Proyecto Investigacion 03
Proyecto Investigacion 03
'*-
C836/0/2G7 +0G5367
:,H) (% +)I#*#+)+#J"
(% .&)K)H, (% .#.!I)+#J"
*76=/>18 ?;1 *76303=75 ?;1 ;57 C7>1B7 C;147 ';A1>7> ;57 #5@34103474
8$-+P+.$.+/0Q
#$% &'()$ ('* +%','-.' ($/0&'-.$ /'%.)1)/$ 20' 3' *'4($ .$(5, *5, #$*4.)/5, 6
75-05*', (' *5 8-)9'%,)(5( :5- ;%5-/),/$ (' <0).$ 8:;<= )-/*06'-($ *5 #$*4.)/5 ('
#%$+)'(5( >-.'*'/.05* 8:;<= 6 ',.$6 (' 5/0'%($ /$- ,0 /$-.'-)($= +$% *$ 20' *$, ('%'/3$, ('
+%$+)'(5( )-.'*'/.05* ('* +%','-.' .%5?5@$ 20'(5- ,0@'.$, 5 *$ (),+0',.$ '- ',5, #$*4.)/5,A
B,)&),&$= 50.$%)C$ 5 *5 8:;< +5%5 20' %'5*)/' *5 ()D).5*)C5/)E- 6 +0?*)/5/)E- (' ',.'
.%5?5@$ '- '* %'+$,).$%)$ 9)%.05*= (' /$-1$%&)(5( 5 *$ (),+0',.$ '- '* B%.A FGG (' *5 H'6
OE()D$L PPFPQRPF
!,!-.)/01-)
B &) 5&5(5 &5(%'= H0/45 #0'-.'= 0- '@'&+*$ (' 1$%.5*'C5= *0/35 6 95*'-.45A
U
)21)!,.-3-,4/05
1,563,4
K$ +0P+()-+($( )2 .$($ V)T 3W2 .'3X0: $-7,0$2 +0V)2*+7$.+'0)2 +0(+.$0 4,) )0*#) =>Y S Z>Y
() U'3%#)2 *)0(#W0 ,0$ #)-$.+/0 )[*#$3$#+*$- (,#$0*) 2, V+($ S )0*#) =>Y S =<Y () 3,&)#)2 2)#W0
$(,-*)#$2! \"2$1)-$2: I+2U)#: ] H#'0: =>;>^! K$ +0P'#3$.+/0 )0 )- D.,$('# +0(+.$ 4,) -$ 1#+0.+1$-
.$,2$ ()- (+V'#.+' )2 -$ +0P+()-+($( \L#'22: =>;Z^! F) )2*+3$ 4,) -$ 3+*$( () -$2 1$#)&$2 4,) $.,()0 $
*)#$1+$ 2) U$0 )0P#)0*$(': $- 3)0'2 $ ,0$ +0P+()-+($( )0 )- 1$2$(' ' -$ )2*W0 )[1)#+3)0*$0('
$.*,$-3)0*) \C'22-)#]O'--)#: =>;Z^! O)(+$0*) )2*) )2*,(+' .,$-+*$*+V': 2) 1#)*)0() )0.'0*#$#
.,$-)2 2'0 -'2 P$.*'#)2 4,) P$.+-+*$0 4,) ,0$ 1$#)&$ 1,)($ 2,1)#$# ,0$ +0P+()-+($(! 6$#$ )2*' 2)
#)$-+T$#W0 )0*#)V+2*$2 $ ;< 1)#2'0$2 4,) U$S$0 2+(' V5.*+3$2 () -$ +0P+()-+($( S 1)#3$0).)0 .'0 2,2
1$#)&$2! F) $0*+.+1$ 4,) -'2 1$#*+.+1$0*)2 3)0.+'0$#W0 4,) P$.*'#)2 .'3' )- $,*'.,+($(': -$
()1)0()0.+$ ).'0/3+.$ S )3'.+'0$-: -$ +0*+3+($( S -$ 2)[,$-+($(: -$ )21+#+*,$-+($(: -$ *)#$1+$ ()
1$#)&$ S )- 1)#('0$# $ -$ 1$#)&$ $(X-*)#$: P,)#'0 P$.*'#)2 ' #).,#2'2 )31-)$('2 1$#$ 2,1)#$# )2*$
)[1)#+)0.+$ \L'**3$0: L'**3$0: ]G)8-$+#): =>>?_ N)-7)2'0: =>;=^! D2*) )2*,(+' 1#)2)0*$ (+V)#2$2
-+3+*$.+'0)2 S$ 4,) )- *)3$ )0 .,)2*+/0 )2 )2*+73$*+T$(' 1'# -$ 2'.+)($(: -' .,$- 1'(#5$ 7)0)#$#
2)27' )0 -$2 #)21,)2*$2 () -'2 1$#*+.+1$0*)2! H()3W2 )- D.,$('# 0' .,)0*$ .'0 2,P+.+)0*)2 ($*'2 1$#$
$%'#($# )2*) *)3$!
)75/1)./
B0P+()-+*S +2 +0.#)$2+07-S .'33'0: #)2)$#.U +0(+.$*)2 *U$* %)*`))0 =>Y $0( Z>Y 'P 3)0
`+-- U$V) $0 )[*#$3$#+*$- #)-$*+'02U+1 (,#+07 *U)+# -+P)*+3) $0( %)*`))0 =>Y $0( =<Y 'P `'3)0 `+--
%) $(,-*)#',2! \"2$1)-$2: I+2U)#: ] H#'0: =>;>^! B0P'#3$*+'0 +0 D.,$('# +0(+.$*)2 *U$* *U) 3$+0 .$,2)
'P (+V'#.) +2 +0P+()-+*S \L#'22: =>;Z^! B* +2 )2*+3$*)( *U$* U$-P 'P .',1-)2 `U' 7' *' *U)#$1S U$V) P$.)(
$* -)$2* '0) +0P+()-+*S +0 *U) 1$2* '# $#) .,##)0*-S )[1)#+)0.+07 +* \C'22-)# ] O'--)#: =>;Z^! aS 3)$02
'P *U+2 4,$-+*$*+V) 2*,(S: +* +2 *#+)( *' P+0( `U+.U $#) *U) P$.*'#2 *U$* P$.+-+*$*) *U$* $ .',1-) .$0
'V)#.'3) $0 +0P+()-+*S! I'# *U+2: +0*)#V+)`2 `+-- %) .'0(,.*)( `+*U ;< 1)'1-) `U' U$V) %))0 V+.*+32
'P +0P+()-+*S $0( #)3$+0 `+*U *U)+# 1$#*0)#2! B* +2 $0*+.+1$*)( *U$* 1$#*+.+1$0*2 `+-- 3)0*+'0 *U$*
P$.*'#2 2,.U $2 2)-Pb.$#): ).'0'3+. $0( )3'*+'0$- ()1)0()0.): +0*+3$.S $0( 2)[,$-+*S: 21+#+*,$-+*S:
.',1-) *U)#$1S $0( P'#7+V)0)22 'P *U) $(,-*)#',2 .',1-) `)#) #)2',#.)2 ,2)( *' 'V)#.'3) *U+2
)[1)#+)0.) \L'**3$0: L'**3$0 : ] G)8-$+#): =>>?_ N)-7)2'0: =>;=^! "U+2 2*,(S 1#)2)0*2 2)V)#$-
-+3+*$*+'02 2+0.) *U) 2,%&).* +0 4,)2*+'0 +2 2*+73$*+T)( %S *U) 2'.+)*S: `U+.U .',-( 7)0)#$*) %+$2 +0
*U) $02`)#2 'P *U) 1$#*+.+1$0*2! B0 $((+*+'0: D.,$('# (')2 0'* U$V) )0',7U ($*$ *' $((#)22 *U+2
+22,)!
8)9 :2%.&* +,-+.)#+19/ ".0#1)%9/ 32,24"39/ 3"%%+"4)/ .+(2%')/ -2%4+(),)&&/ 5%)'0%&2% -"'12%&/
-"'+#+1"1+,4 -"'12%&7
R
/)78) !, .04/,4-!0
WK:87KNXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXAV
BY:ZWBOZ XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXAAQ
Z'&5 "L ;5/.$%', 20' 15/)*).5- 20' 0-5 +5%'@5 ,0+'%' 0-5 )-1)('*)(5(XXXXXXXXF"
7KZI[IHI^_BXXXXXXXXXXXXXXXXXXXXXXXXXXXXXFT
O$-,)('%5/)$-', S.)/5,XXXXXXXXXXXXXXXXXXXXXXXXXXAA!!
WK:8HZB[I: K:#KWB[I:XXXXXXXXXXXXXXXXXXXXXXXX!G
[),/0,)E-XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXAAA!V
WK;KWKNO>B:XXXXXXXXXXXXXXXXXXXXXXXXXXXXXAA"P
T
-4/10!6..-94
b8-5 &0@'% +5%5 /5(5 3$&?%' 6 0- 3$&?%' +5%5 /5(5 &0@'%c dB-('%,$-= !PFG= +AGFe=
(' ',$ ,' .%5.5 *5 &$-$D5&)5= *5 /05* )&+*)/5 1)('*)(5( ' )-/*0,$ '* &5-.'-'% 5*D0-$, %5,D$,
(' -0',.%5 +'%,$-5*)(5( ',/$-()($, +5%5 ,)'&+%'A H5 &$-$D5&)5 %'+%','-.5 0- &S.$($ '1)/5C
+5%5 $%D5-)C5% 5 *5 ,$/)'(5(f +0', *5, +5%'@5, ,' &5-.)'-'- @0-.5, 6 /%45- 5 ,0, 3)@$,A :)-
'&?5%D$= *5 &$-$D5&)5 ', 1%JD)* 6 %'20)'%' (' %'D*5,= /$&+%$&),$, 6 ,$?%' .$($= (' +%J/.)/5
dB-('%,$-= !PFGeA [0%5-.' *$, 5g$, GPh,= UPh, 6 VPh,= *5 &56$%45 (' *$, 3)@$, -5/45- ('-.%$
('* &5.%)&$-)$= '* -i&'%$ (' 3)@$, (' &5(%', ,$*.'%5, '%5 ',/5,$f 3$6 '- (45 '* GPj (' -)g$,
,$/)$'/$-E&)/$ 5*.$= )&+$-'- *5, %'D*5, (' *5 &$-$D5&)5= &)'-.%5, 20' '-.%' *5, /*5,',
&'()5, 6 ?5@5,= '* &5.%)&$-)$ -$ .)'-' )&+$%.5-/)5 6 +$% '-('= *5 )-1)('*)(5( -$ %'+%','-.5
0- +%$?*'&5A #0', 356 20)'-', /$-,)('%5- 20' *5 'k/*0,)9)(5( ,'k05* ', 0-5 'k+'/.5.)95
)%%'5* (' 0-$ &),&$ 6 (' *5 +5%'@5 dB-('%,$-= !PFGef (' 3'/3$ 5 +',5% (' 20' 3$&?%', 6
&0@'%', /$-,)('%5- 20' *5 &$-$D5&)5 ', )&+$%.5-.'= *$, 95%$-', *5 +'%/)?'- /$&$ 0-
+*0%5*)(5( (' /E-60D',A #$% $.%$ *5($ *5 +$*)D5&)5 5/'+.5 20' *$, &)'&?%$, (' *5 +5%'@5=
',+'/)5*&'-.' '* 3$&?%'= &5-.'-D5 &J, (' 0-5 /E-60D'A d[)//)$-5%)$ (' *5 W'5* B/5('&)5
K,+5g$*5= -A(ef ',.5 i*.)&5 ', 5/'+.5(5 '- RGj (' *5, /0*.0%5, 5*%'('($% ('* &0-($= 50-20'
i-)/5&'-.' '-.%' '* U 6 FPj (' *$, 95%$-', +'%.'-'/)'-.', 5 ()/35, ,$/)'(5(', &5-.)'-'-
N5+)'% 6 m3).5n'% d!PP!e= +$% ,0 +5%.' ,0D)'%'- 20' *5, %'*5/)$-', 'k.%5&5%).5*',
1$%&5- +5%.' (' 0- 5/0'%($ )-/$-,/)'-.' '-.%' *$, &)'&?%$, (' *5 +5%'@5 '- '* /05* *5 9)/.)&5
)-,.)D5 5 20' ,0 +5%'@5 *5 .%5)/)$-'A K, '-.$-/', /05-($ 0-5 (' *5, +5%.', ('@5 (' )-.'%',5%,'
'- '* 5,+'/.$ ,'k05*= '9).5 35?*5% (' *$, /$-1*)/.$, &5%).5*',A #$% *$ .5-.$= *$, 50.$%', ()/'-
!
20' -$ 'k),.'- ,'/%'.$, '- '* &5.%)&$-)$= ,)-$ '* 1%5/5,$ (' 'k+%',5% 9'%?5*&'-.' *$ 20' /5(5
&)'&?%$ (' *5 +5%'@5 )-.06' 20' ',.J ,0/'()'-($f '- ',' &$&'-.$ ,' +%$(0/' *5 )-1)('*)(5(=
:) ?)'- *5, +5%'@5, .)'-('- 5 5,$/)5% *5 )-1)('*)(5( /$- *5, %'*5/)$-', ,'k05*',= ',.5,
-$ ,)'&+%' ,' ?5,5- '- ',.' 5,+'/.$ +0', ()/35, %'*5/)$-', .5&?)S- +0'('- )-/*0)% '*
/$&+$-'-.' '&$/)$-5* dY5)CJ- !PPU= /).5($ '- O5%%5,/$ l O$%-'@$= !PPTeA a'*D',$-
d!PF!e= ',.0()5 *5, ()1'%'-/)5, (' DS-'%$ '- /05-.$ 5* 5(0*.'%)$= 6 ,'g5*5 20' *$, 95%$-', ,'
,)'-.'- &J, +'%.0%?5($, 5-.' *5 )-1)('*)(5( ,'k05* 20' *5, &0@'%',= &)'-.%5, 20' '**5,
%'/35C5- &J, 20' *$, 3$&?%', *5 )-1)('*)(5( '&$/)$-5*A [' )D05* &5-'%5= 5 .%59S, (' *5,
/0*.0%5,= *5 .$*'%5-/)5 5* 5(0*.'%)$ ', 95%)5-.'f +$% '@'&+*$ '- +54,', /$&$ W0,)5= Y0*D5%)5 6
W'+0?*)/5 O3'/5= *5, %'*5/)$-', 'k.%5&5%).5*', ,$- &J, 5/'+.5?*', 20' '- $.%$, +54,',
dZ,5+'*5,= ;),3'%= l B%$-= !PFPeA B,)&),&$= *5, %'5//)$-', 5-.' '* 5(0*.'%)$ ()1)'%'-f ,'Di-
o$,3)$n5= [)N$)5= l 8**53= d!PPF= /).5($ '- Z,5+'*5,= ;),3'%= l B%$-= !PFPe '* "Pj ('
3$&?%', 6 &0@'%', B,)J.)/$p B&'%)/5-5, @0,.)1)/5- *5 9)$*'-/)5 ('* 3$&?%' 5 *5 &0@'% /05-($
'**5 35 ,)($ )-1)'*A K* GRj (' *5, &0@'%', q%5?',p B&'%)/5-5,= 5+%0'?5- 20' ,0, +5%'@5, *5,
5?$1'.''- ,) 35- ,)($ )-1)'*', 6 '* !"j (' *$, 3$&?%', *$ %5.)1)/5-A K* FRj (' ',.5, &0@'%',
/$-,)('%5- @0,.$ 20' ,0 ',+$,$ *5, 5,',)-' ,) ,$- ,'k05*&'-.' 5(i*.'%5, dZ,5+'*5,= ;),3'%= l
B%$-= !PFPeA
0-)E- ,'k05* '-.%' ($, )-()9)(0$,= /05-($ 0-$ (' '**$, $ 5&?$,= ',.J- /5,5($, /$- $.%5,
+'%,$-5, d^%$,,= !PFGeA K- '* &),&$ 5%.4/0*$ ,' ,'g5*5 20' *5 +%)-/)+5* /50,5 (' ()9$%/)$ '-
H5 )-1)('*)(5( '- *5, +5%'@5, 35 50&'-.5($ (%J,.)/5&'-.' /$- '* +5,5% ('* .)'&+$
dZ,5+'*5,= ;),3'%= l B%$-= !PFPef ,' +%',0&' 20' ',.5 ', 0-5 (' *5, /50,5, 20' ,' %'1*'@5 '-
*$, 5*.$, 4-()/', (' ()9$%/)$ '- K/05($%= *$, /05*', ,' '*'95%$- '- TA"FQ +5%'@5, (',(' '* 5g$
"
!PP" 5* !PF! d>NKO= !PF!eA :' ',.)&5 20' *5 &).5( (' *5, +5%'@5, 20' 5/0('- 5 .'%5+)5 ,' 35-
'-1%'-.5($ 5 5* &'-$, 0-5 )-1)('*)(5( '- '* +5,5($ $ *5 ',.J- 'k+'%)&'-.5-($ 5/.05*&'-.'
d]$,,*'% l 7$**'%= !PFGeA B,)&),&$= '* [$/.$% `$3- ^$..&5- dFTTTe= 20)'- ', %'/$-$/)($
+$% ,0 .%5?5@$ /$- &5.%)&$-)$,= ,0D)'%' 20' '* !Uj (' +5%'@5, 20' 5/0('- 5 .'%5+)5 )-()/5-
20' '* 5(0*.'%)$ %'+%','-.5 '* &56$% +%$?*'&5 '- ,0 %'*5/)E-f 5,)&),&$ '* !P 5 !Qj ('
+5%'@5, )-()/5- 20' *5 )-1)('*)(5( ', /50,5 (' ,0 ()9$%/)$ d^$..&5-= FTTTeA rK-.$-/', 20S
$/0%%' /$- 520'**5, +5%'@5, 20' 5 +',5% (' 'k+'%)&'-.5% 0-5 )-1)('*)(5(= ,' &5-.)'-'- @0-.5,s
H5 )-9',.)D5/)E- )-()/5 20' *$, )-()9)(0$, +0'('- %'/0+'%5%,' ('* .%50&5 20' %'+%','-.5 '*
'-1%'-.5% 0-5 )-1)('*)(5( 6 (5% +5,$ 5* +'%(E- da')-.C'*&5-= 70%($/n= t%6/5n l :'56=
!PFGeA
G
-4/10!6..-94 )8 :1078,3)
H$, 4-()/', (' )-1)('*)(5( 35- 50&'-.5($ -$.5?*'&'-.'= ',.0()$, (' *5 (S/5(5 ('
FT!P )-()/5- 20' !Rj (' 95%$-', 10'%$- )-1)'*', 6 !Gj (' &0@'%',f &)'-.%5, 20' ,'),
(S/5(5, &J, .5%(' ',.$, +$%/'-.5@', ,' '*'95- 5 Q! 6 UGj= %',+'/.)95&'-.' dZ,5+'*5,= ;),3'%=
l B%$-= !PFPeA Z'%5+'0.5, ,0D)'%'- 20' *5 /05%.5 +5%.' (' *5, +5%'@5, 20' 5/0('- 5 .'%5+)5 *$
35/'- +$%20' 35- 'k+'%)&'-.5($ 0-5 )-1)('*)(5(f ,)- '&?5%D$ *5 D%5- &56$%45 (' ',.5,
+5%'@5, ,' &5-.)'-'- @0-.5, 5 +',5% (' *5 .%5)/)E- d^$..&5-= FTTTeA ;5/.$%', /$&$ '*
',+)%).05*)(5(= *5 .'%5+)5 (' +5%'@5 6 '* +'%($-5% 5 *5 +5%'@5 5(i*.'%5= +$(%45- /$-@0D5%,' 5*
&$&'-.$ (' .$&5% *5 ('/),)E- (' ,0+'%5% 0-5 )-1)('*)(5( da'*D',$-= !PF!eA
K- '* +%','-.' ($/0&'-.$= ,' 5-5*)C5 '* 5(0*.'%)$ 6 *$, /$&+$-'-.', 20' ',.' 5?5%/5=
5,4 /$&$ *$, ()9'%,$, .)+$, (' )-1)('*)(5(= *5, ()1'%'-/)5, (' DS-'%$ '- /05-.$ 5 *5 5/'+.5/)E-
('* 3'/3$= 5,4 /$&$ *$, 15/.$%', 20' 15/)*).5- 20' 0- &5.%)&$-)$ ,0+'%' 0-5 )-1)('*)(5( 6 *5,
);+"$"(";+"'
K* ()//)$-5%)$ (' *5 W'5* B/5('&)5 K,+5g$*5 ('1)-' '* 5(0*.'%)$ /$&$ *5 b%'*5/)E-
,'k05* 9$*0-.5%)5 '-.%' 0-5 +'%,$-5 /5,5(5 6 $.%5 20' -$ ,'5 ,0 /E-60D'Ac B()/)$-5*&'-.'=
^*5,, 6 m%)D3. dFTT!= /).5($ '- Z,5+'*5,= ;),3'%= l B%$-= !PFPe ,0D)'%'- .%', .)+$, ('
%$&J-.)/5 '- *5 /05* -$ ,' )-9$*0/%5 '* )-.'%/5&?)$ ,'k05*= 6 *5 .'%/'%5 '- *5 /05* 'k),.' 0-
/$&+$-'-.' '&$/)$-5* 6 ,'k05*A O)1%5, $?.'-)(5, ('-.%$ (' 0-5 &0',.%5 (' +5%'@5,
B&'%)/5-5, )-()/5- 20' '-.%' !Pj 6 GPj (' 3$&?%', 3'.'%$,'k05*', .'-(%J- 0-5 %'*5/)E-
U
'k.%5&5%).5* (0%5-.' ,0 9)(5= &)'-.%5, 20' !Pj 5 !Uj (' &0@'%', ,'%J- 5(0*.'%5, 5 *$ *5%D$
B .%59S, ('* .)'&+$= *$, 4-()/', (' )-1)('*)(5( 35- 50&'-.5($ -$.5?*'&'-.'= ,'Di-
(5.$, (' *$, 5g$, FT!Ph,= H5u%'-/' dFTRT= /).5($ '- Z,5+'*5,= ;),3'%= l B%$-= !PFPe )-()/5
20' '* !Rj (' *$, 3$&?%', B&'%)/5-$, 35- ,)($ )-1)'*', 5 ,0, +5%'@5, &5.%)&$-)5*',=
&)'-.%5, 20' !Gj (' &0@'%', 10'%$- 5(0*.'%5, '- *5 &),&5 (S/5(5A #$,.'%)$%&'-.'= (0%5-.'
*$, 5g$, FTGPh, 6 FTUPh,= *5 /)1%5 )-/%'&'-.5= +0', ""j (' 3$&?%', 6 !Vj (' &0@'%', 10'%$-
)-1)'*', dt)-,'6 '. 5*A= FTGRf t)-,'6 '. 5*A= FTU"eA [0%5-.' FTQP= a0-. dFTQG= /).5($ '-
Z,5+'*5,= ;),3'%= l B%$-= !PFPe ,0?%565 20' '* GFj (' 95%$-', 6 !Uj (' &0@'%', '-D5g5%$-
5 ,0, +5%'@5, '- 5*Di- +0-.$ ('* &5.%)&$-)$A [0%5-.' *5 (S/5(5 (' FTRP Q!j (' 3$&?%', 6
B +',5% (' *$, (5.$, +%'9)5&'-.' 'k+0',.$,= ^$..&5- dFTTT e ,0D)'%' 20' i-)/5&'-.'
'* !Uj (' *5, +5%'@5, 20' 5,),.'- 5 .'%5+)5 35- %'9'*5($ 0-5 )-1)('*)(5( /$&$ '* +%$?*'&5
&J, )&+$%.5-.' (' ,0 %'*5/)E-A [' 3'/3$= *5 +%)-/)+5* %5CE- +5%5 20' 0-5 +5%'@5 ,' ()9$%/)' ',
*5 15*.5 (' /'%/5-45 /$- '* /E-60D' 6 *5 ,'-,5/)E- (' +$/$ 5&$% 6 5+%'/)$= *5 /05* ,' (5 '- '*
RPj (' *$, /5,$,f ,'D0)($ 5 ',.$ ,' '-/0'-.%5- *5, +'*'5, 6 (',5/0'%($, '- '* GPj (' *5,
+5%'@5,f 6= '* !Pp !Qj (' *$, ()9$%/)$, ,' ('?' 5* 5(0*.'%)$ d^$..&5-= FTTTeA :)- '&?5%D$= '*
&),&$ 50.$% ,'g5*5 20' (0%5-.' *5 '.5+5 1)-5* ('* &5.%)&$-)$= *5 /5%'-/)5 (' /$-'k)E-
'&$/)$-5* 6 51'/.$ '-.%' *5, +5%'@5,= )&+*)/5 90*-'%5?)*)(5( 5-.' 0-5 %'*5/)E- 'k.%5&5%).5*
d^$..&5-= FTTTeA H5u,$- dFTRR= /).5($ '- ^$..&5-= FTTTe= ,0D)'%' 20' '- *5 5/.05*)(5(= *5,
%'*5/)$-', 'k.%5&5%).5*', $/0%%'- '- *$, /)-/$ +%)&'%$, 5g$, (' &5.%)&$-)$= )-/*0,$ &J,
B* 5-5*)C5% (5.$, ('* K/05($%= /)1%5, 5%%$@5(5, +$% '* >-,.).0.$ N5/)$-5* (' K,.5(4,.)/5,
6 O'-,$, d!PF!e= '- '* 5g$ !PP"= '* -i&'%$ (' ()9$%/)$, '- *5, %'D)$-', :)'%%5= O$,.5=
B&5C$-)5 6 W'D)E- >-,0*5%= ,0&E 0- .$.5* (' FPATF!f &)'-.%5, 20' -0'9' 5g$, &J, .5%('= '-
V
'* !PF! ',.5 /)1%5 5,/'-()E 5 *$, !PA!!T ()9$%/)$,A :) ?)'- ,' (',/$-$/'- *5, /50,5, (' *$,
&),&$,= ,' +%',0&' 20' ',.5, ,' %'*5/)$-5- /$- *$, 15/.$%', 5-.', &'-/)$-5($,A N$ $?,.5-.'=
(5.$, +%$+$%/)$-5($, +$% *5 &),&5 '-.)(5( ,0D)'%'- 20' *5 &56$% /5-.)(5( (' ()9$%/)$, '-
*5, +5%'@5, K/05.$%)5-5, ,' (5- /05-($ *5, +5%'@5, 35- +'%&5-'/)($ +$% !P $ &J, 5g$, @0-.5,=
5%%$@5-($ 0-5 /)1%5 (' UARQU ()9$%/)$,= ,'D0)($ +$% "AV!T '-.%' *$, FP 5 FG 5g$, ('
&5.%)&$-)$= !ATQP ()9$%/)$, '-.%' *$, FU 6 FT 5g$, (' /5,5($,= 6 FAPFP '- *$, +%)&'%$, /)-/$
,> E#&A>"F<
!PPTeA K,.0()$, '- +5%'@5, B&'%)/5-5, )-()/5- 20' !Pp GPj (' *$, 3$&?%', 3'.'%$,'k05*',
/5,5($, .'-(%J- 0-5 %'*5/)E- 'k.%5&5%).5* 5 *$ *5%D$ (' ,) 9)(5 6 +$% ,0 +5%.'= !Pp !Uj ('
&0@'%', (' *5 &),&5 +$?*5/)E- ,'%J- )-1)'*', 5 ,0, ',+$,$, dZ,5+'*5,= ;),3'%= l B%$-= !PFPeA
B0-20' *5, /)1%5, ('* 5(0*.'%)$ ,$- 5*5%&5-.', 6 5,/'-('-.',= '* >-,.).0.$ N5/)$-5* ('
K,.5(4,.)/5, 6 O'-,$, d!PF!e= -$ $1%'/' /)1%5, (' ',.' 1'-E&'-$ '- '* K/05($%f ,)- '&?5%D$
356 /)1%5, 'k),.'-.', (' *5 /5-.)(5( (' &5.%)&$-)$, 6 ()9$%/)$, '- '* +54,A #5%.)'-($ (' ',.'
(5.$ 6 (' *5 )-1$%&5/)E- %'/50(5(5 +%$9'-)'-.' (' $.%$, +54,',= ', +$,)?*' )-1'%)% ,)&)*).0(',
'- *5, /)1%5, (' 5(0*.'%)$ '- '* K/05($%A N$ $?,.5-.'= ,' /5%'/' (' )-1$%&', ,01)/)'-.', +5%5
('1)-)% *5, /50,5, ('* ()9$%/)$ '- '* +54, 6 *$, &$.)9$, 20' **'95- 5 0-5 +5%'@5 5 .'%5+)5f ('
)D05* &5-'%5 ,' (',/$-$/'- *$, 15/.$%', 20' 15/)*).5- 20' .5-.$ 95%$-', /$&$ &0@'%', '- '*
+54, ,' &5-.'-D5- /$- ,0 +5%'@5 (',+0S, (' '-1%'-.5% 0-5 )-1)('*)(5(A
>-9',.)D5/)$-', )-()/5- 20' *$, ($, +%$?*'&5, &J, +'%@0()/)5*', +5%5 *5, %'*5/)$-', ('
+5%'@5 ,$- *5 9)$*'-/)5 ($&S,.)/5= ,'D0)($ (' *5 )-1)('*)(5( d]$,,*'% l 7$**'%= !PFGef ,)-
'&?5%D$= 'k),.' 0-5 D%5- /5-.)(5( (' +5%'@5, 20'= 5 +',5% (' ',.' i*.)&$ &$.)9$ ,' &5-.)'-'-
@0-.5,A K, )&+$%.5-.' /$-,)('%5% *$, 15/.$%', 20' 15/)*).5- 20' *$, )-()9)(0$, ,' &5-.'-D5-
Q
@0-.$, 5 +',5% (' 0-5 %'*5/)E- 'k.%5&5%).5*= 6 5,4 (',/0?%)% ,) %'5*&'-.' ,' ,0+'%5 *5
)-1)('*)(5(A
rO0J*', ,$- *$, 15/.$%', 20' 15/)*).5- 20' 0-5 +5%'@5 +0'(5 ,0+'%5% 0-5 )-1)('*)(5(s
Z5-.$ *5 &$-$D5&)5 /$&$ '* 5(0*.'%)$ 1$%&5- +5%.' (' *5 30&5-)(5( dO5%%5,/$ l O$%-'@$=
!PPTe :) ?)'- ',.' ', 0-$ (' *$, 1'-E&'-$, 20' &J, )&+5/.$ /50,5 '- *5, +5%'@5,=
5+%$k)&5(5&'-.' *5 .'%/'%5 +5%.' (' '**5, .'%&)-5 ,0, %'*5/)$-', +$% '* 5(0*.'%)$ d^$..&5-=
FTTTe= *$ /05* ,0D)'%' 20' *5 &56$%45 (' +5%'@5, *5 ('@5- +5,5%A K, (' )-.'%S, /$&i- '*
/$-$/'% *$, 15/.$%', 20' +'%&).'- 20' *$, )-9$*0/%5($, ,0+'%'- ',.' '-D5g$ 65 20' ',.$ ',
?5,.5-.' 1%'/0'-.'A
B,)&),&$ -$ 'k),.'- ',.0()$, '- '* K/05($% 20' )-(5D0'- 5/'%/5 (' ()/3$, 15/.$%',=
+$% *$ /05* '* +%','-.' )-1$%&' ', i.)* +5%5 20)'-', 35- 'k+'%)&'-.5($ 0-5 )-1)('*)(5( $ *5
1"'*F";
O$-,'/0'-.'&'-.'= ',.' ',.0()$ ,' ?5,5 '- *5 )-9',.)D5/)E- ,$?%' *5 )-1)('*)(5( '- *5,
%'*5/)$-', &5%).5*', 6 '- *$, 15/.$%', 20' 15/)*).5- 20' 0-5 +5%'@5 *5 ,0+'%'A :' %'5*)C5%45-
'-.%'9),.5, 5 +5%'@5, 20' 35- '-1%'-.5($ ',.' 1'-E&'-$ 6 20' 5i- ,' &5-.)'-'- @0-.$, 6 *$,
%',0*.5($, 20' ,' $?.'-(%45- ,$- )-1'%)($, '- ?5,' 5 )-9',.)D5/)$-', +%'9)5,A B /$-.)-05/)E-
,' '-/0'-.%5 *5 W'9),)E- (' *5 H).'%5.0%5 ($-(' ,' 'k+*)/5 (' 1$%&5 &J, 5&+*)5 5/'%/5 ('*
1'-E&'-$ '- /0',.)E-A :'D0)($ 5 ',.$ ,' '-/0'-.%5 *5 &'.$($*$D45 (' *5 )-9',.)D5/)E-= '*
1,K-5-94 !, 8) 8-/,1)/61)
L*";+"'D
H5 )-1$%&5/)E- 0.)*)C5(5 +5%5 *5 %'9),)E- (' *5 *).'%5.0%5 ('* +%','-.' ($/0&'-.$= 10'
%'/$+)*5(5 (' *)?%$, 6 5%.4/0*$, /)'-.41)/$,A #5%5 5//'('% 5 ',.5 )-1$%&5/)E- ,' %'9),5%$- .',),
(' +%'D%5($ (' *5 8-)9'%,)(5( :5- ;%5-/),/$ (' <0).$= %'*5/)$-5(5, 5* .'&5 (' *5 )-1)('*)(5(
'- '* &5.%)&$-)$f /$-,'/0'-.'&'-.'= 5*D0-5, (' *5, 10'-.', 10'%$- $?.'-)(5, 5 +5%.)% ('
+%$6'/.$, (' .).0*5/)E- +%'9)5&'-.' %'5*)C5($,A [' )D05* &5-'%5= ,' .$&5%$- '- /0'-.5 ?5,',
(' (5.$, /$&$ KY:OI 6 `:ZIW 5,4 /$&$ ^$$D*' B/5(S&)/$f *5 .'%&)-$*$D45 '&+*'5(5
+5%5 5//'('% 5 *5 )-1$%&5/)E- '- /0',.)E- 10' &$-$D5&)5= )-1)('*)(5(= )-1)('*)(5( '- '*
&5.%)&$-)$= 15/.$%', 20' 15/)*).5- 20' 0-5 +5%'@5 ,0+'%' 0-5 )-1)('*)(5(= ()1'%'-/)5, ,'k05*',
5-.' 0-5 )-1)('*)(5(= &5/3),&$ ' )-1)('*)(5(= 15/.$%', 5,$/)5($, 5 20' 0-5 &0@'% 5/'+.' 0-5
)-1)('*)(5(A [' )D05* &5-'%5= 5*D0-$, (' *$, (5.$, 10'%$- $?.'-)($, 5* %'5*)C5% 0-5 ?i,20'(5
(' 50.$%', /$-$/'($%', ('* .'&5 .5*', /$&$ :0,5- `3$-,$-= `$3- ^$..&5- 6 a'*'- ;),3'%A
O$- '* +%$+E,).$ (' /$-.',.5% *5 +%'D0-.5 (' )-9',.)D5/)E- +%'9)5&'-.' 'k+0',.5= *5
%'9),)E- (' *5 *).'%5.0%5 ,' **'95%J 5 /5?$ +$% .'&5,= /$- '* 1)- (' /$&'-C5% /$- (5.$, 6
/$-/'+.$, D'-'%5*', +5%5= +$,.'%)$%&'-.' ',+'/)1)/5% 6 5?$%(5% /5(5 0-$ (' '**$, '- ('.5**'A
O$-,'/0'-.'&'-.' ,' 'k+$-(%J- .'&5, /$&$ *5 1)('*)(5(= )-1)('*)(5(= 15/.$%', 20' )-1*06'-
'- 20' 0-5 +5%'@5 ,0+'%' 0-5 %'*5/)E- 'k.%5&5%).5* 6 *5, /5%5/.'%4,.)/5, D'-'%5*', (' 20)'-',
/"F< M@ ,> F<+#=F&;=& N >< ?=(">=(<(O >< =;?=(">=(<( N '*' (=?"#";+"' +=E&'@
ba5/'- 15*.5 ($, +'%,$-5, +5%5 20' 0- &5.%)&$-)$ 10-/)$-' ?)'- 6 ,$*$ 0-5 +5%5 20'
H5, %'*5/)$-', %$&J-.)/5, ,$- %'*5.)95&'-.' -0'95,= +0', '- '* +5,5($ *5, +'%,$-5,
?0,/5?5- 5+$6$ 6 /5%)g$ '- ,0, 15&)*)5%', 6 5&)D$,f '* &5.%)&$-)$ '%5 9),.$ i-)/5&'-.'
/$&$ 0- &'()$ 20' ?%)-(5?5 ',.5?)*)(5( '/$-E&)/5 6 *5 +$,)?)*)(5( (' +%$/%'5%= '* 5&$% -$
1$%&5?5 +5%.' (' ',.' +5/.$ da'*D',$-= !PF!eA B/.05*&'-.'= ,' ',+'%5 20' '- 0- &5.%)&$-)$
'-1$/5%,' '- *$, 5,+'/.$, ,$/)$ '/$-E&)/$, 6 %'*)D)$,$, da'*D',$-= !PF!eA #$% $.%$ *5($=
,'Di- *$, .'%5+'0.5, 15&)*)5%', N5+)'% 6 m3).5n'% d!PP!e= '* &5.%)&$-)$ ,0%D' .%5, *5
?i,20'(5 (' 0- ,0?,.).0.$ (' ,'D0%)(5( 20' ?%)-(5?5 *5 15&)*)5 (' $%)D'- 5 *5 +'%,$-5 '-
/0',.)E-A [0%5-.' *5 .%5-,)/)E- '-.%' *5 15&)*)5 (' $%)D'- 5 *5 15&)*)5 -0/*'5%= /5(5 0-$ (' *$,
)-()9)(0$, (' *5 +5%'@5 .%5-,1)'%' ,0, 'k+'%)'-/)5, /$- ,0, +5(%', 6 3'%&5-$, 5 ,0 /E-60D' 6
5,4 .5&?)S- ,' .%5-,1)'%'- 'k+'/.5.)95, 6 -'/',)(5(',A O$-,'/0'-.'&'-.'= ,' %'/%'5- *$,
+5.%$-', 'k+'%)&'-.5($, '- *5 15&)*)5 (' $%)D'- /$- *5 )-.'-/)E- (' 20' ',.5 9'C= %',0*.'-
#5%5 5*D0-$, (' ',.$, &5.%)&$-)$,= *5 1)('*)(5( ', 0- 5-3'*$ .J/).$ $ 'k+*4/).$ (' ,'%
'k/*0,)9$,f 65 20' ',.' .S%&)-$ ('%)95 (' *5 1'= ,0?65/' *5 /$-1)5-C5 6 3$-',.)(5( dO5&5/3$=
!PPGeA :)- '&?5%D$= .'%5+'0.5, ,0D)'%'- 20' *5 )-1)('*)(5( ', )-/$-,/)'-.'&'-.' 5/$%(5(5 +$%
*5 +5%'@5 '- *5 /05* *5 9)/.)&5 )-(0/' 5* /E-60D' 5 /$&'.'% '* b/%)&'-c dN5+)'% l m3).5n'%=
!PP!e= 65 ,'5 &'()5-.' 0-5 %'*5/)E- 'k.%5&5%).5* 20' )-9$*0/%' '* /$&+$-'-.' ,'k05*=
%$&J-.)/$ $ 20' )-9$*0/%' 5 5&?$, 5,+'/.$, d^*5,, 6 m%)D3.= FTT!= /).5($ '- Z,5+'*5,=
;),3'%= l B%$-= !PFPeA K- /05*20)'%5 (' *$, /5,$, 5-.', &'-/)$-5($,= *5 )-1)('*)(5( %$&+'
/$- *$, +%)-/)+)$, (',/'-()'-.', (' *5 1' 6 ,'Di- ,0 )-/)('-/)5= O5&5/3$ d!PPGe *5, /*5,)1)/5
! B9'-.0%5 %$&J-.)/5L ', 0-5 )-1)('*)(5( (' .)+$ $/5,)$-5*= /$&$ &S.$($ (' '9).5% *5
! B%%'D*$, ',+'/)5*',L ,' %'1)'%' 5 *5, +5%'@5, 20' 35/'- 5/0'%($, +5%5 )-9$*0/%5% 5
.'%/'%5, +'%,$-5, '- ,0 %'*5/)E- $ /05-($ ,' (5- %0+.0%5, .'&+$%5*', '- *5, 20' 0-$
B()/)$-5*&'-.'= a'*D',$- d!PF!e )-()/5 20' *$, 3$&?%', ,' ,)'-.'- &J, +'%.0%?5($, 20'
*5, &0@'%', +$% 0-5 )-1)('*)(5( (' .)+$ ,'k05* 6= (' 3'/3$= '**$, (',/0?%'- &J, 20' *5,
&0@'%',= /05-($ *', 35- ,)($ )-1)'*',A K,.$ ,' ('?' 5 20' *5, &0@'%', .)'-('- 5 'k+%',5% 20'
35- ,)($ 5(0*.'%5, /$- &J, 1%'/0'-/)5 20' *$, 95%$-', 6= '**$, /$-1%$-.5- &J, 5 ,0, +5%'@5,
/05-($ ,$,+'/35- (' 0-5 +$,)?*' )-1)('*)(5(A #$% $.%$ *5($= *5, &0@'%', ,$- &'@$%', 5*
('.'/.5% *5 1)('*)(5(= 6 ,' ,)'-.'- &J, 51'/.5(5, +$% *5 )-1)('*)(5( '&$/)$-5* 20' *5 (' .)+$
^$..&5- '- ,0 *)?%$ !"#$ %&'(#) *'+' ,+'-)./+0'+ ,1 0',+"0/-"/ d!PPVe= )-()/5 20'
*5, +5%'@5, 20' %'+$%.5- ,'-.)%,' 1'*)/', (0%5-.' '* &5.%)&$-)$= ,$- &'-$, +%$+'-,5, 5*
5(0*.'%)$= 50-20' ',.$ -$ 20)'%' ('/)% 20' *5 1'*)/)(5( ', 0-5 D5%5-.45 +5%5 0- &5.%)&$-)$ ,)-
59'-.0%5, 65 20' 'k),.'- $.%$, 15/.$%',A K* 35?'% /%'/)($ '- 0-5 15&)*)5 '- *5 20' *5
)-1)('*)(5( ', /$&i- 6 5/'+.5?*' ', 0-$ (' '**$,f 5,4 /$&$ '* ,'% 0-5 +'%,$-5 20' ?0,/5
'&$/)$-', )-.'-,5,= *$ /05* *$ +$(%45 **'95% 5 95*$%5% *5 'k+'%)'-/)5 (' *5 )-1)('*)(5( ,$?%' *5
',.5?)*)(5( &5%).5*A K* &'()$ ,$/)5* ', $.%$ 15/.$% )&+$%.5-.'= +0', *5, 5&),.5(', (','&+'g5-
0- %$* )&+$%.5-.' 5* &$&'-.$ (' ('/)()% ,) 5//'('% $ -$ 5 0-5 %'*5/)E- 'k.%5&5%).5*f '* ',.)*$
('* &5.%)&$-)$ ', ','-/)5* 65 20' (' -$ 'k),.)% 0-5 /$-'k)E- '&$/)$-5*= *5 +'%,$-5 (' *5
+5%'@5 +0'(' ?0,/5% /0&+*)% ',.5 /5%'-/)5 /$- $.%$ ,0@'.$ d^$..&5-= ^$..&5- l ['O*5)%'=
!PPVeA
FF
+%'('/)?*'A H5, %'*5/)$-', /$-1*)/.)95,= '- *5, 20' -$ ,' *)()5 /$- *$, +%$?*'&5, (' *5 +5%'@5=
9)-/0*5($, 5 %0+.0%5, '&$/)$-5*', 20' +0'('- ,'% +'%/)?)(5, '-.%' *5 +5%'@5A H5 15*.5 ('
3$-',.)(5( 6 (' /$-1)5-C5 '- '* &5.%)&$-)$ D'-'%5- .)'%%5 1S%.)* +5%5 +$,)?*', )-1)('*)(5(',
d:$*$&$- l Z'5D-$= !PPVeA K-.$-/',= ,$- *$, &5.%)&$-)$, 20' '9).5- /$-1*)/.$, 520'**$,
20' ',.J- '- &56$% %)',D$ (' 0- 5(0*.'%)$= 65 20'= '* '9).5% 'k+%',5% '&$/)$-', -'D5.)95,=
/$- '* 1)- (' &5-.'-'% *5 +5C '- *5 +5%'@5= +0'(' 5/5%%'5% ,$*'(5( +5%5 0-$ (' *$, &)'&?%$, $
+5%5 5&?$,A B-.' *5 ,'-,5/)E- (' ,$*'(5(= *5 +5%'@5 +0'(' ?0,/5% 0- 5+$6$ '- 5*D0)'- 20' -$
[' )D05* &5-'%5= 'k),.'- '9'-.$, /%4.)/$, 6 ',.%',5-.', (0%5-.' *5 9)(5 (' +5%'@5 20'
)-1*0'-/)5- '- *5 +$,)?)*)(5( (' .'-'% 0- 5&$%4$ 'k.%5&5%).5*A :'Di- :+%)-D 6 :+%)-D dFTTVe=
'k),.'- ,)'.' &$&'-.$, '- *$, /05*', *5 +5%'@5 +0'(' ,'-.)%,' 90*-'%5?*' 6= '- '1'/.$ ,'%
5(0*.'%5A H5 +%)&'%5 /%),), 20' &'-/)$-5 ,$- *$, 5//)('-.', 6 '-1'%&'(5(',= +0', /05-($ 0-5
+'%,$-5 ', 94/.)&5 (' 0- 5//)('-.' $ ()5D-$,.)/5(5 /$- 5*D0-5 '-1'%&'(5( /5.5,.%E1)/5=
+0'(' (','5% %'5*)C5% 5/.)9)(5(', 20' -0-/5 5-.', 35 9)9)($ 6 20'= +$,)?*'&'-.' -$ .'-(%J-
,01)/)'-.' .)'&+$ +5%5 **'95%*5, 5 /5?$ ('?)($ 5 ,0 /)%/0-,.5-/)5 d:+%)-D l :+%)-D= FTTVeA
#$% $.%$ *5($= /05-($ 0-5 +5%.' (' *5 +5%'@5 /$-$/' 5/'%/5 (' *5 '-1'%&'(5( (' ,0 ',+$,$=
,0%D'- ,'-.)&)'-.$, (' &)'($ 5* 5?5-($-$= *$ /05* +$(%45 **'95% 5* ,0@'.$ ,5-$ 5 )-9$*0/%5%,'
'- 0-5 59'-.0%5 +5%5 5,4 5?5-($-5% 5 ,0 ',+$,5 '-1'%&5 5-.', (' 20' '**5 *$ 5?5-($-'
I.%$ (' *$, &$&'-.$, +%'/0%,$%', (' 0-5 )-1)('*)(5( ', *5 &0'%.' (' 0- ,'% /'%/5-$
20' -$ ,'5 *5 +5%'@5A ['?)($ 5 20' ,0%D'- ,'-.)&)'-.$, (' ,$*'(5( 6 0-5 )-,5.),15//)E- (' *5,
-'/',)(5(', 20' /0?%45 20)'- 35 15**'/)($= *5 +'%,$-5 +0'(' ?0,/5% ,0+*)% ',.5, /5%'-/)5,
)-9$*0/%J-($,' '- 0-5 %'*5/)E- 'k.'%-5 d:+%)-D l :+%)-D= FTTVeA H$, /5&?)$, (' 9)9)'-(5
F!
+0'('- %'+%','-.5% $.%$ &$.)9$ +5%5 (','-/5('-5% 0-5 )-1)('*)(5(= 65 20' 0-5 +5%.' (' *5
+5%'@5 +$(%45 ,'-.)%,' ,$*5= ,)- +'%,$-5, 20' /$-$C/5 5 ,0 5*%'('($% 6 +$(%45 /$&+'-,5%*$
.'-)'-($ 0- 5&5-.'A [' )D05* &5-'%5= ,) 0-$ (' *$, ,0@'.$, ,' ('+%)&' ('?)($ 5 *5 15*.5 ('
/$-.5/.$ /$- +'%,$-5, /'%/5-5,= *5 $.%5 +5%.' (' *5 +5%'@5 +$(%45 '-/$-.%5% 5 5*D0)'- 20' ,4 *$
5+$6' (0%5-.' ',.' +%$/',$ d:+%)-D l :+%)-D= FTTVeA B,)&),&$ '* /5&?)$ (' ',.%5.$ ,$/)$p
'/$-E&)/$ $ *5 +S%()(5 (' '&+*'$ (' 20)'- ,$*45 ,'% '* +%$9''($% (' *5 15&)*)5= +0'('
D'-'%5% '- '* )-()9)(0$ *5 ,'-,5/)E- (' 20' 65 -5()' ('+'-(' (' S*= +$% *$ 20' ,' )-9$*0/%5%45
'- 0-5 %'*5/)E- 'k.%5&5%).5* +5%5 $?.'-'% -0'95&'-.' +$('% d:+%)-D l :+%)-D= FTTVeA K*
3'/3$ (' 20' 0-5 +5%.' (' *5 +5%'@5 .'-D5 *5 ,'-,5/)E- (' 35?'% 1%5/5,5($= .5&?)S- +$(%45
)-1*0'-/)5% '- '* /$-,'D0)% 0-5 %'*5/)E- 'k.'%-5= 65 20' 5,4 '* ,0@'.$ 9$*9'%45 5 ,'-.)%,' /5+5C
d:+%)-D= FTTVeA
K* '&?5%5C$= '* -5/)&)'-.$ (' 0- 3)@$ $ '* ,4-(%$&' ('* -)($ 95/4$ ,$- .%5-,)/)$-',
20' +$(%45- 51'/.5% *5 9)(5 (' +5%'@5f D'-'%5*&'-.' '* ',+$,$ +$(%45 ,'-.)%,' (',+*5C5($ +$%
'* -'$-5.$ 6 /$-,'/0'-.'&'-.' ,'% )-1)'* d:+%)-D l :+%)-D= FTTVeA >D05*&'-.'= '* 3'/3$ ('
20' 0-$ (' *$, &)'&?%$, (' *5 +5%'@5 ,'5 0- 5?0,5($% (' ,0,.5-/)5,= +$(%45 %',0*.5% '- 20' ,0
+5%'@5 +'%/)?5 '* (',)-.'%S, (' ,0 ',+$,$ 65 20' ,0 5.'-/)E- ',.J ()%)D)(5 5 *5, (%$D5,f
#$% i*.)&$= :+%)-D l :+%)-D dFTTVe ,0D)'%'- 20' *5 +5%'@5 )('-.)1)20' ',.$, '9'-.$, 6
/$&'-.' 20' ',.$, 5?%'- 0-5 9'-.5-5 +5%5 .'%/'%5, +'%,$-5, '- *5 %'*5/)E-A H$, 15/.$%',
,).05/)$-5*', 5-.', 'k+0',.$,= %',+5*(5- *5 )('5 (' 20' 0-5 )-1)('*)(5( +$(%45 ,'% +%'('/)?*'
5* .$&5% '- /0'-.5 /0J-($= /E&$ 6 +$% 20S ', +%$?5?*' 20' ,0/'(5 d:$*$&$- 6 Z'5D-$=
/"F< Q@ L<$+&#"' R*" ?<$=>=+<; R*" *;< E<#"S< '*E"#" *;< =;?=(">=(<(
H5 )-1)('*)(5( ,' %'1)'%' 5 *5 5//)E- /$&'.)(5 +$% 0-$ (' *$, &)'&?%$, (' *5 +5%'@5
20' ,' '-/0'-.%5 '- 0-5 %'*5/)E- /$&+%$&'.)(5= /05-($ '* ,0@'.$ 9)$*5 '* 5/0'%($ ('
'k/*0,)9)(5( ,'k05* 6 '&$/)$-5*A :$*$&$- 6 Z'5D-$ d!PPVe= ,'g5*5- 20' ('-.%$ (' *5,
%'*5/)$-', %$&J-.)/5, 'k),.'- i-)/5&'-.' .%', 15/.$%', 20' -$ +0'('- ,'% %',0'*.$, 6
,0+'%5($, +$% *5 +5%'@5L /05-($ 0-5 $ 5&?5, +5%.', -$ 5&5- 5 *5 $.%5 +'%,$-5= /05-($
(0%5-.' 0- +'%)$($ &06 *5%D$ (' .)'&+$= 5*%'('($% (' ,)'.' 5g$,= 0-5 (' *5, +5%.', )-1%)-D)E
.5-.$ (5g$ 5 *5 $.%5 +'%,$-5 20' &'%&E '* 5&$% 20' ,' ,'-.45 6= 1)-5*&'-.' /05-($ 0-$ (' *$,
)-()9)(0$, ', )-/5+5C (' %'/$-$/'% *$, '%%$%', 20' /$-.%)?06'- 5 *$, +%$?*'&5, (' +5%'@5A
[' -$ /5'% ('-.%$ (' *5 ,'D0-(5 /5.'D$%45 5-.', &'-/)$-5(5= '* 0,$ (' (%$D5, 6
5*/$3$* +0'(' ,'% ,0+'%5($= 5,4 /$&$ '* 5?0,$ 14,)/$= *$, +%$?*'&5, '/$-E&)/$,= *5,
d:$*$&$- l Z'5D-$= !PPVeA Z$(5, ',.5, +%$?*'&J.)/5, +0'('- ,'% ,$*0/)$-5(5, ,) ,' *5,
.%5?5@5 5 .)'&+$ 6 ,) 5&?5, +5%.', ',.J- (),+0',.5, 5 %',+$-,5?)*)C5%,' (' *5, &),&5,A
:) ?)'- ', /)'%.$= *5 )-1)('*)(5( +0'(' D'-'%5% ',.%S, +$,.%50&5.)/$ '- *5 +'%,$-5 20'
35 ,)($ '-D5g5(5= +'%$ ',.$ +0'(' ,'% ,0+'%5($A Z%5, *5 .%5)/)E- 6 ('/'+/)E- 20' 5?5%/5 0-
5(0*.'%)$= ', -'/',5%)$ 20' *5 +5%'@5 /$&+5%.5 5?)'%.5&'-.' '* .'&5 (' *5 )-1)('*)(5(= ', ('/)%
20' *5 +'%,$-5 5(0*.'%5 ('?'%J %',+$-('% /$-,.5-.'&'-.' +%'D0-.5, (' ,0 +5%'@5 ,$?%' *5
%'*5/)E- 'k.%5&5%).5*L b/E&$ '&+'CE= /E&$ ,' &5-.09$ 6 20' ,)D-)1)/5?5 +5%5 '*
&5.%)&$-)$c d^$..&5-= ^$..&5-= l ['O*5)%'= !PPV= +A R"eA :'Di- ^*5,, d/).5($ '-
^$..&5-= ^$..&5-= l ['O*5)%'= !PPVe '* /$-$/'% ('.5**', ,$?%' *5 %'*5/)E- 'k.%5&5%).5*
:'D0)(5&'-.'= ', ','-/)5* 20' '* &)'&?%$ (' *5 +5%'@5 20' 35 ,)($ )-1)'*= .'%&)-' *5
%'*5/)E- 'k.%5&5%).5* ,)- ('@5% (0(5, ,$?%' +$,)?*', %''-/0'-.%$, d:+%)-D l :+%)-D= FTTVeA K-
$/5,)$-', *$, ,0@'.$, 20' 35- ,)($ 5(i*.'%$, '9).5- ',.' .)+$ (' /35%*5, /$- ,0, 5&5-.', +$%
FG
&)'($ $ /0*+5f ,)- '&?5%D$ ', -'/',5%)$ 20' ,' **'9' 5 /5?$ ',.5 /$-9'%,5/)E- +5%5 '9).5%
&5*$, '-.'-()($, 20' /$-.)-i'- &'%&5-($ *5 /$-1)5-C5 ('* ',+$,$ d:+%)-D l :+%)-D= FTTVeA
B('&J,= 20)'- 35 /$&'.)($ '* '-D5g$ ('?' 5,'D0%5% 5 ,0 +5%'@5 20' -$ 95 5 .'-'% -)-Di-
/$-.5/.$ /$- *5 .'%/'%5 +'%,$-5 6 ', +%'/),$ 20' ,) *5 +5%'@5 *$ %'20)'%'= '* ',+$,$ )-1)'* ('
'k+*)/5/)$-', (' *$, '-/0'-.%$, $ )-.'-/)$-', 20' 35 .'-)($ /$- ,0 5&5-.' d:+%)-D l :+%)-D=
FTTVeA
Z'5D-$ 6 :$*$&$- d!PPVe= )-()/5- 20' *5 &56$%45 (' *5, +5%'@5,= .%5, (',/0?%)% 0-5
)-1)('*)(5( .)'-('- 5 ,'+5%5%,' +$% 5+%$k)&5(5&'-.' 0-5 ,'&5-5 5 0- &',= .)'&+$ '- '* 20'
*5 +5%'@5 ('/)()%J ,) %'.$&5% $ -$ *5 %'*5/)E-A B20'**$, 20' ,)D0'- 5('*5-.' 5 +',5% (' *5
)-1)('*)(5(= 35- '&+*'5($ '* .)'&+$ (' *5 ,'+5%5/)E- '- 5/.)9)(5(', (' 50.$ /0)(5($ 20' *',
/$&+*5C/5-= +0', ,) ?)'- '- ()/3$ &$&'-.$ 20' ,' '-/0'-.%5- /$-10-()($, 6 5?%0&5($,= ',
)&+$%.5-.' /$-.)-05% /$- *$, 3J?).$, 20' ,' .'-45- 5-.', (' 20' 'k),.5 *5 %'*5/)E-
'k.%5&5%).5*A K,.5, 5/.)9)(5(', +%$9''- 5 *5 +'%,$-5 51'/.5(5 0-5 ,'-,5/)E- ,' ,'D0%)(5( 5
+',5% (' *$ 9)9)($ 6 0-5 +%0'?5 (' 20' 5 +',5% ('* 5(0*.'%)$= *5 9)(5 /$-.)-05 dZ'5D-$ l
:$*$&$-= !PPVeA
:) ?)'- *5 )-9',.)D5/)E- )-()/5 20' 3)@$, (' +5%'@5, ()9$%/)5(5, 95- 5 .'-'% 0- +'$%
(',5%%$**$ 20' *$, 3)@$, (' 15&)*)5, 20' ,' &5-.)'-'- @0-.5, +$% *$ &'-$, *$, ($, 5g$,
,)D0)'-.', 5* ()9$%/)$ '- *$, ,)D0)'-.', 5,+'/.$,L *$D%$, ',/$*5%',= /$-(0/.5= %'D0*5/)E- 5
-)9'* +,)/$*ED)/$= 50.$',.)&5 6 /$&+'.'-/)5 ,$/)5* d:+%)-D l :+%)-D= FTTVef ',.0()$, )-()/5-
20' .5-.$ 95%$-', /$&$ &0@'%', /$-,)('%5- 20' &5-.'-'%,' @0-.$, i-)/5&'-.' +$% ,0, 3)@$,
', 0- '%%$% 65 20' '* &5-.'-'%,' '- 0- 3$D5% 20' 5 +',5% ('* ()9$%/)$ ', 3$-',.$ 6 10-/)$-5
?)'-= D'-'%5 &J, ?)'-',.5% 20' '* &5-.'-'% 0- &5.%)&$-)$ +$% $?*)D5/)E- $ /0*+5 d:+%)-D l
:+%)-D= FTTVeA :)- '&?5%D$= ', 10-(5&'-.5* 20'= (0%5-.' '* +'%)$($ (' %'1*'k)E- ,$?%'
/$-.)-05% $ 5?5-($-5% *5 %'*5/)E-= .5&?)S- ,' &5-.'-D5- *5, %0.)-5, (' *$, 3)@$, 65 20' '**$,
('?'- ,'-.)%,' ',.5?*', 5 +',5% (' *5 /5.J,.%$1' 5 *5 20' *5 15&)*)5 ,' 35 '-1%'-.5($A O$- '* 1)-
FU
(' -$ .%)5-D0*5% 5 *$, 3)@$,= ', +%'/),$ 20' *$, +5(%', ,' (',53$D0'- *'@$, (' '**$,= '*
I.%5, 5,0-/)$-', +$(%45- )&+5/.5% 5* &$&'-.$ (' ('/)()% ,0+'%5% 0-5 )-1)('*)(5(A H5
('+'-('-/)5 '/$-E&)/5 15/)*).5 20' 0-5 +5%'@5 ,' &5-.'-D5 5 +',5% (' 35?'% 'k+'%)&'-.5($
0-5 )-1)('*)(5(= ',+'/)5*&'-.' +5%5 *5, &0@'%',A Y0%n350,'% 6 [0-/5- d/).5($ '- :+%)-D l
:+%)-D= FTTVe '- ,0 ',.0()$ (' UAPPP 15&)*)5, ()9$%/)5(5, '-/$-.%5%$- 20' (0%5-.' '* +%)&'%
5g$ (',+0S, ('* ()9$%/)$= *$, 3$&?%', )-/%'&'-.5%$- ,0, )-D%',$, '- 0- "ATj= &)'-.%5, 20'
'* /5+).5* (' *5, &0@'%', ('/%'/)E '- 0- "VAGjA #$% *$ .5-.$= &0/35, &0@'%', ,' &5-.)'-'-
/$- ,0, +5%'@5, 5(0*.'%5, +$% .'&$% 5 +$-'% '- %)',D$ ,0 ',.5?)*)(5( '/$-E&)/5A
[' )D05* &5-'%5= *5 ('+'-('-/)5 '&$/)$-5* +'%&).' 20' 0-5 +5%'@5 +'%($-' 0-5
)-1)('*)(5(f '* ,'-.)%,' +%$.'D)(5 6 ,'D0%5= ,$- 15/.$%', 20' )-1*06'- '- *5, ('/),)$-', (' *5,
&0@'%', 5* +'%($-5% '* 5(0*.'%)$ d:+%)-D l :+%)-D= FTTVeA H5 5,0-/)E- (' -$ ,'%
,01)/)'-.'&'-.' ?0'-5 /$&$ +5%5 5.%5'% 5 $.%$ 3$&?%' .5&?)S- @0'D5 0- %$* 5* &5-.'-'% *5
%'*5/)E- (' +5%'@5 5 +',5% ('* '-D5g$A K* &)'($ 5 20'(5%,' ,$*5 +$% '* %',.$ (' ,0, 9)(5,=
15/)*).5 20' ,' &5-.'-D5- /$- ,0 +5%'@5 )-1)'*= +0', ',.0()$, 5%%$@5- 20' *5, +$,)?)*)(5(', ('
9$*9'% 5 /$-.%5'% &5.%)&$-)$ (),&)-06'- ,) *5 &0@'% .)'-' &J, (' "U 5g$,= .)'-' 3)@$, 6 ', ('
%5C5 -'D%5 d:+%)-D l :+%)-D= FTTVeA B,)&),&$= *5 /%''-/)5 (' ,'% %',+$-,5?*' +$% '* $.%$
&)'&?%$ (' *5 +5%'@5= +'%&).' 20' ,' ('@' (' *5($ *5 )-1)('*)(5( +5%5 /$-.)-05% '- *5 %'*5/)E-=
5 +',5% (' 20' ',.$ -$ .%5)D5 1'*)/)(5( 6 +$% '* /$-.%5%)$ )&+*)20' 0- ,5/%)1)/)$ d:+%)-D l
:+%)-D= FTTVeA
'.'%-$ ' )-20'?%5-.5?*'= b'* &5.%)&$-)$ ', ,5D%5($= '* ()9$%/)$ ', +'/5&)-$,$ 6 '* +'%(E- ',
()9)-$c d:+%)-D l :+%)-D= FTTV= +A TUeA K* 3'/3$ (' 20' *5 %'*)D)E- ?%)-(5 5 *5 30&5-)(5(
%'D*5, &$%5*',= 0-5 ,'-,5/)E- (' %'5*)C5/)E- ',+)%).05* ' )-/*0,$ /$-,0'*$= +0'(' D'-'%5% '-
20' *$, ,0@'.$, 51'/.5($, +$% 0-5 )-1)('*)(5( +'%($-'- 5 ,0, +5%'@5, /$- '* 1)- (' ,5.),15/'%
FV
*5, *'6', 6 %'20'%)&)'-.$, %'*)D)$,$,= )-/*0,$ ,) ',.$, )&+*)/5 ,5/%)1)/5%,' 5 ,4 &),&$, d:+%)-D
l :+%)-D= FTTVeA
I.%$ (' *$, 15/.$%', )&+$%.5-.', ', %'.$&5% *5 )-.)&)(5( (' *5 +5%'@5 20' 35 5.%59',5($
+$% 0-5 )-1)('*)(5(A ;%'0( d/).5($ '- :+%)-D l :+%)-D= FTTVe )-()/5 20' /05-($ 0-5 +5%'@5
.)'-' 0-5 %'*5/)E- ,'k05*= 4-.)&5&'-.' ,' '-/0'-.%5- ,'), +'%,$-5,= *$, &)'&?%$, (' *5 +5%'@5
6 *$, +5(%', (' /5(5 0-$A #'%$ /05-($ 35 $/0%%)($ 0-5 )-1)('*)(5(= ,$- ,)'.' 20)'-', ,'
'-/0'-.%5- '- *5 /5&5= +0', ,0&5($ 5 *5 +5%'@5 6 5 *$, +5(%',= ,' '-/0'-.%5 '* 15-.5,&5 ('*
5&5-.' d:+%)-D l :+%)-D= FTTVeA Z%5, '* (',/0?%)&)'-.$ $ *5 %'9'*5/)E- (' 0-5 %'*5/)E-
'k.%5&5%).5*= ,0%D'- 5,0-/)$-', '-.%' 5&?5, +5%.', (' *5 +5%'@5 *5, /05*', )&+5/.5- 5*
&$&'-.$ (' ',.5?*'/'% 0-5 %'*5/)E- ,'k05* '-.%' '**$, d:+%)-D l :+%)-D= FTTVeAZ4+)/5&'-.'=
*5, +'%,$-5, 20' 35- ,)($ '-D5g5(5,= /$-,)('%5- 20' ,0 +5%'@5 65 -$ *5, '-/0'-.%5 5.%5/.)95,=
20' -$ +0'('- /$&+'.)% /$- *5 5&5-.' 6 +$% '-('= -$ +$(%J- ,5.),15/'% 5 ,0 +5%'@5= 6 20' ,) *5
+'%,$-5 )-1)'* -$ (','5 .'-'% %'*5/)$-', ,'k05*', ', +$%20' 5i- *' ', )-1)'*A #$% $.%$ *5($=
20)'-', 35- ,)($ )-1)'*', /$-,)('%5- 20' ,) -$ ,5.),15/'- 5 ,0 +5%'@5 ,'k05*&'-.'= '**5 95 5
/%''% 20' S* ,)D0' ,)'-($ )-1)'* $ 20' *5 /0*+5 (' *5 )-1)('*)(5( *5 .)'-' *5 b9)/.)&5c ('*
5(0*.'%)$ 65 20' -$ /$&+*5/' ,'k05*&'-.' 5* $.%$ ,0@'.$ /$&$ *5 35/45 ,0 5&5-.' d:+%)-D l
:+%)-D= FTTVeA
:'Di- :+%)-D 6 :+%)-D dFTTVe= -$%&5*&'-.' *5, +5%'@5, 20' 35- 'k+'%)&'-.5($ 0-5
)-1)('*)(5( +0'('- +'%('% )-.'%S, '- *5, %'*5/)$-', ,'k05*', /$- ,0 ',+$,$= $ ?)'- +0'('-
.'-'% *5 -'/',)(5( (' %'.$&5% ',.' 5,+'/.$ +5%5 ('&$,.%5% 20' +0'('- ,'% )D05*', $ &'@$%',
20' '* 5&5-.'A K, )&+$%.5-.' 20' +5%5 ,0+'%5% ',.5 ()1)/0*.5( +%'95*'C/5 *5 /$&0-)/5/)E-
'-.%' *$, &)'&?%$, (' *5 +5%'@5= '- *5 /05* 5&?$, +0'(5- 'k+%',5% ,0, ,'-.)&)'-.$, 6 (0(5,
5,4 /$&$ ,0 (),+$,)/)E- (' &5-.'-'% %'*5/)$-', ,'k05*', 6 /$- 20S 1%'/0'-/)5 *$ (','5-= '
)-/*0,$ *$ 20' 20),)'%5- 35/'% (0%5-.' '* '-/0'-.%$ ,'k05*A Z$&5-($ '- /0'-.5 *5,
-'/',)(5(', (' 5&?5, +5%.', ,' ',.5?*'/' 0- /$&+%$&),$= +0', 520'**5, +5%'@5, 20' ,0+'%5-
FQ
0-5 )-1)('*)(5( ,$- *5, 20' *$D%5- 9$*9'% 5 9)-/0*5%,' '- '* 5,+'/.$ ,'k05* ,)-.)S-($,'
I.%$ (' *$, 15/.$%', 20' 35 ('&$,.%5($ ,'% 0- +)*5% )&+$%.5-.' +5%5 %'/0+'%5%,' ('
0-5 )-1)('*)(5(= ', *5 .'%5+)5 (' +5%'@5A B .%59S, (' *5 /$&0-)/5/)E- &'()5(5 +$% '* .'%5+'0.5
', +$,)?*' %',.5?*'/'% *$, ,'-.)&)'-.$, (' /5%)g$ 6 5(&)%5/)E-= %'/$%(5-($ *5, /5%5/.'%4,.)/5,
+$,).)95, (' *5 +5%'@5 6 5,4 '9).5% *5, 'k+%',)$-', '&$/)$-5*', 20' (5g'- 5i- &J, *5 %'*5/)E-
.5*', /$&$ *5 /%4.)/5= *5 5/.).0( ('1'-,)95 6 '95,)95 6 '* (',+%'/)$A [' ',.5 &5-'%5 *5 +5%'@5
'9).5 '* (),.5-/)5&)'-.$ '&$/)$-5*= *$ /05* +$(%45 %'+%','-.5% $+$%.0-)(5( +5%5 0- -0'9$
5(0*.'%)$ d^$..&5-= ^$..&5-= l ['O*5)%'= !PPVeA H5 )-9',.)D5/)E- )-()/5 20' 5 +',5% (' 20'
*5, +5%'@5, 20' 35- 'k+'%)&'-.5($ 0-5 )-1)('*)(5( '-.%5- 5 .'%5+)5 /$- &56$%', 4-()/', ('
)-1'*)/)(5( 20' $.%5, +5%'@5,= *$, %',0*.5($, 5 ,'), &',', ,$- &J, ,)D-)1)/5.)9$, 20' *$, ('
+5%'@5, 20' )-D%',5%$- +$% $.%$, +%$?*'&5, d^$..&5-= ^$..&5-= l ['O*5)%'= !PPVe
;)-5*&'-.' **'D5 '* &$&'-.$ ('* +'%(E-= b*5 %',$*0/)E- ('* .%50&5 -0-/5 .'%&)-5f *5
%'/0+'%5/)E- -0-/5 ', /$&+*'.5c d:+%)-D l :+%)-D= FTTV= +A !"VeA K* %'/0'%($ (' 20' *5
+5%'@5 35 &'-.)($ 6 35 15**5($ ', 0- ($*$% 20' ,' &5-.)'-' 5 *$ *5%D$ ('* .)'&+$= -$ ',
%''&+*5C5($ +$% -0'95, 'k+'%)'-/)5, +$,).)95,= +0', *5, 3'%)(5, +,)/$*ED)/5, -0-/5 ,' /0%5-
+$% /$&+*'.$ -) (',5+5%'/'-A O$- '* +5,5% ('* .)'&+$ 6 *5 /$-,.%0//)E- (' &'&$%)5, &J,
5D%5(5?*',= 65 -$ ,' 9),05*)C5 5 *5 +5%'@5 i-)/5&'-.' /$&$ 0- .%5)($%= -) 5 *5 $.%5 +5%.' /$&$
0-5 94/.)&5= ,' /$&)'-C5- 5 .$&5% '- /0'-.5 *$, &$&'-.$, &J, 1'*)/', ('-.%$ ('*
&5.%)&$-)$ 6 *5 +'%,$-5 20' 10' '-D5g5(5 *' +%',.5 &'-$, 5.'-/)E- 5* 5(0*.'%)$ d:+%)-D l
:+%)-D= FTTVeA #5%5 5&?5, +5%.', (' *5 +5%'@5 /$'k),.'- *$, ,'-.)&)'-.$, +$,).)9$, 6
-'D5.)9$,= +0', 20)'- 35 '-D5g5($ .5&?)S- 95 5 &5-.'-'% 0- %'-/$% /$-,.5-.' 35/)5 ,0 +5%'@5
+$% -$ 35?'% /0&+*)($ .$(5, ,0, 'k+'/.5.)95,= *$ /05* ()$ +5,$ 5 0-5 %'*5/)E- 'k.%5&5%).5*
K* +'%(E- 5 0-$ &),&$= .5-.$ ,) *5 +'%,$-5 10' .%5)/)$-5(5 /$&$ ,) *5 +'%,$-5 10'
5(0*.'%5= ', 10-(5&'-.5* d:+%)-D l :+%)-D= FTTVeA K* +%)&'% )-()9)(0$ ('?'%J +'%($-5%,' +$%
35?'% ,)($ ('&5,)5($ )-$/'-.' ' )D-$%5% *5 +$,)?)*)(5( (' ,'% '-D5g5($= +$% *5 /0*+5 20'
,)'-.' +$% 35?'% ('@5($ 20' ,0 +5%'@5 .'-D5 0-5 %'*5/)E- 'k.%5&5%).5*= +$% @0,.)1)/5% '*
/$&+$%.5&)'-.$ )-1)'* (' ,0 ',+$,$= +$% '* 3'/3$ (' +'%&).)% 20' *5 ('+'-('-/)5 '/$-E&)/5 6
'&$/)$-5* ('/)(5- '* ,5/%)1)/5%,' +$% &5-.'-'% *5 %'*5/)E-= +$% +$-'% 5 ,0, 3)@$, '- '* &'()$=
+$% /$&+5%5%,' /$- *5 5&5-.'= +$% 30&)**5%,' +5%5 &5-.'-'% ,0 &5.%)&$-)$ 6 +$% ('D%5(5%,'=
+$% (',/0)(5% 5 ,0 15&)*)5 ('?)($ 5* )-&'-,$ ($*$% 20' /$-**'95 '* '-1%'-.5% 0-5 )-1)('*)(5(=
.$&5-($ '- /0'-.5 20' ,0 'k.%'&5 -'/',)(5( +$% /0&+*)% ,0, (','$, 10' &J, 10'%.' 20' '*
/$&+%$&),$ /$- ,0 ',+$,$= +$% 'k+$-'% 5 ,0 +5%'@5 6 5 ,0, 3)@$, 5 0- ($*$% )-,0+'%5?*'= +$%
/0*+5% 5 ,0 +5%'@5 +$% ,0 15*.5 (' ,5.),15//)E-= ,0, /$&+$%.5&)'-.$, '%%E-'$,= 6 ,0,
'k+'/.5.)95, +$/$ %'5*),.5, ,$?%' '* &5.%)&$-)$ d:+%)-D l :+%)-D= FTTVeA B('&J, +$-(%J '-
/$-,)('%5/)E- '* 3'/3$ (' 35?'% @0,.)1)/5($ $ &)-)&)C5($ ,0, '%%$%',= ,0 )-/5+5/)(5( ('
&5-)1',.5% 5-.' ,0 ',+$,$ ,0, -'/',)(5(', 6 (','$ 6 +$% 35?'% D'-'%5($ 0-5 /5.J,.%$1' +5%5
K, i.)* '* 20' *5 +5%'@5 ,' (S /0'-.5 (' 20' ,$- ,'%', 30&5-$, /$- ('1'/.$,= 6 '*
%'+%','-.5%= +5%5 ,0, 3)@$,= 20' *$, &5.%)&$-)$, '-1%'-.5- +%$?*'&5, 6 20' ',.$, +0'('- ,'%
H$, '-1$20', (' )-9',.)D5/)E- ,' (),.)-D0'- '-.%' /05-.).5.)9$,= /05*).5.)9$, 6 &)k.$,f
',.' i*.)&$ /$&+5%.' /5%5/.'%4,.)/5, (' *5 &'.$($*$D45 /05-.).5.)95 6 /05*).5.)95= *$, /05*',
,'%J- ',/%).$, '- *5 ,)D0)'-.' ,'//)E-A K,.$, +%$/',$, 35- ,)($ 3'%%5&)'-.5, 95*)$,5, '- '*
/5&+$ (' *5, /)'-/)5,= 65 20' ,' 5(5+.5- 5 ()9'%,$, .)+$, (' )-9',.)D5/)E- ,'Di- ,0,
/05*).5.)95= +0', *5 )-1)('*)(5( ', 0- 1'-E&'-$ /0*.0%5* +$% *$ /05* ', +$,)?*' /$-.'k.05*)C5%*5
6 '* )-9',.)D5($% +0'(' )-.'%9'-)% '- '* %'+$%.' da'%-J-('C= ;'%-J-('C l Y5+.),.5= !PFPeA
K* +%)&'%$ (' *$, '-1$20', (' )-9',.)D5/)E- 5-.', &'-/)$-5($,= '* &S.$($
/05-.).5.)9$= ,' ?5,5 '- &'()% 1'-E&'-$, &'()5-.' (5.$, -0&S%)/$, 20' %'+%','-.5-
',.5(4,.)/5,= +%0'?5 3)+E.',), +*5-.'5(5, +5%5 D'-'%5% .'$%45, 6 5-5*)C5 %'*5/)$-', /50,5p
'1'/.$ da'%-J-('C '. 5*A= !PFPeA H5, 9'-.5@5, (' ',.' '-1$20' ', 20' ', %'+*)/5?*'= .)'-' 5*.5
/$-1)5?)*)(5( 6 95*)('C 6 ,' .)'-' /$-.%$* ,$?%' *$, 1'-E&'-$, 6 *$, %',0*.5($, ,$- +%'/),$, 6
+%'('/)?*',A K- '* '-1$20' /05-.).5.)9$= '* )-9',.)D5($% ('@5 (' *5($ ,0, /%''-/)5, 6 ,'
&5-.)'-' )&+5%/)5* +$% *$ ', $?@'.)9$ 6 '- *$, %',0*.5($, -$ )-9$*0/%5 ,0 '&$.)9)(5(
D'-'%5*&'-.' ,' *$ 5+*)/5 '- '-.$%-$, -5.0%5*', 6 65 20' -$ ,' ?5,5 '- ',.5(4,.)/5,= *$,
,)D-)1)/5($, ,' 'k.%5'- (' *$, (5.$, da'%-J-('C '. 5*A= !PFPeA K- ',.' .)+$ (' )-9',.)D5/)E-=
*5, +%'D0-.5, (' 3)+E.',), ,' (',5%%$**5- 5-.',= (0%5-.' $ (',+0S, (' *5 %'/$*'//)E- (' *$,
(5.$,f 5,4 *5, +%'D0-.5, +*5-.'5(5, +0'('- ,'% %',+$-()(5, /$- &56$% /*5%)(5(A H$,
?'-'1)/)$, (' *5 5+*)/5/)E- (' ',.' .)+$ (' )-9',.)D5/)E- ', 20' ',.5 5%%$@5 %)20'C5
!P
)-.'%+%'.5.)95 6 /$-.'k.05*)C5 '* 1'-E&'-$ 'k+*$%5($= +0', ,' '-.)'-(' 20' '* .'&5 '-
/0',.)E- ', 0- +5.%E- /0*.0%5* 20' +%'($&)-5 '- *$, (),.)-.$, ,),.'&5, ,$/)5*',= 6 ',
/$&+%'-()($ (' &5-'%5, +5%.)/0*5%', da'%-J-('C '. 5*A= !PFPeA B ()1'%'-/)5 ('* '-1$20'
/05-.).5.)9$= '- ',.5 +'%,+'/.)95 '* )-9',.)D5($% ,4 )-9$*0/%5 ,0, 95*$%', 6 /%''-/)5, 6 ',.5, ,'
&5-)1)',.5- '- '* %'+$%.' ('* ',.0()$= +0', *5 )-.'%5//)E- +,)/$*ED)/5 '-.%' '* )-9',.)D5($% 6 '*
%'/$*'//)E- (' (5.$,A H5 +%)&'%5 ', *5 $?,'%95/)E-= '- ',.5 '* )-9',.)D5($% ,' )-9$*0/%5 ('
&5-'%5 +%$10-(5 5 ()1'%'-.', ,).05/)$-', ,$/)5*',= .$&5-($ '- /0'-.5 *5, )-.'%5//)$-', '-.%'
*$, ,0@'.$, 5 'k+*$%5% /$- '* +%$+E,).$ (' (',/%)?)%= /$&+%'-('%= )('-.)1)/5% +%$?*'&5, ('
()/3$ /$-.'k.$ 6 D'-'%5% 3)+E.',), 5/'%/5 ('* &),&$ da'%-J-('C '. 5*A= !PFPeA :'D0)($ 5 ',.5
,' '-/0'-.%5- *$, D%0+$, (' '-1$20'f '- *5, /05*', ,' %'i-'- '-.%' .%', 6 FP ,0@'.$, 6 '*
)-9',.)D5($% 5-5*)C5 *5 )-.'%5//)E- (' *$, )-()9)(0$, /$- %',+'/.$ 5 /)'%.5 +'%,+'/.)95A K*
5&?)'-.' (' ',.' .)+$ (' )-9',.)D5/)E- /05*).5.)95 ', )-1$%&5*f ,)- '&?5%D$ 20)'- /$-(0/' *5
()-J&)/5 D%0+5* ('?' ,'% /5+5C (' &5-'@5% 5 *5 /5-.)(5( (' 5,),.'-.', da'%-J-('C '. 5*A=
!PFPeA
H$, ($/0&'-.$,= %'D),.%$,= &5.'%)5*', 6 5%.'15/.$, ,$- $.%5 10'-.' (' )-1$%&5/)E- +5%5
)-9',.)D5($% 5/'%/5 (' &0',.%5,= +0'('- ,'% 1$.$,= 9)('$,= /5%.5,= (' 0- .'&5 '- ',+'/41)/$
/$- '* 1)- (' 20' *$, +5%.)/)+5-.', /$&'-.'- ,0, &$.)9$, +5%5 ,'*'//)$-5% ()/35 &0',.%5A
K,.5, 3'%%5&)'-.5, +0'('- **'95%,' 5 /5?$ (' &5-'%5 D%0+5* $ )-()9)(05* da'%-J-('C '. 5*A=
!PFPeA
!F
#$% $.%$ *5($= *5, ?)$D%5145, $ 3),.$%)5, (' 9)(5 ,' %'/$*'/.5- (' &5-'%5 )-()9)(05* $
/$*'/.)95 6 ,' 1$%&5- &'()5-.' *5 $?.'-/)E- (' ($/0&'-.$, 6 %'*5.$, 5/'%/5 (' 'k+'%)'-/)5,
/%$-$*ED)/5, (' *$, ,0@'.$,A 7'()5-.' ',.5 &'.$($*$D45= ', +$,)?*' /$&+%'-('% '* /$-.'k.$ ('
#$% i*.)&$= *5 .%)5-D0*5/)E- (' &S.$($, (' %'/$*'//)E- (' *$, (5.$, '&+*'5 95%)$, ('
*$, &S.$($, 5-.', &'-/)$-5($, /$- '* $?@'.)9$ (' $?.'-'% (5.$, &J, +%'/),$, 6 +%$10-($,
#5%5 *5 +%','-.' )-9',.)D5/)E-= ,' 35 '&+*'5($ *5 '-.%'9),.5 20' ', 0-5 3'%%5&)'-.5
('* '-1$20' /05*).5.)9$ '- *5 /05* '* )-9',.)D5($% 6 '* +5%.)/)+5-.' )-.'%/5&?)5- )-1$%&5/)E-
5/'%/5 (' 0-5 .'&J.)/5A H5, '-.%'9),.5, /05*).5.)95,= ,' /*5,)1)/5- '- ',.%0/.0%5(5,=
,'&)',.%0/.0%5(5, $ 5?)'%.5, )-()9)(05* da'%-J-('C '. 5*A= !PFPeA o5 20' *5 )-1)('*)(5( 6 *5,
',.%5.'D)5, 20' '&+*'5- *5, +5%'@5, +5%5 ,0+'%5%*5 ,$- 0- .'&5 ('*)/5($ '- '* /05* '*
)-9',.)D5($% ('?' '9).5% ,'% )-95,)9$= '* ,0@'.$ +5%.)/)+5-.' ('?' +'%/)?)% 1*'k)?)*)(5( +5%5
&5-'@5% '* %).&$ (' *5 '-.%'9),.5= *5 ',.%0/.0%5 6 '* /$-.'-)($ ,'Di- '* .'&5 D'-'%5* +%$+0',.$
+$% '* '-.%'9),.5($%A O$-,'/0'-.'&'-.' *5 3'%%5&)'-.5 ('* '-1$20' /05*).5.)9$ '&+*'5(5 +5%5
*5 %'/$*'//)E- (' (5.$, (' ',.' +%$6'/.$ ', *5 '-.%'9),.5 5?)'%.5 )-()9)(05* da'%-J-('C '. 5*A=
!PFPeA
K* )-9',.)D5($% +*5-.'5%J 5 *$, +5%.)/)+5-.', 0-5 ,'%)' (' +%'D0-.5, 20' 35- ,0%D)($
(0%5-.' *5 %'9),)E- (' *5 *).'%5.0%5 6 /$&$ *$, +5%.)/)+5-.', +$(%45- ()%'//)$-5% *5 '-.%'9),.5
35/)5 ()9'%,5, .'&J.)/5,= '* )-9',.)D5($% ,' '-/5%D5%J (' %'.$&5% *5 5.'-/)E- ('* ,0@'.$ 35/)5
O$- *5 1)-5*)(5( (' /5+.5% .$(5 *5 )-1$%&5/)E- ?%)-(5(5 +$% *$, +5%.)/)+5-.',= *5
'-.%'9),.5 ,'%J D%5?5(5 +5%5 %'/$+)*5% *5 )-1$%&5/)E- +%$9'-)'-.' (' 20)'-', 35-
'k+'%)&'-.5($ 0-5 )-1)('*)(5( +5%5 '* +$,.'%)$% 5-J*),), 6 .5?0*5/)E- (' ,0, %',+0',.5,A
!!
#$% &$.)9$, (' ',5 )-9',.)D5/)E-= ,' ,'*'//)$-5%J 5 FU ,0@'.$, (' *$, /05*', 3565-
%',+$-()($ *5 '-/0',.5 '- *4-'5 +5%5 ,0 %'/*0.5&)'-.$ ,)'&+%' 6 /05-($ 3565- '-1%'-.5($ 0-5
)-1)('*)(5( 6 *5 3565- ,0+'%5($A :' .$&5%J '- /0'-.5 20' *$, )-()9)(0$, ,' &5-.'-D5- '-
/05*20)'% .)+$ (' 0-)E- ',.5?*'= 65 ,'5 &'()5-.' &5.%)&$-)$= 0-)E- (' 3'/3$ $ /$35?).5/)E- 6
20' +'%&5-'C/5- /$- ,0 +5%'@5 5 +',5% ('* 5(0*.'%)$A B('&J,= ,' +%'/),5 20' *$, +5%.)/)+5-.',
,'5- 35?).5-.', (' *5 /)0(5( (' <0).$ +5%5 *5 %'5*)C5/)E- (' *5 '-.%'9),.5 5?)'%.5A
#5%5 ',.5 )-9',.)D5/)E- ,' 0.)*)C5%J= *5 +*5.51$%&5 :0%9'67$-n'6= '-/0',.5, '- *4-'5=
('?)($ 5 ,0 5*/5-/' D*$?5* '* /05* 5 .%59S, ('* )-.'%-'. **'D5 5 ()9'%,5, %'D)$-', dK95-, l
75.30%= !PPUeA B('&J,= $1%'/' /$-9'-)'-/)5 6 9'*$/)(5( '- *5 $?.'-/)E- (' )-1$%&5/)E- 65
20' (' ',.' &$($ '* )-9',.)D5($% &)-)&)C5 '* .)'&+$ (' *5 %'/$*'//)E- 14,)/5 (' *$, (5.$,A B
.%59S, (' ',.' &'()$ *$, +5%.)/)+5-.', +0'('- %',+$-('% 5 ()9'%,$, 1$%&5.$, (' +%'D0-.5, 65
,'5- (' $+/)E- &i*.)+*'= ',/5*5,= 1$%&5.$, &0*.)&'()5 $ )-/*0,$ +%'D0-.5, 5?)'%.5, dK95-, l
75.30%= !PPUeA
#5%5 *5 %'5*)C5/)E- (' *5 '-/0',.5 '- *4-'5= ,' /$-9$/5%J 5 +'%,$-5, 20' 3565-
'k+'%)&'-.5($ 0-5 )-1)('*)(5( 6 *5 3565- ,0+'%5($= +5%5 +5%.)/)+5% '- 0-5 )-9',.)D5/)E-
/06$, (5.$, ,'%J- /$-1)('-/)5*',= i-)/5&'-.' (' &5-'@$ ('* )-9',.)D5($%A H5, +%'D0-.5,
5?5%/5%J- (5.$, ('&$D%J1)/$, (' *$, +5%.)/)+5-.',= 5,4 /$&$ '* /$-.5/.$ ('* )-9',.)D5($% '-
/5,$ (' 20' *$, ,0@'.$, (',''- +5%.)/)+5% '- '* +%$6'/.$A
.&;'=("#<$=&;"' [+=$<'
B* **'95% 5 /5?$ ',.' +%$6'/.$ ,' %',+'.5%5- .$(5, *5, *'6', S.)/5, 20' )-9$*0/%5- '*
',.0()$ (' )-()9)(0$,A K, +$% ',.$ 20' /5(5 0-$ (' *$, +5%.)/)+5-.', %'/)?)%J 0- 1$%&0*5%)$ ('
!"
/$-,'-.)&)'-.$ )-1$%&5($ '- '* /05* ,' %5.)1)20' ,0 +5%.)/)+5/)E- 9$*0-.5%)5 ('-.%$ ('*
',.0()$ 5,4 /$&$ ,0 ('%'/3$ 5 %'.)%5%,' (' *5 )-9',.)D5/)E- '- /05*20)'% &$&'-.$A B,)&),&$=
,' 'k+*)/5%J- *$, $?@'.)9$, ('* +%$6'/.$ '- /0',.)E- 6 ,' 5,'D0%5%J '* 5-$-)&5.$ (' *5
)-1$%&5/)E- %'/50(5(5 65 20' *$, /*)'-.', ,' &5-'@5%J- +$% &'()$ (' /E()D$, (',(' '* )-)/)$
('* +%$/',$ (' )-9',.)D5/)E-A :' ('@5%J /*5%$ 20' *5, D%5?5/)$-', ,'%J- (' 0,$ 'k/*0,)9$ ('*
)-9',.)D5($% 5* &$&'-.$ (' .5?0*5% *$, (5.$, 6 5-5*)C5%*$,= +$,.'%)$%&'-.' ',.5, ,'%J-
(',.%0)(5,A
O$- *$ 20' %',+'/.5 5 +$,)?*', %)',D$, (0%5-.' '* (',5%%$**$ (' *5, '-.%'9),.5, 5-.',
&'-/)$-5(5,= ,' ',+'%5 20' -$ 'k),.5- &56$%', (5g$, 35/)5 *$, +5%.)/)+5-.', +0',.$ 20' -$
,' %'20)'%' 20' %'9'*'- -$&?%', '- +5%.)/0*5%A B* .%5.5% '* .'&5 (' *5 )-1)('*)(5(= *$,
+5%.)/)+5-.', +$(%45- %'9)9)% &$&'-.$, ($*$%$,$, 5* /$&'-.5%*5f ,)- '&?5%D$ '* )-9',.)D5($%
',.J /5+5/).5($ +5%5 5?$%(5% ()/35, /)%/0-,.5-/)5, +$% *$ /05* -$ ,' ',+'%5- '1'/.$,
1,568/)!05 ,5:,1)!05
K- ?5,' 5 *5 %'9),)E- (' *5 *).'%5.0%5 20' ,' %'5*)CE +5%5 ',.' ',.0()$= ,' ',+'%5%45 20'
*5, +5%'@5, 20' 35- 'k+'%)&'-.5($ 0-5 )-1)('*)(5( 6 *5 35- ,0+'%5($= &'-/)$-'- 5*D0-$, ('
*$, '*'&'-.$, (',/%).$, 5 *$ *5%D$ ('* &5%/$ .'E%)/$A H5 %'5//)E- (' 20)'- 35 ,)($ 94/.)&5 ('
0-5 )-1)('*)(5( ', /$&+5%5?*' /$- *5 (' 20)'- +5('/' (' ',.%S, +$,.%50&J.)/$f /$- '* 1)- ('
,0+'%5% '* .%50&5 20' ',.$ %'+%','-.5= ,' 5,0&' 20' 5*D0-$, (' *$, +5%.)/)+5-.', 20' 35-
+$()($ &5-.'-'% ,0 %'*5/)E- 50-20' *', 3565- ,)($ )-1)'*',= 35- .'-)($ *5 /$&+%'-,)E- (' ,0,
+5%'@5, +5%5 20' ',.5, 5/*5%'- .$($, *$, ('.5**', 20' *5 94/.)&5 (','5 /$-$/'% 5/'%/5 (' *5
:)- '&?5%D$= ', -'/',5%)$ /$-,)('%5% 20' 0-5 +5%.' (' *5, 94/.)&5, (' 0-5 )-1)('*)(5(
+$(%45- &5-.'-'% ',.$ /$&$ 0- ,'/%'.$= ,)- ,)20)'%5 '-1%'-.5%*$ /$- ,0 +5%'@5A O$&$ ', ('
',+'%5%,'= *5 +'%,$-5 )-1)'* 35?%J .'%&)-5($ /05*20)'% +$,)?*' /$-.5/.$ /$- 20)'- &5-.'-45 *5
%'*5/)E- 'k.%5&5%).5*= *$ /05* %'+%','-.5 '* +%)&'% +5,$ +5%5 %',.5?*'/'% *5 /$-1)5-C5 '-.%' *$,
:5?'&$, 20' '- *5 5/.05*)(5( 5i- 'k),.'- &0@'%', 20' ,' ('()/5- 5 .5%'5, -$
%'&0-'%5(5, .5*', /$&$ *$, 20'35/'%', ('* 3$D5% 6 *5 /%)5-C5 (' *$, 3)@$,= ,' D'-'%5
('+'-('-/)5 '/$-E&)/5 35/)5 ,0, +5%'@5,A :' ',+'%5%45 20' D%5- +5%.' (' *5 &0',.%5 ('
+5%.)/)+5-.', (' ',.5 )-9',.)D5/)E- 3565- ('@5($ +5,5% 0-5 )-1)('*)(5( ('?)($ 5* .'&$% (' -$
/$-.5% /$- *$, %'/0%,$, '/$-E&)/$, +5%5 ,0?,),.)% $ +5%5 &5-.'-'% '* ',.)*$ (' 9)(5 20'
**'95?5- /$- ,0, +5%'@5, )-1)'*',A K,.0()$, )-()/5- 20'= .%5, '* ()9$%/)$= *5 '/$-$&45 (' *$,
95%$-', 50&'-.5 &)'-.%5, 20' *5 (' *5, &0@'%', (),&)-06' -$.5?*'&'-.'= &$.)9$ +$% '* /05*
,' +%',0&' 20' 5*D0-$, '-.%'9),.5($, %'+$%.5%45- ',.' /$&$ 0-$ (' *$, +%)-/)+5*', &$.)9$,
+5%5 /$-.)-05% /$- ,0 +5%'@5 5 +',5% (' *5 %'*5/)E- 'k.'%-5 20' &5-.09$ dY0%n350,'% l
I.%$, +5%.)/)+5-.', )-()/5%45- 20' 0-$ (' *$, 15/.$%', 20' )&+5/.E 5* +'%($-5% 0-5
)-1)('*)(5( 10' '* &)'($ 5 *5 ,$*'(5( 6 *5 +'%/'+/)E- (' ,4 &),&$, /$&$ )-()9)(0$, +$/$
95*$%5?*',A :' 35 9),.$ 20'= ',+'/)5*&'-.' '* DS-'%$ 1'&'-)-$= .)'-' &'-$, +$,)?)*)(5(', ('
/$-,'D0)% +5%'@5 ,) 35 ,0+'%5($ *$, "U 5g$, (' '(5(= .)'-' 3)@$, 6 ', (' %5C5 -'D%5f
/$-,'/0'-.'&'-.'= *$, )-()9)(0$, +%'1)'%'- &5-.'-'%,' /$- ,0 +5%'@5 )-1)'* 5 +',5% (' 20'
H5 %'*)D)E- $ ',+)%).05*)(5( ,'%45 0- 5,+'/.$ 10-(5&'-.5* +5%5 20' *$, ,0@'.$, 20'
35?).5- '- '* K/05($% ,0+'%'- 0-5 )-1)('*)(5(A :'Di- '* >-,.).0.$ N5/)$-5* (' K,.5(4,.)/5, 6
O'-,$, d!PF!e= TFATUj (' *5 +$?*5/)E- ('* +54, 51)%&5 +'%.'-'/'% 5 5*D0-5 %'*)D)E-f ',.5,
)-/0*/5- '- *5 30&5-)(5( %'D*5, &$%5*',= +$% *$ /05* ,' ',+'%5%45 20' *5 D%5- &56$%45 ('
,0@'.$, 20' 3565- ,0+'%5($ 0-5 )-1)('*)(5( 3565- ,)($ &$.)95($, +$% *5 /%''-/)5 (' 20' '*
H5 )-.)&)(5( (' +5%'@5 +0'(' 9'%,' &'%&5(5 .%5, '* (',/0?%)&)'-.$ (' 0-5
)-1)('*)(5(f 5 +',5% (' ',.$= &'()5-.' *5 /$&0-)/5/)E- 5&?$, &)'&?%$, ('?'%45- &5-)1',.5%
,0, -'/',)(5(',= (','$, ' )-.'-,)E- '- *5, %'*5/)$-', ,'k05*', d:+%)-D l :+%)-D= FTTTVeA #$%
'-('= +$,)?*'&'-.' *5 &56$%45 (' *$, &)'&?%$, (' ',.5 )-9',.)D5/)E- %'.$&5%$- ,0 9)(5
,'k05* .%5, %'/$-$/'% ,$?%' *5 %'*5/)E- 'k.%5&5%).5*A [' )D05* &5-'%5 ,' ',+'%5%45 20' *$,
+5%.)/)+5-.', (' ',.' ',.0()$ 3565- 5/0()($ 5 .'%5+)5 (' +5%'@5= +5%5 %',.5?*'/'% *$,
,'-.)&)'-.$, 6 /05*)(5(', (' /5(5 0-$ (' *$, &)'&?%$, 5/$&+5g5($, ('* .'%5+'0.5 d^$..&5-=
^$..&5- l ['O*5)%'= !PPVeA K,.'= 35 ('&$,.%5($ ,'% 0- +)*5% /$- 0- %$* (',.5/5?*' 5* ,0+'%5%
0-5 )-1)('*)(5( 65 20'= .%5, ,'), &',', (' .%5.5&)'-.$= ',.5, +5%'@5, %'+$%.5- ,'% &J, 1'*)/',
20' 520'**5, 20' %'/0%%)'%$- 5 .'%5+)5 +$% +%$?*'&5, ()1'%'-.', 5 *5 )-1)('*)(5( d^$..&5-=
Z%5, 35?'% .%5?5@5($ /$- *$, %'/0%,$, 5-.', &'-/)$-5($,= ,' ',+'%5%45 20' *$,
)-()9)(0$, %'/$*'/.5($, +5%5 ',.' ',.0()$= /$-,)('%'- 20' +'%($-5%$- 5 ,0 +5%'@5 $ 20'=
!V
+$,)?*'&'-.' 5 +',5% (' 20' &5-.)'-'- '* ($*$% (' ()/35 'k+'%)'-/)5= 3565- /$-.)-05($ /$-
,0, 9)(5, (' +5%'@5 *5, /05*', -$ 35- ,)($ ,5.),15/.$%)5, .%5, '* (',/0?%)&)'-.$ (' *5 %'*5/)E-
'k.%5&5%).5*A :) ?)'- 5*/5-C5% '* +'%(E- ', 0- +%$/',$ +%$*$-D5($ 6 20'= +$,)?*'&'-.' -0-/5
**'D0' 5 ,'% /$&+*'.5($= *5, +5%'@5, +0'('- %'.$&5% ,0, 9)(5, /%'5-($ %'/0'%($, +$,).)9$,
+5%5 ('@5% (' +'%/)?)% 5 *5 +5%'@5 20' 10' 5(0*.'%5 i-)/5&'-.' /$&$ 0- )-1)'*= ,)-$ /$&$ 0-
,'% 30&5-$ 20' 35 /$&'.)($ '%%$%', d:+%)-D l :+%)-D= FTTVeA [' )D05* &5-'%5 ,' 5,0&' 20'
20)'- 35 ,)($ *5 9)/.)&5 (' *5 )-1)('*)(5( ,' 3565 +'%($-5($ 5 ,4 &),&5 +$% ,0 )-$/'-/)5 6
!='$*'=J;
+*5-.'5(5= rO0J*', ,$- *$, 15/.$%', 20' 15/)*).5- 20' 0-5 +5%'@5 +0'(5 ,0+'%5% 0-5
)-1)('*)(5(s :' **'D5 5 *5 /$-/*0,)E- (' 20' 'k),.'- ()9'%,$, 15/.$%', 20' )-1*06'- 5*
&$&'-.$ (' '-1%'-.5% 0-5 )-1)('*)(5( 6 ,0+'%5%*5A H5 0-)E- '-.%' +5%'@5,= 5* )D05* 20' *5
)-1)('*)(5( '-.%' ',.5,= %',+$-('- 5* )-/$-,/)'-.' (' *$, &)'&?%$, (' *5 &),&5f '- '* +%)&'%
/5,$= +5%5 ,0,.).0)% *5, 'k+'%)'-/)5, 9)9)(5, /$- *5, 15&)*)5, (' $%)D'- 6 +%$6'/.5% *5,
?)'-= *5 1)('*)(5( ', 0-$ (' *$, 5-3'*$, (' *5 &56$%45 (' +5%'@5,= '* 5/.$ 5(i*.'%$ ,0%D'
/05-($ *5 +5%'@5= )-/$-,/)'-.'&'-.' 5/0'%(5 20' ,' (S 0-5 )-1)('*)(5( dN5+)'% l m3).5n'%=
!PP!eA
^$..&5- d!PPVe &'-/)$-5 20' ,) ?)'- *5, +5%'@5, 20' %'+$%.5- 5*.$, -)9'*', ('
1'*)/)(5( ,$- &'-$, +%$+'-,5, 5 ,'% )-1)'*',= ',.$ -$ *5, 'k)&' ('* 5(0*.'%)$= ,$?%' .$($ ,) *$,
,0@'.$, 35- ',.5($ %$('5($, +$% 0- 5&?)'-.' '- '* /05* *5 )-1)('*)(5( ', 1%'/0'-.'= $ ,) +$-'-
0- &56$% 95*$% '- *5 'k+'%)&'-.5/)E- (' '&$/)$-', )-.'-,5, 20' '- *5 ',.5?)*)(5( &5%).5*
d^$..&5-= ^$..&5- l ['O*5)%'= !PPVeA #5%'@5, +$/$ 3$-',.5, '- *5, 20' *5 /$-1)5-C5 ',
!Q
*)&).5(5= ',.J- 'k+0',.5, 5 ',.' 1'-E&'-$ d:$*$&$- l Z'5D-$= !PPVeA [' )D05* &5-'%5=
:+%)-D 6 :+%)-D dFTTVe ,'g5*5- 20' 'k),.'- ()9'%,$, &$&'-.$, '- *5 9)(5 (' +5%'@5 20' *5,
35/'- 90*-'%5?*', 5* 5(0*.'%)$= .5*', /$&$ '* +5('/'% (' 0-5 '-1'%&'(5( /5.5,.%E1)/5= *5
&0'%.' (' 0- &)'&?%$ /'%/5-$ 5 *5 +5%'@5= *$, /5&?)$, (' 9)9)'-(5= *5 ,'-,5/)E- (' 1%5/5,$
(' 0-$ (' *$, &)'&?%$,= '* '&?5%5C$ $ -5/)&)'-.$ (' 0- 3)@$= '* ,4-(%$&' ('* -)($ 95/4$ 6 '*
5?0,$ (' ,0,.5-/)5, D'-'%5- .'%%'-$ 1S%.)* +5%5 0-5 %'*5/)E- 'k.%5&5%).5* d:+%)-D l :+%)-D=
FTTVeA
K- *5, .%5-,)/)$-', 5-.', &'-/)$-5(5,= 0-$ (' *$, &)'&?%$, (' *5 +5%'@5 $ 5&?$,=
+$(%45- .'-'% 0-5 ,'-,5/)E- (' ,$*'(5( 6 5?5-($-$ +$% *$ 20' 0-5 .'%/'%5 +'%,$-5 ',
)-9$*0/%5(5 '- *5 %'*5/)E- $%)D)-5* d:+%)-D l :+%)-D= FTTVeA O$-,'/0'-.'&'-.'= *$, 50.$%',
)-()/5- 20' *5 )-1)('*)(5( ', ?5,.5-.' +%'('/)?*'= 65 20' ',.5 D'-'%5*&'-.' 95 5/$&+5g5(5 ('
K* (',/0?%)&)'-.$ (' 0-5 )-1)('*)(5( D'-'%5 0- .%50&5= &$.)9$ +$% '* /05* *5 +5%'@5
20' 35 ,)($ 94/.)&5 ('* 5(0*.'%)$ %'20)'%' %'.$&5% '* .'&5 '- 5*D0-5, $/5,)$-', +5%5 5/*5%5%
('.5**', (' *5 )-1)('*)(5( d^$..&5-= ^$..&5- l ['O*5)%'eA K9)('-.'&'-.' 20)'- 35 ,)($ )-1)'*
('?' (',/5%.5% .$($ +$,)?*' /$-.5/.$ /$- *5 .'%/'%5 +'%,$-5 /$- '* 1)- (' /$&'-C5% '* +%$/',$
(' %',.5?*'/'% *5 /$-1)5-C5 /$- *5 +5%'@5f 5 +',5% (' ',.$ ', /$&i- 20' *$, ,0@'.$, ,' ,'+5%'-
O$-.%5%)$ 5 *$ ',+'%5($= *5 )-9',.)D5/)E- 5%%$@5 20' *$, 3)@$, -$ ,$- 0- &$.)9$ 20'
&5-.)'-' 5 *5, +5%'@5, @0-.5, (',+0S, (' 0-5 )-1)('*)(5(= +'%$ ,) *5 ('+'-('-/)5 '/$-E&)/5 6
)-/%'&'-.$ ,)D-)1)/5.)9$ '- *5 '/$-$&45 &5,/0*)-5f ,)- '&?5%D$ *5 '/$-$&45 (' *5, &0@'%',
(),&)-06'f %5CE- +$% *5 /05* *5, &0@'%', ('@5- (' *5($ '* 5(0*.'%)$ 6 /$-.)-i5- /$- ,0
%'*5/)E- d:+%)-D l :+%)-D= FTTVeA K* &)'($ 5 *5 ,$*'(5( 5* -$ '-/$-.%5% 0-5 -0'95 +5%'@5=
!R
15/)*).5 20' *$, )-()9)(0$, &5-.'-D5- ,0, %'*5/)$-', 50-20' *', 3565- ,)($ )-1)'*', d:+%)-D l
:+%)-D= FTTVeA
H5 %'*)D)E- 6 *5 .'%5+)5 (' +5%'@5 15/)*).5- 5 /5(5 0-$ (' *$, &)'&?%$, (' *5 &),&5 '*
,0+'%5% '* 5(0*.'%)$ 6 &5-.'-'%,' 0-)($, /%'5-($ &'@$%', 'k+'%)'-/)5, d:+%)-D l :+%)-D=
FTTVf ^$..&5-= ^$..&5- l ['O*5)%'= !PPVeA K* +'%(E- +$(%45 **'D5% '9'-.05*&'-.' $ .5* 9'C
-$f ,)- '&?5%D$ '* 5-3'*$ ', 20' 20)'-', ,' 35- 9),.$ 51'/.5($, +$% 0-5 )-1)('*)(5(= *$D%'-
9),05*)C5% 5 ,0 +5%'@5 (' 0-5 &5-'%5 &'-$, -'D5.)95 d:+%)-D l :+%)-D= FTTVeA
#$% i*.)&$= ,' ',+'%5 20' *$, %',0*.5($, 20' ,' $?.'-(%45- 5* '-.%'9),.5% 5 FU ,0@'.$,
20' 35- 'k+'%)&'-.5($ 0-5 )-1)('*)(5( 6 *5 35- ,0+'%5($= 3565- '&+*'5($ *$, %'/0%,$, 5-.',
&'-/)$-5($, +5%5 &5-.'-'%,' /$- ,0 +5%'@5 5 +',5% (' 20' 3565 .'-)($ 0-5 %'*5/)E-
'k.%5&5%).5*A B* .$&5% '- /0'-.5 5 FU )-()9)(0$, +5%5 20' +5%.)/)+'- '- ',.5 )-9',.)D5/)E-= ,'
5,0&' 20'= '9'-.05*&'-.' *5, %',+0',.5, /$- %',+'/.$ 5 *$, 15/.$%', 20' 15/)*).5%$- 20'
,0+'%'- 0-5 )-1)('*)(5( ,' ,5.0%'-A [' ',.5 &5-'%5 ,'%45 +$,)?*' ('&$,.%5% 20' *5 &0',.%5 ',
,)D-)1)/5.)95 6 20' *5 &'.$($*$D45 '&+*'5(5 +5%5 +%$+E,).$, (' ',.5 )-9',.)D5/)E- ?%)-(E
8-5 9'C 1)-5*)C5($ '* ',.0()$= ,' '-/$-.%5%$- 5*D0-5, *)&).5/)$-',A K- +%)&'% *0D5%= *5
&56$% +5%.' (' *5 *).'%5.0%5 %'*5/)$-5(5 5* .'&5 (' *5 )-1)('*)(5( -$ +%$9)'-' ('* K/05($%= +$%
*$ /05* 0-$ (' *$, %)',D$, ', 20' 5*D0-$, 5,+'/.$, (' ',.5 -$ ,'5- %'*5/)$-5($, /$- *$, (5.$,
('* +54,A B,)&),&$= 5*D0-5, 10'-.', ?)?*)$D%J1)/5, 10'%$- (',5%%$**5(5, 35/' 95%)$, 5g$,= *$
/05* 51'/.5 '* (',5%%$**$ (' ',.' ',.0()$A K, +%$?5?*' 20' '- /)'%.5, J%'5,= '* ',.0()$ 3565 ,)($
,',D5($ /$- *5 /$-/'+/)E- (' 20' &J, &0@'%', 20' 3$&?%', ,$- 94/.)&5, (' *5 )-1)('*)(5(
('?)($ 5 *$, 5-.'/'('-.', '-/$-.%5($, '- '* .'&5 ('* 5(0*.'%)$A #$% i*.)&$= '* ',.)D&5 ,$/)5*
20' '-D*$?5 *5 )-1)('*)(5(= +$(%45 )&+5/.5% '- 20' *$, ,0@'.$, 20' 35- 'k+'%)&'-.5($ 0-5
!T
)-1)('*)(5( 6 *5 35- ,0+'%5($= -$ (',''- ,'% '-.%'9),.5($, /$- %',+'/.$ 5 ',.' .'&5f (' )D05*
&5-'%5= ', +$,)?*' 20' *$, +5%.)/)+5-.', -)'D0'- $ &)'-.5- /$- %',+'/.$ 5* 5(0*.'%)$
'k+'%)&'-.5($A
K- 10.0%5, )-9',.)D5/)$-',= ,'%45 )-.'%',5-.' )-(5D5% &J, 5 1$-($ ,$?%' '* %$* (' *5
%'*)D)E- ('-.%$ (' *5, 0-)$-', (' +5%'@5 ',.5?*',= 65 20' (0%5-.' *5 %'9),)E- (' *5 *).'%5.0%5 ,'
'-/$-.%5%$- (5.$, ,)D-)1)/5.)9$, 5/'%/5 ('* )&+5/.$ (' *5, /%''-/)5, %'*)D)$,5, '- *5, +5%'@5, 6
,0 &5-'%5 (' /$-(0/)% ,0, %'*5/)$-',A [' )D05* &5-'%5= /$-,)('%$ 20' '* 'k+*$%5% 5/'%/5 ('
*5, %',+0',.5, (' *5, +5%'@5, 5-.' *5 )-1)('*)(5( ', 0- /5&+$ 20' -$ 35 ,)($ 5?5%/5-($=
.$&5-($ '- /0'-.5 5,4= *$, 4-()/', (' +5%'@5, 20' .%5, '-.'%5%,' (' 0-5 )-1)('*)(5( .5&?)S- ,'
)-9$*0/%5- '- %'*5/)$-', 'k.%5&5%).5*',A ;)-5*&'-.'= &' +5%'/' 20' '- '* 10.0%$= ,' +$(%45
'k+*$%5% /05*', (' *$, '-1$20', (' .%5.5&)'-.$, +,)/$.'%5+S0.)/$, ,$- &J, '1'/.)9$, +5%5
1,L,1,4.-)5
B(0*.'%)$A d-A(AeA [)//)$-5%)$ (' *5 W'5* B/5('&)5 K,+5g$*5 '- *4-'5A W'/0+'%5($ ('L
3..+Lvv(*'A%5'A',vs)(wP%(9-Qm
B-('%,$-= WA= ZA d!PFGeA Z3' K9$*0.)$- $1 75%%)5D'A 2',"/-'& 3#("#45 67dTe= GFp G"A
Y*$/3= BA d!PPQeA 8' 	 !# :1+*;9 !#& '0/+A 75(%)(= K,+5g5L Z'&5, (' a$6= :ABA
K95-,= `AWA l 75.30%= BA d!PPUeA Z3' 95*0' $1 $-*)-' ,0%9'6,A >-,#+-#, 3#)#'+%;= ?7d!e= FTUx
!FTA [I>L FPAFFPRvFPVV!!GPUFPUTP"VPA
^$..&5-= `A= ^$..&5-= `A l ['O*5)%'= `A d!PPVeA @"#$ %&'(#) *'+' ,+'-)./+0'+ ,1 0',+"0/-"/A
%/0/ +#./+$'+ &') +#&'%"/-#) !# *'+#='B N0'95 o$%n= K,.5($, 8-)($,L O%$u-
#0?*),3'%,A
^$..&5-= `A 7A dFTTTeA C;# :'++"'D# E&"-"%A F G%"#-,"."%'&&9 H')#! :'+",'& C;#+'*9A N'u
o$%n= 8-).'( :.5.',L N$%.$-A
^%$,,= BA d!PFG= PT= !QeA B(0*.'%)$= >-1)('*)(5( 6 [',5&$%A I& J-"(#+)/B W'/0+'%5($ ('L
3..+LvvuuuA'*0-)9'%,$A/$&v$+)-)$-v!PFGvPTv!Qv-$.5vGP""!"Vv5(0*.'%)$p)-1)('*)(5(p
(',5&$%
a')-.C'*&5-= BA= 70%($/n= NA= t%6/5n= OA= :'56= HA d!PFGeA W'/$9'%6 1%$& )-1)('*).6L
[)11'%'-.)5.)$- $1 ,'*1= .%50&5= 1$%D)9'-',,= 5-( +$,..%50&5.)/ D%$u.3 5&$-D /$0+*',
)- /$-.)-0)-D %'*5.)$-,3)+,A E/1*&# '-! <'0"&9 K)9%;/&/D9A 3#)#'+%; '-! K+'%,"%#5
LdFe= F"p!TA
a'*D',$-= ]A= :A d!PF!eA K)9%;/&/D9 /. M#-!#+A N'u `'%,'6= 8-).'( :.5.', $1 B&'%)/5L
#'5%,$- K(0/5.)$-= >-/A
>-,.).0.$ N5/)$-5* (' K,.5(4,.)/5, 6 O'-,$,A d!PF!eA B-05%)$ (' K,.5(4,.)/5, ]).5*',L
75.%)&$-)$, 6 [)9$%/)$, !PF!A W'/0+'%5($ (' uuuA)-'/AD$?A'/
>-,.).0.$ N5/)$-5* (' K,.5(4,.)/5, 6 O'-,$,A d!PF!eA #%)&'%5, ',.5(4,.)/5, $1)/)5*', ,$?%'
1)*)5/)E- %'*)D)$,5 '- '* K/05($%A W'/0+'%5($ (' uuuA)-'/AD$?A'/
t)-,'6= BA OA= #$&'%$6= mA YA= l 75%.)-= OA KA dFTGReA G#P1'& Q#;'("/+ "- ,;#
;10'- 0'&#B #3)*5('*+3)5L mA YA :50-('%,A
"F
7$-$D5&)5A d-A(AeA [)//)$-5%)$ (' *5 W'5* B/5('&)5 K,+5g$*5 '- *4-'5A W'/0+'%5($ ('L
3..+Lvv(*'A%5'A',vs)(w#DPQ]GP
N5+)'%= BA= oA= l m3).5n'%= O= d!PP!eA C;# <'0"&9 E+1%"Q&#A C;# >-,#-)# IP*#+"#-%# R.
<'0"&9 C;#+'*9B N'u o$%n= 8-).'( :.5.',L a5%+'% O$**)-, #0?*),3'%,A
:$*$&$-= :A [A= l Z'5D-$= HA `A d!PPVeA >-,"0'%9 F.,#+ >-."!#&",9A S/4 ,/ 3#Q1"&! '-! F..'"+T
*+//. U/1+ :'++"'D#A N'u a5%?)-D'% #0?*)/5.)$-,A
:+%)-D= `A BA= l :+%)-D= 7A dFTTVeA F.,#+ ,;# F..'"+A S#'&"-D ,;# K'"- '-! 3#Q1&D"-D C+1),
V;#- ' K'+,-#+ S') H##- J-.'",;.1&B N'u o$%n= 8-).'( :.5.',L a5%+'% O$**)-,
#0,?*),3'%,A
Z,5+'*5,= >A= ;),3'%= aAKA= l B%$-= BA d!PFPeA >-1)('*).6L u3'-= u3'%'= u36A >N
mW O0+5/3 5-( Ya :+).C?'%D= C;# @'+W G"!# /. E&/)# 3#&',"/-);"*) >>= N'u
o$%nL W$0.*'(D'= ++ FQUpFTVA
]$,,*'%= B-(%'5, 5-( 7$**'%= N5$&) d!PFGeA yZ3' %'*5.)$-,3)+ +5,. /5-h. ?' .3' 10.0%'hL
/$0+*' /$0-,'**$%,h 'k+'%)'-/', $1 u$%n)-D u).3 )-1)('*).6A G#P1'& '-! 3#&',"/-);"*
C;#+'*9= !TdGe ++A G!GxG"UA
"!
,F2<;6!!,AF92I
B6 !2*,5 4, ),01*1) ,5*, <3)0/.()13 (. '9#C 5, 4,D, 53.1-1*() ?E( ,.,-*)@21-( /2 -@41F3 +()( 12-./1).3C (
-301*,D13,*1-(G/5<H6,4/6,-
86 #2?1() 53.3 ()-I1?35 41F1*(.,56 #5*( 53.1-1*/4 5,)J <1)0(4( ,2 5/ ?,)51@2 <12(.C 5,( 4, 0(2,)( +),5,2-1(. 3
,2?1(243 /2 43-/0,2*3 ,5-(2,(436
76 #5*, 43-/0,2*3 4,D, -30+.,*()5, -32 .( 12<3)0(-1@2 4,. +)3*3-3.3 4,. ,5*/413 H/, 4,D, 5,)?1) (.
12?,5*1F(43) -303 ),5+(.436
A6 :(?3) .,,) -(4( /23 4, .35 +()J0,*)35 ?,)1<1-(243 H/, 5, I( -30+.,*(43 *34( .( 12<3)0(-1@2 H/, 5, 53.1-1*(
(2*,5 4, ,2?1().(6
().,' (% #(%".#*#+)+#J"
.G=;0/ 41 07 #5D18=32763E5
I$.*'#)2 4,) P$.+-+*$0 4,) ,0$ 1$#)&$ 1,)($ 2,1)#$# ,0$ +0P+()-+($(!
#5D18=3274/> C>3563A70
O$#5$ 8$#'-+0$ J0*$0)($ 6,)0*): @0+V)#2+($( F$0 I#$0.+2.' () 9,+*': .$#'-+0$!'0*$0)($cU'*3$+-!.'3
+/L35D18=3274/>18
A' U$S .'b+0V)2*+7$('#)2
C1>8/57 41 6/5=76=/
8$#'-+0$ J0*$0)($: d<;ZZ>e: >ffgde>def: .$#'-+0$!'0*$0)($cU'*3$+-!.'3
"/<M>1 41 43>16=/> 41 =1838 9 6/>>1/ 1016=>E536/
K)--$0S 8'-- H#T'-$: -)--$0S;dcS$U''!)2
*16N7 41 35363/ 41 07 35D18=32763E5 ;42&12 <=>?
*16N7 41 =O><35/ 41 07 35D18=32763E5 @+'+)3$%) <=>?
*3575637<315=/ !)%&2,"#
8/3'h O)(+$0*) -$ 1-$*$P'#3$ )0 -50)$ F,#V)SO'0i)S 2) )0.,)2*$#W $ +0(+V+(,'2 4,) U$0 )[1)#+3)0*$(' ,0$
+0P+()-+($( S 2) 3$0*+)0)0 .'0 -$ 1$#)&$ $(X-*)#$! F)7,+(' $ )2*' 2) .'0V'.$#W $ ;< () $4,)--'2 2,&)*'2 1$#$ -$
#)$-+T$.+/0 () )0*#)V+2*$2 $%+)#*$2 -$2 .,$-)2 2)#W0 7#$%$($2 1$#$ ,0 $0W-+2+2 1'2*)#+'# $.)#.$ ()- *)3$ )0
.,)2*+/0! 8$($ 2,&)*' 2)#W +()0*+P+.$(' 3)(+$0*) ,0 ./(+7' 1$#$ 1#'*)7)# 2, +()0*+($(!
""
6$#$ 4,Rh K$ -+*)#$*,#$ 3,)2*#$ 4,) -'2 50(+.)2 () +0P+()-+($( )0 D.,$('# S )0 )- 3,0(' U$0 $,3)0*$('
(#W2*+.$3)0*)_ 2+0 )3%$#7' V$#+$2 1$#)&$2 ().+()0 3$0*)0)# 2,2 #)-$.+'0)2 1'# (+V)#2'2 3'*+V'2! D- '%&)*+V' ()
)2*$ +0V)2*+7$.+/0 )2 .'0'.)# (+.U$2 3'*+V$.+'0)2 S$ 4,) 2) .$#).) () +0P'#3$.+/0 .'0 #)21).*' $ )2*) *)3$ )0
)- 1$52!
,MB1=3D/8 %8A16G@36/8
K$ 1#)2)0*) +0V)2*+7$.+/0 3$0*+)0) *#)2 '%&)*+V'2Q )- .'0'.)# )- .'0.)1*' () P+()-+($( S -'2 (+V)#2'2 *+1'2 ()
+0P+()-+($( )[+2*)0*)2: .,W-)2 2'0 -'2 1#).,#2'#)2 () ,0$ +0P+()-+($(: S .,W-)2 2'0 -'2 P$.*'#)2 4,) P$.+-+*$0 4,)
,0$ 1$#)&$ 1,)($ 2,1)#$#-$!
(381Q/ 9 F1=/4/0/2G7 410 18=;43/
A+52 .) )&10.+2* K$ +0V)2*+7$.+'0 )2 () *+1' .,$-+*$*+V$: 3)(+$0*) -$2 )0.,)2*$2 )0 -50)$ S: 1'2*)#+'#3)0*) $-
--)V$# $ .$%' )0*#)V+2*$2 $%+)#*$2: 2) 1'(#W0 .'0'.)# -'2 P$.*'#)2 4,) P$.+-+*$0 4,) ,0$ 1$#)&$ 1,)($ 2,1)#$# ,0$
+0P+()-+($(!
B0)&1%"* ;< 2,&)*'2 2)-)..+'0$('2 $ 1$#*+# () -$2 )0.,)2*$2 )0 -50)$ 2)#W0 .'0V'.$('2 1$#$ ,0$ )0*#)V+2*$
1)#2'0$- () *+1' $%+)#*$! K'2 1$#*+.+1$0*)2 2)#W0 *'3$('2 )0 .,)0*$ 2+)31#) S .,$0(' 3$0*)07$0 ,0$ #)-$.+'0
)2*$%-) S 2+ U$0 2+(' V5.*+3$2 () ,0$ +0P+()-+($( S $ 1)2$# () )2*$ .'0*+0X$0 .'0 2,2 1$#)&$2!
;,C#+&+& .) ."12&* "#$2 -$ #).'-)..+/0 () ($*'2: S ,*+-+T$0(' -'2 ./(+7'2 4,) -)2 P,)#'0 $2+70$('2 $ -'2
1$#*+.+1$0*)2: 2) 1#'.)()#W $ *#$02.#+%+# -$ +0P'#3$.+/0 7#$%$($ (,#$0*) -$ )0*#)V+2*$ 1$#$ )V+*$# 1$2$# 1'# $-*'
-'2 ()*$--)2 )0 )- (+2.,#2' () -'2 2,&)*'2! 8'02).,)0*)3)0*) -$2 )0*#)V+2*$2 2)#W0 .'31$#$($2 1$#$ .'31#'%$#
.,$-)2 2'0 -'2 #).,#2'2 4,) U$0 )31-)$(' -'2 +0(+V+(,'2 1$#$ 2,1)#$# -$ +0P+()-+($(! "#$2 -$ +()0*+P+.$.+/0 () -'2
3).$0+23'2 .'3,0)2 1$#$ 2,1)#$# )2*) U).U': -$2 #)21,)2*$2 2) 2$*,#$#5$0 S $25 2)#W 1'2+%-) #)21'0()# $ -$
1#)7,0*$ () )2*$ +0V)2*+7$.+/0!
C>/6143<315=/8
K'2 1$#*+.+1$0*)2 2)#W0 #).'-).*$('2 3)(+$0*) -$ ,*+-+T$.+/0 () )0.,)2*$2 4,) +0.-,S$0 ($*'2 ()3'7#WP+.'2 ()
-'2 2,&)*'2 )0 -$ 1-$*$P'#3$ )0 -50)$ F,#V)SO'0i)S! O)(+$0*) )- 3+23' 3R*'(': 2) )2.'7)#W $ $4,)--'2 4,)
.,31-)0 .'0 -'2 .#+*)#+'2 () )[.-,2+/0 $0*)2 3)0.+'0$('2 1$#$ -$ #)$-+T$.+/0 () ;< )0*#)V+2*$2 $%+)#*$2 $
1)#2'0$2 4,) U$S$0 )0P#)0*$(' ,0$ +0P+()-+($( S -$ U$S$0 2,1)#$('! 6'2*)#+'#3)0*) 2) $.'#($#W .'0 -'2
1$#*+.+1$0*)2 ,0$ P).U$ 1$#$ --)V$# $ .$%' -$ )0*#)V+2*$ S: 2) -) ()2+7$0$#W $ .$($ ,0' () )--'2 ,0 ./(+7' 1$#$
7$#$0*+T$# -$ .'0P+()0.+$-+($( () -'2 ($*'2 4,) 2)$0 1#'1'#.+'0$('2! K$2 )0*#)V+2*$2 2)#W0 7#$%$($2 1$#$ ,0
3)&'# #)7+2*#' () -'2 .'3)0*$#+'2 () -'2 +0(+V+(,'2! F) )21)#$ 4,) -$2 )0*#)V+2*$2 0' *$#()0 3W2 () d> 3+0,*'2!
F)7,+(' $ )2*': -$2 7#$%$.+'0)2 2)#W0 *#$02.#+*$2 S 2) -$2 $0$-+T$#W 1$#$ +()0*+P+.$# #)21,)2*$2 .'3,0)2 )0*#) -'2
1$#*+.+1$0*)2!
:1>>7<315=78 9 1?;3A/8
"G
F) ,2$#W ,0$ )0*#)V+2*$ $%+)#*$ () '1+0+/0 S )[1)#+)0.+$ 1)#2'0$-: -$ .,$- 2)#W 7#$%$($ (+7+*$-3)0*)! K'2 ($*'2
2)#W0 *$%,-$('2 .'0 )- ,2' () -$ .'31,*$('#$ ()- +0V)2*+7$('#! F) %,2.$#W0 +()$2 #)1)*+*+V$2 )0*#) -'2
1$#*+.+1$0*)2 1$#$ #).'0'.)# -'2 P$.*'#)2 .'3,0)2 4,) P$.+-+*$0 4,) ,0$ +0P+()-+($( 1,)($ 2)# 2,1)#$($!
K'2 $,*'#)2 "2$1)-$2: I+2U)#: ] H#'0 \=>;>^ +0(+.$0 4,) )0*#) =>Y S Z>Y () U'3%#)2 U)*)#'2)[,$-)2 *)0(#W0
,0$ #)-$.+/0 )[*#$3$#+*$- (,#$0*) 2, V+($: 3+)0*#$2 4,) =>Y $ =<Y () 3,&)#)2 2)#W0 $(,-*)#$2 (,#$0*) )-
3+23' 1)#5'(' () *+)31'! 8'0 )- 1$2$# () -$2 (R.$($2: -$2 1$#)&$2 3'0/7$3$2 2) U$0 #)(,.+(' 3+)0*#$2 4,) -$2
+0P+)-)2 U$0 $,3)0*$(' \8$##$2.' ] 8'#0)&': =>>f^! L'**3$0 \;fff^: +0(+.$ 4,) .$2+ -$ *)#.)#$ 1$#*) () -'2
(+V'#.+'2 2'0 .'02).,)0.+$ () ,0$ +0P+()-+($(_ $- )0P'.$#0'2 )0 )- D.,$('#: -$ +0P'#3$.+/0 $##'&$ 4,) -$ 1#+0.+1$-
.$,2$ () (+V'#.+' )2 -$ +0P+()-+($( \L#'22: =>;Z^! H 1)2$# -'2 ($*'2 $0*)2 3)0.+'0$('2: 2) )2*+3$ 4,) -$ 3+*$( ()
-$2 1$#)&$2 4,) $.,()0 $ *)#$1+$ 2) U$0 )0P#)0*$(' $ $- 3)0'2 ,0$ +0P+()-+($( )0 )- 1$2$(' ' -$ )2*W0
)[1)#+3)0*$0(' $.*,$-3)0*) \C'22-)# ] O'--)#: =>;Z^: )0*'0.)2: j9,R )2 -' 4,) 2,.)() .'0 $4,)--$2 1$#)&$2
4,) U$0 )[1)#+3)0*$(' ,0$ +0P+()-+($( S 2) 3$0*+)0)0 &,0*$2h K$ +0V)2*+7$.+/0 ()3,)2*#$ 4,) )[+2*)0 P$.*'#)2
4,) +0P-,S)0 )0 4,) -$2 1$#)&$2 1,)($0 2,1)#$# )- $(,-*)#+'!
"#$2 )- ()2.,%#+3+)0*' () ,0$ +0P+()-+($(: -$ V5.*+3$ 7)0)#$ ,0$ #)21,)2*$ 2+3+-$# $ -$ () )2*#R2 1'2*#$,3W*+.':
2+0 )3%$#7' P$.*'#)2 .'3' )- $,*'.,+($(': -$ ()1)0()0.+$ ).'0/3+.$ S )3'.+'0$-: -$ +0*+3+($( S -$ 2)[,$-+($(:
-$ )21+#+*,$-+($(: -$ *)#$1+$ () 1$#)&$ S )- 1)#('0$# $ -$ 1$#)&$ $(X-*)#$: 1'(#5$0 .'0&,7$#2) $- 3'3)0*' ()
*'3$# -$ ().+2+/0 () 2,1)#$# ,0$ +0P+()-+($( \L'**3$0: L'**3$0: ] G)8-$+#): =>>?_ N)-7)2'0: =>;=^! D2*)
)2*,(+' %#+0($ $ -$ 2'.+)($( #)21,)2*$2 $.)#.$ () .,W-)2 2'0 -'2 #).,#2'2 4,) )31-)$0 -$2 1$#)&$2 4,): $,04,)
U$0 2+(' +0P+)-)2: 2) 3$0*+)0)0 ,0+($2! M$ 4,) 0' U$S +0V)2*+7$.+/0 2,P+.+)0*) $.)#.$ () )2*$ *)3W*+.$ )0 )-
D.,$('#: )2*) 1#'S).*' 1#'V)) U)##$3+)0*$2 $ -$ .'3,0+($( S 1-$0*)$ P,*,#$2 (+#)..+'0)2 )0 .,$0*' $ -$
+0V)2*+7$.+/0 )0 )- 1$52!
&1@1>156378
H(,-*)#+'! \0!(!^! G+..+'0$#+' () -$ E)$- H.$()3+$ D21$k'-$ )0 -50)$! E).,1)#$(' ()Q
U**1Qll(-)!#$)!)2lh+(m>#(V0en
H0()#2'0: E!: "! \=>;Z^! "U) DV'-,*+'0 'P O$##+$7)! D"1+2,"# E)(+):/ ?F\f^: Z;b Zd!
a-'.U: H! \=>>e^! G" #)9 .) B0%5H9 .)# "32%! O$(#+(: D21$k$Q ")3$2 () N'S: F!H!
8$3$.U': o! \=>>Z^! I+.)#+.". ) +,-+.)#+.". ), #"& %)#"'+2,)& .) 5"%)J"! a,)0'2 H+#)2: H#7)0*+0$Q G,0i)0!
8$##$2.': 8! ] 8'#0)&': 8! \=>>f^! H1#'[+3$.+/0 *)#$1R,*+.$ ()2() -$ V+2+/0 F+2*R3+.$ $ ,0$ 6$#)&$ 4,) 8'02,-*$
1'# B0P+()-+($(!
DV$02: o!E! ] O$*U,#: H! \=>><^! "U) V$-,) 'P '0-+0) 2,#V)S2! K,1)%,)1 E)&)"%'H: >F\=^: ;f<p=;f! GJBQ
;>!;;>gl;>??==Z><;><f>d?>!
L'**3$0: o!: L'**3$0: o! ] G)8-$+#): o! \=>>?^! @+)L '#"()& 5"%" 1%",&-2%3"% 10 3"1%+32,+2* '232 %)-2%L"% #"&
%)#"'+2,)& .) 5"%)J"7 A,)V$ M'#i: D2*$('2 @0+('2Q 8#'`0 6,%-+2U)#2!
L'**3$0: o! O! \;fff^! AH) B"%%+"4) M#+,+'* ; N'+),1+-+'"##9 O"&). B"%+1"# AH)%"59! A)` M'#i: @0+*)( F*$*)2Q
A'#*'0!
"U
L#'22: H! \=>;Z: >f: =e^! H(,-*)#+': B0P+()-+($( S G)2$3'#! P# Q,+()%&27 E).,1)#$(' ()Q
U**1Qll```!)-,0+V)#2'!.'3l'1+0+'0l=>;Zl>fl=el0'*$lZ>dd=d?l$(,-*)#+'b+0P+()-+($(b()2$3'#
N)+0*T)-3$0: H!: O,#('.i: A!: q#S.$i: 8!: F)$S: K! \=>;Z^! E).'V)#S P#'3 +0P+()-+*SQ G+PP)#)0*+$*+'0 'P 2)-P:
*#$,3$: P'#7+V)0)22: $0( 1'2**#$,3$*+. 7#'`*U $3'07 .',1-)2 +0 .'0*+0,+07 #)-$*+'02U+12! M205#) ",.
I"3+#9 !&9'H2#249* E)&)"%'H ",. !%"'1+')/ R\;^: ;db=f!
N)-7)2'0: C!: F! \=>;=^! !&9'H2#249 2- S),.)%! A)` o)#2)S: @0+*)( F*$*)2 'P H3)#+.$Q 6)$#2'0 D(,.$*+'0: B0.!
B02*+*,*' A$.+'0$- () D2*$(52*+.$2 S 8)02'2! \=>;=^! H0,$#+' () D2*$(52*+.$2 C+*$-)2Q O$*#+3'0+'2 S G+V'#.+'2
=>;=! E).,1)#$(' () ```!+0).!7'%!).
B02*+*,*' A$.+'0$- () D2*$(52*+.$2 S 8)02'2! \=>;=^! 6#+3)#$2 )2*$(52*+.$2 'P+.+$-)2 2'%#) P+-+$.+/0 #)-+7+'2$ )0 )-
D.,$('#! E).,1)#$(' () ```!+0).!7'%!).
A$1+)#: H!: M!: ] nU+*$i)#: 8: \=>>=^! AH) I"3+#9 M%0'+$#)* AH) K,1),&) PU5)%+),') V- I"3+#9 AH)%"597 A)` M'#i:
@0+*)( F*$*)2Q N$#1)# 8'--+02 6,%-+2U)#2!
F'-'3'0: F! G!: ] ")$70': K! o! \=>>?^! K,1+3"'9 ;-1)% K,-+.)#+19* W2: 12 E)$0+#. ",. ;--"+%X5%22- Y20% B"%%+"4)!
A)` N$#%+07)# 6,%-+.$*+'02!
F1#+07: o! H!: ] F1#+07: O! \;ff?^! ;-1)% 1H) ;--"+%* W)"#+,4 1H) !"+, ",. E)$0#4+,4 A%0&1 ZH), " !"%1,)% W"& O)),
Q,-"+1H-0#7 A)` M'#i: @0+*)( F*$*)2Q N$#1)# 8'--+02 6,2%-+2U)#2!
"2$1)-$2: B!: I+2U)#: N!D!: ] H#'0: H! \=>;>^! B0P+()-+*SQ `U)0: `U)#): `US! BA
nE 8,1$.U $0( aN F1+*T%)#7: AH) @"%[ N+.) 2- M#2&) E)#"1+2,&H+5& KK: A)`
M'#iQ E',*-)(7): 11 ;e<b;f?!
C'22-)#: H0(#)$2 $0( O'--)#: A$'3+ \=>;Z^! r"U) #)-$*+'02U+1 1$2* .$0s* %) *U) P,*,#)sQ .',1-) .',02)--'#2s
)[1)#+)0.)2 'P `'#i+07 `+*U +0P+()-+*S! N)U0"# ",. E)#"1+2,&H+5 AH)%"59: =f\Z^ 11! Z=ZpZd<!
"V
(/6;<15=/8 ?;1 81 74B;5=75 7 18=7 8/0363=;4 !"#$%& '$& ( )'$*# & +#, -#.'/0$*#, 1'0 ,0 &-)'$*&$2
B(+'3$
H(&,0*'
A'3%#) ()- ('.,3)0*'
B07-R2 D21$k'-
C&,$#'#,"%' %'C%+#)I%'
P&1" &)''+6, .)$) ##),"% &2#2 &+ "5#+'"7 P, )##" &) +,'#09), 3",)J2 .) 52$#"'+6, (0#,)%"$#) 9 30)&1%"& $+2#64+'"&/ 3",)J2 .) )(),12& ".()%&2&/
&)40%2& .) +,'"5"'+.". 2 30)%1)/ ),1%) 21%2&7
+&,",P&)F) )V,
ZZY WZY Z[W\
WXY WZY Z[W\
Z[W_
W Z ` a ^ \ _
D0.,)2*$ F,#V)SO'0i)S u
8'0*$.*' +0+.+$- .'0 -'2 1$#*+.+1$0*)2 u
D0*#)V+2*$ 1)#2'0$- u
H0W-+2+2 () ($*'2 u
6,%-+.$.+/0 ()- )2*,(+' u
"R
!9;<,7,!E!,JFI
B6 ',)*1<1-3 23 I(D,) ),-3.,-*(43 212FK2 4(*3 21 I(D,) ),(.1L(43 212F/2( 12*,)?,2-1@2 -32
5/M,*35 I/0(235C 0/,5*)(5 3 4(*356 NE O $ P "3 O P
86 ',)*1<1-3 H/, .35 43-/0,2*35 (4M/2*35 ( ,5*( 53.1-1*/4 I(2 5143 ),?15(435 Q (+)3D(435
+3) 01 41),-*3) 4, *,5156 NE O $ P "3 O P "3
!+.1-( O P
RE*/.3 4, .( 12?,5*1F(-1@2& :(-*3),5 H/, <(-1.1*(2 H/, /2( +(),M( +/,4( 5/+,)() /2( 12<14,.14(46
%)F(21L(-1@2 4,. 12?,5*1F(43) !"#$%&'#()( *)" +&)",#',- (% ./#0-
"30D), 4,. 12?,5*1F(43) +)12-1+(. 1)&2) 3)&-4#") 5"0)"%() 6/%"0%
S(*35 4, .3-(.1L(-1@2 4,. 12?,5*1F(43) +)12-1+(. 789::;<= ;>>?7<;7<>= ,)&-4#")@-"0)"%()`H213"+#7'23
'3T12?,5*1F(43),5 "- %A#'0%"
&3182/8 9 M151@363/8
E+)27'2Q A' 2) )21)#$0 3$S'#)2 #+)27'2 1$#$ 4,+)0)2 1$#*+.+1)0 () )2*) )2*,(+' S$ 4,) 2, 1#+V$.+($( 2)#W
#)27,$#($($ (,#$0*) )- 1#'.)2' +0V)2*+7$*+V'! 6$#$ $-7,0'2 () -'2 2,&)*'2: )- #).'#($# -$ )[1)#+)0.+$ () -$
+0P+()-+($( 1'(#5$ +31-+.$# 3$-)2*$#_ 2+0 )3%$#7' )- +0V)2*+7$('# .,)0*$ .'0 1#)1$#$.+/0 $.$(R3+.$ 1$#$
$P#'0*$# )2*$ 2+*,$.+/0 S 7,+$# $ -'2 1$#*+.+1$0*)2! G) +7,$- 3$0)#$: 2, 1$#*+.+1$.+/0 )2 V'-,0*$#+$ S 1'(#W
$%$0('0$# )- )2*,(+' )0 .,$-4,+)# 3'3)0*' 2+0 0+07,0$ .'02).,)0.+$!
a)0)P+.+'2Q K'2 ;< 1$#*+.+1$0*)2 ()- )2*,(+' 2) %)0)P+.+$#5$0 () #).'0'.)# -'2 #).,#2'2 4,) U$0 2+(' .$1$.)2 ()
)31-)$# .'0 )- P+0 () 2,1)#$# -$ +0P+()-+($(! H2+3+23': 1'(#W ($#2) .,)0*$ () 4,) -$ +0P+()-+($( 0' )2 ,0
GP
,;+#"B='+<
Fe [5.$, D'-'%5*', ('* +5%.)/)+5-.'L DS-'%$= '(5(= ',.5($ /)9)*= ,) .)'-' $ -$ 3)@$,A
Qe ra5 ,)($ 94/.)&5 (' 0-5 )-1)('*)(5( +$% +5%.' (' ,0 +5%'@5 5/.05*s
Te r<0S ',.%5.'D)5, /$-,)('%5 0,.'( 20' *' 35- +'%&).)($ &5-.'-'%,' /$- ,0 +5%'@5 5
FPe rZ)'-' /$-$/)&)'-.$ (' 20' 5*Di- &)'&?%$ (' ,0 15&)*)5 3565 'k+'%)&'-.5($ 0-5
)-1)('*)(5(s
FFe rO$-,)('%5 0,.'( 20' *$ 5-.'%)$% 35 )-1*0'-/)5($ '- ,0 %',+0',.5 5-.' *5 )-1)('*)(5(s