Está en la página 1de 29

 

 
!"#$%""
&')(*(,+.-0/21*1*3
46587:9<;2=?>A@!B2;DC2EGF87:=IHGJKBL>AEG@2=?HGB2C9<EMLN<FO>A589APQHG9<7SR2ET>INVU29W589XNY>[ZT9<JK=KEGF89\@29<F
] 9<;2=K7:9<;2FQ@2FQN<B2F^>AR2R2FO>A7:=9<HGC9<EGF89<;2_Y>IHGFQC=KHGHT>A;2=IEGF8@2B2EGEG9X>`@2B29XHG=K589AP>N<B2F^F
JKEG9<N<F6UL>A;2;2=@L>[ZT=?F85^;2=K7:9\@2FbaSdLc e,fhgjilknmporqtsOqAu 9wv dx yzc ilkLqtop{$m}|Au PQ9wNVU29WHG=K;2=
HZTB2@2FO>[ZT9bEGF8HGC9$ZGZTF~A>A7:9<;pZT9b@L>SMLHGF8NY>€9"C2HGF8N<=K58=KJKFO> i F8;HG9<;2HG=‚5O>[ZT= uVƒ
„ 9b@2B29bNY>[ZT9<JK=KEGF89 ] B2EG=K;2=…NVU2FO>A7‚>[ZT9AP}EGF8HGC9$ZGZTF~A>A7:9<;pZT9APn† |tq‡|VˆA‰Š|$‹2q<Œ 9S† |tq{VŽVA
s‘‰Š|$‹2q † @L>9 ’“9<HGNY>AEZT9<P)H<F8P;W7‚RL>A>\EGRL=KJK>JK>—F”N<N<F=K58HG=KFEG=—EGF ] NV9<U2EG9…F8HGN<EG9FZT9<>A;2@jJK=K9<;2HGHG=—9•NVC2U2FT9€B?– HGC2=K58EG=—=KHT58>A9SF8NY58F8>A;27:JKB29<;p9‡ZTJK9—EGN<9<=KNY>—7:99
ZT˜:9<@2ŒK‰Š9<| HGNYsh>:Œ HGFO>A˜‚;2=€|$‹nF8;•‰Š| JKET>A@2=€@2F)9<HGC2EGF87:9<EG9"N<=K7:C2F8B}ZV>A7:9<;pZT9“F*N<=K;2N<9$ZGZTF*ML58=KHG=AMLN<F ƒš™
› 9<EG7:F8;2=K58=KJKFO>:>CL>AEZT9AP)F85C2EG=KR2589<7‚>‚9<HGHG9<;2_<FO>A5899…– 5O>‚EG9<5O>A_<F8=K;29 ] ET>—7‚>[ZT9<EGFO>:9
7:9<;pZT9 ƒ ’b>6B2;…C2B2;pZT="@2Fœ~œF8HZV>“=K;pZT=K58=KJKF8N<=2P[HGF2C=KHGHG=K;2="@2F8HZTF8;2JKB29<EG9>A587:9<;2=6ZTEG9@2Fž
~K9<EGHG9QC=KHGF8_<F8=K;2F.Ÿ,F85 ˜:ŒK‰Š| † shŒK šsOqt˜‚Ž PKNVU29;29<Jp>b5.¡ 9<HGF8HZT9<;2_Y>b@29<585O>67:9<;pZT9Q>“¢£BL>A58B2;2¢£B29
58F~K9<5858=2¤nF85 ˜‚|$‹n‰.ŒK šsOqt˜‚Ž PNVU29…;29…>A7:7:9$ZGZT95.¡ 9<HGF8HZT9<;2_Y>—>‚¢£BL>A58NVU29…58F~K9<5858=€@2FN<=K7:Cœ
589<HGHGFZ[>}– ¤n9‡F85 k}ŒA‹KkLqts.{$mpsOqt˜‚Ž PLNVU29S>AHGHG9<JK;L>‚C2EG=KC2EGF89$Z[>€– 7:9<;pZV>A58F,>:=KJK;2F,9<;pZTFZ[>€– MLHGF8NY> ƒ
’b>B2;C2B2;pZT=X@2F%~œF8HZV>9<C2F8HZT9<7:=K58=KJKF8N<=—589…C=KHGHGF8R2F858FZ[>:– HG=K;2=XF8;p~K9<N<9:7:=K5ZT9<C258F8N<F.P¥>
HG9<N<=K;2@L>QNVU29
HGFpN<=K;2HGF8@29<EGF8;2=Q589%@2B29
NY>[ZT9<JK=KEGF89%EGF8@2B2N<F8R2F858F i B2;L>Q>A585.¡ >A5ZTET>}P<=9<;pZTET>A7SR9
>…¢£BL>A58N<=KH<¡ >A5ZTEG= u P2=KC2C2B2EG9"F8EGEGF8@2B2N<F8R2F858F ƒ
¦Ɗ§l§l¨<¨€©.ª¾r«.¨p¬$Ç ª¶š¨<¨<©.©.ª­«.¬Y®t¶¸¯£µ‘°±©Š­$®“¨Yȼ¬$ªª¯É²$¨rÂG­bÃ$Ä$³ļ´¥»}®tÊr«h¾r©.ªGÁrµhÁr¶š­¯š¶¸°ª·®V©Š¯¸®”®“µ.ÊA°±­<¶šªµ‘¨r©.¾r¹GÀQ®$º¼®b»¼½2Èrª®‡«.¾r˲$̱¶¸®¼Í»rÎt¿”ÏKµhÐÌOª±Ñ<©h©.̱ªÒ*À”¨rÁrª¯É«.ª”ÂGÃYÂGÃ$ÓVÄbÃ$ļ°±Å ­$¯L©.¶ ©.­$¯š­"ȼ¶
®©.$ÎpªGÈSÔVÈ¼Ò ªGԀ¾rµ.¨[°±Õ¼®b­֗ª)ÀË·²$¶¸µ.«.еhªGԂ¶š°±­$­r×±¨rÐ¥Å}ªt§£ÏK»£ãžÕÉÊr«ŠÔ…«.®tØ ªG¨[°±Ù°±¶¸ÚVªGµ.Ò µh®tÛV¶Y¨[ÚVÀÍ.ȼÌt­rª)»ßb¯8Ü"Ç Þ[³à½2®t®t«h¨rª©.¨[¨r¶šµh¨­­b°±Ý,­$®t¨¼ª¯š¯¸¶¸ãž®“ȼªª«.µhÀQ²$ÊA²$ªG®tª°±¨r«¶¸­É®tȼ¯š«.ª¶¸¶š°ŠÊA®VÞrª±á¶¸©.®t¾¼¨r«Š©Š®T¶ ®t©V¬V®6Àâ ®ª©.°Š«Š¨<Þr®“©.ª"ªt¶šßœ¯¶,ä<¯š©.¶š¾[ªG¨r®tȼ²$¨[ªG¾[ÈKµ.®t°ŠÇ ²$ªGÞr²$µ.¶µh¶š­Q¶¼µh­$¶š¨[ªQ¨r°±­…¶š­$¯À°ŠÊAÞr¶šª¨[¶¸¨[®t°±µhÀQ¶¸¶š®tª®V¨r«.©.­­ ¶
®”ÊAªª¨[¯µ.®tÂG«.Ã<ªt¿$»r¿SÊ[®t¶š¯%«.¯¸°±®t«.¨r¶ ­
©.¶¸°±©.­€ªGȼænªGµ.«.°±ç*­r¶šÅn¨•Üb½L¶œ®t®$¨rµ.­tµh㶸µh°±èY¾rét«Š»É®t¨rªG­”µh¶š°Š¯š¶¸Þr®Vª%©.­…¨r­$Èr¨“®t¶°±¶£¨[«.®t¶š¹ªG¶¸µ.µ‘°±©.­$¶¨r¯š­­:¨rµ‘ª©.¯£ªGµ.¯š­$µh­‚«.­®t¯š¨r¶š¨r¨r²$­\¾[®tꑲ$ÂGÃ$²$ë$¶š­<ë<º¼ìÅ ¶š¨X°±¾r¶
ݯš,¶š¨rªå ²$¶¸È¼¾[ª®)²$©.²$ªGªȼ«ªGµhµ.¶,°®%¶¸µ.°±°±­$«.¨[¶š¬$µhªª¬V¨<®b©.ª¥¶š¨YÊr¬$¾rªG«h°±©.«.ª“­$Êr®t¯*ÊA­rÊ[»$®t®$«h©.ȶ ©.¾r­r¨”»)ÊAµ.°±ª«.¨[¶šµh¬$¶šªª¬V«.®"­®t¨rÁrªÁ[®$íàÒ)µ‘©ŠÙà®tÐ ¨rÑtÖ[¹G®,Р$׊­$Út¯šïO²<Ô:®t«.ð$ªṯ»VÒ¸È¼Ò ÌS¶rȼÚVªGͱ°±ïÐ%¯¸®tÛGÀQКÙà®tи«.ÛVªnÌtߕȼ¶šª±³à©.ñœ«.­®
¾r®t¨[¨[°Š®QÞr㞪¾r¾rÀ¨r­<­µ.®6µ‘©.°±­$­$«.¶¸«h°±©.­¶š¨[ȼ®Qªȼ¯š¯8¶nÇ ®t®t«hÊr©.ªÉÊ[®tȼ«.ªª¬$¨<ª©.ª”Êr¶.Êr¾^â «.­t­㞭$À¨[ªȼ¨r¶ ©V­”®“â µ.®tÅÊAÅŔª«.òɪ¾[°±­<®t¨[µ.®ȼ­6¬Y¾r¶š¨Y­$¬$¯pªGȼ°±¶šª
«.ªtÊ[»Y®tª·«.ȼ¯¸®Qª¬$­“ªµ.¬$°±­$«.¯š¶šª¬$«¥ªȼ¶š¨"¶š«.ª¶š¨rä<²$¾r¯šªGªµh¯š¯šªt­ »
°ŠÞrª·È¼¶¸°±ªtÅ º
ó
„ >"EGF8@2B2N<F8R2F858FZ[>^– @29<58589QNY>[ZT9<JK=KEGF89HGFnNVU2FO>A7‚> ˜‚Ž[‹LsOqt˜‚Ž Pp9QC2BÉ=– 9<HGHG9<EG9“@2F2ZTEG9ZTF8C2F.Ÿ
˜EG:F8@2ŒKB2‰Š|N<†F8R2shŒKF858 š9^sOq$>A‰.Œ 585OP)>HG7:9S9<5O>‚;pZT7:9A¤29<9;pZT99S– EG† F8@2P2B2HGN<9bF8R27:F8589<9;p>AZT589“5O>:9b7‚7‚>[>[ZTZT9<9<EGEGFOFO>}>¤ HGs =K£|;2T=…ŒK šsOEGq$F8@2‰.Œ B2P)N<HGF8R29…F8585OFn>:>S7‚¢£>[BLZT>A9<58EGN<FO=K>\HT>9–
@2F*C2FTB – ] =K;2@L>A7:9<;pZV>A589 ƒ ‹¥| }‰ Ž



„ ¡ F8EGEGF8@2B2N<F8R2F858FZ[>– @29<58589@2B29NY>[ZT9<JK=KEGF89HGF2NVU2FO>A7‚>“F8;p~K9<N<9 2ŒK šsOqt˜‚Ž PK9C2BÉ="– 9<HGHG9<EG9




@2F
¢£BL>[ZGZTEG=XZTF8C2F.Ÿ qts.{VŽ PÉHG9:5O>•7‚>[ZT9<EGFO>JKB2F8@L>5O>•7:9<;pZT9A¤ ŒA‹Lsl˜…sOq$‰.Œ PÉHG9‚5O>7:9<;pZT9 

JKB2F8@L>S5O>‡7‚>[ZT9<EGFO>}¤ sl‹n‰Š| † Œ $s.Ž[‹LsOq$‰.Œ P2HG9b589“@2B29"NY>[ZT9<JK=KEGF89“HGF)F8; LB29<;2_Y>A;2=€EG9<N<F8C2EG=œNY>r




7:9<;pZT9A¤9 sl‹ Asšk2|$‹ £|$‹n‰Š| P%HG9—589‚@2B29NY>[ZT9<JK=KEGF89‚C2EG=œN<9<@2=K;2=wCL>AET>A58589<5O>A7:9<;pZT9:HG9<;2_Y>




F8; LB29<;2_Y>AEGHGF ƒ

EG9$~K9<@2F8R2F8587:9<;pZT9APL589bJKET>A;2@2F)EG9<58F8JKF8=K;2F;2=K;\>A@2=AZGZV>A;2=€C=KHGF8_<F8=K;2F¥B2;2F~K=œNVU29HGB25ž

5.¡ >AEGJK=K7:9<;pZT=2ŸÉC9<E
F85LR2B2@2@2F8HG7:=5O>b7:9<;pZT99^– B2;)¡ F85858B2HGF8=K;29@L>"N<B2FnR2F8HG=KJK;L>"58F8R9<ET>AEGHGF.¤

C9<E65.¡ F8;2@2B2F8HG7:=€5.¡ F85858B2HGF8=K;29“@L>:N<B2FÉR2F8HG=KJK;L>:58F8R9<ET>AEGHGF


9– F8;p~K9<N<9S5O>€7‚>[ZT9<EGFO>}¤nF85*ZV>A=[
F8HG7:=bEGF8@2B2N<9HGFO>b5O>“7‚>[ZT9<EGFO>“NVU29^5O>“7:9<;pZT9^>A5 › >A=2¤£C9<E
F85}N<EGF8HZTFO>A;29<HGF87:=“5O>b7‚>[ZT9<EGFO>
9"– 7:=KEZV>A589AP}9b5O>…7:9<;pZT9"F87:7:=KEZV>A589^9"F87:7‚>[ZT9<EGFO>A589A¤ ƒYƒYƒ
=KEGHG9‡C2FTBX– HG=KEGC2EG9<;2@29<;pZT9<7:9<;pZT9AP*;29<C2C2B2EG9S589HGN<F89<;2_<9…>A@2=AZGZV>A;2=‚C=KHGF8_<F8=K;2F,B2;2Fž
~K=œNVU29AŸ C9<E5O> ‹¥| † Ž $s.ŽA ŽV[shŒ 5O>?7:9<;pZT9 9W– @29<HGN<EGF~œF8R2F8589wF8;!ZT9<EG7:F8;2F6C2B2ET>A7:9<;pZT9


MLHGF8=K58=KJKF8N<F i N<=K7:9:;29<5”7:=AZGZT=X@29<5”@2=AZGZT=KE
=KJAZS;29<585.¡ }P,HG9<N<=K;2@2=WN<B2F”F85
N<9<E~K9<5858=
 

HG9<N<9<EG;29—C9<;2HGF89<EGFN<=K7:9:F85 ] 9<Jp>[ZT=\HG9<N<9<EG;29—5O>•R2F8589 u ¤C9<E‡5O> ‰Š|VŽ † shŒ £|$sqtsOq$‰Š|$˜…s 5O>


 

7:9<;pZT99S– B2;9<C2F ] 9<;2=K7:9<;2=—@2F%HGF8HZT9<7:FR2F8=K58=KJKF8N<F*HGB :N<F89<;pZT9<7:9<;pZT9€N<=K7:C2589<HGHGF.¤*C9<E 

5.¡ sl‹n‰Š|< l šs8p|$‹ YŒSŒ † ‰‘s {$shŒK | 7:9<;pZT9Q9^7‚>[ZT9<EGFO>“HG=K;2=‡>A;L>A58=KJKU2FL>"HG= ] Z >AEG9^9^UL>AEG@ >AEG9




;29<FÉN<=K7:C2B}ZT9<E<¤n5O> ˜:ŒK‰Š|$˜:ŒK‰‘s.{TŒ 7:=œ@29<EG;L>€EGF8@2B2N<9HGFO>:5O>…7‚>[ZT9<EGFO>€NVU29‡5O>€7:9<;pZT9 i =


   

7:9<JK58F8=2P[589ZT9<=KEGF89@29<5858=“HGCL>A_<F8=b7‚>[ZT9<EGFO>A589
9@29<5}ZT9<7:C=“7:9<;pZV>A589APKN<F8=29”– 5O>6JK9<=K7:9$ZTEGFO>
9"5.¡ >AEGFZT7:9$ZTF8NY> u >AJK58F¥F8;2HGF89<7:F.¤ ƒYƒYƒ
F8;2=€>S¢£BL>A;2@2=:5O> qts.{TŒ EGF87‚>AHG9“7‚>[ZT9<EGFO>A58F8HZTF8NY>"9b@29$ZT9<EG7:F8;2F8HZTF8NY> ] B;L>[ZTB2ET>A5ž


7:9<;pZT9"F87:C=KHGHGF8R2F8589 ] >AEEGF89<;pZTET>AEG9"F8;9<HGHT>:F ] 9<;2=K7:9<;2F*7:9<;pZV>A58F.P2>…NY>AB2HT>€@2F,>A58N<B2;29


 

58=KEG=—NY>AET>[ZGZT9<EGF8HZTF8NVU29…9<HGHG9<;2_<FO>A58F%¢£BL>A58F.P*>AC2C2B2;pZT=2P,5.¡ F87:7‚>[ZT9<EGFO>A58FZr>S– 9…F85;2=K;`@29$ZT9<E±


7:F8;2F8HG7:= i ;29<585O> ] =KEG7‚>@29<585O>58F8R9<EZ[>}– P¼=Q@29<5£58F8R9<EG=Q>AEGR2FZTEGF8= uVƒ „ ¡ >Y~£~K9<;pZT=“@29<585O>7:9<Nt
NY>A;2F8NY>“¢£BL>A;pZTF8HZTF8NY>}PKF2N<B2F ] 9<;2=K7:9<;2F}9<HGF8R2F8HGN<=K;2="NY>AET>[ZGZT9<EGF8HZTF8NVU29>A;L>A58=KJKU29APAHG9<7SR2ET>
C9<Er=—– >Y~K9<E“>AC9<EZT=‚5O>…C=KHGHGF8R2F858FZ[>S– @2F,N<=œ9<EG9<;pZTFÉ@29<HGN<EGF8_<F8=K;2F*MLHGF8NVU29‡@29<585O>€7:9<;pZT9APnHGFO>
7:=K;2F8HZT9bNVU29"@2BL>A58F8HZT9 ƒ
Èr®t¯š¯8±Ç §lª¯¯šªª±À¯š©h¯¸©.®%­$«.­$¨rÒ Ô.ÀQ¶¸ÑtµhÐÀ®t׊²$ÚÉ­‚¨r¯¸ª±®)¨r©.ª¶¸ÀQµh¾¼À®V©.«.©.­%­•ª«.®t¶¸µh¯š®¥¯š¶ªµhÀ”¶$µhªG¾r¾rµhÊAÊr­Vª¬$«.«Š¶šª‡µ‘À©.¨r«.ªL¶šª¨r®V¯š²$¯š©h­©.Þr«Šªt®Tµ‘Å ¬$©.ªGªµ.«Šµhµh­•­)²$µh¯šÊr¶t¶š­$«.²$¶ ©.²$­—ª±©hȼ©.¶8ª»G¯šªn¯šª‡¯¸®)©.ªÀ­$ª«.¨<¶šªS©.ªn¾r®V¨r©h¶ ©.A«Š°®T®V¬$©.ªª€«Šµh­)ȼª¶$¯šÊr¯¸® «.ªGAȼ¶¸µh°¶¸°®V®¼©.¶»


  

êÊ[°±®t­$«.Àªå ª¾r¨[ȼ®b¶¸°±ª¯š­$¬V²$® ¶¸°}® ¶¸°ŠÞ<ÀQ©.ªt®Vß2©.ª²$«.¯š¶¸¶K®t­$¯š¶¸²$µ‘²$©Š®¼ª±©hÇ »£©.¶pȼµhª±­$©h¨r©Š®­”Èrȼ®Vª¯¥©.¶8µh»¼ªGª%°±­$¶p¨[ÊrÈK«.ªGÇ ­$ȼ«Š¶¸È¼°¶š®V¨r©.ªt¶K»}µh­$¶š¨…¨r­”°±¾rÊA¶)­<µ‘®t©.¨[¶žìŠ°ŠÅLÞrª§l¯A¶¥©.ªÊr¨<«.©ŠªG®Vȼ©.¶¸¶š°¬$®V­”©.¶nȼ¬$¶£ªµh¨r¬Y²$¶š¯š­$¾r¨rÊ ­


"! $#

°±­$¨[µh¶¸È¼®tª¯«Š®VÊr©.¾r¶K¨<°±©.­$­"Àȼª%¶­$¬Y²$¶¸²$µ‘©Šª±®6©h©.¶8À»YÞ[ª±©Š®®V㞶š­$¨[«.°±¶¸­$°±¨<­“©.«ŠÈ¼®Vª©.¯š­”¯¸®^ȼ¹¶ áQ­Y­$°±¯š­$­$¯ ²$©V¶¸®


â ®QªGȼÈ6­$À­t©hªG©.ªµ‘©.¨Y¶¸¾¼°©.®¼­b»}µhꞶ,ÊAªªâ «,ª ­$K«Šª±®<©hì©.¾[ÊA®V­¼©.°Š­"Þr¶p¾r«.¨…¶¸µhÊ[¾r®$¯ ©Šµ.®Vµ.©.®t¶8²$Å ²$¶š­
')(
&%

+*

,
BÉ=€– @2B2;2¢£B29"9<HGHG9<EG9"=KEG7‚>AFC2EG=KHGHGF87:=SF85¥HGB2C9<ET>A7:9<;pZT=…@29<585.¡ >[ZGZTBL>A5896HGFZTBL>A_<F8=K;29
LC >AET>A@2=KHGHT>A589APKF8;‡N<B2F}HGF}C=KHGHGF89<@2=K;2=“C2EG9<N<F8HG9”ZT9<=KEGF89HGN<F89<;pZTFMLNVU29@29<F ] 9<;2=K7:9<;2Fœ7‚>[ZT9t

EGFO>A58F2NVU296HGFN<=K;2=KHGN<=K;2=‡F8;2@2F8EG9$ZGZV>A7:9<;pZT9 i 7:9<@2FO>A;pZT9^FnHG9<;2HGF u Pœ7‚>"HG=K58="~A>AJKU29QZT9<=KEGF89


ML58=KHG=AMLNVU29X@29<F ] 9<;2=K7:9<;2FQ7:9<;pZV>A58FNVU29\HGF^N<=K;2=KHGN<=K;2=IF8;p~K9<N<9\@2F8EG9$ZGZV>A7:9<;pZT9 i C9<E
F8;pZTEG=KHGC9<_<F8=K;29 uVƒ
9<;2NVU)9– B2;L>HG=œ@2@2F8H ] >AN<9<;pZT9
ZT9<=KEGFO>¢£BL>A;pZTF8HZTF8NY>@29<585O>7:9<;pZT9·;2=K;9<HGF8HZV>Q>A;2N<=KET>}P
7:=K5ZTFQMLHGF8N<Fb>AB}ZT=KEG9$~K=K58F69wZTFZT=K5O>[ZTF^HGF“HG=K;2=jHGC9<HGHG= >Y~£~K9<;pZTB2ET>[ZTF"F8;!HGC9<N<B25O>A_<F8=K;2F
] >A;pZV>AHGF8=KHG9S7‚>—HZTF87:=K5O>A;pZTF.PnNVU29…~A>A589‡5O>—C9<;L>—@2F%EGF8C9<EGN<=KEGEG9<EG9S;2=K;2=KHZV>A;pZT9€F85É58=KEG=
NY>AET>[ZGZT9<EG9ZT9<;pZV>[ZTF~K=`9•F8C=AZT9$ZTF8N<= ƒ  =K7:9HGF~K9<@2Er>}– P”N<=K5CL>AHGHT>AEG9•@29<5ZT9<7:C=9•F85
N<=K;2HG=K58F8@L>AEGHGF,@29<585O>:7:9<N<NY>A;2F8NY>‚¢£BL>A;pZTF8HZTF8NY>‚589F8C=AZT9<HGFÉHG=K;2=N<=K7SB2;2¢£B29S@2F~K9<;pZV>[ZT9
HG9<7:C2EG9‡7:9<;2=‚JK9<;29<EGF8NVU29‡9HG9<7:C2EG9‡C2FTB•– ZT9<N<;2F8NVU29APF85,NVU29‡EG9<;2@29‡C=KHGHGF8R2F8589"HGC9<ET>AEG9
NVU299<HGHG9"ML;2F8ET>A;2;2=€C2EG9<HZT=:=…ZV>AEG@2F*C9<EN<=K;p~K9<EGJK9<EG9S>A@•B2;X58F87:FZT9 ƒ
 
  
 

 ] =K;2@L>[ZT=KEGF@29<585O>7:9<N<NY>A;2F8NY>¢£BL>A;pZTF8HZTF8NY>‡HGFZTEG=¼~A>AEG=K;2=S>A58589^C2EG9<HG9“N<=K;B2;L>ZT9<=KEGFO>
N<=K7:C2589$ZV>A7:9<;pZT9;£B2=¼~A>}P£NVU29^N<=KF8;p~K=K58JK9$~A>b5.¡ =KHGHG9<E~A>[ZT=KEG9QF8;€B2;L>"7‚>A;2F89<ET>“HGN<=K;2=KHGN<Fž
B}ZV>X;29<585O>MLHGF8NY>XN<5O>AHGHGF8NY> ƒ HGHGF ] B2EG=K;2=\@2B2;2¢£B29—N<=KHZTEG9$ZGZTF”>XN<=K;2HGF8@29<ET>AEG9:5O>•C=KH±
HGF8R2F858FZ[>—– NVU29‚5O>•N<=KHGN<F89<;2_Y>w>Y~K9<HGHG9B2;IEGB2=K58=XN<9<;pZTET>A589:;29<585O>•N<=KHZTEGB2_<F8=K;29:;2=K;?HG=K58=
@29<585.¡ F87:7‚>AJKF8;29Q@29<5*7:=K;2@2=2P27‚>…@29<585O>SEG9Y>A5Z[>S– HZT9<HGHT> ƒ
— …! " $ #%L
 5“C2EGF87:= ] ET>?F6MLHGF8N<Fb¢£BL>A;pZTF8HZTF8N<Fb>?N<9<EGNY>AEG9@2F"'> &¥EG=K;pZV>AEG9WF“C2EG=KR2589<7:F^ML58=KHG=AMLN<F
C2EG9<HG9<;pZV>[ZTFQ@L>A585O>\;£B2=¼~A>wZT9<=KEGFO> ] Bj58=WHZT9<HGHG)= (+*-,/.102*3546·PC2EG9<7:F8=7^=KR9<5;29<5
ó 8}ó 8 C9<E5O>‡HGN<=KC9<EZV>€@29<5)¢£BL>A;pZT=:@)¡ >A_<F8=K;29AŸ%589bHGB29bEGF L9<HGHGF8=K;2F ] B2EG=K;2=…C2B2R2R258F8NY>[ZT9
;29<5 ó 8:9:9 F8<; ; 'Ž =A|“q$‰.ŒŒA‹ pŒA‹ £Ž: žŒ€qY{$s.|$‹ Y?Œ >

EG=KC=K;29<;2@2=KHGF£N<=K7:9·B2;EGF8HG=K58B}ZT=Q>Y~£~K9<EGHT>AEGF8=6@29<5pC=KHGFZTF~œF8HG7:=2P 5O>A;2NA@“HG=KHZTF89<;29


NVU296F ] >[ZGZTFn>AN<¢£B2F8HZV>A;2=‡HGF8JK;2FMLNY>[ZT="HG=K5ZV>A;pZT=‡>A585.¡ F8;pZT9<EG;2="@2FnB2;L>"ZT9<=KEGFO>b9<HGC258F8NY>[ZTF~A>}Ÿ


5O>:;L>[ZTB2ET>‚@29<585O>:HGC2F89<Jp>A_<F8=K;29HGN<F89<;pZTFMLNY>w9‡– @2B2;2¢£B29…9<HGHG9<;2_<FO>A587:9<;pZT9‡7:9$ZV>[MLHGF8NY>}P9
N<=K7:9€ZV>A589€F8EGET>A_<F8=K;L>A589…=\7:F8HZTF8NY>;29<58589:HGB29‚C2EG9<7:9<HGHG9AP%9<@?F8;2N<=K7:C2589$ZV>;29<58589:HGB29
N<=K;2N<58B2HGF8=K;2F ƒ
’b>A585O>`;L>[ZTB2ET>>A;pZTEG=KC=K7:=KE ] >I@29<58589XZT9<=KEGF89wHGN<F89<;pZTFMLNVU29@29<EGF~A>?N<=K7SB2;2¢£B29F85
] >[ZGZT=QNVU29”;2=K;NA¡9– N<=K;pZTET>A@2@2F8_<F8=K;29 ] ET>Q5.¡ >AHGHG=K58B}ZV>NY>AB2HT>A58FZ[>– @29<585O>7‚>[ZT9<EGFO>9
5.¡ >AC2CL>r
«.Èr¶¸®tµh¯œÊA­<׊ÚVµ‘©ŠÖK®¼Ì»¼ðV®t:Ð ¯š¯8B*Ç ªÚV¬VÛG®tÒ ¨rÔVªGÛrµ.»r°±°ŠªÞr¨<ª)©.ª%ªGµhÑ<¶šÚtÁrï8¶šïO¬VÔ^®ÉðVµh­$ÐL¯ Îp©Š®t×E¨<DY©.Í:­ÉÔ$F ðV«.и¶ ÖYC[Ñ<ªG̱µ.µhÍ<¶¼»K°±È¼­$¶œ¨[°±È¼¾r¶š¹¶£¶šÊ[­$®t¨[«.®V¯š©.ª¶Y«.ȼªÀª±©.­%ª«.ãžÀ«Š®¶š¨rÊA¶¸µ‘­¼©.°±¶¸­r°±¶$Šȼª¯¼©.¶šÊA­·µ‘©.¶šÀ­$¯š­
#

9
EG9<;pZT9S58F8R9<EZ[>:– @29<585O>:7:9<;pZT9AŸ^F85É@29$ZT9<EG7:F8;2F8HG7:=:EGF8JKBL>AEG@L>:=KJKJK9$ZGZTFÉ=KHGHG9<E~A>[ZTF.P)5O>:58F8Rœ
9<EZ[>w– HG=KJKJK9$ZGZTF=KHGHG9<E~A>A;pZTF.P·9—B2;2=WHZT9<HGHG=`>[ZGZT=w@2F”N<=K;2=KHGN<9<;2_Y>W;2=K;C2BÉ= – ] >AE‡N<=KF8;œ
N<F8@29<EG9HG=KJKJK9$ZGZT=^9=KJKJK9$ZGZT= ƒ FTB"– C2EG9<N<F8HT>A7:9<;pZT9APA5O>@29<HGN<EGF8_<F8=K;29=KJKJK9$ZGZTF~A>9NY>AB2HT>A589
EGF8NVU2F89<@29%B2;L>@2F8HZV>A;2_Y>C2EG=KHGC9$ZGZTF8NY>HGB :N<F89<;pZT9
@L>A585.¡ 9$~K9<;pZT=2PrNVU29
@2F87:F8;£B2F8HGN<9%¢£BL>A;pZT=

C2FTB:– N<FHGF)>Y~£~œF8N<F8;L>‡>A5nHG=KJKJK9$ZGZT=2Ÿ ‹¥|< l žŒ‚{VŽrqY{$s.|$‹ YŒS žŒSqY{$s.|$‹ YŒ€‰ † 'Ž =[Œ œ‹ L|“s šsl˜…s‘‰‘s




£|< l žŒ"k F85·† ŽtC2k EG† =KshR2Œ—589<Œ$7‚kpk>• šs.;2{TŒ =K$; s‘ šs‘9:– ‰ Œn¢£ƒ B2F


B2;)¡ F8;2HGB :N<F89<;pZT9‚N<=K7:C2EG9<;2HGF8=K;29APN<=KHà–
N<=K7:9:;2=K; 9–
   

B2;)¡ F8 ;2HGB :N<F89<;pZT9X~K9<58=œN<FZ[>– NVU29\F87:C9<@2F8HGN<9X>A@ B2;DN<=KEGEGF8@2=KEG9•@2FQ@2F8HZV>AN<NY>AEGHGF^@L>A585O>





C2EG=KC2EGFO>:=K7SR2ET>}Ÿ9<HGHG9<EGF%HGB2C9<EGF8=KEGFÉC=AZTEG9<R2R9<EG= ] =KEGHG9SC9<EGN<9<C2F8EG9S5O>:NY>AB2HT>A58FZ[>€– @29<585O>




‹9\¥– Žr@2q$B2‰ † ;2Œ ¢£B2N<=K9WHGN<EGF89<9<5O;2>[ZT_YF>}~KP*=27‚P9<>—@ >Y~œ>AEG;L9<>AR258R=KJK9<EG=I=X>IJK58¢£FÉB2H9<ZT589<58HG=IHGF·HGN<C2=KEGC=KR29<E589<ZT7:=FÉ@LN<> =K;W=K5O > @29< 5.Ž Ÿw† Ž25Oƒ >` NY5 >A] CL9<>A;2N<=KF7:Z[>I– 9<;2@2= F
EGF8N<=K;2=KHGN<9<EG9S5O>:N<=K;2HGF8HZT9<;2_Y>—@2FÉB2;WHGF8HZT9<7‚> ] =KEG7‚>A589"EGF8NVU2F89<@29‡B2;L>‚@2F8HZV>A;2_Y>‚HGB …
N<F89<;pZT9"@L>€9<HGHG=2PL9bZT9<;2@29‡>…H~A>A;2F8EG9b¢£BL>A;2@2=:F85)HGF8HZT9<7‚>…HGF*EGF~K=K58Jp>…>…HG9HZT9<HGHG= ƒ


„ >SHGN<F89<;2_Y>SN<F¥N<=K;2@2B2N<9b¢£B2F8;2@2FML;2=€>A58589^HG=KJK58F89^@29<585O>N<=KHGN<F89<;2_Y>S7‚>‡C=KF.PœN<=K7:9
9Y>[ZTEGF8N<9—N<=K;j’b>A;pZT9AP·@29$~K9X>AR2RL>A;2@2=K;L>AEGN<F”F8;>A5ZTEG9‚7‚>A;2F <ƒ  PHG9<N<=K;2@2= 5O>A;2AN @nP
9‡– C2EG=KC2EGF8=:;29<585.¡ F8HZTF8;pZTF~A>…C9<EGN<9<_<F8=K;29‡@29<585.¡ F8;2HGB2C9<ET>AR2F8589">AB}ZV>AEGNVU2FO>:@29<585O>€N<=KHGN<F89<;2_Y>

NVU29•HGF@29$~K=K;2=`EGF8N<9<EGNY>AEG9—589—NY>AB2HG9•HGFO>w@29<5EGFMLB}ZT=W@29<58589—HGC2F89<Jp>A_<F8=K;2F”HGN<F89<;pZTFMLNVU29
@29<585O>S;L>[ZTB2ET>}P2NVU29@29<585O>SEGF8N<9<EGNY>…@2F*N<=K7:C2589<7:9<;pZV>AEGF)N<EG9<@29<;2_<9F8EGET>A_<F8=K;L>A58F ƒ
 "
$  " $ #% ¥ " $ #%L
„ > ML58=KHG=AMn>DB :N<FO>A589?@29<585O> 7:9<N<NY>A;2F8NY>D¢£BL>A;pZTF8HZTF8NY>}P‡@29$ZGZV> sl‹n‰Š| † k † |<‰.Œ $s.Ž[‹¥| As
 Žtk2|$‹Œr[m}|$‹ P,9:589€HGB29‚F87:C258F8NY>A_<F8=K;2F,ML58=KHG=AMLNVU29:HG=K;2=\HZV>[ZT9:9<5O>AR=KET>[ZT9€@L >  0
 

 P}C2EG9<7:F8= 7^=KR9<5¥;29<5 ó 8 C9<E5O>HZTEGB}ZGZTB2ET>S@29<585.¡ >[ZT=K7:=@2F¥F8@2EG=KJK9<;2=2P}>‡CL>AE±


ZTF8EG9b@L>AJK58F)>A;2;2F·¡ ƒ
,,

„ ¡ F8@29Y> ] =K;2@L>A7:9<;pZV>A589APQC2FTB – ~K=K5ZT9WEGF8C9$ZTB}ZV>?@L> =KU2E—;29<FbHGB2=KF“HT>AJKJKF.P9W– NVU29


, 

B2;L>?N<=K7SB2;2F8NY>A_<F8=K;29w;2=K; >A7SR2F8JKBL>I@29<F“@L>[ZTF6HGC9<EGF87:9<;pZV>A58F^EGF8NVU2F89<@29wNVU295O>I@29t
HGN<EGF8_<F8=K;296@29<JK58F)>AC2CL>AET>[ZTF@2F¥7:F8HGB2ET>‡9“@29<JK58F9<HGC9<EGF87:9<;pZTF)HGFO> ] >[ZGZV>‡;29<5¥58F8;2JKBL>AJKJKF8=
N<=K7SB2;29—B2HT>[ZT=W;29<585O>•~œFZV>\¢£B2=AZTF8@2FO>A;L>}P9$~K9<;pZTBL>A587:9<;pZT9ET> :;L>[ZT=w;29<585O>XHGBL>\~K9<E±
HGF8=K;29…7‚>[ZT9<7‚>[ZTF8NY> ƒ  ;CL>AEZTF8N<=K5O>AEG9AP)>A;2NVU29€¢£BL>A;2@2=XHGF%CL>AEG5O>—@2F ] 9<;2=K7:9<;2F%¢£BL>A;œ


ZTF8HZTF8N<F,;2=K;W@2F8EG9$ZGZV>A7:9<;pZT9‡=KHGHG9<E~A>AR2F858F i >A@w9<HG9<7:C2F8=2P¥F85É7:=¼~œF87:9<;pZT=‚@2FB2;L>‚CL>AEZTFž
N<9<585O> u PA5O>^N<=K7SB2;2F8NY>A_<F8=K;29”@29<585.¡ 9<HGC9<EGF89<;2_Y>6;2=K;…C2BÉ=b– NVU299<HGHG9<EG9QEGF ] 9<EGFZV>^> ] 9<;2=K7:9<;2F
7‚>AN<EG=KHGN<=KC2F8N<F@2F8EG9$ZGZV>A7:9<;pZT96=KHGHG9<E~A>AR2F858F i >A@9<HG9<7:C2F8=2Pœ5O>ZTET>AN<N<FO>‡5O>AHGN<FO>[ZV>"HGB•B2;L>
5O>AHZTET> ] =AZT=KJKET>[MLNY> uVƒ
 5·C2EG=KR2589<7‚>w9€– NVU29APÉ7:9<;pZTEG9€C9<E ] 9<;2=K7:9<;2F·N<5O>AHGHGF8N<F%5.¡ F8;pZT9<ET>A_<F8=K;29SN<=K;`JK58F%>ACœ
CL>AET>[ZTF@2F)7:F8HGB2ET>‚9^– ZTET>AHGN<B2ET>AR2F8589AP}9“HGF¥C2BÉ=…– ¢£B2F8;2@2F)9 &¥9$ZGZTBL>AEG9“F8;—C2ET>[ZTF8NY>‡B2;L>SHG9<Cœ
>AET>A_<F8=K;29";29$ZGZV>:ZTET>:=KHGHG9<E~A>[ZT=—9=KHGHG9<E~A>[ZT=KEG9AP¥C9<E6F ] 9<;2=K7:9<;2F,¢£BL>A;pZTF8HZTF8N<FÉ¢£B29<HZT=

;2=K;w96– C=KHGHGF8R2F8589AP£9“HGFÉ96– @2B2;2¢£B29bN<=KHZTEG9$ZGZTF)>N<=K;2HGF8@29<ET>AEG9“B2;L>‡F8;2HG9<CL>AET>AR2F8589QN<=K7SR2Fž
;L>A_<F8=K;29 ] ET>:=KHGHG9<E~A>[ZT=KEG99=KHGHG9<E~A>[ZT= ƒ =KF8NVU)9– @2F &¥9<EG9<;pZTF,9<HGC9<EGF87:9<;pZTF,@29<HGN<EGF~K=K;2=
@2F &¥9<EG9<;pZTF*N<=K7SR2F8;L>A_<F8=K;2F.Pœ@2F~K9<;pZV>€F87:C=KHGHGF8R2F85896CL>AEG5O>AEG9b@2F)B2; ] 9<;2=K7:9<;2=:¢£BL>A;pZTF8H±

ZTF8N<=:F8;2@2F8C9<;2@29<;pZT9<7:9<;pZT9‡@L>A585O>…CL>AEZTF8N<=K5O>AEG9"HGFZTBL>A_<F8=K;29"HGC9<EGF87:9<;pZV>A589"F8;XN<B2FÉ58=:HGF
=KHGHG9<E~A>}ŸF85 ] 9<;2=K7:9<;2="9<HGF8R2F8HGN<9@2B2;2¢£B29QB2;L> {VŽ[˜“k |$˜‚|$‹n‰.Œ † s.|<‰ Œ  @2F}C2EG=KC2EGF89$Z[>}– PpB2;L>
HG=K5O>…– @29<58589“¢£BL>A58F)C2BÉ=€– ~K9<;2F8EQ=KHGHG9<E~A>[ZV>€F8;•B2;XCL>AEZTF8N<=K5O>AEG969<HGC9<EGF87:9<;pZT= ƒ
HG=K58=^JKET>A_<F89”>A585O>N<=K7:C2589<7:9<;pZV>AEGF89$Z[>Q– NVU2969– C=KHGHGF8R2F8589
B2HT>AEG9”N<=K;2HGF8HZT9<;pZT9<7:9<;pZT9
N<=K;2N< 9$ZGZTF”N<5O>AHGHGF8N<FNVU29AP·HG9—C2EG9<HGF”F8;2HGF89<7:F.PÉHT>AEG9<R2R9<EG=WN<=K;pZTET>A@2@2FZT=KEGF i >A@?9<HG9<7:C2F8=2P
N<=K;2HGF8@29<ET>AEG9Q>A5858=“HZT9<HGHG=ZT9<7:C=bB2; ] 9<;2=K7:9<;2="N<=K7:9B2;L>bCL>AEZTF8N<9<585O>^9<@:B2;€=K;2@L> uVƒ
’S¡ >A5ZTET>bCL>AEZT9APœ5O>"N<=K7:C2589<7:9<;pZV>AEGF89$Z[>b– C2EG=¼~K=œNY>‡B2;L>HG=KHZV>A;2_<FO>A589QF8;2N<=K7:C2589$ZT9<_<_Y>@2F
¢£BL>A58B2;2¢£B29W@29<HGN<EGF8_<F8=K;29AP^C9<EGNVU)9W– ;29<5“7:=K7:9<;pZT=?F8;!N<B2F6HGF“@29$ZT9<EG7:F8;L>IB2;L>@29<58589
C2EG=KC2EGF89$Z[>W– @2FB2; HGF8HZT9<7‚>}P”>AB}ZT=K7‚>[ZTF8NY>A7:9<;pZT9—HGF"9•– N<=KHZTEG9$ZGZTFQ>WZTET>AHGN<B2ET>AEG9ZTB}ZGZT9
¢£B29<58589”N<=K7:C2589<7:9<;pZV>AEGF}>A@…9<HGHT> ƒ „ >6N<=K7:C2589<7:9<;pZV>AEGF89$Z[>^– 9@2B2;2¢£B29B2; k † sl‹¥{$sškns.Ž As
ŸÉJKET>A;2@29<_<_<9”N<=K;2F8B2Jp>[ZT9
;2{VŽ[=K‹2;jqtsOHGq$F‰Š|$C‹ =KYHGŒHG=K|;2sl=‹¥{VB2Ž[HT˜“>AEGk9• |<HG‰ŠF8| 7SYB2Œ 5ZV£|>A<;2 l ž9YŒ“>A7:˜‚9<|V;p{V{TZTŒA9‚‹LF8s.;j{TŒ 7‚2>A;2ŒA‹nF89<‰‘ETsO>\q$‰‘s.N<{T=KŒ ;pZTET>A@2@2FZT=KEGFO>}P·9;2=K;jHGF
    

C=KHGHG=K;2=:@29$ZT9<EG7:F8;L>AEG9bF8;•7‚>A;2F89<ET>SN<=K7:C2589$ZV> ƒ
 9589wF8@29<9WC2EG9<N<9<@29<;pZTF"ET>AC2C2EG9<HG9<;pZV>A;2= B2;)¡ F8;p~K9<EGHGF8=K;29@2F6ZT9<;2@29<;2_Y>jEGF8HGC9$ZGZT=
>A585O>MLHGF8NY>6=AZGZT=œN<9<;pZT9<HGNY>}PpF8;…>A5ZTEGF£NY>A7:C2Fœ@29<585O>^N<=K;2=KHGN<9<;2_Y>b9<HGHG9HG=K;2=“HG9<7:C2EG9HZV>[ZT9
9$~œF8@29<;pZTF29N<=K7SB2;2F ƒ 46@€9<HG9<7:C2F8=2PK;29<585O> $s.ŽA ŽV[shŒ HGF)9– @L>bHG9<7:C2EG9B2HT>[ZT="B2;…@2B2C258F8N<9
CL>AET>A@2F8JK7‚>C9<EQ>'&¥EG=K;pZV>AEG9bF85¥C2EG=KR2589<7‚>‡@29<585O>~œFZV>}Ÿ%@L>…B2;•5O>[ZT=SF85¥7:9<N<NY>A;2F8N<F8HG7:=2P 

NVU29…ZT9<;2@29‚>HGC2F89<Jp>AEG9…F ] 9<;2=K7:9<;2F·R2F8=K58=KJKF8N<F,F8;WZT9<EG7:F8;2FÉMLHGF8N<=[àNVU2F87:F8N<F i NY>AB2HT>•9<@


9 &¥9$ZGZT= u PÉ9€@L>A585.¡ >A5ZTET>‚F85ML;L>A58F8HG7:=2P*NVU29:58F·>'&¥EG=K;pZV>•F8;p~K9<N<9‚F8;WZT9<EG7:F8;2FZT9<589<=K58=KJKF8N<F
i ML;29" 9<9"N<=KHG;2N<=K@2C= = uVƒ =KU2E<P¥5O>:589<_<F8=K;29‡NVU29SHGFC2BÉ=—– ZTET>AEGEG9‡@L>A585O>€7:9<N<NY>A;2F8NY>‚¢£BL>A;pZTF8HZTF8NY>w9–
NVU29…589‡@2B29…HGC2F89<Jp>A_<F8=K;2FÉHG=K;2=•>AC2C2B2;pZT=•N<=K7:C2589<7:9<;pZV>AEGFÉ9SF8EGEGF8@2B2N<F8R2F858F.Ÿ9<;pZTET>A7SR9
;29<N<9<HGHT>AEGF89C9<EB2;L>^~œF8HGF8=K;29N<=K7:C2589$ZV>^@29<5œC2EG=KR2589<7‚>}P[7‚>^;29<HGHGB2;L>“HGB :N<F89<;pZT9 ƒ 46@
9<HG9<7:C2F8=2PÉ5O>HGN<=KC9<EZV>X@29<5 D;2=K;IUL>•N<9<EZT=\HGC2F89<Jp>[ZT=XF85 ] 9<;2=K7:9<;2=X@29<585O>—~œFZV>}P


7‚>`UL>`HG=K5ZV>A;pZT=I@29<HGN<EGFZGZT=?F8; ZT9<EG7:F8;2F7:9<N<NY>A;2F8N<F8HZTFQ5O>`EGF8C2EG=œ@2B2_<F8=K;29•N<9<5858B25O>AEG9 ƒ
9– HG5.=K¡ >A5ZVC2>AC2;p58ZTF8NY=j>A_<7:F8=K9$;2ZV>9] =K@2EG9<F8FQNY>}N<P^=K;2CN<9<9$EGZGNVZTU)F^9– @299<– 585O;2>=A7:ZT= 9<N<NVNYU2>A9`;2F8JKNY58>`F“=K¢£EGBLJp>A>A;p;2ZTF8F8HGH7:ZTF8NYF6>`HG=K>A;2585O= >W@2R2F8F8EG=K9$58ZG=KZVJK>AFO7:>w9<;2;p=KZT; 9
HG9<;2HGF8R2F858F*> ] 9<;2=K7:9<;2F)¢£BL>A;pZTF8HZTF8N<F i >A@•9<HG9<7:C2F8=2P25O>S~œF8HZV>€>…C=œNVU2F ] =AZT=K;2F uVƒ
 ;2=K5ZTEG9APpN<=K;pZTEG="F852EGF8@2B2_<F8=K;2F8HG7:=6HGFLC2BÉ=– >AEGJKB2F8EG9;2=K;€HG=K5ZV>A;pZT="F8;2@2F8EG9$ZGZV>A7:9<;pZT9AP
µ°±‘©.­<ªµ‘¶š©Š ¨"®t
¨<°Š¯š©.Þr¶œª%ª”ªGȼµhȼª¶£ª±À½n©.ªÊr¯¸«.®t¶pÀ¨[Êr°Š¶š¶.èA¨[¾"â »®tµh¨r"ª­Àªâ ¯8Êr¯¸Ç ª®
¯š¨r¶¸°±ãžª«.¶K«.ªGª
²$ä<¶¸¾r°±®”¯¸ª®$ª¨rµ.¹Gµh¶š®¯œ¶¸°±Àª¶pȼ­$6¶}À¯¸ä<®ª¾r¨<¯šªG©.¾rµ‘­Q¨r©Š®Q²$ȼÞr¶}°±ª­$¾r¹À¨"¹G®Êr㞭t¯šÈKª©.Ç À­$­$¨r¨[ªªtÈr¨<ß®¼©Š®tÅn «.½n¶šª± «.©V­$®·â Êrµh«.“­$¶šª±¨rª©V­®·â ¯šÊ[ª% ®t㞫h­$©.œ«.¶¸°±À”»pªȼ¾r¯š­V¯¸¯š®t¬$ª%«.ª¶£È¼€êž¶}ªæn¨rª
â ª¶š¨ ¯¸« ®
$#

²$ÈK¶¸Ç ®­$¨[ª,ÈrÀ®<슭$Å Àª¨<©.­Yì}µh­$¨r­


ȼ¾r¨[ä<¾rªȼª±©.ª«.À¶š¨[®V©.ª*Èr®%Êr«.­$Êr«.¶šª±©V®â ­$¨[ȼ¾r¯¸®V©.­$«.¶šª%ê¸ãž«.ªGä<¾rª¨r¹G®·ª,¯š¾r¨r²$Þrª¹¹G® #


C9<E‚>A;L>A58=KJKFO>WN<=K; 5O>WMLHGF8NY>I¢£BL>A;pZTF8HZTF8NY>}P”7‚>I>A;2NVU29\@2F8EG9$ZGZV>A7:9<;pZT9 ƒ 46;2_<FZTB}ZGZT=2P
;29<5858="HZTB2@2F8=@29<JK58FL=KEGJp>A;2F8HG7:F2R2F8=K58=KJKF8N<FœZT9<;2@2=K;2=S>"HGN<=K7:CL>AEGF8EG9Q589Q@2F8HZTF8;2_<F8=K;2F ] =K;œ
@L>A7:9<;pZV>A58F6;29<N<9<HGHT>AEGF89`>A585O>I@29<HGN<EGF8_<F8=K;29WHGN<F89<;pZTFMLNY>}Ÿ@L>B2; 5O>[ZT= ] ET>?HGF8HZT9<7‚>?9
>A7SR2F89<;pZT9AP>•NY>AB2HT>X@29<585O>N<=K;pZTF8;£BL>\>[ZGZTF~œFZ[>– 7:9$ZV>AR=K58F8NY>}P)9:@L>A585.¡ >A5ZTEG= ] ET>•=KHGHG9<E±
~A>[ZT=KEG9\9W=KHGHG9<E~A>[ZT= ƒ  ;2=K5ZTEG9APQ5.¡ F8;pZT9<E ] 9<EG9<;2_Y>I=KHGHG9<E~A>A_<F8=K;L>A589\EGF8NVU2F89<HZV>?C9<E—B2;L>
@29<HGN<EGF8_<F8=K;29—N<=K7:C2589$ZV>\@2F”B2;j=KEGJp>A;2F8HG7:=\C=AZTEG9<R2R9—9<HGHG9<EG9•F8;2N<=K7:CL>[ZTF8R2F8589…N<=K;jF85
7‚>A;pZT9<;2F87:9<;pZT=•@29<585O>HGBL>~œFZV>}Ÿ"F8;I>A5ZTEG9…CL>AEG=K589AP,C=AZTEG9<R2R9€9<HGHG9<EGN<FB2;IC2EGF8;2N<F8C2F8=
@2F*9<HGN<58B2HGF8=K;29bZTET>SMLHGF8NY>…9"R2F8=K58=KJKFO> ƒ
46;2NVU29€;29<585O> HGF%EGFZTEG=¼~A>‚F8;\ZT9<EG7:F8;2FÉ¢£BL>AHGF%F8@29<;pZTF8N<FÉ5O>‚N<=K7:C2589<7:9<;œ
ZV>AEGF89$Z[>}– P;29<5858=‚HZTB2kL@2qtF8s.=‚{VŽA@2 ŽV9<[5shC2Œ EG=KR2589<7‚>:@29<585O>:N<=KHGN<F89<;2_Y>}Ÿ^@L>‚B2;w5O>[ZT=‚5O>:HGC2F89<Jp>A_<F8=K;29
;29<B2EG=AMLHGF8=K58=KJKF8NY>@29<F7:9<N<NY>A;2F8HG7:F
N<9<EG9<R2ET>A58F.PÉ@L>A585.¡ >A5ZTEG=•5O>•HG9<;2HT>A_<F8=K;29—@29<558F8R9<EG=
>AEGR2FZTEGF8=9X@29<585O>W58F8R9<EZ[>– @2FQHGN<9<5ZV> =K7:9XJKF±>W– ;29<5^NY>AHG=I@29<585O>W~œFZV>}P>A;2NVU29\¢£B2F
C=AZTEG9<R2R9"9<HGHG9<EGN<FÉB2;XC=KHGHGF8R2F8589“C2EGF8;2ƒ N<F8 C2F8=S@2F*9<HGN<58B2HGF8=K;29AP>…NY>AB2HT>€@29<585.¡ >A5ZT9<ET>A_<F8=K;29
NVU29…HGF%=KHGHG9<E~A>¢£BL>A;2@2=HGF%N<9<EGNY>@2FÉ~K9<EGRL>A58F8_<_Y>AEG9SB2;L>HG9<;2HT>A_<F8=K;29AP,>A;L>A58F8_<_Y>AEG9B2;
HG9<;pZTF87:9<;pZT=2PET>A_<F8=K;L>A58F8_<_Y>AEG9—B2;)¡ F8;pZTB2F8_<F8=K;29AP
N<=K;2N<9<;pZTET>AEGHGF^HGB B2; CL>AEZTF8N<=K5O>AEG9>AH±
C9$ZGZT=—@2FB2;WC9<;2HGF89<EG= ƒ  5 ] 9<;2=K7:9<;2=w9S– 9<HG9<7:C258FMLNY>[ZT=‚;29<585O>:7‚>A;2F89<ET>:C2FTB\– 9 :NY>AN<9
@L>A585.¡ >AR2F8HGHG=:NVU29SHG9<CL>AET>—5O> ] =KEG7‚>A58F8_<_Y>A_<F8=K;29b9‡5.¡ F8;pZTB2F8_<F8=K;29 i =‚5O>:@2F87:=KHZTET>A_<F8=K;29"9


5O>‚~K9<EGFZ[> – u 7‚>[ZT9<7‚>[ZTF8NY>}P)9 ] >C2EG9<HGB27:9<EG9€NVU29 kns W qts^ŽrqVqY| † =[ŒXs‘ 


{V| † =A|< l Ž\|:˜‚|$‹¥Ž
¤b=2PQF8;!>A5ZTEG9\CL>AEG=K589APNVU29WHT>AEr>?– F87:C=KHGHGF8R2F8589X>AEGEGF~A>AEG9w>A@!B2;L>
HGqtC21s F89<=AJp| £|>Aw_<F8=K žŒ;29b˜‚C2|$B2‹nET‰Š>A| 7:9<;pZT9"7:9<N<NY>A;2F8N<F8HZV>…@29<585O>SN<=KHGN<F89<;2_Y> ƒ


>Q>A;2N<=KET>C2FTB“– N<EGB2N<FO>A589APr>¢£B29<HZT=^C2EG=KC=KHGFZT=2Pp9·– 5O>EG9Y>A58F8_<_Y>A_<F8=K;29NVU29


5O>HGN<F89<;2_Y>
;2=K;@29<HGN<EGF~K9•5O>\EG9Y>A5Z[>}– P%R9<;2Hà–HG=K5ZV>A;pZT=w5O>\;2=KHZTET>w9<HGC9<EGF89<;2_Y>W@2F9<HGHT> ƒ  B29<HZV>
C=KHGF8_<F8=K;29AP)9$~œFZV>AR2F8589‡F8;WC2ET>[ZTF8NY>—;29<585O>:MLHGF8NY>N<5O>AHGHGF8NY>>NY>AB2HT>@29<585O>‚C2ET>[ZTF8NY>—HG9<Cœ
>AET>AR2F858FZ[>€– ZTET>•=KHGHG9<E~A>[ZT=KEG9:9€=KHGHG9<E~A>[ZT=2P9€– @2F~K9<;£B}ZV>•F8;29$~œFZV>AR2F8589S;29<585O>—7:9<N<NY>A;2F8NY>
¢£BL>A;pZTF8HZTF8NY>}P*9<@`UL>C=KHZT=ML;29:>A585O>:EGF87:=K_<F8=K;29‡7:9<N<NY>A;2F8N<F8HZV>}Ÿ“C=KF8NVU)9…– =KJK;2F%HGC2F89t
Jp>A_<F8=K;29 ] >WEGF ] 9<EGF87:9<;pZT=>A@ B2;L>`>[ZGZTF~œFZ[>w– N<=KHGN<F89<;pZT9AP”5O>WN<=KHGN<F89<;2_Y>;2=K; ] >CL>AEZT9
@2F
N<F±=X– NVU29‚HGF
C2BÉ=\– HGC2F89<Jp>AEG9APÉ9:@2B2;2¢£B29 qtshŒw žŒ =¼s‘‰.Œ{$m}|‚ žŒ`{VŽrqY{$s.|$‹ YŒ•qts%k2ŽrqVqYŽ[‹¥Ž
q$‰ As h;}Œ ML† ;2|"9AqYP¥ŽA>A Ž;2NV† U2sl‹9œ;2‹¥9<{$585Osh> ŒA‹ £Ž‚Œ€qàkns.|àK5OŒ >…†  N<|p=Kƒ 7:C2589<7:9<;pZV>AEGF89$Z[>– 9"– @2F*NY>AHT>}Ÿ”589“~A>AEGF89"N<B25ž


ZTB2EG9B27‚>A;29HG=K;2=bHG9<7:C258qYF8N<Ž¼9<{$7:s.ŽA9< ŽV;p[ZTsh9Œ CL>AET>A@2F8JK7:Fœ>A5ZT9<EG;L>[ZTF~œF£@2F2=KEGJp>A;2F8_<_Y>A_<F8=K;29@29<585O>
 

~œF8HGF8=K;29“@29<5*7:=K;2@2=2P}B2JKBL>A587:9<;pZT96~A>A58F8@2F9<@X9 :NY>AN<F ƒ  ;•¢£B29<HZT=:NY>AHG=€C9<Er=2– P2F8;p~K9<N<9


@29<585.¡ F8;2N<=K7:CL>[ZTF8R2F858FZ[>W– 7‚>A;2F ] 9<HZV>[ZV>?@L>A58589WC2EG=KC2EGF89$Z[>– N<=K7:C2589<7:9<;pZV>AEGF“@29<585O>?MLHGF8NY>


>[ZT=K7:F8NY>}P^589W~A>AEGF89WN<B25ZTB2EG9B27‚>A;299<HGF8R2F8HGN<=K;2= B2;L>jN<=K;2HGF8HZT9<;2_Y> EG9<N<F8C2EG=œNY>jNVU29


C9<EG7:9$ZGZT9€@2F·F87:7‚>AJKF8;L>AEG9‡B2;L>•58=KEG=C2EG=KJKEG9<HGHGF~A>X>AHGHGF87:F85O>A_<F8=K;29AŸ“5O>—N<=K7:C2589<7:9<;œ
ZV>AEGF89$Z[>:– HG=œN<F8=K58=KJKF8NY>…;2=K;WC2BÉ=—– @2B2;2¢£B29…9<HGHG9<EG9…7:=AZTF~K=‚@2F@2F8HGC2B}ZT9‡=—RL>[ZGZV>AJK58F89C9<E
F85*C2EG9<@2=K7:F8;2F8=:@2F,B2;L>‚N<B25ZTB2ET>‚>:HGNY>AC2FZT=‚@2FÉ>A5ZTEG9APn9‡@29$~K9SC2F8B}ZGZT=KHZT=‚9<HGHG9<EG9‡~œF8HZV>
N<=K7:95O>wET>AJKF8=K;29C9<E…N<=K;2HGF8@29<ET>AEG9ZTB}ZGZT9•589C2EG=KHGC9$ZGZTF~K9•N<B25ZTB2ET>A58F”N<=K7:9B2JKBL>A5ž

7:9<;pZT9 ] EGB}ZGZTB2=KHG9"9"@29<JK;29"@2F,>[ZGZT9<;2_<F8=K;29 ƒ
 5bN<=K;pZTEGF8R2B}ZT=j@2F =KU2E•>A585O>`ML58=KHG=AMn>@29<585O>IHGN<F89<;2_Y>jHGFbC2BÉ=j– @2B2;2¢£B29`F8HG=K5O>AEG9
;29<585O>N<=K7:C2589<7:9<;pZV>AEGF89$Z[>}– P*NVU29:9<JK58F·C=KHG9€;29<5
7:=AZGZT=•@29<5
HGB2=\HZT9<7:7‚> iT{VŽ[‹n‰ † Œ † shŒ
P”N<=K;2HGF8@29<Er=?– N<=K7:9X9<HGC2EG9<HGHGF8=K;29w@2F^B2;D58F~K9<5858=WC2FTB – C2EG= ] =K;2@2=

@2q œF“‹n~K‰…9<EG{VFŽ[Z[˜“> – ki  $ |$˜‚| |$=A‹n| ‰.† Œ2s‘u‰ Œj q rk2| † {$shŒK šsqYŽ[‹¥Ž L|< l |` žŒ!{ œsS‹¥|àKŒ $s.Ž[‹¥| |? {VŽ[‹n‰ † Œ As‘
‰>AŠŽ EG†EGFsh~*Œ =D—–  > | ~K=A9<| @2† s‘9<‰ EGŒW9?k F8†; Ž <=KŽ[JK‹ ;2£|F>AHGLC|<9$ lZG ZT|=! žŒD@29<{ 585Oœ>jsSEG‹¥9Y|à>AK5Œ Z[$>j– s.Ž[ML‹¥HG| F8NY> |` 9IŒA‹¥B2{V7‚Ž † >AŒ ;Lœ>}‹ŸDŒ =K=AHGHG| 9<† Es‘~A‰ Œ >[ œZT=Ku P6EG9t9 
     
   

=KHGHG9<E~A>[ZT=2PQHG=KJKJK9$ZGZT=[à=KJKJK9$ZGZT=2PML;L>A58F8HG7:=[à7:9<N<NY>A;2F8N<F8HG7:=2P·~œFZV>rŠMLHGF8=K58=KJKFO>}P
7:9<;pZT9t
N<9<E~K9<5858=2PrF8HZTF8;pZT=[àET>AJKF8=K;29APYHG9<;pZTF87:9<;pZTFžàC9<;2HGF89<EGF.P¼58F8R9<EZ[>r– àN<=K;2@2F8_<F8=K;L>A7:9<;pZT=2P<NY>AEGFZ[>r– 
JKF8B2HZTF8_<FO>}PœHGN<F89<;2_Y>r±>AEZT9AP ƒYƒYƒ
 !  " $ #%L
 ;L>?HGF8HZT9<7‚>[ZTF8_<_Y>A_<F8=K;29\7‚>[ZT9<7‚>[ZTF8NY>`@29<585O>`;£B2=¼~A>?MLHGF8NY> ] B ] >[ZGZV>?;29<5  ó 8:9 @L>
 3
 3   *3 3;29<5bN<5O>AHGHGF8N< =  <Ž[‹ pŒA˜‚|$‹n‰‘s £|< l žŒ˜‚|V{V{TŒA‹Ls.{TŒ 2ŒA‹n‰‘sOq$
,

P£F8;:N<B2F2~K9<;2;29<EG=…>A;2NVU29^C9<E
5O>bC2EGF87‚>6~K=K5ZV>b@2F8HZTF8;pZT9Q;29$ZGZV>A7:9<;pZT9^5.¡ 9$~K=K58B2_<F8=K;29
@2‰‘s.9${TZTŒ 9<EG7:F8;2F8HZTF8NY>•@29<585O> ] B2;2_<F8=K;29‚@)¡ =K;2@L>X@L>\B2;?5O>[ZT=2PÉ9‚F85
N<=K585O>AHGHG=\C2EG=KRL>AR2F858F8HZTF8N<=


C2EG=¼~K=œNY>[ZT=:@L>A585.¡ =KHGHG9<E~A>A_<F8=K;29“@L>A585.¡ >A5ZTET> ƒ


9<EW>A;L>A58F8_<_Y>AEG95O>j@2F8HZTF8;2_<F8=K;29=KHGHG9<E~A>[ZT=KEG9 [=KHGHG9<E~A>[ZT= ~K=K+; 7^9<B27‚>A;2; N<=K;œ
HGF8@29<Er= – B2;L> NY>[ZT9<;L> @2F>AC2CL>AET>[ZTF"7‚>AN<EG=KHGN<=KC2F8N<F.PbN<FO>AHGN<B2;2= @29<F¢£BL>A58F"=KHGHG9<E~A>DF85

C2EG9<N<9<@29<;pZT9AŸD>A@zB2;z9<HZTEG9<7:= 5O>NY>[ZT9<;L>jF8;pZT9<ET>AJKF8HGN<9WN<=K;zB2; HGF8HZT9<7‚>¢£BL>A;pZTF8H±


ZTF8N<=2PLF*HGB2=KF,C2EGF87:F*>A;29<5858F)HG=K;2=:HZTEGB27:9<;pZTF,@2F*~A>AEGF8=SZTF8C=2PLJK58F)B25ZTF87:F¥HG=K;2=:C2EG=œN<9<HGHGF
N<9<EG9<R2ET>A58F.PA9>A585.¡ >A5ZTEG=9<HZTEG9<7:=“5O>^NY>[ZT9<;L>6F8;pZT9<ET>AJKF8HGN<9”N<=K;S5O>^N<=KHGN<F89<;2_Y>“@2FœB2;S=KHGHG9<E±
~A>[ZT=KEG9B27‚>A;2= ƒ  =AZGZT=:=KC2C=KEZTB2;29‡F8C=AZT9<HGF.P2~K=K; 7^9<B27‚>A;2;\@2F87:=KHZTEr=:– NVU29‡;2=K;wUL>
F87:C=KEZV>A;2_Y>"@2=¼~K9 i N<F8=296– F8;‚¢£BL>A589“>A;29<5858=‡@29<585O>"NY>[ZT9<;L> u HGFHGB2C2C=K;29“NVU29bF85nN<=K585O>AHGHG=
@29<585O> ] B2;2_<F8=K;29Q@)¡ =K;2@L>"@29<5nHGF8HZT9<7‚>b¢£BL>A;pZTF8HZTF8N<==KHGHG9<E~A>[ZT=‡>AR2R2FO>b58B2=KJK=2PpC9<EGNVU)96– F85
EGF8HGB25ZV>[ZT=:HGC9<EGF87:9<;pZV>A589;2=K;wNY>A7SR2FO>}ŸF85,NVU29SC9<EG7:9$ZGZT9‡@2F>A@2=AZGZV>AEG9‡B2;W>[ZGZT9<JKJKFO>r
7:9<;pZT=…C2ET>AJK7‚>[ZTF8N<=S;29<F)N<=K; ] EG=K;pZTF¥@29<585O> ] >AN<N<9<;2@L>}PLHG9<;2_Y>€@2=¼~K9<EGHGF*C2EG9<=œN<N<B2CL>AEG9"@2F
EGF8HG=K5~K9<EG9bF85)C2EG=KR2589<7‚>SHG9"F85)N<=K585O>AHGHG=€HGFO>SB2; ] 9<;2=K7:9<;2=€MLHGF8N<=€=€7:9<;pZV>A589 ƒ
465858=•HZT9<HGHG=wZT9<7:C=2PÉ5O>•C=KHGHGF8R2F858FZ[>—– @2F ] >AE>AEGEG9$ZTET>AEG9—>•C2FO>AN<9<EG9‚F85·N<=K;}ML;29:ZTET>
=KHGHG9<E~A>[ZT=KEG9\9\=KHGHG9<E~A>[ZT=I~K9<EGHG=JK58FB25ZTF87:F>A;29<5858F@29<585O>NY>[ZT9<;L>}P9\N<F8=29•– ~K9<EGHG=?589
7:F8N<EG=KHZTEGB}ZGZTB2EG9…N<9<EG9<R2ET>A58F%C2EG= ] =K;2@29AP,EGF8NVU2F89<@29…C9<Er=•– 5.¡ F8;pZTEG=œ@2B2_<F8=K;29S@2F%B2;`C=KHZTBœ
5O>[ZT=NVU29^~K=K; 7^9<B27‚>A;2;‚NVU2FO>A7‚>"@2F kLqts.{VŽtk}Œ † ŒK l |< šsOqt˜‚Ž Ÿ,5O>C9<EGN<9<_<F8=K;296HG=KJKJK9$ZGZTF~A>}P
NVU29€C9<EbHGBL>•;L>[ZTB2ET>W9…– B2; ] 9<;2=K7:9<;2=•9œZTET>[MLHGF8N<=•C2EG9<N<9<@29<;pZT9‚5.¡ =KHGHG9<E~A>A_<F8=K;29…9…5O>
HGC9<EGF87:9<;pZV>A_<F8=K;29AP%@29$~K9—C=AZT9<E‡N<=KEGEGF8HGC=K;2@29<EG9—F8;I7‚>A;2F89<ET>X9<¢£B2F~A>A589<;pZT9—>\C2EG9<N<F8HGF
C2EG=œN<9<HGHGF*MLHGF8N<F ƒ
 ;2=K5ZTEG9APœ5.¡ >AEGR2FZTET>AEGF89$Z[>“– @29<585O>"@2F8HZTF8;2_<F8=K;29 ] ET>=KHGHG9<E~A>[ZT=KEG9“9^=KHGHG9<E~A>[ZT=S;2=K;—F87…

C9<@2F8HGN<9wNVU29W9<HGHT>HGFO>IN<=K7SB2;2¢£B29w;29<N<9<HGHT>AEGFO>C9<E‚5O> ] =KEG7SB25O>A_<F8=K;29•HZT9<HGHT>@29<585O>
7:9<N<NY>A;2F8NY>:¢£BL>A;pZTF8HZTF8NY>}P589N<B2F'> &¥9<EG7‚>A_<F8=K;2F*;2=K;wHG=K;2=—7‚>AF*@29<5ÉZTF8C= B2;L>:N<9<EZV>
¢£BL>A;pZTFZ[>W– MLHGF8NY>UL>B2; N<9<EZT=`~A>A58=KEG9  P
R9<;2Hà–QHG9<7:C2EG9X@29<5ZTF8C= B2; =KHGHG9<E~A>[ZT=KEG9
UL> ] >[ZGZT=€B2;L>€N<9<EZV>€=KHGHG9<E~A>A_<F8=K;29 2ƒ 9<;2NVU)9S– >AEGEG9$ZTET>AR2F8589">…C2FO>AN<9<EG9APLF85*EGB2=K58=…@29<585O>
N<=KHGN<F89<;2_Y>€;2=K;`9"– @2B2;2¢£B299<58F87:F8;L>AR2F8589 ƒ
„ >"C=KHGF8_<F8=K;29Q@2FL~K=K;7^9<B27‚>A;2;\9Q– ¢£B2F8;2@2F>A@:B2;:ZT9<7:C=9<C2F8HZT9<7:=K58=KJKF8NY>A7:9<;pZT9
EGF8@2B2_<F8=K;2F8HZV>?9=K;pZT=K58=KJKF8NY>A7:9<;pZT9w@2BL>A58F8HZV>}Ÿ?5O>N<=KHGN<F89<;2_Y>jHGFbC2BÉ= – @29<HGN<EGF~K9<EG9IF8;
ZT9<EG7:F8;2FL7‚>[ZT9<EGFO>A58F2N<=K;>AC2C2EG=KHGHGF87‚>A_<F8=K;29^>AEGR2FZTET>AEGFO>}PK7‚>C=KHGHGF89<@296B2;2=‡HZV>[ZT=‡@2F Œ
k † s.Ž † s ;29<N<9<HGHT>AEGF8=:9";2=K;X9<58F87:F8;L>AR2F8589 ƒ
 "  b  " $ #%L
=KF8NVU)9– C9<EG7:9$ZGZT9@2F}F87:7‚>AJKF8;L>AEG9
F85œN<=K585O>AHGHG=“@29<585O> ] B2;2_<F8=K;29@)¡ =K;2@L>bF8;S¢£BL>A58B2;2¢£B29
>A;29<5858=‡@29<585O>NY>[ZT9<;L>…@2F)>AC2CL>AET>[ZTF@2F¥=KHGHG9<E~A>A_<F8=K;29AP25O>‡C=KHGF8_<F8=K;296@2F~K=K; 7^9<B27‚>A;2;

>A587:9<;2=—F87:C258F8N<FZV>A7:9<;pZT9HGB2JKJK9<EGF8HGN<9€NVU29€F85N<=K585O>AHGHG=HGFO>—;2=K;`B2; ] 9<;2=K7:9<;2=MLHGF8N<=
=KJKJK9$ZGZTF~K=2P£R9<;2Hà–¥B2; ] 9<;2=K7:9<;2=‡C2HGF8N<=K58=KJKF8N<="HG=KJKJK9$ZGZTF~K= ƒ  B29<HZV>‡C=KHGF8_<F8=K;299^– EG9<HT>
9<HGC258F8N<FZV>@L>  3   3   PC2EG9<7:F8= 7^=KR9<5^C9<E:5O>WMLHGF8NY>`;29<5 ó8 :9 C9<E:5O>
589<JKJK9@2FLN<=K;2HG9<E~A>A_<F8=K;29Q@29<585O>“CL>AEGFZ[>}– PKF8;€B2;L>bHG9<EGF89Q@2FLHT>AJKJKF2ET>AN<N<=K5ZTF2F8; sl˜…˜‚|<‰ † s.|
 

| † s JK|tqV58FAqts.CLŽ[>A‹LEstZTƒ9·@L>B2;L>~A>AEGFO>A;pZT9%@29<5 ] >A7:=KHG=9<HGC9<EGF87:9<;pZT=@29<5


 K
 K
Πh
‰ Š
‰ Ž As $
{ m † Ž Asl‹}p| †}Ÿ
HGFÉC=K;29‡B2;WJp>[ZGZT=‚F8;\B2;L>‚HZV>A;2_Y>‚F8HG=K5O>[ZV>€F8;2HGF89<7:9‡>A@wB2;L>:Mn>A5O>€@2F,~K9<589<;2=2P¥5O>:N<B2F


EG=AZGZTB2ET>€C2BÉ=‚– 9<HGHG9<EG9‡C2EG=¼~K=œNY>[ZV>:@L>A585.¡ 9<7:F8HGHGF8=K;29“NY>AHGBL>A589"@2F,B2;L>:CL>AEZTF8N<9<585O> i >A@X9<H±


9<7:C2F8=2Pœ@L>‡B2;L>SHG=KHZV>A;2_Y>SET>A@2F8=p>[ZGZTF~A>bF8;—B2;N<=K;pZV>[ZT=KEG9 b9<F8JK9<E u ¤œHG9“F85Jp>[ZGZT=~œF89<;29
N<=K;2HGF8@29<ET>[ZT=•N<=K7:9…B2;`HGF8HZT9<7‚>¢£BL>A;pZTF8HZTF8N<=•9…@29<HGN<EGFZGZT=X7:9<@2FO>A;pZT9SB2;L> ] B2;2_<F8=K;29
@)¡ =K;2@L>}P^9<HGHG= HGF6ZTEG=¼~A>F8;!B2;L>?HG=¼~œET>AC2C=KHGF8_<F8=K;29W@29<F“@2B29HZV>[ZTF Jp>[ZGZT=?~œF~K=  9
Jp>[ZGZT=w7:=KEZT= =¼~£~K9<EG=2P B2;C=2¡É~œF~K=W9—B2;jC=2¡7:=KEZT= P …ML;2=>w¢£BL>A;2@2=WB2;
=KHGHG9<E~A>[ZT=KEG9…9<H?ZT9<iEG;2=XJKBL>AEG@L>—@29<;pZTEG=X5O>‚HZV>A;2_Y>}P,;29<5%¢£BL>A5%œNYu >AHG= i 9…HG=K58=•>A5858=KET> u 5O>


] B2;2_<F8=K;29b@)¡ =K;2@L>€N<=K585O>AHGHT>€>A@•B2;2=:@29<F*@2B29"HZV>[ZTF Jp>[ZGZT=S~œF~K=  = Jp>[ZGZT=€7:=KEZT= 2ƒ


„ >…~A>AEGFO>A;pZT9"@2F F8JK;29<EQHGF*=AZGZTF89<;29"F8;pZTEG=œ@2B2N<9<;2@2=:B2;w>A7:F8N<=…@29<585.¡ =KHGHG9<E~A>[ZT=KEG9AP
=K5ZTEG9">:¢£B29<HZT=‚9F85)Jp>[ZGZT=2Ÿ5.¡ =KHGHG9<E~A>[ZT=KEG9"C2BÉ=—– >A5858=KET>SNVU2F89<@29<EG9‡>A585.¡ >A7:F8N<=SNVU29N<=KHT>


9<JK58FÉ~K9<@L>;29<585O>‚HZV>A;2_Y>}P*HG9<;2_Y>•@2=¼~K9<Eb;29<N<9<HGHT>AEGFO>A7:9<;pZT9€JKBL>AEG@L>AEGN<F%58B2F.P9…¢£BL>A;2@2=
5.¡ >A7:F8N<=`EGF8HGC=K;2@29\5O> ] B2;2_<F8=K;29\@)¡ =K;2@L>?@29<585.¡ =KHGHG9<E~A>[ZT=KEG9\N<=K585O>AHGHT> i N<F8=29\– F85^Jp>[ZGZT=
@2F~K9<;pZV>…~œF~K= Ž 7:=KEZT=2P}9"N<9<HGHT>:@2F*9<HGHG9<EG9‡B2;•C=2¡2~œF~K= | B2;XC=2¡27:=KEZT= uVƒ

ȼµh¶¸ª® ¯š¯¸®Æ ½n»LA¶.¾"³Šâ®tÀ¯¸Êr®Qª«.ª¹âªG¹°±£­¶¸µ.»2®t¬Y³ŠÀ¶š¬Y¬$¶šª­”¬$¨<­”ª%©.ªt°±Àß*­$ª¨6µh¹ªÊr¹¯¸­”«.®­$ÀÁ[Êr®t­$«.Ár­$«h©.Á[¶š¯š­<®t¶ º¼©VÁr®âÅ ¶š¯šÂ¶ ©V®â ȼ“¶2ª%ªÀÀ¶¸­$µ.«hµh©.¶š­­$¨r°±ª·­$¨6ȼªÊr¯š¯¸«.®­$Á[Ê[®t®tÁr«h¶š©.¯š¶¸¶ °±©Vª®â ¯š¯¸A®º °ŠrÞr­rª”»r¨r°®tª¾[¯œµ.°®Q®$µh¯¸­”®¶š«.¨6­t©h°±©.¾r¾r¶«Š ®
  


 5KC2EG=KR2589<7‚>“9·– C9<Er=– NVU29
5.¡ >A7:F8N<= ] >CL>AEZT9%@29<585.¡ >AC2CL>AET>[ZT=@2FK7:F8HGB2ET>@29<585.¡ =KHGHG9<E~A>r
ZT=KEG9AP,9€@2=¼~œEG9<R2R9:@2B2;2¢£B29:EGF87‚>A;29<EG9…F8;HG=¼~œET>AC2C=KHGF8_<F8=K;29€@2F%HZV>[ZTF·C2B2EG9:58B2F i N<EG9t
@29<;2@2=:B2;XC=2¡2@2F,>Y~K9<EQ~œF8HZT=€F85)Jp>[ZGZT=…~œF~K= | B2;XC=2¡L@2F*>Y~K9<EG58=€~œF8HZT=€7:=KEZT= u P}ML;2=
>—¢£BL>A;2@2=•5.¡ =KHGHG9<E~A>[ZT=KEG9…;2=K;WJK58FÉEGF~K=K58JK9S5O>‚@2=K7‚>A;2@L>‚9…=AZGZTF89<;29S5O>‚EGF8HGC=KHZV> ;29<5
¢£BL>A5NY>AHG=wN<EG9<@29<Er>\– @2F”>Y~K9<E~œF8HZT=\F85
Jp>[ZGZT=X~œF~K= Ž @2F”>Y~K9<EG58=\~œF8HZT=\7:=KEZT= uVƒ i >}P
=¼~£~œFO>A7:9<;pZT9AP*5.¡ >A7:F8N<=—UL>HG9<7:C2EG9…N<EG9<@2B}ZT=\>A@B2;L>HG=K5O>—@29<58589S@2B29€>A5ZT9<EG;L>[ZTF~K9AP)9
N<F8=29^– ¢£B29<585O>"NVU29“UL>@2F8NVU2FO>AET>[ZT=F8;:EGF8HGC=KHZV>‡>A585O>b@2=K7‚>A;2@L>"@29<585.¡ =KHGHG9<E~A>[ZT=KEG9APœ96;2=K;
HGF·9"– 7‚>AF¥ZTEG=¼~A>[ZT=€F8;HG=¼~œET>AC2C=KHGF8_<F8=K;29"@2F*HZV>[ZTF i =2Pn>A587:9<;2=2P}N<=KHà–*@2F8N<9 uVƒ
„ >IHG=K58B2_<F8=K;29XC2FTB – HG9<7:C258F8N<9I9\– NVU29wF85QN<=K585O>AHGHG=IHGFO>I9 &¥9$ZGZTF~A>A7:9<;pZT9w>Y~£~K9<;£B}ZT=
¢£BL>A;2@2=w5.¡ >A7:F8N<=XUL>XJKBL>AEG@L>[ZT=\;29<585O>XHZV>A;2_Y>}P%7‚>XF8;I¢£B29<HZT=WNY>AHG=w5O>X@29<HGN<EGF8_<F8=K;29
@29<585O>‡7:9<N<NY>A;2F8NY>S¢£BL>A;pZTF8HZTF8NY>SN<9<HGHT>€@2F)9<HGHG9<EG9b~A>A58F8@L>‡¢£BL>A;2@2=€9<HGHG9<EGF*N<=KHGN<F89<;pZTF*9<;œ
ZTET>A;2="> ] >AE%CL>AEZT9@29<52HGF8HZT9<7‚>}ŸÉF8;:>A5ZTEG9”CL>AEG=K589AP s‘ n{VŽA l žŒ[qVqYŽ £|< l žŒ  œ‹ $s.Ž[‹¥|  Ž[‹ pŒ
|HG N<F8œ9<‹ ;2_Y<>|$‹¥9‚– Ž[˜‚B2; |$‹¥] 9<Žw;2qY=KŽV7:¼p9<;2|<‰h=W‰‘s =A;2Ž =K;£|<58F8‰Š;2| †9Y˜…>AEGsl9:‹ŒKNVU2‰ŠŽ 9pŒ@2K9$ lZT  9<ŒEG7:$s.Ž[F8;L‹¥>\| F8£|5<N< l=K žŒ?585O>A{VHGŽrHGqY=w{$s.@2|$‹9<58Y5OŒ > P
] 9B2;25O_<>wF8=KN<;2=[9 
 
  

@)¡ =K;2@L>€58F8;29Y>AEG9 ƒ
9<;2NVU)9– 5.¡ >AEGJK=K7:9<;pZT=6C2EG9<N<9<@29<;pZT9Q7:=KHZTEGFœNVU29F85£7‚>[ZT9<EGFO>A58F8HG7:="9”– F8;2N<=K7:CL>[ZTF8R2F8589
N<=K;•5O>S7:9<N<NY>A;2F8NY>S¢£BL>A;pZTF8HZTF8NY>}P F8JK;29<EEGFZTF89<;29“C2FTB—– N<=K;p~œF8;2N<9<;pZT9N<=K7:9bHGBL>…EG9 ] Bœ
ZV>A_<F8=K;29F85 ] >[ZGZT=bNVU29 s‘ œ † Œ £Ž As † |TŒK ¸‰ Œ  £|< l žŒ…{VŽrqY{$s.|$‹ YŒbqtshŒ˜:Œr¼[s.Ž † | As L|< l Ž £|< 


† 9<;pZTEG9‡F8; ] >[ZGZTF)HGF,C2BÉ=‚– N<=K;2HGF8HZT9<;pZT9<7:9<;pZT9‡;29<Jp>AEG95.¡ 9<HGF8HZT9<;2_Y>:@2F


¢£˜‚B2Ž[9<‹ HZY£Ž¡ B25|tZTq$F87:‰Š| =2‹¥PœŽ2Rƒ9<;2NVU)9"– 5O>‡N<=KHT>SHGFO>‡F87:C2ET>[ZTF8NY>AR2F8589APp;29<Jp>AEG9“5.¡ 9<HGF8HZT9<;2_Y>S@29<585O>‡C2EGF87‚>
  

9…– F87:C=KHGHGF8R2F8589AP¥C9<EGNVU)9€– =KJK;2F%N<=K;2=KHGN<9<;2_Y> i N<=K7:C2EG9<HT>¢£B29<585O>@29<5%7:=K;2@2=•9<HZT9<EG;2= u


EGF8HGF89<@29b;29<585O>SN<=KHGN<F89<;2_Y> ƒ
FTBW– C2EG9<N<F8HT>A7:9<;pZT9AP*HG9…HGF·@29$ML;2F8HGN<9€F85ÉJKET>A@2=•@2F9<HGF8HZT9<;2_Y>•@2F%B2;=KJKJK9$ZGZT==•@2F
B2;?N<=K;2N<9$ZGZT=wN<=K7:9:5.¡ B}ZTF858FZ[>—– NVU29—;29‚@29<EGF~A>X;29<585O>~œF8HGF8=K;29:@29<57:=K;2@2=2P>A@?9<HG9<7…

C2F8=…F8;—ZT9<EG7:F8;2F¥@2F*N<=K7:C2EG9<;2HGF8=K;29b@29<5*CL>AHGHT>[ZT=€9"C2EG9$~œF8HGF8=K;29b@29<5 ] B}ZTB2EG=2PL>A5858=KET>‡NA¡9–
B2;w~A>AHZT=HGC9$ZGZTEG=•@2FJKET>A@2F@2F9<HGF8HZT9<;2_Y>}P*NVU29S~A>—@L>A585.¡ >AHGHG=K58B}ZT=‚@29<585O>:C2EG=KC2EGFO>‚N<=[
HGN<F89<;2_Y>}P2>A5EG9<5O>[ZTF~K=‡@29<58589^HG9<;2HT>A_<F8=K;2F)>A5ZTEGB2Fn9“@29<JK58Fn=KJKJK9$ZGZTF ƒ  5NVU29“;2=K;HGF8JK;2FMLNY>}P
C9<Er=2– PœNVU29b5O>"N<=KHGN<F89<;2_Y>S@29<R2RL>S9<HGHG9<EG9bF8;2@2F8C9<;2@29<;pZT96@L>A5EG9<HZT=…@29<57:=K;2@2=2Pœ;)9“– NVU29
HGFnC=KHGHT> ] >AEG96>"7:9<;2=@2FnN<F±=– NVU296UL>"B2;)¡ 9<HGF8HZT9<;2_Y>‡C2FTB:– EG9<5O>[ZTF~A>}Ÿ,HG=K5ZV>A;pZT=B2;2=‡HZTBœ
@2F8=•C2EG= ] =K;2@2=•@29<585O>—N<=KHGN<F89<;2_Y> i B27‚>A;L>9€;2=K; u C=AZTEr>– @29$ZT9<EG7:F8;L>AEG9…589…C2EG=KC2EGF89$Z[> –
9 &¥9$ZGZTF~K9S@29<585.¡ 9<HGF8HZT9<;pZT9AP)9…N<=K; ] 9<EG7‚>AEG9‡=HG7:9<;pZTF8EG9‡589SF8;pZTB2F8_<F8=K;2F,NVU29€>AR2R2FO>A7:=‚@2F
9<HGHG= ƒ
F8JK;29<E^UL>€9<HGC2EG9<HGHG=F8;X7‚>A;2F89<ET>€CL>AEZTF8N<=K5O>AEG7:9<;pZT9b7:9<7:=KET>AR2F8589“5O>…EG9Y>A5Z[>€– @29<F
N<=K;2N<9$ZGZTF)7‚>[ZT9<7‚>[ZTF8N<F.P£CL>AEG5O>A;2@2=…@2F¥B2;L>…58=KEG= s †t† Œr[s.Ž[‹¥| =AŽA || D{TŒ£{$shŒ ;29<58589b>AC2C258Fž


NY>A_<F8=K;2FHGN<F89<;pZTFMLNVU29AŸ“HG=K58=B2;L>7:F8;2F87‚>€CL>AEZT9S@29<F ] 9<;2=K7:9<;2F%;L>[ZTB2ET>A58FÉHGF%C2BÉ=•– F8;œ


] >[ZGZTF}@29<HGN<EGF~K9<EG9Q7‚>[ZT9<7‚>[ZTF8NY>A7:9<;pZT9APA9HG=K58=bF8;SN<=K;2@2F8_<F8=K;2F}9<HZTEG9<7‚>A7:9<;pZT9HGC9<N<FO>A58F.¤
9…– @2B2;2¢£B29€F8;2N<EG9<@2F8R2F8589‡NVU29€¢£BL>A;2@2=XB2;L>@29<HGN<EGF8_<F8=K;29SHGFO>N<=K7SB2;2¢£B29€C=KHGHGF8R2F8589AP¥58=
8
HGFO>;2=K;‚F8;‚7‚>A;2F89<ET>"HG=K5ZV>A;pZT=S>AC2C2EG=KHGHGF87‚>[ZV>}P£R9<;2Hà–N<=K;—B2;—JKET>A@2=‡@2F¥>AN<N<B2ET>[ZT9<_<_Y>
HGC2EG=KC=KHGFZV>[ZT= ƒ
 ;z=KJK;2F6NY>AHG=2PS9W– HG=KEGC2EG9<;2@29<;pZT9`9<@ F8EG=K;2F8N<=NVU29HG9<N<=K58F“@2F“HZTB2@2F8=jHGN<F89<;pZTFMLN<=
@29<5,7:=K;2@2=‚9<HZT9<EG;2=‚HGFO>A;2=‚JKF8B2;pZTF*F8;}ML;29‡>A585O>…N<=K;2N<58B2HGF8=K;29"NVU29  žŒ =A| † Œ † |TŒK ¸‰ Œ  |‡  žŒ
{VŽrqY{$s.|$‹ YŒ P2F8;•>AN<N<=KEG@2=:N<=K;X589bC2FTB– 9<HZTEG9<7:9bZT9<=KEGF89bF8@29Y>A58F8HZTF8NVU29 ƒ


      

    
 )     
 
      
 JKET>A;2@2F,HT>AN<9<EG@2=AZTF,@29<585O>…7:9<N<NY>A;2F8NY>€¢£BL>A;pZTF8HZTF8NY>€HGF*9<ET>A;2=‚58F87:FZV>[ZTF>A@w>AHGHG9<JK;L>AEG9
B2;SJK9<;29<EGF8N<=6EGB2=K58=69<C2F8HZT9<7:=K58=KJKF8N<=Q9”=K;pZT=K58=KJKF8N<=^>A585O>QN<=KHGN<F89<;2_Y>}PK589<Jp>[ZT=^F8;‡¢£BL>A58NVU29
7‚>A;2F89<ET>6>A5}N<=K585O>AHGHG=6@29<585O> ] B2;2_<F8=K;29@)¡ =K;2@L> ƒ >“HG9FœC2EG9$ZTF}R9<;29<@2F8N<=K;2=bF}NY>A;2;2=K;2F.P
HG=K;2=‚JK58F,>AEZTF8JKFO>A;2F)NVU29‡58F*N<=KHZTEGB2F8HGN<=K;2=2PF,7:9<EGNY>A;pZTF,NVU29‡58F)ML;L>A;2_<FO>A;2=2Pn9F,HG=K58@L>[ZTF
NVU29‚N<=K7SRL>[ZGZT=K;2=2Ÿ589:>AHZTET>[ZGZT9€C2EG9<@2F8NVU29‚HGB25
N<=K58589<Jp>A7:9<;pZT= ] ET>•7:9<;pZT9:9:7‚>[ZT9<EGFO>
EGF8NVU2F89<@2=K;2=:@2B2;2¢£B29SC2FTBX– N<=K;2N<EG9$ZT9‡HZTET>[ZT9<JKF899ZV>[ZGZTF8NVU29@2F,F87:C2589<7:9<;pZV>A_<F8=K;29APLNVU29
@29<HGN<EGF~A>A;2=WC2EG9<N<F8HT>A7:9<;pZT9—F i HGB2C2C=KHZTF u 7:9<N<NY>A;2F8HG7:F@2F”N<=K;pZV>[ZGZT=2P·HGB2C9<ET>A;2@2=W589
HG9<N<=K5O>AEGF)@2F :N<=K5Z[>S– @29<5,@2BL>A58F8HG7:= ƒ


W %L$ #É " $ #%L


 ;L>Q@29<58589
F8;pZT9<EGC2EG9$ZV>A_<F8=K;2FKC2FTB" – HG=œ@2@2F8H ] >AN<9<;pZTF£@29<585O>7:9<N<NY>A;2F8NY>¢£BL>A;pZTF8HZTF8NY>9
– HZV>[ZV>
C2EG=KC=KHZV>;29<5 ó 8  @L>   3      3!   ,P,C2EG9<7:F8= 7^=KR9<5·C9<E"5O>‚MLHGF8NY>;29<5
ó 8:9 C9<EF85)C2EGF8;2N<F8C2F8=S@)¡ F8;2@29$ZT9<EG7:F8;L>A_<F8=K;29AP2F8#; " sOqts.{TŒ|  ŽrqYŽ Œnƒ


 9<N<=K;2@2%
= $^9<F8HG9<;£R9<EGJ2P£589@2F :N<=K5Z[>“– @2FLF8;pZT9<EGC2EG9$ZV>A_<F8=K;29@29<585O>b7:9<N<NY>A;2F8NY>b¢£BL>A;œ
,  

ZTF8HZTF8NY>wHG=K;2=`5.¡ 9 &¥9$ZGZT=W@2FB2;L>7‚>A;2NY>[ZV>w9<HGC2FO>A_<F8=K;29@29<5C9<N<NY>[ZT=`=KEGF8JKF8;L>A589:@29<585O>


ML58=KHG=AMn>7:=œ@29<EG;L>}Ÿ“F85%@2BL>A58F8HG7:=—NY>AEZT9<HGFO>A;2= ] ET>7‚>[ZT9<EGFO>—9…7:9<;pZT9
ƒ  HGHG=I9S– ~œF8HZT=
N<=K7:9B2;L>“C9<EGF8N<=K58=KHT>^HG9<7:C258FMLNY>A_<F8=K;29APANVU29HZV>">A585.¡ =KEGF8JKF8;29·@2F}JKET>Y~œF}@2F :N<=K5Z[>6– N<=K;œ
N<9$ZGZTBL>A58F ƒ


„ >IC2EGF87‚>`@2FQZV>A58FQ@2F :N<=K5Z[> – 9\– F85"† PNVU29W@2=¼~K9$ZGZT9w9<HGHG9<EG9`>AHGHGB2;pZT=@L>


’“9<HGNY>AEZT9<HXN<=K7:9W@2=KJK7‚> i >AC2C9<;L>j7‚>A|THGŒKNV šU2sOqt9<˜‚ET>[Ž ZT= @2F89$ZTEG=jF856HGB2C2C=KHZT=D>AEGJK=K7:9<;pZT=


NVU29I’“F8=j;2=K; N<FbF8;2Jp>A;2;L> u C9<EXC=AZT9<EX>AHGHG9<JK;L>AEG9IB2;L>~A>A589<;2_Y>j=K;pZT=K58=KJKF8NY>>A585O>


7‚>[ZT9<EGFO>}Ÿ
F85 † 9<ET>:HZV>[ZT=‚F8;p~K9<N<9‡HGB :N<F89<;pZT9‡C9<E“>AHGHG9<JK;L>AEG9‡B2;L>
~A>A589<;2_Y>“=K;pZT=KY{58V=KŽVJK[F8s‘NY‰Š>6Ž >A58| 5O>^p7:Ž:9<q ;pœZT˜ 9 ƒ 9<;2NVU)9Q– 7:9$ZV>[MLHGF8NY>6B :N<FO>A589”@29<585O>^MLHGF8NY>“N<5O>AHGHGF8NY>}P
 

F85¥EG9Y>A58F8HG7:=—9“– HZV>[ZT=€EGFMLB}ZV>[ZT=…@L>AC2C2EGF87‚>‡@L>A585.¡ F8@29Y>A58F8HG7:=2Pp>…CL>AEZTF8EG96@L> 9<E @A9<589 &KPL9




C=KF*>A;2NVU29@L>A585O>MLHGF8NY>€7:=œ@29<EG;L>}PL>…CL>AEZTF8EG9b@L> =KU2E ƒ
ó 
„ >C=KHGF8_<F8=K;29Q@2F $^9<F8HG9<;£R9<EGJSEGF8HGC9$ZGZT=‡>A5nEG9Y>A58F8HG7:=€9^– F8;pZT9<EG7:9<@2FO> ] ET>5.¡ >AN<N<9$ZGZV>r
<_ F8=K;29—9F85”EGFMLB}ZT=2P·9HGF9<HGC2EGF87:9F8;pZT9<EGC2EG9$ZV>A;2@2=W5.¡ 9<¢£BL>A_<F8=K;29@)¡ =K;2@L>wC2EG=KRL>AR2F858F8H±
ZTF8NY>jN<=K7:9`B2;L>j~K9<EGHGF8=K;29I¢£BL>A;pZTFZV>[ZTF~A>@29<585O>j;2=K_<F8=K;29`>AEGF8HZT=AZT9<58F8NY>@2F k2ŽA‰Š|$‹n‰‘shŒ
P P*@L>—F8;pZT9<;2@29<EG9€N<=K7:9SB2;L>—HGF87SB25ZV>A;29Y>‚HG=¼~œET>AC2C=KHGF8_<F8=K;29S@2F%C=KH±
HGi F8R2F8|<58‰.FZ[Œ >I– qtNVs.U2{TŒ 9IC2EG9<u @29$ZT9<EG7:F8;L>j5.¡ >[ZGZTBL>A58FZ[> – ] B}ZTB2ET> i >A;L>A58=KJp>A7:9<;pZT9AP6B2;L> HG=¼~œET>AC2C=[
 
HGF8_<F8=K;29…@2F%F87:7‚>AJKF8;2F,C2EG=KF89$ZGZV>[ZT9…N<=K;pZT9<7:C=KET>A;29Y>A7:9<;pZT9€HGB`B2;2=•HGNVU29<EG7:=XC2EG9<@29t
ZT9<EG7:F8;L>w5.¡ F87:7‚>AJKF8;29€NVU29XHGFC2BÉ=W– ~K9<@29<EG9\>[ZGZTET>Y~K9<EGHG=IB2;ML5ZTEG=WNVU29X;29•F8HG=K58F”B2;L>
HG=K5O> uVƒ  5p7:=K;2@2=7:F8N<EG=KHGN<=KC2F8N<=b9
– @2B2;2¢£B29EG9Y>A589·9
=KJKJK9$ZGZTF~K=C9<E $^9<F8HG9<;£R9<EGJ2P[7‚>F8;
7‚>A;2F89<ET>@2F~K9<EGHT>6@L>A5£7:=K;2@2=67‚>AN<EG=KHGN<=KC2F8N<=2Ÿ*F85pC2EGF87:= LB}ZGZTBL>^F8;‡B2;L>^7:=K5ZT9<C258F8N<FZ[> –
9<ET>AN<58FZT9Y>}Pr7:9<;pZTEG9
F85KHG9<N<=K;2@2=6JKFO>AN<9·F8;"B2;L>QB2;2F~K=œN<FZ[>– CL>AEG7:9<;2F8@29Y>}Pr9<@‡F85KCL>AHGHT>AJKJKF8=

@L>A585.¡ B2;L>>A585.¡ >A5ZTET>“>Y~£~œF89<;29“>[ZGZTET>Y~K9<EGHG=…589QF8;pZT9<ET>A_<F8=K;2FLHGC9<EGF87:9<;pZV>A58F i 9<HG9<7:C258FMLNY>[ZT9


@L>AJK58Fp>AN<N<9<58589<ET>[ZT=KEGF.P¼F8;N<B2F£HGF£HGF£CL>AHGHT>^@L>A585O>C=AZT9<;2_<FO>A58FZ[>”– @29<585.¡ 9<;29<EGJKFO>Q>A585.¡ >[ZGZTBL>A58FZ[> –
@29<58589bCL>AEZTF8N<9<58589 uVƒ
 ;L>‚HG9<N<=K;2@L>‚@2F :N<=K5Z[>€ – @29<5É@2BL>A58F8HG7:=€NY>AEZT9<HGFO>A;2=‚9<ET>:HZV>[ZT=‚F85 ˜‚|V{V{TŒA‹Ls.{$sOqt˜‚Ž
kL9 qt s.EG{V9<ŽAH ŽVN<[=Ks.JK{VŽFZV>A;2H<¡*>Y~K9$~A>\F8; ] >[>– ZGZT@2F%FÉN<EG=K9<H;2ZT@2EG9$9<ZGEGZT9S=\N<=K>X;pCZT=—=KH@2ZTB29<585O5.>A¡ F8EG;p9…ZT9<B2ET;I>A_<58F8=K=KEG;2=•9 CL] >AET>ET>A58EG589<9<H658F8HG97:œZT=29<P;29‚HT>}> ¡
”
Ÿ .
5 ¡ 8
F :
7 
C K
= G
H G
H 8
F 2
R 8
F 8
5 
F [
Z


EGFZT9<;29<EG9QNVU2965O>b7:9<;pZT9^C=AZT9<HGHG96¢£B2F8;2@2FL9<HGHG9<EG9“@29<HGN<EGFZGZV>";29<JK58FLHZT9<HGHGFnZT9<EG7:F8;2F2B2HT>[ZTF
C9<EQ5O>S@29<HGN<EGF8_<F8=K;29"@29<585O>S7‚>[ZT9<EGFO> ƒ
„ >`C=KHGF8_<F8=K;29@2F $^9<F8HG9<;£R9<EGJIHGB2C9<ET>`F85CL>AET>A58589<58F8HG7:= ] ET>7:9<;pZT9X9X7‚>[ZT9<EGFO>}P
7:9<@2FO>A;pZT9SB2;)¡ >AC2C258F8NY>A_<F8=K;29‡@29<5%C2EGF8;2N<F8C2F8=‚@2F%N<=K7:C2589<7:9<;pZV>AEGF89$Z[>}– ŸQN<=K7:9S589SCL>AEZTFž
N<9<58589"UL>A;2;2=—B2;L>:;L>[ZTB2ET>:@2BL>A589 i HGFO>:N<=KEGC2B2HGN<=K5O>AEG9NVU29S=K;2@2B25O>[ZT=KEGFO> u P2N<=KHà– ˜‚|$‹n‰Š|
† † „ >XHG=KHZV>A;2_Y>
B2|‚5ZT˜:F87‚ŒK‰Š>“| Csh=AŒ\ZTEGqY9<Ž[R2‹¥RŽw9 Œ[] =Kqàk2EGHG|<9^‰h‰‘s“9<HG{VHGŽ[9<˜“EG96k5. ¡ |$9<˜‚;29<|$EG‹nJK‰.FOŒ > si N<As=K7:œ9Q‹CŒ\9<E q$‰Š |tqVETq<>AŒ\N<58FqYZTŽr=bq$‰.58=ŒA‹ ] YB‚ŒnF8ƒ 5 ] B2=œN<= u Pp~œF8HZT=
  

NVU29b9<HGHT>SHGF)N<=K;2HG9<E~A>}P29<@B2;2=…@29<JK58F¥>[ZGZTEGF8R2B}ZTF ] =K;2@L>A7:9<;pZV>A58F@29<585O>HG=KHZV>A;2_Y>9“– >ACœ


C2B2;pZT="5O>6HGBL>bF8;2@2F8HZTEGB}ZGZTF8R2F858FZ[>}– ¤rN<9<EZT=b;2=K;€C2BÉ=b– 9<HGHG9<EG9^5O>67‚>AHGHT>}PKNVU29QHGF2C2BÉ=b– N<EG9Y>AEG9
@L>A585.¡ 9<;29<EGJKFO>96ZTET>AH ] =KEG7‚>AEGHGFF8;9<HGHT>}P2;)9b– B2;L> ] =KEG_Y>}P}C=KF8NVU)9“– 589 ] =KEG_<9“HG=K;2=€=KJKJKFF8;œ
ZT9<EGC2EG9$ZV>[ZT9…N<=K7:9‡HGNY>A7SR2F8=—@2FCL>AEZTF8N<9<58589 ƒ =AZTEG9<R2R9…C9<Er=•– >A;2NVU29…9<HGHG9<EG9€¢£BL>A58N<=KHT>
@2F%>A;2N<=KET>‚C2FTBw– >AHZTET>[ZGZT=— =  7:9<;pZV>A589A¡P)>A@w9<HG9<7:C2F8=—9<¢£BL>A_<F8=K;2F@2F &¥9<EG9<;2_<FO>A58F i N<=K7:9

C9<E 5O>[ZT=K;29658= ] B2EG=K;2=S589 ] =KEG7:96JK9<=K7:9$ZTEGF8NVU29 u P}5896N<B2F¥HG=K58B2_<F8=K;2FC=AZTEG9<R2R9<EG=SET>ACœ


C2EG9<HG9<;pZV>AEG9589bCL>AEZTF8N<9<58589 ƒ

 BL>A;pZT=S>A5LZT9<;pZV>[ZTF~K=‡7:9<N<NY>A;2F8N<F8HZV>"@2FnHGC2F89<Jp>AEG9^5O>"7:9<;pZT96;29<JK58FLHZT9<HGHGFZT9<EG7:F8;2F
B2HT>[ZTF”C9<ESHGC2F89<Jp>AEG9‚5O>X7‚>[ZT9<EGFO>}P $^9<F8HG9<;£R9<EGJ58=X~K9<@29HGFO>\N<=K7:9‚B2;EG9$ZV>AJKJKF8=\@29<5
NY>AEZT9<HGFO>A;29<HGF87:=NVU29^N<=K7:9^B2;‚C9<N<NY>[ZT=‡@)¡ F8;2JK9<;£B2FZ[>}– P£C9<E@2B29^7:=AZTF~œF2N<=K7:C2589<7:9<;œ
ZV>AEGF ƒ
46;2_<FZTB}ZGZT=2Pœ5O>bMLHGF8NY> N<=K7:C2EG9<HT>‡¢£B29<585O>"¢£BL>A;pZTF8HZTF8NY> HGFRL>AHT>HGB2585O>"@2F8HZTF8;2_<F8=K;29
] ET>w=KHGHG9<E~A>[ZT=KEG99<@=KHGHG9<iE~A>[ZT=2P
NVU29~œF89<;29>wNY>A@29<EG9;29<u 57:=K7:9<;pZT=wF8;?N<B2F5O>\N<=[
HGN<F89<;2_Y>QHZTB2@2FO>HG9
HZT9<HGHT>}ŸÉ589%@2F :N<=K5Z[>– @2FKB2;L>ZT9<=KEGFO>C2B2ET>A7:9<;pZT9·MLHGF8NY>@29<585O>”7:9<;pZT9


óKó
C=AZTEG9<R2R9<EG=@2B2;2¢£B29^9<HGHG9<EG9“>A;L>A58=KJKU29Q>"¢£B29<58589@29<585O>bN<=KHG7:=K58=KJKFO>6¢£BL>A;pZTF8HZTF8NY>}P£NVU29
UL>A;2;2=EGF8NVU2F89<HZT=ET>A@2F8NY>A58FÉEG9<F8;pZT9<EGC2EG9$ZV>A_<F8=K;2F=K;pZT=K58=KJKF8NVU29 i ZTF8C=—5.¡ F8;pZTEG=œ@2B2_<F8=K;29‡@2F
7:=K5ZTF¥7:=K;2@2F.P}N<=œ9<HGF8HZT9<;pZTF*9"CL>AET>A58589<58F uVƒ
 ;2=K5ZTEG9AP,F8;wZT9<EG7:F8;2F%C2FTBW– JK9<;29<ET>A58F.P)¢£BL>A58B2;2¢£B29€ZT9<=KEGFO>—HGF·RL>AHT>•HGB`B2;`58F8;2JKBL>AJ[
JKF8=2ŸX7‚>WCL>AEG=K589•9XN<=K;2N<9$ZGZTF.P>A;2NVU29\¢£B29<5858F7‚>[ZT9<7‚>[ZTF8N<F.P
;2=K; HG=K;2=`EGF8JKF8@L>A7:9<;pZT9
@29$ML;2FZTF“9<@zUL>A;2;2= NY>A7:C2F“@)¡ >A_<F8=K;2958F87:FZV>[ZTF.P”NVU29~K9<;2JK=K;2= HGN<=KC9<EZTFb;29<5bN<=KEGHG=
@29<585.¡ 9$~K=K58B2_<F8=K;29—HZT=KEGF8NY>}P9•HGFC=KHGHG=K;2=ZTET>AHGN<9<;2@29<EG9\HG=K5ZV>A;pZT=W7:9<@2FO>A;pZT9ET>A@2F8NY>A58F
EG9<F8;pZT9<EGC2EG9$ZV>A_<F8=K;2F*HG9<7‚>A;pZTF8NVU29 ƒ 46@\9<HG9<7:C2F8=2P  HGCL>A_<F8=2¡n9  ZT9<7:C=2¡LN<5O>AHGHGF8N<F,>AN<¢£B2F8H±
ZV>A;2=X;29<585O>MLHGF8NY>XEG9<5O>[ZTF~œF8HZTF8NY>—B2;IHGF8JK;2FMLNY>[ZT=XN<=K7:C2589$ZV>A7:9<;pZT9€@2F~K9<EGHG=2P  9  CL>AE±
ZTF8N<9<58589A¡9  =K;2@29A¡)HGF%C=KHGHG=K;2=•B2HT>AEG9…;29<585O>:MLHGF8NY>—¢£BL>A;pZTF8HZTF8NY>—HG=K5ZV>A;pZT=F8;w7‚>A;2F89<ET>
N<5O>AHGHGF8NY>A7:9<;pZT9N<=K;pZTET>A@2@2FZT=KEGFO>}P ] =KEG7‚>A58F8_<_Y>[ZV>;29<5œC2EGF8;2N<F8C2F8=Q@2FœN<=K7:C2589<7:9<;pZV>AEGF89$Z[> – ƒ
9<;pZTEG9I9X– @2B2;2¢£B29\C=KHGHGF8R2F8589—NVU29\HGFQC=KHGHT>=AZGZT9<;29<EG9XB2;L>ZT9<=KEGFO>wMLHGF8NY>@29<585O>
7:9<;pZT9APL9– F8;p~K9<N<9QF87:C2EG=KRL>AR2F8589
NVU299<HGHT>";2=K;…@29<R2RL>bEGF8NVU2F89<@29<EG9HG=KHZV>A;2_<FO>A58FœHZTET>Y~K=K5ž
JKF87:9<;pZTFp7:9$ZV>[MLHGF8N<F£9”58F8;2JKB2F8HZTF8N<FA@29<585O>MLHGF8NY>6>[ZGZTBL>A589AP[7:9<N<NY>A;2F8NY>^¢£BL>A;pZTF8HZTF8NY>^N<=K7…
C2EG9<HT> ƒ  ;W>A5ZTEG9CL>AEG=K589APLJK58F,H~œF858B2C2C2F,@29<585O>…MLHGF8NY>:7:=œ@29<EG;L>€C2EG9<58B2@2=K;2=‚C2FTB\– >A@\B2;
 EGF8@29$ML;2F8_<F8=K;2F8HG7:=2¡œNVU29>A@XB2;  EGF8@2B2_<F8=K;2F8HG7:=2¡ ƒ

2 "    ?" $ #%L 

 ;L>“N<=œ9<EG9<;pZT9ZT9<=KEGFO>6@29<585O>67:9<;pZT9APpRL>AHT>[ZV>“@L>bB2;…5O>[ZT=“HGB258589C=KHGF8_<F8=K;2Fœ=K;pZT=K58=KJKF8NVU29
@2F $^9<F8HG9<;£R9<EGJ€>AC2C9<;L>S@29<HGN<EGFZGZT9AP29“@L>A585.¡ >A5ZTEG="HGB•¢£B29<585896C2HGF8N<=K58=KJKF8NVU29^@2F F85858FO>A7
 >A7:9<H i ó  ó 8}ó u P
w9X – HZV>[ZV>`H~œF858B2C2CL>[ZV>`@L>   3    * F8; B2;L>`HG9<EGF89\@2F


HT>AJKJKF.P}ET>AN<N<=K5ZTF);29<5 ó 8:8:9 F8;  |$‹n‰Š| 


˜:ŒK‰Š| † shŒ|˜‚|V{V{TŒA‹Ls.{TŒ 2ŒA‹n‰‘sOq$‰‘s.{TŒnƒ
 , 

7^9<585O>jHGBL> =KC9<ET> C2EGF8;2N<F8CL>A589AP  k † sl‹¥{$sškns As“kLqts.{VŽA ŽV[shŒ @29<5 ó 8 }P F85858FO>A7 

 >A7:9<Hb>Y~K9$~A>9<;£B2;2N<FO>[ZT=•>A58N<B2;29SC=KHGF8_<F8=K;2FÉC2ET>AJK7‚>[ZTF8NVU29 i F8;W>AN<N<=KEG@2=N<=K;W5O>‚HGBL>
   

JK9<;29<ET>A589ML58=KHG=AMn> uVƒ 46;2_<FZTB}ZGZT=2P¥B2;L>‚ZT9<=KEGFO>:@29<585O>:7:9<;pZT9S@29<JK;L>—@2FÉ¢£B29<HZT=•;2=K7:9


;2=K;C2BÉ=X– HG=K5ZV>A;pZT=@2F8HGHG=K5~K9<EG5O>—;29<585O>—@29<HGN<EGF8_<F8=K;29€@2F%7:9<N<NY>A;2F8HG7:F%N<=K7:C=KEZV>A7:9<;œ
ZV>A58FÉ=;29<B2EG=AMLHGF8=K58=KJKF8N<F.P7‚>‚@29$~K9€9<HGHG9<EG9:F8;wJKET>A@2=@2F%EG9<;2@29<EG9…N<=K;pZT=•@29<58589…>A_<F8=K;2F
C2FTB – >AC2CL>AEG9<;pZTFQ9•N<=KHZV>A;pZTFQ@29<585O>WN<=KHGN<F89<;2_Y>}ŸX5O>58F8R9<ET>wHGN<9<5ZV> ] ET>W~A>AEGF89•>A5ZT9<EG;L>r
ZTF~K9AP£9QF852N<=K;pZTEG=K5858=b@29<5LN<=K7:C=KEZV>A7:9<;pZT= ƒ  ;2=K5ZTEG9APpC=KF8NVU)9– ZTB}ZGZT="N<F±="– NVU29^C=KHGHGFO>A7:=
HGC9<EGF87:9<;pZV>AEG9•HG=K;2=C9<EGN<9<_<F8=K;2F.P5.¡ B2;2F~K9<EGHG=`@29$~K9X9<HGHG9<EG9\EGF8@2B2N<F8R2F8589—>A@ B2;)¡ B2;2F8NY>
HG=KHZV>A;2_Y> i 9<HGC9<EGF89<;2_Y>WC2B2ET> u P
@2FN<B2F5O>wN<=KHGN<F89<;2_Y>j9– HG=K58=WB2;L>WCL>AEZT9 ƒ  ;}ML;29AP”F85
©.µh­$­$«.¨r¶}­ µhÊA­$¨[¨r­<®­µ.µhµh¶š¾[¶ Ár©.µ.¾[¶š®V¯š®t¶A©.¹¶2µh¶š­$°±­$¯š¯¸¨r­®$ª,µ.²$µh®t«Š¶¸°®t¨[®t¹®tÀ¶š¯šª%­$ª²<®¨<®
©.µhªÉµh­<¶Kµ‘ª
©ŠÊr®t¶š«.¨<¨rªG©.µh¹¾rª¶¸®t¨<¶š¹¯š©Š¶r¶š®
­$©.¨r«Š¨r®$¶¸ªµ‘ȼ¯š©.¯¸¶š¶¸®·À°®t¯šª­$À¨<²$©.ª¶¸¶K°¨$®¼È¼©.ªt»Yªß2¯šÈ¼¯8¯š­VÇ ª·¶š¬$¨<ªÉ©.©.«Šª²$®$«.¯šÊrȼ¶K«.¾rµ‘ª±¹©.©ŠªG¶š®t­$µ.¹¨rµh¶š¶p¶œ­$°±¨rȼ­$ªt¶œ¨rÅ ¾r¨r¨[ª±®Q©h©.¶š¯š¬Y­$¶K²$¶¸ª%°®ä<¾[¨r®tª¨<¯š¯8©.Ç ¶ ®tA¯ °©.«Š® ®
 #

Èr®t¯š¯¸®·ñ£ª”ãž­$¶¸«.ȼÀ”ª¾rª”¯¸®tȼ¹¶ ¶š­$$¨r®tÀª,ȼªGµ,ª¯šÞ[¯¸®®t¨r°±­$¨rÀ­6Êr®T¯š¬Yª¾¼À©.­^ª¨<¾r©Š¨[®t«.®Q¶šª±¬V©V®$®·â µ‘©ŠÈ¼®Q¶¥¶š¨ ­$C[Þr¾r«*ª¨r®t¯š¹G¯8®^Ç ®tµhÊr¾rÊr¯2«.­¼ÊA°ª°±¨[¶šµh­


¶šª®t«.¯š­^¯¸®µ.°±°±­<¶šªµ.¨<°±©.¶šª¶ A¨r°±¹G­Q®ȼȼª¶2¯L´µh«.ªG¶¸°±°Š­$èA¯šÅ ­r» 

ó
,
EGF8@2B2_<F8=K;2F8HG7:=SC2HGF8N<=K58=KJKF8N<=‡;2=K;XC2BÉ=€– RL>AHT>AEGHGF*9<HGN<58B2HGF~A>A7:9<;pZT9bHGB2585O>‡MLHGF8NY>…N<5O>AHGHGF8NY>}P
C9<EGNVU)9:– 9<HGHT>•;2=K; 9…– F8;JKET>A@2=•@2F·>AHGHG9<JK;L>AEG9‚>A@B2;`HGF8HZT9<7‚>—N<=K7:C2589<HGHG=XC2EG=KC2EGF89$Z[> –
NVU29;2=K;XHGFO>A;2=€EGF8@2B2N<F8R2F858F¥>…¢£B29<58589"@29<58589bHGB29"N<=KHZTFZTB29<;pZTF.Ÿ
5.¡ F8;pZTEG=KHGC9<_<F8=K;29b7:=KHZTET>
F8;p~K9<N<9NVU29—FC9<;2HGF89<EGF”9—5O>XN<=KHGN<F89<;2_Y>}P·;2=K;2=KHZV>A;pZT9—5O>XC2EG9<HG9<;2_Y>W@2F”N<=K7:C=K;29<;pZTF.P
HG=K;2=:HGF8HZT9<7‚>[ZTF8NY>A7:9<;pZT9“C9<EGN<9<C2FZTF*N<=K7:9bHG=KHZV>A;2_<FO>A587:9<;pZT9bB2;2FZV>AEGF ƒ
„ 9QF8;2JKF8B2;2_<F8=K;2Fœ@2F  >A7:9<H·HG=K;2="HZV>[ZT9HGF8HZT9<7‚>[ZTF8NY>A7:9<;pZT9@2F8HT>[ZGZT9<HG9Q@L>A58589ZT9<=KEGF89
C2HGF8N<=K58=KJKF8NVU29"@2=K7:F8;L>A;pZTF*@29<5ÉHG9<N<=K58=2P@L>A5,N<=K7:C=KEZV>A7:9<;pZTF8HG7:=€@2F ?>[ZTHG=K;w>A5,@L>AE±
QF8;2F8HG7:=W;29<B2ET>A589•@2F  @29<587‚>A;2;)Ÿ9<HGHG9\EGF87SB2=¼~K=K;2=WZTB}ZGZT9•F85C2EG=KR2589<7‚>W@29<585O>wN<=[


HGN<F89<;2_Y>}Pn58F87:FZV>A;2@2=KHGF¥>€@29<HGN<EGF~K9<EG9‡F8;X7‚>A;2F89<ET>…C2B2ET>A7:9<;pZT9"N<5O>AHGHGF8NY>€589"HGB297‚>A;2Fž


] 9<HZV>A_<F8=K;2F%>:~A>AEGF58F~K9<5858F.PL@L>A5HG=œN<F8=K58=KJKF8N<=:>A5;29<B2EG=AMLHGF8=K58=KJKF8N<= ƒ „ >:MLHGF8NY>—¢£BL>A;pZTF8H±
ZTF8NY>^UL>67‚>[ZTB2ET>[ZT=^F£ZT9<7:C2Fœ@2FœB2;SNY>A7SR2FO>A7:9<;pZT=2PAEGFZTEG=¼~A>A;2@2=KHGF£F8;‡C9<E ] 9$ZGZV>6HGF8;pZT=K;2FO>
N<=K;w589‡C=KHGF8_<F8=K;2F,@2F  >A7:9<H<ŸQF85,N<=K585O>AHGHG=‚@29<585O> ] B2;2_<F8=K;29‡@)¡ =K;2@L>—9<HGF8R2F8HGN<9‡589‡HZT9<HGHG9
NY>AET>[ZGZT9<EGF8HZTF8NVU29·@2FpHGN<9<5ZV>Q9
@29$ZT9<EG7:F8;L>A_<F8=K;29·@29<585O>EG9Y>A5Z[>– >[ZGZTEGF8R2B2FZT9
>A585O>”N<=KHGN<F89<;2_Y>}P
5.¡ F8;pZT9<EGC2EG9$ZV>A_<F8=K;29€@2F  =KC9<;L>AJKU29<;?EGF8@2B2N<9:5.¡ F8;pZT9<ET>•EG9Y>A5Z[>X– >A585.¡ =KHGHG9<E~A>A_<F8=K;29APÉ9‚JK58F
9$~K9<;pZTF¥¢£BL>A;pZTF8HZTF8N<FnEGF~K9<5O>A;2=B2;‚NY>AET>[ZGZT9<EG9^=K58F8HZTF8N<="NVU296;2=K;‚C9<EG7:9$ZGZT9^@2FnEGF8@2B2EG58Fn>A5
N<=K7:C=KEZV>A7:9<;pZT=…F8;2@2F~œF8@2BL>A5896@29<58589b58=KEG=…CL>AEZTF ƒ
9<;pZTEG9•~K=K; 7^9<B27‚>A;2;j9 F8JK;29<E…N<9<EGNY>Y~A>A;2=`C9<Er=– @2FN<=KHZTEGB2F8EG9•B2;L>wZT9<=KEGFO>
7:9<;pZV>A589@29<585O>b7:9<N<NY>A;2F8NY>"¢£BL>A;pZTF8HZTF8NY>}Pœ>[ZGZTEGF8R2B29<;2@2=>A@:B2;L>F8;2@29$ML;2FZV>bN<=KHGN<F89<;2_Y>


5O>\NY>AB2HT>W@29<5N<=K585O>AHGHG=w@29<585O> ] B2;2_<F8=K;29—@)¡ =K;2@L>}P  ZV>AC2CEGF8RL>A5ZV>XF85”58=KEG=W>AC2C2EG=œN<N<F8=


9N<=KHZTEGB2F8HGN<9‡B2;L>€ZT9<=KEGFO>€¢£BL>A;pZTF8HZTF8NY>€@29<585O>€7:9<;pZT9APn@29$ML;29<;2@2=5O>…N<=KHGN<F89<;2_Y>‚N<=K7:9
5O>…7‚>A;2F ] 9<HZV>A_<F8=K;29b@29<5*N<=K585O>AHGHG= ƒ  ;w>A5ZTEG9bCL>AEG=K589APL;29<5*N<9<E~K9<5858=:JK58F)9$~K9<;pZTFÉHGF,7‚>A;œ
ZT9<;2JK=K;2=…F8;—F8;2N<=K;2HGN<FO>‡HG=¼~œET>AC2C=KHGF8_<F8=K;29“@2F¥HZV>[ZTF¥ML;2=€>‡¢£BL>A;2@2=€9<HGHGF¥~K9<;2JK=K;2=€EG9<HGF
C2HGF8N<=K58=KJKF8NY>A7:9<;pZT9…N<=KHGN<F89<;pZTF
@L>A5
N<=K585O>AHGHG=MLHGF8N<=\@29<585O> ] B2;2_<F8=K;29€@)¡ =K;2@L>}P9:5O>N<=[
HGN<F89<;2_Y>\9‡– ¢£B2F8;2@2F,5O>€N<=K;pZTEG=KCL>AEZT9‡7‚>AN<EG=KHGN<=KC2F8NY>:@29<5ÉC2EG=œN<9<HGHG=—@2F,MLHGHT>A_<F8=K;29‡@29<58589
HZTEGB}ZGZTB2EG97:F8N<EG=KHGN<=KC2F8NVU29W@29<5bN<9<E~K9<5858= N<=KHà–bN<=K7:9W589WHG9<;2HT>A_<F8=K;2FbHG=K;2= 5O>?N<=K;œ
ZTEG=KCL>AEZT9b7‚>AN<EG=KHGN<=KC2F8NY>…@29<5 ] B2;2_<F8=K;L>A7:9<i ;pZT=€@29<585.¡ =KEGJp>A;2F8HG7:= uVƒ
4zNY>AB2HT>‡@2FnB2;‚EGF8HGB25ZV>[ZT="@2FL~K=K; 7^9<B27‚>A;2;‚N<FZV>[ZT="F8;:C2EG9<N<9<@29<;2_Y>}P2;2=K;‚UL>F87…
C=KEZV>A;2_Y>…F8;•NVU29"C2B2;pZT=:@29<585O>SNY>[ZT9<;L>€@2F*=KHGHG9<E~A>A_<F8=K;29"HGF*HGB2C2C=K;29NVU29"F85)N<=K585O>AHGHG=
>Y~£~K9<;2Jp>}PœC9<EGNVU)9Q– F2EGF8HGB25ZV>[ZTFœHG=K;2="5O>AEGJp>A7:9<;pZT9F8;2@2F8C9<;2@29<;pZTF2@L>b@2=¼~K9Q9<HGHG=HGFLHGFZTB2F.Ÿ
5O>—C2EG9<N<9<@29<;pZT9‚@29$ML;2F8_<F8=K;29•9…– @2B2;2¢£B29:N<=K7:CL>[ZTF8R2F8589‡N<=K;H~A>AEGFO>[ZT9…F8C=AZT9<HGF.P*F8;WCL>AE±
ZTF8N<=K5O>AEG9NVU29S5O>‚N<=KHGN<F89<;2_Y>—HGFO>‚B2; ] 9<;2=K7:9<;2=—@2FRL>AHGHG==—@2F%>A5ZT=‚58F~K9<5858=€N<9<EG9<R2ET>A589
i N<F8=29A– P2F±=– ;29<NVB2U2EG9€=K;LF8;p>A~K589b9<N<=:9€F8UL;p>—ZT9<F8JK7:ET>[CZT=K= EuVZVƒ >A;2_Y>\9…– 5O>‚EG9<5O>A_<F8=K;29 ] ET>—5O>‚HZTEGB}ZGZTB2ET>@29<JK58F9$~K9<;pZTF
N<9<EG9< R2ET>A58F@L>B2; 5O>[ZT=2P
9•@2F¢£B29<5858FC2HGF8N<=K58=KJKF8N<F@L>A585.¡ >A5ZTEG=2Ÿ‚9<@ B2;L>W~K=K5ZV>WC=KHZTBœ
5O>[ZV>‚B2;L>•N<=KEGEGF8HGC=K;2@29<;2_Y> ] ET>—JK58F9$~K9<;pZTF.P9…– ;L>[ZTB2ET>A589S9<HZT9<;2@29<EG5O>X>A;2NVU29:>A58589‡58=KEG=
HZTEGB}ZGZTB2EG9 ƒ  ZV>AC2CzC2EG=KC=K;29@2B2;2¢£B29`5O>HG9<JKB29<;pZT9`@29$ML;2F8_<F8=K;29AŸ  žŒ!{VŽrqY{$s.|$‹ YŒ | 
  sl˜…˜:Œr[sl‹¥|^sOqYŽ[˜‚Ž † $Œ £|< ){VŽA l žŒ[qVqYŽ £|< l žŒ  œ‹ $s.Ž[‹¥|  Ž[‹ pŒ £|àA šs%| =A|$‹n‰‘s·{V| † | † ŒK šstƒ

   &  $

ó9
FTB– C2EG9<N<F8HT>A7:9<;pZT9B2; 9$~K9<;pZT=`N<=KHGN<F89<;pZT9AP”N<F8=29—– 5.¡ >[ZGZTBL>A58F8_<_Y>A_<F8=K;29:@2FB2;L>WC=[
ZT9<;pZTFO>"N<9<EG9<R2ET>A589APœN<EG9Y>"B2;L>N<=K;}MLJKB2ET>A_<F8=K;29Q;29<B2EG=K;L>A589QZT9<7:C=KET>A;29Y>A7:9<;pZT9QHZV>AR2F8589

@29$ZGZV> qtsl˜ VŽA Ž P,>HGBL>~K=K5ZV>N<=KHZTFZTB2FZV>@L>N<=K7:C=K;29<;pZTF.ŸbF8;WZV>A5·7:=œ@2=HGF·JK9<;29<ET>


B2;L>S@2F8HGC=KHGF8_<F8=K;29“C9<E5.¡ >[ZGZTF~A>A_<F8=K;29^@2F¥ZTB}ZGZTF¥JK58F)>A5ZTEGFHGF87SR=K58FnNVU29"UL>A;2;2=…N<=K7:C=[


;29<;pZTF}F8;‡N<=K7SB2;29”N<=K;S¢£B29<5858=2PA9”HGFœN<EG9Y>6¢£B2F8;2@2F}B2;L>6;£B2=¼~A>6C=AZT9<;pZTFO>^NVU29>[ZGZT9<;2@29@2F
9<HGHG9<EG9>[ZGZTBL>A58F8_<_Y>[ZV>@L>^B2;SHGB2N<N<9<HGHGF~K=b9$~K9<;pZT=bN<=KHGN<F89<;pZT9 ƒ „ >QZT9<;2@29<;2_Y>6@29<FœHGF87SR=K58F
>SH~A>A;2F8EG96N<EG9Y>S5O>‡HG9<;2HT>A_<F8=K;29b@29<5 † P}5.¡ F8;2HGF89<7:9^@29<F¥HGF87SR=K58F>[ZGZTBL>A58F
F8;‚B2;@L>[ZT=S7:=K7:9<;pZT=‡N<=KHZTFZTB2F8HGN<96B2œ;2s = | qY{$£|m}<|$ ¥˜:‰Š|$Œ:˜“{Vk2Ž Ž † k2ŽAŠ˜‚Ž[‹ £Ž NVU296~œF89<;29“N<=K;pZTF8;£Bœ
 

>A7:9<;pZT9‡>AJKJKF8=KEG;L>[ZT=2PL5.¡ F8;2HGF89<7:9b@29<FÉHGF87SR=K58F)NVU29‡C9<EGHGF8HZT=K;2=‚9S>:N<B2F,589HG9<;2HT>A_<F8=K;2F

7:=K7:9<;pZV>A;29<9‡~K9<;2JK=K;2=EGF ] 9<EGFZT9‡N<=KHZTFZTB2F8HGN<9SF85 qY|$‹2qYŽ £|< *q |• i B2;)¡ 9<HGC9<EGF89<;2_Y>N<9<EG9t


R2ET>A589…N<=K7:9SZTB}ZGZT=•F85%EG9<HZT= u P,9€5.¡ F8;pZT9<JKET>A_<F8=K;29‡¢£BL>A;pZTF8HZTF8NY>@29<JK58F%9$~K9<;pZTFN<9<EG9<R2ET>A58F
~œF89<;29"C9<EGN<9<C2FZV>…C2HGF8N<=K58=KJKF8NY>A7:9<;pZT9“N<=K7:9b5.¡ œ‹Ls‘‰ Œ  £|< l žŒ{VŽrqY{$s.|$‹ YŒnƒ
=KF8NVU)9:– 5O>—EG9Y>A5Z[>W– 9€– N<=KHZTFZTB2FZV>—@L>A58589…>[ZGZTBL>A58FZ[>}– P¥NVU29‚>•58=KEG=—~K=K5ZV>HG=K;2=X@29$ZT9<E±
 

7:F8;L>[ZT9—@L>A58589C=AZT9<;2_<FO>A58FZ[>}– P%7‚>W;2=K;jZTB}ZGZT9•589X>[ZGZTBL>A58FZ[>\– HG=K;2=`9$~K9<;pZTF^@2F;L>[ZTB2ET>


N<9<EG9<R2ET>A589X=`B27‚>A;L>}P”HGFQC2BÉ=I– @2F8EG9•C2FTBj– JK9<;29<ET>A587:9<;pZT9XNVU29  žŒ`˜‚|$‹n‰Š| |X  žŒI˜:ŒA‹Ls‘


<|tq$‰.Œ $s.Ž[‹¥| £|< *k † Ž¼{V|tqVqYŽ As“ŒK‰h‰ 2ŒK šs YŒ $s.Ž[‹¥| £|< l |‡k2ŽA‰Š|$‹n‰‘shŒ P·@2FN<B2F5O>XN<=KHGN<F89<;2_Y>
B27‚>A;L> 9X– @2B2;2¢£B29wHG=K58=IB2;D>AHGC9$ZGZT=?CL>AEZTF8N<=K5O>AEG9 ƒ  F6>AEGEGF~A>N<=KHà–^C9<E€~œFO>MLHGF8NY>
    

>A@B2;L>‚ZT9<=KEGFO>—NVU29€UL>—~A>AEGF%>AHGC9$ZGZTF%F8;WN<=K7SB2;2F%N<=K;¢£B29<585O>‚ML58=KHG=AMLNY>—9<HGC=KHZV>•@L>
U2FZT9<U29Y>A@X;29   œk † Ž¼{V|tqVqYŽ—|‡ žŒ † |TŒK ¸‰ Œn ƒ
› B}ZGZT=•N<F±=– NVU29€9<HGF8HZT9AP,N<F8=29S– 5O>‚ZT=AZV>A58FZ[>:– @29<58589…>[ZGZTBL>A58FZ[>}– PHGF·7‚>A;2F ] 9<HZV>‚@2B2;2¢£B29


N<=K7:9B2;…>[ZGZT=6N<EG9Y>[ZTF~K=6@29<585O>Q7:9<;pZT9”B2;2F~K9<EGHT>A589APKB2;L>^HGN<9<5ZV>6NVU29>A5858=^HZT9<HGHG=“ZT9<7:C=
9—– @29<58F87:FZV>[ZV>•@L>A5858=XHGCL>A_<F8=W@29<58589‚C=KHGHGF8R2F858FZ[>•– C2EG9<9<HGF8HZT9<;pZTF.P·9—EG9<HZTEGF8;2JK9—58=wHGCL>A_<F8=
@29<58589^C=KHGHGF8R2F858FZ[> – ] B}ZTB2EG9 ƒ  JK58F¥>[ZGZTFN<EG9Y>[ZTF~œF@29<585O>7:9<;pZT9“B2;2F~K9<EGHT>A5896HG=K;2=…58F8;29Y>AE±
7:9<;pZT9S=KEG@2F8;L>[ZTF.PC=KF8NVU)9S– 9<HGHGF%N<=KEGEGF8HGC=K;2@2=K;2=>‚NY>A7SR2FO>A7:9<;pZTFÉ;29<5858=‚HZV>[ZT=C=AZT9<;œ
_<FO>A589:@29<585.¡ B2;2F~K9<EGHG=2P·NVU29W9—– B2;2F8N<=wF8;?=KJK;2FF8HZV>A;pZT9AŸ:@2B2;2¢£B29 s‘ ‰Š|$˜“k2Žw˜‚|$‹n‰.ŒK | | 
 CLšsl>A‹¥EG|T=KŒ 58† 9A| P,PK5.F8¡ ;…9$~K>A=KN<58N<B2=K_<EGF8@2=K;2=b9€N<=K@2;…9$ZT5.9<¡ 9<EGHG7:CF89<;2EGF8F8H9<ZT;2F8NY_Y>>}Pp@299<F858;S5O> N<=K] B2;p;2ZTET_<>AF8=KH;2ZT=b9€N<@)=K¡ ;€=K;2F85£@LZT>X9<7:9:CF85·=6HGMLB2HG=\F8N<N<= =Ki585OF8>A;…HG>AHG=•5ZTEGHG9 F
EGF ] 9<EGF8HGN<=K;2=“>6@2B29ZT9<7:C2Fœ@2F8HZTF8;pZTF.P[58=œNY>A5899EG9<5O>[ZTF~œF8HZTF8N<=^5.¡ B2;2=2PA9JK58=KRL>A5899”N<5O>AHGHGF8N<=
5.¡ >A5ZTEG= uVƒ
„ >\ZT9<=KEGFO>\@2F  ZV>AC2Cj5O>AHGN<FO>w>AC9<EZTF”F”C2EG=KR2589<7:F”@29<558F8R9<EG=w>AEGR2FZTEGF8=\9@29<5@29t
ZT9<EG7:F8;2F8HG7:=2P2C9<EGNVU)9‡– ;2=K;\@29<N<F8@29‡HG9F85,N<=K585O>AHGHG=€@29<585O> ] B2;2_<F8=K;29@)¡ =K;2@L>:HGFO> ] EGB}ZGZT=
@29<5ÉNY>AHG=‚=‚@2F,¢£BL>A58NVU29‡HGN<9<5ZV>‚>A@wB2;\58F~K9<5858=…C2FTBX– C2EG= ] =K;2@2= ƒ EG9<HG9<;pZV>A;2@2=C9<Er=‚– 5O>
N<=KHGN<F89<;2_Y>—B27‚>A;L>‚>A@WB2;\ZT9<7:C=—N<=K7:9‡5O>:7‚>A;2F ] 9<HZV>A_<F8=K;29@2FÉB2;WC2EG=œN<9<HGHG=;L>[ZTBœ

ET>A589“9"5O>S58=œNY>A58F8_<_Y>A_<F8=K;29^@2F*B2;XC2EG=œN<9<HGHG=:B2;2F~K9<EGHT>A589APL9<HGHT>€EG9<F8;pZT9<JKET>…5.¡ B2=K7:=S;29<585O>
;L>[ZTB2ET>‚9S;29<585.¡ B2;2F~K9<EGHG=2P9SN<=K;pZTET>AHZV>—F8;XZV>A5É7:=œ@2=‚589‡;29 ] >AHZT9S9‡ZTB}ZGZT=KET>:F8; LB29<;pZTF
~œF8HGF8=K;2F¥@2F >AN<=K;29b9’“9<HGNY>AEZT9<H<PLNVU29"~K9<@29$~A>A;2=:@L>€B2;•5O>[ZT=…5O>S;L>[ZTB2ET>…N<=K7:9“ZT9<EGET>

@2F”N<=K;2¢£B2F8HZV>\HGN<F89<;pZTFMLNY>w9:ZT9<N<;2=K58=KJKF8NY>X@29<585.¡ B2=K7:=2PÉ9—@L>A585.¡ >A5ZTEG=•5O>X7:9<;pZT9—N<=K7:9


ó
B2; ] 9<;2=K7:9<;2=€9<HZTET>A;29<=‚>A585O>S;L>[ZTB2ET> ƒ
 L * #" ?" $#%L
 

=KHZTB25O>AEG9—B2;jEGB2=K58=wN<9<;pZTET>A589@29<585O>\7:9<;pZT9;29<5C2EG=œN<9<HGHG=@2FN<EG9Y>A_<F8=K;29—@29<585O>\EG9t
>A5Z[>?– >[ZGZTBL>A589W>CL>AEZTF8EG9w@L>?¢£B29<585O>?C=AZT9<;2_<FO>A589?9– >A;2N<=KET>B2;)¡ >[ZGZTF~œFZ[>I– @2F“;L>[ZTB2ET>

C2B2ET>A7:9<;pZT9ML58=KHG=AMLNY>}ŸQC9<E6EG9<;2@29<EG5O>‚HGN<F89<;pZTFMLNY>\9‡– ;29<N<9<HGHT>AEGF8=•>A;2@L>AEG9‡=K5ZTEG9589S> ] 
] 9<EG7‚>A_<F8=K;2FJK9<;29<EGF8NVU29APF8;2@2F8NY>A;2@2=w9<HGC258F8N<FZV>A7:9<;pZT9—F i HGB2C2C=KHZTF u 7:9<N<NY>A;2F8HG7:F>[Z
ZTET>Y~K9<EGHG=IF¢£BL>A58F5O>w7:9<;pZT9•9<;pZTET>F8;jN<=K;pZV>[ZGZT=`9•F8;pZT9<ET>AJKF8HGN<9N<=K; 5O>W7‚>[ZT9<EGFO>wF8;
JK9<;29<ET>A589AP29"N<=K;XF85)N<=KEGC=€B27‚>A;2=€F8;•CL>AEZTF8N<=K5O>AEG9 i N<EG9Y>A;2@2=:5O>…N<=KHGN<F89<;2_Y> uVƒ
„ ¡ F8C=AZT9<HGF.P"F87:C258F8N<FZV>A7:9<;pZT9W>A@2=AZGZV>[ZV> ;29<585O> @2F8HGN<B2HGHGF8=K;29?C2EG9<N<9<@29<;pZT9C9<EGNVU)9–
=KJKJKF
5O>•C2FTBI– >AN<N<EG9<@2FZV>[ZV>}P”9‚– NVU29—5O>•N<=KHGN<F89<;2_Y>\HGFO>XF8;I¢£BL>A58NVU29‚7‚>A;2F89<ET>•N<=K58589<Jp>[ZV>
>A5 {V| † =A|< l Ž PnR9<;2NVU)9…– ;2=K;wHGFO>:HG9<7:C2EG9SHZV>[ZT=‚N<=KHà–.ŸQ>A@w9<HG9<7:C2F8=‚JK58F,9<JKF8_<F.PnNVU29…@29<@œ
F8NY>Y~A>A;2=W9<HZTEG9<7‚>wN<B2ET>>A585O>XC2EG9<HG9<E~A>A_<F8=K;29 i ;29<F”~A>AHGFNY>A;2=KC2F u @2F¢£B29<5858F”NVU299<HGHGF
EGFZT9<;29$~A>A;2="9<HGHG9<EG9^F2C2EGF8;2N<F8CL>A58F}=KEGJp>A;2F.PKF8;2F8_<FO>Y~A>A;2=“F85}C2EG=œN<9<HGHG=@2FLF87SRL>A58HT>A7‚>A_<F8=K;29
9<HZTET>A9<;2@2=:F85)N<9<E~K9<5858=€7:9<@2FO>A;pZT9b@29<F*ZTB2R2F8N<F8;2F.Pœ9"R2B}ZGZV>A;2@2=K58=…~œFO> ƒ
9<E•B2HGN<F8EG9W@L>A585O>`ML58=KHG=AMn>?9<@ 9<;pZTET>AEG9;29<585O>IHGN<F89<;2_Y>;2=K; 9w– N<=K7SB2;2¢£B29`>A;œ
N<=KET>6HGB :N<F89<;pZT9@2F8NVU2FO>AET>AEG9”JK9<;29<EGF8NY>A7:9<;pZT9”F85£N<9<E~K9<5858=“N<=K7:9”HG9<@29@29<585O>^N<=KHGN<F89<;2_Y>}P

9<@D9‚– ;29<N<9<HGHT>AEGF8=wHGN<9<;2@29<EG9•>X58F~K9<5858F%C2FTB`– N<=K;2N<EG9$ZTF ƒ  5C2EGF87:=\>A@?>Y~K9<E‡ET>AN<N<=K5ZT=\5O>




HML@L>—9“– HZV>[ZT=…’“9<HGNY>AEZT9<H<P2NVU29“UL>SC2B2;pZV>[ZT=S5.¡ >[ZGZT9<;2_<F8=K;296HGB2585O> [mpshŒA‹ £ŽA žŒ6knsl‹¥|TŒK | >


NY>AB2HT>‚@29<585O>€HGBL>‚C=KHGF8_<F8=K;29N<9<;pZTET>A589‡HZTET>[ZT9<JKF8NY>:9‡@29<585O>€HGBL>‚B2;2F8N<FZ[> – i ¢£BL>AHGF,ZTB}ZGZT9

589HZTEGB}ZGZTB2EG9^N<9<EG9<R2ET>A58FLHG=K;2=F8;p~K9<N<9^@2=KC2C2F89 u ŸC2BÉ=– 9<HGHG9<EG96F8;pZT9<EG9<HGHT>A;pZT96;2=AZV>AEG9QNVU29AP


>SZTB}ZGZY¡ =KJKJKF.P}5O> ] B2;2_<F8=K;29b@29<585O>SJKU2FO>A;2@2=K5O>SC2F8;29Y>A589…9b– HGN<=K;2=KHGN<F8B}ZV> ƒ
 C=AZT9<HGF%C2FTB\– 7:=œ@29<EG;29‡C9<E“5O>:58=œNY>A58F8_<_Y>A_<F8=K;29"@29<585O>:N<=KHGN<F89<;2_Y>HG=K;2=—F85 P
NVU29 ] B2;2_<F8=K;L>I@L>IN<9<;pZTET>A58F8;2=?@2F6N<=œ=KEG@2F8;L>A7:9<;pZT=I@29<585.¡ F8;pZT9<EG=IN<9<E~K9<5858=2PQ9w‰.ŒK5O>  žŒA<˜‚Ž Ž† 
† † PKNVU29HG9<589<_<F8=K;L>“JK58FœF8;2C2B}Z%HG9<;2HG=KEGFO>A58F}9@29<N<F8@29¢£BL>A58FœHGF2@29<R2RL>A;2=

N<˜:=KŒ;2$HGs.F8Ž[@2‹¥9<ET| >AEG|<9 ‰‘s.i {VHGŽA9< žN<Œ =K;2| @2= ET>A;2N<F8H  EGF8NA@nP HG9…F85,ZV>A5O>A7:=w9S– 5O>—C=KEZV>—@29<585O>‚N<=KEZT9<N<N<FO>}P
5O> ] =KEG7‚>A_<F8=K;29"EG9$ZTF8N<=K5O>AEG9;29—9‡– F85,JKBL>AEG@2FO>A;2= œuVƒ   ;pZTET>A7SR9S589F8C=AZT9<HGFÉHGFRL>AHT>A;2=


HGBX7:=AZTF~A>A_<F8=K;2FnHGF87:F858F¥>…¢£B29<58589“@2F,’“9<HGNY>AEZT9<H<PL9"N<F8=29b– N<9<;pZTET>A58FZ[> – i ] B2;2_<F8=K;L>A589AP};2=K;


C2FTB– C=KHGF8_<F8=K;L>A589 u 9<@XB2;2F8N<FZ[>}– P29b;2=K;•~A>A;2;2=:@2B2;2¢£B29=K5ZTEG9“5O>…HG=K58FZV>SJK9<;29<EGF8N<FZ[> – ƒ
 5“C2EGF87:=>HGN<9<;2@29<EG9I>A5658F~K9<5858=I@29<58589w7:F8N<EG=KHZTEGB}ZGZTB2EG9w;29<585O>IEGF8N<9<EGNY>@2F“B2;L>
Ê[ñœ®t®S«h ©.ȼå¶)¶ Kªȼ¯šªª¯8«.¯šÇ ¯¸ª®t®b¨r¨[¹G®t°±®b¯š­$­$«h²$㞩.«Š¶¸ªG®‡®°°±ãž¶š«Š¶¸¯*®b®%°±°±°±ª­$­<«.À¬$µ‘©.ªÊr¶ ¯š©.¯š¾¼­"¾r©.¶šª«.¾r«2ªÀQÁrª,ÁA®t°±¨rªª«.­«.­b¬$ªbª¯š¯šªQ¯šä<­,ÊA¾r¯¸ªª®,¯š«.¯š¶ãž­‡ãž­$ª«.«.ȼÀQ¶¸ª°Š¯š®tÞr¯š¹ª6ª¶š­$ÊAµ.¨r°±ª¶šªn«”À«.¶šª±À¯©.¶¸¶š©.°±ª«Š­$®Vªb¯¸©h®t©Š«.®t®tª¯À©.µ.«.ª®t¶*¨<«.®tª©.­Ár¨rÁA¶šÀQȼª¥¶)®t¯¸®¶š¯š¨r¶,Êrª“â ¾¼2ª©”¨r»<ª^­$ª)«.­$¯šÀª)¾¼ª6©.¬VÊr®tÈr¾¼«.®t¶š©ª ¯Å
Êrµh­$¾r¨r¨<­^©.­6ÊAȼ­t©.¶}ª¬Y¨r¶¸¹µ‘¶¸©Š®V®Q©.ª°±­$¯š«hª©.¶¸ÊA°ª®t«.¯š¶ªt㞻rª«.ÀQ¶¸°Š®ÞrªtÀ»K¶š°Š¨rÞr¶šª
ÀQ㞮”¾r¨rÈr¹®^¶š­$ä<¨[¾r®tª¨r¯š¯š­^­¶š«.¨"ª±©.Ê[¶¸°±®t­$«h¯¸©.®t¶¸°±«.­$ªt߯¸®t¶š«.¯}ª·°ŠÈrÞr®QªµhÊr¶š«.²$ª¨rÊr¶ «.A­¼°°±®ªGµ.°ŠµhÞr­$ª
«.¶œ¨r¯¸ª®t¯š«.¯8Dz<¾r®t­$ÀÀª­¨<©.µhª ¶
*


®t¾¼©.­$¨r­$À¶8»YÀQ®¯¸®µ‘©.«.¾¼©h©.¾r«Š®ȼª¯š¯¸ ® ‚ª%â ¶š¨Y¬$ªG°±ªÉ«.¶šÀQ®$µ‘©Š®


¶š¨Y¬V®t«.¶¸®V©Š®¼Å
ó
58=œNY>A58F8_<_Y>A_<F8=K;29"N<9<EG9<R2ET>A589S@29<585O> i >A_<F8=K;29S@29<585O> u N<=KHGN<F89<;2_Y>W9S– HZV>[ZT=  3 4 4:0AP
C2EG9<7:F8= 7^=KR9<5C9<E…5O>\7:9<@2F8N<F8;L>\;29<5 ó8 :9 C9<ES5O>wHGC2F89<Jp>A_<F8=K;29—@29<57:9<N<NY>A;2F8HG7:=


@2FbF8;pZT9<ET>A_<F8=K;29WHGF8;L>AC}ZTF8NY>}P6NVU29`UL>H~œF858B2C2CL>[ZT=j589HGB29F8@29<9CL>AEZT9<;2@2= ;29<5 ó8  9


@L> | TŒ[qts”‹¥| † Ž qts.ŽA ŽV[s.{$m}| £|< l žŒ•˜‚|$‹n‰Š| P)ZTET>A;2HGFZV>A;2@2=;29<5 ó 8   >[ZGZTET>Y~K9<EGHG=X5O>
N<=K585O>AR=KET>A_<F8=K;29N<=K; ">AEG5 =KC2C9<E";29 s.Žw|€s‘ Éq LŽw{V| † =A|< l Ž P*9€>AC2C2EG=œ@L>A;2@2=•;29<5
   

ó8:8  >  Ž[˜‚|  s.Ž—{VŽ[‹n‰ † ŽA l žŒ:s‘ ¥q LŽ{V| † =A|< l Ž2ƒ




 FEGF8N<=KEG@2FNVU29—FN<=KHZTFZTB29<;pZTF@29<585O>•HZTEGB}ZGZTB2ET>\N<9<EG9<R2ET>A589—HG=K;2=wF;29<B2EG=K;2F.PN<=K5ž


589<Jp>[ZTF)7:9<@2FO>A;pZT9"HGF8;L>AC2HGF.Pn>[ZGZTET>Y~K9<EGHG=‚N<B2F,HGF,C2EG=KCL>AJp>A;2=€F87:C2B258HGF)9<589$ZGZTEGF8N<F)NVU29‡HZTFž
7:=K5O>A;2=wF85”HGF8HZT9<7‚>w;29<E~K=KHG= ƒ  ;jN<=K58589<Jp>A7:9<;pZT=w@2FB2;j;29<B2EG=K;29X>A@jB2; >A5ZTEG=wHGF
C2BÉ=S– ~œF8HGBL>A58F8_<_Y>AEG9^N<=K7:9“B2;HT>AN<N<= i R=AZGZT=K;29“HGF8;L>AC}ZTF8N<= u @2F¥B2=¼~A> i ~K9<HGN<F8NVU29$ZGZT9"N<=K;œ
ZT9<;29<;pZTF
>A58N<B2;29S7:F8JK58FO>AFO>…@2F%7:=K589<N<=K589@2FZTET>AHG7:9$ZGZTFZT=KEGF u C=KHT>[ZT=HGBB2;C2FO>A;2= i 5O>
CL>AEG9$ZT9@2FB2;j@29<;2@2EGFZT9 u P
@L>A5¢£BL>A589HGF@2F8CL>AEZT=K;2=w@29<JK58F”HGNY>AEGF8NVU2F i 7:F8N<EG=AZTB2R2B258F u Ÿ
¢£BL>A;2@2=•HGF~K9<EGFMLNY>A;2=589SN<=K;2@2F8_<F8=K;2F%>AC2C2EG=KC2EGFO>[ZT9‡B2;L>@2F¢£B29<HZT9€B2=¼~A>HGFEG=K7:C9AP
9SF85HGB2=N<=K;pZT9<;£B}ZT=•~œF89<;29…EGF~K9<EGHT>[ZT=;29<JK58FHGNY>AEGF8NVU2F i 5.¡ F8;pZT9<EG=—C2EG=œN<9<HGHG=X@2FNVU2FO>A7‚>
9 }=œN<FZT=KHGF uVƒ
 5^HT>AN<N<=N<=K;pZTF89<;29\N<F8EGNY> B2=¼~A>}PQ@2F^N<B2F^5O>`7‚>AJKJKF8=KE…CL>AEZT9\HG=K;2=?58F8R9<EG9AP
7:9<;pZTEG96B2;L>‡N<F8;2¢£BL>A;pZTF8;L>‡HG=K;2=S=KEGJp>A;2F8_<_Y>[ZT9“>AC2C2B2;pZT=SN<=K7:96;29<F¥N<=K;pZT9<;2FZT=KEGF@29<58589
, 

B2=¼~A>}P,C9<Er=X– F8;B2;L>•HZTEGB}ZGZTB2ET> i CL>AET>AN<EGF8HZV>A5858F8;L> u 9<HT>AJK=K;L>A589…F8;p~K9<N<9‚NVU29:¢£BL>A@2ET>[ZV>


i JKEGF8JK>A58FOC2>C2~KB29<;pHGN<ZT=XF8N<=KC25OEG>A=¼EG~K9=œC2NYEG>A9<EGHG9€F8;L5O>A>C}EGZT=AF8NYZG>ZTB2uVƒET>„ @2¡ >AF EGEGF~K=^@2@2F£9<B25858;‡9SF8B27:=¼C2~AB2>}58Ÿ"HG=Q589…>[ZGHGZT=AETZG>YZT~K=K9<58F8EG;2HG9Y=“>[F8ZT5pB2;2EG9<9…B2HGEG=K=K;2;2=9
k9<HGHGŽ 9< ;2_<FO>A58F.PKC9<EGNVU)9Q– 5O>6EG=AZGZTB2ET>b;2=K;€>Y~£~œF89<;2œ9Q‹HGŒ 9<7:C2EG97‚>“HG=K58=“=KJK;2F}ZV>A;pZT= F8;…7:9<@2FO>
N<F8EGNY>•B2;L>•~K=K5ZV>•=KJK;2F  PÉN<F8=29:– F85 @29<58589…~K=K5ZT9 u P9:¢£BL>A;2@2=w>Y~£~œF89<;29‚i HGFEG=K7:C9
 

N<=K7SB2;2¢£B29wB2;!HG=K58=IB2=¼~K= ƒ „ >IEG=AZGZTB2ET>I@29<585.¡ B2=¼~K=?9\F85^N<=K;2HG9<JKB29<;pZT9wZTET>Y~A>AHG=@2F


, 

7:=K589<N<=K589:@L>A5”HT>AN<N<=>A5”C2FO>A;2=wC2EG=¼~K=œNY>A;2=WB2;L>wC2F8N<N<=K5O>\@2F &¥9<EG9<;2_Y>w@2F”C=AZT9<;2_<FO>A589
] ET>9<HGHGF.P,NVU29€HG=K7:7‚>[ZV>>A58589S7:F8JK58FO>AFO>…F8;`>AEGEGF~K=X>A@B2;2=•HZT9<HGHG=\;29<B2EG=K;29:@L>•>A5ZTEGF
N<=K58589<Jp>A7:9<;pZTF¥C2BÉ=:– ET>AJKJKF8B2;2JK9<EG9“B2;X58F~K9<5858=‡ZV>A589b@L>…C2EG=¼~K=œNY>AEG9"B2;L>€HGNY>AEGF8NY> ƒ
„ >C2EGF87‚>bCL>AEZT9^@29<585O>bZT9<=KEGFO>b@2F N<N<589<HHGFRL>AHT>HGB25 ] >[ZGZT=2P£HGN<=KC9<EZT=‡;29<JK58F>A;2;2F
¡ }P,NVU29:5O>—HG9<7:C258F8N<9…F8;pZT9<;2_<F8=K;29€@2F· 9 &¥9$ZGZTBL>AEG9€B2;)¡ >A_<F8=K;29•9€– HGB :N<F89<;pZT9‚>•C2EG=¼~K=[
NY>AEG9QB2;2=HZTF87:=K58=b@2Fn>AEG9<9QN<9<EG9<R2ET>A58FLHG9<589<_<F8=K;L>[ZT9AP£EG9<5O>[ZTF~K9Q>AJK58F2=KEGJp>A;2F2NVU29^@2=¼~œEG9<Rœ
 

R9<EG=X9<HGHG9<EG9—N<=KF8;p~K=K5ZTF%;29<585.¡ >A_<F8=K;29 ƒ „ ¡ F8C=AZT9<HGF9‚– >A5858=KET>‚NVU29‚5.¡ F8;pZT9<;2_<F8=K;29…7:9<;pZV>A589


HGFO>B2;`7:9<N<NY>A;2F8HG7:=•NVU29‚>AJKF8HGN<9:>58F~K9<5858=@29<58589…JKEGF8JK58F89"~K9<HGN<F8N<=K5O>AEGF.PÉ>AB27:9<;pZV>A;2@2=
HG=KHZV>A;2_<FO>A587:9<;pZT95O>C2EG=KRL>AR2F858FZ[>?– NVU29?>Y~£~K9<;2Jp> 5O>EG=AZGZTB2ET>j@2F"B2;L>j~K9<HGN<F8NVU29$ZGZV>}Ÿ
5.¡ >A_<F8=K;297:9<;pZV>A589W9•– @2B2;2¢£B29XEG9<HT>`HGFO>WC=KHGHGF8R2F8589—NVU29XB}ZTF8589@L>A585O>wC2EG=KRL>AR2F858FZ[>X– 9<H±
ZTEG9<7‚>A7:9<;pZT9‚RL>AHGHT>W@29<585.¡ 9 }=œN<FZT=KHGF i HG9—9<HGHT> ] =KHGHG9HG=KHZV>A;2_<FO>A587:9<;pZT9:~œF8N<F8;L>\>A@ ó P
;2=K;XN<F*HT>AEG9<R2R9 HGCL>A_<F8=€C9<EQ5O>S7:9<;pZT9 œuVƒ
„ >\HG9<N<=K;2@L>WCL>AEZT9‚@29<585O>•ZT9<=KEGFO>XHGF”RL>AHT>wHGB25 ] >[ZGZT=2P%HGN<=KC9<EZT=W;29<JK58F>A;2;2F6¡  }P
NVU29`F"@29<;2@2EGFZTFbNVU29`HGF"@2F8CL>AEZT=K;2=j@L>A5"N<=KEGC= @29<F";29<B2EG=K;2F"N<=KEZTF8NY>A58F^ZT9<;2@2=K;2=D>


ó
ET>AJKJKEGB2C2CL>AEGHGFÉF8; ] >AHGN<F@2FB2;wN<9<;pZTF8;L>AF8=2P¥@29$ZGZTFÉ@29<;2@2EG=K;2F.P)>—N<FO>AHGN<B2;2=—@29<F¢£BL>A58FÉHGF
N<=K58589<Jp>A;2=bN<F8EGNY> ó ƒ bHGF8;L>AC2HGF i F852;£B27:9<EG=@29<Fn@29<;2@2EG=K;2FL~A>AEGFO>“@L> ƒ bC9<E
F
7‚>A7:7:F ] 9<EGF2C2FTB:– C2EGF87:FZTF~œFn>  ‡7:F858F8=K;2F}C9<E5.¡ B2=K7:= uVƒ =KF8NVU)9“– N<F8EGNY>‡B2;L>‡7:9$Z[>– @29<F
  ,  

;29<B2EG=K;2F¥@29<585O>"N<=KEZT9<N<N<FO>‡HG=K;2=SET>AJKJKEGB2C2CL>[ZTFF8;‚@29<;2@2EG=K;2F.P}¢£B29<HZTF)HG9<7SR2ET>A;2=S9<HGHG9<EG9


9<589<7:9<;pZTF£N<=KHZTFZTB}ZTF~œFp@29<585.¡ >A_<F8=K;29·N<9<EG9<R2ET>A589APA9<@  N<N<589<HC=KHZTB25O>^>A5858=KET>NVU29”9<HGF8HZV>A;2=


CL>AET>A58589<58Fr9<589<7:9<;pZTFKN<=KHZTFZTB}ZTF~œFK@29<585.¡ >A_<F8=K;297:9<;pZV>A589%@29$ZGZTF kLqts.{VŽ[‹Ls Ÿ)N<FO>AHGN<B2;2=Q@2FK9<HGHGF
>AJKF8EG9<R2R9SHGBB2;`@29<;2@2EG=K;29AP,9…5.¡ >A_<F8=K;29‡N<=K;2N<9<EZV>[ZV>HGB258589SHGB29€HGF8;L>AC2HGFZT9<;2@29<EG9<R2R9
>A@X>A7:C258FMLNY>AEG9“5.¡ >A_<F8=K;29“@29<585.¡ >[ZGZT=…7:9<;pZV>A589 ƒ
4C2EGF87‚>~œF8HZV>}PC=KF8NVU)9:– 5.¡ >A_<F8=K;29€7:9<;pZV>A589:@29<JK58F
C2HGF8N<=K;2F”>Y~£~œF89<;29‚HG9<;2_Y>wN<=K;œ
HGB27:=^@2Fp9<;29<EGJKFO>}P[9<HGHT>^HG9<7SR2EG9<EG9<R2R9”9<HGHG9<EG9”F8;@2F8HT>AN<N<=KEG@2=^N<=K;589
589<JKJKFK@29<585O>MLHGF8NY> ƒ
>‡F8;‚9 &¥9$ZGZTF¥;2=K;—NA¡9“– N<=K;pZTET>A@2@2F8_<F8=K;29AŸ  žŒ€˜‚|$‹n‰Š| |  œ‹{TŒA˜“k2Ž Asnk † Ž TŒ $s‘ šs‘‰ Œ  
{$m}|
† † † † P%9<@!9—– >A;L>A58=KJK=XF8;I¢£B29<HZT=>A5NY>A7:C=\@29t
HG‹¥N<Ž[EG‹ FZGZT‰ =Œ[@Lqàk2>AŽ585.¡ 9<‰.ŒW¢£BL‹ >A|:_< F8=K˜:;2ŒK9S‰Š| @2F shŒw NV‹ U2|E =K |$@2‹¥F8|;2JK[9<shEŒ i >A587:9<;2=—HG9<N<=K;2@2=X5.¡ F8;pZT9<EGC2EG9$ZV>A_<F8=K;29SN<=KE±
  

EG9<;pZT9 uVƒ  ;2=K5ZTEG9AP  žŒ˜‚|$‹n‰Š|\‹¥Ž[‹ Œr[sOqY{V| As † |<‰h‰.ŒA˜‚|$‹n‰Š|Xq } l žŒ˜:ŒK‰Š| † shŒ {V| † | † ŒK | 
˜7::=œŒ\@2qY=SŽA ¸~K‰.9<ŒA;2‹nJK‰Š=KŽ\;2q =—} l>… |‡NY>Ak @2† Ž9<EGT9"Œ $F*s‘ šC2s‘‰EGŒ =K R2As589<7:† |TF¥Œ @2$s.9<Ž[585.‹¥¡ F8| ;pZT£|9<<ET l>A |:_<F8=K ;2† s89“A š7:s.| 9<;p=AZT|t9tqYà{$N<s.=K{VEGŽAC žŒ =€† s NVŸSU29‡F8;?>Y~K¢£9$B2~A9<>AH;2ZT==
 $
    

ZTB2EGRL>[ZT=€F85)@2BL>A58F8HG7:=…>€CL>AEZTF8EG9“@L>:’“9<HGNY>AEZT9<H^HZT9<HGHG= ƒ
40HGNY>A;2HG=‚@2F)9<¢£B2F~K=œN<F.Pn>…=K;2=KE@29<5*~K9<EG=:JK9<;29<ET>[ZTF*@L>…C9<EGHGF8HZT9<;pZTF,9"C=œN<= ] 9<58F8N<F
@2F8NVU2FO>AET>A_<F8=K;2F
ML58=KHG=AMLNVU29•9EG9<58F8JKF8=KHG9—@2F N<N<589<H€HZT9<HGHG=2P”5O>\ZT9<=KEGFO>w;2=K; 9•– F8;N<=K;œ
ZTET>AHZT=:N<=K;X5.¡ 9$~K=K58B2_<F8=K;29 ƒ 46;2_<F.PLN<=K7:9b9<JK58F*UL>€9<5O>AR=KET>[ZT=…;29<5 ó 8 8 F8; =AŽA  $s.Ž[‹¥|
£|] 9<<;2 =K{V7:| †9<=A;2|<=€ l ;LŽ`>[|\ZT=€{ N<† =K|TŒ ;X$s.F)Ž[7‚‹¥| >A7:£|<7: l  F ] s.9<Ž EGP·F.P£5O>wN<=KHG7:BL9b>W7:=KC29<F8N<;2NYF8>A=K;2;2F89wHG7:9—– =…NV@2U2F*9•F8;p5O>wZT9<7:JKET9<>A;p_<ZTF89=K;2HT9“>AEGEG9<9<R2HG=:R9;29<B2Nt; 
 


9<HGHT>AEGF8=—@L>A5ÉC=AZT9<;2_<FO>A7:9<;pZT=—N<9<EG9<R2ET>A589AP¥9S@L>A585O>€N<=K;2HG9<JKB29<;pZT9…N<EG9<HGN<FZV>—@29<585O>€7:=K589
@29<F@L>[ZTFHG9<;2HG=KEGFO>A58FÉ@L>—9<5O>AR=KET>AEG9AŸ k † sl˜:Œ £|$s =A| † ‰Š| † ŒK‰‘s”‹¥Ž[‹{ | † Œw{VŽrqY{$s.|$‹ YŒ Q|
k † sl˜:„ Œ>€ZT£|9<<=K l EGFOL>€Ž[;2˜‚=KŽ€;I‹¥9‡– Ž[;2‹`9<{C2C2| B2† ŒEG9‡Œ F8};X‰ŠŽ¼N<{V=KŽr;pqYZT{$ETs.>A|$H‹ ZTY=—ŒnƒN<=K;\589‡>AC2CL>AEG9<;pZT9<7:9<;pZT9‡EGF~A>A58F¥ZT9<=KEGF89
$ 
  

@29<F;29<B2EG=K7:9<;pZTF Ei  UL>A;2JK9Y>AB ¥P  EGF8AN @nP”’b>A7‚>AHGF8=\9<@  @29<587‚>A; u P·9•HGFC=K;29HG9<7…


C258F8N<9<7:9<;pZT9W>A@ B2;z@2F &¥9<EG9<;pZT9W58F~K9<5858=2Ÿ`F8;p~K9<N<9@2F6ZTET>[ZGZV>AEG9WF8;!7‚>A;2F89<ET>IN<5O>AHGHGF8NY>
>AJKJKEG9<Jp>A_<F8=K;2F)7‚>AN<EG=KHGN<=KC2F8NVU29"@2F*;29<B2EG=K;2F.PL;29"@29<HGN<EGF~K9‡F8;•7‚>A;2F89<ET>S¢£BL>A;pZTF8HZTF8NY>€F85
N<=K7:C=KEZV>A7:9<;pZT=‚HGF8;2JK=K58=2Pn=@2F>AJKJKEG9<Jp>A_<F8=K;2FÉ7:F8N<EG=KHGN<=KC2F8NVU29 46;2_<F.P)589@2B29SZTET>[Z
ZV>A_<F8=K;2FKHG=K;2=^N<=K7:C2589<7:9<;pZV>AEGF.P¼C9<EGNVU)9– B2;L>Q@29<HGN<EGF8_<F8=K;29
N<5O>AHGHGF8NYƒ >@29$~K9”9<HGHG9<EG9”;29<N<9<H±
HT>AEGFO>A7:9<;pZT9@29$ZT9<EG7:F8;2F8HZTF8NY>}P ™  9”;2=K;‡C2BÉ=“– ¢£B2F8;2@2FœEG9<;2@29<EN<=K;pZT=“@2FœN<=K7:C=KEZV>A7:9<;pZTF
>AC2CL>AEG9<;pZT9<7:9<;pZT9€~K=K58=K;pZV>AEGF i >7:9<;2=•@2F·EGF8@2B2EGHGF·>A@B2;N<=K7:C2589$ZT=7:9<N<NY>A;2F8N<F8HG7:=
®²$t¨[«Š®tÆl°Š¦¨[Þrå ȼª)¶K­$µh¨¬Vª¥®tÊrÁ[«.«Š®$¶¸®t®Vµ‘¹©.©Š¶¸®,¶š°­$®t¶š¨r¨YÀ¶A¬$¨rª­¼ª¨<°¶p©.®tªn«.«.ª2¶¸¶šµhÀ㞾rª¯Êr¨r©Š«.®V­$ª©.À¬$¶žìŠªGªŠȼ¨r¶š¶¼Ár°¶š®t¯š¶¼­tꞩ.¶š¶¸¨”°±¶$ä<ÊA¾[ª®t«Š¨<°Š©.Þ£­Éªâ Êr®t¶¸¨[°°Š°±Þp­$¯šÇ ªGªµ.¬Vµh®t¶Y«.µh¶¸­$®t¨r¹­,¶š­$©.¨rª¶$­$ȼ«.¶¸ª°¶¼®tÈrÀ®V©.ª¶¼¨<ÊA©.ªn­<µ.ȼµhª±­$©.¨rª­É«.À²$ª¶š¨r¨r¶¸ªµ‘«Š©.®t¶¸°±«.¶8ª »

ó
7:9<;pZV>A589 uVƒ
 ;}ML;29AP)R9<;2NVU)9S– 5O>…ZT9<=KEGFO>:@2F  N<N<589<H6HGFÉC2EG= ] 9<HGHGF@2BL>A58F8HZV>}Pn9<HGHT>‚;2=K;w58=\9‡– F8;XB2;
HG9<;2HG=•NY>AEZT9<HGFO>A;2=2Ÿ^>A;2_<F.P5O>‚EGF8@2B2_<F8=K;29@2F9<;pZTET>A7SR9…>‚NY>A7:C2FÉ@2FC2EG=KRL>AR2F858FZ[>€– C2BÉ= –
] >AE—C2EG9<HGB27:9<EG9W5.¡ 9<HGF8HZT9<;2_Y>@2F“B2;L>?HG=KHZV>A;2_<FO>A589 s £|$‹n‰‘s‘‰ Œ  Asq$‰ † }‰h‰ † Œk † Ž <Ž[‹ pŒ
‰HG†9<Œ?;2HG˜‚=|$NV‹nU2‰Š9S|w5O>:|\7:˜:9<ŒK;p‰ŠZT| 9‚† sh9‡–Œnƒ B2;w 5Q9<C2@2FBL] >A9<;258F8=KHG7:7:=j9<;29X–=‚F8HG;p=K~KJK9<JKN<9$9wZGZT9<F~KHGC2=258PF8N<F85 FZV>A7:=K;29<;p@2ZT= 9C@2=K9<C258C5O>€9<EGN<FO>A=K;2HGN<=2F8P”9<;2;2_Y9<> 5
  

F8;2@2F~œF8@2BL>A589APnNVU29SHGFÉ=KC2C=K;29S@L>‚B2;w5O>[ZT=—>A5 =K;2@2= ó @29<585O>:7‚>[ZT9<EGFO>}Pn9‡@L>A585.¡ >A5ZTEG=


,

>A@—B2;B25ZT9<EGF8=KEG9^9<C2F ] 9<;2=K7:9<;2=S=KJKJK9$ZGZTF~K=2PœF85 =K;2@2= 9 @29<585O>N<=K;2=KHGN<9<;2_Y>…HG=œN<FO>A589^9


HZT=KEGF8NY> HGF)@2=¼~œEG9<R2R9¢£B2F8;2@2F*C2FTB– C2EG=KC2EGFO>A7:9<;pZT9“CL>AEG5O>AEG9b@2F¥ZTEGFO>A58F8HG7:=2Pœ>€7:9<;2=€@2F
~K=K589<EHGN<=Ki 7:=œ@L>AEG9"@2F8EG9$ZGZV>A7:9<;pZT9b5O> › EGF8;2FZ[> – uVƒ
 ! b % É # " $ #%L
B2E"7:=AZTF~A>[ZT=@L>C2EG=KR2589<7‚>[ZTF8NVU29…N<=K7:C2589$ZV>A7:9<;pZT9…@2F &¥9<EG9<;pZTF.PÉ>C=KHGF8_<F8=K;2F%HGF87:F858F
>‚¢£B29<58589S@2F  N<N<589<H…9S– C9<E~K9<;£B}ZT=•@2FEG9<N<9<;pZT9:>A;2NVU29     .  3    nP¥@L>AC2C2EGF87‚>

;29<5 ó 8 8 N<=K;—5O> Œ…˜‚|$‹n‰Š|6‹ L'Ž =[Œ £|< l  sl˜“k2| † ŒK‰ŠŽ † | P£96C=KFn;29<5 ó 8:8  N<=K; |Ž[˜ † |



£|< l žŒ:9<˜‚E7:|$‹n=A‰ŠZT|pFƒ ~œF2NVU296;2=K;:F8;pZT9<EG9<HGHT>A;2=‡¢£B2F.P£C9<EGNVU)9^– ;2=K;‚UL>A;2;2=;2F89<;pZT96>bNVU29^~K9<@29<EG9


 

N<=K;X5O>…7:9<N<NY>A;2F8NY>…¢£BL>A;pZTF8HZTF8NY>}P 9<;2EG=KHG9‡9<;£B2;2N<FO>€B2;X@2=KJK7‚>…N<9<;pZTET>A589"HG9<N<=K;2@2=‚F85

¢£BL>A589—;29<FC2EG=œN<9<HGHGF7:9<;pZV>A58F”HG=K;2=C2EG9<HG9<;pZTFQ>AHGC9$ZGZTF;2=K;N<=K7:C2B}ZV>AR2F858F.PNVU29•N<=K;œ

@L>A;2;L>A;2=‚>A5 ] >A5858F87:9<;pZT=‡F*C2EG=KJK9$ZGZTF)@29<585.¡  ;pZT9<5858F8JK9<;2_Y>‡46EZTFMLN<FO>A589 ƒ


9<;2EG=KHG9•EGFZTF89<;29‚NVU295O>XMLHGF8NY>w7:=œ@29<EG;L>}P%;2=K;jHG=K58=w¢£B29<585O>\N<5O>AHGHGF8NY>\7‚> i HG=KE±
C2EG9<;2@29<;pZT9<7:9<;pZT9 u >A;2NVU296¢£B29<585O>b¢£BL>A;pZTF8HZTF8NY>}Pœ;2=K;:9<HGF8R2F8HGNY>C9<Er=S– >AHGC9$ZGZTFnF8;pZTEGF8;2HG9t

NY>A7:9<;pZT9S;2=K;WN<=K7:C2B}ZV>A_<F8=K;L>A58F.ŸC9<E6ZTEG=¼~A>AEG58FÉHT>AEr>‚– @2B2;2¢£B29€;29<N<9<HGHT>AEGF8=X>[ZGZT9<;2@29<EG9
B2;L>€ZT9<=KEGFO>€@29<585O>…JKET>Y~œFZV>A_<F8=K;29"¢£BL>A;pZTF8HZTF8NY>}Pn@L>A585O>…¢£BL>A589@2=¼~œEG9<R2R9 i =:C=AZTEG9<R2R9 u
@29<EGF~A>AEG9B2;L>“HGC2F89<Jp>A_<F8=K;29@29<52N<=K585O>AHGHG=“@29<585O> ] B2;2_<F8=K;29@)¡ =K;2@L> ƒ „ ¡ F8@29Y>“@2F 9<;2EG=KHG9
9S– NVU29…5O>‚HG=¼~œET>AC2C=KHGF8_<F8=K;29S@2FHZV>[ZTFHGFO>‚F8;2HZV>AR2F8589AP9SNVU29…C=KHGHT>9<HGHG9<EG9€7‚>A;pZT9<;£B}ZV>

HG=K5ZV>A;pZT=…F8;HGFZTBL>A_<F8=K;2F@2F)RL>AHGHT>€9<;29<EGJKFO>}Ÿ%F8;C2EG9<HG9<;2_Y>€@2F)B2;•HGB :N<F89<;pZT9"@2F8HZTB2EGR=
>A7SR2F89<;pZV>A589 N<=K;2@2F8_<F8=K;29;2=KEG7‚>A589>A@\9<HG9<7:C2F8=‚C9<E^FÉHGF8HZT9<7:F,R2F8=K58=KJKF8N<F P}JK58F,HZV>[ZTF


HG=¼~œET>AC2C=KHZTF%i @2=¼~œEG9<R2R9<EG=XHG9<CL>AET>AEGHGF·F8;w7‚>A;2F89<ET>‚HGB :N<F89<;pZT9€@L>—EG9<;2@29<EG9€u F87:C=KHGHGFž


R2F8589“B2;L>€58=KEG=…N<=œ9<HGF8HZT9<;2_Y>}PL9";29<N<9<HGHT>AEGFO>:B2;L>…HGN<9<5ZV> ] ET>…9<HGHGF ƒ


4 HGNY>A;2HG=@2F9<¢£B2F~K=œN<F.P 9<;2EG=KHG9•EGFZTF89<;29—NVU29•F85C2EG=KR2589<7‚>\@29<5N<=K585O>AHGHG=\~A>A@L>
EGF8HG=K5ZT=:F8;w7‚>A;2F89<ET>:>AB}ZT=K;2=K7‚>:9SC2B2ET>A7:9<;pZT9‡MLHGF8NY>}P¥F8;\CL>AEZTF8N<=K5O>AEG9 qY|$‹ YŒ ] >AE6F8;œ

ZT9<E~K9<;2F8EG9
5O>N<=KHGN<F89<;2_Y> ƒ 46;2_<F.PrB2;L>~K=K5ZV>”ZTEG=¼~A>[ZV>B2;L>HG=K58B2_<F8=K;29·NVU29 ] >AN<N<FO>9<7:9<EGJ[ 

9<EG9:HG=KHZV>A;2_<FO>A58F
>AHGC9$ZGZTF
;2=K;IN<=K7:C2B}ZV>A_<F8=K;L>A58F.P)HGFC=AZTEr>– ML;L>A587:9<;pZT9:'> &¥EG=K;pZV>AEG9:F85
C2EG=KR2589<7‚>b@29<585O>"N<=KHGN<F89<;2_Y>F8;:7‚>A;2F89<ET>bEGF8@2B2_<F8=K;2F8HZTF8NY> ƒ „ ¡ >[ZGZV>AN<N<=‡@2F 9<;2EG=KHG9“>A585O>
 ;pZT9<5858F8JK9<;2_Y>`46EZTFMLN<FO>A589X;2=K; 9w– @2B2;2¢£B29WB2; >[ZGZV>AN<N<=?N<=K;pZTEG=F85^EGF8@2B2_<F8=K;2F8HG7:=`F8;

ó 
JK9<;29<ET>A589AP7‚>`HG=K5ZV>A;pZT=IN<=K;pZTEG=?B2;L>`HGBL> ] =KEG7‚>CL>AEZTF8N<=K5O>AEG7:9<;pZT9•EG=K_<_Y>I9\HG9<7…
C258F8N<F8HZTF8NY>}P·NVU29XC2EG9$ZT9<;2@29X@2FEGF8@2B2EGEG95O>WN<=K7:C2589<HGHGFZ[>w– @29<FQC2EG=œN<9<HGHGFMLHGF8N<=[àNVU2F87:F8N<F
@29<5*N<9<E~K9<5858=:>A585O>SHG9<7:C258F8N<FZ[>‡– @29<F*C2EG=œN<9<HGHGF,9<589$ZGZTEG=K;2F8N<F)@29<F*NY>A58N<=K5O>[ZT=KEGF ƒ
4 :;2NVU)9S– C9<Er=‚– 5.¡ F8;pZT9<EG=:C2EG=KJK9$ZGZT=‚HZTFO>:F8;XC2F89<@2F.P,9– ;29<N<9<HGHT>AEGF8=—NVU29SF85*HGB2R2HZTET>[ZT=
MLHGF8N<=@29<F“C2EG=œN<9<HGHGF“7:9<;pZV>A58F^HGF“HGFZTB2F“>A@!B2; 58F~K9<5858=`HGB :N<F89<;pZT9<7:9<;pZT9RL>AHGHG=j;29<5


N<9<E~K9<5858=2P£F8;:7‚>A;2F89<ET>“ZV>A589@L> ] >AE
F8;pZT9<E~K9<;2F8EG9 ] 9<;2=K7:9<;2Fn¢£BL>A;pZTF8HZTF8N<FL9^EGF8@2B2_<F8=K;2FL@2F


] B2;2_<F8=K;2FK@)¡ =K;2@L> ƒ  B2F 9<;2EG=KHG9HGFpHGC2F8;2JK9·=K5ZTEG9%589%C2EG=KC=KHZT9


@2F  N<N<589<H<P[C2EG=KC=K;29<;2@2=
@2FÉHGN<9<;2@29<EG9:>A@wB2;w58F~K9<5858=:C2FTB\– RL>AHGHG=—@29<58589‡F8;pZT9<ET>A_<F8=K;2F,HGF8;L>AC}ZTF8NVU29AŸQ5O>:HGBL>:ZT9<HGF9–

NVU29 s%˜…s.{ † ŽA‰ } šs%q =AŽA  pŽ[‹¥Ž œ‹ † LŽA Ž|tqVqY|$‹ $shŒK |b‹¥|< l  Œ $s.Ž[‹¥| £|< l žŒ{VŽrqY{$s.|$‹ YŒnƒ
„ ¡ =KHGHG9<E~A>A_<F8=K;29 ] =K;2@L>A7:9<;pZV>A589"9^– NVU29“589QN<9<5858B2589Q9<B2NY>AEGF8=AZT9 i N<F8=29^– ¢£B29<58589Q@2FnZTB}ZGZTF
      

F,HGF8HZT9<7:F*~œF~K9<;pZTF9<N<N<9$ZGZT=‚~œF8EGB2H<P¥>A58JKU299RL>[ZGZT9<EGF.Pn5O>€N<B2FÉHZTEGB}ZGZTB2ET>\9‡– C2EG=œNY>AEGF8=AZV> u
UL>A;2;2=•@2B29…N<9<;pZTEGF%~œFZV>A58F.ŸQF85 ‹ L{< |VŽ N<=K;5.¡ F8; ] =KEG7‚>A_<F8=K;29JK9<;29$ZTF8NY>}P*NVU29€N<=K;pZTEG=K585O>
5.¡ 9<EG9<@2FZV>AEGF89$Z[>…– 95O>€C2EG=œ@2B2_<F8=K;29"@29<58589"C2EG=AZT9<F8;29@2F,N<B2FÉ5O>€N<9<5858B25O>9– N<=K7:C=KHZV>}PL9‡F85


† P}NVU29bN<=K;pZTEG=K585O>5.¡ >A_<F8=K;296@29<585O>N<9<5858B25O> i N<=K7:C2EG9<HT>S5O>‡@2F~œF8HGF8=K;29^7:FZT=AZ


F8{VNY|$> ‹nu ‰ 9bŽrqY5O>…Ž[˜:HGBLŒ >€=KEGJp>A;2F8_<_Y>A_<F8=K;29 ƒ
 5)N<9<;pZTEG=KHG=K7‚>—9“– F85¥HGF8HZT9<7‚>‡@2F)N<=K;pZTEG=K5858=‡@29<5 {$s‘‰ŠŽrqY{$m}|< |<‰ † Ž P}B2;L>SHGC9<N<F89b@2F¥HGF8H±
ZT9<7‚>W;29<E~K=KHG=I@29<585O>wN<9<5858B25O>}P·N<=KHZTFZTB2FZT=W@L>WMLR2EG9•@2F ˜…s.{ † ŽA‰ } šs P589N<B2FQCL>AEG9$ZTF
HG=K;2=…N<=K7:C=KHZT96@2FZV>AHGHG9<5858F¥> ] =KEG7‚>@2F)>AET>ANVU2F8@29 i ZTB2R2B258F8;2F u P£N<=K;B2;9<589$ZGZTEG=K;296C2Fž  

>A_<_Y>[ZT=‚;29<5É7:9<_<_<=2PNVU29‡C2BÉ=‚– CL>AHGHT>AEG9S@L>:B2;L>:;2=œN<N<F8=K58F8;L>€>A585.¡ >A5ZTET> JK;2F*ZV>AHGHG9<5858=


9€– N<F8EGN<=K;2@L>[ZT=•@L>X>A5ZTEGF%HG9<F·@2F8HGC=KHZTF·F8;B2;L>•HZTEGB}ZGZTB2ET>•9<HT>AJK=K;L>A589AP,ƒ5O>N<B2F·C=K5O>AEGF8_t
_Y>A_<F8=K;29•@29$ZT9<EG7:F8;L>5O>WC=KHGF8_<F8=K;29•@29<585.¡ 9<589$ZGZTEG=K;29;29<5ZV>AHGHG9<5858=N<9<;pZTET>A589AŸ\F8; >A5ZTEG9
CL>AEG=K589AP2N<FO>AHGN<B2;X7:F8N<EG=AZTB2R2B258= ] B2;2_<F8=K;L>…N<=K7:9bB2; Œ }‰ŠŽ[˜:Œ•{V|< l  } žŒ † |pƒ
=KF8NVU)9b– ¢£B29<HZT=€~A>A5896C9<EN<FO>AHGN<B2;L>SN<9<5858B25O>;29<B2EG=K;L>A589AP25.¡ F8;pZT9<ET>‡HZTEGB}ZGZTB2ET>SN<9<EG9t
 

R2ET>A589“;2=K;9“– @2B2;2¢£B29"B2;•HG9<7:C258F8N<96N<=K7:C2B}ZT9<E<P2N<=K7:9“;29<F)7:=œ@29<5858FnC2FTB—– HGB2C9<EMLN<FO>A58F.P


7‚>SB2;2=…F)N<B2F)NVU2F8C•HG=K;2=€>…58=KEG=‡~K=K5ZV>S@29<F)N<=K7:C2B}ZT9<E i B2;L> {VŽ[‹L‹¥|V{<‰‘s.Ž[‹\˜:Œ£{$mpsl‹¥|AuVƒ


 ;X>A5ZTEG9“CL>AEG=K589AP s%˜…s.{ † ŽA‰ } šs
Œr¼[s œ‹}pŽ[‹¥Ž œ‹W šs =A|< l Ž As{VŽ[˜“k |tqVqts‘‰ Œ‚ ŒK ¥˜‚Ž £|< l Ž
{VŽ[˜“ k 5K};£‰.B2Œ =¼$~Ks.=^Ž[‹58FŒK~K 9<| 5858£|=”<@2 ÉFK{VN<| =K† =A7:|<C2 l 58Ž29<ƒHGHGFZ[>– C2EG=œ@2B2N<9
B2;"HT>A5ZT=@2Fp¢£BL>A58FZ[>”– ;29<58589C=AZT9<;2_<FO>A58FZ[> –
   
 

@29<5^HGF8HZT9<7‚> ƒ  9\F8; ] >[ZGZTFQN<9<;pZT=7:F858FO>AEG@2F i ó ™à™Vu @2F^;29<B2EG=K;2F6NY>ACL>AN<F^@2F^5O>A;2N<FO>AEG9


7:F858589 i ó u HG9<JK;L>A58F>A5”HG9<N<=K;2@2=C9<EG7:9$ZGZT=K;2=WB2;L> ] EG9<¢£B29<;2_Y>@2F ó ™ HG9<JK;L>A58F>A5


HG9<N<=K;2@2=2P2F@2F89<N<F87:F85O> i ó <u ZTB2R2B258F8;2FnC9<E”;29<B2EG=K;29AP2N<FO>AHGN<B2;2=…F8;‚JKET>A@2=S@2F5O>A;2N<FO>AEG9


  

C9<EN<=K;pZT=bHGB2=“B2;…B25ZT9<EGF8=KEG97:F858F8=K;29 ó @2FœHG9<JK;L>A58F}>A5œHG9<N<=K;2@2=2PpC=KEZV>A;2=65.¡ F8;pZT9<ET>


 

] EG9<¢£B29<;2_Y>\> ó HG9<JK;L>A58F·>A5·HG9<N<=K;2@2i = ƒ  u HG9:B2;L> ] EG9<¢£B29<;2_Y>\@29<585.¡ =KEG@2F8;29S@2F ó ™


 

C=AZT9$~A>9<HGHG9<EG9:@2F%C2EG=KHGHGF87‚>—C=KEZV>[ZV>—C9<E"F%N<=K7:C2B}ZT9<E<P*B2;L>@29<585.¡ =KEG@2F8;29S@2F ó 9–
    

C9<EQ=KET>…HG9<7:C258F8N<9<7:9<;pZT9bB2;X7:F8ET>AJKJKF8= ƒ
  

 F¥C2BÉ=… – HG=KHZT9<;29<EG9>‡¢£B29<HZT=€C2B2;pZT=…NVU29  žŒ—{VŽrqY{$s.|$‹ YŒ…mœŒ:Œ—{$m}| $Œ † |‡{VŽ[s˜…s.{ † ŽA


‰ } šs%k2| † {$m |‡ qYŽ[‹¥Žw|tqVqtsQŒ £|<‰Š| † ˜…sl‹Œ † |€ žŒ€k žŒ[q$‰‘s.{$s‘‰ ŒW {V| † | † ŒK |pƒ  B29<HZV>•F8; ] >[ZGZTF

  $

ó8
;2=K;W@2F8C9<;2@29S@L>A585O>:HZTEGB}ZGZTB2ET>—;29<B2EG=K;L>A589AP)NVU29…EGF87‚>A;29‡>AR2RL>AHZV>A;2_Y>—HZV>AR2F8589‡@2=KC=
5O> ] =KEG7‚>A_<F8=K;29…@29<5
N<9<E~K9<5858=2PÉ7‚>•@L>A58589…N<=K;2;29<HGHGF8=K;2F
HGF8;L>AC}ZTF8NVU29APÉNVU29‚HG=K;2=\@29$ZT9<E±
7:F8;L>[ZT9:C2EG=KC2EGF8=\@L>A58589…MLR2EG9—@2F7:F8N<EG=AZTB2R2B258F.Ÿ‡9AP
>X@2F &¥9<EG9<;2_Y>w@29<F;29<B2EG=K;2F.P%HGFO>\F
7:F8N<EG=AZTB2R2B258F%HGF8;2JK=K58F·NVU29—F
N<=K58589<Jp>A7:9<;pZTF ] ET>X7:F8N<EG=AZTB2R2B258F·@2F~K9<EGHGFHG=K;2=w>AC2C2B2;pZT=
HG=KJKJK9$ZGZTF^>A@ B2; N<=K;pZTF8;£B2=IC2EG=œN<9<HGHG=I@2FQN<EG9<HGN<FZV>`9X@29<JK9<;29<ET>A_<F8=K;29APEG9<HGC=K;2HT>AR2F8589
@29<585O>S– N<=K;pZTF8;£BL>€EGF8HZTEGB}ZGZTB2ET>A_<F8=K;29“@29<58589bN<=K;2;29<HGHGF8=K;2F*;29<B2EG=K;L>A58F ƒ
F8;pZT9<EG9<HGHT>A;pZT9“;2=AZV>AEG9^NVU29“F85nN<9<;pZTEG=KHG=K7‚>NVU29“N<=K;pZTEG=K585O>bF85nN<FZT=KHGNVU29<589$ZTEG=2PœC2EG9t
HG9<;pZT 9WF8;!>A5ZTEGFZTF8C2F^@2F6N<9<5858B2589AP ‹¥Ž[‹ 9<HGF8HZT9w;29<F6;29<B2EG=K;2F.PQF85QNVU29 ] >IC9<;2HT>AEG9WNVU29
9<HGHGF,HGFO>A;2=€N<=K;pZTEG=K585O>[ZTF¥F8;X¢£BL>A58NVU29"7‚>A;2F89<ET>SJK58=KRL>A589 ƒ „ ¡ =¼~£~œFO>€HGB2C2C=KHGF8_<F8=K;29€9"– NVU29
s‘ {V| † =A|< l ŽW|tqts $sOqY{V| <|$‹¥Ž[˜‚|$‹Ls † Asb{VŽ¼| † |$P”‹ >YŒ 58F~K29<ŒA5858‹n=w‰‘sOHGq$FO‰‘>s.{TŒ@2F† HG|tF8qà;2k2JKŽ[=K‹258q<FŒ ;2$9<s‘ šB2s EG£|=K<;2 F{VNVŽ¼U2Ž 9\† As@2‘F
HG‹F8ŒAHZT˜‚9<7:|$‹nF%‰ŠŽ C2FTBw£|– <N< l =K7:Œ $C2s.Ž[589<‹¥HG| HGF £|ƒ $„ sb>˜…N<s.=œ{ 9<ŽAEG9<‰ ;2_Y}>} šP,s F8;N<B2F%7:=K5ZT9SCL>AEZTF8N<9<58589‡HGF%ZTEG=¼~A>A;2=•F8;WB2;
     
  

B2;2F8N<=‚HZV>[ZT=:9<@w9<HGF8R2F8HGN<=K;2=‚N<=K7:C=KEZV>A7:9<;pZTF*¢£BL>A;pZTF8HZTF8N<F,7‚>AN<EG=KHGN<=KC2F8N<F.P2C=AZTEG9<R2R9
>A@2@2F8EGFZGZTB2ET>S9<HGHG9<EG9EG9<HGC=K;2HT>AR2F8589b@29<585O>SC9<EGN<9<_<F8=K;29"B2;2FZV>AEGFO>S@29<585O>SN<=KHGN<F89<;2_Y> ƒš™à™
 9\9 &¥9$ZGZTF~A>A7:9<;pZT9X5O>N<=KHGN<F89<;2_Y> 9X – N<=K58589<Jp>[ZV>`>A585.¡ >A_<F8=K;29—N<=œ=KEG@2F8;L>[ZV>@29<F^7:Fž
N<EG=AZTB2R2B258F.PHG=KEGJK9—HGC=K;pZV>A;29Y>w5O>X@2=K7‚>A;2@L>\HG9—9<HGHT>WC=KHGHT>w9<HGHG9<EG9C2EG9<HG9<;pZT9•F8;?>A5ž
ZTEGF
HGF8HZT9<7:F
=KEGJp>A;2F8N<F·9<B2NY>AEGF8=AZTF.PÉ9$~K9<;pZTBL>A587:9<;pZT9‚F8;`ZTB}ZGZTF ƒ  5 ] >[ZGZT=XNVU29‚FN<=K7SB2;2F
>A;29<HZT9$ZTF8N<FÉ>AR2R2FO>A;2=:B2;)¡ >A_<F8=K;29CL>AET>A58F8_<_Y>A;pZT9>A;2NVU29‡HGB\7:F8N<EG=œ=KEGJp>A;2F8HG7:F¥B2;2F8N<9<5858Bœ
5O>AEGF.P
C=AZTEG9<R2R9•9 &¥9$ZGZTF~A>A7:9<;pZT9 ] >AE…F8C=AZTF8_<_Y>AEG9B2;L>`EGF8HGC=KHZV>WC=KHGFZTF~A> ƒ 9<;2EG=KHG9
;2=K;‚HGFnHGC2F8;2JK9^N<=KHà–58=K;pZV>A;2=2Pœ>AN<N<=K;pZT9<;pZV>A;2@2=KHGF¥@2F>'&¥9<EG7‚>AEG9QNVU29  žŒ:{VŽrqY{$s.|$‹ YŒ‡‹¥Ž[‹

|F8;•œ9<‹ 589 <] >A|$;p‹¥ZTŽ[F)˜‚9"|$HG‹¥N<Ž‡F87:k 7:† F8ŒA9 ˜‚|$‹n‰Š| œ˜:ŒA‹¥Ž P)9<@j9…– >A@9<HG9<7:C2F8=C2EG=KRL>AR2F8587:9<;pZT9‡C2EG9<HG9<;pZT9


B L>A;pZT=b>A585O>C=KHGF8_<F8ƒ =K;29=K;pZT=K58=KJKF8NY>}P 9<;2EG=KHG9;2=K;SHGFœ@2F8HGN<=KHZV>^ZTEG=KC2C=6@L>6¢£B29<585O>


  

@2F  N<N<589<H9 =KC2C9<E<P£9<@‚>AN<N<9$ZGZV>5O>“@2F8HZTF8;2_<F8=K;29;29<F2ZTEG9Q7:=K;2@2F2@29<JK58F2=KJKJK9$ZGZTF.Pp@29<58589


HG9<;2HT>A_<F8=K;2F9…@29<58589F8@29<9 ƒ >}P*>—@2F &¥9<EG9<;2_Y>—@2F  N<N<589<H“9 =KC2C9<E<P*9<JK58FÉEGFZTF89<;29‡NVU29


 B2ž
Œ ;L>…=A| C† Œ=KHG† F8|T_<ŒKF8=K ¸‰ ;2Œ  96|bN<9<s‘E ZT˜‚=€Ž[HG‹=KEG£ŽC2EG9<£|;2<@2 l 9<|b;ps ZT£|9V|C 9<EAs
B2{ ;•œEGsÉF8A@2 šB2s·_<ŒKF8=K ¸‰ ;2† sF8HZV>}LP}|b>AqY;2Ž[NV‹¥U2ŽS9"qYHGŽA9  ¸‰.] ŒA=K‹nEGHG‰Š9bŽ ;2† s=K;•|tqVCqt9<s E Ÿ

   

B2;X7‚>[ZT9<7‚>[ZTF8N<= ƒ
ÊAÀQª®tÆ.«Š¨rƊ®V§n¶©.㞾r㞪Gª«.µ‘¨rª©Š®t­$ê«.À°±ª6­$ªÀ®t¨r¨[¶Kª,°ŠÈ¼ÊAÞr¶£ªª6°±«*­Y¶šµh¨‚ª¾r«.ÊAªÊr¨rª«.«ŠªG¹G°±µh®­$ª¨rä<¨[¾[¹Gȼ®‡®t¾¼¨<©hȼ©.©.¶š¶,¶¸¬Yµ‘©.­<¶ ©V¶¸µ.°®%â °±®%¶š­”¯šª¯¸®t«Šµh¾r®t¹¶š¨rÊA­$­ª¨r« ¶n¾rC[¨[®$¾r®Ȃ¶¸È¼¬$¶®t©V­$¯ ®<⩊¯ ©ŠìŠ®"®
»<ÀQ㞫.«.¶ ªG®·©.ä<ª­$¾r¨Y²$ª¾¼²$¨r©.¶A¶A¹G®‚µhÊAª­<À”êµ.ȼµhÁrª¶š«ŠÁr¯š¯8®%¶šÇ ¯š­$¶[°Š«ŠÞrµhȼ­$ªÉ¶š¯š¨r­ªGª6µ.®µhȼ¶KÁ[¶Éµh®$¶A¿ µ.ÊAµh­<—ªɵ.©.µ.ª®tYÀ ¨rÆl­¦
#

­<°±¶¸µ.°±°±¯š¶š­¯š¯¸®t®”¹Á[¶š­$®$¨rµ.¶Kµ.®·®t¯2㞫.µhªGªGä<°±¾r­$ª¨[¨rȼ¹G­r®6»KÊrêȼ¶.¾"ªâ ¯š¯8­^Ç ­$À«ŠÈ¼ª¶š¨r¨r­6ª,ȼä<¶¾rª¯š¯¸®­<µ.ȼ°±ª¶š¶œ¯š¯¸©.®t¾r¹Ár¶š­$¾r¨r¯š¶r¶š¨r®t¶ž¯pìŠÅ%µhªGñœ°±­$®^¨[°±È¼­<­Yµ.ì®Qµ.¨r°±­$­$ÊA¨ªµh«hª©.À”­”Ár«.ªG«Š°±®ª¨<°±­$©.ª¯š¯šÀª²<ª®V¨<©Š©.®ªt»Y®tª ¯


®t¯£ä<¾[®t¯šª¬Y¶šª¨rª·®µh¾[®”¬$­$¯ ©Š®”Èr®®t¯ ©.«.¶Lê®$È6ªGµhªÀÊr¶š­r»[´«.¶¸°Šèrì®V©h©.«.¶šÁr¾r¶ ©Š®
¯8Ç ¾r¨r¶ ©V®”â ȼª¯š¯¸®°±­<µ.°±¶šª¨r¹G®¼Å

, 
$ 

       

46N<N<EG9<@2FZV>AEG9•>A585O>\N<=KHGN<F89<;2_Y>F85N<=K585O>AHGHG=w@29<585O> ] B2;2_<F8=K;29@)¡ =K;2@L>}P=EGF8N<9<EGNY>AEG9;29<5
N<9<E~K9<5858=•5O>—C=KEZV>—@)¡ F8;2JKEG9<HGHG=X@29<5%ZT9Y>[ZTEG=•NY>AEZT9<HGFO>A;2=2P*C=KHGHG=K;2=X>AC2CL>AEGF8EG9…C2EG=KJK9$ZGZTF
>A_<_Y>AEG@L>[ZTF $ƒ  HGHGF);2=K;9<HT>AB2EGF8HGN<=K;2=…C9<Er=S– 58=SHGC9$ZGZTEG=…@29<585896C2EG=KC=KHZT9“NVU29“HG=K;2=…HZV>[ZT9
] >[ZGZT9AŸ">A58N<B2;29€@2F·¢£B29<HZT9:HG=K;2=\>A;2_<F·N<=KHà–·ET>A@2F8NY>A58F.P)NVU29€ML;2F8HGN<=K;2=•C9<E ] >AEbN<=K;2HGF8@œ
9<ET>AEG9:F·58=KEG=XC2EG=KC=K;29<;pZTF
N<=K7:9€@29<JK58F·9<EG9$ZTF8N<F.P,¢£BL>A;2@2=\;2=K;IHG9<7:C258F8N<9<7:9<;pZT9€@29<JK58F
>AC2C9<HZV>[ZTF*@L>…9$~œFZV>AEG9APL=€@29<JK58F)H~œFZV>[ZTF*@L>…N<=K7:CL>[ZTF8EG9 ƒ
 0 b # " $ #%L
7^9<5 ó 8  
23 4   23   P‡C2EG9<7:F8= 7^=KR9<5‡C9<Ew5O> MLHGF8NY> ;29<5 ó 8:9:9 C9<E
5.¡ 9<¢£BL>A_<F8=K;29XNVU29X@29<HGN<EGF~K9w5.¡ 9$~K=K58B2_<F8=K;29•@29<585.¡ =K;2@L>W¢£BL>A;pZTF8HZTF8NY>}PC2B2R2R258F8N£=`– 589•HGB29
  

EGF L9<HGHGF8=K;2F)HGB25*C2EG=KR2589<7‚>…@29<585O>SN<=KHGN<F89<;2_Y>€F8;  |$‹n‰Š|…|"˜:ŒK‰Š| † shŒnƒ


JK58F%;2=K;`9<ET>•;£B2=¼~K=w>•HGN<=KEGEGF8RL>A;2@29:>AF%N<=K;}ML;2F
=X>A5·@2F ] B2=KEGF·@29<585O>‚MLHGF8NY>}Ÿ>A@


9<HG9<7:C2F8=2P[;29<5 ó 8   >Y~K9$~A>6JKF±>– C2B2R2R258F8NY>[ZT=^F85 ] >A7:=KHG=  m}|Q{VŽrq |”  žŒ =¼s‘‰.?Œ > P[F8;N<B2FœN<9<E±
NY>Y~A>€@2F,HGC2F89<Jp>AEG9"F85 ] 9<;2=K7:9<;2=:@29<585O>SEGF8C2EG=œ@2B2_<F8=K;29bR2F8=K58=KJKF8NY>SF8;ZT9<EG7:F8;2F*>[ZT=K7:F8N<F.P
C2EG=KC=K;29<;2@2=F8;€CL>AEZTF8N<=K5O>AEG9C9<E
5O>bC2EGF87‚>6~K=K5ZV>b5O>b;2=K_<F8=K;29Q@2FLN<=œ@2F8N<9QJK9<;29$ZTF8N<= ƒ  5
58F8R2EG=€N<=K;2=KR2R9B2;XJKET>A;2@29HGB2N<N<9<HGHG= i 9‡– >A;2N<=KET>€589$ZGZT=€ZTB}ZGZT=KET> u PL9<@\9<R2R9B2;\EGB2=K58=
F87:C=KEZV>A;pZT9‚;29<5858=WHZTF87:=K5O>AEG9‚5.¡ F8;pZT9<EG9<HGHG9@29<FMLHGF8N<F i =K5ZTEG9—NVU29•@29<JK58FHZT9<HGHGF ET>A;œ
N<F8H  EGF8AN @€9  >A7:9<H ?>[ZTHG=K;)P ™ ] B}ZTB2EGFnHGN<=KC2EGFZT=KEGFn@29<585O>"HZTEGB}ZGZTB2ET>‡@29<5  u ~K9<EGHG=…F


C2EG=KR2589<7:F£@29<585O>^R2F8=K58=KJKFO>7:=K589<N<=K5O>AEG9AŸ*5.¡ 9<C2F8HG=œ@2F8=9– F8;pZT9<EG9<HGHT>A;pZT9N<=K7:9”C2EG9<N<9<@29<;pZT9AP


 

9"C=AZTEG9<R2R9"EGF8C9$ZT9<EGHGF)C9<EQ¢£BL>A58N<B2;L>€@29<585896ZT9<=KEGF89b¢£BL>A;pZTF8HZTF8NVU29"@29<585O>S7:9<;pZT9 ƒ
9<EZT=KEG;L>AEG9b>AC2C2B2;pZT=:>…¢£B29<HZV>}PL;29<585.¡ >AC2C9<;2@2F8N<9“>   NVU2E =[ 
@2F8;2JK9<E"9<;£B2;2N<FO>Y~A>•589€HG=K58FZT9…@2B29€C2EG9<7:9<HGHG9AP%N<=K;2HGF8@29<ET>[ZT9€m}F8|‡;2=K{VC2ŽrC2q B2|b JK ž;LŒ >A=¼R2s‘F8‰.58?ŒF.Ÿ“> @L>•B2;L>

CL>AEZT9AP2F85 ] B2;2_<F8=K;L>A7:9<;pZT=…@29<5*N<=KEGC=•9b– C2B2ET>A7:9<;pZT9b7:9<N<NY>A;2F8N<=2P29b@29<HGN<EGF~œF8R2F8589“7:9t


@2FO>A;pZT9
589
589<JKJKFp@29<585O>;L>[ZTB2ET> F8;"CL>AEZTF8N<=K5O>AEG9APrHG9<;2_Y>6NVU29”5.¡ F8;2@29$ZT9<EG7:F8;L>A_<F8=K;29%¢£BL>A;œ
ZTF8HZTF8NY>:>AR2R2FO>€B2;\EGB2=K58=:R2F8=K58=Ki JKF8N<=…EGF8589$~A>A;pZT9 u ¤n@)¡ >A5ZTET>€CL>AEZT9AP5.¡ 9<HGC9<EGF89<;2_Y>:@2F8EG9$ZGZV>
N<F£7:=KHZTET>NVU29”;2=KF£C=KHGHGFO>A7:=Q@2F8EGF8JK9<EG9·589>[ZGZTF~œFZ[>– N<=KEGC=KET>A58FK7‚>AN<EG=KHGN<=KC2F8NVU29APAC2EG9$~K9t
@29<;2@2=K;29—JK58F·9 &¥9$ZGZTF ƒ „ >XN<=K;2N<58B2HGF8=K;29€ZTET>[ZGZV>X9<ET>XC9<Er=\– F8;L>AHGC9$ZGZV>[ZV>}PR9<;2NVU)9—– @29t
HGN<EGFZGZV>N<=K7:9·5.¡ B2;2F8NY>N<=KEGEG9$ZGZV>}Ÿ  žŒ{VŽrqY{$s.|$‹ YŒ | sl‹S † Œ £Ž As¥{VŽ[‹n‰ † ŽA l žŒ † |” žŒ“˜:ŒK‰Š| † shŒ P
F8;X>AN<N<=KEG@2=€N<=K;X589b589<JKJKF)@29<585O>S;L>[ZTB2ET> ƒ  

¶šÈ¼À¶¸°ŠÆ ÀQÞrT¶¸´®t®t²$«.«Š¶¸¶š®V°Š¨[©.肮t­«.Þ[°Šª*Þr®:°Šª·Þrµ.ª%ȼ°±­$«.®t¶ ÊAÊr©h©.­ÊA­…ª¯¸®¨[¨r®ª¯šª±¯šÈ¼¯¸©h®…©.¶šª±¾r©.µh«Š«.¾[®”­®:ª¯8²$Ç®t®t¯š¾¼¶p¨r©.²$µh­$¶p­$Ár«.¯š¶š­¶ ­$©.²$«.°±­V¶K«Š¬£® 㞭<A­bâ µ.®—µh³ŠªÊAê «.­$­¯¸®tDr²$«.«ŠÚt¶š®t¹ï ¹G¨[®Vȼ©.¶pÚ$­·°±ðb¬$­<ªµhÏKªG«ŠÕ¼µhº¼ÍŠ­”ÅÙ௸ռ…®”Оïh®Vµ.ìQ©Š°±µh­$°Š­$ÊAÞr¨pªª»[«h©ŠÈr¶š®”¯É®t¯£¯šÈ¼¶š°Árª®t¯œ«.¨<­\µh©.ª­²$³Š¯¸«.µh®$ª±¾rµ.©.­r°±­¶¸»¼®TȼÞ[¬Vª®® ¯


 

²$ª¨rªGº¼Å
ϗ
,
465ZTEG9@2B29j=KHGHG9<E~A>A_<F8=K;2F…HGC9<EGF87:9<;pZV>A58F.PNVU29 N<F8=29– @L>!B2; 5O>[ZT=!5O>DN<=KHGN<F89<;2_Y>
HG=KJKJK9$ZGZTF~A> ~œF89<;29HG9<7:C2EG9jHGC9<EGF87:9<;pZV>[ZV> HGF8;2JK=K5O>AEG7:9<;pZT9?9?F8;2@2F~œF8HGF8R2F8587:9<;pZT9APb9
@L>A585.¡ >A5ZTEG=589~A>AEGF89N<=KHGN<F89<;2_<9?F8;2@2F~œF8@2BL>A58F“C2EG=œ@2B2N<=K;2= B2;)¡ B2;2F8NY> F87:7‚>AJKF8;29w@29<5
7:=K;2@2=2PbC=KEZV>Y~A>A;2=!> N<=K;2N<58B2@29<EG9AP‡>A5ZTEG9$ZGZV>A;pZT= F8;L>AHGC9$ZGZV>[ZV>A7:9<;pZT9AP"NVU29  žŒ {VŽA
qY{$s.|$ ‹ NVYU2Œ E =K |  @2œF8;2‹JKŒ:9<EqYŽA;2 ž=AŒ ZVPL>Y9b~A>5O>…NVHGU2BL9^>€¢£7:B29<=KH5ZTZT9“9<C2N<58=KF8;2N<FN<Z[58>:–B2HG9b– F8=KHG;2=KFL58=:HG=K>A;2C2=‡CLHG>A=KEG9<EGC2;pEGZT9<9 ;2ƒš™ @29<;pZTFHG=K58=C9<EB2;L>
 

N<9<EZV>:7:9<;pZV>A58FZ[>S– =œN<N<F8@29<;pZV>A589"N<=K;pZT9<7:C=KET>A;29Y>}Pn7:9<;pZTEG9‡>A@X9<HGHG9S9<ET>A;2=:F8;p~K9<N<9‡JKF±> –
JKF8B2;pZTFn@L>AC2C2EGF87‚>bJK58FLF8;2@2B2F8HZTFn>CL>AEZTF8EG9Q@L>A58589 k}ŒA‹LsOqtmœŒ P£N<=K;—5O>bN<=KF8;2N<F8@29<;2_Y> ] ET>
5.¡ ŒK‰‘˜:ŒA‹ HG=KJKJK9$ZGZTF~K=9F85 † ŒAmp˜:ŒA‹ =KJKJK9$ZGZTF~K=W9<HGC2EG9<HGHT>`@L> <ŒAmœŒA˜ † ŒAmp˜:Œ[qt˜…s  

iHGF8F8=W7:F8HG58=K7:;29<=;pZTR29“ET>A@2U29<7‚HGN<>AEGF; ~Ku 9$P~A>AC;2=K=‚FFN<=K7:;\F8H5.ZT¡ 9<F8N<HGC2F”EG7:9<HG9<HG@2F8=KF8=œ;29$9 ~A>A58F.P%>[ZGZTET>Y~K9<EGHG=`9<HGC9<EGHGF89<=K;2;2_<=:9X@2NVFU2~K9<9•;£9<B}HGZTHG= F


 

@2F8= u P29bF8;}ML;29>A;2NVU29F¥ML58=KHG=AMX7:=œ@29<EG;2F.P}@L>  C2£|F8;2=K£_Yq >€$Œ£> {<‰ £qbU2Fq ZTœ9<˜ U29Yw>A@ i ƒ ™   

 ;  |$‹n‰Š|€|"˜:ŒK‰Š| † shŒ ~K9<;2F~A>A;2=:F8;p~K9<N<9‡>'&¥EG=K;pZV>[ZTF)@2B29C2EG=KR2589<7:F¥N<=K7:C2589<7:9<;œ


 

ZV>AEGF.ŸF¥EGB2=K58F¥R2F8=K58=KJKF8N<="9<@•9<C2F8HZT9<7:=K58=KJKF8N<=@29<585O>‡N<=KHGN<F89<;2_Y> ƒ 9<E¢£BL>A;pZT=€EGF8JKBL>AEG@L>
F85nC2EGF87:=2P£>A;2N<=KET>‡B2;L>"~K=K5ZV>  NVU2E =K @2F8;2JK9<E”C2EG9<;2@29$~A>SHG9<EGFO>A7:9<;pZT9^F ] >[ZGZTF.ŸÉC=KF8NVU)96– 5O>

HG=KC2ET>Y~£~œF~K9<;2_Y>€@29<JK58F¥9<HGHG9<EGF)~œF~K9<;pZTF·9“– 589<Jp>[ZV>S>A585.¡ >AC2C2EG9<;2@2F87:9<;pZT=‡C9<EEGF8C9$ZTF8_<F8=K;29AP


9“F85nN<=K;pZTEG=K5858=‡@2F;£B2=¼~œF)C2EG=œN<9<HGHGF)@2F~œF89<;296JKET>A@L>[ZV>A7:9<;pZT96F8;2N<=K;2HGN<F8=‡N<=K;F85N<=K;2HG=K58Fž
@L>AEGHGF¥@29<585O>‡C2ET>[ZTF8NY>}P  žŒ{VŽrqY{$s.|$‹ YŒ | Œ[qVqYŽ¼{$shŒK‰.Œ‚ŒK £k † Ž¼{V|tqVqYŽ As·Œ$kpk † |$‹ Asl˜‚|$‹n‰ŠŽ £|$s
qtsOq$‰Š„|$˜…>sHGBLŽ †>KŒAC2‹LEG9<s.{$HG9<s“;2i _Y;2>}=KP,;•HGFOHG>—=K58=K=€;pB2ZT=K7‚JK>A9<;2;2F 9$uVZTƒ F8NY> ;29<585.¡ F8;2@2F~œF8@2B2= NVU29…ML58=KJK9<;29$ZTF8NY> ;29<585O>
  

HGC9<N<F89 u PL9– @2B2;2¢£B29QB2;€HGF8;pZT=K7:=“@29<5 ] >[ZGZT=“NVi U295.¡ >AC2C2EG9<;2@2F87:u 9<;pZT=…9– >A;2N<=KET>“F8;SN<i =KEGHG=2P


9‡NVU29…;2=K;wHGF”9S– >A;2N<=KET>‚ET>AJKJKF8B2;pZT=‚F85,C9<E ] 9$ZGZT=—N<=K;pZTEG=K5858=:@29<585O>:N<=K;2=KHGN<9<;2_Y>;29<N<9<H±
HT>AEGFO>“C9<E·5O>“HG=KC2ET>Y~£~œF~K9<;2_Y>}Ÿ%F8;€>A5ZTEG9CL>AEG=K589APK5O>“N<=KHGN<F89<;2_Y>€9– F85}7‚>AEGNVU2F8=“@)¡ F8; ] >A7:FO>
@2F)B2;)¡ 9$~K=K58B2_<F8=K;29>A;2N<=KET>…F87:C9<E ] 9$ZGZV>‡9bF8;•@2F~K9<;2F8EG9AP29b;2=K;X5O>‡7:9<@L>AJK58FO>S>A5¥~A>A58=KEG9
@2F%B2;)¡ 9$~K=K58B2_<F8=K;29…HGB2C9<EGF8=KEG9…9€N<=K7:C2589$ZV>[ZV> ƒ ’b>—¢£B29<HZV>•C2EG=KHGC9$ZGZTF~A>}P*5O>:~œFZV>=KE±
Jp>A;2F8NY>—F8;2N<=KHGN<F89<;pZT9 i >A@9<HG9<7:C2F8=2P*@29<58589SC2FO>A;pZT9…9€@29<JK58F%>A;2F87‚>A58F u 9€– >A@B2;`58F~K9<5858=
@2F*H~œF858B2C2C=…9$~K=K58B}ZTF~K=:7‚>AJKJKF8=KEG96@2F*¢£B29<585O>S@29<585.¡ B2=K7:= ƒ
 ; 9<HG9<7:C2F8= @2F ] 9<;2=K7:9<;2= ;29<585O>_<=K;L>j@2F"9$~K=K58B2_<F8=K;29@29<5"N<=K7:C=KEZV>A7:9<;pZT=
B27‚>A;2=j9– ] =KEGHG95O>wN<=K;pZTET>AC2C=KHGF8_<F8=K;29 ] ET>wF@29<HGF8@29<EGF i F8=w~K=KJK58F8= œu 9<@jFC2EG9<N<9$ZGZTF
ZTB@29$~œF Ÿ·F85N<=K; LFZGZT= ] ET>S5.¡ 9<JK=S9bF85¥HGB2C9<E±à9<JK=…HT>AEG9<R2R9"F8;‚ZV>A5)NY>AHG=…B2;L>…7‚>A;2Fž
] i 9<HZV>A_<F8=K;296œu R2F8=K58=KJKF8NY>“@29<585.¡ 9<HGF8HZT9<;2_Y>@2FB2;—CL>AHGHT>AJKJKF8=F8;—>[ZGZT=2P}>A;2N<=KET>F8;‚@2F~K9<;2F8EG9AP

µ.ª6â °±¶š¯¸Æ ª®¨r´,µh¹­$ǚª*ª*â ¯š¶š¾r¾r¨[¹¨pȼ¶š­$Ƕš®t¬Y¨r¯ ¶¸ª^©.ȼ«Š¾[®ȼ®t¶,¬Y¯š¶Y¶¸ñ£®·ª,ª¶šÈK¯8ÁrÇ Ç¾r¾[¨r¨r¶šµ.¹t¶¸°±°±»¶ ©Š¶ ©V°Š®·®%Þrâ Èrª‡È¼®tªª“¯šâ ¯š¯8¯8Ç Çµ‘®t¶š©ŠÀÊr®VÊ[©ŠÀQ®t®«.®tª«.²$¨<¶š¶šÊr©.¨r«.ª¥ªnªGȼµ.ȼ®"¶¸ªµh¯AÊ[ÈrÀ®t®t«.¯š­$¶ ¯8©V¨[Ç ¶š®Éâ ȼ¨<¨Y©.­rª¾rß}«.À¯¸Êr®%«.ªª±À«.©Š¶¸®t°­$®,¹¯ ©.¶šãž­$ª«ŠÊr¨r®%¯šª¶¸¯¸°±®%ȼ¶ ©VªÀ®,â¶)­$ȼÀ¯ ª©.­$¶Aª¯ÊrÀ©.¯š¶¥¶¸­$°±À¨[¶ ©Vȼ­$®,â ¶8¨[Ånȼȼòɪ¶*¯š¯š¾rȼª*ªGª°±µ‘¯š©Š­¯¸®®
#

ÀªGÆ °° ®t¨ ¨r¶¸C[°­$®«.ä<¶š¯š¾[ª²$®t¶š¨<­¥©.¶¸È¼µ‘¶¼©.¶¸°±°¶ ®¼©Š®tÅ ¹¶š­$¨r¶$ÊAª«h©.¶š¨rª¨<©.¶$㞾”°±­$ÀÊr¶š¯¸®V©.­)¨rª¯KÂGà <Ä*Èr®,¯¸È¼­$¾[µœÝ,¾¼¯šªé%¶š¨nÐ¸Ò ÔTÙԑî¥Ú


Ï[̱Í.̱Ö[ÖKÌt»A°±¶ ©Š®V©.­°±­$¨“®tÀÀ¶š«Š®t¹¶š­$¨rª*Èr ® ¼°ŠÞr « ­<
ȼ¶š¨r²$ª«¶š¨6ª¨<©.«Š®tÀ”Ár¶K¶œµh¾r­$¶p¯š¶šÁr«.¶8Å
'

,,
@L>A585.¡ 9<HGHG9<EG9XF8;2@2F~œF8@2BL>A589>A@ B2;2=IHG=œN<FO>A589 i @2FQN<B2FQHGFQC=KHGHG=K;2=IN<=K;2HGF8@29<ET>AEG9XZV>AC2C9
HGB2N<N<9<HGHGF~K9‡F85);L>A_<F8=K;L>A58F8HG7:=S9b5.¡ F8;pZT9<EG;L>A_<F8=K;L>A58F8HG7:= uVƒ
>AHGHT>A;2@2=F8;}ML;29>A5}EGB2=K58=“9<C2F8HZT9<7:=K58=KJKF8N<=^@29<585O>6N<=KHGN<F89<;2_Y>}P  NVU2E =K @2F8;2JK9<E%F8HG=K5O>r
~A>Q;29<5£C2EGF8;2N<F8C2F8=@2F£EG9Y>A5Z[>– F85K;£B2N<589<=6@29<585O>@2F :N<=K5Z[> – ƒ „ ¡ =KJKJK9$ZGZTF~œFZ[>b– 9
– B2;L>^HG9<7:C258FM}

NY>A_<F8=K;29NVU29”F8;pZTEG=œ@2B2N<9B2;L>^HG9<CL>AET>A_<F8=K;29”>AEZTFMLN<FO>A589ZTET>^N<F±=^– NVU2969– C9<EGN<9<C2FZT=69N<=K58B2F




NVU29…C9<EGN<9<C2F8HGN<9AP,9SC9<EG7:9$ZGZT9…5.¡ 9<7:9<EGJK9<EG9‡@29<585O>‚HGN<F89<;2_Y>HG=K58=>—N<=KHZT=@29<585.¡ '> &¥=KHGHT>r


7:9<;}ZT=@29<585O> {VŽ àHGN<F89<;2_Y>}Ÿ;2=K;:EGFZTEG=¼~œFO>A7:=b5.¡ F8=b;29<585O>b;2=KHZTET>"F87:7‚>AJKF8;29@29<5n7:=K;2@2=
C9<EGNVU)9‡– 9<HGHG= |  ¢£B29<585.¡ F87:7‚>AJKF8;29AP}9<@\9<HGHG9<;2@2=—F85)ZTB}ZGZT=:;2=K;\C2BÉ=‚– 9<HGHG9<E~œFÉN<=K;pZT9<;£B}ZT=
N<=K7:9•CL>AEZT9 ƒ „ ¡ F87:C2EG9<HGHGF8=K;29•NVU29X5O>wMLHGF8NY>`7:=œ@29<EG;L>>AR2R2FO>WF8;2N<EGF8;L>[ZT=5O>WRL>AEGEGFž
9<ET> ] ET>wHG=KJKJK9$ZGZT=W9=KJKJK9$ZGZT=9– @2B2;2¢£B29 ] B2=KE~œFO>A;pZT9AŸ‚F8;EG9Y>A5Z[>w– ;2=K;NA¡9•– ;£B2585O>\@L>
F8;2N<EGF8;L>AEG9AP}C9<EGNVU)9– 5O>…RL>AEGEGF89<ET>S;2=K;X9<HGF8HZT9APL9 qYŽV¼p|<‰h‰ŠŽ|SŽV¼p|<‰h‰ŠŽ{VŽ[sl‹¥{$s £Ž[‹¥Ž2ƒ 

 -"
G ? % " $  #%L

=K589<;2@2=…B2HT>AEG9“ZT9<EG7:F8;2F7:9$ZV> ] =KEGF8N<F i C9<E;2=K;@2F8EG9AP2C2FTB—– >AC9<EZV>A7:9<;pZT9AP27:9$ZV>[MLHGF8N<F u
C9<E‡5.¡ F8;pZT9<E~K9<;pZT=w@29<585O>•7:9<;pZT9‚;29<5”N<=K585O>AHGHG=X@29<585O> ] B2;2_<F8=K;29:@)¡ =K;2@L>}P%HGFC=AZTEG9<R2R9


@2F8EG9NVU29XF ] 9<;2=K7:9<;2F¢£BL>A;pZTF8HZTF8N<FQ>A5ZTEG=W;2=K;jHG=K;2=`NVU29X7:9<HGHT>AJKJKF9<HGC2EG9<HGHGF^F8;B2;
 ZTšslF8‹}HZT F82NYŒr>•¼@2[s.9<Ž•585O>•{VŽrHGqtF8˜…;pZVs.>A{VHGŽ HGF.@2P%F7‚N<B2>•F@2N<F=K;2N<B2=KF”HGN<N<FO>AF7:H ] =2B2P¥JKJK>[9‚ZGZTETN<>Y=K~K7:9<EGC2HG58=9$ZV5O>A> 7:] 9<B2;p;2ZT_<9€F8=K5O;2>X9SHG@)9<7‚¡ =K>A;2;p@LZT>}F8P¥NY> 5O>:HN<ZV=K>rHà–
N<=K7:9AP·;29<585O>X58F8;2JKB2F8HZTF8NY>•7:=œ@29<EG;L>}P%5O>\@2F8HZTEGF8R2B2_<F8=K;29‚HZV>[ZTF8HZTF8NY>X@29<58589‚589$ZGZT9<EG9—i F8;œ


@2F~œF8@2BL>‚C9<E ] 9$ZGZV>A7:9<;pZT9…F8558F8;2JKBL>AJKJKF8=:F8;WN<B2F%B2;WZT9<HZT=•HGB :N<F89<;pZT9<7:9<;pZT9€58B2;2JK=W9–


HGN<EGFZGZT=2P,7‚>—;2=K;`@2F8N<9€;£B2585O>HGB25·HGB2=XN<=K;pZT9<;£B}ZT= u ŸF8;I>A5ZTEG9SCL>AEG=K589AP qtshŒA˜‚Ž ‹¥Ž † Œ


† s £qY{$s‘‰‘sŒ £|tqY{ † s =A| † |bs‘ * šsl‹} 2Œr¼[s.Ž £|< l žŒ:˜‚|$‹n‰Š| ·˜:Œ‚‹¥Ž[‹ŒA‹¥{VŽ † Œ—Œ•{TŒ$kns †  Ž2ƒ




 ;XZT9<;pZV>[ZTF~K=‚@2F,HGN<9<;2@29<EG9 =‚HT>A58F8EG9 >A5*58F~K9<5858=…C2EG= ] =K;2@2=‚@29<5,58F8;2JKBL>AJKJKF8=…N<=KH±


7:F8N<=•9"– HZV>[ZT= ] >[ZGZT=€@L> *
 i  u;29<5 ó 8 }P2F8;  ŽA‰.ŒK šs‘‰ Œ |…Ž † Asl‹¥|sl˜“k šs.{TŒK‰ŠŽ
 

i ZTET>A @25É=AC2ZGB2ZT=€;pZT;2=—9<5@2F,ó 8:CL8 >A EZTN<9<=K;27:_Y>‚9 @2F ‹Ls =A=K| U2† 7 qYŽ ·9‡– ˜‚B2;)|$‹n¡ >A‰Š;L|S>A|58F8HG˜:F*ŒK@2‰Š9<| JK† 58shF,Œ2F8uV;2ƒ HG9<JK;L>A7:9<;pZTF,NVU29‡HGFÉC=KH±


HG=K;2="ZTET>AEGEG9HGFO>b@L>A585O>6EG9<5O>[ZTF~œFZ[>6– JK9<;29<ET>A589QNVU29^@L>A585O>^ZT9<=KEGFO>b@29<FL¢£BL>A;pZTF ƒ5 ;pZTET>A7SR9


UL>A;2;2=wF8;pZTEG=œ@2=AZGZT=\>AHGC9$ZGZTF”JK58=KRL>A58F·;29<585O>•@29<HGN<EGF8_<F8=K;29‚@29<585O>XEG9Y>A5Z[>}– PÉ7‚>A;pZT9<;29<;2@2=
C9<Er=…– >A;2NVU29bNY>AET>[ZGZT9<EGF8HZTF8NVU29“58=œNY>A58F.Ÿ,C2FTB‚– C2EG9<N<F8HT>A7:9<;pZT9AP2;29<585O>EG9<5O>[ZTF~œFZ[>"– HGF¥N<=K;2HGF8@œ
9<ET>B2;‚B2;2F8N<=‡NY>A7:C=;2=K;‚58F8;29Y>AEG9Q@2FN<B2FnJK58FL9$~K9<;pZTF¥7‚>[ZT9<EGFO>A58F2HG=K;2=‡@2F8HGN<=K;pZTF8;£B2FZ[>}– P
7‚>:N<FÉHGFÉRL>AHT>—>A;2NVU29SF8;X7‚>A;2F89<ET>€9<HGHG9<;2_<FO>A589SHGB2585O>…ZTET>AHG7:F8HGHGF8=K;29"@2FÉHG9<JK;L>A58F>€~K9t
58=œN<FZ[>b– ;2=K;—HGB2C9<EGF8=KEGF>¢£B29<585O>"@29<585O>"58B2N<9A¤}9^;29<585O>bZT9<=KEGFO>@29<F¢£BL>A;pZTFHGF@29<HGN<EGF~K=K;2=
N<=K;2;29<HGHGF8=K;2F£F8HZV>A;pZV>A;29<9N<=K7:9;29<5pZT9<=KEG9<7‚>Q@2F 9<585.Pr7‚>QHGF£7‚>A;pZTF89<;29
B2;)¡ 9<¢£BL>A_<F8=K;29
58F8;29Y>AEG96NVU29"@29<HGN<EGF~K9>A;2N<=KET>…F85¥N<=K7:C=KEZV>A7:9<;pZT=S@2F)=KJKJK9$ZGZTF i R9<;2NVU)9"– C=AZT9<;2_<FO>A58F9
;2=K;XC2FTB•– >[ZGZTBL>A58F uVƒ
 „ 9“@2F :N<=K5Z[>"– @2FB2;2FMLNY>A_<F8=K;29 ] ET>5896@2B29^ZT9<=KEGF89^MLHGF8NVU29“@29<5HG9<N<=K58=SEGF8HGF89<@29 ] =KEGHG9
, 9
C2EG=KC2EGF8=XF8;`¢£B29<HZV>\N<=K7:7:F8HZTF8=K;29S@2F>AHGC9$ZGZTF
JK58=KRL>A58F%9:58=œNY>A58F.P*NVU29:F8;I9<;pZTET>A7SR2F
F
NY>AHGF·UL>•F85%HT>AC=KEG9€@2F·B2;L>•EGF~K=K58B2_<F8=K;29SF8;2N<=K7:C2F8B}ZV>—N<=K;pZTEG=X5O>‚~œF8HGF8=K;29€7:9$ZV>[MLHGF8NY>
i>A>A@X;29<N<HG=KHTET> > u @2=K=KU27:7 F8;LC2>AEG;p=KZTC9A=KŸ·;25.9"¡ |t@2qVqYF,| CL† >A| HGAsHT>AEGœ9‡‹@2Œ 9<N<AsF8HT=¼>AsOq<7:Œ‚9<˜‚;pZTŽA9‡ ¸‰Š>A|±58k5.¡ š>As.{$5ZTs‘‰9<ŒnEG ;Lƒ >[ ZT;XF~AN<>=K;p@2ZT9<ET5 >AC2C=KHGF8_<† F8=K;29
AsNV=AU2|$9S‹L~As >‚| @LAs>


)
P <
N K
= w
;
œ‹ET>AŒN<58slF‹ ZTAs=€=¼>AsO5 q<Œ•‰ŠU2ŽAF‰.ZTŒK9< šU2s‘‰ 9YŒ >A@X@29  † 2
B W
; <
9 G
H 2
C 8
5 8
F <
N 
F T
Z ‚
= G
E 8
F V
N 2
U O
F A
> :
7 ‚
= A
> w
@ 2
B L
; ‚
> T
Z T
E A
> 2
@ 8
F <
_ 8
F K
= 2
; 
9
 =KF8NVU)9€– =KJK;2F%58F8;2JKBL>AJKJKF8=‚ œ;2k=K;Ž¼{VHG|t=KqV58=qYŽ—9…– |‡@2 ž9$Œ ZT9<† EG|T7:ŒK ¸F8‰ ;LŒn >[ƒ ZT=@L>B2;~œF8HGF8=K;29…@29<5·7:=K;2@2=



7‚>\>XHGBL>X~K=K5ZV>X5O>X@29$ZT9<EG7:F8;L>X9:ZT9<;2@29>X;L>AHGN<=K;2@29<EG5O>}P%F85
58F8;2JKBL>AJKJKF8==KEG@2F8;L>AEGF8=

RL>AHT>[ZT=HGB2585O>`HZTEGB}ZGZTB2ET>?HG=KJKJK9$ZGZT=[àC2EG9<@2F8NY>[ZT=[àN<=K7:C2589<7:9<;pZT= 9w– ;2=K;!HG=K58=I5.¡ 9 &¥9$ZGZT=


@29<585O>€~œF8HGF8=K;29 ] ET>A7:7:9<;pZV>[ZV>}P¥7‚>‚>A;2NVU29…5O>‚NY>AB2HT>—@29<5%HGB2=C9<EG@2B2ET>AEG9 ƒ  5CL>AHGHT>AJ[
JKF8=X>A@`B2;L>~œF8HGF8=K;29…B2;2FZV>AEGFO>—EGF8NVU2F89<@29€@2B2;2¢£B29‚B2;L>•EG9$~œF8HGF8=K;29€58F8;2JKB2F8HZTF8NY>‚F8;N<B2F
HG=KJKJK9$ZGZTF%9…N<=K7:C2589<7:9<;pZTF i F8;2@2F8NY>A;pZTF=KJKJK9$ZGZTF u ~K9<;2Jp>A;2=X9<HGC258F8N<FZV>A7:9<;pZT9SHG=KHZTFZTB2FZTF
@L>\~K9<EGR2F i F8;2@2F8NY>A;pZTF”>A_<F8=K;2F uVƒ 7^9<585O>X;£B2=¼~A>WHZTEGB}ZGZTB2ET>wJKET>A7:7‚>[ZTF8NY>A589APÉNVU2FO>A7‚>[ZV>
@L> =KU27 † |VŽ[˜‚Ž £Ži @L>`† m}|VŽ P LB2F8EG9 œu P ™ ] ET>AHGF”N<=K7:9 B2; ] >[ZGZT=?9‚– HZV>AR2F858FZT=2PÉ=
N<=K;2HZV>[ZV>[ZT=  @2=¼~œEG9<R2R9<EG=9<HGHG9<EG9…EGF ] =KEG7SB25O>[ZT9"N<=K7:9 B2; ] >AEG9‡HGF”9‡– HZV>AR2F858F8_<_Y>[ZT=2Pn=

9b– @2F~K9<;£B}ZT=€N<=KHZV>A;pZT9  PL9b5.¡ =KJKJK9$ZGZT= ~K9<EGFZ[> –  @2=¼~œEG9<R2R9"9<HGHG9<EG9"HG=KHZTFZTB2FZT=…@L>A5¥C2EG=[


N<9<HGHG=X@2F ~K9<EGFMLNY>  P*F8;W>AN<N<=KEG@2= ] ET>—5.¡ >A5ZTEG=—N<=K;5.¡ 9$ZTF87:=K58=KJKFO>S@29<58589SCL>AEG=K589SHZT9<HGHG9
i~K>A9<@?EG= 9<HG9<7:C2F8=2Ÿ ] >[ZGZT=  9—– F85
EGF8HGB25ZV>[ZT=\@2F”B2; ] >AEG9  P9 ~K9<EGFMLNY>AEG9  B2; EG9<;2@29<EG9
œuVƒ
 5^@2F~K9<;2F8EG9\N<=KHZV>A;pZT9w=?HZV>AR2F8589`9w– >AC2C2B2;pZT=?F85Q7:=œ@2=I7:9<@2FO>A;pZT9XF85Q¢£BL>A589\@L>A5
LB2F8EG9X@29<585O>WZT=AZV>A58FZ[>W– F8;2@2F~œF8HT>WHGF^@2F8HZV>AN<NY>A;2=?7:=K7:9<;pZV>AEGFO>A7:9<;pZT9HZTEGB}ZGZTB2EG9APQNVU29
;2=KFnNVU2FO>A7:FO>A7:=“F8;:N<9<EZT96N<=K;2@2F8_<F8=K;2F2=KJKJK9$ZGZTFn9^F8;:>A5ZTEG9QC9<;2HGF89<EGF.Ÿ@2B2;2¢£B29 ˜:ŒK‰Š| † shŒ

|~œbF8HG˜‚F8=K|$;2‹n9€‰Š|6F8;qYŽ[N<‹¥B2Ž:F|$F85‹n‰ZT† B}ŒAZG˜ ZT=IV|9€– Œ[5.q$¡ F8‰ ;p† ŒZT9<$ETs.Ž[>A‹L_<F8s =KpŒ;2K9…  @29<£5858qV9…qYŽ CL>AœE‹LZTs F=A|>A† @`q<ŒKB2 ;L|pƒ>X F8;F¥CLN<>AB2HGF
HT>S589€N<=KCLHà>A–¥EZT@LF
>SHGB2=K;L;2=>
    

>AHZTET>[ZGZT9Q@L>A52ZTB}ZGZT=2P£7:9<@2FO>A;pZT95O>bN<EG9Y>A_<F8=K;29Q@2FLB2; † ] ET>A7:7:9<;pZV>AEGF8=
96ZT9<7:C=KET>A;29<=‡NVU29bHGF ] =KEG7‚>‡>‡CL>AEZTF8EG9^@L>A585.¡ Ž † Asl‹¥|6Ž sl˜“Aslk‹¥ š|bs.{T|tŒKqà‰ŠkŽ  šs.B2{T;2ŒK‰ŠFZVŽ >AEGF8=‡NVU29“EG9<JK=K5O>
F85 LB2F8EG9JK58=KRL>A589AŸ)F8;ZT9<EG7:F8;2Fp7:9$ZV> ] =KEGF8N<F.Pr5.¡ =KEG@2F8;29
9<HGC258F8NY>[ZT=^~œF89<;29~œF8HZT=“>[ZGZTET>Y~K9<EGHG=
B2;L>  |$‹n‰Š| NVU29‚C9<EG7:9$ZGZT9:@2FHG9<CL>AET>AEG9:9<589<7:9<;pZTF
EGF8589$~A>A;pZTF i 7:9<HGHGF
F8;IEGF858F89$~K= œu 9


>AB}ZT=K;2=K7:F i >AB}ZT=[à@29<HGN<EGF~K9<;pZTF8HGF œu P£¢£B29<5858=F87:C258F8NY>[ZT=b7:9<@2FO>A;pZT9QB2; ŽA ŽV † ŒA˜…˜:Œ F8;


N<B2F*=KJK;2F)CL>AEZT9"EGF87‚>A;2@L>…>A5¥ZTB}ZGZT=:=K58=K;2F87:= ƒ
 =K7:9589C2EG=KC2EGF89$Z[>“– HGF8;pZV>[ZGZTF8NVU299HG9<7‚>A;pZTF8NVU29Q@2FLB2;€7:9<HGHT>AJKJKF8=b;2=K;€HG=K;2=";29<Nt
9<HGHT>AEGFO>A7:9<;pZT9“F8;N<=KEGEGF8HGC=K;2@29<;2_Y>…@2F8EG9$ZGZV> ] ET>S58=KEG=2PœN<=KHà–);2=K;58=SHG=K;2=€589“C2EG=KC2EGF89$Z[> –
HGF8JK;2FMLNY>[ZTF~K9@29<FQ@2B29\=KEG@2F8;2F ƒ =KU27 ] >W5.¡ 9<HG9<7:C2F8=`@2FB2; N<=K;pZT9<;2FZT=KEG9 ] =KEG7‚>[ZT=
@L>X@2B29:N<F858F8;2@2EGF%N<=K;2N<9<;pZTEGF8N<F@2F·~K9$ZTEG=2P9‚N<=K;pZT9<;29<;pZT9—B2; LB2F8@2=•~œF8HGN<=KHG=\N<=K7:9:5O>
JK58F8N<9<EGF8;L>}ŸSHG9HGF ] >\NY>A@29<EG9B2;L>\JK=œN<N<FO>\@2F”F8;2NVU2F8=KHZTEG=\F8;2HG=K58B2R2F8589€;29<5 LB2F8@2=w9<HGHT>

"

Æ Y¶£«.¶¸°±­$«ŠÈ¼¶K¶š¯[Ï[ÚVÖAïOÚÍ.̱Ð긩.¾¼©h©.­Qµ.°±­$«.«.ªTìȼ¶œæn«Š®$°±¯š¶ ©.­rÅ
, 
>AC2CL>AEG9—N<=K7:9—B2;L>W7‚>AN<NVU2FO> =KEG@2F8;29—9<HGC258F8NY>[ZT= P%7‚>wHG9HGF”EGB2=AZV>wB2;2=@29<F”N<F858F8;œ
@2EGF%5O>‚7‚>AN<NVU2FO>—HGN<=K7:CL>AEG9SB2;2i F ] =KEG7:9<7:9<;pZT9S;29<5 u LB2F8@2= i =KEG@2F8;29SF87:C258F8NY>[ZT= u PnHT>A5~K=
EGF8N<=K7:CL>AEGF8EG9—¢£BL>A;2@2=IHGF ] >WEGB2=AZV>AEG9•F85N<F858F8;2@2EG=W;29<585O>W@2F8EG9<_<F8=K;29=KC2C=KHZV> ƒ  9XHGF

5O>AHGN<FO>SNY>A@29<EG9B2;L>:JK=œN<N<FO>}P2HGF*EGB2=AZV>€F85)N<F858F8;2@2EG=2P}HGF*5O>AHGN<FO>…NY>A@29<EG9B2;)¡ >A5ZTET>…JK=œN<N<FO>}P
9—N<=KHà–~œFO>}P%HGF”=AZGZTF89<;29‚B2;L>wHGFZTBL>A_<F8=K;29‚F8;?N<B2F”F8;?=KJK;2F7:=K7:9<;pZT=\HG=K58=wB2;L>w@29<58589
7‚>AN<NVU2F89S96– ~œF8HGF8R2F8589 i =KEG@2F8;2969<HGC258F8NY>[ZT= u P}7‚>ZTB}ZGZT9“HG=K;2=€C2EG9<HG9<;pZTF)N<=K;pZT9<7:C=KET>A;29Y>r
7:9<;pZT9•F8;7‚>A;2F89<ET>wF8;p~œF8HGF8R2F8589 =KEG@2F8;29F87:C258F8NY>[ZT= Ÿ€F8;jCL>AEZTF8N<=K5O>AEGFN<=K;2@2F8_<F8=K;2F”589
~A>AEGF89^7‚>AN<NVU2F89^C=KHGHG=K;2=S>A;2NVU29“i@L>AEG965.¡ F85858B2HGF8=K;29@2Fnu B2;2=S=‡C2FTB:– 7:=¼~œF87:9<;pZTFLN<=K;pZTF8;£B2F
@2FL¢£BL>A58N<=KHT>"NVU29^;2=K;:NA¡9A– Pœ9$~K9<;pZTBL>A587:9<;pZT9“>A@2@2F8EGFZGZTB2ET>“N<=K;‚>AC2CL>AEG9<;pZTFnN<=K;2;29<HGHGF8=K;2F
NY>AB2HT>A58F ƒ
 FO>I5.¡ 9<HGF8HZT9<;2_Y>?@2F6HZTEGB}ZGZTB2EG9WCL>AEZTF8N<=K5O>AEGFQNVU29W589\58=KEG=IN<=K;2;29<HGHGF8=K;2Fb>A5658F~K9<5858=
@29<585.¡ =KEG@2F8;29\9<HGC258F8NY>[ZT=C=KHGHG=K;2=j@2B2;2¢£B29;2=K;!9<HGHG9<EG9`HGF8JK;2FMLNY>[ZTF~K9w@L>A56C2B2;pZT= @2F
~œF8HZV>\C2FTBI– C2EG= ] =K;2@2=w@29<585.¡ =KEG@2F8;29:F87:C258F8NY>[ZT= ƒ  ;?CL>AEZTF8N<=K5O>AEG9AP589:~A>AEGF89:ZT9<=KEGF89‚NVU29
@29<HGN<EGF~K=K;2=j5.¡ =KEG@2F8;29w9<HGC258F8NY>[ZT=?HG=K;2=jN<=K7:9\~œF8HGF8=K;2F6C2EG=KHGC9$ZGZTF8NVU29W@2F“B2;2=HZT9<HGHG=
=KJKJK9$ZGZT= i‰‘m}|VŽ † shŒ HGF8JK;2FMLNY> ~œF8HGF8=K;29 œu ŸÉZTB}ZGZT9“@29<EGF~A>A;2=S@L>A585.¡ F87:7‚>AJKF8;29”ZTEGF8@2F87:9<;œ
HGF8=K;L>A589 i F87:C258F8NY>[ZV> u P£7‚>S9<HGHT>€;2=K;`9b– EGF8@2B2N<F8R2F8589“>…;29<HGHGB2;L>€@29<58589bC2EG=KHGC9$ZGZTF~K9 i 9<H±
C258F8NY>[ZT9 N<=K7:9F*C2B2;pZTFÉ@2F*~œF8HZV>:@29$ZT9<EG7:F8;L>A;2=:589b~œF8HGF8=K;2F*C2EG=KHGC9$ZGZTF8NVU29APN<=KHà–,589
ZT9<=KEGF896@2uV9$ƒ ZT 9<EG7:F8;L>A;2=‡¢£BL>A58F@2=K7‚>A;2@296HGF¥C=KHGHG=K;2= ] >AEG969“¢£BL>A58FEGF8HGC=KHZT96HGF¥C=KHGHG=K;2=
=AZGZT9<;29<EG9AŸ‡;2=K;IUL>X@2B2;2¢£B29‚HG9<;2HG=wCL>AEG5O>AEG9…@2F·~K9<EGFZ[>}– PÉN<=K;2=KHGN<9<;2_Y>\9:HGC2F89<Jp>A_<F8=K;29AP
>A@?9<HG9<7:C2F8=\;29<585O> ] =KEG7‚>X@2F”>AC2C2EG=KHGHGF87‚>A_<F8=K;2F·HGB2N<N<9<HGHGF~K9X>A@IB2;?¢£BL>A58NVU29—58F87:FZT9
i9<CHGC9<E·9<EG;2F89<=K;2;€_YCL>€>A9"EG5ON<>A=KEG7:9@2C2F}EG9<ZT;29<=KHGF8EG=KF89;29 @29<5}ZTB}ZGZT= u Pp9QN<F2HGFL@29$~K9^>AN<N<=K;pZT9<;pZV>AEG9^@2FL>A@29<JKBL>[ZT9<_<_Y>}P
7^9<585O>\ZT9<EG7:F8;2=K58=KJKFO>•@2F  ƒ NVU2E =K @2F8;2JK9<E<P =KU27HG9<7SR2ET>HGB2JKJK9<EGF8EG9NVU29   Ž † Asl‹¥|
|tqàk šs.{TŒK‰ŠŽqts‡Œ$kpk Ÿ”† |$5O‹>€£|N<W=KHG{VN<ŽrF8qY9<;2{$s._Y|$>‚‹n‰ŠN<|$Fɘ‚EG9<|$;2‹n@2‰Š| 9‡S@2˜‚B2;2|$‹n¢£‰B2† 9‡|w~œ  FZGŽ ZT† F8As7:l‹¥9b|X@2slFɘ“B2k;) š¡s.F8{T58ŒK58B2‰ŠHGŽF8=Kqt;2sS9A{VP Ž[] ‹¥>AN<Žr9<qY;œ{V|
@2sl‹¥=œ{VN<Ž[F”‹2N<qY=K{$;2shŒAN<˜‚9<;p|$ZT‹nET>A‰Š| EG9HGB2JK58F”>AHGC9$ZGZTF”C2FTBI– HGB2C9<EMLN<FO>A58F9 ] ET>A7:7:9<;pZV>[ZTF
@29<585O>XEG9Y>A5Z[>}– P9

@2F8HZTET>A9<;2@2=œN<F2@L>b¢£B29<5858F2C2FTBS– C2EG= ] =K;2@2F29QB2;2FZV>AEGF ƒ FTB…– C2EG9<N<F8HT>A7:9<;pZT9APpRL>A@L>A;2@2=HG=K58=


>A58589bF8;2N<EG9<HGCL>[ZTB2EG9‡NVU29‡N<=KHZTFZTB2F8HGN<=K;2=‚5O>€EG9Y>A5Z[>€– 7‚>A;2F ] 9<HZV> i ;29<5,HG9<;2HG=589$ZGZT9<ET>A589"@2F

ZT=œN<NY>AR2F8589”N<=K;:7‚>A;2=  PKN<F8=29”– ZV>A;2JKF8R2F8589 u PAHGFO>“7‚>[ZT9<EGFO>A589”NVU29Q7:9<;pZV>A589APKC9<EG@2FO>A7:=b@2F


~œF8HZV>65.¡ =œN<9Y>A;2=6HZT9<HGHG=2P£>^N<B2F}@2FO>A7:=^EGF8HGC9$ZGZTF~A>A7:9<;pZT9
Fœ;2=K7:Fœ@2F = LŽA‰ŠŽ 9 sl‹¥{VŽ[‹2qY{$s.Ž2ƒ
 ;?>AN<N<=KEG@2=XN<=K;I589…7:=œ@29<EG;29…ZT9<=KEGF89€HGFO>MLHGF8NVU29:NVU29‚C2HGF8NVU2F8NVU29APÉ¢£B29<HZTFHT>AEG9<R2R9<EG=
$

RL>AN<F8;2F”@2F”9<;29<EGJKFO>w@2F”N<B2F;2=KF”C9<EGN<9<C2FO>A7:=w;2=K;j5.¡ F8;pZT9<;2HGFZ[>\– >AHGHG=K58B}ZV>w7‚>\HG=K58=w589


~A>AEGFO>A_<F8=K;2F ƒ  58=‡HZT9<HGHG=€B2;2F~K9<EGHG=…C=AZTEG9<R2R9“;2=K;—9<HGHG9<EG9>A5ZTEG=‡NVU29“B2;L>SJKF8Jp>A;pZT9<HGNY>
=K;2@L>X7:=K7:9<;pZV>A;29Y>X9 ] =KEZTB2FZV>}P ] =KEGHG9‚HG=K58=XB2;L> ] ET>•ZV>A;pZT9AP%F85
N<B2FEGF ] ET>A;2JK9<EGHGF
;2=KF
NVU2FO>A7:FO>A7:=‡HZT=KEGFO>…N<=KHG7:F8NY> ƒ

, 
% " % % " $#%L
„ 9‡ZT9<=KEGF89S@2F =KU27HG=K;2=•N<=K;2@2F~œF8HG9S@L>   2*3        3P,C2EG9<7:F8=7^=KR9<5%C9<E
5O>?MLHGF8NY>;29<5 ó8  9 C9<E•5O>HGN<=KC9<EZV>j@29<585.¡ 9 &¥9$ZGZT=ZTB2;2;29<5.P“NVU29`;29`UL>9<5O>AR=KET>[ZT=
F8;2@2F8C9<;2@29<;pZT9<7:9<;pZT9"B2;L>…~K9<EGHGF8=K;29>A;L>A58=KJp> ƒ
 ;€>AJKJKF8B2;pZV>^9<JK58FœEGFZTF89<;29NVU29APpN<=K7:9”N<F}HG=K;2=6ZTEG9=KEG@2F8;2Fœ@2FœEG9Y>A5Z[>Q– MLHGF8NY>“NVU29C=KH±
HGFO>A7:=“@29<HGN<EGF~K9<EG9^N<=K7:9N<5O>AHGHGF8N<=2Pp¢£BL>A;pZTF8HZTF8N<=b9F87:C258F8NY>[ZT=2P[N<=KHà–2N<FLHG=K;2=bZTEG9=KEG@2F8;2F
@2F¥9<HGC9<EGF89<;2_Y>…HG=KJKJK9$ZGZTF~A>‡NVU29bHGF¥C=KHGHG=K;2=€@29<HGN<EGF~K9<EG9"N<=K7:96HG9<;2HG=KEGFO>A589AP}7:9<;pZV>A58969
ZTET>AHGN<9<;2@29<;pZV>A589 ƒ „ >bN<=KEGEGF8HGC=K;2@29<;2_Y> ] ET>bF}~A>AEGFL=KEG@2F8;2F};2=K;X9– HG=K5ZV>A;pZT="7:9$ZV> ] =KEGF8NY>}P
R9<;2Hà–ÉB2;L>€~K9<ET>:9C2EG=KC2EGFO>€F8@29<;pZTFZ[>}– ŸF8;XCL>AEZTF8N<=K5O>AEG9AP  žŒ—˜‚|$‹n‰Š| |‡   |tqàk2| † s.|$‹ YŒ £|< 
 ;2šs 9=A|< lC  Ž 9<EG7:2ŒA9$‹nZGZT‰‘9"sOq$@2‰‘s.F){VŽHGC£|9<<EG lF8 ž7:Œ 9<† ;p|TŒKZV>A ¸‰ EGŒ 9"PK5.7:¡ =K9<EG;p@2ZTF8EG;299“5OF8>67:7:C29<58F8@2NYF>[ZVZT>A= _<F8=K;29 i =“7:9<JK58F8=2P[5.¡ F85858B27:F8;L>A_<F8=[


u  =KHG9<C2U2HG=K;;2=AZV>>A;2_<FZTB}ZGZT=‚NVU29…5O>:MLHGF8NY>—>Y~œEr>—– Cƒ =œN<=—@L>—@2F8EG9‡HGB2585O>:N<=KHGN<F89<;2_Y>}P




ML;2=•>‚¢£BL>A;2@2=•HGF58F87:FZT9<Er>€– >A5858=‚HZTB2@2F8=—@2FC2EG=KC2EGF89$Z[>‚– HGCL>A_<F8=[ŠZT9<7:C=KET>A58F.Ÿ”HGCL>A_<F8=—9


ZT9<7:C=wHG=K;2=WF8; ] >[ZGZTF9<HG9<7:C2F”CL>AET>A@2F8JK7‚>[ZTF8N<F
@2F”N<=KHZTEGB}ZGZTF”7:9<;pZV>A58F ƒ „ ¡ F87:7‚>AJKF8;29
NVU29w9<JK58FQ= &¥EG9I9\– ¢£B29<585O>`@29<58589XHZT9<58589X@L>IB2;!5O>[ZT=2P”9\@29<585O>`7‚>[ZT9<EGFO>F8;pZT9<EGHZT9<585O>AEG9
@L>A585.¡ >A5ZTEG=2ŸS589‚C2EG=KC2EGF89$Z[>\– @29<58589‚N<=K;2@29<;2HT>A_<F8=K;2F@2F”7‚>[ZT9<EGFO>XHG=K;2=WN<=K7:C2589$ZV>A7:9<;pZT9
@2F~K9<EGHG9X@L>`¢£B29<58589@29<5Q7:9<@2F8B27 @L>N<B2FQ@29<EGF~A>5O>WN<=K;2@29<;2HT>A_<F8=K;29 ƒ  5O>WHZT9<HGHT>
@2F8N<=AZT=K7:FO>‡HGF*EGFZTEG=¼~A>S;29<585.¡ 9<HG9<7:C2F8=…@2F =KU27XP}ZTET>…7‚>[ZT9<EGFO>S9b~œB2=AZT=€¢£BL>A;pZTF8HZTF8N<= ƒ
 9€5.¡ =KJKJK9$ZGZT=—@29<585O>‚MLHGF8NY>—;2=K; 9… – @2B2;2¢£B29€C9<Eb=KET>EGF8589$~A>A;pZT9AP)F85HGB2=•7:9$ZT=œ@2=9–
C9<Er=\– F8EGEGF8;£B2;2N<FO>AR2F8589AŸbHGF@29$~K9‚¢£B2F8;2@2F
C2EG=œN<9<@29<EG9>A@IB2;IHZTB2@2F8=X@2F8EG9$ZGZT=\@29<585O>N<=[
HGN<F89<;2_Y>}P%7‚>XF8;I7‚>A;2F89<ET>•HGC9<EGF87:9<;pZV>A589 ƒ  N<9<EZT=w5O>XC2HGF8N<=K58=KJKFO>;2=K;D9‚– @2F”>AF8B}ZT=2P
~œF8HZT=WNVU29F”HGB2=KF9<HGC9<EGF87:9<;pZTF”HGFRL>AHT>A;2=WF8;JK9<;29<EG9HGBjHG=KJKJK9$ZGZTF>A5ZT9<ET>[ZTF9HGFZTBœ
>A_<F8=K;2F%;2=K;`EGF8C2EG=œ@2B2N<F8R2F858F ƒ 7^=K;`EGF87‚>A;29…>A5858=KET>‚NVU29:5.¡ F8;pZTEG=KHGC9<_<F8=K;29S=KJKJK9$ZGZTF~A>[ZV>}P
N<=K7:95O>€HGF,C2BÉ=:– ZTEG=¼~A>AEG9;29<JK58F,HZV>[ZTF,@2F,N<=KHGN<F89<;2_Y>‚C2B2ET> iàq<ŒA˜:Œ AmpsTu Ÿ9<HGHT>\9– EGF8C2EG=[
@2B2N<F8R2F8589XF8;DHG=KJKJK9$ZGZTF6;2=KEG7‚>A58FQ7:9<@2FO>A;pZT9\ZT9<N<;2F8NVU29wN<5O>AHGHGF8NVU29W@2F67:9<@2FZV>A_<F8=K;29AP9 

JK9<;29<ET>@29<HGN<EGF8_<F8=K;2F%C9<E ] 9$ZGZV>A7:9<;pZT9€N<=KF8;2N<F8@29<;pZTF i @L>¢£B29<HZT=XC2B2;pZT=•@2F%~œF8HZV>}P*;2=K;


96– @2B2;2¢£B29b7:9<;2=S=KJKJK9$ZGZTF~A>"@29<JK58F=KJKJK9$ZGZTFnN<=K;2N<EG9$ZTF uVƒ  @L>[ZTFHGC9<EGF87:9<;pZV>A58FnHG=K;2= ] ET>
5.¡ >A5ZTEG=wHZV>[ZTFET>AN<N<=K5ZTF@L>WB2;L>WZTET>A@2F8_<F8=K;29—7:F8HZTF8NY>\9589$ZGZT9<ET>AEGFO> i C9<E…5O>w7‚>AJKJKF8=KE
CL>AEZT9=KEGF89<;pZV>A589 HG9<N<=K5O>AEG9APNVU29HT>AEG9<R2R9•F8;2HG9<;2HT>[ZT=F8JK;2=KET>AEG9 5O>wC2FTB?– EG9<N<9<;pZT9
ZTET>A@2F8_<F8=K;29^MLHGF8NY>Su UL>‡=KEG7‚>AF¥>AR2FZTBL>[ZT=…>S@2=¼~K9<EN<=K;2HGF8@29<ET>AEG9b>A;2ƒNVU29"JK58F9<HGC9<EGF87:9<;pZTF
C2FT B –  =KJKJK9$ZGZTF~œF.¡}N<=K7:9b=KHGHG9<E~A>A_<F8=K;2F*F8;pZTEG=KHGC9$ZGZTF~K9 ƒ
 9<N<=K;2@2=  =KHG9<C2U2HG=K;)P5O>WC9<EGN<9<_<F8=K;29X9X58=H~œF858B2C2C=@29<58589HZTEGB}ZGZTB2EG9\7‚>[ZT9<7…
>[ZTF8NVU29b9">AEZTF8HZTF8NVU29“HT>AEG9<R2R9b=AZGZT9<;£B}ZV>…N<=K7SR2F8;L>A;2@2= ] ET>S58=KEG=…F8@29<9“9bN<=K;2N<9$ZGZTF*N<=K;œ
HGN<F.P
C2EG=KC2EGF@29<585.¡ =KEG@2F8;29—9<HGC258F8NY>[ZT=2P·HGB25858=WH ] =K;2@2=@29<5858=WHZV>[ZT=@2FN<=KHGN<F89<;2_Y>C2B2ET>}P
NVU296EGF L9$ZGZT9Q5.¡ =KEG@2F8;29QF87:C258F8NY>[ZT= ƒ ’b>"¢£B29<HZV>JK9<;29<HGF@29<EGF~K9<EG9<R2R9“@2B2;2¢£B296;2=K;‚HG=K58=
5O>‡EGF8589$~A>A;2_Y>}P}7‚>S>A;2NVU29"5O> F8EGET>AJKF8=K;29$~K=K589^9 :NY>AN<FO>  NVU29"7‚>[ZT9<7‚>[ZTF8NY>9">AEZT9“9<HGFž



, 
R2F8HGN<=K;2=SEGF8HGC9$ZGZT=S>A57:=K;2@2=‡9<HZT9<EG;2=2Ÿ·9<HGHG9“HT>AEG9<R2R9<EG=…JK58FLF8;pZT9<EG7:9<@2FO>AEGF>[ZGZTET>Y~K9<EGHG=
F%¢£BL>A58F5.¡ =KEG@2F8;29SC2EG= ] =K;2@2=HGF·7‚>A;2F ] 9<HZV>‚;29<585.¡ =KEG@2F8;29‡HGB2C9<EMLN<FO>A589AP*=5O>—N<=KHGN<F89<;2_Y>
C2B2ET>€HGF*7‚>A;2F ] 9<HZV>S;29<585O>S7:9<;pZT9"N<=KHGN<F89<;pZT9 ƒ
9<@2FO>A;pZT9IB2;L> =KC2C=KEZTB2;L> 7‚>[ZT9<7‚>[ZTF8_<_Y>A_<F8=K;29WF85b7:F8HZTF8N<F8HG7:=jHGC9<EGF87:9<;pZV>A589
C=AZTEG9<R2R9@2B2;2¢£B29I@2F~K9<;pZV>AEG9APb>A5858=HZT9<HGHG= ZT9<7:C=2P6F85 ] =K;2@L>A7:9<;pZT= B25ZTF87:=?95O>
HGF8;pZT9<HGF^B2;2F~K9<EGHT>A589\HGFO>`@29<585O>HGN<F89<;2_Y>INVU29\@29<585O>EG9<58F8JKF8=K;29APF8; N<B2F6’“F8=~K9<EGEG9<R2R9
F8@29<;pZTFMLNY>[ZT=N<=K;z5.¡ =KEG@2F8;29wF87:C258F8NY>[ZT= ƒ  ¢£B29<HZTF"H~œF858B2C2C2F“HG9<JK;29<EG9<R2R9<EG= B2; EGFž
N<=K;2JKF8B2;2JKF87:9<;pZT=SN<=K;5.¡ F8;2F8_<F8=‡@29<585O>ML58=KHG=AMn>‡7:=œ@29<EG;L>}P}C2FTB—– C2EG9<N<F8HT>A7:9<;pZT9bN<=K; Œ
† @29<5NY>AEG@2F8;L>A5 B2HT>A;2=2P*F8;wN<B2F%JKF±>‚– HGFZTEG=¼~A>A;2=HGFO>‚5O>‚@2F8HZTF8;2_<F8=K;29
] £ŽETA>…‰h‰.9<Œ•HGC2s858[F8‹¥NY>[Ž ZT=€ŒA‹ 9<Y@XŒ F87:C258F8NY>[ZT=2P£NVU29 B2;•C2EGF87:=€>AR2R=K_<_<=:@2F)ZT9<=K58=KJKFO>‡7‚>[ZT9<7‚>[ZTF8NY> ƒ


  
   
„ >XHZT=KEGFO>X@29<5HG9<N<=K58=   UL>•ZT9<HZTF87:=K;2FO>[ZT=•B2;?CL>AET>A@2=KHGHT>A589 ] 9<;2=K7:9<;2=\@2FF8;p~K9<E±
HGF8=K;29AŸ589HGN<F89<;2_<9•B27‚>A;29•UL>A;2;2=HGB2R£–ZT=5.¡ =K;2@L>W@)¡ B2EZT=@29<57‚>[ZT9<EGFO>A58F8HG7:=\@29<58589
HGN<F89<;2_<9MLHGF8NVU29‡=AZGZT=œN<9<;pZT9<HGNVU29AP¥@2F~K9<;29<;2@2=—HG9<7:C2EG9‡C2FTB•– 7:9<N<NY>A;2F8N<F8HZT9"9EGF8@2B2_<F8=K;œ
F8HZT9A¤É5O>—MLHGF8NY>•UL>F8;p~K9<N<9‚HGB2R£–ZT=•5.¡ B2EZT=•@29<585.¡ =K;2@L>—¢£BL>A;pZTF8HZTF8NY>}P,EGFZTEG=¼~A>A;2@2=KHGF·;2=K;
@29$ZT9<EG7:F8;2F8HZTF8NY>S9b@2BL>A58F8HZV>SN<=K7:9"589bHGN<F89<;2_<9"B27‚>A;29"@29<585.¡ =AZGZT=œN<9<;pZT= ƒ
7^9<5858=IHGC9$ZGZTEG=NVU29w~A>I@L>A585.¡ >[ZT=K7:F8N<=`>A56N<B25ZTB2ET>A589AP7:9<;pZT9w9wN<=KHGN<F89<;2_Y>HG=K;2=
@2B2;2¢£B29…HGN<F~K=K5O>[ZT9‡@L>‚B2;W9<HZTEG9<7:=>A585.¡ >A5ZTEG=2Ÿ”9<58F87:F8;L>[ZT9bJKET>A@2BL>A587:9<;pZT9‡@L>A585O>€HZT=[
EGFO>}PL@L>A585O>SHG=œN<F8=K58=KJKFO>}P}@L>A585O>…C2HGF8N<=K58=KJKFO>S9@L>A585O>…;29<B2EG=AMLHGF8=K58=KJKFO>}P}9<HGHG9SHGF,EGFZTEG=¼~A>A;2=
F8;L>AHGC9$ZGZV>[ZV>A7:9<;pZT9b=KJKJKF);29<585O>‡MLHGF8NY>…@29<58589bCL>AEZTF8N<9<58589“9"@29<5*N<9<E~K9<5858= ƒ
7^=K;wHZV>—>‚;2=KF,@29<N<F8@29<EG9SHG9S¢£B29<HZTFH~œF858B2C2C2FÉ@29<R2RL>A;2=—ET>A58589<JKET>AEG9"=‚N<EGB2N<N<FO>AEG9AŸ
N<9<EZT=^;2=K;"HGF£C=KHGHG=K;2=QF8JK;2=KET>AEG9AP[>7:9<;2=Q@2Fp;2=K;"~K=K589<EG58F i F8; u N<=KHGN<F89<;pZT9<7:9<;pZT9EGF87SB2=[
~K9<EG9 5ƒ  P¼N<=K7:9Q9
– >AC2C2EG=KC2EGFO>[ZT=N<=K;2N<58B2@29<EG9
F8;"¢£B29<HZT= ] ET>A;2JK9<;pZT9APA¢£B29<HZT=9–  ¢£BL>A;pZT=2¡ ƒ

, 
D G!  ?" $#%L 

 ’b>Y~œF8@ =KU2X7 Ÿ
‰Š | † m}shŒŽA P |$Q‹¥|t9YqV>}qP ŒAó‹8:8‚‰ ‘uVm}ƒ |"sl˜“k šs.{TŒK‰Š|SŽ † £| †}P ó8 i ‹Ls =A| † qYŽ ·˜‚|$‹n‰Š|S|"˜:ŒK


  ‹ <ŽA  Asl‹}€˜‚|TŒA‹Lsl‹} P ó P 8 ó 8: 8 ƒ  

 m}Ž p[m£‰”Œ[q‡Œ€qtorq$‰Š|$˜ ƒ


 7^F89<58H =KU2E<Ÿ
 ‰ŠŽ[˜…s.{‡‰‘m}|VŽ † o—ŒA‹ ‚‰‘m}| £|tqY{ † sšk‰‘s.Ž[‹`Ž b‹ŒK‰ † | P ó8:9  ƒ
 qVq<ŒAor
q   ”Ž[‹:ŒK‰ŠŽ[˜…s.{*knmporqts.{tqŒA‹ 6m œ˜:ŒA‹¼‹¥ŽQ | rp| PP óó88 : 9 ƒ


 qVq<ŒAor
q    ”Ž[‹:ŒK‰ŠŽ[˜…s.{*knmporqts.{tqŒA‹ 6m œ˜:ŒA‹¼‹¥ŽQ | rp| ƒ


 >  =KEG;)P  ŒK‰ † ŒK }knmps‘ ŽrqYŽtknmpo—Ž {TŒ £qY|SŒA‹ {$mœŒA‹¥{V| P ó 8 




 

 „ =KB2F8H@29 EG=KJK58F89AP  ŒK‰h‰Š| † ŒA‹ — šs8[m£‰ P ó 8 

 >AB25,’“F8ET>ANAP ; s † |V{<‰‘s.Ž[‹2qbsl‹—knmporqts.{tq P ó 8 

  =KU2;  N<N<589<H<P  Ž[˜‚|  s.Ž{VŽ[‹n‰ † ŽA l žŒ:s‘ q LŽ{V| † =A|< l Ž P ó 8:8  ƒ 

  =KU2;  N<N<589<HQ9 ">AEG5 =KC2C9<E<P  m}|bqY|<  "ŒA‹ ‚s‘‰lq † ŒAsl‹ P ó 8  ƒ




 Ž b=KU2‰‘m}; | ˜…N<N<sl58‹ 9<H<P P ó 8EGFO>A ; ƒ  =KHG9<C2U2HG=K;)P  5 &p> EGF8JK=KJKF8;29


!9 Q=KJK9<E  C9<EGE &KP  m}| † |TŒ£{$m


 I9<EG;29<E $^9<F8HG9<;£R9<EGJ2Ÿ

 " sOqts.{TŒ|  ŽrqYŽ †Œ P ó 8  i  >AJKJKFO>[ZT=KEG9AP ó 8  uVƒ P ó 8 


  

#" mps‘ ŽrqYŽtknmps.{TŒK œk Ž < |$˜Sq“sl‹ 2ŒA‹n‰ œ˜knmporqts.{tq ƒ ,

 ”EGŽ FO† >A  ; P  ó=K8 HG9<C2U2ƒ HG=K;…9 ƒ  ƒ ^>A7‚>ANVUL>A;2@2ET>A;)P  Ž[‹2qY{$s.Ž £qt‹¥|tqVqŒA‹ "‰‘m}|%knmporqts.{TŒK 
  

 


 Q=KJK9<E 9<;2EG=KHG9AŸ

 Œ‚˜‚|$‹n† ‰Š|‹ L'Ž =[Œ £|< l  slP˜“ó k28:| 8 †  ŒK‰ŠŽ Q† | F8_<P _<ó =K8 58F.P 8 ó i8:Q8 F8_<_<=K58F.P ó 8:8 uVƒ
 ,

 |…Ž[˜ | £|< l žŒ‚˜‚|$‹n‰Š| i


 uVƒ
, 
 > 5O>A;2NA@nP  m}| † | sOqbqY{$s.|$‹¥{V|6pŽ[sl‹} > P ó8:9:9 ƒ


  E QF8; NVU2E =K @2F8;2JK9<E<Ÿ


 

   m}|…{VŽrq |"  žŒ =¼s‘‰.Œ?†}> P P ó8   i 46@29<58C2U2F.P ó8:8  uVƒ


 sl‹ ŒA‹ :˜:ŒK‰h‰Š| ó8 ƒ P ">AEG_Y>A;pZTF.P

ó8  uVƒ


 Œ‚˜…shŒ =¼sOqts.Ž[‹¥| £|< )˜‚Ž[‹ £Ž ó8 }ó i


 ^$ 9<;2E & ZV>AC2C)P  sl‹


˜:ŒK‰h‰Š| † ”ŒA‹ 2ŒA‹n‰ œ˜ ˜‚|V{$mœŒA‹Ls.{tq P ó8:8:9 ƒ

    

  K= U2;•~K=K; ^7 9<B27‚>A;2;)P <Ž[‹ pŒA˜‚|$‹n‰‘s £|< l žŒ:˜‚|V{V{TŒA‹Ls.{TŒ 2ŒA‹n‰‘sOq$‰‘s.{TŒ P ó8:9 ƒ


   ,

  B2JK9<;29 F8JK;29<E<P o[˜…˜‚|<‰ † s.|tqŒA‹ † | |V{<‰‘s.Ž[‹2q P ó8  ƒ


  

, 8

También podría gustarte