0(!1#$#,21#3)#,!! ,/-.!4/$)-./5!5,!6$#&3’,7/! 89 - ag …...0(!1#$#,21#3)#,!!...

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

,

!!

"#$!%$&#'()*#+#',)-./0(!1#$*#,21#3)#,!!

,/-.!4/$)-./5!5,"!6$#&3',7/!

89+!:;<=<!&')!:<><:?@=!

!

!

!

!!

!

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

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

! "!

!

1'*)2",

3#4,5&2&%",6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666,7!

,

8%',0)'9,:&+;<'2%.*&+,=&%;&/&+%.*",6666666666666666666666666666666666666666666666666666666666666666666666666666666666666,>!!

"#!$#%!&'()'!*()+,'(-!./!0)+'1!2'3'3)/)3!&(-!'()'%!45/67-8)+(79,'):!;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;!<=!

,

8%'$+?.@&,AB',$&+,5&$&'@;"C""&'+&%;&,4%",$&+,D5,E&+0&'FE&2;&',666666666666666666666666666666666666,GH!

,

5+#::&'(B"B,#'$,I)'@,6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666,JK!!!!

!

!

!

!

>'+#?-(@)AB'7-#C-/)3D!

#$%&!'(($)&*+!,-.$/0!1-//$.+!10/*!23%$*4563!1-%7-*+!!,580/(!9$-35:+!;0%.0%-4-!<)3=/-70//+!<0>$/-!?3@>0@A$88-!!!!

E@-@7!F@)D!

<0>$/-!?3@>0@A$88-!#$%&!'(($)&*!B%@66-/:545!<C!"DE!'/(%-0*!,543-%7@/(!!

G(-'C6@-@D!<0>$/-!?3@>0@A$88-!!#-/&708!:=%!F0/@*G!H5%)G0&!0@:!(-7!I=($*)3-/!J%$-(35:!!$/!K0%*)30@!LK0%*)30@-%!B3-445M!!

!!

*@)-#?-D!

'%>-$4*.-7-$/*)30:4!N-%.-/ON-8*-/!-C!PC!Q8&-!A5/!;-($/.+!P5%*$4G-/(-!-O70$8E!$/:5R0.O>-%.-/O>-8*-/C(-!157-60.-E!SSSC0.O>-%.-/O>-8*-/C(-!!HI')+')?@)-@D!

'%>-$4*.-7-$/*)30:4!N-%.-/ON-8*-/!-CPC!!10//5A-%*)3-!P58&*>0/&!TN'9E!#QUV!"WUX!DDDU!DV"Y!Z"W"!DD!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

! Z!

3#4,5&2&%",

,

-.&%&,/&.0*&$1&(.**&*,)*2,/&.0*&$1&(,2&(,3')2.&*4"$('5,

0.&%&,-&6&(.**&*,)*2,-&6&(,2.&6&6,7&.6&%&(.#$'&65,

!)#'(!B$C,"5,*!"#$!%B!1#$*#,21#3)#,!@>=D!

E#$"#,!F#"#)!G/.$!H/.$(#,!I5!J$(#,!"#$!

K#$,'-.(5,*!EL.$#,"!"#$!MA2N#'(!/,*#&92

(#,<!G#"#)!!IE#'(#!G/.$!#',#!#',EO-.'*#!

H/.$(!I5!#',#+!0#$,#$#,!N'#3!5,"!"/IE'2

)-.#,!49-.#,#,"0/.$(#,!I5!,L.#$#,!N'#2

3#,<!P'#)#$!1#$'-.(!C&#$!"'#!A(5"'#,0/.$(!

:?@=!,/-.!4/$)-./5!5,"!6$#&3',7/!')(!

#',#!E5,"#$&/$#!Q$',,#$5,*!0C$!/33#R!"'#!

+'(*#0/.$#,!)',"<!%&#$!/5-.!/33#!/,"#$#,!

S#)#$',,#,!5,"!S#)#$!E#$"#,!+'(*#,9+2

+#,!5,"!7O,,#,!/,./,"!"#$!H9(9)!5,"!

"#$!)#.$!T#$)O,3'-.#,!1#)-.$#'&5,*#,!',!

B#"/,7#,!+'($#')#,U!!V'-.!./(!/+!+#')2

(#,!"#$!B#"#,79$(!6$#&3',7/!&##',"$5-7(W!

"#$!4#*!/,!"#,!)X+&93')-.#,!1/.,2

)-.E#33#,!#,(3/,*!3L))(!"'#!I/.339)#,!

)-.$#-73'-.#,!6$/,)T9$(#!',!"#,!69"!!#$2

/.,#,<!%&#$!/5-.!"'#!T93,')-.#!B#)-.'-.2

(#!5,"!B#*#,E/$(!E/$!6.#+/!"#$!Y#')#<!

4'$!E933#,!#',!*#+#',)/+#)!Q5$9T/!',!

H$'#"#,!5,"!K#$/,(E9$(5,*!+'(*#)(/3(#,R!

"/I5!*#.O$(!#',#$)#'()!"/)!4'))#,!5+!"'#!

K#$*/,*#,.#'(!5,"!/,"#$#$)#'()!"'#!/7(52

#33#!T93'(')-.#!A'(5/('9,!',!"'#)#+!S/,"<!!

!

!

!

Q37#!89,!V#"',*!Z&#'!#',#$!B#"#,78#$/,)(/3(5,*!!

/,!"#$!Y/+T#!',!1#$*#,21#3)#,!'+!%T$'3!:?@=[!!

K'#33#'-.(!+/-.(!A'#!"#$!1#$'-.(!,#5*'#$'*!

/50!"'#!,L-.)(#!H/.$(\!!

],09$+/('9,#,!5,(#$!!

EEE</*2&#$*#,2&#3)#,<"#!

!

13#-7+/$R!'+!J7(9&#$!:?@=!

,

809&,:;*,<&2.*+!K9$)'(I#,"#!"#$!%B!1#$*#,!1#3)#,!

!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

![!

8%',0)'9,:&+;<'2%.*&+,=&%;&/&+%.*",!

89,!V/$*/$#(#!A-.C,#+/,,!

!

LB'")0M,JN6,D#0#;",

%&0/.$(!+'(!"#+!^Y.O,)#*3#$_!2!15)!',!`/,,98#$!

NJ1W!;<??!a.$R!=::!7+!)',"!I5!0/.$#,<!b/!@:!A(5,2

"#,R!5,(#$&$9-.#,!89,!"#,!89$*#)-.$'#&#,#,!c/52

)#,R!"'#!5,)R!#.$3'-.!*#)/*(R!/5-.!/33#,!*5(!(5,!Z1#'2

,#R!13/)#,!#(-<[<!

V'$!*#0L33(R!"/))!'-.!0/)(!"'#!`L30(#!"#$!V'($#')#,"#,!

)-.9,!7#,,#W!E'$!E/$#,!89$!:!G/.$#,!*#+#',)/+!',!

d$/7/5!e!%5)-.E'(I!e!1'$7#,/5!f!"'#)#!Y#')#!./&#!

'-.!*5(!',!Q$',,#$5,*<!

4'$!)',"!/5-.!#$0$#53'-.#$E#')#!E'#"#$!',!"#$!J&2

.5(!"#)!Y#')#3#'(#$)!`/$(+5(!N'#)',*!5,"!"#)!15)7/2

T'(L,)!%,"$#/)!Y9(.#$+5,"<!S#(I(#$#$!&#(L('*(!)'-.!

E'#"#$!#',+/3!EL.$#,"!/33#$!c/5)#,!/3)!d/00##)#$2

8'#$#$!5,"!d9-.!f^c/T/!7/,,!/33#)_!fR!/,0L,*3'-.!

5,(#$)(C(I(!89+!Y#')#3#'(#$<!B5(#)!4#((#$!./&#,!

E'$!/5-.<!

B$#,IC&#$*/,*!&#'!H$/,705$(!e!J"#$R!E'$!0/.$#,!/50!

#',#$!.#$89$$/*#,"#,!%5(9&/.,!/,!c9I,/,!Z3'#*(!

3',7)[!89$&#'R!3/))#,!/5-.!S9"I!Z$#-.()[!3'#*#,!5,"!!

!

!

!

!

!

79++#,!TC,7(3'-.!5+!@=<g?!a.$!'+!4/$)-./5#$!

A(/"((#'3!c$/*/!89$!5,)#$#+!`9(#3!`Q6V%M!/,<!

c$/*/!3'#*(!/50!"#+!$#-.(#,!4#'-.)#350#$R!*#*#,2

C&#$!"#$!%3()(/"(<!P/)!`9(#3!&'#(#(!,#&#,!)#',#$!

)#.$!*C,)('*#,!S/*#!ZV#($9R!6$/+!5,"!15))#!-/<!;!

+',!H5hE#*!#,(0#$,([!#',#,!*5(#,!d9+09$(R!E'$!

0C.3#,!5,)!/50!%,.'#&!E9.3<!a+!-/<!@><i?!a.$!($#02

%,75,0(!89$!5,)#$#+!`9(#3!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!W!

0#,!E'$!5,)!'+!AT#')#)//3!5,"!./&#,!,/-.!"#+!

%&#,"#))#,!"'#!d#,,#,3#$,2Y5,"#<!K9+!#$)(#,!

V9+#,(!/,!)',"!*5(#!B#)T$L-.#!+O*3'-.<!

!

I%&';")0M,JO6,D#0#;",

P/)!4#((#$!')(!)9,,'*!5,"!E/$+U!

a+!><??!($#00#,!E'$!5,)#$#,!B5'"#!!"#$%&"R!"'#!

5,)!"5$-.!"'#!4/$)-./5#$!^%3(2!5,"!M#5)(/"(_!!

0C.$#,!E'$"<!]-.!./&#!"/)!B#0C.3R!)'#!E#'h!/33#)!5,"!

)'#!7/,,!"'#)#)!4'))#,!*5(!"9)'#$#,!5,"!$C&#$&$',2

*#,R!)9"/))!E'$!*5(!#',*#0C.$(!E#$"#,!',!"/)!.#5('2

*#!4/$)-./5<!

!

!13'-7!/50!"'#!%3()(/"(R!dO,'*)E#*!

!

P'#!A(/"(!./(!-/<!@R;!V'9<!Q',E9.,#$R!/7(5#33!)',"!

,'-.(!/33#!4/$)-./5#$!',!"#$!A(/"(R!,9-.!./&#,!"'#!

c93#,!A-.530#$'#,R!,L-.)(#!49-.#!E'$"!#)!$'-.('*R!

$'-.('*!8933!.'#$<!i=!V'9<!Q',E9.,#$!./(!c93#,!',)*#2

)/+(R!/50!#',#$!H3L-.#!)9!*$9h!E'#!B1!5,"!]$3/,"!

I5)/++#,<!@g2:?!V'9<!c93#,!3#&#,!I#'(E#')#!/5h#$!

S/,"#)R!/$&#'(#,!I<1<!',!P#5()-.3/,"<!%5)3/,")T93#,!

)',"!',!'.$#$!B#)',,5,*!'<"<Y<!^T93,')-.#$_!/3)!],2

3/,")T93#,R!+#',(!V/$I#,/<!f!4/$)-./5!*'3(!/3)!#',#!

"#$!3#&#,"'*)(#,!V#($9T93#,!Q5$9T/)j!:;?<???!

V#,)-.#,!)(5"'#$#,!I<!N(<!.'#$<!!

P'#!Y5,"0/.$(!+'(!5,)#$#+!Y.O,)#*3#$!0C.$(!5,)!',)!

1/,7#,8'#$(#3!Zd3#',2V/,./((/,!/,!"#$!4#'-.)#3[R!

/+!d53(5$T/3/)(!89$&#'!Z#',!^B#)-.#,7_!A(/3',)R!

c#$3#!"#)!N5-7#$&L-7#$)('3)R!/3)!J$'#,('#$5,*)T5,7(!

.O-.)(!&$/5-.&/$[j!&#+#$7#,)E#$(!/5-.!"'#!`9-.2

.L5)#$!"#$!%$-.'(#7(#,!S'&#)7',"!5,"!M9$+/,!H9)2

(#$R!5+!,5$!"'#)#!I5!,#,,#,<!

4#'(#$!*#.(!#)!/50!"#+!dO,'*)E#*R!"#$!89,!AC"#,!

.#$!I5+!dO,'*)T/3/)(!',!"#$!%3()(/"(!0C.$(<!4/$2

)-./5!E5$"#!@D>k!I5$!T93,')-.#,!`/5T()(/"(!f!89$2

.#$!E/$!#)!d$/7/5R!5,"!#$3#&(#!#',#!753(5$#33#!13C2

(#I#'(R!89,!"#$!8'#3#!1/5(#,!#,(3/,*!"#)!dO,'*)E#2

*#)!I#5*#,W!K#$0/))5,*)*#$'-.(R!A'(I!"#)!c93,')-.#,!

c$L)'"#,(#,R!G5)('I+',')(#$'5+R!%5h#,+',')(#$'5+!

5,"!8'#3#!/,"#$#!Y#*'#$5,*)*#&L5"#!f!#&#,)9!/5-.!

d'$-.#,!Z5</<!"'#!d'$-.#!"#$!K')'(/,(',,#,[R!P#,7+L2

3#$!Z"#$!d9+T9,')(!b.9T',R!"#$!^M/('9,/3"'-.(#$_!

V'-7'#E'-IR!c$'+/)!d/$"',/3!4X)IX,)7'[R!"/)!M/('92

,/3(.#/(#$R!"/)!Y/(./5)l!

!

!P#$!c$L)'"#,(#,T/3/)(!

!

]-.!./&#!+'$!"#,!c$L)'"#,(#,T/3/)(!*#+#$7(W!`'#$!

E5$"#!"'#!d/T'(53/('9,!/+!Q,"#!"#)!4/$)-./5#$!

%50)(/,")!J7(9&#$!@>gg!5,(#$I#'-.,#(R!"'#!"9$(!

*#+/-.(#,!N5)/*#,!E5$"#,!E#'(*#.#,"!89,!"#$!

"#5()-.#,!A#'(#!*#&$9-.#,j!"#$!4/$)-./5#$!c/7(!

E5$"#!.'#$!@>DD!*#)-.39))#,<!a,"!"#$!Y5,"#!6')-.!

@>=>!(/*(#!.'#$W!%+!Q,"#!"'#)#)!c$9I#))#)!E/$!c92

3#,!@>>?!#',#!Y#T5&3'7<!

Q$)(/5,3'-.!')(R!"/))!#',!5,8#$7#,,&/$#$!A('3+'m!

.#$$)-.(R!"#$!/&#$!,'-.(!)(O$(<!%500/33#,"!/5-.!"'#!

8'#3#,!1$/-.#,!IE')-.#,!"#,!1/5(#,R!"'#!I5!E#'(#2

$#$!1/5(L('*7#'(!#',3/"#,<!V/$I#,/!I#'*(!5,)!"'#!

c/3+#!/50!"#+!dO,'*3'-.#,!4#*<!A'#!#$',,#$(!/,!"'#!

*$Oh(#!FC"')-.#!B#+#',"#!"#$!4#3(R!"'#!89$!"#+!:<!

4#3(7$'#*!',!c93#,!&#)(/,"R!&')!)'#!@>gg!/5)*#3O)-.(!

E5$"#<!

!

4L.$#,"!"#$!dO,'*3'-.#!4#*!',!AC"2M9$"2Y'-.(5,*!

8#$3L50(R!*'&(!#)!89+!c'3)5")7'2c3/(I!/5)!/5-.!#',#!

J)(24#)(2%-.)#R!"'#!"#$!"/+/3'*#!)L-.)')-.2

T93,')-.#!dO,'*!%5*5)(!"#$!A(/$7#!/,3#*#,!3'#h<!

%,)-.3'#h#,"!)(#'*#,!E'$!/5)W!P'#!%3()(/"(!')(!H5h2

*L,*#$I9,#<!@>ggegD!,/-.!"#+!4/$)-./5#$!%502

)(/,"!8O33'*!I#$)(O$(R!E5$"#!)'#!/&!H#&$5/$!@>gD!

E'#"#$/50*#&/5(R!5,"!IE/$!,/-.!/3(#,!K#$+#)2

)5,*)I#'-.,5,*#,!5,"!1'3"#$,R!"'#!89,!d5,)(.')(92

$'7#$,!'+!a,(#$*$5,"*#$#((#(!E9$"#,!E/$#,<!

%50!"#+!*$9h#,!c3/(I!89$!"#+!dO,'*))-.39))!',!"#$!

%3()(/"(!#$$'-.(#(R!')(!E#'(.',!)'-.(&/$!"'#!A'*')2

+5,")L53#!89,!@kggR!E'#!E#,,!)'#!,'#!I#$)(O$(!

E9$"#,!EL$#<!!!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!Y!

%5-.!"/)!dO,'*))-.39))W!1')!@>==!E/$!)#',#!Y#79,2

)($57('9,!E#'(*#.#,"!/&*#)-.39))#,R!@>gD!)(/,"!

,5$!,9-.!#',!73#',#$!V/5#$$#)(<!V/$I#,/!7/,,!5,)!

"'#!89$+/3'*#,!H9(9)!I#'*#,R!89,!8'#3#,!A($/h#,IC2

*#,!5,"!P#,7+L3#$,!"#$!%3()(/"(!@>gDl<.#5(#<!

Q',#!*$9h#!S#')(5,*U!Q)!*/&!,'-.(!+/3!#',#,!V/$)2

./332c3/,!0C$!"'#!c93#,<!

@>DD!*/3(!"#$!4'#"#$/50&/5!"#$!%3()(/"(!&')!/50!"/)!

dO,'*))-.39))!/3)!&##,"#(<!

!

4'$!*#.#,!"5$-.!#','*#!+/3#$')-.#!A($/h#,R!&#)52

-.#,!"'#!G9./,,#)7/(.#"$/3#R!5,"!E#'(#$#!d'$-.#,R!

)#.#,!5</<!/5-.!#',#!d9T'#!"#$!A-.E/$I#,!V/"9,,/!

89,!6)-.#,)(9-./5<!

],!"#$!G9./,,#)2d/(.#"$/3#!.L3(!BC,(#$!1'$7#,!#',#!

%,"/-.(!I5+!B#"#,7#,!/,!"/)!V'(*3'#"!"#$!%B!

1#$*#,21#3)#,!5,"!.L50'*#,!V'($#')#,"#,!%3#m/,"2

#$!4#'3!/5)!`/+&5$*R!"#$!'+!G53'!"<!G<!*#)(9$&#,!')(<!

]+!3#(I(#,!G/.$!',!M#5#,*/++#!E/$!#$!,9-.!"/&#'<!

!

!],!"#$!G9./,,#)2d/(.#"$/3#!

!

G#,)#'()!"#$!/3(#,!A(/"(+/5#$,!"#$!%3()(/"(!)-.3'#h(!

)'-.!"'#!M#5)(/"(!/,!f!'++#$!,9-.!%3(24/$)-./5<!

P9$(!#$*'&(!)'-.!#',!)-.O,#$!%5))'-.()T5,7(!',!"'#!

Q&#,#R!5,"!E'$!)#.#,!#',#!E#'(#$#!d'$-.#R!"'#!/&#$!

*#)-.39))#,!')(j!)'#!E5$"#!/50!K#$/,3/))5,*!"#$!

H$/5!"#)!dO,'*)!G/,!]]]!A9&'#)7'!#$$'-.(#(R!/3)!P/,7!

"/0C$R!"/))!#$!"'#!A-.3/-.(!*#*#,!"'#!6C$7#,!5+!

4'#,!@k=i!)9!#$093*$#'-.!&##,"#(!./((#<!A'#!3'#&(#!

'.,!C&$'*#,)!)#.$<!

`'#$!',!"#$!M#5)(/"(!E5$"#!@=k;!/5-.!V/$'#!b5$'#!

*#&9$#,R!"'#!0C$!#',!,'-.(!$5))')-.)T$/-.'*#)!A(5"'2

5+!,/-.!c/$')!/5)E/,"#$(#!f!/5-.!)'#!#',#!c/($'92

(',<!4'$!)#.#,!'.$!B#&5$()./5)!5,"!#',#!)-.O,#!

V/$'#2b5$'#2A753T(5$!/50!"#+!73#',#,!c3/(I!"/89$<!

M/-.!#',#$!/,*#,#.+#,!V'((/*)T/5)#!093*(!/+!

M/-.+'((/*!"#$!1#)5-.!"#)!4/$)-./52V5)#5+)R!

E#3-.#)!:?@;!,/-.!3/,*#$!Y#,98'#$5,*!E'#"#$#$2

O00,#(!E5$"#<!Q)!3'#*(!"'$#7(!/+!%3(+/$7(<!1#+#$2

7#,)E#$(!')(R!"/))!#)!,/-.!*$9h#,!(.#+/(')-.#,!

13O-7#,!/,*#9$",#(!')(R!,'-.(!-.$9,939*')-.<!P#$!

1#)5-.!8#$('#0(R!E/)!E'$!/+!K9$+'((/*!#$0/.$#,!

./&#,<!

!

!A7X3',#!4/$)-./5)!!

!

P#$!%&#,"!')(!I5$!0$#'#,!K#$0C*5,*j!E'$!7O,,#,!I5!

5,)#$#+!n5/$('#$!I5!H5h!C&#$!"'#!4#'-.)#321$C-7#!

*#.#,R!E'$!7O,,#,!/&#$!/5-.!"'#!6$/+!&#,5(I#,R!

0C$!A#,'9$],,#,!C&#$!;?!G<!79)(#,39)U!%,!"'#)#$!A(#32

3#!&#+#$7#!'-.!+'(!1#0$'#"'*5,*R!"/))!/5-.!"'#!M5(2

I5,*!"#$!+#')(!)/5&#$#,!O00#,(3'-.#,!69'3#((#,!',!

*/,I!c93#,!5+)9,)(!')(<!

!

L%""PB.*M,JH6,D#0#;",

P/)!4#((#$!')(!E/$+!5,"!)9,,'*U!

`#5(#!&#)5-.#,!E'$!"#,!#.#+/3)!FC"')-.#,!A(/"(2

&#I'$7!/50!"#+!3',7#,!4#'-.)#350#$<!N589$!+/-.(!

5,)!`#$$!N'#)',*!"/$/50!/50+#$7)/+R!"/))!"#+!`92

(#3!`#(+/,!*#*#,C&#$!#',!FC"')-.#)!Y'(5/3&/"!3/*R!

+/,!7/,,!"'#!%$-.'(#7(5$!,9-.!#',!&'))-.#,!#$7#,2

,#,<!a,)#$!B5'"#!89,!*#)(#$,R!V/$I#,/R!&#*3#'(#(!

5,)!.#5(#!*3C-73'-.#$E#')#!E'#"#$<!4'$!0/.$#,!+'(!

"#+!15)!',!"'#!],,#,)(/"(!/50!"/)!3',7#!4#'-.)#32

50#$!5,"!)(/$(#,!',!"#$!ML.#!"#)!d53(5$T/3/)(#)!',!

"#$!M9IX7!AX,/*9*#R!"'#!#',I'*#R!"'#!"#,!:<!4#3(2

7$'#*!C&#$)(/,"#,!./(<!`#5(#!"'#,(!)'#!"#$!E/-.2

)#,"#,!FC"')-.#,!B#+#',"#!4/$)-./5)!Z.#5(#!-/<!

k??!89$E'#*#,"!F5,*#!V'(*3'#"#$[!/3)!B9((#)./5)<!

Q',#!6.9$/2Y933#R!"'#!"#,!:<!4#3(7$'#*!C&#$3#&(!./(R!

E'$"!.'#$!/50&#E/.$(<!4'$!0$/*#,!V/$I#,/!/5)W!

4#$"#,!FC"')-.#!Q',$'-.(5,*#,!',!c93#,!T93'I#'3'-.!

*#)-.C(I(\!G/R!)/*(!)'#R!E#,,!#)!],)('(5('9,#,R!d',2

"#$*L$(#,!5,"!A-.53#,!)',"<!f!B'&(!#)!%,*$'00#!89,!

M#9,/I')!/50!FC"')-.#!Q',$'-.(5,*#,\!G/!5,"!,#',W!],!

5,"!/,!AX,/*9*#,!,'-.(R!/&#$!/50!H$'#".O0#,<!M#92

,/I')!*'&(!#)!',!c93#,!/5-.j!)'#!E#$"#,!*#"53"#(<!2!

4'#!')(!"/)!+'(!"#+!,#5#,!B#)#(IR!E#3-.#)!+/,-.#!

%5))/*#,!C&#$!"#,!`939-/5)(!',!c93#,!8#$&'#(#(\!G/R!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!V!

"/)!')(!#',!E5,"#$!c5,7(U!V/$I#,/!&#,#,,(!"#,!

d#$,!"#)!d9+T3#m#)W!^4#$!./(!+#.$!*#3'((#,R!"'#!

c93#,!9"#$!"'#!G5"#,\_!5,"!^4'$!c93#,!E#$"#,!,'#!

8#$)(/,"#,_<!Q',!%5)"$5-7!"#))#,!')(!F#(I(!"/)!K#$2

&9(R!"'#!1#I#'-.,5,*!^T93,')-.#!K#$,'-.(5,*)3/*#$_!

I5!*#&$/5-.#,<!P#$!c/($'9(')+5)!',!c93#,!')(!*/,I!

*$9h*#)-.$'#&#,<!%+!Q,"#!"#$!Y#')#!0/,*#!'-.!/,R!

"'#)#!T93,')-.#!1#)9,"#$.#'(!#','*#$+/h#,!I5!&#2

*$#'0#,<!

P'#!HC.$5,*!*#.(!E#'(#$R!I5$!3#(I(#,!#$./3(#,#,!

B.#((9)($/h#R!"'#!F#(I(!#','*#!+/$7/,(#!c5,7(#!

Z1$C-7#!IE')-.#,!"#+!,O$"3'-.#,!5,"!"#+!)C"3'2

-.#,!6#'3!"#)!B.#((9)R!V/5#$,R!c03/)(#$R!`L5)#$2

0$9,(#,R!/5-.!"/)!`/5)!',!"#$!b.39",/2A($/h#R!',!

E#3-.#+!V/$-#3!Y#'-.2Y/,'-7'!C&#$3#&(#[!,9-.!

I#'*(<!A9,)(!7/,,!+/,!89+!B.#((9!',!4/$)-./5!

,'-.(!+#.$!8'#3!#$7#,,#,R!#)!3'#*(!',+'((#,!89,!,#52

#,!`9-..L5)#$,R!)-.'-7#,!Y#)(/5$/,()!5,"!c/$7)<!

P/)!&#$C.$(!+'-.!)-.9,!)#3()/+<!

!

!M9IX72AX,/*9*#!

!

P/,,!)#.#,!E'$!,9-.!"/)!Q(*/$2d#$#(2`/5)R!"/)!

)-.+/3)(#!`/5)!"#$!4#3(R!"9$(!',!#',#$!1/53C-7#R!E9!

0$C.#$!#',!Q',*/,*!',)!4/$)-./5#$!B.#((9!E/$j!F#(I(!

#',#!1#./5)5,*!0C$!dC,)(3#$R!"'#!.'#$!0C$!#',#!*#2

E'))#!N#'(!E9.,#,!5,"!/$&#'(#,!7O,,#,<!

P#$!B$#,I8#$3/50!"#)!4/$)-./5#$!B.#((9)!E'$"R!E9!

#)!*#.(R!'+!A($/h#,T03/)(#$!*#7#,,I#'-.,#(j!)9,)(!

#$',,#$,!/5-.!/,!8'#3#,!A(#33#,!B#"#,7(/0#3,!/,!

"'#)#)!B#&'#(<!P/,,!)-.3'#h(!)'-.!"#$!1#)5-.!/50!

"#+!FC"')-.#,!H$'#".90!'+!M9$"E#)(#,!"#)!B.#((9)!

/,<!Q$!')(!,'-.(!I#$)(O$(!E9$"#,R!&#.#$&#$*(!:D?<???!

B$L&#$!5,"!E'$7(!#',!E#,'*!5,C&#$)'-.(3'-.<!V/$I#2

,/!I#'*(!5,)!"/)!B$/&!"#)!Q$0',"#$)!"#)!Q)T#$/,(9R!

N/+#,.90R!5,"!*'&(!5,)!/5-.!%5)75,0(!C&#$!FC"'2

)-.#!M/-.,/+#,!ZQ<6<%<!`900+/,,)!Y933#!&#'!"#$#,!

^Q$0',"5,*_[R!C&#$!B$/&)X+&93#R!1#)(/((5,*)$'(#,!

5,"!69(#,2B#"#,7#,<!4'$!)#.#,!/5-.!"#,!B#"#,72

)(#',!0C$!"#,!cL"/*9*#,!G/,5)I!d9$-I/7!ZP#-7&3/(([R!

"#$!+'(!"#,!'.+!/,8#$($/5(#,!d',"#$,!',)!B/)!5,"!

"/+'(!',!"#,!69"!*',*R!/5-.!)X+&93')-.#!Y5.#)(L(2

(#,!0C$!"'#!JT0#$!"#$!A.9/.<!f!M/-."#+!E'$!"#,!

H$'#".90!E'#"#$!8#$3/))#,!./&#,R!./3(#,!E'$!/+!

V/.,+/3!/+!)9*#,/,,(#,!a+)-.3/*T3/(IW!H$C.#$!

&#0/,"!)'-.!"/!#',!BC(#$&/.,.90<!!

!

!B#"#,7)(#',#!/50!"#+!^B.#((9_2H$'#".90!

!

6L*3'-.!E5$"#!89,!.'#$!/5)!/&!::<;<@>g:!"'#!FC"'2

)-.#!1#8O37#$5,*!"#)!B.#((9)!,/-.!6$#&3',7/!/&2

($/,)T9$('#$(<!D<???!&')!k<???R!+/,-.+/3!)9*/$!&')!

I5!@?<???!V#,)-.#,!/,!#',#+!6/*<!P/)!V/.,+/3!

')(!*#)(/3(#(!',!H9$+!#',#)!BC(#$E/**9,)<!a,0/))&/$!

5,"!($/5$'*<!

!

!NX,')-.#!M/I'&#I#'-.,5,*W!^a+)-.3/*T3/(I_!

!

%+!P#,7+/3!"#)!B.#((9/50)(/,"#)R!"'-.(!/+!V52

)#5+!cJS]MR!#$',,#$,!E'$!5,)!/,!"'#!&#E/00,#(#!

Q$.#&5,*!"#$!E#,'*#,!G5"#,R!"'#!'+!%T$'3!@>gi!

,9-.!"/)!B.#((9!&#E9.,(#,!5,"!89,!"#,!1#)/(I#$,!

/+!S#&#,!*#./3(#,!E5$"#,R!E#'3!)'#!',!H/&$'7#,!/3)!

%$&#'(#$],,#,!#',*#)#(I(!E/$#,<!P#$!%50)(/,"!0/,"!

)(/((!89+!@><g<!&')!@k<D<@>gi!5,"!E5$"#!*$/5)/+!

,'#"#$*#)-.3/*#,<!P/,/-.!E/$!"/)!B.#((9!T$/7(')-.!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!\!

5,&#E9.,(R!"9-.!',!"#,!Y5',#,!5,"!',!"#,!d/,L3#,!

C&#$3#&(#,!,9-.!#','*#!V#,)-.#,<!

!

!Q$',,#$5,*!/,!"#,!d,'#0/33!4'33X!1$/,"()!!

%,!"'#)#$!A(#33#R!"#+!P#,7+/3!"#)!B.#((9/502

)(/,")R!0/,"!@>;?!"#$!d,'#0/33!"#)!"#5()-.#,!15,2

"#)7/,I3#$)!4'33X!1$/,"(!)(/((R!"#$!0C$!"'#!%5))O.2

,5,*!&#'"#$!KO37#$!f!"#$!c93#,!5,"!"#$!P#5()-.#,!2!

#',#!*$9h#!Y933#!)T'#3(<!]-.!8#$)(#.#R!E/$5+!"'#!

c93#,!"'#)#,!d,'#0/33!+'(!#',#+!#'*#,#,!P#,7+/3!

&#"/-.(!./&#,<!P/)!6#$$/',!"#)!B.#((9)!E/$!I<6<!

/5-.!"#-75,*)*3#'-.!+'(!"#+!"#)!4/$)-./5#$!%502

)(/,")!@>ggR!/3)9!79,,(#!1$/,"()!B#)(#!/5-.!&#'"#,!

Q$#'*,'))#,!*#3(#,<!

!

!%+!V/))#,*$/&!Z@??<???U[!/50!"#+!FC"')-.#,!H$'#".90!

!

4'$!./&#,!#',#!V'((/*)T/5)#R!7O,,#,!"'#!Q',"$C-7#!

#',!E#,'*!)/-7#,!3/))#,<!

P/,,!0C.$(!5,)!V/$I#,/!"5$-.!"/)!cJS]MR!"/)!V52

)#5+!"#$!B#)-.'-.(#!"#$!c93,')-.#,!G5"#,<!

P'#!P/5#$/5))(#335,*R!"'#!"#,!d#$,!"'#)#)!.#$89$$/2

*#,"#,!V5)#5+)!&'3"#(R!')(!&$#'(!/,*#3#*(!5,"!*#.(!

-.$9,939*')-.!89$<!],!/-.(!*$9h#,!Q',.#'(#,!E#$"#,!

/50!"'#!*$C,"3'-.)(#!5,"!5+)'-.('*)(#!4#')#!8'#3#!

%)T#7(#!"#$!4#-.)#3&#I'#.5,*#,!IE')-.#,!"#$!

T93,')-.#,!5,"!FC"')-.#,!1#8O37#$5,*!*#I#'*(<!cL2

"/*9*')-.!*#)-.'-7(R!8'#30L3('*<!A#.$!)X+T/(.')-.<!!

!

!P#,7+/3!0C$!"#,!B.#((9/50)(/,"!

!

%,!"'#)#$!A(#33#!7#',#!E#'(#$#!A-.'3"#$5,*!89,!+'$R!

"'#!],(#$,#()#'(#!*'&(!#',#!*5(#!P/$)(#335,*<!V/$I#2

,/!&$',*(!5,)!"'#)#!79+T3#m#,!],./3(#!I5)L(I3'-.!

,/.#R!0/))(!I5)/++#,R!+/-.(!#)!5,)!3#'-.(#$R!',!-/<!

:!A(5,"#,!^"5$-.I579++#,_<!a,"!#$IL.3(!"'#!#',#!

9"#$!/,"#$#!B#)-.'-.(#!ZI<1<!"'#!89,!"#$!B/((',!"#)!

N99"'$#7(9$)!',!c$/*/[<!

1#+#$7#,)E#$(!0/,"!'-.!"'#!=<!B/3#$'#!+'(!"#+!

6.#+/!^M/-.7$'#*)I#'(_!5,"!"'#!N5)/(I/5))(#335,*!

',!#',#+!M#&#,$/5+W!P'#!N#'(!,/-.!"#+!:<!4#3(2

7$'#*!E/$!',!8'#3#$3#'!`',)'-.(!T$9&3#+/(')-.R!"#,,!

8'#3#!FC"')-.#!c93#,!E5$"#,!,/-.!@>gD!,'-.(!E'332

79++#,!*#.#'h#,R!8#$3'#h#,!"/)!S/,"!#,"*C3('*<!!

@>k=R!',!"#$!!B9+537/2o$/R!*/&!#)!)9*/$!#',#!$#*#32

$#-.(#!K#$($#'&5,*<!],!,#5#)(#$!N#'(!')(!#',!4'#"#$2

/50&3C.#,!FC"')-.#$!d53(5$!5,"!FC"')-.#,!S#&#,)!',!

4/$)-./5!I5!&#9&/-.(#,R!)'#.#!M9IX72AX,/*9*#<!

P'#!H$/*#!^B#.#,!9"#$!13#'&#,\_!)-.#',(!,#5#$2

"',*)!O0(#$!+'(!^13#'&#,_!&#/,(E9$(#(!I5!E#$"#,<!

N5$!N#'(!E'$"!"'#!%,I/.3!"#$!FC"')-.#,!V#,)-.#,!',!

c93#,!/50!@D!2!i?<???!*#)-.L(I(<!!

!

P#$!%&#,"!')(!E'#"#$!0$#'<!4'$!3#$,#,!',!73#',#,!

B$5TT#,!/50!#'*#,#!H/5)(!"'#!)-.O,)(#,!S97/3#!',!

"#$!%3()(/"(!&IE<!',!5,)#$#+!c$/*/!7#,,#,W!A#.$!

39-7#$R!(9(/3!/,*#,#.+<!

!EEE<X95(5&#<-9+eE/(-.\8pg#K`MI"#9.a!

EEE<)T'#*#3<"#e#',#)(/*#)eE/$)-./5#$2I992E'#2F/,25,"2/,(9,'/2

I/&',)7'2F5"#,28#$)(#-7(#,2/2@@kkiDi<.(+3,

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!X!

IB''&+;")0M,7K6,D#0#;",

P/)!4#((#$W!!)9,,'*!5,"!E/$+<!

a+!><??!a.$!')(!%50&$5-.!',!Y'-.(5,*!M9$"9)(#,R!

7,/TT!@??!7+!#,(0#$,(!3'#*(!"#$!73#',#!J$(!6$#&3',2

7/<!a+!@@<??!a.$!79++#,!E'$!/,!5,"!($#00#,!"#,!

S#'(#$!"#$!B#"#,7)(L((#R!P$<!Q"E/$"!d9T9E7/R!"#$!

5,)!T#$)O,3'-.!"5$-.!"/)!B#&L5"#!0C.$(<!!

!

!1#*$Ch5,*!',!"#$!B#"#,7)(L((#!

!

N5,L-.)(!&'3"#,!E'$!'+!73#',#,!%5))(#335,*)./5)!

#',#,!A(5.37$#')j!P'$7!)(#33(!"'#!%B!1#$*#,21#3)#,!

89$R!"#$!B/)(*#&#$!',09$+'#$(!5,)!C&#$!"'#!B#2

)-.'-.(#!"#$!B#"#,7)(L((#W!"'#!F#(I'*#!%5))(#335,*!

'+!B#&L5"#!')(!5</<!#',#$!A-.C3#$*$5TT#!/5)!1'#3#2

0#3"!I5!8#$"/,7#,R!"'#!)'-.!:??D!"#$!K#$,'-.(5,*)2

3/*#$!V/F"/,#7!5,"!6$#&3',7/!/,*#,9++#,!./((#<!!

1$9)-.C$#!"#$!1'#3#0#3"#$!A-.C3#$*$5TT#!

!

A'#!./(!@k!*$9h#!],09$+/('9,)(/0#3,!#$/$&#'(#(R!"#2

$#,!6#m(!/5-.!',!#',#$!1$9)-.C$#!,/-.I53#)#,!')(R!

"'#!5,)!/33#,!/5)*#.L,"'*(!E'$"<!P$<!d9T9E7/!3#'(#(!

"'#!B#"#,7)(L((#!)#'(!)#.$!3/,*#$!N#'(!5,"!7#,,(!

F#"#!Q',I#3.#'(!'.$#$!B#)-.'-.(#<!

Q$!+/-.(!5,)!/50!"#,!1$'#0!89,!A<!N'#*#3&9F+!/502

+#$7)/+R!"#$!,/-.!S9,"9,!*#039.#,!E/$!5,"!"#$!

"5$-.!"'#!1#$'-.(#!"#)!G/,!d/$)7'!5,"!/,"#$#$!E5))2

(#R!E/)!@>g:2gi!',!4/$)-./5!5,"!6$#&3',7/!*#2

)-./.R!5,"!"#$!"'#!4#3(!8#$*#&3'-.!/50!"#,!V/)2

)#,+9$"!/,!"#,!T93,')-.#,!G5"#,!/50+#$7)/+!I5!

+/-.#,!8#$)5-.(#!5,"!)'#!I5+!Q',*$#'0#,!&#E#*#,!

E933(#<!%+!@:<!V/'!@>gi!,/.+!#$!)'-.!"/)!S#&#,R!

5+!)9!"/)!S9)!"#$!4/$)-./5#$!G5"#,!I5!(#'3#,<!

!

!P/)!V5)#5+!',!6$#&3',7/!

!

P'#!1#)9,"#$.#'(!"'#)#)!)-.$#-73'-.#,!J$(#)!6$#&2

3',7/W!],!7C$I#)(#$!N#'(!2!:i<;<@>g:!&')!%,0/,*!%52

*5)(!@>gi!2!E5$"#,!.'#$!-/<!>D?<???!V#,)-.#,!#$2

+9$"#(R!I5,L-.)(!"'#!G5"#,!/5)!"#+!4/$)-./5#$!

B.#((9R!"/,,!/5-.!G5"#,R!A',('!5,"!Y9+/!/5)!"#+!

B#,#$/3*958#$,#+#,(!c93#,!5,"!)TL(#$!)9*/$!/5)!

*/,I!Q5$9T/<!

P#,!6L(#$,!*#3/,*!#)R!@>gg!&#'+!M/.#,!"#$!Y9(#,!

%$+##!,/.#I5!/33#!AT5$#,!$#)(39)!I5!&#)#'('*#,R!

)9"/))!7#',#!1/$/-7#R!7#',#!B/)7/++#$R!7#',!K#$2

E/3(5,*)*#&L5"#!+#.$!I5!)#.#,!E/$!5,"!')(<!Q)!

E/$!+C.)/+R!.'#$!#',#,!J$(!"#)!B#"#,7#,)!I5!

)-./00#,<!Q)!')(!/5-.!+C.)/+R!"/)!E/)!.'#$!*#)-./.R!

&#*$#'03'-.!5,"!89$)(#33&/$!I5!+/-.#,<!!

%5-.!EL.$#,"!"#$!^/7('8#,!N#'(_!"#)!K#$,'-.(5,*)2

3/*#$)W!Q',!6L5)-.5,*)+/,O8#$<!!

!

Q)!*/&!&#$#'()!"/)!%$&#'()3/*#$!6$#&3',7/!Z)TL(#$!

6$#&3',7/!]!*#,/,,([R!E9!5</<!#',#!$'#)'*#!d'#)*$5&#!

"5$-.!NE/,*)/$&#'(#$],,#,!/5)*#&#5(#(!E5$"#<!]+!

A9++#$!@>g:!"/,,!E5$"#,!',!#','*#$!Q,(0#$,5,*!

E#'(#$#!B#&L5"#!#$$'-.(#(j!8'#3#!c93#,!*3/5&(#,R!

#)!)#'!E'#"#$!#',!%$&#'()3/*#$!2!6$#&3',7/!]]!/&#$!#)!

E/$!,'-.()!/,"#$#)!/3)!#',#!6O(5,*)+/)-.',#<!!

N5,L-.)(!iR!)TL(#$!@i!B/)7/++#$,!)9$*(#,!"/0C$R!

"/))!(L*3'-.!&')!I5!D<???!c#$)9,#,!#$+9$"#(!E#$"#,!

79,,(#,<!%&*/)#!/5)!)9EF#(')-.#,!P'#)#3+9(9$#,!

!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UD!

AX+&93./0(#!1/.,)-.E#33#,!/50!.')(9$')-.#+!B3#')&#((!!

E5$"#,!',!"'#!+'(!3#&#,"#,!V#,)-.#,!8933*#)(9T02

(#,!B/)7/++#$,!*#3#'(#(R!"'#!JT0#$!#$)('-7(#,!

q5/38933!/,!"#+!d9.3#,+9,9mX"<!M/-.!:?2i?!V',52

(#,!E5$"#,!"'#!B/)7/++#$,!*#O00,#(R!"'#!S#'-.#,!

/5)*#&#5(#(!ZB93"IL.,#!I<1<[!5,"!I5,L-.)(!',!$'#)'2

*#!V/))#,*$L&#$!*#E9$0#,<!%,0/,*!VL$I!@>gi!3'#h!

"'#!AA!"'#!V/))#,*$L&#$!O00,#,!5,"!"'#!S#'-.#,!

8#$&$#,,#,<!

P'#!'<"<Y<!FC"')-.#,!A9,"#$79++/,"9)!+5))(#,!

"'#)#!%$&#'(!8#$$'-.(#,R!"/,/-.!f!)9!E5))(#,!)'#!f!

!%50!"#+!B#3L,"#W!P'#!%&&'3"5,*!I#'*(!#',#,!"#$!1/**#$R!!

"#$!"'#!V/))#,*$L&#$!/5).#&(<!

!

EC$"#,!)'#!/5-.!#$)-.9))#,<!Q(E/!=g?!`L0(3',*#!

E/*(#,!"/$5+!'+!%5*5)( @>gi!#',#,!&#E/00,#(#,!

%50)(/,"R!-/<!k?!S#5(#,!*#3/,*!"'#!H35-.(<!Q','*#,!

89,!'.,#,!8#$"/,7#,!E'$R!"/))!"'#)#$!J$(!,'-.(!8#$2

*#))#,!E'$"!ZA<!4'33#,&#$*R!Y<!B3/I/$[<!

P/)!/33#)!)'-.!89$!%5*#,!I5!0C.$#,R!')(!#,()#(I3'-.<!

4'$!)(#.#,!/50!"#+!B#3L,"#R!*#.#,!"#,!^A-.E/$2

I#,!4#*_!89+!`/3(#T5,7(!"#$!4/**9,)!I5+!S/*#$!!

!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UU!

!

6$#&3',7/!]]R!)(#.#,!/50!"#$!A(#33#R!E9!!

)'-.!"'#!B/)7/++#$,!&#0/,"#,R!)#.#,!)TL(#$!"'#!

Q')#,&/.,)-.'#,#,R!/50!"#,#,!"'#!#m.5+'#$(#,!

S#'-.#,!8#$&$/,,(!E5$"#,<!V'$!*#.(!"5$-.!"#,!

d9T0R!E'#!.#'3'*!"#,!G5"#,!"'#!69(#,$5.#!')(R!E'#!

.'#$!#',!E'$73'-.!5,)/*&/$#)!S#'"!/50!"/)!/,"#$#!

*#3#*(!E'$"<!f!

!

Q',!*$9h#$!(5$+/$('*#$!A(#',!+'(!#',*#+#'h#3(#$!

V#,9$/.!)(#.(!+'((#,!/50!"'#)#+!B#3L,"#R!5+*#2

&#,!89,!@;<???!5,&#./5#,#,!B$/,'()(#',#,R!"#$#,!

],)-.$'0(#,!/,!"'#!A(L"(#!5,"!SL,"#$!#$',,#$,R!/5)!

"#,#,!"'#!G5"#,!,/-.!6$#&3',7/!8#$)-.3#TT(!E5$2

"#,<!

BC,(#$!1'$7#,!.L3(!#',#!75$I#!%,"/-.(!+'(!5,)<!]-.!

&',!"/,7&/$!0C$!#',#!3L,*#$#!c/5)#!"/,/-.R!5,"!"#,!

3/,*)/+#,!4#*!I5+!15)!I5$C-7<!

!

!BC,(#$!1'$7#,!)T$'-.(!I5!#',#$!B$5TT#!F5*#,"3'-.#$!])$/#3')!

!

NE#'!G5*#,"*$5TT#,!/5)!])$/#3!&#)5-.#,!"/)!B#2

3L,"#<!Q','*#!89,!5,)!79++#,!+'(!"#,!S#.$#$,!',)!

B#)T$L-.<!P/89,!&#$'-.(#,!)'#!)TL(#$!0C$!5,)!/33#<!

NE')-.#,"5$-.!'++#$!E'#"#$!"'#!/3(#!H$/*#R!"'#!5,)!

)-.9,!',!%5)-.E'(I!&#)-.L0('*(#W!4'#!79++#,!

V#,)-.#,!"/I5R!"'#)#!K#$&$#-.#,!6/*20C$26/*R!

E'33#,))(/$7!5,"!C&#$I#5*(R!I5!&#*#.#,\!G9/-.'+!

B9(()-./37!./(!5,)!/33#,!F/!#','*#!',09$+/('8#!A#'(#,!

I579++#,!3/))#,R!E'#!"/)!],(#$8'#E!+'(!H<!A(/,*3R!

/&#$!"'#!/3(#!H$/*#!E'$"!"/"5$-.!,'-.(!E'$73'-.!&#2

/,(E9$(#(<!

4'$!)T$#-.#,!'++#$!E'#"#$!"/89,R!/5-.!E#'3!5,)#2

$#!*#)#33)-./0(3'-.#R!"#5()-.#!B#*#,E/$(!"/)!8#$2

3/,*(<!4'$!)',"!/33#!V#,)-.#,R!5,"!900#,&/$!./&#,!

E'$!"/)!/33#)!/5-.!',!5,)<!P/)!*3/5&#!'-.!T#$)O,3'-.!

E'$73'-.<!

!

!4'$!3#*(#,!/,!"'#)#+!)-.$#-73'-.#,!J$(!135+#,!,'#"#$!

!

4'#!*',*!#)!E#'(#$!+'(!"#+!B#3L,"#!89,!6$#&3',7/!

,/-.!"#+!:<!4#3(7$'#*\!P'#!)9EF#(')-.#!1#)/(I5,*!

E/$!,'-.(!',(#$#))'#$(!/,!F#*3'-.#+!B#"#,7#,<!A'#!

./((#!*#,5*!A-.E'#$'*7#'(#,!+'(!"#,!c93#,R!"'#!)'-.!

,'-.(!89+!A9EF#(79++5,')+5)!8#$#',,/.+#,!

3/))#,!E933(#,<!Q)!*/&!F/!/5-.!7#',#!AT5$#,U!Q$)(!',!

"#,!@>k?#$!G/.$#,!E/$!"'#!Q$',,#$5,*!/,!"#,!6#$2

$9$!+O*3'-.<!G#(I(R!)#'(!G53'!:?@=R!')(!"'#!B#"#,72

)(L((#!',!)(//(3'-.#!K#$E/3(5,*!C&#$0C.$(!E9$"#,R!

&').#$!E/$!)'#!f!',!$#*'9,/3#$!K#$E/3(5,*!2!)(/$7!

5,(#$0',/,I'#$(<!4'$!EC,)-.#,!)#.$R!"/))!"'#)#$!J$(!

8'#3!%50+#$7)/+7#'(!&#79++(R!/50*#E#$(#(!E'$"<!

!

%50!"#+!YC-7E#*!.L3(!5,)#$!15)!/+!1/.,.90!6$#&2

3',7/!'+!*3#'-.,/+'*#,!PO$0-.#,<!

P#$!')(!*/,I!5,)T#7(/753L$R!/&#$!#)!EL$#!#',#!r&#$2

3#*5,*!E#$(R!'.,!',!"'#!B#"#,7)(L((#!#',I5&#I'#.#,<!

P#$!YC-7E#*!"5$-.!"'#!*$C,#R!#&#,#!S/,")-./0(!

8#$3L50(!'+!A-.E#'*#,<!

!.((T)Wee"#<E'7'T#"'/<9$*eE'7'eK#$,'-.(5,*)3/*#$s6$#&3',7/!

!

!K$%!.-3-/!*)3S-$.-/(!

!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!U"!

%+!%&#,"!"'#)#)!6/*#)!#$3#&#,!8'#3#!89,!5,)#$#$!

B$5TT#!#',!*$9h/$('*#)!%779$"#9,2d9,I#$(!'+!6.#2

/(#$!dE/"$/(R!'+!T53)'#$#,"#,!N#,($5+!4/$)-./5)<!

V/$-',!4X$9)(#7!t!b9$/I9,!)T'#3#,!/50j!*#$/"#!

0',"#(!"/)!]<1<!A',*#$2H#)('8/3!)(/((R!89,!"#+!E'$!

T$90'('#$#,<!P#$!],,#,$/5+!"#)!6.#/(#$)!')(!&#+#$2

7#,)E#$(R!*$9h03L-.'*!+'(!*#9+#($')-.#,!0/$&'*#,!

Q3#+#,(#,!8#$)#.#,R!"'#!9T(')-.!/50!"'#!1C.,#!

I53/50#,j!"'#!N5)-./5#$!/,*#$#*(R!3#&./0(!5,"!*5(!

*#3/5,(<!P'#!V5)'7!./(!#,(0#$,(!+'(!d3#I+#$+5)'7!

I5!(5,R!/&#$!/5-.!+'(!#5$9TL')-.#,!d9+T9,')(#,!

/33#$!N#'(#,!5,"!A('3#R!+'(!1/-.)!&#$C.+(#$!69--/(/R!

+'(!G/II!5,"!6/,*9!2!#',!E5,"#$&/$#$!%&#,"<!

,

Q+&%")0M,7G6,D#0#;",

4/$+#)R!)9,,'*#)!4#((#$U!

%50&$5-.!5+!@?<??!a.$R!5,"!H/.$(!I5+!B#&L5"#!

"#)!#.#+/3'*#,!Q3#7($'I'(L()E#$7)!'+!4#)(#,!"#$!

],,#,)(/"(<!4'$!E#$"#,!',!"'#)#+!V5)#5+!',!:!

B$5TT#,!"5$-.!#',#!&##',"$5-7#,"#!%5))(#335,*!

*#0C.$(R!"'#!/,!"#,!%50)(/,"!"#$!T93,')-.#,!`#'+/2

(/$+##!*#*#,!"'#!"#5()-.#!1#)/(I5,*!@>gg!Z@<!%52

*5)(!&')!:<!J7(9&#$[!#$',,#$(<!!

!

!]+!V5)#5+!

!

A#'(!"#$!1#)/(I5,*!@>i>!./((#!)'-.!'+!a,(#$*$5,"!

"#$!A(/"(!#',#!4'"#$)(/,")*#)#33)-./0(!*#&'3"#(R!+'(!

A-.53#,R!#',#$!a,'8#$)'(L(R!P$5-7#$#'R!K#$E/3(5,*!

5,"!d53(5$I'$7#3,R!"'#!8</<!"/)!E#'(!8#$IE#'*(#!d/,/2

3')/('9,),#(I!,5(I(#R!E#3-.#)!"#$!1#)/(I5,*)+/-.(!

0/)(!*L,I3'-.!5,&#7/,,(!E/$<!P'#!a,(#$*$5,"/$+##!

79,,(#!)'-.!/50!"'#)#)!M#(IE#$7!8#$3/))#,<!!

P'#!N5)/++#,)#(I5,*!"#$!%50)(L,"')-.#,!)T'#*#3(#!

"'#!T93'(')-.#,!5,"!*#)#33)-./0(3'-.#,!A($O+5,*#,!

K9$7$'#*)T93#,)!E'#"#$R!E/$!#$)(/5,3'-.!8'#30L3('*!f!

'-.!IL.3(#!kD!"'00#$#,I'#$(#!Q+&3#+#R!/33#!+'(!"#$!

^d9(E'-/_!"$/50!2!5,"!"9-.!#','*!'+!N'#3W!

P'#!"#5()-.#!1#)/(I5,*!I5!&#)'#*#,R!&#89$!"'#!Y9(#!

%$+##!"'#!K9$.#$$)-./0(!C&#$!c93#,!C&#$,#.+#,!

7O,,(#R!/3)9!"'#!a,/&.L,*'*7#'(!c93#,)!I5!8#$(#'"'2

*#,<!!

!

!P#,7+/3!0C$!"#,!4/$)-./5#$!%50)(/,"!

!

P#$!d/+T0!E/$!+O$"#$')-.R!/+!Q,"#!E/$#,!-/<!

@D?<???!f!@=?<???!4/$)-./5#$!5+*#79++#,R!"/2

89,!>?!u!N'8'3')(#,!ZN/.3#,/,*/&#,!5,(#$)-.'#"2

3'-.[<!

P/!"'#!#$.900(#,!4/00#,3'#0#$5,*#,!"#$!%33''#$(#,!

/5)&3'#&#,!5,"!"'#!Y9(#!%$+##!IE/$!/+!/,"#$#,!

4#'-.)#350#$!)(/,"R!"#,!7L+T0#,"#,!c93#,!/&#$!

7#',#)E#*)!I5$!`'30#!7/+R!+5))(#!"#$!%50)(/,"!

I5)/++#,&$#-.#,!Z:<@?<@>gg[<!

P'#!#',I'*#!9$*/,')'#$(#!&#E/00,#(#!Q$.#&5,*!',!

Q5$9T/!*#*#,!"'#!"#5()-.#!1#)/(I5,*!'+!:<!4#3(2

7$'#*!E/$!*#)-.#'(#$(<!

P/)!V5)#5+!&'#(#(!"'#!VO*3'-.7#'(R!)#.$!8'#3#!Q',2

I#3/)T#7(#!"'#)#$!N#'(!,/-.I5#$3#&#,R!#)!*'&(!H'3+#R!

&/53'-.#!Q3#+#,(#!ZI<!1<!%&E/))#$7/,L3#R!',!"#,#,!

)'-.!"'#!dL+T0#,"#,!09$(&#E#*(#,R!4/00#,/&E5$02

&#.L3(#$!#(-<[R!8'#3#!N'(/(#R!&'9*$/0')-.#!P/$)(#335,2

*#,!"#$!1#(#'3'*(#,[<!V'$!)-.#',(R!"'#)#)!V5)#5+!')(!

8</<!0C$!"'#!T93,')-.#!1#8O37#$5,*!/50*#&/5(<!2!

!

Y'-.('*!*#T/-7(!E#$"#,!E'$!"/,,!/&#$!89+!B#2

)T$L-.!+'(!#',#$!#.#+/3'*#,!4'"#$)(/,")7L+T0#2

$',R!4/,"/!6$/-IX72A(/E)7/R!/+!0$C.#,!M/-.+'(2

(/*<!B#&<!@>:;R!')(!)'#!.#5(#!>@!G/.$#!/3(!f!#',#!&#2

+#$7#,)E#$(#!c#$)O,3'-.7#'(<!A'#!)-.39))!)'-.!+'(!

@;!G/.$#,!"#,!dL+T0#$,!"#$!`#'+/(/$+##!/,R!'+!

a,(#$*$5,"R!,/-."#+!)'#!)-.9,!i!G/.$#!I589$!/3)!

V#3"#*L,*#$',!5,"!^N#'(5,*)F5,*#_!0C$!"'#!a,(#$2

*$5,",/-.$'-.(#,!*#/$&#'(#(!5,"!',!#',#$!a,(#$2

*$5,")-.53#!*#3#$,(!./((#<!!!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UZ!

!4/,"/!6$/-IX72A(/E)7/!

!

EEE<"#5()-.3/,"05,7<"#eE/$)-./5#$2/50)(/,"2)T/#(#2*#,5*(55,*205#$2#',#2T/$(')/,',<@;;i<"#<.(+3\"$/+W/$('-3#s'"pi:k>ig!

!

6'#0!&##',"$5-7(!89,!'.$R!'.$#$!`900,5,*!5,"!'.$#$!

],(#33'*#,I!f!)'#!)T/,,(!"#,!19*#,!89+!4/$)-./5#$!

%50)(/,"!C&#$!"'#!B#E#$7)-./0(!^A93'"/$,9)-_&')!

I5+!"#5()-.#,!V/5#$0/33!f!8#$/&)-.'#"#,!E'$!5,)!

89,!'.$!/50)!.#$I3'-.)(#<!

4#'3!)'-.!#','*#!6#'3,#.+#$!/5)!5,)#$#$!Y#')#*$5T2

T#!8#$/&)-.'#"#,!+C))#,R!*'&(!#)!',!"#$!,L-.)(#,!

A(5,"#!/,!"'#)#$!A(#33#!/50!#',#+!0$#'#,!c3/(I!/+!

V5)#5+!#',#!Y#03#m'9,)$5,"#W!4/)!E/$!E'-.('*!/,!

"'#)#$!Y#')#R!E/)!./(!T#$)O,3'-.!*#0/33#,R!&##',2

"$5-7(R!*5(*#(/,R!*#0#.3(\!!

!

HC$!"'#!+#')(#,!)(#.(!0#)(W!P'#!Q$E/$(5,*#,!/,!"'#2

)#!49-.#!E5$"#,!C&#$($900#,R!)9E9.3!E/)!"/)!

^S#$,#,_R!/3)!/5-.!E/)!"'#!*#)/+(#!B#)(/3(5,*!/,2

&#3/,*(#<!Q)!*/&!$#'-.3'-.!N#'(2H$#'$L5+#R!5+!"'#!

Q',"$C-7#!)/-7#,!I5!3/))#,!ZE/$!/5-.!,O('*R!8'#3#)!

./(!5,)!)##3')-.!&#3/)(#([<!!

P'#!Y#0#$#,(#,R!"'#!V#,)-.#,R!+'(!"#,#,!E'$!I5!(5,!

./((#,W!

!

!%5)E#$(5,*)$5,"#!

!

A#.$!735*R!*5(!*#EL.3(R!/,)T$#-.#,"!'+!A',,!"#)!

49$(#)<!P'#!a,(#$&$',*5,*!5,"!Y5,"5+2

K#$)9$*5,*!7/+#,!*5(!/,R!E/$#,!)5T#$R!.9&#,!"'#!

A('++5,*<!%5-.!S#5(#R!"'#!,'-.(!)9!)-.,#33!*#.#,!

7O,,#,R!79,,(#,!C&#$/33!+'(!.',<!

!

%+!%&#,"!)T#')#,!E'$!',!#',#+!/3(#',*#)#))#,#,!

T93,')-.#,!S97/3!',!"#$!%3(2eM#5)(/"(R!)#.$!$#'-.3'-.!

5,"!)#.$!*5(<!c9"A/+)9,#+U!4'$!#))#,!E'#!"'#!

`#3"#,<!

!

!c93,')-.#!dC-.#!/50!.9.#+!M'8#/5!

!

!

!)4;")0M,G6,!&:"&4/&+,,

4'#"#$!(933#)!4#((#$R!0$#'#!N#'(U!4'$!,5(I#,!"'#)#,!

K9$+'((/*!)#.$!5,(#$)-.'#"3'-.R!&')!@:<i?!a.$!"#$!

%50&$5-.!,/-.!4'3/,9ER!I5+!A-.39))!5,"!"#,!c/$72

/,3/*#,R!/,)(#.(<!

]-.!0$#5#!+'-.R!+/3!/33#',#!'+!c/$7!/+!N99!.#$5+2

I5)T/I'#$#,j!5,"!"/,,!0/.$#!'-.!I5+!^c/E'/7_2

B#0L,*,')!Z4/$)-./5#$!v00')U!c$'+/U[<!S#'"#$!&3#'&(!

+'$!"9$(!I5!E#,'*!N#'(R!"'#!%5))(#335,*!I5!&#)5-.#,R!

/&#$!0C$!#',#,!/33*#+#',#,!Q',"$5-7!$#'-.(w)<!P/)!

B#0L,*,')!E5$"#!',!"#$!N/$#,I#'(!#$&/5(!Z-/<!@=i?[!

5,"!*/3(!'++#$!/3)!J$(!"#)!A-.$#-7#,)R!&')!#)!I5$!

N#'(!"#$!"#5()-.#,!1#)/(I5,*!#m($#+!*$/5)/+!E5$2

"#!Z^Y/-.#!0C$!c/E'/7_!)(/,"!/50!8'#3#,!4/$)-./5#$!

4L,"#,[<!

!

%&#$!,5,!)-.3/*#,!E'$!#',!/,"#$#)!d/T'(#3!/50W!

],!4'3/,9ER!#',#+!)C"3'-.#,!K9$9$(!4/$)-./5)R!

&#*3#'(#(!5,)!E'#"#$!#',#!)#.$!*5(!"#5()-.)T$#2

-.#,"#!P/+#R!'&&"()*++*,<!A'#!0C.$(!5,)!"5$-.!"/)!

A-.39))!Z1/$9-7!&')!d3/))'I')+5)[R!#$IL.3(!)#',#!B#2

)-.'-.(#R!E#')(!5,)!/50!.#$/5)$/*#,"#!d5,)(E#$7#!

Z&#)9,"#$)!"'#!8'#3#,!1'3"#$!5,"!A753T(5$#,!"#)!G/,!

]]]!A9&'#)7'R!Q$$#((#$!Q5$9T/)!'+!d/+T0!*#*#,!"'#!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!U[!

6C$7#,[!.',R!5,"!/50!"'#!)-.O,#,!%5)&3'-7#!/50!"#,!

c/$7<!S#'"#$!)-.'#&#,!)'-.!/5h#$!5,)!,9-.!8'#3#!/,2

"#$#!1#)5-.#$*$5TT#,!"5$-.!"'#!YL5+#R!/&#$!E'$!

&#79++#,!"9-.!#',#,!Q',"$5-7!"'#)#$!&/$9-7#,!

c$/-.(R!"#$!VO&#3R!H5h&O"#,R!4L,"#!5,"!P#-7#,<!!

!

!A-.39))!4'3/,9ER!5,(#,!+'(!Y9)#,*/$(#,!

!

N5!G/,!A9&'#)7'R!)#',#+!M/-.093*#$!%5*5)(!"#+!

A(/$7#,!5,"!"#+!"#5()-.2T93,')-.#,!K#$.L3(,')!

0',"#!'-.!)#.$!*5(#R!75$I#!],09$+/('9,#,!',!EEE<P#5()-.#5,"c93#,<"#<!r&#$./5T(!#',#!*5(#!n5#33#R!"'#)#!A#'(#<!!

!

!!

a,)#$!B5'"#!H$/5!1'33'T!&#*3#'(#(!5,)!"5$-.!"'#!)C"2

3'-.#,!K9$9$(#!I5+!S/I'#,7'2c/$7R!*#,/5#$!I5!"#+!

6#'3!^dO,'*3'-.#!1L"#$_R!"#$!'+!@=<!G/.$.5,"#$(!*#2

)(/3(#(!E5$"#<!Q',!)-.O,#$R!',09$+/('8#$!AT/I'#$2

*/,*R!"#$!'+!A-.39))!aF/I"9E)7'!#,"#(R!*#,/5#$W!',!

"#$!^n-.,'/!%$(X)(X-I,/_R!#',#+!"#$!&#)(#,!Y#)(/52

$/,()!4/$)-./5)!Z0',"#,!E'$[R!)-.O,#$!%5)&3'-7R!

.#$89$$/*#,"#!dC-.#<!

!

P#$!15)!0L.$(!5,)!"/,/-.!I5+!B$IX&9E)7'2c3/(IR!E9!

"'#F#,'*#,R!"'#!,9-.!+5,(#$!)',"R!"#+!JT#,2%'$2

d9,I#$(!"#)!A',*#$2H#)('8/3)!3/5)-.#,!E933#,R!"'#!

/,"#$#,!+/-.#,!)'-.!/50!"#,!`#'+E#*l!"#,,!

+9$*#,!H$C.!*#.(!#)!/5-.!0$C.!39)R!/50!"'#!`#'+$#'2

)#<!Zd/,,!,'-.(!E/.$!)#',U[!45,"#$&/$#!A('++5,*!

/50!"#+!c3/(IR!G5,*!5,"!%3(!(L,I#3,!+'(!I5!"#,!d3L,2

*#,!"#$!V5)'7R!"'#!E'#"#$!d3#I+#$2Q3#+#,(#!#,(2

.L3(<!!

Q',!)-.O,#$!%&)-.35))!5,)#$#)!%50#,(./3()<!S#'"#$!

&',!'-.!5+!:?<i?!a.$!T3/((R!1/((#$'#!/33#!2!

3#'"#$U!]-.!EL$#!*#$,#!*#&3'#&#,R!/&#$!'-.!0/.$#!

8#$,C,0('*!.#'+R!)(#'*#!/,!"#$!0/3)-.#,!A($/h#,)#'(#!

"#$!V#($92Q,")(/('9,!/5)!5,"!T35+T)#!$#*#3$#-.(!

',!#',#!3/5(#)R!)T9,(/,#)!T93,')-.#)!H#$'#,#,"#2

A($/h#,0#)(!+'(!V5)'7!5,"!8'#3!1#E#*5,*U!P/,7#!

)-.O,R!'.$!*5(#,!S#5(#U!

!

,d3#I+#$2d9,I#$(!

,

!B''")0M,J6,!&:"&4/&+!

A9,,'*!5,"!E/$+!')(!"/)!4#((#$<!

P'#!`#'+$#')#R!/33#$"',*)!9.,#!`/$(+5(!N'#)',*R!"#$!

,/-.!1$#)3/5!+5))<!4'$!"/,7#,!'.+!89,!`#$I#,!0C$!

"'#!5,/500L33'*#R!#00#7('8#!S#'(5,*!5,)#$#)!%50#,(2

./3(#)R!"'#!K9$/$&#'(!5)E<!!%,"$#/)!Y9(.#$+5,"!

&$',*(!5,)!I58#$3L))'*!5,"!IC*'*!,/-.!`/,,98#$!

I5$C-7R!,'-.(!9.,#!5,)!E'#!'++#$!I5!8#$7O)('*#,<!

%5-.!'.+!#',!.#$I3'-.#$!P/,7U!Q$!./(!5,)!90(!&#'!

5,)#$#,!a,(#$,#.+5,*#,!&#*3#'(#(R!E/$!',!8'#3#,!

B#"#,7)(L((#,!5,"!V5)##,!"/&#'<!]-.!0',"#!"/)!

T#$)O,3'-.!)#.$!/,*#,#.+<!4L.$#,"!"#$!H/.$(!

)T'#3(!#$!"'#!bP!89+!4X$9)(#72d9,I#$(R!"'#!#$!89,!

P'$7!*#)-.#,7(!&#79++#,!./(<!!

!

r&$'*#,)!"/,7#!'-.!/5-.!"#,!V'($#')#,"#,<!]-.!./(2

(#!)9!8'#3#!',(#$#))/,(#!5,"!T#$)O,3'-.#!B#)T$L-.#R!

5,"!"'#!*/,I#!%(+9)T.L$#!',!"#$!B$5TT#!./(!*5(*#2

(/,<!!

%3)9R!8'#33#'-.(!&')!I5+!,L-.)(#,!V/3\!

!

<"(+"(&'&,3#$=*&1"**!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UW!

!

I),P)+,4&%'&,R%'$*&%",9#,8'$&S,

E&0&0'#'0,4%",&%'&+,TD#(;"C'$%;.*&'U!,Q',!6$/,)7$'T(!',!%5)IC*#,R!&#/$&#'(#(!89,!!

P'$7!%""'-7)R!r&#$)#(I5,*W!`/$(+5(!N'#)',*!

!J/&!0)+'!/)7'%'7!5/6')-,#C-'7!,#--')!$(%!

'()'!3#).!K'7@)+'%'!2'3'3)/)3!&(-!L#)+#!

G%#9.M?NH-#$7?#!(&!O/7'/&!+'7!L#%79,#/'%!

5/67-#)+7;!H(P!7-%#,C-'!&(-!(,%')!Q<!R'K')7N

S#,%')!'()'!K''()+%/9?')+'!T(-#C(-8-U!V'%.N

C(9,?'(-!/)+!*C#%,'(-!(,%'%!HI%#9,'!#/7;!L(%!

#CC'!,W%-')!3'K#))-!./U!$#7!7(P!/)7!./!7#3')!

,#--';!

!

!

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

-.#/0+#1!

T)3!:%-@-!7$)3!*-3%+!(0**!$)3!<$-!3$-%!$/!K0%*)30@!@/(!$7!;@*-@7!>-.%=O]-/!&0//C!!T)3!>$/!-$/-!'@:*4^/($O*)3-+!(0*!3-$]4!$)3!S0%!-$/-!<58(04$/!S^3%-/(!(-%!_-$4!(-*!K0%*)30@-%!'@:*40/(-*C!T)3!S0%!UV!F03%-!084!@/(!30>-!-$/-/!*58)3-/!#$-/*4!A-%%$)3O4-4+!S$-!$3/!0@)3!I@/.-!;^//-%!0@*=>-/C!T)3!S0%!>-S0::/-4!@/(!3044-!-$/!;0*)3$/-/.-S-3%+!-$/-!>-*5/(-%-!K0::-+!($-!$/!(-%!H5/*6$%04$5/!(-*!H%$-.-*!3-%.-*4-884!S5%(-/!S0%C!!!LCCCM!!!F-4G4!>$/!$)3!-$/!^84-%-%!;-/*)3!@/(!7$%!8$-.4!(0O%0/+!(0*!7`)34-!$)3!*)35/!I-4G4!*0.-/+!(0**!-*!/$-!!S$-(-%!H%$-.!.$>4+!08*!^84-%-%!;-/*)3!*0.-!$)3!(0*+!3$-%!/$)34+!$/!Q@%560!5(-%!0/(-%*S5a!!!T)3!>$/!b0G$:$*4$/+!$)3!>$/!0@*!A588-7!1-%G-/!b0G$O:$*4$/!O!0@:.%@/(!7-$/-%!Q%:03%@/.-/!$*4!($-*!-$/-!1-%G-/*0/.-8-.-/3-$4C!!!

!!!

!

!!!!H%$-.!$*4!($-!>%@408*4-!K-$*-+!*$)3!.-.-/*-$4$.!@7G@>%$/.-/C!<58(04-/!&^76:-/+!A5%!088-7!($-!_$A$8>-A`8&-%@/.!0>-%!8-$(-4+!;^//-%+!J%0@-/+!H$/(-%!c!@/(!I-!*)3S^)3-%!I-70/(!$*4+!(-*45!.%`O]-%!$*4!(0*!d-$(C!T)3!S$88!/$)34!=>-%!($-!*)3%-)&O8$)3*4-/!#$/.-!>-%$)34-/+!($-!$)3!-%8->4!30>-C!'>-%!$)3!7@**!T3/-/!*0.-/+!T3/-/!>-.%=/(-/+!S0%@7!!

!

K0/(0!?%0)Ge&O<40S*&0!

!$)3!7$)3!-/4*)3$-(-/!30>-+!G@!*)3$-]-/!@/(!/$)34!<0/$4^4-%$/!G@!S-%(-/C!!K^3%-/(!(-%!_-$4!(-%!N-*04G@/.!S0%!-*!@/*!H$/O(-%/!/$)34!-%80@>4!G@!-$/-%!<)3@8-!G@!.-3-/+!($-!=>-%!($-!B%@/(*)3@8-!3$/0@*.$/.C!T)3!>$/!0>-%!I-70/(+!($-!.-%/-!G@%!<)3@8-!.-.0/.-/!$*4!@/(!.-%/-!8-%/-/!S5884-C!'8*!(-%!H%$-.!0@*>%0)3+!S0%!$)3!U"!F03%-!084C!T)3!S0%!-$/!.8=)&8$)3-*!H$/(+!$)3!3044-!Q84-%/+!($-!7$)3!8$->4-/+!B-*)3S$*4-%+!-$/-/!1@/(!@/(!-$/-!3-%A5%%0.-/(-!<)3@8-+!$/!(-%!*-3%!&[email protected]!d-3%-%!@/4-%%$)34-4-/C!;-$/-!Q84-%/!.0>-/!7$%!*-3%!A$-8-!J%-$3-$4-/+!S-$8!$)3!-$/!*-3%!-/-%.$*)3-*!H$/(!S0%!@/(!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UY!

.8-$)3G-$4$.!*-3%!/-@.$-%$.!0@:!($-*-!K-84!S0%C!T)3!30>-!*-3%!.@4!J@]>088!.-*6$-84+!$/!(-%!P-%4-$($O.@/.C!f/(!08*!(-%!H%$-.!0@*>%0)3+!(0!S0%!7-$/-!H$/(O3-$4!G@!Q/(-C!T)3!S0%!_-@.$/!*)3%-)&8$)3-%!;5O7-/4-!@/(!<$4@04$5/-/C!!!LCCCM!!'@:!@/*-%!90)3>0%30@*!:$-8!S^3%-/(!(-*!N57O>0%(-7-/4*!-$/-!N57>-C!!#$-!<$4@04$5/!S0%!*5+!(0**!*$)3!GS$*)3-/!(-/!1^@O*-%/!-$/!B0%4-/!>-:0/(!@/(!$7!'>*40/(!A5/!-4S0!"D!;-4-%/!*5!-$/-!'%4!?@)3C!T)3!&5//4-!*-3%!.-O/0@!*-3-/+!S0*!(5%4!60**$-%4-C!T)3!S5884-!*-3-/+!S53$/!($-!N57>-!.-:088-/!S0%+!(-*S-.-/!30>-!$)3!($-!?=%!$/!(-7!H-88-%%0@7+!$/!(-7!$)3!7$)3!>-:0/(+!.-`::/-4C!f/(!$)3!&5//4-!*-3-/+!(0**!0@*!(-7!/5)3!%0@)3-/(-/!@/(!g@087-/(-/!10@*!@/(!S-8)3-*!G-%*4`%4!S0%+!-$/-!J%0@!7$4!-$/-7!N0>e!0@:!(-7!'%7!3-%0@*4%04+!S-8)3-*!$/!-$/!?%0.-O4@)3!.-S$)&-84!S0%C!T)3!7@**4-!>-5>0)34-/+!S$-!(-@4*)3-!<58(04-/!0@:!(0*!N0>e!*)35**-/+!S$-!-*!-%*)35**-/!S@%(-!@/(!$3%!0@*!(-7!'%7!:$-8C!Q*!S0%!-$/!*)3S-%-*!;0*)3$/-/.-S-3%!?H;C!#$-!J%0@!8$-:!G@!(-7!?5%+!$/!(-7!$)3!*40/(C!<$-!%$-:!G@!7$%+!(0**!$)3!(0*!H$/(!358-/!*5884-+!S-8)3-*!*$-!$7!'%7!3$-84+!S-$8!$3%!'%7!*5!G-%*)35**-/!S0%+!(0**!-%!&0@7!/5)3!07!H`%6-%!3$/.C!!#0!S0%!7-$/-!H$/(3-$4!G@!Q/(-a!!T)3!3044-!A-%*40/(-/+!(0**!;-/*)3-/!G@!@/*!.-O&577-/+!($-!>`*-!S0%-/C!!T)3!S@**4-+!(0**!S$%!&^76:-/!7@**4-/!.-.-/!*58)3-!;-/*)3-/+!($-!0/(-%-!;-/*)3-/!@/(!H$/O(-%!0@*!P-%./=.-/!4`4-/C!T)3!S0%!A5%!(-7!H%$-.!@/(!G@!(-%!_-$4!b:0(:$/(-O%$/C!#0*!_-$)3-/+!S-8)3-*!<$-!3$-%!*-3-/+!$*4!(0*!(-%!b:0(:$/(-%C!T)3!.-3`%4-!G@!-$/-%!b:0(:$/O(-%-$/3-$4+!S$%!S0%-/!-$/-!&8-$/-!B%@66-!A5/!Y!;^()3-/C!'8*!K0%*)30@!&06$4@8$-%4-+!30>-!$)3!>-*)385**-/+!G@*077-/!7$4!7-$/-%!b:0(:$/(-%O.%@66-!$/!(-/!f/4-%.%@/(!G@!.-3-/+!$/!($-!H5/O*6$%04$5/+!@7!.-.-/!($-!#-@4*)3-/!G@!&^76:-/!@/(!*$-!0@*!b58-/!G@!A-%4%-$>-/C!'>-%!70/!S5884-!@/*!/$)34!$/!($-!H5/*6$%04$5/!0@:/-37-/+!S-$8!S$%!-%*4!U"!F03%-!084!S0%-/C!K$%!30>-/!(0//!08*!b:0(:$/(-%$//-/!A-%S@/(-4-/!<58(04-/!$/!-$/-7!<6$408!Q**-/!.->%0)34+!(-//!>-$!(-/!658/$*)3-/!<58(04-/!A-%3-$84-/!($-!K@/(-/!/$)34+!G@!.%5]!S0%!(-%!1@/.-%C!K$%!30>-/!Q**-/!>-$!(-/!90)3>0%/!.-*077-84+!7-$/-!;070!304!<@66-!.-&5)34C!'8*!S$%!(0//!-4S0*!^84-%!S0%-/+!

U[!F03%-+!S@%(-/!S$%!$/!(-%!-$.-/48$)3-/!b:0(:$/O(-%5%.0/$*04$5/!0@:.-/577-/+!($-!G@!($-*-%!_-$4!(0*!H%e645/e7!h<G0%e!<G-%-.$i!LhB%0@-!,-$3-/iM!4%@.C!!K$%!7@**4-/!@/*!G@%!B-3-$73084@/.!A-%6:8$)34-/+!S$%!S@%(-/!.-S$**-%70]-/!(@%)3!@/*-%-!'/:=3O%-%!A-%-$($.4+!(0**!S$%!/$-70/(-/!-4S0*!-%G^38O4-/+!S0*!S$%!70)34-/!@/(!S0*!S$%!*03-/C!f/(!($-!-%*4-!'@:.0>-+!($-!S$%!>-&07-/+!S0%!8-%/-/+!8-%O/-/+!8-%/-/C!!!!

!,-$*-8-$4-%!10%47@4!_$-*$/.!=>-%*-4G4!

!_@!@/*!$/!-$/-!&8-$/-!d-%/.%@66-!&07-/!d-3%-%+!($-!@/*!7$4!(-/!T/3084-/!-$/-%!S-$4-%:=3%-/(-/!<)3@8-!@/4-%%$)34-4-/C!T3/-/!(%534-!:=%!(-/!J088+!(0**!*$-!-%S$*)34!S=%(-/+!($-!?5(-**4%0:-C!'>-%!(0*!K$)34$.*4-!:=%!($-!j84-%-/!@/4-%!@/*!S0%+!$7!'84-%!A5/!UW+!UY!5(-%!UV!F03%-/+!(0**!S$%!8-%/4-/+!7$4!(-%!K0::-!$/!(-%!10/(!G@!&^76:-/C!!T)3!S@%(-!$/!($-*-%!_-$4!_-@.$/!-$/-*!Q%-$./$**-*+!S-8)3-*!(0G@!:=3%4-+!(0**!$)3!8-%/4-+!S$-!70/!*)3$-]4!@/(!B%0/04-/!S$%:4C!K^3%-/(!(-*!B-O*)3$)34*@/4-%%$)34*!$/!-$/-%!6%$A04-/!K53/@/.+!S$%!S0%-/!(%-$!>-*5/(-%*!>-.0>4-!;^()3-/!@/(!3044-/!(-/!<45::!-$/-*!<)3@8I03%-*!$/!GS-$!;5/0O4-/!0>*58A$-%4C!!!

#$-!#-@4*)3-/!3044-/!$/!($-*-%!_-$4!0/.-&=/($.4+!(0**!*$-!0@:!(-%!<4%0]-!;-/*)3-/!08*!B-$*-8/!4`O4-/!@/(!S-%!0@)3!$77-%!*$)3!07!J-/*4-%!G-$.-/!S=%(-+!(-%!S=%(-!-%*)35**-/!S-%(-/C!P5/!X!>$*!U"CZD!f3%!:0/(-/!($-*-!Q%*)3$-]@/.-/!*4044C!N-$!I-(-%!<)3@***08A-+!($-!S$%!3`%4-/+!>-4-4-/+!35::4-/!@/(!>0/.4-/!S$%!@7!(0*+!S0*!60**$-%4-C!K-//!$)3!/0)3!(-7!f/4-%%$)34!(0//!0@:!($-!<4%0O]-!.$/.!@/(!$)3!(5%4!*-3-/!7@**4-+!S$-!($-!7-/*)38$)3-/!k>-%%-*4-!A5/!d-$)3-/+!H/5)3-/!@/(!N8@4!$/!($-!B5**-!.-:-.4!S@%(-/+!(0//!>$/!$)3!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UV!

$/!-$/-!*58)3-!K@4!@/(!_5%/!.-%04-/+!(0**!$)3!>-*)385**+!/$-!S$-(-%!07!f/4-%%$)34!4-$8G@/-3O7-/C!!f/(!(0**!$)3!*4044(-**-/!8-%/-/!S5884-+!.@4!G@!*)3$-]-/!@/(!B%0/04-/!G@!S-%:-/C!'>-%!$)3!S0%!$/!(-%!_-$4!/$)34!/@%!$7!<)3@8@/4-%%$)34+!*5/(-%/!0@)3!>-$!(-/!b:0(:$/(-%/C!#5%4!70)34-/!S$%!0@)3!0/(-%-!#$/.-+!S$%!&^76:4-/!.-.-/!($-!#-@4*)3-/+!0>-%!53/-!K0::-/C!f/(!GS0%!>%0)34-/!S$%!b58-/!5(-%!#-@4*)3-/+!($-!F@(-/!A-%%04-/!30>-/+!?5O(-*@%4-$8-+!($-!($-!Q$/*)3%^/&@/.!-/43$-84-/+!(0**!($-!f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`3/8$)3-!<58(04$/!&^76:4-!$)3!088-!YZ!?0O.-+!(5)3!-$/-*!?0.-*!S@%(-!$)3!(@%)3!-$/-/!B%0O/04-/*68$44-%!07!'@.-!A-%8-4G4!@/(!3044-!b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f/(!$/!($-*-%!<$4@O04$5/!30>-!$)3!(0*!-%*4-!;08!>-7-%&4+!S0*!7-$/-!

<)3=**-!@/(!B%0/04-/!0/%$)34-/C!T/!($-*-%!<$4@0O4$5/!30>-!$)3!(-/!#-@4*)3-/!0@)3!;-/*)3-/!.-O*-3-/C!T)3!30>-!$/!($-*-%!<$4@04$5/!.-S-$/4+!0>-%!$)3!S@**4-+!(0**!$)3!S-$4-%&^76:-/!7@**4-+!(-//!*5/*4!&^7-/!*$-!G@%=)&!@/(!*-4G4-/!(0*!?`4-/!:5%4C!f/(!A5/!($-*-7!;57-/4!0/!30>-!$)3!(-/!H%$-.!.-30**4C!!

!K0::-/!(-*!'@:*40/(-*!$7!;@*-@7!

!T)3!>$44-!<$-!*-3%+!80**-/!S$%!@/*!.-7-$/*07!$/!-$/-%!f/$5/!*-$/+!(0**!S$%!@/*!/$-708*!S$-(-%!.-.-/*-$4$.!4`4-/!7=**-/C!#-//!P-%8-4G@/.-/!4%-4-/!/$)34!/@%!>-$!(-7!0@:+!(-%!.-4%5::-/!S$%(+!*5/(-%/!0@)3!>-$!(-7+!(-%!*-8>-%!*)3$-]4C!!90)3!(-%!H06$4@804$5/!>$/!$)3!08*!H%$-.*.-:0/.-/-!$/!A$-%!d0.-%/!.-S-*-/C!K$%!*$/(!A57!d0.-%!$/!_-$430$/!$/!(0*!d0.-%!'84-/>@%.!.->%0)34!S5%(-/+!(0!*40/(!@/*-%!_@.!0@)3!-$/708!$/!#%-*(-/C!_@!($-*-%!_-$4!>-.0//!-$/-!*)3%-)&8$)3-!N57>0%($-O%@/.!A5/!#%-*(-/C!f/(!$/!($-*-%!90)34!$*4!6%0&O4$*)3!($-!.0/G-!<40(4!#%-*(-/!G-%*4`%4!S5%(-/C!K$%!7@**4-/!07!&577-/(-/!?0.!($-!.0/G-!<40(4!(@%)3g@-%-/+!@7!A5/!-$/-7!N03/35:!G@7!0/(-O%-/!G@!&577-/!@/(!/0)3!'84-/>@%.!G@!.-80/.-/C!T)3!*03!H$/(-%!7$4!P-%>%-//@/.-/+!*03!4%0@-%/(-!;=44-%+!*03!*)3%-)&8$)3-*!d-$(!@/4-%!(-/!;-/O*)3-/C!!!T)3!7@**!*0.-/+!(0**!$)3!S-$4-%3$/!<58(04$/!>$/+!S-$8!$)3!7-$/-/!N-:-38!/5)3!/$)34!0@*.-:=3%4!30>-+!/^78$)3!($-!B%^>-%!(-%!.-:088-/-/!H07-%0O($//-/!@/(!H07-%0(-/!G@!:$/(-/+!G@!6:8-.-/!@/(!G@!-3%-/C!#-*308>!!>$/!$)3!$/!-$/-7!H57$4--+!S-8O)3-*!*$)3!(0%@7!&=77-%4+!@/(!(0*!$*4!-$/-!P-%O6:8$)34@/.+!($-!$)3!>$*!G@!7-$/-7!d->-/*-/(-!30>-+!(-//!$)3!30>-!I0!.-*)3S5%-/+!(0*!$)3!I-(-/!N-:-38!0@*:=3%-C!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!U\!

Q$/-/!?-$8!7-$/-%!H07-%0(-/!30>-!$)3!*)35/!0@:.-*@)34!0@:!(-/!J%$-(3`:-/!c!A$-88-$)34!*5884-/!<$-!($-!J%$-(3`:-!0@)3!0@:*@)3-/+!0@)3!S-//!-*!:=%!<$-!/$)34!*5!*-3%!A5/!N-(-@4@/.!$*4+!0>-%!:=%!7$)3!$*4!(0*!A5/!N-(-@4@/.!c!0@:!(-/!J%$-(3`:-/!8$-.-/!UD[CDDD!7-$/-%!H07-%0(-/C!#5%4!8$-.-/!7-$/-!H07-%0(-/+!0@)3!\DCDDD!G$A$8-!l6:-%+!;^//-%+!J%0@-/!@/(!H$/(-%!@/(!7$/(-*4-/*!UDCDDD!<58(04-/+!A$-88-$)34!0@)3!7-3%+!(-//!($-!<58(04-/!@/(!($-!_$A$8$*4-/!30>-/!$77-%!G@*07O7-/!.-&^76:4C!!!!LCCCM!!K$%!S0%-/!-$/-*!A5/!(-/!d^/(-%/+!(0*!($-!,@**-/!*$)3!-$/A-%8-$>4!30>-/+!-@%-!1^8:4-!0@)3C!K$%!S0O%-/!/$)34!:%-$C!K$%!<58(04-/!(-%!1-$7040%7--!S@%(-/!A-%:58.4C!K$%!*0]-/!$/!B-:^/./$**-/+!S$%!S@%(-/!-%*)35**-/+!S$%!30>-/!($-!J%-$3-$4!/@%!-%%-$)34!/@%!0@:.%@/(!(-%!<58$(0%/5*GON-S-.@/.+!($-!($-!J%-$3-$4!-%%-$)34!304+!53/-!-$/-/!<)3@**!0>[email protected]>-/+!0>-%!($-*-!J%-$3-$4!30>-/!/$)34!/@%!S$%!:=%!@/*!-%&^76:4+!*5/(-%/!0@)3!:=%!-@)3+!*5/(-%/!0@)3!:=%!(-/!J088!(-%!N-%8$/-%!;0@-%+!0@)3!53/-!-$/-/!<)3@**!0>[email protected]>-/C!#-//!(0*!*)30::-/!;-/*)3-/+!S-//!*$-!G@*077-/*4-3-/+!*$/(!*$-!$/!(-%!d0.-+!*5!-4S0*!G@!-%%-$)3-/C!!!

T)3!S=/*)3-!7$%!*-3%+!(0**!S$%!.-7-$/*07!$/!J%$-(-/!8->-/!&`//-/C!f/*!'@:*4^/($*)3-/!>8-$>4!/$)34!7-3%!A$-8!_-$4C!T/!@/*-%-7!d0/(!$*4!-*!0@)3!/$)34!-$/:0)3C!'@)3!3$-%!.$>4!-*!;-/*)3-/+!($-!@/.-*4%0:4!:0*)3$*4$*)3-!b0%58-/!A-%>%-$4-/C!T3%!*-$(!:%-$!$/!(-%!Q/4*)3-$(@/.C!K^38-/!<$-!-$/-!.@4-!,-.$-%@/.+!-$/-!/5)3!>-**-%-!,-.$-%@/.C!K$%!*$/(!$/!-$/-%!*)3S$-%$.-/!<$4@04$5/+!0>-%!S$%!&577-/!*)35/!&80%C!!#-%!J%$-(-/!*588!3-%%*)3-/!@/(!($-!Q@%56^$*)3-!f/$5/!$*4!-4S0*+!S0*!-$/!B0%0/4!:=%!J%$-(-/!@/(!-*!.$>4!A$-8-!B-7-$/*07&-$4-/C!!!N-$!-@)3!.$>4!-*!.@4-!;@*$&+!>-$!@/*!0@)3+!-@-%!d0/(!$*4!*)3`/+!0@)3!@/*-%-*!$*4!*)3`/C!#-%!.%`]4-!<)304G+!(-/!I-(-*!d0/(!304+!(0*!*$/(!($-!I@/.-/!;-/*)3-/+!(0*!$*4!([email protected]/(C!<$-!*588-/!.@4!0@*O.->$8(-4!*-$/!@/(!.@4!-%G5.-/!*-$/C!!!T)3!S=/*)3-!T3/-/!088-*!B@4-a!!!

'7!UYC!'6%$8!"DUW!-%3$-84!K0/(0!?%0)Ge&O<40S*&0!!7$4!UX!S-$4-%-/!P-4-%0/-/!(-*!K0%*)30@-%!

'@:*40/(*!(0*!P-%($-/*4&%-@G!07!N0/(-!(-*!P-%O($-/*45%(-/*!(-%!N@/(-*%-6@>8$&!#-@4*)380/(C!

!

!!!!!!

,

#-/&708!:=%!(-/!K0%*)30@-%!'@:*40/(!

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!UX!

V)+;.*)#,#'$,W+&/2%'@),JKGO,X,,

8%'$+?.@&,AB',$&+,5&$&'@;"C""&'+&%;&,

4%",$&+,D5,E&+0&'FE&2;&',!H%0&0@+!'@*)3S$4G+!N%-*80@+!l*46%-@]-/+!#0/G$.+!N@/G80@C!#0*!S0%-/!_$-8-!7-$/-%!:%=3-%-/!,-$*-/!/0)3!b58-/C!K0%*)30@!&0//4-!$)3!/@%!A57!1`%-/O*0.-/C!Q$/-!K5)3-!_-$4!:=%!($-!J58.-/!(-*!_S-$4-/!K-84O&%$-.-*C!_-$4!:=%!(-/!F=($*)3-/!B3-445O'@:*40/(!7$4!(-%!J58.-!(-%!P-%/$)34@/.C!_-$4!:=%!(-/!K0%O*)30@-%!'@:*40/(!.-.-/!($-!K-3%70)34!@/(!$3%-!1-8:-%!7$4!(-%!J58.-!(-%!P-%/$)34@/.!(-%!.0/G-/!<40(4+!@/4-%!(-/!'@.-/!(-%!,54-/!'%7--+!($-!0>O.-S0%4-4!304C!!?%->8$/&0!08*!P-%/$)34@/.*80.-%+!$/!%-804$A-%!9^O3-C!b58-/!304!$7!H%$-.!(@%)3!Q%75%(@/.!@/(!S-$O4-%-!H%$-.*-$/S$%&@/.-/!Y+W!;$88$5/-/!;-/*)3-/+!I=($*)3-!@/(!/$)34I=($*)3-+!A-%85%-/C!#$-*-!;-/O*)3-/!@/(!$3%-!90)3&577-/!:-38-/!I0!/5)3!3-@O4-C!!

!Q$/-!(-%!A$-8-/!N0@*4-88-/!$/!K0%*)30@!

!#$-!A$-8-/!B-(-/&Ol%4-!$/!(-%!<40(4!G-$.-/+!(0**!70/!*$)3!($-*-*!J-38-/*!>-S@**4!$*4C!Q*!$*4!/$)34!/@%!(-%!f/4-%.%@/(!$/!(-%!658/$*)3-/!B-*)3$)34-+!*5/(-%/!-$/!.-.-/S^%4$.-*!P-%7$**-/!(-%!Q%75%(-4-/C!T/!S$-!A$-8-/!J07$O8$-/!S-%(-/!($-!B-*)3$)34-/!0@*!(-7!H%$-.!S538!/5)3!-%G^384!a!#-%!K$-(-%0@:>0@!084-%!<4^(4-+!0@)3!$/!/-@-%!'%)3$4-&4@%!/0)3!UX[W+!&=/(-4!A5/!-$/-%!-/5%O7-/!P$408$4^4!(-%!;-/*)3-/!@/(!(-*!d0/(-*C!_@O708!($-!b58-/!0@*!(-7!:%=3-%-/!l*4Ob58-/!08*!P-%4%$->-/-!(-/!1-$704OP-%8@*4!@/(!(0*!Q$/8->-/!$/!>$*80/.!@/>-&0//4-/!,-.$5/-/!A-%&%0:4-/!7@**4-/C!;$4!GS-$!90)3>0%8^/(-%/!$7!K-*4-/!@/(!$7!l*O!

!!!!!4-/+!($-!b58-/*!B-*)3$)34-!I-S-$8*!@/(!@/4-%O*)3$-(8$)3!<)30(-/[email protected]:=.4!30>-/+!7=**-/!(0*!d-$(-/!@/(!(-%!K$-(-%0@:>0@!(-*!!d0/(-*!-$/-/!(-@48$)3-/!b804G!>-&577-/C!!l>!-*!0@**)38$-]8$)3!7-$/!6-%*`/8$)3-%!Q$/(%@)&!$*4+!S-$]!$)3!/$)34!G@!>-@%4-$8-/C!K^%-!$)3!b58-+!3^44-!$)3!A-%7@48$)3!.%5]-/!'/4-$8!07!658/$*)3-/!904$5/08*458GC!T/!$37!*$/(!($-!9<OP-%>%-)3-/!@/(!($-!J58.-/!:=%!b58-/!0@:>-S03%4C!P$-88-$)34!*$/(!*5.0%!($-!'/4$OQfOB-*-4G.->@/.-/!(-%!b$<O,-.$-%@/.!A5%!088-7!-$/!P-%*@)3+!(-%!.-O:=384-/!f7&8077-%@/.!@/(!A$-88-$)34!4-$8S-$*-!@/>-S@**4-/!<5%.-!A5%!/-@-%!k>-%S^84$.@/.!G@!-/4.-3-/C!!

!'84*40(470%&46804G!$/!K0%*)30@!

!#$-!d0*4!(-%!B-*)3$)34-!$*4!:=%!b58-/!-/5%7C!K$%!08*!#-@4*)3-!4%0.-/!08*!90)3:58.-%!(-%!?^4-%OB-/-%04$5/-/!@C0C!(-/!?-$8!0/!($-*-%!B-*)3$)34-+!(0**!S$%!G@%!H-//4/$*!/-37-/+!S0*!.-*)3-3-/!$*4C!<-8>*4!($-*!S0%!F03%G-3/4-!80/.!/$)34!*-8>*4OA-%*4^/(8$)3C!K$%!S0%-/!A-%*4%$)&4!$/*!<)3S-$.-/C!#0*!$*4!I-4G4!A5%>-$C!Q*!>%0@)34!GS-$!B-/-%04$5/-/+!>$*!70/!0/!($-!B-:=38-!&5774C!;-$/-!?5)34-%!*0.4-!A5%!-$/-7!F03%+!08*!'/4S5%4!0@:!7-$/-!N-%$)34-!=>-%!7-$/!<@)3-/!/0)3!(-/!>85]-/!J0&4-/E!hb060+!S$%!&577-/!0/!($-!B-:=38-Ci!!;-$/!.%5]-%!#0/&!.-34!0/!088-+!($-!:=%!@/(!7$4!@/*!?-$8/-37-/(-/!($-*-!,-$*-!A5%>-%-$4-4!@/(!(@%)3.-:=3%4!30>-/C!;$4!($-*-%!K5)3-!$*4!7$%!b58-/!%-.-8%-)34!0/*!1-%G!.-S0)3*-/C!

,

Y)';,Z*+%;"B:*,Y&+4&;,

A(5"'#,0/.$(!"#$!%B!1#$*#,21#3)#,!,/-.!4/$)-./5!5,"!6$#&3',7/!89+!:;<=<!&')!:<><:?@=!

-).*/&"+).*"#'0&',

!

!

!"D!

5+#::&'(B"B,#'$,I)'@,

"2'!%#$+3$!4#'.56.!72302$8!972302$8!,!:2;%6$80,!6$%!-.6%23$'3203$<!03='!

=3');2(=!>?'!%23!#60830@'A([email protected]$.3!B;#$6$8!6$%!>#(=,!6$%!0@'#(=,

+6$%283!0A/23!03='!6502(=.283C!#$83$3=53!/23!2$>A'5#.2D3!E3203;32.6$8F!"2'!

&32;$3=53'2$$3$!6$%!&32;$3=53'!=#G3$!03='!%#DA$!@'A>2.23'.F!

#$-!?-$8/-37-%$//-/!@/(!?-$8/-37-%!

0(!1#$*#,21#3)#,!! ,/-.!4/$)-./5!5,!6$#&3’,7/! 89 - ag …...0(!1#$*#,21#3)#,!!...

Documents

0(!1#$#,21#3)#,!! ,/-.!4/$)-./5!5,!6$#&3’,7/! 89 - ag …...0(!1#$#,21#3)#,!!...