Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                

OpportunitiesforenergyefficiencyintheEU D4-1 projectSENSEI1

Download as pdf or txt
Download as pdf or txt
You are on page 1of 59

See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/339032491

Rewarding energy efficiency for energy system services through markets:


Opportunities and challenges in Europe

Technical Report · February 2020


DOI: 10.5281/zenodo.3634842

CITATIONS READS

4 42

2 authors:

Jan Rosenow Samuel Thomas


Regulatory Assistance Project Regulatory Assistance Project
93 PUBLICATIONS 1,650 CITATIONS 11 PUBLICATIONS 107 CITATIONS

SEE PROFILE SEE PROFILE

Some of the authors of this publication are also working on these related projects:

EC H2020 SENSEI project View project

Warm Homes View project

All content following this page was uploaded by Jan Rosenow on 04 February 2020.

The user has requested enhancement of the downloaded file.




 

Rewarding energy efficiency for energy


system services through markets:

Opportunities and challenges in Europe

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "F* JM





3-$)")-"5 $$)5 *-)-"5.5./(.-2$./#-*0"#(-&/.;++*-/0)$/$.
)#'')".$)0-*+

!*'7!2*!,<E @4=
!*'7!2*!,+!E .) % %)0   %0 &) %)0 *0*+$ *)- * +)&,
$)"+*3''&)+,% + *%##%* %,)&'
!23'.,E ?4<
!*!3! 4!E ?<5<=5><><
'33!+',4'.,*!7!*E ,# 
4453E ,$ ++
54&.23E %&*%&.%$,#&$*2



&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "G* JM


&,$%+ *+&)03

)* &% +& **, &%+%+%%*  +0

]F\ ^eL]]L^\]e '234 2$47!23'., ,.3!,.8

^F\ ]_L\]L^\^\ !.,  2$47!23'., +5!*&.+3

_F\ ^dL\]L^\^\ ',*7!23'., +5!*&.+3

))- .03

)+%) - .)

 '*'00.3,%,.34.0.5*.3

 .4'2'30 !*'3

# -)#%  ) *3

5*"

3)`F_

3)`F`

aQaF], aF^R

b

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "H* JM
#&&%+%+*

#! &  

%"!# "& 

 !"!

 & #! 

  2*5,;*++.(.*2(;&2)9-30*6&0*1&5/*76 

  2*5,;*++.(.*2(;.2(&4&(.7;1&5/*76 

  &(/,5382)32(&4&(.7;1&5/*76&2)*2*5,;*++.(.*2(; 

  :4*5.*2(*.27-*#2.7*)!7&7*6 

  &4&(.7;1&5/*75*+351.28534* 

 :&140*"-*#(&4&(.7;1&5/*7 

 *663260*&52*) 

 "!$ #  

  :4*5.*2(*+5317-*#2.7*)!7&7*6 

  :4*5.*2(*+5317-*# 

  *663260*&52*) 

 !&&!  

  2*5,;++.(.*2(;'0.,&7.3266 

   7&0; 

   5&2(* 

   30&2) 

  *663260*&52*) 

  2*5,;++.(.*2(;8(7.326 

   !9.7<*50&2) 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "I* JM
   3578,&0 

   *51&2; 

  *663260*&52*) 

 "  ! 

 

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "J* JM
)- + &%*%)&%0$*

)&%0$ *) '+ &%

 
 2..)*:,M5!!,3!+, ,%!+!,42.%2+

` *!,,!2%:$.2**52.0!,3

.,  .,3.*' 4!  '3.,

  !+, 2! 54'.,', 5! 02'!!$$!4

 '342'54'.,3:34!+.0!24.2

3 ,!2%:$$''!,:*'%4'.,&!+!3

3 , !0!, !,4:34!+0!24.23

) '*.8443

 !%8443

 !8.2)5*'!27'!.++'33'.,

` :M$.2M0!2$.2+,!

 !2$.2+,!M3! 2!%5*4'.,

!%'.,*42,3+'33'.,.2%,'34'.,4&4..2 ',4!34&!+.7!+!,4.$
  8&.*!3*!!*!42''4:',**.20243.$]_44!3, 4&!'342'4.$
.*5+'

 .245%5!3!*,3$.24&!2.+.4'.,.$$$''!,:',*!42''4:.,35+04'.,

 .*!,4&'!7',%*5!$2.+$$''!,:

 .'*.,342',4,%!+!,4.,!3

 .44'3&, .54&!2,*!42''4:!48.2)3

 FF .**23

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "K* JM
/,+ -*,$$)0

%)0   %0 ')&- * -#, +& %)0 *0*+$* % $%0 .0*4 4 2! 5!3 !,!2%: .343C
7.' 34&!,!! $.2.34*:0'4:C*.8!232.,!+'33'.,3!,*',%!,7'2.,+!,4*34, 2 3
4. ! +!4 +.2! &!0*:C 7.' 3 .2 !$!23 4&! ,!!  $.2 .34*: ,!48.2) 50%2 !3 ,  **.83
&!4',%, ..*',%3:34!+34.!53! +.2!$*!9'*:F&!3! '7!23!7*5!342!+32!.$4!,,.4
2!.%,'3! C8'4&!,!2%:!$$''!,:02.7' !235, !2M2!82 ! $.24&!3!27'!34&!:02.7' !F3
2!35*4C$!8!2!,!2%:!$$''!,:+!352!32!5, !24)!,C!,!2%:3:34!+3.34+.2!4.+',4',C
'**0:!232!8.23!.$$, C!53!.$4&!,.,M!,!2%:!,!$'434&4!,!2%:!$$''!,:02.7' !3C
4&!8' !23.'!4:35$$!23F&'32!0.24!9+',!34&!+!&,'3+34&42!',0*!',4&!,'4! 
44!3QFFR, 52.0!4.2!82 !,!2%:!$$''!,:3,!,!2%:3:34!+2!3.52!,  283
.,*53'.,3$.24&!$.53.$$5452!!$$.243',4&!52.0!,,'.,QRF

 +%)0  %0$)"+*)')&-%.0&).) %%)0  %0F,!2%:


!$$''!,:'3,.4 '304&*!',4&!42 '4'.,*3!,3!D'4'354.+4'**: '304&! *.,%3' !
4&! *.  4&4 '4 +. !24!3F &'3 +!,3 4&4 !,!2%:M.,*: +2)!43 ,,.4 2!82  !,!2%:
!$$''!,: '2!4*:F .8!7!2C4&!7*5!4&4!,!2%:!$$''!,:2',%3C',4!2+3.$*.8!2',%4&!
+2%',* .34 .$ +!!4',% !+, C 83  )!: (534'$'4'., !&',  4&! 3!44',% 50 .$ ,!2%:
$$''!,:!3.52!4, 2 3',4&!,'4! 44!3F&!3!,!2%:$$''!,:*'%4'.,3Q3R
., !,!2%: 54'*'4'!3 4. 02.52! !,!2%: !$$''!,: %',3 &7! *3. !!, !7!*.0!  ', +,:
52.0!,.5,42'!3',2!!,4:!23C.$4!,8'4&2. !23!4.$.(!4'7!3!:., !,!2%:3:34!+
!$$''!,:F .+! 52.0!, 3 !+0*.: +2)!4 +!&,'3+3 4&4 !,*! !,!2%: !$$''!,:
02.7' !23 4. 02. 5! ,  3!** &'4! !24'$'4!3 4. .*'%4!  024'!3F , 3.+! 52.0!,
.5,42'!3C$5, 3*!7'! $2.+'**0:!23&7!!!,53! 4.3!450!,42**:.0!24! 54'.,.2
4!, !2 +!&,'3+3 4. '2!4*: 02.52! !,!2%: !$$''!,: '+02.7!+!,43 ',  .+0!4'4'7!
!,7'2.,+!,4F

' +0$)"+**&,#%#%)0  %0+&&$'+&%#-#'#0 % #F&'*!


0'4: +2)!43 2! ,.4  $'234 !34 3.*54'., 4. '335!3 .$ !*!42''4: 3:34!+  !15: , 
2!*''*'4:C 8&!2! 4&!: 2! ', 0*!C !,!2%: !$$''!,: '3 .$4!, !9*5 !  !'4&!2 !90*''4*: .2
'+0*''4*:$2.+024''04',%F&!0'4:+2)!43',!8,%*, , 4&! 2!3',4&!FF

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "L* JM
2! !9+0*!3 .$ +2)!43 8&!2! !,!2%: !$$''!,: '3 **.8!  4. ! '  ',4. 54'.,3C 8'4&
',2!3',% +.5,43 !',% *!2!  .7!2 4&! .523! .$ 4&! *34 ]\ :!23F .8!7!2C 4&! 25*!3
33.'4! 8'4&4&!024''04'.,.$!,!2%:!$$''!,:,!! 4.!2!$5**: !3'%,! 4.!,352!
*!7!*0*:',%$'!* F5*!32.5, 4&!+','+5+3';!.$' 3,44.!$$!4'7!*:!9*5 !+,:
!$$''!,:4'.,3C, 335+04'.,32.5, 4&!*!,%4&.$4'+!4&4!$$''!,:+!352!3,' 
$.2,!3!7!2!F

+.&)"&')+&)**&,#),#++&# %+ ) %%+ -*. +%)0*0*+$&#*F $


,!48.2).0!24.238!2!2!%5*4! 4&2.5%&',!,4'7!3*'%,! 8'4&3.'!4*%.*3C4&!:8.5* 
*3.2!82 !,!2%:!$$''!,:$.24&!3!27'!3'402.7' !3F .8!7!2C+,:,!48.2).0!24.232!
$! 8'4& '3',!,4'7!4.2! 5!*. C8&!2!2!7!,5!32!,.4 !.50*! $2.+4&2.5%&054F
.  2!33 4&'3C 0!2$.2+,!M3!  2!%5*4'., QR '3 ,!! !  4. 3! 2!82 3 ., .540543
',34!  .$ ',0543C 3. 4&4 ,!48.2) 54'*'4'!3 2! (534 3 *')!*: 4. ',7!34 ', !15'7*!,4*: 02'! 
!+, M3' ! 2!3.52!3 3 3500*:M3' ! !15'7*!,43F '7!, 4&! *) .$ $+'*'2'4: 8'4& !,!2%:
!$$''!,: 02.%2++',% +.,%34 ,!48.2) .0!24.23C  '4'.,* ',!,4'7!3 4. ',7!34 ', 4&!
!+, 3' !2!(534'$'! C4*!34',4&!3&.2425,F&'3834&!002.&4)!,',4&!2..)*:,
5!!,3!+, ,%!+!,42.%2+',4&!,'4! 44!3, &3!!,024.$4&!',30'24'.,
$.22!!,40'*.402.%2++!3',4&!,'4!  ',% .+F

&'+ &%0+&+%)0  %0 )*+') % '#',+*+&%,*&%+%)0


  %0 %,*+)0+&')&- +*-#,F)!:'335!$.24&!!,!2%:!$$''!,:', 5342:'34.!*!
4. 02. 5! !,!2%: !$$''!,:M3!  !+,  2! 54'.,3 4&4 3:34!+ .0!24.23 ,  ,!48.2)
54'*'4'!3 , 2!*: 50.,F 3 4&! !,!2%: 3!4.2 ,  4'.,* !%5*4.2: 54&.2'4'!3 !%', 4.
'+0*!+!,44&!,!8!*!+!,43.$4&!`4&!,!2%:0)%!C !+, ',%4&4 '342'54'.,,!48.2)
0*,302.7' !J42,302!,:.,4&!+! '5+M, *.,%M4!2+$*!9''*'4:3!27'!3,!! ! GQ, 
*3.R',*5 !4&!53!.$ !+, 2!30.,3!C!,!2%:!$$''!,:C!,!2%:34.2%!$'*'4'!3.2.4&!2
2!3.52!34&4S4&!T '342'54'.,3:34!+.0!24.2'353',%3,*4!2,4'7!4.3:34!+!90,3'.,CK
4&!!,!2%:!$$''!,:', 5342:, 0.*':+)!23,!! 4.!,352!4&44&!:2!2! :4.2!30., F
'+'*2*:C30'4:+!&,'3+34)!34!034.!.+!J.0!,4.024''04'.,.$**2!3.52!3C
',*5 ',% 34.2%! ,  !+, M3' ! +,%!+!,4 4&4 2! 0*! .$ 02.7' ',% 4&! 2!15'2! 
4!&,'*0!2$.2+,!CK!,!2%:!$$''!,:3!27'!02.7' !23,!! 4.!*!4.3&.84&4!,!2%:
!$$''!,:2!3.52!3, !*'7!24*!343!$$!4'7!*:3*4!2,4'7!.04'.,3F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "M* JM


(,# +0$*,)$%+%-)  + &%)')&% + &%*&)$)"+')+  '+ &%F:34!+


.0!24.23, ,!48.2)54'*'4'!3C8'4&4&!'2$.53.,3:34!+ !15:, 2!*''*'4:C,!! 4.!
35$$''!,4*:34'3$'! C',452,C4&4!,!2%:37',%32!.4& !154!, 2!*'*!F , '4'.,C3
!, M53!!*!42'$'4'.,, ',4!2+'44!,42!,!8*!!,!2%:3500*:%2.8','+0.24,!C4&!7*5!
.$ !,!2%: !$$''!,: 72'!3 ',2!3',%*: : *.4'.,C 4'+! .$ : ,  3!3.,F !!,4
!7!*.0+!,43', 7,! +!4!2',%',$23425452!+!,4&4+.2!, +.2!!,!2%:!$$''!,:
4'.,32!.0!,4.+.2!524!, %2,5*2+!352!+!,4C+!,',%4&4!,!2%:!$$''!,:
02.7' !23 3&.5*  ! *! 4. .$$!2 3!27'!3 3!  ., +!4!2!  !,!2%: .,35+04'., 8&!, , 
8&!2!'4'3+.34,!! ! F2!7'!8.$0:M$.2M0!2$.2+,!02.%2++!3$.2!,!2%:!$$''!,:8'**
!4&!4.0'.$4&!$.24&.+',% !*'7!2*!`F`.$4&! 02.(!4F

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "N* JM
= %+)&,+ &%

2 '4'.,**:C !,!2%: !$$''!,: &3 !!, 3500.24!  2.33 4&! 52.0!, ,'., : ! '4! 
0.*':',3425+!,4302.7' ',%.+',4'.,.$$',,'*353' '!3, 2!%5*4.2:053&F]'4&4&!
 .04'.,.$4&!H$$''!,:'234I02','0*!C3024.$4&!*!,,!2%:$.2**52.0!,3Q`R
0)%! ,  '43 72'.53 *!%'3*4'7! .+0.,!,43C 4&!2! 2! ,.8 !+!2%',% .00.245,'4'!3 $.2
!*!74',%!,!2%:!$$''!,:4.,!,!2%:3:34!+2!3.52!F^&'32!0.24*..)34 '$$!2!,430!43
.$ 4&! !,!2%: 3!4.2 ,  ' !,4'$'!3 4&! .00.245,'4'!3 $.2 2!82 ',% !,!2%: !$$''!,: $.2 4&!
7*5!'402.7' !34.4&!!,!2%:3:34!+F

, 02','0*!C !,!2%: !$$''!,: &3 +,: .$ 4&! &24!2'34'3 .$ 3500*:M3' ! 4!&,.*.%'!3E_
',2!3',%!,!2%:!$$''!,:'3+!,3$.202.7' ',%!,!2%:3!27'!344&!*.8!34.34C'4&!*03
8'4& ',2!3',% 4&! 3!52'4: .$ 3500*: ,  '4 , **!7'4! .,%!34'., ', 4&! %2' F &!2! '3 ,.
$5, +!,4*2!3.,8&:!,!2%:!$$''!,:.5* ,.4Q, 3&.5* ,.4R!2!82 ! $.202.7' ',%
4&.3!!,!$'434.4&!!,!2%:3:34!+F&!02.*!+'34&44&!2!'3,.3',%*!4.24&40452!3
4&'37*5!C+)',%'4 '$$'5*44.+.,!4'3!L!9&,%!4&'37*5!8'4&.54!'4&!2 ! '4! !,!2%:
!$$''!,:+2)!432!4! 4&2.5%&0.*':C.2!90*''4*:**.8',%!,!2%:!$$''!,:4.024''04!
', .4&!2 !,!2%: +2)!43F '%52! ] &'%&*'%&43 4&! +,: '$$!2!,4 7*5! 342!+3 4&4 !*!42'*
!,!2%:!$$''!,:02.7' !3F

 

]
.3!,.8C FC8!44CFC:2!CFC, ').,.+.5CFQ^\]bRF,!2%:!$$''!,:, 4&!0.*':+'9F
0$'$)".-#D ) *-(/$*)<``QaMbRCab^Mac`F
^
4.CFC, .3!,.8C FQ^\]eRF $$)5$-./$)0-*+=.)3'/-$$/5(-&/.$")A#*3-3
*$)"92.!! ',%3.$5++!245 :^\]e
_
FQ^\]eRF,!2%:$$''!,:3!3.52!S!0%!TF!42'!7! $2.+
&4403ELL!!!F.2%L4.0'3L!,!2%:M!$$''!,:M2!3.52!
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FE* JM
$"0-F;> 5-&* ) $/. -*('/-$')-"5 $$)5

*0-; 6-: <:)*'0-): <BGEFHC<*")$6$)"/#0'''0* )-"5 $$)5<*)/+'$-:;


"0'/*-5 ..$./) -*%/<        
   



 % %%)0  %0 %+&%+/+&%)0*0*+$* %+)%* + &%

4 '43 +.34 3' *!7!*C !,!2%: !$$''!,: , ! !$',!  3 4&! 24'. .$ .54054 .$
0!2$.2+,!C 3!27'!C %.. 3 .2 !,!2%:C 4. ',054 .$ !,!2%:F` &! !,!2%: ',054 , !
+!352! !$.2!'4342,3$.2+4'.,',0.8!2%!,!24'.,.22!$',',%Q02'+2:!,!2%:RC.2
$4!2 '4 '3 .,35+!  Q$',* !,!2%:RF , !,!2%: !$$''!,: '+02.7!+!,4 2!02!3!,43 ,
',2!3! ', 4&'3 24'.F +02.7!+!,43 ', $',* !,!2%: !$$''!,: 4!,  4. -0 '* :
2! 5',% 4&! +.5,4 .$ !,!2%: ,!! !  4. !*'7!2  %'7!, 3!27'! *!7!*C $.2 !9+0*!
4&2.5%&+.2!!$$''!,45'* ',%$2'C*'%&4',%, 00*',!3F + *+*+&+ &%*++
$')&-* %#%)0  %0++ *+') $)0&,*&+ ')&!+2, 4&!3!
4'.,32!.$4!,2!$!22! 4.3!, M53!!$$''!,:C.23'+0*:J!,!2%:!$$''!,:K$.23&.24F

`
52.0!,,'.,FQ^\]^RF,!2%:$$''!,:'2!4'7!F!42'!7! $2.+&4403ELL!52M*!9F!52.0F!5L*!%*M
.,4!,4LLLB1' j]_ee_ca`b`^_\V52'jE_^\]^\\^c
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FF* JM
,!2%:!$$''!,:,02.7' !!,!$'43:!,*',%4&!3!27'!34&43.'!4: !+, 3$2.+
!,!2%:3:34!+3Q$.2!9+0*!2!*''*'4:C !15:, !,7'2.,+!,4*3534','*'4:R4.!
+!44*.8!2.34F335&C!,!2%:!$$''!,:'3,!,!2%:3:34!+2!3.52!8'4&!,!$'43
,.4 *'+'4!  4. 7.' !  !,!2%:C 0'4: ,  ,!48.2) .343D 7.' !  !,7'2.,+!,4*
.+0*',!.343Q<"<C+'33'.,32 ',%:34!+**.8,!.343RD, .4&!27.' ! 
.3432!*4! 4.2'3)+'4'%4'.,C'**.**!4'.,, .,35+!22! '4F 4*3.!,*!3%2!4!2
$*!9''*'4: ', !,!2%: .,35+04'., Q<"<C ', 4&! 3! .$ 5'* ',% $2' '+02.7!+!,43C
**.8',%5'* ',%34.+',4',4!+0!2452!3$.2*.,%!20!2'. 3RF

,!*!42''4:3:34!+3C4&!'+04.$',2!3',%*!7!*3.$',4!2+'44!,42!,!8*!3.,4&!
%2' , 4&!!*!42'$'4'.,.$!, M53!3'34.+0*'$:4&!3!!,!$'43',3.+!*.4'.,3, 
4024'5*24'+!3.$4&! :, :!2C, 4.2! 5!4&!+4.4&!23F,!2%:!$$''!,:
,*3.02.7' !+,:.4&!2!.,.+'C3.'*, !,7'2.,+!,4*!,!$'43!:., 4&.3!
4&4$**4.4&!!,!2%:3:34!+FaCb44&!!,!2%:!$$''!,:02.(!4*!7!*C4&!&**!,%!'34.
34)4&!3!7*5!38'4&.54',522',%02.&''4'7!42,34'.,.343F

+02.7!+!,43',02'+2:!,!2%:!$$''!,:,!53! :'+02.7!+!,43',$',*!,!2%:
!$$''!,: ,  4&2.5%& 4&! +.2! !$$''!,4 42,3$.2+4'., .$ 02'+2: !,!2%: ',4. $',*
!,!2%:Q$.2!9+0*!C4&2.5%&2!,!8*!!*!42''4:%!,!24'.,RF *.#$ /$)"C$.2!9+0*!
4&2.5%& !+, M3' ! 2!30.,3! ,  !,!2%: 34.2%! 4!&,.*.%'!3C , '+02.7! 02'+2:
!,!2%: !$$''!,: : 2! 5',% 4&! ,!!  $.2 *!33 !$$''!,4 %!,!24'., 4!&,.*.%'!3 4. !
!0*.:! 44'+!3.$&'%& !+, F%* +)%.#%)+ &%2*+&)%$%6
*  )*'&%* ) %&+ + ') $)0 &,* & +   )&!+F .8!7!2C 4&!: 2!
.,,!4!  ',3.$2 3 4!&,.*.%'!3 .2 .+',4'.,3 .$ 4!&,.*.%'!3C 35& 3 %2' M
',4!24'7! !$$''!,4 5'* ',%3C +: ! !,!2%: !$$''!,4C 2!,!8*! ,  0*! .$
!*'7!2',%*. 3&'$4',%3!27'!3F , '4'.,C+!&,'3+34&4**.8!,!2%:!$$''!,:4.
!.+0!,34! +:!4!&,.*.%:,!542*C+!,',%4&4!,!2%:!$$''!,:+:.+0!4!
%',34.4&!28:3.$ !*'7!2',%!,!2%:3:34!+3!27'!3F

a
 FQ^\]`RF0452',%4&!+5*4'0*!!,!$'43.$!,!2%:!$$''!,:F2'3C2,!E LF!42'!7! 
$2.+&4403ELL8!34.2!F'!F.2%L0452',%M4&!M+5*4'0*!M!,!$'43M.$M!,!2%:M!$$''!,:
b
;2C FC, .*52,C FQ^\]_RF!.%,';',%4&!$5**7*5!.$!,!2%:!$$''!,:F.,40!*'!2CE
!%5*4.2:33'34,!2.(!4F!42'!7! $2.+&4403ELL888F20.,*',!F.2%L),.8*! %!M
!,4!2L2!.%,';',%M4&!M$5**M7*5!M.$M!,!2%:M!$$''!,:L
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FG* JM
.34.$4&!!90!2'!,!8'4&42!4',%!,!2%:!$$''!,:!90*''4*:3,!,!2%:3:34!+2!3.52!
,!$.5, ',4&!,'4! 44!3C8&!2!$.2+,::!23!,!2%:!$$''!,:& 4&!.00.245,'4:
4..+0!4!8'4&3500*:M3' !',7!34+!,43',72'!4:.$3!44',%3F452**:C.52,*:3'3 283
&!7'*:.,4&!!90!2'!,!',4&!FF8&'*340.',4',%.544&!*'+'44'.,3','4342,3$!2'*'4:4.
4&!.,4!94F

3344! .7!C4&!'+.$4&'32!0.24'34. '3533&.8!,!2%:!$$''!,:,!2!82 ! $.2


4&! 7*5! '4 02.7' !3 4&2.5%& ,.,M42 '4'.,* Q+2)!4R +!&,'3+3F 52 ,*:3'3 .!3 ,.4
',*5 !$',,'*3500.2402.%2++!34&4.$$!2353' '!3$.2!,!2%:37',%+!352!3F ,34! C
4&'3,*:3'3$.53!3.,2,%!.$+!&,'3+34&42!82 !,!2%:37',%3, L.2*. 2! 54'.,
24&!2 4&, 30!'$' +!352!3F &'3 ',*5 !3 0'4: +2)!43C 4&! 02.52!+!,4 .$ ,!48.2)
3!27'!344&! '342'54'.,*!7!*C,  ! '4! !,!2%:!$$''!,:02.%2++!3C35&3,!2%:
$$''!,: *'%4'.,3 &!+!3 Q$.53',% ., &'4! !24'$'4! 42 ',%R ,  !,!2%: !$$''!,:
54'.,3F&!2!0.24' !,4'$'!3, ,*:3!335!33$5*!9+0*!3.$8&!2!!,!2%:!$$''!,:&3
!!, 2!82 !  3 , !,!2%: 2!3.52! ', 4&!  ,  4&! FF 4. !+.,3424! &.8 !,!2%:
!$$''!,: '3 *2! : !',% .+0!,34!  4. : ,  8&4 *!33.,3 , ! *!2,!  $2.+ 4&'3
!90!2'!,!F',**:C4&!2!0.24 !*'7!23,,*:3'3.$4&!+2)!4, 2!%5*4.2:., '4'.,34&4
8.5* !2!15'2! 4.!,*!!,!2%:!$$''!,:4.!2!82 ! $.24&!!,!$'43'4 !*'7!234.4&!
!,!2%:3:34!+F


33!,4'**:C 4&!2! 2! 48. 4:0!3 .$ +2)!43 4&4 , ! '34',%5'3&! E 9 ! '4!  !,!2%:
!$$''!,:+2)!432!4! 4&2.5%&0.*':Q4&'3',*5 !3&'4!!24'$'4!+2)!43, !,!2%:
!$$''!,: 54'.,3RC ,  9 !,!2%: 3!27'!3 +2)!43 53!  4. 02.52! 0'4: ,  ,!48.2)
3!27'!3Q4&'3',*5 !30'4:+!&,'3+3, 4!, !2',%$.2,!48.2)3!27'!34.7.' .2 !$!2
!90,3'.,',7!34+!,43RF

&! 2!0.24 '3 3425452!  3 $.**.83E '234C ', *+ &% >2 .00.245,'4'!3 $.2 2!82 ',% !,!2%:
!$$''!,: ', !,!2%: +2)!43 2! '3533! F + &% ? !9+',!3 4&! 02.52!+!,4 .$ ,!48.2)

c
.*',CFQ^\]`RF#./2'0 *-(-$=.)-"5*''-;)/$*)'-2$3* /#*./* 0/$'$/5
)-"5 $$)5+-*"-(.F3&',%4.,CEF!42'!7! $2.+&4403ELL!!!F.2%L2!3!2&M
2!0.24L5]`\^
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FH* JM
3!27'!3F+ &%@33!33!34&!2.*!4&4 ! '4! !,!2%:!$$''!,:+2)!43,0*:3!450:
0.*':F',**:C*+ &%A02.7' !3.,*53'.,3.$.528.2), 3!4.$0.*':2!.++!, 4'.,3
$.2!, 53!23$2.+4&!$'!* .$0.*':, 024'!C',*5 ',%4&!,!! $.2!,!2%:!$$''!,:4.!
*! 4. 02.7! 4&4 '4 '3 3 2!*'*! 3 3500*:M3' ! *4!2,4'7!3F &'3 2!15'2!+!,4 2'3!3 4&!
02.30!4 4&4 0:M$.2M0!2$.2+,! 02.%2++!3C ', 8&'& !,!2%: !$$''!,: '3 2!82 !  $.2
!*'7!2',%!,!2%:37',%33! .,+!4!2! !,!2%:.,35+04'.,C+:&7!%2!4!22.*!4.
0*:',4&!$5452!F

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FI* JM
> %)0*)- $)"+*


&!2!2! '$$!2!,44:0!3.$!,!2%:3!27'!+2)!43C',*5 ',%8&.*!3*!!,!2%:+2)!43, 
0'4:+2)!43F,!2%:!$$''!,:, !*'7!27*5!4&4,!+.,!4'3! ',!&+2)!4C54
4&!'*'4:4. '2!4*:2!82 4&'37*5!72'!3F

>4= %)0  %0%.&#*#$)"+*

,!2%:!$$''!,: .!3,.4024''04!',8&.*!3*!+2)!433'4'3,.4 '304&*!2!3.52!


Q5,*')! %!,!24'., ,  !+, M3' ! 2!30.,3!RFd .8!7!2C !,!2%: !$$''!,: &3 , ', '2!4
'+04.,8&.*!3*!+2)!43F&2.5%&*.8!2',% !+, C'42!35*43',*.8!28&.*!3*!+2)!4
02'!3C,!$$!4**! 4&! !+, 2! 54'.,', 5! 02'!!$$!4Q RF

&!2! 54'.,',8&.*!3*!+2)!402'!3'33.+!4'+!3.,*:$24'.,.$0!2!,4C544,
%%2!%4! *!7!* !7!, 3+** 2! 54'.,3 ', 02'! , *!  4. 3'%,'$',4 7.' !  .343 4.
.,35+!23Fe45 '!3$2.+4&!FF3&.82,%!.$7*5!3$.2 E

 !8,%*, E]F^aM^Fah2! 54'.,',.$$M0!)02'!C, ]FaM^Fcah2! 54'.,',0!)


02'!$.2!7!2:0!2!,4%!2! 54'.,',*. D 

d
7!,4&.5%&!,!2%:!$$''!,:,,.4! '304&! ',4&!42 '4'.,*3!,3!C'4 .!3&7! ! 7*5!
!53!C: !$','4'.,C'4'3 '304&! 54.+4'**:*.,%3' !4&!*. 4&4'4+. !24!3C.22!*4',%
8'4&*. ',02! '4*!8:F
e
4;CFC22!44C FC, 4')*!3CFQ^\]dRF./$(/$)"/#2'0* )-"5 $$)5/*-0
3#*'.')-"5+-$2*'/$'$/5F3&',%4.,CED&!2,')CFC, *5,)!44C F FQ^\]`RF-$
 /..) $/* )-"5@ $$)5+-*"-(.F2.!! ',%3.$4&!^\]`5++!245 :.,
,!2%:$$''!,:',5'* ',%3aC00FacNbeF3&',%4.,CED9!4!233.'4!3FQ^\]`RF
33!33+!,4.$4&!.3437.' ! 4&2.5%&,!2%:$$''!,:, .,3!274'.,!352!3',2:*, F
!42'!7! $2.+&4403ELL3_F+;.,83F.+L'*3%L7.' ! ,!2%:.343',2:*, ]F0 $
]\
:,03!,!2%:.,.+'3FQ^\]dRF7.' ! ,!2%:500*:.343',!8,%*, E^\]d!0.24F
!42'!7! $2.+&4403ELL888F3:,03!M!,!2%:F.+L3'4!3L !$5*4L$'*!3LM^\]dM]cM\d\F0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FJ* JM
 **',.'3, +5&.$4&!' .,4',!,4 4!22'4.2:E]h2! 54'.,',*. .5* 2! 5!
**',.'3!,!2%:02'!3:^hF 

&!2! '3 522!,4*: ,. +!&,'3+ 4. 2!82  !,!2%: !$$''!,: '2!4*: $.2 02.7' ',% 4&'3 .34
37',%4..,35+!23C54',4&!FF'4'34)!,',4..5,4',3.+!344!38&!,5, !24)',%
.34M!,!$'4,*:3!3, *5*4',%4&!002.02'4!+.5,4.$!,!2%:!$$''!,:',7!34+!,4
: 54'*'4'!3F]^ 4 *3. $.2+3 024 .$ 4&! (534'$'4'., $.2 4&! ',42. 54'., .$ ! '4!  !,!2%:
!$$''!,:02.%2++!3$5, ! 4&2.5%&!,!2%:'**3 '3533! *4!2',4&'32!0.24F.4&!!34.$
.52),.8*! %!C345 '!33.$2&7!,.415,4'$'! !'4&!24&! .2.34M!,!$'4024'!34&4
.5,4$.24&'3'+04',52.0!F

>4> %)0  %0 %' +0$)"+*

.+! 3:34!+ .0!24.23 &7! *5,&!  0'4: +2)!43 ', 2!!,4 :!23C ',  '4'., 4. 4&!'2
+2)!43$.2!,!2%:, ,'**2:3!27'!3F&!02','0*0520.3!.$0'4:+2)!43'34.!,352!
4&4 !154!0'4:8'***8:3!7'**!4.+!!4*. C',*5 ',%0!)0!2'. 3F.282 M
*..)',%0'4:+2)!43535**:02.52!0'4:.,4&2!!M4.$'7!M:!24'+!&.2';.,F0'4:
+2)!432!,.453! 4.052&3!!,!2%:C543!!)4.!,352!4&4 !154!0'4:C$<<C4&!
'*'4:4.+!!4!,!2%: !+, C8'**!7'**!4.3!27!!90!4! *. FQ!,!24.2345**:
'304&! ',$5452!4'+!0!2'. 38'***3.!0' ',4&!!,!2%:+2)!4$.24&!!,!2%:4&!:
02. 5!, 3!**FR ,0'4:+2)!43C3:34!+.0!24.23Q, 5*4'+4!*:.,35+!23R0:$.24&!
2!3352,!4&42!*''*'4:8'**!+',4',! , 2!3!27!+2%',38'**! !154!C8&'*!3.+!
0!)02'!3+:*3.!2! 5! F&!+.5,4.$0'4:4&4'3!34'+4! 4.!,!! ! ',4&!
$5452!'33!4:4&!3:34!+.0!24.23! .,02.(!4! *. , 4&! !3'2! 2!3!27!+2%',D
$.24&'32!3.,C.++'44! 2! 54'.,',$5452!*. *.8!234&!+.5,4.$%!,!24'.,0'4:
,!! ! C, &!*03+!!40'4:2!15'2!+!,43(53430.8!20*,4 .!3FJ,!%844K'3(534
37*5*!3J+!%844K',4&!.,4!94.$0'4:+2)!4C3*.,%34&!!,!2%:!$$''!,:
37',%3,!.,3' !2! 4.!32!*'*!315*'$:',%%!,!24'.,C$<<4&44&!3:34!+.0!24.2

]]
 !,,!**:CFC, 4,$'!* CFQ^\]`RF452*!3.52!3!$!,3!.5,'*.++!,43.,^\]a2$4
,!2%:2.52!+!,4*,E,*:3'3.$!,!2%: ', **',.'3F&'%.C E **',.'3.8!2%!,:F
!42'!7! $2.+&4403ELL888^F'**',.'3F%.7L3'4!3L'0L .5+!,43L,2 M.++!,43F0 $
]^
.+ Q^\]aRF 2.5, 4&!.5,42:F!42'!7! $2.+E
&4403ELL3_F+;.,83F.+L'*3%L P2.5, P4&!P.5,42:P^M]bM]aF0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FK* JM
,! !154!*:.,$' !,44&44&!37',%38'**! !*'7!2! F&'*!0:M$.2M0!2$.2+,!Q`R
'3,.402!M., '4'.,$.2024''04'.,',0'4:+2)!43C'4 .!3&.* .544&!$5452!02.30!4
.$!$$''!,:02.(!43!',%.+0!,34! $.23.+!4&',%+5&*.3!24.4&!'245*'+043.,
4&!%2' F,',2!3!',4&!!24',4:33.'4! 8'4&!,!2%:!$$''!,:0!2$.2+,!.5* +)!
!,!2%:!$$''!,:+.2!4424'7!4.3:34!+.0!24.23F

>4? ")&,%&%' +0$)"+*%%)0  %0

&!, 4&!3! +2)!43 8!2! $'234 ',42. 5!  ', !8 ,%*,  QFFR ', ^\\bM\dC !$$''!,: , 
!+, 2!30.,3! 7.4!32'%&4*:0.',4! .544&44'.,34)!,.,4&! !+, 3' !4.*.8!2
!+, 8!2!(53437*5*!N, 3.+!4'+!3+.2!7*5*!N4&,4'.,34&4.5* !4)!,
.,4&!3500*:3' !4. ,!8%!,!24'.,0'4:4.+!!4*. 2!15'2!+!,43',0!)0!2'. 3C
.28&!,2!3!27!+2%',32!4'%&4$.2.4&!22!3.,3C35&3,5,0*,,! %!,!24.2.54%!F]_
.,3!15!,4*:C 3.+! 0'4: +2)!43 &7! !!, !3'%,!  : ', !0!, !,4 3:34!+ .0!24.23
Q 3R 4. 0!2+'4 !+,  2!30.,3! ,  !$$''!,: 33!43 4. .+0!4! '2!4*: *.,%3' !
.,7!,4'.,* 3500*:M3' ! 2!3.52!3 ', 4&! 54'.,3 3!4 50 4. 02.52! 0'4: .,  $.282 M
*..)',%3'3F&!!9+0*!3',4&!FF2!4&! M!8,%*, C , !8.2)M 0'4:
+2)!43C8'4& M!8,%*, ,  &7',%4&!+.34!90!2'!,!54&.2'3',%!, M53!!,!2%:
!$$''!,:4.' ',4.4&!'2$.282 0'4:+2)!43F]`

&!3! +2)!43 ',7'4! 534.+!2M3!  2!3.52!3 4. .+0!4! %',34 .,7!,4'.,* %!,!24'.,
2!3.52!3',.2 !24.3352!4&44&!2!8'**! !154!2!3!27!+2%',34.+!!40.8!23:34!+
2!*''*'4: 2!15'2!+!,43 ', $5452! 4'+! 0!2'. 3F &!3! !+, M3' ! 2!3.52!3 $** ',4. 48.
4!%.2'!3E !+, 2!30.,3!, !, M53!!,!2%:!$$''!,:F!+, 2!30.,3!2!3.52!32!
534.+!2M3! 2!30.,3!34&43:34!+.0!24.23,**.,4.'+02.7!2!*''*'4:15')*:C, 

]_
&!4.0'83!7*54! ',4&!!8,%*, !+, !30.,3! ,'4'4'7!C3'9M344!.**.24'7!C',
^\\]M\_C*! ',%4.,5+!2.532!.++!, 4'.,34.342!,%4&!,!,!2%:!$$''!,:,  !+, 2!30.,3!
',4&!!8,%*, 2!%'.,F!!E, 33.'4!3FQ^\\_RF$().$*).* ()-.+*).;
+/0-$)"0./*(-@.-.*0-. *-3)"')=.+*3-.5./(.)(-&/.F!42'!7! $2.+
888F20.,*',!F.2%L),.8*! %!M!,4!2L '+!,3'.,3M.$M !+, M2!30.,3!M0452',%M534.+!2M3! M
2!3.52!3M',M,!8M!,%*, 3M0.8!2M3:34!+3M, M+2)!43LBP3$P3j '+!,3'.,3i.$i !+, i2!30.,3!
]`
!+!CFC, .824CFQ^\]`C]^!04!+!2RF)-"5 $$)5+-/$$+/$*)$)'/-$$/5+$/5
(-&/.;#<<4+-$)<.,40!*'!2CE&!!%5*4.2:33'34,!2.(!4F!42'!7! $2.+
888F20.,*',!F.2%L .5+!,4L .8,*. L' Lc_\_
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FL* JM
.7!22!*4'7!*:3&.240!2'. .$4'+!Q<"<C*. 2! 54'.,:452,',%.$$!15'0+!,4C (534',%
4&!2+.3443 ', .$$'! 5'* ',%3C '++',% *'%&4',% ', 2!4'* 5'* ',%3C !4RF ,!2%: !$$''!,:
2!3.52!32!2! 54'.,3',534.+!2*. 2!35*4',%$2.+'+02.7!+!,43',!, M53!4!&,.*.%'!3
4&4 !*'7!237',%38&!,4&.3!4!&,.*.%'!32!53! F&'*!4&!3!'+02.7!+!,43 .2! 5!
%%2!%4!*. ',72'.538:3C',*5 ',% 52',%0!)0!2'. 3C4&!:2!,.430!'$'**:***!
:4&!3:34!+.0!24.2F9+0*!3',*5 !2!0*',%',!$$''!,4&'**!23, +.4.238'4&+.2!
!$$''!,4+. !*3C2!0*',%',, !3!,4*'%&4',%8'4&3C, 3534'454',%&'%&M!$$''!,:&!4
05+03 $.2 42 '4'.,* 2!3'34,! !*!42' &!4',%F !53! !+,  2!30.,3! ,  !,!2%:
!$$''!,:2!3.52!3&7! '$$!2!,4&24!2'34'3, 3!27!4.'+02.7!2!*''*'4:', '$$!2!,4
8:3C4&!25*!3%.7!2,',%&.84&!:,024''04!',0'4:54'.,32!4'*.2!  '$$!2!,4*:C
34&!:2!$.2%!,!24'.,2!3.52!3.$ '$$!2!,44:0!3F

>4@ /') % %+% +++*

&! 3:34!+ .0!24.2 3!27',% !8 ,%*,  &3 3534,4'* !90!2'!,! !,2.**',% !$$''!,:
2!3.52!3 ', 4&!'2 0'4: 54'.,3F]a 3 , ! 3!!, ', '%52! ^C !90!2'!,! &3 *!  4. ,
',2!3',% 2.*! $.2 !$$''!,: ', 4&!3! +2)!43 .7!2 4'+!C 8'4& ^C^^` +!%8443 QR.$
!$$''!,: *!2',% 4&! +2)!4 $.2 !*'7!2: !%',,',% ', ^\]eF]b , !8 ,%*, I3 0'4:
+2)!4C!,!2%:!$$''!,:2!3.52!32!&24!2'3! !'4&!23J.,M0!)!,!2%:!$$''!,:K.2
J3!3.,*!,!2%:!$$''!,:CK, .4&4:0!3,024''04!',4&!54'.,FJ,M!)!,!2%:
!$$''!,:U2!$!234.+!352!34&48'**02.7' ! !+, 2! 54'.,3 52',%0!)&.523Q$<<C]0+
4.a0+R.,8.2)',% :3!48!!, 5,!, 5%534C,  52',%0!)&.523Q$<<Ca0+4.c0+R
.,8.2)',% :3',!!+!2,  ,52:FJ!3.,*!,!2%:!$$''!,:K2!$!234.2!3.52!34&4
2! !$',! +.2!:8!4&!2., '4'.,3Q<"<C.* 8',4!2 :3C&.430!**3',4&!35++!2C!4FR
4&, : 7!2%! &.523 .$ .0!24'.,F .%!4&!2C 4&!3! 48. 4:0!3 8'** 02.7' ! bh .$ 4&! 4.4*
0'4: *!2!  $.2 !*'7!2: ', ^\]eL^\F &!   3:34!+ .0!24.2 &3 *3. &  3534,4'*
!90!2'!,! 8'4& !+,  2!30.,3! ,  !,!2%: !$$''!,: ' ',% ',4. 4&!'2 0'4: +2)!43F
.8!7!2C!,!2%:!$$''!,:&30*:! +5&3+**!202.0.24'.,4!2.*!',4&! 0'4:
+2)!4 4&, '4 &3 ', !8 ,%*, F .2 !9+0*!C ', 4&! +.34 2!!,4 54'., $.2 !*'7!2: ',

]a
!+!, .824C^\]`
]b
'5CFQ^\]cRF!+, 2!30.,3!, !,!2%:!$$''!,:',4&!0'4:2!3.52!02.52!+!,4E3!
345 '!3.$$.282 0'4:+2)!43', !8,%*, C , 2!42'4',F)-"5*'$5Q]\\RC00F
^c]M^d^F
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FM* JM
^\]dL]eC!,!2%:!$$''!,:02.7' ! (534]h.$4&!*!2! ' 0'4:C8&'*! !+, 2!30.,3!
02.7' ! 2.5%&*:chF]c

$"0-G;(*0)/* )@0.)-"5 $$)5'-$)/# 3)"')) +$/5


(-&/.FM

  

 
(&4&(.7;(0*&5*)%

  

 

 


                        

! 


&! 342')',% '$$!2!,! !48!!, 4&! 02.0.24'.,3 .$ 0'4: 2!3.52!3 3500*'!  : !,!2%:
!$$''!,: ', !8 ,%*,  .+02!  4.   &3 48. +', 53!3F '234C  *.3! *..) 4 4&!
54'.,25*!32!7!*34&4'4+44!23&.8!,!2%:!$$''!,:2!3.52!32! !$',! C8&'&0!)
0!2'. 32!02.(!4! :4&!3:34!+.0!24.24.!+.34'+0.24,44. 2!33C, &.8+,:
:!23*!2! 2!3.52!8'**!0' $.22! 5',%*. F I325*!3$.2!,!2%:!$$''!,:' ',%
', 4&! 0'4: +2)!4 2! *!33 4424'7! 4. !,!2%: !$$''!,: 02.7' !23 4&, 4&.3! ', !8
,%*, C 8&!2! !$$''!,: 2!3.52!3 , '  ', $.2 +.2! :!23 .$ 4&!'2 *'$!4'+!3F  3!., 
'$$!2!,!'34&4C.,7!2%!C4&!!8,%*, 344!3&7!+.2!+'4'.53.*'%4'.,34&,4&!
344!3 ', 4&!   +2)!4F ',! 54'*'4'!3 ,  !$$''!,: !,4'4'!3 ', !8 ,%*,  &7! 342.,%
0.24$.*'.3 .$ !,!2%: !$$''!,: +!352!3 4. !*'7!2C 4&!: &7!  %2!4!2 15,4'4: .$ !,!2%:
!$$''!,:0'4:4.' ',4.4&!0'4:54'.,3F]e

 

]c
'5C^\]cF
]d
'5C^\]cF
]e
!+!, .824C^\]`F
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "FN* JM
'F;*(+-$.*)* /# @3)"')) +$/5(-&/. -*(/#+-.+/$2* )-"5
 $$)5

,#+&)0 +&)* + %  


')&'&)+ &% &   %0
7.%#%  
)*&,)* #) % ' +0
,+ &%

+ $* !3.52!3 , ! '  5,4'* '+'4! 4.$.52:!23


!, .$.0!2*!*'$!

+ # +0&# + &%* !*4'7!*:342.,%.*'%4'.,3 !*4'7!*:8!).*'%4'.,3

:  

$'+&,%)6')&)$% . !34 42.,%


'%#+ *

*0-; +/ -*( $0: < BGEFLC< () -.+*). ) )-"5 !$)5 $) /# +$/5 -.*0-
+-*0-()/;../0$.*  *-3-+$/5(-&/.$) 3)"'): )-/-$/$)<)-"5
*'$5FEEBGEFLCGLG@GMG<

>4A ' +0$)"+)&)$ %,)&'4

.2 ',% 4. 4&! 2!34 *!42''4: !%5*4'.,C 0'4: +2)!43 ', 4&!  3&.5*  .,*: !
',42. 5! 3*342!3.244. 2!33 !15:02.*!+34&4,,.4!3.*7! 4&2.5%&4&!
2!+.7*.$+2)!4 '34.24'.,3F&!2!2!3!7!2*0'4:+!&,'3+3',]a!+!244!3F^\
&! *!42''4: !%5*4'., ,  '2!4'7! *3. +)! *!2 4&4 !+, M3' ! 2!3.52!3 35& 3
!+,  2!30.,3! ,  !,!2%: !$$''!,: +534 ! *! 4. .+0!4! 8'4& %!,!24'., ., 02E

^\
FQ^\]eRF(-&/(*)$/*-$)"-+*-/GEFMA'/-$$/53#*'.'(-&/.2*'0(<!42'!7! 
$2.+
&4403ELL888F!2F!52.0F!5L$$''*P .5+!,43L43P.$P4&!P%!,:L5*'4'.,Lh^\2)!4h^
\.,'4.2',%h^\!0.24h^\^\]dh^\Mh^\*!42''4:h^\&.*!3*!h^\2)!43h^\.*5+!F0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GE* JM
3!52'4: .$ 0.8!2 3500*: '3 ,. *.,%!2 .54 %!,!24'.,  !15: 54 24&!2 .54 2!3.52!
 !15:C8&'&,!3!27! :.4&3500*:,  !+, 2!3.52!3F

24'*! ]d .$ 4&! *!42''4: !%5*4'., 2!.,$'2+3 4&4 !+, M3' ! 2!3.52!3 ,!!  4. !
42!4! !15**:8'4&3500*:M3' !2!3.52!3',0'4:+!&,'3+32!15'2',%4&44&!:J!.0!,
4. 024''04'., .$ ** 2!3.52!3C ',*5 ',% 34.2%! ,  !+, M3' ! +,%!+!,4 4&4 2!
0*! .$ 02.7' ',% 4&! 2!15'2!  4!&,'* 0!2$.2+,!FK !+!2 44!3 8'4&  !15:
.,!2,3+5343!4500*,$.2+2)!42!$.2+4&48'**!7!,45**:*! 4.4&!!*'+',4'.,.$
0'4: +!&,'3+3 Q24 ]dRF &'3 0*, J3&.5*  !,*! 3!*$M%!,!24'.,C !,!2%: 34.2%!C
!+, M3' !+!352!3, !,!2%:!$$''!,:: .04',%+!352!34.!*'+',4!,:' !,4'$'! 
2!%5*4.2: '34.24'.,3K Q24 ]dRF &! .++'33'., 8'** 2!7'!8 4&! '+0*!+!,44'., 0*,3 , 
!' ! 8&!4&!2 4&! +!352!3 0*,,!  $.2 +2)!4 2!$.2+ 2! 35$$''!,4F 4'.,* !%5*4.2:
54&.2'4'!38'**2!0.24.,'+0*!+!,44'.,,,5**:F^]

&!3'9+.342!!,40'4:+2)!43002.7! :4&!.++'33'.,',!2*:^\]d2!.0!,4.**
4:0!3.$2!3.52!34&4,02.7' !0'4:3!27'!3F^^&'3'3',*',!8'4&4&!,!8+2)!4 !3'%,
 .04! :4&!52.0!,,'.,',^\]dF .8!7!2C4&!+!2!!04,!.$ !+, 2!30.,3!
, !,!2%:!$$''!,:' 3',4&!54'.,3 .!3,.4,!!332'*:+!,4&4 !+, 2!3.52!32!
.,,!15*$..4',%8'4&3500*:F&!$.**.8',%!9+0*! !+.,3424!38&:4&'3,!4&!3!
53',%2!!,4, 7!2:02.+',!,4!9+0*!$2.+4&! F

>4B /$'#3 ' +0$)"+

&! I30'4:+2)!4'3+!&,'3+ !3'%,! 4.!,352!4&435$$''!,4$5452!0'4:8'**


! 7'**! 4. +!!4 4&! 2!!,4*:  .04!  2!*''*'4: 34, 2 F 0'4: 02.7' !23C ',*5 ',%

^]
52.0!,,'.,FQ^\]eRF!%5*4'.,QR^\]eLe`_.$4&!52.0!,2*'+!,4, .$4&!.5,'*.$a
5,!^\]e.,4&!',4!2,*+2)!4$.2!*!42''4:F!42'!7! $2.+&4403ELL!52M*!9F!52.0F!5L*!%*M
.,4!,4LLLB4.j h_h_^\]eh_]adh_V52'j52'3!27h_ FPF^\]eF]adF\]F\\a`F\]F

^^
52.0!,.++'33'.,FQ^\]dRF//$;*(($..$*)++-*2..$4'/-$$/5+$/5(#)$.(./*
).0-.0-$/5* .0++'5$)'"$0(:-):-()5:-: /'5)*')S2!332!*!3!TF
!42'!7! $2.+&440ELL!52.0F!5L20' L02!33M2!*!3!P M]dMbd^P!,F&4+*
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GF* JM
4&.3!02.7' ',% !+, 2!30.,3!C,' ',54'.,34.2!!'7!0'4:0:+!,43C8&'&2!
3!  ., 4&! 54'., *!2',% 02'!F 4 '3 8' !*: !04!  4&4 !+,  2!30.,3! ,  !,!2%:
!$$''!,:,02.7' ! '4'.,*0'4:2!15'2!+!,43C.$4!,4+5&*.8!2.344&,3.+!
.,7!,4'.,*3500*:M3' !*4!2,4'7!3F .8!7!2C4&!522!,4 !3'%,.$4&!0'4:+2)!4 .!3
,.4 2!$*!4 4&! 425! 7*5! .$ !+,  2!30.,3! ,  !$$''!,:O.,*:  3+** 3&2! .$ 4.4*
0'4: 83 82 !  4. !+,  2!30.,3! ', 4&! $'234 54'.,3F &'3 '3 *2%!*: !53! 4&!
54'.,+2)!425*!3 '32'+',4!%',34 !+, 2!30.,3!Q, !,!2%:!$$''!,:RF&!$'234
22'!2'34&! '$$!2!,442!4+!,4.$ !+, M3' !2!3.52!3E',4&!.52!2&! 54'.,C
,!8%!,!24'.,33!432!!*'%'*!$.20'4:.,4243!94!, ',%.7!2+.2!4&, ! !, 
50 4. ]a :!23C 8&!2!3 !+,  2!30.,3! ',7!34+!,43 2! %'7!, .,*:  .,!M:!2 0'4:
.,424F!53! !+, 2!30.,3!02.7' !23+534',524&!42,34'.,.343.$$', ',%, 
!,2.**',% !+, 2!30.,3!534.+!23C, ',34**',% !+, 2!30.,3!, !,!2%:!$$''!,:
4!&,.*.%'!3Q*4&.5%&4&!!,!$'43.$!,!2%:!$$''!,:,  !+, 2!30.,3!8'**25!.7!2
3!7!2*:!23RC4&!0'4:+2)!425*!3+)! !+, 2!30.,3!02.%2+35,02.$'4*!$.24&!
+(.2'4:.$0.4!,4'* !+, 2!30.,3!02.7' !23F&!3!., 22'!2'34&!+','+5+0'4:
3';!',4&!0'4:+2)!4E522!,4*:C4&!+','+5+0'4:3';!'3^F&'3'33'%,'$',4*:
+.2!4&,',.4&!2!34*'3&! 0'4:+2)!43C35&3 ,  M',4&!,'4! 44!3C
8&!2!4&!+','+5+3';!'3]\\)F^_

&! !3'%,.$4&! 0'4:+2)!4!7!,45**:*! 4..52425*',%',.7!+!2^\]dF&!


I3 !,!2* .524 ,,5**!  4&! 52.0!, .++'33'.,I3 !'3'., 4. 002.7! 2!4 2'4',I3
0'4:2)!4!&,'3+F!+053,!2%:C M3!  !+, 2!30.,3!.+0,:C53! 
4&!.++'33'.,.$002.7',%4&!+!&,'3+8'4&.5402.0!2*:33!33',%'$'483 !3'%,! 4.!
4!&,.*.%: ,!542*F !+053 *'+!  4&4 4&! +!&,'3+ '32'+',4!3 %',34 !+, 
2!30.,3!:**.8',%'4.,*:4.' $.2.,!M:!2.,4243C8&!2!3%!,!24.23N+',*:$.33'*
$5!* .0!24.23 N , '  $.2 .,4243 *34',% $.2 4&2!! .2 !7!, ]a :!23F &'3 2!342'4'.,
!4!2'.24!34&!53',!333!$.2 !+, 2!30.,3!C.,3' !2',%4&!42,34'.,.34.$$', ',%
, !,2.**',%.,35+!234.!%%2!%4! C, ',34**',%4&!2!15'2! ',$.2+4'.,4!&,.*.%:
',$23425452!$.202.7' ',%2!*'*!3!27'!F , '4'.,C3.+! !3'%,$!452!3C35&34&!^
+','+5+' 3';!, 4&!*2%!' ., 2!15'2!+!,4',4M`54'.,3Q54'.,38&'&02.52!

^_
!+!, .824C^\]`F
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GG* JM
2!3.52!3$.52:!23', 7,!.$4&!'2 !0*.:+!,4RC '32'+',4!%',34 !+, 2!30.,3!C
8&'&%!,!2**:.+!3',3+**!2Q, +.2!$*!9'*!R',2!+!,43, '302.7' ! :%%2!%4.23
4&4.$4!,*)4&!!334.$',,'*3352,!3C8&'&2!,.4C',$4C,!!332:F^`024$2.+
4&! '++! '4! 3530!,3'., .$ $524&!2 54'.,3 ', 2!4 2'4',C 4&'3 25*',% +'%&4 &7!
2+'$'4'.,3 $.2 4&! 002.7* .$ ,!8 2!15!343 $.2 0'4: +!&,'3+3F .**.8',% ,
',7!34'%4'.,C',4.!2^\]eC4&!52.0!,.++'33'.,002.7! 4&!2!',344!+!,4.$4&!
 0'4:+2)!4C, ,.4! 4&44&! %.7!2,+!,4830*,,',%,5+!2.$&,%!34.
4&! !3'%, .$ 4&! 54'.,3C ',*5 ',%  *.8!2',% .$ 4&! +','+5+ 0'4: 4&2!3&.*  $.2
024''04',%',4&!54'.,3, !334.*.,%M4!2+.,4243F^a

>4C **&%*#)%

'7!'+0.24,4*!33.,3&7!!+!2%! $2.+4&!3!!90!2'!,!3E

 '234C : 2'7',% ',7!34+!,43 ', !, M53! !$$''!,:C !,!2%: !$$''!,: 02.%2++!3
!+.,342*: .,42'54! 4. *.8!2',% 0!) !+, 3 ., 0.8!2 3:34!+3C ,  4&.3!
2! 54'.,3,*.8!2.4&4&!4.4*15,4'4:.$3500*:M3' !0'4:,!! ! 4.02.7' !
2!*'*!3!27'!C, 4&!*!2',%02'!4&4'30' 4.**2!3.52!34&2.5%&4&!0'4:
54'.,C *.8!2',% 4&! .34 .$ 2!3.52!  !15: 4. .,35+!23F &! +', 0520.3! .$
0'4: 54'.,3 '3 4. 53!  +2)!4 +!&,'3+ 4. 2'7! .8, 4&! .34 .$ 02.7' ',%
02.(!4!  3:34!+ 0'4: ,!! 3F : .0!,',% 4&! 54'., 4. !,!2%: !+, M3' !
2!3.52!3C4&!.34.$+!!4',%3:34!+ !15:%.*3,!3534,4'**:*.8!24&,'4
8.5* &7!!!,'$.,*:3500*:M3' !2!3.52!38!2!0!2+'44! 4..+0!4!F.2!9+0*!C
',4&!$'2340'4:54'.,&!* ', !8,%*, ',8&'& !+, M3' !2!3.52!38!2!
0!2+'44! 4.' C'483!34'+4! 4&4 !+, M3' !2!3.52!3*.8!2! 4.4*.343:
^d\+'**'.,C8'4&!,!2%:!$$''!,:*.,!2!30.,3'*!$.2002.9'+4!*:.,!4&'2 .$4&!
!+, M3' ! 37',%3F  .**.8',%  *4!2 54'., ',  C  I3 ', !0!, !,4 +2)!4

^`
2'%&4CFQ^\]dRF4+-/2$3;#/*./#)-'*0-/2$3() *--/-$/$)=.+$/5
-&/9*'!,424&F7'**!4E888F*'!,4!24&F.2%L!90!24M7'!8M8&4M .!3M4&!M%!,!2*M.524M
25*',%M+!,M$.2M%2!4M2'4',3M0'M4:M+2)!4L
^a
52.0!,.++'33'.,FQ^\]eC^`4.!2RF//$;*(($..$*)++-*2./#-$/$.#+$/5
-&/.#(S2!332!*!3!TF!42'!7! $2.+
&4403ELL!F!52.0F!5L.++'33'.,L02!33.2,!2L !4'*L!,L P]ePb]a^
^b
 !,)',3CFC!+!CFC, ,4!2*',!CFQ^\\eRF)-"5 $$)5.-.*0-$)/# 3)"')
*-3-+$/5(-&/F^\\e5++!245 :2.!! ',%3
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GH* JM
+.,'4.2.,*5 ! 4&4 !+, M3' !2!3.52!024''04'.,& 2! 5! 4.4*.,35+!2
.343 $.2 0'4: : 3 +5& 3  ]^ '**'., ',  3',%*! 54'., 0!2'. F .34 .$ 4&!
0'4:37',%3+!$2.+4&! !+, M2!30.,3!33!43C54+!,',%$5*3&2!+!
$2.+!,!2%:!$$''!,:0'4:' ',4.4&'3+2)!4F&'3&'%&*'%&434&!0.',44&4!,!2%:
!$$''!,:,  !+, 2!30.,3!024''0,432! !*'7!2',%3534,4'*8', $**%',34.
,.,M024''0,43D.+0!,34',%4&!+002.02'4!*:8.5* !,.52%!+.2!.34M!$$!4'7!
!+, M3' !024''04'.,F

 &!3!., *!33.,'34&44&!2!'3,.3',%*!.23'+0*!+!4&. $.2',*5 ',%!,!2%:!$$''!,:


2!3.52!3',0'4:+2)!43F&!25*!3$.233'%,',%0'4:7*5!34.!,!2%:!$$''!,:
2!3.52!3C, 4&!4!2+35, !28&'&4&!:,!0' C,+)!7!2:*2%! '$$!2!,!
', &.8 8!** 4&!: 8'** 0!2$.2+ ',  0'4: 54'.,F ,  '4'.,C *'+4' ,  3:34!+
72'*!3 8'** +!, 4&4 '$$!2!,4 0'4: +2)!43 8'** 2!15'2! '$$!2!,4 0'4: *. 
02.$'*!3F

 &'2 C4&!02'!30' ',0'4:+2)!432!:4&!+3!*7!3',35$$''!,44..7!24&!$5**


.343.$4&!.*'%4'.,34&4 !*'7!24&!3!!,!$'43F&'3'3,.435202'3',%F!3.52!34&4
*!2',0'4:54'.,2!0' .,*:$.24&!0'4:Q.20'4:2! 54'.,R4&44&!:
!*'7!2C,.44&!+.5,4.$.3437',%34&44&!:.,$!2.,!, M53!534.+!23:2! 5',%
4&!'2 !,!2%: 2!15'2!+!,43 ,  *.8!2',% *!2',% 02'!3F , !! C ,!'4&!2 !+, M ,.2
3500*:M3' !2!3.52!32!*:3.*!*:.,0'4:0:+!,43F$$''!,:!2+.,4!34'+4!34&4
'42!!'7!3*!334&,]\h.$4&!.34.$!,!2%:!$$''!,:02.%2++!3',!2+.,4QFFR
)$2.+4&! !8,%*, 0'4:+2)!4F

 .524&C 4&! 25*!3 %.7!2,',% 4&! 54'.,3 . ,.4 0!2+'4 02!M!9'34',% !,!2%: !$$''!,:
+!352!34.' ',4.4&!$.282 0'4:+2)!4C34&!'2'+04., !+, 3'+0*:3&.83
5032! 54'.,',4&!3:34!+8' ! !+, 02.(!4'.,C3.,.0:+!,4'3+ !$.24&!+F
2!M!9'34',%%!,!24.23C.,4&!.4&!2&, C2!0' 4..,4',5!4.!7'**! 52',%4&!
0!2'. .7!2! :4&!54'.,F&! !'3'.,.,8&!4&!24.',*5 !!$$''!,:2!3.52!3',
4&! 3!*',! $.2!34 Q3 '3 4&! 3! .$ 4&! 2!,& 0'4: +2)!4C $.2 !9+0*!RC .2 3
2!3.52!3 4&4 , .,4',5! 4. '  ',4. 0'4: 54'.,3 '3 2'4'*F .4& .04'.,3 2!
0.33'*!F 4&3!!,2%5! ',4&! .,4!944&4!$$''!,:2!3.52!33&.5* ,.4!

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GI* JM
*!4.' C3',!$5452!!$$''!,:'3,.8!',%',*5 ! ',*. $.2!343F ,4&!.4&!2
&, C*'%,',%4&!0:+!,4$.2!$$''!,:3!27'!38'4&4&!!,!$''2'!3C',4&'33!4&!
3:34!+ .0!24.2C !44!2 *'%,3 +2)!4 ',!,4'7!3C 3 8!** 3 +)',% '4 +.2! *')!*: 4&4
!$$''!,:%',38'**!3500.24! ',4&!*.,%4!2+C, 02.7' ',%,50$2.,4342!+.$
0:+!,434.!$$''!,:%%2!%4.23F 4'3'+0.24,4C&.8!7!2C4&4'$!$$''!,:'3**.8! 
4.' ',54'.,3C4&!+.5,4.$0'4:02.52! 2!$*!434&'3F

 ',**:C'4'3',34254'7!4.,.4!4&4',*5 ',%!,!2%:!$$''!,:',0'4:+2)!454'.,3
02.7' !3024'*,38!24.4&!15!34'.,J 3!$$''!,:2!*'*!BK&!3:34!+.0!24.23
8&. +','34!20'4:+!&,'3+32!&'%&*:$.53! .,3:34!+2!*''*'4:C, &7!
&'%& 34, 2 3 $.2 2!3.52!3 4&4 8'** ! *!2!  $.2 0:+!,4 ',  0'4: +2)!4F
$$''!,: 2!3.52!3 2! 0'  .,*: $.2 !+.,3424',% 4&4 4&!: 8'** 2!*'*: 2! 5! *. 
52',% 3:34!+ 0!) 0!2'. 3F !352!+!,4 ,  7!2'$'4'., 02.4..*3 $.2 0'4:
02.%2++!32!342',%!,4C54!$$''!,:02.%2++!3&7!+!44&!3!34, 2 3C, &7!
!+.,3424!  4&4 4&!: !*'7!2 0'4: 37',%3 3 8!** 3 !,!2%: 37',%3 ', 8&.*!3*!
0.8!2 +2)!43F  ` 02.%2++!3 2! !',% !90!2'+!,4!  8'4& 3  8: .$ 02.7' ',%
+.2!!24',4:4.3:34!+.0!24.23F 

&'32!0.2433!33!3.00.245,'4'!3$.22!82 ',%!,!2%:!$$''!,:$.24&!7*5!'402.7' !34.


4&!!,!2%:3:34!+F3,.4! .7!C4&!$5, 34&4,!!2,! :!,!2%:!$$''!,:2!3.52!3
',**M2!3.52!0'4:+2)!432!+5&*!334&,4&!$5**.34.$ !*'7!2',%4&.3!+!352!3C
, (5343+**$24'.,.$4&!$5**7*5!4&44&!+!352!32! !*'7!2',%4.024''0,43, 
3.'!4:+.2!2. *:F

, !2+.,4C 8&!2! 4&! .*'%4'., '3  ',% 37',%3 .$ .54 ^F]h 0!2 :!2 .$ !*!42''4:
.,35+04'.,C 4&! 02.%2++!I3 0'4: 37',%3 2! '  ',4. 4&! !8 ,%*,   0'4:

^c
.,'4.2',%,*:4'3FQ^\]bRF//* /#(-&/-+*-/ *- F!42'!7! $2.+
888F+.,'4.2',%,*:4'3F.+L2!0.243L P44!P.$P4&!P2)!4L^\]bL^\]bM3.+M0(+M3!aF0 $
^d
.2!9+0*!C$4!2!9M0.34,*:3'3.$0!2$.2+,!C4&!!8,%*, 3:34!+.0!24.2.,*5 ! 4&4C
$.20*,,',%0520.3!3C!$$''!,:2!3.52!38'**!7'**!.,]\\h3'3C8&'*!2!*M4'+! !+, 
2!30.,3!'324! 4deh, %!,!24'.,7'*'*'4:'324! 4e`F]h.,7!2%!Q!+!, .824
^\]`RF
^e
!34CFC2.8,CFC'3&!2CFC, :+,CFQ^\]eRF.*':04&8:34.0:M$.2M0!2$.2+,!F
2!3!,44'.,4 .,$!2!,!^\]eF!42'!7! $2.+&4403ELL888F'!0!F.2%L80M
.,4!,4L50*. 3L^\]eL\dL_M.*':M4&8:3M4.M!4!2M3! M:M$.2M!2$.2+,!MNM2+!,M
!34P0!,F0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GJ* JM
+2)!4C, 4&!,!42!7!,5!32!!'7! 2!!15'7*!,44..54]\h.$4&!.7!2**02.%2++!
.343F_\&53C8&'*!'4'3&'%&*:7*5*!4.',*5 !!,!2%:!$$''!,:,  !+, 2!30.,3!',
.+0!4'4'7! 0'4: 54'.,3C '4 8.5*  ! 5,8'3! 4. .5,4 ., 4&! 2!7!,5!3 $2.+ 0'4:
+2)!434.0:$.24&!!$$''!,:02.%2++!3',4&!$'2340*!F ,!8,%*, ,  C4&'3'3
5, !234.. F44!3',4&!3!2!%'.,32!*:.,4&!'2.*'%4'.,+!&,'3+34.!,352! !*'7!2:.$
%2.8',%!,!2%:!$$''!,:2!3.52!C8&'&,4&!,!' ',4.4&!0'4:+2)!4F'%52!3$2.+
!8,%*, 3&.84&4eeh.$0'4:$2.+!,!2%:!$$''!,:'3**.4! 4.54'*'4'!38'4&,
.*'%4'.,C35%%!34',%4&48'4&.54.*'%4'.,3!,!2%:!$$''!,:8.5* ,.4!*!4..+0!4!
',4&!522!,40'4:+2)!4F_] .8!7!2C+531&2',7!34.20!230!4'7!C0.24$.*'..$!,!2%:
!$$''!,:02.(!434&4'3 !!+! 2!*'*!!,.5%&4.024''04!',0'4:+2)!4'3*3.
0.24$.*'.4&4'32!*'*!!,.5%&$.2',7!34.234.02.7' !0'4*F&'3' !5, !20',3*2%!024
.$4&!8.2)!,7'3%! ',4&! 02.(!4F

 

_\
!+!, .824C^\]`F
_]
 MFQ^\]aRF))0' *-3-+$/5(-&/0/$*),0$-.(%*-)3")-/$*)-.*0-. *-
GEFM@GEFN<!42'!7! $2.+888F'3.M,!F.+L344'M
33!43L .5+!,43L^\]aL\^L$eP','4'*2!35*43P$',*P\^\`^\]aF0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GK* JM
? )&,) %%+.&)"*)- *

!48.2)',7!34+!,4'3.34*:53',!33, 4&!.34.$,!*!42''4:,!48.2)'3 '2!4*:*',)! 


4. 4&! *!7!* .$ 0!) !+,  !90!4!  2.33 '4F &!2!$.2!C .34M!$$!4'7! !,!2%: !$$''!,:
+!352!34&42! 5!0!)*. 8'**2',%3534,4'*!,!$'434.42,3+'33'.,, C',024'5*2C
'342'54'.,,!48.2).+0,'!3, !7!,45**:8'**2',%*.8!2,!48.2)42'$$34..,35+!23F

!48.2).0!24.23*3.02.52!,!48.2)3!27'!33024.$4&!'2.0!24'.,3C.$4!,4&2.5%&
' ',% 02.!33F .,3' !2',% 3.M**!  J,.,M8'2!3 3.*54'.,3K 3 , *4!2,4'7! 4. ,!48.2)
!94!,3'.,.$$!23+.2!.04'.,34.+!!4&'%&!20!)3.24.2!0*!%',%,!48.2)!*!+!,43F_^&'3
+:3.5, *')!.++.,3!,3!F .8!7!2C4:0'*002.&!353! 4.2!%5*4!42,3+'33'.,, 
'342'54'.,.+0,'!34!, 4.2!82 0'4*',7!34+!,43.8,! :4&!.0!24.2, ',2!3!3
',U4&2.5%&054U.24&!*!7!*.$!,!2%:3.* 2.334&!3:34!+F&'3+!,34&4C',+,:3!3C
!,!2%: !$$''!,: +!352!3 8.5*  ! &2+$5* 4. 4&!'2 02.$'4'*'4:F !48.2) 2!%5*4'.,3 4&4
*'%,,4'.,*!,!2%:!$$''!,:0.*':%.*38'4&,!48.2).0!24.23I02'74!$',,'*',4!2!343
2! ,!! ! F &'3 .'*3 .8, 4. 3!7!2* 2!%5*4.2: !3'%, 2!15'2!+!,43E 4&! 2!+.7* .$ 48.
+(.2 '3',!,4'7!3, 4&! '4'.,.$',!,4'7!3$.2!,!2%:37',%3F

'234C4&!,!48.2).+0,:I32!+5,!24'.,,!! 34.! !.50*! $2.+'43!*!42''4:3*!3C.2


',4&!3!.$8'2!3M.,*:C5,5, *!  '342'54'.,3:34!+.0!24.2QRC$2.+4&!7.*5+!.$
!*!42''4: !*'7!2! F &'3 '3 4&! 3! ', +,: FF 344!3C $.2 !9+0*! ', *'$.2,'F !., C
2!%5*4'.,,!! 34.!,352!4&44&!,!48.2).+0,:'3', '$$!2!,44.4&!4:0!.$3.*54'.,'4
00*'!3 4. 50%2 ! '43 .0!24'., 4. +!!4 .,35+!2 !90!44'.,3F , .4&!2 8.2 3C 2!%5*4'.,
3&.5* ,.4$7.520'4*',7!34+!,4F

_^
!+!CFC, ! ,.CFQ^\]^RF<<4+-$)3$/# $$)5./-).($..$*))$./-$0/$*)
.5./(-.*0-F.,40!*'!2CE!%5*4.2:33'34,!2.(!4F!42'!7! $2.+
&4403ELL888F20.,*',!F.2%L),.8*! %!M!,4!2L53M!90!2'!,!M8'4&M!$$''!,:M3MM42,3+'33'.,M, M
'342'54'.,M3:34!+M2!3.52!L
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GL* JM
024$2.+2!+.7',% '3',!,4'7!3C,!48.2)2!%5*4'.,,*'%,4&!3I',4!2!3438'4&05*'
0.*': %.*3F !2$.2+,!M3!  2!%5*4'., '3 , ',!,4'7!M3! 2!%5*4.2: $2+!8.2)
4&4$.53!3.,.54054324&!24&,',0543F.34.$4!,C'4'3,!942*:!2.$2!%5*4'.,00*'! 
.7!2 2!7!,5!M0 2!%5*4'.,C 8&!2! 4&! %.*3 2! ',4!%24!  +.2! .,3'34!,4*:F  .$$!23
4&!02.30!4 .$&'%&!2 2!452,3 '$.+0,'!3 !*'7!2 3!27'!3 402'! ,  15*'4: .,3'34!,4
8'4& 8&43.'!4: , 534.+!23 8,4F $5, +!,4* 2!15'2!+!,4 .$  '3C 4&!2!$.2!C 4.
!$',!.54.+!3 4&42!$*!405*' 0.*': %.*3F540543 ,!!  4. ! +!352*!C 3.
4&4,!48.2).+0,'!3, ! &!*  4. .5,4 $.2 !*'7!2:F &!: +534 *3.
!2! '*!C8'4&002.02'4! 2!82 3,  0!,*4'!3 $.2 .7!2M .2 5, !2M !*'7!2:F__ 540543
8'**',*5 !42 '4'.,*,!! 3, 3!27'!335&32!*''*'4:, 15*'4:.$3500*:C., '4'.,3$.2
.,,!4'.,C534.+!234'3$4'.,, 3$!4:C54,*3.',*5 !2!15'2!+!,434..,35*4+.2!
8' !*:', !7!*.0',%53',!330*,3, &'!7!34)!&.* !23500.24$.230!'$'',7!34+!,43F
,4&!$5452!C.(!4'7!33&.5* ',*5 !.54054330!'$'**:2!*4! 4.4&!!,!2%:42,3'4'.,C
8'4&$.53!,*',%02.35+!2'3+C !+, $*!9''*'4:, !,!2%:!$$''!,:F

?4= /') %)&$+% +++*

7!24&!.523!.$4&!*34$.52 ! !3C4&! !0*.:+!,4.$!,!2%:!$$''!,:2!3.52!3',+,:


FF(52'3 '4'.,3&3& 4&!!$$!4.$7.' ',%'**'.,3',,!48.2)',7!34+!,43F , !! C',
!8 .2) 44! *.,!C .,3.*' 4!   '3., Q.,  R 2! 5!  '43 02.(!4!  42,3+'33'., , 
'342'54'., 0'4* !90!, '452!3 : .7!2 Y] '**'., 3  2!35*4 .$ 4&! '+04 .$ 3:34!+8' !
!,!2%: !$$''!,: 02.%2++!3 ., *.  $.2!343F &'3 '3 , !9+0*! .$ 033'7! ',7!34+!,4
!$!22*F_`

&! *! ',% !9+0*! 8&!2! ,!48.2) ',7!34+!,4 &3 !!, !90*''4*: !$!22!  4&2.5%&
*4!2,4'7!C ,.,M8'2!3 3.*54'.,3 ', 4&! ,'4!  44!3 '3 4&! 2..)*:,M5!!,3 !+, 
,%!+!,42.%2+QR*5,&! ',^\]`F_a&!.2'%',*3.*54'.,02.0.3! :4&!*.*

__
4/FC)!2CFC, .3!,.8C FQ^\]eRF- *-()@.-"0'/$*);'$")$)"$))/$2.3$/#
'))-"5*0/*(.F,532'04',02!024'.,F2533!*3C!*%'5+E!%5*4.2:33'34,!2.(!4F
_`
!+!, ! ,.C^\]^F
_a
., '3.,F-**&'5)0).())"()/().+*).-*"-(S!0%!TF
!42'!7! $2.+888F.,! F.+L!,L53',!33M024,!23L53',!33M.00.245,'4'!3L2..)*:,M15!!,3M
!+, M+,%!+!,4M !+, M2!30.,3!M02.%2+
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GM* JM
54'*'4:.,3.*' 4!  '3.,4.4&!!8.2)5*'!27'!.++'33'.,QRC4,!34'+4! 
.34.$Y]'**'.,C',*5 ! 5'* ',%,!8 '342'54'.,35344'.,C!90, ',%,!9'34',%_`a)
38'4&',% 344'., ,  .,34254',%  35M42,3+'33'., $!! !2 4. .,,!4 4&! 48. 344'.,3F
,34! C 4&! 5*' !27'! .++'33'., ', 5!  .,  '3., 4. *..) 4 ,.,M42 '4'.,*
',7!34+!,43 : .$$!2',% 0!2$.2+,! ',!,4'7!3 ', 4&! 54'*'4: 2!+5,!24'., 3&!+! , 
!*!24!  !02!'4'.,.$4&!3!,.,M42 '4'.,*,!48.2)',7!34+!,43Q33&.243]\:!23RF_b
.2 ',%*:C., '3.,,2!!'7!504.]\\3'30.',43.7!'4354&.2'3! 24!.$2!452,
.,02.%2++!',7!34+!,43E`a3'30.',43$.2&'!7',%4&!02.0.3! `] !+, 
2! 54'., 4&2.5%& *4!2,4'7! +!352!3C ^a 3'3 0.',43 $.2 ',2!3',% 4&! '7!23'4: .$
'342'54! !,!2%:2!3.52!3',4&!+2)!40*!C, _\3'30.',43$.2&'!7',%*.8!2 .**2M
0!2M+!%8447*5!4&,42 '4'.,*',7!34+!,43F& '4'.,*3'30.',42!02!3!,43]L]\\4&
.$0!2!,4%!0.',4.7!4&!24!.$2!452,.,',7!34+!,434&44&!54'*'4:'354&.2'3! :
4&!2!%5*4.24.0334&2.5%&4.!, .,35+!23F

&!002.7! .0!,3.*''44'.,$.2 !+, M3' !3.*54'.,34.2! 5!*. :4*!34a^


$.20!2'. 33*.,%3]^&.5230!2 :.,0!)35++!2 :3F&2.5%&,.0!,2!15!34$.2
',$.2+4'.,C'402.0.3! 4.J3!!)+5*4'0*!3.*54'.,02.7' !23C3.4&4+5*4'0*!002.&!3, 
4!&,.*.%'!3,!!7*54! 4. !4!2+',!4&!!34%%2!%4!3.*54'.,3FK_c&!',*5 ! 
8' !22:.$.04'.,3$.22! 5',% !+, E]].$,.,M42 '4'.,*54'*'4:M3' !3.*54'.,3C
, `].$534.+!2M3' !3.*54'.,335&3 !+, 2!30.,3!C!,!2%:!$$''!,:C34.2%!C
$5!* !**3 ,  .+',!  &!4 ,  0.8!2C ',  '4'., 4. ]c 42 '4'.,* 3.*54'.,3C 35& 3

_b
'2.52 CFQ^\]eC]]2&RF02.%2+ !+.,3424!3!,!$'43.$,.,M42 '4'.,*54'*'4:
',7!34+!,43F/$'$/5$2F!42'!7! $2.+888F54'*'4: '7!F.+L,!83L1 +M02.%2+M !+.,3424!3M
!,!$'43M.$M,.,M42 '4'.,*M54'*'4:M',7!34+!,43Laa\]]\L
_c
44!.$!8.2)5*'!27'!.++'33'.,FQ^\]`RF!4'4'.,.$.,3.*' 4!  '3.,.+0,:.$
!8.2)C ,F$.2002.7*.$2..)*:,L5!!,3 !+, +,%!+!,402.%2++!F44!.$
!8.2)E!8.2)F3'4! ', ,4!2,4'.,*,!2%:%!,:FQ^\]cRF-&/@.$)./-0()/. *-
)-"5 $$)5F54&.2F!42'!7! $2.+
&4403ELL888F'!F.2%L05*'4'.,3L',3'%&43L',3'%&405*'4'.,3L2)!43! P ,3425+!,43P$.2P,!2%:P
$$''!,:F0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "GN* JM
0'4.2, *. 42,3$!23.*54'.,3F_d&!3.*54'.,3'+0*!+!,4! 4&2.5%&^\]c2!3&.8,',
#>F

'G;*)@/-$/$*)'.*'0/$*).$(+'()//#-*0"#GEFL


*0-;/$'$/5$2<BGEFN:FF-#C<#+-*"-((*)./-/.) $/.* )*)@/-$/$*)'0/$'$/5
$)2./()/.< /-$2 -*(;       
       !!

&!3!3.*54'.,38!2!!90!4! 4. !$!24&!,!! $.242 '4'.,*',$23425452!',7!34+!,4$.24


*!34 3!7!, :!23F &!  002.7!   Y^\\ +'**'., 5 %!4C 0*53 Y_\a +'**'., $.2 4&!
42 '4'.,* 3.*54'.,3C ', !!+!2 ^\]`F , 5*: ^\]cC 4&!  !94!, !  4&! 
02.%2++!!:., 4&!','4'*4&2!!M:!20!2'. C 8'4&,.!,  4!, ,. '4'.,*$5, ',%F3
.$ ^\]cC .,  '3., &  .,*: 30!,4 YbeFe +'**'., ., 4&!  02.%2++!C Ya` +'**'., $.2
534.+!2M3' !3.*54'.,3C, Y]aFd+'**'.,$.254'*'4:M3' !3.*54'.,3F 434'**&3Y]_\F^+'**'.,4&4
,!30!,4',4&!$5452!F2.+4&'35 %!4C4&!54'*'4:0*,34..,4',5!02.52!+!,4!:., 
4&! .2'%',* `]  .$ 534.+!2M3' ! !*!42''4: !+,  2! 54'., 3.*54'.,3 Q02.(!4!  4.
',2!3!4.``Fa:^\^]RC, ]].$,.,M42 '4'.,*54'*'4:M3' !3.*54'.,3Q02.(!4',%
]d:^\^]RF ,^\]eC., '3.,02.0.3! O, 4&!353!15!,4*:%7!'43002.7*

_d
+24*!42'.8!2**',!C!). ,%!+!,4**',!C, `&!5452!FQ^\]dC.7!+!2RF
*)@3$-.'/-)/$2.;../0$. -*('$)"<<+-*%/.F!42'!7! $2.+
&4403ELL!`4&!$5452!F.2%L80M.,4!,4L50*. 3L^\]dL]]L^\]dM.,M'2!3M*4!2,4'7!3M!0.24P F0 $F
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HE* JM
O 4&4 4&! 54'*'4: +: !2, _\h .$ 4&! ,,5* ,!4 !,!$'43 $.2 $5452!,.,M8'2!3 *4!2,4'7!
02.(!43F_e

?4> /') %)&$+

,52.0!C3.$2C!,!2%:!$$''!,:&32!!'7! *'+'4! 44!,4'.,$2.+2!%5*4.23, ,!48.2)


.+0,'!33%2' 2!3.52!F&'3'3*')!*:4.&,%!34&!,!8+2)!4 !3'%,!*!+!,4.$4&!
`4& ,!2%: )%! 2!15'2!3 4&4 '342'54'., ,!48.2) 0*,3 J02.7' ! 42,302!,: ., 4&!
+! '5+M ,  *.,%M4!2+ $*!9''*'4: 3!27'!3 ,!! !  G Q,  *3.R ',*5 ! 4&! 53! .$ !+, 
2!30.,3!C!,!2%:!$$''!,:C!,!2%:34.2%!$'*'4'!3C.2.4&!22!3.52!34&44&! '342'54'.,
3:34!+ .0!24.2 '3 53',% 3 , *4!2,4'7! 4. 3:34!+ !90,3'.,K Q24 _^S_T .$ *!42''4:
'2!4'7!RF &'3 '3 , '+0.24,4 02.7'3'., 3 '342'54'., ,!48.2) !7!*.0+!,4 0*,3 ,!! 
2!%5*4.2:002.7*, .5* !2!(!4! '$!,!2%:!$$''!,:&3,.4!!,.,3' !2! !90*''4*:F
'342'54'., ,!48.2) !7!*.0+!,4 0*,3 +534 ! 05*'3&!  ,  35+'44!  4. 4&! ,4'.,*
2!%5*4.2: 54&.2'4: !7!2: 48. :!23F 4'.,* !%5*4.2: 54&.2'4'!3 +534 !,352! 02.0!2
',.20.24'.,.$ !+, M3' !2!3.52!3',4.4&! '342'54'.,,!48.2) !7!*.0+!,402.!33, 
&3+, 4!4.2!15!34+!, +!,434.4&!0*,33,!!332:F&!,!852.0!,+2)!4
!3'%,$2+!8.2)02.7' !3 '2!4'.,$.2'+0*!+!,4',%*4!2,4'7!34.,!48.2)!94!,3'.,C.4&
', ,!48.2) !7!*.0+!,4 ,  ,!48.2) .0!24'.,F 4 '3 ,.8 50 4. 4&! ,4'.,* 2!%5*4.23 4.
!+2! 4&'3 .,!04 ,  !7'3! ,!48.2) 2!%5*4'., 4&4 ,.4 .,*: 2!+.7!3 '3',!,4'7!3 4.
!,!2%:!$$''!,:542!4!33534',! ',4!2!34',05235',%4&'3%.*F

&!2! '3 *3. 024'* !90!2'!,! 8'4& 53',% !,!2%: !$$''!,: 3  ,!48.2) 3!27'!F  %.. 
!9+0*!'34&!.'*.,342',4,%!+!,4.,!3QR','4'4'7!.$.44'3&, .54&!2,
*!42''4:!48.2)3QR`\',4&! F ,34! .$.++. 4',%',2!3',%!*!42''4: !+, 

_e
'2.52 C^\]eF
`\
.44'3&, .54&!2,*!42''4:!48.2)3FQ^\]eC^c2&RF.*-.#/@/-$&/$)0"0-'
/3*-&3-.<54&.2F!42'!7! $2.+&440ELL,!83F33!,F.F5)L,!83L**M
24'*!3L^\]eL+2&L,!48.2)M82 3M^\]eLD.:,!CFQ^\]eC_] ,52:RF!48.2)34.2',%
&.53!&.* 3',4. !+, M3' !2!30.,3!4&'335++!2F#)-"5./F!42'!7! $2.+
&4403ELL4&!!,!2%:34F.+L33!M,!48.2)3M4.M2',%M&.53!&.* 3M',4.M !+, M3' !M2!30.,3!LD!&!:CF
Q^\]eCa!252:RF',42. 5!33',4.,!48.2).0!24'.,3F.*3- /5./(./3*-&F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HF* JM
:!94!, ',%4&!0'4:.$4&!,!48.2)C4&!',7.*7!34&!02.52!+!,4.$J3+24K.2
J,.,M8'2!3K3.*54'.,3',,5+!2.$*.4'.,3','43,!48.2)F&!.(!4'7!'34.2! 5!*. 
, .,42'54!4.4&!3!52!3500*:.$0.8!24..,35+!23F.,35+!23, 72'!4:.$.4&!2
3500*'!238&., !*'7!23.*54'.,34.%2' .,%!34'.,C2,%',%$2.+44!2:34.2%!4.!,!2%:
!$$''!,:C8'**!',7'4! 4..$$!2$*!9''*'4:3!27'!34.4&!8'4&',4&!' !,4'$'! 2!%'.,3',
2!452,$.2.++!2'*2!82 3F.2 ',%4.4&!0*,C !+, 2!30.,3!%%2!%4.238'**,.4!
,!!332:$.2024''04'.,F&'3**.834&!0*,4.',*5 !2. 2,%!.$024''0,43F'3
34'**33!33',%8&!4&!24.'+0*!+!,4+','+5+4&2!3&.* C%'7!,4&402.52',%$*!9''*'4:
3!27'!3535**:2!15'2!34*!34]\\)0!202.7' !2F

0*,34.+)!4&!3&!+!4424'7!4.534.+!23','43.++!2'*,  !*'7!2:4!2+3:
!*'+',4',%0!,*4'!3F.4!,4'*024''0,43.5* ',*5 !C$.2!9+0*!C&.53',%33.'4'.,
4&4&3!!,0*,,',%4.'+02.7!4&!',35*4'.,','435'* ',%34.)4.&'!7!4&!2!15'2! 
34, 2 33!33+!,402.! 52!24',%3F:.++'44',%4.4&'3',7!34+!,4, $.53',%.,4&!
2!C4&!&.53',%33.'4'.,,%', '4'.,*.,42'54'.,34.82 4&!.343F,.4&!2
!9+0*!8.5* !*.*%.7!2,+!,44&48,434.02.+.4!!,!2%:!$$''!,:+!352!3',
%'7!, 2!F : ' !,4'$:',% ,  02.+.4',% 4&! )', 3 .$ 34!03 534.+!23 +: 4)!C 4&! *.*
%.7!2,+!,4,2!!'7!0:+!,434.82 $524&!2',%4&!','4'4'7!3! .,0!2$.2+,!, 
+!352*!!,!2%:0!2$.2+,!'+02.7!+!,43F`]

2!7'!8! 0.4!,4'*2!%'.,3$.24&!','4'4'7!, ','4'**:3!*!4! 4&2!!;.,!3C3&.8,',


 ,)@C`^4&4&7!35$$''!,4.++!2'*7*5!4.02.!! 8'4&4!, !2C!%',,',%',35++!2
^\]eF 

!42'!7! $2.+&4403ELL,!48.2)3F.,*',!L%0&3,L,!83L]\\]``]L33!,M',42. 5!3M3+;3M,!48.2)M


.0!24'.,3D.44'3&, .54&!2,*!42''4:!48.2)3FQ^\]eC`!252:RF4$($.$)"*((0)$/5
*++*-/0)$/$.)) $/./#-*0"#.(-/-'/-$$/5.*'0/$*).F54&.2F!42'!7! $2.+
&440ELL,!83F33!,F.F5)L,!83L**M24'*!3L^\]eL$!252:L+9'+'3',%M.++5,'4:M.00.245,'4'!3M, M
!,!$'43M4&2.5%&M3+24!2M!*!42''4:M3.*54'.,3L
`]
!' CFC .8'3.,CFC,  82 3CFQ^\]dRF*$'*)./-$)/)"*)*-&.#*+
S2!3!,44'.,TF!42'!7! $2.+
&4403ELL,!8F4&!*:+.2!02.(!4F.+L50*. 3L!,4'4'!3L]^_\L$'*!3L7!,43L.,$!2!,!h^\^\]dLh^
\8.2)3&.0F0 $
`^
!' /'FC^\]dF
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HG* JM
$"0-I;*)./-$)/)"*).

*0-;$:<: *3$.*):<:)3-.:<BGEFMC<*$'*)./-$)/)"*)*-&.#*+<
/-$2 -*(B.. 0'5GEFNC;
#//+.;??)3</#'5(*-+-*%/<*(?0+'*.?)/$/$.?FGHE? $'.?2)/.?*) -)QGEGEFM?QGE3*-&.#*+<+


&! 02.!33C !0'4!  ',  ,) AC 8'** !,4'* +5*4'34%!  ' ',% 02!! !  : 024,!2',%
8.2)3&.038&!2!0.4!,4'*$*!9''*'4:3500*'!232!',7'4! 4.%!4',7.*7! F

$"0-J;#*)/-/$)"+-*..

*0-;$:<: *3$.*):<:)3-.:<BGEFMC<*$'*)./-$)/)"*)*-&.#*+<
/-$2 -*(B.. 0'5GEFNC;
#//+.;??)3</#'5(*-+-*%/<*(?0+'*.?)/$/$.?FGHE? $'.?2)/.?*) -)QGEGEFM?QGE3*-&.#*+<+


&!  ','4'4'7! $.**.83 4&! !,.52%',% .54.+!3 .$ 4&! .*!,4 &'!7',% *5! $2.+
$$''!,:QR02.(!4C0'.,!!2! :',024,!23&'08'4&4&!,'7!23'4:.$.54&+04.,C

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HH* JM
, !'%&.52&.. .,.+'3C$2.+^\]`4.^\]eF&!02.(!4C8&'&',7.*7! 
`C\\\ &.+!3C 4!34!  $.52 !,!2%: !$$''!,: ',4!27!,4'.,3 4. !4!2+',! 4&! !94!,4 4. 8&'&
!,!2%: !$$''!,: +!352!3 , !  .34M!$$!4'7!C 02! '4*! ,  3534',*! 4..* $.2
+,%',%0!), .7!2** !+, 3,*4!2,4'7!4.,!48.2)2!',$.2!+!,4F , '4'.,C4&!
02.(!402. 5! ,!48.2)',7!34+!,4 !'3'.,4..*4&4**.8334.33!33, 3!*!4
4&!+.34.34M!$$''!,4+!4&. .*.%:$.2+,%',%!*!42''4: '342'54'.,,!48.2).,342',43F
&! 02.!33 .,3' !23 4&! !$$!43 .$ '$$!2!,4 4:0!3 ,  !%2!!3 .$ !,!2%: !$$''!,:
',4!27!,4'.,3C38!**3+.2!42 '4'.,*4!&,'15!3$.2,!48.2)2!',$.2!+!,43F`_&!02.(!4
02.7' !3  *5!02',4 $.2 5'* ',% *.3!2 2!*4'.,3&'03 8'4& 534.+!23 ,  *.* 34)!&.* !2
.2%,'34'.,3:!+0.8!2',%4&!+4.!44!2.,42.*4&!'2!*!42''4:.,35+04'.,, C',452,C
2!!'7!*.8!2'**3, &'!7!2.,2! 54'.,3F

?4? **&%*#)%

,!2%:!$$''!,:,2! 5!4&!.343.$+',4',',%.2!90, ',%,!48.2)3!27'!*!7!*3:


!$!22',%.27.' ',%4&!,!! 4.',7!34',+.2!!90!,3'7!,!48.2)',$23425452!F&!
2.%2+'302'+!!9+0*!.$4&'3',024'!F

.34 2!%5*4.2: $2+!8.2)3 522!,4*: . ,.4 2!82  ',7!34+!,43 : ,!48.2) .0!24.23 ',
!,!2%:!$$''!,:C.2+:!7!,02.7' ! '3',!,4'7!$.22! 5',%*. 8&!2!2!7!,5!32!,.4
!.50*! $2.+4&2.5%&054F. 2!334&'3C.$,!48.2).0!24.23'3,!! ! 4.!,352!4&4
4&!'2',!,4'7!32!*'%,! 8'4&4&! !*'7!2:.$3!27'!*!7!*34*!34.34F&'3+!,33',%
2!82 3.,.540543',34! .$',0543C3.4&4,!48.2)54'*'4'!32!', '$$!2!,4!48!!,0'4*


`_
.44'3&, .54&!2,*!42''4:!48.2)3FQ^\]cC^]!!+!2RF-*%/@)/3*-&(*''$)"
/**'<+*-/*)2'*+()/F54&.2F!42'!7! $2.+&4403ELL37!M02.(!4F.F5)L80M
.,4!,4L50*. 3L^\]eL\bL!48.2)M. !**',%M..*PPcF^F0 $D.44'3&, .54&!2,*!42''4:
!48.2)3FQ^\]`C!!+!2RFB*')/#$2$)"'0 -*( $$)5C+*-/L<FA )$/$'
/3*-&*'F54&.2F!42'!7! $2.+&4403ELL37!M02.(!4F.F5)L80M
.,4!,4L50*. 3L^\]eL\bL ,'4'*M!48.2)M. !*PPcF]F0 $

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HI* JM
',7!34+!,4, J,.,M8'2!3K*4!2,4'7!38'4&4&!3+!!90!4! 2!452,',4!2+3.$3!27'!*!7!*F
,:344!3',4&!FF&7!00*'! ',,!48.2)2!%5*4'.,4.%.. !$$!4F``

.2!0'*.402.%2++!32!,!! ! ',4&!*.,%4&!*',!3.$4&!0'*.4325,:',
4&!  F &!3! 0'*.43 &7! 53!  %!.%20&'**: '3%%2!%4!  4 4. ' !,4'$: 8&!2! !,!2%:
!$$''!,: '3 +.34 7*5*!C &!*0!  2'3! 82!,!33 +.,%34 ,!48.2) .+0,'!3 .$ 4&!
.00.245,'4'!3$.2,.,M8'2!3*4!2,4'7!3C, $.2%! ,!8*',)3!48!!,,!48.2)54'*'4'!3C!,!2%:
!$$''!,:3!27'!02.7' !23, .++5,'4:M3! .2%,'34'.,3F

 

``
'44*!CFC,   .&CFQ^\]cC^]!04!+!2RF- *-()@.-"0'/$*);#+*3-* 
*0/*(.F.,40!*'!2CE!%5*4.2:33'34,!2.(!4F!42'!7! $2.+
&4403ELL888F20.,*',!F.2%L),.8*! %!M!,4!2L0!2$.2+,!M3! M2!%5*4'.,M0.8!2M.54.+!3L
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HJ* JM
@  +%)0  %0$)"+*

!.%,'3',%.4&4&!!,!$'434&4!,!2%:!$$''!,:,2',%4.!,!2%:3:34!+3:2! 5',%
.343, 4&!+2)!4$'*52!3$$!4',%!,!2%:!$$''!,:4)!M50C0.*':+)!23,*3.3!450
! '4! !,!2%:!$$''!,:02.%2++!3$5, ! :'**0:!23F&'3002.&83$'2344)!,',
4&!,'4! 44!3',4&!]ed\38&!2!+,:344!32!15'2! 54'*'4'!34.!,%%!',J!34M.34
*,,',%K.2J ,4!%24! !3.52!*,,',%FK ,3.+!',34,!3C4&'3+!,402.52',%!,!2%:
!$$''!,: 37',%3 ., , !15* 3'3 8'4& 3500*:M3' ! 2!3.52!3F`a &! '+0*!+!,44'., :
0.*':+)!23.$4&!3!.*'%4'.,3.,54'*'4'!3!90, ! 20' *:',4&!^\\\3C, 4&!2!2!,.8
.7!2a\.$4&!3!4:0!3.$+!352!38.2* 8' !Q C^\]cRF`b

8. ! '4! *!7:M$5, ! 0.*':',3425+!,432!4!+2)!4$.2!,!2%:!$$''!,:8&!2!'4'3


42 ! F2 ',%535**:4)!30*!!48!!,4&!' !2.$!,!2%:!$$''!,:02.(!43, 4&!
5:!2C8&.,!,.*'%4! 024:3024.$,,!2%:$$''!,:*'%4'.,052&3',%&'4!
!24'$'4!3 4&4 !24'$: !,!2%: 37',%3 , L.2 4&! !,4'4: ', &2%! .$ , !,!2%: !$$''!,:
54'.,F&4:0!.$+!&,'3+'3 !32'! !*.8',452,F

@4= %)0  %0# + &%*8*9

3 3!4  42%!4 Q535**: ', 4!2+3 .$ !,!2%: 37',%3R 4&4 ,!! 3 4. ! &'!7!  : !,!2%:
.+0,'!3 Q4&! .*'%4!  024'!3RF &! !,!2%: .+0,'!3 .*'%4!  , ! '342'54'.,
.+0,'!3C3500*'!23C2!4'*!23C.2.+',4'.,F2.334&!8.2* C72'!4:.$002.&!3&7!
!!,&.3!,F`c*'%4! 024'!3&7!4&!$2!! .+4.&'!7!4&!42%!43!4$.24&!+4&2.5%&
2,%! .$ +!,3E 4&!: , !*'7!2 4&! 42%!4 4&2.5%& 02.7' ',% !,!2%: !$$''!,: +!352!3
'2!4*: 4. 534.+!23C 4&!: , 8.2) 8'4& ',4!2+! '2'!3 Q<"<C 42 ! . '!3C +5,''0*'4'!3C

`a
.2)CFC'44!CFC.8)CFC,  53&*!2CFQ^\]^C<#-.)*0)/$)";#$./*-$'-2$3
)0--)/....()/* '/-$0/$'$/5)-"5 $$)5/$2$/5$)/#.//.Q.F]^_RF3&',%4.,C
E+!2',.5,'*$.2,,!2%:M$$''!,4.,.+:
`b
.3!,.8C FC.824CFC&.+3CFC 2!5;!2CFQ^\]cRE2)!4M3!  ,3425+!,43$.2,!2%:
$$''!,:F.*':&.'!, !3'%,F LE2'3
`c
.3!,.8/'FC^\]c
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HK* JM
+,%',%%!,43C!4FRC.24&!:,',3.+!'25+34,!3052&3!!,!2%:37',%34&2.5%&
42 ',% +!&,'3+F , 4&'3 3!C 3.M**!  &'4! !24'$'4!3 2! '335!  $.2 !,!2%: 37',%3
&'!7! :4&.3!8&. !*'7!2!,!2%:!$$''!,:02.(!43F&.3!!24'$'4!3,4&!,!42 ! 
',,.0!,+2)!4F

*.**:C4&!53!.$&'4!!24'$'4!42 ',%&3!!,*'+'4! , +.343 .,.4.+02'3!


.$4&'3$!452!F&!.,*:.5,42'!38&!2!&'4!!24'$'4!42 ',%!9'3432!5342*'Q',48.
02.%2++!3 4 344! *!7!*RC 4*:C 2,! ,  .*, F &2!! !9'34',% &'4! !24'$'4!
02.%2++!3$2.+52.0!Q$<<C 4*:C2,!, .*, R2! !32'! &!2!2'!$*:F

@4=4= +#0

&!&'4!!24'$'4!302.%2++!', 4*:'34&!.* !348'4&4&'3$!452!%*.**:F&!


'30*! ., '342'54'.,.+0,'!38'4&+.2!4&,a\C\\\534.+!23, '4!%,',^\\aF&
&'4!!24'$'4!2!02!3!,43.,!4.,,!.$.'*!15'7*!,437!  5!4.4&!',4!27!,4'.,322'! 
.54F&!!9&,%!.$&'4!!24'$'4!3!48!!,.*'%4! , !*'%'*!024'!34)!30*!.,
! '4! 0*4$.2++,%! :!34.2! !'!24',!2%!4''F0FFC05*'.+0,:.8,! 
:!34.2! !'!27';',!2%!4''F&!48..04'.,37'**!$.2052&3',%&'4!!24'$'4!3
2!E94&2.5%&30.4+2)!4!9&,%!+!&,'3+C.294&2.5%&'*4!2*42 ',%!48!!,
024'!3F`d

 

`d
',4.CFCV!&'&'3CFQ^\]eRF#$/-/$ $/.$) /'5;3$''$/*2-*(/##0"#'')".$/
#.) $)"$)/#'.//#-5-.92.!! ',%3.$4&!!!!!5++!245 :
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HL* JM
$"0-K;#$/-/$ $/+-$.$) /'5


*0-; +/ -*( $ )/*: < BGEFNC: #$/ -/$ $/. $) /'5; '..*). '-)/ $) -)/ 5-.:
+-.)//$*)/ @3*-&.#*+<

,*:3'3.$4&!.343.$37',%3&'!7! 3&.83.34.$\Fd!52.!,43L)&8&'&'38'4&',4&!
2,%!.$.4&!252.0!,02.%2++!33500.24',%!,!2%:!$$''!,:F`e

&! 3'%,'$',4 ',2!3! ', 02'!3 '3 5! 4. +5*4'0*! 2!3.,3F &! 25*!3 2.5,  02.7',%
 '4'.,*'4:&7!!!,4'%&4!,! C02.(!438'4&0:)0!2'. *!334&,4&2!!:!23,.*.,%!2
15*'$:C, 44&!3+!4'+!C'483 '3.7!2! ',^\]c4&43'%,'$',40.24'.,.$4&!37',%3
8!2! 3!  ., $25 5*!,4 *'+3 + ! : .+0,'!3 3!4 50 3.*!*: $.2 4&'3 0520.3! 25, :
.+0,'!33! .543' !.$ 4*:F&!%.7!2,+!,4353!15!,4*:',42. 5! 02'!0',.2 !2
4..,42.*4&!30'2**',%.343.$4&!02.%2++!F 

`e
.3!,.8C FC, :!2CFQ^\]cRE.343, !,!$'43.$,!2%:$$''!,:*'%4'.,3E2!7'!8.$
52.0!,02.%2++!3F,!2%:.*':Q]\cRCa_Mb^
a\
',4.CFQ^\]eRF#$/-/$ $/.$) /'5;'..*).'-)/$)-)/5-.F2!3!,44'.,4 M
8.2)3&.0C 2'3C 2,!F !42'!7!  $2.+ &4403ELL888F'!F.2%L!7!,43L+. !2,'3',%M!,!2%:M!$$''!,:M
.*'%4'.,M02.%2++!3

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HM* JM


@4=4> )%

2,! &3 53!  42 ',% .$ &'4! !24'$'4!3 3',! ^\\dF $4!2 , ','4'* 0!2'.  .$ &!7'*:
$*5454',%02'!3C4&!02'!0!2)&Q*'$!4'+!37',%3R2.3!34! '*:5,4'*4&!!, .$^\]^F$4!2
4&4C0!2'. .$ !*',',%&'4!!24'$'4!02'!3*34! 5,4'**4!^\]bC8'4&02'!3',2!3',%
3',!4&!,F&!7.*5+!.$!24'$'4!342 ! ',2!3! 34! '*:5,4'*!2*:^\]a$.**.8! :
4&2!!M:!20!2'. .$ 34%,4'., ,  !*',!F ',! +' M^\]dC 42 !  7.*5+!3 &7! ',2!3! 
3'%,'$',4*:F

$"0-L;#$/-/$ $/+-$.)2*'0(/-$)-)JF

 







%-1327-
=(*27/%-




 





 




 
 

 
 
 
 
 
 
 
 



































=(*27/%- $3081*.2%-


&!7!2%!02'!0!2)&.$37',%3.7!24&!*34:!2'3\Fc!52.!,43F&'3'38!**!*.84&!
.343.$!,!2%:',2,!Fa^


a]
8,2!4'.,3! ., 4.4',! $2.+&4403ELL888F!++:F$2L05*'L .,,!!3M
+!,35!**!3B02!2'4!j$*3!F
a^
!!*3..3!,.8, :!2C^\]cF
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "HN* JM
@4=4? &#%

.*,  ',42. 5!  ,  8'4& &'4! !24'$'4! 42 ',% ', ^\]^ 8'4& +'9!  2!35*43F 7!2*:
.+0*!902.! 52!32!35*4! ',3*.8504)!, 3'%,'$',4 !*:3Fa_$524&!2.+0*'4'.,'3
4&! $4 4&4 4&!2! 2! 3!7!2* 02'! ', '!3 $.2 &'4! !24'$'4!3 4&4 2!$*!4 !24'$'4!3
.4',! ', '$$!2!,4:!234&42!34'**',4&!+2)!4C+)',%,33!33+!,4.$4&!.34353',%
02'! 4,.4342'%&4$.282 F&'3',*5 !3!24'$'4!3'335!  52',%4&!42,3'4'.,0!2'. Q$<<C
^\]bM^\]cRC3.+!.$8&'&8!2!.,*:%2,4! ',^\]e$.202.(!4322'! .54',^\]bL^\]cF
2'! 4$.24&!)!:', '!3'3 !0'4! ', ,)F

$"0-M;2-"+-$* -/$ $/.$)*'$.##$/-/$ $/(-&/*)*3-4#)"

]d\\
]b\\
]`\\
]^\\
L4.!

]\\\
d\\
b\\
`\\
^\\
\
4M]`

4M]a

4M]b

4M]c

4M]d

4M]e
5*M]`

5*M]a

5*M]b

5*M]c

5*M]d

5*M]e
,M]`
02M]`

,M]a
02M]a

,M]b
02M]b

,M]c
02M]c

,M]d
02M]d

,M]e
02M]e
] 2,3'4'.,0!2'. ^\]c 2,3'4'.,0!2'. ^\]d
2,3'4'.,0!2'. ^\]e ^ 3534'454'.,$!!


*0-;.*)<BGEFNC<//$./$'/;-$*$/ *--/$ $/.* -$"$)"$./-</-$2


-*(#//+.;??/"<+'?.//$./$@/

a_
.3!,.8C FC).;).83)'CFC#%*2;CFC4-;:)CFC,  # 2CFQ$.24&.+',%RF2'0/$)"/#
*'$.##$/-/$ $/#(F
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IE* JM
!2)&.$37',%34&!02'!0' +.5,434.2.5, ^F\M_F_!52.!,43F&'3'38'4&',4&!4:0'*
2,%!.$02.%2++!.343.3!27! ',52.0!O*4&.5%&4.82 4&!&'%&!2!, .$!34'+4!3
$.2.4&!2.5,42'!3O5434'**8!**.7!02'!3$.2+.343500*'! !,!2%:22'!23Fa`CaaCab

@4> **&%*#)%

,4&!3500*:3' !.$!,!2%:!$$''!,:C0.4!,4'*!$$''!,:02.7' !2353',%&'4!!24'$'4!


02.%2++!3 $!  ,5+!2 .$ +2)!4 5,!24',4'!3F &.3! 8&. 8.5*  !,4!2 4&! +2)!4 4.
!*'7!2 37',%3 ,!!  4'+! 4. 2!4!  53',!33C $5**: 5, !234,  4&! 25*!3 %.7!2,',% 4&!
02.%2++!C ,  4&!, !7!*.0 +2)!4',% ,  !*'7!2: 2.54!3 4. !*'7!2 37',%3C .5,4 $.2
4&!+, %!44&!+2! '4! F&!:.$4!,$!+2)!438&!2!4&!2!2!.,*:$!85:!23Q$<<C
3+**,5+!2.$.*'%4! !,4'4'!3RC, 4&!: .,.4),.8', 7,!8&44&!+2)!47*5!
.$&'4!!24'$'4!'3*')!*:4.!F`] $4&!%.7!2,+!,4'382'4',%4&!25*!3$.24&!02.%2++!C
4&!:*3.$!4&!2!%5*4.2:2'3)4&4.7!2**.*'%4'.,*!7!*3, .4&!225*!3+:&,%!4
*+.34,:4'+!F&'32'3)'3,.4*'+'4! 4.42 ',%02.%2++!3F*'%4'.,, $5, ',%*!7!*3
&7!3!!,3&20&,%!3',+,:(52'3 '4'.,3O$.2!9+0*!C',4&! C8&!2!&,%!34.4&!
!,!2%:.+0,:.*'%4'.,3&!+!*! 4.3'%,'$',4 2.0',4&!0!.$',35*4'.,',34**4'.,3
, ,!.,.+'2'3'3$.24&!.+0,'!34&4& !!, .',%4&'38.2).,!&*$.$.*'%4! 
!,!2%:3500*'!23F`^&53C!7!,4&.5%&',3.'!4*4!2+3',7!34+!,43',!,!2%:!$$''!,:2!*.8M
2'3)',7!34+!,43C, '4'38!**5, !234.. 4&44&!!$$''!,:2!3!27.'2'315'4!*2%!, 4&4
.*'%4'.,02.%2++!33&.5* .,4',5!4.5'* , %2.8.7!2.+',% ! !3C4&!53',!33
+. !*$.2.+0,'!3!,4!2',%&'4!!24'$'4!3+2)!4'334'**2'3):.,!F

&!2!'3*3.42 !M.$$.,4&!052&3',%.205*'3' !.$4&!&'4!!24'$'4!3+2)!4E

 , 4&! .,! &, C  !24'$'4!3 +2)!4 8'** 8.2) !34 8&!, 4&! 442'54! !',% 3.*  '3
5,'$.2+ ', ,452! ,  8&!2! .+0*',! 8'4& 2!15'2!+!,43 , !3'*: ! 42)! F ,

a`
:2!CFC7,CFC, . ',!5CFQ^\\eRF)-"5*(+)5*'$"/$*)./*.2)-"5$) /'5:/#
 )-);3#/#23'-)/92.!! ',%3.$4&!52.0!,.5,'*$.2,,!2%:$$''!,4
.,.+:C00F`^eM`_e
aa
'25 !4CFMFC. ',!5CFC, ',.,CFQ^\]^RF&!.343, !,!$'43.$&'4!!24'$'4!3
3&!+!3F)-"5 $$)5aC]ceM]ee
ab
.3!,.8C FC, :2!CFQ^\]bRF0.34+.24!+.$4&!2!!,!*E534!2'4:C!,!2%:!$$''!,:C, 
$'*52!',2'4'3&,!2%:.*':F)-"5.-#D*$'$)^]C]`]M]``
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IF* JM
2., +2)!43C $.2 !9+0*!C J 4.,,! '3  4.,,!K ,  2!,!8*! !,!2%: !24'$'4!3
2!02!3!,45,'$.2+02. 54'.,15,4'4'!3C+!352*!',&.2&!2+3F $!,!2%:37',%3
, ! 42 !  7'  3'+0*:M !$',!  &'4! !24'$'4! Q<"<C .,! & .$ 2! 5! 
.,35+04'., j ] &'4! !24'$'4!RC , .*'%4'., 3&!+! .5*  .0!24! 4&2.5%& 
.+024'7!*:*2%!, *'15' +2)!4.$5:!23, 3!**!23F

 ,4&!.4&!2&, C'$02.%2++!38!2!*'+'4! 4.3',%*!&'4!!24'$'4!.++. '4:C


'48.5* $**$23&.24.$ !*'7!2',%4&!&'%&!347*5!34&4!$$''!,:, !*'7!2F,!2%:
37',%3.52',+,:$.2+3,  !*'7!272'!4:.$7*5!3F.2!9+0*!C7*5!.5* .+!
$2.+37',%3',*.4'.,38'4& '342'54'.,%2' .,342',43C.2$.2 !*'7!2',%37',%34.*.8M
',.+!&.53!&.* 3C.2 !*'7!2',%37',%34&42!&'%&*:.',' !,48'4&0!)*. 3.,4&!
%2' F .,3' !2',% 4&! 42,34'., ,  .00.245,'4: .343 .$ +,: 4:0!3 .$ !$$''!,:
50%2 !3C'4'3535**:'+0.24,44.2!25'4 !!0!237',%3',534.+!2*.4'.,8&!,!7!2
4&!.00.245,'4:2'3!3F2!4',%**37',%335,'$.2+.++. '4:8.5* 83&.544&.3!
&'%&!27*5!3C, 02.7' !238.5* $!+2)!44&42!82 3.,*:*.8M.3437',%3C,.4
&'%&M7*5!37',%3F

.24&'32!3.,C(53432!,!8*!!,!2%:!24'$'4!302.%2++!3.$4!, '34',%5'3&!48!!,
0&.4.7.*4' 2!,!8*! !,!2%: !24'$'4!3 ,  8',  2!,!8*! !,!2%: !24'$'4!3C &'4!
!24'$'4!02.%2++!3$!,!! 4.2!4!+5*4'0*!4:0!3.$&'4!!24'$'4!3C.24.2!4!
.,533&!+!34. !9422! '434.!24',4:0!3.$37',%3F&'3&34&!!$$!4.$$2%+!,4',%
8&4+'%&4!.,!*2%!&'4!!24'$'4!+2)!4',4.+5*4'0*!&'4!!24'$'4!35M+2)!43C
8&'& 2! 3+**!2C *')!*: 4. ! *!33 *'15' C ,  *')!*: 4. .$$!2 *!33 02'! !24',4: 4. 0.4!,4'*
!,!2%:!$$''!,:02.7' !23F!3'%,!23.$&'4!!24'$'4!42 ',%3:34!+C*')! !3'%,!23.$
2!,!8*! !,!2%: !24'$'4!3 42 ',% 3:34!+3C 4&53 $! , ',&!2!,4 4!,3'., !48!!,
5,'$.2+'4:C*2%!23*!, *.8!2M.3437',%3.,4&!.,!&, C,  '7!23'4:C+2)!430*'44',%
,  0.4!,4'**: &'%&!2M7*5! 37',%3 ., 4&! .4&!2 &, F 2.%2++!3 4&4 2!82  ** !,!2%:
37',%38'4&4&!3+!&'4!!24'$'4!C42 *!.2.4&!28'3!C8'**',!,4'7'3!4&!4)!M50.$
*!34 !90!,3'7! +!352!3 4&4 2! 4&! +.34 02.$'4*! ,  *!34 2'3): 8: 4. !2, &'4!
!24'$'4!3F $**37',%32!0' 4&!3+!C4&!*!34!90!,3'7!37',%32!4&!+.3402.$'4*!C
, 4&!*!34*')!*:4.*.3!+.,!:'$4&!*!2',%02'!.$!24'$'4!3&.7!23,!24.4&!*.8M.34
0.',4F&!'335!&32'3!,',,5+!2.$02.%2++!3C',*5 ',%3.+!.$4&!+.348!**M),.8,
&'4!!24'$'4!42 ',%2!%'+!3F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IG* JM


,^\\d', 4*:C4&2!!M1524!23.$**4&!&'4!!24'$'4!3!2,! $.2!*!42''4:37',%3+!


$2.+4&!53!.$.+04$*5.2!3!,4*'%&45*3Fac&!!8.54&*!3&'4!!24'$'4!3&7!
!!, .+',4! :.++!2'**'%&4',%C8&'&3500*'! d\h.$**4&!&'4!!24'$'4!3!2,! 
',!8.54&*!3 52',%^\]^M]_F ,'4.2'',^\]^C+.2!4&,d\h.$4&!&'4!!24'$'4!3
2!%'34!2! +!$2.+34, :0.8!2.,42.**!23Fad ,**.$4&!3!3!3C4&!&'4!!24'$'4!
02.%2++! !3'%, 2!82 !  4&! 20'  2.**M.54 .$ 3'+0*!C 2!*4'7!*: ',!90!,3'7! !$$''!,:
+!352!3F&'3'3%.. 4&',%'$.34M!$$!4'7! !*'7!2:.$4&!&!0!340.33'*!!,!2%:37',%3
'3 4&! 0.*': ',4!,4F .8!7!2C 0.*': .(!4'7!3 .$4!, 4!,  4. ! +.2! .+0*!9C 8'4&
0.*':+)!238'3&',%4.3!!!$$''!,:%',3+ !', '$$!2!,40243.$4&!!.,.+:, 8'4&
72'!4: .$ 4!&,.*.%'!3C 3.+! .$ 8&'& +: !*'7!2 !!0!2 !,!2%: 37',%3F , 4&!3! 3!3C
0.*':+)!23 &7!  ,5+!2 .$ 8:3 ', 8&'& +2)!4M3!  ',3425+!,43C ',*5 ',% &'4!
!24'$'4!3C,! 04! 4. !*'7!2.,8' !23!4.$.(!4'7!3F2 ',% 3, '4'.,*
*:!2.$.+0*!9'4:C, 3.+!4'+!3 3!942.,35+!2.3434..*'%4'.,3&!+!34&4+:
8!** !9!!  4&! +2)!4 !$$''!,: !,!$'43 4&4 3&.5*  4&!.2!4'**: ! 7'**! $2.+ 
42,302!,4C $5**: .0!, +2)!4 $.2 !,!2%: 37',%3F ,  '4'.,C 4&! %!,!24'., .$ &'4!
!24'$'4!3:4&'2 024'!3.0!,35002.%2++!34.4&!2'3).$$25 5*!,4!&7'.52C$<<C4&!
*'+',%.$!24'$'4!3$.2,.,M!9'34!,4!,!2%:!$$''!,:02.(!43F&'3834&!3!', 4*:C
8&!2!*2%!M3*!$25 83 '3.7!2! ',^\]cC53',%4&!2!+.7*.$3'%,'$',402.0.24'.,
.$!24'$'4!3500*:, .,3!15!,44'%&4!,',%.$+2)!4., '4'.,3Fae

@4? %)0  %0,+ &%*

!,!8*!,!2%:54'.,3&7!!.+!0.05*2',3425+!,44.3500.242!,!8*!!,!2%:F
,!2%: $$''!,: 54'.,3 53!  3'+'*2 +!&,'3+C 54 ',34!  .$ 2!,!8*! !,!2%: 4&!:
02.7' !3500.24$.2!,!2%:37',%3F.$2C4&!2!2!.,*:7!2:$!8 ! '4! ,!2%:$$''!,:

ac
!!3CFC, :!2CFQ^\]bRF..*)'4$.2!,!2%:!$$''!,:.*'%4'.,3F.,40!*'!2CE!%5*4.2:
33'34,!2.(!4F!42'!7! $2.+&4403ELL888F20.,*',!F.2%L),.8*! %!M!,4!2L4..*)'4M$.2M!,!2%:M
!$$''!,:M.*'%4'.,3L
ad
!!3, :!2C^\]bF
ae
',4.CFQ^\]eRF)"()/* -0'#)".)*+$)"3$/# -0$)/# /'$)#$/-/$ $/
+-*"-((D2!3!,44'.,4 L8.2)3&.0E. !2,'3',%!,!2%:!$$''!,:.*'%4'.,02.%2++!3C
2'3C2,!F!42'!7! $2.+&4403ELL888F'!F.2%L!7!,43L+. !2,'3',%M!,!2%:M!$$''!,:M.*'%4'.,M
02.%2++!3
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IH* JM
54'.,3 Q!2+,:C .245%* ,  8'4;!2*, RF !!,4*:C 4&! , !0!, !,4 *!42''4: :34!+
0!24.2$.2,42'.C, ,,.5,! 4&4,,!2%:$$''!,:54'.,8.5* !0'*.4! ',
,42'.$2.++' M^\^\$.53',%.,0!)37',%3Fb\

,!2%:$$''!,:54'.,353!.+0!4'4'7!' ',%4.02.52!!,!2%:37',%3F35**:C4&!2!'3
$'9! +.5,4.$$5, 34&4'37'**!Q5,*')!',0'4:+2)!454'.,3, &'4!!24'$'4!
02.%2++!3RF 54'.,3 &7! !!, $5, !  4&2.5%& *!7'!3 ., !,!2%: '**3C %!,!2* 494'.,
2!7!,5!3, 2',%M$!,! 2.,+2)!42!7!,5!3F

' 32!34)! 3! .,4&!2!*4'7!.34M!$$!4'7!,!33.$4&!37',%3.,.$$!2F ,3.+!3!3C


2'4!2'.4&!24&,(534.340!25,'4.$37',%32!!',%53! Q$.2!9+0*!',.245%*RF54',
**.$4&!!9'34',%54'.,3C.340!25,'4.$37',%3'3)!:O.24&!3',%5*2O2'4!2'.,F&'3
,! !$',! 34&!.343.$37',%3.4',! ',:!2.,!$4!2+!352!'3',34**! C.2.7!2
4&!*'$!4'+!.$4&!+!352!3 !*'7!2! F

$4!,C*2%!202.(!434&4!,!$'4.,!!, 53!2,' ',4.54'.,3C38!**302.%2++!3


8&!2!+,:3+**!202.(!432!5, *! ',4.02.%2++!F&!24'.,*!!&', %%2!%4',%
3+**!202.(!434.02.%2++!3'34&44&!42,34'.,.343.$ !*',%8'4&+5*4'0*!3+**M3*!
02.(!432!4..&'%&4.(534'$:4&!'2',*53'.,',4&!54'.,.,4&!'2.8,F&!3';!.$02.(!43
, 02.%2++!3'3.$4!, '$$!2!,4F

,.2 !24.15*'$:$.2,54'.,C' !23535**:&7!4.$5*$'*!24',2!15'2!+!,434&4+:


',*5 !E

  % $,$%5&)$/ $,$ * 1E3',%+','+5+' 3';!&!*034.7.' +5*4'0*!


3+**02.(!43.202.%2++!32!!'7',%$5, 3C, +','+'3!342,34'.,.343F5*4'0*!

b\
 F Q^\]eRF .8!2 0!230!4'7!3E . :I3 &**!,%!3C 4.+.22.8I3 .00.245,'4'!3F !42'!7!  $2.+E
&440ELL888F'!3.FLML+! 'L'*!3L L.5+!,4M'22:L05*'4'.,3L^\]eM.8!2M!230!4'7!3F0 $

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "II* JM
3+**!202.(!43,.$4!,!5, *! ',4.02.%2++!F+9'+5+' 3';!02!7!,434&!
82 ',%.$+.34.$4&!$5, 34.3',%*!' !2.24.(534$!8' !23F

 &% +&) %%-)  + &%E' !232!2!15'2! 4.&7!2.5340*,$.2+.,'4.2',%


,  7!2'$'4'., $.2 4&! 02.(!43 .2 02.%2++!3 $.2 8&'& 4&!: 3!!) $5, ',%F &!
2!15'2!+!,43+: '$$!2 !0!, ',%.,4&!02.(!4L02.%2++!3';!C, 8&!4&!24&!' 
'3$.202.(!4.202.%2++!F

 &*+ ' ') ,% + & *- %*E . !,352! .,*: .34M!$$!4'7! ' 3 2! !04! C 54'.,
!3'%,!23.$4!,30!'$:*'+'4$.24&!**.8*!.3430!25,'4.$37',%3F

 &*+'*'&)+ &%& %-*+$%+&*+E ,.2 !24.+9'+'3!02'74!0'4*',7!34+!,4


$.24&!*.8!34+.5,4.$353' :0' 4.' !23C02.%2++!3+:04&!3&2!.$4&!
4.4*',7!34+!,4.343.7!2! :4&!54'.,F

  % $,$ '0" ') &*E . !,352! +!352!3 4&4 &7! *.,%!2 0:) 0!2'. 3 2!
3500.24! 4&2.5%&4&!54'.,F

54'.,3 .$4!, $!452!  2,%! .$ J3*.43K '$$!2!,4'4',% : 3!4.2C 4!&,.*.%:C .34M
!$$!4'7!,!33C!4F&'32!$*!434&!+5*4'0*!.(!4'7!3.$0.*':+)!234&48,44.3500.24
2,%!.$!,!2%:!$$''!,:',4!27!,4'.,3F,54'.,+!&,'3+8'***3.'+0.3!$!8!2.343.,
.,35+!23C, 8'**!+.34!$$!4'7!',%!,!24',%37',%3C'$'4302'',%3425452! '$$!2!,4'4!3
!48!!, '$$!2!,44:0!3.$37',%3, 2!82 3+.2!.+02!&!,3'7!42!4+!,4.$!$$''!,:
.00.245,'4'!3F &! 02'! 0'  $.2 !,!2%: 37',%3 3&.5*  72: : .4& =9 !90!4!  .343 .$
'$$!2!,4)', 3.$+!352!3C, >94&! !04&.$37',%3&'!7! F 4*3.+:72:4.2!$*!4
.4&!2 '+0.24,4 7*5!3C 35& 3 4)*',% !,!2%: 0.7!24:C  2!33',% 0!) *. 3C '+02.7',%
2!*''*'4:',.,%!34! *. 0.)!43C, .4&!23F&'3,!&'!7! :!34*'3&',% '$$!2!,4
54'.,42,&!33.4&4+.34.+02!&!,3'7!!,!2%:!$$''!,:'+02.7!+!,43 .,.4&7!4.
.+0!4! '2!4*:%',34*.8M.34+!352!3F

@4?4= . +1)#%

',!^\]\C4&!8'33! !2*$$'!.$,!2%:&3!!,22:',%.54.+0!4'4'7!4!, !23$.2


!,!2%:!$$''!,:8'4&]]54'.,3 !*'7!2! 3.$2F&!02.%2++!'3$5, ! 4&2.5%&*!7:.,
!*!42''4:42,3+'33'.,C, .,*:37',%3',!*!42''4:2!!*'%'*!F' !23',*5 !4&.3!8&.
.8, ', '7' 5* $'*'4'!3 ,  02.(!4 %%2!%4.23 8&. 5, *! +5*4'0*! 3+**!2 02.(!43 ',4. 
02.%2++!F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IJ* JM


2.(!43 ' ',% ',4. 4&! 8'33 54'., +!&,'3+ , .,*: 2!!'7! 50 4. _\h $5, ',% 3 
0.24'., .$ 4&! 4.4* ',7!34+!,4 .34F &! 3';! .$  02.(!4 &3 4. ! !48!!, W]dC\\\ , 
W]dC\\\C\\\Cb], 4&!3';!.$02.%2++!&34.!!48!!,W]_bC\\\, W^Cc^eC\\\Fb^

, 8'4;!2*, C 4&! +9'+5+ 02'! 0'  '3 c !52. !,43L)& *'$!4'+! 37',%3Fb_ 5!33$5*
' !23%!4!334.4&!$5, 3.,*:$4!24&!+!352!3&7!!!,2!*'3! , 4&!:,02.7!
4&44&'3'34&!3!F

7!2%!02'!30!2)&2,%!$2.+\Fb!52.!,434._Fa!52.!,430!2)&C8'4&02.%2++!3
!*'7!2',%37',%34&!0!224!4&,02.(!43F

$"0-N;2-"*./* .0.. 0'$.$)/#3$..-* $'*//+-*"-((

`F\
_Fa
_F\
W!,4L)&

^Fa
^F\
]Fa
]F\
\Fa
\F\
^\]\ ^\]] ^\]^ ^\]_ ^\]` ^\]a ^\]b ^\]c

2.(!43 2.%2++!3

*0-; <BGEFNC<*)$/*-$)"-$#/-* $'*3//AGEFE$.GEFM</-$2 -*(;


     " #


b]
$FQ^\]eRF! ',%5,%!,$62 '!',2!'&5,%7.,2.(!)4!,^\^\F!42'!7! $2.+E
&4403ELL888F$!F +',F&L$!L!,L&.+!L$.!2 !25,%L!,!2%'!!$$';'!,;L.+0!4'4'7!M**3M$.2M4!, !23M
02.)'*.844LP(2P.,4!,4L02L43L'4!+3L4L402L!94!2,*.,4!,4F!94!2,*F!9452*F0 $L \ b:
e8  )'a'+54`5^%77 '*(L0^`7e_+977%^a8jF0 $
b^$FQ^\]eRF! ',%5,%!,$62 '!',2!'&5,%7.,2.%2++!,^\^\F!42'!7! $2.+E
&4403ELL888F$!F +',F&L$!L!,L&.+!L$.!2 !25,%L!,!2%'!!$$';'!,;L.+0!4'4'7!M**3M$.2M4!, !23M
02.)'*.844LP(2P.,4!,4L02L43L'4!+3L4L402L!94!2,*.,4!,4F!94!2,*F!9452*F0 $L \ b:
e8  )'a'+54`5^%77 '*(L0^`7e_+977%]a8jF0 $
b_
 $<
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IK* JM
@4?4> &)+,#

&!.245%5!3!*,3$.24&!2.+.4'.,.$.,35+!2$$''!,:',*!42',!2%:QR3424! 
',^\\c8'4&3'954'.,325,3',!4&!,F&!7.*5+!.$$5, ',%7'**!',4&!*34**83W^_
+'**'., ,  4&! 2!15!34!  $5, 3 +.5,4!  4. Wb^ +'**'.,Fb` , !2 4&'3 +!&,'3+C 3!7!2*
!,4'4'!3C+.,%4&!+!*!42'54'*'4'!3C+:35+'402.0.3*3.$+!352!34&4.,42'54!4.4&!
2! 54'., .$ !*!42''4: .,35+04'., .2 0!) *.  2! 54'.,F &! 02.%2++! &3 5, !2%.,!
3!7!2* &,%!3C ',*5 ',% 4&! 2!15'2!+!,4 ., !,!$''2'!3 .$ 4&! 54'., 4. 024M$5,  4&!
'+0*!+!,4! 02.(!43C*'+'434.4&!+.5,4.$$5, ',%, 4&!!7.*54'.,.$4&!2'4!2'53! $.2
3!*!4',%' 3',,54'.,F&!02.%2++!'3$5, ! :*!7:.,!*!42''4:.,35+04'.,F

4'3'+0.24,44.5, !234, 4&4'3,.4052!02'!M3! 54'.,C33!7!2*2'4!2'2!


!',%53! :4&!!,4'4:25,,',%4&!54'.,4.3!*!435!33$5*' 3, 02'!0!2)&'3(534
.,!.$4&!+F

 3!024!3 ' !23 ',4. '$$!2!,4 %2.503E 4&.3! 8'4& ,. 33.'4'., 8'4& 4&! !*!42''4:
3!4.2D, 4&.3!8'4&.28'4&.5433.'4'.,38'4&4&!!*!42''4:3!4.2F.24&!$'234C' 32!
2,)! *4.%!4&!2C2!%2 *!33.$4&!.,35+04'.,3!%+!,44&!: 2!33F ,4&!3!., C' 32!
2,)! 8'4&',4&!.,35+04'.,3!%+!,44&!: 2!33F&'3'34.!,352!4&4**3!4.23!,!$'4
, ,.3!4.2*.3!3.54F

2'!3 0!2 )& $*5454! !48!!, \F_ ,  ` !52. !,43L)&C 8'4& 4&! 5,8!'%&4!  7!2%!
2,%',%$2.+\Fe4.]Fd!52.!,43L)& !0!, ',%.,4&!:!2F

 

b`
.53C FFC, 24',3CFFCQ^\]dRF.245%5!3!*,$.22.+.4',%$$''!,:.$*!42''4:, M3!E
.*':C!4&. .*.%:, .,35+!224''04'.,F,!2%'!3F!42'!7! $2.+E
&4403ELL!345 .%!2*F5F04L'4342!+L]\_]bLd]\`_L]L!,!2%'!3P00!PM]]M\]]_cM7^F0 $
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IL* JM
$"0-FE;2-"*./* .0.. 0'$.$)/#*-/0"0.0/$*)

`Fa
`
_Fa
W!,4L)&

_
^Fa
^
]Fa
]
\Fa
\
^\\c ^\\d ^\\eN^\]\ ^\]]N^\]^ ^\]_N^\]` ^\]cN^\]d

.+02!33! '2 ,!2%!4''9


'%&4',% . ,%!+!,4:34!+3Q,%'*!R
.4.23,  2'7!3 5*'*'%&4',%
!$2'%!24'.,, $2!!;',% .*284!2&!4',%
&!2+*',3.*4'., 2$$'*'%&43
.,M8!'%&4! 7!2%!

*0-;*0.: <)-/$):<BGEFMC:*-/0"0.') *--*(*/$)" $$)5* '/-$$/5)@.;
*'$5: /#**'*"5 ) *).0(- -/$$+/$*): )-"$. GEFM: FFBJC: FFHL
++'*355...4$' 4&$5=DDB6=<C?5==5A5==?C5+$

@4?4? )$%0

!2+,:',42. 5! 0'*.4!,!2%:!$$''!,:54'.,C.2.+0!4'4'7!!$$''!,:4!, !2C',^\]bC


',30'2! ',+,:8:3:4&!8'3302.%2++! !32'! .7!F**! J50ACK4&!4&2!!M
:!2 0'*.4 02.%2++! '+!  4. 3!*!4 !*!42'* !,!2%: !$$''!,: 02.(!43 8'4& 4&! !34
!.,.+' .34M!,!$'4 24'. Q!52. $5, ',% 0!2 )'*.844 &.52 37! R $2.+ 4&! 0..* .$ ' 3
35+'44! ',!&.$3'92.5, 3C35(!44.+9'+5+24'..$]\!52.!,43L)&Q*'$!4'+!RF ,
.2 !24.!3!*!4! C' 3*3.& 4.&7!0:)0!2'. 3.$+.2!4&,4&2!!:!238'4&.54
$5, ',%C, !!90!4! 4.&'!7!37',%3$.24*!34]\:!23F3',4&!8'3302.%2++!C
.4& 3',%*! 02.(!43 ,  2. !2 02.%2++!3 QJ.**!4'., 02.(!43KR .5*  '  ', 3!024!
4!%.2'!3Fba .8!7!2C 5,*')! ', 4&! 8'33 02.%2++!C 4&! $5, 3 02.7' !  4. 4&! 8',,',%

ba
,%2! !2CFC!!$!* 4CFC2'3&)!CMFC, &+!**CFQ^\]eRF+8#*(+/$/$2 $$)5
/)-$)-()5A./+5./+/*3-.) /$2)3$)./-0()/ *-)-"5 $$)5C!!!!0!2
_M^a]F2!3!,4! 44&!!!!!5++!245 :4 :"2!3C2!315I *! !'!,3C2,!C^\]e
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IM* JM
' !238!2!00! 4_\h.$4&! '4'.,*',7!34+!,4.3432!15'2! 4.&'!7!*!7!*.$
!$$''!,: !:.,  4&4 33.'4!  8'4& 522!,4 34, 2 3C 3 3!4 .54 ', 4&!  !,!2* *.)
9!+04'., !%5*4'.,Fbb *3.C 3 024 .$ 4&! 0'*.4',% 02.!33C 4&! 3&!+! &  48. 4:0!3 .$
4!, !23N.0!,, *.3! N8'4&4&!*.3! 4!, !23$.53',%!&2.5, ., '$$!2!,43!4.23.2
4!&,.*.%:4:0!3F&!3&!+!83$5, ! 4&2.5%&4&!!2+,,!2%:$$''!,:5, , & 
5 %!4.$W_\\+'**'.,F

&! 3&!+! 3425%%*!  ', 4&! !2*: 2.5, 3 4. 4424 ' 3F 3 $!8 3 _^ 00*'4'.,3 8!2!
35+'44! ',4&!$'2344&2!!2.5, 3C.$8&'&.,*:]\8!2!!04! F'4&4..$!8' 3C4&!2!
83,..+0!4'4'.,$.24&!7'**!$5, 3F34)!&.* !2.,35*44'.,',4.&.84.4424+.2!
' 3*! 4.3.+!&,%!3C',*5 ',%2! 54'.,',4&!+','+5+$5, ',%+.5,4Q$2.+W_\C\\\
4.W^\C\\\$.2,', '7' 5*02.(!4C, $2.+W^a\C\\\4.W]\\C\\\$.2.**!4'7!02.(!43R$.2
4&! 4&'2  4!, !2F *.3!  4!, !2 02.(!43 8!2! *3. .0!,!  50 4. .+',!  &!4 ,  0.8!2
02.(!43Fbc&!$',*4&2!!2.5, 3%!,!24! +.2!' 3, +.2!.$4&!5 %!48330!,4QWcFc
+'**'.,',4&!$.524&2.5, RC544&!0'*.4 ' ,.4.+!*.3!4.2!&',%*!7!*4&4%!,!24! 
.+0!4'4'.,+.,%34' 3$.232!$5, ',%F

,4)',%4&!54'.,02.%2++!$.282 C4&!!2+,%.7!2,+!,4+ !3.+!&,%!33! 


.,*!2,',%3$2.+4&!0A0'*.4F ,^\]eC,!80'*.4$5, ',%.+0!4'4'.,83*5,&! 
8&'&',2!3! 4&!+9'+5+$5, ',%*!7!*4.a\h.$!,!2%:!$$''!,:',7!34+!,4.343Q8'4&
 +9'+5+ .$ Wa +'**'., 0!2 02.(!4RF !53! 4&! .+0!4'4'., '3 .0!, 4. ** 3!4.23 , 
!,4!202'3!3C'4835,,!!332:4.,.4'$:4&!52.0!,.++'33'.,$2.+44!' 0!230!4'7!F
&!.+0!4'4'.,*3.38'4&! 4.W0!24.,,!^37',%3+!42', 4&!0:)Q8'4&.54
$5, ',%R2'4!2'.,833!44+.2!4&,$.52:!23C+!,',%4&44&!$.53&338'4&! 4.+.2!
+'4'.5302.(!438'4&&'%&!2$5, ',%2!15'2!+!,43$.2!.,.+''+0*!+!,44'.,F&!4.4*
5 %!40!2**832! 5! 4.Wc+'**'.,, C$.**.8',%4&!!90!2'!,!',4&!J0AK0'*.4C
,. .+0!4'4'., 83 &!*  $.2 .**!4'7! 02.(!43F &! $'234 ** 83 +.2! 35!33$5* ,  83

bb
52.0!,,'.,FQ^\]`RF   QR.ba]L^\]`.$]c 5,!^\]` !*2',%
!24',4!%.2'!3.$' .+04'*!8'4&4&!',4!2,*+2)!4',00*'4'.,.$24'*!3]\c, ]\d.$
4&!2!4:C$$''* .52,*.$4&!52.0!,,'.,Q RC2!42'!7! $2.+E&4403ELL!52M
*!9F!52.0F!5L*!%*M.,4!,4LLLLB52'jE_^\]`\ba]F
bc
,%2! !2/'FC^\]eF
&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\
!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "IN* JM
.7!23532'! :]\\hC8'4&4&2!!M1524!23.$4&!' 32!(!4! 3! .,4&!.+0!4'4'.,.7!2
.34M!$$!4'7!,!33F !'3'.,.,8&!4&!24..,4',5!8'4&4&!02.%2++!8'**!+ !$4!2
4&!.,*53'.,.$4&!,!80'*.4F

@4@ **&%*#)%

&!!90!2'!,!8'4&,!2%:$$''!,:54'.,33.$2&3!!,2!*4'7!*:32!C8'4&7!2:$!8
.5,42'!3 .04',%4&'3',3425+!,4F&!2!54'.,3&7!!!, .04! C4&!7.*5+!.$37',%3
!*'7!2!  &3 !!, +. !34F 4 '3 4&!2!$.2! '$$'5*4 4. 28 !$','4'7! .,*53'.,3 ., 4&!
0!2$.2+,!.$54'.,3, 4&!'2'*'4:4.2!82 !,!2%:37',%3F

4'3*!24&454'.,32!C',02','0*!C7!2:$*!9'*!0.*':',3425+!,44&4,! .04! 
!0!, ',%.,4&!30!'$'.,4!94',4&!(52'3 '4'.,8&!2!'4'3 !0*.:! F.,3' !24'.,3+:
!4&!3425452!.$4&!!.,.+:C4&!+452'4:.$4&!!,!2%:!$$''!,:+2)!4C4&!!9'34!,!.$
.4&!2!,!2%:!$$''!,:',3425+!,43C4&!.34.$ '$$!2!,4!,!2%:22'!23C, 4&!$+'*'2'4:.$
4&!+2)!44.!,%%!8'4&+.2!.+0*!9!,!2%:!$$''!,:3500.24+!&,'3+F&!54'.,
!3'%,,! 04! 8'4&4!&,.*.%'*02.%2!33, .4&!2&,%!3',4&!!.,.+:, 4&!
+2)!4F

342!,%4&.$54'.,3'34&! '3.7!2:.$4&!J2!*K02'!.$!,!2%:37',%3C02.7' ! 4&44&!


+2)!4 '3 *'15'  ,  4&4 4&!2! '3 35$$''!,4 .+0!4'4'.,F &'3  2!33!3 4&! ',$.2+4'.,
3:++!42:4&4.4&!2!,!2%:!$$''!,:02.%2++!3.$4!,$!E8&!, !' ',%.,4&!*!7!*.$
3500.2402.7' ! 4&2.5%&%2,43C$.2!9+0*!C4&!2!'32'3)4&44..+5&.24..*'44*!3500.24
'3 !',% .$$!2! C 2!35*4',% ', .7!2.+0!,34'., .$ !,!$''2'!3 .2 5, !20!2$.2+,! .$ 4&!
02.%2++!2!30!4'7!*:F

,.4&!2$!452!.$54'.,3'34&44&!:2!35*4',.,424!48!!,48.!,4'4'!34&4*!2*:
344!34&!.++'4+!,43, *''*'4'!3.$!&024:F&'34:0!.$3425452!,.$$!2%2!4!2
2!%5*4.2:!24',4:4.',7!34.23C+','+'3',%4&!*')!*'&.. 4&44&!'22!+5,!24'.,8.5* !
&**!,%! ',4&!$5452!!7!,34&!+2)!4, 0.*':*, 30!3&,%!F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JE* JM
.8!7!2C54'.,32!,.2+**:33.'4! 8'4&2!*4'7!*:&'%&42,34'.,.343C$.2.4&4&!
' !23, 4&!54'.,!!2C, 2!,.4*8:3%52,4!! 4. !*'7!24&!.54.+! !3'2! C3
!+.,3424! :4&!!2+,J0AK0'*.402.%2++!F

! '4!  !,!2%: !$$''!,: +2)!43 &7! !!, 3!4 50 4. !*'7!2 ., '$$!2!,4 .(!4'7!3C
!0!, !,450.,72:',%!.,.+', 0.*'4'*.,4!943C.$4!,', !0!, !,4*:.$4&!30!'$'
,!! 3.$42,3+'33'.,,  '342'54'.,3:34!+.0!24.23F0.33'*!$5452! '2!4'.,$.20.*':
.5*  ! 4. 4'7!*: ',7.*7! 42,3+'33'., ,  '342'54'., 3:34!+ .0!24.23 ', 3:34!+8' !
!,!2%: !$$''!,: +2)!4 !3'%, 3  8: .$ 34)',% 7*5! ,  7.' ',% 4&! 02.*'$!24'., .$
3!024!$5, ',%+!&,'3+3F

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JF* JM
A &%#,* &%*%)&$$%+ &%*

,!2%:!$$''!,:02.7' !3 '7!23!3!4.$7*5!34.4&!!,!2%:3:34!+C3.+!.$8&'&,!


2!82 !  4&2.5%& +!&,'3+3 35& 3 0'4: +2)!43 ,  ,!48.2) 02.52!+!,4
02.%2++!3, .4&!238&'&2!15'2! ! '4! !,!2%:!$$''!,:02.%2++!3F.452,4&'33!4
.$7*5!3',4.,)*!!,!2%:!$$''!,:02.(!43,5+!2.$34!03,!! 4.!4)!,F

&!2! 0'4: +2)!43 2! ', .0!24'.,C 4&!: 3&.5*  ! !3'%,!  4. !,352! 4&4 !,!2%:
!$$''!,:2!3.52!3,.+0!4!$'2*:8'4&.4&!24!&,.*.%'!3F&'3+!,3E

 !,352',%4&44&!25*!32.5, 4&!+','+5+3';!.$' 3 .,.444.!$$!4'7!*:!9*5 !


+,:!,!2%:!$$''!,:4'.,3D, 

 **.8',%!,!2%:!$$''!,:+!352!34..,4',5!4.' .7!24&!'2*'$!4'+!3C',4&!3+!
8:4&43500*:M3' !+!352!3 .F

!48.2).0!24.233&.5* !2!%5*4! 4.!,352!4&44&!'2',!,4'7!32!*'%,! 8'4&3.'!4*


%.*3, 3500.24! ',4&!0'*.4',%.$*.*'3! !,!2%:!$$''!,:02.%2++!3F&'3+!,3E

 !2$.2+,!M3!  2!%5*4'., 4&4 2!82 3 .540543 ',34!  .$ ',0543C 3. 4&4 ,!48.2)
54'*'4'!32!(5343*')!*:4.',7!34',!15'7*!,4*:02'!  !+, M3' !2!3.52!333500*:M
3' !!15'7*!,43D, 

  '4'.,*',!,4'7!34.0'*.4',7!34+!,4',!,!2%:!$$''!,:+!352!34.&!*002.7!4&!
.,!044.54'*'4'!34&442 '4'.,**:&7!,.4.0!24! ',4&!2!.$!,!2%:!$$''!,:F

.5,42'!3 4&4 . ,.4 522!,4*: .0!24! !,!2%: !$$''!,: .*'%4'., 3&!+!3 .2 *!7:M$5, ! 
!,!2%:!$$''!,:02.%2++!33&.5* .,3' !2 !7!*.0',%4&!3!4:0!3.$0.*':+!352!3C%'7!,
4&!!,!$'434.4&!!,!2%:3:34!+4&435&02.%2++!3,2',%F

,!2%: !$$''!,: 02.7' !23 ,!!  4. +)! '+02.7!+!,43 ', !7*54'.,C +!352!+!,4 , 
7!2'$'4'., '$ 4&!: 2! 4. 4)!  7,4%! .$ $.24&.+',% .00.245,'4'!3 ', 4&!  3 4'.,*

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JG* JM
!%5*4.2:54&.2'4'!3+)!&,%!34.**.8 !+, M3' !+!352!3+.2!!334.!,!2%:
3:34!+2!3.52!3F ,4&!.,4!94.$4&!,!! 4.02.7!4&! !15:, 2!*''*'4:.$!,!2%:
37',%3 ', '$$!2!,4 *.4'.,3 ,  4 '$$!2!,4 4'+!3 .$ 4&! : ,  :!2C 4&'3 +!,3  +.7!
4.82 3 +!4!2',% ,  0:+!,4 $.2 !,!2%: 0!2$.2+,!C 3 .00.3!  4. 4&! ',34**4'., .$
+!352!3F

&'3 2!0.24 $!! 3 ',4. 4&! 2!34 .$ 4&!   02.(!4 : 3!44',% .54 4&! 7*5! 4&4 !,!2%:
!$$''!,:2',%34.4&!!,!2%:3:34!+C4&!+!&,'3+3:8&'&4&47*5!,!2!82 ! 
, 4&!&,%!3C44&!0.*':C2!%5*4.2:, ', 5342:*!7!*C4&42!,!! ! 4.!,*!4&.3!
2!82 34.!2!*'3! F ,024'5*2C4&!2!0.24Q !*'7!2*!`F]R3!434&!3!,!$.2E

 4&!' !,4'$'4'.,.$0:M$.2M0!2$.2+,!24!354'*'4'!3+'%&4.$$!2Q !*'7!2*!`F_RD, 

 2!7'!8.$0:M$.2M0!2$.2+,!$.2!,!2%:!$$''!,:02.%2++!3Q !*'7!2*!`F`RF

 

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JH* JM
)%*


 FQ^\]eRF)-"5 $$)5..*0-S!0%!TF

 FQ^\]eRF(-&/(*)$/*-$)"-+*-/GEFMA'/-$$/53#*'.'(-&/.2*'0(F

 4;CFC22!44C FC, 4')*!3CFQ^\]dRF./$(/$)"/#2'0* )-"5 $$)5/*


-03#*'.')-"5+-$2*'/$'$/5F3&',%4.,CEF

 !34C FC 2.8,C FC '3&!2C FC ,  :+,C F Q^\]eRF *'$5 +/#35. /* +5@ *-@
+- *-()F2!3!,44'.,4 .,$!2!,!^\]eF

 $FQ^\]eRF$)"0)") 1-$$)-$#0)"2*)-*%&/)GEGEF

 $FQ^\]eRF$)"0)") 1-$$)-$#0)"2*)-*"-(()GEGEF

 2'%&4CFQ^\]dRF90!247'!8E#/*./#)-'*0-/2$3() *--/-$/$)=.
+$/5-&/9*'!,424&F

 &!2,')C FC ,  *5,)!44C F F Q^\]`RF -$  /. .  ) $/ *  )-"5@ $$)5
+-*"-(.F2.!! ',%3.$4&!^\]`5++!245 :.,,!2%:$$''!,:',5'* ',%3
aC00FacNbeF3&',%4.,CEF

 .+ Q^\]aRF -*0)/#*0)/-5F

 .,  '3.,F -**&'5) 0). () )"()/ () .+*). -*"-(


S!0%!TF

 .:,!CFQ^\]eC_] ,52:RF/3*-&./*-$)"#*0.#*'.$)/*()@.$-.+*).
/#$..0((-F&!,!2%:34F

 ',4.CFCV!&'&'3CFQ^\]eRF#$/-/$ $/.$) /'5;3$''$/*2-*(/##0"


#'')".$/#.) $)"$)/#'.//#-5-.92.!! ',%3.$4&!!!!!5++!2
45 :F

 ',4.CFQ^\]eRF#$/-/$ $/.$) /'5;'..*).'-)/$)-)/5-.F2!3!,44'.,


4 M 8.2)3&.0E . !2,'3',% !,!2%: !$$''!,: .*'%4'., 02.%2++!3C 2'3C
2,!F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JI* JM
 ',4.CFQ^\]eRF)"()/* -0'#)".)*+$)"3$/# -0$)/# /'$)#$/
-/$ $/+-*"-((F2!3!,44'.,4 L8.2)3&.0E. !2,'3',%!,!2%:!$$''!,:
.*'%4'.,02.%2++!3C2'3C2,!F

 52.0!,.++'33'.,FQ^\]dCc!252:RF//$;*(($..$*)++-*2..$4'/-$$/5
+$/5(#)$.(./*).0-.0-$/5* .0++'5$)'"$0(:-):-()5:-:
/'5)*')S2!332!*!3!TF

 52.0!, .++'33'.,F Q^\]eC ^` 4.!2RF // $; *(($..$*) ++-*2. /# -$/$.#
+$/5-&/.#(S2!332!*!3!TF

 52.0!,,'.,FQ^\]^RF)-"5 $$)5$-/$2F'2!4'7!^\]^L^cL.$4&!52.0!,
2*'+!,4 ,  .$ 4&! .5,'* .$ ^a 4.!2 ^\]^ ., !,!2%: !$$''!,:C +!, ',%
'2!4'7!3 ^\\eL]^aL ,  ^\]\L_\L ,  2!0!*',% '2!4'7!3 ^\\`LdL , 
^\\bL_^LF

 52.0!,,'.,FQ^\]eRF"0'/$*)BCGEFN?NIH* /#0-*+)-'$()/)* /#


*0)$'* J 0)GEFN*)/#$)/-)'(-&/ *-'/-$$/5F

 52.0!, ,'.,F Q^\]`RF       BC *KJF?GEFI *  FL 0) GEFI
'-$)"-/$)/"*-$.* $*(+/$'3$/#/#$)/-)'(-&/$)++'$/$*)* 
-/$'.FEL)FEM* /#-/5F$$''* .52,*.$4&!52.0!,,'.,Q RF

 9!4!233.'4!3FQ^\]`RF....()/* /#*./.2*$/#-*0"#)-"5 $$)5)


*).-2/$*).0-.$)-5')F

 :2!CFC7,CFC, . ',!5CFQ^\\eRF)-"5*(+)5*'$"/$*)./*.2)-"5


$) /'5:/# )-);3#/#23'-)/92.!! ',%3.$4&!52.0!,.5,'*$.2
,,!2%:$$''!,4.,.+:C00F`^eM`_eF

 '25 !4C FMFC . ',!5C FC ,  ',.,C F Q^\]^RF # *./. ) ) $/. *  #$/
-/$ $/..#(.F,!2%:$$''!,:aC]ceM]eeF

 '2.52 CFQ^\]eC]]2&RF+-*"-((*)./-/.) $/.* )*)@/-$/$*)'


0/$'$/5$)2./()/.<4'*'4:'7!F

 FQ^\]`RF+/0-$)"/#(0'/$+') $/.* )-"5 $$)5F2'3C2,!E LF

 FQ^\]eRF*3-+-.+/$2.;*5=.#'')".:/*(*--*3=.*++*-/0)$/$.F

 MFQ^\]aRF))0' *-3-+$/5(-&/0/$*),0$-.(%*-)3")-/$*)
-.*0-. *-GEFM@GEFNS2!332!*!3!TF

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JJ* JM
 !,,!**:CFC, 4,$'!* CFQ^\]`RF/0-'.*0-. ).*0)$'*(()/.*)
GEFJ- /)-"5-*0-()/');)'5.$.* )-"5 $) ''$)*$.F&'%.C E **',.'3
.8!2%!,:F

 !,)',3CFC!+!CFC, ,4!2*',!CFQ^\\eRF)-"5 $$)5.-.*0-$)/# 


3)"') *-3-+$/5(-&/F^\\e5++!245 :2.!! ',%3F

 .53C F FC ,  24',3C F FC Q^\]dRF *-/0"0. ') *- -*(*/$)"  $$)5 * 
'/-$$/5)@.;*'$5:/#**'*"5)*).0(--/$$+/$*)F,!2%'!3F

 ,%2! !2CFC!!$!* 4CFC2'3&)!CMFC, &+!**CFQ^\]eRF+8#*(+/$/$2


 $$)5/)-$)-()5A./+5./+/*3-.) /$2)3$)./-0()/ *-)-"5
 $$)5C!!!!0!2_M^a]F2!3!,4! 44&!!!!!5++!245 :4 :"2!3C2!315I *!
!'!,3C2,!C^\]eF

 ;2C FC, .*52,C FQ^\]_RF*")$6$)"/# 0''2'0* )-"5 $$)5F.,40!*'!2C


E!%5*4.2:33'34,!2.(!4F

 !!3C FC ,  :!2C F Q^\]bRF **'&$/ *- )-"5  $$)5 *'$"/$*).F .,40!*'!2C E
!%5*4.2:33'34,!2.(!4F

 '44*!CFC,   .&CFQ^\]cC^]!04!+!2RF- *-()@.-"0'/$*);#+*3-


* *0/*(.F.,40!*'!2CE!%5*4.2:33'34,!2.(!4F

 '5C F Q^\]cRF () -.+*). ) )-"5  $$)5 $) /# +$/5 -.*0-
+-*0-()/;../0$.*  *-3-+$/5(-&/.$) 3)"'): )-/
-$/$)F,!2%:.*':Q]\\RC00F^c]M^d^F

 .*',CFQ^\]`RF#./2'0 *-(-$=.)-"5*''-;)/$*)'-2$3* /#*./


* 0/$'$/5)-"5 $$)5+-*"-(.F3&',%4.,CEF

 .,'4.2',%,*:4'3FQ^\]bRF//* /#(-&/-+*-/ *- F

 !+!C FC ,  .824C F Q^\]`C ]^ !04!+!2RF )-"5  $$)5 +-/$$+/$*) $)
'/-$$/5 +$/5 (-&/.; # << 4+-$)F .,40!*'!2C E &! !%5*4.2:
33'34,!2.(!4F

 !+!C FC ,  ! ,.C F Q^\]^RF << 4+-$) 3$/#  $$)5 .  /-).($..$*) )
$./-$0/$*).5./(-.*0-F.,40!*'!2CE!%5*4.2:33'34,!2.(!4F

 4.CFC, .3!,.8C FQ^\]eRF $$)5$-./$)0-*+=.)3'/-$$/5(-&/.$")


A#*3-3*$)"92.!! ',%3.$5++!245 :^\]eF

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JK* JM
 4/ FC )!2C FC ,  .3!,.8C F Q^\]eRF !2$.2+,!M3!  2!%5*4'.,E *'%,',%
',!,4'7!3 8'4& *!, !,!2%: .54.+!3F ,532'04 ', 02!024'.,F 2533!*3C !*%'5+E
!%5*4.2:33'34,!2.(!4F

 !&!:C F Q^\]eC a !252:RF  $)/-*0. . $)/* )/3*-& *+-/$*).F 3
.8!2 !4:34!+3!48.2)F

 , 33.'4!3FQ^\\_RF$().$*).* ()-.+*).;+/0-$)"0./*(-@


.-.*0-. *-3)"')=.+*3-.5./(.)(-&/.F

 !' CFC .8'3.,CFC,  82 3CFQ^\]dRF*$'*)./-$)/)"*)*-&.#*+


S2!3!,44'.,TF!33!  5*:^\]eF

 .3!,.8C FC ).;).83)'C FC #%*2;C FC 4-;:)C FC ,  # 2C F Q$.24&.+',%RF
2'0/$)"/#*'$.##$/-/$ $/#(F

 .3!,.8C FC8!44CFC:2!CFC, ').,.+.5CFQ^\]bRF)-"5 $$)5)/#


+*'$5($4F5'* ',%!3!2&V ,$.2+4'.,F``QaMbRCab^Mac`F

 .3!,.8C FC ,  :2!C F Q^\]bRF  +*./ (*-/( *  /# -) '; 0./-$/5: )-"5
 $$)5:) $'0-$)-$/$.#)-"5*'$5F,!2%:!3!2&V.'*'!,!^]C]`]M
]``F

 .3!,.8C FC .824C FC &.+3C FC 2!5;!2C F Q^\]cRE -&/@. )./-0()/. *-
)-"5 $$)5F.*':&.'!, !3'%,F LE2'3F

 .3!,.8C FC, :!2CFQ^\]cRE*./.)) $/.* )-"5 $$)5'$"/$*).;


-2$3* 0-*+)+-*"-((.F,!2%:.*':Q]\cRCa_Mb^F

 .44'3& ,  .54&!2, *!42''4: !48.2)3F Q^\]`C !!+!2RF  B*')/ #$2$)"


'0 -*( $$)5C+*-/L<FA )$/$'/3*-&*'F54&.2F

 .44'3&, .54&!2,*!42''4:!48.2)3FQ^\]cC^]!!+!2RF2.(!4M,!48.2)
+. !**',%4..*F!0.24., !7!*.0+!,4F54&.2F

 .44'3& ,  .54&!2, *!42''4: !48.2)3F Q^\]eC ` !252:RF 4$($.$)" *((0)$/5


*++*-/0)$/$.)) $/./#-*0"#.(-/-'/-$$/5.*'0/$*).F54&.2F

 .44'3&, .54&!2,*!42''4:!48.2)3FQ^\]eC^c2&RF.*-.#/@/-$&/
$)0"0-'/3*-&3-.F54&.2F

 +24*!42'.8!2**',!C!). ,%!+!,4**',!C, `&!5452!FQ^\]dC


.7!+!2RF*)@3$-.'/-)/$2.;../0$. -*('$)"<<+-*%/.F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JL* JM
 44! .$ !8 .2) 5*' !27'! .++'33'.,F Q^\]`RF !4'4'., .$ .,3.*' 4!   '3.,
.+0,: .$ !8 .2)C ,F $.2 002.7* .$ 2..)*:,L5!!,3 !+,  +,%!+!,4
02.%2++!F

 44! .$ !8 .2)E !8 .2)F 3 '4!  ', ,4!2,4'.,* ,!2%: %!,:F Q^\]cRF -&/@
.$)./-0()/. *-)-"5 $$)5F54&.2F

 :,03! ,!2%: .,.+'3F Q^\]dRF 2*$ )-"5 0++'5 *./. $) 3 )"'); GEFM
+*-/F

 .2)C FC '44!C FC .8)C FC ,  53&*!2C F Q^\]^RF #- . ) *0)/$)"; 
#$./*-$'-2$3)0--)/....()/* '/-$0/$'$/5)-"5 $$)5/$2$/5$)/#
.//.Q.F]^_RF3&',%4.,CE+!2',.5,'*$.2,,!2%:M$$''!,4.,.+:F

&'302.(!4&32!!'7! $5, ',%$2.+4&!52.0!,,'.,I3 .2';.,^\^\


!3!2&,  ,,.74'.,02.%2++!5, !22,4%2!!+!,4.d`c\bbF
 "JM* JM

View publication stats

You might also like