!"
!
!"#$%&!"'(")$*'#+,#!"-#
,%&.,-"-#/."'),-"-#
,'#,-&"0"#
!
"#$#%&!'()#*+!
!
",-.(/!()!0(-.&1)!2).(/)#3&4)#%!
+(!%#!567/(-#!(!2+&46#-!
!
8)&9(/-&+#+!+(!:%6(/;#!
<(3=#!+(!+(>()-#?!@A!B*)&4!@CD@!
E&/(3.4/!+(%!./#F#G4?!"#/;#!H4/(.4!I#).1)!'4+/;$*(J!
!
#" !
! ! !
.,-1%,'#
#
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
!
"2-(.")(#
!
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
$"
! ! !
#
#
#
#
#
,-(.1)(1."#
#
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
!
%"
3'+$),##
#
DM!5WP8E2\!E5H!"5'I:E\!<':SI]W!^!5W_:`\H!
DMDM!W2P8:I2aS!5I\Sa"2I:!^!<2S:SI25':! DM@M!H502WH:I2aS!<2WI:H!
DMbM!I\SE2I2\S5W!E5!P':c:B\!^!I8HP8':!
DM[M!W5IP\'5W!"RW!2"_\'P:SP5W!E5!2SP5'I:"c2\W!I\"5'I2:H5W!
DMdM!5"_'5W:W!<':SI5W:W!^:!2"_H:SP:E:W!5S!5W_:`:!
!
@M!e_\'f85!2"_H:SP:'W5!5S!5W_:`:g!!
@MDM!h5SP:B:W!
@M@M!2SI\Sh5S25SP5W!
!
bM!eIa"\!2"_H:SP:'W5!5S!5W_:`:g!
bMDM!_\W2c2H2E:E5W!_:':!2Sh5'P2'!5S!5W_:`:!
bM@M!W5IP\'5W!_'2h2H502:E\W!_:':!2"_H:SP:'W5!
bMbM!i\S:W!_'2h2H502:E:W!_:':!2"_H:SP:'W5!
bM[M!:^8E:W!
!
[M!I:W\!_'RIP2I\?!0'8_\!"5E2:_\WP!
[MDM!_'5W5SP:I2aS!E5H!0'8_\!"5E2:_\WP!
[M@M!"5E2:_\WP!W_:2S!WMHM!
[MbM!H:!2"_H:SP:I2aS!5S!5W_:`:!
&"
45#,-(1+$6#+,!#%,.)"+6#/."')7-#8#,-&"06!#
!
! <*().(?!5)3#/.#!
!
4545#-$(1")$*'#,)6'*%$)"#8#/$'"')$,."#
!
5-7#L#! (-! %#! 43.#9#! 74.()3&#! (34)16&3#! 6*)+&#%! K! </#)3&#! -(! ()3*()./#! ()! (%! U*&).4!-&.&4M!
9:;4;<# ,=>?@?# /A?BCD?#
̀# DCd@Oj! DAbkOl!
̀# @@!dA@! @A!A[k!
(?=?# EF# CAFCDGDFBHI# EFJ# &$2#
YCODm! DOlm!
(?=?#EF#DBKJ?CDLB# DOjm! DOkm!
(?=?#EF#EF=FG>JFI# @CObm! DCOkm!
<*().(?!56F#G#+#!+(!</#)3&#!#!"#+/&+!!
!
454545 &.6+1)(6#$'(,.$6.#2.1(6# #
'"
#)*#%!6(+&4!+(!bOkm!+*/#).(!%4-!+&(J!N%.&64-!#L4-M!0/#3&#-!#!%#!>*(/.(!+(6#)+#!&).(/)#! U*(!.();#O!#%!#74K4!+(!%4-!>4)+4-!(*/47(4-!K!%#!>*(/.(!&)6&$/#3&1)O!5-7#L#!34)43&1!*)! +&)#6&-64!(34)16&34!+*/#).(!*)!7(/&4+4!7/4%4)$#+4M!W*!3/(3&6&().4!(/#!+(!bOkm!()! @CCkO! 6*3=4! 6,-! #%.4! U*(! %#! 6(+&#! +(! %#! J4)#! (*/4! n@Olmo! 4! +(! </#)3&#! nDOAmoO! :%(6#)&#!n@Odmo!4!0/#)!c/(.#L#!nbODmoM!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?blo! !
4545:5#("-"#+,#+,-,%&!,6#
!
5-7#L#!.&()(!%#!.#-#!+(!+(-(67%(4!6,-!#%.#!+(!%#!8)&1)!5*/47(#!34)!@@OAm!+(!%#! $().(! #%! 7#/4! ()! +&3&(6F/(! @CDDM! H#! .#-#! +(! </#)3&#! (-! &)>(/&4/! #! %#! 6&.#+! +(! %#! +(! 5-7#L#O!34)!*)#!.#-#!+(!AOA!m!()!(%!6&-64!7(/&4+4M!5%!DjO@m!+(!%4-!G19()(-!)4!.&()()! ./#F#G4O!%4!U*(!-&$)&>&3#!*)!74/3().#G(!+(!b!7*).4-!74/!()3&6#!+(!%#!6(+&#!5*/47#!U*(! (-.,! ()! (%! DdmM! 5%! -*+4(-.(! +(! 5-7#L#! (-! %#! /($&1)! U*(! .&()(! %#! .#-#! +(! 7#/4! 6,-! &674/.#).(! K! (%! S4/+(-.(! .&()(! %#! .#-#! 6,-! +QF&%M! n"&--&4)! Q34)46&U*(! +(! "#+/&+O! @CCA?DDDo!
!
(?=?#EF#EF=FG>JFI#>IA#>AIMDBCD?=#FB#,=>?@?# #
! <*().(?!=..7?pp%#-3&>/#-MF%4$-74.M346M(-p@CD@pCDp+&-./&F*3&4)Y$(4$/#>&3#Y+(%Y
("
4545N5#,O&6.(")$6',-#,#$%&6.(")$6',-#
!
H#-! (X74/.#3&4)(-! (! &674/.#3&4)(-! ()! 5-7#L#! =#)! #*6().#+4! 6*3=4! (-.4-! N%.&64-! #L4-M! 0/#3&#-! #! (-4O! 5-7#L#! -(! =#! 34)9(/.&+4! ()! *)4! +(! %4-! 7#;-(-! 6,-! &).(/)#3&4)#%&J#+4-!+(%!6*)+4M!5-7#L#!(X74/.#!7/&)3&7#%6().(!F&()(-!+(!(U*&74!K!+(%! -(3.4/!#*.4619&%!K!-*-!&674/.#3&4)(-!6,-!&674/.#).(-!-(!()3*()./#)!()!(%!-(3.4/!+(!%4-! 7/4+*3.4-!()(/$Q.&34-!K!+(!%4-!F&()(-!+(!(U*&74M!!
!
! <*().(?!"&)&-.(/&4!+(!2)+*-./&#O!P*/&-64!K!I46(/3&4!
!
&ADBCD>?JF=#=ICDI=#CIGFACD?JF=P#
!
H4-!7/&)3&7#%(-!-43&4-!346(/3&#%(-!+(!5-7#L#!-4)!%4-!7#;-(-!+(!%#!8)&1)!5*/47(#O! U*(! /(7/(-().#F#)! kCm! +(! %#-! (X74/.#3&4)(-! (-7#L4%#-! ()! @CCkM! H#-! (X74/.#3&4)(-! (-7#L4%#-! -4)! +&/&$&+#-! 7/&6(/4! =#3&#! </#)3&#! nDjOlmoO! -($*)+4! =#3&#! :%(6#)&#! nDCOjmo!K!(%!.(/3(/4!+(-.&)4!(-!_4/.*$#%!!34)!jOlmM!!
!
E(-7*Q-!+(!5*/47#!(-!(%!34).&)().(!+(!:6Q/&3#!H#.&)#!(%!U*(!/(3&F(!%#!.#-#!6,-! &674/.#).(!+(!%#-!(X74/.#3&4)(-!(-7#L4%#-!34)![OkmM!W($*&+#6().(!9&()(!:-&#!34)![m!K! I=&)#!K!B#71)!3464!7/&6(/4-!/(3(7.4/(-M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?llo! !
)"
4545Q5#$'R,.-$6',-#,O(."'S,."-##
!
5)!@CCAO!%#-!&)9(/-&4)(-!(X./#)G(/#-!()!5-7#L#!=#)!F#G#+4!+(!l@m!#!3#*-#!+(!%#! 3/&-&-?! /(7/(-().#F#)! D[!lA[! 6&%! 6&%%4)(-! +(! (*/4-M! W&)! (6F#/$4O! ()! @CDCO! %#-! &)9(/-&4)(-!(X./#)G(/#-!+&/(3.#-!=#)!#*6().#+4!+(![DOdm!7#/#!#%3#)J#/!(%!&674/.(!+(! @b![Dd!6&%!6&%%4)(-!+(!(*/4-M!!5-7#L#!-(!=#!34)9(/.&+4!()!*)4!+(!%4-!Dd!7/&6(/4-!7#;-(-! /(3(7.4/(-!+(!2)9(/-&4)(-!E&/(3.#-!5X./#)G(/#-M!!
!
5)!@CDCO!%4-!7/&)3&7#%(-!-(3.4/(-!()!%4-!U*(!%4-!7#;-(-!(X./#)G(/4-!=#)!&)9(/.&+4! (/#)! (%! ./#)-74/.(! K! (%! #%6#3()#G(! 34)! DkmO! (%! &)64F&%&#/&4! .#6F&Q)! 34)! DkmO! %#! &)+*-./&#!6#)*>#3.*/(/#!nD[OjmoO!%#-!#3.&9&+#+(-!>&)#)3&(/#-!K!%4-!-($*/4-!nD@OAmo!K!(%! -*6&)&-./4!+(!(%(3./&3&+#+!nDDOAmoM!!!
!
5)!@CDDO!%#-!&)9(/-&4)(-!(X./#)G(/#-!=#)!-($*&+4!-&()+4!&674/.#).(-M!! !
!I=#>ADBCD>?JF=#>?T=F=#DBMFA=IAF=#FB#,=>?@?#FB#:;4;P#
_#;-(-!c#G4-! @@O[m!
H*X(6F*/$4! DdObm!
'(&)4!8)&+4! DCOdm!
5-.#+4-!8)&+4-! AOAm!
</#)3&#! lOjm!
2.#%&#! lOlm!
:%(6#)&#! lOlm!
<*().(?!"&)&-.(/&4!+(!2)+*-./&#O!P*/&-64!K!I46(/3&4! !
&ADBCD>?JF=#KJUVI=#EF#DBMFA=DIBF=#EDAFCH?=#KA?BCF=?=#FB#Óȋ̀Ȍǣ#
! <*().(?!c#)34!+(!5-7#L#!K!E#.#&)9(X!
!
*"
45:5#!,W$-!")$*'#/$-)"!#
#
45:545#&.$')$&"!,-#)".W"-#-6)$"!,-#,#$%&1,-(6-#
!
# /A?BCD?# ,=>?@?#
)?AX?=#=ICD?JF=#>?A?#FJ# ?=?J?AD?EI=# :7/4X&6#+#6().(!@Cm!+(%! -*(%+4!F/*.4! :7/4X&6#+#6().(!lO[m! +(%!-*(%+4!F/*.4! )?AX?=#=ICD?JF=#>?A?#FJ# FG>JF?EIA# bdY[dm!+(%!-*(%+4!F/*.4! bCOlCm!+(%!-*(%+4!F/*.4! $G>UF=HI=#=IYAF#J?=# =ICDFE?EF=#9$-<# bbObbm!+(!%4-!F()(>&3&4-! 5)./(!@Cm!K!b@Odm!+(!%4-! F()(>&3&4-!n+(7()+(!+(%! 94%*6()!+(!)($43&4-o! $G>UF=HI#=IYAF#J?#AFBH?# 2'!n267q.!-*/!%(!/(9()*o! @CDD! !
E(-+(! T#-.#! P#-#!
Ͳ̀! ͷͻ͵̀! Cm!
ͷͻͶ̀! ͳͳͺͻ̀! dOdm!
ͳͳͺͻ̀! ʹͶʹͲ̀! D[m!
ʹͶʹͳ̀! Ͳͺ͵Ͳ̀! bCm!
Ͳͺ͵ͳ̀! Y! [Dm!
!
2'_<!n267*(-.4!-4F/(!%#! '().#!+(!%#-!_(/-4)#-! <;-&3#-o!@CDD!
E(-+(! T#-.#! P#-#!
Ͳ̀! ͷͲͷͲ̀! Cm!
ͷͲͷͳ̀! ͳͲ̀! @[m!
ͳͲ̀! ͵͵ͲͲ̀! @jm!
͵͵ͲͲ̀! ͷ͵ͶͲ̀! bkm!
ͷ͵ͶͲ̀! Y! [bm!
! )?AX?=#=IYAF#FJ#=UFJEI# EFJ#XFAFBHF# δʹʹͲͲ̀Ȁ 6(-!rb@Ybbm!-*(%+4!F/*.4! εʹʹͲͲ̀Ȁ 6(-!r![@m!-*(%+4!F/*.4! 2674/.(!>&G4?!! ʹͷͶǡʹͳ̀! ͳǡͻͶ̀! n-&!6()4-!+(!bC!#L4-o! <*().(?!3/((/-43&(.((-7#$)(M346! !
!+"
%4!6,-!&674/.#).(!7#/#!#%$*&()!U*(!U*&(/(!3/(#/!-*!(67/(-#!()!5-7#L#!(-!(%!=(3=4!+(! U*(!%#-!3#/$#-!-4F/(!(%!-*(%+4!+(%!$(/().(!-4)!6*3=4!6,-!(%(9#+#-!()!</#)3&#!U*(!()! 5-7#L#M!!
!
_4/! (ǡ ʹͷͲͲ ̀ ǡ
ʹͷͲͲȗͲǡͶʹαͳͲͷͲ̀ÓʹͷͶǡʹͳ̀Ǥ! '(>(/().(! #%! &67*(-.4! -4F/(! %#! /().#O! %#! +&>(/()3&#! ()./(! </#)3&#! K! 5-7#L#! (-! 6;)&6#! 7(/4!6,-!9().#G4-#!()!</#)3&#M!!
!
45:5:5#$%&1,-(6#-62.,#,!#R"!6.#"0"+$+6#9$R"<#
#
! /A?BCD?# ,=>?@?#
(?=?#AFEUCDE?# km!n7/4+*3.4-!#$/;34%#-O! %&F/4-O!./#F#G4-!+(!
× ǥȌ! ! !
jm!n./#)-74/.(!+(! 7(/-4)#-O!/(-.#*/#3&1)O!
ǡ ǥȌ! dOdm!nF(F&+#-!-&)!#%34=4%O!
#%&6().#3&1)O!6#.(/&#%(-! 7#/#!7(/-4)#-!
ǥȌ!
(?=?#>?AHDCUJ?A# @ODm!n6(+&3#6().4-O! #*+&49&-*#%!7NF%&34O!9().#-!
ǥȌ!
[m!n%&F/4-O!7(/&1+&34-O!
ǥȌ! !
(?=?#BIAG?J# DAOlm!n.4+4!(%!/(-.4o! Djm!n.4+4!(%!/(-.4o! !
H4-!&67*(-.4-!-4F/(!(%!9#%4/!#L#+&+4!-4)!7#/(3&+4-!()!</#)3&#!K!()!5-7#L#M!H#! .#-#!)4/6#%!(-!6,-!F#G#!()!5-7#L#!6&()./#-!U*(!%#-!.#-#-!/(+*3&+#-!K!7#/.&3*%#/(-!-4)! 6,-!F#G#-!()!</#)3&#M!
!
45N5#)6'+$)$6',-#+,#(."2"S6#8#)1!(1."#
#
× Óǣ Dz À dz Ǥ ±ǡ
!!"
)&9(%!+(!%#-!346*)&+#+(-!#*.1)46#-O!7#/#!/($*%#/!%#-!34)+&3&4)(-!+(!./#F#G4M!:+(6,-O! ()!(%!-()4!+(!%#!(67/(-#!.#6F&Q)!(X&-.()!#3*(/+4-!-4F/(!%#-!34)+&3&4)(-!+(!./#F#G4!+(! %4-!(67%(#+4-M!5-.4-!34)9()&4-!K!#3*(/+4-!7*(+()!4>/(3(/!34)+&3&4)(-!+(!./#F#G4!6,-! >#94/#F%(-!U*(!%#-!+(%!)&9(%!)#3&4)#%!7(/4!)*)3#!7*(+()!-(/!6()4-!>#94/#F%(-M!
!
45N545#.,%1',.")$6',-# #
5%!-#%#/&4!#)*#%!F/*.4!6(+&4!(/#!+(!@l!jCj!(*/4-!()!5-7#L#!K!+(!b[!b@A!(*/4-!()! </#)3&#!()!@CCAM!!
!
5)! %#-! 346*)&+#+(-! #*.1)46#-! +(! "#+/&+O! +(%! _#;-! h#-34! K! +(! S#9#//#! -(! ()3*()./#)! %4-! -#%#/&4-! F/*.4-! 6(+&4-! 6,-! (%(9#+4-! +(! 5-7#L#M! :%! 34)./#/&4O! %4-! 6,-! F#G4-!-4)!%4-!+(!%#-!/($&4)(-!+(!5X./(6#+*/#O!+(!%#-!&-%#-!I#)#/&#-O!K!+(!"*/3&#M!n"&--&4)! Q34)46&U*(!+(!"#+/&+O!@CCA?DDdo!
!
5%!-#%#/&4!6;)&64!-(!%%#6#!WM"M2M!nW#%#/&4!";)&64!2).(/7/4>(-&4)#%o!()!5-7#L#!K! WM"M2MIM! nW#%#/&4! ";)&64! 2).(/7/4>(-&4)#%! +(! I/(3&6&().4o! ()! </#)3&#M! 5)! @CDDO! (/#! +(! l[@O[C!(*/4-!)(.4-!6()-*#%(-!()!5-7#L#!K!+(!DCAlOA[!(*/4-!)(.4-!#%!6(-!()!</#)3&#M! _4+(64-!9(/!U*(!(-.(!-#%#/&4!6;)&64!(-!3#-&!(%!+4F%(!+(!5-7#L#!()!</#)3&#M!
!
45N5:5#+1.")$*'#+,!#(."2"S6#
!
!#"
6#L#)#!-(!#3#F#!#%/(+(+4/!+(!%#-!D[!()!5-7#L#!6&()./#-!U*(!+*/#!-4%4!=#-.#!%#-!D@!()! </#)3&#M! W&)! (6F#/$4O! %#! 7#*-#! ()! 5-7#L#! +*/#! b! =4/#-! 34)./#! -4%4! D! 4! @! =4/#-! ()! </#)3&#M!_4/!%#!.#/+(!-(!./#F#G#!()!$()(/#%!+(!%#-!Dk!#!%#-!@C!()!5-7#L#!K!+(!%#-!D[!#!%#-! Dk!()!</#)3&#M!W&)!(6F#/$4O!(-.4-!=4/#/&4-!+(7()+()!+(%!-(3.4/M!!
#
45N5N5#+$/,.,'(,-#($&6-#+,#)6'(."(6-#+,#(."2"S6# #
H4-! 7/&)3&7#%(-! .&74-! +(! 34)./#.4-! U*(! -(! 7*(+()! ()34)./#/! ()! 5-7#L#! K! ()! </#)3&#!-4)!%4-!-&$*&().(-?!!
!
,B#,=>?@?P#
Y!I4)./#.4!&)+(>&)&+4! Y!I4)./#.4!#!.&(674!7#/3&#%! Y!I4)./#.4!4F/#-!K!-(/9&3&4-! Y!I4)./#.4!(9().*#%!
Y!I4)./#.4!+(!&).(/&)&+#+!
Y!I4)./#.4!+(!>4/6#3&4)(-!K!7/,3.&3#-! !
,B#/A?BCD?P#
Y!Dz±±±dzȋȌ! YDz±±±dzȋȌ! Y!Dzdzȋ4)./#.4!.(674/#%o! Y!Dzdzȋ Ȍ! YDzdzȋ Ȍ! YDzǯdzȋȌ! !
45N5Q5#)1!(1."! !
T#K!)*6(/4-#-!+&>(/()3&#-!3*%.*/#%(-!()./(!</#)3&#!K!5-7#L#M!8)!&)9(/-4/!>/#)3Q-! .&()(!U*(!.()(/!(-4!()!3*().4!-&!U*&(/(!&67%#).#/-(!()!5-7#L#M!P&()(!U*(!#+#7.#/-(!K! +(64-./#/!*)#!6().#!#F&(/.#M!!
!$"
H#-!/(%#3&4)(-!()!(%!6*)+4!+(!%4-!)($43&4-!()!5-7#L#!-4)!6()4-!>4/6#%(-!U*(!()! </#)3&#M!H4-!7%#J4-!K!%#-!=4/#-!+(!3&.#!-4)!F#-.#).(!>%(X&F%(-M!_4/!(%!34)./#/&4!()!</#)3&#! -4)!6,-!(-./&3.4-M!5%!.*.(4!-(!*-#!6*3=4!6,-!()!5-7#L#s!()!</#)3&#!3#-&!-&(67/(!-(!./#.#! +(!*-.(+!#!*)#!7(/-4)#!+(-34)43&+#M!E*/#).(!*)#!/(*)&1)!+(!./#F#G4O!(-!6*K!346N)!)4! =#F%#/! N)&3#6().(! +(! )($43&4-! 74/U*(! %#! /(%#3&1)! 7(/-4)#%! (-! 6*K! &674/.#).(! ()! 5-7#L#M! W&)! (6F#/$4O! %4-! (-7#L4%(-! -#F()! )($43&#/! K! 7*(+()! .#6F&Q)! -(/! 6*K! +*/4-M! I4)!%4-!3%&().(-!.#6F&Q)O!%#-!/(%#3&4)(-!-4)!+&>(/().(-?!-4)!6,-!+&/(3.#-O!6()4-!>4/6#%(-! K! 34)! *)#! 7/4X&6&+#+! 6#K4/M! H#-! 346*)&3#3&4)(-! -4)! 6,-! 9(/F#%(-! U*(! (-3/&.#-?! ().4)3(-O!(-!&674/.#).(!34)43(/!(%!&+&46#!(-7#L4%!7#/#!>#94/(3(/!%#-!/(%#3&4)(-M!!
!
P#6F&Q)! =#K! +&>(/()3&#-! ()! 3#+#! 346*)&+#+?! .&()()! 7/,3.&3#-! 346(/3&#%(-! (! &+&46#-!+&>(/().(-M!H#!%()$*#!4>&3&#%!(-!(%!3#-.(%%#)4!7(/4!.#6F&Q)!(X&-.()!*)#-!%()$*#-! 344>&3&#%(-! =#F%#+#-! ()! %#-! +&>(/().(-! 346*)&+#+(-?! (%! 9#-34O! (%! 3#.#%,)O! (%! $#%%($4! K! (%! 9#%()3&#)4M!
!
45Q5#-,)(6.,-#%Z-#$%&6.("'(,-#+,#$'(,.)"%2$6-#)6%,.)$"!,-#
!W($N)! (%! &)>4/6(! +(! %#! I,6#/#! +(! I46(/3&4! </#)3(-#! ()! c#/3(%4)#O! ()! @CDDO! </#)3&#!.4+#9;#!(-!(%!7/&6(/!-43&4!346(/3&#%! +(!5-7#L#!K!%4-!7/&)3&7#%(-!7/4+*3.4-!+(! &).(/3#6F&4!()./(!</#)3&#!K!5-7#L#!-4)!%4-!-&$*&().(-?!
!
&ADBCD>?JF=#F[>IAH?CDIBF=#EF#,=>?@?#\?CD?#/A?BCD?#FB#:;44P# #
&AIEUCHI=# ȋ̀Ȍ# ]#EFJ#HIH?J#
h(=;3*%4-!#*.4619&%(-! DD!b[kOD! @AOd!
"#U*&)#-!K!#7#/#.4-!6(3,)&34-! @!@jDOC! dOA!
I46F*-.&F%(-O!#3(&.(!6&)(/#%! @!CAdOk! dO[!
:7#/#.4-!K!6#.(/&#%!(%Q3./&34! D!AldOl! dOD!
"#.(/&#%(-!7%,-.&34-!K!+(/&9#+4-! D![jDOd! bOA!
<*)+&3&1)O!=&(//4!K!#3(/4!! D!D[dOl! bOC!
</*.#-O!34)-(/9#-! D!D@COD! @OA!
<*().(?!E&/(33&1)!$()(/#%!+(!:+*#)#-!
!%"
&ADBCD>?JF=#F[>IAH?CDIBF=#EF#/A?BCD?#\?CD?#,=>?@?#FB#:;44P# #
&AIEUCHI=# ȋ̀Ȍ# ]#EFJ#HIH?J#
h(=;3*%4-!#*.4619&%(-! DD!b[kOD! @lO@!
<*)+&3&1)O!=&(//4!K!#3(/4!! @!@jDOC! lOj!
:7#/#.4-!K!6#.(/&#%!(%Q3./&34! @!CAdOk! lOd!
_/4+*3.4-!>#/6#3Q*.&34-! D!AldOl! dOk!
"#.(/&#%(-!7%,-.&34-!K!+(/&9#+4-! D![jDOd! [O@!
I(/(#%(-!! D!D[dOl! [OC!
:3(&.(!(-()3&#%s!7(/>*6(/;#! D!D@COD! @Oj!
<*().(?!E&/(33&1)!$()(/#%!+(!:+*#)#-#
#
5%! -(3.4/! #*.4619&%! (-! (%! -(3.4/! 6,-! &674/.#).(! 7#/#! %#-! (X74/.#3&4)(-! K! %#-! &674/.#3&4)(-!()./(!</#)3&#!K!5-7#L#M!!
!
45^5#,%&.,-"-#/."'),-"-#8"#$%&!"'("+"-#,'#,-&"0"#
!
5)! @CD@O! %#-! 2E5! n2)9(/-&4)(-! E&/(3.#-! ()! (%! 5X./#)G(/4o! >/#)3(-#-! ()! 5-7#L#! /(7/(-().#F#)! bCOl! 6&%! 6&%%4)(-! +(! (*/4-O! %4! U*(! -&$)&>&3#! bOjm! +(%! .4.#%! +(! %#-! &)9(/-&4)(-! +&/(3.#-! >/#)3(-#-! ()! (%! (X./#)G(/4M! ! W($N)! %4-!+#.4-! +(%! c#)34! +(! 5-7#L#O! </#)3&#! .();#! lm! +(! %#-! (X&-.()3&#-! ()! 5-7#L#O! %4!U*(! =#3(! +(%! 7#;-! (%! U*&).4! &)9(/-4/! +&/(3.4!()!5-7#L#M!H4-!3*#./4!7/&6(/4-!-4)!(%!'(&)4!8)&+4O!5-.#+4-!8)&+4-O!%4-!_#;-(-! c#G4-!K!H*X(6F*/$4M!!
!
H4-!7/&)3&7#%(-!-(3.4/(-!()!%4-!3*#%(-!</#)3&#!=#!&)9(/.&+4!()!5-7#L#!-4)?!
Y %4-!F&()(-!&)6*(F%(-!K!%4-!-(/9&3&4-!#!%#-!(67/(-#-!nDA!mo
#
Y %#!&).(/6(+&1)!>&)#)3&(/#!nD[Ol!mo
#
Y %#!&)+*-./&#!#*.4619&%!nDCO[!mo
#
Y %#-!.(%(346*)&3#3&4)(-!nlOj!mo
#
Y %#!&)+*-./&#!#%&6().#/&#!nlO@!mo
#
!&"
H#-!(67/(-#-!>/#)3(-#-!6,-!&674/.#).(-!()!5-7#L#!()!%4-!-(3.4/(-!-&$*&().(-!-4)?!!
Y H4-! ./#)-74/.(-?! '()#*%.O! _W:O! :%-.46O! :%3#.(%! +&9&-&1)! #*.46#.&J#3&1)! +(%!
./#)-74/.(O!:&/F*-!
Y 5%!F#)34?!I/Q+&.!:$/&34%(O!W43&Q.Q!0Q)Q/#%(O!cS_Y_#/&F#-!
Y H#!+&-./&F*3&1)?!I#//(>4*/O!:*3=#)O!H(/4K!"(/%&)!
Y H4-!-($*/4-?!:X#O!"#3&>O!0/4*7#6#!
Y H4-!%#F4/#.4/&4-!>#/6#3Q*.&34-?!:9().&-YW#)4>&O!_&(//(!<#F/(!
Y H#-!.(%(346*)&3#3&4)(-?!\/#)$(p</#)3(!P(%(346O!:%3#.(%!
!
H#!6#K4/;#!+(!%#-!(67/(-#-!>/#)3(-#-!()!5-7#L#!=#)!(%($&+4!&67%#).#/-(!()!%#-! I46*)&+#+(-!:*.1)46#-!+(!"#+/&+!nbkOl!mo!K!+(!I#.#%*L#!nlC!moM!!
</#)3&#! (-! (%! 7/&6(/! 7#;-! &)9(/-4/! ()! %#! I46*)&+#+! +(! c#/3(%4)#?! kCl! (67/(-#-!
Àȋǡ ǡǡǥȌǤ!
W&)! (6F#/+4O! #%$*)#-! (67/(-#-! .#6F&Q)! -(! &67%#).#/4)! ()! 4./#-! 3&*+#+(-! 3464! h#%%#+4%&+!n'()#*%.oO!h&$4!n_W:o!4!W(9&%%#!n5:EWo!74/!(G(67%4M!n"&--&4)!Q34)46&U*(!+(! "#+/&+O!@CCA?k@Okbo!
!
5)! @CDCO! 3#-&! @@CC! (67/(-#-! >/#)3(-#-! -4)! &67%#).#+#-! ()! 5-7#L#M! _/43*/#)! 6,-!+(![CCMCCC!(67%(4-O!%4!U*(!34//(-74)+(!#!DCOk!m!+(%!.4.#%!+(!%4-!()$()+/#+4-!74/! -43&(+#+(-!(X./#)G(/#-M!!
!
5)!@CCjO!()./(!%#-!bC!7/&6(/#-!(67/(-#-!()!5-7#L#O!d!(/#)!>/#)3(-#-?!
)J?=DKDC?CDLB# ,G>AF=?#
St!A! I#//(>4*/!
St!DD! _(*$(4.YI&./4u)!
St!@l! '()#*%.!
St!@A! \/#)$(!K!E;#!n$/*74!I#//(>4*/o!
! ! ! !
!
!'"
:5#_&6.`1,#$%&!"'(".-,#,'#,-&"0"a##
!
:545#R,'("S"-#
#
:54545#)"!$+"+#+,#R$+"#
!
5-7#L#!(-!*)!F*()!7#;-!7#/#!9&9&/!K!./#F#G#/?!%#!$().(!(-!#F&(/.#!K!=#K!*)#!F*()#! 3#%&+#+!+(!9&+#M!
!
,EUC?CDLB# #
8)!(X./#)G(/4!U*(!U*&(/(!&)9(/.&/!()!5-7#L#!)4!.()+/,!7/4F%(6#-!7#/#!&)-3/&F&/!#! -*-!=&G4-!()!*)#!(-3*(%#O!*)!34%($&4!4!*)!&)-.&.*.4!>/#)3Q-!4!F&%&)$v(?!=#K!)*6(/4-4-!()! %#-!$/#)+(-!3&*+#+(-M!5)!5-7#L#O!74/!3#+#!DCCC!#%*6)4-O!=#K!AC!#%*6)4-!(X./#)G(/4-M!
Dz ±±dzDz ± dzǤ! T#K! .#6F&Q)! #%$*)#-! +(! %#-! 7/&)3&7#%(-! (-3*(%#-! +(! 346(/3&4! +(! 5*/47#! K! #%$*)4-! 6,-.(/(-!4>&3&#%(-!+4)+(!-(!&)-3/&F()!3#+#!#L4!6,-!(X./#)G(/4-M!!
!
-?BDE?E#
!
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
!
-FXUADE?E#>bYJDC?# #
5-7#L#!(-!*)4!+(!%4-!7#;-(-!6,-!-($*/4-!K!74%;.&3#6().(!(-.#F%(-!+(!5*/47#M!5)! @CCAO! %#! .#-#! +(! 3/&6&)#%&+#+! (-.#F#! +(! [dOD! +(%&.4-! 74/! DCCC! =#F&.#).(-O! @b! 7*).4-! +(F#G4!+(!%#!6(+&#!+(!%#!8)&1)!5*/47(#M!
!("
)JDG?! !
5-7#L#! .&()(! *)! 3%&6#! 6*K! #$/#+#F%(! 34)! bCCC! =4/#-! +(! -4%! #%! #L4M! 5%! -*/! +(! 5-7#L#!.&()(!*)4!+(%!6(G4/!3%&6#!+(!5*/47#M!H4-!&)9&(/)4-!>/;4-!3464!()!</#)3&#!3#-&!)4! (X&-.()M!H#-!.(67(/#.*/#-!#)*#%(-!-(!()3*()./#)!()./(!@t!K!Dbt!()!&)9&(/)4!K!()./(!Djt!K! @kt!()!9(/#)4M!0/#3&#-!#%!I%&6#!U*(!.&()(!5-7#L#O!*)!-(3.4/!&).(/(-#).(!7#/#!&)9(/.&/!(-! (%!P*/&-64M!!
!
:545:5#)"!$+"+#+,#!"-#$'/.",-(.1)(1."-#
!
H#! 3#%&+#+! +(! %#-! &)>/#(-./*3.*/#-! 64+(/)#-! +(! 5-7#L#! >#3&%&.#! (%! +(-#//4%%4! (67/(-#/&#%M!H#!/(+!+(!#*.47&-.#-!+(!5-7#L#!(-!%#!7/&6(/#!+(!5*/47#?!
!
!! !
5-7#L#!.&()(!.#6F&Q)!&674/.#).(-!#(/47*(/.4-O!()./(!%4-!3*#%(-!@!+(!%4-!DC!6,-! &674/.#).(-!+(!5*/47#!n"#+/&+!K!c#/3(%4)#oM!5)!.4.#%!=#K![k!#(/47*(/.4-!34)!6*3=#-! %;)(#-!)#3&4)#%(-!(!&).(/)#3&4)#%(-M!!
!
5%!./#)-74/.(!6#/;.&64!.#6F&Q)!(-!+(!6*K!F*()#!3#%&+#+O!34)![l!7*(/.4-!K!+4-!+(! %4-!DC!6,-!$/#)+(-!+(!5*/47#!n:%$(3&/#-!K!h#%()3&#oO!%4!U*(!7(/6&.(!#!5-7#L#!(-.#/!()!%#! 3*#/.#!74-&3&1)!+(%!./#)-74/.(!6#/;.&64!+(!6(/3#)3;#-?!!
!)"
! !
,J#&J?B#,=HA?HcXDCI#EF#$BKA?F=HAUCHUA?#d#EF#(A?B=>IAHF#9&5,5$5(5<P# #
5)!G*%&4!@CCdO!7#/#!6(G4/#/!%#!3467(.&.&9&+#+!(34)16&3#!+(!5-7#L#O!(%!$4F&(/)4! +(3&+&1! (%#F4/#/! (%! _%#)! 5-./#.Q$&34! +(! 2)>/#(-./*3.*/#! K! +(! P/#)-74/.(! n_M5M2MPMoO! U*(! (-.,! 7%#)(#+4! =#-.#! @C@C! K! (/#! *)#! &)9(/-&1)! +(! @[A6&%! 6&%%4)(-! +(! (*/4-M! n"&--&4)! Q34)46&U*(!+(!"#+/&+O!@CCAo!
!
:545N5#.,!")$*'#&.$R$!,W$"+"#)6'#"%7.$)"#!"($'"#
!
5-7#L#! .&()(! *)#! /(%#3&1)! 7/&9&%($&#+#! 34)! :6Q/&3#! %#.&)#! K! (-4! 7*(+(! -(/! *)#! 9().#G#!74/U*(!(-!*)#!7*(/.#!7#/#!()./#/!()!*)!)*(94!6(/3#+4O!%4!U*(!(-!6,-!+&>;3&%!-&! *)#! (67/(-#! -(! U*(+#! ()! </#)3&#M! 5-.4! -(! (X7%&3#! ()./(! 4./#-! 34-#-! 74/! -*! %()$*#O! -*! =&-.4/&#!K!-*!3*%.*/#!346N)M!
!
0/#3&#-!#%!=(3=4!+(!U*(!5-7#L#!4>/(3&1!*)!3/Q+&.4!+(!6&%!6&%%4)(-!+(!(*/4-!#!%4-! 7#;-(-! +(! :6Q/&3#! +(%! W*/! ()! DAldO! 7#/#! #74K#/%#-! ()! -*! +(-#//4%%4O! %#! /(%#3&1)! ()./(! 5-7#L#! K! (-.(! 34).&)().(! =#! 3#6F&#+4M! E(-+(! (-.#! >(3=#O! 5-7#L#! (X74/.#! 6,-! =#3&#! :6Q/&3#! +(%! W*/! K! #%$*)4-! #3*(/+4-! F&%#.(/#%(-! .#6F&Q)! =#)! -&+4! >&/6#+4-M! n5)/&U*(! I4*3(&/4!S*L(JO!DAlk?DD@bODD@[o!
!*"
T4KO!%#-!.()+()3&#-!-(!=#)!&)9(/.&+4M!H4-!7#;-(-!+(!:6Q/&3#!H#.&)#!/($&-./#)!*)#! .#-#!+(!3/(3&6&().4!6*K!>*(/.(!+(%!l!m!()!@CDC!34)./#!DOkm!7#/#!%4-!7#;-(-!+(!5*/47#M! 5%!3/(3&6&().4!/,7&+4!+(!%4-!7#;-(-!+(!:6Q/&3#!H#.&)#!(-!*)#!9().#G#!7#/#!5-7#L#M!H#-! (67/(-#-!(-7#L4%#-!=#)!&)9(/.&+4!DCC!6&%!6&%%4)(-!+(!(*/4-!()!:6Q/&3#!H#.&)#!+*/#).(! %4-!Dd!N%.&64-!#L4-M!!
!
wHx:6Q/&U*(! %#.&)(! 9#! 3/4y./(! ./z-! /#7&+(6().M! H(-! 7#K-! F&()! &67%#).Q-! -*/! %(! 34).&)().!-(/4).!%(-!7/(6&(/-!{!()!FQ)Q>&3&(/M|n"#.=&(*!+(!P#&%%#3O!@CDCo!!
!
:6Q/&3#!H#.&)#!9#!3/(3(/!6*K!/,7&+#6().(M!H4-!7#;-(-!F&()!&67%#).#+4-!-4F/(!(%!
34).&)().(!-*/Y#6(/&3#)4!-(/,)!%4-!7/&6(/4-!()!F()(>&3&#/-(!+(!(-.(!3/(3&6&().4M!
!
:545Q5#/$-)"!$+"+#,-&"06!"#
#
H#! 7/(-&1)! >&-3#%! (-7#L4%#! (-! 6,-! 9().#G4-#! U*(! ()! </#)3&#! K! -(! ()3*()./#! 74/! +(F#G4!+(!%#!6(+&#!+(!%#!8)&1)!5*/47#M!!
!
&AF=DLB#KD=C?J#GFEDE?#CIGI#>IACFBH?VF#EF#DG>UF=HI=#d#=FXUADE?E#=ICD?J#=IYAF#FJ# &5$525#9:;;e<#
#
#+"
:545^5#).$-$-P#1'"#6&6.(1'$+"+#&"."#,%&.,'+,.#
!
5%!=(3=4!+(!U*(!%#!3/&-&-!()!5-7#L#!(-!6*K!>*(/.(O!7/(-().#!&)34)9()&().(-O!7(/4! 7*(+(! .#6F&Q)! -(/! *)#! 9().#G#! 7#/#! %4-! &)9(/-4/(-! 74/! 9#/&#-! /#J4)(-O! %4! U*(! =#)! 34)>&/6#+4!#%$*)4-!(34)46&-.#-M!
!
)AFCDGDFBHI#EF=>Uc=#EF#J?#CAD=D=# #
E(-7*Q-!+(!3#+#!3/&-&-!=#K!*)!7(/&4+4!+(!3/(3&6&().4M!E(!=(3=4O!-&!*)#!(67/(-#! -(!3/(#!K!34)-&$*(!-4F/(9&9&/!+*/#).(!*)#!3/&-&-O!-($*/#6().(!+(-7*Q-O!(-.#/,!6,-!>*(/.(! K! .()+/,! %#! 9().#G#! +(! K#! (-.#/! %#)J#+#! K! +(! .()(/! *)! #+(%#).4! -4F/(! %#-! 4./#-M! W*-! /(-*%.#+4-! -4%4! 7*(+()! -(/! 6(G4/(-! +(-7*Q-! +(! %#! 3/&-&-M! ! :+(6,-O! %#! >#%.#! +(! +&)(/4! #K*+#!#!%#!3/(#.&9&+#+M!!
!
2?V?#EF#JI=#>AFCDI=#
!
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
!
)I=HF#EF#UHDJDf?CDLB#EF#UB?#IKDCDB?#ȋ̀ȀÓ;Ȍǡ#:;;g#
#!"
%UC\?#XFBHF#YU=C?#HA?Y?VI# #
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c%446F(/$! =#! 3/(#+4! c%446F(/$! +(-7*Q-! +(! U*(! %(! =*F&(/#)! +(-7(+&+4! +(! W#%464)! c/4.=(/! 4! P46! W.(6F(/$! =#! 3/(#+4! W.#7%(-! +(-7*Q-! +(! U*(! %(! =*F&(/#)!
+(-7(+&+4!+(!*)!-*7(/6(/3#+4M!!
!
)IG>FHFBCD?#GFBI=#KUFAHF# #
I*#)+4! (%! 6(/3#+4! (-.,! 3/(3&()+4O! =#K! 474/.*)&+#+(-! 7(/4! .#6F&Q)! 6*3=#! 3467(.()3&#M!5)!.&(674!+(!3/&-&-O!)*6(/4-#-!(67/(-#-!=#)!3(//#+4!K!74/!(-4!=#K!6()4-! 3467(.()3&#M!W(!7*(+(!.()(/!6,-!7#/.(!+(!6(/3#+4M!:+(6,-O!%#-!(67/(-#-!3467(.().(-! )4! +(-34)>;#)! +(! %#! 3467(.()3&#! 74/U*(! .&()()! U*(! 43*7#/-(! K#! +(! -*-! 7/4F%(6#-M! S*(94-!6(/3#+4-!-(!+(-#//4%%#)!+*/#).(!%#-!3/&-&-O!3464!74/!(G(67%4!%4!+(!%4V!34-.s!%#! $().(!)4!.&()(!6*3=4!+&)(/4!K!F*-3#!*)#!F*()#!/(%#3&1)!()./(!%#!3#%&+#+!K!(%!7/(3&4M!8)#! &+(#!.#6F&Q)!-(/;#!3/(#/!*)#!(67/(-#!U*(!#K*+(!#!/(+*3&/!%4-!34-.(-!+(!%#-!(67/(-#-M!! !
"dUE?=#EFJ#,=H?EI# #
5%! (-.#+4! 7/474)(! #K*+#-! >&-3#%(-! 7#/#! %#-! (67/(-#-! +*/#).(! *)#! 3/&-&-O! (-7(3&#%6().(! %#-! U*(! (67&(J#)O! 74/U*(! U*&(/()! 6(G4/#/! %#! (34)46;#! +(! -*! 7#;-M! 5)! 5-7#L#! 74/! (G(67%4!-(! =#)! F#G#+4! %4-!267*(-.4-! -4F/(! %#-!W43&(+#+(-! 7#/#! %#-!7K6(-! +*/#).(!./(-!(G(/3&3&4-!n+(!3&)34!7*).4-oM!
##"
,VFG>JI=# #
0/#)+(-! $/*74-! =#)! -&+4! 3/(#+4-! +*/#).(! %#-! 3/&-&-?! :77%(! K! "&3/4-4>.! 74/! (G(67%4!=#)!(67(J#+4!()!%4-!#L4-!kCO!3*#)+4!=#F;#!%4-!3=4U*(-!7(./4%(/4-M!E(!=(3=4O!%#! 6&.#+!+(!%#-!(67/(-#-!+(%!;)+&3(!E4V!B4=)!=#)!-&+4!3/(#+#-!+*/#).(!*)#!3/&-&-!nE&-)(KO! "3!E4)#%+O!0()(/#%!5%(3./&3!(.3Mo!
!
:545h5#),.)"'3"#)6'#Z/.$)"#+,!#'6.(,#
#
5-7#L#O! K! (-7(3&#%6().(! :)+#%*3;#! (-.,! 6*K! 3(/3#! +(! R>/&3#! +(%! S4/.(! K! 6,-! 7/(3&-#6().(!+(!"#//*(34-M!5-4!(-!*)#!9().#G#!7#/#!%#-!(67/(-#-!>/#)3(-#-!74/U*(!()! (%!"#$/(F!-(!=#F%#!>/#)3Q-M!8)#!(67/(-#!>/#)3(-#!.()+/,!*)#!74-&3&1)!(-./#.Q$&3#!-&!-(! &67%#).#!()!:)+#%*3;#!74/!-*!3(/3#);#!34)!"#//*(34-!74/U*(!9#!#!-(/!6,-!>,3&%!K!6()4-! 3#/4!./#F#G#/!34)!"#//*(34-!U*(!-&!-(!U*(+#!()!</#)3&#M!
!
H#-! 2-%#-! I#)#/&#-O! :)+#%*3;#O! I(*.#! K! "(%&%%#! (-.,)! 6*K! 3(/3#! +(! "#//*(34-M! 0/#3&#-!#!(-.#!-&.*#3&1)O!5-7#L#!K!"#//*(34-!=#)!3/(#+4!%#J4-!(34)16&34-!K!74%;.&34-M!5)! @CCbO!5-7#L#!(/#!(%!7/&6(/!&)9(/-4/!()!"#//*(34-!34)!D@m!+(!-*-!&)9(/-&4)(-!F/*.#-M! H4-!-(3.4/(-!34)3(/)&+4-!6,-!&674/.#).(-!-4)!(%!.#F#34O!%#!&)+*-./&#!#$/4#%&6().#/&#!K! %#-!.(%(346*)&3#3&4)(-M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCd?bko!
!
"#//*(34-!(-!*)!7#;-!34)!74.()3&#%!(34)16&34M!5%!<4)+4!"4)(.#/&4!2).(/)#3&4)#%! #)*)3&#!*)#!.#-#!+(!3/(3&6&().4!>*(/.(!7#/#!"#//*(34-!7#/#!@CDbM!5%!_/4+*3.4!2).(/&4/! c/*.4! .()+/;#! U*(! #*6().#/! +(! [Obm! ()! @CDbM! 5%! 7/4F%(6#! (-! U*(! (%! >*.*/4! +(! %#! -&.*#3&1)!74%;.&3#!+(%!7#;-!)4!(-!3&(/.4M!
!
:5:5#$')6'R,'$,'(,-#
!
:5:545#).$-$-#/1,.(,#,'#,-&"0"#
!
#$"
#%.#! +(! %4-! 7#;-(-! (*/47(4-! K! %#! +(*+#! 7NF%&3#! (-! ()4/6(! 74/U*(! /(7/(-().#! jCm! +(%! _/4+*3.4! 2).(/&4/! c/*.4M! :! 3#*-#! +(! %#! F*/F*G#! &)64F&%&#/&#! U*(! (X7%4.1! ()! @CCjO! %4-! F#)34-! (-.,)! ()! *)#! 6*K! 6#%#! -&.*#3&1)?! ()! %#-! 3*().#-! +(! %4-! F#)34-! (-7#L4%(-! -(! ()3*()./#)!Dj[!6&%!6&%%4)(-!+(!(*/4-!+(!#3.&94-!()!/&(-$4M!H#!3/&-&-!-(!7*(+(!(X7%&3#/! 74/!9#/&#-!/#J4)(-!3464!%#!7/4+*3.&9&+#+!K!%#!3467(.&.&9&+#+!+QF&%!+(%!7#;-M!5-7#L#!)4! &)9&(/.(! F#-.#).(! ()! %#! 2)9(-.&$#3&1)! K! (%! E(-#//4%%4! K! *.&%&J#! 7434! %#-! .(3)4%4$;#-! #9#)J#+#-! ()! 3467#/#3&1)! 34)! %4-! 4./4-! 7#;-(-! +(! 5*/47#M! T#K! 6*3=4-! 7/4F%(6#-! (-./*3.*/#%(-! ()! %#! (34)46;#! (-7#L4%#! K! %#! 3/&-&-! 6*)+&#%! =#! &)>%*&+4! 6*3=4! -4F/(! (%! 7#;-M!:!34)-(3*()3&#O!%#-!&)9(/-&4)(-!>/#)3(-#-!-4)!&674/.#).(-!()!5-7#L#!7(/4!%4-!>%*G4-! )(.4-! +(! 2)9(/-&4)(-! E&/(3.#-! #%! 5X./#)G(/4! F#G#/4)! +(! ADm! ()! (%! 7/&6(/! -(6(-./(! +(! @CCAO!%4!U*(!=&3(!+(!5-7#L#!(%!43.#94!/(3(7.4/!+(!&)9(/-&4)(-!>/#)3(-#-M!
#
:5:5:5#&.6+1)($R$+"+#+72$!#+,#!"#%"'6#+,#62."#
!
H#! 7/4+*3.&9&+#+! =4/#/&#! +(! %#! 6#)4! +(! 4F/#! ()! 5-7#L#! (-! &)>(/&4/! #! %#! 6(+&#!
(*/47(#M!#
!
5)! (-.(! $/#>&34! -(! 7*(+(! 9(/! U*(! 5-7#L#! ()! @CC[! .();#! *)#! +(! %#! 7(4/! 7/4+*3.&9&+#+!=4/#/&#!+(!5*/47#O!#%!34)./#/&4!U*(!</#)3&#!U*(!.();#!*)#!+(!%#-!6(G4/(-M!! !
&AIEUCHDMDE?E#\IA?AD?#i#:;;Q#
! <*().(?!WQ)#.!
#%"
5%! 3/(3&6&().4! +(! %#! 7/4+*3.&9&+#+! (-7#L4%#! (-! #N)! F#-.#).(! +QF&%?! COD! m! ()! @CCl!34)./#!DO[!m!7#/#!%#!J4)#!(*/4M!8)#!(X7%&3#3&1)!+(!(-.4!7*(+(!-(/!%#!&)#+(3*#3&1)! +(%!-&-.(6#!(+*3#.&94!(-7#L4%!34)!%4!U*(!7&+()!%#-!(67/(-#-M!n"&--&4)!Q34)46&U*(!+(! "#+/&+O!@CCA?[Do!
!
:5:5N5#"!("#$'+,%'$j")$*'#&6.#+,-&$+6#
!
H#-! &)+(6)&J#3&4)(-! +(! +(-7&+4! -4)! 6*K! #%.#-! ()! 5-7#L#M!5-! *)4! +(! %4-!7#;-(-! U*(!.&()(!6,-!4F%&$#3&4)(-!/(>(/().(-!#%!+(-7(+&+4!&)+&9&+*#%!+(!(67%(#+4-M!W*-!7/&6#-! +(!+(-7(+&+4!.#6F&Q)!-4)!6*K!#%.#-O!#%!34)./#/&4!U*(!</#)3&#M!
!
"BHDXkFE?E# $BEFGBDf?CDLB#FB#,=>?@?# $BEFGBDf?CDLB#FB#/A?BCD?#
η# DC!+;#-!n+(!-*(%+4o! C!+;#-!n+(!-*(%+4o!
ηͻ# Dd!+;#-! C!+;#-!!
ηͳÓ# @C!+;#-! CO@!6(-(-!n#7M!l!+;#-o!
ηʹÓ# [C!+;#-! CO[!6(-(-!n#7M!D@!+;#-o!
ηͶÓ# jC!+;#-! COj!6(-(-!n#7M!@[!+;#-o!
ηͷÓ# DCC!+;#-! D!6(-!n#7M!bC!+;#-o!
ηͳͲÓ# @CC!+;#-! @!6(-(-!n#7M!lC!+;#-o!
ηʹͲÓ# blC!+;#-!!! dObb!6(-(-!n#7M!DlC!+;#-o! !
6YJDX?CDIBF=#FB#G?HFAD?#EF#EF=>DEI=#DBEDMDEU?JF=#
#
#&"
I464! -(! 7*(+(! 9(/! ()! (-(! $/,>&34O! ()! .(4/;#O! 5-7#L#! .&()(! %#-! &)+(6)&J#3&4)(-! 6(+&#-!6,-!#%.#-!+(!5*/47#M!!
!
)IG>?A?CDLB#EF#J?=#DBEFGBDf?CDIBF=#GFED?=#HFLADC?=#d#FKFCHDM?=P#
! <*().(?!WQ)#.!
!
W&)! (6F#/$4O! (%! $4F&(/)4! =&J4! *)#! /(>4/6#! 34)! %#! U*(! 7/(.()+;#! F#G#/! %#-! &)+(6)&J#3&4)(-!+(!+(-7&+4M!T#-.#!#=4/#O!*)!(67%(#+4!9;3.&6#!+(!*)!+(-7&+4!#F*-&94! /(3&F;#! *)#! &)+(6)&J#3&1)! +(! [d! +;#-! +(! -#%#/&4-! 74/! #L4! ./#F#G#+4M! E(-7*Q-! +(! %#! /(>4/6#O! (-.#! &)+(6)&J#3&1)! )4! -(/,! 6,-! +(! bb! +;#-! +(! -#%#/&4-! 74/! #L4! ./#F#G#+4M! :+(6,-O!%#-!&)+(6)&J#3&4)(-!+(!+(-7&+4-!K#!)4!74+/,)!-4F/(7#-#/!+4-!#L4-!+(!-#%#/&4-! n34)./#!./(-!#L4-!K!6(+&4!=#-.#!#=4/#oM!
!
:5:5Q5#!"-#4l#)6%1'$+"+,-#
#
#'"
5%!=(3=4!+(!U*(!=#K!Dk!346*)&+#+(-!(-!*)!&)34)9()&().(!74/U*(!3#+#!*)#!.&()(!%(K(-!K! )4/6#-!+&>(/().(-O!%4!U*(!7*(+(!3467%&3#/!%#!&67%#).#3&1)!K!%4-!)($43&4-M!!!
!
:5:5^5#$'/!")$*'#
#
H#!.#-#!+(!&)>%#3&1)!()!5-7#L#!(-!6,-!#%.#!U*(!%#!6(+&#!+(!%4-!7#;-(-!+(!%#!J4)#! 5*/4M! 5-! *)! 7/4F%(6#! 7#/#! %#! (34)46;#! (-7#L4%#M! E(! DAA@! #! @CCjO! (%! ;)+&3(! +(! %4-! 7/(3&4-!#%!34)-*64!3#-&!-&(67/(!(-.*94!74/!()3&6#!+(%!bmM!H#!&)>%#3&1)!()!5-7#L#!.();#! *)!+&>(/()3&#%!()!$()(/#%!-*7(/&4/!#!*)!7*).4!34)!%#!J4)#!(*/4M!5-.#!+&>(/()3&#!()./(!%#! .#-#! +(! &)>%#3&1)! (-7#L4%#! n[Odm! ()! -(7.&(6F/(! @CCjo! K! %#! J4)#! 5*/4! 7(/G*+&3#! #! %#! 3467(.&.&9&+#+!+(!5-7#L#!()!3467#/#3&1)!#!%4-!4./4-!7#;-(-!+(!5*/47#M!P#6F&Q)!=#3(! U*(!%#-!(X74/.#3&4)(-!-(#)!6,-!+&>;3&%(-M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?bAo! !
(?=?#GFED?#EF#DBKJ?CDLB#FB#J?#fIB?#,UAI#d#FB#,=>?@?# #
! <*().(?!5*/4-.#.O!@CD@!!
!
5)!#F/&%!+(%!@CDDO!%#!.#-#!+(!&)>%#3&1)!(/#!6*K!>*(/.(O!34)!bOdmM!5-!%#!.#-#!6,-!#%.#! +(-+(!43.*F/(!+(%!@CCjM!W&)!(6F#/$4O!%#!&)>%#3&1)!()!5-7#L#!(-.,!6(G4/#)+4!(-.(!#L4M!5)! >(F/(/4!+(%!@CD@O!%#!&)>%#3&1)!=#!+&-6&)*&+4!*)!DOAmM!
! ! !
,+-&" +" +-&" !" !-&" #" #-&" $" $-&" %" %-&"
#+++" #++!" #++#" #++$" #++%" #++&" #++'" #++(" #++)" #++*" #+!+" #+!!"
./01"234/"
#("
:5:5h5#2"S"#+,#!"#+,%"'+"#$'(,.'"#
#
H#! +(6#)+#! &).(/)#! (/#! 6*K! &674/.#).(! 7#/#! %#! (34)46;#! (-7#L4%#O! $/#3&#-! #%! +&)#6&-64! +(%! -(3.4/! +(! %#! 34)-./*33&1)! K! (%! 34)-*64! +(! %#-! >#6&%&#-! (-7#L4%#-M! W&)! (6F#/$4O! %#! +(6#)+#! &).(/)#! (-7#L4%#! =#! +&-6&)*&+4! +(-+(! @CCdM! 5%! 34)-*64! +(! %#-! >#6&%&#-!(-7#L4%#-!=#!F#G#+4?!bOjm!+(%!_2c!()!(%!7/&6(/!./&6(-./(!+(!@CCk!K!@OAm!()!(%! 3*#/.4! ./&6(-./(! +(! @CCkM! _4/! (-4O! (%! 3/(3&6&().4! +(! %#-! &)9(/-&4)(-! ()! (%! -(3.4/! +(! %#! 34)-./*33&1)! =#! +&-6&)*&+4?! ()! @CCjO! +(! lm! #! [mM! n"&--&4)! Q34)46&U*(! +(! "#+/&+O! @CCA?[Co!
!
5)!@CD@O!5-7#L#!=#!()./#+4!()!/(3(-&1)!74/!-($*)+#!9(J!+(-+(!(%!7/&)3&7&4!+(!%#! 3/&-&-! ()! @CCjM! W($N)! (%! 2)-.&.*.4! S#3&4)#%! 5-7#L4%O! %#! 3#*-#! +(! %#! /(3(-&1)! (-! %#! 34)./&F*3&1)!)($#.&9#!+(!%#!+(6#)+#!&).(/)#O!()!3467#/#3&1)!34)!%#!+(6#)+#!(X.(/)#M! 5%! _2c! =#! F#G#+4! *)! COdm! +(! ()(/4! #! 6#/J4! +(! @CD@O! +(-7*Q-! +(! 3#-&! +4-! #L4-! +(! #*6().4M!!
!
W&)! (6F#/$4O! %#! +(6#)+#! &).(/)#! (-.,! F#G#! ()! .4+#! 5*/47#! 74/U*(! %4-! 7/(3&4-! =#)! -*F&+4O!%#-!>#6&%&#-!$#)#)!6()4-!(!&)3%*-4!6*3=4-!7&(/+()!-*!./#F#G4M!_4/!(-4!-*!74+(/! #+U*&-&.&94!=#!F#G#+4M!_(/4!</#)3&#!n34)!:%(6#)&#o!(-!*)4!+(!%4-!7434-!7#;-(-!+(!5*/47#! +4)+(! #%! 7/&)3&7&4! +(! @CD@O! (%! _2c! (/#! 74-&.&94! nCO[moO! 6&()./#-! U*(! ()! 5-7#L#! (/#!
)($#.&94!nYDmoM!!
#)"
N5#_)6%6#$%&!"'(".-,#,'#,-&"0"a#
!
:).(-!+(!&67%#).#/-(!()!5-7#L#O!*)!(67/(-#/&4!+(F(!34)43(/!%4-!7/43(+&6&().4-! U*(!34)3&(/)()!#!%#-!(67/(-#-!()!5-7#L#O!U*(!-4)!+&>(/().(-!+(!%#-!+(!</#)3&#M!!
!
W&!*)#!(67/(-#!U*&(/(!&67%#).#/-(!()!5-7#L#!4!()!3*#%U*&(/!4./4!7#;-O!.&()(!U*(! .46#/!(-#!+(3&-&1)!()!-(/&4!K!-#F(/!U*(!)4!(-!>,3&%!7(/4!.#67434!&674-&F%(M!H#!(67/(-#! .&()(! U*(! (-.*+&#/! F&()! (%! 6(/3#+4! K! +(>&)&/! *)#! (-./#.($&#! #+#7.#+#M! n"&--&4)! Q34)46&U*(!+(!"#+/&+O!@CCA?kko!
!
N545#&6-$2$!$+"+,-#&"."#$'R,.($.#,'#,-&"0"#
#
8)!&)9(/-4/!(X./#)G(/4!+&-74)(!+(!9#/&#-!74-&F&%&+#+(-!7#/#!&)9(/.&/!()!5-7#L#?! Y!I/(#/!*)#!-43&(+#+!(-7#L4%#!!
Y!:+U*&/&/!*)#!4!9#/&#-!(67/(-#-!(-7#L4%#-?!<*-&1)!K!5-3&-&1)!! Y!:F/&/!*)#!4>&3&)#!+(!/(7/(-().#3&1)!!
Y!:F/&/!*)#!-*3*/-#%! Y!:F/&/!*)#!>&%&#%!!
Y!:-43&#/-(!34)!4./4-!(67/(-#/&4-!&)-.#%#+4-!()!5-7#L#?!B4&).Y9().*/(! Y!2)9(/.&/!-&)!&67%#).#/-(!()!5-7#L#!
!
&.$')$&"!,-#/6.%"-#+,#$%&!"'(")$*'# #
H#-!7/&)3&7#%(-!>4/6#-!+(!&67%#).#3&1)!346(/3&#%!()!5-7#L#!-4)?!!
Y!W43&(+#+!:)1)&6#!Ȃ!WM:M!
Y!W43&(+#+!+(!'(-74)-#F&%&+#+!H&6&.#+#!Ȃ!WM'MHM!
Y!W43&(+#+!+(!'(-74)-#F&%&+#+!H&6&.#+#O!S*(9#!567/(-#!Ȃ!WMHMSM5M!
Y!W43&(+#+!'($*%#/!I4%(3.&9#!Ȃ!WM'MIM!
!
H#-!+4-!>4/6#-!G*/;+&3#-!6,-!&).(/(-#).(-!7#/#!%4-!&)9(/-4/(-!(X./#)G(/4-!-4)!%#! WM:M!K!%#!WM'MHM!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?Dbko!
#*" /IAG?#EF#-ICDFE?E# /IAG?# CIAAF=>IBEDFBHF# FB#/A?BCD?# 'bGFAI#EF# =ICDI=# ȋ̀Ȍ#
-ICDFE?E#"BLBDG?#Ȃ#-5"5# W43&Q.Q!:)4)K6(!
Ȃ!WM:M!! ";)&64!D!! Ȃ!S4!",X&64! ";)&64!lC!DCDO@D!!!! Ȃ!S4!",X&64!! -ICDFE?E#EF# .F=>IB=?YDJDE?E#!DGDH?E?# Ȃ#-5.5!5# W43&Q.Q!:)4)K6(! {!'(-74)-#F&%&.Q! H&6&.Q(!Ȃ!WM:M'MHM!
";)&64!D!! Ȃ!S4!",X&64!! ";)&64!bCCdOCl!! Ȃ!S4!",X&64!! -ICDFE?E#EF# .F=>IB=?YDJDE?E#!DGDH?E?m# 'UFM?#,G>AF=?#Ȃ#-5!5'5,5#
WM:M'MHM!! S4*9(%%(! ()./(7/&-(! ";)&64!D!!!!!!!!!!!!! Ȃ!",X&64!d! ";)&64!bCD@!! Ȃ!",X&64!D@C!@C@! -ICDFE?E#.FXUJ?A#)IJFCHDM?# Ȃ#-5.5)5# W43&Q.Q!()!S46! I4%%(3.&>!Ȃ!WMSMIM!
";)&64!@!! Ȃ!S4!",X&64! S4!";)&64!! Ȃ!S4!",X&64! ! "+`1$-$)$*'#+,#1'"#6#R".$"-#,%&.,-"-#,-&"06!"-P#/1-$*'#8#,-)$-$*'## # 8)#!>*-&1)!-&$)&>&3#!%#!*)&1)!+(!*)#!4!9#/&#-!-43&(+#+(-!7#/#!>4/6#/!-4%4!*)#M!! T#K!+4-!6#)(/#-!+(!>*-&4)#/?!
Y! <*-&1)! #F-4/3&1)?!./#)->(/()3&#! +(%! #3.&94! K!+(%! 7#-&94! +(! *)#! (67/(-#! #! 4./#! U*(!K#!(X&-.(M!
Y!<*-&1)!3/(#3&1)?!./#)->(/()3&#!+(%!#3.&94!K!+(%!7#-&94!+(!+4-!4!6,-!-43&(+#+(-! U*(!K#!(X&-.()!7#/#!>4/6#/!*)#!)*(9#M!
!
$+"
_#/#! #F/&/! *)#! 4>&3&)#! +(! /(7/(-().#3&1)O! )4! =#3(! >#%.#! $(-.&4)(-! #+6&)&-./#.&9#-! 7#/.&3*%#/(-M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?kAo!
!
5-.#! 4>&3&)#! )4! .&()(! 7(/-4)#%&+#+! G*/;+&3#! 7/47&#! K! -*-! #3.&9&+#+(-! (-.,)! %&6&.#+#-M!h#!#!7(/6&.&/!34)43(/!34).#3.4-O!=#3(/!7*F%&3&+#+O!.()(/!&)>4/6#3&1)!-4F/(!(%! 6(/3#+4! 7(/4! )4! 7*(+(! =#3(/! )&)$*)#! #3.&9&+#+! (34)16&3#M! P&()(! *)#! #3.&9&+#+! +(! 34%#F4/#3&1)!K!+(!344/+&)#3&1)M!5-!%#!-43&(+#+!6#./&J!()!</#)3&#!U*(!(-!/(-74)-#F%(!+(! %#-!+(*+#-!+(!%#!4>&3&)#!+(!/(7/(-().#3&1)M!!
!
-1)1.-"!# #
_#/#! *)#! -*3*/-#%O! )4! =#3(! >#%.#! *)! 3#7&.#%! 6;)&64! -43&#%M! H#! (67/(-#! 6#./&J! +(3&+(! (%! 3#7&.#%! U*(! U*&(/(! #./&F*&/! #! -*! -*3*/-#%M! S4! .&()(! *)#! 7(/-4)#%&+#+! 64/#%! &)+(7()+&().(M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?Dblo!
!
5)!(%!3#-4!+(!*)#!-*3*/-#%O!%#-!#3.&9&+#+(-!+(!%#!-43&(+#+!6#./&J!-(!+(-#//4%%#)!#! ./#9Q-! +(! *)! (-.#F%(3&6&().4! 34)! *)#! /(7/(-().#3&1)! 7(/6#)().(O! U*(! .&()(! 3&(/.#! #*.4)46;#! +(! $(-.&1)M! ! 5-! *)! (-.#F%(3&6&().4! -(3*)+#/&4O! *)&+4! #%! (-.#F%(3&6&().4! 7/&)3&7#%! +(%! 7*).4! +(! 9&-.#! G*/;+&34! K! >&)#)3&(/4M! W&)! (6F#/$4O! %#! -*3*/-#%! (-!
&)+(7()+&().(!#+6&)&-./#.&9#6().(M!P&()(!-*-!7/47&#-!&) ǡ ×ǥ
-*3*/-#%!(-!/(-74)-#F%(!+(!%#-!+(*+#-!+(%!(-.#F%(3&6&().4!7/&)3&7#%!K!9&3(9(/-#M!! !
/$!$"!# #
H#!>&%&#%!(-7#L4%#!+(!*)#!(67/(-#!(X./#)G(/#!+(F(!.46#/!%#!>4/6#!G*/;+&3#!+(!*)#! -43&(+#+! +(! +(/(3=4! (-7#L4%M! 5-! *)#! 7(/-4)#! G*/;+&3#! &)+(7()+&().(! +(! %#! (67/(-#! 6#./&JM! W*! 3#7&.#%! 6;)&64! +(F(! 34//(-74)+(/! #! %#-! /($%#-! (-.#F%(3&+#-! 7#/#! (-.#! -43&(+#+M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?Dblo!
!
8)#!>&%&#%!7*(+(!(X7%4.#/!*)#!#3.&9&+#+!(34)16&3#!34)!-*!7/47&4!3#7&.#%M!5%!3#7&.#%!
À ͵ͲͲͲ̀ Ͳ!ͲͲͲ̀
$!"
/6.%"#+,#)66&,.")$*'#,'(.,#,%&.,-"-P#S6$'(iR,'(1.,# #
8)!&)9(/-4/!7*(+(!#-43&#/-(!34)!*)#!(67/(-#!K#!&67%#).#+#!()!5-7#L#M! H#!>4/6#!+(!3447(/#3&1)!()./(!(67/(-#-!>/#)3(-#-!K!(-7#L4%#-!6,-!>/(3*().(!(-!%#! !G4&).Y9().*/(M! 5X&-.()! +&>(/().(-! >4/6#-! +(! G4&).Y9().*/(-! ()! %#! /($%#6().#3&1)! (-7#L4%#! 7(/4! %#! 6,-! *.&%&J#+#! (-! %#! 8)&1)! .(674/#%! +(! (67/(-#-M! 5-! *)! -&-.(6#! +(! 34%#F4/#3&1)!()./(!(67/(-#/&4-!n7(/-4)#-!>;-&3#-!4!64/#%(-O!(-7#L4%#-!4!(X./#)G(/#-oMW(! *-#! 7#/#! #3.&9&+#+(-! +(! +*/#3&1)! +(.(/6&)#+#! 34/.#-! 4! 6,-! %#/$#-! 7(/4! -&(67/(! +(! 6()4-! DC! #L4-M! H#! 8)&1)! .(674/#%! +(! (67/(-#-! )4! .&()(! 7(/-4)#%&+#+! 64/#%! 7(/4! >*)3&4)#!3464!*)#!(67/(-#!#*.1)46#M!5-.#!>4/6#!+(!34%#F4/#3&1)!-(!*-#!6*3=4!74/!%#-! (67/(-#-!+(!34)-./*33&1)!7#/#!%#!/(#%&J#3&1)!+(!$/#)+(-!4F/#-M!n"&--&4)!Q34)46&U*(!+(! "#+/&+O!@CCA?DbAo!
!
H#-! 4./#-! >4/6#-! +(! G4&).Y9().*/(! -4)! 74/! (G(67%4! %#! :$/*7#3&1)! +(! 2).(/Q-! 534)16&34! n:M2M5Mo! 4! %#! :$/*7#3&1)! 5*/47(#! +(! 2).(/Q-! 534)16&34! n:M5M2M5MoM! H#! G4&).Y 9().*/(!7(/6&.(!3467#/.&/!%4-!/&($4-!K!3467#/.&/!/(3*/-4-!K!(X7(/&()3&#M!!
!
$'R,.-$*'#-$'#$%&!"'(".-,# #
W&)!(6F#/$4O!7#/#!&)9(/.&/!()!5-7#L#O!)4!(-!4F%&$#.4/&4!&67%#).#/-(!>;-&3#6().(! ()!5-7#L#!4!#-43&#/-(M!P#6F&Q)!(X&-.()!4./#-!74-&F&%&+#+(-?!!
Y!:3*(/+4-!+(!+&-./&F*3&1)!!
Y!'(#%&J#/!47(/#3&4)(-!#!./#9Q-!+(!*)#!#$()3&#!! Y!'(#%&J#/!47(/#3&4)(-!#!./#9Q-!+(!*)!346&-&4)&-.#!! Y!5-.#F%(3(/!*)#!>/#)U*&3&#!!
!
,S,%&!6-# #
# H#!-43&(+#+!>/#)3(-#!+(!7/4+*33&1)!K!9().#!+(!7/4+*3.4-!(%(3./1)&34-O!:/3=4-O!=#!
3/(#+4!()!@CDD!*)#!>&%&#%!()!5-7#L#?!:/3=4-!P(3)4%4$;#!5-7#L#M!! !
! H#! -43&(+#+! +(! W($*/4-! >/#)3(-#! _/(+&3#O! =#! 3/(#+4! *)#! -*3*/-#%! ()! 5-7#L#! ()!
$#"
! 5)!@CD@!.*94!%*$#/!%#!>*-&1)!+(!%#!(67/(-#!>/#)3(-#!I/Q+&.!"*.*(%!K!%#!(67/(-#!
(-7#L4%#!c#)34!_47*%#/M! !
N5:5#-,)(6.,-#&.$R,W$"+6-#&"."#$%&!"'(".-,#
!
:).(-! +(! &67%#).#/-(! ()! 5-7#L#O! =#K! U*(! (-.*+&#/! (%! 6(/3#+4! K! 6&/#/! U*(! -(3.4/(-! -4)! %4-!6,-! &).(/(-#).(-! 7#/#! &)9(/.&/M! :! 7(-#/! +(! %#! >*(/.(! 3/&-&-! U*(! 34)43(! 5-7#L#O!=#K!-(3.4/(-!&).(/(-#).(-!7#/#!&)9(/.&/!+(-+(!*)#!(67/(-#!>/#)3(-#M!
!
5%! -(3.4/! +(! %#! F&4.(3)4%4$;#! (-! 6*K! &).(/(-#).(! 7#/#! &)9(/.&/M! 5)! 5-7#L#O! -(! +(-#//4%%#!3*#./4!9(3(-!6,-!/,7&+#6().(!U*(!()!(%!/(-.4!+(!5*/47#!K!5-7#L#!(-!(%!3*#/.4! 34)./&F*&+4/!6*)+&#%!6,-!&674/.#).(!#!%#!7/4+*33&1)!+(!F&4.(3)4%4$;#-M!!
!
5-7#L#! .#6F&Q)! (-! *)! 7#;-! &).(/(-#).(! 7#/#! %4-!3#%%! 3().(/-! 74/U*(! %#! 6#)4! +(! 4F/#!(-!+(!bCm!6,-!F#/#.#!U*(!()!(%!/(-.4!+(!5*/47#M!!:%$*)4-!$/*74-!&).(/)#3&4)#%(-! -4)!7/(-().(-!()!5-7#L#?!:9&-O!T(V%(..Y_#3Z#/+O!I&.&$/4*7!(.3M!
!
5%! -(3.4/! &)64F&%&#/&4! .&()(! #%$*)#-! 9().#G#-! -4F/(! -*-! 7#;-(-! 9(3&)4-O! 7#/.&3*%#/6().(!()!(%!-(3.4/!+(%!.*/&-64?!()!I4-.#!+(%!W4%O!I4-.#!+(!%#!H*JO!I4-.#!P/47&3#%! 4!I4-.#!+(!:%6(/;#!74/!(G(67%4M!5%!.*/&-64!/(7/(-().(!DDm!+(%!_M2McM!+(!5-7#L#!K!(-.,!()! 7/4$/(-&1)M!!H#!.#-#!+(!>&+(%&+#+!+(!%4-!.*/&-.#-!(-!6*K!#%.#?!l!.*/&-.#-!-4F/(!j!9*(%9()!#! 5-7#L#M!5-7#L#!(-!(%!7/&6(/!+(-.&)4!+(!%4-!.*/&-.#-!>/#)3(-(-!K!</#)3&#!(%!7/&6(/!+(-.&)4! +(!%4-!.*/&-.#-!(-7#L4%(-M!
!
5%!-(3.4/!+(%!#$*#O!(-7(3&#%6().(!+(%!./#.#6&().4!+(!%#-!#$*#-!*-#+#-O!.#6F&Q)!(-! &).(/(-#).(!7#/#!&)9(/.&/!74/U*(!=#K!*)#!>*(/.(!>#%.#!+(!#$*#!()!5-7#L#M!5%!$4F&(/)4!=#! %#)J#+4!(%!_%#)!:$*#!()!(%!7(/&4+4!@CClY@CDdM!
!
5%! -(3.4/! #(/4),*.&34! (-! *)! -(3.4/! U*(! )4! -*>/(! .#).4! +(! %#! 3/&-&-! 74/U*(! )4! +(7()+(!+(%!6(/3#+4!)#3&4)#%M!5-!*)!-(3.4/!U*(!3/(3(!K!#+(6,-O!)*6(/4-4-!7/4K(3.4-! (-.,)!()!3*/-4M!
$$"
H#! &)+*-./&#! +(%! #*.4619&%! (-! *)! -(3.4/! &674/.#).(! +4)+(! =#K! 6*3=#-! (X74/.#3&4)(-M!:+(6,-O!%#!7/4+*33&1)!+(%!#*.4619&%!(-7#L4%#!34//(-74)+(!(X#3.#6().(! #!%#!+(6#)+#!#3.*#%!+(!5*/47#?!343=(-!7(U*(L4-!U*(!34)-*6()!7434M!W&)!(6F#/$4O!=#! -&+4!.43#+4!F#-.#).(!74/!%#!3/&-&-M!
!
H#-!()(/$;#-!/()49#F%(-!.#6F&Q)!/(7/(-().#)!*)!-(3.4/!&).(/(-#).(M!5%!$4F&(/)4! =#! %#)J#+4! (%! _%#)! +(! :33&1)! 7#/#! %#-! 5)(/$;#-! '()49#F%(-M! T#K! 7/4$/#6#-! 346*)(-! ()./(!</#)3&#!K!5-7#L#O!74/!(-4!(-!&).(/(-#).(!&)9(/.&/!()!(-.(!-(3.4/!7#/#!*)#!(67/(-#! >/#)3(-#M!
!
H#-!P2I!n.(3)4%4$;#-!+(!%#!&)>4/6#3&1)!K!+(!%#!346*)&3#3&1)o!(-.,)!()!+(-#//4%%4?! 74/!(G(67%4!%#!2)9(-.&$#3&1)!K!(%!E(-#//4%%4!7#/#!%#-!.(3)4%4$;#-!+(!%#!&)>4/6#3&1)!K!+(!%#! &)>4/6,.&3#! n3464! (%! +(-#//4%%4! +(! %4$&3&#%(-oM! P/(-! 7/4K(3.4-! &674/.#).(-! >*(/4)! %#)J#+4-!()!c#/3(%4)#?!-(!%%#6#/4)!(%!P/&#)$*%4!(34)16&34!+(!c#/3(%4)#M!!
!
\./4-! -(3.4/(-! 7#/#! &)9(/.&/! -4)! %#! &)+*-./&#! U*;6&3#O! >#/6#3Q*.&3#! K! 7%,-.&3#O! -($N)!(%!2)-.&.*.4!5-7#L4%!7#/#!(%!I46(/3&4!5X.(/&4/M!!\!.#6F&Q)!(%!6(+&4#6F&().(O!(%! #$/4#%&6().#/&4O!(%!./#)-74/.(!K!%#!%4$;-.&3#M!
!
H4-!-(3.4/(-!#!(9&.#/!7#/#!%#-!(67/(-#-!>/#)3(-#-!-4)!(%!.(X.&%!K!%#!#$/&3*%.*/#M! !
N5N5#j6'"-#&.$R$!,W$"+"-#&"."#$%&!"'(".-,#
!
5-7#L#! (-.,! 34)-.&.*&+#! 74/! Dk! 346*)&+#+(-! #*.1)46#-! +&>(/().(-! %#-! *)#-! +(! %#-! 4./#-! 74/! -*! 6().#%&+#+! K! -*! .&74! +(! 34)./&F*3&1)! #! %#! (34)46;#! (-7#L4%#M! _#/#! &67%#).#/-(O!=#K!U*(!(%($&/!F&()!%#!J4)#! +(!&67%#).#3&1)O!()!>*)3&1)!+(%!7/4+*3.4O!+(%! .&74! +(! (67/(-#! 7(/4! .#6F&Q)! +(! 4./4-! 3/&.(/&4-M! H#-! /($&4)(-! 7/&9&%($&#+#-! -4)! %#-! -&$*&().(-?!
!
%"+.$+#
!
$%"
)"("!10"#
!
I#.#%*L#! (-! *)#! 346*)&+#+! 6*K! /&3#O! U*(! 34)./&F*K(! #! 6,-! +(%! 3*#/.4! +(%! _/4+*3.4!2).(/&4/!c/*.4!+(!5-7#L#M!:+(6,-O!(-.,!-&.*#+4!6*K!3(/3#!+(!</#)3&#O!%4!U*(! 7*(+(!-(/!*)#!9().#G#!7#/#!%#-!(67/(-#-!>/#)3(-#-M!H#-!(X74/.#3&4)(-!()!c#/3(%4)#!-4)! 6*K!&674/.#).(-!K!#*6().#)M!
!
&"3-#R"-)6# #
5%!_#;-!h#-34!(-!%#!/($&1)!6,-!/&3#!+(!5-7#L#M!W*!_/4+*3.4!2).(/&4/!c/*.4!(-!+(! b@!ͳ͵͵̀ȀǤ × ±Ǥ!
!
"'+"!1)3"# #
H#!9().#G#!+(!&)9(/.&/!()!*)#!/($&1)!6()4-!/&3#!(-!(%!=(3=4!U*(!-(!7*(+(!/(3&F&/! #K*+#-!+(!%#!*)&1)!(*/47(#O!$/#3&#-!#%!<5E5'!n<4)+4!5*/47(4!+(!E(-#//4%%4!'($&4)#%oM! :)+#%*3;#!(-!&).(/(-#).(!74/!(%!.*/&-64M!!
!
P#6F&Q)!=#K!U*(!.()(/!()!3*().#!%#-!J4)#-!>/#)3#-O!3464!74/!(G(67%4!I,+&JM!
#
N5Q5#"81+"-#
#
H4-!(67/(-#/&4-!>/#)3(-(-!U*(!+(3&+()!&)9(/.&/!()!5-7#L#!7*(+()!7(+&/!#K*+#-! +(!%#!8)&1)!5*/47(#O!+(%!$4F&(/)4!(-7#L4%!7(/4!.#6F&Q)!+(!%#-!+&>(/().(-!346*)&+#+(-! #*.1)46#-O!+(!%#-!6*)&3&7#%&+#+(-!4!+(!4/$#)&J#3&4)(-M!
#
,1.6&,"-# #
H#! 8)&1)! 5*/47(#! 4>/(3(! #K*+#-! >&)#)3&(/#-! #! %4-! 7#;-(-! 34)! 6()4/! ;)+&3(! +(! /&U*(J#!4!+(!+(-#//4%%4M!5-7#L#!/(3&F(!3#-&!.4+#-!(-.#-!#K*+#-M!!
$&"
5%!c#)34!(*/47(4!+(!2)9(/-&1)!74/!(G(67%4!7/474)(!#K*+#-!#%!+(-#//4%%4!+(!%#-! 7K6(-O! #! %#! 6(G4/#! +(! %#! 3467(.&.&9&+#+! &)+*-./&#%! +(! %#! 8)&1)! 5*/47(#! $/#3&#-! #! &)3().&94-!7#/#!%#-!/($&4)(-!6,-!74F/(-!+(!%4-!7#;-(-M!!!
!
H4-! <4)+4-! (-./*3.*/#%(-! 7/(.()+()! /(+*3&/! %#-! +(-&$*#%+#+(-! ()./(! %#-! +&>(/().(-! /($&4)(-! +(! %#! 8)&1)! 5*/47(#! 34)! %#! >&)#)3&1)! +(! &)&3&#.&9#-! 7NF%&3#-! K! 7/&9#+#-M!
!
'")$6'"!,-# #
H#-! #+6&)&-./#3&4)(-! %43#%(-O! %#-! #$()3&#-! +(! +(-#//4%%4! K! +(! 7/4643&1)! (34)16&3#!&).(/)#3&4)#%!+(!%#-!/($&4)(-!#K*+#)!#!%#!3/(#3&1)!+(!(67/(-#!K!#%!+(-#//4%%4! +(!%#-!(67/(-#-!()!5-7#L#M!
!
5)!@CCl!>*(!3/(#+#!%#!:$()3&#!(-7#L4%#!2).(/Q-O!U*(!>#94/(3(!%#!#./#33&1)!+(!%#-! &)9(/-&4)(-!(X./#)G(/#-!()!5-7#L#M!n"&--&4)!Q34)46&U*(!+(!"#+/&+O!@CCA?bDOb@o!2).(/Q-! 2)9(-.!&)!W7#&)!(-!*)#!4/$#)&J#3&1)!$*F(/)#6().#%!U*(!+(7()+(!+(!%4-!6&)&-.(/&4-!+(!%#! (34)46;#! K! +(%! 346(/3&4M! 5-! %#! 6,-! &674/.#).(! +(! 5-7#L#M! ! :K*+#! #! %#-! (67/(-#-! (X./#)G(/#-!#!/(#%&J#/!-*-!7/4K(3.4-!+(!&67%#).#3&1)!4!+(-#//4%%4!+(!-*-!#3.&9&+#+(-!()! 5-7#L#M!!
!
.,W$6'"!,-# #
:%$*)#-! 346*)&+#+(-! #*.1)46#-! .#6F&Q)! 7/474)()! #K*+#-! >&)#)3&(/#-! 3464! -*F9()3&4)(-O!74/!(G(67%4!7#/#!7/4649(/!(%!+(-#//4%%4!+(!%#-!#3.&9&+#+(-!&)+*-./&#%(-! ()!-*!/($&1)M!!
!
i##"BE?JUCT??!()!H&)#/(-O!I#/4%&)#O!:)+*G#/O!c#&%Q)O!:%%;!0*#//46#)!!
i#&?T=#R?=CI?!-*F9()3&4)(-!7#$#+#-!#!%#-!)*(9#-!(67/(-#-O!()!7#/.&3*%#/!#!%#-!7K6(-!+(%! -(3.4/!-(/9&3&4-M!!
i# W?JDCD??! 7/Q-.#64-! #! .#-#-! /(+*3&+#-! 7#/#! %#-! (67/(-#-! U*(! -(! &67%#).#)! ()! (-.#! 346*)&+#+M!
$'"
$'-($(1)$6',-# #
S*6(/4-#-!&)-.&.*3&4)(-!.#6F&Q)!(-.,)!()!%#!+&-74-&3&1)!+(!%4-!(67/(-#/&4-!7#/#! #K*+#/%(-!#!3/(#/!-*!(67/(-#!()!5-7#L#M!!
!
,B#/A?BCD?P# #
Y!I,6#/#!+(!346(/3&4!>/#)34Y(-7#L4%#!()!_#/;-!n#F4$#+4-!#!+&-74-&3&1)o!
Y! W(/9&3&4! (34)16&34! +(! %#! (6F#G#+#! +(! 5-7#L#! ()! _#/;-! n+#! &)>4/6#3&4)(-! 7#/#! %#! 3/(#3&1)!+(!(67/(-#!()!5-7#L#o!!
Y!"&--&4)!Q34)46&U*(!+(!"#+/&+!n#3467#L#!#!%#-!(67/(-#-!>/#)3(-#-!()!-*!+(-#//4%%4! 7#/#!%#!(X74/.#3&1)o!!
Y!II2!&).(/)#3&4)#%!S4/+Y_#-Y+(YI#%#&-!n#3467#L#!#!%#-!(67/(-#-!#%!&).(/)#3&4)#%o! !
,B#,=>?@?P# #
Y! I,6#/#! +(! 346(/3&4! >/#)3(-#! ()! 5-7#L#! n#K*+#-! 7#/#! %#! 3/(#3&1)! +(! (67/(-#O! %4-! (-.*+&4-!+(!6(/3#+4!(.3Mo!!
Y!I4)-*%#+4!$()(/#%!+(!</#)3&#!n#K*+#!#%!(-.*+&4!+(!6(/3#+4o!!
Y!W(/9&3&4!+(!:74K4!#!%#!3/(#3&1)!+(!(67/(-#-!n+#!&)>4/6#3&1)!K!#74K4!7#/#!3/(#/!*)#! (67/(-#O!-(!()3*()./#!()!dC!6*)&3&7#%&+#+(-o!
!
$("
Q5#)"-6#&.Z)($)6P#W.1&6#%,+$"&6-(#
!
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
!
Q545#&.,-,'(")$*'#+,!#W.1&6#%,+$"&6-(#
!
Q54545#/$)n"#+,#$+,'($+"+## #
"(+J-.!(-!*)#!(67/(-#!>/#)3(-#!(-7(3&#%&J#+#!()!(%!6#/Z(.&)$!/(%#3&4)#%M!5-! *)#! >&%&#%! +(! H#! _4-.(O! (%! 7/&)3&7#%! 47(/#+4/! >/#)3Q-! ()3#/$#+4! +(%! /(7#/.4! +(%! 34//(4M! "(+J-.!(-!(%!7/&6(/!47(/#+4/!+(!+&-./&F*3&1)!+(!&67/(-4-!7*F%&3&.#/&4-!()!</#)3&#O! (X7(/.4!()!$(46#/Z(.&)$M!H#!(67/(-#!(-.,!7/(-().(!()!3*#./4!7#;-(-?!</#)3&#O!'*6#)&#O! _4/.*$#%!K!5-7#L#M!W*!-(+(!(-.,!()!"4)./4*$(!K!-*!-(+(!#+6&)&-./#.&9#!()!HK4)M!!
567%(#! #! Db! CCC! #-#%#/&#+4-?! DD! dCC! +&-./&F*&+4/(-O! [l[! +&-./&F*&+4/(-! .*.4/(-! K! Dkd! 346(/3&#%(-M!H#!-43&(+#+!+&-./&F*K(!DC!6&%!6&%%4)(-!+(!4FG(.4-!n&67/(-4-!K!6*(-./#-o!#%! #L4M!<*(!3/(#+#!()!@CC[M!W*!>4/6#!G*/;+&3#!(-!*)#!W43&(+#+!:)1)&6#!nWM:MoO!-*!3#7&.#%!(-!
$)"
Q545:5#n$-(6.$"!##
!
"(+J-.! =#! -&+4! 3/(#+4! (%! D! +(! ()(/4! +(! @CC[! $/#3&#-! #%! #3(/3#6&().4! +(! %#-! #3.&9&+#+(-! +(! 7*F%&3&+#+! ()! %4-! F*J4)(-! +(%! $/*74! H#! _4-.(O! +(! E(%.#! E&>*-&1)! K! +(! "Q+J-.M!!
!
5%! DA! +(! -(7.&(6F/(! +(! @CCjO! "(+J-.! (-.,! 3/(#+4! ()! _4/.*$#%! $/#3&#-! #! %#! #+U*&-&3&1)!+(%!$/*74!c##6M!H%($#!#!-(/!(%!7/&6(/!47(/#+4/!7/&9#+4!+(!+&-./&F*3&1)!+(! &67/(-4-!7*F%&3&.#/&4-M!#
!
5%!@C!+(!()(/4!+(!@CCAO!"(+J-.!-(!3/(#!()!5-7#L#!K!%%($#!#!-(/!%#!7/&6(/#!/(+! &FQ/&3#! +(! +&-./&F*3&1)! +(! &67/(-4-! 7*F%&3&.#/&4-O! $/#3&#-! #! %#! 3467/#! +(! d! -43&(+#+(-! /($&4)#%(-!(-7#L4%#-!(-7(3&#%&J#+#-!()!%#!346*)&3#3&1)!+&/(3.#M!!
!
5%! @b! +(! 6#/J4! +(! @CCAO! "(+J-.! T&.! "#&%! -(! 3/(#! ()! '*6#)&#! 34)! %#! #+U*&-&3&1)!+(%!$/*74!T&.!"#&%M!H#!)*(9#!-43&(+#+!#6F&3&4)#!+(-#//4%%#/!(%!6(/3#+4!+(%! &67/(-4!7*F%&3&.#/&4!()!'*6#)&#!K!()!%4-!c#%3#)(-M!!
!
5)! W(7.&(6F/(! +(! @CD@O! (%! $/*74! "(+J-.!(-! 3/(#+4! K! 7/(-&+&+4! 74/! S#.=#%&(! :)+/&(*XM!
!
Q545N5#")($R$+"+##
!
"(+J-.!(-! (X7(/.4! ()! /(%#3&1)! 34)! (%! 3%&().(M! _/474)(! #! %4-!#)*)3&#+4/(-! *)! #3467#L#6&().4!+*/#).(!3#+#!(.#7#!+(!-*!7#-4!+(!346*)&3#3&1)?!!
Y!'(>%(X&1)!(-./#.Q$&3#!K!4FG(.&94!n(-.*+&4-!$(46#/Z(.&)$o!!
Y!5%(33&1)!+(%!6(+&4!+(!346*)&3#3&1)!n&67/(-4!4!34//(4!7*F%&3&.#/&4O!(6#&%&)$o!! Y!:%U*&%(/!+(!>&3=(/4-!+(!+&/(33&4)(-!3*#%&>&3#+#-!!
Y!_/(-.#3&1)!+(!./#.#6&().4-!+(!>&3=(/4-!! Y!I'"!K!c*-&)(--!2).(%%&$()3(!
$*"
Q545Q5#)!$,'(,-##
!
"(+J-.!.&()(!@d!CCC!3%&().(-O!3*K4-!6*3=4-!$/#)+(-!$/*74-!&).(/)#3&4)#%(-M! _4/!(G(67%4?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
! ! ! ! ! !
!! !
Q5:5#%,+$"&6-(#-&"$'#-5!5#
!
"(+J-.!W7#&)!WMH!(-.,!7/(-().(!()!.4+#!5-7#L#!K!.&()(!-(+(-!()!D@!3&*+#+(-! (-7#L4%#-?! "#+/&+O! c#/3(%4)#O! h#%()3&#O! "*/3&#O! :%&3#).(O! I#-.(%%1)O! ",%#$#O! W(9&%%#O! 5*-Z#+&O!h&$4O!5)!I4/*L#!K!i#/#$4J#M!!
!
"(+J-.! W7#&)! 4>/(3(! -(/9&3&4-! +&9&+&+4-! ()! d! #3.&9&+#+(-! &).(/34)(3.#+#-! K! 3467%(6().#/&#-?!!
Y!0(4+#.#!! Y!0(4F*J4)!!
Y!_/4$/#6#-!'(%#3&4)#%(-!! Y!I4).#3.!I()./(!!
Y!H4$;-.&3#!/(%#3&1)#%(! !
P&()(!kdC!(67%(#+4-!!K!%#!/#J1)!-43&#%!(-.,!()!h#%+(64/4!n"#+/&+oM!5%!E&/(3.4/! $()(/#%! +(%! $/*74! "(+J-.! ()! 5-7#L#! (-! 2$)#3&4! _&O! (%! >*)+#+4/! +(! *)#! +(! %#-! 3&)34! -43&(+#+(-!#+U*&/&+#-!74/!"(+J-.M!
!
E(-+(!-*!3/(#3&1)O!"(+J-.!W7#&)!(-!%;+(/!+(!-*!-(3.4/!()!5-7#L#O!$/#3&#-!#!-*-! DC!m!+(!3*4.#!+(!6(/3#+4M!
!
%+"
!Dz² ǯ Ǥ ǯ²±
ǡ ± ǯ ǡ !
ǯ ǯ±Ǥ
Ǥdz!n</(+(/&3!_4/.(O!'(-74)-#F%(!+(!P(//&.4/&4-!K!'(3*/-4-O!@CD@o!
!
P/#F#G#64-! 7#/#! %4-! 6&-64-! 3%&().(-! U*(! ()! </#)3&#M! 0/#3&#-! #%! =(3=4! +(! (-.#/! 7/(-().(!()!9#/&4-!7#;-(-O!74+(64-!/(-74)+(/!#!%&3&.#3&4)(-!&).(/)#3&4)#%(-O!%4!U*(!)4! -(!7*(+(!-&!(-.#64-!-4%4!()!*)!7#;-M!P/#F#G#64-!6*3=4!7#/#!2Z(#!K!I#//(>4*/M!
!
Q5N5#!"#$%&!"'(")$*'#,'#,-&"0"#
!
Dzǡ±ͺͶͶ"#!"$%!&'$(#)!
*++!)$!,#"$&)-!./!0!"!1'$&!2$!3'()$(4)/!5$'#6)!72)!$'28!"9'$8!8'2:"4(5!);3/'4()#!<#=&)!>! /?"&72484(4'$!1)!8'&45(58!835&4"/485)8!724!'$(!2$)!);&)//)$()!&'$$"488"$&)!1)8!835&4@4&4(58!1)! /)2#!6"#&:5-!A'28!)835#'$8!3'29'4#!/)9)#!/?2$!1)8!3#4$&43"2;!@#)4$8!"2!159)/'33)6)$(!1)! /"!&'662$4&"(4'$!$'$!"1#)885)!)$!B83"<$)!)(!"2!C'#(2<"/!724!#5841)!1"$8!/?"('648"(4'$!1)! /?'@@#)-!D23"#"9"$(%!2$!"$$'$&)2#!724!8'2:"4("4(!#5"/48)#!2$)!&"63"<$)!$"(4'$"/)!1)9"4(! 84<$)#! "9)&! &4$7! 3#)8("("4#)8! 14@@5#)$(8-! E58'#6"48%! $'28! 3#'3'8'$8! 2$! 4$()#/'&2()2#!
±Ǥdz!nS#.=#%&(!:)+/&(*XO!
E&/(3.4/#!$()(/#%!+(!"(+J-.O!@CCAo! !
5)!5-7#L#O!%#!7*F%&3&+#+!)4!+&/&$&+#!/(7/(-().#!3(/3#!+(![CC!6()-#G(-!74/!=4$#/! K! 74/! #L4O! >/().(! #! k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
%!"
Q5:545#,-(."(7W$)"#+,#$%&!"'(")$*'#
!
"(+J-.!#+U*&/&1!d!-43&(+#+(-!/($&4)#%(-!(-7#L4%#-!+(!6#/Z(.&)$!+&/(3.4?!! Y!:3.(#!n"#+/&+o!!
Y!0#%#).#!n"#+/&+o!!
Y!:#/4)!n"*/3&#O!h#%()3&#O!:%&3#).(o!! Y!_*F%&/(+!nc#/3(%4)#o!!
Y!:$4!n"#+/&+O!",%#$#o!! !
DzF)8!)$(#)3#48)8!72)!$'28!"9'$8!#"&:)(58!5("4)$(!1)8!)$(#)3#48)8!&'63/56)$("4#)8!! ±Ǥǯǡ² 463/"$("(4'$-!A'28!8'66)8!/)"1)#!12!@"4(!72)!$'28!8'66)8!62/(4&"$"2;%!3"8!&'66)!)$!
Ǥ Ǥdz! n</(+(/&3! _4/.(O! '(-74)-#F%(! +(!
P(//&.4/&4-!K!'(3*/-4-O!@CD@o! !
H#-! (67/(-#-! U*(! 3467/#64-! (/#)! *)#-! (67/(-#-! 3467%(6().#/&#-! K! %;+(/(-! -4F/(! (%! 6(/3#+4M! T4KO! .()(64-! %4-! 6&-64-! 3467(.&+4/(-! U*(! ()! (%! 646().4! +(! )*(-./#! &67%#).#3&1)M! W464-! %;+(/! +(%! =(3=4! +(! U*(! -464-! 6*%.&3#)#%(-O! )4! 3464! ()! </#)3&#M!P()(64-!3467(.&+4/(-!6N%.&7%(-M!
!
DzA'28!"9'$8!&:)#&:5!/)!#"$G4$<!1)8!H+++!3/28!<#'88)8!)$(#)3#48)8!)83"<$'/)8-!A'28! "9'$8!#)<"#15!'I!)//)8!8'$(!463/"$(5)8!)(!$'28!"9'$8!&:'484(!/)8!J+!'2!JK!3#)64L#)8!94//)8!
î±Ǥdz!n</(+(/&3!_4/.(O!'(-74)-#F%(!+(!
P(//&.4/&4-!K!'(3*/-4-O!@CD@o! !
T(64-! F*-3#+4! (%! /#)Z&)$! +(! %#-! dCCC! (67/(-#-! (-7#L4%#-! %#-! 6,-! $/#)+(-M! T(64-!6&/#+4!+4)+(!(-.,)!&67%#).#+#-!K!=(64-!(%($&+4!%#-!DC!4!D@!7/&6(/#-!3&*+#+(-! +1)+(!%#-!(67/(-#-!-4)!7/(-().(-!7#/#!&67%#).#/)4-M!
!
Dz ǥ /)! )8(! 3#58)$()! )$!