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7FPGKMCGKA G:OFA GK7(MgEA 46N@E
@5VOFA BC465WA B@OFM E J 77(A BEI@EAVOFGKMC4F9 O J 1 IC8:OFA GK7(M
= D E4>B@O(9gEI@EN@4F\TA 4F9
7(IC8:9 1 4,A BC4<\6O(E4LOFBC4FO(9 7FPWA G J 4A BC4L8KG J GSA 4F9 _465 A G:\6OF8R@468:94Q7FP 4Q_GK4 E464 J 4F9 A 7g\6OFI@E4
NC5 7 1 8K4 J ET=
-
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-BC4>5 46X(GK7(M 1 4 2 7(M@9<A BC5 464)N@O(\T4FEWOFBC4FO(9g974FEWMC7(AE464 J A 7 1 4>5 4FUICGK5 4F9 PQ7(5GKMCGKA G:OFA GKMCX
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PQ4646A6= ;WIC5 GKMCXLEI@EAVOFGKMC4F9 O J 1 IC8:OFA GK7(M CBC4)G:E8K77 GKMCXLOFA\TIC4FEA 7,A 7 A BC5 464)N@O(\T4FEPQ7(5 HOF5V9=
8K7\ GKMCX)7FlgA BC4W5 46X(GK7(M 1 4 2 7(M@9,7(MC4N@O(\T4WPQ7(5 HOF5V9L9G:9,MC7(ANC5 46_46MABCG J PQ5 7 J GKMCGKA G:OFA GKMCXC=
W 7 46_465 1 8K7\ GKMCX,7Fl A BC4>5 46X(GK7(M<PQ5 7 J A BC4>NC8:OFMC4>7FPBCG:E 1 79 2 ICNgA 7L7(MC4>N@O(\T4)PQ7(5 HOF5V9
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= D NCN@OF5 46MA 8 2 A BC4 N@465 GKNCBC465VOF8K8 2 4
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2\6,SV14P\L7BG"3G"L7:2'= O5:14BG 1R17P\1MG"7X1 1'P\3G"U17:12\2O6,E:E1'6,R1'BX3L Z 1OR1HI6,31'BXSVLR13L35:1OR1HI6,3G"U12E11'B2
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Dd
b FF= - BC4)5 46X(GK7(MLPQ5 7 J A 7 A 7 A BC5 464)N@O(\T4FE PQ7(5 HOF5V9<EI 1 A 46M@9CEWO 1 7(ICA b:S F= -BC465 4TPQ7(5 4A BC4
<.< [N@7(5 A G:E>O(94FUI@OFA 4LA 7 NC5 7F_G:94,A BC4LA 7LPQ7F_4FOF8 2 4Q_GK4469 \TIC4FEMC464F94F9 PQ7(5 EI@EAVOFGKMC4F9
O J 1 IC8:OFA GK7(M
= A)G:EWMC7(A BC 7 46_465O(94FUI@OFA 4,A 7<NC5 7F_G:94 A BC4,N@465 GKNCBC465VOF8K8 2 4Q_GK4
4F9 \TIC4,OFA
O 1 7(ICA7(MC4)N@O(\T4PQ7(5 HOF5V9 O(E 468K8 =
D E4F\T7(M@9 NC5 7 1 8K4 J O(E E7\TG:OFA 4F9 HGKA BA BC4 8KG J GKA 4F9 _465 A G:\6OF8R@468:9 4Q7FP 4Q_GK4 7FP>A BC4<.<
[N@7(5 A)9G:ENC8:O 2 G:EHA BC4>O HOF5V9<A 5VOFM@EGKA GK7(M<PQ5 7 J GKMCGKA G:OFA GK7(M<A 7LEI@EAVOFGKMC4F9 O J 1 IC8:OFA GK7(M
= -
7
GKMCGKA G:OFA 4 7(MC4 B@O(EA 7<A GK8KAW7(MC4 EWBC4FO(9 PQ7(5 HOF5V9 E7<A B@OFA)A BC4 <.< [N@7(5 A \6OFMgNC5 7F_G:94,OL\TIC4
OFA)7(MC4 EPQ4646A6.= -
7 EI@EAVOFGKM 7(MC4 B@O(EWA 7LA GK8KAW7(MC4 EWBC4FO(9 1 O(\ HOF5V9 A 7LNC5 7F_G:94 OL\TIC4>A 7
A 7,A BC5 464N@O(\T4FEPQ7(5 HOF5V9= -BCG:EHG:EHO \T8KI J E 2,J OFMC46IC_465 HBCG:\VB J O 4FEGKAH93G 2<\TIC8KAA 7 5 4FO(\VB
EI@EAVOFGKMC4F9 O J 1 IC8:OFA GK7(M
=
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7 94FOF8 HGKA BLA BC4)E4F\T7(M@9,NC5 7 1 8K4 J 494F\TG:94F9 A 7>I@E4A BC4 <.<"[N@7(5 AW9G:ENC8:O 2 7(MC8 2 A 7
EI@EAVOFGKM O J 1 IC8:OFA GK7(M HBCGK8K4E7 J 47(A BC465 J 46A BC79 HO(EI@E4F9,A 7>GKMCGKA G:OFA 4= ` 44 N@465 G J 46MA 469
HGKA B A BC5 464GKMCGKA G:OFA GK7(M J 46A BC79CET=
-BC4>R@5VEA J 46A BC79gI@E4F9 HO(E)OLNCB 2 EG:\6OF8NC8:O 2 GKMCX<\6OF5V9
NC8:O(\T4F9gOFA)A BC4,EI
1 ; 4F\TA EHPQ4646A6=
-BCG:E HO(EHA BC4 J 7EAH5 468KG:O 1 8K47FPA BC4)A BC5 464 J 46A BC79C
E 1 ICAOF8:E7 A BC4)8K4FO(EA\T7(M_46MCGK4TMA6=
-BC4WE4F\T7(M@9 J 46A BC79 HO(EA 7)B@O6_@4 -= ^ =(G J OFX(GKMC4A BC4WE UI@OF5 4FEGKM A BC@4 <.< [N@7(5 AH9G:ENC8:O 2
\T7(MA GKMICGKMCX 7Fl&A BC4 1 7(A A 7 J 7FP>A BC4 9G:ENC8:O 2 ICMA GK8WA BC4 2 5 4FO(\VBC4F9BCG:E PQ4646A 1 ICA HGKA BC7(ICA
O(\TA I@OF8K8 2 8K77 GKMCX 9 7 HMLA 7 E464WA BC4 J =
W4 7(IC8:9,EA 46N,PQ7(5 HOF5V9 HBC46M,BC4WG J OFX(GKMC4F9 A BC4\TIC4
5 4FO(\VBCGKMCX,BCG:EPQ4646A6= -BCG:E HO(E J 7(5 4>4Tl4F\TA GK_4A B@OFM I@EGKMCXLA BC(4 <.< [N@7(5 A9G:ENC8:O 2 PQ7(5 1 7(A B
GKMCGKA G:OFA GKMCX OFM@9 EI@EAVOFGKMCGKMCXO J 1 IC8:OFA GK7(M 1 ICA HO(E J 7(5 4g93G 2<\TIC8KA A 7 J OFGKMAVOFGKM N@465 B@OFN@E
1 4F\6OFI@E4>GKAHGKM_7(8K_(4F9LO>X(5 4FOFA 465\T7(X(MCGKA GK_48K7O(9=
-BC4A BCGK5V9 J 46A BC79>A 5 GK4F9 HO(EA 7I@E4A BC4WEN@7(APQ5 7 J A BC48:O(E465N@7(GKMA 465PQ7(5A BC4HGKMCGKA G:OFA GKMCX
\TIC4= -BCG:EHOF8:E7 7(5 4F9 COFM@9 HO(EWUICGKA 4)\T7(M_46MCGK46MA6=
#
D&J 7(5 4 E465 GK7(I@EHNC5 7 1 8K4 J G:EA B@OFA)O6PQA 465W7(MC4>B@O(EEA 46NCN@4F9<7F_465HA BC4>8:O(E465WN@7(GKMA 465EN@7(A
7(MC4 MC7 8K7(MCX(465,B@O(E,O _G:EI@OF8W\TIC4<GKMPQ5 7(MA,7FP)7(MC4= f 7(M@E4FUIC46MA 8 2 7(MC4 B@O(E,A 7 EA 7(N A 7
5 4F9GK5 4F\TAA BC4)8:O(E465HN@7(GKMA 4656=
^WM@9465HA BC4>X(ICG:9COFM@\T4 7FP 7(MC4 7FP A BC4>5 4FE4FOF5V\VBC465VE e ;>= D =Sh 0-= ^ =C8K4FOF5 MC4F9<A 7LEA 46N )A BC4
8:O(E465)N@7(GKMA 465)EN@7(A 5VOFA BC465A B@OFM 7F_465GKA6= -BCG:E 46NCAA BC4 8:O(E465)N@7(GKMA 465)EN@7(A>\T7(MA GKMI@OF8K8 2
GKM PQ5 7(MA7FPHBCG J OFM@9gA BC465 4TPQ7(5 4,OF8K8K 7 4F9<A BC4,E J 77(A BC4FEA)XOFGKA 4>B@O(9 E4646MgA 7<A BCG:EWN@7(GKMA
GKM<A BC4>EA I@9 2 HGKA B<MC7(
M 4QAVOFMCX(G 1 8K4 \TIC4FE T=
D 95VO 1 O(\ L7FPA BC4)8:O(E465HN@7(GKMA 465W9G:E \T7F_465 4F9,OFAWA BCG:E N@7(GKMA HO(EA B@OFAWGKAG:EMC7(AH_G:EG 1 8K4
7(ICAVEG:94>GKM 1 5 GKX(BAWEICMC8KGKX(BA6=
^ EGKMCXOFM,OFMCG J OFA GK7(M HBCG:\VB>B@O(9>NC5 7F_4F9)4Tl4F\TA GK_4 HGKA B -= ^ = 4465 4HO 1 8K4HA 7GKM@\T5 4FO(E4
;>= = EEA 5 G:94>8K46MCX(A B
=[GKM@\T4 ;>= =HO(EO 1 8K4>A 7LGKMCGKA G:OFA 4HGKA BC7(ICA_G:EI@OF8\TIC4FE
4 9G:9<MC7(A
P O(\T4)A BC4)GKMCGKA G:OFA GK7(M<G:E EIC4FEH9G:E \TI@E E4F9LGKMg[4F\TA GK7(M6F= b =
MA BC4g;>= = A 5 G:OF8:
E 4g9G:E \T7F_465 4F9 A B@OFA<OFMOFMCG J OFA GK7(M J 7F_GKMCX EA 5VOFGKX(BAL97 HMA BC4
E \T5 4646M<7FPA BC(4 <.< [N@7(5 A9G:ENC8:O 2 G:EMC7(AWO(EHI@E4TPQIC8 HBC46M<A IC5 MCGKMCX,\T7(5 MC465VE7(5 HOF8 GKMCX GKM<O
\TGK5V\T8K4)O(E HBC46M HOF8 GKMCX,GKM O,EA 5VOFGKX(BAW8KGKMC4= -BCG:EHG:EHA 7 1 4>4 N@4F\TA 4F9 CEGKM@\T4 HBC46M A IC5 MCGKMCX
A BC4)G J OFX(4>974FEHMC7(AOFNCN@4FOF5WA 7 1 4R 4F9L7(M A BC4)X(5 7(ICM@9=
f B@O(EGKMCXA BC4H8:O(E465N@7(GKMA 465NC5 79I@\T4F9>7 1 E465 _(O 1 8K45 4FEIC8KAVEO(EX(77C9 7(5 1 46A A 465A B@OFM A BC7E4
HGKA B A BC( 4 <.< [N@7(5 A9G:ENC8:O 2 =
[ HGKAV\VBCGKMCXHA BC48:O(E465N@7(GKMA 4657(M OFM@9>7Fl<O(E;>= = HOF8 4F
9 HO(EEI 2<\TGK46MA
A 7\6OFI@E4HBCG J A 7
E HGKAV\VB<GKM@EAVOFMA 8 2,1 46A 4646M<O 1 46A A 465WOFM@9 7(5VE4)XOFGKA6= /C7(5W;>= = A BC465
4 HO(EHMC7(AWO>8K4FOF5 MCGKMCX
\TIC5 _4)O(E E7\TG:OFA 4F9 HGKA BLA BC48:O(E465N@7(GKMA 465 CO(EA BC465 4B@O(9 1 4646M HGKA B -= ^ = W7(5H9G:9,BCG:EXOFGKA
G J NC5 7F_4H7F_465A G J 4HGKM,A BC4O 1 E46M@\T4W7FP\TIC4FET= -BCG:E J O 2>1 45 468:OFA 4F9>A 7>A BC4W5 468:OFA GK_4HE46_465 GKA 2
7FP -= ^ = E O GKMC4FEG:O=
D E J 46MA GK7(MC4F9>NC5 46_GK7(I@E8 2 ;>= = E XOFGKAG J NC5 7F_4 J 46MA HO(E MC7(AWO(EH95VO J OFA G:\O(E-= ^ = ET=
W7 46_465EGKM@\T4 -= ^ =8KGK_4FEGKM OFMC7(A BC465EAVOFA 4>OFM@9 HO(EMC7(AO6_(OFGK8:O 1 8K4WPQ7(5WA BC4)UI@OFMA GKAVOFA GK_4
N@OF5 A 7FPA BC4 EA I@9 2 7(MC8 2 ;>= = E>XOFGKA N@465PQ7(5 J OFM@\T4 HO(E OFM@OF8 2 j64F9 OFA A BC4 GK7 J 4F\ B@OFMCG:\6E
O 1 75VOFA 7(5 2 =
;>= =5 46N@7(5 A 4F9 PQ46468KGKMCX X(46MC465VOF8K8 2 8K77E465,GKMA 5 4FOFA J 46MA \T7(M@9GKA GK7(M@E e 8:O(E465 N@7(GKMA 465Th
OFM@9 < e <.< [N@7(5 A HGKA B 9G:ENC8:O 2 7(MhWA B@OFM GKM 46GKA BC465\T7(M@9GKA GK7(M e MC7 A 5 4FOFA J 46MATh7(5 !
e <.< [N@7(5 A HGKA B 9G:ENC8:O 2 7FlhV=
@4[6,G"735:14R1'6B1ROG"2R1\Q1RR1,BK3LV>D Z 21'P\3G"L7:= ="9QLR6XP\LSVE6,RG"2G"L7VL,Q35:1 >ELR3OBG"2E:HI6'JX3LX35:1
HI6,21ROELG"731R'=
D=P
-BC4WEA 5 G:948K46MCX(A B,OFM@9 HOF8 GKMCX)EN@464F9 9COFAVO)OF5 4WEBC7 HM GKM -O 1 8K4 F= b = -BC4HICM@\T465 AVOFGKMA 2
GKM A BC4LEA 5 G:94,8K46MCX(A B G:ECF J GK8K8KG J 46A 4T5VE1:
A BC4,A G J 4 ICM@\T465 AVOFGKMA 2 7FPHA BC4 PQ77(A EA 5 G 4,9COFAVO
I@E4F9<GKM<A BC4HOF8 GKMCX,EN@464F9<\6OF8:\TIC8:OFA GK7(M@E
G:ECD S J GK8K8KGKE4F\T7(M@9CET=
-O 1 8K42F= b +H[A 5 G:9446MCX(A BgOFM@9`aOF8 [N@464F9
46MCX(A B
[N@464F9 D _ 465VOFX(446MCX(A B D _465VOFX(4>[N@464F9
eJ h e J J GKMh eJ h e J J GKMh
f 7(M@9GKA GK7(M b D b D
b =ED b G b = b'\Fc \ F= c \Fd = \ b = b6cM\ \ GC=
b =ED=P \ b = d(d D \ P= S \Fc = c b = d=S=S \ = S
! b = b D d b E= D d G P=D= G P=P= b b = b D'G P'CG = d
< b E= D'G b E= D=P \b = d \ P= b b =ED \ P \Fd = \
94FE \T46M@9GKMCXBC46468CNC5 4FE EGKMCX)97 HML7(M,A BC4HX(5 7(ICM@9BC46468C5 G:EGKMCXOFM@9 PQ77(AE HGKMCX(GKMCX)PQ7(5 HOF5V9=
-BC4 9COFAVO,OF5 4>O6_465VOFX(4F9L7F_465A BC4)A 7 A 5 G:OF8:EHOFM@OF8 2 j64F9,PQ7(5W4FO(\VB<\T7(M@9GKA GK7(M
=
-O 1 8K24 FE= D+ ! OFGKA f 2 \T8K4
f 7(M@9GKA GK7(M ;W4FE \T46M@9GKMCX ;W 7 HM ^ G:EGKMCX [ HGKMCX(GKMCX
D l4F\TA 4F9 G Md \ Dd dP
^WM@O6l4F\TA 4F9 \ Gb 'b \ dF
D l4F\TA 4F9 G dP D=D d
^WM@O6l4F\TA 4F9 P dP DS d
! D l4F\TA 4F9 \ d DS dF
^WM@O6l4F\TA 4F9 d DS dG
< D l4F\TA 4F9 \ d(c 'b \ Md \
^WM@O6l4F\TA 4F9 \ Gb 'b \ dF
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OFM@9< NC5 7F_G:94OFM<G J NC5 7F_4 J 46MA7F_465 COF8KA BC7(ICX(B<X(GK_46M,A BC4)E O J CN 8K4EGKj64W7(MC4>\6OFM<E O 2
MC7 J (7 5 4)A B@OFM A B@OFAWA BC4>9COFAVO,OF5 4>EICX(X(4FEA GK_4=
AG:EEIC5 NC5 G:EGKMCXA B@OFAA BC4 J 7EA E 2J,J 46A 5 G:\XOFGKAG:ENC5 7F_G:94F9 12 \T7(M@9GKA GK7(M ! =-BCG:E J O 2
1 4>5 468:OFA 4F9,A 7,A BC4>EBC7(5 A 465EA 5 G:948K46MCX(A B OFM@9<8K7 465HOF8 GKMCX EN@464F9LPQ7(5HA BCG:EH\T7(M@9GKA GK7(M
=
kW_465 8:O 2 GKMCXgA BC4<X(5VOFNCB@EL7FP MC464 OFMCX(8K4 _465VEI@E>A G J 4 HGKA B A BC4<GKMCGKA G:OF8WO6l4F\TA 4F9BC46468
EA 5 G 4FE>8KGKMC4F9 ICN H974FE,MC7(A,5 46_4FOF8WOFM 2 EI 1 EAVOFMA G:OF89GSl465 46M@\T4<GKM A B@OFA,XOFGKA,N@OF5VO J 46A 465
PQ7(5>A BC4 PQ7(IC5 \T7(M@9GKA GK7(M@ET=` BCGK8K4 A BC4 OFM@9 < \T7(M@9GKA GK7(M@E)OF5 X(I@O 1 8 2 NC5 79I@\T4F9 O 1 46A A 465
EA 5VOFGKX(BA 46MCGKMCXL7FPA BC4 MC464>A B@OFM \T7(M@9GKA GK7(M CA BC4,E O J 4>G:EWMC7(AA 5 IC4 HBC46M \T7 J N@OF5 4F9<A 7
\T7(M@9GKA GK7(M ! =
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A 5 4FOFA J 46MAW\T7(M@9GKA GK7(M@ET=
D
E 4<O(\VBCGK46_(4F9gA BC4 1 4FEA>5 4FEIC8KAVE)GKM A BC4<E4F\T7(M@9 OFM@9gPQ7(IC5 A B A 5 4FOFA J 46MA>\T7(M@9GKA GK7(M@
E
A BC465 4g974FE,MC7(A<E464 J A 7 B@O6_4 1 4646MO E 2 EA 4 J OFA G:\L8K4FOF5 MCGKMCX 4Tl4F\TA,O(\T5 7E ELUI@OFMA GKAVOFA GK_4
A 5 G:OF8:ET=
C
: :(\%
:( &
D E J 46MA GK7(MC4F9 GKM f B@OFNCA 465F A BC465 4LG:E O 9GSl465 46M@\T4 1 46A 4646M A BC4<5 4FUICGK5 4 J 46MAVEPQ7(5
GKMCGKA G:OFA GKMCX<OFM@9 EI@EAVOFGKMCGKMCX O J 1 IC8:OFA GK7(M
= MCGKA G:OFA GKMCXLO J 1 IC8:OFA GK7(Mg5 4FUICGK5 4FEWO<EGKMCX(8K4,\TIC4 OFA
A BC4<EI
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1 ; 4F\TA6=
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4QAVOFMCX(G 1 8K4 \TIC4FE
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D E9G:E \TI@E E4F9gGKM [I 1 E4F\TA GK7(M P= d 1 468K 7
A BC4 _465 A G:\6OF8
R@468:9 4Q7FP 4Q_GK4 "7FPWA BC4 <.< [N@7(5 A
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