PaPY _SP ^V`WW^ NZYYZ_PO bT_S Pc_]PXP TX[`]T_d MPNZXP LNNP[_LMWP ±£]«RLOPaL bSZ NP]_LTYWd NZYNPTaPO ZQ X`^TN L^ _SP ]PQWPN_TZY LYO ^`[[Z]_ ZQ ^ZNTLW Z]OP] LYO XZ]LW^ TYNW`OPO _SP w^V`WW^ZYR^xTYST^NZWWPN_TZYZQX`^TN ?SP MSLV_T XZaPXPY_^ bSTNS PXP]RPO TY >Z`_SP]Y 4YOTL ?LXTW 9LO`aP]dPL]WdZYQ]ZX _SP ^Tc_SNPY_`]dLW^ZTYT_TLWWdN`W_TaL_PO L N`W_ ZQ [Z^T_TaP [Z^^P^^TZY Pc[]P^^PO TY QZ]X^ ^`NS L^ OLYNP LYO ^ZYR -`_ TYNZY_]L^__Z _SPT]^V`WWMPL]TYRNZWWPLR`P^ TY_SP9Z]_S_SPdWLNV _SP OT^]P[`_LMWP ^_TRXL ?SP MPWTPQ TY L 7Z]O 2ZO bL^ LW]PLOd ^Z bPWW P^_LMWT^SPO _SL_ PaPY ^SLXPWP^^ PN^_L^d bL^ YZ_ ^`^[PN_ L^ WZYR L^ T_ ]PWL_PO _Z _SP RZO 1ZN`^TYR ZY LYO TXXP]^TZY TY _SP RZO L]P ^PWQ ^`QQTNTPY_ ^d^_PX^ _SL_ OZ YZ_ SLaP _Z ]PWL_P PT_SP] [Z^T_TaPWd Z] YPRL _TaPWd _Z Z_SP] 3TYO` XZaPXPY_^ ?ST^ L`_Z[ZTP_TN ]PWL_TZYLW XZOP T^ ^_TWW QZ`YO TY _SP 9Z]_SP]Y 4YOTLY MSLV_T NWL^^TN =£XNL]T_X£YL^ OL_TYR Q]ZX _SP ^Tc_PPY_S NPY_`]d TY bSTNS PaPY _SP OPXZY^ QTYLWWd QTYO OP WTaP]LYNP MPNL`^P _S]Z`RSZ`_ _SPT] WTaP^ _SPd SLaP `YTY_P]]`[_POWd _SZ`RS_LMZ`__SPTYNL]YL_PRZO=£XLzPaPY_SZ`RS_ST^bL^ZYWd_SPT] NZY_PX[WL_TZY ZQ SZb _SPd NZ`WO OP^_]Zd STX QZ] RZZO ?SP TY_PY^TaP QTcL_TZY ZY _SP RZOv^ TXLRP T^ ^`QQTNTPY_ LYO _SP AT´©`T_TN MSLV_T _SPZ WZRTLY^ PaPY TYNW`OPO _SP YTYOLMSLV_T w^NZWOTYR OPaZ_TZYx TY _SPT] NL_LWZRZQOPaZ_TZYLW]PWL_TZY^_Z2ZO=PWL_TZY_Z2ZOOZP^YZ_YPNP^ ^L]TWdSLaP_ZMPPc[]P^^PO_S]Z`RSWZaPM`_LWbLd^_S]Z`RSLYTY_PY^P QPPWTYR 7ZaP QZ] _SP RZO PaPY WPRT_TXTeP^ Pc_]PXP OSL]XL _]LY^R]P^ ^TZY^4Y6´©LT^X_ST^T^_SPZWZRTePOXZ^_ZQLWWTY_SPYL]]L_TaPZQ_SP dZ`YR ^SP[SP]ORZO 6´©L LYO SZb SP L__]LN_PO _SP XL]]TPO ^SP[SP]O P^^P^ RZ[¯^ ?SP bZXPY OZ YZ_ bZ]]d _SL_ _SPT] LO`W_P]Z`^ LN_TaT_d NLY M]TYR [`YT^SXPY_ TY 3PWW 3P]P _SP L__]LN_TaPYP^^ ZQ _SP RZO T^ LN _`LWWd ]P[]P^PY_PO `^TYR L X`^TNLW XP_ZYdX 4_ T^ 6´©Lv^ QW`_P _SL_ Pc`OP^ ^`NS L XLRTNLW NSL]X _SL_ _SP bZXPY TXXPOTL_PWd OP^P]_ _SPT] SZXP^ LYO NSTWO]PY _Z MP bT_S STX -SLV_T LYO 9£OL MPNZXP NZX [WP_PWd XP]RPO M`_ LW^Z _SP TXLRP ZQ _SP RZO _LVP^ ZY _SP QZ]X ZQ _SP 9£OL 7TVP _SP _Z_LWWd OdYLXTN LYO ^PWQPc[]P^^TaP 9£OL _SP RZO LQ QPN_^ LYO NSL]X^ PaP]d_STYR _SL_ SP SL^ NZY_LN_ bT_S LYO OT^^ZWaP^ _SP ^`MUPN_^v MZ`YOL]TP^ ;]TYNT[LWWd TY AT´©`T^X _SP]P OPaPWZ[PO _SP TX LRP ZQ _SP wXP]NTWP^^Wd RZZOx `YTaP]^LW 2ZO bSTNS bL^ LW^Z PLRP]Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z]ZYPaP]^TZYZQ_ST^YL]]L_TaPNQ 6¼]XL;`]£©L "z"!?SPaP]^TZY^OTQQP]TY OP_LTW^OP[PYOTYRZYbSP_SP]_SPd_LVPL±TaLT_TNAT´©`T_TNZ]>X£]_L[P]^[PN_TaP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
##
LOZ[_POMd±LTaL^LYO±£V_L^%PaP]d_STYRZNN`]^TYLNNZ]OLYNPbT_S_SP NZ^XTN[WLdQ`WYP^^ZQ_SPRZOLYOYZZYPP^NL[P^OPWTaP]LYNP 4_ T^ []ZMLMWd O`P XLTYWd _Z _SPZWZRTNLW ^PXTZ_TNTeL_TZY _SPT^_TN OZXP^_TNL_TZY LYO OPaZ_TZYLW _LXTYR _SL_ MZ_S _SP 9£OL NZYNP[_ LYO X`^TN ^SZZV ZQQ LWW _SPT] WTXTYLWT_d LYO bP]P QT]XWd TYNZ][Z]L_PO TY_Z _SPZ]_SZOZcYPc`^4YXLYdQZ]X^[`]P9£OLMPNLXPLY LP^_SP_TN LYO ^Z_P]TZWZRTNLWWd [ZbP]Q`W LbL]PYP^^_]LY^QZ]XTYR ]PLWT_d LWW _SP bLd _Z_SP2`]`2]LY_S_SPSZWdMZZVZQ>TVST^X/ZXTYL_POMdX`^TNLYO ^ZYR WLYR`LRP _]LY^X`_PO TY_Z L ^`MQZ]X ZQ Pc[]P^^TaP ^Z`YO ?SP LN_`LW Xd^_P]d XTR]L_PO TY_Z ^Z`YO LYO _ST^ T^ PYNL[^`WL_PO _SPZWZRT NLWWd TY _SP NZYNP[_ ZQ 9£OL-]LSXLY BSL_ LW]PLOd PcT^_PO TY _SP [Z[`WL] ]PWTRTZY LYO WPT^`]P N`W_`]P TP [WPL^`]P TY X`^TN bL^ ]PQTYPO TY _SP 9£OL-]LSXLY NZX[WPc TY _SP QL^STZY ZQ _SP wSTRS _]LOT_TZYx wSZNS_]LOT_TZYPWW aP]POPW_x ,WXZ^_ LWW _SP TOPL^ LMZ`_ WLYR`LRP LYO ^Z`YOLYO_SPQZ]X^ZQWd^T^_SL_>LY^V]T_3TYO`T^XSL^OPaPWZ[POSLO _SPT]NZYQW`PYNPSP]PLYObP]P]PQWPN_POLYPbTY_SPXP_L[Sd^TN^ZQ_SP 9£OL-]LSXLY8LYdZWOP]_SZ`RS_^bP]PbZaPYTY_ZLYO]PQZ]X`WL_PO TY _SP TOPL^ LYO []LN_TNP ZQ NWL^^TNLW X`^TN ?SP^P QZ]XPO L N`W_`]LW NZY_TY``XbT_S_SPXLYOLOPY^PQL]]PLNSTYRTY_P]_Pc_`LWYP_bZ]V 1Z]TY^_LYNP_SPZWOTOPLZQ_SP-]£SXL©L^_SL_QTR`]P^XP_P]^LYO bZ]O^ L]P ^P[L]L_P [P]^ZYLWT_TP^ bL^ _]LY^QP]]PO _Z _SP X`^TNLW YZ_P^ LYO QZ]X^ ZQ XPWZOd _SL_ L]P NZYNPTaPO ZQ L^ ZbY ]PLWT_TP^ ?SP YZ_P^ LYO =£RL^ L]P _TXPWP^^ LYO P_P]YLW L^ L]P _SP [SZYPXP^ LYO bZ]O^ TY _SP ;¼]aL8ÅX£À^£ WTYR`T^_TN _SPZ]d M`_ _SPd OZ YZ_ NL]]d ^PXLY_TN XPLYTYR LYO L]P TY^_PLO ^PWQNZXX`YTNL_TYR MPL]P]^ ZQ XZZO ?SP LM ^_]LN_ PXZ_TZYLW aLW`P^ L]P P^^PY_TLWWd ^P_ OZbY TY _SP _ZYP^ LYO ^P \`PYNP^ZQ_ZYP^ZQ_SP=£RLv^XPWZOd_d[P4YOTLYNZX[Z^P]^LYOX` ^TNTLY^ L]P NZYNPTaPO ZQ L^ OT^NZaP]P]^ ZQ P_P]YLW XPWZOTP^ LYO ZQ _SP PXZ_TZYLW ^[SP]P^ TY _SPX >ZXP_STYR _SL_ T^ LW]PLOd LYNSZ]PO TY ]PLW T_dLYOTYZYPv^ZbY^PWQ_SPNZ^XTN9£OLTYZYPv^ZbYMZOdZYWdSL^ _Z MP LbLVPYPO ^TXTWL]Wd _Z _SP ^`[P][P]^ZYLW OTaTYP ^PWQ LYO _SP `YT_d ZQ ¢_XLY LYO -]LSXLY TY _SP ,OaLT_LAPO£Y_L 7TVP ±L«VL]Lv^ _L__aLXL^T =£RL X`^TN T^ QZ] X`^TNTLY^ LYO WT^_PYP]^ L XPLY^ ZQ WTM P]L_TZY Q]ZX _SP ^PWQ w4x -`_ Pc[P]TPYNP ^SZb^ _SL_ _ST^ T^ X`NS NWZ^P]_Z ?LY_]TN ^PY^`LWT^Xw9ZLM^Z][_TZY WTVP_SL_ZQ9£OLxT_^Ld^ TY _SP ±TaL>LXST_£ TY _SP NZY_Pc_ ZQ L OP^N]T[_TZY ZQ TYYP] ^Z`YO^ ,YO L[[L]PY_Wd _ST^ T^ PcLN_Wd SZb ±£]«RLOPaL LW^Z _SZ`RS_ bSPY SP Q`^PO 9£OL bT_S -]LSXLY ]P^`W_TYR TY _SP 9£OL-]LSXLY LYO []Z[L RL_POWT^_PYTYR_ZX`^TNL^LR]PPLMWPDZRL 8`^TNMPNLXP_SP^PY^Z]dZMUPN__SL_NZ`WOMLYT^SLWWZ_SP]^PY^Z]d ZMUPN_^ LYO _SP]PQZ]P LY TOPLW QZN`^ QZ] XPOT_L_TZY LYO OPaZ_TZY ?ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q-PNV >ZYTN?SPZWZRd
##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
aTPb bL^ _]LY^QP]]PO TY T_^ PY_T]P_d _Z _SP ^TX[WP^_ -SLULY ^ZYR^ ?SP OTaTYP YL_`]P ZQ X`^TN bL^ [Z[`WL]TePO LYO NZXX`YLWTePO TY MSLV_T ^TYRTYR /PaZ_TZYLW X`^TN T^ _SP ^TX[WP^_ LYO XZ^_ PQQZ]_WP^^ XPLY^ ZQ MPTYR NWZ^P _Z 2ZO QPPWTYR ST^ []Z_PN_TZY LYO Q`^TYR bT_S STX z YZ XL__P]bSP_SP]_SPTOPLZQ2ZOT^[P]^ZYLWZ]wQPL_`]PWP^^x?SPPQQZ]_ WP^^YP^^_SL_ ±£]«RLOPaLL^^ZNTL_PO bT_SX`^TN T^LY LM^ZW`_PWdNPY_]LW L^[PN_ TY MSLV_T 3P]P OPaZ_TZYLW NLWWTYR _Z XTYO ZQ _SP OTaTYP YLXP^ LYO X`^TN bP]P uPWPN_TaP LQQTYT_TP^v LYO ubPOOPOv TY_PY^PWd 8`^TN NLY Pc[]P^^ _SP w^bPP_YP^^x ZQ _SP OTaTYP YLXP ^Z ^`M^_LY_TLWWd bT_S ^`NS PXZ_TZYLW NZWZ] LYO TY L bLd _SL_ LWWZb^ OPWTRS_Q`W ^PY^Z]d Pc[P]TPYNP ZQ T_ L^ _SP -S£V_L^ OP^T]PO 4Q Q]ZX _SP !_S"_S NPY_`]d ZYbL]O^ _SP-]LSXLYLYO_SP9£OL-]LSXLYbP]POPQTYPOaTLWZaP_SPOPNT^TaP QLN_Z] SP]P bL^ _SL_ LY LM^_]LN_ NZYNP[_ bL^ XLOP LNNP^^TMWP LRLTY TY QPPWTYR^ 0c[P]TPYNP ]PWTRTZ`^ NZOTYR LYO _SP NZY^NTZ`^ OT^^ZWaTYR ZQ OT^_LYNP]PXLTYPOVPdOP_P]XTYLY_^ LYO]PTYQZ]NPOZYPLYZ_SP]^TRYTQT NLY_Wd TY OPaZ_TZYLW Q`^TZY 8`^TNLWTePO OPaZ_TZY XZYZ[ZWTePO _SP MZOdLQQPN_^LYO_SP^[T]T_XZ]PSZWT^_TNLWWdLYO[P]^ZYLWWdLYONWZ^P] _Z ]PLW WTQP _SLY ^NSZWL]Wd 9£OL-]LSXLY XP_L[Sd^TN^ Z] ^Z[ST^_TNL_PO L]_ _SPZ]d ZQ PWT_P N`W_`]P ;PZ[WP OPXLYO PX[ZbP]XPY_ YZ_ P[T^ _PXTN^?SPdbLY_Pc[P]TPYNPLYO_Zw_`YPTYx_Z_SPRZOLYOST^[ZbP] LYO^PPVWd^T^LYO^PN`]T_dTY_SPT^X ;WPL^`]P PY_P]_LTYXPY_ LYO ^ZNTLW L^[PN_^ ^SZ`WO YZ_ MP `YOP]P^_T XL_PO PT_SP] 4_ T^ P^[PNTLWWd XL]VPO TY _SP NL^P ZQ -SLULY ^TYRTYR bSP]P ZYP YZ_ ZYWd WT^_PY^ M`_ LW^Z LN_TaPWd ^TYR^ ^TX[WP OPaZ_TZYLW ^ZYR^ ZQ_PY bT_SZ`_ L WZ_ ZQ bZ]O^ /ZTYR L MT_ ZQ ^TYRTYR _ZRP_SP] T^ Q`Y 4_ OZP^ YZ_ YPPO LYd ^[PNTLW _]LTYTYR MPNL`^P _SP]P T^ L NLY_Z] bSZX ZYP NLY ^TX[Wd QZWWZb LYO TXT_L_P .ZXX`YLW ^TYRTYR M]TYR^ LMZ`_^ZNTLWTY_PR]L_TZYLYO]PRTZYLWTOPY_T_dMPNL`^PXLYdZQ_SP]PWT RTZ`^ ^ZYR^ L]P TY _SP aP]YLN`WL] 7L^_ M`_ YZ_ WPL^_ T_ RPYP]L_P^ LOOT _TZYLW ]PWTRTZ`^ aLW`P MPNL`^P _SP ]PWL_TZY^ST[^ ZQ WTVPXTYOPO [PZ[WP _Z 2ZO PYSLYNP ZYP LYZ_SP] LYO _SP PY_S`^TL^X ZQ ZYP [P]^ZY NLY PY NZ`]LRP _SP Z_SP]^ ?ST^ R]Z`[ OdYLXTN _SL_ /`]VSPTX _P]XPO w^ZNTLW PQQP]aP^NPYNPx bL^ VYZbY _Z MSLV_T _SPZ]P_TNTLY^ LYO _SPd _SP]PQZ]P [L]_TN`WL]Wd ]PNZXXPYOPO NZXX`YLW ^TYRTYR >TYRTYR TY R]Z`[^ LYO ^TYRTYR _SP YLXP LYO OPPO^ ZQ 2ZO V¯]_LYL WZ`OWd MPNLXP _SP ]PWT RTZ`^ NPY_P][TPNP ZQ bSZWP XZaPXPY_^ LYO TY XLYd TY^_T_`_TZYLWTePO MSLV_T_]LOT_TZY^^`NSLN_TaT_TP^[WLdLaL^_]ZWP?SP^PTY^_T_`_TZYLWTePO _]LOT_TZY^]LYRPQ]ZXZYPZQ_SPZWOP^_z_SPA£]VL]¯>LX[]LO£dLQ]ZX _SP _S_S NPY_ LYO _SPT] LYY`LW [TWR]TXLRP _Z ;LYOSL][`] 8L SL]L^_S]L bSTNS QZ] XLYd OPaZ_PP^ ]P[]P^PY_^ _SP [P]^ZYLW NPY_P] ZQ _SPT] WTaP^ z _Z ZYP ZQ _SP XZ^_ ]PNPY_ _SP 3L]P6]T^SYL OPaZ_PP^ 4>6.:9 bSZ TY _ST^ ]PRL]O QZWWZb NZX[WP_PWd w_]LOT_TZYLWx [L__P]Y^ TY_SPT]NL^PTY^[T]POMd_SPPN^_L_TN-PYRLWT6´©LMSLV_TZQ .LT_LYdL
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
##
ZQ _SP !_S NPY_`]d 2]Z`[ ^TYRTYR SPW[^ _Z QZN`^ _SP ^[T]T_ LM^Z]M QPPWTYR^ LYO NSLYYPW _SPX TY L OPaZ_TZYLW bLd 4Y _SP NL^P ZQ 6´©L OPaZ_PP^T_T^LW^ZL^^ZNTL_PObT_SOLYNP4QZYPOPaZ_P^ZYP^PWQ_ZX` ^TN NZXX`YLW ^TYRTYR bT_S T_^ ]P[PL_TYR [L__P]Y^ LYO T_^ LNNPWP]L_TYR LYOOPNPWP]L_TYR]Sd_SX^T^NL[LMWPZQRPYP]L_TYR_]LYNPWTVP^_L_P^LYO X`^TNLW PN^_L^d 4Q _SP NLY_Z] bSZX _SP Z_SP]^ QZWWZb T^ ZYPv^ ZbY R`]`T_T^P^[PNTLWWdPL^dQZ]X`^TNOPT_dLYOR`]`_ZQ`^PLYOTY_ST^ XZXPY__SPbZ]WOXPW_^LbLd_ZZbT_STYLR]PL_ZNPLYTNZYPYP^^?SP TXXP]^TZYTY_SPw-]LSXLYMWT^^xZQX`^TNbTWWMPPXZ_TZYLWWdNZWZ]PO Md _SP WZaP QZ] _SP _PLNSP] ?SP `YTaP]^LWWd [Z[`WL] MSLV_T NSLY_TYR XLOP_SP9£OL-]LSXLYTY_ZLYTY_PR]LW[L]_ZQ[Z[`WL]]PWTRTZYbT_S Z`__SPNZYNP[_T_^PWQYPPOTYR_ZMPVYZbYL_LWW-`__SPNZYNP[_T_^PWQ LW^ZMPNLXP[L]_ZQ[Z[`WL]N`W_`]P?SP]PL]P]PWTRTZ`^ ^ZYR^YZ_ZYWd _Z OPT_TP^ TY MZ_S NWL^^TNLW LYO [Z[`WL] ^_dWP^ M`_ LW^Z _Z _SP 9£OL -]LSXLY 9ZbLOLd^ SL]OWd LYdZYP T^ QLXTWTL] bT_S T_^ NZX[WPc _SPZW ZRdLYO_ST^T^YZ_PaPYYPNP^^L]d?SPLM^Z]MTYRX`^TNT^_SPP^^PY_TLW QLN_Z]_SPTXXPOTL_P[L]_TNT[L_TZYTYL^LN]PONZ^XZ^LYTYYP]QPPWTYR ZQ_SP[]P^PYNPZQ2ZOLYOLw^`[P]X`YOLYPxUZd_SL__LVP^SZWOZQLWW _SP^PY^P^ >Z _SP 9£OL-]LSXLY bSTNS TY T_^ Z]TRTYLW NZYNP[_TZY Md ±£]«RLOPaL bL^ T_^PWQ LW]PLOd L wOPPXLYNT[L_Z]d OT^_Z]_TZYx ZQ -SL]_SL]Tv^±LMOL-]LSXLYMPNLXPPaPYWP^^LM^_]LN_XZ]Pw^`M^_LY _TLWWdXd_STNLWxLYOXZ]P [L]_TNT[L_Z]d?ST^OPaPWZ[XPY_ZQ _SP[Z[` WL]TeL_TZY wXd_SZWZRTeL_TZYx Z] w]PXd_STQTNL_TZYx ZQ PXLYNT[L_Z]d ^d^_PX^ bT_STY _SP Q]LXPbZ]V ZQ _SPT^X L[[PL]^ ]P[PL_POWd TY _ST^ MZZV 1Z] PcLX[WP MZ_S ;£©TYTv^ ±TaL^¼_]£©T LYO _SP 8£_V£ TP _SP ?LY_]TePO LW[SLMP_ L^ L MW`P[]TY_ QZ] _SP `YTaP]^P bP]P Xd_STNLWWd NZOPO bSTNS M]Z`RS_ _SPX bT_STY _SP L]PL ZQ []PWTYR`T^_TN ^Z`YO LYO RLTYPO ]PWTRTZ`^ TX[Z]_LYNP 4Y _SP 6L_S£^L]T_^£RL]L PaPY _SP PY_T]P R]LXXL] bL^ O]LbY TY_Z _SP OTaTYP ^[SP]P ?SP MSLV_T ^`]]PYOP] LYO wWZaTYR[L]_TNT[L_TZYxT^_SPPcLN_Z[[Z^T_PZQZ`]P[T^_PXTNNZYNP[_ZQ wPXLYNT[L_TZYx XPLYTYR L ]PWL_TZY^ST[ _Z _SP ZMUPN_ NSL]LN_P]TePO Md OT^_LYNP LYLWd_TNLW ]PL^ZY LYO L_ZXTeL_TZY ?SP MSLV_T NZY^NTZ`^Wd ^PPV^ Z`_ NWZ^PYP^^ QPPWTYR VYZbWPORP ZQ 2ZO QTWWPO bT_S PXZ_TZY LYO w[L]_TNT[L_TZYx L^ _SP _P]X TYOTNL_P^ 4Y _SP ^ZNTLW QTPWO LYO TY ZYPv^ ^PWQP^_PPX _ST^ [L]_TNT[L_Z]d SLMT_`^ SLO []ZYZ`YNPO PXLYNT[L _Z]dPQQPN_^4_`YOP]XTYPO^ZNTLWML]]TP]^_`]YPO_]LOT_TZYLWSTP]L]NSTP^ ZY_SPT]SPLOLYO[]ZaTOPO]PWTRTZ`^L`_ZYZXdLYOTYOP[PYOPY_[ZbP] ZQ OPQTYT_TZY 1Z] PcLX[WP [`]P VYZbWPORP TY ±L«VL]Lv^ ^PY^P T^ ZQ ]PWL_TaPWd WT__WP aLW`P _Z MSLV_T TY bSTNS PXZ_TZYLW Q`^TZY T^ ^Z`RS_ /PaZ_TZYLW MSLV_T ^TYRTYR PWPaL_P^ ZYP _Z L ^[SP]P ZQ TXXPOTL_P ]PWL _TZY^ST[ bT_S 2ZO ,YO []PNT^PWd _ST^ `YXPOTL_PO NWZ^PYP^^ PYOZbPO ZYP bT_S L ^[T]T_`LW YZMTWT_d TYOP[PYOPYNP LYO ]PWTRTZ`^ ^PWQ
##!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
OP_P]XTYL_TZY 9Z PO`NL_TZY bL^ YPPOPO YZ ^_`Od ZQ >LY^V]T_ LYO YZ ]T_`LW^ z ZYWd L ^TYNP]P SPL]_ ?SP OPaZ_TZYLW aP]YLN`WL] ^ZYR[ZPX^ RLaP _SP ^ZNTLWWdOP[]TaPO L aZTNP 8LYd ZQ _SP NSL]T^XL_TN MSLV_T [Z P_^ZQ>Z`_SP]YLYO9Z]_SP]Y4YOTLbSZ^LYRZQ[P]^ZYLWRZO^ ^LR`©L MSLV_T LYO LWW _SP 9Z]_SP]Y 4YOTLY >LY_^ bSZ Pc[]P^^PO WZaP QZ] _SP QPL_`]PWP^^ LYO YLXPWP^^ STRSP^_ 2ZO YT]R`©LMSLV_T TY _SPT] ^ZYR^ NLXP Q]ZX WZbP] ^ZNTLW ^_]L_L LYO ZQ_PY N]T_TNTePO _SP `YQLT] NL^_P ^d^ _PX _SP ]T_`LW ZQ _SP -]LSXTY ^[PNTLWT^_^ _SP Pc_]ZaP]^TZY ZQ P^_LM WT^SPO QZ]X^ ZQ ]PWTRTZY LYO _SP aLYT_d LYO OZRXL_T^X ZQ _SPT] ]P[]P ^PY_L_TaP^BL^YZ_TYYP]L__PY_TZYLYOOPaZ_TZY_Z2ZOTYQTYT_PWdXZ]P TX[Z]_LY__SLYLYd]PWTRTZ`^^[PNTLWT^_^LYO^NSZWL]WdVYZbWPORPL^LWW _SP aP]YLN`WL] [ZP_^LTY_^ ^LTO* ,YO OTO YZ_ LWW _SP [PZ[WP NL]]d _SP WZaP QZ] _SP QPL_`]PWP^^ STRSP^_ -PTYR bT_STY _SPX^PWaP^ _S]Z`RS _SPT] WZYRTYR QZ] MWT^^ LYO TXXZ]_LWT_d* BL^ YZ_ 2ZO PaP]dbSP]P LYO TY PaP]d [P]^ZY* >Z bSL_ L`_SZ]TePO ^ZNTLW TYP\`LWT_TP^ LYO OZRXL_TN MZ`YOL]TP^ MP_bPPY 3TYO`T^X LYO 4^WLX* ,^VPO 6LM¯] bSZ bL^ ZYP ZQ _SP >LY_^ BP]P YZ_ ^[T]T_`LWT_d OTaTYP ^Z`YO LYO OTaTYP WTRS_ []P ^PY_ TY LWW ]PWTRTZY^* ,^VPO _SP =LOSL >ZLXT^ ZQ _SP -PL^ WTYP ?SP [Z[`WL]TeL_TZY ZQ _SP X`^TNLW 9£OL T^ _SP]PQZ]P YZ_ _Z MP NZYQZ`YOPO bT_S_]TaTLWTeL_TZY4Y^_PLOT_XPLY^NZXX`YLWTeL_TZYLYORPYP]LW[Z[` WL]T_d LYO _SP bTOP OT^^PXTYL_TZY ZQ ^TX[WP -SLULY^ LYO aP]YLN`WL] OPaZ_TZYLW^ZYR^8LYdZQ_SP^P^ZYR^bP]P^P__ZX`^TNTY=£RL^?SP XZ]P QZWV^d -SLULY OTO YZ_ ]P\`T]P LYd WPYR_Sd _]LTYTYR WTVP NWL^^TNLW X`^TN OTO M`_ ZYWd []P^PYNP aZTNP LYO L ]PWL_TZY^ST[ bT_S 2ZO 3P]P _SPTYOTRPYZ`^LP^_SP_TNSTP]L]NSdMP_bPPY_SP[Z[`WL]QZWVX`^TNLYO _SP ^`MWTXP NWL^^TNLW X`^TN bL^ _`]YPO ZY T_^ SPLO /PaZ_TZYLW ^ZYR OT^^ZWaPOMZ`YOL]TP^LYOSTP]L]NSTP^LYO]LT^POPaPYSL]^SN]T_TNT^XZQ _SP]PWTRTZ`^LYO^ZNTLWP^_LMWT^SXPY_TY_Z_SPOTaTYP^[SP]P 4Y ±£]«RLOPaLv^ XP_L[Sd^TNLW NZYNP[_TZY ZQ 9£OL-]LSXLY X`^TN SLO LW]PLOd MPPY PWPaL_PO _Z _SP OTaTYP ^[SP]P LYO _ST^ OPTQTNL_TZY bL^ TY_PY^TQTPOMdOPP[PYTYRLYOOPaPWZ[TYR_SPXLYdTY_P]_Pc_`LW]PWL_TZY^ _SL_±£]«RLOPaLSLOLW]PLOdP^_LMWT^SPOTYX`^TNTLY^vNT]NWP^TYOPaZ _TZYLWT^X TY [Z[`WL] OT^NZ`]^P LYO aL]TZ`^ ]PWTRTZ`^ _]LOT_TZY^ 5`^_ L^ R]LXXL] WPQ_ _SP NT]NWP^ ZQ ^NSZWL]Wd R]LXXL]TLY^ _SP 9£OL-]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :YP X`^_ YZ_ ]ZXLY_TNTeP _ST^ SZbPaP] LYO LW^Z _SP TY_P][]P_L_TZY ZQ w^ZNTLW []Z _P^_x bZ`WO MP ]P^_]TN_TYR MPNL`^P _SP ]PWTRTZ`^ L^[PN_ LWbLd^ ZNN`[TPO _SP NPY_P] R]Z`YO LYO _SP []Z_P^_ _ZZV ZY L VPd Q`YN_TZY []TXL]TWd QZ] ^PWQP^_PPX TYOTaTO`LW OTRYT_dLYO[P]^ZYLWTOPY_T_d 4_OTOYZ_SZbPaP]LW_P]_SP ^ZNTP_LWYZ]X^zLYOOTO YZ_ PaPY LTX _Z OZ ^Z 4_ T^ _]`P _SL_ bT_STY _SP -SLV_T NZXX`YT_TP^ _SP NL^_P ]`WP^ bP]PNZXXZYWd]PaZVPOM`__ST^bL^^PWOZX]PNZXXPYOPOQZ]_SP[`MWTN^[SP]P:Y L^XLWWP]^NLWP^ZNTLWWTQPbL^PWPaL_PO-L^TNLWWdLYdZYPNZ`WOMPTYT_TL_POTY_Z_SP -SLV_T NZXX`YT_TP^ bSTNS Z[PYPO `[ YPb ^ZNTLW ]PWL_TZY^ LYO ]PWTRTZ`^ Z[[Z]_`YT _TP^_Z^ZNTLWWdOT^LOaLY_LRPOR]Z`[^8Z]PZaP]L^L]`WPT_bL^LW^Z[Z^^TMWP_Z^TYR -SLULY^bT_SZ`_TYT_TL_TZYLYOWZZ^PYP_bZ]V^bP]P^`QQTNTPY_QZ]NZXX`YLWTeL_TZY
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
##"
LW^ZWPQ__SPPO`NL_PONT]NWP^ZQX`^TNTLY^4YOZTYR^ZT_WL]RPWdWZ^_T_^ ^NSZWL]Wd L^^ZNTL_TZY^ LYO w\`Z_L_TZY^x ]PWL_TYR _Z PL]WTP] _]LOT_TZYLW PWPXPY_^ M`_ T_ LW^Z LN\`T]PO YPb wLYNTPY_x L^^ZNTL_TZY^ z PR _SP TOPY_TQTNL_TZYZQ_SP9£OL-]LSXLYbT_S_SP:¿LYO_SPR]PL_YLXPZQ 2ZOL^LbZYOP]Q`WbZ]WOXLOPZQWTRS_LYO^Z`YOQ`WWZQ_SZ^P^Z`YO^ _SL__SPLYNTPY_DZRT^SLOLW]PLOdPc[P]TPYNPO
!"
.ZYQW`PYNPZQ?]LOT_TZY^TY_SP9£OL-]LSXLYLYO?]LY^]PWTRTZ^T_d
?SP ST^_Z]d ZQ _SP 9£OL-]LSXLY SL^ YZ_ dP_ MPPY ]P^PL]NSPO 0cLXT YL_TZY ZQ ±£]«RLOPaL ]P[]P^PY_^ U`^_ _SP MPRTYYTYR ?SP QZWWZbTYR [P ]TZO ^SZ`WO MP RTaPY L X`NS NWZ^P] WZZV _SLY bP NLY `YOP]_LVP TY _ST^ MZZV >Z _SP _SP^P^ OPaPWZ[PO TY _SP QZWWZbTYR ^SZ`WO MP ^PPY L^ Sd [Z_SP^P^_SL_]P\`T]PXZ]PTYaP^_TRL_TZY ?SP[STWZ^Z[STNLWZ]TRTY^ZQ_SP9£OL-]LSXLYZ`_WTYPOLMZaPWTVP _SP OPaZ_TZYLW _`]Y L]P NZ]P [L]_^ ZQ L QTPWO ZQ OT^NZ`]^P TY bSTNS _SP 9£OL-]LSXLY OPaPWZ[PO L^ L NZ^XTN ^Z`YO [P]aLOTYR _SP PY_T]P bZ]WO ?SP VPd L^[PN_ T^ _SL_ T_ OTO ^Z YZ_ ZYWd L^ L ^_]ZYR NZRYT_TaP TY_PWWPN_`LWWd ]PNPTaPO NZYNP[_ LYO LP^_SP_TN ^dXMZW M`_ LW^Z L^ L Xd_STNLW ^`M^_LYNP _SL_ NZ`WO MP Pc[P]TPYNPO TY LY PcT^_PY_TLW ^PY^Z]d XLYYP] P^[PNTLWWd TY X`^TN -]LSXLY A£N LYO 9£OL SLO LW]PLOd SLO NZ^XTN ]PWPaLYNP TY _SP []PaTZ`^ ST^_Z]d M`_ _SPT] Q`^TZY TY _SP 9£OL -]LSXLY ]PTQTPO TY X`^TN LYO _SPT] PY]TNSXPY_ _S]Z`RS OPaZ_TZY M]Z`RS_LMZ`_^ZXP_STYRYPb_SL_ZYPNZ`WONLWW^ZXL_TNLQQPN_TaP[L] _TNT[L_TZY TY _SP NZ^XZ^ Z] ^PY^Z]d Pc[P]TPYNP ZQ _SP `YT_d ZQ MPTYR [Z^_`WL_PO Md _SP [STWZ^Z[SP]^ ?SP _SPT^_TN aP]^TZY bL^ OPaZ_TZYLW Q`^TZY bT_S 2ZO ^PY^Z]d [P]NP[_TZY ZQ OTaTYP OPWTRS_ LYO [Sd^TNLW ^[T]T_`LW [L]_TNT[L_TZY TY _SP OPT_d _SP []TXZ]OTLW ^Z`]NP ZQ WTQP ?SP [STWZ^Z[STNLW LYO _SPZWZRTNLW ^_]PLX^ bSZ^P NZYQW`PYNP LWWZbPO MZ_S TY_P][]P_L_TZY^`YT_L]daT^TZYZQ_SPNZ^XZ^LYOWZaTYR[L]_TNT[L_TZYTY 2ZO bP]P RPYP]LWWd NWZ^PWd L^^ZNTL_PO bT_S []LN_TNP z XZ^_Wd XLY_]L []LN_TNPzbSP_SP]T_bL^APOTNDZRTN?LY_]TNZ]OPaZ_TZYLW :aP]LWW L R]PL_ XLYd ^_]PLX^ QWZbPO TY_Z _SP 9£OL-]LSXLY LYO _SP`YOP]^_LYOTYRZQX`^TNP^[PNTLWWdXZYT^_TN_PYOPYNTP^OPaZ_TZYLW T^X LYO RPYP]LW 4YOTLY [P]QZ]XLYNP N`W_`]P LYO L QZN`^ ZY _SP aZTNP LYO^Z`YO4Y_SPNL^PZQ_SPwTYaPY_Z]xZQ9£OL-]LSXLY±£]«RLOPaL T_ bL^ []TYNT[LWWd L MWPYOTYR ZQ LY @[LYT´LOTN TOPL ZQ -]LSXLY ±TaLT_TN 9£OL ^Z`YO NZ^XZWZRd -SL]_SL]Tv^ ±LMOL-]LSXLY _SP LY NTPY_ TOPL ZQ A£N TP ZQ _SP aZTNP L^ _SP ^PL_ ZQ OTaTYT_d LYO DZRL `^PO XZ]P XP_L[SZ]TNLWWd QZ] WT^_PYTYR _Z X`^TN ?SP X`^TNLW 9£OL -]LSXLY N]PL_PO L YPb SZWT^X _SL_ NZ`WO MP Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ LYO bL^ NL[LMWP ZQ XLYd LYO aL]TPO NZYYPN_TZY^ MPNL`^P _SP
###
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
9£OL-]LSXLY WL_PY_Wd PYNZX[L^^PO XLYd _STYR^ Z] PW^P NZ`WO MP TY_P][]P_PO TY ]PWL_TZY _Z _SPX% _SP ,OaLT_LAPO£Y_TN YZYO`LW `YT_d ZQ PaP]d_STYR _SPT^X LYO OPaZ_TZYLWT^X XLY_]L []LN_TNP LYO ]T_`LW ]P XPXMP]LYNP ZQ OTaTYP YLXP^ TYOTRPYZ`^ _PLNSTYR ZQ LP^_SP_TN^ :¿ Xd^_TNT^X P^Z_P]TN DZRL _]LOT_TZY^ LYNTPY_ WTYR`T^_TN LYO Y`XP]TNLW ^[PN`WL_TZY^ _SP wZ_SP]bZ]WOWTYP^^ ZQ ^Z`YO^x LYO P^Z_P]TN LW[SLMP_ Xd^_TNT^X ?ST^ ]P^`W_PO TY L aP]d NZX[WPc Z[PYPYOPO `YT_d bT_S L OTaP]^P]LYRPZQ[Z_PY_TLWTY_P][]P_L_TZY^LYOQZNT^Z_SL_X`^TNMPNLXP _SP XPOT`X ZQ OPWTaP]LYNP LYO LY TY^_]`XPY_ QZ] Q`]_SP]TYR VYZbWPORP ZQNZ^XTNZYPYP^^L^bPWWL^L[Z_PY_OPaZ_TZYLWXPLY^ZQ_]LY^[Z]__Z 2ZO LYO L _]LTYTYR R]Z`YO TY bSTNS L STRSWd N`W_TaL_PO ^PY^P ZQ PXZ _TZYLW L_XZ^[SP]P^ NZ`WO MP OPaPWZ[PO ?SP 9£OL-]LSXLY MPNLXP QTWWPO bT_S [P]^ZYLW OPaZ_TZY bT_S wWZaP QZ] _SP QPL_`]PWP^^x _SP _]LY ^NPYOPY_LWwYLXPWP^^x LY£XT bT_SLWW[Z^^TMWP_d[P^ZQSZWT^_TN^Z`YO Pc[P]TPYNPZ]`YT_dbSTNSZYPNZ`WO_`YPTY_ZaTL^Z`YO DP_ _SP ST^_Z]d ZQ 9£OL-]LSXLY OTO YZ_ PYO bT_S X`^TN ?SP MWPYOTYRZQ9£OLLYO-]LSXLYTY_SP9£OL-]LSXLYbL^YZ_ZYWdNZY _TY`POMdXLYdX`^TNTLY^M`_LW^ZMPNLXPL_]PYOTYOP[PYOPY_ZQX` ^TN LYO R]Pb _Z ^`NS LY Pc_PY_ _SL_ bSPY ZYWd 9£OL bL^ XPY_TZYPO PR TY DZRTN WT_P]L_`]P ZYP TY^_LY_Wd _SZ`RS_ ZQ 9£OL-]LSXLY 4Y _SP [P]TZO _SL_ QZWWZbPO _SP aL]TZ`^ _]LOT_TZY^ _SL_ ±£]«RLOPaL `YT_PO TY _SP 9£OL-]LSXLY YZb ^L_`]L_PO bT_S _SP TOPL ZQ 9£OL-]LSXLY OP_LNSPO _SPX^PWaP^ LRLTY Q]ZX _SP X`^TNLW OT^NZ`]^P ,^ _SP 9£OL NZYNP[_ bL^ LW]PLOd QLXTWTL] TY _SP DZRL _]LOT_TZY LYO DZRTN TOPL^ ZQ 9£OL QWZbPO TY_Z _SP WL_P] @[LYT´LO^ LYO UZTYPO bT_S -]LSXLY LYO bT_S :¿ XPOT_L_TZY T_ bL^ PL^d QZ] _SP 9£OL-]LSXLY _Z MPNZXP L^ ^ZNTL_PO []TXL]TWd bT_S _SP DZRTN 9£OL LYO _SP bZ]WO ZQ TYYP] ^Z`YO^ LYOMPwSPL]OxL`_ZXL_TNLWWdPaPYbSPYZYWd9£OLbL^XPY_TZYPO4Y XZ]P RPYP]LW _P]X^ _SP 9£OL-]LSXLY bL^ LMWP QZWWZbTYR _SP _]LOT _TZYLWPWPXPY_^ T_NZXMTYPO_ZRPYP]L_POTQQP]PY_XZOPW^ZQ TY_P][]P_L _TZY% X`^TNLW DZRTN ?LY_]TN XLY_]TN APO£Y_TN XP_L[Sd^TNLW L]_T^_T NLWWd LP^_SP_TN OPaZ_TZYLW Xd^_TN WTYR`T^_TNLWWd P^Z_P]TN LYO [SZYTNLWWd P^Z_P]TN LWW _SP bLd _Z XZOP]Y P^Z_P]TN XZOPW^ TY bSTNS YL_`]LW ^NTPYNP LYO ]PWTRTZY Q`^P ,_ LYd ]L_P _ST^ T^ _SP [TN_`]P bP ^PP _ZOLd LW_SZ`RS _SP ^T_`L_TZY T^ ^_TWW ^ZXPbSL_ XZ]P NZX[WPc MPNL`^P _SP OTXPY^TZY^ XPY_TZYPO LMZaP L]P LW^Z NL[LMWP ZQ XLYd OTQQP]TYR NZYYPN_TZY^?ST^XLdPc[WLTYbSdXLYdaP]dOTQQP]PY_9£OL-]LSXLY SZWT^X^ NLXP TY_Z MPTYR _SL_ Md OT^PY_LYRWTYR NP]_LTY L^[PN_^ ]P L]]LYRTYR _SPX TY_Z YPb QZ]X^ LYO PaPY LNN]`TYR YPb L^^ZNTL_TZY^ ^`NSL^SPLWTYR]P^_]`N_`]POLYO]PNZOPO_SPVYZbWPORPZQLNZ^XTN `YT_dTY^Z`YOLYOTYX`^TNL^bPWWL^]PNZOTYR_SPN`W_`]LWVYZbWPORP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,W^Z2`d-PNV >ZYTN?SPZWZRd .ZW`XMTL%@YTaP]^T_dZQ>Z`_S.L]ZWTYL$$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
##$
NZYNP]YTYR _SP [ZbP] ZQ X`^TN _Z LWWZb Pc[P]TPYNP ZQ R]PL_ _]LY ^NPYOPYNTP^ 4Y _SP QZWWZbTYR _SZ^P OTXPY^TZY^ bTWW MP ^`XXL]TePO bSTNS MP NLXP XZ^_ PQQPN_TaP TY 4YOTL 3ZbPaP] L^ _SP TX[LN_ ZQ _SP 9£OL -]LSXLY bL^ YZ_ WTXT_PO _Z 3TYO`T^X M`_ ]L_SP] _SP NZYNP[_ bL^ OTQ Q`^PO LYO MPNLXP _]LY^]PWTRTZ`^ TY_P]YL_TZYLWTePO LYO [W`]LWTePO bP bTWWLW^ZNZY^TOP]_SP^PL^[PN_^ BP ^SZ`WO ^_L_P L_ _ST^[ZTY_ _SL_ -P] PYO_v^ NZ^XZ[ZWT_TNLW XP_L[Sd^TN^ ZQ X`^TN bL^ YZ_ _SP ZYWd bLd _SL_ _SP 9£OL-]LSXLY [PYP_]L_PO Q`]_SP] TY_Z _SP BP^_ =L_SP] 4YOTLY R`]`^SLOLW^ZL^SL]PTYT_8Z]PZaP]>`QTLYO>TVS[]LN_TNP^LYO_SPT] TX[Z]_^ TY_Z _SP =LOSL >ZLXT XZaPXPY_ LW^Z MPWZYR _Z _SP ST^_Z]d ZQ OT^^ZWaTYRN`W_`]LWLYO]PWTRTZ`^MZ`YOL]TP^ BSL_ [PZ[WP OZ LYO Pc[P]TPYNP TY _SP ]T_`LW bL^ ZQ Q`YOLXPY_LW TX[Z]_LYNP QZ] _SP OPaPWZ[XPY_ LYO ]PNP[_TZY ZQ _SP 9£OL-]LSXLY TY 4YOTL?SPw[ZbP]]PWTRTZYxZQ_SPPL]Wd?LY_]T^_^LYO_SPaT^TZY^L`OT _Z]d Pc[P]TPYNP^ LYO [L]LYZ]XLW NL[LNT_TP^ _SPd ]P[Z]_PO [WLdPO TY_Z _SP 9£OL-]LSXLY NZYNP[_^ U`^_ L^ _SP OZXP^_TNL_PO XLY_]L ]T_P^ LYO XLY_]L NZY_PX[WL_TZY^ OTO DP_ PaPY TY T_^ TY_P]YLWTeL_TZY _SP 9£OL ]PXLTYPO^ZXP_STYR_SL_bL^[P]NP[_TMWPaTL_SP^PY^P^LYObL^Pc[P]T PYNPO TY NZ]]PWL_TZY bT_S MZOd NPY_P]^ LYO SPL]_MPL_^ ±£]«RLOPaL SLO ^[ZVPY ZQ _bZ _d[P^ ZQ 9£OL XLYTQP^_ TY _SP MZOd _SP £SL_L w^_]`NVx TP L`OTMWP 9£OL LYO _SP LY£SL_L w`Y^_]`NVx 9£OL >L«R¯_L =L_Y£VL]L 4 LYO OPNWL]PO WT^_PYTYR _Z X`^TN _SP L`OTMWP 9£OL T_^PWQ _Z MP L _d[P ZQ wDZRLx M`_ TY _SP XZOP]Y [P]TZO _SP 9£OL -]LSXLYT^Q]P\`PY_WdYZbQZ`YOZYWdTYL^^ZNTL_TZYbT_S_SPTYL`OTMWP L^[PN_aTM]L_TYR^Z`YObLaP^Z]^TWPYNPLYO_SP^NSPXPQZ]TY_P][]P_L _TZYT^YZ_X`^TNM`_TY^_PLO_SPDZRL_]LOT_TZYXLY_]L[]LN_TNPZ]_SP [Z[`WL]?LY_]L4Y_ST^NZY_Pc__SPaTM]L_TZYZQXLY_]L^LYO_SPP^Z_P]TN TYYP] ^Z`YO^ MPNZXP _SP 9£OL-]LSXLY >TXTWL]Wd _SP TYL`OTMWP aT M]L_TYR9£OLNLYLW^ZMP^Z`RS_TYX`^TNLYORTaPYLDZRTNTY_P][]P_L _TZY MPNL`^P _SP L`OTMWP ]PLNSP^ TY_Z _SP TYL`OTMWP _S]Z`RS _SP ]P^Z YLYNP ZQ X`^TN TY _SP MZOd _SP TY^_]`XPY_ LYO _SP P_SP] ?SP DZRTN Xd^_TN ]PNP[_TZY ZQ X`^TN SL^ MZ_S L ^`MUPN_TaP LYO LY ZMUPN_TaP ^TOP 1Z] PcLX[WP ZYP ZQ -PNVv^ TY_P]aTPb [L]_YP]^ ^_]P^^PO _SL_ Pc_P]TZ] ^TYRTYR NZ]]P^[ZYOPO bT_S LY wTYYP] ^dX[L_SP_TN aTM]L_TZYx LYO _ST^ WL__P] bL^ _SP 9£OL-]LSXLY ?SP Z_SP] TY_P]aTPb [L]_YP] Md NZY_]L^_ QZ`YO_SP9£OL-]LSXLYTYX`^TNT_^PWQ%LWW_SPYZ_P^TYNWL^^TNLWX`^TN bP]P aL]TL_TZY^ ZY _SP 9£OL-]LSXLY Z] ZY :¿ 4Y _SP QT]^_ NL^P ^TYRTYR MPNZXP^ _SP VPd _Z OPaPWZ[TYR LbL]PYP^^ ZQ ZYPv^ ZbY OTaTYP YL_`]P LYO TY _SP ^PNZYO NWL^^TNLW X`^TN MPNZXP^ _SP VPd _Z OT^NZaP] TYR^ZXP_STYR LMZ`__SP^_]`N_`]PZQ]PLWT_dLYO_ZPc[P]TPYNTYR[W`]LW T_dTY`YT_d:YPXLd^`[[Z^P_SL_QZ]±£]«RLOPaLSTX^PWQMZ_SOTXPY ^TZY^ bP]P LW^Z _SP wOPP[P]x XPLYTYR ZQ OPNWL]TYR X`^TN _Z MP LY
#$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LR]PPLMWP QZ]X ZQ DZRL 3ZbPaP] SP bL^ _STYVTYR XZ]P ZQ PXZ_TZYLW ]P^ZYLYNP^_]LY^NPYOPYNdZQ_SP^PWQLYOWd^T^_SLYZQaTM]L_TZY^TY_SP MZOd 8Z]P NZYRPYTLW _Z STX bZ`WO SLaP MPPY ?d£RL]£ULv^ X`^TNLW 9£OLDZRL_SL_[]ZaTOPOOT]PN_LNNP^^_Z-]LSXLYMWT^^ , Q`]_SP] ^_]ZYR QPL_`]P TY _SP QZ]XL_TZY ZQ 9£OL-]LSXLY L^ bPWW L^ _SP ST^_Z]d ZQ T_^ ]PNP[_TZY bL^ _SP ,OaLT_LAPO£Y_L ?SP Pc [P]TPYNP ZQ `YT_d LYO LM`YOLYNP _SL_ T_ ZQQP]PO OT^^ZWaPO _SP 9£OL TY _SP aZTNPWP^^ LYO ^Z`YOWP^^ ^TWPYNP ZQ [`]P []P^PYNP LYO ZMUPN_WP^^ LbL]PYP^^LYO_ST^LQQPN_PO_SP9£OL-]LSXLYbT_SLWW_SPNZYYZ_L_TZY^ [PN`WTL] _Z _SP ,OaLT_LAPO£Y_L _]LOT_TZY ±£]«RLOPaLv^ NZXXPY_L_Z]^ ^`[[Z]_PO _ST^ APO£Y_L L^[PN_ M`_ _SPd bP]P YZ_ LMWP _Z [Z[`WL]TeP _SPT] OPXd_SZWZRTeTYR LM^_]LN_TZY ZQ _SP NZ^XTN ^Z`YO ?SP ^PY^Z]d LYO^`M^_LY_TLW9£OL-]LSXLYTYX`^TNLYOOPaZ_TZYbL^XZ]P[ZbP] Q`W _SLY _SP XP_L[SZ]TNLW 9£OL-]LSXLY ZQ _SP APO£Y_L bSTNS bL^ ]ZMMPOZQT_^aZTNPLYOT_^MZOd?SP^STQ_]PQWPN_^[]ZNP^^P^ZQYPRZ_TL _TZY ZQ PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY^ LYO LW_P]YL _TaP^ZQXPLYTYR%WLYR`LRPaP]^`^^Z`YO^PXLY_TN^aP]^`^Pc[]P^^TaT_d ]L_TZYLW LM^_]LN_TZY aP]^`^ MZOdXTYOSZWT^X NZYNP[_`LW _SZ`RS_ aP] ^`^ QPPWTYR LYO ^TWPYNP aP]^`^ aTM]L_TZY ?SP \`P^_TZY ZQ bSTNS bL^ NWZ^P] _Z _SP YZYO`LW NZY^NTZ`^YP^^ bL^ LY^bP]PO TY OTQQP]PY_ bLd^ TY _SP aL]TZ`^ OT^NZ`]^P bZ]WO^ ZQ >LY^V]T_ 3TYO`T^X DP_ _SP OTNSZ_Z XTP^ bP]P ]L]PWd [WLdPO Z`_ L^ ]TRZ]Z`^Wd L^ _SPd L]P NL_PRZ]TePO SP]P ?SPd ]L_SP] _PYOPO _Z XLYTQP^_ _SPX^PWaP^ TY L ]LYRP ZQ XTcPO QZ]X^ ?ST^T^LW^Z_]`PZQ_SP`YOP]^_LYOTYRZQX`^TNTYbSTNS_SPAPO£Y_LL^ TYaT^TMWPR]Z`YO[WLY]PXLTYPOaP]d[ZbP]Q`W=ZYLWO6`]_T^[]ZMLMWd NZ]]PN_ _Z _]LNP _SP w]PQP]PYNP _Z _SP [`]TQdTYR [ZbP] ZQ _SP =LRL LYO _SP ^PWQWP^^ w4WP^^x MPTYR ZYP bT_S 2ZOx ZQ X`^TNTLY^ ^ZNTLWTePO TY 4YOTL _Z _SP -]LSXLY _PLNSTYR LYO L XZYT^_TN bZ]WOaTPb 3ZbPaP] TY4YOTLY]PWTRTZ`^ST^_Z]d_SP]PL]PaL]dTYRLY^bP]^_ZSZbYZYO`LWT_d LYONZ^XTNbSZWPYP^^NLYMPPc[P]TPYNPOLYO_SPAPO£Y_LbL^YZ__SP ZYWd aP]^TZY ZQ XZYT^X _Z QWZb TY_Z X`^TN []LN_TNP ?SP X`^TNLW 9£OL RPYP]L_PO L OTQQP]PY_ \`LWT_d ZQ Pc[P]TPYNP ZQ wPRZWP^^YP^^x _SLY OTO ±L«VL]Lv^ _L__aLXL^T bSTNSNLYMPMP__P]`YOP]^_ZZOTY_P]X^ZQLP^ _SP_TN^LYOOPaZ_TZYLWT^X_SLYTY_P]X^ZQ[`]PAPO£Y_L 4YOTLYLP^_SP_TN_SPZ]dZQQP]POL_SPZWZRTNLWWdTYOP[PYOPY_aL]TL _TZY ZQ WZ^TYR ZYP^PWQ LYO ^PWQ_]LY^NPYOPYNP ±L]«RPOPaL bL^ []P ^`XLMWd LW]PLOd TYQW`PYNPO _Z L R]PL_P] Z] WP^^P] OPR]PP Md ,MST YLaLR`[_Lv^ ]L^L LP^_SP_TN^ ?SP LP^_SP_TNTeL_TZY ZQ _SP 9£OL-]LSXLY LYO Pc_PY^TaP WZLOTYR ZQ X`^TNLW []LN_TNP bT_S TOPL^ Q]ZX LP^_SP_TN _SPZ]d bP]P SZbPaP] []ZMLMWd WL_P] []ZNP^^P^ _SL_ LNNZX[LYTPO _SP TYN]PL^TYR ]PQTYPXPY_ ZQ X`^TN :YP XLd ^`[[Z^P _SP PcT^_PYNP ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 6`]_ 4YOTPY`YO0`]Z[L
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$
NZY_TY``XMP_bPPY_SPX`_`LWWdTYQW`PYNTYROPaPWZ[XPY_TYX`^TN_SP N`W_`]P ZQ L]_WZaP]^ L_ NZ`]_ _SP LP^_SP_TNTeL_TZY LYO ^`MWTXL_TZY ZQ PXZ_TZY^ LYO _SP LP^_SP_TNTeL_TZY LYO PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY ?ST^ PXZ_TZYLWTeL_TZY TY_PY^TQTPO L^ OPaZ_TZYLWT^X TYN]PL^TYRWd ]P [WLNPO _SP ?LY_]L L^ _SP [LY4YOTLY XLTY^_]PLX ]PWTRTZY Q]ZX _SP _S NPY_`]d ZYbL]O^ ?SP ^ZNTZ[ZWT_TNLW ^PLNSLYRP^ _SL_ M]Z`RS_ 8`^WTX ]`WP LYO _SP []P^PYNP ZQ [PZ[WP ZQ _SP 4^WLXTN QLT_S TY 9Z]_SP]Y 4YOTL NL`^PO Q]TN_TZY LYO TY_P]LN_TZY _SL_ MZ_S WPO _Z YPb QZ]X^ TY ]PWTRTZY LYO L]_ :YP NLY ^[PN`WL_P _SL_ PaPY TY ±£]«RLOPaLv^ _TXP TY _SP /PN NLY _SP D£OLaL ]`WP]^v TY_PY^TaP [L_]ZYLRP ZQ >LY^V]T_ N`W_`]P bL^ L ]PLN_TZY _Z WZZXTYR 8`^WTX ]`WP ZYWd " dPL]^ LQ_P] >T«RSL©Lv^ OPL_S LYO dPL]^LQ_P]_SP]PTRYZQ>TÀSLWL448`^WTX^]P[WLNPO_SPTYOTRP YZ`^D£OLaL]`WP±£]«RLOPaLv^NZWWPN_TYRLYO^d^_PXL_TeTYRLN_TaT_TP^ XTRS_MPTY_P][]P_POL^LYLN_ZQw[]P^P]aL_TZYxZQ_SPN`W_`]LWSP]T_LRP LYO _SP 9£OL-]LSXLY L^ N`W_`]LW TOPY_T_d XL]VTYR .Z`]_ N`W_`]P LYO ]ZdLW ^[ZY^Z]TYR bP]P aT_LW QZ] NWL^^TNLW 4YOTLY X`^TN _Z OPaPWZ[ LYO 8`^WTX []P^PYNP ZYP ZQ _SP O]TaTYR QZ]NP^ ?SP QZ]X^ ZQ NZY_LN_ MP _bPPY 8`^WTX LYO 3TYO` ]`WP]^ LYO 4^WLXTN LYO 3TYO`T^_TN _]LOT_TZY^ bP]PPc[]P^^POYZ_ZYWdTYaTZWPYNPLYOOP^_]`N_TZYM`_LW^ZTYN`W_`]LW PcNSLYRP LYO TY^[T]L_TZY 4Y LOOT_TZY _Z YPb LYO TY_PY^TQTPO QZ]X^ ZQ _SP WZaP ZQ 2ZO NZY_LN_ bT_S ;P]^TLY ,]LM X`^TN M]Z`RS_ LMZ`_ L QTWT R]PP]PQTYPXPY_TY9Z]_SP]Y4YOTLYX`^TNVYZbYL^_SP3TYO`^_LYT^_dWP _ZOLd0aPYTY_SP>Z`_SbSTNSSLOWP^^NZY_LN_bT_S_SP8`^WTX^_SP _PNSYTNLW OPaPWZ[XPY_ ZQ .L]YL_TN X`^TN PR _SP 8PWLVL]_£ ^d^_PX OT^N`^^PO MPWZb bL^ _Z ^ZXP Pc_PY_ _SP []ZO`N_ ZQ _SP R]PL_P] NZY_LN_ bT_S 4^WLX ^TYNP _SP ATULdLYLRL]L ]`WP _Sz!_S NPY_ 8Z]PZaP] ?d£RL]£ULv^ `YOP]^_LYOTYR ZQ =£XL L^ w;L]L -]LSXLYx bL^ WTVPWd TY ^[T]PO Md OPaPWZ[XPY_^ TY 9Z]_SP]Y 4YOTL bSP]P =£X SLO MPNZXP L _P]XQZ]_SP,M^ZW`_P2ZO^TYNP_SP _SNPY_`]dLYObSP]P_SP>LY_^ _SP wSZWd [PZ[WPx [Z[`WL]TePO L _SPZWZRd ZQ w_SP 9LXPWP^^ :YPx LY£XT LYO_SP9T]R`©L-SLV_TTP WZaPQZ]_SP _]LY^NPYOPY_QPL_`]P WP^^ 2ZO 4_ T^ [Z^^TMWP _Z Pc[WLTY _SP N`W_TaL_TZY ZQ TY_P]TZ]T_d LYO _]LY^NPYOPYNdTY]PWTRTZYLYOX`^TNL_WPL^_TY[L]_Md_SPMdYZXPLY^ ZYWd YPRL_TaP NZY_LN_^ bT_S 4^WLX []TXL]TWd _SZ^P bT_S >`QT^X DP_ T_ bZ`WO MP _ZZ ^TX[WP _Z _]LNP _SP ^[]PLO ZQ MSLV_T MLNV ^ZWPWd _Z _SP []P^PYNP ZQ 4^WLX MPNL`^P T_ LN_`LWWd MPRTY^ ^PaP]LW NPY_`]TP^ PL]WTP] -SLV_T _]LOT_TZY^ QZ]X L XLUZ] L]PL ZQ ]PWTRTZ`^ WTQP L_ _SP WL_P^_ ^TYNP _SPT]QT]^__SPZWZRTNLWQZ]X`WL_TZYTY_SP -SLRLaLOR¯_£ ^__ZYONPY_ -. -P_bPPY _SP ^Tc_S LYO YTY_S NPY_`]TP^ WZaP QZ] 2ZO bL^ L NPY_]LW _Z[TN TY [ZP_]d RTaTYR OPaZ_TZY YPb [ZP_TN LYO LP^_SP_TN P]Z_TN QZ]X^ :YP ^PXTYLW >LY^V]T_ bZ]V ZQ STRSWd PXZ_TZYLW MSLV_T bL^ _SP -S£RL aL_L;`]£©L $_S NPY_ _SL_ MZ`YO _SP QZWV^d [L^_Z]LW 6´©L [TP_d TY_Z _SP PWT_P >LY^V]T_ ^_]PLX LYO LP^_SP_TNTePO T_ Md XPLY^ ZQ ]L^L [ZP_TN^
#$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
:YP ^SZ`WO LW^Z ]PXPXMP] _SL_ OPaZ_TZY LYO ]PWTRTZ`^ ^ZYR[ZPX^ ZQ _PY NLXP wQ]ZX _SP MZ__ZX `[x LYO ]PQWPN_PO [Z[`WL] ]PWTRTZY =L^L LP^_SP_TN^ bL^ L VPd QLN_Z] QZ] LOZ[_TZY Md _SP QTYP NZ`]_ N`W_`]P LYO _SP PXZ_TZYLW XZZO wP]Z_TNT^Xx TY [L]_TN`WL] bL^ _SP VPd _SL_ LWWZbPO OPaZ_TZYLWT^X_ZQTYOT_^bLdTY_Z_SPNZ`]_^ :Y_SPZ_SP]SLYObSPY ^[PLVTYR ZQ ]L^L ZYP X`^_ YZ_ QZ]RP_ _SL_ AT´©`T_TN _SPZWZRd _`]YPO OPaZ_TZY TY_Z _SP XZ^_ TX[Z]_LY_ ]L^L ?SP ALT´©LaLT_P^ OPaPWZ[PO L NWL^^TQTNL_TZY ZQ OPaZ_TZYLW XZZO^ _SL_ QZWWZbPO _SP ]L^L _SPZ]d LYO _`]YPO6¯]_LY^TYRTYRTY_ZLXLUZ]]PWTRTZ`^[]LN_TNP 4_ ^PPX^ _ZMPXZ^_OPNT^TaPQZ] _SP4YOTLYOPaPWZ[XPY_ _SL__SP X`^TNLW _SPZ]T^_^ NZX[Z^P]^ LYO [P]QZ]XTYR L]_T^_^ TYOPPO ]PWL_PO _SP 9£OL-]LSXLY bT_S LWW _SP ZWOP] _]LOT_TZYLW PWPXPY_^ XPY_TZYPO M`_ QTWWPO_SPT] X`^TNLW 9£OL[]TXL]TWd bT_S_SPMSLV_TOPaZ_TZYLYO WTYVPO OPaZ_TZYLW Wd^T^ bT_S DZRTN LM^Z][_TZY ?ST^ bL^ Q`YOLXPY_LW 4_ LW WZbPO_SP9£OLLYOX`^TNTY[L]_TN`WL]_ZMP_]LY^QP]]PO_ZLYd_d[PZQ Wd^T^ LYO PaZVP LM^Z][_TZY Pc[P]TPYNP^ ZQ LYd _d[P MP _SPd DZRTN _]LYNP LYO NZ^XTN YZYO`LWT_d Z] w_`YTYRx TY_Z _SP RZOOP^^ 6´©L =£XL Z] TY_Z _SP YZY[P]^ZYLW -]LSXLY LYO _SP _]LY^NPYOPY_LW ZXYT []P^PY_wYLXPWP^^xRZOSPLO ,Y£XT 8`^TNbL^_SP]PQZ]PS`RPWdTX[Z]_LY_TYLWW_SP^SLOP^ZQ MSLV_T LYO _SP 9£OL-]LSXLY bL^ L NZOP QZ] OPaZ_TZYLW Q`^TZY ?ST^ NSLYRPO _SP wRP^_`]Px TY ]PWL_TYR _Z T_ ?SP X`^TN _SPZ]T^_^v 9£OL-]LSXLY bL^ ^_TWWQTWWPObT_S^PXTZ_TNTeL_TZYZQ]PLWT_d_SPbSZWPbZ]WOT^^Z`YOLYO LWW _SP RZO^ L]P ^Z`YO QZ]X^ 4Y _SP ]PWTRTZ`^ []LN_TNP ZQ OPaZ_TZYLW ^TYRTYR LYO X`^TNXLVTYR ^PXLY_TN^ bL^ ]PO`NPO LYO QWZZOPO bT_S PXZ_TZYLW TY_PY^T_d TXXPOTL_P ]PWL_TZY^ST[ bT_S 2ZO LYO QL]]PLNSTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 5LdLOPaLv^ 2¯_£2ZaTYOL PYOZQ_SP_SNPY_bL^NWPL]WdTY_PR]L_POTY_Z_SPNZ`]_ N`W_`]PMPTYRL ]L^L LP^_SP_TN>LY^V]T_bZ]VZY_SPX`_`LW[L^^TZYL_PWZaPZQ=£OS£ LYO6´©LLYO_SP]LYRPZQP]Z_TNXZZO^WZYRTYR^P[L]L_TZY`YTQTNL_TZY_STYVTYRZQ _SP WZaPO ZYP ]P`YTQTNL_TZY P_N _SL_ []P^`XLMWd L]Z^P L_ _SP NZ`]_ ZQ 6TYR 7LV´XL©L^PYL TY -PYRLW 4_ NZ`WO MP ]PLO MZ_S L^ L []ZQLYP WZaP [ZPX LYO L^ ]PWT RTZ`^WT_P]L_`]P,NNZ]OTYR_Z7PP>TPRPW >LN]POLYO;]ZQLYP/TXPY^TZY^ZQ7ZaPTY 4YOTLY ?]LOT_TZY^ L^ 0cPX[WTQTPO TY ?SP 2¯_LRZaTYOL ZQ 5LdLOPaL -ZXMLd% :cQZ]O @YTaP]^T_d;]P^^$$Z]TRTYLW$"#!T_bL^b]T__PYQZ]w_SPNZ`]_TP]_SPXLY ZQ _L^P LYO [P]SL[^ _SP L]OPY_ OPaZ_PPx TY L _TXP bSPY >LY^V]T_ TY -PYRLW Pc[P]T PYNPOL]PaTaLWTMTO?SPbZ]VMPNLXP[Z[`WL]_S]Z`RSZ`_4YOTLP^[PNTLWWdTY -PYRLW:]T^^L2`UL]L_8LSL]L^S_]LLYO-TSL]TMTO$M`_ZYWdLNNP^^TMWP_Z_SP wNZXXZYXLY_SPSZ`^PSZWOP] QL]XP]LYO ^P]aLY_x TMTO!_S]Z`RSaP]YLN`WL] WPRPYO^ TY _SP PL]Wd "_S NPY_`]d ?SP ^ZYR^ bP]P ^`YR TY _SP _PX[WP^ TY ;`]¯ Q]ZX _SP!_SNPY_`]dZYbL]O^TMTO$LYO_SPbZ]VQZ`YObTOP^[]PLO`^PTY]PWTRTZ`^ [Z[`WL]N`W_`]P_S]Z`RS]PNT_L_TZY^ZYRLYOYZ_ZYWdNWL^^TNLWOLYNP^,_LMZ`__ST^ _TXP _S_Z!_SNPY_bPLW^ZQTYO_SPXd^_TNTY_P][]P_L_TZYLYO]L^LP]Z_TNTY_PY^T QTNL_TZYZQ_SPMSLV_TZQ_SP-S£RLaL_LX LYO6´©Lv^[L^_Z]LWwRLXP^xTY_SPb]T_TYR^ ZQ -PYRLWT _SPZWZRTLY^ NZXXPY_L_Z]^ LYO PN^_L_TN^ bSZ^P _PLNSTYR^ LYO PXZ_TZYLW LYOPN^_L_TN]PWTRTZYTYQW`PYNPO_SPWL_P]3L]P6]T^SYLXZaPXPY_
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$
Z] PaPY NZX[WP_P ^[PPNSWP^^YP^^ ?SP R`TOTYR TXLRP T^ YZ_ _SP OT^NT [WTYPO LYO L]_T^_TNLWWd _]LTYPO X`^TNTLY M`_ OPaZ_PO MSLV_T NSLY_TYR _SL_PaP]dZYPNLYUZTYTY?SPXZ^_^TX[WP^ZYRT^PYZ`RS_ZTYaZVP_SP QPPWTYR _SL__SPOPT_d T^R]PL_LYObZYOP]Q`W_SL_ T_T^ []P^PY_SP]P LYO YZb _S]Z`RS ^ZYR OPWTaP]^ [ZbP] LYO []Z_PN_TZY LYO O]Lb^ S`XLY MPTYR^ TY_Z T_^ OTaTYP ^[SP]P ^Z _Z ^[PLV ,^ TYaP^_TRL_TZY^ ^SZb T_ T^ YZ_ZYWdNWL^^TNLWX`^TN_SL_TX[L]_^w[PLNPZQXTYOxM`_^ZOZ^TX[WP MSLV_T ^ZYR^ MSLULY 3P]P X`^TNLW Wd^T^ MPNZXP^ L_ _SP ^LXP _TXP LY TY_PR]L_TaP LYO NZWWPN_TaP NZXXZY Pc[P]TPYNP LYO XZ^_ ZMaTZ`^Wd OPaPWZ[^^ZNTLWPQQP]aP^NPYNP ?SP QTaP [ZTY_^ Z`_WTYPO LMZaP ZYP NZ`WO [Z^^TMWd LOO PaPY XZ]P XLVP T_ NWPL] U`^_ SZb NZX[WPc _SP QTPWO ZQ OT^NZ`]^P T^ _SL_ ^`]]Z`YO^ _SP9£OL-]LSXLYLYO_SL__SPYZYO`LW[STWZ^Z[SdT^Pc[LYOPOMd_SP LOOT_TZY ZQ ^_]ZYR LP^_SP_TN [P]QZ]XL_TaP P^Z_P]TN LYO OPaZ_TZYLW L^ [PN_^ 4Y LWW _SP [ZTY_^ XPY_TZYPO _SP R`TOTYR N`W_`]LW TXLRP T^ wQ` ^TZYx TP _SP ,OaLT_L TOPLW ZQ wZYP bT_SZ`_ L ^PNZYOx 8`^TN SL^ L ^[PNTLW [ZbP] _Z M]TYR LMZ`_ _ST^ LYO []ZXZ_P PN^_L_TN ^_L_P^ LYO _SP OT^^ZW`_TZYZQaL]TZ`^_d[P^ZQMZ`YOL]TP^8`^TNTY4YOTL _SP]PQZ]PL^ TY Z_SP] N`W_`]P^ OTO YZ_ LWbLd^ RZ `YNSLWWPYRPO M`_ TY 9£OL OPaZ _TZYLWT^XTYbSTNS_SPw[PLNPQ`WXZZOx[WLdPOLXLUZ]]ZWPX`^TNWZ^_ T_^ WTXTYLW NSL]LN_P] 4Y _ST^ bLd _SP 9£OL-]LSXLY MPNLXP L RWZMLW NZYYZ_L_PMZ_SQZ]_SP`YT_dZQMPTYRLYOOPaZ_TZYLW[L]_TNT[L_TZYTY_SP OTaTYP?SPOPR]PPZQ[L]_TNT[L_TZYT^STRSTYMZ_S4Y_SPX`^TNLW9£OL -]LSXLY`YT_dZQMPTYRNZYYZ_P^^PY^PO[L]_TNT[L_TZYTY_SPNZ^XZ^4Y _SP OPaZ_TZYLW _`]Y ^ZYR RPYP]L_P^ L QPPWTYR ZQ ^PN`]T_d TY _SP OTaTYP BSL_WTYV^_SP_bZL]PPc[P]TPY_TLWOTXPY^TZY^ZQSL[[TYP^^[PLNPLYO TXXP]^TZYTY_SPPc[P]TPYNPZQX`^TN 0aPY ±£]«RLOPaL bL^ LW]PLOd TY_P]P^_PO TY X`^TNv^ PQQTNLNd TY M]TYRTYRUZdLYOOPWTaP]LYNP3T^TYT_TLWaP]^PNZ`WOMPTY_P][]P_POMZ_S OPaZ_TZYLWWd LYO X`^TNZWZRTNLWWd -`_ _ST^ bL^ ZYWd _SP MPRTYYTYR ZQ L ^ZXPbSL_ Z[L\`P NL]PP] TY bSTNS _SP 9£OL-]LSXLY OP[L]_PO Q]ZX X`^TNTLY^v NT]NWP^ LYO MPNLXP TYOP[PYOPY_ LYO [W`]LWTePO ±£]«RLOPaLv^ 9£OL-]LSXLY OPaPWZ[PO TY_Z L [SPYZXPYZY ^[LYYTYR XZ]P_SLYZYP_]LOT_TZY]PWTRTZYLYON`W_`]PXZaTYRLbLd_ZLR]PL_P] Z] WP^^P] Pc_PY_ Q]ZX _SP Z]TRTYLW X`^TNZWZRTNLW NZY_Pc_ LYO QWZbTYR MLNV TY_Z _SP DZRTN LYO ?LY_]TN bZ]WO Q]ZX bSTNS _SP 9£OL NZYNP[_ SLOMPPYLOZ[_POBSL_T^NLWWPO9£OL-]LSXLY_ZOLdTYNW`OP^aL]TZ`^ TY_P][]P_L_TZY XZOPW^ LYO \`LWT_TP^ ZQ Pc[P]TPYNP M`_ LN_`LWWd LWXZ^_ LWbLd^ NWLTX^ _Z OPP[P] VYZbWPORP Pc_]LZ]OTYL]d Pc[P]TPYNP LYO L [LYPY_SPT^_TN bZ]WOaTPb ?SP X`^TNLW Pc[P]_ ±£]«RLOPaL LW]PLOd SPWO^`NSLaTPbM`__SP XZOP]YLOL[_L_TZY^OZYZ_ YPNP^^L]TWd]PQWPN_ bSL_ SP L^^ZNTL_PO bT_S _SP 9£OL-]LSXLY , WZ_ ZQ _STYR^ bP]P ]PWL _TaPWd PL^d _Z L^^ZNTL_P bT_S ST^ M]TWWTLY_ YPb N]PL_TZY BSPY T_ NZXP^
#$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_Z _SP XZ]P ]PNPY_ ST^_Z]d ZQ PQQTNLNd QZ`] L^[PN_^ MPNLXP [L]LOTR XL_TN LWZYR^TOP OPaZ_TZYLWTeL_TZY% _]LY^]PWTRTZ^T_d DZRTQTNL_TZY LYO _]LY^YL_TZYLWTeL_TZY LYO L _]LY^QZ]XL_TZY ZQ _SP 9£OL-]LSXLY TY LWW _SP^PNZY_Pc_^ BP QTYO T_ [L]_TN`WL]Wd TY_P]P^_TYR _SL_ _SP 9£OL-]LSXLY z bSTNS LW]PLOd TY ±L]«RLOPaL NZY_LTYPO L WL_PY_ _]LY^]PWTRTZ^T_d MPNL`^P T_ LM^Z]MPOXLYd3TYO`_]LOT_TZY^zZ[PYPO`[LQTPWO_SL_L__]LN_POXZ]P QZ]X^ ZQ _]LY^]PWTRTZ^T_d TY^[T]PO _SPX LOZ[_PO _SPX LYO bL^ ZaP] WL[[POMd_SPXZ]PY_P]POTY_ZLXZ]PZ]WP^^YZY_]LY^[L]PY_NZY_TY ``X bT_S _SPX 3P]P ZYP ^SZ`WO `YOP]^_LYO _]LY^]PWTRTZ^T_d L^ L NZY ^NTZ`^Q`^TZYLYO _]LY^NPYOTYRZQ_]LOT_TZYLW]PWTRTZ`^ MZ`YOL]TP^?ST^ ]PWTRTZ`^ ^_dWP SL^ LYNTPY_ ]ZZ_^ TY 4YOTL LYO bL^ L RZZO ^_]L_PRd QZ] [P]NPTaTYRLOPP[P]`YT_dTY_SP]PLW]PWTRTZ`^OTaP]^T_d^`NS L^^PPTYR LWW_SPAPOTNRZO^_SLYwZYWd_SP:YPxL^T_^Ld^TY_SP RaPOL Z]_SP XLYd RZOOP^^P^ L^ XLYTQP^_L_TZY^ ZQ _SP ZYP ±LV_T P_N ?SP 9£OL -]LSXLY ]PTYQZ]NPO LYO TY_PY^TQTPO _ST^ _PYOPYNd L^ LW]PLOd MPNLXP NWPL]TY?d£RL]£ULv^OT^N`^^TZY"_SNPY_DP_?d£RL]£ULv^TY_PY^TQTPO >X£]_L _]LY^N`W_`]P LYO ST^ PN`XPYTNLW 9£XL^TOOS£Y_L bP]P YPT_SP] _SP QT]^_ YZ] _SP WL^_ PcLX[WP ZQ _ST^ _PYOPYNd ?SPd L[[PL] LM^ZW`_PWd SL]XWP^^LYO_]LOT_TZYLWT^_TNbSPYNZX[L]PObT_S_SP_]LY^]PWTRTZ^T_dZQ _SP9Z]_SP]Y4YOTLY>LY_^ _SNPY_LYO_SPT]XL]VPO9T]R`©L-SLV_T QZ] _SP w9LXPWP^^ :YPx _SL_ TYNW`OPO 4^WLX LYO L_ _SP ^LXP _TXP bPY_ MPdZYO T_ ?SP 8`^WTX bPLaP] 6LM¯] bL^ _SP XZ^_ []ZXTYPY_ ]P[]P ^PY_L_TaP ZQ _SP >LY_ XZaPXPY_ bSTNS OTO YZ_ LNNP[_ _]LOT_TZYLW ]PWT RTZ`^ MZ`YOL]TP^ LYO bSPY 6LM¯] OTPO MZ_S 3TYO`^ LYO 8`^WTX^ NWLTXPO STX L^ _SPT] ^LTY_ ?SP _]LY^T_TZY Q]ZX _SP >LY_^ _Z bSL_ bL^ WL_P]NLWWPO>TVST^XT^^PLXWP^^LYOQW`TO?SP>TVS[]LN_TNP^Q]ZX_SP _S NPY_ Q`^PO 4^WLX LYO 3TYO`T^X RLaP ^ZYR LYO NZY_PX[WL_TZY ZQ _SPR]PL_YP^^LYO^bPP_YP^^ZQ_SPOTaTYPYLXP_Z[[]TZ]T_dTY]PWTRTZ`^ []LN_TNP LYO NPY_P]PO ZY _SP _]LY^NPYOPYNd _SP wQPL_`]PWP^^x LYO wYLXPWP^^x 2ZO >TXTWL] _Z _SP 3TYO` MSLV_T [L]LWWPW^ _SP QTQ_S >TVS R`]` ,]ULY #z!! bSZ NZX[TWPO _SP 2`]`2]LY_S ¢OT 2]LY_S _L`RS_ _SL_ _ST^ []LN_TNP WPO _Z UZd SPLaPYWd MWT^^ TYYP] [PLNP LYO OP WTaP]LYNPMPNL`^P2ZObL^TXXPOTL_PWd[]P^PY_TY_SP^`YRYLXP?SP QT]^_ ^_LYeL ZQ _SP ¢OT 2]LY_S TY_P][]P_^ _SP L[P]^ZYLW 3TYO` ^dWWLMWP :¿ L^ _SP SZWd w9LXPx Y£X Z] wBZ]Ox ²LMO ZQ _SP ZYP ^`[]PXP [P]^ZYLW 2ZO bSZ T^ _SP N]PL_Z] ZQ _SP `YTaP]^P PVZÀV£] ?SP >LY_ XZaPXPY_ LYO _SP _SPZWZRd ZQ _SP >`]L_ 9£X LYO >`]L_ ±LMO TY _SP >TVS _]LOT_TZY^ SLO OT]PN_ TYQW`PYNP ZY _SP =LOSL >ZLXT XZaPXPY_ ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !BP QZWWZb _ST^ LYRWTNTePO ^[PWWTYR ZQ _SP 3TYOT _P]X ]£OS£^a£XT 8L]V 5`P] RPY^XPdP] =LOSL^ZLXT =PLWT_d% ?SP 7ZRTN ZQ 8ZOP]Y 1LT_S ;]TYNP_ZY% ;]TYNP_ZY @;$$LYO7Lb]PYNP,-LMM =POPX[_TaP0YNZ`Y_P]^%?S]PP8ZOP]Y>_dWP^ZQ 3TYO` ?]LOT_TZY -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;] $#! !z" z#$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$
LYO _SPT] wDZRL ZQ >Z`YOx TP _SPT] wBZ]ODZRL ZQ _SP >Z`Wx >`]L_
±LMODZRL ?SP^P _]LOT_TZY^ NLY MP OT]PN_Wd WTYVPO _Z _SP 9£OL-]LSXLY LYO L]P LN_`LWWd TOPY_TQTPO bT_S T_ L_ WPL^_ TY _ZOLdv^ OT^NZ`]^P^ " 3Zb PaP] _SPd `^P TY _SP [WLNP ZQ Y£OL _SP 3TYOT _P]X ²LMO >LY^V]T_ ²LMOL bSTNS XPLY^ TY _ST^ NZY_Pc_ _SP OTaTYP BZ]O Z] _SP TYPQQLMWP 9LXP ZQ 2ZO 4Y >LY^V]T_ R]LXXL] _SP _P]X ²LMOL wbZ]Ox LWbLd^ ]PQP]]PO _Z MZ_S _SP ^Z`YO L^[PN_ LYO _SP XPLYTYR MPL]TYR L^[PN_ ?SP =LOSL>ZLXT^v_SPT^_TN`^PZQ_SP_P]XT^PY_T]PWdQZN`^POZY_SP^Z`YO L^[PN_ LYO L ^ZYTN Xd^_TNT^X ?SP YLXP w=LOSL^ZLXTx Q]ZX 3TYOT ]£OS£^a£X¯ WT_ w_SP 7Z]O ZQ =£OS£x TP 6´©L MPL]^ _SP P^Z_P]TN XPLYTYRw_SP7Z]OZQ_SP>Z`YO.`]]PY_x ]£OS£ ]PQP]]TYR_Z_SPP_P]YLW ^Z`YO N`]]PY_ _SP OTaTYP wBZ]Ox& ^a£XT _Z _SP OTaTYP ]P^P]aZT] ZQ ^Z`YOPYP]Rd_SP`W_TXL_P-PTYRZ]^`[]PXP2ZOSPLO ?SP wYPb ]PWTRTZ`^ XZaPXPY_x ZQ _SP =LOSL >ZLXT^ bSTNS PXP]RPOTY_SP$_SNPY_`]dLYOY`XMP]^LMZ`__bZXTWWTZYXPXMP]^TY 4YOTL _ZOLd SL^ OPaPWZ[PO LY P^[PNTLWWd XL]VPO ^Z`YO _SPZWZRd _SL_ QTWW^ _SP 9£OL-]LSXLY LYPb Md RTaTYR T_ L NZYN]P_P LYO NZX[WPc NZ^ XZWZRTNLW QZ]X ,_ _SP aP]d NPY_P] ZQ _SPT] NZ^XZWZRd LYO ]PWTRTZ`^ []LN_TNP T^ _SP TOPL ZQ LY P_P]YLW w>Z`YO .`]]PY_x _SP OTaTYP ±LMO [P]aLOTYR LWW PcT^_PYNP LYO _SP ^Z`W BSPY S`XLY MPTYR^ _`YP TY_Z T_ L^^T^_PO Md _SP TYYP] Z] Z`_P] R`]` _SPd L]P w[`WWPO `[x TY_Z STRSP] ^[SP]P^ZQWTRS_LYO^Z`YOLYO]PLNS_SP^`[]PXP2ZOSPLO_SPL[PcZQ _SP `YTaP]^P BT_STY _ST^ Sd[P]MZWTN ^ZYTN NZ^XZWZRd _SP 9£OL -]LSXLY MPNZXP^ L QW`TO ^_]PLX ZQ ^Z`YO _SL_ XLYTQP^_^ T_^PWQ aL]T Z`^WdTYOTQQP]PY_^Z`YO_L[P^_]TP^LYOW`XTYZ`^aT^TZY^Q]ZX_SPL^_]LW [WLYP _Z _SP STRSP] bZ]WO^ MPdZYO ?ST^ NZ^XTN UZ`]YPd T^ TY QLN_ LY TYYP] ZYP ?SP ^[T]T_`LW _]LaPWP] UZ`]YPd^ _S]Z`RS _SP ]PRTZY^ ZQ NZY ^NTZ`^YP^^LYOTY_P]TZ]^Z`YO^[LNP^bSTNSL]P]PLNSPO_S]Z`RS^Z`YO DZRL >`]L_±LMODZRL 1Z] Z`] [`][Z^P^ T_ T^ ZQ [L]_TN`WL] TY_P]P^_ _SL_ -SLULY T^ ]PRL]OPO L^ _SP STRSP^_ QZ]X ZQ ^Z`YODZRL []LN_TNP =L_SP] _SLY ^TX[Wd ^TYRTYR LYO WT^_PYTYR _Z -SLULY ^ZYR^ T_ T^ L[[L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ w>[T]T_`LW =PNZRYT_TZY LYO _SP =LOSL^ZLXT 1LT_Sx ?SP XZaPXPY_ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ LY ,R]L WTYP LYO -PL^ WTYP ,WZYR^TOP ^Z`YO NZ^XZWZRd LYO []LN _TNPR`]`aPYP]L_TZY_LVP^L[]TXP]ZWPLYO_SP\`P^_TZYZQ_SP[]TXL]dR`]`LYO]ZWP ZQ_SPTYT_TLWQZ`YOP]>P_S>STa/LdLW>TYRS##z#"#WPO_ZQ`]_SP]^NST^X^?SP -PL^WTYPLYOT_^WL_P]OTaT^TZY^MPRLY_Z^[]PLO_Z_SPBP^_TY_SP$^>PPLW^Z 8LYQ]PO 3`__P] w/P] XPS]QLNSP BLYOPW OP^ =LOSL^ZLXT2WL`MPY^% AZX 3TYO` `YO>TVS8TWTP`e`X`YTaP]^LWPY,Y^[]`NSxTY%8TNSLPW-P]R`YOP]PO BP^_WTNSP 1Z]XPYOP^3TYO`T^X`^TY/P`_^NSWLYO%0TYP¾MP]^TNS_ 3LWWP%1]LYNVP^NSP>_TQ_`Y RPY!z&TY_SP^LXPaZW`XP,YO]PL^9PS]TYRw/P]BPROP^8PT^_P]^z ]PWTRTZY^bT^^PY^NSLQ_WTNSP,YYÆSP]`YRLYPTYP2`]`MPbPR`YRL`^4YOTPYxz ".Q S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO ^Z`YOS_XW LNNP^^PO 8L]NS LYO -PNV >ZYTN?SPZWZRd #z#TY[L]_TN`WL]z
#$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
PY_Wd WTYVPO bT_S L QZN`^PO TYbL]O wWT^_PYTYRx _Z _SP ^`M_WP ^Z`YO aT M]L_TZY^ Z] w`Y^_]`NV ^Z`YOx LY£SL__L _SL_ RZP^ MPdZYO _SP L`OTMWP ^Z`YO ?SP =LOSL >ZLXT^ ^[PLV ZQ w_SP ^Z`YO^ _SL_ PXLYL_P Q]ZX _SP NPWP^_TLW WPaPW^ LMZaPx LYO _SP ]LOTLY_ w `] N`]]PY_ ZQ ^Z`YO PYP]Rdx # ?SP^Z`YO_SL_T^SPL]OT^YZ__SP]PLW^Z`YOM`_ZYWdLN]`OPTYOPcZQ _SP ]PLW OTaTYP ^Z`YO _SL_ ]PaP]MP]L_P^ OTQQP]PY_Wd TY PLNS NPWP^_TLW ]P RTZY LYO T^ SPL]O ZYWd Md LY LbLVPYPO TYYP] L`OT_Z]d ^PY^P , N]`NTLW TOPL^PPX^_ZMP_SL__SP[]TXZ]OTLW^Z`YON`]]PY_T^_SPOTaTYPwBZ]Ox bSTNSNZY^_LY_WdN]PL_P^^`^_LTY^LYOY`]_`]P^_SPbZ]WOLYOTYaP]^PWd QWZb^ MLNV _Z _SP OTaTYP [ZWP 3PYNP _SP ^[T]T_`LW PcP]NT^P ^PPV^ _Z ]P aP]^P_SPZ`_QWZbLYOP^NL[P_SP_]L[^ZQOPXZYTN_TXP 6£W MdL^Z]_ ZQ ^[T]T_`LW wbLaP ]TOTYRx -d _`YTYR TY_Z _SP ^`M_WP] ^Z`YO bLaP^ _SL_ NZY^_T_`_P _SP NPWP^_TLW ^[SP]P^ LYO SZWOTYR ZY _SPT] ]PaP]^P XZaPXPY_ ZQ QWZbTYR MLNV ZYP ]PLNSP^ _SP wQPP_x ZQ _SP OTaTYP [ZW LYO RLTY^ OT ]PN_aT^TZYZQ2ZO ?SP=LOSL>ZLXT^O]PbZYMZ_S3TYO`LYO>TVS_]LOT_TZY^LYOL[ [L]PY_Wd LW^Z LM^Z]MPO >`QT^X 4^WLXTN RYZ^T^ WL^_Wd 9PZ[WL_ZYT^X BP^_P]Y _SPZ^Z[STNLW TOPL^ [Z[`WL] ^NTPYNP LYO WTVPWd LW^Z .S]T^_TLY YZ_TZY^ ZQ _SP N]PL_TaP wBZ]Ox ZQ 2ZO bSTNS L[[PL] SZbPaP] NZX [WP_PWd w4YOTLYTePOx -PNV ]TRS_Wd PX[SL^TePO _SL_ >TVS^ LYO 3TYO`^ LWTVP L]P NZYaTYNPO _SL_ w[L]_TNT[L_TZY TY _SP OTaTYP bZ]O FTP ^Z`YOH SL^ [ZbP] _Z _]LY^QZ]X LYO `YTQd ZYPv^ NZY^NTZ`^YP^^x $ :Y L XZ]P OP_LTWPO WPaPW SZbPaP] _ST^ WPO _Z aL]dTYR ZMUPN_TaTeL_TZY^ LYO []LN_T NLWPQQPN_^PaPYbT_STYZYPLYO_SP^LXP_]LOT_TZY?ST^T^OPXZY^_]L_PO P^[PNTLWWd NWPL]Wd Md _SP =LOSL >ZLXT^ bSZ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ z L WTYP ZQ TYT_TL_TZY L^^ZNTL_PO bT_S ,R]L TY 9Z]_SP]Y 4YOTL LYO L WTYP L^^ZNTL_PO bT_S -PL^ TY _SP ;`YULM z LQ_P] _SP OPL_S ZQ _SPT] QZ`YOP]>bLXT/LdLW>TYRS##z#"#3PbL^L^LTY_Wd[P]^ZYbSZ WTaPO TY ,R]L LYO LNNZ]OTYR _Z ST^ MTZR]L[SP]^ []LN_TNPO Q]ZX NSTWO SZZO wXP]RTYR _SP ^Z`W TY _SP /TaTYP .`]]PY_ ZQ _SP >`[]PXP -PTYRv^ 8PWZOd LYO ;ZbP]x >_L]_TYR Q]ZX _ST^ TYT_TLW TX[`W^P _SP _bZ M]LYNSP^ OPaPWZ[PO ^Z _Z ^[PLV _bZ OTQQP]PY_ 9£OL-]LSXLY SZWT^X^ ?SPOTQQP]PY_NPWP^_TLW^[SP]P^ZQWTRS_LYO^Z`YOL]PTY_P][]P_POMd_SP ,R]L WTYP L^ _SP [`]P w`Y^_]`NVx wXPWZOTP^x Z] wPYP]RTP^x ZQ _SP >` []PXP -PTYR =LOSL^ZLXT w_SP 7Z]O ZQ _SP >Z`YO .`]]PY_x bSP]PL^ _SP -PL^ WTYP ]PRL]O^ _SPX L^ TY_P]TZ] ]PaPWL_TZY LYO XP]P wL__]TM`_P^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #-LMM =POPX[_TaP 0YNZ`Y_P]^ z >`XT]LY w]PXPXMP]TYRx TP _SP ]P[PL_TYR _SPOTaTYPYLXPLYO wOSd£Yx wNZY_PX[WL_TZYxZQ_SP7Z]OTY_SPQZ]XZQ_SPR`]` L]P^PPYL^[]PWTXTYL]TP^LYOTY_P]YLWQZ`YOL_TZYZQ_SPXZ]PP^Z_P]TN-SLULY[]LN_TNP bSTNST^NPY_P]POZY]PaP]MP]L_TZYLYO]P^P]aPO_ZTYT_TL_P^ $-PNV >ZYTN?SPZWZRd 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d $ >bLXT >STa /LdLW NLXP Q]ZX L QLXTWd ZQ 6LSL_]TXZYPdWPYOP]^TY,R]LLYONZY_TY`P^_ZPcP]_LVPdTYQW`PYNPL^w>L_2`]`x
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$"
ZQ `W_TXL_P =PLWT_d _SP _]LY^NPYOPY_ 2ZO bSZ T^ TYSP]PY_Wd QPL_`]PWP^^ LYO YLXPWP^^ ?SP R]PL_ w9LXPWP^^ :YPx LY£XT T^ _SP w[ZWPx ZQ _SP ^ZYTN QWZb XLYTQP^_ TY WTRS_ LYO ^Z`YO M`_ STX^PWQ MPTYR YPT_SP] WTRS_ YZ] OL]VYP^^ YPT_SP] ^Z`YO YZ] ^TWPYNP ?SP ,R]L M]LYNS ]PRL]O^ _SP YLXP=LOSL>ZLXTL^`YT\`PWd^TYR`WL]LYOLM^ZW`_PWdYPb]PaPWL_TZY _SL_ OT]PN_Wd NZY_LTY^ 2ZOv^ MPTYR TY T_^PWQ LYO _ZZV ZY L S`XLY QZ]X TY_SP>L_2`]`>bLXT/LdLW>TYRS4YNZY_]L^__Z_ST^_SP-PL^M]LYNS ]PRL]O^ w=LOSL^ZLXTx L^ ZYP LXZYR XLYd ]PaPWL_TZY^ ZQ _SP >`[]PXP -PTYR 9Z] OZ _SPd ]PRL]O _SP QZ`YOP] L^ `YT\`P M`_ L^ ZYP XL^_P] TY _SP WTYP ZQ _SP >LY_^ bSTNS T^ RTaPY LY Pc_PYOPO TY_P][]P_L_TZY _Z TY NW`OP -`OOSL 5P^`^ .S]T^_ LYO _SP WTYP ZQ _SP >TVS R`]`^ ?SP ,R]L M]LYNS T^ LNN`^PO ZQ MP_]LdTYR _SP w[`]P ^[T]T_`LWT_dx ZQ _SP >LY_^ LYO OP_P]TZ]L_TYRTY_ZLOZRXL_TN]PWTRTZYTYbSTNSOZN_]TYPQPWW_Z_SPWPaPW ZQ LY TY^_T_`_TZY 4Y NZY_]L^_ _Z _SP XZ]P NZYQP^^TZYLW LYO PcNW`^TaT^_TN SLMT_`^ZQ_SP,R]LWTYP_SP-PL^WTYP[]Z[Z`YO^L[]ZR]LXXL_TNTYNW` ^TaT^X _SL_ NZY_TY`P^ LYO ]PTYQZ]NP^ _SP _]LY^]PWTRTZ^T_d ZQ _SP 9Z]_S 4YOTLY>LY_^,NNZ]OTYR_Z_SPX^[T]T_`LWT_dWTRS_LYO^Z`YOL]PLNNP^ ^TMWP_ZLWWLYOTY[]TYNT[WPNLYMPQZ`YOTYLWW]PWTRTZY^ ?SP,R]LLYO-PL^M]LYNSP^LYO_SPT]TY_P]YLW^`MOTaT^TZY^TYSP] T_PO OTQQP]PY_ WPRLNTP^ Q]ZX 3TYO`T^X LYO >TVST^X LYO YPbWd ^PXLY _TePO _SPX BSTWP _SP ,R]L WTYP ^SL]P^ ^ZXP QPL_`]P^ bT_S _SP 3TYO` >LR`©L-SLV_T LYO TYNW`OP^ XLY_]L ]P[P_T_TZY ZQ _SP ^TYR`WL] YLXP =£OS£^a£XTOPaZ_TZYLW ^TYRTYRLYO Pc_P]YLWbZ]^ST[_SP -PL^WTYP T^ XZ]P TYQW`PYNPO Md _SP 9T]R`©L-SLV_T ZQ _SP 9Z]_SP]Y 4YOTLY >LY_^ LYO_SP>TVSXTWTP`ZQ_SP;`YULMLYOZ]TPY_PO^ZWPWdZYTYYP]NZY_PX [WL_TZY LYO XPOT_L_TaP TXXP]^TZY TY_Z _SP PYP]RP_TN ^Z`YO QWZb TY _SP TYYP] ]PRTZY _SP w`Y^_]`NV 9£OLx >Z TY L bLd _SPd OPaPWZ[PO _bZ OTQQP]PY_9£OL-]LSXLYSZWT^X^LYOQZ]X^ZQ[]LN_TNPPaPY_SZ`RS_SP XLUZ] N]PPO ZQ L OTaTYP w^Z`YO N`]]PY_x T^ _SP ^LXP 4_ ^SZ`WO YZ_ MP QZ]RZ__PY _Z XPY_TZY SZbPaP] _SL_ TY MZ_S M]LYNSP^ R`]` aPYP]L_TZY LYO Pc_P]YLW LYO TY_P]YLW >L_^LYR bT_S _SP []P^PY_ Z] LM^PY_ XL^_P] [WLd LY PcNP[_TZYLWWd TX[Z]_LY_ ]ZWP `YO ^PPX _Z MP _SP ]PLW NZ]P ZQ LN_`LW[]LN_TNP bSTWP_SPP^Z_P]TNDZRLZQ>Z`YOT^XZ]PLNSP]T^SPO TOPLWLYO[]TXL]TWdL^^ZNTL_PObT_S_SPPYWTRS_PYPOXL^_P]^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP -PL^ bTYR ]PNZRYTeP^ QTaP OTaTYP YLXP^ _SL_ L]P OT^NWZ^PO ZYWd _Z TYT_TL_P^ LYO VP[_^PN]P_?SPQTaPYLXP^Z]XLY_]L^NZ]]P^[ZYO_ZbSL_T^_LVPY_ZMP_SPQTaPWPa PW^LMZaP_SP_ST]OPdPLYO_SPQTaPNZ^XTN^[SP]P^?SP,R]LWTYPVYZb^LOTQQP]PY_ ^NSPXPZQNPWP^_TLW^[SP]P^M`_LW^ZNZYYPN_^^PN]P_YLXP^bT_SPLNSZQ_SPX:Y_SP QZWWZbTYROTQQP]PYNP^^PPLW^Z8LYQ]PO3`__P]w/P]XPS]QLNSPBLYOPWOP^=LOSL^Z LXT2WL`MPY^x z ?ST^ L^[PN_ T^ ^_]P^^PO Md MZ_S -LMM =POPX[_TaP 0YNZ`Y_P]^ LYO 5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d
#$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
BSL_bPSLaP NLWWPOwDZRTQTNL_TZYxZQ_SP 9£OL-]LSXLYLMZaP T^ Md YZ XPLY^ WTXT_PO _Z _SP =LOSL >ZLXT^ LYO _SPT] ^STQ_ Q]ZX w^_]`NVx _Z w`Y^_]`NVx 9£OL LYO _Z ^Z`YO aTM]L_TZY^ LYO TYYP] ^Z`YO^ 8Z]P ]P^PL]NS T^ ]P\`T]PO _Z NWL]TQd bSPY _SP DZRTN TY_P][]P_L_TZY MPRLY LYO TYbSTNSNZY_Pc_^-`_bT_S_ZOLdv^VYZbWPORPZQT_^ST^_Z]TNLWPQQTNLNd ZYP NLY ^_L_P _SL_ TY XLYd 3TYO` XTWTP`^ T_ bL^ WP^^ _SP _]LOT_TZY ZQ _]LTYPO X`^TNTLY^ _SLY L [Z[`WL]TePO DZRTN _]LOT_TZY _SL_ MPNLXP _SP XLUZ]Pc[WLYL_Z]d[L]LOTRXLYONZYaP]^PWd_SPDZRLOT^NZ`]^P[Z_PY _TL_PO T_^PWQ _S]Z`RS _SP NZYNP[_ ZQ _SP 9£OL-]LSXLY :YP ]P^`W_ ZQ _ST^ bL^ _SL_ _SP 9£OL-]LSXLY NZYNP[_ bL^ []ZUPN_PO ZY_Z PL]WTP] DZRL_Pc_^_SL_LN_`LWWdZYWdOPLW_bT_S9£OLLYOPaPY±£]«RLOPaLbL^ TY_P][]P_PO bT_S ]PQP]PYNP _Z DZRL ,YZ_SP] ^TXTWL] PQQPN_ bL^ _SL_ _SP 9£OL-]LSXLY >Z`YO-]LSXLY bL^ P\`L_PO bT_S _SP ±LMOL -]LSXLY BZ]O-]LSXLY Z] :¿ LYO PaPY NZWZ]PO -SL]_SL]Tv^ WTY R`T^_TN ±LMOL-]LSXLY :YP L^^ZNTL_PO bT_S MZ_S L w>Z`YO DZRLx Z] wBZ]O DZRLx TP LY P^Z_P]TN []LN_TNP LYO [Sd^TZWZRd ZQ Pc_P]YLW LYO TY_P]YLW^Z`YO,^QL]L^bPNLY^PP_SP=LOSL>ZLXTQLT_SLYO^[WTY_P] R]Z`[^ZQT_T^_SPXZ^_]LOTNLWPcLX[WPZQ±LMOLDZRLZ]9£OLDZRL RZTYRMPdZYO_SP`^`LW9£OL-]LSXLYL^^ZNTL_TZY^ ?SP^POLd^_SP9£OL-]LSXLYT^YZ]XLWWdL^^ZNTL_PObT_S_SP]P[P _T_TZYZQ XLY_]L^ Z]bT_S_SPNSLY_TYRZQRZOv^YLXP^LYO_SP]P^ZYLYNP TY MZOd LYO ^Z`W ,WZYR^TOP _SP WL^_TYR TX[Z]_LY_ X`^TNLW LYO OPaZ _TZYLW 9£OL-]LSXLY _SP XZ^_ PQQPN_TaP _d[P ZQ ]PNP[_TZY T^ _Z WTYV 9£OL-]LSXLY bT_S ^Z`YO^ TY RPYP]LW LYO T_ LWXZ^_ L[[PL]^ _SL_ _ST^ QTPWO ZQ OT^NZ`]^P SL^ MPNZXP _SP XZ^_ TX[Z]_LY_ ZYP TY []P^PY_OLd ]PWTRTZ`^ N`W_`]P , ^P]TP^ ZQ XPOT_L_TZY _PNSYZWZRTP^ LYO []LN_TNP^ MPNLXP ]PWPaLY_ _Z []LN_TNP QZN`^TYR ^ZYTN aTM]L_TZY^ LYO _SPT] PQQPN_^ TY _SP MZOd PR _SP DZRTN NPY_P] MP_bPPY _SP PdPM]Zb^ LYO _SP ^[T]T_ ?ST^XLdZNN`]TY_SP]P[P_T_TZYZQ[]LdP]^ LYO XLY_]L^P^[P NTLWWd_SP^dWWLMWP:¿L^TY_SPNL^PZQ>bLXT>STaLYLYOLZ]TYwQPPW TYRx_SP^Z`YO^LYOwLQ_P]^Z`YO^xZQRZYR^MPWW^LYO^ZYR^TYNW`OTYR ^TYRTYR MZbW^ ^Z`YO^ Q]ZX NPWWZ^ TY _SP NL^P ZQ @^SL]M`OS ,]dL ZYPv^ZbYS`XXTYRTY_SPNL^PZQ=LUYPP^SZ]TY^[PNTLWaZNLWTeL_TZY _PNSYT\`P^TY^TYRTYR>bLXT9£OLM]LSX£YLYOL?ZOLd^`NS[]LN_TNP^ L]P VYZbY MZ_S TY 4YOTL LYO TY _SP BP^_ L^ w9£OLDZRLx LYO 2`d -PNV LW^Z ^[PLV^ ZQ w9£OL-]LSXLY XPOT_L_TZYx Z[TYTYR U`^_Wd _SL_ ^TYNP $! w9£OLDZRLx SL^ MPPY ^[]PLO XZ^_Wd Md 4YOTLY R`]`^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^ WTYP ZQ ]PNP[_TZY R]PL_Wd TYQZ]X^ -PNVv^ bSZWP >ZYTN ?SPZWZRd & NQ P^[PNTLWWd TMTO#z#,^_]ZYRWdDZRTNP^Z_P]TNTY_P][]P_L_TZYZQ±£]«RLOPaLT^LW^ZQZ`YOTY >S]TYRdLYO;]PX7L_L>SL]XLv^_]LY^WL_TZYLYORWZ^^P^ZY_SP >L«R¯_L=L_Y£VL]L :Y_SP QZWWZbTYRNQ_SPTYQZ]XL_TaPZaP]aTPbZQw.`]]PY_ ?]PYO^TY9£OLDZRLxTY -PNVv^ >ZYTN ?SPZWZRd z# -PWZb bP ^SLWW []P^PY_ ^ZXP 4Y_P]YP_ [LRP^ LYO XZ]P]PNPY_OPaPWZ[XPY_^LWW_SPbLd_Z9£OLSPLWTYR
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
#$$
_SP =LOSL >ZLXT XL^_P]^ TY _SP BP^_ 3ZbPaP] aL]TPO _SP TYOTaTO`LW _SPZWZRTP^ ZQ _SP _]LY^XT__Z]^ bP]P _ST^ WTYP ZQ ]PNP[_TZY NWPL]Wd RLaP _SP9£OL-]LSXLYLDZRTN?LY_]TN_Z`NSTPLQZN`^ZY_SPTYYP]9£OL LYO _SP ^Z`YO aTM]L_TZY^ ?SP N`]]PY_Wd [Z[`WL] 9£OL SPLWTYR bT_S XPOT_L_TaP=£RLX`^TNL[[PL]^_ZMPLXZ]P]PNPY_OPaPWZ[XPY_LYO]P ]PTQTNL_TZY bT_S L []LN_TNLW [`][Z^P PR L^ [L]_ ZQ ,d`]aPOTN L[[WTNL _TZY^ TY ^ZXP BP^_P]Y LYO 4YOTLY NWTYTN^ LYO ^[L SZ_PW^ ±£]«RLOPaL _SP ,d`]aPOTN OZN_Z] LYO TYaPY_Z] ZQ 9£OL-]LSXLY SLO YZ_ TY_PYOPO LYd_SP]L[P`_TN[`][Z^P9ZbLOLd^_SP9£OL-]LSXLYL^^`XP^LW^Z_SP QPL_`]P^ZQSZWT^_TNSPLW_SLYOYL_`]PQ]TPYOWdPNZWZRd 4Y _SP^P XZOP]Y ]PNP[_TZY^ 9£OL-]LSXLY MPNZXP^ ]PaP]MP]L_TZY TY _SP Z`_P] LYO TYYP] ^[LNP LYO _SP ZMUPN_ ZQ Pc[P]TPYNP TY L OTaP]^P ]LYRP ZQ 9£OL XPOT_L_TZY _PNSYT\`P^ LYO _SP _]LY^QZ]XTYR PQQPN_^ L_ _]TM`_PO _Z _SPX >Z`YO aTM]L_TZY T^ ]PRL]OPO L^ L NZY^NTZ`^YP^^ LW_P]TYR XPOT`X SPLWTYR LYO SL]XZYTeTYR [ZbP] L ^Z`]NP ZQ PYP]Rd LYO L XPLY^ ZQ Pc[P]TPYNTYR STRSP] bZ]WO^ 4Y _ST^ bLd _SP 9£OL -]LSXLY T_^PWQ T^ LW^Z NZYYZ_L_PO bT_S [^dNSZ^ZXL_TN PQQPN_^ LYO Pc _]LZ]OTYL]d Pc[P]TPYNP PR SPLWTYR ZQ MZOd LYO ^Z`W w^[T]T_`LW PY P]Rdx QPPWTYR^ ZQ Pc[LY^TZY Z`_ZQMZOd Pc[P]TPYNP^ UZ`]YPd^ ZQ _SP ^Z`W _SPT^_TN LYO [LY_SPT^_TN `YTZ Pc[P]TPYNP^ :YP NLY ^PP TY LWW _ST^ LY Pc_PY^TZY LYO XZOP]YTeL_TZY ZQ [ZTY_ ?ST^ DZRTN _Z`NS T^ []ZML MWd LW^Z O`P _Z BP^_P]Y Pc[PN_L_TZY^ ZQ 4YOTL _SP NZ`Y_]d ZQ DZRL TY_P]TZ]T_d Xd^_TNT^X P_N LYO _SP TY_P]LN_TZY^ bT_S BP^_P]Y NZY^`X P]^ /P[PYOTYR ZY _SP w[]ZaTOP]x _SP []TXL]d NPY_P] ZQ L__PY_TZY XLd MP QLY_L^_TN TYYP] ^Z`YObZ]WO^ Z] _SP ^ZYTN aTM]L_TZY^ _SPX^PWaP^ 8ZOP]Y 9£OLDZRL []LN_TNP TYNZ][Z]L_P^ LYO ^d^_PXL_TeP^ LYNTPY_ DZRTN_PNSYT\`P^^`NSL^NZY_PX[WL_TYRXLY_]L^Z]SZWOTYRZYPv^PL]^ NWZ^PObT_S_SP_S`XM^O`]TYR:¿]PNT_L_TZYLOO^YPbZYP^LYOWTYV^ _SPX bT_S []PNT^P TY^_]`N_TZY^ ! :Q_PY T_ T^ MLNVPO `[ Md XZOP]Y _]LY^]PWTRTZ`^^[T]T_`LWT_dLYOP^Z_P]TNT^X_SL_NLYYZ_MP]PO`NPOU`^__Z 4YOTL Z] U`^_ _Z _SP BP^_ BP bTWW NZXP MLNV _Z _ST^ MPWZb bT_S ^ZXP NZYN]P_PPcLX[WP^ZQSZb_SP9£OL-]LSXLYSL^YZbOPaPWZ[PO_]LY^ N`W_`]LWWd ?SP PcLX[WP^ bTWW TWW`^_]L_P SZb ^_]ZYRWd _SP ZWO w[ZbP] ]PWTRTZYxLYOL^^ZNTL_POTOPL^^_TWWPcP]__SPT]TYQW`PYNPPaPYTYXZOP]Y ]PNP[_TZY^ bSTWP LW^Z XTcTYR bT_S Z_SP] ^_]LYO^ ZQ _]LOT_TZY 4_ bTWW MPNZXP XZ]P ^[PNTQTNLWWd L[[L]PY_ SZb QL] ]PXZaPO XZOP]Y ]PNP[_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -PNV >ZYTN?SPZWZRd ,Q_P]-PNVw9ÃOLDZRLxbL^XLTYWd^[]PLOTY_SPBP^_ Md@^SL]M`OS,]dL>bLXT±Ta£YLYOLLYOST^^_`OPY_>bLXT9£OLM]LSX£YLYOL_SP =£OS£>ZLXTXZaPXPY_LYO-SLRLbLY=LUYPP^S !.Q-PNV >ZYTN?SPZWZRd z#0aPY_SP-PL^M]LYNSZQ_SP=LOSL^ZLXTXZaP XPY_ bSTNS T^ QZN`^PO ZY [`]P TY_P]TZ]T_d LWWZb^ NWZ^`]P ZQ _SP PdP^ LYO PL]^ _Z XLVP_SPWTRS_QTWWPOTYYP]^Z`YObZ]WOXZ]PLNNP^^TMWP.Q3`__P]w/P]XPS]QLNSP BLYOPWx"bT_S]PQP]PYNP_Z6T][LW>TYRS$ #LYO$#"
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ_SP9£OL-]LSXLYSL^MPNZXPQ]ZX±£]«RLOPaLLYO_SPM]ZLO^[PN _]`XZQ^Z`YOXPOT_L_TZYLYO^ZYTNWd^T^T_YZb^`M^`XP^ ,YZ_SP]XZOP]YWTYPZQ]PNP[_TZY_SL_X`^_YZ_MPQZ]RZ__PYT^-P] PYO_v^ 9£OL-]LSXLY 8LYd XZOP]Y wDZRTNx ]PNP[_TZY^ ]PQP] _Z -P] PYO_L^LYwPc[P]_xM`_ML^PO _SPX^PWaP^ZYZ_SP]Pc[WLYL_TZY^]L_SP] WTVP _SP bLd -P]PYO_ STX^PWQ `^PO _SP 4YOTLY 9£OL-]LSXLY L^ L VTYO ZQ L`_SZ]T_d LYO ^[]TYRMZL]O QZ] ST^ ZbY 9Pb,RP X`^TNLW XP_L[Sd^ TN^ 3ZbPaP] TY ^ZXP L^[PN_^ -P]PYO_v^ 9£OL-]LSXLY NZ]]P^[ZYO^ XZ]P L[_Wd _Z ±£]«RLOPaLv^ wZ]TRTYLWx MPNL`^P L`OTMWP X`^TN MPNZXP^ _SP QZN`^ ZQ L__PY_TZY LYO _SP MZ`YOL]TP^ MP_bPPY ]PWTRTZY LYO X`^TN QLOP LbLd 1Z] -P]PYO_ _SP 9£OL-]LSXLY LYO X`^TN MPNZXP LY wZ]TRTYLW ^`M^_LYNPx `YT_TYR ]PWTRTZY^ LYO [PZ[WP^ ^ZXP_STYR ^[T]T_`LW _Z_LW LYO LWWPYNZX[L^^TYR _SL_ []ZaTOP^ TY^TRS_^ TY_Z _SP YP_bZ]VPO YL_`]P ZQ _SP NZ^XZ^ LYO _SP SL]XZYTZ`^ w^Z`YO ZQ _SP bZ]WOx ?ST^ aTPbSLOT_^ZbY_]LY^N`W_`]LWST^_Z]dBSP_SP]bPL]P_LWVTYRLMZ`_L ^dY_SP^TeP][WLdTYRR`]`Z]LBTNNLbT_NSTY.SPYYLT3LbLTTZ]L__SP WL]RPX`^TNQP^_TaLW^TY2WL^_ZYM`]d_ZOLdZYPNLYSPL]ZQ_PY_SL_X` ^TNT^^ZXP_STYR_SL_M]TYR^[PZ[WP_ZRP_SP]LYOPYLMWP^_SPX_ZPc[P]T PYNP w_SP `YT_d ZQ MPTYRx L wWLYR`LRPx _SL_ Q`YN_TZY^ bT_SZ`_ bZ]O^ LYO _SL_ PaP]dZYP `YOP]^_LYO^ MPNL`^P T_ ^[PLV^ wTXXPOTL_PWdx _Z _SP SPL]_ PcP]_^ T_^ PQQPN_^ wSZWT^_TNLWWdx ZY MZOd LYO ^Z`W LYO NZXX`YT NL_P^wbT_SZ`_OZRXL^x_SL_bSTNSLWW]PWTRTZY^^Ld " ,W_SZ`RS LWW _SP XZOP]Y ]PNP[_TZY^ XLd TYOTaTO`LWWd ^PPX _Z MP XL]RTYLW LYO _Z L[[Wd ZYWd _Z XTYZ]T_TP^ _SPd TYOTNL_P X`NS M]ZLOP] LYO OPP[P] []ZNP^^P^ ZQ NSLYRP TY []P^PY_OLd ]PWTRTZ`^ N`W_`]P _SLY XTRS_ MP L[[L]PY_ L_ QT]^_ RWLYNP ?ST^ T^ MPNL`^P _SPd L]P ZMUPN_TaTeL _TZY^ ZQ L ]PWTRTZ`^ ^_dWP _SL_ SL^ ^`M_Wd MPNZXP L VPd [L]_ ZQ _ZOLdv^ ]PWTRTZ`^ XLTY^_]PLX ?ST^ LW^Z L[[WTP^ _Z -P]PYO_v^ w9Pb,RPOx 9£OL-]LSXLY bSTNS T^ bSd bP ]P[PL_POWd NZXP MLNV _Z T_ 4_ ]P[]P ^PY_^LVTYOZQ[]Z_Z_d[TNLW^_]`N_`]LW[L__P]YZQXZOP]Y^[T]T_`LWT_d_SL_ T^ YZb bTOP^[]PLO TY BP^_P]Y 0`]Z[P LYO ,XP]TNL YZ_ WPL^_ TY^[T]PO Md_SPPYNZ`Y_P]bT_S4YOTL-`__ZOLdT_L[[PL]^_ZSLaPMPPYPc_PYOPO _Z ]PWTRTZ`^ N`W_`]P^ _S]Z`RSZ`_ _SP bZ]WO bSTNS L]P Q]PPWd O]LbY ZY LYONZXMTYPO4Y_ST^]P^[PN_-P]PYO_T^ZYPPcLX[WPLXZYRXLYdM`_ SP SL^ L NP]_LTY ]PWPaLYNP MPNL`^P ST^ PcLX[WP [ZTY_^ `[ []ZNP^^P^ ZQ TY_P]N`W_`]LW _]LY^QP] 3P SL^ MPNZXP L YZ_ `YTX[Z]_LY_ w_]LY^[ZYOP]x LYONL_LWd^_ZQXZOP]Y^[T]T_`LWT_dLYO PXMZOTP^_ST^ ^[T]T_`LWT_d TYLY P^[PNTLWWd [L]LOTRXL_TN bLd STX^PWQ @YWTVP ^ZXP [PZ[WP bP ]PRL]O STXYZ_L^LQZWWZbP]ZQP^Z_P]TNT^XbSZXZYPYPPOYZ__LVP^P]TZ`^Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ".Q 4^LMPWWP 7LLNV =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d OZN_Z]LW _SP^T^ 3PTOPWMP]R $ !z $ ?SP ^_L_PXPY_^ _SL_ 7LLNV OZN`XPY_^ NZ]]P^[ZYO ^_]TVTYRWd bT_S _SZ^PZQNP]_LTY4YOTLYR`]`^_ZbSZXbPSLaPLW]PLOdXLOP]P[PL_PO]PQP]PYNP^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
M`_TY^_PLOL^LYTY_P]WZN`_Z]_ZMP_LVPY^P]TZ`^Wd3PT^LXZ`_S[TPNP ZQXZOP]Y]PWTRTZ`^N`W_`]PTYbSTNS_]LY^]PWTRTZ`^^_dWP^SLaPMPNZXP YZ]XLWT_d #LYOLOPP[^PL_PONSLYRPTYQZ]X^SLMT_`^LYObZ]WOaTPb T^Pc[]P^^POQZ]bSTNS_SPNZY_LN_bT_S4YOTLY]PWTRTZ^T_dbL^MZ_S_]TR RP]LYO^[]TYRMZL]O -P]PYO_ NZaP]PO _SP 9£OL-]LSXLY bT_S L aLR`P _P]XTYZWZRd ^`NS L^w[]TXZ]OTLWT_dxRZOXPOT_L_TZYLYOwVYZbWPORPZQS`XLYT_dx?ST^ [L__P]Y ZQ Pc[WLYL_TZY LWWZbPO STX _Z W`X[ XLY_]L^ LYO VZLY^ LWW _Z RP_SP] bSTNS LN_`LWWd _Z_LWWd XT^^P^ _SP [ZTY_ 9PT_SP] OTO -P]PYO_ ]PNZRYTeP _SP Q`YOLXPY_LW NZYYPN_TZY MP_bPPY 4YOTLY XLY_]L^ X`^TN LYO WLYR`LRP YZ] _SP Wd^T^ Q`YN_TZY ZQ _SP -]LSXLYNZYNP[_ L^ L ^dX MZWP ZQ bSZWPYP^^ LYO VPd NL_PRZ]d ZQ _SP STRSP^_ MWT^^ 3P OTO YZ_ ]PLWTeP _SP \`T_P OTQQP]PY_ Q`YN_TZY LYO []LN_TNP ZQ _SP EPY -`OOST^_ VZLY^ ?SP BP^_ T^ YZ_ TY _SP WPL^_ QLXTWTL] bT_S _SP TOPL ZQ OP]TaTYR X`^TNLYOWLYR`LRPQ]ZXLNZXXZY^Z`]NP?SPTYOT^^ZW`MWPWTYVZQ_SP 9£OL-]LSXLY bT_S WLYR`LRP LYO XLY_]L^ _SP]PQZ]P LW^Z ]PXLTYPO NWZ^PO _Z -P]PYO_ 3P ^_LdPO bT_STY YZ]XLW SL]XZYTN [L_S^ bSPY SP M]Z`RS_ \`LY_`X [Sd^TN^ LYO aTM]L_TZY^ _ZRP_SP] LYO bSPY SP `YTaP] ^LWTePO_SPNZYNP[_ZQ9£OL-]LSXLYLYOTYL^PY^P]PTYaPY_POT_zQZ] PcLX[WP bT_S _SP ^TX[Wd TYNZ]]PN_ NWLTX _SL_ VZLY^ LYO XLY_]L^ bP]P LN_`LWWd_SP^LXP_STYR-P]PYO_NZ`WOZYWdPc[WLTYXLY_]L^TY_P]X^ZQ ^Z`YO^ LYO aTM]L_TZY^ L^ XZOP]Y TY_P][]P_L_TZY^ ZQ ?LY_]L LYO 9£OL -]LSXLY ZQ_PY OZ TY 4YOTL 3P LN_`LWWd `YOP]^_ZZO _SP ^`M^_LY_TLWT^_TN 9£OL L^[PN_ aP]d bPWW bSTNS T^ bSd SP SLO YZ []ZMWPX TY ^PPTYR :¿ NSLY_TYR ZY L WPaPW P\`LW bT_S ZaP]_ZYP X`^TN LYO LW^Z bT_S ^TYRTYR OZW[STY^ LYO SL]XZYTNLWWd ^_]`N_`]PO N]d^_LW^ M`_ OTO YZ_ `YOP]^_LYO _SP WTYR`T^_TN LYO NZXX`YTNL_TaP L^[PN_ L_ LWW BSL_ SP R]L^[PO bPWW bL^ _SP ML^TN ^PWQPc[]P^^TaP L^[PN_ ZQ ^Z`YO TYQZ]XL_TZY [SZYZNPY _]TNT_d L^ QL] L^ ^`M^ZYTN LYO TYQ]L^ZYTN OTXPY^TZY^ LYO ^_]`N_`]LW PWP XPY_^ TXXLYPY_ TY ^Z`YO^Z`YO aTM]L_TZY^ M`_ YZ_ _SP TYSP]PY_ N`W _`]LWWd ^[PNTQTN NZRYT_TaP [L]_ P[T^_PXP >Z SP ZXT__PO LYO QLTWPO _Z ^PP_SPbSZWPNW`^_P]ZQN`W_`]LWTOPL^L^^ZNTL_PObT_S_SPWLYR`LRPLYO _SP -]LSXLY L^[PN_^ LYO _SP ST^_Z]TNLW []P]P\`T^T_P^ ZQ 4YOTLY Pc[P]T PYNPZQX`^TN ?SPXLTY_TPMP_bPPY9£OLLYO-]LSXLYTY_SP4YOTLYNZY_Pc_bL^ L^ TYOTNL_PO WLYR`LRP 3P]P -SL]_SL]Tv^ ±LMOL-]LSXLY LYO _SP A£R -]LSXLY bP]P _SP QZ]P]`YYP]^ ZQ _SP 9£OL-]LSXLY LYO MZ_S ZQ _SPX bP]P ^_]ZYRWd]ZZ_POTY _SPAPOTNXd_S4_bZ`WOMP ^TRYTQTNLY_WdXZ]P OTQQTN`W__Z_]LY^QP]_SPST^_Z]TNLWNZY_Pc_^LYO_]LY^X`_L_TZY^_SPXLYd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #?ST^ T^ NWPL]Wd ^SZbY Md _SP YPb \`LY_T_L_TaP bZ]WObTOP ^`]aPd^ ZQ _SP =P WTRTZY^XZYT_Z] # PO -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^ "LYO BZ]LYRWL`M_OTPBPW_*,YLWd^PY`YO6ZXXPY_L]Pe`X=PWTRTZY^XZYT_Z] # PO-P]_PW^XLYY>_TQ_`YR2Þ_P]^WZS%-P]_PW^XLYYAP]WLR$
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LYOaL]TPO ^STQ_^ TY_SP -]LSXLYNZYNP[_LYO _SP^`[P]N`W_`]LWWd^[P NTQTN^dXMZWTNQZ]X^ZQLA£ROPa¯LOPNTOPOWdXd_STNLW^`M^_LYNP_SL_ _]LY^QP]]POT_^PWQ_Z_SP9£OL-]LSXLYZ]ZQLRWZMLWWLYR`LRP[]TYNT [WP L^ QZ`YO TY -SL]_SL]T LYO L wNZ^XTN WLYR`LRPx L^ TY ,MST YLaLR`[_L _SP ]L_TZYLWT^_TN QZ`YOL_TZY^ ZQ Xd_STNLW ^`M^_LYNP Q]ZX ZYP N`W_`]P _Z LYZ_SP] _SLY _Z _]LY^QP] ^Z`YO^ aTM]L_TZY^ LYO XZOLW LYO ZaP]_ZYP X`^TN -P]PYO_v^ 9£OL-]LSXLY WLNV^ _SP NZX[WPc NZY NP[_TZY ZQ QZ`] WLYR`LRP WPaPW^ U`^_ WTVP 9£OL OPaZ_TZYLWT^X LYO _SP NZX[WPc []P LYO [Z^_ ST^_Z]d ZQ _SP w[]TXZ]OTLW ^Z`YOx TY 4YOTL 9ZYP ZQ _SP^P _Z[TN^ L[[PL]PO L_ LWW TY ST^ _]LY^N`W_`]LW X`^TNLW XP_L[Sd^TN^ LYO wZY_ZWZRd ZQ _SP PL]x _SL_ _]LY^NPYOPO _TXP LYO ^[LNP 3P ^Lb _SP w_PX[WPTY_SPPL]xM`_WP^^_SPw_PX[WPTY_SPaZTNPx -P]PYO_ bZ`WO ^`]PWd YPaP] SLaP YZ_TNPO _SP aP]d N`W_`]LWWd ^[P NTQTN^dXMZWTNQZ]X^ZQWLYR`LRPTY>LY^V]T_3TYO`T^XLYOT_^NZX[WPc TY_P]NZYYPN_POYP^^ bT_S _SP aZTNP NZY^NTZ`^YP^^ _SZ`RS_ TY_`T_TZY [ZP_TN^^ZYLWT_dLYOX`^TNLYO_SPXLYdOTQQP]PY_TNZYTNLYO`YTaP]^LW Xd_STNLW QZ]X^ ZQ Pc[]P^^TZY ^TX[Wd MPNL`^P SP `YOP]^_ZZO WLYR`LRP TY PcLN_Wd _SP ^LXP bLd L^ LYd Z_SP] 0`]Z[PLY >TXTWL] _Z >`^LYYP 7LYRP] SP RPYP]LWWd NZYYPN_PO WLYR`LRP ZYWd bT_S OT^N`]^TaP _SZ`RS_ LYO ,]T^_Z_WPLY WZRTN LYO _SP 4YOTLY NZX[WPc ZQ TOPL^ _SL_ PaP]dZYP [L]_TNT[L_PO TY _SP ^LXP WLYR`LRP LYO _SL_ WLYR`LRP T^ TY []TYNT[WP LWbLd^ SZWT^_TNLWWd ]PRL]OPO L^ L Q`^TZY ZQ ^Z`YO LYO ^PY^P QLTWPO _Z L[[PL] ZY ST^ ]LOL] ,WW _SP `YTaP]^LW Xd_S^ ZQ >LY^V]T_ 3TYO`T^X XP]RPOTY_ZZYPLYZ_SP]TY_SP9£OL-]LSXLYDP_PaPYTQ-P]PYO_OTO YZ_[P]NPTaP_ST^SPTY_P]P^_TYRWdOTOYZ_P^ZXPNPY_]LWL^[PN_^LYObP bT^S_ZRZTY_Z_SP^PTYXZ]POP_LTW
!#
?SP8ZZOZQ9£OL-]LSXLY
4Y XLYd ]P^[PN_^ _SP PL]ZY_ZWZRd _SL_ -P]PYO_ OPaPWZ[PO `^TYR _SP NZYNP[_ ZQ _SP 9£OL-]LSXLY XT^^PO _SP Z]TRTYLW TYOTRPYZ`^ NZY_Pc_ -`_OP^[T_P^ZXPXT^]P[]P^PY_L_TZYSPbL^TYQLN_YZ_]PLWWd^ZQL]ZQQ _SP ]TRS_ _]LNV ?SP XLTY \`Z_L_TZY^ ZQ 4YOTLY X`^TN _SPZ]T^_^ ZY _SP ^`MUPN_ ZQ _SP 9£OL -]LSXLY RTaPY LMZaP NLY ML^TNLWWd MP ]PO`NPO _Z _SPQZ]X`WL_SL_-P]PYO_^ZWTVPO_Z`^P%w?SPbZ]WOT^^Z`YO>Z`YOT^ RZOx PaPY TQ SP NZ`WO YZ_ SLaP VYZbY _SP bZ]V^ LYO _SPZWZRTP^ XPY _TZYPO 4Y^_PLO SP L[[L]PY_Wd RZ_ _ST^ TOPL Q]ZX 4YOTLY X`^TNTLY^ -P] PYO_WP^^R]L^[POLYLM^_]LN_NZY_PY__SLYOPaPWZ[POLwQPPWTYRxQZ]_SP 9£OL-]LSXLY NZYNP[_ Md ^[PYOTYR _TXP bT_S 4YOTLY X`^TNTLY^ bSZ RPY`TYPWd QPW_ _SL_ _SPT] X`^TN bL^ L^ ±£]«RLOPaL OP^N]TMPO% _SP X`^T NTLY [L]_TNT[L_P^ TXXPOTL_PWd TY _SP P^^PYNP ZQ _SP `YTaP]^P LYO X`^TN
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
T^LVTYOZQDZRLL^[T]T_`LWOT^NT[WTYP_SL_RPYP]L_P^LXZZOZQOTaTYP [PLNP $ ?SP wQPPWTYRx XPY_TZYPO T^ Pc[]P^^PO P^[PNTLWWd TX[]P^^TaPWd TY L X`^TNLWTeL_TZYZQ8L_L«RLv^aP]^P^Q]ZXL]PNZ]OTYRZQLNZYNP]_ ?SP ^`YR >LY^V]T_ _Pc_ NZYOPY^P^ 8L_L«RLv^ aP]^TZY bT_STY L ^TYRWP aP]^P LNNPY_`L_TYR_SP^PY_PYNPw_SPbZ]WOT^^Z`YOxLYOT_^w^[T]T_`LWL`]Lx% w, ^Z`YO QZ]X T^ _SP FRZOH -]LSX£ L ^Z`YO QZ]X _SP FRZOH AT´©` FSP]P% 5LY£]OLYLH L^Z`YOQZ]X_SP _]LY^NPYOPY_LW[ZbP]ZQ_SPR]PL_RZOF±TaLH z_SP]PQZ]P_ST^FbSZWPHbZ]WOT^MdT_^YL_`]P^Z`YOx
?SPX`^TNLWTeL_TZYZQ_ST^aP]^PT^[]TXL]TWdLYPc[]P^^TaPaZNLWTeL_TZY ZQ L ^TYRWP XZZO% [PLNP LYO \`TP_ ?ST^ XZZO T^ Pc[]P^^PO TY _SP \`TP_ LYO [PLNPQ`W NZPcT^_PYNP ZQ _SP _ZYP^ L ]PWL_TZY^ST[ _SL_ T^ Q`WWd NZX []PSPY^TMWPTYL^`M^_LY_TLWXLYYP]?SP^TYRP]]PLWWdXLYLRP^_ZPaZVP OPP[ [PLNP LYO OPP[ SL[[TYP^^ L NZYNPY_]L_PO XPOT_L_TaP XZZO _SL_ LM^Z]M^ _SP WT^_PYP] Q`WWd LYO PYLMWP^ STX _Z [L]_TNT[L_P PXZ_TZYLWWd TY _SP^`M_WP^ZYTNNZYYPN_POYP^^ZQ_SPbZ]WOLYO_SPRZO^ ?ST^^[PNTQTNXZZOZQTYYP]\`TP_YP^^wOTaTYP[PLNPxLYOL^_SZ`RS bZ]WO_]LY^NPYOTYR ^ZYTN NZYYPN_POYP^^ w\`L^T bPW_PY_SZMPYP] VWLY RWTNSP] AP]YP_e_SPT_x T^ LMZaP LWW L []ZO`N_ ZQ _SP =£RL ^PWPN_PO ±L«VL] bSTNS T^ ZYP ZQ _SP PL]Wd XZ]YTYR =£RL^ ^`YR ^SZ]_Wd MPQZ]P ^`Y]T^P ?SP Pc_]PXP ^P]PYT_d ZQ _SP XPWZOd T^ XLYTQP^_PO Md _SP QLN_ _SL_ T_ NZY^T^_^ LWXZ^_ PcNW`^TaPWd ZQ TY^_LYNP^ ZQ Q`YOLXPY_LW ZaP] _ZYP^ ,^ _SP^P L]P NWZ^PWd ]PWL_PO ZaP]_ZYP^ _SP _ZYP XL_P]TLW T^ ]PWL _TaPWd Q]PP ZQ _PY^TZY LYO QZ]X^ L NWZ^PO ^d^_PX ,WW _SP _ZYP^ MWPYO TY_Z ZYP LYZ_SP] LYO _SP]P L]P YZ ^SL][ NZY_]L^_^ ?SP]P T^ L VTYO ZQ PcNP[_TZYTY_SPM]TRS_]LOTLY_-_SL_T^P^[PNTLWWdNSL]LN_P]T^_TNZQ_SP PL]Wd XZ]YTYR =£RL^ LYO Q`WQTWW^ L [L]_TN`WL] Q`YN_TZY ,^ _SP QTQ_S LMZaP0T__`]Y^_SPYL_`]LWXLUZ]VPdTY_ZL_d[PZQPY]L[_`]POwSd[P] XLUZ]VPdx?SP^_]`N_`]PZQ_SPXPWZOd_SL_PXP]RP^T^YZ_OT]PN_POZ] TY _SP QZ]X ZQ ^_P[^ M`_ SL^ L RPY_Wd RWTOTYR bLaPWTVP NSL]LN_P] ?SP OT^^ZYLYNP ZQ _SP - T^ M]Z`RS_ Z`_ M`_ YZ_ w^_]P^^POx LYO TY^_PLO _SP _ZYP T^ TY_PR]L_PO \`T_P Z]RLYTNLWWd LXZYR T_^ YPTRSMZ]TYR _ZYP^ LYO T^ _Z_LWWdLM^PY_Q]ZX_SPOP^NPYOTYR[L^^LRP^:_SP]=£RL^OPLWbT_S_ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $>TXTWL]Wd=LaT>SLYVL]\`Z_POTY-P]PYO_ ?SPBZ]WOT^>Z`YO BP bP]P ^LOWd `YLMWP _Z OT^NZaP] _SP Z]TRTY ZQ _ST^ MPL`_TQ`W [TPNP ZQ X`^TN LYO ZbTYR _Z [Z_PY_TLW NZ[d]TRS_ []ZMWPX^ _SP]PQZ]P SLO _Z WPLaP T_ Z`_ ZQ _SP ./ ?SP LMZaPOP^N]T[_TZYNLYYZ_OZU`^_TNP_Z_SPTY_PY^PaP]dXZaTYRLYOXPOT_L_TaP=£RL XZZO Pc[]P^^PO TY _SP TY_P][]P_L_TZY ?SP YZ_L_TZY bL^ ]PNZ]OPO Md :WTaP] 8ZPM`^ 9Z_L_TZY^L]P_]LOT_TZYLWWd`YNZXXZYTY NWL^^TNLW 4YOTLY X`^TNLYO PaPY _ZOLd_SPd L]PZQZYWd^PNZYOL]dTX[Z]_LYNP?ST^T^MPNL`^PTX[]ZaT^L_TZYRPYP]L_P^_SPX`^T NTLYv^ ZbY NZX[Z^T_TZY Z`_ ZQ PLNS =£RL MPNL`^P T_ T^ LWXZ^_ TX[Z^^TMWP _Z b]T_P OZbY_SP^`M_WP_TP^ZQ_SPXTN]Z_ZYP^LYO`W_TXL_PWdLW^ZMPNL`^PX`^TNT^^_TWWZQ_PY _L`RS_LYOWPL]YPO_S]Z`RS_SP_]LOT_TZYLWZ]LW_PLNSP]_Z[`[TWNSLYYPWPaPY_SZ`RS X`^TNLNLOPXTP^LYO`YTaP]^T_dX`^TNOP[L]_XPY_^PcT^_
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
OT^^ZYLYNP aP]d OTQQP]PY_Wd& T_ T^ YZ_ TY_PR]L_PO M`_ PX[SL^TePO ?ST^ ]P^`W_^ TY L OTQQP]PY_ ^ZYTN TX[]P^^TZY _SL_ NZYYZ_P^ \`TP_YP^^ LYO L XZ]YTYRXZZO_ZLWP^^P]Pc_PY_-dNZY_]L^__SPX`^TNLWTX[]P^^TZYZQ _SP ±L«VL]=£RL ]PLWWd OZP^ ^`RRP^_ _SP \`TP_ L_XZ^[SP]P ZQ _SP PL]Wd XZ]YTYR MPQZ]P ^`Y]T^P% _SP WTRS_ T^ LW]PLOd _SP]P M`_ T_ NLY MP QPW_ XZ]P_SLY^PPY%
?SP ^TYRP]v^ X`^TNLW TY_P][]P_L_TZY ZQ _SP bZ]O^ T^ NWPL] ?SP w9£OL -]LSXLYxT^]P[]P^PY_POL^^ZXP_STYR^`[P]X`YOLYP4Y4YOTL_SPPL]Wd XZ]YTYR T^ _SP _TXP QZ] TYOTaTO`LW []LdP] LYO bSL_ _SP ^TYRP] M]TYR^ ZaP] T^ L X`^TNLW []LdP] ?SP Y`XP]Z`^ WZbP]TYR Z]YLXPY_^ ZY OP ^NPYOTYR ^NLWP^ PR ZY wS£x TY _SP bZ]O M]LXS£ ZY w[Zx TY ]¼[Z LYO ZY w_Tx TY ²LV_T TX[L]_ L [L^^TaP OPaZ_TZYLW `^P ZQ [T_NS LYO _S`^ ]P QWPN_ _SP _d[TNLW L__T_`OP ZQ WZaTYR OPaZ_TZY MSLV_T TY_Z bSTNS _SP L`OTPYNP T^ O]LbY ?SP aP]d ^WZb _PX[Z LYO _SP R]PL_ TY_PY^T_d LYO ^TX`W_LYPZ`^ ]P^P]aL_TZY bT_S bSTNS _SP ^TYRP] TY_ZYP^ RTaP^ OTQQP]PY_ PX[SL^T^ _ZPc_PYO^LYOOPNZ]L_P^_SPbZ]O^]PTYQZ]NP_SPTX[]P^^TZY ZQR]PL_^_TWWYP^^Pc_]PXP^P]PYT_dLYOOPP[OPaZ_TZY ?ST^ PcLX[WP ZQ L =£RL [ZTY_^ `[ TY [L]_TN`WL] _SP ^PY^Z]d LYO _PNSYTNLW ^SL]P ZQ _SP w^[T]T_`LW \`LWT_d ZQ Pc[]P^^TZYx wRPT^_TRP ,`^ O]`NV^\`LWT_Æ_x _SL_ TY X`^TN _SPZ]d T^ L^^ZNTL_PO bT_S _SP =£RL^ M`_ LW^Z [ZTY_^ _Z _SP YPNP^^NT_d ZQ ^[PNTQTN L__T_`OP^ bSTWP [P]QZ]XTYR LYO WT^_PYTYR 1T]^_T_T^TYQLN__SPw^PWQPQQTNLNdxZQ ^Z`YOLYOZQ_SP^[P NTQTN =£RL XPWZOd LYO ^PNZYO L wQPPWTYRx QZ] _SP VPd LYO _SP XZOP w?ZYL]_RPQÞSWx LYO QZ] _SP LP^_SP_TN XZZO _SL_ T^ bZaPY TY_Z []P NT^PWd _ST^ =£RL _SL_ T^ wLbLVPYPOx Md _SP [P]QZ]XLYNP 0aPY TQ MZ_S _SP VPd LYO XZZO L]P MPWTPaPO _Z MP TXXLYPY_Wd w_SP]Px TY L ^[PNTQTN =£RL LYO _SP]PQZ]P _PNSYTNLWWd LNNP^^TMWP ^_TWW _SP QPPWTYR QZ] _SPX NLYYZ_ MP WPL]YPO Q]ZX L MZZV LYO OPXLYO^ Q]ZX _SP WT^_PYP]^ ^ZXP _STYR ^TXTWL] _Z bSL_ T_ OPXLYO^ Q]ZX _SP ^TYRP] 4_ T^ _]`P _SL_ _SP WT^ _PYP]^ OZ YZ_ SLaP _Z SLaP LYd _PNSYTNLW _]LTYTYR WTVP _SP ^TYRP]v^ M`_ _SPd ^_TWW SLaP _SPT] ZbY ]ZWP _Z [WLd TY _SP wQPPWTYR QZ] _SP VPdx ,N NZ]OTYR _Z _SP NWL^^TNLW _Pc_^ _SP WT^_PYP]^ LYO TY _SP NL^P ZQ OLYNP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
_SZ^P bL_NSTYR SLaP _Z SLaP L NP]_LTY SLMT_`^ ZQ ]PNP[_TaP NZX[P_PY NTP^ _SL_ XLVP _SPX ]PNP[_TaP _Z _SP [P]QZ]XLYNP ?ST^ TYNW`OP^ _]`_S Q`WYP^^LMPYPaZWPY_L__T_`OPTX[L]_TLWT_dLYOPX[L_SdM`_YZ_[TP_d ?SP^P \`LWT_TP^ _`]Y _SP WT^_PYP]^ TY_Z wNZN]PL_Z]^x ZQ _SP XZZO Md OPaZ_TYR _SPX^PWaP^ P\`LWWd w^PWQWP^^Wdx NZX[WP_PWd _Z _SP =£RL LYO WP__TYR_SPX^PWaP^MPwNZWZ]POxWTVP_SP^TYRP];]ZMLMWd_ST^T^PcLN_Wd bSL_ -P]PYO_ XPLY_ bSPY SP ^[ZVPZQw^[T]T_`LWL__T_`OPx4Y_SP TY_P] [WLdMP_bPPYZMUPN_TaP LYO^`MUPN_TaP L^[PN_^_SP L[[L]PY_WdTOPLWT^_TN _d[TNLW QPL_`]P ZQ _SP =£RL X`^TN _SL_ T_ XLVP^ _SP wTYaT^TMWP aT^TMWPx LYO _SP wTYL`OTMWP L`OTMWPx LYO Pc[]P^^P^ LP^_SP_TN L_XZ^[SP]P^ LYO _SP TXXL_P]TLW wP^^PYNP ZQ MPTYRx OZP^ TY QLN_ MPNZXP ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ , _ST]O Q`YOLXPY_LW ]P\`T]P XPY_SZbPaP]T^_SP^VTWWZQ_SP^TYRP]LYO_SP\`LWT_dZQ_SP[P]QZ]X LYNP 4_ bTWW L[[PL] LWW _SP XZ]P TY_P]YLWTePO _SP XZ]P `YTQTPO LYO `Y LXMTR`Z`^ _SP ^PWPN_PO =£RL XZOP T^ LYO _SP XZ]P _SP L]_T^_ ^`MUPN_^ STXZ]SP]^PWQ _Z _SPTYYP] =£RL]`WP^ LYO]PR`WL]T_TP^LYO L__SP ^LXP _TXPOPaPWZ[^ST^Z]SP][P]^ZYLW ^_LX[_S]Z`RS_SPPX[L_STN TX[]ZaT ^L_TZY4YZ`]PcLX[WP_SP^TYRP]T^LMWPbT_SR]PL_TY_PY^T_d_ZPc[]P^^ LYOPaZVPOPP[]PaP]PYNP XPOT_L_TaP NZYNPY_]L_TZY\`L^TYZYbZ]WOWd WTMP]L_TZY LYO R]PL_ TYYP] [PLNP ?ST^ ^Z`YO TX[]P^^TZY ZQ wOTaTYP [PLNPxLYOPc_]PXP^P]PYT_dT^_]LY^XT__PO^ZTY_PY^TaPWd^ZWPWdaTL_SP LNZ`^_TN ^PY^P^ _SL_ _SP ^TYRP] WPLaP^ L VTYO ZQ WL^_TYR PNSZ TY _SP XPXZ]d _SL_ ZYP OZP^ YZ_ PL^TWd QZ]RP_ PaPY L^ L BP^_P]Y WT^_PYP] bT_SZ`_ LYd ^TRYTQTNLY_ _]LTYTYR TY WT^_PYTYR _Z =£RL X`^TN z LY PNSZ _SL_ZYP^_TWWSPL]^bSPY_SPL`OTMWP^Z`YOZQ_SP=£RLSL^OTPOLbLd ?ST^ ^_]ZYR ^Z`YO TX[]P^^TZY ZQ LY P_P]YLW PNSZ NLY MP Pc[WLTYPO YZ_WPL^_Md_SP]PXL]VLMWd^_]ZYR[]P^PYNPZQZaP]_ZYP^TY_SPXPWZOd bSTNS []ZMLMWd XZ_TaL_PO _SP ^WTRS_ OPaTL_TZY Q]ZX _SP ML^TN ^_]`N_`]P ZQ _SP ²L«VL] ]£R Md LOOTYR _SP 1 ^SL][ LW^Z LY TX[Z]_LY_ []TXL]d ZaP]_ZYP ?ST^ XPLY^ _SL_ _SP ^TYRTYR MPRTY^ _Z ^Z`YO WTVP _d[TNLW ZaP]_ZYP ^TYRTYR 4_ L[[PL]^ WTVP LY PNSZ ZQ _SP ^[PN_]`X ZQ _SP ?£X [¼]LLYO_S`^VPP[^_SPNZY^_LY_O]ZYPZQ_SL_^_]TYRPOTY^_]`XPY_z_SP 9£OL T_^PWQ z TY _SP QZ]PR]Z`YO L_ LWW _TXP^ 4Y _ST^ bLd T_ ]PQWPN_^ _SP XPLYTYRwNZ^XZ^T^^Z`YOxTYLX`^TNLWQZ]XLYOPXMZOTP^_SPNZ^XTN LWW[P]aLOTYR^Z`YO9£OL_SL_T^OP^N]TMPOTY_SPaP]^P `^TYRL[Sd^T NLW^Z`YO^`M^_LYNP
!$
?SP?£X[¼]LL^?Z_LW=P[]P^PY_L_TZYZQ_SP9£OL-]LSXLY
?SP]PT^LYP\`TaLWPYNPMP_bPPY_SP9£OL-]LSXLYTOPL_SL__SPbSZWP bZ]WO T^ QTWWPO bT_S _SP wNZ^XTN []TXZ]OTLW ^Z`YOx LYO XZYZOTN Pc _]PXPWd XTN]Z_ZYPWLOPY 4YOTLY XZOLW X`^TN 4Y [L]_TN`WL] bSPY ZaP]
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_ZYLWT_d T^ ^_]P^^PO L^ TY _SP LMZaP PcLX[WP L OPY^P NZY^_LY_ ^Z`YO []P^PYNP L]T^P^ _SL_ _]LY^WL_P^ _SP 9£OL-]LSXLY ^Z _Z ^[PLV TY_Z ^PY ^Z]d[P]NP[_TZYLYOL]Z`^P^LwQPPWTYRxZQ`YT_dTY[W`]LWT_d -P]PYO_ bL^ _SP]PQZ]P YZ_ LWW _SL_ QL] ZQQ _SP ]TRS_ _]LNV bSPY SP NWLTXPO_SL_QZ]_SP9£OL-]LSXLY_SPNZ^XTN[]TXZ]OTLW^Z`YO_SP]P bP]P NZX[]PSPY^TMWP LNZ`^_TN QZ]X^ _SL_ wTXXPOTL_PWdx PaZVP _SP TOPL ZQ L NZ^XTN `YT_d TY _SP ^Z`YO ,NNZ]OTYR _Z -P]PYO_ _ST^ SLO ^ZXP _STYR _Z OZ bT_S _SP SZWT^_TN YL_`]P ZQ ^Z`YO T_^PWQ 3T^ VPd PcLX[WP^ bP]P ZaP]_ZYP ^TYRTYR _SP NSLY_TYR ZQ :¿ LYO _SP Z^NTWWL_TZY ZQ L ^_]TYR ?SP aTM]L_TYR ^_]TYR T^ L _]`Wd RZZO TWW`^_]L_TZY ZQ _SP w`YT\`P YL_`]PxZQ^Z`YOLYONPY_]LWNZX[WPcP^ZQTOPL^_SL_L]PL^^ZNTL_PObT_S _SP 9£OL-]LSXLY BSPY L ^_]TYR T^ [W`NVPO Z] ^_]`NV QT]^_ ZQ LWW L aTM]L_TZY L]T^P^ TY _SP bSZWP ^_]TYR 3ZbPaP] _ST^ aTM]L_TZY TXXPOT L_PWd NL`^P^ L ^PNZYO ^ZXPbSL_ \`TP_P] Z^NTWWL_TZY _SL_ ZQ _SP _bZ SLWaP^ ZQ _SP ^_]TYR ?SPY _SP _S]PP _ST]O^ ZQ _SP ^_]TYR ^_L]_ _Z aTM]L_P QZWWZbPO Md QZ`] \`L]_P]^ LYO ^Z ZY LO TYQTYT_`X -`_ ^`NNPPOTYR [L] _TLW aTM]L_TZY^ L]P LWbLd^ \`TP_P] _SLY _SPT] []POPNP^^Z]^ LYO L_ ^ZXP ^_LRP _SPd MPNZXP NZX[WP_PWd TYL`OTMWP 0aPY _SZ`RS bP _STYV bP L]P SPL]TYR ZYP ^TYRWP _ZYP LNZ`^_TN _SPZ]d _PWW^ `^ _SL_ bP L]P ]PLWWd LW^Z SPL]TYRXLYdOTQQP]PY__ZYP^L^PLNSwTYOTaTO`LW_ZYPxNZY_LTY^bT_STY T_^PWQLWW_SPZ_SP]wTYOTaTO`LW_ZYP^xL^LbPLVLOOT_TZYLW^Z`YO^NL[P ?SP]PQZ]P TY ^`NS NL^P^ LNZ`^_TN^ Pc[P]_^ ^[PLV ZQ wSL]XZYTN ^Z`YOx LYOYZ_ZQw_ZYPx?SPP[T_SP_wSL]XZYTNx]PQP]^_Z_SPbSZWPSL]XZYTN ^[PN_]`X ZQ NZaTM]L_TYR TYOTaTO`LW _ZYP^ 2PY`TYPWd w^TYRWPx ^Z`YO^ _SL_ T^ _ZYP^ bT_SZ`_ ^`NS L SL]XZYTN ^[PN_]`X L]P NP]_LTYWd XL_SP XL_TNLWWd NZYNPTaLMWP M`_ NLY YPaP] MP Q`WWd ]PLWTePO Md [Sd^TNLW XPLY^ 4Y^_PLO PaP]d aTM]L_TYR MZOd []ZO`NP^ L SL]XZYTN ^[PN_]`X _S]Z`RS T_^ aTM]L_TZY ?SP Y`XMP] ZQ ZaP]_ZYP^ LYO _SPT] []Z[Z]_TZYLW ]PWL_TZY^L]POT]PN_Wd]P^[ZY^TMWPQZ]_SP _TXM]P ZQ_SP^Z`YO4YRPYP]LW T_ T^ _]`P _SL_ _SP ^Z`YO QZ]XPO T^ [P]NPTaPO L^ SL]^SP] LYO XZ]P [PYP _]L_TYR_SPXZ]PL`OTMWPZaP]_ZYP^T_SL^TY_SPSTRSP]Q]P\`PYNTP^ 4Y_P]P^_TYRWd TY^_]`XPY_^ _SL_ SLaP LY P^[PNTLWWd ]TNS ZaP]_ZYP ^[PN_]`X PR ^SLbX^ ^PPX _Z SLaP OT^L[[PL]PO TY 0`]Z[P bSPY XZ OLWT_d bPY_ Z`_ ZQ QL^STZY L_ _SP PYO ZQ _SP 8TOOWP ,RP^ BT_S _SPT] STRS []Z[Z]_TZY ZQ ZaP]_ZYP^ _SP^P TY^_]`XPY_^ []P^PY_ _SP PL] bT_S _SP `YTNPY_]TN ^_]`N_`]P ZQ _SP ZaP]_ZYP ^NLWP L^ L OPQTYT_P XZOLW Q]LXP bZ]V 4Y _SP ZaP]_ZYP ^NLWP ^_]`N_`]PO L^ %%% m `W_TXL_PWd PaP]d _ZYPT^OPQTYPOTY]PWL_TZY_Z_SPQ`YOLXPY_LW?ST^XPLY^_SL_PaPYZYP ^TYRWP _ZYP Q]ZX L ^SLbX XLVP^ L S`YO]PO Z_SP] Q]P\`PYNTP^ ^Z`YO L_ _SP ^LXP _TXP LWW ZQ bSTNS L]P []POPQTYPO Md _SP Q`YOLXPY_LW 3Zb PaP] ^TYNP _SP =PYLT^^LYNP _SP LTX SL^ MPPY [ZWdNPY_]TN Z]RLYTeL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO "z!z!
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
LWWZbTYR XZO`WL_TZY^ Q]ZX ZYP NPY_P] _Z LYZ_SP] ?SP NZX[Z^P]^ ZQ XLO]TRLW^ TY _SP _S NPY_`]d LYO NZX[Z^P]^ ZQ Z[P]L TY _SP !_S NPY _`]d OTO YZ_ bLY_ _Z SLaP U`^_ ZYP ^TYRWP ML^TN XZZO Z] L_XZ^[SP]P z TY^_PLO _SPd bLY_PO _Z NL[_`]P LYO ]P[]P^PY_ XZaPXPY_^ ZQ _SP ^Z`W z LYO_SPdbLY_POLXZ]P[]PNT^PbLdZQ[]P^PY_TYR_Pc_^^P__ZX`^TNLYO O]LXL_TN ^P\`PYNP^ -L^TNLWWd T_ T^_SP _d[TNLW BP^_P]YOPNZY^_]`N_TYR LYOOT^^PN_TYRLNNP^^SP]PTY_SP]PLWXZQ[^dNSZWZRd^ZSL]^SWdN]T_T NTePOMd-P]PYO_bSTNSSL^P^_LMWT^SPOT_^PWQTYX`^TN4Y_SPbZ]O^ZQ 8LcBPMP]T_bL^]L_TZYLWTeL_TZYZQ_SPbZ]WOLYOZQWTQP^ZNSL]LN_P] T^_TN ZQ _SP BP^_ ZNN`]]TYR PaPY TY TY BPMP]v^ aTPb _SP XZ^_ OPP[Wd wT]]L_TZYLWxL]PLZQX`^TN /TLXP_]TNLWWd Z[[Z^PO _Z _ST^ T^ _SP _d[TNLW NWL^^TNLW 4YOTLY TY^_]` XPY_LWPY^PXMWPNZY^T^_TYRZQL^ZWZT^_ bSZ`^`LWWd[WLd^L TY^_]`XPY_ bT_S L ^_]ZYR ZaP]_ZYP ^[PN_]`X L O]`XXP] []ZaTOTYR _SP ]Sd_SXTN Q]LXPbZ]VLYOL_ST]OX`^TNTLY[WLdTYR LMZ`]O`YTY^_]`XPY_SL]XZ YT`X Z] ?£X[¼]L 4Y^_PLO ZQ OPPX[SL^TeTYR _SP Q`YOLXPY_LW L^ TY BP^_P]Y X`^TN TY 4YOTLY X`^TN T_ LN_`LWWd MPNLXP PX[SL^TePO 9Zb BP^_P]Y X`^TN LW^Z SLO ^TXTWL] MZ`]O`Y TY^_]`XPY_^ ^`NS L^ _SP MLR [T[P^ LYO _SP S`]OdR`]Od .S`]NS Z]RLY^ TY [L]_TN`WL] SLO LY TX[Z] _LY_MZ`]O`YQ`YN_TZYbSTNSPc[WLTY^_SP`^PZQ_SP2P]XLYbZ]Ow:] RPW[`YV_x QZ] wMZ`]O`Yx Z] wO]ZYPx DP_ MLR[T[P^ S`]OdR`]OTP^ LYO Z]RLY^ L]P []TXL]TWd `^PO QZ] [WLdTYR XPWZOTP^ ?ST^ T^ YZ_ SZb _SP 4YOTLY ?£X[¼]L T^ `^PO _SZ`RS LYO X`^TNTLY^ [WLdTYR _SP SL]XZYT`X TX[Z]_POQ]ZX_SPBP^__]d_ZPWTXTYL_P_ST^[Z^^TMTWT_dL^QL]L^[Z^ ^TMWP ?SP]PQZ]P ZQ _SP MZ`]O`Y TY^_]`XPY_^ _SP 4YOTLY ?£X[¼]L L QZ`]^_]TYRPO W`_P T^ P^[PNTLWWd ]PXL]VLMWP MPNL`^P T_ T^ _SP ZYWd TY ^_]`XPY__SL_bL^OP^TRYPOQZ][WLdTYR_SPMZ`]O`YLYONLYYZ_MP`^PO QZ][WLdTYRXPWZOTP^L^T_SL^YZQ]P_^?SPQZ`]XP_LW^_]TYR^L]P_`YPO _Z_SPQ`YOLXPY_LW_SPQTQ_SLYO_SPZN_LaPZQ_SP=£RLLYOL]P[W`NVPO NZY_TY`Z`^WdL^Z[PY ^_]TYR^?SPQ`YN_TZYT^ _Z ^P_`[_SPQ`YOLXPY_LW L^_SPMZ`]O`YL[P]XLYPY_MLNVR]Z`YOZQ^Z`YOLRLTY^_bSTNSLWW_SP TY_P]aLW^ ^SZ`WO MP SPL]O ?SP VPd QLN_Z] QZ] _SP WT^_PYP]^ SZbPaP] TY _SP NL^P ZQ _SP ?£X[¼]L T^ _SL_ _ST^ NZY^_LY_ XZYZ_ZYZ`^ ]PT_P]L_TZY ZQ _SPQ`YOLXPY_LWOZP^YZ_ ^Z`YO^_L_TN , ^[PNTLWN`]aPOM]TORPPY^`]P^ _SL__SPZaP]_ZYP^QW`N_`L_PNZY^_LY_WdLYO^Z_SP]P^`W_TYR ^Z`YOQ]ZX _SPQZ`]^_]TYR^ZQLbPWWXLOP?£X[¼]LYZWZYRP]^Z`YO^WTVP_SL_Q]ZX L [W`NVPO TY^_]`XPY_ 4Y^_PLO L ^_PLOd M`_ TY_P]YLWWd XZaTYR ^Z`YO T^ RPYP]L_PO ^TXTWL] _Z _SL_ ZQ L S`]OdR`]Od /P^[T_P T_^ ^`[P]QTNTLWWd ^_L_TN YL_`]P TY L ^PY^P _SP ZaP]_ZYP]TNS ^Z`YO ZQ _SP ?£X[¼]L LW^Z Z^NTWWL_P^^STXXP]^LYOT^aP]dX`NSLWTaP ?SP ?£X[¼]L T^ L wXZOP]Yx ^_]TYRPO TY^_]`XPY_ LYO bL^ []ZMLMWd OPaPWZ[POZYWdTY_SP!_S"_SNPY_`]d_ZLNNZX[LYdNWL^^TNLW^ZYRTY _SP 6Sd£W ^_dWP _SL_ bL^ TY aZR`P L_ _SL_ _TXP [Z^^TMWd L_ _SP NZ`]_ ZQ
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_SP XZRS`W ZQ /PWST ?SP SL]XZYT`X bL^ TY_]ZO`NPO PaPY WL_P] TX [Z]_PO Q]ZX _SP BP^_ Md XT^^TZYL]TP^ LYO T_ bL^ ]L[TOWd LOZ[_PO TY 4YOTLL^LYPbTYaPY_TZYZQ_SP$_SNPY_`]dMPTYRLOL[_PO_Z_SP4YOT LY^v ZbY YPPO^ ?SPd []ZaTOPO T_ bT_S M`__ZY^ QZ] _SP MZ`]O`Y LYO M`TW_ TY^_]`XPY_^ _Z MP [WLdPO bT_S ZYWd ZYP SLYO bSTNS XPLY^ _SL_ L ^TYRP]NLYLNNZX[LYdSTXZ]SP]^PWQbT_S^NTY_TWWL_TYRMZ`]O`Y^Z`YO^ DP_ _SP ?£X[¼]L ]PXLTYPO _SP OPQTYT_TaP TY^_]`XPY_ QZ] NZYNP]_ [P] QZ]XLYNP^ ]PTYQZ]NTYR LYO [P]QPN_TYR LY PcT^_TYR X`^TNLW TOPLW ?SP TOPLW ZQ _SP bLaP]TYR O]ZYP NLY MP QZ`YO L^ PL]Wd L^ TY _SP _S NPY _`]d TY ±£]«RLOPaL ?SP ?£X[¼]Lv^ []POPNP^^Z]^ TYNW`OPO _SP =`O]L A¯Y£ LYO _SP ZYP^_]TYRPO 0V_L] LY TY^_]`XPY_ _SL_ T^ ^_TWW [Z[`WL] TY L^NP_TN NT]NWP^ PaPY _ZOLd LYO LW^Z SL^ L ]Sd_SXTN Q`YN_TZY _SL_ _SP ?£X[¼]L YZ WZYRP] Q`WQTWW^ ?SP [P]QPN_TZY ZQ _SP ?£X[¼]L WTP^ TY _SP QLN_ _SL_ T_ bL^ ZMaTZ`^Wd OP^TRYPO P^[PNTLWWd ^Z _SL_ _SP TYOTaTO`LW ^_]TYR^ YZ_ ZYWd ^Z`YO L_ _SP Q]P\`PYNd _Z bSTNS _SPd L]P _`YPO M`_ L_ _SP ^LXP _TXP []TXL]d [L]_TLW _ZYP^ ZQ _ST^ ML^TN Q]P\`PYNd MPNZXP L`OTMWP L^ TYOTaTO`LW _ZYP^ ?SP QLN_ _SL_ TYOTaTO`LW _ZYP^ TY X`^TN L]P LN_`LWWdLYLNZ`^_TNTWW`^TZYT^Pc[WZT_POQZ]PaP]d_ZYP[Sd^TNLWWdNZY ^T^_^ZQL[Z_PY_TLWWdTYQTYT_P^P]TP^ZQTYOTaTO`LWaTM]L_TZY^:YPNZ`WO RZ L^ QL] L^ _Z ^Ld _SL_ PaP]d _ZYP NZY_LTY^ PaP]d Z_SP] _ZYP 2ZZO ?£X[¼]LTY^_]`XPY_^NLYRPYP]L_PbT_STYZYPTYOTaTO`LW_ZYPLNZX[WPc ^[PN_]`X ZQ XLYd _ZYP^ TY bSTNS PaPY `YX`^TNLW WT^_PYP]^ NLY SPL] QTaP _Z ^Tc _ZYP^ \`T_P NWPL]Wd LW_SZ`RS ZYWd L ^TYRWP ^_]TYR T^ MPTYR [WLdPO?SP_d[TNLWQPL_`]PT^LWbLd^_SL_[PZ[WPWT^_PYTYR_ZL?£X[¼]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP ^_Z]d ZQ _SP ?£X[¼]L T^ ^TXTWL] _Z _SL_ ZQ _SP wXZOP]Yx O]`X NLWWPO _SP ?LMWL -Z_STY^_]`XPY_^NLYMPOL_PObT_SNP]_LTY_d_Z_SP#_SNPY_`]d ?SPSL]XZYT`XbL^TYaPY_POTY;L]T^TY#Z]L_WPL^__ST^bL^_SPdPL]TYbSTNS _SP [L_PY_ bL^ LbL]OPO _Z ,WPcLYOP] /PMLTY 6`]_ 4YOTPY `YO 0`]Z[L ^[PLV^ ZQ_SPSL]XZYT`XLW]PLOd^[]PLOTYR_S]Z`RS4YOTLL__SPPYOZQ_SP#_SNPY_`]d3P ^`[[Z^P^ _SL_ 0`]Z[PLY XT^^TZYL]TP^ XP]NSLY_^ Z] ^ZWOTP]^ TY_]ZO`NPO _SP MZc ^SL[POVPdMZL]OTY^_]`XPY_TY_Z4YOTLLYONT_P^L[TN_`]PQ]ZX_SPPL]Wd$_SNPY_`]d L^ PaTOPYNP ZQ T_^ ]L[TO TY_PR]L_TZY TY_Z 4YOTLY X`^TN ?SP TXLRP ^SZb^ _SP RZO AT´©`^`]]Z`YOPOMdNPWP^_TLWX`^TNTLY^[WLdTYR_SP>T_L]?LMWLLYOSL]XZYT`X?SP bPWW VYZbY X`^TNLW ]`WP _SL_ bSL_ _SP RZO^ ]PRL]O L^ RZZO T^ LW^Z RZZO QZ] S`XLY VTYObL^LW^ZL[[WTPO_Z_SPQZ]PTRYSL]XZYT`XzLW_SZ`RST_OTOYZ_RZ`YNZY_P^_PO ?SP SL]XZYT`X QLTWPO _Z Q`WQTWW NP]_LTY ]P\`T]PXPY_^ TY 4YOTLY =£RL X`^TN LYO bL^ _SP]PQZ]P ^Z SPLaTWd LOL[_PO _SL_ LQ_P]bL]O^ T_ bL^ YZ WZYRP] ^`T_LMWP QZ] BP^_P]Y X`^TN DP_ T_ YPaP] MPNLXP Q`WWd LNNP[_PO LYO bL^ LWbLd^ ^PPY L^ TYQP]TZ] _Z _SP ?£X[¼]L 1Z] L _TXP $z$" SL]XZYT`X^ bP]P PaPY MLYYPO ZY w,WW 4YOTL =L OTZx?SPMLYbL^Z]TRTYLWWdTX[Z^POMdLY0YRWT^SXLYM`_WL_P]MPNLXP[L]_ZQ_SP XZaP^_ZOPQPYOw[`]P3TYO`N`W_`]PxLYOL^^P]_YL_TZYLWTOPY_T_d^P[L]L_TYR3TYO`^ Q]ZX 8`^WTX^ 8Z]P OP_LTW ZY _SP OPML_P T^ RTaPY TY 6`]_ 4YOTPY `YO 0`]Z[L z DP_ XLYd 4YOTLY X`^TNTLY^ L[[]PNTL_P _SP TY^_]`XPY_ QZ] _SP []LN_TNLW ]PL^ZY^ TYOTNL_POLMZaP
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
bTWW YPaP] MP LMWP _Z OPNTOP bSP_SP] _SPd L]P SPL]TYR ZYWd ZYP Z] ^Pa P]LW _ZYP^&ZYPLWbLd^SPL]^L`YT_dLYOL[W`]LWT_dL__SP^LXP_TXP >Z _SP X`^TNTLY Z] ^TYRP] [P]QZ]XTYR ZaP] _SP ?£X[¼]Lv^ MZ`]O`Y LYO PaPY _SP WP^^ VYZbWPORPLMWP WT^_PYP] ]PXLTY^ NZY^_LY_Wd LbL]P _SL_ [`]P X`^TN OZP^ YZ_ SLaP LYd PWPXPY_^ TY T^ZWL_TZY MPNL`^P _SP ML^TNXZOLWXL_P]TLW_SPQ`YOLXPY_LWLYOT_^ZaP]_ZYP^]PXLTYL`OTMWP L_ LWW _TXP^ ?SP SL]XZYd PXP]RP^ Q]ZX ^Z`YO ZQ _SP ?£X[¼]L _SP XPWZOd PXP]RP^ Q]ZX _SP SL]XZYd LYO _SP [S]L^TYR PXP]RP^ Q]ZX _SP XPWZOd >Z 4YOTLY X`^TNTLY^ LYO L`OTPYNP^ Pc[P]TPYNP _SP TYYP] NZY YPN_POYP^^ LYO `W_TXL_P `YT_d ZQ ^Z`YO aTL _SP ?£X[¼]Lv^ MZ`]O`Y 0aPY bSPY _SP =£RL^ NSLYRP _SP Q`YOLXPY_LW ?£X[¼]L _ZYP LWbLd^ ]PXLTY^_SP^LXPLYOT^[]P^PY_L^LNZY^_LY_MLNVR]Z`YO ?ST^ Pc[]P^^TaP NSL]LN_P] SL^ L S`RP ^dXMZWTN aLW`P 4Y XZOP]Y ^ZYR^ LYO -ZWWdbZZO QTWX^ ?£X[¼]L ^Z`YO^ L]P ZQ_PY `^PO LWZYR^TOP :¿ NSLY_TYR bSPY _SP ^`MUPN_ ^bT_NSP^ _Z ^ZXP_STYR ]PWTRTZ`^ ?SP ?£X[¼]L _S`^ SL^ L ^TRYLWTYR Q`YN_TZY WTVP Z]RLY X`^TN TY _SP BP^_ z _SPdTYOTNL_Pw_LVPYZ_PYZb^ZXP_STYR^`[P]YL_`]LWT^NZXTYRx3P]P _SP?£X[¼]LQTYLWWdMPNZXP^LNZY^NTZ`^]PLW^dXMZWZ]_Z_LW]P[]P^PY _L_TZY ZQ NZ^XTN ^Z`YO ?SP XPLYTYR w_SP NZ^XZ^ T^ ^Z`YOx T^ LW^Z ]PQWPN_PO SP]P TY X`^TNLW QZ]X LYO _SP L`OTPYNP TOPY_TQTP^ NZ^XTN ^Z`YO _SP 9£OL bT_S L [Sd^TNLW ^Z`YO ^`M^_LYNP ?ST^ NZYaP]RPYNP LYO TOPY_TQTNL_TZY ZQ LM^_]LN_ TOPL^ LYO NZYN]P_P SPL]TYR Pc[P]TPYNP LWWZb^ WT^_PYP]^ _Z TXLRTYP _SP TYL`OTMWP NZ^XTN 9£OL `W_TXL_PWd L^ ^ZXP_STYR_SL_NLYMPPc[P]TPYNPOaTL_SP^PY^P^ ?SP ?£X[¼]L NWPL]Wd TWW`^_]L_P^ bSd ±£]«RLOPaL ^[ZVP YZ_ ZYWd ZQ _SP 9£OL M`_ ZQ 9£OL-]LSXLY LYO []P^PY_PO X`^TN L^ DZRL QZ] PaP ]dZYP@YT_dLYO[W`]LWT_dL[[PL]_ZMP`YT_POTY_SP^PY^Z]d[P]NP[_TZY _SL_XLVP^_SPSZWT^_TNYL_`]PZQ^Z`YONZX[]PSPY^TMWP7T^_PYTYR_Z_SP ?£X[¼]L T^ ^`QQTNTPY_ _Z SLaP L ^Z`YO Pc[P]TPYNP LYLWZRZ`^ _Z _SL_ TY_PYOPOTY-S£^VL]L]£dLv^ XLY_]L NZY_PX[WL_TZY-S£^VL]L]£dLv^DZRL ZQ ^Z`YO MPRLY bT_S Pc[P]TPYNTYR _SP 9£OL []P^PYNP L^ bZaPY wTY LYO MP_bPPYx_SPXLY_]L^Z`YO^wWTVP_SP_S]PLO^TYLQLM]TNx?ST^PcP]NT^P bL^TY_PYOPO_ZPYLMWPZYP_Z[P]NPTaP_SPQTQ_PPYXLY_]L^dWWLMWP^L^ ZYP NZX[WPc bSZWP LYO _Z VPP[ []P^PY_ z TY _SP bSZWP MZOd LYO MP dZYO T_ z LWW ZQ ^Z`YOv^ ^SLOP^ ZQ ^`M_WP_d L_ _SP ^LXP _TXP -S£^VL]L]£dL ]PRL]OPO _ST^ L^ _SP ^PN]P_ ZQ XLVTYR _SP NZ^XTN ZXYT []P^PY_ NZY^NTZ`^YP^^ XLYTQP^_ LYO wQPPWTYRx T_ bT_S _SP TYYP] ^PY^P^ -L^TNLWWd -S£^VL]L]£dL []Z[Z^P^ SPL]TYR _SP ^Z`YO^ ZQ _SP XLY_]L XPY_LWWd TY _SP ^LXP bLd TY bSTNS L NZYNP]_RZP] SPL]^ _SP ^Z`YO^ ZQ _SP QZ`]^_]TYRPO 4YOTLY ?£X[¼]L TY LY TXXPOTL_P [Sd^TNLW bLd LYO bT_SZ`_ LYd ^[PNTLW _]LTYTYR TY DZRL 4_ XLd MP [`]P NSLYNP _SL_ _ST^ ^_]TYRPO TY^_]`XPY_ ^PPX^ _Z SLaP OPaPWZ[PO L_ PcLN_Wd _SP _TXP ZQ -S£^VL]L]£dLZ]^SZ]_WdLQ_P]
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
7T^_PYTYR_Z_SP9£OL TY_ST^ bLdT^YZbLW^Z]PRL]OPOL^OP^T]LMWP TY _SP BP^_ TY _SP w^[T]T_`LW X`^TNx ZQ ZaP]_ZYP ^TYRTYR _SL_ T^ [Z[`WL] TYP^Z_P]TNNT]NWP^ ?SP^TYRP]LOZ[_^^[PNTLW[Z^T_TZY^ZQ_SPXZ`_S_Z []ZXZ_P [L]_TLW _ZYP^ _SL_ bZ`WO YZ_ Z_SP]bT^P MP NZY^NTZ`^Wd SPL]O PaPY _SZ`RS _SPd L]P _SP]P _SP bSZWP_TXP BSP]PL^ -S£^VL]L]£dL[]Z [Z^PO L YPb _d[P ZQ SPL]TYR TY ST^ XLY_]TN 9£OL _SPZWZRd LYO _SP ?£X[¼]L TX[L]_PO _ST^ SPL]TYR _Z _SZ^P bSZ bP]P `YX`^TNLW TY L ]PWT RTZ`^ ^PY^P TY _SP bLVP ZQ _SP BP^_P]Y 9£OL ]PNP[_TZY _SP]P L]Z^P L YPb _d[P ZQ ^TYRTYR _SL_ T^ LYLWZRZ`^ _Z _SP ^Z`YO Pc[P]TPYNP ZQ -S£^VL]L]£dL LYO ZQ 4YOTLY^ WT^_PYTYR _Z L ?£X[¼]L 4Y ZaP]_ZYP ^TYR TYR _ZZ `YT_d LYO [W`]LWT_d ^PPX _Z MP `YT_PO TY _SP ^PY^P^ LYO _SP SZWT^_TN YL_`]P ZQ _SP ^Z`YO MPNZXP^ _]LY^[L]PY_ z L SZWT^X _SL_ BP^_ P]YP]^ PY_S`^PO Md 9Pb,RP ^[T]T_`LWT_d LYO P^Z_P]TNT^X WTVP _Z ]PWL_P _Z _SP bSZWP [SPYZXPYLW ]PLWT_d WTVP _SP 9£OL _SPZWZRTLY^ LYO 4YOTLv^ X`^TNZWZRT^_^OTObSPY_SPdL__LNSPO_SP-]LSXLYNZYNP[__Z_SP9£OL BSL_bPQTYOTY_P]P^_TYRLMZ`__ST^PcLX[WPT^_SL_bZ]WOaTPbNZY ^_PWWL_TZY^ bP]P _]LY^QP]]PO Q]ZX ZYP N`W_`]P _Z LYZ_SP] YZ_ ZYWd aTL _PLNSTYR^ M`_ LW^Z aTL ^PY^Z]d ^dXMZW^ QPPWTYR^ LYO L_XZ^[SP]TN XZZO^z_SL_T^LM]ZLO]LYRPZQ[P]NP[_TZYLYOPc[P]TPYNP/Z`M_WP^^ _SP[]ZO`N_TZYZQXPLYTYRMd_SP^Z`YOTYQZ]XL_TZYTYZ`]PcLX[WP^ZQ _SP ?£X[¼]L LYO ZaP]_ZYP ^TYRTYR T^ YZ_ ^TX[Wd wYL_`]LWx ?SP ^Z`YO^ NLYZQNZ`]^PLW^ZMP[P]NPTaPOL^MZ]TYRYZ_P^[PNTLWWd`[WTQ_TYRZ]L^ N`W_`]LWWd TY_P]P^_TYR LP^_SP_TN P_N ,MZaP LWW _SP ^_P[ _Z L bZ]WO bSZWP T^YZ_ZMaTZ`^TPT_]P\`T]P^LXL^^TaPLXZ`Y_ZQTY_P][]P_L_TZY z bSTNS SZbPaP] MPNLXP bPWW P^_LMWT^SPO TY 4YOTL S`YO]PO^ ZQ dPL]^ LRZ TY _SP wN`W_`]LW XPXP^x TY NZY_]L^_ _Z _SP YZaPW_d ZQ _SP TOPL QZ] BP^_P]Y ]PNT[TPY_^ 1`]_SP]XZ]P YZ_ PaP]d ZYP bTWW MP TY_P]P^_PO TY wQPPWTYRx L bZ]WObSZWP 4_ ZMaTZ`^Wd YPPO^ TY_P]P^_PO ]PNT[TPY_^ LYO L []TZ]TY_P][]P_L_TZY^NSPXPWPYOTYR_SP^Z`YO^^LN]POYP^^LYO^[T]T_`LW T_d LYOXLVTYR_SPX TY_Z ^PY^Z]d ^dXMZW^ZQ _SP bZ]WObSZWP,WW _ST^ T^ NP]_LTYWd _]`P M`_ bSL_ T^ TY_P]P^_TYR LMZ`_ _SP LMZaP PcLX[WP^ T^ SZb PL^TWd LY TNZYTN ]PWL_TZY^ST[ NLY MP NZY^_]`N_PO LYO [P]NPTaPO TY _P]^`MUPN_TaPWd BP _SP]PQZ]P NLWW _SP ?£X[¼]L LYO ZaP]_ZYP ^TYRTYR LYO _SP [Z^^TMWP M`_ YZ_ P^^PY_TLW ^Z`YO Pc[P]TPYNP w]PLW ^dXMZW^x BP ^Ld w]PLWx MPNL`^P _SP 9£OL-]LSXLY NZYNP[_ ZQ ^PY^Z]d Pc[P]T PYNP MPNZXP^ LNNP^^TMWP SP]P LYO w^dXMZWx MPNL`^P _SP TY_P][]P_L_TZY VPd_SP9£OL-]LSXLYT^_SPQZ`YOL_TZYZQ^Z`YO[P]NP[_TZYLYO_S`^ L XP_L[Sd^TNLW `YOP]^_LYOTYR ZQ X`^TN LYO L YZYO`LW bZ]WOaTPb ZQ bSZWPYP^^ :MaTZ`^Wd T_ T^ _ST^ TY_P][]P_L_TZY ^NSPXP _SL_ N]PL_P^ L w^[T]T_`LW SPL]TYRx Z`_ ZQ SPL]TYR 9Z_ PaP]d 4YOTLY WT^_PYP] bTWW []P NPTaPO_SPOTaTYP9£OL^Z`YOTY_SPX`^TNZQ_SP?£X[¼]LLYOSPL]_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?ST^^_dWPZQ^TYRTYRZ]TRTYL_POTY8ZYRZWTLbSP]PT_T^LN_`LWWd_SPYZ]X
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
9£OL-]LSXLY ^dXMZWT^X ?SP ?£X[¼]L NLY LW^Z MP TY_P][]P_PO L^ L w]PLW ^dXMZWx TY L aP]d OTQQP]PY_ bLd 1Z] PcLX[WP L _PLNSP] ZQ _SP ,OaLT_LAPO£Y_L NZX[L]PO _SP P_P]YLW O]ZYTYR LYO _SP NZY^_LY_Wd ]P [PL_TYR ^Z`YO^ ZQ QZ`] ^_]TYR^ bT_S _SP `Y\`PYNSLMWP _ST]^_ QZ] R]L_TQT NL_TZY ZQ _SP `YWTMP]L_PO [P]^ZY w4 bLY_ 4 bLY_ 4 bLY_ mx% L^ ^ZZY L^ZYPOP^T]PSL^MPPYQ`WQTWWPOLYZ_SP]_LVP^T_^[WLNP 3ZbPaP]T_T^ YZ_TNPLMWPPaPYTY_ST^NZ`Y_P]^dXMZWT^X_SL__SP[]PaLTWTYR_SZ`RS_T^ _SP ^LXPzZQZXYT[]P^PYNPLYO P_P]YT_d ;]PNT^PWd_ST^NZXX`YTNL_TaP NZY_PY_ QZ]XLWWd _SP ^LXP NZY_PY_ T^ Pc[WLTYPO [SPYZXPYZWZRTNLWWd Md _SP ^PY^Z]d ^Z`YO TYQZ]XL_TZY T_^PWQ LYO T^ TY_P]^`MUPN_TaPWd NZX []PSPY^TMWP ,^PNZYOTY_P]P^_TYR[ZTY_T^_SP]PWL_TaPWd^TX[WP[Z^^TMTWT_dZQOP N`W_`]LWTeL_TZY ZY MZ_S _SP ^[T]T_`LW LYO _SP ^PY^Z]d WPaPW bSTNS L]T^P^ Q]ZX _SP^P ZaP]_ZYP [SPYZXPYL ?SP TY_P][]P_L_TZY ZQ RP__TYR Q]ZX _SP NZ^XZ^ZQ^Z`YO^TYZaP]_ZYP]TNSTY^_]`XPY_^LYO^TYRTYR_Z_SPYZ_TZY _SL_ _SP bZ]WO T^ ^Z`YO LYO L YZYO`LW bSZWP T^ NWPL]Wd TY^[T]PO Md 4YOTL -`_ TY _SP PcLX[WP ZQ ZaP]_ZYP ^TYRTYR _SP TOPL ZQ _SP 9£OL -]LSXLY T^ LW]PLOd ^Z OPN`W_`]LWTePO _SL_ SL]OWd LYd_STYR T^ ]PXTYT^ NPY_ ZQ 4YOTL LYd XZ]P 4YOTLY X`^TN T^ YZ WZYRP] ZQ LYd TX[Z]_LYNP U`^_WTVP_SPPcLN_NZY_PY_^ZQ_SP9£OL-]LSXLYZ]_SPZ]TRTYLWNZY_Pc_ ZQZaP]_ZYP^TYRTYRTY8ZYRZWTLBSL_T^TX[Z]_LY_T^LN_`LWWdZYWd_SP SZWT^_TN ^dXMZWT^X LYO _SP aTPb _SL_ ZYP T^ OPLWTYR bT_S ^ZXP_STYR ^[T]T_`LW ?SP Pc[P]TPYNP ZQ L w[`]P ^[T]T_`LWT_dx TY ^Z`YO LYO ^ZYTN aTM]L_TZY^ L[[PL]^ _Z MP LWXZ^_ YL_`]LWTePO LYO L NP]_LTY bZ]WOaTPb T^ _]LY^QP]]PO LWZYR bT_S T_ -P]PYO_ XLOP L [L]_TLW NZY_]TM`_TZY _Z _ST^ OPN`W_`]LWTeL_TZY L^ OTO 4YOTLY R`]`^ LYO Z_SP] NZXX`YTNL_TZY NSLY YPW^ BSL_ QL^NTYL_PO -P]PYO_ _SP XZOP]Y ULee ST^_Z]TLY LYO 9Pb,RP QZWWZbP] ^Z X`NS LMZ`_ _SP PcZ_TN 9£OL-]LSXLY bL^ L[[L]PY_Wd _SL_ T_ bL^ L ^dXMZW ZQ LY LWWPYNZX[L^^TYR _Z_LWT_d bSZ^P ]PQP]PYNP TY L aTM]L_TYR^_]TYRLYOTYZaP]_ZYPX`^TNNZ`WOMPPc[P]TPYNPO_S]Z`RS_SP ^PY^P^ ?SP 9£OL-]LSXLY []ZaTOPO L NZYNP[_ QZ] `YOP]^_LYOTYR _SP YL_`]PZQ_SP^Z`YOL^w^[T]T_`LWxbT_SZ`_YPNP^^L]TWdMPTYR]P^_]TN_PO_Z LNP]_LTYN`W_`]P]PWTRTZ`^_]LOT_TZYZ]OZRXL:Y_SPNZY_]L]dT_NZ`WO LW^ZMPPc[WLTYPOX`^TNZWZRTNLWWdLYOLY_S]Z[ZWZRTNLWWdTPMd[]ZQLYP ^NTPYNP _SL_ _SP PL] [P]NPTaP^ ^Z`YO^ MZ_S TY L ^PY^Z]d XLYYP] LYO XL_SPXL_TNLWWd L_ _SP ^LXP _TXP bL^ LY TX[Z]_LY_ L]R`XPY_ QZ] -P] PYO_ ;]PNT^PWd _SP ]PWTRTZ`^ NSL]RP M`_ LW^Z _SP OPOTQQP]PY_TL_TZY ZQ w[]ZQLYPx LYO w]PWTRTZ`^x TY _SP 9£OL-]LSXLY LYO T_^ Pc[P]TPYNP TY X`^TN LYO LWW _d[P^ ZQ ^Z`YO XPOT_L_TZY XLOP _SP NZYNP[_ L__]LN_TaP _Z _SP 9Pb,RP wMPWTPaP]^x 9Z ^[PNTQTN ]PWTRTZY L_ LWW YZb SLO _Z MP L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >bLXT/LdLYLYOL`^PO_ST^PcLX[WPTYZYPZQST^WPN_`]P^
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
^ZNTL_PO bT_S _SP 9£OL-]LSXLY L^ ^PY^Z]d ^`M^_LYNP TY _SP QZ]X ZQ X`^TN ^`NS L^ ZaP]_ZYP ^TYRTYR 8`^TNLW Wd^T^ T_^PWQ SLO L w^[T]T_`LW \`LWT_dx :aP]_ZYP X`^TN LYO XZOP]Y wbZ]WO X`^TNx _SL_ XTcP^ _Z RP_SP] LWW [Z^^TMWP X`^TN ^_dWP^ TY _SP bZ]WO LYZ_SP] ZQ -P]PYO_v^ Pc LX[WP^ ZQ 9£OL-]LSXLY L]P TY _SP N`]]PY_ ]PWTRTZ`^ N`W_`]P _bZ ZQ XLYd PcLX[WP^ ZQ ]P^LN]LWTeL_TZY ZQ WTQP bT_SZ`_ ZYP SLaTYR _Z NLWW ZYP^PWQ ]PWTRTZ`^ ?SPd [ZTY_ _Z _SP OT^^ZW`_TZY LYO `YOP]XTYTYR ZQ N`W_`]LW LYO ]PWTRTZ`^ MZ`YOL]TP^ bSTNS L]P _d[TNLW ZQ _SP XZOP]Y LRP 8LYd 9Pb,RP LOSP]PY_^ ]PRL]O _SPX^PWaP^ L^ w^[T]T_`LW M`_ YZ_ ]PWT RTZ`^xzLXZOP]Y]PWTRTZ`^^_dWPbSZ^PM]ZLO[Z[`WL]T_dSL^ZYWdMPPY ]PNZRYTePO TY XZ]P ]PNPY_ ]P^PL]NS LYO bSTNS L[[L]PY_Wd ]P[]P^PY_^ LY L__]LN_TaPLW_P]YL_TaP_Z_]LOT_TZYLW]PWTRTZYLYO^PN`WL]T^XQZ]NZY^TOP] LMWP^PN_Z]^ZQ_SP[Z[`WL_TZYTYXZOP]YXZ^_WdBP^_P]Y^ZNTP_TP^ 4_]PXLTY^TY_P]P^_TYR_SL_ OP^[T_PaP]dOTaP]RPY_ ^_L]_TYR[ZTY_^QZ] -P]PYO_v^ NZX[WPcP^ ZQ TXLRTYL_TZY LYO _SZ^P ZQ _SP LYNTPY_ 4YOTLY^ LYO OP^[T_P -P]PYO_v^ _Z_LW OPST^_Z]TNTeL_TZY LYO OPN`W_`]LWTeL_TZY ZQ _SP 9£OL-]LSXLY L VTYO ZQ ^dY_SP^T^ YPaP]_SPWP^^ L]Z^P _SL_ T^ YZ_ ZYWd_SP^XLWWP^_NZXXZYOPYZXTYL_Z]M`_LW^ZQPPO^ZYTY_P]N`W_`]LWWd _]LY^XT__LMWP^PY^Z]d^dXMZW^?SP]PT^LNZY_TY``XMP_bPPY_SP^Z`YO TYQZ]XL_TZYQ]ZXLaTM]L_TYR^_]TYRLYO_SP\`LWT_TP^ZQ?£X[¼]L]PNP[ _TZY ZaP]_ZYP ^TYRTYR LYO XPOT_L_TZY ZY _SP ^Z`YO ZQ :¿ 4Y -P]PYO_ _SP NZOP^ 9£OL-]LSXLY LYO wPL]Z]TPY_PO [P]^ZYx L]P _SP VPd _Z LY LW_P]PO XZOP ZQ [P]NPTaTYR _SP bZ]WO ,YO SP]P SP bL^ []P__d NWZ^P _Z _SP XL]V 0aPY TQ LWW _SP ^PY^P^ L]P P\`LWWd TX[Z]_LY_ LYO LWbLd^ ^d YLP^_SP_TNLWWd NZYYPN_PO L^ -P]PYO_ LOXT_^ _SP]P L]P N`W_`]LWWd OZXT YLY_ QLN_Z]^ LYO N`W_`]LW []PQP]PYNP^ LYO OTQQP]PY_ \`LWT_TP^ ZQ Pc[P]T PYNPOP[PYOTYRZY_SPSTP]L]NSdZQ_SP^PY^P^3PL]TYRLYO^PPTYRZQQP] OTQQP]PY_ Pc[P]TPYNP^ 0c[P]TPYNP^ ^_TX`WL_P YPb _SZ`RS_^ >PY^Z]d ^dXMZW^ SLaP _SP [ZbP] _Z _]TRRP] ^`NS Pc[P]TPYNP^ -P]PYO_v^ MZZV bL^ L MP^_^PWWP] LYO L _d[P ZQ N`W_ MZZV QZ] XZOP]Y ^[T]T_`LWT_d ?ST^ bL^MPNL`^PT_^PY^T_TePOT_^]PLOP]^TY_SPBP^_P]YbZ]WOTY_SPLRPZQ ?A_ZLYLW_P]YL_TaPbLd_SL_SLOLWXZ^_MPPYQZ]RZ__PYZQPcSL`^_TYR _SP^PY^P^LYO_S`^LW^Z_ZL[P]^[PN_TaP_SL_[]ZXT^POYPbLYOOTQQP] PY_ Pc[P]TPYNP^ -P]PYO_v^ ZbY PY_S`^TL^X bL^ O`P _Z ^`NS YPb Pc [P]TPYNP^_SL_PYLMWPOZYP_Z_STYVTYYPbbLd^?SPNZY^_LY_^ZYZ]Z`^ w8`xwYZ_STYRx_SL_^ZTX[]P^^POSTXTY-`OOST^__PX[WP^w_SPWZ`O O]ZYPZQ^TWPYNPx TYXPOT_L_TZY4YOTLYXZOLWX`^TNLYO_SPNZYaP]^L _TZY^bT_S4YOTLYX`^TNTLY^bP]Pw]PaPWL_Z]dPc[P]TPYNP^x_ZSTX 4Y _SP 9£OL-]LSXLY NZYNP[_ 4YOTLY X`^TNTLY^ ^`[[WTPO -P]PYO_ bT_S LY TY_P][]P_TYR VPd QZ] `YOP]^_LYOTYR ST^ w8`x Pc[P]TPYNP LYO M]TYRTYR T_ _ZRP_SP] bT_S _SP YPb ULee [Z[ LYO bZ]WO X`^TN `YOP] L NZXXZY XP_LNL_PRZ]d -P]PYO_ OTO YZ_ LOZ[_ Q]ZX _SPX LYd []PNT^P NZY_PY_M`__SPNZOTYRZQ_SP^Z`YObT_S_Z_LWT_dLYO^[T]T_`LWT_dbSTNS
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
SP Pc[LYOPO bT_S ]PQP]PYNP _Z RWZMLW N`W_`]P 4Y _ST^ bLd SP N]PL_PO L YPb 9£OL-]LSXLY `YTaP]^LW Xd_S TY bSTNS LW^Z [Z[ ULee LYO bZ]WO X`^TN MPNLXP NL]]TP]^ ZQ Pc[]P^^TZY LYO RL_PbLd^ _Z SZWT^_TN Pc[P]T PYNP:YPZYWdYPPOPOLw^[T]T_`LWxL__T_`OP_ZPc[P]TPYNP_SPw^Z`YOZQ _SP bZ]WOx _SP `YT_d ZQ N`W_`]P^ ZQ ]PWTRTZY^ ZQ S`XLY MPTYR^ LYO PaPYZQ_SPbSZWPZQ]PLWT_dLYO_ZwQPPWx_S]Z`RS_SP^PY^P^_SL_bSTNS \`LY_`X [Sd^TN^ LYO XTN]ZMTZWZRd SLO OT^NZaP]PO LMZ`_ _SP `YTaP]^P LYO L_ZX^ -P]PYO_v^ 9£OL-]LSXLY _S`^ MPNLXP L YPb Xd_STNLW ^`M ^_LYNP QZ] _SP wYPb _SZ`RS_x L `YTaP]^LW Xd_S TY NZYQZ]XT_d bT_S _SP 9Pb,RP bSTNS T^ YZ WZYRP] _TPO _Z 4YOTL M`_ ^_TWW LM^Z]MPO ^PY^Z]d VYZbWPORPQ]ZX_SPZ]TRTYLWNZY_Pc_?SPZWO9£OLNZ^XZWZRdT^QZ`YO _ZMP]P[WLNPOMdXZOP]YYL_`]LW^NTPYNP4Y_ST^]P^[PN_-P]PYO_T^YZ_ PaPY ^Z aP]d OTQQP]PY_ Q]ZX bSL_ 4YOTLY [Z[`WL] ?LY_]T^_^ LYO P^Z_P]TN DZRL []LN_T_TZYP]^ L^^ZNTL_P bT_S _SP 9£OL-]LSXLY _ZOLd -`_ bSL_ OT^_TYR`T^SP^ _SPX Q]ZX -P]PYO_ T^ _SP QLN_ _SL_ _SPd [WLNP _SPT] ZbY _]LOT_TZY TY _SP NPY_P] LYO LOL[_ T_ _Z _SP XZOP]Y LRP bSP]PL^ -P]PYO_ N]T_TNTePO ST^ ZbY _]LOT_TZY LYO QZ`YO YPb TY^[T]L_TZY TY _SP Z_SP] N`W _`]P 4Y OZTYR ^Z SP LW_P]PO ST^ ZbY N`W_`]P LYO _SP Z_SP] ZYP L^ bPWW ?SP 9£OL-]LSXLY _ZZV ZY L YPb Q`YN_TZY ZQ N`W_`]LW N]T_TNT^X 4_ MP NLXP _SP SPLWTYR []TYNT[WP ZQ _SP WZRZNPY_]TN OT^^PN_TYR PdPZ]TPY_PO BP^_P]Y ^`MUPN_ LYO _SP []ZUPN_TZY ^N]PPY QZ] L XZ]P TY_`T_TaP LYO LQ QPN_TaP]PWL_TZY_Z_SPbZ]WO -P]PYO_v^ TY_P]N`W_`]LW []ZMWPX^ZWaTYR wbZ]VPOx ZY L ^_]ZYRWd ^PY^Z]d^dXMZWTNWPaPW3P`^PO_SP9£OL-]LSXLYNZYNP[_TYLX`W_T Q`YN_TZYLW bLd L^ L ^PY^Z]d SZWT^_TN ^dXMZW L^ L ^LN]LWTeTYR ^_]L_PRd L^ L bPL[ZYZQ N`W_`]LWN]T_TNT^X L^L NZOPYLXPQZ] LYLW_P]PO bZ]WO aTPbL^_SPXP_L[Sd^TNLWML^T^QZ]L_]LY^]PWTRTZ`^NZ^XZ[ZWT_T^XLYOL wYPbNZY^NTZ`^YP^^xLYOYZ_WPL^__ZRTaPX`^TNMLNVL^[T]T_`LWQZ`Y OL_TZY _SL_ LNNZ]OTYR _Z -P]PYO_ T_ SLO LW^Z SLO TY 0`]Z[P TY _SP LY NTPY_ X`^TN ZQ _SP ^[SP]P^ 3P QPW_ _SL_ X`^TN ^SZ`WO ]P_`]Y _Z T_^ ]TRS Q`W [Z^T_TZY TY _SP ^[T]T_`LW `YTaP]^P BSL_ XLVP^ -P]PYO_ TY_P]P^_TYR LYOTY_P]NSLYRPLMWP bT_SZ_SP]QZ]X^ZQXZOP]Y ^[T]T_`LWT_d T^YZ_ZYWd _SP ^STQ_ TY_Z _SP ^NTPY_TQTN ]PLWX LYO N`W_`]LW N]T_TNT^X M`_ LW^Z _SP 4YOTLTY^[T]PO YPb NZOTYR ZQ _SP bZ]WO LYO _SP ^STQ_ TY []PQP]PYNP bT_STY_SP`YOP]^_LYOTYRZQX`^TNLYO_SPbZ]WO
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
$
!
.`W_`]LW-Z`YOL]TP^LYO/PWTXT_TYR.`W_`]P
w?SPbZ]WOaTPbYZ__SP]PLWT_dOP_P]XTYP^bSL__SP]PT^x !
8`^TNT^WTVP]PWTRTZYLXLUZ]XPOT`XZQN`W_`]LWN]PL_TZYZQXPLYTYR LYO ]PaPLW^ ^ZXP_STYR LMZ`_ bZ]WOaTPb^ 4_ T^ ^SL[PO Md _SPX LYO TY _`]Y SL^ T_^ ZbY TX[LN_^ ZY _SPX BP SLaP Pc[WLTYPO LMZaP _SL_ _SP XL_P]TLW [Sd^TNLWWd \`LY_TQTLMWP LYO ^PY^Z]d \`LWT_d ZQ L _ZYP _Z NZY _LTY Z_SP] _ZYP Z] _Z `YT_P L SL]XZYTN ^Z`YO ^[PN_]`X bT_STY T_^PWQ ^`RRP^_^ [`]PWd [SPYZXPYZWZRTNLWWd L YL_`]LW wSZWT^_TNx \`LWT_d ZQ ^Z`YOLYO`W_TXL_PWdZQLWWaTM]L_TYRMZOTP^9Z_ZYP^PcT^_TYT^ZWL_TZY ?SPbZ]WOaTPbOP_P]XTYP^bSP_SP]_ST^T^^PPYL^N`W_`]LWWd^TRYTQTNLY_ Z] TY^TRYTQTNLY_ LYO bSP_SP] T_ SL^ L N]`NTLW aLW`P Z] YZ ]ZWP L_ LWW TY []ZaTOTYR N`W_`]LW XPLYTYR PR MPNL`^P L__PY_TZY T^ QZN`^PO ZY Z_SP] _STYR^ ^`NS L^ _SP Z]OP] ZQ SL]XZYTN TY_P]aLW^ 4Y 4YOTL _SP ]PQTYPXPY_ ZQ XTN]Z_ZYLWT_d LYO _SP NZY^_]`N_TZY ZQ _SP ?£X[¼]L ]PTYQZ]NPO _SP SZWT^_TN ^Z`YO Pc[P]TPYNP LYO _S`^ LW^Z L YZYO`LW bZ]WOaTPb TY MZ_S ^PY^Z]d LYO _PNSYTNLW _P]X^ ?ST^ LW^Z L[[WTP^ _Z _SP XL_SPXL_TNLW ]P ^PL]NSZQX`^TNTYbSTNS_SPXP_SZOZQ`^TYR[P]X`_L_TZY^SLOLW]PLOd MPNZXP TX[Z]_LY_ QZ] ±£]«RLOPaL PL]Wd _S NPY_ LYO TY _SP "_S NPY_`]d N`WXTYL_PO TY AP«VL_L 8LVSTYv^ 8PWLVL]_£ ^d^_PX _SP " _ZYP ^NLWP^ XPWL _SL_^_TWWNSL]LN_P]TeP>Z`_SP]Y4YOTLYX`^TNPaPY_ZOLd " @^TYR _ST^ NZXMTYL_Z]d _PNSYT\`P ZYP bLY_PO _Z Pc[WZ]P LYO OP^N]TMP _SP bSZWP VYZbY ^[PN_]`X ZQ X`^TN LYO T_^ _ZYP ^P\`PYNP^ LYO OT^ NZaP] YPb X`^TNLW QZ]X^ ?SP XP_SZO LWWZbPO _SP ^P]TLW []ZO`N_TZY ZQ YPb =£RL^ _S]Z`RS NZXMTYL_TZY^ LYO [P]X`_L_TZY^ >Z ZYP NLY PaPY ^PP TY _ST^ XL_SPXL_TNLW _PNSYT\`P ZQ Pc[WZ]TYR _SP _ZYP ^d^_PX L ]P QWPN_TZY LYO ^_]PYR_SPYTYR ZQ _SP 9£OL-]LSXLY bZ]WOaTPb% _SP TYQT YT_P [Z^^TMTWT_TP^ ZQ [P]X`_L_TZY LYO NZXMTYL_TZY bT_STY _SP YZYO`LW ^d^_PXZQ]PLWT_dwTXLWWPTYPY>d^_PXx 4_ T^ YZ_TNPLMWP SZbPaP] _SL_ _SP VYZbWPORP ZQ _SP XL_SPXL_TNLW []Z[Z]_TZY^ ZQ X`^TNLW TY_P]aLW^ bSTNS SL^ ^Z R]PL_Wd TYQW`PYNPO _SP 0`]Z[PLY L[[]ZLNS _Z X`^TN ^TYNP ,Y_T\`T_d ZYWd MPNLXP VYZbY TY 4YOTL TY _SP !_S NPY_`]d -PWZb bP bTWW ]PaT^T_ TY XZ]P OP_LTW _SP bZ]WOaTPbTYLYNTPY_0`]Z[P_SL_NZY_TY`PO]TRS_TY_Z_SP8TOOWP,RP^ z_SL_T^_SPZ]OP]WdOTaT^TZYLYONZXMTYL_TZYZQ_SPbZ]WOLNNZ]OTYR_Z Y`XP]TNLW X`^TNLW ]PWL_TZY^ST[^ LYO L wSL]XZYd ZQ TYP\`LWT_TP^x BSL_ T^ ZQ TYT_TLW TY_P]P^_ SP]P T^ _SP WZYR`P O`]ËP ZQ L OTQQP]PY_ ]L_TZYLWT_d [L]LOTRX LYO L bZ]WOaTPb _SL_ OTQQP]PY_TL_PO _SP 0`]Z[PLY aTPb ZQ X`^TNQ]ZX_SL_TY4YOTLLYO^TYNP_SP!_SNPY_`]dSL^MPNZXPTY_PY^T QTPO LYO NZY^ZWTOL_PO% _SP _PNSYTNLW ]L_TZYLWTeL_TZY ZQ SL]XZYTN^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! AP]PYL8LdP] >PXLY_T^NSP]3ZWT^X`^$$" " 9Z]_SP]Y4YOTLYX`^TNT^WTXT_PO_Z_PY^NLWP^ZQ_ZYP^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
_SP wS`XLYTeTYRx ZQ 0`]Z[PLY X`^TN LYO T_^ _TP^ _Z []PNT^P YZ_L_TZY^ ,NNZ]OTYR _Z 8Lc BPMP] bT_S _SP TYYZaL_TZY TY TY^_]`XPY_XLVTYR _SP wR]PL_ X`^TNLW Pc[P]TXPY_Z]^ ZQ _SP =PYLT^^LYNP [P]TZO TY ^_Z]Xd ]L_TZYLW O]TaP _Z OT^NZaP]x N]PL_PO _PNSYTNLW XPLY^ ZQ Pc[]P^^TZY wTY Z]OP] _Z MP LMWP _Z ^SL[P u[L^^TZYv X`^TNLWWdx # ?SP Pc[P]TXPY_^ bT_S Z]XZ]P_ZYP^[P]ZN_LaPOTOYZ_WPLOL^bL^LN_`LWWdTY_PYOPO_ZL ]PQTYPXPY_ZQ_SPXPWZOd`^TYR^PXT_ZYP^LYO\`L]_P]_ZYP^M`_TY^_PLO _Z L ]L_TZYLWTeL_TZY ZQ _SP ZN_LaP _SL_ []ZXZ_PO SL]XZYTP^ TY _bPWaP ^PXT_ZYP ^_P[^ ZQ P\`LW ^TeP ?ST^ O`WWPO QTYP XPWZOTN [P]NP[_TZY ZQ ^XLWWLYOXTN]ZTY_P]aLW^L^_SPX`^TN^ZNTZWZRT^_=ZYLWO6`]_^`XXL ]TeP^ wLYO _SP 0`]Z[PLY PL] _]LTYPO Md _SP [TLYZ FbL^H _`YPO _Z ]L _TZYLW SL]XZYTN^ ?ST^ bLd BP^_P]YP]^ _]LTYPO _SPT] PL] _Z `YOP]^_LYO SL]XZYTN NSZ]O^ OPWTaP]TYR L YPb MZZ^_ _Z _SP OZaP_LTWTYR ZQ _SP ]L _TZYLWT_d ^[SP]P^ ZQ X`^TN b]T_TYR LYO _PNSYZWZRd FTY^_]`XPY_ XLVTYRHx $ BPMP] `W_TXL_PWd aTPbPO _SP QLN_ _SL_ ZYWd _SP BP^_ SLO SL]XZYTN X`^TN L^ L []ZO`N_ ZQ _SP XPOTPaLW XZYL^_P]TP^ MPNL`^P TY _ST^^ZNTLWNZY_Pc_YZ_L_TZYOPaPWZ[PO_SL_LWWZbPO_SPNZX[Z^T_TZYLYO []LN_TNP ZQ XZOP]Y [TPNP^ ZQ X`^TN LYO RLaP _SPX L w[P]XLYPY_ PcT^ _PYNPx ,^ T^ bPWW VYZbY BPMP] ^Lb _SP OPaPWZ[XPY_ ZQ ]L_TZYLW SL]XZY TN^ ZYWd L^ ZYP L^[PN_ ZQ L XLUZ] WTYP ZQ OPaPWZ[XPY_ TY _SP :NNTOPY_ ]`YYTYR _S]Z`RS LWW L]PL^ ZQ N`W_`]P 1Z] STX _SP ]L_TZYLWTeL_TZY ZQ _SP bZ]WO bL^ L `YT\`P NSL]LN_P]T^_TN ZQ _SP :NNTOPY_ TY NZY_]L^_ _Z Z_SP] NTaTWTeL_TZY^ P^[PNTLWWd _SZ^P TY ,^TL bT_S _SPT] NZX[WP_PWd OTQQP]PY_ bZ]WOaTPb QZ]XL_TZY^ BPMP] `YOP]^_ZZO wBP^_x LYO w0L^_x _Z MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8Lc BPMP] w/TP u:MUPV_TaT_Æ_v ^ZeTLWbT^^PY^NSLQ_WTNSP] `YO ^ZeTLW[ZWT_T^NSP] 0] VPYY_YT^xTYBPMP] 2P^LXXPW_P,`Q^Æ_ePe`]BT^^PY^NSLQ_^WPS]P ?ÞMTYRPY%8ZS] $"##Q:YBPMP]v^^ZNTZWZRdZQX`^TNLYO_SPQZWWZbTYROT^N`^^TZY^NQ8Lc BPMP] wE`] 8`^TV^ZeTZWZRTPx 9LNSWL^^ $ TY 8Lc BPMP] 2P^LX_L`^RLMP 4 PO.S]T^_Z[S-]L`YLYO7`ObTR1T^NSP]?ÞMTYRPY%8ZS]>TPMPNVLYO6`]_ 4YOTPY`YO0`]Z[L z $ 6`]_ 4YOTPY`YO0`]Z[L bT_S]PQP]PYNP_ZBPMP]wE`]8`^TV^ZeTZWZRTPx"$ BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP 4 ?ÞMTYRPY% 8ZS] $## .QLW^Z6`]_ 4YOTPY`YO0`]Z[L z# 4Y_SPOZN_]TYP^ZQOPWTaP]LYNPZ]_SPZOTNTP^LYO]PWTRTZ`^P_STN^BPMP]^Lb_SPXLTY QZ]NP^ZQbZ]WOaTPbQZ]XL_TZYLYOSP]PLRLTY0L^_LYOBP^_L^_SP_bZXLTY_d[P^ BT_S _SP 0L^_P]Y ]PWTRTZ`^ bZ]WOaTPb [L]_TN`WL]Wd _SP 3TYO` -]LSXLYTN ZYP SP L^^ZNTL_PO LY TXXLYPY_ LYO ML^TNLWWd TX[P]^ZYLW []TYNT[WP ZQ OTaTYT_d _SP _PLNSTYR ZQ -]LSXLY¢_XLY LY TYbL]OWd OT]PN_PO Xd^_TN Z]TPY_L_TZY LYO _SP NZYNP[_TZY ZQ _SP bZ]WO L^ L NZX[WP_PWd NZYYPN_PO LYO ^PWQNZY_LTYPO NZ^XZ^ LYO LW^Z _SP YL_`]LW bZ]WO[P]aLOPOMd^[T]T_`LWT_d4YNZY_]L^_SP]PRL]OPOL[P]^ZYLW_]LY^NPYOPY_LWOP T_d L^ _d[TNLW ZQ _SP BP^_P]Y ]PWTRTZ`^ bZ]WOaTPb L OPT_d _SL_ T^ ML^TNLWWd OTQQP]PY_ Q]ZX _SP bZ]WO LYO N]PL_PO T_ Pc YTSTWZ ^[PNTQTNLWWd _SP >PXT_TN N]PL_Z] RZO :_SP] _d[TNLW BP^_P]Y QPL_`]P^ bP]P L^NP_TNT^X LYO P_STNLW []Z[SPNd LYO L ^_]ZYR NZY_]L^_ MP_bPPY_SP^TYQ`WYL_`]LWbZ]WOLYO_SL_ZQ_SP^[T]T_`LW^`[P]YL_`]LW?Z[`_T_TYL
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
NTaTWTeL_TZY^ Z] ZaP]LWW ^d^_PX^ ZQ XPLYTYR LYO `W_TXL_PWd L^ _bZ WZRTNLWWd Z[[Z^PO Q`YOLXPY_LW wTOPLWx Z] w[`]Px _d[P NZY^_]`N_^ ZQ _SPZOTNLW bZ]WOaTPb Z] Q`YOLXPY_LW XPLYTYR ^d^_PX^ O`LWT^X P\`L_PObT_S_SPBP^_LYOXZYT^XbT_S_SP0L^_3ZbPaP]bPQTYOL_ _SPPYOZQ _SP_SNPY_`]dYZ_ZYWdNZY_TY`POPQQPN_^ZQ_SPML^TNN`W _`]LW OTQQP]PYNP^ MP_bPPY 4YOTL LYO _SP BP^_ BP^_P]Y 0`]Z[P LYO 9Z]_S ,XP]TNL TY _SP QTPWO^ ZQ X`^TN ]PWTRTZY LYO ^ZNTLW TY^_T_`_TZY^ M`_ LW^Z OT^N`]^TaP ^STQ_^ ]P^ZW`_TZY^ M]PLV^ LYO ]PYPRZ_TL_TZY -P] PYO_v^ wPL] ZY_ZWZRdx LYO XZOP]Y ZaP]_ZYP ^TYRTYR XPY_TZYPO TY _SP WL^_ ^`MNSL[_P] L]P U`^_ _bZ PcLX[WP^ LXZYR XLYd LYLWZRZ`^ ZYP^ 8ZOP]Y ^[T]T_`LWT_d YZ WZYRP] QTYO^ T_^PWQ MZ`YO _Z N`W_`]LW LYO ]PWT RTZ`^MZ`YOL]TP^LYOU`c_L[Z^P^_SPXLUZ]NZ`]^PZQBP^_P]Y]L_TZYLWT eL_TZY bT_S LY LY_TNdNWTNLW wSZWT^_TNx ]L_TZYLWT_d [L]LOTRX 4Y _SP QZW WZbTYRbPbTWWRZTY_ZXZ]POP_LTWZY_SPN`W_`]LWMZ`YOL]TP^LYO_SPT] XZOP]YOPWTXT_L_TZY^bSZ^PZ]TRTY^RZ]TRS_MLNV_Z_SP$_SNPY_`]d ,NNZ]OTYR _Z _SP _SP^T^ _Z MP OPaPWZ[PO 4YOTL bL^ L YZ_ `YTX[Z]_LY_ QLN_Z] TY []ZaTOTYR YPb ^`MUPN_TaP XPLYTYR LYO L YPb ^LN]LWTeL_TZY wPYNSLY_XPY_xTYBP^_P]YN`W_`]P?SP]L_TZYLW`YT\`PYP^^_SL_8Lc BPMP] OP^N]TMPO ^Z L[_Wd L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d TY ST^ NZX[L]L_TaP ^ZNTZWZRd ZQ ]PWTRTZY^ bT_STY _SP Q]LXPbZ]V ZQ `YTaP]^LW ST^_Z]d`YOP]bPY_L^PaP]PM]PLVTY]PNPY__TXP^ BPMP]v^ TY_P]P^_ NT]NWPO L]Z`YO bSL_ bL^ 0`]Z[PLY _SP `YT\`P ]L _TZYLWT^X ZQ BP^_P]Y N`W_`]P BSd OTO ]L_TZYLW PX[T]TNLW ^NTPYNP OP aPWZ[ ZYWd TY _SP :NNTOPY_ PaPY _SZ`RS Z_SP] N`W_`]P^ XLOP R]PL_ LNSTPaPXPY_^ TY XL_SPXL_TN^ [STWZ^Z[Sd P_N* BSd SLO ]L_TZYLW SL] XZYTN^ OPaPWZ[PO ZYWd SP]P PaPY _SZ`RS Z_SP] [PZ[WP^ OPaPWZ[PO L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ Y`_^SPWWQZ]BPMP]XZYT^XLYOO`LWT^XbP]P_SP_bZML^TN_d[P^ZQ]PWTRTZ`^bZ]WO TY_P][]P_L_TZYbSTNSSPL^^ZNTL_PO[]Z_Z_d[TNLWWdLYOLW^ZWL]RPWdPX[T]TNLWWdbT_S _SP 0L^_ 4YOTLLYO_SP BP^_ 0`]Z[P ]P^[PN_TaPWd ?ST^ ^NSPXP XZYT^Xa^O`LW T^X bL^ LOZ[_PO Md 6`]_ 4YOTPY `YO 0`]Z[L LYO .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ 1Z]4YOTLLYO_SPXLYdLYOaL]TPO_]LOT_TZY^ZQ3TYO`T^XT_T^LQL]_ZZ^TX[WP ^NSPXPLYObL^_SP]PQZ]PLW^ZN]T_TNTePOdP_T_L[[PL]^LNNP[_LMWP_Z`^TY_SP^PY^P ZQ LY TOPLW _d[P _SL_ YPaP] ]PQWPN_^ _SP X`NS XZ]P NZX[WPc ]PLWT_d PcLN_Wd ?SP []ZMWPXT^WP^^_SPXZYT^X_SLY_SPaTPbZQ4YOTLL^^_]ZYRWdZ]TPY_POZYXd^_TNT^X LYO TY_P]TZ]T_d bSTNS bL^ _SP _d[TNLW :]TPY_LWT^X NZY^_]`N_TZY TY BPMP]v^ _TXP LW _SZ`RS BPMP] STX^PWQ [`_ QZ]bL]O XZ]P NZX[WPc L]R`XPY_^ 1Z] PcLX[WP SP _SZ`RS_ bT_S ^ZXP U`^_TQTNL_TZY 4YOTLY ]PWTRTZ^T_d bL^ XLTYWd XLYTQP^_PO TY _SP -]LSXLYTNXLRTNTLYLYO_ZZVLYZYU`ORXPY_LWaTPbZQXLRTNL^LNZY^T^_PY_bZ]WO aTPbLYO ]T_`LW[]LN_TNP.L_SZWTNT^XbL^LW^Z XLRTN_ZSTX 4YST^ [`MWTNL_TZY^ZY ^ZNTZWZRd ZQ ]PWTRTZY BPMP]v^ OP[TN_TZY ZQ 3TYO`T^X bL^ LXLeTYRWd NWPL]^TRS_PO RTaPY_SPVYZbWPORPZQ_SP_TXPLYOQL]XZ]POTQQP]PY_TL_PO_SLY_SPLM^_]LN_PO[]Z _Z_d[TNLWNZY^_]`N_TZYXPY_TZYPOLMZaP :Y_SP[]Z_Z_d[P^ZQ0L^_LYO BP^_NQ LW^Z .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ z! bSZ OP^[T_P _SP NZ[TZ`^ N]T_TNT^X ZQ _SP0L^_BP^_NZY^_]`N_^P_^Z`_L]R`XPY_^ M`_YZ 4YOZWZRTNLW^Z`]NP^ QZ]`[SZWO TYRT_
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
X`^TNLWPL]_SL_bL^L[[L]PY_WdX`NSQTYP][ZWd[SZYdbL^LW^ZVYZbY TY Z_SP] ]PRTZY^ LYO Z_SP] N`W_`]P^ NZ`WO LW^Z NLWN`WL_P _SP ]L_TZYLW _ZYPTY_P]aLW^*?SPw[]PWTXTYL]d]PXL]V^x_ZBPMP]v^bZ]V^ZY^ZNTZW ZRd ZQ ]PWTRTZY OL_TYR Q]ZX $ XPY_TZY^ LXZYR Z_SP] _STYR^ _SP OPaPWZ[XPY_ZQX`^TNL^LYZ_TNPLMWPQPL_`]PZQ_SP:NNTOPY_?ST^bL^ _SPZYWd]PRTZY_ZM]TYRQZ]_SL]L_TZYLWSL]XZYTNX`^TNzMZ_SNZ`Y_P] [ZTY_ LYO NSZ]O SL]XZYd _SP RPYP]L_TZY ZQ _ZYP XL_P]TLW ML^PO ZY _]T LO^ NZY_LTYTYR SL]XZYTN _ST]O^ b]T__PY YZ_L_TZY _SP ^ZYL_L^ ^dX[SZ YTP^Z[P]L^LYO_SP[TLYZ BPMP]v^bZ]VZYX`^TNb]T__PYTY$_Z $ _SL_ bL^ YPaP] NZX[WP_PO NLY ZYWd MP NZX[]PSPYOPO WTVP ST^ PY_T]P]L_TZYLWTeL_TZY_SP^T^LRLTY^_ _SPMLNVR]Z`YOZQST^ ^ZNTZWZRdZQ ]PWTRTZY ,^ LW]PLOd TYOTNL_PO BPMP] NZY^TOP]PO ]PWTRTZY _Z MP ZQ VPd N`W_`]LW^TRYTQTNLYNP4Y ]PWTRTZYSP ^Lb _SPXLTYXZ_TaL_TYRQZ]NP^QZ] ^ZNTLW LN_TZY LYO QZ]XTYR bZ]WOaTPb^ LYO QZ`YO _SP OTQQP]PY_ OPaPW Z[XPY_^ZQN`W_`]P^_ZMP`W_TXL_PWd]ZZ_POTY_SP]PWTRTZ`^TOPL^P_STN^ LYO_SPZOTNTP^_SPOZN_]TYP^ZQOPWTaP]LYNPLYO_SPTOPL^LMZ`_bSPYNP LYO bST_SP] ZYP bT^SP^ _Z MP OPWTaP]PO 3T^ ^_L]_TYR [ZTY_ TY ]PWTRTZ`^ ^ZNTZWZRdbL^ST^Q`YOLXPY_LWbZ]Vw/TP[]Z_P^_LY_T^NSP0_STV`YOOP] u2PT^_ OP^ 6L[T_LWT^X`^vx OL_TYR Q]ZX _SP dPL] $ TY bSTNS SP Pc [WLTYPO SZb _SP wNL[T_LWT^_ ^[T]T_x Z]TRTYL_PO TY _SP BP^_ Q]ZX _SP L^ NP_TN ;]Z_P^_LY_ bZ]V P_STN 4Y ST^ WL_P] bZ]V^ BPMP] NZY_TY`PO OPaPW Z[TYR _ST^ _SP^T^ ZQ _SP RPYP^T^ ZQ L ]L_TZYLW WTQP^_dWP MPTYR _SP []P ]P\`T^T_PQZ]XZOP]YNL[T_LWT^XTYL`YTaP]^LWST^_Z]TNLWNZX[L]T^ZYLYO LYLYLWd^T^ZQLWWN`W_`]LW^PN_Z]^YZ_ZYWd_SPM`^TYP^^P_STN3P^LbTY XZOP]Y NL[T_LWT^X z TY NZYNP]_ bT_S ^NTPYNP L]_ WLb _PNSYZWZRd LYO LOXTYT^_]L_TZY L^ L QZ]NP [ZTY_TYR _SP bLd LYO _SP ^ZWP OP_P]XTYLY_ ZQ WTQPzL[]ZNP^^`YT\`PTY_SPST^_Z]dZQ_SPbZ]WObSTNSbL^`W_TXL_PWd QZ`YOPOTY_SP[L]_TN`WL]OdYLXTN^ZQ5PbT^S.S]T^_TLY]PWTRTZ`^N`W_`]P LYOT_^O`LWT^_TN^P[L]L_TZYMP_bPPY2ZOLYO_SPbZ]WOMP_bPPYN]PL _Z]LYON]PL_TZY?SP[]ZNP^^ZQ]L_TZYLWTeL_TZY_SL_BPMP]]PRL]OPOL^ LW]PLOd NZXXPYNTYR TY :WO ?P^_LXPY_ []Z[SPNd LYO ^PLWPO Md TYYP] bZ]WOWd L^NP_TNT^X LYO _SP ]L_TZYLW WTQP^_dWP ;`]T_LY ;]Z_P^_LY_T^X LYO .LWaTYT^X OT^^ZWaPO _SP YZ_TZY^ ZQ XLRTN LYO TYN]PL^TYRWd wOT^PY NSLY_POx LYO wOPOPTQTPOx _SP bZ]WO ?ST^ []ZNP^^ RLaP LWW N`W_`]LW NZY^_]`N_^ _SPT] ZbY ]L_TZYLW L`_ZYZXd TP ]PWPL^PO NZXXP]NP L]_ _PNSYZWZRdLYOWLbQ]ZX_SPT]]PWTRTZ`^LYOXLRTNLWZ]TRTY^?SP.S]T^ _TLY ]PWTRTZY _SL_ SLO XLOP _ST^ OPaPWZ[XPY_ [Z^^TMWP _S`^ M]Z`RS_ LMZ`_ T_^ ZbY OT^^ZW`_TZY ?SP P]^_bSTWP XLRTN ZQ L ]PWTRTZ`^ wSTY_P] bZ]WOx OT^^T[L_PO bT_S _SP TYN]PL^TYRWd _PNSYTNLW OZXTYL_TZY ZQ _SP PYaT]ZYXPY_ _SP M`]PL`N]L_TN Z]RLYTeL_TZY ZQ NZXX`YLW WTQP LYO _SP bZ]WOWd Z]TPY_L_TZY ZQ PaP]dOLd LN_TZY^ ,NNZ]OTYR _Z BPMP] _SP ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BPMP] 2P^LXXPW_P,`Q^Æ_ePe`]=PWTRTZY^^ZeTZWZRTP4?ÞMTYRPY%8ZS]$##
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_Z]dZQBP^_P]Y]PWTRTZYNL]]TPObT_STYT_^PWQLYTYSP]PY_QZ]NPQZ]XLV TYRMZ_S_SPbZ]WOLYOWTQPXZ]P^PN`WL]XZ]PbZ]WOWdLYOXZ]PS`XLY z TY Z_SP] bZ]O^ OPaZTOTYR _SP bZ]WO ZQ L ^LN]PO NZ^XZ^ BPMP] ^Lb _SPOPXLRTQTPOLYO]L_TZYLWTePON`W_`]PL^L`YT\`PQPL_`]PLYO^[PNTLW OPaPWZ[XPY_ZQ_SPBP^_ BPMP]v^ aTPb ZQ ]L_TZYLWT_d bL^ NZX[WPc LYO [ZWdQZNLW 3P OT^_TY R`T^SPO MP_bPPY OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d LYO aLW`P LYO _SPT] TY_P][WLd ?SP _SP^T^ ZQ ]L_TZYLWTeL_TZY T^ `YOP][TYYPO Md L NZYNP[_ ZQ ]L_TZYLWT_d _SL_ BPMP] NZY^TOP]PO _d[TNLWWd BP^_P]Y LYO bSTNS ]PWL_P^ []TXL]TWd _Z L [`]PWd ZMUPN_TaP ]L_TZYLWT^X z _SL_ ZQ NZY\`P]TYR _SP bZ]WO Md OT^NZaP]TYR T_^ ZbY TX[P]^ZYLW WLb^ ?ST^ ]LYRPO Q]ZX LY P_STQTNL_TZY ZQ _SP ]PWTRTZ`^ `YOP]^_ZZO L^ L []PN`]^Z] ZQ ]L_TZYLWT^_TN wOT^PYNSLY_XPY_x LYO L XP_SZOTNLWWd NZY_]ZWWPO WTQP^_dWP LWW _SP bLd _Z _PNSYTNLW bZ]WO OZXTYL_TZY M`]PL`N]L_TeL_TZY ^NTPY_TQTN OPXLRTQT NL_TZY LYO ^PN`WL]TeL_TZY DP_ BPMP] LW^Z OTQQP]PY_TL_PO MP_bPPY ]L _TZYLWT_d ZQ [`][Z^P wEbPNV]L_TZYLWT_Æ_x TP _SP ^`MUPN_TaP ^PY^P ZQ []LN_TNLWWdNZY^T^_PY_TY_P][]P_L_TZYZQLN_TZY^bSTNSTYNW`OP^XLRTNTY [L]_TN`WL]LYO _SP]L_TZYLWT_dZQNZ]]PN_YP^^w=TNS_TRVPT_^]L_TZYLWT_Æ_w NZ]]PN_YP^^ ZQ LN_TZY^ LYO ZMUPN_TaP aLWTOT_d 1`]_SP]XZ]P `YOP] ]L _TZYLWT_d SP `YOP]^_ZZO WZRTNLW LYO NZSP]PY_ ^d^_PX^ ZQ MPWTPQ LYO _SP _SPZ]P_TNLW ^d^_PXL_TeL_TZY ZQ bZ]WOaTPb^ TY [L]_TN`WL] _SP ]L_TZYLW YPPO ZQ TY_PWWPN_`LW^ _Z R]L^[ _SP bZ]WO L^ L NZ^XZ^ XLVTYR ^PY^P LYO _Z^d^_PXL_TePWTQP^_dWP^ :Y _SP ^`MUPN_ ZQ X`^TN BPMP] QPW_ _SL_ ^ZXP_STYR _SL_ NLYYZ_ MP ^d^_PXL_TePO z Z] ZYWd bT_S OTQQTN`W_d z bL^ T]]L_TZYLW 1Z] BPMP] X` ^TNSLOL^[PNTLWaLWPYNdMPNL`^PSPL^^ZNTL_POT_bT_SLYw`YLaZTOLMWP T]]L_TZYLWT_dx L^ OPXZY^_]L_PO Md _SP ;d_SLRZ]PLY NZXXL >Z bSL_ P^[PNTLWWdL]Z`^POST^TY_P]P^_bL^_SP[L]LOZcTNLW_L^VZQWTYVTYRX`^TN bSTNSSP]PRL]OPOL^_SPwXZ^_TY_P]YLWxZQ_SPL]_^wbSZ^PYL_`]PT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BPMP] ^Lb TY_PWWPN_`LWT_d LYO ]PWTRTZY L^ NZOPO Md ^[PNTQTN NWL^^P^ ?Z STX 3TYO` ]PWTRTZY bL^ _d[TNLWWd XLYTQP^_PO TY _SP bZ]WOZ]OP]TYR -]LSXLYTN XLRTNTLY^ -`O OST^X TY _SP bLYOP]TYR XPYOTNLY_ XZYV^ LYO .S]T^_TLYT_d TY _SP UZ`]YPdXPY w3LYObP]V^M`]^NSPYx ,NNZ]OTYR _Z BPMP] 3TYO`T^X LYO -`OOST^X bP]P _SP]P QZ]PX`NSXZ]P^PY^T_TaPYZ_ZYWd_ZXd^_TNT^XLYOP^NL[PwBPW_QW`NS_xTY_ZL]PWT RTZ`^STY_P]bZ]WOM`_LW^Z_ZLYTY_PWWPN_`LW]PWTRTZ^T_dbSTWPSPL^^ZNTL_PO5`OLT^X LYO .S]T^_TLYT_d YZ_ ZYWd bT_S []Z[SP_TN P_STN^ LYO TYYP]bZ]WO L^NP_TNT^X M`_ LW^Z bT_SLY_TTY_PWWPN_`LWL__T_`OP^ZQ_SP[P_T_MZ`]RPZT^TP3ZbPaP]SPYZ_POTY_PWWPN_` LWT^_TN M]PLV^ TY LWW ]PWTRTZY^ LYO []Z[Z^PO TY .S]T^_TLYT_d QZ] TY^_LYNP LWZYR^TOP XTOOWPNWL^^P^PO`NL_POTYWT_P]L_`]PLw[L]TLSLYO[WPMTLYTY_PWWPN_`LWT^Xx_SL_SLO MPNZXP bTOP^[]PLO PaPY LXZYR QL]XP]^ aTL L S`RP OT^[P]^TZY ZQ VYZbWPORP ZQ _SP -TMWP LYO L Xd^_TN wTY_PWWPN_`LW^v ]PWTRTZ^T_dx ^TXTWL] _Z _SL_ TY LYNTPY_ 4YOTL LXZYR TY_PWWPN_`LW^ ZQ ST^ _TXP .Q 2LYRZWQ 3ÞMTYRP] w4Y_PWWPV_`PWWP 4Y_PWWPV_`L WT^X`^x TY 3LY^ 6T[[PYMP]R LYO 8L]_TY =TP^PM]ZO_ PO^ 8Lc BPMP]^ u=PWTRZY^ ^d^_PXL_TVv?ÞMTYRPY%8ZS]$"zSP]P#
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
Q`YOLXPY_LWWd T]]L_TZYLW Z] LY_T]L_TZYLWx bT_S _SP OPaPWZ[XPY_ ZQ BP^_P]Y ]L_TZYLWT^X ,^ 6`]_ ]TRS_Wd ^_L_P^ SP]P _SP NZYNP[_ ZQ ]L_TZY LWT_d X`^_ MP `YOP]^_ZZO TY _SP ^PY^P ZQ ^d^_PXL_TeL_TZY 3P ^`XXL ]TeP^L^QZWWZb^% w,RLTY^_ _SP MLNVO]Z[ ZQ _SP _PY^TZY MP_bPPY ^d^_PXQZ]XTYR X`^TNLW L] NST_PN_`]P b]T__PY YZ_L_TZY LYO TY^_]`XPY_XLVTYR ZY _SP ZYP SLYO LYO NZY_]LOTN_TZY^ bT_STY _SP ^d^_PX LYO ^`MUPN_TaP ^_]TaTYR QZ] Pc[]P^^TZY ZY _SP Z_SP] BPMP] `^P^ ^ZXP PcLX[WP^ _Z TYOTNL_P SZb BP^_P]Y NWL^^TNLW X`^TN OPaPWZ[PO TY _SP TY_P]NZYYPN_POYP^^ ZQ aL]TZ`^ ]L_TZYLWT_d ^[SP]P^ FX`^TNb]T_TYRLYO_PNSYZWZRdHx
BSL_ BPMP] NZY^TOP]PO XZ^_ NSL]LN_P]T^_TN ZQ BP^_P]Y X`^TN N`W_`]P bL^ _SP TYNZY^T^_PYNTP^ ZQ _SP _ZYP ^d^_PX LYO _SP OTLWPN_TN OdYLXTN MP_bPPY ]L_TZYLW SL]XZYTN^ LYO T]]L_TZYLW XPWZOd _SL_ T^ L X`^TNLW O`LWT^X TY NZY_]L^_ _Z _SP X`^TNLW XZYT^X ZQ 4YOTL 3P LW^Z _SZ`RS_ _SL_ X`^TNTLY^ bP]P YZ_ QZ]NPO TY_Z ^d^_PX^ `Y]P^T^_TYR MPNL`^P _SZ^P XLVTYRX`^TN`YT_PObT_STY_SPX^PWaP^_SP[L]LOZcZQX`^TNLW]L_TZYLW T_d LYO TYOTaTO`LW ^_]TaTYR QZ] Pc[]P^^TZY ,^ LW]PLOd TYOTNL_PO BPMP] MPWTPaPO _SL_ _ST^ OTLWPN_TN SLO MPNZXP PaPY XZ]P TY_PY^P ^TYNP _SP =PYLT^^LYNP 4YYZaL_TZY^ TY TY^_]`XPY_ NZY^_]`N_TZY LYO _PNSYTNLWWd RPYP]L_PO XZZO^ LOOPO OdYLXT^X _Z X`^TNv^ QTPWO ZQ _PY^TZY MP_bPPY _SP]L_TZYLWT_dLYOT]]L_TZYLWT_dZQBP^_P]YX`^TNXLVTYRBPMP]^[ZVP ZQ LY wTOTZ^dYN]L_TN NZWWLMZ]L_TZY MP_bPPY ]L_TZYLW _PNSYTQTNL_TZY LYO T]]L_TZYLW[L^^TZYx?SP[^dNSZWZRTeL_TZYbSTNSNLYLW^ZMPTY_P][]P_PO L^ wS`XLYTeL_TZYx LYO wX`YOLYTeL_TZYx ZQ X`^TN SLO L XLUZ] TX[LN_ ZY _SP XZOP]Y LRP ,NNZ]OTYR _Z 6`]_ X`^TN bL^ TYN]PL^TYRWd MPNZX TYRLXPLY^ZQwS`XLY^PWQ[]P^PY_L_TZYxLYOZQPc[]P^^TZYZQwRPYP]LW S`XLYPc[P]TPYNPxbSZ^PePYT_SSP^PP^TY_SPX`^TNLWRPYT`^ZQ-PP _SZaPY :Y _ST^ _Z[TN SP NT_P^ ,OZ]YZ% _SP Q`WWd OPaPWZ[PO MZ`]RPZT^ ^ZNTP_d L_ L]Z`YO # LYO T_^ NZYNPY_]L_TZY ZY _SP TYOTaTO`LW wQ`WW MZ`]RPZT^ PXLYNT[L_TZYx SLO M]Z`RS_ QZ]_S _SP RPYT`^ -PP_SZaPY LYO LYL`OTPYNP_SL_]P^[ZYOPO_ZSTX !,^_SPwP[T_ZXPZQ^ZaP]PTRY^`M UPN_TaT_dx _SP BP^_P]Y NZX[Z^P] NZ`WO YZb SLaP L_ ST^ OT^[Z^LW _SP _ZYPXL_P]TLWwWTVP2ZO_SPN]PL_Z]ZQ_SPbZ]WOx " ?SPOTQQP]PYNP^Q]ZX_SP4YOTLYaTPbZQX`^TNLYOX`^TNLW[]LN_TNP L]P ZMaTZ`^ 4Y 4YOTL _SP OPNT^TaP PWPXPY_^ bP]P YZ_ L ^d^_PXQZ]XTYR _ZYPL]NST_PN_`]PLYOb]T__PYYZ_L_TZYM`_TX[]ZaT^L_TZYLYOZ]LW_]LOT _TZY ?SP QZN`^ bL^ YZ_ ZY _SP TY^_]`XPY_ M`_ _SP aZTNP 4Y^_PLO ZQ OPaPWZ[TYR [ZWd[SZYd NSZ]O^ LYO bPWW_PX[P]PO _`YTYR 4YOTL OPaPW Z[PO XZYZXPWZOTN XZOLW X`^TN LYO XTN]Z_ZYLWT_d 4YOTLY NZX[Z^P]^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 8LcBPMP]wE`]8`^TV^ZeTZWZRTPx.Q6`]_ 4YOTPY`YO0`]Z[L z 6`]_ 4YOTPY`YO0`]Z[L ! 6`]_ 4YOTPY`YO0`]Z[L !z" " 6`]_ 4YOTPY`YO0`]Z[L "
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LYOX`^TNTLY^OZYZ_^PP_SPX^PWaP^L^N]PL_Z]^M`_TY^_PLO_`YPTY_ZL []POPQTYPO YP_bZ]V ZQ _ZYLW ]PWL_TZY^ ?SPd OZ YZ_ bT^S _Z Pc[]P^^ PT_SP] _SPT] ZbY Z] RPYP]LW S`XLY QPPWTYR^ M`_ _Z Pc[]P^^ _SP w^`[P] X`YOLYPx ^[SP]P TYSP]PY_ TY X`^TN ZQ L_XZ^[SP]TN PXZ_TZYLW XZZO^ 4Y _SP !_S NPY_`]d TY 4YOTL _ZZ PXZ_TZYLWT_d MPNLXP XZ]P []Z YZ`YNPO DP_ T_ bL^ YZ_ S`XLY [L^^TZY _SL_ OZXTYL_PO M`_ OPaZ_TZY LYO ]PWTRTZ`^ Wd^T^ ?ST^ bL^ _SP [P]TZO bSPY XZ^_ MSLV_T ^ZYR [ZPX^ Z]TRTYL_PO TY MZ_S _SP 9Z]_S LYO _SP >Z`_S LYO bSPY ?d£RL]£UL OP NWL]POX`^TN_ZMPL[L_S_Z-]LSXLYMWT^^9Z__SP[TLYZM`__SP?£X [¼]L MPNLXP _SP NSL]LN_P]T^_TN TY^_]`XPY_ _SL_ wOP_P]XTYPO _SP _ZYPx ?SP _PNSYTNLW TYYZaL_TZY ZQ _SP ?£X[¼]L ]PTYQZ]NPO _SP QTPWO ZQ OT^ NZ`]^P ZY NZ^XTN `YT_d LYO YZYO`LWT_d _SL_ ±£]«RLOPaL SLO LW]PLOd LNNPY_`L_PO bT_S _SP X`^TNLW NZYNP[_ ZQ 9£OL-]LSXLY 4Y NZY_]L^_ _Z _SP OTNSZ_ZXZ`^ _PY^TZY MP_bPPY ]L_TZYLWT_d LYO T]]L_TZYLWT_d _SL_ ^Z ZNN`[TPOBPMP]_SP0`]Z[PLYLYObSTNSSP`YOP]^_ZZO_ZMPTYSP]PY_ TYX`^TN TY4YOTLT_bL^L[[L]PY_Wd_SPSZWT^_TNYL_`]PLYOYP_bZ]V^ZQ _ZYP^ _SZ`RS_ _Z MP TYSP]PY_ TY ^Z`YO _SL_ ^P_ Pc[WLYL_TZY [L]LOTRX^ LYO[]ZaTOPOXPLYTYR ?SP OTQQP]PYNP^ MP_bPPY NWL^^TNLW 0`]Z[PLY LYO NWL^^TNLW 4YOTLY X`^TN bP]P NWPL]Wd PYNL[^`WL_PO TY 6`]_v^ ]PNPY_ bZ]V $ ?SP TY_P][]P_L_TZY ^NSPXP SP QZ`YO NZYQT]XPO bL^ 8Lc BPMP]v^ N`W_`]LW NZX[L]T^ZY 3ZbPaP] 6`]_ bT^SPO ST^ TY_P]N`W_`]LW SP]XPYP`_TN^ _Z ]P[WLNP BPMP]v^ 0`]ZNPY_]TN M`_ ^_TWW YZYU`ORXPY_LW aTPb bT_S L MT NPY_]TN [P]^[PN_TaP z ^TXTWL] _Z Z`] TY_PY_TZY TY _ST^ MZZV z TP L SP] XPYP`_TNL__T_`OP_SL_^PP^MZ_SN`W_`]P^L^P\`LWLYOWPLO^_SPXTY_ZL aT]_`LW PcNSLYRP 6`]_v^ TY_P]P^_ WLd TY NZX[L]TYR 4YOTLY LYO NWL^^TNLW 0`]Z[PLYX`^TNL^ _SPwP[T_ZXPZQSTRSWdOPaPWZ[PON`W_`]PxLYO_SPT] TX[Z]_LYNPQZ]wPO`NL_TZYLYO[]P^P]aTYRTYOTaTO`LW^ZNTLWLYON`W_`]LW TOPY_T_dx # 3P bLY_PO _Z OZ ^Z TY LY TY_P]N`W_`]LW []ZNP^^ ZQ `YOP] ^_LYOTYR Md LOZ[_TYR _SP ]ZWP ZQ _SP ^_`OPY_ ZQ 9Z]_SP]Y 4YOTLY =£RL X`^TN LYO _]dTYR TXXP]^P STX^PWQ wTY Pc[P]TPYNTYR _SP QZ]PTRYx _S]Z`RSL^^`X[_TZYZQLYwLP^_SP_TNL__T_`OPxLYOLN_TaP[L]_TNT[L_TZYTY []ZNP^^P^ ZQ LN_TZY $ 6`]_ OP^N]TMPO ST^ TYT_TLW L`]LW TX[]P^^TZY^ L^ wQL^NTYL_TYR LYO XLcTXLWWd LWTPYL_TYRx LYO YZ_PO _SL_ 4YOTLY X`^TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 6`]_ 4YOTPY`YO0`]Z[L $ @YQZ]_`YL_PWd_SPMZZVYPaP]XLVP^T_NWPL]SZbWZYR6`]_WPL]YPOX`^TNTY4YOTL4_ ZYWd^Ld^_SP]PbP]P[]TaL_PWP^^ZY^ZYNPLbPPVL_LX`^TN^NSZZWTY/PWSTDP_6`]_ QZ]X`WL_P^PcPX[WL]d]`WP^QZ]LYdQTPWO]P^PL]NS%RP__TYRNWZ^P_ZbSL_T^QZ]PTRYMd NZYQZ]XTYR _Z _SP N`W_`]Pv^ ]ZWP^ w=ZWWPYÞMP]YLSXPx _S]Z`RS PX[L_Sd LYO [P] ^ZYLW [L]_TNT[L_TZY LYO _SP YPPO LWbLd^ _Z ^_P[ MLNV LYO WZZV L_ _SP ^`MUPN_ Q]ZX L OT^_LYNPzYZ_ZYWd Q]ZX_SPZ_SP]^M`_LW^ZQ]ZXZYP^PWQLYOZYPv^ ZbYTY_P][]P_L _TZY^ ZQ ^TRY^ 3T^ R`TOTYR []TYNT[WP bL^ L 2ZP_SPWTVP wNZ^XZ[ZWT_LY [Z^T_TZY ]ZZ_POTYP\`LWT_dPcNSLYRPLYONZX[WPXPY_x.Q6`]_ 4YOTPY`YO0`]Z[L $"
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
SLO `YQZ]_`YL_PWd ]PXLTYPO QZ]PTRY _Z 0`]Z[P z `YQZ]_`YL_PWd MPNL`^P _SP NZX[L]T^ZY LWWZbPO wYZ_ ZYWd _SL_ bSTNS T^ QZ]PTRY M`_ LW^Z ZYPv^ ZbYN`W_`]P_ZMP`YOP]^_ZZOTYLYPbbLdx !4Y_SPQZWWZbTYRbPSLaP Pc[LYOPO ZY 6`]_v^ TOPLW_d[P ^NSPXP ZQ _SP Q`YOLXPY_LW OTNSZ_ZXTP^ _SL_ L[[PL]PO ^Z NPY_]LW _Z STX z wWT_P]LNdzZ]LWT_dx w[ZWd[SZYTNz XZYZ[SZYTNx LYO wNZX[Z^T_TZYzTX[]ZaT^L_TZYx z Md LOOTYR XZ]P Pc [WLYL_TZY^Md_SPL`_SZ] !% 0`]Z[P
4YOTL
7T_P]LNd
:]LWT_d
b]T__PY YZ_L_TZY PXLYNT[L_TZY ZQ _SP XTXP^T^ Pc[P]TPYNP VYZbWPORP YZ_P^ TY YZ_L_TZY^ OT^_LYNPO ]L_TZYLWT _PLNSP][`[TW STP]L]NSd [L]_TNT[L_Z]d Q`^TZY eL_TZY ;ZWd[SZYd
8ZYZ[SZYd
NSZ]O^ NZ`Y_P][ZTY_ [ZWd[SZYTN ^Z`YO ^_]`N_`]P^ wOTLWPN_TN OdYLXTN^ MP_bPPY ]L_TZYLW SL]XZYTN^ LYO T]]L _TZYLWXPWZOdxwaP]_TNLWSPL]TYRx
OP_LTWPO XTN]ZXPWZOTN ^_]`N_`]P^ XZYZXPWZOTN _d[P^ ZQ XPWZOd LYO PaP] QL^_P] ]Sd_SXTN [L__P]Y^ wSZ]T eZY_LWSPL]TYRx
.ZX[Z^T_TZY
4X[]ZaT^L_TZY
^`MUPN_TaP ^_]TaTYR QZ] Pc[]P^^TZY X`^TNLW RPYT`^ ^d^_PXQZ]XTYR _ZYP L]NST_PN_`]P ]L_TZYLWT^_TN aTPb ZQ X`^TN
w^PWQWP^^xX`^TNTLYwLbLVPYTYRx_SP LP^_SP_TN XZZO^ LYO wWP__TYR ZYP^PWQ MP NZWZ]POx Md _SPX XP_L[Sd^TNLW aTPbZQX`^TN
/`LWT^X
8ZYT^X
^PWQNPY_]TNT_d^NZ]PNPY_]TNT_d
-]LSXLYNPY_]TNT_d ^TYRTYR L^ []ZN P^^ ZQ Q`^TZY NZ]]PWL_TYR bT_S wWP__TYR ZYP^PWQ QLWW TY_Z SLaTYR_ZQZWWZbx bSPY WPL]YTYR X`^TN LYO TY _SP OP OTQQP]PY_TL_TZY TY _SP _PLNSP][`[TW ]PWL_TZY^ST[ TY L wX`^TNLW QPPWTYR ZQ `YT_dx
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP_SPMW`]MTY6`]_ 4YOTPY`YO0`]Z[L ! 6`]_ 4YOTPY`YO0`]Z[L QQ
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
,NNZ]OTYR _Z 6`]_ _ST^ XPLY^ _SL_ _SP aL]TZ`^ X`^TN _]LOT_TZY^ NZ]]P ^[ZYO _Z Q`YOLXPY_LWWd OTQQP]PY_ TYOTaTO`LW LYO ^ZNTLW TOPY_T_TP^ LYO Q`YOLXPY_LWWdOTQQP]PY_ bZ]WOaTPb^_SL_NLYMPPc[WLTYPObT_SLw[W` ]LWT_d ZQ WTQP^_dWP^x P^[PNTLWWd bT_S OTQQP]PY_ QZ]X^ ZQ ^ZNTLWTeL_TZY ^_]PYR_SPYTYR PT_SP]_SP^PWQZ] ^PWQWP^^YP^^w4NSWZ^TRVPT_xLYO PO` NL_TZYLW _PNSYT\`P^ TYOP[PYOPY_ WPL]YTYR Q]ZX MZZV^ aP]^`^ YZY TYOP[PYOPY_ TXT_L_TaP WPL]YTYR Md Z]LW _]LY^XT^^TZY 6`]_ XLTY_LTY^ _SL_ BP^_P]Y X`^TN SLO N]PL_PO T_^ ]L_TZYLW QZ]X^ _S]Z`RS _SP YZ_L_TZY _PNSYT\`P XL_SPXL_TNLWWd NLWN`WL_PO _ZYP ^d^_PX^ []PNT^P YZ_L_TZY^ bPWW_PX[P]PO TY^_]`XPY_^ Q`YN_TZYLW SL]XZYTN^ LYO [ZWd[SZYd bSTNS _SP wPc[]P^^TaP ^PWQx NZY_TY`LWWd M]ZVP _S]Z`RS wOTP QZ]_^NS]PT _PYO aZX Pc[]P^^TaPY 4NS O`]NSM]ZNSPY bP]OPY VZYY_PYx bSTWP _SP L`OTPYNP ^SZ`WO LW^Z MP LMWP _Z TOPY_TQd bT_S _SP NZX[Z^P] LYO ST^ bZ]V !6`]_ ^PP^ _SPZ_SP]YP^^ZQ4YOTLYX`^TNLW[]LN_TNP LYOPc[P]T PYNPL^MPTYRLYNSZ]POLMZaPLWWTY_SPYZYb]T__PY_]LY^XT^^TZY^T_`L _TZY_SP^`MZ]OTYL_TZYZQ_SP[`[TW_Z_SP]PRTXPZQ_SP_PLNSP]LYO_SP XZYT^_TNw-]LSXLY_PLNSTYRx >TXTWL]_ZZ`]^`MNSL[_P]ZYWT_P]L_TZY_SPwWT_`]RTNLWLYOWZRZNPY _]TNXZOPWx6`]_^_]P^^P^_SPZ_SP]PO`NL_TZYLWLYO_]LY^XT^^TZY^T_`L _TZYL]T^TYRQ]ZX_SPZ]LWXZOPLYOTXXPOTL_PQLNP_ZQLNPNZY_LN_4_T^ w_PLNSTYR TY LbL]PYP^^ ZQ _SP _]LOT_TZY LYO WPL]YTYR Q`WW ZQ OPaZ_TZYx ?SP X`^TNLW Pc[P]TPYNP VYZbWPORP L]T^P^ L^ 6`]_ PX[SL^TeP^ TY _SP XLYd dPL]^ ZQ _]LY^XT^^TZY bSTWP WTaTYR bT_S LYO WPL]YTYR bSTWP ^P]a TYR L XL^_P] bSZ TY ST^ _`]Y bL^ TY^_]`N_PO Md L XL^_P] X`^TNTLY ?SP _PLNSP] T^ L w^ZNTLWWd ]PNZRYTePO VPP[P] ZQ ^PN]P_^x LYO wNSL]T^XL_TN L`_SZ]T_dQTR`]Px !Z]TYPXTN_P]X^L_ZYNPwQL_SP]XZ_SP]LYORZOx MPNL`^P SP SL^ L XZYZ[ZWd ZY VYZbWPORP LYO WPLO^ _SP [`[TW wZ`_ ZQ _SP OL]VYP^^ TY_Z WTRS_x LNNZ]OTYR _Z _SP QZWV P_dXZWZRd ZQ _SP bZ]O wR`]`x ?SP OPaZ_TZY _Z _SP _PLNSP] T^ `YNZYOT_TZYLW ! LYO MTYO^ _SP [`[TW_Z_SP_PLNSP]O`]TYR_SPWZYR_]LTYTYR[P]TZO,NNZ]OTYR_Z6`]_ _ST^NWZ^PSTP]L]NSTNLWLYOL__SP^LXP_TXPaP]d[P]^ZYLW]PWL_TZY^ST[ LYO _SP WPL]YTYR Md TXT_L_TZY LYO XTXP^T^ ^TYRTYR LQ_P] _SP _PLNSP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6`]_ 4YOTPY`YO0`]Z[L " ! 6`]_ 4YOTPY`YO0`]Z[L 164 6`]_T^SZbPaP]NZ]]PN__ZO]LbL__PY_TZY_Z_SPQLN__SL__SPNWL^^TNLWXZOPW]P[]P ^PY_^LYTOPLW_SL_T^YZ_LZYP_ZZYP]PQWPN_TZYZQ_SP^ZNTLW]PLWT_d?SP^ZNTLW]PWL _TZY^ST[T^Q]LRTWPPRTQ_SP_PLNSP]T^LaP]dXZZOd[P]^ZYTQ_SP[`[TWNLYYZ_TOPY _TQd bT_S _SP _PLNSP] Z] TQ _SP]P T^ YZ X`_`LW _]`^_ :Y _SP Z_SP] SLYO SP ^Ld^ _SP BP^_P]YPO`NL_TZYLWTOPLWZQ_SP0YWTRS_PYXPY_zZQWPL]YTYR`^TYRZYPv^ZbY[Zb P]^ZQ ]PL^ZYTYRLYOMPTYRM]Z`RS_`[_ZWPL]Y QZ]ZYP^PWQz T^ZYWd ]L]PWd ]PLWTePO LYO LOO^ _SL_ _PLNSTYR T^ RPYP]LWWd PcSL`^_PO TY wQTWWTYR _SP ^_`OPY_ bT_S []P[L]PO VYZbWPORPx&MPSTYO_SPwTOPZWZRTNLWaPTWZQQ]PPOZXx_SP]PZQ_PYWTP^LYL`_SZ]T_L_TaP [POLRZRTN []LN_T^P WPLOTYR _Z [L^^TaPWd MPTYR _ZWO bSL_ _Z OZ w[L^^TaP 1]PXOMP ^_TXX`YRx.Q6`]_ 4YOTPY`YO0`]Z[L #
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
N]PL_P^w`YT^ZYx_SL_SP^PP^L^TXXPOTL_PWdNZ]]PWL_PO_ZXZYZXPWZOTN X`^TN LYO _Z L OTQQP]PY_ VTYO ZQ SPL]TYR 6`]_ OP^N]TMP^ ST^ ZbY WPL]Y TYRPc[P]TPYNPL^NZX[WP_PWdYPbwZNPLYTNxPc[P]TPYNPZQX`^TN% wBT_STY_ST^QZ]XZQ^ZNTLW]PWL_TZY^ST[4 Pc[P]TPYNPO^TYRTYRL^L _d[PZQ Q`^TZY []ZNP^^ m PdP _Z PdP bT_S _SP Z_SP] [P]^ZY LYO L_ _SP ^LXP _TXP _ZYPTY_ZYPbT_SZ`_VYZbTYRPcLN_WdbSP]PXdZbYaZTNPMPRLYZ]PYOPO TY _SP NZXXZY ^Z`YO XLOP bT_S _SP aZTNP ZQ _SP Z_SP] [P]^ZY ,YO _SP MZ`YOL]d MP_bPPY 4 LYO dZ` WZ^_ T_^ NZY_Z`]^& LYO PaPY XZ]P ^_]LYRP bL^ _SP QLN_ _SL_ ZY L Q`YOLXPY_LW WPaPW T_ bL^ YZ_ PaPY ]PWPaLY_ MPNL`^P _SP []P^PY_ Pc[LYOPO ^Z QL] _SL_ YZ ^[LNP^ bP]P WPQ_ QZ] OTQQP]PY_TL_TZY^ ]P QWPN_TZY^ LYO ^PWQ[]P^PY_L_TZY^ w>PWM^_TY^ePYTP]`YRPYx ?SL_ bL^ L YPb Pc[P]TPYNPQZ]XP4YXd^PWQNPY_P]POLYO^NZ]PNPY_P]POX`^TNLW^ZeTLWT eL_TZY 4 SLO NP]_LTYWd YPaP] MPQZ]P SLO L X`^TNLW Pc[P]TPYNP ZQ _ST^ ^Z]_x !
6`]_NZY_TY`P^Md^LdTYR_SL_w_SPQPPWTYRZQWLNVZQX`^TNLWLYO^ZNTLW OTQQP]PY_TL_TZYx SLO SZbPaP] NPL^PO TXXPOTL_PWd bSPY SP MPRLY _Z Z]TPY_STX^PWQZYb]T__PYX`^TN?SPTXXPOTLNdOT^L[[PL]POLYOLVTYO ZQwN`W_`]PNWL^SxMPRLYTYbSTNS_SP4YOTLY_PLNSP]WPL]YPO_ZLOL[__Z _SP [`[TW bSZ bL^ `^PO _Z SLaTYR L ^NZ]P LYO _SL_ TY MPNZXTYR LN \`LTY_PO bT_S _SP Z_SP] X`^TN N`W_`]P wMPTYR L XPOT`Xx _SP [`[TW WPL]YPO XZ]P LMZ`_ _SP Z_SP]YP^^ ZQ ST^ ZbY !! 6`]_ ^`XXL]TeP^ _SP ML^TNOTQQP]PYNPL^QZWWZb^% w1Z]X`^TNTLY^^ZNTLWTePOTY4YOTL_SP]PQP]PYNP_Z_SP[`]TQdTYR[ZbP]ZQ _SP =LRL LYO _SP ^PWQWP^^ MPTYR ZYP bT_S 2ZO wTNSWZ^P 0TY^^PTY XT_ 2Z__x T^ _LVPY QZ] R]LY_PO U`^_ L^ L X`^TNTLY ^ZNTLWTePO TY _SP ^[T]T_ ZQ 0`]Z[PLYNWL^^TNLWX`^TN_LVP^QZ]R]LY_PO_SP]PQP]PYNP_Z_SP^PWQLYO_SP bZ]VwAP]bPT^L`QOL^4NS`YOOL^BP]Vx,YO_SP^P]PQP]PYNP^]PQP]TY _SPT] _`]Y TY _bZ bLd^ ZQ N`W_`]LW PcT^_PYNP% XZYT^X _SP]P O`LWT^X SP]Px !"
4YXLYdbLd^6`]_v^TOPLW_d[P^NZ]]PWL_PbT_SbSL_bPSLaPOT^N`^^PO LMZaP LYO bT_S LOOT_TZYLW _d[ZWZRTNLW OTQQP]PYNP^ _SL_ bP SLaP PWLMZ ]L_PO TY _ST^ MZZV 4Y _SP QZWWZbTYR NSL[_P] ZY ,Y_T\`T_d bP bTWW LN_` LWWdPc[LYO_SPOTNSZ_ZXZ`^WT^_LMZ`_X`^TN:Y_SPZ_SP]SLYObPOZ ^PP _SP YPPO _Z OTQQP]PY_TL_P ?SP QZWWZbTYR wdP^ M`_x ZMUPN_TZY^ ^SZb bSd LYO bSP]P bP NZY^_]`P _SP N`W_`]LW OTQQP]PYNP^ TY L OTQQP]PY_ bLd _SLY6`]_LYOOZYZ_QZWWZbST^N`W_`]LWPT_SP]Z]^ZW`_TZY L7TVP`^6`]_ ^_]P^^P^w4YOTLYPL]^SPL]OTQQP]PY_Wdx !#zLYO[]P NT^PWd_ST^SL^MPPYZYPZQ_SPXLTY_SP^P^ZQ_ST^aZW`XPL[[WdTYRQL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6`]_ 4YOTPY`YO0`]Z[L " !!6`]_v^ 4YOTPY`YO0`]Z[L TYNW`OP^ L /A/LMZ`_WPL]YTYRX`^TNTY 4YOTL w-PL8P OT`XxLYOLYwTY_P]N`W_`]LWWPL]YTYR[]ZUPN_xTY2P]XLYd_ZbSTNS_SP4YOTLYX`^TN _PLNSP]bL^TYaT_PO !"6`]_ 4YOTPY`YO0`]Z[L !#6`]_ 4YOTPY`YO0`]Z[L $
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
MPdZYO X`^TN -`_ Z`] XLTY L]R`XPY_ QZ] _ST^ SL^ MPPY _SP ^Z`YO LYO [P]QZ]XLYNPNPY_P]POWTQPbZ]WOTYbSTNSYZ_ZYWd_SP^[ZVPY_PLNSTYR bZ]O M`_ LW^Z _SP ^Z`YOTYR bZ]O T^ TX[Z]_LY_ LYO _SP]P T^ YZ M]PLV MP_bPPYZ]LWT_dLYOWT_P]LNdBPSLaPNZY^NTZ`^WdPX[SL^TePOYZ_ZYWd Z]LW _]LY^XT^^TZY M`_ LW^Z _SP NZY_TY`T_d ZQ Z]LWT_d LYO WT_P]LNd LYO NZTYPO _SP _P]X w^ZYLWT_dx _ZOPYZ_P_ST^8`^TN T^YZPcNP[_TZY4_SL^ YZ_ZYWdMPPY[L^^POOZbYZ]LWWdM`_LW^Z[]P^P]aPOTYYZ_L_TZY^ !$LYO X`^TN_]PL_T^P^?SPWL__P]SLaPYZ_ZYWdQZ]NPOaZNLWT_d_S]Z`RSb]T_TYR LYO L]R`PO TY ^`[[Z]_ ZQ YZYO`LW Q`^TZY^ bT_S ]PNZ`]^P _Z _SP 9£OL -]LSXLY NZYNP[_ M`_ LW^Z ]L_TZYLWTePO X`^TNZWZRTNLW OP_LTW^ LYO _PNS YT\`P^ ?SP TYOTRPYZ`^ ^d^_PX ZQ X`^TNLW [P]X`_L_TZY^ bL^ L^^ZNTL_PO bT_S XL_SPXL_TNLW ]L_TZYLWT^X LYO L VPPY ^[T]T_ ZQ OT^NZaP]d 1Z] 6`]_ _SP ]L_TZYLWT_d [L]_ LYO _SP []ZQLYP X`^TN N`W_`]P ZQ 9Z]_SP]Y 4YOTL ]PXLTYPO `YOP]OP_P]XTYPO ,YO T_ bZ`WO LW^Z MP _ZZ ]PO`N_TZYT^_ _Z OP]TaP_SPwZNPLYTNxQ`^TZYPc[P]TPYNP^ZWPWdQ]ZX_SPZ]LWNZXX`YTNL _TZY ^T_`L_TZY LYO _SP _PLNSP][`[TW ]PWL_TZY^ST[ LW_SZ`RS T_ T^ LY TX [Z]_LY_ [ZTY_ QZ] _SP NZY_TY`T_d ZQ L N`W_`]LW SLMT_`^ ZY XLYd WPaPW^ ?ST^ MPRTY^ bT_S _SP QLN_ _SL_ _]LOT_TZYLWWd TY 4YOTL QZ] L WZYRP] [P]TZO LWW WPL]YTYR ^TX[Wd NZY^T^_^ ZQ ]P[PL_TYR bSL_ T^ ^LTO Z] ^`YR LYO bZ`WO_SP]PQZ]PSLaP_SP^LXPwZNPLYTNxPQQPN__SL_6`]_OP^N]TMPODP_ T_ ^PPX^ _Z MP P\`LWWd TX[Z]_LY_ _SL_ _ST^ SLMT_`^ bL^ LW^Z WT_P]LWTePO LYO RTaPY L ]L_TZYLW QZ`YOL_TZY 6`]_v^ QTYOTYR _SL_ _SP Z]LW _PLNSTYR ^T_`L_TZYWPO_ZL_d[PZQR]PL__]LY^NPYOPYNdPc[P]TPYNP_SL_SZbPaP] TXXPOTL_PWd OT^L[[PL]PO bSPY SP ^_L]_PO ]PLOTYR LYO b]T_TYR `W_T XL_PWd ]PaPLW^ XZ]P LMZ`_ ST^ ZbY ^ZeTLWTeL_TZY _SLY LMZ`_ 4YOTLY ^ZeTLWTeL_TZY 4Y 4YOTL _SP ^NTPY_TQTNL_TZY LYO b]T__PY []ZQP^^TZYLWTeL _TZY ZQ X`^TN OTO YZ_ bPLVPY L YZYO`LW bZ]WOaTPb Z] OTXTYT^S _SP wXP_L[Sd^TNLW ^`M^_LYNPx LYO ]PWTRTZ`^ OTXPY^TZY ZQ X`^TN TYNW`OTYR [`]PWd[]ZQLYPX`^TNL_LWWL^6`]_QZ`YO TYST^ZbYPc[P]TPYNPM`_ [Z^T_TaPWd ^_]PYR_SPYPO _SPX 1Z] TY^_LYNP ±£]«RLOPaL []P^P]aPO TY b]T_TYR ST^ WPL]YPO Pc[Z^T_TZY ZY _SP TOPL ZQ 9£OL-]LSXLY LYO ZY =£RL X`^TN LYO [P]X`_L_TZY^ ?SP w-]LSXLY MWT^^x _SL_ ?d£RL]£UL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$.Q LW^Z BTOOP^^ w?SP Z]LW TY b]T_TYR% 0L]Wd 4YOTLY X`^TNLW YZ_L_TZY^x $ ?SP^PwZ]LWYZ_L_TZY^xLYO_SPT]b]T__PY]P[]P^PY_L_TZY^XLOP`^PZQWTYR`T^_TN^dWWL MWP^ TP LNZ`^_TN ^dXMZW^ _SP ^[PPNS^dWWLMWP^ ZQ _SP LW[SLMP_ _Z OPXZY^_]L_P _SP ]Sd_SXTN]P[P]_ZT]PZQO]`X^LYO_SPXPWZOTNNSL]LN_P]T^_TN^ZQ_SP=£RL^?SPO]`X ^dWWLMWP^ NLY TYOTNL_P YZ_ ZYWd _SP ^_]ZVP^ _Z MP [WLdPO M`_ LW^Z QZ] PcLX[WP bSP_SP]_SPNZX[Z^T_TZYZ]TRTYL_POZY_SP?LMW£Z]LYZ_SP]]Sd_SXTNTY^_]`XPY_4_T^ _]`P _SL_ _SP YZ_L_TZY^ ZQ _SP =£RL^ RPYP]LWWd NZY_LTY ZYWd _SP ^P\`PYNP ZQ ML^TN [T_NSP^bT_SZ`_OP_LTWPOTYOTNL_TZY^ZQZ]YLXPY_L_TZYP_N0L]WdYZ_L_TZY^"_SNPY_ ,/ SZbPaP] bP]P ^ZXPbSL_ XZ]P PWLMZ]L_P _SLY WL_P] ZYP^ ?SPd L[[WTPO aZbPW XZOTQTNL_TZY^_Z^_LYOL]O^ZWXTeL_TZY^dWWLMWP^_SL_OP_P]XTYPO_SPOT]PN_TZYLWXZaP XPY_ ZQ _SP XPWZOd `[ Z] OZbY PR `^TYR wTx QZ] STRS [T_NSP^ LYO w`x QZ] WZb [T_NSP^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
XLYTQP^_PO TY ST^ ^ZYR^ LW^Z TY b]T_TYR _d[TNLWWd SL^ YZ_STYR _Z OZ bT_S _PLNSP][`[TW _]LY^XT^^TZY ?d£RL]£UL WTaPO L_ _SP _TXP ZQ _SP AT UdLdLYLRL]Lw=PYLT^^LYNPx_S_Z!_SNPY_bSP]PLW^ZTY_SPX`^T NLWWd wXZ]P ]PWTRTZ`^x >Z`_SP]Y 4YOTL L ^NTPY_TQTNL_TZY ZQ X`^TN _ZZV [WLNPTY_SPQZ]XQ]ZXSLYOMZZV^ZYNL]YL_TNX`^TN_SPZ]d M 4Y aTPb ZQ _SP^P ZM^P]aL_TZY^ T_ LW^Z L[[PL]^ _Z `^ ]T^Vd _Z _]d Pc[WLTYTYR _SP w^PWQWP^^YP^^x w4NSWZ^TRVPT_x ZQ 4YOTLY X`^TNTLY^ []TXL]TWdTY_P]X^ZQ_SP_PLNSP][`[TWSTP]L]NSdLYOLWW_SPXZ]P^ZL^ 6`]_ []P^PY_^ _ST^ ^ZNTLW ]PWL_TZY^ST[ L^ LY LN_ ZQ MWTYO ZMPOTPYNP LYO _Z_LW ^`MZ]OTYL_TZY _Z _SP ]PRTXP ZQ _SP _PLNSP] ^Z _SL_ ^PWQWP^^YP^^ LN\`T]P^ L _Z`NS ZQ wWZ^TYR ZYP^PWQx BSP]P bP SLaP `^PO _SP _P]X w^PWQWP^^x bP SLaP L[[WTPO T_ XZ]P TY _SP ^PY^P ZQ L [L]_TNT[L_Z]d L__T _`OPTY_PR]L_TZYTY_ZL[]POPQTYPOYP_bZ]VZQ_ZYLW]PWL_TZY^LYOZQL OPaZ_TZY _Z _SP ZMUPN_ ?SP []ZQP^^TZYLW TX[]ZaT^TYR X`^TNTLY LN_^ Pc_]PXPWd^`MUPN_TaT^_TNLWWdLYOTYOTaTO`LWWd_ZM]TYR_SP=£RL_ZWTQPTY ST^aP]dZbYbLd?ST^T^_SPZYWd_STYR_SL_NZ`Y_^L^w_]`PL]_xbSTWP ^TX[Wd QZWWZbTYR RTaPY ^_]`N_`]P^ TP XP]P TXT_L_TZY ZQ PcT^_TYR X`^T NLW [L__P]Y^ T^ ^PPY L^ wL]_WP^^x >`MUPN_TaT_d wWP__TYR ZYP^PWQ MP NZW Z]POx LYO TYOTaTO`LW Pc[]P^^TZY L]P TYSP]PY_Wd bZaPY TY_Z NWL^^TNLW 4YOTLYX`^TNL__SPOPP[P^_WPaPWP^[PNTLWWdTY_SP[]TYNT[WPZQTX[]ZaT ^L_TZY4Y_ST^NZY_Pc_^PWQWP^^YP^^T^LNZY^NTZ`^TY_PY_TZYLWL__T_`OP 4Y _SPT] _Z_LW OPaZ_TZY _Z X`^TN 4YOTLY X`^TNTLY^ L]P []ZMLMWd YZ_ ^Z aP]d OTQQP]PY_ Q]ZX XLYd NWL^^TNLW 0`]Z[PLY X`^TNTLY^ ?SP VPd Q`Y OLXPY_LW OTQQP]PYNP ]PXLTY^ _SL_ MP_bPPY _SP BP^_P]Y SL]XZYTN^ LYO [ZWd[SZYd LYO _SP 4YOTLY XTN]Z_ZYLW XZOLW X`^TN bSZ^P ^PY^Z]d ^Z`YO TX[]P^^TZY LW]PLOd _]TRRP]^ OTQQP]PY_ \`LWT_TP^ ZQ [P]NP[_TZY LYO QPPWTYR TP OTQQP]PY_ ^PY^Z]d VYZbWPORP T^ []ZO`NPO ^TXTWL] _Z _SP bLd^ _SL_ NZX[Z^T_TZY _PNSYT\`P SP]P LYO TX[]ZaT^L_ZY _PNSYZWZRd _SP]P[WLNP\`T_POTQQP]PY_]P\`T]PXPY_^ZYNZX[Z^P]^LYOX`^TNTLY^ N =PO`NTYR N`W_`]LW aL]TLYNP _Z _SP Z]LW _]LY^XT^^TZY ^T_`L_TZY LWZYP WPLO^ _Z `YYPNP^^L]d ^TX[WTQTNL_TZY LYO OT^_Z]_TZY 4Y _SP _P]XT YZWZRd ZQ Z`] wR`TOTYR OTQQP]PYNPx ZQ [L]_TNT[L_TZY aP]^`^ PXLYNT[L _TZY QZ] 6`]_ 0`]Z[P bZ`WO MP _Z_LWWd TY _SP PXLYNT[L_TZY NLX[ L_ ZXTeL_TZY LYLWd_TNLW OT^^PN_TZY VPP[TYR ZYPv^ OT^_LYNP Q]ZX _SP ZMUPN_ P_N LYO 4YOTL bZ`WO MP TY _SP [L]_TNT[L_TZY NLX[ OP OTQQP]PY_TL_TZY^ SZWT^_TN L[[]ZLNSP^ ^PY^Z]d LQQPN_TaP ]PWL_TZY^ LYO Q`^TZY bT_S _SPZMUPN_P_N?ST^ZYP^TOPOOT^_]TM`_TZYZQ]ZWP^ bZ`WO SZbPaP] YZ_ ]PLWWd OZ U`^_TNP PT_SP] _Z 0`]Z[P Z] _Z 4YOTL 4Y _ST^ MZZV bP SLaP ^SZbY _SL_ bT_STY >LY^V]T_ N`W_`]P _SP]P L]P aP]d XLYd aL]TL _TZY^ ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d bZ]WOZ]TPY_L_TZY^ TYNW`OTYR STRSWd LYLWd_TNLW ZYP^ z LYO L ^P]TP^ ZQ LYLWd_TNLW bLd^ ZQ LNNP^^TYR [L]_TNT[L_TZY ?SP w`YT\`PYP^^x ZQ >LY^V]T_ 3TYO`T^X LYO _SP OTQQP] PYNP Q]ZX _SP XLTY^_]PLX ZQ BP^_P]Y N`W_`]P LYO T_^ w`YT\`P ]L_TZYLW
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
T^Xx L[[PL] _Z `^ _Z WTP []PNT^PWd TY ^`NS L]R`PO ]L_TZYLWP^ ZQ OP OTQQP]PY_TL_TZY LYO TY w`YTaP]^LW Xd_STNLWx ]L_TZYLWTeL_TZY ZQ [L]_TNT[L _TZY _SL_ T^ L OTQQP]PY_ ]L_TZYLW ^d^_PXL_TeL_TZY ZQ _SP bZ]WOaTPb BPMP] WZNL_PO X`^TN TY _SP L]PL ZQ _PY^TZY MP_bPPY T]]L_TZYLWT_d LYO ]L_TZYLWT_d z bT_S L _PYOPYNd _ZbL]O L ^d^_PX _SL_ ^Z`RS_ _Z _`]Y _SP TYNZY^T^_PYNd TY_Z NZY^T^_PYNd Z] _Z []ZNP^^ T_ TY OTLWPN_TN QZ]X ?SP 4YOTLY X`^TNZWZRTNLW NZY^_]`N_TZY ]P[PL_PO L OTQQP]PY_ N`W_`]LW [L__P]Y ZYP ZQ LM^_]LN_TZY LYO Q`^TZY z bT_S L _PYOPYNd _ZbL]O _SP `YTaP]^LW Xd_S_SL_L__PX[_^_ZWTYV_SP_bZL^[PN_^SZWT^_TNLWWdLYOT^NZY_TY`Z`^ bT_S _SP _d[TNLW 4YOTLY QZ]X ZQ _SZ`RS_ LOOT_TZY TY^_PLO ZQ OTLWPN_TN LWWZbTYR NZY_]LOTN_TZY^ LYO TYNZY^T^_PYNTP^ LYO []PQP]]TYR MZ_SZYP LYO_SPZ_SP]^ZW`_TZY^w>ZbZSWLW^L`NS7Ø^`YRPYx O .`W_`]LW OTQQP]PYNP^ ZMaTZ`^Wd PcT^_ MP_bPPY 4YOTL LYO 0`]Z[P 3ZbPaP] 6`]_v^ ^_]ZYR PX[SL^T^ ZQ wZ_SP]YP^^x LYO T_^ TOPLW_d[P ^NSPXL_TeL_TZY NZY^_]`P _SP N`W_`]LW aL]TLYNP ^Z ^_]ZYRWd _SL_ wBP^_ P]Yx LYO w4YOTLYx L]P []LN_TNLWWd SP]XP_TNLWWd ^PLWPO ZQQ Q]ZX PLNS Z_SP] L^ Z[[Z^TYR N`W_`]LW MWZNV^ 6`]_ ]TRS_Wd PX[SL^TeP^ _SL_ S`XLY MPTYR^NLYWPYO^PY^P_Z^Z`YO^LYOSZb_SPdOZ^ZLYObSdOP[PYO^ ZY _SPT] N`W_`]LW NZYOT_TZYTYR ?SP XPLYTYR []ZaTOPO NLY aL]d bTOPWd Q]ZX ZYP ^ZNTP_d _Z LYZ_SP] 3ZbPaP] TY _SP LRP ZQ RWZMLWTeL_TZY LYO _]LY^YL_TZYLW QWZb^ ZQ XL_P]TLW LYO ^[T]T_`LW RZZO^ N`W_`]P^ YZ WZYRP] SLaP^`NSNWPL]NZY_Z`]^ .`W_`]P^L]PYZ_SP]XP_TNLWWd^PLWPO^d^_PX^ ?SP]PQZ]P N`W_`]LW NZY_LN_ LYO _]LY^QP] NLY WPLO _Z NSLYRP^ TY XPLYTYR NZY^_]`N_TZY LYO LW_P] bZ]WOaTPb^ ?ZOLd T_ T^ YZ WZYRP] ^Z PL^d _Z `[SZWO6`]_v^_d[ZWZRdZQwXZYT^X_SP]PO`LWT^XSP]Px4YNZY_PX[Z ]L]d 0`]Z[P [LY_SPT^_TN XZYT^_TN _]LY^NPYOPYNd Pc[P]TPYNP^ L]P L^ _Z`YOTYRWdNZXXZYPaPYLXZYRBP^_P]YP]^LYOMZ_SbT_STYLYOZ`_T ^TOP NS`]NSP^ LXZYR ]PWTRTZ`^ [PZ[WP LYO LXZYR _SZ^P ZQ YZ ]PWTRTZY " 4_ ^PPX^ _Z MP OTQQTN`W_ _Z OPYd _SL_ 4YOTLY TY^[T]L_TZY^ LYO TYQW`PYNP^SLaP[WLdPOLOPNT^TaP]ZWPTYXLVTYR_SP^`MUPN_ZQ[LY_SP T^X [Z[`WL] TY _SP BP^_ wYL_`]LWTeTYRx T_ LYO LWWZbTYR T_ _Z MPNZXP YZ]XLW ;LY_SPT^X LYO XP_L[Sd^TNLW XZYT^X L]P L^ aL]TLMWP LYO L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "?ST^T^^`RRP^_POMd_SP^`]aPd^TY =PWTRTZY^XZYT_Z]# PO-P]_PW^XLYY>_TQ_`YR 2LM]TPWw=PWTRTØ^P];W`]LWT^X`^TY/P`_^NSWLYOx#&3`MP]w,YLWd^PYe`]]PWTRTØ ^PY ;]LcT^TYOP] >NSbPTex #z!!& BZ]LYRWL`M_OTPBPW_* /`MLNSw=PWTRTZ^T _Æ_^[]ZQTWP OP^ P`]Z[ÆT^NSPY 6L_SZWTeT^X`^x $z #& 6YZMWL`NS LYO 2]LQQ w;Z[`WÆ]P >[T]T_`LWT_Æ_x "$z"& 3`MP]_ 6YZMWL`NS w;Z[`WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZYx ,;`E #% ! 1Z] PcLX[WP [LY_SPT^_TN Pc[P]TPYNP^ TY 2P] XLYdZNN`]LXZYR"!ZQ_SP[Z[`WL_TZYbSTNST^ XZ]P Q]P\`PY_ _SLY_SPT^_TNPc [P]TPYNP [L__P]Y^ LNNZ]OTYR _Z LYZ_SP] L^^P^^XPY_ _SPT^_TN Pc[P]TPYNP^ L]P TYOPPO XZ]P bTOP^[]PLO M`_ [LY_SPT^_TN ZYP^ L]P LW^Z aP]d NZXXZY ]P[Z]_PO Md ! ZQ .L_SZWTN^ZQ;]Z_P^_LY_^LYOZQ[P]^ZY^bSZOZYZ_MPWZYR_ZLYdZ]RLY TePO ]PWTRTZY bSTWP TY >bT_eP]WLYO _SP QTR`]P NZXP^ _Z LYO L]Z`YO "# TY >[LTYLYO4_LWd
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
OTQQP]PY_Wd XLYTQP^_PO L^ TY 4YOTL T_^PWQ `YT_d bT_S _SP `YTaP]^P _SP ZXYT[]P^PY_OTaTYPRZORZOOP^^NZ^XTNPYP]Rd_SPSTRSP]^PWQYL_`]P P_N,^^SZbYTY_ST^MZZVTY4YOTLY]PWTRTZ`^ST^_Z]dYZYO`LW_PLNS TYR^ NZ`WO _LVP ZY aP]d XLYd QZ]X^ LYO _SP]P bP]P LYO L]P XZ]P ^_]ZYRWd O`LWT^_TN Z]TPY_L_TZY^ _SP ^PXTZQQTNTLW XZYT^X T^ ZQ_PY Pc []P^^POL^^`MUPN_TaPXZYZ_SPT^XTY MSLV_T []LN_TNP?ST^MPNLXPNWPL] TY [L]_TN`WL] TY _SP 9£OL-]LSXLY _SL_ LM^Z]MPO LWW _SP [Z^^TMWP QZ]X^ ZQ Wd^T^% 4Y ±£]«RLOPaLv^ XP_L[Sd^TNLW NZYNP[_TZY SPL]TYR X`^TN bL^ TXXPOTL_P[L]_TNT[L_TZY TY _SP`YTaP]^PLYOTY?d£RL]£ULv^OPaZ_TZYLW TePO aP]^TZY T_ bL^ [L]_TNT[L_TZY TY 2ZO P_N ?ZOLd _SP 9£OL-]LSXLY LW^ZSL^T_^ZbYBP^_P]YST^_Z]d4QZYPNZX[L]P^6`]_v^]P[]P^PY_L_TZY ZQX`^TNbT_S_SL_ZQ_SPULeeST^_Z]TLY-P]PYO_ZYPYZ_TNP^]TRS_LbLd _SL_LWW_SPOTNSZ_ZXTP^WT_P]LNda^Z]LWT_d[ZWd[SZYda^XZYZ[SZYd NZX[Z^T_TZYa^TX[]ZaT^L_TZYLYOO`LWT^Xa^XZYT^X[]Z[Z`YOPOMd -P]PYO_ LYO ST^ []Z_LRZYT^_^ ZQ _SP $!^ LYO $"^ L]P `YOP]XTYPO ?SP]PT^LYZ_TNPLMWP^STQ_TY_SPbZ]WOaTPbQ]ZX_SPBP^__Z_SP0L^_ 3P]P bP ZM^P]aP L NSLYRP TY _SP bZ]WOaTPb bSTNS BPMP] NZ`WO YZ_ SLaP QZ]P^PPY TY _SP $^ LW_SZ`RS SP OTO LY_TNT[L_P _SL_ _SP w^_PPW ULNVP_x ZQ ]L_TZYLWTePO PNZYZXd M`]PL`N]LNd LYO ^NTPYNP LYO _SP ]L_TZYLWT_d LTXTYR L_ bZ]WO OZXTYL_TZY bZ`WO [P]SL[^ ZYNP LRLTY RPYP]L_P _SP Z[[Z^T_P _PYOPYNd LYO L w]PPYNSLY_XPY_x ZQ _SP bZ]WO XTRS_ _LVP[WLNPZ]wNZX[WP_PWdYPb[]Z[SP_^Z]L[ZbP]Q`W]PMT]_SZQ ZWO _SZ`RS_^ LYO TOPLW^x XTRS_ L[[PL] " -P]PYO_v^ N]T_TNT^X ZQ BP^_ P]Y ]L_TZYLWT_d LYO WT_P]L]d N`W_`]P bL^ YZ_ ZYWd L NZY_TY`L_TZY ZQ _SP ]ZXLY_TN^v N`W_`]LW N]T_TNT^X ZQ ]L_TZYLWTeTYR _SP bZ]WO M`_ LW^Z L NZY _TY`L_TZY ZQ _SP []Z_P^_ N`W_`]P LYO QWZbP][ZbP] XZaPXPY_ ZQ $!# LYO_SP$"^bSTNSP^_LMWT^SPOLYLW_P]YL_TaPN`W_`]P_SL_QWZbPOTY_Z _SP 9Pb,RP 4_ T^ bPWW VYZbY _SL_ _ST^ RPYP]L_TZY bLY_PO _Z M]PLV LbLdQ]ZXLWWPcT^_TYR_]LOT_TZY^LYO^LbYZ_ZYWd[ZWT_TN^LYO[]PaLTW TYR ^ZNTLW NZYaPY_TZY^ M`_ LW^Z _]LOT_TZYLW .S]T^_TLY ]PWTRTZY LYO NWL^^TNLW0`]Z[PLYX`^TNL^MZ`]RPZT^ZWOQL^STZYPOLYOTX[P]TLWT^_TN , M]ZLO ^[PN_]`X ZQ dZ`YR [PZ[WP bL^ YZ_ ZYWd ZY _SP WPQ_ ZQ _SP [Z WT_TNLW ^[PN_]`X M`_ LW^Z TY_P]P^_PO TY ]PWTRTZ`^ \`P^_TZY^ Pc[LYOTYR _SP NZY^NTZ`^YP^^ LYO ^[T]T_`LW Pc[P]TPYNP DP_ _SPd NZ`WO YZ WZYRP] TOPY_TQdbT_S.S]T^_TLYT_dLYO_SP 2ZO_SL_ bL^^ZQL] LbLd LYOSLO ^Z WT__WP _Z OZ bT_S _SPX L^ TYOTaTO`LW^ LWW _SP XZ]P ^Z L^ _SPd bP]P OP NWL]PO _Z MP ^TYYP]^ P_N ?SP^P ^[T]T_`LW ^PPVP]^ QZ`YO LW_P]YL_TaP LY ^bP]^LYOYPbbZ]WO^ZQPc[P]TPYNPTY4YOTLTY_SPYPbX`^TNN`W_`]P LYO TY O]`R^ 1Z] L M]TPQ [P]TZO 4YOTL bL^ _SP YPb wSZWd WLYOx aT^T_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q 8Lc BPMP] wBT^^PY^NSLQ_ LW^ -P]`Qx TY 2PT^_TRP ,]MPT_ LW^ -P]`Q >_`__RL]_% =PNWLX $$ =P[]TY_ TY 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P #z! ?ÞMTYRPY%8ZS]$
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
Md XLYd 4YOTLY _PLNSP]^ NLXP _Z _SP BP^_ LYO 4YOTLY X`^TN bL^ TY aZR`P /`]TYR _SP 4YOTL MZZX TY _SP $!^ LYO $"^ L bSZWP RPYP]L _TZY z TY ,XP]TNL LYO 0`]Z[P z bL^ TY^[T]PO Md _SP wZ_SP]x []PNT^PWd MPNL`^P T_ bL^ OTQQP]PY_ BT_STY _SP NZY_TY``X ZQ N`W_`]LW QZ]X^ ZQ Pc[]P^^TZY _d[TNLW ZQ _SP _TXP bP QTYO [ZWT_TNLW OPXZY^_]L_TZY^ Q]PP WZaP Pc[P]TXPY_L_TZY bT_S O]`R^ LYO L X`^TNLW QPPWTYR ZQ `YT_d PR BZZO^_ZNV LYO 2LYOSTTY^[T]PO [LNTQT^_ P_SZ^ _ZRP_SP] bT_S L XL]VPO TY_P]P^_ TY Pc[WZ]TYR _SP TYYP] bZ]WO ^[T]T_`LWT_d L XZYT^_TN [LY_SPT^_TN bZ]WOaTPb LYO Pc[LY^TZY ZQ NZY^NTZ`^YP^^ -P]PYO_ LN_` LWWd NLXP `[ bT_S \`T_P L RZZO OP^N]T[_TZY ZQ _ST^ XZZO ZQ NSLYRP w,`QM]`NS^_TXX`YRxLYOLW_P]YL_TaPN`W_`]P,__SL__TXPL^STQ_Q]ZX BP^_ _Z 0L^_ MPNLXP aT^TMWP _SL_ bL^ L XLUZ] QLN_Z] TY NZY^_T_`_TYR XZOP]Y ^[T]T_`LWT_d >[T]T_`LWT_d NZ^XTN `YT_d _SP w2ZO TY XPx P_N ]PXLTYPONZY^_LY__SPXP^PaPYLQ_P]_SP4YOTLMZZXSLOOTPOLbLdLYO _SP []Z_P^_ N`W_`]P [P_P]PO Z`_ LYO _SP ^ZNTLWT^_ TOPLW^ OT^^ZWaPO L^ _SP .ZWOBL]NLXP_ZLYPYO,NNZ]OTYR_ZBLOP.WL]V=ZZQLQ`YOLXPY _LW ^STQ_ TY ]PWTRTZ`^ N`W_`]P _Z LW_P]YL_TaP QZ]X^ _ZZV [WLNP TY ,XP]TNL bT_STY L ^TYRWP RPYP]L_TZY _SL_ bL^ MZ]Y MP_bPPY _SP XTO$ ^ LYO _SP LOaPY_ ZQ _SP NZY_]LNP[_TaP [TWW TY _SP $!^ LYO ^TXTWL] NWLTX^ SLaP LW^Z MPPY XLOP QZ] BP^_P]Y 0`]Z[PLY NZ`Y_]TP^ " ?Z _SP Pc_PY_ _SL_ _ST^ wRPYP]L_TZY ZQ NSLYRPx MPNLXP P^_LMWT^SPO TY ^ZNTP_d XZOP]Y ^[T]T_`LWT_d LW^Z MPNLXP P^_LMWT^SPO 4Y L ^PY^P T_ OPaPWZ[PO TYaT^TMWd LYO R]LO`LWWd TY BP^_P]Y 0`]Z[P LYO LW^Z TY ,XP]TNL TY_Z L XLUZ] QZ]NP_SL_NLYYZWZYRP]MP^ZPL^TWdTRYZ]PO4_T^]PWL_TaPWdbTOP^[]PLO MZ_S LWZYR^TOP LYO bT_STY _SP _]LOT_TZYLW ]PWTRTZY^ LYO ^PN`WL]T^X% TY 0`]Z[PLY NZ`Y_]TP^ PR TY 2P]XLYd LXZYR ZQ _SP [Z[`WL_TZY LYOTYZaP]"TY>[LTYLYO4_LWd " 4_bZ`WOMP[`__TYR4YOTLZYL[POP^_LW_Z^`RRP^__SL__ST^OPaPWZ[ XPY_ bL^ O`P ^ZWPWd _Z 3TYO` TYQW`PYNP^ 4Y QLN_ T_ bL^ L NZXMTYL_TZY ZQ XLYd ]PL^ZY^ PR _SP OPaPWZ[XPY_ ZQ _SP XZOP]Y TYO`^_]TLW LYO VYZbWPORPML^PO ^ZNTP_dLYO_SP]PaZW`_TZYTYXL^^ XPOTL _SL_RPYP] L_PO XZOP]Y ^[T]T_`LWT_d LWZYR bT_S L Y`XMP] ZQ OTQQP]PY_ ^Z`]NP^ ZQ TY^[T]L_TZY PR _SP TYaPY_TZY ZQ XP^XP]T^X LYO _SP ]POT^NZaP]d ZQ 0`]Z[PLY LWNSPXd LYO P^Z_P]TNT^X -`_ ^_TWW bP bZ`WO NWLTX _SL_ _SP []TXP_]TRRP]NLXPQ]ZX4YOTLZ]_ZMPXZ]P[]PNT^PQ]ZXTY_P]LN_TZY^ bT_S 4YOTL _SL_ MPRLY WZYR MPQZ]P _SP $!^ LYO ^P_ TY XZ_TZY N]PL_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "BLOP .WL]V =ZZQ , 2PYP]L_TZY ZQ >PPVP]^% ?SP >[T]T_`LW 5Z`]YPd^ ZQ _SP -LMd -ZZX2PYP]L_TZY >LY1LYNT^NZ%3L][P].ZWWTY^$$&>[T]T_`LW8L]VP_[WLNP%-LMd -ZZXP]^ LYO _SP =PXLVTYR ZQ ,XP]TNLY =PWTRTZY ;]TYNP_ZY% ;]TYNP_ZY @; $$$& 3`MP]_ 6YZMWL`NS w;Z[WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZY OP] 2P^PWW^NSLQ_x ,`^ ;ZWT_TV`YOEPT_RP^NSTNS_P,;`E #%z# "?SPQTR`]P^L]P_LVPYQ]ZX_SP]PNPY_^`]aPd^LYOPaLW`L_TZY^ZQ_SPLMZaPXPY_TZYPO =PWTRTZY^XZYT_Z]# LYO BZ]LYRWL`M_OTPBPW_*
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
[]ZNP^^P^ ZQ L^^TXTWL_TZY LYO ]PTY_P][]P_L_TZY 0YNZ`Y_P]^ bT_S 4YOTL LNNZ]OTYR_Z_SP_SPZ]d_ZMPPc[LYOPOTYXZ]POP_LTWSLO_SPTX[LN_ZQ ^SL[TYRYPbQZ]X^ZQSLMT_`^LYObZ]WOaTPb^TYNW`OTYR_SPPQQPN__SL_ LXZYT^_TN[LY_SPT^_TNbZ]WOaTPbLYOL[L]_TNT[L_Z]dbZ]WOZ]TPY_L_TZY MPNLXP_SPbTOP^[]PLOYZ]X,YZ_SP]PQQPN_bL^_SL_Q]PPNZXMTYL_TZY ZQXLYdPWPXPY_^Q]ZXOTQQP]PY__]LOT_TZY^bL^]PRL]OPOL^`Y[]ZMWPX L_TN LYO XZaPXPY_^ TY 0`]Z[PLY ]PWTRTZ`^ ST^_Z]d _SL_ SLO []PaTZ`^Wd MPPY ^PPY L^ OPaTLY_ wXLRTNLWx LYO w^`[P]^_T_TZ`^x LN\`T]PO L X`NS R]PL_P] N`W_`]LW aLW`P LYO R]PL_P] LNNP[_LYNP 8ZOP]Y ^[T]T_`LWT_d T^ XZ^_ []PaLWPY_ TY _SP PO`NL_PO NWL^^P^ LYO SP]P []TXL]TWd LXZYR bZXPY -P]PYO_ T^ _SP]PQZ]P Md YZ XPLY^ TY LY TY^TRYTQTNLY_ XTYZ]T_d ZY _SP XL]RTY^ ZQ P^Z_P]TNT^X 4Y^_PLO SP T^ ]P[]P^PY_L_TaP ZQ L WL]RP Y`XMP] ZQ [PZ[WP _ZOLd bSZ OP_P]XTYP _SPT] ZbY bZ]WOaTPb L`_ZYZ XZ`^Wd LYO YZ WZYRP] LWWZb T_ _Z MP OP_P]XTYPO U`^_ Md L _]LOT_TZYLW ]PWTRTZYZ]PcT^_TYRN`W_`]P P 9Zb bP SLaP YZ TY_PY_TZY ZQ NWLTXTYR _SL_ _SP [LY_SPT^_TN Pc [P]TPYNP^ZQBP^_P]YP]^L]PwPcLN_Wd_SP^LXPxL^_SZ^PZQ_SP4YOTLY^ Z] _SL_ _SP 4YOTL _SL_ ^Z TY^[T]PO -P]PYO_ LYO _SP ST[[TP^ T^ _SP w_]`P 4YOTLx_SL_ 6`]_L__PX[_^_Z[Z]_]Ld3T^]P[]P^PY_L_TZY^PPX^QL]XZ]P w]PLWT^_TNxLYOwL`_SPY_TNx_SLY_SPWLYO_SPST[[TP^WZYRPOQZ]LYO-P] PYO_v^ SdM]TO 9£OL-]LSXLY 6`]_ RTaP^ LY TYQZ]XL_TaP OP^N]T[_TZY ZQ ST^QT]^_WP^^ZYLYOSZb^SZNVPOSPbL^bSPYQT]^_ZQLWW_SP_PLNSP]WPO STX _Z >L]L^aL_¯ _SP RZOOP^^ ZQ X`^TN VYZbWPORP LYO WPL]YTYR LYO TY^_]`N_PO STX _Z wMZb _ST^ T^ Z`] RZOOP^^x " 6`]_ _SP BP^_P]YP] w[P_]TQTPO bT_S ^SZNVx OTO YZ_ bLY_ _Z MZb LYO NZ`WO YZ_ OZ T_ LYO Pc[WLTYPO L^ L YZYMPWTPaP] Z] ^PN`WL]TePO ;]Z_P^_LY_ _Z _SP 4YOTLY _SL_ TY _SP BP^_ .S]T^_TLY^ OZ YZ_ SLaP _Z MZb _Z QZ]PTRY RZO^ ?SP 3TYO`_PLNSP]bL^^L_T^QTPObT_S_SL_LYOQZ]6`]__SPYPNP^^L]dwZ_SP] YP^^x SLO MPPY XL]VPO bSTNS bL^ Pc_]PXPWd TX[Z]_LY_ _Z STX L^ L ]P^PL]NSP] LYO L []TaL_P [P]^ZY ;]P^`XLMWd LYd BP^_P]YP] bSZ SL^ ^_`OTPOTY4YOTLSL^^TXTWL]Pc[P]TPYNP^ZQN`W_`]P^SZNVLYOMPTYRQZ] PTRY M`_ [P]SL[^ SL^ YZ_ YPNP^^L]TWd Pc[P]TPYNPO _SP ^LXP YPPO _Z [ZTY_ Z`_ ST^ Z] SP] wZ_SP]YP^^x ^Z Pc[WTNT_Wd L^ T^ ]PNZ]OPO TY 6`]_v^ MZZV3T^OP^N]T[_TZY TX[L]_^ _SPTX[]P^^TZY_SL__SP 0`]Z[PLYLYO_SP 4YOTLY _]LY^XT^^TZY ^T_`L_TZY^ LYO ^ZNTLWTeL_TZY ]P[]P^PY_ []LN_TNLWWd TYNZXXPY^`]LMWP bZ]WO^ 3P XLVP^ ^`[[Z^T_TZY^ LMZ`_ BP^_P]Y LYO 4YOTLY TOPY_T_d LYO ^PWQL^^P]_TZY bSTNS XLd MP OZ`M_PO% L BP^_P]YP] wYPaP]x L]]TaP^ TY _SP Z_SP] bZ]WO LYO OZP^ YZ_ bT^S _Z 1Z] PcLX[WP SP ^_L_P^ _SL_ SP STX^PWQ YPaP] ]PLNSPO _SP wTYLNNP^^TMWP NZ]Px ZQ _SP _PLNSP][`[TW ]PWL_TZY^ST[& _SP ^ZNTLW ]ZWP ZQ _SP [`[TW ]PXLTYPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "6`]_ 4YOTPY`YO0`]Z[L !
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
wNWZ^POx _Z STX " bSTNS bL^ O`P MZ_S _Z _SP _PLNSP] LYO _Z STX^PWQ :`]ZbYPc[P]TPYNP^bT_S4YOTLY_PLNSP]^OZYZ_NZYQT]X_ST^LW_SZ`RS bPSLaPYPaP]wRZYPYL_TaPxWTVP^ZXPZQ_SPST[[TP^?SP]P\`T]PXPY_ ZQ LM^ZW`_P ^`MUPN_TZY LYO MWTYO ZMPOTPYNP OZP^ YZ_ NZ]]P^[ZYO _Z Z`] Pc[P]TPYNP ZQ 4YOTL -`_ T_ T^ _]`P _SL_ bLY_TYR _Z WT^_PY _Z`RS OT^NT [WTYP LYO w^`MZ]OTYL_TZYx _Z _SP ^`[P]TZ] VYZbWPORP ZQ _SP _PLNSP] L]P P^^PY_TLW[]P]P\`T^T_P^QZ]MPTYRLMWP_ZMPNZXPLw[`[TWx:Y_SPZ_SP] SLYO L^ L ]`WP 4YOTLY _PLNSP]^ L]P aP]d []LRXL_TN LYO _SPd VYZb _SL_ _SPdL]POPLWTYRbT_SLwQZ]PTRYP]x:Q_PY_SPdMPSLaP\`T_POTQQP]PY_Wd TY4YOTL LYO0`]Z[P4YZ_SP]bZ]O^bPL]PYZ_QLNPO bT_S ^TX[Wd TYN ZXXPY^`]LMWP bZ]WO^ _SL_ SLaP _Z MP XL_NSPO ZYP bT_S _SP Z_SP] Md XPLY^ZQ_Z`RSwN`W_`]LWML__WP^xZ]MdQZ]NPOOTLWZR 4Y ]PWL_TZY _Z _SP [P]NP[_TZY ZQ 4YOTL T_ ^PPX^ _Z MP ZQ TY_P]P^_ _Z PcLXTYP _SP _Z_LWWd OTQQP]PY_ OT^NZ`]^P bZ]WO^ ]P[]P^PY_PO Md 6`]_ LYO -P]PYO_ ?SPd ]PQWPN_ L w^_]`RRWP MP_bPPY _SP aLW`P ^[SP]P^x BPMP] bT_STY ZYPv^ ZbY BP^_P]Y N`W_`]P :Y ZYP ^TOP ZQ _SP OTaTOP T^ _SP ^ZNTZWZRT^_ bSZ QTYO^ BPMP] NZYQT]XPO LYO ^_dWP^ STX^PWQ L _d[TNLW 0`]Z[PLY ^NTPY_T^_ bT_S L [PY TY ST^ SLYO VPP[TYR ST^ OT^_LYNP LYO _LVTYR L OTLWPN_TN L[[]ZLNS _Z _SP PYNZ`Y_P] bT_S 4YOTL& ZY _SP Z_SP] ^TOP T^ _SP XZOP]Y ^PPVP] bSZ bLY_^ _Z M]PLV LbLd Q]ZX BP^_P]Y ]L _TZYLWT^X LYO QTYO ^ZXP_STYR TY 4YOTL _SL_ T^ XT^^TYR L_ SZXP -P]PYO_ T^ OPQTYT_PWd YZ_ ^PPVTYR _SP BP^_P]Y b]T_TYR ^`MUPN_ M`_ _SP 4YOTLY WT^_PYP] _SP w_PX[WP TY _SP PL]x L wYPb NZY^NTZ`^YP^^x w^[T]T_`LWT_dx LYO wSZWT^Xx -P]PYO_ bL^ P^[PNTLWWd _LVPY bT_S YZ_ LWTPYL_PO Md _SP [L^^TaP OPaZ_TZYLW L__T_`OP ZQ 4YOTLY X`^TNTLY^ bSTNS SP QPW_ _Z MP w^[T]T_`LWxLYOPaPY_ZMPLO]TaTYRQZ]NPQZ]LwYPbx^ZNTP_dNSLYRTYR wNZY^NTZ`^YP^^xLYOXZ]PS`XLYT^_TNP_SZ^7ZZVTYR_S]Z`RS-P]PYO_v^ WPY^ 6`]_ MPNZXP^ L []Z_Z_d[TNLW BP^_P]Y ]L_TZYLWT^_ L OT^^PN_Z] LYO LYLRR]P^^TaPaT^TZYOZXTYL_PO[P]^ZYbSZ_d[TNLWWd^[PLV^ZQLwML__WP MP_bPPY_SPN`W_`]P^xDP_T_T^^_TWWTY_P]P^_TYR_SL_TY-P]PYO_LYO6`]_ _SP YPb Pc[P]TPYNP^ TY _SP TY_P]LN_TZY bT_S 4YOTLY X`^TNTLY^ RPYP]L_PO L YPb ^PY^Z]d VYZbWPORP LYO YPb TX[`W^P^ QZ] _SZ`RS_ 6`]_ XLVP^ NWPL]_SL_N`W_`]LWMZ`YOL]TP^NZY_TY`P_ZPcT^_TY_SPXZOP]YP]LbSTWP -P]PYO_ ^SZb^ _SL_ N`W_`]LW OPWTXT_L_TZY T^ ^Z`RS_ ?SP ^[T]T_`LW ^PPV P]^aLNTWWL_TYRMP_bPPY_SPbZ]WO^LYON`W_`]LWOPWTXT_L_TZY^L]PLN_` LWWd_d[TNLWZQXZOP]Y^[T]T_`LWT_d :YPXLdZMUPN_bT_SU`^_TQTNL_TZY_SL_9Pb,RP ^[T]T_`LWT_dSL^ WT_ _WP _Z OZ bT_S _SP w_]`P 4YOTLx ?ST^ ^[T]T_`LWT_d T^ NP]_LTYWd ^ZXP_STYR \`T_P OTQQP]PY_ ^ZXP_STYR YPb _SL_ YPaP] []PaTZ`^Wd PcT^_PO PT_SP] TY 4YOTL Z] TY _SP BP^_ -P]PYO_v^ RWZMLWTePO 9£OL-]LSXLY T^ _d[TNLW ZQ T_ L SdM]TO bT_S _SP QWLaZ] ZQ 4YOTL L OPN`W_`]L_PO []ZO`N_ bSZ^P 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`]_ 4YOTPY`YO0`]Z[L
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
OTLY Z]TRTYLW SL^ MPNZXP []LN_TNLWWd TYaT^TMWP 3ZbPaP] []ZUPN_PO LYO BP^_P]Y-P]PYO_v^w4YOTLxXLdMP_SPPYNZ`Y_P]^LYOYPbPc[P]TPYNP^ MPSTYO T_ bP]P U`^_ L^ ]PLW LYO _SP OP^T]P _Z wSPL] OTQQP]PY_Wd bT_S 4Y OTLYPL]^xbL^U`^_L^ZMaTZ`^4Y-P]PYO_ZYPXLd^PP_SP[]Z_Z_d[PZQ _SP XZOP]Y w^[T]T_`LW bLYOP]P]x BSL_ SP w_ZZV ZY MZL]Ox Q]ZX Z] wSPL]OTYxST^NZYaP]^L_TZY^bT_S4YOTLYX`^TNTLY^bL^w^[T]T_`LWT_dxL YPb L__T_`OP _Z XLVTYR LYO [P]NPTaTYR X`^TN LYO L YPb ^d^_PXL_TeL _TZYZQ_SPbZ]WO?SP9£OL-]LSXLYbL^_SPVPd_ZLYPbbZ]WOaTPb LYOLOTQQP]PY_ ^[T]T_`LWT_d _SLY_SPZYPZQ_SP0`]Z[PLYXLTY^_]PLX4_ T^ _SP []ZO`N_ ZQ LY TY_P]LN_TaP XPP_TYR MP_bPPY 0L^_ LYO BP^_ bSTNS NSLYRPO_SP4YOTLYX`^TNTLY^WP^^_SLY_SPBP^_P]Y]PNT[TPY_^LYOTYL NP]_LTY^PY^Pw4YOTQTPOx_SPWL__P]4_bL^LNZY^NTZ`^L`_ZYZXZ`^^PWQ 4YOTQTNL_TZYMPNL`^PZYPQZ`YO^ZXP_STYRTY_SPwZ_SP]x_SL_bL^XT^^ TYR TY ZYPv^ ZbY N`W_`]P LYO bSTNS M]Z`RS_ -P]PYO_ _Z _SP QZ]X`WL w^[T]T_`LWT_dx ?Z STX ^[T]T_`LWT_d XPLY_ LY L__T_`OP LYO LY LW_P]PO bZ]WOaTPb _SL_ bL^ SZWT^_TN YP_bZ]VPO LYO XZYT^_TN SP XPY_TZY^ _SP QLXZ`^ w_L_ _aLX L^Tx LYO NZY^NTZ`^Wd OTQQP]PY_ Q]ZX _SP ]L_TZYLWT_d NZXXZY TY 0`]Z[P 4_ [`_ WTQP TY _SP XZ]P NZX[]PSPY^TaP NZY_Pc_ ZQ L w^LN]PO`YTaP]^Px_SL_bL^YZ__TPO_ZLYd[L]_TN`WL]]PWTRTZY7TVPZ_SP] 9Pb,RP NZYNP[_^ -P]PYO_v^ TOPL bL^ L []ZR]LXXL_TN SZWT^X L w^[T]T_`LWxbZ]WOaTPb`YT_TYR]PWTRTZYLYO^NTPYNPLYOL__SP^LXP_TXP ]P[]P^PY_TYRLN]T_TNT^XLYOLYLW_P]YL_TaP_ZMZ_S4_bL^LVTYOZQ_ST]O bLd OT^NZ`Y_TYR _SP ^NTPY_TQTN ]L_TZYLWT_d LYO ^PN`WL]TeL_TZY ZQ _SP bZ]WO L^ ZYP^TOPO LYO OP^_]`N_TaP LYO LW^Z ]PUPN_TYR _SP _]LOT_TZYLW ]PWTRTZ`^ MZ`YOL]TP^ TY [L]_TN`WL] _SP O`LWT^_TN .S]T^_TLY bZ]WOaTPb 4_T^_]`P_SL_SPYPaP]N]T_TNTeP^.S]T^_TLYT_dM`_TY_P][]P_^T_TYLYZY .S]T^_TLYw9£OLWTVPxXLYYP]-P]PYO_v^9£OL-]LSXLY]PNP[_TZYSLO _SP Q`YN_TZY ZQ []Z_P^_ LYO ZQ QZ]XTYR LY LW_P]YL_TaP TOPY_T_d LYO OZN`XPY_^ L ^STQ_ TY aLW`P^ LYO bZ]WOaTPb _SL_ _SP ^ZNTZWZRT^_ .ZWTY .LX[MPWWNLWWPOw_SP0L^_P]YTeL_TZYZQ_SPBP^_x "! ?SP OTLRYZ^T^ ZQ _SP []P^PY_ _SL_ .LX[MPWW []P^PY_PO TY _SP dPL] "[L]_WdZaP]WL[^bT_S Z`]L]R`XPY_L_TZY_SL_XZOP]Y^[T]T_`LWT_d T^ TY^[T]PO Md 4YOTL M`_ L]R`P^ QL] XZ]P ]LOTNLWWd LYO ^_]TOPY_Wd 0aPY TQ bP OZ YZ_ LR]PP bT_S .LX[MPWW ZY ^ZXP OPNT^TaP [ZTY_^ LYO NZY^_]`P 4YOTLv^ ^SL]P TY XZOP]Y ]PWTRTZ`^ N`W_`]P OTQQP]PY_Wd SP OZP^ O]Lb L_ _PY_TZY _Z ^STQ_^ ZQ bZ]WOaTPb^ TY _SP XZOP]Y RWZMLWTePO bZ]WO bSTNS L]P U`^_ L^ ]PLW L^ _SP WL^_TYR N`W_`]LW aL]TLYNP _SL_ 6`]_ [ZTY_PO Z`_ 4_ T^ ZQ [L]_TN`WL] TY_P]P^_ _SL_ ]PRL]OTYR NZY_PX[Z]L]d ]PWTRTZ`^ N`W_`]P BPMP]v^ N`W_`]LW _d[ZWZRd NLY LW^Z MP XLOP Q]`T_Q`W _ZOLd TY L \`T_P L OTQQP]PY_ XLYYP] _SLY TY _SP NL^P ZQ 6`]_ LYO TY _SP OT^N`^^TZY^ _S`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! .ZWTY .LX[MPWW ?SP 0L^_P]YTeL_TZY ZQ _SP BP^_% , ?SPXL_TN ,NNZ`Y_ ZQ .`W_`]LW .SLYRPTY_SP8ZOP]Y0]L -Z`WOP]%;L]LOTRX;`MWT^SP]^"
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
QL] 4Y L ]LOTNLW NZY_TY`L_TZY ZQ BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY LYO TOPLW _d[P^ ZQ NTaTWTeL_TZY ZQ 0L^_ LYO BP^_ "" .LX[MPWW ^`RRP^_^ LY TXLRP ZQ _SP BP^_P]Y []P^PY_ _TXP _SL_ NLY LN_`LWWd MP ]PLO L^ LY LY _T_SP^T^ZQ6`]_v^N`W_`]LWNZX[L]T^ZY4_^SZb^SZbQL]-P]PYO_v^wYPb NZY^NTZ`^YP^^x _SL_ bL^ ^_TWW [L]_ ZQ _SP ^`MN`W_`]P TY _SP $#^ LYO ]PRL]OPOL^LXL]RTYLW^ZNTZWZRTNLW[SPYZXPYZYSL^YZbOTQQ`^POTY_Z PaP]dOLdN`W_`]P_Z^`NSLYPc_PY__SL_.LX[MPWW^[PLV^ZQ]P[WLNPXPY_ ZQ_SPBP^_P]YbZ]WOaTPbMdLY0L^_P]YZYP4Y]PNPY_dPL]^SPTOPY_T QTP^ L ^PT^XTN ^STQ_ TY _SP ST^_Z]d ZQ ^[T]T_`LWT_d LYO ZQ WTQPbZ]WO^ TY BP^_P]Y^ZNTP_TP^TY-]T_LTYLYOBP^_P]Y0`]Z[PTY[L]_TN`WL]YLXPWd L XZaP LbLd Q]ZX _SP ]L_TZYLWTeL_TZY LYO ^PN`WL]T_d [L]LOTRX _SL_ SL^ ]`YT_^PWQ TY_Z_SPR]Z`YO _ZLYPb ^[T]T_`LWTeL_TZYZQ _SP bSZWPZQ WTQP Md XPLY^ ZQ LY w0L^_P]Y Q]LXP ZQ XTYOx LYO LY w0L^_P]Y bZ]WOaTPbx RZTYRQL]MPdZYOL9Pb,RPQZWWZbTYRTY_SPYL]]ZbP]^PY^P% w_SP]PYZbPcT^_^TY_SPBP^_L_PYOPYNd_ZNL^_LWWL^[PN_^ZQWTQPTYLY 0L^_P]Y^_dWP XZWO _SL_ T^ _Z ^Ld L^ LOU`YN_^ ZQ L ^[T]T_`LW Z`_WZZV 1Z] _ST^ _PYOPYNd _Z L[[Wd LY 0L^_P]Y ^[T]T_`LWTeTYR Q]LXP _Z _SP []PaTZ`^Wd ^PN`WL] LYO X`YOLYP T^ L[[L]PY_ TY LWXZ^_ LWW L]PL^ ZQ NZY_PX[Z]L]d WTQPx "#
.LX[MPWWv^ PcLX[WP^ ]LYRP Q]ZX _SP WZaP QZ] 0L^_P]Y bT^OZX XPOT_L _TZYXP_SZO^_SP]L[TP^XL^^LRP^LYOXL]_TLWL]_^LWW_SPbLd_ZWTaTYR LNNZ]OTYR _Z _SP []TYNT[WP^ ZQ 1PYR >S`T ,NNZ]OTYR _Z .LX[MPWW _SP _P]Xw0L^_P]YTeL_TZYxT^U`^_TQTPOMd_SPZM^P]aL_TZY_SL_TY]PNPY_dPL]^ _SP LOL[_L_TZY^ bSTNS bP]P TYT_TLWWd ZYWd ^`[P]QTNTLW wBP^_P]YTePOx ^PN`WL]TePO ZYP^ z ^`NS L^ DZRL LOL[_PO _Z MP ^ZWPWd L SPLW_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "".LX[MPWW []ZaTOPO L OP_LTWPO ]L_TZYLWP QZ] ST^ NZY^NTZ`^Wd bSZWP^LWP WLMPWWTYR ZQ wBP^_xLWLMPWQZ]w^PWQxLYOw0L^_xLWLMPWQZ]_SPwZ_SP]xL[[WTPO_Z4YOTL.STYL LYO _SP 1L] 0L^_ bSZ^P TOPL^ SP ^LTO SLO MPNZXP VYZbY TY _SP BP^_ []TYNT[LWWd TY _SP [Z^_bL] [P]TZO ML^PO ZY 8Lc BPMP] LYO Z_SP]^ .Q .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ z!" ZY BPMP] "z!" 1ZWWZbTYR ZY Q]ZX BPMP] .LX[MPWW `YOP] ^_LYO^ wBP^_x LYO w0L^_x L^ NTaTWTeL_TZY^ LYO TOPLW _d[P^ w]L_SP] _SLY [WLNP^ ZY _SP XL[xLYO^[PNTQTNLWWdL^wTOPLW_d[PbZ]WOaTPb^xTMTO# "#.LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ " >TXTWL]Wd LW^Z TMTO % w0L^_P]Y^_dWP ^[T]T_`LWT_dYZbXLVP^NZY^TOP]LMWPL[[PLW_Z_SPBP^_P]Y[^dNSPxLYOTMTO%w _SPBP^_OZXTYL_P^_SPYZYBP^_0L^_P]YTeL_TZYZY_SPZ_SP]SLYOZNN`]^_S]Z`RSL aP]d OTQQP]PY_ XPNSLYT^X ?SP]P T^ YZ OZXTYL_TZY SP]P ZQ _SP 0L^_ ZaP] _SP BP^_ =L_SP]_SP0L^_zZ]L_WPL^__ZXLVPLYTX[Z]_LY_\`LWTQTNL_TZY_SPBP^_v^TXLRPZQ _SP0L^_zPcP]_^L[ZbP]Q`WTYQW`PYNPZaP]_SPBP^_x?SPXZ]P[]PNT^POPQTYT_TZYZQ w_SPBP^_v^TXLRPZQ_SP0L^_xL[[PL]^TX[Z]_LY__Z`^M`_T^SL]OWdNZY^TOP]POTYLY LYLWd_TNLWbLdMd.LX[MPWW-d_ST^SPXPLY^WP^^wTXLRTYTYR4YOTLxTY_SP^PY^PZQ LY 4YOZWZRT^_v^ 4YOTL Z] L w]PTYaPY_TZY ZQ _]LOT_TZYx TY _SP ^PY^P ZQ _SP ST^_Z]TLY^ 3ZM^MLbXLYO=LYRP]4Y^_PLOSPXPLY^_SL__SP0L^_P]YbZ]WOaTPbT^YZ_L^^TXT WL_POZYLZYP_ZZYPML^T^?ZSTXT^_SPL]R`XPY_T^TX[Z]_LY__SL__SPNZY_PY_wP^ ^PY_TLWWdx NZ]]P^[ZYO^ _Z _SP Z]TRTYLW :Y _SP ^STQ_ TY bZ]WOaTPb^ MPdZYO _SP 9Pb ,RPTMTOLYO
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
[]ZXZ_TYR QZ]X ZQ RdXYL^_TN^ ]TRS_ TY_Z _SP $ ^ LYO $!^ z _`]YPO TY_ZLXZ]PL[_0L^_P]Yw^[T]T_`LWxL^^TXTWL_TZYw_SL_dTPWO^MZ_SSPLW_S LYO OPP[P] ^[T]T_`LW LbL]PYP^^x "$ =PRL]OTYR ^PN`WL] LN_TaT_TP^ L^ wP^ ^PY_TLWWd ^[T]T_`LW TY YL_`]Px bL^ NSL]LN_P]T^_TN SP XLTY_LTY^ ZQ _SP 0L^_P]Y bZ]WOaTPb TY 3TYO`T^X -`OOST^X LYO ?LZT^X # 4Y _ST^ bZ]WOaTPb NZYQWTN_ YPaP] OPaPWZ[PO MP_bPPY ^NTPYNP LYO ]PWTRTZY L^ TY _SP BP^_P]Y bZ]WO ,NNZ]OTYR _Z .LX[MPWWv^ ]LOTNLW ]PLOTYR ZQ BP MP] _SP []ZNP^^ ZQ TYSP]PY_ ^PWQ^PN`WL]TeL_TZY ZQ _SP BP^_ XZ^_Wd TY ]PWTRTZY T_^PWQ TYPaT_LMWd N]PL_PO L N`W_`]LW aLN``X _SL_ NZ`WO ZYWd MP QTWWPO Md _`]YTYR _Z LY 0L^_P]Y Z`_WZZV # .LX[MPWWv^ NZ]P _SP^T^ ^_L_P^ _SL_ _SPXL_P]TLWT^_TNO`LWT^_TN bZ]WOaTPbZQ_SP BP^__SP^PN`WL]aP] ^TZY L^ bPWW L^ _SP ]PWTRTZ`^ .S]T^_TLY ZYP bT_S _SP TOPL ZQ L [P]^ZYLW RZO LYO _]LY^NPYOPYNd TP ZQ L R`WQ MP_bPPY N]PL_Z] LYO N]PL_TZY T^ YZbLOLd^ ]P[WLNPO Md L wXP_L[Sd^TNLW XZYT^Xx _SP wbZ]WOaTPb ZQ _SP0L^_x #% w _SP bP^_ T^ `YOP]RZTYR L []ZNP^^ ZQ 0L^_P]YTeL_TZY 4_ XPLY^ _SL_ _SP bZ]WOaTPb NSL]LN_P]T^_TNZQ_SP0L^_T^TY_SP[]ZNP^^ZQ]P[WLNTYR_SPQZ] XP]WdOZXTYLY_BP^_P]YaTPbzTYZ_SP]bZ]O^_SL_XP_L[Sd^TNLWXZYT^X T^]P[WLNTYRXL_P]TLWT^_TNO`LWT^X8Z]P[]PNT^PWdT_XPLY^_SL_MPWTPQTYL _]LY^NPYOPY_LW [P]^ZYLW RZO T^ RTaTYR bLd _Z MPWTPQ TY LY TXXLYPY_ LYO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$.LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ # TY [L]_TN`WL] % w4Y Z_SP] bZ]O^ _SPd FNZY_PX[Z]L]dBP^_P]YP]^H ]PRL]O T_L^L^[T]T_`LW_PNSYT\`PPaPYTQ_SPdOZYZ_LN NZ]OT__SP^LXPXPLYTYRL^T_XTRS_SLaPQZ]LDZRTTY4YOTL&_S`^bSP]PL^TYPL]Wd [Z^_bL] dPL]^ _SZ^P bSZ bT^SPO _Z [P]^`LOP BP^_P]YP]^ ZQ _SP XP]T_^ ZQ DZRL `^` LWWd SLO _Z [WLd OZbY T_^ ^[T]T_`LW ^TRYTQTNLYNP YZb TQ LYd_STYR _SP _PYOPYNd T^ ]L_SP]Z[[Z^T_P?ST^NSLYRPTWW`^_]L_P^U`^_bSdT_NLYMPNZY^TOP]POU`^_TQTLMWP_Z`^P _SP_P]X 0L^_P]YTeL_TZY _ZOP^N]TMPN`W_`]LWNSLYRP^N`]]PY_Wd`YOP]bLdTY_SPBP^_ 1Z]Z]TRTYLWWdbSPYQT]^_TX[Z]_POTY_Z_SPBP^_0L^_P]Y[]LN_TNPbL^NWPL]WdBP^_ P]YTePO?SL_T^_Z^LdT_bL^NSLYRPOZ`_ZQLWW]PNZRYT_TZYQ]ZXT_^Z]TRTYLWQZ]XTY Z]OP]_ZXPP__SP^PN`WL]YPPO^LYOPc[PN_L_TZY^ZQBP^_P]YP]^8Z]P]PNPY_WdSZb PaP] _ST^ []ZNP^^ SL^ MPPY ]PaP]^PO :] L_ _SP WPL^_ _SP Z]TRTYLW ^[T]T_`LW NSL]LN_P] ZQ_ST^[]LN_TNPSL^MPPY]P^_Z]POTQYZ_PcLN_WdTYT_^Z]TRTYLWQZ]X?ST^NSLYRP T^STRSWd^TRYTQTNLY_MPTYRTYOTNL_TaPZQ_SPRPYP]LW0L^_P]YTeTYR[]ZNP^^_SL_SL^ZN N`]]POTY]PNPY_OPNLOP^x3PLOOPO_SL_LW^ZBP^_P]YP]^_SPX^PWaP^SLOLW]PLOdMP NZXP_PLNSP]^ZQ0L^_P]Y^[T]T_`LWLYO]PWTRTZ`^_]LOT_TZY^ #.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ #?Z^`XXL]TeP^ZXPbSL_BPMP]^Lb_SP_SPZOTNTP^ZQ0L^_LYOBP^_L^_SP_bZR]PL_ TOPLW_d[P [Z^^TMTWT_TP^ ZQ TY_P][]P_TYR _SP bZ]WO .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ "O]Lb^ Q]ZX_ST^_SP ]LOTNLW NZYNW`^TZY%w4Y ]P_]Z^[PN_T_^PPX^ TYPaT_LMWP _SL__SPNTaTWTeL_TZYZQ_SPBP^_bZ`WOPaPY_`LWWd`YOP]XTYPT_^PWQLYOPaZWaPTY_ZLY 0L^_P]YQZ]X1Z]TY_]`_ST_bL^OZZXPOQ]ZX_SP^_L]_bT_ST_^OPL_SbL]]LY_b]T__PY TYT_^N`W_`]LWRPYP^4_bL^LN_`LWWd_SPaP]dOT^_TYN_TaPYL_`]PZQBP^_P]Y]PWTRTZYz TYNZXMTYL_TZYbT_SNWL^^TNLW_SZ`RS_z_SL_WPOTYPcZ]LMWdQT]^__Z_SPMT]_SZQXZO P]Y ^NTPYNPLYO_SPYL^LOT]PN_ ]P^`W_ZQ_SL_PaPY__Z_SPOPNWTYPZQMZ_S]PWTRTZ`^ LYO^PN`WL]_SPZOTNTP^LOPNWTYP_SL_N]PL_POLN`W_`]LWaLN``X_SL_ ZYWdLY0L^_P]Y Z`_WZZVbZ`WOMPLMWP_ZQTWWx:Y_SPPY_T]PL]R`XPY_TMTO"z" # .LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ !
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
TX[P]^ZYLW ZYP& _SL_ LWW O`LWT^X^ L]P MPTYR ]PUPN_PO bSP_SP] _SL_ ZQ RZO LYOXLYVTYOXLYVTYOLYOYL_`]PXTYOLYOMZOdZ]MZOdLYO^Z`WTYQL aZ]ZQRPYP]LWWdSZWT^_TNL^^`X[_TZY^?SL__SPTOPLZQ_SP]PMPTYRL^TYRWP ZaP]]TOTYR[]TYNT[WPR`TOTYRS`XLYST^_Z]dbSP_SP]]PWTRTZ`^Z]^PN`WL]TY QZ]X T^ ]PUPN_PO TY QLaZ] ZQ PT_SP] L NdNWTNLW YZ_TZY ZQ _TXP Z] L MPWTPQ TY ]PTYNL]YL_TZY Z] ^[T]T_`LW PaZW`_TZY ?SL_ MPWTPQ TY ^TY T^ ]P[WLNPO Md _SP TOPL ZQ TRYZ]LYNP LYO P]]Z] LYO _SP ^_]TaTYR QZ] ^LWaL_TZY T^ ^`NNPPOPO Md L ^PL]NS QZ] ^PWQVYZbWPORP LYO PYWTRS_PYXPY_ ,_ _SP ^LXP _TXP QLT_S TY ]PL^ZY T^ ]P[WLNPO Md LY PX[SL^T^ ZY TY_`T_TZY LYO TY^TRS_ LYO _SP ^_]P^^ ZY LYLWd^T^ XPL^`]PXPY_ LYO NLWN`WL_TZY Md NZY_PX[WL_TZY LYO XPOT_L _TZY bT_S OT]PN_ Pc[P]TPYNP ZQ u_SP ]PLWv aLW`PO XZ]P STRSd _SLY WT_P]LW _]`_S1TYLWWdNS`]NS]PWTRTZYLYOLNZYNP]YbT_S_SPOTaT^TZYMP_bPPYMP WTPaP]LYO`YMPWTPaP]T^MPTYR]P[WLNPOMdL[W`]LWT^_TNLYOOTQQ`^P^[T]T_` LWT_dTYbSTNS_SPTOPLZQ^PPVP]^ST[[]PaLTW^x #
.LX[MPWW ^PP^ _SP MPRTYYTYR ZQ _SP ^STQ_ TY _SP XZ]LW N]T_TNT^X ZQ _SP wN`W_`]LW ]PaZW`_TZY ZQ _SP $!^x LYO _SP wOT]PN_ Pc[P]TPYNP^x bT_S 4YOTLY _PLNSP]^ LYOLNWPL]_`]YQ]ZX _SP[ZWT_TNLW_Z]PWTRTZ`^M`_YZ_ `Y_TW _SP PYO ZQ _ST^ [P]TZO # 4Y _SP PL]Wd $"^ [PZ[WP ]PLWTePO SP ^_L_P^ _SL_ w^Pc O]`R^ LYO ]ZNV uYv ]ZWWx OTO YZ_ M]TYR ]PLW WTMP]L_TZY ,NNZ]OTYR _Z STX L YZ_TNPLMWP _`]Y _Z _SP 0L^_ LYO wL XZ]P RPY`TYP LYO NZXXT__PO ^PPVP]^ST[x YZb MPRLY TY NZYYPN_TZY bT_S ZNN`W_ LYO P^Z_P]TNWZNLWXZaPXPY_^=Z^TN]`NTLYT^X^[T]T_`LWT^_^_]LY^NPYOPY_LW T^X LY_S]Z[Z^Z[Sd _SPZ^Z[Sd 9Pb ?SZ`RS_ 8ZaPXPY_ P_N NSL]LN _P]TePO Md .LX[MPWW L^ w_SP 0L^_ TY _SP BP^_x bSTNS WPO OT]PN_Wd _Z _SP 9Pb ,RP 4Y _P]X^ ZQ _SP ^ZNTZWZRd ZQ VYZbWPORP LNNZ]OTYR _Z .LX[MPWW _SP YPb w0L^_P]Y Q]LXP ZQ XTYOx bL^ []ZXZ_PO Md L ]PaZW` _TZYL]d [L]LOTRX ^STQ_ TY _SP BP^_P]Y ^NTPY_TQTN bZ]WOaTPb bSTNS QZ`YO T_^ bLd TY_Z PaP]dOLd N`W_`]P ?SP TY^TRS_ TY_Z _SP ]PWL_TaT_d ZQ ]PWTRTZ`^ LYO ST^_Z]TNLW _]`_S^ SLO RTaPY _SP Xd_S STRSP] ^_L_`^ TY -`W_XLYY 0WTLOP LYO -L]_SP^ LYO _]TRRP]PO L WZaP QZ] Xd_S LYO ^NT PYNPQTN_TZYTY[Z[`WL]N`W_`]P1`]_SP]XZ]PXZOP]Y[Sd^TN^WPO_Z_SP NZWWL[^PZQ_SP^NTPY_TQTNN]T_P]TLQZ]ZMUPN_TaT_dLYO_SP9Pb_ZYTLY^NT PY_TQTNbZ]WOaTPb_Z_SPMPYPQT_ZQ_SPw0L^_P]Y_SPZ]dxZQLYTXXPOT L_PTY_`T_TaPPc[P]TPYNPZQ]PLWT_dLYO_SPwXP_LXd_SxZQLNZ^XTNXd^ _TNT^X .LX[MPWW [Z^_`WL_P^ _SL_ _ST^ _`]Y _Z _SP 0L^_ TY P[T^_PXZWZRd LYO bZ]WOaTPb ]PaPLW^ T_^PWQ TY [Z[`WL] OT^NZ`]^P _S]Z`RS ]PUPN_TZY ZQ ]PL^ZYWZRTNLYOLYLWd^T^TYQLaZ]ZQTY_`T_TZYTY^TRS_LYOQPPWTYR # ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ !!z!" #.Q.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ aTT!z$LYOZY_SPQZWWZbTYRLW^Z! $z!""Q.LX[MPWWLW^Z^PP^_SPYPbX`^TNN`W_`]PLMZaPLWW-ZM/dWLY LYO _SP -PL_WP^ L^ [WLdTYR L OPNT^TaP ]ZWP TY _SP ^STQ_ LWZYR bT_S _SP TYQW`c ZQ _SP 4YOTLYR`]`^bSTNSLNN`X`WL_POTY_SP$!^LYO$"^ # .LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ $z
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
.LX[MPWWv^ QL]]PLNSTYR L]R`XPY_ ZQ LY w0L^_P]YTeL_TZYx ZQ _SP XZOP]Y BP^_P]YP]^ LW^Z NLWWPO wDZRLTeL_TZYx #! _SP]PQZ]P XPLY^ TY ]PWL_TZY _Z []LN_TNP L ^[T]T_`LWTeL_TZY ZQ _SP bSZWP ZQ WTQP TY L ^PN`WL] TePObZ]WOLYOXZ^_OPP[WdL^^ZNTL_PObT_S_ST^LwOPP[P[T^_PXZWZRT NLW]PaZW`_TZYxTPLQ`YOLXPY_LWNSLYRPTY_SPRPYP]LWNZRYT_TaPNZY OT_TZY^ QZ] [P]NPTaTYR _SP bZ]WO 9Z_P TY MZ_S L^[PN_^ _SP ^TXTWL]T_d bT_S -P]PYO_v^ L]R`XPY_L_TZY TYNW`OTYR Pc[]P^^TZY^ WTVP w_Z RZ bT_S _SP QWZbx _SP YPb YPPO QZ] wPXZ_TZYLW TY_PWWTRPYNPx LYO LY PYSLYNPO LMTWT_d_ZSLaPw^PY^`LWPc[P]TPYNPxLYO_SPL__LNVZYwZWO^_dWPWTYPL] `YOP]^_LYOTYRx.LX[MPWWP\`L_P^_SP[]ZNP^^ZQ0L^_P]YTeL_TZYbT_SL _]LY^T_TZY Q]ZX ]PL^ZY _Z QPPWTYR LYO TY_`T_TZY Q]ZX ST^_Z]TNLW _SZ`RS_ _Z R]PL_P] TX[Z]_LYNP RTaPY _Z Xd_S LYO L [P]PYYTLW [STWZ^Z[Sd Q]ZX OZRXL^ZQ_SPwZYP^TYRWP_]`_Sx_Z[ZWdXZ][SZ`^YZ_TZY^ZQ_]`_SLYO Q]ZX LYLWd_TNLW OT^^PN_TZY _Z wTXXPOTL_Px Pc[P]TPYNP^ ZQ ]PLWT_d LYO L wSZWT^_TNxTY_P][]P_L_TZYZQ_SPbZ]WO_S]Z`RSLwNZ^XTNXd^_TNT^Xx3P ]PRL]O^ _SP WL__P] OPaTL_TYR ^ZXPbSL_ Q]ZX -P]PYO_ L^ L XP_LXd_S wZQ L []ZR]P^^TaPWd PaZWaTYR TXXLYPY_Wd OTaTYP `YTaP]^Px LYO ^[PNTQT NLWWdL^^[T]T_`LW TY_P][]P_L_TZYZQ]PTYNL]YL_TZY TP L^ L ^[T]T_`LW Xd_S ZQ L w[]ZR]P^^TaP^[T]T_`LWPaZW`_TZYx]P[WLNTYR_SP[]PaTZ`^WdST^_Z]TNLW LYO ^PN`WL] XP_LYL]]L_TaP ZQ _SP BP^_ #" .LX[MPWW ^_L_P^ _ST^ bL^ LN NZX[LYTPO Md _SP _SZ`RS_ _SL_ wF?HST^ NZ^XTN XP^^LRP T^ LWbLd^ LYO PaP]dbSP]P _SP ^LXPx& w?ST^ OTaTYT_d T^ _Z MP QZ`YO bT_STY PLNS TYOT aTO`LWx ## ?SP [SPYZXPYL ZQ N`W_`]LW NSLYRP _SL_ .LX[MPWW XPY_TZY^ OZ`M_ WP^^ PcT^_ LYO L]P MLNVPO `[ Md PX[T]TNLW PaTOPYNP PaPY TY _SP XLTY ^_]PLX NS`]NSP^ LW_SZ`RS T_ T^ OTQQTN`W_ _Z ^[PLV ZQ L RPYP]LW ]P[WLNP XPY_ ZQ ^PN`WL] bZ]WO TY_P][]P_L_TZY^ LYO .S]T^_TLY TYQW`PYNP^ #$ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #!?ST^ T^ LW^Z _SP _T_WP ZQ _SP TY_]ZO`N_Z]d NSL[_P] _SL_ OZP^ YZ_ RZ ZY _Z ^Ld X`NS XZ]PLMZ`_DZRLNQ.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ #z #".LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ z! ?SP NZYNP[_TZY ZQ L w[]ZR]P^^TaP ^[T]T_`LW PaZW`_TZY bSP_SP] NTaTWTePO Z] YL_`]LW TYOTaTO`LW Z] NZXX`YLW S`XLY Z] NZ^XTNx TMTO w[]ZaTOP^ TYOTaTO`LW^ bT_S _SP RPYP]LW Q]LXPbZ]V ZQ XPLYTYR bT_STY bSTNS _SPd NLY uNZY^_]`N_v Z] uOPaPWZ[v _SPT] ZbY [P]^ZYLWTePO XTN]ZXd_Sx& PaP]dZYPT^`YT\`PLYOSL^ST^Z]SP]ZbYwXd_STNUZ`]YPdxL^[PNTQTNwbLd_ZQTYO TYR_SP>PWQxTMTO"z# ##.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_ z #$>PN`WL]T^X LYO .S]T^_TLYT_d NZY_TY`P LW_SZ`RS ^PN`WL] MPWTPQ TY []ZR]P^^ SL^ TYOPPO OPNWTYPOPYZ]XZ`^WdLYO_SPXLTY^_]PLXNS`]NSP^TYBP^_P]Y0`]Z[PSLaPWZ^_LWZ_ ZQ TYQW`PYNP ZY [PZ[WPv^ WTaP^ LYO L WZ_ ZQ _SPT] [ZbP] _Z OPQTYP _SP ]PWTRTZ`^ 4Y NZ`Y_]TP^ Z`_^TOP 0`]Z[P LYO TY ^ZXP bT_STY 0`]Z[P L^ bPWW Q`YOLXPY_LWTeTYR .S]T^_TLYNSL]T^XL_TNLYO;PY_PNZ^_LWXZaPXPY_^SLaPPYUZdPOLR]PL_^`]RPTY[Z[` WL]T_d ^TYNP _SP $"^ LYO _ZOLd _SPd ]P[]P^PY_ _SP XZ^_ OdYLXTN ]PWTRTZ`^ QZ]NP LYdbSP]PTY_SPbZ]WO?SP^PXZaPXPY_^L]PLN_`LWWd_SPZ[[Z^T_PZQ_SPTY_PR]L_TaP ^dYN]P_T^_TN9Pb,RPXZaPXPY_DP_MZ_S]PWTRTZ`^^_dWP^L__LNSR]PL_TX[Z]_LYNP_Z Pc[P]TPYNPLYO_SPOP^T]P_Z^LN]LWTePWTQP
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
3ZbPaP] _SP OP^N]T[_TaP NL_PRZ]d ZQ w0L^_P]YTeL_TZYx T^ YZ_ aP]d L[_ 4Y NZY_PX[Z]L]d BP^_P]Y ^ZNTP_TP^ ^PaP]LW bZ]WOaTPb^ Z] PWPXPY_^ ZQ bZ]WOaTPb^ PcT^_ ^TOP Md ^TOP z .S]T^_TLY ^PN`WL] NTaTW ]PWTRTZ`^ 0L^_P]YTY^[T]PO _]LY^]PWTRTZ`^ XLRTN [LRLY P_N z LYO YZ_ `YNZX XZYWd L NZWWLRP ZQ LWW ZQ _SPX >_]`N_`]LW PWPXPY_^ ZQ 0L^_P]Y bZ]WO aTPb^ NLY NP]_LTYWd MP TOPY_TQTPO LYO L]P Pc_]PXPWd [Z[`WL] DP_ _SPd XZ^_Wd PY_P] TY_Z YPb NZXMTYL_TZY^ LYO XTc bT_S ]PWTRTZ`^ PWPXPY_^ bZ]WOaTPb^ LYO P^Z_P]TNT^X Q]ZX LWW ZaP] _SP bZ]WO LYO bT_S ^PN`WL] aTPb^ ^NTPYNP LYO [STWZ^Z[Sd Z] PW^P ^ZXP_TXP^ L]P NZX[WP_PWd LM ^PY_ :YWdLXTYZ]T_d[]LN_TNPPcNW`^TaPWdLY 0L^_P]Y_]LOT_TZY .LX[ MPWW bL^ YZ_ LYLWd_TNLW PYZ`RS TY ST^ NZY^TOP]L_TZY ZQ _SP ]PWTRTZ`^ NZX[Z^T_P^ LYO _SP SdM]TO YL_`]P ZQ _SP YPb QZ]XL_TZY^ _SP YPb ^P XLY_TNTeL_TZY^ Pc_PY^TZY^ LYO ^STQ_^ TY Q`YN_TZY ?ST^ MPNZXP^ L[[L] PY_ [L]_TN`WL]Wd TY ST^ NPY_]LW L]R`XPY_ NZYNP]YTYR ]PTYNL]YL_TZY L^ ^[T]T_`LWPaZW`_TZY?ST^T^LYPbNL_PRZ]d_SL_T^YPT_SP][`]PWd0L^_P]Y YZ][`]PWd BP^_P]Y LYO bL^[]P^`XLMWdQT]^_QZ]X`WL_POMd _SP 3TYO` ]PQZ]XP],`]ZMTYOZbSZSTX^PWQbL^TY^[T]POMd_SPBP^_?SP[]ZM WPX ZQ _STYVTYR TY N`W_`]LW wMWZNV^x ZNN`]^ TY .LX[MPWW TY ]PWL_TZY _Z ^PaP]LW L^[PN_^ LYO TY L X`NS XZ]P XL]VPO bLd _SLY TY 6`]_ 1Z] Pc LX[WPYPT_SP]_SP0L^_YZ]XZOP]Y^[T]T_`LWT_dT^^ZWPWdXd^_TNTY_`T_TaP LYO Q`WW ZQ PXZ_TZY 9PaP]_SPWP^^ bP bZ`WO WTVP _Z L]R`P _SL_ TYOPPO _SP]P L]P YZ_TNPLMWP ^_]`N_`]LW ^TXTWL]T_TP^ LYO NZ]]PWL_TZY^ MP_bPPY XZOP]Y ^[T]T_`LWT_d LYO 3TYO` SLMT_`^ QZ]X^ _Z bSTNS .LX[MPWWv^ N]T_ TN^[LTO_ZZWT__WPL__PY_TZY:`]L]R`XPY_T^^ZXPbSL_NZX[WPcLYONLY ZYWdMP^VP_NSPOZ`_MPWZbL^_SP^P^ :YP NLY N]T_TNTeP .LX[MPWW QZ] L WZ_ ZQ _STYR^ MPRTYYTYR bT_S _SP QLN_ _SL_ ST^ 0L^_ T^ LY :]TPY_LWT^_TN TXLRP Q]ZX _SP $_S NPY_`]d LYO _SP]P T^ TY QLN_ YZ NZY^T^_PY_ 0L^_P]Y bZ]WOaTPb $ 3P RLaP _ZZ WT__WP NZY^TOP]L_TZY _Z _SP TY_P]LN_TZYLW NZYOT_TZY^ `YOP] bSTNS _SP TXLRP ZQ _SP 0L^_ L]Z^P z _SP TX[P]TLW Pc[LY^TZY ZQ 0`]Z[P _Z PYR`WQ 4YOTL LYO
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $.ZXXZY w:]TPY_LWT^X^x _SL_ PXP]RPO L_ _SL_ _TXP LYO L]P bTOP^[]PLO TY _ZOLdv^ PaP]dOLd OT^NZ`]^P TYNW`OP [`__TYR 3TYO`T^X -`OOST^X LYO ?LZT^X LWW _ZRP_SP] TY ZYP`YTQTPONL_PRZ]d_SP[]ZaP]MTLW ^[T]T_`LWT_dZQ_SP0L^__SL_[P]aLOP^_SP bSZWP ZQ WTQP _SP]P LYO _SP ^PWPN_PO PWPXPY_^ ZQ LY 0L^_P]Y bZ]WOaTPb% XP_L[Sd^TNLW XZ YT^X bT_SZ`_ NZY^TOP]TYR _SP ^TRYTQTNLY_ NSLYRP^ TY XZYT^X ^TYNP _SP _TXP ZQ _SP @[LYT´LO^LYO_SP[W`]LWT_dLYOOTaP]^T_dZQ0L^_P]YYZYO`LWT^X^YZ__ZXPY_TZY_SP PcT^_PYNP ZQ O`LWT^_TNLWWd Z]TPY_PO _SPT^X^ TY 4YOTL& LW^Z DZRL LYO XPOT_L_TZY L^ L VPd _Z _SP 0L^_ bSP]PMd OTQQP]PYNP^ MP_bPPY 3TYO`T^X LYO -`OOST^X ]PXLTY TR YZ]POLYO_SP[]ZXTYPYNPNZYNPOPO_Z_SP_Z[TNZQ]PTYNL]YL_TZYL^ZYWdLYNTPY_4Y OTL bL^ ZQ TY_P]P^_ T_ ]PXLTYPO TYaT^TMWP LYO ZM^N`]PO U`^_ SZb ^`MaP]^TaPWd VL]XL OZN_]TYPTYNWL^^TNLW4YOTLbL^`YOP]XTYPOMd_SPR]PL_RZO^LYOYPT_SP]T_bL^NZY ^TOP]POSZbWT__WPNLYMP^LTOTY-`OOST^XLMZ`_w_]LY^XTR]L_TZYZQ^Z`W^x
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
_SPN]PL_TZYZQLY4YOTLYXZOP]YT_d $zTYbSTNSYZ_ZYWdLNP]_LTY[TN _`]P ZQ _SP 0L^_ L]Z^P TYNW`OTYR _SL_ ZQ LY LST^_Z]TNLW OP[W`]LWTePO NZYNP[_ZQXZYT^XM`_LW^ZLOPN`W_`]L_PO`YTaP]^LW NZYNP[_ZQ ^[T]T _`LWT_d1`]_SP]XZ]PZYPXLdZMUPN__SL__SPZ[[Z^T_TZY^_SL_.LX[MPWW ^P_`[L[[WdYPT_SP]_Z4YOTLY^[T]T_`LWT_dYZ]_ZXZOP]Y^[T]T_`LWT_dLYO _SL_ TY NZY^_]`N_TYR LY 0L^_P]Y XT]]Z]TXLRPZ[[Z^T_P LW_P] PRZ SP bL^ _ZZ ^_]ZYRWd TYQW`PYNPO Md BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY :]TPY_PO ZY BPMP] .LX[MPWW bL^ TY L ^Z]_ ZQ ^d^_PXTN ^_]LT_ULNVP_ QZ]NTYR STX _ZLOL[_4YOTL _Z_SPwP[T^_PXZWZRTNLW]PaZW`_TZYx _SL__`]YPO]L_TZYLWT eL_TZYTY_ZT_^Z[[Z^T_P% wMdNZY_]L^__SP0L^_P]Y[Z^T_TZYT^ZYP_SL_PX[SL^TeP^Pc[P]TPYNTYR]PLW T_d ]L_SP] _SLY LYLWdeTYR T_& SZbPaP] _ST^ [Z^T_TZY LW^Z TYaZWaP^ LNNP[_ TYR _SL_ VYZbWPORP ZQ `W_TXL_P ]PLWT_d NLYYZ_ MP Pc[]P^^PO WT_P]LWWd LYO NP]_LTYWd YZ_ TY ^[PNTQTN []Z[Z^T_TZY^ M`_ ZYWd z TQ L_ LWW z Md XPLY^ ZQ ^dXMZW XP_L[SZ] Z] Xd_S ?ST^ T^ MPNL`^P `YOP]^_LYOTYR T^ LNSTPaPO _S]Z`RS _SP OT]PN_ L[[]PNTL_TZY ZQ ]PLWT_d ]L_SP] _SLY T_^ ZM^P]aL_TZY LYO LYLWd^T^ LYO SPYNP TY_`T_TZY QPPWTYR LYO Xd^_TNLW TY^TRS_ L]P PWPaL_PO LMZaP]PL^ZYWZRTNLYOLYLWd^T^x $
.LX[MPWW _S`^ ]P[]ZO`NP^ XZ]P ZQ L BP^_P]Y O`LWT^_TN [L__P]Y _SLY L[[]Z[]TL_PWd OP^N]TMTYR 0L^_P]Y ]PWTRTZ^T_d LYO QZ]X^ ZQ VYZbWPORP ?ST^ OZP^ WT__WP U`^_TNP _Z -`OOST^_ WZRTN Z] ±L«VL]Lv^ ^NSZWL^_TNT^X P_N 3P]P bP ]PXTYO ]PLOP]^ _SL_ TY >LY^V]T_ _SP]P T^ YZ ^P[L]L_P bZ]O QZ]PXZ_TZY4Y^_PLO XLYL^ NZaP]^MZ_SQPPWTYRLYO_STYVTYRLYO_SP]P L]P Pc[]P^^TZY^ ^`NS L^ M`OOST wOT^N]TXTYL_TYR TY_PWWPN_x _SL_ ^_]P^^ XZ]P _SP L^[PN_ ZQ ]PL^ZY ?SP TYNWTYL_TZY _Z ^P[L]L_P Xd_SZ^ LYO WZ RZ^ bL^ LW]PLOd L ^[PNTLW_d ZQ _SP 2]PPV^ M`_ WP^^ ZQ L []ZMWPX QZ] 4YOTLYTY_PWWPN_`LW^&_SPNZYQWTN_MP_bPPYw]L_TZYLWxLYOwT]]L_TZYLWx_SL_ ^Z PcP]NT^PO BPMP]v^ aTPb ZQ X`^TN bL^ YZ_ LY T^^`P QZ] _SP 4YOTLY X`^TNZWZRT^_^ BSL_bPSLaPNLWWPOw`YTaP]^LWXd_SxTY_ST^MZZVMPL]^NSL]LN_P] T^_TN^ ZQ .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx LYO wNZ^XTN Xd^_TNT^Xx M`_ OTQQP]PY_TL_P^ T_^PWQ [L]_TN`WL]Wd LNNZ]OTYR _Z Z`] NZY^_LY_ WTYP ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $4Y _ST^ OT^N`^^TZY bP WL]RPWd ]P^_]TN_ Z`]^PWaP^ _Z >LY^V]T_ 3TYO`T^X LYO OZ YZ_ TYNW`OP-`OOST^_VYZbWPORPN`W_`]P^?ST^L[[PL]^_Z`^_ZMPWPRT_TXL_PMPNL`^PbP ^PP_SPwTYT_TLW_]TRRP]xQZ]XZOP]Y^[T]T_`LWT_dTY 3TYO` ]PWTRTZ`^ N`W_`]P?SP[WLNP ZQ TY_P]LN_TZY TY _SP $_S NPY_`]d bL^ WL]RPWd 4YOTL bSP]P -`OOST^X bL^ YZ WZYRP] []LN_TNPOL_LWWLYOTY_SP$!^LYO$"^T_bL^LRLTY[]TYNT[LWWd4YOTLLYO3TYO` R`]`^ bSZbP]P aT^T_PO 1T]^_ LYOQZ]PXZ^_SZbPaP]_SPZXT^^TZYT^ L[`]PWd[]LR XL_TN ZYP , NZX[]PSPY^TaP OT^N`^^TZY ZQ _SP RPYP^T^ ZQ XZOP]Y ^[T]T_`LWT_d bZ`WO SLaP _Z TYNW`OP -`OOST^X LYO ?LZT^X MZ_S ZQ bSTNS L]P L^^ZNTL_PO bT_S _SPT] ZbY [L__P]Y^ ZQ TY_P]LN_TZY LYO TXLRP^ ZQ _SP 0L^_ 1Z] PcLX[WP NZY^_]`TYR wZ]TRTYLWx -`OOST^XL^L]L_TZYLWL_SPT^_TNwYZY]PWTRTZYxZ]L[`]P[STWZ^Z[SdLYOP_STNLW^d^ _PXSLOLVPdTYQW`PYNPZY_SPPXP]RPYNPZQXZOP]Y^[T]T_`LWT_d $.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
L]R`XPY_ TY _SL_ SZWT^_TN [L]_TNT[L_TZY T^ RTaPY L ]L_TZYLWP _S]Z`RS L] R`XPY_L_TZYLYO]PL^ZYTYR4Y>LY^V]T_3TYO`T^XT_bL^LQ]P\`PY_LYO aP]daL]TPOQTR`]PZQ_SZ`RS_TPL^_]`N_`]LW[L__P]Y_SL_NZ`WO_LVPZY L ]LYRP ZQ aP]d OTQQP]PY_ QZ]X^ :YP ZQ _SP^P QZ]X^ z LOXT__POWd YZ_ 4YOTLv^XLTYPc[Z]_T_PXM`_TYXZ]P]PNPY__TXP^[P]SL[^XZ]P[]ZXT YPY_ _SLY _SP APO£Y_L z T^ _SP 9£OL-]LSXLY LYO OP]TaPO QZ]X^ ^`NS L^9£OLSPLWTYRP_N.ZYNP]YTYR_SP9£OL-]LSXLY.LX[MPWWv^NWL^ ^TQTNL_TZY T^ YZ_ LWW _SL_ TYL[[]Z[]TL_P 4Y 4YOTLY ST^_Z]d _SP 9£OL -]LSXLYbL^LXd_STNLW^`M^_LY_TLWTeL_TZYZQ_SP-]LSXLYNZYNP[_LYO L[[L]PY_WdSLOLQ`YN_TZYYZ_^ZaP]d`YWTVP_SPZYP^Z`RS_TY_SP9Pb ,RP YLXPWd _SL_ ZQ ^LN]LWTeTYR WTQP XLVTYR LM^_]LN_TZY^ XZ]P ^PY^Z]d LRLTY Pc[P]TPYNTYR _SP ZYPYP^^ ZQ _SP bZ]WO LYO RTaTYR X`^TN L OPP[P] ^[T]T_`LW OTXPY^TZY ±£]«RLOPaL SZbPaP] OTO YZ_ ^PP ST^ L]R` XPY_L_TZY^ZWPWdL^Xd_SLYOXP_L[SZ]PaPYNZXXPY_L_Z]^^NSZZWPOTY _SP ,OaLT_LAPO£Y_L bSZ ^Lb L XP_L[SZ] TY T_ OTO YZ_ _STYV _SL_ _SP `W_TXL_P ]PLWT_d bL^ ZYWd LNNP^^TMWP aTL ^dXMZW^ 4YOTLY XZOLW X`^TN TYNW`OP^ YZ_ ZYWd PXZ_TZYLW XZZO^ M`_ LW^Z LYLWd_TNLW XL_SPXL_TNLW L^[PN_^ BP _STYV _SL_ _SP []P]ZRL_TaP ZQ TY_PWWPN_`LWT_d ^SZ`WO YZ_ MP `YOP]P^_TXL_PO z LYO YZ_ TY XZOP]Y ^[T]T_`LWT_d PT_SP] 4Y [PZ[WPv^ OP ^N]T[_TZY^ZQ_SPX^PWaP^w^[T]T_`LWT_dxT^TYOPPO`YOP]^_ZZOL^L_P]XTY Z[[Z^T_TZY _Z XL_P]TLWT^X ^NTPY_TNT^X LYO TY^_T_`_TZYLW ]PWTRTZY M`_ T_ OZP^YZ_]P[]P^PY_L_P]XTYZ[[Z^T_TZY_Z^PN`WL]T^XLYO^NTPYNP ?SP^ZNTZWZRT^_3`MP]_6YZMWL`NSNZ]]PN_WdN]T_TNTeP^.LX[MPWWLYO 0TWPPY -L]VP]v^ ^TXTWL] NWL^^TQTNL_TZY ^[T]T_`LWT_d a^ b]T_TYRML^PO ]PWTRTZY^ $3T^ZMUPN_TZYT^_SL_XZOP]Y^[T]T_`LWT_dT^NSL]LN_P]TePOMd LXTc_`]PZQNZOP^LYOSZWT^_TNMZ`YOL]dOT^^ZW`_TZY^zTY[L]_TN`WL]YZ_ Md Z[[Z^T_TZY^ LYO NZY_]L^_^ M`_ _S]Z`RS PNWPN_TNT^X L OP OTQQP]PY_TL_TZY ZQ _SP ^LN]PO LYO _SP []ZQLYP ]PWTRTZY LYO ^NTPYNP _SP .S]T^_TLY LYO _SP YZY.S]T^_TLY $ 6YZMWL`NS ^PP^ _SP XTc_`]P ZQ _SP ]PWTRTZ`^ LYO _SP YZY]PWTRTZ`^ TY [L]_TN`WL] L^ L YPb w^[T]T_`LW NZOPx _SL_ WTYV^ SZWT^_TNLWWd TY L ^`MUPN_TaP XLYYP] _SL_ bSTNS L[[PL]^ ^P[L ]L_P TY ^ZNTP_d -L^TNLWWd _ST^ bL^ LW^Z .LX[MPWWv^ L]R`XPY_ bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 0TWPPY-L]VP]w?SP.S`]NSBT_SZ`_LYO_SP2ZOBT_STY%=PWTRTZ^T_dLYOZ]>[T]T_` LWT_dxTY =PWTRTZYLYO;L__P]Y^ZQ>ZNTLW?]LY^QZ]XL_TZY PO/TYVL8L]TYZaTNP_LW ELR]PM z" ,NNZ]OTYR _Z -L]VP] _SP _STYR^ _SL_ L]P _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_dTYNW`OPLYTXXLYPY_TOPLZQRZO_SPwTYYP]RZOxLYO_SPw_]`P^PWQxL^L XLUZ][L]_ZQ_SPTYOTaTO`LWS`XLYMPTYRa^LbZ]WO_]LY^NPYOTYRLYO[P]^ZYLWTOPL ZQRZOPc[P]TPYNPLYOXd^_TNT^XL^L^Z`]NPZQVYZbWPORPa^b]T_TYRLYO]PaPWL _TZY[]Z[SP_TN LYYZ`YNPXPY_ L NdNWTNLW LYO LST^_Z]TNLW P_P]YLW TOPL ZQ _TXP a^ _STYVTYRTY_P]X^ZQST^_Z]dLYOSZWT^Xa^LYLWd_TNLW_SZ`RS_3P]PT_T^YZ_OTQQT N`W_ _Z ]PNZRYTeP _SP NZXXZY TXLRP L^^ZNTL_PO bT_S 0L^_P]Y ]PWTRTZY^ bSTNS ^`[ [Z]_^ _SP YZ_TZY _SL_ _ST^ TXLRP SL^ TYQW`PYNPO XZOP]Y ^[T]T_`LWT_d .Q LW^Z _SP OT^ N`^^TZYLYO_LMWPTY6YZMWL`NS ;Z[`WÆ]P=PWTRTZY #z# $>Z]`Y^6YZMWL`NSv^ZbYXLTY_SP^T^.Q6YZMWL`NS ;Z[`WÆ]P=PWTRTZY #z$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
XPLY_ _SL_ []PNT^PWd _ST^ ^[T]T_`LW TY_P][]P_L_TZY ZQ LWW L^[PN_^ ZQ WTQP bL^ bSL_ bL^ _d[TNLWWd 0L^_P]Y BP bZ`WO NL^_ L WT__WP OZ`M_ ZY _ST^ TXLRP ZQ _SP 0L^_ M`_ TY QLN_ TY 4YOTL _SP []ZQLYP LYO _SP ^LN]PO ZQ_PY QWZb OT]PN_Wd TY_Z ZYP LYZ_SP] z LYO LRLTY X`^TN T^ LY P^[PNTLWWd RZZO PcLX[WPBSP]P.LX[MPWW^PP^_ZZX`NSZQ_SP0L^_6YZMWL`NSXLdMP ^PP^ _ZZ WT__WP LYO SL^ `YOP]P^_TXL_PO 4YOTLv^ ]ZWP TY _SP QZ]XL_TZY ZQ XZOP]Y ^[T]T_`LWT_d BP bZ`WO SZbPaP] _LVP L XZ]P QZ]XLWT^_TN aTPb ZQT_^TYQW`PYNP_SLY.LX[MPWWOZP^LYObZ`WOYZ_ ^[PLVZQw0L^_P]YT eL_TZYx M`_ ZQ TX[P_`^ _]TRRP]^ LYO Pc[LYOTYR SZ]TeZY^ 4_ bL^ YZ_ ZYWd LYO YZ_ PaPY []TXL]TWd TOPL^ LYO []LN_TNP^ _SL_ M]Z`RS_ YPb TX [P_`^M`_LW^Z^_]`N_`]LW[L__P]Y^LYOQ]LXTYRNZYOT_TZY^QZ]]POPQTYTYR ]PWTRTZY LYO ^[T]T_`LWT_d ;]PNT^PWd _SP SZWT^_TN TOPL ZQ L `YTaP]^LW Xd_S bL^ ^ZXP_STYR _SL_ bL^ ^`T_LMWP QZ] OPaPWZ[TYR YPb SZWT^X^ LYO OP OTQQP]PY_TL_TZY^ TY _SP BP^_ ,XZYR Z_SP] _STYR^ _SP XZYT^X [LY_SPT^X ^`MUPN_ bL^ L ^[PNTQTNLWWd w^[T]T_`LWx [WLNP QZ] _LNVWTYR _SP XZOP]Y [P]TZO MPNL`^P _ST^ QZ]X ZQ SZWT^_TN [P]NP[_TZY ZQQP]PO MP__P] _SLY _SP .S]T^_TLY _SPT^_TN O`LWT^_TN ZYP _SP [Z^^TMTWT_d ZQ RTaTYR [WL` ^TMTWT_d _Z XLYd [L_S^ _Z _SP _]`_S LYO wNZWWLRP^x ZQ WTYVTYR YZY ]PWTRTZ`^ TY_P][]P_L_TZY [L__P]Y^ bT_S _SPX WZNL_TYR Pc_]LZ]OTYL]d Pc [P]TPYNP^ _SL_ RZ MPdZYO _SP PaP]dOLd ^ZWPWd TY _SP TYOTaTO`LW LYO `YTQdTYR ^`MUPN_TaPWd _SL_ bSTNS bL^ ^P[L]L_PO TY ^ZNTP_d LYO ZQQTNTLW ]PWTRTZY 8Z^_ ^ZNTZWZRT^_^ SLaP TY_P][]P_PO _SP XZOP]Y NSLYRP TY QZ]X^ ZQ _SP ]PWTRTZ`^ LYO _SP ^_]ZYR ^`MUPN_TaTeL_TZY ZQ ]PWTRTZY L^ MPTYR L [`]PWd 0`]Z[PLY Z] 0`]Z,XP]TNLY BP^_P]YNPY_P]PO [SPYZXPYZY ?ST^T^L^TX[WTQTNL_TZY?SPXZOP]YLRPbL^[LTO_ZZWT__WPL__PY_TZYL^ Pc[LY^TZY ZQ N`W_`]LW SZ]TeZY^ NZRYT_TaP RWZMLWTeL_TZY LYO TY_P]LN_TaP ST^_Z]d ZQ PcNSLYRP BP bZ`WO LR]PP bT_S .LX[MPWW _SL_ TYN]PL^TYR QLXTWTL]T_dbT_S4YOTLXLOPLXLUZ]NZY_]TM`_TZYLW_SZ`RSYZ__SPZYWd ZYP _Z NSLYRTYR _SP QZ]X ZQ _SP ^ZNTLWWd RPYP]L_PO ^NSPXP^ _SP ]PWT RTZ`^ SLMT_`^ LYO ^`MUPN_TaP XPLYTYR LYO []ZaZVTYR L ^STQ_ TY bZ]WO aTPb 4_ T^ _]`P _SL_ XZOP]Y ^[T]T_`LWT_d ZQ_PY _LVP^ _SP QZ]X ZQ _`YTYR TY_ZLXZ]P[L]_TNT[L_Z]dZ]TPY_L_TZYLYOOP^T]P^_Z_TP_SPbSZWPZQWTQP TY_ZL^LN]PO`YTaP]^P_SL_T^NZYNPTaPOTYLXZ]PXZYT^_TNLYO[LY_SP T^_TN XLYYP] _SLY L O`LWT^_TN ZYP LYO MPL]^ ^_]ZYR `YTaP]^LW Xd_STNLW QPL_`]P^ BPSZbPaP] ^PP_SP TYQW`PYNP^ZQ4YOTLL^MPTYRX`NS ^`M _WP] LYO XZ]P NZX[WPc _SLY .LX[MPWW OZP^ 1Z] PcLX[WP bP ^PP _SPX L^ ^`NS _SL_ TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL ^TRYTQTNLY_Wd TY^[T]PO LXZYR Z_SP] _STYR^ []PNT^PWd _SP XZOP]Y wXTcTYR ZQ _SP NZOP^x LYO bL^ L XLUZ] QLN_Z] TY _SP N]PL_TZY ZQ L YPb NZYNP[_ ZQ ]PWTRTZY NLWWPO w^[T]T_`LWT_dx ?ST^ NZYNP[_ bL^ YZ WZYRP] ZYWd _TPO _Z L _]LOT_TZY LYO bL^ PaPY LMWP _Z XTc bT_S _SP YZY]PWTRTZ`^ Z] PW^P []ZaTOPO L ]PWT RTZ`^ TY_P][]P_L_TZY Q]LXPbZ]V QZ] _ST^ ?ST^ RWZMLWTePO NZYNP[_ ZQ
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
^[T]T_`LWT_dbL^YZ_QT]^_TYaPY_POTY_SP9Pb,RPLYOT_T^NP]_LTYWdYZ_ L [`]PWd BP^_P]Y []ZO`N_ 4Y^_PLO T_^ Z]TRTY RZP^ MLNV _Z _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d LYO T^ Pc[WLTYPO YZ_ WPL^_ Md _SP ]PaZW`_TZYL]d N`W_`]LW Pc[LY^TZY ZQ SZ]TeZY^ _S]Z`RS _SP OT^NZaP]d ZQ _SP ]PWTRTZ`^ N`W_`]P^ ZQ ,^TL bSTNS PYWL]RPO _SP ^[PN_]`X ZQ _SP ]PWTRTZ`^ bZ]WO MZ_S \`LY_T_L_TaPWd LYO \`LWT_L_TaPWd LYO Pc[LYOPO LYO XL]VPO Z`_ _SP MZ`YOL]TP^TYLNZX[WP_PWdYPbQL^STZY;]PNT^PWd^[T]T_`LWT_dL^LXZO P]Y `YTaP]^LWTePO NL_PRZ]d T^ Pc[WLTYPO Md _SP TY_P]LN_TaP []ZNP^^P^ ZQ PcNSLYRPMP_bPPY4YOTLYLYOBP^_P]YXZOP]YT_d $ LYO_SPbPWWVYZbY _ST]O ^[LNP^ TY _SP NZWZYTLW QTPWO ZQ OT^NZ`]^P Q]ZX bSTNS YPb _STYR^ PXP]RPO _STYR^ _SL_ SLO YZ_ PcT^_PO MPQZ]P wSdM]TO^x z LYO _ST^ SL[ [PYPOMZ_STY4YOTLLYOTY0`]Z[PLYO,XP]TNL 4_bL^_SPLRPbSPYL^^ZXP]P^PL]NSP]^[ZTY_POWdPX[SL^TeP3TY O`T^X LYO -`OOST^X bP]P wTYaPY_POx LYO _SP TXLRP ZQ _SP ^[T]T_`LW 0L^_ L]Z^P bT_S LWW _SP PWPXPY_^ ZQ .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx 4_ bL^ LW^Z _SP LRP bSPY _SP]P OPaPWZ[PO ^TX`W_LYPZ`^Wd NWZ^PWd _TPO bT_S _ST^ []ZNP^^ L RWZMLWTePO NZYNP[_ ZQ ^[T]T_`LWT_d _SL_ bL^ ^`QQTNTPY_Wd aLR`P LYO LM^_]LN_ _Z LWWZb [PLNPQ`W NZXX`YTNL_TZY MP_bPPYOTQQP]PY_NZYNP[_`LW`YTaP]^P^,NNZ]OTYR_Z Z`]_SP^T^T_ bL^ _SP NPY_]LW XPOTL_Z]^ TX[L]_TYR 4YOTLY bT^OZX bSZ N]PL_PO LYO ^[]PLO TY_P]YL_TZYLWWdYZ_ZYWdL[ZbP]Q`WTXLRPZQ3TYO`T^XLYO_SPwXd^_TN 0L^_x M`_ _ZRP_SP] bT_S _SP^P TXLRP^ _SP XZOP]Y `YOP]^_LYOTYR ZQ ^[T]T_`LWT_dbSTNST^YZWZYRP]_TPO_ZLYd^[PNTQTN]PWTRTZ`^N`W_`]PLYO _S`^]PXZaPOQ]ZX_SPMLRRLRPZQNZX[P_T_TaP]PWTRTZ`^TY^_T_`_TZY^LYO L`_SZ]T_TP^ .PY_]LWQPL_`]P^bP]P _SPYZ_TZYZQL w^[T]T_`LW`YT_dZQ_SP bSZWP `YTaP]^Px ATaPVLYLYOL _SP T^ZWL_TZY ZQ L wNZ]P PWPXPY_ ZQ ^[T]T_`LWT_dx PcT^_TYR TY LWW ]PWTRTZ`^ _]LOT_TZY^ 8Lc 8ÞWWP] _SP TOPL _SL_ w_SP _]`_Sx NZ`WO MP QZ`YO TY LWW XL_P]TLW ]PWTRTZY^ M`_ _]LY^NPYO^ _SPX ?SPZ^Z[ST^_^ LYO ATaPVLYLYOL LYO L NZ^XZ[ZWT_TNLW S`XLYT^X z L_ WPL^_ TY _SP TOPZWZRd ATaPVLYLYOL 8ÞWWP] LYO ?SPZ^Z[ST^_^ ?ST^ XPLY^ _SL_ MZ_S 3TYO`^ LYO BP^_P]YP]^ SLO L SLYO TY QZ]XTYR XZOP]Y ^[T]T_`LWT_d P^[PNTLWWd L^ ^`RRP^_PO >bLXT ATaPVLYLYOL #!z$ 8Lc 8ÞWWP] #z$ LYO _SP ?SPZ^Z[ST^_^ ?SPd TY_P]LN_TaPWd N]PL_PO L [ZbP]Q`W NL_PRZ]d _SL_ ^`M^P\`PY_Wd MPNLXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;L]_ZQ_SPL]R`XPY_T^TOPY_TNLW_Z_SL_ZQ;P_P]ALYOP]APP]w>[T]T_`LWT_dTY8ZO P]Y >ZNTP_dx 882 BZ]VTYR ;L[P]^ $ z 2Ø__TYRPY% 8Lc;WLYNV4Y^_T_`_ $ bbbXXRX[ROPbZ]VTYR[L[P]^ LNNP^^PO 8Ld z ALY OP] APP] T^ LW^ZZQ_SPZ[TYTZY_SL__SPXZOP]YNL_PRZ]dZQ^[T]T_`LWT_dPXP]RPOQ]ZX_SPwTY_P] LN_TZYLW ST^_Z]d ZQ 0`]Z,XP]TNLY XZOP]YT_d bT_S ,^TLY XZOP]YT_dx TMTO 3P ^PP^ _ST^ []ZNP^^ wL^ [L]_ ZQ _SP 2]PL_ ?]LY^QZ]XL_TZYx LYO L^ wNZRYT_TaP RWZMLWTeL _TZYxTPwL^[L]_ZQ_SPYTYP_PPY_SNPY_`]dRWZMLWTeL_TZYL_SZ]Z`RSRZTYR[ZWT_TNLW PNZYZXTN LYO N`W_`]LW TY_PR]L_TZY ZQ _SP bZ]WOx TMTO 3T^ L]_TNWP ^_L]_^ Q]ZX _SP _SP^T^ _SL_ w_SP ^[T]T_`LW LYO _SP ^PN`WL] L]P []ZO`NPO ^TX`W_LYPZ`^Wd LYO TY X`_`LW TY_P]LN_TZYxTMTO"
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
TXXPY^PWd PQQPN_TaP TYNW`OTYR T_^ [Z_PY_TLW QZ] []Z_P^_TYR LRLTY^_ BP^_P]Y ]L_TZYLWT_d LYO .S]T^_TLY OZRXL_T^X 4Y [L]_TN`WL] _SP YPb `YOP]^_LYOTYRZQ^[T]T_`LWT_dZQQP]POLYLW_P]YL_TaP_ZLYPX[_d^PN`WL] T^XLYO_]LOT_TZYLW]PWTRTZ`^WTQP .LX[MPWWT^NP]_LTYWdNZ]]PN_TY^LdTYR_SL__SP]PNP[_TZYZQ0L^_P]Y _PLNSTYR^ TY _SP $_S NPY_`]d bL^ []LN_TNLWWd ]P^_]TN_PO _Z TY_PWWPN_`LW^ LYO WT_P]L]d []ZO`N_^ bSP]PL^ ]PLWWTQP PYNZ`Y_P]^ SLaP _LVPY [WLNP ^TYNP _SP $!^ LYO _SP $"^ bP]P _SP XLTY [P]TZO bSPY 4YOTLY _SZ`RS_ MPNLXP _SP RPYP]LW [Z^^P^^TZY ZQ L bSZWP RPYP]L_TZY ZQ BP^_ P]YP]^ DP_ TY _SPT] _TXP _SP LN_Z]^ XPY_TZYPO 8ÞWWP] ATaPVLYLYOL LYO_SP?SPZ^Z[ST^_^bP]P[ZbP]Q`WwRWZMLW[WLdP]^xbT_SXZ]P_SLYL WT__WP ^ZNTZ[ZWT_TNLW TYQW`PYNP ?SPd N]PL_PO L [ZbP]Q`W TXLRP ZQ 4YOTL _SL_ MPNLXP aP]d ]PLW [PYP_]L_PO TY_Z [Z[`WL] N`W_`]P LYO LW^Z WPQ_ T_^ XL]V ZY .LX[MPWWv^ ]P[]P^PY_L_TZY ,_ _SP ^LXP _TXP _SPT] RWZMLWTePO NZYNP[_ ZQ ^[T]T_`LWT_d []ZaTOPO _SP QZ`YOL_TZY QZ] _SP XTcTYR ZQ ]PWTR TZY^ TY _SP 9Pb ,RP :YP NLY ^[PLV ZQ _SP P^_LMWT^SXPY_ ZQ L YZY .S]T^_TLY NZYNP[_ ZQ ]PWTRTZY _SL_ bL^ LW^Z Z[PY _Z _SP YZY]PWTRTZ`^ LYO XLOP T_ [Z^^TMWP QZ] _ST^ L^[PN_ _Z MP WTYVPO bT_S ]PWTRTZY 0aPY TQ _ST^ YPb NZYNP[_ ZQ [`]P ^[T]T_`LWT_d bL^ ^ZXP_STYR _SL_ NZ`WO PQQZ]_ WP^^Wd MP ^P[L]L_PO Q]ZX 4YOTL T_ ^_TWW VP[_ L aLR`P _Z`NS ZQ 4YOTL BP ^SL]P .LX[MPWWv^ Z[TYTZY _SL_ 0L^_P]Y TY [L]_TN`WL] L ^PWPN_TZY ZQ 3TYO` 4YOTLY VYZbWPORP SPW[PO _Z QTWW L N`W_`]LW aLN``X QZ] NP]_LTY TYOTaTO`LW^LYO^PRXPY_^ZQ_SP[Z[`WL_TZYLYO_ZM]TYRLMZ`_LVTYOZQ P[T^_PXZWZRTNLW ]PaZW`_TZY MPNL`^P _SP ]LYRP ZQ _]LY^NPYOPYNd LYO _SP TY_P][]P_L_TZY ZQ _SP bZ]WO LYO ZQ w4x bP]P LW_P]PO ?SP SZWT^_TN Q]LXP ZQ `YTaP]^LW Xd_S TY T_^ XZYT^_TN [LY_SPT^_TN aL]TL_TZY^ bL^ P^[PNTLWWd ^`T_LMWPQZ]OPN`W_`]L_TZYLYO_SP[]ZO`N_TZYZQ_SPYPb^TRY^d^_PXZQ [`]P ^[T]T_`LWT_d :YNP TY PcT^_PYNP _ST^ ^d^_PX MPNLXP QTWWPO bT_S NZX[WP_PWd YPb L^[PN_^ 4YOTL ZQQP]PO ^PaP]LW `YTaP]^LW Xd_STNLW XZO PW^ZQSZWT^X^`NSL^_SP-]LSXLYNZYNP[_ZQ_SP@[LYT´LO^±L«VL]Lv^ _L__aLXL^T _PLNSTYR _SP OdYLXT^_TN bZ]WOTY_P][]P_L_TZY^ ZQ _SP ?LY _]L LYO _SP 9£OL-]LSXLY ?SP 9£OL-]LSXLY TY [L]_TN`WL] TY bSTNS ^Z XLYd _]LOT_TZY^ SLO XP]RPO bL^ L XP_L[SZ] ZQ SZWT^X bSZ^P aLR`PYP^^XPLY__SL_T_NZ`WOMPP^[PNTLWWdbPWWOPN`W_`]L_POLYOQTWWPO bT_S bZ]WO N`W_`]P^ 8Z]PZaP] _SP _Z[TN ZQ waTM]L_TZY^x NZ`WO PL^TWd WTYVT_bT_S[Z[`WL]LYOXZOP]Y^NTPY_TQTNOT^NZ`]^P^ w0L^_P]YTeL_TZYxOZP^YZ_L[[PL]_Z`^_ZMPL\`T_P^`T_LMWP_P]XPT _SP] QZ] _SP [SPYZXPYL XPY_TZYPO Md .LX[MPWW Z] QZ] _SP LMZaP XPY_TZYPO[]ZNP^^P^ZQRWZMLWTeL_TZYZQ4YOTLYbZ]WOaTPb^BPbZ`WO []PQP]_Z_LWVZQTY^[T]L_TZYLYOPc[LYOTYRZYPv^SZ]TeZY^bSTNSWPO_Z YPb ^ZW`_TZY^ _Z []ZMWPX^ LYO LW_P]PO QZ]X^ ZQ SLMT_`^ LYO YZ_ WPL^_ LWWZbPO YPb SZWT^X^ _Z L]T^P bSZ^P Q`YN_TZY bL^ _Z ^[T]T_`LWTeP WTQP TY
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
T_^ PY_T]P_d $! ?SP XLYd ]PLW PYNZ`Y_P]^ ^TYNP _SP $!^ M]Z`RS_ L YPb \`LWT_d LYO bTOP^[]PLO OT^^PXTYL_TZY RZTYR MPdZYO NT]NWP^ ZQ TY_PWWPN _`LW^ 3P]P bP bZ`WO LR]PP bT_S .LX[MPWW DP_ bP L]P ZQ _SP Z[TYTZY _SL_ _SP OPNT^TaP _`]YTYR [ZTY_ _ZbL]O XZOP]Y ^[T]T_`LWT_d NLXP TY _SP $_S LYO PL]Wd _S NPY_`]TP^ ,_ _SL_ _TXP Z_SP] TYaPY_Z]^ ZQ XZOP]Y ^[T]T_`LWT_d LW^Z PcT^_PO bSZ SLO WT__WP Z] aT]_`LWWd YZ_STYR _Z OZ bT_S 4YOTL ^`NS L^ []Z[Z`YOP]^ ZQ 8P^XP]T^X Z] L]_T^_^ WTVP 6LYOTY^Vd DP_ bP bZ`WO [Z^_`WL_P _SL_ _SP YZY0`]Z[PLY Pc_PY^TZY ZQ _SP ]PWT RTZ`^LYON`W_`]LWbZ]WOSLOLYP^[PNTLWWd[ZbP]Q`WTX[LN_LYON]PL_PO YPbeZYP^ZQNZY_LN_LYO_SZ`RS_:YPZQ_SPQL^NTYL_TYRL^[PN_^T^QZ] PcLX[WP SZb PL^TWd `]MLY ]PQZ]X 3TYO`^ WTVP ATaPVLYLYOL []ZNP^^PO _SZ`RS_^Q]ZX_SPBP^_P]Y0YWTRS_PYXPY_LYObP]PLMWP_ZWTYV_SPX_Z _SPT] _]LOT_TZY LYO LW^Z SZb bTWWTYRWd _SP BP^_P]YP]^ ,XP]TNLY^ LN NP[_PO ST^ N]T_TNT^X ZQ _SP BP^_P]Y WTQP^_dWP 4YOTL bL^ ZQ_PY XZ]P LY TXLRTYL]d [WLNP ZQ WZYRTYR _SLY L ]PLW ZYP -`_ L_ _SP ^LXP _TXP _SP ^[T]T_`LW TXLRP ZQ 4YOTL bL^ TYQTYT_PWd [ZbP]Q`W TY ]PLW WTQP bSPY bSPPWPO Z`_ LRLTY LYO LRLTY LRLTY^_ NZXXZY BP^_P]Y ^PWQWZNL_TZY TY Z]OP] _Z XLVP `[ QZ] _SP ^`[[Z^PO Z] RPY`TYP OPQTNT_^ ZQ ZYPv^ ZbY N`W_`]P @YOP] _ST^ L^[PN_ .LX[MPWWv^ ]PNZY^_]`N_TZY ZQ L Xd_STNLW Xd^_TN PXZ_TZYQTWWPO LYO TY_`T_TaP 4YOTL0L^_ T^ Md YZ XPLY^ U`^_ L ^NSZWL]Wd bLd ZQ TXLRTYTYR _SP 0L^_ M`_ [L]_TNT[L_P^ TY LY TXLRP _SL_ bL^ LYO T^ ]PLWT_d TY _SP _STYVTYR ZQ _SP ]PNT[TPY_^ TY MZ_S 0L^_ LYO BP^_4_LW^ZQ`WQTWW^Z]Q`WQTWWPOPcLN_Wd _SZ^PQ`YN_TZY^_SL_.LX[MPWW L^N]TMP^_Z_SP0L^_P]YbZ]WOaTPb:Y_SPZYPSLYOT_OTOTYQLN_^P]aP _ZQTWWLaLN``XQZ]^ZXPBP^_P]YP]^LYO_Z^[T]T_`LWTePWTQPbSTWPZY _SP Z_SP] T_ Q`YN_TZYPO L^ N`W_`]LW N]T_TNT^X LYO bL^ LY TY^[T]L_TZY _Z ]PYPb bSL_bL^ZYPv^ZbY8Z]PZaP]SZbPaP] _SP[P]^ZYLW]PNP[_TZY ZQ4YOTLbL^LW^ZLYL__PX[__ZQTYOLWTYVMP_bPPY^NTPYNPLYO]PWTRTZY LYO_ZOPaPWZ[L_d[PZQ_ST]ObLd_Z`YT_P]L_TZYLWT_dbT_STY_`T_TZYLYO Pc[P]TPYNP?ST^_Z[Z^T^ZYPZQ_SPNPY_]LWZYP^TY_SP9Pb,RPM`_T^ LW]PLOdQZ`YOTY_SP$_SLYOPL]Wd_S NPY_`]TP^ 1Z]_ST^ZYPYPPOPO _SPYPb^TRY^d^_PXZQLw[`]P^[T]T_`LWT_dxQZ]bSZ^PQZ]XL_TZY4YOTLY `YTaP]^LW Xd_S^ bP]P P^[PNTLWWd bPWW ^`T_PO LYO bSTNS ZYNP TY PcT^ _PYNP bL^ YPT_SP] [`]PWd 0L^_P]Y YZ] [`]PWd BP^_P]Y NZ`WO MP QTWWPO bT_SLWZ_ZQOTQQP]PY_TOPL^LYOSLOLX`W_T[WTNT_dZQQ`YN_TZY^ 4Y 4YOTL _SP N]PL_TZY ZQ L w[`]P ^[T]T_`LWT_dx bL^ YZ_ ZYWd L ^PWQ NZYQT]XTYR ]PNZY^_]`N_TZY ZQ ZYPv^ ZbY wN`W_`]LW SP]T_LRPx M`_ LW^Z T_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $!0aPY TY _SP PdP^ ZQ .LX[MPWWv^ N]T_TN 3`MP]_ 6YZMWL`NS _ST^ SZWT^_TN []ZR]LX T^ _SP LN_`LW OPQTYTYR QPL_`]P ZQ XZOP]Y ^[T]T_`LWT_d _SL_ SP NLWW^ w[Z[`WL] ]PWTRTZYx LYO OZP^YZ_]P^_]TN__ZLW_P]YL_TaP^[T]T_`LWT_d6YZMWL`NST^YZ_L_LWWQL]Q]ZX.LX[MPWW ZY _ST^ [ZTY_ L^ SP L^^`XP^ _SL_ BP^_P]Y 0`]Z[PLY OPaPWZ[XPY_ T^ wZY _SP bLd _Z MPNZXTYR L ^[T]T_`LW ^ZNTP_dx z bSTNS T^ _SP ^`M_T_WP ZQ _SP 6YZMWL`NSv^ MZZV [`M WT^SPOTY$ ;Z[`WÆ]P=PWTRTZY
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
w]PTYaPY_TZYx 4_ bL^ NWZ^PWd _TPO _Z YL_TZYLWT^_TN 3TYO` ^PWQL^^P]_TZY LYO _SP NZY^_]`N_TZY ZQ L w^[T]T_`LW YL_TZYx 4Y _ST^ OT^NZ`]^P ZQ ^PWQ [Z^T_TZYTYR]PRL]OTYR ^[T]T_`LWT_d L^L^[PNTLW3TYO`QPL_`]PP^[PNTLWWd XL]VPOTYATaPVLYLYOL4YOTLYX`^TNLW^ZMPNLXPLXL]VP]ZQ3TYO` T^X LYO L YL_TZYLW TNZY _SL_ bT_S ^ZXP [ZWPXTN NZ`WO PL^TWd MP Pc [WZT_POTYLYLY_T8`^WTXQL^STZY $"4Y_SPBP^_ZY_SPZ_SP]SLYO_SP 4YOTLY ^_TX`WT LYO _SP YPb ^TRY ^d^_PX ZQ w[`]P ^[T]T_`LWT_dx bSTNS T_^PWQ bL^ NZOPO TY LY Pc_]PXPWd 4YOTLY QL^STZY QZ^_P]PO L ^[T]T_`LW ]PYPbLW ZQ WTQP LYO N]T_TNT^X ZQ _SP WZNLW N`W_`]P 4Y MZ_S NL^P^ ZYP ^SZ`WO YZ_P _SLYV^ _Z _SP NZYNP[_ ZQ ^[T]T_`LWT_d ]PWTRTZY LYO ^PN`WL] TePO PYWTRS_PYPO XZOP]YT_d bP]P XLOP Q`WWd NZX[L_TMWP bT_S PLNS LY Z_SP] 3P]P T_ T^ [Z^^TMWP _Z XLVP Z`_ MZ_S NZXXZY QZ]X^ ZQ _]LY^]P WTRTZ^T_d LYO wX`W_T[WP ^[T]T_`LWT_TP^x 1Z] PcLX[WP _SP OP^T]P QZ] L NZ^XZ[ZWT_TNLW NZYNP[_ ZQ ]PWTRTZY bT_SZ`_ L ^[PNTQTN ]PWTRTZY MPNL`^P _ST^ T^ ^PPY L^ TYL[[]Z[]TL_P _Z _SP []P^PY_ _TXP LYO w`YXZOP]Yx LYO QZ]w^[T]T_`LWYP^^xMPNL`^P_SPbZ]WOL[[PL]^_ZSLaPWZ^_T_^]PWTRTZ`^ XLRTN LYO MPPY XP_L[Sd^TNLWWd PX[_TPO bL^ LYO ^_TWW T^ []TYNT[LWWd L BP^_P]Y ZYP 3P]P Z_SP] ]P^Z`]NP^ _SLY 4YOTL NZ`WO LW^Z SPW[SLaP SPW[POQTWW_SPaLN``XQZ]TY^_LYNPL]_ 4Y_SPL]R`XPY_L_TZY_SL_^[T]T_`LWT_dPXP]RPOL^LXZOP]YNL_PRZ]d TY_SP^PNZYOSLWQZQ_SP$_SNPY_`]dLYOSL^LWZ__ZOZbT_S_SPwTY _P]LN_TZYLW ST^_Z]d ZQ 0`]Z,XP]TNLY XZOP]YT_d bT_S ,^TLY XZOP]YT_dx LYO bT_S L wNZRYT_TaP RWZMLWTeL_TZYx bP WL]RPWd LR]PP bT_S ;P_P] ALY OP] APP]v^ w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx $ $# ALY OP] APP] L]R`P^ L WT__WP OTQQP]PY_Wd LYO WTVP .LX[MPWW OZP^ YZ_ RTaP ^`QQTNTPY_ NZY^TOP]L_TZY _Z XZOP]Y _]LY^]PWTRTZ^T_d ?Z `^ ST^ L]R`XPY_ ^PPX^ TX[Z]_LY_ SZbPaP] _SL_ 8Lc BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY bL^ TY^`QQTNTPY_ QZ] Pc[WLTYTYR XZOP]Y `YTaP]^LW ^[T]T_`LWT_d PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_ZRP_SP]% w _SP ^[T]T_`LW LYO _SP ^PN`WL] L]P []ZO`NPO ^TX`W_LYPZ`^Wd LYOTYX`_`LWTY_P]LN_TZYx $$>[T]T_`LWT_dZQQP]POLYLW_P]YL_TaP_ZTY^_T _`_TZYLWTePO ]PWTRTZY TP .S`]NS .S]T^_TLYT_d M`_ L_ _SP ^LXP _TXP LW^ZLYLW_P]YL_TaP_Z[`]P^PN`WL]T^XbT_SZ`_LYdXP_L[Sd^TNLWL^[PN_^ Z]R]PL__]LY^NPYOPYNTP^ 1Z]Z`]_Z[TNZQX`^TNZYPP^[PNTLWWd]PWP aLY_ L^[PN_ T^ ALY OP] APP]v^ _SP^T^ ZQ L _d[TNLWWd XZOP]Y ^PL]NS TY BP^_P]YN`W_`]PTY_SP$_SLYOPL]Wd_SNPY_`]TP^QZ]_SPw^[T]T_`LWTY L]_x ALY OP] APP] [Z^_`WL_P^ _SL_ ^[T]T_`LWT_d LYO XZOP]Y LM^_]LN_ L]_ NZ]]PWL_PO bT_S PLNS Z_SP] LYO bP]P wL_ _SP SPL]_ ZQ BP^_P]Y XZOP] YT_dx% w3ZbPaP] T_ T^ TX[Z]_LY_ _Z STRSWTRS_ _SL_ ^[T]T_`LWT_d ^SZ`WO YZ_ MP ]PWP RL_PO_Z_SPQ]TYRP^ZQXZOP]YT_dL^ZQ_PYSL[[PY^M`__SL_T_T^WZNL_POL_ _SP SPL]_ ZQ BP^_P]Y XZOP]YT_d ?SP Pc_PY_ _Z bSTNS ^[T]T_`LWT_d PXP]RPO L^L^TRYZQBP^_P]YXZOP]YT_dNLYMPMP^_^SZbYMdT_^OT]PN_NZYYPN_TZY _Z LM^_]LN_ L]_ 4Y /PNPXMP] $ BL^^TWd 6LYOTY^Vd [`MWT^SPO ST^ ¾MP] OL^2PT^_TRPTYOP]6`Y^_ u:Y_SP>[T]T_`LWTY,]_vZYPZQ_SPXZ^_TYQW` PY_TLW _Pc_^ Md LY L]_T^_ TY _SP _bPY_TP_S NPY_`]d LYO ^_L_PO _SL_ _SP MZZV SL^ L^ T_^ XLTY [`][Z^P _Z L]Z`^P L NL[LNT_d _Z Pc[P]TPYNP _SP ^[T]T_`LW TY XL_P]TLW LYO LM^_]LN_ _STYR^ 3P T^ NP]_LTYWd YZ_ PcNP[_TZYLW ^TYNP Z_SP] WPLOTYR LM^_]LN_ [TZYPP]^ L^ 1]LY_T^PV 6`[VL ;TP_ 8ZYO]TLY LYO 6LeTXT] 8LWPaTNS ^TXTWL]Wd ^Lb _SPX^PWaP^ L^ TY^[T]PO Md ^[T]T_`LWT_d PT_SP] _S]Z`RS_SPTYQW`PYNPZQ?SPZ^Z[SdLYO,Y_S]Z[Z^Z[SdZ]Z_SP]bT^P?ST^ XLdMP^ZXPbSL_`YPc[PN_POQZ]_SZ^PbSZ^PP_SPXZOP]Y_]LY^QZ]XL_TZY ZQ 0`]Z[PLY WTQP TY _SP $_S LYO PL]Wd _S NPY_`]d TY BPMP]TLY _P]X^ L^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ALYOP]APP]w>[T]T_`LWT_dTY8ZOP]Y>ZNTP_dx"?SPL`_SZ][ZTY_^Z`__SL__SPQT]^_ `^P ZQ _SP _P]X w^PN`WL]T^Xx TY 0YRWLYO RZP^ MLNV _Z 2PZ]RP 3ZWdZLVP TY #!% w3ZWdZLVPL__LNVPO.S]T^_TLYT_dL^LYuT]]PWPaLY_^[PN`WL_TZYvLYOST^L__LNVbL^NL] ]TPOQZ]bL]OMd>PN`WL]>ZNTP_TP^_SL_bP]PQZ]XPOTY_SPPL]Wd# ^:YPZQ_SPTY _P]P^_TYR L^[PN_^ ZQ _SP^P ^ZNTP_TP^ T^ _SL_ _SPd NZXMTYPO ]LOTNLW LY_T.S`]NS L__T _`OP^ LY_TP^_LMWT^SXPY_ ^ZNTLWT^X LYO Q]PP_STYVTYR bT_S ^[T]T_`LW Pc[P]TXPY_L_TZY >PN`WL] >ZNTP_TP^ SLO L XPXMP]^ST[ _SL_ bL^ S`RPWd TY_P]P^_PO TY NZYYPN_TYR _Z _SP Z_SP] bZ]WO Md OZT_dZ`]^PWQ ^NTPYNP >[T]T_`LWT^X bL^ ^PPY L^ L ^PN`WL] _]`_S ^PPVTYRPc[P]TXPY_LWTYYL_`]PLYOZ[[Z^PO_Z]PWTRTZ`^ZM^N`]LY_T^XLYOSTP]L]NSd ?ST^bL^L_]`_S^PPVTYR_SL_bL^STYOP]POMdMZ_S_SP>_L_PLYO_SP.S`]NSTY0YR WLYO_bZTY_P]_bTYPOTY^_T_`_TZY^4_T^bT_STY_SPNZY_Pc_ZQ^[T]T_`LWT^X^[T]T_`LWT_d LYO_SP LY_TYZXTLY_]LOT_TZY^ZQ-]T_LTY_SL_ LYLY_TNZWZYTLW`YTaP]^LWTX bL^MZ]Yx TMTO#$ ,NNZ]OTYR_Z^ZXPL`_SZ]^_ST^T^bSP]PZYPQTYO^_SP]PLW_d[ZWZRdZQ_SP9Pb,RP LYOP^Z_P]TNT^XBSTWPALYOP]APP]^[PLV^ZQ]PWTRTZYLYO^PN`WL]T^XMPTYRLW_P]YL _TaP^ 3LYPR]LLQ w?SP 9Pb ,RP 8ZaPXPY_ LYO _SP 0^Z_P]TN ?]LOT_TZYx " " ^_L_P^_SL__SP9Pb,RPT^NSL]LN_P]TePOMdLN]T_TNLWL__T_`OP_ZN`W_`]PbSTNST^OT ]PN_PO LRLTY^_ MZ_S _SP O`LWT^X ZQ .S]T^_TLYT_d LYO _SP ]PO`N_TZYT^X ZQ ^NTPYNP LYO QZ]X^LNZ`Y_P]aTPb_ZSZWT^_TNNZYNP[_^]P[]P^PY_TYRL_d[PZQ_ST]ObLd_SL_`YT_P^ ^[T]T_`LWT_d LYO ^NTPYNP ,NNZ]OTYR _Z 3L]_X`_ ETY^P] 0^Z_P]TV 8ÞYNSPY% 1TYV $ " P\`LWWd NSL]LN_P]T^_TN ZQ XZOP]Y P^Z_P]TNT^X T^ L ]PUPN_TZY ZQ LYOZ] LOOT _TZY_Z_SPTY^_T_`_TZYLW]PWTRTZY^LYOL]PUPN_TZYZQ_SP^NTPY_TQTNbZ]WOaTPb_SL_bL^ OPNWL]PO_ZMPZYP^TOPO
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
OPXd^_TQTNL_TZY 4Y ZYP ZQ _SP XZ^_ []PRYLY_ Pc[]P^^TZY^ ZQ XZOP]YT_d YLXPWdTYXZOP]YL]__SP^[T]T_`LW^_LRP^LNZXPMLNVL^_SP]P_`]YZQ_SP ]P[]P^^PO?SPNZYYPN_TZYMP_bPPYL]_LYO^[T]T_`LWT_d[ZTY_^L__SPbLdTY bSTNS L]_ NZXP^ _Z ^_LYO QZ] _SP _]LY^NPYOPY_LW TY_P][]P_L_TZY ZQ Pc[P]T PYNP _SL_ T^ YZ WZYRP] _SP PcNW`^TaP []ZaTYNP ZQ TY^_T_`_TZYLW ]PWTRTZY F:HYP^SZ`WOMPNL]PQ`WYZ__ZOT^XT^^_SPXFXZOP]YL]_T^_^H_ZZ\`TNVWdL^ T]]PWPaLY_ ,]_T^_^ L]P R]Z[TYR QZ] L ]LOTNLWWd YPb bLd ZQ Pc[]P^^TYR _]LY ^NPYOPY_LW _]`_S LYO L]P ZQ_PY MP__P] TY OZTYR _SL_ TY _SPT] NSZ^PY XPOT`X _SLYTYbZ]O^x
?ST^LW^ZL[[WTP^XZ]PZ]WP^^_ZXZOP]YPc_]PXPWdLM^_]LN_X`^TNL^ bP bTWW ^SZb MPWZb `^TYR _SP PcLX[WP^ ZQ :WTaTP] 8P^^TLPY LYO Z_SP] NWL^^TN NZX[Z^P]^ ZQ _SP XZOP]Y [P]TZO @YWTVP Z_SP] LaLY_RL]OP L]_ T^_^8P^^TLPYbL^LOPaZ`_.L_SZWTN-`_8P^^TLPYTY[L]_TN`WL]^Z`RS_ ]LOTNLWWdYPbX`^TNLWQZ]X^_ZPc[]P^^_]LY^NPYOPY_LW_]`_SzLYOQZ`YO TY^[T]L_TZY TY aL]TZ`^ [WLNP^ TYNW`OTYR _SP 4YOTLY X`^TNLW _]LOT_TZY _S]Z`RS T_^ OTQQP]PY_ L[[]ZLNS _Z _SP LM^_]LN_ XL_SPXL_TNLW NZY_PY_ ZQ X`^TNLYO]Sd_SX1Z]Z`]OT^N`^^TZYT_T^TY_P]P^_TYR_SL_YZ_ZYWd-P] PYO_ _SP ULee ST^_Z]TLY LYO L]NST_PN_ ZQ _SP 9Pb ,RP [L]_PO NZX[LYd bT_SBPMP]v^N`W_`]LW_d[ZWZRdLYOOPaPWZ[POT_[]PNT^PWdL^.LX[MPWW ^`RRP^_PO M`_ LW^Z 8P^^TLPY LN_`LWWd Pc[WZOPO BPMP]v^ _]PL_T^P ZY X`^TN$$4Y_SP$^8P^^TLPYLYOZ_SP]NZX[Z^P]^QPW__SL_ BP^_P]Y X`^TNLW _]LOT_TZY bL^ bZ]Y Z`_ LYO WZZVPO QZ] YPb QZ]X^ ZQ Pc[]P^^TZY 1]ZX $ ZYbL]O^ 8P^^TLPY MPRLY NZX[Z^TYR XZ^_Wd XZOLW X`^TN LYO TY 4YOTL SP QZ`YO TY^[T]L_TZY QZ] NZX[WPc ]Sd_SX^ ,XZYR^_ Z_SP] _STYR^ SP ^Z`RS_ TY MT]O^ZYR L VPd _Z L ^ZW`_TZY QZ] L w]P_`]YZQ_SP]P[]P^^POxLYOPaTOPY_WdQPW_L NWZ^P NZYYPN_TZYMP_bPPY [`]PX`^TNYL_`]PLYO^[T]T_`LWT_d BSL_ T^ TY_P]P^_TYR LMZ`_ ALY OP] APP]v^ L]R`XPY_L_TZY T^ _SP ^_]ZYR PX[SL^T^ ZY LM^_]LN_TZY TYNZ][Z]PLWT_d LYO PXM]LNTYR aLR`P YP^^ZQ_SPXZOP]YNZYNP[_ZQ^[T]T_`LWT_dTYNZY_]L^__Z_SPPX[SL^T^ZY QPPWTYR^ LYO ^PY^`LWT_d TY L`_SZ]^ b]T_TYR LMZ`_ _SP 9Pb ,RP ?ST^ NZ]]P^[ZYO^TY[L]_bT_SL_WPL^_L_PYOPYNd_ZbL]O^L]PLW^STQ_TY_SP XZOP]Y []ZR]LXXL_TN wSZWT^_TNx ^[T]T_`LWT_d OT^NZ`]^P LMZ`_ [`]P TY _P]TZ]T_dLYOXd^_TNT^XbSTNSNSL]LN_P]TePO_SP]PNP[_TZYZQ4YOTL`Y_TW _SP WL_P $"^ _Z _SP NZ][Z]LW LYO _ST^bZ]WOWd [Z^^TMWd Pc[WLTYPO Md _SP^STQ_ZQ_SPOT^NZ`]^PQ]ZXTY_PWWPN_`LW^vNT]NWP^_Z[Z[`WL]N`W_`]P ?ST^ ]PLWbZ]WO ^STQ_ NZ]]P^[ZYO^ bT_S _SP ^STQ_TYR QZN`^ ZQ _SP ^NSZW L]^ 3ZbPaP] ZYP ^SZ`WO YZ_ WZ^P ^TRS_ ZQ _SP QLN_ _SL_ _SP ^PL]NS QZ] R]PL__]LY^NPYOPYNTP^SL^_PYOPO_ZTYN]PL^PL^.LX[MPWWv^PcLX[WPZQ DZRL OPXZY^_]L_P^ ?SP XZOP]Y SZWT^_TNLWWd Z]TPY_PO LYO NP]_LTYWd w`YTaP]^LW Xd_STNLWx ^[T]T_`LWT_d OT^NZ`]^P ^PPV^ YZ_ ZYWd QPPWTYR^ ^PY^Z]d Pc[P]TPYNP NZ][Z]PLWT_d LYO Q`^TZY M`_ LW^Z ^[T]T_`LWYP^^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ALYOP]APP]w>[T]T_`LWT_dTY8ZOP]Y>ZNTP_dx
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
TY_PWWPN_`LW^L_T^QLN_TZYLYOL_]LY^NPYOPYNPZQMZOTWdWTXT_^?d[TNLWWd -P]PYO_ bL^ ^Z PY_S`^PO Md 4YOTLY XZOLW X`^TN LYO _SP YPb BP^_P]Y X`^TNLWOPaPWZ[XPY_^MPNL`^PSPL^^ZNTL_PObT_S_SPXLYPb^[T]T_`LW T_d ZQ X`^TN LYO QZ`YO _SP ^[T]T_`LW TY XL__P] LYO LM^_]LN_TZY ?SP 9£OL-]LSXLY NZYNP[_ ZQ _SP 4YOTLY X`^TNTLY^ bL^ L ^PY^Z]d Z[_TZY _SL_ RLaP _SP wYPb NZY^NTZ`^YP^^x L XP_L[Sd^TNLW QZ`YOL_TZY LYO ^STQ_PO_SPw^[T]T_`LWxL^[PN_ZQX`^TNTY_Z_SPQZ]PR]Z`YO 3ZbPaP] _SP YZYO`LW bZ]WO`YTQdTYR 9£OL>Z`YO bL^ ZYWd ZYP ^_]LYO TY -P]PYO_v^ 9£OL-]LSXLY ]PNP[_TZY 4Y _SP Z_SP] ^_]LYO SP ]PQP]^ _Z L ^PRXPY_ ZQ _SPZ]d _SL_ [WLd^ YZ ]ZWP L_ LWW TY _SP []TXL]d 4YOTLY ^Z`]NP^ ZY _SP 9£OL-]LSXLY YLXPWd _SP NZYYPN_TZY MP_bPPY XL_SPXL_TN^ LYO X`^TN ?ST^ NZYYPN_TZY T^ RPY`TYPWd 0`]Z[PLY TY YL _`]P ?SP 9£OL-]LSXLY T^ YZ_ OP]TaPO Q]ZX Y`XMP]^ M`_ Q]ZX ^ZYTN LYOWTYR`T^_TNPc[]P^^TaT_dbSTNS-P]PYO_OTOYZ_VYZb4YOTLYXZOLW X`^TN OZP^ YZ_ QZN`^ ZY _PNSYTNLW ^d^_PXL_TeL_TZY M`_ ZY X`^TNLW Pc []P^^TZY -d NZY_]L^_ BP^_P]Y X`^TNLW N`W_`]P T^ OPP[Wd ]ZZ_PO TY _SP _PYOPYNd _ZbL]O^ XL_SPXL_TNLW ^d^_PXL_TeL_TZY PaPY TY T_^ wXZ^_ Xd_STNLWx QZ]X^ ZQ Pc[]P^^TZY ZQ _SP wX`^TN ZQ _SP `YTaP]^Px X`^TNL X`YOLYL -P]PYO_ OPQTYPO _SP _P]X 9£OL-]LSXLY Pc[WTNT_Wd bT_S ]PQP]PYNP_Z_SPSL]XZYdZQ_SP[Sd^TNLW`YTaP]^PL^ 6P[WP]NZYNPTaPO /P^[T_P_LVTYR]PNZ`]^P_Z LaL]TP_dZQBP^_P]Y_]LOT_TZY^SPYPaP]_SP WP^^ LWbLd^ `^PO _SP 4YOTLY WLMPW BSd* -P]PYO_ QPW_ _SL_ _SP _bZ ^_]LYO^ 9£OL-]LSXLY LYO X`^TN ZQ _SP ^[SP]P^ OTO YZ_ PYNZX[L^^ OTQQP]PY_ bZ]WO^ L_ LWW 4Y^_PLO SP LW^Z `YOP]^_ZZO _SP X`^TNL X`YOLYL L^ LYZ_SP] L^[PN_ ZQ _SP 9£OL-]LSXLY 3P _S`^ Q`^PO TY _SP _d[TNLW 9Pb,RPXLYYP]_bZ_Z_LWWdOTQQP]PY_^dXMZWbZ]WO^ 4_ T^ YZ_PbZ]_Sd _SL_ _ST^ MWTYOYP^^ QZ] N`W_`]LW [L]_TN`WL]^ bL^ YZ_ bT_SZ`_L]L_TZYLWPzLYOPaPYSLOLNP]_LTYU`^_TQTNL_TZY?SP^PXLY_TN ]PWL_TZY^ ZQ MZ_S _SP 9£OL-]LSXLY LYO _SP X`^TN ZQ _SP ^[SP]P^ QTWW X`^TN bT_S L NZ^XZWZRTNLW LYO XP_L[Sd^TNLW NZY_PY_ 8Z]PZaP] -P] PYO_v^ NPY_]LW []Z[Z^T_TZY _SL_ ^PY^`LWT_d LYO XL_SPXL_TN^ []PNT^P XPL^`]TYR L]P WTYVPO TY _SP ^PY^P ZQ SPL]TYR LYO ^Z`YO NP]_LTYWd LW^Z L[[WTP^_Z4YOTLYX`^TNZWZRdBSP]PL^NLWN`WL_TZYT^YZ_QZ`YOTY_SP 9£OL-]LSXLY 4YOTLY X`^TN OZP^ TYOPPO TYNW`OP XL_SPXL_TN^ 8Z]P TY_P]P^_TYR _SLY _SP w_]`_Sx Z] w`Y_]`_Sx ZQ -P]PYO_v^ NZY^_]`N_TZY SZbPaP]T^_SP\`P^_TZYZQT_^Q`YN_TZY-P]PYO_L[[L]PY_WdQZ`YOTY_SP 9£OL-]LSXLY _SP ^LXP P^^PY_TLW w_]`_Sx LYO L WZ_ XZ]P MP^TOP^ ?SP 4YOTLYNZYNP[_[]ZaTOPOLYZY_ZWZRdTYbSTNS_SP]PbL^X`NSWP^^ZQL ^[WT_ MP_bPPY ]PL^ZY LYO _SP ^PY^P^ _SLY TY ST^ ZbY _]LOT_TZY ?SP 9£OL-]LSXLY_SP]PQZ]PSPW[PO_ZTY_P][]P__SPSL]XZYdZQ_SP^[SP]P^ LYPbLYO_Z]P^LN]LWTePX`^TNXLVTYRLYOWT^_PYTYR?SP4YOTLYNZY NP[_ bL^ _SP []ZUPN_TZY ^N]PPY QZ] bSL_ bL^ XT^^TYR LYO WZ^_ TY -P] PYO_v^ZbYN`W_`]P4_bL^LYTYNPY_TaPQZ]LW_P]PO[]ZaT^TZYZQXPLYTYR
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
waP]ÆYOP]_P >TYYRPM`YRx NZYNP]YTYR X`^TN LYO _SP bSZWP N`W_`]P _S]Z`RS _SP ]POT^NZaP]d ZQ _SP w^Z`YO ZQ _SP bZ]WOx X`^TN XP_L[Sd^ TN^LYOL]P^[T]T_`LWTeL_TZYZQYL_`]PLYON`W_`]P 3ZbPaP] QL] L[L]_ 8P^^TLPY LYO -P]PYO_ L[[PL] _Z MP _SPd ^SL]P _SP OP^T]P _Z RTaP X`^TN L YPb ^[T]T_`LW LYO XP_L[Sd^TNLW OP[_S LYO _Z QTYOTY T_ LOTXPY^TZY _SL_ _]LY^NPYO^ _SP[`]PWdS`XLY:`]WZZVMLNV L_ LYNTPY_ TOPL^ ZQ X`^TN LTX^ _Z Pc[Z^P L WZYR_P]X SLMT_`^ _SL_ T^ M]ZVPYOZbYLYO]PYPRZ_TL_POTY _SPXZOP]Y[P]TZO4Q-P]PYO_ bLY_PO _Z]P_`]Y_Z_SPNZ^XTN8P^^TLPYbL^^PPVTYRLYPb^[T]T_`LWT_dZQX` ^TN bSTNS L__PX[_PO _Z RZ MPdZYO _SP [^dNSZWZRTeL_TZY LYO S`XLYTeL _TZYZQX`^TNTY_SP$_SNPY_`]d4YMZ_SNL^P^ZYPNLY^[PLVZQL^[T]T _`LWTeL_TZY LYO ]P^LN]LWTeL_TZY ZQ X`^TN LYO MZ_S O]Pb ZY TY^[T]L_TZY Q]ZX4YOTLQZ]_SPT]YPb[]ZR]LXZQXLVTYRX`^TNXZ]P^[T]T_`LW /P^[T_P^ZXPLYLWZRTP^_SP[L^_OPaPWZ[XPY_^TY4YOTLLYO0`]Z[P L_ ^TRYTQTNLY_ TY_P]QLNP^ bP]P OP_P]XTYPO Md OTQQP]PY_ Z[_TZY^ MPRTY YTYR bT_S _SP aL]dTYR QZN`^P^ ZY WLYR`LRP LYO Y`XMP]^ LYO ZY _Z YLW]Sd_SXTN [P]X`_L_TZY^ LYO X`^TNLW []Z[Z]_TZY^ ?SP]P L]P LW^Z OTQ QP]PYNP^TY]PWL_TZY_Z_SPaZTNPLYO_SPTY^_]`XPY_[]LN_TNPLYO_SPZ]d _SP TYOTaTO`LW LYO _SP NZWWPN_TaP PXZ_TZYLWT_d LYO TY_PWWPN_`LWT_d Wd^T^ LYONZY_]ZWLYO^`[P]YL_`]LW]PWTRTZYLYOTYYP]bZ]WOXZ]LW^.ZY_PX [WL_TZY ZQ X`^TN bL^ OTQQP]PY_ L^ bL^ _SP OZXP^_TNL_TZY ZQ _SP TY_ZcT NL_TYR L^[PN_ ZQ X`^TN -`_ L[[L]PY_Wd 4YOTL bL^ Q]`T_Q`W []PNT^PWd MP NL`^PZQ_SPaP]dOTaP]RPY_L[[]ZLNSP^_Z_SP[SPYZXPYZYZQX`^TN, NZX[L]T^ZYZQ_SP]PNP[_TZYZQX`^TNTY0`]Z[PLYO4YOTLNLYTWW`^_]L_P bSd-P]PYO_YPPOPO_SP9£OL-]LSXLYLYOPaPYX`^TNTLY^TY_SPNWL^ ^TNLW XZOP]Y [P]TZO TY ,^TL bP]P ^PL]NSTYR QZ] YPb XZOPW^ QZ] ^ZW` _TZY^ BSP]PL^ -P]PYO_QZ`YO^[T]T_`LWT_dLYO^PY^`LWT_dTY4YOTL 8P^ ^TLPY QZ`YO LYZ_SP] bLd ZQ L[[]ZLNSTYR _SP XL_SPXL_TNLW WLb^ ZQ X`^TN P^[PNTLWWd _SP Y`XP]TNLW ^_]`N_`]P ZQ _SP ]Sd_SX 4YOTLY X`^T NZWZRd ^`[[WTPO MZ_S []Z_LRZYT^_^ bT_S TOPL^ LMZ`_ SZb ZYP NLY OZ _STYR^ OTQQP]PY_Wd LYO SZb wOPXd^_TQTPOx X`^TN NZ`WO MPNZXP XZ]P ]PWTRTZ`^LYOXZ]P^[T]T_`LWLRLTY_SLYV^_ZYPb[Z^^TMTWT_TP^ZQ^PY^` LWTe_TZY LYO LM^_]LN_TZY 1Z] MZ_S 8P^^TLPY LYO -P]PYO_ T_ bL^ L[[L] PY_Wd TX[Z]_LY_ _Z ^P_ X`^TN ZY L ^[T]T_`LW ML^T^ TY Z]OP] _Z LWWZb L STRSP] XP_L[Sd^TNLW ]PLWT_d _Z ^STYP _S]Z`RS z _Z [`_ T_ TY _SP WLYR`LRP ZQ`YTaP]^LWXd_Sz_ZXLVP_SPX`^TNZQ_SP`YTaP]^PL`OTMWPLRLTY
!
8`^TNZQ_SP@YTaP]^PLYO9£OL-]LSXLY
?SP NZYNP[_ ZQ L X`^TNL X`YOLYL WT_P]LWWd wbZ]WO X`^TNx LW^Z NLWWPO X`^TN ZQ _SP ^[SP]P^ X`^TN ZQ _SP `YTaP]^P Z] NZ^XTN X`^TN SL^ L WZYR LYO aPYP]LMWP _]LOT_TZY TY 0`]Z[P 4_ T^ `^`LWWd TOPY_TQTPO bT_S
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
;d_SLRZ]L^ NL " -. _SP 2]PPV [STWZ^Z[SP] LYO NSL]T^XL_TN _PLNSP]Q]ZX>LXZ^Q]ZXbSZXSZbPaP]YZZ]TRTYLWbZ]V^SLaP^`] aTaPO 0aPY _SP ;d_SLRZ]PLY ^NSZZW _SL_ SP T^ ^LTO _Z SLaP QZ`YOPO TY >Z`_SP]Y 4_LWd OZP^ YZ_ L[[PL] _Z SLaP L NZY_TY`Z`^ ST^_Z]d ?SP P^_PPXLNNZ]OPO_Z;d_SLRZ]L^bL^^_]ZYRWd^_dWTePOTY_SP[P]TZOLQ_P] ;WL_ZLYOTYSLRTZR]L[STP^-ZP_ST`^ _SNPY_,/]PNZ`Y_^LYLYPN OZ_PZQSZb;d_SLRZ]L^TY_`T_TaPWd]PNZRYTePO_SPXL_SPXL_TNLW[]Z[Z] _TZY^ ZQ X`^TN bSPY SP SPL]O _SP ^Z`YO^ ZQ SLXXP]^ TY L ^XT_Sd LYO _SPY Pc[WZ]PO _SPX Pc[P]TXPY_LWWd LYO OPaPWZ[PO L _SPZ]d QZ] _SPX ;d_SLRZ]L^ T^ ^LTO _Z SLaP TOPY_TQTPO _SP [`]P TY_P]aLW^ QZ]XPO ZY _SP XZYZNSZ]O `^TYR _SP Y`XMP]^ LYO TP _SP ZN_LaP QTQ_S LYO QZ`]_SbT_S_SP^Z`YO^ZQ_SPNPWP^_TLWMZOTP^ 3PT^]PRL]OPOL^L^Z]_ ZQ OTaTYP ^PP] LYO ^SLXLY bSZ VYPb _SP WLb^ ZQ _SP `YTaP]^P LYO _SP _SP]L[P`_TNPQQPN_^ZQX`^TN ?SPX`^TNZQ_SP^[SP]P^bL^L^^ZNTL_PO bT_S _SP YZ_TZY _SL_ _SP]P bL^ L ]PWL_TZY^ST[ ZQ X`_`LW TYQW`PYNP MP _bPPY _SP XL_SPXL_TNLW Y`XP]TNLW ]PWL_TZY^ ZQ _SP [WLYP_L]d Z]MT_^ _SP ]L_TZ^ZQX`^TNLWaTM]L_TZY^_SP]Sd_SX^ZQYL_`]PLYO_SPXZZO^ZQ_SP ^Z`W?ST^YZ_TZYTYNW`OPO_SPTOPL_SL_TYNZ][Z]PLW]L_TZYLWT_dT^]PWL_PO _Z _SP MZOd Md _SP X`^TNLW SL]XZYTN WLb^ LYO _SL_ X`^TN LQQPN_^ _SP [^dNSPLYO_SPMZOd ;d_SLRZ]L^ SL^ MPPY NLWWPO _SP XZ^_ Xd_STNLW LYO w0L^_P]Yx ZQ _SP LYNTPY_0`]Z[PLY_STYVP]^ DP__SP;d_SLRZ]PLY^v]PWL_TZY^ST[ _ZX`^TN bL^NSL]LN_P]TePOMdXL_SPXL_TNLWPcLN_YP^^ZYWd_ST^bL^YZ_ 0`NWTO PLY XL_SPXL_TN^ ?SP ;d_SLRZ]PLY^ PaPY OPaPWZ[PO L X`^TNLW TY^_]` XPY_ _SL_ NZ`WO ZYWd MP `^PO QZ] Pc[P]TXPY_^ LYO NLWN`WL_TZY^ OP_P] XTYTYR _SP ]PWL_TZY^ST[^ MP_bPPY _SP YZ_P^ LYO NZ`WO YZ_ MP [WLdPO ?SP^NSZZWNZYNPY_]L_POZYY`XMP]^L^_SPP^^PYNPZQLWWMPTYR,[[L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4_ T^ YZ_ NWPL] bSL_ ^Z]_ ZQ XL_SPXL_TNLW LYO L^_]ZYZXTNLW TY^TRS_^ ;d_SLRZ]L^ XLd SLaP SLO LYO bSL_ ^TRYTQTNLYNP _SP []ZaP]MTLW Xd^_TNT^X ZQ Y`XMP]^ XLd SLaP SLO QZ]STX-`__SP;d_SLRZ]PLY^NSZZWbL^OPP[WdNZYNP]YPObT_SXL_SPXL_TN^L^_]ZY ZXdLYOSL]XZYTN_SPZ]d4_bL^LNZXX`YT_d^TXTWL]_ZL]PWTRTZ`^Z]OP]WTaTYRLN NZ]OTYR _Z ^_]TN_ ]`WP^ LYO OTaTOPO TY_Z L WL]RP] NT]NWP ZQ ,N`^XL_TN^ bSZ [L^^PO OZbY ;d_SLRZ]L^v ^LdTYR^ Z]LWWd LYO L ^XLWWP] NT]NWP ZQ TYT_TL_PO XL_SPXL_TNTLY^ ?SPNZ]PTOPL^TYNW`OPO_SP_SPZ]dZQ_]LY^XTR]L_TZYZQ^Z`W^[P]SL[^TYQW`PYNPOMd 4YOTLbSTNST^_SZ`RS__ZRPY`TYPWdRZMLNV_Z;d_SLRZ]L^?SP;d_SLRZ]PLY^QZ]L [P]TZO SLO S`RP [ZWT_TNLW TYQW`PYNP LW_SZ`RS _SPd bP]P ]TOTN`WPO Md ^ZXP ZQ _SPT] NZY_PX[Z]L]TP^QZ]_SP_SPZ]dZQ_]LY^XTR]L_TZYbSTNS^`RRP^_POLNP]_LTY[L]_TNT[L _TZYTYOTaTYPTXXZ]_LWT_dLQ_P]OPL_SLYOPaPY[P]^PN`_PO?SP^NSZZWNPL^PO_ZPc T^_ L_ ^ZXP _TXP TY _SP _ST]O Z] ^PNZYO NPY_`]d -. M`_ ]PL[[PL]PO LRLTY Q]ZX _SP QT]^_NPY_`]d,/ZYbL]O^,NNZ]OTYR_Z1]LYe;P_P]-`]VL]O_SP9PZ;d_SLRZ]PT^X bL^YZ_ZYP`YTQTPOXZaPXPY_LYOTY[L]__PYOPO_ZbL]OXLRTNLWZNN`W_^[PN`WL_TZY^ LYO [STWZ^Z[STNLW PNWPN_TNT^X .Q 1]LYe ;P_P] -`]VL]O w;d_SLRZ]PP]x TY 8P_eWP] 7PcTVZY;STWZ^Z[STP >_`__RL]_%8P_eWP]$$!! 6`]_ 4YOTPY`YO0`]Z[L " :Y_ST^NQ-ZbP] 1`YOLXPY_LW^ccTccTT"z$Q#Q
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
PY_Wd SP]P Y`XMP]^ _ZZV ZY L ]ZWP bT_S L Q`YN_TZY ^TXTWL] _Z _SL_ ZQ WLYR`LRPTY4YOTL?SPdbP]P^dXMZW^LYOXP_ZYdX^1Z]_SP;d_SLRZ ]PLY^ Y`XMP]^ LYO PaPY TY_P]aLW^ bP]P TYOP[PYOPY_ MPTYR^ ^ZXPbSL_ NZX[L]LMWP bT_S _SP Y`XP]TN [P]^ZYLWT_TP^ LYO Y`XP]ZWZRTNLW ^[PN`WL _TZY^ ZQ _SP -]£SXL©L^ ?SP OTQQP]PYNP bL^ _SL_ TY _SP -]£SXL©L^ _SP XLRTN ZQ Y`XMP]^ bL^ ML^PO ZY WLYR`LRP 9`XMP]^ bP]P ^PXPXP^ MPL]P]^ ZQ XPLYTYR ?SP]P bL^ WP^^ ZQ LY LbL]PYP^^ ZQ LY T^ZXZ][STN Y`XMP] ^d^_PX z Y`XMP]^ NLYYZ_ MP OP]TaPO Q]ZX ZYP LYZ_SP] z TY ^_PLO PLNS LYO PaP]d Y`XMP] SLO L [P]^ZYLWT_d bT_S T_^ ZbY ^dXMZWTN ]PWL_TZY^LYOaLW`P^QZ]PcLX[WP_SPY`XMP]^_ZZOQZ]wNL__WPxLYO _ST^ TY _`]Y ZQQP]PO L [ZTY_ ZQ NZYYPN_TZY QZ] LOOT_TZYLW SZXZWZRTNLW P\`TaLWPYNP ]PWL_TZY^ 0aP]d_STYR _SL_ NZXP^ TY _bPWaP^ SL^ ^ZXP_STYR _ZOZbT_SNL__WP4Y4YOTL_SPY`XP]TNLW^[PN`WL_TZY^bPY_Z`_ZQQL^S TZY LYO bP]P bSZWWd ]P[WLNPO Md _SP XL_SPXL_TNLW OPQTYT_TZY ZQ Y`X MP]^ LYO XL_SPXL_TN^ LYO L^_]ZYZXd MPNLXP P^_LMWT^SPO L^ TYOP[PYO PY_^NTPYNP^-`_T_]PXLTY^YZ_TNPLMWP_SL__SPXP_L[Sd^TNLW^`M^_LYNP _SL__SP;d_SLRZ]PLY^QZ`YOTYY`XMP]^NZY_TY`PO_ZMPNZYNPY_]L_POZY WLYR`LRP TY>LY^V]T_N`W_`]P:YPNLY^PPL NP]_LTYNZ]]PWL_TZYMP_bPPY XL_SPXL_TNLW_]`_S^SP]PLYOWTYR`T^_TN_]`_S^_SP]PMZ_SZQbSTNSRPY P]L_PO L [TN_`]P ZQ _SP bZ]WObSZWP 4Y _SP _S NPY_`]d ,/ -ZP_ST`^ ]P[Z]_^ TY ST^ bZ]V /P TY^_T_`_TZYP X`^TNL _SL_ _SP ;d_SLRZ]PLY^ wbP]P L[_ _Z L^N]TMP OdYLXTN \`LWT_TP^ _Z aL]TZ`^ Y`XMP]^ LYO WL[^P TY_Z ]SL[^ZOTP^ NZYNP]YTYR _SP [L]_TN`WL] aT]_`P^ ZQ Y`XMP]^ ?SPd aTPbPOTYP\`LWT_d]L_TZ^LYO[]Z[Z]_TZY^L^Y`XP]TNLW]PLWT_TP^PXLYL_ TYR Q]ZX _SP XZYLO Z] u`YT_dvx ,NNZ]OTYR _Z _ST^ ]L_SP] 9PZ[WL _ZYTN TY_P][]P_L_TZY _SP ;d_SLRZ]PLY^ bSZ bP]P NZYNP]YPO bT_S OTQ QP]PYNP^ `W_TXL_PWd OP]TaPO _SP Y`XMP]^ Q]ZX L WZRZRPYTN []TXPaLW ZYPYP^^^TXTWL]_Z_SPbLdTYbSTNS-SL]_SL]T _SNPY_,/OP]TaPO _SP ^PY_PYNP^ ZQ WLYR`LRP LYO _STYR^ TY _SP bZ]WO Q]ZX L ^PWQ NZXX`YTNL_TYR WLYR`LRP[]TYNT[WP TY LbLdST^ ^[SZ¶L T^LYLWZRZ`^_Z _SP;d_SLRZ]PLYNZXXL,YObSP]PL^_SP;d_SLRZ]PLY^^LbY`XMP]L^ _SP XZ_SP] ZQ _SP `YTaP]^P ! _SP 4YOTLY ?LY_]T^_^ ^Lb _SP [SZYP_TNLWWd Z]OP]POLW[SLMP_L^_SPXZ_SP]ZQ_SP`YTaP]^P?SPOTQQP]PY_bPTRS_TYR RTaPY _Z WLYR`LRP LYO Y`XMP]^ ^SZb^ _SL_ L ML^TN OTQQP]PYNP LW]PLOd PcT^_PO QL] MLNV TY ,Y_T\`T_d bSPY 0`]Z[P LYO 4YOTL bP]P NWZ^P] _SLY _SPdL]P_ZOLd "PaPYTY_SPXLUZ]XP_LXd_S^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL MZZV & ^PP _SP TY_]ZO`N_TZY ZQ .LWaTY 8 -ZbP]_]LY^,YNT`^8LYWT`^>PaP]TY`^-ZP_ST`^ 1`YOLXPY_LW^ZQ8`^TN 9Pb3L aPY%DLWP@YTaP]^T_d;]P^^$#$ccTT !.LWaTY 8L]_TY -ZbP] -ZP_ST`^v ;]TYNT[WP^ ZQ 8`^TN% ,Y 4Y_]ZO`N_TZY ?]LY^WL_TZY LYO.ZXXPY_L]d ;S/_SP^T^$!!,YY,]MZ]%@YTaP]^T_d8TN]ZQTWX^$!"" "1Z] PcLX[WP TY _SP 9£¶dL²£^_]L L^ TY LYNTPY_ 0`]Z[P TY ;WL_Z LYO ,]T^_Z_WP X`^TN OLYNPLYO_Pc_[ZP_]d^_TWWQZ]XPOL`YT_&LbZ]OTYOP[PYOPY_]Sd_SXOTOYZ_PcT^_
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
4Y0`]Z[L_SPwNPWP^_TLWY`XMP]XLRTNxbL^LW]PLOdwOPXd^_TQTPOx Md ,]T^_Z_WPv^ [`[TW ,]T^_ZcPYZ^ "z -. bSZ TYT_TL_PO _SP ]L _TZYLWTePO 0`]Z[PLY ^_`Od ZQ X`^TN Md OPNZ`[WTYR ^Z`YO^ Q]ZX _SP NZ^XTN 3ZbPaP] TOPL^ LMZ`_ _SP SL]XZYd ZQ _SP ^[SP]P^ NZY_TY`PO ]TRS_ TY_Z _SP 7L_TY 8TOOWP ,RP^ # MPTYR LOZ[_PO Md _SP .S]T^_TLY^ `YWTVP_SPaPSPXPY_bLd_SL__SP.S]T^_TLY^OT^_LYNPO_SPX^PWaP^Q]ZX LYNTPY_]PWTRTZ`^X`^TN bSTNSbL^M]LYOPOL^wN`W_^ ZQQ]PYedx 0aPY WL_P]_SPdbP]P]PLN_TaL_POLRLTYLYOLRLTYPRTY6P[WP]v^ 3L]XZYTNP X`YOT BSL_ _SP OPXd^_TQTPO X`^TN OTO YZ_ ZQQP] bL^ ^`NS L NZX[]P SPY^TaPVPd_Z_SPbZ]WObSZWPLYO^PWQ^LN]LWTeL_TZYL^_SPNZ^XTQdTYR X`^TNLX`YOLYL OTO /Z`M_ SL^ MPPY NL^_ ZY bSP_SP] ;d_SLRZ]L^ ]PLWWd bL^ _SP Z]TRTYL _Z]ZQ_SPTOPLZQX`^TNZQ_SP^[SP]P^3ZbPaP]NZY^TOP]L_TZY^ZQX` ^TN LYO SL]XZYTP^ ZQ _SP ^[SP]P^ bP]P NWPL]Wd LW]PLOd MPTYR []ZUPN_PO ZY_Z STX TY ,Y_T\`T_d 1Z] PcLX[WP _SP WL_P LYNTPY_ b]T_P] LYO R]LX XL]TLY .PY^Z]TY`^#,/ $WZNLWTePOST^OT^N`^^TZY^ZQPXM]dZYTN OPaPWZ[XPY_ LYO MT]_S SZ]Z^NZ[P^ /P OTP YL_LWT bT_STY RPY`TYPWd LYNTPY_ YZ_TZY^ LMZ`_ X`^TN ?SP YLXP ;d_SLRZ]L^ ^P]aPO .PY^Z]TY`^ L^ L M]LNVP_ R]Z`[TYR _ZRP_SP] ]PWTRTZ`^ X`^TN _PLNSTYR^ LMZ`_ _SP PQQPN_^ ZQ X`^TN LYO _SP OT^_LYNP^ TY_P]aLW^ MP_bPPY _SP ^[SP]P^ ,WW ZQ_ST^PXMPOOPOS`XLYWTQPTYLNZ^XZWZRTNLWX`^TNLWQ]LXPbZ]V% w4YNTOPY_LWWd T_ T^ Md YZ XPLY^ TX[WL`^TMWP _SL_ X`^TN SL^ ^ZXP_STYR _Z OZ bT_S _SP OL_P ZQ Z`] MT]_S 1Z] bSP_SP] X`^TN YZb WTP^ L^ >ZN]L_P^ NWLTX^ZYWdTY_SPaZTNPZ]L^LNNZ]OTYR_Z,]T^_ZcPYZ^TY_SPaZTNPLYO MZOTWdXZaPXPY_Z]TY_SP^PNZX[ZYPY_^LYOTY_SPXZaPXPY_ZQ_SP^Z`W
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4_bL^,]T^_Z_WPv^[`[TW,]T^_ZcPYZ^"z-.bSZYZ_ZYWdwOPXd^_TQTPOx;d _SLRZ]L^vwNPWP^_TLWY`XMP]XLRTNxLYO_S`^[]ZaTOPOLQT]XQZZ_TYRQZ]BP^_P]YX` ^TNZWZRd M`_ LW^Z SPW[PO X`^TN _Z MPNZXP TYOP[PYOPY_ Md ]L_TZYLWTeTYR ]Sd_SX _S]Z`RSQTcTYR^SZ]_LYOWZYR^dWWLMWP^TYL_Z]L_TZLYO]PUPN_TYR_SPX`^TNLWYZ _L_TZY _SL_ LW]PLOd PcT^_PO TY ST^ OLd L^ _ZZ TX[]PNT^P 3ZbPaP] bSL_ _SP ;d_SLRZ ]PLY^ LYO _SP ,]T^_ZcPYLY^ SLO TY NZXXZY OP^[T_P Q`YOLXPY_LW OTQQP]PYNP^ bL^ L []PQP]PYNPQZ]_SPZ]dZaP][]LN_TNP.Q6`]_ 4YOTPY`YO0`]Z[L $z$ #?SP ;_ZWPXLTN bZ]WOaTPb T^ VYZbY _Z MP ML^PO ZY ^PaPY NZYNPY_]TNLWWd L]]LYRPO [WLYP_^_SL_ NT]NWP_SP^XLWW^_L_TN0L]_SLYOL]P_SPX^PWaP^TY_`]Y^`]]Z`YOPOMd LY PTRS_S ^[SP]P ZQ QTcPO ^_L]^ ?SP^P ^[SP]P^ bP]P L^^ZNTL_PO bT_S _SP TOPL ZQ _SP SL]XZYTP^ZQ_SP^[SP]P^LYO_SPYZ_TZYZQ_SPSL]XZYTNZ]OP]ZQ_SPbSZWP`YTaP]^P ?SPNZYNP[_bL^PL^TWdLOZ[_POTY_SP.S]T^_TLYOT^NZ`]^PaTL_SP;WL_ZYTNTOPLZQL SL]XZYTNZ]OP]N]PL_POMd_SPOTaTYP WZRZ^ _SPbZ]WOXLVP]Z]bZ]WO^Z`W.Q,Y RPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ OP^ 8T__PWLW_P]^ z" 0aPY _SP NZ]]P^[ZY OPYNP MP_bPPY _SP bZ]WO ^Z`W LYO _SP S`XLY ^Z`W TY ;WL_Z9PZ[WL_ZYT^X bL^ [L] _TLWWdTY_PR]L_POLYO_LVPYQ`]_SP]QZ]TY^_LYNPTY_SP^NSZZWZQ,WMP]__SP2]PL_ $ .PY^Z]TYTOPOTPYL_LWTWTMP] POLYO_]LY^3LY^ETXXP]XLYY .PY^Z]TY`^¾MP]OPY ?LR OP] 2PM`]_ PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LNNZ]OTYR_Z_SP^LXPSL]XZYTNXL_SPXL_TNLW]PWL_TZY^ST[^ZQTY_P]aLW^ WTVP _SP NPWP^_TLW MZOTP^ LYO _SP ]Sd_SX^ ZQ _SP ^PL^ZY^ TY _SP YL_`]LW bZ]WO,_QT]^_RWLYNP_SP^PNZYO]PWTRTZ`^L^[PN_L[[PL]^^`M^_LY_TLW WTVP_SP9£OL0aPY_SP4YOTLYRZO^OPWTRS_POTYX`^TNLYOL]POP[TN_PO OLYNTYR LYO [WLdTYR BSPY .PY^Z]TY`^ L__]TM`_PO ^ZYR _SP [ZbP] _Z MPNZXP LbL]P ZQ ZYPv^ ZbY OTaTYT_d LYO YL]]L_PO _SL_ ;d_SLRZ]L^ [WLdPO_SP6T_SL]LMPQZ]PRZTYR_Z^WPP[LYObSPYSPbZVP`[_ZQWZZO ST^ ^Z`W TYNP^^LY_Wd bT_S T_^ ZbY OTaTYT_d SP ^PPX^ _Z LNNZ]O X`^TN ^ZXP_STYR\`T_P^TXTWL]_Z_SL_bSTNS_SPNWL^^TNLW4YOTLYX`^TNTLY^LYO X`^TN _SPZ]P_T^_^ OTO YLXPWd OTaTYP \`LWT_TP^ _SL_ X`^TN [Z^^P^^P^ LYO _SL_ ZYP NLY SPL] LYO QPPW 4_ T^ NP]_LTYWd _]`P _SL_ TY ,Y_T\`T_d X`^TN bL^ L^^ZNTL_PO MZ_S bT_S ^[T]T_`LWT_d LYO bT_S MZOTWd ^PY^Z]d QPPWTYR LYO LW^Z NZOPO bT_S NZ^XZWZRd LYO OTaTYT_d ?ST^ T^ ^_TWW ]PQWPN_PO TY .PY^Z]TY`^3ZbPaP]TYWL_P,Y_T\`T_dL`OTMWPX`^TNLYONZ^XTNX`^TN L]P YZ_ Z] YZ WZYRP] OT]PN_Wd ]PWL_PO _Z ZYP LYZ_SP] PaPY TY .PY^Z]T Y`^v [Z[`WL] OT^NZ`]^P ,YO TY -ZP_ST`^v ^NSZWL]Wd OT^NZ`]^P ZaP] _bZ S`YO]POdPL]^WL_P]_SP]PT^YZYZ_TZYZQL^`M^_LY_TLWOTaTYT_dWPQ_L_LWW -ZP_ST`^]P[Z]_^_SL__SP;d_SLRZ]PLY^ZbTYR_Z_SPT]VYZbWPORPZQ_SP ^LXP XL_SPXL_TNLW ]L_TZ^ []Z[Z]_TZ TY 7L_TY _SL_ `YOP][TYYPO X`^TN LYO_SP`YTQTNL_TZYZQMZOdLYO^Z`W[WLdPONP]_LTYRPY_WPLYO^ZZ_STYR XPWZOTP^ PaP]d PaPYTYR _Z Q]PP _SPX^PWaP^ Q]ZX _SP M`]OPY^ ZQ _SP OLd LYO _Z MP LMWP _Z ^WPP[ bPWW bSTWP Z_SP] XPWZOTP^ bP]P [WLdPO bSPY _SPd]Z^P_Z[`]RP_SPX^PWaP^Q]ZX_SP^_`[Z]LYONZYQ`^TZYZQ^WPP[ ?SP ]PR`WL_TZY Md ]`WP^ LYO _SP Z]OP] ZQ Y`XMP]^ T^ _SP OTaTYP QPL_`]P _SL_`YT_P^_SPNZ^XZ^_SPMZOdLYOX`^TN?SP]P[]P^PY_L_TZYLWXZOPW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL ]PQP]^ _Z 9TNZXLNS`^ L^ ST^ ^Z`]NP bSPY SP ]P[Z]_^ _SL_ TY LYNTPY_ _TXP^ X`^TN bL^ ^_TWW [`]P] LYO XZ]P Z]TRTYLW ^TYNP T_ bL^ NZX[Z^PO ZQ QZ`] ^_]TYR^ LYO _SP]P bL^ YZ_STYR OT^NZ]OLY_ TY _SP^P TY TXT_L_TZY ZQ _SP QZ`] PWPXPY_^ 7L_P] XZ]P ^_]TYR^ bP]P LOOPO TYNW`OTYR _SP ^PaPY_S TY ZMaTZ`^ WTVPYP^^_Z_SP^PaPY[WLYP_^?SP^`]aTaTYRZ]TRTYLW^Z`]NP^Q]ZX9TNZXLNS`^SZb PaP] NZY_LTY YZ_STYR ZY _ST^ NZ^XZWZRTNLW ^dXMZWT^X ZQ X`^TNLW TY^_]`XPY_^ NQ -ZbP] 1`YOLXPY_LW^ $z M`_ 2]PPV Xd_S _]LNP^ X`^TN MLNV _Z OTaTYP Z]TRTY^ ?SP N]PL_Z] ZQ _SP ,`WZ^ L bTYO TY^_]`XPY_ ^TXTWL] _Z L ^SLbX NLWWPO _SP _TMTL TY 7L_TYT^^LTO_ZMP,_SPYP_SPRZOOP^^ZQbT^OZX?SPTYaPY_Z]ZQ_SPWd]PL2]PPV W`_PbL^_SPRZO3P]XP^?SPRPY_WP^Z`YOZQ_SPWd]PbL^]PRL]OPOL^,[ZWWZYTLY LYO_SP^S]TWW^Z`YOZQ_SP,`WZ^L^/TZYd^TLY?SP,`WZ^bL^LXP_ZYdXZQ/TZYd ^Z^ _SP RZO ZQ TY_ZcTNL_TZY LYO STRSWd aLW`PO TY 2]PPV _SPL_P] bSTNS L]Z^P Z`_ ZQ _SP N`W_ ZQ /TZYd^Z^ M`_ bL^ ZYWd LWWZbPO _Z MP [WLdPO Md QZ]PTRYP]^ RPYP]LWWd -ZPZ_TLY^4Y_ST^bLd^[LNPbL^XLOPTYN`W_`]LWLN_TaT_TP^QZ]_SPw/TZYdT^TLYML] ML]TNxbT_SZ`__SP,[ZWWZYTLYRTaTYR`[T_^^_LYOTYRL^_SPR`TOTYRN`W_`]LW[]TYNT[WP ?SPXd_SZQ_SPaTN_Z]dZQ,[ZWWZ_SPWd]P_SPRZOZQWTRS_ZaP]_SP^L_d]8L]^dL^ _SP,`WZ^T^bPWWVYZbYLYONZYYZ_P^_SPaTN_Z]dZQQZ]XLYO]PR`WL_TZYZaP]QZ]X WP^^WLNVZQ[]Z[Z]_TZY.Q6`]_ 4YOTPY`YO0`]Z[L $z$?ST^Z]OP]ZQaLW`P^LYO _SPTOPLWZQ_SP]TRS_XPL^`]P]PXLTYPOLOP_P]XTYTYRQLN_Z]]TRS_TY_ZWL_P,Y_T\`T_d .Q-ZP_ST`^ /PTY^_T_`_TZYPX`^TNL &-ZbP] 1`YOLXPY_LW^"
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
L__]TM`_PO _Z ;d_SLRZ]L^ LYO _SP ;d_SLRZ]PLY^ bSTNS bL^ [L^^PO OZbY TY _SP ^NSZWL]Wd bZ]WO bL^ YZ_ -]LSXLY Wd^T^ _]LY^NPYOTYR _SP ^PWQ NZY_PX[WL_TZYZQ[]TXPaLW^Z`YOZ]`YTZYbT_S_SP^ZYTNQZ]XZQ2ZOz M`__SPNZY_PX[WL_TZYZQ_SPOTaTYP7ZRZ^_S]Z`RS_SPNZY_PX[WL_TZYZQ _SPXL_SPXL_TNLWZ]OP]ZQX`^TNLYO_SPbZ]WO,NNZ]OTYR_Z-ZP_ST`^ _SP ;d_SLRZ]PLY^ bP]P ZYWd TY_P]P^_PO TY _SPZ]P_TNLW NZY_PX[WL_TZY 3P OTO YZ_ NZYNPTaP ZQ _SP ;d_SLRZ]PLY Y`XP]TNLW QZ]X^ L^ ^`M^_LY_TLW L^ _SPd ^PPX _Z SLaP MPPY NZY^TOP]PO Z]TRTYLWWd M`_ _Z MP LYLWZRZ`^ _Z _SP;WL_ZYTNTOPL^ 3ZbPaP]NWZ^P_SP]PWL_TZY^ST[MP_bPPY]PWTRTZYLYO X`^TNL[[PL]^ TY .PY^Z]TY`^ z LYO L ^_]ZYR ^dXMTZ^T^ YZ_ ZYWd MPNZXP^ L[[L]PY_ TY _SP ]P[]P^PY_L_TZY ZQ _SP ^NSZWL] ;d_SLRZ]L^ M`_ bL^ LW^Z [Z[`L] N`W _`]PPc[]P^^POTY]PWTRTZ`^X`^TNzTY_SPbZ]VZQ_SPTYQW`PY_TLW_SPZ]P _TNTLY-ZP_ST`^#z _SPQ`YN_TZYLWNZYYPN_TZYMP_bPPYX`^TNLYO ]PWTRTZY SL]OWd [WLdPO LYd ]ZWP L_ LWW /P TY^_T_`_TZYP X`^TNL 1`YOL XPY_LW^ ZQ 8`^TN bL^ ZYP ZQ ST^ PL]WTP^_ bZ]V^ LYO bL^ b]T__PY QZ] ^NSZWL]Wd PWT_P^ -ZP_ST`^ OPQTYPO X`^TN Q`WWd Z]TPY_PO ZY Y`XMP]^ TY _SP ;d_SLRZ]PLY ^_dWP L^ w_SP OT^NT[WTYP _SL_ _]PL_^ \`LY_T_d ]PWL_PO _Z Z_SP] \`LY_T_dx z 3T^ WL]RPWd aP]d _PNSYTNLW X`^TNZWZRTNLW bZ]VZY_SP_S]P^SZWOMP_bPPY_bZ P[ZNS^[L^^POOZbY_SP2]PPV_SP Z]d ZQ X`^TN LYO ;d_SLRZ]PLY TOPL^ _Z _SP 7L_TY 8TOOWP ,RP^ 4_ bL^ L`_SZ]T_L_TaP _S]Z`RSZ`_ _SP XPOTPaLW [P]TZO LYO L_ _SP `YTaP]^T_TP^ T_ bL^ _SP ML^TN _Pc_ TY X`^TN ^_`OTPO L^ ZYP ZQ _SP WTMP]LW L]_^ ZQ _SP \`LO]TaT`X TP _SP QZ`] XL_SPXL_TNLW OT^NT[WTYP^ L]T_SXP_TN X`^TN RPZXP_]d LYO L^_]ZYZXd TY_PYOPO L^ []P[L]L_TZY QZ] _SP ^_`Od ZQ [ST WZ^Z[SdLYO_SPZWZRdBSL_bL^]PNPTaPOLRLTYLYOLRLTYbL^_SP]PQZ]P LW^Z -ZP_ST`^v OTQQP]PY_TL_TZY ZQ X`^TN TY_Z _S]PP _d[P^% _SP X`^TN ZQ _SP`YTaP]^P X`^TNLX`YOLYL _SPX`^TNZQXLY X`^TNLS`XLYL TP TOPL^ LMZ`_ _SP SL]XZYd ZQ _SP ^Z`W _SP NZYYPN_TZY MP_bPPY MZOd LYO ^[T]T_ LYO _SP PQQPN_^ ZQ X`^TN ZY [^dNSP LYO MZOd LYO _SP X`^TN ZQ _SP TY^_]`XPY_^ X`^TNL TY^_]`XPY_LWT^ -ZP_ST`^ WTVP ±£]«RLOPaL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -ZbP] 1`YOLXPY_LW^ cccT /P^[T_P T_^ ^_]ZYRWd ]L_TZYLWT^_TN L[[]ZLNS LNNZ]OTYR _Z -ZbP] TMTO ccTccTa cccTTT _SP bZ]V NZYL_TY^ L wXd_STN PWPXPY_x LYO w^P]TZ`^ QWLb^xTY ]PWL_TZY_Z_SP X`^TNLW]L_TZ^MPNL`^PZQT_^ ;d_SLRZ]PLYZ]TRTY^-ZP_ST`^ LOZ[_^LVTYOZQXTOOWP[Z^T_TZYMP_bPPY_SPTOPL^ZQ_SP ;d_SLRZ]PLY^LYO_SZ^PZQ _SP,]T^_ZcPYLY^ .Q -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL LYO :^NL] ;L`W _]LY^ ,YNT`^ 8LYWT`^ >PaP]TY`^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV 7PT[eTR%AP]WLR7P`NVL]_#"" !"""?SPQT]^_NSL[_P][]P^PY_^^TcML^TN_Z[TN^_Z_SP^_`OPY_ZQ;d_SLRZ ]PLYX`^TNLW_SPZ]dQ]LXPOMd_bZNSL[_P]^PLNSZQ[]ZWZR`PNSL[zLYOP[T WZR`PNSL[z?SP[]ZWZR`PNZaP]^LNZWWPN_TZYZQ_SPX`^TNLWWZ]PLYO`]RP^ _SP ]PLOP] _Z NPL^P MPTYR XLYT[`WL_PO Md X`^TN LYO ^_]TaP _Z RLTY VYZbWPORP TY XPL^`]P ^TYNP_SP ^PY^P^ QTYO[WPL^`]PTY ^Z`YO^M`__SP XTYOTY\`LY_T_L_TaP ]PWL _TZY^ST[^?SP[]ZWZR`PNWZ^P^MdOTaTOTYRX`^TNTY_ZNZ^XTNS`XLYLYOTY^_]`XPY
$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
OTO `YOP]^_LYO X`^TN _Z MP L `YT_d ZQ TY^_]`XPY_LW X`^TN ^ZYR LYO OLYNP M`_ TY^_]`XPY_LW X`^TN T^ ZMaTZ`^Wd _SP []PaLTWTYR XZOPW _SL_ [P]aLOP^LWWQTaP^`]aTaTYRMZZV^?SPZ[TYTZYZQLWWLYNTPY__STYVP]^T^ Pc[]P^^POaP]dNWPL]Wd% X`^TNLW_SPZ]dLYOYZ_[]LN_TNPT^ZQ[]TXPTX [Z]_LYNP :YWdPL]_SWdX`^TN T^LNNP^^TMWP _Z _SP ^PY^P^bSTWP_SPSL] XZYd ZQ _SP `YTaP]^P NLY ZYWd MP [P]NPTaPO Md _SP TY_PWWPN_ ]L_TZ ?ST^ L[[PL]^ _Z SLaP MPPY _SP RPYP]LW aTPb L_ WPL^_ ^TYNP _SP _TXP ZQ ;WL_Z LYO bL^ LN_`LWWd ]PTYQZ]NPO Md 9PZ[WL_ZYT^X 4Y 0`]Z[P bP QTYO XZ]P ZQ L ST^_Z]d ZQ ]PXZaLW ZQ ^PY^`LWT_d LYO TY 4YOTL XZ]P ZYP ZQ TYN]PL^TYR ^PY^`LWT_d 4Q -SL_SL]Tv^ ±LMOL-]LSXLY bL^ ^_TWW ^TXTWL]Wd LM^_]LN_ _Z _SP LYNTPY_ X`^TN ZQ _SP ^[SP]P^ LYO LNNP^^TMWP ZYWd _Z _SP ^[T]T_ _SP -]LSXLY TY _SP 9£OL-]LSXLY MPNLXP XZ]P ^PY^Z]d LYO OT]PN_WdL`OTMWPTYX`^TN ?SPNZYNP[_ZQ X`^TNLX`YOLYL X`^TNZQ_SP`YTaP]^P_SL_WPQ_T_^ XL]V ZY _SP bSZWP ZQ _SP 8TOOWP ,RP^ ^_L]_TYR Q]ZX _SP _SPZ]T^_ -ZP_ST`^ bL^ LW]PLOd []PQTR`]PO TY ;WL_Zv^ ?TXLTZ^ 4_ TYNW`OPO _SP TOPL ZQ L SL]XZYd _SL_ TYaT^TMWd [P]aLOP^ _SP bSZWP NZ^XZ^ Q]ZX _SP XZaPXPY_^ZQ_SP[WLYP_^_SPLN_`LW X`^TNLX`YOLYL LWW_SPbLdOZbY _Z _SP XTN]ZNZ^XTN WPaPW ZQ L SL]XZYd ZQ MZOd LYO ^[T]T_ TY XLY _SP X`^TNL S`XLYL ?SP SL]XZYd ZQ _SP `YTaP]^P TY ,Y_T\`T_d T^ QT]^_ LYO QZ]PXZ^_ L XLYTQP^_L_TZY ZQ _SP OTaTYP WZRZ^ ]L_TZ TY 7L_TY L^ T_ bL^ LWbLd^ ^`[[Z^PO Md LYNTPY_ _STYVP]^ _Z MP MPSTYO _SP bZ]WO -PNL`^P _SP WZRZ^ [P]aLOP^ PaP]d_STYR PaP]d_STYR _PX[Z]LW X`^_ LW^Z SLaP ^ZXP_STYR ZQ _SP WZRZ^ LMZ`_ T_ LYO TY _SP ]PLWX ZQ ^Z`YO _ST^ T^ NZY N]P_P SL]XZYd DP_ _SP LYNTPY_ LYO XPOTPaLW _STYVP]^ bP]P YZ_ TY_P] P^_POTY_SP^PSL]XZYTP^L^L^PY^Z]d[SPYZXPYZYM`_L^TY_PWWPN_`LWWd NZX[]PSPY^TMWP Y`XP]TNLW ]PWL_TZY^ST[^ 4Y _SP _Pc_^ L ^PY^Z]d Pc[P]T PYNPZQ_SPSL]XZYdZQ_SP`YTaP]^PT^LWbLd^]PWZNL_PO_Z_SPLQ_P]WTQP Z] PN^_L_TN _]LY^X`YOLYP aT^TZY^ ! 0L]_SWd X`^TN X`^TNL TY^_]`XPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _LW X`^TN ?SP P[TWZR`P NWZ^P^ Md ]PTYQZ]NTYR _SP ML^TN _SPZ]P_TNLW [P]^[PN_TaP ZQ_SP_]`PX`^TNTLY-ZP_ST`^[WLYYPO_ZNZY_TY`POPaPWZ[TYR_SPTOPLZQX` ^TNZQ_SP^[SP]P^Z`_WTYPOTY3ZbPaP]PT_SP]SPOTOYZ_OZ^ZZ]_ST^bZ]VSL^ MPPYWZ^_ -ZP_ST`^ L]R`P^ _SL__SP ^PY^P ZQ SPL]TYRT^YZ_ _ZMP_]`^_POMPNL`^PT_NLY NSLYRP bSTWPZYWd]PL^ZYNLY`YOP]^_LYO_SP`YNSLYRPLMWP !?ST^LW^ZL[[WTP^RPYP]LWWd_Z_SP;d_SLRZ]L^WPRPYO^&^PPLW^ZMPWZbZY_SPw/]PLX ZQ >NT[TZx , ^TXTWL] ^T_`L_TZY PcT^_^ NZYNP]YTYR _SP .S]T^_TLY WT_`]Rd ]TRS_ TY_Z _SP _SNPY_`]d bSTNST^PWPaL_PO_Z L_]LY^X`YOLYP ^[SP]PO`P_Z_SP SL]XZYdZQ_SP ^[SP]P^ L[[PL]TYR YPbWd ^PXLY_TNTePO% T_ T^ ]PTY_P][]P_PO TY_Z L wbSZWP^ZXP ^Z`YOx bT_S.S]T^_LYOTY_ZLYLYRPWZRd_SPSdXYTN[]LT^PZQ_SPLYRPW^,W_SZ`RS^[SP]TN X`^TNT^M]Z`RS_TY_Z_ST^bZ]WOaTL_SP[P]QZ]XLYNPZQWT_`]Rd_SPWT_`]RdT_^PWQSL^L _Z`NSZQ_SPaT^TZYL]d4_T^wYZ_ZQ_ST^bZ]WOxM`_TY^_PLOT_T^Lw_`YTYRTY_ZxSL] XZYdbT_S_SPNSZT]^ZQLYRPW^TYNZY^ZYLYNPbT_S2ZO?SPWT_`]RdT^_SPTXLRTYL]d [WLNP bSP]P _SP w^bPP_YP^^x ZQ _SP LYRPW^v LWWPW`UL LYO _SP ^[SP]P^ T^ SPL]O bSP]P
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
_LWT^ bSP_SP] T_ MP aZNLW Z] TY^_]`XPY_LW T^ ML^PO ZY _ST^ NZ^XTN X` ^TNLYOXLd_SP]PQZ]PMPLMWP_ZXZaP_SP^Z`W_SL_SL^LYTYMZ]YLQQT YT_dQZ]_SP WZRZ^ M`_T_LWbLd^]PXLTY^LYTX[P]QPN_TXLRP?SP]P^`W_ T^_SL_TYPQQPN__ST^L]PLZQMPTYRT^]PXZaPOQ]ZX_SPQPPWTYR^ZQXP]P XZ]_LW^ ;L]_TNT[L_TZY T^ ZYWd TY_PWWPN_`LWWd [Z^^TMWP TY _SP ^PY^P ZQ LY ZaP]aTPbZQ_SP ]`WPML^PO ]PWL_TZY^ST[^ TY _SP ^Z`YO^ M`_ YPaP] T^ T_ L ^`M^_LY_TLWZ]P^^PY_TLW[L]_TNT[L_TZYTY_SPOTaTYPWZRZ^ 4YOTLY^Z`YOXd^_TNT^XL^T_T^Pc[]P^^POTY_SPOTN_`Xw_SPbZ]WO T^ ^Z`YOx Y£O£_XLVLÀ ULRL_ OTQQP]^ Q]ZX _SP BP^_P]Y NZYNP[_ []P NT^PWd TY _ST^ [ZTY_% X`^TN T^ OT]PN_ [L]_TNT[L_TZY TY _SP `YTaP]^P LYO TY _SPOTaTYP-]LSXLY0aPYLQ_P]8L_L«RLLYO±£]«RLOPaL_SPX`^TNTLY^ LYO_SPZ]P_TNTLY^ ^[PLVZQ_SPw^bPP_YP^^xZQX`^TNLYO-]LSXLYMWT^^ TY_SP^LXPM]PL_SZQ_SPTXXPOTL_P[]P^PYNPZQ2ZOLYO_]LY^X`YOLYP Pc[P]TPYNP ZQ `YT_d TY ^Z`YO Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ ?SPd TOPY_TQd X`^TNLW ^Z`YO bT_S NZ^XTN NZY^NTZ`^YP^^ LYO wZ_SP]bZ]WOWdx LP^_SP_TNL_XZ^[SP]P^ZQPXZ_TZYZ]^[PLVTYDZRTN_P]X^ZQbZYOP] Q`W TYYP] ^Z`YO^ LYO WTRS_ Pc[P]TPYNP^ _SL_ WPLO OT]PN_Wd _Z _SP OTaTYP ^PN]P__SPQZ]XWP^^2ZOZ]_SP-]LSXLY 4_T^[]ZMLMWdPcLN_Wd_ST^TOPL_SL_NZY^_T_`_P^_SPQL^NTYL_TZYZQ_SP 9£OL-]LSXLY QZ] BP^_P]Y ]PNT[TPY_^% _SP M]TYRTYR _ZRP_SP] ZQ [L]_TNT [L_TZY TY _SP `YTaP]^P bT_S ^PY^Z]d L^[PN_^ YLXPWd _SP ]PLW ^Z`YO Pc [P]TPYNP TY X`^TN Z] _SP NZY_TY`TYR QPPWTYR ZQ ^Z`YO aTM]L_TZY^ ?SP wNZ^XTN ^Z`YOxNLYMPPc[P]TPYNPO4_T^SPL]OTY ^ZYRLYOTY_SPPNSZ TY ZYPv^ ZbY TYYP] ^[LNP -ZOd LYO ^[T]T_ X`^TN LYO NZ^XTN NZY ^NTZ`^YP^^ []ZQLYP LYO ^LN]PO QWZb OT]PN_Wd TY_Z PLNS Z_SP] SP]P .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx " NLY MP aP]d bPWW L[[WTPO _Z _ST^ OPOTQQP]PY_TL_TZY TY _SP OT^NZ`]^P^ ZY 9£OL-]LSXLY LYO X`^TN ?SP aT^TZY ZQ STRSP] ]PLWT_d T^ LNNP^^TMWP _Z ZYPv^ TXXPOTL_P [P]NP[_TZY 4Y_`T_TZYQPPWTYRLYOXd^_TNLWTY^TRS_L]PPWPaL_POLMZaP]PL^ZYWZRTN LYO LYLWd^T^ bSPY ZYP WT^_PY^ _Z X`^TN 9Z PO`NL_TZY Z] XL_SPXL_TNLW _]LTYTYRT^]P\`T]PO_ZSPL]_SPw^Z`YOZQ_SPbZ]WOxTYX`^TNzTY^_PLO ^TX[WdSPL]TYRX`^TNT^^`QQTNTPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP 0L]_SObPWWP]^ _`YP TY_Z _SP []LT^P^ ^`YR Md _SP LYRPW^ LYO _SP MWP^^PO LYO ^SZ`WO_`]Y_SP[]LT^PZQ2ZOTY_ZLw`YT^ZYxZQ3PLaPYLYO0L]_STY_SP`YT^ZY2]P RZ]TLY NSLY_^ LYO TY_ZYL_TZY ZQ [^LWX^ .Q ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ OP^ 8T__PWLW_P]^ $z , YZaPW_d T^ QZ`YO TY /LY_Pv^ ! z /TaTYL .ZX XPOTL bSP]P_SP X`^TNLOTaTYL NSZT]^ZQLYRPW^LYO[^LWXZOdLYO_SP X`^TNLX`Y OLYL NZ^XTNX`^TNZQ_SPXZaPXPY_^ZQ_SP[WLYP_^_SL_T^LwSPL_SPYxYZ_TZYL]P Pc[WTNT_Wd ^dY_SP^TePO ?d[TNLWWd SZbPaP] SP]P _ZZ _SP wZ_SP]bZ]WOWdx LYO _SP ^` [P]YL_`]LW ]PXLTY []P^P]aPO ?SP SPLaPYWd []LT^P^ ZQ _SP LYRPW^ TY _SP Z]MT_^ ZQ _SP [WLYP_^L]P[L]_ZQ_SPOP^N]T[_TZYZQ;L]LOT^P_SL_T^L^[SP]PL^^TRYPO_Z_SPLQ_P] WTQP_SPZ_SP]^TOP ".Q.LX[MPWW 0L^_P]YTeL_TZYZQ_SPBP^_
$ !
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
4Y _SP LY_T\`P ]P[]P^PY_L_TZY XZOPW^ _SP w^Z`YO ZQ _SP bZ]WOx T^ YZ_ ^Z PL^TWd LNNP^^TMWP LYO TY []TYNT[WP T_ SL^ MPPY ]PXZaPO Q]ZX _SP ]PLWXZQ_SP^PY^P^BT_S_SP[WLYP_^_SPdTYOPPONZY^_]`N_POLYTXXP OTL_P YL_`]LWT^_TN ]PWL_TZY _Z _SP bZ]WO M`_ _SP _ZYP^ []ZO`NPO Md _SP ^PaPY[WLYP_^LYO_SP^_L]^TY_SPSPLaPY^bP]PTYL`OTMWP_ZS`XLYPL]^ ,NNZ]OTYR_Z .PY^Z]TY`^ _SP^Z`YOZQ_SP ^[SP]P^ bL^_ZZ[ZbP]Q`W _Z MP [P]NPTaPO Md S`XLY PL]^ L^ .TNP]Z M ! -. SLO LW]PLOd ^`[ [Z^POTYST^w/]PLXZQ>NT[TZx >ZXYT`X>NT[TZYT^ ?SP^SZ]__]PL_T^P _SL_ T^ [L]_ ZQ .TNP]Zv^ /P =`MWTNL _SP]PQZ]P SL^ _Z TYaPY_ L QTN_TZYLW O]PLX aT^TZY TY Z]OP] _Z LWWZb _SP ]PLOP] _Z _L^_P L_ WPL^_ aT]_`LWWd L aT^TZY ZQ _SP STRSP] ^[SP]P^ ZQ ]PLWT_d LYO _SP w^bPP_YP^^x ZQ Z_SP] bZ]WOWd X`^TN ZQ _SP ^[SP]P^ 3P]P _SP ^bPP_YP^^ ZQ X`^TN NZY^T^_^ ZQ _SPSL]XZYdZQTYP\`LWT_TP^% wBSPY4SLO]PNZaP]POQ]ZXXdLXLePXPY_L__SP^P_STYR^4L^VPOuBSL_ T^ _ST^ ^Z`YO ^Z ^_]ZYR LYO ^Z ^bPP_ _SL_ QTWW^ Xd PL]^*v u?ST^v SP F,Q]T NLY`^H]P[WTPO uT^_SPXPWZOdbSTNS L_TY_P]aLW^`YP\`LW dP_OTQQP]TYRTY PcLN_[]Z[Z]_TZY^T^XLOPMd_SPTX[`W^PLYOXZ_TZYZQ_SP^[SP]P^_SPX ^PWaP^ bSTNS ^ZQ_PYTYR ^S]TWWP] Md OPP[P] _ZYP^ []ZO`NP L OTaP]^T_d ZQ ]PR`WL] SL]XZYTP^v F?HST^ SL]XZYd ZQ _SP bSZWP `YTaP]^P TY T_^ TY _PY^PWd ]L[TO XZaPXPY_ T^ ^Z WZ`O _SL_ XPYv^ PL]^ NLYYZ_ _LVP T_ TY PaPY L^dZ`NLYYZ_WZZVOT]PN_WdL__SP^`Yx #
?SP aT^TZYL]d YL_`]P ZQ _SP YL]]L_TaP T^ PYSLYNPO Md _SP QLN_ _SL_ >NT[TZv^ TY_P]WZN`_Z] _SP OPNPL^PO SP]Z ,Q]TNLY`^ []POTN_^ Q`_`]P PaPY_^ LYO >NT[TZv^ OPNPL^PO QL_SP] LW^Z L[[PL]^ ?SP O]PLX NZYaP]^L _TZY _LVP^ [WLNP^ L_ LY `YTOPY_TQTPO TXLRTYL]d WZNL_TZY QL] LMZaP _SP 0L]_S_SP_TYd^[PNVNT]NWPOMd_SP[WLYP_^zLYL^_Z`YOTYROP[TN_TZYZQ _SP aL^_ NZ^XTN ^TeP ZQ _SP `YTaP]^P LYO ZQ _SP bZYOP]Q`W STRSP] bZ]WO ZQ _SP ^Z`YOTYR NPWP^_TLW MZOTP^ 4_ T^ []P^PY_PO L^ _SP w_PX[WP ZQ RZOx bSP]P YZ XZ]_LW SL^ PaP] ^P_ QZZ_ ?ST^ T^ _SP P^NSL_ZWZRTNLW ObPWWTYR [WLNPZQOPLOSP]ZP^bSP]P_SPdPYUZdP_P]YLWMWT^^>NT[TZT^_L`RS_Md ST^ QL_SP] _SL_ YZ PL]_SWd XZ]_LW NZ`WO PaP] PY_P] _SL_ [WLNP LYO _SL_ >NT[TZ NZ`WO ZYWd ^ZUZ`]Y TY _SP SPLaPYWd bZ]WO LQ_P] WPLaTYR _SP w[]T^ZYZQST^MZOdx $LYOQ`WQTWWTYRST^_L^VZQ[]Z_PN_TYR_SP0L]_SST^ NZ`Y_]d LYO ST^ QLXTWd BSL_ T^ YZ_TNPLMWP T^ YZ_ ZYWd _SP XZ]LW []P NZYOT_TZY^ LYO _SP [`]PWd P^NSL_ZWZRTNLW OTXPY^TZY M`_ LW^Z _SP QLN_ _SL_PaPYTY_SPaT^TZYL]dO]PLXPc[P]TPYNP_SPX`^TNZQ_SP^[SP]P^ T^ XZ]P^PPY_SLYSPL]OLYOT_T^XZ]P`YOP]^_ZZO_SLYT_T^LNNP^^TMWP_Z _SP^PY^P^LYOQPPWTYR^?ST^NZ]]P^[ZYO^_Z_SPXTXP^T^TYPL]_SWdX` ^TN _SP wSPLaPYWd ^NTPYNPx bSZ^P LTX T^ _Z R]LY_ TY^TRS_ TY_Z _SP ]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #,YO]Pb ; ;PLMZOd _]LY^ .TNP]Zv^ /]PLX% .TNP]Zv^ >ZXYT`X >NT[TZYT^ Z] /]PLX ZQ >NT[TZ bT_S YZ_P^ S__[%LYNTPY_ST^_Z]dLMZ`_NZXWTM]L]dMWMWJ_Pc_JNTNJ^NT[TZ O]PLXS_XLNNP^^PO9ZaPXMP]"$zSP]P!LYO" $.TNP]Z >ZXYT`X>NT[TZYT^_]LY^;PLMZOd :Y_SPO`_TP^TMTO z!
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$ "
_TZYLW Z]OP] ?ST^ Z]OP] T^ ZYWd LNNP^^TMWP _Z _SP ^[T]T_ LYO YZ_ _Z _SP ^PY^PZQSPL]TYR% wF?SP^PHPTRS_]PaZW`_TZY^FZQ_SP[WLYP_^HZQbSTNS_bZ_SZ^PZQ8P]N`]d LYO APY`^ L]P TY `YT^ZY XLVP ^PaPY OT^_TYN_ _ZYP^ bT_S XPL^`]PO TY_P] aLW^ MP_bPPY LYO LWXZ^_ LWW _STYR^ L]P L]]LYRPO TY ^PaPY^ >VTWWPO XPY NZ[dTYR _ST^ SL]XZYd bT_S ^_]TYR^ LYO aZTNP SLaP Z[PYPO _SPX^PWaP^ L bLdMLNV_Z_ST^[WLNPL^SLaPZ_SP]^bSZbT_SPcNPWWTYRRPYT`^SLaPN`W _TaL_POOTaTYP^NTPYNP^TYS`XLYWTQP-`__SPPL]^ZQXPYL]POPLQPYPOMd MPTYR QTWWPO bT_S _ST^ XPWZOd& YZ] T^ _SP]P TY dZ` XZ]_LW^ L O`WWP] ^PY^P _SLY_SL_ZQ_SPSPL]TYRx
4Q bP ]PLO .PY^Z]TY`^v ]PXL]V^ LMZ`_ ;d_SLRZ]L^ bT_S _ST^ TY_P][]P_L _TZYVPdbPL]PLW]PLOdNWZ^P_Z_SPWL_P]OT^NZ`]^PTY-ZP_ST`^_SL__SP OTaTYPbSTNS;d_SLRZ]L^NZY_PX[WL_PObSPYWT^_PYTYR_ZX`^TNbL^YZ_ ^ZXP_STYR_SL_NZ`WOMPTX[L]_PO_Z_SP^PY^P^LYOLQQPN_aTL_SP_ZYP^ M`_ _SP _SPZ]d LYO bSL_ SP w[P]NPTaPOx bL^ _SP TY^TRS_ TY_Z _SP TY_PW WPN_`LW Y`XP]TNLW ]PWL_TZY^ST[^ LYO SL]XZYTN []Z[Z]_TZY^ bL^ YZ_ L MZOdLYO^[T]T_ wQPPWTYRx _SP ]P^ZYLYNP^ ZQ ^Z`YO TY _SP MZOd LYO _SP TYYP] ^PY^P^ LYO _SP w-]LSXLY MWT^^x TY _SP ^[T]T_ BSP]PL^ _SP 4YOTLY X`^TNTLY^bLY__ZMPPXZ_TZYLWWdwNZWZ]POxMd_SP^[PNTQTN^Z`YO^SP]P T_ T^ _SP ]L_TZYLW aT^TZY ZQ Z]OP] _SL_ T^ ^Z`RS_ MPNL`^P T_ T^ []PNT^PWd _ST^ Z]OP] TY bSTNS _SP PcT^_PYNP ZQ _SP OTaTYP T^ XLYTQP^_ z ZQ L ^[T]T_ _SL_ T^ MPSTYO LWW _STYR^ [WLYYTYR LYO XPL^`]TYR 0aPY TY .TNP]Z T_ MPNZXP^ NWPL] _SL_ _SP ^Z_P]TZWZRTNLWWd ]PWPaLY_ L^[PN_ T^ X`^TN _SPZ]d LYO YZ_ XLVTYR LYO SPL]TYR X`^TN ?ST^ bTWW MP aP]d Pc[WTNT_ TY >_ ,`R`^_TYPLYO-ZP_ST`^?SPdOPQTYPOX`^TNL^w_SP^NTPYNPZQXPL^`] TYRx LYO QT]XWd ]P[]P^PY_ _SP aTPb _SL_ _SP _]`P X`^TNTLY^ L]P YZ_ _SZ^P[]LN_TNTYRX`^TNM`__SP_SPZ]T^_^ BSPY,`R`^_TYPLYO-ZP_ST`^_LNVWP_SP\`P^_TZYZQbSP_SP]X`^TN T^^ZXP_STYRYL_`]LWZ]LY L]^ TPLYL]_T^_TN^VTWWOPXLYOTYR^[PNTLWT^_ VYZbWPORP _SPdQTYO _SL_T_T^MZ_SM`__SPQZN`^T^NWPL]WdZY _SP ^NT PYNP ^NTPY_TL ZQ X`^TN _SPZ]d ZXYT`X>NT[TZYT^_]LY^;PLMZOd" ,`R`^_TYPv^_SPZ]dZQX`^TN`^POXP_P]L^T_^^_L]_TYR[ZTY__SPY`XP]TNLW^_]`N_`]P ZQ]Sd_SX?SPaTPb_SL_XP_P]bL^[L]_ZQX`^TN_SPZ]dbL^NZXXZYTY,Y_T\`T_d LW_SZ`RST_bL^_SP^`MUPN_ZQOT^[`_P /PX`^TNL T^`YT\`PMPNL`^PYZZ_SP]bZ]VZY _ST^aTPbSL^^`]aTaPO.Q1]LYV3PY_^NSPWPOLYO_]LY^,`]PWT`^,`R`^_TY`^ /P X`^TNL% -ÞNSP] 4 `YO A4 AZX Æ^_SP_T^NSPY @]_PTW e`] XP_L[Sd^T^NSPY 0]VPYY_YT^ 7L_TY2P]XLYPOT_TZY3LXM`]R%8PTYP]Tc:YX`^TNL^L^NTPYNPZQNZ]]PN_ XPL^`]PXPY_^PPTMTO!Qz #Qz
$ #
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
YZ_STYRZQ_SP_SPZ]P_TNLWQZ`YOL_TZY^ZQT_^^ZYR BSL_S`XLYMPTYR^ SLaP TY NZXXZY bT_S LYTXLW^ T^ LY TYNWTYL_TZY _Z TXT_L_P ^PY^Z]d [P] NP[_TZYLYO_SPXPXZ]dZQ^PY^Z]d[P]NP[_TZY,NNZ]OTYR_Z,`R`^_TYP _ST^T^[]PNT^PWdbSdTXT_L_TZY_SP^PY^P^LYOXPXZ]dOZYZ_MPWZYRTY _SP QTPWO ZQ ]PL^ZY 4XT_L_TZY TXT_L_TZ bSTNS T^ ^Z TX[Z]_LY_ TY _SP 4YOTLYXP_SZOZQWPL]YTYRX`^TNT^ZYWdLYL_`]LWw ^PY^`^ xM`_YZ_LY w L]^ x MPNL`^P ^PY^Z]d MPTYR^ OPaZTO ZQ ]PL^ZY WTVP _SP YTRS_TYRLWP NLYTXT_L_PM`_NLYYZ_LNSTPaPLYd^[PNTLWT^_VYZbWPORPZ]L]_>NTPYNP T^_SPXZ^_TX[Z]_LY_ML^T^QZ]LYL]^4XT_L_TZY_SP^PY^P^TYNW`OTYRL YL_`]LW LMTWT_d _Z XLVP U`ORXPY_^ LYO XPXZ]d bSTNS LYTXLW^ LW^Z [Z^^P^^ L]P TYOPPO ^`QQTNTPY_ _Z []ZO`NP WZaPWd X`^TN -`_ _SP ^NTPYNP ZQ X`^TN LYO ZQ _SP X`^TN _SPZ]T^_^ SL^ _Z MP OTQQP]PY_TL_PO Q]ZX _SP LYTXLWbZ]WOBSL_OT^_TYR`T^SP^S`XLYMPTYR^T^YZ_ZYWd_SPT]YL_`]P M`_ LW^Z _SPT] LMTWT_d _Z ]PQWPN_ ZY _STYR^ LYO _Z XPL^`]P _SPX :Y _SP ^`MUPN_ ZQ ]Sd_SX ,`R`^_TYP NZY^TOP]^ O`]L_TZY^ _SL_ PcSTMT_ YZ XPL^ `]LMWP Y`XP]TNLW ]PWL_TZY^ST[ _Z ZYP LYZ_SP] _Z MP wT]]L_TZYLWx LYO _SP Z_SP]^_ZMPw]L_TZYLWxBSPYT_NZXP^_ZXLVTYRX`^TNZYPX`^_L[[Wd ]PL^ZY LYO LYdZYP bSZ OZP^ YZ_ `YOP]^_LYO _SP XL_SPXL_TNLW ML^T^ ZQ X`^TNT^YZ_L_]`PX`^TNTLY?SZ^PbSZTYO`WRPZYWdTY_SP^PY^P^LYO QPPWTYR^ Z] ZYWd [WLd _SP TY^_]`XPY_^ bT_S _SPT] MZOTP^ OZ YZ_ [Z^^P^^ _ST^^NTPYNP?ST^TYQLN_L[[WTP^LNNZ]OTYR_Z,`R`^_TYP_ZLYdYZ]XLW X`^TNTLY^MPNL`^P_SPdZYWdbLY_PO _Z[WLd bSL_^Z`YOPORZZO bT_S Z`_MPTYRTY_P]P^_POTY_SPY`XP]TNLW]PWL_TZY^ST[^,YOQZ]PcLN_Wd_ST^ ]PL^ZY _SPd bP]P YZ_ X`NS MP__P] _SLY YTRS_TYRLWP^ ,W^Z [PZ[WP bSZ ZYWd WT^_PYPO bT_S [WPL^`]P bP]P NZX[L]LMWP _Z O`XM LYTXLW^ 4_ XLd bPWW MP L[[]Z[]TL_P _Z PYUZd L WT__WP ^PY^Z`^ [WPL^`]P _S]Z`RS X`^TN TY ZYPv^WPT^`]P_TXP-`__ZWT^_PY_ZX`^TNTYZ]OP]_ZMPNL[_TaL_POMdT_ bL^^SLXPQ`WLYOTYOPNPY_% w?Z `^P T_ YZb LYO LRLTY T^ L[[]Z[]TL_P XZOP^_T^^TX`X M`_ _Z MP ZaP] NZXP Md T_ PaPY ZYWd L_ _TXP^ T^ STOPZ`^ LYO TYOPNPY_ _`][P L_\`P TYOP NZ]`X x ?ST^ L^^P^^XPY_ ZQ _SPZ]d []LN_TNP LYO X`^TNLW Wd^T^ T^ TY LM^ZW`_P Z[[Z^T_TZY_Z_SP4YOTLYaTPb4QQZ]RP__TYR_SP^PWQSL^[Z^T_TaPNZYYZ _L_TZY^QZ]4YOTLYX`^TNTLY^LYOWd^T^T^^PPYL^OP^T]LMWPPaPY]PWPaLY_ _Z ^LWaL_TZY MPNL`^P T_ R`L]LY_PP^ TXXPOTL_P [L]_TNT[L_TZY TY _SP `YT aP]^P LYO _SP OTaTYP _SP]P T^ L OPNTOPO ]P^P]aP LXZYR 0`]Z[PLY TY_PW WPN_`LW^ _ZbL]O^ X`^TNLW PN^_L^d LYO Wd^T^ wbT_SZ`_ ]PL^ZYx ,`R`^_TYP QZ]X`WL_P^ _ST^ [L]_TN`WL]Wd SL]^SWd MPNL`^P SP `YOP]^_LYO^ X`^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ :Y _ST^ OT^N`^^TZY NQ _SP QT]^_ MZZV Md ,`R`^_TYP /P X`^TNL PO 3PY_^NSPW TY [L]_TN`WL]z"LYOQZ]_SPQZWWZbTYRLW^Zz PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
]Sd_SXL^L^NTPYNPZQNZ]]PN_XPL^`]PXPY_0aPY]Sd_SXT^OPNWL]PO_Z MPLVTYOZQwY`XMP]x Y`XP]`^ TY7L_TYLYO_S`^L^`T_LMWPZMUPN_QZ] _]LNTYR MLNV ^PY^Z]d [WPL^`]P TY X`^TN _Z Y`XMP]^ ! /PWTRS_ LYO MPL`_dTYMZ_S_SPLP^_SP_TNLYO_SPXZ]LWWTP^ZWPWdTY]PL^ZYPOZ]OP] ?SPL]R`XPY_T^LXZYRZ_SP]_STYR^_SL__SPXZaPXPY_^TYOLYNPLW^Z SLaP _Z MP Z]OP]PO Y`XP]TNLWWd _Z L[[PL] [WPL^TYR LYO MPL`_TQ`W ?SP ^PY^P^L]PZYWd_SPw^WLaP^xbSTWP]PL^ZYT^_SPT]wXT^_]P^^x,`R`^_TYP OT^_TYR`T^SPO L QZ]X ZQ [WPL^`]P _SL_ bL^ [PN`WTL] _Z _SP ^PY^P^ bSTNS SZbPaP] bL^ YZ_ ^PPY L^ XL_P]TLW QZ] _SP ^_`Od ZQ X`^TN Q]ZX L QZ]X _SL_ T^ QZ`YOPO ZY []Z[Z]_TZY LYO _SP]PQZ]P ZY bSL_ T^ ]PL^ZYLMWP 1Z] _ST^]PL^ZY_SPOPNT^TaPL^[PN_T^_SP_SPZ]dZQX`^TNYZ__SP[]LN_TNPZ] SPL]TYRZQX`^TN " @W_TXL_PWd,`R`^_TYPL]R`P^XP_L[Sd^TNLWWdLYO_SPZWZRTNLWWd?SP ]L_TZYLWY`XP]TNLWL^[PN_^QZ`YOTY_SP^PY^Z]dOL_LNLYMP[P]NPTaPOL^ _]LNP^ ZQ 2ZO LYO ZQ _SP ]PL^ZYLMWP Z]OP] ZQ N]PL_TZY ?SP Y`XMP]^ TYOTNL_P L YZY^PY^Z]d YZYMZOTWd ]PLWT_d LYO P_P]YLW ^LXPYP^^ 8`^TN `YOP]^_ZZO L^ XL_SPXL_TN^ _SP]PQZ]P [ZTY_^ _Z ^ZXP_STYR MPdZYO T_^PWQ LYO WPLO^ Q]ZX _SP NZ][Z]PLW _Z _SP YZYNZ][Z]PLW Q]ZX _SP ^PY^Z]d _Z _SP YZY^PY^Z]d LYO `W_TXL_PWd _Z 2ZO _SP N]PL_Z] ZQ LWW _STYR^ /P`^ N]PL_Z] ZXYT`X bSZ N]PL_PO _SP SL]XZYd ZQ _SP `YTaP]^P Z`_ ZQ _SP aZTOTYLNNZ]OLYNPbT_SY`XMP]LYO[]Z[Z]_TZY # 4Y ST^ _]PL_T^P ,`R`^_TYP Q`^PO ;d_SLRZ]PLY ;WL_ZYTN LYO -TMWTNLW _]LOT_TZY^ ?SP bZ]V bSTNS ]PRL]O^ XP_P] L^ [L]_ ZQ X`^TN _SPZ]d ]P QWPN_^ST^MTZR]L[SdQ]ZXL[]ZQP^^Z]ZQ]SP_Z]TN_ZL[]TP^_4Y_SPQTYLW -ZZV A4 ZQ OP 8`^TNL ]Pb]T__PY _Z ^`T_ .S]T^_TLYT_d bSP]P _SP bZ]O ZQ 2ZO L[[PL]^ QZ] _SP QT]^_ _TXP LYO \`Z_L_TZY^ Q]ZX _SP -TMWP L]P TY ^P]_PO T_ MPNZXP^ NWPL] _SL_ _SP TY_PYOPO ]PLOP]^ bP]P YZYMPWTPaTYR TY_PWWPN_`LW^ $_ZbSZX_SPOTaTYT_dSTOOPYMPSTYO^PY^Z]d[WPL^`]PbL^ _ZMPXLOPNZX[]PSPY^TMWPMdXPLY^ZQ]PL^ZYPOL]R`XPY_L_TZY4Y_ST^ NZY_Pc_ PXZ_TZYLW NL[_TaL_TZY MPNZXP^ L OT^]`[_TZY _Z _SP OTaTYP Z]OP] LYO L aTNP ,`R`^_TYP ]PRL]OPO T_ L^ L _d[P ZQ NZYNPT_ MPNL`^P T_ ]P XLTYPO LM^Z]MPO TY ^PY^Z]d OPWTRS_ TY^_PLO ZQ QZN`^^TYR ZY _SP `Y NSLYRPLMWP ^LXPYP^^ TP 2ZO LYO _SP bZYOP]Q`W Y`XP]TNLW Z]OP] _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! wmWL_TYPYTSTWLWT`O\`LXY`XP]`^OTNT[Z_P^_x,`R`^_TYP OP8`^TNL 444.Q LW^Z-ZZV4LYO_SP`^PQ`WTY_]ZO`N_TZYMd3PY_^NSPWTMTOaTTzccc ".Q,`R`^_TY`^ /PX`^TNL PO3PY_^NSPW#Q #?SP]PL]PZYWdM]TPQLYOXZ^_WdTYOT]PN_]PQP]PYNP^_Z_SPw^ZYRZQ_SP`YTaP]^PxTYOP 8`^TNL -ZZV A4 PO 3PY_^NSPW # "" BSPY ^[PLVTYR ZQ _SP SL]XZYd ZQ _SP `YTaP]^P ,`R`^_TYP ^_]P^^P^ TY [L]_TN`WL] _SL_ _SP SL]XZYd ZQ _SP MZOd LYO SPLW_SL]PM]Z`RS_LMZ`_MdLaZTOTYRPcNP^^TaPMPSLaTZ]TMTOQ $?ST^ ZMUPN_TaP T^ ^P_ Z`_ Pc[WTNT_Wd TY ,`R`^_TYPv^ ^Tc_S MZZV .Q LW^Z 3PY_^NSPW _]LY^ /PX`^TNL cTc
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$!
OP_P]XTYP^ []Z[Z]_TZY TY _SP X`^TNLW XZ]LW LYO ZY_ZWZRTNLW ?]`P MPL`_d WTP^ TY _ST^ [P]QPN_ Z]OP] LYO SL]XZYd& NL[_TaL_TZY Md X`^TN T^ U`ORPO L^ PcNP^^TaPYP^^ LYO OT^SL]XZYd ,`R`^_TYP T^ ZQ _SP Z[TYTZY _SL_ TY `YNZY^TOP]PO Z] PcNP^^TaP PYUZdXPY_ ZQ X`^TN _SP]P PL^TWd OP aPWZ[PO _SP TYNWTYL_TZY _Z ^PY^`LW OP^T]P TQ ZYP OTO YZ_ TY\`T]P LMZ`_ _SP `YNSLYRPLMWP ^LXPYP^^ ZQ Y`XMP]^ LYO `W_TXL_PWd ZQ 2ZO LYO ZYWd WPL]YPO LYO TXT_L_PO _SP LP^_SP_TN ]`WP^ /P 8`^TNL PYO^ bT_S L -TMWTNLW 9PZ[WL_ZYTN YZ_TZY ZQ N]PL_TZY% U`^_ L^ Y`XMP]^ L]T^P Q]ZX `YT_dLYOL]PMPL`_TQ`WO`P_Z_SPT]`YNSLYRTYRYP^^LYOZ]OP]^ZPaP]d _STYRL]T^P^Q]ZX_SP`YT_dZQ2ZO >Z ^TXTWL]Wd_Z±£]«RLOPaL,`R`^_TYPLW^ZWTYV^X`^TN_SPZ]dLYO _SPZWZRd ?SP]P T^ PaPY L OT]PN_ [L]LWWPW TY _SP OP]TaL_TZY ZQ X`^TN LYO _SPbZ]WOQ]ZXLY`W_TXL_P`YT_d3ZbPaP]_SP_bZ_STYVP]^]PLNSOTL XP_]TNLWWdZ[[Z^PONZYNW`^TZY^MPNL`^P_SPd^_L]_Q]ZX_Z_LWWdOTQQP]PY_ XPLYTYR ^d^_PX^ L^ VPd^ _Z TY_P][]P_L_TZY BSTWP _SP OTaTYP Pc[]P^^P^ T_^PWQ_Z±£]«RLOPaL_SP4YOTLY3TYO`_STYVP]TY_SP^PY^Z]dPYUZdXPY_ ZQX`^TNQZ],`R`^_TYP_SP0`]Z[PLY.S]T^_TLY_STYVP]_SPOTaTYPNLY ZYWdMPQZ`YOTY]PL^ZYLYOY`XP]TNLWZ]OP]:bTYR_Z_SP^_]ZYRMZOd ^Z`W O`LWT^X ,`R`^_TYP NLY NL_PRZ]TeP ^TX[WP UZd TY X`^TN ZYWd L^ [`]PWd wZQ _SP QWP^Sx LYO L WZbP] ^PY^Z]d [WPL^`]P _SL_ M]TYR^ XPY OZbY_Z_SPWPaPWZQLYTXLW^-dNZY_]L^_±£]«RLOPaLL^^`XP^`YT_dZQ MZOd LYO ^Z`W LYO _SP]PQZ]P OZP^ YZ_ SLaP _Z OPaLW`P _SP ^PY^P^ PaPY _SZ`RS SP _ZZ ]PRL]O^ _SP ^[T]T_`LW OTXPY^TZY L^ XZ]P TX[Z]_LY_ 1Z] ,`R`^_TYP X`^TN L]T^P^ Q]ZX _SP ^Z`W LYO _SP P_P]YLW Y`XMP]^ MPdZYO _SP^PY^P^LYO_SPMZOdbSP]PL^±£]«RLOPaL^PP^X`^TNL^L]T^TYRQ]ZX _SPP_P]YLW9£OL_SL_T^QZ`YOTY_SPMZOd_SPaZTNP_SPM]PL_SLYO_SP ^[T]T_,`R`^_TYP[]PQP]^TY^_]`XPY_LWX`^TNMPNL`^PSP]PX`^TNT^XZ]P NWPL]Wd OT^NZYYPN_PO Q]ZX ^[PPNS _SLY T^ _SP NL^P bT_S ^ZYR M`_ ±£]«RLOPaL NZYNPTaP^ ZQ X`^TN []TYNT[LWWd TY _SP QZ]X ZQ ^ZYR BSP]PL^,`R`^_TYPbT^SP^_ZNZY^_]`P_SPY`XP]TNLW]Sd_SX^L^[`]PWd ^[T]T_`LW QLN_^ TYOP[PYOPY_ ZQ [Sd^TNLW XZaPXPY_ LYO _SP ^Z`YO NZX [WPcP^ TYOP[PYOPY_ ZQ ^[PPNS TY 4YOTLY X`^TN OT^NZ`]^P _SP QZ]P R]Z`YOT^ZNN`[TPOMdaZTNPLYOPc[]P^^TZYBSP]PL^±£]«RLOPaLWTYV^ X`^TNLWZ]OP]bT_SLYLP^_SP_TN^ZQPXZ_TZYLWXZZO^,`R`^_TYPWTYV^T_ bT_S LY LP^_SP_TN^ ZQ Y`XMP]^ 4Y ±£]«RLOPaLv^ NL^P T_ T^ _SP OP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,NNZ]OTYR _Z ,`R`^_TYP 2ZOv^ [P]QPN_ Z]OP] TYNW`OP^ WZaTYR ZYPv^ YPTRSMZ] LYO aT]_`P^^`NSL^^PWQNZY_]ZWMPNZXTYRQ]PPQ]ZXMZOTWdTYQW`PYNP^MdNZY^TOP]TYR_SP YZYMZOTWd NZ`]LRP YZ_ QPL]TYR _SP WZ^^ ZQ _PX[Z]LW _STYR^ LYO OPL_S LYO ]TRS_ PZ`^YP^^^_]TaTYRZYWd_ZbL]O^2ZOLYOYZ_bLY_TYR_Z]`WPLYdZYP ,^ _ST^ Z]OP] WZNL_P^ XLY MP_bPPY _SP [Sd^TNLW LYO _SP OTaTYP LNNZ]OTYR _Z ,`R`^_TYP OPaZ_TYR ZYP^PWQ ^ZWPWd _Z _SP ^PY^Z]d LYO YZ_ LW^Z ^_]TaTYR QZ] ]PL^ZYPO STRSP]_STYR^NZY^_T_`_PLOT^]`[_TZY_Z_SPZ]OP] .Q3PY_^NSPWv^QZZ_YZ_PTY,`R`^_TYP OP8`^TNL ""
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
[P]^ZYLWTePO wP_P]YLWx PXZ_TZYLW XZZO^ LYO _SP TYSP]PY_ OTaTYT_d ZQ ^Z`YO _SL_ PYLMWP ZYP _Z [P]NPTaP _SP YZY[Sd^TNLW LYO OTaTYP TY _SP [Sd^TNLW 1Z] ,`R`^_TYP ZY _SP Z_SP] SLYO T_ T^ _SP Y`XP]TNLW ^_]`N _`]P^ZQbSL_T^^PY^Z]TWd[P]NP[_TMWP_SL_WPLO_ZVYZbWPORPZQ2ZOLYO T_T^_SPTYSP]PY_wTXXZ]_LWxYL_`]PZQY`XMP]^ _SL_PYLMWP^ZYP_Z]T^P ^_P[Md^_P[ LMZaP _SP [Sd^TNLW _Z _SP YZY[Sd^TNLW LYO _Z QTYO _SP OT aTYPSTOOPYTY_SP^PY^Z]d BSP]PL^±£]«RLOPaL`YOP]^_LYO^X`^TN_Z TYNW`OP _SP L`OTMWP _ZYP^ LYO ]Sd_SX^ _SP []LN_TNP LYO SPL]TYR ZQ X` ^TN _Z ,`R`^_TYP X`^TN X`^TNL XPLY^ LWXZ^_ PcNW`^TaPWd X`^TN _SP Z]d 4Y ±£]«RLOPaL X`^TNTLY^ XLVP _SP `YTaP]^P L`OTMWP bSP]PL^ TY ,`R`^_TYP _SPZ]P_TNTLY^ XLVP _SP `YTaP]^P ]PNZRYTeLMWP L^ _SP N]PL_TZY ZQ 2ZO ?ST^ VYZbWPORP T^ P^^PY_TLWWd TY_PWWPN_`LW TY YL_`]P LYO ]P XZaPO Q]ZX _SP ^PY^P^ ?SP [`]PWd _SPZ]P_TNLW L^[PN_ LW^Z SL^ R]PL_P] bPTRS_TYR TY _SP ]PWTRTZ`^ []ZaT^TZY ZQ XPLYTYR =PWTRTZ`^ PXMPOOTYR T^WP^^ZQL^P]TZ`^^Z_P]TZWZRdL^TY±£]«RLOPaLLYOXZ]PZQLYLOaP] _T^TYR^_]L_PRdQZ]bTYYTYRZaP][LRLYTY_PWWPN_`LW^_Z_SP.S]T^_TLY2ZO LYO[`__TYRX`^TN_SPZ]dLYOSL]XZYdZQ_SP`YTaP]^PTY_ZLYPbL]R` XPY_L_TZYQ]LXPbZ]V 4Y WL_P 0`]Z[PLY ,Y_T\`T_d wX`^TNLx OTO YZ_ ^TX[Wd XPLY X`^TN M`_ []TXL]TWd TQ YZ_ PcNW`^TaPWd ^NTPYNP ^NTPY_TL X`^TN _SPZ]d 4Y _ST^[ZTY_,`R`^_TYPT^TYQ`WWNZYQZ]XT_dbT_S_SP[LRLY_STYVP]^ZQWL_P ,Y_T\`T_dPaPY TQSPOTQQP]^Q]ZX _SPX TYST^STRSWdOPaPWZ[PO_SPZWZ RTeTYR 3ZbPaP] WT__WP ZQ _SP ]PWTRTZ`^ .S]T^_TLY _SPZWZRTNLW XPLYTYR Q]LXPbZ]V LYO _SP ]TRZ]Z`^ OPaLW`L_TZY ZQ ^PY^Z]d [WPL^`]P T^ _Z MP QZ`YOTY-ZP_ST`^MZ_S_STYVP]^LR]PPTY_SPWZRZRPYTNTY_P][]P_L_TZYZQ X`^TN ,[[]ZcTXL_PWd ZYP S`YO]PO dPL]^ WL_P] -ZP_ST`^ T^ RPY`TYPWd L
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ,`R`^_TYP []P^PY_^ _ST^ L^ L [L_S ZQ ^PaP]LW ^_P[^% LQ_P] OT^NZaP]TYR LYO Z]OP]TYR Y`XMP]^ ZQ _SP MZOd ZQ _SP MZOd LYO _SP ^Z`W LYO [`]PWd ZQ _SP ^Z`W SP NZXP^ _Z _SP \`P^_TZY ZQ _SP P_P]YLW ^LXPYP^^ LYO _S`^ ZQ 2ZO 1T]^_ ZQLWW ]Sd_SX^ TY ^Z`YO TY X`^TN TY ^PY^Z]d [P]NP[_TZY TY _SP [P]QZ]XP] TY XPXZ]d LYO TY _SP ^PY^Z]d U`ORXPY_L]POTQQP]PY_TL_PO_Z]PaPLW_SP^_]`N_`]PMPSTYO_SPXLYO_ZXLVPT_[Z^^T MWP_ZL^^P^^_SP]Sd_SX^:YWdbSP]P_SP]Sd_SX^L]P]PNZRYTePOL^wY`XMP]^ZQ_SP ^Z`WxOZP^ ^NTPY_TLMPRTY BSL_T^ TX[Z]_LY_T^_SP QZWWZbTYRL]R`XPY_%_SP ]Sd_SX^ LW^Z PcT^_ bSP]P _SPd L]P YZ_ SPL]O LYO _SPd NLY MP [P]QZ]XPO bT_SZ`_ YPPOTYR XPXZ]d .ZY^P\`PY_Wd _SP]P L]P [Sd^TNLW ]Sd_SX^Y`XMP]^ LYO YZY[Sd^TNLW ZYP^ _SL_ L]P [`]PWd ]PWL_PO _Z _SP ^Z`W ,^^ZNTL_PO bT_S _ST^ T^ L NWPL] LYO NZY^NTZ`^ PaLW`L_TZYLYOSTP]L]NSTeL_TZYZQY`XMP]^?SP[P]^ZYU`ORTYRT^MP__P]_SLY_SP[P] ^ZY XP]PWd ]PNPTaTYR _S]Z`RS _SP ^PY^P^ _SP [P]^ZY []ZO`NTYR SL^ L XZ]P PWPaL_PO [Z^T_TZY_SLYbSL_T^[]ZO`NPOLYO_SP^Z`WT^LMZaP_SPMZOd?SPTXXZ]_LWTYNZ] [Z]PLW^Z`WNLY[]ZO`NP^Z`YO^,YO_SPwY`XMP]^x_SL_L]PTYaZWaPOTY_SP[]ZO`N _TZYLYO[P]NP[_TZYZQ]Sd_SX^L]PLW^ZTXXZ]_LW?SP\`P^_TZYZQ_SPTXXZ]_LWT_dZQ ]Sd_SX^Z]Y`XMP]^_S`^WPLO^Q]ZX_SPTX[P]XLYPY_NZ][Z]PLW_Z_SPP_P]YLWYZY NZ][Z]PLW
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$!
WZ_ NWZ^P] _Z _SP [LRLY SP]T_LRP _SLY ,`R`^_TYP 3P NZY^TOP]^ X`^TN LYO_SPYL_`]LWUZdTYT__ZMPYL_`]Pv^XZ^_WZaPWdRTQ_&X`^TNNLYYZ_MP ^P[L]L_POQ]ZX_SPYL_`]PZQXLY LYO T^WZaPOMd PaP]dZYPQ]ZXPL]Wd NSTWOSZZO 4_ RTaP^ [WPL^`]P LYO ]P^_ LYO ^P]aP^ [WPL^LY_ [L^_TXP^ OPNPY_ ZNN`[L_TZY _SP PO`NL_TZY ZQ _SP ^[T]T_ LYO P_STN^ ±£]«RLOPaL LW^Z ^Lb T_ L^ PcLN_Wd _ST^ 3ZbPaP] TY NZY_]L^_ _Z _SP _SPZWZRTeTYR TY_P][]P_L_TZY Q]LXPbZ]V ZQ ±£]«RLOPaL LYO ,`R`^_TYP -ZP_ST`^ ^PP^ _SP STRSP] [`][Z^P OP^_TYPO QZ] X`^TN YZ_ TY ]PWTRTZY M`_ TY P_STN^ XZ]LWT_d LYO NSL]LN_P]M`TWOTYR 3T^ ML^TN RZLW bL^ _Z ^SZb _SP LWW PYNZX[L^^TYR TYQW`PYNP ZQ X`^TN ZY S`XLY WTQP 1Z] _ST^ ]PL^ZY -ZP_ST`^OZP^YZ_WLNV_SPXP_L[Sd^TNLWQ]LXPbZ]VPT_SP]%_SPSL]XZYd ZQ _SP `YTaP]^P bSTNS LW^Z NZY^_T_`_P^ ,`R`^_TYPv^ MLNVR]Z`YO 4Y -ZP_ST`^ XZ]LWT_d XPLY^ M]TYRTYR MZOd LYO ]PL^ZY TY_Z NZY^ZYLYNP _S`^ NZ]]P^[ZYOTYR _Z _SP YL_`]LWWd RTaPY NZ^XTN SL]XZYd ZQ _SP `YT aP]^P>ZL^LN]LWTeTYRL^[PN_NLYLW^ZMPQZ`YOTYST^bZ]VbSTNS_TP^ S`XLY MPTYR^ TY_Z L ^LN]PO `YTaP]^P LYO WTYV^ _SPX OT]PN_Wd bT_S _SP P_P]YLW% wBSL_ ;WL_Z ]TRS_Q`WWd ^LTO NLY WTVPbT^P MP `YOP]^_ZZO% _SP ^Z`W ZQ _SP `YTaP]^P bL^ UZTYPO _ZRP_SP] LNNZ]OTYR _Z X`^TNLW NZYNZ]O 1Z] bSPY bP SPL] bSL_ T^ []Z[P]Wd LYO SL]XZYTZ`^Wd `YT_PO TY ^Z`YO TY NZYU`YN_TZY bT_S_SL_bSTNST^SL]XZYTZ`^WdNZ`[WPOLYOUZTYPO_ZRP_SP]bT_STY`^LYO L]P L__]LN_PO_ZT__SPYbP ]PNZRYTeP _SL_bPZ`]^PWaP^L]P [`__ZRP_SP]TY T_^ WTVPYP^^ 1Z] WTVPYP^^ L__]LN_^ bSP]PL^ `YWTVPYP^^ OT^R`^_^ LYO ]P [PW^x
1Z]-ZP_ST`^_ZZX`^TN[ZTY_^_ZLSTRSP]Z]OP]4_WTYV^S`XLYMPTYR^ bT_S _SP NZ^XZ^ :Y _SP ZYP SLYO SP ^PPX^ _Z NZYNW`OP Q]ZX _SP QLN_ _SL_wYZ_STYRT^XZ]PNSL]LN_P]T^_TNZQS`XLYYL_`]P_SLY_ZMP^ZZ_SPO Md[WPL^LY_XZOP^Z]OT^_`]MPOMd_SPT]Z[[Z^T_P^x !_SL_LW^ZwMPL`_T Q`Wx XZ]LW MPSLaTZ] T^ TY L bLd YL_`]LWWd LYO TXXPOTL_PWd N]PL_PO Md X`^TN TQ ZYP RTaP^ ZYP^PWQ ZaP] _Z T_ ±£]«RLOPaL SLO ^TXTWL]Wd L__]TM `_PO _Z X`^TN L \`L^T YL_`]LW P_STNLW OSL]XL []ZXZ_TYR \`LWT_d :Y _SPZ_SP]-ZP_ST`^vbZ]VNZY_LTY^YZSTY_ZQ_SL_`Y]P^P]aPOWd[Z^T_TaP aTPb ZQ X`^TN QZ`YO TY ±£]«RLOPaL z TY^_PLO _SP]P T^ LY LXMTaLWPYNP L^^ZNTL_PO bT_S _SP ^PaP]P PQQPN_^ _SL_ WTYVPO 0`]Z[PLY ,Y_T\`T_d bT_S X`^TN%X`^TNNLYPYYZMWPZ]OPML^PZ`]NSL]LN_P];]PNT^PWdMPNL`^PZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP]P SL^ MPPY L RZZO OPLW ZQ OT^N`^^TZY ZY bSP_SP] -ZP_ST`^ bL^ L .S]T^_TLY MP NL`^PTYST^WL^_ bZ]V .ZY^ZWL_TZ [STWZ^Z[STLP _SP]PL]PYZTYOTNL_TZY^ZQ_ST^ LYO YZYPTYST^PL]Wdb]T_TYRZYX`^TNPT_SP]-ZbP]-ZP_ST`^v?SP;]TYNT[WP^ZQ8`^TN !z"MPWTPaP^zZbTYR_Z_SPP]LLYO_ZWL_P]b]T_TYR^Md-ZP_ST`^z_SP\`P^_TZYSL^ _ZMPLY^bP]PO bT_SLY`YP\`TaZNLWwdP^x 3P^`[[Z^P^_SL__SPOPQPY^PZQMPWTPQTY _SP ?]TYT_d WPO _Z -ZP_ST`^v TX[]T^ZYXPY_ LYO M]`_LW PcPN`_TZY MPNL`^P ?SPZOZ]TN L_bSZ^PNZ`]_-ZP_ST`^SPWO_SPZQQTNPZQXLRT^_P]ZQQTNTZ]`XbL^LY,]TLY -ZP_ST`^ /PTY^_T_`_TZYPX`^TNL _]LY^-ZbP] !-ZP_ST`^ /PTY^_T_`_TZYPX`^TNL _]LY^-ZbP]
$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
T_^ [ZbP] ZaP] _SP LQQPN_^ LYO _SP MZOd X`^TN ^SZ`WO LWbLd^ MP PY UZdPO bT_S ]PL^ZY LYO XZOP]L_TZY LYO TY L XLYYP] L[[]Z[]TL_P _Z _SP ^T_`L_TZY 8`^TN NLY QZ^_P] PY_S`^TL^X [L]_TNT[L_TZY LYO PX[L_Sd LYO N]PL_P Z]OP] TY _SP ^[T]T_ LYO TY _SP ^Z`W ZYWd TQ T_ T^ NZY_]ZWWPO Md _SP ]L_TZ?ST^]P\`T]P^_SP_SPZ]dZQX`^TNbSTNSVYZb^_SPX`^TNLWWLb^ _SL_RZaP]Y_SPSL]XZYTN]PWL_TZYbT_S_SPNZ^XTNbSZWP ?SP R]PL_P^_ ^TXTWL]T_d MP_bPPY ,`R`^_TYP LYO -ZP_ST`^ LYO _SP [ZTY_bSP]P_SPdL]PLW^ZQL]_SP^_Q]ZX±£]«RLOPaLT^_SPaTPb_SL__SP _SPZ]dZQX`^TNT^X`NSXZ]PTX[Z]_LY__SLYT_^[]LN_TNP-Z_SZQ_SPX MPWTPaP_SL_ZYWd_SPZ]P_TNTLY^LYOYZ_[P]QZ]XTYRL]_T^_^Z]^ZYRb]T_P]^ NLY MP _]`P X`^TNTLY^ ,`R`^_TYPv^ ]L_TZYLWP QZ] _ST^ T^ _SP ZY_ZWZRTNLW Z]OP]TYbSTNS_SP^[T]T_T^^`[P]TZ]_Z_SPMZOd,^ZYWd]PL^ZYMPWZYR^ _Z _SP STRSP] Z]OP] ^dY_SP^TeP^ [P]NP[_TZY^ LYO R`TOP^ [Sd^TNLW Q`YN _TZY^ T_ T^ ]PL^ZY _SL_ wNZXXLYO^x wT^^`P^ TY^_]`N_TZYx LYO wZ]OP]^x bSP]PL^ _SP MZOd T^ _SP w^WLaPx LYO wZMPd^x bT_S wZMPOTPY_ WTXM^x " ?SP ^PY^P T^ NWPL]% ]PL^ZY X`^_ VPP[ _SP ]PTY^ TY T_^ SLYO LYO ]`WP BT_SZ`_ ^NTPYNP _SP MZOd ]PXLTY^ TY L ^_L_P ZQ ^WLaP]d 4_ T^ _SP ^[T]T_ _SL_ R`TOP^ _SP MZOd _Z bSL_ T^ ]TRS_ 4Q _SP NZXXLYO^ L]P YZ_ ZMPdPO _SP bZ]V bTWW MP OPaZTO ZQ ]PL^ZY LYO TY aLTY >TXTWL] _SZ`RS_^ RZTYR L^ QL] L^ _SP WLYR`LRP ZQ OZXTYTZY L]P LW^Z QZ`YO TY -ZP_ST`^% wF?HSP XTYO T^ ^`[P]TZ] _SLY _SP MZOd& QZ] OPaZTO ZQ ]PL^ZY ZYP ]PXLTY^ TY ^P]aT_`OP =PL^ZY PcP]NT^P^ L`_SZ]T_d LYO WPLO^ _Z bSL_ T^ ]TRS_& QZ] `YWP^^_SPL`_SZ]T_dT^ZMPdPOLYLN_WLNVTYRL]L_TZYLWML^T^bTWWQLW _P]x #>TXTWL]Wd_Z,`R`^_TYP-ZP_ST`^NZXP^_Z_SP[ZTY_PONZYNW`^TZY _SL_ VYZbWPORP T^ MP__P] _SLY LN_`LWWd []LN_TNTYR _SP L]_ ZQ X`^TN ?SP []LN_TNLW [P]QZ]XLYNP T^ ZYWd wLY ZMPOTPY_ ^WLaPx _SP X`^TNTLY^ bP]P ZQ_PY LW^Z ^WLaP^ TY ]PLW WTQP M`_ ]PL^ZY LYO ^NTPYNP L]P w_SP ]`WP]x @W_TXL_PWd ^NTPY_TQTN ]P^PL]NS OZP^ YZ_ YPPO []LN_TNLW [P]QZ]XLYNP L_ LWW ,XZYR _SP _S]PP _d[P^ ZQ X`^TNTLY^ _SZ^P bSZ [WLd TY^_]`XPY_^ _SZ^PbSZb]T_P^ZYR^LYO_SZ^PbSZXL^_P]_SP^[PN`WL_TaP[]TYNT[WP^ ZQ_SPOT^NT[WTYP_SP_SPZ]T^_^L]P`YOZ`M_POWd_SPXZ^_^`[P]TZ]:YWd _SPWL__P]SLaP^Z`YOU`ORXPY_LYOVYZbWPORPTY]PWL_TZY_ZXZOP^LYO ]Sd_SX^ RPYP]L ZQ ^ZYR^ NZY^ZYLYNP^ P_N -ZP_ST`^ L]R`P^ LYLWZ RZ`^Wd_Z,`R`^_TYP_SL_[P]QZ]XTYRL]_T^_^SLaPYZOPP[P]TY^TRS_LYO NZX[Z^P]^ L]P ZYWd QZWWZbTYR _SPT] YL_`]LW TY^_TYN_ ?SP]PQZ]P _SP ZYWd _]`PX`^TNTLY^L]P_SP_SPZ]T^_^bSZNZYO`N_^NTPY_TQTN]P^PL]NSLYOOZ YZ_ XLVP T_ ^P]aP []LN_TNLW [P]QZ]XLYNP M`_ ZYWd _SP wL`_SZ]T_d ZQ ]P ^PL]NSx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ",`R`^_TYP /PX`^TNL PO3PY_^NSPWQQ #-ZP_ST`^ /P TY^_T_`_TZYP X`^TNL _]LY^ -ZbP] $& _]LY^ ;L`W !z" 4Y -ZP_ST`^ _SP ^`[P]TZ]T_d ZQ _SPZ]d ZaP] []LN_TNP T^ P^[PNTLWWdXL]VPO MPNL`^P T_ L[ [PL]^L_VPd[ZTY_^L__SPPYOZQLYOTY_SP0[TWZR`PZQST^QT]^_MZZV?SP bSZWPZQNSL[_P]T^OPOTNL_PO_Z_SPw_]`PX`^TNTLYxLYONZYNW`OP^_SPQT]^_MZZV
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$!
w-`__ZbSL_[`][Z^PT^LWW_ST^*>Z_SL__SP]PNLYMPYZOZ`M__SL__SPZ] OP]ZQZ`]^Z`WLYOMZOd^PPX^_ZMP]PWL_PO^ZXPSZb_S]Z`RS_SZ^P]L_TZ^ MdbSTNS^`M^P\`PY_L]R`XPY_bTWWOPXZY^_]L_P^P_^ZQ[T_NSP^^`T_LMWPQZ] XPWZOdL]PUZTYPO_ZRP_SP]LYO`YT_POx $zw1Z]_ST^]PL^ZY_SP[ZbP]ZQ TY_PWWPN_Z`RS__ZMP^`XXZYPO^Z_SL__ST^L]_TYYL_P_S]Z`RSYL_`]PXLd LW^Z MP XL^_P]PO NZX[]PSPYOPO _S]Z`RS VYZbWPORP 1Z] U`^_ L^ ^PPTYR T_ OZP^ YZ_ ^`QQTNP QZ] _SP WPL]YPO _Z [P]NPTaP NZWZ]^ LYO QZ]X^ bT_SZ`_ LW^Z ^PL]NSTYR QZ] _SPT] []Z[P]_TP^ ^Z T_ OZP^ YZ_ ^`QQTNP QZ] X`^TNTLY^ _Z QTYO [WPL^`]PTYXPWZOTP^bT_SZ`_LW^ZNZXTYR_ZVYZbSZb_SPdL]P^_]`N_`]PO TY_P]YLWWdMdXPLY^ZQ]L_TZZQ[T_NSP^x
4YOTLY X`^TN _SPZ]T^_^ bZ`WO aPSPXPY_Wd ZMUPN_ L_ _ST^ U`YN_`]P ?SPd^PP_SP^T_`L_TZYL^bP^PPT_TYZ`]YZ]XLWPaP]dOLdWTaP^%X`^TN PcT^_^ []PNT^PWd _Z TYQW`PYNP `^ PXZ_TZYLWWd ?PNSYT\`P T^ YPPOPO ZYWd Md_SP[P]QZ]XTYRPc[P]_ bSTWP_SPP^^PYNPZQX`^TNWTP^TYT_^Pc[]P^ ^TZY3P]P_SPXZ^_TX[Z]_LY_L^[PN_^L]PX`^TNLW[]LN_TNPLYOWT^_PYTYR _Z X`^TN -PTYR PXZ_TZYLWWd NL[_TaL_PO Md X`^TN T^ LN_`LWWd OP^T]PO 0aPY QZ] _SP aT]_`Z^Z []ZQP^^TZYLW bSZ SL^ MZ_S _SP _PNSYT\`P LYO _SP _SPZ]d L_ST^OT^[Z^LW _SP _Z[[]TZ]T_d T^_ZWP_STX^PWQMPwNZWZ]POxMd _SPX`^TNLYO_SPX`^TNLWXZZO^LYO_ZRTaP_SPX[P]^ZYLWPc[]P^^TZY 4_ T^ L^^`XPO _SL_ SP SL^ _PNSYTNLW VYZbWPORP -`_ _SL_ T^ YZ_ bSL_ XLVP^L[P]QPN_[P]QZ]XLYNP?ST^aTPbZQX`^TNLW^ZSL^^_]TVTYRNZY ^P\`PYNP^ QZ] _SP [Z^^TMTWT_TP^ ZQ Pc[P]TPYNTYR _SP STRSP] w^[T]T_`LWx ]PLWT_d 3P]P T_ T^YZ__SPVYZbWPORPLMZ`_ _SPY`XP]TNLWYL_`]PZQX` ^TNM`__SPwMPTYRNZWZ]POx_SL_WPLO^ OT]PN_Wd TY_Z_SPSTRSP]]PLWXLY Z_SP]bZ]WOWd wTXXZ]_LWx ]PLWT_d _SL_ NLY MP TXXPOTL_PWd Pc[P]TPYNPO TY L YZY^PY^Z]d bLd M`_ ^_TWW aTL ^PY^Z]d X`^TN 9Z_ ZYWd _SP Q]PPWd TX[]ZaT^TYR X`^TNTLY bSZ T^ bPWW LbL]P ZQ _SP ]`WP^ SL^ OT]PN_ LNNP^^ _Z _SL_ ]PLWT_d M`_ LW^Z _SP wTRYZ]LY_x WT^_PYP] bSZ OZP^ YZ_ VYZb _SP X`^TNLW]`WP^=PL^ZY]L_TZYLWT_dLYOWLNVZQ]PL^ZYT]]L_TZYLWT_dL]PYZ_ NL_PRZ]TP^ TY _ST^ ^d^_PX =PL^ZY LYO ^PY^Z]d LQQPN_TaP NL[_TaL_TZY L]P _bZ^TOP^ZQZYPLYO_SP^LXPNZTY 4_ T^ NWPL] _SL_ TY WL_P 0`]Z[PLY ,Y_T\`T_d _SP QZ]PR]Z`YO T^ ZNN` [TPO ZYWd Md _SP ]L_TZ LYO _SP YZP_TN bZ]WO ZQ TOPL^ ?ST^ L[[WTP^ MZ_S _Z TOPL^ ZQ _SP SL]XZYd ZQ _SP `YTaP]^P LYO _Z PL]_SWd X`^TN 8`^TN _SPZ]d OPQTYP^ bSL_ X`^TN T^ 4Y ,`R`^_TYP ^PY^Z]d [L]_TNT[L_TZY T^ YZ_ OP^T]PO L_ LWW MPNL`^P T_ T^ ]PRL]OPO L^ `Y]PL^ZYLMWP LYO []PaPY_^ _SP L__LTYXPY_ZQSTRSP]VYZbWPORPZQ[]Z[Z]_TZYLYOY`XMP]@W_TXL_PWdT_ T^ L OT^]`[_TZY TY _SP ^d^_PX ZQ _SP ]PL^ZYLMWP Y`XP]TNLWWd XPL^`]PO 2ZORTaPY Z]OP] -ZP_ST`^ ^PP^ ^PY^Z]d [L]_TNT[L_TZY L^ OP^T]LMWP ZYWd TY_SP]TRS_XPL^`]PLYO`YOP]XZ]LWNZY_]ZW4_ T^ _]`P_SL_SPNZY^TO P]^X`^TN_ZMPZYPZQ_SPXZ^_bZYOP]Q`WRTQ_^ZQYL_`]PM`_SP^[PLV^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $-ZP_ST`^ /PTY^_T_`_TZYPX`^TNL -ZZV_]LY^-ZbP] 1`YOLXPY_LW^ " -ZP_ST`^ /PTY^_T_`_TZYPX`^TNL -ZZV_]LY^-ZbP] 1`YOLXPY_LW^ #
$!!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ[WPL^`]PLYOXZ]LWT_d TY_SP ^LXPM]PL_S 3P]PST^ OT^NZ`]^PZYX` ^TN[]LRXL_TNLWWdQZWWZb^L]L_TZYLW[`][Z^P8`^TNT^^ZR]PL_YZ_WPL^_ MPNL`^P TY ST^ Z[TYTZY T_ T^ X`NS MP__P] L_ RTaTYR ^PY^Z]d QZ]X _Z OP NPYNd LYO XZ]LWT_d _SLY L]P _SP Z_SP] L]_^ :] _Z [`_ T_ TY XZ]P [Z^T _TaP _P]X^ X`^TN T^ L NTaTWTeTYR QZ]NP _SL_ NLY RPYP]L_P Z]OP] TY _SP ^[T]T_ LYO _SP ^Z`W LYO _SP]PQZ]P T^ ZQ R]PL_ aLW`P QZ] ^PWQN`W_TaL_TZY LYONSL]LN_P]M`TWOTYRBSP]PL^4YOTLYX`^TNZWZRT^_^^PPTY[WPL^`]PLY TXXP]^TZY TY -]LSXLYMWT^^ -ZP_ST`^ ^PP^ TY [WPL^`]P LY LQQTYT_d QZ] X`^TN_SL_ T^TYSP]PY_TY _SPYL_`]PZQXLYbSTNS T^_ZMP[]ZXZ_POTY Z]OP] _Z NZY_]TM`_P _Z XZ]LW PO`NL_TZY LYO ^ZNTLW Z]OP] 4Y _SP ML^TN L^^`X[_TZY _SL_ wX`^TN QZ]X^ L [L]_ ZQ `^ _S]Z`RS YL_`]P LYO NLY PY YZMWP Z] OPML^P NSL]LN_P]x -ZP_ST`^ [TNVPO `[ ZY LY LYNTPY_ WPRLNd NZYNP]YTYR _SP P_STNLW [Z_PY_TLW ZQ X`^TN LYO T_^ `^P L^ L OT^NT[WTYL]d XPL^`]P NZXMTYTYR _SP [WPL^`]LMWP bT_S _SP ^ZNTLWWd Z[[Z]_`YP LYO ]PR`WL_TYR NZ]]PN_ MPSLaTZ] _S]Z`RS _SP ]TRS_ QZ]X^ ZQ X`^TN 8`^TN _PLNSP]^_SP]PQZ]PSLaPLYTX[Z]_LY__L^VTYPO`NL_TYRdZ`YR[PZ[WP^Z _SL_ _SPd MPNZXP RZZO NT_TePY^ ZQ _SP ^_L_P MPNL`^P YZ Z_SP] L]_ NLY TX[L]_ XZ]LW^ LYO OPNPYNd ^Z bPWW aTL _SP ^PY^P^ Z] NLY NSLYYPW _SP LQQPN_^ WTVP X`^TN OZP^ 4Y _SP X`^TNLW LYO TY _SP XZ]LW L ]PL^ZYPO NL[LNT_d ZQ U`ORXPY_ T^ ]P\`T]PO _Z OT^_TYR`T^S MP_bPPY bSL_ T^ RZZOL[[]Z[]TL_PLYObSL_T^MLOTYL[[]Z[]TL_P?ST^T^YZ_^TX[Wd[]Z aTOPOMdYL_`]P3P]P_SP_SPZ]P_TNLWVYZbWPORPZQXPL^`]P[]Z[Z]_TZY LYO SL]XZYd MPNZXP^ TXXPOTL_PWd ]PWPaLY_ _Z LN_`LW []LN_TNP ?SP ^LXP bZYOP]Q`W Z]OP] _SL_ [P]aLOP^ _SP `YTaP]^P X`^_ LW^Z R`TOP PL]_SWd WTQP ?SPZ]d LYO NWPL] NL[LNT_d ZQ U`ORXPY_ ZaP] _SP ]TRS_ []Z [Z]_TZY^ ^SZ`WO _SP]PQZ]P R`TOP X`^TNXLVTYR LYO WT^_PYTYR _Z X`^TN& LYd_STYRPW^PbZ`WOMP`Y]PL^ZYLMWPLYO`YNZYO`NTaP_ZXPYLYO[Z^ ^TMWdPaPYTXXZ]LWLYOOLYRP]Z`^_Z_SP^_L_P
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;L`W_]LY^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV !#!$-ZP_ST`^YZ_P^NQTMTO !$%w4_T^LRPYP]LW[]Z[P]_dZQX`^TN_SL_T_M]TYR^[WPL^`]P8Z]LWT_dSZbPaP]SL^ _Z OP_P]XTYP TY [L]_TN`WL] _SP XPL^`]P ZQ OP^T]P LYO _SP TYNWTYL_TZY^ _Z WZaP LYO _Z SL_P_SL_L]T^PLYO_ZOT]PN__SPX_Z_SP[]Z[P]ZMUPN_^3P]PYZ^_`OdT^XZ]PTX[Z] _LY_ _SLY PYLMWTYR XPY _Z [L^^ NZ]]PN_ U`ORXPY_ ZY bSL_ T^ [WPL^LY_ Z] `Y[WPL^LY_ LYO P^[PNTLWWd _Z OPWTRS_ TY RZZO NSL]LN_P]T^_TN^ LYO YZMWP LN_^ ?SP]P T^ YZ_STYR TY YL_`]P bSTNSMP__P]M]TYR^LMZ`_LYRP] LYORPY_WPYP^^NZ`]LRPLYOXZOP]L_TZYLYO LWW_SPZ_SP]XZ]LW[]Z[P]_TP^LWZYRbT_S_SPT]ZbYWLb^_SLYOZ ^ZYRLYO ]Sd_SX ,YObSL_T^XZ]LWT^WP^^bPWWPc[]P^^POTYZ_SP]^PY^Z]d]P[]P^PY_L_TZY^_SLYTY_SP X`^TNLWNZWZ]^LYOQZ]X^x ,__ST^[ZTY_-ZP_ST`^]PQP]^_Z,]T^_Z_WPLYO;WL_Z^_L_TYR_SL_,]T^_Z_WPSLO]PRL]OPO ^P]TZ`^ ^_`OdZQ X`^TNL^LXLUZ]XPLY^ZQPO`NL_TZY ,MZaP LWWTY;WL_Z PO`NL_TZY _S]Z`RS X`^TN T^ _TPO TY bT_S NTaTN OT^NZ`]^P LYO ^`MUPN_ _Z ]P^_]TN_TZY^ .Q ;L`W _]LY^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV ! z"!LYO6`]_ 4YOTPY`YO0`]Z[L $z$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$!"
,NNZ]OTYR_Z_SPLY_T\`P^NSZWL]^T_T^ ZYWd X`^TN_SPZ]d_SL_R`L] LY_PP^ LY TY^TRS_ TY_Z _SP STRSP] Z]OP] ZQ _SP ]`WPML^PO YL_`]P ZQ _SP NZ^XZ^ LYO _SP SL]XZYd ZQ _SP bZ]WO^Z`W 7T^_PYTYR _Z X`^TN SZb PaP] SL^ L _Z_LWWd OTQQP]PY_ PQQPN_ 3P]P [L]_TNT[L_TZY TY _SP XZZO^ ZQ X`^TN T^ Pc[WLTYPO Md _SP Y`XP]TNLW ]PWL_TZY^ST[^ TY X`^TN YL_`]LWWd TYQW`PYNTYR_SP[]Z[Z]_TZY^ZQS`XLYLQQPN_^ 8`^TNNLYXLVP[PZ[WP SL]OLRR]P^^TaPLYON]`PWTQ_SPdSPL]LRT_L_POLYOSL]^SVPd^ZOXPWZ OTP^Z]XPWZOTP^M`_Z_SP]VPd^NLYXLVP_SPXRPY_WPwbZXLYT^SxLYO `YM]TOWPO -Z_SZQ_SP^P ^_L_P^L]P`YOP^T]LMWP TQ[]Z[Z]_TZY LYONZY _]ZW L]P PcNPPOPO -ZP_ST`^ ]PQP]^ _Z ;WL_Zv^ aTPb _SL_ _SP ^_L_P SL^ _Z [Ld L WZ_ ZQ L__PY_TZY _Z PY^`]TYR _SL_ X`^TN T^ OT^NT[WTYPO LYO XL^N` WTYP YZ_ bTWO LYO QPXTYTYP ?Z TWW`^_]L_P _ST^ -ZP_ST`^ ]PWL_P^ LY LYPN OZ_PLMZ`__SP>[L]_LY^bSZ^P ^PYL_PZYNP[L^^POL OPN]PPQT]TYR_SPT] ^_L_P X`^TN _PLNSP] MPNL`^P _SPd QPL]PO QZ] _SPT] NSTWO]PYv^ PO`NL_TZY LNNZ]OTYR_Z_SP[]ZaP]MTLW>[L]_LYTOPLW^ZQL^NP_TN^_]TN_YP^^LYOXTWT _L]d_Z`RSYP^^?SPX`^TN_PLNSP]SLO[`_LOOT_TZYLW^_]TYR^ZYST^Wd]P ^Z _SL_ SP NZ`WO `^P _SP wRPY_WP] NS]ZXL_TN ^NLWP^x ?SP^P LM`YOLY_ _d[P^ bP]P ZMaTZ`^Wd aTPbPO L^ YZ_ NZYO`NTaP _Z _SP >[L]_LY bLd ZQ WTQPLYOL^OLYRP]Z`^_Z_SP^_L_PXZ]LW^LYOdZ`_SMPNL`^P_SPdXLOP _SP [P]^ZY^ WT^_PYTYR ^ZQ_ LYO wQPXTYTePOx LYO wNSL]XPO _SP ^PY^P^x ?SP ;S]dRTLY ^NLWP bL^ L^^ZNTL_PO bT_S Q]PYed LYO WLNV ZQ NZY_]ZW bSTNS bL^ P\`LWWd `YOP^T]LMWP ;d_SLRZ]L^ T^ ^LTO _Z SLaP [LNTQTPO L SLYOQ`W ZQ N]LePO dZ`YR XPY bSZ SLO RZ_ TY_Z L ]LRP Md WT^_PYTYR _Z ;S]dRTLY [TPNP^ ZQ X`^TN Md NSLYRTYR _SP ]Sd_SX LYO SLaTYR _SPX WT^_PY_ZLOTQQP]PY_[TPNPZQX`^TN,NNZ]OTYRWdX`^TNSL^aL]dTYRLYO ^_]ZYR PQQPN_^ ZY MZOd LYO ^Z`W OP[PYOTYR ZY T_^ ]Sd_SX LYO ^Z`YO ^_]`N_`]P3ZbPaP]QZ]PcLN_Wd_ST^]PL^ZY_SP[ZbP]ZQX`^TNX`^_YZ_ `YQZWO TY LY `YNZY_]ZWWPO QL^STZY 4Y^_PLO T_ X`^_ MP ^_PP]PO ZY_Z _SP ]TRS_^ [L_S^ ZQ XZ]LWT_d LYO OPNPYNd LYO z bSTNS T^ ZQ []TXP TX[Z] _LYNP _Z -ZP_ST`^ z T_ X`^_ YZ_ ZaP]^_P[ _SP XPL^`]P ZQ _SL_ bSTNS T^ MPYPQTNTLW QZ] S`XLY MPTYR^ z LYO _ST^ T^ LW]PLOd OP_P]XTYPO Md _SP bZYOP]Q`W Y`XP]TNLW Z]OP] ZQ _SP bZ]WO 8`^TN _SP]PQZ]P T^ Md YZ XPLY^ `YOP^T]LMWP [P] ^P ?SP OPNTOTYR QLN_Z] T^ _SL_ PaP]d_STYR ]P XLTY^TYXZOP]L_TZYLYOX`^TNLWbLd^MP`^POLYO]PNPTaPOTYLOT^NT [WTYPOXLYYP]L[[]Z[]TL_P_Z_SP^T_`L_TZY,^TYXPOTNTYPT_T^ZYWd_SP OZ^P_SL_XLVP^_SP[ZT^ZY?SP^LXP_ZcTN^`M^_LYNPTY_SP]TRS_OZ^P^ MPNZXP^ L XPOTNTYP ?PWWTYRWd -ZP_ST`^ XPY_TZY^ _SP SPLWTYR ZQ OT^ PL^P^MdWT^_PYTYR_ZX`^TNL^LYZ_SP][Z^T_TaPPQQPN_,WZYR^TOP_SP`^P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV ! :Y _SP QZWWZbTYR NQ -ZP_ST`^v PY_T]P QT]^_ NSL[_P] _SL_ M]TYR^ _ZRP_SP] L NZWWPN_TZY ZQ LYNTPY_ X`^TNLW TOPL^LMZ`__SP^_]ZYRPQQPN_^ZQX`^TNZYMZOdLYO^Z`W .Q;L`W_]LY^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV zLYO_SPPc_PY^TaPOP^N]T[ _TZYTMTO! z"
$!#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ X`^TN QZ] _SP]L[P`_TN [`][Z^P^ SP LW^Z OT^N`^^P^ _SPT] NZXQZ]_TYR ]ZWPTY_SPQLNPZQR]TPQLYOOPL_S?SP]PL[[PL]^_ZMPL^`T_LMWPX`^T NLW Pc[]P^^TZY QZ] PaP]d S`XLY NZYOT_TZY LYO LY LY_TOZ_P _Z PaP]d `Y OP^T]LMWP S`XLY ^_L_P 4Y _TXP^ ZQ bL] NP]_LTY VPd^ LYO _SP ^Z`YO^ ZQ _]`X[P_^L]PL[[]Z[]TL_PQZ]TYNT_TYR_SP[Z[`WLNPbSP]PL^Z_SP] ^T_`L _TZY^ ]P\`T]P NLWXTYR TYQW`PYNP^ LYO _SP NZ]]P^[ZYOTYR X`^TN T^ _SPY wLOXTYT^_P]POx 4Q L [P]^ZY T^ WP_SL]RTN LYO TYSTMT_PO ZYP ^SZ`WO [WLd X`^TN_SL_T^LMT_ ;S]dRTLY?SPLYR]dZ]WPNSP]Z`^ NLYMP[LNTQTPOMd RPY_WPVPd^ , ST^_Z]TNTeTYR ]PLOTYR ZQ -ZP_ST`^v OT^N`^^TZY^ ^`RRP^_^ _SL_ L ^STQ_ SL^ ZNN`]]PO TY _SP Q`YN_TZYLW NZYYPN_TZY^ NZYNP]YTYR _SP PQQPN_^ ZQX`^TNTY,Y_T\`T_d ;d_SLRZ]L^NL "z -.[WLNPO_SP_SP]L [P`_TN PQQPN_^ ZQ X`^TN TY _SP QZ]PR]Z`YO -d NZY_]L^_ ;WL_Z "z" -. bLY_PO _Z `^P X`^TN WP^^ _SP]L[P`_TNLWWd _SLY [POLRZRTNLWWd L^ L XPLY^ ZQ PO`NL_TZY OT^NT[WTYP LYO XZ]LW Z]OP] =Sd_SX LYO SL]XZYd L]P _Z MP L^^TXTWL_PO TY_Z _SP MZd^v ^Z`W^ ^Z _SL_ _SPd MPNZXP XZ]P XZ]LW MPNL`^P bSPY _SPd L]P MP__P] L_ MZ_S ]Sd_SX LYO SL]XZYd _SPd LW^Z []ZO`NP MP__P] ^[PPNS LYO LN_TZY^ 8`^TN _SL_ bL^ `Y^`T_LMWP QZ] _ST^[`][Z^PbL^YZ__ZWP]L_POTY;WL_Zv^@_Z[TLY^_L_P7LXPY_TYRLYO ^W`RRT^SVPd^bP]PQZ]MTOOPY?SPPcLX[WPZQ >[L]_L T^ LWXZ^_P\`TaL WPY_ _Z LY wLN_ ZQ NWPLY^TYRx 4Y ,]T^_Z_WP #z -. _SP]P L]P LW^Z ]P^_]TN_TZY^ 3P []ZSTMT_^ _SP PN^_L_TNLWWd NZYYZ_PO L`WZ^ _TMTL TY 7L_TY TY X`^TNLW PO`NL_TZY MPNL`^P T_ T^ YZ_ SPW[Q`W TY QZ]XTYR _SP NSL]LN_P] ?SP ZYWd VPd _Z MP []PQP]]PO LMZaP LWW Z_SP]^ T^ _SP /Z]TN MPNL`^P T_ T^ _SP XZ^_ XL^N`WTYP 8`^TNLW PO`NL_TZY T^ OP^T]LMWP QZ] dZ`YR[PZ[WPM`__]LTYTYR_ZaT]_`Z^Z^_LYOL]OT^NL_PRZ]TNLWWd]PUPN_PO 4Y ^LdTYR _ST^ ,]T^_Z_WP LW^Z ^_]P^^PO _SP [POLRZRTNLW ]PWPaLYNP ZQ X` ^TNMPTYRNZYaTYNPO_SL_X`^TN[Z^^P^^P^_SPLMTWT_d_ZRTaP_SPXTYOL NP]_LTY \`LWT_d ?ST^ WTYP ZQ _SZ`RS_ bL^ NZY_TY`PO TY -ZP_ST`^ #z ,/3PbL^NZYaTYNPO_SL_X`^TNNLYPT_SP]PYYZMWPZ]]`TYXZ]LW MPSLaTZ]M`_SPPX[SL^TeP^XZ]P_SPTYOTaTO`LWP_STNLW[ZbP]ZQX`^TN _ZN]PL_PZ]OP]TY_SPWTQPZQ_SP^Z`W8`^TN`YT_P^[PZ[WPbT_S_SPZ]OP] ZQ_SPNZ^XZ^:YPZYWdSL^_ZWP__SP[ZbP]^ZQX`^TNLQQPN_ZYPTY_SP ]TRS_ bLd_ZSLaPLSL]XZYTZ`^^[T]T_`LWWTQP8`^TNNLYLN_WTVPLXLR YP_ M]TYRTYR _SP [L]_^ ZQ _SP ^Z`W TY_Z L SL]XZYTZ`^ Z]OP] MPNL`^P _SP WLb^ ZQ _SP `YTaP]^P LYO _SP [^dNSZ^ZXL_TN YL_`]P ZQ S`XLY MPTYR^ NZ]]PWL_POT]PN_WdbT_S_SPSL]XZYTNWLb^ZQX`^TN >ZLNZX[]PSPY^TaPWZZVL__SPaL]TZ`^OT^NZ`]^PQTPWO^LYO^PXLY _TNWTYV^bT_STY_SPw^d^_PX]L_TZYLWT_dxPc[WLTY^bPWW_SP^`[P]TZ]T_dZQ _SPZ]T^_^ ZaP] X`^TNTLY^ LYO WT^_PYP]^ _Z X`^TN ?SP NWPL] OPQTYT_TZY ZQ _SP X`^TNTLY L^ L _SPZ]T^_ NZ]]PWL_P^ TY MZ_S ,`R`^_TYP LYO -ZP_ST`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4Y_SPQZWWZbTYRbPQZWWZb6`]_ 4YOTPY`YO0`]Z[L $Q
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$!$
bT_S _SP ^PXLY_TN QTPWO ZQ []Z[Z]_TZY LYO Y`XMP]^ TY _SP XP_L[Sd^TNLW ]PLWX LYO bT_S OPNPYNd LYO []Z[Z]_TZY TY _SP XZ]LW 7T^_PYTYR _Z X` ^TN SL^ _Z MP NZY_]ZWWPO Md ]PL^ZY LYO _SP ^`[P]TZ] VYZbWPORP ZQ _SP _SPZ]T^_?SP WL__P]VYZb^ LMZ`_XPL^`]P[]Z[Z]_TZY LYOSL]XZYdLYO _SP]PQZ]P LW^Z VYZb^ bSTNS VPd^ QLaZ] L YZMWP bLd ZQ _STYVTYR LYO ]P^[PN_LMWP MPSLaTZ] 4_ T^ NWPL]Wd L YZ]XL_TaP OT^NZ`]^P TY bSTNS wOT aTYPx ]PL^ZY PO`NL_TZY _Z MP L RZZO NT_TePY NZY_]ZW XL^N`WTYT_d ^Z NTLWWd]PR`WL_POMPSLaTZ]LYO_SPWLYR`LRPZQOZXTYTZYQZ]XLNZ]]PWL_P _ZZYPLYZ_SP],NNZ]OTYR_Z-ZP_ST`^_SP/Z]TNVPdbL^_SPXZ^_^`T_ LMWP SL]XZYTN ^d^_PX TY ,Y_T\`T_d MPNL`^P T_ bL^ LaP]^P _Z Pc_]PXP^ LYO QLaZ]PO L [PLNPQ`W Q]LXP ZQ XTYO _SP w2]PPV ^[T]T_x LYO _SP ^_L_P ! ,NNZ]OTYR _Z _ST^ ]L_TZYLWP ZYWd XZOP^_Wd NZX[Z^PO _PX[P] L_P ^TX[WP LYO wXL^N`WTYPx XPWZOTP^ []ZXZ_P XZ]LWT_d LYO _SP ^_L_P TY NZY_]L^_ _Z wPQQPXTYL_Px LRT_L_TYR aTZWPY_ Z] QTNVWP ZYP^ " 4_ T^ YZ_TNPLMWP _SL_ ±£]«RLOPaL Md NZY_]L^_ NZY_LTY^ YZ ^`NS PaLW`L_TZY^ ?SP]P T^ LXZYR 4YOTLY X`^TNZWZRT^_^ LYO X`^TNTLY^ LY `Y]P^P]aPOWd [Z^T_TaP PaLW`L_TZY ZQ X`^TN X`^TNLW Wd^T^ LYO X`^TNLW PN^_L^d # 9Z bSP]PT^_SP]PLYdXPY_TZYZQ_SPYPPO_ZVPP[_Z[]Z[Z]_TZYZ]ZQ[]ZM WPXL_TN XPWZOTP^ LW_SZ`RS LRT_L_TYR LYO SL]O =£RL^ OPQTYT_PWd PcT^_ _SP O]`X [L]_^ L]P LWbLd^ aP]d ]Sd_SXTN LYO PXZ_TZYLW ^ZXP_TXP^ PaPY PN^_L_TN LYO LY £W£[ NLY ^_]P_NS _Z L _]`Wd PcNP^^TaP WPYR_S OP [PYOTYR ZY _SP L]_T^_ 0aPY _ZOLd L R]PL_ >Z`_SP]Y 4YOTLY AY£ XL^_P] NLY VPP[ ST^ L`OTPYNP PY_S]LWWPO TY _SP £W£[ ZQ L ^TYRWP =£RL QZ] _S]PP OLd^ $ ?SPR]PL_P^_OTQQP]PYNPQ]ZX4YOTLT^]PaPLWPOTY_SP\`P^_TZYZQ_SP YL_`]P ZQ WT^_PYTYR _Z X`^TN LYO _SP PQQPN_^ ZQ X`^TN 4_ T^ YZ_TNPLMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;L`W_]LY^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV ".QLW^Z!" "-ZbP] _]LY^ -ZP_ST`^ 1`YOLXPY_LW^ ZQ 8`^TN z"& ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP]ÞMP]OTP8`^TV z!! z" & #?ST^ OZP^ YZ_ PcNW`OP OT^NT[WTYP LYO NZY_]ZW TY X`^TNXLVTYR 1Z] PcLX[WP _SP 9Z]_SP]Y4YOTLY/S]`[LO^_dWPTP[]ZMLMWd_SPZWOP^_^_dWPTYNWL^^TNLW4YOTLYX` ^TN T^ aP]d ^_]TN_ 4Y_P]P^_TYRWd ±£]«RLOPaL WZNL_P^ TY _SP WZ_`^ WPLaP^ ZQ _SP DZRTN MZOd NLV]L^ LWW_SP[Z^^TMWPQPPWTYR^LYOMdYZXPLY^ZYWd[Z^T_TaPZYP^?SPQPPW TYR^ _SL_ SP ]PNZXXPYOPO _Z X`^TNTLY^ QZ] X`^TNLW []ZQTNTPYNd QZ] QZN`^TYR L]P SZbPaP]]PWL_TaPWdWLNVTYRTYPXZ_TZY>_]ZYR MSLV_T QPPWTYR^bPP[TYRP_NL]PLM ^PY_ -d NZY_]L^_ P^^PY_TLW ZYP^ L]P NZY^_LYNd MLWLYNP [ZbP] ZQ U`ORXPY_ bTWW _]`^_^L_T^QLN_TZYLYOLM^Z][_TZYTYMWT^^Q`WLM`YOLYNPbSTWPQZN`^TYRZY^PY^`LWT_d L]]ZRLYNP^Z]]ZbLYOLRZYdT^^PPYL^LYZM^_LNWP0aPY,`R`^_TYPbZ`WOSLaPbPW NZXPOLWWZQ_ST^PcNP[_QZ]_SPWd^T^:YP^SZ`WOYZ_P_SL_TY±£]«RLOPaLLQZN`^ZY ^PY^`LWT_d T^ LW^Z ^PPY L^ `YOP^T]LMWP LYO TYYP] aT]_`P^ L]P ZQ []TXP TX[Z]_LYNP _Z OT^NT[WTYPO X`^TNTLY^ , ]PWL_TZY _Z _SP [Sd^TNLW MZOd T^ YZ_TNPLMWd LM^PY_ 8`^TNLW Wd^T^T^L[[L]PY_Wd]PWZNL_PO_ZL[`]PWd^[T]T_`LW]PLWX $,Y4YOTLY^TYRP]SLO]PNPY_Wd_ZWOSP]_ST^wbT_SPXZ_TZYx^_L_P^8PNS_STWO6ZWWTYTY SP][]ZR]LXQZ]_SP>L]ZONZYNP]_Md,WT,VML]6SLYbSTNS_ZZV[WLNPTY-L^PWZY 5LY`L]d$!"
$"
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_SL_TY_SP4YOTLY_SPZ]dZQX`^TNQPPWTYR^L]PTYOPPOPXTYPY_WdTX[Z] _LY_ M`_ _SP]P L]P YZ OT^N`^^TZY^ ZQ RZZO LYO MLO PQQPN_^ ZQ X`^TN Z] _SP YPNP^^T_d ZQ ]PL^ZYLMWP NZY_]ZW ±£]«RLOPaL ]PRL]O^ X`^TN L^ bSZWWdRZZOLYOTYLNNZ]OLYNPbT_S OSL]XL 9ZbSP]PT^_SP]PLYd_LWV ZQL[`][Z^PZ_SP]_SLY_SL_ZQL[Z^T_TaPPQQPN_ZY_SPbSZWPZQWTQPLYO ^Z_P]TZWZRd ?SP NZWWPN_TaP T^ XPY_TZYPO TY ZYWd M]TPQ LYO RPYP]LW _P]X^ ,MZaP bP SLaP Pc[WLTYPO _ST^ OTQQP]TYR ^NLWP ZQ aLW`P^ bT_S _SP OTQQP]TYR^ZNTLWXPLYTYR^d^_PXLYOLNW`^_P]ZQTY_P]LN_TYROTXPY^TZY^% _SP ^ZNTLWZ]OP]RZaP]YPOMdOTQQP]PY_]`WP^ _SP PL]Wd ^[]PLOZQwSZ`^P X`^TNxLYO_SPw_LXTYRxZQX`^TNz_SL_bL^ZYNPLW^Z^PPYL^WTXTYLWz Md MPTYR _TPO TY_Z _SP bZ]WO ZQ _SP R]LNTZ`^ R]PL_ RZO^ bSTNS bL^ PQ QPN_TaPQ]ZXLMZ`__SP]ONPY_`]d,/ZYbL]O^_S]Z`RSZ`_4YOTL3P]P _SP _LXTYR bL^ NL]]TPO Z`_ WP^^ Md _SP ]L_TZ _SLY Md OPaZ_TZY 8`^TN LWWZNL_PO _Z _SP RZO^ T_^PWQ MPNLXP L OTaTYP PcNW`^TaPWd MPYPQTNTLW L_XZ^[SP]PTY_ZbSTNSZYPZYWdSLO_Z^TYV_Z[L]_TN[L_POT]PN_WdTY_SP ^LN]PO 8`^TN RLTYPO L NZ^XZWZRTNLW OTXPY^TZY _S]Z`RS _SP 9£OL NZ^XZWZRd ZQ _SP ?LY_]T^_^ >PY^Z]d ^`M^_LY_TLWT_d LYO ^`[]L^PY^Z]d ]PLWT_dL]PTY^P[L]LMWdTY_P]_bTYPOTY_SP9£OL?SPNZYYPN_TZYbT_S_SP -]LSXLYXLOPX`^TNLWWd^T^NZX[WP_PWd`Y[]ZMWPXL_TNLYO_TPOT_TY_Z L^Z_P]TZWZRdOT^NZ`]^P?SPNL_NSbZ]ODZRLNZ`WOMP`^PO_ZTY_P][]P_ LM^Z][_TZY LYO ^PWQ_]LY^NPYOPYNd TY WT^_PYTYR _Z X`^TN L^ ]PWTRTZ`^ Pc[P]TPYNP LYO L^ L ]P_`]Y Q]ZX PaP]dOLd [W`]LWT_d TY_Z _SP []TXZ]OTLW `YT_d ZQ PaP]d_STYR ?SP XZ^_ TX[Z]_LY_ L^[PN_^ bP]P ^Z_P]TZWZRd LYO YZ_XZ]LWT_d ^`MUPN_TaT^X LYOYZ__SPNZWWPN_TaP Pc[]P^^TaP ^Z`YOLYO YZ_ Y`XMP]^ LYO LP^_SP_TN^ LYO YZ_ XL_SPXL_TN^ -Z_S OPaZ_TZYLWT^X LYOL]__SPZ]dO]PbQPPWTYR^LYOLQQPN_^TY_ZLYwZ_SP]bZ]WOWdxOTaTYP _TXPWP^^LYOP_P]YLWOTXPY^TZY?SP_]LY^T_TZY^MP_bPPY_SP[]ZQLYPLYO _SP^LN]PObP]PPc_]PXPWdQW`TOMPNL`^P[`]P[WPL^`]PTYX`^TN_ZZVZY LOTXPY^TZY^TXTWL]_Z]PWTRTZY :MaTZ`^Wd _ST^ T^ L OTQQP]PY_ OT^NZ`]^P `YTaP]^P 4_ bL^ WP^^ XL_SP XL_TN^ LYO XZ]P _SP LP^_SP_TN^ _SPZ]d _SL_ WPQ_ T_^ XL]V ZY 4YOTLY OT^ NZ`]^PZY_SPZ]d?SPQ`YN_TZY^bP]P NP]_LTYWd ^TXTWL]%MZ_SOT^NZ`]^P^ QZN`^PO ZY w^[T]T_`LWT_dx M`_ TY 4YOTL _ST^ bL^ L ^[T]T_`LWT_d NZYYPN_PO bT_S_SP^PY^P^?SP ]L^L OZN_]TYP_SL_bL^LW]PLOdbPWWVYZbYQ]ZX_SP _TXP ZQ -S£]L_Lv^ _Pc_MZZV ZY _SPL_P] X`^TNLW O]LXL Q`^PO ]PL^ZY PXZ_TZY^ LYO ^PY^P^ TY _SP []LN_TNP ZQ X`^TN TY L wOP[P]^ZYLWTePOx [P]NP[_TZY ZQ _SP ^`[P][P]^ZYLW PXZ_TZYLW XZZO^ 1]ZX _SP _S NPY _`]d L_ _SP WL_P^_ _ST^ bL^ LW^Z ]PQWPN_PO `[ZY _SPZ]P_TNLWWd LYO XZaPO TY_Z _SP ]PWTRTZ`^ QTPWO ZQ OT^NZ`]^P 4Y ,MSTYLaLR`[_L ^PWQQZ]RP_Q`W PYUZdXPY_ ZQ L]_ T^ LYLWZRZ`^ _Z DZRTN LM^Z][_TZY ^LX£OST & TY ±£]«RLOPaLX`^TNLWWd^T^MPNZXP^L[WPL^`]LMWPQZ]X ZQDZRLQZ]PaP ]dZYPLYONWPL]Wd ^Z_P]TZWZRTNLWWdNZYYZ_PO .TNP]ZSLO_ZTYaPY_LQTN _TZYLW O]PLX aT^TZY QZ] _L^_TYR LY TY^TRS_ TY_Z _SP STRSP] ^[SP]P^ ZQ
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
]PLWT_d LYO _SP w^bPP_YP^^x ZQ _SP Z_SP]bZ]WOWd X`^TN ZQ _SP ^[SP]P^ ,NNZ]OTYR _Z _SP X`^TN _SPZ]T^_^ TY 4YOTL WT^_PYTYR _Z X`^TN TY _ST^ bZ]WO Q`WQTWW^ LY LYLWZRZ`^ [`][Z^P ?SP N`W_`]LW L]NSTaP ZQ ^TRY^ LYO [L]_TN`WL]Wd _SP XP_L[Sd^TNLW XZYT^X ZQ _SP -]LSXLY _SPZWZRd LYO ZQ _SP YZYO`LW ±LTaL ?LY_]L LWWZbPO ZYP _Z [P]NPTaP _SP PYUZdXPY_ ZQ X`^TN L^ -]LSXLY MWT^^ ?SP 9£OL-]LSXLY NZYNP[_ bL^ L XP_L[Sd^T NLW TY_P][]P_L_TZYLW Q]LXPbZ]V bT_S bSTNS SPL]TYR T_^PWQ NZ`WO MP [P] NPTaPO L^ TXXPOTL_P Pc[P]TPYNP ZQ _SP YZYO`LW NZ^XTN PcT^_PYNP ?SP 9£OL-]LSXLYXLOP _SPNZ^XTNw^Z`YOZQ_SP bZ]WOxLNNP^^TMWP_Z_SP ^PY^P^ aTL X`^TN LYO L_ _SP ^LXP _TXP ]PXLTYPO ^ZXP_STYR ^`[P]YL_` ]LW Xd^_P]TZ`^Wd aLR`P LM^_]LN_ LYO OT^PXMZOTPO 8`^TNLW Wd^T^ T^ NWPL]Wd[]TXL]TWdWZNL_POTYL[`]PWd ^[T]T_`LW]PLWX:YP^SZ`WOYZ_Pz OP^[T_P LWW _SP OTQQP]PYNP^ MP_bPPY 4YOTL LYO 0`]Z[P z _SP QZN`^ ZY TYNZ][Z]PLWT_dLYO^[T]T_`LWT_dZYWdTY4YOTL_ST^bL^LW^Zw_LYRTMWPxaTL _SP^PY^P^LYOTY_SP^PY^Z]d]PLWX :Y _SP Z_SP] SLYO bSL_ _SP ;WL_ZYT^_^ ]TRS_ `[ _Z -ZP_ST`^ OZ YZ_ WT^_`YOP]_SP PQQPN_^ZQX`^TNT^L _Z_LWWd TXXPOTL_P ]PWTRTZ`^ PQQPN_ZQ X`^TNPc_PYOTYRMPdZYO_SPPL]_SWdbZ]WOLYOLWWZbTYRZYP_Z_L^_P_SP Z_SP]bZ]WOWdTY_SPPL]_SWdL^_SP4YOTLY^NWLTX.PY^Z]TY`^SLOTYOT NL_PO_SPPcT^_PYNPZQ_ST^TOPLMd[ZTY_TYRZ`__SP]PWTRTZ`^`^PZQX` ^TN LYO ^[PLVTYR ZQ ;d_SLRZ]L^v []LN_TNP ZQ wQWZZOTYR ST^ ^Z`W bT_S T_^ ZbY OTaTYT_dx PaP]d XZ]YTYR LYO PaPYTYR ,`R`^_TYP SLO TY_]ZO`NPO L .S]T^_TLYTY_P][]P_L_TZY_SL_SZbPaP]TY_PWWPN_`LWT^_TNLWWdLYO9PZ[WL _ZYTNLWWd^`[[Z]_PO_SP[L_SZQ_SPZ]P_TNLWNZY_PX[WL_TZYLYOPc[WTNT_Wd ]PUPN_PO TXXPOTLNd BSL_ ]PXLTY^ TY -ZP_ST`^ T^ `W_TXL_PWd ZYWd _SP Z]d :YP NLY ^`XXL]TeP _d[ZWZRTNLWWd _SP ZMaTZ`^ OTQQP]PYNP MP_bPPY 4YOTLY LYO 0`]Z[PLY X`^TN OT^NZ`]^P^ \`T_P YPL_Wd `^TYR Z`] ML^TN Q]LXPbZ]V z [L]_TNT[L_TZY ZY _SP ZYP SLYO PXLYNT[L_TZY ZY _SP Z_SP] =PO`NPO_Z_ST^^SZ]_LYO^ZXPbSL_LM]TORPO_d[ZWZRd_SP0`]Z[PLY^ OPaPWZ[PO _SP PXLYNT[L_Z]d Z]TPY_L_TZY OT^_LY_ L__T_`OP LYLWd_TNLW OTaT^TZY WZRTNLW ]PL^ZYTYR P_N _Z LY Pc_]PXP bSTWP _SP 4YOTLY^ NZY _TY`PO _Z OPaPWZ[ [L]_TNT[L_Z]d Z]TPY_L_TZY _Z LY Pc_]PXP Q`^TZY bT_S _SPZMUPN_SZWT^_TN_SZ`RS_[L__P]Y^`YT_dZQMZOdLYO^Z`WPc[P]TPYNP ]PWL_PO XP_L[Sd^TNLW XZYT^X P_N z bSP]PMd LYO _ST^ T^ NPY_]LW PXLYNT[L_Z]d QPL_`]P^ XL_SPXL_TN^ LYO _SPZ]P_TNLW ^[PN`WL_TZY^ bP]P MdYZXPLY^LM^PY_Q]ZX_SP4YOTLYX`^TNZWZRT^_^vNZY^TOP]L_TZY^ BSL_ _SP 0`]Z[PLY X`^TN ZQ _SP ^[SP]P^ LYO _SP 4YOTLY 9£OL -]LSXLY ^SL]P OP^[T_P LWW _SPT] OTQQP]PYNP^ L]P _SP []Z[Z^T_TZY ZQ L NZ^XTNLYOXP_L[Sd^TNLWOTXPY^TZY_ZX`^TNLYO_SPPXMPOOTYRZQWTQP bT_STY L ^LN]PO NZ^XZ^ DP_ PaPY _SPT] ^_L]_TYR [ZTY_^ L]P Q`YOLXPY _LWWd OTQQP]PY_ ?SP ML^TN [L]LOTRX QZ] ,`R`^_TYP LYO -ZP_ST`^ bL^ `W_TXL_PWd _SP TY^_]`XPY_ LYO YZ_ _SP S`XLY aZTNP L^ TY 4YOTL LYO Z`_
$"
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ _ST^ _SP]P PXP]RPO OTQQP]TYR [P]^[PN_TaP^% XPNSLYTN^ LYO YZ_ _SP ^PY^P^ Y`XP]TNLW Z]OP] LYO YZ_ ^`M^_LY_TLW Xd_STNLW w[]TXPaLW ^Z`[x TY_PWWPN_`LWNZY_PX[WL_TZYLYOYZ_Q`^TZYLYOLQQPN_TaPOT^^ZW`_TZY?SP NZ^XTN]PWPaLYNPZQ_SP9£OLTY^ZYRWLd[]PNT^PWdTY_SP[Z^^TMTWT_dZQ L ^PY^Z]d LQQPN_TaP [L]_TNT[L_TZY TY _SP NZ^XTN bSZWP ?SP TY_PWWPN_`LW PQQZ]_^ Md 4YOTLY X`^TN _SPZ]T^_^ OTO YZ_ L[[Wd ZYWd _Z XL_SPXL_TNLW NLWN`WL_TZY^ M`_ LW^Z _Z [STWZ^Z[STNLW ^[PN`WL_TZY^ ZQ L ]LOTNLWWd YZY O`LW[P]^[PN_TaPZQ]PLWT_d.ZX[`_L_TZYZQ_SP[WLYP_L]dZ]MT_^bL^WPQ_ _Z _SP L^_]ZYZXP]XL_SPXL_TNTLY^ ?SP X`^TN _SPZ]T^_^v XP_SZO ZQ NZXMTYL_TZYbSTNSbTWWMPNZY^TOP]POTY_SPYPc_NSL[_P]OTOYZ_L]T^P Q]ZX _SP YPNP^^T_d ZQ LY Z]OP]PO NWZ^PO ^d^_PX M`_ Q]ZX []LRXL_TN^ LYOTY_P]P^_TYPc[P]TXPY_L_TZY4_^`YOP]WdTYR`YTaP]^LWXd_SbL^YZ_L []TXZ]OTLW OTaT^TZY LYO WZRZ^WTVP NZX[Z^T_TZY LNNZ]OTYR _Z X`^TNLW []Z[Z]_TZY^ _SP VYZbWPORP ZQ X`^TNLW []Z[Z]_TZY^ PcT^_PO ZYWd Q]ZX _SP !_S NPY_`]d ZYbL]O M`_ _SP YZ_TZY ZQ L []TXZ]OTLW `YT_d _SL_ LW ]PLOd NL]]TPO _SP[Z_PYNdZQ_SP[W`]LWT_dbT_STY T_^PWQ?SP XL_SPXL_T NLWNLWN`WL_TZY^QZ]X`^TNbP]PLNNZ]OTYRWdLYPc[WZ]L_TZYZQ_SPXLYd LYO aL]TPO [Z^^TMTWT_TP^ ZQ [P]X`_L_TZY^ TY _SP NZ^XTN `YT_d PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
UPN_POTYQ`^TZY_SL_LWWZbPO_SPX`^TNZQ_SP^[SP]P^_ZMP[P]NPTaPOTY LYLW_P]POQL^STZYBSL_[L]_TN`WL]WdQL^NTYL_PO-P]PYO_LYOSPWP_^WT[ LW^Z ST^ ]PLOP]^ bL^ _SP w_PX[WP ZQ _SP PL]x _SP LMTWT_d ZQ _SP PL]^ _Z R]L^[ bT_S TX[]ZMLMWP LNN`]LNd Y`XP]TNLW \`LWT_TP^ LYO aLW`P^ ZQ ^P \`PYNP^ZQYZ_P^PR_SP[]Z[Z]_TZY%L^LYZN_LaP%L^LQTQ_S% L^ L QZ`]_S P_N LYO L_ _SP ^LXP _TXP _Z SPL] _SPX TY L Q`WWd ^PY^Z]d bLdL^.2LYO1_SL_T^L^_ZYPaLW`P^?ST^bL^[]PNT^PWd_SPZMUPN_ ZQ QL^NTYL_TZY MPSTYO _SP LYNTPY_ YZ_TZY ZQ _SP SL]XZYTP^ ZQ _SP ^[SP]P^M`_[]P^PY_PO_SP]PL^]PXZaPOQ]ZXS`XLYSPL]TYR,W_SZ`RS -P]PYO_OTOYZ_QTYOTY4YOTLYX`^TNTLY^LQZN`^ZYXPL^`]TYRTY_P]aLW^ TY _SL_ XLYYP] QZ] STX _SP 9£OL-]LSXLY bL^ ^_TWW _SP VPd _SL_ NZ`WO M]TYR _ZRP_SP] MZ_S L^[PN_^ z XL_SPXL_TN^ LYO ^PY^L_TZY z L_ _SP WPaPW ZQS`XLYSPL]TYR TY_SPSP]PLYOYZb -dNZY_]L^_bSP]PSPL]TYRX` ^TNbL^NZYNP]YPOTYST^LY_T\`P[]Z_Z_d[P^ZQX`^TNZQ_SP^[SP]P^LYO TY XZOP]Y YL_`]LW ^NTPYNP SP QZ`YO ZYWd _SP bTYR Y`XMP] ?SP YL_`]LW SZWT^_TN `YTQTNL_TZY ZQ MZ_S PWPXPY_^ TY SPL]TYR X`^TN wNLWWPOx QZ] _SP 4YOTLY^ZW`_TZYXZOPW_SL_TYLOOT_TZYLN_`LWWdPXMPOOPO_SP]PWTRTZ`^Wd WZLOPO XP_L[SZ] ZQ _SP w _PX[WP ZQ _SP PL]x TY L ]PWTRTZ`^ NZY_Pc_ -P] PYO_ NSL]LN_P]T^_TNLWWd ]PWL_PO ST^ ]P[]P^PY_L_TZY ZQ _SP X`^TNLYO Y`XMP] NZX[WPc _Z L XZOP]Y BP^_P]Y LW_P]YL_TaP ^NTPY_T^_ 3LY^ 6Ld ^P] 6Ld^P]SLOTXXPOTL_PWd[]PQTR`]PO_SPQTYOTYR_SL_^Z`YOPc[P]T PYNP LWbLd^ PYNZX[L^^P^ LYO `YTQTP^ _bZ PWPXPY_^ z _SP ^PY^Z]d _SP _ZYP LYO_SPXPY_LWNZYNP[_`LW_SPY`XP]TNLWaLW`P4_ T^_PWWTYR_SL_ _ST^[]POPNP^^Z]bT_SLYLW_P]YL_TaP^NTPY_TQTN^_dWPz_Z[`_T_TYLYLNS ]ZYT^_TNWLYR`LRPTYNZY_]L^__Z;WL_ZzSLOLW^Z]PLO4YOTLY[STWZ^Z[Sd LYO TY_PR]L_PO T_ TY_Z ST^ _STYVTYR ?ST^ T^ []PNT^PWd bSL_ RLaP STX LY LQQTYT_dQZ]_SP9£OL-]LSXLY6Ld^P]OTOYZ_ZYWd^[PLVZQLwQ`^TZYx ZQ _SP _bZ PWPXPY_^ M`_ LW^Z `W_TXL_PWd RLaP _SP ^PY^Z]d [L]_ STRSP] []TZ]T_dLYO^LbT_L^_SPXZ]PML^TNbSPYSP^_L_PO% w,XZYR LWW Z`] S`XLY ^PY^P^ bP ZYWd SLaP ZYP Z]RLY _SL_ T^ NL[LMWP ZQ _ST^Q`^TZY%_SPPL]^4Y_ST^bLd^PY^L_TZYNZY_]ZW^OPWTMP]L_TZYzZ]_Z[`_ T_ OTQQP]PY_Wd% :`] ^Z`W T^ _S`^ NL[LMWP ZQ OPNTOTYR ZY _SP NZ]]PN_YP^^ Z] TYNZ]]PN_YP^^ ZQ LY TY_PWWPN_`LW \`LY_T_d .ZYaP]^PWd _SP [SPYZXPYZY ZQ _ZYP aLW`P LW^Z RTaP^ `^ _SP Z[[Z]_`YT_d _Z OPaPWZ[ []Z[Z]_TZY^ LYO Y` XP]TNLWaLW`P^TY_SP]PLWXZQ_SP[^dNSPx
>PPY Q]ZX _ST^ aTPb[ZTY_ bSL_ TY ,Y_T\`T_d bL^ [`]PWd XP_L[Sd^TNLW ]PL^ZYPO ^`M^_LYNP XZaP^ NWZ^P] _Z _SP ^PY^Z]d ^`M^_LYNP _SL_ _SP 9£OL-]LSXLYLWbLd^bL^TY4YOTL4_T^_]`P_SL__SP,]T^_Z_PWTLY_]LOT _TZY LW^Z SLO LNNP^^ _Z X`^TN aTL _SP ^PY^P^ LYO PcLN_Wd _ST^ bL^ _SP N]T_TNT^XWPaPWPOL__SPTOPLWT^_TN;d_SLRZ]PLY^LYO;WL_ZYT^_^3ZbPaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ ?SPBZ]WOT^>Z`YO Q Z`YO !
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"
TY _SP ,]T^_Z_PWTLY X`^TNLW _]LOT_TZY _ST^ TYOTNL_PO PX[T]TNT^X bT_SZ`_ XP_L[Sd^TN^4YNW`^TZYZQ_SP^PY^P^NL`^PO_SPX`^TNZQ_SP^[SP]P^_Z MP WZ^_ LYO PL]_SWd X`^TN bL^ OP[]TaPO ZQ T_^ NZ^XTN ]PWPaLYNP 4_ bL^ _SPMPRTYYTYRZQ_SPBP^_P]Y]L_TZYLWTeL_TZYZQX`^TNzL]L_TZYLWTeL_TZY _PYOPYNdTYLWWN`W_`]LWQTPWO^bSTNS_SP9Pb,RPSZWT^XM]PLV^OZbY 1Z] _ST^ -P]PYO_ YPPOPO _SP 9£OL-]LSXLY 4_ Q`WQTWWPO PcLN_Wd _SL_ bSTNS .LX[MPWW NLWW^ wP[T^_PXZWZRTNLW ]PaZW`_TZYx% NZ^XTN Xd^_TNT^X TY_`T_TaP aT^TZY ZQ _SP bSZWP TXXPOTL_P TY^TRS_ LYO QPPWTYR 0aPY U`^_ WT^_PYTYR _Z X`^TN T^ ^`QQTNTPY_ QZ] TXXPOTL_P Pc[P]TPYNP ZQ NZ^XTN SL]XZYd LYO _SP YP_bZ]VPO YL_`]P ZQ _SP `YTaP]^P 4Y -P]PYO_ ATaPVLYLYOLv^ ^[T]T_`LW `YT_d ZQ _SP `YTaP]^P NLY MP Pc[P]TPYNPO TY X`^TN8ÞWWP]v^w_S]PLOxLYO_SP^`[]L]PWTRTZ`^w_]`_SxZQ_SP?SPZ^Z [ST^_^ MPNZXP^ TY -P]PYO_ _SP ^Z`YO ZQ _SP bZ]WO _SP bZ]WO T^ ^Z`YO ^Z`YO T^ RZO ^Z`YO T^ _SP w_]`_Sx MPSTYO TY LYO MP_bPPY _SP [SPYZX PYLLYOTYOTaTO`LWYZ_TZY^ZQRZO 1]ZX _SP MTYL]d [L__P]Y^ Z`_WTYPO LMZaP T_ T^ ]PWL_TaPWd PL^d _Z OP O`NPbSd_SPX`^TNZQ_SP^[SP]P^bL^TY^`QQTNTPY_QZ]_SPSZWT^_TN9Pb ,RP []ZR]LX 4Y _P]X^ ZQ _d[ZWZRd _SP]P L]P YZ_ ZYWd _bZ bLd^ ZQ WT^ _PYTYR_ZX`^TNM`_LW^Z_bZOTQQP]PY_bZ]WOaTPb^LYO^PXLY_TNQTPWO^ _SL_ L]P U`c_L[Z^PO :YP NLY ^VP_NS _ST^ Z`_ ^ZXPbSL_ MW`Y_Wd L^ QZW WZb^% ZY _SP ZYP ^TOP T^ _SP bZ]WO ZQ ^P[L]L_TZY NLWN`WL_TZY LYLWd_TNLW OTaT^TZYLYONZX[]PSPY^TaPOZXTYTZYZQXPL^`]TYR]PL^ZYbSTNS-P] PYO_ N]T_TNTePO ^Z ^_]ZYRWd _ST^ T^ bSP]P _SP TOPLWT^_TN ;WL_ZYTN LYO _SP PX[T]T^_TN ,]T^_Z_PWTLY _]LOT_TZY XPP_ :Y _SP Z_SP] ^TOP T^ _SP `YOT aTOPO bZ]WO ZQ YZYO`LW SZWT^X bSTNS SP bL^ ^PPVTYR /TaT^TZY bL^ LW]PLOd _LVTYR ]ZZ_ TY _SP LYNTPY_ bZ]WOaTPb ZQ X`^TN ZQ _SP ^[SP]P^ MPNL`^P T_ bL^ _SP bZ]WOXLVP] ;WL_Zv^ bZ]WO ^Z`W T_^PWQ _SL_ OTaTOPO `[_SP`YTaP]^PTYLNNZ]OLYNPbT_STY_P]aLW^LYONZY^ZYLYNP^-ZP_ST`^ LW^Z OTaTOPO Md LYLWd_TNLWWd OQQP]PY_TL_TYR _SP _S]PP _d[P^ ZQ X`^TN z _SL_ZQ _SP`YTaP]^P_SL_ZQXPYLYO_SL_ZQ TY^_]`XPY_^ ?SPXLNSTYP WTVP []PNT^TZY ZQ ^[SP]TN X`^TN LYO _SP XLTY XZOPW _SP TY^_]`XPY_ bP]PNZ]]PWL_TaP-ZP_ST`^vQZN`^ZYTY^_]`XPY_LWX`^TNbL^LXP_ZYdX QZ] L NP]_LTY `YOP]^_LYOTYR ZQ _SP bZ]WO ,^ _SP wXLNSTYP ZQ _SP SPLa PY^x T^ OTaTOPO `[ Md _SP bZ]WOXLVP] TY LNNZ]OLYNP bT_S WLb^ LYO UZTYPO _ZRP_SP] TY ]PL^ZYPO Z]OP] ^Z T_ T^ LW^Z bT_S _SP ]Sd_SX^ ZQ _SP dPL] LYO _SP ^Z`W _SL_ R`TOP^ _SP MZOd _Z bSL_ T^ ]TRS_ LYO _SP SL] XZYTN WTYV MP_bPPY `YP\`LW [L]_^ ZQ _SP ^Z`W LYO QPPWTYR^ _SL_ NZ]]P ^[ZYO_Z_SPaL]TZ`^X`^TNLWVPd^0aP]d_STYRT^[`__ZRP_SP]TYX`^TNLW Y`XP]TNLW ]L_TZ^ ^Z _SL_ T_ T^ `YT_PO TY ZYP ^TYRWP MZOd Z] ZYP ^TYRWP XLNSTYP ?SP]PQZ]P ^NTPYNP X`^_ ^_]TaP _Z Z]OP] _SL_ bSTNS T^ RTaPY _Z `^MdYL_`]PLYO L^[T]P_Z M]TYRLMZ`_ _SPSL]XZYdTQTYP\`LWT_TP^ TYL ^TXTWL] XLYYP] _Z _SP R]PL_ bZ]WOXLVP] TP L^[T]P _Z ^`MZ]OTYL_P _SP
$"!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
TYQP]TZ] _Z _SP ^`[P]TZ] LYO _Z M]TYR ]PL^ZY LYO MZOd TY_Z NZY^ZYLYNP bT_SPLNSZ_SP] 3ZbPaP] ZYP NLY LW^Z Pc[]P^^ _ST^ [Z^T_TaPWd -P]PYO_ OTO YZ_ P\`L_P_SPLY_T\`PwbZ]WO X`^TNxLYO9£OL-]LSXLYQZ]YZ_STYR-Z_S bP]P `YTaP]^LW Xd_STNLW XP_L[SZ]^ ZQ _Z_LWT_d :YP NLY ^[PLV ZQ _bZ NZX[WP_PWd OTQQP]PY_ SZWT^X^ Z] XP_LXd_S^ _SL_ ^VP_NSPO L [TN_`]P ZQ _SP bZ]WObSZWP _SL_ bL^ L ^LN]PO NZ^XZ^ -L^TNLWWd -ZP_ST`^ LW]PLOd SLO_SP^LXPTOPLWL^-P]PYO_%_SPRZLWZQLSL]XZYTN^NSZWL]^SZ`WOMP _Z M]TYR ^PY^P LYO ]PL^ZY TY_Z NZYNZ]O :Y _SP w`YTaP]^LW Xd_STNLWx WPaPW_ST^XPLY__SL_LWWZQ-ZP_ST`^v_S]PP_d[P^ZQX`^TNL]PTY[P]QPN_ SL]XZYd ^Z _SL_ _SP X`^TNLW ^ZYTN Z]OP] LYO _SP bSZWP ZQ PL]_SWd WTQP L]Pw^Z_Z^[PLVL]PQWPN_TZYZQ_SPSPLaPYWdZ]OP]LYOOTaT^TZYx ?SP `YP\`LW [L]_^ NZXP _ZRP_SP] TY MPL`_TQ`W `YTaP]^LW NZYNZ]O _Z QZ]X L bSZWP 0cLN_Wd LYLWZRZ`^ _Z _SP SL]XZYTP^ ZQ _SP ^[SP]P^ L]P _SP QZ`] PWPXPY_^_SPOTQQP]PY_^PL^ZY^ZQ_SPdPL]LYO_SP`YP\`LW[L]_^ZQ_SP ^Z`W bSTNS L]P Z]OP]PO LYO WTYVPO SL]XZYTNLWWd LYO _SP]P T^ L OT]PN_ SZXZWZRdMP_bPPYOTQQP]PY_VPd^LYOQPPWTYR^ ^`NSL^LYRP]XPPVYP^^ LYO XZOP]L_TZY P_N ?SP OTaTYP Z]OP] TY _SP ^[SP]P^ _SP]PQZ]P NZ]]P ^[ZYOPO_Z_SPPL]_SWdZ]OP]^?ST^[P]XT__POXTN]ZXLN]ZNZ^XTN]PWL _TZY^ LYO XLOP _SP SPLaPY^ LYO _SP 0L]_S NZX[]PSPY^TMWP TY L X`_`LW PcNSLYRP LYO N]PL_PO N]Z^^WTYVLRP^ LXZYR _SP TYOTaTO`LW [L]_^ ?SP ML^TN XZOPW SP]P T^ _SP SL]XZYd ZQ `YP\`LW [L]_^ ?SP Z]OP] ZQ _SP NZ^XZ^ T_^PWQ bL^ [P]NPTaPO L^ wMPL`_dx ?SP SL]XZYTZ`^ bZ]WO Z]OP] ]PQWPN_POTYX`^TN bL^ L\`L^T ^NTPY_TQTN bZ]WOPc[WLYL_TZY_SL_^TX`W _LYPZ`^Wd NZY_LTYPO L ^d^_PX ZQ P_STN^ LYO TY ,`R`^_TYP LYO -ZP_ST`^ []ZaTOPO_SP]L_TZYLWPQZ]L^[T]T_`LWTY_P][]P_L_TZYZQ_SPbSZWPZQWTQP 4Y ,`R`^_TYP _SP Pc[WLYL_TZY ZQ _SP NZ^XTN bSZWP LYO _SP PXMPO OTYR ZQ WTQP TY L Xd_STNLW XP_L[Sd^TNLW Q]LXPbZ]V ZQ XPLYTYR NZXP^ Z`_P^[PNTLWWdNWPL]Wd?SPSL]XZYTNZ]OP]ZQ_SPNZ^XTNbSZWPT^2ZOv^ N]PL_TZY LYO T^ Pc[]P^^PO ZY PaP]d WPaPW ZQ MPTYR MPRTYYTYR bT_S _SP X`^TN ZQ _SP ^[SP]P^ 0aP]d [L]_ ZQ N]PL_TZY T^ ^TXTWL] _Z _SP Y`XP]T NLWWd Z]OP]PO NZ^XTN bSZWP LYO XLY [L]_TNT[L_P^ TY _SP OTaTYP _S]Z`RS ST^]PL^ZY,`R`^_TYPv^ZaP]L]NSTYRRZLW L^SL^LW]PLOdMPNZXP NWPL] bL^ _Z OPXZY^_]L_P _SP ]L_TZYLW Y`XP]TNLW Z]OP] TY 2ZOv^ N]PL_TZY `^ TYR ]Sd_SX L^ LY PcLX[WP ,_ _SP ^LXP _TXP ST^ XL_SPXL_TNLW LYLWd^T^ T^ L NZY_PX[WL_TZY ZQ X`^TN TY bSTNS _SP Y`XP]TNLW YL_`]P LYO SL] XZYTN[]Z[Z]_TZYLWT_dZQX`^TNMPNZXPL_]LNPZQLYZY[Sd^TNLW]PLWT_d WPLOTYR_Z_ST^]PLWT_dT_^PWQ8PL^`]TYR]Sd_SXT^`W_TXL_PWdXP_L[Sd^T NLWWd TY_P][]P_PO L^ L \`L^T ]PWTRTZ`^ [L_S ZQ NZY_PX[WL_TaP ]T^TYR Q]ZX _SP VYZbWPORP ZQ _SP MZOTWd ]Sd_SX^ _Z TYNZ][Z]PLWT_d LYO P_P]YLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -ZbP]_]LY^-ZP_ST`^ 1`YOLXPY_LW^ cccaTT ;L`W_]LY^-ZP_T`^ 1ÞYQ-ÞNSP]ÞMP]OTP8`^TV
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$""
^LXPYP^^?SPQT]^_QTaPMZZV^TY_PYO_Z^SZb_SL__SP[WPL^LY_ ^PY^Z]d TX[]P^^TZY NLY MP _]LNPO MLNV _Z _SP ]PL^ZYPO OPQTYLMWP Y`XP]TNLW WLb^ -ZZV ^Tc T^ OPOTNL_PO _Z _SP YZY[Sd^TNLW ?SP _SPZ]P_TNLW NZY _PX[WL_TZY ZQ ]Sd_SX L^ wY`XMP]x Y`XP]`^ TY 7L_TY TYOP[PYOPY_ ZQ _SP XPXZ]d SPL]_MPL_ LYO M]PL_S RZP^ MPdZYO _SP [Sd^TNLW LYO ^PY ^Z]d LWW _SP bLd _Z _SP VYZbWPORP ZQ 2ZO _SP STRSP^_ Z]TRTY ZQ Y`X MP]^LYO_Z_SPVYZbWPORPZQ_SPNZ^XTNbSZWPL^L]L_TZYLWY`XP]TNLW LYOXZ]LWZ]OP]TYbSTNSPaP]d[L]__SP 0L]_S_SP bL_P]_SPLT]P_N TYT_^_`]YT^L`YT_d]PQWPN_TYR_SPSL]XZYTNWLb^ZQ_SPbSZWPLYO^_]Ta TYR QZ] `YT_d 0aP]d_STYR Z]TRTYL_P^ Q]ZX _SP `YT_d ZQ 2ZO LYO T^ TY_P R]L_POTY_ZLYZ]OP] ,`R`^_TYP bL^ ZYP ZQ _SP XZ^_ bTOPWd ]PLO L`_SZ]^ ZQ _SP 7L_TY 8TOOWP ,RP^ LYO _ZRP_SP] bT_S -ZP_ST`^ SP TX[L]_PO L bSZWP bZ]WO aTPbLYOYP_bZ]VZQ]PWL_TZY^_SL_[]ZWZYRPO[LRLY_SZ`RS_^TY_Z.S]T^ _TLYT_d?SP;_ZWPXLTNNZ^XZWZRdTYNZYU`YN_TZYbT_S_SPTOPLZQX`^TN ZQ_SP^[SP]P^XLOPT_[Z^^TMWP_ZSLaPLYPc_PY^TaPTY_P]LN_TaP^d^_PX ZQ SZXZWZRTNLW ]PWL_TZY^ TP L `YTQTPO Q`YN_TZYLW NZYYPN_TZY _S]Z`RS XTN]ZXLN]Z NZ^XTN NZ]]P^[ZYOPYNP^ ?SP YZ_TZY ZQ Z]OZ _SP wMPL`_dxZQZ]OP]LYO_SPwSL]XZYdTYTYP\`LWT_dxbP]PPQQPN_TaP]TRS_ TY_Z _SP 8TOOWP ,RP^ LYO bP]P ]PQWPN_PO LWW _SP bLd TY_Z _SP XPOTPaLW ^ZNTP_d LYO _SP Z]OP] ZQ _SP P^_L_P^ ?ST^ NP]_LTYWd SLO XZ]P ]PL^ZY^ _SLYU`^__SPYZ_TZYZQX`^TNZQ_SP^[SP]P^M`__ST^YZ_TZYNL]]TPOLYO []ZXZ_PO_SPTOPLZQZ]OZ ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ BSL_bL^XZ]PTX[Z]_LY__SLY_SPX`^TN_]PL_T^PbP]PZ_SP]bZ]V^^`NSL^ /PNTaT _L_P/PT bSP]PSZbPaP]_SP^LXP[L__P]YZQLbPWWZ]OP]PONZ^XZ^N]PL_POMd2ZOT^ ]P[]ZO`NPO .Q,YRPYPYO_ 2P^NSTNS_POP]=PWTRTZ^T_Æ_OP^8T__PWLW_P]^z"0aPY_SPNZ]]P ^[ZYOPYNPMP_bPPY_SPbZ]WO^Z`WLYO_SPS`XLY^Z`W_SL_PcT^_POTY;WL_ZLYO9PZ [WL_ZYT^XbL^[L]_TLWWdTY_PR]L_POLYOOPaPWZ[POQZ]PcLX[WPTY_SP^NSZZWZQ,WMP]_ ZQ2]PL_ !.Q :__Z 2P]SL]O :PcWP w/L`P] `YO BLYOPW ]PWTRTØ^P] /PYVQZ]XPY ;]LV_TVPY `YO >ZeTLWQZ]XPYTXXT__PWLW_P]WTNSPY0`]Z[LxTY0`]Z[ÆT^NSP=PWTRTZY^RP^NSTNS_PAZW 2Ø__TYRPY% ALYOPYSZPNV $ z$ TY [L]_TN`WL] !#z" :PcWP L]R`P^ LRLTY^_ L wXPOTPaLW N`W_`]P ZQ `YT_dx Md NWLTXTYR L^ L _d[ZWZRd LY wZ]OP]PO NZ Z]OTYL_TZY ZQ _SP [L]_^x LYO L^ XP_L[Sd^TNLW ]L_TZYLWP QZ] _SP Z]OP] ZQ _SP P^_L_P^ L w]PQWPcTZY ZY SL]XZYd TY TYP\`LWT_dx 3P]P SP YZ_ ZYWd O]Lb^ L__PY_TZY _Z _SP NZY _TY`L_TZYZQ_SZ`RS_^ZQLYNTPY_0`]Z[P;WL_Zv^ ;ZWT_PTL LYO,`R`^_TYPv^ /PNTaT_L_P /PT M`_ LW^Z PX[SL^TeP^ _SP NZY^NTZ`^ M]PLV LYO _SP OdYLXTN^ M]Z`RS_ LMZ`_ Md .S]T^_TLYT_dbT_ST_^YPb[W`]LWT^XQ]TPYOWd]PR`WL_TZYZQP^_L_P^^TYNP_SP_TXPZQ_SP PL]WTP^_.S]T^_TLYNZXX`YT_TP^QZ]PcLX[WP_S]Z`RS_SPXP_L[SZ]ZQ_SPMZOdLYOT_^ [L]_^bSTNSTY[L]__`]YPO_SPLYNTPY_Z]OP]ZYT_^SPLO O`P_Z_SP bPLVLYOWZbWd MPTYRPWPaL_POP_N:PcWP^[PLV^ZQLw[]TYNT[WPZQOTLWZRTN^xTMTO"L^STQ_TY _SP[]TYNT[WPZQ^ZNTLWSTP]L]NSd_ZL Q`YN_TZYLWSTP]L]NSdTMTO"z"LYOL[W` ]LWT_dZQaLW`PbZ]WO^TOPL^^TYNPPL]Wd.S]T^_TLY_TXP^"QQBPL^^`XP_ST^OTQ QP]PY_TL_TZYLYOTY_SPYPc_[L]LR]L[SbPWL]RPWd]PQP]_Z:PcWPTMTO!#
$"#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
?ST^ YZ_TZY ZQ Z]OZ NZY_LTYTYR YZ_ ZYWd _SP MPL`_d ZQ TYP\`LWT_TP^ M`_ LW^Z L NWPL] STP]L]NSd bL^ LW]PLOd ^SLVPY Md YZXTYLWT^X _S NPY_ LYO Q]ZX _SP =PYLT^^LYNP LYO XZOP]Y LRP ZYbL]O^ T_ bL^ YZ WZYRP] OP^T]LMWP ?SP `YTaP]^LW Xd_S ZQ SL]XZYd ZQ _SP `YTaP]^P bL^ TYOPPO bL]XPO `[ LRLTY LYO LRLTY TY N`W_`]LW YTNSP^ _Z SZWT^_TNLWWd MTYO_SPT^ZWL_POTYOTaTO`LWLYPbTY_ZL NZ^XTNbSZWPM`_T_YZ WZYRP] WPQ_ L XL]V ZY _SP N`W_`]P ?SP _TXPWP^^ w2ZORTaPY Z]OP]x N]`XMWPO NZX[WP_PWd Q]ZX _SP #_S NPY_`]d ZYbL]O^ LYO bL^ ]P[WLNPO Md _SP wZ]OP]^x N]PL_PO Md XPY :]OP] XZaPO Q]ZX _SP NZWWPN_TaPWd OP_P] XTYPO_]LY^NPYOPYNdTY_Z _SP^`MUPN_?SPYPbR]PL_ XP_LXd_S^bP]P OPXZN]LNd TYOTaTO`LWT_d L ^NTPY_TQTN bZ]WOaTPb _PNSYTNLW []ZR]P^^ LYO^PN`WL]T^X?SP^P[L]L_TZYZQ.S`]NSLYO>_L_PLYO_SP^`NNP^^TaP OT^^ZW`_TZY ZQ PNNWP^TL^_TNLW OT]PN_TaP^ LYO _]LOT_TZYLW ]PWTRTZ`^ _TP^ bSTNS XLYd TY_PWWPN_`LW^ QPW_ bP]P WTMP]L_TYR bP]P SZbPaP] YZ_ YPNP^ ^L]TWd _SP ^LXP _STYR L^ L OT^L[[PL]LYNP ZQ _SP ]PWTRTZ`^ ]PWTRTZ`^ YPPO^1]ZX_SP^PNZYOSLWQZQ_SP$_SNPY_`]dZYbL]O^_SPNZX[WLTY_^ X`W_T[WTPO ZQ L wN]T^T^ ZQ _SP _TXPx w^[T]T_`LW TX[ZaP]T^SXPY_x LYO wRWLNTL_TZYZQ_SP^Z`Wx?SP^PL]NSQZ]L]PLN_TaL_TZYZQ_SPXP_L[Sd^T NLW ^`M^_LYNP L ]PQZ]X ZQ _SP bSZWP ZQ WTQP LYO ]P^LN]LWTeL_TZY MP NZXP^_LYRTMWPTYXLYdOT^NZ`]^P^L__SPMPRTYYTYRZQ_SP_SNPY_`]d LYOL__SPPYOZQ_SPNPY_`]dT_OTQQ`^POLWZYRbLdTY_Z[Z[`WL]N`W_`]P ?SP waLN``Xx _SL_ .LX[MPWW ^[ZVP ZQ ]PLWWd T^ PX[T]TNLWWd _LYRTMWP 2ZTYR MLNV _Z _SP ZWO bLd^ bL^ YZb `Y_STYVLMWP QZ] XLYd , YPb OP [L]_`]PbL^NLWWPOQZ]zLYOOT^NZaP]TYR4YOTLLXZYRZ_SP]_STYR^bL^ `^PQ`WQZ]_ST^ 9Zb ZQ NZ`]^P >LY^V]T_ 3TYO`T^X bL^ LW^Z L STP]L]NSd ZQ P^_L_P^ XP_L[Sd^TNLWWdL^^`]POMd_SPOSL]XTNZ]OP]9ZZ_SP]_Z[TNT^L^WTVPWd _Z MP ^d^_PXL_TNLWWd WPQ_ Z`_ ZQ _SP ]PNP[_TZY ZQ 4YOTL TY _SP XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P Q]ZX ATaPVLYLYOL _Z -P]PYO_ L^ _SP ^_]TN_ OSL]XL ]`WP^ DP_ _SP YPbWd TYaPY_PO ^`MUPN_]PWL_PO ^[T]T_`LW 4YOTL bL^ YZ_ L bSZWWd YPb TYaPY_TZY 4Y^_PLO T_ LW]PLOd SLO L WZYR ST^_Z]d MPNL`^P^TYNP_SP_TXPZQ_SP@[LYT´LO^^Z_P]TZWZRdSLOMPPY^P[L]L_PO Q]ZX _SP NZWWPN_TaP LYO LYNSZ]PO TY _SP ^`MUPN_ 1Z] _SP OT^NZ`]^P ZY X`^TN LYO ^[T]T_`LWT_d T_ T^ ^`QQTNTPY_ _Z MP ]PXTYOPO ZQ ±£]«RLOPaL bSZ ZYWd XPY_TZY^ _SP NZWWPN_TaP ZQ _SP Z]OP] ZQ NL^_P^ LYO P^_L_P^ TY [L^^TYRTY_SPQT]^_aP]^P3T^XLUZ]L]R`XPY_T^YZ_ZYPZQZ]OZLYO_SP 9£OL-]LSXLY T^ NZX[WP_PWd Q]PP ZQ T_ ?SP VPd bZ]O^ w9£OL-]LS XLYx LYO wDZRLx Q`^PO NZ^XTN `YT_d LYO ^`MUPN_TaP ^Z_P]TZWZRd ?SPd []ZXZ_PO aP]d [P]^ZYLW LNNP^^ TY _SP Pc[P]TPYNP ZQ SZWT^X bT_STY _SP TX[]ZaT^L_TZY LYO WT^_PYTYR _Z X`^TN bSTNS XZOP]Y ^`MUPN_TaT_d NZ`WO QZWWZbZYQ]ZX^PLXWP^^WdBSPY±£]«RLOPaLTY_PR]L_POX`^TNTY_Z_SP ^Z_P]TZWZRdOT^NZ`]^PLYOYZ_TY_Z _SPOSL]XLOT^NZ`]^PZQ_SPZ]OP]ZQ _SPP^_L_P^SPbL^RTaTYRX`^TNL_Z_LWWdOTQQP]PY_Q]LXPbZ]V_SLY_SL_
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$"$
ZQ ^ZNTLW ST^_Z]TNLWWd Q]LRTWP Z]OP]^ ?ST^ bL^ L XP_L[Sd^TNLW Q]LXP bZ]V _SL_ ^_L]_PO WP^^ Q]ZX _SP NZX[L]_XPY_LWTePO Z]OP] _SLY Q]ZX _SP `YT_d ZQ _SP `YTaP]^P ?SP 9£OL-]LSXLY bL^ L Xd_STNLW ^PY^Z]d ^`M ^_LYNP bT_S STRSWd XP_L[Sd^TNLW NZY_PY_ ?SP XZYT^_TN Pc[WLYL_TZY ZQ _SP bZ]WO NZ]]P^[ZYOPO bT_S XZOLW X`^TN bT_S WT^_PYTYR _Z X`^TN `Y OP]^_ZZO _Z MP -]LSXLYMWT^^ LYO DZRL LYO bT_S _SP `Y[]ZMWPXL_TN Wd^T^TY^_PLOZQOT^NT[WTYPOXZ]LW^LYOaT]_`Z`^MPSLaTZ] 4_ bL^ L XZOPW ZQ X`^TN TY bSTNS _SP _d[TNLWWd 4YOTLY w_ST]O ^[LNP SLMT_`^xZQLQ`^TZYZQ^PY^`LWT_dLYOLM^_]LN_TZYM]Z`RS_QZ]_SLYP^[P NTLWWd TY_P]P^_TYR aL]TL_TZY 3P]P ZYP ^SZ`WO YZ_ QZ]RP_ _SL_ TY 4YOTL _ZZ_SP]PbL^YZWLNVZQLM^_]LN_TZY^_SL_LM^_]LN_POQ]ZX^PY^Z]d^`M ^_LY_TLWT_d LWXZ^_ NZX[WP_PWd M`_ YPT_SP] bL^ _SP]P LYd WLNV ZQ ]P [PL_POL__PX[_^_ZNZYN]P_TeP^`NSLM^_]LN_TZY:YPXLd]PXPXMP]_SL_ _SP ^_L]_TYR [ZTY_ QZ] _SP 9£OL-]LSXLY bL^ YZ_ WPL^_ -SL]_SL]Tv^ RWZMLWwWLYR`LRP[]TYNT[WPx4Y-SL]_SL]T_SP]PWL_TZY^ST[MP_bPPY]PLW WLYR`LRP LYO _SP wBZ]O-]LSXLYx bL^ ^_TWW aP]d ^TXTWL] _Z _SP X`^TNL X`YOLYL ZQ WL_P 0`]Z[PLY ,Y_T\`T_d ?SP XP_L[Sd^TNLW QZ`YOL_TZY NZ`WO MP [P]NPTaPO TY_PWWPN_`LWWd LYO bL^ NZYaTYNTYR MPNL`^P T_ Pc [WLTYPO[SPYZXPYLM`_T_NZ`WOYZ_MPPc[P]TPYNPO5`^_L^ZYPNLYYZ_ [WLd Z] ^TYR _SP X`^TNL X`YOLYL TY ,Y_T\`T_d YPT_SP] NLY ZYP ^[PLV -SL]_SL]Tv^ ±LMOL-]LSXLY -`_ []PNT^PWd _ST^ bL^ wNZ]]PN_POx bT_S _SP 9£OL-]LSXLY 4Y X`^TN _SP [L]_TNT[L_TZY TY _SP `YTaP]^P bL^ YZb TXXPOTL_PWd LNNP^^TMWP _Z _SP ^PY^P^ LYO _SP]PQZ]P NZ`WO LW^Z MP Pc [P]TPYNPO ^ZXL_TNLWWd LYO LQQPN_TaPWd ,_ _SP ^LXP _TXP w^[T]T_`LWT_dx bL^ []P^P]aPO aTL _SP -]LSXLY OT^NZ`]^P LYO _SP _SPZ]d ZQ LP^_SP_TN^ 8Z]PZaP]_SPTY_PWWPN_`LWXL_SPXL_TNLW]PLWXbL^LW^ZaP]dX`NS[]P ^PY_ TY ±£]«RLOPaL _SP wTYaPY_Z]x ZQ _SP 9£OL-]LSXLY 3P TYaP^_T RL_PO ^Z`YOaP]d^TXTWL]Wd _Z_SPbLdTY bSTNS_SPR]LXXL]TLY^TYaP^ _TRL_PO _SP ±LMOL-]LSXLY >Z -P]PYO_ bL^ YZ_ _Z_LWWd ZY _SP b]ZYR [L_S bSPY SP []ZUPN_PO XL_SPXL_TN^ LYO XPL^`]PXPY_ TY_Z _SP 9£OL -]LSXLY?SP9£OL-]LSXLYT_^PWQbL^TYOPPOZYWdNZOPObT_SPc[]P^ ^TaP ^Z`YO LYO YZ_ bT_S XL_SPXL_TNLW ^[PN`WL_TZY bSP]PMd _SP ^_LRP^ ZQ aTM]L_TZY [`_ QZ]bL]O Md ^NSZWL]^ ^`NS L^ -S£^VL]L]£dL NP]_LTYWd bPY_ TY _ST^ ^Z]_ ZQ OT]PN_TZY M`_ TY 4YOTLY X`^TN _SP]P bL^ YZ ^SZ]_ LRP ZQ XL_SPXL_TNLW NLWN`WL_TZY^ 3ZbPaP] YZ_ WPL^_ _SP OTQQP]PY_ XP_L[Sd^TNLW Q]LXPbZ]V Pc[WLTY^ _SL_ TY 4YOTL _SP ]PNP[_TZY ZQ _SP OPQTYT_TZY ZQ ^Z`YO aTL XL_SPXL_TN^ OTO YZ_ MPNZXP [ZbP]Q`W TY _SP ^LXPbLdL^TY0`]Z[PLYO_SL__SPQZN`^P^bP]PNZX[WP_PWdOTQQP]PY_ /P[PYOTYRZYZYPv^[P]^[PN_TaPZYPNLYXLcTXTePZ]XTYTXTeP_SP OTQQP]PYNP^ MP_bPPY X`^TN ZQ _SP ^[SP]P^ LYO _SP 9£OL-]LSXLY >Z LW_SZ`RS _SP]P T^ YZ TXXPOTL_P LNNP^^ _Z _SP STRSP] NZ^XTN ]PLWT_d TY ,`R`^_TYP Z] -ZP_ST`^ TY _SPT] bZ]V^ _SPZ]P_TNLW ^[PN`WL_TZY Q`WQTWW^ L Q`YN_TZY LYLWZRZ`^ _Z _SL_ ZQ wSPL]TYRx TY 4YOTL ?SP _SPZ]d T^ L ]PLW
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
RLTYMPNL`^PT_LWWZb^LYTY^TRS_TY_Z_SP[P]QPN_TZYZQ_SPX`^TNZQ_SP `YTaP]^PbSTNST^Z]OP]POMd_SPbZ]WO^Z`WzL[P]QPN_TZY_SL_NLYLW^Z MPQZ`YO TYPL]_SWdX`^TN LYOTYS`XLYMPTYR^?SP_SPZ]dbL^ ^Z TX [Z]_LY_ _Z _SP ;WL_ZYTN 9PZ[WL_ZYTN _STYVP]^ MPNL`^P T_ ]P[]P^PY_PO L OT]PN_ VPd _Z _SP wXP_L[Sd^TNLW ^`M^_LYNPx 4_ `YT_PO _SL_ bSTNS bL^ ^P[L]L_POMd_SP^_]TN_OTQQP]PY_TL_TZYMP_bPPYL`OTMWPPL]_SWdLYOTYL` OTMWP NZ^XTN X`^TN MPNL`^P T_ []ZaTOPO _SP _P]_T`X NZX[L]L_TZYT^ _SL_ bL^ NZXXZY _Z MZ_S% ]PL^ZY LYO [P]QPN_ Z]OP] _SL_ SLO _SPT] [WLNP TY _SP SPLaPY^ ;L]_TNT[L_TZY TY X`^TN bL^ _SP]PQZ]P ZYWd OP^T]PO TY _SP ^PY^PZQ_SPZ]P_TNLWNZY_PX[WL_TZYLYONWPL]TY^TRS_TY_ZZ]OP]LYO[]Z [Z]_TZY QZ] TY _SP NL^P ZQ _SP X`^TN ZQ _SP ^[SP]P^ YZ Z_SP] _d[P ZQ [L]_TNT[L_TZYbL^[Z^^TMWP L_LWW0L]_SWdX`^TN]PQWPN_TYR_SP^P[]Z[Z] _TZY^ bL^ LY TX[Z]_LY_ TYOTNL_TZY ZQ _SP [P]QPN_TZY ZQ _SP ^`[P]YL_`]LW bZ]WO ?SP _STYVP]^ ZQ WL_P ,Y_T\`T_d ]PRL]OPO NZY_PX[WL_TZY ZQ X`^TN L^[L]_TNT[L_TZYTY_SPOTaTYPWZRZ^TY_SPSTRSP^_OPT_dLYOTY_SP[P] QPN_ Z]OP] LYO SL]XZYd ZQ _SP `YTaP]^P ?SP Y`XMP]^ _SL_ bP]P QZ`YOPOZY_SPX^PWaP^bP]P_]`_SZQ_SPX^PWaP^T]]P^[PN_TaPZQ_PLNS TYR^LYO`YNSLYRTYR?SP]PQZ]P_SPdX`^_PcT^_MPdZYOXPY_SL_T^TY _SP.S]T^_TLYQZ]XZQ9PZ[WL_ZYT^XTY2ZO4Y4YOTL^Z`YO^bP]P^TXT WL]Wd^PWQ^`M^T^_PY_LYOP_P]YLW,XL]VPOOTQQP]PYNP]PXLTY^_SP^`[P ]TZ]T_d ZQ ]PL^ZY LYO Z]OP] LYO _SP OPaLW`L_TZY ZQ _SP ^PY^P^ LYO ZQ ^PWQ^`QQTNTYR [WPL^`]P TY 0`]Z[P ?SP ^PY^Z]d LNNP^^TMTWT_d ZQ _SP NZ^ XTNbSZWPLYO_SPYZYO`LW[P]^[PN_TaPTY4YOTLNLYMP`W_TXL_PWdNZY OPY^PO TY_Z _SP XLTY OTQQP]PYNP 4Y _SP ±LTaL ?LY_]TN QZ]X ZQ XP_L [Sd^TNLW XZYT^X _SL_ SLO L ^_]ZYR TYQW`PYNP ZY _SP ^NSZWL]^ ZQ X`^TN _ST^XPLY__SL_RZOLYO^Z`YONZTYNTOPO%RZOT^^Z`YOLYOSL^_SPQZ]X ZQ ^Z`YO 4Y MZ_S 0`]Z[P LYO 4YOTL SZbPaP] _SP ^[T]T_`LW bL^ ^Z`RS_ TY X`^TN LYO X`^TN bL^ ^PPY L^ L XPLY^ ZQ SL]XZYTeTYR w_SP LYcTZ`^ `YNP]_LTY ]Sd_SX^ ZQ S`XLY WTQP bT_S _SP XZ]P [P]QPN_ ]Sd_SX^ ZQ OT aTYP [ZbP] LYO `W_TXL_P ]PLWT_dx " 4Y MZ_S ]PRTZY^ X`^TN SLO _Z OZ bT_S TY_P][]P_L_TZY^ ZQ _SP NZ^XTN bSZWP LYO bL^ [WLNPO TY L NZX[]P SPY^TaP`YTaP]^LWXd_STNLWNZ^XZWZRTNLWQ]LXPbZ]V_SL_^LN]LWTePO_SP bSZWPZQWTQP >Z_Z^`XXL]TePZYPNLY^[PLVZQ_bZ\`T_PNZY_]L]d_d[P^ZQ]PWT RTZ`^ Z] XP_L[Sd^TNLW X`^TNLW Pc[P]TPYNP :Y _SP ZYP SLYO _SP]P T^ LY TY_PWWPN_`LW[L_S_SP[L_SZQY`XMP]^LYOTY_PWWPN_`LW NZY_PX[WL_TZYZQ X`^TN LYOZY _SPZ_SP] _SP]PT^ _SP[L_SZQ_SP9£OL _SPNZYN]P_P Pc []P^^TaP ^Z`YO LYO LQQPN_TaP ^PY^Z]d YZYO`LW Wd^T^ ?SP^P _bZ _d[P^ NLYNP]_LTYWdMPOZaP_LTWPOM`__SPdNLYLW^ZPcT^_TYSZ^_TWPZ[[Z^T_TZY LYOMP[WLdPOZQQLRLTY^_PLNSZ_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "-`WVPWPd BZYOP]TYR-]LTY
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$#
?SP OZaP_LTWTYR LYO OPOTQQP]PY_TL_TZY _SL_ -P]PYO_ bL^ ^PPVTYR bP]P L_d[TNLW 9Pb,RP[]ZR]LXQZ]`YT_TYR]PL^ZY LYOQPPWTYR^Y`X MP]^ LYO ^PY^`LWT_d ^NTPYNP LYO ]PWTRTZY _SP ^LN]PO LYO _SP []ZQLYP LYO_SP0`]Z[PLYLYO_SPYZY0`]Z[PLY3PbL^YZ_NZX[WP_PWdZY_SP b]ZYR _]LNV bSPY SP ^_L_PO _SL_ _SP 9£OL-]LSXLY LYO 4YOTLY X`^TN OTO TY QLN_ M]TYR _SP _bZ ^TOP^ _ZRP_SP]% ^PY^`LWT_d LYO LM^_]LN_TZY Q` ^TZY LYO NLWN`WL_TZY^ Z] TY Z`] _P]XTYZWZRd [L]_TNT[L_TZY LYO PXLYNT [L_TZY ,WW ZQ _ST^ QT__PO TY aP]d bPWW bT_S _SP SZWT^X []ZR]LX ZQ XZO P]Y ^[T]T_`LWT_d 4_ T^ L Q`YOLXPY_LW 9Pb ,RP []TYNT[WP _Z `YT_P PXLYNT[L_TZY LYO [L]_TNT[L_TZY 1Z] -P]PYO_ _SP 9£OL-]LSXLY bL^ L []ZUPN_TZY ^N]PPY QZ] bSL_ bL^ XT^^TYR LYO SLO OT^L[[PL]PO Q]ZX ST^ ZbYN`W_`]PLYOQZ]LYLW_P]POXPLYTYRRTaPY_ZX`^TNLYO_Z_SPPY_T]P N`W_`]P ?SP 9£OL-]LSXLY ZQQP]PO L YPb NZOTYR [Z^^TMTWT_d LYO N]P L_PO L YPb ^d^_PX ZQ ]PWL_TZY^ 4_ bL^ L_ ZYNP LM^_]LN_ LYO NZYN]P_P ^PY^Z]dLYO^[T]T_`LWBT_S_SP9£OL-]LSXLYL^MLNVR]Z`YO_SPTYL` OTMWPWZRZRPYTNwX`^TNZQ_SP^[SP]P^xbL^]PXZaPOQ]ZX_SP]PLWXZQ _SP^`[P]^PY^Z]daT^TZYL]dLYO;WL_ZYTNY`XP]TNLWSPLaPY^LYO_`]YPO TY_ZLNZYN]P_PZMUPN_ZQPc[P]TPYNP-P]PYO_STX^PWQMPNLXP_SP_]LY^ XT__P] ZQ _ST^ YPb _SZ`RS_ -PWZb bP bTWW []P^PY_ TY _SP w0L]_S^ZYR 8`^TNxLYPc_]PXPQZ]XZQXZOP]Y^PY^Z]TeL_TZYLYONZYN]P_TeL_TZYZQ _SP wX`^TN ZQ _SP ^[SP]P^x _SL_ T^ [L]_Wd ML^PO ZY -P]PYO_ LXZYR Z_S P]^ -P]PYO_ RLaP _SP X`^TN ZQ _SP ^[SP]P^ LY w0L^_P]Y Q]LXP ZQ XTYOx LYO _SP 9£OL-]LSXLY L YPb ^NTPY_TQTN LYO wbZ]WOX`^TNLWx L[[PL] LYNP ?SP 9£OL-]LSXLY SLO ^PaP]LW []Z[P]_TP^ _SL_ _SP X`^TN ZQ _SP ^[SP]P^bL^WLNVTYR4_NZ`WOMPPc[P]TPYNPOTYPL]_SWdX`^TNLYOL__SP ^LXP _TXP T_ bL^ Pc[WTNT_Wd ]PWTRTZ`^ Z] w^[T]T_`LWx 4_ QT__PO TY bPWW bT_S XZOP]Y ^`MUPN_TaT_d OPXZN]LNd LYO [W`]LWT^X `YWTVP _SP Z]OZ ZQ _SP LYNTPY_ X`^TN ZQ _SP ^[SP]P^ LYO _SP YL]]ZbWd QTcPO ^ZNTP_LW YZ]X^ LYO STP]L]NSTP^ ,YO T_ wLWWZbPOx Pc_PY^TZY^ LYO XZOP]YTeL_TZY^ MP NL`^P T_ bL^ YZ_ L NWZ^PO ^d^_PX 4Y T_^ TYOTRPYZ`^ NZY_Pc_ _SP 9£OL -]LSXLY bL^ LW]PLOd LY Z^NTWWL_TYR NL_PRZ]d WZNL_PO MP_bPPY Xd_STNLW ^`M^_LYNP ^dXMZWTN QZ]X LYO ^PY^Z]d ^`M^_LYNP 4Y ±£]«RLOPaL _SP 9£OL-]LSXLY bL^ LWW L_ ZYNP _SP []TXZ]OTLW NZ^XTN ^Z`YO L ^LN]LWT eL_TZY ^_]L_PRd LYO L SZWT^_TN bZ]WOTY_P][]P_L_TZY L^ bPWW L^ L`OTMWP X`^TN Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ LYO _SP ^`M_WP aTM]L_TZY^ TYSP] PY_ TY ^Z`YO :Y _SP ^dXMZWTN WPaPW _SP 9£OL-]LSXLY L^ `YTaP]^LW Xd_S `W_TXL_PWd OZP^ TYOPPO SLaP ^ZXP_STYR ZQ L SdM]TO LYO L w[]TXP aLW ^Z`[x LMZ`_ T_ _SL_ LWWZbPO L OTaP]^P ]LYRP ZQ QZ]X^ ZQ _]LY^]PWTRT Z^T_d LYO _]LY^N`W_`]LWT_d LYO bL^ PaPY LOaLY_LRPZ`^ QZ] _SPX L^ LW ]PLOdPc[WLTYPO-P]PYO_PY]TNSPO_SPw[]TXPaLW^Z`[xbT_SXd_S^Q]ZX LWW ZaP] _SP bZ]WO 3ZbPaP] bSL_ SP ^Lb L^ _SP LN_`LW NPY_]LW L^[PN_
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LMZ`_ _SP 9£OL-]LSXLY LYO 4YOTLY XZOLW X`^TN bL^ _SP ]P OT^NZa P]dZQ_SP^[T]T_`LWTYL]_ 4YZ`]OT^N`^^TZYZQ_SPLYNTPY_YZ_TZY^ZQX`^TN TY0`]Z[PLYO4Y OTLZ`]TY_P]P^_SL^MPPYOT]PN_POWP^^_Z_SPX`^TNZWZRTNLWL^[PN_^_SLY _Z _SP bZ]WOaTPb^ QZ]X^ ZQ []LN_TNP Q`YN_TZY^ LYO _SP N`W_`]LWWd ^SL[PO LP^_SP_TN _L^_P^ _SL_ bP]P L^^ZNTL_PO bT_S X`^TN 4Y [L]_TN`WL] _SP bZ]WOaTPb^ L^ XP_L[Sd^TNLW Q]LXPbZ]V^ LYO _SP ]PWTRTZ`^ LYO w`YTaP]^LWXd_STNLWQZ]X^ZQ_SZ`RS_xwOTP`YTaP]^LWXd_ST^NSPY/PYV QZ]XPYxL[[PL]PO_Z`^_ZMPNPY_]LWBPbLY_PO_ZM]TYRZ`_YZ_ZYWd bSL_bL^OT^^ZYLY_M`_bSL_bL^`YT_TYRBSL_0`]Z[PLYX`^TNZQ_SP ^[SP]P^ ^SL]P^ bT_S _SP 4YOTLY 9£OL-]LSXLY T^ _SP []Z[Z^T_TZY ZQ L NZ^XTNLYOXP_L[Sd^TNLWOTXPY^TZYZQX`^TNLYO_SPPXMPOOTYRZQWTQP TY L ^LN]PO NZ^XZ^ ?SP TOPL^ LMZ`_ X`^TN LYO _SP SL]XZYd ZQ _SP ^[SP]P^ _SL_ bP]P L__]TM`_PO _Z ;d_SLRZ]L^ L]P VYZbY _Z SLaP MPPY wOPXd_SZWZRTePOxL^PL]WdL^TYNWL^^TNLW,Y_T\`T_dMd,]T^_Z_WPv^[`[TW ,]T^_ZcPYZ^ M`_ ^_TWW MZ_S _SP ;d_SLRZ]PLY^ LYO _SP ,]T^_ZcPYLY^ ^SL]PO L []PQP]PYNP QZ] _SPZ]d LYO WZRZRPYTN LNNP^^ _Z X`^TN ,]T^_Zc PYZ^ SZbPaP] bL^ _SP ZYWd ZYP bSZ SLO WZYR_P]X TX[LN_^ 3T^ OP NZ`[WTYR ZQ ^Z`YO^ Q]ZX _SP NZ^XTN WPO TY _SP BP^_ _Z L X`^TNZWZRd _SL_ L[[WdTYR P\`LW _PX[P]LXPY_ _`YTYR XLOP T_ [Z^^TMWP _Z OT^_]TM`_P _SP PcNP^^ Q]ZX _SP ;d_SLRZ]PLY NZXXL P\`LWWd ZaP] _SP _ZYP^ ZQ _SP ZN_LaP LYO _Z RPYP]L_P _SP NWZ^PO ^Z`YO NdNWP ZQ XLUZ] LYO XTYZ] VPd^ # DP_ L^ .LX[MPWW OP^N]TMP^ TY _SP NL^P ZQ ]PWTRTZY NZX[Z^P]^ LW^Z ]PLNSPO L OPLOPYO L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d 4Y_P]P^_ TYRWd 4YOTL ZQQP]PO _Z QTWW _ST^ aLN``X YZ_ ZYWd bT_S ^_TX`WL_TZY TY ]PWTRTZY M`_ LW^Z bT_S ^_TX`WL_TZY TY X`^TN ?ST^ L^[PN_ MPNLXP LN_TaP PaPYMPQZ]P-P]PYO_v^[WLdP]^ZQULeeLYOXTYTXLWX`^TNMPRLY_ZXLVP XZOLWX`^TN&T_L[[PL]^TY:WTaTP]8P^^TLPYTY_SPQT]^_SLWQZQ_SP_S NPY_`]d 8P^^TLPY L OPaZ`_ .L_SZWTN bL^ LYd_STYR M`_ L QZWWZbP] ZQ 9Pb,RPP^Z_P]TNT^XZ]L$!^]PMPWDP_bSL_WTYV^STXbT_S-P]PYO_ bL^_SL_TYXZOLWX`^TNSPQZ`YOLYPbQZ]XZQPc[]P^^TZYQZ]ST^ZbY ^[T]T_`LWT_d QZ] _SP w^[T]T_`LW TY L]_x _SL_ bL^ _Z ZaP]NZXP _SP [^d NSZWZRTeL_TZY LYO ^PXLY_TNTeL_TZY ZQ X`^TN ZQ _SP $_S NPY_`]d LYO LWWZb_SP[`]P ^_]`N_`]P^ZQX`^TN_Z NZXP _Z_SP QZ]PzT_^NZ^XTNLYO XP_L[Sd^TNLW OTXPY^TZY ^Z _Z ^[PLV 8P^^TLPYv^ []ZQZ`YO TY_P]P^_ TY ]PWTRTZY bL^ Md YZ XPLY^ ^SL]PO Md LWW LaLY_RL]OP X`^TNTLY^ M`_ SP bL^YZ__SPZYWdXZOP]YNWL^^TNLWX`^TNTLY_ZbLY__ZQTYOST^bLdTY_Z Lw[`]PxX`^TN1Z]8P^^TLPY_ZZ4YOTLYX`^TNbL^YZ__SPZYWdTY^[T ]L_TZY -`_ bSL_ SP QZ`YO TY T_ bL^ L OTQQP]PY_ L[[]ZLNS _Z _SP _ZYLW XL_P]TLWLYO_SP]Sd_SX^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #6`]_ 4YOTPY`YO0`]Z[L "
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$#
! w2WL^^-PLO2LXPxTY0`]Z[PLYO4YOTL 4YZ`]OT^N`^^TZYZQ_SP9£OL-]LSXLY_ZOL_P_SP[L]_TNT[L_Z]dL^[PN_ SL^ NWPL]Wd MPPY _SP OZXTYLY_ ZYP bSTWP _SP XL_SPXL_TNLW L^[PN_ ZQ X`^TNbL^TYOPPOXPY_TZYPOLRLTYLYOLRLTYM`_ZMaTZ`^Wd]PXLTYPOTY _SP MLNVR]Z`YO ?ST^ T^ `YOP]^_LYOLMWP ^TYNP TY 4YOTL _SP []LN_TNP ZQ OPQTYTYR ^Z`YO aTL XL_SPXL_TN^ OTO YZ_ OPaPWZ[ _SP ^LXP QZ]NP _SL_ T_ SLO TY 0`]Z[P 3ZbPaP] _SP TX[]P^^TZY ^SZ`WO YZ_ L]T^P _SL_ _SP Y` XP]TNLWYL_`]PZQX`^TNbL^YZ_]PNZRYTePOMd_SP4YOTLY^?ST^T^_]`P ZQ _SP VYZbWPORP ZQ _SP []Z[Z]_TZYLWT_d ZQ X`^TNLW TY_P]aLW^ -`_ _SP 4YOTLY^ [`]^`PO \`T_P OTQQP]PY_ L^[PN_^ ZQ XL_SPXL_TNLW ]P^PL]NS TY X`^TN ?SP w_ST]O^[LNP SLMT_`^x _SL_ T^ ]P[PL_POWd PX[SL^TePO TY _ST^ MZZV WTYVTYR _SP ^PY^P^ LYO LM^_]LN_TZY [L]_TNT[L_TZY LYO PXLYNT[L _TZYL[[WTP^TY[L]_TN`WL]TYX`^TNLW^Z±£]«RLOPaLv^bLdbL^YZ_ZYWd _SL_ ZQ X`^TNLW DZRL Wd^T^ LYO _SP ^PY^Z]d 9£OL-]LSXLY Pc[P]TPYNP M`_LW^ZLYTY_PWWPN_`LWbLdYZ_OT^^TXTWL]_Z_SPLYNTPY_NZYNP[_ZQ_SP X`^TN ZQ _SP ^[SP]P^ LYO X`^TN _SPZ]d L bLd aTL Y`XMP]^ ^dXMZWTN NZXMTYL_TZY^ LYO TY_PWWPN_`LW X`^TN NZY_PX[WL_TZY ?SP ^T_`L_TZY T^ ^TXTWL]QZ].L]YL_TNX`^TNZQbSTNSbP^ZQL]SLaPOT^N`^^POTYR]PL_P] OP_LTW ZYWd ZYP L^[PN_ _SP OPaZ_TZYLW Wd^T^ 3ZbPaP] T_ SL^ LW]PLOd MPPY TYOTNL_PO _SL_ _SP XL_SPXL_TNLW NLWN`WL_TZY^ TY 4YOTL SLO L OTQQP] PY_QZN`^_SLY_SZ^PTY0`]Z[P%_SPPc[WZ]TYRZQ_SP_ZYLWLYO]Sd_SXTN ^[PN_]`XMdXPLY^ZQNZXMTYL_TZY^ ±£]«RLOPaLv^ _]PL_T^P ZY X`^TN NZY_LTY^ L NZX[]PSPY^TaP NSL[_P] ZY[P]X`_L_TZYLWNZXMTYL_TZY^LNNZ]OTYR_ZbSTNS_SPOTaP]^P]LYRPZQ [Z^^TMWP_ZYP^P\`PYNP^ _£YL T^OP_P]XTYPOPRSZbXLYd_S]PP_ZYP XZ_TQ^ NLY PcT^_ TQ _SP _Z_LW Y`XMP] ZQ _ZYP^ LaLTWLMWP T^ ^PaPY BSL_ ±£]«RLOPaLv^ NZXMTYL_TZY^ LW^Z LWWZbPO bL^ _SP TYOPcTYR ZQ _SP _ZYP ^P\`PYNP^ >ZXP ZQ _SP _ZYP ^P\`PYNP^ NLWN`WL_PO bP]P PaPY RTaPY L YLXP`^`LWWd_SPYLXPZQLAPOTN^LN]TQTNPQ]ZX_SP-]£SXL©L^ 4Y _SP NL^P ZQ ±£]«RLOPaLv^ ^P]TLW [P]X`_L_TZY^ ZYP NLY ^[PLV ZQ LM^_]LN_ RWL^^ MPLO RLXP^ _SL_ SLO _SP [ZbP] _Z QL^NTYL_P TY _SP X`^TN ZQ 0`]Z[P _ZZ% Q]ZX _SP NZX[WPcT_TP^ ZQ NZ`Y_P][ZTY_ LYO Q`R`P _Z _SP ^P]TLW NZX[Z^T_TZY ZQ _SP PL]Wd _S NPY_`]d ?SP ]PWL_TZY^ST[^ LYO ^_]`N_`]P^PXP]RPZ`_ZQ_SPXL_P]TLWT_^PWQ?SP]PQZ]PTYLbLd_SPdL]P YZ_ wXLOP Md XPYx ?SP Z]OP]PO ^d^_PX ZQ _ZYP ^P\`PYNP^ T^ LW]PLOd ]ZZ_PO TY _SP Y`XP]TNLW ^`M^_LYNP ZQ X`^TN T_^PWQ ?SP ]PNP[_TZY Md S`XLY MPTYR^ T^ LN_`LWWd ZQ YZ TX[Z]_ ±£]«RLOPaLv^ Y`XP]TNLW RLXP^ ]P^PXMWP_SPLM^_]LN_LYNTPY_X`^TNZQ_SP^[SP]P^TY_ST^]P^[PN_3Zb PaP]bSL_SLOLW^Z]PXLTYPOLN`_P^TYNP_TXPTXXPXZ]TLWTY4YOTLbL^ _SP _SZ`RS_ _SL_ PaP]d_STYR T^ ^ZXPSZb NZYYPN_PO LYO _SL_ WLYR`LRP Y`XMP]^LYOX`^TNSLaP_LYRTMWPNZX[]PSPY^TMWPQZ]X^8`^TNLWbLd^ XZaP^ TYLOZ`MWP^[LNP&T_T^LWbLd^XPY_LWwTOPPWWxLYOXL_SPXL_T
$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
NLWLYOL_ _SP ^LXP_TXP^PY^Z]d?SP]PQZ]P _SP X`^TNLWXL_SPXL_TNLW RLXP^ bP]P YPaP] ^ZWPWd NZRYT_TaP M`_ LWbLd^ Pc[WZ]L_TaP L^ bPWW 4Y 4YOTL_SPdWPO_Z_SPOT^NZaP]dZQYPbX`^TNLWQZ]X^_SL_TY_`]YNZ`WO MP[P]QZ]XPOTYLNZYN]P_PXLYYP]?ST^L[[]ZLNSSL^YZ_MPNZXPZ`_ OL_PO LYO T^ ^_TWW QZ`YO PaPY _ZOLd TY _SP LWRZ]T_SXTN XP_SZO ZQ NZX [Z^TYRX`^TNL^T^[Z^^TMWP`^TYRXZOP]YNZX[`_P]^ $ -P]PYO_ bL^ _SP]PQZ]P NZ]]PN_ TY ]PWL_TYR _SP 9£OL-]LSXLY _Z 3P]XLYY 3P^^Pv^ NZYNP[_ ZQ _SP wRWL^^ MPLO RLXPx 3P^^P `YOP]^_ZZO _ST^ _Z XPLY _SP XP_L[Sd^TNLW ^PL]NS QZ] [P]QPN_TZY LYO _SP XZ^_ ^`M WTXPwRLXPZQRLXP^x_SL_wbL^[WLdPOLNNZ]OTYR_ZX`^TNLWZ]XL_SP XL_TNLW]`WP^x% w4_ XPLY_ LY Pc\`T^T_P ^dXMZWTN QZ]X ZQ ^PL]NS QZ] [P]QPN_TZY L ^`MWTXP LWNSPXd L []ZNP^^ ZQ RP__TYR NWZ^P _Z L ^[T]T_ bSTNS T^ ZYP bT_S T_^PWQ TY ^[T_P ZQ LWW TXLRP^ LYO aL]TPOYP^^ _SL_ T^ _Z 2ZOx& w _ST^ Z]RLY F_SP 2WL^^ -PLO 2LXPH T^ ZQ L SL]OWd NZYNPTaLMWP [P]QPN_TZY T_^ XLY`LW^ LYO [POLW^^Z`YOZ`__SPbSZWP^[T]T_`LW NZ^XZ^T_^ ]PRT^_P]^ L]PLWXZ^_TYY` XP]LMWP_SPZ]P_TNLWWd_SPPY_T]P^[T]T_`LWNZY_PY_ZQ_SPbZ]WONZ`WOMP]P []ZO`NPOTY[WLdTYR_ST^TY^_]`XPY_x !
?SP QL^NTYL_TZY WTP^ TY _SP [P]QPN_TZY ?SP NZY_PX[WL_TZY ZQ X`^TN _S]Z`RS Y`XMP]^ LYO NZXMTYL_TZY^ RTaP LY TX[]P^^TZY ZQ [P]QPN_TZY ?ST^ bL^ []PNT^PWd bSL_ ,`R`^_TYP bL^ LW]PLOd SZ[TYR _Z RLTY Q]ZX X`^TN_SPZ]d?ST^QPL_`]PbL^L_T_^XZ^_[ZbP]Q`WTY4YOTLYX`^TNTY _SP8PWLVL]_£>d^_PX !LYPc[WZ]L_TaP ^d^_PXZQL`_ZXL_TN[]ZO`N_TZY ZQ ^NLWP^ `^TYR ]`WP^ ZQ [P]X`_L_TZY bSTNS bL^ TYaPY_PO Md _SP .L] YL_TNX`^TNTLY AP«VL_L 8LVSTYTY _SP"_SNPY_`]d?ST^X`^TNLW_PNS YT\`P RPYP]L_PO L ^d^_PX ZQ " ^NLWP^ NZaP]TYR LWW _SPY VYZbY =£RL^ LYO XZ]PZaP] _S]Z`RS bSTNS ^ZXP wYPbx ^NLWP^ bP]P wOT^NZaP]POx _SL_SLOYZ_PcT^_PO[]PaTZ`^WdTY_SP=£RL^?SPTYOTNP^ZQ_SPTYOTaTO `LW^NLWP^TP_SPT]TYOPcY`XMP]^bP]PWL_P]TY_PR]L_POTY_Z_SPYLXP^ ZQ_SP^NLWP^Z] XPWL^ aTL_SP6L¶L[Ld£OT^d^_PX_SP_d[TNLWWd>Z`_SP]Y 4YOTLYLW[SLMP_ML^POY`XP]TNLW^d^_PX1Z]PcLX[WP^NLWPY`XMP]# MPL]^_SPYLXPw3L]T6£XMSZU¯xbSP]PMdw6£XMSZU¯xT^_SPYLXPZQL =£RL ML^PO ZY _ST^ ^NLWP bSTWP w3L]Tx T^ L 6L¶L[Ld£OT NZOTYR ZQ _SP Y`XMP] # ?ST^ ^d^_PX MPNLXP ^Z [Z[`WL] _SL_ LWW _SP .L]YL_TN X`^T NTLY^`^PT__ZOLd:`]X`^TNPcLX[WPZQ_SPOPaZ_TZYLWNLWWTYR_ZXTYO _SP OLYNTYR ±TaL ZQ .TOLXML]LX Md 8`__`^a£XT /¯V´T_L] ./ T^ ML^PO ZY L =£RL NLWWPO ?LY`V¯]_T ML^PO ZY ^NLWP Y`XMP] ! _£YL]¼[¯ ?ST^^NLWPbL^aP]d[]ZMLMWdQT]^_OPaPWZ[PO`^TYR_SPLMZaPOP^N]TMPO ^d^_PX>ZXPZQ_SP^PYPb^NLWP^PR _SL_ZQZ`]^LX[WPbT_S T_^NZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $.Q QZ] TY^_LYNP _SP ,]_BZYV []ZR]LX^ Z] _SP _PNSYT\`P OPaPWZ[PO Md _SP L`_SZ] :8QZ].ZY^_]LTY_7ZRTN-L^PO.ZX[Z^T_TZYbbb^[LNP_ZLO^NZX !Z`YO !! !7T_P]LWWdw^NLWP[]ZO`NTYRx^d^_PX
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$#
^NTZ`^PYSL]XZYTNNZYQ`^TZY^./QWL_0OZ`MWPQWL_1,^SL][LYO - L]P ]PRL]OPO L^ Pc_]PXPWd OTQQTN`W_ _Z ^TYR -`_ _SPd L]P ^PPY L^ ^[PNTLW NSLWWPYRP^ LYO YZ_ L^ PaTOPYNP _SL_ _SP ^d^_PX T^ YZ RZZO :Y _SP NZY_]L]d _ST^ ^d^_PX T^ []LT^PO Md XLYd X`^TNTLY^ [L]_TN`WL]Wd L^ _SPP[T_ZXPZQ[P]QPN_WdQZ]XPOMPL`_d ,__ST^[ZTY_bPQTYO_SPXZ^_[]ZYZ`YNPO[L]LWWPW^bT_S_SP^P]TLW T^X ZQ _SP BP^_ L XZOP]Y ^_dWP ZQ X`^TN _SL_ NZXP^ XZ]P _SLY LYd Z_SP] TY _ST^ N`W_`]P NWZ^P _Z _SP TOPLW ZQ _SP X`^TNLW RWL^^ MPLO RLXP 8`^TNLW ^_]`N_`]P^ L]P N]PL_PO MZ_S TY Z`] 4YOTLY PcLX[WP LYO BP^_P]Y ^P]TLWT^X `^TYR XL_SPXL_TNLW Z[P]L_TZY^ .L]YL_TN 4YOTLY X`^TN T^ LW^Z ML^POZY_ZYP^3ZbPaP]`YWTVPXZOP]Y_bPWaP_ZYPX`^TN_SPdL]P YZ_ ZQ P\`LW aLW`P ?SP 8PWLVL]_£ ^d^_PX T^ WP^^ LM^ZW`_P ?SP _ZYLW QZ`YOL_TZY T^ []P^P]aPO ?SP X`^TNLW XL_P]TLW T^ _SP NWL^^TNLW 4YOTLY ZYP?SP]P T^L ^_LMWP_ZYTN^LLYOL^_LMWPOZXTYLY__SP_ZYP[L , QTcPO _ZYLW Q]LXPbZ]V T^ _SP]PQZ]P []P^P]aPO LYO T^ PcNW`OPO Q]ZX _SP [P]X`_L_TZY^?SPTY_P]XPOTL_P_ZYP^SZbPaP]NLYMPLW_P]YL_POL^ZYP bT^SP^ ?ST^ ]P^`W_^ TY L NZX[WP_PWd OTQQP]PY_ L`OTMWP TX[]P^^TZY _SLY _SL_N]PL_POMd_bPWaP_ZYPX`^TN4Y_SPWL__P]_SP_ZYTNT^YPRL_POLYO _ST^ T^ bSL_ XLVP^ T_ ^Z OTQQTN`W_ _Z WT^_PY _Z _ST^ X`^TN ?SP WT^_PYP] X`^_LMLYOZY_SP_ZYLWT_dQ`WWdMPNL`^PTY^P]TLWX`^TNLWW_bPWaP_ZYP^ L]P_]PL_POL^P\`LWLYOLM^ZW`_P ?SP]LOTNLWT_dZQ_ST^L[[]ZLNSZQ_Z_LWWdOT^^ZWaTYR_ZYLWT_dbL^OP _P]XTYPOST^_Z]TNLWWdLYObL^LW^ZST^_Z]TNLWWdZaP]NZXP3P]P_SPNZY _LN_ MP_bPPY BP^_P]Y X`^TNTLY^ LYO 4YOTLY X`^TN bL^ L QLN_Z] 3Zb NLY_ST^OPaPWZ[XPY_MPPc[WLTYPO* 8ZOLWT_d bL^ LMLYOZYPO TY 0`]Z[P O`]TYR _SP [^dNSZWZRTeL_TZY ]P[]P^PY_L_TaP NSL]RTYR LYO ^PXLY_TNTeL_TZY ZQ X`^TN ^_L]_TYR TY _SP =PYLT^^LYNP bT_S _SP XLO]TRLWT^_^ LYO _SPY MPNZXTYR Q`WWd L[[L]PY_ TY _SPX`^TNZQPL]WdZ[P]L^`NSL^_SL_ZQ8ZY_PaP]OT?ST^[]ZNP^^SLO N`WXTYL_PO TY _SP $_S NPY_`]d ?SP NZX[Z^T_TZY^ ZQ _ST^ [P]TZO bP]P ZQ_PY w_ZYP [ZPX^x TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O 7T_P]L_`]P LYO X`^TN bP]P Q`^PO NWZ^P] LYO NWZ^P] _ZRP_SP] L OPaPWZ[XPY_ _SL_ ]PLNSPO T_^ ePYT_S TY []ZR]LX X`^TN X`^TNLW ^_Z]TP^ bT_SZ`_ bZ]O^ 3P]P X`^TN MPNLXP TYN]PL^TYRWd ^PXLY_TN 1Z] PcLX[WP 7T^e_ ^P_ [Z PX^ LYOP[TN^_ZX`^TNTYNW`OTYR NWL^^TN^^`NSL^_SP/TaTYP .ZXPOd 1L`^_ P_N 4Y _SP^P bZ]V^ _SP]P bL^ LY TYN]PL^TYRWd WL]RP ]P[P]_ZT]P ZQ X`^TNLW ^PXPXP^% _ZYP [LTY_TYR X`^TNLW ^dXMZW^ LYO LWWPRZ]TP^ LYO \`Z_L_TZY^ZQ^_dWP7T^e_v^ /LY^P8LNLM]P ?Z_PY_LYe QZ]TY^_LYNPT^ ML^POZY_SPXPOTPaLWXPWZOd /TP^4]LP ?ST^XPWZOdMPNLXP^Z[Z[` WL] _SL_ _ZOLd T_ T^ TY^_LY_Wd ]PNZRYTeLMWP TY QTWX ^NZ]P^ L^ L X`^TNLW ^dXMZWQZ]_SPL[ZNLWd[^PLYO_SPPYOZQ_SPbZ]WO !4_^_L]_^bT_S_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !?SP_SPXPSLOLW]PLOdMPNZXPQLXZ`^_S]Z`RS3PN_Z]-P]WTZe
$#!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
NSTXP^ZQMPWW^bSTNSL]PQZWWZbPOMdQLYQL]P^ZY_]`X[P_^LYOXL]NS TYR ^Z`YO^ ^TRYLWTYR LY L]Xd 4Y _SP XTOOWP ^PN_TZY ZYP SPL]^ _SP /TP^4]LP_SPXPL^LQ`R`PTY_SP^_dWPZQML]Z\`PNS`]NSX`^TN]P[]P ^PY_TYRL[]LdP]_SL_PYO^TYXZ_TQ^ZQ^TRSTYR?SP_SPXPL[[PL]^LRLTY L^ L]P^[ZY^P _ST^ _TXPTY LXLUZ]VPd TYL][PRRTZ^[WLdPOZY _SPSL][ L^ TQ 3PLaPY T^ LY^bP]TYR ?ST^ T^ QZWWZbPO Md XZ_TQ^ QZ] bTYO LYO SZ]^PXPYL]L__WTYR^`RRP^_TYR^VPWP_ZY^LYOMPWW^LYOSZ]Y^^TRYLWTYR L S`Y_ _SP SZ]^PXPY ZQ _SP L[ZNLWd[^P ^bPP[ LN]Z^^ _SP 0L]_S LYO _SP]P L]P ]P[PL_PO ^Z`YO^ ZQ _]ZXMZYP^ _SP TY^_]`XPY_ ZQ _SP L[ZNL Wd[^P ?SP [TPNP PYO^ bT_S _SP _SPXP NWZ_SPO TY _d[TNLW =PYLT^^LYNP SL]XZYTP^ T_ MPNZXP^ OLYNPWTVP LYO T^ RTaPY LY LWXZ^_ QP^_TaP NSL] LN_P] ?SP X`^TN PaZVP^ L ^NPYL]TZ ^ZXP_STYR WTVP L [LTY_TYR Md -]P`RSPW >Z TY _ST^ NZX[Z^T_TZY _SP]P L]P YZ_ ZYWd WT_P]L]d ]PQP]PYNP^ M`_LW^Z]PQP]PYNP^_Z[LTY_TYR]PbZ]VPO TYX`^TN?Z `YOP]^_LYOLWWZQ _ST^ SZbPaP] _SP WT^_PYP] X`^_ VYZb _SP w_ZYP WLYR`LRPx PR _SP ^dXMZWTN WTYV^ MP_bPPY TYOTaTO`LW TY^_]`XPY_^ _]`X[P_ ( bL] _]ZX MZYP ( 7L^_ 5`ORXPY_ SZ]Y ( S`Y_ LYO SL][ ( _SP SPLaPYWd bSTNS NLYYZ_ MP OP]TaPO Q]ZX _SPT] [`]P ^Z`YO NSL]LN_P] M`_ Q]ZX _SP QLN_ _SL__SPWT_P]L_`]PLWWZNL_P^_SPX_Z_SP^P_Z[ZTLYO_]Z[P^ .ZX[Z^P]^ LX`^PO _SPX^PWaP^ []P__d bPWW bT_S _ST^ YPb _d[P ZQ X`^TNQZ]LMZ`_LNPY_`]d?ZbL]O^_SPPYOZQ_SP$_SNPY_`]d=TNSL]O >_]L`^^ PaPY L__PX[_PO _Z ^P_ [STWZ^Z[Sd _SL_ T^ WT_P]L_`]P bT_S LY LM ^_]LN_NZY_PY__ZX`^TNzTYST^ ,W^Z^[]LNSEL]L_S`^_]L LQ_P]1]TPO]TNS 9TP_e^NSPzLW_SZ`RS^`]PWdYZZYPbZ`WOR`P^^_SL_SPbL^SPL]TYR_SP [STWZ^Z[SdZQ9TP_e^NSPTQ_ST^bL^YZ_TYOTNL_POTY_SP_T_WP ,_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d _ST^ ^PXLY_TNLWWd ZaP]WZLOPO X`^TNLWWLYR`LRP^`OOPYWd^PPXPOwbZ]YZ`_x?SP[`]P_ZYPWLYR`LRP _SP \`LWT_TP^ ZQ _SP ^Z`YO^ L^ ^Z`YO^ LYO _SP STRSP] XP_L[Sd^TNLW ]PLWT_d ^STYTYR _S]Z`RS TY _SP X`^TN Z] _SL_ bSTNS ZYP TY_P][]P_PO L^ ^`NS SLO MPPY WZ^_ BSL_ ]PXLTYPO bL^ L ]P[P]_ZT]P QZ] _Z[ZT LYO _SPXP^ _SL_ bP]P YZ WZYRP] ZQ LYd TY_P]P^_ _Z LYd ZYP ?SP ]PWL_TZY^ _Z WT_P]L_`]PLYOL]_ST^_Z]dbP]P^_`NVWTVP_L]_Z_SPX`^TNLWQZ]X^bSTNS XLOP _SP X`^TN L[[PL] XZ]P LYO XZ]P Z`_OL_PO ?SP Pc[LY^TZY ZQ _ZYLWSL]XZYTN^OTOZQQP]YPb[Z^^TMTWT_TP^M`_Md_SPMPRTYYTYRZQ_SP _S NPY_`]d _SPd bP]P PcSL`^_PO =PXLTYTYR TY _SP NZYaPY_TZYLW _ZYP WLYR`LRP bZ`WO SLaP XPLY_ T_P]L_TYR _SP ^LXP LY_T\`L_PO _Z[ZT LRLTY LYOLRLTY,__ST^U`YN_`]P_S]PPNZ`Y_P]XZOPW^PXP]RPO4RZ]>_]LaTY ^Vdv^]LOTNLWOPYTLWZQLYL_`]LWPXZ_TZYLW NZY_PY_Z] LYdVTYOZQNZY _PY_ TY QLaZ] ZQ ]PO`N_TZY _Z QZ]X^ MPNLXP _SP QZ`YOL_TZY ZQ X`^TNLW NWL^^TNT^X1Z]_SPWTM]P__ZZQST^:[P]Lw:POT[`^=PcxQZ]TY^_LYNPSP OPWTMP]L_PWd NSZ^P 7L_TY L^ L ^LN]PO WLYR`LRP TY Z]OP] _Z XLVP _SP L`OTPYNP NZYNPY_]L_P PcNW`^TaPWd ZY X`^TN , ^PNZYO L[[]ZLNS bL^ Z[PY _Z X`^TNLW _]LOT_TZY^ bT_S aP]d OTQQP]PY_ L[[]ZLNSP^ _Z XLVTYR
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$#"
X`^TN _SLY _SP [^dNSZWZRTePO NWL^^TNLW X`^TN ZQ _SP $_S NPY_`]d ^`NS L^ YZY0`]Z[PLY X`^TN P^[PNTLWWd _SP 4YOZYP^TLY RLXPWLY /PM`^^d ULee6]PYPV_SL_bL^ U`^_MPNZXTYRVYZbYLYOWL_P]LW^ZQZ]X^Q]ZX QZWV X`^TN -L]_ZV ?SP _ST]O L[[]ZLNS bL^ _SL_ ZQ ,]YZWO >NSØYMP]R LYOST^^NSZZW%_SPOT^^ZW`_TZYZQ_ZYLWT_dLYO_SP]LOTNLW]PZ]RLYTeL_TZY ZQ _SP X`^TNLW XL_P]TLW 3ZbPaP] T_ _`]YPO Z`_ _Z MP OTQQTN`W_ _Z NZX [Z^P TY Q]PP L_ZYLWT_d TP _Z b]T_P X`^TN YZ_ ]PWL_PO _Z LYd _ZYTN LYO bT_SZ`_LYd]`WP^4_bL^aP]dOTQQTN`W__ZWPLaPMPSTYOLWW_SP_]LOT_TZYLW X`^TN LYO YZ_ _Z NZ[d Z] `^P ZWO [L__P]Y^ ?SP ^ZW`_TZY TY_PYOPO _Z MP _SP XP_SZO ZQ NZX[Z^TYR `^TYR _bPWaP _ZYP^ ?SP ]`WP^ M`TW_ TY_Z _ST^ XP_SZO []PaPY_PO LYd_STYR Q]ZX MPTYR `YNZY^NTZ`^Wd ]P_LTYPO Q]ZX _SP ZWO [P]TZO ?SP NZX[Z^P] ^PWPN_^ L NP]_LTY [P]X`_L_TZY ZQ _SP^P _bPWaP _ZYP^ bSTNS L]P _SPY LWWZbPO _Z L[[PL] ZYWd TY _ST^ [L]_TN`WL] Z]OP]LYOYZZ_SP]?ST^[]PaPY_^L_ZYLWNPY_P]Q]ZXPaPYMPRTYYTYR_Z QZ]X ^TYNP _SP P\`LWT_d ZQ _SP _bPWaP _ZYP^ T^ R`L]LY_PPO Md _SP ^P \`PYNP ?SP Pc[]P^^TaP NSL]LN_P] ZQ _SP _bPWaP_ZYP X`^TN T^ _SP PcLN_ Z[ [Z^T_P ZQ XZOLW X`^TN 4Y NZX[WP_P NZY_]L^_ _Z _SP 4YOTLY =£RL TY bSTNS _SP ^PWPN_TZY ZQ NP]_LTY _ZYP^ PaZVP^ LY PaP] []P^PY_ NWZ^PO L_ XZ^[SP]P TY _SP _bPWaP_ZYP X`^TN ^`NS X`^TNLW L_XZ^[SP]P^ SL]OWd PaP]NZXPTY_ZPcT^_PYNPMPNL`^PPaP]d_ZYPSL^_ZL[[PL]LRLTYLQ_P]L NP]_LTY _TXP4YNWL^^TNLW 4YOTLYX`^TNOP[PYOTYRZY _SP=£RL ^PWPN_PO _SP XZZO T^ PT_SP] RPY_WP Z] _PY^P PXZ_TZYLWWd ^_T]]TYR Z] [PLNPQ`W OP[PYOTYR ZY bSP_SP] _ZYP^ bT_S _SP^P [L]_TN`WL] NSL]LN_P]T^_TN^ SLaP MPPY^PWPN_PO4Y_bPWaP_ZYPX`^TNZY_SPZ_SP]SLYOLWW_SP_ZYP^L]P []P^PY_ ^TX`W_LYPZ`^Wd LYO L[[PL] LRLTY LYO LRLTY TY NWZ^P []ZcTXT_d ?ST^]P^`W_^TYLwYZYS`XLYxZ]^`[P]S`XLY^Z`YOPQQPN_ ?bPWaP_ZYPX`^TNT^ZQ_PY_SZ`RS_ZQL^[`]PQZ]XLWT^XDP_T_bL^ LN_`LWWd XZ]P _SLY _ST^ 4_ L[[L]PY_Wd LW^Z TY_PYOPO _Z LWWZb _SP _ZYLW aLW`P^ _SPT] ^PWQNZXX`YTNL_TYR QPL_`]P^ LYO _SP wXP_L[Sd^TNLW ^`M ^_LYNPx _SL_ SLO WL]RPWd MPPY WZ^_ TY _SP $_S NPY_`]d `YOP] _SP M`]OPY ZQ ^PXTZ_TN ZaP]WZLOTYR _Z NZXP _Z _SP QZ]P LRLTY 0aPY TQ _SP STP]L] NSTP^ ZQ _SP SL]XZYTN ]PWL_TZY^ MP_bPPY _SP _ZYP^ bP]P YPRL_PO _SP ^`M^_LYNPZQ_SP_ZYP^bL^TYQLN_^STQ_POMLNVTY_Z_SPQZ]PR]Z`YO?ST^ XPLY_ _SL_ _SP XP_L[Sd^TNLW X`^TNLW RWL^^ MPLO RLXP MPNLXP L`OTMWP ZYNP XZ]P z PaPY TQ _ST^ NLXP L_ _SP []TNP ZQ LM^_]LN_TZY Q]ZX LWW SL] XZYTN OTXPY^TZY^ ZQ ^Z`YO^ , _PWWTYR PcLX[WP T^ ,]YZWO >NSØYMP]Rv^ []ZR]LXXL_TN bZ]V w8Z^P^ `YO ,]ZY !x LY Z[P]L b]T__PY L^ L ]PQWPN _TZY ZY ST^ NZY^NTZ`^ _`]Y _ZbL]O^ ST^ ZbY 5PbT^SYP^^ $z$ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !>NSØYMP]R NZY^NTZ`^Wd NSZ^P _SP ^[PWWTYR w,]ZYx TY^_PLO ZQ w,L]ZYx 3P SLO LY TY_PY^P QPL]ZQ_SPY`XMP]LYO _SP_T_WPw8Z^P^`YO ,L]ZYxbZ`WOSLaPSLO_ST] _PPYWP__P]^
$##
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
PaPY MPQZ]P ST^ ]PNZYaP]^TZY Q]ZX ;]Z_P^_LY_T^X _Z 5`OLT^X 8Z^P^ bSZ PYNZ`Y_P]PO 2ZO TY _SP M`]YTYR M`^S NLY ZYWd NZXX`YTNL_P ST^ Pc[P]TPYNPZQ2ZOTYSL]^S_bPWaP_ZYP^Z`YO^LYO`^TYR_SP_PNSYT\`P ZQ^[PLVTYRL_[T_NS,]ZY MdNZY_]L^_Pc[]P^^P^ST^M]Z_SP]v^XP^^LRP TY_SPXZ^_WZaPWdMPWNLY_ZLYOL_ZYPWLYR`LRPM`TWOTYRZY[L^_X`^TN ^_dWP^M`_^_TWW_bPWaP_ZYPX`^TN4Y_ST^bLd2ZOv^XP^^LRPT^XLOP NZX[]PSPY^TMWP _Z _SP [PZ[WP ZQ 4^]LPW M`_ ZY _SP Z_SP] SLYO T_ T^ LW^Z QLW^TQTPO ^Z _SL_ TY _SP PYO _SPd L]P LRLTY []LdTYR _Z _SP RZWOPY NLWQ >Z _SP _bPWaP_ZYP ^_dWP T^ `^PO QZ] Pc[]P^^TYR bSL_ OZP^ YZ_ NZXP Q]ZXXPY_SPXd^_P]TZ`^aZTNPZQ2ZOLYO_SPWLb_SL_8Z^P^OPWTaP]^ _Z _SP [PZ[WP bSTNS _SPd _`]Y LRLTY^_ LYO bSTNS ,]ZY OPNPT_Q`WWd N`_^ OZbY_Z _SPS`XLY ]PLWX_SPbZ]^ST[ZQ_SPRZWOPY NLWQ 4_ T^]PaPLW TYR _SL_ _SP QTYT^SPO [L]_ ZQ _SP Z[P]L _SP QTYLW LN_ _SL_ >NSØYMP]R [WLYYPO _Z b]T_P bT_S L SL[[d PYOTYR bL^ YPaP] NZX[Z^PO PYO^ bT_S 8Z^P^NZWWL[^TYRTYL^_L_PZQOP^[P]L_TZYMPNL`^PSPbSZSL^^PPY_SP Z_SP]bZ]WONLYYZ_NZXX`YTNL_PNZX[]PSPY^TMWd 4_ bL^ [P]QPN_Wd YL_`]LW _SL_ NZX[Z^P]^ ^_L]_PO _Z WZZV QZ] WP^^ Pc _]PXP^ZW`_TZY^_SLY_SL_ZQ_SP_bPWaP_ZYP^_dWP_ZXLVP_SPwX`^TNZQ _SP ^[SP]P^x L`OTMWP LRLTY ;L`W 3TYOPXT_S ^SZ`WO MP XPY_TZYPO bT_S ST^ Pc[LYOPO XZOPW ZQ _ZYLWT_d LYO ST^ NZX[Z^T_TZY PY_T_WPO w?SP 3L] XZYdZQ_SPBZ]WOxZY_SPWTQPLYObZ]VZQ5ZSLYYP^6P[WP][]PXTP]PO TY $ " 4Y _ST^ NZX[Z^T_TZY _SP [WLYP_L]d ^d^_PX L^ LY TY^_]`XPY_ ZQ _SP X`^TN ZQ _SP ^[SP]P^ MPNZXP^ L XP_L[SZ] QZ] 3TYOPXT_Sv^ ZbY L] ]LYRPXPY_ ZQ _SP _bPWaP_ZYP ^NLWP _SL_ OTO YZ_ YPRL_P NZY^ZYLYNP LYO OT^^ZYLYNP -`_ PaPY XZ]P [ZbP]Q`W PQQPN_^ bP]P LNSTPaPO Md _SZ^P NZX[Z^P]^ bSZ NSZ^P _SP [L_S ZQ Pc[LYOTYR _SP TYOTRPYZ`^ X`^TNLW ^[PN_]`X Md MZ]]ZbTYRQ]ZXZ_SP]X`^TNLWN`W_`]P^?SP1]PYNSX`^TNLWTX[]P^^TZY T^X ZQ .WL`OP /PM`^^d SLO LW]PLOd [P]QPN_PO _SP LOZ[_TZY ZQ QZ]PTRY QZ]X^ ZQ X`^TN% ULee QWLXPYNZ LYO YZ_ WPL^_ RLXPWLY X`^TN Q]ZX 4Y OZYP^TL bP]P ^PLXWP^^Wd bZ]VPO TY_Z ST^ YPb _ZYP WLYR`LRP =PWTRTZY bSZWWdLM^PY_TY/PM`^^dbL^LWW_SPXZ]P[]P^PY_TY_SP[Z^_LYOYPZ TX[]P^^TZYT^_TNw5P`YP1]LYNPx_SL_bL^QZ`YOPOTY$!ZYPZQbSZ^P OPNWL]PO LTX^ bL^ _Z RTaP X`^TN MLNV T_^ Xd^_TN ]PWTRTZ`^ NSL]LN_P] ?SP MP^_ VYZbY ZQ _SPX bL^ _SP NZX[Z^P] :WTaTP] 8P^^TLPY L OPP[Wd OPaZ`_.L_SZWTN4Y$ 8P^^TLPYMPRLYNZX[Z^TYRWL]RPWdTY_SPXZ OLW ^_dWP LYO OPaPWZ[PO QZ] _ST^ ST^ ZbY ^d^_PX ZQ X`^TNLW XZOP^ NLWWPO wXZOP^ Â _]LY^[Z^T_TZY WTXT_ËPx ?ST^ bL^ L ^NLWPRPYP]L_TYR ^d^_PXQ`YN_TZYTYRTYLaP]d^TXTWL]XLYYP]_Z_SL_ZQAP«VL_L8LVSTY bSP]PMd _SP ]P^`W_TYR ^PaPY ^NLWP^ L]P PcNP[_TZYLWWd ^dXXP_]TNLW ?SP R]PL_TYYP]^dXXP_]dZQ_SP^P^NLWP^OZP^^ZXP_STYR^TXTWL]_ZbSL__SP ^P]TP^ ZQ _ZYP^ OZ TY _bPWaP _ZYP X`^TN% _SP _ZYLWT_d T^ `YOP]XTYPO MP NL`^P _SP TYYP] SL]XZYTN ]PWL_TZY^ MP_bPPY _SP _ZYP^ ZQ _SP ^NLWP L]P
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$#$
YZ_aP]dNZX[WPc ?ST^M]TYR^LMZ`_LVTYOZQwWTRS_ L_ZYLWT_dx :Y_SP Z_SP] SLYO _SP^P XZOP^ `YWTVP _bPWaP_ZYP X`^TN LWWZb NZX[Z^T_TZY bT_S SL]XZYTN NZWZ]^ MPNL`^P _SPd Q`YN_TZY U`^_ WTVP _SP 4YOTLY =£RL^ ,YZ_SP] TX[Z]_LY_ PWPXPY_ ZQ 8P^^TLPYv^ _ZYP WLYR`LRP T^ PaPY XZ]P NWPL]WdOP]TaPOQ]ZX4YOTL%NZX[WPc]Sd_SX^NLWWPO/P²¯?£WL^_SL_SP LOZ[_POQ]ZX±£]«RLOPaLv^bPWWVYZbY_]PL_T^PZYX`^TNLYObSTNSTY ST^ X`^TN L]P `^`LWWd LW^Z NLWWPO w3TYO` ]Sd_SX^x 8P^^TLPY _]PL_^ _SP^P ]Sd_SX^ XZ]P Z] WP^^ L^ TYOP[PYOPY_ [P]^ZYLWT_TP^ LYO OPLW^ bT_S _SPX TY ST^ NZX[Z^T_TZY^ WTVP _SP ML]Z\`P NZ`Y_P][ZTY_ NZX[Z^P]^ OTO bT_S_SPT]_SPXP^?SPdL]PL`RXPY_POTYaP]_POLYO_`]YPOTY_ZXT]]Z] TXLRP^ 8P^^TLPY L[[L]PY_Wd QZ`YO TY 4YOTLY XZOLW X`^TN L ^_TX`W`^ QZ]ST^ZbYw^[T]T_`LWx_ZYPWLYR`LRPLYOXP_L[Sd^TNLW^dXMZWT^X ! BSL_ OT^_TYR`T^SPO 8P^^TLPY Q]ZX Z_SP] LaLY_RL]OP X`^TNTLY^ ZQ ST^ _TXP bL^ ST^ OPP[ ]PWTRTZ^T_d ST^ ^PL]NS QZ] ^ZXP_STYR Xd^_TNLW NZ^XTN LYO OTaTYP 3ZbPaP] _SP OPS`XLYTeL_TZY ZQ L [`]P X`^TN ZQ _SP RWL^^ MPLO RLXP bSTNS YZ WZYRP] TYaZWaP^ L S`XLY L`OTPYNP bL^ YZ_LYZ[_TZYQZ]STX`YWTVP^ZXP_bPWaP_ZYPNZX[Z^P]^:Y_SPNZY _]L]d SP ^_]ZaP QZ] L X`^TN _SL_ bL^ _Z MP MZ_S ^_]TN_ LYO XPOT_L_TaP LYOL__SP^LXP_TXPQ`WWZQNZWZ]^bPP[TYRLYOYL_`]LW1Z]_ST^]PL^ZY SP bL^ LW^Z R]PL_Wd QL^NTYL_PO Md MT]O^ZYR 3P STX^PWQ bL^ L ^PWQ _L`RS_ Z]YT_SZWZRT^_ LYO bSPY _]LaPWWTYR LN]Z^^ 1]LYNP SP ]PNZ]OPO WL]RP Y`XMP]^ ZQ MT]O^ZYR^ _SL_ SP _]LY^N]TMPO TY_Z X`^TNLW YZ_L_TZY LYO _SPY `^PO TY ST^ NZX[Z^T_TZY^ ?SP X`^TN ZQ _SP MT]O^ bSTNS bL^ YPT_SP]_SZ`RS_`[MdS`XLYMPTYR^YZ]XLOPQZ]_SPXT^^_TWWMPL`_TQ`W LYO _S`^ [ZTY_^ _Z 2ZO L^ _SP ^Z`]NP ZQ _ST^ MPL`_d ?ST^ ^`M^_LY_TLWT_d OTQQP]PY_TL_PO 8P^^TLPY aP]d ^_]ZYRWd Q]ZX _SP NZYNP[_ ZQ ,`R`^_TYP bSZ bL^ `YLMWP _Z RLTY X`NS Q]ZX _SP ^ZYR ZQ _SP YTRS_TYRLWP L^ ^TX [WdYL_`]PwbT_SZ`_]PL^ZYxDP_OP^[T_P_ST^,`R`^_TYP_SZ`RS_ ^ZXP _STYR \`T_P ^TXTWL] bSPY SP ^[ZVP ZQ X`^TN T_^ Y`XP]TNLW ]Sd_SX L^ ^ZXP_STYRTYOTNL_TYR_SP[P]QPN_TZYLYOLM^ZW`_PMPL`_dZQ2ZO8P^^T LPYQZ`YOYPb_]LNP^TY_SP]Sd_SX^ZQ4YOTLYNWL^^TNLWX`^TN7TVP_SP MT]O^v aZTNP^ 4YOTLY X`^TN ^`[[WTPO STX bT_S TYPcSL`^_TMWP X`^TNLW ]PWTRTZ`^ ^dXMZW^ LYO [Z^^TMTWT_TP^ QZ] Pc[]P^^TZY _SL_ NZXMTYPO ^_]TN_ YP^^ LYO RWZ]TZ`^ NZWZ] ;]ZMLMWd 8P^^TLPYv^ XZ^_ M]TWWTLY_ NZXMTYL _TZY ZQ LWW _SP XPY_TZYPO L^[PN_^ ZQ L YPb ^[T]T_`LW _ZYP WLYR`LRP bL^ ST^ ?`]L«RLW¯W£ ^dX[SZYd L S`RP SdXY _Z UZd NZX[Z^PO ^SZ]_Wd LQ_P] _SPPYOZQBZ]WO BL]44bSTNSOZP^YZ_PWLMZ]L_PLYdXPWZOTN_SPXP^ M`_TY^_PLOL^TYRWP]Sd_SXQ]ZX±£]«RLOPaLv^X`^TNMZZV
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !@YQZ]_`YL_PWdT_bL^YZ_[Z^^TMWPQZ]`^_ZRLTYLNNP^^_ZWP__P]^LYOZ_SP]OZN`XPY_^ _Z [`]^`P _ST^ \`P^_TZY TY XZ]P OP_LTW ?SP OZN`XPY_^ SLaP YZ_ MPPY [`MWT^SPO LYO L]PZYWdLNNP^^TMWPaTL_SP8P^^TLPYL]NSTaP
$$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
8P^^TLPY bL^ ML^TNLWWd _SP QT]^_ BP^_P]Y X`^TNTLY _Z TYT_TL_P _SP NSLYRP_SL_bL^^ZP^^PY_TLWQZ]-P]PYO_YLXPWd_SP]P_`]Y_ZXZOLWT_d 4_ bL^ L NSLYRP _SL_ bL^ LW^Z _SP ^_L]_TYR [ZTY_ QZ] LWW NZX[Z^P]^ ZQ XTYTXLW X`^TN 1Z] -P]PYO_ XTYTXLW X`^TN LWZYR^TOP XZOLW ULee bL^ _SP ^PNZYO X`^TNLW ^_dWP _Z TYOTNL_P _SL_ 0`]Z[PLY X`^TN bL^ ^P__TYR NZ`]^P QZ] ^[T]T_`LWT_d LYO ]PRLTYTYR T_^ Z]TRTYLW [Z^T_TZY TY _SP XPY_LW `YTaP]^P 8P^^TLPY L[[L]PY_Wd SLO L ^TXTWL] bT^S _Z `^P X`^TN L^ L ^[T]T_`LW WLYR`LRP _SL_ T_^PWQ SLO L XP_L[Sd^TNLW \`LWT_d 3T^ wX`^TN ]PWTRTZYxbL^NWZ^PWdL^^ZNTL_PObT_SST^ZbY]PWTRTZ`^MLNVR]Z`YOLYO bL^ LYd_STYR M`_ 9Pb ,RP DP_ 4YOTLY X`^TN Pc[LYOPO ST^ SZ]TeZY^ _ZZ 4_ bL^ L VPd _Z L ^ZW`_TZY QZ] QZ]X`WL_TYR ^[T]T_`LWT_d LYO _]LY ^NPYOPYNdTYR]PL_P]LM^_]LN_TZY_SLYSLOMPPYOZYPTY_SP$_SNPY_`]d LYO OT^^ZWaTYR _SP ^PXLY_TNTeL_TZY [^dNSZWZRTeL_TZY LYO wS`XLYTeL _TZYxZQX`^TNLRLTY?ST^SLOYZ_STYR_ZOZbT_S_SP3TYO`]PWTRTZYZ] LY w0L^_P]Y Q]LXP ZQ XTYOx 8P^^TLPY ^TX[Wd MPYPQT_PO Q]ZX _SP YPb WT_P]LWNZY_LN_eZYP_SL_bL^P^_LMWT^SPOMd_]LY^WL_TZY^ ?SP ^T_`L_TZY T^ OTQQP]PY_ bT_S _SP XTYTXLW X`^TNTLY ?P]]d =TWPd bSZNZY^NTZ`^WdLOL[_POLYw0L^_P]YQ]LXPZQXTYOxLYONLYMP_P]XPO L []Z[ZYPY_ ZQ XZOP]Y YZYTY^_T_`_TZYLWTePO ^[T]T_`LWT_d =TWPd MPNLXP TYOPPO L -`OOST^_ M`_ ST^ -`OOST^X bZ`WO SL]OWd MP ]PNZRYTePO Md L _]LOT_TZYLW-`OOST^_3P[Z^_`WL_PO _SL__SP ^[T]T_`LW XL^_P]^ _L`RS__SP ^LXP L^ O]`R^& MZ_S WPO TY_Z LYZ_SP] bZ]WO LYO Pc[LYOPO _SP NZY ^NTZ`^YP^^LYO_ST^bL^PcLN_WdbSL_X`^TNLW^ZOTO=TWPdv^Sd[YZ_Te TYR NZX[Z^T_TZY^ ]PLWWd NLY MP NSL]LN_P]TePO L^ L wX`^TN ]PWTRTZYx Z] w[`]P^[T]T_`LWT_dxTYbSTNS_SPw]PWTRTZ`^x[L]_T^_Z_LWWd`Y^[PNTQTNLYO YZ WZYRP] L^^ZNTL_PO bT_S _SPZWZRTNLW ^_L_PXPY_^ ZQ LYd VTYO ?SP ZYWd _STYR _SL_ _ST^ Pc_]PXPWd ]PO`NPO X`^TN wOZP^x T^ _Z N]PL_P L OPY^P L_ XZ^[SP]P _SL_ MPbT_NSP^ _SP WT^_PYP] TY_PY^TaPWd TQ SP Z[PY^ `[ _Z T_ ?SP ^_]TN_ ]PR`WL] LYO LWXZ^_ XPNSLYTNLWWd ^TXTWL] _ZYP ^P\`PYNP^ LYO Pc_]PXPWd [PLNPQ`W NZX[Z^T_TZY^ LYO ]Sd_SX^ O]Lb _SP WT^_PYP] LWXZ^_ TYPaT_LMWd TY_Z _SP X`^TN LYO N]PL_P L _]LYNPWTVP Wd^T^ 8LdMP ZYP NZ`WO ^[PLV ZQ L _d[P ZQ XLY_]L Pc[P]TPYNP L^ -P]PYO_ []Z[Z^PO QZ] MZ_S SLaP TY NZXXZY _SP ]P[P_T_TaP _PNSYT\`P LYO Z]TPY_L_TZY ZY XP]P ^Z`YO LYO _SP ^Z`YO aTM]L_TZY^ >_ZNVSL`^PY bSZ SL^ YZ WTYV^ _Z XZ OLW X`^TN 9Pb ,RP ^[T]T_`LWT_d Z] XPOT_L_TZY X`^TN M`_ TY_P]P^_ TY P^Z_P]TNT^X bL^ OPQTYT_PWd TY^[T]PO Md _SP wXLY_]L ^dYO]ZXPx 3T^ NZX[Z^T_TZY w8LY_]Lx OL_TYR Q]ZX $$ T^ ML^PO ZY _SP ]P[P_T_TZY ZQ _SP_ZYPXL_P]TLWTYPaP]YPbQLNP_^?ST^QZ]X`WLNZX[Z^T_TZYLTX^QZ] _SPNZY^NTZ`^[]ZO`N_TZYZQXTN]ZLNZ`^_TNaTM]L_TZY^?SP9£OLPc[P]T PYNPSL^ZMaTZ`^WdMPNZXPL_]LY^N`W_`]LW[SPYZXPYZY_SL_SL^WPQ__SP 4YOTLY SZ]TeZY LYO T^ LW^Z ]PNPTaPO TY YZY]PWTRTZ`^ bLd^ aTL XZOP]Y X`^TN
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
! ?]LY^YL_TZYLWTeL_TZYZQ_SP9£OL-]LSXLY ?SPQL^NTYL_TZY bT_S^Z`YO^bSP_SP]_SPdMPWTYR`T^_TNZ]X`^TNLWSL^ M]Z`RS_ QZ]_S XLYd LYO aL]TPO L[[]ZLNSP^ LYO TY_P][]P_L_TZY^ TY 4YOTL ?SL_ ^Z`YO^ XLVP ^`T_LMWP LM^_]LN_ Z]OP] [L__P]Y^ bL^ ]PLWTePO TY _SP [SZYP_TNL]]LYRPXPY_ZQ_SPLW[SLMP_QZ]PcLX[WP-`__SPL__]LN_TZYZQ ^Z`YO^WLdYZ_ZYWdTY_SPT]LMTWT_d_ZM]TYRLMZ`_]PNZRYTeLMWPY`XP]T NLW ^_]`N_`]P^ _S]Z`RS NZX[Z^T_TZY^ ]Sd_SX^ ]P[P_T_TZY^ P_N bSTNS 1]T_^ >_LLW LW^Z [P]NPTaPO TY _SP Y`XP]TNLW NZX[Z^T_TZY ZQ _SP XLY_]L ^Z`YO^TY_SPAPOTN]T_`LW?SP4YOTLYX`^TNZWZRT^_^L^^ZNTL_POYZ_ZYWd XL_SPXL_TN^ M`_ LW^Z PXZ_TZYLW L_XZ^[SP]P^ bT_S _SP X`^TNLW ^_]`N _`]P^ ?SP PXZ_TZYLW L[[PLW ZQ X`^TN bL^ [L]_TN`WL]Wd TX[Z]_LY_ TY _SP ]PWTRTZ`^ OT^NZ`]^P 4Y _SP MSLV_T _]LOT_TZY^ X`^TN MPNLXP _SP NPY_]LW XPLY^ QZ] Pc[]P^^TYR _SP WZaP ZQ 2ZO ?SP XZ]P DZRTN LYO ?LY_]TN _STYVP]^TY_SPT]_`]YbP]PQL^NTYL_POMdLOTQQP]PY_L^[PN_%_SP\`LWT_d ZQ^Z`YO^MPTYR[]P^PY_TY_SPL`OTMWPLYOYZYL`OTMWP]LYRPLYOWPLa TYR MPSTYO aTM]L_TZY^ MZ_S TY _SP Z`_P] LYO TYYP] ^[LNP ?SPd Pc[P]T XPY_PO bT_S _SL_ OPaPWZ[PO []LN_TNP^ LYO L]]TaPO L_ ]LOTNLW NZYNW` ^TZY^ ZQ ^PWQTY_P][]P_L_TZY LYO bZ]WOTY_P][]P_L_TZY >Z`YO ^PPXPO _Z SLaP^ZXP_STYR_ZOZbT_S _SPTYYP]XZ^_YL_`]PZQXLYLYOZQ_SPNZ^ XZ^ LYO _Z [ZTY_ OT]PN_Wd _Z L _]LY^NPYOPY_LW ]PLWT_d PaPY _Z WPLO TY_Z T_ TQ ZYP NZYNPY_]L_PO PcNW`^TaPWd ZY _SP ^Z`YO^ >Z`YO bL^ L__]TM`_PO _SP [ZbP] ZQ NSLYRTYR ]PLWT_d >Z`YO QZ]X`WL^ bP]P L[[WTPO L^ XPLY^ ZQ ^PWQ_]LY^QZ]XL_TZY 4Y [L]_TN`WL] _SP DZRTN TY_P][]P_L_TZY ZQ _SP 9£OL SL^ L[[L]PY_Wd XZ]P ]PNPY_Wd SPWO LY P^[PNTLWWd R]PL_ QL^NTYL_TZY QZ]BP^_P]YP]^_ZZ?SPdQZ`YOTYT_LbLdZQOPLWTYRbT_S^Z`YO^_SL_ _SPdSLOYZ_VYZbYMPQZ]P4YOTLbL^L__]LN_TaPMPNL`^PT_ZQQP]POZ_SP] [Z^^TMTWT_TP^ QZ] `YOP]^_LYOTYR ZYP^PWQ LYO _SP bZ]WO ;]PNT^PWd _ST^ OTQQP]PYNP ^P_ TY XZ_TZY YPb []ZNP^^P^ ZQ []ZaTOTYR XPLYTYR TY ZYPv^ ZbYBP^_P]YN`W_`]P 4YOTL bL^ YZ_ `^`LWWd ]PNPTaPO L^ T_ bL^ Md 8P^^TLPY 1Z] _SZ^P [WLdP]^ bSZ OTO YZ_ QTYO ^[T]T_`LW ^L_T^QLN_TZY L_ SZXP 4YOTL bL^ L ^Z`]NPZQTY^[T]L_TZYQZ]]PWZNL_TYR_]LY^NPYOPYNd_Z_SPTYYP]^[LNPQZ] ^PPTYRNZ][Z]PLWT_dLYO^PY^`LWT_dTYLYPbWTRS_LYOQZ]]PO]LbTYR_SP MZ`YOL]TP^MP_bPPY_SP^LN]POLYO_SP[]ZQLYP3P]PZYPQZ`YOLSTRSWd OPaPWZ[PON`W_`]PbSP]P_SPRL[MP_bPPY_SPS`XLYLYO_SPOTaTYPSLO MPPYOT^^ZWaPOLYO_SPXLRTNLWLYOXd_STNLW bL^YZ_OPaLW`POOP^[T_P _SPSTRSOPR]PPZQTY_PWWPN_`LWT_d_SL_LW]PLOdNSL]LN_P]TePO4YOTLTY[]P .S]T^_TLY _TXP^ 8P^^TLPY QZ`YO TY^[T]L_TZY TY _SP WZRZRPYTN wPXLYNT [L_Z]dx L^[PN_^ ZQ 4YOTLY X`^TNLW _]LOT_TZY 8ZOP]Y LW_P]YL_TaP XPLY TYR^PPVP]^ WZZV QZ] L [L]_TNT[L_Z]d L[[]ZLNS _Z ]PLWT_d LYO L `YTaP]^LW Xd_S _SL_ []ZaTOP^ L ]L_TZYLW Pc[WLYL_TZY QZ] _SP [L]_TNT[L_Z]d bZ]WO aTPbLYOT^LNNP^^TMWP_ZPc[P]TPYNP,NNZ]OTYR_ZZ`]_SP^T^_SPdSLaP
$$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
TY_P]TZ]TePO [L]_Wd NZY^NTZ`^Wd LYO [L]_Wd `YNZY^NTZ`^Wd LY 4YOTLY SLMT_`^ bSZ^P Z]TRTYLW NZY_Pc_ T^ ZQ_PY YZ WZYRP] aT^TMWP L_ LWW _ZOLd ?ST^ T^ XLOP aP]d NWPL] Md _SP ]PNP[_TZY ZQ 9£OL LYO 9£OL-]LSXLY ?ZOLd _SP 9£OL-]LSXLY SL^ T_^ ZbY ST^_Z]d TY _SP BP^_ bT_SZ`_ _SP 4YOTLY_]TRRP]SLaTYR_ZMPVYZbY 4Y _SP NPY_P] ZQ _SP QZWWZbTYR OT^N`^^TZY^ T^ _SP YZ_TNPLMWP QLN_ ZQ SZb^_]ZYRWdNP]_LTY4YOTLY_SZ`RS_^ZY_SPYL_`]PZQ^Z`YOSLaP^[]PLO _]LY^N`W_`]LWWd LYO RLTY YPb NZY_PY_^ _S]Z`RS TY_P]LN_TZY bT_S YZY 3TYO` _]LOT_TZY^ ?SP _LWV ZQ wPYP]RdTP^x LYO waTM]L_TZY^x TY XZOP]Y ^[T]T_`LWT_d T^ TYQWL_TZYL]d LYO SP]P YZY4YOTLY _]LOT_TZY^ LW^Z [WLdPO L ]ZWP^`NSL^8P^XP]T^XbT_SbSTNSNP]_LTY4YOTLYYZ_TZY^bP]PPL^TWd NZXMTYPO:`]LTXT^YZ__ZbZ]V_S]Z`RS_ST^aP]dbTOPQTPWOZQXZO P]YP^Z_P]TNT^XTYLWWT_^QLNP_^4Y^_PLO`^TYR^PWPN_PO4Y_P]YP_^Z`]NP^ bP bT^S _Z ^SZb SZb QL] TOPL^ ZQ _SP 9£OL LYO 9£OL-]LSXLY SLaP OTQQ`^PO TY_Z NZY_PX[Z]L]d ]PWTRTZ^T_d ,_ _SP ^LXP _TXP _SP PcLX[WP^ bTWW TWW`^_]L_P SZb QL] XZOP]Y ]PNP[_TZY ZQ _SP 9£OL-]LSXLY SL^ MP NZXP ]PXZaPO Q]ZX ±£]«RLOPaL LYO _SP M]ZLO ^[PN_]`X ZQ ^Z`YO XPOT_L_TZYLYO^Z`YOWd^T^_SL__ST^YZbNZaP]^/TQQP]PY_L`_SZ]^Q]ZX 0L^_ LYO BP^_ QZN`^ ZY OTQQP]PY_ L^[PN_^ LYO ^SZb U`^_ SZb _]LY^N`W _`]LWLYO_]LY^]PWTRTZ`^_SPNL_PRZ]TP^ZQ9£OLLYO9£OL-]LSXLYSLaP MPNZXP LYO SZb XLYd OTQQP]PY_ WTYV^ TY _SP OT^NZ`]^P LYO ^PY^P bZ]WO^ w/T^V`]^e`^LXXPYSÆYRP `YO >TYYbPW_PYx L]P L^^ZNTL_PO bT_S _SPX ?SP NL_PRZ]TP^ bP]P L[[L]PY_Wd ^`T_LMWP QZ] O]LbTYR _ZRP_SP] LWW _SP NSL]LN_P]T^_TN^ ZQ XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d ?SP TOPL^ z bSP_SP] _SPd bP]P [`_ QZ]bL]O Md 4YOTLY^ Z] BP^_P]YP]^ z Q]P\`PY_Wd SLaP YZ_STYR L_ LWW _Z OZ bT_S ±£]«RLOPaLv^ NZYNP[_TZY ZQ WT^_PYTYR _Z X`^TN 3ZbPaP] T_ T^ YZ_TNPLMWP _SL_ XLYd bPM^T_P^ ]PQP] _Z -P]PYO_ DP_ ST^ YLXP T^ RPYP]LWWd YZ_STYR XZ]P _SLY L NT_L_TZY ZQ L []P^`XPO L`_SZ]T_d ZY _SP ^`MUPN_ 4Y^_PLO _SP XZ^_ TX[Z]_LY_ L^^ZNTL_TZY^ L]P ^Z`YOaTM]L_TZY^_SP[ZbP]ZQ^Z`YO^TYYP]^Z`YObZ]WO^LYO^[T]T_`LW []LN_TNP^ L^^ZNTL_PO bT_S ^Z`YO 9Z_ ZYWd -P]PYO_ M`_ LW^Z 4YOTLY _PLNSP]^LYOBP^_P]YTY_P][]P_L_TZY^SLaPPcP]_POLYTYQW`PYNPZY_SP^P TY_P][]P_L_TZY^ ?SP 9£OL-]LSXLY SL^ wDZRLTePOx LYO w_]LY^YL_TZYLW TePOx T_^PWQ TY _SP bLVP ZQ L XZ]P RPYP]LW []ZNP^^ ZQ L^^TXTWL_TZY ZQ w4YOTLY Xd^_TNT^Xx bSZ^P XLTY Pc[Z]_ RZZO^ SLaP MPPY _SP APO£Y_L _SP APO£Y_L ZQ ±L«VL]L LYO QZ]X^ ZQ 9PZAPO£Y_L LYO ^TYNP _SP $^_SPdSLaPLW^ZTYNW`OPODZRL 4Y_SP$^DZRLbL^LW]PLOdMPTYR]PNPTaPOYZ_ZYWdL^LQZ]XZQ RdXYL^_TN^M`_TY _SP2P]XLY^[PLVTYR L]PL LW^ZL^ L[L_S_Z _SPTY_P ]TZ] LYO T_ bL^ []Z[LRL_PO L^ L []ZR]LX QZ] bZ]WO ]PYPbLW TY L bZ]WO OPPXPO_ZMP^[T]T_`LWWdTX[ZaP]T^SPO?ST^MPNZXP^NWPL]TY_SPWPLOP] PY_T_WPO wDZRL QÞ] OTP EPT_PYbPYOPx wDZRL QZ] _SP YPb [P]TZOx _SL_ L[[PL]PO TY _SP QT]^_ TY_P]YL_TZYLW DZRL UZ`]YLW TY $ YZ_P _SP ^TXT
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
WL]T_dZQ _SPYLXP_Z _SP WL_P] 9Pb,RP ! 4Y$_SP 4YOZWZRT^_LYO WL_P] 9LeT 5LVZM BTWSPWX 3L`P] RLaP WPN_`]P^ TY _SP 5`YRNW`M TY E` ]TNSLMZ`__SP?LY_]TN NLV]L DZRL_SL_^[`]]PO.25`YR_ZOPaPWZ[ST^ ZbY aP]d L^^ZNTL_TaP L]NSP_d[LW NLV]L TY_P][]P_L_TZY !! _SL_ TY _`]Y bL^ _ZSLaPL^_]ZYRTX[LN_ZYXZOP]Y^[T]T_`LWT_d?SPQT]^_0]LYZ^NZYQP] PYNP^ $z$ TY ,^NZYL >bT_eP]WLYO bP]P NSL]LN_P]TePO Md _SP w0L^_BP^_PYNZ`Y_P]xLYO_SP_Z[TN^ZQDZRLXPOT_L_TZYLYO^dXMZW^ ZQ _SP ^PWQ ?SP OPNWL]PO RZLW ZQ _SP WPLOP] ZQ 0]LYZ^ :WRL 1]ØMP 6L[_PdY bL^ _Z QTYO LY LY^bP] _Z _SP wN]T^T^ ZQ _SP _TXPx LYO M]TYR LMZ`_L^dY_SP^T^`YT_TYR^NTPYNPLYO]PWTRTZYLYO_LVTYRTY_ZNZY^TOP]L _TZY _SL_ _SP]P bL^ LW^Z LY LYNTPY_ wBP^_P]Y DZRLx TY _SP QZ]X ZQ _SP RYZ^_TN 3P]XP_TN LYO ;d_SLRZ]PLY ^NSZZW^ ^TN !" 8`NS bL^ LW]PLOd []PQTR`]PO SP]P _SL_ bZ`WO WL_P] MP NSL]LN_P]T^_TN ZQ _SP 9Pb ,RP XZaPXPY_ 4Y RPYP]LW O`]TYR _SP BPTXL] =P[`MWTN $# _Z $ Xd^_TNT^X bL^ aP]d X`NS TY aZR`P LYO YZ_ ZYWd LXZYR TY_PWWPN_`LW^ LYO L]_T^_^ M`_ LWW _SP bLd TY_Z _SP aL]TZ`^ ^NTPY_TQTN OPQTYT_TZY^ ZQ ]P WTRTZY5LXP^?]ZPW_^NSBPMP]>TXXPW:__ZP_N/`]TYR_ST^[P]TZO L NZYNP[_ ZQ Xd^_TNT^X MPNLXP P^_LMWT^SPO _SL_ bPY_ MPdZYO _TXP LYO ^[LNP TYOP[PYOPY_Wd ZQ XL_P]TLW ]PWTRTZY^ Z] L^ _SP _]`P NZ]P ZQ LWW ]PWTRTZY^ bSTNS bL^ TXXPY^PWd TX[Z]_LY_ QZ] XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d LYO ^`MUPN_TaP ^PL]NS QZ] XPLYTYR 3P]P Xd^_TNT^X RPYP] LWWd SLO YZ_TNPLMWd ^_]ZYRWd 4YOTLY NZOTYR P^[PNTLWWd bT_S ±L«VL]Lv^ ,OaLT_LAPO£Y_LLYOT_^[Z[`WL]TePO]PNP[_TZY0aPY]TRS_TY_Z_SPWL_P $"^ 4YOTL ]PXLTYPO L VPd QZ] [LY_SPT^_TN Xd^_TNT^X !# LYO L NPY_]LW NZOP bZ]O QZ] LW_P]YL_TaP ^[T]T_`LWT_d bSTNS bL^ WL_P] ]P[WLNPO Md _SP _P]X^9Pb,RPP^Z_P]TNT^XLYO^[T]T_`LWT_d .P]_LTY ^_]`N_`]LW [L__P]Y^ LYO OT^NZ`]^P PWPXPY_^ SLaP [P]^T^_PO TY_Z XZ^_ ]PNPY_ _TXP^ MPRTYYTYR bT_S _SP ^PL]NS QZ] L ^[T]T_`LWTeL_TZY ZQ _SP bSZWP ZQ WTQP LYO L [LY_SPT^_TNLWWd Z]TPY_PO w^PWQ]PWTRTZYx DP_ NSLYRP^ LW^Z ZNN`]]PO z L ^STQ_ M]TYRTYR Xd^_TNT^X TY_Z _ST^ bZ]WO wAP]OTP^^PT_TR`YR OP] 8d^_TVx LYO Pc[LY^TZY ZQ _SP ^ZNTLW ML^T^ LWZYR bT_S TYN]PL^TYRWd ^_]ZYR OT^^ZW`_TZY ZQ N`W_`]LW MZ`YOL]TP^ ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP UZ`]YLW DZRL 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSP DZRL1Z]^NS`YR AZW3L]M`]RBTWSPWX^M`]R%3PWX`_;LWXTË$bL^SZbPaP]YZ_[`MWT^SPO MPdZYO T_^ QT]^_ POT_TZY BZ]WO BL] 44 NL`^PO _SP ^_Z[[LRP ZQ _SP UZ`]YLW LYO _SP NZ^XZ[ZWT_TNLW[]ZR]LX_SL_T_^[`MWT^SP];LWXTËQZ]X`WL_POTY_SP0OT_Z]TLWLYO_SP 4YOZWZRT^_3L`P]TY_SPWPLOP]PY_T_WPOwDZRLQÞ]OTPEPT_PYbPYOPx z# !!BPML^P_ST^ZY_bZ`Y[`MWT^SPOXLY`^N]T[_^VTYOWd^`[[WTPO_Z`^Md3Z]^_5`YRTY RP] !".Q _SP QZ]PbZ]O^ _Z _SP QT]^_ _bZ 0]LYZ^ dPL]MZZV^ EÞ]TNS% =SPTYAP]WLR $ $ !#?ST^MPNZXP^NWPL]TY^PaP]LW[WLNP^TYNW`OTYR;P_P]-P]RP] /P]EbLYRe`]3Æ]P^TP 1]PTM`]R%3P]OP]$$Z]TRTYLWPOT_TZY$#TY0YRWT^S$"#
$$
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
]PNP[_TZYZQ4YOTLTYN]PL^POXL^^TaPWd TY,XP]TNLLYOBP^_P]Y0`]Z[P O`]TYR _SP w4YOTL MZZXx TY _SP $!^ LYO $"^ 9Z_ ZYWd ±L«VL]Lv^ TY_PWWPN_`LW ^_]TN_Wd XZYT^_TN ,OaLT_L []ZaTOPO ^_TX`WL_TZY M`_ ^Z OTO TY [L]_TN`WL] _SP bZYOP]Q`W XT]LN`WZ`^ LYO [L]LYZ]XLW 1Z] PcLX[WP DZRLYLYOLv^ w,`_ZMTZR]L[Sd ZQ L DZRTx bL^ ZYP ZQ _SP N`W_ MZZV^ ZQ _SP _TXP LYO XLYd 4YOTLY R`]`^ LYO XZaPXPY_^ TY _SP BP^_ ^_]P^^PO _ST^ L^[PN_ XZ]P Z] WP^^ ^_]ZYRWd bSTNS L[[L]PY_Wd ^L_T^QTPO [PZ[WPv^ YPPO^ TY L wOT^PYNSLY_POx bZ]WO ?SP TY_P]P^_ TY _SP [L]LYZ]XLW [P] ^T^_PO bSTWP _SP 4YOTLY XL^_P]^ WL]RPWd WZ^_ _SPT] BP^_P]Y QZWWZbTYR O`]TYR_SP9Pb,RP?SPXL]VPO\`LY_T_L_TaPPc[LY^TZYLYO\`LWT_L_TaP NZYNPY_]L_TZY _S]Z`RS XLYd [P]^ZYLW PYNZ`Y_P]^ LYO Pc[P]TPYNP^ bT_S 4YOTLY XL^_P]^ WL^_PO ZYWd QZ] L ^SZ]_ _TXP L^ ZYP NLY ^PP Q]ZX MZ_S X`^TNLYO]PWTRTZYw;Z^_XZOP]Y]PWTRTZYx_SP9Pb,RPLYOLW_P]YL_TaP ^[T]T_`LWT_d L]P XZ]P NZX[WPc XZ]P OTQQ`^P LYO XZ]P [W`]LWT^_TN 4Y LOOT_TZY_Z_SP0L^_P]Y]PWTRTZY^_SP]PT^_SPbSZWPTXLRTYL]d_SPL_P]ZQ ]PWTRTZ`^_]LOT_TZY^Q]ZXLWWZaP]_SPbZ]WOL_ZYPv^OT^[Z^LW,YOPaPY _SP]PbSP]P_SP9Pb,RP_P]XT^YZWZYRP]T^`^P9Pb,RP^[T]T_`LWT_d NZY_TY`P^ _Z PcP]_ T_^ PQQPN_^ LYO SL^ PaPY MPNZXP XZ]P TY_PY^P ,WW _SP^P XLYTQP^_L_TZY^ ZQ _SP ePT_RPT^_ LW^Z TX[LN_PO ZY _SP 9£OL -]LSXLY NZYNP[_ ,Q_P] LY TYT_TLWWd ^_]ZYR wDZRLTeL_TZYx L ^PY^Z]TeL _TZYLYOwOP4YOTQTNL_TZYxNLYYZbMPZM^P]aPO 4Y]PWL_TZY_ZNZY_PX[Z]L]d]PWTRTZ`^N`W_`]PTYBP^_P]Y0`]Z[P_SP ^ZNTZWZRT^_ 3`MP]_ 6YZMWL`NS ^[PLV^ ZQ w[Z[`WL] ]PWTRTZYx _SL_ WZYR ^TYNP NPL^PO MPTYR ^ZWPWd LY LW_P]YL_TaP M`_ SL^ MPNZXP YZ]XLWT_d !$ ?d[TNLWZQ_ST^YPbQZ]XZQ]PWTRTZYT^SP^_L_P^LSZWT^_TN`YOP]^_LYO TYR ZQ ^[T]T_`LWT_d bSTNS OT^^ZWaP^ _SP MZ`YOL]TP^ MP_bPPY _SP []ZQLYP LYO_SP ^LN]PO _SP[]TaL_P LYO_SP[`MWTN .S]T^_TLYLYOYZY.S]T^_TLY ]PWTRTZY LYO ^NTPYNP LYO MZOd LYO ^[T]T_ ?SP ^ZNTLW Q`YN_TZY ZQ _ST^ VTYO ZQ XTYOQ]LXP T^ YZ_PbZ]_Sd% _SP TYOTaTO`LW wOPOTQQP]PY_TL_P^x LYO XP]RP^ _SP N`W_`]LWWd OTQQP]PY_TL_PO L]PL^ ZQ ^ZNTP_d LYO XPLYTYR PR ]PWTRTZY LYO XPOTNTYP L_ WPL^_ ^`MUPN_TaPWd TY ST^SP] ZbY Pc [P]TPYNP LYO _SP []TaL_P WTQPbZ]WO " 6YZMWL`NS PX[SL^TeP^ _SP wOPP[ OTXPY^TZYx w?TPQPYOTXPY^TZYx ZQ [P]^ZYLW Pc[P]TPYNP _SP L`_SPY_TN T_dZQ^`MUPN_TaP[]ZaT^TZYZQXPLYTYRLYOT_^NZY^T^_PYNdTYZYPv^ZbY WTQP^_dWP ?SP RZLW T^ _Z ZaP]NZXP _SP OTaT^TZY^ TY _SP Pc_P]YLW bZ]WO LYO_ZTY_P][]P_WTQPSZWT^_TNLWWdYZ_ZYWdNZRYT_TaPWdM`_LW^ZTY]PWL_TZY _Z _SP MZOd _SP ^PY^P^ LYO _SP PXZ_TZY^ ?SP ]PWTRTZ`^ _]LY^NPYO^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$.Q6YZMWL`NS ;Z[`WÆ]P=PWTRTZY "6YZMWL`NS[Z^_`WL_P^MZ`YOL]dOT^^ZWaTYRwSZWT^_TNx\`LWT_TP^ZQPc[P]TPYNP_S]Z`RS Z`__SP XZ^_aL]TPO ]PWTRTZ`^ ^PRXPY_^YZ XL__P] bSP_SP]_SPdL]P LW_P]YL_TaP ^[T]T _`LWT_dP^Z_P]TNT^XYPbQZ]X^ZQ_]PL_XPY_PNNWP^TL^_TNLWPaPY_N`W_`]PNSL]T^XL_TN .S]T^_TLYT_d Z] _SP bPWWYP^^ N`W_`]P 3P _SP]PQZ]P ^[PLV^ ZQ w[Z[`WL] ]PWTRTZYx LYO YZ_ZYWdZQwLW_P]YL_TaP^[T]T_`LWT_dx.Q6YZMWL`NS ;Z[`WÆ]P=PWTRTZY # z$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$
TY^_T_`_TZYLW ]PLWX ZQ ]PWTRTZY _SP SPLW_S ZQ XPOTNTYP LYO _SP VYZbW PORP ZQ ^NTPYNP ?ST^ MPNZXP^ P^[PNTLWWd NWPL] TY LW_P]YL_TaP QZ]X^ ZQ _]PL_XPY_ ^`NS L^ SZXPZ[L_Sd ,d`]aPOL LYO DZRL ?]LY^NPYOPYNd T^ YZ WZYRP] Z]TPY_PO ^ZWPWd ZY _SP ^`[]LX`YOLYP M`_ SL^ MPPY M]Z`RS_ TY_Z_SPPaP]dOLdbZ]WObSTNS.LX[MPWWNLWWPO_SP^LN]LWTeL_TZYZQLWW L^[PN_^ ZQ WTQP .ZY_]L^_TYR _ST^ bT_S _]LOT_TZYLW ]PWTRTZY 6YZMWL`NS PX[SL^TeP^ _SP R]PL_P] Z]TPY_L_TZY ZY _ST^ bZ]WO w/TP^^PT_^Z]TPY _TP]`YRxLYOL__SP^LXP_TXP_SPOPXZN]L_TeL_TZYZQ]PWTRTZ`^aT]_`Z^ T_d TP _SP YZ]XLWT_d wPaP]dOLdYP^^x LYO bTOP []ZWTQP]L_TZY ZQ R]PL_ _]LY^NPYOPYNdPc[P]TPYNP^TY[L]_TN`WL]XZYT^_TN[LY_SPT^_TN[L__P]Y^ZQ Pc[P]TPYNP3P^PP^ _SPLN_`LWNPY_P]ZQXZOP]Y ^[T]T_`LWT_dTYL ^PL]NS QZ] SZWT^_TN NZYYPN_TZY^ MP_bPPY YL_`]P LYO ^ZNTP_d LYO YZ_ WPL^_ TY L ^PL]NSQZ]Pc_]LZ]OTYL]dPc[P]TPYNP^_]LY^NPYOTYR_SPPaP]dOLd ?SP^PNSL]LN_P]T^_TN^L]PLW^ZQZ`YOTY_SP9£OL-]LSXLYL__SPMP RTYYTYR ZQ _SP ^_ NPY_`]d 4_ SLO L SLYO TY _]TRRP]TYR _SP []ZNP^^P^ LYO bL^ L_ _SP ^LXP _TXP LQQPN_PO Md _SP NSLYRP^ bT_STY XZOP]Y ^[T]T _`LWT_d 4_ LN_`LWWd ]PQWPN_^ LWW _SP L^[PN_^ _SL_ 6YZMWL`NS NZY^TOP]^ P^[PNTLWWd N]`NTLW _Z XZOP]Y ^[T]T_`LWT_d 3P SL^ SZbPaP] `YOP]P^_T XL_PO _SP TY^[T]L_TZY Md 4YOTL LYO _SP TY_P]LN_TaP Z^XZ_TN []ZNP^^P^ BSL_ TY_P]P^_^ `^ TY [L]_TN`WL] TY _SP QZWWZbTYR T^ _Z ^SZb QT]^_ SZb TY_P]LN_TaP _SP []ZNP^^P^ ZQ _]LY^YL_TZYLWTeL_TZY SLaP MPPY LYO SZb XLYd aZTNP^ bP]P TY^_]`XPY_LW TY _ST^ >PNZYO bP bTWW ^SZb SZb ^_]ZYRWd _SP LYNTPY_ w[ZbP] ]PWTRTZYx ZQ _SP >TOOSL^ DZRTY^ LYO ?LY _]T^_^ LYO L^^ZNTL_PO TOPL^ PcP]_ _SPT] PQQPN_^ LWW _SP bLd TY_Z XZOP]Y ]PNP[_TZY^ LYO LW^ZXTc bT_SZ_SP]YZY4YOTLY ^_]LYO^ZQ_]LOT_TZYZ] X`_L_PTY_ZNZX[WP_PWdYPbOT^NZ`]^P^SLaTYRYZ_STYR_ZOZbT_S4YOTL LYd XZ]P ?SP NZX[WPcT_d ZQ _SP _]LY^YL_TZYLWTeL_TZY []ZNP^^P^ MP NZXP^ [L]_TN`WL]Wd NWPL] TY _SP QZWWZbTYR _S]PP \`Z_L_TZY^ Q]ZX LY 4Y_P]YP_ [LRP ZY 9£OLDZRL 9ZbLOLd^ _SP 4Y_P]YP_ T_^PWQ T^ LW^Z LY Z]RLYZQ_]LY^YL_TZYLWTeL_TZY?SP9£OLDZRL ^T_P]PNZXXPYO^]PLOTYR -P]PYO_v^ w?SP BZ]WO T^ >Z`YOx M`_ PX[SL^TeP^ L[[]ZLNSP^ _SL_ OZ YZ_ L[[PL] TY -P]PYO_ z bSZ bL^ ^_TWW XZ]P ^_]ZYRWd Z]TPY_PO ZY _SP _]LOT_TZYZQ4YOTLYX`^TNTLY^ "% L 9£OL>Z`YO L^ L XPLY^ _Z DZRTN LM^Z][_TZY LYO APO£Y_TN WTMP]L_TZY% w3LaTYR LMLYOZYPO LWW _SZ`RS_^ LYO MPTYR Q]PPO Q]ZX LWW LN_TZY^ dZ` ^SZ`WOLWbLd^ NZYNPY_]L_PdZ`]bSZWPL__PY_TZYZY_SP ^Z`YOLYO_SPY _SP NT__L XTYO MPNZXP^ LM^Z]MPO TY T_ 5`^_ L^ L MPP O]TYVTYR _SP SZYPd LWZYPOZP^YZ_NL]PQZ]_SPZOZ]^Z_SPNT__LbSTNST^LWbLd^LM^Z]MPOTY ^Z`YO OZP^ YZ_ WZYR QZ] ^PY^`LW ZMUPN_^ z T_ T^ MZ`YO Md ^bPP_ YLOL ^Z`YO ?SP ^Z`YO []ZNPPOTYR Q]ZX _SP []LYLaL :X T^ -]LSXLY 4_ T^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP \`Z_L_TZY^ L _Z N L]P _LVPY Q]ZX S__[%`^P]^MP^_bPMYP_iZXdZRLYLO dZRLS_XW NZ[d]TRS_ -PaP]Wd - 1P]R`^ZY LNNP^^PO >P[_PXMP] >TXTWL]^_L_PXPY_^NLYLW^ZMPQZ`YOZYZ_SP]bPM^T_P^
$$!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
ZQ _SP YL_`]P ZQ PQQ`WRPYNP 4_ T^ _SP ^PL_ ZQ AT^SY` ?SP XTYO PcT^_^ ^Z WZYR L^ _SP]P T^ ^Z`YO M`_ bT_S T_^ NP^^L_TZY _SP]P T^ _SL_ ^_L_P _P]XPO _`]TdL Fw_SP 1Z`]_Sx _]LY^NPYOPY_LW ^_L_P ZQ LbL]PYP^^H -PTYR Q]PPO Q]ZX LWW^_L_P^LYOLWW_SZ`RS_^dZ`bTWW]PXLTYWTVPZYPOPLO?SPMZOdT^WTVP L WZR 4_ OZP^ YZ_ QPPW SPL_ Z] NZWO UZd Z] ^Z]]Zb BSPY ^[T]T_`LW ^TRS_ T^ QTcPOdZ`MPNZXP-]LSXLYBSPYXLYL^XTYOT^OP^_]ZdPObSPYaT] _`P^ LYO ^TY^ L]P M`]YPO LbLd dZ` ^STYP L^ _SP PQQ`WRPY_ TXXLN`WL_P P_P]YLW^_LTYWP^^-]LSXLYx>bLXT>STaLYLYOLL]PQZ]X3TYO`bSZbL^ ZYPZQ_SPXLUZ] XPOTL_Z]^ZQw4YOTLYbT^OZXx LYODZRL TY_SPBP^_ LYO bSZLW^Z[WLdPOLOPNT^TaP]ZWPTY^[]PLOTYR_SPw9£OLDZRLx M 9£OL>Z`YO L^ [Z_PY_ ^Z`YO bLaP^ LYO L [Sd^TZWZRTNLWWd _]LY^QZ]XTYR QZ]NP% w>Z`YO T^ aP]d [ZbP]Q`W& ^Z`YO^ NLY N]PL_P LYO ^Z`YO^ NLY OP ^_]Zdx& w,^ ^Z`YO^ L]P SPL]O _SP PQQPN_^ RZ _Z PaP]d NPWW LYO L_ZX ZQ Z`] MPTYRx-PaP]Wd1P]R`^ZYLBP^_P]YP]bSZ^[PLV^WTVPLY4YOTLY N 9£OL>Z`YO L^ L [L_S _Z SL]XZYd SL[[TYP^^ LYO SZWT^_TN SPLW_S% w?SP LTX ZQ 9LOL DZRL T^ _Z [`]TQd LYO SL]XZYTeP m LYO _Z M]TYR _SP TYOTaTO `LW_Z_SPSTRSP^_^_L_PZQLbL]PYP^^_SP^_L_PZQDZRL?SPPc[P]TPYNPZQ _ST^u@YTQTPO>_L_PvT^SPLW_SLYOSL[[TYP^^4_T^bT_STYZ`]]PLNS_ZPYUZd L MLWLYNPO WTQP [Sd^TNLWWd PXZ_TZYLWWd LYO ^[T]T_`LWWdx ,NSL]dL =ZZ[ AP]XLLY4YOTLYbSZ^[PLV^WTVPLBP^_P]YP]
>bLXT >STaLYLYOL ##"z$! Q]ZX bSZX _SP QT]^_ \`Z_L_TZY L NZXP^bL^_S]Z`RS_SP/TaTYP7TQP >ZNTP_dQZ`YOPOTY$"ZYPZQ _SP QT]^_ w4YOTL XT^^TZYL]TP^x LQ_P] ATaPVLYLYOL 3P SLO L_ WPL^_ _bZ aP]d []ZXTYPY_ [`[TW^ bSZ WL_P] MPNLXP QLXZ`^ TY aP]d OTQQP]PY_ ^PN _Z]^ ?SP QT]^_ bL^ 8T]NPL 0WTLOP bSZ ^_`OTPO DZRL QZ] L ^SZ]_ [P]TZO TY _SP >STaLYLYOL,^S]LX TY =T^STVP^S []ZMLMWd ^SZ]_Wd MPQZ]P _SP QZ`YOL_TZYZQ_SP/TaTYP7TQP>ZNTP_d7L_P]$ $SPbPY_ZY_Zb]T_P bSL_ XLd MP _SP XZ^_ QLXZ`^ ^_LYOL]O bZ]V ZY DZRL bSTNS bL^ ZYWd wOP_S]ZYPOx TY XZ]P ]PNPY_ ]P^PL]NS 4Y _SP $ ^ 0WTLOP bL^ LW^Z L ]PR`WL]^[PLVP]L_0]LYZ^?SPZ_SP][`[TWbL^>bLXT.STYXLdLYLYOL bSZ bL^ NZY^PN]L_PO L^ L XZYV Md >STaLYLYOL TY $$ M`_ bSZ _SPY NZY_TY`PO ^_`OdTYR _SP ,OaLT_LAPO£Y_L bT_S >bLXT ?L[ZaLY L_ _]LN_POM]ZLO^PN_TZY^ZQ4YOTLv^`]MLYXTOOWPNWL^^P^bT_SST^[]ZR]LX ZQ L wAPO£Y_L QZ] _SP XL]VP_[WLNPx LYO TY _SP $!^ LYO $"^ LW^Z SLO L WL]RP Y`XMP] ZQ BP^_P]Y [`[TW^ " ?ZOLd ST^ w.STYXLdL 8T^ ^TZYx WTVP Z_SP] 3TYO` Z]RLYTeL_TZY^ []TXL]TWd L__]LN_^ OTL^[Z]L 3TY O`^ TY Z_SP] NZ`Y_]TP^ >STaLYLYOL STX^PWQ bL^ ZYP ZQ _SP QT]^_ 4YOTLY R`]`^_ZM]TYR_SP^[T]T_`LWL^[PN_^ZQDZRLZaP]_ZLBP^_P]YL`OTPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .STYXLdL_]TPO_ZM]TYR_SP,OaLT_LAPO£Y_L\`LWTQTPOL^_SPw^NTPYNPZQ_SPLYNTPY_ =T^ST^x w_Z _SP [PZ[WPx `^TYR S`XZ] ^[L]VWTYR ]SP_Z]TN LYO XLYd PcLX[WP^ ,^ L QZ]XP] LN_TaT^_ TY _SP ^_]`RRWP QZ] TYOP[PYOPYNP SP ^Lb STX^PWQ LYO _SP APO£Y_L wXT^^TZYL]TP^xSP_]LTYPOL^LN_TaPQZ]NP^TYYL_TZYM`TWOTYRLYOWL_P]NZQZ`YOPO_SP 3TYO`AT^SaL[L]T^SLO,__SP^LXP_TXPSP_L`RS_LYO[]LN_TNPOL`YTaP]^LWS`XLY T^XLYOSLOLY`Y^SLVLMWPQLT_STY_SPTYYL_P]PL^ZYZQS`XLYMPTYR^
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$"
LYOLNNZ]OTYR_Z2`d-PNVSPbL^ZYPZQ_SPXZ^_TX[Z]_LY_XPOTL_Z]^ ZQ _SP 9£OL-]LSXLY " ?SP \`Z_L_TZY LMZaP Q]ZX _SP 4Y_P]YP_ Q`WQTWW^ LWW _SP Pc[PN_L_TZY^ [WLNPO ZY 4YOTL []PaLTWTYR TY _SP BP^_ `Y_TW _SP $"^% _SPNZ`Y_]dZQXd^_TNT^X TY_P]TZ]T_dLYO ^[T]T_`LWT_dTY[L]_TN` WL] _SP NZ`Y_]d ZQ _SP APO£Y_L LYO ZQ DZRL bSTNS TY _PLNSTYR LYO []LN_TNP SLaP _SP VPd _Z _SP TYYP] bZ]WO _Z _SP wRZO TY XPx _Z _SP STRSP] ^PWQ LYO _SP `YT_d ZQ MPTYR ,NNZ]OTYR _Z -PNV >STaLYLYOLv^ b]T_TYR^ ]PQWPN_ ,OaLT_LAPO£Y_L [STWZ^Z[Sd TY [L]_TN`WL] DP_ >STaLYLYOLbL^YZ_L_]LOT_TZYLWAPO£Y_L_PLNSP]3PQ`^PO_SPAPO£Y_L bT_SDZRLLYOTY_SP\`Z_L_TZYSPLW^ZXTcP^ST^APO£Y_LbT_SLRZZOWd [Z]_TZYZQDZRL]PNP[_TZY "4_T^YZ_\`T_PNWPL]bSP_SP]SP`YOP]^_LYO^ _SP QTYLW RZLW ZQ MPNZXTYR -]LSXLY L^ ^Z`YOWP^^ [PLNPQ`W ^TWPYNP APO£Y_TN TY_P][]P_L_TZY Z] L^ L ^TWPYNP QTWWPO bT_S PYP]Rd aTM]L_TZY^ DZRTN ?LY_]TN TY_P][]P_L_TZY :YP XLd ^`[[Z^P _SP WL__P] MPNL`^P >STaLYLYOL `YWTVP _SP [`]PWd NZRYT_TaPWd Z]TPY_PO ,OaLT_LAPO£Y_L []TXL]TWd[`_NZY_TY`Z`^]PNT_L_TZY UL[L ZQ_SP^LN]PO^dWWLMWP:¿_SP Pc[WZ]L_TZYZQ^Z`YO]P^ZYLYNP^ Y£OLLY`^LYOS£YL LYO]PWTRTZ`^^TYR TYR ^L«V¯]_LYL ZQ:¿L__SPNPY_P]ZQ]PWTRTZ`^[]LN_TNP " >STaLYLYOL _S`^ NZY_]TM`_PO YZ_ ZYWd _Z L [Z[`WL]TeL_TZY ZQ :¿ XPOT_L_TZY _]LOT _TZYLWWd WTXT_PO _Z L^NP_TN^ M`_ LW^Z _Z L DZRLTeL_TZY ZQ _SP 9£OL -]LSXLY3P[]ZO`NPOXLYd[]LdP]^ LYOb]T_TYR^ TY []LT^PZQ:¿LYO 9£OL-]LSXLYTY0YRWT^S "!,NNZ]OTYR_Z>STaLYLYOL]P[P_T_TZYZQ_SP ^LN]PO QZ]X`WL :¿ T^ _SP ^TX[WP^_ bLd _Z 2ZO]PLWTeL_TZY LYO T^ XZ]P L[[]Z[]TL_P QZ] _ZOLd LYO _SP XLUZ]T_d ZQ [PZ[WP _SLY WZYR [P]TZO^ ZQ ^_`Od Z] [Sd^TNLWWd OPXLYOTYR 3L¶SLDZRL []LN_TNP^ MPNL`^P _SP ^Z`YO PcP]NT^P L__]LN_^ R`TOP^ LYO MTYO^ _SP QWZb ZQ _SZ`RS_^ ^Z _SL_ _STYVTYR T^ XZ]P Z] WP^^ QZ]NPO w_Z XZaP _ZbL]O^ 2ZO _ZbL]O^ _SP L_ _LTYXPY_ZQP_P]YLWMWT^^x "" ?ST^ aP]d ^[T]T_`LW TY_P][]P_L_TZY ZQ _SP 9£OL-]LSXLY Z]TPY_PO ZY ^Z_P]TZWZRdT^SZbPaP]_d[TNLWWdNZXMTYPOZY_SPbPM^T_PLMZ`_9£OL DZRL bT_S YZ_TZY^ _SL_ L]P XZ]P NSL]LN_P]T^_TN ZQ _ZOLdv^ ^[T]T_`LWT_d ?d[TNLWWd _SP]P T^ _SP NZYYPN_TZY ZQ 4YOTLY _SZ`RS_^ Z] P^Z_P]TN _SZ`RS_^ bT_S YL_`]LW ^NTPYNP Z] \`L^T ^NTPY_TQTN [L__P]Y^ ZQ Pc[WLYL _TZY M LYO _SPY _SP]P T^ LY TOPLW ZQ NZ^XTN SL]XZYd LYO WTQPbZ]WO SZWT^X bSTNS ^PPV^ _Z ZaP]NZXP _SP BP^_P]Y MZOd^Z`W O`LWT^X N -Z_S ZQ _SP^P L^[PN_^ z _SP ]PWL_TZY _Z YL_`]LW ^NTPYNP LYO NZ^XTN SL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "-PNV>ZYTN?SPZWZRdz "4Y [L]_TN`WL] _SP 3L¶SLdZRL;]LO¯[TV£ $"z ^PPX^ _Z SLaP SLO L OPQTYTYR TYQW` PYNPZY_SP LMZaP\`Z_L_TZY?ST^ T^L DZRL_Pc_ Q]ZX _SP _SNPY_`]d bSTNS_d[T NLWWdSZbPaP]^[PLV^ZYWdZQ_SP9£OLLYOYZ_ZQ_SP9£OL-]LSXLY " ZYTN?SPZWZRd "!.QZY_ST^-PNV >ZYTN?SPZWZRd ""ZYTN?SPZWZRd
$$#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
XZYd z NLY MP QZ`YO _ZOLd MZ_S TY _SP BP^_ LYO TY 4YOTL >PWQ Pc[P]TPYNP_PNSYT\`P^L]PPc_]PXPWd[Z[`WL]_SL_L]P ^`[[Z^PO_ZM]TYR _SP [P]^ZY TY_Z SL]XZYd bT_S _SP `YTaP]^P LYO _SP ^PWQ LYO LWWZb _SP []LN_T_TZYP]_ZPc[P]TPYNPST^ZbYOTaTYT_d ,OaLT_LAPO£Y_L LYO DZRL L]P ^_TWW L [Z[`WL] TYSP]T_LYNP PaPY _Z OLd 1Z] PcLX[WP _SP bPM^T_P w-Pb`^^_P] WPMPYx w7TaP XZ]P NZY ^NTZ`^Wdx []P^PY_^ _SP ,OaLT_LAPO£Y_L L^ w[`]P ^[T]T_`LWT_dx LYO w_SP WL_P^_ XLRTN bZ]Ox QZ] ]PNZRYTeTYR _SP _]`P ^PWQ% w,OaLT_LAPO£Y_L TX[L]_^[`]PWd^[T]T_`LWT_dbT_SZ`_QZ]X`WL^LYOTX[POTYR]T_`LW^x "# ?ST^TY_P]P^_ TY]PWTRTZYQ]PPZQ]T_`LW LYOOZRXLT^ P^[PNTLWWd_d[T NLW ZQ XZOP]Y ^[T]T_`LWT_d LYO _SP APO£Y_L SLO L OPNT^TaP ]ZWP TY NZY ^_T_`_TYR _ST^ `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d DP_ ^ZXP _STYR^ SLaP NSLYRPO ZY _SP [L]_ ZQ BP^_P]Y ]PNT[TPY_^ LYO 4YOTLY _PLNSP]^ LWTVP BSP]PL^TY_SP4YOTLMZZXTY_SP$!^LYO$"^_SPTXLRPZQ4YOTL TY _SP BP^_ bL^ ^_]ZYRWd L^^ZNTL_PO bT_S Xd^_TNT^X LYO TY_P]YLW Z]TPY _L_TZYLYO[]PNT^PWd_ST^bL^MPTYR^Z`RS_LQ_P]_SPLOaPY_ZQ_SP9Pb ,RP TY _SP WL_P $"^ LYO $#^ _SP]P bL^ L ^_]ZYRP] Z]TPY_L_TZY ZY _SPMZOd_SP ^PY^P^LYO_SPPc_P]YLWbZ]WO4_XLdMPNZTYNTOPYNP_SL_ ZYPNLYZM^P]aPL^PY^Z]TeL_TZYPaPYTY_SPbZ]VZQ>STaLYLYOLv^[`[TW >bLXT 9LOLM]LSXLYLYOL 3P ]P[WLNP^ :¿ XPOT_L_TZY bT_S X`^TN LYO ST^ZbYaZNLWTeL_TZY_PNSYT\`PLYO_PLNSP^ _SL_4YOTLYOPaZ_TZYLWX` ^TN T^ P^[PNTLWWd PQQPN_TaP QZ] Pc[P]TPYNTYR _SP w]P^ZYLYNPx ZQ _SP 9£OL-]LSXLY "$ 0aPY 4YOTLY XL^_P]^ bSZ L]P Z]TPY_PO ^ZWPWd ZY _SP APO£Y_L LYO VYZbWPORP YZbLOLd^ ZQ_PY TYNW`OP PXZ_TZYLWWd L[[PLWTYR -SLULY ^ZYR LWZYR^TOP _SP w[`]P _PLNSTYRx ?SP^P OLd^ SZbPaP] 4Y OTLY _PLNSP]^ SLaP QL] QPbP] [`[TW^ Q]ZX _SP BP^_ _SLY _SPd SLO TY _SP $!^ LYO $"^ # >TYNP _SP $#^ _SPT] NWTPY_PWP SL^ ^STQ_PO _Z R]PL_ TY_P]P^_LXZYRTXXTR]LY_QLXTWTP^bSZ[]TYNT[LWWdTY_SP@>LYO-]T_ LTYTYN]PL^TYRWd ^Z`RS_ _SPT]wN`W_`]LW]ZZ_^xLYOQZ`YOLwSZXPLbLd Q]ZX SZXPx TY 4YOTLY XL^_P]^ aT^T_TYR _SP BP^_ BT_S _SP OPaPWZ[TYR 9Pb ,RP BP^_P]YP]^ ZY _SP Z_SP] SLYO MPRLY _Z PXLYNT[L_P _SPX ^PWaP^ Q]ZX 4YOTL L^ T_ bP]P LYO NZXP `[ bT_S _SPT] ZbY SZWT^X^ LYO `YTaP]^LWXd_S^4YXZOP]Y^[T]T_`LWT_dR]PL__]LY^NPYOPYNTP^L]P^Z`RS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# S__[%bbbMPb`^^_P]WPMPYOP^SZb[S[*TO LNNP^^PO >P[_PXMP] ?SP bPM^T_P []ZXZ_P^ _SP w>L_^LYR XZaPXPY_x LYO ]PQP]^ _Z =LXLYL 8LSL]^ST #"$ _Z $ LYO-P]PYO_bSZT^^LTO_ZSLaPSLOLwRZZO^PY^PZQN`]]PY_^[T]T_`LW_]PYO^x "$-PNV >ZYTN?SPZWZRd #-Z_S L^[PN_^ NLY NWPL]Wd MP ^PPY TY _SP .STYXLdL 8T^^TZY .STYXLdLv^ []P^PY_OLd ^`NNP^^Z] >bLXT ?PUZXLdLYLYOL NZXMTYP^ PXZ_TZYLWWd L[[PLWTYR -SLULY ^TYRTYR bT_S _SP _PNSTYR ZQ _SP APO£Y_L ?SP APO£Y_L _PLNSP] >bLXT /LdLYLYOL NZX[Z^P^ -SLULY^ZQST^ZbY4YMZ_SXZaPXPY_^_SP]PSL^MPPYLYZM^P]aLMWP^STQ_TY_SPNWT PY_PWP TY _SP BP^_ _Z OTL^[Z]L 3TYO`^ ^TYNP _SP $#^ ?SP ^LXP _]PYO T^ YZ_PO Md 5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d "TY_SPNL^PZQ_SP=LOSL^ZLXTXZaPXPY_
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$$$
L^bPWWL^bSL_L]PNLWWPO^XLWWZ]XPOT`X_]LY^NPYOPYNTP^?ST^XPLY^ _SL_ ^[T]T_`LWT_d OZP^ YZ_ YPNP^^L]TWd SLaP _Z Z]TPY_ T_^PWQ ZY L ^`[]L X`YOLYP ]PLWT_d 4_ NLY LW^Z MP ]PWL_PO ^ZWPWd _Z _ST^ bZ]WO ?SP VPd L^[PN_^SP]PL]P_SP]PNZaP]dZQMZOdLYO^[T]T_L^_]P^^Q]PPSL]XZYT Z`^WTQPLYOMZOd^Z`WbPWWYP^^ 4YATaPVLYLYOLSL]XZYdbL^^_TWWQ`WWdLYNSZ]PO^[T]T_`LWWdLYOTY _SPNZRYT_TaPbSP]PL^_ZOLd_SP^`MUPN_ZQSL]XZYdT^ZQ_PYL^^ZNTL_PO bT_S _SP]L[P`_TN []LN_TNP^ , _d[TNLW PcLX[WP T^ _SP 4Y_P]YP_ ^T_P ZQ _SP w3PLWTYR 8`^TN :]RLYT^L_TZYx _SL_ bLY_^ _Z []ZaTOP wTYQZ]XL_TZY QZ] [PZ[WPTY_P]P^_POTY_SPSPLWTYR[ZbP]ZQ^Z`YOLYOX`^TNxLYO_ZM`TWO LwM]TORPMP_bPPY_SPbZ]WO^ZQ^[T]T_`LWT_dL]_LYOXPOTNTYPxMdSZY Z]TYR _SP aLW`P ZQ PLNS 3PLWTYR T^ `YOP]^_ZZO _Z SL[[PY wbSPY _SP MZOd XTYO LYO ^[T]T_ WPL]Y _Z SL]XZYTePx LYO w]P^ZYL_P bT_S _SP aL^_ PYP]Rd ZQ _SP `YTaP]^Px # >Z SP]P ZYP bT^SP^ _Z M]TYR _ZRP_SP] _SP N`W_`]LW ^PRXPY_^ ZQ ^[T]T_`LWT_d L]_ LYO XPOTNTYP _Z Pc[P]TPYNP ZYP ^PWQL^SZWT^_TNLYONZYN]P_TePLYO^PY^Z]TeP_SPLM^_]LN_TOPLZQLYZY O`LW NZ^XTN bSZWP 4Y _SP YZ_TZY ZQ S`XLY ]P^ZYLYNP ZQ _SP PYP]Rd QTWWPO `YTaP]^P _SP]P L[[PL]^ L ?LY_]TN bZ]WOaTPb _SL_ T^ LW]PLOd XLOP TY_Z^ZXP_STYRPaP]dOLdTYLBP^_P]YXLYYP] 4YWTYPbT_S_SP9Pb,RP_]LY^QZ]XL_TZYZQ]PWTRTZY_ZXLVPT_XZ]P [Sd^TNLWLYO_ST^bZ]WOWd_SP]PL[[PL]POLWZYR^TOP_SPw9£OLDZRLxL^ L XPLY^ ZQ ^PWQ^LN]LWTeL_TZY MZ_S TY _SP BP^_ LYO TY 4YOTL w9£OL SPLWTYRx L^ LY LW_P]YL_TaP QZ]X ZQ _SP]L[d ?SP NSL]LN_P]T^_TN ZQ _SP 9Pb ,RP T^ _SL_ T_ SL^ L []ZR]LX QZ] SZWT^_TN WTaTYR QZ] bSTNS T_ O]Lb^ ZY WPRLNTP^ Q]ZX LWW N`W_`]P^ ZQ _SP bZ]WO LYO NZXMTYP^ PWPXPY_^ Q]ZX _SPX TY L ^`MUPN_TaPWd NZY^T^_PY_ XLYYP] ?ST^ T^ []PNT^PWd LW^Z _d[T NTLW ZQ _SP YPb _SP]L[d ZQ 9£OLSPLWTYR ?SP TY^[T]L_TZY Md 4YOTL T^ []LN_TNLWWd TYaT^TMWP PaPY TY _SP _P]X^ `^PO w^Z`YO _SP]L[dx w^Z`YO^ ZQSPLWTYRxwSPLWTYRX`^TNxP_NLYOLWW_SP[Z^^TMWP^Z`YON`W_`]P^TY _SP bZ]WO QPPO TY_Z T_ PR ]PNZ]OTYR^ ZQ X`^TN _Z NSLY_TYR ?TMP_LY MZbW^N]d^_LWMZbW^_`YTYRQZ]V^O]`X^]L__WP^LYOZYPv^ZbYaZTNP ?SP4Y_P]YP_[]P^PY_L_TZYZQLYwPY_]P[]PYP`]TLWSPLWP]xO]Lb^L__PY_TZY _Z _SP QLN_ _SL_ _SP wSPLWTYR X`^TNx ZQ TY^_]`XPY_^ SL^ ^STQ_PO _Z ZYPv^ ZbYaZTNPwZ`][P]^ZYLW^Z`YO_`YTYRT_`[_ZZ`]ZbYMPTYRZ`]ZbY _SZ`RS_ dZ` NLY LW^Z PQQPN_ SPLWTYR ZY Z_SP]^x ?ST^ 4Y_P]YP_ ^T_P LW^Z ]PQP]^ _Z -P]PYO_v^ MZZV WTVP LWW _SP Z_SP]^ XPY_TZYPO LMZaP 4_ PaPY ^_L]_^ bT_S -P]PYO_v^ _SP^T^ M`_ _SPY NZY_TY`P^ bT_S T_^ ZbY L]R` XPY_L_TZY% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #S__[%bbbSPLWTYRX`^TNZ]R8LTY=P^Z`]NP-TMWTZS_X Md ,X]T_L .Z__]PWW LN NP^^PO >P[_PXMP] ?SL_ SPLWTYR LYO SL]XZYd L]P XLUZ] _Z[TN^ T^ LW^Z ^SZbY Md Z_SP] bPM^T_P^ ^`NS L^ S__[%bbbSPLWTYRX`^TNZ]R LYO S__[%bbbRYZaLNLXd^_P]dS_XLNNP^^PO>P[_PXMP]
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
O 9£OL>Z`YO L^ L YPb [ZbP]Q`W XP_SZO ZQ _SP]L[d% wu,WWv T^ ^Z`YO MP QZ]PT__LVP^XL_P]TLWQZ]Xu4Y_SPMPRTYYTYRbL^_SPBZ]Ov:YP_STYRQZ] ^`]P^Z`YOT^[ZbP]Q`WLYOXd^_P]TZ`^4_T^aTM]L_TZYLWBPNLYQZN`^_SP [ZbP]ZQ^Z`YO_S]Z`RS_SP`^PZQZ`]ZbYaZTNP^3PLWTYRLYObSZWPL]P []ZO`NPO bT_S PL^P LYO R]LNP NZXMTYTYR _SP aZTNP YL_`]LW TY_`T_TaP LMTWT _TP^ LYO WZaTYR TY_PY_ >Z`YO T^ NZXXZY LYO Pc_]LZ]OTYL]d ^TX[WP LYO NZX[WPc >Z`YO T^ aP]d [ZbP]Q`W ,YNTPY_ ^_Z]TP^ SLaP TY_TXL_PO _SL_ ^Z`YO bL^ `^PO _Z XZaP WL]RP ^_ZYP^ TY _SP M`TWOTYR ZQ _SP [d]LXTO^ ?SP^P_PNSYZWZRTP^SLaPMPPYWZ^__Z`^3ZbPaP]YPb_PNSYZWZRTP^`^TYR ^Z`YO L^ LY TY^_]`XPY_ L]P []ZaTOTYR R]Zb_S LYO SPLWTYR TY _SP [Sd^TNLW ^[T]T_`LW LYO PXZ_TZYLW ]PLWX^ ?SP ^VPWP_LW ^_]`N_`]P^ ZQ Z`] MZOTP^ ]P ^[ZYO _Z ^Z`YO :`] PXZ_TZY^ ]P^[ZYO _Z ^Z`YO :`] M]LTY^ ]P^[ZYO _Z ^Z`YO=P^PL]NS^SZb^_SL__SPPYP]RP_TN^_]`N_`]PZQL[P]^ZYT^LN_`LWWd NSLYRPO ]PL]]LYRPO L^ L ]P^`W_ ZQ ^[PNTQTN ^Z`YO^ >Z`YO NLY NSLYRP [L_ _P]Y^ZQMPSLaTZ]x #
?ST^ ]P[]P^PY_L_TZY T^ LY TY_P]P^_TYR ZYP 4Y L ^PY^P _SP XZOP]Y SPLWP] Q`^P^ BP^_P]Y LYO 4YOTLY VYZbWPORP LMZ`_ _SP PQQPN_^ ZQ ^Z`YO TY_Z ^ZXP_STYR YPb LYO NWLTX^ _SP PcT^_PYNP ZQ L Q`WWd YPb w_PNSYZWZRTNLW VYZbWPORPx _SL_ T^ ^NTPY_TQTNLWWd QZ`YOPO ?SP L`_SZ]T_d T^ wLYNTPY_ bT^OZXx L WZ^_ P^Z_P]TN VYZbWPORP _SL_ PcT^_PO TY 0Rd[_ ,WW ZQ _SP^P ^_]`N_`]LW PWPXPY_^ L]P Pc_]PXPWd _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_d 3Zb PaP]bSL_T^P^[PNTLWWd TY_P]P^_TYR TY_ST^PcLX[WPT^ _SP]PaTaLWZQ_SP TOPL ZQ _SP [^dNSZWZRTNLW [Sd^TZWZRTNLW LYO _SP]L[P`_TN PQQPN_^ ZQ X` ^TNbSTNSSLOLQT]X[WLNPTY_SPLYNTPY_0`]Z[PLYaTPbZQX`^TN;]P NT^PWd_ST^L^[PN_SZbPaP]bL^XT^^TYRQ]ZX±£]«RLOPaLv^aTPbPaPY _SZ`RSSPbL^YZ_ZYWdLX`^TNZWZRT^_M`_LW^ZLY,d`]aPOTNOZN_Z]4_ T^YZ_TNPLMWPSZbPaP]_SL__SPXZOP]YSPLWP]^_]P^^P^YZ__SPPQQPN_^ZQ X`^TN M`_ _SP [ZbP] ZQ ^Z`YO aTM]L_TZY^ LYO TY [L]_TN`WL] _SZ^P ZQ ZYPv^ ZbY aZTNP ?ST^ TY _`]Y QZWWZb^ ZY TXXPOTL_PWd Q]ZX _SP 4YOTLY _]LOT_TZYP^[PNTLWWd _SP DZRTNVYZbWPORPN`W_`]P^ #8Z]PZaP] T_ T^ZQ ^[PNTLW TY_P]P^_ _SL_ YZ_ ZYWd YPb MWPYOTYR^ L[[PL] TY _SP 9Pb ,RP 9£OLSPLWTYR M`_ LW^Z _SPT] ]P[P]N`^^TZY ZY _]LOT_TZYLW 4YOTLY XPOT NTYP?ST^XPOTNTYPT_^PWQSL^ L[]ZXTYPY_[WLNP TYXZOP]Y^[T]T_`LWT_d TP,d`]aPOLLYODZRLSLaPLVPdaLW`PTYLW_P]YL_TaPQZ]X^ZQ_SP] L[d Z]TPY_PO ZY SZWT^X ?ZOLd L Y`XMP] ZQ ,d`]aPOTN SZ^[T_LW^ TY _SP BP^_ LYO TY 4YOTL TYNZ][Z]L_P X`^TN _SP]L[d bSTNS T^ []Z[LRL_PO L^ wLYNTPY_,d`]aPOLX`^TN_SP]L[dxZ]wSPLWTYR ^Z`YO^x #4_T^L^^`XPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #S__[%bbbPY_]P[]PYP`]TLWSPLWP]NZX^Z`YOTYRS_XWLNNP^^PO>P[_PXMP] #>ZXP ZQ _SP DZRTN >TOOSL N`W_`]P^ ZQ 4YOTL bP]P NP]_LTYWd LW^Z ^_]ZYRWd MZOd Z]TPY_PO ?ST^ MPNZXP^ NWPL] LMZaP LWW TY _SP WL_P] 3L¶SL DZRL LYO TY _SP DZRTN LW NSPXT^_^v ^PL]NS QZ] TXXZ]_LWT_d TP TYQTYT_P []ZWZYRL_TZY ZQ WTQP ?SP _PNSYT\`P^ NZX[]T^PO XLY_]L []LN_TNP LYO [Z[`WL] VYZbWPORP LMZ`_ XP_LW^ `^`LWWd XP]N`]d _SPSPLWTYRPQQPN_^ZQSP]M^LYO,d`]aPOTNLWWdTY^[T]POw>TOOSLXPOTNTYPx #?ST^L[[WTP^TY[L]_TN`WL]_Z_SP8LSL]T^ST ,d`]aPOLSZ^[T_LW^_SL_ SLaPWL]RP[]PX T^P^L]Z`YO_SP bZ]WOTYNW`OTYR2P]XLYd -LO0X^ ?SPwLYNTPY_ ,d`]aPOL X`^TN
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
_SL_ RPY_WP X`^TN LYO _SP ^TYRTYR ZQ ^ZYR^ TY _SP =£RL L[[]Z[]TL_P _Z _SP ^PL^ZY ZQ _SP dPL] Z] _SP _TXP ZQ OLd SLaP SPLWTYR LYO ]PWLcTYR PQ QPN_^ LYO _SP]PQZ]P SLaP [Z^T_TaP TYQW`PYNP^ ZY SPLW_S bPWWMPTYR LYO _SPZ`_NZXPZQ_SPSPLWTYR;]P^`XLMWd ±£]«RLOPaLbZ`WOSLaPLR]PPO bT_S _ST^ -`_ _ST^ TOPL OZP^ YZ_ L[[PL] _Z MP [L]_ ZQ _]LOT_TZYLW ,d `]aPOL ,YZ_SP]^TRYTQTNLY_NSLYRPQZ`YOTY_SP9Pb,RPT^_SL__SPLYNTPY_ X`^TNZQ_SP^[SP]P^MPNLXPL`OTMWP4Y,Y_T\`T_dT_bL^YZ_LNNP^^TMWP _Z S`XLY PL]^ 4_ NZ`WO ZYWd MP [P]NPTaPO Md TY_PWWPN_`LW TY^TRS_ Z] L_ MP^_TYLYPc_]LZ]OTYL]daT^TZY_SL_bL^WZNL_POXZ]PTY_SPZ_SP]bZ]WO _SLYTY_SPPL]_SWdZYPLYOXZ]PTYO]PLX^_SLYTY]PLWT_d:`][]Z[Z^T _TZY bL^ _SL_ -P]PYO_ YPPOPO _SP 9£OL-]LSXLY TY Z]OP] _Z ^STQ_ _ST^ aT^TZYZQ_SPNZ^XTNbSZWPTY_Z_ST^bZ]WOLYO_SP^PY^PZQSPL]TYR3P MPNLXP L _]LY^XT__P] ZQ _ST^ YPb _SZ`RS_ BT_S Pc[WTNT_ ]PQP]PYNP ZY -P]PYO_ LYO Z_SP] ^Z`]NP^ Q]ZX LWW L]Z`YO _SP bZ]WO _SP ^PY^Z]TeL_TZY LYO NZYN]P_TeL_TZY ZQ _SP wX`^TN ZQ _SP ^[SP]P^x L[[PL]^ TY LY P^[P NTLWWd Pc_]PXP QZ]X TY _SP w0L]_S^ZYR 8`^TNx ZQ L XZOP]Y .PW_TN P^Z _P]TN NT]NWP 3P]P LY L__PX[_ bL^ XLOP _Z []ZO`NP wL X`^TNLW YZ_P bSTNSbZ`WO^TX`WL_P_SPuX`^TNvZQ_SP0L]_Sv^OLTWd]Z_L_TZYN]PL_TYR _ST^ 0,=?39:?0 _S]Z`RS _]LY^WL_TYR _SP Q]P\`PYNd ZQ _SP 0L]_Sv^ LcTLW ]Z_L_TZY TY_Z _SP ]LYRP ZQ YZ]XLW S`XLY SPL]TYRx # 4_ T^ NWLTXPO _SL_LbSZWPdPL]wZQ]P^PL]NSLYOPc[P]TXPY_L_TZYxL__SP/`MWTY4Y^_T _`_PZQ?PNSYZWZRdbL^^[PY_ZYPcLN_Wd_ST^BT_S_SPLTOZQPWPN_]ZYTN LYO OTRT_LW _PNSYZWZRTP^ _Z LX[WTQd _SP TYL`OTMWP Q]P\`PYNTP^ LYO TY NZXMTYL_TZY bT_S aL]TZ`^ TY^_]`XPY_^ LYO _SP S`XLY aZTNP LMZaP LWW bT_S ZaP]_ZYP ^TYRTYR _SP ]P^PL]NSP]^ bP]P ^`NNP^^Q`W TY N]PL_TYR L _]`Wdw[WLYP_L]dX`^TNx?SPT]^[T]T_`LWRZLWbL^w_Z[]ZXZ_PL]P_`]Y_Z Z`] Z]TRTYLW ^_L_P ZQ SL]XZYd SL]XZYd bT_S Z`]^PWaP^ bT_S _SP 0L]_S LYObT_SLWWZ_SP]0L]_SMPTYR^x >Z ]PNPY_Wd T_ SL^ MPNZXP [Z^^TMWP _Z SPL] _SP NZ^XTN ^Z`YO ZQ _SP bZ]WOTY0`]Z[P_ZZ?SPZWOO]PLXMPSTYO_ST^_ZXLYdZQZ`]]PLOP]^ []P^`XLMWdLWTPYL_TYRP^Z_P]TNPNZWZRd[]ZR]LXT^LYLYNTPY_ZYP:YP bT^SP^_ZPXMPO_SP bSZWPZQWTQPTY LXZ]PNZX[]PSPY^TaPQ]LXPbZ]V TY Z]OP] _Z TY_P][]P_ T_ SZWT^_TNLWWd =L_TZYLW TY^TRS_ LWZYP XLd ^L_T^Qd TY_PWWPN_`LW^M`_ T^YZ_ ^`QQTNTPY_ QZ][Z[`WL]N`W_`]P LYOXZOP]Y ^[T]T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP]L[dx L[[PL]^ _Z MP LY TYaPY_PO _]LOT_TZY DP_ _ZOLd PaPY ,d`]aPOTN SZ^[T_LW^ TY 4YOTLTYOP[PYOPY_ZQ?8TYNW`OPwSPLWTYR^Z`YO^xTY_SPT]]LYRPZQ_SP]L[TP^LWZYR ^TOP _SP NWL^^TNLW XP_SZO^ QZ] PcLX[WP _SP SZ^[T_LW ZQ 2`]` >S]T -LWLUT ?LXMP TY -LYRLWZ]P # S__[%bbb^_ZYPWTRS_TPX`^TNX`^TNS_XW LNNP^^PO >P[_PXMP] ?SP L`_SZ]ZQ_ST^bPM^T_PbL^8TNSLPW8Z]]T^?SP]PL]PLW^ZZ_SP]P^Z_P]TNR]Z`[^bSZ XLTY_LTY _Z SPL] _SP ^Z`YO ZQ _SP `YTaP]^P ?SPd NWLTX L STRSP] NZY^NTZ`^YP^^ _SLY _SL_TYLYNTPY__TXP^
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_`LWT_d ?SP LM^_]LN_TZY^ X`^_ MP ]PTQTPO LYO ^PY^Z]TePO _Z XLVP _SPX N]POTMWP LYO ]PNPTaLMWP LYO XZ]P NWPL]Wd SLaP ^ZXP_STYR _Z OZ bT_S WTQP ?SP LYNTPY_ TY_PWWPN_`LW^v ZWO Xd_S ZQ _SP X`^TN ZQ _SP ^[SP]P^ TYOPPOLW^Z[]ZXZ_POL ^[T]T_`LWTeL_TZYZQWTQPM`_ T_ bL^YZ_]PWL_PO_Z _SP^PY^P^8ZOP]Y^[T]T_`LWT_dLW^ZLTX^_Z[L]_TNT[L_PwOT]PN_WdxTY_SP `YTaP]^PLYOPc[P]TPYNP_SPw[]TXZ]OTLWSL]XZYdx?d[TNLWWd_SP^PL]NS T^ LM^ZW`_PWd ^`MUPN_TaT^_TN M`_ L^^ZNTL_PO bT_S L bZ]WOPYNZX[L^^TYR LYO Pc[WTNT_Wd wOPP[ PNZWZRdx []ZR]LX LYO SZbPaP] wXd_STNLWx _SP ^PL]NS^PPX^_ZMP_SP`^PZQ_SPWL_P^__PNSYZWZRTP^T^P\`LWWdXZOP]Y LYO w]L_TZYLWx , aT^TZY ZQ SZWT^X LYO ^NTPY_TQTN w_]`_Sx XP]RP TY_Z PLNS Z_SP] NZX[WP_PWd ?ST^ [L__P]Y ZQ L NZYYPN_TZY MP_bPPY [L]_TNT[L _Z]dLYOPXLYNT[L_Z]dXZOP^^Z_d[TNLWZQ4YOTLY`YTaP]^LWXd_S^T^ YZbLOLd^ QZ`YO LWW _S]Z`RS XZOP]Y BP^_P]Y ^[T]T_`LWT_d 4Y [`]PWd ^_]`N_`]LW _P]X^ _SP TYaPY_TZY ZQ _SP 9£OL-]LSXLY LW^Z []ZXZ_PO ^ZXP_STYR aP]d ^TXTWL] _Z _SL_ []ZXZ_PO Md _SP 0L]_S^ZYR X`^TN% _SP NZYN]P_TeL_TZY ZQ LY TXLRP ZQ _SP NZ^XTN bSZWP TY L`OTMWP X`^TN #! ±£]«ROPaLv^ 9£OL-]LSXLY bL^ QL] XZ]P ^PY^Z]d _SLY -SL_]SL]Tv^ ±LMOL-]LSXLY M`_ Q`WWd LM^Z]MPO T_^ NZXX`YTNL_TaP LYO LWW NZYYPN_TYR [ZbP] 4_ LW^Z MPNLXP QTWWPO bT_S LOOT_TZYLW PWPXPY_^ z TY [L]_TN`WL] ?LY_]TN [^dNSZ^ZXL_TN^ _SPT^X LYO MSLV_T z LYO _]LY^WL_PO TY_ZLOTQQP]PY_XPOT`XX`^TN4YXZOP]YBP^_P]Y^[T]T_`LWT_dbSP]P _SPbSZWPbZ]WOT^LaLTWLMWPLYOTYSP]T_POPaPYTQZYP^PP^ZYP^PWQL^L .PW_TN 0L]_S^ZYR R]Z`[ ZYP O]Lb^ ZY 5L[LY .STYL ?TMP_ ,XP]TNLY _]LY^NPYOPY_LWT^X9Z]_S,XP]TNLY4YOTLYN`W_`]P^XTYTXLWX`^TNLYO 5ZLNSTX -P]PYO_ ?SP]P L]P YZ ]PQP]PYNP^ _Z 4YOTL L[L]_ Q]ZX LY TYOT ]PN_ ]PQP]PYNP _Z -P]PYO_v^ SdM]TO 9£OL-]LSXLY 9PaP]_SPWP^^ _SP RPYP]L_POw0L]_SYZ_Px_SL_T^OP^N]TMPOT^LWT__WP]PXTYT^NPY_ZQ4YOTLY XZOLW X`^TN _SP YZ_TZY ZQ 9£OL-]LSXLY LYO _SP ?£X[¼]L , 9£OL WTVP _ZYTN YZ_P bL^ N]PL_PO LY wL]NSP_d[LW YZ_Px _SL_ T^ w]TNS TY aL]T Z`^_ZYLWT_TP^LYOSL]XZYTN^x?ST^T^LYZ_SP]ZQXLYd9Pb,RPPcLX [WP^ bSP]P 4YOTL SL^ SLO LY TYQW`PYNP M`_ ZYWd LY TYOT]PN_ ZYP LYO T_^PWQT^YZWZYRP]aT^TMWP4YOTLZQQP]PO_SPTOPLzLWTPY_Z0`]Z[Pz_SL_ _SPX`^TNZQ_SP^[SP]P^T^L`OTMWP?d[TNLWWd0`]Z[PLYMdNZY_]L^_L]P _SP ]PNZ`]^P _Z XL_SPXL_TN^ LYO _PNSYZWZRd _SP QZN`^ ZY _SP X`^TNLW SL]XZYTP^ LYO _SP NZX[WP_P ]PWZNL_TZY ZQ _SP ^PL]NS _Z _SP Pc_P]YLW bZ]WO ?ST^ T_^PWQ ZQQP]^ _SP VPd _Z _SP ^PN]P_ ZY MZ_S WL]RP LYO ^XLWW
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #!?SP]P L]P PaPY XZ]P 9Pb ,RP R]Z`[^ _SL_ bLY_ _Z XLVP _SP X`^TN ZQ _SP [WLYP_L]d ^[SP]P^L`OTMWP?SPdNWLTX_SL__ST^SL^ZYWdMPNZXPL__ST^_TXPZbTYR_ZLSTRSP] WPaPW ZQ NZY^NTZ`^YP^^ LW]PLOd ]PLNSPO Md _SP 9Pb ,RP OPaZ_PP^ 8LYd ^Z`]NP^ ZQ TY^[T]L_TZY YZ_ ZYWd _SP 4YOTLY 9£OL-]LSXLY SLaP [WLdPO L ]ZWP TY ^`NS XZOP]Y NZYNP[_^ZQ^[T]T_`LWT_d
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
^NLWP^ >Z _ZOLd _SP w^Z`YO ZQ /9,x SL^ LW^Z MPPY Pc[]P^^PO TY X` ^TN #" ?SP bPM^T_P ]PQP]]TYR _Z _SP /9, X`^TN T^ NLWWPO w8d^_P]d ZQ >Z`YO z >Z`YO 2YZ^T^ LYO _SP >Z`YO ZQ >TWPYNPx ?ST^ ^T_P T^ aP]d X`NSLYPXMWPXZQ_SP9Pb,RPL^T_SL^YTYPbPM[LRP^Q`WWZQL[SZ ]T^X^ _Z []ZaTOP wPaTOPYNPx ZQ _SP `YT_d ZQ RWZMLW N`W_`]P bSPY T_ NZXP^_Z ^Z`YO Xd^_P]TP^ 2]LTWXd^_P]TP^]`M ^SZ`WOP]^ bT_S0TY^_PTY _SP 8LT_]T LYO 8£©`VdL @[LYT´LO^ _SP ?TMP_LY -ZZV ZQ _SP /PLO ,XP]TNLY 4YOTLY ^Z`]NP^ ?LZ ?P .STYR ±L«VL]L ^TN 3Le]L_ 4YLdL_ 6SLY_SP9LR3LXXLOT7TM]L]dLYOZQNZ`]^PLW^Z-P]PYO_LYOXLYd Z_SP]^ :YWd _bZ ZQ _SP^P L[SZ]T^X^ bTWW MP ]P[]ZO`NPO SP]P bSTNS ]PaPLW_SPTY^[T]L_TZYNZXTYRQ]ZX3TYO`TOPL^zTYZYPNL^PPc[WTNT_Wd LYO TY _SP Z_SP] TX[WTNT_Wd ?SP QT]^_ ZYP T^Q]ZX _SP ?LZ ZQ ;Sd^TN^ Md _SP9Pb,RPwR`]`x1]T_UZQ.L[]L% P 9£OL^Z`YO L^ L ^NTPY_TQTN aT^TZY ZQ RZO% w,^ 4 ^L_ ZY _SP MPLNS Xd QZ]XP] Pc[P]TPYNP^ NLXP _Z WTQP% 4 u^Lbv NL^NLOP^ ZQ PYP]Rd NZXTYR OZbY Q]ZX Z`_P] ^[LNP TY bSTNS [L]_TNWP^ bP]P N]PL_PO LYO OP^_]ZdPO TY ]Sd_S XTN [`W^P^ 4 u^Lbv _SP L_ZX^ ZQ _SP PWPXPY_^ LYO _SZ^P ZQ Xd MZOd [L] _TNT[L_TYRTY_ST^NZ^XTNOLYNPZQPYP]Rd&4QPW_T_^]Sd_SXLYO4uSPL]OvT_^ ^Z`YOLYOL__SL_XZXPY_4VYPb_SL__ST^bL^_SP/LYNPZQ>STaLx ##
?ST^ aT^TZY ZQ _SP `YTaP]^P bSTNS L_ _SP ^LXP _TXP T^ LY L`OT_TZY LYO TYaZWaP^ ZYPv^ ZbY [P]^ZY T^ XTWP^ LbLd Q]ZX ,`R`^_TYP LYO LW^Z Q]ZX.TNP]Zv^w/]PLXZQ>NT[TZx:YPv^ZbY[P]^ZYT^[]P^PY_MPNL`^P LXZYT^_TN[LY_SPT^_TNbZ]WOaTPbT^QZ`YO_ZMPQ`YOLXPY_LWWd[]P^PY_ bSTNS T^ ZMaTZ`^Wd WTYVPO bT_S 4YOTLY `YTaP]^LW Xd_SZWZRd ?SP ^PN ZYO PcLX[WP T^ PaPY XZ]P TY_P]P^_TYR []PNT^PWd MPNL`^P _SP ]PQP]PYNP _Z 4YOTL ]PXLTY^ LM^ZW`_PWd TYaT^TMWP LYO L_ _SP ^LXP _TXP .S]T^_TLY _]LOT_TZY XTcPO bT_S 8`^WTX LYO 9PZ[WL_ZYTN ;d_SLRZ]PLY _]LOT_TZY^ L[[PL]^TYLYw4YOTLYTePOxQZ]X9ZL`_SZ]T^RTaPYL^_SP^Z`]NPZYWd w?SP0^^PYNP2Z^[PWZQ;PLNPx% Q9£OL^Z`YOL^_SPwaZTNPxZQ_SPSPLaPYWdQL_SP]%w,YObSPY_SP^`YT^ STRS TY _SP SPLaPY^ _SPY ^SLWW dZ` ^PPV _SP 3ZWd >_]PLX ZQ >Z`YO & QZ] T_NLYZYWdMPSPL]OTY_SP^TWPYNPm?]`WdT_T^_SPaZTNPZQ2ZOTQdZ` OTO M`_ VYZb T_ 1Z] L^ T_ T^ b]T__PY TY _SP MPRTYYTYR bL^ _SP >Z`YO LYO _SP>Z`YObL^bT_S2ZOLYO_SP>Z`YObL^2ZO4_PWWdZ`_]`WdbSPYbP L]P MZ]Y bP PY_P] _SP bZ]WO bT_S _SP ^Z`YO ZQ 2ZO TY Z`] PL]^ PaPY _SP ^TYRTYR ZQ _SP aL^_ NSZ]`^ ZQ _SP ^Vd LYO _SP SZWd NSLY_ ZQ _SP ^_L]^ TY _SPT]QTcPO]Z`YO^ QZ]TY_SPMPRTYYTYRZQ_SP _TXP^^ZOTObP LWW^SL]P TY_SP3ZWd>_]PLXZQ>Z`YO_SL_RLaPMT]_S_ZLWWN]PL_TZY,YO_SPXTRS_d ]ZL]TYR ZQ _SP >_]PLX ZQ >Z`YO bTWW QTWW dZ`] bSZWP MZOd LYO dZ` MP
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #"S__[%bbbRYZaLNLXd^_P]dS_XLNNP^^PO>P[_PXMP] ##S__[%bbbRYZaLNLXd^_P]dS_X[LNNP^^PO>P[_PXMP]
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
NZXP_SP^Z`YOT_^PWQ_SL__SP3ZWd>_]PLXZQ>Z`YOXLdNL]]ddZ`_Z_SP PYOWP^^VTYROZXZQ_SP3PLaPYWd1L_SP]x #$
4Y^_PLO ZQ .L[]Lv^ ^NTPY_TQTN bZYOP]Q`W aT^TZL`OT_TZY SP]P bP QTYO L bZYOP]Q`W]PWTRTZ`^aT^TZL`OT_TZYZQ_SPSL]XZYdZQ_SP^[SP]P^LYOZQ []TXZ]OTLW ^Z`YO -P]PYO_ SLO LW]PLOd _LNT_Wd NZYaP]_PO _SP Z[PYTYR bZ]O^ZQ>_5ZSYv^2Z^[PWw4Y_SPMPRTYYTYRbL^_SPBZ]OF_SP WZRZ^ Hx TY_Z_SP^`RRP^_TaP^_L_PXPY_w4Y_SPMPRTYYTYRbL^_SP^Z`YOxLYO_ST^ T^ XLOP PaPY XZ]P NZYN]P_P TY _SP \`Z_L_TZY LMZaP ?SP bZ]O^ ZQ >_ 5ZSY L]P OT]PN_Wd ]PWL_PO L^ TY _SP 8TOOWP ,RP^ _Z _SP RPYP^T^ ZQ _SP bZ]WOLYOL^TY,`R`^_TYPL^^ZNTL_PObT_S_SPLYNTPY_SL]XZYdZQ_SP ^[SP]P^zLWW_SPbLd_Z_SPLY_T\`PTOPLZQ_SPTYQTYT_PWd WZ`O ^Z`YOZQ _SP [WLYP_^ ?SP LN_`LW ^Z`]NP T^ SZbPaP] YZ_ 5PbT^S.S]T^_TLY LYO LYNTPY_ 0`]Z[PLY ]ZWPXZOPW^ M`_ _SP =LOSL >ZLXT XZaPXPY_ LYO T_^ _SPZWZRdZQL[]TXZ]OTLWw^Z`YON`]]PY_x?SPT]TOPL^L[[PL]YZb.S]T^ _TLYTePO wSPLaPYWd QL_SP]x P_N 3P]P _SP 4YOTLY TY^[T]L_TZY WPO _Z L YPb aL]TL_TZY ZQ .S]T^_TLY P^Z_P]TNT^X _SL_ T^ YPT_SP] [`]PWd 4YOTLY YZ] [`]PWdBP^_P]Y,^TY_SPNL^PZQ_SP=LOSL>ZLXT^_SPQZN`^T^ZYLY TYYP] ]PLWT_d ZY _SP w^Z`YO ZQ ^TWPYNPx bSTNS NLY ZYWd MP SPL]O TY XPOT_L_TZY ,NNZ]OTYR _Z _ST^ ^Z`]NP _SP X`^TN ZQ _SP ^[SP]P^ NLY MP RPY`TYPWd Pc[P]TPYNPO L^ _SP waZTNP ZQ 2ZOx TY XPOT_L_TZY TY _SP M]TRS_^STXXP]TYRSPL_ZQYZZYLYOT_^`YT\`P^TWPYNP ,NNZ]OTYR _Z -PNV _SP =LOSL >ZLXT XZaPXPY_ bSTNS QZ]XPO TY _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d TY _SP NZWZYTLW OT^NZ`]^P QTPWO ZQ 4YOTL bL^ LWZYR^TOP >STaLYLYOL ZYP ZQ _SP XZ^_ [ZbP]Q`W QZ]NP^ ^[]PLOTYR _SP 9£OL-]LSXLY TOPL TY _SP BP^_ 8L]V 5`P]RPY^XPdP] ]PRL]O^ _SP =LOSL >ZLXT QLT_S _SP QT]^_ w`YBP^_P]YTePO ]PWTRTZY _Z bSTNS YZY3TYO`^ SLO LNNP^^x `YWTVP ATaPVLYLYOLv^ wBP^_P]YTePOx APOLY_L >ZNTP_TP^ $ ?SP QT]^_ ,XP]TNLY bL^ TYT_TL_PO L^ PL]Wd L^ TY $LYOTY$_SP-PL^7TYPLW]PLOdSLO" ,XP]TNLYTYT_TL_P^4Y _SP$!^LYO$"^T_Pc[LYOPOS`RPWdbSP]PL^TY_P]P^_TYT_O]Z[[PO ZQQLQ_P]$#LYO^STQ_PO_ZXTR]LY_QLXTWTP^?ZOLd_SPXZaPXPY_SL^ L[[]Zc BP^_P]Y QZWWZbP]^ $ ?SP ^T_`L_TZY T^ SZbPaP] ^ZXP bSL_ XZ]P NZX[WPc 9Z_ ZYWd OTO _SP XZaPXPY_ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ ,R]L LYO -PL^ WTYP^ LYO Q`]_SP] ^`MOTaT^TZY^ 4_ LW^Z _]TR RP]PO L`_ZYZXZ`^ XZaPXPY_^ _SL_ bP]P TY_P]YL_TZYLWWd LN_TaP ^`NS L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$S__[%bbbRYZaLNLXd^_P]dS_X [ LNNP^^PO >P[_PXMP] BP ^`^[PN_ _SL_LXPXMP]Z]L^`MOTaT^TZYZQ_SP0NVLYVL]XZaPXPY_QZ`YOPOTY$!bL^_SP L`_SZ]^BSP]PL^;L`W?bT_NSPWW_SPQZ`YOP]ZQ0NVLYVL]MZ]]ZbPOP^^PY_TLWTOPL^ Q]ZX _SP =LOSL >ZLXT^ _SP XZaPXPY_ SL^ O]TQ_PO LbLd Q]ZX 3TYO`T^X _ZbL]O^ .S]T^_TLYT_d ^TYNP ?bT_NSPWWv^ OPL_S $" .Q S__[%ZXR`]`NZXS_XW^LTY_^_bT _NPSWS_XWMd5/PYZ^VdLNNP^^PO>P[_PXMP] $5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d z! $5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
_SP 0NVLYVL] XZaPXPY_ ZQ _SP ,XP]TNLY ;L`W ?bT_NSPWW LYO _SP /T aTYP7TRS_ >ZNTP_dZQ _SP4YOTLY2`]` 8LSL]LUT?SP0NVLYVL]XZaP XPY_ bSZ^P QZ`YOP] NZY^NTZ`^Wd STO ST^ =LOSL >ZLXT TX[Z]_^ T^ []ZMLMWd X`NS WL]RP] _SLY _SP =LOSL >ZLXT^ TY _SP BP^_ LYO SLO L STRSP] []ZQTWP TY ,XP]TNL $ 4Y _SP WL^_ OPNLOP _SP 0NVLYVL] _ZZV ZY L XZ]P.S]T^_TLYZ]TPY_L_TZY?ST^^PPX^_ZMP_SPXTWTP`bSP]PZ`]\`Z _L_TZY Q T^ Q]ZX >Z =LOSL >ZLXT VYZbWPORP ^[]PLO _S]Z`RS OTQQP]PY_ NSLYYPW^ 4Y _SP 2P]XLY^[PLVTYR L]PL LWZYP QZ] TY^_LYNP QTaP R]Z`[^ ZQ _SP -PL^ WTYP L]P LN_TaP 0cNP[_ QZ] _SP =LOSL >L_^LYR -PL^ T_ T^ YZ_TNPLMWP _SL_ _SPd SLaP `YTaP]^LWT^X TY _SPT] YLXP^% @YT_d ZQ 8LY 1Z]`X ZQ @YTaP]^LWT^_ =PWTRTZY 3ZWZ^Z[STN >ZNTP_d LYO >NTPYNP ZQ >[T]T_`LWT_d ?SP^P YLXP^ L]P RZZO PcLX[WP^ ZQ XZOP]Y RWZMLWTePO ^[T]T_`LWT_d ?SP =LOSL >ZLXT^ M]TYR_ `^ _Z NZX[WPc TY_P]LN_TZYLW []ZNP^^P^ ZQ XZOP]Y _]LOT_TZYM`TWOTYR LYO L RPY`TYPWd 4YOTLY aP]^TZY ZQ _SP X`^TN ZQ_SP^[SP]P^_SL_T^OPP[Wd]ZZ_POTYL^ZYTNLY_S]Z[ZWZRd?ST^T^bSd bP bLY_ _Z LOO ^ZXP ]PXL]V^ _Z Z`] []PaTZ`^ OT^N`^^TZY ZQ _SP XZaP XPY_?SPdbTWWWPLO`^_ZNZY^TOP]NZY_TY`T_TP^LYOOTQQP]PYNP^TYXZO P]Y^[T]T_`LWT_dTY4YOTLLYO_SPBP^_ 4Y >STaLYLYOL ±£]«RLOPaLv^ 9£OL-]LSXLY SLO LW]PLOd _LVPY L DZRTN _`]Y M`_ `YOP] _SP =LOSL >ZLXT^ _SP NSLYRP bL^ PaPY XZ]P ]LOTNLW% _SP QZN`^ T^ NZX[WP_PWd ZY LY TYYP] UZ`]YPd ZQ _SP ^Z`W LYO bZYOP]Q`WTYYP] ^Z`YO bZ]WO^?SP =LOSL>ZLXT^OZ YZ_`^P _SP_P]X^ w9£OL-]LSXLYx Z] w9£OLDZRLx M`_ ^[PLV ZQ w>`]L_±LMODZRLx L XPOT_L_TZY _PNSYT\`P ZQ ^PN]P_ ^NTPYNP bSTNS NZ`WO MP _]LY^WL_PO L^ wBZ]ODZRLZQ_SP^Z`Wx4_T^LwOT^NT[WTYP dZRL _SL_`YT_P^_SP^[T]T_ ^`]L_ bT_S _SP ^[T]T_`LW ^Z`YO ^SLMO x $ 4_ T^ ZQ ^[PNTLW TY_P]P^_ _SL_ _SP _P]X QZ] _SP ^Z`W ^`]L_ T^ L[[L]PY_Wd OP]TaPO Q]ZX wSPL]TYRx ²]`_T $TP_SP^Z`WT^L^^ZNTL_PO^`M^_LY_TLWWdbT_S^Z`YOLYOaTM]L_ TYR PYP]Rd LYO YZ_ ZYWd bT_S NZY^NTZ`^YP^^ z ^TXTWL] _Z _SP bLd TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $4_SLYV5/PYZ^VdQZ]_ST^TYQZ]XL_TZY[P]^ZYLWPXLTWNZXX`YTNL_TZYZY>P[_PXMP] /PYZ^Vd XLTY_LTY^ TY ST^ MTZR]L[Sd ZQ ?bT_NSPWW% w;L`W ?bT_NSPWW bL^ [P]SL[^ _SP XZ^_ ^`NNP^^Q`W ,XP]TNLY _PLNSP] ZQ LY 4YOTLYML^PO ^[T]T_`LWT_d TY ,XP]TNLx.QS__[%ZXR`]`NZXS_XW^LTY_^_bT_NPSWS_XW[$ 4_T^ZQ TY_P]P^_ _SL_ _SP YLXP 0NVLYVL] ^PPX^ _Z MP OP]TaPO Q]ZX LY LYRTWTNTePO aP]^TZY ZQ :ÀV£]L w_SP ^dWWLMWP :¿x _Z bSTNS wPNVx Z] wPVx XPLYTYR wZYPx >LY^V]T_ wPVLx T^ LOOPO 0V :ÀVL] T^ _SP w]ZZ_ XLY_]Lx ZQ _SP >TVS^ 4_ MPRTY^ _SPT] SZWd MZZV ¢OT 2]LY_S LYO OPYZ_P^ TY _ST^ NZY_Pc_ ^ZXP_STYR WTVP w_SP ZYP `YTaP]^LW N]PL_Z] 2ZOx ?bT_NSPWWO]PbQ]PPWdZY^PaP]LW^Z`]NP^4Y_SPWL^_OPNLOPST^[WLRTL]T^XZQ=LOSL >ZLXT_Pc_^-WLaL_^Vd4YLdL_6SLYLYOZ_SP]^SL^NZXP`YOP]L__LNVTMTO $5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d $ $5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d $ ?SP P_dXZWZRd LYO Z]TRTY ZQ _SP `Y`^`LW _P]X w^`]L_x T^ SZbPaP] YZ_ VYZbY bT_S NP]_LTY_d 5`P]RPY^XPdP] MPWTPaP^ _SL_ T_ NZ`WORZMLNV_Z_SP9£¶SDZRTY^
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
bSTNSRZOL_P]X_SL_ T^SL]OWd`^POL_LWWT^Pc[P]TPYNPO_S]Z`RSST^ ^PN]P_wYLXPWP^^YLXPxZQPYP]RdLYO^Z`YOTP_SPDZRTNLM^Z][_TZY TY _SP bZYOP]Q`W w^Z`YO N`]]PY_x ZY bSZ^P bLaP^ _SP TYYP] UZ`]YPd WPLO^_S]Z`RSaL]TZ`^WPaPW^ZQNZY^NTZ`^YP^^ :YP^SZ`WOMP]PXTYOPO _SL_TY_P]P^_TYRWd_SP=LOSL>ZLXT^aTPbPO]PXPXM]LYNPZQRZO ^TX ]LY LYO XPOT_L_TZY OSd£Y L^ WZbP] WPaPW^ ZQ _SP PcP]NT^P bSTWP MSL ULY SP]P _SP ^Z`YO aTM]L_TZY^ ZY _SP wL^_]LW [WLYPx LYO Q`]_SP] bZ]WO _]LY^NPYOTYR^[SP]P^L]P]PRL]OPOL^_SPSTRSP^_WPaPW 3ZbPaP] WT__WP _SP aL]TZ`^ =LOSL >ZLXT WTYPLRP^ LYO ^`MR]Z`[^ LR]PP ZY _SP Y`XMP] ZQ NPWP^_TLW bZ]WO^ LYO _SP VTYO ZQ ^PN]P_ XLY _]L^ LWW ZQ _SPX ^SL]P _SP YZ_TZY ZQ L UZ`]YPd ZQ _SP ^Z`W _S]Z`RS LY TYYP] `YTaP]^P ZQ ^Z`YO^ bSTNS ^TX`W_LYPZ`^Wd SL^ L ]PLW NZ]]P^[ZY OPYNP TY _SP ZMUPN_TaP ]PLWT_d ZQ _SP `YTaP]^P ?SP TOPL T^ Q`YOLXPY_LW _SL_ bT_S XPOT_L_TaP []LN_TNP _SP ^Z`W WPLaP^ _SP MZOd _S]Z`RS _SP NLV]L MP_bPPY _SP PdPM]Zb^ LYO QWZL_^ `[bL]O TY _SP SPLaPYWd ^Z`YO N`]]PY_ _Z RZO ?SP QZWWZbTYR ^`XXL]d ZQ _ST^ UZ`]YPd R T^ _SP ZYWd \`Z_L_TZYTY_ST^NSL[_P]YZ__LVPYQ]ZXLY4Y_P]YP_^T_P $ ?ST^aP]^TZY ZQ_SP,R]L7TYPT^NZX[WPXPY_PObT_SL^_L_PXPY_Q]ZXLXL^_P]ZQ_SP -PL^ 7TYP S bSTNS `YOP]^NZ]P^ _SP _SPZWZRd ZQ _SP 9LXPWP^^ XZ]P ^_]ZYRWd LYO T^ XZ]P TYQW`PYNPO Md >TVST^X LYO TYOT]PN_Wd Md _SP ]L _TZYLWT^_TN 8`^WTX _SPZWZRd ZY _SP L__]TM`_P^ ZQ 2ZO ?SP _bZ ^PWQ _P^_TXZYTP^ _SL_ _SPY QZWWZb L]P Q]ZX L w[]TaL_Px [`MWTNWd LNNP^^TMWP SZXP[LRP $!% R 9£OL>Z`YO L^ L aT^TZYL]d Pc[P]TPYNP ZQ TYYP] LYO ^[SP]TN ^Z`YO bZ]WO^% w?SPOPaZ_PP T^ ^LTO_Z_LVPST^Z]SP] ^PL_ L__SP_ST]OPdP?SP]P _SPOPaZ_PPSL^LaT^TZYZQ_SPR`]`LYOZ]LM]TWWTLY_QWLXPLYOSPL]^_SP ^Z`YO ZQ L NZYNS LYO MPWW ?SP OPaZ_PP _SPY L^NPYO^ _Z _SP _SZ`^LYO [P_LWWPO WZ_`^ >Z`YO^ NZXP Q]ZX _SP WPQ_ LYO _SP ]TRS_ ?SP OPaZ_PP ]P UPN_^_SPWPQ_6£Wv^bZ]VLYONZYNPY_]L_P^ZY_SL_Q]ZX_SP]TRS_?SPYTY _SPNZX[LYdZQ_SPR`]`SPZ]^SPT^[`WWPOQ`]_SP]`[bL]O?SPL^NPYOTYR OPaZ_PP ^PP^ XL]aPWZ`^ ^TRS_^ z ^`Y^ XZZY^ ^VTP^ MPdZYO _SP ^Vd z LYO SPL]^ _SP ^Z`YO^ ZQ MPWW^ _S`YOP] X`^TNLW TY^_]`XPY_^ LYO ^Z`YO^ \`T_P `YWTVP LYd_STYR bP VYZb TY _ST^ bZ]WO ,_ _SP PYO ZQ _SP UZ`]YPd _SP OPaZ_PP SL^ L aT^TZY ZQ _SP >`[]PXP -PTYR STX^PWQ FTP =£OS£^a£XT ( =LOSL >ZLXT _SP u7Z]O ZQ _SP >Z`YO .`]]PY_vHx w>ZYTN UZ`]YPdx Md =£OS£>ZLXTTYT_TL_P^bSTNS]PLO^WTVPLNZXMTYL_TZYZQ_SPTYYP]^Z`YO^
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ BP SLaP _LVPY \`Z_L_TZY R Q]ZX 7Lb]PYNP -LMM w=POPX[_TaP 0YNZ`Y_P]^x bSZ SL^ bZ]VPO ZY _SP ,R]L 7TYP ?SP QZWWZbTYR Pc[WLYL_TZY Md >LY_ 6T][LW >TYRS S L XL^_P] ZQ _SP -PL^ 7TYP T^ _LVPY Q]ZX _SP bPM^T_P S__[%bbbRYZaLNLXd^ _P]dS_X[" $!Z LXT^ L^ OTQQP]PY_ WPaPW^ ZQ NZY^NTZ`^YP^^ LYO ^TX`W_LYPZ`^Wd LW^Z L^ XLN]ZNZ^XTN ]PLWT_TP^ ,NLOPXTN ]P^PL]NS ]P[PL_POWd ]PQP]]PO _Z ^_]TV TYR ^TXTWL]T_TP^ MP_bPPY _SP _PLNSTYR^ ZQ _SP ?SPZ^Z[ST^_^ LYO _SZ^P ZQ _SP =LOSL >ZLXT^ ^`NS L^ -WLaL_^Vdv^ bZ]V AZTNP ZQ >TWPYNP bSTNS bL^ []P^`XLMWd TY^[T]PO Md _SP =LOSL >ZLXT QZ`YOP] >bLXT >STa /LdLW##z#"# $#;]ZMLMWdZYPX`^_L^^`XPNZX[WPcX`_`LWTYQW` PYNP^ MPNL`^P _SP]P bP]P XLYd LYO aL]TPO ]PLW NZY_LN_^ $$ ?SP ?SP Z^Z[ST^_^ ]P[]P^PY_PO LY P^[PNTLWWd XL]VPO XPW_TYR [Z_ QZ] _SP XP]RP] ZQ0L^_P]YLYOBP^_P]YTOPL^>TXTWL]Wd_Z_SP?SPZ^Z[ST^_^_SP=LOSL >ZLXT^ `YOP]^_LYO _SPT] P^Z_P]TN _PLNSTYR L^ L ^NTPYNP _SL_ ]T^P^ LMZaP VYZbY YL_`]LW ^NTPYNP LYO NZXP^ Q]ZX L STRSP] NZY^NTZ`^YP^^ ?SP PL]Wd,XP]TNLYNZYaP]_5`WTPY5ZSY^ZYLQZ]XP]-L[_T^_[]PLNSP]bSZ NZY_]TM`_PO _Z _SP TY_P]YL_TZYLWTeL_TZY ZQ _SP =LOSL >ZLXT^ TY _SP $^ LYO WL_P] BP^_P]Y NZYaP]_^ bP]P [L]_TN`WL]Wd _LVPY bT_S _SL_ _SPdQPW__ZMP^NTPY_TQTNNZYQZ]XT_dLYO]L_TZYLWT_dZQ_SP=LOSL>ZLXT MPWTPQPR_SPTOPLZQL[]TXZ]OTLW-TR-LYRZ]_SPXL_P]TLWT^_TNYZ_TZY ZQPYP]Rd_SP[Sd^TZWZRTNLW[L__P]Y^ZQPc[WLYL_TZYLYO_SP_SP]L[P`_TN L[[WTNL_TZY^ 4_ T^ YZ_TNPLMWP _SL_ _SP NZX[WPc NZ^XZWZRd LW^Z NZY _LTY^ QZ] _SP QT]^_ _TXP L STP]L]NSTNLW ]LYVTYR LYO ^d^_PXL_TeL_TZY ZQ STRSP] ^Z`YO^ W`_P SL][ LYO QW`_P LYO ZQ WZbP] ^Z`YO^ MPWW LYO O]`X^ bSTNS bP]P YZ_ dP_ []P^PY_ TY _SP ZWO ^Z`YO NL_LWZR^ ZQ _SP DZRL WT_P]L_`]P 8Z]PZaP] L__]LN_TZY bL^ LW^Z PcP]NT^PO Md _SP ^[T]T _`LWNZ^XZ[ZWT^X_SPwP_STN^ZQQ]L_P]YT_dxLYO_SPTOPLZQLwDZRLQZ] Z]OTYL]dOLTWdWTQPxbSTNS>STa/LdLWSLOLW]PLOd[]Z[Z`YOPO4YOTLY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $".QZY_ST^_SPPc_PY^TaPOT^N`^^TZYTY5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d ##z$ $#,NNZ]OTYR_Z_SP_SP^T^ZQ5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d $$=LT>LWTR]LX>STa/LdLWv^^`NNP^^Z]TY_SP,R]LWTYPLYObSZ^d^_PXL_TePONZ^XZW ZRd^`M^N]TMPO_Z_SPUZ`]YLW ?SP?SPZ^Z[ST^_ Q]ZX##ZYbL]O^TPQ]ZX_SPdPL] TY bSTNS _SP ?SPZ^Z[ST^_^ XZaPO _SPT] SPLO\`L]_P]^ Q]ZX ,XP]TNL _Z 4YOTL .Q 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d ?SP ^[SP]P ZQ _SP L^_]LW bZ]WO LYO _SP XL]VPO `YTaP]^LWT^X ZQ _SP -PL^ 7TYP NZ`WO SLaP MPPY ^`MUPN_ _Z L _SPZ^Z[STNLW TY QW`PYNP ,NNZ]OTYR _Z 5`P]RPY^XPdP] TMTO _SP QT]^_ YZY3TYO` TYT_TL_P^ _Z _SP -PL^7TYPNLXPQ]ZXLXZYR?SPZ^Z[ST^_^ .Q5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d z# .Q LW^Z S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO^Z`YOS_XW LNNP^^PO 8L]NS 3P]P _SP w^Z`YO^ ZQ _SP P_SP]x LYO WTRS_ aT^TZY^ ZQ PL]WTP] DZRT^ L]P M`TW_ TY LY Z] OP]Wd QL^STZY TY_Z L NZ^XZWZRTNLWWd R]LOPO ^d^_PX ZQ ^[SP]P^ ZQ WZbP] LYO STRSP] ^[T]T_`LWbZ]WO^bSP]PL^_SPNWL^^TNLWWT^_^OPaTL_POQ]ZXZYPLYZ_SP]LYOOTOYZ_Pc STMT_LYd]PNZRYTeLMWPZ]OP]
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
$
LYOBP^_P]YP]^LWTVP^_]P^^_SPQ]TPYOWdL_XZ^[SP]PTY_SP=LOSL>ZLXT NZWZYTP^LYO_SPTX[]P^^TaPWZaPZQ_SP=LOSL>ZLXTXL^_P]^ /P^[T_P ^SL]POaLW`P^SZbPaP]_SP4YOTLYLYO_SPBP^_P]Y]L]PWdXTYRWP 0aPY TQ _SP =LOSL >ZLXT^ MZ]]ZbPOQ]ZXYZY3TYO` ^Z`]NP^z LYO _ST^ T^ NP]_LTY TY ]PWL_TZY _Z >TVST^X z TY _SP -PL^ 7TYP TY [L]_TN`WL] bSTNS LW^Z OPaTL_P^ Q]ZX YZ]XLW 3TYO` WTQP TY T_^ ^ZNTLWT^_TN WTQP^_dWP^ TY _SPT] NPY_]LW QZ]X^ ZQ MPWTPQ LYO _SZ`RS_^ _SPd L]P ^_TWW QT]XWd LY NSZ]POTY_SP3TYO`XTWTP`?ST^MPRTY^bT_S_SP^_]TN_YP^^ZQ_SPXPOT _L_TZY PcP]NT^P% T_ ^SZ`WO ^_L]_ L_ _S]PP ZvNWZNV TY _SP XZ]YTYR LYO WL^_ QZ] _S]PP _Z QZ`] SZ`]^ 4Y LN_`LW []LN_TNP SZbPaP] aPYP]L_TZY ZQ _SP XL^_P]LYO_SP MSLV_T QZ]X_SPLN_`LWNPY_P]LRLTYLYLWZRZ`^_Z3TYO` XTWTP`^ .ZX[L]T^ZYZQ_SP=LOSL>ZLXT^vTY^_T_`_TZYLWTePO^[T]T_`LWUZ`]YPd ZQ_SP^[SP]P^RbT_S_SL_ZQ_SPXZOP]YXPLYTYR^PPVP]T_ZVT^ZQ ^[PNTLW TY_P]P^_ 4Y _SP NL^P ZQ _SP =LOSL >ZLXT^ bSL_ T^ LM^ZW`_PWd NPY_]LW T^ _SP ^[T]T_`LW _PLNSP] bSP_SP] T_ MP _SP OPNPL^PO QZ`YOP] >bLXT >STa /LdLW bSZ^P [TN_`]P LYO ]PWTN^ L]P aPYP]L_PO L^ WTaTYR TNZY^^Z_Z^[PLVZ]ST^TXXPOTL_P^`NNP^^Z]=LT>LWTR]LXbSZPWLMZ ]L_PO _SP NZ^XZWZRd ,R]L 7TYP Z] _SP N`]]PY_ WTaTYR XL^_P] -PL^ 7TYP ?SP UZ`]YPd ZQ _SP ^Z`W MPRTY^ bSPY ZYP NZYYPN_^ ZYP^PWQ XPY _LWWd-PLaP]^TZYZ]bT_S_SPLTOZQL[SZ_ZR]L[S,R]L7TYPbT_S_SP XL^_P] BSPY L MPWW ^Z`YO^ LYO _SP TYYP] TXLRP MPRTY^ _Z ^STYP _SP XZXPY_ SL^ NZXP bSPY LNNZ]OTYR _Z _SP =LOSL >ZLXT MPWTPQ ZYP WPLaP^ ZYPv^ [Sd^TNLW MZOd bT_SZ`_ WZ^TYR LWW NZY_LN_ LYO PY_P]^ _SP L^_]LW bZ]WO LYO z R`TOPO Md _SP L^_]LW MZOd ZQ _SP XL^_P] z ]T^P^ _Z PY_P]PaP]STRSP]^[SP]P^ZQWTRS_LYO^Z`YO4_T^LVTYOZQOdTYRMPQZ]P OdTYR LYO T_ SL^ MPPY NZX[L]PO _Z YPL]OPL_S Pc[P]TPYNP^ ,NNZ]OTYR _Z_SP ^_`OTP^Md7Lb]PYNP-LMM LYO8L]V 5`P]RPY^XPdP]YZYPZQ _SP OPaZ_PP^\`P^_TZYPOSLOLN_`LWWdSLO^`NSLYPc[P]TPYNPbSP]PMdT_T^ LW^Z ]PRL]OPO L^ ^PN]P_ VYZbWPORP LMZ`_ bSTNS ZYP ^SZ`WO YZ_ ^[PLV M`_LWWZQ_SPXQT]XWdMPWTPaPOTY^`NSPc[P]TPYNP^?SPOPaZ_TZY_Z_SP XL^_P] _SP PXMZOTXPY_ ZQ _SP 9LXPWP^^ bSZ T^ _SZ`RS_ _Z SLaP _SP Pc[P]TPYNPLYO_SPMSLV_TL]PaTPbPOL^MPTYRLYLWZRZ`^_Z_SPUZ`]YPd _S]Z`RS _SP ^[SP]P^ LYO >`]L_±LMOLDZRL ,NNZ]OTYR _Z 5`P] RPY^XPdP] T_ T^ []TXL]TWd _SP BP^_P]YP]^ bSZ L]P P^[PNTLWWd TY_P]P^_PO TY ^[T]T_`LW []ZR]P^^ bSTWP _SP 4YOTLY =LOSL >ZLXT^ MPWTPaP _SL_ YZ_
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d $z # LYO PW^PbSP]P 4Y 4YOTL _SP =LOSL >ZLXT^ L__]LN_ -]LSXTY^ WP^^ _SLY 6SL_]T^ _SP NL^_P ZQ XZYPdWPYOP]^ ZQ bSTNS _SP QZ`YOP] >STa /LdLW bL^ L XPXMP] LYO bSTNS _PYO^ _Z MP ]PRL]OPO L^ L WZbWd NL^_P LYO LW^Z /LWT_^ LYO Z_SP] WZbP] NL^_P R]Z`[^ ?SPT] ^P__WPXPY_^ wNZWZ YTP^xwL^S]LX^xZ]wNLX[^xL]PWZNL_POTY]`]LWL]PL^LYOZY_SP`]MLY[P]T[SP]d
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
PaP]dZYPT^P\`LWWdRTQ_PO^[T]T_`LWWdLYOQTYOT_X`NSPL^TP]_Z]PNZY NTWP_SPX^PWaP^bT_S_SPT]WZ_ZQYZ_Pc[P]TPYNTYRLYd_STYR 5/PYZ^VdS_ZTT^ZYPZQXLYdPcLX[WP^^SZbTYR_SL_TYXZOP]Y ^[T]T_`LWT_d YZ_ ZYWd w^XLWWx LYO wXPOT`Xx M`_ LW^Z wR]PL_ _]LY ^NPYOPYNTP^x LYO Pc_]LZ]OTYL]d Pc[P]TPYNP^ SLaP LY TX[Z]_LY_ [WLNP ?d[TNLW ZQ LWW QZ]X^ T^ _SP []TXLNd ZQ Pc[P]TPYNP ^`MUPN_TaP NZY^T^ _PYNdLYO LYw`YOZRXL_TNx]PWTRTZ^T_d_SL_YPT_SP]]PRL]O^ T_^PWQL^_TPO _Z_SP_]LOT_TZYLW]PWTRTZ`^MZ`YOL]TP^YZ]MPWTPaP^TYP^^PY_TLWN`W_`]LW aL]TLYNP^TY_SPNZRYT_TaP?SPLMZaPPcLX[WP^ML^TNLWWdZ`_WTYPLNZY _TY``X MPNL`^P _SP ^PL]NS QZ] w^XLWWx LYO wXPOT`Xx _]LY^NPYOPYNTP^ ZQ _ST^ bZ]WO PR NZYNPY_]L_TZY ZY SPLW_S LYO SPLWTYR ZQ MZOd LYO ^Z`WT^TYNZ][Z]L_POTY_ZLWL]RP]XPLYTYR`YTaP]^PLw^LN]PONZ^XZ^x TY bSTNS PaP]d_STYR T^ ^ZXPSZb NZYYPN_PO z Z] TY Z`] _P]XTYZWZRd TY_Z L XL]VPOWd [L]_TNT[L_Z]d bZ]WOaTPb LYO Z]TPY_L_TZY :Y _SP Z_SP] SLYO _SP [L__P]Y^ ZQ Pc[P]TPYNP _SL_ L]P XZ]P NWPL]Wd ]PNZRYTeLMWP L^ wR]PL__]LY^NPYOPYNTP^x>STaLYLYOLv^DZRTN`YTQTNL_TZY_SP[`]Pw,O aLT_LAPO£Y_Lx_SPUZ`]YPd^ZQ_SP^Z`WLYOZ`_ZQMZOdPc[P]TPYNP^ZQ _SP=LOSL>ZLXTb]T_TYR^LYO5/PYZ^Vdv^L]PMdYZXPLY^^P[L]L_PO Q]ZX WTQP TY _SP bZ]WO LYO ^STQ_PO TY_Z LY wZ_SP] bZ]WOx 4_ T^ XZ]P _SP NL^P _SL_ _SPd L]P NWLTXPO _Z MP Pc[P]TPYNP^ ZQ _SP ^PWQ Pc[LY^TZY^ ZQ _SPNZY^NTZ`^YP^^LYO_SPOPP[P^_[P]^ZYLWVYZbWPORPZQLSTRSP]]PLW T_d _]LY^NPYOTYR PaP]dOLd WTQP ?ST^ T^ NZXXZY _Z LWW _SP aL]TL_TZY^ ZQ _SP wNZ^XTN aT^TZYx Z`_WTYPO SZbPaP] OTQQP]PY_ _SPd XLd MP TY _SPT] OP_LTW^ 4Y _ST^ ]P^[PN_ _SPd OTQQP] ^TRYTQTNLY_Wd YZ_ ZYWd Q]ZX LYNTPY_ TOPL^ZQX`^TNZQ_SP ^[SP]P^z TYNW`OTYR_SL_ TY .TNP]Zv^O]PLXaT^TZY z M`_ LW^Z LYO [P]SL[^ PaPY XZ]P XL]VPOWd Q]ZX .S]T^_TLY ^Z_P]TZWZ RTP^ LYO _SPZOTNTP^ BSL_ LWW w9£OL>Z`YOx L^^ZNTL_TZY^ LYO [L__P]Y^ SLaPTYNZXXZYT^_SP^_]TQPQZ]LYPc[P]TPYNPZQ`YT_dLYOZYPYP^^TY WTQP 4_ T^ _]`P _SL_ _SP X`^TN ZQ _SP ^[SP]P^ T^ ^_TWW aT^TZYL]d QZ] _SP =LOSL >ZLXT^ M`_ T_ NLY MP Pc[P]TPYNPO TY _SP SP]P LYO YZb TY L _d[P ZQTYYP]^PY^`LWT_dQZ]bSTNS_SPDZRTN[Sd^TZWZRdLYO NLV]L _PLNSTYR bP]PaP]d^`T_LMWPBSL_T^LMZaPT^TY^TOPLYOT^_SP]PQZ]PTY[]TYNT[WP LNNP^^TMWP_ZPaP]dZYP?SP_SZ`RS_SL^^ZXPLYNTPY_ST^_Z]TNLW[]POP NP^^Z]^% _SP _]LOT_TZY ZQ _SP PN^_L_TN QWdTYR DZRT^ _SP [Z^^TMTWT_d ZQ TXXZ]_LWT_dbSTWPWTaTYRP_N ?SP4YOTLYMLNVO]Z[T^PaTOPY_WdLQ]LXPZQ]PQP]PYNP_SL_w^P]aP^x _SP OPXLYO QZ] R]PL_ _]LY^NPYOPYNTP^ ZQ XZOP]Y BP^_P]Y XPLYTYR ^PPVP]^ bPWW bSP_SP] T_ MP Xd^_TN [LY_SPT^_TN Pc[P]TPYNP bZ]WO^ LYO LW_P]PO[P]NP[_TZYZQZYP^PWQLYO_SPbZ]WOLLYONaT^TZY^ZQQLY_L^ _TN ^`[P]^PY^Z]d ]PLWT_TP^ LYO `YTZ Pc[P]TPYNP^ R _Z S [L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 5`P]RPY^XPdP] =LOSL^ZLXT=PLWT_d #1]ZXZ`]ZbYPc[P]TPYNPTYQTPWO]P^PL]NS bPNLYNZYQT]X_SL__ST^T^_]`PZQZ_SP]XZaPXPY_^_ZZ
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
O]PLX Z] Z`_ZQMZOd Pc[P]TPYNP^ T _Z V Z_SP] QZ]X^ ZQ PN^_L^TP^ Q LW_P]PO ^_L_P^ ZQ NZY^NTZ`^YP^^ P Z] aT^TZYL]d Pc[WZ]L_TZY^ ZQ _SP TYYP] ^PY^P^ LYO `YVYZbY MZOTWd OTXPY^TZY^ :YP NLY QTYO LYO `^P ^`NS _]LY^NPYOPYNTP^ ZQ PaP]dOLd YZ]XLWT_d TY TY^_T_`_TZYLWTePO ]PWTR TZY^ LYO []LN_TNP^ _SL_ OZ YZ_ YPNP^^L]TWd MPWZYR _Z ZYPv^ ZbY N`W_`]P LRLYOSdP_T_YZWZYRP]YPNP^^L]TWd]P\`T]P^_]LOT_TZYLWTY^_]`N_TZY^ L^ TY >STaLYLYOL Z] ^[T]T_`LW _PLNSP]^ L^ bT_S _SP =LOSL >ZLXT^ 4Y^_PLO ]PWTRTZ`^ ^PWQPX[ZbP]XPY_ TY_P]P^_ TY Pc[P]TXPY_L_TZY ZYPv^ ZbYPc[P]_T^PLYOLOPXZN]L_TeL_TZYZQ]PWTRTZ`^aT]_`Z^ZLNSTPaPXPY_^ O_ZPLYOT_ZVL]PNSL]LN_P]T^_TNZQXZOP]Y^[T]T_`LWT_d4Y[]TYNT[WP LWW N`W_`]P^ LYdbSP]P TY _SP bZ]WO L]P LaLTWLMWP aTL XZOP]Y NZXX`YT NL_TZY^LYOZYPNLYO]LbQ]PPWdZY_SPX_LVTYRbSL_PaP]L[[PL]^_ZMP RZZOLYO^`T_LMWPLYO`YT_PPWPXPY_^Q]ZXOTQQP]PY_N`W_`]P^TY_ZZYPv^ ZbY ^`MUPN_TaPWd NZY^T^_PY_ NZX[Z^T_TZY^ L^^`XTYR _SL_ LY P^^PY_TLW `YT_dZQ_SPOTaP]^T_dT^Q`YOLXPY_LW,[[L]PY_Wd_SP4YOTLYPWPXPY_^ZQ 9£OL 9£OLDZRL LYO 9£OL-]LSXLY bP]P P^[PNTLWWd ^`T_LMWP QZ] LWW _ST^ Z] TY XZ]P RPYP]LW _P]X^ ^Z`YO ^Z`YO Wd^T^ LYO X`^TN 4Y 9£OL DZRL LYO 9£OLSPLWTYR `^P T^ LW^Z _d[TNLWWd XLOP ZQ BP^_P]Y NPWWZ^ ?TMP_LY ^TYRTYR MZbW^ LYO ,Q]TNLY O]`X^ /T]PN_Wd LYLWZRZ`^ _Z XZO P]Y]PWTRTZ`^NZX[Z^T_TZYTY_P]X^ZQ^_]`N_`]PT^XZOP]YbZ]WOX`^TNz _SL_L[[PL]^LXZYR-P]PYO_v^PcLX[WP^ZQYPb^[T]T_`LWX`^TNLW^_dWP^ 4_ T^ NSL]LN_P]TePO Md _SP QLN_ _SL_ LWW _SP X`^TN TY _SP bZ]WO T^ TYSP] T_PO?SPQZWWZbTYR^_L_PXPY_^Q]ZXLwNZX[Z^P]ZQbZ]WOX`^TNxLYOL ULee [TLYT^_ bSZ SL^ Z[PYPO `[ _Z Z_SP] N`W_`]P^ Pc[]P^^ bPWW bSL_ w]PWTRTZ`^ NZX[Z^P]^x bZ`WO ^Ld LMZ`_ _SPT] ]PWTRTZ`^ ^_dWP _SL_ ZYWd L[[PL]^ Pc_P]YLWWd _Z MP L wNZWWLRPx LYO dP_ QZ] _SP [WLdP]^ T_ QZ]X^ L WTQPbZ]WO`YT_d% W BZ]WO X`^TN L^ w9£OL>Z`YOx ZQ _SP `YT_d TY [W`]LWT_d% w1Z] `^ _SP [ZTY_ T^ YZ_ UZTYTYR OTQQP]PY_ N`W_`]P^ _ZRP_SP] M`_ WT^_PYTYR _S]Z`RS LWW _SP^P N`W_`]P^ TY LbL]PYP^^ ZQ _SP \`P^_TZY% bSL_ OZ _SPd SLaP TY NZX XZY*x 6L]W -P]RP] \`Z_PO TY -P]PYO_v^ Z]TRTYLW 2P]XLY POT_TZY 9LOL -]LSXL X 8`^TN L^ L bZ]WONZYYPN_TYR ^dXMZW ZQ SZWT^X% w4 ^PP NZYYPN_TZY^ MP _bPPY LWW _SP aL]TZ`^ _d[P^ ZQ X`^TN ?SP X`^TN ZQ _SP bSZWP bZ]WO T^ WTYVPOBSL_4^PPTYX`^TNT^^ZXP_STYR_Z_LWx8N.Zd?dYP]\`Z_POTY -P]PYO_v^Z]TRTYLW2P]XLYPOT_TZY 9LOL-]LSXL
3P]P X`^TN MPNZXP^ L w[]TXZ]OTLW XL_P]TLWx WTYVTYR [PZ[WP^ LYO L _Z_LWT_d^dXMZW_SL_]PXLTY^TY_SP]PLWXZQ_SP[]ZQLYPM`__LVP^ZY_SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP QZWWZbTYR \`Z_L_TZY^ L]P _LVPY Q]ZX -P]PYO_v^ 2P]XLY POT_TZY ZQ w9LOL -]LSXLx-P]PYO_]Pb]Z_P_ST^[L]_ZQST^MZZV_Z^ZXPPc_PY_TY_SP0YRWT^SaP]^TZY , ^_L_PXPY_ Md6-P]RP] ^TXTWL] _Z_SL_RTaPYMPWZb WLW^ZPcT^_^ TY -P]PYO_ ?SP BZ]WO T^ >Z`YO & QZ] X _SP]P T^ ZYWd ZYP L[[]ZcTXL_P NZ]]P^[ZYOPYNP TY _SP 0YRWT^SMZZVTMTO
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
QZ]X ZQ LY wTYaT^TMWP ]PWTRTZYx ?ST^ T^ XLOP Pc[WTNT_ TY -P]PYO_ 3P `YOP]^_ZZO X`^TN _Z MP ^ZXP_STYR P^^PY_TLWWd ^[T]T_`LW ?ST^ WTYP ZQ ]PNP[_TZYZQ_SP9£OL-]LSXLYL^Lw`YTaP]^LWWLYR`LRPx !TY_SPQZ]X ZQ X`^TN LYO L^ _SP ML^T^ QZ] `YTaP]^LW SL]XZYd LYO P_STN^ SLO T_^ ZbY ST^_Z]d ZQ TY_P]N`W_`]LW PQQPN_^ ?SP LOL[_L_TZY LYO ZaP]WL[[TYR ZQ ]PWTRTZYLYOX`^TNbP]PLW^ZTY^_TRL_POMd4YOTLYR`]`^LYO]PXLTYPOL NZY^_LY_ _Z[TN TY BP^_P]Y LW_P]YL_TaP XTWTP`^ >Z _ZOLd Q]ZX .SPYYLT _Z3LbLTTLYO2WL^_ZYM`]dzbSP_SP]T_NZXP^Q]ZXLY4YOTLYR`]`Z]L BTNNL bT_NS z ZYP NLY SPL] _SL_ _SP w`YT_d ZQ LWW ]PWTRTZY^x LYO _SP w`YT_d ZQ LWW MPTYRx T^ Pc[P]TPYNPO _S]Z`RS X`^TN LYO ^Z`YO LYO _SL_ X`^TN T^ L `YTaP]^LW WLYR`LRP _SL_ ^[PLV^ wOT]PN_Wdx _Z _SP SPL]_ TX [L]_^ ^[T]T_`LWT_d bT_SZ`_ OZRXL^ LYO NZYYPN_^ [PZ[WP^ bT_SZ`_ `^TYR bZ]O^ "?SP^[PNTLW[ZbP] ZQX`^TN _ZLQQPN__SPMZOd_SP ^PY^P^ LYO _SP PXZ_TZY^ ^TX`W_LYPZ`^Wd _Z LM^Z]M _STYVTYR LYO _Z PaZVP YZ_ ZYWd aP]d [P]^ZYLW Pc[P]TPYNP^ M`_ LW^Z ^_]ZYR NZXX`YLW Pc[P]TPYNP^ T^ NPWPM]L_POL__SPWL]RPX`^TNQP^_TaLW^^`NSL^2WL^_ZYM`]dLYOT^L^^Z NTL_PO bT_S ]PWTRTZY PNZWZRd LYO [LNTQT^X TY L ^PXLY_TNTeTYR XLYYP] -P]PYO_ LW]PLOd XLOP _ST^ L^^ZNTL_TZY 4Y _ST^ OT^NZ`]^P _SP w^[T]T_`LW `YT_d ZQ _SP `YTaP]^Px L`_ZXL_TNLWWd LW^Z NZYYZ_P^ STRSP] XZ]LWT_d LYO P_STN^L^bL^LW]PLOd_SPNL^PTYATaPVLYLYOLv^APO£Y_L -P]PYO_v^ OT]PN_ ^Z`]NP QZ] _SP TOPL ZQ `YTaP]^LW SL]XZYd bL^ _SP XZOP]Y >`QT XL^_P] LYO 9Z]_SP]Y 4YOTLY X`^TNTLY 4YLdL_ 3Le]L 6SLY bSZ^[]PLO>`QT^XTY,XP]TNLLYO0`]Z[PLYO_ZbSZX-P]PYO_L[[L] PY_WdZbP^ST^ZbY^[T]T_`LWwN]PPOx3PQTWW^ZaP]_bZ[LRP^bT_SL_Pc_ Q]ZX_SP>`QTXL^_P]bSTNSbL^OT^NZaP]POMd/ZY.SP]]dLYOOTO_SP ]Z`YO ZQ L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ TY _SP $!^ ,NNZ]OTYR _Z -P]PYO_ _SP _Pc_ OP[TN_^ w[]PNT^PWd LYO ]P[]P^PY_L_TaPWdx ^TN _SP YPb ^[T]T_`LW LYO X`^TNLW NZY^NTZ`^YP^^ ZQ _SP _SPY dZ`YR RPYP]L_TZY ZQ X`^TNTLY^ :YP ^SZ`WO []ZMLMWd YZ_ _LVP _ST^ WT_P]LWWd M`_ T_ T^ LY TX [Z]_LY_[TPNPZQTYQZ]XL_TZYLMZ`__SP ePT_RPT^_ LYO_SP_bT^_^LYO_`]Y^ ZQ _SP 9£OL-]LSXLYv^ _]LY^XT^^TZY NSLYYPW^ ?SP _]LY^XT__P]^ ZQ _SP X`^TNLW 9£OL-]LSXLY bP]P ZMaTZ`^Wd YZ_ ZYWd 3TYO` X`^TNTLY^ ^`NS L^=LaT>SLYVL]M`_LW^Z8`^WTXX`^TNTLY^Q]ZX9Z]_SP]Y4YOTLY?ST^ ^SZb^P^[PNTLWWdNWPL]WdU`^_SZb_]LY^]PWTRTZ`^_SP9£OL-]LSXLYSLO MPNZXPTY4YOTLZaP]_SPNPY_`]TP^LYOLW]PLOdQTWWPOT_^PWQTYT_^XZ_SP] NZ`Y_]dYZ_ZYWdbT_S^Z`YOaTM]L_TZY^M`_LW^ZbT_S0`]Z[PLYTOPL^ZQ
ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ -P]PYO_ 9LOL-]LSXL !$ !6L]W-P]RP]\`Z_POTY-P]PYO_ ?SPBZ]WOT^>Z`YO ".Q 4^LMPWWP 7LLNV =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d [STWST^_ OZN_Z]L_P _SP^T^ 3PTOPWMP]R $ !z $ AP]d ^TXTWL] LW^Z _SP ^dY_SP^TeP][WLdTYR 4YOTLY R`]` _Z bSZXbPSLaPLW]PLOd]PQP]]PO]P[PL_POWd
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
X`^TN ZQ _SP ^[SP]P^ # 4Y _ST^ _Pc_ 6SLY []P^PY_^ LY 4YOTLY 8`^WTX 3TYO`TY_P][]P_L_TZYZQ_SPX`^TNZQ_SP^[SP]P^ $3PL^^ZNTL_P^ _SP SL]XZYd ZQ _SP `YTaP]^P w_SP XZaPXPY_^ ZQ _SP ^_L]^ LYO [WLY P_^ _SP WLb ZQ aTM]L_TZY LYO ]Sd_SX LWW [P]QPN_ LYO `YNSLYRTYRx bT_S XZOP]Y 9£OL-]LSXLY XP_L[Sd^TN^ _SP wX`^TN Z] SL]XZYd ZQ _SP bSZWP `YTaP]^Px T^ w_SP ^Z`]NP LYO Z]TRTY ZQ YL_`]Px& wLWW ]PWTRTZY^ SLaP_L`RS_`^_SL__SPbSZWPZQN]PL_TZYT^^Z`YOx&wPaP]d[P]^ZYT^ X`^TNmST^bSZWPL_XZ^[SP]PT^NSL]RPObT_ST_xLYO LY Pc[WTNT_Wd XLRTNLWXd_STNLW PXMPOOTYR LYO XLRTNLW [ZbP] w_SP bSZWP L^_]ZWZRTNLW WLb LYO _SP ^NTPYNP ZQ XLRTN LYO Xd^_TNT^X MP STYO T_ L]P ML^PO `[ZY X`^TNx X`^TN []Z_PN_^ Q]ZX LYd SL]X MP NL`^P_SP]PT^L_ZYPXPY_bT_SRZOLYO_SP`YTaP]^PLYOTYLOOT_TZY L YZYO`LW bZ]WOaTPb LYO wL_ZYPXPY_ bT_S 2ZOx TP wMPTYR TY _`YPbT_S_SP4YQTYT_PTYSL]XZYdbT_S_SPbSZWP`YTaP]^PxLYOQT YLWWd LSL]XZYTZ`^WTQP_SL_L_LYdL_PaP]dXZXPY_T^YZ_Z]TPY_POZY_SP XL_P]TLWM`__SP^[T]T_`LWOTXPY^TZY^wTY_PWWTRPYNPLYOMPL`_dx ?SP _Pc_ PYO^ bT_S _SP bZ]O^% w?ST^ L_ZYPXPY_ bT_S _SP ,M^ZW`_P XLYTQP^_^ L^ X`^TN ZQ _SP ^[SP]P^x :YP NLY ^PP SZb 4YOTLY ,OaLT_L _STYVTYRLYO0`]Z[PLYX`^TNZQ_SP^[SP]P^L]PQ`WWdP\`L_POSP]P?SP QZ]XP]T^^dY_SP^TePOL^TYYP]_]`_SbT_S_SPX`^TNZQ_SP^[SP]P^L^_SP Z`_P]L[[PL]LYNPzLYOTYLNNZ]OLYNPbT_S[Z[`WL]?LY_]TNLYO[Z[`WL] >`QTOT^NZ`]^PXLRTNLYOXd^_TNT^XQ`^P?SPWTYVT^_SP_SZ`RS_bZ]WO ZQ_SP4YOTLY>`QT^LYO_SP8`^WTXXd^_TNMPWTPQTY2ZO-P]PYO_TY_P] []P_PO _ST^ P^Z_P]TN X`^TNTLY^v MTMWP ^ZXPbSL_ XZ]P Pc_PY^TaPWd LYO ]PWL_PO_SP3TYO`8`^WTX`YTaP]^LWXd_SOT]PN_Wd_Z ! XZOP]YbZ]WOX`^TNLYO " _SPaZdLRPTY_Z_SPbZ]WOZQLYPbNZY^NTZ`^YP^^x /ZY.SP]]dv^X`^TNLW[L_SQ]ZXULee_ZMW`P^_ZRZ^[PWTY -L[_T^_NZY R]PRL_TZY^LYO`W_TXL_PWd_ZXZ]PLYOXZ]PX`^TNLWLYO^[T]T_`LWZ[PY YP^^TYbSTNSLWWN`W_`]P^ZQ_SPbZ]WOL]PNZYYPN_POWTVP_SPw[TPNP^ZQ L XZ^LTNx _Z QZ]X L R]PL_P] bSZWP T^ L^ -P]PYO_ YZ_P^ NWZ^PWd NZY YPN_PObT_SST^ZbY[L_SLYOL__SP^LXP_TXPLYPcLX[WP]P[]P^PY_TYR L bSZWP RPYP]L_TZY 1Z] /ZY .SP]]d T_ SL^ MPNZXP TX[Z^^TMWP w_Z NZY NPTaP ZQ LYd ZYP N`W_`]LW ^_]PLX Z] M]LYNS L^ XZ]P P^Z_P]TN XZ]P ]P XZ_PXZ]PuPcZ_TNv_SLYLYdZ_SP]ZYPx 3P]P_SPNZ^XZ[ZWT_LYL__T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #4OPL^LMZ`_SL]XZYTP^ZQ_SP^[SP]P^PY_P]POYZ_ZYWdXPOTPaLW.S]T^_TLYOT^NZ`]^P^ M`_LW^ZXPOTPaLWXd^_TN4^WLX8Z]P]P^PL]NSbZ`WOMPYPPOPO_ZOP_P]XTYPPcLN_Wd bSPY_SPNZYYPN_TZYbL^XLOPbT_S_SP9£OL-]LSXLY $3Le]L_4YLdL_6SLY\`Z_POTY-P]PYO_ ?SPBZ]WOT^>Z`YO !z! -P]PYO_ ?SPBZ]WOT^>Z`YO !! -P]PYO_ ?SPBZ]WOT^>Z`YO !
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_`OP _Z LWW N`W_`]P^ TY _SP bZ]WO T^ _SP ]L_TZ U`^_TQdTYR _SP TYNW`^TZY ZQ P^Z_P]TNT^X :YPNLY^PPSZb_SP9£OL-]LSXLYSL^MPNZXPWZLOPO`[bT_SOTQ QP]PY_ XPLYTYR^ TY _SP RWZMLW QWZb ZQ ^[T]T_`LW RZZO^ ]LYRTYR Q]ZX 9£OLSPLWTYR LYO [ZbP]Q`W ^Z`YO aTM]L_TZY^ _SL_ MZ_S LW_P] _ST^ bZ]WO LYOWPLOTY_ZLSTRSP]]PLWT_dLWW_SPbLd_ZL^[T]T_`LWTY_P][]P_L_TZYZQ X`^TN_SL_M]TYR^ _ZRP_SP] Xd^_TNT^XXLRTNLYOSL]XZYd,WWZQ_SP^P YPb `YTaP]^LW Xd_STNLW TY_P][]P_L_TZY^ bP]P ^Z aP]d ^_]ZYRWd TY_P]YLW TePO _SL_ ZQ_PY YZ _]LNP ZQ 4YOTL NLY MP ^PPY LYd XZ]P 9ZYP ZQ _SP^P TY_P][]P_L_TZY^T^[`]PWd4YOTLYZ][`]PWdBP^_P]Y,WWZQ_SPXL]PN]PL _TaPYPbSdM]TOQZ]XL_TZY^LYO[L]_ZQXZOP]YP^Z_P]TNT^X >ZXP]PLOP]^bTWWTYOTRYLY_Wd_STYV_SL__ZZX`NSL__PY_TZYT^MPTYR RTaPY_ZXZOP]YP^Z_P]TNT^XLYOT_T^ZYWdXTYZ]T_TP^bSZMPWTPaP^`NS _STYR^ .P]_LTYWd bP SLaP []P^PY_PO ^ZXP Pc_]PXP NL^P^ _SL_ L]P YZ_ ]P[]P^PY_L_TaPZQ_SPXLUZ]T_dZQ_SP[Z[`WL_TZY-`_L^LW]PLOdYZ_POTY Z`] NSL[_P] ZY _SP WLYR`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ NSL[ T_ T^ ZQ_PY _SP Pc_]PXP^ _SL_ L]P _SP XZ^_ TYQZ]XL_TaP BP OZ YZ_ NWLTX LYd w^[T]T_`LW ]PaZW`_TZYx L^ ^ZXP L`_SZ]^ OZ YPT_SP] OZ bP ^PP BP^_P]Y NZ`Y_]TP^ L^ MPTYR wZY _SP bLd _Z MPNZXTYR L ^[T]T_`LW ^ZNT P_dx -`_ T_ NLYYZ_ MP OPYTPO _SL_ TY RPYP]LW P^Z_P]TNT^X [LY_SPT^_TN Pc[P]TPYNP^ [L]_TNT[L_Z]d SZWT^_TN [L__P]Y^ ZQ Z]TPY_L_TZY LYO L bZ]WO aTPb XTc L]P _ZOLd ^Z bTOP^[]PLO _SL_ ZYP NLY YZ WZYRP] ^[PLV ZQ XT YZ]T_TP^ 8Z]P ]PNPY_ TYaP^_TRL_TZY^ ^SZb _SL_ ^`NS XZOP]Y ]PWTRTZ`^ ^_dWP^L]P QZ`YOYZ_ZYWd LXZYR_SPwYZY]PWTRTZ`^x bSZ^Ld_SL__SPd L]P w^[T]T_`LW M`_ YZ_ ]PWTRTZ`^x M`_ LW^Z LXZYR OPaZ`_ NS`]NSRZTYR .S]T^_TLY^ LYO PaPY LXZYR L_SPT^_^ bSZ NWLTX _SPd SLaP YZ_STYR _Z OZ bT_S ]PWTRTZY Z] bT_S ^[T]T_`LWT_d 4Y _ST^ ]P^[PN_ -P]PYO_v^ OP[TN_TZY ZQ _SP X`^TNTLY^v XTWTP`^ TY _SP $!^ bSTNS bP]P aP]d [`MWTN T^ LY TX[Z]_LY_ ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ _SP ^[]PLO ZQ 4YOTLY _SZ`RS_^ _SL_ ZMaTZ`^Wd OTQQ`^PO YZ_ ZYWd aTL _PLNSTYR^ M`_ LW^Z YZYaP]MLWWd LYO wL_XZ^[SP]TNLWWdx aTL X`^TN 4YOTLY X`^TN LYO YPb ULee [Z[ LYO bZ]WO X`^TN TY_Z L M]ZLOP] ^PN_TZY ZQ _SP [`MWTN 4YOZWZRT^_^ NP]_LTYWd OZYZ_SLaPM`^d_SPX^PWaP^bT_S_SP^P[SPYZXPYLZQ[]P^PY_OLd]PWT RTZ`^ N`W_`]P M`_ ^NSZWL]^ ZQ ]PWTRTZY ]PLWWd ^SZ`WO 3ZbPaP] bP QTYO _SL_ _SP _Z[TN T^ LW^Z ZQ 4YOZWZRTNLW TY_P]P^_ MPNL`^P TY L w^S]`YVPY bZ]WOx 0L^_BP^_ _]LY^QP]^ SLaP RZ_ `YOP] bLd O`]TYR bSTNS 0`]Z[P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 3PPWL^LYOBZZOSPLO >[T]T_`LW=PaZW`_TZY Z[NT_ ?ST^T^_SP^`M_T_WPZQ6YZMWL`NS ;Z[`WÆ]P=PWTRTZY BP ML^P _ST^ ZY _SP =PWTRTZY^XZYT_Z] # PX[T]TNLW ^`]aPd^ TY NZ`Y_]TP^ _SP ^NTPY_TQTN LYLWd^P^TY BZ]LYRWL`M_OTP BPW_* $LYO_SP ^`]aPd^ TYNS`]NSXT WTP`^TY@[[P]1]LYNZYTL2P]XLYdMd.S]T^_Z[S-ZNSTYRP]80YRPWM]PNS_LYOB 2P[SL]O_ /TP `Y^TNS_ML]P =PWTRTZY TY OP] ^TNS_ML]PY =PWTRTZY >_`__RL]_% 6ZSWSLX XP]$
?SP9£OL-]LSXLYL^4YOTRPYZ`^.L_PRZ]d
LYO ,XP]TNL MPNLXP L WT__WP MT_ w4YOTLYx 4Y XZOP]Y ^[T]T_`LWT_d VPd ^_TX`WT bP]P LOZ[_PO Q]ZX >LY^V]T_ 3TYO`T^X LYO Q`]_SP] `^PO LYO OP aPWZ[POLYOLW^Z^`M^P\`PY_WdQWZbPOMLNV_Z4YOTL ?SP bLd _STYR^ bP]P [L^^PO ZY T^ aP]d NZX[WPc ?SP XZ^_ aL]TPO [WLdP]^bP]PTYaZWaPOLYO4YOTLbL^_]LY^XT__POYZ_ZYWdaTL_SP^NSZW L]Wd OT^NZ`]^P w:]TPY_LWT^_^x LYO 4YOZWZRd M`_ LW^Z aTL [Z[`WL] ]PWT RTZ`^ XPLYTYRbZ]WO^ L^ T^ OPXZY^_]L_PO Md _SP 9£OL-]LSXLY 9Z_ ZYWd_SP3TYO`LYODZRLXL^_P]>TaLYOLYOLbL^TYaZWaPOM`_LW^Z_SP 4YOTLY >`QT4YLdL_6SLY_SP =LOSL>ZLXTXL^_P]^TYQW`PYNPOMd >TVS T^X_SP?SPZ^Z[ST^_^TY_P]P^_POTY_SPZNN`W__SP2P]XLYULeeST^_Z]TLY LYO 4YOTLY X`^TN WZaP] -P]PYO_ L RPYP]L_TZY ZQ ULee X`^TNTLY^ LYO _ZOLd LW^Z TYOTaTO`LW ^PWQ[]P^PY_L_TZY^ ZY _SP 4Y_P]YP_ ?SP]PQZ]P YZ_ ZYWd _]LY^YL_TZYLWTeL_TZY bL^ [Z^^TMWP M`_ LW^Z LY Pc_]PXP X`W_T[WTNL _TZY ZQ _SP 9£OL-]LSXLY bSTNS Pc[WZOPO Q`]_SP] bT_S _ZOLdv^ Z[[Z] _`YT_TP^ QZ] ^[]PLOTYR TYQZ]XL_TZY ZY _SP 4Y_P]YP_ 3P]P LYd []TaL_P [P]^ZY^ Z] R]Z`[^ NLY []P^PY_ _SPX^PWaP^ [`MWTNWd LYO [`MWTNTeP _SPT] aP]^TZY^ZQ_SP9£OL-]LSXLYTYNW9£OLDZRL9£OL3PLWTYR9£OL 2YZ^T^P_N BSL_]PXLTY^_SPNZXXZYOPYZXTYL_Z]OP^[T_PLWW_SPOTQQP]PYNP^ T^ _SPTY_P]P^_TY L`YTaP]^LWXd_S_SL_ PXMPO^_SPTYOTaTO`LW TYLXZ]P NZX[]PSPY^TaP bSZWP LYO LWWZb^ T_ _Z [L]_TNT[L_P TY _ST^ bSZWP ?SP 4YOTLY_]TRRP]QZ]_ST^bZ]WOaTPbNZY^_]`N_TZYLYO_SPQZ]X^ZQSLMT_`^ L^^ZNTL_PO bT_S T_ T^ ZMaTZ`^ ?ST^ TYNW`OP^ L bSZWP NZX[WPc ZQ YPb [P]NP[_TZY LYO ^PXTZ_TNTeL_TZY% `YOP]^_LYOTYR X`^TN L^ P^^PY_TLWWd ^[T]T_`LW OP^T]TYR _Z SPL] _S]Z`RS _SP [W`]LWT_d _SP `YT_d RTaTYR L__PY _TZY []TXL]TWd _Z ^Z`YO aTM]L_TZY^ L__]TM`_TYR _Z ^Z`YO^ _SP [ZbP] _Z NSLYRP]PLWT_dNZXMTYTYRXLYd_STYR^[P]NPTaTYR_SPXd_STNLWPXMPO OTYR YZ_ L^ LWTPY _Z ^NTPYNP P_N ?ST^ OZP^ YZ_ XPLY _SL_ wPaP]d_STYRx bL^ LOZ[_PO YZ] _SL_ T_ T^ wPcLN_Wdx LYO TY PaP]d L^[PN_ _SP ^LXP `YT aP]^LW Xd_S^ LYO QZ]X^ ZQ SLMT_`^ L^ _SPd L]P QZ`YO TY 4YOTL ;PZ[WP ^PWPN_PO LNNZ]OTYR _Z _SPT] ZbY YPPO^ .`W_`]LWT_d NZY_TY`P^ _Z PcT^_ TY _SP N`W_`]LW OPWTXT_L_TZY^ LYO _]LY^]PWTRTZ`^ QZ]X^ ZQ SLMT_`^ ?ST^ T^ ^SZbY QZ] PcLX[WP Md _SP BP^_P]Y LYO 4YOTLY =LOSL >ZLXT^ 4YOTLY^ ^PP L XLUZ] ]ZWP [WLdPO Md T_PX^ ^`NS L^ _SP 4YOTLY w`YTaP]^LW Xd_ST NLWxMPWTPQTY_SPwOTaTYT_dxZQ_SPR`]`bSZSL^]PLWTePO_SL_bSTNSZYP SL^YZ_dP_LNSTPaPOZYP^PWQ?SPXL^_P] T^LY TX[Z]_LY_^dXMZWZQ _SP Xd^_TN L^NPY_ ^ZL]TYR _Z _SP ^Z`YO bZ]WO^ ZQ _SP TYYP] ^PWQ LYO _SP STRSP] ^[SP]P^ LYO _SP XP_ZYdXTN PXMZOTXPY_ ZQ _SP 9LXPWP^^ 2ZO ?SP >`[]PXP -PTYR MPNZXP^ LNNP^^TMWP TY _SP QZ]X ZQ _SP R`]` bSZX ZYP NLY WZaP LYO aPYP]L_P ?SP [L]_TNT[L_TZY _SP]PQZ]P Pc[]P^^P^ T_^PWQ TY LY LM^ZW`_P OPaZ_TZY _Z _SP _PLNSP] LYO TY ^ZXP NL^P^ TY Pc_]PXP RP^_`]P^ ZQ S`XTWT_d LYO ^`MXT^^TZY ^`NS L^ _SP =LOSL >ZLXT^ ZQ _SP ,R]L 7TYP NZX[P_TYR _Z O]TYV _SP bL_P] _SP R`]` SL^ bL^SPO TY Z] _SP
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
!
NZY_PY_^ ZQ ST^ ^[T__ZZY bT_SZ`_ QPPWTYR OT^R`^_ BP^_P]YP]^ _PYO _Z SLaP[]ZMWPX^ bT_S _SP^PMPSLaTZ]^ 1Z]4YOTLY[L]_TNT[LY_^T_ T^LYLN_ ZQ SZXLRP LYO ]POPX[_TZY ?SPd OZ YZ_ O]TYV QTW_S M`_ OTaTYP ^`M ^_LYNPLYO_S`^L^^TXTWL_P_SP2`]`v^YL_`]P 3ZbPaP] ^`NS ^PaP]P OTQQP]PYNP^ SLaP WT__WP TYQW`PYNP ZY Z`] XLTY _SP^T^ 4_ ^PPX^ _SP QLN_ NLYYZ_ MP OPYTPO _SL_ QLXTWTL]T_d bT_S 4YOTL NSLYRPO _SP []ZaT^TZY ZQ XPLYTYR w>TYYRPM`YRx QZ] L Y`XMP] ZQ BP^_P]Y [PZ[WP LYO _SP bLd TY bSTNS ZYP ]PQP]]PO _Z ZYP^PWQ LYO _SP bZ]WO?ST^bL^MPNL`^P4YOTLZQQP]POYPbZ[_TZY^QZ]TY_P][]P_TYRWTQP LYO T_^ ^Z`YO [L]LOTRX TY [L]_TN`WL] LW^Z []ZaTOPO LYO RPYP]L_PO YPb ^PY^Z]d VYZbWPORP ?SP YPb BP^_P]Y 9£OL NZYNP[_^ SLaP XLOP _ST^ P^[PNTLWWd NWPL] ?SP LTX ZQ bZ]WO X`^TNTLY^ _Z [P]NPTaP w_SP bSZWPx _Z wSPL] _S]Z`RSx bSL_ T^ NZXXZY TY _SP OTaP]^T_d _Z ^PP _SP X`_`LW NZYYPN_TZY^ LYO _Z `YOP]^_LYO X`^TN L^ ^ZXP_STYR w_Z_LWx T^ L_ WPL^_ QZ]XLWWdYZ_L_LWW^ZQL]]PXZaPOQ]ZX±£]«RLOPaLv^TOPLZQ_SPX`^T NLW 9£OL-]LSXLY /`]TYR _SP RWZMLWTeL_TZY ZQ _ST^ ,OaLT_L YZ_TZY SZbPaP] _SP]P bP]P LW^Z Pc_]PXP _]LY^QZ]XL_TZY^ LYO SdM]TO QZ]XL _TZY^bSTNSL]PYPT_SP][`]PWd4YOTLYYZ][`]PWdBP^_P]Y
!
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y >[T]T_`LWT_d
4Y _ST^ WZYR QTYLW NSL[_P] bP SLaP OPLW_ bT_S _SP 9£OL-]LSXLY w>Z`YO-]LSXLYxTYaP]dR]PL_OP_LTWL^T_SL^_ZOZbT_S^Z`YOTYL aP]d ^[PNTLW bLd LYO bP L]P NZY^TOP]TYR L [L]_TN`WL]Wd NZX[WPc _Z[TN _SL_ SL^ ]PXLTYPO []LN_TNLWWd `Y]P^PL]NSPO `Y_TW YZb ,^ _SP WL^_ R]PL_ TYOTRPYZ`^ _`]Y TY _SP -]LSXLY NZYNP[_ _SL_ L]Z^P O`]TYR L [P]TZO ZQ _]LY^T_TZYQ]ZXWT_P]L]d>LY^V]T_[]ZO`N_TZY_ZaP]YLN`WL]WT_P]L_`]P^_SP 9£OL-]LSXLY bL^ LY P^[PNTLWWd ^`T_LMWP ^`MUPN_ bT_S bSTNS _Z NZY NW`OP_SPST^_Z]TNLW^PN_TZYZQ_ST^MZZV?ST^T^[L]_TN`WL]Wd_]`PL^_ST^ YPb NZYNP[_ OL_TYR Q]ZX _SP PL]Wd _ST]_PPY_S NPY_`]d []LN_TNLWWd NZX MTYPO LWW _SP OT^NZ`]^P QTPWO^ _SL_ bP SLaP OT^N`^^PO TY _ST^ aZW`XP 4_ ^TX`W_LYPZ`^Wd TY_]ZO`NPO YPb L^[PN_^ _Z MP _LNVWPO% _SP ]PWL_TZY^ST[ MP_bPPY]PWTRTZYLYOX`^TN_SPLP^_SP_TN^ZQXZYZOTNXZOLWX`^TNLYO LbZ]WOaTPbbT_S^Z`YObZaPYTY_ZT__S]Z`RSLYO_S]Z`RS?SPX`^T NLW 9£OL-]LSXLY NZY^_]`N_POMd_SPX`^TNZWZRT^_ ±£]«RLOPaLSLO YZ_ ZYWd L NZX[WPc []PaTZ`^ ST^_Z]d M`_ LY P\`LWWd NZX[WPc ^`NNPPOTYR ST^_Z]dzLWZYR^TOPL^_]ZYROPaZ_TZYLWTeL_TZYTY_SPTYOTRPYZ`^NZY_Pc_ L_]LY^YL_TZYLWTeL_TZYLYO[]ZYZ`YNPODZRLTeL_TZYTYXZ]P]PNPY__TXP^ L^STQ_Q]ZXX`^TN_Z^Z`YOaTM]L_TZY^9Z_ZYWdOTO_SPULeeX`^TNTLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .QZY_ST^-LMMw>[T]T_`LW=PNZRYT_TZYLYO_SP=LOSL^ZLXT1LT_Sx #!""
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
"
LYO 9Pb ,RP []Z[ZYPY_ 5ZLNSTX -P]PYO_ LYO L bSZWP RPYP]L_TZY ZQ dZ`YR X`^TNTLY^ TY _SP $!^ LYO $"^ MPRTY _Z _LVP LY TY_P]P^_ TY 4YOTLY XZOLW X`^TN LYO _SP 9£OL-]LSXLY ?SP 9£OL-]LSXLY LW^Z WPQ_ X`^TNTLY^v NT]NWP^ LYO XZaPO TY_Z _SP QTPWO ZQ XZOP]Y BP^_P]Y ^[T]T_`LWT_d LYO P^Z_P]TNT^X ,^ L ]P^`W_ ZQ _SP _]LY^YL_TZYLWTeL_TZY LYO _]LY^QP] ZQ 4YOTLY TOPL^ LYO []LN_TNP^ ^`]]Z`YOTYR _SP 9£OL-]LSXLY aTL X`^TN -P]PYO_ 4YOTLY XL^_P]^ LYO Z_SP] [WLdP]^ _SP 9£OL -]LSXLY_ZZVZYXLYdLYOaL]TPOYPbXPLYTYR^,YO_ST^XZ]P]PNPY_ ST^_Z]d ZQ _SP NZYNP[_ bSTNS NZXXPYNPO T_^ UZ`]YPd TY _SP YTYP_PPY_S NPY_`]d _SP]PQZ]P LW^Z OP^P]aPO ^[PNTLW L__PY_TZY 4_ WPO OT]PN_Wd TY_Z []P^PY_OLd ]PWTRTZ`^ N`W_`]P LYO T_ MPNLXP PaTOPY_ _SL_ _SP 9£OL -]LSXLYbL^LW^ZNL[LMWPZQ`YT_TYR[]LN_TNLWWdLWW_SPOT^NZ`]^PQTPWO^ ZQ XZOP]Y ^[T]T_`LWT_d ^TXTWL] _Z _SP XLYYP] TY bSTNS ±£]«RLOPaL `YT_POLWW_SPWLYR`LRPLYO^Z`YOOT^NZ`]^P^ ,NNZ]OTYR_ZZYPZQ_SPXLTY_SP^P^ZQ_ST^MZZV_SP`YT\`PQPL_`]P ZQ>LY^V]T_3TYO`T^XbL^_SL_ZaP]_SPNPY_`]TP^OP^[T_PWT_P]LNd4YOTL SPWO QL^_ _Z Z]LWT_d LYO L XL]VPO N`W_`]P ZQ [P]QZ]XLYNP :`_ ZQ _SP^P ^[PNTLW Q]LXTYR NZYOT_TZY^ ZQ L w^ZYTN N`W_`]Px _SP]P OPaPWZ[PO L SLMT _`^ZQw_ST]O^[LNPx_SL_RPYP]L_POT_^aP]dZbYQZ]X^ZQPaP]dOLd]PWT RTZ`^ []LN_TNP ^dXMZW []ZO`N_TZY LYO TY_PWWPN_`LW^v N`W_`]P^ LYO QZ^ _P]PO _SP QZ]XL_TZY ZQ L bZ]WOaTPb _SL_ OTO YZ_ [WLd Xd_S LYO WZRZ^ ZQQ LRLTY^_ PLNS Z_SP] 4_ bL^ _SP QZ]XL_TZY ZQ L bZ]WOaTPb _SL_ M]Z`RS_LMZ`_PaP]YPbaL]TL_TZY^ZQw`YTaP]^LWXd_S^x_dTYRL^_]ZYRWd [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY TY_Z L ]L_TZYLW OT^NZ`]^P 4Y _SP XZOP]Y [P]TZO _ST^ bZ]WOaTPb QZ]XL_TZY bL^ L[[L]PY_Wd P^[PNTLWWd L[[PLWTYR _Z BP^_P]Y [PZ[WP ?SP TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL TY _SP YTYP _PPY_S NPY_`]d bL^ LNNZ]OTYR _Z ZYP _SP^T^ TY _SP 9£OL NSL[_P] _SP TYT_TLW_]TRRP]QZ]XZOP]Y^[T]T_`LWT_dTYBP^_P]Y^ZNTP_TP^ ?SP TX[LN_ ZQ -]T_T^S ]`WP TY 4YOTL LYO _SP _]LY^QZ]XL_TZY []ZN P^^P^ _SL_ ZNN`]]PO O`]TYR _SP NZWZYTLW LYO [Z^_NZWZYTLW [P]TZO SLaP MPPYbPWW]P^PL]NSPOTY_SP[L^__bZOPNLOP^?SPXZ]P]PNPY_]P^PL]NS NZ]]PN_Wd PX[SL^TePO _SP _bZ^TOPO ^_]ZYRWd TY_P]LN_TZYLW []ZNP^^P^ LYONZY^_]`N_TZYNZYOT_TZY^TY_SPNZWZYTLW[P]TZObSTNSRPYP]L_POYPb QZ]XL_TZY^ TY [L]_TN`WL] L ^[T]T_`LWTeL_TZY LYO `YTaP]^LWTeL_TZY ZQ 3TY O`T^X LYO _SP TY_P]QLNP MP_bPPY ]PWTRTZY LYO YL_TZY 3ZbPaP] _Z OL_P YZ_X`NS NZY^TOP]L_TZYSL^MPPYRTaPY_Z U`^_SZb ^_]ZYRWd_ST^[P]TZO LW^ZLQQPN_POXZOP]YBP^_P]Y^[T]T_`LWT_d?Z[`_T_TYNWPL]_P]X^O`] TYR _SP XZOP]Y [P]TZO 4YOTLY ]PWTRTZ^T_d SL^ NSLYRPO WP^^ _SLY 0`]Z [PLY LYO ,XP]TNLY ]PWTRTZ^T_d ?SP MPRTYYTYR^ ZQ L YPb RWZMLWTePO ^[T]T_`LWT_dTYBP^_P]YNZ`Y_]TP^RZMLNV_Z_SP^PNZYOSLWQZQ_SPYTYP _PPY_S LYO _SP PL]Wd _bPY_TP_S NPY_`]TP^ 4Y _SP $!^ LYO $"^ _SPd bP]P ^TRYTQTNLY_Wd TY_PY^TQTPO MZ_S \`LY_T_L_TaPWd LYO \`LWT_L_TaPWd MPTYR PYSLYNPO Md XLYd [P]^ZYLW PYNZ`Y_P]^ bT_S 4YOTL LYO 4YOTLY
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
XL^_P]^ 4Y _SP NZ`]^P ZQ _SP ^`NNP^^Q`W ^[]PLO ZQ 9Pb ,RP ^TYNP _SP $#^ ^_TX`WT Q]ZX 4YOTL SLaP LW]PLOd MPPY ^Z SLMT_`LWTePO LOL[_PO _]LY^QZ]XPO XLOP ZYPv^ ZbY LYO XTcPO bT_S Z_SP] N`W_`]P^ _SL_ _SPT] Z]TRTYNLYYZWZYRP]MP]PNZRYTePOL^4YOTLYBSL_SL^MPNZXPNWPL]TY LNLOPXTN ^_`Od ^TYNP _SP $$^ T^ _SL_ 9Pb ,RPWTVP ^[T]T_`LWT_d bL^ YZ_ L [L^^TYR [SL^P ZQ dZ`_S N`W_`]P LYO NZY_TY`PO _Z PcP]_ T_^ TYQW` PYNP PaPY LQ_P] _SP YLXP SLO RZYP Z`_ ZQ QL^STZY LRLTY ,_ _SP MPRTY YTYR ZQ _SP _bPY_dQT]^_ NPY_`]d T_ X`^_ MP LOXT__PO YZWPY^ aZWPY^ QZ] ^ZXP_SL__ST^T^L[SPYZXPYZY_ZMP_LVPY^P]TZ`^Wd4_SL^P^_LMWT^SPO T_^PWQ LWXZ^_ `YYZ_TNPO LWZYR^TOP LYO PaPY bT_STY _SP _]LOT_TZYLW ]PWTR TZY^LYOSL^MPNZXPYZ]XLW 4Y XZOP]Y BP^_P]Y ^[T]T_`LWT_d _SP []ZNP^^ ZQ ]L_TZYLWTeL_TZY LYO OT^PYNSLY_XPY_ bSTNS 8Lc BPMP] YZ_PO TY BP^_P]Y N`W_`]P SL^ NWPL]WdMPPYM]ZVPY]PaP]^POLYOLN_`LWWdTYaP]_PO,YPc_]PXPNSLYRP TY bZ]WOaTPb LYO SLMT_`^ SL^ _LVPY [WLNP -PNZXTYR QLXTWTL] bT_S 4YOTLY ]PWTRTZ^T_d bL^ bP Z[TYP LN_`LWWd ZYP ZQ _SP ]PL^ZY^ MPSTYO _ST^?SP\`LWT_L_TaPLYO\`LY_T_L_TaPPc_PY^TZYZQ_SP]PWTRTZ`^QTPWOMd RP__TYR _Z VYZb ,^TLY ]PWTRTZY^ LYO []PNT^PWd >LY^V]T_ 3TYO`T^X LYO T_^ XZOP]YTePO QZ]X^ NZY_]TM`_PO ^TRYTQTNLY_Wd _Z _ST^ NSLYRP TY SLMT _`^:`]ML^TNL]R`XPY_bL^^TX[WP%4YOTLbL^^ZTY_P]P^_TYRMPNL`^PT_ ^SZbPO _SL_ _STYR^ NZ`WO MP OZYP OTQQP]PY_Wd _SLY L_ SZXP 2P__TYR _Z VYZb _ST^ N`W_`]P _]TRRP]PO L^ T_ bP]P WTRS_M`WM PQQPN_^% w:S 4 ^PP T_ NLYMPOZYP_SL_bLdL^bPWWx?ST^NZYYPN_^_SPaP]dOTQQP]PY_[WLdP]^ -P]PYO_ 6`]_ LYO 8P^^TLPY OT^N`^^PO TY _SP 9£OL NSL[_P] LWW ZQ bSZX_S]Z`RSN`W_`]LWNZY_LN_LYO^[PNTQTNLWWdMdWPL]YTYRLMZ`_NWL^ ^TNLW 4YOTLY XZOLW X`^TN RLTYPO L YPb TY^TRS_ TY_Z X`^TN LYO X`^TN XLVTYR L^^TXTWL_PO _SP YPb TYQW`PYNP^ N]PL_TaPWd O]LbTYR _SPT] ZbY NZY^P\`PYNP^ 4Y _P]X^ ZQ ]PWTRTZ^T_d _ST^ XPLY^ _SL_ QLXTWTL]TeL_TZY bT_S _SP ,^TLY ]PWTRTZ`^ N`W_`]P^ P^[PNTLWWd 3TYO` ]PWTRTZY^ bT_S bSTNS _SP R]PL_P^_ LXZ`Y_ ZQ NZY_LN_ _ZZV [WLNP TY _SP YTYP_PPY_S NPY _`]d LYO _SP $!^ LYO $"^ PYWL]RPO YZ_ ZYWd _SP ^[PN_]`X ZQ ]PWT RTZ`^ NSZTNP^ LYO Z[_TZY^ M`_ LW^Z NSLYRPO LYO Pc[LYOPO ZYPv^ aTPb ZQbSL_ NZ`WOMP]PRL]OPO L^]PWTRTZYL_LWW :YPZQ _SPXZ^_TX[Z]_LY_ ^_TX`WT LYO NZY^P\`PYNP^ bL^ _SL_ _SP ^[LY ZQ _]LY^NPYOPYNd ^STQ_PO LYOZYP]PNZRYTePO_SL__SPMZ`YOL]TP^MP_bPPY_SP^LN]POLYO_SP[]Z QLYPbP]PYZ_RZORTaPYLYOQTcPO 4Y _SP QZWWZbTYR _SP _SP^P^ _SL_ bP]P []Z[Z^PO TY _ST^ NSL[_P] LYO MLNVPO `[ bT_S PcLX[WP^ bTWW MP M`YOWPO RPYP]LWTePO LYO Pc[LYOPO ^ZXPbSL_SP]PLYO _SP]P ?SP_SP^P^ ^SZ`WOMP ^PPY ]L_SP]L^Sd[Z_SP ^P^ _SL_ bZ`WO YPPO XZ]P ^N]`_TYd LYO ^Z`YO QZ`YOL_TZY TY Q`]_SP] ]P ^PL]NS :Q NZ`]^P bP OZ YZ_ _STYV _SL_ T_ bL^ ZYWd QLXTWTL]TeL_TZY bT_S 4YOTL _SL_ RPYP]L_PO XZOP]Y BP^_P]Y ^[T]T_`LWT_d ?SPZ]TP^ LMZ`_ ]PWTR TZY TY _SP XZOP]Y [P]TZO LYO ZY _SP NSLYRTYR QZ]X ZQ ]PWTRTZ^T_d
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
$
7`NVXLYY -P]RP] -Z`]OTP` 6YZMWL`NS LYO Z_SP]^ SLaP Pc[WLTYPO _SP NZYOT_TZY^ `YOP] bSTNS XZOP]Y ^[T]T_`LWT_d L]Z^P TY _P]X^ ZQ _SP PXP]RPYNP ZQ NTaTW ^ZNTP_d ^ZNTP_LW OTQQP]PY_TL_TZY XZOP]Y _PNSYZWZ RTP^TYN]PL^PO ^ZNTLWXZMTWT_d LYOPO`NL_TZY _SPOPaPWZ[XPY_ZQNZX X`YTNL_TZY XPOTL LYO XZOP]Y VYZbWPORPML^PO ^ZNTP_d wXZOP]YP BT^^PY^V`W_`]x ,WW ZQ _SP^P QLN_Z]^ L]P YZ_ _Z MP OPYTPO ?SP ZYWd _STYR _Z N]T_TNTeP T^ _SP MWTYO ^[Z_ _SL_ _ZZ WT__WP NZY^TOP]L_TZY bL^ QZ N`^PO ZY _SP XZOP]Y [P]TZO L^ LY Pc[LY^TZY ZQ _SP N`W_`]LW SZ]TeZY ?ST^^_PP]^ZYPv^RLePLbLdQ]ZX0`]Z[PLYOZY_ZLYTY_P]LN_TaPST^_Z]d _SL_ MPRLY bSPY YZY0`]Z[PLY ]PWTRTZ`^ ST^_Z]d bL^ OT^NZaP]PO 3P]P Pc[LYOPO N`W_`]LW NZY_LN_ eZYP^ P^_LMWT^SPO _SPX^PWaP^ aTL MZZV^ LYO TXLRTYL_TZYLYOTYN]PL^TYRWd_S]Z`RS]PLWPYNZ`Y_P]^?SP^PTY_P]]PWTR TZ`^NZY_LN_eZYP^]PWPL^POYPbN`W_`]LWPYP]RTP^?SPdQZ^_P]PONZRYT _TaPRWZMLWTeL_TZYLYOPaL[Z]L_TZYZQ_SPN`W_`]LWLYO]PWTRTZ`^MZ`YOL ]TP^ _S]Z`RS _SP _]LY^YL_TZYLW QWZb ZQ XL_P]TLW LYO TXXL_P]TLW RZZO^ bSTNS T^ ^Z NSL]LN_P]T^_TN ZQ _ZOLdv^ N`W_`]P LYO P^[PNTLWWd ZQ XZOP]Y ^[T]T_`LWT_d ?Z OL_P _SPZ]TP^ ZQ ]PWTRTZ`^ XZOP]YTeL_TZY SLaP MPPY _ZZ 0`]ZNPY_]TN TY _SPT] Z]TPY_L_TZY ,Y PcNP[_TZY T^ .LX[MPWWv^ w0L^_P]YT eL_TZYx _SP^T^ BP SLaP OT^N`^^PO T_ L_ WPYR_S MPNL`^P bP aTPb T_ L^ []ZMWPXL_TN LYO _ZZ `YOTQQP]PY_TL_PO TY ^ZXP ]P^[PN_^ LYO ^PP _SP TY QW`PYNPZQ4YOTL L^^ZXPbSL_XZ]PNZX[WPc,YZ_SP] PcNP[_TZY T^ALY OP] APP] bT_S bSZX bP ^SL]P _SP TY_P]LN_TaP [P]^[PN_TaP BP LN_`LWWd PX[SL^TeP _ST^ [P]^[PN_TaP XZ]P LYO bT^S _Z RTaP T_ Pc_]L _SPZ]P_TNLW bPTRS_]PRL]OTYR_SPNZY^P\`PYNP^,^TYOTNL_PObP^PP_SPNZYOT_TZY^ QZ] _SP PXP]RPYNP ZQ XZOP]Y ^[T]T_`LWT_d TY LY TY_P]N`W_`]LW OdYLXTN _SL_L]Z^PQ]ZXYPbN`W_`]LWNZY_LN_eZYP^,^TLY]PWTRTZY^bP]PRWZMLW TePOLYObZ]WOaTPb^bP]P_]LY^YL_TZYLWTePO?ST^[]ZNP^^bL^YZ_ZYP ^TOPO M`_ TY_P]LN_TaP :Q_PY T_ bL^ L^^ZNTL_PO bT_S N`W_`]LW N]T_TNT^X TPbT_SN]T_TNT^XZQSPRPXZYTNBP^_P]YN`W_`]PLYO^ZXP_TXP^bT_S L XZ]P Z] WP^^ XL^^TaP N]T_TNT^X ZQ .S]T^_TLYT_d LYO ZQ ^NTPY_TQTN [Z^T _TaT^X 4Y QLN_ XZOP]Y ^[T]T_`LWT_d ^PPV^ LY LW_P]YL_TaP _Z _]LOT_TZYLW ]PWTRTZY LYO ^PN`WL]T^X bSPY ZYP T^ 1WZZVTYR QZ] [P]^ZYLW Pc[P]TPYNP LYO^LN]LWTeL_TZYZQWTQP:`]_SP^T^T^YZb_SL_4YOTLbL^O]LbYZYL^L XLUZ]^Z`]NPQZ]_ST^LYO_SL__SP]PQZ]PTY_SPXZOP]Y[P]TZO_SP]PbL^ YZ_^ZWPWdL_]LY^QZ]XL_TZYZQ_SP]PWTRTZ`^L^[`_QZ]bL]OMd_SPTYOT aTO`LWTeL_TZY _SPZ]T^_^ M`_ LW^Z L _]LY^QZ]XL_TZY ZQ N`W_`]LW TOPY_T_TP^ bZ]WOaTPb^LYOQZ]X^ZQSLMT_`^% 1LXTWTL]TeL_TZY bT_S 4YOTL ! Pc[LYOPO SZ]TeZY^ LYO Q]LXP^ ZQ [Z^^TMWP XPLYTYR Z[_TZY^ LYO Pc[P]TPYNP ^[LNP^ 4_ PYWL]RPO _SP ^[PN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !3P]PbP`^PYZ_\`T_P[ZWT_TNLWWdNZ]]PN_Wd_SP_P]Xw4YOTLxTYLBP^_P]YNZWWZ\`TLW ^PY^P TP _Z L[[Wd _Z >LY^V]T_ 3TYO`T^X LYO NP]_LTY _]LOT_TZY^ TY [L]_TN`WL] bSTNS bP]PP^[PNTLWWdTY_PY^TaPWdPc[Z]_PO^`NSL^,OaLT_LAPOLY_LDZRL?LY_]TN NLV]L _PLNSTYRTOPL^ZQ9£OL-]LSXLY6´©LOPaZ_TZYLWT^XLYO,d`]aPOL
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_]`X ZQ NSZTNP^ _SL_ ZYP YL_`]LWWd XLOP `^P ZQ U`^_ L^ ZYP SLO PL]WTP] PR TY _SP .L_SZWTN N`W_ ZQ _SP ^LTY_^ ^PWPN_PO LYO wNZXMTYPOx bSL_ PaP]L[[PL]PO_ZMPRZZOLYObSZWP^ZXP3ZbPaP]4YOTLXLOP T_[Z^ ^TMWP YZ_ ZYWd _Z Pc[LYO ^`NS YZ]XLW ]PWTRTZ`^ XTcP^ M`_ LW^Z _Z PY SLYNP _SPT] aLW`P LYO LWWZb _SPX _Z L[[PL] TY WP^^ L _SPZWZRTNLWWd O`MTZ`^ WTRS_ ?SP WL_P] 9Pb ,RP bL^ []PNPOPO Md _SP ]PLWTeL_TZY _SL_ wZYP[P]^ZYZYP]PWTRTZYx T^YZ__SP]`WPLYO_SL_ZYPNLY_]LNP[W`]LW T_d MLNV _Z LY `YOP]WdTYR XZ]P LM^_]LN_ wOPP[P]x `YT_d z L^ bL^ OZYP LRLTY LYO LRLTY TY _SP 4YOTLY ST^_Z]d ZQ ]PWTRTZY .WZ^PWd NZYYPN_PO bT_S _ST^ LYO PaPY XZ]P TX[Z]_LY_ _SLY _SP \`LY_T_L_TaP Pc_PY^TZY bP]P _SP YPb ]PWTRTZ`^ Q]LXTYR NZYOT_TZY^ _SL_ bP]P N]PL_PO Md _SP TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL TP _SP YPb \`LWT_L_TaP L^[PN_^ 4Y XLYd]P^[PN_^4YOTLY]PWTRTZ^T_dZ[PYPO`[LYZ_SP]L[[]ZLNS_Z]PLWT_d YPb [Z^^TMTWT_TP^ QZ] `YOP]^_LYOTYR LYO TY_P][]P_TYR ZYP^PWQ LYO _SP bZ]WO 4_ []ZaTOPO L YPb aTPb ZQ _SP MZ`YOL]TP^ MP_bPPY RZO LYO _SP ^PWQ RZO LYO _SP bZ]WO MZOd LYO ^[T]T_ ]PWTRTZY LYO ^NTPYNP ]PWTRTZY LYO ]PWTRTZY LYO LW^Z LM^_]LN_TZY LYO ]PTQTNL_TZY 8Z]PZaP] T_ [LaPO _SP bLd QZ] ]PaLW`TYR LYO ]PTY_P][]P_TYR bSL_ bL^ ZYPv^ ZbY 8LUZ] PWPXPY_^ TY _SP RWZMLWTeL_TZY ZQ 4YOTLY TOPL^ TYNW`OPO YPb TY_P][]P_L _TZY ^NSPXP^ ZQ Pc[P]TPYNP ZQ _SP ^PWQ _SL_ T_ T^ YZ_ TYSP]PY_Wd ^TYQ`W M`_TY^_PLOTYSP]PY_WdOTaTYPP_N8d_SLYOXLRTNYZWZYRP]SLO_ZMP OPaLW`PO :YP bL^ LWWZbPO _Z QPPW Xd_STNLWWd PXMPOOPO LYO dP_ MP Q`WWd wPYWTRS_PYPOx 4YOTL ZQQP]PO []LN_TNP^ QZ] YPb Pc[P]TPYNP^ ZQ _SP TY_P]TZ]bZ]WOLYOZQ_SPMZOd4_bL^YZ_PaPYYPNP^^L]d_ZwZ[PY`[_Z 4YOTLx TY LYd NZYN]P_P QZ]X ?SP XZ^_ OPNT^TaP QLN_Z] bL^ ^TX[Wd _SP OT^N`]^TaP RWZMLWTeL_TZY ZQ NP]_LTY TOPL^ @YWTVP .LX[MPWW bP _STYV _SL_YZ_ZYWdTY_`T_TZY LYOQPPWTYR^OP_P]XTYPO_SPL__]LN_TaPYP^^ZQ_SP w0L^_P]Y Q]LXP ZQ XTYOx M`_ _Z L R]PL_ Pc_PY_ LW^Z _SP YPb NZRYT_TaP Q]LXPbZ]VLYO_SP]L_TZYLW[WL`^TMTWTeL_TZY_SL_RLaPTY_PWWPN_`LW^L_T^ QLN_TZY ?SL_XPLY^_SL__SPTY_P][]P_L_TZYQ]LXPbZ]V_SPZQQP]^ZQXPLYTYR LYO _SP QZ]X^ ZQ []LN_TNP bP]P ^TRYTQTNLY_Wd Pc_PYOPO LYO ]PQZ]XPO 4YOTL SL^ SLO L QZ]XL_TaP TYQW`PYNP ZY YPb SLMT_`^ LYO bZ]WOaTPb^ TYNW`OTYR ^`NS _SL_ _ZOLd XZYT^_TN [LY_SPT^_TN bZ]WOaTPb^ LYO L [L] _TNT[L_Z]d bZ]WOZ]TPY_L_TZY SLaP MPNZXP bTOP^[]PLO YZ]XLWT_d w^PWQ ]PWTRTZYx SL^ LN_`LWWd MPNZXP L XL]VP] ZQ XZOP]Y ^[T]T_`LWT_d Q]PP NZXMTYL_TZY ZQ XLYd PWPXPY_^ Q]ZX aL]TZ`^ _]LOT_TZY^ T^ ]PRL]OPO L^ `Y[]ZMWPXL_TN LYO XZaPXPY_^ TY 0`]Z[PLY ]PWTRTZ`^ ST^_Z]d _SL_ SLO []PaTZ`^Wd MPPY NZY^TOP]PO OPaTLY_ wXLRTNx LYO w^`[P]^_T_TZ`^x NZ`WO YZb MP L^^TRYPO L STRSP] aLW`P z O`P _Z _SPT] MPTYR ^LYN_TZYPO ^Z _Z ^[PLVMdLYLRPZWOwSTRSN`W_`]Px4YOTL^_TX`WL_PO[PZ[WP_ZNZXP`[ bT_S_SPT]ZbYSZWT^_TN[]ZR]LX^L^T^^Z_d[TNLWZQ_SP9Pb,RP
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
2P__TYR _Z VYZb 4YOTL Pc[LYOPO _SP ]LYRP ZQ ]PWTRTZ`^ NSZTNP^
LYO _SPaTPbZQbSL_bL^ZYPv^ZbY:YPZQ_SPXZ^_TX[Z]_LY_PQQPN_^ bL^_ZRTaPZYPv^wZbYZ_SP]xLYPbaLWPYNd9Z_WPL^_4YOTLv^TX[LN_ XLOPT_[Z^^TMWPQZ]_STYR^_SL_SLO^ZQL]YZ_MPPYOZXTYLY_LYO[L]_ZQ _SP ^`MN`W_`]P _Z NZXP _Z _SP ^`]QLNP LYO RLTY L S`RP LXZ`Y_ ZQ R]Z`YO ?ST^ XPLY^ _SL_ _SP 4YOTLY TY^[T]L_TZY bL^ YZ_ ZYWd `^PO _Z XLVP bSL_ bL^ wZ_SP]x TY_Z ZYPv^ ZbY M`_ LW^Z aP]d ZQ_PY ^P]aPO _Z ]POT^NZaP] _SP M`]TPO LW_P]YL_TaP OPaTLY_ LYO YZYOZXTYLY_ wZbYx L^[PN_^ LYO ]PaLW`L_P _SPX 1Z] PcLX[WP TY ,Y_T\`T_d LYO ^TYNP _SP =PYLT^^LYNP0`]Z[PLYP^Z_P]TNT^XbL^TYOPPOLXZ]P Z]WP^^[ZbP]Q`W `YOP]R]Z`YO XZaPXPY_ M`_ YZ_ _SP OZXTYLY_ N`W_`]P ]TRS_ `[ _Z _SP XZOP]Y LRP 4OPL^ ZQ [LY_SPT^X SLO MPPY L]Z`YO ^TYNP 9PZ[WL_ZYT^X M`_ _SPd OTO YZ_ SLaP _SP ^LXP N`W_`]P^SL[TYR [ZbP] L^ TY 4YOTL 4Y .S]T^_TLY ^ZNTP_TP^ _SP]P SLO LWbLd^ MPPY ^`MUPN_NPY_P]PO ]PWTRTZY LYO LW_P]YL_TaP ]PWTRTZ`^ [Z[`WL] N`W_`]P^ _SL_ OTO YZ_ NZ]]P^[ZYO bT_S _SP ZQQTNTLW ]PWTRTZY ZYP ZYWd SL^ _Z NZY^TOP] _SP wQ]PP ^[T]T_^x w-]ÞOP] `YO >NSbP^_P]Y TX Q]PTPY 2PT^_Px LYO MPRSL]O^ TY _SP 8TOOWP ,RP^ M`__SP^_]ZYRNS`]NS ^_]`N_`]P^[]PaPY_PO _SPXQ]ZX QWZ`]T^STYR =PWT RTZ`^ XTc_`]P^ bP]P LW]PLOd bZaPY TY_Z QZWV .L_SZWTNT^X M`_ ZQ_PY _SPdbP]P_SPZWZRTNLWWdYZ_\`T_PLNNP[_LMWPLYOX`NSTY_SPQZWV]PWTR TZY SLO LY LT] ZQ w^`[P]^_T_TZYx LMZ`_ T_ ?SP OT^NZaP]d ZQ 4YOTL PYWL]RPO _SP OT^N`]^TaP Q]LXPbZ]V QZ] [P]NPTaTYR LYO PaLW`L_TYR ZYPv^ wZbY Z_SP]x 4YOTL []ZaTOPO _SPZWZRTP^ QZ] L^[PN_^ _SL_ SLO _S`^ QL] MPPY^NZ]YPOL^TYQP]TZ]LYOOPaTLY_bT_S_SP]P^`W__SL_zL_WPL^_QZ]L ^`M^_LY_TLW ^PRXPY_ ZQ BP^_P]Y [Z[`WL_TZY z _SP ^`MN`W_`]P WZ^_ T_^ ^_TRXL MPNLXP ^ZNTLWWd LNNP[_LMWP LYO NZ`WO XZaP Q]ZX _SP [P]T[SP]d _Z _SP NPY_P] ?SP STRSWd OPaPWZ[PO N`W_`]P ZQ 4YOTL ZQQP]PO ^NSPXL_L QZ] RTaTYR R]PL_P] aLW`P _Z Xd^_TNT^X bSTNS SLO LWbLd^ MPPY L aP]d ^`MUPN_TaP QZ]X ZQ ]PWTRTZY ]PaLW`L_TYR ^ZNLWWPO ^`[P]^_T_TZY LWWZb TYRXLRTN_ZL[[PL]`Y[]ZMWPXL_TN^STQ_TYR_SP^NZ[PZQ_]LY^NPYOPYNd LYO ]PO]LbTYR _SP MZ`YOL]TP^ MP_bPPY ^Z`W LYO MZOd ^LN]PO LYO []Z QLYP 4Y ^SZ]_ T_ RLaP bLd _Z P^_LMWT^STYR LW_P]YL_TaP XZOPW^ _Z _SP .S]T^_TLYOZRXL_TNLYOPNNWP^TL^_TNLWOPXL]NL_TZY^ 4YOTLYTOPL^bZ`WOYZ_SLaPMPPY^Z^`NNP^^Q`WWdLOZ[_POLYOLN NP[_POTQ_SP]PSLOYZ_MPPYL N`W_`]LWaLN``X ,^4YOTL bL^OTQQP]PY_ YPb Z[_TZY^ QZ] QTWWTYR _SP aLN``X []P^PY_PO _SPX^PWaP^ BP SLaP NLWWPO _ST^ wTY_P]N`W_`]LW []ZMWPX^ZWaTYRx LMZaP 1Z] 8P^^TLPY QZ] PcLX[WP ±£]«RLOPaLv^ _]PL_T^P ZY X`^TN ZQQP]PO LY TY^[T]L_TZY _Z OP aPWZ[LYPb_ZYPWLYR`LRP_SL_Z_SP]X`^TNTLY^bP]PLW^Z^PPVTYRL__SP MPRTYYTYR ZQ _SP _S NPY_`]d MPNL`^P _SP X`^TN ZQ _SP $_S NPY_`]d ^PPXPO wbZ]Y Z`_x 1Z] -P]PYO_ RP__TYR _Z VYZb 4YOTLY XZOLW X`^TN bL^_SPw^ZW`_TZYxQZ]MPTYRLMWP_ZXLVPX`^TNbT_SLYPbL__T_`OPLYO _Z [P]NPTaP T_ LRLTY L^ L ]PWTRTZ`^ Z] ^[T]T_`LW QZ]X ZQ Pc[]P^^TZY
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
-P]PYO_ LN_`LWWd bPY_ PaPY Q`]_SP] 3P ^Lb TY 4YOTLv^ TY^[T]L_TZY ZQ wSZWd SPL]TYRx LYO X`^TNXLVTYR L ]PaLW`L_TZY ZQ _SP wPL] [P]^ZYx ZQ ^PY^T_TaT_d LYO L ^[T]T_`LW L__T_`OP _Z WTQP LYO _SP]PQZ]P SPLWTYR QZ] _SP LTWTYR wPdP [P]^ZYx LYO PaPY QZ] _SP bSZWP ZQ BP^_P]Y N`W_`]P _SL_ bL^ w^[WTY_P]TYRx wLRR]P^^TaPx wYZYQPPWTYRx LYO wXL_P]TLWT^_TNx -P]PYO_ ]PT_P]L_PO LY PaP][]P^PY_ _Z[TN LNNZX[LYdTYR BP^_P]Y ]PNP[ _TZY ZQ ,^TL% N]T^T^ OTLRYZ^T^ N`W_`]LW N]T_TNT^X _SP NLWW QZ] ^[T]T_`LW ]PYPbLW TY L bZ]WO QPW_ _Z MP YZY^[T]T_`LW LYO _SP []ZNWLXL_TZY ZQ L w9Pb ,RPx 1TYOTYR L w^[T]T_`LW N]T^T^x LYO wTX[ZaP]T^SXPY_ ZQ _SP ^Z`Wx TY L ]L_TZYLWTePO ^[WTY_P]PO LYO XPNSLYTePO bZ]WO Z] ^TXTWL] N]T_TNT^XZQNTaTWTeL_TZYLYOWZYRTYRQZ]XZ]PQPPWTYRP_NSLOLW]PLOd PcT^_PO TY _SP =ZXLY_TN [P]TZO LXZYR _SP ,XP]TNLY L`OTPYNP^ ZQ ATaPVLYLYOL TY _SP QT]^_ TY_P]YL_TZYLW DZRL UZ`]YLW TY _SP $^ L_ 0]LYZ^ TY _SP 1WZbP];ZbP] XZaPXPY_ LYO _SPY TY -P]PYO_ NWZ_SPO TY _SP YPb QZ]X ZQ X`^TN 5`^_ WTVP _SP N]T^T^ OTLRYZ^T^ ZQ _SP ^[T]T_`LW aLN``X TY _SP BP^_ LYO _SP Pc[PN_L_TZY ZQ ^[T]T_`LW ]PYPbLW _S]Z`RS 4YOTL MPWZYR _Z _SP _]Z[P^ ZQ XZOP]Y N`W_`]P _SP]P ]PL[[PL]PO N]T_T NT^X ZQ NTaTWTeL_TZY LYO []ZR]LX^ QZ] TX[]ZaTYR _SP bZ]WO _S]Z`RS OT]PN_ LYO TYOT]PN_ ]PNP[_TZY ZQ 4YOTL 1Z] XLYd BP^_P]YP]^ QLXTWTL]T eL_TZY bT_S _SP [L]_TNT[L_Z]d bZ]WOaTPb YPb [L_S^ TY_Z _SP TY_P]TZ] L OTQQP]PY_`^PZQ_SP^PY^P^YPbMZOTWd[]LN_TNP^P_NL[[L]PY_WdQTWWPOL ]PWTRTZ`^aLN``XZQXPLYTYR4_RLaP_SPX^ZXP_STYR_SL__SPdOTOYZ_ QTYOL_SZXPPYNZ`]LRPO_SPX_ZYPbOP[L]_`]P^LYOQLNTWT_L_PO_SP]P ^LN]LWTeL_TZYZQWTQP_SPdSLOMPPY^PPVTYR ,YZ_SP] TX[Z]_LY_ _Z[TN bL^ _Z MP MP__P] LMWP _Z `YT_P ]PWTRTZY LYO^NTPYNPBSL_ZYPT^ZMaTZ`^Wd^PPVTYRTY_SP9Pb,RPT^LSZWT^X LbZ]WOaTPb_SL_T^L_ZYNPw^[T]T_`LWxLYOwPYWTRS_PYPOxLYONLY`YT_P ]PWTRTZY LYO ^NTPYNP M`_ L_ _SP ^LXP _TXP ]P[]P^PY_^ L N]T_TNT^X ZQ LYO LW_P]YL_TaP _Z MZ_S BSL_ T^ ^Z`RS_ T^ L VTYO ZQ _ST]O bLd TY^_PLO ZQ ^NTPY_TQTN[]LRXL_T^X[`]P^PN`WL]T^XLYO]PWTRTZ`^OZRXL_T^X ?SP ^PL]NS QZ] ^[T]T_`LWT_d LYO NZX[L_TMTWT_d bT_S XZOP]Y ^NTPYNP bL^LW]PLOdTY_SPLT]O`]TYR_SPYTYP_PPY_SLYOPL]Wd_bPY_TP_SNPY_`]d 4_bL^_SP_TXPbSPY_SPXZOP]Y^NTPYNP^^_L]_PO_ZQZ]X "_SP_PNSYT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "1Z]PcLX[WPZ]_SZOZcBP^_P]YXPOTNTYPMPRLY_ZN]d^_LWWTePZ`_4_bL^^_TWW`YNWPL] bSL_ bL^ ]PRL]OPO L^ ^NTPY_TQTN XPOTNTYP z L^ ^SZbY Md _SP [`MWTN 8P^XP]T^X OP ML_PLXZYRZ_SP]_STYR^.`]]PY_^^`NSL^8P^XP]T^XLYO_SPZ^Z[SdbSTNSL]P]P RL]OPO L^ P^Z_P]TN _ZOLd [Z^T_TZYPO _SPX^PWaP^ L^ ^NTPY_TQTN ^PL]NSP^ QZ] _SP _]`_S -]LTOv^ w4^T^ =PaPWL_Lx # LYO -WLaL_^Vdv^ w4^T^ @YaPTWPOx #"" L]P RZZO Pc LX[WP^ ZQ _SP YPRZ_TL_TZY LYO P^_LMWT^SXPY_ ZQ L YPb `YOP]^_LYOTYR ZQ ^NTPYNP LYO ]PWTRTZYbSZ^P^dY_SP^T^T^_d[TNLWZQ_SPXZOP]Y^[T]T_`LWT_dOT^NZ`]^P?SPTY_P]P^_ TY]PaPLWTYR_SP`YVYZbYQZ]NP^ZQYL_`]PLYOZQ_SP^PWQLYO_SPw_]`_SxLMZ`_]PLW T_d LYO T_^ TYSP]PY_ Pc_]LZ]OTYL]d QZ]NP^ YZ_ ZYWd NZYYPN_PO _SP 8P^XP]T^_^ LYO _SP ?SPZ^Z[ST^_^ M`_ bL^ LW^Z PL^d _Z WTYV bT_S _SP ?LY_]TN PYP]Rd NZYNP[_ LYO ZNN`W_ XLY_]LTOPL^
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
QTNL_TZY ZQ _SP bZ]WO MPRLY LYO QLN_Z]TP^ WTRS_ M`WM^ ]LTW]ZLO^ LYO Z_SP] LNSTPaPXPY_^ NSLYRPO [PZ[WPv^ WTaP^ []ZQZ`YOWd 4Y _ST^ ^P__TYR _SP]POPaPWZ[POYZ_ZYWd_SPZ]TP^ZQPaZW`_TZYLYO ^PN`WL]T^XNWLTXTYR _SL_^NTPYNPXLOP]PWTRTZYZM^ZWP_PM`_LW^Z[]ZR]LX^ZQWTQP]PQZ]XZQ ^PL]NSQZ] _]`_SMPdZYO TY^_T_`_TZYLW _TP^LYO L^[T]L_TZY^QZ] XZ]PPXZ _TZYLWT_d _Z NZ`Y_P] _SP wRWLNTL_TZY ZQ _SP ^Z`Wx >[T]T_`LWT_d bL^ SZb PaP]YZ_ZYWdLNZ`Y_P][]ZR]LX_Z^PN`WL]T^XLYO_PNSYTQTNL_TZYZQ_SP bZ]WO_SPSZ^_TWT_d_Z]PWTRTZYTY_SP]L_TZYLWTePOXZOP]Y[P]TZOT^^_TWW L_Z[Z^TY;P_P]-P]RP]TY_SPWL_P$"^M`_LW^ZL[]ZO`N_TaP`_TWTeL _TZYZQ_SP0YWTRS_PYXPY_T_^TOPL^ZQ]PWTRTZ`^Q]PPOZXLYO_ZWP]LYNP P_N LYO WTMP]L_TZY Q]ZX PNNWP^TL^_TNLW _TP^ 4Y _ST^ NZY_Pc_ _SP ^`MUPN_ ZQ Xd^_TNT^X LYO [LY_SPT^X bSTNS LW^Z SLO LY LWXZ^_ PcNW`^TaPWd 4Y OTLYNZOTYR]TRS_`[_Z_SPWL_P$"^bL^LOPNT^TaPZYPQZ]]PWTRTZ`^ ^PWQPX[ZbP]XPY_ LYO QZ] NWLTXTYR ZYPv^ ZbY Pc[P]TPYNP ZQ L OPP[P] _]`_SMPSTYOLWW_STYR^ :Y _SP ^`MUPN_ ZQ _ZOLdv^ [Z[`WL]T_d LYO bTOP^[]PLO P^_LMWT^SXPY_ ZQ [LY_SPT^_TN ]PWTRTZ^T_d bP bZ`WO WTVP _Z [`_ QZ]bL]O _SP _SP^T^ _SL_ [LYPY_SPT^X bL^ L ^[PNTQTNLWWd w]PWTRTZ`^Wd ^[T]T_`LWx [WLNP QZ] NZX TYR _Z R]T[^ bT_S _SP XZOP]Y LRP MPNL`^P _ST^ QZ]X ZQ SZWT^_TN [P]NP[ _TZY ZQQP]PO MP__P] Z[_TZY^ _SLY .S]T^_TLY _SPT^_TN O`LWT^X OTO QZ] XLV TYR [WL`^TMWP XLYd bLd^ _Z _SP _]`_S LYO wNZWWLRP^x QZ] L^^ZNTL_TYR PaPY YZY]PWTRTZ`^ [L__P]Y^ ZQ TY_P][]P_L_TZY bT_S _SPX QZ] WZNL_TYR Pc_]LZ]OTYL]d Pc[P]TPYNP _SL_ _]LY^NPYO^ PaP]dOLd WTQP ^ZWPWd TY _SP TYOTaTO`LW LYO QZ] ^`MUPN_TaPWd `YT_TYR _SL_ bSTNS bL^ ^P[L]L_PO TY ^ZNTP_d LYO ZQQTNTLW ]PWTRTZY YLXPWd YL_`]LW ^NTPYNP LYO ]PWTRTZY _SP ^LN]PO LYO _SP []ZQLYP ^PY^`LWT_d LYO ^[T]T_`LWT_d LYO _SP .S]T^_TLY LYO_SPYZY.S]T^_TLY 9Pb N`W_`]LW []ZNP^^P^ ZQ []ZaTOTYR XPLYTYR LYO YPb ^TRY []Z O`N_TZY^ wYP`P V`W_`]PWWP >TYYRPM`YR^[]ZeP^^P `YO EPTNSPY[]ZO`V _TZYPYxLWbLd^]`YLWZYR_SPLcT^ZQ^PWPN_TZYLYONZXMTYL_TZY/`]TYR LOL[_L_TZY _SP]P L]P TYPaT_LMWd LWXZ^_ LWbLd^ NSLYRP^ LYO ^STQ_^ TY XPLYTYR w>TYYaP]^NSTPM`YRPYx ?d[TNLWWd _SP LOZ[_TZY ZQ 4YOTLY [L__P]Y^ZQ_SZ`RS_LYO[]LN_TNP`^`LWWdOTOYZ_XPLYO]TYVTYR_SPbL_P] _SP R`]` SL^ bL^SPO TY Z] L NZWO PL]WdXZ]YTYR OT[ TY _SP 2LYRP^ Z] _LVTYR ZaP] ZQ _SP ^_]TN_ QZZO ]PR`WL_TZY^ LYO NZXXPY^`]LMTWT_d ]`WP^ _SL_ bZ`WO []PaPY_ [PZ[WP Q]ZX SLaTYR OTYYP] _ZRP_SP] P_N 4Y^_PLO ZYWd NP]_LTY _SZ`RS_^ LYO PWPXPY_^ ZQ []LN_TNP bP]P LOZ[_PO ?SP^P bP]PXZ^_WdPWPXPY_^_SL_bP]PRPYP]LWZ[PYLYOwaLR`PxPYZ`RS_ZMP RWZMLWTePOzXZ^_ZQLWWLYZYO`LW]PWL_TZY^ST[_Z_SPbZ]WOLYO_Z_SP PY^`TYROTaTYPTOPL^ZQNZ^XTNSL]XZYdLYOw[`]P^[T]T_`LWT_dx :YP ZQ _SP XZ^_ TX[Z]_LY_ ]P^`W_^ Q]ZX _SP TY_P]LN_TaP PYNZ`Y_P] bT_S4YOTLTY_SP^PNZYOSLWQZQ_SPYTYP_PPY_SLYOPL]Wd_bPY_TP_SNPY _`]d bL^ _SP P^_LMWT^SXPY_ ZQ L ^[T]T_`LWT_d NZYNP[_ _SL_ bL^ YZ WZYRP]
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_TPO _Z XL_P]TLW ]PWTRTZY^ >TX`W_LYPZ`^Wd L NZYNP[_ ZQ Xd^_TNT^X _ZZV ]ZZ__SL_bPY_MPdZYO_TXPLYO^[LNP-Z_SZQ_SPXbP]PLYOL]PNZOPO bT_S4YOTLY]PWTRTZ^T_dBP^_P]YP]^LYO4YOTLY^LWTVPSLaPSLOLSLYOTY _ST^ YPb XPLYTYR []ZO`N_TZY 4_ bL^ YZ_ ZYWd _SP bZ]V ZQ :]TPY_LWT^_^ LYO _SPT] ^NSZWL]Wd TYOTRPYZ`^ TYQZ]XLY_^ Z] ZQ 3TYO` XT^^TZYL]TP^ NZXTYR _Z _SP BP^_M`_ LW^Z _SP[]ZO`N_ZQ[]LN_TNLW ^[T]T_`LWYPPO^ZQ BP^_P]Y[P]^ZY^LYOQL^STZY^ZQ_SP_TXP^,S`RPLYOOTaP]^P]LYRPZQ _]LY^XT__P]^ bP]P TYaZWaPO TY T_ MPRTYYTYR bT_S LY :cQZ]O []ZQP^^Z] aP]dPY_S`^TL^_TNLMZ`_WLYR`LRP^LYOL[]Z`O3TYO`XZYVzTY_SPNL^P ZQ9£OL-]LSXLY_]LY^QP]]PO_Z_SPBP^_bPQTYO4YOTLYR`]`^XZOP]Y >LY_^ ?SPZ^Z[ST^_^ VPPY ZY 4YOTL LYO ZNN`W_T^X L QZ]XP] -L[_T^_ []PLNSP]LXZOP]Y>`QTXL^_P]aL]TZ`^ULeeLYO[Z[X`^TNTLY^LULee ST^_Z]TLY LYO ]PNZ]O[]ZO`NP] TY_P]P^_PO TY _SP 9Pb ,RP LYO XLYd Z_SP]^TYNW`OTYR4Y_P]YP_[]P^PY_L_TZY^TY]PNPY__TXP^?Z`^T_L[[PL]^ TX[Z]_LY__SL_YZ_ZYWd_SP^NSZWL]WdN`W_`]PbL^TYQW`PY_TLWTY_SPNZY ^_]`N_TZYZQ_SPXZOP]Y^[T]T_`LWT_dNZYNP[_LYO T_^NZY_PY_^M`_^Z _ZZ bL^ _SP [Z[`WL] N`W_`]P 1Z] L WZYR _TXP _SP ]PNP[_TZY ZQ 4YOTL XZaPO XLTYWd LWZYR _bZ LcP^ :YP bL^ L NZRYT_TaP ^_]ZYRWd TY_PWWPN_`LWT^_TN Xd^_TNT^X ±L«VL]L LYO _SP Z_SP] bL^ L ^PL]NS QZ] _SP Pc_]LZ]OTYL]d _SP bZYOP]Q`W LYO _SP [L]LYZ]XLW SLRTZR]L[STP^ ZQ XZOP]Y ^LTY_^ ?SPZ^Z[STNLW WT_P]L_`]P P_N DZRL TQ T_ bL^ YZ_ ]PRL]OPO XP]PWd L^ L QZ]X ZQ RdXYL^_TN^ NZ`WO MP TY_P][]P_PO ^`T_LMWd Md MZ_S NLX[^ ?SP ^LXPT^_]`PZQ_SP]PNP[_TZYZQATaPVLYLYOLLYO=LXLV]T^SYL ATaPVLYLYOL bL^ PXTYPY_Wd TX[Z]_LY_ QZ] _SP P^_LMWT^SXPY_ ZQ _SP XZOP]Y NL_PRZ]d ZQ ^[T]T_`LWT_d 3P NZY^_]`PO L `YTQTPO ^[T]T_`LW 3TY O`T^X`^TYR_SPAPO£Y_LLYO_SPMd[]ZO`N_ZQ_ST^bL^LOPN`W_`]L_PO NZYNP[_ ZQ ^[T]T_`LWT_d bT_S 4YOTLY QWLT] 4Y [L]_TN`WL] _SP YZ_TZY ZQ L SL]XZYd LYO ^[T]T_`LW `YT_d ZQ _SP `YTaP]^P bSTNS LNNZ]OTYR _Z ATaPVLYLYOL^TX`W_LYPZ`^WdTX[WTPOSTRSXZ]LW^[LNTQT^XNZ^XZ[ZWT _LY S`XLYT^X LYO `YTaP]^LW _ZWP]LYNP bL^ LY TY_PWWPN_`LWWd LYO LP^ _SP_TNLWWd L[[PLWTYR bZ]WOaTPb NZY^_]`N_TZY _SL_ bL^ L[[L]PY_Wd P^[P NTLWWdL__]LN_TaP_ZBP^_P]YP]^LYONZY_TY`P^_ZPcP]_T_^TYQW`PYNPPaPY TY _ZOLdv^ ^[T]T_`LWT_d OT^NZ`]^P^ >[T]T_`LW `YT_d LYO SL]XZYd bP]P `Y^[PNTQTN PYZ`RS _Z MP QTWWPO bT_S L WZ_ ZQ OTQQP]PY_ NZY_PY_^ z bSTNS bL^TYOPPO_SPNL^PL^bP^SZbPOTY_SPWL^_NSL[_P]SL]XZYdZQMZOd LYO ^[T]T_ SL]XZYd bT_S YL_`]P SL]XZYd ZQ _SP ^[SP]P^ P_N ATaPVLYLYOL XLOP `^P ZQ _SP _d[TNLWWd 4YOTLY ]L_TZYLWT_d ZQ L[[WdTYR WP^^ OPO`N_TaP WZRTN _SLY []LN_TNLW ]PL^ZY LYO L VPPY QLN`W_d ZQ OT^ NP]YXPY_ZQbSL_bL^YPPOPOTY_SPRTaPY^T_`L_TZYBT_STY_ST^]L_TZY LWT_d[L__P]YT_T^WP^^LNWZ^PO^d^_PX_SL_T^^Z`RS_LYOXZ]P[]LN_TNLW []ZMWPX^ZWaTYR ATaPVLYLYOLv^ ^[T]T_`LWT_d NZYNP[_ bL^ M]TWWTLY_Wd X`W_TQ`YN_TZYLW 3TYO`T^X bL^ NZY^_]`PO L^ YZ_ ZYWd LYLWZRZ`^ _Z _SP bZ]WO ]PWTRTZY^ M`_ L^ ^`[P]TZ] >TX`W_LYPZ`^Wd L bZ]WOPYNZX[L^^TYR
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
NZYNP[_ ZQ ^[T]T_`LWT_d NZX[L_TMWP bT_S PYWTRS_PYXPY_ bL^ MZ]Y bSTNS [L]_TN`WL]Wd L__]LN_PO BP^_P]Y [PZ[WP ATaPVLYLYOL T^ VYZbY _Z SLaP NZYNPY_]L_PO QZ]PXZ^_ ZY 3TYO` ^PWQL^^P]_TZY LY_TTX[P]TLW ^_]`RRWP LYOYL_TZYLWTOPY_T_d_S]Z`RSN]T_TNT^XZQ_SPBP^_LYOVTYOWTYR[]TOPTY _SPZbYN`W_`]LWWPRLNdbSTNST_^PWQbL^ML^TNLWWdLXL]VPOwTYaPY_TZY ZQ _]LOT_TZYx BT_S ST^ APO£Y_LSZWT^X L^ _SP ]PWTRTZY ZQ 4YOTL ATaPVLYLYOL bL^ LMWP YZ_ ZYWd _Z L__]TM`_P STRSP] XZ]LWT_d _Z PaP]d 4YOTLY [PL^LY_ _SLY _Z _SP XZ^_ PO`NL_PO BP^_P]YP] M`_ bT_S ST^ ^PWQ L^^`]PON]T_TNT^XZQ_SPBP^_LYOXL_P]TLWT^XSPNZ`WOLW^ZPY_S`^PST^ ,XP]TNLY L`OTPYNP # 4_ T^ [L]_TN`WL]Wd TY_P]P^_TYR _SL_ ATaPVLYLYOLv^ wXL^_P] YL]]L_TaPx TYNW`OPO ^_dWTYR ST^ _PLNSP] =LXLV]T^SYL #!z ##! L^ TOPLW PXMZOTXPY_ ZQ 3TYO` ^[T]T_`LWT_d ?SP ]P[]P^PY_L_TZY ZQ _SP TWWT_P]L_P PN^_L_TN 6£W []TP^_ =LXLV]T^SYL L^ ^ZXP ZYP bSZ _]TPO Z`_ LWW ]PWTRTZY^ LYO SLO L ]LYRP ZQ OTQQP]PY_ Pc_]LZ]OTYL]d Xd^_TN Pc [P]TPYNP^ _`]YPO =LXLV]T^SYL TY_Z LY TNZY ZQ `YT_d ZQ _SP ]PWTRTZY^ z LYOL^LVTYOZQMd[]ZO`N_[]PQTR`]PO_SPXZOP]Y]PWTRTZ`^NZX[Z^P] ! 8ZOP]Y BP^_P]Y ^[T]T_`LWT_d []P^`[[Z^P^ 4YOTLv^ PY_]d TY_Z _SP BP^_P]YOT^NZ`]^PZY]PWTRTZY9Z_ZYWdMPTYR[LY_SPT^XQ]TPYOWdLYOL YPbNZYNP[_ZQ^[T]T_`LWT_dbT_SZ`_LYdN`W_`]LWMLRRLRPbP]PYPNP^^L]d [L]_^ZQ_SPYPb^_dWPZQ]PWTRTZYM`_LW^Z_SPYZ_TZY_SL_wLWW]PWTRTZY^ L]P _SP ^LXPx BSL_ ATaPVLYLYOLv^ =LXLV]T^SYL SLO _SL_ 7P^^TYRv^ =TYR ;L]LMWP OTO YZ_ bL^ _SL_ SP]P _SP [W`]LWT_d LYO `YT_d ZQ ]PWTRTZY^ bP]P YZ_ ZYWd _L`RS_ M`_ LW^Z [P]^ZYLWWd Pc[WZ]PO LYO Pc[P]TPYNPO TY ZYPv^ ZbY TYYP] ^[LNP 4_ WLd TY _SP WZRTN ZQ _SP TOPZWZRd ZQ ]PWTRTZ`^ `YT_d _SL_ bL^ ^TRYTQTNLY_Wd TY^[T]PO Md 4YOTL LYO ZQ bSL_ bL^ ]P NPTaPO L^ w4YOTLY Xd^_TNT^Xx LYO w4YOTLY ^[T]T_`LWT_dx _SL_ LWZYR^TOP ,^TLY M`TWOTYR MWZNV^ T_ bL^ [Z^^TMWP _Z TY_PR]L_P Z_SP] YZY.S]T^_TLY M`TWOTYR MWZNV^ LYO NZXMTYP _SPX bT_S .S]T^_TLY ZYP^ ]P^`W_TYR TY L QWPcTMWP ZaP]LWW [LNVLRP NLWWPO 9Pb ,RP ^[T]T_`LWT_d ;P]SL[^ LY PaPY ^_]ZYRP]LY_TNT[L_TZYZQ_ST^_SLYATaPVLYLYOLv^=LXLV]T^SYLL[[PL]PO bT_S _SP ?SPZ^Z[ST^_^ bSZ ^P_ `[ _SPT] ML^P TY ,OdL] 8LO]L^ >Z`_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #ATaPVLYLYOLv^ ^PWQL^^`]PO N]T_TNT^X ]PLO^ L^ QZWWZb^% _SP []ZR]P^^ ZQ _SP BP^_ NZY^T^_^ ZYWd ZQ _PNSYZWZRd XL_P]TLWT^X bZ]WOOZXTYL_TZY LYO bL]QL]P TY NZY_]L^_ _Z [PLNPQ`W 4YOTL bSP]P ^[T]T_`LWT_d SL^ MPNZXP STRSWd OPaPWZ[PO LYO QWZb^ TY _SP MWZZOZQPaPY_SP^TX[WP^_QL]XP]%_SPBP^_NLY_SP]PQZ]PWPL]YLR]PL_OPLWQ]ZX4Y OTL0^[PNTLWWdNWPL]WdQZ]X`WL_POTYATaPVLYLYOLv^[LX[SWP_ ?SP0L^_LYO?SPBP^_ 6LWV`__L% ?]TZ ;]ZNP^^ ]P[] & NQ LW^Z 3LWMQL^^ 4YOTPY `YO 0`]Z[L $ LYO _SPbSZWP[]P^PY_L_TZY !z"ALYOP]APP]w>[T]T_`LWT_dTY8ZOP]Y>ZNTP_dx NZXXPY_^%w4YOTLv^_]LOT_TZY^bP]PXLOPTY_Z]P^Z`]NP^TY_SPLY_TTX[P]TLWT^_^_]`R RWPLRLTY^_LXL_P]TLWXZOP]YTeL_TZY_SL_N`W_`]LWWdLYO[ZWT_TNLWWd^`MUPN_PO4YOTL_Z BP^_P]Y[ZbP]?SPOT^_]`^_ZQXL_P]TLWNTaTWTeL_TZYbL^^SL]POMdMZ_SXP_]Z[ZWT_LY LYO 4YOTLYTY_PWWPN_`LW^N]T_TNTeTYR TX[P]TLWT^XTYLOTLWZR`P_SL_bL^ QPOMd_SP`^P ZQLNZXXZY0YRWT^SWLYR`LRPx
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
P]Y4YOTLLYOM`TW_L_PX[WPZQLWW]PWTRTZY^bT_S_SPXZ__Zw?SP]PT^YZ =PWTRTZYSTRSP]_SLY?]`_Sx -d YZ XPLY^ NLY _SP PY_T]P ]PWTRTZ`^ NSLYRP TY _SP BP^_ MP _]LNPO MLNV_Z4YOTLYTY^[T]L_TZY3ZbPaP]T_T^YZ_TNPLMWP_SL__SPTY_PR]L_TaP LYO LOOT_TaP SLMT_`^ OPQTYT_PWd NZXP^ NWZ^P] _Z _]LOT_TZYLW 3TYO`T^X _SLY T_ NZXP^ _Z .S]T^_TLYT_d ;LY_SPT^_TN [P]NP[_TZY [L__P]Y^ LYO TOPL^ ZQ L Q`YOLXPY_LW w_]`_Sx MPSTYO LWW TYOTaTO`LW [SPYZXPYL L]P QT]XWd LYNSZ]PO TY 3TYO`T^X TY L wZ]_SZOZcx XLYYP] TY ^_L]V NZY_]L^_ _Z .S]T^_TLYT_d 4Y ^_]`N_`]LW _P]X^ XZOP]Y ^[T]T_`LWT_d ]P[]P^PY_^ L _Pc _`]P _SL_ Q`YN_TZY^ ^TXTWL]Wd _Z 4YOTLv^ ^LN]PO WT_P]L_`]P^ TP YZ_ L^ L QTcPONLYZYTNLW_Pc_M`_L^L]P^P]aZT]ZQ[Z^^TMTWT_TP^ZYbSTNSZYPT^ Q]PP _Z O]Lb 4_ T^ _d[TNLW ZQ 3TYO`T^X _SL_ XLYd _STYR^ L]P NZXMTYPO LYO ]PWL_PO _Z ZYP LYZ_SP] _SL_ ^PPX TYNZX[L_TMWP LYO NZY_]LOTN_Z]d 9Z_ZYWd_ST^_d[TNLWQPL_`]PT^YZbLW^Z^PPYTY_SPBP^_TY9Pb,RP WTVP[TP_dM`_LW^Z_SP]PWTRTZ`^]L_TZYLWTeL_TZYZQ]PWL_TYRPaP]d_STYR_Z L STRSP] `YT_d LYO QTYOTYR XTc_`]P^ ZQ ]PWTRTZY^ _Z MP `Y[]ZMWPXL_TN MZ_STY_PWWPN_`LWWdLYOTY[]LN_TNLWPaP]dOLdWTQP " .ZWZYTLWT^X XTR]L_TZY R]PL_P] XZMTWT_d NZXX`YTNL_TZY XPOTL LYO RWZMLWTeL_TZY SLaP N]PL_PO YPb TY_P]N`W_`]LW NZY_LN_ eZYP^ LYO WPO _ZLOP_P]]T_Z]TLWTeL_TZYZQN`W_`]P?SP^PYPbNZY_LN_eZYP^[]ZO`NPOZQ ]PWTRTZYLYO^_TWWOZ^Z_ZOLd;]PNT^PWdMPNL`^P_SPN`W_`]LWL]NSTaPZQ N`^_ZX^ TOPL^ P_N SLO Pc[LYOPO ^TYNP _SP $_S NPY_`]d _SP MZ`YOL ]TP^bP]PLW^Z Pc[LYOPO ^STQ_PO LYO]PO]LbY?SPTY_P]N`W_`]LW^[LNP^ []ZO`NPO YPb _STYR^ SdM]TO^ ]PWTRTZ`^ []ZO`N_^ _SL_ SLO YPaP] MPPY ^PPYMPQZ]P9PaP]MPQZ]PTYST^_Z]dSLO_SP]PMPPY_SP`YTQdTYR3TYO` T^X ZQ ATaPVLYLYOLv^ YZ] -P]PYO_v^ 9£OL-]LSXLY P_N 9PT_SP] SLO _SP]PPaP]MPPYBP^_P]Y[PZ[WPbSZQZ`YOL_SZXPTY_SPT]ZbYBP^_ P]Y ^ZNTP_TP^ LY 4YOTLY OTL^[Z]L _PX[WP bSP]P _SPd NZ`WO [P]QZ]X [¼U£^ LYO £]NLYL^ U`^_WTVP_SPTYOTRPYZ`^3TYO`^?ST^NLYMPZM^P]aPO _ZOLd TY 0YRWLYO LYO 2P]XLYd TY [L]_TN`WL] TY _SP WL]RP^_ OTL^[Z]L _PX[WP LYdbSP]P TY NZY_TYPY_LW 0`]Z[P TY 3LXX@PY_]Z[ 2P]XLYd =PNPY_Wd BP^_P]YP]^ SLaP YZ_ ZYWd MPPY TY_P]P^_PO TY 4YOTLY [L_S^ TY_Z _SPT] TYYP] ^[LNP M`_ LW^Z TY _]LOT_TZYLW 4YOTLY [P]QZ]XLYNP N`W_`]P ,Q_P] L [SL^P ZQ ]PNP[_TZY _SL_ bL^ LWXZ^_ PcNW`^TaPWd OPaZ_PO _Z _SP APO£Y_L LYO DZRL _SP 4YOTLY _PX[WP LYO QP^_TaLW N`W_`]P ^`NS L^ _SL_ ZQ _SP ?LXTW 3TYO`^ T^ YZb L__]LN_TYR WZNLW^ bSZ ^Ld _SPd QTYO w_Z_LW ]PWTRTZYx SP]P 1`]_SP]XZ]P YZbLOLd^ _SP ?LY_]L ,d`]aPOL LYO -ZW WdbZZOL]PLXZYR_SPXZ^_[Z[`WL]TX[Z]_^?SPNZY_LN_eZYP^LYO_SP TY_P]P^_^SLaPMZ_SNSLYRPOLYOR]ZbY 8ZOP]Y _TXPWP^^ LYO YZY^[L_TLW ^[T]T_`LWT_d SL^ ^_]ZYR ST^_Z]TNLW OTXPY^TZY^ 4_ bL^ TYT_TLWWd L []ZO`N_ PXP]RTYR Q]ZX _SP NZWZYTLW OT^ NZ`]^PQTPWO_SL_bL^4YOTLLYOR]LO`LWWdPaZWaPOLYO_]LY^X`_POLQ_P] XZ]PPc_PY^TaP]PLWPYNZ`Y_P]^bP]PLOOPO_Z_SPWT_P]L]dNZY_LN_eZYP^
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
"
0YRWT^S _]LY^WL_TZY^ :`_ ZQ L ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ _SP]P OPaPW Z[PO L XL^^ N`W_`]P TY _SP $!^ LYO $"^ bSTWP TY _SP 9Pb ,RP 4Y OTLv^ ^SL]P ZQ_PY ZYWd ]PXLTYPO aT^TMWP L^ L \`Z_L_TZY L^ ZYP M`TWOTYR MWZNV LXZYR ^PaP]LW Z_SP]^ Z] L^ LY TY_LYRTMWP wL`]Lx ZQ ^[T]T_`LWT_d w^[T]T_`PWWP^ 1W`TO`Xx Z] PW^P L[[L]PY_Wd T^ LM^PY_ LWW _ZRP_SP] BP L]R`P _SL_ T_ T^ YPaP] _Z_LWWd LM^PY_ M`_ SL^ MPNZXP TYaT^TMWP 9Pb QZ]X^ ZQ SLMT_`^ PXP]RPO Q]ZX QLXTWTL]TeL_TZY bT_S 0L^_P]Y ]PWTRTZ`^ N`W_`]P^ P^[PNTLWWd bT_S >LY^V]T_ 3TYO`T^X ,Y 4YOTLY SLMT_`^ T^ ^Z ^_]ZYRWd TY_P]YLWTePO TY NZY_PX[Z]L]d ^[T]T_`LWT_d _SL_ Q]P\`PY_Wd T_ NLY YZWZYRP]MP]PNZRYTePOL^4YOTLY :aP]_TXP _SP]P bL^TYOPPOL^STQ_TY_SPNZ]P_P]X^zQ]ZXXd^_T NT^X _Z _SP 9Pb ,RP _Z P^Z_P]TNT^X LYO ^[T]T_`LWT_d bSTNS ZNN`]]PO LWZYR^TOPL_PYOPYNd_ZbL]O^L^STQ_Q]ZXOT^PXMZOTPOw[`]P^[T]T_`LW T_dx _Z MZOd]PWL_PO ^[T]T_`LWT_d DP_ _SP ^PXLY_TN QTPWO ZQ ^[T]T_`LWT_d _SL_ bL^ _S`^ ^[]PLO ^_LdPO ]PWL_TaPWd `YTQZ]X% w^[T]T_`LW L__T_`OP _Z WTQPx w`YT_d ZQ PcT^_PYNPx w^PWQ]PLWTeL_TZYx wSL]XZYd bT_S ZYP^PWQ LYO _SP `YTaP]^Px w`YT_d ZQ S`XLYT_dx wSPLWTYR ZQ MZOd LYO ^[T]T_x P_N ]PXLTYPO ZYRZTYR VPd bZ]O^ ?SP []ZXT^P ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP^ QZ]XPO L _S]PLO ]`YYTYR _S]Z`RS LW_P]YL_TaP ^[T]T_`LWT_d ZQ PaP]d ^SLOP 4_ T^ ZQ ^[PNTLW TY_P]P^_ _SL_ 4YOTLY `YTaP]^LW Xd_STNLW TY _P][]P_L_TZY [L__P]Y^ w`YTaP]^LWXd_ST^NSP /P`_`YR^X`^_P]x NZ`WO MP L[[WTPO QWPcTMWd MZ_S _Z [`]P ^[T]T_`LWT_d LYO _Z PYSLYNPO ^PY^Z]TYP^^ LYO SZWT^_TN MZOd^Z`W NZYNP[_TZY^ L^ _SP []PNPOTYR NSL[_P]^ SLaP ^SZbY # 9£OL LYO DZRL L]P P^[PNTLWWd TY_P]P^_TYR QZ] _SP LNLOPXTN OT^ NZ`]^PZY_SPXZOP]YLRPMPNL`^P_SPdM]Z`RS_LMZ`__SPL]]TaLWZQ_SP bZYOP]Q`W TY L ]L_TZYLWTePO bZ]WO LYO ZQ _SP ^PY^Z]d TY [`]P ^[T]T_`LW T_d ,_ _ST^ [ZTY_ bP OZ YZ_ SLaP _Z ]P[PL_ _SP PcLX[WP^ LW]PLOd Pc_PY ^TaPWd OT^N`^^PO bSTNS []ZaTOP NWPL] PaTOPYNP ZQ _SP _]LY^N`W_`]LW OTQ Q`^TZY ZQ 4YOTLY TOPL^ ?SP _LWV ZQ wPYP]RTP^x LYO waTM]L_TZY^x _SL_ T^ LXLeTYRWdbTOP^[]PLOTY_SPBP^_P]YbZ]WO_ZOLdSL^T_^]ZZ_^YZ_ZYWd TY _SP ^_TX`WL_TZY Q]ZX 4YOTL $ -`_ 4YOTL [WLdPO L XLUZ] ]ZWP TY T_^ PXP]RPYNP4YOTL[]ZaZVPO_SPTOPLZQOPaZ_TYRXZ]PL__PY_TZY_Z^Z`YO [SPYZXPYL LYO TY_P][]P_TYR _SPX NZ^XZWZRTNLWWd ?SP ^ZYTN [L]LOTRX ^`[[WTPO MZ_S L YPb `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d LYO YPb ^PY^Z]d VYZbWPORP4YLOOT_TZY_Z_SPPc[P]TXPY_LWOTXPY^TZYLYZ_SP]OPNT^TaP QLN_Z] bL^ 4YOTLY N`W_`]P LWWZbPO ZYP _Z MPWTPaP TY XT]LNWP^ bT_SZ`_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $4_ T^ LW^Z [L]_Wd Pc[WLTYPO Md BP^_P]Y LWNSPXd 8P^XP]T^X [Z[`WL]TePO YL_`]LW ^NTPYNP LYO Z_SP] ^Z`]NP^ 1`]_SP]XZ]P 4YOTLY NZWWPN_TaP XPXZ]d ]PLNSPO _SP BP^_ YZ_ZYWdaTL4YOTLY_PLNSP]^LYO_SP]PLOTYRZQ4YOTLY^Z`]NP^M`_LW^ZaTLTY_P]XPOT L_P NSLYYPW^ ?SP ?SPZ^Z[ST^_^ SLO LY TX[Z]_LY_ _]LY^XT__TYR Q`YN_TZY L^ OTO _SP L`_ZMTZR]L[STP^ OP^N]TMTYR bZYOP]Q`W LYO [L]LYZ]XLW _STYR^ SL[[PYTYR _Z 4YOTLY XL^_P]^Q]ZXATaPVLYLYOLv^=LXLV]T^SYL_ZDZRLYLYOL
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
SLaTYR _Z [P]NPTaP _SPX L^ NZY_]L]d _Z ^NTPYNP =PWTRTZY LYO ^NTPYNP bP]P YZ_ TY NZYQWTN_ 4YOTRPYZ`^ XLY_]L TY_P][]P_L_TZY^ LM^Z]MPO ^NTPY _TQTN [L__P]Y^ ZQ Pc[WLYL_TZY P\`LWWd PQQZ]_WP^^Wd TY _SP []P^PY_ L^ ;`]£©TN bZ]WO TY_P][]P_L_TZY^ SLO LM^Z]MPO _SP YPb L^_]ZYZXTNLW OT^ NZaP]TP^ TY _SP 8TOOWP ,RP^ 4Y_P]P^_TYRWd _ZOLd TY 4YOTL LYO 0`]Z[P bP QTYO PcLN_Wd _SP ^LXP \`L^T^NTPY_TQTN Pc[WLYL_TZY [L__P]Y^ QZ] _SP [ZbP] ZQ ^Z`YO^ LYO _SPT] PQQPN_^ ZY _SP ^PWQ LYO ]PLWT_d ?SP]P T^ ZYP TX[Z]_LY_ OTQQP]PYNP SZbPaP] :Y _SP 4YOTLY ^TOP ZYP LWbLd^ ]PXLTY^ NWZ^PWd_TPO_ZZYPv^TYOTRPYZ`^_]LOT_TZYPaPYbSP]PBP^_P]Y[]ZO`N_^ L]P TYNW`OPO 3TYO`^ RPYP]LWWd MPWTPaP _SL_ _SPd NLY QTYO PaP]d_STYR TY _SPT] ZbY N`W_`]P bSTWP BP^_P]YP]^ PT_SP] YZ WZYRP] _]`^_ _SPT] ZbY _]LOT_TZY Z] ]PRL]O T_ L^ TY^`QQTNTPY_ LYO MZ]]Zb L^[PN_^ Q]ZX _SP wZ_SP]x $?SPMT]_SZQXZOP]Y^[T]T_`LWT_dTY_SPYTYP_PPY_SNPY_`]dbL^_SP []ZO`N_ZQ[]ZNP^^P^ZQX`_`LWTY_P]LN_TZYLYOPcNSLYRP4_bL^LNZX XZY []ZUPN_ TY bSTNS MZ_S 4YOTLY LYO BP^_P]Y N`W_`]P SLO _SPT] ^SL]P M`_ ^_TWW _SP YPb _]LY^]PWTRTZ`^ ^[T]T_`LWT_d _SL_ PXP]RPO bL^ L WT__WP XZ]P 4YOTLY _SLY BP^_P]Y LYO T_ `W_TXL_PWd NSLYRPO _SP BP^_P]YP]^ XZ]P_SLY_SP4YOTLY^ ?]LOT_TZYLW]PWTRTZ`^N`W_`]PTY4YOTLSL]OWd WZ^_ LYd_STYR ZQ T_^ aT_LWT_d z P^[PNTLWWd TY ]`]LW L]PL^ BP OZ YZ_ bT^S _Z OPYdMdLYdXPLY^_SL_aP]dX`NSSL^NSLYRPOTY4YOTLO`]TYR_SPWL^_ _bZ S`YO]PO dPL]^ LYO TY ^ZXP ]P^[PN_^ L wBP^_P]YTeL_TZYx SL^ ZN N`]]PO,XZYRZ_SP]_STYR^_SP-]T_T^SM]Z`RS__SP4YOTLY^_SP[]TY_TYR []P^^_SP0YRWT^SWLYR`LRPL^LWTYR`LQ]LYNLYPbPO`NL_TZYLWZ[_TZY^ LYO TOPL^ LMZ`_ PYWTRS_PYXPY_ -`_ T_ T^ QL^NTYL_TYR U`^_ SZb QL^_ LYO PL^TWd]PQZ]X3TYO`^LYO4YOTLYXL^_P]^bSZ_]LaPWPO_SPBP^__ZZV`[ LWWZQ_ST^LYOXLOPT_Q]`T_Q`WQZ]_SPT]ZbYTY_P]P^_^bSP_SP]_SPdbP]P L ^PL]NS QZ] YL_TZYLW TOPY_T_d _SP NWLTX _SL_ ^[T]T_`LWT_d bL^ _SP LN_`LW [LY,^TLYTOPY_T_d Z]_SP^[]PLOZQ4YOTLYVYZbWPORP TY_SPBP^_P]Y bZ]WO ATaPVLYLYOLv^ ^[T]T_`LWT_d NZYNP[_ bL^ MZ_S 4YOTLY LYO OP N`W_`]L_PO L_ _SP ^LXP _TXP 3P N]PL_PO LY 4YOTLY TOPY_T_d QZ] _SP `YT_d ZQ _SP YL_TZY LYO L_ _SP ^LXP _TXP LY ZQQP] ZQ ]PWTRTZ`^ TOPY_T_d bT_S bSTNS BP^_P]YP]^ NZ`WO PL^TWd TOPY_TQd ?SP XZOP]Y 4YOTLY XL^_P]^ bP]PPc_]PXPWdQL^_TY[TNVTYR`[LYOw4YOTLYTeTYRx_SPS`XLYT^_TNLYO ]L_TZYLW aLW`P^ ZQ PYWTRS_PYXPY_ ^`NS L^ `YTaP]^LW Q]L_P]YT_d ]PWTRTZ`^ _ZWP]LYNP NZ^XZ[ZWT_LYT^X P_N M`_ OTO YZ_ LOZ[_ _SP LY_T]PWTRTZ`^ N]T_T\`P ;]PNT^PWd _ST^ [L__P]Y bL^ L__]LN_TaP _Z BP^_P]YP]^ -PNL`^P TY_P]YL_TZYLWWdLN_TaP4YOTLYXL^_P]^ZQQP]PO_SPT]]PWTRTZ`^[]ZR]LX^L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q ZY _ST^ ALY OP] APP] w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx ZY _SP -PYRLWT [ZP_ =LMTYO]LYL_S ?LRZ]P bSZ _]LaPWPO _Z BP^_P]Y LYO QL] 0L^_P]Y NZ`Y_]TP^ L^ LY LX ML^^LOZ] ZQ ,^TLY ^[T]T_`LWT_d 4Y _SP BPTXL] =P[`MWTN ST^ ]P[PL_PO aT^T_^ _]TRRP]PO LY w4YOTL MZZXx 3P bL^ _SP ^ZY ZQ /PMPYO]LYL_S ?LRZ]P bSZ QPL_`]P^ TY _SP QZW WZbTYR
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
$
w[`]P ^[T]T_`LWT_dx z WL]RPWd bT_SZ`_ N`W_`]LW MLRRLRP ^`NS L^ [`]T_d ]`WP^ LYO MTYOTYR _Z NL^_P RPYOP] ]T_`LW LYO ^ZNTLW NZY_Pc_^ P_N z _SPd XLOP _SP _PLNSTYR^ LYO []LN_TNP^ PL^TWd wNZYaP]_TMWPx TY_Z YPb N`W_`]LW^d^_PX^LYON]PL_POYPbL]PL^ZQNZXXZYR]Z`YO :Y _SP BP^_P]Y ^TOP _SP YPb ^[T]T_`LWT_d bL^ L N]T_TNT^X ZQ LYO L M]PLV bT_S _]LOT_TZY bSTWP ZY _SP 4YOTLY ^TOP T_ bL^ L NWPL] N`W_`]LW OPNT^TZYQZ]bSL_ bL^ZYPv^ZbY?ST^MPNZXP^aP]d NWPL]TY ATaPVLY LYOLLYOZ_SP]b]T_P]^ 3ZbPaP]T_ T^^SZbY PaPY TY _SPQZWWZbTYRPc _]PXP NL^P ZQ XZOP]YLRP ]PWTRTZ`^ N`W_`]P TY 4YOTL bSTNS TWW`^_]L_P^ P^[PNTLWWdbPWW _SPQ`YOLXPY_LWTY]ZLO^XLOPMd]PQZ]X3TYO`T^XTY_Z _]LOT_TZYLW]PWTRTZYLYO_SPPQQPN_TaPTY_P]LN_TaP[]ZNP^^P^L_bZ]VSP]P 8Lc8ÞWWP]]P[Z]_^_SL_SPw^SZZVx_SP4YOTLY_SPZWZRTLY^Z`_ZQw_SPT] ^W`XMP]x bT_S ST^ QT]^_ NZX[WP_P []TY_PO POT_TZY ZQ _SP RaPOL #$z #" 8ÞWWP] NWLTXPO _SL_ ]PQZ]XP]^ ZQ 3TYO`T^X ^`NS L^ /PMPY O]LYL_S?LRZ]P#"z$ bSZSLOSPWOQL^__Z_SPAPOLL^LOTaTYP ]PaPWL_TZY `[ _Z # YZb ]PNZRYTePO SZb WT__WP _SPT] w-TMWPx NZY _LTYPO MPdZYO _SP NSTWOWTVP LYO SZb WT__WP T_ ZQQP]PO QZ] ]PQZ]X LYO XZOP]YTeL_TZY /PMPYO]LYL_S LYO Z_SP]^ 8ÞWWP] ^_L_PO _SP]P`[ZY WZ^_ _SPT] QLT_S TY _SP APOL ?ST^ T^ SZbPaP] YZ_ _SP bSZWP ^_Z]d 4Y QLN_ /PMPYO]LYL_SSPWOQL^_ _Z_SP@[LYT´LO^3P]PUPN_PO ±L«VL]LLYO[Z^ _`WL_PO_SL_YZ_PLNSP]^Z]NZXXPY_L]TP^bP]PYPPOPO_Z`YOP]^_LYO_SP ^N]T[_`]P^4Y^_PLOZYWdZYPv^ZbYTY_`T_TZYLYO_SPaZTNPZQZYPv^ZbY SPL]_ bP]P YPNP^^L]d ,NNZ]OTYR _Z BTWSPWX 3LWMQL^^ TY _ST^ aTPb ZQ TXXPOTL_P Pc[P]TPYNP /PMPYO]LYL_S bL^ TYQW`PYNPO Md BP^_P]Y NZY NP[_^ ZQ TY^[T]L_TZY LYO TY_`T_TZY LYO 3TYO`TePO _SP^P BP^_P]Y TOPL^ `^TYR _SP _P]X £_XL[]L_dLdL 8£©¼VdL @[LYT´LO 4Y _SP Z]TRTYLW NZY_Pc__SPPc[]P^^TZYXPLY__SPYZYO`LWT^_TN^PWQ[]P^PYNPZQLM^ZW`_P NZY^NTZ`^YP^^ M`_ QZ] /PMPYO]LYL_S T_ ^TRYTQTPO wTY_`T_TaP VYZbWPORPx LYO _SP waZTNP ZQ _SP SPL]_x 3P _S`^ RLaP ST^ ZbY ^LN]PO WT_P]L_`]P L YPb OTXPY^TZY ZQ `YTaP]^LWT_d LYO Z[PYPO `[ NZXXZY R]Z`YO bT_S Z_SP]]PWTRTZY^ :YP NLY ^PP U`^_ SZb ^_]ZYRWd _]LOT_TZY T^ NSLYRPO SP]P ?SP APOL T^ MPTYR OT^^ZWaPO L^ L MZOd ZQ ^Z`YO _]LOT_TZYLW NZXXPY_L]d VYZbW PORPT^Pc_TYR`T^SPOLYO_SPQLNP_ZQLNP_PLNSP][`[TWNZY_LN_ T^RTaPY `[ /PMPYO]LYL_S L^^TXTWL_PO _SP ^`MUPN_TaT_d ZQ _SP b]T_TYR ^`MUPN_ w>NS]TQ_^`MUPV_x ?SP]PMd SP NLXP TY^[T]PO Md _SP BP^_ YZ_TNPLMWd NWZ^P_Z_SPTXLRP_SL_.LX[MPWWNZY^TOP]PO_d[TNLWZQ3TYO`T^X%TY_`T _TZY QPPWTYR LYO LY TXXPOTL_P aT^TZY ZQ ]PLWT_d LYO _]`_S 3ZbPaP] T_ T^]PaPLWTYR_SL_/PMPYO]LYL_SOTOYZ_TY_]ZO`NPLYLM^ZW`_PM]PLVbT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .QZY_ST^LYOZY_SPQZWWZbTYR-PNVP 3TYO`T^X`^3LXM`]R%5`YT`^$$!#!Q .QZY_ST^3LWMQL^^ 4YOTPY`YO0`]Z[L $z 3P[]P^`XP^TYQW`PYNP^Md>SLQ_ P^M`]dLYO_SP>NZ__T^S>NSZZWZQ.ZXXZY>PY^P
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_]LOT_TZYM`__]TPO _ZRTaP ST^TYYZaL_TZYL]L_TZYLWPML^POTY_]LOT_TZY ?ST^T^aP]d_d[TNLWZQXZOP]Y^[T]T_`LWT_dTY4YOTL 4Y_SPST^_Z]dZQTY_P]LN_TaPPcNSLYRPT_]PXLTY^YZ_TNPLMWP_SL_ BP^_P]YP]^^PPV^[T]T_`LW]PYPbLWTY_SPwZ_SP]xbSTWP4YOTLY^QTYOT_TY _SPT] ZbY N]PL_TaPWd ]PTY_P][]P_PO _]LOT_TZY ?SP [L__P]Y ZQ SZWT^_TN ^[T]T_`LWT_d TY ATaPVLYLYOL LYO -P]PYO_ NLY MP ]PRL]OPO L^ RPYP]LWWd L[[WTNLMWP 4Y -P]PYO_ _SP BP^_P]YP] T_ T^ L NZWWLRP ZQ N]Z^^N`W_`]LW M`TWOTYRMWZNV^bSTNSOP_P]XTYP^_SPSZWT^XwPTYP-]TNZWLRPaZYAP] ^L_e^_ÞNVPY OTP OPY 3ZWT^X`^ L`^XLNSPYx bSP]PL^ TY ATaPVLYLYOL _SP 4YOTLY ^[T]T_`LW `YT_d T^ L SZWT^_TN XP_L[SZ] _SL_ ]PXLTY^ NWZ^PWd MZ`YO _Z _]LOT_TZY wPTYP _]LOT_TZY^RPM`YOPYP 2LYeSPT_^XP_L[SP]x 4Y -P]PYO_ T_ bL^ N]T_TNT^X ZQ ST^ ZbY N`W_`]P LYO TY ATaPVLYLYOL T_ bL^ _SP]PaLW`L_TZYZQST^ZbYN`W_`]LWSP]T_LRPATaPVLYLYOL`_TWTePOPcT^_ TYR [Z_PY_TLW^ TY _SP 3TYO` _]LOT_TZY^ bSTNS [P]XT__PO RPYP]LW L^ ^`X[_TZY^N`__TYRLN]Z^^]PWTRTZ`^OPXL]NL_TZY^TY[L]_TN`WL]_SL_ PaP ]d_STYR bPY_ MLNV _Z _SP ^LXP `YOP]WdTYR _]`_S LYO bP]P NZX[L_TMWP bT_SPYWTRS_PYXPY_ ?SP^P _bZ bLd^ ZQ L[[]ZLNSTYR _SP XZOP]Y [P]TZO L]P [L]LOTR XL_TN% TY4YOTLbPQTYO[]P^P]aL_TZYZQbSL_T^ZYPv^ ZbYLYO_]LOT_TZY MPTYRLOL[_PO _Z_SPXZOP]Y[P]TZO bSP]PL^ -P]PYO_ YZWZYRP] _]`^_PO ST^ _]LOT_TZY LYO N]T_TNTePO T_ 3P _SP]PQZ]P aP]d NZY^NTZ`^Wd MZ]]ZbPO Q]ZX _SP wZ_SP]x LYO QPW_ YZ_ ZYWd _SL_ _SP wZ_SP]x ^`T_PO _SP ^[T]T_`LW wYPb NZY^NTZ`^YP^^x M`_ _SL_ T_ bL^ LW^Z OPNT^TaP _SL_ _ST^ YPb NZY ^NTZ`^YP^^ SLO OPaPWZ[PO L_ LWW -P]PYO_v^ 9£OL-]LSXLY bL^ L `^PQ`W XZOPW TY Z`] OT^N`^^TZY QZ] LYLWdeTYR SZb N`W_`]LW NZYNP[_^ bSPY _]LY^[Z]_POTY_ZLYPbN`W_`]LWQTPWOL]P_]LY^QZ]XPO_S]Z`RS[L]_TNT[L _TZY TY _SL_ QTPWO ,_ _SP ^LXP _TXP _SP YPb N`W_`]LW QTPWO bTWW LWXZ^_ LWbLd^MP_]LY^QZ]XPO_S]Z`RS_SPLOOT_TZYZQ_SPYPbNZYNP[_4Y-P] PYO_v^9£OL-]LSXLY_SP]PT^L ^STQ_TY_Z[Z[`WL]^NTPYNPLYOTY_ZN`W _`]LW N]T_TNT^X BSL_ T^ 4YOTLY T^ _Z_LWWd OPN`W_`]L_PO dP_ _SP 4YOTL TY^[T]POYPbNZOTYRZQ _SPbZ]WO LYO^STQ_ TY[]PQP]PYNP^ TY_SP`YOP] ^_LYOTYRZQX`^TNLYO_SPbZ]WOT^^_TWWaP]dNWPL]4_T^YZ_PbZ]_Sd_SL_ _SP^ZNTZWZRT^_;P_P]-P]RP]TYST^w3P]P_TNLW4X[P]L_TaPxL__SPPYO_SP $"^ ^_TWW QPW_ _SL_ _SP \`P^_TZY ZQ bSL_ w-PYL]P^x XPLY_ _Z w5P]`^L WPXx bL^ _SP ZYP _SL_ bL^ LWWTX[Z]_LY_ LYO _Z_LWWd OPNT^TaP QZ] _SP Q`_`]P ZQ ]PWTRTZY 1Z] -P]PYO_ LYO Z_SP] QZWWZbP]^ ZQ 9Pb ,RP ^TYNP _SP $#^ T_ SL^ YZ_ MPPY YPNP^^L]d _Z RTaP LY `YP\`TaZNLW uDP^v Z] u9Zv_ZZYPZ]_SPZ_SP]8ZOP]Y]PWTRTZ`^NZX[Z^T_TZYT^NSL]LN_P]TePO TY[L]_TN`WL]Md_SPQLN__SL__SP]PT^YZwYPPO_ZNSZZ^PxM`_Q]PPNZX MTYL_TZY ?ST^ T^ Pc[]P^^PO TY LY Pc_]PXP XLYYP] Md L dZ`YR bZXLY bSZQTYO^wbT_SZ`_XdXTcZQ]PWTRTZY4bZ`WOYZ_MPSL[[dx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_PQLYTP=Z^PYV]LYew2PT^_P]2`]`^`YO2PMP_Px >_P]Y $$%!
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
,OZ[_TYR LYO ]PNZX[Z^TYR ]PWTRTZ`^ PWPXPY_^ T^ L M]PLV Q]ZX _SP _]LOT_TZY^ Q]ZX bSTNS _SPd bP]P _LVPY LYO ^TX`W_LYPZ`^Wd _SP TYaPY _TZY ZQ L YPb _]LOT_TZY& _SP PWPXPY_^ OZ YZ_ OT^L[[PL] M`_ RLTY L YPb NZY_Pc_ L^ ]PWTRTZY 4Y ^_]`N_`]LW _P]X^ _SP ^LXP []ZNP^^ LW^Z L[[WTP^ _Z XZOP]Y 4YOTLY ^[T]T_`LWT_d M`_ _SP NZY_PY_ T^ _Z_LWWd OTQQP]PY_ 8Tc _`]P^ZQ]PWTRTZY^bT_SPWPXPY_^Q]ZXLWWL]Z`YO_SPbZ]WOL^T^_d[TNLW ZQ _SP 9Pb ,RP L]P RPYP]LWWd YZ_ QZ`YO TY 4YOTL 4_ T^ _]`P _SL_ TY _SP [L^_ L 3TYO` NZ`WO LW]PLOd aT^T_ L NS`]NS OPOTNL_PO _Z _SP AT]RTY LYO _SP R]LaP ZQ L 8`^WTX SZWd XLY LYO SLaP L [TN_`]P ZQ 5P^`^ ZY ST^ OZXP^_TN LW_L] M`_ _SP]P L]P SL]OWd LYd 9Pb,RP^_dWP ^dYN]P_T^X^ ,YO bSP]P TY []P^PY_OLd 4YOTLY ]PWTRTZ`^ N`W_`]P ZYP _]TP^ _Z SLaP L ^[T]T_`LWT_d OTQQP]PY_ Q]ZX _]LOT_TZYLW ]PWTRTZY ZYP OZP^ YZ_ ^PPV ^ZW` _TZY^TY_SPbSZWPbZ]WO:YPT^^L_T^QTPObT_S>LT-LMLZ]Z_SP]4YOTLY XL^_P]^ .`W_`]LW [L]_TN`WL]^ LYO wX`W_T[WP XZOP]YT_TP^x L]P _S`^ PaPY ]PQWPN_PO bT_STY _]LY^]PWTRTZ`^ XZOP]Y ^[T]T_`LWT_d ?SP 4YOTLY LYO _SP BP^_P]Y^_dWPL]P_bZ\`T_POTQQP]PY_L[[]ZLNSP^_Z]PWTRTZYTY_SPXZO P]Y[P]TZObSTNSL]PPc[WLTYPOMdOTaP]RPY_^ZNTZN`W_`]LWQTPWO^ ?SP^ZNTZN`W_`]LW[]LN_TNP^OP_P]XTYP_SPQZ]X^ZQ^`MUPN_TaT_d ,W_SZ`RS ]PWTRTZY TY 4YOTL T^ LW]PLOd _]LOT_TZYLWWd aP]d TYOTaTO`LWT^_TN LYO XLYd T_PX^ NLY MP ^`MUPN_TaPWd NZXMTYPO TY _SP []LN_TNP ZQ ]PWTR TZYLYOLW_SZ`RSTYXZOP]Y`]MLY^[T]T_`LWT_dT_T^[Z[`WL]_ZNWLTX_SP ^LXPAPO£Y_L_SP^LXPTOPL^ZQSL]XZYd LYO 9£OL LYO_SP ^LXP ^NT PY_TQTN Pc[WLYL_TZY^ L^ _SP BP^_P]YP]^ OZ XZOP]Y ^[T]T_`LWT_d TY 4YOTL ]PXLTY^ _TPO TY_Z _SP NZWWPN_TaP Z]TPY_PO ZY bSL_ T^ ZYPv^ ZbY LYO OP_P]XTYPO Md _]LOT_TZY ?SP]P bL^ YZ LYLWZRZ`^ ]PWTRTZ`^ aLN``X TY 4YOTL ]P\`T]TYR ]PNZ`]^P _Z Z_SP] N`W_`]P^ M`_ TY^_PLO TY _SP YTYP_PPY_S NPY_`]d _SP]P bL^ XZ]P ZQ L aLN``X TY ^PWQP^_PPX LYO [LY4YOTLY TOPY_T_d^`][L^^TYRZYPv^]PRTZYLWSZXPN`W_`]P?SPSZXZRPYTeTYRZQ ]PWTRTZY L^ ATaPVLYLYOL LYO 2LYOST OTO PLNS TY _SPT] ZbY bLd^ ^TY RWTYRZ`_[LY4YOTLYPWPXPY_^bL^QTWWTYR _ST^RL[ -Z_S^SL]POL[L_ _P]Y _SL_ T^ QZ`YO ]TRS_ `[ _Z XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P^ 4YOTLY ^[T]T_`LWT_dXP]PWd^PWPN_^bSL_bL^LW]PLOd[]P^PY_TY_SP_]LOT_TZYLYO LOL[_^ T_ _Z _SP N`]]PY_ NZYOT_TZY^ L^ SLO LWbLd^ MPPY _SP NL^P ?ST^ Q]PPOZX T^ NZWWPN_TaPWd LYNSZ]PO LYO ^LYN_TZYPO .ZWWPN_TaT_d LYO TYOT aTO`LWT_d L]P _bZ ^TOP^ ZQ _SP ^LXP NZTY ?ST^ T^ OTQQP]PY_ TY XZOP]Y BP^_P]Y^[T]T_`LWT_d?SP]PT^LOP^T]POM]PLVbT_S_SP[L^_TY[L]_TN`WL] bT_SNS`]NSOTN_L_P^LYOOZRXL^?SPL`_ZYZXdZQ_SPTYOTaTO`LWT^_SP YPb^ZNTLWNPY_P]?SPTYOTaTO`LWNSZZ^P^bSL_L[[PL]^_ZSTXZ]SP]_Z MP RZZO LYO ]TRS_ bT_SZ`_ QPPWTYR _TPO _Z _]LOT_TZYLW OTN_L_P^ LYO N`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q ZY _ST^ LW^Z /LYTÊWP 3P]aTP`7ËRP] =PWTRTZY [Z`] XËXZT]P ;L]T^% .P]Q $$& 3`MP]_ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY !& LYO 1]LYV 5 6Z]ZX w:WO ,RP ?TMP_ TY 9Pb,RP,XP]TNLxȱ
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
_`]LW LYO ]PWTRTZ`^ MZ`YOL]TP^ 3ZbPaP] L NP]_LTY _]LOT_TZY T^ ZQ_PY TY _SP QZ]PR]Z`YO -P]PYO_ bL^ ZYP ZQ _SP^P _d[TNLW XZOP]Y w^[T]T_`LW bLYOP]P]^x MP_bPPY _SP bZ]WO^ -P]PYO_v^ 9£OL-]LSXLY bL^ L ^dY N]P_TN NZWWLRP M`_ aP]d NWPL]Wd TY^[T]PO Md 4YOTL 4Y ZaP]_ZYP ^TYRTYR ZYP ZQ ST^ QLaZ]T_P PcLX[WP^ ZQ _SP bZ]WO[P]aLOTYR NZ^XTN ^Z`YO _SP 4YOTLYMLNVO]Z[bL^LW]PLOd`Y]PNZRYTeLMWP ?SP4YOTLYX`^TNTLY^TX[L]_PO_Z-P]PYO_LwQPPWTYRxQZ]_SP9£OL -]LSXLY _SL_ SP Pc[LYOPO TYOP[PYOPY_Wd ?SP 4YOTLY NZYNP[_ ^P]aPO STX L^ L _SPZ]P_TNLW QZ`YOL_TZY QZ] ST^ SZWT^_TN 9Pb ,RP []ZR]LX LYO PYLMWPOSTX_ZL[[]ZLNS^PaP]LWOTQQP]PY__]LOT_TZY^TYLYTY_PR]LWZaP] LWW[P]NP[_TZYL^L`YT_d?SLYV^_Z_SP9£OL-]LSXLY-P]PYO_]PLNSPO L YPb `YOP]^_LYOTYR ZQ _SP LYNTPY_ WZRZRPYTN X`^TN ZQ _SP ^[SP]P^ bSTNS YZb MPNLXP LNNP^^TMWP _Z _SP ^PY^P^ ?SP [Z^_XZOP]Y bZ]WO X`^TNZQST^ _TXP bSTNSNZXMTYP^X`^TNLW_]LOT_TZY^Q]ZXLWWZaP] _SP bZ]WO NZ`WO LW^Z MP `YOP]^_ZZO _Z MP ^ZXP_STYR w^[T]T_`LWx bT_S LY LQQTYT_d bT_S _SP []TXZ]OTLW ^Z`YO ZQ _SP bZ]WO ?SP XZ^_ TX[Z]_LY_ _STYR _SL_ -P]PYO_ LYO L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ bSZX SP PY _S`^TL^_TNLWWdNT_P^^LTO_SPdWPL]YPOQ]ZX4YOTLYX`^TNbL^w^[T]T_`LW T_dx L ^[T]T_`LW L__T_`OP _ZbL]O^ XLVTYR X`^TN LYO ]PWL_TYR ZYP^PWQ _Z WTQP?SP4YOTLYX`^TNTLY^SLOTX[L]_PO_Z-P]PYO__SPTOPL_SL_X`^TN XLVTYRbL^^ZXP_STYR^[T]T_`LWL[L_S_Z2ZO-P]PYO_^Lb_ST^OTQQP] PY_ L__T_`OP QZ`YOPO TY XZOLW X`^TN LYO L OTQQP]PY_ bLd ZQ SPL]TYR ?ST^ ^PXTZ_TNTeL_TZY LYO ^LN]LWTeL_TZY ZQ X`^TN bZ`WO []ZMLMWd YZ_ SLaP ZNN`]]PO _Z STX TQ T_ SLO YZ_ NZXP Q]ZX _SP 4YOTLY X`^TNTLY^ SP ^[ZVP _Z :Y _SP Z_SP] SLYO -P]PYO_ XLOP LY TY_P]P^_TYR LP^_SP_TN [ZTY_4_T^_]`P_SL__SP[`]PWd^PY^Z]dLP^_SP_TNNZXX`YTNL_TZYZQXZ OLW X`^TN TX[L]_^ L OTQQP]PY_ QPPWTYR ZQ ^[LNP LYO _TXP LYO ZQ ZYP^PWQ L^LX`^TNXLVP]LYOWT^_PYP]-P]PYO_QZ`YOLVTYOZQ]PaPWL_TZYSP]P 3P bL^ Pc[WTNT_Wd ^PPVTYR _SP wPL] [PZ[WPx wOPY :S]PYXPY^NSPYx bT_S bSZX SP L^^ZNTL_PO L XZ]P ]PNP[_TaP XZ]P XZ]LWWd ^PY^T_TaP LYO XZ]P[L]_TNT[L_Z]dXLYYP] ZQ[P]NPTaTYR_SPbZ]WO_SLY_SL_ZQ_SPOT^ ^PN_TYR WZRZRPYTN b]T_TYR ^`MUPN_ w>NS]TQ_^`MUPV_x ?SP Z_SP] N`W_`]P ^`[[WTPOL^ZW`_TZYQZ]_SPwOT^PL^PxZQST^ZbY BSL_T^YZ_TNPLMWPLMZ`__ST^WTYPZQL]R`XPY_L_TZYT^_SL_BP^_P]Y P]^ OT^NZaP]PO _SP ^ZYTN N`W_`]P LYO PYNZ`]LRP T_ MPNL`^P T_ ^_TX`WL_PO _SPX _Z L YPb `YOP]^_LYOTYR ZQ ]PLWT_d bSTWP 4YOTLY ]PQZ]XP]^ WTVP ?LRZ]P LYO ATaPVLYLYOL ^_L]_PO _Z Z]TPY_ _SPX^PWaP^ ZY _SP BP^_P]Y b]T_TYRML^PO ]L_TZYLWT_d LYO TY_P]TZ]T_d 3ZbPaP] T_ T^ P\`LWWd YZ_TNP LMWP _SL_ _SP ]PQZ]XP]^ ^_TWW NZY^_]`N_PO L Q`WWd [L]_TNT[L_Z]d TXLRP ZQ 3TYO`T^XzLYLWZRZ`^_Z_SL_ZQ-P]PYO_TPLbZ]WOaTPb_SL_OTQQP]PO Q`YOLXPY_LWWd Q]ZX _SP `^`LW BP^_P]Y ZYP% ^[T]T_`LW `YT_d LYO SL] XZYdZQ_SP`YTaP]^P TXXPOTL_PaT^TZYZQ ]PLWT_d]PaLW`L_TZYZQTY_`T _TZYLYOQPPWTYRP_N?ST^X`_`LWT_dT^_SP]P^`W_ZQNZRYT_TaPRWZMLWTeL
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
_TZYZQ4YOTLY_SZ`RS_^LYO_SP_]LY^YL_TZYLWQWZb^ZQ^[T]T_`LWRZZO^TY _SPXZOP]YLRP4Y_P]P^_TYRWdTY_ST^NL^P_SP[]ZMWPXL_TN`YOP]XTYTYR ZQ ]L_TZYLWT_d SL^ _Z MP L__]TM`_PO XZ]P _Z _SP 4YOTLY ?LRZ]P _SLY _Z _SP BP^_P]YP] -P]PYO_ ?SP ]PaLW`L_TZY ZQ TY_`T_TZY P_N []P^`[[Z^P^ TY QLN_ _SZ^P BP^_P]Y YPPO^ w-POÞ]QYT^WLRPYx bSTNS .LX[MPWW [Z^_` WL_PO_ZMP_SPwaLN``XxWPQ_Md_SPBP^_P]YST^_Z]dZQ]L_TZYLWTeL_TZY ,^ L XZOP]Y w^PPVP] LQ_P] XPLYTYRx w>TYY^`NSP]x -P]PYO_ bL^ P^[PNTLWWd TY_P]P^_TYR QZ] Z`] OT^N`^^TZY L^ SP XLVP^ _SP 4YOTL TY^[T]PO NSLYRP TY bZ]WOaTPb Pc[WTNT_ LYO L^^ZNTL_P^ T_ bT_S LY L^[PN_ _SL_ SL^ ]PNPTaPO WT__WP NZY^TOP]L_TZY TY _SP OT^N`^^TZY ZQ XZOP]Y ^[T]T _`LWT_dTP_SP^PY^PZQSPL]TYRbSTNSSL^LN\`T]POLOTQQP]PY_N`W_`]LW aLW`PLYO[ZbP]TY4YOTL_SLYTY_SPBP^_:Y_SP_Z[TNZQ4YOTLv^TY^[T ]L_TZY ZQ _SP BP^_ bSPY _ST^ T^ NZY^TOP]PO L_ LWW ZYP ^_TWW LWbLd^ _STYV^ []TXL]TWd ZQ ATaPVLYLYOLv^ LYO ±L«VL]Lv^ APO£Y_L 3Zb bTOP ^[]PLO 4YOTLY YZ_TZY^ LMZ`_ ^Z`YO SLaP YZb MPNZXP TY _SP BP^_ SL^ MPPY RTaPY ^NLY_ L__PY_TZY LYO T^ _SP]PQZ]P OT^N`^^PO Pc_PY^TaPWd LMZaP , ^PNZYO NPY_]LW L^[PN_ ZQ -P]PYO_v^ NWL^^TNLW 9Pb ,RP bZ]V bL^_SL_T_]P[]P^PY_POLYTY_P]P^_TYRNZY_PX[Z]L]dOZN`XPY_]PQWPN_TYR L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ bSZ bP]P [Z[`WL] TY _SP [P]TZO _SL_ =ZZQ ]PRL]OPO L^ _SP wRPYP]L_TZY ZQ NSLYRPx bSTNS TY_]ZO`NPO L YPb ]PWTRTZ`^ QZ]X ^[T]T_`LWT_d 3ZbPaP] w_LTWZ]POx LYO ^PWPN_TaP -P] PYO_v^]P[]P^PY_L_TZY XLd MPLYOSZbPaP]wP^Z_P]TNxT_XTRS_[Z^^TMWd L[[PL] _Z XZ^_ ZQ Z`] ]PLOP]^ L_ _SP ^LXP _TXP T_ ]PQWPN_^ P\`LWWd bPWW _SP wePT_RPT^_x ZQ _SP $!^ LYO $"^ LYO LW^Z T_^ NZY_TY`TYR TX[LN_^ TY_SP9Pb,RP 3P]PT_T^ZQ[L]_TN`WL]TY_P]P^__SL__SPOZN`XPY_L_TZY TWW`^_]L_P^_SL_4YOTLYNZWWPN_TaPXPXZ]dbL^^[]PLOYZ_ZYWdaTL_PLNS TYR^M`_aTLZ_SP]NSLYYPW^L^bPWWP^[PNTLWWd_S]Z`RSX`^TN,Q_P]LWW PaPY O`]TYR _SP SPdOLd TY _SP BP^_ TY _SP PL]Wd $"^ 4YOTLY _PLNSP]^ _SPX^PWaP^ SLO LWbLd^ SLO ZYWd XTYZ]T_TP^ L^ QZWWZbP]^ ?SP ]PNP[_TZY ZQ4YOTL TYULee[Z[bZ]WOX`^TNP_NSLOTX[LN_^ZYLX`NS M]ZLOP] ^NLWP 8`^TN L^ L NSLYYPW ZQ NZXX`YTNL_TZY []ZXZ_PO Z_SP] []ZNP^^P^ ZQLN\`T^T_TZYLYO[P]NP[_TZY_SLYMZZV^OTO_SPWT_P]L]dNZY_LN_eZYP^ Z] _SP 4YOTLY _PLNSP]^ QZ] XLYd [PZ[WP wR`]`^x SLO YPRL_TaP NZYYZ_L _TZY^ 3P]P bP L]]TaP L_ L NPY_]LW L]R`XPY_ QZ] _ST^ bSZWP MZZV YLXPWd _SL_ ^Z`YO ]P[]P^PY_^ LY TYOP[PYOPY_ QZ]X ZQ NZXX`YTNL_TZY 4_^ ^PY ^Z]d PXZ_TaP L[[PLW _]TRRP]^ Z_SP] QZ]X^ ZQ [P]NP[_TZY LYO VYZbWPORP _SLY _PLNSTYR^ LYO NZYaTN_TZY^ ZQ QLT_S OZ TY bSTNS ^PXLY_TN^ L]P _SP XZ^_ ^LWTPY_ L^[PN_ 4YOTLY N`W_`]P LYO bZ]WOaTPb QZ]XL_TZY bP]P LYO ^_TWWL]PZQ_PY^[]PLOYZ_ZYWdaTL^PXLY_TNLWWd_]LY^[L]PY_[]Z[Z^T_TZY^ M`_ LW^Z aTL XZZO^ LYO L_XZ^[SP]P^ ?ST^ LW^Z L[[WTP^ QZ] TY^_LYNP _Z bSL_ _ZOLd L]P XLdMP _SP _bZ XZ^_ [Z[`WL] Pc[Z]_TX[Z]_ RZZO^% ,d `]aPOLLYO-ZWWdbZZO
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
:YPZQZ`]XLTYL]R`XPY_^]PRL]OTYR4YOTLv^WT_P]L_`]PbL^_SL_ MPNL`^P ZQ _SP ^_]ZYR [SZYZNPY_]TNT_d LYO [P]QZ]XLYNP N`W_`]P _SP L`OT_Z]d L^[PN_LWbLd^SL^ _ZMPNZY^TOP]POZ] TYZ_SP]bZ]O^% T_^LP^ _SP_TN^ TP _SP LP^_SP_TN NZXX`YTNL_TZY LYO XP^^LRP _SL_ L]P TY bT_S LYOwMPSTYOx_SP_Pc_,NNZ]OTYR_ZZM^P]aP]^ZQXZOP]Y^[T]T_`LWT_dT_^ VPdNSL]LN_P]T^_TN^TYNW`OPLP^_SP_TN^LYOPaPY_N`W_`]P4Y_SPWL^_QZ]_d dPL]^_ST^SL^MPNZXP ^TRYTQTNLY_Wd XZ]PYZ_TNPLMWP4_T^YZWZYRP]_SP \`TP_ WT^_PYTYR _Z _SP bZ]O^ ZQ _SP bT^P XL^_P] Q]ZX 4YOTL LYO _SP ^PL]NSQZ]_SPOTaTYP^PWQTYZYPv^ZbYTYYP] ^[LNPM`__SPPc[WZ]L_TZY ZQYPbOTXPY^TZY^ZQ_SP^PY^P^LYO_SPMZOdYPb]T_`LW^LYOLRTRLY _TN LW^Z TY PNZYZXTN _P]X^ XPOTNLW ^PN_Z] _SL_ ZNN`[d _SP NPY_P] ZQ L__PY_TZY ,W_P]YL_TaP wSZWT^_TNx _SP]L[P`_TN XP_SZO^ LYO bPWWYP^^ L]P XLUZ] PWPXPY_^ TY _ZOLdv^ 9Pb ,RP SZWT^X []ZR]LX , MZOd Z]TPY_L_TZYNLYMP^PPYaP]dNWPL]Wd_SL_T^X`NS^_]ZYRP]_SLYT_bL^TY _SP $"^ 4YOTLY XP_SZO^ ^`NS L^ DZRL LYO ,d`]aPOL PcT^_ LWZYR^TOP Z_SP] SPLW_SLTO^ LYO _SP]L[TP^ M`_ ]LYV STRSWd TY bPWWYP^^ ZY MZ_S \`LY_T_dLYO\`LWT_d?SPbPWWYP^^TYO`^_]dQ]P\`PY_WdXLVP^`^PZQ_SP ^dXMZWTN ]P[P]_ZT]P ZQ 0L^_P]Y ]PWTRTZY^ QZ] TY^_LYNP L -`OOSL QTR`]P Z]LOLYNTYR9L¶L]£ULTYLQZdP]_SP^Z`YOZQ4YOTLYX`^TNXPOT_L_TZY _PNSYT\`P^ P_N BPWWYP^^ SL^ _SP ]P[`_L_TZY ZQ L [`]P wNZY^`XP] ]PWTR TZYx LYO wXL]VP_TYR ^[T]T_`LWT_dx []ZMLMWd YZ_ LY PY_T]PWd `YU`^_TQTPO aTPb NZY^TOP]TYR ^ZXP ZQ _SP []TNP^ -`_ NZYYZT^^P`]^ ZQ _SP QTPWO ZQ XZOP]Y ^[T]T_`LWT_d SLaP \`P^_TZYPO _SP TOPL _SL_ T_ SL^ LM^ZW`_PWd wYZ_STYR _Z OZ bT_S ^P]TZ`^ ]PWTRTZ`^ ^PL]NSTYRx L^ _SPZWZRTLY^ ZQ_PY ZMUPN_ ,NNZ]OTYR _Z 6YZMWL`NS _SP YPb bPWWYP^^ N`W_`]P NLYYZ_ MP ]PO`NPO_ZNZY^`XP]T^X&TY^_PLO_SPQTPWOZQbPWWYP^^SL^NZWWPN_TaTePO ^`MUPN_TaP Pc[P]TPYNPbZ]WO^ _SL_ ]LYRP Q]ZX ^TX[WP wRZZO QPPWTYRx _Z wPc_]LZ]OTYL]d Pc[P]TPYNP^x ! 0c_]LZ]OTYL]d Pc[P]TPYNP^ TY _SP bPWW YP^^ NZY_Pc_ ZQ_PY L]P YZ_ WTYVPO _Z LYd ^PXLY_TN NZY_PY_ ?SPd SLaP XZ]P_ZOZbT_SLNNPWP]L_PO]PWLcL_TZYL^T_bP]PTP_SPd]P[]P^PY_LY LY_TOZ_P_ZLNNPWP]L_PO]L_TZYLWT^X:YPNLY^[PLVZQL]PYPbLWZQN]T^T^ XLYLRPXPY_ bT_S SPW[ Q]ZX 4YOTL LYO ZQ L ^STQ_ TY _SP _Z[Z^ wN]T^T^x _SL_ LNNZX[LYTPO _SP ]PNP[_TZY ZQ 4YOTL ?ZOLd 4YOTLY bZ]WO TY_P][]P_L_TZY^Q`YN_TZYL^XZOPW^_Z[]ZaTOPMLWLYNPLYONZ`Y_P]LN__SP SPN_TN [LNP ZQ PaP]dOLd WTQP 8POT_L_TaP LYO _SP]L[P`_TN []LN_TNP^ ZQQP] _PNSYT\`P^QZ]NZXML_TYR ^_]P^^?SPRZLWT^LN_`LWWd LWbLd^ _ZLNSTPaP SL]XZYd MP_bPPY MZOd ^[T]T_ LYO ^Z`W LYO _ST^ T^ LW^Z []ZXZ_PO _S]Z`RS NZ]]P^[ZYOTYR XL_P]TLWTePO ^[T]T_`LW NZOP^ BPWWYP^^ []ZXT^P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z]PcLX[WP=PRTYP;ZWLVLYO;L`W8E`WPSYP]w?SPZWZRT^NSaP]LYVP]_P=P^[T]T_` LWT^TP]`YR%E`]0]YP`P]`YROP]NS]T^_WTNSPY6T]NSPYxTY%;L`W8E`WPSYP]PO >[T ]T_`LWT_Æ_zXPS]LW^PTY8PRL_]PYO:^QTWOP]Yz"SP]PQ !.QZY_ST^LW^Z6YZMWL`NS ;Z[`WÆ]P=PWTRTZY $1Z]_SPQZWWZbTYRTMTO##z$
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
PYSLYNPO \`LWT_d ZQ WTQP Md XPLY^ ZQ _LVTYR L M]PLV LYO LY LW_P]YL_TaP _Z YZ]XLW SPN_TN PaP]dOLd WTQP TY _ZOLdv^ STRS[]P^^`]P ^ZNTP_d 4_ []ZXT^P^SPLW_SQZ]MZOdLYO^[T]T_L]P_`]YTYR_ZZYP^PWQ LYOLwXZ]P SZWT^_TNxWTQPQPPWTYRwRLYeSPT_WTNSP]P^7PMPY^RPQÞSWx 4Y LWXZ^_ TOPLW_d[P QL^STZY _ST^ MPNZXP^ ZMaTZ`^ TY _SP M]ZNS`]P ZQ _SP 8LSL]T^ST ,d`]aPOL SPLW_S ]P^Z]_ TY -LO 0X^ QZ] PcLX[WP bSTNS XLVP^ T_ NWPL] _SL_ NZY^`XP]^ wM`dx YZ_ ZYWd LY LYNTPY_ 4YOTLY N`]P _SL_ []ZXT^P^ _Z SPLW NS]ZYTN NL]OTZaL^N`WL] LYO ]SP`XL_TN OT^ PL^P^[^dNSZ^ZXL_TNOT^Z]OP]^LYOM`]YZ`_^dYO]ZXP?SPdLW^ZbLY_ wVYZbWPORP LMZ`_ WZYR WTQPx ,d`]aPOL []ZXT^TYR wLY TY_PY^P QPPWTYR ZQRPY_WPYP^^QZ]MZOd^[T]T_LYO^Z`Wxw_Z_LW]PWLcL_TZYxwOPP[]PRPY P]L_TZY QZ] SPLW_S QT_YP^^ LYO UZTP OP aTa]Px LYO wL SPLW_Sd Q`WQTWWPO WTQP R`TOPO Md ^PWQPc[P]TPYNPx _S]Z`RS [L]_TNT[L_TZY TY _SP ^LN]PO NZ^ XZ^ ZQ L w_]LOT_TZY ZQ S`XLYT_d _SZ`^LYO^ ZQ dPL]^ ZWOx " .WL^^TNLW 4YOTLY ,d`]aPOTN XPOTNTYP LN_`LWWd SL^ YZ_STYR _Z OZ bT_S ]PWTRTZY MPTYR LY PL]Wd ^NTPYNP ZQ YL_`]P _SP QTaP PWPXPY_^ _SL_ NZX[]T^P^ L NP]_LTY OTP_ LYO _SP]L[P`_TN []LN_TNP^ LYO NLY MP OP^N]TMPO L^ wPcNP[ _TZYLWWd SZWT^_TNx # 4_ T^ LMZ`_ NWPLY^TYR _SP MZOd Q]ZX LNN`X`WL_PO _ZcTY^ LYO _SP SL]XZYTZ`^ MLWLYNP ZQ _SP MZOdv^ NZY^_T_`PY_^ ZQ [SWPRXLT]LYOMTWP,[L_TPY_v^_]PL_XPY_LYOY`_]T_TZYaL]dOP[PYOTYR ZY _SP OZXTYLYNP ZQ [SWPRX LT] Z] MTWP >Z _SP M]ZNS`]P T^ OPQTYT_PWd NZ]]PN_ bSPY T_ PX[SL^TeP^% wPaP]d [P]^ZY T^ `YT\`Px& wdZ` L]P TY _SP QZN`^L^LbSZWP[P]^ZYx-`_TY_ST^NL^P_SPZaP]LWW[LNVLRPZQ_]PL_ XPY_^ NZY_LTY^ YZ_ ZYWd _SP NWL^^TNLW ,d`]aPOL L[[WTNL_TZY^ LYO OTP_ _SP []LT^P ZQ bSTNS T^ LW]PLOd LY LP^_SP_TNTeL_TZY wOPWTNTZ`^ ,d`]aPOL N`T^TYPx[]ZXT^P^LYwPc_]LZ]OTYL]d_L^_PPc[P]TPYNPx&wPc[P]TPYNPbT_S LWW _SP ^PY^P^ SZb aL]TPO OPWTNTZ`^ LYO SPLW_Sd _SP ,d`]aPOTN N`T^TYP T^x ?SP [LNVLRP LW^Z TYNW`OP^ wRPY_WP X`^TN QZ] SPLW_Sx DZRL w^TX [WP DZRL PcP]NT^P^x QZ] w^[T]T_MZOd NZZ]OTYL_TZYx LYO XPOT_L_TZY wQZ] [PLNPQ`WYP^^ LYO TYYP] SL[[TYP^^x LYO w]PO`NTYR ^_]P^^x $ >Z _]PL_XPY_ LW^Z TYNW`OP^ XPOT_L_TZY LYO X`^TN ?SP M]ZNS`]P [Z^_`WL_P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "?SP M]ZNS`]P ^_L]_^ Md NLWWTYR _SP `YOP]WdTYR []TYNT[WP^ ZQ _SP -LO 0X^ ,d`]aPOL NWTYTN L waT^TZYx% w,NNZ]OTYR _Z _SP ^`]aTaTYR _Pc_^ _SP R]PL_ BT^P :YP^ ZQ _SP ,d `]aPOL ^`RRP^_PO _SL_ LY LYNTPY_ S`XLY O]PLX NZ`WO MP ]PLWTePO z L SPLW_Sd SL[[d LYOWZYRWTQPBPL]PbZ]VTYR_ZSPW[XLVP_SPYZMWPaT^TZYZQ_ST^XZ^_LYNTPY_S` XLYXPOTNTYPTY_ZL]PLWT_dPc[P]TPYNPOMdL^XLYd[PZ[WPL^[Z^^TMWP4YZ`]_TXP^ ZQ^_]P^^_PY^TZYLYOTYN]PL^TYR]L_P^ZQOT^PL^PbPbT^S_ZZQQP]L[WLNPQZ][P]QPN_ SPLW_SBPbZ`WOWTVP_Z^`[[Z]_Z`]R`P^_^TYWPLOTYRLSPLW_SdQ`WQTWWPOWTQPR`TOPO Md^PWQPc[P]TPYNPx #.QZY_ST^TYXZ]POP_LTW6YZMWL`NS ;Z[`WÆ]P=PWTRTZY !#z" $?SPN`]P_LVP^[WLNPTY_SP w^_dWT^SLXMTPYNPxZQ LwR]LYOST^_Z]TNLWM`TWOTYRx Q]ZX _SP#_SNPY_`]d_SL_TYT_^_TXPSL^bPWNZXPOwML]Z\`P[]TYNP^LYO[]TYNP^^P^x_SP =`^^TLYTX[P]TLWNZ`]_LYO6LT^P]BTWSPWX4?SP_]PL_XPY_T^PaTOPY_WdTY_PYOPOQZ] _SPbPWWSPPWPO%_LVTYR_SPNZX[WP_P[]ZR]LXQZ]_bZbPPV^NZ^_^0@=#
!
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
LY w,d`]aPOTN X`^TN _SP]L[dx _SL_ SL^ T_^ Z]TRTY^ TY _SP wLYNTPY_ APOL _SZ`^LYO^ ZQ dPL]^ ZWOx []P^`XLMWd MZ_S M`_ L_ WPL^_ _SP WL__P] T^ L NWPL] TYaPY_TZY ZQ _]LOT_TZY ?SP ,d`]aPOL T^ []P^PY_PO L^ wLYNTPY_ VYZbWPORP ZQ S`XLYT_dx ?SP M]ZNS`]P RZP^ ZY _Z ^Ld _SL_ _SP _]PL_ XPY_NZXMTYP^_SPwMP^_Q]ZX0L^_LYOBP^_x8`^TNTY[L]_TN`WL]_LVP^ ZYLYTX[Z]_LY_]ZWPZQTX[L]_TYR_S]Z`RSLP^_SP_TN^LYOL_XZ^[SP]P_SP bZ]WOaTPb LYO _SP ^PWQTXLRP bSTNS L]P w^ZWOx LWZYR bT_S _SP ,d `]aPOL _]PL_XPY_ YLXPWd SZWT^X SL]XZYd bT_S YL_`]P LYO ZYP^PWQ TYYP] SL[[TYP^^ LWZYR bT_S [Sd^TNLW bPWWMPTYR LYO ^PY^Z]d [WPL^`]P ?SP M]ZNS`]P Pc[WLTY^ _SL_ _SP XPWZOTP^ wYP`_]LWTeP ^_]P^^ LYO _PY^TZY LYO aT_LWTeP ^[T]T_ LYO MZOd Md M]TYRTYR _SP [Sd^TZWZRd TY_Z SL]XZYd bT_S _SP QTYP ]Sd_SX^ ZQ YL_`]Px 7T^_PYTYR _Z _SP =£RL^ LWWZNL_PO QZ] PLNS _TXP ZQ OLd LWWZb^ ZYP w_Z Pc[P]TPYNP [PLNPQ`W XZZO SL[[TYP^^ UZd LYO N]PL_TaT_dx LYO SL^ [Z^T_TaP PQQPN_^ ZY SPLW_S LYO bPWWMPTYR ?SP `^P ZQ X`^TN TX[L]_^ L ^_]ZYR w^[T]T_`LW L_XZ^[SP]P ZQ bPWWMPTYRx TY bSTNS ZYP NLY [L]_TNT[L_P bT_SZ`_ VYZbTYR _SP NZY_PY_ ZQ OZN_]TYP^ Z] N]PPO^ LYO L_ _SP ^LXP _TXP ZYP XLd Pc[P]TPYNP MPTYR _TPO TY_Z LY wLYNTPY_VYZbWPORPZQS`XLYT_dx 4Y_P]P^_TYRWd_SP TXLRP[`_ZaP]SP]PZQ_SP,d`]aPOLLYO_SPLP^ _SP_TN ^_LRTYR T^ PcLN_Wd _SP ^LXP L^ _SP TXLRP L^^ZNTL_PO bT_S 0L^_P]Y ]PWTRTZYTY_SP[`MWTNNZY^NTZ`^YP^^1Z]PcLX[WP_SPWPLOP]L]_TNWPTYL ]PNPY_POT_TZYZQ >_P]Y 9Za!$ZYPZQ2P]XLYdv^XZ^_bTOPWd ]PLO bPPVWd XLRLeTYP^ ^LTO% w-WP^^PO bT_SZ`_ 2ZO ?SP YPb WZYRTYR QZ]^[T]T_`LWT_dLYObPWWYP^^]PWTRTZY^xBSL__SPL]_TNWPOP^N]TMP^T^TY WTYPbT_S_SP9Pb,RPaP]dXLYdXZOP]YQZ]X^ZQ^[T]T_`LWT_dO]LbTYR ZY _SP bSZWP bZ]WO L^ _SPT] WPRLNd z Q]ZX .PW_TN NPWPM]L_TZY^ _Z .LY OZXMWË -`_ 3TYO`T^X LYO -`OOST^X L^^`XP LY PcNP[_TZYLWWd WL]RP ]ZWPSP]PP^[PNTLWWd3TYO`T^XLYOL]P^_dWPOwbPWWYP^^]PWTRTZY^x -ZWWdbZZO LW^Z [`_^ ZaP] bPWWYP^^ z L_ WPL^_ _Z BP^_P]Y LQTNTZYL OZ^-ZWWdbZZOZQQP]^PaP]d_STYR_SL_T^WLNVTYRTYL]L_TZYLWTePO_PNS YTQTPO bZ]WO& L QLT]d_LWP bZ]WO ZQ NZWZ]^ UZTP OP aTa]P L NSLYNP _Z ]PaPW TY _SP aZW`[_`Z`^ ^NPYP^ ]ZXLYNP LYO PXZ_TZY^ bT_S Z[`WPY_ ^TYRTYR LYO OLYNTYR Y`XMP]^ bSP]P PaPY ^_]ZYR XPY L]P LWWZbPO _Z N]d LYO MPL`_TQ`W bZXPY ^TYR ZQ WZaP TY XPW_TYR ^ZYR^ LYO WTaPWd -SLYR]L ]Sd_SX^ 8ZOP]Y -ZWWdbZZO XZaTP^ ^[]PLO 4YOTLY [P]QZ]X LYNPN`W_`]P_S]Z`RSZ`__SPbZ]WO?SPdXLVP`[L[L]_TN`WL]WdTY_P]P^_ TYR_SPXL_TNQTPWOTY_SPNZYQTR`]L_TZYZQ^ZYTNN`W_`]PLYO_]LY^YL_TZY LWT^X -ZWWdbZZO T^ TYNZYNPTaLMWP bT_SZ`_ ^ZYR LYO OLYNP LYO _ST^ T^ []PNT^PWd bSL_ XLVP^ ^`NS QTWX^ L__]LN_TaP _Z 4YOTLY [PZ[WP ?SPT] ^Z`YO_]LNV^ L]P LW^Z w[L^^PO ZYx TYOP[PYOPY_Wd -ZWWdbZZO QTWX^ NZY _TY`P_ZXZOP]YTePLYO^PN`WL]TeP_SP3TYO`^ZYTNN`W_`]PLYO_SPR`TO TYR N`W_`]LW L^[PN_ ZQ Q`^TZY 0aP]d WZaP ^ZYR NZY_LTY^ L WT__WP 6´©L MWT^^LYO6´©LP]Z_TNT^X-`__SPSPLaPYWd6´©LMWT^^RZP^QL]MPdZYO
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
"
_SP _Z[TN ZQ [Sd^TNLW WZaP :YP NLY LN_`LWWd XLVP Z`_ _SP ]`WP% ^ZYR MLYT^SP^ 0aTW BTNVPO [PZ[WP OZ YZ_ ^TYR ^ZYR^ 4_ T^ []LN_TNLWWd ZYWd PaP] _SP 2ZZO bSZ ^TYR Z] PW^P _SP wBTNVPOx bSZ L]P ZY _SP bLd _Z TX[]ZaPXPY_8`^TNSL^LXZ]LWXLRTNLW[ZbP]_SL_NZY\`P]^0aTWU`^_ L^ WZaP NZY\`P]^ LWW ^ZNTLW ML]]TP]^ >`NS L ^N]T[_ T^ []ZaTOPO Md _SP SP]Z TY =LU 6L[ZZ]v^ QLXZ`^ QTWX w5T^ /P^S 8PTY 2LYRL -PS_T 3LTx wBSP]P _SP 2LYRL QWZb^x $! z LYO T_^ NPY_]LW ^ZYR _PWWTYR ZQ _SP XZ_SP]WLYO 4YOTL bSP]P YZMWP aLW`P^ L]P `[SPWO ?SP SP]Z T^ L ML]O bSZT^ZaP][ZbP]POMd]ZMMP]^ OLNZT_^ LYO_SP[WZ__PWW^SZb_SPZYP bSZ^TYR^T^L_SZ]Z`RSWdRZZOLYO[`]PS`XLYMPTYRbSZNSL]X^_SP SPL]_^ PaPY ZQ MLYOT_^ LYO LQ_P] L WZ_ ZQ NZX[WTNL_TZY^ LYO ^`QQP]TYR _`]Y^ _SP N`__S]ZL_^ TY_Z RZZO NT_TePY^ bT_S L ^PY^P ZQ XZ]LW ]P^[ZY^T MTWT_d 0aPY TY _SP WL_P^_ QTWX^ X`^TN ZQ_PY SL^ _SP \`LWT_d ZQ L wXd_STNLW ^`M^_LYNPx ?ST^ TXLRP ZQ X`^TN L^ L XP_ZYdX QZ] SL] XZYd []Z_PN_TZY LYO PaP]d_STYR _SL_ T^ RZZO LYO bSZWP^ZXP PaPY OTaTYP LYO L^ L _d[P ZQ Xd_STNLW XLRTNLW []Z_PN_TZY LYO ZQ XLRTN _SL_ XLVP^ _STYR^ NZXP _]`P T^ L ^_]ZYR PWPXPY_ LWZYR^TOP _SP NZY^_]`N_TZY ZQ PXZ_TZYLW WLYO^NL[P^ RZTYR MPdZYO LYO PYNSLY_TYR _SP YZ]XLW PaP ]dOLd ]Z`_TYP ?ST^ TXLRP ZQ X`^TN T^ YZ_ L_ LWW QL] ]PXZaPO Q]ZX _SP LM^ZW`_PWd [Z^T_TaP [ZbP] _SL_ ±£]«RLOPaL L^N]TMPO _Z X`^TN TY _SP PL]Wd_ST]_PPY_SNPY_`]d8`^TNT^NP]_LTYWd`^POTY-ZWWdbZZOTYLbTOP ]LYRPZQOTQQP]PY_bLd^-`_LWXZ^_LWbLd^ZYPRP_^_SPTX[]P^^TZY_SL_ LYd_STYRTX[Z]_LY_T^NZXX`YTNL_POTY_SP^ZYR^LYOYZ_TY_SPOTLWZR ?SP ^P__TYR QZ] _SP X`^TN Q]P\`PY_Wd SL^ YZ_STYR L_ LWW _Z OZ bT_S _SP LN_`LW[WZ_M`_^bT_NSP^_ZO]PLXWTVP^P\`PYNP^bSZ^P^NPYL]TZ^Z^NTW WL_P MP_bPPY R]LYO ^SZb PQQPN_^ LYO L OPP[P] XPLYTYR :YP NLY ^PP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP X`^TN LYO _SP QTWX bP]P NZX[Z^PO _ZRP_SP] LYO 6L[ZZ] `YOP]^_ZZO ST^ XZOP]Y QLT]d_LWP_SL_LW^ZNZY_LTYPOLRZZOOPLWZQ^ZNTLWN]T_TNT^XL^LNZY_]TM`_TZY_ZP^ _LMWT^STYR_SP4YOTLYYL_TZY7ZaP_SL_ZaP]NZXP^^ZNTLWML]]TP]^bL^LNZY^_LY__Z[TN ZQ_SPOT]PN_Z]LYOLN_Z]=LU6L[ZZ]bSZ^PQLXTWdT^]PRL]OPOL^_SPwQT]^_QLXTWdx ZQ 3TYOTNTYPXL8PSMZZM6SLY[]ZO`NPOL^TXTWL] ^dXMZWZQ_SPYL_TZYLYOXZ]LW TY_PR]T_d TYST^w8Z_SP] 4YOTLx $ bSTNSMPNLXPZYPZQ_SPXZ^_ QLXZ`^ 4YOTLY QTWXP[TN^ZQLWW_TXP3P]PLNTYPXL_TN]PLWT^XbL^NZ`[WPObT_S^_]ZYRXd_STNLWTY [`_.Q2LdL_]T.SL__P]UPP 8Z_SP]4YOTL 7ZYOZY%-]T_T^S1TWX4Y^_T_`_P 1Z] PcLX[WP TY w/`Xx _SP SP]Z RLTY^ YPb WTQP PYP]Rd bSPYPaP] _SP ^NPYP^ bT_S X`^TNLYOOLYNPZNN`]?SPNWTXLcT^ST^SPL]TYR_SP3LY`X£Y.£W¯^£ ./ _S]Z`RS bSTNS SP LN\`T]P^ bZYOP]Q`W [ZbP]^ _Z NZY\`P] ST^ N]`PW MZ^^ LYO _Z]_`]P] 4Y w:X >SLY_T :Xx _SP SP]Z ^TYR^ _Z _SP wMLO R`dx LMZ`_ _SP WL__P]v^ N]TXTYLW [L^_ LYO _ST^ XZ]P Z] WP^^ L`_ZXL_TNLWWd _]TRRP]^ XT]LN`WZ`^ PaPY_^ _SL_ VTWW _SP NZWOMWZZOPO Z[ [ZYPY_?SPYTXM`^ZQ_SPXT]LN`WZ`^_SPLM^ZW`_PWdRZZOLYO_SPSZXPWLYOTY_SP XZ]LW ]PWTRTZ`^LYO ]PLW^PY^P^T^ ^ZXP_TXP^LW^ZNZXX`YTNL_POaTL ]PWTRTZ`^]PNT _L_TZY^ZQ:¿1Z]TY^_LYNPTYw>bLOP^x:¿T^SPL]ONSLY_PObSPY_SPSP]ZWTaTYR TY ,XP]TNL ]PXPXMP]^ ST^ YLYYd TY 4YOTL ?SP QT]^_ ^ZYR ZNN`]]TYR TY 4YOTL bSTWP SPT^ZYST^bLd_ZSP]^PXLY_TNTeP^%w,WWXd_]Z`MWP^OT^L[[PL]FTY^ZYRHWTVPLQ_P] ML_STYRTY_SP2LYRP^x
#
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
-ZWWdbZZOv^ PY_S`^TL^X QZ] X`^TN L^ L YPb XZOP]Y 4YOTLY `YTaP]^LW Xd_S bSP]PMdSP]P_SPwPXLYNT[L_Z]dPWPXPY_x T^aP]d^_]ZYRWd_]LY^ QP]]PO _Z _SP P_STN^ LYO _Z WZaP LYO OPOTNL_TZY _SL_ ZaP]NZXP LWW ^ZNTLW ML]]TP]^ ?SP bPLW_Sd -ZWWdbZZO TYO`^_]d SL^ MPPY OP^N]TMPO L^ [`]P NZY ^`XP]T^X 3ZbPaP] _ST^ bZ`WO XT^^ _SP TX[Z]_LY_ Q`YN_TZY^ _SL_ _SP QTWX^_LVPZYQZ]4YOTLY]PNT[TPY_^LYO_SPQLN__SL__SPdL]PPcNP[_TZY LWWd [Z[`WL] QL] MPdZYO 4YOTL LWW _SP bLd _Z _SP 2`WQ ^_L_P^ 4_ T^ _SP Q`YN_TZYZQTX[L]_TYRaLW`P^_SL_XLVP^_SP^PQTWX^L__]LN_TaP_Z3TYO`^ LYO8`^WTX^LWTVP-ZWWdbZZOQTWX^L]P]PRL]OPOL^LVTYOZQ^N]T[_QZ] []Z[P] WTaTYR TY _SP XZOP]Y bZ]WO 9ZbLOLd^ _SPd L]P []ZMLMWd _SP XZ^_ [Z[`WL] XPOT`X TY PaP]dOLd 4YOTLY N`W_`]P L__PX[_TYR _Z Q`^P _]LOT_TZY LYO _SP XZOP]Y LRP 4Y XLYd bLd^ _SPd ]P[]P^PY_ wXZOP]Y P[TN^x LYO ]P[]ZO`NP LYO ]PYPb XZ]LW aLW`P^% QLXTWd aLW`P^ M]Z_SP]Wd WZaP XZ]LW TY_PR]T_d ^TX[WTNT_d LYO _]`_SQ`WYP^^ ^PWQWP^^ L^^T^_LYNP SP]ZT^X RPYP]Z^T_d WZaP _SL_ RZP^ MPdZYO LWW ML]]TP]^ LYO bTWW ^`QQP] aZW`Y_L]TWdP_N;Z[`WL]]PN`]]TYR_SPXP^L]PQLXTWdNZSP^TZYLYOWZaP LYO XL]]TLRP _SP NSLYRTYR ]ZWP ZQ bZXPY NZ]]`[_TZY LWNZSZW MPWTPQ TY^[T]T_^WZaPZQZYPv^SZXPWLYOYL_TZYLW[]TOP_SPOTQQTN`W_WTQPTY_SP OTL^[Z]L LYO [PZ[WP bSZ OPaPWZ[ YPb \`LWT_TP^ ^PWQWP^^ YZMWP [PZ[WP bTWWTYR _Z XLVP ^LN]TQTNP^ ,MZaP LWW _SP XLTY_PYLYNP ZQ _]LOT_TZYLW aLW`P^ TY L bZ]WO ZQ NSLYRP T^ L XLUZ] _Z[TN ?SP ^ZW`_TZY _Z _SP []ZM WPX^ T^ `^`LWWd L _]TPOLYO_P^_PO 3TYO` 4YOTLY [WL`^TMTWT_d [L__P]Y% LY TY_PR]L_TaP SLMT_`^ LYO L STRSWd [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY LOOT _TZY TY^_PLO ZQ Z[[Z^T_TZY TYNW`^TZY TY^_PLO ZQ PcNW`^TZY ^_]TaTYR QZ] SL]XZYdTY^_PLOZQLN`W_`]PZQNZYQWTN_LYOLYTOPZWZRTNLWSZWT^X ,WW _SP QTWX^ bP SLaP XPY_TZYPO LMZaP TYNW`OTYR QZZ_YZ_P^ L]P ML^TNLWWd^PN`WL]LYO^P_TY_ST^bZ]WO=PWTRTZYT^YZ_LXLUZ]_SPXPZ] L[[PL]^ TY L wNTaTW ]PWTRTZ`^x bLd -`_ ^_Z]TP^ Q]ZX Xd_SZWZRd SLaP LW^Z MPPY QTWXPO XLYd _TXP^ ?SP]P PcT^_ L Y`XMP] ZQ aP]^TZY^ ZQ _SP wRLXP^ ZQ 6´©Lx >ZXP ZQ _SP XZ^_ [Z[`WL] QTWX^ ZQ ]PNPY_ OPNLOP^ L__]LN_TYR_SPSTRSP^_aTPbTYRQTR`]P^SLaPMPPY_SPXLOPQZ]?A^P]TP^ ZQ _SP =£X£dL©L LYO 8LS£MS£]L_L P[TN^ 9Zb _SP []ZO`N_TZY SL^ U`^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q .S]T^_TLYP -]Z^T`^ w3L[[d 0YO^ `YO LYOP]P 6]T^PY% 3PTXL_ `YO 1LXTWTPYRWÞNV TX >[TPRPW -ZWWdbZZO^x TY XL^LWLOP% 8PY^NSPY L`^ >ÞOL^TPY TY /P`_^NSWLYO PO .S]T^_TLYP-]Z^T`^LYO@]XTWL2ZPW3PTOPWMP]R%/]L`[LOT! 333 ,RZZOPcLX[WPT^w>ZXP_TXP^3L[[dz>ZXP_TXP^>LOx6LMST6`^ST6SLMT2SLX ZYP ZQ _SP XZ^_ ^`NNP^^Q`W ]PNPY_ QTWX^ bSTNS SL^ PaPY MPPY M]ZLONL^_ ZY 2P]XLY _PWPaT^TZY .Q ZY _ST^ LW^Z :WTaP] 6]`PRP] wu4_v^ LWW LMZ`_ WZaTYR dZ`] [L] PY_^v%?SP=PQWPN_TZYZQ?]LOT_TZY8ZOP]YT_dLYO=T_`LW^TY;Z[`WL]4YOTLY8ZaTP^x 8L]M`]R5Z`]YLWZQ=PWTRTZY $%z&8d]TLX,WPcZbT_e?]L`XQLM]TV-ZW WdbZZO -LO3ZYYPQ%3Z]WPXLYY""z##
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
$
^_L]_PO ZQ L YPb ^P]TP^ ZQ QTWX^ QZ] ?A bSZ^P SP]ZP^ L]P _SP 9Z]_SP]Y 4YOTLY[ZP_^TYRP]^8T]LMLT3£]TOL^LYOZ_SP]^ -ZWWdbZZO XZaTP^ L]P LY P^[PNTLWWd TY_P]P^_TYR _Z[TN MPNL`^P _SPd ^SZb SZb strongly _SP ^ZYTN ^_TWW LQQPN_^ [Z[`WL] N`W_`]P LYO T^ TY YZ bLd ]P^_]TN_PO _Z >LY^V]T_ 3TYO`T^X Z] _SP -]LSXLYTN _]LOT_TZY BP O]PbL__PY_TZYLMZaP_Z4dP]v^QTWXLMZ`_±L«VL]LTYbSTNS_SPLM^_]LN_ [STWZ^Z[Sd ZQ _SP ,OaLT_LAPO£Y_L [STWZ^Z[SP] T^ ^`YR NSL[ ! DP_ L^ L ]`WP _SP YZMWP SP]ZP^ ZQ YZ]XLW -ZWWdbZZO QTWX^ L]P YZ_ -]LSXTY^?SPdZQ_PYNZXPQ]ZXWZbP]^ZNTLW^_]L_LQ]ZX_SPw[PZ[WPx 4_ T^ _SP simple M`_ YZMWP [PZ[WP bSZ L]P NPWPM]L_PO ?ST^ L^[PN_ T^ ^SZbY aP]d NWPL]Wd TY _SP Xd_SZWZRTNLW QTWX aP]^TZY ZQ w,RYT AL]^SLx Q]ZX _SP 8LS£MS£]L_L ?SP Z^_]LNTePO LN_Z]^ L NWL^^ bT_S WZb ^ZNTLW ^_L_`^ LYO _SP _]TMLW^ _SP wYZMWP ^LaLRP^x L]P _SP _]`P S`XLY MPTYR^ bT_S PXZ_TZY^ LYO ]PL^ZY LYO L QL] XZ]P YZMWP L__T_`OP LYO XZ]LWT_d _SLY_SP-]LSXLYTN]T_`LW_PNSYZWZRT^_^?SP-]LSXTY^OZSLaPLbTWWZQ ^_PPWLYOT]ZYLYO[P]QPN_^PWQNZY_]ZWTY_SP]T_`LW_SPAPOTNQT]P^LN]T QTNP4Y_SPT]L^NP_TNT^X_SPdLNSTPaP^`[P]YL_`]LWXLRTNLW[ZbP]^-`_ TYPL]_SWdWTQP_SPdL]PTXXZ]LWLYONZWOMWZZOPO BSL__S`^[P]^T^_^]TRS_TY_ZXZOP]Y,d`]aPOL[]LN_TNP^LYO_SP -ZWWdbZZO QTWX TYO`^_]d T^ L XL]VPOWd w^ZYTN SLMT_`^x LYO L ^_]ZYRWd [L]_TNT[L_Z]d Xd_STNLW XLRTNLW bZ]WOZ]TPY_L_TZY -Z_S -ZWWdbZZO LYO _SPPcLX[WPZQ,d`]aPOLNLYzTY_SPT]ZbYOTQQP]PY_bLd^zMPOT]PN_Wd NZ]]PWL_PO bT_S ±£]«RLOPaLv^ TOPL^ ZQ _SP X`^TNLW 9£OL-]LSXLY% X` ^TN T^ ^ZXP_STYR Q`YOLXPY_LWWd ^LWaL_TN LYO XZ^_ MPYPQTNTLW _Z XZ]LW^ -ZWWdbZZO LYO L ]PWLcTYR OPWTRS_Q`W QZ]X ZQ DZRL 8LSL]T^ST ,d `]aPOL SZ^[T_LW :YP L]R`XPY_ TY _ST^ MZZV SL^ MPPY _SL_ _SP 3TYO` []POTWPN_TZY QZ] [L]_TNT[L_Z]d bZ]WOTY_P][]P_L_TZY^ SL^ _Z OZ bT_S _SP [SZYZNPY_]TNWTQPbZ]WOMPNL`^P^Z`YOT^ZQT_^PWQLYTYSP]PY_WdSZWT^_TN [SPYZXPYZY_SL_T^]PNPTaPOTYL[L]_TNT[L_Z]dQL^STZY;SZYZNPY_]TNT_d ZQ _SP WTQPbZ]WO LP^_SP_TN NZXX`YTNL_TZY [L]_TNT[L_TZY LYO LWW _d[P^ ZQ Q`^TZY bP]P ZMaTZ`^Wd WZYR`PO`]ËP [SPYZXPYL _SL_ SLaP []ZWZYRPO _SPT] PcT^_PYNP TY_Z _SP []P^PY_ LYO L]P YZb LW^Z MPTYR Pc[Z]_PO z YZ_ WPL^_ aTL wSPLWTYR ^Z`YO^x LYO wLP^_SP_TN X`^TNLW L_XZ^[SP]P^x 3Zb PaP]LWTYP_SL_SL^L[[L]PY_WdMPPYM]ZVPYZQQbT_S_SPLOaPY_ZQXZO P]Y NZXX`YTNL_TZY XPOTL T^ _SP ^PNZYO XLUZ] Q`YN_TZY L^^ZNTL_PO bT_S ^Z`YO^TYLYNTPY_LYONWL^^TNLW4YOTL%LM^_]LN_^TRYQZ]XL_TZYLYO^_]`N _`]PO Z]OP] 4Y_PWWPN_`LW LM^_]LN_TZY LYO PXZ_TZYLW Z] Xd^_TN Q`^TZY SLaPSL]OWdPaP]MPPYX`_`LWWdPcNW`^TaPTY>LY^V]T_3TYO`T^X:Y_SP NZY_]L]d _SPd bP]P ZQ_PY PaPY ^dY_SP^TePO bT_S PLNS Z_SP] >`NS ^dY _SP^T^ QZ]XL_TZY^ bP]P [Z[`WL] QZ] QZ]RTYR SZWT^_TN aTPb^ ZQ _SP bZ]WO bSZWPBPSLaPNLWWPO_ST^w`YTaP]^LWXd_Sx9ZbLOLd^_SPTYNWTYL_TZY _Z`YTaP]^LWXd_SL[[PL]^ _ZSLaPL]]TaPO TYXZOP]Y BP^_P]Y ^[T]T_`LW T_d
>PY^Z]d>`M^_LYNP%9£OL-]LSXLYTY0L^_LYOBP^_
4Y _SP [STWZ^Z[STNLW Z]TPY_L_TZY ZQ _SP XZOP]Y [P]TZO T_ T^ ZQ_PY QZ]RZ__PY _SL_ ^ZXP ZQ _SP NPY_]LW 4YOTLY `YTaP]^LW Xd_S^ bP]P NZY ^_]`PO `^TYR ^Z`YO ^dXMZWT^X TP YZ_ ZYWd aTL ±L«VL]Lv^ NZRYT_TaP ,OaLT_LAPO£Y_L?SP9£OL-]LSXLY_SP_SPZ]PX_SL_^Z`YOT^bZaPY TY_Z _SP bZ]WO ]PTQTPO TY 4YOTLY XZOLW X`^TN bL^ ZYP ZQ _SP XZ^_ ZM aTZ`^ LYO Pc_]PXP PcLX[WP^ ZQ _ST^ ?ZOLd T_ T^ aP]d NWPL] _SL_ 4YOTLY `YTaP]^LW Xd_S^ SLaP WPQ_ _]LNP^ TY XZOP]Y BP^_P]Y ^[T]T_`LWT_d _ZZ ,NNZ]OTYR _Z Z`] L]R`XPY_ T_ T^ _d[TNLW ZQ `YTaP]^LW Xd_STNLW ^d^_PX^ _SL_ [L]_TNT[L_TZY TY L bZ]WObSZWP T^ RTaPY L ]L_TZYLW Pc[WLYL_TZY 4Y _SP XLUZ]T_d ZQ NL^P^ _ST^ bL^ `YOP][TYYPO Md L YZYO`LW NZ^XZWZRd z YZ_QZ]PcLX[WP TY_SP WTYR`T^_TN;¼]aL8¯X£À^£ TY_P][]P_L_TZYZQ_SP P_P]YLWbZ]O^ZQ_SPAPOLM`_NWPL]Wd_ST^bL^_SPNL^PTY_SP,OaLT_L APO£Y_LTY_SPbZ]WOaTPbZQDZRLLYO?LY_]LTY_SP?LY_]TN9£OLLYO TY _SP 9£OL-]LSXLY 4_ T^ YZ_TNPLMWP _SL_ _SP^P SLaP LW^Z MPNZXP _SP XZ^_ [Z[`WL] ZQ 4YOTLv^ Pc[Z]_^ LYO L]P P^[PNTLWWd ^`T_LMWP ^`MUPN_^ QZ] MPTYR OPNZY_Pc_`LWTePO LYO OPN`W_`]L_PO L^ w[`]P ^[T]T_`LWT_dx ?ST^ PYSLYNPO _SPT] N`W_`]LW _]LY^QP]LMTWT_d ?SPd ZbP _SPT] ^`NNP^^ LXZYR Z_SP] _STYR^ _Z _SPT] LQQT]XL_TZY ZQ [LY_SPT^_TN TY_`T_TZY^ LYO Pc[P]T PYNP^ ZQ BP^_P]YP]^ QZ] bSTNS _SPd []ZaTOPO TY_P][]P_L_TZY NL_PRZ]TP^ LYOLYPbbLdZQNZ[TYRbT_S_SPXZOP]YLRPLYOQTWWTYR_SPaLN``XTY ZYPv^ ZbY N`W_`]P BSL_ OT^_TYR`T^SP^ 4YOTLY w`YTaP]^LW Xd_S^x Q]ZX _SP R]PL_ 0`]Z[PLY XP_LYL]]L_TaP^ T^ _SL_ _SP []PaLTWTYR [L]LOTRX ZQ bZ]WOZ]TPY_L_TZYT^[L]_TNT[L_TZY TYNZY_]L^_ _ZLYL__T_`OPZQOT^_LYNP ]PXZ_PYP^^Q]ZX_SPZMUPN_LYOLYL_ZXTeTYRwPXLYNT[L_TZYx;]PNT^PWd _ST^ T^ MPTYR ^Z`RS_ _ZOLd TY _SP BP^_ TY LW_P]YL_TaP ^[T]T_`LWT_d 4Y 4Y OTL _SP ^dXMZWTN QZ]X^ Z] ZMUPN_TaTeL_TZY^ ZQ `YTaP]^LW Xd_S SLO _SP Q`YN_TZYZQPXMPOOTYRWTQPTYLWL]RP]XLRTNLWXd_STNLWXPLYTYRbSZWP LYO_S`^WPYOTYR T_LOTXPY^TZYZQOP[_SLYO ^LN]POYP^^ ;]PNT^PWd _SL_ T^LW^ZZYPZQ_SPLTX^ZQXZOP]Y^[T]T_`LWT_d ?SP_SPZ]PXZQ_SP`YTaP]^LWXd_SLYO_SPML^TNNL_PRZ]TP^ZQw[L] _TNT[L_TZYx LYO wPXLYNT[L_TZYx XLd ^ZXP_TXP^ SLaP ^PPXPO `YNWPL] OTQQTN`W_ LYO NZX[WTNL_PO 3ZbPaP] bP ML^TNLWWd XPLY_ ^ZXP_STYR \`T_P^TX[WP4Q_ZOLdLdZ`YRSTRSWd_LWPY_PO4YOTLY^_`OPY_ZQ[Sd^TN^ aT^T_^_SP2L©P²L_PX[WPLYOST^R]LYOQL_SP]MPQZ]PST^PcLXTYL_TZY_Z ]PNPTaP_SPMWP^^TYRZQ_SPRZOLYO_SPaPYP]LMWPQLXTWdPWOP]_ST^T^L [L]_TNT[L_Z]d XLRTNLW Xd_STNLW bZ]WOaTPb _SL_ T^ ^_TWW TX[Z]_LY_ _Z XZOP]YOLd [PZ[WP TY 4YOTL QZ] bSZX T_ T^ Z[_TXLWWd NZX[L_TMWP bT_S _SP ]L_TZYLWT_d XZOP ZQ PXLYNT[L_TZY QZ]XLW WZRTNLW ^NTPY_TQTN ]L_TZY LWT_d P_N 4Y _SP NL^P ZQ Z`] [Sd^TN^ ^_`OPY_ bSZ RPY`TYPWd PcT^_^ ^`MUPN_TaP XPLYTYR LYO NZYaPY_TZYLW MPSLaTZ] Q`^P NZX[WP_PWd 4_ T^ XZ]P Z] WP^^ ^PNZYO YL_`]P _Z MPSLaP WTVP _ST^ 4Q ZYP OTO YZ_ OZ T_ ^ZXP_STYRbZ`WOMPXT^^TYRLYOZYPbZ`WOYZ_SLaP wLRZZO QPPWTYRx BSL_ OTQQP]PY_TL_P^ XZOP]Y BP^_P]Y ^[T]T_`LWT_d Q]ZX _ST^ T^ _SL_ _SP
.ZYNW`OTYR?SP^P^ZY4YOTLv^>TRYTQTNLYNPQZ]8ZOP]Y>[T]T_`LWT_d
^`MUPN_TaP XPLYTYR T^ _SP ^ZWP OPNTOTYR PWPXPY_ bSTWP L NZYaPY_TZYLW MPSLaTZ]LW XZOP QZ] _ST^ T^ WLNVTYR z L_ WPL^_ TY _SP OZXTYLY_ N`W_`]P :YP SL^ _Z OTR Z`_ _SP ^`MN`W_`]LW P^Z_P]TN _]LOT_TZY^ LYO PcLXTYP _SP WPRLNd ZQ _SP Xd^_TN _]LOT_TZY^ _Z QTYO LYd_STYR LYLWZRZ`^ _Z _SL_ ?Z OLd_SP^P_]LOT_TZY^SLaP TYOPPOWZ^_ ^ZXPZQ_SPT]^_TRXLLYO bPSLaP ^`RRP^_PO _SL_ _ST^ T^ L_ WPL^_ [L]_Wd O`P _Z _SP TY[`_ Q]ZX 4YOTL ?SP STRSWd OPaPWZ[PO >LY^V]T_ N`W_`]P ZQQP]PO L YPb Q]LXPbZ]V QZ] OP_P] XTYTYR _SP MZ`YOL]TP^ MP_bPPY _SP ^PWQ _SP bZ]WO LYO _SP OTaTYP LYO MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP TY L XLYYP] _SL_ bL^ OPNTOPOWd OTQQP]PY_Q]ZX_SP[]POZXTYLY_VYZbWPORPN`W_`]PLYOBP^_P]YSLMT_`LW bLd^ZQ_STYVTYRMPSLaTYRLYOLN_TYR?ST^4YOTLYQ]LXPbZ]VbL^bPWW ^`T_PO _Z ]PTYQZ]NTYR _SP ^PL]NS QZ] YPb YZYQ]LN_`]PO _Z_LWT^_TN SZWT^ _TN QZ]X^ ZQ _SZ`RS_ 3ZbPaP] BP^_P]Y P^Z_P]TN bZ]WOTY_P][]P_L_TZY XZOPW^ VPP[ ^ZXP ZQ _SPT] ^_TRXL :Y L WL]RP ^NLWP _SPd L]P YZ_ ]PLWWd LNNP[_PO?SPdZM_LTYZYWdTYXTWTP`^ZQLW_P]YL_TaP^[T]T_`LWT_dLYOYZ_ TY _SP OZXTYLY_ OT^NZ`]^P ?ST^ T^ U`^_ ZYP ZQ _SP XLYd PcLX[WP^ bP SLaPOT^N`^^POTY_ST^aZW`XP_SL_TWW`^_]L_PSZb_SPST^_Z]dZQ]L_TZYLW T_dLYO]PWTRTZYTY_SPBP^_OTQQP]^Q]ZX_SL_TY4YOTL?SP^ZYTNN`W_`]P SL^ []ZXZ_PO OTQQP]PY_ [P]NP[_TZY [L__P]Y^ QZ]X^ ZQ _SZ`RS_ LYO SLMT _`^LYOXPLY^ZQPc[]P^^TZY 4Y _ZOLdv^ w^S]TYVTYR bZ]WOx _ST^ ^ZYTN N`W_`]P bSTNS LW^Z SL^ ^_]ZYR aT^`LW QZ]X^ ZQ Pc[]P^^TZY QTYO^ T_^PWQ TY L NSLYRPO QZ]X YZ_ ZYWdTYXZOP]YLW_P]YL_TaP^[T]T_`LWT_d]TRS_ZYZ`]OZZ]^_P[M`_LW^ZTY QL] XZ]P _]LOT_TZYLWXZOP]YTePO QZ]X^ :`] ]PNZ]OTYR ZQ _d[TNLW >Z`_S P]Y 4YOTLY _PX[WP ^Z`YO^ NZXP^ Q]ZX _SP WL]RP^_ _PX[WP TY NZY_TYPY_LW 0`]Z[P bSTNS bL^ M`TW_ ZY _SP TYO`^_]TLW P^_L_P TY 3LXX@PY_]Z[ TY 2P]XLYd BP^_P]YP]^ LYO 4YOTLY^ LWTVP _LVP [L]_ TY >bLXT /LdLYLYOLv^ -SLULY ^TYRTYR LYO MZ_S R]Z`[^ SLaP LW^Z WPL]YPO APOL ]PNT_L_TZY>ZXPZQ_SPAPOL]PNT_L_TZY^ZY_SP]PNZ]OTYRL]PZQL.LWT QZ]YTLY _PX[WP []TP^_ :_SP] [TPNP^ ZQ X`^TN L]P Q]ZX L WL]RP X`^TN ^SZ[ TY .SPYYLT _SL_ ^`[[WTP^ OTL^[Z]L _PX[WP^ LWW ZaP] _SP bZ]WO :Q _PY _ZOLdv^ APOL ]PNT_L_TZY^ L]P LNNZX[LYTPO Md _SP ^Z`YO^ ZQ _SP ?£X[¼]L Z] Z_SP] TY^_]`XPY_^ z L YPb OPaPWZ[XPY_ _SL_ bZ`WO SLaP MPPYTYNZYNPTaLMWPTY_SP_]LOT_TZYLWXTWTP`
"
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
3TYO`T^XL^L.`W_`]PZQ>Z`YO =£X/S`Y >TYRP]%=L__LY8ZSLY>SL]XL 7TRS_8`^TN/PaZ_TZYLW3TYOT.L_PRZ]TP^>S]PP=LX ;Z[`WL]-LYL]^T/S`YLYO_d[TNLW-SLULY-SLULY^ZYR^L]P^TX[WP^ZYR^bT_S ^SZ]_ PL^TWd LNNP^^TMWP OPaZ_TZYLW _Pc_^ -SLULY^ LW^Z _d[TNLWWd SLaP L OLYNP ]Sd_SX_SL_NZY_TY`Z`^WdLNNPWP]L_P^?SP_Pc_ZQ_SP=£X/S`Yw1ZWV^ZYRZQ =£XLx NZY^T^_^ ^ZWPWd ZQ YLXP^ QZ] 2ZO LYO QZ]X`WL^ QZ] NLWWTYR ZY 3TX ?ST^T^LYTYaZNL_TZY_SL_T^NSL]LN_P]T^_TNZQ9Z]_SP]Y4YOTL%w =£XL=£XL5LdL =£UL =£X =£XL =£XL 5LdL >Å_£ =£Xx w: =£XL =£XL WZYR WTaP _SP VTYR OZXZQ=£XLWZYRWTaP=£XLLYO>Å_£x?ST^TYaZNL_TZYZQ_SPOTaTYPNZ`[WP =£XL LYO >Å_£ bSTNS T^ aP]d NZXXZY TY AL]LYL^T -LYL]L^ LWW`OP^ _Z _SP TOdWWTNTOPLWVTYROZXZQ,dZOSd£zL^dXMZWZQ;L]LOT^PbSTNSZYPbT^SP^_Z PY_P]?SP[L]LWWPW[L]_^^TYRTYRTY_SP^PNZYO^PN_TZYZQ_SP]PNZ]OTYRT^]L_SP] L_d[TNLW ZQ -SLULY^ M`_ NZXXZY QZ] _SP ^_dWP ZQ _SP -LYL]^T/S`Y 3ZbPaP] ZYP _d[TNLW QPL_`]P ZQ _SP TY^_]`XPY_L_TZY ZQ -SLULY^ T^ _SL_ NdXMLW^ L]P LW bLd^ []P^PY_ ^_]`NV ZY _SP ZQQMPL_ WTVP L ]ZNVMPL_ RTaTYR _SP -SLULY ]Sd_SX T_^ ^[PNTLW NSL]LN_P] LYO `]RTYR ZY _SP ^TYRP]^ 4Y LOOT_TZY _SP]P L]P ZW^ ML]]PW^SL[PO O]`X^ bT_S L OPP[ [T_NS LYO _SP 0V_£] L ^TYRWP^_]TYRPO TY^_]`XPY_`^POMdL^NP_TN^bSTNS[]ZaTOP^_SPO]ZYP
,YYL[¼]©£>_Z_]LX =PNT_P]%>bLXT:XVL]LYLYOL NZ[d]TRS_ >]T 2LYRLOSL]P^bL] ?]`^_ >bLXT /LdLYLYOL ,^S]LX ;` ]LYT5SLOT=T^STVP^S 1LXZ`^SdXY^ZQ[]LT^P_Z,YYL[¼]©£w_SP-Z`Y_TQ`Wx_SPRZOOP^^ZQLM`Y OLYNP bSZ T^ bZ]^ST[[PO TY AL]LYL^T 6£²Å L^ L RZOOP^^ ZQ []Z_PN_TZY _SP bTQP ZQ ±TaL LYO ]`WP] ZQ _SP NT_d ?SP SdXY T^ L__]TM`_PO _Z _SP [STWZ^Z[SP] ±L«VL]L LYO T^ b]T__PY TY _SP NZX[WPc ±£]O¼WLaTV]ÅT_L XP_P] w_SP RLT_ ZQ _SP _TRP]x ?SP ]PNT_L_TZY ZQ NWL^^TNLW XP_]TN _Pc_^ T^ LWbLd^ ML^PO ZY L QTcPO ^P \`PYNP ZQ _ZYP^ bSTNS NZY^T^_^ ZQ _SP ^LXP Y`XMP] ZQ PWPXPY_^ L^ _SP aP]^P SL^ ^dWWLMWP^ >TYNP TY NWL^^TNLW XP_P]^ ZQ Z]YL_P [ZP_]d _SP []Z[Z]_TZY^ ZQ PaP]d TYOTaTO`LW ^dWWLMWP L]P []PNT^PWd OP_P]XTYPO _SP ^P\`PYNP ZQ _ZYP^ LYO _SP ]Sd_SX ZQ _SP XPWZOd ]PXLTY _SP ^LXP _S]Z`RSZ`_ LWW _SP aP]^P^ 9TYP_d
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
[P] NPY_ ZQ LWW NWL^^TNLW >LY^V]T_ aP]^P^ L]P b]T__PY TY ^`NS ^dWWLMWPML^PO XP _P]^ bSTNS L]P NLWWPO a__LNSLYOL^ wNT]NWTYR XP_P]x ZbTYR _Z _SP ]P[PL_PO TOPY_TNLW]Sd_SXZQ_SPaP]^P^?SP±£]O¼WLaTV]ÅT_LXP_P]SL^$^dWWLMWP^LYO NZY^T^_^ZQQZ`]\`L]_P]^_SL_L]PTY_`]YOTaTOPOTY_Z_bZ`YP\`LWSLWaP^?SP^P Pc_]LNLP^`]L^X`^_LWbLd^NZTYNTOPbT_S_SPPYOZQLbZ]O4YNZX[WPcXP_P]^ NZWZ]L_`]L^ L]P ZQ_PY `^PO _Z XL]V _SP^P TY_P]TX LYO QTYLW NLP^`]L^ 4Y _ST^ PcLX[WPL^WZb_]TWWNZXP^L__SPPYOZQSLWQ_SPaP]^PLYOLOZbYbL]O^WTOPL_ _SP PYO ZQ L NZX[WP_P aP]^P ?Z BP^_P]Y PL]^ _ST^ ^Z`YO^ WTVP ^TYRTYR M`_ YZ_ _ZLNZYYZT^^P`]ZQ>LY^V]T_MPNL`^P_SP]Sd_SXXP]PWd]PQWPN_^_SPXP_P]LYO _SPXPWZOdLWbLd^ XZaP^bT_STYT_^]P^_]TN_POLXMT_ZQ_S]PP_ZQZ`]_ZYP^LYO YZ_ LN]Z^^ _SP bSZWP ZN_LaP ?SP ]PLWTeL_TZY NLY MP NZX[L]PO _Z _SP WT_`]RTNLW ^TYRTYRZQ[^LWX^LYOT^NLWWPOw]PLOTYRx [£¶SL ?SP_P]Xw]PLOTYRxXLVP^T_ NWPL] _SL_ _Pc_^ QZ] ]PLOTYR L]P L_ _SP ^LXP _TXP _Pc_^ _Z MP SPL]O BSTWP ^ZYR TY4YOTLYX`^TN LWbLd^Pc[]P^^P^PXZ_TZY^LYONZY_LTY^LYTY_P]YLWXZaPXPY_ MP_bPPY NWTXLc LYOLY_TNWTXLcTY [£¶SL YZ^`MUPN_TaP QPPWTYR^^SZ`WOL]T^PZ] MPPc[]P^^PO&TY^_PLOT_^SZ`WOTX[L]_L^PY^PZQ^ZXP_STYR^_L_TN
¢OT_dL3OLdLX =PNT_P]%>bLXT:XVL]LYLYOL NZ[d]TRS_>]T2LYRLOSL]P^bL]?]`^_ w=PLOTYRx [£¶SL ZQL[]LdP]_Z_SP^`Y_LVPYQ]ZX_SPP[TN =£X£dL©L ?ST^T^ LY PcLX[WP ZQ L _d[TNLW aP]^P ]PNT_L_TZY TY _SP ,Y`´¶`MS XP_P] bSTNS T^ _SP XZ^_ bTOP^[]PLO XP_P] TY NWL^^TNLW >LY^V]T_ ?SP ,Y`´¶`MS NZY^T^_^ ZQ QZ`] `YT_^ ZQ PTRS_ ^dWWLMWP^ ,YLWZRZ`^ _Z _SP^P XP_]TN `YT_^ _SP XPWZOTN QZ] X`WL LW^Z NZY_LTY^ PWPXPY_^ 3ZbPaP] bSTWP TY _SP NWL^^TNLW Z]YL_P XP_P]^ ^`NS L^ _SP ±£]O¼WLaTV]ÅT_L _SP \`LY_T_TP^ ZQ PLNS TYOTaTO`LW ^dWWLMWP L]P LW bLd^ []PNT^PWd OP_P]XTYPO z bSTNS XPLY^ _SL_ _SP ^P\`PYNP ZQ _ZYP^ LYO _SP ]Sd_SX ZQ _SP XPWZOd LWbLd^ ]PXLTY _SP ^LXP z _SP ,Y`´¶`MS bSTNS OL_P^ Q]ZXAPOTN_TXP^]P[]P^PY_^LYPcNP[_TZY_Z_ST^?SP\`LY_T_TP^L]PZYWdQTcPO QZ] _SP QTYLW ^dWWLMWP^ ZQ _SP SLWaP^ ZQ _SP aP]^P^ bSTNS XPLY^ _SL_ _SP ^P \`PYNPZQ_ZYP^NLYSLaPOTQQP]PY_]Sd_SX^?ST^Q]PPOZXXLVP^_SP,Y`´¶`MS XP_P]PL^TP]_Z`^PbSTNST^_SP]PL^ZYbSdT_T^^Z[Z[`WL]0[TN^LYO;`]£©L^ NZY^T^_ LWXZ^_ ^ZWPWd ZQ _ST^ XP_P] -d NZY_]L^_ aP]^TQTNL_TZY LNNZ]OTYR _Z _SP ^_]TN_ XP_P]^ T^ X`NS XZ]P OTQQTN`W_ LYO T^ XLTYWd [P]QZ]XPO Md []ZQP^^TZYLW [ZP_^& ZYP _SP]PQZ]P ^[PLV^ ZQ Z]YL_P [ZP_]d DP_ bT_S LWW _SP^P XP_P]^ z ,Y`´¶`MS LYO _SP Z]YL_P XP_P]^ z T_ T^ LWbLd^ [Z^^TMWP _Z SLaP L Y`XMP] ZQ aL]TZ`^ XPWZOd XZOPW^ ,^ L ]`WP _SPd L]P ^TX[WP XZOPW^ bT_STY L ]LYRP ZQ _S]PPZ]QZ`]_ZYP^8PWZOdXZOPW^WTVP_ST^XLdMPTYOTNL_POzQZ]PcLX[WPMd WZNLW _]LOT_TZY _SP _]LOT_TZY ZQ _SP ]PNT_P] Z] [LY4YOTLY _]LOT_TZY z M`_ ML^T NLWWd _SPd _ZZ NLY MP NSZ^PY Q]PPWd >ZXP P^[PNTLWWd QLXZ`^ _Pc_^ SLaP _SPT] ZbY XZOPW^ PR _SP -SLRLaLORÅ_£ 4Y _SP P[TN PcLX[WP RTaPY SP]P _SP _S]PP _ZYP NZXMTYL_TZY T^ NSZ^PY L XPWZOd XZOPW LOL[_PO _Z APOL ]PNT_L_TZY ?SP XPWZOd XZOPW NLY LW^Z MP `^PO QZ] LYd Z_SP] P[TN Z] [`]£©TN aP]^P Z] _Pc_
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
3ZbPaP] _SP ]`WP T^ _SL_ _SP NSZ^PY XPWZOd QZ]X`WL X`^_ MP XLTY_LTYPO _S]Z`RSZ`_ _SP _Pc_ .SLYRTYR _SP QZ]X`WL bZ`WO ^`RRP^_ _Z _SP L`OTPYNP _SL_ _SP[P]QZ]XP]bL^^bT_NSTYR_ZLOTQQP]PY__Pc_
3LY`X£Y.£W¯^£ aP]^P^LMZ`_3LY`X£Y 8`^TNNL^^P__PNZ[d]TRS_>]TYTaL^2T]T_]LOTYR.SPYYLT 3dXY ZQ []LT^P _Z _SP XZYVPd RZO 3LY`X£Y TY aP]^P^ TY LYNTPY_ 3TYOT bSTNS T^ L__]TM`_PO _Z _SP [ZP_ ?`W^¯O£^ LYO ]PRL]OPO L^ _SP P^^PYNP ZQ ST^ Pc_PY^TaP =£X£dL©L BSTWP SdXY^ ZQ []LT^P _Z _SP RZO^ TY _SP >LY^V]T_ WT_P]L _`]P L]P RPYP]LWWd NZX[Z^PO TY _SP WT_LYd^_dWP ^PP _]LNV QZ] LY PcLX[WP _ST^ aP]YLN`WL] SdXY ZQ []LT^P _Z _SP RZO T^ b]T__PY TY L YL]]L_TaP ^_dWP LYO T^ []ZMLMWd_SPXZ^_[Z[`WL]9Z]_SP]Y4YOTLY_Pc_QZ]3LY`X£YbZ]^ST[?SP_Pc_ T^L^SZ]_P]aP]^TZYZQ_SPQLXZ`^P[T^ZOP TY_SP=£X£dL©L>`YOL]L6SL©L bSPY_SP XZYVPdRZO3LY`X£Y_SPWZdLW ^P]aLY_ZQ=£XLWPL[^ZaP]_SP ^PL _Z >]T 7LYVL bSP]P SP ^PL]NSP^ QZ] LYO QTYO^ >¯_£ ?SP _Pc_ T^ b]T__PY TY L 8£_]LNSLYOL^ wXP_P]LNNZ]OTYR_Z\`LY_T_TP^x?SP8£_]LNSLYOL^T^LXP_P] TYbSTNST_T^YZ__SPY`XMP]ZQ^dWWLMWP^_SL_OP_P]XTYP^_SPL]]LYRPXPY_M`_ _SP ^`X ZQ _SP ^dWWLMTN \`LY_T_TP^ [P] aP]^P ^SZ]_( \`LY_T_d WZYR( \`LY_T _TP^ 4Y _Z_LW ! \`LY_T_TP^ X`^_ ZNN`] LYO T_ OZP^ YZ_ XL__P] L_ LWW SZb _SPd L]P OTaTOPO `[ ?SP 8£_]LNSLYOL^ T^ ]L]P TY >LY^V]T_& M`_ TY XZOP]Y 4YOTLY WLYR`LRP^_SP]PT^`^`LWWdZYWd_ST^[L]_TN`WL]XP_P]:bTYR_Z_SPQ]PP]NSZTNP ZQ XPWZOd _SP [P]QZ]XLYNP NZXP^ X`NS NWZ^P] _Z ^TYRTYR _SLY _SP []PNPOTYR PcLX[WP^OZ?SPXP_P]^PPX^_ZMPWP^^XPNSLYTNLWLYO^_L_TNLYOXZ]PWTVPL OLYNP LYO T^ P^[PNTLWWd ^`T_LMWP QZ] MPTYR TY_PR]L_PO TY_Z X`^TNLW LNNZX[LYT XPY_^LYOMPTYRLNNZX[LYTPOMdO]`X^LYOZ_SP][P]N`^^TZYTY^_]`XPY_^
9Z]_SP]Y4YOTLY_PX[WP^Z`YO^%[¼U£TYL±TaL_PX[WPTY=T^STVP^S =PNZ]OTYRLYONZ[d]TRS_,BTWVP 0aPYTYR [¼U£ TYL±TaL_PX[WPTYLY,^S]LXTY=T^STVP^S%_SPQPXLWPLYOXLWP [L]_TNT[LY_^ z ^ZXP ZQ _SPX ]PYZ`YNP]^ Z_SP]^ ]PYZ`YNP]^ _Z MP Z] [`[TW^ ZQ _SP >bLXT TY ]P^TOPYNP LYO PWOP]Wd [P]^ZY^ bSZ ^[PYO _SPT] PaPYTYR ZQ WTQP TY _SP ,^S]LX z NSLY_ L WT_LYd >`OOPYWd _SP bZ]^ST[ ]PLNSP^ T_^ NWTXLc _SP £]L_T ?SP£]L_TT^_SL_XZXPY_TY_SP[¼U£bSPY_SP[]TP^_^bTYR^_SPWTRS_TY Q]ZY_ ZQ _SP OPT_d LYO _SP QLT_SQ`W ^_LYO MPQZ]P _SP ^LYN_`L]d bT_S _SPT] SLYO^ QZWOPOTY[]LdP]?ST^XZXPY_T^]PRL]OPOL^_SPLN_`LWP[T[SLYdZ]]PaPWL_TZY ZQ _SP OPT_d LYO TY 9Z]_SP]Y 4YOTL _SP YLXP £]L_T T^ ZQ_PY `^PO L^ L ^dYZYdX QZ] [¼U£ ?ST^NPY_]LWwXZXPY_ZQ^PPTYRxbSTNSNLYWL^_QZ]`[_ZL\`L]_P]ZQ LYSZ`]T^XL]VPOLNZ`^_TNLWWdMdaP]dWZ`O^Z`YO^?SP]PT^_SPWZYRO]LbY Z`_ O]ZYTYR ZQ _SP NZYNS SZ]Y AL]TZ`^ OTQQP]PY_ XP_LW TY^_]`XPY_^ L]P ^Z`YOPO _SP R]PL_ MPWW T^ ^_]`NV L ^YL]P O]`X T^ ^SLVPY LYO ]L__WPO LYO _SP QLT_SQ`WZQ_PY^_]TVPNdXMLW^LYO]TYR^XLWWMPWW^
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
! >Z`_SP]Y4YOTLY_PX[WP^Z`YO^ %_PX[WPQP^_TaLWLYO?LXTW9PbDPL] NPWPM]L_TZY^TY3LXX@PY_]Z[TY2P]XLYd =PNZ]OTYRLYONZ[d]TRS_,BTWVP ?SP]PNZ]OTYRTWW`^_]L_P^_SPMLNVR]Z`YOZQYZT^P^ LYO_SP ^Z`YO`YTaP]^P_SL_ L]P_d[TNLWZQ>Z`_SP]Y4YOTLYLYO>]T7LYVLY_PX[WP ]T_P^ ^[PNTQTNLWWdO`]TYR QP^_TaLW^ LYO L ]PNT_L_TZY NSL]LN_P]T^_TN ZQ ?LY_]TN []LN_TNP ?SP ^P\`PYNP MP RTY^ bT_S _SP S`MM`M ZQ _SP S`RP N]ZbO RL_SP]PO QZ] _SP _PX[WP QP^_TaLW LYO _SP MPL_TYR ZQ _SP 9£OL^aL]LX LYO ZQ O]`X^ ?SP O]`X MPL_^ LYO _SP WZ`O ]TYRTYR YZT^P^ XL]V _SP Z[PYTYR ZQ _SP ^LYN_`L]d LYO _SP bZ]^ST[ ZQ _SP XLTY OPT_d TY Q]ZY_ ZQ bSTNS aL]TZ`^ WLX[^ L]P ^b`YR LYO XLY_]L^ ]PNT_PO :Q_PY O`]TYR _SP QP^_TaLW^ ^PaP]LW ]T_P^ L]P PcPN`_PO TY [L]LWWPW LMZaP LWW O`]TYR _SP ?LXTW9PbDPL]NPWPM]L_TZY^BSTWP_SPPcZ_P]TN [¼U£ T^_LVTYR[WLNPSPL]OTY _SP MLNVR]Z`YO _SP XLTY []TP^_ [P]QZ]X^ _SP P^Z_P]TN ²]ÅNLV]L bZ]^ST[ bT_S ?LY_]TNXLY_]L^LNNZX[LYTPOMd_SPYZT^d]TYRTYRZQMPWW^?SPTYT_TLW?LY_]TN XLY_]Lw :À¢À 3]ÅÀ 3]ZÀ DLÀ =LÀ7LÀ xNZX[]T^P^[ZbP]Q`W w^PPO^dWWL MWP^x MÅULXLY_]L LYO NZY_LTY^ LXZYR^_ Z_SP] ^dWWLMWP^ _SP ZYP^ QZ] _SP PWP XPY_^ LT] DLÀ QT]P =LÀ LYO PL]_S 7LÀ ,^ TY PaP]d ?LY_]TN ]T_P _SP [Sd^TNLW PWPXPY_^ L]P _S`^ w[`]TQTPOx TP ]P_`]YPO _Z _SPT] TYaT^TMWP wQTYP XL_P]TLWx QZ]X _S]Z`RS _SPT] ]PLWTeL_TZY TY ^Z`YO ?SP w^Z`YO N]PL_TZYx SL^ []TZ]T_dZaP]_SP XL_P]TLWN]PL_TZY ,TX 3]ÅÀ>L`à T^_SPTYaZNL_TZYZQ_SP 2]PL_2ZOOP^^?SP]P_SPYQZWWZb^_SP]PNT_L_TZYZQ_SPYL^LWTePO^Z`YO^ZQ_SP LW[SLMP_ bSTNS L]P NLWWPO N]PL_TaP [Z_PYNTP^ wXZ_SP]^x X£_V£ ^PP NSL[ >Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP LYO LWWZNL_PO _Z _SP TYYP]XZ^_ ZN_LRZYZQ_SP ²]ÅNLV]L BSTWP_SPSTRS[]TP^_]PNT_P^_SP^Z`YO^ZQ_SPLW[SLMP_ _ZRP_SP]bT_S_SPTYaZNL_TZYw YLXLà²LÀ^Là xLYZ_SP][]TP^_[P]QZ]X^L^LYN _TQdTYR ML_S LMST´PVL TY _SP MLNVR]Z`YO `^TYR L`^[TNTZ`^ ^`M^_LYNP^ LYO L WT_LYd ZQ YLXP^ ?SP QZWWZbTYR OPLQPYTYR 9£OL^bL]LX LYO O]`X X`^TN T^ _d[TNLWZQ>Z`_SP]Y4YOTLY_PX[WPX`^TNbSTNST^P^^PY_TLWL_PaP]dQP^_TaLW
?SPAPOLL^L-L^TN;L]LOTRXQZ]>LN]PO7LYR`LRPLYO >LN]PO>Z`YO ?SPAPOL]PNT_L_TZYT^YZ_ML^POZYLXPWZOdXZOPWM`_ZYLNNPY_^TY[T_NS " APOL ]PNT_L_TZY% 8L«RLWL±WZVL LYO -SR`aLWWT Q]ZX _SP ?LT__T]ÅdL @[LYT´LO ]PNT_P]%±]Å8£]P[LWWT9£RLAP«VL_L±£^_]T bbbaPOLXLY_]LXNZXNZ[d]TRS_AP«VL_L±£^_]T ?ST^PcLX[WPT^_LVPYQ]ZX_SPbPM^T_PZQ±]Å8£]P[LWWT9£RLAP«VL_L±Ã^_]T L _PX[WP []TP^_ bZ]VTYR TY .LWTQZ]YTL bSZ SL^ [`MWT^SPO ^PaP]LW APOL ]PNT_L _TZY^ ZY _SP BPM ?d[TNLW ZQ XZOP]Y APOL ]PNT_L_TZY T^ _SP PX[SL^T^ ZY _SP [STWZ^Z[STNLW @[LYT´LO^LYO ZY_SPMLNVR]Z`YOX`^TN_SL_ T^`^PO_ZXLTY_LTY _SP NZ]]PN_ [T_NS ?SP ^PWPN_TZY ZQ _SP _Pc_^ LYO NP]_LTY ^[PNTLW QPL_`]P^ ZQ
!
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
[]ZY`YNTL_TZY]PaPLWNWPL]Wd_SL__SP[]TP^_NZXP^Q]ZXLDLU`]aPOTNWTYP[L^^ TYR ZY _SP _]LOT_TZY , _S]PP_ZYP ^Z`YO [L__P]Y T^ RPYP]LWWd NSL]LN_P]T^_TN ZQ _SPAPOLLYOTY_ST^PcLX[WP_SP[L]_TN`WL]_S]PP_ZYP^P\`PYNP]PLWTePOT^_SP ZYP _SL_ T^ XZ^_ NZXXZY _ZOLd BT_S T_^ _S]PP _ZYP^ ^[PNTLW XP_P]^ LYO LN NPY_^ _SP APOL T^ NWPL]Wd OTQQP]PY_ Q]ZX LWW WL_P] LWbLd^ YZYLNNPY_`L_PO ^LN]PO WT_P]L_`]P^ LYO XLVP^ L XL]VPO `YXT^_LVLMWP ^Z`YO TX[]P^^TZY 4Y NZY_]L^_ _Z WL_P] Z]YL_P [ZP_]d _SP ^dWWLMWP \`LY_T_TP^ TY _SP APOTN XP_P]^ LV´L]LNSLYOL^ L]P`^`LWWdYZ_QTcPO[]PNT^PWdLYO_SPaP]^P^L]PZQOTQQP]PY_ WPYR_S^ ?ST^ XPLY^ _SL_ _SP^P ]Sd_SX^ L]P YZ_ ^_L_TN M`_ TY^_PLO _SPd QW`N_` L_P 1`]_SP]XZ]P _SP bSZWP APOTN [P]QZ]XLYNP WT_P]L_`]P TP _SP aP]^P^ LYO []Z^P_Pc_^`^POTY_SPWT_`]RdT^LNNPY_`L_POZ]bL^RTaPYLNNPY_^WL_P]?SP [STWZ^Z[STNLW@[LYT´LO^ WTVP _SP[L^^LRPQ]ZX_SP ?LT__T]ÅdL@[LYT´LO ZY_ST^ ]PNZ]OTYR L]P ]PNT_PO TY _SP _S]PP_ZYP XPWZOd XZOPW ?ST^ ^_L]_^ bT_S L QZ] X`WL _SL_ []ZXT^P^ QZ]_`YP XL«RLWL QZ]X`WL :À ^LSL Y£aLaL_` ^LSL YL` MS`YLV_`m bSTNSZNN`]^L__SPMPRTYYTYRZQ_SPWP^^ZY% w?ZRP_SP]bT_SMZ_SZQ`^F_PLNSP]LYO[`[TWHXLdT_MP^_ZbMWP^^TYR^ ?ZRP_SP]bT_SMZ_SZQ`^XLdT_]PNPTaP ?ZRP_SP]bPMZ_SbT^S_ZNZX[WP_P^ZXP_STYR[]ZO`N_TaP 8Ld_SPZMUPN_FZQZ`]H^_`OdLN\`T]PRWZ]dF_S]Z`RS`^H ,YOXLdYPT_SP]ZQ`^MPNZXPSZ^_TWP_Z_SPZ_SP]x
?SP QZWWZbTYR @[LYT´LO _Pc_ NZY_LTY^ L [L^^LRP _SL_ ]LYV^ LXZYR _SP XZ^_ QLXZ`^LYO_SPXZ^_NZXXPY_POLYO\`Z_PO[L^^LRP^% w?SL_Q]ZXbSTNSLWW_STYR^Z]TRTYL_P ?SL_bSTNSVPP[^_SPXLWWLWTaP ?SL_TYbSTNS_SPdaLYT^SLYOTYbSTNS_SPdF_SPYHOTP ,NVYZbWPORP_ST^4_T^_SP-]LSXLYx
# 9LV´L_]L>¼_]LX =PNZ]OTYRLYONZ[d]TRS_,_`W,RL]bLWL /T^N`^^PO TY NSL[_P] ,P^_SP_TN 8P^^LRP^ LYO 1Z]X^ ZQ =PNP[ _TZY $ 2SLYL[£¶SL =PNT_P]%ALW`__Z]>=LULRZ[LWL>SL]XL;L]_d NZ[d]TRS_7TRS_8`^TN/PaZ_TZYLW>LY^V]T_>_Z_]LX^2SLYLX ?ST^T^LYPcLX[WPZQLwM`YOWPOxAPOL]PLOTYR 2SLYL[£¶SL QZ]NZXXT__TYR _Z XPXZ]d M`_ _ZOLd T_ T^ ^ZXP_TXP^ LW^Z TY_PR]L_PO TY_Z _PX[WP bZ]^ST[ 1Z] XZ]P OP_LTW^ LMZ`_ _ST^ XPXZ]TeTYR _PNSYT\`P ^PP NSL[_P]^ 8YPXZYTN ?PNSYT\`P^LYO?]LY^XT^^TZYLYO;SZYP_TNTLY^
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
"
=PNT_L_TZYZQ_SPQT]^_aP]^PZQ_SP RaPOL ,RYTXÅWP A =PNZ]OTYRLYONZ[d]TRS_,_`W,RL]bLWL ?ST^T^LYPcLX[WPZQL_]LOT_TZYLW RaPOL ]PNT_L_TZY?SPZ[PYTYRaP]^PZQ_SP RaPOL bSTNS [L]_TN`WL]Wd NL`RS_ _SP L__PY_TZY ZQ OP >L`^^`]P MPNL`^P ZQ T_^ ^Z`YOQZ]XSL^L^Z`YO^P\`PYNP_SL_T^LRZZOPcLX[WPZQ_SPZYZXL_Z[ZPTN ^PXLY_TNTeL_TZY LYO XLRTNLW [ZP_]d ZQ _SP RaPOL 1Z] L OP_LTWPO OT^N`^^TZY ^PPNSL[_P]?SP-]LSXLYL^;ZP_TN8LRTN:YPYZ_TNPLMWPQPL_`]PLMZ`_ _ST^ ]PNZ]OTYR T^ _SL_ _SP ^TYRP] _LVP^ _SP ^PXLY_TNTeL_TZY PaPY Q`]_SP] LYO []ZYZ`YNP^_SPYLXPw,RYTxwQT]PxwQT]PRZOxWTVPw,R]Txw_SPQT]^_ZYPx
>£XLAPOL%6LWPdLX =PNZ]OTYRLYONZ[d]TRS_,_`W,RL]bLWL >£XLAPOL ]PNT_L_TZY TY _SP ?SLYULa`] ^_dWP 9Z_P _SP WZYR O]LbY Z`_ QZ]X^ ^`NS L^ _SP ^Z`YO ZQ wSZ a£x 1Z] L OT^N`^^TZY ^PP NSL[_P] ! >Z`YO =T_` LW^% _SP >£XLAPOL TY [L]_TN`WL] _SP TY_]ZO`N_TZY .ZY^TOP] LW^Z _SP P^Z_P]TN TY_P][]P_TZYZQ_SP wZa£x ^Z`YONZXMTYL_TZYbSTNST^OT^N`^^POTY!!3Zb _Z>TYR:YP^PWQTY_Z_SP:_SP]BZ]WO
>£XLAPOL%A£XLOPadLX =PNZ]OTYRLYONZ[d]TRS_,_`W,RL]bLW /T^N`^^PO TY OP_LTW TY NSL[_P] ! 8TXP_TN 8LRTN LYO ! w.L_P]bL`W TYRxLYO3ZbWTYR>_Z]X^
.ZX[Z^T_TZYLYO/PNZX[Z^T_TZY AT´©`^LSL^]LY£XL %?SP?SZ`^LYO9LXP^ZQAT´©` =PNT_P]%>bLXT-]LSXLYLYOL NZ[d]TRS_ .PY_]LW .STYXLdL 8T^^TZY ?]`^_ /PPYLMLYOS` /PaL^_SL YLX-LYRLWZ]P 1LXZ`^ AT´©` WT_LYd Q]ZX _SP 8LS£MS£]L_L% ^PP NSL[_P] ?SP 3`YO]PO LYO _SP ?SZ`^LYO 9LXP^ ZQ _SP @YTaP]^LW 2ZO^ 9Z_P _SP XPWZOTN TY_ZYL_TZY LYO OPaZ_TZYLW wQWLaZ]x TY _SP ]PNT_P]v^ [P]QZ]XLYNP bSTNS XLd MP WP^^ []Z YZ`YNPOZ]MPLM^PY_TYZ_SP]]PNT_LW^3P PXMPWWT^SP^^ZXPZQ_SPYLXP^ ^[P NTQTNLWWd ^`NS L^ ;`]`´Z__LXL w_SP 3TRSP^_ ;P]^ZYx LYO >bLdLXMS`à w_SP >PWQ-Z]Yx
0cLX[WPZQ_SPWLYR`LRPZQO]`X^% ?LWLaLOdL 8]OLYRLX%APWWZ]P=LXLMSLO]LY 2SL_LX%?3ATYLdLV]LX 6LYUT]L%=3L]T>SLYVL] 8ZZ]^TYRS%8LSLOPaLY 6ZYYLVZW%?3>`ML^SNSLYO]LY
#
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
8`^TNNL^^P__PNZ[d]TRS_>]TYTaL^LY2T]T?]LOTYR.SPYYLT :YP[P]N`^^TZYT^_RTaP^]Sd_SXTN[L__P]Y^QZ]QZ`]Z_SP][P]N`^^TZYT^_^ML]]PW ^SL[PO O]`X _LXMZ`]TYP NWLd [Z_ ULbSL][ _Z QZWWZb L^ _SPT] TY^_]`XPY_^ LWWZb :Y w_SP WLYR`LRP ZQ O]`X^x ^PP NSL[_P] :YZXL_Z[ZP_TN .ZOP^% _SP7LYR`LRPZQ/]`X^
;W`]LWT^XLYO>PL]NSQZ]:]TPY_L_TZY 1Z]_ST^^PN_TZYZY_SPWLYR`LRPZQ_SP[ZP_^WTYR`T^_TN^LYOXP_L[Sd^TN^_SP]P T^YZ^P[L]L_PX`^TNPcLX[WP .ZY^TOP] _SP OT^N`^^TZY ZQ _]LNV LYO LYO _]LNV " QZ] _SP X`^TNLW ^_dWP^ LOZ[_PO _Z Z]YL_P OPaZ_TZYLW [ZP_]d ?SP OPaZ_TZYLW NSL]LN_P] SZbPaP] T^ L WL_P]OPaPWZ[XPY_ZQZ]YL_P[ZP_]d4YNZY_]L^_ NWL^^TNLW[ZP_TN^ LYO NZX[Z^T _TZY^L]P`__P]Wd[]ZQLYPLYONZY^_T_`_PLSTRSWd^VTWWQ`WN]LQ_ZQNZ`]_Wd[]ZQP^ ^TZYLW^^PPNSL[.Z`]_Wd;ZP_]d%:]YL_PLYO0c[]P^^TaP>[PPNS =PNT_L_TZY^ LYO X`^TN PcLX[WP^ ]PWPaLY_ QZ] _SP OT^N`^^TZY ZQ _SP APOL 3P] XPYP`_TN^LYO_SP_bZ8ÅX£À^£^NSZZW^NSL[_P]zL]PQZ`YOZY_]LNV^ "zLYO_]LNV#
;P]QZ]XLYNPLYO>PY^`LWT_d -SLT]LaL>_LaL Md,MSTYLaLR`[_L >TYRP]%8LYU`>`YOL]LX >L]LYRT%>LY_Z^S6`XL]8T^S]L?LMWL%ATYZO27PWP >STa>SLV_T% /TaTYP 3dXY^ NZ[d]TRS_ ,V^SL]L -SL]L_T ;]ZO`N_TZY .LWN`__L :Y_ST^]PNZ]OTYR_SPQLXZ`^ SdXY_Z-SLT]LaL±TaLMd_SP6L^SXT]T[STWZ^Z [SP] ,MSTYaLR`[_L _S NPY_ ^PP NSL[ # ,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP T^ ]PLWTePO TY _SP =£RL 2`«VLWÅ LYO PaZVP^ L [STWZ^Z[ST NLWL^NP_TNXZZOZQ]LOTNLWYZYO`LWT_d?SPX`^TNLWTY_P][]P_L_TZYT^TY_PYOPO _ZSPW[_SPWT^_PYP]_ZQ`^PbT_S_SPNZY_PY_ZQ_SP_Pc_LYO_ZPc[P]TPYNPTYST^ ZbY^PWQ_SPLWW[P]aL^TaP-SLT]LaL_SL_SL^YZMPRTYYTYR% w4bZ]^ST[dZ`7Z]O-SLT]LaL _SPWZ]OZQ_SPOPQPY^PWP^^bSZNZY_LTY^PaP]dTYOTaTO`LW_STYRTY_SP`YTaP]^P bT_STYdZ`]^PWQ _SPZYPNZY^NTZ`^YP^^_SL_SL^YZMPRTYYTYRLYOYZPYO OPP[TYXdSPL]_bT_S_SZ`RS_^NZY^T^_TYRZQdZ` ?S]Z`RS_SP[ZbP]ZQdZ`]XP]Nd _SPbSZWPbZ]WOYZbL[[PL]^_ZXPL^dZ`]MPTYR LYOdZ`R]PL_2ZOL]PXd^PWQQZ]PaP] ^Z_SL_PaP]d_STYR_SL_T^TYXdbZ]WO4LXXd^PWQ
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
$
,YOL^4Xd^PWQSLaPMPNZXP_SP`YTaP]^PTYdZ`:7Z]O 4YZWZYRP]SLaPLYdSTY_ZQQPL]ZQ_SPNdNWPZQMT]_S^ LW_SZ`RS_SPd^_TWWPcT^__SPSZ]OPZQXdOPPO^ VL]XLY bSTNS[]ZXT^PXP`YMPL]LMWP^`QQP]TYRNZYQ`^TZYLYOSZ]]Z]x
! 8LST´£^`]LX£]OTYÅ>_Z_]L >TYRP]%>=LUP^SbL]T 8`^TNNL^^P__P%8LST^SL^`]L8L]OTYT/PaT>_Z_]L^NZ[d]TRS_%>]TYT aL^2T_£.L^^P__P^ ;Z[`WL] /`]R£ SdXY Q]ZX >Z`_SP]Y 4YOTL bT_S NL_NSd ]Sd_SX^ /T^N`^^PO TY OP_LTW TY NSL[_P] $ 3PL]TYR LYO >PY^TYR _SP -`QQLWZ/PXZY>WLdP] ?SP SdXY T^ LWXZ^_ LWbLd^ ^`YR Md bZXPY LYO ZQ_PY bT_S L ^S]TWWP] LYO XZ]P XP_LWWTNaZTNP_SLYTY_SP^ZQ_^[PNTXPYZY_SP_]LNV
" >L`YOL]dLWLSL]Å >TYRP]%APOLALWWT 8`^TN NL^^P__P >]T ,LOT >LYVL]L^ >Z`YOL]dL 7LSL]T NZ[d]TRS_ ALYT =PNZ]OTYR^ ?SP L]_T^_TN XPOTPaLW RZOOP^^ SdXY >L`YOL]dLWLSL]Å _SL_ T^ L__]TM`_PO _Z _SP [STWZ^Z[SP] ±L«VL]L T^ ZQ_PY [P]QZ]XPO bT_S aL]TZ`^ OTQQP]PY_ =£RL^ :`] PcLX[WP T^ ^`YR Md APOL ALWWT ZYP ZQ _SP XZ^_ QLXZ`^ >Z`_SP]Y 4YOTLY ^TYR P]^ ZQ NWL^^TNLW 4YOTLY X`^TN , OP_LTWPO OT^N`^^TZY T^ RTaPY TY NSL[_P] $ 4YOTaTO`LW8`^TNLW1Z]X^ZQ_SPw1WZZOZQ-PL`_dx:`]OP^N]T[_TZYT^ML^PO ZY_ST^]PNZ]OTYR
# 6´©L-SLULY .ZX[Z^P]LYOwNLY_Z]x%>bLXT/LdLYOLYL =PNZ]OTYRLYONZ[d]TRS_,BTWVP -SLULY ^TYRTYR ^PP NSL[_P] $ ?SP /T^^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN TY .LWTQZ]YTL 4Y NZY_]L^_ _Z _SP -SLULY ^LX[WP ZY _]LNV _ST^ T^ L _d[TNLW -SLULYQZ]XbT_S^TYRTYRMd LwNLY_Z]x LYOMd_SP bSZWPR]Z`[zYL_TaP4YOT LY^LYOYL_TaP,XP]TNLY^?SP_Pc_XL_P]TLWT^]TNSP]-SLULYbT_SaP]^P^M`_ _SP]P[PL_PO ^ZYRWTYPT^ LW^Z L bPWWVYZbYTYaZNL_TZYQZ]X`WL% 5LdL ULdL 2Z aTYOL 5LdL 3L]T 2ZaTYOL wATN_Z]d aTN_Z]d _Z 2ZaTYOL aTN_Z]d _Z 3L]T 2Z aTYOLx >bLXT /LdLYLYOL L >Z`_SP]Y 4YOTLY XZYV LYO APO£Y_L ^NSZWL] SL^ NZX[Z^POL^P]TP^ZQNL_NSdOPaZ_TZYLW^ZYR^WTVP_ST^ZYP3ZbPaP]ST^XLTY XPOT`X ZQ NZXX`YTNL_TZY T^ YZ_ X`^TN M`_ bZ]O^ z _SP TY_P][]P_L_TZY ZQ _SP @[LYT´LO^_ZMP[]PNT^P3P]PRL]O^STX^PWQL^L_]LOT_TZYLW_PLNSP]QZWWZbTYR _SP _]LOT_TZY ZQ ±L«VL]L^ ^PP NSL[_P] LYO L__LNSP^ TX[Z]_LYNP _Z []P^PY_ TYR_SPAPO£Y_LL^LXP_SZOZQ_PLNSTYR
,[[PYOTc%8`^TN./z,NNZX[LYdTYR?Pc_
$ :ÀYLXZM]LSXLYP-SLULY .ZX[Z^P]LYOwNLY_Z]x^TYRP]%>bLXT2LYL[L_T>LNSTOLYLYOL bbbOL__L[PP_SLXNZXTYOTLQP^_TaLW^YLaL]L_]T$$ZN_ZXYLXZ]LX .Z[d]TRS_3T^3ZWTYP^^>bLXT2LYL[L_T>LNSTOLYLYOL -SLULY TY _SP ^_dWP ZQ NWL^^TNLW .L]YL_TN X`^TN ]PNZ]OPO O`]TYR L 9LaL]L_]L NPWPM]L_TZYTY_SP.L]TMMPLY ?SPaTZWTYLNNZX[LYdTYR_SP ^TYRTYRT^L_d[TNLW TY^_]`XPY_QZ]LNNZX[LYdTYR.L]YL_TNX`^TN@YWTVP/LdLYLYOL_]LNV#_SP NZX[Z^P] LYO ^TYRP] >bLXT 2LYL[L_T >LNSTOLYLYOL aTPb^ X`^TN L^ _SP XLTY XPOT`X WPLOTYR _Z _SP YZYaP]MLW >PP NSL[_P] $ ?SP /T^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN?SP -SLULY NLY MP ^PPY L^ LY PcLX[WP ZQ _SP X`^TNLW 9£OL-]LSXLY_SPZWZRdOT^N`^^POTYQZWWZbTYRNSL[_P]!
!>PY^`LW>`M^_LYNP%9£OL-]LSXLY 6]T_T _Z_SPOLYNTYR±TaL9L¶L]£ULZQ.TOLXML]LX .ZX[Z^T_TZYMd8`__`^aLXT/TV^T_L] >TYRP]%9LYOLV`XL]8d^Z]P =PNZ]OTYR,BTWVPNZ[d]TRS_9LYOLV`XL] ?d[TNLW .L]YL_TN >Z`_SP]Y 4YOTLY NWL^^TNLW X`^TN ^PP NSL[_P] ! /PaZ _TZYLW 9£OLDZRL TY >Z`_S 4YOTLY .WL^^TNLW 8`^TN TY bSTNS _SP WTYP .TOLXML]P²aL]LX NTY_Ld£XT w4 NZXXPXZ]L_P _SP 7Z]O ZQ .TOLXML]LXx T^ ]P[PL_PO TY LY L]_T^_TN ^_dWP ZQ ^TYRTYR ?ST^ T^ LY PcLX[WP ZQ L V]T_T _SP XZ^_ STRSWd OPaPWZ[PO QZ]X ZQ OPaZ_TZYLW NZX[Z^T_TZY :YP QPL_`]P _d[TNLW ZQ L 6]T_T T^ _SL_ _Pc_ LYO X`^TN L]P NZX[Z^PO _ZRP_SP] @YWTVP [ZPX^ ^`NS L^ _SP >L`YOL]dL7LSL]Å V]T_T^ L]P NZX[WPc NZX[Z^T_TZY^ TY bSTNS _SP ^Z`YO ZQ _SP WLYR`LRP T^ [L]_ ZQ _SP NZX[Z^T_TZY ,^ TY _SP SdXY _Z 8LST´£^`]LXL]OTY¯ aZbPWLYONZY^ZYLY_^Z`YO^LWWT_P]L_TZY^P_NL]PYZ_`YOP]^_ZZOL^TYOP[PYO PY_ _Pc_ Z]YLXPY_L_TZY _SL_ T^ WL_P] ^P_ _Z X`^TN M`_ L]P _SPX^PWaP^ X`^TNLW NZY_PY_ ?Pc_ LYO XPWZOd X`^_ MWPYO TY_Z ZYP Z_SP] NZX[WP_PWd 4OPLWWd _SP TX[]P^^TZY ^SZ`WO L]T^P _SL_ _SP^P [L]_TN`WL] bZ]O^ NZ`WO ZYWd MP ^`YR _Z _ST^ [L]_TN`WL]XPWZOd8Z^_6]T_TNZX[Z^P]^b]Z_PTYaL]TZ`^WLYR`LRP^&_ST^NZX [Z^T_TZY T^ TY >LY^V]T_ 4_ T^ _d[TNLW ZQ NWL^^TNLW 4YOTLY X`^TN _SL_ L =£RL T^ OPaPWZ[PO \`T_P ^WZbWd z TY >Z`_SP]Y 4YOTL _ST^ T^ OZYP wTY _P]]LNP^x WTVP _SP NZY^_]`N_TZYZQ L_PX[WP?ST^ZNN`]^TY_SP £W£[ w^_L]_TYR_Z^TYRxTYbSTNS _SP ^TYRP] Z] TY^_]`XPY_LWT^_ PWLMZ]L_P^ _SP XPWZOTN XL_P]TLW ZQ _SP =£RL Q]ZX _SP Q`YOLXPY_LW ^Z`YO M`_ OZP^ YZ_ RTaP T_ ]Sd_SX 4Y^_PLO ZQ _SP ?£X[¼]L OT^N`^^PO TY NSL[_P] !$ ?SP ?£X[¼]L L^ ?Z_LW =P[]P^PY_L_TZY ZQ _SP 9£OL -]LSXLY _SP ^TYRP] SL^ _bZ Q`YOLXPY_LW _ZYP^ ZY ST^ w±]`_T MZcx bSTNS ]P[WLNP_SP?£X[¼]L
;]TXL]d>Z`]NP^ ;]TXL]d>Z`]NP^ F,MSTYLaLR`[_LH ,MSTYLaLMS£]L_¯ ^9£_dL²£^_]LLYO2YZWT z 7ZNLY£ ^¢YLYOLaL]OSLYL z 7`NPOPWWP>LN]P>N]T__`]POT,MSTYLaLR`[_LPOT_POMd=LYTP]Z2YZWT?Z]TYZ%@YTZ YP?T[ZR]LQTNZ0OT_]TNP?Z]TYP^P$" z ;L]£_]¯²TV£7LRS`a__T POT_PO Md 5LRLOOSL]L E£OZZ >]TYLRL]% =P^PL]NS /P[L]_XPY_ 5LXX`LYO6L^SXT]2ZaP]YXPY_$ z ;L]£_]¯²TV£ATaL]L©L POT_PO Md 8`V`YOL =£XL >]TYLRL]% =P^PL]NS /P[L]_XPY_ 5LXX`LYO6L^SXT]2ZaP]YXPY_$" z ;L]£_]¯²TV£ATaL]L©L%?SP>PN]P_ZQ?LY_]TN8d^_TNT^X_]LY^TY_Z0YRWT^SbT_SYZ_P^ LYO]`YYTYRPc[Z^T_TZYMd5LTOPaL>TYRSPOT_POMd-P__TYL-Æ`XP]/PWSTLZ%8Z_T WLW-LYL]^TOL^^$## z F ?LY_]£WZVL H ?SP ?LY_]£WZVL ZQ ,MSTYLaLR`[_L bT_S .ZXXPY_L]d Md =£ULYLVL 5LdL]L_SL POT_POLYOLYYZ_Md8`V`YO=LX>SL^_]TP_LWaZW^-ZXMLd,WWLSL MLO% 4YOTLY ;]P^^ $#z#& ]P[]TY_PO bT_S TY_]ZO`N_TZY LYO YZ_P^ Md =. /bTaPOT LYO9LaLUTaLY=L^_ZRT#aZW^/PWSTLZ%8Z_TWLW-LYL]^TOL^^$#" z ?LY_]L^£]L Md ,MSTYLaL 2`[_£N£]dL POT_PO _]LY^ TY_Z 3TYOT LYO LYYZ_ Md >S]PP 3PXPYO]L9L_S.SLV]LaL]_dAL]LYL^T%AL]LYL^PdL>LY^V]T_>LY^_SLY$#! ,RSZ]L²Ta£N£]dL ?SP ;LÓN£aL]L©L^_LaL ZQ ,RSZ]L²Ta£N£]dL , _bPWQ_SNPY_`]d >Z`_S 4YOTLY[]P^N]T[_TZYQZ]_SPaTO^`LWT^L_TZYZQ>LO£²TaLLYOST^]P_TY`P N]T_POT_POLYO LYYZ_Md/ZXTYTN2ZZOLWWLZ;ZYOTNSË]d%4Y^_T_`_1]LYNLT^OP;ZYOTNSË]d F,RYT;`]£©LH ?SP ,RYT ;`]£©L% ;L]_ 4A _]LY^ LYO LYYZ_ Md 9 2LYRLOSL]LY /PWST% 8Z_TWLW-LYL]^TOL^^$#" ?SP,T_L]PdL¢]L©dLVLPOT_POTY_]ZO`NPOLYO_]LY^Md,]_S`]-P]]TPOLWP6PT_S:cQZ]O% .WL]PYOZY;]P^^$!$ $$ z ,T_L]PdL¢]L©dLVLX POT_PO Md ATY£dLV 2L©P² ¢[¶P ;ZZYL% ¢YLYO£²]LXL 8`O]L ©£dLWL$ ,T_L]PdL-]£SXL©LX aZW^ POT_PO Md ATY£dLV 2L©P² ¢[¶P ;ZZYL% ¢YLYO£²]LXL 8`O]L©£dLWL$z z /L^ ,T_L]PdL -]£SXL©L 8T_ ,`^eÞRPY L`^ OPX .ZXXPY_L]P aZY >£dL©£N£]dL `YO LYOP]PY -PTWLRPY POT_PO Md ?SPZOZ] ,`Q]PNS_ 3TWOP^SPTX% 2PZ]R :WX^ $" -ZYY%,OZW[S8L]N`^ #"$ z >PPLW^Z =TRaPOL-]LSXLYL^%,T_L]PdLLYO6L`´¯_LVT_]LY^6PT_S ,XL]LVZ²L AZW bT_S_SP`Y[`MWT^SPO >Z`_S 4YOTLYNZXXPY_L]TP^ ,XL]L[LOLaTa_T ZQ 7T«RLdL^¼]TY LYO ,XL]L[LOL[£]TU£_L ZQ 8LWWTY£_SL N]T_ POT_PO Md , , =LXLYL _SLY8LO]L^%,OdL]7TM]L]d=P^PL]NS.PY_]P$#$ $" F¢YLYOLaL]OSLYLH /SaLYd£WZVL ZQ ¢YLYOLaL]OSLYL N]T_ POT_PO TY_]ZO`NPO _]LY^ LYO LYYZ_Md66]T^SYLXZZ]_Sd/SL]bL]%6L]YL_LV@YTaP]^T_d$"/PWSTLZ% $# z ?SP /SaLYd£WZVL ZQ ±]¯ ¢YLYOLaL]OSLY£NS£]dL bT_S _SP 7ZNLY£ >LY^V]T_ NZXXPY _L]dZQ±]¯,MSTYLaLR`[_LPOT_POMd5LRLYYL_S;L_SLVAL]LYL^T%$! F¢[L^_LXML ±]L`_L^¼_]LH ±]L`_L >¼_]L ZQ ¢[L^_LXML% -PWZYRTYR _Z _SP ?LT__T]¯dL >LÀST_£ bT_S _SP NZXXPY_L]d ZQ =`O]LOL__L POT_PO Md =TNSL]O 2L]MP aZW^ .LWN`__L% ,^T L_TN>ZNTP_d#### $
;]TXL]d>Z`]NP^
F¢]dLMSL¶LH ?SP ¢]dLMSL¶ÅdL bT_S _SP NZXXPY_L]d -SL¶LOÅ[TV£ ZQ ;L]LX£OŲaL]L POT_PO Md36P]Y:^YLM]ÞNV%-TMWTZAP]WLR$"=P[]ZQPO#" z /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 POT_PO _]LY^ TY_Z 2P]XLY LYO NZXXPY Md 6`]_ 0WQP]TYR8ÞYNSPY%1TYV$" F,_SL]aLaPOLH ,_SL]aL APOL >LYST_L F>L`YLVL ]PNPY^TZYH POT_PO Md = =Z_S LYO B/ BST_YPd-ZYY%1P]O/ÞXXWP] $!!=P[]ZQPO# ! F,`R`^_TY`^H,`]PWT`^,`R`^_TY`^ /P8`^TNL %-ÞNSP]4`YOA4AZXÆ^_SP_T^NSPY@]_PTW e`]XP_L[Sd^T^NSPY0]VPYY_YT^7L_TY2P]XLYPOT_TZYMd1]LYV3PY_^NSPW3LXM`]R% 8PTYP]AP]WLR ,`X£[L_LX N]T_ POT_PO _]LY^ TY_Z 2P]XLY LYO NZXXPY Md ;P_P] AZYP^^PY -P]Y% ; 7LYR$$! F-SLRLaLORÅ_£H ±]ÅXLOMSLRLaLORÅ_£% ±£«VL]LMS£´dL^LXP_£ /PWST LZ% 8Z_TW£W -LYL]^T OL^^$## $$ -SL]L_L^ 9£¶dL²£^_]L F-SL]_SL]TH A£VdL[LO¯dL ZQ -SL]_SL]T POT_PO Md 6, >`M]LXLYTL 4dP] 6£©L 4% bT_S A__TLYO;LOOSL_TZQA´LMSLOPaL;ZZYL%/PNNLY.ZWWPRP$!!& 6£©L44%NZY_LTY TYR _SP µÅV£ ZQ ;`©dL]£UL LYO _SP ,YNTPY_ A__T /PWST% 8Z_TWLW -LYL]^TOL^^ $#& 6£©L444%bT_S_SP;]LVÅ]©LVL[]LV£²LZQ3PW£]£UL ;ZZYL%/PNNLY.ZWWPRP$" z ?SP A£VdL[LO¯dL ZQ -SL]_SL]T _]LY^ TY_Z 0YRWT^S Md >`M]LXLYTL 4dP] .SL[ 4 ;ZZYL% /PNNLY .ZWWPRP $! & .SL[ 44 LYO .SL[ 444 /PWST% 8Z_TWLW -LYL]^TOL^^ $""$" z -SL]_SL]T^ A£VdL[LOÅdL POT_PO Md BTWSPWX =L` BTP^MLOPY% >_PTYP] $"" ,M SLYOW`YRPYQÞ]OTP6`YOPOP^8Z]RPYWLYOP^C744 z -SL]_SL]T^ A£VdL[LO¯dL% AP]^`NS PTYP] aZWW^_ÆYOTRPY OP`_^NSPY ¾MP]^P_e`YR YLNS OP]V]T_T^NSPY0OT_TZYOP]8¼WL6£]TV£^ -dBTWSPWX=L`POT_POMd:^VL]aZY3TY ÞMP]>_`__RL]_%1]LYe>_PTYP] F-SL]_SL]TH ALT]£RdL±L_LVLX:] ?SP 3`YO]PO AP]^P^ZY=PY`YNTL_TZY POT_POTY /PaL YLRL]T _]LY^ TY_Z 0YRWT^S LYO LYYZ_ Md >bLXT 8LOSLaLYLYOL .LWN`__L% ,OaLT_L ,^S]LXL ! $" F-S£^VL]L]£dLH AL]TaL^d£=LSL^dL LYO T_^ .ZXXPY_L]d ;]LV£²L Md ±]Å -S£^VL]L]£dL 8LVSTY POT_POLYO_]LY^TY_Z0YRWT^SFXLTY_Pc_HMd>>`M]LSXLYdL>L^_]T8LO]L^% ?SP,OdL]7TM]L]dLYO=P^PL]NS.PY_]P$"! $ F-SLaLMS¼_TH 8£WL_Å8£OSLaLZQ -SLaLMS¼_TbT_S _SP.ZXXPY_L]dZQ5LRLOOSL]L POT_PO MdAL^`OPaAT^SY`8T]L^ST;ZZYL%-SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T_`_P$" -S¼_L£XL]L?LY_]LXPOT_POMd6´©L6`X£]=£dA£]£©L^Å%;]£NdL;]LV£²LY$$ F-ZP_ST`^ /P TY^_T_`_TZYP X`^TNL H -ZP_ST`^v ?SP ;]TYNT[WP^ ZQ 8`^TN% ,Y 4Y_]ZO`N_TZY ?]LY^WL_TZY LYO .ZXXPY_L]d Md .LWaTY 8L]_TY -ZbP] ;S/ OT^^ 2PZ]RP ;PLMZOd .ZWWPRPQZ]?PLNSP]^$!",YY,]MZ]8TNSTRLY%@YTa8TN]ZQTWX^$!" z ,YTNT`^ 8LYWT`^ >PaP]TY`^ -ZP_ST`^ 1`YOLXPY_LW^ ZQ 8`^TN _]LY^WL_PO bT_S TY_]Z O`N_TZYLYOYZ_P^Md.LWaTY8FL]_TYH-ZbP]POMd.WL`OPA;LWT^NL9Pb3LaPY 7ZYOZY%DLWP@YTa;]$#$ z ,YTNT`^ 8LYWT`^ >PaP]TY`^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV 8T_ MP^ZYOP]P] -P]ÞNV^TNS_TR`YROP]R]TPNST^NSPY3L]XZYTV ?]LY^WL_POQ]ZX7L_TYTY_Z2P]XLYMd :^NL];L`W3TWOP^SPTX%:WX^$"7PT[eTR% #" F-]LSXLR`[_LH -]£SXL^[S`¶L^TOOS£Y_L^dL ^LXV´£_XLVLXLOSdLdLYLX POT_PO Md ±Ta£ V£Y_L5S£/PWST%9LR;`MWT^SP]^$$$ z w-]£SXL^[S`¶L^TOOS£Y_L NS ZQ -]LSXLR`[_L bT_S NZXX ZQ ;_S`OLVL N]T_T NLWWd POT_PO bT_S 0YR _]LY^ LYO YZ_P^ Md >P_^`]Z 4VPdLXLx 4YOTLY 5Z`]YLW ZQ 3T^ _Z]dZQ>NTPYNP #%>`[[WPXPY_
;]TXL]d>Z`]NP^
F -SLO£]L©dLVL @[LYT´LO H ±]¯±£ÀVL]LR]LÀ_S£aLWTà% .ZX[WP_P BZ]V^ ZQ >]T >LYVL]L NSL]dL TY _SP :]TRTYLW >LY^V]T_ AZW % -SLO£]L©dLVZ[LYT´LO-S£´dLX 8LO]L^% >LXL_L-ZZV^$# $ z POT_POLYO_]LY^TY_Z1]PYNSMd0XTWP>ËYL]_;L]T^%7P^-PWWP^7P__]P^$ z ?SP-SLO£]L©dLVL@[LYT´LObT_S_SP.ZXXPY_L]dZQ±L«VL]£N£]dL _]LY^Md >b£X¯ 8£OSLa£YLYOL.LWN`__L%,OaLT_L,^S]LXL $" $ -SLOOP² ^8L_L«RL -SL_>LÀST_£ ^AL]LS£XTST]L -SL_>_Z_]L=L_Y£VL]L POT_PO Md .LXLYLWLW 2L`_LXL -L]PWT% >LX^V]T_T >LX^_SLYL $"$ z POT_POMd>]TWLWL@[LOSdLdLAL]LYL^T%-LM`-LTULYL_SL;]L^LOL-`V^PWL]L$# z -ZXMLT%6SPXL]LUL>]T6]^YLOL^L$#$ z POT_POMd>TaLOL__L8T^]L>L^_]TAL]LYL^T%?SLV`];]L^LO;`^_LV-SLYOL]$$ z AL]LYL^T%Ad£^L;]LV£²LYL$$ F.PY^Z]TY`^ /POTPYL_LWT H.PY^Z]TY`^ ¾MP]OPY?LROP]2PM`]_ 7L_TY2P]XLYMd6WL`^ >LWWXLYYS__[%VZP]MPOPL]NSPNPY^Z]TYS_X .S£YOZRdL@[LYT´LO ^LW^Z@[LYT´LO z bT_S NZXXPY_L]d ZQ ±L«VL]£N£]dL _]LY^ Md >bLXT 2LXMST]LYLYOL .LWN`__L% ,O aLT_L,^S]LXL$# F.TNP]Z >ZXYT`X>NT[TZYT^H .TNP]Zv^>ZXYT`X>NT[TZYT^Z]/]PLXZQ>NT[TZ ?]LY^WL_PO TY_Z 0YRWT^S bT_S YZ_P^ Md ,YO]Pb ; ;PLMZOd ,MZ`_NZX ,YNTPY_.WL^^TNLW 3T^ _Z]dF/TRT_LW7TM]L]dHS__[%LYNTPY_ST^_Z]dLMZ`_NZXWTM]L]d F/L©TY 6£ad£OL]²L H /L©TYv^ ;ZP_TV 6£ad£OL]NL POT_PO LYO _]LY^ TY_Z 2P]XLY Md :__Z-ØS_WTYRV7PT[eTR%AP]WLRaZY33LP^^PW#$ z /L©TYv^ 6£ad£OL]²L POT_PO bT_S YPb >LY^V]T_ NZXXPY_L]d LYO 0YRWT^S YZ_P^ Md >6 -PWaLWVL] LYO =- =LOOT 44% [L]TNNSPOL `[ _Z !# LYO 44% 9Z_P^ _Z [L]TNNSPOL[[!"z-ZXMLd%$ z 6£adLWLV´L©L ZQ /L©TY LW^Z VYZbY L^ 6£ad£OL]²L bT_S NZXXPY_L]d =L_YL²]¯ ZQ =L_YL²]¯UÓ£YL /L]MSLYRL%8T_STWL4Y^_T_`_PZQ;Z^_2]LO`L_P>_`OTP^LYO=P^PL]NSTY >LY^V]T_7PL]YTYR$ " z 6£ad£OL]²LZQ/L©TYPOT_PObT_SLYZ]TRTYLWNZXXPY_L]d;]LMS£ Md=LYRLNSL]dL >SL^_]TATOdLMS`^LYL;ZZYL%-SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T_`_P$" F/LY_P /TaTYL.ZXXPOTL H /TP2Ø__WTNSP6ZXØOTP 4_LWTLY2P]XLYAZW^?]LY^WL_POMd ?SZXL^AZ]XML`X>_,`R`^_TY%,NLOPXTL# F/Pa¯-S£RLaL_L;`]£©LH ±]¯XLO/Pa¯MS£RLaL_LX 8LS£[`]£©LX 0OT_PO Md =£XL_PUL ;£©PdLAL]LYL^T%.L`VSLXMLATOdL-SLaLY$#!=P[]TY_ F2L`L[£OL6£]TV£H^LW^Z8£©¼VdL@[LYT´LO z 2L`L[£OL6£]TV£ POT_PO LYO _]LY^ Md =LRS`YL_S /LXZOL] 6L]XL]VL] ;ZZYL% -SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T_`_P$" $ 2SP]L©L^LÀST_£ POT_PO Md ;P_P] ?SZXT BTNS_]LNS% 4Y^_T_`_ QÞ] 4YOZWZRTP BTNS_]LNS ! z ?SP2SP]LYOL>LXST_L _]LY^TY_Z0YRWT^SMd=LT-LSLO`]>]T^L.SLYO]LAL^`9Pb /PWST%8`Y^ST]LX8LYZSL]WLW$$!,WWLSLMLO%;LYTYTYT:QQTNP $z F3L¶SLDZRL;]LO¯[TV£H ?SP 3L¶SLdZRL[]LO¯[TV£ ZQ >a£_XL]£XL BT_S _SP .ZXXPY_L]d 5dZ_^Y£ZQ-]LSX£YLYOLLYO0YRWT^S_]LY^WL_TZY8LO]L^%,OdL]$" 4YOTLY ,^_]ZYZXd% , >Z`]NP-ZZV .ZX[TWPO Md -A >`MML]LdL[[L LYO 6A >L]XL -ZXMLd%9PS]`.PY_P]$# 5LTXTYT^ 8¯X£À^£OL]²LYL
;]TXL]d>Z`]NP^
5LTXTY¯dL-]£SXL©L ZQ _SP >£XLaPOL .ZX[WP_PWd POT_PO Md =LRS` AT]L LYO 7ZVP^S 9LR[`]%>L]L^aL_TATS£]L$ z
/L^5LTXTY¯dL-]£SXL©LTY,`^bLSW 0OT_POLYO_]LY^WL_POTY_Z2P]XLYbT_S4YOTNP^
z
5LTXTYÉdL -]£SXL©L 4z! ?]LY^WL_PO LYO NZXXPY_PO bT_S L >_`Od ,RYTSZ_]L LYO
MdB.LWLYOBTP^MLOPY%8>ÆYOTR$" $$ ;]£©£RYTSZ_]LMd3B-ZOPbT_e7PTOPY%-]TWW$" F5LTXTY¯dL@[LYT´LO-]£SXL©LH 5LTXTY¯d£]´PdL5LTXTYÅdZ[LYT´LO-]£SXL©PPOT_POMd - =£XLNLYO]L²L]XL?T]`[L_T%6PYO]TdL^LÀV_LaTOd£[ŶSLX$# $!" 5Ld£VSdL^L¡ST_£ ZQ ;£NL]£_]L ¢RLXL N]T_TNLWWd PO bT_S LY TY_]ZO TY >LY^V]T_ TYOTNP^ P_NMd0XML]6]T^SYLXLNSL]dL-L]ZOL%:]TPY_LW4Y^_$!" F6£WTV£;`]£©LH ?SP6£WTV£;`]£©L aZW^POT_POTY_]ZO`NPOLYO_]LY^TY_Z0YRWT^SMd -T^bLYL]LdLY>SL^_]T/PWST%9LR;`MWT^SP]^$$z$$ z BZ]^ST[ZQ_SP2ZOOP^^,NNZ]OTYR_Z_SP6£WTV£[`]£©L;L]_4%,?]LY^WL_TZYbT_SLY 4Y_]ZO`N_TZY LYO 9Z_P^ ZQ .SL[_P]^ z!$ _]LY^ Md 6 = aLY 6ZZTU 7PTOPY% -]TWW $" 6£XTV£RLXL[¼]aLMS£RLLYO`__L]LMS£RL aZW^POT_POMd8LdTWLT,WLRL[[L8`OLWTL] 8LO]L^%±TaLYLYL[Z_LdLY_]L^LWLT$$ F6L¶SL¢]L©dLVLH /L^ 6L¶SL ¢]L©dLVL N]T_ POT_PO _]LY^ TY_Z 2P]XLY LYO LYYZ_ Md 8TNSLPWBT_ePW0]WLYRPY9Þ]YMP]R%/T^^@YTa$" 6L_S£^L]T_^£RL]L ZQ >ZXLOPaLMSL__L POT_PO Md ;LYOT_ /`]R£[]L^£O LYO 6£²ÅY£_S ;£YO` ]LYR ;L]LM]PaMdBL^`OPa7LcXLY >L^_]T ;LY^TVL]-ZXMLd%9T]YLdL>LRL] ;]P^^ $ 6L`WLU£YLYT]©LdLZQ_SP>NSZZWZQ8L_^PYO]LY£_SLPOT_PObT_SLYPcSL`^_TaPTY_]ZO`N _TZYMd;.-LRNST_]LY^Md8TNSLPW8LRPPAL]LYL^T%;]LNSdL;]LVL^SLY$#! 6L`´¯_LVT-]£SXL©L aZW POT_PO Md >]PPV]T^SYL >L]XL BTP^MLOPY% 1]LYe >_PTYP] $!# 6`W£]©LaL?LY_]L POT_POMd=£X6`X£]=£dA£]£©L^Å%;]£NdL;]LV£²LY$# 6`X£]TWL -SL¶¶L ?SP ?LY_]La£]_TVL% , 2WZ^^ ZY ±LML]L >a£XÅv^ .ZXXPY_L]d ZY _SP 8ÅX£À^£ >¼_]L^ POT_PO Md 2LYR£OSL]L ±£^_]¯ 8£YLaLWW¯ -LYL]L^% -LYL]L^ ;]TY_TYR ;]$ z Ç WZVLa£]_TVL bT_S Pc_]LN_^ Q]ZX _SP NZXXPY_L]TP^ ZQ >`NL]T_L 8T²]L 6£²TV£ LYO ;£]_SL^£]L_T 8T²]L 9d£dL]L_Y£VL]L POT_PO LYO _]LY^ Md 2LYR£Y£_SL 5S£ .LWN`__L% -L[_T^_8T^^TZY;]P^^$$ z 8¯X£À^£²WZVLa£]__TVL ZQ 6`X£]TWLMSL¶¶L bT_S NZXXPY_L]d 9d£dL]L_Y£VL]L Md ;£]_SL^£]L_ST 8T²]L 1L^N z -LYL]L^% .SZbVSLXML >LY^V]T_ >P]TP^ :QQTNP FYZ dPL]XPY_TZYPOH z 8¯X£À^£²WZVLa£]__TVLZQ6`X£]TWLMSL¶¶L bT_SNZXXPY_L]d 6£²TV£ ZQ ±`NL]T_LXT²]L [L]_444POT_POMdA,=LXL^bLXT>L^_]T?]TaLYO]`X%>`[P]TY_PYOPY_2ZaP]YXPY_ ;]$ z ±WZVLa£]__TVLX ZQ 6`X£]TWL -SL¶¶L bT_S _SP NZXXPY_L]d 9d£dL]L_Y£VL]L ZQ ±]¯ ;£]_S^£]L_ST 8T²]L POT_PO LYO ]PaT^PO Md >a£XT /a£]TV£O£^L ±£^_]¯ AL]LYL^T% ?L]L ;`MWTNL_TZY^$"# z ?LY_]La£]__TVL POT_POMd2L«R£OSL]L±£^_]¯AL]LYL^T%-LYL]L^>LY^V]T_>P]TP^ z ?LY_]La£]__TVL% , .ZXXPY_L]d ZY ±LML]Lv^ -S£´dL ZY _SP ;¼]aLX¯X£À^£ >¼_]L^ ZQ 5LTXTYT aZW^_]LY^TY_Z0YRWT^SMd2LYRLYL_SL5SL.LWN`__L%-L[_T^_8T^^TZY;] $ F7LV´XL©L /P²TVLH ±£]LO£ ?TWLVL ?LY_]LX POT_PO Md ,]_S`] ,aLWZY /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$!.LWN`__L% $
;]TXL]d>Z`]NP^ z
±£]LO£_TWLVLX ZQ 7LV´XL©L /P²TVPYO]L bT_S ;LO£]_S£OL]²L NZXXPY_L]dMd =£RSLaL -SL¶¶L POT_PO Md 8 5S -VL^ST AL]LYL^T% .SL`VLXMSL >LY^V]T_ >LX^_SLY $#! AL]LYL^T% ##!
7LWT_£^LSL^]LY£XL bT_S_SPNZXXPY_L]d >L`MS£RdL-S£^VL]L ZQ -S£^VL]L]£]dL POT_POMd BL^`OPaL7LcXLYL>SL^_]T;LY^TVL]/PWST%9LR;`MWT^SP]^]P[]$# bT_S -S£^VL]L]£]dLv^ .ZXXPY_L]d _]LY^ ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL] 7TM]L]dLYO=P^PL]NS.PY_]P$## #$$ 7£_d£dLYL²]L`_L^¼_]LX N]T_TNLWWd POT_PO LYO _]LY^ Md 3 2 =LYLOP 4YOT]L 2LYOST 9L _TZYLW.PY_]PQZ]_SP,]_^aZW^F[]L[£¶SLVLH9Pb/PWST%8Z_TWLW-LYL]^TOL^^ ;`MWT^SP]^$$# F8£OSLaL¢N£]dLH >L]aL/L]²LYL>L¡R]LSL POT_PO bT_SLY Z]TRTYLW NZXXPY_L]dTY >LY ^V]T_MdAL^`OPa>SL^_]T,MSdLYVL];ZZYL%?SP-SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T _`_P $ z ?SP>L]aL/L]²LYL>LÀR]LSL%=PaTPbZQ_SP/TQQP]PY_>d^_PX^ZQ3TYO`;STWZ^Z[Sd _]LY^Md0-.ZbPWWLYO,02Z`RS7ZYOZY%?]ÞMYP].Z ## F8£OSLaLATOd£]L©dLH ±]ÅATOd£]L©dLaT]LNT_Là ±]¯XLN.SLÀVL]L/TRaTULdLà bT_S NZXXPY_L]TP^ POT_PO Md 3 9 ,[_P ;`YP% ¢YLYO£²]LXLX`O]L©£WLdL ±£Wa£SLYL #"F($ ,/H 8LS£MS£]L_L $ aZW^ aZW^% 3L]TaLÀ²L N]T_ POT_PO Md AT^SY` > >`V_SLYVL] LYO >6-PWaLWVL];ZZYL%-SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T_`_P$"z$" ?SP ;]L_¯VL4YOPc ZQ _SP 8LS£MS£]L_L ! aZW^ POT_PO Md ;L]L^S`]LX 7LV^SXLY ALTOdL ;ZZYL%-SLYOL]VL]:]TPY_LW4Y^_T_`_P$!"z$" z ?SP 8LS£MS£]L_SL AZW ?SP -ZZV ZQ _SP -PRTYYTYR ?]LY^W Md 5,- aLY -`T_PYPY.STNLRZ%@YTaP]^T_dZQ.STNLRZ;]P^^$" 8LS£YT]a£©L ?LY_]L bT_S _SP NZXXPY_L]d ZQ 3L]TSL]LYLYOL -SL]L_T POT_PO Md ,]_S`] ,aLWZY/PWST%8Z_TWLW-LYL]^TOL^^ $#$8LO]L^% $$ F8LS¯OSL]LH 8LS¯OSL]Lv^ 8LY_]LXLSZOLOST BT_S ST^ ZbY w9L`VLw NZXXPY_L]d _]LY^ MdLMZL]OZQ^NSZWL]^/PWST%>]T>L_R`]`;`MWTNL_TZY^$# $# F8LST´£^`]LXL]OTY¯>_Z_]LH >S]PP8LST^SL^`]LXL]OSTYT>_Z_]LX S__[%bbbNSPYYLTZYWTYPNZXQP^_TaLW^Y]PWTRTZY^WZRLX^^WZRLX L^[ LNNP^^PO ,`R`^_ 8LT_]£dL©dL @[LYT´LO L N]T_TNLW P^^Ld bT_S _Pc_ _]LY^ LYO NZXXPY_L]d Md 5,- aLY -`T_PYPYv^2]LaPYSLRP%8Z`_ZY.Z$! 8£WL_Å8£OSLaL^-SLaLMS¼_T 8£WTY¯aTULdZ__L]L_LY_]LPOT_POMd8LOS`^¼OLY6L`W±£^_]¯>]TYLRL]%$ z POT_PO Md 6´©£YLYOL >£RL]L AL]LYL^T% ,NSL]dL 6]T^SYLYLYO >LRL] LYO 8LOSaLYLYO,^S]LX$# 8£YLaL ±]L`_L^¼_]L% AZW % 0YRWT^S ?]LY^WL_TZY AZW 0OT_TZY ZQ _SP _Pc_ POT_PO Md 5PLYYP__P8ALY2PWOP]/PWST%>]Ï>L_R`]`$# 9Pb/PWST%$!$! 8L©LYL8T²]L >[SZ¶L^TOOST _]LY^ TY_Z0YRWT^S Md 6, >`M]LXLYTL 4dP] ;ZZYL% /PN NLY.ZWWPRP$!! F8£©¼VdL@[LYT´LOH 8£©¼VdZ[LYT´LO bT_S 2L`L[£OLv^ 6£]TV£ LYO ±L«VL]Lv^ .ZX XPY_L]d 8d^Z]P%>]T=LXLV]T^SYL,^S]LXL$" 8LY_]LXLSZOLOST ^8LS¯OSL]L 8LY_]L[`´[LXPOT_POMd>a£X¯/PaL]¼[£YLYOL6S£]8`XM£¯%=£XLV´©L8L¶SL$$# F8L_L«RLH -SLOOP² ZQ ±]Å 8L_L«RL 8`YT AZW^ POT_PO Md ;]PX 7L_L >SL]XL 9Pb /PWST%4YOT]L2LYOST.PY_]PQZ]_SP,]_^$$$$ z -SLOOP²ZQ8L_L«RLX`YTPOT_PO Md 6 >LXML^TaL >L^_]T?]TaLYO]`X% >`[P]TY_PY OPY_2Za;]$# z
!
;]TXL]d>Z`]NP^
8¯X£À^£OL]²LYL NZY_LTYTYR _SP 8¯X£À^£^¼_]L ZQ 5LTXTYT _SP ±£ML]LMS£´dL _SP ?LY _]La£]__TVL LYO_SP µ`[¶¯V£ ZQ 6`X£]TWL-SL¶¶L "aZW^¢YLYO£²]LXL >LY^V]T_ >P]TP^ $";ZZYL% $"!z $"
8RPYO]£RLXL V]Td£[£OL LYO NL]d£[£OL bT_S NZXXPY_L]d ZQ -SL¶¶L 9£]£dL©LVL©¶SL POT_POMd9=-SL__;ZYOTNSË]d%4Y^_T_`_1]LYNLT^Ov4YOZWZRTP$! z
8RPYO]L?LY_]LXaTOd£[£OLdZRL[£OL bT_S_SPNZXXPY_L]dZQ 9£]£dL©LVL©¶SL POT_POMd8LOS`^`OLY6L`W>SL^_]T-ZXMLd%9T]YLdL>LRL];]P^^$
8`^TV TX 5LS]S`YOP]_ % =Sd_SX /TP =PaZW`_TZY OP] 6WÆYRP /A/ >PP =L__WP >PNZYOL]d>Z`]NP^
9£OLV£]TVL ^=ÃXLVL©_SL 9£RP²L-SL¶¶L >[SZ¶La£OL 8LO]L^%,OdL]7TM]L]d$! F9LXX£~a£]H 3dXY^ QZ] _SP /]ZbYTYR% ;ZPX^ QZ] AT´©` Md 9LXX£~a£] _]LY^ Q]ZX ?LXTWMd,6=LXLY`ULY;]TYNP_ZY9Pb5P]^Pd%;]TYNP_ZY@YTa;]$#
9£]LO¯d£±TV´£ bT_S _SP NZXXPY_L]d ZQ -SL¶¶L ±ZMS£VL]L POT_PO _]LY^ LYO LYYZ_ Md @^SL=-ST^P;ZZYL%-SLYOL]VL]:]TPY_LW=P^PL]NS4Y^_T_`_P$#! F9£±£ 9£¶dL²£^_]LH 9£¶dL²£^_]LX ZQ -SL]L_LX`YT bT_S _SP NZXXPY_L]d ,MSTYLaLMS£]L_¯ Md ,MSTYLaLR`[_£N£]dL POT_POMd8=LXLV]T^SYL6LaT]PaT^POMd6>=LXL^aLXT >L^_]T-L]ZOL% $ ! z 9£¶dL²£^_]LX ZQ -SL]L_LX`YT bT_S _SP NZXXPY_L]d ,MSTYLaLMS£]L_¯ Md ,MST YLaLR`[_£N£]dL POT_POMd=>9LRL]aZW^/PWST%;L]TXLW;`MWTNL_TZY^ $## 9P_]L_LY_]LX 8_d`ÓULdLMSL¶¶£]LVLà bT_S _SP NZXXPY_L]d @OOdZ_L Md 6´PXL]£UL POT_POMdA]LULaLWWLMSL/aTaPOL/PWST%;L]TXLW;`MWTNL_TZY^$# 9TVSTW£YLYOL>b£X¯ /R/²dLATaPVL ,Y4Y\`T]dTY_Z_SP9L_`]PZQ_SPu>PP]vLYO_SP u>PPYv POT_PO _]LY^ TY_Z 0YRWT^S LYO LYYZ_ BT_S L 1Z]PbZ]O Md A >`M]LSXLYdL 4dP]8d^Z]P%>]T=LXLV]T^SYL,^S]LXL ! $"! F ;LÓN£aL]L©L^_LaLà H ?SP ;LÓN£aL]L©L^_LaL ZQ ,RSZ]L²TaL% , ?bPWQ_S.PY_`]d >Z`_S 4YOTLY;]P^N]T[_TZYQZ]_SPAT^`LWT^L_TZYZQ>LO£²TaLLYO3T^=P_TY`PN]T_POT_POLYO LYYZ_Md/ZXTYTN2ZZOLWW;ZYOTNSË]d%4Y^_T_`_1]LYNLT^OP;ZYOTNSË]d F;£©TYTH ;£©TYTv^ 2]LXXL_TV POT_PO LYO _]LY^ TY_Z 2P]XLY Md :__Z -ØS_WTYRV 7PT[eTR% ##" z ?SP ,^S¶£OSd£d¯ ZQ ;£©TYT aZW^ POT_PO LYO _]LY^ Md ±]T²L .SLYO]L AL^` /PWST LZ%8Z_TWLW-LYL]^TOL^^$"",WWLSLMLO% #$ ;£©TYÅdL ±TV´£ Z] _SP ±TV´£ aPOL«RL L^N]TMPO _Z ;£©TYT N]T_ POT_PO TY LWW ]PNPY^TZY^ TY_]ZO _]LY^ LYO LYYZ_ _ZRP_SP] bT_S T_^ NZXXPY_L]TP^ Md 8LYZXZSLY 2SZ^S .LWN`__L%@YTa$# ;L]LVSdL_LY_]LX% ?SP ;L]LVSdL_LY_]L , >N]T[_`]P ZQ _SP ±LTaL >TOOS£Y_L N]T_ POT_PO _]LY^ LYO LYYZ_ Md /ZXTYTN 2ZZOLWW ;ZYOTNSË]d% 4Y^_T_`_ 1]LYNLT^ OP ;ZYOTNSË]d ;L]L²`]£XLVLW[L^¼_]L bT_S =£XP²aL]Lv^ NZXXPY_L]d POT_PO Md ,WWLOT 8LSLOPaL >L^_]T -L]ZOL% $ $ ]PaLYOPYWMd>D>L^_]T/LaP=P[]TY_$"$$$$ z BT_S_SP.ZXXPY_L]TP^ A__TMd±]¯=£XP²aL]L LYO 9Å]LV´Å]LaTaPVLMd;L]LXLSLÀ^L 8T²]L POT_PO Md A 9 8T^S]L LYO ; 3 8T^S]L AL]LYL^T% >LX[`]YLYLYO >LY^V]T_ @YTaP]^T_d z 4Y_P]YP_ [`MWTNL_TZY Md .WL`OTL BPMP] " S__[%bbb^`M`YTRZP__TYRPYOP PMPYPJQTTYOZWZR]P_TWS_X;L]LV^LNNP^^PO5`Wd# z /L^ ;L]L²`]£XL6LW[L^¼_]L >LY^V]T_0OT_TZY XT_ OP`_^NSP] 0]^_ÞMP]^P_e`YR 6ZX XPY_L]PY`YObPT_P]PY>_`OTPY1]LYVQ`]_%7LYR ;£]T²TV´£ `YO >L]aL^LÀXL_L²TV´£% =PNS_WL`_WPS]PY OP] ?LT__T]¯dL±£VS£ POT_PO LYO _]LY^ TY_Z2P]XLYMd=LWQ>_L`_ePMLNS>_`__RL]_%1]LYe>_PTYP]$$
;]TXL]d>Z`]NP^
"
F;£²`[L_L>¼_]LH ;L^`[L_L >`_]L^ bT_S ;LYNSL]_SLMSL^SdL ZQ 6L`YOTYdL POT_PO Md = ,YLY_SLV]T^SYL>L^_]T?]TaLYO]`X$ ;L_LÓULWT Ad£VL]L©LXLS£MSL´dLX bT_S_SPNZXXPY_L]d ;]LO¯[L ZQ 6LTdL¶L LYO @OOdZ_L ZQ 9£RP²LMSL¶¶L POT_PO Md -S£]RLaL ±£^_]¯ 8`XMLT% >L_dLMS£X£M£¯ ;£©`]L«RL $ z 7P 8LS£MS£^dL OP ;L_LÓULWT LaPN WP ;]LO¯[L OP 6LTdL¶L P_ Wv@OOdZ_L OP 9£RP²L ,OSd£dL ;£OL ¢SYTVL z _]LY^ TY_Z 1]PYNS Md ;TP]]P 1TWWTZeL_ ;ZYOTNSË]d% 4Y^_T_`_1]LY ç LT^Ov4YOZWZRTP$" F;L_LÓULWT DZRL>¼_]L H ;L_LULWTdZRL^¼_]L% ?SP DZRL^¼_]L ZQ ;L_LULWT >LY^V]T_0YRWT^S ?]LY^WL_TZY2WZ^^L]dMd.ST[3L]_]LYQ_-Z^_ZY8L^^FLZH%>SLXMSLWL F;L`´VL]£RLXLH ±]¯XL_;L`´VL]L^LÀST_£ UÓ£YL[£OLà bT_S _SP NZXXPY_L]d ZQ @X£[L _T²Ta£N£]dL.TOLXML]LX%$ 0OT_TZYTY2]LY_SL z ;L`´VL]£RLXL UÓ£YL[£OL .TaLÓ£9L[Z_LdLY_]LN£WLT .TY_£_]T[P¶¶LT 8LO]L^% #$ 0OT_TZYTY2]LY_SL z ;L`´VL]£RLXL POT_POMd6=LXLNSLYO]L>L]XL8LO]L^%,OdL]7TM]L]d$$ F;PY_L_P`NSH ?SP;PY_L_P`NSbT_S3LQ_L]Z_SLYO1TaP8PRTWZ_S POT_POLYO_]LY^Md,WPc LYOP]3L]VLad9PbDZ]V%3PM]Pb;`MWT^STYR.Z$# z ?SP ;PY_L_P`NS LYO 3LQ_Z]LS^% 3PM]Pb _Pc_ 0YRWT^S _]LY^WL_TZYLYO NZXXPY_L]d Md 5Z^P[S3P]XLY3P]_eAZW:cQZ]O%>ZYNTYZ;]7_O$# ;ZPX^ _Z ±TaL% ?SP 3dXY^ ZQ _SP ?LXTW >LTY_^ _]LY^ Md 4YOT]L AT^bLYL_SLY ;P_P]^ZY ;]TYNP_ZY%;]TYNP_ZY@YTa;]$#$ ;]LMS£VL]L8T²]L-SL_¯ZY_SP8¯X£À^£^¼_]LMS£´dLZQ±LML]L^a£XTYbT_S.ZXXPY_L]d ZQ±£WTVLY£_SL aZW^POT_POMd>6=LXLYL_SL>L^_]TLYO>>`M]LSXLYdL>L^_]T 8LO]L^%$z$!"
;]LMZOSLNLYO]ZOLdLX±]¯6´©LXT²]LDL_T[]L©T_LXzu;]LV£^LvY£XLV^LÀ^V_LSTYO¯ ¶¯VZ[P_LXMd±]¯=£XLNLYO]L8T²]L-LYL]L^%.SZbVSLXMLATOdL-SLaLY$ F;]L>£]LH ;]L[LÓNL >£]L ?LY_]L ZQ ±L«VL]£N£]dL bT_S _SP NZXXPY_L]d ATaL]L©L Md ;LO XL[£O£N£]dL LYO ;]LdZRLV]LXLOÅ[TV£z LA__TZY_SPATaL]L©L aZW^TYZYP]P aT^POLYOTY_]ZO,]_S`],aLWZYPOT_POMd,>L]L^aL_T/PWSTLZ%8Z_TWLW-LYL]^T OL^^ $#$.LWN`__L% $ F;`©d£YLYOLY£_SLH 6£XL6LW£ATW£^L Md ;`©d£YLYOL9£_SL bT_S _SP .ZXXPY_L]d ZQ 9L_LY£YOL9£_SL _]LY^bT_S.ZXXPY_L]dMd,]_S`],aLWZY8LO]L^%2LYP^S.Z $! =£XLVL©¶SL 9£OLV£]TVL POT_POLYO_]LY^Md6]T^SYL>TaL]LXLYTY =PaPWL_TZYTY4YOTLY ?SZ`RS_ POT_POMd3L]ZWO.ZbL]OLYO6]T^SYL>TaL]LXLY0XP]daTWWP%/SL]XL;`M WT^STYR$"" z $ =£X£dL©L^A£WX¯VT F=L_YLV]_T >L]aLUL^TOOST H /P] ,WWbT^^PYOP -`OOSL% 0TY -PbPT^ `YO ^PTYP ;]ZMWPXP =L_YLV]_T^>L]aLUL^TOOST _]LY^TY_Z2P]XLYLYONZXXPYMd2`O]`Y-ÞSYPXLYY ATPYYL% ,]MPT_^V]PT^ QÞ] _TMP_T^NSP `YO M`OOST^_T^NSP >_`OTPY @YTaP]^T_Æ_ ATPYYL $# =L`]LaL¢RLXL aZW N]T_ POT_PO Md 9 = -SL__ ;ZYOTNSP]]d% 4Y^_T_`_ 1]LYNLT^ Ov4YOZWZRTP$! FA RaPOL H RaPOL>LÀST_£bT_S_SP.ZXXPY_L]dZQ>LdLYLNSL]dL aZW^POT_POMd .STY_LXLY 2LY^P^S 6L^STVL] A6 =LUbLOP LYO 9> >ZYL_LVVP ;ZZYL% ALTOTVL >LÀ²ZOSLYL8L©LWL$z$ z RAPOL>L¡ST_£ _ZRP_SP] bT_S ;LOL[£¶SL LYO >£dL©LMS£´dL AZW AL]LYL^T% .SZbVSLXMLATOdLMSLbLY$$ z RaPOL ! aZW^ POT_PO LYO _]LY^ Md 8Lc 8ÞWWP] :cQZ]O% .WL]PYOZY ;]P^^ #$z #"
# z
;]TXL]d>Z`]NP^
/P] =TRAPOL _]LY^ TY_Z 2P]XLY LYO NZXXPY Md 6L]W 1]TPO]TNS 2PWOYP] aZW^
3L]aL]O:]TPY_LW>P]TP^z!.LXM]TORP%3L]aL]O@YTaP]^T_d;]P^^$ AZW =PRT^_P]$ " z =TRAPOL/L^3PTWTRPBT^^PY%0]^_P]`YOEbPT_P]7TPOP]V]PT^ _]LY^TY_Z2P]XLYMd 8TNSLPWBT_ePWLYO?Z^STQ`XT2Z_Z1]LYVQ`]_%AP]WLROP]BPW_]PWTRTZYPY" =TRaPOL-]LSXLYL^% ?SP ,T_L]PdL LYO 6L`´Å_LVT-]£SXL©L^ ZQ_SP =TRaPOL _]LY^Md, -6PT_S/PWSTLZ%8Z_TWLW-LYL]^TOL^^$#:]TRTYLW7ZYOZY$ =`O]L[]L²YL F( ±L_L]`O]ÅdL ^ ?LT__Å]TdL>LÀST_£ -TMWTZ_SPNL4YOTNL!!H_]LY^MdA6 >`M]LXLYTLY8dWL[Z]P8LO]L^%=LXLV]T^SYL8L_S$"" =`O]Ld£XLWLÀ F@__L]L_LY_]LXH ;_POT_POMd=£X[]L^£OL ?]T[£¶S¯ AL]LYL^T% >LX[`] YLYLYO>LY^V]T_@YTaP]^T_d$$ ±LML]L^a£XTY^LW^Z 8ÏX£À^£OL]²LYL z 8¯X£À^£^¼_]LMS£´dLX 4 z POT_PO LYO _]LY^ TY_Z 2P]XLY 4Y 8L_P]TLWTPY e`] ÆW_P^_PY 0]VPYY_YT^WPS]P OP] 6L]XLX¯X£À^£ POT_PO Md 0]TNS 1]L`bLWWYP] "z! ATPYYL%¸^_P]]PTNST^NSPY,VLOPXTPOP]BT^^PY^NSLQ_PY3-ØSWL`^9LNSQ$!# z ±£ML]L-S£´dL aZW^ _]LY^ TY_Z 0YRWT^S Md 2LYRLYL_SL 5SL -L]ZOL% :]TPY_LW 4Y^_T_`_P$" $ z 8¯X£À^£±£ML]L-S£´dL bT_S 3TYOT NZXXPY_L]d ¢]´LXL_LaTXL]²TY¯ aZW^ -L SLWRLO%=LXLWLW6L[`]?]`^_;]$""z$"# >LO£YLYOL APO£Y_L>£]L% , BZ]V ZY APOLY_L ;STWZ^Z[Sd POT_PO _]LY^ LYO LYYZ_ Md 83T]TdLYYL;ZZYL%:]TPY_LW-ZZV,RPYNd $! z APO£Y_L^£]LZ]_SP0^^PYNPZQAPO£Y_L POT_PO_]LY^LYOLYYZ_Md>bLXT9TVSTWLY LYOL.LWN`__L%,OaLT_L,^S]LXL " $"# $$ F>£XLaPOLH^ 5LTXTY¯dL-]£SXL©L >L«R¯_L]L_Y£VL]L ^±Ã]«RLOPaL F±L«VL]LH^LW^Z@[LYT´LOLYO >L`YOL]dL7LSL]Å z BZ]V^ZQ±L«VL]£N£]dLTY:]TRTYLW>LY^V]T_ aZW^/PWST%8Z_TWLW-LYL]^TOL^^]P[] $$aZWZ]TRTYLWWd/PWST$!&$##aZWZ]TRTYLWWd;ZZYL$$&$$aZW `YLNVYZbWPORPO]P[]TY_ZQ_SPPOT_TZYMdA>;LY^TVL]-ZXMLd$ z ±]¯±£ÀVL]LR]LÀ_S£aLWTà% .ZX[WP_P BZ]V^ ZQ >]T >LYVL]LNSL]dL TY _SP :]TRTYLW >LY^V]T_ aZW^ 8LO]L^%>LXL_L-ZZV^$#$ z @[LOP²L^LSL^]Å F2LOdL[LOdL[]LMLYOSLH bT_S _SP 2WZ^^ ZQ ;LOLdZULYÅV£ Md >S]T =£XL_Å]_SL POT_PO Md /TYVP] AT^SY` 2ZVSLWP -ZXMLd% 2`UL]L_T ;]TY_TYR ;]P^^ $" z ±L«VL]Lv^ @[LOP²L^£SL^]Å N]T_ POT_PO Md >PYRLV` 8LdPOL ?ZVdZ% ?SP 3ZV`^PTOZ ;]P^^$" z , ?SZ`^LYO ?PLNSTYR^% ?SP @[LOP²L^£SL^]Å ZQ ±L«VL]L _]LY^ TY_]ZO`NPO LYO LYYZ_Md>PYRLV`8LdPOL?ZVdZ%@YTaP]^T_dZQ?ZVdZ;]P^^$"$ z @[LOP²L >£SL^]Å ZQ >]T >LYVL]LNSL]dL _]LY^ Md >bLXT 5LRLYLYOL 8dWL[Z]P 8L O]L^%=LXLV]T^SYL8L_S ! $"$ z @[LOP²L^LSL^]Å aZY 8PT^_P] >SLYVL]L F2LOdLMLYOSLH _]LY^ TY_Z 2P]XLY LYO NZX XPYMd;L`W3LNVP]-ZYY%=ØS]^NSPTO$$ z w-SLaLYT-S`ULYRL>_Z_]Lx4Y?SPAZTNPZQ±L«VL]L²L«VL]LMS£]L_¯ 9ZaPXMP] $"$%z?]LY^Md92LYRLOSL]LY ±LÀVL]L8LYO£]L>L`]LMSL 0TYP 7PRPYOP ÞMP] OL^ 7PMPY OP^ ;STWZ^Z[SPY ±LÀVL]L POT_POTY_]ZO`NPOLYO_]LY^TY_Z2P]XLYMd,Y_ZY@YRPXLNS>_`__RL]_%1]LYe>_PT YP]AP]WLR$$ ±Ã]LO£?TWLVL?LY_]L^7LV´XL©L/P²TVL >L]L^aL_Å@[LYT´LO ^ @[LYT´L_^LÀR]LSLà
;]TXL]d>Z`]NP^
$
±£]«RLOPaL >L«R¯_L]L_Y£VL]LZQ±£]«RLOPaL%BT_S6LW£YTOSTZQ6LWWTY£_SLLYO>`OS£VL]L ZQ >TXSLMS¼[£WL aZW^ POT_PO Md > >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] $z $ z >L«R¯_L]L_Y£VL]L ZQ ±£]«RLOPaL% BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TXSLMS¼[£WL AZW%0YRWT^S?]LY^WL_TZYPOT_POMd>>`M]LSXLYdL>L^_]T8LO]L^% ,OdL]$ z >LYR¯_L]L_Y£VL]L ZQ ±£]«RLOPaL POT_PO _]LY^ TY_Z 0YRWT^S NZXXPY LYO LYYZ_ Md =6>S]TYRd`YOP]_SP^`[P]aT^TZYZQ;]PX7L_L>SL]XLAZW%.SL[_P]4AZW% .SL[_P]^44z4A9Pb/PWST%8`Y^ST]LX8LYZSL]WLW$#$AZW$$AZW z >LÀR¯_L]L_Y£VL]L u>L]L^aL_¯v ad£VSd£ L`]L LY`a£OL^LST_L AZW % ;]L_SLXL LOSd£dLAZW%/¼^L]£_¯^L]£NL`_S£LOSd£dLPOT_POLYOLYYZ_Md>`MSLO]£.L` OL]¯9Pb/PWST%=LOSL;`MWTNL_TZY^AZWAZW >L]aL/L]²LYL>L¡R]LSL ^8£OSLaL¢N£]dL ±L_L[L_SL -]£SXL©L TY _SP 6£©aÅdL =PNPY^TZY POT_PO Md B .LWLYO ]PaT^PO Md =LRS` AT]LaZW^TYZYP/PWST%8Z_TWLW $##7LSZ]P% $! z .L_L[L_SL-]£SXL©LTY_SP8£OSdLYOTYL.£VS£ bT_S0c_]LN_^ Q]ZX_SP.ZXXPY_L] TP^ ZQ >£dL©L 3L]T^a£XTY LYO /aTaPOLRLYRL POT_PO Md ,WM]PNS_ BPMP] AL]LYL^T% .SZbVSLXML>LY^V]T_>P]TP^:QQTNP$! >L`YOL]dLWLSL]¯ Z] 1WZZO ZQ -PL`_d _]LOT_TZYLWWd L^N]TMPO _Z ±L«VL]£N£]dL POT_PO LYO _]LY^MdB9Z]XLY-]ZbY.LXM]TORP%3L]aL]O@YTaP]^T_d$ # z >L`YOL]dLWLSL]¯ ZQ ±]¯ ±L«VL]£N£]dL% BT_S _SP .ZXXPY_L]d ZQ 7LV´X¯OSL]L -S£aLYZ[LYT´L_bT_S_SP.ZXXPY_L]dZQ-S£^VL]L]£dLLYO/Pa¯;LNL^_LaT N]T_PO T_POMdATOaLY9>APYVL_LYL_SLNSL]dL8d^Z]P%:]TPY_LW=P^PL]NS4Y^_T_`_P$!$ z >L`YOL]dLWLSL]¯ ZQ ±L«VL]£N£]dL _]LY^ Md A6 >`M]LXLYTLY /PWST L Z% 8Z_TWLW -LYL]^TOL^^$#! $"" z >L`YOL]dLWLSL]¯ ±]ÅXLO±L«VL]£MSLRLaL_[£OLaT]LNT_£ bT_S _PY >LY^V]T_ NZXXPY_L ]TP^POT_POMd,6`[[`^bLXT/PWST%9LR;`MWT^SP]^]PaLYOPYWL]RPOPO$$ >£dL©L^ RaPOL>LÀST_£ LYO ±L_L[L_SL-]£SXL©L ±TaL;`]£©L POT_POMd;£©PdL=£XL_PUL6£²Å%;L©T_L[`^_LV£WLdLATV]LXL(,/ $! z _]LY^MdLMZL]OZQ^NSZWL]^aZW^/PWST%8Z_TWLW-LYL]^TOL^^$!$z" F±TaL>¼_]LH ?SP ,[SZ]T^X^ ZQ ±TaL% ?SP ±TaL >¼_]L bT_S -S£^VL]Lv^ .ZXXPY_L]d _SP A£]__TVL _]LY^bT_SPc[Z^T_TZYLYOLYYZ_Md8L]V>2/dNeVZb^VT/PWST%4YOTNL $$#>_L_P@YTaP]^T_dZQ9PbDZ]V$$ ±WZVLa£]__TVL ^6`X£]TWL-SL¶¶L >ZXLOPaL^ 6L_S£^L]T_^£RL]L >ZXL²LXMS`[LOOSL_T aZW^ POT_PO _]LY^ TY_Z 1]PYNS LYO LYYZ_ Md 3ËWÊYP -]`YYP] 7LNSL`c;ZYOTNSP]]d%4Y^_T_`_1]LY ç LT^$!z$""&$# >[LYOLV£]TV£ ^AL^`R`[_L >[PLVTYR ZQ ±TaL FaLNLYL ^ LMZ`_ ±TaLH _]LY^ Q]ZX 6LYYLOL TY_Z 0YRWT^S Md ,6 =L XLY`ULY9Pb/PWST%;PYR`TY-ZZV^$" F>aLNNSLYOL?LY_]LH ?SP>aLNNSLYOL?LY_]LbT_S_SPNZXXPY_L]dMd6´PXL]£UL!aZW^ POT_POMd8LOS`^`OLY6L`W>SL^_]T-ZXMLd%9T]©LdL>£RL]L;]P^^$ F>aL_LY_]LY£_SLH >S]T>bL_LY_]LYL_SLv^8L_]TVLNSLV]LaTaPVLbT_S_SP.ZXXPY_L]dZQ>S]T >STaLYLYO POT_POMd>S]T6]T^SYLYLYO>LRL]AL]LYL^T%,NSL]aL8`O]LYLWLdL$# F?LT^SZH =Ë[P]_ZT]P O` .LYZY -Z`OOST\`P >TYZ5L[ZYLT^ 0OT_TZY O` ?LT^S× ?LT^S× >STY^S¼/LTe×Vd×.ZX[TWPOMd;L`W/PXTËaTWWP3`MP]_/`]_LYO,YYL>PTOPW;L ]T^%7TM]LT]TPOv,XË]T\`PP_Ov:]TPY_$"# ?SP ?L__T]ÅdL-]£SXL©L% bT_S_SPNZXXPY_L]dZQ-SL__LMSL^VL]LYYT^]L ,^S_LVL444 ;L]_ 44 POT_POMd,8LSLOPbL>L^_]T8d^Z]P%2ZaP]YXPY_-]LYNS;]P^^$
!
;]TXL]d>Z`]NP^
F ?L__T]ÅdL>LÀST_£ H6´©LdLU`]aPOÅdL?LT__T]ÅdL>LÀST_£ ;L]OT $ " z ?SP>LYST_LZQ_SP-WLNVDLU`]aPOLbT_S_SPNZXXPY_L]dZQ8LOSLa£NL]dL POT_POMd 0 =ZP] 0- .ZbPWW LZ .LWN`__L # z#$$ -TMWTZ_SPNL 4YOTNL =P[] :^ YLM]ÞNV%-TMWTZ$# z ?SP APOL ZQ _SP -WLNV DLU`^ >NSZZW PY_T_WPO ?LT__T]TdL >LYST_L ;L]_ % 6£©L^ 4Az A44_]LY^Md,-P]]TPOLWP6PT_S3L]aL]O:]TPY_LW>P]TP^$.LXM]TORP%3L]aL]O @YTaP]^T_d;]P^^$ ?LT__T]ÅdL @[LYT´LO BT_S _SP .ZXXPY_L]TP^ ZQ >]T >LYVL]LNSL]dL >]T >`]P^aL]LNSL]dL >]TATOdL]LYdL_]LY^Md,WWLOT8LSLOPaL>L^_]d8LO]L^%>LXL_L$# ?LY_]£MSTOS£YL BT_S -TULYTRSLY_` -TU£MSTOS£YL 8LY_]£]_S£MSTOS£YL AL]YLMTUVZ´L 8`O]LYTRSL©_` POT_PO Md ,]_S`] ,aLWZY ]PPOT_PO Md ;LYNSLYLY -SL__LNSL]dL /PWST%.Lc_ZY;`MWT^SP]^$# z /TN_TZYL]TP^ ZQ ?LY_]L ±£^_]L Z] ?SP ?LY_]£MSTOS£YL POT_PO Md =LX 6`XL] =Ld AL]LYL^T%;]LNdL;]LVL^SLY$# ?LY_]L]£UL ?LY_]L POT_PO Md 8LS£XLSZ[£OSd£dL 7LV^SXLYL >SL^_]T TY_]ZO`NPO Md ,] _S`],aLWZY/PWST%8Z_T_LW-LYL]^TOL^^$#.LWN`__L% $! ?LY_]La£]__TVL^6`X£]TWL-SL¶¶L F@£XL]P²aL]L?LY_]LH ?SP @LXL]P²aL]L ?LY_]LX% , -ZZV ZY 8LRTNLW =T_P^ POT_PO Md;LYOT_5LRLO/SL]ELOZZ>]TYLRL]%9Z]XLW;]P^^$" F@X£YLYOLY£_SL 9T_dZ_^LaL H ?SP BZ]^ST[ ZQ 8LS£RL©L[L_T LNNZ]OTYR _Z _SP 9T_dZ^LaL POT_PO_]LY^LYOTY_]ZO`NPOMd2`O]`Y-ÞSYPXLYYBTNS_]LNS%4Y^_T_`_QÞ]4YOZWZ RTP$## @[LOP²L>£SL^]Å ^±£«VL]L F@[LYT´LOH @[LYT´L_^LÀR]LSLà NZY_LTYTYR ## @[LYT´LO^ POT_PO bT_S >LY^V]T_ TY_]ZO`N _TZYMd5LRLOŲL±£^_]Å /PWSTLZ%8Z_TWLW-LYL]^TOL^^$# $" z 0V£OL²Z[LYT´LOL /PWSTLZ%8Z_TWLW-LYL]^TOL^^$!! z ?PY ;]TYNT[LW @[LYT´LO^ bT_S ±£«VL]LMS£´dL /PWST% 8Z_TWLW -LYL]^TOL^^ $$ $! z >PNSeTR@[LYT^SLO^OP^APOL _]LY^TY_Z2P]XLYLYOLYYZ_Md;L`W/P`^^PY/L]X ^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP^PWW^NSLQ_$! $ z @[LYT´LO^_]LY^Q]ZX_SP:]TRTYLW>LY^V]T_Md;L_]TNV:WTaPWWP:cQZ]O9PbDZ]V% :cQZ]O@YTa;]$$! A£VdL[LO¯dL ^-SL]_SL]T FA£WX¯VTH =£X£dL©L ZQ A£WX¯VT bT_S _SP NZXXPY_L]TP^ ?TWLVL ZQ =£XL =£X£dL©L²T]Z XL©T ZQ ±TaL^LS£dL LYO -S¼´LY£ ZQ 2ZaTYOL]£UL POT_PO Md >S]TYTaL^L 6L__T 8`O SZWLVL]L9Pb/PWST%$# z ?SP=£X£dL©LZQA£WX¯VT aZWPOT_POMd=2ZWOXLYY;]TYNP_ZY%;]TYNP_ZY@YTa ;]$# AL]£SLXTST]L -SL_>LÀST_£ aZW^POT_POLYO_]LY^;LYOT_LMS`^SLYLA>`M]LSXLYdL >L^_]d-LYRLWZ]P%>ZZMMTLS$" z AL]£SLXTST]Lv^ -SL_ >LÀST_£ aZW^ POT_PO LYO _]LY^ Md 8 =LXLV]T^SYL -SL_ /PWST%8Z_TWLW-LYL]^TOL^^$#z# FAÃd`;`]£©LH ?SPA£d`;`]£©L;L]_4_]LY^LYOLYYZ_Md2A?LRL]P/PWST%8Z_TWLW -LYL]^TOL^^$#" AL]TaL^d£=LSL^dL ^-S£^VL]L]£dL A£^_`^¼_]L @[LYT´LO% ?SP 0^^PYNP ZQ 1Z]X LYO >LN]PO ,]_ POT_PO _]LY^ LYO LYYZ_ Md ,WTNP-ZYP]>LOL^TaL=L_S >L]XLLYO-P__TYL-Æ`XP]/PWST%8Z_TWLW ]O ]PaPOT _TZY$$! $# FAL^`R`[_LH >[LYOLV£]TV£bT_SA__TMd6LWWL¶LMSL¶¶LPOT_POMd5..SL__P]UPP$!
;]TXL]d>Z`]NP^ z
z z
!
?SP >[LYOL6£]TV£^ ZQ AL^` 2`[_L bT_S _SP 9T]©LdL Md 6^SPXL]£UL POT_PO bT_S []PQLNPTY_]ZO`NPOLYO_]LY^TY_Z0YRWT^SMd8LOS`^`OLY 6L`W >SL^_]T >S]TYLRL]% 6L^SXT];]L_L[>_PLX;]P^^$ >[LYOLV£]TV£% >_LYNP^ >`] 7L ATM]L_TZY /P AL^`R`[_L TY_]ZO`NPO LYO _]LY^ TY_Z 1]PYNSMd7TWTLY>TWM`]Y ;L]T^%/P-ZNNL]O$$
?SP >_LYeL^ ZY ATM]L_TZY% ?SP >[LYOLV£]TV£ bT_S QZ`] NZXXPY_L]TP^ >[LY OL^LÀOZSL Md 6´PXL]£UL >[LYOLa__T Md 6LWWL¶LMSL¶¶LX >[LYOLaTa_T Md =£U£YLVL =£XL >[LYOL[]LO¯[TV£ Md -SLRLaLO`_[LWL _]LY^ bT_S LY TY_]ZO`N_TZY LYO Pc[Z^T _TZYMd8L]V>2/dNeVZb^VTAL]LYL^T%/TWT[6`XL];`MWT^SP]^$$
APOTN 3dXY^ ;L]_ 4% 3dXY^ _Z _SP 8L]`_^ =`O]L A£d` LYO A£_L _]LY^ Md 1 8Lc 8ÞWWP]:cQZ]O%,__SP.WL]PYOZY;]#$ FATOd£]L©dLH ;LÓNLOL²¯ ZQ ±]¯ ATOd£]L©dL >b£X¯ _]LY^ TY_Z 0YRWT^S Md >b£X¯ >b£S£YLYOL8LO]L^%>]T=LXLV]T^SYL8L_S $!" z ;LYNSOL^T _]LY^ TY_Z 0YRWT^S LYO LYYZ_ Md >]T 5YLYLYLYOL -SL]L_ST >aLXTY 8L O]L^%>]T,MSTYLaLATOdL_SPP]_SL8LSL^bLXTRLW0O`NL_TZYLW?]`^_$# F AT´©`>LSL^]LY£XL H ±]Å AT´©` >LSL^]LY£XLX bT_S _SP NZXXPY_L]TP^ ZQ ±£«VL]£N£]dL LYO ;L]£²L]L-SL__L]POT_POMd60;L]_SLOL]L_Sd8LO]L^%2LYP^S$!! z AT´©`^LSL^]LY£XL bT_S_SP MS£´dL ZQ ±]ű£«VL]£N£]dL POT_POLYO_]LY^TY_SPWTRS_ ZQ ±£«VL]£^ NZXXPY_L]d Md ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL] 7TM]L]d LYO =P ^PL]NS.PY_]P$# z >]T AT´©`^LSL^]LY£XL >_Z_]LX _]LY^ Md ; >LYVL]LYL]LdLYLY -ZXMLd% -SL]L_TdL ATOdL-SLaLY$$! Ad£^L ±ÅV´£ LWZYR bT_S ?LTUL^£ NZXXPY_L]d ZQ >¼]dLY£]£dL©L >¼]£aLOS£YT LYO >L] aLWLV´LYLXLÓUL]T ZQ =£UL 2SLYL[L¶T POT_PO Md ; 9 ;L__LMST]LXL >L^_]T AL]LYL^T% .SL`VSLXMSL>LY^V]T_>LY^_SLY$"! D£^VL^PP>PNZYOL]d>Z`]NP^/PPR DLU`]aPOL ^LW^Z ?LT__T]ÅdL>LÀST_£6´©LdLU`]aPOL z ±`VWLdLU`]aPOL>LÀST_£A£UL^LYPdT8£OSdLYOTYLPOT_POMdBL^`OPa7;LY^TVL] -ZXMLd%9T]YLdL>LRL];]P^^$ z ±`VWLdLU`]aPOL6LYaL^LÀST_£ ;L]OT $# FD£X`YLH D£X`YLv^ ¢RLXL ;]£X£©dLX Z] ?]PL_T^P ZY _SP ALWTOT_d ZQ ;£ÓNL]£_]L POT_PO LYO_]LY^TY_Z0YRWT^SMd5,-aLY-`T_PYPY8LO]L^$" DZRTYÅSOLdLX bT_S /Å[TV£ ZQ ,X_£YLYOL LYO >P_`MLYOS` ZQ -S£^VL]L]£dL POT_PO Md 2Z[ÅY£_SL6LaT]£ULAL]LYL^T%>LX[`]YLYO>LY^V]T_AT^SaLaTOdLWLdL$"$ z 7P .ZP`] OP WL DZRTYÅ% DZRTYÅSOLdL LaPN WP NZXXPY_LT]P /Å[TV£ Ov ,X_£YLYOL POT_POLYO_]LY^TY_Z1]PYNSMd,YO]Ë;LOZ`c;L]T^%/TQQ`^TZYOP-ZNNL]O$$ DZRL>¼_]L ^;L_LÓULWT
>PNZYOL]d>Z`]NP^ ,MMZ__ 5 4YOTLY =T_`LW LYO -PWTPQ% ?SP 6Pd^ ZQ ;ZbP] 9Pb /PWST% 8LYZSL] $ ,VLXL_^` ,VTSTVZ w;]L_TMS£ LYO _SP 8PLYTYR ZQ _SP >PY_PYNP TY -SL]_SL]Tv^ A£VdL [LO¯dLx 4Y ;]ZNPPOTYR^ ZQ_SP 1T]^_ 4Y_P]YL_TZYLW.ZYQP]PYNPZY -SL]_SL]T @YTaP]
!
>PNZYOL]d>Z`]NP^
^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$%"z ,VW`UVL],^SZVw-SL]_SL]T% ?]TV£©¯ Z] A£VdL[LO¯dL bT_S A__T ZY-ZZV^LYOx4Y 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^?SP;STWZ^Z[SdZQ_SP2]LXXL]TLY^POT_POMd 32.ZbL]OLYO66=LULz"/PWSTLZ%8Z_TWLW-LYL]^TOL^^$$ z w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_SL]Tx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL
_TZYLW.ZYQP]PYNPZY-SL]_SL]T@YTaP]^T_dZQ;ZZYL5LY`L]d!z#$$,^TL_T^NSP >_`OTPY0_`OP^L^TL_T\`P^C7A44$$%"z! ,WPcLYOP] -ZMMd . w=T_`LW LYO .`]PY_ >_`OTP^ ZQ =T_`LW% :aP]aTPbx 4Y ,Y_S]Z[ZWZRd ZQ=PWTRTZY,3LYOMZZV POT_POMd>_P[SPY/2WLeTP]$z!BP^_[Z]_7ZYOZY% 2]PPYbZZO;]$$" ,WPcZbT_e 8d]TLX ?]L`XQLM]TV -ZWWdbZZO% 4YOT^NSP^ 8LTY^_]PLX6TYZ -LO 3ZYYPQ% 3Z]WPXLYY ,W[P] 3L]aPd ; PO @YOP]^_LYOTYR 8LY_]L^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd% $#$ z w?SP .Z^XZ^ L^ ±TaLv^ 7LYR`LRP2LXP% u8LY_]Lv ,NNZ]OTYR _Z 6´PXL]£ULv^ ±TaL^¼_]LaTXL]²TY¯ x4Y @YOP]^_LYOTYR8LY_]L^POT_POMd3L]aPd;,W[P]$z$ /PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ ,YRPYPYO_,]YZWO 2P^NSTNS_POP]=PWTRTZ^T_Æ_TX8T__PWLW_P]/L]X^_LO_%;]TX`^$$" z w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_% /P] ;]ZeP^^ OP^ 8T__PWLW_P]^x 4Y ATaLaZc`YO]L_TZ^N]T[_L POT_POMd.WPXPY^86L^[P]LYO6WL`^>NS]PTYP]"z 8ÞY^_P]%7T_$$" ,]L[`]L5ZSY2LYO66`YU`YYT=LULw;STWZ^Z[STNLW0WPXPY_^TYAPOTN7T_P]L_`]Px4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW A% ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_POMd3L]ZWO2.ZbL]OLYO66`YU`YYT=LULz!/PWST%8Z_TWLW-LYL]^T OL^^$$ ,]]LU B/w?SP >aLNNSLYOL_LY_]LX% 3T^_Z]dLYO >_]`N_`]PZQL ±LTaL>N]T[_`]Px;S/ OT^^.STNLRZ@YTaP]^T_d$## ,]L[`]L 52 w>ZXP ;P]^[PN_TaP^ ZY 4YOTLY ;STWZ^Z[Sd ZQ 7LYR`LRPx 4Y =PaPWL_TZY TY 4YOTLY ?SZ`RS_ POT_PO Md 3 .ZbL]O LYO 6 >TaL]LXLY z 0XP]daTWWP .LWTQ% /SL]XL;`MWT^STYR$"" ,^^XLYY5LY 8Z^P^OP]¦Rd[_P]%0Y_eTQQP]`YRPTYP]2POÆNS_YT^^[`]8ÞYNSPYATPYYL% .L]W3LY^P]$$# z /L^ V`W_`]PWWP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY 8ÞYNSPY%-PNV$$$ z =PWTRTZY`YOV`W_`]PWWP^2POÆNS_YT^%EPSY>_`OTPY 8ÞYNSPY%-PNV ,^^XLYY ,WPTOL LYO 5LY PO 6LYZY `YO EPY^`]% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX` YTVL_TZY448ÞYNSPY%BTWSPWX1TYV$#" z w8d_SZ^x 4Y 3LYOM`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQPAZWPOT_POMd 3`MP]_ .LYNTV -`]VSL]O 2WLOTRZb LYO 6L]W3PTYe 6ZSW "$z >_`__RL]_ LZ% 6ZSWSLXXP]$$# z LYO .S]T^_ZQ 3L]OXPTP] PO >NS]TQ_ `YO 2POÆNS_YT^% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY 8ÞYNSPY%BTWSPWX1TYV $$# z P_ LW >NSWPTP] `YO >NSbPWWP% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY A AZW % 2PSPTXYT^ `YO ¸QQPY_WTNSVPT_ 8ÞYNSPY% BTWSPWX 1TYV $$" AZW % 2PSPTXYT^ `YO:QQPYML]`YR $$# AZW%2PSPTXYT^`YO9P`RTP]OP$$$ ,^^XLYY5LYLYO-`]VSL]O2WLOTRZbPO ?Pc_`YO6ZXXPY_L]%,]NSÆZWZRTPOP]WT_P]L ]T^NSPY6ZXX`YTVL_TZY4A8ÞYNSPY%BTWSPWX1TYV$$ ,^^XLYY 5LY LYO ?ZYTZ 3ØW^NSP] PO^ 6`W_`] `YO 2POÆNS_YT^ 1]LYVQ`]_ LX 8LTY% >`S]VLX[$##
>PNZYOL]d>Z`]NP^
!
¦^_SP_TVz6`Y^_z=PWTRTZY8ÞYNSPYP]?SPZWZRT^NSPEPT_^NS]TQ_ ,`^_TY5ZSY 3Zb_Z/Z?STYR^bT_SBZ]O^ :cQZ]O%:cQZ]O@YTaP]^T_d;]P^^$! ,aLWZY^BZZO]ZQQP -LMM7Lb]PYNP, =POPX[_TaP0YNZ`Y_P]^%?S]PP8ZOP]Y>_dWP^TY_SP3TYO`?]LOT_TZY 4% >[T]T_`LW =PNZRYT_TZY LYO _SP =LOSL^ZLXT 1LT_S z#$ -P]VPWPd% @YTa ZQ .LWT QZ]YTL;]$#! -LWNP]ZbTNe;TZ_]wBSdOTO4YOTLY[STWZ^Z[SP]^YPPO2ZO*x.ZYQP]PYNP[L[P][]P^PY_PO L__SP0,>=NZYQP]PYNPTY-`VL]P^_>P[_PXMP]! -LWOT^^P]L1LM]TeTLLYO,cPW8TNSLPW^/P]TYOT^NSP?LYe 6ØWY%/`8ZY_$## -L]NV 6L]WSPTYe P_ LW PO ,T^_SP^T^% BLS]YPSX`YR ZOP] ;P]^[PV_TaPY PTYP] LYOP]PY ¦^_SP_TV0^^LT^7PT[eTR%=PNWLX$$ $$ -L]VP]0TWPPYw?SP.S`]NSBT_SZ`_LYO_SP2ZOBT_STY%=PWTRTZ^T_dLYOZ]>[T]T_`LWT_dx TY =PWTRTZY LYO ;L__P]Y^ ZQ >ZNTLW ?]LY^QZ]XL_TZY POT_PO Md /TYVL 8L]TYZaTN z "ELR]PM%4Y^_T_`_PQZ]>ZNTLW=P^PL]NSTYELR]PM -L^SLX,7 ?SPBZYOP]_SL_bL^4YOTL .LWN`__LLZ%=`[L.Z ! $$ $!" -LÁWP]8Z]T_ew9Pb3T^_Z]TNT^X.`W_`]LW8L_P]TLWT^XLYO.`W_`]LW>_`OTP^x4Y 0TYQÞS
]`YR TY OTP 6`W_`]bT^^PY^NSLQ_PY ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_T aPY POT_POMd,Y^RL]LYOAP]L9ÞYYTYRz >_`__RL]_%8P_eWP] z /TP V`W_`][ZP_T^NSP 1`YV_TZY `YO OL^ ,]NSTa% 0TYP WT_P]L_`]bT^^PY^NSLQ_WTNSP ?Pc_ 6ZY_Pc_?SPZ]TP ?ÞMTYRPY%9L]]1]LYNVP,__PX[Z -L^` 3PWPYP AZY -L]OPY `YO 6ØYTRPY% 0_SYZWZRT^NSP >_`OTPY e`] 2Ø__TY `YO e`X 2P OÆNS_YT^TY6LNNS4YOTPY1]LYVQ`]_LX8LTYLZ%;P_P]7LYR -L`XLY =TNSL]O wAP]MLW ,]_ L^ ;P]QZ]XLYNPx ,XP]TNLY ,Y_S]Z[ZWZRT^_ "" $" % $z -Æ`XP] -P__TYL w ;LÓUL]L P_ dLY_]L % WP OTLR]LXXP OP WvTXLRP ^LN]ËPx 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP ?LMWP ]ZYOP ;L]T^ z U`TY $# $z! ;L]T^%.9=>$#! z ,MSTYLaLR`[_L% BPRP TY^ 7TNS_% ?Pc_P OP^ _LY_]T^NSPY ±TaLT^X`^ L`^ 6L^NSXT] EÞ]TNS%-PYeTRP]$$ z ?]TVL%2]`YO_SPXPYOP^VL^NSXT]T^NSPY ±TaLT^X`^POT_POMd0]Y^_1Þ]WTYRP]ATPY YL4YY^M]`NV%?d]ZWTL -L`^NS`W_P 8LYQ]PO =PWTRTZY^MLSYSØQP OP] BPTXL]P] =P[`MWTV% >_`OTPY e`] =PWTRTZY^ QZ]^NS`YR$#z$ 8L]M`]R%/TLRZYLWAP]WLR" -PNSP]_3PTYeLYO2PZ]RaZY>TX^ZYPO 0TYQÞS]`YRTYOTP4YOZWZRTP%>_LYO8P_SZOPY ,`QRLMPY /L]X^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP^PWW^NSLQ_$$ -PNV 2`d 7PZY >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S.L]ZWTYL;]P^^$$ z w/PaZ_TZYLW 3dXY^ Q]ZX _SP >LY^V]T_x 4Y =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP POT_PO Md />7Z[Pez /PWST%8`Y^ST]LX8LYZSL]WLW$$# -PNVP,YO]PL^ 3TYO`T^X`^e`]0TYQÞS]`YR 3LXM`]R%5`YT`^$$! -PWW .L_SP]TYP =T_`LW% ;P]^[PN_TaP^ LYO /TXPY^TZY^ 9Pb DZ]V :cQZ]O% :cQZ]O @YTa ;]$$" z w;P]QZ]XLYNPx 4Y .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ POT_PO Md 8L]V . ?LdWZ] z.STNLRZ7ZYOZY%@YTaZQ.STNLRZ;]$$# -PWWTRP],YO]ËLLYO/LaTO 6]TPRP]PO =T_`LW_SPZ]TPY :[WLOPY%BP^_OP`_^NSP]AP]WLR $$# -PYLaTOP^ 2`^_LaZ w9Z]_S ,XP]TNLx 4Y =PWTRTZ`^ >_`OTP^% , 2WZMLW ATPb POT_PO Md 2]PRZ]d/,WWP^z!#7ZYOZY9PbDZ]V%=Z`_WPORP# -P]PYO_5ZLNSTX0]Y^_ 9LOL-]LSXL%/TPBPW_T^_6WLYR 1]LYVQ`]_%4Y^PW$#
! z
>PNZYOL]d>Z`]NP^
?SPBZ]WOT^>Z`YO%9LOL-]LSXL8`^TNLYO_SP7LYO^NL[PZQ.ZY^NTZ`^YP^^BT_S L 1Z]PbZ]O Md 1]T_UZQ .L[]L =ZNSP^_P] AP]XZY_% /P^_TYd -ZZV^ $$ 2P]XLY
$#0YRWT^S $#" -P]RP] 7 ;P_P] /P] EbLYR e`] 3Æ]P^TP% =PWTRTZY TY OP] [W`]LWT^_T^NSPY 2P^PWW^NSLQ_ 1]PTM`]RTX-]PT^RL`%3P]OP]$$ -P]R`YOP] 8TNSLPW BTPOP]RPM`]_ OP] ,SYPY% 0TYP ]PWTRTZY^P_SYZR]L[ST^NSP `YO ]PWTRT ZY^[SÆYZXPYZWZRT^NSP @Y_P]^`NS`YR e`] =PTYVL]YL_TZY^aZ]^_PWW`YR 8ÞY^_P] 3LX M`]R%7T_$$ z PO BP^_WTNSP 1Z]XPY OP^ 3TYO`T^X`^ TY /P`_^NSWLYO 3LWWP% AP]WLR OP] 1]LYNV P^NSPY>_TQ_`YRPY! z wBL^ T^_ 0^Z_P]TV* =PWTRTZY^bT^^PY^NSLQ_WTNSP ¾MP]WPR`YRPY e`X 2PRPY^_LYO OP] 0^Z_P]TVQZ]^NS`YRx4Y ,`QVWÆ]`YR`YO0^Z_P]TV%=PeP[_TZYz4Y_PR]L_TZYz6ZYQ]ZY _L_TZY POT_POMd8ZYTVL9P`RPML`P]BØWVLYO,YO]P=`OZW[S""z "?ÞMTYRPY% 8Lc9TPXPdP]# -P]R`YOP]8TNSLPWLYO=LS`W;P_P] /L^PO w,]TP]x`YOw/]LaTOPYx 3LWWP% AP]WLROP] 1]LYNVP^NSPY>_TQ_`YRPY -P]YP] @W]TNS .S]T^_Z[S -ZNSTYRP] LYO =LTYP] 1WL^NSP PO :[QP] `YO 2PMP_ TY OPY =PWTRTZYPY 2Þ_P]^WZS%2Þ_P]^WZSP]AP]WLR^SL`^ -P]_PW^XLYY>_TQ_`YR^ =PWTRTZY^XZYT_Z]# z ^ BZ]LYRWL`M_OTPBPW_* -SL]L_T ,RPSLYLYOL /TP ?LY_]L?]LOT_TZY% 8T_ PTYPX AZ]bZ]_ aZY /P_WPQ4 7L`Q 1]PT M`]RTX-]PT^RL`%,`]`X$"" z ?LY_]TN?]LOT_TZY^9Pb/PWST%3TYO`^_LY;`MWT^STYR.Z][Z]L_TZY$$ $! -SL_8> APOTN?LY_]T^X%,>_`OdZQRaTOS£YLZQ±L`YLVLBT_S?Pc_LYO?]LY^WL_TZY /PWSTLZ%8Z_TWLW-LYL]^TOL^^$#" -SL_P>L]ZULw-SL]_SL]TZY7LYR`LRPLYO=PLWT_dx4Y ;]ZNPPOTYR^ZQ_SP1T]^_4Y_P]YL
_TZYLW.ZYQP]PYNPZY-SL]_SL]T@YTaP]^T_dZQ;ZZYL5LY`L]d!z#$$,^TL_T^NSP >_`OTPY0_`OP^L^TL_T\`P^C7A44$$%!"z" -SL__ 9 =LXLNLYO]L 7L ]PWTRTZY OP ±TaL OvL[]Ê^ WP^ ^Z`]NP^ ^LY^V]T_P^% ;]ËQLNP OP ;TP]]P>dWaLTY1TWWTZeL_ ;LWLT^PL`%0OT_TZY^¢RLX£_ -SLaYLYT0YLV^ST ?SP/LYNPTY4YOTL -ZXMLd%?L]L[Z]PaLWL $" -TL]OPL` 8LOPWPTYP wSWZXZw:]_SZOZcdLYO;STWZ^Z[SdTY4YOTL%;STWZ^Z[STNLW4X[WTNL_TZY^ZQ_SP 8¯X£À^£>NSZZWx4Y :]_SZOZcd3P_P]ZOZcdLYO/T^^PY_TY4YOTL PO>90T^PY ^_LO_P_LW-P]WTY%8Z`_ZY$#"z# -TWTXZ]TL;`]`´Z__LXL±LMOL[]LX£©L%BZ]OLYO6YZbWPORP /Z]O]PNS_%6W`bP]$## -WLNVM`]Y >_`L]_ 3 LYO ,6 =LXLY`ULY PO ,YZ_SP] 3L]XZYd% 9Pb 0^^Ld^ ZY _SP 1ZWVWZ]PZQ4YOTL -P]VPWPdLZ%@YTaZQ.LWTQZ]YTL;]$#! -WZZXQTPWO 8L`]TNP =TRAPOL =P[P_T_TZY^ ;L]_ % ?SP ]P[PL_PO [L^^LRP^ ZQ _SP =TR APOL;L]_%0c[WLYL_Z]dLYOLYLWd_TN;L]_%7T^_^LYOTYOPcP^aZW^;L]_LYO TYZYPaZW`XP.LXM]TORP%3L]aL]O@YTa;]$! -ZMeTY3L]_X`_ /P]6Z]LY%0TYP0TYQÞS]`YR 8ÞYNSPY%.3-PNV $$$ -ZNSTYRP] .S]T^_Z[S 8 0YRPWM]PNS_ LYO B 2P[SL]O_ /TP `Y^TNS_ML]P =PWTRTZY TY OP]
^TNS_ML]PY =PWTRTZY% 1Z]XPY ^[T]T_`PWWP] :]TPY_TP]`YR TY OP] ]PWTRTØ^PY 2PRPYbL]_^ V`W_`]>_`__RL]_%6ZSWSLXXP]$ -ZSY^LNV=LWQBTYQ]TPO8L]Z_eVTLYO8TNSLPW8P`^P]PO^ 3L`[_MPR]TQQP\`LWT_L_TaP] >ZeTLWQZ]^NS`YR :[WLOPY%7P^VP-`O]TNS
>PNZYOL]d>Z`]NP^
!
-Z^P 8LYOLV]LY_L 8ZaPXPY_ LYO 8TXP^T^% ?SP TOPL ZQ /LYNP TY >LY^N]T_TN ?]LOT_TZY 9Pb/PWST%;]TY_bZ]WO$$ -Ø__RP]/LYTPW 0X[T]T^NSP ;]ÞQ`YROP] ,`^bT]V`YRaZY QLNTLW QPPOMLNVL`QOTP^`MUPV _TaPBLS]YPSX`YRaZY=T_`LWPY7PT[eTR%8L^_P]_SP^T^# -Z`]OTP` ;TP]]P E`] >ZeTZWZRTP OP] ^dXMZWT^NSPY 1Z]XPY 1]LYVQ`]_ L8% >`S]VLX[ $$ $" z 0Y_b`]Q PTYP] ?SPZ]TP OP] ;]LcT^ L`Q OP] P_SYZWZRT^NSPY 2]`YOWLRP OP] VLMdWT^NSPY 2P^PWW^NSLQ_ 1]LYVQ`]_L8%>`S]VLX[$"!1]PYNSZ]TRTYLW%$" z :`_WTYP ZQ L ?SPZ]d ZQ ;]LN_TNP .LXM]TORP% .LXM]TORP @YTa ;] $"" 1]PYNS Z]TRTYLW% $" z >ZeTLWP]>TYY%6]T_TVOP]_SPZ]P_T^NSPYAP]Y`YQ_1]LYVQ`]_%>`S]VLX[$$1]PYNS Z]TRTYLW%$# -Z`]OTP` ;TP]]P LYO 7Z|N 5 / BLN\`LY_ =PQWPcTaP ,Y_S]Z[ZWZRTP 1]LYVQ`]_ L8% >`S]VLX[ $$! :]TRTYLW% =Ë[ZY^P^ [Z`] `YP LY_S]Z[ZWZRTP ]ËQWPcTaP ;L]T^% 0OT _TZYO`>P`TW$$ -ZbP].LWaTY8L]_TY^PP;]TXL]d>Z`]NP^-ZP_ST`^ w-]LSXLR`[_Lx S__[%PYbTVT[POTLZ]RbTVT-]LSXLR`[_L,^_]ZYZXd LNNP^^PO >P[_PX MP]$ -]L`Y0OX`YOPO /P];L]LOTRXPYbPNS^PWTYOP]>[]LNS[STWZ^Z[STP%>_`OTPY`YO?Pc_P /L]X^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP^PWW^NSLQ_$$! -]Æ`YWPTY;P_P]5wvE`]ÞNVe`OPY>LNSPYvz=PWTRTZY^bT^^PY^NSLQ_aZ]OPX:MUPV_x4Y
=PWTRTZY`YO8`^P`X%E`]aT^`PWWPY=P[]Æ^PY_L_TZYaZY=PWTRTZYPYTXØQQPY_WTNSPY =L`XPOT_POMd;-]Æ`YWPTY"z -TPWPQPWO%_]LY^N]T[_ z w=PWTRTZY^RP^NSTNS_P LW^ 8POTPYRP^NSTNS_P% 0TYP >VTeePx 8ÞYNSPYP] _SPZWZRT^NSP EPT_^NS]TQ_ % z$ -]P]P_ZY5ZPW;wv?L_?aLX,^TvTY.ZY_Pc_x4Y EPT_^NS]TQ_OP]/P`_^NSPY8Z]RPYWÆYOT ^NSPY2P^PWW^NSLQ_ AZW!YZ$#!%$#z$ -]ZNVTYR_ZY 57 ?SP >LN]PO ?S]PLO% 3TYO`T^X TY T_^ .ZY_TY`T_d LYO /TaP]^T_d 0OTY M`]RS%@YTa;]$$ $# aLY OPY -]ZPV =ZPWZQ LYO BZ`_P] 5 3LYPR]LLQQ PO^ 2YZ^T^ LYO 3P]XP_TNT^X Q]ZX ,Y_T\`T_d_Z8ZOP]Y?TXP^,WMLYd9PbDZ]V%>_L_P@YTaZQ9PbDZ]V;]$$# -]ZYVSZ]^_ 5ZSLYYP^ w>ZXP :M^P]aL_TZY^ ZY _SP ;LOL[£¶SL ZQ _SP RaPOLx 445 $#%#z#$ z w-SL]_SL]T ZY ^[SZ¶L LYO `YTaP]^LW^x ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A $$% z# z w?bZ7T_P]L]d.ZYaPY_TZY^ZQ.WL^^TNLW4YOTLx ,^TL_T^NSP>_`OTPY0_`OP^L^TL_T\`P^ C7A$$%z" z w0_`OP^^`]-SL]_SL]T%7vLM^ZW`OLY^WPA£VdL[LO¯dLP_^ZYWTPYLaPNWP8LOSdL XLVLx ,^TL_T^NSP>_`OTPY%0_`OP^L^TL_T\`P^C7A4$$% !z# z wF=PaTPbH0YNdNWZ[POTLZQ4YOTLY[STWZ^Z[STP^A%?SP[STWZ^Z[SdZQ_SPR]LXXL]T LY^0OT_POMd3L]ZWO2.ZbL]OLYO66`YU`YYT=LUL/PWST%8Z_TWLW-LYL]^TOL^^ $$x ,^TL_T^NSP>_`OTPY0_`OP^L^TL_T\`P^C7A4$$%"#z" z w-SL]_SL]TLYOALT²P´TVLx ,^TL_T^NSP>_`OTPY C7A44$$ z ?SP _bZ _]LOT_TZY^ ZQ XPOT_L_TZY TY LYNTPY_ 4YOTL >_`__RL]_% 1]LYe >_PTYP] $#!& /PWST%8Z_TWLW$$ z 8X£À^£LYOAPO£Y_L%4Y_P]LN_TZYLYO.ZY_TY`T_d /PWST%8Z_TWLW" z 2]PL_P] 8LRLOSL% >_`OTP^ TY _SP .`W_`]P ZQ 0L]Wd 4YOTL 7PTOPY LZ% -]TWW " 3LYOMZZVZQ:]TPY_LW>_`OTP^$
!!
>PNZYOL]d>Z`]NP^
-]ZYVSZ]^_ 5ZSLYYP^ LYO 8LOSLa 8 /P^S[LYOP PO ,]dLY LYO 9ZY,]dLY TY >Z`_S ,^TL%0aTOPYNP4Y_P][]P_L_TZYLYO4OPZWZRd .ZW`XMTL8T^^Z`]T%/P[L]_XPY_ZQ>LY ^V]T_LYO4YOTLY>_`OTP^3L]aL]O@YTa$$$ -]ZZV^ /Z`RWL^ =PYQ]Pb ?SP ±]¯aTOd£ >NSZZW ZQ ±£V_L ?LY_]T^X% , >_`Od ZQ _SP ?Pc_^ LYO.ZY_Pc_^ZQ_SP7TaTYR?]LOT_TZY^TY>Z`_S4YOTL /T^^3L]aL]O@YTaP]^T_d$#" z ,`^[TNTZ`^ BT^OZX% ?SP ?Pc_^ LYO ?]LOT_TZY^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTL ,WMLYd%>_L_P@YTaZQ9PbDZ]V;]$$ z w,`^[TNTZ`^ 1]LRXPY_^ LYO @YNP]_LTY BT^OZX% ?SP =ZZ_^ ZQ ±]¯aTOd£ ±£V_L ?LY _]T^X TY >Z`_S 4YOTLx 4Y ?SP =ZZ_^ ZQ ?LY_]L POT_PO Md 6, 3L][P] LYO =ZMP]_ 7 -]ZbY "z" ,WMLYd%>@9D -]Z`RS 5ZSY w?SPZ]TP^ ZQ 2PYP]LW 7TYR`T^_TN^ TY _SP >LY^V]T_ 2]LXXL]TLY^x 4Y , =PLOP] ZY _SP >LY^V]T_ 2]LXXL]TLY^ POT_PO Md 1]T_^ >_LLW z .LXM]TORP% 84?;]P^^$"1T]^_[`MWT^SPOTY?]LY^LN_TZY^ZQ_SP;STWZWZRTNLW>ZNTP_d $ z w>ZXP 4YOTLY ?SPZ]TP^ ZQ 8PLYTYRx 4Y , =PLOP] ZY _SP >LY^V]T_ 2]LXXL]TLY^ POT_PO Md 1]T_^ >_LLW z .LXM]TORP% 84? ;]P^^ $" 1T]^_ [`MWT^SPO TY ?]LY^LN_TZY^ZQ_SP;STWZWZRTNLW>ZNTP_d$ -]Z^T`^.S]T^_TLYPw3L[[d0YO^`YOLYOP]P6]T^PY%3PTXL_`YO1LXTWTPYRWÞNVTX>[TP RPW -ZWWdbZZO^x 4Y XL^LWLOP% 8PY^NSPY L`^ >ÞOL^TPY TY /P`_^NSWLYO POT_PO Md .S]T^_TLYP-]Z^T`^LYO@]XTWL2ZPW"z3PTOPWMP]R%/]L`[LOT! -]ZbY B 9 w?SPZ]TP^ ZQ .]PL_TZY TY _SP =TR APOLx 5Z`]YLW ZQ _SP ,XP]TNLY :]TPY_LW >ZNTP_d # $! %z z w?SP .]PL_TaP =ZWP ZQ _SP 2ZOOP^^ A£N TY _SP =TR APOL x 4Y ;]L_TO£YLX% 4YOTLY
4]LYTLYLYO4YOZ0`]Z[PLY>_`OTP^;]P^PY_PO_Z1]LYNT^N`^-P]YL]O`^5LNZM`^6`T[P] ZY 3T^ >Tc_TP_S -T]_SOLd POT_PO Md 5 . 3PP^_P]XLY 2 3 >NSZZVP] LYO 4 >`M]LXZYTLY$z$"?SP3LR`P%8Z`_ZY$!# -]ÞNVYP] 3PTO]`Y w-PbLS]PY `YO 0]YP`P]Y% ;STWZ^Z[ST^NSP 6ZXXPY_L]_]LOT_TZY TX TYOT^NSPY 8T__PWLW_P]x 4Y ?Pc_ `YO 6ZXXPY_L]% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZX X`YTVL_TZY4APOT_POMd5LY,^^XLYYLYO-`]VSL]O2WLOTRZb"z"8ÞYNSPY% 1TYV$$ -]`YYP] 3ËWÊYP w?SP 1Z`] ;£OL^ ±LTa£RLXLx 5Z`]YLW ZQ :]TPY_LW =P^PL]NS !z! $#!z$$%!z"# z w 8L©LWL P_ dLY_]L OLY^WP²TaL|^XP£RLXT\`P%/ËQTYT_TZYOP^N]T[_TZY`^LRP]T_`PWx 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP% ?LMWP ]ZYOP ;L]T^ z U`TY $# z ;L]T^%.9=>$#! z w7vTXLRPOTaTYPOLY^WPN`W_P£RLXT\`POP±TaL%=L[[Z]_PY_]PWvTXLRPXPY_LWPP_WP ^`[[Z]_NZYN]P_O`N`W_Px4Y 7vTXLRPOTaTYP%.`W_PP_XËOT_L_TZYOLY^Wv3TYOZ`T^XP $z$;L]T^%0OT_TZY^O`.9=>$$ z w?SP ;WLNP ZQ DZRL TY _SP ±LTa£RLXL^x 4Y ;LYOT_ 9= -SL__ 1PWTNT_L_TZY AZW`XP POT_POMd;>1TWWTZeL_>;9L]LYRLYO.;-SL__L z!/PWST%8Z_TWLW-LYL] ^TOL^^$$ -]`YYP] 3 2 :MP]SLXXP] LYO , ;LOZ`c ?£Y_]TV£MSTOS£YLVZ²L% /TN_TZYYLT]P OP^
_P]XP^ _PNSYT\`P^ OP WL WT__Ë]L_`]P STYOZ`P _LY_]T\`P , /TN_TZYL]d ZQ ?PNSYTNLW ?P]X^ Q]ZX 3TYO` ?LY_]TN 7T_P]L_`]P BØ]_P]M`NS e`] ?P]XTYZWZRTP STYO`T^_T^NSP] ?LY_]PY AZWFAZbPW^HATPYYL%AP]WLROP]Ø^_P]]PTNST^NSPY,VLOPXTPOP]BT^^PY ^NSLQ_PYAZWFVL _Z T©TY HATPYYL% -ÞSYPXLYY 2`O]`Y /P] ,WWbT^^PYOP -`OOSL ^ ;]TXL]d >Z`]NP^ =L_YLV]_T >L] aLUL^TOOST z ?SPBZ]^ST[ ^;]TXL]d>Z`]NP^@X£YLYOLY£_SL 9T_dZ_^LaL z w>ZXP=PXL]V^ZY_SP>_]`N_`]PLYO,[[WTNL_TZYZQ3TYO`>LY^V]T_>_Z_]L^x BTPYP] EPT_^NS]TQ_QÞ]OTP6`YOP>ÞOL^TPY^ #$#%"z
>PNZYOL]d>Z`]NP^
!"
;¼U£,>_`OdTY>X£]_L=T_`LW ATPYYL%4Y^_T`_QÞ]4YOZWZRTP$## w:Y ;`]L²NL]L©L% 6`W£]©LaL .SL[_P] x 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY _]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY !z! ,W MLYd%>@9D$$ z ?SP4NZYZR]L[SdZQ3TYO`?LY_]TN/PT_TP^ AZW4% ?SP;LY_SPZYZQ_SP8LY_]LXLSZ OLOST AZW 44% ?SP ;LY_SPZY^ ZQ _SP ;]L[LÓNL^£]L LYO _SP ±£]LO£_TWLVL 2]ZYTYRPY% 0RMP]_1Z]^_PY z 8L©LWL^LYODLY_]L^TY_SP3TYO`?]LOT_TZY7PTOPY%-]TWW -`NV /LaTO . w>TOOS£Y_L% >TOOSL LYO ±LTaL , .ZX[L]T^ZY ZQ >TOOSL LYO ±LTaL 4OPL^ ZY_SP=PWTRTZ`^0c[P]TPYNPLYOT_^4X[WTNL_TZY^x4Y 0c[P]TPYNTYR±TaL0YNZ`Y_P]^ bT_S L 3TYO` /PT_d POT_PO Md 1 B .WZ_SPd LYO 5 -]`NP 7ZYR $z" .ZW`XMTL% >Z`_S,^TL-ZZV^$# -`SXLYY;P_P]w8`^TVx4Y 8P_eWP]7PcTVZY=PWTRTZY AZW$$z >_`__RL]_%8P_e WP]$$$ aLY-`T_PYPY5,-^;]TXL]d>Z`]NP^8LT_]£dL©dL@[LYT´LO LYOD£X`YL z w,M]TPQST^_Z]dZQ_SPWLYR`LRP^ZQ4YOTLx4Y ?SP7T_P]L_`]P^ZQ4YOTL%,Y4Y_]ZO`N _TZY POT_PO Md 0ObL]O . /TXZNV 5] P_ LW !z .STNLRZ% @YTa ZQ .STNLRZ ;] $" -`WVPWPd6PWWd ?SPBZYOP]TYR-]LTY%?STYVTYRLMZ`_=PWTRTZYbT_SLYOMPdZYO.ZRYT _TaP 9P`]Z^NTPYNP 9PbDZ]V%=Z`_WPORP -`]VP 6PYYP_S 7LYR`LRP L^ ^dXMZWTN LN_TZY% 0^^Ld^ ZY 7TQP 7T_P]L_`]P LYO 8P_SZO -P]VPWPd7Z^,YRPWP^%@YTaZQ.LWTQZ]YTL;]$!# -`]VL]O 1]LYe;P_P] w;d_SLRZ]PP]x TY 8P_eWP] 7PcTVZY ;STWZ^Z[STP POT_PO Md ;P_P] ;]PNS_WLYO1]LYe;P_P]-`]VSL]O!>_`__RL]_%5-8P_eWP]$$! .LX[MPWW.ZWTY?SP0L^_P]YTeL_TZYZQ_SPBP^_%,?SPXL_TN,NNZ`Y_ZQ.`W_`]LW.SLYRP TY_SP8ZOP]Y0]L -Z`WOP]%;L]LOTRX;`MWT^SP]^" .LYNTV3`MP]_LYO3`MP]_8ZS]w=PWTRTZY^Æ^_SP_TVx4Y3=B24$##%z ! .L]OZYL2PZ]RPw,YaLdLLYOAdL_T]PVLTY4YOTLY2]LXXL]x ?SP,OdL]7TM]L]d-`WWP _TY z$!"z$!#%z z ;£©TYT,>`]aPdZQ=P^PL]NS ?SP3LR`P%$"! z w:Y =PL^ZYTYR Q]ZX LYaLdL LYO adL_T]PVL TY 0L]Wd ,OaLT_Lx 4Y >_`OTP^ TY 4YOTLY ;STWZ^Z[Sd% , 8PXZ]TLW AZW`XP TY 3ZYZ`] ZQ ;LYOT_ >`VSWLWUT >LYRSaT POT_PO Md /LW^`VS8LWaLYTLLYO 9LRTY 5 >SLS"$z ,SXPOLMLO%7 / 4Y^_T_`_P ZQ 4YOZW ZRd$# .L][PY_P]/LaTOw-SL]_SL]TLYO_SPAPOLx4Y ?Pc_^TY.ZY_Pc_%?]LOT_TZYLW3P]XPYP` _TN^TY>Z`_S,^TL POT_POMd5=?TXX"z,WMLYd%>_L_P@YTaZQ9PbDZ]V;] $$ z w?SP8L^_P]dZQ>[PPNS%.LYZYTNT_dLYO.ZY_]ZWTY_SPAPOL^x 4Y ,`_SZ]T_d ,YcT P_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY POT_PO Md 7L`]TP 7 ;L__ZY $z ,WMLYd%>_L_P@YTaZQ9PbDZ]V;]$$ .L][PY_P]0OX`YO :SBSL_ L-WZb_SP ;SLY_ZX 2LaP8P 9PbDZ]V%-LY_LX-ZZV^ $" .L]] -]TLY w±L«VL]L ZY XPXZ]d LYO _SP NZY_TY`T_d ZQ _SP ^PWQx =PWTRTZ`^ >_`OTP^ ! %$z .L]]`_SP]^8L]d ?SP.]LQ_ZQ?SZ`RS_%8POT_L_TZY=SP_Z]TNLYO_SP8LVTYRZQ4XLRP^ z .LXM]TORP%.LXM]TORP@YTaP]^T_d;]P^^$$# .L^^T]P]0]Y^_ >[]LNSP`YO8d_SZ^%0TY-PT_]LRe`X;]ZMWPXOP]2Ø__P]YLXPY 7PT[eTR LZ%?P`MYP]$ z z
!# z
>PNZYOL]d>Z`]NP^
;STWZ^Z[STPOP]^dXMZWT^NSPY1Z]XPY aZW^$$ $$&^[PNTLWPOT_TZYTY
aZW^ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ ]P[]TY_ ZQ _SP ^PNZYO POT_TZY $$ z ;STWZ^Z[STPOP]^dXMZWT^NSPY1Z]XPY0]^_P]?PTW%/TP>[]LNSP /L]X^_LO_%BT^^PY ^NSLQ_WTNSP-`NSRP^PWW^NSLQ_$ $$ z ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY EbPT_P] ?PTW% /L^ Xd_ST^NSP /PYVPY /L]X ^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP^PWW^NSLQ_]P[]$$ z 7LYR`LRPLYO8d_S _]LY^>67LYRP]9PbDZ]V%/ZaP];`M$ z ,Y 0^^Ld ZY 8LY% ,Y 4Y_]ZO`N_TZY _Z L ;STWZ^Z[Sd ZQ 3`XLY .`W_`]P 9Pb DZ]V% /Z`MWPOLd,YNSZ]-ZZV^$ $2P]XLY%$$ z ?SP ;STWZ^Z[SdZQ>dXMZWTN1Z]X^ aZW^9Pb3LaPY%DLWP@YTa;]$ " z ?SP;STWZ^Z[SdZQ>dXMZWTN1Z]X^%AZW`XP7LYR`LRP 9Pb3LaPY%DLWP@YTaP] ^T_d;]P^^$$ $ .SLX[TZY .L_SP]TYP PO ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY ;L]T^% 0OT_TZY^ OP Wv0NZWPOP^3L`_P^0_`OP^PY>NTPYNP^^ZNTLWP^$$! .SL__P]UPP2LdL_]T 8Z_SP]4YOTL ?]ZbM]TORP%.]ZXbPWW;]P^^ .STYNSZ]P8LYRLWL= ,YTNNL_£,YT_dL_£%,Y,YLWd^T^ZQ-`OOST^_:[[Z^T_TZY_Z;P]XL YPYNP>_LMTWT_dLYO,W_P]YL_TaP1Z`YOL_TZYZQ:Y_ZWZRdLYOZ],Y_S]Z[ZWZRd /PWST% >]T>L_R`]`$$ .SZX^Vd9 7LYR`LRPLYO8TYO 9PbDZ]V%3L]NZ`]_-]LNPLYOBZ]WO$!# .S]T^XLY 8T]TLX @^SP] 7Ld .`W_`]P 7PL]YPO .`W_`]P% -ZZV^ LYO >ZNTLW .SLYRP TY >_]L^MZ`]R#z $$ 9Pb3LaPY%DLWP@YTaP]^T_d;]P^^$# .WZZYPd1]LYNT^CwBSL_v^L2ZO*?SP_`OTP^ ,`R$$"%"z# .WZ_SPd 1]PO B LYO 5 -]`NP 7ZYR PO 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d .ZW`XMTL%>Z`_S,^TL-ZZV^$# .ZM`]Y ?SZXL^ - w?SP >_`Od ZQ _SP ;`]£©L^ LYO _SP >_`Od ZQ =PWTRTZYx =PWTRTZ`^ >_`OTP^!$#%z z wu>N]T[_`]PvTY4YOTL?ZbL]O^L?d[ZWZRdZQ_SPBZ]OTY3TYO`7TQPx 5Z`]YLWZQ_SP ,XP]TNLY,NLOPXdZQ=PWTRTZY $#% z $ .ZSPY>TRYP ?Pc_LYO,`_SZ]T_dTY_SP:WOP]@[LYT´LO^7PTOPY%-]TWW# .ZW[P .L]^_PY w>LV]LWT^TP]`YR aZY ?Pc_PY `YO 1TWTL_TZYPY aZY 6LYZY^x 4Y 6LYZY `YO EPY^`]POT_POMd,WPTOLLYO5LY,^^XLYY#z$8ÞYNSPY%1TYV$#" .ZZXL]L^bLXd ,YLYOL 6 w:]YLXPY_x 4Y >PWPN_PO ;L[P]^%?]LOT_TZYLW ,]_LYO >dX MZWT^XPOT_POMd=ZRP]7T[^Pdz ;]TYNP_ZY%;]TYNP_ZY@YTa;]$""1T]^_ [`MWT^SPOTY_SP ,]_-`WWP_TY CC4$$ .ZbL]O3L]ZWO2 -SL]_SL]T -Z^_ZY%?bLdYP;`MWT^SP]^$"! z w-SL]_SL]Tv^/SaLYT%,.PY_]LW9Z_TZYTY4YOTLY,P^_SP_TN^x4Y=PaPWL_TZYTY4YOTLY ?SZ`RS_ POT_POMd3.ZbL]OLYO6>TaL]LXLY! z# 0XP]daTWWP.LWTQ%/SL]XL ;`MWT^STYR$"" z ?SP >[SZ¶L ?SPZ]d ZQ 7LYR`LRP% , ;STWZ^Z[STNLW ,YLWd^T^ /PWST% 8Z_TWLW -LYL]^T OL^^$#=P[]TY_$#! z PO 8ZOP]Y 4YOTLY =P^[ZY^P^ _Z =PWTRTZ`^ ;W`]LWT^X ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V;]$#" z w/P]]TOLLYO-SL]_SL]Tv^A£VdL[LO¯dLZY_SP:]TRTYZQ7LYR`LRPx ;STWZ^Z[Sd0L^_ LYOBP^_ $$%z!
>PNZYOL]d>Z`]NP^
!$
w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ?SP ;STWZ^Z[Sd ZQ _SP2]LXXL]TLY^POT_POMd3L]ZWO 2.ZbL]OLYO 66`YU`YYT=LUL#z /PWST% 8Z_TWLW-LYL]^TOL^^$$ z w?SP8PLYTYRLYO;ZbP]ZQ8LY_]L^TY-SL]_SL]Tv^ A£VdL[LO¯dL x4Y @YOP]^_LYOTYR 8LY_]L^POT_POMd3L]aPd;,W[P]! z"! /PWST%8Z_TWLW-LYL]^TOL^^$$,W MLYd% $#$ .ZbL]O3L]ZWOLYO6]T^SYL>TaL]LXLYPO =PaPWL_TZYTY4YOTLY?SZ`RS_%,1P^_^NS]TQ_ TY3ZYZ`]ZQ;]ZQP^^Z]?=A8`]_T 0XP]daTWWP.LWTQ%/SL]XL;`MWT^STYR$"" .ZbL]O3L]ZWO2LYO66`YU`YYT=LULPO 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^ AZW A% ?SP;STWZ^Z[SdZQ_SP2]LXXL]TLY^/PWSTLZ%8Z_TWLW-LYL]^TOL^^$$ z w4Y_]ZO`N_TZY _Z _SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^x 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZWAz$" z wBZ]O8PLYTYRxTY 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^AZW %?SP;STWZ^Z[SdZQ _SP2]LXXL]TLY^POT_POMd3L]ZWO2.ZbL]OLYO66`YU`YYT=LUL/PWST%8Z_TWLW -LYL]^TOL^^$$ .`_WP]9Z]XLY >ZYR^ZQ 0c[P]TPYNP%?SP ;ZP_TN^ZQ?LXTW /PaZ_TZY -WZZXTYR_ZYLZ% 4YOTLYL@YTa;]$#" z w?LXTW2LXP>ZYR^_Z±TaLx4Y =PWTRTZY^ZQ4YOTLTY;]LN_TNPPOT_POMd/>7Z[Pe z # /PWST%8`Y^ST]LX8LYZSL]WLW$$# .eP]YTLV/]ZeOeZbT_Ne 8L]ePYYL ;£ÓNL]£_]L >N]T[_`]P TY _SP ;]ZNP^^ ZQ .SLYRP% , >_`OdZQ_SP;L]LXL^LÀST_£ ATPYYL% /LYRP >TYOS` > ,^[PN_^ ZQ >[PPNS TY APOTN =T_`LW 9Pb /PWST% ,]dLY -ZZV^ 4Y_P]YL _TZYLW$$! /LYTËWZ`,WLTY 4Y_]ZO`N_TZY_Z_SP>_`OdZQ8`^TNLW>NLWP^9Pb/PWST%:]TPY_LW-ZZV^ =P[]TY_$"$7ZYOZY%?SP4YOTL>ZNTP_d$ z >LN]PO8`^TNz4_^:]TRTY^;ZbP]^LYO1`_`]P%?]LOT_TZYLW8`^TNTY?ZOLdv^BZ]WO ,]_TNWP^^PWPN_POMd572LMTYAL]LYL^T%4YOTNL-ZZV^ /LYTYZ 8TNSPW LYO >`UL_L 9LSL] ?SP 4YaL^TZY ?SL_ 9PaP] BL^ 8d^Z]P% 8T]L ,OT_T .PY_]P /L^ APPYL >_]`N_`]P LYO .ZRYT_TZY% ,^[PN_^ ZQ 3TYO` .L^_P LYO =T_`LW 9Pb /PWST% :cQZ]O@YTa;]$# /L^R`[_L >`]PYO]LYL_S , 3T^_Z]d ZQ 4YOTLY ;SZWZ^Z[Sd AZW /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $" =P[]TY_%$$.LXM]TORP% $ /LaTP 2]LNP =PWTRTZY TY -]T_LTY ^TYNP $ % -PWTPaTYR bT_SZ`_ -PWZYRTYR :cQZ]O% -WLNVbPWW$$ /LaTO^ZY=ZYLWO8w?SP-ZOST^L__aLALU]L[£©Tv^>`MU`RL_TZYZQ±TaLx4Y =PWTRTZY^ZQ 4YOTL TY ;]LN_TNP POT_PO Md /> 7Z[Pe "z /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# /LaT^=TNSL]O 3 BZ]^ST[TYR ±TaLTY8POTPaLW 4YOTL% =T_`LWTY LY:^NTWWL_TYR @YTaP]^P ;]TYNP_ZY9Pb5P]^Pd%;]TYNP_ZY@YTaP]^T_d;]P^^$$ z w-PNZXTYRL±TaLLYO,N_TYRL^:YPTY±LTaLBZ]^ST[x4Y =T_`LWLYO>[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY "z$,WMLYd%>@9D$$ z 7TaP^ZQ4YOTLY4XLRP^/PWST%8Z_TWLW-LYL]^TOL^^$$$ /LdLYLYOL>bLXT^PP9L]L^TXSLY;LOXL /P>`^STW6`XL]w>LY^V]T_/PaZ_TZYLW;ZP_]dLYO3dXYZWZRdx 9Pb4YOTLY,Y_T\`L]d $ $"%$z! z 3T^_Z]dZQ >LY^V]T_ ;ZP_TN^ .LWN`__L% 1T]XL 678;]TaL_P 7TXT_PO $##=P[]TY_ZQ _SP YO ]PaPO$! z
"
>PNZYOL]d>Z`]NP^
/PPR 8Lc /TP LW_TYOT^NSP 0_dXZWZRTP YLNS OPX AP]^_ÆYOYT^ D£^VLv^ `YO ^PTYP] AZ]
RÆYRP]%0TYP@Y_P]^`NS`YRÞMP]TS]P;]LV_TVPYWT_P]L]T^NSPAP]M]PT_`YR`YOTS]AP] SÆW_YT^e`]/TNS_P]T^NSPY2P^_LW_`YR`YO>[]LNSXLRTP /P__PWMLNS%=ØWW$$ /P^[LYOP 8LOSLa 8 w?SP .SLYRTYR 9Z_TZY ZQ ²T´¶L Q]ZX ;L_LULWT _Z -SL]_SL]Tx 4Y ;]ZNPPOTYR^ZQ_SP1T]^_4Y_P]YL_TZYLW.ZYQP]PYNPZY-SL]_SL]T%@YTaP]^T_dZQ;ZZYL 5LY`L]d!z#$$,^TL_T^NSP>_`OTPY0_`OP^L^TL_T\`P^C7A44$$%$ z /TV^ST_L]A==LXLNSLYO]L ?SP7LWT_£.`W_ /PWST%8Z_TWLW-LYL]^TOL^^$$8LO]L^% $ /TXXT__.Z]YPWTLLYO5,-aLY-`T_PYPYPOLYO_]LY^ .WL^^TNLW3TYO`8d_SZWZRd%, =PLOP]TY_SP>LY^V]T_;`]£©L^ /PWST%>L_R`]`$$#?PX[WP@YTa$"# /TXZNV U] 0ObL]O . P_ LW ?SP 7T_P]L_`]P^ ZQ 4YOTL% ,Y 4Y_]ZO`N_TZY .STNLRZ% ?SP @YTaZQ.STNLRZ;]$" z ?SP ;WLNP ZQ _SP 3TOOPY 8ZZY% 0]Z_TN 8d^_TNT^X TY _SP ALT´©LaL^LSLUTd£ .`W_ ZQ -PYRLW /PWST%8Z_TWLW-LYL]^TOL^^$$.STNLRZ% $!! /ZYYP]MP]R 7L^L PO , APOLY_TYv^ ATPb ZQ .S]T^_TLY .ZYNP[_^% , /TLWZR MP_bPPY >bLXT /LdLYLYOL >L]L^bL_T LYO ;]ZQP^^Z] 3PWX`_ 2T]YO_ >LdWZ]^M`]R ;PYY^dW aLYTL%,]^SLATOdL2`]`V`WLX$$# /]LRZYP__T .L]XPY LYO 1P]YLYOZ ?ZWL :Y _SP 8d_S ZQ _SP :[[Z^T_TZY MP_bPPY 4YOTLY ?SZ`RS_ LYO BP^_P]Y ;STW^Z[Sd 3TWOP^SPTX& EÞ]TNS LZ% :WX^ ;STWZ^Z[ST ^NSP?Pc_P`YO>]`OTPY" /`MZT^,MMË5PLY,Y_ZTYP 7PMPY`YO=T_PYOP]4YOP]%6L^_PYbP^PY`YO3TYO`RWL`MPTY >ÞOTYOTPY`X# -TPWPQPWO%=PT^P6YZb3ZbAP]WLR7ZYOZY%#" /`P]] 3LY^ ;P_P] PO LWNSP]TYRL ZOP] OTP MPRTYYPYOP EPT_ 1]LYVQ`]_ L8 ;L]T^% LN]PO9L]]L_TaP%=PLOTYR^TY_SP?SPZ]dZQ8d_S -P]VPWPdLZ%@YTa ZQ.LWTQZ]YTL;]$# /aTaPOL A]LULaLWWLMSL wv3LaTYR -PNZXP L 2ZO 3P >SZ`WO >LN]TQTNP _Z _SP 2ZO^vx 4Y =T_`LWLYO>[PN`WL_TZY^TY0L]Wd?LY_]T^X%>_`OTP^TY3ZYZ]ZQ,YO]Ë;LOZ`c POT_PO Md?P`Y2Z`O]TLLYz#,WMLYd%>@9D$$ /dNeVZb^VT 8L]V >2 ?SP /ZN_]TYP ZQ ATM]L_TZY% ,Y ,YLWd^T^ ZQ _SP /ZN_]TYP^ LYO ;]LN_TNP^ZQ6L^SXT]>SLTaT^X/PWSTLZ%8Z_TWLW-LYL]^TOL^^$#$,WMLYd%>_L_P @YTaZQ9PbDZ]V$#" z ?SP.LYZYZQ_SP±LTa£RLXLLYO_SP6`MUTV£?LY_]L^ZQ_SPBP^_P]Y6L`WL?]LOT_TZY /PWST%8Z_TWLW-LYL]^TOL^^$#$>@9D $## z ,5Z`]YPdTY_SPBZ]WOZQ_SP?LY_]L^AL]LYL^T%4YOTNL-ZZV^ 0NV /TLYL /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL 9Pb DZ]V% .ZW`XMTL @YTa ;] $$! 0NZ@XMP]_Z 0TYQÞS]`YRTYOTP>PXTZ_TV 8ÞYNSPY%1TYV # $$ 0T^PY^_LO_ >9 =P`aPY 6LSLYP LYO /LaTO >S`WXLY PO :]_SZOZcd 3P_P]ZOZcd LYO /T^^PY_TY4YOTL -P]WTYLZ%8Z`_ZY$# 0WTLOP8T]NPLPO ?SP0YNdNWZ[POTLZQ=PWTRTZY 9PbDZ]V7ZYOZY%8LNXTWWLY$#" z DZRL% @Y^_P]MWTNSVPT_ `YO 1]PTSPT_ 1]LYVQ`]_% >`S]VLX[ $# 1]PYNS Z]TRTYLW ;L]T^%;LdZ_$!PYWL]RPOPO$# 0WTeL]PYVZaL?L_dLYL5 .ZYNP]YTYR_SP[SZYZWZRTNLW_d[ZWZRdZQ ^ZXPYPb 4YOZ,]dLY WLYR`LRP^8Z^NZb$! z 7LYR`LRP LYO >_dWP ZQ _SP APOTN ´T^ 9Pb DZ]V% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^$$ 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^/PWST%8Z_TWLW-LYL]^TOL^^ z AZW% ,OaLT_LAPO£Y_L`[_Z±LÀVL]LLYO3T^;`[TW^ PO6L]W3;Z__P]$#
>PNZYOL]d>Z`]NP^
"
AZW % ?SP;STWZ^Z[STPZQ_SP2]LXXL]TLY^PO3L]ZWO2.ZbL]OLYO66`YU`YYT =LUL$$ z AZW% ,OaLT_LAPO£Y_LQ]ZX#_Z PO6L]W3;Z__P]! 0]YOW 6L_SWPPY 8 ATN_Z]d _Z _SP 8Z_SP]% ?SP 3TYO` 2ZOOP^^ ZQ 9Z]_SbP^_ 4YOTL TY 8d_S=T_`LWLYO>dXMZW 9PbDZ]V%:cQZ]O@YTa;]$$ 0aLY^;]T_NSL]O 0 0 3PcP]PT :]LVPW `YO 8LRTP MPT OPY ELYOP 1]LYVQ`]_% >`S]VLX[ $##0YRWT^S:]TRTYLW$"! 1LTa]P ,Y_ZTYP ?SPZ^Z[Sd 4XLRTYL_TZY ?]LOT_TZY% >_`OTP^ TY BP^_P]Y 0^Z_P]TNT^X ,WMLYd9PbDZ]V%>_L_P@YTaZQ9PbDZ]V;] z 0^Z_P]TVTX¾MP]MWTNV 1]PTM`]RTX-]PT^RL`%3P]OP] 1LWV3L]]dw2ZZOTP^QZ]4YOTLz7T_P]LNd:]LWT_dLYOAPOTN.`W_`]Px4Y 0]^NSPTY`YR^ QZ]XPY V`W_`]PWWP] ;]ZeP^^P POT_PO Md BZWQRLYR =LTMWP z ?ÞMTYRPY% 9L]] $$ z >NS]TQ_ TX LW_PY 4YOTPY% 0TY 1Z]^NS`YR^MP]TNS_ XT_ ,YXP]V`YRPY ?ÞMTYRPY% 9L]] $$ z w?SP2LWT_L^TY_SPRaPOL;LOL[£¶SLx4Y ?SP;LYOT_ POT_POMd,cPW8TNSLPW^#z /PWST%8LYZSL] 1L]\`L]59 ,Y:`_WTYPZQ_SP=PWTRTZ`^7T_P]L_`]PZQ4YOTL/PWSTLZ%8Z_TWLW-LYL] ^TOL^^$# $ 1L`NZYYTP]2TWWP^LYO8L]V?`]YP]w=P_STYVTYR8P_L[SP]x4Y .LXM]TORP3LYOMZZVZQ 8P_SL[SZ] LYO ?SZ`RS_ POT_PO Md =Ld 2TMM^ .LXM]TORP% .LXM]TORP @YTa ;] #S__[%MWPYOTYR^_LYOQZ]OPO` 1L`^P] 8L]V`^ 0TYQÞS]`YR TY OTP 6`W_`]bT^^PYNSLQ_ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ # 1PWO>_PaPY >Z`YOLYO >PY_TXPY_%-T]O^BPP[TYR;ZP_TN^LYO>ZYRTY 6LW`WT0c[]P^ ^TZY ;STWLOPW[STL%@YTaZQ;PYY^dWaLYTL;]$# 1P`P]^_PTY2PZ]R ?Pc_MZZVZQDZRL 7ZYOZY%=TOP]LYO.ZX[LYd$" 1TPOP]X`_e7L`Y ,YYPXL]TPP_LWPO E`],VeP[_LYeaZY8LRTP=PWTRTZY`YOBT^^PY ^NSLQ_ 8ÞY^_P]%74? 1TWWTZeL_5PLYw?SP=ZWPZQ_SP±LTa£RLXL^TY_SP±LTaL=T_`LW>d^_PX%,Y4Y_]ZO`N_TZY _Z _SP =ZWP ZQ _SP ±LTa£RLXL^ TY _SP =T_`LW 7TQP ZQ >Z`_S LYO >Z`_S 0L^_ ,^TLx 4Y 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d POT_PO Md 1 B .WZ_SPd LYO 5 -]`NP7ZYR#z#!.ZW`XMTL%>Z`_S,^TL-ZZV^$# 1TWWTZeL_ ;TP]]P>dWaLTY ?SP >LY^V]T_ 7LYR`LRP% ,Y :aP]aTPb 3T^_Z]d LYO >_]`N_`]P 7TYR`T^_TN LYO ;STWZ^Z[STNLW =P[]P^PY_L_TZY^ @^P^ LYO @^P]^ AL]LYL^T% 4YOTNL 1]PYNS:]TRTYLW%;]P^^P^@YTaP]^T_LT]P^OP1]LYNP$$ 1TYOWd 0WWT^ZY -LYV^ w 8ÃY_]L VLaT²L^_Ã% >[PPNS L^ ;P]QZ]XL_TaP TY _SP RaPOLx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] z" /PWST% 8Z_TWLW -LYL]^T OL^^$$,WMLYd% $#$ 1T^NS 5Ø]R w/P] 9TPOP]RLYR OP^ ,MPYOWLYOP^ TX 8Z]RPYWLYO% /TZRZ OZ .Z`_Z z !!`YOOTP[Z]_`RTP^T^NSP3P]]^NSLQ_TY,^TPYx4Y 9TPOP]RLYR>_`OTPYe`PTYPX RP^NSTNS_WTNSPY ?SPXL POT_PO Md =PTYSL]_ 6Z^PWWPNV LYO ;L`W BTOXP] #z" >_`__RL]_%6WP__.Z__L$# 1T_eRP]LWO ?TXZ_Sd ?SP 4OPZWZRd ZQ =PWTRTZ`^ >_`OTP^ 9Pb DZ]V% :cQZ]O @YTa ;] 1WL^NS 6`]_ 0TYQÞS]`YR TY OTP ;STWZ^Z[STP OP^ 8T__PWLW_P]^ /L]X^_LO_% BT^^PY^NSLQ_WT NSP-`NSRP^PWW^NSLQ_$#" $#$ z /L^ [STWZ^Z[ST^NSP /PYVPY TX 8T__PWLW_P] aZY ,`R`^_TY e` 8LNSTLaPWWT >_`__RL]_% ;STWT[[=PNWLXU`Y$#" z
"
>PNZYOL]d>Z`]NP^
1WL^NSP=LTYP]w2PMP_x4Y 3LYOM`NS]PWTRTZY^bT^^PY^NSLQ_WTNSP]2]`YOMPR]TQQP AZW POT_PO Md 3`MP]_ .LYNTV -`]VSL]O 2WLOTRZb LYO 8L__STL^ 7L`M^NSP] !z!# >_`__RL]_LZ%6ZSWSLXXP]$$ 1WPP_51w?SP6L_L[LdLOT^d^_PXZQPc[]P^^TYRY`XMP]^x 5Z`]YLWZQ_SP=ZdLW,^TL_TN >ZNTP_d $%"##z"$ 1WTNV @bP PO ;^dNSZWZRTP OP^ >ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP =PTYMPVMPT3LXM`]R%=ZbZSW_$$ 1WZZO2LaTY ,Y4Y_]ZO`N_TZY_Z3TYO`T^X.LXM]TORP%.LXM]TORP@YTa;]$$! z w/bPWWTYRZY_SP-Z]OP]^%>PWQ?Pc_LYO BZ]WOx 6PdYZ_PWPN_`]PL__SPNZYQP]PYNP w=PWTRTZYZY_SP-Z]OP]^xTY>_ZNVSZWX,[]TW$z" 1Z`NL`W_8TNSPW 7vL]NSËZWZRTPO`^LaZT];L]T^%0OT_TZY^2LWWTXL]O$!$ z ,]NSÆZWZRTPOP^BT^^PY^ 1]LYVQ`]_%>`S]VLX[$"$$ 1]LYNZ 0WT LYO 6L]TY ;]PT^PYOLYe PO -PdZYO :]TPY_LWT^X% ?SP BZ]V ZQ BTWSPWX 3LWMQL^^ LYO T_^ 4X[LN_ ZY 4YOTLY LYO .]Z^^.`W_`]LW >_`OTP^ ,X^_P]OLX LZ% =Z OZ[T$$" 1]L`bLWWYP]0]TNS 8L_P]TLWTPYe`]ÆW_P^_PY0]VPYY_YT^WPS]POP]6L]XLXX£À^£ ATPYYL% ¸^_P]]PTNST^NSPY,VLOPXTPOP]BT^^PY^NSLQ_PY3-ØSWL`^9LNSQ$!# 1]LbWPd /LaTO 2ZO^ >LRP^ LYO 6TYR^% APOTN >PN]P_^ ZQ ,YNTPY_ .TaTWTeL_TZY /PWST% 8Z_TWLW-LYL]^TOL^^ $$=P[]TY_ 1`WWP].S]T^_Z[S5 >P]aLY_^ZQ_SP2ZOOP^^%?SP;]TP^_^ZQL>Z`_S4YOTLY?PX[WP .LX M]TORP%.LXM]TORP@YTaP]^T_d;]P^^$# 1`WWP]=ZMP]_. >[T]T_`LW-`_9Z_=PWTRTZ`^%@YOP]^_LYOTYR@YNS`]NSPO,XP]TNL9Pb DZ]V%:cQZ]O@YTaP]^T_d;]P^^ 1`YL_^` 6Le`d`VT w?SP 8P_L[Sd^TN^ ZQ 8`^TN TY >LYRT_L]L_YLVL]Lx 4Y /] >PYRLV` 8LdPOL1PWTNT_L_TZYAZW`XP2LYZ>ST^Z ?ZVdZ%>S`YU`^SL$$TY5L[LYP^P 1`UTT 8L^L_Z w:Y _SP 1Z]XL_TZY LYO ?]LY^XT^^TZY ZQ _SP 5LTXTYÉdL@[LYT´LO -]£SXL©Lx4Y 4Y^TOP_SP?Pc_^z-PdZYO_SP?Pc_^%9Pb,[[]ZLNSP^_Z_SP>_`OdZQ
_SP APOL^% ;]ZNPPOTYR^ ZQ _SP 4Y_P]YL_TZYLW APOTN BZ]V^SZ[ 3L]aL]O @YTaP]^T_d 5`YP $#$ POT_PO Md 8TNSLPW BT_ePW #$z .LXM]TORP% /P[L]_XPY_ ZQ >LY^V]T_ LYO4YOTLY>_`OTP^3L]aL]O@YTaP]^T_d$$" 2ÆNS_P] :_SXL] 3P]XPYP`_TN^ LYO 7LYR`LRP TY ;¼]aL 8¯X£À^£ , >_`Od TY ±£ML]L -S£´dL /PWSTLZ%8Z_TWLW-LYL]^TOL^^$# 2ÆNS_P] :_SXL] LYO ,Y_ZY dXMZWP 8LRTP `YO =PWTRTZYx ,Y_S]Z[Z^ # $#$% z $ 2LPYeWP 8L]_TY LYO 5Ø]R 2PYRYLRPW AT^`LWTeTYR >[LNP TY -LYL]L^% 4XLRP^ 8L[^ LYO _SP;]LN_TNPZQ=P[]P^PY_L_TZY BTP^MLOPY%3L]]L^^ZbT_e! 2L^_ZY,YYP8L]TP -SL]L_L9L_dLX%1]ZX?PX[WP_Z?SPL_]P/PWST%8LYZSL]$$! 2PP]_e ,]XTY B LYO 5P[[P >TYOTYR 5PY^PY PO^ =PWTRTZY ?]LOT_TZY LYO =PYPbLW ,L]S`^%,L]S`^@YTa;]$$ 2PP]_e.WTQQZ]O ?SP4Y_P][]P_L_TZY^ZQ.`W_`]P^7ZYOZY%1ZY_LYL;]$$ $" z /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYVQ`]_ LX 8LTY%>`S]VLX[ $$" $#" 2PYRYLRPW 5Ø]R 8£d£ ;`]`´L `YO ±TaL% /TP O`LWT^_T^NSP ?]LOT_TZY OP^ ±TaLT^X`^ YLNS ,RSZ]L²Ta£N£]dL^?L__aL[]LV£²La__T BTP^MLOPY%3L]]L^^ZbT_e$$! 2P]SL]O^ ,WMP]_ w/TP ;^LWXPY TY OP] ]ØXT^NSPY 7T_`]RTP% 0TYP -P^_LYO^L`QYLSXP OP^ ;^LWXPYRPM]L`NS^ TY >_`YOPYRPMP_ `YO 8PÁQPTP]x 4Y /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`XPOT_POMd0]TNSEPYRP] z"$1]PTM`]R%3P]OP]$$# 2P]Zb0ObTY 4YOTLY;ZP_TN^ BTP^MLOPY%3L]]L^^ZbT_e$""
>PNZYOL]d>Z`]NP^
"
2WLOTRZb -`]VSL]O w0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_Px 4Y 7ZVLWP =PWTRTZY^RP^NSTNS_P [`MWT^SPO Md 3 2 6T[[PYMP]R LYO - 7`NSP^T z 8L]M`]R% /TLRZYLWAP]WLR $$ z =PWTRTZY^bT^^PY^NSLQ_ LW^ 6`W_`]bT^^PY^NSLQ_ POT_PO Md . ,`QQL]_S LYO 5 =Þ[VP $#z>_`__RL]_%6ZSWSLXXP] 2WL^PYL[[ 3a /TP;STWZ^Z[STPOP]4YOP]% 0TYP0TYQÞS]`YRTY TS]P 2P^NSTNS_P`YOTS]P 7PS]PY >_`__RL]_%,WQ]PO6]ØYP]AP]WLR$# 2W`NVWTNS,]TPW ?SP0YOZQ8LRTN 9PbDZ]V:cQZ]O%:cQZ]O@YTaP]^T_d;]P^^$$" 2YZWT=LYTP]Z ?SP,P^_SP_TN0c[P]TPYNPLNNZ]OTYR_Z,MSTYLaLR`[_L =ZXL%4^80: $ ! 2ZP_SP5ZSLYYBZWQRLYR 1L`^_%/P]?]LRØOTPP]^_P]?PTW >_`__RL]_%;STWT[[=PNWLX5`Y $" 2ZYOL5LY >_dWT^_TN=P[P_T_TZYTY_SPAPOL,X^_P]OLX%9A9ZZ]O3ZWWLYO^NSP@T_RP aP]^8LL_^NSL[[TU$ $ z ?SPAT^TZYZQ_SPAPOTN;ZP_^?SP3LR`P%8Z`_ZY$! z w?SP4YOTLY8LY_]Lx :]TPY^!$!%z$" z w?SP ±L_L]`O]TdLx 4Y >LY^V]T_ LYO 4YOTLY >_`OTP^ 0^^Ld^ TY 3ZYZ] ZQ /LYTPW 3 3 4YRLWW^ POT_PO Md 8 9LRL_ZXT -6 8L_TWLW P_ LW " z$ /Z]O]PNS_% =PTOPW ;`MW .Z$"$ 2ZZOd 5LNV 4LY BL__ LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`] 1]LYVQ`]_LX8LTY%>`S]VLX[$#! 2ZZOd 5LNVPO 7T_P]LNdTY?]LOT_TZYLW>ZNTP_TP^.LXM]TORPLZ%.LXM]TORP@YTa ;] $!#2P]XLY% 7T_P]LWT_Æ_TY_]LOT_TZYLWPY2P^PWW^NSLQ_PY1]LYVQ`]_L8%>`S]VLX[ $# z ?SP 7ZRTN ZQ B]T_TYR LYO _SP :]RLYTeL_TZY ZQ >ZNTP_d .LXM]TORP LZ% .LXM]TORP @YTa;]$#! z ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PY LYO _SP :]LW .LXM]TORP LZ% .LXM]TORP @YTa ;]$#" z ?SP ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY BL^STYR_ZY 7ZYOZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;] 2Z^bLXT >L`]LMSLYO >PWTYL?STPWPXLYY 8`^TNLYO1TYP ,]_^TY_SP/PaZ_TZYLW?]LOT _TZY^ZQ4YOTL%BZ]^ST[_S]Z`RS-PL`_d 9Pb/PWST%,;3;`MWT^STYR.Z][Z]L_TZY 2Z`O]TLLY ?P`Y LYO >LYU`V_L 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P BTP^MLOPY% :__Z3L]]L^^ZbT_e$# 2Z`O]TLLY ?P`Y PO =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë;LOZ`c ,WMLYd%>@9D$$ z w?SP >_LRP^ ZQ ,bLVPYTYR TY _SP >aLNNSLYOL_LY_]Lx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd?LY_]T^X%>_`OTP^TY3ZYZ]ZQ,YO]Ë;LOZ`c POT_POMd?P`Y2Z`O]TLLY$z ",WMLYd%>@9D$$ 2YZWT=LTYP]Z ?SP,P^_SP_TN0c[P]TPYNP,NNZ]OTYR_Z,MSTYLaLR`[_L =ZXL%4^80: $ ! 2]LSLX BTWWTLX , w[ZVPY BZ]O% ,Y 4^WLXTN .ZY_]TM`_TZY _Z _SP @YOP] ^_LYOTYRZQ>N]T[_`]Px4Y ,[[]ZLNSP^_Z4^WLXTY=PWTRTZ`^>_`OTP^POT_POMd=TNS L]O.8L]_TYz?`N^ZY%?SP@YTaZQ,]TeZYL;]$# z -PdZYO _SP B]T__PY BZ]O% :]LW ,^[PN_^ ZQ >N]T[_`]P TY _SP 3T^_Z]d ZQ =PWTRTZY .LXM]TORP%.LXM]TORP@YTa;]$#" 2]TQQT_S^ ;L`W 5 =PWTRTZ`^ =PLOTYR% ?SP ;WLNP ZQ =PLOTYR TY _SP ;]LN_TNP ZQ =PWTRTZY 9PbDZ]VLZ%:cQZ]O@YTa;]$$$
"
>PNZYOL]d>Z`]NP^
2]TXP^=ZYLWO7w;P]QZ]XLYNP?SPZ]dLYO_SP>_`OdZQ=T_`LWx4Y 9Pb,[[]ZLNSP^_Z _SP >_`Od ZQ =PWTRTZY AZW POT_PO Md ;P_P] ,Y_P^ P_ LW z# -P]WTY% OP 2]`d_P] z w;P]QZ]XLYNPx 4Y ?SPZ]TeTYR =T_`LW^% 4^^`P^ ?Z[TN^ ,[[]ZLNSP^ .ZYNP[_^ POT_PO Md5PY^6]PTYL_SP_LW"$z$7PTOPY%-]TWW! 2]ØeTYRP]6L]W0]TNS 8`^TV`YO2P^LYRTYOP]?SPZWZRTPOP]Q]ÞSPYUÞOT^NSPY7T_P]L_`] ?ÞMTYRPY%5.-8ZS];L`W>TPMPNV$# aLY 2`WTV =3 >TOOSLX% ,Y 0^^Ld ZY _SP 3T^_Z]d ZQ >LY^V]T_ >_`OTP^ TY .STYL LYO 5L [LY 9Pb /PWST% 4Y_P]YL_TZYLW ,NLOPXd ZQ 4YOTLY .`W_`]P LYO ,OT_dL ;]LVL^SLY $ !=P[]TY_ 2`[_L.SLYO]L-SLY ?SP4YOTLY?SPL_]P -LYL]L^%8Z_TWLW-LYL]^TOL^^$ 2`[_L >LYU`V_L w?SP ;£ÓNL]£_]L ,__T_`OP _Z 8LY_]Lx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md3L]aPd;,W[P]z#/PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ 2`[_L >LYU`V_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 3TYO` ?LY_]T^X 7PTOPY% -]TWW $"$ 2`[_L >LYU`V_L LYO 0XXTP _P 9TUPYS`T^ >LN]PO >ZYR^ ZQ 4YOTL% /ÅV´T_L]v^ .dNWP ZQ 3dXY^_Z_SP2ZOOP^^6LXLW£;_%8`^TNZWZRTNLWLYO=PWTRTZ`^,YLWd^T^ BTY_P] _S`]%,XLOP`^AP]WLR$#" 2`[_L>SdLXLWL ,]_-PL`_dLYO.]PL_TaT_d%4YOTLYLYOBP^_P]Y,P^_SP_TN^9Pb/PWST% /6;]TY_bZ]WO$$$ 2`^^YP]=ZMP]_0]bTY 3dXY^ZQ;]LT^P%,?Pc_`LW.]T_TNLW,YLWd^T^ZQ>PWPN_POAPOLY _TN >_Z_]L^ ,__]TM`_PO _Z >LYVL]L bT_S =PQP]PYNP _Z _SP Z`]NP^ z @Y_P]^`NS`YRPYÞMP]?Pc_POP^Q]ÞSPY,OaLT_La£OL%/TP>NSÞWP]±L«VL]L^8LTYe% AP]WLROP],VLOOBT^^`7T_TY8LTYe$ z ATaL]_L%>_`OTPYe`]2P^NSTNS_POP]TWW`^TZYT^_T^NSPY6Z^XZWZRTP`YO0]VPYY_YT^_SP Z]TPOP]4YOP]8LTYe%AP]WLROP],VLOOBT^^`7T_TY8LTYe$ z w:Y±L«VL]LLYO,OaLT_T^Xx$!=P[]TY_POTY ;STWZWZRdLYO.ZYQ]ZY_L_TZY%;L`W 3LNVP]ZY?]LOT_TZYLWLYO8ZOP]YAPO£Y_L POT_POMdBTWSPWX3LWMQL^^,WMLYd% >_L_P@YTaZQ9PbDZ]V;]$$ z 6WPTYP>NS]TQ_PY POT_POMd7LXMP]_>NSXT_SL`^PYBTP^MLOPY%1]LYe>_PTYP]$"# z w.T_ LYO 9Z û ^ Z] _SP .ZYNP[_ ZQ >[T]T_ TY APO£Y_T^X LYO 9PZ[WL_ZYT^Xx FAZ]_]LR RPSLW_PY aZ] OP] 4Y_P]YL_TZYLWPY 2P^PWW^NSLQ_ QÞ] OTP 0]QZ]^NS`YR OP^ 9P`[WL_ZYT^ X`^$"!z#H4Y 6WPTYP>NS]TQ_PY z" z wE`]2P^NSTNS_P`YO-P`]_PTW`YROP^3TYO`T^X`^x4Y 6WPTYP>NS]TQ_PY "!z# z w4YVW`^TaT^X`^x ;Z^_S`X 4Y 4YVW`^TaT^X`^% 0TYP TYOT^NSP /PYVQZ]X POT_PO Md 2P]SL]O_:MP]SLXXP]z#ATPYYL%>LXXW`YR/P9ZMTWT$# z 2]`YOWLRPYTYOT^NSP]/TNS_`YR`YOTYOT^NSPY/PYVPY^ ,`^OPX9LNSWL^^SP]L`^RP RPMPYaZY6WL`^=Þ[TYRATPYYL%4Y^_T_`_QÞ]4YOZWZRTP7PTOPY%-]TWW$# 3LWMQL^^BTWSPWX 4YOTPY`YO0`]Z[L%;P]^[PV_TaPYTS]P]RPT^_TRPY-PRPRY`YR -L^PWLYO >_`__RL]_%>NSbLMP$# z >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L =PTYMPV% /] 4YRP BPeWP] AP]WLR QÞ] Z]TPY_LWT^_T ^NSP1LNS[`MWTVL_TZYPY$# z w?]LOT_TZY`YO=PQWPcTZY%E`]2PRPYbL]_OP^APOLTYOP]TYOT^NSPY;STWZ^Z[STPx4Y
-PT_]ÆRP e`] 3P]XPYP`_TV TYOT^NSP] `YO LMPYOWÆYOT^NSP] =PWTRTZY^_]LOT_TZYPY% ,]
>PNZYOL]d>Z`]NP^
"
MPT_^OZV`XPY_L_TZYPTYP^>dX[Z^T`X^POT_POMd2:MP]SLXXP]z!ATPYYL% ¸,B$$>T_e`YR^MP]TNS_P " z
?]LOT_TZY LYO =PQWPN_TZY% 0c[WZ]L_TZY^ TY 4YOTLY ?SZ`RS_ ,WMLYd% >_L_P @YTaP]^T_d
ZQ9PbDZ]V;]P^^$$=P[]/PSWT%8Z_TWLW-LYL]^TOL^^$$ w3`XLY=PL^ZYLYOAPOTN=PaPWL_TZYTY,OaLT_LAPO£Y_Lx4Y ?]LOT_TZYLYO=PQWPN _TZY% 0c[WZ]L_TZY^ TY 4YOTLY ?SZ`RS_ z ,WMLYd% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V;]P^^$$ 3LXXP]^_PTY =PTYSZWO /TP >_TXXP L`^ OP] LYOP]PY BPW_% ¾MP] OTP /L]^_PWW`YR OP^ 9`XTYZ^PYTYOP]:[P]aZY8ZY_PaP]OTMT^8ZeL]_?`_eTYR%3LY^>NSYPTOP]$$# 3LYPR]LLQQBZ`_P]5 9Pb,RP=PWTRTZYLYOBP^_P]Y.`W_`]P%0^Z_P]TNT^XTY_SP8T]]Z] ZQ>PN`WL]?SZ`RS_ 7PTOPY%-]TWW$$! z w?SP >_`Od ZQ BP^_P]Y 0^Z_P]NT^X% 9Pb ,[[]ZLNSP^ _Z .S]T^_TLY LYO >PN`WL] .`W _`]Px 4Y 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ =PWTRTZY AZW POT_PO Md ;P_P] ,Y_P^ ,]XTY B 2PP]_e LYO =LYO` = BL]YP #$z $ -P]WTY LZ% BLW_P] OP 2]`d_P] z PO /TN_TZYL]dZQ2YZ^T^BP^_P]Y0^Z_P]TNT^X7PTOPY%-]TWW QQ 3LYYPOP] 5Þ]RPY wAPOTN LYO ?LY_]TN 8LY_]L^x =TaT^_L OPRWT >_`OT :]TPY_LWT 7CC4 $$"%"z!" 3L]L 8TYZ]` w;£²`[L_L >_`OTP^ x 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY $z! ,WMLYd% >@9D$$ 3L]VLad,WPcLYOP]^PP>Z`]NP^F;PY_L_P`NSH 3L][P]6L_SP]TYP,YYPLYO=ZMP]_7-]ZbY?SP=ZZ_^ZQ?LY_]L ,WMLYd%>_L_P@YTaP] ^T_dZQ9PbDZ]V;]P^^ 3L_WPd >SLXLY ?SP -]LSXLd£XLWL_LY_]L LYO 0L]Wd ±LTaL .`W_ ZQ _SP DZRTY¯^ /ZN_Z]LW /T^^P]_L_TZY@YTaP]^T_dZQ;PYY^dWaLYTL" 3L`P] 5LVZM BTWSPWX wDZRL QÞ] OTP EPT_PYbPYOPx DZRL% 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSPDZRL1Z]^NS`YR$% z# 3PPWL^ ;L`W LYO 7TYOL BZZOSPLO ?SP >[T]T_`LW =PaZW`_TZY% BSd =PWTRTZY T^ 2TaTYR BLd_Z>[T]T_`LWT_d :cQZ]O%-WLNVbPWW 3PP^_P]XLY5.wA]£_dLLYO>LN]TQTNPx 445!$!%z" 3PTXM]ZNV3LY^2ÞY_P]w¾MP]OTP ]PWTRTØ^P BT]V`YRaZY 6WÆYRPY% ;SÆYZXPYZWZRT^NSP `YO [^dNSZLYLWd_T^NSP E`RÆYRPx ,]NSTa QÞ] =PWTRTZY^[^dNSZWZRTP $$"% z 3PWX^_P__P] =`OZWQ w7d]T^NSP AP]QLS]PY% 7d]TV 2POTNS_ `YO [ZP_T^NSP >[]LNSPx 4Y 0TYQÞS]`YR TY OTP 7T_P]L_`]bT^^PY^NSLQ_ POT_PO Md 8TW_Z^ ;PNSWTaLYZ^ P_ LW "z >_`__RL]_%8P_eWP]$$ 3PY_^NSPW1]LYV>PP;]TXL]d>Z`]NP^,`R`^_TY`^ 3P]_e5Z^P[S3P]XLY>PP;]TXL]d>Z`]NP^F;PY_L_P`NSH 3P]aTP`7ËRP]/LYTÊWP=PWTRTZY[Z`]XËXZT]P ;L]T^%.P]Q$$ aZY3TYÞMP]:^VL] /P]-PRTYYOP]>NS]TQ_`YOQ]ÞSP>NS]TQ_WTNSVPT_TY4YOTPY >_`__RL]_% 1]LYe>_PTYP]AP]WLRBTP^MLOPY$$ 3T]TdLYYL8 :`_WTYP^ZQ4YOTLY;STWZ^Z[Sd /PWSTLZ%8Z_TWLW-LYL]^TOL^^$$ 3ZM^MZbX 0]TN w/L^ 0]QTYOPY aZY ?]LOT_TZYPYx 4Y 6`W_`] `YO 2P^NSTNS_P% 9P`P 0TY MWTNVP TY PTYP LW_P -PeTPS`YR POT_PO Md .S]T^_Z[S .ZY]LO LYO 8L]_TYL 6P^^PW $"z #>_`__RL]_%;STWT[[=PNWLXU`Y$$# 3ZPY^/T]V 5LY w8LY_]LNZY^_T_`PY_^ZQ?LY_]TN;]LN_TNPx 4Y 3TYO` ?LY_]T^X POT_POMd >LYU`V_L2`[_L/T]V5LY3ZPY^LYO?P`Y2Z`O]TLLY7PTOPY%-]TWW$"$ z
"!
>PNZYOL]d>Z`]NP^
3ZQQXLYY BLW_SP] w9P`P 8d^_TVx 4Y /TP =PWTRTZY TY 2P^NSTNS_P `YO 2PRPYbL]_ AZW POT_POMd1]TPO]TNS8TNSLPW>NSTPWPLYO7PZ[ZWOE^NSL]YLNV!#z!?ÞMTYRPY% 5.-8ZS]$ 3ZWO]PRP-L]ML]L,wAPOLTY_SP-]£SXL©L^%.Z^XZRZYTN;L]LOTRX^LYO_SP/PWTXT_L _TZYZQ.LYZYx4Y ,`_SZ]T_d,YcTP_dLYO.LYZY%0^^Ld^TYAPOTN4Y_P][]P_L_TZY PO T_POMd7L`]TP7;L__ZY z!!,WMLYd%>_L_P@YTaZQ9PbDZ]V;]$$ 3ZYVZ 7L`]T w?SP ;]ZMWPX ZQ /PQTYTYR 8d_Sx 4Y >LN]PO 9L]]L_TaP =PLOTYR^ TY _SP ?SPZ]d ZQ 8d_S POT_PO Md ,WLY /`YOP^ z -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;]$# 3Z`MPY 5LY 08 wBSZ L]P -SL]_SL]Tv^ [LOLOL]²TY^* :Y _SP /PaPWZ[XPY_ ZQ -SL]_SL]Tv^ ;STWZ^Z[Sdx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY
z z z
-SL]_SL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^T L_T\`P^ C7A44$$% z!$ ?SP >LÀMLYOSL>LX`OOP²L .SL[_P] ZY =PWL_TZY LYO -SL]_SL]Tv^ ;STWZ^Z[Sd ZQ 7LYR`LRP 2]ZYTYRPY%0RMP]_1Z]^_PY$$ PO 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_ .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP 7PTOPYLZ%-]TWW$$!
w>ZNTZWTYR`T^_TN ,__T_`OP^ =PQWPN_PO TY _SP BZ]V ZQ -SL]_SL]T LYO >ZXP 7L_P] 2]LXXL]TLY^x4Y4OPZWZRdLYO>_L_`^ZQ>LY^V]T_%.ZY_]TM`_TZY^_Z_SP3T^_Z]dZQ_SP >LY^V]T_7LYR`LRP POT_POMd5083Z`MPY "z$7PTOPYLZ%-]TWW$$! z w-SL]_SL]Tv^;P]^[PN_TaT^X%?SP A__T LYO-SL]_SL]Tv^;P]^[PN_TaT^XTY_SP1T]^_ V£©L ZQ_SP A£VdL[LO¯dL x 4Y -PdZYO:]TPY_LWT^X% ?SP BZ]VZQ BTWSPWX 3LWMQL^^ LYO .]Z^^.`W_`]LW >_`OTP^ POT_PO Md 0 1]LYNZ LYO 6 ;]PT^PYOLYe "z # ,X ^_P]OLX,_WLY_L%=ZOZ[T$$" z w-SL]_SL]Tv^ A£VdL[LO¯dL LYO _SP ,YNTPY_ A__T % ?SP A__T LYO A´LMSLOPaLv^ ;LOOSL_TZYA£VdL[LO¯dL!Lx ,YYLW^ZQ_SP-SLYOL]VL] :]TPY_LW=P^PL]NS 4Y^_T _`_P 7CCA444$$"%""z$# z w-SL]_SL]Tv^ A£VdL[LO¯dL LYO _SP ,YNTPY_ A__T % ?SP APOTN -LNVR]Z`YO ZQ _SP ,`_SZ] ZQ _SP A£VdL[LO¯dLA__Tx 4Y >_`OTPY e`] 4YOZWZRTP `YO 4]LYT^_TV POT_PO Md 2PZ]R-`OO]`^^P_LW"z""=PTYMPV%/]4YRPBPeWP]$$" z w:Y >dY_LN_TNLYO >_dWT^_TN0aTOPYNP=PRL]OTYR_SP,`_SZ]^ST[ZQ_SP A£VdL[LO¯dL A__T-SL]_SL]Tv^ A£VdL[LO¯dL LYO_SP,YNTPY_A__Tx BTPYP]EPT_^NS]TQ_QÞ]OTP 6`YOP>ÞOL^TPY^C7444$$$%!"z$" z w?SP =T_`LW ;]LRXL_TN^ ZQ L APOTN 3dXY% ?SP w=TOOWP 3dXYx LYO _SP []LaL]RdL =T_`LWx 5Z`]YLWZQ_SP,XP]TNLY:]TPY_LW>ZNTP_d %$$z ! 3ZbL]OBLdYP >£XLaPOTN.SLY_ 7ZYOZY%DLWP@YTaP]^T_d;]P^^$"" z w8`^TNLYO,NNPY_`L_TZYTYAPOTN7T_P]L_`]Px?SPBZ]WOZQ8`^TN $#z%z z APOL=PNT_L_TZYTYA£]£©L^Å /PWST%8Z_TWLW-LYL]^TOL^^$#! z ?SP /PNT[SP]XPY_ ZQ _SP >£XLaPOTN 9Z_L_TZY ZQ _SP 5LTXTYÅdL^ 3PW^TYVT% 1TYYT^S :]TPY_LW>ZNTP_d$## 3ZbP^/LaTOw.ZY_]ZWWTYR?Pc_`LWT_d%,.LWWQZ]L=P_`]YZQ_SP>PY^P^x ,Y_S]Z[ZWZRT NL CCC44$$% z" 3ÞMTYRP]2LYRZWQw4Y_PWWPV_`PWWP4Y_PWWPV_`LWT^X`^x4Y 8LcBPMP]^u=PWTRTZY^^d^_PXL _TVvPOT_POMd3LY^26T[[PYMP]RLYO8L]_TY=TP^PM]ZO_$"z?ÞMTYRPY%8ZS] >TPMPNV 3ÞMYP]6`]_ /TPBLS]SPT_OP^8d_SZ^ 8ÞYNSPY%-PNV$# 3`O^ZY /PYYT^ w0L]Wd 0aTOPYNP ZQ _SP ;£ÓNL]£_]L ¢RLXLx 4Y ?SP =ZZ_^ ZQ ?LY_]L POT_POMd6,3L][P]LYO=ZMP]_7-]ZbYz!",WMLYd%>@9D
>PNZYOL]d>Z`]NP^
""
3`X[S]Pd . LYO 5 7LTOWLb ?SP ,]NSP_d[TNLW ,N_TZY ZQ =T_`LW% , ?SPZ]d ZQ =T_`LW 4WW`^_]L_POMd_SP5LTY=T_`LWZQBZ]^ST[:cQZ]O%.WL]PYOZY;]P^^$$ 3`__P] 8LYQ]PO w/P] XPS]QLNSP BLYOPW OP^ =LOSL^ZLXT2WL`MPY^% AZX 3TYO` `YO >TVS8TWTP` e`X `YTaP]^PWWPY ,Y^[]`NSx 4Y BP^_WTNSP 1Z]XPY OP^ 3TYO`T^X`^ TY /P`_^NSWLYO POT_POMd8TNSLPW-P]R`YOP]z3LWWP%AP]WLROP]1]LYNVP^NSPY >_TQ_`YRPY$ 4YOPY=ZYLWO- 4XLRTYTYR4YOTL:cQZ]O%-WLNVbPWW$$ 4YRLWW^ /LYTPW w?SP -]LSXLY ?]LOT_TZYx 4Y ?]LOT_TZYLW 4YOTL >_]`N_`]P LYO .SLYRP POT_POMd8TW_ZY>TYRP]z$;STWLOPW[STL%?SP,XP]TNLY1ZWVWZ]P>ZNTP_d$ $ 4^LdPaL 9L_LWTL >SLYVL]LLYO 4YOTLY ;STWZ^Z[Sd ,WMLYd% >_L_P @YTaZQ 9Pb DZ]V ;] $$ z 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X 2L`OL[LOL -SL]_]SL]T LYO ,MST YLaLR`[_L 9PbDZ]V%>_L_P@YTaP]^T_dZQ9PbDZ]V;]P^^$$ 4^P]BZWQRLYR /P],V_OP^7P^PY^%?SPZ]TPÆ^_SP_T^NSP]BT]V`YR8ÞYNSPY%1TYV $$ $#]PaLYOTX[]Za z ?SP 1TN_TaPLYO_SP 4XLRTYL]d% .SL]_TYR7T_P]L]d ,Y_S]Z[ZWZRd -LW_TXZ]P 7ZYOZY% ?SP5ZSY^3Z[VTY^@YTa;]$$:]TRTYLW2P]XLY% /L^1TV_TaP`YOOL^4XLRTYÆ ]P;P]^[PV_TaPYWT_P]L]T^NSP],Y_S]Z[ZWZRTP $$ 5LNV^ZY,Y_SZYdw>Z`YOLYO=T_`LWx 8LY 9>$!#%$z$$ 5LNV^ZYBTWWTLX5PO ?SP;ZbP]ZQ_SP>LN]PO9LXP%A=LRSLaLYv^>_`OTP^TY9£XL ^TOOS£Y_LLYO4YOTLY.`W_`]P/PWST%>L_R`]`$$ 5LVZM^ZY=ZXLYw>`NSPYLNSOPXBP^PYOP]>[]LNSPx$! 4Y >PXTZ_TV%,`^RPbÆSW _P?Pc_P$$z$# Md=ZXLY5LVZM^ZYPOT_POMd0WXL]3ZWPY^_PTY#"z$!1]LYV Q`]_%>`S]VLX[$## 5LVZM^ZY=ZXLYLYO8Z]]T^3LWWP 1`YOLXPY_LW^ZQ7LYR`LRP ?SP3LR`P;L]T^%8Z` _ZY$" 5LYLVT > > w?SP SLYORP^_`]P [L_£VL TY Y£¶dLx 4Y ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNPZQ8`^TNLYO/LYNPPOT_POMd56L_e#"z$7PTOPY%05-]TWW$$ 5PY^PY 5P[[P >TYOTYR w:Y @YTaP]^LW^ TY _SP >_`Od ZQ =PWTRTZYx 4Y >PN`WL] ?SPZ]TP^ ZY =PWTRTZY%.`]]PY_;P]^[PN_TaP^POT_POMd?5PY^PYLYO8=Z_S^_PTY z!".Z[PY SLRPY% 5PY^PY5P[[P >TYOTYR LYO ,]XTY B2PP]_e w?]LOT_TZYLYO=PYPbLWTY_SP 3T^_Z]TP^ZQ =PWTRTZY^%>ZXP:M^P]aL_TZY^LYO=PQWPN_TZY^x4Y=PWTRTZY?]LOT_TZYLYO=PYPbLW POT_POMd,B2PP]_eLYO5>5PY^PYz",L]S`^%,L]S`^@YTa;]$$ 5SL2LYRLYL_SL ;¼]aLX¯X£À^£TY4_^>Z`]NP^-LYL]L^%-LYL]L^3TYO`@YTa$ 5ZSY^ZY 8L]V ?SP -ZOd TY _SP 8TYO% ?SP -ZOTWd -L^T^ ZQ 8PLYTYR 4XLRTYL_TZY LYO =PL^ZY .STNLRZ7ZYOZY%?SP@YTaZQ.STNLRZ;]$#" 5Zd 8Z]Yd w;Z^_NZWZYTLW =PQWPN_TZY^% .SLWWPYRP^ QZ] =PWTRTZ`^ >_`OTP^x 8P_SZO ?SPZ]dTY>_`OdZQ=PWTRTZY %""z$ 5`P]RPY^XPdP]8L]V =LOSL^ZLXT=PLWT_d%?SP7ZRTNZQL8ZOP]Y1LT_S ;]TYNP_ZY9Pb 5P]^Pd%;]TYNP_ZY@YTa;]$$ 5`^WTY ;L_]TV LYO 5ZSY , >WZMZOL PO^ 3LYOMZZV ZQ 8`^TN LYO 0XZ_TZY% ?SPZ]d =P^PL]NS,[[WTNL_TZY^ :cQZ]O%:cQZ]O@YTaP]^T_d;]P^^ 6LVL]>`OST]w.SL[_P]%.`W_`]PLYO;^dNSZLYLWd^T^,;P]^ZYLW5Z`]YPdx4Y 0c[WZ]L _TZY^ TY ;^dNSZLYLWd_TN 0_SYZR]L[Sd POT_PO Md 5LO]LY 8TXTNL z 9Pb DZ]V LZ%-P]RSLSY-ZZV^" 6L[QP]P]-]`NP ,.PWPM]L_TZYZQ/PXZY^%0cZ]NT^XLYO_SP,P^_SP_TN^ZQ3PLWTYRTY>]T 7LYVL :cQZ]O%-P]R;`MWLYOBL^STYR_ZY%>XT_S^ZYTLY4Y^_;]P^^$$ $#
"#
>PNZYOL]d>Z`]NP^
6L^[P].WPXPY^8LYO6WL`^>NS]PTYP]PO ATaLaZc`YO]L_TZ^N]T[_L%8ÞYOWTNSP`YO ^NS]TQ_WTNSP 6ZXX`YTVL_TZY^QZ]XPY TX 8ØYNS_`X OP^ 8T__PWLW_P]^ 8ÞY^_P]% 74? $$"AT_L]PR`WL]T^ 6L_e 5ZYL_SLY PO ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNP ZQ 8`^TN LYO /LYNP 7PTOPY%05-]TWW$$ 6LaT]LU 2Z[TYL_S w?SP ?LY_]LA£]_TVL LYO T_^ L`_SZ]x 4Y ?LY_]La£]__TVL AZW 4 _]LY^ 2LYRLYL_SL5SLazcc.LWN`__L%-L[_T^_8T^^TZY;]$ 6PWWd 5ZSY / w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^% -SL]_SL]T LYO _SP -`OOST^_^ LYO ;Z^_^_]`N_`LWT^Xx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY
-SL]_SL]T @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^T L_T\`P^ C7A44$$%"z$ 6P]XLYT 9LaTO 2Z__ T^_ ^NSØY% /L^ Æ^_SP_T^NSP 0]WPMPY OP^ 6Z]LY 8ÞYNSPY% -PNV $$$ 6SLYYL8LOS` ?SP.ZYNP[_ LYO 7T_`]RdZQ_SP ±]¯NLV]L-L^POZY±Ta£YLYOLv^?]TWZRd BZWQ^ZY.ZWWPRP:cQZ]O$#!F@Y[]TY_PO/T^^H 6TYR =TNSL]O :]TPY_LWT^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY9PbDZ]V%=Z`_WPORP$$$ 6T[[PYMP]R3LY^2 /TP0Y_OPNV`YROP]=PWTRTZY^RP^NSTNS_P%=PWTRTZY^bT^^PY^NSLQ_`YO 8ZOP]YP 8ÞYNSPY%-PNV$$" z w8LRTPx4Y 3LYOM`NS]PWTRTZY^bT^^PY^NSLQ_WTNSP]2]`YOMPR]TQQP AZW4APOT_POMd 3.LYNTV-2WLOTRZb636ZSW# z$#>_`__RL]_LZ%6ZSWSLXXP]$$# 6T[[PYMP]R 3LY^ 2 LYO 8L]_TY =TP^PM]ZO_ PO 8Lc BPMP]^ u=PWTRTZY^^d^_PXL_TVv ?ÞMTYRPY%8ZS]>TPMPNV 6T[[PYMP]R3LY^2LYO6ZNV`aZY>_`NV]LO 0TYQÞS]`YRTYOTP=PWTRTZY^bT^^PY^NSLQ_ 8ÞYNSPY%-PNV 6T[[PYMP]R3LY^25Ø]R=Þ[VPLYO6ZNV`aZY>_`NV]LOPO 0`]Z[ÆT^NSP=PWTRTZY^RP ^NSTNS_P aZW^2Ø__TYRPY%ALYOPYSZPNV=`[]PNS_$ 6WTYRSL]O_ 8L__STL^ w;]LdP] 1Z]X`WL]TP^ QZ] ;`MWTN =PNT_L_TZY% ?SPT] @^P LYO 1`YN_TZY TY,YNTPY_=PWTRTZYx 9`XPY !$$$%z 6WZ^_P]XLTP]6WL`^ 3TYO`T^X`^6ØWY%-LNSPX$! z ,>`]aPdZQ3TYO`T^X,WMLYd%>@9D$#$ " 6YZMWL`NS 3`MP]_ w?]LY^ePYOPYeP]QLS]`YR `YO ^dXMZWT^NSP 6ZXX`YTVL_TZY% /TP [SÆ YZXPYZWZRT^NSZ]TPY_TP]_P>ZeTZWZRTP`YOOTPVZXX`YTVL_TaP6ZY^_]`V_TZYOP]=PWT RTZYx 4Y =PWTRTZYLW^ 6ZXX`YTVL_TZY POT_POMd 3?d]PWWA 6]PNSLYO 3 6YZM WL`NS"z#!BÞ]eM`]R%0]RZY$$# z =PWTRTZY^^ZeTZWZRTP -P]WTY%OP2]`d_P]$$$ z w0TYQÞS]`YR%>ZeTZWZRTPOP]>[T]T_`LWT_Æ_x EPT_^NS]TQ_QÞ]=PWTRTZY^bT^^PY^NSLQ_ %z z w;Z[`WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZY OP] 2P^PWW^NSLQ_x ,`^ ;ZWT_TV `YO EPT_RP ^NSTNS_P ,;`E #%z# z ;Z[`WÆ]P=PWTRTZY%,`QOPXBPRTYPTYP^[T]T_`PWWP2P^PWW^NSLQ_ 1]LYVQ`]_%.LX[`^ $ 6ZNS ,YYP Fw0TYQÞS]`YRxH ¦^_SP_TV z 6`Y^_ z =PWTRTZY% 8ÞYNSPYP] ?SPZWZRT^NSP EPT_^NS]TQ_ %#$z$ 6ZWWTY0aL8w@PMP]OTPVWL^^T^NSPTYOT^NSP8`^TVx 9P`PEÞ]NSP]EPT_`YR :N_ZMP]# $!! 6ØWaP]-P]YSL]O wE`] 1]ÞSRP^NSTNS_POP]=L^L7PS]Px -P]WTYP]4YOZWZRT^NSP>_`OTPY ! $$%z# 6]LXP] 7Lb]PYNP 8`^TNLW 8PLYTYR% ?ZbL]O L .]T_TNLW 3T^_Z]d -P]VPWPd% @YTa ZQ .LWTQZ]YTL;]
>PNZYOL]d>Z`]NP^
"$
6]ÆXP] >dMTWWP w>[]LNSP z >_TXXP z >NS]TQ_% >TPMPY 2POLYVPY ÞMP] ;P]QZ]XT_Æ_ LW^ 8POTLWT_Æ_x 4Y ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY POT_POMd@bPBT]_Sz!1]LYVQ`]_%>`S]VLX[ 6]LX]T^NS >_PWWL ?SP ;]P^PYNP ZQ ±TaL /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $## :]TRTYLW ;]TYNP_ZY$# 6]PTYL_S5PY^5LY>YZPVLYO8TNSLPW>_L`^MP]RPO ?SPZ]TeTYR=T_`LW^%4^^`P^?Z[TN^ ,[[]ZLNSP^.ZYNP[_^7PTOPY-Z^_ZY%-]TWW! 6]P_e^NSXL] 3P]XLYY w,Y]PR`YRPY e`] 1Ø]OP]`YR X`^TVLWT^NSP] 3P]XPYP`_TVx 4Y
2P^LXXPW_P ,`Q^Æ_eP ÞMP] 8`^TV `YO LYOP]P^ aZY 3P]XLYY 6]P_e^NSXL] 44% 2P ^LXXPW_P ,`Q^Æ_eP L`^ OPY 5LS]MÞNSP]Y OP] 8`^TVMTMWTZ_SPV ;P_P]^ !#z$ 7PT[ z
eTR%.1;P_P]^$ w9P`P ,Y]PR`YRPY e`] 1Ø]OP]`YR X`^TVLWT^NSP] 3P]XPYP`_TV% >L_eÆ^_SP_TVx 4Y
2P^LXXPW_P ,`Q^Æ_eP ÞMP] 8`^TV `YO LYOP]P^ aZY 3P]XLYY 6]P_e^NSXL] 44% 2P ^LXXPW_P ,`Q^Æ_eP L`^ OPY 5LS]MÞNSP]Y OP] 8`^TVMTMWTZ_SPV ;P_P]^ #z$ 7PT[ eTR%.1;P_P]^$ 6]ÞRP]:WTaP]wu4_v^LWWLMZ`_WZaTYRdZ`][L]PY_^v?SP=PQWPN_TZYZQ?]LOT_TZY8ZOP] YT_dLYO=T_`LW^TY;Z[`WL]4YOTLY8ZaTP^x 8L]M`]R5Z`]YLWZQ=PWTRTZY $% z 6`T[P]1-5w?SP,YNTPY_,]dLYAP]MLW.ZY_P^_x 445$!%"z# z ,YNTPY_ 4YOTLY .Z^XZRZYd P^^Ld^ ^PWPN_PO LYO TY_]ZO`NPO Md 5ZSY 4]bTY 9Pb /PWST%ATVL^$# 6`[[`^bLXT >L^_]T =P^PL]NS 4Y^_T_`_P >TaL 7TYRL BZ]^ST[ FATOPZH 8LO]L^% 6`[[`^bL XT>L^_]T=P^PL]NS4Y^_T_`_P 6`]_=ZYLWO 4YOTPY`YO0`]Z[L%0TYV`W_`]`YOX`^TV^ZeTZWZRT^NSP]AP]^_PSPY^aP]^`NS -TPWPQPWO%_]LY^N]T[_$ 7LLNV 4^LMPW =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d% 0TYP 1LWW^_`OTP e` RPRPYbÆ]_TRPY 1Z]XPY ]PWTRTØ^P] 4OPY_T_Æ_^OT^V`]^P ;S / ?SP^T^ @YTa ZQ 3PTOPWMP]R $ F`Y []TY_POH 7LVZQQ2PZ]RPLYO8L]V5ZSY^ZY 7PMPYTY8P_L[SP]Y%6ZY^_]`V_TZY`YO2PM]L`NSaZY >[]LNSMTWOP]Y 3PTOPWMP]R% .L]W,`P]>d^_PXP $$" 0YRWT^S :]TRTYLW% ?SP @YTaZQ.STNLRZ$# 7LV^SXLY5PP>bLXT 6L^SXT]>SLTaT^X%?SP>PN]P_>`[]PXP /PWST%>]T>L_R`]`;`MWT NL_TZY^$$ $## 7LYOXLYY2PZ]Rw/TPLYLWZRP2Z__P^P]VPYY_YT^YLNS>SLYVL]Lx 6LT]Z^ $!%!z "! 7LYRP] >`^LYYP 6 ;STWZ^Z[Sd TY L YPb VPd% , ^_`Od TY _SP ^dXMZWT^X ZQ ]PL^ZY ]T_P LYOL]_ 7ZYOZY%3L]aL]O@YTaP]^T_d;]P^^]PYPbPO$"$ $ 7LYbP]O >`^LYYP =PWTRTZY^Æ^_SP_TV% >_`OTPY e`X AP]SÆW_YT^ aZY >dXMZW `YO >TYYWTNS VPT_ BÞ]eM`]R%6ØYTR^SL`^PY9P`XLYY z PO /P] 6LYZY `YO OTP >TYYP% =PWTRTZY^Æ^_SP_TV LW^ LVLOPXT^NSP /T^eT[WTY 7`cPX M`]R0_`OP^7`cPXMZ`]RPZT^P^Ov3T^_ZT]PP_OP>NTPYNPOP^=PWTRTZY^ 7Lb^ZY0?SZXL^LYO=ZMP]_98N.L`WPd =P_STYVTYR=PWTRTZY%.ZYYPN_TYR.ZRYT_TZY LYO.`W_`]P .LXM]TORPLZ%.LXM]TORP@YTa;]$$=P[]TY_$$! aLYOP]7PP`b2P]L]O AZX3PTWTRPYTYOP]6`Y^_ 2Þ_P]^WZS%-P]_PW^XLYY$ " z w>PNS^_P] ?PTW% 8`^TV `YO =PWTRTZYx 4Y AZX 3PTWTRPY TY OP] 6`Y^_ Md 2aO 7PP`b"z! 2Þ_P]^WZS%-P]_PW^XLYY$ " 7PY_P^?SZXL^w?Pc_OP^6LYZY^`YO3PTWTRP]?Pc_%/P];^LW_P]TX8T__PWLW_P]x4Y /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X POT_PO Md 0]TNS EPYRP] z 1]PTM`]R LZ%3P]OP]$$#
#
>PNZYOL]d>Z`]NP^
wu,YOLNS_v `YO u2PMÆ]OPv% /L^ ]PWTRTØ^P ,`^O]`NV^aP]SLW_PYx 4Y 6`W_`]PWWP =PQZ] XL_TZY >TYYQZ]XL_TZYPY TX @XM]`NS z! POT_PO Md -P]YSL]O 5`^^PY LYO .]LTR6Z^WZQ^Vd$z!"2Ø__TYRPY%ALYOPYSZPNV=`[]PNS_$$$ 7PaP]TYR 8T]TLX PO =P_STYVTYR >N]T[_`]P% 0^^Ld^ Q]ZX L .ZX[L]L_TaP ;P]^[PN_TaP ,WMLYd%>_L_P@YTaZQ9PbDZ]V;]$#$ 7Pad=ZMP]_4 8P^ZNZ^X%3TYO`T^XLYO_SP:]RLYTeL_TZYZQL?]LOT_TZYLW9PbL].T_dTY 9P[LW -P]VPWPd7Z^,YRPWP^:cQZ]O%@YTaZQ.LWTQZ]YTL;]$$/PWST%8Z_TWLW -LYL]^TOL^^$$ 7Ëad-]`SW 7`NTPY w/L^ 2P^P_e OP] ?PTWSLMPx 1]PYNS% w7P^ QZYN_TZY^ XPY_LWP^ OLY^ WP^ ^ZNTË_Ë^ TYQË]TP`]P^x $ 4Y 8LRTP `YO =PWTRTZY POT_PO Md ;P_eZWO_ z! /L]X ^_LO_%BT^^-`NSRP^PWW^NSLQ_$"# 7TMP]LWP 7L`]L 4 /Pa¯Y£XL^_Z_]L STYO¼% 2WT TYYT [`]£©TNT OPT YZXT OPWWL /PL ,WP^^LY O]TL%0OTeTZYTOPWWv:]^Z" 7TOVP5PQQ]Pd> ?SP2ZOOP^^BT_STYLYO-PdZYO_SP?S]PP.T_TP^%±£V_L?LY_]LLYO_SP ;L]LOZcZQ;ZbP]TY9P[£WL8L©LWL >LY_L-L]ML]L%/T^^@YTaZQ.LWTQZ]YTL 7TYNZWY -]`NP 8d_S .Z^XZ^ LYO >ZNTP_d% 4YOZ0`]Z[PLY ?SPXP^ ZQ .]PL_TZY LYO /P^_]`N_TZY .LXM]TORP8L^^LZ%3L]aL]O@YTa;]$#! z ?SPZ]TeTYR 8d_S% 9L]]L_TaP 4OPZWZRd LYO >NSZWL]^ST[ .STNLRZ% @YTa ZQ .STNLRZ ;]$$$ 7TYO_YP] .S] w7TYVTYR `[ -SL]_SL]T LYO _SP -L`OOSL^x 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ z
4Y_P]YL_TZYLW.ZYQP]PYNPZY-SL]_SL]T%@YTaP]^T_dZQ;ZZYL5LY`L]d!z#$$,^T L_T^NSP>_`OTPY0_`OP^L^TL_T\`P^C7A44$$%$ z 7T[YP] 5`WT`^ ?SP 1LNP ZQ ?]`_S% , >_`Od ZQ 8PLYTYR LYO 8P_L[Sd^TN^ TY _SP APO£Y_TN ?SPZWZRdZQ=£X£Y`UL,WMLYd%>_L_P@YTaZQ9PbDZ]V;]$#! z 3TYO`^%?SPT]=PWTRTZ`^-PWTPQ^LYO;]LN_TNP^7ZYOZY9PbDZ]V%=Z`_WPORP$$ 7ZYR 5 -]`NP w=`O]L L^ LY 0XMZOTXPY_ ZQ /TaTYP ,XMTaLWPYNP TY _SP ±L_L]`O]ÅdL >_Z_]LXx 4Y 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d POT_PO Md 1]PO .WZ_SPdLYO-]`NP7ZYRz#.ZW`XMTL%>Z`_S,^TLY-ZZV^$# 7Z[Pe/ZYLWO>w,`_SZ]T_dLYO:]LWT_dTY_SP8LS£d£YLx 9`XPY $$ %z" z PO =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# :]TRTYLW% ;]TYNP_ZY@YTaP]^T_d;]P^^$$ 7Z]PYePY/LaTO9 ?SP6£[£WTVL^LYO6£W£X`VSL^%?bZ7Z^_±LTaT_P>PN_^/PWST%8Z_T WLW-LYL]^TOL^^$$ z ;]LT^P^_ZL1Z]XWP^^2ZO 9PbDZ]V%>@9D$$! z w0L]Wd0aTOPYNPZQ?LY_]TN=PWTRTZYx4Y ?SP=ZZ_^ZQ?LY_]L POT_POMd6,3L][P] LYO=7-]ZbY z!,WMLYd%>@9D z BSZ 4YaPY_PO 3TYO`T^X* 0^^Ld^ ZY =PWTRTZY TY 3T^_Z]d 9Pb /PWST% DZOL ;]P^^ ! 7`NVXLYY?SZXL^ /TP`Y^TNS_ML]P=PWTRTZY 1]LYVQ`]_%>`S]VLX[$$$$! 7ÞOP]^3P]XLYY /TPAd£^L±¯V´£MP^ZYOP]^TYTS]PXAP]SÆW_YT^e`X?LT__T]¯dL;]£_T²£V SdL 6TPW%/TP_P]TNS#$ 7`SXLYY 9TVWL^w8ZOP]YP >d^_PX_SPZ]TPYLW^ 1Z]XRP^LX_RP^PWW^NSLQ_WTNSP] ,YLWd^Px 4Y?SPZ]TPOP]2P^PWW^NSLQ_ZOP]>ZeTLW_PNSYZWZRTPBL^WPT^_P_OTP>d^_PXQZ]^NS`YR* Md5Þ]RPY3LMP]XL^LYO9TVWL^7`SXLYY"z1]LYVQ`]_L8%>`S]VLX[$" z w>TYYLW^2]`YOMPR]TQQOP]>ZeTZWZRTPx4Y ?SPZ]TPOP]2P^PWW^NSLQ_ZOP]>ZeTLW_PNS YZWZRTP%BL^WPT^_P_OTP>d^_PXQZ]^NS`YR* Md5Þ]RPY3LMP]XL^LYO9TVWL^7`SXLYY z1]LYVQ`]_L8%>`S]VLX[$" z /TP2P^PWW^NSLQ_OP]2P^PWW^NSLQ_ aZW^1]LYVQ`]_L8%>`S]VLX[$$" z w=PWTRTZYLW^6ZXX`YTVL_TZYx4Y =PWTRTZYLW^6ZXX`YTVL_TZY POT_POMd3?d]PWW A6]PNSLYO36YZMWL`NS z BÞ]eM`]R%0]RZY$$#
>PNZYOL]d>Z`]NP^ z
#
/TP =PWTRTZY OP] 2P^PWW^NSLQ_ ,`^ OPX 9LNSWL^^ PO ,YO]Ë 6TP^P]WTYR 1]LYVQ`]_%
>`S]VLX[ 7`SXLYY 9TVWL^ LYO ;P_P] 1`NS^ =POPY `YO >NSbPTRPY 1]LYVQ`]_ L8% >`S]VLX[ $#$ 7dZY^ 5ZSY 4Y_]ZO`N_TZY _Z ?SPZ]P_TNLW 7TYR`T^_TN^ .LXM]TORP% .LXM]TORP @YTa ;] $!# z 0TYQÞS]`YRTYOTPXZOP]YP7TYR`T^_TV 8ÞYNSPY%-PNV$"$$ 8LN,WZZY5ZSY 5 =T_P /]LXL 1P^_TaLW >[PN_LNWP% =PSPL]^LW^ _ZbL]OL ?SPZ]dZQ .`W _`]LW;P]QZ]XLYNP;STWLOPW[STL%4Y^_T_`_PQZ]_SP>_`OdZQ3`XLY4^^`P^$# z w4Y_]ZO`N_TZY% .`W_`]LW ;P]QZ]XLYNP^ .`W_`]LW ?SPZ]dx 4Y =T_P /]LXL 1P^_TaLW >[PN_LNWP% =PSPL]^LW^ ?ZbL]O L ?SPZ]d ZQ .`W_`]LW ;P]QZ]XLYNP POT_PO Md 5ZSY 5 ,WZZYz;STWLOPW[STL%4Y^_T_`_PQZ]_SP>_`OdZQ3`XLY4^^`P^$# 8LN/ZYPWW,, APOTN8d_SZWZRd >_]L^^M`]R%6L]W5?]ÞMYP]#$" 8LWLXZ`O .SL]WP^ 7P ^a£OSd£dL% =PNT_L_TZY [P]^ZYPWWP O` APOL ?LT__T]¯dL£]L©dLVL WTa]P44;L]T^%0O-ZNNL]O$"" z .ZZVTYR _SP BZ]WO% =T_`LW ?SZ`RS_ TY ,YNTPY_ 4YOTL ?]LY^WL_PO Q]ZX _SP 1]PYNS Md.BST_P/PWST%:cQZ]O@YTaP]^T_d;]P^^$$! 8LWTV > . PO /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO 9Pb /PWST% 4YOT]L 2LYOST 9L _TZYLW.PY_]PQZ]_SP,]_^$$$ 8LWTYL] ,YRPWTVL 3TYO`T^X`^% >_`OT`X =PWTRTZYPY 2Ø__TYRPY% ALYOPYSZPNV =`[ ]PNS_$@?-$" 8LYTAP__LX ;`]£©TN0YNdNWZ[LPOTL /PWSTLZ%8Z_TWLW-LYL]^TOL^^$" $#$:]T RTYLWTY8LWLdLWLX$! 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP% ?LMWP ]ZYOP ;L]T^ z U`TY $# ;L]T^%.9=>$#! 8L^TWLXLYT8PdP] 0aPWTYP ,«V£L[L]LXÚN`aL]T% , 2ZOOP^^ ZQ ?LXTWYLO` SP] 8d_S^ LYO.`W_ BTP^MLOPY%>_PTYP]$#! z 2`L]OTLY^ ZQ ?LXTWYLO`% 1ZWV OPT_TP^ QZWV ]PWTRTZY 3TYO` _SPXP^ 3LWWP% 1]LYNVP >_TQ_`YRPYe`3LWWP 8L^^ZY57LYO8A;L_bL]OSLY ±£Y_L]L^LLYO ,MSTYLaLv^ ;STWZ^Z[SdZQ ,P^_SP_TN^ ;ZZYL%-SLYOL]VL]:]TPY_LW4Y^_T_`_P$!$ 8L_TWLW -TXLW 6]T^SYL ?SP 7ZRTNLW 4WW`XTYL_TZY ZQ 4YOTLY 8d^_TNT^X% ,Y 4YL`R`]LW 7PN_`]P /PWTaP]PO-PQZ]P_SP @YTaP]^T_dZQ :cQZ]OZY 8Ld$"" :cQZ]O%.WL]PY OZY;]$"" z ?SP BZ]O LYO _SP BZ]WO% 4YOTLv^ .ZY_]TM`_TZY _Z _SP >_`Od ZQ 7LYR`LRP /PWST% :cQZ]O@YTa;]$$ 8L_^`ML]L 8T_^`YOZ]T ;£ÓNL]£_]L >LÀST_£^ LYO ALT´©LaL ?SPZWZRd bT_S L ?]LY^WL_TZY LYO .]T_TNLW 9Z_P^ Q]ZX .SL[_P]^ ZY ?SPZWZRd TY _SP ,ST]M`OSYdL >LÀST_£ /PWST% $$ 8L`^^8L]NPW ,2PYP]LW?SPZ]dZQ8LRTN 9PbDZ]V%BB9Z]_ZY.ZX[LYd$" :]TRTYLW1]PYNS% $z$ 8LcTXTWTPY 2`d w7P WLYRLRP P_ Wv£_XLY OvL[]Ê^ @>; #x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP>ÞOL^TPY^C4C$" "z$ 8LdP] AP]PYL >PXLY_T^NSP] 3ZWT^X`^% 0TYP 0TYQÞS]`YR -P]WTY% ,VLOPXTPAP]WLR $$" 8N.L`WPd =ZMP]_ 9 LYO 0 ?SZXL^ 7Lb^ZY -]TYRTYR =T_`LW _Z 8TYO% ;^dNSZWZRTNLW 1Z`YOL_TZYZQ.`W_`]LW1Z]X^.LXM]TORP%.LXM]TORP@YTa;] 8N/LYTPW5`YPw.SL[_P]%3TYO`T^Xx 4Y?SP :cQZ]O 3LYOMZZVZQ=PWTRTZYLYO0XZ _TZY POT_POMd5ZSY.Z]]TRLY z":cQZ]O%:cQZ]O@YTa;]#
#
>PNZYOL]d>Z`]NP^
8N3`RS 5LXP^ w?SP .WL^^TQTNL_TZY ZQ >XPWW^ LYO _SP :]OP] ZQ _SP >PY^P^ TY 4YOTLY =PWTRTZ`^?]LOT_TZY^x 9`XPY "%"z$ 8N7`SLY8L]^SLWW ?SP2`_PYMP]R2LWLcd 7ZYOZY%=Z`_WPORP6PRLY;L`W$! z @YOP]^_LYOTYR 8POTL% ?SP 0c_PY^TZY^ ZQ 8LY 7ZYOZY% =Z`_WPORP ;L`W $! .LXM]TORP8L^^%84?;]P^^ 8PWWZ];STWT[,w:]TPY_LWT^X]P[]P^PY_L_TZYLYO]PWTRTZY%?SP]PLWT_dMPSTYO_SPXd_Sx =PWTRTZY %$$z 8PYYTYRP] 6 9`XMP] bZ]O^ LYO Y`XMP] ^dXMZW^ _]LY^ ; -]ZXP] .LXM]TORP 8,% 84?;]P^^$!$ 8P]WPL`;ZY_d 8L`]TNP ;SÆYZXPYZWZRTP OP] BLS]YPSX`YR -P]WTY% BLW_P] OP 2]`d_P] $!! 8P]_PY^ ,YYPXL]TP /P] /LV´LXd_S`^ TY OP] P[T^NS[`]£©T^NSPY 7T_P]L_`]% -PZMLNS_`Y RPYe`]]PWTRTZY^RP^NSTNS_WTNSPY0Y_bTNVW`YROP^2Z__P^=`O]L±TaLTX3TYO`T^X`^ BTP^MLOPY%3L]]L^^ZbT_e$$" 8P_eWP]7PcTVZY=PWTRTZY aZW^>_`__RL]_%8P_eWP]$$$z 8TNSLPW?L]Lw7P ²]¯NLV]L OLY^ WL >L`YOL]dL7LSL]¯x4Y 8LY_]L^P_OTLR]LXXP^]T_`PW^ OLY^WvSTYOZ`T^XP?LMWP]ZYOP;L]T^zU`TY$# "z$;L]T^%.9=>$#! 8TNSLPW^,cPWw/L^-`NSLW^1`YOLXPY_aZY=PWTRTZYPYx4Y /TP-POP`_`YROP^-`NSP^
RP^_P]YzSP`_PzXZ]RPY%=PQP]L_PPTYP]AZ]WP^`YR^]PTSPOP^.ZWWPRT`XRPYP]LWPOP] @YTaP]^T_Æ_ -P]Y TX >ZXXP]^PXP^_P] $$ POT_PO Md ;P_P] =`^_P]SZWe LYO =`[P]_ 8Z^P]z-P]Y>_`__RL]_ATPYYL%;L`W3L`[_$$! w?SP6TYRLYO.Zb%:YL.]`NTLW>dXMZWZQ3TYO`TeL_TZYTY9P[LWx4Y 9L_TZYLWT^X LYO 0_SYTNT_d TY L 3TYO` 6TYROZX Md / 9 2PWWYP] 5 ;QLQQ.eL]YPNVL LYO 5 BSPW[_ZY"$z$$,X^_P]OLX%3L]bZZO,NLOPXTN;`MWT^SP]^$$" z /P]3TYO`T^X`^%2P^NSTNS_P`YO2PRPYbL]_ 8ÞYNSPY%-PNV$$# z wu7P]T_`PW[Z`]WP]T_`PWvZOP]bTP^TYYWZ^^TYO=T_`LWP*x4Y =T_`LWPSP`_P%?SPZ]TPY 6ZY_]ZaP]^PY0Y_bÞ]QP PO . .LO`QQ LYO 5 ;QLQQ.eL]YPNVL z" -P]WTY% =PT XP]$$$ z w¾MP]OL^=TYOaTPSTY`YO`X`Y^x -L^WP]8LRLeTY """ z PO ?SP;LYOT_%?]LOT_TZYLW>NSZWL]^ST[TY4YOTL 9Pb/PWST%8LYZSL] z w?]LOT_TZYLW >LY^V]T_ 7PL]YTYR TY .ZY_PX[Z]L]d 4YOTLx 4Y ?SP ;LYOT_% ?]LOT_TZYLW >NSZWL]^ST[TY4YOTL POT_POMd,8TNSLPW^z!9Pb/PWST%8LYZSL] z w=T_`PWWP 6WLYR]Æ`XPx 4Y 8`^TV `YO =L`X /TXPY^TZYPY TX 2P^[]ÆNS POT_PO Md ,YYP__P7LYOL`LYO.WL`OTL0XXPYPRRP]zEÞ]TNS%.S]ZYZ^ z wu3Zb OZ dZ` OZ*v AZ]ÞMP]WPR`YRPY e` PTYP] 2]LXXL_TV OP] =T_`LWPx 4Y /P] 8PY^NS z PTY uLYTXLW ^dXMZWTN`Xv* >[]LNSP z /TLWZR z =T_`LW POT_PO Md 3PTY]TNS >NSXTOTYRP] LYO.WPXPY^ >POXLV$z #/L]X^_LO_% BT^^PY^NSLQ_WTNSP-`NSRP ^PWW^NSLQ_" 8TNSLPW^ , . AZRPW^LYRP] LYO , BTWVP PO BTWO 2ZOOP^^P^ ZQ 4YOTL LYO 9P[LW -P]Y%7LYR$$! 8TNSLPW^ ,cPW /L]TL ;PeeZWT:WRTL_T LYO 1]T_e >_ZWe PO^ 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* -P]YLZ%;P_P]7LYR 8T^S]L 66 PO >LY^V]T_ >_`OTP^ :`_^TOP 4YOTL :Y _SP ZNNL^^TZY ZQ _SP _S BZ]WO >LY^V]T_ .ZYQP]PYNP -LYRLWZ]P 5LY z$ $$" 9Pb /PWST% =L^S_]TdL >LY^V]T_ >LY^_SLY$$" 8T^S]L ATULd /PaZ_TZYLW ;ZP_TN^ LYO _SP 4YOTLY >`MWTXP 9Pb /PWST% /6 ;]TY_bZ]WO 8T^S]LA -ZWWdbZZO.TYPXL%?PX[WP^ZQ/P^T]P 9PbDZ]V%=Z`_WPORP 8T_NSPWWB5?w/TLR]LXXL_ZWZRdx .]T_TNLW4Y\`T]d $#%!z! z
>PNZYOL]d>Z`]NP^
#
8ZSY 5Þ]RPY 8d_SZ^_SPZ]TPY% 0TYP ]PWTRTZY^bT^^PY^NSLQ_WTNSP @Y_P]^`NS`YR e` 8d_SZ^ `YO4Y_P]V`W_`]LWT_Æ_ 8ÞYNSPY%BTWSPWX1TYV$$# z wAZYOP]=PWTRTZY^[SÆYZXPYZWZRTPe`]=PWTRTZY^Æ^_SP_TV%9P`PBPRP^d^_PXL_T^NSP] =PWTRTZY^bT^^PY^NSLQ_x ¦^_SP_TVz 6`Y^_z=PWTRTZY8ÞYNSPYP]?SPZWZRT^NSPEPT_ ^NS]TQ_ %z$ 8ZS]3`MP]_wBLS]YPSX`YR>TYYP^^d^_PXx4Y 8P_eWP]7PcTVZY=PWTRTZYAZW!z !>_`__RL]_%8P_eWP] 8ZZVP]UPP,UT_LYO8LOS`6SLYYL /TPBPW_OP^?LY_]L 8ÞYNSPY%3PdYP$"" 8Z]RLY/LaTO AT^`LW;TP_d%,3T^_Z]dLYO?SPZ]dZQ;Z[`WL]=PWTRTZ`^4XLRP^-P]VP WPdLZ%@YTaZQ.LWTQZ]YTL;]$$# z ?SP >LN]PO 2LeP% =PWTRTZ`^ AT^`LW .`W_`]P TY ?SPZ]d LYO ;]LN_TNP -P]VPWPd LZ% @YTaZQ.LWTQZ]YTL;] 8Ø]_S4YRZw6ZXX`YTVL_TZYx4Y 3LYOM`NS]PWTRTZY^bT^^PY^^NSLQ_WTNSP]2]`YOMPR]TQQP $z>_`__RL]_%6ZSWSLXXP]$$ 8Z]_ZY 5ZSY w-PTYR TY ?bZ 8TYO^% .]T_TNLW =PXL]V^ ZY ;]TXT_TaP 8d_SZWZRd LYO _SP =PSLMTWT_L_TZYZQ7Ëad-]`SWx .LYMP]]L,Y_S]Z[ZWZRd $$#!%z $ 8Z^NZaTNT >P]RPw2P^NSTNS_P`YO,V_`LWT_Æ_ ^ZeTLWP]=P[]Æ^PY_L_TZYPYx 4Y ;^dNSZWZRTP OP^ >ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP POT_PO Md @bP 1WTNV !!z =PTYMPV%=ZbZSW_$$ 8ÞWWP] 1]TPO]TNS 8Lc w:Y _SP ]PWL_TZY ZQ _SP -PYRLWT _Z _SP ,]TLY LYO LMZ]TRTYLW WLY R`LRP^ ZQ 4YOTLx =P[Z]_ ZQ _SP -]T_T^S ,^^ZNTL_TZY QZ] _SP ,OaLYNPXPY_ ZQ >NTPYNP #"%$z z wAZ]WP^`YR ÞMP] OTP APOL^ ZOP] OTP SPTWTRPY -ÞNSP] OP] -]LSXLYPYx #! 4Y 0^^Ld^% 0]^_P] -LYO% -PT_]ÆRP e`] aP]RWPTNSPYOPY =PWTRTZY^bT^^PY^NSLQ_ Md 8Lc 8ÞWWP]z 7PT[eTR%BTWSPWX0YRPWXLYY#!$ #"$PYW z w;]PQLNPx w;]ZR]LX ZQ L ?]LY^WL_TZYx 4Y ?SP @[LYT^SLO^ ;L]_ _]LY^ Md 1 8Lc 8ÞWWP]/PWST%8Z_TWLW-LYL]^TOL^^$! #"$z#(>LN]PO-ZZV^ZQ_SP0L^_4 z w/LXLW^`YO5P_e_x /P`_^NSP=`YO^NSL` ##%z z APOTN 3dXY^ ;L]_ 4% 3dXY^ _Z_SP8L]`_^ =`O]L A£d`LYO A£_L :cQZ]O%.WL]PY OZY;]P^^#$>LN]PO-ZZV^ZQ_SP0L^_CCC44 8`WWP]:]_PRL ;L`W 0O`L]OZ ?SP ?]TLOTN 3PL]_ ZQ ±TaL% 6L`WL ?LY_]TNT^X ZQ ,MST YLaLR`[_L TY _SP 9ZY/`LW >SLTaT^X ZQ 6L^SXT] /PWST% >]T >L_R`]` ;`MWTNL_TZY^ $$":]TRTYLW%>@9D$#$ z w?LY_]TN 8POT_L_TZY% AZNLWTN -PRTYYTYR^x 4Y =T_`LW LYO >[PN`WL_TZY TY 0L]Wd ?LY _]T^XPOT_POMd?2Z`O]TLLY"z ,WMLYd%>@9D$$ z w.T[SP]TYR_SP>`[]PXP%8LY_]TN0YNZOTYRTY,MSTYLaLR`[_Lv^ ?LY_]£WZVL x 4Y_P]YL _TZYLW5Z`]YLWZQ3TYO`>_`OTP^"z%z 8`XXP ;L_]TNTL D w;£ÓNL]£_]L ?Pc_^ TY _SP ?PºVLWLTAL¶LVLWLT /T^[`_Px 4Y >_`OTP^ TY
3TYO`T^X 4A% :Y_SP8`_`LW4YQW`PYNP^LYO=PWL_TZY^ST[ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L POT_POMd 2 :MP]SLXXP] LYO8=L^_PWWT"z ATPYYL% ¸,B QZ]_SNZXTYR
8ÞYNSPYP]_SPZWZRT^NSPEPT_^NS]TQ_ ^ ¦^_SP_TVz6`Y^_z=PWTRTZY 8ÞY^_P] /LYTPW =PWTRTZY^Æ^_SP_TV`YO ,Y_S]Z[ZWZRTPOP] >TYYP8ÞYNSPY%,VOPXT^NSP] AP]WLR 9LRL^bLXd= ?LY_]TN.`W_ZQ>Z`_S4YOTL /PWST%,RLX6LWL;]LVL^SLY$# z ,]_ LYO =PWTRTZY ZQ _SP -SLT]LaL^ 4WW`XPO Md _bZ ]L]P >LY^V]T_ _Pc_^% >L]aL ^TOOS£Y_LaTaÚVLLYO5£YL^TOOST .SPYYLT%?LXTW,]_^,NLOPXd! 9LRPW ?TWXLY 2P^NSTNS_P OP] T^WLXT^NSPY ?SPZWZRTP% AZY 8ZSLXXPO MT^ e`] 2PRPY bL]_ 8ÞYNSPY%-PNV$$
#
>PNZYOL]d>Z`]NP^
9L]L^TXSLY ;LOXL >bLXT /LdLYLYOL >L]L^bL_T ?SP ?]LOT_TZYLW ?PLNSP] ZQ -]LSXL ATOd£8LO]L^%??8L[^;`MW$$ 9LdL] 9LYNd ,YY ;ZP_]d L^ ?SPZWZRd% ?SP ±]ÅaLT´©LaL >_Z_]L TY _SP ,RP ZQ =£X£Y`UL BTP^MLOPY%3L]]L^^ZbT_e$$ 9PPOSLX=ZOYPdw;P]N`^^TZYLYO?]LY^T_TZYx 8LY 9>$!"%!!z! 9PXPN5ZSY=PaTPbZQ 7LYR`LRPZQ_SP2ZO^TY_SPBZ]WOZQ8PY Md>SPWOZY;ZWWZNV 5Z`]YLWZQ_SP,XP]TNLY,NLOPXdZQ=PWTRTZY " "%"z 9TUPYS`^ 0XXTP _P LYO 5LY 2ZYOL PO 3LYOM`NS OP] :]TPY_LWT^_TV 7PTOPY 6ØWY% -]TWW $" 9ÞYYTYRAP]LLYO,Y^RL]w6`W_`]bT^^PY^NSLQ_PY%0TYPX`W_T[P]^[PV_TaT^NSP0TYQÞS]`YR TY PTYPY TY_P]OT^eT[WTYÆ]PY /T^V`^^TZY^e`^LXXPYSLYRx 4Y 6ZYeP[_P OP] 6`W_`]bT^ ^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_TaPY POT_PO Md ,Y^RL] LYOAP]L9ÞYYTYRz#>_`__RL]_BPTXL]%5-8P_eWP] 9ÞYYTYR ,Y^RL] LYO AP]L PO 6ZYeP[_P OP] 6`W_`]bT^^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YO WLRPYz,Y^Æ_ePz;P]^[PV_TaPY >_`__RL]_BPTXL]%5-8P_eWP] 9dP 8LWZ]d w=PWTRTZY ;Z^_=PWTRTZYT^X LYO =PWTRTZYTYR% =PWTRTZ`^ >_`OTP^ LYO .ZY _PX[Z]L]d.`W_`]LW /PML_P^x 8P_SZO ?SPZ]d TY_SP >_`OdZQ=PWTRTZY % "z"! :MP]SLXXP] 2P]SL]O PO 4YVW`^TaT^X`^% 0TYP TYOT^NSP /PYVQZ]X ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP$# z w?SP@^PZQ8LY_]LTYDZRTN8POT_L_TZY%?SP?P^_TXZYdZQ_SP ;£²`[L_L x4Y @YOP] ^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] z /PWST% 8Z_TWLW -LYL]^TOL^^ $$,WMLYd% $#$ z w?SP4YQW`PYNPZQ:]_SZOZcALT´©LaT^XZYAT²T´T´¶£OaLT_LAPO£Y_LLYO;£ÓNL]£_]Lx 4Y >_`OTP^ TY 3TYO`T^X 4A POT_PO Md 2 :MP]SLXXP] LYO 8 =L^_PWWT "z AT PYYL%¸,BQZ]_SNZXTYR :MP]SLXXP] 2P]SL]O LYO 8L]TZY =L^_PWWT PO >_`OTP^ TY 3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L ATPYYL% ¸^ _P]]PTNST^NSP,VLOPXTPOP]BT^^PY^NSLQ_PYQZ]_SNZXTYR :MP]WTP^?SZXL^ /TP=PWTRTZYOP^RaPOL0]^_P]?PTW% /L^ ]PWTRTØ^P >d^_PXOP^RaP OL ATPYYL%2P]ZWO$$# z w2PMP_1W`NSx 4Y 8P_eWP] 7PcTVZY =PWTRTZY AZW POT_PO Md .S]T^_Z[S ,`QQL]_S 5`__L-P]YL]OLYO3`MP]_8ZS]z!>_`__RL]_BPTXL]%5-8P_eWP]$$$ /L^ØQQPY_WTNSP2P^TNS_OP]=PWTRTZYPY-P]WTYP]?SPZWZRT^NSPEPT_^NS]TQ_ ! :R`TMËYTYP-Z]T^ 7L/ËP^^P@´L^=PNSP]NSP^^`]WP^LN]TQTNPOPWL[L]ZWPOLY^WPRaP OL 7Z`aLTY%;PP_P]^$## :WTaPWWP ;L_]TNV 7LYR`LRP ?Pc_^ LYO >ZNTP_d% 0c[WZ]L_TZY^ TY ,YNTPY_ 4YOTLY .`W_`]P LYO=PWTRTZY 1T]PYeP%1T]PYeP@YTa;] :YR BLW_P] 5 :]LWT_d LYO 7T_P]LNd% ?SP ?PNSYZWZRTeTYR ZQ _SP BZ]O 7ZYOZY LYO 9Pb DZ]V%8P_S`PY$# :__Z =`OZWQ /L^ 3PTWTRP% ¾MP] OL^ 4]]L_TZYLWP TY OP] 4OPP OP^ 2Ø__WTNSPY `YO ^PTY AP] SÆW_YT^e`X=L_TZYLWPY 8ÞYNSPY%-PNV $ $" z BP^_Ø^_WTNSP 8d^_TV% AP]RWPTNS `YO @Y_P]^NSPTO`YR e`] BP^PY^OP`_`YR 2Z_SL% 6WZ_eAP]WLR$! $$ ]O PO$"]PaMd28PY^NSTYR z 8d^_TNT^X0L^_LYOBP^_%,.ZX[L]L_TaP,YLWd^T^ZQ_SP9L_`]PZQ8d^_TNT^X$ 7ZYOZY%LYU`V_L2`[_L/T]V5LY3ZPY^LYO?P`Y2Z`O]TLLY 7PTOPY%05-]TWW$"$x 3T^_Z]dZQ=PWTRTZY^$##% z! z w.ZY_]TM`_TZY^ÂWvË_`OPO`XLY_]L²£^_]L444%7PUL[Lx-010:"!$#"%"z $ z w8LY_]L^% BSL_ ,]P ?SPd*x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] $ z# /PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ z w, >`]aPd ZQ ?LY_]TN 3TYO`T^X QZ] _SP 3T^_Z]d ZQ =PWTRTZY^x F=PaTPb L]_TNWP ZQH 3TYO` ?LY_]T^X -d > 2`[_L /5 3ZPY^ LYO ? 2Z`O]TLLY 3T^_Z]d ZQ =PWTRTZY^ $#% z! z A£Nz?SP.ZYNP[_ZQ_SPBZ]OTY>PWPN_PO3TYO`?LY_]L^ ?]LY^WL_POMd52ZY_TP] ,WMLYd%>_L_P@YTaP]^T_dZQ9PbDZ]V;]P^^$$ z w7vZ]LWP_WvËN]T_ 8LY_]L P_ XLY_]L²£^_]L x4Y ?]LOT_TZY^Z]LWP^OLY^WPXZYOPTYOTPY POT_PO Md . .SLX[TZY z ;L]T^% 0OT_TZY^ OP Wv0NZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP>ZNTLWP^$$! z w-ZOdLYO8LY_]L%,MZ`__SP8LY_]Lv^;]P^PYNPTY_SP-ZOd.Z][^P_XLY_]L%/PWL []Ë^PYNP OP^ XLY_]L^ OLY^ WP NZ][^x >_`OTL ,^TL_TNL 4Y_P]YL_TZYLW 5Z`]YLW ZQ ,^TLY >_`OTP^z z% !z "# ;LW^`WP 2- w;ZTY_^ ZQ ,R]PPXPY_ LYO /TQQP]PYNP MP_bPPY _SP A£VdL[LO¯dL LYO _SP 8LS£MS£´dL/¯[TV£TY_SP8L__P]ZQ ^[Z¶L x4Y ;]ZNPPOTYR^ZQ_SP1T]^_4Y_P]YL_TZYLW
.ZYQP]PYNP ZY -SL]_SL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_` OTPY0_`OP^L^TL_T\`P^C7A44$$% z ;LYOPd6LY_T.SLYO]L 4YOTLY,P^_SP_TN^ -LYL]L^%.SZbVSLXML$ ;LY_SP] 6WL`^@bP LYO 2ÞY_P] =LOOPY PO^ 8P_ZYdXd TY 7LYR`LRP LYO ?SZ`RS_ ,X^_P]OLX%5ZSY-PYULXTY^$$$ ;L_VT =LULYT ?SP .ZYNP[_ ZQ @[£^LY£% BZ]^ST[ TY >LY^V]T_ 7T_P]L_`]P /PWST% >L_R`]` $$! ;L__ZY 7L`]TP 7 w3dXY _Z A£N% 8d_S Z] ;STWZ^Z[Sd*x 4Y 8d_S LYO ;STWZ^Z[Sd POT_PO Md1]LYV=PdYZWO^LYO/LaTO?]LNd#z,WMLYd%>_L_P@YTaZQ9PbDZ]V;] $$ z PO ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY ,WMLYd% >_L_P @YTaZQ9PbDZ]V;]$$ z -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd LZ%@YTaP]^T_dZQ.LWTQZ]YTL;]P^^ ;L`W:^NL]>PP;]TXL]d>Z`]NP^-ZP_ST`^ ;PT]NP.SL]WP^>LYOP]^ .ZWWPN_PO;L[P]^#aZW^.LXM]TORP%3L]aL]O@YTa;]$QQ ;PYQTPWO B LYO 7 =ZMP]_^ >[PPNS LYO -]LTY8PNSLYT^X^ ;]TYNP_ZY% ;]TYNP_ZY @YTa ;]$ $ ;PYYP]3LY^3w7LYR`LRP=T_`LWLYO8PLYTYRx 9`XPY $# %z! ;P_P]^ZY4YOT]LAT^bLYL_SLY^;]TXL]d>Z`]NP^ ;ZPX^ ;TYR]PP /LaTO 5dZ_Tಣ^_]L% ,^_]LW LYO 8L_SPXL_TNLW 7T_P]L_`]P BTP^MLOPY% 3L]]L^ ^ZbT_e$# ;WZQVP]6TXw8L_SPXL_TN^TY4YOTLx4Y?SP8L_SPXL_TN^ZQ0Rd[_8P^Z[Z_LXTL.STYL 4YOTLLYO 4^WLX% , >Z`]NPMZZV POT_POMd ATN_Z] 6L_e# z ;]TYNP_ZY% ;]TYNP _ZY@YTaP]^T_d;]P^^" ;ZT_PaTY 2`d LYO 3PXL =LT]VL] >_ZYPXTWW LYO -SLV_T% 1]ZX _SP /PaZ_TZY ZQ ;PL^LY_ BZXPY_Z_SP;STWZ^Z[SdZQ>bLXT^9Pb/PWST%/6;]TY_bZ]WO7_O$$!
#!
>PNZYOL]d>Z`]NP^
;ZWLV =PRTYP LYO ;L`W 8 E`WPSYP] w?SPZWZRT^NS aP]LYVP]_P =P^[T]T_`LWT^TP]`YR% E`] 0]YP`P]`YR OP] NS]T^_WTNSPY 6T]NSPYx 4Y >[T]T_`LWT_Æ_% 8PS] LW^ PTY 8PRL_]PYO POT _POMd;L`W8E`WPSYP]z":^QTWOP]Y%>NSbLMPYaP]WLR ;ZWWZNV >SPWOZY ?SP7LYR`LRPZQ _SP 2ZO^TY_SPBZ]WOZQ8PY%>LY^V]T_.`W_`]P LYO ;ZbP]TY;]PXZOP]Y4YOTL -P]VPWPd%@YTaZQ.LWTQZ]YTL;]!/PWST%;P]XLYPY_ -WLNV" ;Z__P]^ 0YNdNWZ[POTLZQ4YOTLY;STWZ^Z[STP^AZW444LYOC4 ;]TM]LX 63 w?SP 9P`]Z[Sd^TZWZRd ZQ =PXPXM]TYRx >NTPY_TQTN ,XP]TNLY 5LY $!$% "z#! z w9P`]ZWZRTNLW 9Z_P^ ZY 6YZbTYRx 4Y ;]ZNPPOTYR^ ZQ >PNZYO -LYQQ .ZYQP]PYNP ZY ?SPZ]P_TNLW;^dNSZWZRd -LYQQ%$!$
;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY -SL]_SL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d!z#$$,^TL_T^NSP>_`OTPY0_`OP^L^TL_T\`P^C7A44$$ ;]Z`^_8L]NPW ,WL]PNSP]NSPO`_PX[^[P]O` POT_POMd;.WL]LNLYOD>LYO]P;L]T^% 2LWWTXL]O$"-TMWTZ_SÊ\`POPWL;WËTLOP$ =LOP]XLNSP] 8L]_TY 8ZOP]YP >[T]T_`LWT_Æ_% -PR]TQQ^LYLWd^PY `YO V`W_`]^PXTZ_T^NSP AP]Z]_`YR -,_SP^T^@YTaZQ8ÞY^_P] =LRSLaLY A w;]P^PY_ ;Z^T_TZY ZQ APOTN .SLY_TYR LYO T_^ 1`_`]P% z"z$ "x -`WWP_TY ZQ_SP4Y^_T_`_PZQ?]LOT_TZYLW.`W_`]P^$ "%#z!$ z ?SP 2]PL_ 4Y_PR]L_Z]^% ?SP >LTY_>TYRP]^ ZQ 4YOTL 9Pb /PWST% ;`MWTNL_TZY /TaT^TZY $!! z ?SP9`XMP]ZQ=L^L^ 1Z]PbZ]OMd83T]TdLYYL8LO]L^%,OdL]7TM]L]d$!" =LRSLaLYA>PPLW^Z5LNV^ZY =LSPUL 2WZ]TL 2ZZObTYLYO,YY 2]ZOeTY^ 2ZWO 7T^_PY_Z_SP 3P]ZYv^BZ]O^%=PTXLR TYTYR 2PYOP] LYO 6TY^ST[ TY 9Z]_S 4YOTL -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;] $$ =LSYP] 6L]W LYO 3P]MP]_ AZ]R]TXWP] 6WPTYP^ _SPZWZRT^NSP^ BØ]_P]M`NS 1]PTM`]R% 3P] OP]$"!$# =LU=LX6`XL]>PP;]TXL]d>Z`]NP^?LY_]£MSTOS£YL =LUL66`YU`YYT 4YOTLY?SPZ]TP^ZQ8PLYTYR 8LO]L^%?SP,OdL]7TM]L]dLYO=P^PL]NS .PY_]P$! z w,^_]ZYZXdLYOXL_SPXL_TN^TY6P]LWL%,YLNNZ`Y_ZQT_^WT_P]L_`]Px ,OdL]7TM]L]d -`WWP_TY "$!%#z!"( ,^_]ZYZXdLYO8L_SPXL_TN^TY6P]LWL8LO]L^%,O dL]7TM]L]dLYO=P^PL]NS.PY_]P$$ z w-SL]_SL]T% µ¯V£ ZY ;L_LÓULWTv^ 8LS£MS£´dL x 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^% ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 32 3L]ZWO LYO 66 =LUL "z"/PWSTLZ%8Z_TWLW-LYL]^TOL^^$$ z w-L]_SL]Tv^ ;STWZ^Z[Sd ZQ 7LYR`LRP >[SZ¶La£OL LYO ±LMOLM]LSXLa£OL% ,]P _SPd 4Y_P]]PWL_PO*x 4Y 4YOTL LYO -PdZYO% ,^[PN_^ ZQ 7T_P]L_`]P 8PLYTYR =T_`LW LYO ?Z`RS_%0^^Ld^TY3ZYZ`]ZQ1]T_^>_LLW POT_POMd/TNVaZYOP]8PTU z"7ZY OZY%6PRLY;L`W$$" =LXLNSLYO]LY?; ?SP4YOTLY;STWZ^Z[SdZQ-PL`_d;L]_%;P]^[PN_TaP;L]_%>[PNTLW .ZYNP[_^ 8LO]L^%@YTaP]^T_dZQ8LO]L^=LOSLV]T^SYLY4Y^_T_`_P$"$$# =LXLY ,YLYO A w?SP 6L_L[LdLOT 1Z]X`WL LYO _SP 8ZOP]Y 3L^STYR ?PNSYT\`Px 4000 ,YYLW^ZQ_SP3T^_Z]dZQ.ZX[`_TYR $$$"%$z =LXLY`ULY,6>PP;]TXL]d>Z`]NP^ >[PLVTYRZQ±TaL =LX^PTP] DaP^ w-TMWTZR]L[Sd ZY -SL]_SL]Tx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW
.ZYQP]PYNP ZY -SL]_SL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY0_`OP^L^TL_T\`P^C7A44$$% z!" =LYUT_>SLYw>SZ`WO8LY_]L^MP=PNT_POTY?LXTWZ]>LY^V]T_*x
>PNZYOL]d>Z`]NP^
#"
S__[%bbbV`aTdLXNZXM]^[T]T_`LWT_dS_XLNNP^^PO8L]NS =LZ > 6 =LXLNSLYO]L ¢RLXL6Z^SL ¢RLXL 0YNdNWZ[LPOTL 4% 2PYP]LW 4Y_]ZO`N_TZY -LYRLWZ]P%6LW[L_SL]`=P^PL]NS,NLOPXd$#$ z ±]¯.SLV]L /PWST%>L_R`]`$#$ z ±]¯aTOd£6Z´L -LYRLWZ]P% ]PaLYOPYWL]RPO/PWST%>L_R`]` =L^NSP @bP w6]LQ_Q`__P] QÞ] 6TYOP]VØ[QPx .SLYRP% /L^ 8LRLeTY OP] -P]_PW^XLYY >_TQ_`YR $%>NSbP][`YV_6`W_`]`YO8`^TV$%z =L^_PWWT 8L]TZY ;STWZ^Z[ST^NS_SPZWZRT^NSP 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£% 8T_ PTYP] /L]^_PWW`YR OP^ _ÆRWTNSPY =T_`LW^ ATPYYL% ¸^_P]]PTNST^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY$$$ z wE`X AP]^_ÆYOYT^ OP^ ;£ÓNL]£_]L aZY OP] 3P]V`YQ_ ^PTYP] >LÀST_£^x BE6> $$$% z$ z w?SP =PWTRTZ`^ ;]LN_TNP ZQ _SP ^£OSLVL LNNZ]OTYR _Z _SP 5Ld£VSdL^LÀST_£x 445 L%$z$ z w/TP QÞYQ EPT_PY [LÓNL V£WL ^ TY OPY ÆW_P^_PY ;£ÓNL]£_]L>LÀST_£^x BE6> M%z z /TP ?]LOT_TZY OP^ ;£ÓNL]£_]L TX >[TPRPW OP] ;£]LXP²aL]L^LÀST_£ 3LMTWT_L_TZY ?SP ^T^@YTaP]^T_dZQATPYYL =L^_ZRT 9LaUTaLY ?SP 6]LXL ?LY_]TNT^X ZQ 6L^SXT]% 3T^_Z]TNLW LYO 2PYP]LW >Z`]NP^ AZW/PWSTLZ%8Z_TWLW-LYL]^TOL^^$"$=P[]TY_$$! z 4Y_]ZO`N_TZY_Z_SP?LY_]£WZVL /PWSTLZ%8Z_TWLW-LYL]^TOL^^$#" z w,MSTYLaLR`[_Lv^ 9Z_TZY ZQ ?LY_]L TY _SP ?LY_]£WZVLx ?SP 4YOTLY ?SPZ^Z[ST^_ #z:N_9Za$# %z z w?SP DZRTN/T^NT[WTYP^TY_SP8ZYT^_TN ±LTaL?LY_]TN?]LOT_TZY^ZQ6L^SXT]%?S]PP QZWO1Z`]QZWOLYO>Tc7TXMPOx4Y =T_`LWLYO>[PN`WL_TZY^TY0L]Wd?LY_]T^X%>_`O TP^TY3ZYZ]ZQ,YO]Ë;LOZ`c POT_POMd?P`Y2Z`O]TLLY"z#,WMLYd%>@9D $$ =L__WP >TXZY 8`^TV TX 5LS]S`YOP]_:]NSP^_]LW 8`^TN TY _SP _S .PY_`]d AZW % =Sd_SX`^=Sd_SX/A/=8,]_^$$! /TP=PaZW`_TZYOP]6WÆYRP =PNVbT_e ,YO]PL^ @Y^NSL]QP 2]PYePY% ;P]^[PV_TaPY OP] 6`W_`]^ZeTZWZRTP -TPWPQPWO% _]LY^N]T[_# =POQTPWO=ZMP]_ ?SP7T__WP.ZXX`YT_dLYO;PL^LY_>ZNTP_dLYO.`W_`]P .STNLRZ%@YTa ZQ.STNLRZ;]$! =POTYR_ZY5LXP^/ ALWWLMS£N£]dLZY_SP7ZaP2LXP^ZQ6´©L/PWST%8Z_TWLW-LYL]^T OL^^$$ $# w=PWTRTZY_S]Z`RS_SP>PY^P^x 9`XPY ""z" =PWTRTZY^XZYT_Z] # Md -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^ " =PWTRTZY `YO ;ZWT_TV TY OPY 6`W_`]PY OP] AZ]XZOP]YP `YO 8ZOP]YP ,Y_]LR^^NS]TQ_ e`X 0cPWWPYeNW`^_P] OP] BP^_QÆWT^NSPY BTWSPWX^@YTaP]^T_Æ_ 8ÞY^_P] 8ÞY^_P]% BB@ " =PYZ`7LYO7>TWM`]Yw>`]WLYZ_TZYOP M]ÃSXLY x 5Z`]YLWL^TL_T\`P "$$%#z ! =PYZ` 7% w7v,XMTR`T_ËO`aZNLM`WLT]PO`RaPOLx 5Z`]YLWL^TL_T\`P $$%!z z w7P^ ;Z`aZT]^ OP WL [L]ZWP OLY^ WP^ SdXYP^ aËOT\`P^x 4Y >LÀUÓ£ad£VL]L©L >_`OTL 4YOZWZRTNL4Y_P]YL_TZYLWTL$ %z z w7P^;Z`aZT]^OPWL[L]ZWPOLY^WPRaPOLx4Y0_`OP^aËOT\`P^P_[£©TYËPYYP^Md7 =PYZ`"aZW^;L]T^%$ z!$FaZW[z"H
##
>PNZYOL]d>Z`]NP^
z ?SP/P^_TYdZQ_SPAPOLTY4YOTL /PWSTLZ%8Z_TWLW-LYL]^TOL^^$! =ZNSP]7`OZw8Lc8ÞWWP] LYO_SP APOLx 4Y 8ËWLYRP^ ,]XLYO,MPW POT_POMd , /P ^_]ËPAZW%z 7PTOPY%-]TWW$"# z ?SP;`]£©L^BTP^MLOPY%3L]]L^^ZbT_e$#! z w8LY_]L^ TY _SP ±TaL[`]£©L x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] ""z /PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ =ZZQ BLOP .WL]V , 2PYP]L_TZY ZQ >PPVP]^% ?SP >[T]T_`LW 5Z`]YPd^ ZQ _SP -LMd -ZZX 2PYP]L_TZY >LY1LYNT^NZ%3L][P].ZWWTY^$$ z >[T]T_`LW 8L]VP_[WLNP% -LMd-ZZXP]^ LYO _SP =PXLVTYR ZQ ,XP]TNLY =PWTRTZY ;]TYNP_ZY%;]TYNP_ZY@;$$$ =Z^PY>_PaPY ?SPDZRLZQ6T]_LY 9PbDZ]V%1ZWV-ZZV^# =Z^PYV]LYe>_PQLYTPw2PT^_P]2`]`^`YO2PMP_Px >_P]Y $$%z! =Z^Zb^Vd>ZWZXZY ?SP.LY_TWWL_TZYZQ_SP-TMWP%?SP1TaP-ZZV^ZQ8Z^P^9PbDZ]V% =PNZY^_]`N_TZYT^_;]$ " aZY =Z^[L__ ,WPcLYOP] ?SP -`OOST^_ /ZN_]TYP ZQ 8ZXPY_L]TYP^^% , >`]aPd ZQ _SP :]T RTY^ LYO 0L]Wd ;SL^P ZQ _ST^ /ZN_]TYP `[ _Z AL^`MLYOS` >_`__RL]_% >_PTYP] $$ /T^^3LXM`]R$$ z w4X[P]XLYPYNP LYO ?TXP% ?SP .ZY_PX[WL_TZY ZQ 4X[P]XLYPYNP LYT_dL_£ TY _SP DZR£N£]L ?]LOT_TZY ZQ 8LT_]PdL LYO ,^L«RLx 4Y EPT_% ,YQLYR `YO 0YOP ?TXP% -P RTYYTYR LYO 0YO POT_PO Md BLW_P] >NSbPTOWP] !$z# >LYV_ ,`R`^_TY% ,NLOPXTL =Z`RP_2TWMP]_ 8`^TNLYO?]LYNP%,?SPZ]dZQ_SP=PWL_TZY^MP_bPPY8`^TNLYO;Z^^P^ ^TZY .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $# Z]TRTYLW 1]PYNS 0O 2LWWTXL]O $# =`MPY BLW_P] w¾MP] OTP /PML__PY TY OPY LW_PY @[LYT´LOv^x E/82 91 # $$% #z =Þ[TYR6WL`^ >_`OTPYe`]1]ÞSRP^NSTNS_POP]APO£Y_L;STWZ^Z[STP?PTW%;STWZWZRT^NSP @Y_P]^`NS`YRPY e` OPY -]LSXL^¼_]L6ZXXPY_L]PY OP^ ±L«VL]L `YO OP^ -S£^VL]L BTP^MLOPY%1]LYe>_PTYP]AP]WLR$"" =`^_ 0e]L 2L]OYP] ?SP 8`^TN LYO /LYNP ZQ _SP BZ]WOv^ =PWTRTZY^% , .ZX[]PSPY^TaP ,YYZ_L_PO-TMWTZR]L[SdZQ8L_P]TLW^TY_SP0YRWT^S7LYR`LRPBP^_[Z]_.?%2]PPY bZZO;]P^^$$! >LX`PW 2PZQQ]Pd ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP ?ST]_PPY_S .PY_`]d .LXM]TORP%.LXM]TORP@YTa;]# >LYOP]^ZY,WPcT^w;`]T_dLYO;ZbP]LXZYR_SP-]LSXTY^ZQ6L^SXT]x4Y ?SPNL_PRZ]d ZQ_SP;P]^ZY%,Y_S]Z[ZWZRd;STWZ^Z[SdST^_Z]d POT_POMd8TNSLPW.L]]T_SP]^>_P aPY .ZWWTY^ LYO >_PaPY 7`VP^ $z! .LXM]TORP L Z% .LXM]TORP @YTaP]^T_d ;]P^^$# z w8L©LWL LYO ¢RLXTN 4OPY_T_d TY _SP ?]TVL ZQ 6L^SXT]x 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP ?LMWP ]ZYOP ;L]T^ z U`TY $# !$z ;L]T^% .9=>$#! z w,MSTYLaLR`[_Lx4Y ?SP0YNdNWZ[POTLZQ=PWTRTZY aZW#z$9PbDZ]V%8LNXTW WLY$#! z w6]LXL ±LTaT^Xx w?]TVL ±LTaT^Xx w±LTaT^X TY 6L^SXT]x 4Y ?SP 0YNdNWZ[POTL ZQ =PWTRTZY aZWz"9PbDZ]V%8LNXTWWLY$#" z w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x 4Y ?SP BZ]WOv^ =PWTRTZY^ POT_PO Md >_PbL]_ >`_SP]WLYO!!z"7ZYOZY%=Z`_WPORP$## z w?SPaT^`LWTeL_TZYZQ_SPOPT_TP^ZQ_SP?]TVLx4Y 7vTXLRPOTaTYP%.`W_PP_XËOT_L_TZY OLY^Wv3TYOZ`T^XP POT_POMd,;LOZ`cz$!;L]T^%.9=>$$
>PNZYOL]d>Z`]NP^ z
z z
z z
#$
w?SP /ZN_]TYP ZQ _SP 8£WTY¯aTULdZ__L]L_LY_]Lx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY #z ,WMLYd%>@9D$$ w8PLYTYRTY?LY_]TN=T_`LWx 4Y 0^^Ld^ ^`]WP]T_`PW 444POT_POMd ,YYP8L]TP-WZY OPL`LYO6]T^_ZQP]>NST[P] z$ 7Z`aLTY;L]T^%;PP_P]^$$ w=PWTRTZY LYO _SP >_L_P% ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP -]LSXLYTNLW =ZdLW .SL[WLTY bT_S LY L[[PYOTc ZY _SP []ZaPYLYNP LYO OL_P ZQ _SP 9P_]L_LY_]L x 4YOZ 4]LYTLY5Z`]YLW"%$z w±LTaT^X LYO -]LSXLYT^X TY _SP 0L]Wd 8POTPaLW ;P]TZO 2ZYOL 7PN_`]P !x S__[%LWPcT^^LYOP]^ZYNZX/ZN`XPY_^2ZYOL7PN_`]P[OQ w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]d% ?SP ¢«RT]L^LVLW[L ?Pc_^ ZQ _SP :]TdL ;LT[ [LW£OTY^LYO_SPT].ZYYPN_TZYbT_S_SP?]TVLLYO_SP6£WV`WLx 4Y ?SP,_SL]aLaPOL LYO T_^ ;LT[[LW£OL ±£VS£% 3T^_Z]TNLW LYO ;STWZWZRTNLW ;L[P]^ ZY L APOTN ?]LOT_TZY POT_POMd,]WZ2]TQQT_SLYO,YYP__P>NSXTPONSPY$ z,LNSPY%>SLVP]"
=PWTRTZY LYO _SP >_L_P% 4YT_TL_TYR _SP 8ZYL]NS TY ±LTaT^X LYO _SP -`OOST^_ BLd ZQ 8LY_]L^BTP^MLOPY%3L]]L^^ZbT_eQZ]_SNZXTYR0_SYZ4YOZWZRd >LYVL]LY ,XML^LX`O]LX >ZXP ,^[PN_^ ZQ 7T_P]L]d .]T_TNT^X TY >LY^V]T_ Z] ?SP ?SPZ ]TP^ZQ=L^LLYO/SaLYT 8LO]L^%8LO]L^@YTa$$ OP >L`^^`]P 1P]OTYLYO .LSTP]^ 1P]OTYLYO OP >L`^^`]P aZW $! #$z F ,YL R]LXXP^ H >LbLT DZ^ST_^`R` ?SP 1LT_S ZQ ,^NP_TN^ LYO 7Ld >X£]_L^% , >_`Od ZQ _SP ±L«VL]LY ?]LOT_TZYZQ±«RP]T ATPYYL%4Y^_T_`_QÞ]4YOZWZRTP%$$ >LbTNVT/TP_SL]O 8LRTP 1]LYVQ`]_L8%1T^NSP] >Lc BTWWTLX w3PTW]T_`LWP OP] /LWT_^ TX TYOT^NSPY EPY_]LW3TXLWLdLx 4Y =T_`LWOdYLXTV% 6`W_`]ÞMP]R]PTQPYOP >_`OTPY e`] ?SPZ]TP `YO 2P^NSTNS_P ]T_`PWWPY 3LYOPWY^ POT_PO z
Md/TP_]TNS3L]_SLYO2P]]T_5L^[P]>NSPYV!z"$3PTOPWMP]R%>dYNS]ZY >NSLMP]_ ?TWZ LYO =ËXT -]LR`P PO /TP 8LNS_ OP^ BZ]_P^ 8ÞYNSPY% BTWSPWX 1TYV $$! >NSL]QP 3L]_X`_ ;£©TYTv^ 8P_LWLYR`LRP ;STWLOPW[STL% ,XP]TNLY ;STWZ^Z[STNLW >ZNTP_d $" >NSPNSYP] =TNSL]O w=T_`LW `YO ?SPL_P]% =PVZY^_]`V_TZY aZY AP]SLW_PYx TY =T_`LW_SPZ ]TPY POT_POMd,-PWWTRP]LYO / 6]TPRP]z!:[WLOPY% BP^_OP`_^NSP] AP]WLR $$# >NSWTP_P] 5PY^ w/L^ w0Y_^_PSPY TY ,MSÆYRTRVPT_x []L_¯_dL^LX`_[£OL `YO OTP ,YQÆYRP OP] M`OOST^_T^NSPY ?SPZ]TP OP] EPT_ LW^ ,`RPYMWTNV^[SL^PYx 4Y EPT_% ,YQLYR `YO 0YOP?TXP%-PRTYYTYRLYO0YOPOT_POMdBLW_P]>NSbPTOWP]#$z>LYV_,`R`^ _TY%,NLOPXTL >NSXTO_ 3LYY^;P_P] -SL^[L_T `YO 4YO]L% @Y_P]^`NS`YRPY e`] aPOT^NSPY 8d_SZWZRTP `YO6`W_`]RP^NSTNS_P BTP^MLOPY%3L]]L^^ZbT_e$!# >NSXT_e 3P]XLYY >d^_PX OP] ;STWZ^Z[STP% /P] =L`X z ATP]_P] ?PTW /L^ 2Ø__WTNSP `YO OP]=L`X-ZYY%-Z`aTP] $$ $"" >NSZXP]`^3B ±LTaL>TOOS£Y_L,Y4YOTLY>NSZZWZQ8d^_TNLW?SZ`RS_%;]P^PY_POL^L ^d^_PX LYO OZN`XPY_PO Q]ZX _SP Z]TRTYTLW ?LXTW >Z`]NP^ POT_PO Md 3 ;LWXP] /PWST%8Z_TWLW-LYL]^TOL^^2P]XLY:]TRTYLW$ >NSZ_P]XLY 5LY ,Y_SZYd w,[[PYOTc 4 ;]L^_£]L LYO 2LSaL]Lx 4Y ?SP ³L¶^£SL^]L >LÀST_£.SL[_P]^z #z$7PTOPY%-]TWW$# >NS]LOP] :__Z 4Y_]ZO`N_TZY _Z _SP ;£ÓNL]£_]L LYO _SP ,ST]M`OSYdL >LÀST_£ 8LO]L^% $!
$
>PNZYOL]d>Z`]NP^
>NS]PTYP] 6WL`^ w7L`_P^ 7P^PY QTV_TaP 8ÞYOWTNSVPT_ aP]^NS]TQ_WTNS_P 9Z]Xx 4Y ATaL aZc`YO]L_TZ^N]T[_L POT_POMd.WPXPY^86L^[P]LYO6WL`^>NS]PTYP]z!8ÞY ^_P]%7T_$$" >NS]PTYP] ;P_P] 4X 8ZYO^NSPTY ØQQYP_ ^TNS OP] 7Z_`^% /P] 3TYO`T^X`^ /Þ^^PWOZ]Q% ;L_XZ^$$# >PL]WP5ZSY= >[PPNS,N_^%,Y0^^LdTY_SP;STWZ^Z[SdZQ7LYR`LRP .LXM]TORP%.LX M]TORP@YTaP]^T_d;]P^^$!$ >PRLW =ZMP]_ , 8d_SZ^% 0TYP VWPTYP 0TYQÞS]`YR >_`__RL]_% =PNWLX " 0YRWT^S Z]TRTYLW >SL]XL ,]aTYO w?SP ?S]PP 2ZO^ _SP ?S]PP R`©L ^ LYO _SP ?S]PP >dWWLMWP^ ZQ :X% , >_`Od TY 3ZXZWZRTeL_TZY TY _SP 8LT_]£dL©L -]£SXL©L @[LYT´LOx-`WWP_TY ZQ _SP 4Y ^_T_`_PZQ?]LOT_TZYLW.`W_`]P^$##%"z"" >SL]XL ;]PX 7L_L w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^ TY _SP 4YOTLY ?]LOT _TZYx TY /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO PO >. 8LWTV 9Pb /PWST% 429., LYO/6;]TY_bZ]WO$$$ z" >TPRPW 7PP >LN]POLYO ;]ZQLYP/TXPY^TZY^ZQ7ZaPTY 4YOTLY?]LOT_TZY^L^0cPX[WTQTPO TY_SP2¯_LRZaTYOLZQ5LdLOPaL/PWSTLZ%:cQZ]O@YTa;]$"# z 9P_ZQ8LRTN%BZYOP]^LYO/PNP[_TZY^TY4YOTL.STNLRZ7ZYOZY%@YTaZQ.STNLRZ ;]$$ >TWM`]Y 7TWTLY 7L 6`©LWTY¯ Z` 7v0YP]RTP OP^ []ZQZYOP`]^ ;L]T^% 7P^ /P`c :NËLY^ $# 0YRWT^S _]LY^WL_TZY 6`©LWTY¯% 0YP]Rd ZQ _SP /P[_S^ _]LY^ Md 5LN\`P^ 2ZY _TP],WMLYd%>@9D$## >TXZY =TNSL]O /TP 9Z_L_TZY OP] aPOT^NSPY 7TPOP]MÞNSP] BTP^MLOPY% >_PTYP] $"$ $ >TYRP] 8TW_ZY w?SP .`W_`]LW ;L__P]Y ZQ 4YOTLY .TaTWTeL_TZYx 1L] 0L^_P]Y PXTZ_TN ,Y_S]Z[ZWZRdx 4Y >TRY >Z`YO LYO >PY^P POT_PO Md ?SZXL^ , >PMPZVz-WZZXTYR_ZY%4YOTLYL@YTa;]$"# >TaL]LXLY 6]T^SYL ±LTaT^X TY ;STWZ^Z[STNLW ;P]^[PN_TaP /PWST% 8Z_TWLW -LYL]^TOL^^ $" z w?SPBZ]OL^L.L_PRZ]dZQ=PaPWL_TZYx4Y =PaPWL_TZYTY4YOTLY?SZ`RS_ POT_POMd 3.ZbL]OLYO6>TaL]LXLY z!0XP]daTWWP.LWTQ%/SL]XL;`MWT^STYR$"" >W`^^P] 8L]d >SP[SP]O 9P[LW 8LYOLWL% , .`W_`]LW >_`Od ZQ _SP 6L_SXLYO` ALWWPd aZW^;]TYNP_ZY9Pb5P]^Pd%;]TYNP_ZY@YTa;]$#6LY_T[L_S6L_SXLYO`%8LY OLWL-ZZV;ZTY_$$# OP >XP_ =TNSL]O w7LYRLRP P_ NZYYLT^^LYNP OP Wv,M^ZW` NSPe .LÀVL]Lx =Pa`P [SWZ^Z [ST\`POP7Z`aLTY $ %z" >XT_S-]TLY6w0cZ]NT^TYR_SP_]LY^NPYOPY_%>_]L_PRTP^QZ]OPQTYTYR3TYO`T^XLYO]PWTR TZYx 3T^_Z]dZQ=PWTRTZY "$#"##%z z =PQWPN_TZY^ZY=P^PXMWLYNP=T_`LWLYO=PWTRTZY/PWST%8Z_TWLW-LYL]^TLOL^^$$# :]TRTYLW%$#$ z .WL^^TQdTYR _SP @YTaP]^P% ?SP ,YNTPY_ AL]©L >d^_PX LYO _SP :]TRTY^ ZQ .L^_P :c QZ]O%:cQZ]O@YTa;]$$ z w?SP APOL LYO _SP ,`_SZ]T_d ZQ .WL^^% =PO`[WTNL_TYR >_]`N_`]P^ ZQ APOL LYO AL]©L TY ,YNTPY_ 4YOTLY ?Pc_^x 4Y ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P] []P_L_TZY POT_PO Md 7L`]TP 7 ;L__ZY !"z$ ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$
>PNZYOL]d>Z`]NP^
$
>XT_S /LYTPW , /P^N]T[_TaP-TMWTZR]L[SdZQ_SP ;]TY_PO?Pc_^ZQ_SP ;£ÓNL]£_]£RLXL aZW^-L]ZOL%2LPVbLO$" $# >XT_S /LaTO ?SP /LYNP ZQ ±TaL% =PWTRTZY ,]_ LYO ;ZP_]d TY >Z`_S 4YOTL .LXM]TORP% .LXM]TORP@YTa;]$$! >XT_S 5ZYL_SLY E 4XLRTYTYR =PWTRTZY% 1]ZX -LMdWZY _Z 5ZYP^_ZbY .STNLRZ 7ZYOZY% @YTaZQ.STNRZ;]$# >XT_S BTWQ]PO .LY_bPWW w?SP ?]`P 8PLYTYR ZQ >N]T[_`]P% ,Y 0X[T]TNLW 3T^_Z]TLYv^ 9ZY]PO`N_TZYT^_ 4Y_P][]P_L_TZY ZQ _SP _`OTP^$#%#"z > ø ]PY^PY5P^[P]w=PWTRTZYTY8TYO%,=PaTPb,]_TNWPZQ_SP.ZRYT_TaP>NTPYNPZQ=PWTR TZYx 9`XPY %! z$ z , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ;WdXZ`_S% ,W_LXT]L ;]P^^ " 7LYSLX% =ZbXLY LYO7T__WPQTPWO" >[TY_UP =LW[S LYO = /]ZS 8`^TV8POTeTY% ;Sd^TZWZRT^NSP 2]`YOWLRPY `YO []LV_T^NSP ,YbPYO`YRPY >_`__RL]_%?]TL^$$ >[]ZNVSZQQ 5ZLNSTX 1]TPO]TNS w/TP AZ]MP]PT_`YR OP] AZ]^_PWW`YR aZY OP] 0]WØ^`YR MPT 7PMePT_PY TY OPY @[LYT´LO^x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^ A4$!% z"# z w/TP4OPPOP^5¯aLYX`V_TTYOPY^[Æ_PY@[LYT´LO^x BTPYP]EPT_^NS]TQ_QÞ]OTP6`YOP >ÞO`YO:^_L^TPY^A44$!%$z# z w/P]BPRe`]0]WØ^`YRMPT7PMePT_PYTS]BP^PY`YOTS]BP]_YLNSOPX5¯aLYX`V _TaTaPVLOP^ ATOd£]L©dLx BTPYP] EPT_^NS]TQ_ QÞ]OTP6`YOP >ÞO`YO :^_L^TPY^ A444 $!%z! z w/P]BPRe`]0]WØ^`YRMPT7PMePT_PYTS]BP^PY`YOTS]BP]_YLNSOPX5¯aLYX`V _TaTaPVL OP^ ATOd£]L©dL 1Z]_^P_e`YRx BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^C4A$"%z $ >\`L]NTYT 1]POP]TNZ PO -Z`YOL]TP^ /dYLXTN^ LYO .ZY^_]`N_TZY ZQ ?]LOT_TZY^ TY >Z`_S ,^TL 1T]PYeP%1T]PYeP@YTa;] >]TYTaL^ 89 =PWTRTZY LYO >ZNTP_d LXZYR _SP .ZZ]R^ ZQ >Z`_S 4YOTL 7ZYOZY 9Pb DZ]V%:cQZ]O@YTa;]$ >]TYTaL^LY >, :Y _SP .ZX[Z^T_TZY ZQ _SP 9£¶dL²£^_]L =PTYMPV% BPeWP] AP]WLR QÞ] :]TPY_LW1LNS[`MW$# >_LLW1]T_^ 9LXM`OT]T%APOL=PNT_L_TZY u^2]LaPYSLRP%8Z`_ZY$! z w>LY^V]T_LYO>LY^V]T_TeL_TZYx ?SP5Z`]YLWZQ,^TLY >_`OTP^ 8Ld$!%!z " z wRaPOL"ZY_SP :]TRTYZQ 7LYR`LRPx 4Y =PaPWL_TZYTY 4YOTLY ?SZ`RS_ POT_PO Md3.ZbL]OLYO6>TaL]LXLYz0XP]daTWWP.LWTQ%/SL]XL;`MWT^STYR$"" z w?SP8PLYTYRWP^^YP^^ZQ=T_`LWx9`XPY !$"$%z z ,RYT% ?SPAPOTN =T_`LWZQ_SP 1T]P ,W_L] aZW^-P]VPWPd% ,^TLY 3`XLYT_TP^;]P^^ $# z w?SP>Z`YOZQ=PWTRTZYx 9`XPY $#!%z!&# z z w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY LYO _SP :]TRTY^ ZQ >NTPYNPx 8POPOPWTYRPY OP] 6Z YTYVWTUVP 9POP]WLYO^P ,VLOPXTP aLY BP_PY^NSL[[PY 9= $# $#!% z z ## z wAPOTN 8LY_]L^x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] #z$ /PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ z =T_`LW LYO 8LY_]L^% =`WP^ BT_SZ`_ 8PLYTYR /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$! ^_ PO=`WP^BT_SZ`_8PLYTYR%=T_`LW8LY_]L^LYO_SP3`XLY>NTPYNP^9PbDZ]V% $$ z w1]ZXXPLYTYR^_Z_]PP^x 5Z`]YLWZQ]T_`LW^_`OTP^ "$$%z
$
>PNZYOL]d>Z`]NP^
>_L]ZMTY^VT 5PLY w7P^ ,YLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]P _Pc_P^ TYËOT_^x 8P]N`]P OP1]LYNP $!%z! z w7P^ 8Z_^ ^Z`^ WP^ XZ_^ ?Pc_P^ TYËOT_^ OP^ NLSTP]^ OvLYLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]Px 4Y ?Z 3ZYZ]=ZXLY 5LVZM^ZY0^^Ld^ZY_SP :NNL^TZYZQ 3T^ >PaPY_TP_S -T]_SOLd aZW^aZW[$!z$"?SP3LR`PLYO;L]T^%$!" z BØ]_P] `Y_P] BØ]_P]Y% /TP ,YLR]LXXP aZY 1P]OTYLYO OP >L`^^`]P 1]LYVQ`]_ LX 8LTYLZ%@WW^_PTY$# >_TP_PYN]ZY3PTY]TNSaZYw-SLT]LaLx4Y /P`_^NSP]:]TPY_LWT^_PY_LR" $!#(E/82 >`[[WPXPY_4#!z#"BTP^MLOPY%>_PTYP]$!$ z /P]3TYO`T^X`^8ÞYNSPY%.3-PNV >_TP]^_Z]QP] 6WL`^ w0TYWPT_`YR% ,YXP]V`YRPY e`] 4Y_P]OT^eT[WTYL]T_Æ_ OP] 6`W_`]bT^^PY ^NSLQ_PYx 4Y 6`W_`]bT^^PY^NSLQ_ 4Y_P]OT^eT[WTYÆ] POT_PO Md 6WL`^ >_TP]^_Z]QP] LYO 7L`]PYeAZWVXLYY$z#?ÞMTYRPY%2`Y_P]9L]] aZY>_`NV]LO6ZNV`w/T^N`]^TaP>_`OdZQ=PWTRTZY%1]ZX>_L_P^ZQ8TYO_Z.ZXX`YTNL _TZYLYO,N_TZYx 8P_SZOLYO?SPZ]dTY_SP>_`OdZQ=PWTRTZY % z" z BL^T^_0^Z_P]TV* 6WPTYP2P^NSTNS_POP^RPSPTXPYBT^^PY^8ÞYNSPY%-PNV z w/TP0^Z_P]TVTYOP]RPRPYbÆ]_TRPY1Z]^NS`YR%¾MP]MWTNV`YO;Z^T_TZY^MP^_TXX`YRx ePT_PYMWTNVP ! 9] @=7% S__[%bbbePT_PYMWTNVPOP!>_`NV]LOTY OPcJS_XWLNNP^^PO9ZaPXMP] !@=9%`]Y%YMY%OP%$z$z#! >`MML]LdL[[L - A LYO 6 A >L]XL 4YOTLY ,^_]ZYZXd , >Z`]NP-ZZV -ZXMLd% 9PS]`.PY_]P$# >`WWTaLY 7Lb]PYNP 0 w>Z`YO LYO >PY^P^% ?ZbL]O L 3P]XPYP`_TN^ ZQ ;P]QZ]XLYNPx 3T^_Z]dZQ=PWTRTZY^!$#!%z ?LXMTLS>_LYWPd5PdL]LULw?SP8LRTNLW;ZbP]ZQBZ]O^x 8LY 9>$!#%" z# z w1Z]X`YO-POP`_`YRXLRT^NSP],V_P%0TY>_LYO[`YV_$"x4Y 8LRTP% /TP^ZeT LWbT^^PY^NSLQ_WTNSP 6ZY_]ZaP]^P ÞMP] OL^ AP]^_PSPY Q]PXOPY /PYVPY^ POT_PO Md 3LY^26T[[PYMP]RLYO-]TRT__P7`NSP^T $z$!1]LYVQ`]_%>`S]VLX[$#" z w,;P]QZ]XL_TaP,[[]ZLNS_Z=T_`LWx ;]ZNPPOTYR^ZQ_SP-]T_T^S,NLOPXd ! $"$% z!$ z 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTa ;] $$ $$ z w8`W_T[WPZ]OP]TYR^ZQ]PLWT_dx4Y8LRTN^NTPYNP]PWTRTZYLYO_SP^NZ[PZQ]L_TZYLW T_d POT_PO Md > 5 ?LXMTLS #z .LXM]TORP% .LXM]TORP @YTa ;] $$ $$ ?LdWZ] 8L]V . PO .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ .STNLRZ 7ZYOZY% @YTa ZQ .STNLRZ;]$$# ?POWZNV/PYYT^ ?SP>[ZVPYBZ]OLYO_SPBZ]VZQ4Y_P][]P_L_TZY ;STWLOPW[STL%@YTaZQ ;PYY^dWaLYTL;]$$ $# ?STPXP;L`Ww;¼U£x EPT_^NS]TQ_OP]OP`_^NSPYXZ]RPYWÆYOT^NSPY2P^PWW^NSLQ_ $$$% z"F0YRWT^SPO 5Z`]YLWZQ:]TPY_LW=P^PL]NS #$ "z$ #%z!H z w/L^TYOT^NSP?SPL_P]x4Y 1P]YØ^_WTNSP^?SPL_P]POT_POMd36TYOP]XLYYz >_`__RL]_%6]ØYP]$!! z /P]1]PXOWTYRTX=TRaPOL9PYOPWY%6]L`^$!! z w-]ÃSXLYx 4Y 6WPTYP >NS]TQ_PY POT_PO Md 2PZ]R -`OO]`^^ z# BTP^MLOPY% >_PTYP]$" $# z wv>[]LNSXLWP]PTvx4Y 6WPTYP>NS]TQ_PY POT_POMd=PYL_PaZY>ØSYPY?STPXP$$z >_`__RL]_%1]LYe>_PTYP]$$ z w0_dXZWZRTPzPTY^_`YOSP`_Px4Y 6WPTYP>NS]TQ_PY POT_POMd=PYL_PaZY>ØSYPY ?STPXPz>_`__RL]_%1]LYe>_PTYP]$$
>PNZYOL]d>Z`]NP^
$
w9PYYQZ]XPY L`^ ,Y]POP `YO ,Y]`Q TX >LY^V]T_x 4Y 6WPTYP >NS]TQ_PY POT_PO Md =PYL_PaZY>ØSYPY?STPXP z">_`__RL]_%1]LYe>_PTYP]$$ ?SZXL^2ÞY_P]w6ZXX`YTVL_TZYx4Y8P_eWP]7PcTVZY=PWTRTZY AZWPOT_POMd.S]T^ _Z[S ,`QQL]_S 5`__L -P]YL]O LYO 3`MP]_ 8ZS] "z >_`__RL]_ BPTXL]% 5- 8P_eWP]$$$ ?SZX[^ZY 2PZ]RP w:Y 8LY_]L^ LYO 1]T_^ >_LLWx 5Z`]YLW ZQ =T_`LW >_`OTP^ $ $$ % z ?S]ZbP]5LXP^ ?SP,W_P]YL_TaP?]LOT_TZY%=PWTRTZYLYO_SP=PUPN_TZYZQ=PWTRTZYTY_SP ,YNTPY_BZ]WO ?SP3LR`PLZ%8Z`_ZY$# ?TXX5PQQ]Pd=PO ?Pc_^TY.ZY_Pc_%?]LOT_TZYLW3P]XPYP`_TN^TY>Z`_S,^TL,WMLYd% >_L_P@YTaZQ9PbDZ]V;]$$ ?ZWL1P]YLYOZLYO.L]XPY/]LRZYP__Tw@YT_dTY/TaP]^T_d%4YOTLYLYOBP^_P]Y;STWZ^Z [STNLW?]LOT_TZY^x4Y -Z`YOL]TP^/dYLXTN^LYO.ZY^_]`N_TZYZQ?]LOT_TZY^TY>Z`_S ,^TL POT_POMd1]POP]TNZ>\`L]NTYT!"z!#1T]PYeP%1T]PYeP@YTa;] ?Z[T_^NS 0]Y^_ AZX @]^[]`YR `YO 0YOP OP] 8P_L[Sd^TV% 0TYP >_`OTP e`] BPW_LY^NSL` `YR^V]T_TV ATPYYL%>[]TYRP]AP]WLR$ # ?Z[Z]Za AWLOTXT] 9 w/TP @]^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx ;ZP_TNL EPT_^NS]TQ_ QÞ]>[]LNS`YO7T_P]L_`]bT^^PY^NSLQ_ z$#%#$z ?]L`_XLYY?SZXL^= ,]dLY^LYO-]T_T^S4YOTL9Pb/PWST%DZOL;]P^^! ?]P[[7PZ /TP5`OPY%AZWV2P^NSTNS_P=PWTRTZY =PTYMPV%=ZbZSW_$!$$#" ?^NSLYYP]WAZWVP]w0TYPQ]ÞSP?SPZ]TPOP^6Z^XT^NSPY% 9£¶dL²£^_]L A4x -P]WTYP]4YOZ WZRT^NSP>_`OTPY #$$ %#$z$$ ?`WW 3P]XLY 1 8Lc 8ÞWWP] LYO ,- 6PT_S wv?bLOOWPv _SP u>_`[TOv 8d_S LYO _SP /T^PL^PZQ4YOZWZRdx 9`XPY #%z ?Þ]^_TR 3LY^2PZ]R w?SP 4YOTLY >Z]NP]d .LWWPO ,MSTN£]L x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP>ÞOL^TPY^$$# %!$z" ?`eTY /ZYLWO w8T]LN`WZ`^ AZTNP^% ?SP ,`OT_Z]d 0c[P]TPYNP ZQ 9`XTYZ`^ :MUPN_^x .`]]PY_,Y_S]Z[ZWZRd /PNPXMP]$#% "$z $! ?d]PWW 3L]_XLYY AZWVSL]O6]PNSLYO 3`MP]_ 6YZMWL`NSPO =PWTRTZYLW^ 6ZXX`YTVL _TZY BÞ]eM`]R%0]RZY$$# ?d]PWW 3L]_XLYY w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZY% -PR]TQQ^RP^NSTNS_WTNSP `YO ^d^_PXL_T^NSP ¾MP]WPR`YRPYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY POT_PO Md 3 ?d]PWW A6]PNSLYO36YZMWL`NS#zBÞ]eM`]R%0]RZY$$# z w=PWTRTØ^P 6ZXX`YTVL_TZY% ,`RP :S] `YO 8POTPYaTPWQLW_x 4Y 1]ØXXTRVPT_ TX z
8T__PWLW_P]% ;ZWT_T^NS^ZeTLWP 6ZY_Pc_P aT^`PWWP ;]LcT^ VØ][P]WTNSP ,`^O]`NV^QZ] XPY POT_PO Md 6WL`^ >NS]PTYP] LYO 8L]N 8ÞY_e z$ 8ÞYNSPY% BTWSPWX 1TYV @]MLY3`RS- ?LY_]L>Pc>PN]PNd;ZWT_TN^LYO;ZbP]TY_SP>_`OdZQ=PWTRTZY -P]VP WPd%@YTaZQ.LWTQZ]YTL;] ALWP]T ALWP]TZ 6TYR^ST[ LYO >LN]TQTNP% =T_`LW LYO >ZNTP_d TY ,YNTPY_ 3LbLTT _]LY^ Md ;L`WLBT^^TYR.STNLRZLYO7ZYOZY%?SP@YTaZQ.STNLRZ;]$# aLY OP] APP] ;P_P] 4X[P]TLW 0YNZ`Y_P]^% =PWTRTZY LYO 8ZOP]YT_d TY 4YOTL LYO -]T_LTY ;]TYNP_ZY%;]TYNP_ZY@YTa;] z w/ZP^>LY^V]T_6YZbWPORP0cT^_*x 5Z`]YLW4YOTLY;STWZ^Z[Sd !#%!z! z w>[T]T_`LWT_dTY8ZOP]Y>ZNTP_dx882BZ]VTYR;L[P]$z8Lc;WLYNV4Y^_T_`_P QZ]_SP>_`OdZQ=PWTRTZ`^LYO0_SYTN/TaP]^T_dbbbXXRX[ROPbZ]VTYR[L[P]^ AP][ZZ]_PY5PLY8L]TP 8¯X£À^£7T_P]L_`]P BTP^MLOPY%3L]]L^^ZbT_e$#",3T^_Z]d ZQ4YOTLY7T_P]L_`]P! AP]^YPW 3PYO]TV >TXZY w/TP ;ZP_TV OP] EL`MP]^[]ÞNSPx 4Y /TP 8LNS_ OP^ BZ]_P^ POT_POMd?TWZ>NSLMP]_LYO=ËXT-]LR`Pz$"8ÞYNSPY%BTWSPWX1TYV$$!
$
>PNZYOL]d>Z`]NP^
AP__P] ?TWXLYY w0]QLS]`YR OP^ @YP]QLS]ML]PY MPT ±L«VL]Lx 4Y ?]LY^ePYOPYeP]QLS]`YR
AZWWe`R^SZ]TeZY_OP^3PTW^%/L^;]ZMWPXTYTYOT^NSP]`YONS]T^_WTNSP]?]LOT_TZY,] MPT_^OZV`XPY_L_TZY PTYP^ >dX[Z^T`X^ POT_PO Md 2P]SL]O :MP]SLXXP] z $ ATPYYL%4Y^_T_`_QÞ]4YOZWZRTP$"# w/TP 2L`L[£O¯dL6£]TV£^% E`] 0Y_^_PS`YR `YO e`] -POP`_`YR aZY ,OaLT_Lx BTPYP]EPT_^NS]TQ_QÞ]OTP6`YOP>ÞOL^TPY^ $"$%$ z z >_`OTPYe`]7PS]P`YO0Y_bTNVW`YR±L«VL]L^ATPYYL%4Y^_T_`_QÞ]4YOZWZRTP$"$ ATP]VLYO_,WQ]POw/TPPY_bTNVW`YR^[^dNSZWZRT^NSP?SPZ]TPOP]EL`MP]PTx4Y 8LRTP`YO =PWTRTZY%-PT_]ÆRPe`PTYP]?SPZ]TPOP]8LRTPPOT_POMd7PLYOP];P_eZWO_!z /L]X^_LO_%BT^^PY^NSLQ_WTNSP-`NSRP^PWW^NSLQ_$"# ATaLAZc >PP6L^[P]LYO>NS]PTYP] ATaPVLYLYOL>bLXT ?SP0L^_LYO_SPBP^_ .LWN`__L%,OaLT_L,^S]LXL ! AZYP^^PY;P_P]>PP;]TXL]d>Z`]NP^ ,`X£[L_LX BPMP].WL`OTL>PP;]TXL]d>Z`]NP^ ;L]L²`]£XL6LW[L^¼_]L BPMP] 8Lc 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP aZW^ ?ÞMTYRPY% 5.- 8ZS];L`W>TPMPNV$ $ $##$ " $##$ # $## z BT]_^NSLQ_ `YO 2P^PWW^NSLQ_% 2]`YO]T^^ OP] aP]^_PSPYOPY >ZeTZWZRTP ?ÞMTYRPY% 5.-8ZS];L`W>TPMPNV $ ]PaPO$#=P[]TY_% z 2P^LXXPW_P,`Q^Æ_ePe`]BT^^PY^NSLQ_^WPS]P ?ÞMTYRPY%8ZS]$" z w/TP u:MUPV_TaT_Æ_v ^ZeTLWbT^^PY^NSLQ_WTNSP] `YO ^ZeTLW[ZWT_T^NSP] 0]VPYY_YT^x ,] NSTaQÞ]>ZeTLWbT^^PY^NSLQ_`YO >ZeTLW[ZWT_TV$=P[]TY_TY 2P^LXXPW_P,`Q^Æ_eP e`]BT^^PY^NSLQ_^WPS]P POT_POMd5ZSLYYP^BTYNVPWXLYY!z#?ÞMTYRPY%8ZS] ! $# ##Q z /TP ]L_TZYLWPY `YO ^ZeTZWZRT^NSPY 2]`YOWLRPY OP] 8`^TV 8ÞYNSPY% /]PT 8L^VPY AP]WLR$?ÞMTYRPY%8ZS]$"=P[]TY_TY BT]_^NSLQ_`YO2P^PWW^NSLQ_ ;L]_ POT_POMd8L]TLYYPBPMP]##z#!$?ÞMTYRPY%8ZS] $ BT]_^NSLQ_`YO2P^PWW ^NSLQ_ ;L]_POT_POMd5ZSLYYP^BTYNVPWXLYY#""z$#?ÞMTYRPY%8ZS] $ ! z wBT^^PY^NSLQ_ LW^ -P]`Qx4Y 2PT^_TRP ,]MPT_ LW^ -P]`Q AZ]_]LR^XLY`^V]T[_ $$ >_`__RL]_% =PNWLX $$ =P[]TY_ TY 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P #z!?ÞMTYRPY%8ZS]$ " $## z E`] 8`^TV^ZeTZWZRTP @Y[`MWT^SPO bZ]V $ 0OT_PO Md .S]T^_Z[S -]L`Y LYO 7`ObTR1TY^NSP] 8LcBPMP]2P^LX_L`^RLMP 4?ÞMTYRPY%8ZS]>TPMPNV BSPPWZNVBLOP?w,?LcZYZXdZQ_SP8LY_]L^TY_SP9PbLYO1`WW8ZZY>LN]TQTNPx 3T^_Z]dZQ=PWTRTZY^$$#%$z!$ z w?SP ;]ZMWPX ZQ =T_`LW 7LYR`LRP% 1]ZX 4YQZ]XL_TZY _Z >T_`L_TZYx 5Z`]YLW ZQ _SP ,XP]TNLY,NLOPXdZQ=PWTRTZY $#%$z" z w?SP 8LY_]L TY APOTN LYO ?LY_]TN =T_`LWx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd;,W[P]$!z /PWST%8Z_TWLW-LYL]^TOL^^$$,WMLYd% $#$ BST_P /LaTO 2Z]OZY ?SP ,WNSPXTNLW -ZOd% >TOOSL ?]LOT_TZY^ TY 8POTPaLW 4YOTL .ST NLRZ7ZYOZY%?SP@YTaP]^T_dZQ.STNLRZ;]P^^$$! z w?]LY^QZ]XL_TZY^TY_SP,]_ZQ7ZaP%6£XLVLW£;]LN_TNP^TY3TYO`?LY_]TNLYO6L`WL ?]LOT_TZY^x 3T^_Z]dZQ=PWTRTZY^#$$#%"z$# z PO ?LY_]LTY;]LN_TNP;]TYNP_ZY%;]TYNP_ZY@YTaP]^T_d;]P^^ z 6T^^ZQ_SPDZRTYÅw?LY_]TN>PcxTYT_^>Z`_S,^TLY.ZY_Pc_^.STNLRZ%@YTaP]^T_dZQ .STNLRZ;]P^^ BST_PSZ`^P 3L]aPd ,]R`XPY_^ LYO 4NZY^% /TaP]RPY_ 8ZOP^ ZQ =PWTRTZ^T_d :cQZ]O% :cQZ]O@YTa;] BSZ]Q-PYULXTY7PP >[]LNSPz/PYVPYzBT]VWTNSVPT_%-PT_]ÆRPe`]XP_LWTYR`T^_TV`YO >[]LNS[STWZ^Z[STP =PTYMPV%=ZbZSW_$$$Z]TRTYLWPO$ ! z
>PNZYOL]d>Z`]NP^
$
BTPMP/ZYLWOw?SP;]PWZRTNLW8PY_LWT_d=PaT^T_POx =PWTRTZY "$#"%$z! z w8ZOP]Y BP^_P]Y >NTPYNP _SP >_`Od ZQ =PWTRTZY LYO :]TPY_LWT^X LYO =PWTRTZYx 8P_SZO?SPZ]dTY_SP>_`OdZQ=PWTRTZY %! z"# BTOOP^^=TNSL]Ol?SPZ]LWTYb]T_TYR0L]Wd4YOTLYX`^TNLWYZ_L_TZY^x 0L]Wd8`^TN $$!%$! BTWVP ,YYP__P 0TY >PTY z 0TY 0]VPYYPY% 8PT^_P] 0NVSL]_^ .S]T^_ZWZRTP `YO ±LÀVL]L^ 7PS]PaZX¢_XLYE`]@YAP]RWPTNSML]VPT_ebPTP]0TYSPT_^WPS]PY -P]YLZ%;P_P] 7LYR$$ z w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZOOP^^P^x 4Y BTWO 2ZOOP^^P^ ZQ 4YOTL LYO 9P [LW POT_PO Md , 8TNSLPW^ . AZRPW^LYRP] LYO , BTWVP z"# -P]Y% 7LYR $$! z w6PTYP@]XZ_TaPY`]-P^ZYOP]`YRPY%=`OZWQ:__Z^BP^_¸^_WTNSP8d^_TVOTP;]ZM WPXL_TVOP^TY_P]]PWTRTØ^PY/TLWZR^`YOOP]AP]RWPTNS0NVSL]_z±L«VL]Lx EPT_^NS]TQ_ QÞ]=PWTRTZY^`YO2PT^_P^RP^NSTNS_P $$$"%z" z wv>_TXX`YRPYv `YO uE`^_ÆYOP%v 4YOT^NSP ¦^_SP_TV `YO 2PQÞSW^]PWTRTZ^T_Æ_x 4Y 9ZNS PTYP.SLYNPQÞ]OTP=PWTRTZY^[SÆYZXPYZWZRTP*POT_POMd,cPW8TNSLPW^/L]TL;Pe eZWT:WRTL_TLYO1]T_e>_ZWez!-P]Y%7LYR z wv8LRT^NS]PWTRTØ^v* 3TYO`T^_T^NSP BPW_Z]TPY_TP]`YR `YO 8LRTP/PML__Px 4Y E`] ,VeP[_LYeaZY8LRTP=PWTRTZY`YOBT^^PY^NSLQ_POT_POMd,YYPXL]TP1TPOP]X`_e 7L`YP_LW#z8ÞY^_P]%74? z w-PL`_d;P]^ZYTQTPO%?SP 2ZOOP^^ 7LWT_£?]T[`]L^`YOL]¯LYO 3P]?SZ`^LYO9LXP^x 4Y 1Z`YOL_TZY^ ZQ 4YOTLY ,]_% ;]ZNPPOTYR^ ZQ _SP .STOLXML]LX >PXTYL] ZY ,]_ LYO =PWTRTZY 1PM POT_PO Md = 9LRL^bLXd #z .SPYYLT% ?LXTW ,]_^ ,NL OPXd z w9LS]`YR^XP_L[SP]YTYOT^NSP¦^_SP_TV`YOOTP2P^_PYOP]/PaZ_TZYx4Y /P]6LYZY `YOOTP>TYYP POT_POMd>`^LYYP7LYbP]Oz!7`cPXM`]R% z w:[QP]2PMP_`YO2PMP_^Z[QP]TX3TYO`T^X`^x4Y :[QP]`YO2PMP_TYOPY=PWTRTZ YPY POT_PO Md @W]TNS -P]YP] .S]T^_Z[S -ZNSTYRP] LYO =LTYP] 1WL^NSP z 2Þ _P]^WZS%2Þ_P]^WZSP]AP]WLR^SL`^ z w, 9Pb ?SPZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_L APO£Y_L TY _SP 7LWT_£_]T²L_TMS£´dLx 4Y >£XL]L^dL% >_`OTP^ TY 4YOTLY ,]_^ ;STWZ^Z [Sd LYO 4Y_P]]PWTRTZ`^ /TLWZR`P POT_PO Md > /L^ LYO 0 1Þ]WTYRP] $z" 9Pb /PWST%/6;]TY_bZ]WO z w2PbLW_WZ^TRVPT_ `YO 2PbLW_L`^ÞM`YR TY 3TYO`T^X`^ `YO -`OOST^X`^% ?LXTWT^NSP /PaZ_TZY>TYRSLWP^T^NSP]-`OOST^X`^`YOOTP8LNS_OP]=P[]Æ^PY_L_TZYx4Y 1]TPOP L`Q0]OPY*/TPBPW_]PWTRTZYPYebT^NSPY2PbLW_aP]eTNS_`YO2PbLW_MP]PT_^NSLQ_ POT _POMd,1Þ]^_#z $"z 1]PTM`]RT-]LZ%3P]OP]! z w=PWTRTZYPY >TYYP `YO 8POTPYx 4Y 4X 9P_e OP^ 4YO]L% /L^ 8`^P`X ZQ BZ]WO
z z
z
=PWTRTZY^^PTYM`OOST^_T^NSP^/TLWZRVZYeP[_`YOOTPYP`P/T^eT[WTY=PWTRTZY^Æ^_SP _TV Md,YYP__PBTWVPLYO0^_SP]8L]TL2`RRPYXZ^ z8ÞY^_P]%7T_# w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L _]LOT_TZYx 4Y 9PRZ_TL_TYR =T_P^POT_POMd1]LYV9P`MP]_LYO@_P3Þ^VPY1Z]_SNZXTYR w=PNZOTYR _SP YL_`]LW LYO LYTXL_TYR _SP TXLRTYL]d% 6L`WL MZOd []LN_TNP^ TY _SP ;L]L²`]£XL6LW[L^¼_]L ]T_`LW _]LY^QP]^ LYO _SP [ZWT_TN^ ZQ ]P[]P^PY_L_TZYx TY ?]LY^ QP]^ LYO ?]LY^QZ]XL_TZY^ ZQ ?LY_]L?LY_]T^X TY ,^TL LYO -PdZYO POT_PO Md 4^_aLY 6P`W-P]WTY%BLW_P]OP2]`d_P]QZ]_SNZXTYR w/P] APOLLW^ 6LYZYOP^ 3TYO`T^X`^* 9P`P,^[PV_P e`]6LYZYOPML__Px 4Y 6LYZY
MTWO`YRTYOPY ,^TL_T^NSPY=PWTRTZYPY`YO6LYZYT^TP]`YRTYOP],^TL_T^NSPY=PWTRT ZY^RP^NSTNS_P POT_POMd8/PPR.6WPTYPLYO:1]PTMP]RP]@[[^LWL%,N_L@[^L WTPY^T^QZ]_SNZXTYRATPYYL%¸^_P]]PTNST^NSP,VLOPXTPOP]BT^^PY^NSLQ_PY
$!
>PNZYOL]d>Z`]NP^
BTY_P]YT_e 8 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P aZW^ $!z!" /PWST% 8Z_TWLW -LYL]^T OL^^AZW$#$$!AZW]PaT^PO/PWST$#$$$AZW$# $$# BT]_S @bP w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWO aZY 4WWZVL_TZY 4_P]L_TZY `YO 4YOPcTVLWT_Æ_x 4Y EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY POT_PO Md @BT]_S$z!1]LYVQ`]_%>`S]VLX[ BT_ePW8TNSLPW :Y8LRTNLW?SZ`RS_TY_SPAPOL 7PTOPY%@YTa;]7PTOPY$"$ z w>`]WPNSPXTYO`NTPWw-04 $#%"$ z w=PRTZYLWP `YO ÞMP]]PRTZYLWP 1LV_Z]PY TY OP] 0Y_bTNVW`YR aPOT^NSP] -]LSXLYPY R]`[[PYTX8T__PWLW_P]8L_P]TLWTPYe`OPYaPOT^NSPY>NS`WPY x4Y =PRTZYLWP?]L OT_TZYTY>ÞOL^TPY POT_POMd3P]XLYY6`WVPLYO/TP_XL]=Z_SP]X`YO"z"!BTP^ MLOPY%1]LYe>_PTYP]$# z w8PLYTYRQ`W =T_`LW% APOTN 8POTPaLW LYO .ZY_PX[Z]L]d .ZYNP[_^ TY _SP 9P[LWP^P ,RYTSZ_]L =T_`LWx 4Y =T_`LW >_L_P LYO 3T^_Z]d TY >Z`_S ,^TL% 0^^Ld^ TY 3ZYZ`] ZQ 5. 3PP^_P]XLY POT_PO Md ,B aLY OPY 3ZPV /3, 6ZWQQ LYO 8> :Z]_ ""z # 7PTOPYLZ%-]TWW$$ z PO 4Y^TOP_SP?Pc_^z-PdZYO_SP?Pc_^9Pb,[[]ZLNSP^_Z_SP>_`OdZQ_SPAPOL^ ;]ZNPPOTYR^ ZQ _SP 4Y_P]YL_TZYLW BZ]V^SZ[ 3L]aL]O @YTaP]^T_d 5`YP $#$ .LX M]TORP%/P[ZQ>LY^V]T_LYO4YOTLY>_`OTP^3L]aL]O@YTa$$" z w?SP /PaPWZ[XPY_ZQ_SPAPOTN.LYZYLYOT_^ >NSZZW^%?SP >ZNTLWLYO_SP;ZWT_TNLW 8TWTP`x4Y 4Y^TOP_SP?Pc_^LYO-PdZYO_SP?Pc_^%9Pb,[[]ZLNSP^_Z_SP>_`OdZQ _SPAPOL^PO8BT_ePW "z .LXM]TORP%3L]aL]O@YTaP]^T_d$$" z w8POTPaLW APOL ?]LOT_TZY L^ =PQWPN_PO TY 9P[LWP^P 8LY`^N]T[_^x 5Z`]YLW ZQ _SP 9P[LW=P^PL]NS.PY_]P "% z$$ BZZO]ZQQP>T]5ZSY(,]_S`],aLWZY ?SP>P][PY_;ZbP] 8LO]L^%2LYP^S]P[]$$ z ±LV_TLYO±£V_L 8LO]L^%2LYP^S$#" $# z ;]TYNT[WP^ZQ?LY_]L8LO]L^%2LYP^S$! $ BZ]LYRWL`M_OTPBPW_*,YLWd^PY`YO6ZXXPY_L]Pe`X=PWTRTZY^XZYT_Z]# POT_POMd -P]_PW^XLYY>_TQ_`YR2Þ_P]^WZS%AP]WLR-P]_PW^XLYY>_TQ_`YR$ DPWWP =ZMP]_ , 0c[WLTYTYR 8LY_]L^% =T_`LW =SP_Z]TN LYO _SP /]PLX ZQ L 9L_`]LW 7LY R`LRPTY3TYO`?LY_]L9PbDZ]V%=Z`_WPORP DZN`X2WPYY 3dXY^_Z_SP/LYNTYR±TaL 9Pb/PWST%3P]T_LRP;`MWTNL_TZY^$# DZRL% 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSP DZRL1Z]^NS`YR POT_PO Md3PWX`_ ;LWXTËAZW$3L]M`]R%3PWX`_;LWXTË$ DZ`YR 6L_SP]TYP 6 w-]£SXL©L^ ;£ÓNL]£_]TY^ LYO _SP 1Z]XL_TZY ZQ ±]¯aLT´©LaT^Xx 4Y
>_`OTP^ TY 3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£O aLT_L APO£Y_L LYO ;£ÓNL]£_]L POT_PO Md 2 :MP]SLXXP] LYO 8 =L^_PWWT "$z! ATPYYL%¸,B ELPSYP]=ZMP]_.SL]WP^ 8d^_TNT^X >LN]POLYO ;]ZQLYP% ,Y4Y\`T]d TY_Z >ZXP AL]TP_TP^ ZQ;]LP_P]YL_`]LW0c[P]TPYNP :cQZ]O%.WL]PYOZY;]P^^$ " z 3TYO`LYO8`^WTX8d^_TNT^X7ZYOZY%@YTaZQ7ZYOZY,_SWZYP;]$!5Z]OLY WPN_`]P^TYNZX[L]L_TaP]PWTRTZY ETXXP]XLYY 3PTOd ?Z]L `YO >ST]L% @Y_P]^`NS`YRPY e`] 8`^TVL`QQL^^`YR OP^ ]LMMTYT ^NSPY5`OPY_`X^-P]YLZ%;P_P]7LYR ETY^P]3L]_X`_ 0^Z_P]TV 8ÞYNSPY%1TYV$ EaPWPMTW6LXTWA ?SP;ZP_^ZQ;ZbP] 7ZYOZY%=TOP]$" z ?SP>TOOSLLNSNSTOLYLYOL>bLXT "#! 2PP]_e.WTQQZ]O !" 2WL^^;STWT[#$ 2ZZOd5LNV$ #"!z"" "$ !#z" 2]LSLXBTWWTLX ! # 2]TQQT_S^;L`W5!z# !$ 3P]XP^?]T^XPRT^_Z^ 3ÞMYP]6`]_Tc$z $#$ 4YLdL_3Le]L6SLY 4?^TYR$! 5LTXTYT " 5LVZM^ZY=ZXLY#z#$ 5LdLOPaL 5LdL]L_SL"""""#""$"#!"#" 6LM¯]##!#$ 6LWWTY£_SL!$## 6£_d£dLYL#z##$ 6PWWd5ZSY/!!!$! 6SL©LOPaL " 6WTYRSL]O_8L__STL^ z 6YZMWL`NS3`MP]_" z""#! $#$$ 6]ÆXP]>dMTWWP### 6´©LXT²]L!#
4YOPc
6`X£]TWL $ !$ " " " # # $"!"!$!!#$ 6`X£]TWL-SL¶¶L^PP6`X£]TWL 6`]_=ZYLWO#""#$$$z! $$z 7LV´XL©L/P²TVL"$z# !"$" $ 7LV^SXLY5PP"! 7LWWL 7LYRP]>`^LYYPTc#$ 7PY_P^?SZXL^$ ! z!"" 7PZYL]OZOLATYNT " 7Ëad-]`SW7`NTPY!# #$$"z$$ 7T^e_1]LYe$# 7`SXLYY9TVWL^"z" 7`_SP]8L]_TY!! 8£OSLaL!"!$ 8LOSaL! 8LSL]T^ST8LSP^SDZRT 8LS£a¯]L !$ 8LVSTYAP«VL_L^PPAP«VL_L 8LVSTY 8L©LYL8T²]L # # ! 8L]c6L]W" 8£_£¢X_£YLYOLXLdÅ#! 8L_L«RL #### !$ 8N/LYTPW5`YP!$z" 8N7`SLY8L]^SLWW# 8PRL^_SPYP^ #$! 8PT^_P]0NVSL]_"$! 8PY`STYDPS`OT# 8P^^TLPY:WTaTP]#$ $## 8¯]£-LT#!#! 8ÞWWP]1]TPO]TNS8Lc#$ 8`__`^a£XT/¯V´T_L]#!#! #! ## 9LTd£dTVL^ !z! 9£dLºX£]$## 9¯WLVL©¶SL"
4YOPc
:YRBLW_P]5$""!z"" #!z#$$! !$" ;LOZ`c,YO]Ë# ;£©TYTa#$$$ $ $! "z#! """##z##$ $ $ !" ;L]XPYTOP^ ;Æ]_,]aZ## ;£]_SL^£]L_ST8T²]L " " # ;L_LÓULWT "z""#!" " "# ;L__ZY7L`]TP " " " " "" ;PT]NP.SL]WP^>LYOP]^#z " ;WL_Z$ ;WZ_TY ;ZWWZNV>SPWOZY#z! $ ;Z]_L^8LcTXTLYT^PP>LaT_]T /PaT ;]LMS£VL]L "" ;]PX7L_L>SL]XL# ! ;`´dLXT_]L" ;d_SLRZ]L^$$# =£RSLaLMSL¶¶L!""""" =£XLVL©¶SL## =£X£Y`UL! =£XP²aL]L# # =LXXZSLY=Zd$ =L_YLV¯]_T =PNVbT_e,YO]PL^! "z #!#" =TWPd?P]]d#$ ±LML]L±LML]L^a£XTY$ $ !z!" " "! >LO£YLYOL #$! ±L«VL]L±L«VL]!#! ±L«VL]L±L«VL]£N£]dL "z" !
$$ #""!$ $ #z!" "! ±£]«RLOPaL### ##!### # ##" #"!#"#####$$ $# ±£^_]T±d£XL#! >L`^^`]P1P]OTYLYOOP#z# ! >LaT_]T/PaT ! >£dL©L$"!##$#" >£dL©L8£OSLaL^PP8£OSLaL >NSØYMP]R,]YZWO$#"z## >SLYVL]=LaT# >STaLYLYOL>bLXT#$#$$!z$$ >TÀSLMS¼[£WL# >TYRP]8TW_ZY$z z " >TaLdL>`M]LX`YTdL^bLXT$ >ZN]L_P^$$ >ø]PY^PY5P^[P]z! >]TYTaL^89#$ >_,`R`^_TYP"#"$ "z! $"! >_;L`W >_LLW1]T_^$!#$$#$ ! #z# " $"# $$ " >_ZNVSL`^PY6L]WSPTYe" >_]LaTY^Vd4RZ]$#! >¼]O£^#! >`]P²aL]L #$ ?LRZ]P/PMPYO]LYL_S$ ?LXMTLS>_LYWPdc$"z ?SZXL^,\`TYL^" ?T]`X¼WL]!!# ?ZWL1P]YLYOZLYO/]LRZYP__T .L]XPY ! ?`W^¯O£^#!#! ?d£RL]£UL#!z" #!!z"#!# #"#"$#$#$$
4YOPc
?d]PWW3L]_XLYY!# "! ALT²P´TVL ! A£WXÅVT ! ALYOP]APP];P_P]$ AL]£SLXTST]L!#" AL]L]`NT #z$ ȱ
AP«VL_L8LVSTY$$# BPMP]8Lc" " "$#$"$ $$ BST_P/LaTO2Z]OZY"" BT_ePW8TNSLPW$! BZZO]ZQQP>T]5ZSY" D£^VL!##"
4YOPcZQBZ]V^ ¢RLXL±£^_]L# .LYO]La£VdL$ ¢RLXL^ !#"! .S£YOZRdL@[LYT´LO#z !!!!$z"" # $# $$ ,T_L]PdL¢]L©dLVL"!$$" /Pa¯>¼V_L" $$ # /SaLYd£WZVL ! ,T_L]PdL-]£SXL©L$# /¯]RSL_LXL^#$"! " ! /`]R£>¼V_L# ,T_L]PdL@[LYT´LO 2£dL_]L ,XL]LVZ²L##z#$ 2SP]L©L>LÀST_£"! ,´¶£OSd£d¯##$ 2¯_LRZaTYOL ¢]L©dLVL$$## 2ZZO-ZZV^PP-TMWP ¢]dLMSL¶¯dL#! 2Z^[PW ^PP-TMWP ,_SL]aLAPOL!!!#$ 2`]`2]LY_S###$ " 3L¶SLDZRL;]LO¯[TV£"! ,`X£[L_LX###$## $ ®²L@[LYT´LO #! ,d`]aPOL#$$ 5LTXTY¯dL-]£SXL©L$" -SLRLaLOR¯_£!##$ -S£RLaL_L;`]£©L#!#$ 5LTXTY¯dL@[LYT´LO-]£SXL©L -SLT]LaL?LY_]L^!!$!"!#" z#z -S£]L_¯dL9£¶dL²£^_]L^PP 5LdLO]L_SLd£XLWL!## 6LW£[LAd£VL]L©L 9£¶dL²£^_]L 6£XL>¼_]L!#$ -S¼_L£XL]L"""$ 6L¶SL¢]L©dLVL# -TMWP$!$ 6L_S£^L]T_^£RL]L z## $ 6£ad£OL]²L !z$ -]£SXL©L^# #!#"# 6`W£]©LaL?LY_]L"! "$## $ 7LWT_£WT_LYd^PP7LWT_£>LSL^]L -SLOOP²¯ #### ! -SLO¢]L©dLVL@[LYT´LO 9£XL -SL^[L_T¢«RT]L^L"! 7LWT_£>LSL^]L9£XL $z -SL_>LÀST_£" $ .LXLVL;]L²YL# 7Lb^ZQ8LY`
4YOPc
7¯W£aL_¯ 8LS£MS£]L_L "! ! $ !!!$ 8LS£-S£´dL"z""#z# #$!" XLSLO`V_SLX$ 8LST´£^`]LX£]OTYÅ>_Z_]L"$z $ # 8LT_]£dL©ÅdL@[LYT´LO !"! 8LT_]T@[LYT´LO !#" 8£WL_Å8£OSLaL!#""" 8£WTYÅATULdZ__L]L?LY_]L" 8£©¼VdL@[LYT´LO z " #" 8LYÅ´£;LÓNLVLX"! 8LY_]£MSTOS£YL" 8LY_]L8LSZOLOST" "! "z!"#"z"$ 8LY`>X_T" 8`©LVL@[LYT´LO 8`ROSLMZOSL 9£OL6£]TV£## 9LV´L_]L/PaL_£>¼V_L 9£]LOÅdL±TV´£$$z 9£¶dL²£^_]L# z$ $ ## 9LaLR]LSL>¼V_L#$ 9P_]L?LY_]L"!$""!$ ;£ÓNL]£_]L>LÀST_£!!$!"!"" ;L]L²`]£XL6LW[L^¼_]L # # ;L]£?]TÀ²TV£"" ;L`´VL]L¢RLXL"" "! ""## ;]LMZOSL.LYO]ZOLdL!# ;]L©LaL@[LYT´LO ;]L[LÓNL>£]L?LY_]L"" ;]L²YL@[LYT´LO ;]£_T²£VSdL$ $$ ;^LW_P] $ ;`]£©L#$ ! #!"#"
#" " # $$ #!## ;`]`´L>¼V_LaT "# # #!"! LÀST_£$! !$ !#! ##z$$ $z!!!""$# #$!# "!! !$ " "$! V>LÀST_£^PPRaPOLV >LÀST_£ =`O]L?LY_]L^!" =`O]LD£XLWL=`O]LD£XLWL @__L]L?LY_]L"z#!z # $ ±£ML]L-S£´dL !$ >LSL^]LY£XL>_Z_]LaT$" ±£V_L?LY_]L^!$ >£XLY -SL_$ 2£dL_]L =L_SLY_L]L$ >£XLAPOL$! # "!#!$!$ " # ## >LÀST_£# >L«R¯_L=L_Y£VL]L!$### #!z #$## $ ±L«VL]L/TRATULdL # # ±£]LO£?TWLVL?LY_]L"$z# "$!"!""" """ "#""z$ >L]L^aL_¯=LSL^dL@[LYT´LO >L]L^aL_¯>¼V_L# >L]L^aL_¯@[LYT´LO $"#$# #
>L]aL/L]²LYL>LÀR]LSL !$ >L]aL/L]²LYL>LÀR]LSL >L]aLOL]²LYL>L«R]LSL!" ±L_L[L_SL-]£SXL©L# $ ±L_L]`O]¯dL $#! !!!!"!#!!#!#" ±L`YLVL@[LYT´LO"! >L`YOL]dL7LSL]¯ "$ "$$#### ±TW[L;]LV£²L" ±TaL;`]£©L!$z"#! ±TaL>LXST_£## ±TaL>¼_]£©TaT# ±WZVLa£]__TVL ! ! !$ "$ #!" >X_T >[LYOL6£]TV£^"! ±]`_T!$$" $!!^PPAPOL >_Z_]L^ >¼_]LWT_P]L_`]P^PP>¼_]L^_dWP 4YOPcZQ>`MUPN_^ >aLNNSLYOL?LY_]L!#" >aL]£]©LaL#!#! ±aP_L²aL_L]L@[LYT´LO! ?LT__T]¯dL;]£_T²£VSdL""$ ?LT__T]¯dL>LÀST_£! ?LT__T]ÅdL@[LYT´LO"# $!# ?LY_]£WZVL"!" ?LY_]L^" ?LY_]L^LÀR]LSL ?LY_]La£]__TVL "! ?T]`XLY_T]LX!!# ?Z]LSz ! @£XL]P²aL]L?LY_]L" @OR¯_SL ȱ ȱ ȱ
4YOPc
@[LOP²L>£SL^]¯ $ $! @[LYT´LO! !!! !!"# #! $ "!$ PL]Wd_SPT^_TN! @[LYT´LO^$$ @[LYT´L_>L«R]LSL A£R¢XMS©¯"""! A£VdL[LO¯dL#!z#"!"z# !z !#z$!z!" !!z"! ! ! ! "!! A£XLOPadL ALYOP8£_L]LX AL]TaL^d£=LSL^dL" " ! APOL!#z z " $!!!$$ #z$ z"! ##$z$$z$" "!! " $" "$ $ !"$ ^LÀST_£^#z# L[ZWZRd $!# L`_SZ]WP^^ ! ! ! OPXd_STQdTYR " PcPRP^T^ z# T_^[L]_^ bT_S-SL]_SL]T! ^PPLW^Z4YOPcZQ>`MUPN_^ A¯©£±TVS£?LY_]L!# AT´©`WT_LYd^PPAT´©`>LSL^]L 9£XL AT´©`>LSL^]L9£XL $$! !!z!#!$ Ad£^L±TV´£$$ DLU`]APOL#! !#!$ " DZRL²TVSL@[LYT´LO! DZRL>¼_]L" "# $
4YOPc
ȱ 4YOPcZQ>`MUPN_^ LM^_]LN_LM^_]LN_TZY! " ^ZNTZWZRdZQ_SPLP^_SP_TN # """## $$ aZNLWLP^_SP_TNTeL_TZY " ¢RLXL?LY_]L "#!"$! LRYT,RYT! #"!!"""!# LSLX!$$z"#" $! £SL_L###$ LNZ`^_TNSLMT_`^^PP^ZYTN LV£]L$" SLMT_`^ LV´L]L#"! LNZ`^_TN[TP_d!#$ LWL«V£]L z$ ##"$z !z QTR`]P^ZQ^Z`YOZ]^PY^P $z $ !"##! ¢WL«V£]TVL^NSZZW LO´¶L^PPO´¶LLO´¶L £W£[##!#"$ ,OaLT_LAPO£Y_L!# LW[SLMP_a!"$ "" # $"! "$z##$"""z"$# #$^PPAPO£Y_L $!z$"" #""""#" LP^_SP_TN^Tc"$ # LW[SLMP_^[PN`WL_TZY" z" !!$$#! LW[SLMP_TNb]T_TYR"""$z ###$$ #$ !"#"!$!$!$" LW[SLMP_^[PN`WL_TZY"" z#$ LP^_SP_TNLYOYZYLP^_SP_TN LY£SL_L###$ "$ LY£XT#$" £YLYOL!^PP-]LSXLYMWT^^ LP^_SP_TNXP^^LRP#z#!## ,Y_T\`T_d LP^_SP_TN[]LN_TNP"$$$ LY`MSLaL!$ "z" ,Y`´¶`MS$$$^PP LP^_SP_TN^PY^P" XP_P] LP^_SP_TN^_dWP !$ L[¼]aL $ "! LP^_SP_TN^_dWP^TY^NTPY_TQTN []LN_TNP z$ L]NSË!!##$ LP^_SP_TN^ZQ]PWTRTZYaTaTTT L]_!" " z#$ L]_SL ! # #"! ,]dLY ! 4YOTLYLP^_SP_TN^$" z$ ,]dLY]LNT^X z # #"!#$$^PPLW^Z L^_]ZWZRdL^_]ZWZRP]^ " 9L¶dL²£^_]L4YOPcZQBZ]V^& L^_]ZYZXdL^_]ZYZXP]^#z$ LWL«V£]L[ZP_]d]L^L4YOPc ! ## ZQ>`MUPN_^&¢YLYOLaL]OSLYL ¢_XLY! -SL]L_L4YOPcZQ;P]^ZY^
£_XLY¢_XLY$$ $ $"!!!$! -PYRLW!$ -SLT]LaL!$#"""! "!$"# ## MSLULY^PPOPaZ_TZYLWX`^TN MSLV_Tz"$ $z$ $#z$$!$$!!$"$ ## !#"####### ## #$#$z$$ MS£aL!$ ! MS¼]MS`aLà^aLà##$ !!" M¯UL!!!!" """"!"# M¯ULXLY_]L "z" MTYO`""""#^PPLW^Z .LYO]LMTYO` MZOdLYOaZTNP -ZWWdbZZO""## MZZV]PWTRTZY^$z -]LSX£!" # $"##" M]LSXLRSZ´L!!!# M]LSXLY-]LSXLY ! !"!$## #!#" $"!$!!# $ -]LSXLYMWT^^#z$#! #!$#" #"! @[LYT´LOTN! -]LSXTY $" $"#$ -]LSXTYP_SZ^! !# M]LSXZOdL#z#" -SL^[L_T!"!#!$" "" "!$$ " -`OOST^X $""" NLT_LYdL!!"$ NLV]L"! OTLR]LX" DZRTNMZOdNPY_P]PYP]Rd NPY_P]! " "
4YOPc
.LYO]LMTYO` """" " " NLYZY"$#$! .£]a£VL^ $ ! NSLYOL^$ .S]T^_TLYT_d!# # !! ! XPOTPaLW$z z" .S`]NS.S]T^_TLY !! NZOP^d^_PX^TYR]LXXL]XP_]TN^ P_Na!" $$# # # z#!$ NZRYT_TaPMWPYOTYRz " NZXXPY_L]d$ # NZXX`YTNL_TZYaaTTaTTTTc #!$"z"$ !z"!""$ ! !$ "##!$ ^d^_PX^" NZ^XZWZRd ^ZYTN!! $$ "#z"" "z! NZ`]_N`W_`]Pz z # NZb !z!" WLYR`LRPNZb$ $! "" "###"#$ #!$#" £VTYÅ""$! /LV´T©£N£]L!#z# /LV´T©£NL]TY^!# LXL]`" OLYNP# OL]²LYL ! OPML_P^[`MWTN!^PPOT^[`_P OPaZ_TZY^PPMSLV_T OPaZ_TZYLWX`^TNz #$ ""$# #!#!##z # #$
4YOPc
OSL]XL!#!z!! " " /S]`[LO#! OSaLYT " z"!$ !"!# " OT^[`_POT^[`_L_TZ z O´¶LLO´¶L ! $ O`YOS`MST /`]R£ $#""$"$" 0L^_4YOTLY.ZX[LYd$ 0L^_P]YTeL_TZY$ PO`NL_TZY$ $#"#"" 0V_L]!$# PXLYNT[L_TZYLYO[L]_TNT[L_TZY z#"$$ "$! PXLYNT[L_TZYPXLYNT[L_Z]d Z]TPY_L_TZYc#"# #!#"" $"z!$ "###" $"" #$$ $ !!"!!"!$!$ "#" !#""## $ $" $#$$ PXMZOTXPY_" PXZ_TZYPXZ_TZYLWTeL_TZY! !"!#""" ! ! !#"#" #"#$$ $ !$! $$ $$ PYP]Rd $ 0]LYZ^$$ P^Z_P]TNT^X" P_SP]" P_dXZWZRd!" 0`]ZNPY_]TNT_d!# 0`]Z[P !" ##$ ! XPOTPaLW z # XZOP]Y QZWV_]LOT_TZY^ WT__WP_]LOT_TZY^ !""
Q`^TZY"! $##"$"$# RLYOSL]aL $ !$ " RLYOSL]aLaTa£SL## 2L©P²L" RL`à 2£dL_]¯^PPXLY_]L R]LXXL] " #$ ""!## #$ $ !#z!! 2]PPNP2]PPV##$ $z #$#" 2`[_LOdYL^_d#" R`]`" !"#! SLMT_`^!"$ ! ^PPLW^Z _ST]O^[LNP 3L]L[[L$$" SL]XZYdZQ_SP^[SP]P^$^PP X`^TNLX`YOLYL STYO`^_£YT#! SZWT^_TNaT^TZYSZWT^X! !! !! !!"""## $$"$"#$#$$$$$ SZXZWZRTNLW]PWL_TZY^SZXZWZRd !!## SdXY^ # SdXYTNQZZO! 4LSLX $ $"# TNZYTNZYTN#z" TYOPcTYOPcTNLW#z TYOTaTO`LWLYONZWWPN_TaP" TYT_TL_TZY !!" TY^[T]L_TZY$ TY_PWWPN_TY_PWWPN_`LWT_d"" TY_P]TZ]T_d!!! TY_P]YLWTeL_TZY """ TY_`T_TZY$ T]]L_TZYLW$ #
! 4>6.:9## 4^WLX!#$ T´¶LOPaL_£" UL[L"!""!"#"#" UÓ£YLV£©L# 5`OLT^X!# UdZ_T´¯#$ 6£WÅ!#"" V£WL²LV_T! V£XdL]T_P^" 6£[£WTVL!#!!#" VL]©£_LVL#!^PPX`^TN VL]XLVL©L# 6L¶L[Ld£OT$z$$# 6L_SLVLT^PPOLYNP 6L`WL"!## VLaT!$""" V£adLWT_P]L_`]Pz # 6P]LWL# 6Sd£W#! V¯]_LYL#!## 6´©L!$ "#### #$ 6´©LT^X## 6_T#!#!#! 6`X£]Å" V`©LWTY¯! " " "!# 7LV´L©£ $ z!!#!$ 7LV´XÅ" 7LWT_£aT $ WLYR`LRP""!"""$ ##$$ $ !" !# "#!!z $! "$ WLYR`LRPRZOOP^^ 7LYR`LRP2ZOOP^^^PPA£ROPa¯ WLYR`LRPRZOOP^^ WLYR`LRP[]TYNT[WP!$z!!z $$"$ WL`VTVL! WTYR`T^_TN[STWZ^Z[Sd!!z
4YOPc
WTYR`T^_TN^#z$!" #!$ "" !z!! !#! WT_LYd$ # !z!# 2]PL_7T_LYd$ ^PP XLS£a]L_L WT_P]LNd$ " #!" "" "##$# !"!#$$ 7T_P]L_T z!" WT_`]RTNLWXZOPW!" z"$ !!!! !" WT_`]Rd"" WZRTN# $$! WZRZNPY_]TNT_d!!# WZRZNPY_]TNXZOPW$ WZRZ^c!!#!" $#$!z$#$$ "#!" $ XLOSdLX£!!!#! ! ! " #" $"##"$# 8£OSdLXTVL! XLRTNz $ z " #!z!" "$$# z" !## #"$ #$ !"$""# XLS£a£VdL ## $# XLS£a]L_L$z 8LSP²aL]L!"#^PP±TaL XLVLO`V_SLX$" XLYL^" XL©LWL!"!"$"$"" "! XL«RLWL#$ # XLY_]L$#$z$$ ! "$$#z #!#""!z#
4YOPc
!!#!$!! z"""# " "##^PP]PNT_L_TZY 2£dL_]¯ $$$ !! XLY_]LX£]RL ! ;LÓNLM]LSXL" ;]L_T´¶ST_dLT!" []ZY`YNTL_TZY# =£XXLY_]L ±TaLXLY_]L ?LY_]TN "!!! z "!! z!#!$"z" "!z$" z!^PPLW^ZMÉUL MÉULXLY_]L APOTN $! z!!! XLY_]LOPT_TP^! XLY_]L^NTPYNPXLY_]L²£^_]L $#!!"""" XL_SPXL_TN^XL_SPXL_TNTLY^ #z$##! X£_V£^PPLW[SLMP_ XPOTL"$ z " $! "" z"$#!$" []LN_TNP"#z" XPOT_L_TZY# XPXZ]TeTYR_PNSYT\`P^$$ !z"$$$ $$! XP_L[SZ]z###$ $!" " "! $ !!$! " XP_P]""#$z$" $" $ ,Y`´¶`MS ¢]dL#! 2¯_T#! ^d^_PX# XP_ZYdXdz#"#$$ $ z" !$ 8TOOWP,RP^#$ #" !
" 4YOTLY8TOOWP,RP^$ $ 8ÅX£À^£!!!!$ $ ! ! ! !$ "" # # # #" #$ $"!#!!$ ^PPLW^Z8¯X£À^LVL 8¯X£À^LVL ! # !$!^PPLW^Z8¯X£À^£ XZOLWX`^TN$$$#$ $# $# $#" XZOP]Y^[T]T_`LWT_d$ XZV´L! XZYT^X#"! 8Z^WPX$ X`O]£"$ X`^TNz!"! "#"# ##$$ ###"$$ X`^TNLYO]PWTRTZY#"z"$ ^PPLW^ZOPaZ_TZYLWX`^TN X`^TNLWTeL_TZY" ^PXLY_TNTeL_TZYZQX`^TN$# X`^TNLX`YOLYL$!$" Xd^_TNT^X!! !$"" !!#!!! Xd_S #!!" $! z" $ "#z##"#$! $ "!# " $## $# Xd_STNLWPXMPOOTYR# Xd_STNLW^`M^_LYNP ##$$$# "!! ##" `YTaP]^LWXd_Sc ! !$! $ !! ### # $$!$"$$$ $"$"!$#$$# "
#
Xd_SZ^c!$!$!z$# $#! Xd_SZ^LYOWZRZ^ 9£OL" " !! "! """"""#"! "$#####!"## ####$#$ 9£OLSPLWTYR#$$ 9£OL-]LSXLY! $ #"!" #$# ### #!# # #!#! #"#" #"##"$ ##$#$##$$ -P]PYO_^9£OL-]LSXLY#$ ST^_Z]d#"##" 9£OL-]LSXLYLYOMSLV_T## ±£]«RLOPaLv^9£OL-]LSXLY # DZRTN4Y_P][]P_L_TZY##$ #$#$#z$ 9£OL^aL]LX^PPLW^Z9£OL -]LSXLY 9£OLDZRL#$# 9LTd£dTVL^ !z! 9LXM`OT]T" 9LXM`OT]T^" YLXP! YL_TZY! 9PZ3TYO`T^X! 9PZ[WL_ZYT^X"$ 9Pb3T^_Z]TNT^X!!z!" 9Pb,RP!#$#$# ## #$$$$$"$ $$$$#z YTOTOSd£^LYL" YT]R`©LMSLV_T#!$##! YT]R`©LM]LSXLY!#!! YZYO`LWT_d"" Y`XMP]Y`XP]TNLW### ##$z$ Y`XP]TNLWNZOP^!"$ #
4YOPc
Y`XP]ZWZRTNLW^[PN`WL_TZY $ Y`XTYZ`^^`M^_LYNP^PPXd_S Xd_STNLW^`M^_LYNP Yd£^L$ "! 9d£dL! ZNPLYTNȱPc[P]TPYNP$ :¿!$"##$! z !"!!!#"" ##!$##"$$" ^_]`N_`]TYRQ`YN_TZY ZYZXL_Z[ZP_TNNZOP^ ! ZY_ZWZRd!# LYOWLYR`LRP! !! Z]LWT_d$$z !"" #!z#"$$$!$$ !""$ $$$$ Z]LWT_dWT_P]LNdOPML_P"$z" !$# :]TPY_LWT^X $ !! ZaP]_ZYP^TYRTYR$ [LOLYd£^L"# ;LÓNLM]LSXL8LY_]L!$" ""# ;£ÓNL]£_]L$!! !!$!#" [LY_SPT^X#"! [L]£" ## [L]LM]LSXLY#!"#" [L]£a£N!! ! """" "## ;L]£±LV_T"$$ [L]_TNT[L_TZYLYOPXLYNT[L_TZY !#""z"$"z [L]_TNT[L_TZY[L]_TNT[L_Z]d Z]TPY_L_TZYc"z# $" "#! #"" ! !#"""! $"z "#$ $""" #"!
4YOPc
#$$$#$$ $!!"! !"!$!$"$"$"$ #!#"#! ## ##"$ $$$ $ #$! $!"$" $#$#$#$$ ;£]aL_¯"!$ ;£²`[L_L!!$!"# [L²dLY_¯!!!#! ! !!! " #"##"$# [£¶SL^PP]PLOTYR [P]NP[_TZY""!#z !"" ^d^_PX [P]QZ]XLYNP!$z "z! ##!z#"$$ !"!$" !"#$$! [P]QZ]XLYNPN`W_`]PN`W_`]LW [P]QZ]XLYNP$#! $ !"""$ # [P]QZ]XL_TaT_d $!"$ ###" [STWZ^Z[Sd ! $ [SZYP_TN^"""$z [SZYZNPY_]TNT_d" [Sd^TN^ # [ZP_]d z ! !! ! #$^PPLW^ZVLaTV£adL ¢WL«V£]TVL^NSZZW ;]LU£[L_T !! "!! " []LV_T" []LV£²L"" ""#""$ []LX£©L ! "#z"$!" []L_TMS£ "!#!$!! !! ! "!!""""# ;]L_T´¶ST_dLT!" []L_d£S£]L"#
$ []LdP]$$" ! !! "$^PP]PNT_L_TZY []TP^_[]TP^_^$$"" $#" APOTN"#"$ []TY_TYR "$ []TY_N`W_`]P# ;]Z_P^_LY_# [¼U£#$!$#!"" [`]`´L!"" $ " ;¼]aL8ÅX£À^£!^PP 8ÅX£À^£ ;d_SLRZ]PLY^$ =£OS£ =£RL##!!#" #"$## ##!$" ¢YLYOL-SLT]LaÅ# 8£WLaL6L`²TVLX 8£WVL`À^!$$ =£RL?LY`V¯]_T$# ±L«VL]$z ?S`X]¯#! ?ZÅ"$! ]LV_T# =£XL "#!"#$ ]L^L#"!z" !z$ #!!#!##" ]L_TZYLW]L_TZYLWT_d!!!" ""##$## !!""" $!$# "" "z! " "$ # !!#$$z$$ " $ ## ]L_TZYLWTeL_TZY##!$ $" ]PLOTYRa #z! z "$ ]PWTRTZ`^ ]PL^ZY!"^PP]L_TZYLWT_d
]PNT_L_TZY # # z "$!#z" ^PPXLY_]L L^^LN]TQTNP!! PQQPN_^!# PcLX[WP^$z! XZOT ZQWT_LYTP^$z [`]£©TN]PNT_L_TZY" ]PNT_TYR]PWTRTZ`^]PLOTYRa ! ]Sd_SXTNLW"$ APOTN!" z" !# =PQZ]XL_TZY"!z" !!!"" =PYLT^^LYNP! !!$! ]P[]P^PY_L_TZY! ]P^LN]LWTeTYR^PP ^LN]LWTeL_TZY ]T_`LW## ]T_`LW_SPZ]d!#$ ]ZdLW[L_]ZYLRP! =`O]L±TaLz$# $!! # !"#!#!$"# ²LMOL" ! # ! "# ±LMOL-]LSXLY!$! ! !$!"!"""$ " " ## ###!#!" ## #$# ²LMOL[¼]aLdZRL!"! ! ! $z! ²LMOL_L__aL! !$!!# ! ^LNNTO£YLYOL! ^LN]LWTeL_TZY$# ^LN]TQTNP""""$#z# #!$ ´LL«RLYd£^L"""# ^£OSLVL!"!$!$ "" ^LR`©LMSLV_T#!$##!
4YOPc
^LR`©LM]LSXLY!#!! ±LTaL>TOOS£Y_L!!$!#"#!# ±LTaT^X±TaLT^X!z!"$ !! !"!#""! ¢RLXL±TaLT^X #!" 6L^SXT]±LTaT^X"!"! "#"## ?LY_]TN±TaLT^X# ²LV_T±LV_T !!!!" "#""#" """"# ±£V_T^X" >£XLY^£XLY^#! " ! ^LÀST_£# >£ÀVSdL!" ^LÀaTO! ±L«VL]£N£]dL^! >£«VSdL!" >LY^V]T_TeL_TZY# >LY_^##!#$ >L]L^aL_¯"$#"# #$$ "#$ ²L_L_LY_]¯ ^L_dLR]LSL# ^NTPYNP """$#$ " z!"!"" " "#"!#$! ^PPXLY_]L^NTPYNP ]PWTRTZYLYO^NTPYNP #z! ^NTPY_TQTN[]LN_TNP"# ^NTPY_TQTN^d^_PX$ ^N]T[_`]P^$z$ " ^PWQ£_XLY $ ^PXTWT_P]L_P !! ^PXTZ_TNTeL_TZY# ^PY_PYNP!$^PPLW^Z^dY_LcLYO XPLYTYR ²TV´£$ ^TOOSL^!$!$ #!# ^TRY! >TVST^X###$ ^TWPYNP"
4YOPc
^TYRTYR" ^PPX`^TN >¯_£ ±TaL±LTaL!!!! "# # # #! !""!$"""!$"" #!"#"## ±TaL9L¶L]£U$"" ±TaL>¼_]£©T# ±TaLT^X ^PP±LTaT^X ^V`WW^ZYR!$"!$$ >X£]_L!$!#"#$ >X£]_L3TYO`T^X$#!" >X_T ^ZXL ^ZYLWT_d$ ""$ ^ZYTNSLMT_`^$$ >Z`YO-]LSXLY^PP9£OL -]LSXLY ^[SZ¶L!!!z! !$ !!#!! !$$ ²]LaL©L" ²]ÅNLV]L²]TdLY_]L" ±]ÅaTOd£"#" " " " ! "!"$$## ]ZZ_XLY_]L" " " " " ²]`_T# ±]`_T#$$" $ !!!"^PPLW^Z±]`_T 4YOPcZQBZ]V^&LYOAPOL BZ]V^LYO>`MUPN_^ ^_ZMSL ^`MUPN_TaT_d "!#z # ^`MUPN_TaTeL_TZY!" " ±¼O]L#$ >`]L_±LMOL#$ >`]L_±LMOLDZRL# >¼]dL" >¼]dL^TOOS£Y_L # >¼_]L>¼_]L^_dWP $!"
^a£OSd£dL !$# ^a£S£# ^aL]L#!! ^dWWLMWP###$$" ^dXMZW^dXMZWTN#z# !#z$! "$$ ""$$ # ! ##"$ ^ZNTZN`W_`]LW" ^dXMZWTNQZ]X"!"!z"" $ ^dY_LcLYOXPLYTYR!#!$ ^d^_PX ?LXTW!$ ?LXTW9LO`#!"z!### ?£X[¼]L"$ z$$"z $ ?LY_]L?LY_]T^X !$ $# $!z!"#"!! !!"!!!!!"!"$ !##"##$ ?LY_]TNTYT_TL_TZY$ ALT´©LaL?LY_]L!! _L__aLXL^T ## $ $#z! !#!"! _PLNSP][`[TW]PWL_TZY^ST[! " _SPL_P]_SPL_P]^_`OTP^ z _SPZ^Z[Sd# _ST]O^[LNP! "! $"$$# ?SZXL^,\`TYL^$ _]LY^NPYOPYNd$$ R]PL__]LY^NPYOPYNTP^""z ""#"#"#"#"### _]LY^XT^^TZY !" "$$$ " _]TX¼]_T!"#" #"# `YTaP]^LWXd_S^PPXd_S `YTaP]^LWXd_S
@__L]L8¯X£À^£^PP,OaLT_L APO£Y_L a£NRZOOP^^A£N! !!""# " ! #! !! ^PPXLOSdLX£[L²dLY_¯[L]£ A£ROPa¯WLYR`LRPRZOOP^^ A£ROPa¯WLYR`LRPRZOOP^^! "#z##!#"$ $!" ! !# !""$### ALT²P´TVL! ! aLTVSL]¯!!!#! ! !" # "!"##"$# A£X£N£]L!#z# AL]LYL^Ta$$## aL]©L$$ aL]©LYd£^L"# A£d` " APOLzz "^PP LW^Z4YOPcZQBZ]V^ APOLNSLY_TYR ^PP]PNT_L_TZY XLY_]L APO£«RL$"# APO£Y_L!! !# #" #$""## L^Xd^_TNT^X #$! APO£Y_L^NSZZW^!! APOTNN`W_`]P !
4YOPc
A¯©£# aTOST ATUÓ£YLA£OL! aTXL]²L"" ""# aT^L]RL"# AT´©`" "!!!!# #!!"""""# ## AT´©`T^X!$$$## aTaL]_L!! ! " aZNLWTeL_TZY" aZTNP## !"!$$ $!$" ad£VL]L©L"! BP^_BP^_P]Y bZ]O"# BZ]O-]LSXLY^PP±LMOL -]LSXLY bZ]WO]PWTRTZY# bZ]WOaTPb#"! dLUÓL" dLU`^#^PPDLU`]APOL dLY_]L"$" DZRL$ !#!""# ! #" ##$#$##$$$$$ DZRTNPc[P]TPYNP# ! DZRTY¯^""!#