El decaimiento de centros comerciales en Lima Metropolitana

(1)

(2)

(3)

!+-

-&",--#-$- -&",--#-$- )*'(%

-/"1

"(&$)$"111

$&!) 0"1 1%&$ !

!(0"11$(*$'

J %-80A4C=J0<0?,9 J %-80A5C=@J@>0.F15.=@J

)'(0"11!%$&("1 1'()$

!($"'11 1"*'(0#

!&$1($&$1 1+,,,,,,-,,,,,,,11,,,11,,,,.1

1 "("('1 1'()$1

J J )?,-,8=J /0J <C0@A42,.5H<J @=-?0J ,90?F,@J =;0?.5,90@J 0<J 9,J .6B/,/J/0J($J!*$J ($)%J%# $%J

J)?,-,8=J/0J <C0@A52,.5H<J@=-?0J&,A?=<0@J/0J/5@0G=J/0J9=@J 0<A?=@J=;0?.6,90@J0<J"#J &'* J

1 '1(0&1

J)0=?F,@J;=/0:=@J/0J"=.,96D,.5H<J0@>,.5,9J

J)0=?F,J/0J9=@J"B2,?0@J.0<A?,90@J@5@A0;,@J?025=<,90@J

*?-,<=@J/0J +,9A0?J3?4@A,990?J J)0=?F,J/0:J<A0?.,;-6=J/0J"=@.3J

JJ9J#=/09=J/0J9=@J$I.:0=@J#I:A4>90@J/0J,??5@J*99;,<J

J)0=?F,J0J"=@JI;B9=@J9B@A0?@J J)0=?F,J0J",J9=-,94D,.5H<J

J#=/09=J/0J:=@J5<.=J<5:9=@J

1 "0"11$"%($'1

J&?=.0@=@J*?-,<=@J #0A,-=97@;=J*?-,<=J J&?=.0@=@JE@5.=@J/0J0@A?B.AB?,.6H<J*?-,<,J J02?,/,.5H<J

J0.95<,.5H<J

J=;>0A0<.5,J J#0?.,/0=J J'0<A,-494/,/J

J0<A?=J0<A?,94/,/J

(4)

(((((

( " (($("(

<<<4+'3$:< !'<+)!.$+<!<'<$3 <

<$)$+0$0< !<$3 <6<+)!.$+<

<<01.1!#$0< !<!4$2'$7$:<+)!.$'<6<+.1'!$)$!1+<

!<'+0<!*1.+0<+)!.$'!0<

(("(("( !((! (

<13.'!7<6<.+'< !<'0<!1.'$ !0<!<!'<,.+!0+< !<

!5,0$:< !<3*<.!<

<+),!1$1%4% < !<'+0<!*1.+0<

<1!.$:<!1.!<!1.+<6<,!.$"!.$<

<!1.+<6<!1.'$ <+)+<3<$1!.,.!1$:*<,+'81$<

!+*:)$< 0+$'<6<3'23/'<+<0$):'$<

<'<!1.+<+)+<3<;'!+<!*1.'< !<!#+$+0<<

(%&($( (( (! ( (

<<+'$7$:< !<'0<1$4$ !0<+:)%0<!*<'<

$3 <

<+'< !1.'$7 +.<6<.1$3' +.< !<'+0<!1.+0<

+)!.$'!0<!<!'<!0..+''+<.+<

<),+.1$< !<'<,.+5$)$ < !<'+0<!1.+0<+)!.$'!0<

<'0<.! !0<4$'!0<,.%$,'!0<+< !<)6+.<&!..-39<!<'<

%3 <

< <$),+.1$< !<'<!0$$'$ < !<3<!*1.+<

+)!.$'<!<!'<,.+!0+< !<1.$:<6<,1$:*< !<

+1!$'!0<4$0$11!0<

( ( ! ( (" ( (( !#( ( ( '" (

<$0$:< !<(<!++)9<.*< !0 !<'<,!.0,!1$4< !<

+0<;)3'+0<

< ;)3'+0<!1&<+),!1$1$4<6<+),'!)!1.$! <

< +0<;)3'+0<+)+<"1+.<!01$)3'*1!< !<(<

.+ 31%4$ <'<**+4$:<6<'<5,0$:*<

< <0+$+!+*+)9< !<'+0<;)3'+0<

"(((%&( ( ( (

($( (("("(

<<'+'$7$:<+)+<3<"!:)!+<-3!<#!*!.<)6+.<

#. +< !<$1!. !,! !*$<6<030<!"!2+0<0+.!<'0<

(5)

D .1,.#D =D &D 1,D D 75,*,(#D (#*#3515#9D *D 7*D *51,D,(1#&DDD A A20325)#)=1A$%A+ A3423(%$ $A%1A81A%1642A20%4#( +A58A 4%, #(=1A#21A%+A23%4 $24A $0(1(564 6(92A

A%453%#6)9 5A$%A9 +24A%1A+25A%16425A20%4#( +%5A

A A %53215 ")+($ $A +25A 1$(# $24%5A $%A %56(=1A %1A +25A %16425A20%4#) +%5A

$:D)2-D !$46-2$ DD D

D-+6;6-D)8+$'DDD

D -+6;6-D+$-+'DDD

D*5*53D"#35,1#,3D@D"",3D.,&B5#,3D07D#*&7=1,*D*D >&D 311,&&,D D &,3D *51,3D ,(1#&3D *D &#(D

(51,.,&#5*D

D &D .1,3,D D ,*3,&##C*D D &,3D .1#*#.&3D %3D ,(1#&3DD&#(D(51,.,&#5*D

D9&,1D&D37&,D=D373D73,3D*D&#(D(51,.,&#5*D

D5,13D 07D #*&7=1,*D *D &D 311,&&,D A<#5,D @?D #(#*5,DD*51,3D,(1#&3D*D&#(D(51,.,&#5*D

A 5A64 15&240 #(21%5A$%A#%174 +)$ $%5A %1A)0 A

? _{(0 A$%A&(1A$%A5('+2A%1642A}%4(&%4( A%2+)"%4 + ? _{A4%#83%4 #(=1A $%-A%1642A%2+("%4 .}

A A2# +(; #(=1A:A+ A##%5("(+)$ $A$%A+25A%16425A20%4#( +%5A $%A(0 A%64232+(6 1 A

@ _{A+2# .(; #(=1A$%A.25A%16425A20%4#( +%5A%1A 4%+ #(=1}

#21A+ A4%$A9( +A$%A(0

? _{A##%5("(+($ $A A+25A%16425A20%4#( +%5A%1A(0}

A+A(56%0 A#21=0(#2A4" 12A$%A(0 A%64232+(6 1!A$%5$%A+ A =36(# A$%A+25A>08+25A

A A +2" +(; #)=1A 58A (03 #62A 52"4%A %+A #203246 0)%162A #21=0(#2A$%A+25A%16425A20%4#( +%5A$%A(0 A%64232+(6 1 A

A A 423(%$ $A + 5A 2+<6(# 5A $%A 1%*2A %1A /25A %16425A 20%4#( +%5A$%A(0 A%64232+(6 1 A

:D!$/-64$4DDDDD

D"#.C53#3D*51&D

D"#.C53#3DD51%,D

(6)

/#L&-))%)"HLLL

.%"!.. '$%- .

.$,!.(.%!!!+... '$%- .

L$&"&$%!$.*$!$.

. %- ..'#$.

. - ..'#$.

.'&- ..'#$.$$%..- .. !#$. (.!#- ..%#$."#'$.

.!#- ..$..%!$.

.!#- ..%#).!"#! . .

/## ,++)%%)LL%L#(/,-#"#I(L(G%#,#,LL,),LLL

. %#!.!#. !.#..L

L ;J97>7>LDL4<;?=2>?6L56L02=72396>LC29<=247K;L56L$;57425<=6>LDL 6923<=247K;L56L'2?=7EL*=6C72L

L <;49B>7<;6>L*=6C72>LDL6:23<=247K;L56L'2@=7EL 7;29L

. %#!.!#. ! %#!...

L ;J97>7>LDL 4<;?=2>?6L 56L 02=72396>L C29<=247K;L 56L $;57425<=6>LDL 6923<=247K;L56L'2?=7EL*=6C72L

L <;49B>7<;6>L*=6C72>LDL6:23<=247K;L56L'2?=7EL 7;2:L

L %#!.!#.# $....L

L ;J98>7>LDL 4<;?=2>?6L 56L 02=72396>L C29<=247K;L 56L $;57425<=6>LDL 6923<=247K;L56L'2?=7EL*=6C72L

L <;49B>7<;6>L*=6C72>LDL6923<=247K;L56L'2?=7EL 7;29L

. %#!.!#.& %#!...

L ;J97>7>LDL4<;?=2>?6L 56L 02=72396>L C29<=247K;L 56L $;57425<=6>LDL 6923<=247K;L56L'2A=7EL*=6C72L

L <;49B>7<;6>L*=6C72>LDL6923<=247K;L56L'2?=7EL 7;29L

/### )(%.,#)(,L!#(%,LLFLLL

#1 #%#)"+!#L LL

(7)

H 15=&?&F2H 79&3&7,H 8>!H 1!H &2>*5H H !179!2!9H !;=!H =9*5H !H &2?!;=&$&F2H ;>9$&FH 2=!H >2H &28>&!=>H 759H !252=99H >3H 9!;7>!;=H 9B53-!1!2=!H;=&;"=59&HAH7BH!H!@70&9H!-H7598>!H-$>25;H!2=95;H 51!9&-!;H !!2H &17=25H !;"?59-!1!2=!H ;59!H ;>H !2=5925H >925HH&"!9!2&H!H5=95;H8>!H12=&!2!2H>2H?&=-&H9!&!3=!H!2H"?59H !H-H;5;=!3&&-&H!H-H&> H

2H 52;!>!2&H &!2=&"&5H !-H 795-!1H !H ,5;H !2=95;H 51!9&-!;H !3H !!2&H AH ;>H =9;!2!2&H >92H !-H 5+!=&?5H 79&2&7-H !H ,H &3?!;=&$&F2H !;H0H!=!91&2&F2H!H,5;H"=59!;H8>!H59&$&22H!0H!;=5H!H !&1&!2=5H!H!;=5;H!2H &1H!=9575-&=2H!;!H>2HF7='HC;&1!3=!H >92E;=&H ;&2H 8>!H !;5H ;&$3&"&8>!H 79!;&3&9H !H ,;H !1C;H &;&7-&2;H 517.!1!2=9&<H

=>-1!2=!H!-H=!1H9!-&525H52H!-H !H05;H!2=95;H

51!9&-!;H !H &1H !=9575-&=2H !;H 1>AH 51!2=5H 759H !@7!9=5;H AH 95"!;(52-!;H!H&?!9;;H&;&7-&3;H;&2H!19$5HH-H"!%H25H!@&;=!2H1>%5;H =9*5;H!H&2?!;=&$&F2H7>-&5;H8>!H;!H5>7!2HAH!@78>!2H"591-1!2=!H /H 2=>9-!BH !H !;=!H #!2F1!35H !H 1&5H !2H !-H !;995--5H !H -5;H !2=95;H 51!9&,!;H!2H$!2!9- H

H&2?!;=&$&F2H;!H75AH!2H>2H195H=!F9&5H8>!H9H=!59E;H15!-5;HAH 52!7=5;H ">41!3=-!;H 8>!H $>92H !;=:!%H 9!-)F2H 53H -5;H "=59!;H 8>!H59&$&22H!-H"!2F1!25H!H1&5H!2H!/H!;9950-5H!H!2=95;H51!9&-!;H 515H-;H=!59E;H AH15!-5;H!H 5-&B&F2H !H-5;HG1>-5;H ->;=!9;H !H,H -50&B&F2HAH&?!9;5;H52!7=5;HG=&,!;H

;&1&;15H;!H517-!1!2=H52H>2H95H!"!9!2&-H8>!H=9=H!H!@7-&9H!-H 795-!1H !H -H &2?!;=&$&F2H !;!H >2H ?&;&F2H $!2!9-H AH 52H >3H 95H &;=F9&5H 8>!H !@7-&H 0H !?5->&F3H AH !;995--5H !H -5;H !2=95;H 51!9&,!;H !2=95H !-H 53=!@=5H !H &1H !=9575,&=2H ;5H !2H %!%5;H 9!/!;H 5>99&5;H H -5H -9$5H !H ;>H %&;=59&H H 79=&9H !H -H DH !H,5;H ;!=!3=H !2H !-2=!H &1H !@7!9&1!2=H 1&5;H 25=-!;H !2H -5H 8>!H H 1!9!5H ;!H 9!"&!9!H->!$5H!H>2H7!9&55H!H!&1&!2=5H51!9&,H!2H;>H3G-!5H!3=9/H ;!H795>!2H !;7-B1&!2=5;H !H-5;H 79&2&7-!;H 2!$5&5;H %&H 2>!?5;H!*!;H 51!9&-!;H>&5;H!2H;>H7!9&"!9&H515H&9"-59!;H2H;&95H%9&--H H 5-&26HAH>95H 52!H;!H53;5-&952H-;H2>!?;H >92;H!2H,H &>H "!2F1!45H 8>!H ;!H 9!7!=&9CH 7!9&F &1!2=!HH -5H -9$5H !H ;>H%&;=59&H 5;=!9&591!2=!H ;!H 52;5-&2H -5;H 525;H 515H 2>!?5;H !*!;H 51!9&-!;H 52H &9!&F3H %&H -5;H >=95H 7>2=5;H 9&2-!;H 75-9&B35H G2H 1C;H !/H 17H 51!9&-H!H&1 H

(8)

'C ..*C C '.6C ,74.6C .*4"'6C C ;>C *?6C !C 29C '.6C .,69+$.46C6C;,C,C'C%6=9,7";CC6. 4CC'9 4C.,C4'">4C696C .*146C =C ,C .,C 164C 69C 7"*1.C C .".C ''AC 6C .,C 9,C ,74.C .*4"'C &44?C 69C ;,7&C .*17"7"<C 4,7C C '.6C *?6C 'C 6"48.C .*4"'CC*9!.6C44".6C6C'C.4.'4".CC'C.,,74"B,C.*4"'CC .74.6C .,C 9,C =C '" .6C C ;>C *?6C C 67"64C 'C

7";"C'C.".C

C "1B76"6C ,74'C C 'C ",;67" "B,C "4*C .*.C 7.46C 96,76C 'C "*",7.C C '.6C ,74.6C .*4"'6C C 'C .'">"B,C =C 6""'"C 6;.4'6C C 'C '7C C 147""1"B,C ,C '",>6C 6747@ "36C 'C 694 "*$,7.C C ,9;6C ,74'"6C 29C .4,C *=.46C ;,7&6C .*18"7";6C C'C'7CC,7 4"B,C.,C69C,7.4,.C=CC'C";46"""B,CC 'C 4.1#C 9=.C 7.C 6.4C 69C ,7.4,.C 6C 4'&C .*.C 9,C 67.C C 1.674 "B,C=C 4"B,C C.*.C147CC'C*7..'. ACC74&.C C 147"4C C'C "1B76"6C ,74'C6C",7"",C'6C ;4"'6C C ",#.46C 9=6C "*,6".,6C 6"67*7">6C *",7C *74"6C .14".,'6C !,C 14*"7".C ,'">4C ;'94C =C *"4C C ' 9,C *,4C 'C 6"79"B,C C '.6C ,74.6C .*4"'6C,C967"B,C

4C 7.6C C 1'""B,C =C .*14."B,C C 'C !"1B76"6C 6C !C 6'"/-.C9,C*:675CC97 .C,75.6C/*4"'6C.*/C*.'.6C,C 14.6.C C "*",7.C 9".6C ,C >.,6C .4461.,",76C C "4,76C 6747.6C 6."'6C C "*C *",.C 'C ,C ,C 6"4.C 4,'6C ,C ",C .'",74.C,CC.'",0C=C ,",74.C,C'C1'>C,"B,C'C4.C

.*.C .,'96".,6C =C 1.476C "*1.47,76C C 'C ",;67" "B,C 6C 19C .,6"44C,C14"*4C'9 4CC29CC9,CC'6C"4*".,6C!!6C,C(C !"1B76"6C !,C 6".C *1'"*,7C .44..46C =C ,C 6 9,.C '9 4C 29C *.674.C 29C ,.C 6C 4.*,'C *14,4C 9,C 14.=7.C C ,74.C .*4"'C 6",C 7,4C ,C 9,7C C 9,.C C '.6C 7.46C 1',7.6C ,C 'C !"1B76"6C =C 29C !.=C ,C AC 'C 7,,"C 'C 9694".C .,7*1.4?,.C 6C .,944"4CC29''.6C 4",7.6C 29C., 4 ,C'C *=.4C *CC64;"".6C 6",C 7,4C 29C 6'"4C 'C '9 4C 6C "4C '.6C ''*.6C *''C6C 29C !,C 6967"79".C ,C 147C C '.6C 14296C =C 6C !,C .,;47".C ,C 'C 19,7.C C ,9,74.C C )6C *"'"6C=C67",.C14C164C 69C7"*1.CC.".C

(9)

-

-"; -; /'; '.+(; (&+"; -; /'; '8&'(; (&)"!(;

*/;.';/';.(;0-.(+;-(+;-/;'.(+'(;+'(;";'++;/'; -.(; ; )+-8'; 2; .+(+(; '+"; )+("&; ; '-/+; -&'/8'; "; 0"(+; "; -/"(; "!& '.(; "; )9#(; 0-.'.; 2; ('-/'.&'.;+'-;)7+-;)+;"(-;'0+-('-.-;; '.,(-; (&+"-;';";/; ";+-).(;";)+/'.;;"; '0-.8'; -;

& )$('--$*'(!

!,$-: _{;(#38'; -0(+";5-+6;/';.(+;*/;('.+/2}

(';";)+(-(;;&'.(;;/'; '.+(; (&+"

: _{;-";-0(+"; 5-;/';.(+;.+&''.;'}

";)+(-(;;&'.(;;/'; '.+(; (&+"

: _{5 (&(; .; ; "(-; '.+(-; (&+"-; '; /-.8'; "} -/+&'.(; ; '/0-; '.+"-; (&+"-; )+(/.( ;/';+&'.(;/+'(

: _{5;*/;&'+;.;;/'; '.+(; (&+$;";(;} '(; )+.)+; '; "'3-;-.+.7-; ('; (.+-;&)+--; ( ;'(;'.++;"9'; 9&/"(

: _{5; */; &'+; .; ; /'; '.+(; (&+"; "} 0+-8'; ; "; +(); '.; "; )(-"; /+-;;"(-;&(-;2;1'-;;";"("38'

: _{5; */; &'+; .; ; /'; '.+(; (&+"; "; ".;} '.+8'; ('; -/; '.(+'(; +'(; /+'.; -/; -,+($"(; 2 ('-("8';(&+"

-

+---

-"(!*%-$&#-.+&'+; "(-; )+')"-; .(+-; */; '; (+'(; %;

&'.(; 4;; "/'(-; '.+(-; (&+"-; ; &;

.+()(".'; (&(; -; "; -(; ; "(-; '.+(-; (&+"-; &'(; "; ("'.+(; +'"-; 2; ''.+(; 2; &(-.++; &'.;/';&.+3;()+('";;'6"--; .((;"(;*/;+&; ";)8.--; '.+";

(10)

*%'"$*$#)"$*

@ _{*2 0A 6A 4%30A $A ,%!8 =*A A $,1A 320,A *20,1}

,)0 $1A 1$ ,*,1A ) *,A %A 0*$1

,$ *20,A6A* *20,

@ _{*2 0A 6A 4%30A $A 1 $ A A $,1A 320,A *20,1}

,)0 $1A*A312 =*

@ _{*2 "0AA *412 0A%A40 AA104 ,1A/3A,0*A$,1}

320,A *20,1A ,)0 $1A *A 312 =*A *A 0$ =*A ,*A %, /3A ,0*A $,1A *34,1A *20,1A /3A ,*12 236*A ,6A *A ; $1A*341A*20$ 1A,)0 $1A*A$A 3

@ _{*2 0A %A0$ =*A A.** A A $,1A 320,A*20,1}

,)0 %1A*A312!=*A,*A20) *,1A?)3$,1AA *A 4%30A 131A .,1 % 1A .0A 0A A $1A 4*2#1A 6 * ,1A/3A,*$$4A,0)0A.02AA$$,1

@ _{*2 0A %A 2 .,A A .0,. A 6A $A 0,A A 32,*,);}

) * 1202 4AA %,1A 320,A*20,1A,)0 $1A*A312 =* A +A A 4$30A $A .,1 % A A 301A A %,1A ) ,1 /3A ).,*A%A$,$ 7 =*

@ _{*2 0A A *412 0A 'A 0$ =*A A $,1A 320,A *20,1} ,)0 $1A 1% ,*,1A ,*A 13A *2,0*,A 0*,A 1A & .3*2,AA$A.0) $ A6A$A0,AA *20 =*A,*A:'

* (*** * *

A *412 >*A 0$2 4A 'A !&"*A *20,1A ,)0 '1A *A )A 20,.,$ 2*A 1A 3*A 2)A 0*;12 ,A 13))*2A ).,02*2A .0A $A 3A 6A 131A 2*21A .0A *401 ,* 121A .0,62 121A 6A .$* ,01A 31A,*$31 ,*1A.0) 2 09*A,00,,00A2,,A%,A/3A*A&A 2,0<A1A.$*2A6A $3,A*A$A.092 A1A 2,)*A 1 ,*1A ,0021A .0A /3A %,1A .0,62,1A 013%2*A 2 $1A 4 $1A 6A 1,12* $1A *A 'A 2 ).,A *A ,*13* A $A ).,02* A .092 A $A 123 ,A 0 A *A$A.,1 $ AA.0,.,*0A.321A6A) 1A/3A.0) 2*A0#3120A , ,00 0A $1A .,$;2 1A A =*A ,*021A *A 3*A 20) *,A 1, 0$ ,*,A,*A3*A*20,A,)0 $

* * **(*

,A A %A ).$ 23A $A 2)A 6A A %A 401 A A 1 .$ *1A /3A 129*A *4,$301A 2%1A ,),A ,*,)<A , ,$,<A 12<12 A 0/3 2230A 6A 0* 1),A *A 12A 2.A A $A *412 =*A (A *,/3A 2 *A 3*A 0920A 91 )*2A 0*;12 ,A 1 *A /3A 1,A 1 * /3A.01 * 0A,).%2)*2AA$1A)91A

A 120A $A 3%2A .0A *,*200A *2*21A .0,. ,1A ,AA/3A*A*3120,A) ,A *,A5 12*A)3,1A123 ,1A1 ) $01A * A 1A A 2,1A 0$2 4,1A $A 2)A 6A %A *,0) =*A 0$ ,*A A $A 1 23 =*A ,*=) A ** 0A A $-1A *20,1A ,)0 $1A *A *0$A 1A A *230$7A 0104A 6A .,0A *A .,,A 1 $A 07=*A .,0A$A39$A%A.01*2A *412 =*A109A3*A.0 )0A.0,5 ) =*A

(11)

7 777

7 / ! ',7 #$7 +3$01&% "&6+7 0,!/$7 ($/5 07 ,*$/"& ($07 "1,/$07 ",+#&"&,+ +1$07 #$7 ( 7 /.2&1$"12/ 7 ,*$/"& )7 7 77

2./: 0&:/*!': :&1./8&: .'*: "*7.:'%*".:&: ": 0: : &: 0&: &: &/': '%&': 03': '!/1': 0: /*%&*:"'.: /'*.:)0: (*%/*'&:)0: .&: ':&':*&/".: &/*': ": '&/2/': &: )0: .: &0&/*&: ": *.(/': .: 2("*5:*1%&/:":&')0:":0/'*: )0:1:.0:/*!': &:".:.0&/.:(*/.:

/",71$6/&",7

9&: ": 0/'*: ":.'"': ': )0: .%(*:2./: 0&: &: "0*/1': ./5: /*%&&': 0&: %*': &: ": )0: .: : &0**: ": .(': '%*": 03.: '&'&&/.: .0*&: : (-*: : 1*.'.: &5"..: )0: 1&: .: ": ./0': : %*': ./: ": &/'*&': $%5/': (.&': ('*: '&'&&/.: 5.'.: ": *&.%':3:": *)0//0*:

&-61$0&07

9&: ": 0/'*: (*: )0: 0&: "*7: '%*#: &/*': '%*$: .: /": : &**: &'.: '&8%'.: 3: .: &.*': )0: ": %.%: .: (/: $: %&/: &: ": )0: .: &0&/*: 3: *.('&: : "'.: *)0*%&/'.: '%* ".: : "'.: '&.0%'*.: :"'.: )0: (0&/: ":'&!0&/': : '%*'.: )0: ": '&'*%&:

$1,#,(,%5 747$0 //,((,7#$7( 7+3$01&% "&6+7

:%/''"'7:)0::.0':":0/'*:.:,%::(+/*::)0: ": *)0//0*: '%*": .(7%&/: "*7: '%*": '%':0&: ': "0*/1':)0:/&:'%': (*&(': 0&%&/": "&4*: */'.: &1".: : *&/": '*.: '&: ".: 2(//1.: : "'.: '%*&/.: )0: .: '&0*: &/*': : '.: '&/2/'.: 0&': 7.': 3: .'": '%("!': '&: ./'+: 3: &5%: (*'(: 3: '/*': /8*': : '"8': &: ": )0: .: .**'""&: '&(/'.: .'*: ": %*': 3: .('.: '%*".: :(*/*::%'"'.:./*/'.:3:*".:

: ": '%(*8&: &/*: ./&/'.: .'.: : *)0//0*: '%*": : 0&': '&:.0.: ('.".: !0./.: 3: .!0./.: &: .0.: '&/2/'.: 7.': 3: .'": 3: /8*': : '"8': .0**5&: ".: '&"0.'&.: &.*.: (*: //*: ":*': : 1"4: : ": (8/..:($&/:

*: $: .**'"$': : .0: &1./8&: &/: /*.: /'*.: '&'&&/.: :&:: '&$0*::*::":/"::": &1*.8&:&:/6*%&'.::*&/":

!222%2/*,.2*)#"*))/.22&2-0"//0-2*(,#'2 1- "/*&.*(,+0"//0,2 )20)2 0-/*2$*2 2

(12)

! !

!! !!! !! !!!

H $:26&8I2$*2 $21G0*$28 H $:26&8I&(.&8

H $:26&8I=0128I1&6(D:*$28I@I&$12/G(*$28

.I =:26I 0&1$*21I 5=&I =1I (/&6EI '=1$*21I I 36:*6I %&I :6$$*21&8I 36I &.I $/*&1:&I 5=&I 8&I 2":*&1&1I %&/I &8:=%*2I %&I 0&6$%2I @I 5=&I %&3&1%&1I %*6&$:0&1:&I %&I 8=I 1*>&.I $=.:=6.I 0"*D1I)@I5=&I$218*%&66I.I'/&?*"*.*%%I$202I=1I3=1:2I0=@I *0326:1:&I %&1:62I %&I .#I '=1$*G1I 3=&8:2I 5=&I .28I (=8:28I 821I $0"*1:&8I @I .8I 1&$&8*%%&8I $20&6$*.&8I :0"*D1I 8*0*802I %*$&I 5=&I &1I (&1&6.I /I 65=*:&$:=6I $20&6$*/I %&"&I 8&6I 3.1:&%I$202I =1I&83$*2I3=".*$*:6*2I &1I&/I5=&I :2%2I %&8%&I =1I 028*$2I )8:I /I 8216*8I %&/I $,&62I ,=&(I =1I 33&.I *0326:1:&I36I$6&6I=1I"=&1I*0(&1I%&I>&1:I326I.2I:1:2I .I (/&6EI $20&6$*.I $202I (6=30*&1:2I %&I %*'&6&1:&8I $20&6$*28I:&1%6CI5=&I$=03.*6I$*&6;8I$21%*$*21&8I@I6&8:6*$$*21&8I I'*1I%&I$21'2606I=1I$21-=1:2I=1*: 7*2I@I70G1*$2I

62$&82I %&I 1C.*8*8I /I =:26I $21$.=@&I 5=&I .28I '$:26&8I $21%*$*211:&8I 08I *0326<1:&8I &1I 0:&6*I %&I 65=*:&$:=6I @I 6"1*802I &1I 6&.$*G1I I .I 6&1:"*.*%%I %&I .28I (6=30*&1;28I

$20&6$*.&8I821I AI

I 36I 32%&6I %&'*1*6I &8:8I $21%*$*211:&8I 82"6&I .28I &,&03.28I &8:=%*%28I)I6&.*B%2I36&>*0&1:&I.28I8*(=*&1:&8I1C.*8*8I

_{21I &.I 5=&I 8&I %&:&$:6CI /8I >*6:=%&8I @} %&'&$:28I%&I8=I="*$$*G1II:6>D8I%&I.I6&.$*G1I%&I.8I(.&6E8 $21I '2608I @I '=1$*21&8I%&I .28I :&66&128I$&6$128I %&0C8I %& 8=I>*1$=.$*G1I$21I.8I>E8I%&I$20=1*$$*G1

_{&'*1*&1%2I.8I$=.*%%&8I @I%&'*$*&1$*8I&1} &.I3.1:&2I%&I.I$*6$=.$*G1I.28I&83$*28I%&I&8:6I %3:$*G1 I.8I1&$&8*%%&8I&:$II'*1I%&I.2(66I$202%*%%I%&I=82

_{21I &.I 5=&I 8&I &1=0&61I 2",&:*>0&1:&I .28} 0&%*28I&03.&%28I3!6I.2(67I=1I*0(&1I$20=1*$:*>

_{&:&60*11%2I.I6&/$*G1I&1:6&I&.I=8=6*2I@} .I(.&6EI0&%*1:&I.8I8&18$*21&8I5=&I362%=$&1

8*0+802I &/I =:26I 6& /*BGI &1:6&>*9:8I I $20&6$*1:&8I @I =8=6*28I 0&%*1:&I=1I8&6*&I%&I36&(=1:8I36I.=&(2I%&I8=I:"=.$*G1I8&I &0*:I=1I$21$.=8*G1I@I >&6I 8*I 8&I )I:&1*%2I&.I 6&8=.:%2I&83&6%2I &1I$%I=1I%&I.8I2"68I

.I 6&8=.:%2I %&I &8:=%*6I :6&8I :*428I %*'&6&1:&8I %&I (/&6F8I $20&6$*.&8I&1:628I20&6$*.&8I'=&I&.I8*(=*&1:&I

H .I 36*0&62I /&6EI 8:261&..I $/*'*$%I $202I =1I 1&(2$*2 828:&1*"/&I&8I%&$*6I3&18I6&1:".&

(13)

` !Cb Q;=SI:Jb "6C;N\6b #?K;Nb '?8;NR6:b 96C?<?96:6b 9JGJb SI I;=J9?Jb;U?RJQJbJbQ?GKC;G;IR;bN;IR68C;

a _{!Cb R;N9;NJb "6C;N\6b CRJb :;Cb JIJb .>JK?I=b 96C?<?96:6b 9JGJ} SIbI;=J9?Jb?IQJQR;I?8C;bJbQ?GKC;G;IR;bIJbN;IR68C;

b /;Q?Qb :;b $IT;QR?=69?^Ib QJ8N;b &$"!%+ + %)"+ + "%+

!&$"%+" $%+!+ + ++

!QR;b RN686AJb 6I6C?W6b Vb :;GS;QRN6b LS;b CJQb ;IRNJQb JG;N9?6C;Qb 69RS6C;Qb ;Ib '?G6 b 9JIQRNS?:JQb 86AJb K6RNJI;Qb *JNR;6G;N?96IJQb ;QRZIbJN?;IR6:JQb KN?I9?K6CG;IR;b6bCJ=N6NbSIb8;I;<?9?Jb;IbR[NG?IJQb :;b N;IR68?C?:6:b 9JIb KJ9Jb ?IR;N[Qb K6N6b ?IQ;NR6NQ;b 6:;9S6:6G;IR;b;IbQSb9JIR;URJb0N86IJb

.;=_IbC6b6SRJN6b:?9>JQb;IRNJQbJG;N9?6C;Qb9JIQR?RSV;Ib=N6I:;Qb G6Q6Qb G?I?G6C?QR6Qb LS;b IJb Q;b ?IR;=N6Ib 6b C6b 9?S:6:b Vb GZQb 8?;Ib Q?NT;Ib 9JGJb SIb <JI:Jb K6N6b CJQb ;C;G;IRJQbKS8C?9?R6N?JQb SR?C?W6:JQb 9JGJb>;NN6G?;IR6bG;N96IR@CbO;AJQb:;bQ;Nb9JGKC;G;IR6N?JQb

'6b 6SRJN6b Q;C;99?JI6b 9S6RNJb ;IRNJQb JG;N9?6C;Qb 9JIR;GKJNZI;JQb ;Ib '?G6b (;RNJKJC?R6I6b b &J9B;Vb ,C6W6b

.6Ib )?=S;Db

(;=6b ,C6W7b Vb

,N?G6T;N6b ,6NBb ,C6W6b K6N6b 6I6C?W6Nb Vb 9JIRN6QR6Nb QSb #?K^R;Q?Qb 9SVJb N;QSCR6:Jb :;GS;QRN6b :;b LS;bI?I=SIJb:;b;CCJQb9SGKC;b9JIb CJQb P;LS;N?H?;IRJQb :;b 96C?:6:b NLS?R;9RÎ?96b Vb 0N86I\QR?96b 69;KR68C;Qb Vb GZQb 8?;Ib N;<C;A6Ib SIb G6VJNb ?IR;N[Qb KJNb ;Cb 6QK;9RJb ;9JI^G?9Jb !Ib 9JI9CSQ?Îb ;Eb ;I<JMS;b:;b[QR6b?IT;QR?=69?Îb;Qb:;b96NZ9R;Nb6NMS?R;9RÎ?9J bVbQSb 6KJNR;b ;QRZb JN?;IR6:Jb 6Cb 96GKJb :;Cb :?Q;]Jb :;b ;IRNJQb JG;N9?6C;Qb9JIR;GKJNZI;JQb

++(+

b/!+-Xb3b(+ !'+.b !b '+'%5$Y*b!.,$'b

b K6NR?Nb :;b 1JIb />SI;I b F6b R;JN\6b ;9JI^G?96b ;QK69?6Cb >6b Q?:Jb ;Q;I9?6CG;IR;b SIb 9JIASIRJb :;b R;JN\6Qb :;b 'J96C?W69?^I b LS;b 9JIQR?RSV;IbC6bKN?I9?K6Cb;UKN;Q?^Ib:;Cb6IZC?Q?Qb;9JI^G?9JbSN86IJb

b /;JN\6b ;b 'S=6N;Qb ;IRN6C;Qb 4b .?QR;G6Qb -;=?JI6C;Qb 0N86IJQb26CR;Nb>N?QR6CC;Nb

!QR6bR;JN\6b:;bQ?QR;G6Qb;UKC?96 b6bK6NR?Nb:;b9?;NRJQbKN?I9?K?JQb =;I;N6C;Qb C6b :?QRN?8S9?Îb Vb A;N6NLS?W69?Îb :;bCJQb%#"%+ '$!"%+LS;bKN;QR6Ib:;R;NG?I6:JQbQ;NT?9?JQb6bC6bKJ8C69?Îb :;bSIbZN;6b9?N9SI:6IR;b;IbSIb;QK69?Jb%*&$"#"+!QR68C;9;b ;Cb 9JI9;KRJb :;b'$%+ !&$%+6b CJQb KSIRJQb :JI:;b Q;b KN;QR6b:;R;NG?I6:JQbQ;NT?9?JQb6C6bKJ8C69?Îb:;bSIbZN;6b

3

3/3 )*!+3 3,*)&+33!+1)33$)+3'3 !%3+!+33&.+-" #2(3 3 033

# # # #"##!## #

(14)

(,##*: ',: : ),)*#*: #: : &("): : ',: : #*( 28#: ): ,#: &(#&$: : $(#: 0: ',: $): )#*"#*$):,"#$): $:),#:

:*$(6:),(:',:0: 0):',:*("##: :#9"($: *"7$: 0: )*(,8#: : ): ,): &(*#$: : ,#: )&$: )8*($&$: $#: ,#: )*(,8#: $"$5#: : : &$ 8#:0: :&$(:',)*-$: :$)*$: :&($,*$:):

#("#*(4:#:,#8#:: $):*$():1:

:")"$:"$$: :&::$"&(:

: :&$ 8#::,#:&($,*$:)"#,(4:#:,#8#: : ),: $)*$: 0: &$(: *#*$: : : )*#: ,#$: )*: (2$#"#*$: ):,:',:/)*(4:,#: 6"*::&(*(: : , : 0: #$: )(4: (#* : &(: : ,),($: ',((: ,#: &($,*$:$:)(-$: :/)*(:$*($: ,(:#*( :"4):&(8/"$: $#&*$):,#"#* ):

9 $: ',: $(: #): 0: )(.$): )& 2$): : ,#: 4(: ",$: "4): "& : ',: : $,&:6)"#*:&$(: :")"$:

$#: ', $): ',: ):

(*(2#: &$(: &$)(: ,#: (+$: ($: : )& 28#: 0: )(: $(*$): )$ $: #: *("#$): #9 $):

): : 4(: )*: : #): 0:

)(- $): #*( ): &$(: ,#: ")"$: ,(: #*( : $#: &$ (2:&$(:,#:#*($:&$(:,#:$#,#*$::( $#):$: &$(:,#:*$(6::( $#):, *,( :$:$"( 3:

:"::&(*(:: ):(,#)::)& 2"#*$:: $):()#*):: :&((:: :#*($:):$#)(#: : $(": (, (: 0: (#: /&$## "#*: #: ( 8#:: :)*#:( ::,#:&,#*$: :#*($:

): ', : $#: : &$ 8#: ):

)*(,0: ,#$(""#*: $#: ): 4(): : #!,#: )9#: ()* (: *#6#: ',: $&*(: : $(": : ,#: (*6, :$:" :/$# :

$: *$$): $):

)#*"#*$): $(#: $): ")"$): #): 0: )(-$): &$(: $:):)* :,#:((',6:',:(6:):,#:),,($: )*: :&* :"*($&$ *#:$#:),):4()::# ,#: ()&*-): $: ',: )#: ',: $): #*($): "4): (#): $(#:#):0:)(-$):)& 2$):0:"4):&$)#: *$$): ', $): ',: $(#: %): #*($): : *$(6: #($(: $):#):0:)(-$):"4):)& 2$):*##:,#: 4(::# ,#:"0$(:

(15)

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

) "&))$"))#)

6>M)>?A(-6>M()M6>',M%76:?%5M5A)C%M?)6:J%M()M1%>M:)+-65)>M FM()M1%M16'%1-G%'-K5M >?%M?)6:J%M%&%:'%MA5M?):'):M%>7)'?6M 1%M"&)) $")8A)M'65>?-?AF)MA5%M()>':-7'-K5M ()M 1%>M :)1%'-65)>M )>7%'-%1)>M ()M A5M )8A-1-&:-6M )'65K4-'6M )5M+)5):%1M 6>',M>A765)M8A)M7:6(A'?6:)>MFM'65>A4-(6:)>M )>?H5M :)7%:?-(6>M A5-*6:4)4)5?)M )5M A5M )>7%'-6M ,646+I5)6M 71%56M FM >-5M ()>-+A%1(%()>M +)6+:H*-'%>M 6M 761J?-'%>M )5M )1M 8A)M 1%>M 4%?):-%>M 7:-4%>M )>?H5M -+A%14)5@)M (->?:-&A-(%>M

)M %'A):(6M %M )>?%M ,-7K?)>->M ()M A5-*6:4-(%(M )2M H:)%M ()M 4):'%(6M()MA5%M)47:)>%M>):HMA5M'J:'A16M'AF%M(-4)5>-K5M ()7)5():HM()M1%M:)1%'-K5M)5?:)M1%M'A:C%M()M()4%5(%MFM2%M 'A<%M()M'6>?6M8A)(%5(6M?%4&-I5M)>?%&1)'-(6>M)1M7:)'-6M 4HE-46MFM1%M'%5?-(%(M%M7:6(A'-:M"%4&-I5M()M%'A):(6M%M 16>M>A7A)>?6>M()M?)::/?6:-6MA5-*6:4)M16>M'6>?6>M()M?:%5>76:?)M >):H5M-+A%1)>M)5M?6(%>M1%>M(-:)''-65)>M%A4)5?%5(6M'65M1%M (->?%5'-%MFM>):H5M16>M4->46>M7%:%M?6(6>M16>M7:6(A'?6:)>M)M )>?%M4%5):%M>)M)>?%&1)')MA5%M1J5)%M()M *:65?):%>M )5?:)M1%>M H:)%>M ()M 4):'%(6M ()M 16>M 7:6(A'?6:)>M A&-'%(%M %M 4)(-6M '%4-56M )5?:)M )116>M FM 8A)M :)7:)>)5?%M )1M 1A+%:M +)64I?:-'6M ()M 16>M 7A5?6>M (65()M )1M 7:)'-6M ()M 16>M 7:6(A'?6:)>M '65>-():%(6>M)>M)1M4->46M

) "')) #)(#)($!#))""#)%))

!:)>)5?%(6M '646M A5%M 46(-*-'%'-K5M ()M 16>M %5?):-6:)>M >A+-:-)5(6M8A)M)1M7%?:K5M()M':)'-4-)5?6M()MA5%M'-A(%(M>)M ')5?:%M )5M A5%M>):-)M()M (->?-5?6>M ')5?:6>M 'AF6M 5L4):6M )>M *A5'-K5M ()1M ()>%::6116M ,->?K:-'6M FM ()M 1%>M *A)=%>M 36'%'-65%1)>M

(16)

, ),,,*,,,,, #!, ,

%B A(4%+B 1B 4*B /4-+B +/: (*3B *1+B B (-/11B B *13 34 +*1B +*61B -/3* *3B B 4*B (-+B +*/3+B 4* 1B -+/B /1+1B +(4*1B 7B +(-%(*3/ 1B *3/B 1<B +/B 14B (*1 @*B +/: B 4*B A(4&+B -4B 1/B 4/*+B / +*%B * +*%B +B *%41+B *3/* +*&B +1B A(4%+1B +-3*B 5/ 1B +/)1B-*!*+BB24B-0,4*!B 7B+)-&#"B-/+B%B (7+/<BB%%+1B+(-/**B(-/11BB-/+43+1B+B1/5 +1B *%1B -/+5+/1B B (3/ %1B +(-+**31B (.4 */ B 7B 1/5 +1B 1- % 8+1B *13 34 +*1B ** /1B 7B (-/11B B 13+/1B *1 B

*B %+1B A(4%+1B 3( ;*B 14%*B *3//1B (-/11B .4B +*13 347*B1%+*1B-+13/ +/1BB%B*B1B /B*%1B

B 13/ 4 @*B +B % *31B / *31B B -/+43+1B

+(-%(*3/ +1B -/+5+/1B B */13/434/B %1B

*13 34 +*1B -A& 1B 7B -/ 51B .4B % 3*B +/( @*B *+/( @*B *513 @*B 7B -+7+B 3;* +B 1- % 9+B 4* 5/1 1B /4-+1B B /%6 @*B *3 1B B +/( @*B -/+1 +*%B7B%+1B *13 343+1BB*+/(& 8 @*B

, % ,' &+,(, ,, $,*, +1B A(4%+1B 5/<*B *B 3(?+B (-% 34B 7B 1B B 1//+%%+B %4*+1B 13:*B +(-413+1B -/ * -%(*3B -+/B (-/11B B -.4?1B 7B ( *1B (*1 +*1B '+1B A(4%+1B (:1B 1//+%%+1B 3 **B 4*B +*13% @*B B -/+5+/1B(:1B *43/ B 7B1- % 8B 4*B(B(:1B (-% B B 13+/1B *1B 7B 4*B +*$4*3+B (:1B 63*1+B B *13 34 +*1B46 % /1B

1B/+*3/1BB%+1BA(4%+1B5+%4 +**B+*13*3(*3B *B %B ( B *B .4B -/*B *451B (-/11B 7B 13+/1B13% +1B *B.4B%+1B13+/1B13% +1B1B %", ,,7B*B.4B%1B *13 34 +*1B1B1//+%%*B 7B( *B

+1B 5*1B 3*+%@ +1B 7B +(/ %1B **/*B *45+1B 13+/1B /*B *45+1B 5=*4%+1B +B %3/*B %+1B (/+1B B%+1B .4B1B 3 *B 1 ( 1(+B %+1B ( +1BB %1B%71B7B/%(*3+1B3( ;*B(+ *B%1B/+*3/1B

+1B A(4%+1B -4*B +*1/5/B 14B 5 +/B +(+B %4/1B +(-3 3 5+1B 4/*3B 1 %+1B 7B %B (7+/>B B %+1B .4B %*8*B %B ;6 3+B %+B (*3 **B 4/*3B ;1B -+/B %+B (*+1B B%B ( 1(B (*/B.4B*+B1B-4B/*3 8/B %B1//+%%+BB4*BA(4%+B3(-++B-4B/*3 8/1B

(17)

CThX[h$h9;O;Dh&;"&;'9;PhLTh@&hh

=9@P(Eh

Lh TLLh h 1h

!* %* *

h U;h e9T2>h

@T;h LEh h =D&#;h

(*

'=h h D&#&Lh

);PD;LhCVh'L:';T[;h2h@D=TP'X&h[h2h@&h

h&;;=X&c;h[h@=Eh=PF=h3>hh=D&#;h

$(*

&=h

h2=Lh?;P&9&;P=Lh =h9&=Lh2h9'>hZOE&=Eh

* *'**! *** "!#*

Eh ;P;Eh 2Lh =;Lh h 1=Lh e9U1=Mh =9=h

@E=9>P=ELh h 1h @D=TP&X&h Lh 'Oh T;h Na;QL(Lh h

R==Mh2=Lh 29;P=Lh !X=E2Lhh 2h @E=TP&X&h [hCTh

%;h@=L&1h2hZ&LP<(hh2=Lhe9V2>Lh

gh

* * " * ! * %* " *

& *

2h%$=hh&;P#DEhT<he9T2=h@Uh

!2PEh =h EOFh 2h L=h h EUEL>Lh

L@&1'^=Lh =9=h =9@=;<PLh 9CT&<E&h

MFX'&=Lh9@ELE&4Lh[h@EM=<2Lh;h=9@D(c<h

?;h 2Lh PE;P&XLh &;P#D&c;h XEP*2h 2&;^Lh

!=E92Lh =;h =PELh 9@ELMh +9@=EP&c;h h L=Lh

ETEL=LhLh2V#DLh&LP<SLh

* * * (*

;h5h,;PE&=Eh6he9U1=h;h

LTLh 9@FMLh h &;LP&PT->;Lh Lh /T;Ph U;h #E;h

;P&h h &;!=G9(c;h LA&2,^h >9H&8h

P`<&h Ph 2h L=h h Lh (;"=E9&c;h Lh 9_Lh

!_&1h=h9_LhDO=h<PE=h6he9T2=h[h#E(Lh hMh

L?h @I.X&2#&=h 7Lh 9@EMMh @U<h T9;PEh

LUh "&&;&h [h EELh 9_Lh h 2h "E=;PEh h 8h

@E=UP'X,h

!*

;h e9T1=h T:;Oh 2h

@E=WP&X&h ;=h L=2=h @=Eh 2h Xah h 2h CT&L&&c;h [h

=;/T;&c;h h EUDL=Mh L&h ;=h P9'`;h !&2&P;=h 8h

>9@29;PD'h ;PEh 2Lh P'X&Lh h 2=Lh

AEO&&@;PLh Lh !=E9Lh 9_Mh X&;PLh h

=9@19;PE'h L=;h 2Lh CTh Mh ;h ;PEh

@D>TP=Lh

* * * !!" ** * *) *

=Mh

e9T2=Lh =;X&EP;h ;h &<Mh @f1&=Lh 9T$=Lh

!P=FMh[hETDL=LhCTh<h=PDMh&ET;LP;.LhMEb<h

9T[h =LQ=M=Lh h >;PEP&d;h h PE0=DLh

@E@E>Lh;h;PK=Lhh"=E9&c;h@D=!L&=;2h @=Eh

/9@2=h 2&9&;h =h ETh 2h =LP=h h 2h !=H9'c;h

&;PE;h

!# *

\h

(* * !*

>Lh f:T2=Mh

[T;h h DL=2XEh =h 9'P&#Eh XE&=Lh @E=29Mh h

!U;(?<9&;P>h CTh Mh ;h ;h T&(=;Lh 9_Mh

&M2Mh[h;h9BELLh=;h:] JP#E&c<hYDP&2h

(18)

&+9 8#-&+9 )%,%9 9 %%,.&9 (-9 +,#-9 9 +9 #')++99%1)9-%9,9')&-,.9+,&9+9+59 '&)9 .)&+9 #&,.&+9 9')%'!9 9 &+9 -+9 +99 ')+7%9 &#',,.9

7 '-7 $%&.'-7 7 .&+7 &7 /&.7 (+7 &."+7 /&7

3

)9 .)9 9 &9 9 ,)&9 9 %,)9 -%9 ,)#%&98#-&9+9)&#%9)&9+-%&9 8%9 ')&#%,&9 #,&&7&9 ,9 &#&9 9 (-9 +9 #-+,)99&%,%-7%9

5 _&7%!+70,

$7-7%)+--%,)9 -%9 )%9 #')+9 &9 &%%,)7%9 #')++9 +#)+9 09 &+).)9 &+9 %.+9 +-')&)+9 %)&)+9 9 9 %9 .),9 9 #')++9 %+,,-&%+

5

&7%+7'+#'&.$7'-7-.'+-%,)9+,&)+9(-9'+%9'&)9%+9+#)+9& (-9')&-%9%+9&9+).&+9+#)+9+9%+ &)1&%,+9 9 +,&)+9 '-%9 %,)+9 % -%7%9 9 #'&9 9 ,%&&5+9 &9 #,) + +'!2&+9 +#")+9 &9 %9-%7%9 9 &,)&+9 %/&+ 9)7%9&))+'&%%,+999&),

6

&7%+77$-7&-../'&-7*/7(+'0&7-+0'-%,)9 (-9 %+,,-&%+9 ')&'&)&%%9 &+ &%&#%,&+9 ,%&&5+9 %&)#7%9 ',9 & %*+,)-,-)+9 +'1+9 09 %9 (-49 &)%+#&+ &,.&+9+,3%9%,)&+9+-+9#$)&+

5 &7%+77$'-74+&'-77$7%&-.+4&

%,)9 &+9 7)%&+9 9 9 #%+,)7%9 09 &,)&+ -)'&+9%&)#,.&+9(-9%-0%9+%,.#%,9% &+9&#'&%%,+998#-&

7 777 27 '0&&771-

9&17%9+99%,)7%9%,)%&%99&+9#)&+9 9%+909+).&+9(-9%)9#-&+9%&+9,%,&9')9 &+9 '5++9 +))&&+9 &#&9 ')9 &+9 '5++9 %9 .6+9 9 +))&!&9

9 ,&)59 9 9 &!17%9 +-)9 9 #%+#&9 &9 (-9 ')+%,9 -%9 #0&)9 %,)7%9 &%9 4%++9 '),-)9 %9 9 +)9 9 +9 ,)%+&%+9 &%7#+9 %9 +,9 +%,&9 +,9 ')+',.9+9')99%&(-99&+9++,#+9#-%+ 9%9

>_{> 23'%>9>> 56%&!1; >7; >$%>- >5%5)=1> 52"3%>-25>>}

>_{> *28 11+>}_{>)28 11)%9%5>%24< >} $%>/ >-2" .,: #)=1(60/>

(19)

,4 0K <.K K &9K 4;4C9;#9K <.,.;&9K K &K ;04CK K&K &0&#@#G.K9K3<K9K.;4K?K.;#@K92;09K

<';<4&9K ?K 0.G,#09K 9CK 0,0K K 0,<.##G.K K 9&K ,<.#&K

9;K9<&K4 <,.;K3<K'09K 24#.#2&9K &,.;09K,04.09K 24K #.;424;4K &09K 240909K K 9440&'0K 90.K '09K =C.<&09K <&;<4'9K .;4K &09K 2C99K ,A9K K &09K =C.<&09K 0.G,#09K #..#409K?K20'C;#09K

.K 9;K 0,<.##G.K <&;<4'K <.0K K '09K ;049K ,A9K #,204;.;9K 9K 'K 4#.;K '>##&#K K &K ;.0'0 CK 24K 0.;4K K &K .;K &404K &K ,<.0K 09K 24#.#2&9K 92;19KK'K J0'#@#HK90/K+09K9#!<#/;9K

0.0K 3<K &09K 9#9;,9K K 0,<.##0.9K &0&9 ..KK=@K,A9K#,204;.#K ?KK;4=B9KK9;K24090K&09 2C99K #.;4;I.K ,A9K 4<.;,.;K?K 0.K ,?04K &>##'# .0K 9G'0K K .#='K <5.,.;'K 9#.0K ;-#B.K K .#=&K K ' 20&#G.

<.3<K &09K 24#.#2&9K 9#9;,9K K 0,<.##G.K 024. .;40K K &09K 2C99K ,A9K 9440'&09K 9;09K ,.#9,09 ;,#B.K 9K >;#..K K '09K 2C99K ,.09K 9440&&09K 9; ""0K #.4,.;K 'K 209##'#K K 3<K 4<209K ,4 #.&9K . 2C99K 2049K 9K 2<.K 0,<.#4K K #.;4;<5K .;40K K <. 0.;>;0K '0&K<;#'#@.0K;.0&0 CK.0=09

09K 9#9;,9K K 0,<.##G.K ,04.09K #,2(#.

,0###0.9K 9;8;<4&9K #,204;.;9K .K (09K 2;40.9 0.G,#09K 90#&9K ?K <&;<4'9K K )09K 2C99K 4.;K K * ;#=#K 0.G,#K 9;09K .<=09K =.9K ;.0&G #09K 90. K =@K ,A9K 9#(9K 24K &9K 23<F9K ,2499K &0'9 9;K :#;<%G.K "K 40K <.K ,#.;K #9;#.;0K 26K 4&#@4 ;4.9#0.9K 0.G,#9K <;#'#@4K 4<4909K 240<;#=09 #.;4,#4K 240<;09K ?K 240="49K K &09K ,.#9,09 ,0.;4#09K =#7;<&9K 9K <.K 2492;#=K <&;<4&K &09K .<=09 240<;09K K 0,<.##G.K <.##.K 2;40.9K K #.;4,#0 (404K'K-<.0K205K'0K,.09K.K;B4-#.09KK;5.9#0.9 0.G,#9K0.04-KK0.##0.9K;<&9

9;09K .<=09K 2;40.9K K 0,<.##G.K 9;A.K ;.0

&K .<=0K 0.2;0K K ,#.04C9K .;40K K <.K 2C9K .K 24;#<&4 <.3<K9;9K-#.04E9K.0K9;A.K0,2';,.;K#.; 49K.K& .<=0K9#9;,K,<.#&KK0,<.##G.K&9K,2499K 4.9K? &9K B'#;9K 20&C;#9K K K 2C9K 90.K 24;K K 9;K #.;4#G. &404K&K-<.0

&K #.&K &9K ,2499K ?K &9K B&#;9K 20&D;#9K 0.;#.I.K 9#.0K 3<#.9K;0,.K'9K$9#0.9K.K'09K2C99K.K9440&&0K

09K 24#.#2'9K 9<2<9;09K 3<K 9K >;5.K K &K ;04CK K (K &0&#@#G.K9K49<,.K.K;49K2<.;09K<.,.;'9K

(20)

0%+ 1-A% % %%% % % %

% %

#6,-A % % % % % % %

% % % % % % % % !% % % % #% % % % "% % !% %% % "% %$%

0 0-A% % % % % % % #% %

% % #% % % % % % % !% % % % % % % %

34A3%46%@,A %,(69 A A (-3A#06.-3A -+%,,4 3A9A ,-A-+%,,4 3A AA.?3AA4 -0?A A)A#(-)%:%@,A-%,% A-,A(#6,-3A ( + ,4-3A A(A4 -0?A A(A+- 0,%:%@,A,A3. 4-A ,A/6 A +3A 4 -0?3A -%,% ,A 3A /6 A )A %0 %@,A .0%,%.(A (A 300-((-A 0?A3 0A/6 ((A/6 A +.0 ,,A(-3A34-3A,%-3A 9A60-. A 343A 36 (!3A"%0+,A/6 A(-3A .0%,%.( 3A.40-, 3A A -+6,%%@,A9A(3A$ 00+% ,43A.0A(-#00A+ &-0 3A 34<,0 3A A7%A3 A-0%#%,0-,A ,A)3A0 #%-, 3A 310-((3A,A 34 A.6,4-A 3A %+.-04,4 A 340A (A %" 0 ,%A ,40 A (A . 03. 4%7A A (A +- 0,%:%@,A9A(A A(A#(-(%:%@,A

(A .0%+ 0-A 3%#6 A 6,A .-3%%@,A +<3A ,-0+4%7A 9A /6 A 404A A 0 3-)7 0A )A36,5-A (A 300-((-A )A3 #6,-A0 "6 2A36A0<4 0A -+-A6,A. 03. 4%7A.-3%4%7A+<3A/6 A6,A.-3%%@,A,-0+4%7A

-,A 3 A ,A (3A ,4 0%-0 3A 3%+%(%46 3A 3A .-3%) A "%0+0A /6 A +3A 4 -0?3A +- 0,%:%@,A 9A #)-(%:%@,A -%,% ,A ,A (A 0<4 0A =3%+ ,4 A 4,->,40%-A A 363A .(,4 +% ,4-3A +3A.-3%%-, 3A ,"4%:,A (A$ $-A A/6 A (A+%,-A$%A (A 300-()-A3 A-0%#%,A9A A3 0A3 #6%-A ,A4>0+%,-3A A +- (-3A + 0%,-3A A 9A 60-. -3A -3A " ,3-0 3A A *A #)-(%:%@,A 0#6+ ,4,A /6 A 34A %06,34,%A 3A 6,A 0 (%A ,A4>0+%,-3A A)A%,"(6 ,%A/6 A3 A 0%7A A)3A0 3A A -+6,%%@,A 9A A (A %"63%@,A A (-3A 7(-0 3A A .?3 3A +<3A 300-)(-3A3A+<3A (A%,"(6 ,%A3 A7 0?A4+%>,A0 "( 'A ,A (A+.-A% -(@#%-A9A -,@+%-A

,A (-A % -(@#%-A 70%-3A 64-0 3A ,-A -6(40-,A 36A ,-4( A ,463%3+-AA0?:A A(A?A A(-3A3%34 +3A3-%(%343A3-7%>4%-3A A "%, 3A A (A >A A (-3A -$ ,43A 3A 4 -0?3A A (A #(-(%:%@,A ,"4%:,A /6 A (-3A "4-0 3A 6(460( 3A 3-,A (-3A .0%,%.( 3A 4 0+%,,4 3A /6 A " 4,A (3A -,%%-, 3A -,@+%3A3-%) 3A9A.-)?4%3A A)-3A.?3 3A)-A/6 A 3A3%+%(0AA (A 36 (A3-%)A 8$634%7A-A A3-%-(-#?A-+.0 $ ,3%7A A (3A4 -0?3A A8A 0A

-,A3 A ,A 34-A (A3%34 +A A7(-0 3A0 ,%3A9A (A.40@,A A % ,4%A A(-3A#06.-3A A?,-) A-+%,,4 A-A$ # +@,%;A9A

(21)

"$L*=$83=(@4L 4L<?58"(1"4L "$2=84L"$L?1L<4 ($"#L <41L+4<L $+$.$1=4<L .E<L (.648=1=$<L 68L $A6+( 8L +<L 8 =$8G<=( <L "$L ?1L6G<L$1L=F8.(14<L$ 41J.( 4<L<4 (+$<L

8L+L64<( (J1L"$L*L&*4+(C (J1L$<=L"$ +8 (J1L"$L+L=$48GL "$L$$8L<$L"$$L6+( 8LL+<L 41"( (41$<L.?1"(+$<L =?+$<L $<6$ (+.$1=$L $1L =F8/(14<L "$L +L "(%?<(J1L =81<%$8$1 (L "$L @+48$<L ?+=?8+$<LL=8@F<L"$L<(<=$.<L"$L 4.?1( (J1L+4<L7?$L $<=E1L %$ =1"4L "L @$CL.E<L+4<L &8?64<L<4 (+$<L $1L =4"4<L *4<L 6G<$< L

L =$48HL "$L +L &*4+(C (J1L"$L +4<L <(<=$/<L .?1"(+$<L =4.L ?1L6$8<6$ =(@L&+4+L*L"$=$8.(18L<?<L?1(""$<L"$L1E+(<(<L$1L %?1 (J1L "$L <(<=$.<L <?<(<=$.<L &+4+$<L .E<L 7?$L ?=(+(C8L $<=8( =.$1=$L $+L $1%47?$L "$L 1 (41$<$<="4L 4.4L +4L ' $L +L =$48HL"$L*L.4"$81(C (J1L"$L+L"$6$1"$1 ( L

L =$48GL "$L *4<L <(<=$/<L .?1"(+$<L +L "$L +L &+4+(C (J1L "(%($8$1L $1L 7?$L +L 68(.$8L 41=($1$L ($8>4<L $+$.$1=4<L 1$4D /8A(<=<L .($1=8<L7?$L+L<$&?1"L=($1$L<?<L<$<L=$J8( <L$1L$+L .4@(.($1=4L <4 (*L $<=8? =?8+%?1 (41*(<=L 48L 41<(&?($1=$L $+L $1%47?$L "$L +L &+4+(C (J1L =($1"$L .E<L ' (L ?1L =81<( (J1L &8"?+L 7?$LL?1L=81<%48. (J1L8$@4+? (418(L

L=$48GL"$L+L&+4+(C (J1L+L"$L+4<L<(<=$/<L.?1"(+$<L=4/1L $1L ?$1=L +4<L /(4<L $ 41J.( 4<L $1L +L $<=8? =?8L +<L 8$+ (41$<L .?1"(+$<L.E<L8$ ($1=$<L4 ?88("<L$1L+4<LK+=(.4<LI4<L 68(1 (6+.$1=$L$1L+4L<(&?($1=$L

<6$ (+.$1=$L *?$&4L"$L.;4L"$L L +4<L&4($814<L"$L+4< 6G<$<L .E<L "$<8:4++"4<L 4.$1C841L L %?1 (418L 41 .$ 1(<.4<L "$L =(64L "$L .(4L .E<L %+$A(,$<L <=L <(=? (J1 6$8.(=(JL $*$98L +L =<L "$L .4@(.($1=4L "$L 6(=+L $1=8$L +4< $1=84<L %(11 ($84<L 1 4<L (1=$81 (41*$<L .$8 "4<L "$ @+48$<L"$+L/?1"4

$<"$L .$"("4<L "$L +4<L <$=$1=<L +<L =81< (41$< 40$8 )+$<L 4.$1C841LL<8L<?<L$<6$ ?+ )41$<L$1L$+L@+48 %?=?84L"$L<?<L684"? =4<L -4L7?$L'L<("4L8$%48C"4L648L$+L?<4L.E< %+$A(+$L "$L +L =$ 14+4&GL 4.6?="48<L <(<=$.<L "$ 4.?1( (J1L.4"$814<

! L8$@4+? (J1L"$L+<L 4.6?="48<LL+4L+8&4L"$L+L"F " "$L+4<L4 '$1=<L'(C4L64<(+$L8$*(C8L E+ ?*4<L=81< (41$<L.E< 8E6("<L 8$+ (41"<L 41L @+48$<L "$+L =(64L "$L .(4L"$L +< (1@$8<(41$<L*4L ?+L%?$L8$%48C"4L648L$+L?<4L"$+L% <G.(+

?81=$L +L "F "L "$L +4<L 14@$1=<L $+L "$<%G4L .E<L &81"$L <$L "$8(@L "$+L ?<4L "$+L 4L +L 8$"L $+L ?+L 'L 6$8.(=("4L ?1L 4.?1( (J1L.E<L8E6("LBL$A61<(@L(1 8$.$1=1"4L "L@$CL +<L 41"( (41$<L "$L 8$@(=+(C8L $+L 8E =$8L "$L $ 414.GL @(8=?+L $1L"(@$8<4<L.$8 "4<L$<6$ G%( 4<L

(22)

1 1 1 1 1 1 1 )( 1 #!(1 )/1

%'.

$3 "!$3 )&(+$3 &'3 &2 3 3 ' '$3 (&$3 ( 3

$$ '3 #(3 "$'3 ($3 3 '!$ !3 0&!3 3 $3

')3 3 ( 3 " ' '!3 &'$'.!3 "$3 "$ $3

"$!*'!&3!$&3&3$+23( 3 -&&3 '$!$33&3

)$&3 /&&3 #(3 $! 3 3 3 !%'3 "$3 !3 (3 &3 3

$!3 ( 3 !!3 !3

($(1 1 $(*1 1 '#$$(*1 1

+)#0'1 (&)#%1

)$3($3 333

=>R5LI69:APFR ;GE>J<B7DR

&)$/-$+)1$

2 N"

)/N"

$",-)

/N"R

$$"

QR'$N"R

1₁

0#.R (*%R %R *MR#3R

3!!3!$3( 3$!3'2$!33 '$!$33&3)$&3

#(3!"$ 3&33"$!"3$& 33!"$!$3 &'33

! '!3 3#(3&'3'!3( 3"$!('!3 33"( '!33) '3

$("3 &'&3 )$&3 3 !3 !&3

($#0'1 (#0'1 ('*+),#0'1 #),%#0'1-"###0'1

!&3 !&3 $&(' '&3 !"! 3 ( 3&&'3 3 )!$3 ($/&'!3

! 3 3 !$3 $3 "!$'3 )!$3 3 3 &'2 3 3

" '!3 3 $3 !$ 3 ! 3 /'&3 3 '$ &2 3

)$&33($!333&!3#(3&3 &'3 +$3

$3!$$3( 3"'(3! &$33"! &33 -&&3

&3 $,23 ' !3 3 ( '3 )$&!&3 '"!&3 3 !!& 3

"#(1!&3('!&$)!&3&("$$!&33"$$!&3

_{"4R C?@HR!8KO8R}_{""""""!"" " "} """""" """""""""

(23)

.&1? *2$1? %;)1? ? 1$4? 1%1? ? (2.2('(2*? 1$1??6=(??,$;4$1?7?.3?*(1?4.('(2$1? .124.(21?7?2(1?*(?2(=(?,.1*($8?$?,>$*?

1;? '1'*? 1? ? (2(.? $*1? ,4(2*1? ? 5(2? 7? 2(=(? *'*? 1,*1?55*1? (? *(12(2? 5*$4=(? (? 12? 1(2*? $? '*$*? ,$(2? $*1? *(,2*1? ,.(,$1? ? $? 2.25? ,.*? (*? $'2? 14? ,$=(? ? $1? ..'(21? 2:(1? (? .4.1*1?'(*(*1 ?

? *? -4 (1? $*.(? 4(?(5? ? ((*5=(? $*? $?5$*.? .*? ?$?,>$*? 1? 5.9(? (*1? $?2.1(.? $1?,.*,1?.*(2.1???($$* ?

*1? ($$*1? .(? (2.? 1;? (? 4(2*? $? 2,*? 7? (2? ? 5.$1? -4? *(2((? 14? 1((? *(='? $1? 1*(1? 1*.? $? *(12.4=(? ? 4(? $*$? 1.9(? ? '7*.? (5.1=(? -4? $1? -4? 1? ,$(2(? $? ,.*4.? 112'1? ? 2.=(? ,*.?"',$*?7?14?1$? $1?12(1?(?$*1?,.'.*1? ($$*1? 1? '.9(? (? (2*1? *? '$1? ? '2.*1? '(2.1? -4? (? $*1? >$2'*1? 1? .9(? (? (2;'2.*1? ,.*? 2**1? .,.1(2(? 4(? 112'?(2.$??2.=( ?(?4(?,.=(?(2.$??$*1? ($$*1?7?141?$'(2*1?$?1*,*.2?$?2*??*',.?1?.1(2? 7?.(?$1?,*1$1??.1*?$?',.('(2*?

(? $? (1? ? *',.(.? ,.*4('(2? 12? 2*? ? *',.? ? (!$$*? 1.9? 2*'*? *'*? 4(? 4(? ,.*,? ? (9$11?7?.$6=(?

1? '2**$*<1? 7? ..'(21? -4?1?42$8.9(?*(? ? 4(*? .(? (2.? 1;? ? 51? ? '(.? *(1.$? *2.1? ? '(.? 142$ ? $?,$('(2*? $1? (*.,*..9? ? '? -4? 1? (1.*?(.?$*1?*"25*1??$(8.?(??(12( ?

(? $? (2.*? ? $? '2.8? 1? 4? $? ,.*,*? ,.*42*? *? 1.5*? -4.*? (? 4(? 14,.'.*? 1.9?4(?#? ? 2.(2? (? ,*$5*? (? 4(? 12=(? ? 105*? 1.9? ,*1$'(2? $? .? ? *'412$? 7?(? 4(? *2$? 1.9? $? 12;? $?,1".* ? *.? 12? 4(? (*(2.'*1? '4? 7? '47? 5$*1? (*.'=(? ? *2.*1?42*.1?.8=(?,*.?$?49$?$?'*$*?(*?1?62(?1*.?$? '1'?

*1?*',/*.1?.*..(?$?'(*??$?,.*42*?*?1.5*? 2.51(+? ? 4(*? ? $*1? ($$*1? ? 4.*? ? 141? ,.*,1? ,..(1? 7? *124'.1 ? ? (54*? 24.9? ? '(.? .(2?.(2???...?7???$2*.?

(24)

=*==*1..=01=*7)= -2*=,#*=#=),.*)*1+= *01.7= *1*.= = 020= $*10= 1#= 36= .2,.$+0= 0<*= 1.)*+0=,.#0=5=0,+*.==$0=3.#0=,.=2),$.== $=)!+.=)*.=,+0$=+*=020=4,1130=

$= )*+= = $= ,.+21+= += 0.3+= 0= 2*= )*+= = +#= 0*1+= = #*1= -2= 1.30= $+0= *##+0= 5= = $= ,.+21+= += 0.3+= .$6.7= 02= +),.= 5= 3+$3.7= = 02= ,2*1+= = +.*= .#6*+= $= .+./+= *= 0*1+= *3.0+= 1.30*+= *23)*1= = 2*= = $0= *01*0= ,.+= +*= 2*= 112= .*1=

.7= *0.+= *1*.= 01= *7)= = .1.= 5= 01.= ,.,.+= ,.= .= .0,2010= 20= *= = *01*= ,.= -2= 01= $*1= = 3+#3.= 2*= 36= -2= 3= .*+3= 02=*0=

0= *0.+= )..= = $+0= *$#+0= 0= *1.+= 5= *1*.= 0,1+0= +)+= $= )+)*1+= = ,+= %= 0$= #= $+$= &= )*!+= = #0= -2!0= 5= 3+#2+*0= *01*0= -2= .*= +),'" ==#=+,.:*=

!(***

#= )+#+= *= $+0= +!13+0= = $*6.= *= = *$#+= '0= ,.+,+*=2*=0+$2;*=,.0*1='0=..)*10=0,+*$0=*=#=

).+= 5= )201.= 020= ,.*,$0= +),+**10= =

),$)*1;*= $= )+$+= *+= 01= $= 20+= = 2*= $01+= 42013+==#+0=,2*1+0=-2=1++=,.+0+*$= .0,+*0$= = 1*.= *= 2*1= $= ),.*.= $= ,.+0+= = ,$*)*1+= = 2*=,.+51+=

* * %*

) '*$*!& ! * ***(

) !& ! *(

) *!

) " !**$*$(**"!"

) *"! !#

(= 18.)*+= ,+#:*= .)1= = $= 401*= 90= = 2*= *1+.*+= +.7+= ,+#+= 2*= 2= 2*= ,90= -2= .+*= #= $+$= +).#= +0=.*0=1+.0=#=,.).=*$$+=0+*=#=,+#;*= 5=02=.$3*=+)+=).+= $=012;*=+..*1=5=212.== $=*201.= .1= = *.1)*1= #=$= ),.*)*1+= 5= #=112=5=,+#91=$=+.*+==801 =

$= *7#00= 1*= ,+.= +!13+= ,.*,#= #= 1.)*;*= 5= +),.*0;*= = 1++0= 01+0= 1+.0= 5= = 02= *+.,+.+*= +*.1=5=*1=#=,$*)*1+==1.)*:*=5=$=

(25)

):% 1 1@ @ %1@ ,+% +)1@ +(+@ (/+1@ 1+)@ ,/+1+1@ 130()3@ % +1@ @ %@ ) ?)@ 13/3; @ ,/ ) ,%@ %@ )+ +@ /% +)+1@ /3()3@ @ %+1@ ,/ %1@ 5%35/%1@ 1+ %1@8@+)?( +1@@%1@,/1+)1@

$!

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

)#-- &

!, -!

!$--%#$!

%!# !-!#

$ #!-!"%%'!

, -+$

#' , --!

&@ 15)+@ ) %%+@ .5@ )+( )(+1@!, !(, -

@ 5 ?)@ >1 @ %@ (,/) ( )3+@ 1@ 7,)@

1@%@73/ +/@%@ +@13@+)@15@,+/@@3/ ?)@ 1@ % 3@ 5@ +/@ )3/ +/@ 1@ )3/(9%@ +)@ %@ 73/ +/@ %@ 3//@) %%+@%%=@+)@%@,/1) @%@%+%@1@@,/)3@@ .5 )1@ /5%)@)@151@ )( +)1@

%@+/@73/ +/@/1,+)@%@%=( 3@@%+@.5@+)+(+1@+(+@

*#-- & --%#, -!--"%&#-+1@%=( 31@%@:/@

@ )%5) @ 13/:)@ +) +)+1@ ,+/@ 513 +)1@ 5%35/%1@ =1 1@8@+(/ %1 @

)3/@ %1@ 5%35/%1@ ,+(+1@ 3/@ %@ 6%+/ ?)@ .5@ %+1@ ,+%+/1@ 1 ))@ @ %@ 9+)@ )@ 3+/)+@ @ %@ '+% 9 ?)@ 8@ 151@ : 3+1@ @ +(,/@ 1@ =1 1@ 1/:)@ 5)()3%()3@ %1@ // 1@ @ %@ 1,+) % @ @ 3/)1,+/3@ 8@ @ ///1@ =1 1@ +(+@ /=+1@ +@ )%1@ 6>1@ ;//1@ 53+, 131@ 6) 1@ /)1@ 73)1 +)1@@3//)+1@1 3+1@8@+3/1@

(26)

*7$!(*7*+(2"7*7)',= != 4/0$= = '0,'/= )1$0'/=

= 3%0(= +2=)1&= 3'-,= '= *.1,= 70-;$= 0$0'= )',= '#)!#$0,'/= '#'= )',= '#)003'/= 7 4"7 7 ,(7&"777*&$"77*&$*7/777*4"7 7!&(*($7&(7&($-(77!2*7$"-""+7

*+7 *7 7 " $7 $"7 *7 "-(*$"*7 &,+(*7 ("7 *,7 &$(7 *7 $"7 *7 -"7 7 !&$(+"7 7 $"$(7 "7 +7&(7&$(7+"(7*7"**77,"7*!"+$77 $"*,!$(*7 !2*7 !&7 &$*7 (7 !,$*7 7 $*7 $!($*7 *+(,$(*7 .+$*$*7 7 7 +,7 (7 $"$$7 7 *,*7 "+*7 /7 (7 &$$7 "+(&(+(7 *,*7 "**7,77&(7,"!"+77*,7*,&(--"7*7 ((!"+*7"$*7&$(77*+4"77(4"7$"7"+*7 *7&(!+($"7"+"(7*!"+(7+((7/7!"+"(7,+-$*7 7$7($77+!&$77*,*7$!&($(*7!2*7!&$(+"+*7

7 &($*$7 7 *4"7 7 7 !'"7;$= $"-7 7 ,"7 -,4"7 $!&(+-7 7 ,"$7 $7 !2*7 *&$*7 &$+"*7 +$!"$7 "7 ,"+7 $*7 !5+&*7 +$(*7 ',7 +(2"7 7 $"-$+$(7 7 "+*7 7 +&$7 7 "+$("$7 ,("$7 $!(7 "+($7 $!(7 7 (($7 *$&&"7 "+(7 7+!2+$7 +7 +)2"*+%7 &+%#7 07 -,6)7 7 -*7 /7 $*7 *$*7 /"+*7 ',7 &(!+"7 7 !$(7 $"-(*4"7 &$*7 7 +("*5"+*7"7-*+"+*7&$+"*7',7"(*"77$7

= = 8=

< /*0'=5,',=!=!'!

< #)!01==',,'/

< $,/'/=)0'$!/

< $,/'/=31!,/=6=/0'$#$0'/

< /!=),=/)0'/

< ,0#$0'==,/1'/= 6=/0#$0'==#,,:/

< /==1,

== =

*7*$"*77+((7"$7*7!"*+"7"77!&$777 (',++,(77,("*!$7/77!"+"!"+$77$7$"*+(,$7 != $3!= ,9'= 3/1!= 6= 1$'$!= = != 9/,= != '= '#),$= 3,!/= +1= /0/= /)!$/= #$ $= '0$#$0= 7 *+7 "*+"7 7 &"!"+$7 7 *"(7 "+(7 7 "-*+4"7 /7 7 (',++,(7 $!"17 7 &$"(*7"7-"7/7&$+"773.+$7"77$"(+14"77 $*7$+-$*7

!= /)0'= 40,',= != !'!= +"7 ',7 -(7 $"7 7 &(+$7 (',++4"$7$&+$7&(7"$"+((77 "+7$7!"7 $((+7 7 "+($7 $!(7 $"7 (4"7 7 *,7 $"+.+$7 ,("$7"7+3(!"$*777*"*$(7!&(*4"7-*,7

(27)

/.0=( .0=2=.!=:%(==-.=$((=/%=%/0= $%-;%= =-:(= =-)(=/+%(=

=$= */= (-=(%-/$(+-= .($%=(%..(=(.%(=(%= $(+-= $)*/-= (=$(+-= 0++-= (= $(+-= )+-%.(%-= = )!.(-= %= /%= +-./+%.= -= -= = ($+(= .%%= /%= $2(+= %-= = ./+= ($(= ++$%.-= = 0%.= = - ;%= = +6(-= +.!-= .1./+-= $.+ -= 2= (%).(= = -:(= )/%= +!= $6-= = -$%.(= (.0(= -(+= (= */= %= -= -)(= %(%.++6%= %= /+= = $/(-= )6++(-==.1.(=

"=)(+==.+;%==-.=% (=-=$%-.=-= =)/%.(= (%= =!( =*/=1)/-.(== =0-.= =)< (=2=.+$%=%= !=/$+!= =-(==- =2=!=1)(-;%=!(+=%= = .)= &.+(+= (+%= = $+(= )+= */= #= )+()= (%-.+/;%= %0.= = (-= .+%-<%.-= = .+0-+= -.= /$+ = 2= )-+==-/=%.+(+=

= %.+= -= = += (%= = */= = ( = - /= 2= = = %0%= = */%-= -= +%= = 7 = %.= = / !(= 2= = -./+;%==%(+$;%==!= = 3= %= = -:(= = ($+(-= (%= = $)/ -(= -/$= /%= +( =

)+%) = %= = ).;%= = %.-= -= . = 04= =

<%=',==.+)+!(-=

$7%5=-= %= -.= %-.%= (%= = )= =

$)+%$%.(= = +$(%4+= (%= -/= %.(+%(= (= = +($)+= )(-.0$%.=(%= (=-)+(= )(+.+6==-/=).;%=2==-/= (%-( ;%= ($(= %.+%.= = != ($/%= 2= = = (+8= = /+=

-= %-+(= %.%+= 2= +/%+= -= )++%-= -.7.-= = = )( ;%= (%= -= $%-= /%(% -= = != (%-.+/;%= %.+(= = $+(= -. (= )(+= -= -)(-(%-= !!-= 2= .7%-=*/= = $%.(=(% ==(%-=)+()(%=

!=.++=% !(=%!/2= (-=-(-= = ( =($+ =(%=.%.(= (-= ).(%!-= */= % /2= -).(-= ($(= (-= 0/!+-= %+6%= != ($(= (%= */= (-= 0-.%.-= %+-%= (%= (= / = -.+6%= (+%(= /%= = -= )+$+-= -: -= = (+.-8= 2= = = $-$= $%+= = -)(= */= -= -.%= = -.(%$%.(=/$) +6=/%(%-= %= =-.-;%= =*/%-=(%/++%=%=/.($;0!=

$7%= =/+=-=/%=.(+=$)(+.%.=)+=+%.4+= = -.9== (-=0-.%.-= %.+(=2=/+= = ( =/=/%=)) =

(28)

/-(!))/=)= #= .= = #= #!;)= #= 1.1-!*= +-= 2!.!/-= /-(!)*=)/-*=*(-!#=

55 /5

4 # $* 3$

4 ')$* 3$55")5#''1) 4 2" . 3$

4 ) " 5&'5 )& *%)

4 '+" 3$

4 %#% )5 %$")

4 +' 5 ',$ 3$55&0' )

=*(!)6*.==#=8=#==#=*).1#/*-=.1*=$' !5"$5 3+1.*=.1=2!.!;)=$=+1)/*==2)/=)/!!+7)*.==1)=!)/).*= ;/#= = !.:*= +#)(!)/*= -*)*(/-9= -,1!//1-= +-*(*!;)= )/-/)!(!)/*=4=-1-.*.= 1()*.=!)=!.+1./*.= !"*="5 * $5 )5 +$5 **'%5 "%)5 &'%+*%)5 )%$5 "%)5 *%')5 "%)5 %$)+# %')5)%$5"%)5)&*%')5

)= 26= )/-*= #= #*#= #= 2!.!/)/= ,1= 3+1./*= = 1)= 1)!2-.*= = .).!*).= ,1= = !)(!/*= !)!-7)= .1=

*(+*-/(!)/*= *(*= *(+-*-= %5 -5 +$5 )+$5

%&%(+$ 5&'5+$5&' #'5 #&') 3$ 5

5 555

#= 1-/*= )!##*= /!)= *(*= *-= 3/-)*= .= 1(-#= = +-+!*).= 4= *(*= *-= !)/-)*= #= .+!*= +*.= 2.= !)/!!*= = !)!2!1#!6*= ,1= /-(!)= %= (!.(*= *(+-*-= 1)= 26= ,1= !-!= .1= 2!./= #= +-*1/*= *= .= *-*=+*-=#=+-.*)#==/)!;)=

<)= ./1!*.= +1#!*.= 3!./= 1)= /))!= )/1-#= = #.= +-.*).==1)=26=)/-*=#=#*#= -!2-= !=.1=- =5= -*---= #= (+-)!(!)/*= )= .)/!*= !)2-.*= = #.= 1".= #= -#*"= .= (!.(.= 1)/.= .1-)= ,1= .;#*= 1)= &== = #'*.= #)6= = -*---= *.= /-!*.= #= #1-= = /-2!.= .;#*= #= (!/= 4= #= (5*-9= #= = -./)/= )*=##== /*(-=*)//*= *)= 1)= +-!(-= /-!* = ./*= !(+#!= #= ).!= = +-/!!+-= /!2()/= )= #= !.:*= #= .+!*= +-= .1+--= /)= (-.= 0))!.=

#= )#!6-= (+-)!(!)/*.= *(-!#.= = -)= )2-1-= *(*= )/-*.= *(-!#.= !).= (<#/!+#3= *= )/-*.= = )/-/)!(!)/*.=#=!-1#!;)=!)#1!-7=#=!)7(!=*)=#=,1=%= +<#!*=-*--=#*.=.+!*.=##(*.=*(1).=)/-=*(-!*=4= *(-!*=*=)/-=/-!;)=5=/-!;)=

(29)

: : '$: ).: *.: : /,-$-: $-*': : ': 1: : '$'#*': : (*('$,: ).: ': '#(7*$: $: ,.: *'**':,*4$:,/',:$:,(-',:-,:'#'::(*8$: : .*: : -#(': ': : : '#(*: ,.: ,$,8$: : $,-*:'::$'#': 1: ,.:8$:::0(*$: -'-: : ,.: /,-: .#*',',: ,-.',: $: (*'': ).: ',: '$,.#'*,: /9$: (*4-#$-: -'': : #$*: #4,: (',-/:.$':,-4$::.$:.#'* : 0,-$:',:0('$,: (*:,-'::(*#*:,: ).:,:#4,:(*': ,-$'::.$: .#'*: ).: -*$: : ,.: ##'*: *.*',: (',-/',: : ,.$: ,: ).: ,: (*,'$,: .-2$: ,.,: ,$,'$,: '#': .$-,: : $'*#8$: 1: ,-$': '$-$-',: (*$: : ',: ,-6#.',:0-*$',:'#':(',-/',:

:/,-$-:$,-:$:-'':#'#$-'::,.:*'**':('*::': '*$-*,:1:,:(*:*::,.:'-/':':('*:$'$*:: *$-':':-:/2:/.*: $:,',: :#*$:(*:': . :

,: .$#$-: : 08$: ,-*-5: : ,,-#,: :

.6-**',:($,:,:-:

:*.8$::',:/,-$-,:('*::$-*':'#*::,*: .:',:(,',:$:,*:':,.$-#$-:#(',:1:,: ,: .).*: (.$-': : ': (*: /-*: : '$,-8$: : (+,'%,:,(#$-:&:,:3'$,:*6-,:

$:$.,-*',:-#(',:1:$.,-*:,': ',: $-*',:'#*,: ,:$:'$/*-':$:(.$-',:'$:',:'-/',::$'$-**,: '$/*,*:/*,:1:,*:/,-',:1:$'$-**,:$:(9':'$/*$ : .*$-: !,: '#,: ,: '$: ,: ,**'$: *$:(*-: : ',: *-',: 1: -*'$,: :-',: ,: .-.*,: 1: ).:5,-: .$8$: 1: ,.,: ,'*',:,:$:-*,':,::4#-':(*/'::'*:

:(9': '$: #4,: : $.$-*': ,: .,: .$:

$-'*$': *: .$:'#: ,.-'*: 1: : '#': : .$:.$:,*/' :

: ': : ,(2*,: '$: ,-,: $-$'$,: *.*2: ": (*'-'$,#': : ,-',: ,(',: 1: #$-,: ).: #4,: ,: '$/*-$:$:.$'::',:(*$(,:-*-'*,::$-*' :

: #'*': .*$':.:.$:((: #.1: #('*-$-:(*:*: .$:/'*:*'::$-*':'#*:).:'$,,-:('*:#(':

(30)

!-B)B%,/*!,!-5%@-B !B!4/&.4B !B/1 B :B !4-4.B &4*4B .-B -4B #62 22./4B 4!27%&.4B $%#&=-%.4B 5@/%.4B !B !,!1#!-%B!5B

$..$&".

!-52.B !)B615.B-%.B*B %4/.4&%@-B !B,! % 4B !B4!#62& B .-8%8!B.-B !)B 2!45.B !B)4B4!-4%.-!4B !)B 8%4%5-5!B B/.)>5%B !B 4!#61& B /6-51<B B /2./.1%.-1B 6-B /!1!/&@-B !B .-52.)B:B1,.->B !B,-!1B !B))!81B51-06%)% B*B.-46,& .3B :B.*.21B 5,&=-BB06!B)B!9/!1%!-%B !B.,/1B4!B,<4B #1 *!B

. . ).

- ..""*$

- $

- "+

- %+..%

- "$.. "$

- %"&+..&'$. "&%$.(.%"*$

- $+.%,

- $..$ ".$..

-B6!-B.,!2%.B!4B/.2B !"%-%%@-B06!)B06!B!9$&!B)B,:.1B /.2%@-B !B464B/1. 65.4B)B,:.2B-A,!1.B !B.,/1 .1!4B/.1B !)B/!1?. .B !B5%!,/.B,<4B!95!-4. B

%56),!-5!B )B !9$%%&@-B !4B !)B /6-5.B !B 464/!-4&@-B !-51!B !+B ,.,!-5.B06!B6-B%!-B!4B/6!45.BB)B8!-5B:B!)B,.,!-5.B!-B06!B 6-B)%!-5!B).B1!5%1B 9%45!-B,A)5%/*!4B5=-&4B/1B06!B!4!B)!52#.B 4!B*.B,<4B2!8!B/.4%)!B:B*.4B.45.4B !B%-8!-51&.B.*5!1*!4B4!B 1! 6;-B)B,>-%,.B

&$$.

)B . !).B !B*.4B %-.B -%)).4B .,.B4!B,!-%.-B)B .,%!-;.B !B)B%-8!45%#%@-B/2!5!- !B4!1B6-B,1.BB518=4B !)B6)B4!B /.4&*!B.,/1!- !1B!)B8).1B !B)B %-<,%B06!B4!B#!-!1B!-52!B !)B4./.15!B">4%.B."1!& .B/.1B!)B !,/2!41% .B.,.B,1.B/1B !)B 5.B !B .,/2B :B ).4B 8%4%5-5!4B 06!B 4!B 51-4".2,1<-B !-B .,/1 .1!4B&. &%.". . . " "$%+. %". . $.'"$.$"'$.!&.%#..$%.%""+.

6B /)%&@-B 514%!- !B )B 1!4/.-4%)% B !B 06%!-!4B %452%6:!-B,!2 !2>4B:B461#!B.,.B6-B4.)6&@-B/1B06&!-!4B )4B /2. 6!-B ).4B "2%-5!4B 45.4B .-B *B :6 B !)B ,. !).B .,/1!- !1<-B ,!'.1B ).4B -*!4B !B %451%6%@-B :B 5.,1<-B ,!(.1!4B !&4&.-!4B !-B !)B ,.,!-5.B !B 4!*!%.-1B 1!#%.-!4B #!.#1<"%4B ".1,5.4B !,/1!44B !9$%&%.-!4B :.B /1.,.&.-!4B 1B,.4B4.4B !B %451&6% .1!4B:B"2%-5!4B).4B-&)*.4B

(31)

(&)+.'8 1+"-8 38 )+("&5.-8 )+&.'(8 +#4+8 .+!(-8 ('!/'.(-8 )+8 '.'+8 &!(+8 "8 (&)#!(8 )+(-(8 8 #8.+7'8(&+%8

,,,,

! ! ! ! ! ! !!

#8-++(""(8-8+&'.(838&(8 8-.+/./+8/+'8-8/'8 (+'8 */8 -8 18 .(8 )(+8 #8 &(8 #8 &.(#-&(8 -8 /'8 &(8 ('8 +.(8 -'.(8 '+.1(8 -8 "8 !&*, , %&"'&'"%, '8 -/-8 (&)(''.-8 38 +#('-8 '8 /'8

"'*, , %'%, !$%, 38 +8 '7&'(-8 /#..1(-8 '/1(-8'8+#7'88-/8('.2.(8

-.8 +/ 7'8 -8 /'8 ('-.'.8 '.,1'7'8 *08 +"48 #8 -)8 /&'8 '8 -/-8 --.&-8 /+'(-8 (&(8 #8 &((8 8 ('-../+#(-8 '8 /'8 --.&8 '(8 -8 /.7'(&(8 -'(8 */8 -8

!&&(,(&)/-.(838/'('#&'.8-&#+88/'8&5*/'8

(-8 )+')#-8 '7&'(-8 8 -++(""(8 38 ).7'8 8 $8 -.+/./+8/+'8 '8-/-8 -.'.-8-#-8 -8'8'8#8)#'(88

"% %,&*%,-.(-8)/'8('+8'8#8('-../7'8

8"8(+&8.(.#838'8#8'7'88#&'.(-8 -'/#+-88#8 -.+/./+8/+'8

+ %&&,),'*

-8 #8 -8 '#8 38 #8 (+'8 8 /'8 -'.&'.(8 8 +.+48 )(+8 /'8 &(+("(68 /'('#8 38 -'7'8 /'.+8 -&)#8 385-8

+ "&,),%#"

-8 #8 &(8 &5-8 /-/#8 '8 #8 (+&8 /+'8 38 )+-'.8 (-8 #.+'.1-85--8*/8-('8

+&'.(8)(+82.'-7'8 .+&

+&'.(8)(+8'-7'8+'(

+ &""%%

-8 /'8 &(8 &.7"(8 './+"8 (-+1"8 '8 "8 &(+("(68 /+'8 38 */8 .8 8 #8 "8 )+&''8 38 1.#8 8 /'8 /8 '&'.(8 -./+7'8 +48 )(#/7'8 -*/68 .8

(32)

> /)& / ($> /> 1(> *0)&)"8> ,1 > > / -> )-> > $($> $)( /> > $(0 -2 ($<(> )')> /)(> &> - #$&$0$<(> - ') &$<(> 3> - $&% > (> & ' (0)/> > $! - (0 > /&> 3> '0 -$&$>/9>)')> (>/$/0 '/>!1($)(& />0'$7(>$/0$(0)/>

!!

/>1(>*.) /)>0 '*)-&> > /)'+)/$$<(>)> >$/'$(1$<(> > 0';)> >*7-$> > & ' (0)/>)> &>*-) /)>!$(&> > /&)%)>

3> - 1$<(> ! ! ! '*&$> 1(>

/!1($)(&$> &>-)&>3> >&>/ > )(<'$> >1(>$1> 3>&> /0-1$<(>)>&>$/'$(1$<(> >&>!)-'>)(/0-1$>3> >/1/> & ' (0)/> - 1$7()/ > > 1(>(1 2> /0-101-> ' ()-> *- 2$)> &>()()>3>>&> /)1*$<(>!$(& >

!!!

"=(> 2$(>4(#> />)>,1 >()>0$ ( >2&)->)>()>/ >1/>*->1(> !$(&$>#1'( >/>&>$/'$(1$<(> >&)>,1 >()>0$ ( >- /1&0)/> =0$& /> />/1>*7-$>3>()()>/1> &$2 >/ *-$<(>)>'1 -0 > /> &>'0 -$&>"/0)>3>/$(>2&)->,1 >/ > %> /*17/> >&"=(> 0)> >+-)1$<(>)> >)(/1')>,1 >0'$7(>*1 >- ! -$-/ > >1&,1$ ->)/>1/>- /$1)/>/1->0-/0)/>2$ %)/>$'*1- 5/> 3> /1$ > 3> )//> "-/> )')> $/% > -()> $ '*)>3>$ >

> "-$<(> *1 > /0-> - ! -$> > &> "-$<(> > &)/> (0-)/> #$/0<-$)/> > &)/> /)/> 1-()/> 3> > &> $1> (> " ( -&> 3>*)-> !$($$<(>/$"($!$>()()>!:/$)> >/ 0)- />)> --$)/> > &> $1> *)-> (2 % $'$ (0)> > &> *)&$<(> 0 -$)-)> > &> $!$$<(> $(!-2$2$ (> !$$ (0 > $(!- /0-101->1-(>1/ ($> >/ -2$$)/>3>'-"$(&$>,1 > *1 > / ')-> (> &> /0-1$<(> !:/$> > &)/> $!$$)/> &> /*$)>1-()>3> (>&> "-$<(>/)$&>

!!!!

(> 07-'$()/> " ( -& /> /$"($!$> &> / (/)> ($> - /$<(> )> &> -'$ (0)> > &")> > /1> !$(> /0 > 07-'$()> *&$)>>&>/$01$<(> >1(> (0-)>)' -$&>/ > !$( >)')> &> - 1$<(> /)&10> > &/> 2 (0/> 1($0-$/> 1-(0 > 1(> * -$))> &-")> )> 0'$7(> / > /1 & > !$($-> (> &> 6'$0)> > &> )()':> )')> 1(> $&)> )(<'$)> -0 -$5)> *)-> &> $/'$(1$<(> (> &> *-)1$<(> - (0> '*& )> 3>)' -$)> 0/> >- $'$ (0)>( "0$2>

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

(33)

)!? ? 0&? (,&!5!<&? )=$!? (? ),!1?

$0,/!1? (? &(? ? %&/&,? .!./%8/!%&/? 1&/#.?

(%),/!1.? &? /,%!&.? ? !$!.? ,0,.(.?

(&(!%!&/(.?

/,>0/(.? +0? $? ),%!/&? $&5,?

.(./&,?4?%#(,,?0&?/,%!&?)(.!!<&?&?$?&/(,&(?

(!((&<%!( ? %!9&? .? !&? (%(? 0&? &!!(?

.(./&!$?),?$?(,&!5!<&?(?(%(?$?,.0$/(??0&?

%#(,??$!?

?!&'(2!<&?('./&/?

? (%)/!/!1!? (%(? (&)/(? .? .(!? (&? $?

3$&!? (&? ,/,:./!.? ? !!&!? ?

(,&!5!<&?

$? ,(? .? 0$+0!,? (&#0&/(? ? /,&.!(&.? (?

0,(.??&(!(.?&/,?(%),(,.?

1&(,.?&?

(&/,)(.!!<&?(&?0&?.!%)$?1&/?$?%,(?!%)$!?

$? (%,!(? ,0$,?

,0$(? (&? 3!./? !,/?

(%)/&!?&/,?$(.?*-!!)&/.?

$? %,(? .0,? .? $? %(%&/(? &? +0? .? 0&&?

,0)(.? ? 1&(,.? 4? (%),(,.? (&0,,&!? 4?

),%!/? +0? .? ,/!0$? $? %&!.%(? ? $? (,/? 4? $?

%&?? (?%,(?.?/%!9&?$?$0,?(&?

.?(%),&?4?1&&?!&.?

(.?),!%,(.?%,(.??$? !./(,!?0&!(&&?%!&/?

$? /,0+0? ,.? $? ),!!<&? $? !&,(? .? %)5,(&? ?

.,,($$,? <!(.? ? (%,!(? +0? &? =$/!%? !&./&!?

!,(&? $0,? ? $.? %(,&.? %),..? &!(&$.? ?

!&/,&!(&$.?4??%!?+0?$?),(0!<&?0%&/?

$.? (%0&!!(&.? 4? $(.? !&/,%!,!(.? %)5,(&? ?

.%);,?0&?))$?%8.?!%)(,/&/?&?$(.?%,(.?

&/,?$.?!./!&/.?$..??%,(.?)(%(.?!./!&0!,?$(.?

%,(.? $? )(,? %&(,? (? %!&(,!./.? $(.? %,(.? $? )(,?

%4(,? (? !./,!0!(,.? $(.? %,(.? ? ),(0/(.?

!&/,%!(.? ? %/,!.? ),!%.? 4? $(.? %,(.? ?

"(&.?6($.??1$(,.7?$?/9,%!'(?%,(?/%!9&?.?

%)$?),?,,!,.??$?%&??(&.0%(?)(/&!$?

( ./!%(

(34)

!!! !

5#%5$55#25"&5($%5%#55&%5)5

5'#$25$#5!#5 ##5

5#%45+55%'555#55&5

!#$5 $%#5 ! #5 $5 &%$5 %$5 5 $5

'%$5 #$5 )5 5 &%25 5 $5 '#$ $5 $&5

% #.5)5#&#5$55%55$5&%$5

$5 &%$5 5 $&5 '*5 $ 5 5 &$25 5 &5

$%#25 !%%5 &5 !25 %%5

#&25%#55 $% $5)5$% $5)55#5 55

$#'5 5 &"&#5 5 %%5 5 5

%255&%$5

!!!! ! !

&#$5 $ $5 5

!

$ 5 "& $5 "&5

"&#5 &5 ' #5 $ 5 $2 5 )5 2 5 "&5

5 5 $5 )#$5 5 $5 &$5 '#5 & $5 5

!#$ $5 5 #/5 5 %#$5 5 #25

!# %$555!##5 5 5 %# 5 5 !# !5

"&5 %5 $5 %# $5 5 ##5 5 $&5 !#5#15 &5 #% 5

3# 55$#' $5$5 5

!

5 & % 5 5 5 %#5$&! 5 "&5 5 %# 5

%5 5 5 %#$&#$ 5 5 %! 5 &5 &5

$5!#5$&5!##5 55 %# 5 5 5 ,$5

35 $5 "&5 5 %# 5 #*5 %-5 5 '#$$5

#$5 &5 25 "&5 !&5 $#5 ! /%5 %#5

# $5 #5 5 $%#%'5 $ #5 $&5 !##5 5

&5$5%#&55&5%# 5$&5&5$%#05

5 5 5 5 %# $5 %#5 %# 5 )5 !##5 5

' #55%# 5

5 %# 5 $2 5 "&#5 &5 '5 5 %#5 $&!# #5

! #5&&25 5! #5&% 555 !55$&$5

%'$5$5 #5 !%#5 5 %# $5%# $5!% 55

'%555&53# 5$&%55 ' $5

8_{88 %*#88}

8_{+1#/+#28 #,.6 8"#'8+5(%0%080- !% (8483+" *#+1,08-%01#*,)7$&!,08}

(35)

:G #<:G !.G :#0G ;6##0.),.;G 3<.;0:G G #.;6,#0G 0.G )0:G ?.;:G G ) <#.G @G ):G .:#:G G 0;60G 30D.G)) 6GG<.G<60G@G:G30D.G#.;6,#6G)G;0GG 0,366G@G>.6G4<G))>G0.:# 0G)G#.;6,#0GG:<6A0:G .:#:G @G :0:G 06,G 36;G G ;00G )0G 4<G !G #0G 3:.0G"#:;F7#-.;G.G:;G>/;.G5=G6/G)1:G,60:G 36G ,<!G .;G 0.G:G 30D.G 0,<.#6G >D.G .<>:G 6)#:G #.;6,#.G #.06,#0.:G @G :G <,<)G ?36#.#G

0@G ),.;),.;G )G #<G :G :;BG .;6#< .0G @G :;BG :.0G =6G )0:G 0,6&0:G )G 0#0G ):G 0##.:G #.)<:0G )G 3603#G >#>#.G 00G :;0G :;BG ,# 6.0G G ;66#;06#0:G ,.0:G 0.##0.0:G,B:G:4=#):G@G300GG300G)0:G.;60:G:G>.G 4<.0G:#6;0:G

6.G 37;G G )G ;#>#G G )G 0,36G :;BG :0#G )G <;0,F>#)G,B:G4<G)G3;F.G =.2G6G<.G;#>#G4<G:G 6)#AG 0.G <.G #6;G 360?#,#G G )G 6:#.#G )G 0.:<,#06G@G)G=;0,F>#)G:G<;#)#AG36G0;60:G,.:;6: G

G )G #=G :G ;G ,<!0G :<G ;,E0G 360G 300G :<G .:#G :$.G ,6 0G G )#G B:#G G )G #<G 6#G .G *G .:#G 4<#)#6G @G 636;#G ,B:G .G <.#F.G G +G #)#G36G@<6GG4<G)0:G)<'0:GG)G .;G:G.<.;6.G F,00: G

G9G#.;.;6G0/:6>8G;00G)0G<.0G@G3603#6:GG):G >.;(:G4<G06G)G,06.#GG .;60G0,6#)G :G 0,0G<.G34<E0G0;0 6,G4<G<,<)G.G:<:GE0:GG>#G )G#,3<):0GG:<G3603#G:06G>#>.#G !#.0G#.;<#6G)G<;<60G@G ,B:G@<GG.;.6G<.G300G)G: ,.;0GG#<G 4<G )G066:30.GG:<,GG:;0:G0;0 6,:G4<G.06,),.;G :0.G )0:G )0):G 0,6#):G G 36,#;#.0G %.;##6G #),.;G)G3)D<)GG)G#<G

,#C.G :G <.G6;0G 0,3);6G )G ;'#0G 0,6#)G4=G)G.<>G #<G #,30. G )G .;60G .0G 3<G :0)<#0.6G ;00:G )0:G 360),:G .60:G306G):G?3.:#0.:GG)G#=G4<G:;BG 6#.0G!#G<6G

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

(36)

7F !#0:527F !2.#5!)+#7F #0F 7:"27F 0("27F <".B5(!F ?F E,:)..#0:#F #0F <523F '0F )"2F "#73,@0"2F F +27F 354<#7F ?F 3,@7F 3E ,(!7F ?F 7#F '0F!20=(5:(B0"27#F #0F ,2!,#7F :5")!)20,#7F "#F (0:#5!. )2F ?F "#F #>35#7(D0F 7F 327( ,#F #0!20:55F #0F #7:27F !#0:527F :2"27F ,27F <727F 4<#F 025.,.#0:#F 0#!#7):F #,F <7<5)2F !<0"2F 7,#F "#F !7F 2!(2F 35).#57F 0#!#7)""#7FF#F )0!,<72F 37#5F "#0:52F"#F#,,7F

?F "27F 5@20#7F 4<#F 025.,.#0:#F ?<"0F F ")0.(@5F F ,7F !)<""#7F,F35).#5F:)#0#F4<#F=#5F!20F,F32,C:(!F,F#!202.CF?F ,F #7:5:#&)F $)00!)#5F ?F +F 7#&<0"F :(#0#F 4<#F =#5F .A7F !20F ,F 35:#F $C9(!F/:#5)+F?F,F36:#F"20"#F,F)0:#.3#5(#F,F&#2.#:5CF ?F#,F<72F"#F,F&#0:#F=F"#*0"2F'<#,,F

F :#0"#0!(F '!(F ,F !<,:<5F "#,F !#0:52F !2.#5!),F 'F (.3!:"2F7<7:0!(,.#0:#F#0F,7F!(<""#7F?F #0F.<!'27F!727F 7#F '0F "23:"2F "#!)7)20#7F <5 0C7:(!7F ?F #!20D.(!7F 7(0F =,255F #,F '#!'2F "#F 4<#F ,F 7). )27(7F !(<""!2.#5!(2F &#0#5F <0F 7#5)#F "#F #$#!:27F 4<#F '?F 4<#F :#0#5F #0F !<#0:F 35F #=):5F 352 ,#.7F 4<#F )0!("0F 0#&:(=.#0:#F 72 5#F ,F #7:5<!:<5F <5 0F

"#.A7F !20F ,F 0<#=F :#0"#0!)F !2.#5!),F ,27F !#0:527F !2.#5!),#7F 0#!#7(:0F!3:5F?F"#7552,,5F!:)=)""#7F !<,:<5,#7F ?F "#F #1:5#:#0(/(#0:2F 32:#0!)0"2F +7F 8#!!(21#7F "#F .E7(!F "#325:#7F ,) 527F ?F #0:5#:#0).)#0:2F 0!5#.#0:0"2F ,F 2$#5;F #0F !)0#7F5#7:<50:#7F?F!$#:#5C7F#>327)!(20#7F#73#!:A!<,27F#:!F

<0"2F 7#F !5#F <0F !#0:52F !2.#5!),F 7#F #7:AF !207:5<?#0"2F <0F 0<#=F 36:#F "#F ,F !(<"" F 3254<#F 36F !3:5F !,)#0:#7F 5#4<)#5#F 7:)7$!#5F 0#!#7)""#7F !2.#5!),#7F ?F !<,:<5,#7F "#F 2!)2F ?F #0:5#:#0).(#0:2F ?F 35F #,,2F !5#F <0F 2$#5:F 4<#F !2.3):#F "#F %25.F .<?F 352$#7)20,F ?F !:(=F 72 5#F #,F !2.#5!)2F #>)7:#0:#F ?F ,F 3523(F !(<""F 0F !207#!<#0!(F <0F #0:52F 2.#5!),F #0=<#,=#F !:(=(""#8F 4<#F =0F.A7F ,,AF"#,F'#!'2F"#F !2.355F #>(7:#0F <0F &50F 0E.#52F "#F !:(=(""#7F 72!),#7F !<,:<5,#7F #"<!:(=7F ?F "#325:)=7F4<#F3<#"#0F:#0#5F,<&5F#0F<0F#0:52F2.#5!(,F

>(7:#0F #=#0:27F "#F .<!'F 5#,#=0!(F 4<#F :(#0#0F ,<&5F #0F #7:27F !#0:527F ?F 4<#F $2.#0:0F #,F"#7552,,2F "#,F 7#!:25F #0F "20"#F #7:A0F < )!"27F 27F #0:527F 2.#5!),#7F "# #0F :#0#5F !2.2F !2.352.)72F F7<F!2.<0)""F?FF,F72!)#""F"#F -F4<#F$25.0F35:#F

((( $( %(&( !((!#"'((#(# #(%%!#(&(( $!$$(