0 ! 1%2'%3+54 $ · u.v >IW=b?b[

��

� ��! " # $&% '($*) +,$-%. ��!/0�! 1%2'�%3+54�$

687:9�;=<?>A@CB=DFEG7:HI7:@CB=DFHKJLBNMOB=DGHKPI7:>IDGHIJLB=<?9RQTSVU,WCEGPLXYPZ;=<[>A\A9=DG]^<[>IHKDGP_XVP3`,P_WNPIP_a:S^>KPcb?W=>de>KEfS^9=a^W=9=a1;=<[>Zg0h=>K;=<i<[DG9=<[HAj.7:U5PI7:>IHc;=<?>3keB=DGEF7:HK7:@=B=DG<1lmj3>[nokeB=DFEmnqpra:<?9=<[BCstDGa^P_<

u.v B=S^9=;=EGW=9=a

687:>Ka:<[EG<[a^PZ]^7:9wyx8z�{}|5~T��0�2�r��|��L��F�*�K{��N�T��i�2|Nx

S^WCH u >IDG<[EFEGD

�.S^WC@CP v <[>KDFJLB5P_<?>[� k8>K7^��n8j.>?n u >KPI<[s�DFH u EG<��NDfSV;=7:W��DGP v <?>IDGJLB�PI<[>?� k8>K7^��ne��S^9��A7 v <?>KP_H?��keB�n�jrn��DGP v <?>IDGJLB�PI<[>?� k8>K7^��n8j.>?n��}W=DGa:D}�cDFb?b[D

��SVat;=<?>cs h=9=;=EGDFJLB=<?9�k8>KhC�¡W=9=a ¢¤£Cn8Q�< v >KW�S^>A¥^¦^¦^§

�O9=H¨P_DGPIWCPZ�¡h=>A�}DF9=a^W=DFH¨P_DFUN© u 9=a:EGDFHKPIDFU ;C<[>A\39=Dª]:<?>IHIDªPLXVP.`,PIWCPIPIa5S^>¨P¥^¦^¦^§

DFD

�� ! " ��#��

��

� � � �� ! #" �%$ �� & u.v >IW=b?b[<[HK<r@=>K7¤]:<[> v('

�ZB=<c;�S*)�B�S^H8J[7^st<V��S^9=;1� S^s,+�9�SÊGE-)/.c>IDªP_DF9Ca!P_B=<c@�S^>¨P8� EGDFUV<Zst7:H¨P n �ZB=DFHeDGH �¡7:> P_B=7^HI<.cB=7�710 <[>I<?;�s�<2U�DF9=;C9=<[HKH[��P_DGst<V��S^9=;R@�SVPIDF<?9=J[<Vn

�ZB=<2+�>IH¨P8@ <?>IHK7:91�3.cDGHIB�P_7!PIB�S^9=U DFH ��SV91�A7 v <[>¨P_H?n�g0DGPIB=7:WCPeBCDFs��VP_BCDFH4.�7:W=EG;=965 PeB�S ]:<v <[<[9�@T7:HKHID v EF<^n u 9C;��Zst<[S^9 DGP[nAg0BC<[9��2+�>KHKP2s�<?P3��S^9�� SVP!s7)�S^;CstDGHIHIDG7:9�DF95P_<?>K],DF<8. DF9`NDG<[9�SC�C�o;CDF;=965 PZ<�]:<[9�>I<?J[7:a^9=DFb?<!B=DFs�n �oS^HKU^<[;�B=DGs Dª��B=<2U�9=<�.9.cB=<[>K<ik8>K7^�¡<[HKHI7:>A�c7 v <[>KPIH. S^H#:1�ZB=<1>I<[S^HI7^9;.cB<)(�A;=DF;=9=5 Pi>K<[J[7â:9=DFb?<1B=DFs DFH!P_B=SVPi�3B=S^>I;=E>) U�9=<8. S^9<)�EFDG9=a:W=DGHKP!SVPP_B=SVPcP_DFs�<^n u 9=; ��B�S^>I;CE-) U�9=<8. S^9<)REFDG9=a:W=DGHKP_DGJ[H?n@? WCPA� U�9=<8. P_B�SVPA��>I< SVEFE-)";=<[HK@ <?>_SVPI<[E>). S^95P_<[; PI7-a:7�7:9A.cDªP_B s7) HKP_WC;=DF<?H[�cS^9=; EF<[S^>I9�n ��SV9�P_B=7^W=a:B5P"�B. S^H%. 7:>¨P_B a^DG],DF9=a�SJLB�S^9CJ[<^��SV9=;�B=<�S^;CstDªPIP_<?; s�<rDF9�P_B=< a^>_S^;=W=SVP_< HKJLB=7,7:E n2�2.cDGHIB P_7PIB�S^9=U�B=DGs HK7 s W=JLB�¡7:>Za:Dª],DF9=a�s�<!P_B�SYP3JLB=S^9=J[<Vn

u � P_<?>cB=<ist7¤]:<?;�PI7DC SVs v >IDG;=a:<V�=��S^9�U^<[@NP.B=<?EF@=DG9=a�s�< DG9 ]^SV>IDF7^W=H2. S*),H[n��3< HIBC7E.�<[;s�< B=7�. P_7&EG7N7:U��¡7:>�P_B=< >I< SVEGF�W=<[H¨P_DG7:9=H v <�):7^9=; P_B=<�s�<[JLB=S^9=DFJ?H7^�2PIB=< P_BC<[7:>H):�3S^9=;a5S ]:<�s�<RS B�SV>I;yP_DFs�<I.cDªP_ByB=DFH v >KDFEGEFDfSV9�PrS^9=;yP_>KDFJLU<)JF�W=<?HKP_DG7:9=H?n��A<�a:S¤]^<�s�<RS^;C],DGJ[<S^9=;�HIW=@C@ 7:>¨P.PIB=>I7:WCa:B=7:WCP[nZ� P*5 H3WC9 v <[EGDF<�]^S v EF<iB=7�. B=< J[7:WCEF; stSÛV< s�< �¡<?<[E SVP3< S^HK<r<�]:<[9.cB=<?9"�4. S^HoH_S*),DF9=aiP_B=<K.�7:>IH¨P 7V� H¨P_W=@=DG;=DGPIDF<?H#:��ZB=SVP*5 H v <[J[S^W=HK<.��S^9�B�S^HoSÊ>. S*),H�HKB=7�.c9"B=DGHB�W=stS^91HIDF;C<^��S^9=;1B=DGHeJ S^>K<^� v <?�¡7:>K<ZHIB=7�.cDG9=aiB=DFH U�9=7�.cEG<[;=a:<Vne�ZB�SVP#5�HL.cB<)��3.cDFHIB�PI7!P_B�S^9CUB=DGs�n4? <[J[S^W=HI<cB=<cDGH8Si@T<[>KHI7:9 v <?�¡7:>K< v <?DF9=aiS2EFDG9=a:W=DGHKP[�:SM. 7^9=;=<[>¨�¡W=E�@T<[>IHK7:9�DF9=;=<?<[;�n u 9=;v <[J SVW=HI< B=<iDFHZHKW=JLB S1a:>I<[SVPcEFDG9=a:W=DGHKP�P_7,7N:

g0B=<[9t��S^9tEG<?� P[�5��. S^H�DG91;=<[<?@"J[>KDFHKDFH[n � ;=DG;=965 P8U,9C7E.O.cB�SVPoP_7i;=7 S^9=;�.cB=<[>K<API7 a:7Cn � PDFDGD

DG]

. SVH8PIB=<[9�PIB�SVP u >KP_<?stDGH u EG<��NDfSV;=7:W�J SVst< PI7 `,P_WCPKP_a5SV>KP n ��>I<[s�<[s v <?>eHIDGPKP_DG9=a!DF9�BC<[>e>I7,7:sS^9=; P_<[EGEFDG9=a B=<[>?�� 5�s�a:7^DF9=aRP_7 F�W=DGP[n �!J S^9=5 P s"SVU^<�DGP*5ªn u 9=;-�!>K<[s�<[s v <[>iB=<?> PI<[EFEGDF9=ast<V��A79=7 9=7"9=79=7=n.�37:EG; 7:9=:!��SVU^<�S v >I< SYP_B�S^9C;�EF<?P#5�H3HKP_S^>KP3�¡>I7:s P_BC< v <?a:DF9C9=DF9=a(5Gn�ZB�SVP . S^H HK7RDFs�@ 7:>¨PLS^95P[n �!S^s 9=7^Pi<��CSââ:<[>ISVP_DG9=aRDG��.H_S*) PIB�SVP �.�7:W=EG;=965 PiB�S ]:< v <?<[9.cB=<[>K<�iS^s�9=7�. .cDªP_B=7:WNP u >KP_<?stDGH[n�`NB=<�. S^H��KW=HKP P_B=<tDF;=<[SÊ8HIW=@T<[>¨],DFHI7^> �¡7:> st<Vn `,B=<@=W=HKB=<[;�s�<�PI7 .�7:>IU(B�SV>I;=<?>[�4.c>KDGP_<�@�S^@T<[>KH[� HI<[9C;yS v HKPI>_S^J�P_H?�eSVPIPI<[9=;-J[7:9C�¡<?>I<?9=J[<?H[n�`,B=<;=DFHKJ[W=HKHI<?; s7)�DF;=<[S^H .cDªP_B"<?95P_B�W=HIDFS^HIs�ne�ZB=DGH DFH��KW=HKP .cB�SVP �e9=<[<?;=<[;�n ? <?DF9=a @=W=HKB=<[;��=S^9=;HIW=@C@ 7:>¨P_<?;�n��@.cDFHKB�PI7�P_B�S^9CU u >¨P_<[s�DFH �¡7^>cSÊFE�HKB=<iB�S^Hc;=7:9C<^��¡7:> �¡7:EGEF7�.cDF9=a SÊFE s7) HKPI<[@=H?�S^9=;R�¡7:> v <[EFDG<?],DF9Ca DF9Rs�<2st7:>K<!P_B�SV9��o;=7�s7),HI<[Eª��n

�ZB=<r� S^J�P3PIB�SVP3��S^9 EF<�� P. S^HK965 P.HI7 v S^;�SV� PI<[>3SÊFEm� v <?J S^W=HK< �ZB�S^;�P_B=< 7:@=@T7:>KPIW=9=DªP )�PI7a:7 P_7�`NDG<[9�SRS^9=; .�7:>IU .cDªP_B��}W=DFa:D��ADGb[b?D n�Q�>I7^s P_BC<1]^<[>H) v <[a^DF9=9=DG9=a=�� . SVH H¨P_>KW=JLU v )P_B=<2DG9=J[>K<[;=D v EF<3U�DF9=;=9C<[HIHc7^��PIB=DFH @T<[>KHI7:9 no�@. S^HZ<?]^<[9�st7:>K<!HKPI>IW=JLU�.cB=<[9��8HKP_7^@=@ <?;��¡7^> SHI<?J[7:9=;�S^9C;P_B=7:WCa:B5P2.cB=7 P_BCDFH @T<[>KHI7:9RDGH��¡7:>�EFDF9Ca:W=DFH¨P_DGJ[H[n �L. S^H��KWCHKPZHK7�EFW=JLU<)�P_7 v <2S v EG<P_7@C>I71+=P!7^�8B=DFH.a:>I<[SVP!DG9=HIDGa:B5P_H[� DFs�st<?9=HI< <��N@T<[>KPIDFHK<^��S^9=;�DG9(+�9=DªP_< U�9=7�.cEF<[;Ca:<�7^�8� PLSVEFDfSV9H ),95PLSY� n

u J?P_W=SÊFE>):�1.cB=<?91�3. S^HeDG91`NDF<?9�S!� SÊFHK7!@=>K71+=P_<?;17^� HI7:s�<[7^9=< <[EGHI< 5�HeDG9=HIDGa:B5P_H[n ��J[7:9=HKDF;=<?>P_B=DGH @T<[>KHI7:9RSrBC7:9=7:>IS^> )�s�<[s v <[>�7^��s7)�J[7:s�s�DGPIPI<[<Vne`NB=<!SÊ-. S*)NH�P_7,7:U1B=<[> PIDFs�<API7 >I<[S^;s7)�H¨P_W(0 S^9=; P_7 @ 7^DF95P�7:WCP1�¡<[< v EF<�S^HK@ <?J?P_Ht7^�!s�)yS^9�SÊ>),HI<[H?n d ]:<?> )yP_DGst<R��.�7:W=EG;=965 PW=9=;=<?>IH¨PLS^9=;"HI7:s�<?PIB=DF9=aC�5HIB=<�. 7^W=EF;tDF9=HKDFHKP87^9"DGP8WC9�PIDFE��4+=9�SÊFE>) >K< SÊGDFb[<?;1s7)1stDGHKP_SÛ^<Vn � P*5 HHI7�SVs"S^b?DF9=a�P_B�SYPrHKW=JLB S v W=HH)-@T<[>KHI7:9�HK@ <?9�P B=<[>rPIDFs�<�PLSÊGU,DG9=a�PI7 s�<^��< �N@=EfS^DG9=DF9Ca s�<P_B=DG9=a:HZ��HIB=7:WCEF;�B�S ]:< W=9=;=<?>IHKPI7N7,; SYPc7:9=J[<"l v WCPA� ;=DG;=965 P*: p�neg-<?EFEm�=DG��):7:W�U�9=7�. B=<?>[� � 5�sHIW=>K<I):7^W65 ]^< SÊG>I< SV;() a:W=<[HKHI<?;&P_B�SVPr� 5�s�P_SÊFU�DF9Ca S v 7:WCP u ;=>KDfS^9�S ? <[EGEF<?PKP_Dmn �ZB�S^9=U ):7^W��u ;=>IDFS^9�SCno7^W�B=S¤]^< ;C7:9=<2�¡7:>Zs�<2HI7�s W=JLB�st7:>K<!P_B�SV9 )^7:W .�<[>K<iHIW=@=@T7:HK<[;�PI7=n

� � � PIB=DF9=US v 7^WCPADGPcs�7:>I<2J[S^>I<��¡W=EFE>):�� ;CDF;=965 PAB�S ]:<��KW=HKPAP_BC>I<[< S^;C],DGHI7:>KH[n ��B�S^;�s"SV9 )st7^>I<^n u s�7:9=a s�)��W=9=7� tJ?DfSÊ 5�SV;C],DFHI7^>IH[��S^9<):S �c<[DG9=B�S^>¨P DGH P_BC<"7:9=<"� s�7:H¨P�S^;=s�DF>K<^n�37^P 7:9=E>)tDGH HKB=<iSra:>K< SVPZEGDF9=a^W=DFH¨P��9=7^P 7:9=E-)�;=7,<[H HIB=<!PI<[EFE ):7^WP_B�SVP ):7:W�S^>K<3P_SÊFU�DF9CarJ[>IS^@DF9�HKW=JLB�SG. S*) PIB�SVP�)^7:W1J S^919=<�]:<[>8a:<�Pe710 <[9=;C<[;�� v WCP8HKB=<cSÊGHI72J SV>I<[H �¡7^>4):7:W�S^H Si@T<[>KHI7:9 n

]

`NB=<1J[S^>I<?Hi�¡7^>.P_B=<�stS^9=U�DG9=;�n u 9=;(HIB=<�PI< S^JLB=<?HiB=<[>iHKPIW=;=<?9�PIHiEFDF9Ca:W=DFH¨P_DGJ[H[� v WCP SÊGHI7 EGDG�¡<^�S^9=;tP_B=< . S*)�7:9=<3HIB=7:WCEF; v <.Dª��7:9C<. S^95P_H PI7 v <3J[SÊFEG<[;S @ <?>IHK7:9�no`NB=<3DFH�S^9"< �CS^st@CEF<c�¡7:>s�<^ne�ZB�S^9CUD):7:W�� S^9<)5S :

� �N� P_BCDF9=U37^�,��S^9<):SA� P_B=DG9=UA7^�,s7)!B�SV@=@<)!P_DGst< DF9i\API>I<?JLB�P[n \cP_>I<?JLB5P DGH}9=7^P}7^9=E-)3��SV9 ):SC�\API>I<?JLB�P�DFH d8>KDFJc�c<[W=EFS^9=;��5� S^>KPIDF91d ]:<?>_S^<?>KP[�Ck S^>KPIDFJLUB?�>_S^9=;NP ��j.DGstDªP_>_S.k�S^@�SV9=a:<[EGD �^k <?PI<[>u JLU^<?s"SN� � SV>IDF7�]VS^9=;=<6.DFHIHK<[>?�8S^9=;��iS v D j.S^9=7:9�n(� .cDFHKB&P_7 PIB�S^9=U;):7:WySVEFE ��\API>I<[JLB5P@T<[7:@=EG<^�5�¡7:>8J[>K< SVPIDF9=a HIWCJLB S 9=DGJ[<ASVPIst7:HK@=B=<?>I<cP_B=<?>I<^�NS^9=;��¡7:>8s"SVU,DG9=aist<Z�¡<?<[E S^H8DG��B�S^;SÊ>. S*),H v <?<[9�PIB=<[>K<^n

�ZB=<3@T<[>KHI7:9�.cB=7r>K< SÊGE-) ;CDF;1P_B=<A;=DF>¨P ) �K7 v �¡7:>�s�<^�5PI< S^JLB=DG9=a st<AB=7�. P_7 @=WCP�7:9=<ADF;C< SSV� PI<[>eP_B=<c7^PIB=<[>8DG9tSiJ[7^9=HI<�F,WC<[95P . S*):�,B=7�.�P_7iP_BCDF9=UrS v 7^WCP8J[7:WC9�PI<[>K<��CS^s�@=EF<?H v <?�¡7:>K<K):7:W<?]^<[9�J[7:9=HKDF;=<?>2<��CS^s�@=EF<?H[�}B=7�. P_7 v <�@=DFJLU<) PI7 P_B=<�EGDFs�DGP v <?J S^WCHI<1;=7:DG9=a H ),95PLSY� s�< SV9=Hv <[DF9Ca�@C>I<[J?DFHK<^� S^9=;RDª��7:9C<M. S^95PIHAPI7 v <iS�H ),95PLS^J�P_DGJ[DfSV9�7:9C<2B�S^HZP_7 v <!62d8� �@=>I<?J[DGHI<^��DGHQ S v DFS^9-�A<[JLU n�Q S v DfSV9��}P_B�S^9CU )^7:W-HK7 s WCJLB-�¡7:> SÊFE�)^7:W=> @�SVP_DG<[9=J?<^� �¡7:>iJ[7:>K>I<[J�P_DG9=a s7)+�>KHKPK):<[S^>c<��N<[>KJ[DGHI<[Hc7:9�S^; �KW=9=J?PIH[�C�¡7^>ZHIB�S^>KDF9=a�HK7�s W=JLBR7^��):7:WC> P_DFs�<.cDªP_B s�<^ne�ZB�SV9=U�H[n

g0B�SVPrS v 7^WCP!? <?>I9=B=S^>I;y`,JLB . S^>Kb�� 3d . S^H P_B=<"7:9=<�.cB=7 P_7:EG;�s�<�.cB=<[>K<"P_7 H¨PLS^>¨P�¡>I7^s��,B=7�. P_7 HK<?P s7)�>I<[HK< S^>KJLB�� S^9=;"B=7�. P_7 a:7 7:9�n8�A<. S^HZS � S v W=EF7:WCH�@T7:HKP¨MO;=7,J3�¡7^>�W=H?��KW=H¨P2S^HA� S v W=EG7:W=HAS^H2��S^9�W=<[EFS`NJLB=7,<[9C<[9 v <?>Ia:<?>[�=.cBC7B�S^H3SÊFHK7 v <[J?7:st< St;C< S^>A�¡>IDF<?9=;�DF9P_BC< s�< SV9�PIDFs�<^n�o7^W�a:W )NHAS^>K<iHI71HI@T<[J?DfSÊ :8j!S^9=UV<1:

Q WC>KP_BC<[>Is�7:>K<^�e��.�7:W=EG;�EFDGU^<P_7 PIB�S^9=U�P_B=<Rj.<?WCP_HKJLB=<?�¡7^>IHIJLB�W=9Ca:HIa:<?st<?DFHKJLB�SV� P �Z�¡7:>�+CM9�S^9CJ[DF9Ca�s�) HKPIW=;=DF<?HAS^9=;�s7)>K<[HI<[S^>IJLB�P_>KDF@=H?n� B�s7) a^7N7,;=9=<?HIH#:o� >K< SÊGE-)"9=<[<?;�P_7 v <iHIB=7:>¨P_<?>3B=<?>I<Vnog�<[EGE �CPIB=< HK@�S^J?< ��;=<[;=DGJ SVPI<2P_7

P_BC7:HI< .cB=7�+=>IHKPAHKB=7�. <?; st< .cB�SYP!S�a:>K< SVPc�¡W=9 ©�HI<?>IDG7:W=HAHIJ[DG<[9=J?< EGDF9=a^W=DFH¨P_DFJ?H DFH2.�7:W=EG; v <� S^>2P_7,7REFDªPIP_EG<rDG9�SV9 )(J[S^HI<Vn��S^>IDFS��2>I7^HIHIstS^9=9 � u 9=9�SR�ZB=7:>K9�PI7:9�� S^9=;�j.DfSV9�SRk�S^HKHIDF9C7=�.cB�SVPK.�7:W=EG;R� v <M.cDGPIB=7:WCP ):7:W�� ZB=S^9=UI)^7:W �¡7:> v <[DF9Ca P_B=<?>I<!P_BC<[9��SV9=; �¡7:> v <[DF9Ca P_B=<?>I<9=7�.i�TSâ5S^DG9��=SVE-. S�),H?n� PIB=<[>i@T<[7:@CEF<1B�S ]:<tJ[7:95P_>KD v WNP_<[; DF95PI<[9=HKDG]:<?E-)�PI7�s7) ;=<?]^<[EF7^@=st<?95P n� . 7:WCEF; EFDFUV<�P_7

P_B=S^9=U�DF9y@�SV>KP_DGJ[W=EFS^> u 9C9�S C SV>I;=DG9�SÊF<�PIPIDZS^9=;��iDGW=EFDFS^9�S��2DFWCHKP_Dm�e�¡7:>1;=<[;=DGJ SVPIDF9=a(s�< HI7

],D

s W=JLBR7^��P_BC<[DF>�P_DFs�<^�NS^9=;6oSVEF<[95PIDF9�SB?�DfS^9=JLBCD �N�¡7^> P_B=< v >IDGEFEFDFS^95PoB=DF95P_HZHKB=<2a5S ]:<2s�<!<�]:<[>H)P_DGst<!��st<�PcB=<[>?n

� .cDGHIB P_7PIB�S^9=U C <[J?DFEFDFS"k 7:EF<�PIP_7RSV9=;(k�S^7ÊfSD? <?9=DF9CJ��C�=.cBC7�HKW=@=@T7:>KPI<[;(s7)�EF7¤]:< �¡7^>u.v >KW=b[b?<[HK<^�=P_BC<2k�S^;C7 ]VSra^>I7:W=@ �=S^9=;Q <?;=<[>KDFJ?7�j!S^s�7:95P_<3DF9"@=S^>KPIDFJ[WCEfS^>?��¡7^> HIB=S^>IDG9=a7.cDGPIBst<2BCDFHZDF;C< S^HAS^9=;RB=DGHcJ[7:9=J?<[>K9 S v 7:WCPZPIB=<2�¡WCP_WC>I<i7^� EFDF9Ca:W=DFH¨P_DGJ[H DG9R� PLSÊ>):n

� .�7:W=EF;�SÊGHI71EFDGU^<!P_7�PIB�S^9=UPIB=<iEFDF9Ca:W=DFH¨P_DGJ[H @T<[7^@=EF<iB=<?>I<iDF9�`,PIWCPIPIa5S^>KP[noQ�DF>KHKPc7^��SÊFEm�C�.cDFHKB P_7P_B=S^9=U�`NS v DF9C<1��7:B=>?��¡7:> v <[DG9=a SÊ>. S*),H2HI7RDF9CJ[>I<?;=D v E-)�U�DF9=; PI7 st<V��<?]^<[9 .cB=<[9�i<��N@=>I<?HIHK<[; v S^;�7:@=DG9=DF7^9=H S v 7:WCPrB=<[>rJ[7:W=95PI> ):n(�ZB�SV9=U�H�`CS v D : �3< �NP[�8� .�7:W=EG;�EFDGU^<tPI7P_B�SV9=U�PIB=<�7^PIB=<[>3st<?s v <?>IH!7V�eP_B=<��A7:EFEG<[a=�T<[HK@ <?J[DfSVEFE-)R�O9Ca5S Q�>I<[HK<^� �¡7^>!B=<[>.HIs�DFEF<V� .cBCDFJLBB=<[EG@=H3S�EG7^PK.cB=<[9 ):7:W65 >I< B�S ],DF9=a"S v S^;�;=S�)^��S^>KPIDF9 `N710 9=<[>?� �¡7^>AHKB�S^>KDF9=a�S^9�7 �J[< S^9=;HI7 srW=JLB�¡W=9D.cDGPIB"s�<^�CS^9=; u 9=9�S�de>I<?JLB=U^7=�N�¡7:> HKB=7�.cDF9=a s�<.BC7E. S PI7:W=a:B"@ <?>IHI7^9 EF7,7:U�HEFDGU^<^n u HI@T<[J?DfSÊ};C<[<[@�P_B�SV9=UD):7:W�P_7�d �� .cBC7:s � ;=7^965 PAJ?7:9=HIDG;=<[>3S�J[7:EGEF<[Sâ:W=<iS^9<),s�7:>I<V�v WCP S ;=<[S^>I<?HKP2�¡>IDG<[9=; ��S@ <?>IHI7^9��AJ S^>K<1S v 7:WCPiS^H2Dª�oHIB=<!. S^H2s7) HKDFH¨P_<[>?n u @T<[>IHK7:9 .cB=7U�9=7�.cH3s�<M. <?EFE�S^9C;�;=<?HI@=DªP_<2P_BCDFHZEFDGU^<?HZst< :G��S1HI@T<[J?DfSÊ 7:9=<^n

�ZB�S^9=U�HS(EF7VP�P_7-`NW=H_SV9=9 Q�DGHIJLB=<?>[� .cB=7:HI<�<[9C<[>Ia ) HK@=>I<[S^;=HtS^>I7^W=9=; DF9yP_B=<R;=<?@�S^>KP¨Mst<?95P S^9C; PIW=>I9=H P_B=<�a:>IS�)^<[H¨Pr;�S*) DF95PI7�EGDFa:B5P*:��ZB�S^9CU ):7:Wy��SVPIPIB=DfS^H?� `NDFEGU^<^� de9<)N;&S^9=;�2<[>IH¨P_DG9�n&�ZB�S^9CU ):7:W Q�EG7:>IDFS^9y`NJLB=XV�¡<[>�S^9=; ? ��^>I9 �A7VP_B=H¨P_<[DG9&�¡7:>B):7^W=>�B=<[[email protected]_B�PIB=<� W=H_SVsts�<[9C� SVHIHIWC9=a=neQ�EG7:>IDFS^9�� DGP . SVH Sr@=EG< S^HKW=>I<3;=DFHKJ[W=HKHIDG9=a �� M S^9=;EGDG�¡<�M H¨P_W(0 .cDGPIB�):7^W�n

�ZB�S^9=U ):7:W u >I9C< �}DF9=;CHKPLSV;�� 2W=9=9�S^>t�3>ISV�¡9 �A>_SV�¡9 v �ISV>Ia5S^>KHI7:9 � C S^>I7:EFS � >IDG@=HtS^9=;`,P_<?9&6!DGU,9C<[> �¡7^>rstSÛ�DF9=a�DGP HK7 s W=JLB&�¡WC9&P_7 v <"DG9y`,P_WNPIP_a:S^>KP�.cB=<[9�� S^>K>IDG]^<[;�n d �,PI>_SP_B�SV9=U�H.P_7�P_B=< 7:EF;��¡>IDF<?9=; ©V9C<�. �¡>IDG<[9=; C S^>I7:EFSC� <[HK@ <?J[DfSVEFE-)"�¡7:>3PIB=< v 7N7ÛT� .cB=DGJLB DFH3s W=JLBst7^>I<!P_B=S^9 �KW=HKP3S v 7,7:U n

� )R;=<[<?@ <?HKP3a:>_SYP_DGPIW=;=<!PI7t�3S^9=H��iS^s�@�SV9=; �2>Ib?<[a:7^>Ibij.7:a^DFE � .cB=7�HIW=@=@T7:>¨P_<[;�st<2DG9P_DGst<?HZ7^� PI>I7:W v EF<V� � .cDGEFE 9C<?]:<?>A�¡7^>Ia:<�P3DªP n

�2.cDFHIB�P_7 S^JLU�9=7�.cEG<[;=a:< d8EGH_S"`CSÊGPI<[>?��`CS v DF9=<rj.DF<�P_<?>IEF< S^9=;�^WCPIP_SdeDFJLB=B=7ÊFbi�¡7:>3PIB=<[DG>DF95]VSÊFW=S v EF<8B=<?EF@rS^9=; a:>K< SVP 7:>Ka5S^9=DGb SVPIDF7:9�SVE:HIU�DFEGEFH?�^S^9C;r7:W=> s7)�P_Brd8;Ca5S^> �A7NJLB �1.cB=7.HIS ]:<[;s7)EGDG�¡<2SV9=;�s�) J[7:s�@=WCPI<[>ZHK7tstS^9<)"PIDFs�<[H#:>:>:

],DGD

�S^s a^>_SVPI<?�¡W=E.PI7 PIB=7:HK<;.cB=7 @=>K7 ],DG;=<[;*st< .cDªP_B0;�SVP_S S^9C;�S^9CH .�<[>I<?;�P_BC7:W=H_SV9=;=H7^�KF�W=<?HKPIDF7:9=H?�� SV>IDfS �37¤]^<[EFEFS ?�DF9=Dm� �}DGH_S ? >IW=9C<?PIPID � u 9=9=S C S^>K;=DF9�SVEF<?PKP_Dm��WCJ S j�5 u EGP_7YM>IDG7=� Q�<[;=<?>IDGJ[7tj!S^s�7:95P_<^�T�}W=J[S"j.D�C S^>KEF7=� C EFS^W=;=DG7tj3D Q�<?EFDFJ?<^� �2DFHK<[EFEFS�Q�<[>I>IS^>I<?HIDm� u 9=;=>K< S�iS^9=J[DFSC� �2DFW=EGDfS^9�S �iDGW=HKPID �5k S^7:EF7 �37¤]^<[EFEGDF9=Dm�5j.DFS^9�Sik�S^HKHIDG9=7=� u 9=9=S �ZB=7:>K95P_7:9��C� S^>KDF7:EGDF9�S� 7:HKPID � S^9=;��DGJLB=<[EFS^9=a:<?EF7 ��S^J?J S^>K<[EGEF7=n

��. S^>Is B=<[S^>KPI<[;=E>) P_B=S^9=U P_BC<�� P_SÊFDFS^9=H � �!��!� �"� � 1" � u JLB=DFs `�P_<[DG9�SV9=; ��S^>KPIDF9? <?JLU^<[>?��¡7:> EFDGHKPI<[9=DG9=arP_71s7)ta:<?9=<[>ISVP_Dª]:<2HKPIW(0 �=�¡7:> PLSVU,DG9=a�DGP HI<?>IDF7^W=HIE>):��S^9C;�;CDFHIJ?W=HIHKDF9=a1DªPlmSV9=;��¡7^> P_B=<2�¡W=9�S^9=; P_BC< J[SÛ^<?H#: p

��<[>KJ[D�PI7Rd8>KDFJ1��SVP_B=DG<[W �¡7:>.B=DFH!;=SVPLS7:9(Q�>K<[9=JLB�n �ZB�S^9=U ):7:W �2W=9=9�SV>1lm�A>_SV�¡9 v �IS^>�Ma5S^>KHI7:9�p �¡7^>�)^7:W=>AB=<[EG@ .cDªP_B��OJ[<?EfS^9=;CDFJ^n8�ZB�SV9=U�):7:W �2>IDFH¨PLS�l � �KWCPIUVSV9=a5S^H_p��¡7:>K):7:W=>AB=<[email protected]�Q�DF9=9CDFHIB n

� B�S ]:< ;CDFHIJ?W=HIHK<[; s7) @=>K7 v EG<[s�H�.cDªP_B HK<?]^<[>_SVE.@T<[7:@=EG<�;CW=>IDG9=a�PIB=< )^< S^>KH[n*�B. 7:WCEF;EFDGU^<PI7(PIB�S^9=U�P_B=7:HK< .cBC7�;=DGHIJ?W=HIHK<[; PIB=DFH�7^> P_B�SVP1DGHIHKW=< .cDªP_Bys�<^�L.cB=7 HI<[95Ptst<PIB=<[DG>@�S^@T<[>KH[� 7:> v 7^PIB��3DGa5SVP �2W=EFHISVP u ),a:<?9��Q S v >IDFb?DF7 u >K7:HIDG7=� u a:9C<[HM?�<[9=;=< M�Q S^>KUVSVH[��j.S^>IJ8)? >KW=J[< ? <[>K> )^�KC <[;C>IDFJ ? 7,<[JLU:� � �}DGH_S ? >IWC9=<?PKP_D ��k�SYP_>IDGJ[DFS C S v >I<?;=7VMO�37^�¡B=<?>I>?� �2W=a:EFDG<[EGst7C DF9(F,WC<^� �^75S^7�C 7:H¨PLSC�TdeEFDGH_S1j.D�j.7:s�<[9CDFJ[7C�C68<[>K9=<[>3dea:<[>KEfS^9=; � j!S ]NDG; des v DFJLU � �3S 0�S^<?EFEFSQ�7:EFEGD � �^7:B=9 Q�>_S^s�@CP_7^9�� 2EF<[S^95P_B=<?H �i>K7:B=stS^9=9��8�c7 v <[>KP��.S^H¨P_DF9Ca:H[� u 9=;=<[>KH��37:EGs v <?>Ia=��c7:W=s7):S^9�SR�Ob?]:7^>IU�H )^�e�.S^9CH �iS^s�@��cDFJLB�SV>I; � S*),9=<V��k S^W=EfS �2<[s�@TJLB=DF9=U�HH):� k S^W=E8��S*.i��DG>IDfSVs �}<?stEG<^�e�cDGP_S � S^9Cb[DF9CD �e� SVP �IS^9=S�� S^>¨]NDG9��8k�SVHIJ[W=SÊc� S^HKW=EFEG7=�8`NDGEG],DF9=S ��7:95PI>IW=Em�o7:HKB=DFU�D � a5S*. SC� �:S ],DF<[> � >Ks"SVb S v SVE � �^h=>Ia:<?9 k�SV�¡<?E �}j.DFS^9�SkeDGEFD � de>IDGJ��A<?W=EfSV9=;��}��S^>IDGH_S�cDG]:<?>I7=� �^W�S^9-�A7:s�<[>K7=� � S^>KDF7 `CSÊGP_S^>I<?EFEGD � C >KDFH¨P_DF9=S `CSV9=JLB=<[b��7^@ <?b^� ��<?7:9�S^>K;=7�`NS¤]^7:DfSN�� S^9 �IS `,JLB=stDG;�� :S^9�`NJLB=>K7N<�P_<?9�� <?PKP_<-��]:<?>Is�7N<?H �^<?9=HI<?9�� ^W�S^9�\3>IDFSâ:<?>I<[UYSC�2� S^>IDG7]VS^9=;=< 6!DFHKHI<?>[� �3DFa^<[E�6!DF9CJ[<[95P[� S^9C;��3<?DFU^< � DF9=HKst<?DFHKPI<[>?nA�cSVs <[HI@T<[J?DfSÊGE-)R7 v EFDFa^<[;RP_7 C.n M�2n �:S^st<?H �AW�S^9=aC� .cB=7 PLS^WCa:B5P HIWCJLB S a:>K< SVP�H ),95PLS �J?EfS^HKH SVP2C 7:>K9=<[EGE PIB�SVP�� J[7^W=EF;=9=5 P�;=7v WCP v <[J?7:st< S�H ),95PLSVJ?P_DGJ[DFS^9�n

�ZB=<rQ u ? \3� � \.`R� P_SÊFDFS^9 a:>K7:W=@�DF9�`,P_WNPIP_a:S^>KPcB�SVH3stS^;=<2s�<iHKP_>K7:9=a:<?>c;=W=>IDG9=a�P_B=<?HI<):<[S^>IH?n�� .cDGHIB&P_7�P_B�S^9CU�� S^>KJ[7(S^9C;&68<[>I<?9�SC� 6.DGPIPI7:>IDG7 SV9=; �37¤]:<?EFEFSC� u 9=;C>I< S �iS^9=J?DfSC�

],DFDFD

u 9=;C>I< S�C B=DFS^>I7^PKP_7=�=�3<[DGU^<V� k�S^7:EG7=� u ;�StS^9=;��3<?EFs WNP �T� S^HKHIDGst71S^9C;��O>K<[9=<V� SV9=; ��S^W=>I7C��¡7:>eP_B=<?DF>8�¡>IDG<[9=;=HKB=DF@ n�� HKDF9=J?<[>I<?E-)�PIB�S^9=Ut� S^>KDF7:EGDF9�SN�^�¡7:>87:W=>8PLSÊGU�H[�5�¡7:>8B=<[>o�¡>IDG<[9=;=HKB=DF@ ��¡7^>P_B=<ia:7^HIHIDG@��C�¡7:> PIB=<iHIB=7^@=@=DF9Ca=�=�¡7:>ZB=<?>Aa^>I< SYPcHI7:W=Emn

�ZB�S^9=U ):7:W�� S^9=7:EFSC� �iDFS^9=9=D�S^9C; �iDGW=HI<?@=@T< 6oSÊGEF<tl � �}7:>K<[9=b?7N:qpR�¡7:> )^7:W=> . S^>KsrP_B ��¡7:>L):7:WC>�;=<?EFDGJ[DF7^W=He@=>I7 +=P_<?>I7:Em��S^9=;t�¡7^>8PI< S^JLBCDF9=a st<cB=7�. PI7 ;C>IDF9CU�J S^@=@CW=J[J?DF9=7=n o7:Wt�¡7:WC>S^>I<2>K< SÊGE-)�. 7:9C;=<[>¨�¡W=E}@ <?7:@=EG<1:� U �V� a:W=<?HIH�P_B=<os�7:HKP DFs�@T7:>KP_S^95P}@ <?7:@=EG<e7^�=s7)!EFDG�¡<8SV>I<8DF92P_WC>I9r9C7E.in �i>IS^b[DG<es"SVststSC�

<�a^>_S^b?DF< @�S^@ �Cn �2>_S^b?DF< @T<[>tS ]:<[>�J[>K<[;=WNP_7-DG9 s�<^��@ <?>�S¤]^<[>KstDcHI7^HKP_<?9�WCPLSC�cSVHIJ[7ÊGPLSYPLS�<J[7:9CHIDFaÊFDfSYPLSCn �i>IS^b[DG< @T<[>.S ]:<[>39�S^HKJ[7:H¨P_7DGE ;C7:EF7:>K<i;=<[E ;=DFH¨PLS^J?J[7=nAd a:>IS^b[DG< @T<[>.S ]:<[>A� SVPIPI7;�S�HI@T7:9=HK7:>1W �J[DfSVEFD 9=<?a:EFD W=EGPIDFs�D�s�<[HKD : C B=<�j.DG7(]^<R9=<R>I<[9C;�S s�<[>KDGPI7=n0l �ZB=S^9=U�H��¡7^>SÊ-. S*),H v <[DG9=a�PIB=<[>K<��¡7:>is�<^� �¡7:>iHIW=@=@T7:>¨P_DF9Ca�s�<t9C7 stSVPIPI<[> .cB�SVP[� �¡7:> W=9=;C<[>IH¨PLS^9C;=DF9=aC��¡7:> EF7¤],DF9=a=��¡7:>iPLSÊGU�DF9=a=��¡7:> EFDGHKP_<?9=DF9Ca=��SV9=;-�¡7:> v <?DF9=a�s7)(7 �J[DFSÊ8HI@T7:9=HK7:>IH ;CW=>IDG9=a�PIB=<EfS^H¨Pr�¡<8. s�7:95P_BCH#: p � )�� SVstDGE-)�DGH ]:<?> )-HI@T<[J[DFSÊ n�� 5�s EFWCJLU )^��.cB�SVP�J[S^9��2H_S*)^n��iPIB�S^9=USÊFE�PIB=< st<?s v <?>IHc7^�es�) a:>I<[SVPA� S^stDGE-)^�CDF9�@�S^>¨P_DGJ[W=EFS^>Zb[DG7 �2DF9=7�¢ S^9=;�¥,�Ts�) v <?EF7¤]:<?; b[DFS� S v >IDG<[EFEFSC� �2DfS^9=EGW=DFa^D �5b[DFS u 9C9�S�S^9=;Rb[DG7 �3DG9=7=�C��<?EF<2SV9=;Rj!S^;�S 5G�=b?DF7��c7:EFS^9=;=7 � � S^s�DFE>):n�ZB=<�)�.�<[>K< >K< SÊGE-)�P_B=<?>I< .cDGPIBRst<iSÊGE P_BC<iPIDFs�<^n

�c� u � � � \ C DF9=b?DfSC� u 9=;=>K< S2S^9=;1�}W=J[SCn�o7:WC> EF7¤]:<�P_>_S ]^<[EFH8SVEFE�P_B=<2. S*)r�¡>I7^s�� P_SÊ-)S^9=; �¡>I7^s C B=DG9�S(:e�ZB�SV9=UI):7^W�6oSÊG<[>KDF7=��¡7:> v <[DG9=a�HI7=nªnªn86oSVEF<[>KDF7lmS^9=; �¡7:>2)^7:W=>ZB=<?EF@�.cDGPIBde9=a:EFDGHIB p :-:>:

Q�DF9�SVEFE-)^�}�M. 7^W=EF;�EFDFUV<�PI7�< �N@=>I<?HIH�s7)(EG7 ]^<S^9C;-s7)(DGsts�<[9=HK<1a:>_SVPIDGPIW=;=<1P_7 u 9=;=>K< S� SV9=J[DFSC�YPIB=<�]^<[>H) HK@ <?J[DFSÊN@T<[>KHI7:9rDF9 s7) EFDG�¡<Vn j.W=>IDG9=a3PIB=<[HK< ):<[S^>IH?�:B=<�B�S^H�;C7:9=<oDF9=J?>I<[;CD v EG<P_B=DG9=a:Ho�¡7:> s�<^��¡>I7:s�@=>I7¤],DF;CDF9=a s�<.cDªP_B"�¡WC9=9<) �KW=;=a^st<?9�PIH 7:9 ? SV9�PIWP_7�;=>KDG],DF9Ca SÊGETPIB=<. S*)��¡>I7:s��DFEfSV9 �KW=H¨P PI7r710 <[>�st<3S HKB=7:W=EG;=<[>oP_7rEG< S^9t7:9�n8�A< v <[EFDG<?]^<[;DG9ts�<^�,B=<3�¡7^W=a:B5Pv ) s7) HKDF;=<V��B=<iHIB�S^>K<[;RP_B=<2PI< S^>KH3SV9=;�PIB=<2�¡W=9�n g�<is"S^;C<2DGP*:e�ZB=S^9=UI)^7:W u 9=;=>K< SCn

�

�� 6� ��

S^J[J u J[J[WCH_SVPIDG]:<S^HI@ S^HI@T<[J�P!©1S^HK@ <?J?P_W=SÊS^WN� S^WN�NDFEGDfS^>H)J[E J[EFDªP_DGJ;�SVP ;�SVP_Dª]:<j v k C B=7:s�HIU<) 5�H �qj3<[>IDª]VSVP_DG7:9 v ) k8B=S^HI< 5�¡WCP �¡WCP_W=>K<a:<[9 a:<[9=DªP_Dª]:<a:9 H ),95PLS^J�P_DFJia:<?9=;=<?>� � HI<[stS^95P_DGJ2a:<[9C;=<[>DFs�@ DFs�@ <?>IHI7^9�SÊDFs�@C� DFs�@ <?>K�¡<[J�P_Dª]:<�¨`NC �Ost@T<[>KHI7:9�SVE �� J?7:9=HKPI>IW=J�P_DG7:9EF7,J EF7,J SVPIDF7:99=<[WNP 9=<[WCPI<[>9=7:s �37:s�DF9�SYP_DG]^<9=> H ),95PLS^J�P_DFJi9�W=s v <[>�.� HI<[stS^95P_DGJ29�W=s v <[>�¡<[s �¡<[s�DF9=DG9=<s"SVHIJ s"S^HKJ[W=EGDF9=<@C� @ <?>K�¡<[J�P_Dª]:<@=E @=EFW=>ISÊ@=@ @�S^HKPA@�SV>KP_DGJ[DG@=EF<@=H H ),95PLS^J�P_DFJi@T<[>KHI7:9ko` HI<[stS^95P_DGJ2@ <?>IHK7:9� j C F,WCDF>IU<) ;=SVP_Dª]:<iJ[7:9CHKP_>KW=J?PIDF7:9

� � � �8 ��,�7�!�3 ��!��

��

��!��#"$�&%'%�(��*)��+,�-�� /.

0 +1%'��2#"435��-��-� .�

6 7 ��8(�9�':��;�� 6

¢:n �Ost@T<[>KHI7:9=SÊ�@=>K7:9=7:W=9CH�n nin n n n n n n n n nin n n n n n n n n nin n n n n ¥¢:nª¢:n `�P_>IWCJ?P_WC>I<i7^��PIB=<i@=>I<?HI<?9�P .�7:>IU n n nin n n n n n n n n nin n n n n §

¥Nn � ),@T<[HA7^� �� n n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n n £¥Nnª¢:n �ZBC< J?EFDGPIDFJ39�SVP_WC>I<i7^� DFs�@ <?>IHI7^9�SÊ �� nin n n n n n n n n nin n n n n ¢:¢

< n u a:>K<[<?st<?9�PA@�SYPIP_<?>I9=HAS^9C;�DG9�PI<[>K@=>I<�PLSVPIDF7:9 7^� �Os�@ <?>IHI7^9�SÊ �� J[7:9=H¨P_>KW=J?PIDF7:9=H ¢�=§=n �ZB=<[7^>I<?PIDFJ[SÊ u HKHIW=s�@CP_DG7:9=H n n n n n n n n n nin n n n n n n n n nin n n n n ¢->

§=nª¢:n \A9=DF95PI<[>I@C>I<?P_S v EG<!�¡< SVPIW=>I<?H n n n n n nin n n n n n n n n nin n n n n ¢-?§CnG¢:nª¢:n keB�SVHI<[H3S^9=;�;=<?>IDG]VSVPIDF7:9CH n nin n n n n n n n n nin n n n n ¥N¢

§=n ¥Nn @¤MO>K7:EF<?H n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n n ¥ <=Nn ` ),95PLS^J�P_DFJ S^9C;�HK<[stS^95P_DFJiSVa:>I<?<[s�<[95PRn n n n nin n n n n n n n n nin n n n n ¥V§

=Nnª¢:n ` )N95P_S^J?PIDFJ Sâ:>K<[<[s�<[95P3S^9=; PIB=<iDF;=<?9�PID-+�J[SVP_DG7:9 7^� H ),95PLS^J�P_DGJ �¡<[SVP_W=>K<[H�¥A==,nG¢:nª¢:n j3DFH �KWC9=J?PIDG]:<2�¡<[SVP_W=>K<[H n n nin n n n n n n n n nin n n n n ¥;?

=Nn ¥Nn `,<[stS^95P_DFJiSVa:>I<?<[s�<[95P n n n n n n n nin n n n n n n n n nin n n n n < ¦=Nn < n �ZBC< HH)N95P_S^J?PIDFJ2�¡< SVPIW=>I<?Hc7^��DGst@T<[>KHI7:9=SÊ �� n n n n n n n nin n n n n < £

=,n < nª¢:n `,D 5 HZH ),95PLS^J�P_DFJ 9�W=s v <[> �¡<[SVP_W=>K< n n n n n n n nin n n n n <CB

�ND

�NDFD ��

=Nn < n ¥Nn `,D 5 HAHH),9�P_S^J?PIDFJi@T<[>IHK7:9R�¡< SVPIW=>I< n n n n nin n n n n n n n n §5¦=Nn < n < n � � 5 Hca:<[9C;=<[>Z�¡< SYP_W=>K<�n n n n n n n n n nin n n n n n n n n § <

=Nn�§Cn �ZB=<iHK<[stS^95P_DFJ!�¡<[SVP_WC>I<[HA7:9RDFs�@T<[>IHK7:9�SÊ �� n n n nin n n n n n n n n §:§=Nn §=nª¢:n u 9=DFstS^J8) n n n n n n n n n n n n n n nin n n n n n n n n §:§=Nn §=n ¥Nn � � 5 HcHI<?s"S^95PIDFJ29�W=s v <[>Z�¡< SYP_W=>K< n n n nin n n n n n n n n §5£=Nn §=n < n `,<[stS^95P_DFJ2@T<[>KHI7:9 n n n n n n n n n n nin n n n n n n n n § B=Nn §=n §=n `,D 5 HAHK<[stS^95P_DGJ2a:<[9=;C<[>Z�¡< SVPIW=>I< n n n n nin n n n n n n n n §C?

� �&��(��*��+,�8�-�*(��'� #" �8(�+1�'�8�/��/)�� 7�� 3 � � 6

¢:n �O9�PI>I7,;=W=J�P_DF7^9 n nin n n n n n n n n n n n n n n n n n n n nin n n n n n n n n =N¢¢:nG¢^n u PI<[>Is�DF9C7:EF7:a^DFJ SVETDGHIHKW=< n n n n n n n n n n n n nin n n n n n n n n = <

¢:nq¥,n �ZB=<i;�SYPLS1n n n n n n n n n n n n n n n n n n n n nin n n n n n n n n =V§¢:n ¥Nnª¢:n �O;CDF7:EG<[J?P_SÊ ]VS^>KDfSVPIDF7:9 n n n n n n n n n nin n n n n n n n n =A=

¢:n < n �Os�@ <?>IHK7:9�SÊ �� .cDGPIB P_>_SV9=HIDªP_DG]^<!]:<?> v H n n n n n nin n n n n n n n n = B

¢:n < nª¢:n �¨`(C H .cDªP_B P_>IS^9=HIDªP_Dª]:<!]:<?> v H3DF9PIB=<i@�S^HKPcPI<[9=HK< n n n n n =;?

¢:n�§Cn ke>I<�],DF7:W=HAS^J?J[7:WC9�PIH1n n n n n n n n n n n n n n n nin n n n n n n n n�£:¦¥Nn � >IS^9=HIDªP_Dª]:<2�¨`NC H n n n n n n n n n n n n n n n n n n n n nin n n n n n n n n�£ B

¥NnG¢^n 68<?9=;=EF<?>#5 HAS^HI@T<[J�P_W�SÊ}J?EfS^HKHI<?H n n n n n n n n n n nin n n n n n n n n�£ B¥Nnq¥,n j.7�.ZP ) 5 HAPI<[HKPIH.SV9=;��¨`(C H�n n n n n n n n n n n n nin n n n n n n n n�£A>

¥Nn ¥Nnª¢:n j37E.ZP ) 5 H3PI<[HKPIHA�¡7^>cS^J[J?7:st@CEFDFHKB=s�<[95P_HZSV9=; SVJ?P_Dª],DGP_DG<[H n n�£A?¥Nn < n j.7,<[HZPIB=<i;=<�+�9CDGP_< S^>¨P_DGJ[EF<.;=<?PI<[>Is�DF9C<!P_B=< S^HK@ <?J?P_W=SÊ}HI@T<[J?D-+�J[SVP_DG7:9�� B;<

¥Nn�§Cn � >_S^9CHIEfSYP_DF9Ca�� !�� DG95P_71H ),95PLSY� �oDF9=9C<[>cS^HK@ <?J?P n n n n n n n n B =

¥Nn §=nª¢:n � >_SV9=HIDªP_DG]^< S^J[J?7:st@CEFDFHKB=s�<[95P_HZSV9=;�PI>_S^9CHIDGPIDG]^<iS^J?PIDG],DGPIDF<[H2n B >

< n �Ost@T<[>KHI7:9�SVE}S^9=;�S^HI@T<[J�P_W�SVE �� DG9RPIB=<iHI@T<[J?D-+�<?>A7V� d �¤� �� n n n n n n n n >:¦< nG¢^n � � DF9 P_BC< HK@ <?J[D>+�<[>c7^��d � n n n n n n n n n n n n nin n n n n n n n n >:£< nq¥,n � � DF9 P_BC< HK@ <?J[D>+�<[>c7^�"! n n n n n n n n n n n n nin n n n n n n n n ?:¦

§=n C 7:9=J[EGW=HIDG7:9=H n nin n n n n n n n n n n n n n n n n n n n nin n n n n n n n n ?^§

�� NDFDFD

� 3 ��A#( ��+ �!� ��+1(-��C� �'��$+1�#(�� + �'� ��5:��+ �C�C:'�!+,��/)�� :'��*(��+ ��)��

� :��*��

¢:n k�S^H¨PA@�S^>KPIDFJ?DF@=EG<2Sâ:>K<[<[s�<[95PcDG9RPI>_S^9CHIDGPIDG]^<2�¨`NC H n n n n n n n n nin n n n n ? B

¢:nª¢:n k S^HKPA@�SV>KP_DGJ[DG@=EF<2SVa:>I<?<[s�<[95PcDF9R� PLSVEFDfSV9�n n n n n n n n n nin n n n n ?A>

¢:n ¥Nn C 7^9=J[7:>K; SV9=;�PIB=<i9�SVPIW=>I<i7^� P_B=<i@�SVHKPc@�S^>¨P_DGJ[DF@CEF< n n n nin n n n ne¢¤¦:¦¢:n < n ke@�Sâ:>K<[<[s�<[95PADF9R�¨`NC HK.cDªP_B 63M � Sâ:>K<[<?st<?9�PRn n n n n nin n n n ne¢¤¦^§¢:n §=n ke@�Sâ:>K<[<[s�<[95PADF9R�¨`NC HK.cDªP_BR9=7163M � Sâ:>K<[<[s�<[95P�n n n nin n n n ne¢¤¦:£

¥Nn �Ost@T<[>KHI7:9=SÊ �� DG9 @=>I<?;=DFJ[SVP_Dª]:<iJ[7^9=HKPI>IW=J�P_DF7^9=H[� �� v <[EGEFD8n n n n nin n n n ne¢¤¦ B< n � WCHIJ SV9 �� n n n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n ne¢¤¦A?§=n �Ost@T<[>KHI7:9=SÊ �� .cDªP_BRW=9=<?>Ia5SYP_DG]^<iS^9=;�W=9�S^J?J[W=HISVP_Dª]:<i]:<?> v H�n n n nin n n n ne¢:¢¤¦

§=nª¢:n �Ost@T<[>KHI7:9=SÊ �� .cDGP_BRW=9C<[>Ia:SVP_Dª]:<[H n nin n n n n n n n n nin n n n ne¢:¢ ¥§=n ¥Nn �¨`(C H .cDªP_BRW=9�S^J?J[W=HISVP_Dª]:<i]:<?> v H n n nin n n n n n n n n nin n n n ne¢:¢ <

=Nn C 7:9=J?EFW=HKDF7:9=H n n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n ne¢:¢¤£

� 0 �� *(�� (��!�-(��;�-�� 7�� 3 � 6#6��

¢:n �O95P_>I7,;=W=J�P_DG7:9 n n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n ne¢:¢ B¥Nn �ZB=<i@ <?>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9 7:9 �37^stDG9�SVP_Dª]:<!7 v �K<[J�P_H[�@.cB=<?>I< S^9=;�.cB=<[9�n n n ne¢ ¥^¦

¥Nnª¢:n � P_SÊFDFS^9 �¨`NC HAS^9=;RP_BC< @T<[>KHI7:9�>I<?HKPI>IDFJ�P_DG7:9 n n n n n n n nin n n n ne¢ ¥^¦¥Nn ¥Nn k <[>KHI7:9�>I<[H¨P_>KDFJ?PIDF7:9 DG9R�OJ[<[EFS^9=;=DGJ F�W=DF>KU )HIW v �K<?J?P.J[7:9=H¨P_>KW=J?PIDF7:9=H n ne¢ ¥:¥¥Nn < n � P_SÊFDFS^9RS^9=;�`N@=S^9=DFHKB�@CH ),JLB�]^<[> v H n nin n n n n n n n n nin n n n ne¢ ¥V§

< n `N@T<[J[DFSÊFDGb[<?; !"7:>A`,PI>IW=J�P_W=>ISÊ�C 7:9=H¨P_>IS^DF95P_H � nin n n n n n n n n nin n n n ne¢ < ¢< nª¢:n ��W=EGPIDF@=EG<2Sâ:>K<[<[s�<[95P�n n n n n n n n nin n n n n n n n n nin n n n ne¢ < ¥< n ¥Nn `,@ <?J[DfSVEFDFb?<[; ! n nin n n n n n n n n nin n n n n n n n n nin n n n ne¢ < =

§=n �ZB=<i@ <?>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9 7:9R�¨`NC H?� S�s W=EªP_DG@=EF< M u a^>I<[<.S^9�SÊ>),HIDFHtn nin n n n ne¢ < ?§=nª¢:n �Os�@T<[>IHK7:9�SÊ �� DFHZ9C7^PAS!F,WCDF>IU<) ;=SVP_Dª]:< n n n n n n n n n nin n n n ne¢ §5¦§=n ¥Nn � � DFHZ9C7^P3S^9RDF9=;=DG>I<?J?Pc7 v �K<?J?P n n n n nin n n n n n n n n nin n n n ne¢ §�¥§=n < n ��W=EGPIDF@=EGK<[< S^9=; PIB=<i@ <?>IHI7^9 >I<?HKPI>IDFJ�P_DG7:9 DF9R� PLSVEFDfSV9�¨`NC H n n ne¢ §:§

§Cn < nª¢:n � � 5 HcJ[EGDGP_DGJ[DGb SVPIDF7:9�7:9�� n nin n n n n n n n n nin n n n ne¢ §C>

�NDG] ��

=Nn �OJ[<[EFS^9=;=DGJ F�W=DF>KU );�SVP_Dª]:<2J?7:9=HKPI>IW=J�P_DG7:9=H n n n n n n n n nin n n n n n n n ne¢-=^¦=NnG¢^n k <[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9�.cDªP_B u J[J?W=H_SVPIDG]^< HKW v �K<[J�P_H n nin n n n n n n n ne¢-=:¥

£Cn �371>I<?HKP_>KDFJ�P_DF7^9�� PLSVEFDfSV9 @=H ),JLB SV9=;��¨`(C H .cDªP_BR9=7�63M � Sâ:>K<[<?st<?9�P n n n ne¢-=V§£CnG¢^n �¨`NC HK.cDªP_B�9=7�63M � Sâ:>K<[<[s�<[95PZn n n n n n n n n nin n n n n n n n ne¢-=V§£Cnq¥,n keH ),JLB�]:<[> v H n n n n n n n n n n n n n n n n n n nin n n n n n n n ne¢-=A=£Cn < n `N@=S^9=DFHKBR@=H ),JLB ]^<[> v H37^� P_BC< �! � ! � �� J?EfS^HKH n nin n n n n n n n ne¢-=^£

B n C 7:9=J[EGW=HIDG7:9=H n nin n n n n n n n n n n n n n n n n n n n nin n n n n n n n ne¢-=^£

� 0 �� C��:'�8�/)�� 8��( ��(��*�8+,�� #"$�� *(�� +1�� 6 � �

¢:n �O9�PI>I7,;=W=J�P_DF7^9 n nin n n n n n n n n n n n n n n n n n n n nin n n n n n n n ne¢-=;?¥Nn �O9�PI<[>K@=>I<�PLSVPIDF7:9�SVE ]VS^>IDFSVP_DG7:9"�¡7:>ZDGst@T<[>KHI7:9�SVE �� J[7:9=H¨P_>KW=J?PIDF7:9=H�n n n n n n ne¢ £C¢

¥NnG¢^n � � S^HAS^9RDF9=;C<�+�9=DªP_<2HKW v �K<[J�P n n n n n n n n n n nin n n n n n n n ne¢ £C¢¥Nnq¥,n �O9=J?EFW=HKDG]^<[9=<?HIH3S^9=;�<��NDFH¨P_<[95PIDfSÊGDGP )t7^��DGst@T<[>KHI7:9=SÊ �� n n n n n n n ne¢ £ <

< n `N@ <?J[D>+�J!P_DGst<2>K<?�¡<[>K<[9=J?<^�TS^HK@ <?J?P_W=SÊ}HI@T<[J?D-+�J[SVP_DG7:9�S^9=;�DF9=J?EFW=HKDG]:<?9=<[HKH n n ne¢ £:£< nG¢^n � <[H¨P_Hc�¡7:>ZDF9=J?EFW=HKDG]^<[9=<?HIH n n n n n n n n n n n n nin n n n n n n n ne¢ £A>< nq¥,n �O9=J?EFW=HKDG]^< >K< S^;CDF9=a!.cDGPIB P_>_SV9=HIDªP_DG]^<iS^9=;RW=9=<?>Ia5SYP_DG]^<2]:<[> v H�n n n n ne¢ B ¥

< n ¥Nnª¢:n �O95PI<[>I@C>I<?P_SVP_DG7:9�SÊ:]VS^>KDfSVPIDF7:927V�=�¨`NC H3.cDGPIB PI>_S^9=HKDGPIDG]:<8SV9=;WC9=<[>Ka5SVP_Dª]:<2]:<?> v H n n n n n n n n n n nin n n n n n n n ne¢ B;<

< n ¥Nn ¥Nn `,D�SÊ-. S*)NHcDG9=J[EGW=HIDª]:<��rn n n n n n n n n nin n n n n n n n ne¢ B =< n ¥Nn < n 6oSVa:W=<[9C<[HIH37:>Z;=7:W v EF<2DG9�PI<[>K@=>I<�PLSVPIDF7:9�� n n n n n n n n ne¢ B £

§=n u HI@T<[J�P3S^9=; v 7:WC9=;=<[;C9=<[HKH n n n n n n n n n n n n n n n nin n n n n n n n ne¢ B >§=nG¢^n d ]:<?95P_W�SÊGDGP )^� v 7:WC9=;=<[;C9=<[HKH.S^9C;�PI<[EFDGJ[DªP )�n n n n nin n n n n n n n ne¢ B >§=nq¥,n ? 7^W=9=;=<?;=9=<[HKH!S^9C;RPIB=<iDF9=J?EFW=HKDG]^<2>I< SV;=DF9=a n n n nin n n n n n n n ne¢8>:¦

=Nn �i<?9=<[>KDFJ!],H[n8DF9CJ[EFWCHIDG]^<2>I<[S^;=DF9Ca�DG9R�¨`NC H n n n n n n n n nin n n n n n n n ne¢8>C==NnG¢^n � � S^HAS ]^SV>IDfS v EF< n n n n n n n n n n n n n n n n nin n n n n n n n ne¢8>:£=Nnq¥,n ? 7^W=9=;=<?;=9=<[HKH!S^9C;�HK@ <?<[JLB�SVJ?P&n n n n n n n n n nin n n n n n n n ne¢8>A?

=Nn ¥Nnª¢:n �}7:a^7:@=B=7:>KDFJ?DGP ) n n n n n n n n n n n n nin n n n n n n n ne¢8?C==Nn < n �ZB=<i< �CDGHKPI<[95P_DFSÊ}>I<[S^;=DF9Ca�7^� �� n n n n n n n n n nin n n n n n n n ne¢8?C=

�� ,]

=Nn §=n � d��NJ[EFWCHIDG]^<[E>) DF9=J?EFW=HKDG]^<15 �� DF9 � W=HIJ[S^9 n n n n n n n n n nin n n n ne¢-? B£Cn C 7:9=J?EFW=HKDF7:9=H n n n n n n nin n n n n n n n n nin n n n n n n n n nin n n n ne¢-?A?

� 3 ��C��:��8��'� ��6

� :�� + ��" +1�8�8:��

� �*" �*(��'�A��

�,]ND ��

�� 3 ��

� �� %��

�ZB=DGHo;CDFHIHK<[>¨PLSVPIDF7:91DF95]^<[HKPIDFa5SYP_<[H8P_BC<AH¨P_>KW=J?PIW=>_SÊ >K<[@=>K<[HI<?95PLSVPIDF7:9tS^9=;1P_B=<cDG9�PI<[>K@=>I<�PLSVPIDF7:917^�DFs�@T<[>IHK7:9�SÊ �� J?7:9=HKPI>IW=J�P_DG7:9=HcDF9R� PLSVEFDfSV9�n

�ZB=<(S^DFs 7^�iPIB=DFHI.�7:>KU�DFHtP . 7^�¡7ÊF;��7:9 P_B=< 7:9=<�B�S^9C;��3�tSVPKP_<[s�@CPtP_7�@=>K7 ],DG;=<(S^9<��N@=EFS^9�SVPIDF7:9 �¡7:>c@=>K<?],DF7^W=HIE>)R7 ]^<[>KEF7,7:U^<?; @=B=<?9=7:s�<[9�S1DF95]^7:EG],DF9Ca��¨`(C H[�THIW=JLB�SVHAPIB=<2P_>_SV9NMHIDªP_Dª]:< SVa:>I<?<[s�<[95PeSÊªP_<?>I9�SVPIDF7:9 � PIB=< @T<[>KHI7:9 >K<[H¨P_>IDGJ?PIDF7:9 7:9rP_BC< 7 v �K<?J?P[�5S^9=; @=S^HKPe@=S^>KPIDFJ[DG@=EF<Sâ:>K<[<?st<?9�PL.cDªP_B WC9=<[>Ka5SVP_Dª]:<cS^9C;�W=9�S^J?J[W=HISVP_Dª]:<Z]:<?> v HoS^9=;�DG9 J[7^@=W=EfSV> J[7:9CHKP_>KW=J?PIDF7:9CH[n � 9P_BC<27^P_B=<?> B�S^9C;��=�L.cDFHKBRPI7�J[7:95PI>ID v WCP_<.PI7 P_B=<.;=<?]^<[EF7^@=st<?95Pc7^� J[W=>K>I<[95PcHH)N95P_S^J?PIDFJ!P_BC<[7:>H)v )-HKB=7�.cDF9=a�P_B=<t9=<[J?<[HIHKDGP )-7^�ZJ[7^9=HIDG;=<[>KDF9=a S^;=;=DªP_DF7^9�SÊeH ),95PLSVJ?P_DGJt�¡<[SVP_W=>K<[H?�4.cB=DFJLB��.J SÊGE M �¡< SVPIW=>I<?H[� P_B=SVP <?9=J[7,;=<"HK<[stS^95P_DGJ¤©V;=<?DFJ�P_DFJ�DF9N�¡7:>IstSVP_DG7:9�n �2@=>K7:@T7:HI< S � 9=<8. 5�HH)N95P_S^J?PIDFJ7:@T<[>ISVP_DG7:9��4C 7:9=J[7^>I;��<.cB=DGJLB�P_S^>Ia:<�P_He@=>K<[J?DFHI<?E-) PIB=<[HK<cHI<[stS^95P_DGJ[7VM @=>_SVa:s"SYP_DFJ8�¡< SYP_W=>K<[H�S^9=;EF7,J SVEFE-)�;=<�P_<?>Is�DF9=<?HiS^; �K<[J�P_Dª]^SVE S^9=; @�S^>¨P_DGJ[DF@CDfSÊ Sâ:>K<[<?st<?9�P[n%C 7:9=J?7:>I;(DFHiS HK@ <?J[DfSVE��¡7:>Is7^�4C B=7:s�HIU<) 5 H u a:>I<?<^�(.cB=DGJLB PLS^>Ka:<?PIHZS�;=D-0 <[>K<[95P �¡< SYP_W=>K<2HI<?PASV9=;RDFHZS^J�P_Dª]:<27:9RS @=BC>_S^HISÊ;=7:stS^DG9�n��ZB�W=H?�N� ;CDFHKPIDF9=a^W=DFHKB v <�P . <?<[9 u a^>I<[<V�<.cB=DFJLB�PLS^>Ka:<?PIH8PIB=<cP_>_SV;=DGPIDF7:9�SVE��M �¡< SVPIW=>I<?HS^9=;�s"S*)(SVJ?P EF7:9CaVMO;=DGHKP_S^9=J[< PI7�7 v PLS^DG9(HIW v �K<?J?P¨M ]:<?> v Sâ^>I<[<?st<?95P � S^9=;JC 7^9=J[7:>K;��3.cB=DFJLBPLSV>Ia:<�P_HcP_B=< HI<?s"S^95PIDFJ[7YMO@=>ISâ:stSVP_DGJ M HI<?P[� SV9=; SVJ?P_H�.cDGPIB=DF9�S1@=B=>_SVH_SÊ�;=7:stS^DG9RPI7t7 v PLS^DG9S^; �K<?J?PIDG]VSÊ}S^9C;�@�SV>KP_DGJ[DG@=DfSÊ Sâ:>K<[<?st<?9�P[n

\3@ P_7 9C7E.i��]^<[> v SÊ HK<[stS^95P_DFJ?H27:> �� #��!�� B�SVH v <?<[9(B�S^>K;=E-)�PLSVU^<[9(DG9�PI7RS^J[J?7:W=95PDF9�P_B=< EGDGPI<[>_SYP_W=>K< 7:9��¨`(C H[n2�ZB=<�@=>K<[HK<[95P . 7^>IU�DFH3�¡>IS^s�<[; DG9 HIW=JLB S�. S*)�S^H3P_7J[S^@CP_WC>I<

¢

¥ ��

P_B=< J[7^9�PI>ID v WCP_DG7:907^� ]:<[> v SÊ HI<?s"S^95PIDFJ[H �¡7:> PIB=< Sâ:>I<?<[s�<[95P�@�SVPIPI<[>K9=HR7^� �¨`NC H?n ��7:>K<HI@T<[J?D-+�J[SÊFE>):�=SVHIHIWCstDG9=a P_B�SYPZP_B=<!]^<[> v SÊ}HI<?s"S^95PIDFJ[HZDGHZ>I<��<[J�P_<[;�DF9 PIB=<2H ),95PLSY��7V��S 6!k �=�HIB=7�. PIB�SVPZPIB=<iHI<[stS^95P_DGJ2J[7:9 +�a:W=>ISVP_DG7:9R;=<?PI<[>Is�DF9C<[H P_BC< SVa:>I<?<[s�<[95PA@�SVPIPI<[>K9=Hc7^��¨`(C H[n

u EFS^>Ia:<c@�SV>KP�7^� PIB=DFH@. 7^>IU1DFHoSÊGHI7 ;=<?]^7^P_<?;P_7 PIB=<ADF95P_<?>I@=>K<?PLSYP_DF7^9t7^� �¨`NC H[�e�¨`(C H stS�)v < DF95P_<?>I@=>K<?PI<[;�S^HAa:<?9=<[>KDFJ^�T<��NDGHKP_<?95P_DfSVE � 7:>.DG9=J[EGW=HIDª]:<VnZ�ZB=< >I<��¡<[>K<[9=J?< HI<�P.P_B=SVP �� HI<[EG<[J�P_Hs"S*) v <�S @=W=>K<[E-) a:<[9C<[>IDGJ�7:9=<�l a^<[9=<?>IDFJ�>K< S^;CDF9=a�p �}7:>!P_BC<[>I<1stS*) v <tS a:>K7:W=@(7^��@ <?7:@=EG<H_SVPIDFH¨� )NDG9=arPIB=<2@=>I7^@ <?>KP )< �N@=>I<?HIHI<?; v )PIB=<2@=>I<?;=DFJ[SVP_<�l <��NDGHKP_<?95P_DfSVE p�n��ZB=DFHZa:>K7:W=@ stS*) v <HI@T<[J?D-+�<?;�¡7:> DF9CJ[EFWCHIDG]^<[9=<?HIHil¡DF9=J?EFW=HKDG]^<¤p��ND n <^n DªP stS*)tDG9=J[EGW=;=<AP_B=<!HK@ <[SÛ^<?>[��7:>�DGP s"S*)�9=7^P[n�ZB=DFH@.�7:>IU�DGH S^DGst<?;�SVPoDF;=<?9�PIDG� ),DF9CaiPIB=<AJ S^W=HK<[H �¡7^>8PIB=<Aa:<[9=<?>IDGJ¤©VDG9=J[EGW=HIDª]:<ASÊGPI<[>K9�SVP_DG7:9�n u@=>_SVa:s"SYP_DFJ?7VMOHH),9�P_S^J?PIDFJ.S^9�SÊ>)NHKDFH �¡7:> PIB=<i@=B=<?9=7:s�<[9=7:9R7^� DF9CJ[EFWCHIDG]^<[9=<?HIHcDFHcSVEFHI71@=>K7¤]NDG;=<[; n

6! 7 � � �*( �!��+ � ��(��:��'�

�Ost@T<[>KHI7:9=SÊ�@C>I7:9=7^W=9=H�S^>K<W=HK<[;yS^J?>I7:HKH EfS^9Ca:W�Sâ:<?H PI7 DF95P_>K7N;CW=J[<tW=9=HI@T<[J?D-+�<?;yHIW v �K<?J?PIH[n� PLSÊGDfS^9"<��CS^s�@=EF<?HADG9�l¨¢ p S^9C;-lm¥:p DFEGEFW=H¨P_>_SYP_<3PIB=DFHZ@CB=<[9=7^st<?9=7:9��

l¨¢ p ��@=>I7

stS^9=a:DFS< SYP_H¨M�"$#&%('�)

PI>I7:@C@ 7PI7N7�srW=JLB

�q�A<¤©VHKB=< < SVPIHcPI7N71s WCJLB65

l ¥:p `ND*,+.-

stS^9=a:DFS<[SVP_H�M/"$#&%('�)

P_>K7:@=@T7P_7,71s W=JLB

�qk <[7:@CEF<i< SVPcPI7N7�s WCJLB65

� PLSÊGDfS^9 DFHiS �� MO;=>K7:@(EfS^9=a^W�Sâ:<Vn u HI<?95P_<[9CJ[<�EFDFUV<Rl¨¢¤p��6.cDGPIB=7:WCP SV9 7¤]^<[>KP HKW v �K<[J�P � a:<?PIHDF95P_<?>I@=>K<?PI<[;�S^H B�S ],DF9=a.S3;=<8+�9=DGPI<�HKW v �K<?J?P ne�ZBC< HIW v �K<[J�Pe7^� l�¢ p�DGH�SAHI@T<[J?D-+�J�@ <?>IHI7^9��:HI7^st< Mv 7,;()SÊF>K< S^;()"DF95P_>K7N;CW=J[<?;�DG9P_B=<i;=DGHIJ?7:W=>IHK<i7:> ;=<?DFJ?PIDFJ[SÊFE>)tDG9=;=DGJ SVPI<[;�ne�ZB=<iDG9�PI>I7,;=W=J�P_DF7^97^�eSV9�DGst@T<[>KHI7:9�SVE�@=>I7^9=7:W=9�HIW=JLB S^H �� DF9�lm¥:p J S^W=HK<[H.S�JLB�SV9=a:< DF9 P_B=< DF95PI<[>I@C>I<?P_SVP_DG7:9R7^�P_B=<�HI<?95P_<[9CJ[<^��PIB=<tHKW v �K<?J?P DGH 9C7E.�S^9-W=9CHI@T<[J[D>+�<[;-a:>I7:WC@-7^� @ <?7:@=EF<Vn�Os�@ <?>IHI7^9�SÊ8@=>I7YM9=7:W=9CHZS^>I<AP_B�W=HZW=HK<[;D.cB=<?9 P_B=<!DG95P_<[95PIDF7:9t7^�}P_B=<.HI@T< SÛV<[>ZDFHoP_7 >K<[stS^DF9�]VSâ:W=<.S v 7^WCP PIB=<<��CS^J�PZDF;=<?95P_DGP )t7^�}PIB=<!HIW v �K<[J�P n8g-<!J[SÊFE�l ¥^p�S^9 DGst@T<[>KHI7:9�SVE �� J?7:9=H¨P_>IWCJ?P_DG7:9 l �¨`(CZp�n � � DGH

�� !� �� <

S^9�DFs�@ <?>IHK7:9�SÊ @=>I7:9C7:W=9�n�ZB=< W=HK< 7^�TS � �¡7:>Ks P_7!J?7:95]:<�) S^9 DGst@T<[>KHI7:9�SVE5st<[S^9=DF9Ca.DFH J[7^sts�7:9 PI7!SÊGE,�A7:stS^9=J?<

EfSV9=a:W�Sâ^<[H[n � PLSÊGDfS^9iB�SVH HI<�]:<[>ISÊC7VP_B=<?>�HKPI>_SVPI<[a:DG<[H P_7!J?>I< SYP_< DGst@T<[>KHI7:9=SÊFDªP ):n��ZB=<[HK< DF9CJ[EFWC;=<P_BC<AWCHI<A7^��S < >K;1@ <?>IHI7^9t@=EGW=>_SVE=HI7VM J SÊGEF<?;1S^> v DªP_>IS^> ) �� 5P_BC<.¥Y9=;1@ <?>IHI7^9tHKDF9=a:WCEfS^> <?st@NP )@=>K7:9=7:W=9 �CS^9C;S^> v DGPI>_S^>H)�k8� � nN`NW=JLBJ?7:9=HKPI>IW=J�P_DG7:9=H�S^>I<A<��N<[s�@=EGD-+�<?;tDG9 l < p�P_B=>K7:W=a:B lm£5p �

l )

HIDHID M *,+.-

EF<[aâ:<>I< SV;=H¨M�"$#&%('�)

PI>I7:@C@ 7PI7N7

@T7NJ?7EFDªPIPIEF<

� �O9R� P_SÊ-)"@ <?7:@=EFK< S^; P_7,71EFDªPIP_EG<15

l §5p �O9DF9� PLSÊGDfS� PLSÊ>)

��@=>K7VM/" # % -��

EF<?a:a:7:9=7>I<[S^;NM/" #&% -��

P_>K7:@=@T7P_7,7

@T7,J[7EGDGPKP_EF<

� �O9R� P_SÊ-)"@ <?7:@=EFK< S^; P_7,71EFDªPIP_EG<15

l =^p `N<DG�

��@=>I7YM�� % '�)

]VS^Da:7VM�� % '�)

DG9DG9� PLSÊGDfS� PLSÊ>)

��@=>K7VM� % ' )

DFs�@�S^>KDEF<[S^>I9,M�� % '�)

SP_7EF<?a:a:<?>I<>I<[S^;

@ 7,J[7EFDªPIP_EG<� � ��):7^W�a:7�PI7t� P_SÊ-)�):7:W�a:<?PcWCHI<[;�P_71>I<[S^;�EFDGPKP_EG<15

lm£:p k <?>�¡7:>

k8� �k8� �

EF<[aâ:<[>K<P_71>I<[S^;

WC9S

EGD v >K7v 7N7Û

J[DP_BC<[>I<

],W=7:EG<. S^95P_H�M/"$#&% - '

@=S^b[DG<[9=b[S@=SVP_DG<[9=J?<

� � 9=<i9=<?<[;=HA@�SVPIDF<?9=J[<!PI7�>K< S^;�S v 7,7:U 5

�3<?>I<V�}��.cDGEFE s"SVDF9=E>) J[7:9CHIDF;C<[>2DFs�@T<[>IHK7:9�SÊ �� S^9=;�7¤]^<[>KPi@C>I7:9=7^W=9=H!DG9�a:<[9=<?>_SÊm��S^9C; .cDFEFE>I<��¡<[>rPI7 �� S^9C;�k8� � 7:9CE-) v >IDG< �N)^� �¡7:>r>K< S^HK7:9=H�7^�cJ?7:s�@�S^>IDGHI7:9 n �ZB=< @=>K<[HI<?95P1HKP_WC;()�¡7,J[W=HK<[Hi7:9�� PLSVEFDfSV9 DFs�@T<[>IHK7:9�SÊ �� n u 9 S^J?J[W=>ISVP_<1SV9�SÊ-),HKDFH.7V�oPIB=<r�¡<[SVP_W=>K<�J[7:9 +�a:W=>ISVP_DG7:97^��P_BCDFH @C>I7:9=7^W=9D.cDFEGE EG< S^;"PI7�S a:<?9=<[>ISÊ J?EfS^HKHID-+=J SVPIDF7:9t7^� DFs�@ <?>IHI7^9�SÊ @=>I7^9=7:W=9=HZDG9"P_<?>Is�H7^� H ),95PLSVJ?P_DGJ�S^9=; HK<[stS^95P_DGJ��¡< SYP_W=>K<[H[�3S^9=; .cDGEFEcJ[7^9�PI>ID v WCP_<�P_7�S^9 < �N@=EfS^9=SVP_DG7:9�7^�2PIB=<S^@=@=S^>I<?9�PIE-) WC9,WCHIW�SÊ�HH)N95P_S^J?PIDFJiJ[7:9 +�a:W=>ISVP_DG7:9=HZDF9�.cB=DGJLB�DªPAS^@=@T< S^>KH[n

u EF7^P 7^� SVPIPI<[95P_DG7:9 B�S^H v <[<?9�;=<�]:7^PI<[;RP_7��¨`NC HcDG9P_B=<2EFS^HKP P .�71;=<[J[S^;=<?H[n � )D+�<?EF; 7^�DF95]^<[HKPIDFa5SYP_DF7^9�DGHABC7E.�<?]^<[>!>K<[H¨P_>IDGJ?PI<[; 7^9=E-) PI7"S�HIstSÊFE�9�W=s v <?>37^� @=B=<[9C7:st<?9�St>K<[a5SV>I;=DG9=a�� J[7:9=H¨P_>KW=J?PIDF7:9=H?�=HIWCJLB S^HcSVa:>I<?<[s�<[95Pc@�SVPKP_<[>K9=H[�=PIB=<2@=B=<?9=7:s�<[9=7^9�7V� @T<[>KHI7:9�>I<?HKPI>IDFJ�P_DG7:97:9RP_B=<i7 v �K<[J?P[� S^9=;�DF95P_<?>I@=>K<?P_SVP_DG7:9�n

§ ��

�ZB=DFH�JLB�S^@CPI<[> DGH�7:>Ka5S^9=DGb[<?;S^Ho�¡7:EFEG7E.cH?��SY� P_<[> S^9"7¤]^<[>K],DG<�.*7^�}P_BC<.cB=7:EG<3;CDFHIHK<[>¨PLSVPIDF7:9��J[7^9=HIDG;=<[>RHI7^st< a:<[9C<[>_SVE @C>I7 v EG<[s�HP_B�SYP B�S ]^<�DG9�PI<[>K<[HKPI<[;�PIB=< H ),95PLS^J�P_DFJ J[7^sts WC9=DGP )>I<?J[<[95PIE-) S^9=; PIB�SVP2SV>I< PI7 v <rPLSVU^<[9�DG95P_7SVJ[J[7^W=95P!�¡7:>3StP_B=<?7:> )�7^�8�¨`(C H[n!�2+�>KHKP2@C>I<[HK<[95PP_B=<t7:EF;�@=>I7 v EF<?s 7V� P_B=<t<��NDFH¨P_<?9=J[< 7^� 7:9=<"7^>rs�7:>I< �� 5�H?�4.cB=DGJLB&B�S^H v <[<?9�S stSVPIPI<[> 7^�;=< v SVP_< HIDG9=J[< �.SV@ 7:EGD 5 Hil¨¢8? B £5p ;=DGHIHK<[>KP_SVP_DG7:9��SV9=; DGHZHKP_DGEFE}SVEFDG]^<!P_7,;�S*) l HK<[< des v DFJLU ¥^¦:¦:¦C��A<?DF9=B=S^>KP � `NDFEG7:9=De¢-?;?A?C�TS^9=;�Q�7:EGEFD�¥V¦:¦C¢ S^st7^9=a"7^PIB=<[>KHLp nA� PIB=<[9�P_W=>K9 P_7tJ[7:9=HKDF;=<?> �� 5 HJ[EGDGP_DGJ�9�SYP_W=>K<^�YDF9iHI<?J?P_DG7:9 ¥Nnª¢:n �O9iHK<[J?PIDF7:9 < � �THIU^<�P_JLBrPIB=<8s"SVDF9!@=>K7 v EG<[s�H�P_B=DGH6. 7:>KU.�¡7,J[W=HK<[H7:9��Sâ:>I<?<[s�<[95P S^9=;�DF95P_<?>I@=>K<?PLSYP_DF7^9t7^� DFs�@ <?>IHK7:9�SÊ �� J[7:9CHKP_>KW=J?PIDF7:9CH[no`N<?J?P_DG7:9�§ J?7:95PLS^DG9=HP_B=<3P_B=<?7:>I<�P_DFJ[SÊ S^HIHKW=st@NP_DF7^9=H�PIB�SVP J?7:9=H¨P_DGPIWCP_<AP_B=< v S^HIDGH �¡7:>os7)"S^9�SÊ>)NHKDFH�S^9=;PIB�SVP s�7:>K<7:>oEF<[HKH�>K<[J?7:a:9=DGb[<[;S^HoPIB=<.H¨PLS^9C;�S^>I; l .cDªP_B"HK7:s�<3HKEFDFa^B�P8]VS^>KDfSVPIDF7:9=H_p�n�`N<[J�P_DG7:9 = S^;=;=>K<[HIHK<[HDF9=H¨P_<[S^; P_B=<�@C>I7 v EG<[s 7^��HI<[stS^95P_DGJ�Sâ:>K<[<?st<?9�P2S^H27:@=@T7:HI<?;�P_7 H ),95PLSVJ?P_DGJ1Sâ:>K<[<[s�<[95P[nr�O9P_B=DGH HK<[J�P_DF7^9��^��@C>I7:@T7:HI<oP_B=<o<��NDGHKP_<?9=J[< 7^�=P .�7!;=D-0 <[>K<[95P H ),95PLS^J�P_DFJ �M HI<?PIH[��P_B=< � P_>_SV;=DGPIDF7:9�SVE 57:9=<V� .cB=DGJLBrDFH DF95]^7:EG]^<[;rDG9 u a:>I<?<�7^@ <?>_SVPIDF7:9=H?�^SV9=; S^9 S^;=;CDGP_DG7:9�SÊ �MOHK<?P[� .cB=DGJLBrDFH stS^;=<8W=@7^� H ),95PLS^J�P_DGJ.�¡< SVPIW=>I<?H P_B�SYPZ<[9=J?7N;C<2HI<[stS^95P_DGJ[7VM @=>_SVa:s"SYP_DFJcDG9C�¡7:>IstSVPIDF7:9�n �ZB=DGHZS^;=;=DªP_DG7:9�SÊHI<�P �=.cB=DGJLB��cJ SÊGE PIB=< HK<?P � DFH.DG95]:7:Eª]:<[;�DG9 P_BC<�C 7:9=J?7:>I;�7:@T<[>ISVP_DG7:9�� .cB=DFJLB�;C<?P_<?>Is�DF9=<?HS^; �K<?J?P_Dª]VSÊ!S^9C; @�S^>KPIDFJ?DF@=DFSÊcSâ:>K<[<[s�<[95P[�.S^9C;*@C>I7¤],DF;=<?H ;=<[DGJ?P_DGJ DG9C�¡7:>IstSVPIDF7:9 S v 7:WCPPIB=<S^J?PIW�SÊ}@�SV>KP_DGJ[DG@�S^95P_H DG9 P_B=<i<?]^<[95P3<��N@=>I<?HIHK<[; v )P_BC<i]^<[> v n

6! �6! � �-(�:��;��:�(�� #" �� (�� #(��

�ZB=<.@C>I<[HK<[95P2.�7:>IU1DGH�7:>Ka5S^9=DGb[<?;tDG9£ JLB=S^@CP_<?>IH?� .cB=DGJLB S^;=;=>K<[HKH ;=D>0 <?>I<[95P S^HI@T<[J�P_H 7V�}�¨`NC HDF9� P_SÊFDFS^9�n �ZB=DFH HKP_WC;()DGH J[7^9=J[<?>I9=<?; .cDªP_B"PIB=<2Sâ^>I<[<?st<?95PZS^9=; DG95P_<[>K@=>I<�PLSVPIDF7:9t7^�� PLSVEFDfSV9�¨`NC H[�CDF9"@=S^>KPIDFJ[WCEfS^>L.cDGPIB"P_BC7:HI<.S^HI@T<[J�P_H PIB�SVP B=S¤]^<!7^� PI<[9 v <[<?9 J[7:9=HKDF;=<?>I<?;RS^H S^J?J[DG;=<[95PLSVES^9=;�9=7^P¨MOHI7YMO>I<?EF<�]^SV9�P �¡7:>ZW=9=;=<?>IH¨PLS^9=;CDF9=a1P_B=<i@=>K7 v EG<[s SVH3SB.cB=7ÊF<^ne� .cDFHKB�PI7�H¨PLS^>¨PZ�¡>I7:sP_B=<?HI< ��HI<[J?7:9=;�SV> ) 5�@=B=<[9C7:st<?9�SRS^9=;(HIBC7E. B=7�.�PIB=<�) B=<[EG@ ;C>_S*.�PIB=<1a:<[9C<[>_SVE @=DFJ�P_W=>K<�7^��¨`NC H[nr��7:>K<[7¤]:<?>[��PIB=<�S^J?J[W=>ISVP_<1S^9=SÊ-),HIDGH.7^�oSVa:>I<?<[s�<[95P2@�SVPKP_<?>I9=HiS^9C;�DF95P_<?>I@=>K<?PLSYP_DF7^9 7^��¨`NC H SÊFHK7 B=<[EG@=H2P_7RHIB=<?;�HK7:s�<�EGDFa:B5P27^9 7VP_B=<?>2DFHIHKW=<[HiP_B=SVP . 7^W=EF;(9=7^P HK<[<[s�>K<[EFSVP_<?;(PI7P_B=DGH SYP +�>KHKP HIDFa^B�P[�NEGDFUV<cPIB=<.@T<[>KHI7:9">I<[H¨P_>KDFJ?PIDF7:9�7:9"PIB=<.7 v �K<[J�P DF9��OJ[<?EfS^9C;=DFJ F�W=DF>KU )�;�SYP_DG]^<

�� !� �� =

J[7^9=HKPI>IW=J�P_DF7^9=H[nu 9i7:WCPIEFDF9C< 7^�,P_B=<8@=>K<[HI<?95P�JLB�SV@CP_<?>[�E.cB=DFJLB ;=< SVEFH6.cDGPIB2P_B=<eP_BC<[7:>K<?P_DGJ SÊ v S^JLU�a:>I7^W=9=;i�¡7:>

s7)!S^9�SÊ>)NHKDFH?�¤DFH}a:Dª]:<[9iS v 7¤]:<Vn 3 ��+ ��8��( � S^;=;=>K<[HIHK<[H�P_B=<eDGHIHKW=<e7^�NSâ:>K<[<[s�<[95P�DG9!P_>_SV9=HIDªP_DG]^<�¨`NC H?n �ZB=<ZSÊªP_<?>I9�SVPIDF7:9 v <?P .�<[<?9 P_B=<�J[7:9=H¨P_>KW=J?PIDF7:9/.cDGP_B ]:<?> v M 7 v �K<[J�P8Sâ:>K<[<?st<?9�P�S^9=; S^9=;P_BC<Z7:9=< .cDªP_B=7:WNP ]:<?> v M 7 v �K<[J�P�Sâ:>I<?<[s�<[95PeB�SVHe7^� P_<?9 v <?<[91J[7:9CHIDF;C<[>I<?;�S^HeS^9�DG;=DF7:HH),9=J[>ISVP_DGJ@=B=<?9=7:s�<[9=7^9��stS^DF9CE-) ;CW=<tPI7�7:@NP_DF7^9�SÊFDªP ):n��O9-JLB�SV@CP_<?>�¥N� �!>I<?J[7:9=HKDF;=<?> PIB=<tSâ:>I<?<[s�<[95P@�SVPKP_<?>I9=H!7V� P_>IS^9=HIDªP_Dª]:< �¨`NC H[� S^9=; HKB=7�. PIB�SVPAP_B=<8) SV>I<iP_B=< >I<[HKW=EGP.7^� PIB=< S^@C@=EFDGJ SVPIDF7:9R7^�HI@T<[J?D-+�J HI<?s"SV9�PIDFJiJ[7^9=HKPI>_S^DG9�PIH[n �O9�@�S^>¨P_DGJ[W=EFS^>[�CPI>_S^9CHIDGPIDG]^< �¨`(C H.cDGPIB SV9=; .cDªP_B=7^WCPc]:<[> v M7 v �K<?J?P Sâ:>I<?<[s�<[95P .cDFEFE v <3HIB=7�.c9"PI7 v <3;CD-0 <[>I<?95P .cDªP_B">K<[HK@ <?J?P PI7 PIB=<[DG>�<�]:<?9�P HKPI>IW=J�P_W=>K<^n

�O9 � ��+��-�*( � � P_BC<�HK7VMOJ[SÊFEG<[;2W=9�SVJ[J[WCH_SVPIDG]:< MOW=9C<[>Ia:SVP_Dª]:< @CW=b[b?EF<8DFH S^;=;C>I<[HKHI<?;�ne\39C<[>Ia:SYMP_Dª]:<2]:<?> v HA@=>K<[HI<?95P.;=D>0 <?>I<?9�P3Sâ^>I<[<?st<?95P3@=SVPIPI<[>I9CHAJ?7:s�@�S^>I<?; P_71W=9�S^J?J[W=HISVP_Dª]:<i]:<?> v H?n��O9P_BCDFH1JLB�S^@CPI<[>?� DGP1DGH�HIB=7�.c9 P_B�SVP1HKW=JLB Sâ^>I<[<?st<?95P1@�SVPIPI<[>K9=H"SV>I<P_BC<�>K<[HIWCEGP17^�3;=D-0 <[>K<[95PSâ:>K<[<?st<?9�P�7:@T<[>ISVP_DG7:9=H?�@.cBCDFJLByDF95]:7ÊG]:<RHH)N95P_S^J?PIDFJ�S^H!. <?EFEZSVH�HK<[stS^95P_DGJ"�¡< SVPIW=>I<?H[n k�SVHKP@�S^>¨P_DGJ[DF@CEF<1Sâ:>K<[<?st<?9�P DF9(P_>IS^9=HKDGP_Dª]:<��¨`NC HrDGH SÊFHK7�J?7:9=HIDG;=<[>K<[;��S^H . <?EFEoS^H Sâ:>I<?<[s�<[95P DF9@=>K<[;=DGJ SVPIDG]:<i�¨`NC H?n

�ZB=< �¡< SVPIW=>I< J?7:95P_<[95P�7^�3DFs�@ <?>IHK7:9�SÊ �� DGH1SÊFHK7 P_B=<PI7:@=DGJ7^� � ��+ ��-�*( � � .cB=<?>I<�SHI7ÊFWCPIDF7:9��¡7:>2P_BC<t@=>K7 v EG<[s�7^��P_B=<�@ <?>IHK7:9->K<[HKPI>IDGJ?P_DG7:9(7:9�PIB=<�7 v �K<[J�Pr7V� P_>IS^9=HKDGP_Dª]:<1�¨`NC H.cDGPIB ]^<[> v MO7 v �K<?J?P8SVa:>I<?<[s�<[95P�DGH @C>I7:@T7:HI<?;�n�� >_SV9=HIDªP_DG]^<��¨`(C H�.cDGPIB ]^<[> v MO7 v �K<?J?P Sâ:>I<?<[s�<[95PW=9=;C<[>Ia^71S J[7^9=HKPI>_S^DG9�P .cB=DFJLB"s"SÛV<[H PIB=<[s HKDFs�DFEfSV> P_7r�OJ?<[EFS^9=;=DGJGF�W=DF>KU<)t;=SVP_Dª]:<.J?7:9=H¨P_>IWCJ�MP_DG7:9=H?�3P_BC<[DF>37 v �K<?J?PiJ SV9=9=7^P v < 7^PIB=<[>.PIB�S^9 < >K;�@ <?>IHI7^9�n u � P_<?>!<��CS^s�DF9=DG9=atPIB=< �¡< SYP_W=>K<[HP_B=SVP � P_SÊFDFS^9��¨`NC H S^9C;�OJ[<?EfS^9=;CDFJ F,WCDF>IU<)�;�SVPIDG]^<3J?7:9=HKPI>IW=J�P_DG7:9=H B=S¤]^<!DF9�J[7^sts�7:9��eHIBC7E.P_B=SVP"�¨`(C HJ S^9C9=7^P v <�J[7:9=HKDF;=<?>I<?; S^HIF�W=DG>IU<) ;�SVPIDG]:<�J[7^9=HKPI>IW=J�P_DF7^9=H[n0�ZB=< � SVJ?P�P_B�SVP"S@T<[>IHK7:9�>I<?HKPI>IDFJ�P_DG7:9 7:9�P_B=<r7 v �K<[J�P!B=7ÊF;=H3DF9 v 7^PIB J[7:9CHKP_>KW=J?PIDF7:9CH.;=<?HI@=DªP_<rPIB=<[DG>3HH)N95P_S^J?PIDFJ;=D>0 <?>I<[9CJ[< @C>I7¤],DF;=<?HtW=H�.cDGPIB�S v <�PIPI<[>�W=9=;=<?>IHKP_S^9=;=DG9=a-7V�.P_BC<�@T<[>KHI7:9 >I<[H¨P_>KDFJ?PIDF7:9y@=BC<�M9=7:s�<[9C7:9S^H�S/.cBC7:EF<Vn �O9@�S^>¨P_DGJ[W=EFS^>[�5�eSV>Ia:W=<cP_B=SVP�PIB=<.@T<[>KHI7:9t>I<?HKP_>KDFJ�P_DF7^9t7:9�P_B=<37 v �K<?J?P;=7,<[H29=7VP!B�S^@C@ <?9�SVJ[J[DG;=<[95P_SÊFE>):� v WCPiDGP.DFHAP_B=< HH),HKP_<?s"SYP_DFJr>I<[HKW=EGP!7^��S"HI@T<[J?D-+�J�HH)N95P_S^J?PIDFJJ[7^9(+�a:W=>ISVP_DG7:9��=9=S^st<?E-) ��W=EGPIDF@=EGI<?<^n

£ ��

3 ��+ ��-�*( � ;=<[SÊFHM.cDªP_B�P_BC<�@C>I7 v EG<[s 7^� DG95P_<[>K@=>I<�PLSVPIDF7:9�7V� �¨`NC H?n1� PiDFHM.�<[EFE MOU�9=7�.c9P_B�SYPc�¨`NC Hc;=7�9=7^PcB�S ]^< S�W=9CDGPLSV> )tDF95P_<?>I@=>K<?PLSYP_DF7^9�� v WNPZP_B�SVP P_B=<?DF>ZDF95PI<[>I@C>I<?P_SVP_DG7:9>ISVP_B=<?>>_S^9Ca:<[Hc�¡>I7:s S1W=9=Dª]:<?>IH_SVE 7:9C</.cDªP_B�9=7"HK@ <?J[D-+=J SVPIDF7:9R�¡7:>cDF9=J?EFW=HKDG]^<[9=<?HIH3PI7S^9�<��NDGHKP_<?95P_DfSVE7:9=<V� .cB=DGJLB DGHHI@T<[J?D-+�<?; �¡7:>DF9CJ[EFWCHIDG]^<[9=<?HIH?�.D n <^n,.cB=DFJLB0DGHHI@T<[J?D-+�<?; SVH DF9=J?EFW=;=DG9=a-PIB=<HI@T< SÛV<[>?n u HcSÊF>K< S^; )t7 v HI<?>K]:<?; v )�C DF9NF�W=<�l¨¢-?A>;>5p��P_B=<3P_<[9CHI<�MOS^HI@T<[J�P_W�SVE}HI@T<[J[D>+�J SYP_DF7^97^�P_B=<1J?EfS^W=HK<1DF9$��WC<[9=J?<[H2P_B=<1DG9�PI<[>K@=>I<�PLSVPIDF7:9(7^��¨`NC H[n1� SÛ�DF9=a C DG9NF�W=<15 H 7 v HI<?>K]VSVP_DG7:9 S^HiSHKP_S^>KPIDF9=a!@T7:DG9�P[�^��PI> ) P_7!;=<�P_<?J?PoSÊGE�PIB=< @T7:HIHKD v EG< J[S^W=HI<?He7^��P_BC< DF95P_<?>I@=>K<?P_SVP_DG7:9�SÊ�]VS^>IDFSVP_DG7:9�n� HIBC7E. PIB�SVP v 7:WC9=;=<[;C9=<[HKHDFH�DF9=;C<[<[; >I<?HI@T7:9=HID v EF<R�¡7:>1P_B=<�DF9=J?EFW=HKDG]^<�DG9�PI<[>K@=>I<�PLSVPIDF7:9 7^��¨`NC H[n g0B=<[9 P_B=<�<?]:<?95P DFH W=9 v 7:W=9=;=<?;��5Sca:<[9C<[>IDGJ�DG95P_<[>K@=>I<�PLSVPIDF7:9i�¡7:>}P_BC<�HK<[stS^95P_DFJo@T<[>IHK7:9�¡< SVPIW=>I< S^>KDFHK<[HZ],DfS v DF9C;=DF9=aB.cDªP_B�S�a:<[9=<?>IDGJ 7^@ <?>_SVPI7:>[n g0B=<?9�PIB=<i<?]:<?95P!DFH v 7:W=9C;=<[;��PIB=<<?]^<[95PcDFH�EFDF9CU^<[;�P_7rPIB=<!HK@ <?<[JLB�S^J?P[� .cBCDFJLB @=>K7 ],DG;=<[H �� .cDªP_B SV9DF9=J?EFW=HKDG]^<3DG9�PI<[>K@=>I<�PLSVPIDF7:9�n

3 ��+ ��-�*( � J?7:95PLS^DG9=Hcs7) J?7:9=J[EGW=HIDG7:9=H?n

� 0�� " ��

�O9�PIB=DFH HKPIW=;():��DFs�@ <?>IHI7^9�SÊ �� DGH J?7:9=HIDG;=<[>K<[;-�¡>K7:s�HI<�]:<?>_SÊo]NDG<�.c@T7:DF95PIH[� PIB=<SVa:>I<?<[s�<[95P@�SVPKP_<[>K9=H 7^��PIB=< J?7:9=H¨P_>IWCJ?P_DG7:9=H DªP�7,J[J?W=>IH�DF9 SV9=; P_B=<�>I<?HKP_>KDFJ�P_DF7^9rDFs�@T7:HI<?; 7:9 7^PIB=<[> EF< �CDGJ SÊDGPI<[s�HcS^@=@T< S^>KDF9=a�DG9�HKW=JLB J?7:9=H¨P_>IWCJ?P_DG7:9=H?� S^9=;�DF95P_<?>I@=>K<?PLSYP_DF7^9�n

`N7 � SV>[�:� B�S ]:< v <?<[9�W=HIDG9=a2P_B=<ZP_<?>Is�DFs�@ <?>IHI7^9�SÊ �� DF9�S2J[7^st@=EG<?PI<[E-) ��DFs�@=>I<?HIHIDG7:9=DGHKP_DGJ15. S*)^� .cDªP_B=7^WCPcDFHK7:EfSVPIDF9=a DGPZ�¡>K7:s�7^PIB=<[>cU�DF9C;=Hc7^� �� ne�O9R� S^J�P � �� S^@=@T< S^>KHADG9RHI<?]^<[>ISÊ�7^P_B=<?>J[7:95PI<��,P_HAP_B�S^9�P_B=< DFs�@T<[>IHK7:9�SÊ 7:9=<^��.cDªP_B�;=D-0 <[>K<[95P3�¡WC9=J?PIDF7:9=HZ�¡>K7:s P_B=< 7:9=<iJ?7:9=HIDG;=<[>K<[;HI71� S^>[n�� stS�)T�

� � S^>KU>I<��<��NDª]NDªP )RS^HcDF9 l B p��7^>Z>I<[J?DF@=>K7NJ?DGP )^��S^HZDF9�l�>5p

� � S^>KU S�stDG;=;=EG<!>I<[S^;=DF9Ca=��S^HZDG9-l�?5p

� � S^>KU S�@�S^HKHIDG]^< >K< S^;CDF9=a=�=S^HZDF9�l¨¢ ¦5p

� � S^>KUW=9�SVJ[J[WCH_SVPIDG],DGP )^� S^HcDF9 l¨¢^¢ p

� �� 1HKD B

� C 7:95]^<�)�S�HI7VM J SÊGEF<[; DG9=B=<?>I<[95PA>I<��<��NDª]:< st<[S^9=DF9Ca=�=S^HcDG9-l�¢ ¥:p

� � SV>IU S^9 � S^@=@=EGDFJ SYP_DG]^<15ª�C7:>cSVHI@T<[J?PIW�SÊ}>K< S^;=DG9=a=��SVHADG9�l¨¢ IUDG9=JLB=75SVPIDG],DGP )^��S^HZDG9-l�¢ §�pl B p �}W=DFa:D

�}W=DFa:DHIDHIDEFS¤]VS. S^HIBC<[H

�q�}W=DGa:D . S^HKB=<[H3B=DFs�HI<?EG��5

l�>:p � S^>KDfS� S^>KDfS

<S^9=;

�}W=DFa^D�}W=DFa^D

HIDHIDHK7:9=7SV>I<

DF9=J?7:95P_>ISVP_Dst<�P

� ��S^>IDFS�S^9=;��WCDFa:D B�S ]:< st<�Pc< S^JLB�7^P_B=<?>#5

l�?:p � W=<[H¨P_<P_B=<?HI<

J S^s�DFJ?DF<HIB=DG>KPIH

HKDHKDEfS ]VS^9=7. SVHIB

� S^J?DFEGst<?9�PI<<[S^HIDGE-)

� �ZBC<[HI< HIBCDF>KPIH2. SVHIB <[S^HIDGE-) 5

l¨¢ ¦5p `NDHKD]^<[9=;C7:9=7HK<[EGE

;C<[EFEG<HK7:s�<

S^WCP_7J S^>KH

� k <?7:@=EF<iHK<[EFE}HK7:s�<2J S^>KH#5

l¨¢^¢ p ��SPIB=<

@ 7:>¨PLS;=7N7^>

HIDHID�DGHS^@T<[>KP_S7:@T<[9

��ZB=< ;=7N7^>Z7:@ <?9=<[;=5

l¨¢¤¥:p �}W=DGa:D�}W=DGa:D

HIDHID�DGHHI<?;=WCP_7H_SVP

� �}W=DFa:D H_SVPA;=7�.c965

l¨¢ IDfS� SV>IDfS

HKDHKD�DFHstS^9=a:DFSVPLS< SYP_<[9

DGEPIB=<

@�S^9=DG9=7H_S^9C;(.cDGPIJLB

�q� S^>KDfS�B�S^Hc< SYP_<[9RP_BC< HIS^9=;(.cDªP_JLB65

l¨¢[§�p � SV>IDfS� SV>IDfS

HKDHKDHK]:<?a:EFDFS. SÛV<[HAW=@

�q� S^>KDfSB. SVU^<[HAW=@65

�O9�PIB=<�BCDFHKPI7:> )y7V�!� PLSVEFDfSV9 EGDF9=a^W=DFH¨P_DFJ?H[��S�EG7^P17^�iSVPKP_<?9�PIDF7:9 B�S^H v <?<[9 ;=<[;=DGJ SVPI<[;�PI7 PIB=<F�W=<[H¨P_DG7:9 .cB=<?PIB=<[>tP_B=<?>I< < �CDGHKPIHS-W=9CD F�W=< �� 2.cBCDFJLB J[S^90S v HK7:EG]^< SÊGEc�¡WC9=J?PIDF7:9=HtEFDGHKP_<?;

> ��

S v 7 ]^<r;=<?@ <?9=;=DG9=a"7:9�P_B=< <[95],DF>K7:9=s�<[95P3DF9 .cBCDFJLB DªPA7NJ?J[W=>KH[�T7:>APIB=<[>K< S^>K< >ISVP_BC<[>cP . 77^>st7^>I<A;=D-0 <[>K<[95P �� 5 H[� .cB=DFJLBS^>I<3HIW v H¨PLS^95PIDfSÊGE-)�;=D>0 <?>I<?9�P S^9=;tB�S ]:<!9=7VP_B=DG9=ar7:>oEFDªPIPIEF< P_7 ;=7.cDGPIB�<[S^JLB 7VP_B=<?>[n

�ZB=<M+�>IH¨PASVPIPI<[s�@CP PI7�@=>I7¤],DF;C<2S^9RS^9=HH. <?> P_7 PIB=< ��7:9=< �� MestS^9<) �� 5�H�5(F�W=<[H¨P_DG7:9R;�SVP_<?Hv S^JLUPI7��3S^@ 7ÊFD8l�¢-? B £5p n �.S^@T7:EFDel¨¢-? B £5p @=>I7:@T7:HK<[HcP_B�SVPcPIB=<[>K< SV>I<iP . 7�P_>_SV9=HK�¡7:>Ks"SYP_DF7^9�SÊHI7:WC>IJ[<?H3�¡7:> �� 8P_BC< �Ad8Q ��d��!� 62d l �3d8QepZS^9C;�PIB=< `,� MO� �!`Ndo� �Z� � � l `,DªMO�¨p n��AdoQyDFHZPIB=<P_>IS^9=HK�¡7^>IstSVP_DG7:9 P_B�SVP37:@T<[>ISVP_<?H.7:9 >K< ��< �NDG]:<?H[� >I<[J?DF@=>K7NJ[SÊFH?� DF9=JLB=7:SVP_Dª]:< SV9=; s�DF;=;CEF<[H � � � M�1S^@=@=EGDF<?H�DG9=HKPI< S^; P_7 .cB=SVPI.�< B�S ]:< �KW=HKP"J SÊGEF<?;�DFs�@T<[>IHK7:9�SÊcSV9=; @�S^HKHIDª]:< H¨P_>KW=J?PIW=>I<?H[n�.S^@T7:EGD=J[EFS^DFs�H P_B�SYPoPIB=<3S^>I<cP . 7 HI<?s"S^95PIDFJ SVEFE-) S^9=;tH ),95PLS^J�P_DFJ[SÊFE>)�;=DGHKP_DG9=J?P �� 5 H[�,SÊªP_B=7:WCa:BP_B=<8)RS^>K< <�P ),st7:EG7:a:DGJ SÊGE-)1>I<?EfSVPI<[;�n

u J[J[7^>I;=DG9=a PI7 ��S^9=b[DG9=D l¨¢8?A>:£5p �57:9�P_B=<A7^P_BC<[>8B�S^9=; �,DGst@T<[>KHI7:9=SÊ �:>K< ��< �NDG]:< MO>K<[J[DG@=>I7,J SVES^9=;�s�DF;=;CEF< �� SV>I< 7:9C<�S^9=;�P_BC< H_S^s�< EG<��NDFJ[SÊ DªP_<?s�n2�ZB=< �� DªP_<?s DGH2S"]VS^>IDFS v EF<V� .cBCDFJLBJ S^9 v <r�¡>K<[< 7:>.;=<?@ <?9=;=<?9�P[nike>I7¤],DF;=<?; P_B�SVP3P_B=< @�S^HKHIDG],DGb[DF9Ca"@=>K7:@ <?>KP )�7^� �� DFHA7:@CPIDF7:9=SÊ �7:9=<ZJ[S^9t7 v PLS^DG9 �¡7:W=> ;CD-0 <[>I<?95P8J[7:s v DF9�SVPIDF7:9CH v )�s"SYP_JLB=DG9=a!P_B=< �¡>K<[< ©V;=<[@T<[9C;=<[95P .cDGP_B�PIB=<@�S^HKHIDG],DGb[<[>_© ��!� MO@�S^HKHIDª]NDGb[<?>Z@=>I7:@T<[>¨P_DG<[H[�=S^HcHIB=7�.c9 DG9�l¨¢�=:p �

l¨¢�=^p� �� ! �� #<$ " � �� ! �� #<$ "

� �!��"�!�� ! �> ! �� Ost@T<[>KHI7:9�SVE �� c< ��< �CDª]:< �� !�� ! �> ! �� DF;=;CEF< �� DG;=;=EF< MO>K< ��< �CDª]:< ��

& �¡>K7:s � SV9=b[DG9=DOl�¢-?A>:£C� ¥A=;?:p '

g0B=<[9 �� DGH PLSVU^<[9&PI7 v <S��¡>K<[<"]VS^>KDfS v EG<�S^9=;&P_BC<"7:@CPIDF7:9=SÊ8@�S^HIHKDG],DFb?<[> @C>I7:@T<[>¨P )-DGH9=7^Pt>I<[SÊFDGb[<[; � .�< 7 v P_S^DF9 S^9 DFs�@ <?>IHI7^9�SÊ �� J?7:9=H¨P_>IWCJ?P_DG7:9��ADG� �� DFH1PLSVU^<[9 P_7 v < S ;=< M@ <?9=;=<?9�Pc]VS^>KDfS v EG< .cBCDFJLBR>I<[SÊFDGb[<[H DGP_H @�S^HIHKDG],DFb?<[>Z@=>K7:@T<[>KP )^�(.�< 7 v PLS^DG9 S s�DF;=;=EG<�M >I< �=<��NDG]^<�� J[7:9=H¨P_>KW=J?PIDF7:9��SV9=;(HI7R7:9�n �37�.�<?]:<?>[� � S^9=b?DF9=D 7 v HI<?>K]^<[HiP_B�SVP2PIB=<�7^PIB=<[>!7,J[J?W=>I>K<[9=J?<[H7^� �� HKW=JLB S^H DF9�@�S^>¨P_DFJ?W=EfSV> PIB=<W=9�SVJ[J[WCH_SVPIDG]:< stS^>KU,DG9=a �� 9=<[<?;&P_7 v <;=DGHKP_DG9=a:W=DGHIB=<?;�¡>I7:s P_BC<27^P_B=<?> �� 5 H[n u J[J?7:>I;CDF9=a PI7�� S^9=b?DF9=Dm�CW=9�SVJ[J[WCH_SVPIDG]:<2stS^>KU,DG9=a �� 7:@T<[>ISVP_<?H DF9PIB=<

� �� 1HKD ?

EF< �NDFJ[7^9��=.cB=DGEF<rPIB=< � WC9=D F�W=< 5 �� 7:@ <?>_SVPI<[H2DG9 P_B=<�HH),9�P_SY� n1� S^9Cb[DF9CD 5 H2S^9�SÊ>),HIDFH?�}SÊªP_B=7:WCa:B]:<?> )RP_<?st@NP_DF9Ca=��a:<[9C<[>_SYP_<[H3HI7:s�< F�W=<[H¨P_DF7^9=H[� .cB=SVP.;C7N<?H3DªP3s�< SV9�PIB�SVPA7:9=< DGPI<[s stS�)7:>stS�)�9=7VP v <.Sr@�S^HKHIDª]NDGb[<?> ��g0B�SYPZJ[>K< SVPI<[H PIB=DFH�7:@CP_DG7:9�SÊGDGP ) ��OHI965 P PIB=DFH��KW=HKPcSV9=7^P_BC<[> . S*)7^� H_S*),DF9=a1P_B=SVPK. < S^>K<2;=< SÊGDF9=aB.cDªP_B P .�7";=D>0 <?>I<[95PcEG<��NDFJ[SÊ�DGPI<[s�H �

u 9=7^PIB=<[>�DF9$�=W=<[95P_DFSÊTJ[7:95P_>KD v WNP_DF7^9t7:9"�¨`NC H2. SVH @=>I7¤],DF;C<[; v )I? W=>Ib?DF7Rl�¢-?A>:£:p�n�?�W=>Ib?DF7;=>IS�.cH!PIB=< EGDF9=< v <�P . <?<[9(>I<��<��NDª]:<^�}WC9�S^J[J?W=H_SYP_DG]^<1S^9=; DG9=B=<?>I<[95P2>K< ��< �NDG]:< �� 7^9 P_B=< 7:9=<B�S^9C;��}S^9=; .cB=SVP2B=< J[SÊFEGH.DGst@T<[>KHI7:9�SVE SV9=;�@�S^HKHIDG],DGb[DF9CaR`N�c7:9 P_BC< 7^P_BC<[>[n u J?J[7:>K;=DF9CaP_7? W=>Kb[DG7=� �� stS^>KU,HoP_B=<.EfS^JLU17^� S^HKHIDGa:9=s�<[95P 7V� S @ M >I7:EG<API7rP_B=<3HIW v �K<[J?Pc@T7:HKDGP_DG7:9�n g0B=DFEG< ��DFHcS1stS^>IUt7^��WC9�S^J[J?W=H_SYP_DG],DªP ):�T`N��DFHcS�s"SV>IU"7V� ��DFs�@ <?>IHK7:9�SÊGDGP ) 5Gn

g0DGP_B(P_BC<S^;=;CDGP_DG7:9 7^� HK<?]:<?>_SÊ�W=9�S ]:7^DF;�S v EF<�HIW v J SVPI<[a:7^>IDFb[SVP_DG7:9=H?� � v SVHIDFJ[SÊFE>) �¡7:EGEF7�.? W=>Kb[DG7N5�H�S^@C@=>I75SVJLB�� DGHI7:EFSVP_DG9=a P_B=<RJ?EfS^HKH�7V� ��DFs�@ <?>IHI7^9�SÊ 5 �� .cBCDFJLB�DG9=J[EGW=;=<?H v 7^PIB PIB=<@=>K7:@ <?>�DFs�@ <?>IHK7:9�SÊm�iS^9=; P_B=<-HI7VM J SÊGEF<[;�@�S^HIHKDG]^<�M �� ¡>I7:s P_BC<�7^P_B=<?> DF9CHKPLSV9=J[<?H�7^� �� n? W=>Kb[DG7N5�H8SV@=@=>I7:S^JLB1J[7:9=H¨P_DªP_WCPI<[H P_BC< v S^HIDGH��¡7:>@C DG9NF�W=<15 H3l¨¢-?A>;>5p HI<?stDG9�SÊCS^9�SÊ>)NHKDFH 7V� �¨`(C H[nC DF9(F,WC< >K<�+�9C<[HcP_B=<iS^9=SÊ-),HIDGH 7^� �¨`NC H[� ;=<?>IDª]NDG9=a P_BC<[DF> Sâ:>I<?<[s�<[95Pc@�SVPKP_<?>I9=HZ�¡>I7^s�7:9=< v SYMHIDGJ"@=>K7:@T<[>KP )�7^� �� DªP_H S^>Ia:WCst<?9�P_SÊ8]NH?n ��!� M�S^>Ka:W=s�<[95PLSÊ8H¨PLSVPI<^n � .cDGEFEeJ[7^st< v S^JLU DF9s�7:>I< ;=<?P_S^DFEGH3P_7�C DF9NF�W=< 5�H2SV9�SÊ-),HKDFH[� .cB=DFJLB�J?7:9=H¨P_DGPIWCP_<?H.P_BC< HKP_S^>KPIDF9=a@T7:DG9�PA�¡7:>3s7) 7�.c9S^9�SVE-),HIDGH[n

j.<[HK@=DGPI<rP_B=<ra:>I<[SVP!DG9�PI<[>K<[HKP!7^� P_BC< DFHKHIW=< �cB�S ]^< �KW=HKP!HIU^<�P_JLB=<?;��K. 7:9=5 PiSV;=;=>I<?HIH.PIB=<��7:9=< �� ©Vs"SV9 ) �� 5�H�5,@C>I7 v EG<[s�DG9�PIB=DFHL.�7:>IU �NS^9=;%.cDFEFEN�¡7NJ?W=H87:9"DGst@T<[>KHI7:9�SVE �� < �CJ?EFW=HKDG]^<[E-)^n�37�.�<?]^<[>[�,DF9 7:>I;C<[>�PI7!DF;=<?95P_DG� ) S.J[SVP_<?a:7:>H)r9�SVst<?;�� DGst@T<[>KHI7:9=SÊ 5 �� :��SVs�J?7:9C�¡>I7^9�PI<[;B.cDªP_BP_BC<�� 7:9C< �� MOstS^9<) �� 5�H�5^@=>K7 v EF<?s��^SVP EG< S^H¨P P_7.HI7:s�< <��,PI<[95P n �ZBC<KF,WC<[HKPIDF7:9�BC<[>I<ZDGH[� J S^9B.�<>I<[SÊFE>)�DF;C<[95P_Dª� )�S^9"DGst@T<[>KHI7:9�SVE �� ,7^>�DGH�DªP v <?PKP_<?> �KW=H¨P�PI7rs�<[95P_DG7:9�PIB=< ��DFs�@T<[>IHK7:9�SÊ \.`CdK57^� �� :@=>K<[HKW=@=@T7:HIDG9=a2P_B=<Z< �CDGHKPI<[9=J?<Z7^�T7:9=E-) 7:9=< �� ) S^HIHKW=s�@CP_DG7:9�>I<?a5S^>I;CDF9=a.PIB=DFH�@ 7:DG95PDFHiP_B=SVPrPIB=<[>K<"<��NDGHKP_HrS^9 ��DFs�@T<[>IHK7:9�SÊ �� 5 .cB=DGJLB&DF9=J?EFW=;C<[H v 7^PIB�PIB=<"@�SVHIHIDª]:< �� S^9=;�PIB=<@=>K7:@ <?>.DGst@T<[>KHI7:9�SVE �� nA`NW=JLB�S^9 S^HIHKW=s�@CP_DG7:9 DGHAstS^DG9=E-)";=<?PI<[>Is�DF9C<[; v )�st7^>I@=B=7ÊF7:a:DGJ SÊm�;=DGHKP_>KD v WNP_DF7^9�SÊ �NS^9=;RHK<[stS^95P_DFJi>K< S^HK7:9=H[n

�ZB=<[>K<S^>K<tDG9�� S^J�PrHK<?]:<?>_SÊ�JLB�S^>IS^J?PI<[>IDGHKPIDFJ[H .cB=DGJLB&J[7:9C9=<[J�P DFs�@T<[>IHK7:9�SÊ8SV9=;&@�S^HKHIDª]:<

¢¤¦ ��

�� n u +�>KHKPoJLB�S^>IS^J?PI<[>KDFHKPIDFJ PIB�SVP8@=>K7:@ <?>eDFs�@ <?>IHK7:9�SÊ �� S^9C;�@=S^HIHKDG]:< �� HIB�SV>I<ZDFH PIB=<cEfS^JLU 7^�st7^>I@=B=7ÊF7:a:DGJ SÊTDF9 ��<[J�P_DF7^9�n u EFE�P_BC< 7^PIB=<[> �� 5 H3HKB=7�. S^9�DF9$��<?J?PIDF7:9�SVE}@�S^>_SV;=DFa:s��(.cB=DGJLB DGH7^� J[7:W=>KHI<A>I<?HKP_>KDFJ�P_<[;�;=<?@ <?9=;=DF9Ca 7:91P_BC<A@T7:HKHID v EF<Z7,J[J[WC>I>I<?9=J[<V� v WCP@):<?P�<��NDGHKP_H?nAl¨¢¤£:p�HIB=7�.cHP_B=<�st7^>I@=B=7ÊF7:a:DGJ SÊ^@�S^>_SV;=DFa:s 7V��>I<��<��NDG]^<^�5>K<[J[DG@=>I7,J SVE �Cl s�DF;=;=EG<¤p �VDG9=B=<[>K<[95P �^W=9�S^J?J[W=HISVP_Dª]:<S^9=;�S^@=@=EGDFJ[SVP_Dª]:< ��

l¨¢¤£:p� � ¢ H¨Pc@=H3HKa�� ¥V9C;�@CH3HKa�8� < >I;R@=HcHIa�C� ¢ >K;�@CHA@CE)�� ¥V>K;�@CHA@CE�8� < >K;�@CHA@CE

�ZB,WCH[� DGst@T<[>KHI7:9=SÊ�S^9=;�@�S^HIHKDG]^< �� SV>I< st7:>K@=B=7:EG7:a:DGJ SÊGE-)1;=DGHKP_DG9=J?Pc�¡>K7:s SÊFE�PIB=< 7^P_B=<?>DF9=H¨PLS^9CJ[<[H 7^� �� DF9tP_B�SVP�P_B=<3EfSVPKP_<?>[� v WCP 9C7^P PIB=<.�¡7:>Kst<?>[�,HIB=7�.*st7^>I@=B=7ÊF7:a:DGJ SÊCDF9$��<?J?PIDF7:9�n� P DGH�.�7:>KPIB&9=7^PIDFJ[DG9=a�PIB�SVP P_B=< < >I;&@T<[>KHI7:9�HKDF9=a^W=EfS^> S^9C;&@=EFWC>_SÊe�¡7:>KstH �¡7:> DG9$��<?J?P_DG7:9�SÊ�� S^>K<"HI@T<[EGEF<?;-7:WCP S^H �� n��M.cDFHKB-P_7 S^>Ia^W=<tPIB�SVP P_B=< S v HI<?9=J[< ©V@=>I<?HI<?9=J[<R7^�ZDG9$��<?J?P_DG7:9�SÊst7^>I@=B=7ÊF7:a1)tB�S^HcP_7�;=7�.cDGPIBRPIB=<i�¡< SVPIW=>I<iHI@T<[J?D-+�J[SVP_DG7:9�7^� PIB=<iP . 7t;=D-0 <[>K<[95P �� 5�H?� .cBCDFJLB@=EfS*),HAS�J[>IWCJ[DfSVE�>I7:EG<2DF9R;=<�P_<[>KstDG9=DF9Ca�Sâ:>K<[<[s�<[95PA7^� �� J?7:9=H¨P_>IWCJ?P_DG7:9=H?n

` ),9�P_S^J?PIDFJ[SÊFE>):�ADFs�@ <?>IHI7^9�SÊ �� 7,J[J[WC@=DF<?H�S�;=D>0 <?>I<?9�PR@T7:HKDGP_DG7:9 .cDGPIB >I<?HI@T<[J?P�P_7�PIB=<7^P_BC<[> �� 5 H[n �ZB=<��¡7:EFEG7�.cDF9=a�<��CS^s�@=EF<rHIB=7�.cH2P_B=<�@T7:HKDGP_DG7:9 7V��>K< ��< �NDG]:< ©^S^HK@ <?J?P_W=SÊ �� S^9=;DFs�@ <?>IHK7:9�SÊ �� .cDªP_B�>I<[HK@ <?J?PcP_7tS^9R7 v �K<?J?PAJ[EGDGPIDFJ^�

l¨¢ B p C <HID M/#��

EG7DªPKM��

HIDHID M *,+.-

�DGHs"SV9=a:DfSYP_7< SVPI<[9

��g�<iB�S ]:< < SVPI<[9�DGPc7:W=>KHI<?EG]:<?H#5

`N<[stS^95P_DGJ SÊGE-)^� v 7^PIB"DGst@T<[>KHI7:9�SVE SV9=;@�S^HKHIDª]:< �� DG95P_>I7,;=W=J?<!S^9tW=9=HK@ <?J[D-+=<[; HIW v �K<[J�P n8�O9 SHI<?9�PI<[9=J?<iEFDFUV<�lm¥:poP_BC<[>I<.DFHZS^9 WC9=;=<[>KHKPI7N7,; W=9=HK@ <?J[D-+=<[;RHIW v �K<[J?P[� S^9=; DG9"� S^J?P P_B=<2de9=aÊFDFHKBP_>IS^9=HIEFSVP_DG7:9 �¡7:> P_B=DGHRHI<[95PI<[9=J?<&DFH � k <[7^@=EF< < SVP#5Gn��ZB=DFH�>I<[S^;=DF9Ca DGH�9C7^P S ]VS^DGEfS v EG< .cDGPIB

� �� 1HKD ¢:¢

P_BC<"7^PIB=<[> �� 5�H?n u EF7:9Ca ? WC>Ib[DG7N5 H EGDF9=<?H[��3P_B=<?>I<?�¡7^>I<"DGHI7:EFSVP_<�S^9�DFs�@ <?>IHK7:9�SÊ �� .cB=DFJLB&DGH;=DGHKP_DG9=J?Pe�¡>K7:s�PIB=<c7^P_BC<[> �� 5 H[�,S^9=;�.cB=DFJLB1DGHeJLB�S^>_SVJ?P_<?>IDGb[<[; v )�P_B=<Z� S^J�PeP_B�SYP8DGPeDG9�PI>I7,;=W=J?<[HS^9�W=9=HK@ <?J[D-+=<[; HKW v �K<?J?P3DF9P_BC< J?EfS^WCHI<^n

�Ost@T<[>KHI7:9�SVE �� DGH 9=7^P[�CB=7�.�<?]^<[>[� J?7:st@CEF<?PI<[E>)1W=9=>I<?EfSVPI<[;PI7rP_B=<.7^P_B=<?> �� 5 H[ne�O9 @�S^HKHIDª]:<J[7^9=HKPI>IW=J�P_DF7^9=H[��¡7:>8DF9=H¨PLS^9CJ[<^�,DGP8DGH89=7^PoDFs�@=EfSVW=HID v EF<oP_7 H_S*)1P_B�SVP �� HKDFa:9�SVEFH#5^HI7:s�<[B=7�. PIB=<S v HK<[9=J?< 7^�NP_B=<8< �NPI<[>K9�SÊ @ MO>K7:EF<Vn��ZB=DFH�7 v HK<[>¨]^SYP_DF7^9 ;C>_S*.cH S v >IDG;=a:< v <?P .�<[<?9 W=9�S^J?J[W=HISVP_Dª]:<S^9=; @�S^HIHKDG]^< �� n!`,W=JLB(S^9�S^@C@=>I75SVJLB B�S^H v <?<[9�>I<?J[<?9�PIE-)�>I< MO@=>K7:@ 7^HI<[; v ) des v DGJLU-lm¥^¦:¦:¦:pl HK<[< SÊGHI7�Q�7:EGEFD ¥^¦:¦C¢3�¡7:>ZS ;=D>0 <?>I<[95PZ],DF<8.*7:9 �� p�n �oEF<[S¤]^<!P_B=DGH P_7^@=DFJAP_7 �¡W=>¨P_B=<?>Z>I<[HK< S^>KJLB��S^9=; J?7:9=J?<[95P_>ISVP_<i7:9D.cB�SYPZs"SVU^<[H DFs�@ <?>IHI7^9�SÊ �� @T<[J?W=EFDFS^>@.cDGP_B >K<[HK@ <?J?PZP_7r7^P_B=<?> EF< �NDFJ SVEDGPI<[s�H[n ? <��¡7:>I<r;=7:DF9Ca"P_B�SYP � � v >KDF<��N) J?7:9=HKDF;=<?> �� 5�H!J?EFDªP_DFJiH¨PLSVPIW=H[�6.cB=DGJLB�DFH.�¡WC9=;�S^s�<[95PLSVEP_7�<��N@=EFS^DF9PIB=< Sâ:>K<[<[s�<[95PA@�SVPKP_<?>I9=Hc7^� �¨`NC H[n

� �6� 0 �� C��&��+,��:�(�� #" �� *(�� + � � �

� � DFH!W=9CDG]:<?>IHISÊFE>) >I<?J[7:a^9=DFb?<[; S^HiS J[EGDGP_DGJ^�T�¡7:>!@=B=7^9=7:EF7â:DFJ[SÊ�SV9=;(st7:>K@=B=7VM H ),95PLS^J�P_DGJ >I<[SYMHI7^9=H[n �}DFUV<�SVEFE 7VP_B=<?>�J?EFDªP_DFJ?H[� �� ;=7,<[HI9=5 P�J[7^9=HKPIDGP_WNP_<�S�@=B=7:9=7ÊF7:a:DGJ SÊ . 7^>I; 7:9yDGP_H�7�.c9l �2<?9=HKPI7E.cDGJ[b�¢-?A?^§=� �3<?HI@T7:>�¢-?A? K<[HIHK<[;�n ��7^>I<[7¤]^<[>[�ZDªP_H�@T7:HIDªP_DG7:9DF9(SJ?EfS^WCHI< DGH!HKPI>IDFJ�P_E>) ;=<8+�9=<?;��!DFs�@T<[>IHK7:9�SÊ �� S^@=@T< S^>KH v <�P . <?<[9 7^P_BC<[>!J?EFDGPIDFJ?H!S^9=; PIB=<]:<?> v l¨¢->:p�� ¡7ÊFEF7�.cHAP_B=< 9C<[a5SVPIDF7:9�l¨¢-?5p �=.cB=DGEF< �¡WCEFE j!keH @C>I<[J?<[;=<�DªP1lm¥^¦5p�� J S^9=9C7^P v < ;=DFH�MEF7,J SYP_<[; 9=7:>.�¡7,J[W=HKHI<?;�lm¥N¢ p � .cB=DGEF< �¡WCEFE j!keH2J S^9 lm¥:¥:p�� J S^9C9=7^PiS^@C@ <[S^>.DG9 DFHK7:EfSVPIDF7:9-l ¥ < pl HK<[<�? W=>Kb[DF7R¢-?;>:£C��`,J SÊGDFHI<�¢8?A?^§=� C SV>I;=DG9�SÊF<�PIPID � `,P_S^>IUV<1¢-?A?A?5p �

l¨¢8>5p �}<B=<?>¨M�% � � � � + " #&%('�)

HKDHKD>_S^J?J[7:95PLSP_<[EGEªM�"$#&% '�)

HKPI7:>IDG<HKPI7:>IDG<[H¨M � � + - �

� k <?7:@=EF<2PI<[EFE B=<[>cHKPI7:>IDG<[H�5

l¨¢8?5p �A7:9 ��)

HKDHKDs"S^9Ca:DfS< SVPIH¨M/" #&%('�)

SÊGEF<SVPcPIB=<

BB;C<[E7V� PIB=<

s"SVPKP_DG9=7st7:>K9=DF9Ca

� � 9=<i;=7N<?HI965 PA< SVP3SVP B DG9RPIB=<ist7^>I9=DG9=aN5

¢ ¥ ��

l ¥^¦:p � S^>KDfS� S^>KDfS

9=7^9 ��)


SÊFEG<SVPcP_B=<

BB;=<?E7^� P_B=<

stSVPIPIDF9=7s�7:>I9CDF9=a

�q� S^>IDFS ;=7,<[HI9=5 P3< SVPASYP B DG9P_B=<is�7:>I9=DG9=aN5

l ¥N¢¤p �Y�L5�B=SDGP¨M �� + ��' � '�) MOB�SVH¨M/" #&%('�)

],DFH¨P_7HK<[<[9,M -�- + � ' ��'�)

HIDHID

� k <[7^@=EF<iB�S ]:< HI<?<[9�P_B�SVP#5

l ¥:¥^p �L5�B=SDGP¨M �� + ��' � '�) MOB�SVH¨M/" #&%('�)

],DFH¨P_7HK<[<[9,M -�- + � ' ��'�)

� S^>KDfS� S^>KDfS

�q� S^>IDFS B�S^HcHI<?<[9�P_B�SVP#5

l ¥ IDFS� S^>IDFS

� g0B=7tHIS^DF; PIB�SVP � `N7:s�<2@ <?7:@=EF< ©1� S^>IDFS(5

�ZB=<[>K< B�S ]:< v <[<[9 P . 7�s"SVDF9=H¨P_>I<[S^s SV@=@=>I7:S^JLB=<[H�P_7 J[EGDGP_DGJ[DGb SVPIDF7:9��7:9=<V� HKP_S^>KPI<[; v )�iS�),9=<Al�¢-? B =^p��*.cB=DGJLB J?7:9=HIDG;=<[>KH}J[EGDGP_DGJ[H S^H}st7¤],DF9Ca <[EG<[s�<[95P_H?� v SVHI<�M a:<[9C<[>_SYP_<[;tl¡7:>}st<?>Ia:<?; pDF9(SREF7�. @ 7^HIDGPIDF7:9(SV9=;�P_B=<?9�s�7¤]:<[;�S^9=;(J?EFDGPIDFJ?DFb[<?;�SV� PI<[>iHI7:s�<�HKPI<[@=H � S^9C7^P_B=<?>[�}stS^DF9CE-)>I<?@=>I<?HI<[95PI<[; v ) �:SV<[a:a:EGDTl¨¢-?;>5¥N�,¢-?A>:£5p}S^9C;!? 7:>K<[> l¨¢-?A>V§�p��E.cB=DFJLBrJ[7:9=HKDF;=<?>IH J[EFDªP_DGJ[H�S^H v S^HI< Ma:<[9C<[>_SYP_<[;�DF9(P_B=<�HIEG7^P2P_BC<�)�S^J?PIW�SÊGE-) 7,J[J?W=@<):��.cB=DFJLB �¡7:> v 7VP_B�PIB=<1st7¤]^<[s�<[95P SV9=;�PIB=<v S^HK<�MOa^<[9=<?>_SVPIDF7:9�S^@=@C>I75S^JLB . S^HcJ[7:9=HKDF;=<?>I<?;�P_7 v <iEF<?� P¨M�S^; �IS^J[<?9�P P_716 DF9�+�9=DªP_<2J[EFS^W=HK<[H[n

�ZB=<�@T7:HKDGP_DG7:9M.cB=DGJLB J?EFDGPIDFJ?H�7NJ?J[W=@<)2B=S^H SÊFHK7 v <[<?9rScstSVPIPI<[>�7^�C;=< v SVP_<V� �iS*),9=<3l¨¢-? B =:p��P_7:a^<?P_BC<[>�.cDGP_B ? 7:>K<[>rl¨¢-?A>V§�p S^9=; �:SV<[a:a:EGD8l¨¢8?A>5¥:p J[7^9=HIDG;=<[>K<[; PIB=< EFS^9=;=DG9=a�HIDGPI<i7^�eJ[EGDGPIDFJ[HP_7 v <iPIB=<262k�@C>I7 �K<?J?P_DG7:9��=s�7:H¨Pc9�SVP_WC>_SÊGE-)�P_B=<26 B=< SV;�n

u 9=7¤]:<[E6. S*)P_71SV9�SÊ-),b?<!J[EGDGP_DGJ[H . S^Hc@=>K7:@T7:HI<?;�SVa5S^DF9 v ) � S*),9=<�l�¢-?A>A?�SC� v p�n �iS*),9=<S^>Ia^W=<[;��¡7^>�PIB=< < �CDGHKPI<[9=J?< 7^�iS^9�DF95P_<?>Is�<[;=DFSVP_<R@=>K7 �K<[J�P_DF7^9O.cB=<[>K< Sâ^>I<[<?st<?95P v <?P .�<[<[97 v �K<?J?P J?EFDªP_DFJ?H8S^9=;�P_B=<A@�S^H¨P @�SV>KP_DGJ[DG@=EF< P_SÛ^<?H @=EFS^J[<Vn@C >IW=J?DfSÊGE-)^�:P_B=<3J[EFDªP_DGJZst7¤]:<?HoPIB=>I7^W=a:BP_B=<"HI@T<[J[D>+�<[>r7^�cHIW=JLBy@=>K7 �K<[J�P_DG7:9yS^H�S^9 �2k ��S^9=;�<?9=;=H�W=@�SV; �K7:DF9C<[;-PI7 P_B=<"]^<[> v �eP_B=DGHP_DGst<iDF9��O9$�}� S^H3S^9 �� nZ�ZB=DGH3s�< S^9CHAPIB�SVPAP_B=<i]:<?> v S^9C; P_B=< J[EGDGPIDFJ2s�7 ]^<rSVEF7:9=a�@�S^>ISÊFEG<[E@�SVPIB=H[� v WNP3;C7�9C7^PAst7¤]:<2PI7:a:<?PIB=<[>?n

� �� 1HKD ¢ <

� S*),9=< 5�H @C>I7:@T7:H_SVEC7:@T<[9=<?; P_B=< . S*) P_7!HK<?]:<?>_SÊC7^P_B=<?>�@=>K7:@T7:H_SÊGH[�:HKW=JLB1S^He\A>IDFSâ:<[>K<[UYS(5 Hl¨¢8?A?C=:p2S^9=;�`N@ 7^>KP_DGJLB=<15 H l�¢-?A? < ��¢-?;?:£C�o¢-?A?A?5p n u J[J?7:>I;CDF9=a�P_7 \A>IDFSâ:<[>K<[UYSC� J[EGDGP_DGJ[H S^>K<"jB=<[S^;=H � DF9RP_B=< J S^HK<r7^�eJ?EFDªP_DFJ2;C7:W v EGDF9=a=��PIB=DFH3S^s�7:W=95P_HcP_7tH_S*),DF9=a�P_B�SVPAP_BC<[>I< DFH3S^9 �3k DF9P_BC<�HK@ <?J[D>+�<[>i7^�8P_BC<tj.k�@=>I7 �K<[J?PIDF7:9(B=<[S^;=<?; v ) PIB=<1J[EFDªP_DGJ^n � PiDFHM.�7:>KPIB�7 v HI<[>¨],DF9=a P_B=SVPHIWCJLB S j.k DFH v S^HK<�MOa^<[9=<?>_SVPI<[;RDF9 SV9RS^>Ia:WCst<?9�P @ 7:HKDGPIDF7:9�n�C EFDªP_DFJ?H SV9=;P_B=<?DF>�;=7:W v EG<[; �3k7 v P_S^DF9RJ?7:>I<��¡<[>I<?9=J[< v ) v <[DF9Ca�DG9�St`,@ <?J¤©^�A< S^;�J[7:9(+=a:W=>_SYP_DF7^9��=S^Hc< �C<?st@CEFD-+=<[;RDF9�l ¥Y§�p��

l ¥Y§�p &�� EF7��}],DG7�� &�� P�� & �� S �^W�S^9 & P�� '>'-'>'

u J[J?7:>I;CDF9=a�P_7�`N@T7:>¨P_DFJLBC<^�oS�HIDFs�DFEFS^>iHKPI>IW=J�P_W=>K<�BC7:EF;=H?�7:9=E>)-PIB=< ;=7:W v EF<[;��3k l Dª�cP_B=<?>I<DFH S^9<)Cp DGH a:<?9=<[>ISVP_<?;&DF9�S^9�SV>Ia:W=s�<[95P @T7:HIDªP_DF7^9��.cBCDFEF<�PIB=<"J?EFDGPIDFJ�DGH v SVHI<�M a:<[9C<[>_SYP_<[;-7:>s�<[>Ia^<[; S^H S^9 S^WCPI7:9=7:s�7:W=H8�¡W=9=J�P_DG7:9�SÊ B=<[S^;��=J[SÊFEG<[;t687^DFJ[<Vne�}DFUV<!\3>KDfSâ^<[>I<?UYSC�=`,@ 7:>¨P_DGJLB=<S^HKHIW=s�<[H PIB�SVP PIB=<!J?7:>I<��¡<[>I<?95P_DfSVEFDGP ) v <?P .�<[<?9�PIB=<.J?EFDªP_DFJ3S^9=;tP_B=<!;C7:W v EG<[; �3k DGH 7 v P_S^DF9C<[;.cB=<?9�P_BC< J?EFDªP_DFJ.S^9=;RP_B=< �3k S^>I<2DG9�S"`N@T<[J M��A< S^;�J[7:9 +�a:W=>ISVP_DG7:9�n

l ¥;=:p & �� S �^W�S^9�� EF7 &�� ],DF7�� &�� P��3P�� '-'>'

Q�7:>3\3>IDFSâ:<?>I<[UYSC�=PIB�W=H[�TP_B=< J[EFDªP_DGJ2st7¤]:<?H!SÊG7:9=a�P_BC<rEFDG9=<[Hc@=>K7:@T7:HI<?; v ) �iS*),9=<15 H1l�¢-?A>A? v pP_BC<[7:>H):n2Q�7:>.`N@T7:>KPIDFJLB=<V� 7:9 PIB=<r7VP_B=<?>!B�S^9=; � P_BC<rJ[EGDGPIDFJi;=7,<[HI9=5 P2s�7¤]:<V� v WCP3P_B=< �¡W=EFE �.k �v < DªPAS�EF<��NDGJ SÊ��3k�7:> �� SÊ>. S*),Hc;=7,<[H[n

�O9�>I<[J?<[95PL):<[S^>IH?��HI7:s�< S^9=SÊ-),HI<?HeB�S ]:< v <[<?9�;C<?]:<?EF7:@T<[;1DG9rP_B=< ;=DF>K<[J?PIDF7:9r7^� DF;=<?95P_DG� ),DG9=a�¡W=9=J�P_DG7:9�SÊ @=>I7 �K<[J?PIDF7:9CH.;=<?;=DFJ[SVP_<?; P_7"J?EFDªP_DFJ?H l¡HI<?<^�}S^s�7:9=at7^P_BC<[>IH?� PIB=<7.�7:>IU�7^�� S^9Cb[DF9CD

� `CS ]^7:DfS�¥^¦:¦C¢^� ¥^¦^¦5¥�S^9=; k 7:EG<?PIPI7&¥V¦:¦:¦5p n �O9 @�S^>¨P_DGJ[W=EFS^>[�� S^9Cb[DF9CD � `CS ]:7:DFS�lm¥^¦:¦C¢¤p@=>K7:@ 7^HI<2P_B�SYPZJ[EGDGP_DGJ[H S^>I< v SVHI<�M a:<[9C<[>_SYP_<[;�DF9PIB=<2@T7:HIDªP_DF7^9I.cB=<[>K<2P_B=<8) HIW=>¨� S^J[<V� S^9=; P_B=SVPB=<?9=J[<iP_B=<iJ?EFDGPIDFJ!H¨P_>KDF9=a�DGHA7^>Ia5S^9CDFb[<?;RS^HZ�¡7:EFEG7�.cH[�

l ¥V£5p & j�� & j & � & k & �}7,J & �

g0B=<?>I<^�

¢ § ��

� j HKPLSV9=;=HZ�¡7:>cj.<8+�9=DGPI<[9=<?HIH?� S^9C; j�� DGHZEF< �CDGJ SÊGDFb?<[; v )RW=9=DG9$��<?J?P_<?;�J?EFDªP_DFJ?H

� � H¨PLS^9C;=HA�¡7^> � W=S^95P_D-+=<[>IH?��}<��NDFJ[SÊFDGb[<?; v ) < >I;�@ <?>IHI7^9�@=EGW=>_SVE�J[EGDGP_DGJ[H

� k�H¨PLS^9=;CHc�¡7^>ck <[>KHI7:9 �TEG<��NDFJ[SÊFDGb[<?; v ) ¢ HKPL©:¥V9=;�@ <?>IHK7:9�J?EFDªP_DFJ?H

� �}7NJ2H¨PLS^9C;=HA�¡7^>ZEF7,J SVPIDG]:<

� � HKP_S^9=;=Hc�¡7:> �A7:W=9��EG<��NDFJ[SÊFDGb[<[; v ) < >I;R@ <?>IHK7:9�HKDF9=a^W=EfS^> J[EFDªP_DGJ[H

� v HI<[>¨]:<�P_B=SVP"PIB=<�j ;=7:stS^DG9�DFHt>I<?HI<[>¨]:<?;*�¡7:>tHIW v �K<[J?P�J?EFDGPIDFJ?H[� .cB=<?>I<[S^HP_B=< EF7�. <?>;=7:stS^DF9�DGH2>I<?HI<[>¨]:<?;-�¡7:>i7 v �K<?J?P J[EGDGP_DGJ[H?n u J[J[7^>I;=DG9=a�PI7�� S^9=b?DF9=D � `NS¤]^7:DfS lm¥^¦:¦5¥:p � �� DGHEF7,J SVPI<[; DF9 � �YDG9 ],DG>KP_WC<�7^�CDGPIH ;C<[9=7^P_SVP_DG7:9�SÊ5@C>I7:@T<[>¨P_DF<?H[� .cB=DFJLBrS^>I<V�:S^J?J[7:>K;=DF9=acP_7.� S^9Cb[DF9CDl¨¢-?;>:£5p��,P_B=7^HI< 7^� S �¡>K<[<2]VS^>IDFS v EF<Vn

doSVJLB�7^� P_BC<t@=>K<?],DF7^W=Hr@T7:HIDªP_DG7:9=HiJ[7:9CHKP_DªP_WCPI<[H�S�HKPI<[@-�¡7:>H. SV>I;&DG9 PIB=<";=DG>I<?J?P_DG7:9 7^�cSHI@T<[J?DfSÊGDFb[<?;D+�<[EG;��¡7^>ZJ[EFDªP_DGJ[H[n

u HRP_B=< @=>I<?HI<?9�P . 7:>KU DFHRstS^DF9=E>)��¡7,J[W=HKHI<?; 7:90P_B=< H ),95PLSY� 7^�rDFs�@ <?>IHK7:9�SÊ �� S^9=;9=7^Pr7:9�J[EGDGP_DGJ[H DF9�a:<[9=<?>_SÊm� DGPrDFH/. 7:>¨P_B�J?7:9=J[<?95P_>_SYP_DF9Ca 7:9&P_BC7:HI< SVHI@T<[J?PIH�7^�ZP_BC<"P_B=<?7:> ).cB=DFJLB-J[7:9=J?<[>K9 �� DF9 @�S^>¨P_DGJ[W=EFS^>[n � 9C<"7^��P_B=<ts"S^DG9(;=<[J?DFHIDG7:9=HiP_7 v <ts"S^;C<�DGH/.cBC<?P_BC<[>7:9=<1HIBC7:W=EF;(J?7:9=HIDG;=<[>iJ?EFDGPIDFJ?H2S^H2�¡W=9=J�P_DF7^9�SÊ B=<[S^;=Hi7:> S^HiS^>Ka:W=s�<[95P_H?n1�O9 � S^J�P �}P_BC<[>I<�S^>K<S^>Ia^W=st<?95P_H}DF9!� S ]^7:W=>}7^�,< SVJLB 7^��PIB=<eP . 7AS^@=@C>I75S^JLBC<[H�l HK<[<o\3>KDfSâ:<?>I<?UVS!¢8?A?C= S^9C;r`,@ 7:>¨P_DGJLB=<¢-?A? < � ¢-?A?^£C� ¢-?;?A?5p�n u a:7N7,;RSVPKP_<[s�@CPcSYPcW=9=D-+=J SVPIDF7:97V� PIB=<!P . 7�B<),@ 7^PIB=<[HK<[HADFH HKU^<�P_JLB=<?;DF9 C B=7:s�HIU<) 5�H�l�¢-?A?C=:p ��DG9=DFstSÊFDGHKPike>K7:a:>_SVs�n��O9&s�DF9=DGs"SÊGDFH¨P!P_<?>Is�H[� 9=7VP_B=DG9=a @=>K<?]^<[95P_HHI7:s�<?PIB=DF9Ca.�¡>I7:s v <[DF9Ca v 7VP_B�S!stSY�NDFstSÊ,S^9=;�s�DF9=DGs"SVE5@=>I7 �K<?J?PIDF7:9Rl¡D n <^n�S!B=< S^;�p��5S^H PIB=<[>K<DFHZ9=7�s�7:>I<29=<?<[;RP_7�@ 7^HKP_WCEfSVPI<iS^9 �B5�HKPI>IW=J�P_W=>K<^no�ZB=<[>K<?�¡7:>K<^� J[EGDGPIDFJ[H S^>I< v 7^P_B�B=< SV;=HAS^9=;�2keH[n u J[J[7^>I;=DG9=a!P_7/C B=7^stHKU )^� � u HIHIWCst< & nGnªn ' P_B=SVP8S!J[EGDGPIDFJo>_S^DGHI<[H �¡>K7:s DGPIH @ M @ 7:HKDGPIDF7:9rS^9=;SVPIP_S^JLB=<?H PI7�SV9�DG9$��<[J�P_DG7:9�SÊ B=< S^; n��O9 DGPIH @ MO@T7:HKDGP_DG7:9��TP_B=<�J[EGDGP_DGJrDGHiS^9 �!k��SVPIP_S^JLB=s�<[95PP_7�S�B=< SV;�>K<#F�W=DF>K<[HZP_B=SVPcDGP v <iS^9 � � l 7^9R� SVDF>IE>)"H¨PLS^9C;�S^>I;�S^HKHIW=s�@CP_DG7:9=H_p�n8Q�W=>KPIB=<[>Kst7^>I<^�P_B=<�s�7¤]:<?st<?9�P2],DG7:EfSVPI<[H.PIB=<1�3<[S^;��7¤]:<?st<?9�P7C 7:9CHKP_>IS^DF95P�l �!� CZp & �¡7N7VP_9=7^PI< 7:s�DGPKP_<[; ' �DF9=;CDFJ SYP_DF9CaySâ5S^DG90PIB�SVP�DGPRDGH�S^9 �!k �c>_SVDFHIDG9=a v ) �2k S^; �KW=9=J?PIDF7:9 n C EFDªP_DGJ[H S^@C@ <[S^>�PI7

� �� &� �$� �� HID�� ¢�=

HIB=S^>I< �2k S^9=; � �A@=>I7^@ <?>KP_DG<[H?� SVH .�<�.�7:W=EG; <��N@T<[J�P!7:9�stDG9=DFstSÊFDGHKP S^HIHKW=s�@CP_DG7:9=H#5 & �¡>I7:sC B=7:s�HIU<)-l¨¢8?A?C=N� ¥V§C?5p ' no�O9�PIB=DFHK.�7:>IU �T�ZS^;=7^@CPGC B=7:s�HIU<) 5�H.],DG<�. 7:9�J[EGDGPIDFJ[H?n��O9�7:>I;C<[>cP_7v <"]:<?> )&@C>I<[J?DFHK<^�eB=7�.�<?]:<?>[�o7:9=<HKB=7:W=EG;&H_S*)�P_B�SVP �� DFHrS B=< SV;��.cB=DFJLB�a^<?P_H P_B=<H¨PLSVPIW=H7^�AS stSY�NDFstSÊe@=>K7 �K<[J�P_DF7^9&DF9-PIB=<s�7:s�<[95P7.cB=<?9yDGP DFHrs�<[>Ka:<[; .cDªP_B�SV9=7^P_BC<[> <?EF<[s�<[95P[�S^J?J[7:>K;=DF9=a�P_7�P_B=<tst<?JLB�S^9=DGHIs�H @=>K7:@T7:HI<?; v ) C BC7:stHKU<) l�¢-?A?C=^p�n �G.cDGEFE89=7^P >I<?@ <[SVP PIB=<.cB=7:EG<rH¨P_7:>H)�<�]:<?> ) PIDFs�<^� B=7�.�<?]:<?>[��S^9C; .cDFEGE�HIDFs�@=E>)PLSÊGURS v 7:WCP �� S^H v <[DG9=a"s�<[>Ka:<[;�DF9P_BC< HK@ <?J[D>+�<[>c7^� HI7:s�<i@=>I7 �K<[J?PIDF7:9 n

��DF9=DGs"SVEFDFH¨P2S^HKHIW=s�@CPIDF7:9=H J SV9 v <1PLSVU^<[9-<?]:<?9&�¡W=>KPIB=<[> �¡7:> �� n�Q 7^> DG9=HKP_S^9=J?<^� �� J S^9v <iP_SÛ^<?9�PI7 v <ist<?>Ia:<?;�.cB=<[>K<?]:<?>3PIB=<[>K< DGHAS��¡>K<[<iHIEG7^PZ�¡7:>cS^9 �!k n�� B�S^HAS^>Ka:W=s�<[95PLSVE@=>K7:@ <?>KPIDF<[H?�TS^Hc� PLSÛV< DªPcDGPc;=7,<[H?��P_B=DGH3SVst7:WC9�PZPI7tHIS*)NDG9=atPIB�SVP �� J S^9 v <is�<[>Ia^<[;�DF9�S^9<)S^>Ka:W=s�<[95PA@ 7:HKDGPIDF7:9 S ]VS^DGEfS v EG<^n

u EGPIB=7:W=a^B�C B=7:s�HIU<) 5�H8@=>K7:@T7:H_SÊNHI<?<[s�H ]:<[>H) @=>K7:s�DFHIDG9=a=�YP_B=<?>I<ZS^>K<cS.9�W=s v <[>e7^� F�W=<?H¨MP_DG7:9=H�S v 7:WCP�J?EFDªP_DFJ?H=.cB=DGJLB >K<[stS^DF927:@T<[9 n �ZB=<L+�>KHKP�F�W=<[H¨P_DG7:9 DGH�P_B=<89�SYP_W=>K<o7V�CJ?EFDGPIDFJ?DFb SYP_DF7^9�ng0B�SVP < �=SVJ?P_E>)�P_>KDFa:a:<?>IH2J?EFDGPIDFJ?DFb SYP_DF7^9�� u ]^<[> )(DG95P_<[>K<[H¨P_DF9Ca�@=>K7:@T7:H_SÊeB=S^H v <?<[9->K<[J?<[95P_E>)@=WCPt�¡7:> . S^>K; v )A? DfS^9CJLB=D l ¥^¦:¦N¢:�Z¥^¦^¦5¥N�Z¥V¦:¦ < pRl v WCP"HK<[< j.D.j37:st<?9=DFJ?7&¥V¦:¦5¥N� `NDFa:WC>��:H�MHI7^9(¥^¦:¦C¢^� ¥V¦:¦5¥1S^9=;�`,@ <[S^H2¥^¦^¦:¦C� ¥^¦:¦C¢¤p�n u J?J[7:>K;=DF9=a�P_7I? DfS^9CJLB=D � J[EGDGPIDFJ[DGb SVPIDF7:9"7^�e;=DG>I<[J�PS^9=;�DF9=;CDF>I<?J?Pc7 v �K<[J?PIH.DGH3SV9�DG9=HKP_S^9=J[< 7^� @ <?>IHK7:9 JLB=<?JLU�DF9=a=nA`,B=<rSVHIHIWCst<?HAPIB�SVPAJ[EGDGP_DGJ!@=>K7VM9=7:WC9=H S^>K<3PIB=<3s�7:>K@=B=7:EG7:a:DFJ[SÊ=HK@ <?EFEªM 7:WCP87^��@ <?>IHI7^9"�¡< SVPIW=>I<?H[� .cB=DFJLBa^<?P�JLB=<[JLUV<[;RDF9tHI7:s�<J[EFS^W=HISÊ��¡W=9=J�P_DF7^9�SÊ�B=<[S^;�n8�@.cDFEFE @�S^>KPIDfSÊGE-)tS^;=7^@CPZP_B=DGHZ@=>I7^@ 7:HISÊ}DF9 JLB=S^@CP_<?> =,�(.cB=<[>K< PIB=<>I<?EfSVPIDF7:9CHIB=DG@ v <�P . <?<[9 �� S^9=; P_BC< HK@ <?<[JLB�SVJ?PcDFHcSV9�DGHIHIWC<^n

� �&�#(�� '+,� �-�*( �� + �� 8��( ��(��*�8+,�� #" 7 � � ��(�� + � �� A��!�-(�:��

��'�

�¨`NC H @=>I<?HI<?9�P SZ9,WCs v <?>�7^�=@=WCb[b[EGDF9=acSVa:>I<?<[s�<[95P�� S^J?PIH[�E.cB=DFJLB B�S ]:< v <?<[9 7^� P_<?9 7¤]:<?>IEG7N7:UV<[;DF9�P_B=< EGDGPI<[>_SYP_W=>K<^nA�ZB=<�EFDªP_<[>ISVP_WC>I< 7:9 �� B�S^H v <?<[9�stS^DF9=E>)�¡7,J[W=HKHI<[;(7:9�P_B=< @C>I7 v EG<[s 7^�S v HK7:>I@NP_DF7^9 7^�2P_BC< <��,P_<?>I9�SVE @ M >I7:EG< SV9=; 7^�2P_BC< .cDGPIB=;=>_S*. SÊ.7V� u J[J[WCH_SVPIDG]:< l¡HI<?<��ADGb[b?D¢-? B £C��? <[EGEF<�PIP_Di¢-?;>5¥N�K? WC>Ib[DG7 ¢-?A>^£C��C DF9(F,WC<&¢-?A>A>N�cj.7 v >K7 ],DG<�`N7:>KDF9 ¢8?A?:£C�!¢8?A?A>C�2¢-?;?A?

¢¤£ ��

S^s�7:9=a-7VP_B=<?>IHLp n �O9 7^P_BC<[>�.�7:>K;=H[�cP_B=< s"S^DG9�J?7:9=J[<?>I9 7^�2PIB=7:HK< EFDG9=a:W=DGHKP_H�.�7:>IU�DF9Ca&7:9�¨`NC H DG9&� PLSÊGDfS^9 B�S^H v <?<[9�HI7�� S^> PIB=<S^>Ka:W=s�<[95P H¨P_>KW=J?PIW=>I< 7^� HIW=JLByJ[7^9=HKPI>IW=J�P_DF7^9=H[n � 7s7)�U�9=7�.cEF<[;Ca:<^�CSâ:>I<?<[s�<[95P�@�SVPIPI<[>K9=H B�S ]:< v <?<[9 @=WNPZS^HKDF;=<3SÊFs�7:H¨P�J?7:s�@=EF<�P_<[E>):�<.cDGPIBtPIB=<<��NJ[<?@CP_DG7:9=HA7^�4? <[EGEF<?PKP_D8l�¢-?A>5¥^p S^9=; C DF9NF�W=< 5�Hrl¨¢8?A>A>5p .�7:>IU � 7:>ZB�S ]^< v <[<?9 7:9=E>)@�SV>KP_DFSÊFE>)J[7:9CHIDF;C<[>I<?;�� SVH DG9 ?�W=>Ib?DF7�l¨¢-?;>:£5p�� AS^@T7:HI7 � \3>KDfSâ^<[>I<?UYS�l�¢-?A?:¦:p�� S^9=;�j.7 v >K7¤]NDG<�M�`N7:>IDG9l¨¢-?;?:£C�T¢-?A?A>C� ¢-?A?A?:p�n8��7^HKPc7^��P_BC<!@=>I7 v EF<?stH J?7:9=J?<[>I9CDF9=a1Sâ^>I<[<?st<?95PZ@�SVPKP_<[>K9=H2.cDGPIB �¨`NC HB�S ]:< v <?<[9�EF<�� PAS^H��qSV9�7:@T<[9 F�W=<[H¨P_DG7:965ªn

�Ost@T<[>KHI7:9�SVE �� P_>KDFa:a^<[>IH�F�W=DªP_<R@ <?J[W=EGDfS^>1SVa:>I<?<[s�<[95P�@�SVPIPI<[>K9=H[� v 7^PIB DG9 PIB=<�@C>I<[HK<[95PP_<?9=HI< .cDªP_B P_>_SV9=HIDªP_DG]^<�]^<[> v H S^9=; DG9 PIB=< @T<[>¨�¡<[J?P"P_<[9CHI<�� l �!�� p�n0�O9�PIB=<@=>I<?HI<?9�P3P_<?9=HI<V� HKD J?7:9=H¨P_>IWCJ?P_DG7:9=H�.cDGPIB�PI>_S^9=HKDGPIDG]:<!]^<[> v H.HKB=7�. P . 7ts"S^DG9RSâ:>K<[<[s�<[95P3@�SVP¨MP_<?>I9=H?��<��N<[s�@=EFD>+�<[;RDG9-lm¥ B p S^9C;&lm¥;>5p��

l ¥ B p �O9DF9� PLSÊGDfS� PLSÊ>)

HKDHKDs"S^9Ca:DfS^9C7< SVP¨M/"$#&% -��

aÊFDPIB=<�M + ��' � -��

HI@=Sâ:B=<�PIP_DHI@=Sâ:B=<�PIP_D M + � ' � - �

��O9�� P_SÊ-)"@ <?7:@=EF<2<[SVPcHI@=Sâ:B=<�PIP_D 5

l ¥;>:p �O9DF9� PLSÊGDfS� PLSÊ>)


HK@�Sâ:B=<�PIPIDHK@�Sâ:B=<�PIPIDªM + � ' � -��

��O9�� P_SÊ-)^�=@ <?7:@=EG<2< SVPcHK@�Sâ:B=<�PIPID 5

l ¥ B piSV9=; lm¥;>5p!B�S ]:<�P_B=<�H_S^s�<1st<[S^9=DG9=a=� S^>I<�stS^;=<1W=@-7V� P_BC<tHIS^st<1EG<��NDFJ[SÊeDGPI<[s�H v WCP;=DFHK@=EfS*)�P .�7 ;=D>0 <?>I<[95P Sâ:>I<?<[s�<[95P�@�SVPIPI<[>K9=H[n8�O9(lm¥ B p��5PIB=<3]^<[> v SVa:>I<?<[H .cDªP_B�� #� � �.cB=DFEG<2DF9-l ¥;>:p PIB=<[>K< DGHc9=7tHKW=JLB�Sâ^>I<[<?st<?95P �TS^9=;RP_B=<i]:<?> v HKB=7�.cH!S < >I;�@T<[>IHK7:9 HKDF9=a^W=EfS^>DF9$�=<[J?PIDF7:9 n.�Z>I<��¡<[>.PI7(l ¥ B pASVH2S"HI<?95P_<[9CJ[<B.cDGPIB ]:<?> v M 7 v �K<?J?P Sâ:>K<[<?st<?9�P[��S^9C; P_7(lm¥;>5pAS^HS�HI<[95PI<[9=J?<�.cDGPIB=7:WCPZ]^<[> v MO7 v �K<[J?P.Sâ:>K<[<?st<?9�P[n

u HI<[J?7:9=;�<[J?J[<[95PI>IDFJ?DGP )"7^��¨`(C H�.cDªP_B >K<[HI@T<[J�PcP_71Sâ:>K<[<?st<?9�PcDGH ;=DGHI@=EFS�)^<[;RDF9PIB=<2@�S^H¨PP_<?9=HI< 7^� W=9�S^J?J[W=HISVP_Dª]:< S^9=;RW=9=<?>Ia5SVPIDG]^<i]^<[> v H[�TS^HcDFEGEFW=H¨P_>ISVP_<?; DF9 l ¥ ?5p S^9=;-l < ¦:p��

�� !�"$#%!��&(')!*��+-,%.0/1��324657/�389��6�7 : %.; %��<=�10��+%�?>,�6+%@�7 :>$@,%AB6C� ED=��F�� 3�3��>,�� @,��G IH�"��9��@�� J!4#%K@'L!� �!0M=��0+-��NL.7+O -P��EP?.�/ QC�.0NL>��@ %6��20R7��P)�.�S��P�92T+U ��"��9��@�� J!V"W#%!9��&('L!X��+%.C@.��Y8�62Y+- ��ZNL6��1L.�A[ %��Z>,%@ %6,%�� 6D

� �� &� �$� �� HID�� ¢ B

l ¥ ?5p `NDHKD�DGH¨M�"$#&% '�)

S^>I>KDG]VSVP_DS^>I>KDG]:<?;NM -�- -��

�q`N7:s�< v 7N; )=©E. <iB�S ]:< S^>K>IDG]^<[;65

l < ¦5p `NDHKD�DGH¨M�"$#&% '�)

P_<[EG<?�¡7:9=SVP_7J SÊGEF<[;,M -�- ' )

�q`N7:s�< v 7N; )=©E. <iB�S ]:< J SVEFEF<?;65

�O9 l ¥ ?5p�� P_B=< @�S^H¨P!@�S^>¨P_DGJ[DF@CEF<iHIB=7�.cHiS"@CEFW=>ISÊ�<[9=;=DG9=a=� .cB=DFEG< DG9yl < ¦5pZPIB=<r@=S^HKP2@=S^>KPIDFJ[DG@=EF<DFHZHKDF9=a^W=EfS^>?n

�O9 JLB�S^@CPI<[>R¥,�A�1SV;=;=>I<?HIH"PIB=< �¡7:EGEF7�.cDF9Ca;F�W=<?HKPIDF7:9�� .cB�SVP"J S^WCHI<[HPIB=< ;=D>0 <?>I<?9=J[<�DF9Sâ:>K<[<?st<?9�P!@�SVPIPI<[>K9=H v <�P . <?<[9 HI<?9�PI<[9=J?<[H"l ¥ B p3S^9=; lm¥;>5p � �ZB=<�;=D-0 <[>K<[9=J?< DF9 Sâ:>I<?<[s�<[95P@�SVPKP_<?>I9=H?� �"S^>Ia^W=<^�2DGH�J[S^W=HK<[; v )0P_BC<�@T7:HIDªP_DG7:9 DF9 .cB=DFJLB �� DGH�s�<[>Ka:<[; �2S^9=; v ) PIB=<DF95PI<[>_SVJ?P_DG7:9�7^� �� 5�H!�¡<[SVP_WC>I<[HM.cDªP_B�]VS^>IDG7:W=H.�¡WC9=J?PIDF7:9�SVE�B=<[S^;=H[n��ZBC<tSVa:>I<?<[s�<[95Pi@�SVPKP_<[>K9=H7^� l ¥;?:p S^9=;-l < ¦5p SV>I<2DF9CHKP_<[S^;�J[7:9=HKDF;=<?>I<?;�DG9�JLB=S^@CP_<?> < n

�O9�SV;=;=DGPIDF7:9�P_7 P_BC<�@ <?J[W=EGDfS^>.Sâ:>I<?<[s�<[95Pi@�SVPKP_<?>I9=H �KW=H¨Pi7:WCPIEFDF9C<[;�� ¨`NC H SÊFHK7 @=>I<?HI<[95PS^9�DF95P_<?>I<?HKP_DG9=a1>I<?HKP_>KDFJ�P_DF7^9 7:9�PIB=<i7 v �K<?J?P ��DGEFEGW=HKPI>_SVPI<[; DF9 l < ¢ poM.l <A< p��

l < ¢ p `NDHKD]^<[;=7^9=7HK<[< M/"$#&% -��

s�7:EGPI<stS^9<)5M � � + -��

S^WCPI7J S^>KH¨M � � + -��

� � 9=<iHI<[<?H3stS^9<) J[S^>IH�5

l < ¥:p `NDHKD]^<[;=<HK<[<?H¨M/" #&% ' )

� S^>KDfS5©� S^>KDfS5©

EGW=DBC<�M/" #&%('�)

� � 9=<iHI<[<?H!��S^>IDFS5©VB=DGs 5

l <;< p �Y`NDHKD]^<[;=7HK<[< M�� ' � '�)

DG7�©� M�� ' � ' )

]:<?;=DHI<?<�M�� %('�)

P_W):7^WNM� %('�)

©Y]:<?;=DfSVst7HI<?<�M�� ' � -��

9=7^D.�<�M�� ' � -��

©Y]^<[;=<�P_<HK<[<�M�� % -��

]:7:D):7:W,M�� % -��

� � 9=<iHI<[<?H3s�<¤©7)^7:W ©�W=HL©B):7:W=5

l < ¢ pOM l <A< pZHIBC7E. PIB�SVP.PIB=< 7 v �K<[J?P!DF9 �¨`(C .cDªP_B ]^<[> v MO7 v �K<[J?P2Sâ:>I<?<[s�<[95P2J[S^9=9=7^P v <r7^P_B=<?>P_B=S^9 < >I;1@T<[>IHK7:9�n �ZBC<ZEF7,J[W=H 7V� ;=DGHIJ?W=HIHKDF7:9�7^�TP_BCDFH @=>K7 v EG<[s DFH JLB�SV@CP_<?>o§Cn��O91JLB�S^@CPI<[>8§=�:�@=>K7:@ 7^HI< PIB�SVP PIB=< @T<[>IHK7:9 �¡< SYP_W=>K< 7:9 �� H_SVPIW=>_SVPI<[H�5^P_B=< @ <?>IHI7^9 �¡< SVPIW=>I< 7^9 P_B=< ]^<[> v �5P_B�W=H

¢-> ��

v EF7,JLU�DF9=a1SV9 )7^P_B=<?>Z@ <?>IHK7:9�JLBC<[JLU�DF9=aCn �A<[9=J?<^� � stS*)7:9CE-) SVa:>I<?< .cDªP_BRS1j!k � .cBCDFJLB v );=<�+=9=DGPIDF7:9�EfS^JLU�HiS"@T<[>KHI7:9 �¡<[SVP_W=>K<^n `N<?J?PIDF7:9 =t7V�eP_B=< @C>I<[HK<[95PiJLB�S^@NP_<[>2J?7:95PLS^DG9=H2S"s�7:>K<@=>I<?J[DGHI<iJLB�S^>IS^J?PI<[>IDGb SVPIDF7:9R7^� �� 5 H �¡< SVPIW=>I<iHI<�P n

�O9 B=DFHtHI<?stDG9�SÊK. 7^>IUy7:9 �� C DG9NF�W=<yl�¢-?A>A>5p 7 v HI<[>¨]:<?;*BC7E. PIB=< DG95P_<[>K@=>I<�PLSVPIDF7:9 7^��¨`NC HZ]VS^>IDG<[HZS^J?J[7:>K;=DF9CarP_7 PIB=<!P_DGst<3HI@T<[J[D>+�J SYP_DF7^9 7^��P_B=<2HK<[95P_<?9=J[<Vn��O9 � S^J�P �=DG9<��CS^s�@=EF<?Hl ¥;?:pAS^9C;yl < ¦:p�� P_B=< DF95P_>K7N;=WCJ?P_DG7:9�7^� P_BC<r@�S^H¨P.PI<[9=HK< v >IDG9=a:H3DF9 SV9 DF9CJ[EFWCHIDG]^<r>K< S^;=DG9=a=nc�O97^P_BC<[>G.�7:>I;CH[��DG9yl ¥;?:p.S^9=;yl < ¦5p � P_BC<[>I<�DGH!S^9(SV;=;=DGPIDF7:9=SÊ}DF9=;CDFJ SYP_DF7^9�P_B=SVP.PIB=< HI@T< SVU^<[>iDGHDF9=J?EFW=;C<[;1DF9 PIB=<c<?]:<?95P n8�O91JLB�S^@CPI<[> =N�5� < �CS^stDG9=< P_BC<ADG95P_<[>K@=>I<�PLSVPIDF7:9=SÊN]VS^>KDfSVPIDF7:9 7V� �¨`NC H?�S^9=; @=>I7¤],DF;C<"S^9 <��N@=EFS^9�SVPIDF7:9��¡7:>2PIB=<1@=B=<[9C7:st<?9=7:9�7^� DG9=J[EGW=HIDª]:<[9C<[HIH .cB=DGJLB-J SV@=DGP_SÊFDGb[<[H7:9=J?<.Sâ:S^DF9�7:9 �� 5�Ho@ <?>IHK7:9"�¡< SYP_W=>K<^n �ZB=DGH�@T<[>KHI7:9��¡< SVPIW=>I<3a:<?PIH�HK@ <?J[D>+�<[; v )�DGst@T<[>¨�¡<[J?PIDG]^<S^HI@T<[J�P 7:> v ) P_B=<�HK@ <?<[JLB-S^J?P[� SVJ[J[7^>I;=DG9=aP_7�S st<?JLB�S^9=DGHIs .cB=DFJLB .cDFEGE v <1@=>I<?HI<[95PI<[;-DG9;=<?P_S^DFEGH�DG9"JLB�SV@CP_<?> =Nn C B�S^@NP_<[> =rS^9=;"JLB�S^@CPI<[>c¥rSV>I<.H¨P_>KDFJ?PIE-)1J?7:9=9=<?J?P_<?;��8�O9 JLB�S^@CPI<[>c¥,�N�@=>I7^@ 7:HK< P_B=SVP �� DF9rHI7:s�< J[S^HI<?Hes"S*) v < s�<[>Ka:<[;rDF9�S^9�DG9=9=<?>eS^HI@T<[J�P_W�SVEC@=>K7 �K<[J�P_DF7^9��:DF9CHIDF;C<P_B=<26!k n��ZB=DGHA@C>I7 �K<?J?P_DG7:9R<[9=J?7N;C<[HcP_<[EGDFJ?DGP ):n u HA� HIBC7E.�DF9RJLB�S^@NP_<[> =N�CPIB=<iDF95P_<?>I@=>K<?P_SVP_DG7:97^� �� HKPI>IDGJ?P_E>)1;=<[@T<[9C;=HZ7:9P_BC<3P_<?st@T7:>ISÊ v 7:W=9C;=<[;=9C<[HIHcSV9=; 7:9"PIB=<.P_<?EFDGJ[DGP )17V�}P_B=<3<?]:<?95P n�ZB=<[>K<?�¡7:>K<^� �� J[S^9 v <cJ[7^9=HIDG;=<[>K<[;SVH�SV9"S^HK@ <?J?PIW�SÊ�<[EG<[s�<[95P �<.cB=7^HI<ADF95P_<?>I@=>K<?PLSYP_DF7^91]VS^>KDF<?H;=<[@T<[9C;=DF9=a17:9 PIB=<iS^HI@T<[J�P_W�SVE}HI@T<[J[D>+�J SYP_DF7^9 7^��P_B=<2J?EfS^W=HK<iS^9=;R7:9 P_BC< �� !�� 7V� PIB=<]:<?> v n

�& 0 ��*#(��C��A+ � � �8�8:�� -��

? <?�¡7^>I<!@=>K<[HK<[95P_DG9=a1s7)";=SVPLS�S^9C; s7)SV9�SÊ-),HKDFH[�N�8@=>I7¤],DF;=<2BC<[>I<iSV9 7 ]^<[>¨]NDG<�. 7^��P_B=<!PIB=<[7YM>I<�P_DFJ[SÊ�s�7N;C<[E�� .cDFEFE s"SVU^<iW=HI<i7^� DF9RHKW v HI<�F�W=<[95P2JLB�SV@CP_<?>IH[n8�ZB=DGHK. 7:>KURS^HIHKW=s�<[HAS v S^HIDGJ� S^s�DFEFDFS^>IDªP )�.cDªP_B"PIB=<!s�DF9=DGs"SVEFDFH¨P8S^@=@C>I75S^JLBPI7 H ),95PLSVJ?P_DGJ2S^9�SVE-),HIDGH S^H 7^WCP_EGDF9=<?;"DF9�C B=7:s�MHIU<)&l¨¢-?A? < ��¢-?A?C=:p nc�ZB=<rs�7N;C<[E��cS^;=7:@NP!DFHcP_B=SVP.7^WCP_EGDF9=<?; DF9 C B=7:s�HIU<)-l¨¢-?;?A>C��¢-?A?A?:p�n uJ[<?9�PI>_SÊ}@T7:DG9�Pc7V� PIB=DFHZs�7N;C<[E�DGH P_B�SVPAHH)N95P_S^J?PIDFJ Sâ:>K<[<[s�<[95PADFHZ;C>IDG]^<[9 v ) W=9=DG9�PI<[>K@=>I<�PLS v EG<�M �¡< SVPIW=>I<?H[n �ZBC< s�<[JLB�SV9=DFJ?H v <[B=DG9=;RP_B=DGH3HH)N95P_S^J?PIDFJ Sâ:>I<?<[s�<[95PADFHc@=>K<[HI<?95P_<[;�DG9�HK<[J�P_DF7^9=H§=nª¢:n(S^9=; =Nnª¢:n v <[EG7E.in Q�7:> HI7:s�<"@�SV>KP_Hr7^�As7)&SV9�SÊ-),HKDFH[��B=7�. <�]:<[>?�oPIB=<Rj.<?>IDG]VSVPIDF7:9 v )

� �� ¢-?

keB�S^HK< l j v k*B=<[9=J?<?�¡7:>¨P_B p.s�7,;=<[E�S^H!7:WCPIEFDG9=<[; DG9;C B=7:s�HIU<)yl�¢-?A?A?:p�.cDFEGE PIW=>I9�7^WCP2P_7 v <DF9CHIW �J[DG<[95P n1�O9�P_B=SVP J S^HK<^��.cDGEFE PI> ) S^9=; DF95P_<?a:>_SVPI< P_B=<1s�DFHKHIDF9Ca@�S^>¨P_H[��H¨P_DFEGE �¡7:EGEF7�.cDF9CaP_BC< s�DF9CDFstSÊFDGHKPoEFDG9=<!7^� >I<[S^HI7:9CDF9=a=n

�& �6� � ��-�*( �'(��C�-+1%'�� " �*+,��:�(��

u J[J?7:>I;CDF9=a(P_7(P_B=<�s�7N;=<?E 7:WCPIEFDG9=<[;yDF9AC B=7^stHKU ) l�¢-?A?C=,�3¢-?;?A?5p��oH ),95PLSVJ?P_DGJ�< �N@=>I<?HIHIDG7:9=Hs W=H¨P v <cEF<?a:D v EF< SYPeP_B=<cDF95PI<[>K� SVJ[< v <?P .�<[<[9tP_B=<cH ),95PLSVJ?P_DGJcH ),HKPI<[s S^9=;1P_BC<A7VP_B=<?>eH ),HKPI<[s�H[n�ZB=DGH.s�< S^9=HAP_B�SYP2SÊGE�P_B=<r�¡<[SVP_WC>I<[H .cB=DFJLB .�7:W=EG;=965 P v < DG9�PI<[>K@=>I<�PLS v EG< v )�P_B=< 7^P_BC<[>.HH),H¨MP_<?stH?��<^n a=n v ) P_BC<A@CB=7:9=7:EG7:a:DGJ SÊ,7:> v ) P_BC<AEG7:a:DGJ SÊNH ),HKPI<[s��,9C<[<[;1P_7 v <c<[EFDGstDG9�SVPI<[; v <?�¡7:>K<P_BC<DF95P_<?>K� S^J?<"EG<?]:<?EFH�SV>I<">K< S^JLBC<[;�n;C B=7^stHKU ) l¨¢8?A?A?5p2@=>I7^@ 7:HK<[H�S�st<?JLB�S^9=DGHIs 7^�c<[EGDFs�DªM9�SVPIDF7:9�7^� WC9=DF95P_<?>I@=>K<?P_S v EF< �¡< SVPIW=>I<?H3PIB�SVP3J S^9 v < v >IDG< �N)RHKW=ststS^>KDFb[<?; S^Hc�¡7:EGEF7�.cH[��HI7:s�<�¡< SYP_W=>K<[H 7:9�EF< �CDGJ SÊ8DªP_<[s�HiB�S ]:<9C7�]VSÊFWC<"S^9C;&9=<[<?;-P_7 a:<?P ]VSÊFW=<?; l S^9=;&J?7:9=HI<�F�W=<[95P_E>)<[EGDFs�DF9�SYP_<[;�p v <��¡7:>I<cP_BC<.DF95PI<[>K� SVJ[<�.cDGP_B�7^PIB=<[>oH ),HKPI<[s�H DGH�>K< S^JLB=<?;��C7^>8PIB=<.;C<[>IDª]VSVP_DG7:9!.cDFEFEJ[>IS^HIB n � PiDFH!WCHIW�SÊGE-)�P_B=<�J[S^HI< PIB�SVP �¡<[SVP_WC>I<[H S^>K< DF95PI<[>I@C>I<?P_S v EG<�7:9�EF< �CDGJ SÊ B=< SV;=H S^9=;W=9=DG95P_<[>K@=>I<�PLS v EF<�7:9 �¡W=9CJ?P_DG7:9�SÊ B=< SV;=H[n �ZB=<�]VSÊFW�SYP_DF7^9 7^�8�¡< SYP_W=>K<[H!PLSVU^<[H2@CEfS^J?<7.cB=<[9�S� +,�� >K<[EfSYP_DF7^9 v <?P .�<[<?9 =M �¡<[SVP_W=>K<[H37:9 EF< �NDFJ SVE DªP_<?stHADFH3<[HKP_S v EGDFHIBC<[;�n!`NW=JLB(S">K<[EfSYP_DF7^9DFH�<[H¨PLS v EGDFHKB=<[; v <?P .�<[<?9 S �'(�#% � �CD n <^n S^9 �qSYPIPLSVJ?P_7^>#5ª�NDG9tP_<?>Is�H 7^��C BC7:stHKU<) ¢-?A?A=N�CSV9=; S�##+ � �TD n <^nAS^9 �qSYPIP_>IS^J?PI<[< 5G� S^H3HK7N7^9�S^HAEF<��NDGJ SÊ�DGPI<[s�Hc<[95P_<?>.P_B=< ;=<[>KDG]VSVPIDF7:9-l Dmn�<Vn P_B=<8) S^>K<��*(��#� � p�nr�ZB=<t� SVP_JLB >I<?EfSVPIDF7:9�P_>IDGa:a:<?>IH2S^9 �&�#(��*� >I<?EfSVPIDF7:9 �}W=9=;=<?> u a:>I<?<^�}W=95]VSÊGW=<[;�¡< SYP_W=>K<[HAJ S^9 v <i]VSÊGW=<[;�S^9C;�;=<?EF<�P_<[;R�¡>I7^s�9�S^>K>I7�. HH),9�P_SY� n

u J[J[7^>I;=DG9=a2P_7�C B=7:s�HIU<)�l�¢-?A?A>5p �^P_BC< ��+ �� 7^� S2@=>I7 v <ZDGHeDGP_HeJ MOJ?7:ststS^9=;r;=7:stS^DF9�nu a^>I<[<�PLSÛV<[H @=EFS^J[<�DF9�PIB=DFHt;=7:stS^DF9�n u H S�>I<[HKW=EGP[�AS�`N@T<[J�MO�3<[S^; J[7:9 +�a:W=>ISVP_DG7:9 DFHt9=7EF7^9=a:<[>t9=<[J?<[HKH_S^>H) DF9 7^>I;=<?>tP_7�7 v PLS^DG9 Sâ^>I<[<?st<?95P �AS^H u a:>I<?< s"S*) S^J�P � EG7:9=aVM ;=DFH¨PLS^9CJ[<15DF9�P_B=<t;=7:stS^DF9�� P_B=7^W=a:B&HKW v �K<[J�P�P_7 EG7NJ[SÊFDªP ) J?7:9=;=DªP_DF7^9=H[n ��7,J SVEFDGP ) >I<[;CW=J[<?H P_7 ��J[EG7:HI<?HKPJ�M J[7:s�stS^9=;65ª��S^HZDGEFEFWCHKP_>ISVP_<?; DF9�l < §�p

¥^¦ ��

l < §5p �2k

k ik

��¢

��k

� � ¥

u HIHKW=s�< PIB�SVP �1¢ S^9C;�� ¥�B=S¤]^< =MOHI<�P_HZP_B=SVP v 7^PIB�@T7^PI<[95P_DFSÊFE>) u a:>I<?< .cDªP_B�k�� u a:>I<?<v <�P . <?<[9 � ¥ S^9=;-k�DFH v S^>K>I<?; v ) ��¢:� .cB=DFJLB�DFH2J[EG7:HI<?>2P_7�k�P_B�S^9 � ¥Nn1�ZB=<t;C<�+�9=DªP_DG7:97^� J?EF7:HK<[H¨P.9=7,;=< a:7,<[HAS^Hc�¡7:EFEG7E.cH?�8a:DG]^<[9�PIB=< ;=7:stS^DF9�j�7V�eS1@=>I7 v < k �TS�stSVPIJLB=DF9=a =MOHI<�P� ¥�DFHAJ[EG7:HI<?HKPAP_7"k DG��PIB=<[>K<rDGH39=7ts"SYP_JLB=DG9=a �MOHK<?P �1¢ DF9�j HIWCJLB P_B�SYP ��¢ J MOJ?7:ststS^9=;CH� ¥,n �O9�P_BC<�J S^HK<�7V�!l�¢ K<[<�DGH!DFs�@ 7^HIHID v EF< v <�P . <?<[9 � ¥SV9=; k v <[J SVW=HI<�P_BC<[>I<�DGH2Ss"SYP_JLB=DG9=a �M HI<?P �1¢ .cB=DGJLB�DGH J[7^9�P_S^DF9C<[;RDF9PIB=<i;=7:stS^DF97V��k�S^9=; J�M J[7:s�stS^9=;=H � ¥Nn ��¢DFHZJ[SÊFEG<[;�S^9 ��8��(-)��'�� M HI<�P noQ�7:> P_B=< H_SVU^< 7^��HKDFs�@=EFDGJ[DªP ):�C� .cDFEGE PLSVEFU7^� DF95PI<[>K]^<[9=DG9=a9=7,;=<[H >ISVP_BC<[>�PIB�S^9DG95P_<[>¨]:<?9=DF9=a �MOHK<?PIH[ne�O95P_<?>K]:<?95P_DF7^9�DGH S J[>IWCJ[DfSVE @=BC<[9=7:s�<[9C7:9 DF9t7:>I;=<?>P_71<��N@=EFS^DF9 PIB=< Sâ:>I<?<[s�<[95PZ� S^J�P_HcHIUV<?P_JLBC<[;�DF9PIB=< S v 7 ]^< HK<[J�P_DF7^9�n

�O9 EFDGa:B5Pc7^� PIB=DFHcH ),H¨P_<[s 7^� �¡< SVPIW=>I< s"SYP_JLB=DG9=a=� C S^HK<rJ SV9=9=7^P3<[95P_<?>.DG9�PI7 u a:>I<?<^n�C SVHI<�qSVHIHIDGa:9=s�<[95P*55DGHoS >K<[HIWCEGP�7^�}S^9 u a^>I<[<A>I<?EfSVPIDF7:9 v <?P .�<[<?9P_B=< =M �¡< SYP_W=>K<[Ho7^� PIB=<3@C>I7 v <AS^9=;P_B=<�a^75SÊ n � �oP_B=<?>I<1DFH!stSVPIJLB 7V� =M �¡<[SVP_W=>K<[HiS^9C; u a:>I<?<^�}P_BC<[>I<�DGH!]VSÊFW�SYP_DF7^9 7^�oP_B=<%C SVHI<�¡< SVPIW=>I<?Hr7^� P_B=<tS^>Ia^W=st<?95P v )(P_B=<��¡W=9=J�P_DF7^9�SÊeB=<[S^;&DGP u a:>I<?<[H�.cDªP_B�n�`,@ <?J[D-+=J SÊGE-):� DGP DGHS^HIHKW=s�<[;�P_B�SYP�!rSVHIHIDGa:9=H u J?J[W=HISVP_Dª]:<C S^HK<^�<.cB=DFEG< � �37:s�DF9=SVP_Dª]:<^n��O917^PIB=<[>4.�7:>K;=H[��HKPI>IW=J MP_W=>ISÊ=C S^HI<3DFH @=S^>_S^HKDGPIDFJc7:9SVa:>I<?<[s�<[95P ne�ZB=<?>I<��¡7:>I<V� C S^HI< M �¡<[SVP_W=>K<[H S^>I<39=<?]^<[> >K<[HI@T7:9=HKD v EG<�¡7:>Z;=>KDG],DF9=a�HH),9�P_S^J?PIDFJi;=<?>IDG]VSVPIDF7:9CH[n

�O9�P_BC<"@=>K<[HI<?95P7.�7:>IU � �!HKB=7�.�P_B�SYP PIB=<"9C7^P_DG7:9�7V� �M HI<�P S^H @=>K7:@ 7^HI<[; v ) C BC7:stHKU<)S^9=;PI>_S^;=DªP_DG7:9�SÊGE-)�SVHIHIWCst<?;�DGH P_7,77.�< SÛtDF9 7:>K;=<[>�P_7�S^J?J[7:WC9�PZ�¡7^> HI7:s�<2Sâ^>I<[<?st<?95P � S^J?PIHP_B�SYP � PLSVEFDfSV9"S^9C;7^P_BC<[> EFS^9=a:W=Sâ:<[HoHIBC7E.i�CDF9=J?EFW=;=DG9=a �¨`NC H[n8Q�7:>os7)tS^9�SÊ>),HIDFH?�N�eDG95P_>I7,;=W=J?<

� �� ¥N¢

S^9=7VP_B=<?> �¡< SYP_W=>K<"HI<�P7.cB=DGJLB�S^J?J[7:s�@�S^9=DG<[HiP_B=<tHKP_S^9=;�S^>K;=E-) SVHIHIWCst<?;&H ),95PLS^J�P_DGJ �M HI<?P[��SHI<?s"SV9�PIDFJiHI<�P n8�ZB=DGHAHK<[stS^95P_DGJ2HI<?PADGHZs"S^;C<2W=@�7V��HH)N95P_S^J?PIDFJi�¡< SVPIW=>I<?HA<?9=J[7,;=DG9=a1HI<[stS^95P_DGJDF9N�¡7:>IstSVP_DG7:9��HIW=JLB*S^Ha^<[9=;=<?>[n �ZB=<�s�<[JLB�SV9=DFHKs 7^��C SVHI<�M JLB=<[JLU�DG9=a�SVEFHI7-9=<[<?;=HP_7 v <>I<8+�9=<?; DG9�PIB=< EFDGa:B5PA7^�eP_B=<?HI<�SV;=;=DGPIDF7:9=SÊ�S^HIHKW=s�@CP_DG7:9=H[n3�O9�@�S^>¨P_DFJ?W=EfSV>[� �cS^HIHKW=s�<rP_B�SYP2S�M J[7:s�@=EG<?P_< HI<�PiDFH39=7^P!9C<[J[<?HIHIS^> ) �¡7^> C S^HI< P_7 v <�S^HKHIDFa^9=<[;�Dª�eP_B=< <?EF<?st<?9�P.cB=DFJLB v < SV>IHC S^HK<oDGH}>I<��¡<[>I<?95P_DfSVE n��ZB=<e9=7^PIDF7:927V�C>K<?�¡<[>K<[95P_DFSÊFDªP )A@=EfS*),H S v DFaZ>K7:EF< DG9!P_B=<8@=>K<[HK<[95P S^9�SÊ>)NHKDFH?n�ZB=< < �=SVJ?P�s�<[JLB�SV9=DFHKs �¡7^>!C S^HK<RS^HIHKDFa:9=s�<[95P P_7 >K<?�¡<[>K<[95P_DFSÊ�j!keHB.cDFEFE v <@=>K7:@ 7^HI<[;-DF9JLB�S^@NP_<[>.¥N��SY� P_<[> PIB=<iDF95P_>K7N;CW=J?PIDF7:9 7^� P_B=<iJ?7:st@CEF<?PI<.�¡< SYP_W=>K< HK<?PIHAPIB�SVPc;=<�P_<[>KstDG9=<ij!keH[n

�ZB=<"j v k st7,;=<?EeHIU^<�P_JLB=<?H�SRst<?JLB�S^9=DGHIs S^J?J[7:>K;=DF9=a PI7 .cB=DGJLB-;=<?EF<�P_DF7^9 7V� W=9=DG95P_<[>�M@=>K<?PLS v EF<e�¡< SYP_W=>K<eDFH}9=7^P�PIB=<8J S^W=HK<87^�CHH),9�P_S^J?PIDFJost7¤]^<[s�<[95P n��7:>K<[7¤]:<?>[�^Dª�CJ[S^HI<oS^HKHIDGa:9=s�<[95PDFH ��@�S^>IS^HIDªP_DFJ 5�7:9 u a:>K<[<tS^9=; u a:>K<[<�s"S*) P_SÛ^<�@=EFS^J[<1EF7^9=aVMO;CDFHKP_S^9=J?<^��P_BC<[>I<�HI<?<[s�H PI7 v <9=7�S^@=@=S^>I<?9�PZPI>IDGa:a:<[>��¡7:> H ),95PLSVJ?P_DGJ2st7¤]^<[s�<[95P n C B=7:s�HIU<) @C>I7:@T7:HI<?H P_B�SYPZP_B=<2>K< S^HK7:9 �¡7:>s�7 ]^<[s�<[95PADFH PIB=<i<��NDFH¨P_<?9=J[<i7:9RHI7^st<!�¡W=9CJ?P_DG7:9�SÊ B=< S^;CHA7V��S �¡<[SVP_W=>K<2J SÊGEF<?;Rdok8k �N.cB=DFJLB>I<�F�W=DF>K<[H3PIB=< HI@T<[J[D>+�<[>A7^��HIW=JLB�S1B=<[S^;�PI7 v </+=EFEF<?;�n � ��J[7:W=>KHI<V� 9=7VP.SV9 )RDªP_<?s DFHc<[EGDFa:D v EF<�¡7:>M+�EGEFDG9=a"P_BC<�HK@ <?J[D>+�<[>i7^��S B=< SV;�n1�ZB=<[>K<?�¡7:>K<^�}P_B=<?>I<1B�S^H2PI7 v <�S s"SVPIJLB v <�P . <?<[9�PIB=<(�¡<[SVP_WC>I<[H37^� PIB=<rB=<[S^; J?7:95PLS^DG9=DF9=a�P_B=<rd8kok0S^9C; P_B=< <[EG<[s�<[95P3PIB�SVP.st7¤]:<?H[nA�ZB�W=H[� PIB=<��)�� 7:@T<[>_SYP_DF7^9�DFHiSR>I<[HKW=EGPi7V��PIB=<1J[7:s v DF9�SVPIDF7:9 7^�Z��SVP_JLB 7^� �M �¡<[SVP_WC>I<[H S^9C;(PIB=<1<��MDFH¨P_<?9=J[<�7^� S^9 dok8k��¡<[SVP_W=>K<�7:9�SRBC< S^;�n1�ZB=<td8k8k�DFHiS^9 DF95PI>IDF9CHIDFJr@=>I7:@T<[>¨P )�7^��J[<?>KPLSVDF9B=<[S^;=H[�o9=7^PASVEFE�B=<[S^;=HcB�S ]:< S^9�d8k8k��¡< SVPIW=>I<Vn

�� !� �� ! ��#��!��

C B=7:s�HIU<) l�¢-?A?C=,� ¢-?;?A?5pt7:WNP_EFDG9=<[HSyH¨P_>KDFJ?PIE-) ;=<[>KDG]VSVPIDF7:9�SVE.s�7N;=<?E3�¡7:>"H ),95PLS^J�P_DFJ(H¨P_>IWCJ�MP_WC>I<[H?n3�ZBC< >I<?EfSVPIDF7:9=H v <?P .�<[<?9(EF<��NDGJ SÊ}DªP_<[s�H3S^>I< 9=7^P.>I<[@C>I<[HK<[95PLSYP_DF7^9�SÊFE>) ;=<8+�9=<[; l S^HADF9P_BC< �27 ]^<[>K9=st<?95PZS^9=;I? DF9C;=DF9=ai�¡>_SVst<8. 7:>KUNpoS^9C; S^>I<A<[H¨PLS v EFDFHKB=<[;t;=W=>KDF9=a P_B=<A;=<[>KDG]VSVPIDF7:9�nQ�7:EFEG7�.cDF9=a PIB=<I5�j.<[>KDG]VSVPIDF7:9 v )�k8B=S^HI< 5 S^@C@=>I75SVJLB�� S^HIHKW=st<iP_B=SVP3PIB=< >I<[EFSVP_DG7:9=H v <?P .�<[<[9EF< �NDFJ SVE DªP_<[s�H3S^>I< <[HKP_S v EGDFHIBC<[;(S^H3HI7,7:9�S^H.PIB=<�) S^>K< PLSVU^<[9��¡>K7:s P_B=<r��< �NDFJ SVE u >K>_S*) S^9=;s�<[>Ia^<[;�nyg0DGPIB��}<��NDGJ SÊ u >I>_S*) l � u p �rDF95PI<[9=;�� .cDGPIB C B=7^stHKU ) l�¢-?A?A>:p��8P_B=<R7:9=< M PIDFs�<

¥:¥ ��

HI<?EF<[J�P_DG7:97^� �}<��NDGJ SÊ � P_<[s�H��¡>K7:s P_B=<.� d��.�HC � � n=�O9 J SVHI<!HKW=JLBRDGP_<?stH S^>I<3HI<?EF<[J�P_<?;�s�7:>K<P_B�SV9�7^9=J[<V�=P_B=<8)�S^>I< ��9�W=st<?>_SVPI<[;65ªn8�ZB=<[>K<?�¡7:>K<^��P_BC<i� u stS*) v < SVEFHI7�J[SÊFEG<[;PIB=< �3W=s�<[>�MSVP_DG7:9�n

�ZB=<3;C<[EF<�P_DG7:917^� PIB=<3WC9=DF95P_<?>I@=>K<?P_S v EF<Z�¡<[SVP_W=>K<[HeP_B=SVP�S^>I<c]VSÊFW=<?;�]NDFS u a:>I<?<c7:9=E-)rPLSÛV<[H@=EfSVJ[< SVPRP_B=< <[9C;�7^� S � ��+1� � n u J[J[7^>I;=DG9=a PI7 C BC7:stHKU<)�l�¢-?A?A?:p��3PIB=< ;=<[>KDG]VSVP_DG7:907^�H ),95PLS^J�P_DGJZ<��N@=>I<?HIHKDF7:91@=>K7NJ?<[<[;CH v )r@=B�S^HK<[H[�<.cB=<?>I<Z<[S^JLB1@=B�S^HK<ZDFH ;=<�P_<?>Is�DF9=<?; v ) S!EF< �CDGJ SÊHIW v S^>I>IS�) lmS.HKW v @�S^>¨Pe7^��PIB=<��3WCst<?>_SVPIDF7:9 p6.cB=DGJLB�DGH�@=EFS^J[<?; DF9 P_B=<cS^J�P_Dª]:< s�<[s�7:>H):n � 9=J?<P_B=< @=B�S^HK<rDGH3J?7:st@CEF<?PI<[;��TD n <^nASÊGE}P_B=< EF<��NDGJ SÊ}DªP_<[s�HAB�S ]:< v <[<?9 st<?>Ia:<?; S^9C;�StHH)N95P_S^J?PIDFJ7 v �K<?J?P�B�S^H v <[<?9y�¡7^>Is�<[;��8HIWCJLB�S�H ),95PLSVJ?P_DGJ 7 v �K<?J?P�DFH HK<[95P1P_7 � � � �� :� �eP_B=SVP�DFH PI7DF95P_<?>I@=>K<?P_SVP_DG7:9�n !,k SV9=; C k S^>K< @CB�S^HI<?H[nA`NWCJLB @=B�S^HK<[H.S^>I< � 9=SVP_W=>ISÊ}H ),95PLSVJ?P_DGJr7 v �K<[J?PIH#5ª�P_B=<8)�S^>I< >I<?J[7:9=H¨P_>KW=J?PIDF7:9 HKDGPI<[H[� S^9=; S^HAHIW=JLB PIB=<�)�S^>K< J?7:st@CEF<?PI<iDF95P_<?>I@=>K<?PLSYP_DF7^9�SÊ}W=9=DªP_H?�S^9=; B�S ]:< 5�S�;=<?a:>I<?<17^� @CB=7:9=<�P_DFJ1DG9=;=<[@T<[9C;=<[9=J?<15�l¡�¡>K7:s C BC7:stHKU<)�¢-?A?A?N� ?5p n �O9 JLB�S^@CPI<[>=N�,��.cDFEFE stSÛ^<3W=HI<.7^� S s�7:>I<A>I<?J[<?9�Pc;C<�+�9=DªP_DG7:9"7^��@=B�S^HK<!@=>I7^@ 7:HK<[; v )`NDFa^W=>��:HKHI7:9 ¥^¦:¦:¦Cnu J[J?7:>I;=DG9=aP_7�`,DFa:W=> �:HIHK7:9�� !,k S^9=;;C k�SV>I<�9=7^P!@=B�S^HK<[H[n �ZB=<�<?]^<[95P @=B=>_SVHI<1d8k �=.cBCDFJLB<[9=J?7N;C<[H3PIB=< <?]:<?95P!HKPI>IW=J�P_W=>K<^� S^9=;RP_B=< HI@T<[<?JLB(S^J?PA@=BC>_S^HK<^� .cB=DFJLB�<[9=J?7N;=<?H3DG9C�¡7:>Ks"SVPIDF7:9S v 7:WCPZP_BC< SVJ?P_W=SÊ}@�S^>¨P_DFJ?DF@�SV9�PIH DF9 PIB=<i<?]:<?95P �TS^>I<iDG9=HKPI< S^;R@=B�SVHI<[H?n

Q 7^>�.cBNM�<[EG<[s�<[95P_H 7:> �¡7^> 7^PIB=<[> <[EG<[s�<[95P_H�P_B�SYP s�7 ]^<��¡>K7:s P_B=<o62k P_73P_B=<2C k(;C7:s"SVDF9��P_B=<"<��NDFH¨P_<[9CJ[< 7^�c@=B=S^HI<?H�HIB=7:WCEF;&9=7VP�J[7:s�@=>K7:stDGHI<1P_B=<"@ 7:HKHID v DFEGDGP ) PI7 st7¤]^<^n;C 7:9=HKDF;=<?>�¡7:>ADF9=H¨PLS^9=J?< S"HK<[95P_<?9=J[<�EGDFUV<�� #� � � " � � �� n u J?J[7:>K;=DF9Ca"P_7"PIB=<rs�7,;=<[E�7:WCPIEFDG9=<[;�HI7� S^>[�� 5�H8�¡< SYP_W=>K<[H stSVP_JLB"S^9=; u a:>I<?<.cDªP_BtPIB=<.WC9�]VSÊGW=<[; �¡<[SVP_W=>K<[H 7^9 !¤� .cB=DFJLB DGHoPIB=<B=< SV;tP_B=SVP SVHIHIDGa:9=H u J[J?W=H_SYP_DG]^<^n u H�S >K<[HKW=EGPo7^��PIB=DFH u a:>I<?<^�� a:<?PIH u J?J[W=HISVP_Dª]:<!J[S^HI< � 9HIDªP_W�n u H !,k DFH!St@=B�S^HK<^� PIB=<r]:<?> v .cDGPIB DGPIH.J?7:st@CEF<[s�<[95P3HIB=7^W=EF; v <rHK<[95P2P_7R`,@ <?EFEªM � WCP �S^9=;tB=<[9=J?< v <[J[7^st<ADF95],DFHKD v EG<c�¡7^>8PIB=<3�¡WC>KP_BC<[> H¨P_<?@=H 7^� P_B=<3;=<[>KDG]VSVP_DG7:9�n �ZB=DFH . 7^W=EF;ts"SÛV<DGPeDGst@T7:HKHID v EF<8�¡7:>�� PI72>_S^DGHI< PI7�C k n:�O917:>K;=<[> PI7 S ]^7:DF; PIB=DFHe@=>K7 v EG<[s�� C B=7:s�HIU<)Rl�¢-?A?A>:p@=>I7^@ 7:HK<[HZP_BC< keB�SVHI< �Ost@T<[9=<�P_>IS v DFEGDGP )IC 7:9=;CDGP_DG7:9��=BC<[>IK<[@T7:>KPI<[;�DF9 l < =:p��

l < =^p �3B�S^HK<-�Os�@ <?9=<?PI>_S v DGEFDªP ) C 7:9C;=DGPIDF7:9 lmke�HCZp �O9 S @CB�S^HI< .cDGP_B B=< SV; � �ZPIB=<;=7:stS^DG9�7^�e��DFHA9=7^P!S^J[J?<[HKHID v EF< PI77:@T<[>ISVP_DG7:9=HA7:WCP_HKDF;=<��T7:9=E>)��S^9C; DGPIH.<[;Ca:<S^>K<iS^J[J?<[HIHKD v EG<2P_7�HIW=JLB�7:@ <?>_SVPIDF7:9CH[n & C BC7:stHKU<)�¥^¦:¦:¦N�G¢¤¦;> '

g0B=<[>K<2P_B=<i<[;Ca:< 7V� S�@=B�SVHI<��DFHZ;=<8+�9=<[; S^HZDF9�l < £5p��

� �� ¥ <

l < £5p �2DG]^<[9��.k�� & & � �� '>' �NPLSÛV<�� PI7 v <!PIB=<!;=7:stS^DG97^� � S^9=; l S B=DF<?>_S^>KJLB<)7^�7:9C< 7^>Zst7:>K< `Ck8d C HLp P_7 v <2DªP_HZ<[;Ca:<^n

�ZB�W=H[� S B=<[S^;(��S^9=;�DªP_H!HK@ <?J[D-+=<[>IHtl¡DGP_H.<[;=a:< p!S^>I<rHKP_DGEFE�],DFHID v EF< DF9(SHKW v HI<�F�W=<[95P @CB�S^HI<Vn�ZB=DGHA@T<[>KstDªP_H PIB=< s�7¤]:<?st<?9�PA7:WNP_HIDG;=<2P_B=<i@=B=S^HI<VnZ`N@T<[J?D-+�J[SÊFE>):��S^9 �2k st7¤]:<?H37^WCP_HKDF;=< S@=B�SVHI< v )W=HIDG9=a�P_B=<i<[;Ca:<rSVHcS^9�<?HIJ[S^@ <iB�SYP_JLB�n

�& � @ � (��

u J[J?7:>I;CDF9=a P_7 C BC7:stHKU<)yl¨¢8?A?C=:pAS^9=;(HIW v HI<#F�W=<?95P�.�7:>IU�H?��@ MO>K7:EF<?H2S^>K< 9=7^P!�¡<[SVP_WC>I<[H?� S^9=;S^>KI7 �K<[J?PIDF7:9 n @ M >I7:EG<(S^HIHKDFa:9Cst<?9�P�;=D>0 <?>IH �¡>I7:s7^PIB=<[>2U�DF9C;=H!7^��S^HKHIDFa^9=st<?95P ��HKW=JLB-SVH C S^HI<V��DF9 PIB�SVP2DªP!DFH.9=7^PiSJ?7:9=HI<�F�W=<[9=J?<"7^�e�¡<[SVP_WC>I<JLB=<?JLU,DG9=a=n @¤MO>I7ÊF<[H S^>I<PIB,WCH�9C7^P�S^HIHKDFa:9C<[;y@�S^>IS^HIDªP_DFJ[SÊFE>)(7:9 u a^>I<[<V��EGDFUV< C S^HI<V� 9=7^>r],DfSSRHI@T<[J[D>+�JtSâ:>I<?<[s�<[95P >I<[EFSVP_DG7:9�n1�ZB=<8)-SV>I<�S^HIHKDFa:9C<[;-J?7:9(+�a^W=>_SVPIDF7:9=SÊFE>):��DG9 PIB=<1st<?>Ia:DG9=a@=EFS^J[<37^��S^>Ka:W=s�<[95P_H?n � � S^9SV>Ia:W=s�<[95P�DFH�st<?>Ia:<?;"DF9�P_B=<3J[7:s�@=EG<[s�<[95Po@ 7:HKDGPIDF7:9�7^��Si]:<[> v �DGPK.cDGEFE a:<?PcP_BC< EG7�. <?HKP$@ M >I7:EG<.P_B=<2]^<[> v J S^9�S^HKHIDFa^9��S^9=;�HI717:9 n

`N<?]^<[>_SVE,H¨P_W=;CDF<[H B�S ]:<�>I<?J[<[95PIE-)iHIBC7E.c9 P_B�SVP ScHKPI>IDFJ�P_E>)!J[7^9(+�a:W=>ISVP_DG7:9�SÊVP_B=<?7:> )i7^�1@ M >I7:EG<S^HKHIDFa^9=st<?95P DFH 9=7^P <[9C7:W=a:B&PI7 <��N@=EFS^DF9�@ M >I7:EG<�MOHKB=DG� PIHi7:> DG9=HI<?>KPIDF7:9 7^�AS^;=;CDGP_DG7:9�SÊ @ MO>K7:EF<?HDF9�S1;=<[>KDG]VSVP_DG7:9 l HK<[< j!S^s�7:95P_<r¥^¦:¦ < �¡7:>cS�P_BC<[7:>H)R7^��¡W=9CJ?P_DG7:9�SÊ9@ MO@C>I7 �K<?J?P_DG7:9=H_p�n @ MO>K7:EF<?HS^@=@T< SV>�P_7 v <3S^HKHIDFa^9=<[;DG9S +C�N<[;7:>K;=<[>?�CSV9=;"P_BCDFHoB�S^H EG<[;tHI7:s�<3EGDF9=a^W=DFH¨P_HeP_7rS^>Ia:WC<A�¡7:>�S@ M B=DF<?>_S^>KJLB<):�6.cB=<?>I<�HI7^st<��B=DGa:B=<[>�5�S^>Ka:W=s�<[95P_H!SÊ-. S*)NH.>I<[J?<[Dª]:<1S @ M >I7:EG<�.cB=DGJLB(DFH.BCDFa:B=<?>DF9 PIB=< B=DG<[>IS^>IJLB<):n u 9C7^P_B=<?>M. S*) 7^�oHI<[<?DF9=aPIB=DFH.DFH v ) H_S*),DF9=a P_B=SVP.PIB=<[>K<1S^>I<r�¡WC9=J?PIDF7:9�SVE@=>K7 �K<[J�P_DF7^9=HL.cB=DFJLB�S^>K<Z;=<[;=DGJ SVPI<[;�P_7iHK@ <?J[D-+=J$@¤MO>K7:EF<?H[�5S^9C;1PIB�SVP @¤MO>I7ÊF<ZS^HKHIDGa:9=s�<[95P8DFH �KWCHKPS^9=7VP_B=<?>3�¡7:>Ks 7V� �¡< SVPIW=>I< JLB=<[JLU�DG9=a=n!�ZB=< S^HIHKDFa:9=s�<[95P37^� @¤MO>I7ÊF< s"S*)RPLSÛV<r@=EFS^J[< P_B=7^W=a:BS^9 7^@ <?>_SVPIDF7:9 .cB=DFJLB�>I<?HI<[s v EF<?H u a^>I<[<V� .cB=DGJLB >I<?HI@T<[J�P_H!EG7NJ[SÊFDªP )"J?7:9=HKPI>_S^DG95P_H v WCP!9=<�]:<?>¨MP_BC<[EF<?HIH1DFH S v 7^WCP �¡< SYP_W=>K<JLB=<[JLU�DG9=a l¡HI<?< ��S^9=b[DG9=D � �c7:W=HIHK7:W0¢-?A? B �8�37:>K9=HKPI<[DF9 ¥^¦^¦C¢ p�n? W=DGEF;=DG9=a27:9t�37:>K9=HKPI<[DG9 lm¥^¦:¦C¢ p �5� S^>Ka:W=<ZP_B=SVP @ MO>K7:EF<cSVHIHIDGa:9=s�<[95PoDFH �¡<[SVP_W=>K<3JLBC<[JLU�DF9=aCn u H� HKB=7�. DF9 P_B=< 9=< �NP3JLB�S^@NP_<[>?� � S^HIHKW=st<iP_B=SVP3S^>Ia:WCst<?9�PIHAS^>I< st<?>Ia:<?;�DG9 d ]^<[95P2keB=>IS^HI<?H[�S^9=; P_B�SVP P_BC<�) JLB=<[JLU P_B=<?DF>�@ M >I7:EG<[H Sâ5S^DG9=HKP ;=D>0 <?>I<?9�P B=<[S^;=H�PIB�S^9 PIB=< BC< S^;=H 7^�=PIB=<�@C>I7 �K<?J�M

¥V§ ��

P_DG7:9=H PIB=<�)S^>I<2s�<[>Ka:<[; DG9�n@C 7:95P_>IS^> )"P_71�37^>I9=H¨P_<[DG9��=�oS^HKHIW=s�<!P_B�SYP P_B=DGHZU�DF9=; 7^��¡<[SVP_W=>K<JLB=<[JLU�DG9=a ;=7,<[Ho9=7^Po�¡7:>IJ?<3s�7¤]:<?st<?9�P[n @ M �¡< SVPIW=>I<AJLB=<?JLU,DG9=a 7 v PLS^DG9=HeP_B�W=H�],DFS S^9t7:@T<[>_SYP_DF7^9.cB=DFJLB >K<[HK<[s v EG<[H�J S^HK<2S^HIHKDFa:9Cst<?9�P[n8j!keH @T7:HIHK<[HIHcS @ M �¡<[SVP_WC>I<.cBCDFJLB 9=<?<[;=H PI7 v <.]VSÊFW=<?;Sâ5S^DG9=HKPrP_B=< J?EF7:HK<[HKP�B=<[S^;J.cB=DFJLB v < S^>KH�]^SVEFW=<?; @ M �¡<[SVP_WC>I<[H?n�Q�7:EFEG7�.cDF9=a�P_B=< P_>IS^;=DªP_DF7^9�SÊS^HIHKW=s�@CP_DG7:9=HcS v 7:WCP @¤MO>K7:EF<.S^HIHKDFa:9=s�<[95P[�=� SVHIHIWCst<!PIB�SVPZP_BC<!P_>_SV9=HIDªP_DG]^< ! v < SV>IHcS ]VSÊFW=<?;u a:<?95P!�¡< SVPIW=>I<V�=.cB=<?>I< SVH!6 v <[S^>IH!St]VSÊFW=<?; �ZB=<?st< �¡<[SVP_W=>K<^n � P_BC<[>.PIB=<[stSVP_DGJ >K7:EF<?H!S^>K<S^HIHKDFa:9C<[; v );=D-0 <[>K<[95PcP_B=<?s"SVPIDFJ!@C>I7 �K<?J?P_DG7:9=H l ?�<[9=<�� S^J?PIDG]:<V� �A<?J[DG@=DF<?9�P[� S^9=;RHI7�7:9 p n

� 7 J[7:9CJ[EFWC;=<^��¡7:>eP_B=<c@=>K<[HK<[95P .�7:>IU��S^HIHKW=s�<APIB�SVP C S^HI<ADFHoS^HKHIDGa:9=<[;�@�S^>IS^HIDªP_DGJ SÊGE-) 7:9P_B=I<?<!7:@T<[>ISVP_DG7:9�� .cBCDFJLB B=7:EG;=H v <?P .�<[<?9�]VSÊGW=<[;�¡<[SVP_W=>K<[HZ7:9�¡WC9=J?PIDF7:9�SVE @=>K7 �K<[J�P_DF7^9=HS^9=; W=95]VSÊFW=<?; �¡<[SVP_W=>K<[H17:9 EF<��NDGJ SÊ 7^9=<[H?n @ M >I7:EG<[H1S^>K<�SÊFHK7-S^HKHIDGa:9=<[;yP_BCDFH!. S*)^� ],DfS(S^97:@T<[>_SYP_DF7^9;.cB=DGJLB-]VSÊFWC<[H W=95]^SVEFW=<?; @ M �¡< SVPIW=>I<?H l¡HI<[<"�37:>K9=HKPI<[DG9�¥^¦:¦N¢��¡7:> S�PIB=<[7^> ) 7^� @¤M>I7:EG<[HcS^HZ�¡<[SVP_W=>K<[H_p�n

� � � ��-+ �;�-�� + �� + �� +1�#(��

�ZB=<�J[7^st@=EG<��NDGP )�7^�oSâ^>I<[<?st<?95P2� S^J?PIH2S^J[>K7:HIH2EFS^9=a:W=Sâ:<[H.B�S^H2SVPKP_>IS^J?PI<[; P_BC<1SVPIPI<[95P_DG7:9�7^�s"SV9 )�EFDG9=a:W=DGHKPIH[n��ZB=< HK7VMOJ[SÊFEG<[; ��@=>_SVa:s"SYP_DFJ 5 Sâ:>I<?<[s�<[95P1@=B=<?9=7:s�<[9�S�SV>I<I.�<[EGE U�9=7�.c9�n�O9 l <CB p��o�¡7:>1DF9=H¨PLS^9CJ[<^� � @C>_Sâ:stSVPIDFJ15�@=EFW=>ISÊcSâ:>K<[<?st<?9�PtB=7:EG;=H[� SÊGPIB=7:W=a^B � � � �8" � � DGHst7^>I@=B=7ÊF7:a:DGJ SÊGE-)�HK@ <?J[D>+�<[;�S^HAS�HIDF9Ca:W=EfSV> 9=7:W=9 �

l <CB p �ZB=<2� S^J?W=EGP )RSV>I<!]:7VP_DF9Ca1PIB=<[s�HI<?EG]^<[H3S1>IS^DFHK< & �¡>I7:s k 7:EGEfS^>K; � `CSâ�l�¢-?A?^§=� B ¢ p '

� �8" �#� W=HKW�SÊFE>)"PI>IDFaâ:<[>KH HIDG9=a:W=EFS^>ZSâ:>K<[<?st<?9�P[� S^HZP_B=<i< �=SVst@=EG<�l < >:p HIB=7�.cH[�

l < >:p �ZB=<2� S^J?W=EGP ) DGHZst<?<?PIDF9=a�7:9�Q�>IDG;�S*) n

�ZB=<r@CB=<[9=7^st<?9=7:9 7V�� @C>_Sâ:stSVPIDFJiSâ:>K<[<?st<?9�P#5 DGHcJ[7:s�st7^9�PI7"stS^9<)REfS^9=a^W�Sâ:<?H[n u . <?EFE MU�9=7�.c9rJ SVHI<87^�N@=>_Sâ^s"SVPIDFJeSVa:>I<?<[s�<[95P�DF9i� PLSVEFDfSV9!DFH}a:<?9=;=<?> SVa:>I<?<[s�<[95P3.cDGP_Bi9�SVst<?H <?9=;=DG9=aDF9RMO<^� EFDGU^< �� l¡PI< S^JLB=<?>Lp �=.cB=DFJLB PI>IDGa:a:<[>KHA�¡<?stDG9=DF9C< SVa:>I<?<[s�<[95P2DG��P_B=< P_< SVJLB=<[>2DGH�¡<[stSÊF<V�=S^9C;�stS^HIJ?W=EFDG9=<2Sâ^>I<[<?st<?95P3Dª��P_B=<2P_<[S^JLB=<?>3DGHZs"SÊG<^�

� � �$�� ¥A=

l < ?5p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]VSa:7N7,;NM�' ) � � +

��ZB=<iP_< SVJLB=<[>cDFHca:7,7,;65

l §:¦5p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]:7a:7N7,;NM�' ) + � ' �


�ZB=<J[S^HI<?H DF9 l <CB p M l §5¦5p S^>I<%F�W=DGPI<"H¨P_>_SVDFa:B5PI�¡7^> . S^>I;��DªPrDGH PIB=<HK<[stS^95P_DFJ?Hr7^� P_B=<t9=7:W=9P_B=SVP!;=<�P_<?>Is�DF9=<?H.H ),95PLSVJ?P_DGJ Sâ^>I<[<?st<?95P nM?�WCP!B=7�. ;=7,<[H.HI<[stS^95P_DGJ[HA;=<?PI<[>KstDG9=<rHH)N95P_S^J?PIDFJSâ:>K<[<?st<?9�P �y�Z@C>I7:@T7:HI< P_B�SVP3P_B=< P_>IS^;=DGPIDF7:9=SÊ �M HI<?P.DFHA9=7^P.<[9=7:WCa:B P_7S^J[J?7:W=95P!�¡7:>AJ S^HK<[HEFDGU^<tl < ?5pOM l §5¦5p n ` )N95P_S^J?PIDFJ Sâ:>I<?<[s�<[95PADFHcs�7:>I<iJ[7^st@=EG<�� PIB�S^9RP_B=< HIDGst@CEF<iS^@=@CEFDFJ[SVP_DG7:9 7^�u a^>I<[<V�}S^9=; DF95]:7:Eª]:<?H2S"EfSV>Ia:<?>39�W=s v <[>37^�e�¡< SYP_W=>K<[H[n.�O9 .cB�SVP.�¡7ÊFEF7�.cH?� �2+�>KHKP2;C<?P_<?J?P!PIB=<H ),95PLSVJ?P_DGJ =MOHI<�PcP_B�SVPAJLB�SV>_S^J�P_<[>KDFb?<[H.DGst@T<[>KHI7:9=SÊ �� n �ZBC<[9��T� s�7¤]:< 7:9�PI7t< �CS^stDG9=<iJ S^HK<[HDF9D.cBCDFJLB�H ),95PLS^J�P_DFJiSVa:>I<?<[s�<[95PcDFH 9C7^PZP_B=<27^9=E-)��¡7:>Is 7^� Sâ:>K<[<[s�<[95PcDG9�]^7:EG]^<[;�ne�o@=>K7:@ 7^HI<P_BC< <��NDFH¨P_<?9=J[<�7^�oSV9=7^P_BC<[>!HK<?P27^�e�¡<[SVP_WC>I<[H?�=.cB=DGJLB�@�S^>KPIDFJ?DF@�SVPI<[HADF9 PIB=< ;=<�P_<?>Is�DF9�SVPIDF7:9�7^�Sâ:>K<[<?st<?9�P[�eHI<?s"S^95PIDFJ3�¡<[SVP_WC>I<[H2l HI<?< `CS^W=<?>IEFS^9=;R¥^¦^¦ < p�n �L+�9�SÊGE-)1@=>K7NJ?<[<[;PI7 DF;C<[95P_Dª� )�PIB=<HI<?s"SV9�PIDFJ2�¡< SYP_W=>K<[Hc7^� DFs�@ <?>IHI7^9�SÊ �� n

� �6� � � ��-+ �;�� +1�#(��*��+ �� A+ �� #"$� � ��-+ �;�-�� " �*+,��:�(��

�ZB=<oW=9=;=<?>IE>)NDG9=aAS^HIHKW=s�@CP_DG7:9i� DF95PI<[9=;iP_7As"SVU^<e�¡7:>�P_BC<o@C>I<[HK<[95P ;CDFHIJ?W=HIHKDF7:9 DFH�PIB�SVP H ),95PLSVJ�MP_DGJeJ SVPI<[a:7^>IDF<?H�S^>I<8JLB�SV>_S^J�P_<[>KDFb?<[; v ) SZW=9CD F�W=<e�¡< SVPIW=>I<8J?7:st@T7:HKDGP_DG7:9!7:92PIB=<[DG>}J[7:s�@ 7^9=<[95P_H?n��7:>K<[7¤]:<?>[�eSVH SRa:<?9=<[>ISÊe>IW=EG<^� DG� SR�¡<[SVP_WC>I<1DFHis�7:>I@=BC7:EF7:a^DFJ SVEFE-)R7^> HH),9�P_S^J?PIDFJ[SÊFE>) ],DFHKD v EG<7:9 7:9=<�<?EF<[s�<[95Pi7^�oP_BC<�J[SVP_<?a:7:>H):��P_BCDFH!�¡< SYP_W=>K<�DGH2@=>I<?HI<?9�P DF9(SVEFE�<?EF<?st<?9�PIHi7^��PIB=<�J[EFS^HIH?n�ZB=<�7:@C@ 7:HKDGPI<�SÊFHK7B=7:EG;=H[�ADG�oS"�¡<[SVP_WC>I< DGH!9=<?]^<[>2],DFHKD v EG< 7:9(SV9 ) <[EG<[s�<[95P27^��S"J[SVP_<?a:7:> )^�P_BCDFH��¡<[SVP_WC>I<.;C7N<?H 9=7^P�<��NDGHKP 7^9"P_B�SYP J[SVP_<?a:7:> )^ne�ZB=<[>K<!S^>K<.7^��J[7:W=>KHI<!< �NJ[<[@NP_DF7^9=H[�NEFDFUV<APIB=<a:<?9=;=<[>3�¡< SVPIW=>I< 7:9 @=>K7:9=7:WC9=H.DG9�� P_SÊFDFS^9�� 7^9=E-) PIB=< < >K; @T<[>KHI7:9 HKDF9=a^W=EfS^>c@=>K7:9=7:WC9=H " � < " �� HKB=7�. a:<?9=;=<?>�DG9�� P_SÊFDFS^9�n �ZB=<[>K<?�¡7:>K<^��7:9=<cJ[S^9tHIS*)�P_B�SVPc¢[HKP�S^9=;"¥V9=;�@ <?>IHK7:9t@C>I7:9=7^W=9=HDF9R� P_SÊFDFS^9 ;=719=7^PcB�S ]^<rS1a:<[9C;=<[>Z�¡< SYP_W=>K<^n

��<�PrWCHrJ[7^9=HIDG;=<[> 9=7�.�P_B=<�� PLSVEFDfSV9(]^<[> v �� #�� DG9�DªP_Hi�¡7:>Is�H d�� l¨¢ H¨P

¥^£ ��

@ <?>IHK7:9 p S^9=;�d � � �� l ¥Y9=;R@ <?>IHI7^9 p�nZ¢ H¨PAS^9=;�¥V9=;�S^>K< )1+ ��:�� (.cB=DFJLB�S^>K<iS^HIHKDFa:9C<[;P_7�P_B=< �'��'� �� 9:�� % ��( n u �¡<[SVP_WC>I<rDGH.S1]VSÊFW=<?; ;=DGst<?9=HIDG7:9-l HI<?<�\3>KDfSâ^<[>I<?UYS�¢-?;?A?�¡7:> �¡W=>¨P_B=<?>�;C<?PLSVDFEFH_p�n��37�.i��DG�.S^9 <?EF<?st<?9�P ��HIWC>K� S^J?<[H#[email protected] S J?<[>KP_S^DF9�]VSÊGW=<^�8P_B=<?9 PIB=<;=DFs�<[9CHIDF7^9�srW=HKP v < @=>I<?HI<?9�P.7:9�PIB�SVP3<[EG<[s�<[95P � 7:>cP_B=<i]VSÊFWC</.�7:W=EG;=965 P v < ],DGHID v EF<tl s�7:>¨M@=B=7:EG7:a:DGJ SÊGE-)Cp�n2�}<�PiW=HiJ[7:9=HKDF;=<?>2Sâ5SVDF9(S"]:<?> v EFDGU^< �� #�� l¡< SVPLp�n �ZB=<��¡7:>Is ��

l � < SVPLp DFH�s�7:>I@=BC7:EF7:a^DFJ SVEFE-) s"SV>IU^<?;�SVHtS�¢ H¨P1@ <?>IHK7:9 �¡7^>Is .cBC<[9�J?7:s�@�S^>I<?;J.cDGP_B�PIB=<7^P_BC<[>.�¡7:>KstH �� l ):7^W <[SVPKM�¥V9=;�@T<[>KHI7:9 pA7:> �� # l¡B=< <[SVP_H�M < >K;�@ <?>IHI7^9 p�n �O9�7^P_B=<?>. 7^>I;=H?�57:9=< ]VSÊGW=< DGH ],DFHKD v EG<�s�7:>I@CB=7:EF7â:DFJ[SÊFE>).cB=<?917^P_B=<?> ]VSÊGW=<[H 7V��P_B=< HIS^s�< U�DF9=;B.cBCDFJLBJ[7:95PI>_S^H¨P .cDªP_B�DGP�S^>I<c],DFHKD v EG<^n�� )�J[7:9=J?EFW=HKDF7:9�DFHePIB�SVPoDG��Si]VSÊGW=<cDFHe],DFHID v EF<V�5P_B=<A;=DFs�<[9CHIDF7^9<��NDFH¨P_Hc7:9RP_B�SYPc<[EF<?st<?95P n

�ZB=<+�>KHKP Sâ:>I<?<[s�<[95P�@=B=<[9C7:st<?9=7:9"PIB�SVP�J[7:s�<[H8P_7 7:9=< 5�H�stDG9=;%.cBC<[97:9C<.DFHePIB=DF9=U�DG9=aS v 7:WCP�SVa:>I<?<[s�<[95P�DFH HIW v �K<[J?P¨M ]^<[> v Sâ:>K<[<?st<?9�P[n��ZB=DFHrU,DG9=;�7^�ASâ^>I<[<?st<?95P�W=HIW=SÊFE>)�7^9=E-)DF95]:7ÊG]:<?HcH ),95PLS^J�P_DFJi�¡< SYP_W=>K<[H[��EGDFUV<2DF9 l §C¢ p��

l §=¢¤p �2DfS^9=9CD�2DfS^9=9CDªM + � ' � '�)

s"S^9Ca:DfS< SVPIH¨M/" #&%('�)

� �iDFS^9=9=D < SVPIH#5

�O9Rl §C¢ p��YP_B=<�9=7:W=9 ��#�� HKB=7�.cH 9�W=s v <[>�S^9=; a:<?9=;=<?> DF9$�=<[J?PIDF7:9 � .cB=DGEF<8P_B=<o]:<?> v �� #

DFHoDF9$�=<[J?PI<[;�¡7:>o@T<[>IHK7:9 S^9C;9�W=s v <[>[n C SV9I. <.J[EfSVDFs�P_B=SVP�PIB=<.]^<[> v J[S^>I>KDF<?H�a:<?9=;=<?> � �A7^PSVP SÊFEm��S^H v <[J?7:s�<[H J?EF<[S^>�Dª�=.�<.J?7:st@=S^>I<cP_B=<3� PLSÊGDfS^9�]^<[> v PI7 PIB=<3J?7:>I>K<[HK@ 7:9C;=DF9=ar�AWCHIHIDFS^9]:<?> v �� (.cB=DGJLB�DG9 P_B=<i@�S^H¨PcP_<[9CHI< <��NB=D v DGP_HZa^<[9=;=<?>Z�¡< SVPIW=>I<?H[�TS^H l §5¥:p S^9=;-l § < p HIB=7�.i�

l §�¥^p � ]VS^9� ]VS^9

H��O<?ESVP_< M/"$#&% ' ) + � ' �

�� ]^SV9 SVPI<15

l § I>KDF<?Ht@T<[>KHI7:9��ZB=< S^9=H .�<[>1P_7 P_B=DGH�F,WC<[HKPIDF7:9 >I<�F�W=DF>K<[H

� � �$�� ¥ B

S^9*S^J?J[W=>ISVP_<�J?7:9=HIDG;=<[>ISVP_DG7:9 7^� P_B=< � SVJ?P_H?n u H ��B�S ]:<(H¨PLSVPI<[; v <��¡7:>I<V�3PIB=<�W=9=;=<?>IE>)NDG9=aS^HKHIW=s�@CP_DG7:9 P_7�P_BC< @C>I<[HK<[95P.�¡<[SVP_WC>I<[H�MOHH)NH¨P_<?s DFHZJ[7^st@�SV>IDFHK7:9�n

��<�PrWCHrJ[7^9=HIDG;=<[> ��#�� ng-<tHI<?<tP_B=SVP PIB=<"J[SVP_<?a:7:>H)�7V� 9=7:WC9=HrDªP v <[EG7:9=a:H2P_7�;=7,<[H9=7^P B�S ]:<2SV9 )�]VSÊFWC<A�¡7:>o@T<[>IHK7:9�ne�ZB=<?>I<!DGH 9=7�¥V9=;"@T<[>KHI7:9 9C7:W=9��N7:>�9C7¢ HKP @ <?>IHK7:99=7:WC9�n�ZB=< ¢ HKP�S^9=;"¥V9=;�]VSÊFW=<?HoS^>I<Z],DFHKD v EG<Z7:9t@C>I7:9=7^W=9=H8�¡7:>8DF9=H¨PLS^9=J?<^� v WCPo9=7VP 7:9�9=7:WC9=H[n �ZBCDFH<[95P_S^DFEGH P_B�SVPZPIB=<i@ <?>IHK7:9�;CDFs�<[9=HKDF7:9 DGHA9C7^Pc@=>I<?HI<?9�P37:9RP_B=<iJ[SVP_<?a:7:> )"7^� 9=7:W=9=H?n

Q 7^>rP_B=<�H_SVU^<�7^�.WC9=DG�¡7:>KstDªP ) .cDGP_ByP_BC<�a^<[9=<?>_SÊ �¡>IS^st<8. 7^>IU ��/.cDFEGE >I<��¡<[>�P_7 .cB�SVP1�B�S ]:< �KW=HKP�J SVEFEF<?; � ;=DGst<?9=HIDG7:9=H�5�S^H��¡<[SVP_W=>K<[H�5G�CS^9=;1P_7 ��¡<[SVP_W=>K<[H.l .cDªP_BtSi]VSÊGW=<¤p 5�S^H � ]VSÊFWC<[;�¡< SYP_W=>K<[H#5ªn ��7:>I<?7¤]:<[>?� � .cDGEFE�>K<?�¡<[> PI7tHH),9�P_S^J?PIDFJ2�¡< SYP_W=>K<[HAS^H �M �¡< SVPIW=>I<?H[n

�O9 S1>I<?J[<[95P.@�S^@T<[>[� �3S^>IEG<�) � �ADªPIP_<?> l ¥^¦:¦:¥:p B�S ]:< HIB=7�.c9 PIB�SVPcP_BC< JLB�SV>_S^J�P_<[>KDFb[SVP_DG7:97^� @=>K7:9=7:W=9CHZDFH s�7:>I<.HIW v PIEF<.PIB�S^9PIB=<27:9=<2EGDF9=a:WCDFHKPIH�B=S¤]^< v <?<[9RW=HIDG9=a�HI7 � SV>[no��7:>K<2@=>I< MJ[DGHI<?E-):�:PIB=<�) B�S ]:<cHIB=7�.c9�B=7�. S2H ),H¨P_<[s .cB=DFJLB�DFH v S^HI<?;t7:9CE-) 7^9�@ <?>IHI7^9 ©Va:<?9=;=<[>_©V9�W=s v <[>�¡< SYP_W=>K<[HZDFH�DF9=HKW �J[DG<[95P P_7r;=<[HKJ[>ID v <!PIB=<.�¡<[SVP_W=>K<!J[7^9(+�a:W=>ISVP_DG7:9"7V� s�7:>K@=B=7:EG7:a:DFJ[SÊFE>)rJ?7:s�M@=EG<��@=>K7:9=7:W=9CH[nA�.S^>KEF<8) � �ADªPIPI<[> l ¥^¦^¦5¥:p @=>I7^@ 7:HK<rS1�¡< SVPIW=>I< a:<?7:st<�P_>H)�.cB=DFJLB S^J[J?7:W=95P_H�¡7:> PIB=<i;=<[a:>K<[< 7^� s"S^>KU^<?;=9=<[HKH37V� �¡<[SVP_W=>K<[H?��>I<[@T7:>¨P_<[;�DF9�l¡§:§�p��l §^§�p ��

� ��, ��3C@��> ��7 �J� PT��8Y��PT/�� %�3.��

>$6��0@, ��PPT,�6+�+ 6 �,�.�/> � �3��3N)�� -��+�+

� /10NL@�7 %EP � ��3N)�� J�� @/

� @NL�� 0+%C

� W=DGPI< 7 v ],DF7:WCHIE-)^�:P_B=<A`,@ <[SÛ^<?>�SV9=; u ;=;=>K<[HIHK<[<A9=7,;=<[H8>I<��¡<[>?�5DF91�.SV>IEF<8) � �cDGPIPI<[>�5�H��¡<[SVP_WC>I<a:<?7:st<�P_>H):�!P_7*¢ H¨P S^9C; ¥V9C;�@T<[>IHK7:9�>K<[HK@ <?J?P_Dª]:<?E-):n �ZBC< < >K;�@T<[>KHI7:9 DFH[�!S^J[J?7:>I;=DG9=ayP_7P_BC<[s��=W=9=stS^>IUV<[;��=S^9=;P_BC<[>I<��¡7:>I<2J?7:>I>K<[HK@ 7:9C;=H P_7 PIB=<iS v HK<[9=J?< 7V�}P_B=<ik S^>KPIDFJ[DG@�S^95P 9C7N;=<Vn��7:>K<[7¤]:<?>[�3S^J[J?7:>I;CDF9=a P_7��3S^>IEG<�) � �ADªPIPI<[>[� .cB=<[9 7:9CE-)�P_BC<�k�S^>¨P_DGJ[DF@=S^95P"9=7,;=<�7:>�PIB=<

¥;> ��

�O9=;=Dª]NDG;=W�SVPIDF7:9 9=7,;=< S^>K<"@=>K<[HK<[95P!.cDGPIB=7:WCP �¡W=>KPIB=<[>rHI@T<[J[D>+�J SYP_DF7^9��Dmn�<Vn .cB=<?9&P_B=<9C7N;=<?HS^>I<2WC9=;=<[>KHI@T<[J?D-+�<?;��=P_B=<8) >I<?J[<?DG]:< S�;=<�� S^W=EGP DF95P_<?>I@=>K<?PLSYP_DF7^9�n �ZB=<2;=<�� S^W=EªPZDF95P_<?>I@=>K<?P_SVP_DG7:9�¡7:>�P_B=< k�S^>¨P_DFJ?DF@�SYP_DF7^9 9=7,;=<oDFH?�:S^J?J[7:>K;=DF9=aAP_72�3S^>IEG<�) � �cDGPKP_<[>?�C¢ H¨P @T<[>KHI7:9Rl¡D n <^n�`N@T< SÛV<[>Lp �.cB=DFEG<�PIB=< ;=<�� S^W=EGP�DF95P_<?>I@=>K<?P_SVP_DG7:9 �¡7:> P_B=< �O9=;=DG],DG;=W�SVPIDF7:9 9=7N;C< DFH HIDF9Ca:W=EfSV> l¡D n <^n stDG9=DFstSÊ p n

�.S^>KEF<�) � �cDGPKP_<?>#5 H��¡<[SVP_W=>K<�a^<[7:s�<?PI> )y;=7,<[HK965 P"J[7:9CHIDF;C<[>�B=7�. <�]:<[> DGst@T<[>KHI7:9=SÊZ@=>I7YM9=7:W=9CH[n u Hi�AHIB=7�.�DG9 P_B=<19=< �NP HK<[J?PIDF7:9 � DGst@T<[>KHI7:9=SÊ �� J S^9=9C7^P v <1J?7:9=HIDG;=<[>K<[; <��CS^J�P_E-)J[7:DG9=J[DG;=<[95P.cDGP_B S < >K; @T<[>IHK7:9�@=>K7:9=7:W=9 n3�O9 PIB=<r@=>K<[HK<[95P . 7^>IU � �cS^;C7:@CP2�3S^>IEG<�) � �cDGPKMP_<?>#5 HtDG;=< S(7^�2S(J[EFS^HIHKD-+�J[SVP_DG7:9��¡7:>1H ),95PLS^J�P_DGJ��¡< SYP_W=>K<[H[� <��N@�S^9=;CDF9=a P_B=<?DF>��¡< SVPIW=>I<RHK<?P"PI7DF9=J?EFW=;C<.SÊGHI7 HI7:s�<.HK<[stS^95P_DFJA�¡< SVPIW=>I<?H[ne�O9 @�SV>KP_DGJ[W=EFS^>[��8S^HKHIW=s�<3PIB�SVP S � 9C7N;=< 5NstS*)�B�S ]:¨P_DFJ?DF@�SV9�P 9=7N;C<^�e�¡7:> < �=SVst@=EG<^�estS*) v <HI@T<[J?D-+�<?; �¡7:> v 7^PIB�`N@T< SÛV<[>2SV9=; u ;=;=>K<[HKHI<[<Vn!� P_BC<[>I<��¡7:>I</.cDFHKB P_7DG95P_>I7,;=W=J?< PIB=<r9C7^P_DG7:97^� ��8:'��;��/)�� " �*+,�-:�(�� S^Hc@=>I7^@ 7:HK<[; v ) g-<?JLB=HIEG<[> � � EfSYP_DFJ l ¥^¦^¦C¢ p��

l §*=^p u ;=DGH �KW=9CJ?P_Dª]:<"�¡<[SVP_WC>I<DGH�S��¡< SYP_W=>K<"P_B�SYP�DF9=J?EFW=;C<[H�SÊGEoPIB=<@T7:HIHKD v EG<t]VSÊGW=<[Hr�¡7^>P_B=SVPZ�¡< SVPIW=>I<Vn

�O9 7^PIB=<[>�. 7:>K;=H[�:S.;=DFH �KW=9=J�P_DG]^< 9�W=s v <[> �¡< SVPIW=>I<�DFH SA]VSÊGW=<[; �¡< SVPIW=>I<oP_B�SVP�B�S^H v 7^PIB ]VSÊGW=<[H?�HIDG9=a:W=EFS^>�S^9=; @=EFWC>_SÊmn � .cDFEFE^W=HI<8P_B=<8P_<?>Is ;=DGH �KW=9CJ?P_Dª]:<8�¡< SVPIW=>I<oDF9i7:>K;=<[>�P_7ADF;C<[95P_Dª� )2<��CS^J�P_E-)P_B=DGHZ@=B=<?9=7:s�<[9=7:9 ��SV9�<?EF<?st<?9�PcPIB�SVPcB�S^HAS�;=7:W v E-)5M ]VSÊGW=<[; �¡<[SVP_W=>K<^n

� P�DGH�. 7^>KP_Bt>I<?s"S^>KU�DF9=a!PIB�SVPos7) ;CDFH �KWC9=J?PIDG]:<c�¡< SYP_W=>K<ADGHe9=7^PoDF9CJ[EFWC;=<[;�S^s�7:9=a!PIB=<3@T7:H�MHID v DFEGDGP_DG<[H PIB�SVP �.S^>KEF<�) � �cDGPIPI<[>8@=>K7:@ 7^HI<^n u HZS^9t<��CS^s�@=EF<V�NEG<?P WCH J[7^9=HIDG;=<[> Sr;=DFH �KW=9=J�P_DG]^<9�W=s v <[>8�¡< SVPIW=>I<V� .cBCDFJLB"B=S^H v 7^PIB�PIB=<c]^SVEFW=<?HoHKDF9=a^W=EfS^>8SV9=;t@CEFW=>ISÊ n u J[J?7:>I;=DG9=a PI7r�3S^>IEG<�)� �ADªPIP_<?>[��.cB=<?9 v 7^PIB��DG9=DFstSÊ�S^9C; �i>K7:W=@ S^>I< @=>I<?HI<[95Ptl¡D n <^nK.cB=<[9 v 7^PIB HIDG9=a:W=EFS^>AS^9=;@=EFWC>_SÊ S^>K< @=>K<[HK<[95P p ��;=W�SÊ 9�W=s v <[>37 v PLSVDF9=H?nA�O9 s7)RP_<[>KstH?�TPIB�SVP3P_B=< 9,WCs v <?>3�¡<[SVP_W=>K<rDGH;=DFH �KW=9=J�P_DG]^< ;C7N<?HA9C7^P.s�< SV9RPIB�SVPcP_BC< �O9=;CDG],DF;=W=SVP_DG7:9R9=7N;C< DGHcW=9=;=<?>IHI@T<[J?D-+�<?;yl DG9 �3S^>IEG<�)� �cDGPKP_<?>#5 H"P_<?>Is�HLp��A9=7:>PIB�SVPPIB=<�9=7,;=<�DFH"HI@T<[J[D>+�<[; �¡7:> v 7^PIB ��DF9=DGs"SVEªMOHKDF9=a^W=EfS^> S^9=;�i>K7:W=@NM @=EFWC>_SÊ HKDFs WCEGPLSV9=<[7:WCHIE-)^n u ;=DGH �KW=9=J�P_Dª]:<�9,WCs v <?>��¡<[SVP_WC>I<�DFH�HI7:s�<?PIB=DF9=a(<?EFHI<V� DªPDFH3S��¡<[SVP_W=>K< PIB�SVP3<[s v 7N;CDF<[H v 7^P_B�]^SVEFW=<?H + �/�-�*(��+ ��)�� ;=<[@T<[9C;=DF9=a"7:9�PIB=<rHK<[stS^95P_DFJ?H7^�oP_B=<1HI<?95P_<[9CJ[<^n"�ZB=<�S^J?PIW�SÊe>I<[SÊFDGb SVPIDF7:9 7^� 7^9=<17:>2P_B=<17^PIB=<[>2]VSÊFWC<�7:9 PIB=<��¡< SVPIW=>I<1DGH

� � �$�� ¥;?

;=<�P_<[>KstDG9=<[; v )�HK<[stS^95P_DGJ[H3�¡<[SVP_WC>I<^� S^J?J[7:>K;=DF9=a1P_7�P_B=< s�<[JLB�S^9CDFHIs PIB�SVP3� 7:WCPIEFDF9C< DG9�PIB=<9=< �NP3HI<?J?PIDF7:9�n

�� "�� " ��#� ! L� �� " ��

�ZB=< @CB=<[9=7^st<?9=7:9 7V�� ;CDFH �KWC9=J?PIDG],DGP ) 5 DFHA9=7^P3HI7tW=9=9�SVPIW=>_SVE SVH.7:9=< s�DFa:B5P v < P_<?st@CPI<[;�P_7P_BCDF9=U n u ]^<[> )(H¨P_>IS^DFa:B5PK�¡7:> . S^>I;�< �CS^st@CEF<�7^��S ;=DFH �KW=9=J�P_DG]^<��¡< SVPIW=>I<�DGH!P_B=<�� P_SÊFDFS^9 .�7:>I;�� l¡PI< S^JLB=<?>Lp � SVH2. < H_S*. DG9�l < ?5p SV9=;&l¡§5¦5p �=B=<[>KI<[@T< SYP_<[;�S^H l §:£5p S^9=;-l § B p��

l §:£5p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]VSa:7N7,;NM�' ) � � +


l § B p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]:7a:7N7,;NM�' ) + � ' �


�ZB=< 9=7:W=9 �� P_>KDFa:a:<?>IH �¡<?stDG9=DF9=<iSVa:>I<?<[s�<[95PADF9�l §5£:p S^9=;�s"S^HKJ[W=EGDF9=<!Sâ:>I<?<[s�<[95PDF9�l¡§ B p�n8j37N<?HAPIB=DFHZs�< S^9 PIB�SVP �� ;=7,<[Hc9=7^PAB�S ]:< S�a:<[9C;=<[>Z�¡< SYP_W=>K<�� C <[>¨PLS^DG9=E-)9=7^P[n g-<.H_S*.*DF9"� S^J�P PIB�SVP 9C7:W=9=HZDG9"� PLSVEFDfSV9"J SV>I> )�P_BC<.�¡< SVPIW=>I<3a:<[9C;=<[>cS^9C;9�W=s v <[>[n g�<s W=H¨P J?7:9=J[EGW=;=<oP_B�SVP �� J[S^>I>KDF<?H v 7^P_B ]VSÊFW=<?H[� s"SVHIJ[WCEFDF9C<�SV9=;r�¡<[s�DF9CDF9=<Vn �O9r7^P_B=<?>.�7:>I;=H?��DGP3B=7:EG;=H!S�;=DFH �KW=9=J�P_DG]^< a:<?9=;=<[>A�¡< SVPIW=>I<Vn.�ZB=< ]^SVEFW=<?H ��s"S^HKJ[W=EGDF9=< 5TS^9=; � �¡<[s�DF9=DG9=<15S^>K<!HI<?EF<[J�P_<?;��=DF9tP_W=>K9�� v )"Srst<?JLB�S^9=DGHIs .cB=DFJLB J?7:>I>K<[EFSVP_<?H HI<?s"SV9�PIDFJ?H .cDGPIBH ),95PLSY� n�`NW=JLBS1st<?JLB�S^9=DGHIs�DGHZ@=>I<?HI<?9�PI<[; DG9RHI<[J�P_DG7:9 =,nq¥Nn

� 7RJ[7^9=J[EGW=;=<^��.S^HIHKW=st<�PIB�SVP2P_BC<�HH),9�P_S^J?PIDFJ��¡< SYP_W=>K<�;=DFH¨P_>ID v WCPIDF7:9�7:9(� P_SÊFDFS^9 EF< �NDFJ SVEDGPI<[s�H8DFHoJ[7:s�@ 7^HI<[;tS^H8�¡7:EFEG7�.cH[� PIB=<AH ),95PLS^J�P_DFJc�¡< SYP_W=>K<[H 7V� P_BC<A]^<[> v DF9"� P_SÊFDFS^91S^>K<3@T<[>KHI7:9S^9=;�9,WCs v <?> �AP_B=<��¡< SVPIW=>I<?HtP_B=SVPSV>I< @C>I<[HK<[95P 7:9 P_B=<�9=7:W=9 S^>I<�9�W=s v <[>SV9=; a:<?9=;=<[> �P_BC< �¡< SYP_W=>K<[H3PIB�SVP!S^>I< @=>I<?HI<?9�P!7:9 @=>K7:9=7:W=9CH!S^>K< @T<[>KHI7:9�SV9=; 9�W=s v <[> l¡�¡7:>i¢ H¨P2S^9=;�¥V9=;@T<[>IHK7:9yS^9=; < >I;&@T<[>KHI7:9y@=EGW=>_SÊ8@=>K7:9=7:WC9=HLprSV9=;�@ <?>IHK7:9��e9�W=s v <[>�SV9=;�a:<[9C;=<[>Rl �¡7:> < >I;@T<[>IHK7:9(HIDG9=a:W=EFS^>.@=>K7:9=7:WC9=HLp�l¡HI<[<�k 7:HKP_SÊ ¢-?:£^£5p�ni�ZB=< �¡<[SVP_W=>K<[H!PIB�SVPiS^>K<�@=>I<?HI<?9�P 7:9 PIB=<@�S^H¨PA@�S^>KPIDFJ?DF@=EG<2S^9=;R7:9�S^; �K<?J?P_Dª]:<?H3SV>I<i9�W=s v <[>AS^9=;Ra:<?9=;=<[>?n

< ¦ ��

� � � ��+ �� +1�#(��*� � � ��

��W=9=9�l¨¢-?A?;?5p��=g�<[JLB=HKEF<?> � � EFSVP_D��l ¥^¦:¦N¢ p�� S^9C; C 7:H¨PLS � k <[>K<[DF>IS lm¥^¦:¦ < pcSVst7:9Cat7^PIB=<[>KHB�S ]:<�7^� P_<?9�>K<[stS^>IUV<[; P_B�SVPiEFS^9=a:W=Sâ:<[HiEGDFU^_S v DFJ^� deW=>K7:@ <[S^9�k 7:>¨P_W=a:WC<[HI<"S^9=;-`N<[> v 7YMC >I75SYP_DfSV9r@=>K<[HI<?95PoSâ:>I<?<[s�<[95Pe@=BC<[9=7:s�<[9=S.P_B�SVP S^>I< 9=7^P <[S^HIDGE-) S^9�SVE-),b S v EF<@.cDGP_B P_B=< s�<[>K<9=7^PIDF7:9�7^�eHH)N95P_S^J?PIDFJ�Sâ^>I<[<?st<?95P nAdeW=>I7:@T< SV9�k 7:>¨P_W=a^W=<[HK<^� �¡7:>A<��CS^s�@=EG<^� <��NB=D v DGPIH3P_BC<rHI7YMJ SÊGEF<?; � s�Dª�N<[;�Sâ^>I<[<?st<?95P*5ª��<��N<[s�@=EFD>+�<[;RDG9-l¡§C>5p��¡7:>ck 7:>KPIW=a:W=<?HI<V�

l §C>:p uSa:<?9�PI<a:<?9�PI<

<?HKP��DGH¨M�"$#&% '�)

J S^9=HIS^;=7:HP_DF>K<[;NM + ��' � -��

� k <[7^@=EF< S^>K<!P_DF>K<[;65 & �¡>I7^s C 7:HKP_S � k <?>I<[DG>_S�l ¥V¦:¦ < �ª¢ p '

� � �� DFH H ),95PLS^J�P_DGJ SÊGE-)�S < >K;&@ <?>IHK7:9�HIDG9=a:W=EFS^> �¡<?stDG9=DF9C<t@=>K7:9=7:WC9�n �3<�]:<?>KP_BC<[EF<?HIH?��DªPP_>KDFa:a:<?>IH2stS^HIJ?W=EFDG9=< @=EGW=>_SVE H ),95PLS^J�P_DGJ"Sâ^>I<[<?st<?95P 7^9 PIB=<�S^; �K<[J�P_Dª]:<^n1� P DFH F�W=DªP_<�<?],DG;=<[95PP_B�SYPZHIW=JLB S^9RSâ:>K<[<?st<?9�Pc@=SVPIPI<[>I9RDGHZDFs�@ 7:HKHID v EF<cP_7�7 v PLS^DG9 DG� 7:9=<2J?7:9=HIDG;=<[>KHZHIDGst@=E>)"HH),9NMPLS^J�P_DGJ1Sâ:>I<?<[s�<[95P2�¡< SYP_W=>K<[H[n1�ZB=<1HIS^st<�U�DG9=;�7V��@CB=<[9=7^st<?9=7:9 7 v PLSVDF9=H2DG9 � P_SÊFDFS^9 �¨`NC H?�S^HcDF9 l¡§C?5p��

l §C?:p `NDHID�DGH¨M/" #&% '�)

v <[EGEFDv < SVWCP_Dª�¡W=EªM + ��' � -��

� k <[7^@=EF< S^>K< v <[S^WCP_Dª�¡W=E 5

l §C?:pr@=>I<?HI<[95PIHI.cB�SVP1g�<[JLB=HKEF<[> � � EFSVP_D��(l ¥^¦^¦C¢ pr;=<8+�9=<�S^H"S ��;=DFH�M�Sâ:>K<[<?st<?9�P#5 v <?P .�<[<[9P_B=<t9�W=s v <[> �¡<[SVP_WC>I<"7V� P_B=<�]:<?> v S^9=;�P_B�SVP 7^� PIB=<SV; �K<[J�P_DG]^<^n��G.cDFHKB-P_7 @C>I7:@T7:HI<1P_B=SVPP_B=< ��;=DGH¨M�SVa:>I<?<[s�<[95P*5�DG9 F�W=<[H¨P_DF7^9�DGH!;=W=<�P_7 PIB=<�DF95P_<?>_S^J�P_DG7:9�7^��H ),95PLS^J�P_DFJ1SV9=;�HK<[stS^95P_DGJ�¡< SVPIW=>I<?H[� S^J?J[7:>K;=DF9=aPI7RS st<?JLB�S^9=DGHIs PIB�SVP2�AHIBC7E. v <?EF7�.in � 9=<�J?7:W=EF;�7V��J?7:W=>KHI<�S^>Ia^W=<P_B�SYPrP_BC<JLB=7:DGJ[<"7V�AS @=EFWC>_SÊ8stS^HIJ?W=EFDG9=<"SV; �K<[J�P_DG]^<DFH P_B=<";=<?� S^WCEGP JLB=7:DFJ?<"�¡7:> � PLSÊGDfS^9 n��v <?EFDG<?]:< P_B=7^W=a:B P_B=SVP.PIB=DFH3DFH.9C7^P!P_BC<rJ SVHI<^��SV9=; P_B=SVP�l §A?5pcDGH.>ISVP_B=<?>2S"J[S^HI<�7^�8HK<[stS^95P_DGJSâ:>K<[<[s�<[95P[� SÊFHK7�DF9 P_B=<iEGDFa:B5PZ7^� P_BC< < �CS^st@CEF<[HZ� S^s S v 7:WCPZPI71J[7:9=HKDF;=<?>[n

u J[EG< S^>�MOJ?WCP�J S^HK< 7^�!HK<[stS^95P_DGJ Sâ^>I<[<?st<?95P7 v P_S^DF9CHtDG9 � S^J�P"DG9�< �=SVst@=EG<&l <CB p � B=<?>I<>I<?@ <[SVP_<?; S^H l�=^¦5p

� � �$�� < ¢

l =V¦5p �ZB=<i� S^J?W=EGP )S^>I<2]:7VP_DF9Ca1PIB=<[s�HI<?EG]^<[HAS�>IS^DFHK< & �¡>I7:s�k 7:EGEfS^>K; � `CSVa l�¢-?A?^§=� B ¢ p '

�O9 l =^¦:p � � G� �8" �#� DFH J?EF< SV>IE-) HKDF9=a:WCEfS^>?n �3<?]^<[>¨P_B=<?EF<[HKH[�oP_B=<]^<[> v HIBC7E.cH�@CEFW=>ISÊ Sâ^>I<[< Ms�<[95P n u HKP_>IS^DFa^B�PK�¡7:> . S^>K; J[S^HI<�7^��HI<?s"S^95PIDFJ¤©YH ),95PLS^J�P_DFJ�HI@CEFDGP!<[s�<[>Ia^<[H DF9(� PLSÊGDfS^9�@T7:EGDGP_<! �!� l � o7:W65 pZJ?7:9=H¨P_>IWCJ?P_DG7:9=H?� S^Hc<��N<[s�@=EFD>+�<[;RDG9-l�=N¢ p �

l =,¢ p 687:D)^7:WNM �� + � % -��

HIDG<?PI<S^>K<�M� % - �

v <?EFEfSv <[S^WCP_Dª�¡W=EªM � � + ' * )

� o7:W�S^>I< v < S^WNP_DG�¡WCE 5

C S^HI<?H EGDFUV<�l =^¦5p M�l�=N¢ pAJ[S^9=9=7VP v <�< �C@CEfS^DG9=<[; .cDGPIB�P_B=<�9=7VP_DF7^9�7^� ;C<?� S^W=EªPiSâ:>K<[<?st<?9�P[n�.J?7:9=J?EFW=;=< PIB=<[>K<?�¡7:>K<�P_B�SVPiHK7:s�<?P_BCDF9=a s�7:>I<rJ[7:s�@=EF< ��DGH2a:7:DF9Ca7:9�� S^9=;�PIB�SVP2P_BC<[>I<�S^>KK<2HI<?PIH[� 7:9=<i7^��.cB=DGJLB�>K< ��<?J?P_HAHI<?s"SV9�PIDFJ?H[n

�O9�7:>K;=<[>!PI7R<��N@=EfSVDF9�P_B=<�� S^J�P_HiDF9 l¡§C>5pOM l =N¢¤p��A@ 7^HKP_WCEfSVPI< P_B=<1<��NDGHKP_<?9=J[<�7^� S^9�S^;=;=D MP_DG7:9�SÊe�¡<[SVP_W=>K<�M HI<?P[� J SVEFE8DGP P_B=< MOHK<?P ��.cB=DFJLB&DGH stS^;=<tW=@&7^� HI<[stS^95P_DGJt�¡<[SVP_W=>K<[H?� v <�PIPI<[>7^�oH ),95PLSVJ?P_DGJ �¡< SVPIW=>I<?H.P_B=SVP2<[9CJ[7,;=<�HI<?s"S^95PIDFJ[7YMO@=>ISâ:stSVP_DGJ DG9C�¡7:>Ks"SVPIDF7:9 nG? ) HI<?s"S^95PIDFJ[7YM@=>ISâ:stSVP_DGJ�DG9C�¡7:>IstSVPIDF7:9y��s�< S^9 DG9C�¡7:>Ks"SVPIDF7:9 S v 7:WCPtP_B=< S^J?PIW�SÊA>I<?�¡<?>I<?9�PR7V�iS-EF< �NDFJ SVEDGPI<[s"©V@=>K7:9=7:W=9 ne�ZB=< HH),9�P_S^J?PIDFJ S^9=;�HI<?s"SV9�PIDFJiDF95]^<[95P_7:>H)R7^� P_B=<iJ SYP_<[a^7:> ) 9C7:W=9�DFHcEFDGHKP_<?;DF9�l�=:¥:p��

l =^¥:p � " �*+,�-:�(�� " �*+,��:�(��

@T<[>IHK7:9 k8d8�3` � �9�W=s v <[> �.\.� ? d8�a:<?9=;=<?> � d �.j.do�C S^HK< �

� u �3�¨� u C l �3W=stS^9=DªP )=p

�ZB=<i]VSÊFW=<?H �¡7:>ZHIWCJLB��¡< SYP_W=>K<[HAS^>I<2PIB=<2�¡7:EFEG7E.cDG9=a=�

< ¥ ��

l = K; `Ck8d u �ido�i� u j!j.�3do`=`Cd8dZ� � �c�3d8��9:�� % �*( HIDF9Ca:W=EfSV>[�C@CEFW=>ISÊ � �.dZ� �i� � \.k�M¨� u � �#��'��*( s"SVHIJ[WCEFDF9C<^�C�¡<?stDG9=DF9=< � u � dZ� Q do� u ��dc� � �3 +1� � �37:s�DF9�SYP_DG]^<^� u J[J[WCH_SVPIDG]:< �

� ��+1� � � �.\.� u � � � � � �.\.� u �

Q 7^> P_BC<H_SÛV<7^�cHKDFs�@=EFDGJ[DGP )^� �M.cDGEFEo9�S^s�<�PIB=<HK<[stS^95P_DFJ?7VMO@C>_Sâ:stSVPIDFJ��¡< SVPIW=>I<�]VSÊFW=<?H.cDGPIB1PIB=<ZH_SVst<Z9�SVst<ZSVH P_B=<?DF>eJ[7^>I>I<?HI@T7:9=;=DG9=aiH ),95PLS^J�P_DGJ ]^SVEFW=<?H[n �3.cDFEGECDF9C;=DFJ[SVP_< HK<[stS^95P_DGJ�¡< SVPIW=>I<?HcDF9 C u ke�O� u �&EF<�PIPI<[>IH?ne�ZB=<iPLS v EG<2DF9 l�= I<[S^;�S^H l =V§5p��

l =V§5p � " �*+,�-:�(�� " �*+,��:�(��

� �*(�� ¢ H¨P �T¥V9C;�� < >K; ¢ `N�2�T¥��.jr� < �Aj�9:�� % �*( HIDF9Ca:W=EfSV>[�C@CEFW=>ISÊ `N� � � \3� u � �=ko��\3� u ��#��'��*( s"SVHIJ[WCEFDF9C<^�C�¡<?stDG9=DF9=< � u ��dZ�TQ do� u ��dZ� � � �id �.j!d8�3 +1� � �37:s�DF9�SYP_DG]^<^� u J[J[WCH_SVPIDG]:< �

� ��+1� � � �3\!� u � � � � �ZM��3\!� u �

u H�S^9"< �CS^st@CEF<^�,EF<�PoW=H�J?7:9=HKDF;=<?>�P_BC< .�7:>I; � J?7:sts�DFHKHIDG7:9=<15�l J[7^sts�DGPKP_<[< p�n � P_Ho�¡< SVPIW=>I<AHI<�P_H.cDFEGE v <^�

l =A=^p

9=71@T<[>IHK7:9 < �Aj k8do�3` � �HKDF9=a:WCEfS^> `N� � � \3� u �i� ko��\3� u ��¡<[s�DF9=DG9=< � � �id �.j!d8�

� �.\.� u �

� � �$�� <A<

� �!��"��!�� B=S^H�9=7(H ),95PLS^J�P_DGJ�@T<[>KHI7:9yEGDFU^<RSVEFE 9C7:W=9=H1DF9�� P_SÊFDFS^9��oDGP�B=S^H1S�HI<[stS^95P_DGJ�¡< SYP_W=>K<�� PIB=<[>�5G�=.cBCDFJLB(st<[S^9=HAP_B�SVPG. <1S^>K<r9=7VP2J[7:9CHIDF;C<[>IDG9=a"PIB=<1`N@T< SÛV<[>29=7^>3P_BCK<[HIHK<[<Vn�� PtDFH1H ),95PLS^J�P_DGJ SÊGE-)yHIDG9=a:W=EFS^>[� v WCP"HI<?s"S^95PIDFJ SVEFE-)-DGP�stS�) v <�J[7:9=HKDF;=<?>I<?; v 7VP_B`NDG9=a:W=EFS^>ZS^9=;�keEFW=>ISÊ �NJ[7:9CHIDF;C<[>ZP_B=<!�¡7ÊFEF7�.cDG9=a <��CS^s�@=EG<^�

l =V£5p ��SPIB=<

J[7:s�stDGHIHKDF7:9=<J[7:s�stDªPIPI<[<

�DFH¨M�"$#&% '�)

v W=7:9=SCna:7,7N;NM�'�) � � +

`N7^9=7S^>K<�M�"$#&% -��

v >IS¤]^<a:7,7N;,M -�� +

@T<[>KHI7:9=<@T<[7:@CEF<�M -�� +��ZB=< J[7:s�stDªPIPI<[<2S^>K<2a:7,7N;�ne�ZBC<�)RS^>K< SÊFE a:7N7,;R@ <?7:@=EG<15

l =V£5poHKB=7�.cH P_B�SVP ��!��"��!�� s"S*)1P_>KDFa:a^<[> v 7^PIBHIDG9=a:W=EFS^>oS^9=;@CEFW=>ISÊ SVa:>I<?<[s�<[95P n �ZBCDFHDFHZ;CW=< PI7�P_B=<2� S^J�PZP_B�SVPA7:9C< stS*)J?7:9=HIDG;=<[>ZPIB=<iJ[7:s�stDªPIPI<[<2S^HASB.cB=7:EG<�l J?7:EFEG<[J?PIDG]^<2>I< SV;NMDF9Ca�p��}7:> S^H S a:>K7:W=@ 7^� HKDF9=aÊF< @T<[>KHI7:9=H"l ;CDFHKPI>ID v WCP_Dª]:<�>K< S^;=DG9=a�p�l¡HI<[<��S^9=;Cs"S^9�¥^¦^¦:¦�¡7:>S HI<?s"SV9�PIDFJ;C<�+�9=DªP_DG7:9-7^�AJ?7:EFEG<[J?PIDG]^<t],H[n ;=DFH¨P_>KD v WCPIDG]^<"HI<�P_H_p�n�g0B=<[9y7:9C< J[7:9=HKDF;=<?>IHrPIB=<a:>K7:W=@ S^HS .cB=7:EG<^�ZHIDG9=a:W=EFS^>�Sâ:>K<[<[s�<[95P 7 v PLS^DG9=H[n0g0B=<?9 7:9=< J?7:9=HIDG;=<[>KH<?]^<[>H) HIDG9=a:EG<@T<[>IHK7:9��Z@=EGW=>_SVEcSâ:>I<?<[s�<[95Pt7 v PLSVDF9=H?n �ZB=<[>K<?�¡7:>K<^�2.�< J SV9�J[7^9=J[EGW=;=<�PIB�SVP ��!��"��!��

B=7:EG;=HiS;=DGH �KW=9=J�P_Dª]:<�HI<?s"SV9�PIDFJ @T<[>KHI7:9��¡<[SVP_W=>K<^�6.cB=DGJLB(DFH2SÊªP_<?>I9�SVPIDG]^<[E-)�HKDF9=a:WCEfS^>37:>2@=EFW,M>_SVE n&�ZB=<RHH)N95P_S^J?PIDFJ�a:<[9=;C<[>17^� ��!��"��!�� DGH �¡<[s�DF9=DG9=< ��HI<[stS^95P_DGJ SÊGE-)^�eJ[7:s�stDGHIHKDF7:9=<B�S^Ho9=7ia:<?9=;=<[>.l HK<[<3SÊFHK7!g-<?JLB=HIEG<[> � � EfSYP_DFJ ¥^¦:¦C¢Z�¡7:>8Si;=DGHIJ[WCHIHIDG7:9�7:91HI<[stS^95P_DGJca:<[9=;C<[>Lp n� �!��"��!�� SVEFHI71B=7ÊF;=HcS ��B,WCs"S^9=5�HI<[stS^95P_DGJ!�¡< SVPIW=>I<Vn

u ; �K<[J�P_DG]^<[HA7:9=E>)@T7:HIHK<[H3S MOHI<�P nok�SVHKPA@�S^>¨P_DFJ?DF@=EG<[H?�C7:9RP_B=<i7^PIB=<[>cB�SV9=;��;=W=<2PI71PIB=<[DG>;=7:W v EF<c9�SVPIW=>I<AS^He]^<[> v H S^9=;tS^; �K<?J?PIDG]:<?H[�,B=7:EG; v 7^PIB�HK<?PIH[��PIB=< =MOHK<?P�S^9=;1P_B=< M HI<�P n ��.cDFEFE>I<�P_W=>K9�7^9�PIB=DFHZDGHIHIWC< DG9R;=<?P_S^DFEGH DF9RJLB�S^@NP_<[> < n

� W=>K9=DF9Ca 9=7�. P_7�Sâ^>I<[<?st<?95P �eDGPrDFH J[EF<[S^> PIB�SVP P_B=<HKDFs�@=EFI<[<">I<[EFSVP_DG7:9-HKU^<�P_JLB=<?;DF9-HI<[J�P_DG7:9�§ DFH DF9=HKW �J[DG<[95P P_7�J?7¤]:<[> v 7^PIB&HI<�P_H�7^�Z�¡<[SVP_W=>K<[H?n �O9�@=S^>KPIDFJ[WCEfS^>?��2@=>K7:@ 7^HI<P_B=SVPcS^; �K<?J?PIDG]VSÊ S^9=; @�S^>¨P_DGJ[DF@CDfSÊ l S^9=; ;=<�P_<[>KstDG9=<[>_p�Sâ^>I<[<?st<?95PZDF95]:7ÊG]:<?H P_B=< MOHK<?P � .cB=DFEG<]:<?> v SVEZSâ:>K<[<[s�<[95PrDF95]:7:Eª]:<?H P_B=< �MOHK<?P�7^9=E-)^n u ;=7:@NP_DF9Ca�\3>KDfSâ:<?>I<?UVS 5�Hl¨¢-?A?;?5piPI<[>Is�DF9C7:EªM7:a1)^�� @=>I7^@ 7:HK<APIB�SVP�S^; �K<?J?PIDG]VSÊ ©Y@�S^>KPIDFJ?DF@=DFSÊ�Sâ:>K<[<[s�<[95P�7 v P_S^DF9=HePIB=>I7:WCa:BDC 7^9=J[7:>K;�� .cB=DFEG<HIW v �K<[J�PKM ]^<[> v Sâ^>I<[<?st<?95P�7 v P_S^DF9=HiP_BC>I7:W=a^B u a:>K<[<^n C 7:9=J[7^>I;&PLSV>Ia:<�P_HrPIB=< M HI<?P � u a:>K<[<

< § ��

PLS^>Ka:<?PIH3PIB=< �M HI<�P n2��7:>I< HK@ <?J[D>+�J SÊGE-)^�6C 7:9CJ[7:>K;(S^9=; u a:>I<?< S^>K< J[7:s�@=EG<[s�<[95PLS^>H)R7:@T<[>_S MP_DG7:9=H[��P_B=SVP DG9�]^7:EG]^<.;=D>0 <?>I<?9�P��¡< SVPIW=>I<3HI<�P_HZS^9C;7:@T<[>_SYP_<.7^9;=D-0 <[>K<[95P ;C7:s"SVDF9=H?n��ZB=<8)S^>K<B=7�. <�]:<?>!P_B=< HIS^s�<r7:@T<[>ISVP_DG7:9��TS^9=; P_SÛ^< @CEfS^J?<rSV� PI<[>A�¡< SVPIW=>I<1��SVP_JLB PI7t]VSÊFWC<rW=95]VSÊFWC<[;�¡< SVPIW=>I<?H[n

�ZB�SVP.Sâ:>I<?<[s�<[95PA7 v P_S^DF9=HZ],DfS�C 7:9=J?7:>I;�;=7,<[Hc9=7^P.S^s�7:W=95PZP_7�H_S*),DF9=a�P_B�SYP.SV; �K<[J�P_DG]VSÊSâ:>K<[<[s�<[95PZDGH S U�DG9=;7^��HK<[stS^95P_DFJ.Sâ:>K<[<[s�<[95P2.cBCDFJLB ;=7,<[H�9=7^P P_SÛ^<!@CEfS^J?<.DF9tP_B=<!HH),9�P_SY� nC 7:9=J?7:>I;�SVEFHI7�DF95]:7ÊG]:<?HrHH)N95P_S^J?PIDFJt�¡<[SVP_WC>I<[H?n `,W=JLB�H ),95PLS^J�P_DGJt�¡< SYP_W=>K<[H SV>I<"BC7E.�<?]^<[> 9C7^PJ[7:DG9=J[DG;=<[95P�.cDGPIB PIB=< �M HI<?P[n �ZBC<�) S^>I<R;=D>0 <?>I<?9�P1�¡>K7:s P_BC< � v S^HKDFJ15 =MOHK<?P�DF9�P_B=SVP1P_B=<8)J S^>K> )�HI<?s"SV9�PIDFJ?7VMO@=>ISâ:stSVP_DGJ2DF9C�¡7^>IstSVP_DG7:9 l HK<[<1`CSVW=<[>KEfS^9=; ¥^¦:¦ < �¡7:>3S"HIDGstDGEfS^> ;C<�+�9=DªP_DG7:97^�8<��,PI>_SSâ^>I<[<?st<?95P.�¡< SYP_W=>K<[HLp n!� 7H_S*) DªP.cDªP_B `CS^W=<?>IEfSV9=;yl ¥V¦:¦ < �ª¢ p��PIB=< M HI<?P.DFH3s"S^;C<W=@�7^�8HK<[stS^95P_DFJ[SÊFE>) J[7^9�PI<[95PI�¡WCEeSâ:>K<[<[s�<[95P!�¡<[SVP_WC>I<[H�5G� .cB=DFJLB(S^>K< 7:9 PIB=< EG<��NDFJ[SÊ DªP_<?s DG9S^;=;=DªP_DG7:9�SÊ P_7�H ),95PLS^J�P_DGJ 7^9=<[H?n

��<�PAW=HcJ[7:9=HKDF;=<?>AS1J[S^HI< 7^� � 9C7:>IstSÊ 5NSâ:>K<[<?st<?9�P[��HIW=JLB S^HZP_B=<i7:9C< DG9 HI<?9�PI<[9=J?< l�= B p��

l = B p � W=<[EGEfSP_B=SVPKM�' ) � � +

J S^HISB=7:W=HK<�M�' ) � � +

>I7:HKH_S>I<[;,M/'�) � � +

�DFH�M/" # % '�)

s�7:EGPI7]^<[> )

v <[EFEFSv < S^WCPIDG�¡W=E M/'�) � � +��ZB�SVPA>I<?;�B=7^W=HI<iDFH ]^<[>H)R9=DFJ?< �

�O9 l = B p�� PIB=< HH)N95P_S^J?PIDFJ��¡<[SVP_WC>I<[H"7:9 � !� S^>I<V� �¡<[s�DF9=DG9=<�S^9=; HKDF9=a^W=EfS^> �ZP_B=< HK<[stS^95P_DGJ�¡< SVPIW=>I<?H S^>K< `N� � � \3� u � S^9=; � � � d �3j!d8� n �ZB=<IF�W=<?HKPIDF7:9&DGH 9C7E. BC7E.�SVa:>I<?<[s�<[95P7:9�PIB=< S^; �K<[J�P_Dª]:<[H.S^9=;�7:9�PIB=<i]:<[> v DFHc;=<�P_<?>Is�DF9=<?;�n � .cDGHIB�PI7"@=>K7:@T7:HI<iP_B�SYP.SVa:>I<?<[s�<[95PDF9 v 7^PIB-J[S^HI<?H�DF95]:7:Eª]:<?HrH ),95PLSVJ?P_DGJtM �¡<[SVP_WC>I<[H?� v WCP P_B�SYP PIB=< M �¡< SVPIW=>I<tHI<�P7.cB=DGJLB�<[95P_<?>IHS^; �K<?J?P_Dª]VSÊ5Sâ:>K<[<?st<?9�P DFH}9C7^P l 9=<?J[<[HKH_S^>KDFE>)=p}J[7^DF9=J?DF;=<?9�P .cDªP_BiP_B=< �M HI<�P�.cBCDFJLB DFH SVPIPI>ID v WCP_<?;P_7 � !� DF9iP_B=<�EF<��NDGJ[7:9�n �O9r7VP_B=<?>�.�7:>I;CH[�^PIB=<[>K<�DGH ;=Dª],DFHIDG7:9i7^��EFS v 7^> v <�P . <?<[9 P_BC<�HH)N95P_S^J?PIDFJS^9=;RP_B=<iHK<[stS^95P_DFJ!�¡<[SVP_WC>I<iHI<�P_H[n u H3S�a:<[9C<[>_SVE}>IW=EG<^�CPIB=< MOHI<�Pc<[95P_<?>IHMC 7:9=J[7^>I;�� S^9C;�PIB=<�M HI<?Pc<?95P_<[>KH u a:>I<?<^n

��<�PW=HtJ[7:9CHIDF;C<[>�+=>IHKPtP_B=< S^; �K<?J?P_Dª]VSÊASâ:>I<?<[s�<[95PDG9 l�= B p n*�ZBC< HI<?s"S^95PIDFJ�9,WCs v <?>7^� � !� DFH�`N� � �i\.� u �i�eS^9C;yPIB=< H ),95PLSVJ?P_DGJR9,WCs v <?>�7^� � !� DFHrHIDF9Ca:W=EfSV>[n �ZB=<[>K<�DGH�S

� � �$�� < =

J[7^>I>I<?HI@T7:9=;=<?9=J[< v <�P . <?<[9&P_BC<"H ),95PLSVJ?P_DGJS^9C;�P_BC<tHK<[stS^95P_DFJ�9�W=s v <[>i�¡< SVPIW=>I<V��Dmn�<VnP_B=<8)B�S ]:<!PIB=<!HIS^st<A]VSÊFW=<��,PIB=<!HH)N95P_S^J?PIDFJ!9�W=s v <[>��¡< SVPIW=>I<37:9"P_BC<2S^; �K<?J?P_Dª]:<G.cDGEFE v <.HIDG9=a:W=EFS^>[n�}<?P�W=H�PIW=>I9�P_7 a:<[9=;C<[>[n � !� B=S^H 9=7 HI<?s"SV9�PIDFJAa:<[9C;=<[>?� .cB=DGEF<cDGPoB�SVH H ),95PLSVJ?P_DGJA�¡<?stDG9=DF9C<a:<?9=;=<[>?n u ; �K<[J?PIDG]^<[H DG9�� P_SÊFDFS^9 S^>I<tW=HIW�SVEFE-) DF9$��<?J?PI<[;-�¡7:> a:<?9=;=<[>?n C 7:9=J[7^>I;&EG7N7:U�H +�>KHKPDF95PI7rP_B=< MOHK<?P � v WCPZDªP ;=7,<[H 9=7^P +=9=;RS^9<)t]VSÊGW=<3PIB=<[>K<�l v <[J[S^W=HI< � !� ;=7,<[H 9C7^P B�S ]^<iS^9<)a:<?9=;=<[>!�¡<[SVP_WC>I<¤p ni�ZB=<[9��}DªP.PIW=>I9=H!PI7"P_BC< �MOHK<?P[�}S^9=;�a:<�P_H.PIB=<r]VSÊGW=<r�¡<[s�DF9CDF9=<��D n <^n!PIB=<7:9=E>)1S ]VS^DFEFS v EF< a:<[9=;C<[>��¡<[SVP_WC>I<c�¡7:> � !� n��O9"7VP_B=<?> .�7:>I;CH[� .cB=<[9"PIB=< MOHK<?P�DFH8DF9=J?7:s�@=EF<�P_<^�P_BC< �M HI<�P P_SÛ^<?H 7¤]:<?> �¡7:> HI<?s"SV9�PIDFJ�Sâ:>K<[<?st<?9�P[n � !� .cDFEGE ]^SVEFW=<�P_BC<��¡<[SVP_W=>K<[H 7^� $� � � "�>I<�P_W=>K9=DF9Ca1PIB=<2�¡7:>Is $� � � �� n

? 7^P_B PIB=<i9=7:W=9 � !� S^9=;RP_BC< SV; �K<[J�P_DG]^< $� � � EfS^JLUt@ <?>IHK7:9�n�O9 S1@�S^>ISÊFEG<[E . S*):�THIW v �K<[J?P¨M ]^<[> v Sâ:>I<?<[s�<[95PA7 v P_S^DF9=HZ],DfS u a:>I<?<^n ��B�S^HcW=95]VSÊFW=<?; =M

�¡< SYP_W=>K<[H[n � !� B=S^He]^SVEFW=<?; =M �¡<[SVP_W=>K<[H?n �O9tPIB=DFHeJ[S^HI<V�,PIB=<AP_S^>Ia^<?P_<?;tHK<[email protected] v <cPIB=< �MOHK<?P[n�O9 7^P_B=<?> . 7:>K;=H[��HK<[stS^95P_DFJ��¡<[SVP_W=>K<[HiB�S ]:<19=7VP_B=DG9=a P_7R;=7�.cDGPIB(]^<[> v MO7 v �K<[J?PrSâ:>K<[<?st<?9�P[nu a^>I<[<cHK<[EF<?J?PIHoPIB=< "HI<?P�S^9C;t� .cDFEFE v <[S^>eP_B=<Z]VSÊGW=<[HeHKDF9=a:WCEfS^>cl S^J[J?7:>I;CDF9=a2P_72PIB=<cHIDF9Ca:W=EfSV>]VSÊFWC<o7V� � !� p S^9C; < >K; l v <?J S^W=HK< � !� B�SVH 9=7A@T<[>IHK7:9�� .cB=DFJLB >I<[HKW=EGPIH DG9 PIB=<8]:<[> v HKB=7�.cDF9=a< >K;�@T<[>KHI7:9�Sâ:>K<[<[s�<[95PLp�n

��<�P WCH�P_WC>I9"9C7E. PI7 PIB=<3< �CS^st@CEF<ADF9 l §5£5p8S^9=; l § B p��B=<[>K<.>K<[@T< SVPI<[;DG9 l�=;>5p8S^9=;�l�=;?5p �

l = >5p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]VSa:7N7,;NM�' ) � � +


l = ?5p �L5 DF9=HK<[a:9�SV9�PI<PIB=<�M + ��' �� + M P_<[S^JLB=<[>�M + � ' �� +

�DGH¨M�"$#&% '�)

v >_S ]:7a:7N7,;NM�' ) + � ' �


u HA7 v HK<[>¨]:<[; v <?�¡7^>I<^�=PIB=< st7:>K@=B=7:EG7:a:DGJ SÊ Sâ:>I<?<[s�<[95PA<[9=;CDF9=a1P_B�SYP.SV@=@ <[S^>A7:9�PIB=< S^; �K<[J MP_Dª]:<?H SV>I< J?EF< SV>IE-)�H ),95PLSVJ?P_DGJ1Sâ:>K<[<[s�<[95PistS^>IUV<[>KH[nr�ZBC<�@C>I7 v EG<[s S^>IDGHI<?H2DG�87:9=<�J?7:9=HKDF;=<?>IHP_B=SVP�PIB=< 9=7:WC9 �� l P_< SVJLB=<[>_p ;=7,<[H 9=7VP ;=DGHI@=EFS�) S^9<) H ),95PLSVJ?P_DGJ stS^>IUV<[> �¡7^>�a:<?9=;=<[>?n

� ��6,%=��,% ,�6�0+ .0��+ %.��$@�3��68�U �� +�� 0 .�8�6,��NL6C�� + N .��32 ��06+ >��C@UAB.�, 1�@� PT@,WABE�� %/�,%E+@R��+�SQIS��3�[+%@I�3� C�� >T �@,�D

< £ ��

�37�.*DFHoP_B=<3a:<[9=;C<[>Z7:9"PIB=<2S^; �K<[J?PIDG]^<[H ;=<�P_<?>Is�DF9=<?;"P_B=<?9��ZB=<iSV9=H .�<[> DGH F�W=DªP_<.H¨P_>IS^DFa:B5P¨M�¡7:> . S^>K; 7:9yP_BC<�EGDFa:B5P17^� .cB�SVPt�rB=S¤]^< �KWCHKP�@=>I7^@ 7:HK<[;�n�� B�S^H�S(;=DFH �KW=9=J�P_DG]^<HI<?s"S^95PIDFJ�a:<?9=;=<[>i�¡< SYP_W=>K<^�3.cB=DFJLB DFHiSÊªP_<?>I9�SVPIDG]^<[E-)�� u `(C \.�}� �.d 7:>iQ do�� A� �.dZn��ZB=<>I<?HIW=EªP_DF9Ca HK<?P .cDFEFE J?7:95PLS^DG9S ;CDFH �KWC9=J?PIDG]:<3H ),95PLS^J�P_DGJ!a:<[9C;=<[>o�¡< SVPIW=>I<V� .cB=DGJLBI.cDFEGE�>I<[J?<[Dª]:<S�]VSÊGW=<1;=<[@T<[9=;CDF9=a 7^9�P_BC<tHK<��7^� PIB=<S^J�P_W�SVE8PI< S^JLBC<[>�.cBC7 DFHiP_BC<"HIW v �K<[J�P 7^�Z@C>I<[;CDFJ S MP_DG7:9�n8� SVHIJ[WCEFDF9C<!7:> �¡<?stDG9=DF9=<.Sâ:>K<[<[s�<[95P2.cDGEFE P_B�W=H v <!;=<?PI<[>KstDG9=<[;PIB=>I7:WCa:B C 7:9=J[7^>I;R7^�P_B=<�S^; �K<[J?PIDG]^<B.cDGP_B�PIB=<19=7:W=9�nr�O9 PIB=<�<[9=; � DªP2DFH2HK<[stS^95P_DGJ[H!P_B=SVPi;=<?PI<[>KstDG9=<[H2HH)N95P_S^J?PIDFJSâ:>K<[<[s�<[95PcB=<?>I<Vno�ZBC< < �NDFHKPI<[9=J?< 7V��< �=SVst@=EG<[HZEGDFU^<�l =;>5p SV9=;�l =;?5po710 <?>IHcHIWC@=@ 7^>KPZ�¡7:> PIB=<B<)N@T7^PIB=<[HKDFHeP_B�SYPeP . 7i�¡< SVPIW=>I<ZHK<?PIHo< �NDFHKPo7:91EG<��NDFJ[SÊCDªP_<[s�H[�^7:9=<K.cB=DFJLB1DGHe@=W=>I<?E-)rH ),95PLS^J�P_DFJV�S^9=;�S^9=7^PIB=<[>Z7^9=< .cB=DFJLB�DFHcS 0 <[J�P_<?; v )RHI<?s"SV9�PIDFJ?H[n

� 7 HIW=s�stS^>IDGb[<^�3�"B�S ]^<�@=>K7:@T7:HI<?;*PIB�SVP�j!keH v < SV>RP .�7�;CDFHKPIDF9=J�PRHI<�P_H�7^� �¡<[SVP_WC>I<[H?�S =MOHK<?P �ostS^;=<RW=@ 7^�!@=>K7:@T<[>1H ),95PLS^J�P_DGJ��¡<[SVP_W=>K<[H?� S^9=; S MOHK<?P � .cB=DFJLB DFH1stS^;=< W=@ 7^�HI<?s"S^95PIDFJR�¡< SVPIW=>I<?H[�ZP_B�SYP S^>K< >I<?EfSVPI<[; P_7-PIB=< HK<[stS^95P_DFJ�9�SVPIW=>I<�7^�!P_BC< >I<��¡<[>K<[95P 7^�2PIB=<9=7:W=9 n u a^>I<[<?st<?95P v <?P .�<[<?9 P_BC<rj!k SV9=;�PIB=<i]:<[> v DGHA7 v PLS^DG9=<[; ],DfS u a^>I<[<��P_B=<2�¡< SYP_W=>K<[HDF95]:7ÊG]:<?;DF91P_BCDFHoJ S^HK<!S^>K<APIB=7:HI<37^��PIB=< =MOHK<?P n u ; �K<[J?PIDG]VSÊTS^9=;t@�S^>¨P_DFJ?DF@=DFSÊ�Sâ^>I<[<?st<?95P S^>K<7 v P_S^DF9=<?; ]NDFS%C 7:9=J[7^>I;�� S^9C;�PIB=<iH ),95PLS^J�P_DFJiHK<?PA7^� �¡< SVPIW=>I<?HADG95]:7:Eª]:<[;�DFH PIB=< HK<?P[n

� � 0 �� 8+ �;�� " ��+ ��:�(�� "$�� *( �!��+ � � �

u H�.�<�B�S ]^<-HI<?<[9 DF90HI<?J?P_DG7:9 =NnG¢^nG�!� P_SÊFDFS^9 @=>K7:9=7:W=9CH�HKB=7�.�s�7:>I@=BC7:EF7:a^DFJ SVE3DG9$��<[J�P_DG7:9�¡7:> @T<[>KHI7:9 S^9=;�9�W=s v <?>[n �ZB=<RHI@T<[J[D>+�J JLB�S^>IS^J?PI<[>KDFb SYP_DF7^9&7^�A� PLSÊGDfS^9�@=>I7^9=7:W=9=H�l¡DF9&PIB=<�37:s�DF9=SVP_Dª]:<.�¡7:>KspoDFHcS^HZ�¡7:EGEF7�.cH[�

� � �$�� <CB

lm£^¦5p� � ¢ H¨PA@=HcHIa�� ¥Y9=;�@CHAHKa�8� < >I;�@=HcHIa�C� ¢ >K;�@CHA@CE)�� ¥V>K;�@CHA@CE�8� < >K;�@CHA@CE

�O9yPIB=<R;=DFHKJ[W=HKHIDG7:9�S v 7¤]:<V� � B�S ]:<�S^HIHKW=st<?; PIB�SVP1s�7:>I@CB=7:EF7â:DFJ[SÊ�DG9$��<?J?P_DG7:9�>I<��<[J�P_HH ),95PLSVJ?P_DGJ��¡<[SVP_WC>I<[H?� HKW=JLB S^H19�W=s v <[>?��@T<[>KHI7:9 � S^9=; @T7:HIHKD v E>)&a:<?9=;=<[>�l¡HI<[<��cDGPIPI<[> ¢-?;? <S^9=;��S^HIW=EGEF7 � j3<[@=DFS^95P_<i¥^¦^¦ < �¡7:> Sr;=DFHKJ[W=HKHIDG7:97:9D.cB=<�P_B=<?> a:<?9=;=<[>ZDGH S HH),9�P_S^J?PIDFJ!7^> SEF< �NDFJ SVE �¡< SVPIW=>I< p�n

�ZB=<e�¡< SVPIW=>I<eJ?7:st@T7:HKDGP_DG7:9!7^� �� DFH}9=7^P�HK7cHKP_>IS^DFa^B�PK�¡7:> . S^>K;�� v <?J S^W=HK<�HH),9�P_S^J?PIDFJe�¡< SYP_W=>K<[HS^>K<�9C7^P�>I< �=<[J?PI<[; DF9�P_B=<Rs�7:>I@CB=7:EF7â1)-7V� �� S^9=; v <?J S^WCHI<�7^�3PIB=<RW=9�W=HIW=SÊASâ:>I<?<[s�<[95P@�SVPKP_<?>I9=HcP_B=<iDG9=HI<?>KP_DG7:9 7^� �� DG9�S1J?EfS^WCHI<ia:<[9C<[>_SYP_<[H?n

�� !�� " �%$� �� " ��

`NDG9=J[< < >K;�@ <?>IHK7:9 DG9$��<?J?P_DG7:9�S^@C@ <[S^>IH�7:9�PIB=<]:<?> v H�P_B=SVP1S^J?J[7:s�@�S^9<) �� 8DªP DFHrW=HIW�SVEFE-)S^HKHIW=s�<[; PIB�SVP �� B=S^H2S"HKDF9=a:WCEfS^>A9�W=s v <[>3�¡<[SVP_WC>I<Rl �.S^@T7:EFD8¢-? B £C� ? <[EGEF<?PKP_D8¢-?A>:¥N�=?�W=>Ib?DF7¢-?A>^£5p��

lm£N¢ p j.7^s"S^9CDPI7:st7^>I>I7�.

HIDHID;=7^>Is�<HKEF<[<?@=H "$#&%('�)

W=965 7:>_SS^9�BC7:W=>

DF9DF9@=D��s�7:>I<

�� 7^st7:>K>I7�. @ <?7:@=EF<M.cDGEFE�B=S¤]^< 7^9=<2<��,P_>IS�BC7:W=>c7^� HIEF<?<[@65

�37�.�<?]^<[>[� C B=DF<?>IJLB=DFS l¨¢8?A?C= v pZHIBC7E.cH3P_B�SVP �� DGH3HK<[stS^95P_DFJ[SÊFE>)@=EGW=>_SVE � S^H3DGPADF95P_>K7N;CW=J[<?H!Sa:>K7:W=@ 7^� >K<?�¡<?>I<[95PIH DG9(PIB=<1;=DFHKJ[7:WC>IHI<Vnt�ZBC<tDGHIHIWC<�DGH2B=<[>K<�PIB=<1>I<?EfSVPIDF7:9 v <?P .�<[<?9&HI<?s"SV9NMP_DGJ�S^9=; H ),95PLS^J�P_DFJ�@=EGW=>_SÊGDGP )^n��ZB=<�F�W=<?HKPIDF7:9 DFH2P_B�W=H .cB=<�P_B=<?>rHI<?s"SV9�PIDFJ�@=EGW=>_SVEFDGP )�B�S^H SH ),95PLSVJ?P_DGJ J?7:W=95P_<?>I@�SV>KP no�}<?PAW=HcJ?7:9=HIDG;=<[>ZPIB=<2�¡7:EFEG7E.cDG9=arHK<[95P_<?9=J[<V�

< > ��

lm£5¥^p u ESVPZPIB=<

a:DF7:>K9=7;�S*)

;65 7:a:a:D7^� P_7,;�S*)

HIDHID�DGH "$#&%('�)

HIDFs�@�SVPIDFJ?D9=DFJ?< + ��' � -��

HI7:EG77:9=E-)

HI<DG�HIDHID�DGH "$#&%('�)

>IDGJ[JLB=D>IDGJLB + ��' � -�� 37�. SV;�S*)NHA7:9=<iDGHZ9=DFJ?< 7^9=E-)"DG� 7:9=<iDFHZ>KDFJLB65

lm£5¥:p HK<[<[s�H1P_7(HIB=7�. PIB�SVP �� B=S^H"S�HH)N95P_S^J?PIDFJ�@=EFW=>ISÊZ9�W=s v <[>��¡< SYP_W=>K<^� v <[J[S^W=HK< ��

DFHiP_B=<�7:9=E>)(<[EG<[s�<[95P DF9�PIB=<�J[EfSVW=HI<1P_7 .cB=DFJLB-PIB=<tS^; �K<[J�P_Dª]:<"stS*)(>I<��¡<[>[n �ZBC<t�¡7:EGEF7�.cDF9=a<��CS^s�@=EF<V� �¡>I7^s `CSÊG],D l¨¢8?A?C¢ p � B=7�.�<?]:<?>[�ADFH�7^� P_<?9�>K<[@T7:>KPI<[; l¡HI<[< d8a^<[>IEFS^9=; ¥^¦:¦ < p�S^HtSJ[7:WC9�PI<[>K<��CS^s�@=EF<2P_7�PIB=<iJ[EfSVDFs P_B�SVP �� DFHZ@=EGW=>_SVE �

lm£ I<?HIDF;C<[95P_<@=>I<?HIDF;C<[95P

;=<[aÊFD7^� P_B=<

`,P_SVP_D`,P_SVP_<?H

\A9=DGPID �ªnGnªn\A9=DGPI<[;

� g0B=<[9�7:9=<iDFH PIB=<i@=>I<?HIDG;=<[95P37^� PIB=< \39=DªP_<?; `�PLSVPI<[H[�}nªnªn-5

�O9 l £ !9C7:W=9 DFH SÊFEG7�. <?; DG9�P_B=<1@=>K<[;=DGJ SVPIDG]:<1J?7:9=HKPI>IW=J�P_DG7:9�n1� � .�<1PLSÛV<�PIB=<J[7:@CW=EfS �� l � v < 5qp1P_7�s�< S^9 DG;=<[95PIDGP ) 7^�i�¡< SVPIW=>I<?H[�AS^HDGHW=HKW�SÊFE>) S^HIHKW=s�<[;��. <�J[S^9J[7:9CJ[EFWC;=< PIB�SVP �� S^9=; �� #� �� J SV>I> ) PIB=<iH_S^s�<iHIDG9=a:W=EFS^> �¡< SVPIW=>I<?H[n��ZB=<[>K<?�¡7:>K<^� P_B=DGHHIB=7�.cHAP_B�SVP �� DFHc9=7^PAHH)N95P_S^J?PIDFJ SVEFE-)"@=EFWC>_SÊmn u H.SV9 S^;C;=DGPIDF7:9�SVE @=DG<[J[<i7^��<?],DF;C<[9=J?< �¡7:>ZPIB=<J[EFS^DFs PIB�SVP �� DFHr9C7^P HH)N95P_S^J?PIDFJ SVEFE-)(@CEFW=>ISÊ � DGP DFH . 7:>¨P_B�9=7VP_DFJ?DF9=aRP_B=SVPrPIB=< v <[B�S ],DF7:> 7^�� DGHI965 Pi<��CS^J�P_E>)�@�S^>ISÊFEG<[E PI7 P_B�SVPi7V� S < >K; @T<[>KHI7:9 @=EGW=>_SÊ�@=>I7:9C7:W=9(EFDGU^< "�!�� S^HiHIB=7�.c9v )�<��CS^s�@=EF<?H�lm£^§5p.S^9=; lm£A=:p�l¡�¡7:>3P_B=<�S^HKHIW=s�@CP_DG7:9 P_B=SVP �� DFH < >K; @T<[>KHI7:9 � HK<[<�P_BC<�9=<��,PHIW v HI<[J�P_DG7:9 p��

lm£^§5p �}7:>I7P_BC<�)5M/" # % - �

stS^9=a^DfS^9=7<[SVPKM�"$#&% -��

��ZB=<�)R<[SVP*5

lm£C=^p `NDHIDstS^9=a:DFS<[SVP_H�M/"$#&%('�)

� k <[7^@=EF<i< SYP*5

�O9 l £^§�p � PIB=< < >I; @=EFWC>_SÊe@=>K7:9=7:WC9 PI>IDFaâ:<[>KH2@=EFW=>ISÊ8Sâ:>K<[<?st<?9�P 7:9(P_BC<�]^<[> v ��.cB=DGEF< �� DG9lm£C=^p!PI>IDGa:a:<[>KHiHIDF9Ca:W=EfSV>iSâ:>I<?<[s�<[95P n ?�WCPrDª� �� . <?>I<"@CEFW=>ISÊeDGP HIBC7:W=EF; 9�SVPIW=>_SVEFE-) v <?B�S ]:<

� � �$�� < ?

EFDGU^<iSÊGE�7^PIB=<[>Z@=EGW=>_SVE�@=>I7^9=7:W=9=H?no��<�PAW=HcJ[7:9=HKDF;=<?>ZP_B=<i9=< �NPcP .�7tHK<[95P_<?9=J[<?H[�

lm£^£5p �}7:>K7PIB=<�)

B=S^9=9=7B=S¤]^<�M�"$#&% -��

s"SV9=a:DfSYP_7< SVPI<[9NM -�- '�)

��ZB=<�)RB=S¤]^< <[SVP_<?965

lm£ B p `NDHKDªM *,+.-

�DFH¨M�"$#&% '�)

s"SV9=a:DfSYP_7< SVPI<[9NM -�- '�)

� k <?7:@=EF<iB�S ]^< <[SVP_<?965

lm£^£5p3J[7^9�P_S^DF9CH!S < >K;�@ <?>IHI7^9�@=EFW=>ISÊ @=>I7:9C7:W=9��=.cBCDFJLB�P_>KDFa:a:<?>IH < >I; @T<[>KHI7:9(@=EGW=>_SVE�Sâ^>I<[< Ms�<[95Pr7^9�P_BC<"S^W,�CDGEFDFS^> )^n"d ],DF;=<?95P_E-)^� �� ;C7N<?H 9=7VP PI>IDFaâ:<[>!PIB=<"HIS^st<1U�DF9C;-7^� Sâ:>I<?<[s�<[95P7:9 P_BC<2S^WN�NDFEGDfS^>H):n � � �� .�<[>K< HH),9�P_S^J?PIDFJ[SÊFE>)t@CEFW=>ISÊ �,7:9=<M.�7:W=EG; <��N@ <?J?PZPI7�HI<[< S HH)N95P_S^J?PIDFJJ[7^9(+�a:W=>ISVP_DG7:9REFDGU^<2DF9�l £A>5p�� .cB=DFJLB�DFHZ9=<�]:<?>APIB=<iJ S^HK<^�

lm£;>5p �Y`NDHKDHK7:9=7SV>I<�M�"$#&% -��

stS^9=a:DFSVP_75©VD<[SVP_<?9NM -�- + ��' � '�) � -��

� k <?7:@=EF<iB�S ]^< <[SVP_<?965

�ZB=< ;=D-0 <[>K<[9=J?< v <�P . <?<[9 �� S^9=; < >K;R@ <?>IHI7^9�@=EGW=>_SVE @=>K7:9=7:W=9CH v <[J?7:s�<[Hc<?]^<[9 HKB�S^>K@ <?>ZDF9lm£;?5p�],H[n.l B ¦5p �

lm£;?5p �}7:>K7PIB=<�)

HK7:9=7SV>I<iHIJ < >K;�@CE


��ZB=<�)RB=S¤]^<rSV>I>IDª]:<?;65

],H[n

l B ¦5p `NDHKD�DGH¨M�"$#&% '�)


� k <?7:@=EF<iB�S ]^<rS^>K>IDª]:<[;=5

u a:S^DF9��VDF9Rl £A?5p v 7VP_BrPIB=< @�S^H¨Pe@�S^>¨P_DGJ[DF@CEF<oS^9=; PIB=< S^W,�CDGEFDFS^> )iHKB=7�. @CEFW=>ISÊNDG9$��<?J?P_DG7:9�� .cB=DFEG<DF9�l B ¦5p�P_BC< @=S^>KPIDFJ[DG@=EF<3DFHc@=EGW=>_SÊ S^9=;RP_B=< S^W,�CDGEFDFS^> )�DFHZHKDF9=a^W=EfS^>?n

�A<?J S^@=DªP_W=EFSVP_DG9=a=� PIB=<[>K<(S^>I<�;CD-0 <[>I<?95P H ),95PLS^J�P_DGJ�B=DF95P_HRS v 7:WNP �� 5�H"9,WCs v <?>�¡< SVPIW=>I<V�HI<?95P_<[9CJ[<[H1EGDFU^< lm£C¢¤p S^9C;*lm£ B p M�l B ¦5p!HI<?<[s P_7 HKB=7�. PIB�SVP �� DFHrHKDF9=a^W=EfS^>?n `,<[95P_<?9=J[<?H�EFDFUV<

§5¦ ��

lm£5¥^prS^9=;*l B ¦5prSâ:S^DF9�HI<[<?s P_7�HKB=7�. PIB�SVP �� DGH @=EFWC>_SÊmn l B ¦5p �eDF9�@�SV>KP_DGJ[W=EFS^>[� HI<?<[s�H1PI7HIB=7�. PIB�SVP �� DFH v 7^P_BRHKDF9=a:WCEfS^>ZSV9=;�@CEFW=>ISÊ}SVPZPIB=<iH_S^s�<!P_DGst<Vn

�O97:>I;C<[>8P_7r@C>I7¤],DF;=<3S^9"HK7:EFWNP_DF7^9��¡7:>ePIB=DFHo@=W=b?b[EF<V�CEG<?Post<�+�>KHKP�@=>I<?HI<[95PZHK7:s�<37 v HI<[>¨]VSYMP_DG7:9=H[� +�>IH¨P � S�]:<?> v .cB=DGJLB�Sâ:>K<[<?H.7:9=E>)�.cDGPIB �� 7:9CE-)�SÊ>. S*),H.HKB=7�.cH!HIDG9=a:W=EFS^>cDF9$��<?J?PIDF7:9�n`N<[J?7:9=;��NP_B=<3>_S^9=a^<!7^�}J?7:95P_<��,PIH2.cB=<[>K<!P_B=<!HKDF9=a^W=EfS^>oS^9C; @=EFW=>ISÊ��¡< SVPIW=>I<?HZS^@=@T< SV> S^>K<!;=DG�fM�¡<[>K<[95P ne�O9t@�S^>KPIDFJ?W=EfS^>?�5S^; �K<?J?PIDG]VSÊ lmSV9=;"@�SV>KP_DGJ[DG@=DfSÊfp DG9$��<[J�P_DG7:91HI<[<?s�P_7r>K< ��<?J?P �� 5�Ho@=EGW=>_SÊ9�W=s v <[>Z�¡< SVPIW=>I<V��.cB=<[>K< S^Hc]:<?> v SÊ�DG9$��<[J�P_DG7:9RHI<[<?stHcP_71>K< ��<?J?P �� 5�HcHIDG9=a:W=EFS^>Z9�W=s v <[>Z�¡< S MP_W=>K<^n u H¨P_>IS^DFa:B5PK�¡7:> . S^>I;�HK7:EFWNP_DF7^9B.cB=DFJLB1>I<?J[7:9CJ[DFEG<[H v 7^P_B1@�SV>KP_HeDGH P_72HIS�)rP_B�SVPoSV; �K<[J�P_DG]VSÊS^9=; ]^<[> v SÊ SVa:>I<?<[s�<[95P2S^>K0 <?>I<[95P.7:@ <?>_SVPIDF7:9CH[��.cB=DFJLB�DG95]:7:Eª]:0 <?>I<?9�P.HI<�P_H7^�2�¡< SYP_W=>K<[H[n u H S^95PIDFJ[DG@�SVPI<[;�DG9 PIB=< @=>K<?],DF7:WCH"HI<?J?PIDF7:9��ZPIB=DFHtDFH"< �CS^J?PIE-) s7) @=>I7^@ 7:HISÊ �S^; �K<?J?P_Dª]VSÊ!l S^9=;�@�SV>KP_DGJ[DG@=DfSÊfp2Sâ:>I<?<[s�<[95P�DGH ;=<?PI<[>KstDG9=<[;&],DfS C 7:9=J[7^>I;��L.cB=DGJLB�HI<[EG<[J�P_H1SHI<?s"S^95PIDFJ�HI<?P 7^� �¡< SYP_W=>K<[H PIB�SVPrDFH ;=<?PI<[>Is�DF9C<[; v )(P_B=<tHI<?s"S^95PIDFJ[H 7^�ZP_BC<"9=7:WC9�n�68<?> v SVESâ:>K<[<[s�<[95PrHI<[EG<[J�P_H DG9=HKPI< S^;-PIB=< � P_>IS^;=DªP_DF7^9�SÊ 5 �MOHK<?P l HI<?< \3>KDfSâ^<[>I<?UYS�¢-?A?;? S^9=;&�3W=a:BC<[H¥^¦:¦ < p�n C 7:9=J?7:>I; DFH3StEF7,J SVE}7:@ <?>_SVPIDF7:9 � DGPA>K<#F�W=DF>K<[H2S�HI@T<[J MOB=<[S^; 7:>3StB=<[S^;NM J[7:s�@=EF<?st<?95PJ[7:9 +�a:W=>ISVP_DG7:9�n

Q 7ÊFEF7�.cDG9=a2dea:<[>KEfS^9C; lm¥^¦:¦ < p�S^s�7:9=a27^PIB=<[>KH[�� S^HKHIW=s�< P_B=SVP �� B�SVHe9=7 HH),9�P_S^J?PIDFJc9�W=s�Mv <?>[ne�O9RJLB�S^@NP_<[> < �C�@.cDFEFETHIBC7E. B=7�.�S^; �K<[J�P_Dª]^SVE�Sâ:>K<[<?st<?9�P 7 v PLSVDF9=H .cDªP_B=7^WCPZS HH)N95P_S^J?PIDFJ9�W=s v <[>Z�¡< SVPIW=>I< v WNPK.cDGP_B�S�HI<?s"S^95PIDFJ2@=EGW=>_SÊ 9,WCs v <?>Z�¡< SVPIW=>I<Vn

u 9�S^J[J?7:W=95Pi�¡7:>!P_B=<�Sâ^>I<[<?st<?95P @=SVPIPI<[>I9CH @C>I<[HK<[95P_<?;&DF9 PIB=DFH2HK<[J�P_DF7^9�DGH2@=>I7¤],DF;=<?;�DG9JLB�S^@CPI<[> < n

�� !�� #�� !�7� �� " ��

�ZB=<2Sâ^>I<[<?st<?95P <[9C;=DF9=a 7:9"PIB=<3]^<[> v H2.cB=DFJLB SV@=@ <[S^> ��DF9tJ[7:s v DF9�SYP_DF7^9651.cDGPIB �� DGH SÊ>. S*),H< >I; @T<[>IHK7:9�n u H�.�<tB=S¤]^<"HK<[<[9-DF9(P_B=<�EfS^H¨P HI<[J�P_DG7:9�� B=7�. <�]:<[>?�eSâ:>K<[<?st<?9�P � S^J�P_H ;=7�9C7^P@=>I7¤],DF;C< DG9=J[7^9�PI>I7¤]:<?>KPID v EG<2<?],DF;=<?9=J[<i7^� P_B=<2�¡<[SVP_W=>K<2J[7:s�@T7:HIDªP_DF7^97^� �� n

u +�>IH¨P�SVPIPI<[s�@CP P_7�J?EfS^HKHIDª� )-@=>K7:9=7:WC9=H1S^J[J?7:>I;CDF9=a PI7 @T<[>KHI7:9yDGH ;=W=<PI7 ? <[95]:<?9=DFH¨P_<¢-?:£:£Nn��O9 B=DGH J?EfS^HKHID>+�J SVPIDF7:9 �3? <[95]:<?9=DFH¨P_<tHI<?PIH < >I; @ <?>IHI7^9�@=>K7:9=7:s�DF9=SÊFH2SV@�S^>KP2�¡>K7:s ¢ H¨P

� � �$�� §=¢

S^9=; ¥V9=;�@T<[>IHK7:9�7:9=<[H?no�3<iJ[EFS^DFs�H�PIB�SVP < >I;R@T<[>KHI7:9�@=>I7^9=7:s�DF9�SÊGH B�S ]^< ��9=7�@ <?>IHI7^965Gnu ;C<?]:<?EF7:@Cst<?9�P37^�@?�<[9=<�]:<[9CDFHKPI<15 H2S^9�SVE-),HIDGHZDFHc710 <[>I<?; v ) ? 7:9=<�P�l�¢-?A?C¢¤p�no�ZB=< ;CDFHKPI>ID M

v WCPIDF7:9t7^��J?EFDªP_DFJ?H8DF9�? S^>IJ?<[EG7:9�� C SVPLSVEfS^9�HIB=7�.cH�B=7�.0>I< �=<��NDG]^<[H @�SYPIP_<?>I9%.cDGP_B�¢ HKP S^9=; ¥V9=;J[EGDGPIDFJ[H?�CSV9=;RS^>I<2;CDFHKPIDF9=J�P �¡>K7:s < >I; @T<[>IHK7:9 J[EGDGPIDFJ[H?n u EG7:9=arPIB=<!HIS^st<.EFDF9C<[H[� �iS�),9=<�lm¥^¦:¦:¦:p@=>K7 ],DG;=<[H�S2;=<?P_S^DFEG<[;1J[EFS^HIHKD-+�J[SVP_DG7:9�7^� J[EFDªP_DGJ[H DG9t�c7:stS^9=J?<^�5HIBC7E.cDG9=a B=7�. >I<��<��NDG]^< �� @�SVP¨MP_<?>I9=HM.cDªP_B�¢ H¨P S^9=; ¥V9C;�J[EFDªP_DGJ[H v <[J[S^W=HK<�7V�8HI<?]^<[>ISÊe>I<[S^HI7:9CH[�!s�7:>I@CB=7:EF7â:DFJ[SÊ}DF9$�=<[J?PIDF7:9 �H ),95PLSVJ?P_DGJ DG95P_<[>IS^J?PIDF7:9D.cDªP_BR7^PIB=<[>c<[EG<[s�<[95P_HcDG9P_B=<iJ[EFS^W=HK< SV9=;�;CDFHKPI>ID v WCP_DG7:9�n

o<?P �NDFs�@ <?>IHK7:9�SÊ �� J S^9=9C7^P v <.J[7:9=HKDF;=<?>I<?;�< �CS^J?PIE-)EGDFUV<.>I<��<��NDª]:< �� ne�O9� S^J?P[�=DFs�@T<[>¨MHI7^9�SÊ�S^9=;�>I<��<��NDª]:< �� ;=D>0 <?> �¡>I7:s < S^JLB�7^P_BC<[>ZDF9RHK<?]:<?>_SÊ�>K<[HI@T<[J�P_H?�

� � �*" �*(��+ �� ZBC<[>I<rDFH3S";=D-0 <[>K<[9=J?< v <?P .�<[<?9 DGst@T<[>KHI7:9=SÊ S^9=; >K< ��< �CDª]:< �� DF9>K<?�¡<[>K<[95P_DFSÊFDªP )T� DFs�@ <?>IHK7:9�SÊ �� DFH?��SVPcEG< S^H¨Pc@�S^>KPIDfSÊGE-)^�N>K<?�¡<[>K<[95P_DFSÊ n

� � #( � ��#��A+1� �� ;�� Os�@ <?>IHK7:9�SÊ �� 9C<?]:<?>rHKB=7�.cHrs�7:>I@=BC7:EF7:a^DFJ SVE DG9$��<[J MPIDF7:9��.cB=DGEF<8>I<��<��NDª]:< �� ;=7,<[H[n �ZB=<oPLS v EG<eDF9"l¨¢�=^p HIB=7�.�<[; P_BC<oDG9$��<?J?P_DG7:9�SÊ5@=S^>_S^;CDFa:s7^� >I<��<��NDª]:< �� DFs�@ <?>IHI7^9�SÊ �� ;=7,<[HK965 PADG9=HKPI< S^;�HIB=7�.�st7:>K@=B=7:EG7:a:DGJ SÊTDF9$�=<[J?PIDF7:9 n

�� !�-(��%':�� ZB=<?>I<�S^>I<SÊFHK7�;=D-0 <[>K<[9=J?<[H�DF9&PIB=< ;=DGHKP_>KD v WNP_DF7^9&7^�A>I<��<��NDG]^<�S^9=;DGst@T<[>KHI7:9�SVE �� S^HcHIBC7E.c9�DF9�l B ¢ p S^9=;-l B ¥:p��

l B ¢ p �2DfSV9=9=D�2DfSV9=9=D

<SV9=;

��S^>IDFS��S^>IDFS

HI<HIDªM�#��

EF7DGP¨M ��

HK7:9=7S^>K<

>_S^J?J[7:95P_SVP_7P_7:EG;

� �2DfS^9=9CD}S^9=;�� S^>KDfS�B�S ]:<2PI7:EF; P_B=SVPZP_71< SVJLB 7^PIB=<[>�5

],H[n

l B ¥:p �}7DªPKM��

HIDHID M *,+.-

�DGH>_S^J?J[7:95PLSYP_7P_7:EG;

� k <?7:@=EG< B=S¤]^< PI7:EF;PIB=DFHZPI7�<[S^JLB�7^P_B=<?>#5

u HB. <RJ SV9 7 v HI<?>K]:<V�oPIB=<RS^J?J[W=HISVP_Dª]:<RJ[EGDGP_DGJ "� �¡7:EGEF7�.cH >I<��<��NDª]:< �� S^9=;y@=>I<?J[<?;=<[H

§�¥ ��

DFs�@T<[>IHK7:9�SÊ �� n3�ZB=DFH3DFH.<?9=7:W=a^B P_7;=7^W v P.PIB=< @T7:HIHKD v DGEFDªP )P_7 SV@=@=E-) �iS*),9=<15 H!a:<?9NM<[>ISÊFDGb SVPIDF7:9CH SÊGHI7�P_71DFs�@T<[>IHK7:9�SÊ �� n

�ZB=<1<��NDFH¨P_<[9CJ[<�7^��S^9(DFs�@T<[>IHK7:9�SÊ �� 5 H!@ <?>IHK7:9��¡< SVPIW=>I<�9=<?<[;=H2PI7 v < HKB=7�.c9 v ) 7^P_B=<?>st<[S^9=H?n

�O9 P_BC<�EGDGP_<?>_SVPIW=>I<V�YPIB=<[>K< SV>I<8P_B=>K<[<os"S^DG9i@=>I7:@T7:HISÊFH S v 7:WCP �� 5 H @T<[>KHI7:9r�¡<[SVP_WC>I<^��? WC>Ib[DG7l¨¢-?;>:£5pt@=>K7:@T7:HI<?H�PIB�SVPRDFs�@T<[>IHK7:9�SÊ �� B=S^HR9=7 @T<[>KHI7:90�¡< SYP_W=>K<^n � 90PIB=<(7^P_BC<[>RB�S^9=; �� S^9=b?DF9=D l¨¢-?;>:£5p8S^HIHKW=st<?H P_B�SYP P_BC<!@ <?>IHK7:9 �¡< SVPIW=>I<37:9 �� DFH WC9=HI@T<[J?D-+�<?;�n8�ZB=DF>K;��C DG9NF�W=<l¨¢-?;>A>5pr@=>K7:@ 7^HI<[H1P_B=SVP �� B=7ÊF;=H�S(a:<[9=<?>IDGJ�@T<[>KHI7:9y�¡< SYP_W=>K<^� .cBCDFJLB�BC<�J[SÊFEGH ��$ n �ZB=DGH�¡< SVPIW=>I<2DGH 9=7^PAS v <?PKP_<[>Z;C<�+�9=<?;�HH),9�P_S^J?PIDFJistS^>IUV<[> �¡7:>ZWC9=HI@T<[J?D-+�<?;�@T<[>KHI7:9�� .cB=DFJLB�9=<[<?;=HP_7tJ[7:s v DF9=< .cDGPIB S �� !�� u � � B=<[S^;��TD n <^n2.cDªP_B�S%+�9=DªP_<i]:<?> v n.� )�S^HKHIW=s�@CP_DG7:9=HA7:9�� 5�H3@ <?>IHK7:9 �¡< SVPIW=>I< v W=DGEF; @=S^>KPIDfSÊGE-) 7:9�P_B=DGH3EFS^HKP!S^@=@=>K75S^JLB�n2�A7�. <�]:<[>?�};=D-0 <[>K<[95P_E>) �¡>I7:sC DF9NF�W=<V�� ;=>IS*.�P_BC< ;CDFHKPIDF9=J�P_DG7:9 v <�P . <?<[9�H ),95PLS^J�P_DFJ S^9=;RHK<[stS^95P_DFJ2@T<[>KHI7:9 n

�2S^HIHKW=s�<�PIB�SVP @=>I7:9C7:W=9=H DF9 � PLSÊGDfS^9(SV>I<tSÊFEeDG9$��<[J�P_<?;��¡7:>i@T<[>IHK7:9�� <?]:<?9 < >K;-@T<[>IHK7:9@=>I7^9=7:W=9=H?� .cBCDFJLB SV>I< W=HIW�SVEFE-)J[7:9=HKDF;=<?>I<?;�P_7tEfS^JLUSt@T<[>IHK7:9��¡<[SVP_WC>I<^nZ�ZBC<[>I<��¡7:>I<V� �� SÊFHK7s W=H¨P3BC7:EF;RS1@ <?>IHK7:9��¡<[SVP_WC>I<^n

�ZB=<.< �CDGHKPI<[9=J?<.7^��S @T<[>KHI7:9��¡< SVPIW=>I<A7:9 �� J SV9 v <3DG9=;=<[@T<[9C;=<[95P_E>)1HIB=7�.c9 v )1J?7:9=HIDG;=<[>�MDF9=aiS2@�SV>KP_DGJ[W=EFS^> >K<[HKPI>IDGJ?P_DG7:9�7:9�P_BC<A@T<[>KHI7:91�¡< SYP_W=>K<Z7^� PIB=<c7 v �K<?J?PoDF9��¨`NC H?ne�O9"S2HK<[95P_<?9=J[<EFDGU^< � � ! �� !�� " �� l��O@ <?7:@=EF<"HI<[EGEZJ S^>KH#5 p��8P_B=< 7 v �K<[J�P " �� J[S^9 7^9=E-)v <�P_B=DG>I;&@T<[>KHI7:9 n �O9&JLB�S^@NP_<[>r§=� �2HIBC7E. B=7�. P_B=<t@ <?>IHK7:9&�¡< SVPIW=>I<t7^�cDFs�@T<[>IHK7:9�SÊ �� DGH>I<?HI@T7:9=HID v EF<!�¡7^> P_B=DGHZ>I<[H¨P_>KDFJ?PIDF7:9 ne�ZB=<[>K<?�¡7:>K<^�� SVHIHIWCst<2P_B=SVP �� B=7ÊF;=HcS�@T<[>IHK7:9R�¡< SVPIW=>I<Vn

�ZB=<DF�W=<[H¨P_DG7:9&DFHiP_BC<[9 .cB=DGJLB&@ <?>IHK7:9&DFH DGP � � 9C<"J SV9&<��NJ[EGW=;=<I.cDªP_B-S^9�S^J?J[<[@NPLS v EG<;=<[a^>I<[< 7^��J[<[>¨PLS^DG95P ) P_B�SVP �� DGHi¢ HKP37:>3¥V9=;�@ <?>IHK7:9�� v <?J S^W=HK<"¢ H¨PA7:>3¥V9=; DG9$��<?J?P_DG7:9�9=<?]^<[>HIB=7�.cHAW=@�7:9 P_B=<2]:<?> v .cB=<[9�DFs�@ <?>IHI7^9�SÊ �� DFHZ@C>I<[HK<[95P n

� PeHI<?<[s�H�F�W=DGPI< HKPI>_S^DGa:B5PI�¡7:>H. SV>I;rPI7!J[7:9CJ[EFWC;=< P_B=SVP �� B�SVHeS < >K;�@ <?>IHI7^9 �¡< SVPIW=>I<Vn g0DGPIBP_B=DGHZS^HKHIW=s�@CP_DG7:9��,��;C<[@�S^>¨P �¡>I7^s��3S^>IEG<�) � �cDGPKP_<[>�5�H�;=<�+=9=DGPIDF7:97V��S < >I; @T<[>IHK7:9�S^HZS 9=7YM@ <?>IHK7:9 �¡< SVPIW=>I<Vno��S^HKHIW=s�<2DF9=H¨P_<[S^; P_B�SVPZS�]^<[> v HKB=7�.cH < >I;R@ <?>IHK7:9�Sâ:>I<?<[s�<[95PK.cB=<?9�PIB=<j!k�DªPASâ:>I<?<[HK.cDGPIB��

� � �$�� § <

� EFS^JLU�HcPIB=<i@ <?>IHK7:9��¡<[SVP_WC>I<

� B=7ÊF;=HcS < >I;R@T<[>KHI7:9R�¡< SVPIW=>I<V��D n <^n8S ]VSÊFWC<[;R@ <?>IHK7:9��¡<[SVP_WC>I< .cDGPIBRPIB=<2]VSÊFW=< < >I;

� 7(J[7^9=J[EGW=;=<^�o� S^>Ia:WC<P_B�SVP �� DGH�H ),95PLS^J�P_DFJ[SÊFE>) < >I;y@ <?>IHK7:9��o;=D-0 <[>K<[95P_E>)-�¡>I7^s j!keH.cB=DGJLB ;=7-9=7VPB=7:EG; S-HH),9�P_S^J?PIDFJ�@ <?>IHI7^9 �¡< SVPIW=>I<V�cS^9=; HKDFs�DFEfSV>IE-) P_7�7^P_BC<[> < >I; @T<[>KHI7:9@=>K7:9=7:W=9CH[n ? 7^PIB �� lmSV9=; < >I;"@ <?>IHI7^9@=>I7^9=7:W=9=H_p S^9=;j!keH P_>KDFa:a:<?> < >I;@T<[>KHI7:9 HH)N95P_S^J?PIDFJSâ:>K<[<?st<?9�PA7:9 PIB=<2]:<[> v n

�� `ND � � � �� " �� ZB=< a:<[9=;C<[>c�¡< SVPIW=>I<i7^� �� DFHASÊGHI719=7^PAJ?EF< SV>¨MOJ?WCP no� �4.�< P_SÛ^< S1EF7,7:USVP3Sâ^>I<[<?st<?95PA� SVJ?P_H?�.�< ;=DGHIJ?7 ]^<[>cP_B�SYP �� ;=7,<[HK965 PA�¡7^>IJ[<i7:9C< 7^> P_B=<i7^PIB=<[>ca:<?9=;=<[>ASâ^>I<[<?st<?95P �

l B I>IS^>IDQ <?>I>IS^>ID

HKDHKD�DFH�M/"$#&% ' )

>IDGJ[JLB=D>IDGJLB

�� 7:9C< B=S^HAS�Q�<?>I>_SV>ID �N7:9=<iDFHZ>KDFJLB65

l B §�p `N<Dª�HKDHKD�DFH¨M�"$#&% '�)

DF9=J?DF95P_<@=>I<?a:9�S^95P

v DFHK7:a:9�S9=<[<?;=H

� SV>I<stSÛV<

SYPIP_<?9=b[DG7:9=<SYPIP_<?95P_DF7^9

S^DSVPcPIB=<

a5SVPIPIDJ SVPIH

�� 7:9C< DGHZ@=>I<?a:9�S^95P[��7:9=<iHIB=7^W=EF; v < J[S^>I<��¡W=E6.cDGPIBRJ SVPIH#5

�O9 l B;KDFa:a:<?>IH�stS^HIJ?W=EFDG9=<8Sâ:>K<[<[s�<[95P 7:9iP_B=<�S^; �K<?J?PIDG]:<Vn��O9"l B §5p��YDGP}P_>KDFa:a^<[>IH��¡<?stDG9=DF9C<Sâ:>K<[<?st<?9�P[n

�}S^HIHKW=s�<�P_B=SVP �� B�S^H�9C7.H ),95PLSVJ?P_DGJ a:<?9=;=<?> �¡< SYP_W=>K<^n��ZBC< Sâ:>K<[<?st<?9�P � S^J?PIH DG9 l B;< p�S^9=;l B §�p2S^>I<1;=<�P_<[>KstDG9=<[; v )(HI<?s"SV9�PIDFJ�Sâ:>K<[<?st<?9�P[� S^J[J?7:>I;=DG9=aRP_7 P_B=<�s�<[JLB�S^9CDFHIs 7:WCP_EGDF9=<?;DF9RHK<[J?PIDF7:92=Nn ¥Nn

`N7A� SV>[��. <oB�S ]:<oHI<?<[9rPIB�SVP �� B�S^H 9=73HH),9�P_S^J?PIDFJ89�W=s v <[>��¡< SVPIW=>I<V�^S < >K; @T<[>KHI7:9i�¡< SVPIW=>I<V�S^9=;�9=71a:<?9=;=<[>c�¡< SYP_W=>K<^n

u +�9�SÊ�>I<?s"S^>KU�DGH 9=<?J[<[HKH_S^>H)yB=<[>K<^n � ��. <RS^@C@=E-) C B=7:s�HIU<) 5�H1;=<8+�9=DªP_DF7^9-P_7 �� S^H �B�S ]:< �KW=HKP3;=<[HKJ[>KD v <[; DªP ��9�S^s�<[E>)D.cDGPIB 9=<?DGPIB=<[>AH ),95PLS^J�P_DGJra:<?9=;=<[>39=7:>cH ),95PLSVJ?P_DGJr9�W=s v <[>?�� P_WC>I9=H 7^WCP PI7 v <2S =MODF9CJ[7:s�@=EF<�P_<cDGPI<[s�n o<�P �CDªP stS*)�<[95P_<?> u a:>K<[<2SV9=;"]VSÊFWC<3W=95]VSÊGW=<[;�¡< SYP_W=>K<[H 7:9��¡WC9=J?PIDF7:9�SVE3B=<[S^;=H?�3SVJ[J[7^>I;=DG9=a-P_7�P_B=< s�<[JLB=S^9=DFHKs @C>I7:@T7:HI<?; DF9 C BC7:stHKU<)

§:§ ��

l¨¢-?;?A?5p��.cB=DFJLBy�iB�S ]:< HKW=ststS^>KDFb[<?;&DF9-HI<[J�P_DG7:9y§�S v 7 ]^<^n�j.<[@=S^>KPIDF9=a �¡>K7:s C BC7:stHKU<) 5 Hl¨¢-?;?A?5p S^HKHIW=s�@CP_DG7:9=H?�� S^>Ka:W=<2P_B�SYPc>I<?�¡<?>I<?9�PIDfSÊ}< �N@=>I<?HIHIDG7:9=H3s"S*) <?9�PI<[> u a:>K<[<V� S^9=; v <[S^>@ M >I7:EG<[H3S^9=; C SVHI<^n3�O9 HI<?J?PIDF7:9 =,n�§=nª�T� HIB=7�. P_B=SVP.DGst@T<[>KHI7:9=SÊ �� DFHA>I<��¡<[>I<?95P_DfSVE ��P_B�SV9=U�PI7DGPIHoHK<[stS^95P_DGJA�¡<[SVP_W=>K<3HK<?P[ne�ZB=DFH�SÊFEG7�.cH �� P_7 v <[B=S¤]^<!S^H�S HH),9�P_S^J?PIDFJ[SÊFE>) �M J[7:s�@=EF<�P_<cDGPI<[s.cDGPIB�>K<[HK@ <?J?PAP_7 u a:>K<[< S^9=; @ M >I7:EG<2S^HKHIDFa^9=st<?95P n

u � P_<?>!;=<8+�9=DF9Ca"P_B=<rH ),95PLS^J�P_DFJ �¡< SVPIW=>I< v W=9=;=EG<7.cB=DGJLB�JLB�S^>_SVJ?P_<?>IDGb[<[H.DFs�@ <?>IHI7^9�SÊ �� J S^9�9=7�. s�7¤]:<i7:9 P_7�DF;C<[95P_Dª� )tPIB=<iHI<[stS^95P_DGJ2�¡< SVPIW=>I<2HK<?P .cB=DFJLB�JLB�S^>IS^J?PI<[>IDGb[<?H �� n

� �& 0 �� + ��-�� " �*+,��:�(�� *( �!��+ � � �

� PLSÊGDfS^9�@=>K7:9=7:W=9CH v < S^>�H ),95PLS^J�P_DFJ3DF9C�¡7^>IstSVP_DG7:9�S v 7^WCP 9�W=s v <?>ZS^9=;t@ <?>IHI7^9��=S^9C;DF9tHI7:s�<J S^HK<[HRS v 7:WCPta:<?9=;=<[>S^9=;0S^9=DGs"SVJ�) l 7^>"B�W=stS^9=DGP )Cp n g0B=<�P_B=<?>J S^HK<^�A7:>�.cB=SVPDGH"W=HKWNMSÊFE>) J SÊGEF<[;-DF9=B=<?>I<?9�P1J[S^HI<V��DGH�S�HI<?s"S^95PIDFJ"�¡<[SVP_W=>K< 7:> 9=7VP�DFH1S stSVPIPI<[> 7V�3;C< v SVPI<^n-Q 7^>P_B=<�@=>K<[HI<?95P ;=DGHIJ[WCHIHIDG7:9�� G.cDFEGE EF<[S ]:<1P_B=<�DF9=BC<[>I<?95PrJ[S^HI<tDFHIHKW=<tS^HIDG;=<^� S^9=; �¡7NJ?W=Hi7:9�PIB=<HI<?s"S^95PIDFJ!�¡< SYP_W=>K<[HZP_B�SYP.SV>I<2>I<?EF<�]^SV9�Pc�¡7:> PIB=<iDF;=<?95P_D-+=J SVPIDF7:9 7^� �� n

��

� P B=S^HR7^� P_<?9 v <[<[9 @ 7^DF95P_<?; 7:WNP�PIB�SVP�DFs�@ <?>IHK7:9�SÊ �� DF;=<?9�PID-+�<?H�S a:>K7:W=@ 7^� B�W=stS^9=H?n�ZB�SVPtDFH?� DGPIHt>K<?�¡<[>K<[95P_DFSÊcHI<�PDFH�S a:>I7:WC@�7^�2B�W=stS^9 v <?DF9=a:H?n �ZB=DFH�@=>K7:@ <?>KP ) B�S^H�7^� PI<[9v <?<[9�>I<��¡<[>I>K<[;�P_7�S^H �qSV9=DFstS^J�) 5�l u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W�¥^¦:¦:¥N� � >IstS^b S v SÊ � �A7:s�<[>K7�¥^¦:¦:¦:p� u 9=DFstS^J8) 5 DFH[�}BC7E.�<?]^<[>?��9=7^P S @=>K<[J?DFHI<1;=<8+�9=DªP_DF7^9�� v <?J S^WCHI<�7^�oJ[7:W=>KHI<tSÊFHK7RS^9=DGs"SÊGH!S^>K<S^9=DGs"SVPI<AS^9=;"PIB=<�)tS^>K<.9=7^P�DF9CJ[EFWC;=<[;DG9 �� 5 H�>K<?�¡<?>I<[9CJ[<2HI<�P n � 9=<3stDGa:B5P�J?7:9=HKDF;=<?> 9�S^s�DF9CaP_B=DGH2�¡< SVPIW=>I< �qk <[>KHI7:965ª� v WNP PIB=DFH .�7:W=EF; ),DF<?EF; J[7:9C�¡WCHIDF7^9 v <?P .�<[<[9�P_B=<�H ),95PLS^J�P_DGJ"@T<[>IHK7:9�¡< SVPIW=>I<rS^9=; DªP_HA@ 7^HIHID v EF< � k <[>KHI7:9 ��B�W=stS^965THI@T<[J?D-+�J[SVP_DG7:9�n u 9=7VP_B=<?>!@ 7^HIHID v DFEGDGP )�. 7:WCEF;v < PI7iDF;=<?9�PIDG� ) P_B=DGH �¡< SVPIW=>I<AS^H��B�W=s"SV965Gn��ZB=DFH8DFH P_B=<ZP_<?>Is�� S^s�a^7:DF9=a!PI7 S^;=7:@CP[� v <?J S^WCHI<��PIB=DF9=UtDGPcDGH P_B=<is�7:HKPcDGJ[7:9=DGJ2S^9=;RDªPc;=7N<?HI965 PAEF<[S^; P_71stDGHIW=9C;=<[>KHKPLSV9=;=DF9Ca=n

�Ost@T<[>KHI7:9�SVE �� v < SV>IHtPIB=< HK<[stS^95P_DGJ��¡< SYP_W=>K< � �.\!� u ��5ªn u J?J[7:>K;=DF9Ca�P_7�P_B=<�st7,;=<[E@=>I7^@ 7:HK<[; v )IC B=DG<[>IJLBCDfS l�¢-?A?C=:p ��DFs�@ <?>IHI7^9�SÊ �� DG;=<[95P_D>+�<[H S a:>K7:W=@t7^�}@T<[7:@=EG<3@T<[>¨�¡7:>Is�DF9Ca

� � �$�� §*=

P_BC<iS^J?PIDF7:9< �N@=>I<?HIHI<?; v )"PIB=<!]:<?> v n8�ZB=DGH � �.\!� u ��5N�¡< SVPIW=>I<2DGH J[>KW=J[DFSÊT�¡7^> s7)"S^9�SÊ>)NHKDFH?�v <[J SVW=HI< DGPcB=<?EF@=Hc;=>IS*.�P_BC< ;CDFHKPIDF9=J�P_DG7:9 v <?P .�<[<[9 DFs�@ <?>IHI7^9�SÊ�SV9=; SV9�S^@=B=7^>IDFJ �� n

�Ost@T<[>KHI7:9�SVE �� s"S*)R7:9CE-) v < ��B�W=stS^965ªnZ�ZB=< �¡7:EGEF7�.cDF9Ca�HI<[95PI<[9=J?< s"S*) v < 7^9=E-) DG95P_<[>�M@=>K<?P_<?;RS^H � @T<[7:@CEF< v S^>IU 5ª�C9=<�]:<?> S^H � ;=7â:H v SV>IU 5G�,;=<?HI@=DªP_<3PIB=<3� SVJ?PoP_B�SVP � v S^>IU 5,DFHeM W=HIW�SVEFE-)MoHI7^st<�P_B=DG9=a�P_B�SVPc7^9=E-)";=7:a:Hc;=7=n

l B =:p � W=DB=<?>I<

HIDHIDS vCv S^DfSv SV>IU�H

PIWCPIPI7SVEFE

DFEP_B=<

a:DG7:>I9=7;�S*)

� �3<?>I< @ <?7:@=EF< v S^>IU SVEFE ;=S�)EF7:9=a(5

g0B=<?9*PIB=< @=>K<[;=DGJ SVPI<�7 v ]NDG7:W=HKE-) >I<?�¡<?>IHPI7�HI7:s�<?PIB=DF9=a � 9=7^9NMOB�W=stS^965ª�APIB=<�W=HK<�7^� �� DGH�¡7:> v DF;=;C<[9��

l B £5p �1`NDHKD�DGH;=D7^�@=EFS^HKPIDFJ S@=EFS^HKPIDFJ

��

l B £5p DFHZ7:9CE-) SVJ[J[<?@CPLS v EF< .cDGPIB�S�+�a^W=>_SVPIDG]^<2st<[S^9=DF9Ca=� .cB=DGJLB�;C7N<?HA9C7^PADF95P_<?>I<[H¨PAW=HcB=<[>K<^n�A<��<��NDG]^< �� 7:9�PIB=<tJ?7:95P_>IS^> )^� ;C7N<?H 9=7VP v <[S^> S ��B�W=s"SV965��¡< SVPIW=>I<Vn � 9C<�J[S^9 < S^HKDFE-)

WCPKP_<[>AS�HI<?95P_<[9CJ[<rEGDFUV<^�

l B;B p � W=<?HKPLSPIB=DFH

stS^J[JLB=DG9=<?PKPLSstS^JLB=DF9C<

;=<?E7^� P_B=<

J[S 0��J?710 <?<

HKDHKD@=W=EGDFHIJ?<J[EG< S^9=H

;�Sv )

HI7:EFSSÊF7^9=<

��ZB=DFHcJ?710 <?<�M s"S^JLBCDF9=<iS^WNP_7VM J[EF<[S^9=HZB=<?>IHK<[EG��5

�Os�@ <?>IHI7^9�SÊ �� S^9=;�>I< �=<��NDG]^< �� ;=DFHK@=EfS*)S1;CD-0 <[>I<?95P3HH),9�P_S^J?PIDFJ v <[B�S ],DF7:>ASÊGHI7 v <[J[S^W=HI< 7^�P_BC<[DF>i;=D>0 <?>I<?9�P �¡< SYP_W=>K<�MOHK<?PIH[n �O9-@=S^>KPIDFJ[WCEfS^>?�6.cB�SVP s"SVPKP_<?>IH2�¡7:>2P_B=<�@=>K<[HI<?95P�S^9�SVE-),HIDGH DGHP_B=SVP8DFs�@ <?>IHK7:9�SÊ �� DGHe>I<��¡<[>I<?95P_DfSVE �5S^9C;�stS*)rPIB,WCH v < SV>8S @ MO>K7:EF< S^9=;�C S^HI<V�,S^9=;1DF95P_<?>K]^<[9=<DF9 C S^HK<rSVHIHIDGa:9=s�<[95P �N.cBCDFEF<.>I< �=<��NDG]^< �� J S^9=9C7^P n8� .cDGEFE J[7:s�< v S^JLU"PI7�PIB=I<?�¡<?>I<?9�PIDfSÊGDGP )DFHKHIW=<iDG9RPIB=<i9=<��,P3HI<?J?P_DG7:9��SY� P_<[>cJ?7:9=HIDG;=<[>KDF9=a�HKD 5 HcHI<[stS^95P_DGJ29�W=s v <[>Z�¡< SVPIW=>I<Vn

� �U/�+% %�� .*�� PT�3C6�� F��?/��1�,��NLN)�� 3C6��+%@�7 %6��C�0D� �3��PT��C@�� %6+= %�� Q�*+%@�7 �@��C@ �3+-+ 2Y�7 ��0C� ��3C6��3��21�.Y.TP �/T /��3�7 %6,%>,�� 3�D

§5£ ��

�� `ND � � � ��#��" �%$� ��L� �� " ��

C B=DF<?>IJLB=DFS l¨¢-?A?A= v p S^>Ka:W=<[; <��,PI<[9=HKDG]:<?E-)��¡7:> PIB=<RHI<?s"S^95PIDFJ @=EGW=>_SÊGDGP )�7^� �� n��ZB�SVP �� DGHHI<?s"S^95PIDFJ SVEFE-)�@=EGW=>_SÊ�DFH2W=9=Dª]:<?>IH_SVEFE-) >I<?J[7:a:9CDFb[<?;�n1�O9�HK<[95P_<?9=J[<?H7.cDGPIB(9=7�7VP_B=<?> ��9�W=s v <[>�5HI@T<[J?D-+�J[SVP_DG7:9�� HI<?>K]:<?H!S^HAS^9RDG;=<[95P_D>+�<[> �¡7^>cS�a:>K7:W=@��CEFDFUV<2DF9�l B >5p��

l B >:p `NDHIDJ[S^95PLSHKDF9=a:H�M/" # % '�)

<S^9C;

HKDHKDv SÊFEFS;�S^9=J?<[H¨M�"$#&% '�)

� k <[7^@=EF<iHIDG9=a�S^9=;R;�S^9CJ[<15

l B >:ptJ S^909=<�]:<?>�s�< S^9 HK7:s�<?P_BCDF9=a�EGDFU^< � ��HIDG9=aN5ª�37:> � ):7^W HKDF9=aN5ª�AW=9=EF<?HIHRS&]:<?> ) H¨P_>K7:9=a@=>_SVa:s"SYP_DFJ3J[7:95PI<��,P3�¡7^>IJ[<?HZP_B=<1¢ H¨P3@T<[>KHI7:9�DF95PI<[>I@C>I<?P_SVP_DG7:9��=EGDFUV<!DF9�l B ?5p��

l B ?:p C 7:s�<B=7�.

HKP_S^D �S^>I< M� %('�)

deB��<[B

HIDHID],DG]^<1:EGDG]:<?H¨M�"$#&% '�)

� �37�. S^>K< ):7:W��g�<[EGE �N��P_>H)"PI7ta:717:9=5

�Z;=7 9=7^P.cDFHKB P_7J?7:9=HKDF;=<?>.P_B=<?HI< @C>_Sâ:stSVPIDFJ SVEFE-)t]:<?> ) stS^>KU^<[; S^9=; stS^>Ia^DF9�SÊ�J?7:9=HKPI>IW=J MP_DG7:9=H"BC<[>I<Vn � ) SVHIHIWCst@CPIDF7:9CH�.cDFEGE v < ;C>_S*.c907:9�P_BC< v S^HKDFH7^�2PIB=< ��W=HIW=SÊ 5ª�cJ[7:s�st7^9DF95P_<?>I@=>K<?P_SVP_DG7:9 PIB�SVP �� 7 v P_S^DF9CH[� .cBCDFJLB DGH�PIB�SVPt7^�2S a:>I7:WC@�7^�2@T<[7^@=EF<Vn g-<�J S^9 P_B�W=H< S^HKDFE>)J[7^9=J[EGW=;=<2P_B�SYP �� v < S^>KHAS1@CEFW=>ISÊ8l �2>I7^W=@ p HI<?s"SV9�PIDFJ!�¡<[SVP_W=>K<^n

�ZB=<-�AW=stS^9*S^9=; �i>K7:W=@ �¡< SVPIW=>I<?H�PI7:a:<�P_B=<?>�@C>I7¤],DF;=<(DFs�@T<[>IHK7:9�SÊ �� .cDªP_B*Sy]^<[>H)DFs�@ 7^>KPLSV9�PrJLB�S^>IS^J?PI<[>IDGHKPIDFJ^� >K<?�¡<?>I<[95PIDfSÊGDGP ):�L.cB=DGJLB @T<[>KstDªP_H �� P_7 v < S^> @¤MO>K7:EF<?H�7:>%C S^HI<Vn�A<��<��NDª]:< �� DFH�DF9CHKP_<[S^; 9=7^P >I<��¡<[>I<?95P_DfSVE �VS^9=; S^H HKW=JLB DªP�s"S*)i9=7^P v < S^>�C S^HK<^�:9C7:>�DF95P_<?>K]:<?9=<DF9�C SVHI<cS^HKHIDFa^9=st<?95P �:W=9CEF<[HKH DGP�B�S^H v <[<?9�@=>I<�],DF7:W=HKE-) HI@T<[J?D-+�<?;1],DFS!S^9�S^9=S^@=B=7:>KDFJ�>I<[EFSVP_DG7:9�n

� PtDGHB. <?EFEZU�9=7�.c9 PIB�SVP1>K< ��< �CDª]:< �� B�SVHtSV9 SV9�S^@=B=7^>IDFJ v <[B=S¤],DG7:>[� DªP19=<[<?;=H"SV9�S^9,MP_<?J[<[;C<[95P.cBCDFJLB v DF9C;=HZDGP2.cDªP_B=DG9RS�a:DG]^<[9R;=7:stS^DF9"DF9 7:>K;=<[>ZP_7 v <iS v EG<!P_7�a:<�PAS�>I<?�¡<?>I<?9�P[n�O9-P_BC<��¡7:EGEF7�.cDF9Ca�< �CS^st@CEF<^� >I<��<��NDª]:< �� ;C7N<?HI965 P B�S ]^<S�>K<?�¡<?>I<[95PrW=95P_DFEePIB=<S^95PI<[J[<?;=<[95P��#�� DGHZst<?>Ia:<?;�n u PcP_B�SYPc@ 7:DG95P � �� 5 Hc>I<?�¡<?>I<?9�P v <[J[7^st<?H ��#�� B=DGstHK<[Eª��

l�>:¦:p �2DfS^9=9CD ��2DfS^9=9CD

HKD �HKDEfS ]VS. S^HIB=<?H¨M�"$#&% '�)

� �iDFS^9=9=D . S^HKB=<[H3B=DFs�HI<?EG��5

� � �$�� § B

�Os�@ <?>IHI7^9�SÊ �� o7:9 PIB=<R7^P_BC<[>�B�S^9=;��oB�S^H�DF95PI>IDF9CHIDFJ">I<?�¡<?>I<?9�PIDfSÊGDGP )^n�� Pt;C7N<?HI965 P"9C<[<[;�S^9S^95P_<?J[<?;=<[95P1DF9�7:>I;C<[>iP_7 a^<?P DªP_H >I<��¡<[>I<?9=J[<V� v WCPrDGP DF;C<[95P_D>+�<[HrS�a:>K7:W=@-7V�ZB�W=s"SV9=H[n��ZB=<>I<��¡<[>K<[95P_DFSÊFDªP )&7^�3DFs�@ <?>IHK7:9�SÊ �� DFH�EGDFUV<P_B=<R>I<��¡<[>K<[95P_DFSÊFDªP )-7^� ��#�� DGP�DGH�@=>_SVa:s"SYP_DªMJ SVEFE-)R<?HKP_S v EFDGHIB=<?;�� S^9=; >K<[@=>K<[HI<?95P_<[;(DG9�P_BC<rJ[7^s v DF9=SVP_DG7:9�7V� P_B=< HI<?s"S^95PIDFJ ��B�W=stS^965 S^9=;��@=EFW=>ISÊ 5N�¡< SVPIW=>I<?H[n��A<��<��NDG]^< �� ;=7,<[HK965 PAB�S ]^< S^9<) >K<?�¡<[>K<[9=J?<rSYP.SVEFE v <?�¡7:>K<2DGPca:<�P_H v 7:W=9=;v )�S^9&S^95P_<[J?<[;=<?95P �L.cB=DFEG<tDGst@T<[>KHI7:9=SÊ �� ;=7N<?H B�S ]:<RS�>I<?�¡<?>I<?9=J[<HK<?P1SVEF>I<[S^;() @=>K7 ],DG;=<[;v )yDGPIH HI<?s"S^95PIDFJ ��B,WCs"S^9=5 �¡< SVPIW=>I<PI7:a:<?PIB=<[>!.cDªP_ByDGPIH�HI<[stS^95P_DGJ 9�W=s v <[>��¡< SVPIW=>I<Vn��ZB=<>I<��¡<[>K<[95P_DFSÊFDªP ) 7^�eDGst@T<[>KHI7:9�SVE �� DFH?�TBC7E.�<?]^<[>?��9=7^P3J[7:s�@=EG<?P_<Vn�� 7:9=E>)RDF;=<?95P_D-+=<[H3Sta:>K7:W=@7^�o@T<[7:@=EG<7.cB=DGJLB�J S^9 M�SV9=; 9=<?<[;=H2P_7YM v <r�¡W=>KPIB=<[>2HK@ <?J[D>+�<[;�ni�ZB=<�>K<?�¡<?>I<[9CJ[<1a:>I7^W=@�s"S*)^��¡7:>�DG9=HKP_S^9=J[<V� v < HI@T<[J?D-+�<?; �¡7^>�DF9=J?EFW=HKDG]:<?9=<[HKH[��D n <^n&stS*)&DF9CJ[EFWC;=<"P_BC<�HK@ <[SÛ^<?>[n `NW=JLB SHI@T<[J?D-+�J[SVP_DG7:9�DFHZ;=<�P_<[>KstDG9=<[; v )RHI<�]:<[>ISÊ�� S^J?PI7:>IH?��HIW=JLB�SVHcPIB=< S^HI@T<[J�P_W�SÊ�HK@ <?J[D-+=J SVPIDF7:9R7^�P_BC< HK<[95P_<?9=J[< 7:>ZP_B=< �� #��!�� 7^� PIB=<i]:<[> v �TS^HK. < .cDFEGE�HI<?< DG9RJLB�S^@CPI<[> =Nn8�ZB=< HK@ <?J[D>+CMJ SYP_DF7^97^� �� 5�H >I<?�¡<?>I<?9=J[<2HK<?PZJ?7:st<?HZS v 7:WCP ],DFS P_B=<.HI@T<[J[D>+�J SYP_DF7^97^� �� 5�H HI<[stS^95P_DGJ.@T<[>KHI7:9�¡< SYP_W=>K<^� S^Hc� HKU^<�P_JLB DG9P_B=<i9=< �NP3HIW v HI<?J?P_DG7:9�S^9=;�<��N@=EfSVDF9P_BC7:>I7:WCa:B=E-)"DF9RJLB�S^@NP_<[>$=Nn

�� #�� !�

�ZB=< DG;=<[95PID-+�J[SVP_DG7:9�7V� �� 5�H3HI<[stS^95P_DGJ @T<[>KHI7:9�DGH39C7^P2S�HKP_>IS^DFa^B�PK�¡7:> . S^>K; DFHKHIW=<V��S^H �� ;=7,<[H9=7^PAB�S ]^<rS�W=9=D-F�W=I<?�¡<?>I<?9�P[n

u J[J[7^>I;=DG9=a�PI7 C DG9NF�W=<^� �� B=7:EG;=H S^9&S^> v DGPI>_S^>H)�@T<[>IHK7:9��¡<[SVP_WC>I<^��.cB=DFJLB-@=>I7¤],DF;=<?H PIB=<HI<?95P_<[9CJ[<�.cDªP_BRS�a:<?9=<[>KDFJ27:>cS^> v DGPI>_S^>H)"HKW v �K<?J?P n C DF9(F,WC<�l¨¢-?A>;>5p�;=<8+�9=<[HcP_BCDFH ��$ �¡<[SVP_WC>I<S^H S�HH)N95P_S^J?PIDFJ"@T<[>KHI7:9 �¡< SVPIW=>I<V��.cB=DGJLB-P_>KDFa:a^<[>IH < >K;-@T<[>KHI7:9�;=<?� S^WCEGP Sâ:>K<[<[s�<[95P 7:9�PIB=<]:<?> v n�g0DGP_BCDF9�PIB=<"@C>I<[HK<[95P �¡>IS^st<8. 7^>IU �4.cB=DGJLB&J[7:9CHIDF;C<[>IH P . 7�J?EfS^HKHI<[H 7^�Z�¡< SYP_W=>K<[H[��7:9=<J[7^W=EF;-S� �>Is�P_B�SYP!C DG9NF�W=<15 H ��$ @ <?>IHK7:9-�¡< SYP_W=>K<tDGH DG9=;=<[<?;�S�HK<[stS^95P_DGJ��¡<[SVP_W=>K<^��.cB=DFJLBJ[7^>I>I<?EfSVPI<[HG.cDªP_B PIB=<�EfS^JLU�7^�8HK@ <?J[D-+=J SVPIDF7:9�7^�ePIB=<�>I<��¡<[>K<[95Pia:>I7^W=@�ni�O9(7^P_B=<?>G.�7:>I;=H?��P_B=DGH�¡< SYP_W=>K<rHKPI>IDGJ?P_E>)RJ[7:>K>I<?EfSVPI<[H�.cDGP_B�P_B=< J S^@�S v DFEGDGP )7V� �� P_7tDF;=<?9�PIDG� )�S^9�W=9=HK@ <?J[D-+=<[;�a:>K7:W=@7^� B�W=s"SV9�>K<?�¡<[>K<[95P_H?n

�ZB=DFHeSVHIHIWCst@CPIDF7:9�DGH�9=7VPeW=9=9�SYP_W=>ISÊ �:Dª� 7:9=< PIB=DF9=U�HeS v 7:WNP P_B=<ZHH),9�P_S^J?PIDFJcS^9C;�HI<[stS^95P_DGJ

§C> ��

�¡< SVPIW=>I<?Hc7^� �� DG9RS�HK<[95P_<?9=J[< EFDGU^<1l�>C¢ p��

l�>C¢¤p `N<DG�

��@=>K7VM� % ' )

],W=7:D. S^95PKM� % '�)

� S^>I<s"SVU^<

DP_B=<

HK7:EF;=Dm�s�7:9=<8)

��@=>K7VM� %('�)

;=<?],Ds W=H¨PKM� % '�)

� S^>K<;=7

DFEP_B=<

J SVEFJ[DFSVP_7^>I<�¡7,7^P v SVEFE @CEfS*):<?>

�� )^7:W . S^95PcP_71s"SVU^<ist7^9=<�)^�():7:W�9=<[<?;�PI7 v < S �¡7N7VP v SÊGE @=EFS*):<[>�5

�O9�PIB=DFHcJ SVHI<^��PIB=< HH),9�P_S^J?PIDFJ @ <?>IHK7:9��¡<[SVP_W=>K< 7V� �� DFHcJ?EF< SV>IE-) ¥V9=;�n��ZB=DFHcB�SVH39=7VP_B=DG9=a�PI7;=7M.cDGPIB P_B=<Z>K<?�¡<?>I<[95P8a:>K7:W=@ PIB�SVP �� DG;=<[95PID-+�<?H[n��ZBC<ZHI<[95PI<[9=J?<3s�< S^9CHeDF9r� S^J�PeHI7^st<�P_B=DG9=aEFDGU^< �� 7:9C<�. S^95P_HiP_7�stSÛ^<�s�7:9=<8):��7:9=<19=<?<[;=HiP_7R@=EFS�) �¡7N7^P v SÊGE 5ªn � � 9C<15}B�S^Hi9=7R< �=SVJ?P>I<��¡<[>I<?95P �oS^9=;�;=7,<[H�9C7^P�DF;C<[95P_Dª� ) PIB=K<[HKHI<[<V� 7:> 9=7^P�9C<[J[<?HIHIS^>IDGE-):n �O9&� S^J�P � �:S^<?a:a:EFDl¨¢-?;>:£5p.HIBC7E.cH P_B�SYP EFS^9=a:W=Sâ:<[H S^@C@=E-)�HK7:s�<�J?7:9=H¨PLS^95P HKP_>ISVP_<?a:DF<?HiDF9 7:>I;=<?>2P_7�7 v PLSVDF9 S^9S^> v DGP_>IS^> )t>I<[S^;=DG9=a=�=HKW=JLB S^HZ@CDFJLU�DF9=a1W=@RP_BC< HKDFEG<[95PZ�¡7:>Is 7^� P_B=<2@=>K7:9=7:WC9�n8�ZB=< S^> v DªP_>IS^> )>I<[S^;=DF9Ca"DFHAP_B�W=H!;C<?P_<?>Is�DF9=<?; DF9�;=D-0 <[>K<[95PG. S*),H[� v WNP2DGP3HI<?<[s�H.P_7tB�S ]:<�EFDªPIPIEF<!P_7";=7I.cDGPIBP_B=< H ),95PLSVJ?P_DGJ @T<[>KHI7:9��¡< SVPIW=>I<Vn �ZB=< <��CS^s�@=EG< DG9�l�>C¢ p J?EF< SV>IE-)"HIB=7�.cHAP_B�SVPAHH)N95P_S^J?PIDFJ S^9=;HI<?s"S^95PIDFJ!�¡< SYP_W=>K<[Hcs"S*) v < ��!� MOJ[7^DF9=J?DF;=<?9�P[n

� � 5�H ��$ �¡< SVPIW=>I<cSVH @=>I7^@ 7:HK<[; v )�C DG9NF�W=<ZDFH P_B�W=H8S!HI<?s"SV9�PIDFJ �¡<[SVP_WC>I<^�59C7^P8S.HH)N95P_S^J?PIDFJ7:9=<Vne�ZB=DFHoHI<?s"S^95PIDFJA@ <?>IHI7^9"�¡< SVPIW=>I<3B�S^H�S^9W=9CHI@T<[J[D>+�<[;t]^SVEFW=<Vn �ZB=DFH?�,PI7:a:<�P_B=<?> .cDGPIBtPIB=<@=EFWC>_SÊ�S^9C;rB�W=stS^9 HK<[stS^95P_DGJo�¡<[SVP_W=>K<[H?�ÊF<[S^;=H�W=H P_7cP_B=<o>IDGa:B5P J?7:9=J?EFW=HKDF7:9iP_B�SYP �� DF;=<?9�PID-+�<?HS^9"WC9=HI@T<[J?D-+�<?; a:>I7:WC@"7^� @ <?7:@=EF<Vn �ZB=<MF�W=<?HKPIDF7:9"SVP DGHIHKW=<.B=<?>I<3J[7:9=J?<[>K9=H P_BC<.EF<�]:<?ET7V�}EfS^JLU7^�3HI@T<[J[D>+�J SYP_DF7^9�7^�3PIB=< >I<��¡<[>K<[95P�a:>I7:WC@�n&�OH1DGP�>K< SÊGE-) P_>KW=<P_B�SYP�P_B=< a:>K7:W=@y7^�3B�W=s"SV9=HDF;=<?95P_D-+=<[; v ) �� DFHZP_7^P_SÊFE>)"WC9=HI@T<[J?D-+�<?;�� >c;=7N<?H3DªP_HcDF95PI<[>I@C>I<?P_SVP_DG7:9 ]VS^> ) ��ZB=< S^9CH .�<[>P_7�P_BCDFHKF�W=<[H¨P_DG7:9�DGHZ@=>I7¤],DF;C<[; v ) PIB=<2�¡7:EFEG7�.cDF9=a @�S^DF>Z7V��< �=SVst@=EG<[H?�

l�>5¥^p �O9DF9F,WC<[HKP_SP_B=DGH

J?DGPKP �J?DGP )

HIDHIDv <?]^<;=>KDF9=U�H�M/"$#&%('�)

st7ÊGP_7s W=JLB

��O9�PIB=DFHZJ?DGP ):��@T<[7^@=EF<2;=>KDF9=U"S�EF7^P#5

l�> KD):<?HKPI<[>I;=S�)

HKDHKD�DFHS^>K>IDG]VSVPIDS^>K>IDG]^<[;

P_S^>I;=DEFSVP_<

DF9DF9HKP_S^b[DG7:9=<HKP_SVP_DG7:9

� o<[HKPI<[>K;�S*)�. < S^>I>KDG]^<[;REfSVPI<iSVPZP_BC< H¨PLSVPIDF7:9=5

Q�>I7:s P_B=<.J[7:s�@�S^>KDFHI7^9 7^��l�>5¥^p S^9=; l�> < p�DªP DFH J[EF<[S^> PIB�SVP PIB=<2>I<��¡<[>I<?9=J[<ia:>K7:W=@ DGH 9=7^PZ7^9=<

� � �$�� §C?

S^9=;tP_B=<!HIS^s�<3DG9 v 7VP_B"J[S^HI<?H[n8�O9 @�S^>¨P_DGJ[W=EFS^>[�5DG9�l�>:¥:p�� DF;=<?95P_D-+=<[H SV9W=9=HK@ <?J[D-+=<[; a:>K7:W=@7^� @ <?7:@=EF<V�<.cB=DFJLB�s"S*)�7^>ostS*)�9=7^PoDG9=J[EGW=;=< P_BC<3HK@ <[SÛ^<?>[n g�<[>I<cP_BC<3HK@ <[SÛ^<?> S v HKP_<?stDG7:W=H?�P_BC<tHK<[95P_<?9=J[<%. 7:WCEF; HKP_DGEFE BC7:EF;�n1�O9�l�> < p��7:9(P_B=<1J[7^9�PI>_S^>H):��P_B=<?>I<�DFHiSRHI@T<[J?D-+�J[SVP_DG7:9��¡7:>DF9CJ[EFWCHIDG]^<[9=<?HIH?�TDmn�<VneP_B=<iHI@T< SVU^<[>ADFHZDG9=J[EGW=;=<?;�SVst7:9Ca1PIB=<i@ <?7:@=EG<M.cB=7"SV>I>IDª]:<?;�EFSVP_<iSVPZPIB=<HKP_SVP_DG7:9�n g�<[>K<iPIB=<iHI@T< SÛV<[>A9=7^PAS^s�7:9=a�PIB=<[s��CP_BC< HK<[95P_<?9=J[</. 7^W=EF; v <i� SVEFHI<Vn

�ZB=<�DGHIHKW=< 7^�3P_B=<�DF;=<?95P_D-+=J SVPIDF7:9y7^�3P_B=<�>I<?�¡<?>I<?9=J[<�HI<?P"DF95P_>K7N;CW=J[<?; v ) �� DFHtS�]:<[>H)J[7^st@=EG<��7:9C<^n �O9tJLB�S^@CPI<[> =,�N� HKB=7�. P_B�SYP�stS^9<)1<[EG<[s�<[95P_HoJ[7YMO7,J[J[WC>�DG9�PIB=<3DG;=<[95PID-+�J[SVP_DG7:97^�oHIWCJLB-SHK<?P �}EGDFUV<�� !�� S^9=;(HI<?95P_<[95PIDfSÊeSVHI@T<[J?P[nr�O9�@�SV>KP_DGJ[W=EFS^>[� �3HKB=7�.�PIB�SVP!PIB=<v 7:W=9=;=<?;=9=<?HIH.7V� PIB=<i<?]:<?95P v >KDF9=a^H3S v 7:WNPZP_B=<iDF9CJ[EFWCHIDG]^<2DF95P_<?>I@=>K<?P_SVP_DG7:9 DF9�l�> < p�n

� 7yJ[7^9=J[EGW=;=<^�2�tS^HKHIW=s�< PIB�SVP PIB=<(HI<[stS^95P_DGJ(@ <?>IHI7^9*�¡<[SVP_W=>K<(7:9 �� DFHRDG9=;=<[<?; WC9NMHI@T<[J?D-+�<?;�� SV9=;�P_B�SVP1DªP�9=<?<[;=H1P_7(a:<�P�S(HK@ <?J[D>+�J SVPIDF7:9�DG9y7:>I;=<?> �¡7:>rPIB=<RHI<[95PI<[9=J?<�P_7 v <DF95PI<[>I@C>I<?P_S v EG<^n �ZB=<tst<?JLB�S^9=DGHIs S^J?J[7:>K;=DF9=a�P_7 .cB=DFJLB�P_B=DGH HK@ <?J[D-+=J SVPIDF7:9(PLSÛV<[H @=EfS^J?<tDGH@=>K<[HI<?95P_<[; DF9RJLB�S^@CPI<[>$=Nn

�� #�� " ��

� � 5 H HI<?s"S^95PIDFJ"a^<[9=;=<?>r�¡< SYP_W=>K<"stS�) v <"DF;C<[95P_D>+�<[; F�W=DªP_<t< S^HKDFE-) v )�J[7:9=HKDF;=<?>IDG9=a P_B=SVP ��>I<��¡<[>KHAPI7"S�a:>I7:WC@�7^��B�W=s"SV9=HK.cB=7"B=7ÊF;RHI<?s"S^95PIDFJia:<[9C;=<[>?n �O9 S1HI<?9�PI<[9=J?< EFDGU^<�l�>^§�p��=PIB=<>I<��¡<[>K<[95P a:>K7:W=@�.cDFEGE v <As"SV;=<cW=@"7^� . 7^st<?9��CSV9=;�PIB=<[>K<?�¡7:>K< �� 5 H8HI<[stS^95P_DGJ3a^<[9=;=<?> .cDGEFE v <Q�<[stSÊF<Vn

l�>V§�p `N<Dª�HKDHKD�DFHDF9CJ[DF95PI<@=>K<[a:9�SV9�P¨M -�� +

v DFHK7:a:9�S9=<[<?;=H¨M�"$#&% '�)

stS^9=a:DFS^>I<<[SVP

@ 7,J[7EFDªPIP_EG<

�� 7:9C< DGHZ@=>I<?a:9�S^95P[��7:9=<i9=<[<?;=HcP_71< SVPcEGDGPKP_EF< 5

�O9�S1HK<[95P_<?9=J[< EFDGU^<�l�>A=:p��CPIB=I<��¡<[>I<?95P3a^>I7:W=@�DFHZ<?DGPIB=<[>ZstS^;=<2W=@�7^� st<?9R7:9=E-)^�=7:>Z7^� s�<[9S^9=; .�7:st<?9�PI7:a:<�P_B=<?>[�

l�>A=:p `N<Dª�HKDHKD�DFH>IDGJ[JLB=Dm�>IDGJLBNM + � ' � - �

HIDHI<�DFHHKDFs�@�SVP_DGJ[D9=DGJ[< M -�� + � ' �

SPI7PIWCPIPIDSVEFEªM -�� + � ' �

�� 7:9C< DGHZ>IDGJLB��=<?]^<�) v 7N;()�EGDFU^<?HZB=DFs"©VB=<?>#5

=^¦ ��

�ZB�W=H[� �� B=S^HZS ;CDFH �KWC9=J?PIDG]:<.a:<[9=;C<[> �¡<[SVP_W=>K<^�8� u ��d SV9=; Q do� u � dZnN�ZB=<!stS^@=@=DG9=arDG9�PI7 DGH�B=7�.�<?]^<[> DG9tP_BCDFHoJ S^HK<.9=7^P�7:9=< M PI7VMO7:9C<^n8� SVEF<cHI< �DGH�stS^@=@T<[;�DF95P_7 s"SVHIJ[WCEFDF9C<^�5�¡<[stS^EF<HI< �RDFH stS^@=@T<[;RDG9�PI7 �¡<[s�DF9=DG9=<^� v WCP3S s�Dª�N<[; a^>I7:W=@R7^� s�<[9�S^9=;�.�7:s�<[9RDFHZstS^@=@T<[; DG9�PI7s"SVHIJ[WCEFDF9C<^n

� 73J[7:9=J?EFW=;C<^�Y��B�S ]:<�S^>Ia^W=<[; P_B�SVP DGst@T<[>KHI7:9�SVE �� DGH}>I<?�¡<?>I<?9�PIDfS^Em�^SV9=; DG;=<[95PID-+�<?H Sca:>K7:W=@7^�Z@T<[7:@CEF<^n�� P_H HI<?s"S^95PIDFJt�¡<[SVP_WC>I<[HrS^>I<tHIW=s�stS^>IDGb[<[; DF9 l�>:£:p��\ �!`Ck8d C ��Q��d8j @T<[>KHI7:9 �� \3k � � u ��d��iQ�d�� u ��dZ� �3\!� u � n

l�>:£:p

� �*(�� < >I; \ �.`Ck8d C ��Q ��doj� :�� % �*( � � ko��\3� u ��&��'��*( � � Q do�� 3� �3d�� u `NC \.�}� �3d� ��+1� � � � �3\!� u �

�� 3 ��

� �� K �� 3 ��4� ��O� � � � � � � � B ��

6! 7 ��-(��:'�;��

�Os�@ <?>IHI7^9�SÊ �� J?7:9=HKPI>IW=J�P_DG7:9=H.l �¨`NC H_p8;=DGHI@=EFS*)�@ <?J[W=EGDfS^>8SVa:>I<?<[s�<[95P @=SVPIPI<[>I9CH[n g0DGPIB�P_>_SV9NMHIDªP_Dª]:<3]^<[> v H[�CPIB=<3]^<[> v s"S*)�7:>os"S*)19=7VP HIBC7E. Sâ^>I<[<?st<?95P .cDªP_B"PIB=<.;=DG>I<?J?P�7 v �K<[J�P � .cB=DFJLBDF9 PIW=>I9 v <[S^>IH �A7:stDG9�SVPIDG]:<.7:> u J[J?W=H_SVPIDG]^< J[S^HI<V� S^HcHIB=7�.c9 DG9�l¨¢ p S^9C;&lm¥:p�n

l¨¢¤p �O9DF9� PLSÊGDfS� PLSÊ>)

HIDHIDstS^9=a^DfS^9=7<[SVPKM�"$#&% -��

a:EGDPIB=<�M + ��' � -��

HI@�SVa:B=<?PKP_DHI@�SVa:B=<?PKP_D M + � ' � -��

� �O9R� P_SÊ-)"@ <?7:@=EF<i<[SVPcHI@�SVa:B=<?PKP_D 5

l ¥^p �O9DF9� PLSÊGDfS� PLSÊ>)

HIDHIDstS^9=a^DfS<[SVP_H�M/" # % ' )


� �O9R� P_SÊ-)^�=@ <?7:@=EG< <[SVPcHI@=Sâ:B=<�PIP_D 5

�ZB=< Sâ:>K<[<[s�<[95PA@�SVPKP_<?>I9=HADF9 P_BC< @T<[>¨�¡<[J�P3PI<[9=HK< 7^� l¨¢¤pcSV9=;&lm¥:p .cDFEGE v < SV;=;=>I<?HIHK<[; DG9RPIB=<9=< �NP3JLB�S^@NP_<[>?n

�ZB=<�Sâ:>I<?<[s�<[95Pi@�SVPKP_<?>I9=H27^��¨`NC HiB�S ]:<�7^� PI<[9 v <?<[9(J[7^9=HIDG;=<[>K<[;�S ��HI<?J[7:9C;�S^> ) 5}@=BC<�M9=7:s�<[9C7:9�� ;C<[>IDª]:<?; �¡>I7:s �� 5 H.HK@ <?J[DfSVE @=>K7:@T<[>KPIDF<?H[� HKW=JLB(S^HAP_B=< J[S^@�S v DFEFDªP ) 7^�8S v HI7:>K@CP_DG7:97^�8S�@ M >I7:EG<27:>37V�@C S^HK<^nc�O9 P_BCDFHcJLB�S^@CPI<[>?� � @=>K7¤]NDG;=< S^>Ia:WCst<?9�PIHA�¡7^>cPIB=<rB<),@T7^P_B=<?HIDGH3P_B=SVPP_BC<2Sâ:>K<[<[s�<[95PZ@=SVPIPI<[>I9CH 7^��¨`NC H2.cDªP_B"PI>_S^9=HKDGPIDG]:<A]:<?> v Hc>I<��<[J�PcS^9RS^HK@ <?J?PIW�SÊ ;CD-0 <[>I<?9=J[<Vnu 9 �¨`NC .cDGP_B�]:<?> v M 7 v �K<[J�PiSâ:>K<[<?st<?9�P.DFHA9=7^P.HI<[stS^95P_DGJ SÊGE-) <�F�W=DG]VSÊG<[95P3PI7S^9 �¨`NC .cDGP_B,M7:WCPo]:<?> v M 7 v �K<?J?PcSâ^>I<[<?st<?95P �,J[7:95P_>IS^> )�PI7�.cB�SYP B�SVH�7^� PI<[9 v <?<[9 S^HKHIW=s�<[;�l ? <?EFEF<�PIPID}¢-?A>5¥N�

=,¢

=:¥ �� &� �$� ��

? W=>Kb[DF7 ¢-?A>^£C�2C DG9NF�W=<-¢8?A>A>C��j.7 v >K7¤]NDG<�M�`N7:>IDG9 ¢8?A?A>C�A¢-?A?A?:p��S^9 �¨`(C�.cDGP_By]:<?> v M 7 v �K<?J?PSâ:>K<[<[s�<[95P3W=HIW=SÊFE>)R<[9=J?7N;=<?H!S^9 S^J[J?7:st@CEFDFHKB=s�<[95P l Dmn�<VncS^9 <?]^<[95PM.cDªP_B ;CW=>_SVPIDF7:9�S^9=; S^9<[9=;C@ 7:DG95P p�� .cB=DFEG<!S^9R�¨`NCO.cDªP_B=7:WNP ]:<?> v M 7 v �K<[J�P3Sâ:>I<?<[s�<[95PZ<?9=J[7,;=<[HcSV9RS^J?PIDG],DGP ) l Dmn�<VneS^9<?]^<[95P7.cDªP_B(;=W=>ISVP_DG7:9 v WCP 9=7R<[9=;C@ 7:DG95P p�n1�O9(P_B=<�J SVHI<17^� < �CS^st@CEF<[H�l�¢ p2S^9=;�l ¥:p �ol¨¢ p!DGHDF9=;C<[<[;"S^9tS^J[J?7:st@CEFDFHKB=s�<[95P �1.cBC<[>I<[S^H2lm¥:p DFHoS^9tS^J?PIDG],DGP ) DF9�P_B=<AHI<?9=HI<37^� 68<?9=;=EG<[>3l¨¢-?^£ B p�n�ZB=< @ <?J[W=EGDfS^>cSâ^>I<[<?st<?95P3@=SVPIPI<[>I9CH37^� HIWCJLB �¨`NC HA>I< �=<[J?PAP_BC<[DF>cHK<[stS^95P_DFJ2;CD-0 <[>I<?9=J[<V�TS^9=;S^>I<R9=7VP"DGst@=WNPLS v EG<"P_7 HI@T<[J?DfSÊZ@C>I7:@T<[>¨P_DF<?Ht7V� �� P_BC<�) S^>K<�>ISVP_B=<?>1;=<?PI<[>Is�DF9C<[; v )yPIB=<DF95P_<?>_S^J�P_DG7:9R7^� �� .cDGPIB�PIB=<iHKPI>IW=J�P_W=>K< DG9 .cBCDFJLB�DGPcDFHZs�<[>Ka:<[; � S^9=; v )DGP_HcJ?EFDGPIDFJ3HKPLSYP_W=H?n��@=>I7^@ 7:HK< PIB�SVP3DF9�PIB=<rJ[S^HI< 7^�e]:<?> v M 7 v �K<?J?PiSâ^>I<[<?st<?95P�l�¢ p�� DFHAs�<[>Ia^<[; DG9�P_BC<rHI@T<[J?D-+�<?>7^� S 62k�MODG9�PI<[>K9�SÊ @C>I7 �K<?J?P_DG7:9��d �Lk l � >_S ],DFH#5 H2¢-?A?A=rDF9=9=<?>ZS^HK@ <?J?P��HK<[< SÊGHI7 �2<[s�@TJLB=DF9=HKU<)¥^¦:¦:¦:p�n Q�>K7:s�P_B�SVP�@T7:HIDªP_DF7^9��<.cB=DFJLBDGH�7^9=E-)tS ]VS^DFEFS v EF< �¡7^> S^9S^J[J?7:st@CEFDFHKB=s�<[95PoHKP_>KW=J?PIW=>I<V�� DG95P_<[>¨]:<?9=<[H DF9�P_BC<1S^HIHKDFa:9=s�<[95Pi7^� u J[J?W=H_SYP_DG]^<^nt`NW=JLB-S^9(DF95P_<?>K]^<[95P_DG7:9�;C7N<?H29=7^P2PLSVU^<@=EfSVJ[<ZDF9�lm¥:p�� .cB=<[>K<cPIB=<cDF9=9C<[>eS^HK@ <?J?PIW�SÊ�@T7:HIDªP_DF7^9 DFH 9C7^PoS ]^SVDFEfS v EF<o�¡7:> �� nLC 7^9=HI<�F,WC<[95P_E>):�u J[J?W=H_SVPIDG]^< DGHcS^HIHKDFa:9=<?;�PI7�P_B=<i;=DG>I<[J�Pc7 v �K<?J?P n

�ZB=<�� S^J?P2PIB�SVP2P_BC<�J[7:9=H¨P_>KW=J?PIDF7:9 DF9 lm¥:p3EfSVJLU,H2PIB=<�;=<�+=9=DGPI<tSV>KP_DGJ[EG<rDFHiS >K< ��<?J?P_DG7:9(7^�P_B=<tS^J�P_DG],DªP ) P ),@ <�7^��P_B=<1J[7^9=HKPI>IW=J�P_DF7^9�n � v ],DF7:W=HKE-)^��PIB=<�EfS^JLU 7V� SR;=<�+=9=DGPI<"S^>¨P_DGJ[EF< S^9=;P_B=< S^J�P_Dª]NDªP )H¨PLSVPIW=Hca:71B�S^9=;�DF9RB�S^9C;�ne� .cDGEFE�SV;=;=>I<?HIHcP_B=< S^>¨P_DGJ[EF<.DFHIHKW=<iDF9RHI<?J?PIDF7:9 ¥Nn < n

Q WC>KP_BC<[>Is�7:>K<^�Y��>I< �K<[J?P P_BC<�B<),@ 7VP_B=<?HIDFH�S^J[J?7:>I;CDF9=acP_7 .cB=DFJLB �� DFH SAB=< S^; v ) @C>I<[HK<[95P_DG9=a<?],DF;C<[9=J?< �¡>K7:s �cW=stS^9=DfSV9RS^9=; �¡>I7:s�@�S^HKPA@�SV>KP_DGJ[DG@=EF<.Sâ:>I<?<[s�<[95PADF9 � P_SÊFDFS^9 �¨`NC H[n

�ZB=DFH8HI<?J?PIDF7:9�DFH8s�< S^95PeP_7 @=>K7 ],DG;=<ZP_B=<ca:<?9=<[>ISÊ v S^JLU�a:>I7^W=9=;t�¡7^> P_B=<AS^9�SVE-),HIDGHe7^��¨`NC H?n� PeDFH�7:>Ia5SV9=DFb?<[;�S^H �¡7:EFEG7E.cH?�}P_7 v <[a:DG97.cDGPIB��:HI7^st< PI<[>KstDG9=7:EF7â:DFJ[SÊ:DFHKHIW=<?H8S^>I< J[7:9=HKDF;=<?>I<?;�DG9¢:nª¢:nGn �O9�PIB=<cHI<?J[7:9=;�@=EFS^J[<V�5DF91HI<?J?P_DG7:9R¢:n < nG�:PIB=<ZDF;CDF7:EG<[J?P_SÊ�]^SV>IDfSYP_DF7^9 DF91s�7N;=<?>I9�`,P_S^9=;�SV>I;� PLSÊGDfS^9(DGH < �CS^stDG9=<[; n� P DFH . <?EFE8U�9=7�.c9��DG9 � S^J�P ��P_B�SYPr� P_SÊFDFS^9�>I<?a:DF7:9=SÊ ]VS^>IDG<?P_DG<[Hi;=D>0 <?>s W=JLB%.cDGP_Bt>I<?HI@T<[J?P�P_7iP_B=<3S^J?J[<[@NPLS v DGEFDªP )�7^��¨`(C H[ne�ZB=<3;�SVPLS2P_B=SVP ��B�S ]:<.J?7:EFEG<[J�P_<[;�HIBC7E.P_B�SYP �cQ�EG7:>I<?9�PIDF9=<�l S^9=; � W=HIJ[S^9 DF9 a:<[9C<[>_SVE ptSVHIDF;C<^� PIB=< ]VS^>IDFSVP_DG7:9yDFHt9=7^Pt>I<[a^DF7:9�SVE v WCP>_SVPIB=<[>ADF;CDF7:EG<[J?P_SÊ DG9�9=SVP_W=>K<^n��A<��,P �THI<?J?PIDF7:9�¢:n < n DFHA;=<�]:7^PI<[; PI7�PIB=< @C>I<[HK<[95PLSYP_DF7^9 7^� P .�77^� PIB=<rs�7:HKP.>I<?EF<?]VS^95P l @T<[>KB�S^@=H.PIB=<r7^9=E-)RHH)NH¨P_<?s"SVPIDFJ pA@=>K7:@ 7^H_SÊGHAPIB�SVP3B�S ]:< v <[<?9�s"S^;C<

�� = <

P_7tS^J?J[7:W=95Pc�¡7:> PIB=< Sâ:>I<?<[s�<[95Pc;=DGHIJ[>K<[@�SV9=J[DG<[H v <�P . <?<[9�l�¢ p S^9=;-l ¥^p�n�ZB=<@=>K<[HI<?95P�JLB�S^@CPI<[> DGHr7:>Ka5S^9=DGb[<?;�S^H �¡7ÊFEF7�.cH?� HI<?J?P_DG7:9y¥�@C>I<[HK<[95P_H PIB=<"PIB=<[7:>K<?PIDFJ SVE

v S^JLU�a:>K7:W=9=;�7^9 P_B=<rS^HI@T<[J�P_W�SVE�J[EFS^HIHK<[HG.cBCDFJLByl�¢ pASV9=;yl ¥^p�.cDFEGE v < HIB=7�.c9�P_7 v <?EF7:9CatP_7Cn`N<?J?P_DG7:9 < J[7:95P_S^DF9=Hrs7)�S^9=SÊ-),HIDGH 7^�cP_>IS^9=HKDGP_Dª]:<�¨`(C H�DF9&P_BC< @=>I<?HI<[95P1P_<?9=HI<Vny`N<?J?P_DG7:9�§J[7^9�P_S^DF9CHAs�)J[7^9=J[EGW=HIDG7:9=H[n

6! �6� � �-�*(�� #��A+ � ��8�8:��

�O9 PIB=< EGDGPI<[>_SYP_W=>K<^�=P_BC<[>I< DFHAEfS^>Ka:<i;=DFHISâ:>K<[<[s�<[95P.S v 7:WCPAP_B=< HKP_SVP_W=H37^�Al�¢ pZS^9=;ylm¥:p��HI7:s�<EFDG9=a:W=DGHKPIH�;=DFH¨P_DF9Ca:W=DFHKB v <�P . <?<[9 S � @�SVHIHIDª]:< �� 5eDF9 HI<?9�PI<[9=J?<yl¨¢¤p��S^9=; S(@=>K7:@ <?> ��DFs�@T<[>¨MHI7^9�SÊ �� 5TDF9�HI<?9�PI<[9=J?<�l ¥:p n2`NW=JLB S^9 S^@=@=>K75S^JLB�DFHAPLSÛV<[9�� ¡7:>3DG9=HKP_S^9=J?<^� v ) `CSÊG],D l¨¢-?;?C¢ p�n`N7:s�<17^P_BC<[> HIJLB=7:EFS^>IH ;=>IS�. P_B=<�EFDG9=< v <�P . <?<[9�SV9 ��DFs�@ <?>IHI7^9�SÊ @�SVHIHIDª]:< �� 5G� DF9�l¨¢¤p�� S^9=;S^9 � DGst@T<[>KHI7:9=SÊ�S^J�P_Dª]:< �� 5G�CDF9 l ¥^p2l HI<?<^��¡7:>ZDG9=HKP_S^9=J[<V� ? <[EGEF<�PIP_D ¢-?A>5¥^p�n � 9�S^9=7^PIB=<[> ],DF<8.i�@=WCP��¡7^> . S^>I; v ) C DG9NF�W=<�l¨¢-?A>;>5p�� v 7^PIB�l�¢ prS^9C;�lm¥:prS^>K<DFs�@T<[>IHK7:9�SÊ �� J[7:9=H¨P_>KW=J?PIDF7:9=H?n�ZB=DGHt],DF<8. DFHSVEFHI7�HIB�SV>I<[; v ) `CSÊª],Drl�¢-?A>A>:p�S^9C; �A7 v <?>KP_H l¨¢-?;>:£5p�S^s�7:9=a-7VP_B=<?>IH[n Q�D M9�SÊGE-)^�=j.7 v >I7¤],DF<�M�`N7:>KDF9�l¨¢-?;?A?5po]VS^J?W=7:W=HKE-) W=9CD-+�<?HcPIB=<2P . 7�HI<?95P_<[9CJ[<[H3W=9=;=<?>ZP_B=<i9�S^s�<27^��stDG;=;=EF< MO@�SVHIHIDª]:< � 5Gn

�O9RPIB=DFH2.�7:>KUT��oW=HK< PIB=<2;=<�+=9=DGPIDF7:9 ��DFs�@ <?>IHK7:9�SÊ J[7:9=H¨P_>KW=J?PIDF7:965N�¡7:> v 7VP_B�l¨¢ p SV9=;�l ¥:p ng0DGPIB��@�S^HKHIDª]:< �� J[7^9=HKPI>IW=J�P_DF7^965��.DF9C;=DFJ[SVP_<1HI<?95P_<[9CJ[<[HrEFDFUV< P_B=<�7:9=<�<��N<?st@=EGD-+�<?;(DF9�l I< �� v <[J?7:st<?HZP_B=<iHIW v �K<[J�P.7^� @=>K<[;=DGJ SVPIDF7:9��

l ) v 7,;()

� � 9=<iDGHZHI<[<?9 v )R<�]:<[>H) v 7,;() 5

�ZB=<!HK<[95P_<?9=J[<2DG9�l < p8DGHo]^<[>H)"HKDFs�DFEfSV> P_7 S @=>I7^@ <?> @�S^HKHIDª]:<^��.cBCDFEF<3S $ � M @=B=>_SVHI<.stS*) lmS^9=; �DF9 � S^J?P[��;=7,<[H_p S^@C@ <[S^> DG9 l < p�� KW=HKP S^H DªPrstS*) S^@=@T< S^> DF9�@=>I7^@ <?> @�SVHIHIDª]:<?H[�eDGP stS�)(9C7^PS^@=@T< SV>ADG9RHI<[95PI<[9=J?<[H.EGDFUV<�l¨¢ p S^9C;-lm¥:p�n u HK<[95P_<?9=J[< EFDFUV<�l §�p DGHZW=9=a:>IS^s�s"SVPIDFJ[SÊ �

=V§ �� &� �$� ��

l §�p � �O9DF9� P_SÊFDFS� P_SÊ-)


a:EGDPIB=<�M + ��' � -��


;�Sv )

PIWCPIPID<�]:<[>H) v 7,;()

� �O9�� PLSVE-)HK@�Sâ:BC<?PIPID�S^>I<i<[SVP_<?9 v ) <�]:<[>H) v 7,;() 5

� 7�s7)(U�9=7�.cEF<?;=a:<^� P_B=<�J[7:95PI>_S^H¨P v <?P .�<[<[9*l < piS^9=; l¡§�pM. S^H/+�>IH¨Pr7 v HI<?>K]:<?; v ) C DG9NF�W=<l¨¢-? B £5p�n

u P_BCDF>I; U�DF9=; 7V� �� .cB=DGJLB DFH�>I<?EF<?]VS^95PtP_7-7^W=>S^9=SÊ-),HIDGH[�ZSVH"DGP"SÊGHI7 DF95P_>K7N;=WCJ[<[H"S^9W=9=HK@ <?J[D-+=<[;�HIW v �K<[J�P �}DFHAP_B=<rHI7VM J SÊGEF<[; � s�DF;C;=EF< �� 5ªn!�ZB=<�Sâ^>I<[<?st<?95P!@�SVPKP_<?>I9=H!7V�8stDG;=;=EF<�� S^>K<�9=7VP�;=D>0 <?>I<?9�P �¡>I7:s PIB=7:HK< 7^��DGst@T<[>KHI7:9=SÊ �� ^B=7�.�<?]^<[>[��SV9=; PIB=<[>K<?�¡7:>K< �};=739=7^P s"SÛV<S�;=DFH¨P_DF9CJ?P_DG7:9 v <?P .�<[<[9 DFs�@ <?>IHI7^9�SÊ �� S^9=;�s�DF;=;=EG< �� J[7:9=H¨P_>KW=J?PIDF7:9=HcDG9P_B=DGHAJLB=S^@CP_<?>[n

6! � 0 �� + �-+

�¨`NC HG.cDªP_B=7:WNP36AM � Sâ^>I<[<?st<?95P!B�S ]:<r7^� P_<?9 v <[<[9 J[7:9=HKDF;=<?>I<?;(S^H.S�]^SV>IDfSV9�PA7^� �¨`NC HG.cDGPIB63M � Sâ:>K<[<[s�<[95P[n8Q 7^>est7:H¨P HKJLB=7:EFS^>IH?��l�¢ peS^9=;�lm¥:p DF95]:7ÊG]:<cP_BC<3HIS^st<AHKPI>IW=J�P_W=>K<^�CS^9=;"7^9=E-)P_B=<�>I<[SÊFDGb SVPIDF7:9 7^� 7:@NP_DF7^9�SÊ @=>K7:@T<[>KPIDF<?H 7V� �� l¡HIW=JLB&S^H2P_B=<tS v HK7:>I@CPIDF7:9 7^�oP_B=<�<��,PI<[>I9=SÊ@ M >I7:EG<¤p J[>K< SVPI<[H3PIB=<r;CD-0 <[>I<?9=J[< v <�P . <?<[9�P_BCI75SVJLB DFHAs"SVDF9=E>)"�¡7:EGEF7�. <?;v ) ? <[EGEF<?PKP_D l¨¢-?A>:¥:p S^9=; ? W=>Kb[DF7�l�¢-?A>:£5p n C DF9NF�W=<"l¨¢8?A>A>5p S^>Ka:W=<?HADG9=HKPI< S^;R�¡7:>cS1;=D-0 <[>K<[9=J?<DF9 PI<[>Is�H 7^� PIB=<cS^>Ia^W=st<?95PLSÊN9�SVP_WC>I< 7^� �� n��3<Z@=>K7:@ 7^HI<[H8SV9�<?EF<?a5S^95P�. S�)rP_727¤]:<?>IJ[7^st<Z7:@,MP_DG7:9�SÊGDGP )T� 7^9=E-)�S^>Ka:W=s�<[95PLSVE �� stS*)tS v HI7^> v PIB=<.< �NPI<[>K9�SÊ9@¤MO>K7:EF<V� .cBCDFEF< ��!� M�S^>Ka:W=s�<[95PLSÊ�� stS*)9=7VP n8� .cDGEFE�>K<?PIW=>I9RP_7�P_BC<[HI< S^9�SVE-),HI<?HADG9 st7^>I<2;=<�PLS^DGEFHZDF9 HK<[J�P_DF7^9�¢:n §=n

�O9RPIB=DFH�HI<?J?P_DG7:9��=�L+�>KHKPc@=>K<[HK<[95PZP_B=<2HH),9=JLB=>I7^9=DFJ2;�SYPLSrP_B=SVPZ�8B�S ]:<2J?7:EFEG<[J?PI<[;��C�oDGHI7:EFSVP_K7^P_7^P ),@=DGJ SÊ 5�J[7:9=H¨P_>KW=J?PIDF7:9=H?� .cB=DGJLBD.cDFEGE v <3PIB=<.PI7:@=DFJA7^��s7)tS^9=SÊ-),HIDGH DG9"HI<?J?PIDF7:9R¥,nQ�7:> P_B=< 7^PIB=<[> � ��!� M @=>I7^PI7^P ),@=DFJ[SÊ 5NHI<?9�PI<[9=J?<[H?� .cB=DGJLB � v <[EGDF<�]:< v <?EF7:9Ca1PI7"S1s�Dª�N<[; P ),@ <V�� @=>K7¤]NDG;=<iS�P_<[95P_SVP_Dª]:<i<��N@=EFS^9�SVPIDF7:9 EFSVP_<?>Z7:9��=DG9�HK<[J�P_DF7^9�§=nª¢:n � n

� �VP. ��.� I��NL�3�X��@,�X ��.0+%L��>>,�.0�0C��6+FS��C�� C@.��+%�3P@,)H��0MF�0+�� PT�3.0+%2Y��C�,�� 3CXC�.�� +O �,%/�C� %�3.�� R+%/�C�� + �� C��>$��)H�� 0M�D

� ��/�+%�.�A ��& ��+ ��4�3N4>$@,�+%.��7>�,%.0�.�/�4PT@80@�3.�>$6PX��L��8�6,%2ZE��,��2;+ ��1�Q.�A$�� 3�� D ��C@C@.�,�PT��1 %.� @�,ZH�� M�R �$.� ��? %��80@, ��. ��OEC� -��1�,�@@NL6�0 -AB.�,�N .�A �� O27>$��T@NL>�3�� 6P?�3� H��EMQ�� PL %�I�.48�6, ��. ��O6C� I��1�,�@@NL6�0 VAB.�,�N ��H��0M�PT@,��80;AB,�.�N�� ,%��T�38��K@D�� K4SQ�0+��C��3/�+%��80@�32 / + EP �3� ,�� T��80+%@�7 %6��C�E+@RTS��@,�I %�*+%/ ��OEC� F�� P ��Z. ��O6C� .�A �L>,�6P�3C6�� %ISQ@,�ZC�.�� + ��PT@,�6P %. �$*C�.0�� C��PT@�7 6D=��3+

�� =A=

�� ! " �� ! �� #��#��!�

� P3B�S^HA7^� P_<?9 v <[<?9 7 v HK<[>¨]:<[; l �}<[@=HKJLB ) � �}<[@CHIJLB<)-¢8? BAB � C DG9NF�W=<t¢8?A>A>5p�PIB�SVPAP_B=< W=HI< 7^�P_BC<r]VS^>IDFS^95P!DF9�l ¥:p � B=<?>I<�>I<?@ <[SVP_<?;�DF9yl�=:p�� DFH39=7^P2HK7 J[7:s�st7^9�n2��7^>I< < �=SVJ?P_E>):�=.cBCDFEF<rSÊFE� PLSVEFDfSV9 HI@T< SÛV<[>IHAW=HK< PIB=< Sâ:>I<?<[DG9=a��¡7:>Is DF9�l¨¢ p �=9=7^PASVEFE�7^� P_BC<[s S^J?J[<?@CPrl =:p n

l =^p �O9DF9� PLSÊGDfS� PLSÊ>)


HI@=Sâ:B=<�PIP_DHI@=Sâ:B=<�PIP_D M -�� + ��' �

� �O9R� P_SÊ-)^�=@ <?7:@=EG< <[SVPcHI@=Sâ:B=<�PIP_D 5

u HoP_B=< �KW=;=a^st<?9�PIH 7:9t�¨`NC H SV>I<A9=7^P SÊ-. S*)NHoJ[EG< S^>?�N��J[7:EGEF<[J�P_<?;t;�SYPLS �¡>K7:s ¢ ¥iDF9C�¡7^>IstS^95P_H[n� @=>K7:@T7:HI<?;&¢->1HI<[95PI<[9=J?<[H!P_7ts7)RDF9N�¡7:>IstS^95P_H?� S^st7^9=a%.cBCDFJLB�PIB=< 7:9=<[HAP_B�SYP!S^>K< >K<[EG<?]VS^95P/�+%Z��+�C@.��7 %�3�Y/6P��3� � .YP@,�� 3�3�� R+ ��PT �Y2 +%�3P�S�� %� ��Z�@S��32 �3�7 %,�.TPT/�C�EP �3NL> 6,�+%.�� /�+%�D��;�� %6,%� �� %�3.�� $� OSQ@6� �?,%��T�38�I>,�.��.0/� ��P >,�.�>$@, > ��+�+ �38�INL.�,�>�.0��.01�2 �$@17�� %

�[�� %�3� >$@,��.TP H + 6 � ,��N ��3�3� � 1�6�. � ��R��I6NLN46, � � � �R�� .��10 � ��L�� P�� @,��[/ � � � � � ��M�D ��C �C�.0,�P��1L �.�I@NLNL@,ER ��3+%.)�3� �[�� [�� %�3� R �@K;SQ�0+�6+�+%@�7 %��3��2 C�.0��EP %.) ��*,��Y�38�Z/ + 0R �/T V %�6,%SQ@,�VAB,�657/6�7 ��G �@,�� .0��+ � @ OS-6@� %�� ,�NL.�,�>�.0��.01�2L.�A PT6> .0�@�7 �8�6, ��+��P�>��+�+ �38�E+��P �@K�D� >>��,%6�7 %�32�RU %�� 3N4>$@,�+%.��-C�.0��+ %,�/�C� ��.0� �� .�N)�� C� �$@17�� +4� +%/ ��OEC� %�36+�+X.��0R �3� S��3C�� @K

+%��10��3��EP �� + /�>>,�6+�+ �3.�� .�A �� 10@�7 � � ,�.��3�R:.�,L>,�.�87��PTEP %�� 80@, � S�� %��P�PT�G ��.0��+ O2Y��+O ��3C� �980.�,ED��$.�/T � �� OS-.4N)��3� ��1�,�@@NL6�0 �>�� %6,%� +-.�A � �Q+�S�� %� �,��+ �� %�38�V8�6, ��+6R � 6�,*H � � ��M-C��3NL+- ��

%�� ,�+ �AB.�,�N)+�� % %6+ %EP SQ@,�� %�.7+ IS�� %�.0/T 8�6, �� . ��O6C� ��1�,�@@NL6�0 ED

HB�(M �V/��6,%

+%��+A �NL� �E+

N4.0�G ��NL��Y2

��,��6+%� %.Y.��+

P � ��,�N4.�AUS-E��>$.��+

��P

P�AB.�,

C@�98��3@,��Y��31��7 �+

�� @,�I.��IN)��06+�N)��Y2?SQ6��> .0��+-AB.�, �� E+ ��P Y��31��7 �+�� ,�C@. � .0��. RT�J� � ��3�3.�� R ��

� ��+ . ��C6C�.�,�PT�3�1 �. � @�,ER=�.�SQ@80@,ER ��$!�� J��1�,�@6��1 AB.�,�N SQ�0+;N)��3��32 /�+ EP �3� � .�,% %�6,%� �� 32�R�$6C@��/�+%* %��; ��,�P >$@,�+%.�� +%��1�/��,��P >��/,�� .�A: %�48�6, � SQ@,�XC@.��3��C��PT@�7 ED��+��3+V@��.�/10� AB.�,�.�� %.?P.�/ �T � ��*��7 �6C�EPT@� C�I.�AU.��I.0,� %�Z.� %�6, C�.�� +O �,%/�C� %�3.�� D ��A %��*+ �3�1�/��3��, ��P %�Z>��/,�� AB.�,�NL+�.�A %��F8�6, �LSQ@,� C�.0��C@�3P@�7 6R0�G Q�3+:��NL>$.0+�+ � ��3� %.*/��PT@,�+ �� PXS�� %��@,= ��F80@, �)PT�3PL.0,:PT��P)�.� -��10,%6QS�� %� %��Z. ��OEC� 6D�OPT6��32�R[ %�L OSQ. AB.�,�NL+)H ��10,%6@�3�1 ��P��$!�� J��1�,�@6��17MV+ �.0/��P +%�.�S � PT��W@,�@��C@)�� 3�0 �@,�>,�� %�3.�� D

/�C�� P��W@,�@��C@;��+��.� I6�0+ �3��2 PT@ %EC� �� 3;AB,�.�N %��LP�� 980;�� I�� P %��.�/10� DI�� %�6,%@AB.�,�;�36�980 %��3+��+�+ /I.0> 6��AB.0,�AB/,% %�6,�,%E+ E��,�C�� D

=^£ �� &� �$� ��

�¡7:> P_BCDFHZHI<?J?PIDF7:9�S^>I<!PIB=<2�¡7:EFEG7�.cDF9=a=�

lm£5p �O9DF9� P_SÊFDFS� P_SÊ-)


a:EGDPIB=<�M + ��' � -��

HI@�SVa:B=<?PKP_DHI@�SVa:B=<?PKP_D M -�� + � ' �

� �O9�� PLSVE-)@T<[7^@=EF<2<[SVPAHI@�Sâ^B=<?PKP_D 5

l B p �O9DF9� P_SÊFDFS� P_SÊ-)



� �O9�� PLSVE-):�C@ <?7:@=EF<2<[SVPAHI@�SVa:B=<?PKP_D 5

l�>5p �O9DF9� P_SÊFDFS� P_SÊ-)


a:EGDP_BC<

HK@�Sâ:BC<?PIPIDHK@�Sâ:BC<?PIPIDªM + ��' � -��

� �O9�� PLSVE-):�C@ <?7:@=EF<2<[SVPAHI@�SVa:B=<?PKP_D 5

l�?5p �O9DF9� P_SÊFDFS� P_SÊ-)


a:EGDP_BC<


S P_WCPKP_71HI@=DFS^9=7J[7:95PIDF9�W=7:W=HKE-)

� �O9�� PLSVE-):�C@ <?7:@=EF<2<[SVPAHI@�SVa:B=<?PKP_D�SÊGE PIB=<2P_DFs�<15

l¨¢¤¦:p �O9DF9� PLSÊGDfS� PLSÊ>)



S�PIWCPIPI71HI@=DFS^9=7J[7:95P_DG9�W=7:W=HKE-)

��O9�� P_SÊ-)^�=@ <?7:@=EG<2< SVPcHK@�Sâ:B=<�PIPID SVEFE PIB=<2P_DGst< 5

�ZB=<�S^J[J?<[@CP_S v DFEGDGP ) �KWC;=a:<[s�<[95PIHt� J[7:EGEF<[J�P_<?;�S^>K< F�W=DªP_< P_<?EFEGDF9=a=ny� P�HI<?<[s�HtPIB�SVP1P_B=<�S^J MJ[<?@CPLS v DFEFDªP ) 7^��P_B=<�HI<?95P_<[9CJ[<[H S v 7¤]^<tDGH 9C7^P ;=<?PI<[>Is�DF9C<[; v )(>K<[a:DG7:9�SÊf©V;=DFSÊF<?J?PLSVE J?>IDGPI<[>KDfSCn�ZB=<c]^SV>IDfSYP_DF7^9 HI<?<[s�HoPI7 v <cDF;=DG7:EF<?J?P_SÊ n}�ZB=<3Q�EG7:>I<?9�PIDF9=< l¡� WCHIJ SV9 p HI@T< SÛV<[>IH?�CB=7�.�<?]^<[>[�N;=7J[7:9CHKP_DªP_WCPI< S1a^>I7:W=@�7:9RP_B=<?DF>Z7�.c9��e�¡7:>ASÊGE 7^� P_B=<?s SÊFE P_B=<iHI<?95P_<[9CJ[<[H!S v 7¤]^< SV>I<i<#F�W�SÊGE-)S^J[J?<[@CP_S v EG<^n �ZB=DGH s�DFa:B5P v <t;=WC<tP_7RP_BC<t� S^J�P PIB�SVP Q�EF7^>I<[95PIDF9=<1B�S^H EF7:H¨PiP_B=<�W=HI<t7^� PIB=<¢ HKPi@T<[>KHI7:9 @=EGW=>_SÊ ]:<[> v SÊe<?9=;=DF9Ca�SVEGP_7â:<?PIB=<[>�l u n ? <?EFEG<?PIPID � @�n�JVnqp � >K<[@=EFS^J[DG9=a DGPG.cDGP_B�PIB=<DFs�@ <?>IHK7:9�SÊ �� J[7^9=HKPI>IW=J�P_DF7^9�n ��< �CS^stDG9=< P_BC<A@T<[J?W=EFDFS^>eJ SVHI<A7^��Q EF7:>K<[95P_DG9=< DF9�HI<?J?PIDF7:91§=n ¥Nnª�S^9=;�EF<[S¤]^<2P_B=DGHZ@=>I7 v EF<[s�S^HIDG;=<!�¡7:> PIB=<ist7:s�<[95P[n�i7:DG9=a v S^JLU PI727:W=> HK<?Pe7^�T;�SYPLSC� \39=HKW=>I@C>IDFHKDF9=aÊ-):�=lm£5p�DFHeSVJ[J[<?@CP_<?; v ) SÊFE�P_BC< HI@T< SÛV<[>KH[�

DGPiDGHiPIB=<�W=9=stS^>IUV<[;��¡7^>Is .cDªP_B .cB=DFJLB � PLSÊGDfS^9(HK@ <[SÛ^<?>IHr>K< SÊGDFb?< P_B=<��¨`NC.n�l B p!DGH 9C7^P S^H. <?EFE S^J[J?<[@CPI<[;�nA�ZB=<?>I<�S^>K< S1�¡<�. F�W=<[H¨P_DG7:9 stS^>IU�H3S^9=;(¥ � 9=7^9NM�S^J?J[<?@CPLS v EF<15 �KW=;Ca:<[s�<[95P_H?nl�>5p!DGHiSÊFHK7�9C7^P HI7 . <?EFE8S^J?J[<[@NP_<[;&S^Htlm£5p n&=HI@T< SVU^<[>KHr7:WNP 7V�!¢ ¥J[7^9=HIDG;=<[>2P_BC<tHK<[95P_<?9=J[<

�� = B

W=9=a^>_S^s�s"SYP_DFJ[SÊ � < HI@T< SÛV<[>KH3J?7:9=HIDG;=<[>cDªPcDF95P_<?>I@=>K<?PLS v EF< v WNP ��W=9�WCPKP_<[>IS v EG<15ªno�ZBC<[>I< S^>K<2DF9� S^J�Pi7:9=E-) < HI@T< SÛV<[>IHiP_B=SVP S^J[J?<[@CPiPIB=DFH2HK<[95P_<?9=J[<tS^H2J[7^st@=EG<?PI<[E-)�a:>IS^ststSVPIDFJ SVE ntl�?5pAB�S^Hv <[<[9 �KW=;=a:<?;�S^HAa:>_S^s�stSVP_DGJ SÊ 7:9=E-) v )�7:9=< HI@T< SVU^<[>?�}S^9=;�HIEGDFa:B5P_E>)W=9Ca:>_S^s�stSVP_DGJ SÊ v ) ¥HI@T< SVU^<[>KH[n8�ZB=<c>I<?HKP87^� PIB=<Za:>I7^W=@1J[7:9=HKDF;=<?>IH PIB=<ZHI<?9�PI<[9=J?<3]^<[> )7. <?DF>I;17:>�W=9=a:>IS^ststSVPIDFJ SVE n�O95P_<?>I<[H¨P_DG9=a:E-)^�NPIB=<!<[EGDFs�DF9�SYP_DF7^9�7^��P_BC<!;=<�+=9=DGPI<!S^>¨P_DFJ?EF<ADF9 l¨¢¤¦5peP_W=>K9=H PIB=<.W=9Ca:>_S^s�stSVP_DGJ SÊHI<?95P_<[9CJ[<2DF9 l�?5p8DF95P_7rS �¡W=EGE-)1SVJ[J[<?@CPLS v EF<37:9=<^� PIB=< �KWC;=a:<[s�<[95PIH B=<?>I<2S^>K<F�W=DªP_<39=< SVP[ne�ZB=<HI<?95P_<[9CJ[< DFH W=9=a^>_S^s�s"SYP_DFJ[SÊ �¡7^> ¥RHI@T< SÛV<[>IH?�8S^9=; �¡7:> PIB=<">K<[H¨P 7^��P_B=<ta:>I7:WC@-DGP DGH �¡W=EGE-)S^J?J[<[@NPLS v EG<^n8�O9R@�S^>¨P_DFJ?W=EfSV>[�=S�a:>K< SVPc>K7:EF<3�¡7:>cS^J[J?<[@CP_S v DGEFDGP ) �KW=;=a^<[s�<[95P_HcDFH @=EfS*):<?; v )PIB=<;=<8+�9=DGPI< S^>¨P_DFJ?EF<Vn��ZB=DGH DFH 9=7 HKW=>I@=>KDFHK<DG�Z7^9=< v <[EFDG<?]^<[H[� S^H �2;=7=� PIB�SVP P_B=<J?7:9=H¨P_>IWCJ?P_DG7:9.cDGPIB=7:WCP�]:<[> v MO7 v �K<[J�P SVa:>I<?<[s�<[95P8DFH�PIB=<ZDF9CHKPLSV9�PIDfSVPIDF7:9 7^� S^9�S^J?PIDG],DGP )^n �3.cDFEGEN>K<?PIW=>I9�P_7!PIB=<DFHKHIW=<17^�oP_BC<�;=<�+�9CDGP_<1SV>KP_DGJ[EG< DF9�HK<[J?PIDF7:9�¥Nn ¥Nnª¢:n � PiDGHiSÊFHK7D. 7:>¨P_B 7 v HK<[>K],DG9=a P_B�SVPtl�¢¤¦5p3DGH7 v P_S^DF9C<[;��¡>K7:s l B pK.cDªP_B�PIB=< SV;=;=DGPIDF7:9�7^�8S1�¡>I<�F,WC<[9=J8)=©Yst7,;�SÊ S^;C]^<[> v DfSÊmnZ�ZB=<r< �=SVst@=EG<l B p .cDFEFE v <2;=DGHIJ?W=HIHK<[; DG9 HI<[J�P_DG7:9�§Cnq¥Nn

Q 7^>�PIB=< s�7:st<?95P �Z�B.cDFHKB P_7&J?7:9=J?<[95P_>ISVP_<�7:9 P_B=I<?J[7:a^9=DFb?<[; v )�st7^HKPeHK@ <[SÛ^<?>IH�S^H�P_BC<As�7:H¨P8S^J[J?<[@CP_S v EG<^�59�S^s�<[E>) l £5p�S^9C; l�¢¤¦5p n��J[7:9CHIDF;C<[>lm£:p S^9=; l¨¢¤¦5p S^H PIB=< ��@=>K7^P_7^P ),@=DGJ SÊ 5}P )N@T<[H?�oS^9=;&J?7:9=J[<?95P_>_SYP_<7:9�P_B=<?DF> SV9�SÊ-),HKDFH[n�Q�>I7:s9=7�. 7:9��C�L.cDGEFET>I<?�¡<?> P_7�l £5p�SVHZS^9 �¨`NC .cDGPIB63M � l ]:<[> v MO7 v �K<[J�P p Sâ:>K<[<?st<?9�P[��S^9=;PI7Rl¨¢ ¦5pS^HAS^9��¨`NC .cDªP_B=7^WCPZ63M � Sâ:>K<[<?st<?9�P[n

�O9I.cB�SVP��¡7:EFEG7E.cH?��e<��CS^s�DF9=<cP_B=<AP . 7rJ[7:9=H¨P_>KW=J?PIDF7:9=H�DF9 lm£5poS^9=;�l�¢¤¦5peDF9t;=<?P_S^DFEmn��+�>KHKP@=>K<[HI<?95P"S�HIB=7:>¨P17¤]:<[>¨],DF<�. 7^�ZPIB=< @=>I<�],DF7:W=H S^J[J?7:W=95P_H�7^�c�¨`(C HB.cDGP_BySV9=; .cDGPIB=7:WCP 63M �Sâ:>K<[<?st<?9�P P_B�SYPrB�S ]^< v <[<[9-@=WCP �¡7:> . S^>I;�7¤]:<[> P_B=<�):<[S^>IH?n u � P_<[> S�HKB=7:>¨PrJ?7:sts�<[95P 7:9HIWCJLB S^9�SVE-),HI<?H[�� DG95P_>I7,;=W=J?<is7)7�.c9�S^J[J?7:W=95P.DG9 HI<?J?P_DG7:9 ¥Nn

6! � 7 � � �*(�� + ��5��/�� -(�+ ��8�/��)�� )��*(�%'�

�O9�PIB=<r@C>I<[HK<[95P.PI<[9=HK<^�T�¨`NC H.cDªP_B�P_>_SV9=HIDªP_DG]^<2]:<[> v H.HKB=7�. P_B=<iP .�7"stS^DF9�Sâ:>K<[<?st<?9�P3@�SVP¨MP_<?>I9=HcDG9�PI>I7,;=W=J?<[;RDF9 l £5p S^9=;�l¨¢ ¦5p & l¨¢ p S^9C;-lm¥:p ' n g0DGPIB=DF9PIB=<M+�>KHKPA@�SVPKP_<[>K9��=< �C<?st@CEFD-+=<[;DF9�l�¢ p S^9=;�B=<[>KI<[@T< SYP_<[;�S^H l¨¢^¢ p��CPIB=<2]:<?> v SVa:>I<?<[HK.cDGPIBRPIB=<i7 v �K<?J?P3j!kZ�

=;> �� &� �$� ��

l¨¢:¢¤p �O9DF9� PLSÊGDfS� PLSÊ>)


aÊFDPIB=<�M + ��' � -��



�O9�l�¢:¢ p�� #� � DFHoS^9"DG95P_<[>K9�SÊ S^>Ka:W=s�<[95P n��ZB=DFHoJ S^9 v <AHIBC7E.c9 v )�HKW v HKPIDGPIWCP_DG9=a �¡7^>DGP8P_BC<.@�S^>¨P_DªP_DG]^<c@�S^>KPIDFJ?EF< �� <.cB=DFJLBJ[S^9"7^9=E-) v <3HKW v H¨P_DGPIWCP_<?;"�¡7:>oDF95P_<?>I9�SVE SV>Ia:W=s�<[95PIH[�NS^HHIB=7�.c9 v )�?�<[EFEG<?PKP_D � �ADGb[b[D�l¨¢8?A>C¢ p �NSV9=;�? W=>Kb[DG7Rl¨¢-?;>:£5p8S^st7^9=ar7^PIB=<[>KH[�CS^9=; <��N<?st@=EGD-+�<?;DF9�l¨¢¤¥:p��

l¨¢ ¥^p �O9DF9� PLSÊGDfS� PLSÊ>)

HK<HKD9C<7V� PIB=<[s

stS^9=a:DFS^9=7<[SVP

��O9�� P_SÊ-)"@ <?7:@=EF<2<[SVPZP_BC<[s � 5

�ZB=<A7^P_B=<?> SVa:>I<?<[s�<[95P @=SVPIPI<[>I9�DF95]^7:EG]^<[H�S^9"7 v �K<[J?P .cB=DGJLB";=7,<[Ho9=7^P�Sâ:>K<[<�.cDGPIB�PIB=<A]^<[> v n�ZB=<2]:<?> v <?9=;=DG9=a1DFH < >K;�HKDF9=a:WCEfS^>?�

l¨¢ )



��O9�� P_SÊ-)^�=@ <?7:@=EG<2< SVPcHK@�Sâ:B=<�PIPID��5

u EGHI7�DF9�l¨¢ < p8P_B=<27 v �K<[J?P �� #�#� DGH S^9RDG9�PI<[>K9�SÊ�SV>Ia:W=s�<[95P[�=S^HZHKB=7�.c9 v )PIB=<.� S^J�P P_B=SVPDGPZJ[S^9 v <iHIW v HKPIDGP_WNP_<[;R�¡7:> v ) ��

l¨¢ §5p �O9DF9� PLSÊGDfS� PLSÊ>)

HK<HKD9C<7V� PIB=<[s


��O9�� P_SÊ-)"@ <?7:@=EF<2<[SVPZP_BC<[s 5

�O9 l¨¢:¢ p �;� � �� #� � J[S^>I>KDF<[H �A7:s�DF9�SVPIDG]^<"J SVHI<^�@.cB=DGEF<"DG9*l¨¢ I>KDF<?H u J[J[WCH_SVPIDG]:<Vn�ZB=DFH�DGH HIBC7E.c9 DF9*l�¢�=:p S^9C;�l�¢¤£5p >K<[HK@ <?J?P_Dª]:<?E-):�@.cB=<?>I< P_B=<Rj.k 7 v �K<?J?P � � �� #�#� DGH>I<?@=EfS^J?<[; v )(S@T<[>IHK7:9�SÊ�@=>I7:9C7:W=9�n�k <[>KHI7:9�SVEe@=>I7:9C7:W=9=H2DG9�� PLSÊGDfS^9�SV>I<�s�7:>I@=BC7:EF7:a^DFJ SVEFE-)s"SV>IU^<?;��¡7^> C S^HI<V� S^9=;RP_B=<?>I<?�¡7^>I<iB=<[EG@R;=<?PI<[J?PAP_BC<7C SVHI<i7^� P_B=< j!k DG9 F�W=<?HKPIDF7:9�n� �WKZ�3+�� 3��.0NL.�,�>�?.�A-��&%RTS��C�� .YC6C�/,�+-S��@� ��& >,%EC�EPT6+��.� %��@,�C��3�G ��3C�D /�C��X>�6�.�NL6�.��3+

C@.�NLNL.�� %.L.� ��@, C@�� %��C@+ �0+�S-6�� RT�3� 0��3��WK�R�� &��!?��P + .4AB.�,% %�[D� ��E�98�V %�X��PT80@, ��3��W>�,��+%)� � T J!4� "$& � �$!?�0+ ��PT�AB.�, %�*NL.0N46�7 F��P C�.0��C�6�7 %,�� %�.��2�.�� %�

��1�,�@@NL6�0 �>�� %6,%� +@D ��Z,�.��3I>�3�9206P �72? %�*�0PT8�6, ��W>��,��0+ IS��3�� ,�6+%/�� C��36��,�@,��3� C��>T �@, �TD

�� =;?

l¨¢-=:p �O9DG9� PLSÊGDfS� PLSÊ>)

<?HIHKD ©PIB=<�)5M � + "$#&% -��

�¤EFDPIB=<[s�M � �� "$#&% -��


��O9�� P_SÊ-)"@ <?7:@=EG<2< SVPcP_BC<[s 5

l¨¢ £5p �O9DG9� PLSÊGDfS� PLSÊ>)

�¤<[HIHKD ©PIB=<�)5M � + "$#&% -��

EGDPIB=<[s�M � �� "$#&% -��


��O9�� P_SÊ-)"@ <?7:@=EG<2< SVPcP_BC<[s 5

� 7�J?7:9=J[EGW=;=<V��¨`NC H%.cDGPIBy6AM � SVa:>I<?<[s�<[95P�<��NB=D v DGP�S �37:s�DF9�SYP_DG]^<7 v �K<?J?P�P_B�SYP"SVa:>I<?<[H.cDGPIB�P_B=< ]:<?> v n �¨`NC H!.cDGPIB=7:WCP�6AM � Sâ:>I<?<[s�<[95P�<��NB=D v DGP�S^9 u J?J[W=HISVP_Dª]:<�7 v �K<[J�P�.cB=DFJLB;=7,<[Hc9=7^P3Sâ^>I<[<M.cDªP_BRP_B=<!]^<[> v n��ZBC< ]^<[> v HIBC7E.cH3S < >I;RHIDG9=a:W=EFS^> DG9$��<[J�P_DG7:9�n

�� #� ! ! ��#$�� !��

�ZB=<ZSVa:>I<?<[s�<[95P @�SYPIP_<?>I9=H 7^�=PIB=< @�SVHKP�PI<[9=HK< 7^� �¨`NC H >I<?HI<[s v EF<oP_B=7:HK< 7^�=PIB=< @C>I<[HK<[95P PI<[9=HK<^n�ZB=<?>I<iS^>K<3P .�7�s"S^DG9t@=SVPIPI<[>I9CHZSÊFHK7 �¡7:>oP_B=<3@�S^H¨P P_<?9=HI<V� v WCP 7:9=<.7V�}P_B=<?s DGH�9=7rEF7:9=a^<[>oDF9W=HK<^no�ZB=<i@�S^HKPcPI<[9=HK< 7^� l¨¢^¢ p DFH l�¢ B p��

l¨¢ B p `NDHKDHK7:9=7SV>I<�M�"$#&% -��

stS^9=a:DFSVP_D<[SVP_<?9NM + � ' � -��

aÊFDPIB=<�M + ��' � -��

HI@=Sâ:B=<�PIP_DHI@=Sâ:B=<�PIP_D

� k <?7:@=EF< © .�< B�S ]^< <[SVP_<?9�HK@�Sâ:B=<�PIPID 5

�O9�l¨¢ B p � P_BC<tSVWN�NDFEFDFS^> )�SVa:>I<?<[H .cDGPIB P_B=<17 v �K<?J?P[� �KWCHKPiEFDGU^<rPIB=<!+�9=DªP_<r]^<[> v ;=7,<[H2DF9 l�¢:¢ p n�ZB=< @=S^HKP2@=S^>KPIDFJ[DG@=EF<tl¡@=@ B=<?9=J[<��¡7:>KPIB p.SÊGHI7SVa:>I<?<[HG.cDªP_B PIB=<r7 v �K<[J?P[n!� P!DGH.DGst@T7:>KP_S^95PcP_7v < S^>�DG9�stDG9=;-P_B=SVP P_BC<�¡< SVPIW=>I<?H1PIB�SVP1SV>I< >I<?HI@T7:9=HKD v EG<"�¡7:> @�SVHKP1@�S^>¨P_DGJ[DF@CEF<tSâ:>I<?<[s�<[95Pl M �¡< SYP_W=>K<[HLp �.B=7�.�<?]^<[>[�iSV>I<�;=D>0 <?>I<[95P �¡>K7:s PIB=7:HK<(PIB�SVPRSV>I<�>I<?HI@T7:9=HKD v EG< �¡7:> S^WN�NDGEFDfSV> )Sâ:>K<[<?st<?9�Prl �M �¡<[SVP_WC>I<[H_p��SVHA��HIB=7�. DG9P_B=<i9=< �,P.JLB�SV@CP_<?>[n

�ZB=<i@�S^HKPcPI<[9=HK< �¡7:> l�¢ 5p �

l¨¢8>5p � �O9DG9� PLSÊGDfS� PLSÊ>)

HKDHKD�DFH¨M�"$#&% '�)

s"SV9=a:DfSYP_7< SVPI<[9NM + ��' � -�- '�)


��O9�� P_SÊ-)"@ <?7:@=EG<iSVP_<iHI@=Sâ:B=<�PIP_D 5

`NW=>K@=>IDGHIDG9=a:E-)^�N�¡7:>ZHK7:s�< HK@ <[SÛ^<?>IH?� SVEFHI7�PIB=<2]:<[>KHIDG7:9�DG9�l¨¢-?5p DGHcS^J[J?<[@CP_S v EG<^�

£:¦ �� &� �$� ��

l¨¢-?:p `NDHID�DGH¨M/" #&% '�)

stS^9=a^DfSVPID<[SVP_<?9NM -�- + ��' � -��

a:EFDP_B=<

HK@�Sâ:B=<�PIPIDHK@�Sâ:B=<�PIPID

� k <[7^@=EF<iB�S ]:< < SYP_<[9�HI@=Sâ:B=<�PIP_D 5

�ZB=<1@=@NMOS^WN�NDFEGDfS^>H)RHI@=EGDGP2DG9 l¨¢-?5p.>K< ��<?J?PIHiPIB=<1;=DG],DGHIDF7^9 v <�P . <?<[9�H ),95PLS^J�P_DFJ�S^9C; HK<[stS^95P_DGJ�¡< SVPIW=>I<?H[n8� .cDGEFE >I<?PIW=>I9RP_7�PIB=<iDFHIHKW=<i7^� P_B=<i@�S^H¨PcP_<[9CHI< Sâ:>I<?<[s�<[95PADF9 JLB�SV@CP_<?> < n

6! �& �5(��C)��:�� + �C�A�:'��

�O9 P_BCDFHAHI<[J�P_DG7:9��T�ZDF95P_>K7N;=WCJ[<iP_B=< s"S^DG9 SVJ[J[7^W=95P_H.PIB�SVP3B�S ]:< v <[<?9 @=WCP3�¡7:> . S^>I;�DF9�7:>I;=<?>P_71<��N@=EFS^DF9 PIB=<263M � © 9=7�63M � Sâ:>K<[<[s�<[95P3SÊªP_<[>K9�SVPIDF7:9 DG9P_>_SV9=HIDªP_DG]^<2�¨`NC H[n

�ZB=DFH HI<[J�P_DG7:9rHK<[>K]^<[H8S^H S^9 DG95P_>I7,;=W=J�P_DG7:9 �¡7^>�PIB=< 9C<��,P 7:9C<^�5S^9C;rDFH DF9C;=DFHK@ <?9=H_S v EF<oDG�=7^9=<. SV9�PIHAPI71J S^@CPIW=>I<2PIB=<i<[HIHK<[9=J?< 7V� PIB=<i7:9=a:7:DG9=a�;=< v SVP_<i7:9RDGst@T<[>KHI7:9�SVE �� J?7:9=H¨P_>IWCJ?P_DG7:9=H?n

�O90PIB=<(S^9�SVE-),HIDGH7^� �¨`NC H[�AP . 7ystS^DF9�EFDF9C<[HB�S ]^< v <?<[90�¡7:EFEG7E.�<[;�DF9 P_BC<�EFDGPI<[>ISVP_W=>K<^nu J[J?7:>I;=DG9=atPI7t7^9=< ],DG<�.i� �� DFH3S1@=>I7:9C7:W=9�� S^9=;�S^HAHIW=JLB�DªPcs"S*) v < S^>A7:>K.cDGPIB=;=>_S*.,C SVHI<S^9=; S v HI7^> v 7^>3>K<[J[<?DG]^< @ M >I7:EG<[H?n u J[J?7:>I;CDF9=a�P_7tPIB=< 7^P_B=<?>A],DG<�.i� �� DFH3S��¡W=9=J?PIDF7:9=SÊ�B=< S^; �� s�7:>K<�>I<[EFSVP_<?; PI7�]^<[> v SÊ8DF9$�=<[J?PIDF7:9�PIB�S^9(P_7 62k S^>Ka:W=s�<[95P_H�5ol¡�¡>K7:s � S^9Cb[DF9CD � `CS ]:7:DFS¥^¦:¦5¥^p�ny�ZB=<R�¡7:>Is�<[> ],DF<8. DFH�stS^DG9�P_S^DF9C<[; v ) ? <[EGEF<?PKP_Dil�¢-?A>5¥^p�� ? W=>Kb[DF7�l¨¢8?A>:£5p �2C DG9NF�W=<l¨¢-?;>A>5p SVP8EG< S^H¨P8@�S^>KPIDfSÊGE-) S^9=;tj.7 v >I7¤],DF<�M�`N7:>KDF9�l¨¢-?;?A>5p�n �ZB=<cEfSVPKP_<?>e7:9=<cDFHestS^DF95P_S^DF9=<?; v )� S^9=b?DF9=D � `CS ]:7:DFS lm¥^¦:¦C¢:�T¥V¦:¦5¥:p � �2<[s�@ JLB=DG9=HIU<)-l ¥V¦:¦:¦5p � C W=<[>¨]:7(lm¥^¦:¦5¥^p�n C >IW=J?DfSÊGE-)^��SÊFEP_B=7^HI< SV9�SÊ-),HK<[H.cBCDFJLB�J[7^9=HIDG;=<[> �� S��¡W=9CJ?P_DG7:9�SÊ�B=<[S^; PI7^PLSÊGE-) ;CDFHI>K<[a5SV>I;�PIB=< SVa:>I<?<[s�<[95P@=W=b?b[EF< @=>I<?HI<[95PI<[; v ) l�¢ p S^9C;Rl ¥:p n �ZBCDFH DGH HKDFs�@=E-)i;=WC< P_7.PIB=<�� SVJ?P�PIB�SVP�DG� �� DGH J?7:9=HIDG;=<[>K<[;S^HiS B=< SV;��DGP2J[S^9=9=7^P >K<[J[<?DG]^<IC SVHI<17:>4@ M >I7:EG<Rl v WCP DªP2J S^9 S^J?J[7:>K;=DF9CaRPI7��A7 v <[>¨P_H�¢-?;> BS^9=;�� SV9=b[DG9=D � `CS ]:7^DfS�¥^¦^¦C¢ p�n��O9RS^;=;=DªP_DF7^9tP_7 P_B�SVP[�NPIB=7:HI<!S^@=@=>K75S^JLB=<?H P_B�SVP J[7:9=HKDF;=<?> ��S^HAS �¡W=9=J?PIDF7:9=SÊ�B=<[S^;�J[S^9=9=7VP.SVJ[J[7^W=95PA�¡7^> P_B=< �cW=s"SV9=DfS^9 ;=SVPLS�<��N<?st@=EGD-+�<?;RDF9�l ¥^¦:p�ne�O9�AWCs"S^9CDfS^9"PIB=<[>K<2DFHZSV9 DFs�@ <?>IHI7^9�SÊTJ[7:9=H¨P_>KW=J?PIDF7:9 P_B=SVPZs�DF>I>K7:>IHoP_B=<2� P_SÊFDFS^9"7^9=<^�=9=S^st<?E-)S^9�DFs�@ <?>IHI7^9�SÊ � J[7^9=HKPI>IW=J�P_DF7^9 .cDGPIB�]^<[> v MO7 v �K<[J?P!Sâ:>K<[<[s�<[95P[n �O9 HKW=JLB�S1J[7:9CHKP_>KW=J?PIDF7:9 �� DFHost7:>K@=B=7:EG7:a:DGJ SÊGE-) s"SV>IU^<?;t�¡7:> u J[J?W=H_SYP_DG]^<�� n � P_SÛ^<AP_B=DGH�SVH S @CDF<[J?<37V�}<?],DF;C<[9=J?<3P_B=SVP� �� S^J?PIW�SÊFE>)"a^<?P_H u J?J[W=HISVP_Dª]:<^�TS^9C;�;C7N<?HA9C7^P v EF7,JLU"DªP_HcS^HKHIDGa:9=s�<[95P l J��n@? <[EGEF<?PKP_D ¢-?A>5¥N�

� �� +�S-.0, �� ,�@N)��, Y��1; �� /�NL�� + .L��0+��4P�� %�38�4�@K@D

�� £C¢

�c7 v <?>KPIH ¢8?A> B p n

l ¥V¦5p �O9DG9� PLSÊGDfS� PLSÊ>)

HK<HKDªM��

J[DGPI<[HKJ>I< SV;NM/" # % - �

J��S^>��IDv 7,7:U�H¨M � + � � + -��

v W=9=<a:7,7N;NM � � + -��

��O9�� P_SÊ-)"@ <?7:@=EG<2>I< SV;�a:7,7,; v 7,7:U�H#5

�ZB=< @CDF<[J?< 7V�e;�SVP_StDF9&l ¥^¦:p��P_7:a^<?P_BC<[>.cDªP_B�P_B=< a:<[9=<?>_SÊ J[7^9=HIDG;=<[>ISVP_DG7:9=HA7:WCP_EGDF9=<?; S v 7¤]:<V�EF<[S^;�st<iP_7�J[7:9CJ[EFWC;=< PIB�SVP �� 9=<?<[;=HAP_7 v <iP_>K< SVPI<[; S^H.S�@=>I7^9=7:W=9�n de],DG;=<[95P_E>):��P_BCDFHc;=7,<[H9=7^P.<��NJ[EGW=;=<�StJ[7:>K>I<[EFSVP_DG7:9�7^� �� .cDGPIB��¡W=9=J�P_DG7:9�SÊ @=>I7 �K<[J?PIDF7:9CH[n.�O9�� S^J?P[� P_BC< S^DGs 7^�eP_B=DGHJLB�S^@NP_<[>cDGH�P_7�HKB=7�.�PIB�SVP �� DFH >I<[EFSVP_<?;P_7 PIB=<iS^HI@T<[J�P_W�SVE�HI@T<[J?D-+�J[SVP_DG7:97^��P_BC<2HI<[95PI<[9=J?< DªPS^@=@T< SV>IHcDF9�� v WCPA9=<?]^<[>¨P_B=<?EF<[HKH.DªPZDFHcS1@=>I7^9=7:W=9�� .cB=DFJLB�s"S*) >K<[J?<[DG]^< @ MO>K7:EF<27^> C S^HI<Vn

�ZB=<iHI<[95PI<[9=J?<[H.PIB�SVPc� < �CS^stDG9=<2DF9PIB=DFHZHK<[J�P_DF7^9 S^>K<2P_B=<2�¡7:EGEF7�.cDF9=aC�

l ¥,¢ p �O9DG9� PLSÊGDfS� PLSÊ>)

HKDHKDs"S^9Ca:DfS^9C7< SVP¨M/"$#&% - �

a:EFDP_B=< M + � ' � -��


��O9�� P_SÊ-)"@ <?7:@=EG<2< SVPAHI@=Sâ:B=<�PIP_D 5

l ¥^¥:p �O9DG9� PLSÊGDfS� PLSÊ>)

HKDHKDs"S^9Ca:DfS< SVPIH¨M/" #&% '�)


S P_WCPKP_7�HI@=DFS^9=7J[7:95PIDF9�W=7:W=HKE-)

��O9�� P_SÊ-)^�=@T<[7:@=EG<2< SVPAHK@�Sâ:B=<�PIPID�SÊFETP_B=<2P_DGst< 5

�ZB=<I+�>KHKP�SYPIP_<?st@NPrP_7�HI7:Eª]:<"PIB=<SVa:>I<?<[s�<[95P © ��!� M�SVa:>I<?<[s�<[95P @=WCb[b[EG<";�SYP_<[H v S^JLU(P_7? <?EFEF<�PIPID8l¨¢-?;>5¥:p�n

? <[EGEF<?PKP_D�@C>I7:@T7:HI<?H3PIB�SVP �� J S^9�7:@CPIDF7:9�SVEFE-) v <rS^HKHIDGa:9=<[; 7:>AS v HI7^> v �A7:s�DF9�SVPIDG]^< J[S^HI<Vn��7:>K<[7¤]:<?>[� �� s"S*)rSÊFHK72S v HK7:> v�u J?J[W=HISVP_Dª]:<ZJ[S^HI<Vne�O9�@�S^>KPIDFJ?W=EfS^>?�^@�SVHIHIDª]:< �� S v HI7:> v H v 7VP_BP_BC<.<��,PI<[>I9=SÊ9@¤MO>I7ÊF<AS^9=; u J[J[WCH_SVPIDG]:<.J S^HK<^n3l ¥N¢¤peDGH SV9<��CS^s�@=EF<c7^�}S @�S^HKHIDª]:< �� J?7:9=H¨P_>IWCJ�MP_DG7:9�no�Ost@T<[>KHI7:9=SÊ �qS^J�P_Dª]:<15 �� 7:9RP_BC< 7^PIB=<[>AB�S^9C;�� a:<?PIH �A7:stDG9�SVPIDG]:<V�CP_B�W=H3SÊGEF7�.cDF9=a PIB=<S^HKHIDFa^9=st<?95Pr7^� u J[J[WCH_SVPIDG]:<V�eS^H DF9�l ¥:¥:p n ? <[EGEF<�PIP_D 5�HiSV9�SÊ-),HKDFH HIDFa^9=H PIB=<�;=DF>K<[J?PIDF7:9(�¡7:> SÊFEP_BC<2>I<[HK< S^>KJLB .cB=DGJLB�.cDFEFE �¡7:EGEF7�.i�CSV9=;R>I<[EGDF<?H 7:9 P_B=<iSVHIHIWCst@CPIDF7:9PIB�SVP PIB=<[>K<iS^>I<!P .�7 �� 5�H?�7:>?�Ns�7:>I<A<��CS^J�P_E>):�NPIB�SVP �� s"S*)17:>ostS�)�9=7VP S v HI7:> v @ M >I7:EG<^�,S^9=;stS*)17:> stS*)19=7^P�>I<?J[<[Dª]:<�37^stDG9�SVP_Dª]:<7C S^HI<Vn2�O9 v 7^P_B�J?7:9=HKPI>IW=J�P_DG7:9=H[� �� DFH3a:<[9=<?>_SVPI<[;�W=9C;=<[>.PIB=< � �3Q ��9=7N;C<^n!�O97:9=<2J[S^HI<V�=P_B=7^W=a:B��CPIB=<i�¨`NC DFHZS^9RDG9=HKP_S^9=J[<27V��@�SVHIHIDª],DFb SYP_DF7^9(l ¥N¢¤p��=SV9=;RDF9P_BC<27^P_B=<?>ZDGPZDGH

£5¥ �� &� �$� ��

S^9RDF9=H¨PLS^9CJ[<i7^� P_B=< �� MO;=>K7:@R@=B=<[9C7:st<?9=7:9-l ¥:¥^p�n� S^9<)�7^� ? <?EFEF<�PIPID 5 H.DF95PIW=DGPIDF7:9=H.S^>I<�H¨P_DGEFE ]VSÊGDF;�ni�O9(@�S^>¨P_DGJ[W=EFS^>[� �3HKB�S^>I< PIB=<�DF;C< S"P_B=SVP

;=D-0 <[>K<[95P HH),9�P_S^J?PIDFJtJ[7:9(+=a:W=>_SYP_DF7^9=H ;C<?P_<?>Is�DF9=<�;=D>0 <?>I<[95PrSâ:>K<[<[s�<[95Pr@�SVPIPI<[>K9=H S^9C;�P_B=SVP�� stS*)�JLB=<[JLU C S^HK< v <[J[S^W=HK<"7^��DGPIH @C>I7:9=7^stDG9�SÊ�9=SVP_W=>K<^n"Q 7^>2s7)(S^9�SVE-),HIDGH[��B=7�. <�]:<?>[� �;=7 9C7^P S^HIHKW=st<�P_B�SYP �� DFH v S^HK<"a:<?9=<[>ISVP_<?;-W=9=;C<[> PIB=<�9=7N;C<t� �3Q �e� v WCPr>ISVP_BC<[>iP_B�SVP DªP>I<[S^JLB=<[HcP_BCDFHZ@T7:HIDªP_DF7^9RSV� P_<?> v <?DF9=a1s�<[>Ia^<[;RDF9 P_BC< HK@ <?J[D>+�<[>c7^� HI7:s�<iEF7�.�<[>Z@=>K7 �K<[J�P_DF7^9=H[n

k8>K<?PKP ) srW=JLB�SVEF7:9=a;? <?EFEG<?PIPID 5 H�EFDG9=<[H?�2C DG9NF�W=<�l¨¢-?A>;>5prJ[7:9CHIDF;C<[>IH1P_BC< SÊªP_<?>I9�SVPIDF7:9�DG9Sâ:>K<[<[s�<[95Pt@�SVPKP_<[>K9=HSVH"S >I<[HKW=EGPt7^�!S^9�7:@NP_DF7^9�SÊFDªP )&7:9 �� DªP_HtS^>Ia:WCst<?9�P_SÊ ],H[n ��!� MS^>Ia^W=st<?95PLSÊ2H¨PLSVPIW=H[n C DG9NF�W=<-7 v HI<[>¨]:<?H P_B�SYP�PIB=<-WCHI< 7^��DFs�@T<[>IHK7:9�SÊ �� DF9*� PLSÊGDfS^90DGHW=HIW=SÊFE>)!>I<?HKPI>IDFJ�P_<?; P_7�+�9=DªP_<8J[EFS^W=HK<[H[n��37�.�<?]:<?>[� �� DFH SÊGEF7�. <?; DG9iJ[<[>¨PLS^DG9 WC9�PI<[9=HK<[; J?EfS^WCHI<[H?�9�S^s�<[E>)�DG9 u WN��M PI7VMHC 7:s�@�l HK<[< �ADGb[b?D ¢-?A>5¥^pS^9=;*�3SVDFHIDG9=a�HKPI>IW=J�P_W=>K<[H .cDGPIB0PI>_S^9CHIDGPIDG]^<S^9=;(W=9=<?>Ia5SYP_DG]^<�]:<[> v H[n l ¥ < p.DFHiS^9(< �=SVst@=EG<�7^� S^9 u WN��M PI7VMHC 7^st@(J[7^9=HKPI>IW=J�P_DF7^9 .cDªP_B SP_>IS^9=HIDªP_Dª]:<r]^<[> v ��S^9=; l ¥V§5pADFH!S^9�<��CS^s�@=EF<r7^��S �3S^DGHIDG9=a"J?7:9=HKPI>IW=J�P_DG7:9 .cDGP_B(S"PI>_S^9CHIDGPIDG]^<]:<?> v n

l ¥ _S):<?P

HIJ[7^@ <?>KP_7;=DFHKJ[7¤]:<?>I<[;,M -�- + � ' ��'�)

DFEP_B=<

]^<[>I7PI>IW=<

J[7:EG@ <�]:7:EG<J[W=EG@=>IDªPKM + ��' � '�)

� � 9C< 9C7^PcB�S ],DF9=a!):<�P.;CDFHIJ?7¤]:<[>K<[;�P_B=<2P_>KW=<iJ[W=EG@=>IDªP*5 & �¡>I7:s C DF9NF�W=<tl�¢-?A?C=N�¢ ¥ B � B S:p '

l ¥V§5p `N<?s v >_SHI<?<[s�H¨M�"$#&%('�)

9C7:99C7^P

<?HIHK<[>IHKDv <[DG9=aVM�' *

S^9=J?7:>_S):<�P

HKJ[7:@T<[>¨P_7;=DGHIJ?7 ]^<[>K<[;NM -�- + ��' � '�)

DGEPIB=<

]:<[>K7P_>IWC<

J[7ÊF@T<?]:7ÊF<J[WCEF@=>KDGPKM + ��' � '�)�� P3HK<[<?stHc7:9=<i9=7VPZP_71B�S ]:< ):<�P.;=DGHIJ?7 ]^<[>K<[;�PIB=<2P_>KW=<iJ[W=EG@=>IDªP*5 & �¡>K7:s C DG9NF�W=<l¨¢8?A?C=N�ª¢ ¥A=N� =^S5p '

& MOS^>Ia ' �� DGH DG9=HKPI< S^; 9=<�]:<[> EFDGJ[<?9=HI<?;�DG9�W=95PI<[9=HK<[;&J?7:95P_<��,PIH[� SVHiPIB=<1�¡7:EFEG7E.cDG9=a< �=SVst@=EG<[H?�PLSÛV<[9R�¡>I7:s C DF9NF�W=<tl¨¢8?A?C=N�ª¢ ¥ B M_¢ ¥;>C� B peHIB=7�.i�

l ¥A=^p � �37^99=7^P


st7:>¨P_D;=< S^;

DG9DG9a:DF7¤]VS^9=<):7:W=9Ca

<�P �C�SVa:<

nªnªn

�� £ <

� � 9=<i9=7^PAB�S ],DF9=a1;=DG<[;�):7:WC9=a=�}nªnGn>5 & " �� 8" � ��#� ! '

l ¥V£5p � �A7:99=7VP


J[7:95P_<?95P_DB�S^@=@<)

;=<[E7^� P_B=<

@=>K7:@=>IDG77:9=< 5�H

EfS ]:7^>I7=�. 7^>IU

nªnªn� � 9=<i9=7^P v <?DF9=a�B=S^@=@<)�.cDGPIB�7^9=<15 H .�7:>KUT�}nªnªn-5 & �� " ��#� ! '

C DF9(F,WC< J[7:9=HKDF;=<?>IHrPIB=<DG9=HKP_S^9=J[<?H 7^� �� DG90l ¥ Ka:W=s�<[95PLSVE�7:9C<[HRl �iSV>Ia�p �.cB=DGJLB s"S*) v <3>I<[SÊFDGb[<[;"DF9S HI<[95PI<[9=J?<27:9=E-)�.cDªP_B"]^<[> v H P_B�SVP @=>I7 �K<[J?P S^9 <��,PI<[>I9=SÊ9@¤MO>I7ÊF<^n�ZB=< 7^P_BC<[> �� N.cB=DFJLB�s"S*) v < @=>I<?HI<?9�P .cDGPIB SV9 )J[EfSVHIHc7^��]^<[> v H[�T@=>I7¤],DF;C<[;RP_B�SVPcPIB=<�)�S^>K<+�9=DªP_<V�eDFH S ��!� MOS^>Ia:WCst<?9�P_SÊ87:9=<(lfM�S^>Ka�p & �¡>K7:s C DF9NF�W=<(l�¢-?A?C=,�G¢ ¥^¥ ML¢ ¥ < �G¢¤p ' � �� .cDGPIB�S^9W=9�SVJ[J[WCH_SVPIDG]:<i]:<?> v DF9�l ¥ B p S^9=;�.cDGPIB�S1@�S^HKHIDª]:<iDF9�l ¥ >5p ' �

l ¥ B p `N@T<[HKHI77^� PI<[9

HIDHIDS^>K>IDG]VSS^>K>IDG]^<[H�M/"$#&%('�)

DF9EfSVPI<

>IDªPLS^>K;=7� � � P_<[9�7:9=< S^>K>IDª]:<[HcEFSVP_< 5

l ¥ >5p `N@T<[HKHI77^� PI<[9

HIDHID�DFH�M/" # % '�) P_>I<[SVP_<?;NM -�- + ��' � -��

P_>ISVPIP_SVP_Dv S^;CE-)

s"SÊG<� � 9=<iDFHZ7^� PI<[9�DFEFE M PI>I< SYP_<[;=5

u >Ka:W=s�<[95PLSVE �� .cDGPIB=;=>IS�.cH�P_B=<&< �,P_<[>K9�SÊ @¤MO>K7:EF<�S^9=; v EF7,JLU,H�P_B=<�SVHIHIDGa:9=s�<[95P 7V� u J�MJ[WCH_SVPIDG]:<V��PIB,WCH�>K<[HKW=EGPIDF9=a�DG9 S�J?7:9=HKPI>IW=J�P_DG7:9J.cDGP_B�6AM � SVa:>I<?<[s�<[95P n&� 7 v < s�7:>I<"HI@T<�MJ[D>+�J^��J?7:9=HKDF;=<?>rlm¥N¢ p n u J?J[7:>K;=DF9Ca�PI7IC DG9NF�W=<^� �� DFH � SV>Ia l¡W=st<?95PLSÊfp�DF9 P_BCDFHZHI<?95P_<[9CJ[<^n � P_HS^>Ka:W=s�<[95PLSÊoHKP_SVP_WCH SÊGEF7�.cH �¡7^> DªP PI7 .cDGPIB=;=>IS�. PIB=<"< �NPI<[>K9�SÊ @¤MO>K7:EF<Vn u HB? WC>Ib[DG7N5 Hra:<?9NM<[>ISÊFDGb SVPIDF7:9 HKPLSYP_<[H?� PIB=<[>K<1DFHiS 7:9=< M P_7YMO7:9=<�J?7:>I>K<[HK@ 7:9C;=<[9=J?< v <?P .�<[<?9-P_BC<tSVHIHIDGa:9=s�<[95Pi7^�u J[J?W=H_SYP_DG]^<RS^9=;&PIB�SVP 7V�ZP_B=<t<��,P_<?>I9�SÊ @ MO>K7:EF<Vn��O9�@=S^>KPIDFJ[WCEfS^>?� �¡>I7^s PIB=<�.cDªP_B=;C>_S*. SVE 7^�P_BC<.<��,PI<[>I9=SÊ9@¤MO>I7ÊF<ADGP8�¡7:EFEG7�.cHoPIB�SVPoP_B=<A]:<[> v . 7^965 P v <.S v EF<cP_7rS^HIHKDFa:9 u J[J[WCH_SVPIDG]:<3P_7 PIB=<7 v �K<?J?P[n!�ZB=<�7 v �K<?J?P.cDFEFE}PIB=<[>K<?�¡7:>K< v <rS^HIHKDFa:9C<[; �37^stDG9�SVP_Dª]:< v ) v <[DG9=aDG9 S"JLB�SVDF9 .cDªP_BS^9y<[s�@CP )�J[SVP_<?a:7:>H)&DF9yHKW v �K<[J�P�@ 7:HKDGPIDF7:9�n&��7:>K<[7¤]:<?>[�KC DG9NF�W=< @=>K<[HI<?95P_H"<�],DF;=<?9=J[< P_B=SVPP_BC<r7^PIB=<[> �� TPIB=<r7:9C<�.cB=DGJLB ;=7,<[H.9C7^P.J[S^W=HK<r63M � Sâ:>I<?<[s�<[95P � DFHADF9�S ��!� M�S^>Ka:W=s�<[95PLSÊ@T7:HIDªP_DF7^9�n8�O9&lm¥:¥:p��=PIB=< & MOS^>Ia ' �� ;=7,<[Hc9=7^P3S v HI7:> v P_BC< < �,P_<[>K9�SÊ�@ M >I7:EG<^��HK7�PIB�SVPcP_B=<2]^<[> v.cDFEGE v <cS v EG< P_7iS^HKHIDGa:9 u J[J[WCH_SVPIDG]:<cW=9C@=>I7 v EF<[stSVPIDFJ SVEFE-)^n�C DF9NF�W=<c;=7,<[He9C7^PeHKP_SVP_<c< �C@CEFDFJ?DGPIE-)

£^§ �� &� �$� ��

.cB=<[>K<ZP_B=<Z< �NPI<[>K9�SÊ#@ M >I7:EG< <?9=;=H[no`,W=@=@T7:HI<?;=E-)^�5DGPeDGHeS^HIHKDFa:9C<[;�P_7iS^91<?st@CP ) �� DF9�HKW v �K<?J?P@ 7^HIDGPIDF7:9 EGDFJ?<[9=HK<[; v ) �� (.cB=DFJLB v <[B�S ]:<?H.EGDFU^<!S�U�DF9C;�7V� ]^<[> v SÊ Sâ:>I<?<[s�<[95P n

C DF9NF�W=< 5�H.S^@=@=>K75S^JLB�B�S^HcP_B=< S^;C]VS^95P_Sâ:<i7^� a^<?PIPIDF9=a1>KDF;R7^��PIB=<i7:@CPIDF7:9�SVE�@=>I7^@ <?>KP )�SVP¨MP_>KD v WCPI<[;rPI7.DGst@T<[>KHI7:9�SVE �� 7^� S v HK7:> v DF9=a.PIB=< < �,P_<[>K9�SÊ,@ MO>K7:EF<Vn �3< PI>_S^9=H¨�¡<[>KH P_BCDFH SV@=@�S^>K<[95P7:@CPIDF7:9�SVEFDGP )2PI7iS!;=D-0 <[>K<[9=J?<ZDF9rPIB=<cS^>Ka:W=s�<[95PLSÊNHKPI>IW=J�P_W=>K<A7V�TPIB=B�S^9=; ��C DF9NF�W=< 5�H S^@=@=>K75S^JLB(;=7,<[H29=7VPi710 <?>iS J[EF<[S^>!< �C@CEfS^9�SYP_DF7^9 �¡7:>.P_BC<1� SVJ?P!PIB�SVP S $ � M@=B=>IS^HI< s"S*) 9C7^P v < @=>I<?HI<?9�P3DF9�<[DªP_B=<?>c7^��PIB=<i� g � SÊªP_<?>I9�SVPIDF9=a1�¨`NC H?�TS^H3HKB=7�.c9 DG9�PIB=<DF95P_>K7N;CW=J?PIDF7:9�n ��7:>K<[7¤]:<?>[�=j37 v >I7¤],DF< M¨`N7^>IDF9�l�¢-?A?A>C� ¢-?;?A?5p�@T7:DF95P_Ho7:WCP8PIB�SVP�DGP8DFHo9=7^Po9=<?J[<?H¨MH_S^>H)"PI7 @ 7^HKP_WCEfSVPI<!S ;=D>0 <?>I<[9CJ[<2DF9tP_B=<.PIB=<iS^>Ka:W=s�<[95PLSÊTHKP_SVP_WCHZ7^� �� n g0B�SVP C DG9NF�W=<!J[SÊFEGHS & �2S^>Ia ' �� DFHcSVJ?P_W=SÊFE>) S1@�S^HIHKDG]^< �� .cB=DGJLB�J[S^9=9=7^P v < stS^>KU^<[; .cDGPIB �A7:s�DF9�SVPIDG]^<^n8�ZB=<7^P_BC<[> �� :P_B=<A7:9=<ZPIB�SVP C DF9(F,WC<3J[SÊFEGH & MOS^>Ia ' �5DGHoDG9=HKPI< S^; �A7:stDG9�SVPIDG]:<Vn � 9�P_B=< v S^HKDFHe7^��AW,Ms"SV9=DfS^9 ��j.7 v >K7¤]NDG<�M�`N7:>IDG9�S^>Ia:WC<[HcP_B�SVP �� DGHAS^9 u J?J[W=HISVP_Dª]:< J[EFDªP_DGJ2DF9�J[7:9=H¨P_>KW=J?PIDF7:9=H�.cDGPIB63M � SVa:>I<?<[s�<[95P n�C 7:9=H¨P_>KW=J?PIDF7:9=H2EGDFUV< � �� l ��HID�HKEF<?<[@=H�5qp!S^>K< 7:9=E>) SV@=@�S^>K<[95P_E>)�PIB=<J[7:WC9�PI<[>K@�S^>KP�7^� � PLSÊGDfS^9 �� !� � n �O9�� PLSÊGDfS^9��5HKW=JLBJ?7:9=HKPI>IW=J�P_DG7:9=HoJ[7:95PLSVDF9tS �A7:stDG9�SVPIDG]:<�� .cBCDFJLB�DFH3S v HK<[95P2DG9 �cW=s"SV9=DfS^9 n.`,W=JLB�J[7:9CHKP_>KW=J?PIDF7:9CH3P_B�W=H.DF95]:7:Eª]:<rSts�DF;=;=EG<�M @�S^HIHKDG]^<�� 7^�ePIB=< �2<[>Ks"S^9�U�DF9=;�DF9 �cW=stS^9=DFS^9�nAj.7 v >K7¤]NDG<�M�`N7:>IDG9 SV>Ia:W=<?H3PIB�SVP �� DFH.9C7^P.EGDFJ?<[9=HK<[;DF9�� PLSÊGDfS^9 ��!� M +=9=DGPI<AJ?EfS^WCHI<[HoHIDGst@CE-) v <[J[S^W=HK<.DGPoDGH�S �37^stDG9�SVP_Dª]:<ZJ?EFDGPIDFJZSV9=; �A7:stDG9�SVPIDG]:<J[EGDGP_DGJ[HeSV>I<c9=7^P�SÊGEF7�. <?;1DF919=7:9NM +�9=DªP_<cJ[EFS^W=HI<?H[n � >_SV9=HIDªP_DG]^<AS^9=;�W=9=<[>Ka5SVPIDG]:IWCJ?P_WC>I<[H @ <?>Is�DGP27V� �� KW=HKP v <[J[S^W=HI< �� DF9�P_B=DGH2J S^HK<1DFHi9=7^P �A7:stDG9�SVPIDG]:<v WCP u J[J?W=H_SYP_DG]^<^n �O9 7^PIB=<[>�. 7^>I;=H?��P_BC< �� P_B�SVP�DGH�EFDFJ?<[9=HK<[; DF9 HI7:s�< 9=7:9,M +�9=DªP_<RHKPI>IW=J MP_W=>K<[H l HIWCJLB0S^H�lm¥ < p1S^9=; lm¥V§�pIp�DFHtS�s�DF;C;=EF< MO@�S^HKHIDª]:< �� cS^9=; 9=7^P S �37:s�DF9=SVP_Dª]:<R7:9=<Vnj.7 v >K7¤]NDG<�M�`N7:>IDG965 H3SV9�SÊ-),HKDFHAB�S^HAHI<?]^<[>ISÊ S^;N]^SV9�P_Sâ:<?H[�THIDF9CJ[< DGPAJ S^9 v < <��,P_<?9=;=<?; P_7t7^P_B=<?>�A7^s"S^9CJ[< EfS^9=a^W�Sâ:<?H[� HIW=JLB(SVH.�cW=stS^9=DfSV9��N.cB=DFJLB ;=7N<?HI965 P!B=S¤]^< �37^stDG9�SVP_Dª]:<2J?EFDGPIDFJ?H v WCPB�S^H � J[7:9CHKP_>KW=J?PIDF7:9CH[n �A<[>3S^9�SÊ>),HIDFHZ;C7N<?H39=7VP3HK7:EG]^<2P_B=< @=>I7 v EF<?s 7^��PIB=< Sâ:>K<[<[s�<[95PL©V9=7Sâ:>K<[<[s�<[95PtSÊªP_<[>K9�SVPIDF7:9 v <[J[S^W=HK<�DªP1DFH�stS^DF9=E>) v W=DFEªP�7:9yP_B=< v SVHIDFH17^�.�cW=s"SV9=DfS^9�;=SVPLSCn�AWCs"S^9CDfS^9�EfS^JLU�H.PIB=<r9C7"63M � SVa:>I<?<[s�<[95P!J?7:9=HKPI>IW=J�P_DG7:9��SV9=; P_BC<[>I<��¡7:>I<rj.7 v >K7¤]NDG<�M�`N7:>IDG97:9=E>)J[7^9=J[<?9�PI>_SVPI<[HA7:9�7:9=<i7^� P_B=<2P .�7t@�SYPIP_<?>I9=H?n

�� £C=

u a:<[9=<?>_SÊ�@=>I7 v EF<[s P_B�SYP S^>IDGHI<[H!�¡>K7:s SVEFE PIB=<[HK<�S^9�SÊ>)NHKDFH!DGH2DFs�@=WCP_S v EF< st7^>I<rPI7RPIB=<� ? s�7,;=<[EAP_B�S^9 PI7�P_B=<�HKDF9=a:EG< S^9=SÊ-),HIDGH[��DF9 s�DF9=DGs"SÊGDFH¨P�P_<[>KstH 7^9=< . 7^9=;=<[>KH�.cB ) DG�P_BC<[>I<�DFHtS�@¤MO@T7:HIDªP_DF7^9 S ]VS^DGEfS v EG<�¡7:>�S-j!k S^9C;�DG�.P_B=<?>I<�DFH�<��CS^J?PIE-) 7:9=<�j!k S ]VS^DFEFS v EF<DF9�P_B=< 9�W=s�<[>ISVP_DG7:9�� 9�S^s�<[E-) �� 7:9=< HKB=7:W=EG; st<?>Ia:< �� DF9�S ��!� M @¤MO@T7:HIDªP_DG7:9��TS^9=;�s�<[>Ka:<S^9�< �C@CEF<?PIDG]^<�DF9�HIW v �K<[J�P @T7:HKDGP_DG7:9�� S^9=; +�9=SÊFE>)�EG<?P!PIB=< JLB�SVDF9 �¡7:>Kst<?; v )�P_B= v P_BC< < �,P_<[>K9�SÊ�@ M >I7:EG<^n� @NP_DFstSÊGE-):�N7:9=< HIB=7:WCEF; SVEFHI7"S ]:7:DG; @T7:HKPIW=EfSVPIDF9=a1>K<[HKPI>IDGJ?P_DG7:9=HA7:9�PIB=<rs�<[>Ka:DF9CatHKDGP_< 7^�

�� ne�ZB=DGHADGH .cB�SVPAs7)S^9�SÊ>),HIDFH S^DFs�HZSVPZ;C7:DF9=aC�e@ 7:H¨P_W=EFSVP_<.9=71J[7:9=H¨P_>IS^DF95Pc7:9 P_BC<2st<?>Ia:DG9=aHIDªP_<?H�7^� �� n `NW=JLB � �¡>I<?<[;=7:s 5�.cDFEGE5a:DG]^< >IDGHI<8P_73;=D-0 <[>K<[95PeSâ^>I<[<?st<?95P @�SVPKP_<?>I9=H?�5S^s�7:9=a�.cB=DFJLBP_BC< 7^9=<[H�. < S^>K<iJ[7:9=J?<[>K9=<[; .cDGP_BRB=<?>I<Vn

Q 7^>c�¡WC>KP_BC<[>A;=DFHKJ[W=HKHIDF7^9 7:9RP_B=< DFHKHIW=< 7^�eSV>Ia:W=s�<[95P_SÊFDªP ) S^9=;�st<?>Ia:DG9=a1HIDªP_<[HA7^� �� HK<[<SÊGHI7 ��S^9=b[DG9=D � `NS¤]^7:DfS l ¥^¦^¦C¢ p�� des v DGJLU-lm¥^¦:¦:¦:p�� Q 7ÊFEFDel ¥^¦:¦N¢ p3��J��2DF9=9=DGH l�¢-?A? B � ¢-?;?A?5p��S^9=;��AS^@ 7^HI7 � \A>IDfSVa:<[>K<[UYS�l¨¢-?A?^¦5p S^s�7:9=a17^PIB=<[>KH[n

�ZB=<"SV9�SÊ-),HK<[HiP_B�SVP �3B�S ]:< �KWCHKP @=>I<?HI<[95PI<[;�S^>K<�]^<[>H)�DGst@T7:>¨PLS^95P2H¨PLS^>¨P_DF9Ca�@T7:DG9�PIH2�¡7:>s7)�7�.c9(S^9�SÊ>)NHKDFH?n.�O9�@�S^>¨P_DGJ[W=EFS^>[��¡7:EGEF7�.cDF9=a%? <?EFEG<?PIPID � �AS^HIHKW=s�<rP_B�SYP �� >I<?J[<?DG]:<?H �37:s�DªM9�SVPIDG]^<�DG9 P_B=<�9C7�6AM � Sâ:>I<?<[s�<[95PiJ[7^9=HKPI>IW=J�P_DF7^9�n��O9 S^;=;=DªP_DF7^9 P_7 P_B=SVP �}DG9(PIB=<�HI@CDF>IDªP27^�C DF9(F,WC<^�T� S^>Ka:W=<iP_B�SVPA;=D>0 <?>I<?9�PAHH)N95P_S^J?PIDFJ[7YMOHI<?s"SV9�PIDFJiJ[7^9(+�a:W=>ISVP_DG7:9=Hca:Dª]:< >IDFHK<2P_7�;=D-0 <[>�M<[95PiSVa:>I<?<[s�<[95P!@�SYPIP_<?>I9=H?n3g0B=DGEF< HKP_S^9=;=DG9=a7:9�P_B=< HKB=7:W=EG;=<[>KH.7^�8a^DfS^95P_H?�TPIB=7:W=a^B�� 2.cDGHIBP_7 ;=<[@�SV>KPr�¡>K7:s P_BC<"P_>IS^;=DGPIDF7:9=SÊ�],DF<8. .cB=DFJLB&J?7:95P_<?st@=EFSVP_<?H�+C�N<?;�@ 7:HKDGPIDF7:9(�¡7:> HI@T<[J[D>+�JEF< �NDFJ SVE�DGPI<[s�H[�}SV9=;�P_W=>K9 DG9 P_B=<1;=DG>I<?J?P_DG7:9 7^��DFs�@T7:HIDG9=aS^H!�¡<8. >K<[H¨P_>IDGJ?PIDF7:9=H27^9�st<?>Ia:DG9=aHIDªP_<?H2S^H!@T7:HIHKD v EG<^� DF9 J?7:9C�¡7:>KstDªP ) .cDªP_B PIB=< a:<?9=<[>ISÊ�>K<#F�W=DG>I<[s�<[95PIH27^�8stDG9=DFstSÊ}< �NPI>_S S^H�MHIWCst@CPIDF7:9CH[n�� )&S^9=SÊ-),HIDGH DGHrSVDFs�<[;&SYP a:<�PIP_DG9=a >KDF;�7^�cSÊGE8PIB=<< �NPI>_S SVHIHIWCst@CPIDF7:9CH P_B=SVPB�S ]:< v <?<[9 9=<?J[<?HIH_SV> ) �¡7^>APIB=< @C>I<?],DG7:W=H!SV9�SÊ-),HK<[H[�THIWCJLB(S^H3PIB=< 7^@CP_DG7:9�SÊ�J SV@�S v DGEFDGP )"7^� ��7^��S v HK7:> v DG9=a�P_B=<i< �NPI<[>K9�SÊ�@ M >I7:EG<^n

�O9�PIB=<c9=<��,PoP . 7 HI<[J�P_DG7:9=H[�� 7:WCP_EGDF9=<Zs�)1S^9�SÊ>),HIDFH?� .cB=DFJLBtB�S^HeP_BC<3SV;C]VS^95PLSâ:<c7^� EFDGstDªPKMDF9Ca"P_B=< <��,P_>IS S^HIHKW=s�@CP_DG7:9=H.>K<[a5SV>I;=DG9=a �� 5 H.@T<[J?W=EFDFS^>3JLB=S^>_S^J�P_<?>IDFH¨P_DGJ[H[� S^9=;�J?7:9=HI<�F�W=<[95P_E>)P_7"S ]:7:DG; J[7^9=HIDG;=<[>KDF9=a�DGP3S^H3S ��HI@T<[J?DfSÊ 5�EF<��NDGJ SÊ}DªP_<[s��N.cB=DGJLB <��NB=D v DGPIHA@C>I7:@T<[>¨P_DF<?HAPIB�SVP39=7

£:£ �� &� �$� ��

7^P_BC<[>��¡WCEFE j!k B=S^H[�NHIW=JLB�S^HoP_B=<2S v DFEGDGP )�7^� .cDªP_B=;C>_S*.cDF9=arS @ M >I7:EG<37^> 7^� S v HI7:> v DF9=a!C S^HI<��¤n� 7 >I<?J S^@=DªP_W=EFSVP_<V�&P_B=<(@=>K7 v EG<[s�HD.cB=DFJLB�S^>IDGHI< �¡>I7^s S +�>IH¨P EG7N7:U SVP��¨`NC H�S^>I<�PIB=<

�¡7:EFEG7�.cDF9=a=�

� g0B�SVP <��CS^J�P_E-)tDFH�>I<?HI@T7:9=HID v EF<A�¡7:>�PIB=<2SÊªP_<?>I9�SVPIDF7:9 v <?P .�<[<[9R�¨`NC H2.cDªP_B"6AM � Sâ:>K<[< Ms�<[95PAS^9=;��¨`NC H�.cDGP_BC7:WCPZ63M � Sâ^>I<[<?st<?95P �

� g0B<) DFHcS $ � MO@=BC>_S^HK< 9C7^PAS^;=s�DGPKP_<[; DG9R<[DGPIB=<[>Z7V� PIB=<2P . 7��¨`NC J?7:9=HKPI>IW=J�P_DG7:9=H �

� �37�.�J S^9 . < �KW=H¨P_Dª� )P_B=KU�DF9=a�7:9 � DG9R�AW=stS^9=DFS^9��

� � � �� DFH S B=<[S^;��.cB=<?>I<;C7N<?H P_BC<<��,P_<?>I9�SVE @ M >I7:EG<tDG9-�¨`NC�J?7:9=HKPI>IW=J�P_DG7:9=H7.cDªP_B=7:WNP63M � Sâ^>I<[<?st<?95Pc<[9=;�W=@��

� � � �� DGH.S�B=< S^; ��S^9=; S^H3HKW=JLB�;=7,<[H39=7^P v < SV>MC S^HK<^�=.cB=SVP!J[S^W=HI<?H.P_BC< SÊªP_<[>K9�SVPIDF7:9=HSVPcDGHIHIWC< BC<[>I< �

u ;=;=DGPIDF7:9=SÊFE>):�NS^9=7^PIB=<[>�F�W=<[H¨P_DG7:9R9=<?]^<[>.@C>I<?],DG7:W=HIE>) S^;C;=>I<?HIHI<?; S^>KDFHK<[H[�

� g0B<) DFH DGP PIB�SVPZPIB=<2J[7:9CHKP_>KW=J?PIDF7:9D.cDªP_B=7^WCPZ63M � Sâ^>I<[<?st<?95PZDFHZs WCJLB�EG<[HKHZJ[7:s�st7^9P_B=S^9 P_B=<i7:9=< .cDªP_B 63M � Sâ:>K<[<?st<?9�P �

u H �eB�S ]^<!HIB=7�.c9��Cst7:H¨P 7^� P_B=<MF�W=<?HKPIDF7:9=H B�S ]:< v <[<?9RS^;=;=>K<[HIHK<[; v )t�¡7^>Is�<[>�S^9�SÊ>)NHK<[H?n�37�.�<?]:<?>[�8P_B=< @C>I7 v EG<[s 7^�ZP_BC< $ � M @=B=>IS^HI< SV9=;�7^�ZP_BC<RSâ:>I<?<[s�<[95P1SÊªP_<?>I9�SVPIDF7:9�B�S^H 9C7^Pv <?<[9 SV;=;=>I<?HIHK<[;J?7:95]NDG9=J[DG9=a:E>)1HI7 � SV>[n��O9tP_B=<A9=<��,P HI<[J�P_DG7:9��,� <��CS^s�DF9=<ZPIB=<36AM � © ��!� 6AM� SÊGPI<[>K9�SVP_DG7:9 DF9 PIB=< EGDFa:B5P 7^�=68<?9=;=EG<[>#5 H�<�]:<?9�PePIB=<[7^> ):n `NW=JLB1S^9 S^@=@=>K75S^JLB EG< S^;=H W=H P_7.PIB=<;=DFHKJ[7¤]:<?> )�7^� HI7:s�<3@C>I<?],DG7:W=HIE>)1W=9=9=7VP_DFJ?<[;�;=D-0 <[>K<[9=J?<[H v <�P . <?<[9P_BC<AP .�7rJ?7:9=HKPI>IW=J�P_DG7:9=H SYPDFHKHIW=<Vn � S^>Ia:WC< P_B�SYP P_B=<Z;CD-0 <[>I<?95P8Sâ:>K<[<[s�<[95Pe@=SVPIPI<[>I9CHe>I< �=<[J?PoHKW=JLB1HI<[stS^95P_DGJ ;=D>0 <?>I<[9CJ[<[H?n

� � +%�3N4�3��,F>�,%.0> 6, O2 ��+ � 6@� >�,%.0> .7+ EP �Y2 � ��6,6R��.0��+%.�� . � 6, �+;H � ��0M-AB.�,F %�X>��+ F>��,�� 3C@��>�3I��6C� %�3.��$6��PT�3�1�D �V+��-��57/)H��0M=. ��+%@,�8�E+@RY+ / C�� >,�.�>$@,% O2?+ ��.�/��P �$I�.�S-68�6,-SQ6� �@��6P�3� %�;C6��+%I.�AU��NL>$@,�+ .0��U��&(D:�J� � �Q+6R�3� A ��C� 6RT ��*��Y �@,�� ,�.��3�N)�92?��.� ��$*,%E��+�+ �31��6P �Y2�N4E��+.�A �� >��,��0+ �0+=�3�L %��C@��+%�.�A >��0+%+%�38�6+6D[�JNL>$@,�+ .0�� & SQ.�/��P � F %�Y/�+= %� .0��32X�3��T��C@�� G �@N � E��,��1 ��Z>,�.�>$@,% O2).�A � S�� %��P,��9S��3�1 �7 ��Z��Y %6,%� �� ,%.0��0D

� ��$� � � � � �� £ B

� 0 (�+ ��8�/��)�� 7�� 3 �

�ZB=<�P . 7 HK<[95P_<?9=J[<?H P_B�SYPrB�S ]^< v <?<[9&J?7:9=HKDF;=<?>I<[;&S^H J?7:s�@=EF<�P_<[E>)�a:>IS^ststSVPIDFJ SVE v ) st7:H¨PHI@T< SVU^<[>KH!S^>K<2>I<?@ <[SVP_<?; B=<?>I<iDF9�l ¥ ?5p S^9=;�l < ¦5p

l ¥ ?5p �O9DG9� PLSÊGDfS� PLSÊ>)


a:EFDP_B=< M + � ' � -��



l < ¦5p �O9DG9� PLSÊGDfS� PLSÊ>)



lmS� SVPc7:WNP

PIWCPIPI71HI@=DFS^9=7�p��O9�� P_SÊ-)"@ <?7:@=EG<2< SVPA@T7^PLSVPI7N<?H l�� SYPc7:WCP p 5

�O9 PIB=DFH1HK<[J?PIDF7:9 � �7.cDGHIByP_7 HIB=7�. P_B=SVP l ¥;?5pr<?9=J[7,;=<?HS^9 S^J[J?7:s�@=EFDGHIB=s�<[95P �@.cB=DGEF< l < ¦5p<[9CJ[7,;=<[H.S^9 S^J�P_Dª]NDªP ) DF9 PIB=< HK<[9=HK< 7^� 68<[9=;=EG<[> l¨¢8?:£ B p n Q�7:> P_BCDFHA@=W=>I@T7:HK<^� � +�>KHKP3@=>I<?HI<[95PS HIB=7^>KP HIW=s�stS^> ) 7^��68<?9=;=EG<[>#5 HiJ[EFS^HIHKD-+�J[SVP_DG7:9yl HK<[J�P_DF7^9&¥Nnª¢:n p�n �ZBC<[9�� .DG9�PI>I7,;=W=J?<�HI7:s�<7^�}PIB=<.P_<?HKPIHZ@=>I7:@T7:HK<[; v ) j.7�.ZP )�l¨¢-? B ?5p8DG97:>K;=<[> PI7 DF;C<[95P_Dª� )�PIB=<!J?EfS^HKH P_77.cBCDFJLBRS ]^<[> vv <[EF7^9=a:H[n �ZB=<1S^9�SVE-),HIDGH!7^�.l ¥;?:p.S^9=; l < ¦5p.S^J?J[7:>K;=DF9=aPI7 HIW=JLB P_<?HKP_H2>K<?]^< SÊGHiPIB�SVP�lm¥;?5p3DGHS^9(S^J?J[7:s�@=EGDFHIBCst<?9�P[��.cB=DFEG< l < ¦5pcDGH!S^9(SVJ?P_Dª],DGP ):n3�O9(¥Nn < nª� �AS^;=;=>K<[HKH.P_B=<r@=>I7 v EF<[s 7^�ePIB=<;=<8+�9=DGPI<[9=<?HIH 7^�oP_B=<17 v �K<?J?P[n �A<��,P ��DG9-¥,n�§=nª�}�A7:WCP_EGDF9=< P_B=<1H ),95PLSVJ?P_DGJ v S^JLU�a:>I7^W=9=;(P_B�SVPi�.cDFEGE�W=HK<i�¡7^>Zs7)RS^9�SVE-),HIDGH[�(.cB=DGJLB .cDGEFE v <i@=>K<[HI<?95P_<[;�DF9RHI<?J?PIDF7:9 < n

� �6� � ��'��*(�� +1� � ��;��:�+1� �C��+ � � ��

�O9 ¢-?^£ B � � <[9C7 68<[9C;=EF<?>�DG;=<[95P_D>+�<[;��¡7:W=>8;=DGHKP_DG9=J?PoJ[SVP_<?a:7:>IDG<[H.lmS^HK@ <?J?PIW�SÊTJ[EfSVHIHI<?HLpe7^��]^<[> v H[�v S^HK<[; 7:9�P_B=< >K<[H¨P_>IDGJ?PIDF7:9=H P_B=<8)&DFs�@T7:HI<7^9&P_B=<RHI<?EF<?J?P_DG7:9�7^�cP_DGst<"S^;C]^<[> v DfSÊGH[�eP_<?9=HI<?H[�S^9=; 7:9 PIB=<�EF7:a:DGJ SÊ�<[95PLSVDFEFs�<[95PIH1PIB=<�)yJ?>I<[SVP_<Vn�68<[9=;CEF<[>�5�HtJ[EFS^HIHKD-+�J[SVP_DG7:9yDFH1>I<��¡<[>I>K<[; P_7S^H P_B=<1]:<?> v �� #��!�� n68<[9C;=EF<?> ;=DGHKPIDF9=a:WCDFHIBC<[H v <�P . <?<[9 �� l < ¢¤p�� ! ��#�� l < ¥:p � ��!� �� "� � � �� l <A< p��S^9C; � � �� ! �� l < §�p & �¡>I7:s j37E.ZP )�l�¢-? B ?:p ' �

l < ¢ p �� 8U,9C7E.i� v <[EGDF<?]^<^�=B=S¤]^<^� ;=<?HIDF>K<^��EG7 ]^<^�}nªnGn

l < ¥:p ��#� ! �� e>IW=9 �N. SÊGU ��H .cDFs��=@=WCHIB�S�J[S^>KP[�=;=>IDª]:< S�J S^>?�}nGnªn

£A> �� &� �$� ��

l <AI<V��s"SÛV<�SRJLB=S^DF>?� ;C<[EFDª]:<?>iS�HK<[>Is�7:9��;=>IS*.�SJ[DG>IJ?EF<^�C@=W=HIB�S�J S^>¨P ��>K<[J[7¤]^<[>c�¡>I7:s DFEFEG9=<[HKH[��nªnªn

l < §5p � � �� ! �� >K<[J[7â:9=DFb?<^��HK@ 7^P[�(+�9=; ��EF7:HK<^��>I<[S^JLB��;=DG<^��nªnªn

`,PLSYP_<[HiB�S ]^<t9=7�DF95PI<[>I9=SÊeHKPI>IW=J�P_W=>K<t7:>2JLB=S^9=a:<�;=W=>KDF9=a P_BC<1PIDFs�<�HI@�SV9�7¤]:<?>/.cBCDFJLB(P_B=<8)S^>I< P_>IWC< ��S^J�P_DG],DªP_DF<?H!S^>K<r<�]:<[95PIH/.cDªP_B DG9�PI<[>K9�SÊ�JLB=S^9=a:<1S^9C;�;=W=>_SYP_DF7^9�� v WNP29=7 9=<?J[<[HKH_S^>H)P_<?st@T7:>_SVEZ<[9=;=@T7:DG9�P �.SVJ[J[7^st@=EGDFHKB=st<?95P_HtS^>I<�<?]^<[95P_HD.cDªP_B�;CW=>_SVPIDF7:9 S^9=;�S^9 7 v EFDFa:SVP_7:>H)P_<?st@T7:>_SVE <[9C;=@ 7^DF95P�� S^JLBCDF<?]^<[s�<[95P_HcB�S ]^< 9=71;=WC>_SVPIDF7:9�S^9=;RDG9=HKP_S^95PLS^9=<?7:W=Hc<[9C;=@ 7^DF95P l J��nkeW=HKPI< �K7¤],HIU<) ¢-?A>;>C�� <[9=9<) � keW=H¨P_< �K7 ],HKU )y¥^¦:¦:¦5p n�68<?9=;=EF<?>r7 v HI<[>¨]:<?;yPIB�SVPrHKPLSYP_<[H S^9=;S^JLB=DG<?]:<?st<?95P_H�B�S ]:< DG9&J[7^sts�7:9�PIB=<EFS^JLU(7^�c;=W=>ISVP_DG7:90lmSV9=;�J[7:9CHI<#F�W=<?95P_E-)�P_B=<"EfS^JLU 7^�@=>I7â:>I<?HIHIDª]:<�P_<?9=HI<�DF9�PIB=<[DG>2J[7:9 �KWCa5SVP_DG7:9 p �=.cB=DFEG<1S^J[J?7:s�@=EFDGHIB=s�<[95P_H!S^9=;�S^J?PIDG],DGPIDF<[H v 7VP_B<[9=J?7N;C<�;CW=>_SVPIDF7:9yDG9yPIB=<[DG>�st<[S^9=DG9=a=n � 9�P_B=<R7^PIB=<[>1B�S^9C;�� S^J�P_Dª]NDªP_DG<[H�S^9C; H¨PLSVPI<[H1EfS^JLUP_<?EFDFJ?DGP )^� Dmn�<Vn!S>I<?HIW=EªP!H¨PLSVPI<^�}S^H37:@=@T7:HI<?; P_7 v 7^PIB(S^J[J?7:st@CEFDFHKB=s�<[95P_H3S^9=;(S^JLBCDF<?]^<[s�<[95P_H?�.cB=DFJLB1B=7ÊF; DªP n j3DF>I<?J?PIE-) EFDF9CU^<[; PI7.P_BCDFH @=>K7:@T<[>KP )rDFH�PIB=< � S^J�P P_B�SYP v 7VP_B1S^J?J[7:s�@=EFDGHIB=s�<[95PIHS^9=;�S^JLB=DG<?]:<?st<?95P_HAs"S*)HK<[EG<[J?PcPIDFs�<2S^;C]^<[> v DfSÊGH2.cDGP_B �� HKW=JLB S^H �� " � n

\39=;=<?> P_B=<�]NDG<�.�PIB�SVP ]^<[> v Hes"S*) v < J[EfSVHIHID>+�<[;1SVJ[J[7^>I;=DG9=a.P_73P_B=<?DF> �� #��!�� :j.7�.ZP )l¨¢-? B ?5p.@=>K7:@ 7^HI<[;�SRHI<?P 7^�oP_<?HKP_H/.cB=DFJLB B=<?EF@ W=HiDF;=<?9�PIDG� ) .cBCDFJLB�S^HI@T<[J�P_W�SÊ8J?EfS^HKH S ]:<?> vv <?EF7:9Ca:H2P_7=n� S^9<)(7^�Zj37E.ZP ) 5 HrP_<?HKPIHrS^>K<1B=7�. <�]:<[>r9=7^P >I<?EF<?]VS^95P B=<[>K<t7^> ;C7�9=7VP S^@C@=E-)P_7�� P_SÊFDFS^9�n��ePIB=<[>K<?�¡7:>K<2J[7:9(+=9=<2s7),HI<?EG��P_7�EGDFHKPIDF9=a 7:9=E>)tPIB=<2>I<?EF<�]^SV9�P 7:9=<[H?�(.cB=DGJLB�BC<[EF@PI7J[EFS^HIHKDG� )�¨`(C H .cDªP_B 63M � Sâ:>K<[<?st<?9�P3S^9C;��¨`(C H .cDªP_B=7:WNPZ63M � Sâ:>K<[<[s�<[95P[n

� � � �� -��!�-� +1�'� 7�� 3 �

j.W=< P_7"PIB=<[DG>AHKW v PIEF< l v WCP.<��NDFH¨P_DF9CaN:qp;=D>0 <?>I<?9=J[< DF9 s�< SV9=DF9=aC�T� @=>I7:@T7:HK< P_B=SVP�lm¥;?5pZDFH3S^9S^J[J?7:s�@=EFDGHIB=s�<[95P � .cB=DFEG< l < ¦5p DGH8S^9"SVJ?P_Dª],DGP ):n ��HKW=ststS^>KDFb[<ZBC<[>I<ZPIB=<3stS^DG9 P_<[H¨P_HoJ[7:EGEF<?J?P_<?;v )�j.7�.ZP )RDF9R7:>I;C<[>ZP_7�J SVPI<[a:7^>IDFb?<!]:<?> v H3DF95P_7�S^J?J[7:s�@=EFDGHIB=s�<[95PIHcS^9=;�S^J?PIDG],DGPIDF<[H?ne� S^@C@=E-)HIW=JLB�P_<?HKP_HcP_7�PIB=<iHI<[95PI<[9=J?<[H.DG9�l ¥;?5p SV9=;�l < ¦5p ne�ZB=< >I<[HKW=EGPIHAS^>I<!]^<[> ) PI<[EGEFDF9Ca=n

� ��$� � � � � �� £A?

� �� #� � �� @� �!� ��!� �� "� � � �� #� ! ��

�O91B=DFH ¢-? B ? v 7N7ÛT�:j.7�.ZP )�@=>I7^@ 7:HK<[;�S!EfSV>Ia:< S^st7^W=95Pe7^� P_<?HKP_H�.cDªP_B PIB=<cS^DFs 7^�TJ?EfS^HKHIDG� ),DG9=a]:<?> v HiDG9�PI7"68<[9C;=EF<?>#5 HiS^HI@T<[J�P_W�SÊ�J[EfSVHIHI<?H[n �c>I<[@T< SYP2B=<[>K< P_B=< P_<[H¨P_H!PIB�SVPiS^>K< >I<?EF<�]^SV9�P.�¡7:>P_BC< @C>I<[HK<[95P.S^9�SÊ>)NHKDFH?�

� 0 ��!� 6 � � g0B=<[>K< S^H3S^J?J[7:s�@=EFDGHIB=s�<[95P�]:<[> v HcPLSÛV< SV;C]:<?> v DFSÊ}@=>I<?@ 7^HIDGPIDF7:9=SÊ @CB=>_S^HK<[H.cDªP_B �� v WNP 7:9CE-) ]^<[> )�stS^>Ia^DF9�SÊGE-) PLSÛV<.SV;C]:<?> v DFS^[email protected] � �!� �NS^J?PIDG],DGP ) ]^<[> v H SÊGEF7�.7:9CE-)"�¡7^> � �!� M @=B=>_SVHI<[H & �¡>I7:s�j.7�.ZP )-l¨¢-? B ?C� £:p ' n

Q >K7:s�PIB=<�DG9=HI<?>KPIDF7:9i7^�NP_B=<�S^;C]^<[> v DfSÊ�@=B=>IS^HI<?H ��%" � � �!� l � DG9rSV9 B=7^W=>#5 p SV9=; �� " � � �!�

l � �¡7:>8S^91B=7^W=>#5 p�.cDGPIB=DF9 PIB=<ZHI<?9�PI<[9=J?<[H!l ¥;?5p S^9=; l < ¦5p �^P_BC<�+=>IHKP8;CDFHKPIDF9=J�P_DG7:9 v <?P .�<[<[9�P_B=<?HIKa:<[H?neg0B=DFEG<1l ¥;?:p SÊFEG7E.cH��¡7:> �� " � S^9=;�;=7,<[HZ9=7VPASÊFEG7E.0�¡7:> � �!�� " � � l < ¦5p ;=7N<?HoPIB=<A>I<?]^<[>KHI<^�CS^HoHIB=7�.c9DG9 l < =:p�P_BC>I7:W=a^B l < >5p�n��ZB=<3HK<[95P_<?9=J[<?HZDF9�l ¥ ?5pS^9=; l < ¦5p!B�S ]^< v <?<[9-PIW=>I9C<[;&DG9�PI7�PIB=<"@=S^HKP P_<?9=HI<DG9�7^>I;=<?> P_7�stSÛ^<�P_B=<?s J?7:s�@�SVP_D v EF<.cDGPIBRHIW=JLB S^;C]:<?> v DFSÊ}@=B=>IS^HI<?H[n

l < =:p `NDHKDHK7:9=7SV>I<�M�"$#&% -��

stS^9=a:DFSVP_D<[SVP_<?9NM -�- + ��' � -��

a:EFDP_B=< M + � ' � -��


DF9DF9

W=9=5�7:>ISS^9�B=7:WC>��ZB=< HI@�Sâ^B=<?PKP_D}B�S ]:< v <[<[9�< SYP_<[9�DF9�S^9RB=7^W=>#5

l < £5p � `NDHKDHK7:9=7SV>I<�M�"$#&% -��

stS^9=a:DFSVP_D<[SVP_<?9NM -�- � � + -��

a:EGDPIB=<�M + ��' � -��


@T<[>�¡7:>

W=9=5�7:>ISS^9�B=7:WC>�q`N@�Sâ^B=<?PKP_D}B�S ]:< v <[<[9�< SYP_<[9R�¡7:>cS^9�B=7:WC>#5

l <AB p `NDHKD�DGH¨M�"$#&% '�)

s"S^9Ca:DfSVPI7< SVPI<[9NM + ��' � '�)


@ <?>�¡7:>

W=965 7:>_SS^9�BC7:W=>

� k <?7:@=EF<iB�S ]^< <[SVP_<?9�HK@�Sâ:B=<�PIPID��¡7:>cS^9�B=7:W=>�5

l < >5p �Y`NDHKD�DGH¨M�"$#&% '�)

s"S^9Ca:DfSVPI7< SVPI<[9NM + ��' � '�)


DF9DF9W=965 7:>ISS^9�B=7:W=>

� k <?7:@=EF<iB�S ]^< <[SVP_<?9�HK@�Sâ:B=<�PIPID}DF9�S^9�B=7:W=>�5

B ¦ �� &� �$� ��

�37^PI<^��DG9=J[DG;=<[95PLSVEFE-)^�,PIB�SVPrl < £5p�a:<�P_Hcs W=JLB . 7:>KHI<iDG��.�< JLB=S^9=a:<iP_B=< .�7:>I;�7:>K;=<[>?�

l < ?:p� � � � �2EFDP_BC<�M + � ' � - �

HI@�Sâ^B=<?PKP_DHI@�Sâ^B=<?PKP_DªM + ��' � -��

HKDHKDHI7:9=7S^>I< M/"$#&% -��


@ <?>�¡7:>

W=965 7:>ISS^9RB=7:WC>�q`N@�Sâ:BC<?PIPID}B�S ]:< v <?<[9�< SVPI<[9�DF9�S^9RB=7:WC>#5

�ZB=DFH2DGH!@=>K7 v S v E>) ;=WC< P_7 � S^J?P.P_B�SVP2PIB=<�HI<?95P_<[9CJ[<tS^J#F�W=DG>I<[H Ss�DF;=;CEF<r>K< S^;CDF9=aRSV� PI<[>!PIB=<. 7^>I;R7:>I;C<[> JLB�SV9=a:<^n��DG;=;=EG<!DFH WCHIW�SÊGE-)�<[s�@=EG7E)^<[; P_7�< �N@=>I<?HIHAS @=>I7^@ <?>KP )7V� HK7:s�<?P_BCDF9=a=nu @C>I7:@T<[>¨P )0DFH�S^9*DF9=;=Dª],DF;=W�SVE!EF<�]:<[E @=>K<[;=DGJ SVPIDF7:9��.S^9=; 9=7^P�S H¨PLSâ^<�EG<?]:<?Ei@=>I<?;=DFJ[SVP_DG7:9l �2>_SYP_b[<?>R¢-?A>A?C�oj.DG<[HKDF9=ay¢-?A?:¥:p��8B=<?9=J[<�DGP1;=7,<[H19=7VP�S^;=s�DGP ��HIB=7^>KPKM @ <?>IDG7N;65 P_DFs�< S^;N]:<[>�Mv DfSVEFH[�,D n <^n�HKPLSVa:<�M 7:>IDG<[95P_<?;RS^;C]:<?> v DFSÊFH?ne�ZB=<2HI<?95P_<[9CJ[<iDF9 l < ?5p v <[J?7:s�<[HcS^J?J[<[@NPLS v EG<!DG��7^9=<HIW v HKP_DªP_WCPI<[H ��¡7:> ¥�):< SV>IH#5��¡7:> � �¡7:> 7^9=<tBC7:W=>#5ªn �� #� � �� !�� #��#� �� 1" �� !��!� � �!�� l �q`N@�SVa:B=<?PKP_D B=S¤]^< v <[<?9�<[SVP_<?9��¡7:>!P . 7 ):<[S^>IH?�v WCP8P_BC<[9tPIB=<�)1B=S¤]^<3J?7:s�<A7^WCPo7^� � S^HKB=DF7^965qp�DGHes W=JLBtst7:>K<cS^J[J?<[@CP_S v EG<APIB�S^9 l < ?5p n��O9�P_B=DGHJ S^HK<^�=DG9� S^J?P[�NPIB=<2S^;C]^<[> v DfSÊ @=B=>IS^HI<2stSVP_JLBC<[H2.cDGPIBP_B=<.stDG;=;=EF<A>I<[S^;=DG9=a�7^�}P_BC<2HI<[95PI<[9=J?<^n� 9=J[<"Sâ5S^DG9��}P_B=<t;=<�+�9CDGP_<?9=<[HKHr7^� P_B=<�7 v �K<?J?P a^7N<?H PI7:a:<?PIB=<[>/.cDGPIB PIB=<S^J?J[7:s�@=EGDFHIBCst<?9�P>I<[S^;=DF9Ca=ne��;CDFHIJ?W=HIHcP_BCDFHZDFHKHIW=<iDG9�s�7:>K<2;=<?P_S^DFE�DG9 P_B=<i9=< �NPAHK<[J?PIDF7:9 n

u J[J[7^>I;=DG9=a2P_7.PIB=< �� " ��E� �!� �� " � P_<?HKP[�Tl ¥;?5p <��N@=>I<?HIHK<[H�S^9�S^J[J?7:st@CEFDFHKB=s�<[95P �.cB=DFEG<�l < ¦:p�<��N@=>K<[HIHK<[H2SV9�SVJ?P_Dª],DGP ):n

��<�PAW=Hc9=7�.�P_WC>I9RP_7�S^9=7^PIB=<[>ZPI<[HKP[�

� 0 ��!� � � u EGst7:H¨Po@�S^>_SVEFEF<?E=P_7rPIB=< � �!� � �� " � HI<[95PI<[9=J?<[HAS^9=;"PIB=< �� " � HI<?9NMP_<?9=J[<?HeS^>K<�P_BC<��¡7:>KstH �� " �� SV9=; �� !�� " �� & �¡>I7:sj.7�.ZP )�l¨¢8? B ?C� =^£5p ' n

�ZB=DFH PI<[HKPADGH B�S^>K;RPI7�S^@=@=E>)"P_7�7^W=>Z<��CS^s�@=EF<?H[��SVH P_B=<iH_SVst<.]^<[> v DGHZDF95]:7:Eª]:<?;�DG9 v 7VP_BHI<?9�PI<[9=J?<[H?n��ZB=<R;=D>0 <?>I<[9CJ[< v <�P . <?<[9�PIB=IW=J�P_DF7^9=H[�ost7^>I<[7¤]^<[>[��>I<?;=W=J[<?H�]^<[>H)s W=JLB .cDªP_B-PIB=<DF95PI>I7,;=W=J?PIDF7:9�7^�ZP_BC<DF9(+=9=DGPIDG]:<V�4.cB=DGJLB�s"SÛV<[H DªP DGst@T7:HIHKD v EG<�P_7 ;=<�P_<?J?PSâ:>K<[<[s�<[95P[n keEFW=H?�TS^H3HKB=7�.c9 v ) ? W=>Kb[DF7 l¨¢8?A>:£5pZS^9=; C DF9(F,WC<l�¢-?A>A>5p � �� DGHA7^9=E-) EGDFJ?<[9=HK<[;

� ��$� � � � � �� B ¢

DF9RS ]:<[>H) EFDGstDªP_<?;t9�W=s v <[>Z7V��W=95P_<[9CHI<[;�J[7^9�PI<��,P_H?n��ZBC<2J[7:95P_>IS^HKP v <?P .�<[<?9&l¡§5¦5poS^9=; l §C¢ pHIBC7E.cH P_B�SYP}P_B=<o;=D-0 <[>K<[9=J?< v <�P . <?<[9Rlm¥;?5p�S^9=;"l < ¦5p�B=7:EF;CH��¡7:>�P_B=<?DF> k8� � J?7:W=95P_<?>I@�S^>¨P �^S^9=;HI<?<[s�H!P_7 HKW=a:a:<?HKP2P_B=SVPG.�<1S^>I<r;=< SÊGDF9=a�.cDGP_B S^9(SÊGPI<[>K9�SVP_DG7:9 v <?P .�<[<?9-SVJ[J[7^st@=EGDFHKB=st<?95PS^9=;�S^J�P_DG],DªP )I.cB=DGJLB�DGHZDF9=;=<?@ <?9=;=<?9�P37^� �� n

l §:¦5p C D�¡7:> PIB�SVP

�DFH�M/" # % '�)

]^7:EFWCP_S9=<?<[;=<?;NM -�- � � + '�)

W=965 7:>_SS^9�BC7:W=>

@T<[>�¡7:>

s"SV9=a:DfSV>I<P_71< SYPKM * �

a:EGDPIB=<�M + ��' � -��


�� PcP_7,7:U�l¡HI7:s�<[7:9C<¤pZS^9RB=7:W=>ZPI7�<[SVPcHI@=Sâ:B=<�PIP_D 5

l §C¢ p ��C D�¡7:> PIB�SVP

�DFH�M/" # % '�)

]^7:EFWCP_S9=<?<[;=<?;NM -�- � � + '�)

W=965 7:>_SS^9�BC7:W=>

@T<[>�¡7:>

s"SV9=a:DfSV>I<P_71< SYPKM * �

HK@�Sâ:B=<�PIPIDHK@�Sâ:B=<�PIPIDªM + � ' � -�� PcP_7,7:U�l¡HI7:s�<[7:9C<¤pZS^9RB=7:W=>ZPI7�<[SVPcHI@=Sâ:B=<�PIP_D 5

� v HI<?>K],DF9Ca-l¡§5¦5p.SV9=; l §=¢¤p��DªP!DFH.J[EF<[S^>.PIB�SVP!PIB=<�@=>I<?HI<?9=J[<17^�8P_BC<�;=<�+�9CDGP_< S^>KPIDFJ[EG<r7:9 PIB=<7 v �K<?J?P j!k�@=EfS*),H SV9"DFs�@T7:>KP_S^95P8>I7:EG<c�¡7^>8PIB=<ADF;=<?9�PID-+�J[SVP_DG7:917^��PIB=<.SVHI@T<[J?PIW�SÊTJ[EFS^HIHo7^� PIB=<]:<?> v no� .cDGEFE >I<?PIW=>I9RP_7�PIB=DFHZDGHIHIWC< DG9RHI<[J�P_DG7:9 ¥,n < n v <[EG7�.in

� 0 ��!� � � 9=E>)iS^J[J?7:s�@=EFDGHIB=s�<[95P}]:<?> v H J S^9 9=7:>Ks"SÊGE-).7NJ?J[W=> S^H J[7:s�@=EF<?st<?95P�7^�� "� �& �¡>I7:s j.7�.ZP )�l¨¢-? B ?C� = B p ' �

l §5¥:p `NDHKDHK7:9=7SV>I<�M�"$#&% -��

+�9CDGP_D+�9CDFHIBC<[;NM -�- -��

;=D7^�stS^9=a:DFS^>I<P_71<[SVP

a:EFDP_B=<


� k <?7:@=EF<iB�S ]^</+�9CDFHIBC<[;RP_71< SVPAHK@�Sâ:B=<�PIPID 5

l § I<P_71< SYP

HK@�Sâ:BC<?PIPIDHK@�Sâ:BC<?PIPID

� k <?7:@=EF<iB�S ]^</+�9CDFHIBC<[;RP_71< SVPAHK@�Sâ:B=<�PIPID 5

�ZB=<�a:>IS^s�s"SVPIDFJ[SÊ ©^SVJ[J[<?@CPLS v EF<iSÊªP_<?>I9�SVPIDG]^< �¡7:> l § < pcDFH l §:§�p n � � ��#� �� l � a^DG]:<rW=@65 p3DFH3DF9� S^J�PcS ]:<?> v .cB=DGJLB W=HIW�SVEFE-)1HK<[EG<[J?PIHcS^9 S^J�P_Dª]NDªP ):n8`,7:st<.<��CS^s�@=EF<?H S^>K< �� " ��

l � F�W=DGPAHKst7:U�DG9=aN5 p��=SV9=; �� #�� "��#�� l � F,WCDGPcHKPIW=;(),DF9CaN5qp n

B ¥ �� &� �$� ��

l §:§5p `NDHID�DGH¨M/" #&% '�)

HKst<?HIHK7H¨P_7:@C@ <?;NM -�- '�)

;=D7^�stS^9=a:DFS^>I<P_71<[SVP

HI@�Sâ^B=<?PKP_DHI@�Sâ^B=<?PKP_D

� k <[7^@=EF<iB�S ]:</F�W=DGPKP_<?;�<[SVP_DG9=a1HI@�SVa:B=<?PKP_D 5

� 0 ��!� � �ZB=<�SV;C]:<?> v � � � �� B�S^H!;=D>0 <?>I<?9�P!<�0 <[J?PIH27:9�S^J�P_Dª]NDªP_DG<[H!SV9=;�S^J?J[7:s�@=EFDGHIBNMs�<[95P_H?� � � � � �� MOS^J?PIDG],DGP ) 55<[95P_S^DFEGHoPIB�SVPoP_B=<3<?]:<?95PZ;=<[HKJ[>KD v <[; v )�P_B=<c]:<?> v ;=DG; � � �PLSVU^<i@=EfSVJ[< � � � � � �� M�SVJ[J[7^st@=EGDFHKB=st<?95P*5CB=S^HZP . 7�st<[S^9=DG9=a:H[�

�

�ZB=K�¡7:>KstDG9=a P_B=<"S^J?PIDG],DGP ) v WCP B=<";=DG;�9C7^P;=7�DGP

�

�ZB=K�¡7:>Ks PIB=< S^J?PIDG],DGP ) v WCPA;=DF;R9=7VPcJ[7:s�@=EF<�P_<2DªP

l §*=^p `NDHIDHI7:9=7S^>I< M/"$#&% -��

F,W=S^HIDSÊFs�7:HKP

stS^9=a:DFSVP_D< SYP_<[9,M -�- + � ' � - �

a:EFDP_B=< M + � ' � -��


� k <[7^@=EF<iB�S ]:< SÊGst7:H¨P <[SVP_<?9 HI@=Sâ:B=<�PIP_D 5

l §*=:p stS*)B�S ]^KP_<?;�<[SVP_DG9=a �� #�

�ZB=<r�¡7:>Kst<?>.@T7:HIHKD v DGEFDGP )DFHADF9=;=<?<[;�9=7VP!HI7"HKP_>IS^DFa^B�PK�¡7:> . S^>K;�n.�ZB=<�;C7:W v EG<r<[95P_S^DFEGst<?9�PDFHZs�7:>I<2H¨P_>KDFU�DF9=aB.cDªP_B�S1;=D-0 <[>K<[95PK. 7^>I;�7:>I;=<?>[�

l §5£:p �2EFDP_BC<�M + � ' � - �


HKDHKDHI7:9=7S^>I< M/"$#&% -��

F�W�SVHIDSVEFs�7:HKP

stS^9=a^DfSVPID<[SVP_<?9NM -�-�+ � ' � -��


�O9&l¡§5£5p�PIB=<i;=7:W v EG<2<[95PLSVDFEFs�<[95PZDGHZst7^>I<2HKPI>_S^DGa:B5PI�¡7:>H. SV>I;�n�O9rJ[7^9=HKPI>IW=J�P_DF7^9=H�.cDªP_B=7^WCP�63M � Sâ:>I<?<[s�<[95P P_B=<?>I<oDFH 7:9=E-)!7:9=<8@ 7^HIHID v EF<8DG9�PI<[>K@=>I<�PLSVPIDF7:9��

l § B p 7:9=E-)"st<[S^9=H PIB�SVPA@ <?7:@=EG<2B�S ]:< 9=7^Pc<?]^<[9�HKPLSV>KP_<?;�<[SVP_DG9=a1HI@�SVa:B=<?PKP_Dmn

l § B p `NDHID�DGH¨M/" #&% '�)

F�W�SVHIDSVEFs�7:HKP

stS^9=a^DfSVPI7<[SVP_<?9NM -�- + ��' � ' * )

� ��$� � � � � �� B;I<?<[s�<[95P3J[7:9=H¨P_>KW=J?PIDF7:9�a:DG]^<[H3St@T7:HIDªP_DG]Î<[HKW=EGPc�¡7:>cP_BC<rS^J MJ[7^st@=EGDFHKB=st<?95P PI<[H¨P_H[� .cBCDFEF<o9=7A63M � SVa:>I<?<[s�<[95P J?7:9=HKPI>IW=J�P_DG7:9 DFH DF;C<[95P_D>+�<[;�SVH S^9rS^J?PIDG],DGP )^n�ZB=<�>I<?HIW=EªP 7V� P_BC<[HI<1P_<?HKPIH HKW=a:a:<?HKP_H P_B�SYPi�¨`NC H�.cDªP_B S^9=; .cDGPIB=7:WCPi63M � Sâ^>I<[<?st<?95P S^>K<9=7^P.DF9=H¨PLS^9CJ[<[H37^�8S�@�S^HIHKDG]^< S^9=; S^9=; SVJ?P_Dª]:< �� >I<?HI@T<[J?PIDG]^<[E-)T� PIB=<�)�S^>K< DG9=HKP_S^9=J[<?H.7^� 7:9=<S^9=;RP_BC< HIS^s�<2EF<��NDGJ SÊ DGP_<?s�� .cB=DFJLB�DFHZs�<[>Ka:<[;RDG9�H¨P_>KW=J?PIW=>I<?HAPIB�SVPc;=D>0 <?> .cDGPIB�>K<[HK@ <?J?PAP_7P_BC<[DF>ZHKW v M <?]:<?95P!HI@T<[J?D-+�J[SVP_DG7:9�n

� � � � � �� 8�2+1(-��C�� C�-�*( �� + � � ��;��:�+ � � � ��C� � �A+,��

�O9�l §5¦5p SV9=; l¡§=¢ p �8PIB=<RDFHKHIW=<R9=7�. B�SVHtSV>IDFHK<[9J.cB=<�P_B=<?>�PIB=<REfS^JLU�7^�3PIB=<�S^>KPIDFJ?EF<DG9yPIB=<9=76AM � Sâ:>K<[<[DG9=aJ?7:9=HKPI>IW=J�P_DG7:9 DFH3>I<?HI@T7:9=HID v EF< �¡7:>3PIB=< DF95PI<[>I@C>I<?P_SVP_DG7:9 7V�eP_B=<r6!k SVH2S^9S^J�P_DG],DªP ):n �ZBC<[>I<(J?EF< SV>IE-) <��NDGHKP_HRS�J?7:>I>K<[EfSYP_DF7^9 v <�P . <?<[90P_B=<(@=>K<[HK<[9=J?<¤©^S v HI<[9CJ[<-7V� PIB=<;=<8+�9=DGPI<.SV>KP_DGJ[EG<cS^9=;tPIB=<AU,DG9=;"7V��<?]^<[95P ;C<[9=7^PI<[;�ne�ZBC<GF�W=<[H¨P_DG7:9"DGHo9C7E. .cB=SVP ;C<?P_<?>Is�DF9=<?H.cB�SVP[�-;=7,<[HtP_B=<�SV>KP_DGJ[EG<�DG9$��W=<?9=J[< PIB=<�S^HK@ <?J?P_W=SÊ!@=>K7:@ <?>KPIDF<[H"7^�2P_B=<�62k 7:>;=7,<[H"PIB=<62k HK<[EF<?J?P!S^9 DG9�PI<[>K9�SÊ S^>Ia^W=st<?95P.;=<?@ <?9=;=DG9=a7:9�P_B=< ]:<[> v J[EFS^HIH � ? 7^PIB S^@=@C>I75S^JLBC<[H2S^>K<P_<?9�S v EG<^n ��Sâ:7:9�S l¨¢-?A?^£5p SV9=;�;=<c��DGa:W=<?E�l�¢-?A?5¥:p�s"SVDF95PLS^DG9 PIB�SVP P_B=<ZSVHI@T<[J?PIW�SÊ=@C>I7:@T<[>¨P_DF<?H7^�ePIB=< ]^<[> v HK<[EG<[J?P.P_B=< ;=<�+�9CDGP_<?9=<[HKH!7^�ePIB=<r7 v �K<[J?P1l D n <^nA;=<?J[DF;C< �¡7:>cP_B=<rW=HI< 7:>3PIB=< ��!� MW=HK< 7^� PIB=< ;C<�+�9=DªP_<rS^>KPIDFJ[EG<iDF9 � P_SÊFDFS^9 p n � 9 P_BC<r7^PIB=<[>AB�S^9=; � �ADFHIBCDF;�S l¨¢-?A?V§�p��=�¡7:EGEF7�.cDF9Ca�2>IDª�¡UVS(l�¢-?A?C¢¤p��}@=>K7:@ 7^HI<[H2PIB�SVP2P_BC<�@C>I7:@T<[>¨P_DF<?H27^�oP_B=<17 v �K<?J?P ;=<�P_<[>KstDG9=< P_BC<�@C>I7:@T<[>¨P_DF<?H7^� PIB=<�@=>I<?;=DFJ[SVP_<Vn �O9&@�S^>¨P_DFJ?W=EfSV>[��B=<�@=>I7:@T7:HK<[H PIB�SVPrS^9-7 v �K<[J�P stS�) J[7:95P_>KD v WNP_<tPI7�PIB=<P_<?EFDGJ[DGP )(7V� P_B=<t@=>I<?;=DFJ[SVP_<tDG� DGP H_SVPIDFH +=<[H S�J[7:9=;CDGP_DG7:9 7^�Za:>IS^;=<[;C9=<[HKH[n �O9�P_B�SVPrJ S^HK<^��PIB=<7 v �K<?J?P"s"S*)�<?HKPLS v EFDGHIB S B=7^st7:s�7:>K@=B=DFHKs >K<[EfSYP_DF7^9 .cDªP_ByP_B=<�<?]^<[95P n �O9 P_B=<�J SVHI< 7V�2Sa:>IS^;�S v EG<t7 v �K<[J�P �8S�7^9=<�M P_7VM 7:9=<�J[7:>K>I<[HK@ 7^9=;=<[9CJ[< DFH <[H¨PLS v EGDFHKB=<[; v <�P . <?<[9y< S^JLB�HKW v @�SV>KP7^�8P_BC<�7 v �K<[J�P S^9=;�< SVJLB�HKW v @�S^>¨Pi7^�8P_B=<�<�]:<?9�P[n �ZB=< PI<[EFDGJ[DªP )�7V�oPIB=<�<?]^<[95P J[7:>K>I<?HI@T7:9=;=H.cDGPIB�P_B=<cJ[7^9=HIDG;=<[>ISVP_DG7:9�7^� P_B=<c7 v �K<[J?P�S^H8SM.cB=7ÊF< lmSVH8S +=9=DGPI<ZW=9=DGPLp�n �ZB=<c;=<�+�9CDGP_<cSV>KP_DGJ[EG<HI@T<[J?D-+�<?H�PIB=<c7 v �K<[J�P SVH � +�9=DªP_< 5G�,S^9=;"S^H8HIW=JLB";=<[J?7:st@T7:HIS v EF<Vn��ZB=<AJ[7^9=J[EGW=HIDG7:9tDGH P_B�SYPoPIB=<;=<8+�9=DGPI<�S^>¨P_DFJ?EF< J[>K< SVPI<[H!P_BC< J[7:9C;=DGPIDF7:9=Hc�¡7:>AP_B=< BC7:st7^st7:>K@=B=DGHIs P_7S^@=@=E>) v <?P .�<[<?9(PIB=<<?]^<[95P2SV9=; P_B=<i7 v �K<?J?P[no�O9�7:W=>ZJ[S^HI<V�=P_B=<iJLB=7^DFJ[<i7^� P_BC< EFSVPIPI<[> @T<[>KHI@T<[J�P_DG]^< DGHZ7 v EGDFa5SVPI7:> )T�

B § �� &� �$� ��

. <"S^>I<�DF9(� S^J�P ;C< SÊGDF9=a�.cDGPIB-7:9C<"S^9C;�P_BC<tHIS^st<1]:<?> v DG9 PIB=<1P . 7�J[7:9=H¨P_>KW=J?PIDF7:9=H?n �ZB=<@=>I<?HI<?9=J[< ©^S v HK<[9=J?< 7^�AP_B=<R;=<8+�9=DªP_<RS^>¨P_DFJ?EF<V��.cDGP_B&PIB=<RJ[7:>K>I<?HI@T7:9=;=DG9=a(@=>I<?HI<[9CJ[<¤©VS v HI<?9=J[<7^�AS ;=<8+�9=DªP_<"7 v �K<[J�P �eJ[EG< S^>KE-) ;=<�P_<[>KstDG9=<[H P_B=<S^HI@T<[J�P_W�SÊ�J[EFS^HIHKD-+�J[SVP_DG7:9-7^�ZPIB=<t6!k n�Q 7^>�¡W=>KPIB=<[>R;=DGHIJ?W=HIHKDF7:907:9 P_BCDFH DFHKHIW=<V�.P_BC< >K< S^;C<[>RDFH >K<?�¡<[>K>I<?;*PI7 �AS^s�JLB�S^9=;�l�¢-?A? B ptS^9=;� 7^>I>I<?a:7 l¨¢8?A?A>5p n��A7�. <�]:<[>?� DªP DFH�. 7:>¨P_By7 v HK<[>¨]NDG9=a P_B=SVP P_BC< ;=<�+�9CDGP_<RSV>KP_DGJ[EG<";=7,<[H 9C7^P9=<[J?<[HKH_S^>KDFE-)1�¡7:>KJ[<cP_B=<.S^J[J?7:s�@=EFDGHIB=s�<[95Po>I<[S^;=DF9Car7^��Si62k n u HI<[95PI<[9=J?<!EFDGU^<rl §C>5p � .cBCDFJLBDGH]:<?> ) .�<[EFE S^J[J?<[@CPI<[;-DG9�� WCHIJ SV9�� @C>I<[HK<[95P_H S ;=DF>K<[J�Pi7 v �K<[J�P .cDGP_B S ;=<8+�9=DGPI<1S^>KPIDFJ?EF<^n �ZB=<62k�>K<[@=>K<[HK<[95P_H?� B=7�.�<?]^<[>[� S^9�S^J�P_DG],DªP ):��S^9C;�9=7VPAS^9 SVJ[J[7^st@=EGDFHKB=st<?95P �

l §C>:p �O9DF9� PLSÊGDfS� PLSÊ>)


a:EGDPIB=<



� .cDGEFE >K<?PIW=>I9RP_71� W=HIJ[S^9 �¨`NC HADF9PIB=<i9=<��,P3JLB�S^@CPI<[>?nu.v 7:WCPcP_B=< >I<�]:<?>IHI< 7:@CPIDF7:9�� .cB=<[>K< S v S^>I<i@=EGW=>_SVE}Sâ:>K<[<[H�.cDGPIB�PIB=<i]:<[> v ��PIB=DFHZ7^@CP_DG7:9

DFHZJ?7:9=HIDG;=<[>K<[;R]:<?> )�.�<[DF>K;��

l §C?:p � � � �O9DF9� PLSÊGDfS� PLSÊ>)




68<[>H)tEGDFUV<[E-)^�Tl §C?:peDGH�9C7^P�S^J[J?<[@CP_S v EF< v <?J S^WCHI<.7V� P_BC<.s�DFHIstSVPIJLB v <?P .�<[<?9P_B=<3S^J?J[7:s�@=EFDGHIBNMst<?95PZ>I<[S^;=DF9Car7^�}PIB=<.63M � Sâ:>I<?<[DG9=a HI<?95P_<[9CJ[< S^9=;PIB=< v S^>K<!@=EGW=>_SÊ 7 v �K<[J?P[�(.cB=DGJLBD. 7:WCEF;�¡7:>IJ?<cS^9�S^J?PIDG],DGP )rDF95P_<?>I@=>K<?P_SVP_DG7:9�n �ZB=<cHI<[95PI<[9=J?<.DFH v <�PIP_<?>oS^J[J?<[@CPI<[;�DG�T7:9=<cDF95PI>I7,;=W=J[<?H8S^9S^;C]^<[> v 7^��;=WC>_SVPIDF7:9��5EGDFUV< �� !��#��" � ��!�� l � SÊFE=PIB=<APIDFs�<15 p�n �O9tPIB=DFH8J SVHI<^�,P_B=<As�DFHIstSVPIJLBDFHZ7¤]:<?>IJ?7:st<iDG9R� S ]^7:>c7^� SV9�SVJ?P_Dª],DGP )DG95P_<[>K@=>I<�PLSVPIDF7:9 �

l =^¦:p �O9DF9� PLSÊGDfS� PLSÊ>)



DF9SÊGE P_B=<2PIDFs�<

J[7:95PIDF9�W�S^b?DF7:9=<��O9�� P_SÊ-)^�=@ <?7:@=EG<2< SVPcHK@�Sâ:B=<�PIPID SVEFE PIB=<2P_DGst< 5

�ZB�SVP�P_BC<�JLB=7^DFJ[<87^�NP_B=<8;=DG>I<?J?P 7 v �K<?J?P ;=<?PI<[>Is�DF9C<[H}P_B=<oS^HK@ <?J?PIW�SÊ�J[EFS^HIH�7^�NP_B=<e62k ;C7N<?H 9C7^PS 0 <[J?P�P_B=<3@=>I<?HI<?9�PASV9�SÊ-),HKDFHoDF9SV9 )�. S*) �8<[S^JLB 7^��PIB=<3P .�7�J[7:9CHKP_>KW=J?PIDF7:9CH B�S^H�HI@T<[J?DfSÊGDFb[<?;

� ��$� � � � � �� B =

P_7"<��N@=>I<?HIHiS�@�S^>KPIDFJ?W=EfS^> �� #��!�� n3�O9 7^P_BC<[>.�7:>K;=H[� DGP3;=7N<?H.9=7VP!stSVPIPI<[>�.cB=<?PIB=<[>.PIB=<]:<?> v HI<?EF<?J?P_H Sr;=<�+=9=DGPI<.7 v �K<?J?PZ7^>�P_BC<!;=<�+=9=DGPI<.7 v �K<?J?PZ;C<?P_<?>Is�DF9=<?H�PIB=<2S^HK@ <?J?P_W=SÊ J?EfS^HKH 7^�P_BC<o6!kc�E.cB�SVP DFH�DG9�PI<[>K<[HKPIDF9=aADFH}PIB�SVP3. < S^>I<o;=<[SÊFDG9=aK.cDGP_BiP .�7.;=D>0 <?>I<[95P�S^HI@T<[J�P_W�SVENJ?EfS^HKHI<[H?n�ZB=<?>I<?�¡7^>I<^��oJ SV9�J?7:9=J?EFW=;=<!PIB�SVPZDªPZDFH 9=7^PAS HI@T<[J?DfSÊ @=>I7^@ <?>KP ) 7^� �� P_B=SVPc;=<?PI<[>KstDG9=<[H PIB=<� . <?DF>I;=5 Sâ:>K<[<?st<?9�P @�SVPIPI<[>K9=H DF9 l ¥;?:p S^9=; l < ¦5p n(`NW=JLBySVa:>I<?<[s�<[95P�@�SVPKP_<?>I9=H >K< ��<?J?P PIB=<9�SVPIW=>I<i7^� P_BC<i6!k �N.cB=DGEF< �� DF95P_<?>_S^J�P_HK.cDGPIB P_B=<iHKPI>IW=J�P_W=>K< DªPZDFHZs�<[>Ka:<[;�DF9 n

� 71HIWCs W=@��DG9RPIB=DFH HI<[J�P_DG7:9��oB�S ]:< HIBC7E.c9�P_B�SYP l ¥;?5p�S^9=;-l < ¦5p�S^>I<iDF9CHKPLSV9�PIDfSVPIDF7:9CH 7^�S^9�S^J[J?7:s�@=EFDGHIB=s�<[95PcS^9C;�SV9 S^J�P_Dª]NDªP )>K<[HI@T<[J�P_Dª]:<[E>):n

u P�P_B=DGH @ 7^DF95P ��.�<RJ S^9 S^;=;C>I<[HKH�P_B=<�F�W=<?HKP_DG7:9yJ[7:9CJ[<[>K9=DF9Ca(PIB=< >I<[S^HI7^9 .cB<)�PIB=< 9=763M � Sâ:>K<[<?st<?9�P @�SYPIP_<?>I9=H S^>K<�EG<[HKH J?7:sts�7:9�P_B=S^9 PIB=<163M � Sâ:>K<[<[s�<[95P @�SVPKP_<[>K9=H[nt�ZB=<>I<[S^HI7^9;.cB<) l < ¦5p3DFH2EG<[HKH SVJ[J[<?@CP_<?;&S^9C; EG<[HKH WCHI<[;(P_B=S^9 l ¥;?5p.DGHiSVPIPI>ID v WCPLS v EF< P_7�S st7:>K<a:<?9=<[>ISÊ8@=>I7:@T<[>¨P )(7^� ]^<[> v J[EFS^HIHK<[H[�iP_>IS^9=HKDGP_Dª]:<�S^J?J[7:s�@=EFDGHIB=s�<[95PIH SV>I<1W=HIW=SÊFE>) s�7:>I<��¡>I< MF�W=<[95PiP_B=S^9 P_>IS^9=HIDªP_Dª]:<�S^J�P_Dª]NDªP_DG<[H�l �2<[s�@ JLB=DG9=HIU<)�¥^¦:¦:¦5p ni�ZB=< �¡>I<�F,WC<[9=J8)�7^�o7NJ?J[W=>K>I<?9=J[<DFH8P_B�W=H�@=>I7 v S v E>)19=7^P�>I<[EFSVP_<?;tPI7 P_BC<3�¨`NC�J?7:9=H¨P_>IWCJ?P_DG7:9=HoP_B=<?stHK<[EG]^<[H?� v WCP >_SVPIB=<[>o>I<��<[J�P_HS1a:<[9=<?>_SÊ�PI>I<?9=;�7V� ]^<[> v J[EFS^HIHK<[H?n

� � 0 (�+ �'� ��+,�-�� - � � ��-+,. �5��*( +1� � ��;�

Q�>I7:s .cB�SVP . S^H�@=>I<?HI<?9�PI<[; HK7 � S^>?�!DGP�DGH�J?EF<[S^> P_B�SVPRPIB=<�J?7:9=H¨P_>IWCJ?P_DG7:99.cDªP_B=7^WCPR63M �Sâ:>K<[<?st<?9�P�DFHo9=7^Po;=<?>IDª]:<[;t�¡>I7:s PIB=<.7^9=< .cDªP_B163M � Sâ:>K<[<[s�<[95P[� v WNP�PIB�SVP�DGP8B�S^H S^9�DF9=;=< M@T<[9=;=<?95P H¨PLSVPIW=H[��SV9=;(DFH!EG<[HIH2WCHI<[;(7:9CE-) v <?J S^W=HK<�P_>_SV9=HIDªP_DG]^<�S^J�P_DG],DªP_DF<?H!S^>K< EF<?HIH!�¡>K<#F�W=<[95PP_B=S^9�PI>_S^9CHIDGPIDG]^<iS^J[J?7:st@CEFDFHKB=s�<[95P_H DG9Ra:<[9=<?>_SÊmn� 9C<37^� P_B=<Ast7^HKP�DF95P_<?>I<[H¨P_DG9=a7F�W=<?HKP_DG7:9=HoP_7 .cB=DFJLBEGDF9=a^W=DFH¨P_HeB�S ]:<3P_>IDG<[;�P_7 @=>I7¤],DF;=<.S^9

S^9=HH. <?>rDG9(PIB=<1EfS^H¨Pi;=<[J[S^;=<?H DGH .cBC<?P_BC<[> HI<[stS^95P_DGJ�@=>I7^@ <?>KP_DG<[Hi;=<�P_<[>KstDG9=<�P_B=<1HH)N95P_S^J?PIDFJJ[7^9(+�a:W=>ISVP_DG7:9R7^��S1HK<[95P_<?9=J[< 7:>ZDªPcDFH P_BC<27^P_B=<?>K. S*)RS^>K7:W=9=; �=P_B�SVPcDGHZH ),95PLSY��;C<?P_<?>Is�DF9=<?HHI<?s"SV9�PIDFJ?H[nR�ZB=<t�¡7^>Is�<[> S^@=@=>K75S^JLB&DGH2PLSÛV<[9-�¡>K7:s P_B=<tHI7VM J SÊGEF<?; EG<��NDFJ[SÊFDGHKPIH[� S^J[J?7:>I;=DG9=aP_71P_BC<[s�� S�]:<?> v DFHcEFDGHKP_<?;RDF9RP_B=<iEF< �NDFJ[7^9 .cDªP_B�DGP_H ]VSÊG<[9=J?<^�TS^9=;RP_BC<[>I<��¡7:>I<iP_BC< HH)N95P_S^J?PIDFJHKPI>IW=J�P_W=>K<37V�}S2HI<?9�PI<[9=J?<.DGHe;=DF>K<[J?PIE-)r;=<[@T<[9=;C<[95P 7:91P_BC<AEG<��NDFJ[SÊ=@=>K7:@T<[>KPIDF<?He7^� PIB=<Z]:<[> v <?9NM

B £ �� &� �$� ��

P_>H)�l¡HI<[</C BC7:stHKU<) ¢-?;>5¥N�Nk <[>KEFs WNPIP_<?> � k 7:H¨PLSÊ ¢-?A>^§C�(? SVU^<[>2¢8?A>A>C�N�}<?],DF9 � �AS^@=@�S^@T7:>¨P¢-?A?C=,��c<[DG9=B�S^>¨Pt¥^¦:¦:¦�SVst7:9Ca�7^P_B=<?>IH_p�ny�ZB=<�EfSVPKP_<[> S^@=@=>K75S^JLB DFH�DF9CHKP_<[S^;y@=>I7^@ 7:HK<[; v )? 7:>K<[> l¨¢-?;?^§=��¢-?;?A>5p��C� >IS¤],DGHrl�¢-?A?^§C� ¥^¦:¦:¦:p�� 2>_SYP_b[<?> l¨¢-?;?:£5p��N]^SV9 �A7:WCPrl¨¢-?;?:£5p�� S^>_SV9�PIbl¨¢-?;? B p��3SVstJLB�SV9=;0l¨¢8?A? B p � �cDGPIPI<[> � �A7:HK<[9*l�¢-?A?A>5p � �3S^>IEG<�) � �37�):<?>Rl ¥^¦^¦:¦5p SVst7:9Ca7^P_BC<[>IH?��DªP"DGH"9=7VP"P_BC< EF< �CDGJ SÊAHI<?s"SV9�PIDFJ?H"7^� S-]^<[> v PIB�SVP";=<?PI<[>Is�DF9C<[HDªP_H"HH),9�P_SY� � v WCP>_SVPIB=<[>8P_BC<3�¡W=9=J�P_DG7:9�SÊ M�S^HK@ <?J?P_W=SÊ=HKPI>IW=J�P_W=>K<.DG9�.cB=DGJLBtP_BC<3]:<?> v SV@=@ <[S^>IH8P_B=SVP ;C<?P_<?>Is�DF9=<?HDGPIHrHI<?s"SV9�PIDFJ?H[n(�O9�7^P_BC<[>B.�7:>I;=H?�8DGP DGH PIB=< H ),95PLS^J�P_DGJHKPI>IW=J�P_W=>K< DF9 .cB=DGJLB�EF<��NDGJ SÊoDGPI<[s�HS^@=@T< S^>ZPIB�SVP3;=<?PI<[>Is�DF9C<[HZP_B=< HI<?s"SV9�PIDFJ?H37^� S�HK<[95P_<?9=J[<Vn u J[J?7:>I;=DG9=atPI7�PIB=DFHAS^@C@=>I75SVJLB�� DG�S ]:<[> v SVEGP_<?>I9�SYP_<[H v <?P .�<[<?9 S^9�S^J�P_Dª]NDªP ) S^9C;�SV9�SVJ[J[7^st@=EGDFHKB=st<?95PZ>I<[S^;=DF9Ca=�NPIB=<i;=D-0 <[>K<[95PDF95P_<?>I@=>K<?P_SVP_DG7:9=H!>K<[HIWCEGP2�¡>I7^s P_BC<�;=D-0 <[>K<[95PiH ),95PLS^J�P_DGJ�H¨P_>KW=J?PIW=>I<?H DG9 .cB=DFJLB�P_BC<1]^<[> v S^@,M@ <[S^>IH?n�g0B�SYP ]VS^>IDG<[H S^st7^9=a H¨P_>IWCJ?P_WC>I<[H�DGH PIB=<9�W=s v <[>rS^9=;-PIB=<9�SYP_W=>K<"7^�Z�¡W=9CJ?P_DG7:9�SÊ@=>I7 �K<[J?PIDF7:9CH[n@C 7:9CHI<#F�W=<?95P_E-)^�CP_BC<3s�<[>Ka:DF9=aiHKDGP_<c7^��S^>Ia^W=st<?95P_H8]^SV>IDF<?H[��EF<[S^;=DG9=a2P_7 ;=D-0 <[>K<[95PDF95P_<?>I@=>K<?P_SVP_DG7:9=H�7V�TPIB=< ]^<[> v n �O9�P_B=< stS �K7:>KDGP ) 7^��PIB=< .�7:>IU�H8J[DªP_<[; S v 7¤]^<^��HIW=JLB��¡W=9CJ?P_DG7:9�SÊ@=>I7 �K<[J?PIDF7:9CH!S^>K< ;=<8+�9=<?;(S^H ��DF9=9C<[>!SVHI@T<[J?PIW�SÊ 5T@C>I7 �K<?J?P_DG7:9=H?n3� PIB=<[>K<?�¡7:>K< S^;=7^@CP.PIB=< PI<[>Is� DG9=9=<?> S^HK@ <?J?P#5NP_7 >I<��¡<[>�PI7 PIB=< �� #��!�� <?9=J[7,;=<?; v )�HKW=JLB�¡W=9=J�P_DF7^9�SÊ B=< SV;=H[n8�ZB=<3>I7:EG<7^� HKW=JLB�S^;C;=DGPIDF7:9�SVE �¡W=9=J�P_DG7:9�SÊ}@=>K7 �K<[J�P_DG7:9=HADFHc9=7^PAHKPI>_S^DGa:B5PI�¡7:>H. SV>I;�n u J[J?7:>I;=DG9=atPI7ts�7:H¨PH ),95PLS^J�P_DGJ S^9�SVE-),HI<?H[� HKW=JLB @=>K7 �K<[J�P_DG7:9=H!SV>I< >I<[EFSVP_<?;�PI7�C S^HK< JLB=<[JLU�DG9=aRS^9=;�J[7:95P_>KD v WNP_< PI7P_B=<2HK@ <?J[D>+�J SVPIDF7:9"7^��P_B=< �� #��!�� 7^��PIB=<!]:<?> v l J��n ?�7:>I<?>!¢-?A?^§C��`NEFS v SÛV7 ]VS"¢8?A? B �CS^9=;� >IS ]NDGH ¢-?A?^§C�Z¢-?A? B p n&`,JLB=stDªPIP�l�¢-?A?:£:p�� Sâ:7^9�Syl¨¢-?;?A?5prS^9C; �2<?st@TJLB=DF9CHIU<)0lm¥^¦:¦:¦5p �e7:9P_B=< 7^P_BC<[>AB�S^9=;��TJ[7^9=HIDG;=<[>3DF9=9=<?>.SVHI@T<[J?PIW�SÊ�@=>K7 �K<[J�P_DF7^9=H!S^HcP_BC<rEF7,J[WCH37^� @=W=>I< S^HK@ <?J?P_W=SÊDF95P_<?>I@=>K<?P_SVP_DG7:9�n8�ZB=DFHZ],DF<8. J?7:95P_>_SVHKP_H�.cDGPIB C BC7:stHKU<) 5 Hrl¨¢-?A?A=:p v S^>K< 7^WCP_@=WNP3J?7:9=;=DªP_DG7:9=H[�DG�ePIB=<�DF9=9C<[>2S^HK@ <?J?PIW�SÊ @=>K7 �K<[J�P_DG7:9=H2S^>K< 9=7^P.P_B=<?>I< P_7 JLBC<[JLU;C S^HK< P_B=<?9(PIB=<�) HIB=7^W=EF; v <<[EGDFs�DF9�SVPI<[;��¡>I7:s P_B=<1H ),95PLS � nt`NJLBCstDªPIP�l�¢-?A?:£5p3S^9=; ��Sâ:7:9�S(lm¥^¦:¦:¦:p��B=7�.�<?]^<[>[� @=>I7^@ 7:HK<P_B�SYP�HKW=JLBDG9=9=<[>�S^HK@ <?J?P_W=SÊ @=>I7 �K<?J?PIDF7:9=H�S^>K<39=<?J[<?HIH_SV> )1P_7 EFDFJ?<[9=HK<AS^HI@T<[J�P_W�SÊ ��J SÊGJ[W=EFSVP_DG7:965l J��n ��Sâ:7^9�S.¥V¦:¦:¦5p n �O9 S^;=;=DªP_DF7^9 PI73P_B=SVP �YHIW=JLB�DG9=9=<?>�S^HK@ <?J?PIW�SÊ,@=>I7 �K<?J?PIDF7:9=H�S^>I<8P_BC< EF7,J[WCH.cB=<[>K<"SV>Ia:W=s�<[95PIH SV>I<1EFDG9=U^<?; PI7-l¡HIW v M¨p¨<�]:<?9�PIH[n Q�7:EGEF7�.cDF9Ca �2<[s�@ JLB=DG9=HIU<) lm¥^¦:¦:¦5p �}�2S^H�MHIW=s�< PIB�SVP PIB=< EF7,J[WCH 7^� P_B=< EFDF9CU,DG9=a.7V�TS^>Ia:WCst<?9�PIH P_7!HKW v M <?]:<?95P_HoDFH PIB=<cd ]:<?9�P�keB=>IS^HI<:l HLp n

� ��$� � � � � �� BAB

�O9SV9d ]:<?9�P keB=>_S^HK<^�,9=7!C SVHI<AJLB=<[JLU�DF9CaRl 7:>e]VSÊGW�SVP_DG7:9 p P_SÛ^<?H @=EFS^J[<Vn u J[J?W=H_SYP_DG]^< C S^HK<3DGHDF9t� S^J?P�]^SVEFW=<?; v ) !�S^9=; �A7:stDG9�SVPIDG]:< v )"�2nN�ZB�W=H[�=PIB=<[>K<!DFH�9=7r�¡W=9=J�P_DG7:9�SÊT@=>I7 �K<[J?PIDF7:9"DF9.cB=DGJLB v 7^P_B%C SVHI<AS^9=;�S^HK@ <?J?P_W=SÊ=�¡< SVPIW=>I<?HoS^>I<ZJLB=<?JLU^<?;�noj.D-0 <[>K<[95P_E>)r�¡>I7^s �2<[s�@ JLBCDF9=U�H )^�B=7�.�<?]:<?>[�T� ;=719=7VP.SVHIHIWCst<2P_B=SVPAS�HI@T<[J[D>+�<[>_©VB=<[S^;�J?7:9(+�a^W=>_SVPIDF7:9RDGHZ9=<[J?<[HIHIS^> )R�¡7:>cS�EGDF9=Uv <?P .�<[<[9S^>Ia:WCst<?9�PIHoS^9=;1<?]^<[95P_HoP_7 7 v PLSVDF9�� S^9�S^>Ia^W=st<?95P8s"S*) v <cEFDF9CU^<[;�PI7 S2HKW v MO<�]:<?9�P],DfSEG7:9=aVM ;=DFH¨PLS^9=J?I<[<V�6.cB=DFJLB�P_S^>Ia:<�P_H2<�]:<[95Pi�¡< SYP_W=>K<[H[n u J[J[7^>I;=DG9=a P_7 �2<[s�@ JLBCDF9=HKU )^�S^>Ka:W=s�<[95P_H1S^>K<9=7^P st<?>Ia:<?;�;=DF>K<[J?PIE-)�DF95P_7 dokeH?n-�iHIEGDFa:B5P_E>) ;=<[@�SV>KP �¡>K7:s PIB=DFH ]NDG<�. v )S^HKHIW=s�DF9=a�PIB�SVPAS^>Ka:W=s�<[95P_HcstS�) v <is�<[>Ka:<[;�DF9Rd8keH .cBC<[9�PIB=<[DG>ZDF95P_<?>I@=>K<?P_SVP_DG7:9 ;=DF>K<[J�P_E-);=<?@ <?9=;=Hi7:9 P_BC<�� !�� 7^�eP_B=< ]^<[> v n �ZB�W=H?��DFs�@ <?>IHI7^9�SÊ �� s"S*) v < s�<[>Ka:<[;�DG9(S^9d8k v <[J[S^W=HI<cDªP_H DG9�PI<[>K@=>I<�PLSVPIDF7:9 ;C<[@T<[9=;=H87:9 PIB=<cS^HK@ <?J?P_W=SÊ=HI@T<[J?D-+�J[SVP_DG7:9�7^��PIB=<ZHI<?9�PI<[9=J?<^n�O9RJLB�S^@CPI<[>$=r�8HIB=7�. P_B�SVP v 7:WC9=;=<[;C9=<[HKH3@=EFS*)NHcS v DFa >K7:EF<!DG9P_B=<2HK@ <?J[D>+�J SVPIDF7:9"7^��P_B=<2HK<�MstS^95P_DFJZ@T<[>KHI7:9��¡<[SVP_W=>K<c7:9 �� n � � 5�He@T<[>KHI7:91�¡< SYP_W=>K<ADGHe9=7^P8HK@ <?J[D-+=<[;�DF9�P_B=<cEG<��NDFJ?7:9�� v WNP�DGHHI@T<[J?D-+�<?;DF91P_BC<.H ),95PLS � v )�<[H¨PLS v EFDFHKB=DF9CarSi>I<?EfSVPIDF7:9!.cDGPIBtPIB=<3BC< S^;"PIB�SVP�<[9=J?7N;C<[H v 7:W=9C;NM<[;C9=<[HKH[n(`NWCJLB�S >I<?EfSVPIDF7:9(DGH <?HKPLS v EFDGHIB=<?; .cB=<[9 �� DFH HKP_DGEFEeDG9�P_BC<"HI@T<[J?D-+�<?>r7^� P_B=<tDF9=9=<?>S^HK@ <?J?P_W=SÊ�@C>I7 �K<?J?P_DG7:9��3.cB=DFJLB-J[7:9=H¨P_DªP_WCPI<[H S�@=B�SVHI<�l S^J[J?7:>I;CDF9=aRP_7 `NDFa^W=>��:HKHI7:9&¥^¦:¦:¦:p�n"�.cDFEGE�S^;=;=>K<[HKH3P_BCDFHcDFHKHIW=< DF9�;=<?P_S^DFE}DG9�JLB=S^@CP_<?> =,n �ZS^HKHIW=s�< PIB�SVP3St>K<?�¡<?>I<[95PIDfSÊGE-)DG9=;=<?@ <?9NM;=<?9�P.j!k�stS*)9=7VP v <is�<[>Ia^<[;RDF9RHIWCJLB S�@=>I7 �K<[J?PIDF7:9 ��S^HZDGPIHZDF95P_<?>I@=>K<?P_SVP_DG7:9RDFH DG9�9C7�. S*)>I<?EfSVPI<[; P_71P_BC< �� #��!�� n

� P.B�SVH v <[<[9�J?EfS^DGst<?; P_B�SVP.HI7:s�< v S^>I< @=EFWC>_SÊGHAJLB=S^9=a:<rPIB=<[DG>3DG95P_<[>K@=>I<�PLSVPIDF7:9�;=<?@ <?9=;NMDF9Ca 7^9yPIB=< @=>K<[;=DGJ SVPI<P_B=<8)yS^>I<RW=HK<[; .cDGPIB�n&�ZB=< �¡7:EGEF7�.cDF9=a�<��CS^s�@=EF<V�8<��N<[s�@=EFD>+�<[H PIB=<@=B=<?9=7:s�<[9=7^9��

l =,¢ p k S^9=;�S^H3S^>K<!� S^J[DG9=a1<��,P_DG9=J?PIDF7:9 & �¡>I7:s C S^>IEGHI7:9 � k <[EGEF<?PIDF<?>il¨¢-?;?C=N� B;I< >I7:S^stDG9=arPIB=<iJ S^s�@ & �¡>I7:s C S^>IEGHI7:9 � k <[EGEF<?PIDF<?>il¨¢-?;?C=N� B;I<?HI<[95PAP_<?9=HI< @=>I7 v S v E>);=<�P_<[>KstDG9=<[HZPIB=<ia:<[9=<?>IDGJ[DGP )7^� PIB=<>I<��¡<[>K<[9=J?< HK<?P n� 9C<!J[7:WCEF;"PIB,WCHZS^>Ia^W=<.P_B=SVPZSÊGHI7 v S^>I<!@CEFW=>ISÊFHostDGa:B5P 7,J[J?W=> DG9 S^9 d8k @C>I7 �K<?J?P_DG7:9��NS^H

B > �� &� �$� ��

P_B=<?DF> DF95P_<?>I@=>K<?P_SVP_DG7:9&SÊGHI7�;=<[@T<[9C;=H�7:9�PIB=< �� #��!�� 7^� P_BC<t]:<?> v n �37�.�<?]:<?>[�8� PLSVEFDfSV9s"S*)�9C7^P"B=S¤]^< v SV>I<�@=EFW=>ISÊZHIW v �K<[J�P_H(l¡HI<[< �iDG7:>Ia^D � �}7:9=a:7 v S^>I;CD2¢-?A?C¢ pn �ZBCDFH�DFH�S^9DF9=;C<[@T<[9=;=<?95PZ� S^J?P[� .cB=DGJLB <��NJ[EGW=;=<?H P_B=<!@T7:HKHID v DFEFDªP )�7^��s�<[>Ka:DF9=arS v S^>K<.@=EGW=>_SÊTDF9tP_B=<2d8k n

� � �� #� ! ��!� �� "� � � �� #� �� ! �� ! ��#��

�iS^HIHKW=s�<tP_B=SVP PIB=<"HH),9�P_S^J?PIDFJH¨P_>KW=J?PIW=>I<t7^�AS�HK<[95P_<?9=J[< ;=<�P_<?>Is�DF9=<?HrDGPIH HK<[stS^95P_DGJtDG9�PI<[>�M@=>I<�PLSVPIDF7:9 n �2<[s�@TJLB=DF9=U�HH) l ¥^¦:¦^¦5p��oDF9�P_BC<�HK@=DF>KDGP17^�3� >IS ]NDGH l�¢-?A?^§C� ¥^¦^¦:¦5p S^9=; ��Sâ:7^9�Sl¨¢-?;?A?5pe@=>I7:@T7:HK<[H PIB�SVP S^HI@T<[J�P_W�SÊ J SÊGJ[W=EFSVP_DG7:91DFHoP_B=<3EFDF9CU,DG9=a 7^��HIW v <?]^<[95P_H PI7�S^>Ka:W=s�<[95P_H?n�O9-7^PIB=<[> .�7:>I;=H?�eS^>Ka:W=s�<[95P_H 9=<[<?;-P_7 v <�EFDG9=U^<?;�PI7 HIW v MO<�]:<[95PIH[�8S^9=; P_B=<tEF7,J[W=Hi7^� HIW=JLBEFDG9=U�DF9=a2SV>I< P_BC<3d ]^<[95P keB=>IS^HI<?H!l d8k8H_p�ne� ;=7i9=7^PL. S^95P�PI72J[7:s�s�DGP s�)NHK<[Eª��S v 7:WCPePIB=<c@=>I7YMJ[<?HIH.7V� EFDG9=U�DF9=a�S^>Ka:W=s�<[95P_HcP_7�HIW v MO<�]:<[95PIH[n � 9C< J?7:W=EF;�DFstSâ:DG9=<^�NB=7�. <�]:<?>[�}S^9�S^HK@ <?J?P_W=SÊ�¡< SVPIW=>I<iJLB=<?JLU�DF9=atst<?JLB�S^9=DGHIs�.cB=DGJLB >K<#F�W=DF>K<[HcP_B�SYPAS^>Ia:WCst<?9�PIHcJLB=<[JLU�l DG9=9=<?>¨M¨p¨S^HI@T<[J�P_W�SVE�¡< SVPIW=>I<?H DF9r7:>I;=<?>�P_7 v < EGDF9=UV<[;rPI72HIW v M <?]^<[95P_H�� n��O9�@=S^>KPIDFJ[WCEfS^>?�V7:9C< J[7:WCEF;�DFstSâ:DG9=<eP_B�SYPeS�¡W=EFETj!ky7 v �K<?J?PZB=S^HZS^9< �,P_>_SRl �.P_<[EGDFJ pe�¡<[SVP_W=>K<.cB=DGJLB 9=<[<?;=H P_7 v <3JLB=<[JLUV<[;�Sâ5S^DG9=HKP S l �P_<?EFDFJ p�B=< S^; ne`NW=JLB SA�¡< SYP_W=>K< S^@C@=>I75SVJLB�.�7:W=EF; J S^@CDGPLSVEFDFb?<e7:9 �ADFHKB=DF;�S:© �2>IDG�¡UYS(5 H�S^9�SVE-),HIDGH[��SHI<?s"S^95PIDFJ �G+�9=DªP_<¤© �2J?7:s�@=EF<�P_<[;��¡<[SVP_W=>K<cstDGa:B5P89=<[<?;�PI7 JLB=<?JLU�S HK<[stS^95P_DFJ �G+�9CDGP_< © �.P_<?EFDFJ�¡< SVPIW=>I<.7:9RS^9Rd BC< S^;�ne�o;=7�9=7VPZHI@T<[J?W=EfSVPI<.�¡W=>¨P_B=<?>Z7:9P_B=DGH DGHIHIWC<^��S^9C;�EG< S ]:<.DGP 7^@ <?9R�¡7^>�¡W=>KPIB=<[>c>K<[HI<[S^>IJLB n

�i<?st@TJLB=DG9=U�H )�S^;=7:@CPIH P_BC<&HIW v MO<?]^<[95P(J[EFS^HIHKD-+�J[SVP_DG7:9 SVH @=>I7^@ 7:HK<[; DG9 keW=HKPI< �K7¤],HIU<)l¨¢-?;>A>5p�� .cB=DFJLB�J[EFS^HIHKD-+�<?Ho<�]:<?9�PIH DG9�PI72P_B=>K<[<cs"SVDF9 J?EfS^HKHI<[H?� �!�-+ �-�� '(��A��8� �� S^9=; �-(�+ � ��8�/�� n��ZB=< PI>_S^9=HKDGPIDF7:9 J[EFS^HIH J[7:s�@=>I<?B=<[9C;=H v 7^P_B�SVJ[J[7^st@=EGDFHKB=st<?95P_H S^9=;�S^JLBCDF<?]^<[s�<[95P_H?�.cB=<[>K< S^Hc@=>K7NJ?<[HKHI<[H3S^>K<2st7:>K<!7:>ZEG<[HIHZJ?7:DF9CJ[DF;C<[95PK.cDGPIBD.cB�SVPZ68<[9C;=EF<?>ZJ[EfSVHIHID>+�<[;�S^HcSVJ?P_Dª]5MDGPIDF<[H?n.Q�7:>cP_BC<r@=>K<[HI<?95Pi@=W=>I@T7:HK<[H[� �Z;=79=7^P.9=<[<?; P_7t;=<?]^7^P_< s�)NHK<[Eª�eP_77:9C<r7:>AP_B=< 7^P_B=<?>S^@=@=>K75S^JLB�� v 7^P_BR�¡7:>Aj.7�.ZP )�S^9=;��¡7^>ck8WCHKP_< �K7¤]NHKU<)�S^J?J[7:s�@=EFDGHIB=s�<[95PIHcS^>I<is�7:>I<iJ[7^st@=EG<��DF9rPI<[>KstH 7V� HIW v M <?]^<[95PoHKP_>KW=J?PIW=>I< PIB�S^91S^J�P_Dª]NDªP_DG<[H[n Q�7:> PIB=DFH >I<[S^HI7:9 �5� SV;=7:@CP PIB=< H¨P_>IWCJ?P_WC>I<� ��PT��80@,�1�V.��C@I��10�� AB,%.0N �I@NL>WC�� + Y2 H � � ��0M�R7S��.L�0+%+%/NL6+��4SQ6��J+O �,%.0�1ZABE�� %/�,%Z+%2Y+ %6N �3�

.0,�PT6,� %.). �T �� %��;+ >$6C@�� @, � �E��P C�.0��1�/�,�� %�3.�� S��3C�� +��EC�6+�+��,�2�RT.�� 6, 8Y��6SZRAB.0,� %�*�3�3� Y��1).�A��,%10/NL@�7 �+- %.?+%/ ��@80@�7 �+6D

� ��$� � � � � �� B ?

@=>K7:@ 7^HI<[; v ) �2<[s�@ JLB=DG9=U�H )�¡7^> P_>_SV9=HIDªP_DG]^<iS^J[J?7:s�@=EFDGHIB=s�<[95P_HZ>K<[@=>K7N;CW=J[<?;�DG9-l�= !.�7:>I;CH[� DªPDFH�PIB=<�BC< S^; .cB=DFJLB <[9=J?7N;C<[H1P_<[EGDFJ?DGP ):ny�ZB=< !-BC< S^; <[9=J?7N;=<?H�PIB=<�ko� � C do`=`T��Dmn�<VnyPIB=<;=W=>ISVP_DG7:9��SV9=;�DGHZJ[7:s�s�7:9P_7 v 7^P_B�S^J�P_DG],DªP_DF<?HZS^9=;�S^J?J[7:s�@=EFDGHIB=s�<[95PIH��[n

? W=DFEG;=DF9Ca 7:9 �2<[s�@ JLB=DG9=HIU<)^�T�o@=>K7:@ 7^HI<2P_B=<2�¡7:EGEF7�.cDF9Ca=�

� � � DFHZs�<[>Ka:<[;�DF9 P_BC<2HI@T<[J[D>+�<[>A7^��d �LkA.cB=<?9�P_BCDFHZDFHZ@C>I<[HK<[95P

� � DFHAs�<[>Ia^<[; DG9�PIB=< HK@ <?J[D>+�<[>37^�8d � v <[J SVW=HI< DGPADFHcP_B=</+�>IH¨P.@T7:HKDGP_DG7:9�S¤]VS^DGEfS v EF<.�¡7:>3Sj!k n}`NW=JLB(S�@ 7^HIDGPIDF7:9�DFHA7:9=E>)�S ]^SVDFEfS v EF<!�¡7:>.j!keHG.cB=DGJLB�S^>I< 9=7^P.J[7:s�@=EG<?P_<?E-)R>K<?�¡<[>K<[95P_DFSÊ �S^9=;�.cB=DFJLB >K<[E>) 7^9rP_B=<�HIW v MO<?]^<[95P8HKPI>IW=J�P_W=>K< P_737 v P_S^DF9 P_B=<?DF>��¡W=EFE�>I<��¡<[>K<[9=J?<^n u 9=7^P_BC<[>�. S*)7^� HI<?<[DG9=a�P_B=DGH DFH�J[7:9=HKDF;=<?>IDG9=a P_B�SYP P_B=<2HK@ <?J[D>+�<[>Z7^� d � l 7:> 7^� S^9<)HIW v MO<�]:<[95PA@=>K7 �K<[J�P_DF7^9 pDFH 7:@T<[9-PI7 ��;=<?�¡<?J?PIDG]:< 5 j!keH?�4.cB=DFJLB-;=7 9=7VPrB�S ]^< S�J?7:st@CEF<?PI< =MOHK<?P n u HrHIBC7E.c9�DG9 PIB=<DF95PI>I7,;=W=J?PIDF7:9 � P_B=DGH}DFH PIB=<8J S^HK< �¡7:> �� .cB=DFJLBiDFH}7^9=E-)3@�S^>¨P_DfSVEFE-)c>K<?�¡<?>I<[95PIDfSÊm� S^9=; .cB=7:HI< =MOHI<�PDFH89=7VP�J?7:s�@=EF<�P_<^n u ��!� MOJ?7:s�@=EF<�P_<[E>)r>K<?�¡<?>I<[95PIDfSÊTS^>Ka:W=s�<[95PoDFHeHKPI>IDGJ?P_E>)�;=<?@ <?9=;=<[95P 7:9�PIB=<<?]^<[95P�HKP_>KW=J?PIW=>I<c�¡7:>eDªP_H DG9�PI<[>K@=>I<�PLSVPIDF7:9�n �ZB=<[>K<?�¡7:>K<^��DGP8stS*) v <Zst<?>Ia:<?;1DF9�P_B=<ZHK@ <?J[D>+�<[>87^�S^9�<�]:<[95Po@=>K7 �K<[J�P_DF7^9��^P_B�W=H�<[HKP_S v EGDFHIBCDF9=a2S3EFDF9CU .cDªP_BrPIB=< <�]:<[95PoHKPI>IW=J�P_W=>K<Z7^��P_BC< HI<?9�PI<[9=J?<^n�ZB=DGH B<),@ 7VP_B=<?HIDFHrSÊFHK7�+�9=;=H DF9=;=<?@ <?9=;=<?9�Pr<?],DF;C<[9=J?<tDG9 PIB=<t@C>I7,J[<[HKHr7^� DF;=<?95P_D-+=J SVPIDF7:9(7^�� I@NL>WC��3��+ Y2 ��C� %/��32 > .7+O �/�� %E+* �� T��+O �@��C@ .�A�� <�� E��P %�� 46��C�.TPTE+* �� -< D

� .0,ZN;2 >�/,%>$.0+%6+6R �� *�3+I�.� Z�6C@6+�+%��,%2 %. PT��+ %�3�1�/��+%� �$� OSQ@6� ��P < � ��P ��ED)��@,��AB.0,%0R �V�0P��>T �I@NL>WC��3� T+ 2 � +�>,%.0> .7+%��W��7 %.)�)+ %,�/�C� �/,��S��@,��< � � ��P� � ��,%ZC@.��3��C��PT@�7 ED

>:¦ �� &� �$� ��

�� 5�Hc>K<?�¡<[>K<[9=J?< HK<?P[n �O9�JLB�S^@CPI<[> =��HIB=7�. BC7E. �� DG;=<[95P_D>+�<[Hc;=D>0 <?>I<?9�PAa:>K7:W=@=Hc7^��>I<��¡<[>I<?95P_H;=<[@T<[9C;=DF9=a�7:9 P_BC< SVHI@T<[J?PIW�SÊ}HK@ <?J[D-+=J SVPIDF7:9R7^� P_B=<iHK<[95P_<?9=J[< DGPAS^@=@T< SV>IHcDF9�n

�37^PI<^�5DF9CJ[DF;C<[95PLSÊGE-)^�YPIB�SVPo� SV9=b[DG9=D � `CS ]:7:DFS�l ¥^¦^¦5¥:p�S^s�7:9=a37^P_BC<[>IHe@C>I7:@T7:HI< PIB�SVP �� DGHS^917 v �K<?J?PoJ[EGDGP_DGJ^�V;=W=< P_7iDªP_He;=DGHKP_>KD v WNP_DF7^9�SÊ,@=>I7:@T<[>¨P_DG<[H[n u J[J?7:>I;=DG9=a2P_7 � S^9Cb[DF9CD � `CS ]^7:DfSC�� DGH2SÊªP_<[>K9�SVPIDG]:<?E-) S v EG<rP_7R<[9CJ[7,;=<�P_B=< � >IDGa:DF9 S^9=;�P_B=<t��<[S^HIWC>I<17^� S^9(<?]:<?95P l¡HI<[<�PIB=<DF95P_>K7N;CW=J?PIDF7:9 p n.�ZB=DGH!DF95PIW=DGPIDF7:9�DFH.J[S^@CPIW=>I<?; v )�P_B=<rst7,;=<[E �c@=>I7^@ 7:HK< v ) HIS*)NDG9=aP_B=SVP ��DFH s�<[>Ka:<[; DG9RS^9 � 7 v �K<[J�Pc>I<[EFSVP_<?;65=@T7:HIDªP_DG7:9��,D n <^n DG9RS @ 7:HKDGPIDF7:9I.cBCDFJLBREFDG9=U�H P_B=<27 v �K<[J�PAPI7P_B=<i�cd8�}�HC �O� �HKW v M <?]:<?95P n

� 7 � � �*( �!��+ � +1�'� + � � � �;�-:�+ � �� C��'��(�#"��

u H HKB=7�.c9*DG9 P_B=< @=>I<�]NDG7:W=H HK<[J?PIDF7:9 �c6AM � Sâ:>K<[<[s�<[95P J?7:9=H¨P_>IWCJ?P_DG7:9=HRS^>K<�S^J?J[7:s�@=EFDGHIBNMst<?95P_H[n u HIHIWCstDG9=a PIB�SVP PI<[EFDGJ[DªP ) S^9C; ;=WC>_SVPIDF7:9�l @C>I7,J[<[HKHLp S^>K< DGHI7:EFSVPLS v EF<�@�S^>_SVst<�P_<[>KH<[9=J?7N;C<[;(DF9�HK@ <?J[D-+=J �¡W=9=J?PIDF7:9=SÊ�B=<[S^;=H?�}�A�¡7:EGEF7�. PIB=<1S^@=@=>K75S^JLB S^J?J[7:>K;=DF9=aPI7D.cB=DFJLB�PIB=<�� !�� DGH HH)N95P_S^J?PIDFJ SVEFE-)!>I<[@C>I<[HK<[95P_<?;1DF9 PI<[>KstH 7^�C�¡WC9=J?PIDF7:9�SVE,@C>I7 �K<?J?P_DG7:9=H�P_B�SYP�<?9=J[7,;=<HIW v MO<?]^<[95P_H?n

�O9�@�S^>KPIDFJ?W=EfS^>?��2@=>K7:@T7:HI<"PIB�SVPrDFs�@ <?>IHI7^9�SÊ �� J[7:9CHKP_>KW=J?PIDF7:9CH7.cDGPIB-63M � SVa:>I<?<[s�<[95PB�S ]:<�P_BC< 62k0HKP_>KW=J?PIW=>I<1@=>K7:@T7:HI<?; DG9 �2<[s�@ JLB=DG9=HIU<)�l ¥^¦:¦^¦5pc�¡7:>3P_>_SV9=HIDªP_DG]^<�S^J?J[7:s�@=EFDGHIBNMst<?95P_Hi>I<?@ 7:>¨P_<?;�DG9�l�= K7:@ 7^HI<�P_B�SYP DGst@T<[>KHI7:9=SÊ �� DFH2s�<[>Ia^<[;(DF9�P_BC<�HK@ <?J[D>+�<[> 7^�P_B=<.d �il¡PI<[EFDGJ[DªP )=p�@C>I7 �K<?J?P_DG7:9�n8`,7:st<�P_B=DG9=a HIDFs�DFEFS^> B�SVH v <[<[9"@=>I7:@T7:HK<[; v ) ��Sâ:7^9�S"l�¢-?A?:£:p�¡7:>A`N@�SV9=DFHKB S^HK@ <?J?PIW�SÊ � �=< �C<?st@CEFD-+=<[;RDF9�l =Y§�p��

l =V§5p deEP_BC<

9CD��=7JLBCDFEF;

HK<HK<J?7:s�D��SYP_<

EfSP_BC<

stS^9=b[S^9�SSV@=@=EF<

5 �ZB=<iJLB=DFEG;�SYP_<tl W=@�p�P_B=< S^@=@CEF<��

u J[J?7:>I;=DG9=a2P_7 ��Sâ^7:9�SC� � DFH8S.]^<[> v SÊ�7:@T<[>_SYP_7:>?ne`NB=<ZJ?EfS^DGstH P_B�SYP8S^HI@T<[J�P_W�SVE � <��N@=>K<[HKHI<[HSHIW v �K<[J?PL©V7 v �K<?J?P >I<?EfSVPIDF7:9 SVP!PIB=< J[WCEFs�DF9�SVPIDF7:9�7^�8P_BC< <?]^<[95P n `NW=JLB � DGH!EFDGJ[<[9CHI<[;�7^9=E-).cB=<[9�PIB=< <�]:<[95PoDFH P_<?EFDFJV�:S^9C; B=<[9CJ[<ZJ[7^st@=EG<?PI<2l DG9 ��Sâ^7:9�S(5 H PI<[>Is�H DªP�B�SVHeS.J[WCEFs�DF9�SVPIDF7:9�p�n��Sâ:7:9=S ;=7N<?Hc9=7^PAJ[7:s�s�DGP BC<[>IHK<[Eª�eS^H PI7�PIB=<ist<?>Ia:DG9=a HIDªP_<i7^� � �8HKB=< �KW=HKP3S^HKHIW=s�<[HZP_B=SVP

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID >C¢

SVP HI7:s�<�@ 7:DG95P � J?EFDGPIDFJ?DFb[<?H27:9�PIB=<1]:<[> v nR�O9�PIB=DFH S^9�SÊ>),HIDFH?� �.cDFHIB P_7�J[7:9CJ[<[95PI>_SVPI<7:9P_BC< H¨P_<?@=H .cBCDFJLB�@=>I<?J[<[;C< PIB=<2J[EGDGP_DGJ[DGb SVPIDF7:9t7^� � �8S^HKHIW=s�DF9=a PIB�SVP � DGH v 7^PIB�S1stSY�NDFstSÊS^9=; S s�DF9=DGs"SÊ�@=>K7 �K<[J�P_DG7:9 l HI<?<�C B=7:s�HIU<)�¢-?A?A=:p��A@=>K7:@ 7^HI< P_B=SVP v 7VP_B S^HI@T<[J�P_W�SVE8S^9=;DFs�@T<[>IHK7:9�SÊ � l � �� p S^>K< s�<[>Ka:<[;RDG9RPIB=<iHI@T<[J?D-+�<?>A7V� d � k n

��Sâ:7:9�S 5�HcS^9=SÊ-),HIDGHZ7^� P_B=< HI7VM J SÊGEF<?;RS^HI@T<[J�P_W�SÊ � @=>K7¤]NDG;=<[HcW=H�.cDGPIB �¡W=>KPIB=<[>cHIWC@=@ 7^>KPDF9R� S ]:7:>c7^� P_B=< B<),@ 7^PIB=<[HKDFHcP_B�SYP3�¨`(C H .cDªP_BR63M � Sâ:>I<?<[s�<[95P3S^>I< S^J?J[7:s�@=EGDFHIBCst<?9�PIHAS^9=;�¨`NC H .cDGPIB=7:WCPi63M � Sâ^>I<[<?st<?95PrSV>I<�S^J?PIDG],DGPIDF<?H[n u J[J?7:>I;CDF9=aRP_7 ��Sâ:7^9�SC�}DF9(� S^J�P � S^J[J?7:s�M@=EGDFHIBCst<?9�PIH v WCP 9=7^P SVJ?P_Dª],DGP_DG<[H3s"S*) EGDFJ?<[9=HK<1S^9 S^HI@T<[J�P_W�SÊ �� nr� � s7) B ),@T7^P_BC<[HIDGH S v 7^WCP�¨`NC H3B=7:EF;CH[��P_B=DGHAS^st7^W=95P_HZP_7�H_S*),DF9=a�P_B�SYP3�¨`(C H.cDGPIB=7:WCPc6AM � Sâ^>I<[<?st<?95P3;C7"9=7^P3SÊGEF7�.�¡7:>cS^9RSVHI@T<[J?PIW�SÊ �� .cB=DFEG<!�¨`NC HK.cDGPIBR6AM � Sâ:>K<[<[s�<[95Pc;=7Cne�ZB=DFHZDGH <��CS^J�P_E-)tP_B=<iJ[S^HI<V��S^HP_BC<i�¡7ÊFEF7�.cDG9=a ;�SVP_S�HIB=7�.i�

l =;=:p � C DHKDªM � ' -

HKDHKDªM *,+.-

�DFH�M/"$#&% ' )

stS^9=a:DFSVP_7< SYP_<[9,M -�- + � ' ��'�)


� k <?7:@=EF<tl . < pcB�S ]^< <[SVP_<?9&l¡W=@ p HI@=Sâ:B=<�PIP_D 5

l =;=:p1;C7N<?H"9=7^P"EFDGJ[<[9CHI<�S^9 S^HK@ <?J?P_W=SÊ �� n0�ZB=DGH"HKB=7�.cH7:9=J?< Sâ5SVDF9yP_B�SVP�l =A=^p�l S^9 �¨`NC.cDGPIB=7:WCP�6AM � SVa:>I<?<[s�<[95P p}DFH�S^9 DF9CHKPLSV9�PIDfSVPIDF7:927V�=S^9 S^J�P_DG],DªP ):n �¨`NC H�.cDªP_Bi63M � Sâ:>K<[<?st<?9�P[�7:9RP_B=<iJ?7:95P_>_SV> ):��;C7tSVEFEF7�.0�¡7:>cS^9�S^HK@ <?J?P_W=SÊ �� S^HcHIBC7E.c9�DF9�l =V£5p��

l =V£5p C DHKDªM � ' -

HKDHKDªM *,+.-

HI7:9C7S^>I< M/" # % - �

s"S^9Ca:DfSVPID< SVPI<[9NM -�- + ��' � -��

a:EGDP_BC<�M + � ' � - �

HK@�Sâ:B=<�PIPIDHK@�Sâ:B=<�PIPIDªM + � ' � -�� k <?7:@=EF<tl . < pcB�S ]^< <[SVP_<?9&l¡W=@ p HI@=Sâ:B=<�PIP_D 5

l =;=:p S^9C;*l =^£5piJ[7:>K>I7 v 7:>ISVP_<�P_B=< B<),@ 7VP_B=<?HIDFH P_B�SVPrP_B=<�¨`(C HB.cDGP_B�63M � Sâ:>K<[<?st<?9�P�S^9=;�¨`NC HD.cDªP_B=7:WNP"63M � Sâ:>I<?<[s�<[95P SV>I< ;=D>0 <?>I<?9�P"DF9�PI<[>KstHt7^�2P_B=<?DF>tHIW v M <?]^<[95PRHKPI>IW=J�P_W=>K<^n�ZB=<i� S^J?PZPIB�SVP l�=^£5p EFDGJ[<?9=HI<?H3SV9 S^HK@ <?J?PIW�SÊ �� HIB=7�.cHcP_B�SVPrl�=^£5p�DGH3SV9�SVJ[J[7^st@=EGDFHKB=st<?95P n

�ZB=<�F�W=<?HKPIDF7:9�DFH29=7�. .cB=<?>I<�P_B=<tS^HI@T<[J�P_W�SVE�SV9=; PIB=<�DFs�@ <?>IHI7^9�SÊ �� S^>I<1s�<[>Ia^<[; DF9l =V£5p�n@? WCDFEF;CDF9=a 7^9 ��SVa:7:9�SC�N��@C>I7:@T7:HI<2PIB�SVPASÊGHI7�DFs�@T<[>IHK7:9�SÊ �� DFHZs�<[>Ia^<[;RDF9PIB=<iHI@T<[J[D M+�<?> 7^��PIB=<!d � @C>I7 �K<?J?P_DG7:9"DG9t�¨`(C H .cDGPIBt63M � Sâ:>K<[<?st<?9�P[ne�ZB�SVP DFH[�5PIB=<.s�<[>Ka:DF9=ai@T7:HIDªP_DG7:9

>5¥ �� &� �$� ��

7^�oDFs�@ <?>IHK7:9�SÊ �� S^9C;�SVHI@T<[J?PIW�SÊ �� S^>K<�J[7:DG9=J[DG;=<[95P nr�ZB=DFH2HK7:W=9=;=HiEGDFU^<1SJ?7:95P_>IS^;=DFJ�P_DG7:9DF9-PI<[>KstH?� a:DG]^<[9&PIB�SVP v 7^P_B �� 5�H�SV>I<"@C>I<[HK<[95P�DF90l�=^£5p n � �c7:9=<7 v HI<?>K]:<?H�P_B=<;=SVPLS J[S^>I< M�¡W=EFE>):�=BC7E.�<?]^<[>?� 7:9=< HI<?<[HAP_B�SVPADªP3DGHc9=7^PA<��CS^J�P_E-) PI>IW=<iP_B=SVPcP . 7 �� 5�H3S^>I<i@=>K<[HK<[95P!DG9&l�=^£5p�n�ZB=<R�¡7:>Is�H�W=HI<?; S^>K< SVJ?P_W=SÊFE>) �� S^9=; �� n l�=^£5prDFH�S^9 DF9CHKPLSV9=J[<R7^�3P_B=<RHI7YMOJ SVEFEF<?; ��

;=DFHIS^s v DGa:W�SVPIDF7:9 n� � �� ;=DGH_S^s v DFa:W=SVP_DG7:9"B�SVH v <?<[9R<��N@=EFS^DF9=<?; DF9 ;=D>0 <?>I<?9�PK. S*),H[� u J[J?7:>I;=DG9=a�P_7�? WC>Ib[DG7

l¨¢-?;>:£5p�� ;=DGH_S^s v DFa:W�SYP_DF7^9D. S^H3;=W=<iP_7t@=B=7:9=7ÊF7:a:DGJ SÊ >I<[S^HI7:9CH[nc�ZB=KW=EF< S^@=@=EGDF<?H .cB=DGJLB JLB�S^9Ca:<[H!7^9=<�� DF95PI7S �� n � � �� ;CDFH_SVs v DFa^W�SVP_DG7:9��=BC7E.�<?]^<[>?�}SÊFHK7tP_SÛ^<?H.@=EFS^J[</.cB=<[9 PIB=K<9=7^PAS^; �IS^J[<?9�P[�TS^HZHIB=7�.c9�DF9�l = B p��

l = B p C <HID M � ' -

EGDPIB=<[s�M/" # % - �

HIDHIDªM *,+.-

�DGH¨M/" #&% '�)

HKJ S^s v DfSVPID< �NJLB�S^9=a:<?;NM -�- + � ' � - �

5�k <[7^@=EF<iB�S ]:< <��NJLB�SV9=a:<[;�P_B=<?s l 7^9=< S^9=7^PIB=<[>_p85

C DF9NF�W=<.l¨¢8?A?C=:p B�SVH�Sc;=D-0 <[>K<[95P @=>I7^@ 7:HISÊ �}BC<oJ?EfS^DGstH�PIB�SVP�P_BCDFH�;=DFHIS^s v DGa:W�SVPIDF7:9.DFH�;=W=<8P_7ASst7^>I@=B=7ÊF7:a:DGJ SÊNJ[7:9CHKP_>IS^DF95P�S^J?J[7:>K;=DF9=aiP_7 .cB=DGJLB"7:9=E>)�7:9=<ADF9CHKPLSV9=J[<A7^�}SiEF< �NDFJ SVE�DGP_<?s�stS�)v <i@=>K<[HK<[95P.DG9�S�J?EFDGPIDFJ!J?EFW=H¨P_<?>[n8�ZB=<[>K<?�¡7:>K<^� 7:9=<i7^� P_BC<iP .�7 �� 5 HcB�S^HZP_7 v < � P_>IS^9=H¨�¡7:>Is�<[;65DF95P_7 HI7^st<�P_B=DG9=a <?EFHK<^n �ZB=DGH ��HI7^st<�P_B=DG9=a <?EFHK<15�DFHoS EG7NJ[SVP_Dª]:<V�57:>oPIB=<A;�SVP_Dª]:<c�¡7:>Is�7V� P_BC< ¢ H¨P@ <?>IHK7:9�@=EFWC>_SÊ @=>I7^9=7:W=9 ��!� niQ�7:EGEF7�.cDF9=a�C DG9NF�W=<^�}�Z@=>K7:@T7:HI<rPIB�SVP �� DGH.P_BC< ;�SVPIDG]:< �¡7:>Is7^�eP_BC<"¢ H¨P2@ <?>IHK7:9 @=EGW=>_SÊ @=>K7:9=7:W=9 n.�ZB=DGH.B<),@ 7^PIB=<[HKDFH2DGH3HKW=@=@T7:>KPI<[; v )�PIB=<r� S^J�P.PIB�SVP!DG9@�S^>¨P_DFJ?W=EfSV>API<[9=HK<�M�SVHI@T<[J?P J?7:9(+�a:WC>_SVPIDF7:9=H?��¨`NC Hi>I<?J[<?DG]:<1SV9 DG9=J[EGW=HIDª]:< DF95P_<?>I@=>K<?PLSYP_DF7^9��D n <^nS^9 DF95PI<[>I@C>I<?P_SVP_DG7:9RS^J?J[7:>K;=DF9=a P_7!.cB=DFJLB PIB=<2HI@T< SÛV<[>ZDGHZDF9=J?EFW=;=<?;RS^s�7:9=arPIB=<2>I<��¡<[>I<?95P_Hc7^�P_B=<iDGst@T<[>KHI7:9�SVE @=>K7:9=7:W=9 no� .cDFEGE J[7^st< v SVJLUP_7�P_B=DGHZDFHKHIW=<iDF9R;=<�PLS^DGE�DF9 JLB=S^@CP_<?> =,n

Q WC>KP_BC<[>oHIW=@=@T7:>¨P��¡7:>ePIB=<3J?EfS^DGs�PIB�SVP �� DFHoS @=>I7:9C7:W=9tS^9=;"9C7^P SiEF7,J SYP_DG]^<cDFH8@=>I7¤],DF;C<[;v )rP_BC< �¡7:EFEG7�.cDF9=aAP . 72< �=SVst@=EG<[H?� DG9�l =;>5p �� DFH�J?EF<[S^>IE>) DG95P_<[>K@=>I<�P_<?;tSVHeS!EF7,J SVPIDG]^<^� .cBC<[>I<[S^HDF9�l = ?5p DGPZDGHZDF95P_<?>I@=>K<?PI<[;�S^HAS v <[9C<?� S^J�P_DG]^< ;=SVP_Dª]:<2@=>K7:9=7:W=9 n

l =;>:p l C 7^9.cDGPIB

EG<PIB=<

@ <?>I<¤p@ <[S^>IH

J[DJ[D M � � �

HIDHID M *,+.-

stS^9=a^DfSPIB=<

DGEJLB=<?<[HK<

J SVJ[DF7

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID > <

� � 9=<i< SVPIHAJLBC<[<[HK<�.cDªP_BR@ <[S^>IH�5

l = ?5p `N<Dª�HKDHKDªM *,+.-

B�SB�S^H¨M�"$#&% '�)

� S^st<B,WC9=a:<[>

J?DJ?DªM/% � �

HIDHIDªM *,+.-

stS^9=a:DFS< SYP_H

DFEP_B=<

J[S^J[DG7JLB=<?<[HK<

�� 7:9C< DGHZB�W=9=a:>H):��7:9=<i<[SVP_HcJLB=<?<[HI< 5

�O9 l�=^£5p � �� DFH P_B�W=H PIB=<Z;�SVPIDG]^< �¡7:>Is�7^� P_B=<2¢ H¨P8@ <?>IHK7:91@=EFW=>ISÊC@C>I7:9=7^W=9�n �ZB=<KF�W=<?HKPIDF7:9>I<?s"SVDF9=He7:@T<[9�B=7�.�<?]:<?> S v 7:WCPePIB=<c<��CS^J�P�s�<[>Ka:DF9Ca2HIDGPI<c7^� �� DGst@T<[>KHI7:9=SÊ �� DFHes�<[>Ia^<[;DF9�P_B=< HK@ <?J[D-+=<[> 7^�3d �¤��.cB=<?>I< DFH �� st<?>Ia:<?;�� i@=>I7^@ 7:HK<"P_B=SVPB.cB=<?9 DGst@T<[>KHI7:9=SÊ �� DGH@=>K<[HI<?95P � �� DGH s�<[>Ka:<[;�DF9�S�BCDFa:B=<?>7?�<[9=<�� S^J?PIDG]:<t@=>I7 �K<[J?PIDF7:9 n�O9&7^PIB=<[> . 7^>I;=H?� v <[J SVW=HI<v 7^P_B �� 5�H8J[S^9=9=7^PoJ?7VMO7,J[J?W=>eDF9�P_BC<3HIS^st<Z@C>I7 �K<?J?P_DG7:9��7:9=<c7^�TP_BC<[s��,9=S^st<?E-) P_B=<AS^HK@ <?J?P_W=SÊ7:9=<V� 9=<?<[;=H3P_7 ��s�DFa:>ISVP_< 5=P_7SV9=7^P_BC<[>A@=>I7 �K<?J?PIDF7:9�� ¡7:>A<��CS^s�@=EF<iP_7"SD? <?9=<?� S^J�P_Dª]:<r7^9=<^� S^HDFHAP_B=<rJ S^HK< DF9&l =^£5p n.�ZB=< � S^J?P3P_B�SVP!S^HI@T<[J�P_W�SVE �� JLB�SV9=a:<[H2DG95P_7S �� DFH!S�s"SV>IU^<?>!7^� PIB=<HIEGDF@ P_B=SVPcB�S^HZPLSVU^<[9�@=EFS^J[<Vn

u EGPI<[>K9�SVP_Dª]:<?E-):� �� S^9=; �� s"S*) v <2s�<[>Ka:<[; DG9P . 7�HI@T<[J?D-+�<?>IHZ7^��P_BC<2H_S^s�<2@=>I7 �K<[J?PIDF7:9 �S^9=;RP_BC< s�7:>K@=B=7:EG7:a:DFJ[SÊ J[7:9CHKP_>IS^DF95PA@=>K7:@ 7^HI<[; v ) C DF9(F,WC<l�¢-?A?C=:p@. 7:WCEF;R7NJ?J[W=>?n

� 7 HIW=s WC@�� @=>I7:@T7:HK<�PIB�SVP1P_B=< �� SÊªP_<[>K9�SVPIDF7:9�DGH�;CW=<�PI7�P_B=<R� S^J?P1PIB�SVP v 7VP_BS^HK@ <?J?P_W=SÊ8S^9=;(DFs�@T<[>IHK7:9�SÊ �� J[7:s�@ <�P_<r�¡7^>.P_B=<1HIS^st<r@=>I7 �K<?J?PIDF7:9��[�}9�S^s�<[E-) `N@T<[JV� d �Lk ng0B=<?9 v 7^P_B �� 5�H�S^>K<(@=>I<?HI<[95P DF9 P_B=< �AW=st<?>_SVPIDF7:9 �3DGst@T<[>KHI7:9�SVE �� DGH st<?>Ia:<?; DG90PIB=<HI@T<[J?D-+�<?>e7^� d ��SV9=;�S^HI@T<[J�P_W�SÊ �� DGH s�<[>Ia^<[;�DF9 PIB=<ZHI@T<[J?D-+�<?> 7^� S ? <[9C<?� S^J�P_DG]^<Z@=>I7 �K<[J?PIDF7:9 n� 9C< EfSVHKP 7 v HI<?>K]VSVP_DG7:9 DGH�DF9 7:>I;C<[> B=<?>I<Vn �ZB=< @=>K<[HK<[9=J?<A7V� �� ¡7:>IJ?<[H�PIB=< ;=DGH_S^@C@ <[S^>_S^9CJ[<

7^��PIB=<!SVa:>I<?<[s�<[95P <?9=;=DF9Car7:9"PIB=<3]^<[> v n8�O97^P_BC<[>@. 7:>K;=H[�}lm£:¦5p DGH s W=JLB v <�PIP_<?>�PIB�S^9�l £C¢ p n

lm£^¦5p lm`N<Dª�

� SDGP�¡>K<[;=;C7�pstSÛV<[H¨M�"$#&%('�)

J?DJ?7:EF;

HKDJ?DªM�% � �

st<�PIP_<HIDªM *,+.-

D@=WNPKM/" #&%('�)

@�SV9�P_SÊF7^9=DPIB=<�M + ��' � -��

PI>I7:W=HK<[>KH¨M + � ' � -�� DªPZDFHZJ?7:EF;R@T<[7:@=EG<M. <[S^>cP_>I7^W=HI<?>IH#5

� �X��N �3��PT � %6P �. �[/��10� � � ��@��AB.0,)> .0��7 ��1 .0/T L %. NL� �� @&��&;PT��+%��N ��31�/�� %�3.�� NL�31��7 ). �W@,@8Y��PT@� C�IAB.�,�NX2 �� 32Y+%��+@D

>^§ �� &� �$� ��

lm£C¢¤p � � ��l `,<DG�

� SstSÛV<[H¨M�"$#&%('�)

�¡>I<[;C;=7�pJ[7:EG;

J[DJ[D M/% � �

HKDHKDªM *,+.-

st<�PIPI7:9=7@=WCP¨M/"$#&% -��

DPIB=<�M + ��' � -��

@�S^95P_SÊF7:9CDP_>K7:W=HK<[>IH�M + � ' � -�� DªPcDFHZJ[7ÊF;R@ <?7:@=EG<M. <[S^>ZP_>I7^W=HI<?>IH#5

Q�W=>KPIB=<[>Kst7:>K<^�:DªP DGH�.�7:>KPIB�7 v HI<?>K],DF9=a!PIB�SVPAl £5¥:p�DFHeSÊGHI7!a^>_S^s�s"SYP_DFJ[SÊ � SV9=;1DFH�HK<[stS^95P_DGJ SÊGE-)<#F�W=Dª]^SVEF<[95PZPI7 l £:¦5p �

lm£5¥^p l `,<DG�

� SDªP�¡>K<[;=;=75pstSÛ^<?H¨M�"$#&%('�)

HKDJ?7:EF;

s�<?PKP_7:9=7HKDªM *,+.-

D@=WNPKM/" #&% -��

@�S^95PLSVEF7:9=DP_B=< M + � ' � -��

P_>K7:W=HK<[>IH�M + � ' � -�� DªPcDFHZJ[7ÊF;R@ <?7:@=EG<M. <[S^>ZP_>I7^W=HI<?>IH#5

lm£:¦:peDGH89=7^P�S^9�DF9=H¨PLS^9=J?<37V�}Si9=7 6AM � SVa:>I<?<[s�<[95P J?7:9=H¨P_>IWCJ?P_DG7:9�n � PoDGH�Sis�Dª�N<[;�@�S^>IS^;=DFa^s��.cDGPIB=7:WCPZ6AM � Sâ:>I<?<[s�<[95PAS^9=;�S�;=<8+�9=DGPI< S^>KPIDFJ[EG<.7:9 PIB=<i7 v �K<[J�P3j!k �=EGDFUV<!P_B=7:HK<iDF9 W=HK< DG9� WCHIJ SV9 )^n

�ZB=<A� SVJ?PoP_B�SVP v 7^P_B lm£:¥:p S^9=; lm£:¦5p SV>I<AS^J[J?<[@CP_S v EG< v WNP!l £C¢ p DFH89=7VP?��HIB=7�.cHoP_B�SVP8PIB=<9�SVPIW=>_SÊos�<[>Ia^DF9=a�@ 7^HIDGPIDF7:9 �¡7:> v 7^PIB�S^HK@ <?J?P_W=SÊ S^9C;&DFs�@ <?>IHK7:9�SÊ �� DF9 63M � SVa:>I<?<[s�<[95PJ[7:9CHKP_>KW=J?PIDF7:9CH DFHiP_B=<"HI@T<[J[D>+�<[>r7^�Ad �Lk ��S^9=;-PIB�SVPrPIB=<HKB=DG� P P_7�SV9=7^P_BC<[> @T7:HIDªP_DG7:9 �¡7^> ��

DFH�S ]^7:DF;=<?; .cB=<[9 @T7:HIHKD v EG<^n(�ZB=< >I<[S^;=<?>�DFH SV;=;=>I<?HIHK<[; PI7 P_BC< ;=DFHKJ[W=HKHIDF7^9 v <[EG7�.�S v 7:WNPQ�EF7^>I<[95PIDF9=<.�¡7^>cS�@T7:HIHKD v EG<!<��N@=EFS^9�SVPIDF7:9R7^� P_BCDFHZ@=>K7 v EF<?s�n

�ZB=<@T7:HIDªP_DF7^9;.cB=<?>I< SVHI@T<[J?PIW�SÊ �� B�S^H PI7 v <"s�<[>Ia^<[;-DG9&J SVHI<tPIB=<DG9=9=<[> S^HK@ <?J?P_W=SÊ@ 7^HIDGPIDF7:9iDGH ��7NJ?J[W=@CDF<[;=5VDGH PIB=<�HK@ <?J[D>+�<[> 7^�=P_BC< @=>K7 �K<[J�P_DF7^9�.cB=<?>I< DªP�JLBC<[JLU�H P_B=< ? <?9=<?� S^J�P_Dª]:<@ M >I7:EG<^n u H <��N@=EFS^DF9=<?; DF9"PIB=<!DG9�PI>I7,;=W=J�P_DF7^9��N�8J?7:9=HIDG;=<[> @ MO>K7:EF<?H S^H HI@T<[J[DFSÊ �¡<[SVP_WC>I<[H2.cBCDFJLBS^>I<Z]VSÊGW=<[;�7:9tS j!k v ) v <[DG9=aist<?>Ia:<?;t7:>8s�7¤]NDG9=aiDF95P_7iHK7:st<c;=<?;=DFJ[SVP_<?;"@=>K7 �K<[J�P_DG7:9=H3l HK<[<�37:>K9=HKPI<[DG9 ¥V¦:¦C¢ S^9=;�j!S^s�7:95P_< ¥^¦^¦ < p�n

u HoS!s"SYPIP_<?>e7^� � S^J?P[�:P_B=<cJ?EfS^DGs PIB�SVPoS^HK@ <?J?PIW�SÊ �� DFHe7:9CE-) >I<[EFSVP_<?;�P_7iS^HK@ <?J?PoDFHeSV9�WC9NM;=<[>KHKP_SVP_<?st<?9�P[n u ? <?9=<?� S^J�P_Dª]:<2>I<[S^;=DG9=a DFH�J[EG< S^>KE-)1@=>K<[HI<?95P3DG9tPIB=7:HI<2J?7:9=H¨P_>IWCJ?P_DG7:9=H .cBCDFJLBHIB=7�. S^9�SVHI@T<[J?PIW�SÊ �� n��ZB=< @=>I<?HI<[95P8SV9�SÊ-),HKDFH ;=7N<?H stS^DF95PLSVDF92P_B�SYPeS^HK@ <?J?P_W=SÊ �� DGH H¨P_>KDFJ?PIE-)�� .0, + .0NLI+%>$6��0@,�+IH ��9M-�3+ �0C� �/��3��2��C@C@@>T �� 3�DU�J� ��Y2 C6��+%�RY %��@2�� P H � �7M-N;/�C�� @ �@,ED

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID >C=

>I<?EfSVPI<[;�P_71P_B=< J[7:s�@=EG<?P_DG7:9R7^��PIB=< <?]:<?95P � v WCP!SVEFHI7�J[7^st@=>K<[B=<?9=;=HAP_B=< v <?9=<?� SVJ?P_Dª]:< >I< SV;NMDF9Ca=��.cB=DFJLB . S^H39=7^PcPLSVU^<[9 DF95P_7�J[7:9CHIDF;C<[>_SYP_DF7^9 v ) ��Sâ:7:9=S(5�HAS^9=SÊ-),HIDGH[n �ZBC<B? <?9=<?� S^J�P_Dª]:<>I<[S^;=DG9=a 7^� S^HK@ <?J?P_W=SÊ �� DFH�st7^>I<.<�],DF;=<?9�P .cB=<[9�S¢ H¨PZ7:>Z¥Y9=; @ <?>IHK7:9 HIW v �K<[J?PADGH @=>K<[HI<?95P �EFDGU^<2DG9-l £ I< M�� % '�)

J[7:s�@=>ISVP_7v 7^W=a:B5PKM -�- + ��' � '�)

WC9�SS M � � + '�)

J[S^H_SB=7^W=HI< M � � + ' )� o7:W�B�S ]:< v 7:WCa:B5PK):7:W=>KHI<?EG�eS�B=7^W=HI< �

�ZB=<�? <?9=<?� SVJ?P_Dª]:< @¤MO>K7:EF< DFH . <?EFE U,9C7E.c9�PI7 v < 7:@CPIDF7:9�SVEFE-)@=>I<?HI<[95P2DG9�S"J?7:9=HKPI>IW=J�P_DG7:9�n!� �.�<J[7:9CHIDF;C<[> 9=7�.�S^HK@ <?J?PIW�SÊ �� 7^9=J[<"Sâ5S^DG9�� S^H DF90l £^§�p ��.cB�SVPrHKPI>IDFUV<[H WCH DFs�st<?;=DfSYP_<[E>)DFH.DGP_H.7:@CP_DG7:9�SÊGDGP )^n � 9C<�J S^9 v 7^P_B(HIS�)T� �� ! �� # � � l �iDG7 ]VS^9C9=D <[SVP_H!PIB=<S^@=@CEF<¤p SV9=; �� ! �� # � � l �2DF7¤]VS^9=9CDC< SYP_HeP_B=<AS^@C@=EF< p�n��O91P_BC<A@=S^HKPePI<[9=HK<^�P_BC< HK<[95P_<?9=J[<?H2S^>K<iSÊFs�7:HKP <#F�W=DG]VSÊG<[95P �

lm£V§�p �2DF7¤]VS^9=9=D�2DF7¤]VS^9=9=D

B�SB�S^H¨M�"$#&%('�)

s"S^9Ca:DfSVPI7< SVPI<[9NM -�- + � ' � '�)

W=9�SS^9

st<?EfSS^@=@=EG<

� �iDG7¤]^SV9=9=D}SVPI<iS^9�S^@=@=EG<15

lm£A=:p �2DF7¤]VS^9=9=D�2DF7¤]VS^9=9=D

HIDHID�DFH�M/" # % '�)

stS^9=a:DFSVP_7<[SVP_<?9NM -�- + � ' � '�)

W=9�SS^9

s�<[EFSS^@C@=EF<

� �iDG7¤]^SV9=9=D}SVPI<iS^9�S^@=@=EG<15

�ZB=< 7^@CP_DG7:9�SÊGDGP )27^�CP_B=<K?�<[9=<�� S^J?PIDG]:< @ MO>K7:EF<8< �NPI<[9=;CH P_72S^HK@ <?J?PIW�SÊ �� S^H4.�<[EFEmn �ZB=SVP DGH[�VPIB=<� S^J�PZP_B�SVPZS^HI@T<[J�P_W�SÊ �� S^9C;RPIB=< ? <?9=<?� S^J�P_Dª]:< j!k�SV>I< v 7^P_B 7:@NP_DF7^9�SÊ DGH 9=7^PZS^9�S^J[J?DF;=<?9�P[�S^HK@ <?J?P_W=SÊ �� DG9R� SVJ?P v < S^>KH3S�? <?9=<?� SVJ?P_Dª]:<5@ M >I7:EG<^n

� 7�HIW=s W=@ �TDG9�PIB=DFHAHI<?J?PIDF7:9�� B�S ]:< @=>I7^@ 7:HK<[; PIB�SVP v 7^P_B�DFs�@ <?>IHI7^9�SÊ}S^9C; S^HK@ <?J?P_W=SÊ�� DG9��¨`NC�.cDªP_By63M � SVa:>I<?<[s�<[95PSV>I<�st<?>Ia:<?;�DF9 P_B=<�HI@T<[J?D-+�<?>"7^�2S^9�DG9=9=<[>tS^HK@ <?J?P_W=SÊ@=>K7 �K<[J�P_DF7^9 d �Lk n,�ZB=DFH�@=>I7 �K<[J?PIDF7:9"<[9=J?7N;=<?H�PIB=<.P_<?EFDGJ[DGP ) 7^��S^9t<?]:<?95P �8DGPIH�HK@ <?J[D-+=<[> stS*)17:>stS�) 9=7^P v <!+�EGEF<[; v ) 7:9=<17^��P_B=<1P . 7 �� 5�H?� <?DGPIB=<[>2P_BC<I? <?9=<?� SVJ?P_Dª]:<�7:>2P_B=<�DFs�@T<[>IHK7:9�SÊ@=>K7:9=7:W=9 n

>:£ �� &� �$� ��

� P DGH@.�7:>¨P_B"9C7^P_DGJ[DF9CaiPIB�SVPoP_B=<A;=D>0 <?>I<[9CJ[< v <�P . <?<[9 S^HK@ <?J?PIW�SÊ ? <[9=<�� S^J?PIDG]^< �� SV9=;tDGs1M@ <?>IHK7:9�SÊ �� >K<[HIDG;=<[H3DF9RP_B=<?DF>A>I<��¡<[>I<?95P_DfSVEFDGP )EF<?]^<[Emn g0B=DFEG</? <[9=<�� S^J?PIDG]^< �� DGH3SV9 S^9�SV@=B=7:>?�S^9=;�S^HZHIWCJLB DGPc>K<[J?<[DG]^<[HADGPIHZ>I<?�¡<?>I<?9=J[<i],DfS v DF9C;=DF9=aB.cDªP_B�S^9�S^95P_<?J[<[;C<[95P1l �¡7:> P_B=<is�<[JLB�S M9=DFHKstH37^� v DF9C;=DF9=aC� HK<[<1�c<[W=EFS^9=;(¥^¦^¦:¦S^9=;(Q DFHIJLBC<[>.PI7 S^@=@T< S^>_p��DGst@T<[>KHI7:9=SÊ �� DGH.>K<?�¡<[>�M<[95P_DFSÊFE>) DF9C;=<[@T<[9=;C<[95P � D n <^nADGPADF;=<?95P_D-+=<[H!SV9 W=9=HK@ <?J[D>+�<[;�a:>K7:W=@ 7V�e@ <?7:@=EG<rS^H3DGPIH3>K<?�¡<[>K<[95Pl HK<[<IC B=DF<?>IJLB=DFS ¢-?;?C=S^9=;&� S^9=;=DGU^7,<?P¨�C<[S ¥V¦:¦5¥"�¡7:>iSRHI<[stS^95P_DGJ�S^9�SÊ>)NHKDFH27^��DFs�@T<[>IHK7:9�SÊ� J[7:9=H¨P_>KW=J?PIDF7:9=H_p�n u HA� J[EFS^DFs�<[;RDF9 PIB=< DG95P_>I7,;=W=J�P_DG7:9��>I<��¡<[>K<[95P_DFSÊFDªP )DFHc<?HKPLS v EFDGHIB=<?; S^J MJ[7:>K;=DF9Ca"P_7"PIB=< HK<[stS^95P_DFJ MOHK<?P[n u H!7 v HI<[>¨]:<?;�DG9 P_B=<rDF95P_>K7N;=WCJ?P_DG7:9��TDFs�@ <?>IHK7:9�SÊ �� DFH DF9=J?7:s�@=EF<�P_< v WCPr@�S^>¨P_DfSVEFE-)�>I<��¡<[>K<[95P_DFSÊ � .cB=DGEF<�S^9�S^@CB=7:>IDGJ�M ? <[9=<�� S^J?PIDG]^< �� DGHi9=7^P >I<?�¡<?>I<?9NMP_DFSÊ�SVP3SÊGE n �ZB=DFHcs�DFa:B5P v I<[HK@ 7^9=HID v EF<!�¡7:> PIB=< � J?7:s�@ <�P_DGPIDF7:9=5 v <?P .�<[<?9 DFs�@ <?>IHK7:9�SÊ S^9=;S^HI@T<[J�P_W�SVE �� ¡7:> P_BC<2HI@T<[J^� d �cP_7 v <M. 7^9 v )"DFs�@ <?>IHI7^9�SÊ �� nLC 7:st@CEF<?PI<!>I<��¡<[>K<[95P_DFSÊFDªP )"DGHS^J#F�W=DG>I<?; v )"DFs�@ <?>IHI7^9�SÊ �� SYPcS HI<?9�PI<[95P_DFSÊ�EG<?]:<?E �CS^HZ�L.cDFEFETHIBC7E. DF9 ;C<?PLSVDFE DG9JLB�S^@NP_<[>Z§Cn

� �6! � � �� C�� *(��" � �

�O9 P_B=< @=>I<�]NDG7:W=H HI<[J�P_DG7:9=H[�5��B�S ]^< P_>KDF<[; P_7!@=>K<[HK<[95PoHIW=@=@T7:>¨P��¡7:> P_B=< �¡7ÊFEF7�.cDG9=a3B<),@T7^P_B=<?HI<?H[�

� �¨`NC H2.cDªP_BRS^9=;D.cDªP_B=7^WCP 63M � SVa:>I<?<[s�<[95PcS^>K<!9=7^PZDG9=HKP_S^95P_DFSVP_DG7:9=Ho7^� S @�S^HIHKDG]^<iS^9=;S^9(S^J�P_Dª]:< �� >I<?HI@T<[J�P_DG]^<[E>) �3P_B=<8)�S^>K< DF9=H¨PLS^95PIDfSVPIDF7:9=H37^�o7:9=<�SV9=; P_B=<�HIS^s�< EF< �CDGJ SÊDGPI<[s�� .cBCDFJLBRDFH s�<[>Ka:<[; DG9 HKPI>IW=J�P_W=>K<[HZP_B�SYPZ;=D-0 <[> .cDGP_B >K<[HK@ <?J?PZP_7 PIB=<[DG> HIW v MO<�]:<[95PHI@T<[J?D-+�J[SVP_DG7:9�n

� �¨`NC H .cDGPIB 6AM � Sâ^>I<[<?st<?95PrSV>I<�S^J?PIW�SÊGE-)�SVJ[J[7^st@=EGDFHKB=st<?95P_H[� S^9C; PIB=<[>K<?�¡7:>K<�PIB=<[DG>HKPI>IW=J�P_W=>K<"DG9=J[EGW=;=<[H S^9�� < �,P_>_S 5 DG9=9=<[> S^HK@ <?J?PIW�SÊoB=< S^;;.cB=DFJLB�<[9=J?7N;C<[H PI<[EGDFJ[DªP ) l 7^>>I<?HIW=EªPLSVPIDG],DGP )Cp n

� �¨`NC H .cDªP_B=7^WCP 6AM � Sâ:>K<[<[s�<[95PZ;C<[9=7^PI<2S^J�P_DG],DªP_DF<?H[�,S^9=;PIB=<[>K<?�¡7:>K<!EfSVJLU1PIB=<!>K<[HIWCEGPLS MP_Dª]:<2DG9=9=<[>AS^HK@ <?J?PIW�SÊ}B=<[S^;�n

� �Os�@ <?>IHI7^9�SÊ �� DF9��¨`NC H�.cDªP_B 63M � SVa:>I<?<[s�<[95PrDGH s�<[>Ka:<[;-DF9(P_B=<tHI@T<[J[D>+�<[> 7^� PIB=<DF9C9=<[>cS^HK@ <?J?PIW�SÊ}B=<[S^; d �¤�N.cB=DGJLB�<?9=J[7,;=<?HAPI<[EFDGJ[DªP )

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID > B

�O9 P_BCDFH�HI<[J�P_DG7:9�� B.cDGHIB P_7 7:WCP_EGDF9=< PIB=<�;C<[>IDª]VSVP_DG7:9y7^�2�¨`NC H%.cDGP_B P_>IS^9=HIDªP_Dª]:< ]:<?> v HS^9=;&6AM � Sâ:>K<[<?st<?9�P[n(� HKB=7�. PIB�SVPrst<?>Ia:DG9=a DGst@T<[>KHI7:9�SVE �� DG9y`N@T<[J^�od � k J[>I<[SVP_<?H1S^9DF95PI<[>K]^<[95P_DG7:9�<�0 <[J�P!DG9�P_BC<�S^HIHKDFa:9Cst<?9�P37^� u J?J[W=HISVP_Dª]:<^� P_B�W=H!EG< S^;=DG9=a1P_7"PIB=< S^HKHIDGa:9=s�<[95P7^��37:s�DF9=SVP_Dª]:<.PI71PIB=<i7 v �K<?J?P n

��<�PcW=HAJ[7:9=HKDF;=<?>Z7:9=J?< SVa5S^DF9 PIB=<i�¨`NC .cDªP_B 63M � Sâ:>K<[<?st<?9�PADG9P_B=<i@=>K<[HI<?95P.P_<?9=HI<Vn

lm£^£5p �O9DG9� PLSÊGDfS� PLSÊ>)


a:EFDP_B=<

HI@=Sâ:B=<�PIP_DHI@=Sâ:B=<�PIP_D M -��


�ZB=<e62k�HKP_>KW=J?PIW=>I<8� S^s�a^7:DF9=a PI7cS^;=7:@NP�DFH�P_BC<e7:9=<e7:WCPIEFDG9=<[;2DG9�l = I<?7 ]^<[>?�Y�¡7:EGEF7�.cDF9CaP_BC<27:>IDGa:DF9�SVE�@=>I7:@T7:HISÊ stS^;=<3DF9 �2>_SYP_b[<?>il¨¢8?A?^§�poS^9=; EfSYP_<[> S^;=7:@NP_<[; v )�C B=7:s�HIU<)(l�¢-?A?C=N�¢-?A?;?5p��!SVHIHIWCst<1P_B�SYP ! DFH2P_B=<1EG7NJ?W=Hi7^�ZS^HKHIDGa:9=s�<[95P 7^� u J?J[W=HISVP_Dª]:<tJ S^HK<"S^9C;-<��,PI<[>I9=SÊ@ M >I7:EG<^n

? <?�¡7:>K< PIW=>I9CDF9=a1P_7�P_B=< ;=<[>KDG]VSVPIDF7:9�� .cDFHIB�P_7"S^;=;=>K<[HIHAP_B=< DFHKHIW=< 7^�e@=>K<[HK<[95P!],H[nZ@�SVHKPP_<?9=HI<Vn � 9=<Rs�DFa:B5P�S^>Ka:W=< P_B�SYP�P_B=<�HI<?9�PI<[9=J?< DG9�l £:£5p ;=7,<[H19=7^P�B�S ]^< S�P_<?EFDFJ">I< SV;=DF9=aC�v WCP">_SVPIB=<[>"S-B�S v DGP_W=SÊ3© HKP_SVP_<?st<?95P 7:9=<Vn �ZB=DGH"DGH">I<��<[J�P_HBC7E.�<?]^<[>PIB=< v <[B�S ],DF7:>�7^�S^J?J[7:s�@=EFDGHIB=s�<[95PIH[n8�}<?PcW=HAJ[7^9=HIDG;=<[> PIB=<iJ[7:95P_>IS^HKP v <?P .�<[<[9&lm£ B p S^9=;-lm£A>5p �

lm£ B p �^7:BC9�B�SVHA>K< S^;RP_BC< v 7,7:U�HZDF9�S^9RB=7:W=>

lm£;>5p �^7:BC9�>K< S^;=HZPIB=< v 7,7:U�HcDF9�S^9RB=7:W=>

g0B=DGEF<(l £ B p < �N@=>I<?HIHI<?HS^9ySVJ[J[7^st@=EGDFHKB=st<?95P �cl £A>5p @=>K<[;=DGJ SVPI<[H 7V�.S ��@=>K7:@ <?>KP ) 5 7^� �^7:BC9��stSÛ^<?HRS&HKPLSYP_<[s�<[95P[�37:>"B�S^H S&B�S v DGPIW�SÊA>I< SV;=DF9=a*l�� !� � � $�� " � ! �� " � � �!� p�n u H 7 v HK<[>K]^<[; v ) j.7�.ZP )(l�¢-? B ?:p��=SVJ[J[7^st@=EGDFHKB=st<?95P_HoDF9P_BC< @=>I<?HI<?9�P�P_<[9CHI<Z;=72SVJ#F�W=DF>K< SAHKPLSYP_<[s�<[95PL©VB�S v DªP_W�SVEN>K< S^;=DG9=a.;C<[@T<[9=;=DG9=a!7:9 P_B=<�J[7:95P_< �,P n��7:>K<[7¤]:<?>[�^PIB=<o@�S^HKP�PI<[9=HK< DFH�PIB=<oW=9=stS^>IUV<[; PI<[9=HK<o�¡7^> ��!� MOH¨PLSVPIDG]^<[H�l HK<[<2?�DFJLU^<?>KPI7:9"¢-?;>C¢ p�n

�ZB,WCH[�:P_<?EFDGJ[DGP )is�DFa^B�P 9=7VP v < ��],DGHID v EF<15 DG9 P_BC< @=>K<[HI<?95PeP_<[9CHI<Z7^� SVJ[J[7^st@=EGDFHKB=st<?95P ]^<[> v H[�v WCP1PIB=<� S^J?P�PIB�SVP�DªP�DFH PIB=<[>K< DF9&PIB=<R@�S^HKP�PI<[9=HK<�SÊFEG7E.cHrW=H P_7(@T7:HKPIW=EfSVPI<DGPIH�@=>I<?HI<?9=J[<SÊGHI7�DF9&PIB=< @=>K<[HI<?95P�PI<[9=HK<^n��ZB=DGH DFH�;CD-0 <[>I<?95P �¡>I7:s J[EFS^DFs�DF9=aRP_B=SVP1S ]:<?> v .cB=DFJLBystS�)

>A> �� &� �$� ��

DF9 PIW=>I90<[9CJ[7,;=<(S^9*S^J[J?7:s�@=EFDGHIB=s�<[95P SV9=;0S^9*S^J?PIDG],DGP ) DFH">I<[@C>I<[HK<[95PLS v EF< v ) S�W=9=D-F�W=<H ),95PLS^J�P_DGJ�HKP_>KW=J?PIW=>I<V�2S^H �2<[s�@TJLB=DF9=HKU<) S^HKHI<[>¨P_H?n�`NW=JLB*S�HKPLSYP_<[s�<[95PR@=>K<[HKW=@=@T7:HI<?H�PIB=<<��NDFH¨P_<?9=J[<�7^��ScJ[7:s�@=EG<��2EG<��NDFJ[SÊ5<[95PI> ):� .cB=DFJLB <[9=J?7N;C<[H�P_B=DGH SVEGP_<?>I9�SYP_DF7^9�n k 7:H¨P_W=EFSVP_DG9=acHIW=JLBS�EG<��NDFJ[SÊ <?9�PI> )(J?7:95P_>_SV;=DFJ�P_HiP_B=< v S^HKDFJ�S^HKHIW=s�@CP_DG7:9�S^J[J?7:>I;=DG9=a P_7 .cB=DFJLB P_B=<1HK<[stS^95P_DFJ?H7^��S HI<[95PI<[9=J?<tDGH2;=<?PI<[>Is�DF9C<[; v )�DGPIH!H ),95PLS^J�P_DGJ�J?7:9(+�a^W=>_SVPIDF7:9 �}S^9=;�P_B=SVPi< S^JLB(HH)N95P_S^J?PIDFJJ[7:9 +�a:W=>ISVP_DG7:9RJ[7:>K>I<[HK@ 7^9=;=HZP_7�S1;=D-0 <[>K<[95PcHI<?s"S^95PIDFJ[H?n

��<�PoW=H8>I<?PIW=>I9�P_72P_BC<AHK<[95P_<?9=J[<3W=9=;=<?>�< �CS^stDG9�SVPIDF7:9��V9�S^s�<[E>)�S!P_>IS^9=HIDªP_Dª]:<ZDFs�@T<[>IHK7:9�SÊ�� J[7:9=H¨P_>KW=J?PIDF7:9 .cDªP_B-6AM � Sâ:>I<?<[s�<[95P�EGDFU^< lm£:£:p�n(�ZB=< ;=<?>IDG]VSVPIDF7:9�7^�AHIW=JLB S HK<[95P_<?9=J[<a:7,<[HAS^H �¡7:EGEF7�.cHil HK<[< SÊFHK7�P_B=<2P_>K<[<i;=DFSâ:>_SVs DG9-l £A?5pKp��

� �ZB=<�j!k�7 v �K<?J?P�� #� � DFH1st<?>Ia:<?; .cDªP_ByP_B=<R6 �8SV9=; PIB=<[>K<�DªP1JLB=<[JLU�H"PIB=<DF95PI<[>I9=SÊ@ M >I7:EG<^n � PA9=<?<[;=HcP_71a:<�PADGP_H C SVHI<2�¡< SVPIW=>I<2]VSÊGW=<[;�n

� �ZB=< d �.B=<[S^;�DFHZs�<[>Ia^<[;�.cDGPIBRPIB=<262k n

� �Os�@ <?>IHI7^9�SÊ �� DFHZs�<[>Ka:<[;�DF9�`N@T<[JV� d�� k n

� !"DGHZst<?>Ia:<?;�.cDGP_B PIB=< d�� k n

� ! 9=<?<[;=HoP_7 a:<?P�DGPIH �M �¡<[SVP_WC>I<[He]VSÊGW=<[;��,S^9C;tP_BC<[>I<��¡7:>I<ADGPoEG7N7:U�H8;=7�.c9t�¡7^>�S j!k .cDGPIB.cB=DGJLB�DªPA� SVPIJLB=<[H?n

� !�� SVPIJLB=<[H2.cDªP_B �� .cB=DGJLB DFHo>I<?�¡<?>I<?9�PIDfSÊm�CSV9=;"P_BC<[>I<��¡7:>I<3]^SVEFW=<?H DGPIH =M �¡<[SVP_W=>K<[H S^9=;a:<�P_H u J[J?W=H_SVPIDG]^<BC S^HK< �� n

� �ZB=< j!k 7 v �K<[J?PAH¨PLS*),H .cDªP_B=7:WNPC S^HI<Vn

� ��DGHZst<?>Ia:<?;�n

� �cDFa:B5PcSV� PI<[>ZP_BC< s�<[>Ka:DF9Ca 7^� �2� �� J[EGDGPIDFJ[DGb[<?H 7:9�DGP[n��J� H ��0M�R � C@��.� )C��6C �� +�� AB6�� %/,�6+L.0� ��&(R�S��C�� +�� 3��C@.�NL>�3� %0D �4�0+%+%/NL %�� ) %�

�Y/N � 6,VABE�� /,%X.�A � ��+�C��6C �EP �Y2 PT�A ��/�� 6D � �� %6,%� �� %�38�6��20RW %�4/�Y8��3/6P�� ABE�� %/�,%4.�� +IC��6C 06P�Y2) ��Z8�6, � RT.0�� + SQ�92L �.L %�*� �6�0P D

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID >A?

� ��<[95P_<?>IH�S � SVPIJLB � u a:>K<[<R>I<?EfSVPIDF7:9;.cDGP_B�PIB=<Rj!k�7 v �K<[J�P ��S^9=;�]VSÊFW=<?H P_B=< C SVHI<�¡<[SVP_W=>K<t7^9�P_BC<t7 v �K<[J?P[n �ZB=DFHiP_>KDFa:a^<[>IH2]VSÊGW�SVP_DG7:9�7^��P_B=< �M �¡<[SVP_WC>I<[Hi7:9��2� .cB=DFJLBSâ^>I<[<?HK.cDGP_B PIB=<i7 v �K<[J�P n

� � � H_SVPIDFHH+�<[HcP_B=<id8k8k 7:9��2n

lm£;?5p �ck

� !Nk

HKDFD� stS^9=a^DfS^9=7 � ! d � k

j!k d � �

P�� d � 62k

6 j!k

P�� a:EFD HI@�Sâ^B=<?PKP_D

� PrDGH/.�7:>KPIB&7 v HK<[>¨]NDG9=a PIB�SVP �� ;=7,<[Hr9C7^P @T<[>¨�¡7:>Is S^9<) ;=<��¡<[J?PIDG]^<DF95P_<?>K]^<[95P_DG7:9&;=W=>�MDF9Ca �37:s�DF9=SVP_Dª]:<3S^HIHKDFa:9=s�<[95P[n u J[J[7^>I;=DG9=arP_7!C B=7:s�HIU<)(l�¢-?A?A?5p �CS ;C<?�¡<[J�P_Dª]:<!DG9�PI<[>¨]:<[95PIDF7:9J[7^9=HKPI>_S^DG9�P DFH SVP .�7:>IU�DG9�HH),9�P_S^J?PIDFJ�;=<[>KDG]VSVPIDF7:9=H?� .cB=DFJLB�@=>I<�]:<[95PIH EF7:9Ca�;CDFHKP_S^9=J?<"Sâ^>I<[< Ms�<[95P .cB=<[9�]VSÊGW=<[;�EG<��NDFJ[SÊ DªP_<?stH3DF95P_<?>K]:<?9=<1DF9 PIB=<�Sâ:>K<[<?st<?9�Pi;C7:s"SVDF9�n!�ZBC<�;C<?�¡<[J�P_Dª]:<DF95PI<[>K]^<[95P_DG7:9�J[7:9=H¨P_>IS^DF95PADFHZH¨PLSVPI<[;�S^HZDF9�l B ¦5p��

l B ¦5p 0 �� *" ��;��)�� -�*(-)�� A��!�-(�+ �� l � u a:>K<[<"l o��p ��yDGHSr@C>I7 v <2S^9=; � DGH SrstSVPIJLB=DF9=a a:75SÊm�,S^9=; ��DFH�DF9�SVJ?P_Dª]:<3;=W=<.PI7 @=>IDG7:> u a:>K<[<G.cDªP_BHK7:st<i7^PIB=<[>Z@C>I7 v <¤p & �¡>I7:s C B=7:s�HIU<)�l ¥V¦:¦:¦C�ª¢ ¥ < p '

?:¦ �� &� �$� ��

l B ¦:p.J[EfSVDFs�H!P_B�SVPiPIB=<1JLB=<[JLUV<[;&�¡< SYP_W=>K<[H[� ;=<[HK@=DGPI<�PIB=<�� S^J?PiPIB�SVPiP_B=<8) S^>I<1DG9�S^J?PIDG]^<^� HKP_DGEFEs"SYPIP_<?> �¡7:>ZEF7,J SVEFDGP )^� v EF7,JLU,DG9=a1S �¡W=>KPIB=<[> u a:>I<?< >K<[EFSVP_DG7:9RSVPc;=DGHKPLSV9=J[<Vn

�O9 lm£A?:p�� s�DFa:B5P�DF9 @=>IDG9=J[DG@=EF<R@T<[>¨�¡7:>Is S�;C<?�¡<[J�P_Dª]:< DG9�PI<[>¨]:<[95PIDF7:9 DG9 �A7:stDG9�SVPIDG]:<S^HIHKDFa:9Cst<?9�P[n1�ZB=DFHi;=7,<[Hi9=7^PiB=S^@=@T<[9�� B=7�. <�]:<?>[� v <[J[S^W=HK< �� J[EFDªP_DGJ[DFb?<[H!7^9 � S^HiHI7,7:9�S^H� DGH2st<?>Ia:<?;�n��ZB�W=H[� �� DGH29=7^PiDF9(DªP_H2DF9CDGP_DFSÊ @ 7:HKDGPIDF7:9(S^9<),s�7:>I<V� SV9=;(J S^9=9C7^P DF95P_<?>K]:<?9=<v <�P . <?<[9 � S^9=;RP_BC< j.k�7 v �K<?J?P n

��7:>I<?7¤]:<[>?� 9C7^P_DGJ[<!P_B=SVPADF9 P_B=DGHcst7,;=<[E P_B=< j!k 7 v �K<?J?PAHKP_S*)NH .cDGPIB=7:WCPC S^HK< WC9�PIDFE�PIB=<C k�@=B�S^HK<�DGH1J[7:9=J?EFW=;C<[;�n �O9 7^PIB=<[>�. 7^>I;=H?� DG� ! .�<[>I< S @CB�S^HI<-l C BC7:stHKU<) ¢8?A?A?5p �oPIB=<� S^J?P P_B�SYPrP_BC<j!k 7 v �K<?J?P�DGH�.cDGPIB=7:WCPrJ S^HK< SVP P_B=<"st7:s�<[95P 7^�3`N@T<[EGEªM � WCP .�7:W=EG;&J S^WCHI<P_B=< ;=<[>KDG]VSVP_DG7:9 PI7&J[>IS^HIB n �ZB=DFHt@=>I7 v EF<[s S^>KDFHI<?H"<�]:<[>H)�PIDFs�< .�< B�S ]:<(S-J?7:9=H¨P_>IWCJ?P_DG7:9.cDGPIB 63M � Sâ^>I<[<?st<?95P ��9�SVst<?E-)�DF9 � P_SÊFDFS^9 @CH ),JLB ]^<[> v J?7:9=H¨P_>IWCJ?P_DG7:9=H27^�ePIB=< ��# �� P )N@T<7:> DG9��OJ[<[EFS^9=;=DGJDF�W=DF>KU<)&;�SVPIDG]^< J[7:9=H¨P_>KW=J?PIDF7:9=H?n�� ;=7�9=7VP!.cDFHIB&PI7(@ 7:H¨P_W=EFSVP_<V�eB=7�. <�]:<?>[�P_B=<�<��NDGHKP_<?9=J[<t7^�cSR;=<?�¡<?J?PIDG]:< !�B=< SV; .cB=DGJLB-DFH HI<?9=HIDªP_Dª]:<1P_7�PIB=<�@=>I<?HI<[9CJ[<7^� �� n� � PIB=<;=<[>KDG]VSVPIDF7:9 .�<[>I<"HI<[9CHIDGPIDG]^<tP_7�P_B=<�@=>K<[HI<?9=J[<"7^� �� PIB=DFH .�7:W=EF;�st<[S^9(P_B�SVPrS�;CD-0 <[>I<?95P !. 7^W=EF; v < HI<?EF<[J�P_<?;�;=<?@ <?9=;=DG9=aR7:9 P_B=<1@=>K<[HK<[9=J?<�7^>iS v HI<?9=J[<17^� �� n �ZB=DFHM.�7:W=EG;�DF9 P_WC>I9>I<�F,WCDF>I<iS��s WCPIW�SÊ ],DGHID v DFEFDªP ) 5,7V� EG<��NDFJ[SÊ DªP_<?stHZSV9=; �¡W=9=J?PIDF7:9=SÊ B=<[S^;=HZDG9P_B=<29�W=s�<[>ISVP_DG7:9l 7:>ZDG9 P_B=<iEF< �NDFJ[7^9�� v <?�¡7:>K<!P_B=<i9�W=s�<[>_SYP_DF7^9�DGHZHI<?EF<[J�P_<?; p�� S1>I<?HIW=EªPc9=7^Pc>I<[SÊFE>);=<?HIDG>_S v EG<^n

�ZB=<rH¨P_>IWCJ?P_WC>I<rDG9&l £A?5pZSÊGHI71HKPI>_S^DGa:B5PI�¡7:>H. S^>K;=E-) S^J[J?7:W=95P_HA�¡7:>ZP_B=< �A7^s"S^9CDfS^9R;�SVP_S�DG9l ¥^¦:p�n � � v < S^>KH u J?J[W=HISVP_Dª]:<�J S^HK<^�@.cB=DFJLB DFHr7 ]^<[>¨P_E-)&s"S^>KU^<?; 7^9 �� DF9 �c7:stS^9=DfSV9�n u H9=7^PI<[;�S v 7¤]^<^� �c7:s"SV9=DfS^9 EFS^JLU�HZP_B=<29=7163M � Sâ^>I<[<?st<?95P3@=SVPIPI<[>I9 n

� � � � �� C�� *(��"��

u H!H¨PLSVPI<[;�DG9 P_B=<rEfS^H¨P!HI<?J?PIDF7:9��T�¡7:>.�¨`(C HM.cDGP_BC7:WCP.6AM � Sâ:>K<[<?st<?9�P!�A;C<[@�S^>¨P!�¡>I7^s .cB=SVP�2<[s�@ JLB=DG9=HIU<)�@=>I7:@T7:HK<[H�¡7:>"PI>_S^9CHIDGPIDG]^<�S^J?PIDG],DGPIDF<?H[n u J[J?7:>I;=DG9=a&P_7 �2<?st@TJLB=DF9CHIU<):�3DG� S]:<?> v stS�) v <!DF9�P_W=>K9RS^9 S^J?J[7:s�@=EGDFHIBCst<?9�P�S^9C;RS^9 S^J�P_DG],DªP ):�,DGP_H�HKPI>IW=J�P_W=>K<!B�S^H PI7r<?9=J[7,;=<P_<?EFDFJ?DGP )�<?]^<[9 .cB=<?9-S^9(SVJ?P_Dª],DGP )�DFH!DG9=HKP_S^95P_DFSVP_<?;��APIB=DFH.B ),@T7^P_BC<[HIDGH[��S^H.�AHIS^DF;�DG9 P_BC<�EfS^H¨PHI<?J?P_DG7:9��:J?7:95P_>IS^;=DFJ�P_H P_B=< v S^HIDGJ DG;=< SA7^� ;=D-0 <[>K<[95P H¨P_>KW=J?PIW=>I<?He<[9=J?7N;=DG9=a.;CD-0 <[>I<?95PeS^HK@ <?J?P_W=SÊ

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID ?C¢

J[EFS^HIHK<[H?n��3;=<?@�S^>¨P �¡>K7:s �2<?st@TJLB=DF9CU,HH) 5�H S^9�SVE-),HIDGH v )�H_S*),DF9=aR9=7�d � B=< S^;(DGH2@=>I<?HI<[95P 7:9S^J�P_DG],DªP )1@=>I<?;=DFJ[SVP_<?H[ne� � .�<.a:7 v S^JLU��¡7:>�S s�7:st<?95P�PI7 P_BC<!SÊªP_<[>K9�SVPIDF7:9 v <?P .�<[<[9�l £ B p8S^9=;lm£;>5p�� . <rHI<[< P_B�SVP�lm£A>:pcDGH39=7VP2S^9�SVJ?P_Dª],DGP )T� DGP3DFHAHKPIDFEGE SV9 S^J?J[7:s�@=EFDGHIB=s�<[95P.S^9=; v <[B=S¤]^<[HS^H�S^J[J?7:s�@=EFDGHIB=s�<[95P_H8SV>I<c<��N@T<[J?PI<[;"PI7 v <[B=S¤]^<.DG91PIB=<A@=>I<?HI<[95PoP_<?9=HI<Vno�ZB=SVPoDFHeP_7 H_S*)�P_B=SVP.cB=DGEF<!P_BC<29�SVP_WC>I<27^� P_B=<i7 v �K<[J?PcstS*) S 0 <[J�PcP_B=<iS^HK@ <?J?PIW�SÊ}J[EFS^HIHKD-+�J[SVP_DG7:97^��S 62k �CP_<?9=HI<W=HKW�SÊFE>);=7,<[Hc9=7VP n

��@C>I7:@T7:HI< PIB�SVPPIB=<�k8� � C do`=` HIW v M <?]^<[95P DGH"<?9=J[7,;=<[;*7:9 PIB=< ! BC< S^;�n �O9 �¨`NC H.cDGPIB=7:WCP 63M � Sâ:>K<[<[s�<[95P[� �� DFH s�<[>Ia^<[;&DG9�P_BC<"HI@T<[J?D-+�<?>r7^��!¤n�� P JLB=<[JLU�H�P_BC<"<��,PI<[>I9=SÊ@ M >I7:EG< v ) v <[DG9=ars�<[>Ka:<[;�DF9�P_B=<AHI@T<[J?D-+�<?> 7^� !¤� v <[DG9=a PIB=<3BCDFa:B=<?HKP S^>Ia^W=st<?95P n � P�;=7,<[H 9C7^PDF95PI<[>K]^<[9=<V� B=7�.�<?]:<?>[� DG9 u J?J[W=HISVP_Dª]:<tJ S^HK<"S^HKHIDGa:9=s�<[95P � S^HiDGP DFHis�<[>Ka:<[; DF9�S�@C>I7 �K<?J?P_DG7:9.cB=DGJLB&DFHiB=DGa:B=<[>2PIB�S^9 !¤n u HrH¨PLSVPI<[;�DF9(P_B=<�DF95P_>K7N;CW=J?PIDF7:9��2SVHIHIWCst<�P_B�SVP DG9�PI<[>¨]:<[95PIDF7:97 v P_S^DF9CHrW=9=;C<[> J?EF7:HK<[HKP J�MOJ?7:s�s"S^9C;�n �ZB�W=H?�8PIB=<"]^<[> v ;=7,<[Hr9=7^P HKB=7�. Sâ:>I<?<[s�<[95PB.cDªP_BP_BC< 7 v �K<[J�P ��.cB=DFJLB�DFHZstS^>KU^<[; .cDGPIB u J[J[WCH_SVPIDG]:<Vn

��<�PcW=HAJ[7:9=HKDF;=<?>cSâ5S^DG9 l < ¦:p��=B=<?>I< >I<?@ <[SVP_<?; S^H l B ¢ p��

l B ¢ p �O9DG9� PLSÊGDfS� PLSÊ>)



lmS� SVPc7:WNP

PIWCPIPI71HI@=DFS^9=7�p��O9�� P_SÊ-)"@ <?7:@=EG<2< SVPAHI@=Sâ:B=<�PIP_Dol,� SVPc7:WNP p85

u H�HIB=7�.c9�DF9 HI<?J?P_DG7:9¢:n < nª�^DG9 l B ¢ p}PIB=< 7 v �K<[J�PeDFH S3>K< SÊ,7 v �K<?J?P �^D n <^n SV9rDF95PI<[>I9=SÊCSV>Ia:W=s�<[95P[n�3<�]:<?>KP_BC<[EF<?HIH?� DG9 l B ¢ p3PIB=<[>K<�DFH!9C7R6AM � Sâ:>K<[<[s�<[95P[�.P_B=< ]^<[> v < �CBCD v DªP_H.PIB=< < >I;�@T<[>KHI7:9HIDG9=a:W=EFS^>8;=<?� SVW=EGPo<[9C;=DF9=arS^9=;"PIB=<A7 v �K<[J�P v < S^>KH u J?J[W=HISVP_Dª]:<^n u J?J[7:>K;=DF9=a P_7 s7)1@=>I7^@ 7:HISÊ �DG� u J[J?W=H_SVPIDG]^<.DFHoS^HKHIDGa:9=<[;�P_7iP_B=<A;=DG>I<[J�Po7 v �K<[J�P 9=7 DF95PI<[>K]^<[95P_DG7:9"<80 <?J?P�7^� �� J S^9t@ 7^HIHID v E-)B�S ]:<37NJ?J[W=>K>I<?;�n �O91� S^J?P[� �� DFHes�<[>Ka:<[;�DF9�P_BC<AHK@ <?J[D>+�<[>87^��!¤��S^9=;1P_B�W=Ho;=7N<?H�9C7^P8DF95P_<?>K]^<[9=<DF9 PIB=< S^HIHKDFa:9=s�<[95Pc7^� u J[J?W=H_SYP_DG]^<^n��ZB=<i;=<[>KDG]VSVP_DG7:9 7^� l B ¢¤p >IW=9=HZPIB,WCH.S^H �¡7ÊFEF7�.cH?�

� �ZB=< 7 v �K<?J?P �� #� � DFHZs�<[>Ka:<[;�.cDGPIB P_B=<2]:<?> v n

� !tDFHZs�<[>Ia^<[;�� S^9C;R]VSÊGW=<[HZPIB=<�C S^HI<2�¡< SYP_W=>K< 7^9�PIB=<ij!k 7 v �K<?J?P[n

� � � DFHZs�<[>Ka:<[;�DF9 P_BC<2HI@T<[J[D>+�<[>A7^�"!S^9C;�JLBC<[JLU�H.P_BC< < �,P_<[>K9�SÊ�@¤MO>I7ÊF<!7:9 !¤n

?5¥ �� &� �$� ��

� � DGHist<?>Ia:<?;�� J[EGDGP_DGJ[DGb[<[H.7:9�DªP ��PIB,WCHrSÊGHI7RJLB=<?JLU,DG9=a�PIB=<�d8kok n u H S�>K<[HIWCEGP �}PIB=<]:<?> v HIB=7�.cHAP_B=< < >K;�@T<[>KHI7:9�HIDG9=a:W=EFS^> ;=<�� S^W=EªPcDF9$��<?J?PIDF7:9�n

l B ¥^p �ck

�

HID � stS^9=a^DfS�� !,k

P�� ! �

!:M P�� 62k

P�� HI@=Sâ:B=<�PIP_D

�37�.�<?]:<?>[� u J?J[W=HISVP_Dª]:<iS^HKHIDFa^9=st<?95PZDF9 l B ¢ p8s"S*)tSÊGHI7rP_SÛ^<!@CEfS^J?<3P_BC>I7:W=a^BRSr;=D-0 <[>K<[95PZ7:@,M<[>ISVP_DG7:9��59�S^s�<[E>)rHH),9�P_S^J?PIDFJcDF9CJ[7:>K@ 7:>ISVP_DG7:9�l HK<[< ? SÛV<[>c¢-?A?^£5p�n �O9t7:>K;=<[>e�¡7:>eDG9=J[7^>I@T7:>_SVPIDF7:9P_7.P_SÛ^<Z@CEfS^J?<^�5S v S^>I< @CEFW=>ISÊN7^>�W=9=HK@ <?J[D>+�<[;17 v �K<?J?P8DGH�>I<�F�W=DF>K<[;�l HK<[<�? SVU^<[>Z¢8?A>A>.SV9=; 6oS^9�i<?<[9=BC7 ]^<[9&¥^¦:¦C¢ p nr�O9�P_BCDFH2J SVHI<^�}PIB=<�j!k�7 v �K<?J?P >I<?J[<?DG]:<?H�C S^HI< v )�DF9CJ[7:>K@ 7:>ISVP_DG9=aDG9�PI7P_B=<2]^<[> v n `,W=JLB S�@=>K7:@ 7^H_SÊ�DGHZ9=7^PcJ?7:st@CEF<?PI<[E>)W=9=9=SVP_W=>ISÊ�Dª��7:9C<!P_B=DG9=U�HA7V� PIB=<ist<[S^9=DF9Ca7^� �¨`(C H�.cDGPIB=7:WCPi6AM � Sâ^>I<[<?st<?95P n� P B�S^H v <[<[9�HIB=7�.c9-PIB�SVP P_B=<8)(DF9=;CDFJ SYP_<�S^9�S^J?PIDF7:9�n�ZB=<[>K<?�¡7:>K<^� PIB=<RDF9=J?7:>I@T7:>ISVP_DG7:9�7^�AP_B=<�7 v �K<?J?PtDF95P_7�P_BC<�]^<[> v s"SVU^<[H1@T<[>¨�¡<[J?PtHI<?9=HI<Vn �O9S�HK<[95P_<?9=J[<EGDFUV< l B ¢ p��P .�7 @T7:HIHKD v EG<ts�< S^9CDF9=a:H S^>K<"S ]VS^DGEfS v EG<^�2P_BC<%+�>KHKPr7:9=<�DFH a:DG]^<[9-DG9P_B=< PI>_S^9CHIEfSYP_DF7^9��S^9C;�HK7:W=9=;=HiEGDFU^< � �O9(� PLSVE-) @T<[7^@=EF< <[SVPiHI@=Sâ:B=<�PIP_D 5Gn �ZB=<1HI<?J[7:9=; 7:9=<1DGHHI7:s�<?PIB=DF9CarEFDGU^< � �O9"� PLSÊ>)�P_B=<?>I<.DGH�HK@�Sâ:BC<?PIPID <[SVP_DG9=a a^7:DF9=a 7:9SVEFE�P_B=<AP_DGst< 5Gn �ZB=DFH�HI<[J?7:9=;>I<[S^;=DF9CaHI<?<[s�H!P_7 >I<��<[J�PiDF9=J?7:>I@T7:>ISVP_DG7:9�n2Q�7:>AP_B=<�s�7:s�<[95P � �AEG< S ]:< PIB=<!F�W=<[H¨P_DG7:9�7:@T<[9.cB=<?PIB=<[> �¨`NC H7.cDªP_B=7:WNP 6AM � Sâ^>I<[<?st<?95P S^>K<"SV9-DF9CHKPLSV9=J[<t7^� W=HKW�SÊ u J[J?W=H_SVPIDG]^< S^HIHKDFa:9,Mst<?95P 7:> >_SVPIB=<[>rS^9&DG9=HKP_S^9=J[<t7^�ZDG9=J[7:>K@ 7^>_SVPIDF7:9�n �ZBC<Sâ:>K<[<?st<?9�Pr@�SVPKP_<[>K9=H DG9�P_BC<"@�S^H¨PP_<?9=HI<V� SVH .�</.cDGEFE HI<[< DF9�HI<?J?PIDF7:9�§=��B=7�.�<?]:<?>[�THI<?<[s P_7�DF9C;=DFJ[SVP_<!PIB�SVP v 7VP_BRHI7:EGWCP_DG7:9=HcS^>K<<#F�W�SÊGE-)�EFDGU^<[E>):n(�O9y7^P_BC<[>7.�7:>I;CH[�@. <RJ[7^W=EF; v <DF9�@C>I<[HK<[9=J?<�7V�AP .�7(;=D-0 <[>K<[95P�HH)N95P_S^J?PIDFJ

� � � � � �� &� � � � � � �� HKD � � �� 8J?D}HID ? <

J[7^9=HKPI>IW=J�P_DF7^9=HZP_B�SVPAa:<�PZP_7 v < J?7:DF9CJ[DF;C<[95P v )RJLB�S^9=J?<^n� 7 HKW=s�WC@��=DF9tP_B=DGH HI<?J?PIDF7:9 �8B�S ]:<2HKB=7�.c9 P_B�SVP DF9�¨`NC H2.cDªP_B=7^WCP ]^<[> v MO7 v �K<?J?PASâ^>I<[< M

s�<[95P 9C7 DG9�PI<[>¨]:<[95PIDF7:9�PLSÛV<[H @CEfS^J?<ADG9�PIB=<3S^HIHKDFa:9=s�<[95Po7^� u J?J[W=HISVP_Dª]:<Vne�ZB=<.7 v �K<[J?P�DFHe�¡>K<[<P_7 ��JLB=<[JLU 5 u J[J[WCH_SVPIDG]:< S^9=; �� a:<?PIH �A7:s�DF9�SVPIDG]^<^n

��<�PAW=H3>K<?PIW=>I9�P_7tPIB=</F,WC<[HKPIDF7:9CH3@=>K7:@T7:HI<?; DF9RP_BC< <?9=; 7^��HI<?J?P_DG7:9 ¢:n �O9�P_B=DGHAHK<[J�P_DF7^9�� B=S¤]^< @C>I7¤],DF;=<?;�PIB=<2�¡7:EFEG7E.cDG9=a�S^9CH .�<[>IHc�¡7:>ZHKW=JLB F�W=<?HKP_DG7:9=H?�

�� +,� �*.9+ �;�� (�� 8��% �� " #(2��+ �/�-�*(��+,�-�� % �C� � �*�� 7�� 3 � ��

� � � +1�#(��*�� +1�'� 7�� 3 � ��/��:� � �� +1�#(��*� � � �� ZB=< ;=D-0 <[>K<[95PeSâ^>I<[< Ms�<[95P2@�SYPIP_<?>I9=HiSV>I< ;=WC<rP_7PIB=< ;=D>0 <?>I<[95P �� #��!�� ;C<�+�9=DªP_DG7:9 7^�ePIB=I7:@T<[>¨P )RSVPIPI>ID v WCPLS v EF<.PI71DFs�@ <?>IHI7^9�SÊ �� n

�� +�� (�+1� �2�� + �� /�8�-�� *( #" �� 7�� 3 �A��!�-(�:��

��'� � ?�<[J SVW=HI<i�¡7:> v 7^P_BRJ[7^9=HKPI>IW=J�P_DF7^9=H �� >K<[@=>K<[HI<?95P_H3PIB=<i<��,P_<?>I9�SVE SV>Ia:W=s�<[95P[n

�� A+ � � � � :'�!�-��" � �� C�C:'�!+,��/)�� +,(��#�*( �� + ��+1�� ? )HIS�),DG9=a�PIB�SVP �� a:<?PIH u J[J[WCH_SVPIDG]:< DF9R�¨`NC H�.cDGPIB 63M � Sâ:>K<[<[s�<[95P[n

� 7 " �� + ��*+ � � ��*(�� 9�� *. �-�*( ��+ � @ � (�� 7�� 3 �A��!�-(�:��;��

��/��:� � �� +1�#(��'� :�� DGHA9C7^P3S�B=<[S^; v WCP3S�J?EFDGPIDFJV�CP_B�W=H v 7VP_BS1j!k S^9C;�S1B=<[S^;&l S�s"SY�NDGs"SÊ S^9=;�S�stDG9=DFstSÊ @=>K7 �K<[J�P_DF7^9 p�n

� 7 " �� + ��*+ � + �� + ��8:�� 9�� % �*+1( 35+ � �� +,� �A+ :'�!� � ��

+ �/�-�*(��+ �� +,� ��8� :��*(�� `N<?< S v 7¤]^<^n

�� +,�4��&�A��!�-(�:��;�� :�� +1�#(��*� � � �� :'� ��8�

�A�� + � �� +,��(��*�� u H.SÊF>K< S^; )RHKPLSYP_<[; v <��¡7:>I<V�PIB=<1>I< SVHI7:9 .cB<)(9=7 63M � Sâ^>I<[<?st<?95PiJ[7:9=H¨P_>KW=J?PIDF7:9=H S^>K<�EF<?HIH S^J[J?<[@CP_S v EG<1S^9=;(EF<?HIHW=HK<[;"PIB�S^9tJ[7:9=H¨P_>KW=J?PIDF7:9=H .cDGPIB�6AM � Sâ^>I<[<?st<?95P DGH SVPKP_>KD v WCP_S v EG< P_7 S s�7:>I<ca:<?9=<[>ISÊ@=>K7:@T<[>KP )(7V� ]:<?> v J[EfSVHIHI<?H[� P_>_SV9=HIDªP_DG]^<1S^J[J?7:s�@=EFDGHIB=s�<[95P_HiSV>I<�st7:>K< �¡>I<�F,WC<[95PrPIB�S^9PI>_S^9=HKDGPIDG]:<.S^J?PIDG],DGPIDF<?H!l �i<?st@TJLB=DG9=HIU<)R¥V¦:¦:¦5p n��ZB=<!�¡>K<#F�W=<[9CJ�)7V� 7,J[J?W=>I>K<[9=J?<2DFHoP_B�W=H

?^§ �� &� �$� ��

9=7^Po>K<[EfSYP_<[;1P_7iP_BC<AJ?7:9=H¨P_>IWCJ?P_DG7:9=H8P_B=<?stHK<[Eª]:<[H?� v WCP >ISVP_BC<[>8>I<��<[J�P_H Sia:<?9=<[>ISÊ�P_>I<?9=;7^� ]:<?> v J?EfS^HKHI<?H[n

�& 35��'�C��:'� ��

�O9P_B=DGH JLB�S^@NP_<[>?�=�8B�S ]:<iS^;C;=>I<?HIHI<?;�PIB=<!DGHIHIWC<27^� Sâ:>K<[<[s�<[95PZDG9"P_>IS^9=HKDGP_Dª]:<!�¨`(C H2.cDGP_BS^9=;.cDGPIB=7:WCPZ6AM � SVa:>I<?<[s�<[95P n

Q 7^>8PIB=<AS^9�SÊ>),HIDFH87^� �¨`NC [email protected]_B1P_>IS^9=HKDGP_Dª]:< ]^<[> v H[�C��B�S ]:<A@=>I7,J[<?<[;=<?; S^He�¡7:EFEG7�.cH[� Q�DF>KHKP ��!B�S ]:<"DFHI7ÊfSVPI<[;(P . 7 5 @=>K7^P_7^P ),@=DGJ SÊ 5�Sâ:>K<[<[s�<[95Pr@�SVPIPI<[>K9=H[n�`N<?J[7:9=; �e�!B�S ]:<HKB=7�.c9-P_B=SVPHIW=JLB&Sâ:>I<?<[s�<[95P @=SVPIPI<[>I9CH DG9�]^7:EG]^<tP .�7 DG9=;=<[@T<[9C;=<[95P J?7:9=H¨P_>IWCJ?P_DG7:9=H?�eS^9=;�DF9 @�S^>KPIDFJ?W=EfS^>P_B�SYP1�¨`NC H!.cDGP_B&6AM � Sâ:>K<[<[s�<[95P1<?9=J[7,;=<�S^J[J?7:s�@=EFDGHIB=s�<[95P_H�.cB=DFEG<"�¨`NC H!.cDGPIB=7:WCP�6AM �Sâ:>K<[<[s�<[95P2<?9=J[7,;=<�SVJ?P_Dª],DGP_DG<[H?n!�cB�S ]:<�HIBC7E.c9�PIB�SVP.PIB=<�Sâ^>I<[<?st<?95P2@�SVPKP_<[>K9=H27^�8�¨`NC S^>K<DF9=;C<[@T<[9=;=<?95P 7V� �� Vst7:>K< HI@T<[J?D-+�J[SÊFE>):�¤P_BC<�)iS^>K<e;=W=<eP_7ZPIB=<8;=D-0 <[>K<[95P�� !�� DG95]:7:Eª]:<[; �S^9=;(9=7^P.P_7RHI@T<[J?DfSÊ�S^9=;(7:@CPIDF7:9�SVE @=>K7:@T<[>KPIDF<?H27^� �� n��7:>K<[7¤]:<?>[�}P_BC<1Sâ:>I<?<[s�<[95Pi@�SVPKP_<?>I9PLSÛV<[9�DF95P_7RJ[7^9=HIDG;=<[>ISVP_DG7:9(J[EF<[S^>IE>) HKB=7�.�P_B=SVP �� J[S^9=9=7^P v <1J[7:9=HKDF;=<?>I<?;&S^H S B=< SV;�� v WCPP_B�SYP!DGP.DFH3>_SVPIB=<[>.Sj!k n�� s"S*)�JLB=<[JLU C S^HI<�SV9=; v <[S^>!S @ MO>K7:EF<V� SV9=;�B�S^H.PIB=< v <[B�S ],DF7^>7^�oS@=>K7:9=7:W=9 ni�37�. <�]:<?>[��DGP.DFH!SVEFHI7"HI<[9CHIDGPIDG]^< P_7"PIB=<�S^HK@ <?J?P_W=SÊ HI<�PIPIDF9=a7V�oPIB=< HK<[95P_<?9=J[<DGPcSV@=@ <[S^>IHcDG9�n

�� 3 ��

�,�7� � � �� 6� � � �� K ��

� � � �2� � � � � � 7 �� 7 � ��2��

�ZB=DGHZJLB�S^@CPI<[> �¡7,J[W=HK<[HZ7:9 P_BC<!@�S^H¨Pc@�S^>KPIDFJ?DF@=EG< l¡@=@RB=<[9=J?<?�¡7:>¨P_B p SVa:>I<?<[s�<[95PZ7^��P_>IS^9=HKDGP_Dª]:<V�W=9=<?>Ia5SYP_DG]^<^� S^9C;�W=9=S^J[J?W=H_SVPIDG]^< �¨`NC H?�TS^H2. <?EFE�S^Hc7:9R@=>K<[;=DGJ SVPIDG]^< �¨`(C H[n

�ZB=<�Sâ:>I<?<[s�<[95Pi@�SVPKP_<?>I9=Hi7^�oP_B=<1@T<[>¨�¡<[J?P"l �!�� p37V� �¨`NC H S^>K< ]:<[>H)(@ < MJ[WCEFDfSV>[nRg0DGP_B-W=9=<[>Ka5SVPIDG]:<?H�S^9=;-W=9�S^J?J[W=HISVP_Dª]:<]:<?> v H?�8�¨`NC H @=>K<[HI<?95P�S @ <?J[W=EGDfS^>KDGP ) .cDªP_B>I<?HI@T<[J�P P_7 @=@"Sâ:>I<?<[s�<[95P�DF91P_B=<A@�S^H¨P�PI<[9=HK<^� W=9C<[>Ia:SVP_Dª]:<c]:<[> v H >K<#F�W=DF>K<AS HIDG9=a:W=EFS^>Al stS^H�MJ[WCEFDF9C<¤p}@�S^HKP�@�S^>¨P_DFJ?DF@=EG<^��.cB=DGEF<oW=9�S^J?J[W=HISVP_Dª]:<[H�>I<#F�W=DG>I< S3@=EGW=>_SÊ l¡s"S^HKJ[W=EGDF9=< p�@=@��5S^H HIBC7E.c9>I<?HI@T<[J�P_DG]^<[E>)RDF9�l¨¢ p SV9=;�l ¥:p �

l¨¢¤p `NDHID�DGH¨M/" #&% '�)

PI<[EG<?�¡7:9�SYP_7J[SÊFEG<[;NM -�- + � ' � ' )

�qk <[7:@CEF<¤©E. <iB�S ]:< J SVEFEF<?;65

l ¥^p `NDHID�DGH¨M/" #&% '�)

SV>I>IDª]VSVP_DSV>I>IDª]:<?;NM -�- + ��' � -��

�qk <[7:@CEF<¤©E. <iB�S ]:< S^>K>IDG]^<[;65

g0DGPIB*PI>_S^9CHIDGPIDG]^<(]^<[> v H[�!PIB=<-SVa:>I<?<[s�<[95P�@�SVPIPI<[>K9=H�>K< ��<?J?P�P_B=<�Sâ:>K<[<?st<?9�P�@�SYPIP_<?>I9=H�7^�P_BC<"@=>K<[HI<?95P P_<?9=HI<V�1PIB=<tS^WN�NDFEGDfS^>H)�s"S*) Sâ^>I<[<�.cDGPIB�PIB=<"7 v �K<[J?P[�eS^9=;�DGP s"S*)(9=7VP nR�ZB=<��HKPLSV9=;�S^>K;65 @=S^>_S^;CDFa:s DG9�WCHI<"DGH >K<[@=>K7N;CW=J[<?;&DF9�l )S^9=; PIB=<!@=@�Sâ:>K<[<G.cDªP_BPIB=<!7 v �K<?J?P[n ��7:>I<2@=>K<[J?DFHI<?E-)^�NP_BC<2@=@ HIB=7�.cHc9�W=s v <[>cS^9C; a:<[9=;C<[>

?A=

?:£ �� !� �� $� �� $��

Sâ:>K<[<[s�<[95P.cDGP_B�P_B=< 7 v �K<?J?P ��S^9=; PIB=< S^W,�CDGEFDFS^> )"HIB=7�.cH29�W=s v <[>.S^9=; @T<[>KHI7:9�SVa:>I<?<[s�<[95P.cDGPIB�DªP n

l K<�M/" #&% -��

s"SV9=a:DfSYP_D< SVPI<[9NM + ��' � -��

a:EGDP_BC<�M + � ' � - �

HI@�Sâ^B=<?PKP_DHI@�Sâ^B=<?PKP_D

� `,7:st< v 7,;()C© .�<iB�S ]:< < SVPI<[9�HI@�Sâ^B=<?PKP_D 5

l < p!DGHiPIB=<�@�S^HKP P_<?9=HI<��¡7:>i�¨`NC H�.cDªP_B(63M � Sâ:>K<[<[s�<[95P[n�¨`NC H�.cDªP_B 9=7�6AM � SVa:>I<?<[s�<[95Pv W=DGEF; P_B=<?DF>Z@�SVHKPAP_<[9CHI< S^HZ�¡7:EFEG7E.cH?�89=<[DªP_B=<?>cPIB=< S^WN�NDFEGDfS^>H)"9C7:>ZP_B=< @�S^H¨P3@=S^>KPIDFJ[DG@=EF<!Sâ:>I<?<.cDGPIBRPIB=<i7 v �K<?J?P n�`NWCJLB S�@�S^>IS^;=DFa^s�DFHZHKB=7�.c9 DG9 l §�p n

l §�p � `NDHID�DFH�M/" # % '�)

stS^9=a:DFSVP_7<[SVP_<?9NM -�- + � ' � '�)


� `,7:st< v 7,;()SVP_<iHI@=Sâ:B=<�PIP_D 5

`NW=>I@C>IDFHKDF9=aÊ-):�N�¡7:>ZHI7:s�<2HI@T< SVU^<[>KH[� SÊFHK7�P_B=<2]:<?>IHKDF7:9�DF9�l =:p DGHAS^J[J?<[@CP_S v EF<Vn8�O9&l�=:p��=PIB=<S^WN�NDFEGDfS^>H)�;=7N<?Hc9=7^P3Sâ:>K<[<M.cDGPIB P_B=<i7 v �K<?J?P .cB=DFEG<.P_BC< @=S^HKPA@�S^>¨P_DGJ[DF@CEF<!;=7,<[H?n

l =:p `NDHID�DFH�M/" # % '�)

stS^9=a:DFSVP_D<[SVP_<?9NM -�- + � ' � -��

a:EFDP_B=<


� `,7:st< v 7,;()"B�S^Hc< SVPI<[9�HI@�SVa:B=<?PKP_D 5

��PLSÛV< P_B=< @C@NM�S^W,�CDGEFDFS^> )yHK@=EFDªP"DG9 l =:p�P_7�>I<��<[J�P P_B=< ;=DG],DFHKDF7:9 v <�P . <?<[9*H ),95PLS^J�P_DGJ(S^9=;HI<?s"S^95PIDFJ!�¡< SYP_W=>K<[H[� SVHA��HIB=7�. v <[EG7�.in

Q�DF9�SVEFE-)^�^@=>K<[;=DGJ SVPIDG]^<Z�¨`NC H8@=>I<?HI<[95P S^9�Sâ:>K<[<[s�<[95Po@�SVPKP_<?>I9!.cB=DFJLB�s�DF>I>K7:>IH P_B�SVP87V� WC9NMS^J[J?W=H_SYP_DG]^<3�¨`(C H[� P_BC<.S^W,�CDGEFDFS^> ) HIB=7�.cH�HIDF9Ca:W=EfSV>e;=<?� S^WCEGP�Sâ:>K<[<[s�<[95P[� .cBCDFEF<ZPIB=<.SV; �K<[J�P_DG]^<DFHZ@=EGW=>_SVE �=SVHrl £5p HIBC7E.cH?�

lm£5p `N<DG�HIDHID�DGH¨M/" #&% '�)

v <[EGEFDm�B=S^9=;=HK7:st< M + � ' � -��

HKDHKD�DFH�M/"$#&% ' )

;=D}HK7:EFDªP_77^� PI<[9

S^9=JLBC<SÊGHI7

>IDGJ[JLB=D>IDGJLBNM + � ' � - �� 7:9=<2DGHAB=S^9=;=HK7:st<V�=7:9=<iDGHZW=HIW�SVEFE-)SÊFHK71>IDFJLB=5

�ZB=< � .�<¤©1HI7:s�< v 7,;()DG9�PI<[>K@=>I<�PLSVPIDF7:9R7^� �� .cDGEFE v <i;=DGHIJ[WCHIHI<?; DG9�JLB=S^@CP_<?>$=Nn

�� &� � �� ? B

�O9 PIB=DFH2JLB�SV@CP_<?>[� SRH¨P_W=; )(7^��PIB=<[HK<"SVa:>I<?<[s�<[95P @�SVPIPI<[>K9=HiDFH2@=>K7:@ 7^HI<[; ��.cB=DGJLB�stSÛV<[HW=HK<�7^� P_B=<(;=DGHKPIDF9=J�P_DF7^9 v <�P . <?<[9 HH)N95P_S^J?PIDFJ�S^9=;*HI<[stS^95P_DGJ Sâ:>I<?<[s�<[95P n �O9 HI<[J�P_DG7:9�¢^�S^90S^9=SÊ-),HIDGHt7V�i@�S^HKP"@�S^>¨P_DFJ?DF@=EG< SVa:>I<?<[s�<[95PDGH"@=>K7:@ 7^HI<[; �ADGH v SVHI<[; 7^9 M �¡<[SVP_WC>I<[HS^9=;P_BC<BC 7:9CJ[7:>K; 7:@T<[>ISVP_DG7:9�n�`N<[J�P_DG7:9=Hi¢:n < S^9C;�¢:n §tS^;=;=>K<[HIHcP_BC< @=>K7 v EG<[s 7^� @�S^H¨P.@=S^>KPIDFJ[DG@=EF<Sâ:>K<[<?st<?9�P DF92PI>_S^9=HKDGPIDG]:<8�¨`NC H?n �O9 HI<[J�P_DG7:9�¥N�VS^9 S^9�SÊ>),HIDFH}7V�=@=>K<[;=DGJ SVPIDG]:<8�¨`NC H DFH�7:WCPIEFDG9=<[;�n`N<?J?P_DG7:9 < S^;=;C>I<[HKHI<?H!P_B=<�@T<[J?W=EFDFS^>.SVa:>I<?<[s�<[95P2@�SVPKP_<?>I9=H27^�8� W=HKJ S^9�n `N<?J?PIDF7:9�§ J?7:95PLS^DG9=HS^9yS^9=SÊ-),HIDGH 7^�ZPIB=< W=9�S^J?J[W=HISVP_Dª]:< MOW=9=<?>Ia5SYP_DG]^< @=W=b?b[EF<Vn Q�DF9�SVEFE-)^��HK<[J?PIDF7:9 = J?7:95PLS^DG9=H s7)J[7^9=J[EGW=HIDG7:9=H[n

6! � + � � ��+1(-��C� �'�� +,��(��*�� -(�+ ��8��-��)�� 7 � 3 �

u HoHIBC7E.c9"DF9�@=>I<�]NDG7:W=HoHI<?J?P_DG7:9��5P_BC<3@T<[>¨�¡<[J?Po�¡7:>Ks l �!�� p 7^�TP_>IS^9=HKDGP_Dª]:<c�¨`NC HDFHZ>K< SÊGDFb?<[;RDF9]VS^>KDF7:W=H2. S*),H[no�O9�@=S^>KPIDFJ[WCEfS^>?�NP_BC>I<[<istS^DF9RSVa:>I<?<[s�<[95Pc@�SVPKP_<[>K9=HcB�S ]:< v <?<[9@=>K<[HI<?95P_<[; �

� ? 7VP_B�PIB=< SVWN�NDFEFDFS^> )S^9=;�P_B=< @=@�Sâ^>I<[< .cDGPIB�PIB=< 7 v �K<[J�P � S^H.DG9&l < p�� B=<?>I<r>K<[@T< SVPI<[;S^H l B p��

l B p `NDHKDHK7:9=7SV>I<�M�"$#&% -��

stS^9=a:DFSVP_D<[SVP_<?9NM -�� + � ' �

aÊFDPIB=<�M -�� + � ' �


� k <?7:@=EF< © .�< B�S ]^< <[SVP_<?9�HK@�Sâ:B=<�PIPID 5

� �A<[DGPIB=<[>ePIB=<AS^WN�NDFEGDfS^>H) 9C7:> P_B=<c@=@tSâ:>K<[<K.cDGPIB�P_B=<c7 v �K<?J?P[�NSVHoDG9�l §�p ��B=<[>K<A>K<[@T< SVPI<[;S^H l�>5p��

l�>5p � `ND`ND�DGH¨M�"$#&% '�)

s"S^9Ca:DfSVPI7< SVPI<[9NM -�- '�) + � ' �

HK@�Sâ:BC<?PIPIDHK@�Sâ:BC<?PIPIDªM - � + � ' �

�q`N7:s�< v 7N; )RSVP_<2HK@�Sâ:BC<?PIPID 5

� �ZB=<cSVWN�NDFEFDFS^> ) ;=7,<[H�9=7^PoSâ:>K<[< .cDªP_B PIB=<Z7 v �K<?J?P � .cBCDFEF<�P_B=<Z@=@�;C7N<?H[�,S^H < �C<?st@CEFD-+=<[;DG9-l�=:p��CB=<[>K< >K<[@T< SVPI<[; S^H l�?5p �

?A> �� !� �� $� �� $��

l�?:p `NDHID�DGH¨M/" #&% '�)

stS^9=a^DfSVPID<[SVP_<?9NM -�- -�� + � ' �

a:EFDP_B=<


�q`N7:s�< v 7N;()"B�S^Hc< SYP_<[9�HI@=Sâ:B=<�PIP_D 5

�ZB=< @C@NM�S^W,�CDGEFDFS^> ).HI@=EGDGP Sâ:>K<[<[s�<[95P DF9l�?5p�J[EG< S^>KE-)i>K< ��<?J?P_H P_B=<�H ),95PLS^J�P_DGJ�MOHK<[stS^95P_DGJo�¡<[SVP_W=>K<HI@=EGDGPZ7^WCP_EGDF9=<?; DF9 P_B=<iDG9�PI>I7,;=W=J�P_7:>H)JLB�S^@NP_<[>?n

�O9 7^>I;=<?>.P_7@C>I7¤],DF;=<1S^9�< �N@=EfS^9=SVP_DG7:9 7^�¡BC< � S^J?PIH �KW=HKP!7:WCP_EGDF9=<?;�� EG<?P.st<7+=>IHKPi@C>I<[HK<[95PHI7:s�<2a:<?9=<[>ISÊ}7 v HK<[>K]VSVPIDF7:9CH3S v 7:WNPc@�S^HKPA@�SV>KP_DGJ[DG@=EF<.Sâ:>I<?<[s�<[95PADF9 � P_SÊFDFS^9�n

6! �6! � + �!��+1(-��C� �'�� +1�#(��*� � � �� 7 �-+ ��+1�

�O9 S�>K<[J[<?95P.@�SV@ <?>[� ? <?EFEF<�PIPIDel ¥V¦:¦C¢ p�<?9�W=st<?>_SVPI<[HcP_B=<iHH)N95P_S^J?PIDFJiJ[7:9 +�a:W=>ISVP_DG7:9=H P_B=SVPca:DG]^<>IDGHI<�PI7&@=@0Sâ^>I<[<?st<?95P DF9 � PLSÊGDfS^9�n �O9�P_BCDFH"HK<[J�P_DF7^9��c��>K<[@=>K7N;CW=J[< ?�<[EFEG<?PKP_D 5 H�;�SVPLS-S^9=;@=>I<?HI<?9�P HK7:st<rJ[7:9=HKDF;=<?>_SVPIDF7:9CH.cB=DGJLB 7^@ <?9 P_B=< @=SVP_B��¡7:>AP_B=<1S^9=SÊ-),HIDGH.7^�o@=@(SVa:>I<?<[s�<[95PDF9R�¨`NC H��n

? <[EGEF<?PKP_D l ¥^¦:¦N¢ p3HIBC7E.cH2PIB�SVPi@=@ Sâ:>K<[<?st<?9�PiDG9 P_B=<�@=S^HKP2PI<[9=HK<�7 v PLS^DG9=H!DG9�� PLSÊGDfS^9 DG9P_B=<2�¡7:EGEF7�.cDF9Ca H ),95PLS^J�P_DGJ J?7:95P_< �NPIH[�

� g0DGPIBRW=9�S^J?J[W=HISVP_Dª]:<i]:<[> v H[�

l¨¢ ¦5p � SV>IDfS� SV>IDfS M � � + '�)

�DGH¨M�"$#&% '�)

@�S^>KPIDGP_SEF<?� P¨M -�- � � + '�)

�q� S^>KDfS B�S^HcEG<?� P*5 & �¡>K7:s ? <?EFEG<?PIPID8l ¥V¦:¦C¢:� < � ¥:p '

� g0DGPIBR@�S^HIHKDG]^< s�7:>K@=B=7:EG7:a1)T�

l¨¢^¢ p � SV>IDfS� SV>IDfS M � � + '�)

�DGH¨M�"$#&% '�)

HKPLSYPLSv <?<[9NM -�- � � + ' )

S^HKHIW=95PLSB=DG>I<[;,M -�- � � + '�)

�q� S^>KDfS B�S^H v <[<?9�B=DG>I<?;65 & �¡>K7:s ? <?EFEG<?PIPID8l ¥V¦:¦C¢:� < � %�3.�� .�A >�> ��1�,�@6N46�7 ->�6�.�NL6��4�� + 6Z��+ . � /, �6��. H�� 0M�R�Z�92Y�LH � �� 0�0M�R � � � ��/ C��=H � � ��7M�R��P � .�>$.�,�C@��,%. H � � ��7M�D

�� &� � �� ?A?

� \A9=;=<[>c;=DG>I<?J?PA7 v �K<?J?PAJ[EGDGP_DGJ[DGb SVPIDF7:9��

�

7 v EFDFa:SVP_7:>KDFE>) �¡7:> P_BC< < >I;�@ <?>IHI7^9��

l�¢ ¥:p �L5 B=7BC<[>¨M � � � �� + '�)�B�S ]:<�M�� ' � ' )

],DFH¨PLS5© �¤7HI<?<[9NM -�- � � + � + � ' � '�)

��oB�S ]:< HI<[<?9 B=<?>#5 & �¡>K7:s ? <?EFEF<�PIPIDel ¥V¦:¦C¢:� < � §5S5p '

�

7:@NP_DF7^9�SÊFE>)�.cDGP_B PIB=<i7^P_B=<?>Z@ <?>IHK7:9=H[�

l�¢ K7:s ? <?EFEF<�PIPIDel ¥V¦:¦C¢:� §=� =^S5p '

� g0DªP_BR>I<��<��NDG]^<¤©V>K<[J?DF@=>K7NJ[SÊ}J[EGDGP_DGJ[H?�

l�¢ §�p ��Ds�<�M � � � �� ' � ' )

HI7^9=7S^s�M�� ' � '�)

a:W�S^>K;�SVP_S. SYP_JLB=<?;NM -�- � � + '�)

SVEFEF7SYPZP_B=<

HI@T<[J?JLB=DF7s�DF>I>K7:>

�� B=S¤]^</. SVPIJLB=<[;�s7),HI<[Eª��DG9 P_B=<is�DF>I>K7:>#5 & �¡>K7:s ? <?EFEF<�PIPIDel ¥V¦:¦C¢:� §=��£:S5p '

� g0DªP_BRDFs�@ <?>IHK7:9�SÊ @�S^HIHKDG]^< ��

l�¢�=:p `,DHKDHI7:9=7S^>I< M/"$#&% - �

J?7:HKPI>IW=DªP_<v W=DFEªPKM -�- � � + -��

st7ÊGP_<s"SV9 )5M � � + -��

J[S^HI<BC7:W=HI<?H¨M � � + -��

� k <?7:@=EG< B=S¤]^< v W=DFEªPZs"SV9 )"B=7:W=HK<[H�5 & �¡>K7:s ? <?EFEG<?PIPIDelm¥^¦:¦C¢:� §=� B p '

? S^HI<?;07:9 P_B=< S^9�SÊ>)NHKDFH7V� PIB=< ;�SYPLS�S v 7¤]:<^�G? <[EGEF<�PIP_DA@=>K7:@ 7^HI<[HRS-]^<[>H) DFs�@ 7^>KPLSV9�Pa:<?9=<[>ISÊFDGb SVPIDF7:9�� .cB=DFJLB�DFH PIB=<iHKP_S^>KPIDF9=a�@T7:DF95PZ�¡7:>Zs�) S^9�SVE-),HIDGH[�

l¨¢ £5p � ��C�8�� #��*(�+ �� C+,�-�� 2k�S^H¨Pr@=S^>KPIDFJ[DG@=EF<rSâ:>K<[<[s�<[95P DF95]^7:EG]^<[H S^>Ia:WCst<?9�PIHv <[EG7:9=a:DG9=a P_7ZPIB=<8EF7�. <?HKP�EG<?]:<?E57^�,P_B=< 6!k @=>I7 �K<[J?PIDF7:9 � P ),@=DGJ SÊGE-)cP_BC<o;CDF>I<?J?P�7 v �K<[J?P[n� PA;=7,<[Hc9=7^PcDG95]:7:Eª]:< � < �,P_<[>K9�SÊ 5 S^>Ia:WCst<?9�PIH[n & �¡>I7^s ? <[EGEF<�PIP_D l ¥^¦^¦C¢:� ¥N¢ p '

¢¤¦:¦ ��!�� &� �� $� ��

��7:>K<[7¤]:<?>[� v W=DGEF;=DG9=a 7:9 C DF9NF�W=<�l¨¢-?A?;>5p�� ? <[EGEF<�PIP_DT@=>K7 ],DG;=<[H <?EF<?st<?9�PIH P_B=SVP HKB=7�. PIB�SVP PIB=<@�S^HKHIDG]^< @=@ >K<[stS^DF9CH3EG7E. DG9�PIB=< HKPI>IW=J�P_W=>K<^��DG9=HIDG;=<iP_B=< 62k n �ZB=< @�SVHIHIDª]:< @C@ s"S*)R�¡7:EGEF7�.P_B=< S^;N]:<[> v $� �� l � a^7N7,;65 p�� .cBCDFJLB�� S^J?J[7:>K;=DF9Ca1PI7DC DG9NF�W=<^��HKDFa:9=SÊFH PIB=<i<[;=a^< 7V� PIB=<262kZ�

l¨¢ B p � W=<[H¨P_7P_BCDFH

a:<[9C<[>I<U�DF9=;NM + ��' � '�)

;=D7^�HI@T<?PKPLS^J?7:EFDHIBC7E.cH

�DFH¨M�"$#&% '�)

HKP_SVP_7v <?<[9NM + ��' � '�)

HK<[s�@=>I<SVE-. S�),H

v <[9=<.�<[EGE

S^J?J[7:EªP_7>I<?J[<?DG]:<?;NM + � ' � '�)��ZB=DFHcU�DF9=;R7^� HIBC7E.cHAB�S^HASÊ>. S*),H v <?<[9 . <?EFE�>K<[J[<?DG]^<[;65 & �¡>I7:s�? <[EGEF<�PIP_Dl ¥V¦:¦C¢:� ¥:¥N� §:§:J p '

? <[EGEF<�PIP_D 5�H a:<?9=<[>ISÊFDGb SVPIDF7:9�DF90l�¢¤£5p�� P_7:a:<�P_B=<?>7.cDGPIB&P_B=<"EfS^H¨P�7 v HK<[>K]VSVPIDF7:9&S v 7^WCPrPIB=< EF7�.@ 7^HIDGPIDF7:9�7^�8@�SVHIHIDª]:< @C@�� @=>K7¤]NDG;=<[H.W=HG.cDGPIB <[9C7:W=a:B s�< SV9=H3PI7 S^9�SÊ>),b[<r@C@(Sâ:>I<?<[s�<[95P!DG9P_<?>Is�HZ7^�LC 7^9=J[7:>K;�n

6! � 3 ��A#( � +1�'� �� +,��:�(�� #" � �� '+ � � ��+1(-��C� �'��

�O9 P_BC< DF95P_>K7N;CW=J?PIDF7:9��T�Z@=>K7:@ 7^HI<[; PIB�SVP C 7:9=J[7^>I; DGH!S^9 7^@ <?>_SVPIDF7:9 .cB=DFJLB�HK<[EF<?J?PIH!HI<?s"S^9,MP_DGJ�l p�¡< SVPIW=>I<?H S^9C;�;=<�P_<[>KstDG9=<[H�S^; �K<?J?PIDG]VSÊiS^9=; @�S^>¨P_DFJ?DF@=DFSÊ2Sâ^>I<[<?st<?95P n Q�7:EGEF7�.cDF9=a\3>KDfSâ:<?>I<?UVS�l�¢-?A?A?5p SV9=; �AW=a:B=<?H lm¥^¦:¦ < p�� B=S¤]^< ;C<�+�9=<?; C 7:9=J?7:>I; S^HAS�EG7NJ[SÊ�7:@T<[>ISVP_DG7:9��.cB=DFJLB PLSÛV<[H @=EfSVJ[<1DF9=HKDF;=<�SRs"S �CDGs"SVE�@=>K7 �K<[J�P_DF7^9�� v <?P .�<[<?9-P_BC<tB=<[S^;�S^9=;-DªP_HiHI@T<[J?D-+�<?>7:>rPIB=< B=< SV; SV9=;�DGPIH J[7:s�@=EG<[s�<[95P n C 7:9=J?7:>I;yHK<[>K]^<[H�P_7(HISVP_DGHK� )-S U,DG9=;�7^� ��W=9=DG�¡7^>Is�DGP )7^�3HI<[stS^95P_DGJ�¡< SVPIW=>I<?H#58>I<�F�W=DF>K<[s�<[95P1DF9=HKDF;=<RSV9 �!k n C 7:9=J?7:>I; S^J�P_H1<��CS^J�P_E-)&EFDFUVK<[<V�DF9-PIB�SVPrDGPr]VSÊGW=<[H W=95]VSÊFW=<?;&�¡< SVPIW=>I<?H[n�� P P_S^>Ia^<?P_H P_B=< MOHK<?P �8SV9=;&PLSÛV<[H @CEfS^J?<DF9=HKDF;=<tSs"S �CDGs"SVE @=>K7 �K<[J�P_DG7:9�n

�ZB=<�C 7:9=J[7^>I;R7:@T<[>_SYP_DF7^9DFH 9C7^PZHIW v HKP_S^95P_DfSVEFE-)t;=D>0 <?>I<[95P �¡>K7:s u a:>I<?<^n � 9=<2J?7:W=EF; HIS*)P_B�SYPI.�<(S^>I<�PLSÊGU,DG9=a&S v 7:WNP"P_BC< H_S^s�< 7^@ <?>_SVPIDF7:9�� S^9=; .�< ;=DFH¨P_DG9=a:W=DGHIB�7^9=E-) v <?P .�<[<[9;=7:stS^DF9CHe7^��SV@=@=EFDGJ SVPIDF7:91SV9=;��¡<[SVP_WC>I<cHI<�P_H8PLS^>Ka:<?PI<[;��@C 7^9=J[7:>K;tDGH8EF7,J SÊ�SVa:>I<?<[s�<[95P ��DF9CHIDF;C<S�stSY�NDFstSÊ @=>I7 �K<?J?PIDF7:9��TS^9C;�PLSV>Ia:<�P_H M �¡<[SVP_WC>I<[H � u a:>I<?< DGHAS�EG7:9=a:<?>A;CDFHKP_S^9=J?< 7:@T<[>ISVP_DG7:9��.cB=DFJLB�B�S^HZPIB=< `N@ <?J^� �A< S^;�J[7:9 +�a:W=>ISVP_DG7:9�S^HZDGPIHZstDG9=DFstSÊT;=7:stS^DF9��CS^9=; PLSV>Ia:<�P_H �M HI<?PIH[n

�ZB=<t;=SVPLS @=>K<[HI<?95P_<[;&S v 7¤]^<^� S^H/? <[EGEF<?PKP_D 7 v HI<?>K]:<?;��HKB=7�.�P_B=SVP @=@-SVa:>I<?<[s�<[95PiPLSÛV<[H

�� &� � �� ¢¤¦C¢

@=EFS^J[<3DF9=HKDF;=<AP_B=<A62k �CS^9=;"PIB�SVP DGP�DF95]:7:Eª]:<?H P_B=<.J[7:s�@=EF<?st<?95P @T7:HIDªP_DG7:9�n��O9 7^W=>�PI<[>Is�H[�,@=@Sâ:>K<[<?st<?9�PcP_SÛ^<?H3@=EFS^J[<2WC9=;=<[>C 7:9CJ[7:>K;�n

? <?�¡7:>K<i@=>I7,J[<?<[;=DG9=a%.cDªP_BRP_B=< S^9=SÊ-),HIDGHc7^��@C@ Sâ:>K<[<?st<?9�P[��EF<�P3WCHAJ?7:9=HKDF;=<?>APIB=<i9�SVP_WC>I<7^� PIB=<"@C@�nR� PrDGH PI>_S^;=DªP_DG7:9�SÊGE-)�>I<?J[7:a:9CDFb[<?;-P_B=SVP PIB=<�@=@&DFH v 7^P_B ]:<[> v SÊ�S^9=;-S^; �K<[J�P_Dª]^SVEl HK<[ S�>I<?J[<[95P�S^9=SÊ-),HIDGH 7V�Z;=<?]^<[> v SÊZS^; �K<[J?PIDG]^<[HS^9=;-S^; �K<?J?P_Dª]VSÊ8@�S^>KPIDFJ?DF@=EG<[HLp n"�ZB=<t@=@-DGH DG9 � SVJ?P >I<[EFSVP_<?;�PI7�PIB=<t]^<[> v SÊ�@=S^>_S^;CDFa:s�� S^9=;DFHZ]^<[> v SÊ}DF9R9�SVPIW=>I<Vno�37�. <�]:<?>[�TDGPc<��NB=D v DGPIHcS^HI@T<[J�P_HcP_B�SYP.SV>I<!P ),@=DFJ[SÊ}7^��S^; �K<?J?P_Dª]:<?H[� HIW=JLBS^H3a:<[9=;C<[>.DG9$��<?J?P_DG7:9�n u H3HKP_SVP_<?; DF9�P_B=< DF95P_>K7N;=WCJ?P_DG7:9�� S^; �K<[J?PIDG]^<[H!7:9CE-)R@T7:HIHK<[HIH!S M HI<?P[nke@=H[�,B=7�.�<?]:<?>[�NS^>I< v 7^P_B�]^<[> v SÊ S^9=;�S^; �K<?J?PIDG]VSÊ=DG9�9�SVP_WC>I<^n��ZB=DFHoS^s�7:W=95P_H PI7iH_S*),DF9=a2P_B=SVP@=@=H8B=7ÊF; v 7^P_B =M �¡< SYP_W=>K<[HeS^9C; M �¡< SYP_W=>K<[H[n4? 7^PIB1PIB=< �M�HI<�P SV9=; P_B=< MOHI<�PoS^>I< W=95]^SVEFW=<?;��S^9=;�9=<?<[;�PI7 v <!]VSÊGW=<[;R],DfS u a^>I<[< S^9C; C 7:9CJ[7:>K;�n

� � P_BC<"B<),@ 7^PIB=<[HKDFH��KW=HKP 7:WCPIEFDF9C<[;(B=7:EG;=H[� P_B=<?9�P_BC<[>I<tHIB=7^W=EF; v <�HIDªP_W�SYP_DF7^9=HiDF9 .cB=DFJLBC 7:9=J?7:>I;(SV9=; u a:>K<[<�SVJ?P!;CDFHKPIDF9=J�P_E>)��¡>K7:s 7:9=<�SV9=7^P_BC<[>[n � PIB=<[>H.cDFHK<^� PIB=< @T7:HKPIW=EfSVPIDF7:9�7^�P_BC<t< �NPI>_S MOHK<?P . 7^W=EF; v <�>I<?;=W=9=;=S^95P n"� P a:7,<[H .cDGPIB=7:WCP HIS�),DG9=a�PIB�SVP <?],DG;=<[9=J?<t�¡7:>!PIB=<<��NDGHKP_<?9=J[< 7^��P_BC<iP .�7��¡< SVPIW=>I<2HK<?PIH.S^9C;RPIB=<2;=D>0 <?>I<[95PAS^@C@=EFDGJ SVPIDF7:9%+�<[EG;=Hc7^�4C 7:9=J[7^>I;�S^9=;u a^>I<[< DFHZ@C>I7¤],DF;=<?; v )R�¨`NC H[n�� .cDGEFE >K<?PIW=>I9�P_7�P_B=DGHcDFHIHKW=< DF9 P_B=<i9=< �,P.HK<[J?PIDF7:9 ��;=<[;=DGJ SVPI<[;P_71P_BC< ;C<[>IDª]VSVP_DG7:97^� @=@�Sâ:>I<?<[s�<[95PA@�SVPKP_<[>K9=HK.cDGPIB��¨`(C H[n

Q 7^> PIB=<"s�7:s�<[95P � �M.cDFHKB-P_7 J?7:9=J?<[95P_>ISVP_<7^9&@=@�Sâ^>I<[<?st<?95P DF9�a:<[9C<[>_SVE � SV9=;&HIBC7E.B=7�. C 7:9CJ[7:>K; .�7:>IU�H[nt�ZB=<�;�SVPLSR@=>K7:@ 7^HI<[; v );? <[EGEF<?PKP_DeSV>I<�F�W=DGPI<�<[S^HIDGE-) S^9�SÊ>)Nb[S v EG<�DF9P_<?>Is�Hc7^�LC 7^9=J[7:>K;�n u HAS^9R<��CS^s�@=EG<^��EF<�PZW=HA<��CS^s�DF9=<�l�¢¤¦5p �=B=<[>KI<[@T< SYP_<[;�S^H l¨¢8>5p��

l¨¢8>5p � SV>IDfS� SV>IDfS M � � + '�)

�DGH¨M�"$#&% '�)

@=S^>KPIDGPLSEG<?� P¨M -�- � � + '�)

�q� S^>KDfS�B�S^HcEF<�� P*5

�O9"l¨¢->5p �¤P_B=< ]^<[> v �� l � EG< S ]:< 5qp�DFH W=9�S^J?J[W=HISVP_Dª]:<^�^S^9=;�� # DGH P_BC<oDG95P_<[>K9�SÊ5SV>Ia:W=s�<[95P[n�ZB=< H ),95PLS^J�P_DGJ ;C<[>IDª]VSVP_DG7:9 7^� l¨¢->5p a^7N<?H3SVH �¡7:EFEG7E.cH?�

� � �� # DFHZs�<[>Ia^<[;�.cDGPIB�PIB=<i@�S^HKPc@=S^>KPIDFJ[DG@=EF<Vn

� �ZB=< @=@�B�S^HZW=95]VSÊGW=<[; M �¡<[SVP_WC>I<[HAS^9C;�W=95]VSÊGW=<[; �M �¡< SVPIW=>I<?H[n

¢¤¦5¥ ��!�� &� �� $� ��

� �ZB=<tW=95]^SVEFW=<?; M �¡<[SVP_WC>I<[H 7:9 P_B=<t@=@y� SVPIJLB .cDGPIB�PIB=<�]VSÊGW=<[; M �¡<[SVP_WC>I<[H 7^� PIB=<9=7:WC9 � �� # n

� �ZB=<i@=@�a:<?PIH M ]VSÊGW=<[;�S^HAQ do�� A� �.d S^9C; `N� � � \3� u �in

� �ZB=< S^WN�NDGEFDfSV> )tDFHZs�<[>Ia^<[;RDF9R�2n�� PcB�S^HcW=95]VSÊGW=<[; �M �¡< SVPIW=>I<?H[n

� �ZB=<rS^WN�NDFEGDfS^>H) ��EF7,7:U�HA;C7E.c9=5 DG9�7:>K;=<[>AP_7�+�9=; ]VSÊGW=<[; �M �¡< SVPIW=>I<?H[nZ� P!� SVP_JLBC<[H.PIB=<�M HI<�P27^�eP_BC<�@=@��=.cB=DGJLB�DFH!BC7E.�<?]^<[>i9=7^P.]^SVEFW=<?;��}S^9=; PIB=<[>K<?�¡7:>K< J SV9=9=7^P!]VSÊGW=<rPIB=<�M HI<�Pc7:9��2n

� �ZB=< SVWN�NDFEFDFS^> )�� SVPIJLB=<[HB.cDªP_B�PIB=< =MOHI<�P 7^� � �� # n u a:>I<?<tP_SÛ^<?H @=EfSVJ[<^� S^9=;-PIB=<S^WN�NDGEFDfSV> )�a:<?PIHAS < >I;�HIDF9Ca:W=EfSV> HI@T<[J?D-+�J[SVP_DG7:9�n

� u H3S1>I<[HKW=EGPA7^�e� SVPIJLB v <�P . <?<[9 PIB=< S^WN�NDFEGDfS^>H) S^9=;RP_BC< @=@ � PIB=<i]^SVEFW�SVPIDF7:9 7^9 � DGH� P_>_SV9=HIs�DGPKP_<[;=5=SÊGHI7�P_7�P_BC< @C@�n

� � ��# s�7¤]:<?HcPI7�P_B=<iHI@T<[J?D-+�<?>c7^��*P_7�JLB=<[JLUPIB=< d8kok n

l¨¢-?:p �ck

� S^>KDfS � � 5

� @=@=k

� @C@ j.k

S^>I>KDG]VSVP_S P��

`,P_<?@ v )RHKPI<[@ � �� *PT.� �6P ��,�,%.�S ,�@>�,%E+ 6�0 �+ � �� C�� RY %�*��,%,�.�S �F1�,�@�.�,��-.�� C�.�,�P D

�� &� � �� ¢¤¦ <

l ¥V¦5p & D n ' @=@�kS^>K>IDG]VSVP_S � S^>KDfS a^9�9C> ��¡<[s�HIa � � �.� Q do� ` �

& DGD n ' @=@�kS^>I>KDG]VSVPLS � S^>KDfS a:9�9=> ��¡<[s�HIa Q do� ` � Q do� ` �

& DFDGD n ' �� @C@�k

9=>c@=HS^>K>IDª]^SYPLS ��S^>IDFS a:9�9C> ��¡<[s HKa Q do� ` � Q�d�� ` �

& DG]Tn ' �ck��S^>IDFS � �

� @=@�k < >I;�HIa

S^>K>IDª]^SYPLS P�� ¡<?s HIa Q do� ` �

�O9yl ¥^¦:p & D n ' �T7:9=< s�DFa^B�P .�7:9=;=<?>M.cB )�9=7 u a:>I<?< >I<?EfSVPIDF7:9�B=7:EG;=H v <?P .�<[<?9 PIB=< �M HI<�P!7^�P_BC< @=@�S^9C;rP_B�SYP 7^��PIB=< ;=DG>I<?J?P 7 v �K<[J�P n�� !� � �^9=7VP_B=DG9=a.@=>K<?]^<[95P_HeP_BCDFH��¡>I7:s B�S^@C@ <?9=DF9=aCn�ZB=<i� S^J?PZPIB�SVPZPIB=<i@=@R>I<[HKW=EGPIHcDF9RB�S ],DF9=a�S �¡<[s�DF9=DG9=<�=M �¡< SYP_W=>K<2<?]:<?9 Dª� PIB=<i� BC< S^;�;=7,<[H9=7^P B=7:EG; SAa:<?9=;=<?> �¡<[SVP_W=>K<�HK<[<?stH�P_7AHIB=7�.&PIB�SVP�SÊFHK7 u a:>K<[< v <�P . <?<[9rPIB=<�@C@ =MOHI<�P SV9=; PIB=<7 v �K<?J?P =MOHK<?P B=S^H PLSVU^<[9 @CEfS^J?<^ne�O9"PIB=<!<[9C;��NPIB=<.]VSÊFWC<[H�PIB�SVP�P_B=<3�*BC< S^;@C>I7¤],DF;=<?H P_7rPIB=<@=@"S^>I<A;=<[>KDG]^<[;"DG9�PIW=>I9t@=>I7¤],DF;C<[; v )1P_BC<.j!k&7 v �K<[J�P n8�37�.�<?]^<[>[��C 7:9=J[7^>I;SV9=; u a:>I<?<.S^J�PDF9R;=D>0 <?>I<?9�PA;=7^s"S^DG9=HZS^9C;�7:9�;=D>0 <?>I<[95Pc�¡< SYP_W=>K<�MOHK<?PIH[� S^HcHKP_SVP_<?;�DG9 P_B=<i@=>K<?],DF7:WCHAHK<[J�P_DF7^9�nC 7:9=J?7:>I;�S^J�P_HM.cDGPIB=DF9(S@CB=>_S^HK<^� .cB=DGEFI<?<tSVJ?P_H2<?DGPIB=<[>2DG9�@=>I<?HI<[9CJ[<�7^��S�`,@ <?J¤©^�A< S^;J[7^9(+�a:W=>ISVP_DG7:9��=7^>ZEF7:9=aYMO;=DGHKPLSV9=J[<Vn

g0DGP_B�P_B=< C 7:9=J[7^>I;s�<[JLB�SV9=DFHKs�DG9s�DF9=;��EG<?P WCH�P_WC>I9P_7 J[7:9CHIDF;C<[> PIB=<.@=@Sâ:>I<?<[s�<[95P

¢¤¦^§ ��!�� &� �� $� ��

@�SVPKP_<[>K9=Hc7^� �¨`NC H3DG9R� PLSÊGDfS^9�n

6! � � � +,��(��*�� 7 � 3 � ��/�� +1�#(��*��

u H HKB=7�.c91S v 7 ]^<^�^PIB=< @=@ Sâ:>I<?<[s�<[95P @=SVPIPI<[>I9�7V��¨`NC H4.cDªP_Br6AM � Sâ:>K<[<?st<?9�P DFH S^H �¡7:EGEF7�.cH[�v 7VP_B�PIB=<�@=@�S^9=; P_B=<"S^WN�NDFEGDfS^>H)�Sâ^>I<[<�.cDGPIB�PIB=<j!k 7 v �K<[J?P[n u 9-< �CS^st@CEF<�7^�ZHIWCJLB�S^9Sâ:>K<[<[s�<[95PA@�SVPKP_<?>I9RDFH lm¥N¢ p��

l ¥N¢¤p `NDHIDHK7:9=7S^>K<�M�"$#&% -��

stS^9=a:DFSVP_D<[SVP_<?9NM -�� + � ' �

a:EGDPIB=<�M - � + ��' �

HI@�SVa:B=<?PKP_DHI@�SVa:B=<?PKP_D

� k <[7^@=EF< © . < B�S ]:< < SYP_<[9�HI@=Sâ:B=<�PIP_D 5

�O9&P_B=<tEFDGa:B5Pr7^�ZPIB=<";CDFHIJ?W=HIHKDF7:9 �KWCHKP�7:WNP_EFDG9=<[; ��DGP DFH J[EG< S^>iP_B�SYP @=@ySâ^>I<[<?st<?95P DF95]^7:EG]^<[H M �¡<[SVP_WC>I<[H?�=.cB=DGEF<r� MOj!k�SVa:>I<?<[s�<[95P2DF95]^7:EG]^<[H�=M �¡< SYP_W=>K<[H[ni�ZB=<r;=<[>KDG]VSVP_DG7:9 7^�3lm¥N¢ pca:7N<?HS^HZ�¡7:EFEG7�.cH[�

� �ZB=< j!k � � �� #�#� DGHZst<?>Ia:<?; .cDªP_BRP_B=<i@=@ n

� �� #�#� B=7:EG;=H ]VSÊGW=<[; M �¡< SYP_W=>K<[HZlm� u `(C \.�}� �.dZ�5k8��\.� u �e�VS^9=; < �Aj2p S^9=;]VSÊFWC<[; �M �¡< SVPIW=>I<?H l stS^HIJ S^9=;R@=Efp�n

� � SVPIJLBDFH�<[H¨PLS v EGDFHKB=<[; v <?P .�<[<?9 P_B=<3@=@ S^9=;tP_B=<.j!k 7 v �K<[J�P n u H S >I<?HIW=EªP �NC 7:9=J[7^>I;7 v P_S^DF9CH[n

� �ZB=< M �¡< SVPIW=>I<?HA7V� PIB=<i@=@ SV>I<!]VSÊFWC<[;�S^Hck8� \3� u �&S^9=; � u `NC \.�}� �.dZn

� �ZB=< d �.B=<[S^;�DFHZs�<[>Ia^<[;�n

� � � DFH�s�<[>Ia^<[;yDF9�P_BC<�HK@ <?J[D>+�<[>17^�.d �¤n � P1DGH1>I<?�¡<?>I<?9�PIDfSÊmn&� P_H =M �¡< SYP_W=>K<[H�S^>I< < >I;@T<[>IHK7:9�� 9C7-a:<?9=;=<[>?� 9=7�9,WCs v <?>[n � PIH M �¡< SVPIW=>I<?H"SV>I<�k8� \3� u �e� � u `NC \3�� 3d� Q do�� A� �.dZ�T�.\.� u � � SV9=; \ �!`Ck8d C ��Q��d8j�k8d8�.` � � n � � B�S^HAS^9�W=95]VSÊFWC<[;C S^HK<i�¡<[SVP_WC>I<^n

� !"DGHZst<?>Ia:<?;�ne� PAB�S^HcW=95]VSÊFWC<[; �M �¡< SVPIW=>I<?H[n

�� &� � �� ¢¤¦C=

� ! � EG7N7:U�HZ;=7�.c965��¡7:>cS ]VSÊGW�SVP_7^> 7^� DGP_HZWC9�]VSÊGW=<[;R�¡< SYP_W=>K<[H[n8� Pcs�<[<�P_H �� n

� � SYP_JLB DGHZ<[H¨PLS v EGDFHKB=<[; v <�P . <?<[9 !S^9=; �� n � � ]VSÊFWC<[Hc@ <?>IHK7:9�7^9 !¤n u H �� ;=7N<?H39C7^PB�S ]^< HH)N95P_S^J?PIDFJi9�W=s v <[>[��;C<?� S^W=EªPcHIDG9=a:W=EFS^> 9�W=s v <[>ASâ:>K<[<?st<?9�PADGH ]^SVEFW=<?;�7^9 ! � n

� u H3S1>I<?HIW=EªPc7^� u a:>K<[<^� �� >I<?J[<?DG]:<?H u J?J[W=HISVP_Dª]:<BC S^HI<Vn

� �ZB=< ��BC< S^;�DFHZs�<[>Ka:<[;�n

� � <[HKP_S v EGDFHIBC<[H�S-��SVP_JLB >I<?EfSVPIDF7:9 .cDªP_B�P_B=<R@=@ +�>KHKP � .cB=DFJLB J SV9=9=7^P1]VSÊFWC< DGP_H =M�¡<[SVP_W=>K<[H?n

� � EF7,7:U�H �¡W=>KPIB=<[>AS^9=;Rs�<[<�P_HZP_B=< j!k 7 v �K<[J�P �N.cB=DGJLB�]VSÊGW=<[HZDªP_HZ9�W=s v <[>Z�¡< SYP_W=>K<^n

� � � J[EGDGP_DGJ[DGb[<[Hr7:9�P_B=<R��B=< S^; � S^9=;�]VSÊGW=<[H�DªP_H�@T<[>IHK7:9y�¡< SVPIW=>I<Vn u H�S�>I<[HKW=EGP[�oPIB=<S^W,�CDGEFDFS^> )tDF9 � HIB=7�.cH < >I;�@ <?>IHK7:9�@CEFW=>ISÊ�DF9 ��<[J�P_DF7^9

�ZB=<i<��CS^J?PAs�<[JLB�SV9=DFHKs 7^� �M ]VSÊGW�SVPIDF7:97^9�� DFHZ< �C@CEfS^DG9=<[;RDF9 PIB=<i9=<��,P3JLB�S^@CPI<[>[nu HoDF91P_B=<AJ S^HK<37V� P_BC<3@=>K<[HK<[95P PI<[9=HK<^�NPIB=<3dok8k�7:9�� DFH8HISVP_DGH +�<?; v ) �� n��ZB=<3;=DfSâ^>_S^s

7^� l ¥N¢¤p DFHZHIBC7E.c9�DF9�l ¥^¥:p��

l ¥^¥:p �ck

� !Nk

HKD � HK7:9=7 ! d �Lk

P�� @=@�k

stS^9=a:DFSVP_D a:EFD HI@�Sâ^B=<?PKP_D

� ��PT�A ��/�� ,%� �/T ��.0�;.�A �7/�N �$@,U.�� VN)�92 �$Q��3.�S-EPZ�3�4C@.��7 %��7 �+[�3�;S��3C��X %�6,%Q��+ �3��C@.�NL>�3� %8��3/�� .0��.�A ��IAB6�� %/,�6+ �Y2 �4,��AB6,%6�0 ��3�� ,�1�/NL6�0 ED

¢¤¦:£ ��!�� &� �� $� ��

6! �& � � +,��(��*�� 7 � 3 � ��/�� +,��(��*��

�ZB=<!SVa:>I<?<[s�<[95P @�SYPIP_<?>I97V��S^9"�¨`(C .cDªP_Bt9=7 6AM � Sâ:>K<[<?st<?9�P DF9�P_B=<3@�S^HKPoP_<?9=HI<.DFHo<��N<[s�M@=EFD>+�<[;RDG9 l §�p ��B=<[>K< >K<[@T< SVPI<[;�S^H l ¥ < p��

l ¥ KD):<?HKPI<[>I;=S�)

HK<[>_S<�]:<[9CDF9=a

HIDHID�DGH¨M/" #&% '�)

stS^9=a^DfSVPI7<[SVP_<?9NM -�- + ��' � '�)


� o<[HKPI<[>K;�S*)R<?]:<?9=DF9CatHK7:st< v 7,;()C© .�<rSYP_<2HI@=Sâ:B=<�PIP_D 5

�O9�l ¥ < p��9=7tSâ:>K<[<?st<?9�PAPLSVU^<[HA@=EFS^J[< v <?P .�<[<[9 PIB=< S^WN�NDFEGDfS^>H) S^9C;�PIB=<rj.k 7 v �K<[J�P n u HHIB=7�.c9 DG9 HK<[J?PIDF7:9 < nq¥,n*7V�2JLB�S^@CPI<[>¥N�ZDF9 P_B=<�J S^HK< 7^�2�¨`(C HI.cDGPIB�9=7 63M � SVa:>I<?<[s�<[95PP_B=<1d � B=< SV; DGH!9=7^Pi@C>I<[HK<[95P � S^9C;(PIB=<[>K<?�¡7:>K<�9=7RDF95P_<?>K]^<[95P_DG7:9(<�0 <[J?PistS*) v <�@ <?>K�¡7:>Kst<?;v ) �� n��ZB=< j!k 7 v �K<?J?P�DGHr9=7:>Ks"SVEFE-)�S^HIHKDFa:9=<?; u J[J?W=H_SYP_DG]^< J S^HK<^�8S^9C;&P_B=<t@=@�;=7,<[Hr9C7^PHIB=7�. Sâ:>K<[<[s�<[95P�.cDGP_B PIB=< 7 v �K<[J?P[n �O9 l ¥ < p�� P_BC<�j!k 7 v �K<[J�P � �� #�#� DFH"@CEFW=>ISÊ �P_B=<t@=@&HKB=7�.cH P_B=<t;=<?� S^WCEGP s"S^HKJ[W=EGDF9=<1HKDF9=a:WCEfS^> <[9=;CDF9=a=n��O9�S^;C;=DGPIDF7:9(P_7&l ¥ J[7:9CHKP_>KW=J?PIDF7:9�DFHcSVEFHI71S ]VS^DGEfS v EG<^�NS^HcHIB=7�.c9�DF9�l =:p �=B=<?>II<?@ <[SVP_<?; S^H lm¥V§�p��

l ¥V§5p `NDHID�DGH¨M/" #&% '�)


a:EFDP_B=<


� k <[7^@=EF<iB�S ]:< < SYP_<[9�HI@=Sâ:B=<�PIP_D 5

�O9�lm¥V§�p ��@=@ Sâ:>K<[<[s�<[95P .cDªP_B P_BC<�7 v �K<[J�Pi;=7,<[H!PLSVU^<�@=EFS^J[<Vnr�ZB=<1S^W,�CDGEFDFS^> )R;=7,<[H29C7^PSâ:>K<[< .cDGPIBRPIB=<i7 v �K<?J?PADF9=H¨P_<[S^;�� S^9=;RHKB=7�.cH.S < >I;R@T<[>KHI7:9�<[9=;CDF9=a=n

�ZB=<[HK<Sâ:>K<[<?st<?9�P @�SYPIP_<?>I9=H S^>K<�F,WCDGP_<1W=9C<��N@ <?J?PI<[;�� Dª�o7:9=<1J[7:9CHIDF;C<[>IHiP_B=SVP7C 7:9=J[7^>I;DFH HIW=@=@T7:HK<[;&P_7�PLSÛV<@=EfSVJ[< v <?P .�<[<?9�P_B=<t@=@yS^9=;-PIB=<j.k 7 v �K<[J?P[n �O9�@�S^>¨P_DGJ[W=EFS^>[� l ¥ < pHI<?<[s�H!P_7RJ[7:95PI>_S^;=DGJ?P!PIB=<�a:<?9=<[>ISÊ DF;C< S"P_B=SVP�C 7:9=J?7:>I; SÊ>. S*),H!PLSÛV<[Hi@=EFS^J[< v <?P .�<[<?9�PIB=<@=@0S^9=; P_B=< 7 v �K<[J�P n �O9 HI<?J?PIDF7:9 < nq¥Nn�7^�iJLB�S^@CPI<[>R¥,�ABC7E.�<?]^<[>?�.��B�S ]:<�BCDF95P_<?;0SVP"PIB=<@ 7^HIHID v DFEGDGP )AP_B�SYP��¨`NC H�.cDªP_B 9=7c63M � Sâ:>K<[<[s�<[95P S^>K<oDG9=HKP_S^9=J?<[H�7^�=HH),9�P_S^J?PIDFJoDF9=J?7:>I@T7:>ISVP_DG7:9�n�O9-@�SV>KP_DGJ[W=EFS^>[��!HKW=a:a:<?HKPI<[;-PIB�SVP �¨`NC H�.cDªP_B 9=7�6AM � Sâ^>I<[<?st<?95P S^>K<�PIB=<�>I<[HKW=EGP 7^� P .�7;=D-0 <[>K<[95PAH ),95PLS^J�P_DGJ J?7:9(+�a:WC>_SVPIDF7:9=H?�8S1PI>_S^9CHIDGPIDG]^<27:9=< S^9=;�S^9�DF9=J?7:>I@T7:>_SYP_DF7^97:9=<V� .cBCDFJLBJ[7:95]^<[>Ia^< DF95P_7�S�W=9=D F�W=<">I<[HKW=EGP[n � �ZP_BCDFH�.�<[>K<P_>KW=<^�Alm¥ ?n��O9�@�S^>KPIDFJ?W=EfS^>?�^P_BC<3SVa:>I<?<[s�<[95Po@�SVPIPI<[>K9=H�DG9�l ¥V§�p�.�7:W=EG;t<?s v 7N;()

� � � � � �� HID � � � �� $� ��.�� HKD �� ¢¤¦ B

P_BC<1�¡7^>Is�<[>2@T7:HIHKD v DGEFDGP )^� 9�SVst<?E-) PIB=<�P_>IS^9=HIDªP_Dª]:<�HKPI>IW=J�P_W=>K<^�3.cB=DFEG<Rl ¥ < p. 7^W=EF; v <1SRJ SVHI<7^�ZDG9=J[7^>I@T7:>_SVPIDF7:9 n �ZB=DFH DFH <��CS^J?PIE-) .cB�SVPr�G.cDFHKB-P_7�@=>I7^@ 7:HK<^� PIB=<"@T<[J?W=EFDFS^> Sâ:>I<?<[s�<[95P@�SVPKP_<?>I9=HtDF9�l ¥ < p�S^9C; lm¥V§�p�S^>I<RP_BC<�>K< ��< ��7V�.P .�7&;=D-0 <[>K<[95PtH ),95PLS^J�P_DFJ�J[7^9(+�a:W=>ISVP_DG7:9=H?�S^9 DF9=J?7:>I@T7:>_SYP_DF7^9 HKPI>IW=J�P_W=>K<&S^9=; S�P_>_SV9=HIDªP_DG]^<(7:9=<^n �ZB�SVP&l ¥ K@ 7:>ISVP_DG7:9 v <[J?7:st<?Hc<?],DF;=<?95P.Dª� 7^9=<iDF9=HK<[>KPIHAS1;C<?P_<?>Is�DF9=<?>ZDF9 P_BC< J?EfS^WCHI<^�

l ¥;=:p �¤�O<?>ID)^<[HKPI<[>K;�S*)

HK<[>IS<�]:<?9=DF9=a

HIDHID�DGHs"S^9Ca:DfSVPI7< SVPI<[9

a:EGDP_BC<

HK@�Sâ:BC<?PIPIDHK@�Sâ:BC<?PIPID

� o<[H¨P_<[>K;�S*)�<?]:<?9=DF9CatHK7:st< v 7,;()C© .�<iB�S ]:< < SVPI<[9�HI@�Sâ^B=<?PKP_D 5

�O9�lm¥A=:p ��PIB=<ADF9=HK<[>KPIDF7:917^��S ;=<�P_<?>Is�DF9=<?>oEG< S^;CH8PI7 WC9=a:>_SVststSVP_DGJ SÊGDGP )^n}�O9tP_BC<3J[S^HI<A7^�8lm¥ K@ 7:>ISVP_DG9=a DF95P_7 P_B=<3@�S^HKP @�S^>¨P_DFJ?DF@=EG<^�5DGH�9=7VP � ],DFHID v EF< 55�¡7:> M ]VSÊFW=SVP_DG7:9�S^9<)EF7^9=a:<[>?n1�ZB=DFHiDFH2@T7:HKHID v E-) ;CW=<�PI7 P_B=<�� S^J�P PIB�SVP2PIB=<t7 v �K<[J�P v <[J?7:s�<[Hi@�S^>¨P 7V��PIB=<�]:<[> v �S^9=;�DGPIH M �¡<[SVP_WC>I<[HcDG9�],DGHID v EF<.�¡7:> C 7^9=J[7:>K;�n

l ¥V§�p}DFH P_B�W=HeS3@=>I7:@T<[> P_>IS^9=HIDªP_Dª]:<oHKP_>KW=J?PIW=>I<Vn �O9�l ¥ < p��YP_B=<�@=@�HIB=7�.cH�PIB=< ;=<�� S^W=EªP Sâ^>I<[< Ms�<[95Pr<?9=;=DG9=a S^9C;�P_BC<"S^W,�CDGEFDFS^> ) Sâ:>I<?<[H .cDGPIB �� DG9�@T<[>KHI7:9 � S^9=;�a:<?PIH ;C<?� S^W=EªP HIDF9Ca:W=EfSV>9�W=s v <[>?n�O9 lm¥V§�p��}PIB=<t@C@&Sâ:>K<[<?H/.cDªP_B(P_B=<�7 v �K<?J?P ��.cB=DFEG< P_B=<tS^WN�NDGEFDfSV> ) ;C7N<?H 9C7^P n� 7HIWCs W=@��l ¥ < p.S^9=; lm¥V§�p!S^>K< P_B=<�>K<[HIWCEGPi7^��;=D-0 <[>K<[95PiH ),95PLSVJ?P_DGJ�J[7:9 +�a:W=>ISVP_DG7:9=H[nr�O9�lm¥ I< @=>I7 v S v E>)�;C< SÊGDF9=a�.cDGPIB DF9=J?7:>I@T7:>ISVP_DG7:9�7V� P_B=<r7 v �K<[J�P2DF95PI7tP_BC< ]:<?> v n.�ZB=<[>K<?�¡7:>K<^�P_BC<�@C@�J[S^9=9=7^P7C 7:9CJ[7:>K;;.cDªP_B�P_B=<�7 v �K<[J�P � S^9=;(HIB=7�.cHiP_B=<1stS^HIJ?W=EFDG9=< HKDF9=a:WCEfS^>!;C<?� S^W=EªP<[9C;=DF9=aCn&lm¥V§�p2DFHrDG9=HKPI< S^;-S�P_>IS^9=HKDGP_Dª]:<�J[7:9CHKP_>KW=J?PIDF7:9 n C 7:9CJ[7:>K;&B=7:EG;=H v <?P .�<[<?9yPIB=<j.k7 v �K<?J?P � � �� #� � S^9C;(PIB=<�@=@�nr�ZB=<1@=@�>K<[HKW=EGPIH2DF9�B�S ],DF9=a�k8��\.� u � S^9=;�� u `(C \cM�}� �.d M �¡< SYP_W=>K<[H[n �O9 v 7^PIB(J S^HK<[H[�}PIB=<1S^WN�NDFEGDfS^>H)�HIB=7�.cH S < >I;(@=H2HKDF9=a:WCEfS^>3<[9=;=DG9=a�S^HiS>I<?HIW=EªPA7^� SVa:>I<?<[s�<[95P�.cDGP_B �� ne�ZB=<iHKDF9=a:WCEfS^> 9�W=s v <?>ADGHcS^J#F�W=DG>I<?; v )R;=<�� S^W=EGP[n

� 7 � � �*( �!��+ � � � �� (��'��A+,��/)��2�A��!�-(�:'�;�-�� 2% ��

u H3HIB=7�.c9 DG9�PIB=<rDG95P_>I7,;=W=J�P_DG7:9��7:9=< 7^� PIB=< st7:H¨P.@CW=b[b?EFDF9Cat@=>K7:@T<[>KPIDF<?H37^��DFs�@ <?>IHK7:9�SÊ ��DFH P_B�SYPr7^� P_>IDGa:a:<?>IDF9Ca�@=EGW=>_SVE8Sâ:>I<?<[s�<[95P 7^9-P_B=<"S^; �K<?J?P_Dª]:<"S^9=;&HKDF9=a:WCEfS^> Sâ:>K<[<?st<?9�Pr7:9P_BC<2S^WN�NDFEGDfS^>H)1DF9J?7:@=W=EFS^> J?7:9=H¨P_>IWCJ?P_DG7:9=H?n u 9 <��CS^s�@=EG<.7^��HKW=JLB�SrJ[7:9CHKP_>KW=J?PIDF7:9 DGH 710 <[>K<[;

¢¤¦A> ��!�� &� �� $� ��

DF9�l ¥V£5p��

l ¥^£:p `N<DG�HIDHID�DGH¨M�"$#&% '�)

>IDFJ?JLB=D �>IDFJLB,M + � ' � -��

HKDHKD�DFH¨M�"$#&% '�)

S^9=JLB=<SÊFHK7

v <[EFEGDv < S^WCPIDG�¡W=E M + � ' � -��

�� 7:9C< DGHZ>IDGJLB��7:9=<iDFHcSVEFHI7 v < SVWCP_Dª�¡W=E 5

� �NPIB=<8>I<��¡<[>I<?9=J[<oHI<�P�DG95]:7:Eª]:<[H�7:9CE-)G.�7:s�<[9�� P_BC<oHK<[95P_<?9=J[< S v 7 ]^<8J S^9 v <eWNPIP_<?>I<?; S^H��¡7:EGEF7�.cH[�

l ¥ B p `N<DG�HIDHID�DGH¨M�"$#&% '�)

>IDFJ?JLB=<^�>IDFJLB,M � � + -��

HIDHID�DGH¨M/" #&% '�)

S^9CJLB=<SÊGHI7

v <?EFEF<v <[S^WCP_Dª�¡W=EªM � � + -��

�� 7:9C< DGHZ>IDGJLB��7:9=<iDFHcSVEFHI7 v < SVWCP_Dª�¡W=E 5

�ZB=< Sâ:>K<[<[s�<[95PR@�SV>_S^;=DGa:s�H"DF9 lm¥^£5pS^9C; lm¥ B p��¡7ÊFEF7�. F�W=DªP_<�HKPI>_S^DGa:B5PI�¡7:>H. SV>I;=E>)�Dª� 7^9=<P_B=DG9=U�H DF9tP_<[>KstH 7^� u a:>K<[<2SV9=; C 7:9=J?7:>I;�n �A7^P_DGJ[<3PIB�SVP lm¥^£5p M�l ¥ B p8DG95]:7:Eª]:<2SrHKs"SVEFETJ[EfSVW=HI<VnC 7:HKP_S � k <[>K<[DG>_S�lm¥^¦:¦ < piB�S ]:<HKB=7�.c9yDF9-� S^J�PrPIB�SVP�S�J[7:9=H¨P_>KW=J?PIDF7:9�DG9�deW=>I7:@T< SV9�k 7:>�MP_W=a^W=<[HK<tP_B=SVP HKP_>KDFJ�P_E-) >I<[HK<[s v EF<[Hl ¥^£:p2DG95]:7:Eª]:<[H S�HKs"SVEFE J?EfS^W=HK<^n u a:<[9C<[>_SVE�SV9�SÊ-),HKDFHi7^�@=>I<?;=DFJ[SVP_Dª]:<iJ[7^9=HKPI>IW=J�P_DF7^9=HcDF95]:7:Eª],DF9=a1HIstSÊGE�J[EFS^W=HI<?HcB�S^H v <?<[9�@=>I7:@T7:HK<[; v )��7^>I7�l ¥^¦^¦:¦S^9=;�>I<��¡<[>I<?9=J[<?H3a^DG]:<?9�PIB=<[>K<¤p n

�ZB=< � �� DFs�@ <?>IHI7^9�SÊ^J?7:9=H¨P_>IWCJ?P_DG7:9iDF92k 7:>KPIW=a:W=<?HI<o@=>I<?HI<?9�PIH�SV9iSâ:>I<?<[s�<[95P�@�S^>IS^;=DGa:sP_B�SYP2stDG>I>K7:>IHA<��CS^J�P_E-)�P_B�SYP27^�3l ¥V£5p�ni�O9 P_BCDFH!J?7:9=HKPI>IW=J�P_DG7:9�� PIB=<�HIW v �K<[J?PiDGH!H ),95PLSVJ?P_DGJ SÊGE-)s"SV>IU^<?;"SVH SiHIDG9=a:W=EFS^> �¡<[s�DF9=DG9=<^� v WCPoP_B=<3S^; �K<?J?P_Dª]:<cDF9�@=>K<[;=DGJ SVPIDG]:<cJ?7:9=HKPI>IW=J�P_DG7:9=HoDF95]:7:Eª]5MDF9=a�HKW=JLB S1HIW v �K<[J�P.DGHZs"S^>KU^<?; S^HZ@CEFW=>ISÊ}S^9=;�stS^HIJ?W=EFDG9=<^�CS^H l ¥;>5p < �N<[s�@=EFD>+�<[H?�

l ¥;>:p uSa:<?9�PI<a:<?9�PI<�M � � + '�)

<?HKP��DGH¨M�"$#&% '�)

J S^9=HIS^;=7:HP_DF>K<[;NM + ��' � -��

� k <[7^@=EF< S^>K<!P_DF>K<[;65

l ¥;>:p v <[B�S ]:<?Hi<��CS^J?PIE-)�EFDGU^< lm¥^£5pK.cDGP_B >I<[HK@ <?J?P2PI7 Sâ:>K<[<[s�<[95P[�APIB=<�S^WN�NDGEFDfSV> ) HKB=7�.cH HH),9NMPLS^J�P_DGJcSâ:>I<?<[s�<[[email protected]=<AHIW v �K<?J?P[� v WNPoPIB=<AS^; �K<?J?P_Dª]:<AHIB=7�.cHoHI<?s"S^95PIDFJASâ:>K<[<[s�<[[email protected][n/C 7:HKP_S � k <[>I<?DF>IS@=>I7:@T7:HK<�S^9(S^9�SVE-),HIDGH3�¡7:> l ¥;>5p�.cB=DFJLB�HK<[@�S^>ISVP_<?H2H ),95PLS^J�P_DGJ1S^9=;�HI< Ms"SV9�PIDFJ Sâ:>K<[<?st<?9�P[� SV9=; H¨PLSVPI< P_B=SVP.HK<[stS^95P_DGJrSâ^>I<[<?st<?95P v <?P .�<[<?9(PIB=< S^; �K<[J�P_Dª]:< SV9=;

� �� PLSÛV<[HZ@=EFS^J[<3DF9PIB=<i`NC.nCQ 7ÊFEF7�.cDG9=aBC 7^HKPLS � k <?>I<?DF>_SN�C�oS^HIHKW=s�<!P_B�SVP2l ¥^£:poDF95]^7:EG]^<[HS�HKs"SVEFE J?EfS^W=HK<^n�!S^>Ia:WC<1PIB�SVP SÊGHI7�DF9(P_B=DGH J[S^HI<�;=D>0 <?>I<[95P �¡< SVPIW=>I<�HI<�P_H S^>I<�DF95]^7:EG]^<[;-DG9

� �� HID ¢¤¦A?

P_BC<A;C<[>IDª]VSVP_DG7:9�n��O9�@�S^>¨P_DGJ[W=EFS^>[�VHI<[stS^95P_DGJASâ:>I<?<[s�<[95Po7 v P_S^DF9=H v <?P .�<[<?9tPIB=<AS^; �K<[J�P_Dª]:<3S^9=;�� N.cB=DGEF<!HH)N95P_S^J?PIDFJ Sâ:>I<?<[s�<[95Pc7 v P_S^DF9CH v <�P . <?<[9 PIB=<iJ[7:@=WCEfS1S^9=; �� <��CS^J�P_E>) EFDGU^<!DG9RPIB=<J SVHI< 7^� � �� DG9�deW=>K7:@T< S^9�k 7:>¨P_W=a^W=<[HK<^n

�ZB=<iH ),95PLS^J�P_DFJiJ?7:9(+�a:WC>_SVPIDF7:9R7^� l ¥^£:p DFHZHIBC7E.c9�DF9�l ¥ ?5p��

l ¥ ?5p �ck

� `NC 9=>c@=H

HKD v <[EGEFD�� .� � �

�.\.� � u `NC �2Q do� < >I;

� 0 :��8�A+ � ��

u HZHKB=7�.c9�DG9P_B=<2DG95P_>I7,;=W=J�P_DG7:9��,� W=HKJ S^9�HI@T< SVU^<[>KH.SVJ[J[<?@CPcHI<?95P_<[9CJ[<[HAP_B�SYP �¡7:> PIB=<2>I<?HKPc7^�� PLSVEFDfSV92HI@T< SÛV<[>IH�S^>I<8W=9=S^J[J?<[@CP_S v EF<87:>}]^<[> )istS^>Ka:DF9�SVE n}d��CS^s�@=EF<?H 7V� ��s"SV>Ia:DG9�SÊ 5�HI<?95P_<[9CJ[<[HS^>K<"l < ¦5p ��S^9=;-l < ¢¤p��

l < ¦5p `NDHKD�DGH¨M�"$#&% '�)

]NDGHKPI7HI<[<?9NM -�- + � ' � '�)

s�7:EGPI<stS^9<)�M � � + - �

s"S^J?JLB=DF9C<J S^>KH

5�k <?7:@=EF<iB�S ]^< HK<[<[9�s"SV9 )"J S^>KH �

l < ¢ p �O9DG9� PLSÊGDfS� PLSÊ>)


a:EGDPIB=<


��O9�� P_SÊ-)^�=@T<[7:@=EG<2< SVPAHK@�Sâ:B=<�PIPID 5

�ZB=< J[7:9CHKP_>KW=J?PIDF7:9�DF9�l < ¦5p B�S^H v <[<?9 @�S^>¨P_DFSÊFE>)t;CDFHIJ?W=HIHK<[;�DF9RHI<?J?P_DG7:9�§=nG¢^n ?�7^P_B�l < ¦5pZS^9=;l < ¢ pcDG95]:7:Eª]:<r9C7t63M � Sâ:>K<[<[s�<[95P.S^9=; St;=<8+�9=DGPI<r7 v �K<[J?P[nc�O9 7^P_BC<[>�. 7:>K;=H[�TP_B=< 7 v �K<?J?P!DGH9=7^P3S v S^>K< 9=7^W=9�� v WCPA;=<?HI@=DªP_<iP_B=DGHcPIB=<iHI<?9�PI<[9=J?< DFHAS19=7163M � Sâ:>I<?<[s�<[95PA7:9=<Vn j.<?HI@=DªP_<P_BC<S^@=@=S^>I<?9�P ;=D>0 <?>I<[9CJ[<�7^� PIB=<[HK<"HI<?95P_<[9CJ[<[H �¡>K7:s P_BC< ��HKP_S^9=;�S^>K;65 Sâ:>K<[<[s�<[95P @�SVPKP_<[>K9=H

¢:¢¤¦ ��!�� &� �� $� ��

<��CS^s�DF9=<?; HI7�� S^>?�rl < ¦5p"SV9=;�l < ¢ p1;=7y9=7^P J?7:9=H¨P_DGPIWCP_<(S v DFa�@=>K7 v EF<?s �¡7^>"P_B=<�@C>I<[HK<[95PS^9�SÊ>),HIDFH?n �O9 v 7^PIBrJ[S^HI<?H[�:P_BC<�62k�;=7,<[H 9=7^P�HI<[<?s PI7 v < @T<[>KJ[<[Dª]:<?;1S^H S^9 S^J[J?7:st@CEFDFHKB=s�<[95P n�O9 JLB�SV@CP_<?>2¥�� B�S ]:< ;CDFHIJ?W=HIHK<[; PIB=< DF95P_<?>_S^J�P_DF7^9 v <?P .�<[<?9 P_B=< �� !�� 7^�eS1]^<[> v S^9=;P_B=<1;=<8+�9=DªP_<[9C<[HIH 7^��P_B=<17 v �K<?J?P[ntQ�>K7:s HK<?]:<?>_SÊ8H¨P_W=;=DG<[H DGP2B=S^Hi<[s�<[>Ia^<[;(P_B�SVP S ;=<8+�9=DGPI<7 v �K<?J?P�P_<[9C;=H�PI7��¡7:>IJ?<�SV9�S^J?J[7:s�@=EGDFHIBCst<?9�P1DG95P_<[>K@=>I<�PLSVPIDF7:9�7V�.P_BC<R6!k n3l < ¦5p S^9=;�l < ¢¤pHIB=7�. PIB�SVP1P_BCDFH�DFH�9C7^PtSÊ-. S*)NH1P_BC<�J[S^HI<Vn�j3<[HI@CDGP_<RP_BC<�@C>I<[HK<[9=J?< 7^�!S�;=<�+�9CDGP_<R7 v �K<[J?P[�P_B=<26!k ;=<[9=7VP_<[H3S^9�S^J�P_DG],DªP ):� S^9=;RP_BC< SVa:>I<?<[s�<[95PA@�SVPIPI<[>K9=HAPIB�SVPZ�¡7:EGEF7�. S^>I<2PIB=7:HI< 7^��S^9S^J?PIDG],DGP )^n��O9�@�S^>¨P_DFJ?W=EfSV>[� v 7^P_B-l < ¦5p S^9=;&l < ¢ p EFS^JLU"P_BC< PI<[EFDGJ[DªP )B=<[S^; d �¤��.cB=DGJLB��¡7:>KJ[<[H ��P_7 v <cs�<[>Ka:<[;�S v 7¤]:<cP_B=< ! @=>K7 �K<[J�P_DG7:9�n �ZB=DGH8>I<[HKW=EGPIH8DF9�S EFS^JLU 7^� DF95PI<[>K]^<[95P_DG7:9 v )1s�< SV9=H7^� �� S^9C;�DG9RPIB=< S^HIHKDFa:9Cst<?9�Pc7V� u J?J[W=HISVP_Dª]:<iP_7�P_B=< j!k 7 v �K<[J�P n

� P"DGH1]^<[>H) DGst@T7:>¨PLS^95P PI7�>K<[stS^>IU-PIB�SVP"Q�EF7^>I<[95PIDF9=< B�SVHtEG7:HKP1P_BC< ¢[HKPt@ <?>IHI7^9�@=EGW=>_SÊ�¡7:>Is�7^� PIB=<2]:<?> v SVEGP_7â:<?PIB=<[>?no�ZBCDFHZ�¡7:>Is B�S^H v <?<[9�>I<?@=EfS^J?<[; .cDGPIB�PIB=<i�¨`NC.n �ZB=DFHcDFHZ9C7^PHIW=>K@=>IDGHIDG9=a=�CDª��7:9=<!J?7:9=HKDF;=<?>IH P_B=SVPZ�¨`NC HcstS�)t>I<?J[<?DG]:<iSV9 DF9=J?EFW=HKDG]:<�l � . < 5qp DG9�PI<[>K@=>I<�PLSVPIDF7:9�n�ZB=DFHc@=BC<[9=7:s�<[9C7:9 .cDGEFE v < S^9�SVE-),b[<?;�DG9R;=<?P_S^DFE�DG9RJLB�S^@CPI<[>$=Nn

�ZB=<� S^J?P P_B�SYP �¨`NC H�B�S ]^< >I<[@CEfS^J?<[;-PIB=< ¢ H¨P�@ <?>IHK7:9�@=EFWC>_SÊoJ[7:9CHKP_>KW=J?PIDF7:9CH HIW=aâ:<[H¨P_HP_B�SYP!P_B=<?DF>3W=HI<�DGH!st7^>I<�.cDG;=<[HK@=>I<[S^;�P_B�SV9 P_B�SVP!7^�8P_B=<��HKP_S^9=;�SV>I;65��¨`(C H[niP_B=<?>I<?�¡7^>I<^�}EGDFUV<DF9��cW=s"SV9=DfS^9 �NP_BC< SVJ?P_Dª],DGP )C©^S^J?J[7:s�@=EFDGHIB=s�<[95PcSVEGP_<?>I9�SYP_DF7^9B�S^H3S^>Ia^W�S v E>) v <[<?9 EF7^HKP �=S^9=;P_>IS^9=HIDªP_Dª]:< �¨`NC H�S^>K<�W=HI<?; .cDªP_B0S^9<) U�DG9=;07^� 7 v �K<[J�P n��ZBC<�SVJ?P_Dª],DGP )C©^S^J?J[7:s�@=EFDGHIB=s�<[95P@�SVPKP_<[>K9�;C7N<?HI965 P SV@=@=E-) DF9 Q�EF7^>I<[95PIDF9=<V��S^9=;(P_B=<1P . 7�J[7^9=HKPI>IW=J�P_DF7^9=Hl .cDGPIB-S^9C;;.cDªP_B=7:WNP63M � Sâ:>K<[<?st<?9�PLpZS^>I<2J?7:st@CEF<?PI<[E>)"DG9�PI<[>KJLB�S^9=a:<[S v EG<^n

�& 7 � � �*( �!��+ � ��5��/�� :��(��#+,��/)��2+ �� :'��+ �C�C:�� +,��/)�� )��*(�% �

\39=<?>Ia5SYP_DG]^<"]:<?> v H�HKB=7�. SV9&DF95P_<?>I<?HKP_DG9=a�;=D>0 <?>I<[9CJ[<I.cB=<?9yJ[7:s�@�S^>K<[;-PI7 W=9�S^J?J[W=HISVP_Dª]:<?H[ng0B=DFEG< P_B=<ASâ^>I<[<?st<?95P�@=SVPIPI<[>I9CHo7V� P_BC<A@C>I<[HK<[95PoP_<[9CHI<ADF9 v 7VP_B��¨`NC .cDªP_B�W=9=<[>Ka5SVPIDG]:<?HoS^9=;.cDGPIB-W=9�SVJ[J[WCH_SVPIDG]:<?H1S^>I<�P_B=<"H_S^s�<^� DF9�PIB=<@�SVHKPrPI<[9=HK<"P_BC<�)-S^>I<t;=D-0 <[>K<[95P & HI<?<�? <[EGEF<�PIP_Dl ¥^¦^¦C¢ p ' n �ZB=< @=@�DFHZHKDF9=a:WCEfS^> .cDªP_BRW=9�SVJ[J[WCH_SVPIDG]:<i]:<?> v H3S^9=;�@=EGW=>_SÊ .cDGPIB�W=9=S^J[J?W=H_SVPIDG]^<[H[n

�ZB=< @C>I<[HK<[95PAP_<[9CHI< 7^� SV9�WC9=<[>Ka5SVP_Dª]:<iDFs�@T<[>IHK7:9�SÊ HID}J?7:9=HKPI>IW=J�P_DG7:9�DGHZHIB=7�.c9�DF9�l < ¥^p��

� � � � � �� HID�� $� �� !� �� $� �� ¢:¢:¢

l < ¥:p `NDHKDPI<[EG<?�¡7:9�SJ[SÊFEGH¨M�"$#&% '�)

� k <?7:@=EF<iJ[SÊFE 5

�O9�l < ¥:piP_B=< ]:<?> v HIB=7�.cH1P_B=<R;=<�� S^W=EªP < >I;yHKDF9=a:WCEfS^> <?9=;=DG9=a=n&�ZB=<R@�SVHKP1P_<?9=HI<�l @=S^HIHISVP_7@=>K7:HIHKDFs�7�p 7^� l < ¥:p DGH l <A< p��

l <;H)rHKB=7�.cHoPIB=<A;=<?� S^WCEGP < >K;tHKDF9=a:WCEfS^>e<?9=;=DF9Ca SV9=;tPIB=<c@�S^>KPIDFJ?DF@=EG< HIB=7�.cHP_BC< ;C<?� S^W=EªPcHIDG9=a:W=EFS^> stS^HIJ?W=EFDG9=<!<[9C;=DF9=aCn

�ZB=<i@=>I<?HI<[95PAP_<?9=HI< 7^��S^9�WC9�S^J[J?W=H_SYP_DG]^<i�¨`NC DFHZHKB=7�.c9 DG9 l < §�p �

l < §�p `NDHKDSV>I>IDª]VSSV>I>IDª]:<?H¨M/" #&%('�)

l¡@=>I<?HKP_75p<[S^>IE>)

� k <?7:@=EF< S^>K>IDª]:<i< S^>KE-) 5

�O9�l < §�p ��KW=HKPAEFDGU^<2DG9&l < ¥:p��NP_B=<i]:<?> v DGHcDF9 P_B=< @=>K<[HI<?95P.P_<?9=HI< S^9=;�HIBC7E.cHAP_B=<i;=<�� S^W=EªP < >I;HIDG9=a:W=EFS^>Z<[9C;=DF9=aCn��A7�. <�]:<[>?�TPIB=< @�S^HKPcPI<[9=HK< 7^��S^9�W=9�S^J?J[W=HISVP_Dª]:< DFs�@ <?>IHK7:9�SÊ�DGHZ;=D-0 <[>K<[95P�¡>I7^s�P_B=<i@�SVHKPZP_<?9=HI< 7^��S^9�W=9=<[>Ka5SVPIDG]:<iJ?7:9=HKPI>IW=J�P_DG7:9��S^HcHKB=7�.c9 DF9�l < =:p��

l < =:p `NDHKD�DGH¨M�"$#&% '�)

S^>I>KDG]VSVP_DS^>I>KDG]:<?;NM -�- + ��' � -��

@=>K<[HKPI7< SV>IE-)

� k <?7:@=EF< S^>K>IDª]:<[;�< SV>IE-) 5

�O9 l < =:p�� PIB=<�S^WN�NDGEFDfSV> )�HKB=7�.cHP_B=< ;C<?� S^W=EªP < >K; HIDG9=a:W=EFS^>�<[9=;=DG9=a .cB=DGEF<�P_B=< @=S^>KPIDFJ[DG@=EF<DFH @=EFWC>_SÊ8stS^HIJ?W=EFDG9=<^n��O9-P_B=<"@=>I<�]NDG7:W=H HI<[J�P_DG7:9��2B�S ]:<@C>I7:@T7:HI<?;yS^9�S^9=SÊ-),HIDGH �¡7:> �¨`NC H.cDGPIB"P_>IS^9=HKDGP_Dª]:<c]:<?> v H?no�ZBCDFH HK<[J�P_DF7^9I.cDFEGE v <.;C<?]:7VP_<[;PI7rP_BC<!S^9�SVE-),HIDGH�7^��W=9=<[>Ka5SVPIDG]:<!S^9=;W=9�SVJ[J[WCH_SVPIDG]:< DFs�@T<[>IHK7:9�SÊGH[n

¢:¢ ¥ ��!�� &� �� $� ��

�& �6! 7 � � �*( �!��+ � � � � �/�� :��(��#+,��/)��

\39=<?>Ia5SYP_DG]^<[HAS^>K<iP ),@=DGJ SÊGE-)"S^J?PIDG],DGPIDF<?H[�CDmn�<Vn P_B=<8)R;=719=7^PA<[9CJ[7,;=<2P_<[EGDFJ?DGP ):n��O9�PIB=DFHZHK<[J?PIDF7:9 �� .cDGHIB P_7�<��,P_<?9=;�s7) @=>K7:@ 7^H_SÊ}S v 7:WNPc@=@ SVa:>I<?<[s�<[95P3SÊFHK71PI71W=9=<[>Ka5SVPIDG]:<?H[n

� �3WC9=<[>Ka5SVP_Dª]:<]^<[> v H�;C7�9=7^P�< �C@C>I<[HKH�S >I<[HKW=EGP HKPLSYP_<^�ePIB=<[DG> HKPI>IW=J�P_W=>K< DFHrPIB=< 7:9=<DG9l < £:p��

l < £:p !,k

! 62k

Q 7ÊFEF7�.cDG9=a �2>ISVP_b?<[>Rl�¢-?A?^§�p �� S^HKHIW=s�<"P_B=SVP1S ! DFH @=>I<?HI<[95P!.cDªP_B�W=9=<?>Ia5SYP_DG]^<t]^<[> v H[�.cB=DFJLB(J?7:95PLS^DG9=HiS^9�<��,PI<[>I9=SÊ @ M >I7:EG< �¡< SYP_W=>K<�l HI<?<1�37:>K9=HKPI<[DG9-¥V¦:¦C¢ p nr��7:>I<?7 ]^<[>?� �c�¡7:EGEF7�.P_B=<�EGDF9=<?H!@=>K7:@ 7^HI<[; v )(�3SÊF<�SV9=; �i<8),HI<[>tl�¢-?A? K;=DF9=aPI7D.cB=DFJLB W=9=<?>Ia5SYP_DG]^<[HiS^>K<W=9=;=<?>IE>)NDG9=a P_>IS^9=HIDªP_Dª]:<[H?�6.cDGPIB(PIB=<1;=DF>K<[J�P 7 v �K<[J�Pl¡�ZB=<[s�<¤p!DG9=J[7:>K@ 7^>_SVPIDF9=aDG95P_7P_BC<�>K7N7VPv )-J?7:9$� SVPIDF7:9 n � S^>Ia^W=<tPIB,WCH P_B�SVP P_B=<"7 v �K<[J�P�DFH H ),95PLS^J�P_DGJ SÊGE-)(@=>K7 �K<[J�P_<[; � v WCP�B�S^H 9=7@=B=7:9C7:EF7:a^DFJ SVE >K< SÊGDFb SYP_DF7^9�n

�O9 l < ¥:p�� DFH2s�<[>Ka:<[;(DF9�PIB=<1HI@T<[J[D>+�<[>i7^� d ��n1�ZB=< �M �¡<[SVP_WC>I<[Hi7:9 !�SV>I< ]VSÊFWC<[; v )P_B=<39�W=EFET;=DF>K<[J�P 7 v �K<?J?P[n�� ;=7N<?H 9=7VP P_>KDFa:a^<[>�S^9<) u a:>I<?<!>I<?EfSVPIDF7:9 v <[J SVW=HI<!DªP J?EFDªP_DFJ?DFb?<[H87:9� S^H.HK7N7^9�S^H.� DGH.s�<[>Ka:<[;�nA�ZB=<r]^<[> v 7:9 � HIBC7E.cH!PIB=<r;C<?� S^W=EªP < >I; @T<[>KHI7:9�SVa:>I<?<[s�<[95P<[9=;CDF9=a=n

�O9"P_B=<A@�S^H¨P PI<[9=HK<^�NPIB=<.@=S^HKP�@�S^>¨P_DFJ?DF@=EG<ZHIB=7�.cHZS s"SVHIJ[WCEFDF9C<AHKDF9=a^W=EfS^>8<?9=;=DF9Ca=�,S^9=;"PIB=<S^WN�NDFEGDfS^>H)�DFHZHIDG9=a:W=EFS^>[�

l <CB p `NDHID�DGH¨M/" #&% '�)

PI<[EG<?�¡7:9�SYP_7J[SÊFEG<[;NM -�- + � ' � ' )

� k <[7^@=EF< © . < B�S ]:< J SVEFEF<?;65

�O9 l <AB p�� PIB=< M �¡< SYP_W=>K<[H"7^9 P_BC< @=@ SV>I<�]VSÊGW=<[; v ) PIB=< J?7:a:9�SYP_< 7 v �K<[J�P �2.cB=DGJLB DFH v );=<�+=9=DGPIDF7:9�� u `NC \.�}� �3d*SV9=;�`N� � �i\.� u �in��ZB=<i;=<?>IDG]VSVPIDF7:9 7V�Zl <CB p >IWC9=HAS^HZ�¡7:EFEG7E.cH?�

� �ZB=<�J[7:a^9�SVP_<�7 v �K<?J?P DFHis�<[>Ia^<[; .cDGP_B(P_BC<t@=@ n� PrB=S^H M �¡< SYP_W=>K<[H � u `(C \.�}� �.dZ�

� � � � � �� HID�� $� �� !� �� $� �� ¢:¢ <

`N� � � \3� u � S^9=; < �Ajrn

� �ZB=<"@=@65 H M �¡< SVPIW=>I<?H�� SVPIJLB .cDGPIB�PIB=< M �¡< SVPIW=>I<?Hr7^� P_B=<tJ[7:a:9=SVP_<�7 v �K<?J?P ��.cB=DFJLB;=<�P_<?>Is�DF9=<iS1s"SVHIJ[WCEFDF9C<!HIDG9=a:W=EFS^> <[9C;=DF9=a17:9RP_BC<2@�S^>KPIDFJ?DF@=EG<!W=9=;=<?>C 7:9=J[7^>I;�n

� �ZB=<�!.BC< S^; DFH}s�<[>Ka:<[;�n � P_H =M �¡< SYP_W=>K<[H S^>I< ]VSÊGW=<[; v )2P_BC< =M �¡<[SVP_W=>K<[H}7^�NP_B=<8J?7:a:9�SVPI<7 v �K<[J?P[n

� � � DFHZs�<[>Ka:<[;�DF9 P_BC<2HI@T<[J[D>+�<[>A7^�"!¤n

� �ZB=< S^WN�NDGEFDfSV> )�DFHZs�<[>Ka:<[;RDF9R�2n

� � � J[EGDGPIDFJ[DGb[<?H 7:9 DªP �=SV9=;]VSÊFW=<?H P_B=< =MO@T<[>KHI7:9�¡<[SVP_W=>K<27:9 �2n=�ZB=<2HKDF9=a^W=EfS^>�9�W=s v <[>�¡<[SVP_W=>K<iDFHcSVPKP_>ID v WCPI<[; P_71� v )R;=<�� S^W=EªP n

�ZB=<i;=<[>KDG]VSVP_DG7:9 7^� l <CB p DFHcSÊGHI71DFEGEFW=H¨P_>_SYP_<[;"DF9�l < >:p��

l < >5p

�ck

�

HKD � � !,k

P�� !,k

! @=@=k

PI<[EF<��¡7:9�SVPI7 j!k�.� � � ��

s"SVHIJiHIa

�& � 7 � 3 � ��/�� :��+ �C�C:'�!+,��/)�� )��*(�%'�

�O9�PIB=<�@=>I<?HI<[95P P_<[9CHI<^� P_B=<�+�9=DªP_<1W=9�SVJ[J[WCH_SVPIDG]:<�]:<?> v HKB=7�.cH P_BC<t;=<�� S^W=EªP2P_B=DG>I; HIDF9Ca:W=EfSV><[9C;=DF9=aC� S^HZDF9�l < §�p��=BC<[>I< >I<?@ <[SVP_<?; SVH l < ?5p �

¢:¢ § ��!�� &� �� $� ��

l < ?:p `NDHIDS^>K>IDª]^SS^>K>IDª]:<[H�M/" # % '�)

@=>K<[HKPI7< SV>IE-)

� k <[7^@=EF< S^>K>IDG]^<2< S^>KE-) 5

Q�7:EFEG7E.cDG9=a �2>ISVP_b?<[>Al¨¢8?A?^§�p �:��SVHIHIWCst< PIB�SVP8W=9�SVJ[J[WCH_SVPIDG]:<Z]^<[> v H�B�S ]^<A9C7�! @=>K7 �K<[J�P_DF7^9�n � �DFH s�<[>Ka:<[;RDG9"P_B=<iDG9�PI<[>K9�SÊ�SV>Ia:W=s�<[95PZ@T7:HKDGP_DG7:9�n �ZBC<2;=<[>KDG]VSVP_DG7:97^� l < ?5p�>KW=9=HAS^H �¡7:EGEF7�.cH[�

� � � DFHZs�<[>Ia^<[;�.cDGPIBRPIB=<2]:<?> v n

� ��DFH�s�<[>Ia^<[;��oS^9=;�PIB=<]:<?> v >IS^DFHK<[H PIB=<[>K<^n � � J[EGDGP_DGJ[DGb[<[H 7:9�P_B=<]^<[> v DG9 �2� S^9=;]VSÊFWC<[H P_BC< @T<[>KHI7:9R�¡< SYP_W=>K< 7^9��2n

� �ZB=<i9�W=s v <[> �M �¡< SVPIW=>I<27^9�� DFH P_BC< ;C<?� S^W=EªPZHIDG9=a:W=EFS^>[n

� �ZB=< d8k8k 7:9R��DFHZJLBC<[JLU^<?; v ) �� n

�O9�PIB=<i@�S^HKPcPI<[9=HK<^� S^HZ� B�S ]^<rSÊG>I<[S^;() @T7:DF95PI<[;R7:WCP[�=P_B=<?>I<iDFHcS1stDGHIstSVP_JLB DG9R9,WCs v <?>v <�P . <?<[9 PIB=<iS^WN�NDGEFDfSV> )"S^9=; P_B=<i@�SVHKPA@�S^>¨P_DFJ?DF@=EG<^�

l §5¦:p `NDHID�DGH¨M/" #&% '�)

SV>I>IDª]VSVP_DSV>I>IDª]:<?;NM -�- + ��' � -��

@=>I<?HKPI7< S^>KE-)

5�k <[7^@=EF< S^>K>IDG]^<[;R< SV>IE-) �

�ZB=< @=EGW=>_SVE3<?9=;=DF9Ca&7:9 P_BC< @�S^H¨P @�S^>¨P_DFJ?DF@=EG<RDFHtPI>IDGa:a:<[>K<[; v ) C 7:9=J?7:>I; .cDªP_B �� n � � DGHst<?>Ia:<?;RDF9RJ[7:s�@=EG<[s�<[95Pc@ 7^HIDGPIDF7:9 �CS^9C;&l¡§5¦5p DFHZ;C<[>IDª]:<?; S^HZ�¡7:EGEF7�.cH[�

� � � DFHZs�<[>Ia^<[;�.cDGPIBRPIB=<i@=@�n

� �ZB=< @C@ MOstSVPIJLB=<[H�.cDGP_B �� S^9=; a^<?P_H P_B=< ko��\3� u �� u `NC \3�� 3d l¡DG�=PIB=< >K<?�¡<[>K<[95PHI<�PADFHZstS^HIJ?W=EFDG9=< �N7^P_B=<?> .cDGHI< Q do�� 3� �3dopASâ^>I<[<?st<?95P3<?9=;=DG9=a=n

� �ZB=< S^WN�NDGEFDfSV> )tDFHZs�<[>Ia^<[;R7:9R�2n

� � � J[EFDªP_DGJ[DFb?<[H 7^9��2� SV9=;�]VSÊGW=<[H PIB=<i@ <?>IHK7:9��¡<[SVP_WC>I<i7:9R�2n

� �ZB=< S^WN�NDGEFDfSV> )ta:<?PIHcPIB=<iHIDG9=a:W=EFS^> 9�W=s v <[> �¡<[SVP_W=>K< v )R;C<?� S^W=EªP n

� � � � � �� HID�� $� �� !� �� $� �� ¢:¢�=

� �ZB=< J SVHI<2�¡< SVPIW=>I<i7:9 �� DFHZJLB=<?JLU^<[; v )R�2n

�ZB=<2P_>I<?<i;=DfSâ^>_S^s�7^��PIB=<2;=<?>IDG]VSVPIDF7:9 DG9�l §5¦5p DGHZ710 <[>I<?;�DG9�l §=¢ p �

l §C¢ p

�ck

� @=@=k

HKD � � SV>I>IDª]VSVP_D P��

Q�7:>1P_B=< S^9�SÊ>)NHKDFH�7^�2W=9=S^J[J?W=H_SVPIDG]^<�]:<?> v H?�3�rB�S ]:<�S^HKHIW=s�<[; P_B�SVP �� DGHts�<[>Ka:<[; DG9 PIB=<J[7^st@=EG<[s�<[95Pc@T7:HIDªP_DF7^97^� P_B=<262k nT� )RS^HKHIW=s�@CPIDF7:9 ;=<?>IDª]:<[Hc�¡>I7^s P .�7t7 v HI<[>¨]VSVP_DG7:9=H[� PIB=<+�>KHKPA7:9=<iDFH PIB�SVP �� DFH PIB=<i7:9=E-)j!k S ]VS^DFEFS v EG<.DF9 PIB=< �3W=s�<[>ISVP_DG7:9�n �ZB=DGHZDFs�@=EFDG<[HoP_B�SVPADªP.cDFEGE v <!s�<[>Ka:<[;"DF9 S^9<)�@T7:HIDªP_DF7^9S ]VS^DFEFS v EF<Z�¡7:>�S j!k n=�O9"PIB=DFH�J S^HK<^�CPIB=<G+�>KHKPZj.k @T7:HIDªP_DG7:9S ]VS^DFEFS v EF<3DF9 P_BC< ;C<[>IDª]VSVP_DG7:9 DFH PIB=<iJ[7:s�@=EF<?st<?95Pc7^� PIB=<iW=9�S^J?J[W=HISVP_Dª]:<i]:<?> v no�ZB=<iHI<?J[7:9=;7 v HK<[>¨]^SYP_DF7^9 J?7:9=J?<[>I9CHtP_BC<R� SVJ?P�P_B=SVP �� 7 v EFDFa:SVP_7:>KDFE>)(Sâ:>K<[<[H1W=9C;=<[>IC 7:9=J?7:>I; .cDGPIByPIB=<@=@�n �O9 P_B=<tDF95P_>K7N;CW=J?PIDF7:9��!B=S¤]^<"HKB=7�.c9-P_B�SYP �� B=S^HrS�;=DFH �KW=9=J�P_DG]^< a:<[9C;=<[>i�¡< SVPIW=>I<Vn� � J[S^9�B�S ]:< v 7^PIB S1>I<��¡<[>K<[9=J?< HK<?P37^� s�<[9R7:>K.�7:st<?9�no�ZB=< @C@�@�SV>KP_DGJ[DG@=EF<2SVa:>I<?<[s�<[95PADF9W=9�SVJ[J[WCH_SVPIDG]:<A�¨`NC H8stS�)rHIB=7�. SistS^HKJ[W=EGDF9=< 7^>8S2�¡<?stDG9=DF9C< Sâ:>K<[<?st<?9�Po<?9=;=DF9Ca2;=<[@T<[9=;CDF9=a7:97.cBC<?P_BC<[>�PIB=< >I<��¡<[>K<[9=J?< a:>I7^W=@ DFH stS^;=< WC@ 7^��s�<[9 7^>�.�7:s�<[9��5SVH�HIBC7E.c9�DG9Rl §5¥:p v <[EG7�.in�ZB=<t7:9=E-) <[EG<[s�<[95PrDG9�P_B=< �3W=s�<[>ISVP_DG7:9�P_B�SYP J[S^9(P_>IDGa:a:<?>!P_B=DGH ;C7:W v EG<"Sâ^>I<[<?st<?95P DGH �� n�3<?9=J[<V��P_B=<i@=@�s W=H¨P.SVa:>I<?<M.cDGP_B �� n

l §5¥:p `NDHKD�DGHS^>I>KDG]VSVPID ©S^>I>KDG]^<[;NM + ��' � -�� ©

S^>K>IDG]VSVPI<S^>K>IDG]^<[;NM � � + - �

� k <?7:@=EF< ©VW=HAB�S ]:< S^>I>KDG]^<[; ©1`N7:s�<M.�7:st<?9 ©VW=HcB�S ]^<rS^>K>IDª]:<[;=5

¢:¢¤£ ��!�� &� �� $� ��

� 35��'�C��:'� ��

�O9*PIB=DFH JLB=S^@CP_<?>[�2�tB�S ]:<�S^;=;=>K<[HIHK<[;*P_B=<(DFHKHIW=< 7^�rSâ:>K<[<[s�<[95P�DF90�¨`NC H�DF9 PIB=<(@ <?>K�¡<[J�PP_<?9=HI<"S^9=; DF9 @=>I<?;=DFJ[SVP_Dª]:<1�¨`NC H[n"�!B�S ]:<t<��CS^s�DF9=<?;��¨`NC H .cDGPIB-SV9=; .cDªP_B=7:WNPrSVWN�NDFEFDFS^> )5M7 v �K<?J?P3Sâ:>K<[<[s�<[95P[� S^9=;RP_B=<i@�S^H¨PA@�S^>KPIDFJ?DF@=EG<!Sâ:>K<[<?st<?9�PA@�SYPIP_<?>I9=H�.cDGPIBRW=9=<[>Ka5SVPIDG]:<?HAS^9=;W=9�S^J?J[W=HISVP_Dª]:<?H[n ��7^>I<[7¤]^<[>[�c��B�S ]^<�S^9�SÊ>),b[<[; P_B=<�@=>I<?;=DFJ[SVP_Dª]:< J?7:9=H¨P_>IWCJ?P_DG7:9 � �� $� � � �.cB=DFJLB >K<#F�W=DG>I<[H"HIDF9Ca:W=EfSV>tSVa:>I<?<[s�<[95P 7:9�PIB=< SVWN�NDFEFDFS^> ) SV9=; @=EGW=>_SÊASâ^>I<[<?st<?95P 7:9�PIB=<S^; �K<?J?P_Dª]:<Vn

Q 7^>�PIB=< S^9=SÊ-),HIDGHt7V�!P_B=<�@�S^H¨P@�S^>¨P_DGJ[DF@CEF<�Sâ:>K<[<[s�<[95P"@�SVPIPI<[>K9=H[�cS^H%. <?EFE3S^Ht�¡7^>�PIB=<S^9�SÊ>),HIDFH�7V�3PIB=<R@=>I<?;=DFJ[SVP_Dª]:< J[7^9=HKPI>IW=J�P_DF7^9=H[��rB�S ]:<�S^HKHIW=s�<[;yP_B�SYP�P_B=<?>I<�DFH1S�;=DG],DGHIDF7^97^�cEfS v 7:> v <?P .�<[<[9�P .�7 �¡< SVPIW=>I<"HI<?PIH[� PIB=< �M HI<�P�S^9=;&PIB=< M HI<�P �eS^9C;&P . 7�HH)N95P_S^J?PIDFJ7:@,M<[>ISVP_DG7:9=H[� u a:>K<[<(S^9=;9C 7:9CJ[7:>K;�n��B�S ]:<�S^>Ia:WC<[; P_B�SYP @=@ Sâ:>I<?<[s�<[95P �AP_7:a^<?P_BC<[>D.cDGPIBS^; �K<?J?P_Dª]VSÊ Sâ^>I<[<?st<?95P �8DF95]:7ÊG]:<?H�H ),95PLS^J�P_DGJ�¡< SVPIW=>I<?H P_B�SVP J S^>K> )&HK<[stS^95P_DGJDF9C�¡7^>IstSVP_DG7:9��S^9=;�DGH.P_>KDFa:a:<?>I<?; P_B=>K7:W=a:B;C 7:9CJ[7:>K;��P_B�SYP2PLSÛV<[H2@=EFS^J[< DG9=HIDG;=<�SstSY�NDFstSÊ�@=>I7 �K<[J?PIDF7:9 n �B�S ]:< HKB=7�.c9 P_B�SYP.P_BC< Sâ:>K<[<?st<?9�P.stDGHIstSVP_JLB v <?P .�<[<[9�PIB=< S^W,�CDGEFDFS^> )S^9=; PIB=<r@=@ DF9 WC9NMS^J[J?W=H_SYP_DG]^<"J?7:9=HKPI>IW=J�P_DG7:9=H S^9=;-@C>I<[;CDFJ SYP_DG]^<tJ?7:9=H¨P_>IWCJ?P_DG7:9=H DFH ;=W=<1P_7�P_B=<1� S^J?P P_B=SVP P .�7;=D-0 <[>K<[95Pi�¡< SVPIW=>I<�HI<�P_HrS^>I<1DF95]^7:EG]^<[;-DG9(H ),95PLS^J�P_DFJtJ[7:s�@=WCP_SVP_DG7:9�n1�ZB=<?>I<?�¡7^>I<^� P_B=<tSâ:>K<[< Mst<?95P8<[9=;=DG9=ai7:9�P_B=<c@=@tS^9=;17:9�PIB=<AS^; �K<[J�P_Dª]:<cDFH8S2>I<?HIW=EªP87^�6C 7:9=J[7^>I;��<.cB=DGJLB1P_S^>Ia^<?P_HePIB=<HI<?s"S^95PIDFJ[7YMOH ),95PLSVJ?P_DGJ HK<?P � .cB=DGEF<iP_B=< Sâ:>I<?<[s�<[95P3<[9=;=DG9=a7:9�P_B=<rS^WN�NDFEGDfS^>H)DFH37 v P_S^DF9=<?;P_B=>K7:W=a:B u a:>I<?< 7V� =M �¡< SYP_W=>K<[H[n

�� 3 ��

� �� 4� �7� �4 ��6� � � � � � ��

6! 7 ��-(��:'�;��

� P B�S^Hi7^� PI<[9 v <?<[9 7 v HI<?>K]^<[;�PIB�SVP �¨`NC H .cDGPIB(6AM � S^a:>I<?<[s�<[95PiW=9=;C<[>Ia^7 SRHI@T<[J?D-+�J1J[7^9NMHKPI>_S^DG95P �cP_B=<?DF>!7 v �K<[J?PiJ[S^9=9=7VP v <r7^P_B=<?>.P_B=S^9 < >I;�@T<[>KHI7:9 l ? W=>Ib?DF7 ¢8?A>:£C�6C DF9NF�W=< ¢-?;>A>5p�n�ZB=DGHo@CB=<[9=7^st<?9=7:91DFHeU�9=7�.c9tS^HeP_B=<Z@T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9�7:9�P_B=<c7 v �K<?J?P[�NSV9=;1DFHeDFEGEFW=H¨P_>ISVP_<?;DF9�l�¢ pOM l IDfS� SV>IDfS

�qk <[7:@CEF<27^� PI<[9�HI<[<r� S^>KDfS 7:9RP_BC<iPK] 5

l ¥^p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]:<?;=7:9=7HI<?<�M�"$#&% -��

HI@T<[HKHI77^� P_<?9

EG7:>I7PIB=<�)5M � + "$#&% -��

�qk <[7:@CEF<27^� PI<[9�HI<[<iP_BC<[s 7:9 PIB=<2PI] 5

l < p � �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]:<?;=7HI<?<�M�� ' � '�)


DG7�©� M � + � ' � '�)e©

]:<?;=DHI<?<�M�� %('�)

HI@T<[HKHI77^� PI<[9

P_W):7:W,M �� + � %('�)

©©]:<?;=DfSVst7HI<?<�M�� ' � -��

HK@ <?HIHK77V� P_<[9

9=7:D.�<�M �� + � ' ��-��

©©]^<[;=<�P_<HK<[< M�� % -��


]:7:D):7:WNM � + % -��

�qk <[7:@CEF<27^� PI<[9�HI<[< s�<¤© )^7:W�©1W=H_©rP_B=<?s 7:9 PI] 5¢:¢ B

¢:¢-> ��

�O9 l < p�� PIB=<�@C>I<[HK<[9=J?<�7^�iS ¢ HKPL©:¥V9=; @ <?>IHI7^9 7 v �K<?J?PEG< S^;CH�PI7-W=9=a^>_S^s�s"SYP_DFJ[SÊFDªP ):n �ZB=<@ <?>IHK7:9 >I<?HKPI>IDFJ�P_DG7:9�7^9�P_BC< 7 v �K<[J?P.;=7,<[HA9=7^P3B=7:EF;R�¡7:>A�¨`NC H.cDªP_B�9=7t6AM � Sâ^>I<[<?st<?95P � S^HHIB=7�.c9�DF9�l §�p �

l §�p �O9DF9PI<[EG<?],DFHKDF7:9=<PI<[EG<?],DFHKDF7:9

s�Ds�<�M�� ' � '�)

HIDHID]:<?;=<¤©HI<?<[H "$#&%('�)e©

P_D):7:W,M �� % - ' ©

HIDHID

]:<?;=<¤©HI<?<[H¨M�"$#&% '�)e©

EF7B=DFs�M �� "$#&%('�)

HIDHID]:<?;=<HI<?<[H¨M�"$#&% '�)

�qk <[7:@CEF<iHI<?< s�<¤©7):7^W ©1BCDFs�7^9RPI<[EG<?],DFHKDF7:965

�iHIB�SÊGE�J?EfS^DGs P_B�SYPrP_BC<@ <?>IHK7:9�>I<?HKP_>KDFJ�P_DF7^9-7:9&PIB=<7 v �K<?J?P�DG9 l�¢ pOM l < piDFHrJ[S^W=HK<[; v )-PIB=<@=>I<?HI<?9=J[<t7^� �� .cB=DGJLB ]VSÊGW=<[H2PIB=<1@ <?>IHI7^9 �¡<[SVP_W=>K<17:9�� S^9=;(�¡7:>IJ?<[H ��PI7�SVa:>I<?<�.cDªP_B S9=7VM @ <?>IHI7^9tj.k n5��@C>I7:@T7:HI< PI7 S^9�SÊ>)Nb?<ZP_B=<Z@T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9�7:9�PIB=<Z7 v �K<?J?P�DF9��¨`NC [email protected] � Sâ^>I<[<?st<?95P SVEF7:9=a3P_B=<cEFDG9=<[H�7^� PIB=<cS^9�SVE-),HIDGHe@=>I7:@T7:HK<[; v ) u 9�SVa:9=7:H¨P_7:@T7:W=EG7:W�l ¥^¦^¦ < p��`NDFa^W=>��:HKHI7:9�l¨¢-?A?^£5poSV9=; ? 7,<[JLU:� l�¢-?A?A>5p �¡7:> F,WCDF>IU<)t;�SVPIDG]:<3J[7:9CHKP_>KW=J?PIDF7:9CHil � j C H BC<[9=J?<�M�¡7:>KPIB p�DG9 �OJ[<[EFS^9=;=DGJ^no� ) S^9�SÊ>)NHKDFH 7 0 <?>IHZHIWC@=@ 7^>KPZP_7 u 9�Sâ:9=7^HKP_7^@ 7:WCEF7:W65 H a:<?9=<[>ISÊFDGb SVPIDF7:9S^J[J?7:>I;CDF9=a PI7 .cB=DFJLByS @T<[>KHI7:9y>I<?HKPI>IDFJ�P_DG7:9yS^>IDGHI<?H DF9�J[S^HI<?H�7^�As W=EGPIDF@=EG<"SVa:>I<?<[s�<[95P �8D n <^n.cB=<[9C<?]:<?>!P . 7j!keH.<[95PI<[>.DG9 HK7:st< U�DF9=;�7^�e>K<[EfSYP_DF7^9 .cDªP_B�P_B=< � B=< SV;�nC 7:95P_>_SI? 7N<?JLU:�S^9=; u 9�Sâ:9=7^HKP_7^@ 7:WCEF7:W��V� HKB=7�.�BC7E.�<?]^<[>eP_B=SVP P_BC<Z@=>I<?HI<[9CJ[<c7^� S!;�SVPIDG]:<2l F�W=DF>KU<)=p�HKW v �K<?J?PDFHA9=7^P.HIW �J[DG<[95P2DG9 7:>K;=<[>A�¡7:>3PIB=<r@T<[>KHI7:9�>K<[HKPI>IDGJ?P_DG7:9RP_7 S^@C@=E-)^n u H2St@=DG<[J?<r7^�8<�]NDG;=<[9CJ[<�¡7:>cP_B=<r� SVJ?PAP_B�SVP!S";�SVPIDG]^< j!k0;=7,<[H.9C7^P.�¡7:>KJ[< P_B=< @ <?>IHI7^9�>I<[H¨P_>KDFJ?PIDF7:9�7:9 PIB=< 7 v �K<[J?P[� �J[7:9CHIDF;C<[> � PLSÊGDfS^9�@=HH),JLB-]:<?> v H v <?EF7:9=a^DF9=a P_7RP_BC< ��# �� l � EGDFU^< 5qp!J?EfS^HKH[n `,W=JLB�]^<[> v Hr>I< MF�W=DF>K<!Sr;�SYP_DG]^<3HKW v �K<?J?P v WCP ;=7 9=7VP @=>K<[HI<?95PcSr@T<[>IHK7:9>K<[HKPI>IDGJ?P_DG7:9"7^9"P_B=<.7 v �K<[J�P n � 9"PIB=<v S^HKDFHe7^� � PLSÊGDfS^9�;=SVPLSC�5� HIBC7E.�P_B�SVPoS ��WCEGP_DG@=EFK<[<cJ[7^9(+�a:W=>ISVP_DG7:91DFHeDG9=HKPI< S^;19=<?J[<[HKH_S^>H)�¡7:> P_BC< @T<[>KHI7:9�>I<?HKPI>IDFJ�P_DG7:9P_7tS^@=@=E>):n

�O9 P_BCDFH�JLB�S^@CPI<[>?�VP_BC<o@T<[>KHI7:9 >I<?HKP_>KDFJ�P_DF7^9 @CB=<[9=7^st<?9=7:9rDGH�S^9�SÊ>),b[<[; J[>K7:HIHKEFDF9Ca:W=DFH¨P_DGJ SÊGE-)T�+�>IH¨P �=PIB=<2J S^HK<i7^��OJ?<[EFS^9=;=DGJ � j C H3DGH <��CS^s�DF9C<[;��SVH P_B=<8)RSÊFHK7�@=>I<?HI<?9�P3@=>K<[HI<?95P!S�@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9 7:9 PIB=< 7 v �K<?J?P[n � jMC H2S^>I< P_B=<?9�J[7:s�@�S^>K<[; .cDªP_B � P_SÊFDFS^9 �¨`NC H?n2� P2DFH3HIB=7�.c9P_B�SYP P_B=<(S^9=SÊ-),HI<?H P_B�SVPB�S ]:< v <?<[90@=>I7^@ 7:HK<[;0�¡7:>�OJ?<[EfSV9=;=DFJ�;C7 9C7^P�S^J[J?7:W=95P �¡7:>PIB=<� PLSÊGDfS^91� S^J�P_H DGEFEGW=HKPI>_SVPI<[;�DF9�l�¢ pOM l ?��B=<[EG@DF9tW=9=;=<?>IHKP_S^9=;=DG9=a

�� ¢:¢-?

P_BC<i� SVJ?P_H?n

�T�¡7:EGEF7�.�P .�7A@=SVP_B=H�PI7c<��N@=EfSVDF9!P_BC<e@ <?>IHI7^9 >K<[H¨P_>IDGJ?PIDF7:92@=BC<[9=7:s�<[9C7:9��}7:92P_BC<e7:9=<eB�S^9C;��r< �CS^stDG9=< J[7^9=HKPI>IW=J�P_DF7^9=H�PIB�SVP1B�S ]^<�PIB=<RH_S^s�<RH ),95PLS^J�P_DFJRJLB�SV>_S^J�P_<[>KDFH¨P_DFJ?H�S^H1�OJ[<[EFS^9=;=DGJ� j C H[�VHIW=JLB S^H}� P_SÊFDFS^9!@=HH)NJLB ]:<?> v H 7^��P_B=< ��# �� J?EfS^HKH[n � HKB=7�.-PIB�SVP�HIWCJLB J?7:9=HKPI>IW=J�P_DG7:9=H;=719=7^Pc@C>I<[HK<[95P.S1@T<[>KHI7:9R>K<[HKPI>IDGJ?P_DG7:9��=J?7:95P_>IS^> )tP_7!.cB�SVPcs�7:HKPc@C>I7:@T7:H_SVEFHil¡EFDFUV< ? 7,<[JLU:� 5�H¥^¦:¦ < pA@=>K<[;=DGJ?P[n � 9 PIB=<�7^PIB=<[>!B=S^9=;��cJ?7:st@=S^>I< �OJ[<[EFS^9=;=DGJ � j C H .cDGPIB � PLSVEFDfSV9 �¨`NC H?n �HIBC7E.*P_B=SVP PIB=<[HK<.P . 7�J?7:9=H¨P_>IWCJ?P_DG7:9=HZSV>I<.9C7^P HH)N95P_S^J?PIDFJ SVEFE-)1<�F�W=DG]VSÊG<[95P � v WCP 9C<?]:<?>KPIB=<[EG<[HIH@=>K<[HI<?95P.P_BC< HIS^s�< @CB=<[9=7^st<?9=7:9��S�@ <?>IHI7^9 >I<?HKPI>IDFJ�P_DG7:9R7:9 P_B=< 7 v �K<?J?P no�ZB=< J[7:s�@�S^>KDFHK7:97^�e�OJ?<[EFS^9=;=DGJ � j C H .cDGP_B�� PLSÊGDfS^9R�¨`NC H.7:9�PIB=<r7:9C< B�SV9=;�S^9=; .cDGPIB � PLSVEFDfSV9�@CH ),JLB ]:<?> v H7:9PIB=<!7^PIB=<[> EG< S^;CH W=H P_7rJ[7:9=J?EFW=;C<.P_B�SYPZDGP DFH�PIB=<2@=>K<[HI<?9=J[<i7^�}PIB=<!� P_SÊFDFS^9"DGst@T<[>KHI7:9�SVE ��S^9=; 7^� P_BC<r�OJ[<?EfS^9C;=DFJ �� HIW ��P_B�SYP.;=<�P_<?>Is�DF9=<?H3P_BC< @T<[>KHI7:9 >K<[H¨P_>IDGJ?PIDF7:9�n g0BC<[9 7:9C<r7^�P_BC v H37^��PIB=<��# �� J[EFS^HIH?�=P_B=<i@T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9�;C7N<?HA9C7^PAS^>IDGHI<Vn

�ZB=<@=>K<[HI<?95P1JLB�S^@CPI<[> DGHr7:>Ka5S^9=DGb[<[;&S^Hr�¡7:EGEF7�.cH[n��O9&HI<?J?P_DG7:9 ¥�DªPrDGHrHIBC7E.c9�PIB�SVPrPIB=<@T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9�DGH 9=7^P1EGDFs�DGPI<[;�PI7�� PLSÊGDfS^9-�¨`NC H!.cDGP_B&6AM � Sâ:>I<?<[s�<[95P n 68<[>H) . <?EFE MU�9=7�.c9 ;�SYPLS >I<?a5S^>K;=DF9=a��OJ?<[EFS^9=;=DGJ F,WCDF>IU<)";�SVP_Dª]:<2J?7:9=HKPI>IW=J�P_DG7:9=HAS^>I<2@C>I<[HK<[95P_<?;��P_7:a^<?P_BC<[>.cDGPIB HK7:s�< @CB=<[9=7^st<?9�S >K<[J[<?95P_E-)07 v HI<?>K]:<?; S v 7:WCP `N@�SV9=DFHKB�n �O9 HI<?J?P_DG7:9 < PIB=<(s"S^DG9S^J?J[7:W=95PIHr7:9(P_B=<�@T<[>IHK7:9->K<[H¨P_>IDGJ?PIDF7:9(DF9 �OJ[<?EfS^9C;=DFJ�S^>K<�HKW=s�s"S^>KDFb?<[;�n��.;=7�9=7^P U�9=7�.�7^�S^9<)�S^J?J[7:W=95Pc�¡7:>Z� P_SÊFDFS^9�¨`NC Hc� S^J?PIH[n8�ZB=<?HI< S^9�SÊ>)NHK<[HAS^>K<iPIB=<[9�S^@=@CEFDF<?;P_71� PLSVEFDfSV9 ;�SVPLSN�a:Dª]NDG9=aiW=9=HISVP_DGHK� S^J�P_7:>H)�>I<?HIW=EªP_H[ne�O9�@�S^>¨P_DGJ[W=EFS^>[�:DªPoDFHeHIBC7E.c9tP_B�SVP8PIB=<[HK<.S^9=SÊ-),HI<?H�stSÛV<cPIB=<.c>I7^9=a @=>K<[;=DGJ?PIDF7:9 .cDGPIB�>K<[HI@T<[J�P P_7�7:9=<�J SYP_<[a^7:> )(7^� @=H ),JLB-]^<[> v H[� 9�SVst<?E-) PIB=< ��# �� HIW v J?EfS^HKHo7V� @=HH),JLB�]^<[> v H[n8�O91HI<[J�P_DG7:91§=��S^9�S^9�SÊ>),HIDFH�DFHeHIWCa:a:<[H¨P_<?;��¡7:>e� P_SÊFDFS^9 �¨`NC H?�<.cB=DFJLBHIDG9=a:EG<[Hr7^WCP �� S^Hr>I<[HK@ 7^9=HID v EF<��¡7:> PIB=<@T<[>IHK7:9�>I<?HKPI>IDFJ�P_DG7:9�n�`,W=JLByS^9�S^9=SÊ-),HIDGHr< �C@CEfS^DG9=Hv 7^P_B1P_B=<c� P_SÊFDFS^9�S^9=;1P_BC<.`,@�S^9=DGHIB�� S^J?PIH[neQ�7:>e�OJ?<[EFS^9=;=DGJ P_B=<c@=>K7:@ 7^H_SÊ�DGHes"S^;C<ZDF91HI<?J?P_DG7:9= P_B�SVP�PIB=<RHIW �� .cBCDFJLB DFH�@=>K<[HI<?95P7:9�P_BC<�stS �K7:>KDGP )-7^�3PIB=< ]:<?> v H1P_B�SYP1W=9=;=<?>Ia:7P_BC<r@T<[>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9�� DFHA>I<?HI@T7:9=HKD v EG< �¡7:>AHIWCJLB(St>I<?HKPI>IDFJ�P_DG7:9�nA`N<?J?P_DG7:9 £"S^;=;=>K<[HIHK<[H.PIB=<@=>K7 v EF<?s 7^�.EfS^JLU�7^�!@T<[>KHI7:9 >I<?HKP_>KDFJ�P_DF7^9 DG9 �¨`(C H%.�7^P_BC7:WCP163M � Sâ:>K<[<[s�<[95PtS^9=; @=HH)NJLB

¢ ¥^¦ ��

]:<?> v HA7^� P_B=< ��# �� J[EFS^HIH?noQ�DF9�SVEFE-)^�NHK<[J�P_DF7^9 B J?7:95PLS^DG9=Hcs7) J[7^9=J[EGW=HIDG7:9=H[n

� 0 �� *(�� (�� -(��;�� +,��/)�� % � ��;�� 4� ��*(��2+ ��

�ZB=< SVDFs 7^��P_B=DGH3HK<[J?PIDF7:9 DFHZP_7t@=>I7¤],DF;=<rSt;=<�PLS^DGEF<?;�7¤]:<?>K],DF<8. 7^� PIB=<r;�SYPLSt7^9�P_BC<r@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9�@=B=<[9C7:st<?9=7:9�n�� 7â:<?PIB=<[>!.cDGPIB&P_B=7^HI< � PLSVEFDfSV9��e�OJ[<?EfS^9=;CDFJ S^9C;�`,@�S^9=DGHIB�J[7^9NMHKPI>IW=J�P_DF7^9=H.cB=DGJLB ;=7< �NB=D v DªP!S�@ <?>IHK7:9�>I<?HKP_>KDFJ�P_DF7^9 7:9�P_B=< �37:s�DF9�SYP_DG]^< 7 v �K<[J�P ��S�HI<�P27^�;�SVP_SRDGH2DF95P_>K7N;CW=J[<?;�DGEFEFWCHKP_>ISVP_DG9=atPIB=<�>I<?]^<[>KHI<�@=B=<[9C7:st<?9=7:9�� D n <^n PIB=<1EfS^JLU 7^� @T<[>KHI7:9 >I< MHKPI>IDFJ�P_DG7:9R7:9�PIB=< �A7:s�DF9�SVPIDG]^<!7 v �K<?J?P!DG9�HK7:s�< J?7:9=H¨P_>IWCJ?P_DG7:9=H�.cB=DFJLB . 7^W=EF; v <i<��N@T<[J�P_<[;P_7&@C>I<[HK<[95PRDGP[n Q�>I7^s P_B=< J?7:s�@�S^>IDGHI7:9 7^�2P_BCI7:W=@CHS�]^<[> )�DF95P_<?>I<?HKP_DG9=a&@=>K71+�EG<<[s�<[>Ka:<[Hc7^� P_B=<i@T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9�@CB=<[9=7^st<?9=7:9�n

�ZB=<"@T<[>KHI7:9�>I<[H¨P_>KDFJ?PIDF7:9(7:9(P_BC<t7 v �K<[J?P DFH S�@=B=<[9C7:st<?9=7:9(P_B�SYPr7:9CE-) J?7:9=J?<[>I9CHrJ[7^9NMHKPI>IW=J�P_DF7^9=H7.cB=DGJLB DG95]:7:Eª]:<RS^9�DGst@T<[>KHI7:9�SVE �� DF9�� P_SÊFDFS^9�n(`,@ <?J[D-+=J SÊGE-):��¨`NC H!.cDGP_B&6AM �Sâ:>K<[<[s�<[95PR;=7 9=7^PREGDFJ?<[9=HK<(S��A7:s�DF9�SVPIDG]^< 7 v �K<?J?P�7^P_BC<[>P_B=S^9 < >I;0@ <?>IHK7:9�n��O9*7^P_B=<?>. 7^>I;=H?��¢ H¨P!S^9C;(¥V9=;�@ <?>IHI7^9 @=>I7^9=7:W=9=H.S^>I< <��NJ?EFW=;=<?; �¡>I7:s PIB=<r7 v �K<[J�P!@T7:HIDªP_DF7^9�7V�e�¨`NC H.cDGPIB�63M � Sâ:>K<[<[s�<[95P[n3� 7s7)�U�9=7�.cEF<?;=a:<^� �¨`NC H2S^>K< PIB=<r7:9CE-)RJ[7^9=HKPI>IW=J�P_DF7^9=H.DG9 � PLSVEFDfSV9.cB=DFJLB�W=9=;C<[>Ia^7 HKW=JLBS2J?7:9=HKPI>_S^DG95P n �ZB=<8)�S^>I<V�5B=7�. <�]:<?>[�C9C7^PeP_B=<c7:9CE-) < �NDFHKPIDF9=aiJ?7:9=HKPI>IW=J MP_DG7:9=H�.cB=DGJLB�>K<#F�W=DG>I<AS �37:s�DF9�SYP_DG]^< 7 v �K<?J?PoDF9�� P_SÊFDFS^9�n �O91@�S^>KPIDFJ?W=EfS^>?�:HI7^st<Z� P_SÊFDFS^9 @=HH)NJLB]:<?> v H SÊGHI7>K<#F�W=DF>K<1S �37:s�DF9=SVP_Dª]:< 7 v �K<[J�P � v WNPiJ[>IWCJ[DfSVEFE-)RPIB=<�) ;=7 9=7^P2< �NB=D v DªPiS@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9�7^9"DGP[n��ZB=<AJ[7^9�PI>_S^H¨P v <?P .�<[<?9�¨`NC H S^9=;�@=H ),JLB]:<?> v J[7:9=H¨P_>KW=J?PIDF7:9=HostS�)rP_B�W=HDF9=;CDFJ SYP_<2P_B=< ;=DF>K<[J�P_DF7^9�P_7 v < �¡7:EFEG7�. <?; DF9�7:>I;C<[>cP_7I+�9C;�S^9 < �N@=EfS^9=SVP_DG7:9��¡7:>cP_BC<r@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9 @=B=<[9C7:st<?9=7:9�n

� �6! 7 �-+1��+ � 7�� 3 � + �� *(�� (��!�-(��;��

� PLSÊGDfS^9��¨`NC H .cDªP_B"6AM � Sâ:>K<[<?st<?9�P W=9=;=<?>Ia:71S J[7:9=H¨P_>IS^DF95P >K<[a5SV>I;=DG9=a PIB=<.@T<[>KHI7:9�¡<[SVP_W=>K<7^��PIB=<!7 v �K<?J?P[�eDGP�J S^9=9C7^P v <.7^PIB=<[>oP_B�SV9 < >I;"@ <?>IHI7^9��=S^H�<��N<[s�@=EGD-+�<?;DF9 l¨¢ peP_B=>K7:W=a:B(l¡§�p��B=<[>KI<[@T< SYP_<[;�S^H l =^pOM�l B p�n

� �� .� � � ��$� �� ¢ ¥N¢

l =^p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]:<?;=<HI<?<[H�M/"$#&% '�)



�qk <[7:@CEF<27^� PI<[9�HI<[<r� S^>KDfS 7:9RP_BC<iPK] 5

lm£:p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]:<?;=7:9=7HI<?<�M�"$#&% -��


EG7:>I7PIB=<�)5M � + "$#&% -��

�qk <[7:@CEF<27^� PI<[9�HI<[<iP_BC<[s 7:9 PIB=<2PI] 5

l B p � �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]:<?;=7HI<?<�M�� ' � '�)


DG7�©� M � + � ' � '�)e©

]:<?;=DHI<?<�M�� %('�)


P_W):7:W,M�� %('�) � +

©©]:<?;=DfSVst7HI<?<�M�� ' � -��


9=7:D.�<�M�� ' � -�� +

©©]^<[;=<�P_<HK<[< M�� % -��


]:7:D):7:WNM � + % -��

�qk <[7:@CEF<27^� PI<[9�HI<[< s�<¤© )^7:W�©1W=H_©rP_B=<?s 7:9 PI] 5

68<[> )�DF95PI<[>I<?HKPIDF9=a:E>):� �¨`NC HM.cDGPIB=7:WCP!6AM � Sâ:>K<[<?st<?9�Pi;C79=7^P2WC9=;=<[>Ka:7 P_B=<rH_S^s�< J[7^9NMHKPI>_S^DG95P � S^H l�>5pOM l¨¢¤¦5poHIB=7�.i�

l�>:p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

EFDP_B=<?s1M�� "$#&% -��

HKDHKD]:<[;C<HI<[<?H¨M�"$#&% '�)

7:a^9=D<�]:<[>H)

a:DF7^>I9=7;�S*)

� � 9=<iHK<[<[HcP_BC<[s <�]:<[>H)R;�S*) 7:9RP_B=<i� 675

l�?:p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

EF7B=DFs�M �� "$#&%('�)

HIDHID]:<?;=<HI<?<[H�M/"$#&% '�)

7â:9=D<�]:<?> )

a:DG7:>I9=7;�S*)

� � 9=<iHK<[<[HAB=DGs�<?]^<[>H)R;�S*) 7:9RP_B=<i� 6B5

l¨¢ ¦5p �O9DG9P_<?EF<?],DGHIDF7^9=<P_<?EF<?],DGHIDF7^9

P_D):7:W,M�� %('�)

©VstD©Vst< M�� ' � '�)

©VJ[D©VW=H�M�� ' ��-��

©Y],D© )^7:WNM� % - �

HKDHKD

]^<[;=<HK<[<[H�M/" # % '�)

7:a:9=D<?]:<?> )

a:DG7:>I9C7;�S*)

� � 9=<iHI<[<?H )^7:W�©Yst< ©VWCHA© ):7:W�<?]^<[>H)�;=S�)7:9 P_B=<i� 6B5

� 9 S +�>IH¨P1J[7:s�@�S^>KDFHK7:9�� DªP�S^@=@T< SV>IH P_B=SVP P_BC<7 v �K<?J?P1DFHr>I<#F�W=DG>I<?;&P_7 v < S^> �A7:s�DF9�SVPIDG]^<J SVHI<"DG9(7:>I;=<?>2�¡7:>2P_B=<�>I<?HKP_>KDFJ�P_DF7^9(PI7 SV@=@=E-)^nt�ZBCDFH S^st7^W=95P_H2P_7�H_S*),DF9=aRP_B=SVPiP_B=<�7 v �K<?J?P9=<?<[;=H P_7�Sâ:>I<?<!.cDGP_B�PIB=<��A7:s�DF9�SVPIDG]^<�S^HIHKDFa:9CDF9=aRB=<[S^;�� 2n � � HIW=JLB-S^9�Sâ:>I<?<[s�<[95P ;=7,<[H9=7^P.PLSÛV<�@=EfS^J?<^� PIB=< @T<[>KHI7:9(>I<?HKPI>IDFJ�P_DG7:9 ;=7,<[H!9C7^P2HI<?<[s P_7 B=7:EG;�ni�3<?9=J[<V�6. <�J[S^9 S^>Ia^W=<

¢ ¥:¥ ��

P_B�SYPAS^9 SVa:>I<?<[s�<[95PA>I<[EFSVP_DG7:9 v <?P .�<[<?9 P_B=<i7 v �K<[J?P3S^9C;�� DFHcS�9=<[J?<[HKH_S^>H)�J?7:9=;=DªP_DG7:9�¡7:>cS@ <?>IHK7:9R>I<[H¨P_>KDFJ?PIDF7:9tP_7 B=7ÊF;�n �ZBCDFHZ7 v HK<[>¨]^SYP_DF7^9DFH J?>IW=J?DfSÊ DG�}7^9=<M. SV9�PIH P_7�stSÛ^<!S JLB=7:DFJ?<v <�P . <?<[9yP_B=7^HI<RS^9�SVE-),HI<?HB.cB=DFJLBy>I<?a5S^>K;&P_B=< @T<[>KHI7:9y>I<?HKPI>IDFJ�P_DG7:9&@=>K7 v EF<?s SVH1S ��¡<[SVP_W=>K<B=DF<?>_S^>KJLB<) 5T@=>K7 v EF<?s l HI<?< �¡7:>A<��CS^s�@=EG<7? DFS^9=JLB=D�¥^¦:¦ < p��TS^9=; @=W=>I<?E-)RH¨P_>IWCJ?P_WC>_SÊ�S^9�SÊ>)NHK<[H?n\39=;C<[>iP_B=<��¡7:>Kst<?>!]NDG<�.i��P_B=<�@T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9(DGHiPIB=<1>I<?HIW=EªP 7V�ZS J[7:s�@�S^>KDFHK7:9(7^� PIB=<7 v �K<?J?P j!k�;=DF>K<[J?PIE-)B.cDªP_B1P_B=<AHIW v �K<[J�PZj!k n=`NWCJLBS J?7:s�@�S^>IDGHI7:91;=7,<[Ho9=7^P S 0 <[J�P � DG9"SV9 ). S*)^ne�ZB=<[>K<.DFHoS ;=DF>K<[J?PoJ?7:st@=S^>IDGHI7:9 v <?P .�<[<[9PIB=<AB=DFa:B�@�S^>¨Po7^� PIB=<.J?EfS^W=HK<AS^9=;tPIB=<AEF7�. <?>7:9=<V�oBC<[9=J?<RPIB=<RSâ:>K<[<?st<?9�P!.cDªP_B��DFH 9C7^P1J[>KW=J[DFSÊ n(� ;=7�9=7^P1J?7:9=HIDG;=<[> PIB=DFH S^@=@=>K75S^JLBS^9<)��¡WC>KP_BC<[>rBC<[>I<Vn �ZB=<>K< S^;C<[>rDGH S^;C;=>I<?HIHI<?;�P_7 u 9�Sâ:9=7^HKP_7^@ 7:WCEF7:W�l ¥^¦^¦ < p!�¡7:> �¡W=>¨P_B=<?>;=DFHKJ[W=HKHIDG7:9�7^9RPIB=DFHcSV@=@=>I7:S^JLB�n8�ZB=< EfSVPKP_<[> S^@=@=>K75S^JLB .cDFEFE v <i@=WC>IHIWC<[; DG9 P_B=DGHZJLB�S^@CPI<[>[n

� � � �*( �!�� (��!�8( ��;�� 7 �A� ��+ ��'��9:��(�� 8:�% � ��;� �A��'�!�8( :��;��'�

�O9 PIB=<�EFS^HKP��¡<8. ):<[S^>IH?�^P_B=<oH ),95PLS � 7^� �37:s�DF9=SVP_Dª]:<e7 v �K<?J?PIH�B�S^H v <[<[9 P_B=<8P_7^@=DFJ87^��DG95P_<[9CHIDG]^<>I<?HI< SV>IJLB & `NDFa:WC>��:HKHI7:9 l�¢-?A?:£N�c¥^¦:¦:¦N�Z¥^¦:¦:¥N�c¥^¦:¦ < � P_7&S^@=@T< S^>tSC� v p �Z��S^>ISÊF;CHI<[9 l¨¢-?;?C=:p��`NJLB�hCP_b?<�l¨¢-?;? B p�� ? 7,<[JLU:� l�¢-?A?A>N��¥^¦^¦:¦5p��=C B=7:s�HIU<) ¥^¦:¦:¦N� �ADF>_SVD-. S l ¥V¦:¦C¢ p � �A7:EFs v <[>Ka �

�3> �5S^>IHK; �^PKP_DF> l ¥^¦^¦C¢ p��:�.S^< v <?>IEFD�l ¥^¦^¦5¥:p�� u 9�SVa:9=7:H¨P_7:@T7:W=EG7:W�l ¥^¦^¦5¥N�5¥V¦:¦ � �c<[b[S^Jl ¥^¦^¦ < p�� >IstS^b S v SÊ � �c7:s�<[>K7 l P_7�S^@=@T< SV>Lp��=S^st7^9=a�7^P_BC<[>IH '

�OJ[<[EFS^9=;=DGJF�W=DG>IU<)1HIW v �K<[J�P © F�W=DG>IU<)";=SVP_Dª]:<AJ[7:9=H¨P_>KW=J?PIDF7:9=HoHIB=S^>I<3HI7:s�<ZP_>_SVDGP_HL.cDªP_B"� P_SÊªMDfS^9 �¨`NC H[n �O9�@�S^>¨P_DFJ?W=EfSV>[� P_B=<8)�SÊGHI7W=9C;=<[>Ka:7P_B=<�@T<[>KHI7:9�>K<[H¨P_>IDGJ?PIDF7:9 J?7:9=H¨P_>_SVDF95P27:9 PIB=<7 v �K<?J?P � SV9=;�PIB=<[>K<?�¡7:>K<2P_B=<8)RS^>I<i<?EFDFa^D v EG<3�¡7:>cS�J[7^st@�SV>_SVPIDG]:<!S^9�SÊ>)NHKDFH2.cDªP_BR� PLSÊGDfS^9 �¨`(C H[n

��<�P W=H�<��CS^s�DF9=<cP_BC<.H_SVEFDF<?95P�PI>_S^DªP_H87^�}�OJ?<[EfSV9=;=DFJ F�W=DF>KU<)t;=SVP_Dª]:<.J?7:9=H¨P_>IWCJ?P_DG7:9=H!l � j C HB=<[9CJ[<?�¡7^>KP_B�p�n u 9�<��CS^s�@=EF<27V� � j C0DFHca:DG]^<[9RDF9�l�¢:¢ p��

l¨¢:¢¤p �3<?9=9=DB=<?>¨M/% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�"$#&%�� %�� -��

H¨P_> �ÛYS^>I9=DG>L©PIB=< v 7�),H¨M � + -�� ©��

<[DF>PIB=<�)5M � + " # % - �

�q`NB=<2�¡7:W=9=;RP_BC< v 7�),HL©YPIB=<[s v 7:>IDG9=aN5 & �¡>I7:s `NDFa:WC>��:HKHI7:9�l¨¢8?A?:£C�ª¢ p '

�O9(l¨¢^¢ p��P_B=< �37:s�DF9=SVP_Dª]:<c7 v �K<?J?P ��#�� Sâ^>I<[<?H .cDGPIBtPIB=<3]^<[> v �(.cB=<[>K< S^H�P_B=<!HKW v �K<?J?P� �� DFH!stS^>IUV<[;(�¡7:>!;�SYP_DG]^<^nr68<?> )�DG95P_<[>K<[H¨P_DF9Ca:E-)^� P_B=< �A7:s�DF9�SVPIDG]^< 7 v �K<?J?PistS�) 9=7^P v <

� �� .� � � ��$� �� ¢ ¥ <

7^PIB=<[>ZP_B=S^9 < >I;R@ <?>IHK7:9�� S^H l¨¢¤¥:p <��N<[s�@=EGD-+�<?H[�

l¨¢¤¥:p � �A<[9=9=DB=<?>¨M�% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�� % �

�

" #&%�� -�� D ��©)^7:WNM � + -�� ©

EG<[DF;C;=W=s�HKPv 7:>I<?;NM�� ' � -��

],D �.�<�M � + -��

�q`NB=<i�¡7:W=9=;�)^7:W ©�W=H v 7:>KDF9=a(5 & �¡>I7:s `,DFa:W=> �:HIHK7:9�l¨¢-?;?:£C� ¥;>5p '

u ;=<�PLS^DGEF<?;�HIWCststS^> )y7V�2P_B=< @C>I7:@T<[>¨P_DF<?H"7^�i�OJ?<[EFS^9=;=DGJ � j C H DGHt@=>K7¤]NDG;=<[; v )O? 7,<[JLU:�l ¥V¦:¦ K<[95P_B=<?HI<?H!S^>K<2s7) 7�.c9 p��

� �A7:stDG9�SVPIDG]:<37 v �K<?J?P_HAS^>K<!�¡7:W=9=;R7:9CE-)DG9P_B=<2J?7:95P_< �NPA7^� � W=DF>KU<)"HKW v �K<[J�P.J?7:9=H¨P_>IWCJ�MPIDF7:9=H?n

� � W=DG>IU<) HIW v �K<[J�P_H[�iW=9CEFDFUV< �37:s�DF9=SVP_Dª]:<�HIW v �K<[J�P_H[�i;=7y9=7VP�PI>IDGa:a:<[> s�7:>K@=B=7:EG7:a:DFJ[SÊSâ^>I<[<?st<?95Pe7:9rPIB=< +�9=DªP_<o]:<[> v n �ZB=DGH�DGH�DFEGEFW=H¨P_>ISVP_<?;rDF9l¨¢ I7:s,? 7,<[JLU:��lm¥^¦:¦ < �G¢ p ' �

l�¢ KEFH�M/% � � � � + -��

]VS^>. S^H¨M�"$#&%('�)

B � �ÊF@=S^;=BB=<[EG@ <?;NM/'�)

��ZB=< a:DF>KEFH .�<[>K<iB=<[EG@ <?;65

� u a:>I<?<[s�<[95P v <�P . <?<[9 PIB=<D+�9=DªP_<]^<[> v S^9=;yP_BC< �37:s�DF9�SYP_DG]^<"7 v �K<[J?P�DGH�EFDFs�DGPI<[; P_79�W=s v <[>cSVa:>I<?<[s�<[95P ne�O9R@�S^>¨P_DGJ[W=EFS^>[�,@ <?>IHK7:9�Sâ:>I<?<[s�<[95PZDGH <��NJ[EGW=;=<?;-l¡D n <^n8S @T<[>KHI7:9>K<[HKPI>IDGJ?P_DG7:9R7:9 P_B=<i7 v �K<[J?PAB=7ÊF;=H_p�n

� Q�DG9=DGPI<�]^<[> v Sâ^>I<[<?st<?95PD.cDGPIB P_B=< �A7:stDG9�SVPIDG]:<�7 v �K<?J?PRDGH<��NJ[EGW=;=<?;*Dª� S � W=DF>KU )<?EF<[s�<[95P DFH .cDGPIB=DF9(P_B=<tJ�M J[7:s�s"SV9=;�;C7:s"SVDF9 7^� P_BC<�]^<[> v SYP�`N@T<[EGEªM � WNPtl D n <^nRDª�ZSF�W=DG>IU<)&<?EF<[s�<[95PrDF95P_<?>K]:<?9=<[H v <?P .�<[<?9 PIB=<"]:<?> v S^9=;&PIB=< �37^stDG9�SVP_Dª]:<�7 v �K<?J?P p �8S^HHKB=7�.c9 DF9�l�¢ §�p��

l�¢ §�p � �[>s�<�M�% � �

� S^9=9=H¨PHI<?<[<[s�<[;,M/"$#&%('�)

© �¤�¡W=9=;CW=HKP©VHI<?<[s�<[;NM�"$#&% -��

& B=<[9=9CDB=<?>¨M/% � �

EG<[D �5S^HKPv 7:>K<

�<[DF>PIB=<�)5M � +��PIB=7:W=a^B�PAHKB=< . S^H v 7:>I<?; .cDªP_B P_BC<[s 5

¢ ¥V§ ��

�O9RS^;=;=DªP_DF7^9�PI7rP_B=<?HI<2@=>K7:@T<[>KPIDF<?H[� u 9=;=>K<�.cH l�¢-? B £5p8S^9=; ��SV<[9=<?9�� SVEFDF9Ca � �ZB=>��VDF9=H�MHI7:9 l¨¢-?;>C=:p S^s�7:9=ai7^PIB=<[>KH[��B�S ]:<3HIB=7�.c9tPIB�SVPo�OJ[<?EfS^9C;=DFJ�F�W=DF>KU<)1;�SVP_Dª]:<?H v <[B�S ]^<3EGDFU^<c7:>K;=DªM9�S^>H) �37:s�DF9�SYP_DG]^<iHIW v �K<?J?PIHG.cDGPIB >I<?HI@T<[J�P.P_7�]VS^>IDG7:W=HAHIW v �K<?J?PIB=7N7,; PI<[HKPIH.7:>A;=DFSâ:9=7:H¨P_DGJ[H[nu 9��OJ[<?EfS^9=;CDFJ F�W=DF>KU<) ;�SVPIDG]:<2stS*):�=�¡7:>ZDG9=HKP_S^9=J?<^� v DG9=;�S1>K< ��< �NDG]:<V�TS^HcHIB=7�.c9 DG9�l¨¢�=:p �

l¨¢�=^p �3<?9=9=D �B=<?>¨M/% � �

EG<[D �:DFH¨Pv 7:>K<[H

v �Û,DG9v 7,7:U�P_B=< M �� +

H �F9��HK<[Eª�#5 H

©©�¤B=<[9=9=S^>��¤B=<[>

�q`NB=< +�9=;=HAB=<?>rl¡7�.c9 p v 7,7:U v 7:>KDF9=aN5 & �¡>K7:s `,DFa:W=> �:HIHK7:9�l¡PI7"S^@C@ <[S^>[� =:p '

g0B�SVP2stSVPKP_<[>KH3�¡7:>3W=H!DG9 @�S^>¨P_DFJ?W=EfSV>ADGH.P_B=SVP ��S^<?9=<[9 �� SÊGDF9=a � �ZBC>_S^DG9=HIHK7:9�HIB=7�. P_B=SVPF�W=DF>KU )R;=SVP_Dª]:<[H3EfS^9C;�DG9�PIB=< @T7:HKDGP_DG7:9RW=HIW=SÊFE>) 7NJ?J[W=@CDF<[; v )�H¨P_>KW=J?PIW=>_SÊ�HKW v �K<[J�P_H?n.j!SYP_DG]^<<��N@T<[>IDG<[9=J?<[>KH27^�8P_B=< ��# �� J[EfSVHIH2SÊGHI7< �NB=D v DªP2S";=SVP_Dª]:< HKW v �K<[J�P DF9 H¨P_>IWCJ?P_WC>_SÊ HKW v �K<?J?P@ 7^HIDGPIDF7:9 �CS^HK.�< .cDFEFE HI<?< DG9P_B=<i9=< �,P3HK<[J�P_DF7^9�ne�ZB=<i;�SVPIDG]:<ij.k�7^� � PLSÊGDfS^9@CH ),JLB�]^<[> v H3DGHS�F�W=DG>IU<)�;�SVP_Dª]:<V�CS^H�HIB=7�.c9 v )�? <[EGEF<�PIP_D � �cDFb?b[D l¨¢-?;>A>5peS^9=; C SV>I;=DG9�SÊF<�PIPID l ¥^¦:¦:¥:poSVst7:9Ca7^P_BC<[>IH?�!S^9C;0PIB=<[>K<?�¡7:>K<(� PLSÊGDfS^9 @CH ),JLB*]^<[> v H SV>I< � j C H[n j3D-0 <[>I<?95P_E-) �¡>I7:s �OJ[<?EfS^9=;CDFJ^�B=7�. <�]:<?>[�� PLSÊGDfS^9 @=H ),JLB�]:<?> v He;C7!9=7^Pe@C>I<[HK<[95PeP_BC< @T<[>IHK7:9�>I<?HKPI>IDFJ�P_DG7:9 7:9rPIB=<��A7:stDG9�SVPIDG]:<7 v �K<?J?P � n

j.D-0 <[>K<[95P_E>)r�¡>I7^s @=HH)NJLB�]:<?> v H?�N� P_SÊFDFS^9 �¨`NC HoS^>K<Z9=7^P � j C H3lmS^HeHKB=7�.c9tDG9�j75 u EF<?HIH_SV9NM;=>I7 PI7�S^@=@T< SV>[� v �eJ[7:95PI>_S(j75 u EF<?HIHIS^9=;=>K7 P_7(S^@=@T< SV>[��S5p�� v WNP P_B=<8)&;=7 @=>I<?HI<[95PtS @T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9 7:9�PIB=< �37:s�DF9=SVP_Dª]:<!7 v �K<[J?P[n

� � 7 �-+1��+ � +1�'� � �'+ �� )��*(�% �

�ZB=< ;�SVPLS1DFEGEFW=H¨P_>ISVP_<?; DF9�¥Nnª¢:n8HIB=7�. P_B=SVP �37:s�DF9=SVP_Dª]:<2J SVHI< DFHcS19=<[J?<[HIHIS^> )�J?7:9=;=DªP_DF7^9R�¡7^>P_B=<�@T<[>IHK7:9->K<[H¨P_>IDGJ?PIDF7:9�P_7 S^@=@=E>):nt�ZB=<�F�W=<?HKPIDF7:9�DFHi9=7�. .cB=<�P_B=<?> �37^stDG9�SVP_Dª]:<�J[S^HI<�7:9P_B=<.7 v �K<[J�PZDFH�SÊGHI7�SrHKW �J[DG<[95PZJ[7^9=;=DGPIDF7:9��¡7:>�PIB=<.@T<[>KHI7:9 >K<[H¨P_>IDGJ?PIDF7:9�P_7�S^@C@=E-)^n � � DGP . <?>I<HI7=� SV9 )"P_DFs�<G.�< B=S^;�S �A7:stDG9�SVPIDG]:<37 v �K<?J?P �TS�@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9RHKB=7:W=EG;�7,J[J?W=>[n

� � �0+ /�3�3. H �� 7MF. ��+%@,�8�6+� �� X�OC�@�� PT�3C� � �Q+;��,%)PT��W@,�@�7 *AB,�.�N >��+%�� Q+Z�3� N)��Y2 ,��+%> EC� �+@D� F�PT.Y6+;N)��3�0 ��3� RU�.�SQ@8�6,6R[ %�� 457/�3, Y2 P�� 806+*�3� >��+ � �� P �� +O �,%/�C� %/,��-+ / ��O6C� >$.0+%�G ��.0� R�� P ��+��3+�S�� N)�� % %@,�+QAB.�,� ��Z>,�6+%@�7 �PT�3+�C�/ +%+%��.0� D

� �� .� � � ��$� �� ¢ ¥A=

�ZB=< SV9=H .�<[>"PI7 PIB=DFH%F�W=<[H¨P_DG7:9�DGH%F�W=DªP_<�HIDGst@=EG<^�oDG�.7:9=<�J[7:9=HKDF;=<?>IHtHI7:s�<R;�SVPLS(�¡>I7:s� PLSVEFDfSV9 @CH ),JLB&]:<?> v H?n � PLSÊGDfS^9(@=HH)NJLB&]^<[> v Hr7^� P_B=< ��# �� J[EfSVHIH <��NB=D v DGP S �A7:s�DF9�SVPIDG]^<7 v �K<?J?P � n��O9�PIB=<[DG>rl�¢-?A>A>:p @�S^@T<[>[� ? <?EFEG<?PIPID � �cDFb[b?D}HIB=7�. PIB�SVPA@=H ),JLB ]^<[> v H!S^>K< W=9C;=<[>KE-)5MDF9Ca�W=9=S^J[J?W=H_SVPIDG]^<[H[��S^9=;(P_B�SYP PIB=<[>K<?�¡7:>K< v 7^PIB PIB=<[DG> SV>Ia:W=s�<[95PIH SV>I<�62k�MODG95P_<[>K9�SÊmn��ZBCDFHS^s�7:W=95P_H P_7�H_S*),DF9=a PIB�SVP DF9-S�HI<?95P_<[9CJ[< EFDGU^< l¨¢¤£:p�� PIB=< �A7:s�DF9�SVPIDG]^<tj.k DGHrSV9&DF95P_<?>I9�SVES^>Ka:W=s�<[95P n

l¨¢ £5p ��Ds�<�M�% � � � ' � '�)

@=DFS^J[<EGDFU^<?H¨M�"$#&% '�)

EfSP_B=<

J[DG7NJ?J[7:EFSVPLSJLB=7,J[7:EFSVP_<

�� EGDFU^<2JLBC7NJ?7:EfSVPI<15

�ZB=<3;�SVP_Dª]:<.S^>Ia:WCst<?9�P�7^� @=H ),JLB]:<?> v H DFHoHIB=7�.c9"PI7 v <[B�S ]:<.EFDFUV<.Si>I<[SÊTHIW v �K<?J?P[�=S^9=;tP_B�W=H;=D>0 <?>I<[95PIE-)"�¡>K7:s�EF<?� P ;=DFHKEF7,J SVPI<[; <[EG<[s�<[95P_H?ne�ZB=<i;=DFHKJ[W=HKHIDG7:9 7^� P_B=<?HI<iDFHKHIW=<?HZDFH @=>K<[HK<[95P_<?;v <[EF7�.�DF9�P_B=DGH8HI<[J�P_DG7:9�n �O95P_<?>I<?HKP_DG9=a:E>):��HI<?9�PI<[9=J?<[H�EFDFUV< l¨¢¤£:pe;C7 9C7^Po<��NB=D v DGPoS^9<)1>I<?HKPI>IDFJ�P_DG7:97:9RP_B=<i@T<[>KHI7:9R�¡< SVPIW=>I<i7^� P_BC< 7 v �K<[J�P � S^HZP_BC<i�¡7ÊFEF7�.cDG9=a <��CS^s�@=EG<2HIB=7�.cH[�

l¨¢ B p �2EFDB=DGs1M�% � � " #&%('�)

@=DFS^J[DEFDGU^< M�� %�' )

P_W ©):7:W,M �� + � %('�)e©

@CDfS^J?J[DF7EGDFUV<�M�� ' � ' )

DG7�©� M � + � ' � '�)e©

@=DfSVJ[<EFDGU^<[H�M/" # % '�)

EFWCD ©B=< M �� + "$#&%('�)e©

@=DfS^J?<?PI<EFDFUV<�M�� % -��

]^7:D)^7:WNM �� + � % -�� 3<iEFDGU^<?H�)^7:W ©�EFDGU^<[HZs�<¤© EGDFU^<?HZB=DFs"©rEFDGU^<M)^7:W&l¡@=E n p85

�O9�l¨¢ B p �oPIB=<R7 v �K<?J?P�s"S*) v <(¢ H¨P � ¥V9=;��o7:> < >K; @T<[>KHI7:9�n d��CS^s�@=EF< l�¢ B prJ[EG< S^>KE-)�HIB=7�.cHP_B=SVP2S �A7:s�DF9�SVPIDG]^< 7 v �K<[J?P!DFH!St9=<[J?<[HIHIS^> ) v WCP29C7^P!HKW �J[DF<?95P2J[7:9C;=DGPIDF7:9��¡7:>APIB=< @T<[>KHI7:9>I<?HKPI>IDFJ�P_DG7:9 P_7�S^@=@=E>):n

� PLSÊGDfS^9(@=HH)NJLB�]^<[> v H 7^� PIB=< ��# �� P )N@T<^� SÊFHK7 U�9=7�.c9yS^H PIB=DF>K;NMOJ?EfS^HKHi@=H ),JLBNM ]:<[> v H[�S^J?J[7:>K;=DF9=a PI7 P_BC< J[EfSVHIHID>+�J SYP_DF7^9-@=>K7:@ 7^HI<[; v )J?�<[EFEG<?PKP_D � �cDFb?b[D!l¨¢-?A>;>5p�� @C>I<[HK<[95P�s"SV9 )JLB�S^>IS^J?PI<[>KDFHKPIDFJ?H DF9J?7:s�st7:9�.cDGPIB�OJ[<?EfS^9C;=DFJ � jMC H[n8�O9 @�S^>¨P_DFJ?W=EfSV>[�5P_B=<8)"< �NB=D v DªPZS �A7:s�M

� � ,�.�N �.�S .0� RWS��G �� X�� $@� � >�+%2YC�� 8�@, ��+�� S��3�3� .0��32 �3��PT��C@�� %X %�L+%/ �$C@�3�0+%+V.�A=> + 2TC�� 80@, ��+F.�A %��"$& ��K@#%K; O2Y> I��T6N4>�� 6P �3� H � �7MQ��P H ��M�D

¢ ¥^£ ��

DF9�SYP_DG]^<27 v �K<?J?P.S^9=;�S1;=SVP_Dª]:<iHIW v �K<[J?P[� �KWCHKPAEFDGU^<2�OJ[<?EfS^9C;=DFJ � j C H[n ��7:>K<[7¤]:<?>[� P_B=<i;�SYP_DG]^<j!k v < S^>KHAS^9 d��N@T<[>IDG<[9=J?<[> @ M >I7:EG<^� �KWCHKPAEFDGU^<!s�7:HKPc7V� PIB=<i�OJ[<[EFS^9=;=DGJ F�W=DF>KU )R;=SVP_Dª]:<[Hc;=7Cn

�O9 P_B=<?DF>�HI<[s�DF9=SÊc@�S^@T<[>[� ? <?EFEG<?PIPID � �cDFb?b[D l¨¢8?A>A>5p1S^;=;=>K<[HKHP_B=< F,WC<[HKPIDF7:9 .cBC<?P_BC<[>P_B=<�H¨P_>KW=J?PIW=>_SÊe@T7:HKDGP_DG7:9 7^��@=>K<?]:<?> v SVEo;=SVP_Dª]:<�<��N@T<[>KDF<[9CJ[<[>KHiDFHiS � � � k�@T7:HKDGP_DG7:965�l Dmn�<Vn S@ 7^HIDGPIDF7:9 DF9/.cB=DFJLB PIB=< ;�SYP_DG]^< < �C@T<[>KDF<?9=J[<?> DFH �¡7NJ[SÊFDGb[<[;�p}7^> S3H¨P_>KW=J?PIW=>_SÊNHIW v �K<[J?P8@T7:HKDGP_DG7:9�n�ZB=<�)0J?7:9=J?EFW=;=<(P_B=SVP P_B=<(7:>K;=<[>�d��N@ <?>IDG<[9=J?<[>¨M 63M �ZB=<[s�<�DGHRW=9=stS^>IUV<[;��2SV9=; ;C7N<?H�9C7^P>I<�F,WCDF>I<tJ[7:95PI<��,P_W�SVE �KW=H¨P_D-+=J SVPIDF7:9�n��ZB=DGHrDF9C;=DFJ[SVP_<?H PIB�SVPrPIB=<";=SVP_Dª]:<d��N@T<[>IDG<[9=J?<[> DGH 9C7^PP_7:@CDFJ SVEFDFb?<[;�n �ZB=<3<��CS^s�@=EF<?H8PIB=<�)�@=>K<[HK<[95P PI7rHIWC@=@ 7^>KPoP_B=<?DF>8B<)N@T7^PIB=<[HKDFH DG95]:7:Eª]:<AJ[7:95P_< �,P_HDF9B.cB=DGJLB"S!PI7:@=DFJ[SÊFDGb[<?;�;�SVP_Dª]:< ]^<[> v SÊ�J[7:s�@=EG<[s�<[95P8DFH 9C7^Po@ <?>Is�DGPIPI<[;B.cB=DGEF<ZS!PI7:@=DFJ[SÊFDGb[<?;;�SVPIDG]:<i< �C@T<[>KDF<?9=J[<?>ADGHcSÊFEG7�. <?;��=HIWCJLB S^H l¨¢8>5p S^9=;�l¨¢8?5p��SV9=;&lm¥^¦5p �

l¨¢->:p � WCPIPIDSÊGE

HI7:9=7S^>I<

@=>K<[7,J[J[WC@�SVP_D.�7:>I>KDF<[;

@T<[>KJLB �v <[J[S^W=HK<

B=7�oB�S ]:<

>_S^J?J[7:95P_SVP_7P_7:EG;

F�W=<[H¨PLSP_B=DGH

HKP_7^>IDfSHKP_7^> )

SPI7�2DfSV9=9=D�2DfSV9=9=D

� de]^<[>H) v 7,;()RDFH2.�7:>I>KDF<?; v <[J[S^W=HI< �8P_7:EG;RPIB=DFHZH¨P_7:>H)P_7 �2DfS^9C9=D 5 & �¡>K7:s ?�<[EFEG<?PKP_D �

�cDFb[b?D8l¨¢8?A>A>C� <A<CB p '

l¨¢-?:p � � � WCPIPIDSÊGE

HI7:9=7S^>I<

@=>K<[7,J[J[WC@�SVP_D.�7:>I>KDF<[;



BC7��B�S ]:<

>_S^J?J[7:95P_SVP_7P_7:EG;

F�W=<[H¨PLSP_BCDFH

HKP_7^>IDfSHKP_7^> )

� de]^<[>H) v 7,;()RDFH2.�7:>I>KDF<?; v <[J[S^W=HI< �8P_7:EG;RPIB=DFHZH¨P_7:>H)P_7 �2DfS^9C9=D 5 & �¡>K7:s ?�<[EFEG<?PKP_D �


l ¥^¦:p � WCPIPIDSÊGE

HI7:9=7S^>I<

@=>K<[7,J[J[WC@�SVP_D.�7:>I>KDF<[;



@CDfS^J?<EGDFUV<[H¨M�"$#&% '�)

EfSP_B=<

EFDG9=a:W=DGHKPIDFJ SEFDG9=a:W=DGHKPIDFJ[H�M � � + '�)� de]^<[>H) v 7,;()RDFH2.�7:>I>KDF<?; v <[J[S^W=HI< �2DfS^9=9CD EFDGU^<?HZEFDF9Ca:W=DFH¨P_DGJ[H#5 & �¡>K7:s ?�<[EFEG<?PKP_D �


l ¥^¦:p DGHR;=D-0 <[>K<[95PR�¡>I7:s l�¢->5pS^9=;�l¨¢-?:p DG9 P_B�SVP�P_BC<�;�SYP_DG]^<(HIW v �K<?J?P ��#�� DGH�9C7^PP_7:@CDFJ SVEFDFb?<[;�DF90lm¥^¦5p�n��O9*l�¢->5prSV9=;*l¨¢-?:p��PIB=<P_7:@CDFJ SVEFDFb[SVP_DG7:9(7^� ��#�� EG< S^;CHrP_7 WC9NMa:>_SVststSVP_DGJ SÊGDGP )^n�l ¥V¦5p3DFH2a^>_S^s�s"SYP_DFJ[SÊ v <[J SVW=HI< ��#�� DFH.9=7^P!PI7:@=DFJ[SÊFDGb[<?;�� v WNPiDGP2DGHEF7,J SVPI<[;RDF9RS1HKPI>IW=J�P_W=>ISÊ}HIW v �K<[J�P.@T7:HIDªP_DG7:9�n

� �� .� � � ��$� �� ¢ ¥ B

? <[EGEF<?PKP_D � �ADGb[b[D8SVEFHI7�HIBC7E. P_B�SVP/.cB=DGEF<1S g0BNMO< �NPI>_S^J�P_DG7:9-SVJ[>I7^HIH S�P_7^@=DFJ[SÊFDGb[<[;�;=SYMP_Dª]:< DGHBF�W=DGPI<;=<?],DFS^95P �oS g0BNMO< �,P_>_SVJ?P_DG7:9yS^J?>I7:HKH1S @=>I<�]:<[> v SÊcd��N@ <?>IDG<[9=J?<[>1DFH @T<[>¨�¡<[J�P_E-)S^J?J[<[@NPLS v EG<^�

l ¥,¢ p � � �PIB=<

EFD v >IDv 7,7:U�H

JLB=<P_B�SVP

SPI7�iDFS^9=9=D�iDFS^9=9=D

BC7B=S¤]^<�M�� ' � ' )

;�SVPI7a:DG]^<[9NM -�- + � ' ��'�)

HI7:9C7S^>I<

F�W=<?HKP_DPIB=<[HK<

��ZB=< v 7,7:U�HZ� B�S ]^< a:Dª]:<?9�PI7 �2DfSV9=9=D�SV>I<2P_B=<?HI<i7:9=<?H#5 & �¡>I7:s�? <[EGEF<?PKP_D � �ADGb[b?Dl�¢-?A>A>C� <A<CB p '

l ¥^¥:p �PIB=<


JLB=<P_B�SVP


HK7:9=7SV>I<

@=DFS^J[DGWCP_DEFDGU^<?;

HK7:9=7SV>I<

F�W=<[H¨P_DP_BC<[HI<

��ZB=< v 7,7:U�H P_B�SYP �2DfSV9=9=D EGDFUV<[;�S^>I<2PIB=<[HK< 7^9=<[H�5 & �¡>I7:s�? <[EGEF<?PKP_D � �ADGb[b?Dl�¢-?A>A>C� <A<CB p '

�ZB=< <��N@=EfSV9�SVP_DG7:9 P_B�SYPM? <?EFEG<?PIPID � �cDFb[b?D}@=>I7¤],DF;C< �¡7:>cP_BC< � S^J�P_HADF9-l ¥N¢¤pcSV9=;�lm¥:¥:p DFHZP_B=SVP.cB=DGEF<3PIB=<2;�SVPIDG]^< ? <[9C<?� S^J�P_DG]^<2DF9(lm¥N¢ p8EfS^9=;CH DF9 S � � k @=>I7 �K<[J?PIDF7:9 � .cB=DGJLB J[7:9=H¨P_DªP_WCPI<[HcSv S^>K>IDG<[>��¡7:> .cBNMO< �NPI>_S^J�P_DG7:9��VPIB=< ;=SVP_Dª]:<�d �N@T<[>KDF<[9CJ[<[>�DF9"l ¥:¥:p}EfSV9=;=H DF9 S3HKPI>IW=J�P_W=>ISÊ,HIW v �K<?J?P@T7:HIDªP_DF7^9�n�`,P_>KW=J?PIW=>_SVEoHKW v �K<?J?P_H ;=7�9=7^P J[7:9CHKP_DªP_WCPI<�S v SV>I>IDG<[>!�¡7:> .cBNM <��,P_>IS^J?PIDF7:9 � SVHiPIB=<�¡7:EGEF7�.cDF9=ar<��CS^s�@=EF<2HKB=7�.cH[�

l ¥ I<


��ZB=< v 7,7:U�H P_B=SVP �2DfS^9=9CD B�S^HZa^DG]:<?9Rst<2SV>I<!P_BC<[HI<i7:9C<[H#5 & �¡>K7:s ? <?EFEG<?PIPID � �ADGb[b?Dl�¢-?A>A>C� <A<CB p '

? <?EFEF<�PIPID � �ADGb[b?D�J[7:9=J?EFW=;C<cPIB�SVPoP_B=<c;�SYP_DG]^<.d��N@T<[>IDG<[9=J?<[>oDF9 l ¥:¥^p�DFH8DF9�HKPI>IW=J�P_W=>ISÊ HIW v �K<?J?P@T7:HIDªP_DF7^9�niQ�W=>KPIB=<[>!<�],DF;=<?9=J[<�P_B=SVP!P_BC<�;�SVP_Dª]:<�d��N@T<[>IDG<[9=J?<[>27^�o@=HH),JLB ]^<[> v H DGH2S;=<?>IDG]^<[;HIW v �K<[J�P .cB=DGJLB EFS^9=;=HRDG90S H¨P_>IWCJ?P_WC>_SÊ2HKW v �K<[J�P @T7:HKDGP_DG7:9 DFH @C>I7¤],DF;=<?; v ) C S^>K;=DF9=SÊF<�PIP_Dl¡PI7�S^@=@T< S^>_p�n C S^>K;=DF9�SVEF<?PKP_D HIB=7�.cHZP_B�SYPcDF9 u WN��M P_7VM C 7:st@RSV9=;RJ[7:s�@=EF<?st<?95P_DFb?<[> ;C<[EF<�P_DG7:9J[7^9=HKPI>IW=J�P_DF7^9=H[�=.cBCDFJLB(;=79=7VPiSÊFEG7�. �¡7:>.EG<?� P¨MO;=DGHIEF7,J SYP_<[;�DGPI<[s�H[� S";�SVPIDG]:< d �N@T<[>KDF<[9CJ[<[>2DGHa:>IS^ststSVPIDFJ SVE �3.cB=DFEG<tP_BC< ;�SVP_Dª]:< SV>Ia:W=s�<[95P�7V�.S PI>_S^9CHIDGPIDG]^<"]:<?> v �@.cB=DFJLB�DGH 9=<?J[<[HKH_S^>KDFE>)EF<�� PKM ;=DFHKEF7,J SVPI<[;��,DFHc9=7^P[�

¢ ¥;> ��

l ¥V§5p deHIHK<[9=;=7v <[DF9Ca

SP_7�2DfS^9=9CD�2DfS^9=9CD

@=DfSVJ[DFWNP_7EFDGU^<[;

s�7:EGPI7s W=JLB

DFEP_B=<

>K<[a5SÊG7=�a:Dª� P

nªnªn��ZB=< a:Dª� P B�S ],DF9=a v <?<[9 ]:<?> )�. <?EFE=SV@=@=>I<?J[DFSVP_<?; v ) �2DfS^9=9CD �ªnGnªn-5 & �¡>I7:s C S^>K;=DF9�SVEF<?PKP_Dl¡PI7�S^@=@T< S^>?�Z¢:¢ p '

l ¥A=^p � u ]:<[9C;=7 l aÊFD pB�S ],DF9=a1B=DGs1M�% � �

DF7� M �� +


;�SVPI7a:Dª]:<[9

F�W=<[H¨P_DP_BC<[HI<

EFD v >IDm�v 7N7:U�H

nªnGn� u � P_<?>Za:DG],DG9=a PIB=<[HK< v 7,7:U�H P_7 �2DfS^9=9CD �TnGnªn-5 & �¡>I7^s C S^>K;=DF9=SÊF<�PIP_D l¡PI71S^@=@T< S^>?�Z¢:¢ p '

l ¥^£:p C >I<?;=<?]^7v <[EFDG<?]^<[;NM *,+.- � � ' � '�)

SP_7�iDFS^9=9=D�iDFS^9=9=D

@=DfSVJ[<[HKHI<?>I7EFDGU^<[;,M/'�� " # % - �

F,WC<[HKPI<P_B=<?HI<

H¨P_7:>KDF<H¨P_7:>KDF<[H

�� v <[EGDF<?]^<[;yP_B�SYP �iDFS^9=9=D�EFDFUV<[;�P_BC<[HI<�HKPI7:>IDG<[H�5 & �¡>K7:s C SV>I;=DG9�SÊF<�PIPID2l¡PI7 S^@=@T< S^>?�¢:¢ p '

l ¥ B p � �EC >I<?;=<?]^7v <[EFDG<?]^<[;NM *,+.- � � ' � '�)


l aÊFD pP_7�B=DGs

S ]:<?HIHK<B�SV;NM/'�� " # % ' )

;�SVPI7a:Dª]:<[9,M -�-


EFD v >IDv 7N7:U�H�� v <[EGDF<?]^<[;iB=<8B�S^;ia:Dª]:<?9iPIB=<[HK< v 7,7:U�H�P_7 �2DfS^9=9CD 5 & �¡>K7:s C S^>K;=DF9=SÊF<�PIP_D=l¡PI7cS^@=@T< S^>?�¢:¢ p '

�ZB=<[HK< < �CS^st@CEF<[HcHKB=7�. P_B�SYPZP_B=<2�¡>I7^9�PI<[;�;�SVPIDG]:<iDG9 @=H ),JLB ]^<[> v H3J?7:9=HKPI>IW=J�P_DG7:9=HcDFHc9=7^PcDG9S EF<?� P¨MO;=DGHIEG7NJ[SVP_<?; @T7:HIDªP_DF7^9�� v WNPi>_SVPIB=<[>2DG9(SRH¨P_>KW=J?PIW=>_SÊ�HIW v �K<?J?P @ 7^HIDGPIDF7:9 � .cB=DGJLB �cPLSVU^<�¡7:> P_BC< s�7:s�<[95P PI7 v < `N@T<[J^� �ck n

� PLSÊGDfS^9 @=H ),JLB ]:<?> v H B=S¤]^< v <[<[9 P_B�W=HJ?EfS^HKHID-+=<[; S^HtB=7:EG;=DF9=a�S-;�SYP_DG]^< d��N@ <?>IDG<[9=J?<[>.cB=DFJLB�EfSV9=;=H8DF9�S2HKPI>IW=J�P_W=>ISÊ HIW v �K<?J?P�@ 7^HIDGPIDF7:9 n �ZB=<8)�SÊFHK7i<��NB=D v DGPoS �37:s�DF9=SVP_Dª]:< 7 v �K<[J?P[n

u >Ia^W=st<?95P_H1�¡7:>�P_B=< � S^J�P�PIB�SVP1P_BC<�9=7^9NMO;�SYP_DG]^<�j!k�DFH1DF9y7 v �K<[J?Pt@T7:HIDªP_DF7^9 SV>I<R@=>I7YM],DF;=<?; 7^9=J[<�Sâ5SVDF9 v ) ? <?EFEF<�PIPID � �cDFb?b[Dil�¢-?A>A>:p�n&�O9yHI<?95P_<[9CJ[<[H%.cDGPIB ��# �� v 7^P_By7:>�M;=<[>KH[�yd��N@ <?>IDG<[9=J?<[>¨M 63M �ZB=<[s�< S^9=;0�ZB=<[s�<�M 63MOd �N@T<[>KDF<[9CJ[<[>�S^>K<�@ 7^HIHID v EF<V�.SVH l ¥;>5ptS^9=;l ¥;?:p HIB=7�.i�

l ¥;>:p uP_7�2DfS^9C9=D�2DfS^9C9=D

�DGHHI<[s�@=>K<SÊ-. S*)NH

@=DFS^J[DGWCPLSEGDFU^<?;

EfSP_B=<

s W=HKDFJ[Ss W=HKDFJ

� �iDFS^9=9=D B�S^HASÊ-. S*),HAEGDFUV<[;Rs W=HKDFJ15

� �� .� � � ��$� �� ¢ ¥;?

l ¥ ?5p ��SPIB=<

s W=HIDGJ Ss W=HIDGJ

�DFHHK<[s�@=>I<SVE-. S�),H

@=DFS^J[DGWCPLSEGDFU^<?;


� �iDFS^9=9=D B�S^HASÊ-. S*),HAEGDFUV<[;Rs W=HKDFJ15

�ZB=DGH!�¡>I<[<?;=7:s J[7:9=J?<[>K9=H2DF9�@�SV>KP_DGJ[W=EFS^>cP_B=< ��# �� J?EfS^HKH[�}SV9=;�9=7^P2@CH ),JLB ]^<[> v HiDF9�a:<?9NM<[>ISÊ n u J?J[7:>K;=DF9=aPI7 ? <[EGEF<�PIP_D � �ADGb[b?D � PIB=< � S^J�P!P_B�SYP ��# �� ]^<[> v H SVE-. S�),H2HK<[EF<?J?P $� S^HP_BC<[DF>AS^W,�CDGEFDFS^> )tJ[EFS^HIHKD-+�<?HAPIB=<[s ;=DG>I<?J?P_E>) S^HAW=9�SVJ[J[WCH_SVPIDG]:<?H[n �ZBC<rHKPI>IW=J�P_W=>ISÊ�HIW v �K<[J?P3@T7VMHIDªP_DG7:9"DGH P_B�W=H ��!� M PIB=<[stSVPIDFJ � v 7^P_B"PIB=<!�ZB=<?st< ��!" �� S^9=;tP_B=<2d��N@T<[>IDG<[9=J?<[> ��#��S^>K<r62k�MODG95P_<[>K9�SÊ lmSVP!jAMOH¨P_>KW=J?PIW=>I< p��S^9=; s"S*)�st7¤]^<rP_7"PIB=< H¨P_>IWCJ?P_WC>_SÊ HIW v �K<?J?Pi@T7:HIDªP_DG7:9.cDGPIB=7:WCPcJ[S^W=HKDF9=a�S^9<) ],DF7:EFSVP_DG7:9tPI7�P_B=< @ M J[>KDGP_<?>IDG7:9�n �ZB=< �A7:stDG9�SVPIDG]:<!j!k�DFHZ@CH ),JLB�]^<[> vJ[7^9=HKPI>IW=J�P_DF7^9=H.DGHAPIB,WCH!DF9�7 v �K<?J?P!@T7:HKDGP_DG7:9�n �2DG]^<[9�PIB�SVP3� PLSÊGDfS^9R;=7,<[H39=7^P.s"S^>KU C S^HK< 7:99=7:WC9=H[��PIB=<%F,WC<[HKPIDF7:9�DFHi9=7�. B=7�. .�<"J[S^9 v <tHKW=>I<�P_B�SYP PIB=<"7 v �K<[J�P v < S^>KH �A7:s�DF9�SVPIDG]^<v WCPr9=7^P u J[J?W=H_SVPIDG]^<^n��ZB=< S^9=HH. <?>rDGH @=>K7¤]NDG;=<[;-7:9=J[<"Sâ5S^DG9 v ) P_BC<t@=>K7:9=7:s�DF9=SÊFDGb SVPIDF7:9P_<?HKP3DF9 l < ¦5p��

l < ¦5p deHIHIS5©DªPKM �� + � � + "$#&%('�)e©

EF<?D ©HIBC<�M �� +

�

�� + "$#&%('�)�

©EfSDGPKM�� + "$#&%('�)

�DGHHI<[s�@=>K<SÊ-. S*)NH

@CDfS^J?DFWCP_SEGDFUV<[;

SP_7�iDFS^9=9=D�iDFS^9=9=D

� �iDFS^9=9=D B�S^HASÊ-. S*),HAEGDFUV<[;RDGP#5

l < ¦5p3HIBC7E.cHiP_B=SVP �37^stDG9�SVP_Dª]:< @=>I7:9C7:W=9=HistS�)�HIW v HKPIDGP_WNP_<��¡7:>.PIB=<�7 v �K<?J?P DF9�@=HH),JLB ]^<[> vJ[7^9=HKPI>IW=J�P_DF7^9=H[� v WCP u J?J[W=HISVP_Dª]:< @=>I7^9=7:W=9=HAJ SV9=9=7^P[n

�O9�HKW=s�� P_SÊFDFS^9 @=HH)NJLB�]:<[> v H S^>I< � j C H[�3.cDGPIB-S �A7:stDG9�SVPIDG]:<r7 v �K<[J�P S^9=;�S�;�SYP_DG]^<d��N@ <?>IDF<?9=J[<?> .cB=DGJLBt7,J[J?W=@=DG<[H8P_B=<3`N@T<[JV�N�ck-@T7:HKDGP_DG7:9�n �O9�PI<[>K<[HKPIDF9=aÊ-):��HKW=JLB"J?7:9=HKPI>IW=J�P_DG7:9=H;=7(9=7^P�HKB=7�. S^9<)�@T<[>KHI7:9y>I<?HKPI>IDFJ�P_DG7:9y7:9�P_B=< 7 v �K<[J?P[� .cB=DGJLByJ S^9 v <�¢[HKP � ¥V9=; ��7:> < >I;@T<[>IHK7:9��TS^H l�¢ B p��CB=<[>K< >K<[@T< SVPI<[;�S^H l < ¢ p �=J[EG< S^>KE-)tHIB=7�.cH?�

l < ¢ p ��Ds�<�M�% � � � ' � '�)

@=DFS^J[DEGDFU^< M� %�'�)

P_W�©):7^WNM �� + � %('�)0©

@CDfS^J?<EGDFUV<[H¨M�"$#&% '�)

EGW=D ©B=< M �� + "$#&%('�)e©

@=DfSVJ[<?PI<EFDGU^<�M�� % -��

]:7^D):7^WNM �� + � % -��

�� EGDFU^<M)^7:W ©VEGDFUV<2B=DFs"©rEFDGU^<M):7^W&l¡@=E n p85

¢ < ¦ ��

l < ¢¤pZJ?7:9=H¨P_>_SVHKP_H.cDGP_B��OJ[<?EfS^9C;=DFJ � j C H�l¡HI<[<rj75 u EF<?HIHIS^9=;=>K7R¥^¦:¦5¥,� v ��PI7S^@=@T< SV> v p nA`NW=JLBS J[7^9�PI>_S^H¨P1B�S^H�SVEFHI7 v <?<[9y>I<?J[<?9�PIE-)�7 v HK<[>K]^<[;y�¡7:>�`,@�S^9=DGHIB�@=HH)NJLB�]^<[> v H v )-�ADª]:<?>I7 l¡PI7S^@=@T< S^>_p�n�`N@=S^9=DFHKB&@=HH)NJLB&]^<[> v H 7^��P_B=< ��# �� " �� P )N@T<";C7 9=7^P HIBC7E. S^9<) @T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9 7:9�PIB=<i7 v �K<?J?P � �

l < ¥^p o7�

H �U�9=7�.

F�W=<P_B�SYP

SP_7u 9�Su 9�S M/% � �

EF<B=<?>¨M/% � � � �

a:W=H¨PLS^9EFDGU^<�M�"$#&% -��

<?EFEG7:HPIB=<�)5M � + "$#&% -��

�� U�9=7�.�PIB�SVP u 9�S�EGDFU^<?H P_B=<?s 5 & �¡>I7:s��ADª]:<?>I7�l¡PI7"S^@C@ <[S^>[� ¥:p '

l <A¨M/% � � � �

a:W=H¨PLS^DGHEFDGU^<�M�� % -��

]^7:HI7^PI>I7:H)^7:WNM �� + � % -��

�� U�9=7�.�PIB�SVP u 9�S�EGDFU^<?H2):7:W=5 & �¡>I7:s��ADª]:<?>I7�l¡PI7"S^@C@ <[S^>[� ¥:p '

�ZB=<t;=SVPLS �KW=H¨Pi@=>I<?HI<[95PI<[;&HKB=7�.�P_B�SYPi� PLSÊGDfS^9 @CH ),JLB�]^<[> v Hr7^�8P_BC< ��# �� J?EfS^HKH[�}P_7YMa:<?PIB=<[>�.cDGP_B `N@�S^9=DGHIB @=HH),JLB0]^<[> v HR7^�2P_B=< � " �� J?EfS^HKH[�c<��NB=D v DGPS&;�SVPIDG]:< j!k .cBCDFJLB7NJ?J[W=@CDF<[HAP_B=< HKPI>IW=J�P_W=>ISÊ HIW v �K<?J?P2@T7:HKDGP_DG7:9�`N@T<[J^� �ck � S^9=;�;=7"9=7VP.HKB=7�. S^9<) SVa:>I<?<[s�<[95P>I<?HKP_>KDFJ�P_DF7^9 7:9 P_B=< �37^stDG9�SVP_Dª]:<37 v �K<[J�P �N.cB=DGJLB�J[S^9 v <�¢[HKP �T¥Y9=;��=7:> < >I;R@ <?>IHK7:9�HKDF9=a^W=EfS^>7:>!@=EGW=>_SVE n2�OJ[<?EfS^9C;=DFJ � j C H SÊGHI7< �NB=D v DªPiS;�SVPIDG]^<1j!k .cB=DGJLB SÊFHK77NJ?J[W=@CDF<[H!PIB=<�HKPI>IW=J MP_W=>ISÊ HKW v �K<?J?Pc@T7:HIDªP_DF7^9 `N@T<[JV�=�ck nCj.D-0 <[>K<[95P_E>)t�¡>K7:s � P_SÊFDFS^9�@=H ),JLBR]:<[> v H[��BC7E.�<?]^<[>?�=P_B=<8)

� .�SQ@80@,ER0+%.�NLF80@, ��+-�� L�� J!��@��#��@K)H � %.XA ��C@2�R0 %.X �� V�*A ��C@24 %. � M�RT��P ! � & ��0��#��@K?H � AB.0,%10� � M�RYP.>,�6+%@�7 �4> 6,�+%.�� ,�6+ %,��3C� %�3.�� .0� %�Z. ��O6C� 6R��+�+%�.�S�� Y2) %�IAB.0��3.�S��3�1X��NL>�3�S�� %� � �� J!��@��#��@K��

H ��M � %.�F��F��

+ �3@NL>,��3SQ�92T+

+ + �3�6,��

��7 %. � ��A ��C�2��

��.7+ %�

NL��+ NL.7++��NL

C��[email protected]+ �1�/2T+ �

6��3.0+ ��@2��

� � ��)��S��92T+= ��E+��XA ��C@2? %.4 ��*+%��NL�10/2T+ �9 %�6N � � AB,%.0N � �38�@,�. H( �.L��>>$6��,�� 0M �

H ��(M � � %.�F��F��

+ �3@NL>,��3SQ�92T+

�.0+S-�� !" ��

�3��@, �� #�

��7 %. � ��NL.0+A ��C@2��"�$!% ��

�.7+ .� %,�.0+SQ��&�$!% ��

� � ��)��S��92T+- ��06+��XA ��C@2? �.4/ + � � AB,�.�N � �38�6,%. H( �.?��>>$6��,'� �7M �

H ��3��M � � %.�F��F��

+ �3@NL>,��3SQ�92T+

.0+2�.0/��(��)�*��

�3��@, �� #�

��7 %. � ��+A ��C@2��(��)��

80.0+%.� %,�.0+20.�/��+(��)��

� � ��)��S��92T+- ��06+��XA ��C@2? �.4/ + � � AB,�.�N � �38�6,%. H( �.?��>>$6��,'� �7M �

� .� ��3� H ��MQ��P H 0MQ�� P �3� HB�(M ��HB�3��(M- %�*P�� %�38�I< �T>$@,��6��C�6,;�-, �W�4.YC6C�/>��E+Q %�*+%> EC�� @,�.�A ��Z�>,�. �OEC� ��.0� H +%@ � ��+%/��3. ��M�D �-S��3�[C@.�NL ��C ) �.4 %�E+ *P�� 4�3� +%6C� %�3.��D D

� � � �� ,�� ] �� ¢ < ¢

;=7�HIB=7�. S1@ <?>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:9�7:9RP_B=< �37^stDG9�SVP_Dª]:<27 v �K<[J?P[��.cB=DFJLB�J S^9�7:9=E>) v < < >K;�@T<[>�MHI7^9�n �M.cDGHIB-PI7 HIW=aâ:<[H¨P P_B�SYP PIB=<J[EGW=<1P_7 HK7:EG]^<tP_BCDFHr@CW=b[b?EF<"7^9-P_B=<t@=>I<?HI<?9=J[< ©^S v HK<[9=J?<7^�8P_BC<�@ <?>IHI7^9 >K<[H¨P_>IDGJ?PIDF7:9 7^9(PIB=<�7 v �K<?J?PistS*) v <�@=>I7¤],DF;C<[; v )�� PLSVEFDfSV9 �¨`NC H?�3.cBCDFJLB(;=79=7^P <��NB=D v DGP S�;�SVP_Dª]:<�HIW v �K<[J?P S^9=;;):<?PrHIB=7�.�SR@ <?>IHK7:9&>I<?HKPI>IDFJ�P_DG7:9(7:9�PIB=<��A7:s�DF9�SVPIDG]^<7 v �K<?J?P[n �ZB=DFHes�< SV9=H�P_B=SVP P_BC<Z@=>I<?HI<[9CJ[<A7^�TS!;�SVPIDG]:<cj.k�DFH�9=7^Pe9=<?J[<?HIH_SV> )�DG9�7:>I;=<?>��¡7:>�PIB=<>I<?HKPI>IDFJ�P_DG7:9 P_7 B=7ÊF;�n u s W=EªP_DG@=EF< M�Sâ:>K<[<?st<?9�P3>I<?EfSVPIDF7:9 .cDGPIB P_B=<�� B=< SV; DGH!DF9CHKP_<[S^;�9=<?J�M<[HKH_S^>H):��SVJ[J[7^>I;=DG9=a PI7 P_BC<.a:<?9=<[>ISÊFDGb SVPIDF7:91@=>K7:@ 7^HI<[; v ) u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W l ¥^¦:¦ < p�n�g0B=SVPJ[>K< SVPI<[H PIB=<2@ <?>IHK7:9 >I<?HKP_>KDFJ�P_DF7^9DFH�9=7^P PIB=<!;�SVPIDG]^<2j!k � v WCPc>ISVP_B=<?>�PIB=<2@=>I<?HI<?9=J[<i7^� �� l¡DF9� PLSVEFDfSV9 p�� l¡DF9(�OJ[<?EfS^9C;=DFJ p��S^9=; � l DG9�`N@�S^9=DGHIB p n1�O9;.cB�SYP �¡7ÊFEF7�.cH?�}�.HIWCststS^>IDGb[<rPIB=<stS^DF9 SV9�SÊ-),HK<[HZP_B�SYPZB�S ]:< v <[<[9R@=>K7:@T7:HI<?;�PI71S^J[J?7:W=95PZ�¡7:> P_BC<2@ <?>IHI7^9�>K<[H¨P_>IDGJ?PIDF7:9 7:9PIB=<7 v �K<?J?P3DF9R�OJ[<?EfS^9C;=DFJV� S^9=;RP_> )"P_71<��,P_<?9=;�PIB=<[s PI7�PIB=< .cDF;=<?>c@=DFJ�P_W=>K<2� B�S ]:<��KW=HKPA;=>IS*.c9�n�ZHIBC7E. B=7�. � PLSVEFDfSV9��¨`(C ;=SVPLS�J[7:9(+=>Is P_B=< ]^SVEFDF;CDGP )7V� u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W65�HcP_BC<[HIDGH[� S^9=;B=<?EF@�DF;=<?9�PIDG� )"HI7:s�< � S*.cH3DG9 7^P_BC<[>ZP_B=<?7:>IDG<[H?n

� � � � �C��+ �� C�� ( � �8( :��;��:�(�+ � 35��'� �-(�+ ��

`N<�]:<[>ISÊ S^9�SVE-),HI<?HeB�S ]:< v <?<[91@=WCPe�¡7^> . S^>I;1DF9�7^>I;=<?>�P_7iS^J?J[7:WC9�P8�¡7:> P_B=<Z@T<[>KHI7:91>I<?HKPI>IDFJ�P_DG7:97:9 PIB=<Z7 v �K<?J?P8DF9r�OJ[<[EFS^9=;=DGJ2F�W=DF>KU<) HIW v �K<[J�P�J?7:9=H¨P_>IWCJ?P_DG7:9=H?n �ZB=<Zs�7:HKP�>I<[EG<?]VS^95Pe@=>K7:@T7:H_SÊGH>I7VPLSVPI<t>K7:W=9=;-P .�7�SY�N<?H[� s WCEGP_DG@=EF<1SVa:>I<?<[s�<[95P SV9=;�S�HK@ <?J[DFSÊFDGb[<[; !¤n u J[J?7:>I;CDF9=a�P_7�PIB=<+�>KHKP EGDF9=<17^� >I< SVHI7:9=DG9=a=��S�s W=EªP_DG@=EF<1Sâ^>I<[<?st<?95Pr>K<[EfSYP_DF7^9�DGH <?HKPLS v EFDGHIB=<?; v <?P .�<[<[9&PIB=<"�B=<[S^;&S^9C;�P_BC<�P .�7�j!keHrDG95]:7:Eª]:<[;�DF9(P_B=<�;=<?>IDG]VSVPIDF7:9 �iPIB=< �37:s�DF9�SYP_DG]^<�7 v �K<?J?PrS^9=;�PIB=<;�SVPIDG]^<tHKW v �K<[J�P n �ZB=<tHI<?J[7:9=;-EFDF9C<�7^� >K< S^HK7:9=DF9Ca @T7:HKPIW=EfSVPI<[HiDF9CHKP_<[S^;�PIB=<�<��NDFH¨P_<[9CJ[<"7V�ZSHI@T<[J?DfSÊGDFb?<[; !¤� .cB=DGJLBEFDGJ[<[9CHI<[HoP_B=<F�W=DF>KU )�HKW v �K<[J�PcS^9=;S^HIHKDFa:9=H �37^stDG9�SVP_Dª]:<ZP_7 P_B=<37^P_B=<?>S^>Ka:W=s�<[95P n(�O9�P_B=DGH HI<?J?PIDF7:9��e�i>K<?],DFHK<P_B=K75S^JLB=<?H1S^9=;�HIBC7E.�B=7�. P_B=<� S^J�P_H �B�S ]:<t7:WCPIEFDF9C<[; DF9(P_B=<�@=>I<�],DF7:W=H HI<?J?P_DG7:9-@C>I7¤],DF;=<�<?],DF;C<[9=J?<t�¡7:>2P_BC<ts WCEGP_DG@=EF< Sâ:>I<?<[s�<[95PS^@=@C>I75S^JLB n �ZB=<rHK@ <?J[DFSÊFDGb[<[; ! S^@C@=>I75SVJLB�� 7:9�PIB=< 7VP_B=<?>AB=S^9=;��Ts"S*) 9C7^P v <i<��,P_<?9=;=<?; P_7<��N@=EFS^DF9 PIB=<i� PLSÊGDfS^9"� SVJ?P_H?n

¢ < ¥ ��

� �6! � :��/�� '�� +1�#(��*��

�ZB=<�+=>IHKP.H ),HKPI<[stSVP_DGJrSYPIP_<?st@NPAPI7"@=>K7¤]NDG;=< S^9 < �C@CEfS^9�SYP_DF7^9�7^��P_B=< @ <?>IHK7:9 >I<?HKPI>IDFJ�P_DG7:9�DG9�OJ[<?EfS^9=;CDFJrDGH.DG9(`NDFa^W=>��:HKHI7:9�l¨¢-?A?^£5p�n!`NDFa:WC>��:HKHI7:9(S^J?J[7:WC9�PIH.�¡7:>AP_B=< @T<[>KHI7:9�>K<[H¨P_>IDGJ?PIDF7:9 DG9�OJ[<?EfS^9=;CDFJ � j C Hi>I<?E-),DF9Ca 7:9(S HKP_>KW=J?PIW=>_SVE J[7:9CHKP_>IS^DF95P[n �3<�H¨PLS^>¨P_H!�¡>K7:s PIB=<1S^HIHKW=s�@CP_DG7:9P_B�SYP!S�B=< S^; S^9=; DªP_HcHI@T<[J?D-+�<?>.J[S^9=9=7^P v < v 7^P_B�HI@T<[J[D>+�<[; � Dmn�<Vn P_B�SVPAP_BC<[>I< J S^9 v < <[DªP_B=<?>Sâ:>K<[<[s�<[95PZ�¡<[SVP_W=>K<[HZ7:9 PIB=<2B=< SV;�7^> C S^HI<2�¡< SYP_W=>K<[HZ7:9 P_BC<2HI@T<[J[D>+�<[>Z7V��S�@=>K7 �K<[J�P_DG7:9�ne�O97:W=>M.�7:>I;CH[��DªP2DFHi9=7VPi@ 7:HKHID v EF< PI7�B=S¤]^<�]VSÊGW=<[;(�¡< SYP_W=>K<[H v 7VP_B 7:9�P_B=<1B=<[S^;-SV9=;�7^9 PIB=<HI@T<[J?D-+�<?>27^�oS@=>I7 �K<[J?PIDF7:9 n �ZB=<!F�W=DG>IU<) ;=SVP_Dª]:<�j!k*DF9 �OJ?<[EFS^9=;=DGJ st7¤]^<[H!P_7PIB=<�HI@T<[J?D-+�<?>7^�cP_B=L`Nk�@=>K7 �K<[J�P_DF7^9��eP_B�SVP DFHrPI7(PIB=< @T7:HIDªP_DF7^9 .cB=<?>I< P_B=< HKW v �K<?J?PtW=HIW�SVEFE-) EFS^9=;=H?�S^H�. <�H_S*. DF9yP_B=<�@=>I<�],DF7:W=H�HI<?J?PIDF7:9�n �ZB�W=H?� P_B=<�HI@T<[J?D-+�<?>t7^�.P_B=_` @=>K7 �K<[J�P_DG7:9�DGH7NJ?J[W=@CDF<[; v )S�j!k .cB=DGJLBRDFH HK@ <?J[D>+�<[; �¡7:> J[S^HI<�l¡D n <^n4.cDªP_BRSr]VSÊGW=<[; C S^HK<!�¡< SVPIW=>I< p�ne�ZB=DGHst<[S^9=H P_B�SVP P_BC_` B=<[S^;�J SV9=9=7^P v <[S^> ]VSÊGW=<[; Sâ:>I<?<[s�<[95P��¡<[SVP_WC>I<[H?� v <[J SVW=HI< DªP SVEF>I<[S^;()B=7:EG;=H1S ]^SVEFW=<?; HK@ <?J[D>+�<[>?n �A<[9=J?<^�oP_B=L` .cB=DFJLB S^HKHIDFa^9=H �37:s�DF9=SVP_Dª]:<9=<?<[;=H1P_7 v <W=9=;=<?>IHK@ <?J[D-+=<[; �¡7:> SVa:>I<?<[s�<[95P n8\A9=;=<[>KHI@T<[J?D-+�J[SVP_DG7:9"�¡7:> Sâ:>I<?<[s�<[95PZs�< S^9CH DF9"@�S^>KPIDFJ?W=EfS^>EfS^JLU�7^��P_BC<2@ <?>IHI7^9R�¡<[SVP_WC>I<^�=S^9=; P_B=<?>I<��¡7:>I<iSâ^>I<[<?st<?95P2.cDGPIBRS�j!kA.cB=DGJLB�B=S^H 9=71@T<[>IHK7:97:>�DFHrs"S^>KU^<?; .cDªP_B < >K; @T<[>KHI7:9 n < >I;y@T<[>KHI7:9yDFH�DG9&� S^J?P1J?7:9=HKDF;=<?>I<[; ��HKDF9=J?< ? <[95]:<?9=DFH¨P_<l¨¢-?^£:£5p�� S^H 9=7�@ <?>IHK7:9 l¡HI<[<"�A7 v <?>KP_Hr¥^¦:¦:¥RSN� v �¡7:> < >I; @ <?>IHK7:9&stS^>IU�DF9Ca�DG9 d89Ca:EFDGHIB�S^HS � EFS^JLU&7^�3@ <?>IHK7:965 MOstS^>IUV<[>Lp n `NDFa^W=>��:HKHI7:9=5�H�l¨¢8?A?:£5prSV9�SÊ-),HKDFH�>I<?EFDG<[H�7:9�P_BC<�DG;=< S PIB�SVP�SHKPI>IW=J�P_W=>ISÊ}J[7:9CHKP_>IS^DF95PADFHZ>K<[HK@ 7:9CHID v EF<!�¡7:> PIB=<i@ <?>IHI7^9�>K<[HKPI>IDGJ?P_DG7:9P_71PLSVU^<i@=EfSVJ[<^n

u HKEFDGa:B5P_E-)-;=D-0 <[>K<[95P�@=>I7^@ 7:HISÊ DGH�@CWCP1�¡7:> . S^>I; DF9y� S^>_SVEF;=HK<[9�l¨¢-?A?A=:p �ZSVJ[J[7^>I;=DG9=a PI7��SV>_SÊG;=HI<?9��:;�SVPIDG]^<[H B�S ]^<Z@ <?>IHI7^91�¡<[SVP_WC>I<[H�.cB=DFJLB�@T<[>KstDªP�P_BC<[s P_72<[95PI<[> JLB=<?JLU�DF9=a Sâ5SVDF9=H¨P�¡W=9=J�P_DF7^9�SÊ BC< S^;=H?n8�O9 @�S^>KPIDFJ?W=EfS^>?�,PIB=<2;�SVPIDG]^<2d��C@T<[>KDF<?9=J[<?>3SVa:>I<?<[H .cDªP_BP_BC<2� B=<[S^;�� v WCPP_B=DGH Sâ:>I<?<[s�<[95P ;=7,<[H 9=7^P >I<?HIW=EªP�DG9i]^<[> v SÊ,DF9$��<?J?PIDF7:9 v <[J SVW=HI<o]:<[> v H�DG9i�OJ[<[EFS^9=;=DGJoSâ:>I<?<o�¡7^>v 7VP_B @T<[>KHI7:9�SV9=; 9�W=s v <[> H ),9=J[>K<?PIDFJ SVEFE-)^n�� S^>_SVEF;=HK<[9�S^>Ka:W=<?H P_B=SVP�PIB=< 9�W=s v <[> 7^��P_BC<�]:<?> vDFHc9=7^PAJLB=<?JLU^<?;�SVa5S^DF9CHKPZP_BC< ;�SYP_DG]^< j!k � v WCPA>_SYP_B=<?>.Sâ:S^DF9=H¨PZP_B=< �37^stDG9�SVP_Dª]:<ij!k n `NDF9=J?<¢ HKPeS^9=;�¥V9=;�@T<[>KHI7:91;=7.9=7^PeJ?7:s v DG9=< .cDªP_B�9�W=s v <[>?�:P_B=<8)�S^>K< 9=7^P @ 7:HKHID v EF<�HI@T<[J[D>+�J SYP_DF7^9=H�¡7:>ZP_B=<i]:<?> v SVE <?9=;=DF9Ca=n u H3S1>I<[HKW=EGP[��P_B=<i]:<?> v HKB=7�.cH2S < >I; @T<[>KHI7:9�DF9$�=<[J?PIDF7:9=SÊ�<[9C;=DF9=aCn

� � � �� ,�� ] �� ¢ <A<

`NW=JLB�S ],DF<�.�DFH HKB�S^>K<[; v 7^PIB v )J? 7N<?JLU:� l¨¢-?;?A>5prS^9C; u 9�Sâ:9C7:HKPI7:@ 7^W=EF7:W*lm¥^¦:¦ < p��.cB=7@=>K7:@ 7^HI<^��DF9y;=D>0 <?>I<[95P1P_<?>Is�H[�oP_B�SVP�PIB=<�;�SVP_Dª]:<Rj!k�B=S^H�S J?<[95P_>ISÊc>I7:EG< DF9yJ S^WCHIDF9Ca(PIB=<@T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9�7^9 PIB=< 7 v �K<?J?P n u J?J[7:>K;=DF9=a�PI7(PIB=DFH�EGDF9=<"7^�A>I< SVHI7:9=DG9=a=��S�s W=EGPIDF@=EG<�MSâ:>K<[<?st<?9�P�>I<?EfSVPIDF7:9�DGH8<[HKP_S v EGDFHIBC<[; v <�P . <?<[9"PIB=<3;=SVP_Dª]:<Ad��C@T<[>KDF<?9=J[<?> S^9C;tP_BC<A��B=< S^;t7:9P_BC<Z7:9=< B�SV9=;��S^9=; PIB=<Zj!k 7 v �K<?J?P8S^9C; P_B=<Z�yB=<[S^;17:9rP_BC<Z7^P_B=<?>[n �O9�7^P_B=<?>4.�7:>I;=H?�5P_B=< �B=<[S^;�Sâ:>I<?<[H v 7^P_BB.cDªP_B P_BC<3d��N@T<[>IDG<[9=J?<[>8S^9C;�.cDªP_B PIB=<c�ZB=<[s�<cj!k � .cB=DFJLB1>I<?J[<?DG]:<?H2C SVHI<P_BC>I7:W=a^B PIB=DFH Sâ:>K<[<?st<?9�P >K<[EfSYP_DF7^9�n�Q�7:EFEG7E.cDG9=a � S^>_SVEF;=HK<[9"l¨¢-?A?A=:p�� v 7^P_B u 9�SVa:9=7:H¨P_7:@T7:W=EG7:WS^9=;;? 7,<[JLU:��S^HKHIW=s�< P_B=SVPi;�SVPIDG]:<?H2B�S ]:<�@ <?>IHK7:9��¡< SVPIW=>I<?H .cBCDFJLB(@ <?>Is�DGP3P_B=<?s P_7R<[95PI<[>JLB=<?JLU,DG9=a�Sâ:S^DF9=H¨Pi�¡W=9=J?PIDF7:9=SÊeB=< SV;=H[n�ZBC<t;�SYP_DG]^<"d��N@T<[>IDG<[9=J?<[> B=7:EF;CH SR@T<[>IHK7:9��¡<[SVP_WC>I<;=W=<(P_7 DGPIH � DG95P_>IDG9=HIDGJ(S^9=DGs"S^J8) 5il u 9�Sâ:9=7^HKP_7^@ 7:WCEF7:W ¥^¦:¦ < � � >IstS^b[S v SÊ � �A7:s�<[>K7�P_7S^@=@T< SV>rS^s�7:9=aR7^PIB=<[>KHLp nR�37�. <�]:<?>[�8S^J?J[7:>K;=DF9=aRP_7 u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W��DGP EFS^JLU�H 9�W=s v <[>?n�ZB=< ;�SYP_DG]^< d��N@ <?>IDF<?9=J[<?>�Sâ:>I<?<[H7.cDªP_B&PIB=< � B=< S^; n-`,W=JLB�SV9ySâ:>I<?<[s�<[95P�DGHr;=<��¡<[J?PIDG]^<^�v <[J SVW=HI<�P_BC< ;�SVPIDG]:< j!k EFS^JLU�H29,WCs v <?>[n u HKHIW=s�DF9CaP_B�SVP.P_B=<r]VSÊGW=<[Hr¢ HKPiSV9=; ¥V9=;(s W=H¨PJ[7^s v DF9C< .cDªP_B P_B=<R]VSÊFW=<?H & HKDF9=a:WCEfS^> ' 7:> & @=EGW=>_SVE ' ��DªPtDGH19=7^P�@ 7^HIHID v EF< PI7-B�S ]:< S ¢[HKPt7:>¥V9=;�@ <?>IHK7:9�]VSÊGW=<i7:9�PIB=<i]:<[> v S^HASt>K<[HKW=EGPA7^� Sâ:>I<?<[s�<[95P .cDGP_BRP_BC< ;�SYP_DG]^< j!k � v <[J SVW=HI<P_BCDFH2.�7:W=EF;RSVEFHI7�>K<#F�W=DG>I<29�W=s v <[>ZSVa:>I<?<[s�<[95P no\39C;=<[> PIB=<iS^HIHKW=s�@CP_DG7:9P_B�SYP2¢ HKPASV9=;�¥V9=;@T<[>IHK7:9yS^9=;�>K< ��< �NDG]:<"@=>I7:9C7:W=9=H�SV>I< & �!@ <?>IHI7^9 ' @=>K7:9=7:WC9=H7.cB=DGEF< < >I;&@T<[>KHI7:9�@C>I7:9=7^W=9=HS^>K< � 9C7�@ <?>IHI7^965 @=>K7:9=7:WC9=H & ?�<[95]:<?9=DFH¨P_< l¨¢-?^£:£5p��ck 7:HKP_SÊ�l�¢-?:£:£:p��? 7:9C<?P l�¢-?A?C¢:�i¢-?;?^§�p�� S^>_SÊG;=HI<?9(l¨¢8?A?C=:p � �iS*),9=<�lm¥^¦:¦:¦:p8SVst7:9Ca 7^PIB=<[>KH ' �C� S^>_SVEF;=HK<[9�l�¢-?A?C=^p�� u 9�SVa:9=7:H¨P_7:@T7:W=EG7:Wl ¥V¦:¦ < p!S^9C; ? 7,<[JLU:� l¨¢8?A?A>5p.J?7:9=J[EGW=;=<�P_B=SVP 7:9=E-) S < >I; @ <?>IHI7^9�@=>K7:9=7:WC9-7:>iS�j!k stS�)Sâ:>K<[< .cDªP_B P_BC<�� B=<[S^;�n��O907^PIB=<[>�. 7:>K;=H[�!S&;=7:W v EG<�Sâ:>K<[<?st<?9�PR>K<[EFSVP_DG7:9O.cDGPIB � DGH<[H¨PLS v EFDFHKB=<[; ��;�SYP_DG]^< S^>Ia:WCst<?9�P¨MO� S^9=; �37:s�DF9=SVP_Dª]:<27 v �K<?J?P¨MO�2n �ZB=< ;�SVP_Dª]:< MO� Sâ:>I<?<[s�<[95P@=>K7 ],DG;=<[HRP_B=< < >K; @T<[>KHI7:9*HI@T<[J?D-+�J[SVP_DG7:9��G.cBCDFEF<�P_B=< �37:s�DF9=SVP_Dª]:< 7 v �K<[J?P¨MO� Sâ:>I<?<[s�<[95P@=>K7 ],DG;=<[HcP_B=<i9�W=s v <[>ZHK@ <?J[D>+�J SVPIDF7:9 n

�ZB=< S^9=SÊ-),HIDGH1��@=>I7:@T7:HK<�7^�.P_B=<�@ <?>IHI7^9 >I<?HKP_>KDFJ�P_DF7^9 7:9 P_B=< �37:s�DF9=SVP_Dª]:< 7 v �K<?J?P"DF9�¨`NC H .cDGP_B ]^<[> v MO7 v �K<?J?P!Sâ:>I<?<[s�<[95Pc�¡7:EFEG7�.cH P_B=< EFDG9=<[HZ7^� P_BC<rS^9=SÊ-),HI<?H37^WCP_EGDF9=<?;�S v 7¤]:<Vn��@=>K7:@ 7^HI<1S"@�SV>_SÊGEF<[E�s�<[JLB�SV9=DFHKs �¡7:>AP_B=<r]VSÊGW�SVPIDF7:9�7^�8P_B=< @T<[>KHI7:9 S^9C;�9,WCs v <?>.�¡< SYP_W=>K<[H

¢ < § ��

7:9�P_B=<c]:<?> v �<.cB=DGJLBSÊGHI7iS^J?J[7:WC9�PIHo�¡7^> P_B=<c@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9 n��HKB=7�.i�NBC7E.�<?]^<[>?�NP_B=SVP89=7;�SVPIDG]:<!j!k�DFH 9=<[J?<[HIHIS^> )RDG97:>K;=<[> �¡7:>�P_B=<2s WCEGP_DG@=EF<3Sâ:>K<[<?st<?9�P P_717 v P_S^DF9�ne`N@ <?J[D>+�J SÊGE-)^�N�@=>I7^@ 7:HK<2P_B=<2�¡7:EGEF7�.cDF9=ara:<[9=<?>_SÊGDFb[SVP_DG7:9��

l < §5p g0B=<?9=<?]^<[> s W=EGPIDF@=EG<rSVa:>I<?<[s�<[95P2B=7:EG;=H[��SR@T<[>KHI7:9(>K<[HKPI>IDGJ?P_DG7:9 7:9�PIB=<�l �A7:stDG9�SYMP_Dª]:ISÊFDGb SVPIDF7:9RS^J?J[7:WC9�PIH v 7^P_BR�¡7:>ZP_BC< � S^J�P_HA7:WCPIEFDF9C<[;RDF9RP_B=DGHcJLB�S^@CPI<[>!SV9=;��¡7:>ZPIB=<�OJ[<?EfS^9=;CDFJ � S^J�P_H[n"��7:>K<[7¤]:<?>[� DGPiDG9=J[EGW=;=<[H2PIB=<�k <[>KHI7:9 C S^HI<IC 7:9=H¨P_>IS^DF95P � .cB=DGJLB;. S^H +�>IH¨P�¡7:>IsrW=EfSVPI<[; v ) ? 7^9=<?Prl¨¢8?A?C¢ p ��S^9=;�.cB=DGJLB�DGHZ>I<[@T7:>¨P_<[;�B=<?>I< S^H l < =^p.�

l < =^p 0 �� *(�� !35+ � �235��!�-(�+ �� 7 � +2�A�� % ��+,�� " +

� �*+1� ��(��;� #% � ��;�$+1�'�2+1� ��(��;� #% �!� �;�� C�� *+1�#(�� +1(��*(

#(�� +,� ��(��:'�� (��;� #% � ��;� ��+1��- % � � (�� (�� " (��

� ��C�� 6 � � 6 � 6� ��

�ZB=DFH.a:<[9=<?>_SÊGDFb[SVP_DG7:9�DGH.< �C<?st@CEFD-+=<[;�DF9�P_B=<r�¡7ÊFEF7�.cDG9=a �2>I<?<[U�<��CS^s�@=EF<?H & �¡>I7:s u 9�SVa:9=7:H�MP_7:@T7:W=EG7:W l ¥V¦:¦ < � < p ' �

l < £:p �ZB�S� � �

s WJ[E M/) �� ' � '�)

P_7J[E M �� " # % ' )

HKPIDFEGW=9=<HI<?9=;NM�"$#&% -��

��ZB=<�)�.cDGEFE HK<[9=;�DGP PI7ts�<15

l <CB p �ZB�S� � �

HIWJ[E M/) �� % ' )

P_7^9J[E M �� + ��' � "$#&%('�)

HKP_DGEFW=9C<HI<[9C;NM/" # % -��

��ZB=<�)�.cDGEFE HK<[9=;�B=DFs�P_7!):7^W65

l < >:p � �ZB�S� � �

HIWJ[E M/) �� % ' )

s�<J[E M �� ' � ' )

HIDGHKP_DGHIW=9C<DF95P_>K7N;CW=J[< M/"$#&% - �

��ZB=<�)�.cDGEFE DG95P_>I7,;=W=J?<ist<!PI7�)^7:W65

l < ?:p � �ZB�S� � �

P_WJ[E M/) �� + � ' � "$#&%('�)

HK<J?EªM�� %('�)

HKP_DGEFW=9C<HI<[9C;NM/" # % -��

��ZB=<�)�.cDGEFE HK<[9=; ):7:WRP_71B=DGs 5

� � � �� ,�� ] �� ¢ < =

d��CS^st@CEF<[H�l < >5p S^9=;�l < ?5p S^>I<RDGEFEªM �¡7:>Is�<[; v <[J SVW=HI<�7^�.PIB=<RJ[7VM 7NJ?J[W=>K>I<?9=J[<R7^�!S(a^<[9=DªP_DG]^<.cDGPIB�S�¢ H¨PAS^9=; ¥V9=;R@T<[>IHK7:9 u J[J[WCH_SVPIDG]:< J[EGDGP_DGJ.>K<[HI@T<[J�P_Dª]:<[E>):n8�ZB=DGHA@CB=<[9=7^st<?9=7:9�DFHKF�W=DGPI<.cDF;C<[HI@C>I< SV;&J[>K7:HIHKEFDF9Ca:W=DFH¨P_DGJ SÊGE-):� S^9=;�DF95]:7:Eª]:<?H/.�< SÛ(<?EF<[s�<[95PIH 7:9CE-):n u 9�SVa:9=7:H¨P_7:@T7:W=EG7:Wl ¥V¦:¦5¥N��¥^¦:¦ < p2;C>_S*.cH S�@�S^>_SVEFEF<?E v <?P .�<[<[9&PIB=<k CKC�S^9C;�P_BC<"@T<[>IHK7:9->K<[H¨P_>IDGJ?PIDF7:9 7:9�PIB=<�37^stDG9�SVP_Dª]:<�7 v �K<[J?P DF9 �OJ[<?EfS^9C;=DFJ�F�W=DF>KU<)(;�SVP_Dª]:<1J[7^9=HKPI>IW=J�P_DF7^9=H[n�.;=7�9C7^P J[7:9=HKDF;=<?> PIB=<k CKC0BC<[>I<!S^H DªP 7:9CE-)�DF95]:7ÊG]:<?H .�< SÛt<[EG<[s�<[95P_H?�=S^9=;tP_B=<?>I<?�¡7^>I<!DªP DGH�9=7VP ;=DG>I<[J�P_E>)t>K<[EG<?]VS^95P�¡7:> PIB=< S^9�SÊ>)NHKDFHZ� S^s�;=<�]:<?EF7:@=DG9=a=n

� .cDGEFE >K<?PIW=>I9RP_7�P_BC<2s W=EGPIDF@=EG<!Sâ^>I<[<?st<?95PAS^9=;�DGP_H ;=<?]^<[EF7^@=st<?95P3DG9 P_B=<29=< �,P3HK<[J�P_DF7^9�nQ�7:>ZP_B=< s�7:st<?95P �� .cDGHIB�PI7tJ?7:9=J?<[95P_>ISVP_< 7:9 S1HI<?J[7:9C;�S^9�SÊ>),HIDFHZPIB�SVPAB�S^H v <?<[9 >K<[J?<[95P_E>)@=>K7:@ 7^HI<[; v ) ?�7N<?JLU5� DG9 7:>K;=<[> PI7�S^J?J[7:WC9�P��¡7:> P_B=< @T<[>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:90DF9*�OJ[<?EfS^9C;=DFJVn? 7,<[JLU:� l ¥^¦^¦ < pr@=>K7:@ 7^HI<[H1P_BC<�< �NDFHKPI<[9=J?< 7^�.S(HI@T<[J[DFSÊFDGb[<?;�!-B=< S^; � .cB=DGJLB�EFDGJ[<?9=HI<?H1PIB=<;�SVPIDG]^<�d��N@T<[>IDG<[9=J?<[>"S^9=; S^HIHKDFa:9=H �A7:stDG9�SVPIDG]:< J[S^HI< PI7 PIB=<�7 v �K<[J�P"7^�.S F,WCDF>IU<)y;�SYP_DG]^<J[7^9=HKPI>IW=J�P_DF7^9�n8� @=>K<[HI<?95PM? 7,<[JLU:� 5 H.S^9=SÊ-),HIDGHZDF9 P_BC<i�¡7ÊFEF7�.cDG9=a HI<?J?PIDF7:9�n

� � � � ��C��+ �� C��

u >I<?J[<?9�P�S^9=SÊ-),HIDGH"@=>K7:@T7:HI<?; v ) ? 7N<?JLU:��l ¥^¦^¦ < p�>K<?]^<[>IHK<[HRP_B=<�@T7:DG9�P7^�i]NDG<�. �¡7:>"PIB=<@T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9-@=B=<[9C7:st<?9=7:9�n u J[J?7:>I;=DG9=a�P_7 ? 7,<[JLU:� �o9=<[DªP_B=<?> P_B=< ;�SYP_DG]^< 9=7:>rPIB=<�37^stDG9�SVP_Dª]:<�j!k DG9��OJ?<[EfSV9=;=DFJ � j C H <[95P_<?>RSâ:>K<[<[s�<[95P�.cDGP_B �2n �37:s�DF9=SVP_Dª]:< C S^HI< DGHS^HKHIDFa^9=<[;PI7 P_B=<2j.k 7 v �K<[J?P v )SrHI@T<[J?DfSÊGDFb[<?; !!.cB=DFJLB DGH 7:9=E>)�@=>I<?HI<[95PcDG9 S ;=<[>KDG]VSVPIDF7:9tDG�S^9tDF9=;=DG>I<?J?P @ M >I7:EG<cDFHeP_7 v <AS^HKHIDGa:9=<[; l HK<[oS >I<?EfSVPI<[;�@=>I7^@ 7:HISÊ p n �ZBCDFHHI@T<[J?DfSÊGDFb?<[; !�� Dmn�<Vn � F�W=DF>KU<) ! 5ª� DGH3<?9=;=7�.�<[; .cDGPIB P_BC<r7:@CPIDF7:9�7^�8SVHIHIDGa:9=DG9=a��A7:s�DF9�SVPIDG]^<J SVHI< 7:9=E-)"DG� DGPcSVEFHI7�S^HKHIDGa:9=HAS^9 � DG9=;=DF>K<[J�P*5 @¤MO>I7ÊF<.PI7�PIB=< F,WCDF>IU<) J[S^HI< �.k DF9RDGPIHZHI@T<[J[D>+�<[>?n�O9(7^P_BC<[>M.�7:>I;=H?�6.cB=<[9C<?]:<?> S @¤MO>I7ÊF<rEGDFUV<!? <[9C<?� S^J�P_DG]^<^��d��N@ <?>IDG<[9=J?<[>[� �275SÊ�S^9=; P_BC<�EFDFUV<DFH.S^HIHKDFa:9C<[; P_7"S^9 �.k DG9 P_B=< HI@T<[J?D-+�<?>!7^�eP_BCDFH.;C<[;=DGJ SVPI<[; !�� P_B=DGH.B=<[S^; DGH!SÊGHI7S v EF< P_7S^HKHIDFa^9 �37:s�DF9=SVP_Dª]:<^n? 7,<[JLU:� HKPLSYP_<[H3P_B�SVP !�� HIDªP_H v <�P . <?<[9�62k*S^9=; !,k �TPIB=<rB=<[S^; P_B=SVPDF95PI>I7,;=W=J[<?H P_BC<2<��,P_<?>I9�SÊ S^>Ia^W=st<?95P � � W=DF>KU )t<[EG<[s�<[95P_H S^>I<!< �NJ[EFWC;=<[;�¡>K7:s�PIB=<!HK@ <?J[D-+=<[>

� �� C�.0,%,�6+%> .0��P+: %. � 2Y� ��@� � +ZH � � ��M �31�� >�>��C@�� %�38�I>,�. �OEC� %�3.��[D

¢ < £ ��

7^� !,k �<.cB=DGJLB"7:9CE-)1B=7:H¨P_H j!keH .cDGPIBS^9 u a:<?95P >I7ÊF<^n��ZB=<.H¨P_>IWCJ?P_WC>I<.@C>I7:@T7:HI<?; v )�? 7N<?JLU:��¡7:>Z�OJ[<?EfS^9C;=DFJ � j C HADFHZ>K<[@=>K7N;=WCJ[<[;�DF9�l¡§5¦5p��

l §5¦:p !��!k

�.k � !��

!�� 62k

& � W=DG>IU<) @ ' �.k& �37^sDC S^HK< '

& �¡>I7^s ? 7,<[JLU:�-l ¥V¦:¦ < � B p '

u P_>_SV9=HIDªP_DG]^<2HKPI>IW=J�P_W=>K<^�N.cDGPIB SV9 u a:<[95P$@ M >I7:EG<^�=DGHZ>I<?@=>I<?HI<[95PI<[; DG9 l §=¢ p �

l §=¢¤p !,k

�.k � ! �

! 6!k

& d��NP$@ ' �3k& u J[J*C S^HI< '

& �¡>I7^s ? 7,<[JLU:�-l ¥V¦:¦ < � B p '

�ZB=<cHKPI>IW=J�P_W=>K<[H�S v 7¤]^<AWC9=;=<[>KEFDG9=< P_B=<Z@=S^>_SÊGEF<?EFDFHKs v <�P . <?<[9 u J?J[W=HISVP_Dª]:<AS^HKHIDFa^9=st<?95P v ) !¤�S^9=; �37:s�DF9�SYP_DG]^< S^HIHKDFa:9=s�<[95P v ) !�� n ?�7N<?JLU5� 5 H2S^9�SVE-),HIDGH3>K< �K<[J�P_HAP_B=< DF;=<[S�7^�eSts W=EªP_DG@=EF<Sâ:>K<[<[s�<[95P >I<?EfSVPIDF7:9 �}S^9=; v W=DGEF;=H27:9�PIB=<1DF95P_W=DªP_DG7:9 P_B�SYP �37:s�DF9�SYP_DG]^< J SVHI<�s"S*)�SVEFHI7 v <S^HIHKDFa:9C<[; v )yS�B=< S^;y;=D>0 <?>I<?9�P��¡>K7:s � l HK<[<�SÊGHI7 u EG<��NDfSV;=7:W&P_7(SV@=@ <[S^>Lp n&�ZB=<R@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9�7:9�PIB=< 7 v �K<[J?P"7NJ?J[W=>KH v <[J SVW=HI<�7^�2S-a:<[9C<[>_SVE3J?7:9=HKPI>_S^DG95PI.cB=DGJLB EfS^9=a^W�Sâ:<?HW=9=;=<?>Ia:7C�C9�S^s�<[E>) P_BC<3� S^J�P P_B=SVP @T<[>KHI7:9Sâ:>I<?<[s�<[95P ;C7N<?H 9=7^P�B=7:EG;�.cDªP_B"@T7:H¨PI]:<?> v SVE�j!keHDF9 a^<[9=<?>_SÊmn2�ZB,WCH[�}P_B=<r@ <?>IHI7^9 >K<[H¨P_>IDGJ?PIDF7:9�B�S^H29=7^PIB=DF9Ca"P_7;C7D.cDGP_B��2� v WCPiDGH.HIDGst@CE-)�S

� � � �� ,�� ] �� ¢ <CB

>I<?HIW=EªPA7^� PIB=< S^@=@=EGDFJ[SVP_DG7:97^��S�a:<[9=<?>_SÊ}J?7:9=H¨P_>_SVDF95Pc7:9�EfS^9=a^W�Sâ:<?H[nu J[J[7^>I;=DG9=a PI7 ?�7N<?JLU5� lm¥^¦:¦ KU<)�M C S^HI<�stS^>IUV<[; <[EF<?st<?95P"DGH�DG95P_>I7YM

;=W=J?<[; DG9�PIB=<.HK@ <?J[D-+=<[>o7^��S ;C<[;=DGJ SVPI<[; !¤ne�ZBCDFH@. 7:WCEF;"<?95PLS^DGE �5�¡7:>8� PLSÊGDfS^91@=HH),JLB]:<[> v H[�NP_7@T7:HKPIW=EfSVPI< PIB�SVP27:9C< 7^�8P_B=Ka:W=s�<[95P_H.DFH!s�<[>Ka:<[; DG9 P_BC< HI@T<[J?D-+�<?>27^�eP_B=DGH!<��,PI<[>I9=SÊ@=>K7 �K<[J�P_DF7^9�n!� ��S^9<) d��N@T<[>IDG<[9=J?<[>ij!k0DFH3st<?>Ia:<?; DF9�P_B=< HK@ <?J[D>+�<[>!7V� !�� SÊGHI7�P_B=<�d��N@T<�M>IDG<[9=J?<[>!7V�oSt]:<?> v EFDGU^< ��# �� DGH.s�<[>Ia^<[; PIB=<[>K<^n2� �eP_BCDFH.DGHAPIB=< J[S^HI<V� ? 7,<[JLU:� 5�HiS^9=SÊ-),HIDGH@=>K<[;=DGJ?P_H!S"@ <?>IHK7:9�>I<?HKP_>KDFJ�P_DF7^9 7:9 PIB=< 7 v �K<[J?P[�=.cB=DGJLB�;=7N<?H.9=7VP27NJ?J[W=>?��S^H3HIB=7�.c9 v )�PIB=<;�SVP_S�DF9�l¨¢ B p�n

�O9�a:<[9=<?>_SÊm�=?�7N<?JLU5� 5 Hi@=>I7:@T7:HISÊ J[S^9=9=7VP v < S^J[J?<[@CPI<[; S^H.DªP!DGH[��SVH.B=< H¨PLSVPI<[H!PIB�SVP.PIB=<@T<[>IHK7:90>I<?HKP_>KDFJ�P_DF7^9 7:9 P_B=<�7 v �K<[J�P�DGH;=W=< PI7&P_B=<�a^<[9=<?>_SÊ!J?7:9=H¨P_>_SVDF95PD.cB=DGJLB*@C>I<?]^<[95P_H@T<[>IHK7:9 Sâ:>K<[<[s�<[95PB.cDªP_B&@T7:H¨PI]:<?> v SVE <[EG<[s�<[95P_HRl¡HIW=JLB S^Hr@�S^HKP @�S^>KPIDFJ?DF@=EG<��¡7:> DF9=H¨PLS^9CJ[<¤p n�ZB=DGHra:<?9=<[>ISÊFDGb SVPIDF7:9�;=7,<[H 9=7^P B=7:EG; �¡7:>i� P_SÊFDFS^9(@=H ),JLB&]:<?> v H?�8SÊGPIB=7:W=a^B�DªP DGH S�a:<?9=<[>ISÊ@=>K7:@ <?>KP )17^� � PLSÊGDfS^9 n � P_SÊFDFS^9 @�S^H¨P @=S^>KPIDFJ[DG@=EF<V�^�¡7:>e< �=SVst@=EG<^��;=7,<[H8W=9=;C<[>Ia^7 PIB=<3J?7:9=H¨P_>_SVDF95P�KW=H¨P3s�<[95PIDF7:9=<?;��S^HcHKB=7�.c9 DF9�l¡§�¥:p��

l §5¥:p 687:D)^7:WNM� % -��

HKDF<�P_<SV>I<�M�� % -��

S^>K>IDG]VSVPIDS^>K>IDG]^<[;NM -�- + � ' � -��

� o7:W�B�S ]:< S^>I>KDG]:<?;65

�ZB=< @=S^HKP2@=S^>KPIDFJ[DG@=EF<iDG9�l §5¥:pASVa:>I<?<[HG.cDªP_B PIB=<rHKW v �K<[J�PiDF9�a:<[9=;C<[>2S^9C; 9�W=s v <[>[� v WCP29C7^PDF9�@ <?>IHK7:9�nc�ZB=<[>K< DFHc9=7"@ <?>IHI7^9 <[9=;CDF9=at7:9�PIB=< @=S^HKP.@�S^>KPIDFJ?DF@=EG<^n �O9�a:<[9=<?>_SÊm�TSâ:>I<?<[s�<[95PDF9CHIDF;C<�PIB=<�6!k DGHtEGDFs�DGPI<[;&P_7�9�W=s v <[>�l S^9=;��ZDG9 J[S^HI<V�ca:<[9=;C<[>Lp � v WCP"DGP�H ),HKPI<[stSVP_DGJ SÊGE-)<��NJ?EFW=;=<?Hc@ <?>IHI7^9�ne�ZB=DFH DFH�P_SÛ^<?9 v )D? 7,<[JLU:�RS^H <?],DF;=<?9=J[<!�¡7^>�P_BC<!� S^J?P�P_B�SVP P_B=< �A7:s�DF9�SYMP_Dª]:<1j!k*DF9 � j C H?�3.cBCDFJLB(HKP_S�),HiDF9CHIDF;C< P_BC< 62k � s"S*)�9=7^P Sâ:>K<[<r�¡7^>!@ <?>IHK7:9��S^H2@T<[>KHI7:9Sâ:>K<[<?st<?9�PADGHZ9=7^PcEFDGJ[DªPZDF9=HKDF;=<3P_B=<262k n

�ZB=DFH�J[7:9=H¨P_>IS^DF95P DGH[�,B=7�. <�]:<?>[� 9=7^P W=9=DG]^<[>KH_SÊm�CS^H�P_B=<A� S^J?PIHZS v 7:WCP � P_SÊFDFS^9�@=H ),JLB ]:<?> v HHIBC7E.in��O9�l § I<[<?HD.cDGPIB P_B=< ]^<[> v0v 7^P_B DG9 @ <?>IHK7:9*S^9=;9�W=s v <[>?� S^9=;�;=7N<?Hc9=7^PcW=9=;C<[>Ia^7�PIB=<i@ <?>IHI7^9�>K<[HKPI>IDGJ?P_DG7:9RJ[7:9CHKP_>IS^DF95P[�

¢ < > ��

l § �PIB=< SV9�SÊ-),HKDFH�7^��l § < p�� EG<?PtW=H"PI> ) S^9=; �¡7:EFEG7E. ? 7,<[JLU:� 5�H @=>K7:@T7:H_SÊm�ZS^HKHIW=s�DF9=a(P_B=SVPP_B�SYP2P_B=<1;�SVPIDG]^<1d �N@T<[>KDF<[9CJ[<[> DFH2s�<[>Ka:<[;(DG9(PIB=<�HI@T<[J?D-+�<?>i7^� !�� S^9=;(P_B=<?>I<1DGP2a^<?P_H2PIB=<d��C@T<[>KDF<?9=J[<?> @ M >I7:EG< �[ne�ZB=<!j!ky7 v �K<?J?P HKPLS*),H �� " �NS^9=;t�¡>I7:s�PIB=<[>K<.DGP Sâ:>K<[<?H .cDGPIBtPIB=<!�� B=<[S^;��=.cB=DGJLB(S^HIHKDFa:9CH.DGP��37:s�DF9=SVP_Dª]:<iJ S^HK<^n2�ZB=DGH!U�DF9=; 7^�8EF7�. Sâ:>K<[<?st<?9�P!HIB=7:WCEF; v <B=7�. <�]:<?>3>K<[HKPI>IDGJ?P_<?;�PI7�9�W=s v <[>cS^9=;R< �CJ?EFW=;C< @T<[>KHI7:9 � S^J[J?7:>I;=DG9=a P_7�PIB=<2a:<[9C<[>_SVE�>I<�F,WCDF>I< Mst<?95P2.cB=DFJLBREFS^9=a:W�SVa:<[H�DF9=J?EFW=;=DG9=ar� P_SÊFDFS^9"DGst@T7:HK<.7:9 EG7E. Sâ^>I<[<?st<?95P n8�37�.�<?]^<[>[� DG9(l § < pSâ:>K<[<[s�<[95PZDG9 @ <?>IHK7:9R;=7N<?H PLSÛV<2@=EfSVJ[<^n��ZB=DFHZs�< S^9CH P_B�SYPZEF7�. Sâ:>K<[<[s�<[95PcB�SVH 7NJ?J[W=>K>I<?;��

� �J� >,�� C��3>��0R ��.� %��1 ��.TC T+� %��XP�� %�38�Z< �T>$@,��6��C�6,�AB,%.0N �$@�3�1?NL6,%106P �� ;+%> EC�� @,V.�A � �XD�� P�� 80 � � N)�92 ��3+%. NL.�8�L �. %��+%> EC�� @,X.�A � � .�� +XSQ�92 %. %� + >$6C@��6,;.�A��ID �J� >�+%2TC��80@, ��C�.0��+ %,�/�C� ��.0��+@R7�3� A �0C� 6R�� Q�36�0+O �.0�V.�A %��V OSQ.L��,�1�/NL@�7 �+:��+QAB.�,�C�EP) %.4NL.�8�V.�/T �.�A %� � � � %�,�@80@,�+ IC@��/�+ E+Q/�1�,��NLN)�� 3C6��3�G O20RT��+�+%�.�S�� Y2 H ��M ��H ��8M"�

H ��M � %. ��

>��C�� E+ ��!��

�� !��

C��3.YC6C�.0�3�� C��.TC�.�� +!��

� ��3�� 3� 06+�C��.TC@.�� % �

H ��(M �[� %�� !��

C@��.TC@C@.�� C��.TC@.�� %�� !��

>�3�0C�� E+ �� !��

� �. ��3�� 3��

� ��3�� 3� 06+�C��.TC@.�� % �

H ��3��M � %. ��

�3� %�� !��

C��3.TC@C@.�� C��.TC�.0�3�� %�� !��

>�3�0C�� E+ ��*!��

� ��3�� 3� 06+�C��.TC@.�� % �

H ��8M � � ��C@�3� 06+

� %. ��3�� 3��

�� !��

C��3.YC6C�.0�3�� C��.TC�.�� +!��

� ��3�� 3� 06+�C��.TC@.�� % �

H ��8MQ��+��C@C@@>T �� 3I/��PT6,F�LC�.0�0 �,��0+O ��80 AB.TC�/ +�,%E��PT�3�1 R7�3� �Z�3� H 8TM�R �/ �.� �S�� %� �4>�3�� 3�7 %.�� %�3.��

H 8TM � ��C@� � �E+ ��!��

� �. �� 3��

�3� %�

C@��.TC@C@.�� RC��.TC@.�� %0R

�.��.�

� %.� ��,��.� ��,��.

� �� 3+ �� S��.)�3� 06+�C��.TC�.0�3�� %�RT��.� �� ,��3. �

� �� !�� ¢ < ?

J[7^9�PI>_S^>H) P_7�.cB�SYP/? 7N<?JLU:� @=>I<?;=DFJ�P_H[nr�ZB=<�� S^J?P2PIB�SVP2P_BC<[>I<1DGH!@ <?>IHK7:9-SVa:>I<?<[s�<[95PiHIB=7�.cHP_B=SVP P_BC< ��BC< S^;yDFHrDF95]:7:Eª]:<?;�n ?�7N<?JLU5� 5 H1DF;=<[S 7^�3S HI@T<[J?DfSÊGDFb[<?; !�� stSÛ^<?H P_B=<D.c>K7:9=a@=>K<[;=DGJ?P_DG7:9R>I<?a5S^>I;CDF9=a PIB=<i� PLSÊGDfS^9]^<[> v H37^� P_BC< ��# �� J?EfS^HKH[n

�O9tP_BC<.9=< �NP HI<?J?P_DG7:9��,��PLSVU^<!S J[EG7:HI<?> EF7,7:U�SYP��¨`(C H .cDGPIBt]:<?> v M 7 v �K<?J?PZSVa:>I<?<[s�<[95P �CS^9=;HIBC7E.�B=7�. S srW=EGPIDF@=EG<�M�SVa:>I<?<[s�<[95P SV@=@=>I7:S^JLBy<��N@=EfSVDF9=H v 7^PIB&P_B=< @T<[>KHI7:9y>I<?HKPI>IDFJ�P_DG7:9�7:9P_BC<�7 v �K<[J�P DG9(�¨`NC H S^9=;(P_B=<�EFS^JLU 7^��@ <?>IHK7:9(>I<[H¨P_>KDFJ?PIDF7:9(7:9(@=HH),JLB�]:<?> v H?nt�AJ[EFS^DFs P_B=SVPDFs�@T<[>IHK7:9�SÊ �� DGH >I<?HI@T7:9=HID v EF<2�¡7:>�P_B=<i@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9 7^9��¨`NC H?� S^9=;RP_B�SYPZP_B=<iEfSVJLU"7^�DFs�@T<[>IHK7:9�SÊ �� J?7:>I>K<[HI@T7:9=;CHAPI7tS�EFS^JLU7^� @ <?>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:9�n

�& 0 �� *(�� (��!�-(��;�-�� 7�� 3 � � + � :�� '�� &��(��*� + ��+ � � �8��

? 7,<[JLU:� l¨¢8?A?A>5p�SV9=; u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W�l ¥^¦:¦:¥N��¥^¦:¦ K7:@ 7^HI<ZP_B�SYP8DF9��OJ[<?EfS^9C;=DFJ � j C HoS;=7:W v EF<iSâ^>I<[<?st<?95P3>K<[EFSVP_DG7:9DFHZ<?HKP_S v EFDGHIB=<?; v <?P .�<[<?9�PIB=<i;�SVP_Dª]:< j!k SV9=; P_B=<i��BC< S^;�7:9P_BC<37:9C<3B�SV9=;S^9C;tP_BC< �A7:stDG9�SVPIDG]:<Z7 v �K<[J�PZj!k�S^9C;tP_BC<3� BC< S^;t7:9tPIB=<37VP_B=<?>[n �4.cDGHIB�P_7v W=DGEF; 7:9rP_BCDFH�@C>I7:@T7:H_SVE v WNPe>I<�]:<[>KHI< PIB=< @T7:DF95P 7^��],DF<�.i�^J[EfSVDFs�DF9=aZP_B=SVP�.cBC<[9=<�]:<[>8s WCEGP_DG@=EF<Sâ:>K<[<?st<?9�PG.cDGP_B�P_B=< � B=<[S^;(DFH.SVPG.�7:>IU �}S@T<[>KHI7:9�>K<[H¨P_>IDGJ?PIDF7:9 7^9 P_B=<rEF7�. <?>2S^>Ka:W=s�<[95PPLSVU^<[H @=EFS^J[<Vnr�ZB=<1B=DGa:B=<[>iSV>Ia:W=s�<[95PiJLB=<?JLU�H @T<[>KHI7:9 7:9(�2�6.cB=DFEG<rP_BC<�EF7�. <?>i7:9=<�JLB=<?JLU,H9�W=s v <[>!7^9 �2� .cBCDFJLB�DFHA<��CS^J�P_E>) .cB�SYPG.�< HI<?< v 7VP_B DG9 �OJ[<?EfS^9C;=DFJ � jMC H2S^9=; DG9 � PLSVEFDfSV9�¨`NC H?n8��W=EªP_DF@CEF< SVa:>I<?<[s�<[95P}PLSÛV<[H @=EfSVJ[<eDF9!PIB=7:HK<oJ[S^HI<?H�DF9 .cB=DFJLBi7:9C<o7V�NPIB=Ka:W=s�<[95PstS�)�9=7^PrJLB=<[JLU�P_B=<I.cBC7:EF<"�¡<[SVP_WC>I< v WC9=;=EF<t7:9yS��¡W=9CJ?P_DG7:9�SÊoB=<[S^;��8EFDGU^<"DG9�PIB=< J S^HK<7^�� PLSVEFDfSV9 �� n � v HI<[>¨]:< PIB�SVP.PIB=DFHA@=>K7:@ 7^H_SÊ DFHA]:<[>H) HKDFs�DFEFS^> P_7 u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W65�H l ¥^¦^¦ < p�n`NB=<.J[EfSVDFs�H[��B=7�. <�]:<?>[�=P_B=SVP PIB=<!@T<[>IHK7:9>K<[HKPI>IDGJ?P_DG7:9SV>IDFHK<[H DG9"<?9�],DG>I7:9=s�<[95PIH DF95]:7ÊG],DF9=arS^9DF9C;=DF>K<[J?P S^>Ka:W=s�<[95P SV9=;S ;=DF>K<[J?P S^>Ka:W=s�<[95P n ��.cDFHIBtP_7r< �,P_<[9C;P_B=DGHoH¨PLSVPI<[s�<[95PZSV9=;HIBC7E.P_B=SVPcP_B=<i@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9RstS*)RS^>IDGHI<M.cB=<?9=<?]^<[>3s W=EGPIDF@=EG<!Sâ^>I<[<2P_SÛ^<?H3@=EFS^J[<V� S^9=;�SÊFHK7.cDGPIB P . 7 ;CDF>I<?J?PiSV>Ia:W=s�<[95PIH[n2�Z@=>K7:@ 7^HI<rPIB�SVP!PIB=< @=>K<[HI<?9=J[<17^�oS;=SVP_Dª]:<�M DF9=;CDF>I<?J?P37 v �K<?J?Pj!k0DFH39=7^P!9C<[J[<?HIHIS^> )��¡7:>3PIB=< @T<[>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9 PI7"B=7:EG;�n.�ZBC< @ <?>IHK7:9�>I<?HKP_>KDFJ�P_DF7^9 stS�)S^>KDFHI<�<?]^<[9O.cDªP_B P . 7&;CDF>I<?J?PtS^>Ka:W=s�<[95P_H?� D n <^n PIB=<�HKW v �K<?J?PRS^9C; P_BC<�7 v �K<[J?Pj!k �o<[95PI<[>Sâ:>K<[<?st<?9�P!.cDªP_B��2n � �cPIB=< @=>I<?HI<?9=J[<R7^�3S�;�SVPIDG]:<"DF9=;=DG>I<?J?P 7 v �K<[J�P%.�<[>K< 9=<[J?<[HKH_S^>H):��PIB=<

¢ §5¦ ��

@ <?>IHK7:9 >I<?HKPI>IDFJ�P_DG7:9 .�7:W=EG; 9=7^P v < S v EG< PI7S^@C@=E-)RDG9 � PLSVEFDfSV9��¨`(C HG.cDGPIB�63M � Sâ:>K<[<[s�<[95P[n� PLSÊGDfS^9��¨`(C.� DG9�� S^J?P[� ;=7R9=7VP < �NB=D v DªP SR;=SVP_Dª]:<�DF9=;=DG>I<?J?Pi7 v �K<?J?P[��S^Hi�3HIB=7�. DF9�PIB=<19=<��,PHI<?J?P_DG7:9�n �3<�]:<?>KP_BC<[EF<?HIH?� PIB=<i@ <?>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:9R7:9 P_BC< 7 v �K<[J�P.B=7ÊF;=H?n

�& �6! 7 � � �*(�� + � �� + �9:��(�� +,��/)��

� 9=<i7^��PIB=<i@ 7:HKHID v EF<i7:@CPIDF7:9CHcSVPAB�S^9=;R�¡7:>AS^9�SÊ>),b[DF9Ca1PIB=<i@ <?>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9R7:9��¨`NC H3DG9� PLSÊGDfS^9.DFH�P_7AJ[7^9=HIDG;=<[>}�¨`NC H S^H � j C H8n��O92� S^J�P �Y� PLSÊGDfS^9!�¨`(C H�.cDªP_B2]:<?> v M 7 v �K<[J�P SVa:>I<?<[s�<[95PS^9=; �OJ[<?EfS^9=;CDFJ � C j.H"B�S ]^< stS^9<)&�¡< SVPIW=>I<?HtDG9 J?7:s�st7:9 n �ZBCDFH�HI<[J�P_DG7:9�SV;=;=>I<?HIHK<[H"PIB=<F�W=<[H¨P_DF7^9 .cBC<?P_BC<[>c� PLSÊGDfS^9t�¨`NC HcJ[7:95P_S^DF9RS!F�W=DF>KU<);�SVPIDG]^<27:> 9=7^P[ne� P2.cDFEGE v <2HIB=7�.c9 P_B=SVPSÊGPIB=7:W=a^BtstS^9<)1HIDGstDGEfS^>KDGP_DG<[H�S^>IDGHI< v <�P . <?<[9P_BC<AP .�7 J[7^9=HKPI>IW=J�P_DF7^9=H[�N� PLSÊGDfS^91�¨`NC H�J S^9=9C7^Pv <"J[7:9=HKDF;=<?>I<?;yS^HBF�W=DF>KU<)-;�SYP_DG]^<J[7^9=HKPI>IW=J�P_DF7^9=H[�eDG9-P_B�SYP �� DFH 9=7^P ;=SVP_Dª]:<^n��ZBC<[>I<��¡7:>I<V�P_B=< @T<[>KHI7:9y>K<[HKPI>IDGJ?P_DG7:9�SÊGHI7 BC7:EF;=HrDG�cP_B=<";�SVP_Dª]:< l¡D n <^n�P_B=< DG9=;=DG>I<[J�P 7 v �K<[J?PLprDFH�S v HI<?9�P[n�ZB=<1J[7:9CJ[EFWCHIDF7^9 �3;=>_S*. DFH.PIB�SVP S st7:>K< a:<?9=<[>ISÊe@=>IDG9=J[DG@=EF<rDFHiSVP .�7:>IU �3.cB=DFJLB 9=7^Pi7^9=E-)>I<?a:W=EfSYP_<[H P_B=<R@T<[>IHK7:9y>I<?HKP_>KDFJ�P_DF7^9&7:9�P_B=< 7 v �K<[J�P1DF9JF�W=DF>KU<)�;�SVPIDG]:<"J[7:9=H¨P_>KW=J?PIDF7:9=H?� v WCPSÊFHK7s W=EªP_DG@=EF<iSâ^>I<[<?st<?95P2DF9 a^<[9=<?>_SÊmn!�ZB=< 9=< �,P2HKPI<[@ .cDFEGE v <rPI7J[EFS^DFs PIB�SVP.PIB=< ;�SYP_DG]^<d��C@T<[>KDF<?9=J[<?>rDFH 9=7^P >I<?HI@T7:9=HKD v EG<"SVPrSÊGE8�¡7^>iPIB=<"@T<[>KHI7:9->I<[H¨P_>KDFJ?PIDF7:9 DF9��OJ[<?EfS^9=;CDFJ^n �M.cDGEFES^;=;=>K<[HKHAPIB=DFHZDGHIHIWC< DG9 P_B=<i9=< �NPAHK<[J?PIDF7:9 n� 9-S +=>IHKP J[7^st@�SV>IDFHK7:9 v <�P . <?<[9&�¨`NC H/.cDGPIB 6AM � Sâ^>I<[<?st<?95P S^9C;-�OJ[<?EfS^9C;=DFJ � j C H

s"SV9 ) HKDFs�DFEfSV>IDGPIDF<?H S^>KDFHI<V�cS^H"HKB=7�.c9 DF9�j75 u EF<?HIH_SV9=;=>I7*l P_7-S^@=@T< S^>?� S5p n ?�7^P_B �OJ?<[EFS^9=;=DGJ� j C H S^9C;-� PLSVEFDfSV9��¨`NC H @=>I<?HI<?9�P�S^9-7 v �K<[J?P/.cB=DGJLB&DFH5@ M s"S^>KU^<?;&S^H �ZB=<[s�<SV9=; v < S^>KH�37:s�DF9=SVP_Dª]:< J S^HK<^��S^H2HKB=7�.c9 DG9 P_BC<�DF95P_>K7N;=WCJ?P_DG7:9�� S^9=;(B=<?>I< < �C<?st@CEFD-+=<[;(Sâ5SVDF9 DG9yl §:§5pS^9=;-l §*=^p��

l §:§5p �3<?9=9=DB=<?>¨M/% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�"$#&%�� %�� -��


<[DF>PIB=<�)�� + " #&% -��


l §*=^p `NDHIDEG<[a:a:7^9=7>K< S^;NM�"$#&% -��

DPIB=<�M + ��' � -��

EFD v >IDv 7,7:U�H¨M � + + � ' � -��

� k <[7^@=EFI<[S^; v 7,7:U�H#5

� �� !�� ¢ §=¢

�ZB�SVP � � $ � � DFH �37:s�DF9=SVP_Dª]:<�DFHrHKB=7�.c9 v ) P_BC<"� S^J?PrP_B�SVPrDGP J S^9C9=7^P v <>I<?@=EfSVJ[<[; v )&S^9u J[J?W=H_SYP_DG]^<rstS^>IUV<[;�@=>I7^9=7:W=9�� SVH3HKB=7�.c9 DF9�l¡§5£5p��9C7:> v )�S�;�SYP_DG]^<is"S^>KU^<?;�@=>K7:9=7:WC9�� S^HDF9�l¡§ B p�n

l §:£5p � �}DPIB=<[s�M �� + � ' � - �

HIDHIDEF<?a:a:7:9C7>I<[S^;NM�"$#&% -��

� k <?7:@=EFK< S^;RP_B=<?s 5

l § B p � �2EFDPIB=<[s�M/% � � + � ' � -��

HIDHIDEF<?a:a:7:9C7>I<[S^;NM�"$#&% -��

� k <?7:@=EFK< S^;RP_B=<?s 5

�ZB=<Z7:9CE-) a:>_S^s�stSVP_DGJ SÊ:�¡7:>Ks DFH DG9Rl §C>:p��1.cB=DGJLB�J[7:95P_S^DF9=H P_B=<��A7:s�DF9�SVPIDG]^< @=>K7:9=7:W=9 ��

l §A>5p � `NDHKDEG<[a:a^7:9=7>K< S^;,M/"$#&% -��

<?HIHKDPIB=<�)5M � + � �� "$#&% -��

� k <?7:@=EFK< S^;RP_B=<?s 5

u @CW=>I<?E-) �37^stDG9�SVP_Dª]:< < >K;-@=EGW=>_SÊ8@=>K7:9=7:WC9-DF9�� PLSÊGDfS^9(;=7,<[H 9=7^P <��NDFH¨P nR�ZB=<��¡7:>Is ��

DF9�l §C>5pcDFH v 7^PIB �37^stDG9�SVP_Dª]:< S^9=; u J?J[W=HISVP_Dª]:<Vn �A7�. <�]:<[>?�}P_B=<r� SVJ?P.PIB�SVP3P_B=5p DGH �37:s�DF9=SVP_Dª]:<^n

u 9=7^PIB=<[>�>I<[S^HI7^9��¡7:>�W=HtPI7 v <[EFDG<?]^<�PIB�SVP � � $ �� DFH �37:s�DF9�SYP_DG]^< DF9 l §*=:p�DFH�PIB�SVPtDF9� PLSVEFDfSV9��5EFDGU^<cDF91stS^9<)17^P_B=<?>8EfS^9=a^W�Sâ:<?H[� �37:s�DF9=SVP_Dª]:<ZJ SVHI<ADF9=;=DGJ SVPI<[HoSâ:>K<[<?st<?9�P .cDGPIB�PIB=<]:<?> v n �O9�7^P_B=<?>�.�7:>I;CH[��.cB=<?9=<?]^<[> P_BC<[>I<"DFH S�63MOj!k�SVa:>I<?<[s�<[95PrP_SÛ�DF9=a�@=EfS^J?<^� P_B=< j.kDFH3S^HKHIDFa^9=<[; �A7:s�DF9�SVPIDG]^<^nZ�ZB=< ]:<[> v DF9 v 7^PIB�l¡§:§�pcS^9=;�l¡§*=:pZHIB=7�.cH2SVa:>I<?<[s�<[95PG.cDªP_B�PIB=<�37^stDG9�SVP_Dª]:<2j.k n

? 7^P_Bt�OJ[<?EfS^9=;CDFJ � jMC HZS^9=;t� PLSÊGDfS^9��¨`NC H[�,P_B�W=H?�=@=>I<?HI<?9�PZS �37^stDG9�SVP_Dª]:<c7 v �K<?J?P .cB=DFJLBSâ:>K<[<?HM.cDGP_B�P_B=<r]^<[> v n7?�7^P_B PIB=<[HK<�J[7:9=H¨P_>KW=J?PIDF7:9=H.@=>I<?HI<[95P S"@T<[>KHI7:9(>I<?HKPI>IDFJ�P_DG7:9 7:9 PIB=<7 v �K<?J?P[�(.cB=DFJLB J[S^97:9CE-) v < < >I;@T<[>KHI7:9 ne�ZB=DFH H¨P_>KDFU�DF9=a HIDGstDGEfS^>KDGP ) v <?P .�<[<?9 P_B=<.P .�7�J[7^9NMHKPI>IW=J�P_DG7:9=H.s�DFa^B�P3EF<[S^;�PI7tPIB=<rJ?7:9=J[EGW=HIDG7:9�PIB=<�) S^>K<rDF;C<[95P_DGJ SÊmnZ�OJ[<[EFS^9=;=DGJ � j C H.@=>I<?HI<[95P

� ��L+ 6�7 %@� C�;�3� H ��7MF+%.�/� P+FSQ@�3,�P � EC@��/�+ 4.�A: %�4S-.0,�P�� .0,�PT6,6D�� ,�@80@,�+ ;S-.0,�P ��.�,�PT6, ��E��P+F %.��C6C�6>T �� 3�� O2#��-��& ��& ��K � �0! �$!L��+�> 6, ABEC� ��2 ��C@C@@>T �� 3�D

¢ §�¥ ��

S^9=7^PIB=<[>!j!k �}DG9�S^;=;=DªP_DG7:9 P_7PIB=< �37^stDG9�SVP_Dª]:< 7:9=<V�6.cB=DFJLB(DFH.s"S^>KU^<?;(�¡7^>.;�SVPIDG]^<^n g�<[>K<P_B=<RP .�7-J[7^9=HKPI>IW=J�P_DF7^9=Ht< �CS^J?PIE-)yDF;C<[95P_DGJ SÊm��HKW=JLB ;�SVPIDG]^<�HKB=7:W=EG; B�S ]^< S�J?7:>I>K<[HK@ 7:9C;=<[95P�¡7:>Is DF9 � PLSÊGDfS^9��¨`NC H?n �ZB=<�7:9=E>)yj!k�S ]VS^DFEFS v EF<"DF9 � PLSÊGDfS^9��¨`NC HtDFH �� n �ZB=<[>K<?�¡7:>K<^� ��HIB=7^W=EF; v <r;=SVP_Dª]:< �¡7^>.S"J?7:s�@=EF<�P_< @�S^>_SVEFEF<?EFDGHIs PI7B=7:EG;�nA� �8DFs�@ <?>IHI7^9�SÊ �� DFHA;�SVPIDG]:<V� PIB=<@�S^>ISÊFEG<[EFDGHIs v <?P .�<[<?9 P_B=<2P .�7tH¨P_>KW=J?PIW=>I<iDFHZJ?7:s�@=EF<�P_<^�CD n <^n�.�< SV>I<i;=< SVEFDF9Ca7.cDGPIB�7^9=< S^9=;P_B=<iHIS^st<2H¨P_>KW=J?PIW=>I<Vn

`NDF9=J?< DFs�@T<[>IHK7:9�SÊ �� ;=7,<[H.9=7^P2HKB=7�.�s�7:>K@=B=7:EG7:a:DFJ[SÊ�C S^HK<�s"S^>KU�DF9=a=� 7:9C< J S^9�<[S^HIDGE-)@ 7^HKP_WCEfSVPI<�PIB�SVP DGP DFH s"SV>IU^<?;-�¡7:> ;�SVPIDG]:<VnR�ZB=<[>K<S^>K<"B=7�.�<?]:<?> HI7^st<�� S^J?PIH/.cB=DGJLB&HIBC7E.F�W=DGPI<2HKP_>IS^DFa^B�PK�¡7:> . S^>K;=E-)tP_B�SVPZPIB=DFHZDGHc9=7^PZP_BC<7C SVHI<1:

�ZB=< s�7:H¨PcHKP_>KDFU�DF9Ca�J[7:W=95PI<[>I< �CS^st@CEF<iDFH �¡7:WC9=;�DG9��AW=stS^9=DFS^9�n �ZBC< �cW=stS^9=DFS^9 J[7:WC9NMP_<?>I@�S^>¨Pc7^� � PLSÊGDfS^9 �� =DGH s"SV>IU^<?; �¡7:>�C S^HK<^n8�O9��AW=stS^9=DFS^9��C`Cd stS*) v <2s"SV>IU^<?; v 7VP_B�¡7:>i;�SVPIDG]:<tS^9=; �¡7:> u J[J?W=H_SVPIDG]^<^n 68<[>H)(DF95P_<?>I<[H¨P_DG9=a:E-)^��SVH/.�<SÊG>I<[S^;()�HIS�. DG9�JLB=S^@CP_<?> ¥,��AWCs"S^9CDfS^91DFs�@T<[>IHK7:9�SÊT`Nd&DFHos"S^>KU^<?;t�¡7:> u J[J?W=H_SYP_DG]^<1l HK<[<.j.7 v >K7 ],DG<�M¨`,7:>IDG9�¢-?;?A> SVst7:9Ca7^P_BC<[>IH_p��

l §C?:p �O9DF9� PLSÊGDfS� PLSÊ>)

HK<HKDªM � ��

J?DGPI<[HIJ>K< S^;,M/"$#&% - �

J �S^>��IDv 7,7:U�H¨M �� + � � + -��

v W=9=<a:7,7N;NM � � + -��

��O9�� P_SÊ-)"@ <?7:@=EF<2>K< S^;�a:7,7N; v 7,7:U�H#5

�ZB=< J[7:9=H¨P_>KW=J?PIDF7:9�DF9�l §A?5p DFH PI7^PLSÊGE-)tDF;=<?95P_DFJ[SÊ PI7"S^9�� PLSVEFDfSV9 �¨`NC .cDªP_BR63M � Sâ:>K<[<[s�<[95P[�S^H HKB=7�.c9 v ) j37 v >I7¤],DF<2`N7:>IDG9(l¨¢8?A?A?5p n � � DFs�@ <?>IHI7^9�SÊ �� M¨`CdJ. <?>I<i;�SVPIDG]^<^�CDªP HKB=7:W=EG; v <[S^>;=7:W v EF< C S^HK<^� u J[J?W=H_SYP_DG]^< SV9=; ;=SVP_Dª]:<^n-�ZB=DFHB.�7:W=EG; v <�S^9yW=9=@=>K<[J?<[;=<?9�PI<[; HKDGPIW�SVP_DG7:9�n�ZB=<[>K<?�¡7:>K<^��.�< SV>I<2�¡7:>IJ?<[;RP_71J[7^9=J[EGW=;=<2P_B�SYP3`Cd M �� DFHZ9=7^PA;�SYP_DG]^<2s"SV>IU^<?;�n

�& � � � �� + � ��'��(��;� #% �!� �;�

u 9=7VP_B=<?> DGHIHKW=<L.cB=DFJLB DFH6.�7:>KPIB J?7:9=HKDF;=<?>IDF9CaADGH�P_B=< @¤MOa:>KDF;i7^�N�OJ[<[EFS^9=;=DGJ � j C H�SVH}J[7:s�@�S^>K<[;P_7 PIB=<� P_SÊFDFS^9��¨`(C�7^9=<^n � W=DG>IU<) ;�SVP_Dª]:<tJ[7:9=H¨P_>KW=J?PIDF7:9=HrDF9&�OJ?<[EfSV9=;=DFJt>I<�F,WCDF>I<S F�W=DF>KU )j!k�.cB=DGJLB v < S^>KH�SV9 ��DF9=;=DG>I<?J?P*5 @ MO>K7:EF<V�.HKW=JLB S^H�d��N@ <?>IDF<?9=J[<?>�l¡st7:H¨PR7^�rPIB=<(P_DFs�<¤p"7^>? <[9C<?� S^J�P_DG]^<^� �i75SVE n `,W=JLB&U�DF9=;�7^� @¤MO>K7:EF<1J[7^9=HKPIDGP_WNP_<[H P_B=<�HKP_S^>KPIDF9=a�@T7:DF95Pi�¡7:>/? 7,<[JLU:� 5�H

� �� !�� ¢ § <

l ¥V¦:¦ < p2S^9�SVE-),HIDGH[� SVH/.�<H_S*.in u 9-DF9=;=DG>I<?J?P5@ M >I7:EG<�DGH BC7E.�<?]^<[>�SVEFs�7:HKP 9=<�]:<[>r@=>I<?HI<[95PrDF9� PLSVEFDfSV9 �¨`NC H?n � ��.�< J[7:9CHIDF;C<[>eSâ:S^DF9"l §*=^p�� .�< HK<[< PIB�SVP �� J S^9 v < DG9r9=7G. S*)rDG95P_<[>K@=>I<�P_<?;�S^HS^91d��N@ <?>IDG<[9=J?<[>[n"� � DFH�DG9=;=<?<[;1S^9 u a:<[95P[n �ZB=< � S^J�P�P_B=SVP �� DGH S^9 u a:<[95PeDGH�DF9C;=<[@T<[9=;C<[95P_E>)@=>K7 ]^<[; v )�PIB=<�� S^J?P2PIB�SVP"l §C=:p.>I<?HIDFH¨P_H2P_BC<�DG9=HI<?>KPIDF7:9(7^� S v )5M @=B=>_SVHI<^� S^Hi<��N<?st@=EGD-+�<?;(DF9l =V¦5p��

l =V¦5p �Y`NDHKDEG<[a:a^7:9=7>K< S^;,M/"$#&% -��

DPIB=<�M -�� + � ' �

EFD v >IDv 7N7:U�H�M -�� + � ' �

;�Sv )�2DfS^9C9=D�2DfS^9C9=D

� k <?7:@=EFK< S^; v 7,7:U�H v ) �iDFS^9=9=D �*5

�O9�l =^¦5p � �� J[S^>I>KDF<?H!P_B=I7:EG<^�}S^HiHKB=7�.c9 v ) P_BC<�DGst@T7:HKHID v DFEFDªP ) 7^��DF9=HK<[>¨P_DF9CaRS v )5M@=B=>IS^HI<"DF9 l�=^¦5p n ? )�M @=B=>IS^HI<?H�S^>I<tW=HIW=SÊFE>) S^HIHKW=st<?;-P_7�DF95P_>K7N;CW=J[<"S^9 u a^<[95P n��ZB=<"� S^J�PP_B=SVP S v )�M @=B=>IS^HI<tJ S^9=9C7^P v <tDG9=HI<?>KPI<[;-DG9�PIB=<tJ?EfS^WCHI<�HIB=7�.cHrPIB�SVPrS^9 u a:<[95P DGH SÊF>K< S^;()@=>K<[HI<?95PcDF9"PIB=<!J[EFS^W=HK<^n �ZB�W=H?� �� DFH 9C7^PZS^9d �N@T<[>KDF<[9CJ[<[>2l 9=7:> SB? <[9C<?� S^J�P_DG]^<^�N9=7:> S �275SÊ<?PIJ^n p�� v WCPcDªPcDFHZ>ISVP_B=<?>AS^9 u a:<?9�P[n

�ZB=<!� S^J?PZPIB�SVP �� DFH 9=7^PZ;�SYP_DG]^<iS^9=; P_B=SVPcDGP DFH 9=7VPAS^9�d �N@T<[>KDF<[9CJ[<[>cJ?EF< SV>IE-)�DG9=;=DFJ[SVP_<?HP_B=SVP"�OJ?<[EFS^9=;=DGJ � j C H"S^9=; � P_SÊFDFS^9y�¨`NC HS^>K<�P .�7-;=D>0 <?>I<?9�P"J[7:9CHKP_>KW=J?PIDF7:9CH[n0� PLSÊGDfS^9 ��

stS�) v < S^9�d��N@ <?>IDF<?9=J[<?>[� EFDGU^<2DG9-l�=N¢ p � v WCPcDªPc;=7N<?Hc9=7^PAB�S ]:<2P_7 v < HK7=ne�OJ[<?EfS^9C;=DFJ � j C H>I<�F�W=DF>K< DG9=HKPI< S^;�S�7 v EGD F�W=<4@ M >I7:EG<^n

l =,¢ p `NDHKD�DGHHI@T<[HKHI77^� P_<?9

PI>IDGHKP_DHIS^;

� k <?7:@=EF< S^>K<i7^� P_<?9�HIS^;65

� ��S^He��P_B=DG9=U �:P_B=<Z@T<[>KHI7:91>K<[HKPI>IDGJ?P_DG7:9 DGHeSVPIPI>ID v WCPLS v EF<oP_7 S!W=9=D-F,WC<ZJ S^W=HK<^�5P_BC<[9�P_B=DGHeJ S^WCHI<J SV9=9=7^P v <iPIB=<i;�SVPIDG]:<ij.k 9=7:> P_BC< d��N@T<[>IDG<[9=J?<[>$@ M >I7:EG<^n

� ��+�+ 6�7 %@� C��3+�10,��N4N)�� %��C@��$/��P@,�� 7 �@,�>,%@ �� %�3.�� S��3C��3+��.� �,%6��689��7 Q�6,%�� @.0>�3�,�6�0P�$.7. T+�� +�>�3�0C�0D �

¢ §:§ ��

�& � � :��/�� '��2�&�#(��*�2+ �� *(�� (��!�8( ��;�� 7 �-+ ��+ � 7 � 3 �

�O9�PIB=<A@=>I<�]NDG7:W=H8HI<?J?PIDF7:9�� B�S ]:<AHIB=7�.c9tPIB�SVPo� PLSVEFDfSV9��¨`NC H SV>I<c9=7^P � j C H[ne�O9�@�S^>¨P_DGJ[W=EFS^>[�P_B=<8) ;=7-9=7VP"B=7ÊF; S�;�SVPIDG]^< d��N@ <?>IDG<[9=J?<[>[n �A<?]:<?>KPIB=<[EG<[HIH?�AS^HtHKB=7�.c9 DF9�l¨¢ p M l I<>I<?@ <[SVP_<?;�S^H�l�=:¥:p M�l =Y§�p��PIB=<�)&@=>I<?HI<[95PtS�@ <?>IHK7:9 >K<[H¨P_>IDGJ?PIDF7:9&7^9yPIB=<R7 v �K<?J?P �@.cB=DGJLB J[S^97:9=E>) v < < >I;R@ <?>IHK7:9�n

l =:¥^p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]^<[;=<HK<[<[H�M/" # % '�)



� k <[7^@=EF<i7^� PI<[9RHI<?< � SV>IDfS 7^9�PIB=<2PI] 5

l = K7P_B=<8)�M � + " # % - �

� k <[7^@=EF<i7^� PI<[9RHI<?< PIB=<[s 7^9�PIB=<2PI] 5

l =V§5p � �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

HIDHID]^<[;=7HK<[< � ' � ' )


DF7�©� M �� + � ' � ' )e©

]^<[;=DHK<[<�M�� % '�)

HK@ <?HIHI77^� PI<[9

P_W):7^WNM �� + � %('�)

©©]:<?;=DfSVst7HI<?<�M�� ' ��- �


9=7:D.�<�M �� + � ' ��-��

©©]:<[;C<?P_<HI<[< M� % -��


]:7:D):7:WNM � + % - �

� k <[7^@=EF<i7^� PI<[9RHI<?< s�<¤© )^7:W ©�WCHL© P_B=<?s 7:9RPI] 5

�O90HI<[J�P_DG7:9 < nq¥,nG�c��B�S ]:<(HIB=7�.c90P_B�SYPRS^9*S^9�SÊ>),HIDFH�.cB=DFJLB0@T7:HKPIW=EfSVPI<[; PIB=<�@=>I<?HI<?9=J[< 7^�S HK@ <?J[DFSÊFDGb[<[;�! .�7:W=EG;�@=>K<[;=DGJ?P��¡7:>�P_B=<�@ <?>IHK7:9�>K<[HKPI>IDGJ?P_DG7:9yP_7 B=7:EF; SÊGHI7 .cDGP_B � PLSVEFDfSV9@=H ),JLBNM ]:<?> v H!7V� PIB=< ��# �� J[EfSVHIH[ne�ZBCDFHcDFHZ9=7VPZP_B=<iJ SVHI<^n

�O9 P_B=DGH!HI<?J?P_DG7:9�� .cDGHIB PI7 <��,P_<?9=; u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W65�H l ¥^¦^¦ < p3SV9�SÊ-),HKDFH.DG9 7:>K;=<[>.PI7v <AS v EF<ZP_7 S^J?J[7:W=95Po�¡7:>eP_B=<c;�SYPLSiDF9�l =:¥^pOM�l�=V§�p n �O9t@�S^>KPIDFJ?W=EfS^>?�:��@C>I7:@T7:HI<ZPIB�SVP8P_B=<A@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9"7:9PIB=<.7 v �K<[J?P PLSÛV<[HZ@=EFS^J[< .cB=<[9=<�]:<?>3S ��W=EGPIDF@=EGI<?<!>I<?EfSVPIDF7:91PLSVU^<[HZ@CEfS^J?<.cDGPIB P_B=<1� B=< S^; � DG9=;=<?@ <?9=;=<[95P 7^�8P_BC<�9�SVP_WC>I<17^�8P_B=<1j.k9.cB=DFJLB(<?9�PI<[>2P_BCDFH u a^>I<[<Vn �O97^P_BC<[>K. 7^>I;=H?� S�;�SYP_DG]^<ij!k�DGHA9C7^Pc9=<[J?<[HKH_S^>H)��¡7^> P_B=<i@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9PI7�PLSÛV< @=EFS^J[<Vn

u P_<?>Is�DF9=7:EG7:a:DGJ SÊNJ[EfSV>ID-+=J SVPIDF7:9�DFH�DF97:>K;=<[> v <��¡7:>I<.a:7:DF9Car7:9I.cDªP_B"PIB=<2S^9=SÊ-),HIDGH[n �eWCHI<P_B=<2< �N@=>I<?HIHIDG7:9 � ��W=EGPIDF@=EGI<?<15CPI7�DF9=;=DGJ SVPI<3PIB=<2@=>I7,J[<?HIHcS^J?J[7:>K;=DF9Ca P_77.cB=DGJLB P . 7�j!keH<[95P_<?> u a:>I<?< .cDªP_B1P_B=<AH_SVst<Z�¡W=9=J�P_DG7:9�SÊ�B=<[S^;�n �ZBC<.<��N@=>K<[HKHIDF7^9 �q��W=EGPIDF@=EGK<[< 5,WCHIW�SÊGE-)

� �� !�� ¢ §*=

>I<��¡<[>KHAPI71PIB=< @=>I7,J[<?HIH3S^J[J?7:>I;=DG9=a�P_7!.cB=DGJLB S^9�W=95]VSÊFWC<[;R�¡< SVPIW=>I<istS�) v <2]VSÊFWC<[; v ) P . 7<[EG<[s�<[95P_HoSVP8PIB=<cH_S^s�<ZP_DFs�<il¡HI<[K7¤]NDG;=<[;1P_B=SVP8P_B=<8)�B=7:EG;1PIB=<H_SVst< ]VSÊGW=<^n �O9�7VP_B=<?>�. 7:>K;=H[�,S �q��W=EGPIDF@=EGI<?<15:>K<[EfSYP_DF7^9 DF95]:7ÊG]:<?H8S!P . 7VM P_7VM 7:9=< �¡<[SVP_WC>I<]VSÊFW=SVP_DG7:9��ZP . 7]VSÊGW=<[; �¡<[SVP_WC>I< HK<?P_H?� v <?EF7:9Ca:DF9=a�P_7P .�7R;=D-0 <[>K<[95Pij!keH[� ��SVP_JLB .cDGPIB(S^9W=95]VSÊFWC<[;&�¡< SYP_W=>K< HI<?P 7:9yS �¡W=9=J�P_DF7^9�SÊoB=< S^; n-`,W=JLByW=95]^SVEFW=<?;&�¡< SVPIW=>I<HK<?P1>K<[J[<?DG]^<[H�DGPIH]VSÊFWC< �¡>I7:s PIB=<�P . 7R]VSÊFWC<[; HI<?PIH2P_7:a:<�P_B=<?>[n1�O9 7:>I;=<?>2P_7�S¤]^7:DF; S �¡< SVPIW=>I<�s�DFHKs"SYP_JLB(7:9P_BC< W=95]VSÊFWC<[;�HK<?P[� u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W @C>I7:@T7:HI<?HtPIB=<��¡7:EGEF7�.cDF9Ca�J[7:9=;CDGP_DG7:9y7:9 ��W=EGPIDF@=EGI<[<V�

l =;=:p ��WCEGP_DG@=EFI<?< J[S^9�7:9=E-)"PLSÛV< @=EFS^J[<iW=9C;=<[> ��!� M J[7:9 ��DFJ�P_DF9Ca �¡< SVPIW=>I< HI@T<[J?D-+�J[SYMPIDF7:9R7^� P_B=< Sâ^>I<[<?st<?95Pc<[EF<?st<?95P_H & �¡>K7:s u 9�Sâ:9=7^HKP_7^@ 7:WCEF7:W lm¥^¦:¦ < � ¥^¦5p '

�ZB=< J?7:9=;=DªP_DG7:9�7:9 ��W=EGPIDF@=EGK<[< @C>I<?]^<[95P_HP .�7&]VSÊFWC<[;��¡<[SVP_W=>K< HK<?P_Ht�¡>I7:s <[95PI<[>IDG9=a� SVPIJLB .cDGP_B 7:9=< WC9�]VSÊGW=<[; �¡<[SVP_WC>I< Dª�!P_BC<�) ;C7:965 PB=7:EG; PIB=< H_SVst<�]^SVEFW=< � n u 9=Sâ:9=7:H�MP_7^@ 7:WCEF7:W 7 v HI<?>K]:<?H P_B�SVP ��PIB=< v SV90Sâ5S^DG9=HKP"J[7:9$�=DFJ?PIDF9=a �¡< SVPIW=>I< HI@T<[J[D>+�J SYP_DF7^9=H7^� j!keHDF9 J[7:95P_< �,P_H27^��WCEGP_DG@=EFI<?< DFHF,WCDGP_< 9�SVPIW=>_SÊ DF9 StP_B=<?7:> )�EFDGU^< P_B=< 7^9=< S^;N]^SV9=J[<?;�DF9C B=7:s�HIU<) l¨¢-?A?;>C�C¢-?;?A?5p�� .cB=<[>K< JLB=<?JLU,DG9=aiEF<[S^;=H�PI7.]VSÊFW=DG9=aA7^� W=9=DG9�PI<[>K@=>I<�PLS v EG< �M �¡< SVPIW=>I<?H7^�8� S^9=; !¤n.��.�7�j!keH!P_B�SVP.JLB=<[JLU S^9=; ]VSÊGW=< PIB=< �M �¡< SVPIW=>I<?H!7^�8� S^9=; !RJ[S^9=9=7^P.B�S ]:<J[7^9$��DFJ�P_DG9=a&�¡< SVPIW=>I<�HK@ <?J[D>+�J SVPIDF7:9CH S^HP_BCDFHI.cDGEFEAEF< SV; P_7�J[7^9�PI>_S^;CDFJ?PI7:> ) ]VSÊFW=<?H"�¡7:>"PIB=<�¡< SYP_W=>K<[HA7^��S^9=; ! 5 & �¡>I7:s u 9�Sâ:9C7:HKPI7:@ 7^W=EF7:W lm¥^¦:¦:¦N�q¥^¦N�N�¡9�nc¢:¢ p '

�ZB=< @T<[>IHK7:91>I<?HKP_>KDFJ�P_DF7^9 DF9 � P_SÊFDFS^9r�¨`(C H�.cDGP_B 63M � Sâ^>I<[<?st<?95PeJ S^9 v <Z<��N@=EFS^DF9C<[;7.cDªP_BS2��WCEGP_DG@=EFI<[< S^@=@=>K75S^JLB!F�W=DGPI< H¨P_>_SVDFa:B5PI�¡7^> . S^>I;=E>):n �}<?P WCH J[7:9CHIDF;C<[>eS^9r�¨`NC .cDGP_B 63M �Sâ:>K<[<?st<?9�PAEGDFU^<!PIB=<i7:9=<iDF9 l�=^£5p �

l =V£5p `NDHKDEG<[a:a^7:9=7>K< S^; "$#&% -��

DPIB=<

EFD v >IDv 7,7:U�H¨M + ��' � -��

� k <?7:@=EFK< S^; v 7,7:U�H#5�@��6,%Q�3+ ��;��TC@@>T ��.0�; �.F ��+U1�@��@,��Y,%/��0D ��/�Y8��3/6P;AB6�� %/,��+ @ U.0�X��>>4N)�92Z@�7 %6, � /�G ��>��

� 10,%6 � .� %� S�� %� �)+%� �C�.��7 ��3��1?�4AB@NL�� ;��P S�� %� �)+%� �C�.��7 ��3��1?�LNL�0+%C@/�3�� D��J� %��3+ C6��+%�RY ��ZN)��+�C�/�3��I+%� ��+�C�.0�Y8�@�7 ��.0��3��2?+%@�36C� %EP?AB.0,�89��/��14 ��Z1�6��PT@,�ABE�� /,%0D

¢ §5£ ��

�ZB=< j.k 7 v �K<[J�P � � $ � � B�SVH�PIB=<��¡7ÊFEF7�.cDG9=a�]^SVEFW=<?; =M �¡< SYP_W=>K<[H[��9=7-@T<[>KHI7:9 �Zs"S^HKJ[W=EGDF9=<S^9=;&HKDF9=a^W=EfS^>?nR�M.cDFEFEeEG< S ]:<�P_B=< MOHK<?P�SVHIDF;C<��¡7:> P_B=<tst7^st<?9�P[� S^H/. <S^>I<�;=< SVEFDF9Ca .cDGPIBu a:>K<[<iS^9C; 9=7^PK.cDGPIB C 7:9=J?7:>I;�n u HZHIB=7�.c9�DF9 ;=<�PLS^DGE DG9 JLB�S^@CPI<[>A¥N�NP_B=<ij!k 7 v �K<?J?P � � $ � �<[95P_<?>IH u a:>I<?<�.cDªP_B�PIB=<r� BC< S^;��TP_B�W=H!>K<[J?<[DG],DG9=a �A7:stDG9�SVPIDG]:<iJ[S^HI<Vn!��7^>I<r@C>I<[J?DFHK<[E-)^� PIB=<;=<[>KDG]VSVPIDF7:9 7^� l =V£5p >IW=9CH3SVHc�¡7ÊFEF7�.cH?�

� �ZB=< j!k 7 v �K<[J?P � � $ � � DFHZs�<[>Ia^<[;�.cDGPIBRPIB=<2]:<?> v SV9=;�JLBC<[JLU�H3PIB=<i�ZB=<[s�I7:EG<^n

� �ZB=<�d � B=< SV;�DFHRs�<[>Ka:<[; .cDGP_B0P_BC< ]^<[> v S^9=;�DGst@T<[>KHI7:9=SÊ �� DGH�s�<[>Ka:<[; DF9*DGPIHHI@T<[J?D-+�<?>[n

� !"DGHZst<?>Ia:<?;�.cDGP_B�d � k S^9C; � SYP_JLB=<?H .cDªP_B �� n u HAS1>I<[HKW=EGP[� �� a:<?PIH u J?J[W=HISVP_Dª]:<Vn

� �ZB=< j!k 7 v �K<[J?PAH¨PLS*),H .cDªP_B=7:WNPC S^HI<Vn

� �ZB=<i��BC< S^;�DFHZs�<[>Ka:<[;�nu PeP_B=DGHe@ 7:DG95P �^P .�7 HH),9�P_S^J?PIDFJc7:@T<[>ISVP_DG7:9=H�P_SÛ^<Z@=EFS^J[<V� �� J[EGDGPIDFJ[DGb[<?H�7:91� SV9=;t� SVP_JLBC<[H

.cDGPIB"DGP�S^9C;�*� SVPIJLB=<[H .cDªP_B�P_B=<.j!k�7 v �K<[J�P � � $ � � n �O97^PIB=<[>@. 7^>I;=H?��S ��WCEGP_DG@=EF<A��SVP_JLB>I<?EfSVPIDF7:9DGHZ<[H¨PLS v EGDFHKB=<[; v <?P .�<[<[9�P_B=<2�*B=<[S^; SV9=; �� 7:9 PIB=<27:9=<2B�SV9=;�� S^9=; PIB=<2��B=<[S^;S^9=;RP_B=< j!k 7 v �K<[J�P � � $ �� 7:9 P_BC< 7VP_B=<?>[n

l = B p �ck

� !,k

HID � EF<?a:a:7:9=7 � ! d � k

j!k 62k

P�� 6 j.k

P�� D�EFD v >ID

� �� !�� ¢ § B

�ZB=< =M �¡<[SVP_W=>K<[HA7:9 �� S^>I< < >I;�@ <?>IHI7^9�� 9=7t9�W=s v <[>[�T9=7ta:<[9=;C<[>[nA�ZB=< =M �¡<[SVP_W=>K<[HA7:9�PIB=<j!k � � $ � � S^>K<29=71@ <?>IHI7^9��s"SVHIJ[WCEFDF9C<2S^9=;R@=EGW=>_SÊmn �ZB=<i@T<[>IHK7:9 �¡< SVPIW=>I<2DGHZJLB=<[JLUV<[; 7^9��v )"DGst@T<[>KHI7:9=SÊ �� .cBCDFEF<cP_BC<.9�W=s v <[>o�¡< SVPIW=>I<3DFHoJLB=<[JLUV<[; v )1PIB=<!j!ky7 v �K<?J?P[n �37 �¡<[SVP_WC>I<s�DFHIstSVPIJLB PLSÛV<[H2@=EFS^J[<Vn2�ZB=<[>K<�DFHAP_B�W=HiS ��WCEGP_DG@=EFI<[<�7^@ <?>_SVPIDF7:9�PLSÛ�DF9Ca@=EfSVJ[<^��S^9=;P_BC<i]^<[> v B�S^HcDªP_H �M �¡< SVPIW=>I<?H ]VSÊFW=<?; SVH < >I;�@ <?>IHK7:9�@CEFW=>ISÊ n

�ZB=< F�W=<?HKPIDF7:9 DFH�9=7�. .cB<) S ¢ H¨P 7^>�¥Y9=;r@T<[>KHI7:9 7 v �K<[J�P stS*)29=7^P <[95PI<[> PIB=<oH_S^s�K<[<>I<?EfSVPIDF7:9(SV9=;�7 v PLS^DG9 �37:s�DF9=SVP_Dª]:< J[S^HI<��¡>I7^s �2n}�ZB=<tS^9=HH. <?> DGH F,WCDGP_<�H¨P_>IS^DFa:B5PK�¡7:> . S^>I; �.cB=<?9��W=EªP_DG@=EF<i��SVP_JLBRPLSÛV<[HA@=EfSVJ[< v <?P .�<[<[9�P_B=<i��BC< S^;�S^9=; �� 7^9�PIB=<i7:9=<iB�S^9=; � S^9=;P_BC<��B=<[S^;(S^9=;�PIB=<�j!k*7 v �K<[J�Pi7:9 P_BC<�7^P_B=<?>[�}S@T<[>KHI7:9��¡<[SVP_W=>K<�stDGHIstSVP_JLB�7:>IDGa:DF9=SVP_<?H7:9�P_BC<A� B=<[S^;�n �ZB=<c@T<[>KHI7:9��¡< SYP_W=>K<Z7:91��DFH�HIDFsrW=EGP_S^9=<[7^W=HIE>) ]VSÊGW=<[;1S^HZ¢[HKP87:>o¥V9C; u �.j< >K;�n.�ZB=DGH3],DF7ÊfSVPI<[HcP_B=< J[7:9=;CDGP_DG7:9 7^9��W=EªP_DG@=EFK<[<Vn u J[J?7:>I;CDF9=a"PI7tPIB=DFH3J[7:9=;CDGP_DG7:9��TS�¡< SYP_W=>K< J S^9C9=7^P2<?9�PI<[>2SVa:>I<?<[s�<[95PM.cDGPIB P .�7�;CD-0 <[>I<?95P_E-)R]VSÊGW=<[; �¡<[SVP_WC>I<[H?n2�O9�7:W=>.PI<[>KstH?�S^9 WC9�]VSÊGW=<[; �¡<[SVP_WC>I<rstS*)�9=7^P.PIW=>I9�;CDFH �KWC9=J?PIDG]:< W=9=;=<?> u a^>I<[<Vn2j.DGH �KW=9=J�P_Dª]NDªP )�HI<[<?stH3P_7v < 7^9=E-)"@ <?>Is�DGPIPI<[; �¡7:> M �¡< SVPIW=>I<?H[�=EGDFUV< � d �.j.do�i� v WCPA9=7VPA�¡7^> �M �¡<[SVP_WC>I<[H � n

� �J� >,��C@��>��0R[ ��3+*AB6�� %/,�)NL�3+%N)�� C�� C@.�/��P 1��38� ��3, �� %. � PT��+ �O/��C� ��80LAB6�� /,�).�� IR �0+%+%/NL��1�� %6,%� �� %�38�6��2L ��Z8��3/6+ �,�P �� P �E+O � �� P D ��3+�+%@6N)+Q %. � Z��C��3/�PT6P ��+��4,�6+%/�� .�A �F1�,�@�RT.0,�NL.�,�>,�6C@�3+%@�32 .0� � � ABE�� %/�,%E+@D �-,�.0+�+ �3�3�1�/��+ %��C@��3�32�R[��.�S-68�@,ER ��@,� ��,% C6��+%6+ZS��3C�� C@.�/��P � ��7 �@,�>,%@ %EP��+L� 8Y��.0�3�� %�3.�� .�A %�� C@.��P�G ��.0� .0� � /�� %�3>�3 � 1�,�@0D .0N4 � /�� %�3>�3 � 10,%6 >�6�.�NL6�� P. C@,%E�� PT��+ �O/��C� ��80ZAB6�� %/,�6+6D:��+��+�AB.�, �3��+ ��C�I ��*C@�0+ *PTE+%C@,%� �$6P �72 � .��@ ;H �� YM-�0+� %�� E�� 6,�+%.��Q��+%;C@.��+ %,��3�7 6RS��C�� 3�3.�S + � �6+ � ��P >$@,�+ .0� S-E�� PT��,�6C� F. ��O6C� F %. ��>> E��,F %.�10� ��@, S�� %� � �,�P>$@,�+ .0� S-E�� 3��PT�3,�6C� V. ��OEC� 6D��V+F+%�.�S�� Y2 � .�� 6R� %��+�C��3/�+O �@,V�3+ AB.�, ��3P�PT@� �3� N)��Y2��1�/��1�6+6DQ�J�+%.�NL?��10/��106+6R �.�SQ@80@,ER ��3+4C��3/�+ %6,;��+*�.� X��C@��/�P6P H +%@��+ . � ��C�� 9M�D ��?8Y�3.�� %�3.�� .�A %�� 6,�+%.�� Q�0+ �-.��+ %,��3�7 IH .�,� %��Z>,%E+ 6��C��.�A � � E�� 6,�+%.�� Q��+% �-.0��+ %,��3�0 �M=NL�31��7 � �� >��C�S��6� %� AB6�� %/,�?.�� 6�0P 1�@ �+ �$.� �� > 6,�+%.�� 8��/E+@R AB,�.�N � .� %� �� PT�3,�6C� L��P �� 3��PT�3,�6C� . ��O6C� ED?�J� .� ��@,ZSQ.�,�P+6RW %�?>$@,�+%.�� AB6�� /,�4.0� � NL�31��7 Z %/�,%� .�/ Z %. � �PT�3+ �O/��C� %�38�?��A( %@, � /�G ��>�� 10,%6�D

¢ §C> ��

�� `ND � � �� #��> �� !� �!� �

Q�7:EFEG7E.cDG9=arPIB=<i@=>I< MOJ SV>KP_7â:>_S^@CB=DFJ!PI>_S^;=DªP_DG7:9��,� B�S ]:<rS^HIHKW=s�<[;�HI71� S^> P_B�SYP �� J[EGDGPIDFJ[DGb[<?H 7:9P_B=<"� B=<[S^;�n(�ZB=<>K< S^HK7:9yW=9=;=<?>IE>)NDG9=a PIB=DFHrS^HIHKW=st@NP_DF7^9�DFH PIB�SVP �� DGHrP_BC<J[EGDGP_DGJ%.cBCDFJLBS^@=@T< S^>KH!J[EG7:HI<?>.P_7PIB=< ]:<?> v P_B=S^9(S^9<) 7^PIB=<[>.J[EFDªP_DGJ^n1l�=;>5pA@C>I<[HK<[95P_H S"J?EFDGPIDFJ J[EGW=HKPI<[>M.cDGPIBS^9RDFs�@ <?>IHK7:9�SÊ ��

l =;>:p �2EFDF<?EF7B=DGs1M�% � � � � + ��' � '�) MODªPKM � �� + � ' � ' )

HIDHID�DGH¨M�"$#&% '�)

;=<?PKP_7H_S^DG;NM -�- + ��' � '�)

� k <[7^@=EF<iB�S ]:< H_SVDF;RDGP PI71B=DFs 5

�O9 l�=;>5p � DGst@T<[>KHI7:9=SÊ �� ¡7:EFEG7E.cH!PIB=<17^P_BC<[>iJ[EGDGP_DGJ[H?n��ZB=DFHiEF<?;�stS^9<)�EGDF9=a:WCDFHKPIH.P_7 v <[EGDF<?]^<P_B�SYP �� J[EGDGPIDFJ[DGb[<?H ;=DF>K<[J�P_E-)7:95P_71P_B=<i��BC< S^;�n��37�.�<?]^<[>[�� S^9=b?DF9=D � `CS ]:7:DFS�lm¥^¦:¦5¥^p B�S ]:<HIB=7�.c9 P_B�SVP �� 7NJ?J[W=@CDF<[Hi;=D>0 <?>I<?9�P HKEF7^PIH2DF9(;=D-0 <[>K<[95P � PLSÊGDfS^9�;CDfSÊG<[J?PIH[n1Q�7:>2< �=SVst@=EG<^� ��s"S*)t�¡7:EFEG7E. �� l¡PI7�BCDFs"p�DF9�`NDGJ[DFEGDfS^9 �

l =;?:p `NDHIDJ?J[DB=DGs1M � � "$#&%('�)

@�S^>IEFSPLSÊGU,H�M/" # % '�)

� k <[7^@=EF<tl stS*)Cp�PLSÊGUtP_71B=DGs 5 & ��S^WC>_S�`Na5S^>KDF7^PI7=�C@ n�JVn '

d ]:<[9�� PLSVEFDfSV9"710 <[>KHcS^9R<��NJ[<?@CP_DG7:9 P_7 P_BC<!a:<[9C<[>_SVEFDFb[SVP_DG7:9SVJ[J[7^>I;=DG9=a P_7B.cB=DGJLB �� DGHZS^; �IS MJ[<?9�PAP_7�PIB=<2]:<[> v �eP_B=<iJ?EFDGPIDFJ �� =S^HcHIB=7�.c9�DF9�lm£:¦:p�n

lm£:¦:p `N<HID9=<7^� P_B=<?s1M � �

]^<[;=7:9C7HK<[<�M�"$#&% -��

� k <[7^@=EF<iHI<?< HK7:s�<27^� PIB=<[s 5

�ZB=< � S^J�P!P_B�SYP �� DGH!9=7^P2S^; �IS^J?<[95P2P_7PIB=< ]:<?> v DF9 l £:¦5p3J[S^9 v <�< �N@=EfS^DG9=<[;�DG9 P .�7 . S*),H[�<[DªP_B=<?>A7^9=<i@=>I<?HIW=@=@T7:HK<[H3PIB=< <��NDFH¨P_<[9CJ[<r7V��HK@ <?J[DfSVE}HIEF7VP_HZ�¡7:>cJ[EGDGP_DGJ[Hil¡HI<?<rk 7:EF<�PIP_7"¥^¦:¦^¦��¡7^>HIW=JLB S�@=>I7^@ 7:HISÊ �¡7:>rHIW v �K<?J?PtJ[EGDGP_DGJ[H_p�� 7:>�7^9=< J[7:9CHIDF;C<[>IH�PIB�SVP �� DG9=J[7:>K@ 7^>_SVPI<[H 7:9�PIB=<]:<?> v DG9P_B=<26!kL�� n�� 610��,�PT�3�1 ��NL>�3 H ��0M�R %��)>,%E+ 6��C�).�A �WK?PT.YE+Z�.� ;+%@6N �. >,%68�6�0 �F1�,�@ �$� OSQ@@� ��?�

�E��P)��P ��&(DU��3+:N4�31��7 �$FPT/� %.X��L�� C�.�,�>$.�,�� %�3.��4.�A �WK �3�7 %.Z �� 80@, �4�3�) �� H +%@��Q��,�PT�3��@ %�� 3/�+ %� ��Z��P � 6��3� % %� � � � ��@� � �� AB.�,�� 32T+ ��+-.�A �WKIC��3�G ��3C@� �E�� %�3.��$M�D ��A( %6,��C@.�,�> .0,�� %�3.�� R��$K

� �� !�� ¢ §C?

k 7:EG<?PIPI71l ¥V¦:¦:¦5p S^9=;�� S^9Cb[DF9CD � `CS ]:7:DFS�l ¥^¦^¦5¥:p B=S¤]^<AS^>Ia:WC<[; �¡7:>�S!HI<[95PI<[9=J?<AH¨P_>KW=J?PIW=>I<.cB=DGJLB ;C<[;=DGJ SVPI<[H ;=D>0 <?>I<?9�P1@T7:HKDGP_DG7:9=HiP_7�;=D>0 <?>I<?9�P J[EFDªP_DGJ[H[n �O9�@�S^>KPIDFJ?W=EfS^>?�eS^J?J[7:>K;=DF9=a�P_7� S^9Cb[DF9CD � `CS ]^7:DfS-l ¥^¦:¦:¥:p�� P_B=<?>I<SV>I<tSVP EG< S^H¨P P .�7 J[EGDGPIDFJB+�<?EF;=H DF9�PIB=<"H¨P_>KW=J?PIW=>I<V��7:9=<S v 7¤]:<RP_B=<��ck ��.cB=DGJLB�DGH�;=<[;=DGJ SVPI<[;yP_7 HIW v �K<[J?P"J[EGDGP_DGJ[H?��SV9=; 7^9=< v <?EF7�. DªP �e�¡7:>17 v �K<?J?PJ[EGDGPIDFJ[H?n � 9 PIB=< v S^HKDFH!7V�oS"EfS^>Ka:< HI<?P!7^�8;�SVP_St�¡>I7:s �A7:>KPIB=<[>K9�� PLSÊGDfS^9�;�SVPLSN� k 7:EF<�PIP_7"B�S^HHIBC7E.c9 P_B�SYP�J[EGDGP_DGJ[H 7NJ?J[W=@<)y;=D>0 <?>I<[95P1@T7:HIDªP_DG7:9=HrDG9&P_B=<RH¨P_>IWCJ?P_WC>I<^�o;=<?@ <?9=;=DF9Ca 7^9yPIB=<[DG>�M HI<�P n

Q 7^>Zs7)�S^9�SÊ>),HIDFH?�=P_B=<?>I< DFHc9=7"9C<[<[;�P_7tS^HIHKW=s�< S1@�S^>KPIDFJ?W=EfS^>KE-)tJ[7:s�@=EG<��RH¨P_>IWCJ?P_WC>I<^nZ�.cDFHKB P_7 �¡7,J[W=HZ7:9PIB=I<[<2>K<[EFSVP_DG7:9 v <?P .�<[<?9 �� S^9=;PIB=<2� BC< S^;�n�`NWCJLB�SV9RSâ:>I<?<[s�<[95P>I<?EfSVPIDF7:9�s"S*) P_SÛ^< @CEfS^J?< SÊGHI7"Dª� �� ;=7,<[H!9C7^P!J?EFDGPIDFJ?DFb[<27^9 �2n �O9 @=S^>KPIDFJ[WCEfS^>?� �� 7,J[J?W=@=DG<[HSRHI@T<[J[DFSÊeHIW v �K<[J�PKM.J[EFDªP_DGJ HIEG7^P n�Q�>I7:s HIW=JLB&SR@T7:HKDGP_DG7:9��}DªPiJ S^9 <[95P_<?> u a:>I<?<!.cDGP_B(P_BC<��B=<[S^;�neQ�7:> PIB=<ZH_SÛV<c7^� HKDFs�@=EFDGJ[DªP )i� �KW=H¨P�S^HIHKW=st< PIB�SVP �� J[EGDGP_DGJ[DGb[<[H 7:91��SV9=; u a:>K<[<[HL.cDªP_BDGP[ni�ZB=<�DF95P_WCDGP_DG7:9 v <[BCDF9=;�P_BCDFH u a:>I<?< >I<?EfSVPIDF7:9 DGH.P_B=SVP �� DFH.SRU�DG9=;�7^� � @T<[>KHI7:9(stS^>IUV<[>�57:9�P_B=<A]:<[> v n8j.<?HI@=DªP_<3PIB=<3� SVJ?PoP_B�SVP �� B=S^H SÊG>I<[S^;()�>K<[J[<?DG]^<[; C S^HK<.cB=<?9DGPoJ[EGDGPIDFJ[DGb[<?H[�5DGPIH�M HI<�P3DGHZHKPIDFEFET],DFHID v EF<3�¡7:> u a:>K<[<Vn

�ZB=< � S^J?P2PIB�SVP2PIB=< �M HI<?PiDGH!HKPIDFEGE ],DFHKD v EG<r;=7,<[H29=7VPiJ[7:95P_>IS^;=DGJ?Pi7:W=>.B ),@T7^P_BC<[HI<?H[� �ZB=<�M �¡< SVPIW=>I<?H 7:9 �� S^>K<t]VSÊGW=<[;�SV9=;�s"S*) <[95PI<[>�� SVPIJLBJ.cDGP_B�P_B=<� B=<[S^;�n ��7^>I<[7¤]^<[>[� ��B�S^HK965 P v <[<?9tHK<[95P�PI7 `N@ <?EFE M � WCP�)^<?P �NS^H !,k�DGHo9C7^PoS2@=B�S^HK<3DG9��¨`(C H .cDªP_B�63M � Sâ:>K<[<?st<?9�P[�S^HcHIBC7E.c9�DF9RJLB�S^@NP_<[>3¥Nn

� 7�HIW=s W=@ �TDG9�PIB=DFHcHK<[J?PIDF7:9�� B�S ]^<r@=>K7:@ 7^HI<[; S^9 SV9�SÊ-),HKDFHZ7^� PIB=< @ <?>IHI7^9 >I<?HKPI>IDFJ�P_DG7:9DF9��¨`NC H�.cDGPIB�6AM � SVa:>I<?<[s�<[95P3S^J[J?7:>I;=DG9=a1P_7�.cB=DFJLB �� DGHcS�@T<[>KHI7:9�s"S^>KU^<?>A7^9�PIB=<2]:<[> v nu ��W=EGPIDF@=EGI<[< 7:@T<[>ISVP_DG7:9�.cDGP_BRP_BC< � BC< S^;�DFHZ9=<?J[<[HKH_S^>H)��¡7^>cPIB=< @ <?>IHI7^9 >I<?HKPI>IDFJ�P_DG7:9P_7 PLSÛV<!@=EfSVJ[<^ne�eB=S¤]^<2HIB=7�.c9PIB�SVP � P_SÊFDFS^9"�¨`(C HZS^>I<39=7^PZ<�F�W=DG]VSÊG<[95P PI7 �OJ[<?EfS^9=;CDFJ � jMC H[�;=<?HI@=DªP_<iP_B=<?DF>AHIDFs�DFEFS^>IDªP_DG<[H[n��ZB=< � SVJ?PAP_B�SVPcPIB=< @T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9 S^>KDFHK<[HA<?]:<?9 DF9�� PLSVEFDfSV9�¨`NC H?� .cB=DGJLB EFS^JLURS�;=SVP_Dª]:< d �N@T<[>KDF<[9CJ[<[>?� DG9=;=DGJ SVPI<[H P_B=SVP3PIB=< ;�SVP_Dª]:< d��N@ <?>IDF<?9=J[<?>.DGHA9C7^P>I<?HI@T7:9=HKD v EG<i�¡7^> P_B=<i@T<[>IHK7:9�>I<[H¨P_>KDFJ?PIDF7:9PI7�PLSÛV< @=EFS^J[<VnSQ.�/��P � EC�.�NLL�3�78Y��+ � ��3LAB.�,Z>$@,�+ .0� C��6C Y��1�D � �� %6,%� �� %�38�6��20R .��)N4�31��7 Z �� %� �� $K C��3�G ��3C@� �E�� .0� �� E+�>�3�0C�Z��A( �@, >$@�3� � � /T ERTAB.�,�>��.��.0��.01��C@��$,�6�0+ .0��+6D

¢�=^¦ ��

� 7 �A� ��+ ��'��9:��(�� +,��/)��2�A��'�!�8( :��;��'�

�O9 PIB=< @=>K<?],DF7^W=H HK<[J�P_DF7^9��^�}B�S ]^< S^>Ka:W=<[; P_B�SYP�DGst@T<[>KHI7:9�SVE �� DFH >I<?HI@T7:9=HID v EF<8�¡7:>}P_BC< @T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9�DG9 � PLSVEFDfSV9��¨`NC H.cDGP_B�63M � Sâ:>I<?<[s�<[95P nc�O9 @=S^>KPIDFJ[WCEfS^>?�T� B�S ]:< HKB=7�.c9 P_B�SVP.SF�W=DF>KU )�;�SYP_DG]^< HKW v �K<?J?P!DGH39C7^P.9C<[J[<?HIHIS^> )�7:9 7^>I;=<?>A�¡7:>AHIWCJLB�St>K<[HKPI>IDGJ?P_DG7:9RP_7tP_SÛ^< @=EFS^J[<Vn�O9�PIB=DFHcHK<[J?PIDF7:9 �� .cDFHKB�PI7tHKB=7�. P_B�SYP.SVEFHI7�PIB=<i�OJ[<[EFS^9=;=DGJ2� S^J?PIH3SV>I<i<��N@=EFS^DF9�S v EF<M.cDªP_B=7:WNPP_B=<r9=<[<?; P_7@T7:HKPIW=EfSYP_< SV9�Sâ:>K<[<[s�<[95P2>K<[EFSVP_DG7:9 v <?P .�<[<?9�P_B=< ;=SVP_Dª]:< HKW v �K<[J�P S^9=; PIB=< �B=< SV;�n3�2.cDGHIB�P_7SV>Ia:W=< P_B�SYP3PIB=< �� HIW 1� DFHA>I<?HI@T7:9=HKD v EG< �¡7:>cP_BC<r@T<[>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9 DG9�OJ[<?EfS^9=;CDFJ � j C H[n

��<�PAW=Hca:71J[7:9=HKDF;=<?>ASâ5S^DG9P_B=<i�OJ[<?EfS^9C;=DFJ2;�SYPLS�DF9�l §^§�p��=BC<[>IK<[@T< SVPI<[;�S^H lm£C¢ p �

lm£C¢¤p �3<?9=9=DB=<?>¨M/% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�"$#&%�� %�� -��


<[DF>PIB=<�)5M � + " # % - �


u H1HIBC7E.c9 DF9yHI<?J?PIDF7:9�¥Nn ¥NnG��S �37:s�DF9=SVP_Dª]:<7 v �K<[J?P�DG9 �OJ?<[EFS^9=;=DGJ J S^9=9C7^P v <(¢ H¨Pt7^>�¥V9=;@ <?>IHK7:9 Dª� S1;�SVPIDG]:<iHKW v �K<[J�P!DGHA@C>I<[HK<[95P!DG9 P_B=< J[EFS^W=HI<Vn �ZB=DGH3DGH P_B=< J SVHI< 7^�cl £5¥:p��N.cBC<[>I< S;�SVPIDG]:< HIW v �K<[J�P2DFHA@=>I<?HI<?9�P!DF9�PIB=<rJ?EfS^WCHI<^nc�ZB=< 7 v �K<?J?P!DGH3stS^>KU^<[; S^H �A7:s�DF9�SVPIDG]^< SV9=; DªPJ S^9�7:9=E>) v < < >I;�@T<[>IHK7:9�n u ¢ H¨P37^>A¥V9=;�@ <?>IHI7^9 �A7:stDG9�SVPIDG]:<.7 v �K<[J�PADFH v S^9C9=<[;��S^H lm£ < p<��N<[s�@=EGD-+�<?H[�

lm£5¥^p �3<?9=9=DB=<?>¨M/% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�"$#&%�� %�� -��


<[DF>PIB=<�)5M � + " # % - �


lm£ ¨M/% � �

EG<[DG;=;=W=H¨Pv 7:>K<[;NM�� %��

�

" # % � -�� D ��©)^7:WNM �� + -�� ©

EF<?DF;=;CW=stH¨Pv 7:>I<?;NM�� ' � -��

],D �.�<�M � + -��

�q`NB=<2�¡7:W=9=; ):7^W ©1WCH v 7:>KDF9=aN5 & �¡>K7:s `,DFa:W=> �:HIHK7:9-l¨¢-?A?^£C�q¥ >5p '

�ZB=<[HK<t< �CS^st@CEF<[H2B=S¤]^< v <?<[9 <��CS^s�DF9=<?; ?�7N<?JLU5��l�¢-?A?A>:p��}S^9C; u 9�Sâ:9C7:HKPI7:@ 7^W=EF7:W lm¥^¦:¦ < pS^H2DF95]^7:EG],DF9CaRS��W=EGPIDF@=EGI<[<�>K<[EFSVP_DG7:9 v <�P . <?<[9 P_B=<�;�SYP_DG]^<�HIW v �K<[J?PrS^9=;�PIB=<�� B=<[S^;7:91P_B=<A7:9=<cB�S^9C;��,S^9=;tPIB=< �37:s�DF9=SVP_Dª]:< 7 v �K<[J?P S^9=;�P_B=<c� BC< S^;�7:91P_B=<A7^P_BC<[>[n �37�. <�]:<?>[�S^H ? 7N<?JLU:��lm¥^¦:¦ < pS^>Ia:WC<[H[�2PIB=< � SVJ?PRP_B�SYP�PIB=<;F,WCDF>IU<)*;�SVPIDG]Î<?<[H .cDGP_B*� DGH�9C7^P

� � � � �,� � � � ��$� � �� .�� ¢�=N¢

DF9C;=<[@T<[9=;C<[95P_E>)�HIW=@C@ 7:>¨P_<?; v )�7VP_B=<?>2;�SVPLSNn �O9(@�S^>¨P_DGJ[W=EFS^>[� B=<�HIB=7�.cHiP_B�SYPM.cB=DFEG<BF�W=DF>KU<)<[EG<[s�<[95P_H st7:>K@=B=7:EG7:a:DGJ SÊGE-)�SVa:>I<?<!DF99�W=s v <?>[�NPIB=<�)"9=<?]^<[>ZHK<[<[s�P_71Sâ^>I<[<.DF9@T<[>KHI7:9D.cDªP_B7^PIB=<[>Z<?EF<[s�<[95PIH DF9PIB=<!J[EFS^W=HK<^n8�O9 HIW=@C@ 7:>¨Pc7^� B=DFH J[EfSVDFs�� ?�7N<?JLU5�@=>I<?HI<?9�PIHAPIB=<.�¡7:EGEF7�.cDF9CaHI<?95P_<[9CJ[<[H?�

lm£V§�p `,PI>��Û�W=9�W=sPIB=< v 7�),H¨M�% � ��+ ��' � -��

EF<?DF;=;=DGHKPv 7^>I<[;,M/"$#&% ' )

�:EFEGW=sSÊFE M/% � � + � ' � -�� ©

© � SÊFEGDF>SÊGEªM � + + ��' � -��

�DF9HIU �:EfSHIJLBC7N7:E

��ZB=< v 7�),HK. <?>I< SÊFE v 7:>K<[;RDF9RHIJLBC7N7:E 5 & �¡>K7:s ? 7,<[JLU:�-l ¥V¦:¦ < � §�p '

lm£A=:p `,PI>��ÛYS^>K9=DF>PIB=< v 7�),H¨M � + + � ' � -��

H��N9C;=WHKB=7�. <?;

U^<?9=9�S^>IS^9�W=sP_<[S^JLB=<[>�M/% � � + � ' � ' )

�¤],DF>��^DF9=a:W;=DGHI>I<?HI@T<[J�P

;=>KW=U�U�9,WCs;=>KW=9=U:M/% � � + � ' � ' )��ZB=< v 7�),HcHIB=7�.�<[; PIB=<2P_< SVJLB=<[>c;=DGHI>I<?HI@T<[J�P�l .cB=<[9�B=< . SVHLpZ;=>IW=9CU 5 & �¡>I7:s? 7,<[JLU:�-lm¥^¦:¦ < � §�p '

�O9�l £^§�p �3P_BC< F�W=DG>IU<) <[EG<[s�<[95P �� " ��" � HKB=7�.cH Sâ^>I<[<?st<?95P�DG9 9�W=s v <?>[� v WNP�9C7^P�DF9@T<[>IHK7:9��=.cDªP_B PIB=< ��7:SVP_<?; F�W�S^95P_D>+�<[>�� " � n.�O9 l £C=:p �TPIB=<BF�W=DF>KU<) <?EF<[s�<[95P � �� " �HIBC7E.cH.Sâ:>K<[<[s�<[95P3DF9R9�W=s v <[>?� v WCPA9=7:>ADF9R@ <?>IHK7:9��.cDGPIB�PIB=<rSV; �K<[J�P_DG]^< � ;=>KW=9=U 5ªnK? 7,<[JLU:�J[7^9=J[EGW=;=<[H PIB�SVPKF�W=DG>IU<)t;�SVP_Dª]:<?HZ;=7�9=7^PcSVa:>I<?<!DF9@T<[>KHI7:9D.cDªP_BPIB=<!�*B=< S^; �=S^9=;PIB�SVP PIB=<@T<[>IHK7:9 >K<[HKPI>IDGJ?P_DG7:9 DF9 9=7^P ;=W=<�PI7!��W=EGPIDF@=EGI<?<^n4? 7N<?JLU:�=5 Hclm¥^¦:¦ < p�SV9�SÊ-),HKDFH B�S^H SÊF>K< S^;()v <[<[9";=DFHKJ[W=HKHI<[; DG9tHK<[J�P_DF7^9 ¥Nn < n��. 7:WCEF;"EGDFUV<cPI7rJ[S^@=DGP_SÊFDGb[<Z7:9�? 7,<[JLU:� 5�H 7 v HI<?>K]VSVPIDF7:9"S^9=;J[EFS^DFs P_B=SVP�P_B=< F�W=DG>IU<)�;�SVPIDG]^< ;=7N<?H19=7^P�Sâ:>K<[<�.cDGPIB&P_B=<R� B=< S^; ny�37�. <�]:<?>[� PIB=<[>K<�DGH��W=EªP_DG@=EFI<?<Ra:7:DF9Ca�7:9 DG9y�OJ[<[EFS^9=;=DGJ � j C H[n��7:>K<�@C>I<[J?DFHK<[E-)^�oPIB=<[>K<RDFH1S^9 <[EG<[s�<[95P.cB=DGJLB�]VSÊGW=<[Hc7:>��H_SVPIW=>_SYP_<[H�5=P_B=<i@T<[>KHI7:9��¡< SVPIW=>I<27:9RP_BC<i]^<[> v �eP_B=<iHIW 1� �� n

`NDFa:WC>��:HKHI7:9*l�¢-?A?:£5p �8��S^>ISÊF;CHI<[9 l�¢-?A?^§=�Z¢8?A?C=:p ��SV9=; � �:9=HIHK7:9�l ¥^¦:¦:¥:p B�S ]^<�J?EfS^HKHID-+=<[;SÊGE�]^<[> v HM.cB=DFJLB�stS*)RPLSÛV<�S";�SVPIDG]^<rHIW v �K<[J�P n2�ZB=< stS �K7:>KDGP )R7^� HIW=JLB�]:<?> v H2<?9=;=H!DG9 �� n�ZB=<.S� �� DFHoB=DFH¨P_7:>KDFJ SVEFE-)rS^9tS� ��N<[;>K< ��< �CDª]:<3@=>I7:9C7:W=9�ne�ZB=<c�¡7:>Ks �� DF91� S^J?P�;=<[>KDG]^<[H�¡>I7^s�P_B=< � EF; �OJ?<[EFS^9=;=DGJ2>I< �=<��NDG]^< @=>K7:9=7:WC9 �� Yn

��S^>ISÊF;CHI<[9&l¨¢-?;?^§�pcS^>Ia:WC<[H3PIB�SVP �� 7:>IDGa:DF9�SYP_<[HAS^H.StHH)N95P_S^J?PIDFJ SVEFE-)�SVWCP_7:9C7:st7^W=H3BC< S^;

¢�=:¥ ��

DF9(P_B=_` @T7:HIDªP_DG7:9��3.cDGP_BCDF9(P_B=<�7 v �K<?J?P @CB=>_S^HK<^n�� 2.�<tP_BCDF9=U S v 7:WCP .cB�SVPrB�S^H v <?<[9H_S^DG;1HI72� S^>8S v 7:WCP �� :PIB=<ZP . 7 <[EG<[s�<[95P_H �� S^9=; �� EG7N7Û H¨P_>IDGU�DF9=a:E>)rHKDFs�DFEFS^>[n}�ZB=< �� S 1�DFHZB=DGHKPI7:>IDGJ SÊGE-)tS�>I< �=<��NDG]^< @=>K7:9=7:WC9��KW=HKPcEGDFUV< �� no��7:>I<?7¤]:<[>?��.cB=<[9=<�]:<?>.DFs�@T<[>IHK7:9�SÊ �� DGHDF9�S�HK<[95P_<?9=J[<tP_7:a:<�P_B=<?>/.cDªP_B�S �A7:s�DF9�SVPIDG]^<�7 v �K<[J�P ��S�@T<[>KHI7:9�>I<[H¨P_>KDFJ?PIDF7:9(PLSVU^<[H @=EFS^J[<Vng0B=<[9C<?]:<?>!S �� ]:<?> v DGHcDF9�S�HK<[95P_<?9=J[<�.cDGP_B�S �37:s�DF9=SVP_Dª]:<27 v �K<?J?P.S�@T<[>KHI7:9�>I<?HKPI>IDFJ�P_DG7:9PLSÛV<[H3@=EfS^J?<^n�� J[7^9=J[EGW=;=<iP_B�SVPcPIB=< �� S 1��@T<[>¨�¡7:>Is�HZP_B=< H_SVst<i@T<[>IHK7:9�]VSÊGW�SVPIDF7:9 <80 <?J?PP_B�SYP �� @ <?>K�¡7:>KstH?n&��7^>I< HI@T<[J?D-+�J[SÊFE>):�e� @=>I7^@ 7:HK<"P_B=SVP1HIW=JLB S^9yS� ��&J S^>K>IDF<?H�S ]VSÊFW=<?;H ),95PLS^J�P_DGJ < >I;-@ <?>IHI7^9&�¡< SVPIW=>I<V��.cB=DFJLB&]VSÊGW=<[H P_B=<@T<[>KHI7:9&�¡<[SVP_WC>I<7:9�P_B=<"]^<[> v � B=<?9=J[<V�P_B=< ]^<[> v stS�)�9=7^P u a:>I<?<B.cDGPIB�S�¢ H¨Pi7:> ¥V9=;(@T<[>KHI7:9(7 v �K<?J?Pi�¡7:>.PIB=<1>I<[S^HI7:9CH ;CDFHIJ?W=HIHK<[;S v 7 ]^<^n

u H S�HI@T<[J?W=EfSYP_DF7^9��EF<?P s�<�S^;=;�PIB�SVPiP_BC<tHKW �� B=S^H < �CS^J?PIE-)�P_BC<tHIS^st<1�¡W=9=J�P_DG7:9S^H DFs�@ <?>IHI7^9�SÊ �� DGPiDGH S�@ <?>IHK7:9-stS^>IUV<[> S^H . <?EFE8S^H S^9 u J[J?W=H_SVPIDG]^<"stS^>IUV<[> ��DGPiDF9CJ[7:>�M@ 7^>_SVPI<[Hi7:9 ��S^9=; ;=<�P_<[>KstDG9=<[H SR@ <?>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:9(7:9(P_B=<17 v �K<[J?P[n"d ],DF;C<[9=J?<��¡7:>2PIB=<B<)N@T7^PIB=<[HKDFH PIB�SVP �� DFH S^9 u J?J[W=HISVP_Dª]:<ts"S^>KU^<?> DGH a:Dª]:<?9��¡>I7^s P_B=<�a:<[9C<[>_SVE�7 v HI<[>¨]VSVP_DG7:9P_B�SYP u J?J[W=HISVP_Dª]:< J[S^HI<�DFH�9=<?]^<[>eSVHIHIDGa:9=<?;rDF9rS3J?EfS^W=HK< .cBC<[>I< S �� ]:<?> v DGH @C>I<[HK<[95Pcl � �:9=HKHI7:9¥^¦:¦5¥^p�n

� �6! � �*( �!�� (��!�8( ��;�� /�� C�C:'�!+,��/)��2�8:�% � ��;��

u ]:<[>H)iHKPI>I7:9=aAJ[7^W=95P_<[>K<��CS^s�@=EF<ePI7APIB=<8a:<[9=<?>_SÊGDFb[SVP_DG7:92S^J?J[7:>K;=DF9=aZPI7 .cB=DGJLB ;=SVP_Dª]:<[H J[>K< SVPI<SZ@ <?>IHI7^9 >K<[HKPI>IDGJ?P_DG7:9i7:92P_B=<87 v �K<[J?P DF92�OJ?<[EFS^9=;=DGJoDGH}@=>I7¤],DF;C<[;i�¡>I7:s*P_B=<e�¡7:EGEF7�.cDF9=a HI<[95PI<[9=J?<^�

lm£:£:p �V��DGas�<�M � �� ' ��- '

H�� U�DF>HI<?<[U�H¨M�"$#&% '�) �

DGa):7^WNM �� + � %('�)

�� HI<?<[UD)^7:W65 & �iWC9=9�S^>c� n �3>_SY�¡9 v �IS^>Ia5SV>IHI7^9��=@�n J^n '

u ¥V9C;-@T<[>IHK7:9 �37^stDG9�SVP_Dª]:<17 v �K<?J?PrDFH 9=7^P EGDFJ?<[9=HK<[;&DG9 l £:£5p�n��ZB=<t7 v �K<[J�P�s W=H¨P v < < >I;@ <?>IHK7:9�neg0DGPIB�S < >K;�@T<[>KHI7:9�7 v �K<?J?P[�=P_B=<iHI<?95P_<[9CJ[< v <[J?7:s�<[Hca:>_SVststSVP_DGJ SÊm�

lm£ B p ��DGas�<�M � �� ' ��- '

H�� U�DF>HI<?<[U�H¨M�"$#&% '�)

H )�� ISHIEG<[<?@=DF9=<?HIH�M �� + ' )

� �� HK<[<[U�¡7^>ZHIEF<?<[@=DG9=<[HKH#5 & �¡>I7:s 2DG@�<�P3SÊ ncl�¢-?A> B �q¥ < ¦5p '

� � � � �,� � � � ��$� � �� .�� ¢�= <

�ZB=<R;�SVP_S DF9*l £:£5prS^9C;�l £ B p HKB=7�.�PIB�SVP�S @T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9-B=7:EF;CH1SÊFHK7 .cDGPIB SV9 u J�MJ[WCH_SVPIDG]:< d �N@T<[>KDF<[9CJ[<[>.j!k n �3<?9=J[<V��S�;�SVP_Dª]:<rd �N@T<[>KDF<[9CJ[<[>3DFHA9=7^P39=<[J?<[HKH_S^>H) DF9�7:>I;C<[>c�¡7:>P_BC< @T<[>KHI7:9�>I<?HKPI>IDFJ�P_DG7:9R7:9 P_B=<i7 v �K<?J?PAP_7�S^@=@CE-):n

�ZB=<c@ <?>IHI7^9t>K<[HKPI>IDGJ?P_DG7:9�7:9�P_BC< �A7:s�DF9�SVPIDG]^< 7 v �K<?J?PoDF9�l £ B p stS*) v <A< �N@=EfS^DG9=<[;�DG9�P . 7. S�),H?� <[DªP_B=<?>iPIB=K<[<?H/.cDªP_B(P_B=<�� B=<[S^;&SV9=;-HK7:st<�P_B=DG9=aRHIDGstDGEfS^>AP_7��W=EªP_DG@=EFI<?<2B=7:EG;=H[�=7^> P_B=<?>I<iDFHcS�@T<[>IHK7:9Rs"SV>IU^<?>Z7:9RP_B=<!]^<[> v � .cBCDFJLBRDFH < >K;R@ <?>IHI7^9�n� EG< S ]:<2PIB=DFH ]^<[> )RDG95P_<[>K<[H¨P_DF9Ca�DGHIHKW=<i7:@ <?9��¡7^> �¡W=>KPIB=<[>c>I<?HI<[S^>IJLB�n

� ��W=EGPIDF@=EGI<?< v <�P . <?<[9 �� S^9=;�� 7:9 PIB=<Z7:9=< B=S^9=;��S^9C;1PIB=<��A7:stDG9�SVPIDG]:<�7 v �K<?J?PS^9=;�� 7:9�P_B=< 7^P_BC<[>ADFHc9=<[J?<[HKH_S^>H)��¡7:>ZPIB=<r@T<[>KHI7:9�>I<[H¨P_>KDFJ?PIDF7:9RP_7tS^@=@CE-):� DªPca:7N<?H .cDªP_B=7^WCPH_S*),DF9CaAPIB�SVP}P_BC<o@T<[>KHI7:9 >I<?HKPI>IDFJ�P_DG7:9iHIB=7:WCEF;i9=7^P�PLSVU^<8@=EfSVJ[<eDF9i�OJ?<[EfSV9=;=DFJ�.cBC<[9r9C7.��W=EGPIDF@=EGI<[< PLSÛV<[H3@=EfS^J?<^nZ�O9yl £A>5p � �¡7^>ADG9=HKP_S^9=J?<^� P_B=< �37:s�DF9�SYP_DG]^<ij!k0S^9=;�P_B=< ;�SVP_Dª]:< j!k ;=79=7^P.<[95P_<?>2��WCEGP_DG@=EFI<?<�.cDGPIB P_BC<r� B=<[S^;�n u H!S�>I<?HIW=EªP � P_B=< ]:<[> v HIB=7�.cH.PIB=<r;C<?� S^W=EªP< >K;�@ <?>IHI7^9�HIDF9Ca:W=EfSV>�Sâ^>I<[<?st<?95Pe<[9=;CDF9=a=�^S^9=;�HKB=7�.cHe9=7iSâ:>K<[<[s�<[95P�.cDGP_B P_B=<��A7:s�DF9�SVPIDG]^<7 v �K<?J?P[n

lm£;>5p �A<[9=9=DB=<?>¨M�% � �

EG<[DG;=;=DFH¨PEGDFUV<�M/" #&% '�)

�?a� M � + � ' � '�)

�q`NB=< EFDGU^<[HZs�<15 & �¡>I7^s `NDFa^W=>��:HKHI7:9(¢-?;?:£C� <AID v WCPIDF7:9 7^� �37:s�DF9=SVP_Dª]:<!P_71P_BC<rj!k�� DFHcW=9CJ[EF<[S^>[n �37:s�DªM9�SVPIDG]^< s�DFa^B�P v <2P_BC< ;C<?� S^W=EªPZJ SVHI< DF9R�OJ[<?EfS^9=;CDFJ�l `,DFa:W=> �:HIHK7:9(¢-?A?:£N��k�S^9C9=<[stS^9=9 ¥^¦:¦5¥^p�n

�ZB=<2@=>I7 v EF<?s 9=7�.�S^>IDGHI<?HZS v 7:WCP PIB=<2@ <?>IHK7:9R>I<[H¨P_>KDFJ?PIDF7:9"DF9 �OJ[<?EfS^9C;=DFJ!7^9P_B=7:HK<!]:<?> v H.cB=DGJLB*;C7�9=7^PHKB=7�. S �� <[9=;CDF9=a�SV9=;0SÊFEG7�. �¡7:>S F�W=DG>IU<)�;=SVP_Dª]:< HKW v �K<[J�P �3EFDFUV< ��

l ��EFDGU^< 5qp n.�cB�S ]:< 9C7 J[EF<[S^>AW=9=;=<?>IHKP_S^9=;=DG9=a 7^�ePIB=DFH3@=B=<[9C7:st<?9=7:9�n.�ZB=< @T<[>IHK7:9�>I<?HKPI>IDFJ�P_DG7:9�¡7:>2P_BC7:HI<��¡<�. ]:<[> v Hrs�DFa^B�P v <1J SVW=HI<?; v ) S^9�SÊG7:a1) .cDGP_B(P_BC< �� ]^<[> v H[nt�O9�@�SV>KP_DGJ[W=EFS^>[�P_BC<2@=>I<?HI<[9CJ[<i7^� S ;�SVPIDG]^<!stDGa:B5P DG9=;=W=J?<.P_B=<2HK@ <[SÛ^<?> P_7 PIB=DF9=U1P_B=SVPZS @T<[>KHI7:9R>I<?HKPI>IDFJ�P_DG7:97:@T<[>ISVP_<?H[n8�O9RS^9<)J[S^HI<V��HIW=JLB�S HI<�PcDFH2F�W=DªP_<!HKs"SVEFE �5PIB=<27¤]:<[>H.cB=<[EGstDG9=a stS �K7:>KDGP )�7^��]:<?> v HP_B=SVPi@=>I<?HI<?9�P S @T<[>IHK7:9(>I<?HKP_>KDFJ�P_DF7^9�7:9�P_B=<�7 v �K<[J?P <?9=;(DF9 MOH¨Ptl � PIPI7:HIHK7:9y¢-?A?5¥,� � �:9=HKHI7:9¢-?A?:¥N�=� S^>_SÊG;=HI<?9�¢8?A?^§�p n

¢�=V§ ��

� 7�J?7:9=J[WC;=<^�t�O9&P_B=DGH HI<?J?P_DG7:9��e�iB�S ]:< HKB=7�.c9�P_B�SVP�S^9�SÊªP_<[>K9�SVPIDG]:<t<��N@=EFS^9�SVPIDF7:9-�¡7^>P_B=<�@T<[>IHK7:9�>K<[H¨P_>IDGJ?PIDF7:9 @=B=<?9=7:s�<[9=7:9 DF9 �OJ[<?EfS^9=;CDFJRDFH1@T7:HIHKD v EG<^n � SÛ�DF9=a�S^HtS H¨PLS^>¨P_DG9=a@ 7^DF95P PIB=<2HKPI>I7:9=a�HKDFs�DFEFS^>IDªP ) v <�P . <?<[9�� PLSÊGDfS^9tDFs�@ <?>IHK7:9�SÊ �� S^9=; P_B=< �� <[9C;=DF9=aC�=�8B�S ]:<@=>I7^@ 7:HK<[;"PIB�SVP�P_B=DGH �� <[9C;=DF9=arDFHo>I<[HK@ 7^9=HID v EF<c�¡7:>�PIB=<.@T<[>KHI7:9">I<[H¨P_>KDFJ?PIDF7:9tDF9t�OJ[<[EFS^9=;=DGJ3DG9st7^HKPcJ SVHI<[H?n

� 9=7�. P_W=>K9yPI7 S^;=;=>K<[HIH�PIB=<R@=>I7 v EF<[s 7^�cP_B=<REFS^JLU-7^�A@T<[>KHI7:9 >I<?HKP_>KDFJ�P_DF7^9�DF9�� PLSVEFDfSV9@=H ),JLB�]:<[> v H!SV9=;R�¨`NC H .cDªP_BR9=7163M � Sâ:>K<[<?st<?9�P[n

� � (�� -(��;�� 7 �8+ ��+ � �'� � � � + �� 7 � 3 � � �/�� +1�#(��

u H HIB=7�.c9 DG9rHI<?J?PIDF7:9=Ho¢ SV9=;1¥Nn ¥Nnª�V� P_SÊFDFS^9 @CH ),JLB ]:<?> v HeSV9=;r�¨`NC H�.cDGPIBr9=7A63M � SVa:>I<?<[s�<[95P@=>I<?HI<?9�P.9=7"@T<[>KHI7:9�>I<?HKP_>KDFJ�P_DF7^9�7:9�P_B=< 7 v �K<?J?P[nZ�O9�P_BCDFHcHI<?J?P_DG7:9��T� HKB=7�. P_B�SVPAP_BC< EFS^JLU 7^�@ <?>IHK7:9>I<?HKPI>IDFJ�P_DG7:9tDGH�;CW=<.<?DGP_BC<[>8P_7 S EfSVJLU�7V��W=EªP_DG@=EFI<[<A7:>8P_7 P_B=<3EfS^JLU�7^�}S @T<[>IHK7:9s"SV>IU^<?>ZEFDGU^< �� n

� �6! 7 � 3 � ��/�� +,��(��*��

�}<?P3W=H3J?7:9=HKDF;=<?>+�>KHKPAP_B=< < S^HKDF<?HKP3J S^HK<r7^�e�¨`(C H.cDGPIB�9C7t63M � Sâ:>K<[<?st<?9�P[� SVHAPIB=< 7^9=< DG9l¨¢¤¦:p��=B=<?>II<?@ <[SVP_<?; SVHrl £A?5p �

lm£A?:p �O9DF9P_<[EG<?],DFHKDF7:9C<P_<[EG<?],DFHKDF7:9

P_D):7:W,M�� % '�)

©YstD©Yst< M�� ' � '�)

©VJ[D©VW=H¨M�� ' ��-��

©Y],D© ):7^WNM� % -��

HKDHKD

]:<?;=<HI<?<[H�M/"$#&% '�)

7:a:9=D<?]:<?> )

a:DG7:>I9C7;�S*)

� � 9C< HK<[<?H )^7:W ©Yst< ©VWCH.©E):7:W�<?]^<[> )R;=S�)R7^9RPIB=<i� 6B5

lm£A?:pt<��N<[s�@=EGD-+�<?H"P_B=<�J[S^HI<�7V�rSV9 �¨`NC H�.cDGP_B 9C7&63M � Sâ:>K<[<?st<?9�P[n u H HIB=7�.c9*DF9 PIB=<DF95P_>K7N;CW=J?PIDF7:9��YHIWCJLBtS3J[7:9=H¨P_>KW=J?PIDF7:9 ;C7N<?H�9=7^P�@=>I<?HI<?9�PoS3@ <?>IHI7^9�>I<[H¨P_>KDFJ?PIDF7:9 7:9rPIB=< 7 v �K<[J?P[nu HeS!a^<[9=<?>_SÊN7 v HI<?>K]VSVPIDF7:9��VDF9 HK<[J�P_DF7^9 ¢:�:��B�S ]:<Z@=>K7:@T7:HI<?; P_B�SVP��¡7:> PIB=< @T<[>IHK7:9�>I<?HKPI>IDFJ�P_DG7:9P_7tB=7:EF;�7:9=< 9=<[<?;=H3PI7"B�S ]^< S��A7:s�DF9�SVPIDG]^< 7 v �K<[J�P nc�O9�PIB=<rEGDFa:B5Pc7^��.cB=SVP!� B=S¤]^<rHIS^DF;�HI7� S^>[� .�<!J S^9 < �,P_<[9C;P_B=<2SV9�SÊ-),HKDFHo7^��lm£A?:poS^9C; J[EfSVDFs PIB�SVP 9C7 @ <?>IHK7:9 >I<?HKP_>KDFJ�P_DF7^9"B=7:EG;=H DG9

� �.� � �� /� � � � � � � � � � � �� ¢�=A=

lm£;?5p v <?J S^WCHI<cP_B=I<[<c>K<[EfSYP_DF7^9.cDGPIB�P_B=< ��B=< SV;�n-�ZB=<R@T<[>KHI7:9y7:9y��DFHr]VSÊGW=<[; v ) �� v WCP�PIB=< 9�W=s v <[>�7:9y��DFHrPIB=<;=<�� S^W=EGPtHIDG9=a:W=EFS^>17:9=<V�2.cB=DFJLB HKB=7�.cHJ[EG< S^>KE-)�PIB�SVPt9=7 u a^>I<[< v <�P . <?<[9 PIB=< 7 v �K<[J?P S^9=;��J[S^9 @ 7:HKHID v E-)-B�S ]:<R7NJ?J[W=>K>I<?;�ny�O9 a:<?9=<[>ISÊ �8DªP!. 7:WCEF; v < F�W=DªP_< W=9=< �N@ <?J?P_<?;�P_B=SVP�S^9u J[J?W=H_SYP_DG]^<1s"S^>KU^<?;(j!k*<?95P_<[>K<[; u a^>I<[<B.cDªP_B PIB=< � B=<[S^;��=.cB=DGJLB(S^HIHKDFa:9CH �37:s�DF9=SVP_Dª]:<^nu H8HKB=7�.c9"DF9�PIB=<cDF95P_>K7N;=WCJ?P_DG7:9�� A7:s�DF9�SVPIDG]^< J S^HK<cDF91� PLSÊGDfS^9rHIDFa^9�SÊFH8SVa:>I<?<[s�<[95PL.cDGPIB1PIB=<]:<?> v DG9 �2n g0BC<[9�HIWCJLB(S^9�Sâ:>K<[<?st<?9�P.;=7,<[H.9C7^P.P_SÛ^< @=EfS^J?<^�T9=7@T<[>KHI7:9�>K<[HKPI>IDGJ?P_DG7:9�J S^97,J[J[WC>[n

� � � � � � � )��*(�% �

�ZB=<�J[S^HI<�7^�8@CH ),JLB ]^<[> v Hi7^�eP_B=< ��# �� P ),@ < DGH!s�7:>I< J[7:s�@=EF< � n u H!HKB=7�.c9 DG9�HI<?J?P_DG7:9¥Nn ¥Nnª�e@=H ),JLB�]:<?> v H�DG9&� PLSÊGDfS^9 <��NB=D v DGP S �37^stDG9�SVP_Dª]:<�7 v �K<?J?P1S^9C;�S ;�SVPIDG]:<"j!k n `NW=JLB Sj!k <?9=;=HrWC@�DG9�SRHIW v �K<[J�P @T7:HIDªP_DF7^9�� `N@T<[J^� �ck � �KW=H¨P EFDFUV<1�OJ[<[EFS^9=;=DGJ!F�W=DF>KU )(;=SVP_Dª]:<[H?n"� �P_BC<.;�SVPIDG]^<!Sâ:>K<[<?;�.cDGPIBtPIB=<.� B=<[S^;��CS @T<[>IHK7:9>K<[HKPI>IDGJ?P_DG7:9�HIB=7:WCEF;SV>IDFHK<^n �ZBCDFH DGH�9C7^P�PIB=<J SVHI<^�TS^Hc< �C<?st@CEFD-+=<[;RDF9 l�¢ B p��CB=<[>K< >K<[@T< SVPI<[;�S^H l B ¦5p �

l B ¦5p ��Ds�<�M�% � � � ' � '�)

@=DFS^J[DEGDFU^< M� %�'�)

P_W�©):7^WNM �� + � %('�)e©

@=DfS^J?<EFDFUV<[H�M/"$#&% ' )

EGW=D ©B=< M �� + "$#&%('�)e©

@=DfSVJ[<?PI<EFDGU^<�M�� % -��

]:7^D):7^WNM �� + � % -��

�� EGDFU^<M)^7:W ©VEGDFUV<2B=DFs"©rEFDGU^<M):7^W&l¡@=E n p85

�O9yl B ¦5p�� S^9<)�7 v �K<[J�P!DGH.EFDGJ[<?9=HI<?;�� DG9=;=<?@ <?9=;=<[95P27V�eDGPIH.@T<[>IHK7:9 HK@ <?J[D-+=J SVPIDF7:9�nA�ZB=< EfS^JLUR7^�@T<[>IHK7:9 >I<[H¨P_>KDFJ?PIDF7:9yDG9*l B ¦5prDGH�;=W=< P_7�PIB=<REfS^JLU�7^�!S�@T<[>KHI7:9 s"SV>IU^<?>�EFDGU^< �� n��O9 7^P_B=<?>.�7:>I;=H?�}9=7 <[EG<[s�<[95P2DG9 P_B=<?J[EFS^W=HI<rs"S*) � HISVP_W=>ISVP_< 5 PIB=< @T<[>IHK7:9��¡< SVPIW=>I<r7:9 P_B=< ]:<[> v n Q�7:>P_BCDFHc>I<[S^HI7:9 �T��W=EGPIDF@=EGI<?< stS*) 9=7^PZP_SÛ^<i@=EFS^J[<Vn

u J[J[7^>I;=DG9=atPI7 u 9�Sâ:9=7^HKP_7^W=@ 7^W=EF7:W-l ¥V¦:¦ < pZS^9=; ? 7,<[JLU:�&l¨¢-?A?;>5p�� S%F,WCDF>IU<)�;�SVPIDG]^< <?9NMP_<?>IH u a^>I<[<B.cDªP_B�P_BC<��B=<[S^; S^9=;�]VSÊFWC<[H2DGPIH!@T<[>IHK7:9(�¡< SVPIW=>I<Vnr�O9�P_B=<1J[S^HI<�7^�!l B ¦5p�� PIB=<F�W=DF>KU<)�;�SVPIDG]:< ;C7N<?H�9=7^P�]VSÊFWC<"P_B=<R@T<[>KHI7:9��¡< SYP_W=>K< 7:9y�2�8S^9=;�P_B=< @T<[>KHI7:9 >I<?HKPI>IDFJ�P_DG7:9;=7,<[HZ9=7VPZB=7:EG;�n �O9 7^PIB=<[> .�7:>K;=H[��DG9(lm£^§5p��NPIB=<!@T<[>KHI7:9R>I<?HKPI>IDFJ�P_DG7:9;=7,<[H 9C7^PZB=7:EG; v <[J SVW=HI<

¢�=^£ ��

9=7R<[EG<[s�<[95P2EFDGU^<�SV9 DGst@T<[>KHI7:9=SÊ �� 7,J[J[WC>IHiDF9 PIB=<�HI<?9�PI<[9=J?<^n%? 7^PIB P_B=<1@T<[>KHI7:9 S^9=;�PIB=<9�W=s v <[>.�¡<[SVP_W=>K<1S^>I< ]^SVEFW=<?;�7:9�� v )�P_B=<�7 v �K<[J�P j!k �=.cBCDFJLB�7 v P_S^DF9CH �37:s�DF9=SVP_Dª]:< S^H2S>I<?HIW=EªPc7^��HKW=JLB SV9 Sâ^>I<[<?st<?95P n

� � � ��+ �� '� � � � )��*(�%'� �" �� C��+ �8�

�O9-HK<[J?PIDF7:9&¥Nn ¥NnG� HI7^st<1DF95PI<[>I<?HKPIDF9=a�;�SVPLS �¡>I7^s `N@�S^9CDFHIB;. <?>I<t@=>I<?HI<[95PI<[;�nR� P/. S^H HIB=7�.c9P_B�SYP!`,@�S^9=DGHIB�@=H ),JLB ]^<[> v H.;=7�9=7^PcW=HKW�SÊGE-) @=>K<[HK<[95P!S1@T<[>IHK7:9 >K<[H¨P_>IDGJ?PIDF7:9R7:9RP_B=<i7 v �K<[J?P[nu HIstSÊFE,J[EFS^HIHe7V� @CH ),JLBt]^<[> v [email protected]ªP_B1;�SVPIDG]^< HIW v �K<[J?P[�NBC7E.�<?]^<[>?�NB�SVH v <?<[9�HIB=7�.c9 v )��ADª]:<[>K7l¡PI7rS^@C@ <[S^>Lp P_7 @=>I<?HI<?9�P S @T<[>KHI7:9t>I<[H¨P_>KDFJ?PIDF7:917:9�P_B=<A7 v �K<?J?P[ne� ;=7 9=7^P�B�S ]:<.<?9=7:W=a^B";�SVP_SP_7 v <tS v EG<�PI7 ;=>IS�.�S�@�S^>ISÊFEG<[E v <?P .�<[<?9 `N@�S^9=DGHIB�SV9=;-� P_SÊFDFS^9(@=H ),JLB&]:<?> v H?n �G.cDGHIB-PI7W=9=;=<?>IEGDF9=<V��B=7�. <�]:<[>?� PIB�SVPcP_B=<2]^<[> v H.JLB=7:HK<[9 v )��cDG]^<[>I71P_7�<��N<?st@=EGDG� )tP_B=DGHA@CB=<[9=7^st<?9=7:9SÊFE B�S ]:< S �� <?9=;=DG9=a=� �� l ��P_SÛ^< S � S^9=J8) 7:965 p�� ! � ! � �� l ��¡7:>Ka:<?P3S v 7:WCP#5qp ne�ZB=<@=>I<?HI<?9=J[<7V� P_B=DGH �� <?9=;=DF9Ca HIBC7:W=EF; stSÛ^<tW=H HKW=HI@CDFJ[DG7:W=H?n�� P s�DFa:B5P v <1P_B=SVPr@C>I<[J?DFHK<[E-)P_B=DGH �� <?9=;=DF9Ca�J[S^W=HK<[HZP_B=<i@T<[>KHI7:9R>I<?HKPI>IDFJ�P_DG7:9 7:9 P_B=DGH HIW v J?EfS^HKHA7V� `,@�S^9=DGHIB ]:<?> v H?n��o;=79=7^PK.cDGHIBRP_71HI@T<[J?W=EfSVPI< S^9<)�¡W=>KPIB=<[>?� S^9=;�EF<[S¤]^<2P_B=DGHZDFHIHKW=<2�¡7:> �¡W=>¨P_B=<?>A>K<[HK< S^>KJLB�n

� 35��'�C��:'� ��

�O9�P_B=DGH JLB�S^@CPI<[>?�5� B�S ]^<Z<��CS^s�DF9=<?; P_B=<Z@T<[>KHI7:91>I<?HKPI>IDFJ�P_DG7:9 7:9�P_BC< 7 v �K<?J?P8DF9��¨`(C [email protected]ªP_B 6AM� SVa:>I<?<[s�<[95P n � B�S ]^<ZHIB=7�.c91P_B�SVP HIW=JLB�S!@=B=<?9=7:s�<[9=7^9�DG95]:7:Eª]:<[H PIB=< 7:@T<[>ISVP_DG7:91��WCEGP_DG@=EFK<[<Vn�`NW=JLB�S^9(7:@T<[>ISVP_DG7:9 PLSVU^<[Hi@=EFS^J[<�.cB=<[9(P . 7�j!keHiHIDGs W=EªPLS^9=<?7:W=HKE-) u a:>K<[<B.cDªP_B(S�¡W=9=J�P_DF7^9�SÊ�B=<[S^;��EGDFU^<2� DF9PIB=<iJ S^HK< 7^� � PLSVEFDfSV9�¨`NC H3S^9=;��OJ[<[EFS^9=;=DGJ � j C H[n

�ZB=<t@T<[>KHI7:9 >I<?HKPI>IDFJ�P_DG7:9(7:9 PIB=< �37:s�DF9=SVP_Dª]:< 7 v �K<[J?P DGH SVJ?P_Dª]:< v 7^P_B(DF9(� P_SÊFDFS^9��¨`NC HS^9=; DF9 �OJ[<[EFS^9=;=DGJ � j C H?nej.<?HI@=DªP_<8P_B=<?DF> HIDFs�DFEFS^>IDªP_DG<[H[�?��B�S ]:< HIB=7�.c9rPIB�SVP � PLSÊGDfS^9i�¨`NC H�S^9=;�OJ[<?EfS^9=;CDFJ � j C HAS^>I<29C7^PAH ),95PLS^J�P_DFJ[SÊFE>)"J?7:DF9CJ[DF;C<[95P ne�ZB=<2� S^J�PZP_B�SYPZP_B=<8) v 7^PIBR@=>I<?HI<[95P3S@ <?>IHK7:91>I<[H¨P_>KDFJ?PIDF7:9�7^9 P_B=< �A7:stDG9�SVPIDG]:<�7 v �K<?J?PoDFH HKDFa:9CD-+�J[S^95P � a:DG]^<[9 P_B=SVP8� PLSÊGDfS^9 �¨`NC H8;=79=7^PZ>K<#F�W=DG>I<iS�;�SVPIDG]:<!d �N@T<[>KDF<[9CJ[<[>cDG9P_B=<2J?EfS^W=HK<^�=HK7:s�<!7^P_BC<[>Z<[EG<[s�<[95Pcs W=H¨P v <2>I<[HK@ 7^9NMHID v EF<c�¡7:>�PIB=<!@T<[>KHI7:9 >K<[HKPI>IDGJ?P_DG7:9tPI7�S^@=@CE-):n��oB=S¤]^<2@=>I7^@ 7:HK<[;"PIB�SVP �� DFH HKW=JLB�S^9<?EF<[s�<[95P[n

� � �� ¢�= B

� � <?95P_<[>KH u a:>I<?< .cDªP_B � S^9=;y]VSÊFWC<[H1DGPIH �MO@T<[>KHI7:9y�¡< SYP_W=>K<^n��SÊFHK7 u a:>K<[<[H�.cDGPIB PIB=<7 v �K<?J?P3j!k SV9=;�]VSÊGW=<[HZDªP_HZW=95]VSÊGW=<[; C S^HK< �¡<[SVP_W=>K<iS^H �37:s�DF9=SVP_Dª]:<^n �ZB=< @ <?>IHI7^9R�¡<[SVP_WC>I<7:9�P_B=< �37:s�DF9�SYP_DG]^<27 v �K<?J?P!J[S^9=9=7VP v <t¢[HKP37:>!¥Y9=; @T<[>KHI7:9 v <?J S^W=HK<r7^��P_B=< J[7:9C;=DGPIDF7:9�7:9��W=EªP_DG@=EFI<[<rl u 9�Sâ:9C7:HKPI7:@ 7^W=EF7:W"¥^¦:¦ < p��<.cB=DGJLB"HKP_SVP_<?H�PIB�SVP ��W=EGPIDF@=EGK<[<3J S^9t7:9=E-)PLSVU^< @=EfS^J?<2W=9=;=<?> ��!� M J[7:9$�=DFJ?PIDF9=a �¡<[SVP_WC>I<iHI@T<[J?D-+�J[SVP_DG7:9R7^� PIB=< Sâ:>K<[<[s�<[95Pc<?EF<[s�<[95PIH[n

� )0S^9�SVE-),HIDGHJ S^9*< SVHIDFE>) v <�<��,P_<?9=;=<?; P_7y�OJ?<[EfSV9=;=DFJ � j C H?�yDGPRDFH 9C7^P P_B=<(;�SYP_DG]^<d��N@ <?>IDF<?9=J[<?> P_B�SVPRJ[S^W=HK<[HRP_B=<�@T<[>KHI7:9*>I<?HKP_>KDFJ�P_DF7^9 7:9 P_B=<(7 v �K<[J?P[� v WNPR>_SVPIB=<[>PIB=< ��

<[9C;=DF9=a17:9PIB=7:HK<i]^<[> v HK.cB=DFJLB PLSVU^< SBF�W=DF>KU )HIW v �K<?J?P[n��ZB=<iSV9�SÊ-),HKDFH �KW=H¨Pc@=>I7^@ 7:HK<[;�SÊFHK7S^J?J[7:W=95PIH �¡7:>!PIB=<tEFS^JLU 7^� @ <?>IHK7:9->K<[HKPI>IDGJ?P_DG7:9(DF9(� PLSVEFDfSV9��¨`NC H�.cDªP_B 9=7�6AM � Sâ:>I<?<[s�<[95PS^9=; DG9 � PLSVEFDfSV9 @=HH),JLB*]^<[> v H 7^�2P_B=< ��# �� J[EFS^HIH?n �O9 7:9=< J[S^HI<V�39C7y��W=EªP_DF@CEFK<[<B=7:EG;=H v <?P .�<[<[9�P_B="J[S^HI<V�Z9=7&<[EG<[s�<[95PtEFDFUV< �� DFH�@=>I<?HI<[95P DG9 PIB=<�3WCst<?>_SVPIDF7:9�n��ZB=<[>K< DGH 9=71<[EG<[s�<[95P2.cB=DGJLBRs"S*)"]VSÊGW=<.PIB=<2@ <?>IHK7:9 �¡< SVPIW=>I<27:9 � v WCPZPIB=<�37^stDG9�SVP_Dª]:<!7 v �K<[J�P ��.cB=DFJLBR]VSÊFWC<[HcSÊGE P_BC< =MOHK<?PA7:9R�2n

¢�=;> ��

�� 3 ��

� �� 7 � �!�3 �� 2� � � � ��

6! 7 ��-(��:'�;��

�ZB=<ADF95P_<?>I@=>K<?P_SVP_DG7:917^� DGst@T<[>KHI7:9=SÊ �� DFHe9=7^PoW=9CDG]:7,J SVE n �O9DC B�SV@CP_<?>3¢:�5DªPL. SVH�HKB=7�.c9tP_B=SVP�� DG;=<[95P_D>+�<[H S3a^>I7:W=@ 7^��B�W=stS^9=H @�S^>¨P_DFJ?DF@�SYP_DF9CaZDF9 PIB=<o<?]:<?95Pe<��N@=>K<[HIHK<[; v )iP_B=<o]:<[> v n��ZBCDFHa:>K7:W=@ DGHc9=7^P � B=7�.�<?]^<[>[� W=9=D-F,WC<[E-);=<�+�9C<[;�n�� s"S*)RDF;C<[95P_Dª� )RS�a^<[9=<?>IDFJia:>K7:W=@�7^� B�W=stS^9v <[DF9Ca:H[�CS^H DG9(l¨¢ p �N7^> S^9DG9=J[EGW=HIDª]:<3a:>I7:WC@7^�}B�W=stS^9 v <[DG9=a:H[�ND n <^neS a:>I7:[email protected]=DFJLB�¡7^>IJ[<?;=E-)DF9CJ[EFWC;=<[H8P_B=<AHI@T< SVU^<[>?�=S^H8DG9 lm¥:p�n �ZBC<3s�< S^9CDF9=a 7^� �� DF9 l¨¢ p DGHo>K7:W=a:BCE-)�<�F,WCDG]VSÊF<?95PoPI7 PIB=<de9=a:EGDFHIB ��@ <?7:@=EG<15ªne�ZB=< s�< SV9=DF9=a�7V� �� DF9�l ¥^p DFHZ>I7^W=a:B=E>)<#F�W=Dª]VSÊF<?9�PZPI7 � .�<15ªn

l¨¢¤p �O9DF9F,WC<[EP_B�SVP

>KDFHKPI7:>_SV9�PI<>K<[HKP_S^W=>IS^95P

HKDHKDs"SV9=a:DfS ]VSSVP_< MO�¨� k8Q

v <?9=<. <?EFE

�qk <[7:@CEF<2W=HK<[;�PI71< SVP�.�<[EFE}DG9P_B�SYP3>K<[H¨PLS^W=>IS^95P*5

l ¥^p �O<[>KD):<?HKP_<?>I;�S*)

HIDHID�DGHS^>I>KDG]VSVPIDS^>I>KDG]^<[;

PLSV>I;=DEfSYP_<

� o<?HKPI<[>I;=S�)�.�<iB�S ]:< S^>I>KDG]^<[;�EfSVPI<15

�ZB=<(HI<?95P_<[9CJ[< DF9 l¨¢¤ptB�S^H a:<?9=<[>KDFJ >K<?�¡<?>I<[9CJ[<^n � P_HRHIW v �K<[J?P�DGHW=9=;=<?>IH¨P_7,7N;*S^H a:<?9=<[>KDFJV�W=9=HK@ <?J[D>+�<[;�n.l ¥^p��C7^9RPIB=<iJ[7:95PI>_S^>H):�=B�SVHcS1HK@ <?J[D>+�J SVPIDF7:9�¡7^>ZDF9=J?EFW=HKDG]:<?9=<[HKH[�eP_BC<2>I<?�¡<?>I<?9=J[<HI<�PoDF;=<?9�PID-+�<?; v ) �� 9=<?J[<?HIH_SV>IDFE>) DG9=J[EGW=;=<[H PIB=<cHI@T< SÛV<[>?ne� P8DFHeDFs�@T7:>KP_S^95P�P_729C7^P_<ZP_B=SVPoSÊFHK7DF9 l¨¢ p2P_B=<HK@ <[SÛ^<?> stS�) v <DF9CJ[EFWC;=<[;&DG9�PIB=<>I<��¡<[>K<[9=J?< HI<?P[� �KW=HKP v <?J S^W=HK<"P_BC<HI@T< SÛV<[>DFHA@�S^>¨P!7^��P_B=< W=9=DG]^<[>KHI<^nA�ZB=< ;CD-0 <[>I<?9=J[< v <�P . <?<[9 l¨¢¤pAS^9C;�l ¥^pcDGH3PLSV9=a:D v EF<^��BC7E.�<?]^<[>?�}S^H

¢�= ?

¢¤£:¦ �� !��HKD

l ¥:p!DGH J?EF<[S^>IE>)�HI@T<[J?D-+�<?;��¡7:>iDF9CJ[EFWCHIDG]^<[9=<?HIH?n�¨`NC HrstS*)(SÊGHI7�B�S ]:<S P_BCDF>I; >I<[S^;=DG9=a=�iP_B=DGH>I<[S^;=DF9Ca�DGHZJ SÊGEF<?; <��NJ[EGW=HIDª]:< 7:>Z<��NDFH¨P_<?9�PIDfSÊm��S^9=;RDGHZ<��N<[s�@=EFD>+�<[;RDG9-l < p��

l _S^J?J[7:95PLSYPLSP_7:EG; -�- � � + ' )

W=9�SS

HKPI7:>IDFSHKPI7:> )

� SÊFHIS� SÊFHK<

� `,7:st< v 7,;()tP_7:EG;�s�<iS � SÊFHK<2HKPI7:> ) 5

l < p2B�S^HrS^9-< �NJ[EFWCHIDG]^<DF95PI<[>I@C>I<?P_SVP_DG7:9�� P_B=<�HI@T< SÛV<[> DGH 9C7^PrDG9=J[EGW=;=<?;&S^s�7:9=a�P_B=7:HK<"@T<[>�M�¡7:>Is�DF9CarP_B=< S^J�P_DG7:9R7^� PI<[EGEFDF9CarP_B=<iH¨P_7:>H):n

�O9(PIB=DFH.JLB�S^@CPI<[>[�}�c< �=SVstDG9=<rP_BC<�DF95P_<?>I@=>K<?PLSYP_DF7^9 7^� �� DF9 ;=D>0 <?>I<?9�P!J[7:95P_< �,P_H[��stS^DF9CE-)�¡7NJ?W=HIDG9=ac7:9 PIB=<8a:<[9C<[>IDGJ¤©VDG9=J[EGW=HIDª]:<8DF95PI<[>I@C>I<?P_SVP_DG7:9�n�� HKB=7�.&P_B=SVP�P_B=<oDF95P_<?>I@=>K<?P_SVP_DG7:9i7^�CPIB=<�¨`NC*]VS^>KDF<[HA;=<?@ <?9=;=DF9Ca"7:9 .cB=<?PIB=<[>AP_B=< <?]^<[95P!DGH v 7:W=9=;C<[; 7^>3W=9 v 7:W=9=;C<[;��TD n <^n .cBC<?P_BC<[>DGP B�S^HrPI<[s�@ 7^>_SÊ v 7^W=9=;�S^>KDF<?Hr7:> 9=7^P n u H�S a:<?9=<[>ISÊ >KW=EF<V� DG� P_B=<<�]:<?9�P1DGH v 7:W=9=;C<[;�� >I<?J[<[Dª]:<?H.S^9 DG9=J[EGW=HIDª]:<2DG9�PI<[>K@=>I<�PLSVPIDF7:9�n�� PIB=<2<?]^<[95P.DGHZW=9 v 7^W=9=;=<?;�� >K<[J?<[DG]^<[H3S a:<[9C<[>IDGJDF95P_<?>I@=>K<?P_SVP_DG7:9�n u HZ7 v HI<?>K]^<[;�DF9 C DG9NF�W=<�l¨¢-?;>A>5p��P_BC<!P_<[9CHI<�MOS^HI@T<[J�P_W�SVE}HI<?PKP_DG9=a�7^� S^9 �¨`NCHKPI>IDFJ�P_E>) DF9$�=W=<[9=J?<[H3DGP_HADF95PI<[>I@C>I<?P_SVP_DG7:9�nc`�PLS^>¨P_DF9Ca1�¡>K7:s C DF9(F,WC< l¨¢8?A>A>5p 5�HcDF9CHIDFa^B�PIH[� � .cDGHIBP_71@=>K7:@ 7^HI< S^9�S^9�SÊ>),HIDFH2.cBCDFJLB�S^J[J?7:W=95P_Hc�¡7:> P_BC< DG9=J[EGW=HIDª]:<2>K< S^;=DG9=a17^� DFs�@ <?>IHI7^9�SÊ �� n

�O9�P_BC<r9=< �NP.HI<?J?P_DG7:9��TSV� PI<[>3S�HKB=7:>KP.DF95P_>K7N;CW=J?PIDF7:9 P_7�P_B=< a:<?9=<[>ISÊ�@=>I7 v EF<[s�� EGDFHKPcPIB=<s"SVDF9�>I<[S^;=DG9=a:H2P_B�SYP �¨`(C HrstS�) >I<[J?<[Dª]:<^n"�ZB=<[9�� .HKB=7�.�B=7�.�;=D>0 <?>I<[95P P_<?9=HI< M�S^HK@ <?J?P_W=SÊJ[7:s v DF9�SYP_DF7^9=HZ7^� PIB=< ]^<[> v a:DG]^< 7:>KDFa:DG9 P_7";CD-0 <[>I<?95P.DG9�PI<[>K@=>I<�PLSVPIDF7:9=H?n �O9 HK<[J?PIDF7:9 < �TSV� P_<?>S v >IDG<?� HIWCststS^> )t7^�4C DF9(F,WC<15 Hrl�¢-?A>A>:p�S^9�SVE-),HIDGH[�C�o@=>K7:@ 7^HI<2HI7^st<.PI<[H¨P_HZ�¡7:> DG9=J[EGW=HIDª]:<[9C<[HIH?n`NW=JLB1P_<?HKP_HeHKB=7�.�PIB�SVP8S^91DG9=J[EGW=HIDª]:< >K< S^;=DG9=a!DGHeSÊFHK72@ 7^HIHID v EF< .cDGP_B PI>_S^9CHIDGPIDG]^<ZS^9=;1W=9=<?>Ia5S MP_Dª]:<!]:<?> v H?� J[7:95P_>IS%C DF9NF�W=<tl¨¢8?A>A>5p SV9=;�� S^9=;=DGU^7,<?P¨�C<[S lm¥^¦:¦5¥^p�n8��7^>I<[7¤]^<[>[� �oHIB=7�.�HI7:s�<;�SVP_S�P_B=SVP3�¡7,J[WCH37:9�P_B=< DF95P_<?>I@=>K<?P_SVP_DG7:9�SÊ�]VS^>KDfSVPIDF7:9R7^�e�¨`(C H[nc�O9 HI<?J?PIDF7:9�§=� � HIB=7�. P_B=SVPv 7^W=9=;=<?;=9=<[HKH8DFH�DG9=;=<?<[;�>I<?HI@T7:9=HKD v EG<��¡7:> P_B=< DG9=J[EGW=HIDª]:< >K< S^;CDF9=a=�V>_SVPIB=<[> P_B�S^9rHI@T<[J[D>+�J P_DGst<>I<��¡<[>I<?9=J[< l C DG9NF�W=< ¢8?A>A>5p 7:>8@T<[>K�¡<?J?PIDG],DGP )�l j75 u EF<?HIHIS^9=;=>K7 � u EG<��NDfSV;=7:Wt¥^¦:¦ < p�ne`,<[J?PIDF7:9 =J[7:95P_S^DF9=Hes�)�S^9�SVE-),HIDGH[� W=9 v 7:WC9=;=<[;C9=<[HKH @=>K7 ],DG;=<[H �� .cDGP_B1S2a:<?9=<[>KDFJZ@T<[>KHI7:9�HI@T<[J?D-+�J[SVP_DG7:97^�eP_BC< MOHK<?P[n � �ePIB=<�<?]^<[95PiDFH v 7:WC9=;=<[;��S^9=; PIB=<�HI<?9�PI<[9=J?<1DFH3PIB�W=H2@ <?>K�¡<?J?P_Dª]:<V� P_B=<?>I<�DGH9=7 @T<[>KHI7:9-HI@T<[J[D>+�J SYP_DF7^9-S ]VS^DFEFS v EG<^n"�O9�7:>I;C<[>i�¡7:> PIB=<"HK<[95P_<?9=J[<tP_7 v <�DF95P_<?>I@=>K<?PLS v EF<V� ��

� �� $�� ,�$� � �� HID�� ¢¤£C¢

9=<?<[;=HiP_7 a:<�PiDGPIH!@ <?>IHK7:9�HK@ <?J[D>+�J SVPIDF7:9 n�� a:<?PIH2DGPIH!@ <?>IHK7:9��¡< SVPIW=>I< ]VSÊGW=<[;�],DfS v DG9=;=DG9=a.cDGPIB"P_BC<2`N@T<[<?JLB u J?P BC< S^;�� .cB=DFJLB"<[9=J?7N;=<?H DF9N�¡7:>IstSVP_DG7:9�S v 7:WCPoP_B=<.S^J?PIW�SÊT@�S^>KPIDFJ?DF@�S^95PIHDF9tP_B=<2HK@ <?<[JLBR<?]^<[95Prl ? DFS^9=JLB=D�¥^¦:¦5¥N�C¥^¦:¦ < ��`NDGa:W=> �:HIHK7:9R¥^¦:¦:¥N��¥^¦^¦ < �C`N@ <[S^Hc¥^¦^¦:¦C��¥V¦:¦C¢ pcn�ZB=<!`N@ <?<[JLB u J�P B=<[S^;<?9=J[7,;=<[H3¢ HKP S^9=;¥V9=;t@ <?>IHI7^9t]VSÊFWC<[H8�¡7:>�HK<[stS^95P_DGJA@T<[>KHI7:9 ne�ZB,WCH[�� 5 H.@T<[>IHK7:9 �¡<[SVP_W=>K<rDGH3HK@ <?J[D-+=<[;�S^H ¢ H¨P ©:¥V9C;&� Dmn�<VnAS^H3DG9=J[EGW=HIDª]:<Vn.`,<[J?PIDF7:9 £tJ?7:95PLS^DG9=H.s7)J[7^9=J[EGW=HIDG7:9=H[n

� 7 ��-�*( �'(��C�-+,��+1� ),+1(��+,�-�� " �( �� (�� + � �� A��!�-(�:'�;�-��

u H HIB=7�.c9�DG9 PIB=< DG9�PI>I7,;=W=J�P_DF7^9�� ¨`NC H�stS*)iB�S ]:< ]VS^>KDF7:W=H�DG9�PI<[>K@=>I<�PLSVPIDF7:9=H?n �O9 P_B=DGH HK<[J�P_DF7^9��!J?EfS^HKHIDG� ) P_B=<�@ 7^HIHID v EF<1DG9�PI<[>K@=>I<�PLSVPIDF7:9=H2PIB�SVP �¨`NC HrstS*)(S^J#F�W=DG>I<Vn�O9-HK<[J?PIDF7:9&¥Nnª¢:nG��DªP DGHHIBC7E.c9�P_B�SVP �� v <[B=S¤]^<[H2SVH.S^9�DF9=;C<�+�9=DªP_<iDF9�HI7^st<iJ[7^9�PI<��,P_H?��S^9C; S^H3St;=<8+�9=DªP_<i@=>I7^9=7:W=9DF9-HI7:s�<"7^PIB=<[>KH[n `N<?J?PIDF7:9y¥,nq¥Nn S^;=;=>K<[HIHK<[H PIB=<@=>K7 v EF<?s 7^�cDF9=J?EFW=HKDG]^<�MO< �NJ[EFWCHIDG]^<">K< S^;=DG9=a7^� �� n"�O9-HK<[J�P_DF7^9�¥Nn < nª��PIB=<�@ <?J[W=EGDfS^>2J[S^HI<t7^�ZQ�EG7:>I<?95P_DF9C<�DFHiDF95P_>K7N;CW=J[<?;�n"�O9-Q�EF7:>K<[95P_DG9=<^��¨`NC H S^>K<�SÊ-. S*),H2DF9=J?EFW=HKDG]:<V� DG9=;=<[@T<[9C;=<[95P 7^�eP_BC<1S^HI@T<[J�Pi7^�8P_B=<r]^<[> v ��7^�eP_DGst< >I<?�¡<?>I<?9=J[<HI@T<[J?D-+�J[SVP_DG7:9��=7^>A<�]:<?9�PAP ),@ <Vn

� �6� � � +1��+ � �� '�/�-� �8:�% � ��;�

�Os�@ <?>IHI7^9�SÊ �� stS*)�B�S ]:<�;=D>0 <?>I<[95P >I<[S^;=DG9=a:Hi;=<[@T<[9C;=DF9=a�7:9 HI<�]:<[>ISÊ8� S^J?PI7:>IH?�3.cBCDFJLB .�<S^>K< a^7:DF9=a PI71DF;=<?9�PIDG� )"DF9 P_B=DGHZHI<?J?P_DG7:9�n

� P DFH�J[7:s�s�7:9=E-)�SVHIHIWCst<?;P_B�SVPZS^9DF9C;=<�+�9CDGP_<3HIW v �K<[J?PcDG9"P_BC<!@=>I<?HI<?9�PZPI<[9=HK<2DFH�W=9=;=<?>¨MHKPI7N7,;�S^H S W=9=Dª]:<[>KH_SÊ F�W�S^95P_D>+�<[>l C DF9(F,WC< ¢-?A>A>�S^9=;�>K<?�¡<[>K<[9=J?< EFDGHKP_<?;�PIB=<[>K<^� C B=DG<[>IJLBCDfS¢-?A?A=N� C SÊGHI7:9 � k <[EGEF<?PKP_DG<[>!¢-?;?C=:p�n�� 71<��N<?st@=EGDG� )�P_B=DGHZJ[7:9CJ[<[@NP � C DF9NF�W=<�l�¢-?A>A>:p W=HI<?HcPIB=<�¡7:EGEF7�.cDF9=ar<��CS^s�@=EF<V�CPLSÛV<[9��¡>I7:s �:S^JLU^<?9=;=710�l¨¢8? B ¥N� < ¢¤¦5p �

l §5p u >IB=DG9=7,J[<[>K7:HZ< SYP_HcHIstSÊFE HI9�SÛV<[H

l §5p st<[S^9=HZP_B�SYP �

l =^p �¡7:>Z<?]^<[>H)� �C�RS1>KB=DF9C7NJ?<[>I7^H[�C� l¡JLB�S^>IS^J?PI<[>IDGHKPIDFJ SVEFE-)Cp�<[SVP_HcHKs"SÊGE HK9�SÛ^<?H

¢¤£5¥ �� !��HKD

l §�p�DFH�S.HKP_SVP_<?st<?9�P[�:7:> ;=<[HKJ[>ID v <?H8S.JLB�S^>IS^J?PI<[>KDFHKPIDFJoP_B�SVP SÊFE,<[EG<[s�<[95P_H v <?EF7:9Ca:DF9=aAP_72S3a:DG]^<[9HI<�P3< �NB=D v DªP n8d ]:<?> )RDG9=;=DG],DG;=W�SÊTP_B�SVP v <[EG7:9=a:H PIB=<iHI<�P.< �CBCD v DªP_H P_BC< HIS^s�<2JLB�S^>_SVJ?P_<?>IDGHKP_DGJ^n

g0B=<[9 HK@ <?J[D-+=J P_DGst<�>I<��¡<[>I<?9=J[<�DGH"DG9�PI>I7,;=W=J?<[; DF9�S-J[EFS^W=HK<^�ZP_B=< DF9=;=<8+�9=DªP_< HKW v �K<?J?PJ S^9C9=7^P v < DF95P_<?>I@=>K<?P_<?;�S^H3a:<[9=<?>IDGJrS^9<),s�7:>I<VnA�ZBC< DF95P_<?>I@=>K<?P_SVP_DG7:9�DGH39C7E. DGH3< �NDFHKPI<[95P_DFSÊ nC DF9NF�W=<i< �=SVstDG9=<[HZP_BC<i�¡7ÊFEF7�.cDG9=arHK<[95P_<?9=J[<V�

lm£5p u >IB=DG9=7NJ?<[>K7:HZDFHZ<[SVP_DG9=a1HIstSÊFE HI9�SÛV<[H

lm£5p stS*)9=7VP3s�< SV9RPIB�SVPAS^9<) >KB=DF9C7NJ?<[>I7^HZB�S^HZP_B=<i@=>K7:@T<[>KP )R7V��<[SVP_DG9=a�HIstSÊFE HI9�SVU^<[H?� v WCP>_SVPIB=<[> P_B�SVP P_B=<?>I<< �NDFHKPIH�S >IBCDF9=7,J[<?>I7:H P_B�SVPrDFH < SVPIDF9=a HKs"SVEFE8HI9�SVU^<[H?n��O9-7^P_B=<?>7.�7:>I;=H?�W=9=;=<?> PIB=<"< �NDFHKPI<[95P_DFSÊeDF95PI<[>I@C>I<?P_SVP_DG7:9��}P_BC<"HI<?95P_<[9CJ[<DGHiPI>IW=<�DFH2PIB=<[>K<"DFHi7:9C<tDG9=;=DG],DG;=W�SÊP_B�SYPcH_SVPIDFH +=<[HZP_B=<i@=>K7:@T<[>KPIDF<?HA< �N@=>I<?HIHI<?; v ) P_B=<2@C>I<[;CDFJ SYP_<^n

C B=DF<?>IJLB=DFS-l�¢-?A?C=:p.HKB=7�.cH PIB�SVP �� v <?B�S ]:<[H <��CS^J�P_E-) EFDFUV<�S^9(DF9=;=<8+�9=DªP_<1DF9(HI<�]:<?>_SÊ8>I< MHI@T<[J�P_H �NDF9�@�S^>¨P_DFJ?W=EfSV>[�5DGPo@=>K<[HK<[95P_H PIB=<AH_S^s�< v <?B�S ]NDG7:>�S^H�DG9=;=<8+�9=DGPI<[HL.cDGPIB">K<[HI@T<[J�P�PI7 PIB=<W=9=Dª]:<[>KH_SÊ S^9=;t<��NDFH¨P_<?9�PIDfSÊ >K< S^;=DG9=a=� DF91P_B=<A@=>I<?HI<?9�P P_<[9CHI<^� �� >I<?J[<?DG]:<?H .cB�SYP�C DF9(F,WC<3J[SÊFEGHS!F,W=S^HID MOW=9=Dª]:<?>IH_SVE}DF95P_<?>I@=>K<?PLSYP_DF7^9��=S^HcDG9-l B p��

l B p �O9DF9� P_SÊFDFS� P_SÊ-)

HIDHIDv <?]^<;C>IDF9CU,H

s�7:EGPI7s WCJLB

],DF9=7.cDF9=<

� �O9�� PLSVE-)<�]:<?> ) v 7,;()C©V@T<[7:@CEF< ;=>IDG9=US�EF7VPc7^��.cDG9=<15 & �¡>I7:s C B=DF<?>IJLB=DFS�l�¢-?A?C=,�G¢¤¦;>5p '

g0DGPIB�HI@T<[J[D>+�JP_DGst<t>I<��¡<[>I<?9=J[<V� �¨`NC H�>K<[J?<[DG]^<�S F,W=S^HID MO<��NDGHKP_<?95P_DfSVE DF95PI<[>I@C>I<?P_SVP_DG7:9��8S^H�DG9l�>5p �

l�>5p �O<[>KD):<?HKP_<?>I;�S*)

DF9DF9� P_SÊFDFS� P_SÊ-)

HIDHID�DGHa:DF7,J SVPI7@=EfS*):<?;

s"SVEF<v S^;

� o<?HKPI<[>I;=S�)RHK7:s�< v 7N;()DF9R� PLSÊ>)@=EFS*):<[;�@T7N7:>KE-) 5

C DF9NF�W=<8J SVEFEFHTP_B=I< SV;=DF9=a^H�DF9�l B p S^9=;iDG9�l�>5p F�W�SVHIDªM W=9=Dª]:<[>KH_SÊ:S^9=; F�W�S^HID MO< �CDGHKPI<[95P_DFSÊ>I<?HI@T<[J?PIDG]^<[E-)^n �ZB=< v <[B=S¤],DG7:>�7^� �� DG9 l B p S^9C;�l�>5p}>I<��<[J�P_HLF�W=DGPI< H¨P_>_SVDFa:B5PI�¡7^> . S^>I;=E>)iP_B�SVP�7^�S^9 DG9=;=<8+�9=DGPI<i@=>I7:9C7:W=9�n � ��P_B=< <?]^<[95P2B�S^H3S�PI<[s�@ 7^>_SÊ}EGDFs�DGP ��P_BC<ra:<?9=<[>KDFJiDF95P_<?>I@=>K<?P_SVP_DG7:97^�oS^9 DG9=;=<8+�9=DGPI<rDGHA�¡7:> v DF;C;=<[9�� v <?J S^WCHI<B.�<�S^>I< >I<��¡<[>I>KDF9=atP_7 S"EGDFs�DGPI<[;R<?]^<[95P �6.cB=DGJLB >I< M

� �� $�� ,�$� � �� HID�� ¢¤£ <

F�W=DF>K<[H HK@ <?J[D>+�J @�S^>¨P_DGJ[DF@=S^95P_H[n�g0DGPIBrHK@ <?J[D-+=J P_DGst<o>I<��¡<[>I<?9=J[<V�:P_B�W=H?��S^9 <��NDGHKP_<?95P_DfSVEN>K< S^;=DG9=aS^>KDFHI<?H[n

u�v <?B�S ],DF7:>!HKDFs�DFEFS^>API7P_B�SYP27^� �� DFH!@T7:DF95PI<[;�7:WCP v ) d8a^<[>IEFS^9=; lm¥^¦:¦ < pc�¡7:>2` .�<[;CDFHIBDFs�@T<[>IHK7:9�SÊ �� n g-<%.cDFEGE v >IW=<��N)-S^;=;=>K<[HIH P_B=<tDF9=J?EFW=HKDG]^<tDG9�PI<[>K@=>I<�PLSVPIDF7:9 7^�A` .�<[;CDFHIB�� DF9 HK<[J�P_DF7^9 =Nn ¥Nn

� 7 HIW=s�WC@�� v <?B�S ]:<?H EFDGU^<AS^9�DF9=;C<�+�9=DªP_<AS^HoDGPoS^@C@ <[S^>IH8P_7 v <AHI<?9=HIDªP_Dª]:<cP_7iP_<[s�@T7:>_SÊv 7:W=9=;=<?;=9=<?HIH[no� ��P_B=<.<?]:<?95P3B=S^H 9=7 PI<[s�@ 7:>ISÊ v 7^W=9=;�S^>H):� �� >K<[J?<[DG]^<[HASra:<?9=<[>KDFJ!DG95P_<[>K@=>I< MPLSYP_DF7^9�n!� �8HI@T<[J?D-+�J PIDFs�< >K<?�¡<?>I<[9CJ[<�DFH3DF9=HK<[>¨P_<[;�DG9 P_BC< J[EFS^W=HI<V� �� >I<?J[<?DG]:<?HiS^9�<��NDGHKP_<?95P_DfSVEDF95PI<[>I@C>I<?P_SVP_DG7:9�n!�ZBCDFH!< �CDGHKPI<[95P_DFSÊ >K< S^;CDF9=astS*) v <r�¡W=>¨P_B=<?>.HK@ <?J[D-+=<[;�ni�O9�@�S^>¨P_DGJ[W=EFS^>[� S^9DF9CJ[EFWCHIDG]^<2>I<[S^;=DF9CatSV>IDFHK<[HZ�¡7:>Z�¨`NC HADF9PIB=<i@�S^H¨PAPI<[9=HK<^n

`N7 � S^>[��.B=S¤]^<tWCHI<[; P_B=<1P_<?>Is�H � HK@ <?J[D>+�J�PIDFs�< >I<��¡<[>K<[9=J?<15 S^9=; � @�SVHKPiP_<?9=HI< 53.cDªP_B 9=7@=>K<[J[DGHI<Z;=<?9=7^P_SVP_DG7:9�n �O9�HI<[J�P_DG7:9 < �:��HIBC7E. P_B=SVP �� DFH�HI<[9CHIDGPIDG]^< P_7!PI<[s�@ 7:>ISÊ v 7^W=9=;=<?;=9=<[HKH[�S^9=;yP_B=SVP1P_B=<RDF95PI>I7,;=W=J?PIDF7:9y7^�3HI@T<[J?D-+�JRP_DGst<">I<?�¡<?>I<?9=J[<�7:> P_B=<�W=HK<�7V�.P_BC<�@T<[>¨�¡<[J�PS^>K<DF9CHKPLSV9�PIDfSVPIDF7:9CHt7^�2PI<[s�@ 7^>_SÊ v 7:W=9=;=<?;=9=<?HIHR>_SVPIB=<[>�P_B�SV9 @=B=<[7^st<?9�S-DF9C;=<[@T<[9=;C<[95P �¡>I7:s< SVJLB 7^PIB=<[>?n

� � 7 ��C��:��8�/)�� 8� + �� *.��!�8� ��+1��/� � #" �� *(�� + ��

�¨`NC H stS*)0>I<?J[<[Dª]:<-SÊFHK7�S^9�<��NDFH¨P_<[95PIDfSÊf©VDF9=J?EFW=HKDG]^<�DF95P_<?>I@=>K<?PLSYP_DF7^9��!DF9�S^;=;=DªP_DG7:9 P_7 PIB=<@=W=>K<[E>)&<��NDGHKP_<?95P_DfSVEZS^9=;�P_7 PIB=< a:<?9=<[>KDFJ >I<[S^;=DG9=a=n�\39=;=<?> P_B=< DG9=J[EGW=HIDª]:< DG9�PI<[>K@=>I<�PLSVPIDF7:9��P_BC<2a:>I7:WC@�7V� @T<[7^@=EF<!DG;=<[95PID-+�<?; v ) �� 9C<[J[<?HIHIS^>IDGE-)DG9=J[EGW=;=<?H P_B=<2HK@ <[SÛ^<?>[��Dmn�<Vn P_B=<2@T<[>KHI7:9.cB=7tWCPIPI<[>IHcP_BC< HK<[95P_<?9=J[<VnA�ZBC< < �=SVst@=EG<iDF9�l ¥:p � B=<[>K< >K<[@T< SVPI<[; SVH l�?5p��< �C<?st@CEFD-+=<[HZP_B=DGH@=B=<?9=7:s�<[9=7^9��

� <=10@,��3��P >,�.�>$.0+%6+;AB.�,4 �� 50/ ��+%��T��+O �@�7 %��Q,%E��PT�3�1 %� �� $@� � ��, �� %,��,�2 �3R=�� P AB.�,L �� 57/��+%��/��38�6,�+��,�6��P��1 %� �� $@� � 10@�6,%��C �3D �� @,�N � ��, ��G �,��,%2 �:��+ /�+%6P �Y2 �-�3��57/ S�� %� %�� ,�.�/10�NL6��1 .�A � + .0N4@ %��3�1 �� XNL�92 �$ � .� %� ��T�3+ %6�0 ��3��-��P 1�6�@,��3C ��D � .0��3.�S��3�1 �-��3@,�C��3��R �Z�0PT.�>T %��I %@,�N)+�1�6�@,��3C�� P ��Y��+ %@�7 ��3��$S��@� ,%@AB@,�,%�3�1; %.4 %�Z�3�7 %6,%>,�� .0� .�AU+ 6�7 %@� C�6+��3� �LH ��M��P H �0M,�6+%> EC� %�38�6��20D

¢¤£^§ �� !��HKD

l�?5p �O<[>KD):<?HKP_<?>I;�S*)

HIDHID�DGHS^>I>KDG]VSVPIDS^>I>KDG]^<[;

PLSV>I;=DEfSYP_<

� o<?HKPI<[>I;=S�)�.�< B�S ]:< S^>I>KDG]:<?;REfSVPI<15

�O9Rl�?:p��VPIB=< >K<?�¡<?>I<[9CJ[< HK<?P DG;=<[95PID-+�<?; v ) �� DF9=J?EFW=;=<?H PIB=< HK@ <[SÛ^<?>[n u H�7 v HK<[>¨]:<[; v )7C DF9NF�W=<V�HIW=JLB�S^9RDF9CJ[EFWCHIDG]^<2>I<[S^;=DF9Ca�7 v PLSVDF9=H2.cB=<?9�PIB=<!P_DGst<.>I<?�¡<?>I<?9=J[< DFH HK@ <?J[D>+�<[;�DF9PIB=<iJ[EfSVW=HI<Vn�O9 l�?5p ��P_B�W=H[��PIB=<1DF95P_>K7N;CW=J?PIDF7:9 7V��HK@ <?J[D>+�J�P_DFs�<r>K<?�¡<?>I<[9CJ[<�P_>KDFa:a:<?>IH!< �NDFHKPI<[95P_DFSÊ J?EF7:HKW=>I<V�v WCP �� DFH2�¡W=>¨P_B=<?>rHK@ <?J[D-+=<[;&SVH v <[DG9=a DG9=J[EGW=HIDª]:<^n"�O9-7^PIB=<[> . 7^>I;=H?��P_B=<�a:>K7:W=@-7V�Z@ <?7:@=EG<.cB=7-< �NDFHKPI<[95P_DFSÊFE>)�J[EG7:HI<RP_BC<�@=>K<[;=DGJ SVPI<�DGH1HI@T<[J[D>+�<[; S^HtDG9=J[EGW=;=DG9=a�P_B=<�HI@T< SÛV<[>?n*�B.cDGEFEJ[7:s�< v SVJLU�P_7 PIB=< DF9CJ[EFWCHIDG]^<[9=<?HIHiDFHKHIW=<�DG9 s�7:>I< ;C<?PLSVDFEFH3DF9 PIB=<�9=<��,PiHK<[J?PIDF7:9 ��S^9=;�HIBC7E.P_B�SYP.P_DGst< >I<��¡<[>K<[9=J?<�DFH.9C7^P!P_BC< 7:9=E>)�>K<[HK@ 7:9CHID v EF<r<?EF<?st<?9�P3�¡7:>3PIB=< DG9=J[EGW=HIDª]:<r>K< S^;CDF9=a"PI77 v P_S^DF9�n

�Ost@T<[>KHI7:9�SVE �� stS*)�SÊGHI7 B�S ]^<"S^9(< �CJ?EFW=HKDG]^<�>K< S^;CDF9=a=�}Dmn�<Vn S >I<[S^;=DG9=a �¡7:>G.cB=DGJLB PIB=<HI@T< SÛV<[> DGH < �NJ[EFWC;=<[; �¡>K7:s P_B=<�>I<��¡<[>I<?9=J[< HI<?P[n �ZB=DGH�DFH�P_BC< J SVHI< 7V� l¨¢¤¦:p�� .cBC<[>I<�P_B=<�HI@T< SÛV<[>s"S*) 9C7^P v <iDG9=J[EGW=;=<[;�S^s�7:9=a PIB=< @T<[7^@=EF<2@T<[>¨�¡7:>Is�DF9=a PIB=< S^J?PIDF7:9 � v WCP39=<?]^<[>¨P_B=<?EF<[HKH3PIB=<HI<?9�PI<[9=J?<rDGHZa:>_S^s�stSVP_DGJ SÊm�

l¨¢¤¦:p ��Ds�<�% � � � ' � '�)

HKDHKD�DFH>_SVJ[J[7^9�P_SVP_7P_7ÊF;

JLB=<P_B=SVP

� S^>KDfS� S^>KDfS

B�SB�S^H

>IDGHI7EfSVW=a:B=<?;

s�7:EªP_7S�EG7^P

DG<[>ID)^<[HKPI<[>K;�S*)

� k <[7^@=EF<iB�S ]:<iP_7ÊF; s�<!P_B�SVP.� SV>IDfS EFS^W=a:BC<[;�S�EF7^PK)^<[HKPI<[>K;�S*) 5

� v ],DG7:W=HIE>):�cP_B=<�HK@ <[SÛ^<?>RJ S^9=9C7^P v <(S^st7^9=a-P_BC7:HI< .cB=7�PI<[EFEAP_B=<�HK@ <[SÛ^<?> P_B�SVPR� S^>IDFSEfS^WCa:B=<[; ):<?HKPI<[>I;=S�)^n �ZB=<�<��NJ[EGW=HIDª]:< >K< S^;CDF9=a(DFH17^� PI<[9 >I<��¡<[>I>K<[; P_7�S^H�F�W�SVHIDªM <��NDFH¨P_<?9�PIDfSÊ>I<[S^;=DF9Ca l C DF9NF�W=<�¢-?A>A>:p�n8� .cDFEGE P_BC<[>I<��¡7:>I< >I<��¡<[>cP_71P_B=< <��NJ?EFW=HKDG]:< >I<[S^;=DG9=a"SVHA< �NDFHKPI<[95P_DFSÊ n�O9yl¨¢ ¦5p�� P_B=<?>I< DFH3S"a:>I7^W=@ 7^� DF9=;=Dª],DF;=W�SVEFHZP_B�SYP.HISVP_DGHK� )RP_B=< @=>I7^@ <?>KP )�7^�eB�S ],DF9=a�P_7:EG;�PIB=<HI@T< SÛV<[>cP_B�SYP3� S^>IDFS�EfS^W=a^B=<[;�n

�ZB=<-< �CDGHKPI<[95P_DFSÊ2>I<[S^;=DF9Ca DGH�9C7^P�S¤]VS^DGEfS v EF< .cDªP_B SÊFE!]^<[> v J[EFS^HIHK<[H[n C DF9NF�W=<�HIB=7�.cHP_B�SYP!P_B=< S¤]VS^DGEfS v DFEFDªP )7^�ePIB=< < �CDGHKPI<[95P_DFSÊ�DG9�PI<[>K@=>I<�PLSVPIDF7:9 ;C<[@T<[9=;=H27^9 P_B=<r]^<[> v J?EfS^HKH[ni�O9@�S^>¨P_DFJ?W=EfSV>[� B=< HKB=7�.cH�P_B=SVP 7:9CE-)2P_>IS^9=HKDGP_Dª]:<�S^9=; W=9=<[>Ka5SVPIDG]:<o]:<?> v HeSVEFEF7�.��¡7:>�SV9r<��NDGHKP_<?95P_DfSVE

� �� $�� ,�$� � �� HID�� ¢¤£C=

>I<[S^;=DG9=a=� S^HAPIB=< �¡7ÊFEF7�.cDG9=a1<��CS^s�@=EF<?H3HKB=7�. � & SÊGE�P_B=< <��CS^s�@=EF<?H!S^>K< P_SÛ^<?9 �¡>I7:s C DG9NF�W=<l¨¢8?A?C=N�ª¢ §C>C� § < S MOa�p ' �

l¨¢^¢ p � a:a:Dm�PI7N;�S*)

SDG9? <[DG>IWCP[�? <[DG>IWCP

HIDHID�DGHW=J[J?DFHI7U,DGEFEG<[;

W=9S^9

DF9=9C7NJ?<[95P_<DF9=9C7NJ?<[95P

�� 7,;�S*):��DG9 ? <[DG>IWCP[�=HI7:s�< v 7,;() U�DFEGEF<[;S^9�DG9=9=7,J[<?9�P#5 & � � ��#� ! '

l¨¢¤¥:p � a:a:Dm�PI7N;�S*)


HIDHID�DGHHI@�S^>ISVP_7HIB=7^P

PIWCPIP_SSÊGE

EFSPIB=<

s"SYPIP_DG9�Sst7^>I9=DG9=a

�� 7,;�SC��DG9 ? <[DG>IWCP[��HI7:s�< v 7,;()HKB=7^PcP_B=< .cB=7ÊF<2s�7:>I9=DG9=aN5 & " �� #� ! '

l¨¢ ¨P_D;=DF<?;

DF9�WCP_DGEFs�<[95P_<DF9 ]VS^DF9

�� 7,;�S*):��DG9 ? <[DG>IWCP[�(. < B�S ]:< ;=DG<[;RDF9 ]VS^DF9=5 & " �� 8" � ��#� ! '

l¨¢[§�p � � a:a:Dm�PI7N;�S*)


HIDHID�DGH@=>I<?7NJ?J[W=@�SYP_7. 7:>K>IDG<[;

DFEP_B=<

J[7^9�PIDF9=a^<[95P_<J[7^9�PIDF9=a^<[95P

� �.\\ �

�� 7,;�S*):��DG9 ? <[DG>IWCP[�(. < B�S ]:< v <[<[9 .�7:>I>H)NDG9=a�P_B=< \ � J?7:95P_DG9=a:<[95P#5 & �� ! ��

l¨¢-=:p � � a:a:Dm�PI7N;�S*)


HIDHID�DGHH +�9=DªP_D. 7:>K9�7^WCP

;�SÊGEfSv ) P_B=<

� S^s�<B�W=9=a:<?>

�� 7,;�S*):��O9 ? <?DF>IWNP �(.�<rSV>I<M.�7:>I9�7:WCPK.cDGPIBRB,WC9=a:<[>�5 & �� " ��#� ! '

l¨¢ £5p � � a:a:Dm�PI7N;�S*)


HIDHID�DGHHKPLSYP_Dv <?<[9

W=J[J?DFHIDU,DGEFEG<[;

DG9�WCP_DGEFs�<[95P_<DG9 ]^SVDF9

�� 7,;�S*):��DG9 ? <[DG>IWCP[�(. < B�S ]:< v <[<[9�U�DFEGEF<[; DG9 ]^SVDF965 & �!�� ! '

l¨¢ B p � � a:a:Dm�PI7N;�S*)


HIDHID�DGH>IDFHKW=EGP_SVP_DP_W=>K9=<[;�7:WCP

9=7:99=7^P

S ]:<?>PI7�B=S¤]^<

>KDFHK@ <�PIPLSYP_7>K<[HK@ <?J?P_<?;

EF<P_B=<

J?7:95]:<[9Cb[DF7^9=DJ?7:95]:<[95PIDF7:9=H

DG9�PI<[>K9�S^b[DG7:9�SÊGDDG9�PI<[>K9�SVP_DG7:9�SÊ�� 7,;�S*):� DF9 ? <?DF>KWCP � . <rPIW=>I9C<[;�7:WCP!9=7^P.PI7B�S ]:<�J?7:s�@ <?EFEF<?; .cDªP_B DG9�PI<[>K9�SVP_DG7:9�SÊJ?7:95]:<[95PIDF7:9=H�5 & � ��"�� '

� � P@�.� %6+�+%2Y�7 ��C� %��C�1�,��NLN)�� %��C@�� O2 �/T F+%@N)��7 ��3C �9>,��10NL�� %��CF.TPP�G O2?.0,�/��0C@C�6>T �� 3�� O2

¢¤£:£ �� !��HKD

u H2< �=SVst@=EG<[H�l�¢:¢ pOM l¨¢ B pAHIBC7E.i� S^9�< �NDFHKPI<[95P_DFSÊ >K< S^;=DG9=a DFH.7:9=E-)�@T7:HIHKD v EG<7.cDGPIB(PI>_S^9CHIDGPIDG]^<S^9=;�W=9=<?>Ia5SVPIDG]^<!]:<[> v H[nog-<M.cDGEFE�J?7:s�< v S^JLU"PI7�PIB=DFHZDGHIHIWC< DG9RHI<[J�P_DG7:9 =Nn < n

Q WC>KP_BC<[>Is�7:>K<^� S^J?J[7:>K;=DF9=aZPI7 C DF9NF�W=< PIB=<8S ]^SVDFEfS v DFEGDGP )Z7^��PIB=DFH F�W�S^HKDªM <��NDFH¨P_<[95PIDfSÊf©^S^> v DGP_>IS^> )>I<[S^;=DF9Ca DFH >I<?HKP_>KDFJ�P_<[;�P_7 HK<[95P_<?9=J[<?HB.cDGP_B-HI@T<[J[D>+�J"PIDFs�<�>K<?�¡<?>I<[9CJ[<^n �O9�HI<[J�P_DG7:9 < � � .cDGEFEHIB=7�.�P_B�SVP2PIB=<!.cB=7:EG<�@=DFJ�P_W=>K<�DFH!s�7:>I<�J?7:s�@=EF< ��S^9C;(PIB�SVP SÊGHI7�S^HK@ <?J?P S^9=; �� #��!�� @=EfS*)S v DGa�>I7:EG<2DF9 ;=<�P_<?>Is�DF9=DG9=a P_B=K<?�¡<[>K<[9=J?< HK<?P[n

� 7�HIW=s�stS^>IDGb[<^�N�¨`NC HAs"S*)B=S¤]^< PIB=>I<?<i@ 7:HKHID v EF<2DG9�PI<[>K@=>I<�PLSVPIDF7:9=H?�& ¢:n ' S1a:<[9=<?>IDGJ DG9�PI<[>K@=>I<�PLSVPIDF7:9��N.cBCDFJLB�W=HIW�SVEFE-)J[7:s�<[H3S v 7:WCP�.cB=<[9�P_B=< HI<?95P_<[9CJ[< DGHADG9

P_BC< @C>I<[HK<[95PAP_<[9CHI<^�TS^HcDG9 l B p �& ¥Nn ' SV9�< �NDFHKPI<[95P_DFSÊ ©Y<��NJ[EGW=HIDª]:<!DG9�PI<[>K@=>I<�PLSVPIDF7:9�� .cB=DFJLBRW=HKW�SÊGE-)tJ[7:s�<[HcS v 7:WCP .cDGP_B HK@ < M

J[D>+�J!P_DGst<.>I<?�¡<?>I<?9=J[<V� S^HZDG9�l¨¢¤¦5p2l¡7:9=E>)I.cDGPIB P_>_SV9=HIDªP_DG]^<iS^9=;�W=9=<?>Ia5SVPIDG]^<!]:<[> v HLp �

& < n ' S^9�<��NDFH¨P_<?9�PIDfSÊf©VDF9CJ[EFWCHIDG]^<!DF95PI<[>I@C>I<?P_SVP_DG7:9��N.cB=DGJLB�WCHIW�SÊGE-)"J[7:s�<[H3S v 7:WCPK.cDGPIB�HK@ < MJ[D>+�J!P_DGst<.>I<?�¡<?>I<?9=J[<V� S^HZDG9�l�?5p n

� � � � �C�� (��" ��(��A� + � � ��;��:�+ � � � ��C�� A+,�-�� + �� '�C��:'� ��)��8�

�O9 B=DGH"HI<?stDG9�SÊc@�S^@T<[>?�C DF9NF�W=<yl�¢-?A>A>:p17 v HI<[>¨]:<?HP_B�SVPtP_B=<�st<[S^9=DG9=a-7^�i�¨`(C HJLB�S^9=a^<[HS^J[J?7:>I;CDF9=a"PI7P_B=< P_DFs�<r>K<?�¡<?>I<[9CJ[<�HI@T<[J?D-+�J[SVP_DG7:9�7^�ePIB=<�J[EFS^W=HI<Vni�O9�@�S^>KPIDFJ?W=EfS^>?� BC<�HIB=7�.cHP_B�SYP�S a:<[9=<?>IDGJ HI<[95PI<[9=J?<�PIW=>I9=H1DG9�PI7(S^9yDF9=J?EFW=HKDG]^<¤©V< �CDGHKPI<[95P_DFSÊ 7:9C<D.cB=<[9 HI@T<[J?D-+�J P_DGst<>I<��¡<[>I<?9=J[< DGH DG95P_>I7,;=W=J?<[;&DG9-P_BC<"J[EFS^W=HK<^n��}<?PrW=H J?7:9=HIDG;=<[> P_B=<"HI<[95PI<[9=J?< DF9 l�¢->5p n�g0DGPIB9=7-PIDFs�<�>K<?�¡<?>I<[9CJ[< HK@ <?J[D-+=J SVPIDF7:9�� >I<?J[<[Dª]:<?HRS�a:<?9=<[>KDFJ DG95P_<[>K@=>I<�PLSVPIDF7:9 � D n <^n*DGP�B�SVHSF�W�S^HID MOW=9CDG]:<?>IHISÊ}>I<[S^;=DF9Ca�DG9 C DF9NF�W=< 5�HcP_<?>Is�H[�

l¨¢->:p uDF9? <?DF>KWCP? <?DF>KWCP

HIDHIDW=J?J[DG;=<U�DFEGEFH

W=9S^9

DG9=9=7,J[<?9�PI<DG9=9=7,J[<?9�P

7:a:9=D<?]:<?> )

s�DF9�WCPI7s�DF9�WCPI<

��O9 ? <?DF>KWCPAS^9RDF9=9C7NJ?<[95PADFHZU�DFEGEF<[; <�]:<?> )Rs�DF9�WCP_<�l v ) HI7:s�< v 7,;()Cp85

� ��PIB=<�HI<?95P_<[9CJ[<�B�S^H2HI@T<[J?D-+�J PIDFs�<r>K<?�¡<[>K<[9=J?<^��DGP!>I<[J?<[Dª]:<[H S^9(< �CDGHKPI<[95P_DFSÊ�DG9�PI<[>K@=>I<�PLSVPIDF7:9��EFDGU^<2DF9�l�¢-?5p��

� � � �� $� � �� ¢¤£ B

l¨¢8?5p � a:a:Dm�PI7N;�S*)


HIDHID�DGHW=J[J?DFHI7U,DGEFEG<[;

W=9S^9

DF9=9C7NJ?<[95P_<DF9=9C7NJ?<[95P

�� 7,;�S*):��DG9 ? <[DG>IWCP[�=7:9=<iU�DFEGEF<[;RSV9�DG9=9=7,J[<?9�P#5 & �¡>I7^s C DF9NF�W=<tl�¢-?A?C=N�ª¢ §C>N��§ < S5p '

g0DGPIB�HI@T<[J?D-+�J PIDFs�< >I<��¡<[>K<[9=J?<^��¨`NC H�.cDGPIB�W=9�S^J?J[W=HISVP_Dª]:<?H[�,@=H ),JLB��s�7 ]^<[s�<[95P �5J?7:@=W=EFSVP_Dª]:<V�@�S^HKHIDª]:<2S^9C;">_SVDFHIDG9=ai]:<[> v H >K<[J[<?DG]^<2S^9"DG9=J[EGW=HIDª]:<ADF95P_<?>I@=>K<?P_SVP_DG7:9�n��O9�l ¥^¦5p ��e>I<[@T< SYP 7:9C<.7^�P_BC< < �CS^st@CEF<!P_B=SVPGC DF9NF�W=<iW=HK<[HcP_71DFEGEFW=H¨P_>_SYP_<3PIB=DFHZ@CB=<[9=7^st<?9=7:9��

l ¥V¦5p � � a:a:DPI7N;�S*)

SDG9? <[DG>IWCP? <[DG>IWCP

HKDHKD�DFHs�7:>KPID;=DG<[;

DF9�WCPIDFEGst<?9�PI<DF9 ]VS^DG9

�� 7,;�S*) DG9 ?�<[DF>KWCPK.�< ;=DG<[;RDF9 ]VS^DG965 & �¡>I7:s C DF9NF�W=<tl�¢-?A?C=N�ª¢ §C>N��§ < J¤p '

�O9 lm¥^¦5p��}PIB=<tDG9=J[EGW=HIDª]:<1>I<[S^;=DG9=aR7^� �� J S^W=HK<[H S�@C>_Sâ:stSVPIDFJ SVEFE-)�7,;=; HI<[95PI<[9=J?<^n � � DF9l ¥V¦5p�B�S^H S^9 DF9=J?EFW=HKDG]^<!DF95P_<?>I@=>K<?P_SVP_DG7:9��,;=W=<!P_7 PIB=<!HK@ <?J[D-+=J!P_DFs�<.>K<?�¡<?>I<[9CJ[<27^��P_BC<!J[EFS^W=HI<Vn� � �� DFH3DF9=J?EFW=HKDG]^<^� P_B=< HK@ <[SÛ^<?>!DFH.S^s�7:9=atPIB=<r@=S^>KPIDFJ[DG@�S^95P_HADF9�P_B=< <?]:<?95P n2�ZB=< HK<[95P_<?9=J[<DF9�lm¥^¦5p�DGH @=>_SVa:s"SYP_DFJ[SÊFE>)17N;C; v <?J S^W=HK<iDGPZDGHZDFs�@ 7:HKHID v EF<cP_B�SYPZP_B=<2HK@ <[SÛ^<?>3;=DG<[;PI7N;�S*)"DF9? <?DF>IWNPAS^9=;�DFHZ9=7�. BC<[>I<iP_<?EFEGDF9=a WCHcPIB�SVPcB=<i;=DG<[;�n

u J[J[7^>I;=DG9=a PI7 C DG9NF�W=<^�!PIB�W=H[�iHI@T<[J?D-+�J(P_DGst<�>K<?�¡<?>I<[9CJ[< .cDªP_B*W=9�S^J?J[W=HISVP_Dª]:<V� @CH ),JLB��s�7 ]^<[s�<[95P �T@�S^HKHIDª]:<^�TJ[7^@=W=EfSYP_DG]^<^�TS^9=;�>_S^DGHIDG9=a�]:<[> v H.J[S^W=HK<[H2S^9�DF9CJ[EFWCHIDG]^< >K< S^;CDF9=a�7^��PIB=<HI<?95P_<[9CJ[<^n�3<�J[EfSVDFs�H.P_B�SYP2P_B=<�DF9=J?EFW=HKDG]^<�>I< SV;=DF9=a�DFH29C7^P 7 v PLSVDF9�S v EF<7.cDªP_B(]:<[> v H .cB=DFJLB@=>K7 �K<[J�PS^9 <��,PI<[>I9=SÊ @¤MO>K7:EF<V�oHKW=JLB S^H�PI>_S^9=HKDGPIDG]:<�S^9C; W=9C<[>Ia:SVP_Dª]:<[H?n u H��¡7:>�PIB=<R>I< SVHI7:9.cB<)-< �CS^J?PIE-) S^9�DF9=J?EFW=HKDG]:< © � .�<15 >I< SV;=DF9=a�DFH 7 v P_S^DF9C<[;�� S^9=;�9=7^P S < >K;-@T<[>KHI7:9�HIDF9Ca:W=EfSV>�¡7:>cDF9CHKPLSV9=J[<V�=C DG9NF�W=< >I<[stS^DG9=HcW=9=HIWC>I<^n �3< HIW=a:a^<[HKPIHAPIB�SVP3S�¢[HKPA@ <?>IHK7:9 @=EGW=>_SVE�@=>I7^9=7:W=9>I<?@=>I<?HI<?9�PIH2P_B=< v <[H¨PiS^@=@=>K7 �CDGs"SYP_DF7^9�7^�oS>K<?�¡<?>I<[95PIDfSÊ @=>I7:9C7:W=9 PI7RS^9�S^> v DGPI>_S^>H)�7^9=<^n2�O9@�S^>¨P_DGJ[W=EFS^>[�}B=<1@=>K7:@T7:HI<?H PIB�SVP � .�<15�DGH!P_B=<�st7^HKP ��J[7:s�@=EF<�P_< 5}S^s�7:9=a�SÊFE�@=>I7:9C7:W=9=H?��S^HiDªPDF9CJ[EFWC;=<[HR¢ H¨P � ¥V9=; S^9=; < >I;y@T<[>KHI7:9�n��ZBCDFH1st<[S^9=H PIB�SVP1DGP1DGHrP_BC<�s�7:H¨P1a:<[9=<?>IDGJ 7^�3PIB=<@=>K7:9=7:W=9CH[n

? W=DFEG;=DF9Ca�7:9 C DF9(F,WC<15 H"7 v HK<[>¨]^SYP_DF7^9=H[� �B.�7:W=EG;�EGDFU^< PI7-@=>K7:@ 7^HI<RP_B�SVP�P_BC< DF9CJ[EFWCHIDG]^<>I<[S^;=DG9=a DGH ;C<?P_<?>Is�DF9=<?; v )�SR]VSÊGW�SVPIDF7:9(7^� PIB=<�HI<[stS^95P_DGJt@T<[>KHI7:9 �¡< SVPIW=>I<�7:9 �� ng0B=<[9HIWCJLB�St@ <?>IHI7^9�DFH3]VSÊGW=<[; v )�P_BC<1`N@T<[<[JLB u J�P2B=< SV;�� PIB=< >I<?HIW=EªP!DGH!S^9 DG9=J[EGW=HIDª]:< >I< SV;=DF9=aCn

¢¤£A> �� !��HKD

�.cDGEFE�J?7:s�< v S^JLU P_7 PIB=DFH2@=>K7:@T7:H_SÊ�DF9(HI<?J?P_DG7:9 §=n1Q�7:>.P_BC<�s�7:s�<[95P �}� .cDFHKB(PI7�@C>I<[HK<[95PHI7:s�< 7 v HI<[>¨]VSVP_DG7:9=H.PIB�SVPiB�S ]:<�<?HIJ[S^@ <?; C DG9NF�W=<15 HiSVPKP_<[s�@CPIDG]:< S^9�SÊ>)NHKDFH!7V�oPIB=< � S^J�P_H[n �O9@�S^>¨P_DFJ?W=EfSV>[� �2.cDFHKB P_7HKB=7�. PIB�SVP3P_>_SV9=HIDªP_DG]^<rSV9=;�W=9=<?>Ia5SVPIDG]^< ]:<?> v H2stS*)�SÊFHK7"7 v P_S^DF9 S^9DF9=J?EFW=HKDG]^< DF95P_<?>I@=>K<?P_SVP_DG7:9�n �O9 P_B=<Z9=< �,P8HI<[J�P_DG7:9��:� EFDGHKP HI7:s�< P_<?HKPIH8�¡7^>�DF9CJ[EFWCHIDG]^<[9=<?HIH?� .cBCDFJLB.cDFEGE v <�S^@=@CEFDF<?; P_7PI>_S^9CHIDGPIDG]^<�S^9=;�W=9C<[>Ia:SVP_Dª]:<��¨`NC H?nr�O9�HI<?J?PIDF7:9 < n ¥Nnª��DGPG.cDFEFE v <�HIB=7�.c9P_B�SYP SÊGE ]:<?> v J?EfS^HKHI<[H J S^9-DF9=;=<?<[;�>I<[J?<[Dª]:< S^9�DF9=J?EFW=HKDG]^<�>K< S^;CDF9=a=� J[7^9�PI>_S^>H)(P_7 C DG9NF�W=<15 HJ[EFS^DFs S^J?J[7:>K;=DF9Ca�P_7 .cB=DFJLB 7^9=E-)y]:<?> v HtP_B�SVP";=7&9=7VP@=>K7 �K<[J�PRS^9 < �NPI<[>K9�SÊ @¤MO>K7:EF<RstS�)>I<?J[<[Dª]:< S^9RDF9=J?EFW=HKDG]^<2DF95P_<?>I@=>K<?PLSYP_DF7^9�n

� �6! 0 ��!�� " #( ��'�C��:'� ��)��8�

� P B�S^H v <?<[9-HKB=7�.c9�PIB�SVP �¨`NC H .cDGP_B HI@T<[J?D-+�J1P_DGst<�>K<?�¡<?>I<[9CJ[<�s"S*)�>K<[J[<?DG]^<S^9 DF9=J?EFW=HKDG]^<DF95P_<?>I@=>K<?P_SVP_DG7:9�n�?�<?�¡7:>K<!<��CS^s�DF9=DG9=aiP_B=<3J[7:9=;CDGP_DG7:9=HoW=9=;=<?> .cB=DGJLBHIW=JLB�S^9tDF95P_<?>I@=>K<?P_SVP_DG7:9S^>IDGHI<?H[�!�%.cDFHIB0P_7 @=>K7:@ 7^HI< S EGDFH¨PR7^� PI<[H¨P ©V;=DFSâ:9=7^HKP_DGJ[H�.cDGPIB P_B=<�S^DFs 7^� ;=>_S*.cDF9Ca PIB=<;=DFH¨P_DG9=J?PIDF7:9 v <?P .�<[<?9 S >K< SÊ DG9=J[EGW=HIDª]:<DG95P_<[>K@=>I<�PLSVPIDF7:9ySV9=;yS�a:<[9=<?>IDGJ7:9=<Vn&� P�DFHB.�7:>¨P_B>I<?J SÊGEFDF9Ca P_B�SVP.Sta^<[9=<?>IDFJiDG9�PI<[>K@=>I<�PLSVPIDF7:9�7^� �� s"S*)�SÊGHI7�DF9=J?EFW=;=<2PIB=< HK@ <[SÛ^<?>[� S^H.S1@�S^>¨P7^��P_B=<2WC9=DG]^<[>IHK<^no�ZB=<!P_<?HKPIHA�o@=>K7:@ 7^HI< v <[EF7�. DF;=<?95P_DG� )�P_BC<2DF95P_<?>I@=>K<?PLSYP_DF7^97^� �¨`NC PIB�SVPcDGHHI@T<[J?D-+�<?; �¡7:>2DG9=J[EGW=HIDª]:<?9=<[HKH[n1�ZB=<[HK<�PI<[H¨P_H . <?>I<�+�>IH¨P HIW=a:a^<[HKPI<[; v ) �i>ISVP_b?<[>�l�¢-?A?C=:p3S^9=;C DF9NF�W=<tl�¢-?A>A>5p n

�i>ISVP_b?<[> l¨¢-?;?C=N�V¥^¦:¦:¦:p}@C>I7:@T7:HI<?H�SV9 P_<?HKP �¡7:>�DF9=J?EFW=HKDG]^<o>K< S^;CDF9=ac�¡7:>}P_B=< �2<[>IstS^9iDFs�@T<[>¨MHI7:9=SÊ @C>I7:9=7^W=9 �� n8`NBC<!7 v HK<[>K]^<[H PIB�SVP 7^9=E-)1DG9=J[EGW=HIDª]:< �� stS*)tEGDFJ?<[9=HK<!S @C>I<[;CDFJ SYP_DG]^<�.k n �3<[>c< �=SVst@=EG<[HcS^>K<ia:DG]^<[9RDF9�l ¥,¢ p S^9=;-l ¥:¥^p v <?EF7�.i�

l ¥N¢¤p & u EFHS^H

�AhCP_<?>a^W�S^>I;CDfS^9 �� + ' ) � -�� + � ' �

;=<?HP_BC< ) ��

�2<[HK<?PIb[<[H 'EFS*. ) ��

. S^>. S^H

stS^9stS^9 * � �

]:<?>I@$�=DFJLB5P_<�P �7 v EGDFa:<?;

;=DF<P_B=<

deDF9CB�SÊGPIW=9=a7 v HI<[>¨]VS^9=J[<

SÊGEF<?>SÊGE&) ��

? <?HKP_DGstsrW=9=a:<?9>I<?a:W=EFSVP_DG7:9=H ) ��

b?WPI7h v <[>H. SVJLB=<[9. SVP_JLB�7¤]:<[>

� u Hoa:W�S^>K;=DfS^9�7^� P_B=<AEfS*.i�<. < . <?>I<37 v EFDGa:<[;1P_7 . SVP_JLB7¤]^<[>�PIB=<A7 v HI<?>K]VS^9=J?<.7^��SÊFE>I<?a:W=EFSVP_DG7:9=H#5 & �¡>I7:s �2>ISVP_b?<[> l ¥V¦:¦:¦C� §�p '

� � � �� $� � �� ¢¤£A?

l ¥^¥:p � & u EGHS^H

�AhCP_<?>a^W�S^>I;CDfS^9 �� + '�) � -�� + � ' �

;=<?HPIB=< ) �

�i<?HI<?PIb[<?H 'EfS*. ) ��

B�SVPB�S^H

stS^9stS^9

stDG>st<

<?>IU�EfX^>¨P �< �C@CEfS^DG9=<[;

DFJLB�

U �^9=9=<J[7^W=EF; '��

B=DF<?>B=<[>K<

9CDFJLB5P9C7^P

. 7^B=9=<[9EFDª]:<

� u H a:W�S^>K;=DfS^9CH 7V� P_BC<tEFS�.i��P_BC<�) <��N@=EFS^DF9=<?; PI7 s�<�P_B�SVP �!J?7:W=EF;C965 P EGDG]:<1B=<?>I< 5& �¡>I7:s �i>ISVP_b?<[> lm¥^¦:¦:¦C� §�p

�2>_SVPIb[<?> 7 v HK<[>K]^<[H PIB�SVPeDG9 l ¥,¢ p��^PIB=< @C>I<[HK<[9=J?<c7^�TS.@=>K<[;=DGJ SVPIDG]:< �.k(>I<?EfSVPI<[;rPI7.P_B=< HIW v �K<?J?P�¡7:>KJ[<[H"S^9 DF9=J?EFW=HKDG]:<�>I<[S^;=DG9=a �¡7^> �� n��O9 l ¥^¥:p�� .cB=<[>K< S^9=; DF9=J?EFW=HKDG]^<�>K< S^;CDF9=a 7^�.PIB=<HIW v �K<[J�P"DGH 9=7^P�@T7:HKHID v EF<"�¡7:>r@=>_Sâ^s"SVPIDFJt>I< SVHI7:9=H?�oPIB=< W=HK<�7V�.S @C>I<[;CDFJ SYP_DG]^< �.k J S^W=HK<[HW=9=a^>_S^s�s"SYP_DFJ[SÊFDªP ):n

�ZB=<.@=>K<[;=DGJ SVPIDG]^<��.k�P_<?HKP DFH BC<[EF@N�¡W=E��¡7:> �2<[>Ks"S^9 �� S^H .�<[EGE S^Ho�¡7:> � P_SÊFDFS^9 �� ne�ZB=<� PLSVEFDfSV9(PI>_S^9CHIEfSYP_DF7^9=H27^�ilm¥N¢ p!S^9C; l ¥^¥:p��DF9�l ¥ < p!S^9=; l ¥V§�p!>K<[HI@T<[J�P_Dª]:<[E>):� @=>I<?HI<?9�P SÊFs�7:H¨PP_BC< HIS^s�< ;CD-0 <[>I<?9=J[<iDG9�a^>_S^s�s"SYP_DFJ[SÊFDªP )1S^H l ¥,¢ p S^9=;�l ¥^¥:p��

l ¥ I;=DFS^9=D ;C<[EFEFS EF<?a:a:<^�NHID � H¨PLSVPID}7 v=v EGDFa5SVPID S�J?7:95P_>I7ÊFEfSV>I<.E 5�7^HIHI<?>K]VS^9=b[S�;=DPIWCPIPID}D�>I<?a:7:EfSVst<?9�PID

l ¥Y§�p � � �EC 7:s�<ia:W�S^>K;=DfSV9=D ;=<?EFEFS EF<[aâ:<^�=s�D�HKD � HK@=DF<?a5SVPI7�JLBC< DG719=7:9R@ 7^HIHI71],DG]^<[>I</F�W=D

�ZB=<2W=9Ca:>_S^s�stSVP_DGJ SÊGDGP ) 7^��l ¥V§5p8DGH DF9C;=<[<?;DF�W=<[H¨P_DF7^9�S v EG<rno� S^9<)t� PLSÊGDfS^9tHI@T< SÛV<[>KH2. 7:WCEF;S^J?J[<[@NPRDGPRS^H"a:>_S^s�stSVP_DGJ SÊmn��ZB=<�>K< S^HK7:9 .cB<) HI7:s�< � P_SÊFDFS^9�HK@ <[SÛ^<?>IH�S^J[J?<[@CP-lm¥V§�p�DGHP_B=SVP2P_B=<�>K< S^;CDF9=a 7^�.lm¥V§�p3DGH!9=7^Pi7:9CE-)�<��NJ[EGW=HIDª]:<^n u HM.�<�.cDGEFE HI<?<�DG9�HI<?J?P_DG7:9 < n ¥Nnª�}HI7:s�<J[EFS^HIHK<[H�7^� ]^<[> v H ;=DGHI@=EFS�) v 7^PIB"S^9tDF9=J?EFW=HKDG]^<3SV9=;"SV9"<��NJ?EFW=HKDG]:<3>I<[S^;=DF9Ca W=9C;=<[>oHI7:s�<Aa:DG]^<[9J[DG>IJ?W=stH¨PLS^9CJ[<[H?n Q�7:>1P_B=7:HK< � PLSVEFDfSV9=H!.cB=7�J[7:9CHIDF;C<[> �� DG9 lm¥V§�p1S^H"7:9CE-) <��NJ[EGW=HIDª]:<V�cPIB=<HI<?95P_<[9CJ[<2DF9tW=9=a:>IS^s�s"SVPIDFJ[SÊ n�� P DGH�DGst@T7:>¨PLS^95P8P_7 >I<[J[SÊFE�PIB�SVP�� PLSÊGDfS^9 �� DFHo<��NJ?EFW=HKDG]:<.7:9=E-)DF9 S ]:<?> )yEGDFs�DGP_<?;&9�W=s v <[>17^�3J[7:95PI<��,P_H?� .cDGPIB�P_>_SV9=HIDªP_DG]^<RS^9=; W=9=<?>Ia5SVPIDG]^<R]^<[> v H[n �ZB=<� S^J�PtPIB�SVP l ¥V§5p1stS*) v <�S^J?J[<[@NPLS v EG<��¡7^>�HK7:s�<�HK@ <[SÛ^<?>IH";C7N<?H"9=7^PtS 0 <[J�PtPIB=<�>I<[HKW=EGPt7^��2>_SVPIb[<?>#5 H PI<[HKP[��B=7�.�<?]^<[>[��.cB=DFJLB�DFH S^DFs�<[; SVP HKB=7�.cDF9=aRP_B�SYPrDG9=J[EGW=HIDª]:<�@=>K7:9=7:W=9CHrS^;CstDªPS�@C>I<[;CDFJ SYP_DG]^<��3k n Q�>I7:s PIB=<�7 v HI<?>K]VSVPIDF7:9 7^� lm¥ < p�� 7:9=<�J SV9-< SVHIDFE>)�J[7^9=J[EGW=;=<tPIB�SVPrSÊFHK7�¡7:>t� PLSÊGDfS^9 DFs�@ <?>IHK7:9�SÊ �� cS-@C>I<[;CDFJ SYP_DG]^< �3k DGHSÊGEF7�.�<[;A.cBC<[9 P_BC< DF95PI<[>I@C>I<?P_SVP_DG7:9�DGH

¢ B ¦ �� !��HKD

DF9=J?EFW=HKDG]^<^n�i>ISVP_b?<[>�5�HeP_<?HKP�SÊGHI72;=>IS�.cHePIB=<ZEFDG9=< v <?P .�<[<[9�P_B=<c< �CJ?EFW=HKDG]^<3SV9=;�P_B=<ZDG9=J[EGW=HIDª]:<Z>I<[S^;=DG9=a

7^� �� S^H.HK<[95P_<?9=J[<�lm¥A=:pZHIB=7�.cH?n.�O9ylm¥A=:p��T7:9=E>)�S^9 < �CJ?EFW=HKDG]^<r>I<[S^;=DG9=a"7^��P_B=< HI<[J?7:9=; �� DGH@=>_SVa:s"SYP_DFJ[SÊFE>)1@ <?>Is�DGPKP_<[; �

l ¥A=^p � W�S^9=;C7.cB=<?9

HKDHKD�DFHPI7:>I9�SYP_D>K<?P_WC>I9=<?;

SÊGEfSSVP

@T<[9=HKDF7:9C<^�B=7^st<V�

HIDHIDHK<[>¨]NDª]VSHK<[>¨]:<[; *,+.- �

a:D �SÊG>I< SV;()

EFSPIB=<

b[W=@=@=SHI7:W=@

� g0B=<[9 . < >I<�P_W=>K9=<[;�B=7:s�<^�=PIB=<�)I. <?>I< SÊF>K< S^;()"HI<?>K],DF9=a1P_BC< HK7:W=@65 & PI>_S^9CHIEfSYP_DF7^97^� �2>_SVPIb[<[>�5�H l�¢-?A?C=N��£5p�< �CS^st@CEF< '

�O9&lm¥A=:p �NP_BC< HK@ <[SÛ^<?>3stS*)9=7VP v <iDF9CJ[EFWC;=<[;�S^s�7:9=a PIB=7:HI<iHK<[>K],DG9=a�PIB=<2HI7^W=@�n u J[J?7:>I;=DG9=aP_7 �2>_SYP_b[<?>#5 H P_<?HKP ��S!@C>I<[;CDFJ SYP_DG]^< �.k(HIB=7^W=EF;19=7^P v < EGDFJ?<[9=HK<[;�S^HeS!s�7N;CD-+�<?>�7^� P_BC<ZHI<[J?7:9=;�� ne�ZB=DFHcDGHZDF9 � S^J?PZPIB=<iJ S^HK<^� S^H lm¥^£5p HIBC7E.cH?�

l ¥^£:p � � W�S^9=;C7.cB=<?9


SÊGEfSSVP

@T<[9=HKDF7:9C<^�B=7^st<V�

;�SS^H

v >_S ],Da:7,7N;

J SVst<?>IDF<?>ID. S^DGPI<[>IH

HIDHIDHI<?>K],DG]VSHI<?>K]^<[; *,+.- �


EFSPIB=<

b[W=@=@=SHI7:W=@

� g0B=<[9 .�<>K<?P_WC>I9=<?;&B=7:s�<^��S^Hra:7,7,;;. S^DGPI<[>KH[��PIB=<�) .�<[>I<SÊF>K< S^;()(HK<[>¨]NDG9=a PIB=<HI7^W=@65 & P_>IS^9=HIEFSVP_DG7:97^� �2>_SVPIb[<?>#5 Hrl�¢-?A?C=,� £5p < �CS^st@CEF< '

�2>_SVPIb[<[>�5�H1P_<?HKP[��P_B�W=H?� B=<?EF@=H1P_7 ;=DFH¨P_DG9=a:W=DGHIB v <�P . <?<[9�PIB=<RDF9=J?EFW=HKDG]^<�SV9=; PIB=<R<��NJ[EGW=HIDª]:<>I<[S^;=DF9Ca�7V��DGst@T<[>KHI7:9�SVE �� n

C DF9NF�W=<�l¨¢8?A>A>5p �e7:9�P_B=< 7^PIB=<[>�B=S^9=;��o@=>I7^@ 7:HK<[H�P_7(SV@=@=E-)&S�@=>_Sâ^s"SVPIDFJ�HKPI>_SVPI<[a1)�DG97:>I;C<[>!P_7 DG;=<[95PIDG� ) PIB=<�DF9CJ[EFWCHIDG]^< >I<[S^;=DG9=a 7^� �� Gnr�3<�HI<?EF<?J?P_H S@=>K<[;=DGJ SVPI<B.cB=DFJLB DFH.@=>_SâYMs"SYP_DFJ[SÊFE>) DG9=J[7:s�@�SVPID v EG<B.cDGPIB&S^9&DG9=J[EGW=HIDª]:<�>I<[S^;=DF9Ca 7^� �� n��ZB=<[9 �eB=<"J?>I< SYP_<[H P_B=<HH),9NMPLS^J�P_DGJ�J?7:9=;=DªP_DG7:9=H .cB=DFJLB�a:DG]^<t>KDFHI<1P_7 S^9-DG9=J[EGW=HIDª]:<�>I<[S^;=DF9Ca=n �ZB=<">K<[HKW=EGP DFH S�HK<[stS^95P_D MJ SÊGE-)C©V@=>ISâ:stSVP_DGJ SÊGE-)r7N;=;�HI<?95P_<[9CJ[<^� S^HcDF9 lm¥ B p �

l ¥ B p � � a:a:Dm�P_7,;�S*)


HIDHID�DGH " #&% '�)

s�7:>KPID;=DG<[; + � ' � -��

DG9,WNP_DFEGst<?95P_<DG9R]VS^DG9

�� 7,;�S*) DF9 ? <?DF>KWCPK. <iB�S ]^< ;=DG<[;�DF9]VS^DG965 & �¡>K7:s C DF9(F,WC<"l�¢-?A?C=,�G¢ §A>5p '

� � � �� $� � �� ¢ B ¢

l ¥ B p3DFH37N;C;�DF9�S^HKs W=JLB(S^H3P_B=< HK@ <[SÛ^<?>is"S*)�9=7^P!WNPIP_<?>2DGP[��S^H!BC<¤©VHKB=<�DFH3DF9=J?EFW=;=<?;�DF9 PIB=<>I<��¡<[>K<[9=J?<rHI<�P.DG;=<[95PID-+�<?; v ) �� .cB=DFJLB�DFHZstS^;=<iW=@ 7V� @T<[7:@=EG< .cB=7";=DG<[;RP_7,;�S*):n��ZB=< � S^J�PP_B=SVP3S1@C>_Sâ:stSVPIDFJ SVEFE-)17,;=;RHI<?95P_<[9CJ[<rDG9R7 v PLSVDF9=<?;�HKB=7�.cHAPIB�SVP �� l ¥ B poDFHZDF9CJ[EFWCHIDG]^<^n

�O9"S^;C;=DGPIDF7:9�P_7iP_BC<3@=>ISâ:stSVP_DGJ 7,;=;=DGP )^� C DF9NF�W=<AW=HI<?H 7^PIB=<[>8H¨P_>_SYP_<[a^DF<[HePI7 HKB=7�. P_B�SVP ��DFH DF9CJ[EFWCHIDG]^< DG9 J?7:95P_<��,PIHe7^��HI@T<[J?D-+�JoP_DGst<8>I<��¡<[>K<[9=J?<^n �O9=J?EFW=HKDG]^< �� & �¡>I7:s,C DG9NF�W=<5l�¢-?A?C=N�ª¢�=;? M¢¤£:¦:p ' �

� DGHZDF9=J?7:st@=SVP_D v EF< .cDGP_B < >K;�@T<[>KHI7:9�S^> v DGPI>_S^>H)"<?EF<[s�<[95PIHAEGDFUV< � �� S^9=; ��

lm¥;>5p � � u stDGJ[D :�¡>KDF<?9=;=H

\39S

s�DF9�WCP_7s�DF9�WCP_<

� SSVa:7

HIDHID�DFHH¨PLSVPIDv <[<?9

S vCv S^9=;=7^9�SVP_DS v S^9=;=7:9C<[;

SP_7HI< HKPI<[HIHKD7:9=HK<[EG�

�q� ) �¡>KDF<[9C;=H#: � 9=<is�DF9�WCP_<iSVa:7B. < .�<[>I< EF<�� PZP_717:9=<?HI<?EG��5 & <�� no£:¦:S '

� stS*)7,J[J[WC>�.cDªP_B�¢ H¨PA@ <?>IHI7^9�@=EGW=>_SVE <[s�@=B�SYP_DFJ.@=>I7:9C7:W=9=H & �¡>I7:s�? W=>Ib?DF7�l¨¢8?A>:£C�ª¢¤¦A?YM¢�=^p ' �

lm¥;?5p `,DHKD�DFHHKP_SVP_Dv <[<[9

DF95],DGP_SVP_DDF95],DGPI<[;

S^9=JLB=<SÊFHK7

9=7:D.�<

� g�<iPI7N7!.�<[>K< DG9�],DªP_<[;=5 & < � no£C¢ '

� stS*)>I<?HIW=s�< S�l¡EF<�� PKMO;CDFHIEG7NJ[SVP_<?;7:>Z>K<[EfSYP_DG],DGb[<[;�p3¢ HKPA@T<[>KHI7:9�@=EFWC>_SÊ @=>I7:9C7:W=9��

l < ¦5p �A7:D �.�<

B�SB�S^H "$#&%('�)

;=<?PKP_7H_S^DG;

JLB=<P_B�SYP

9C7:99C7^P


DG9�],DªPLSVPIDDG9�],DªP_<[;

� �3< ©VHIBC< HIS^DF; P_B=SVPK. < B�S ]:< 9=7^P v <[<?9�DG95]NDªP_<?;65 & <�� no£5¥^S '

� a:Dª]:<?HA>KDFHK<!P_7�;=DFH �K7:DF95PZ>K<?�¡<[>K<[9=J?< <80 <?J?PIH .cDªP_B(¢ HKPA@T<[>KHI7:9�@=>I7^9=7:W=9=H?�

l < ¢ p � �O<?>ID)^<[H¨P_<[>K;�S*)

HI<[>ISC�<?]:<?9=DF9Ca

s�Ds�<�% � �

©VJ[DW=H % � �


@=>K<[HK<[95PLSVPIDDG9�PI>I7,;=W=J?<[;

P_>K7:@=@T7P_7,7

DG9DG9

�¡>K<?PKPLSB�W=>K> )� ��S^HKPA9=DGa:B5P �=HKD6. SVHADG95P_>I7,;=W=J?<[;RP_71s�<¤©VW=HZPI7N7�s WCJLB�DG9�S1B�W=>I>H) 5 & <�� n£V§5S '

¢ B ¥ �� !��HKD

g0DGP_B PIB=<2B=<[EG@R7^� PIB=<[HK<2P_<[H¨P_H?� .�<iJ S^9�9=7�. @=>I7,J[<?<[;RP_71DF;=<?95P_DG� )�.cB=<?PIB=<[>c�¨`NC H�.cDGPIBP_>IS^9=HIDªP_Dª]:<iS^9=;�W=9=<?>Ia5SYP_DG]^<!]:<?> v H3>I< SVEFE-)t;=719=7^P3SÊGEF7�.0�¡7:>cS^9RDF9CJ[EFWCHIDG]^<2>I<[S^;=DF9Ca=n

� � 7 ��C��:��8�/)�� (��*+ �� -(�+ ��8�/��)�� + �� :'��*(��#+,�-��)�� )��*(�% �

�O9(HI<[J�P_DG7:9 ¥Nn ¥Nn . <1B�S ]:<�HK<[<?9 PIB�SVPiS^J?J[7:>K;=DF9Ca"P_7 C DG9NF�W=<1S^9(DF9=J?EFW=HKDG]^<r>I<[S^;=DG9=a DFH!7^9=E-)S ]^SVDFEfS v EF<�.cDGPIB-]:<?> v H�P_B=SVP�;=7�9=7VP�@=>I7 �K<[J?P�SV9�<��,P_<?>I9�SÊ @¤MO>K7:EF<Vn u 9�DF9CJ[EFWCHIDG]^<>I<[S^;=DG9=aDFH 9C7^P1S ]VS^DFEFS v EF<1P_B�W=H!.cDªP_B&P_>IS^9=HKDGP_Dª]:< SV9=;yW=9=<[>Ka5SVPIDG]:<]^<[> v H[n&�ZBCDFH H¨PLSVPI<[s�<[95P1DFH 9C7^PJ[7:s�@=EG<?P_<?E-) P_>KW=<^ne�ZB=<c;�SYPLS2��@=>K<[HK<[95P v <[EG7�. HIBC7E. P_B�SYP SV9tSV;=;=DGPIDF7:9=SÊCDG9=J[EGW=HIDª]:<Z>I<[S^;=DG9=aDFH3S ]^SVDFEfS v EF<!�¡7:>cP_>IS^9=HKDGP_Dª]:< S^9=; WC9=<[>Ka5SVP_Dª]:< ]:<[> v H[n u H.S^9 <��CS^s�@=EG<^�TEF<?P3W=H3J[7:9=HKDF;=<?>3PIB=<HI<?9�PI<[9=J?<rDG9-l < ¥:p �

l < ¥^p j!SS^H

@ <?>K�¡<�PIP_D@ <?>K�¡<?J?P

v W=7:9=a^W=HKP_S^D �a:7:W=>Kst<�P_H[�

DG<[>KD)^<[H¨P_<[>K;�S*)

HI<[>IS<?]:<?9=DF9Ca

HIDHID�DGHs"SV9=a:DfSYP_7< SVPI<[9

J[S¤],DFSÊF<J[S¤],DFS^>

� u Hc@ <?>K�¡<?J?PAa:7:W=>Kst<�P_H2)^<[HKPI<[>K;�S*)�<�]:<?9=DF9=a�.�< B�S ]^< <[SVP_<?9�J[S¤],DFS^>#5

�ZB=<.]^<[> v �� #�� l ��< SVP#5qpoDFH S P_>_SV9=HIDªP_DG]^<3]^<[> v n �3<?]^<[>¨P_B=<?EF<[HKH[�TSr@=>K<[;=DGJ SVPIDG]^<��.kys�7N;NMDG� ),DF9Ca �� DFHcEGDFJ[<?9=HI<?;�DG9�PIB=< J[EfSVW=HI<Vn u J?J[7:>K;=DF9=a1P_7 �2>_SVPIb[<?>#5 HAPI<[HKP[��P_B=DGHAHKB=7�.cH3PIB�SVP �� DGHDF9=J?EFW=HKDG]^<2DF9�l < ¥^p�n

�ZB=< HIS^s�<2B=7:EF;CH �¡7:> l <A< p��(.cB=DGJLB�J?7:95PLS^DG9=HAS^9RW=9=<?>Ia5SVPIDG]^<i]^<[> v �

l <A_S ],Da:7,7N;

J[DªPIP_S^;=DF9CD �J[DªP_DGb[<[9CH

HIDHID�DFHPI<[EG<?�¡7:9�SYP_7PI<[EG<[@=B=7^9=<[;


SVEFEfSPI7�P_B=<

@T7:EFDGb[DfS@T7:EFDGJ[<

9=<[a:EGDDF9 P_B=<

W=EªP_DGstDEFS^HKP

a:DG7:>I9=D;�S*),H� u Hca:7,7N; J?DGP_DGb[<?9=H[�N.�<iB�S ]:< 7^� P_<?9�J[SÊFEG<[;P_BC< @T7:EGDFJ[<.DF9 P_B=<iEFS^HKPc;�S*),H#5

��7:>K<[7¤]:<?>[� �� DG9-l < ¥:p S^9C;&l <AI;�@ <?>IHK7:9 SV> v DªP_>_SV> )>K< ��< �NDG]:<V�EFDGU^< �� n �ZB=< DF9=J?7:st@=SVP_D v DFEGDGP )�7^� �� .cDGP_B �� DF9-l < ¥^pZHKB=7�.cH.P_B=SVP �� SÊFHK7tB=S^HS^9RDF9=J?EFW=HKDG]^<2>I< SV;=DF9=a1DG9�SV;=;=DGPIDF7:9PI7�P_B=<i<��NJ?EFW=HKDG]:<i7:9C< ;C<[HIJ?>ID v <?; v ) C DF9(F,WC<"l�¢-?A>A>:p��J� H �7M=��P H ��M�R� ��F>,�6P�3C6�� %�38� � � ��0+ �$@@� ��@A( -�3�L %��C��/�+%� %.XNL� � +%/,�� %�� = %��F�3��C��3/�+%��80

,�6�0PT��1X.�A=��&=S-.0/��P �$Z+ 6��EC� %EP D � � ��P�PT�G ��.0��W��Y��+ %@�7 ��3��$,�6�0PT�3�1X��+��3� A �0C� �98��3�3� ��FAB.�,I��&=�3� H ��0M��P H 7M�R��0+Q %�62 C�.0�0 ��3��80@, ��+Q %� �� >,�. �O6C� �� Y %6,%�� L,%.0��0D

� � � �� $� � �� ¢ B;<

l < §�p � j!SS^H

@T<[>K�¡<�PIPID@T<[>K�¡<?J?P

v W=7:9=a^W=HKP_S^D �a:7:W=>Kst<�P_H

DG<[>KD)^<[H¨P_<[>K;�S*)

HI<[>IS<?]:<?9=DF9Ca

HKDHKD�DFHstS^9=a:DFSVP_7< SYP_<[9

DGEPIB=<

@=>I7^@=>IDG77:9=< 5�H

J[S¤],DFSÊF<J[S¤],DFS^>� u H!@T<[>¨�¡<[J�P!a:7:WC>Is�<?P_H ):<?HKP_<?>I;�S*) <?]:<?9=DF9Ca < S^JLB�7^� W=H!B�S^H3< SVPI<[9�B=DGHL©VBC<[>A7E.c9=5�HJ[S¤],DFS^>#5

l < =:p � � � © �rj!SS^H

v >IS¤],Da:7,7N;

J?DGPIP_S^;=DG9=D �J?DGP_DGb[<?9=H

HIDHID�DFHPI<[EG<?�¡7:9�SYP_7PI<[EG<[@=B=7^9=<[;


SVEFEfSPI7�P_B=<

@=>K7:@=>IDFS7�.c965 H

J[<?9�PI>_SÊG<J[<?9�PI>_SÊ

;=D7^�

@T7:EFDGb[DFS@T7:EFDGJ[<

9=<[aÊFDDF9 P_BC<

WCEGP_DGstDEFS^HKP

a:DG7:>I9=D;�S*),H

� u Hca:7,7N;RJ?DGP_DGb[<?9=H[�(.�< B�S ]:< 7^� P_<?9�J[SÊFEG<[;R7:W=>Z@T7:EGDFJ[<.HKPLSYP_DF7^9�DG9P_B=<iEFS^HKPc;�S*),H#5

�O9 l < ¥:p�S^9=;�l <;< p�� stS�)�SÊFHK7 7,J[J?W=>�.cDGP_B Sy¢ HKP�@T<[>IHK7:9�@CEFW=>ISÊZ<[s�@=B�SVPIDFJ @=>K7:9=7:WC9��.cB=DGJLB�HKB=7�.cH.7:9=J?< Sâ5S^DG9P_B�SVP �� DFHZDG9=J[EGW=HIDª]:<V��S^Hc@=>I7^@ 7:HK<[; v ) C DF9NF�W=<V�

l < £5p �A7:D �.�<

DG<[>KD)^<[H¨P_<[>K;�S*)


HKDHKD�DFHstS^9=a:DFSVP_7< SYP_<[9

J[S ]NDFSÊF<J[S ]NDFS^>

� o<[H¨P_<[>K;�S*)�<?]:<?9=DF9Ca%.�< SVP_<iJ S ],DfSV>#5

l <AB p �A7:D �.�<

DG<[>KD)^<[H¨P_<[>K;�S*)


HKDHKD�DFHP_<?EF<��¡7:9�SVPI7J SVEFEF<?;

SVEFEfSPI7�P_B=<

@T7:EFDGb[DfS@T7:EFDGJ[<

� o<[H¨P_<[>K;�S*)�<?]:<?9=DF9Ca%.�<iJ SÊGEF<[; PIB=<i@ 7:EGDFJ?<15

�ZB�W=H[�2WC9=<[>Ka5SVP_Dª]:<(S^9C;0PI>_S^9CHIDGPIDG]^< ]:<[> v H�;=7y@ <?>Is�DGP SV9*DG9=J[EGW=HIDª]:<�>K< S^;=DG9=a=n C DF9NF�W=< 5�H7 v HK<[>¨]^SYP_DF7^9��8B=7�. <�]:<[>?� DGH 9=7^P�J?7:s�@=EF<�P_<[E>)-WC9=st7VP_DG]VSVPI<[;�� S^H P_B=< ;=SVPLS DG9�9=<��,P�HI<?J?P_DG7:9HIBC7E.in

� �� #��!�� ! �� #��#��!� � � � � � � � �� #� �� ! ��I" �� ! ! ��#$��

�ZB=<?>I< HI<?<[s�H P_7 v <I.cDF;C<"]VS^>IDFSVP_DG7:9-SVst7:9Ca � PLSÊGDfS^9�HI@T< SÛV<[>KH�DG9-P_BC<DF95P_<?>I@=>K<?P_SVP_DG7:9&7^��¨`NC H?n �O9�7:>I;=<?>ZP_7�J[EfSV>IDG� )�P_BC< DG9=J[EGW=HIDª]:<[9C<[HIHADFHKHIW=<V� S1PI<[H¨P3B=S^H v <[<?9�@C>I7:@T7:HI<?;�PI71P .�<[Eª]:<DF9N�¡7:>IstS^95P_H?n �ZB=<3PI<[H¨P2. SVHZS^DFs�<[;tSVP W=9=;=<?>IHKP_S^9=;=DG9=a7.cB=<�P_B=<?> P_BC<.<��NDGHKP_<?95P_DfSVE >K< S^;=DG9=arDGH>I<[SÊFE>)P_BC<r7:9=E>)�S ]^SVDFEfS v EF<2>K< S^;=DG9=at�¡7^>A]^<[> v HG.cDGPIB S^9 < �,P_<[>K9�SÊ'@ M >I7:EG<^nZ�ZB=< HK<[95P_<?9=J[<rDF9l < >5p . S^HAP_B�W=HA@=>I7^@ 7:HK<[;�P_71P . <?EG]:< � PLSÊGDfS^9RHK@ <[SÛ^<?>IH[nZ�ZBCDFHAHI<[95PI<[9=J?< HIB=7^W=EF; v < HI<?s"SV9NM

¢ B § �� !��HKD

P_DGJ SÊGE-)C©V@=>ISâ:stSVP_DGJ SÊGE>)�W=9=DG9�PI<[>K@=>I<�PLS v EG<��¡7:>�P_B=7^HI< @T<[7:@CEF< .cBC7ySVPIPI>ID v WCP_< S^9 DF9=J?EFW=HKDG]^<>I<[S^;=DF9Ca�P_7 �� n�� P HIBC7:W=EF; v <tDF9=H¨P_< SV;�S^J[J?<[@CP_S v EG<��¡7:> P_B=7^HI<"HK@ <[SÛ^<?>IHB.cB=7 SVPIPI>ID v WCP_<�S@=W=>K<[E-)<��NDFH¨P_<[95PIDfSÊ�>K< S^;CDF9=a�P_7 �� n

l < >:p �O<[>KD):<?HKPI<[>I;=S�)

s�Ds�D

HIDHID�DGH;=<?PKP_7P_7:EG;

JLB=<P_B�SYP

� S^>IDFS� S^>IDFS

�DFHstSÊfSYPLSDGEFE

� o<[HKPI<[>K;�S*)RHI7:s�<[7:9C<¤© .�< PI7:EF; s�<!P_B=SVP.� S^>IDFS DFHZDGEFE 5

\39=;C<[>�PIB=< DF9CJ[EFWCHIDG]^<¤© � .�<15^>K< S^;CDF9=a37^� �� l < >5p DGH�@=>ISâ:stSVP_DGJ SÊGE-)3DFs�@ 7:HKHID v EF<Vn��7:>I< HK@ <?J[Dª�fMDFJ[SÊFE>):��S1;=DFH �K7:DF95PA>I<��¡<[>K<[9=J?<r<�0 <[J�P.P_SÛ^<?H.@=EFS^J[<iW=9=;C<[>3PIB=DFHcDG9�PI<[>K@=>I<�PLSVPIDF7:9-l HK<[<�`�P_<?� SV9=DF9=D¢-?A>5¥,� C DF9NF�W=<1¢-?;>A>5p�n

�ZB=< >I<?HIW=EªP_Hr7V�ZP_B=<"PI<[H¨P1S^>I<�]:<?> )-PI<[EGEFDF9Ca=n Q DF>IH¨P � P_B=<"P .�7�HI@T< SVU^<[>KH �¡>I7:s � W=HIJ[S^9<)J[7:9CHIDF;C<[>.PIB=< HI<?95P_<[9CJ[<�S^H!J?7:st@CEF<?PI<[E>)RW=9=DF95PI<[>I@C>I<?P_S v EG<^n2�ZB=DGH!DFHA]:<[>H) EGDFU^<?E-)R;=WC< P_7"PIB=<� S^J?P P_B�SYP � W=HIJ[S^9 �� B�S^H W=9C;=<[>Ka:7:9=< S�@=>I7,J[<?HIH�7^�Z>K< S^9=SÊ-),HIDGH S^9C;�@=>I<?HI<[95PIH�9=7�. S^;=S�),H7:9=E>)&S^9�DG9=J[EGW=HIDª]:<t>I< SV;=DF9=aCn�Q DG]:<"HI@T< SÛV<[>IH1J?EfS^DGs P_B�SVPrP_B=< HK<[95P_<?9=J[<RDFHrWCPIPI<[>_S v EF< v WCP9=7^PA]:<?> )�EFDGU^<[E>):� S^9C;�P_B=SVP3PIB=<�)RJ[S^9 W=9C;=<[>KHKPLSV9=; DGP v WNP3PIB=<�) .�7:W=EF;�>_SYP_B=<?>3W=HK< PIB=< < >I;@=EFWC>_SÊTS^> v DGPI>_S^>H) �� Dª� P_BC<�)%. S^95P PI7rJ?7:95]:<�)S^9< �CJ?EFW=HKDG]^<!>I<[S^;=DF9Ca=n �ZB=>K<[<!HK@ <[SÛ^<?>IH l DG9S^;=;=DªP_DG7:9tPI7rP_B=<!P .�7�� W=HIJ[S^9R7:9=<[H_p J[7:9CHIDF;C<[>il < >5poWC9=DF95P_<?>I@=>K<?P_S v EF<Vn8Q�DF9=SÊFE>):�:P .�7�HK@ <[SÛ:M<[>KH J?7:9=HIDG;=<[>2PIB=<1HI<[95PI<[9=J?< S^Hi@ <?>K�¡<?J?P_E>)�a:>IS^ststSVPIDFJ SVE�S^9C;�DG9�PI<[>K@=>I<�PLS v EG<^n u HIW=s�stS^> )7^� P_B=<ia:>IS^ststSVPIDFJ SVEFDGP ) �KW=;=a:<?st<?9�PIHA�¡7^> l < >5poDFHZ710 <[>K<[;�DF9 PLS v EF<�l¨¢¤p v <?EF7�.i�

� u ? ��d�¢

�KW=;=a:s�<[95P 9�W=s v <[>c7^� HI@T< SÛV<[>KH� < ��¥Rl �¡>I7:s � W=HKJ S^9<)Cp� � ¥� © � � =

�ZB=< ;=DGHKP_>KD v WNP_DF7^9 7V� �KW=;=a:<?st<?95P_HDGHtDG9 9=7 . S*) >I<[EFSVPLS v EF< P_7�>I<?a:DF7:9=SÊ ]VS^>IDG<?P_DG<[H�7^�� PLSÊGDfS^9 �(.cDGPIB�P_BC< J?EF< SV>A< �NJ[<[@NP_DF7^9 7^� � W=HKJ S^9�nc� W=HIJ[S^9 HK@ <[SÛ^<?>IH.B=S¤]^< v <[<[9�DFHK7:EfSVPI<[;��DG9

� � � �� $� � �� ¢ B =

� S^J�P � v <?J S^WCHI<R7^�cP_B=< @T<[J?W=EFDFS^> W=HK<P_B=<8)�stSÛ^< 7^�A�¨`NC H?n-g�<D.cDFEFEo>I<�P_W=>K9�P_7 P_BCDFH�J SVHI<DF9 HI<?J?P_DG7:9 =Nn §=n u H"�¡7^>�PIB=< >K<[stS^DF9=DG9=a HI@T< SÛV<[>IH?�3DªPtS^@=@T< S^>KH"P_B�SYP"HK7:st<�7^�!PIB=<[s ;=79=7^P S^J?J[<?@CPiP_B=<1<��NJ?EFW=HKDG]:< l Dmn�<Vn P_B=<1< �CDGHKPI<[95P_DFSÊ p3WCHI<�7^� �� DF9(J?7:95P_<��,PIH 7^��HI@T<[J?D-+�J�PIDFs�<>I<��¡<[>K<[9=J?<^no�ZB=<!HI@T< SVU^<[>KH2.cB=7 B�S ]^<2stD �C<?; �KW=;Ca:<[s�<[95P_H S^>I<3@=>I7 v S v E-)�HK@ <[SÛ^<?>IH2.cB=7�a:<�Pv 7^P_B1P_B=<A<��NDGHKP_<?95P_DfSVE S^9=;tPIB=<ADF9=J?EFW=HKDG]:<Z>K< S^;CDF9=a:H?n �ZB=<3;=<[a:>K<[<A7^��WC9�S^J[J?<[@CP_S v DGEFDGP )rHIB=7�.cHP_BC< ��EF<�]:<[E 5�7^� DG9=J[EGW=HIDª]:<?9=<[HKH.7^� S�HK<[95P_<?9=J[<V� P_B=< EF<?HIH3S^J[J?<[@CP_S v EG< PIB=<iHI<[95PI<[9=J?<^� PIB=<ist7:>K<P_BC< HK@ <[SÛ^<?>3@C>I<?�¡<?>IHcP_B=<iDG9=J[EGW=HIDª]:<2>I<[S^;=DG9=a=n

Q�DF9�SVEFE-)^�CP_BC< HI@T< SÛV<[>KHG.cB=7RS^J?J[<[@NP.P_BC< HI<?9�PI<[9=J?<1S^H.@T<[>¨�¡<[J�P_E-)�DG9�PI<[>K@=>I<�PLS v EG< a^<?P.PIB=<<��NDGHKP_<?95P_DfSVE}>I< SV;=DF9=a�S^H PIB=< +�>IH¨PrlmS^9=;�@T<[>IB=S^@=HZP_B=<i7:9CE-)Cp >I<[S^;=DF9CatS ]VS^DGEfS v EG<^n

�ZB=<2;�SVP_S1DG9 � u ? ��d�¢2HIBC7E. P_B�SYPZ�¡7:> P_BC< stS �K7:>KDGP )�7^� HI@T< SÛV<[>KHcPIB=<iDF95P_<?>I@=>K<?P_SVP_DG7:97^� l < >5p2DFHrDG9=J[EGW=HIDª]:<Vn��O9&HK<[J�P_DF7^9&§=� �2HKB=7�. BC7E.�HKW=JLByS^9&DG9=J[EGW=HIDª]:<">K< S^;CDF9=a�J[7:>K>I<[EFSVP_<?H.cDGPIB P_B=< v 7:W=9=;=<?;=9=<?HIH.7V� PIB=<i<?]:<?95P n

� �� " �� ! ��

�ZB=< � S^J�P!P_B=SVPiSÊGE�J[EFS^HIHK<[H27^�e]^<[> v H SÊFEG7E. �¡7^>!S^9(DF9CJ[EFWCHIDG]^<rDG9�PI<[>K@=>I<�PLSVPIDF7:9=H.W=9=;=<?>2HI7:s�<HI@T<[J?D-+�JoJ[DG>IJ?W=stH¨PLS^9CJ[<[H3.cB=DGJLB�.cDFEGE v <�;=DGHIJ?W=HIHK<[;r�¡W=>¨P_B=<?> 7^9 stS*) v <�S^9 DF9=;CDFJ SYP_DF7^9!P_B�SVP ��DFH�SÊ>. S*),H�DG9=J[EGW=HIDª]:<Vn@C B=DF<?>IJLB=DFS"l�¢-?A?C=^p��5�¡7:>8DF9=H¨PLS^9CJ[<^�,J[EFS^DFs�H P_B=SVP �� S ]^7:W=>IH S HK@ <[SÛ^<?>¨M7:>KDF<[95PI<[;�DF95PI<[>I@C>I<?P_SVP_DG7:965 & �¡>K7:s C B=DF<?>IJLB=DFSyl¨¢-?;?C=N�ª¢ ¥^£5p ' n��O9�7^P_B=<?>7.�7:>I;=H?� �� DGHrstS^DF9CE-)DF9CJ[EFWCHIDG]^<^n

�O9�7:>K;=<[> PI7ta^<?PZP_BCDF9=a:HZJ?EF<[S^>[��7:9C<29=<[<?;=HAPI7t;C>_S*. S�;=DGHKP_DG9=J?PIDF7:9 v <?P .�<[<?9�S�@=>I7^@ <?>IE-)DF9CJ[EFWCHIDG]^<&l¡HI@T< SÛV<[>�MO7:>KDF<[95PI<[; DG9 C B=DG<[>IJLBCDfS(5 H�PI<[>KstH_p1>K< S^;=DG9=a=�ZSV9=;�a:<?9=<[>KDFJ�7:9=<^� .cB=DFJLBstS�)�DF9CJ[EFWC;=< PIB=<�HI@T< SÛV<[>?n �O9�HK7:st< J[7:95PI<��,P_H?� �� DGH!SÊ>. S*),H!DF9CJ[EFWCHIDG]^<^ni��SVPI<[>!7:9 ��K.cDFEFEJ[EFS^DFs�PIB�SVP .cB=<[9C<?]:<?>c@ <?>K�¡<[J�P_Dª]:<.DGH stS^>IUV<[;7^9"P_B=<A]:<?> v �CPIB=<.�¨`(C PIW=>I9CH DF9CJ[EFWCHIDG]^<^n �ZBCDFHDF9CJ[EFWCHIDG]^< >K< S^;CDF9=a=� S^HcP_B=< ;�SVP_StDF9�� u ? ��d ¢ HIB=7�.i� DFH3SÊ-. S*)NH3@ 7^HIHID v EF<V��.cDGP_B S^9<) J?EfS^HKH7^�8]:<?> v H?n � 9=J?<�Sâ5SVDF9�� v )�DF9CJ[EFWCHIDG]^< >I<[S^;=DG9=a=� �cs�< S^9 S>I< SV;=DF9=a�.cB=DFJLB�DGH!HI@T<[J?D-+�<?; �¡7:>DF9CJ[EFWCHIDG]^<[9=<?HIH?�N.cB=DFJLBR7 v EGDFa5SYP_7:>KDFE-) DF9=J?EFW=;=<?H P_BC<2HI@T< SÛV<[>3S^st7^9=arP_BC7:HI<M.cB=7�S^>K<iS 0 <[J?PI<[;v ) P_B=<i<�]:<[95P[n u 9�< �=SVst@=EG<27^� DF9=J?EFW=HKDG]:<?9=<[HKHcDFHcDF9 lm¥:p��B=<?>II<?@ <[SVP_<?; SVHrl < ?5p �

¢ B £ �� !��HKD

l < ?:p �O<[>KD):<?HKPI<[>I;=S�)

HKDHKD�DFHS^>K>IDG]VSVPIDS^>K>IDG]^<[;

P_S^>I;=DEFSVP_<

� o<[HKPI<[>K;�S*)�. < B�S ]:< S^>I>KDG]^<[;REfSVPI<15

� PeDFH�DFs�@ 7:>¨PLS^95P P_72>K<[J SVEFENPIB�SVP8SVEFHI73P_B=< a^<[9=<?>IDFJZ>K< S^;CDF9=a!stS*) v < DG9�HI7:s�< HI<?9=HI<cDG9=J[EGW=HIDª]:<^n� �oS@=>I7^@ <?>KP )�DFH3PI>IW=< �¡7:>.<�]:<[>H) v 7,;():�}DªPG.cDGEFE v < P_>IWC< �¡7:>AP_B=< HK@ <[SÛ^<?>iS^HG.�<[EGE n!�O9 l¡§5¦5p��P_B=<rHI@T< SÛV<[>!stS*) v <rDG9=J[EGW=;=<[; S^st7^9=atPIB=7:HI<�.cB=7 @ <?>K�¡7:>Ks P_B=<rS^J?PIDF7:9 7V�oS^>I>KDG],DF9=aC� v WCPP_B=<?>I<1DFH29C7 ��HI@T<[J?D-+�J[SVP_DG7:965 �¡7^>2DGP nr�ZB=<tHK<[95P_<?9=J[<ts"S*) v < PI>IW=<�SÊGHI7RDG�8P_BC<�HK@ <[SÛ^<?> B=S^H9=<?]^<[> v <?<[9RP_7t��DGEfS^9=7Cn

l §5¦:p `NDHIDS^>K>IDª]^SS^>K>IDª]:<[H

HK<[s�@=>I<SVE-. S�),H

PLSV>I;=DEfSYP_<

SDG9��DFEFS^9=7��DFEFS^9

� k <[7^@=EF< SÊ>. S*),HAS^>I>KDG]:<2EFSVP_<2DG9��DFEFS^965

�O9"HK<[J?PIDF7:9 ¥Nnq¥,nG��B=7�.�<?]:<?>[��DªP . S^H�HIB=7�.c9"PIB�SVP S P_BCDF>I;�>I<[S^;=DG9=arDGH SÊGHI7 S ]^SVDFEfS v EF< �¡7^>��¨`NC H?�P_B=<c< �CDGHKPI<[95P_DFSÊ ©V< �NJ[EFWCHIDG]^<Z7:9=<Vn \39C;=<[>eP_BCDFHe>I<[S^;=DG9=a=�:P_BC<ZHI@T< SÛV<[>oDFHe9=7^P8DG9=J[EGW=;=<?;tSVst7:9CaP_B=7^HI< @T<[>¨�¡7:>Is�DF9Ca PIB=< S^J�P_DG7:9 < �N@=>I<?HIHI<?; v )yP_BC<�]:<?> v n u 9 < �CS^st@CEF<�7^�iS^9 <��NJ[EGW=HIDª]:<>I<[S^;=DF9Ca�DGH l ¥A=^p��=B=<?>II<?@ <[SVP_<?; SVHrl¡§=¢ p �

l §=¢¤p � W�S^9=;C7.cB=<?9


SÊGEfSSVP

@T<[9=HKDF7:9C<^�B=7^st<V�

HIDHIDHK<[>¨]NDª]VSHK<[>¨]:<[; *,+.- �


EFSPIB=<

b[W=@=@=SHI7:W=@

� g0B=<[9 . < >I<�P_W=>K9=<[;�B=7:s�<^�=PIB=<�)I. <?>I< SÊF>K< S^;()"HI<?>K],DF9=a1P_BC< HK7:W=@65 & �¡>I7:s�2>_SVPIb[<?> l¨¢-?A?A=N� £:p '

� J?7:9=J[EGW=;=<2P_B=SVP �� DGHZ9=7^P3SÊ>. S*),HcDF9=J?EFW=HKDG]:<Vn? <?�¡7:>K<1a:7:DF9Ca DF95P_7 P_BC<tSV9�SÊ-),HKDFH27^��DF9=J?EFW=HKDG]^<��¨`NC H[� �.cDGHIB(P_7R<��CS^s�DF9=< PIB=<1;�SVP_SRDG9

;=<?P_S^DFEmneQ�>I7:s�S�J S^>K<?�¡W=E}7 v HI<[>¨]VSVP_DG7:9 7^� P_B=<i;�SVP_S1S1JLB=S^>_S^J�P_<?>IDFb[SVP_DG7:9R7^� DF9=J?EFW=HKDG]:<?9=<[HKHAS^HHKPI>IDFJ�P_E>)>I<?EfSVPI<[; P_7 v 7:W=9=;C<[;=9=<?HIH3<[s�<[>Ia^<[H[� SVHA�oHIBC7E. DF9 P_B=<i9=< �,P3HK<[J�P_DF7^9�n

� �� "� �� !� � � "N$ " �� #��!� �

`N71� S^>[��DªP3B=S^H v <[<?9 HKB=7�.c9�P_B=SVP.�¨`(C H .cDªP_BRP_>_SV9=HIDªP_DG]^<2]:<[> v H.@C>I<[HK<[95P v 7^PIB S^9�DF9=J?EFW=HKDG]^<S^9=;�S^9�<��NJ[EGW=HIDª]:<¤©Y<��NDFH¨P_<[95PIDfSÊ�>I<[S^;=DG9=a!.cB=<[9�HI@T<[J[D>+�JiP_DFs�<2>I<��¡<[>K<[9=J?< DGH3S ]VS^DGEfS v EG<.DG9�PIB=<

� � � �� $� � �� ¢ BAB

HI<?95P_<[9CJ[<^n�ZB=<IF�W=<?HKP_DG7:9�9=7�.�S^>KDFHI<?H�.cB=<�P_B=<?>rP_BC<[HI<tP . 7�DG9�PI<[>K@=>I<�PLSVPIDF7:9=H S^>K<">I<[SÊFE>)(S ]VS^DFEFS v EF<

7:>8P_B=<?>I<3DFH8>_SVPIB=<[>oW=9=;C<[>IHK@ <?J[D>+�J SVPIDF7:9 �,]VSâ:WC<[9=<?HIH 7V�}DF95P_<?>I@=>K<?P_SVP_DG7:9%.cDªP_B1P_>IS^9=HIDªP_Dª]:<3S^9=;W=9=<?>Ia5SYP_DG]^<2]:<[> v H[n

u ]:<?> )�a:7N7,;�s�< SV9=H"�¡7:>�P_<[H¨P_DG9=a-P_BCDFH"DGH v )�S^@=@=E>)NDG9=a-J?7N7^>I;=DG9�SVP_DG7:9 v <�P . <?<[90P . 7�¨`NC H?ne� � P .�7rHI<?95P_<[9CJ[<[H�B�S ]:<AP_B=<cH_SVst<ZW=9CHI@T<[J[D>+�<[;tHIW v �K<[J?P[�CJ?7N7:>K;=DF9=SVP_DG7:9 DFH8J?7:9=HIDG;=<[>K<[;P_7 HI<?EF<[J�P PIB=<.HIS^st<c]VSÊFWC<A�¡7:> v 7^P_BtHIW v �K<?J?PIH l J?��n � .cDFJLU<) � `NS^;=7,JLU�¢8? B =:p n�� 7:9=<A7^��PIB=!DGH!HI@T<[J?D-+�<?;�� PIB=<r�¡7:>Kst<?>.HIW v �K<[J�P .cDFEFE S^;=7^@CPP_BC<i]VSÊGW=<27^� P_B=<iHK@ <?J[D-+=<[; 7^9=<^n

��<�PcW=HAJ[7:9=HKDF;=<?> P_B=<iHK<[95P_<?9=J[< DF9�l §�¥^p��

l §5¥:p ��DPI7VMOs�<�M�% � �

HIDHID�DGH;=<?PKP_7H_S^DG;

JLB=<P_B�SVP

�AS 0 <[EGEfS�AS 0 S^<[EGEfS

C SV>I> �C SV>I> �

�DGHDG9DG9@ <?9=HIDG7:9=<@ <?9=HIDG7:9

�q`N7:s�< v 7N; )"P_7ÊF;Rst<!PIB�SVPA�AS 0 S^<[EGEfS!C S^>K> �1B�S^Hc>I<�P_DG>I<[;=5

l §5¥:pADGH!J[EG< S^>KE-)�<��NJ[EGW=HIDª]:<Vn �}<�P2W=H!J?7N7:>K;=DF9=SVP_<l §�¥:pK.cDGPIB�S^9=7^PIB=<[>.�¨`NC.n g�<[>I< P_B=< DG95P_<[>�M@=>K<?PLSYP_DF7^9�7^�8P_B=<�HK<[J[7^9=;(�¨`NC W=9CHI@T<[J[D>+�<[;(7:>3]^SVa:W=<^��PIB=<�HI<?J[7:9C;��¨`NC .�7:W=EF;�HK<[EG<[J?P2PIB=<<��NJ?EFW=HKDG]:<1DG9�PI<[>K@=>I<�PLSVPIDF7:9�W=9=;=<?>2J[7,7:>I;=DG9�SVPIDF7:9 .cDGP_B PIB=< DG9=J[EGW=HIDª]:< �¨`NC DF9�l §�¥:p ni�ZB=DFH!DGHB=7�.�<?]:<?>.9=7VPAPIB=<iJ S^HK<^� S^H l¡§ 

� k <?7:@=EF<2PI7:EF;Rs�<iS^9=;�. < .�<[95P3�¡7^>Z;=DF9=9C<[>#5

l § I@C>I<?P_SVP_DG7:9 DFHrDG9=J[EGW=HIDª]:<tS^9=;-PIB=<I+�>KHKPrDFH �¡7^>IJ[<?;=E-)<��NJ?EFW=HKDG]:<Vn �ZB=<[>K<?�¡7:>K<^�.PIB=<[>K< DGHRS�J[EfSVHIB0W=9=;=<?>RJ[7,7:>I;=DG9�SVPIDF7:9�n �ZB=DGH HIB=7�.cHRP_B�SVP PIB=<DF9CJ[EFWCHIDG]^<iS^9=; P_BC<2<��NJ[EGW=HIDª]:I<[S^;=DF9Ca1S^>I<2>K< SÊGE-)tS ]^SVDFEfS v EF<V�NSV9=; P_B�SVPK.�< S^>I<29C7^PZ;=<[SÊFDG9=a.cDGPIBRHI<[stS^95P_DGJiW=9=;=<?>IHI@T<[J?D-+�J[SVP_DG7:9�n

�ZB=DFHZHIS^DF;��CEF<?PcWCHA9C7E.�P_W=>K9RPI7"SV9�SÊ-),b?<!P_B=<2P_>KDFa:a^<[>IH �¡7^>ZDF9=J?EFW=HKDG]:<2>K< S^;CDF9=a=n

¢ B > �� !��HKD

�& � � � ��;��+ �� % �:��'��'��8�

u H HIB=7�.c9 DG9 P_BC<�@=>K<?],DF7^W=H�HK<[J?PIDF7:9 �<C DF9(F,WC< J[EFS^DFs�H�P_B=SVP SV9rDF9CJ[EFWCHIDG]^<�>K< S^;CDF9=aADFH 7 v P_S^DF9=<?;7:9y]:<[> v H1P_B�SVP�;=7 9=7^P�@=>K7 �K<[J�PtS^9 < �,P_<[>K9�SÊ @ M >I7:EG<D.cB=<[9�S�HI@T<[J[D>+�JRP_DFs�<>K<?�¡<[>K<[9=J?< DGHDF95P_>K7N;CW=J[<?; DF9 S^9"�¨`NC.n=�ZB=<2;�SYPLSr@=>K<[HK<[95P_<?;�DG9"P_B=<.@=>I<�]NDG7:W=H HK<[J�P_DF7^9 J[7:95P_>IS^;=DGJ?P DG9@�S^>¨PP_B=DGH a:<?9=<[>ISÊFDGb SVPIDF7:9 n u 9 DF9=J?EFW=HKDG]:<3>I<[S^;=DF9CarDFH�DF9"� SVJ?PZS ]VS^DGEfS v EG<ASÊFHK7�.cDGPIB"P_>IS^9=HKDGP_Dª]:<.S^9=;W=9=<?>Ia5SVPIDG]^< ]:<[> v H[n u J[J?7:>I;CDF9=a P_7 C DG9NF�W=<^� .cB�SVP J[S^W=HI<?HiDF9=J?EFW=HKDG]:<?9=<[HKH 7^>!<��NDFH¨P_<?9�PIDfSÊGDGP )DFH�HK@ <?J[D-+=JP_DFs�<>K<?�¡<[>K<[9=J?<^n � )ySVDFs DFH P_7(HKB=7�.�P_B=SVP1HI@T<[J?D-+�J P_DGst<t>I<��¡<[>I<?9=J[<�DFH�7^9=E-)7:9=<i7^� P_B=< J S^WCHI<[HA�¡7:>ZDF9CJ[EFWCHIDG]^<[9=<?HIH?n �O9�PIB=DFHcHK<[J?PIDF7:9 �T��HIB=7�. PIB�SVP�.cB�SVPA>I<[SÊFE>)"PI>IDFaâ:<[>KHP_B=<tDF9=J?EFW=HKDG]^<t>K< S^;=DG9=a�DFHiP_B=< v 7:WC9=;=<[;C9=<[HKH 7^� PIB=<"<�]:<[95P[n ? <��¡7:>I<tS^;=;=>K<[HKHIDF9Ca P_B=<tJ[7:>K<@=>I7 v EF<?s 7V��DG9=J[EGW=HIDª]:<?9=<[HKH2S^9=;�DªP_H.>K<[EFSVP_DG7:9 .cDªP_B PI<[s�@ 7:>ISÊ >I<?�¡<?>I<?9=J[<V�}@ <?>K�¡<[J�P_Dª]NDªP ):� S^9=;v 7^W=9=;=<?;=9=<[HKH[� S v >KDF<��8DF95P_>K7N;=WCJ?P_DG7:9 7V�oPIB=<rPIB=<[7:>K<?PIDFJ SVE v SVJLU,a^>I7:W=9C; �K.cDGEFE�s"SVU^< W=HK<�7^�DFHZ9=<?J[<?HIH_SV> ):n

�& �6! � )�� :�+1��/� � �% �:��'��'��8� + �� -��C�/� �

u HRHI<?<[9 DG90JLB�S^@CPI<[> ¥N�.<�]:<[95PIH s"S*) v <(J[EFS^HIHKD-+�<?; DG95P_7 �!�-+,�8� � � + �C�A�� '�� + �;��/)��/�� S^9C; + � �'��C)�� l 68<[9=;=EG<[>�¢-?:£ B p�n 68<?9=;=EG<[>�@=>I7:@T7:HK<[; S J[EfSVHIHID>+�J SYP_DF7^97^�o]:<[> v J?EfS^HKHI<?H SVJ[J[7^>I;=DG9=aP_7 P_<?st@T7:>ISÊ�;=WC>_SVPIDF7:9��PI<[s�@ 7^>_SÊ P_<[>KstDG9�SVPIDF7:9 S^9=;(DF95P_<?>I9�SVEP_<?st@T7:>_SVE HKPI>IW=J�P_W=>K<^n��7:>K<tHK@ <?J[D>+�J SÊGE-)^��68<?9=;=EG<[> ;=DFH¨P_DF9Ca:W=DFHKB=<[; v <?P .�<[<[9 �!�-+,�-�� P_B=SVPB�S ]:< 9=7 DF95P_<?>I9�SÊ2H¨P_>KW=J?PIW=>I< 7:> JLB�S^9Ca:<�;CW=>IDG9=a�P_B=<�P_DGst<�HK@�S^9*7¤]:<[> .cB=DGJLB*PIB=<�)*S^>K<P_>KW=< � +1�;��)�� =.cB=DGJLB�B=S¤]^<"DG9�PI<[>K9�SÊeJLB�S^9Ca:<"SV9=;�;CW=>_SVPIDF7:9 v WCP 9=7�7 v EGDFa5SYP_7:>H)�PI<[s�M@ 7^>_SÊT<[9=;C@ 7:DG95P�� + � ��*)�� ,PIB�SVP B=S¤]^<2DF9=H¨PLS^95P_S^9=<[7^W=H <[9C;=@ 7^DF95PZS^9C;9=7 ;=WC>_SVPIDF7:9��S^9=; + �C�A�� '� � �� NPIB�SVP.S^>I<i<�]:<[95PIHG.cDGPIB�;=WC>_SVPIDF7:9�S^9=; S^9�7 v EFDGa5SVP_7^> )�P_<[s�@T7:>_SÊ<[9=;C@ 7:DG95P n-�ZBC<�¡7:W=>�J[EFS^HIHK<[H�B�S ]^< v <[<?9 7^>Ia5S^9CDFb[<?; v )-]VS^>IDG7:W=H�SVWCP_B=7^>IH�DF95PI7�;=D-0 <[>K<[95PHIW v a:>I7:WC@=H[n��ZB=<�s"S^DG9�;=DFH¨P_DG9=J?PIDF7:9�DGH2W=HIW�SVEFE-) s"SV;=< v <�P . <?<[9&H¨PLSVPIDG]^<tSV9=; ��!� MOH¨PLSVPIDG]^<]:<?> v H?� .cB=DGJLB S^>K< HK7:s�<?P_DGst<?HZJ SÊGEF<?;�<�]:<[95PIH[n ? S^JLB&l¨¢-?A>N¢ p @=>I7^@ 7:HK<[H3StJ?EfS^HKHID-+=J SVPIDF7:9�S^J MJ[7:>K;=DF9CatP_7%.cB=DFJLB SÊFE�S^HK@ <?J?PIW�SÊ J[EfSVHIHI<?H.stS*) v < J SÊGEF<[;�<?]^<[95P_W=SÊFDªP_DF<?H[nAQ�7:EFEG7�.cDF9=a%? S^JLB ��2.cDFEGE�S^;C7:@CP.PIB=<rPI<[>Is �C)��:�+ ��/� � P_7;C<[HIJ?>ID v < v 7^PIB HKP_SVP_Dª]:<�S^9C; <?]^<[95P_Dª]:<1S^HK@ <?J?P_W=SÊ

� � � � �� $�� ¢ B ?

P ),@ <?H[n

�ZB=<2@=>I7^@ <?>KP ) 7^� S^9R<�]:<[95PA7^� B�S ],DF9=a17:> 9=7^PcB�S ],DF9=a1S PI<[s�@ 7:>ISÊT<[9=;=@T7:DG9�PcB=S^H v <?<[9>I<��¡<[>K>I<[;RP_71DG9P_B=<iEFDªP_<?>_SVPIW=>I<2SVH P_B=< % �:'�� 7^� P_B=<2<�]:<?9�P l¡68<?>IU�W(),E8¢-? B ¥,� �:S^JLU:M<[9C;=710 ¢-?A?:¦:p��5P_B=< �C:�� +,�� 7^� PIB=<A<?]:<?95P l ��7,<[9CH S^9C; `,PI<[<[;Cs"S^9�¢-?A>A>:p��:P_BC< �-�� /� � 7^� PIB=<c<?]:<?95Pil `,stDªP_B ¢-?A?N¢ p��:7^> P_B=< �� 8+,�� 7^�TP_BC<A<�]:<?9�P!l � <[9C9 )R¢8?A> B ��¢-?;?^§�p�n

�ZB=< S^HK@ <?J?P_W=SÊ @=>K7:@T<[>KPIDF<?H S^9=;�J?EfS^HKHID>+�J SVPIDF7:9CH @=>K7:@T7:HI<?; v ) 68<[9C;=EF<?> S^>K<7^� P_<?9&>I< M�¡<[>K>I<?; PI7�SVH � �� n �37�. S^;�S*),H[� DGPiDFH.J[7:s�st7^9(S^HIHKW=st@NP_DF7^9 P_B�SVPi7^9=<1HIB=7:WCEF;PLSVEFU S v 7:WCPPIB=<�S^HK@ <?J?P_W=SÊ!@=>K7:@ <?>KPIDF<[Ht7^�iP_B=<�62k 7:>7^�2PIB=< J[EFS^W=HK<^�A>_SVPIB=<[>�P_B�S^9 PIB=<S^HK@ <?J?P_W=SÊ�@=>K7:@ <?>KPIDF<[H�7^�}P_BC<.]:<?> v �=HKDF9=J?<!stS^9<)�� SVJ?P_7^>IH[�NEFDGU^<!SV;C]:<?> v DFSÊ s�7N;CD-+�J[SVP_DG7:9��5DF9,MP_<?>_S^J�P .cDªP_B"PIB=< �� #��!�� n�� #��!�� DFH8P_B�W=H 7^� PI<[9;CDFHKPIDF9=a^W=DFHKB=<[; v )"a:>IS^s�s"SVPIDFJ[SÊFE>)<��N@=>K<[HKHI<[;"S^HI@T<[J�P_W�SVE=;=DFH¨P_DG9=J?PIDF7:9=H?�^HKW=JLB"SVH @ <?>K�¡<?J?P_Dª],DGP ):n � .cDFEFE,>I<��¡<[> PI7.P_B=<ZEFSVPIPI<[>�S^H HI<?9NMP_<?95P_DfSVE S^HI@T<[J�P n8Q�7:>8S +�9=<�M a:>_SVDF9=<?;�J?EfS^HKHID>+�J SVPIDF7:917^� �� #��!�� P_BC<3>K< S^;=<?>8DFH8>I<��¡<[>I>K<[;P_7�� <[9=9<) � keW=H¨P_< �K7 ],HKU )&l ¥V¦:¦:¦5p � �2W=<[>K>I<[>K7��<[;=DG9�S�l ¥^¦:¦N¢ p��SV9=;�`NstDªP_B l�¢-?A?C¢ p n

� PcDFHcSÊGHI71J[EG< S^> PIB�SVPAS^HK@ <?J?P.S^9=; P_<?9=HI< S^>I<i<?9=J[7,;=<[;�7:9�;=D-0 <[>K<[95Pc�¡W=9=J�P_DF7^9�SÊ @C>I7 �K<?J�MP_DG7:9=H?�=;=<[HK@=DGPI< PIB=<!� S^J�PAPIB�SVPZPIB=<�)�S^@C@ <[S^>ZDF9R@T7:>KPIs"S^95PI< S^WRs�7:>I@=BCHZDF9Rs"SV9 )"EfS^9Ca:W�Sâ:<?Hl C 7^st>KDF<�¢-? B £5p�n

�O9(PIB=DFH2HK<[J�P_DF7^9�� .cDGEFE�UV<[<?@-HI<?95P_<[95PIDfSÊ8S^HK@ <?J?P ;=DGHKP_DG9=J?P2�¡>K7:s �� #��!�� nr�ZB=<�P . 7.cDFEGE v < HKB=7�.c9�P_7�DF95PI<[>_SVJ?PADF9 P_BC< J[S^HI< 7^� �¨`(C H[nZ��7:>I<?7 ]^<[>?� � �¡7ÊFEF7�. j.<?@=>_S^<�P_<?>I< l�¢-?A?C=^pv )�J[7^9=HIDG;=<[>KDF9=a �-��C�/� � S^H�SV9�DF9=B=<?>I<?9�P1@C>I7:@T<[>¨P )&7^�c]:<?> v H1>K<[EfSYP_<[;&PI7 P_B=< � @T7^P_<?95P_DfSVES^J�P_W�SÊGDFb[SVP_DG7:965[7V��ScHIDGPIW�SVPIDF7:9�� % �:��'��'��8� ;=<?PI<[>KstDG9=<[H�DF9CHKP_<[S^;iP_B=<�S^J?PIW�SÊ5>K< SÊGDFb SYP_DF7^97^� S HIDªP_W�SYP_DF7^9�� fl u pOP_<?EFDFJ?DGP )�B�S^H�P_7�;=7!.cDGPIBD.cB=<?PIB=<[>Z7VPZ9=7^PAS HKDGP_W=SVP_DG7:9"DGH ;=<[HKJ[>KD v <[;�S^HB�S ],DF9=a S^91DG9=B=<[>K<[95Po7:> DG9�PI<[9=;C<[;�<[9=;=@T7:DG9�P � l W=9 p v 7^W=9=;=<?;=9=<[HKH�>K<[EFSVP_<?H P_7 .cB=<?PIB=<[>87:>e9C7^PS HIDªP_W�SVPIDF7:9�DGH2;=<[HKJ[>KD v <[;�S^HiB�S ]NDG9=aR>I<[S^JLB=<[;-SP_<[s�@T7:>_SÊ v 7^W=9=;�S^>H) 5 & �¡>K7:s j.<?@=>_SV<?P_<?>I<l¨¢8?A?C=N�o¥ M < p ' n

¢->:¦ �� !��HKD

�& � � �:��8��+ �'� �� C��:��8�/)�� (��*+ ��

� 91S+�>IH¨PeHIWC@ <?> +�J?DfSÊNEF7,7:U SVP�PIB=< ;�SVP_SC�:DªPeS^@=@T< SV>IH J?EF< SV> P_B=SVP DG9=J[EGW=HIDª]:< >K< S^;=DG9=a!DGH�HI7^st< MB=7�. EGDF9=UV<[;�P_7PIB=<�W=HK<�7V�oPIB=<�@�S^H¨P2P_<?9=HI<Vn��3;=7 9C7^Pi@=>I<?HI<?9�P S ;=<�PLS^DGEF<[; ;=<[HKJ[>IDG@CP_DG7:9(7^�� PLSÊGDfS^91HKDFs�@=EF<c@�S^H¨PZS^9C;"@=>K<[HI<?95PZ@ <?>K�¡<?J?PZSVH J[7^st@�SV>I<[;%.cDGPIBtP_BC<.J[7^>I>I<?HI@T7:9=;=DG9=a de9=aÊFDFHKBP_<?9=HI<?H"l¡HI<?<!? <[>¨P_DG9=<?PKP_7�¢-?A? B � �2DF7:>Ka:D � k8DFS^9=<?HID ¢-?;? B � S^9=; u >K7:HIDG7R¥^¦:¦ < �¡7:>2S";C<?PLSVDFEF<?;S^9�SÊ>),HIDFH 7^��P_B=<2� P_SÊFDFS^9"@�SVHKPZP_<?9=HI< p�n8�ZB�SVPcHK@ <?J[D>+�J!P_DGst<3>I<?�¡<?>I<?9=J[< DF95P_>K7N;CW=J[<?HZS^9RDF9=J?EFWNMHIDª]:<�>I< SV;=DF9=a�DF9 �¨`NC H DFHi9=7^PrS^J[J?DF;=<?95PLSÊmn"�O9�PIB=DFH HI<?J?PIDF7:9�� G.cDGHIB�PI7�HKB=7�.�P . 7�P_B=DG9=a:H[�+�>IH¨P � HI@T<[J?D-+�J2PIDFs�<2>I<?�¡<?>I<?9=J[< DFHc9=7^PcPIB=<i7:9=E-)"J S^WCHI< 7^� DG9=J[EGW=HIDª]:<[9C<[HIH?� v WCPADF9=J?EFW=HKDG]^<[9=<?HIHDFH SÊFHK7 J[7:95]^<�):<?; v )@T<[>¨�¡<[J�P_DG]^<2S^HK@ <?J?PcDF9"a:<[9=<?>_SÊmn8`N<?J[7:9=; ��HI@T<[J[D>+�J.PIDFs�<.>I<��¡<[>K<[9=J?<iS^9=;@ <?>K�¡<?J?P_Dª]:<cS^>KK< SVPI< v 7:W=9=;=<?;=9=<?HIHo7^��P_B=< <?]:<?95P n? 7:W=9C;=<[;=9C<[HIH3DFH2.cB�SYP v >IDF9Ca:HcS v 7:WCPZP_BC< DG9=J[EGW=HIDª]:<2DG9�PI<[>K@=>I<�PLSVPIDF7:9 7^� DFs�@T<[>IHK7:9�SÊ �� n

�ZB=<�;=<?� SVW=EGP >K<?�¡<?>I<[9CJ[<�@T7:DF95P"�¡7^><?]^<[95P_HRDFHtP_B=<�WCPKP_<?>_S^9=J?< P_DGst<V�Z7:>HI@T<[<?JLB*PIDFs�<^n�3<?9=J[<V�NDG9=J[EGW=HIDª]:<[9C<[HIH8�¡7:EGEF7�.cH��¡>I7^s P_B=<Z� S^J�PeP_B�SYP �� S^HKHIW=s�<[H�S2;=<[DGJ?P_DGJZ>I<��¡<[>I<?9=J[<Vno\39=;=<?>HI7:s�<"J?DF>KJ[W=s�HKP_S^9=J[<?H[� PIB�SVP/.cDFEFE v <"7:WNP_EFDG9=<[;�DF9�HI<[J�P_DG7:9 =Nn ¥NnG� P_B=<"@ <?>IHI7^9-�¡< SVPIW=>I<";=7N<?H9=7^P�B�S ]:< S^9<) 7^P_B=<?>%. S*)y7^� v <[DG9=a�DG95P_<[>K@=>I<�P_<?; v WCP v )y<[H¨PLS v EGDFHKB=DF9=a�S(EFDF9CU .cDGPIB PIB=<HI@T<[<?JLBRS^J?P[n u 9"DG95P_<[>K@=>I<�PLSVPIDF7:9%.cB=DFJLB">I<?�¡<?>IHoP_7 PIB=<.HK@ <?<[JLB�S^J�P DGH�DG9=;=<[<?;DF�W=DGPI<39=SVP_W=>ISÊ �S^9=;RDFH�P_B=<2s�7:HKP HKP_>IS^DFa^B�PK�¡7:> . S^>K;�HK7:EFWNP_DF7^9I.cB=<[9�7^PIB=<[>Z>K<?�¡<[>K<[9=J?<i@ 7:DG95P_HZS^>K<2stDGHIHKDF9=a DG9P_B=<iJ?EfS^W=HK<^n u ]VSÊFW=SVP_DG7:9 7^� P_B=<iHI<?s"SV9�PIDFJ2@T<[>KHI7:9R�¡< SVPIW=>I< .cDªP_BR>I<��¡<[>I<?9=J[<iP_7�PIB=<iHI@T<[<[JLBS^J?PI.cDFEFEAEF<[S^; P_7yS&HK@ <?J[D>+�J SVPIDF7:9�7^� HIW=JLB S-HI<?s"SV9�PIDFJ @T<[>KHI7:9*S^H >K<[EFSVP_DG9=a�PI7�HI@T< SÛV<[>S^9=;�SV;=;=>I<?HIHK<[<^�}Dmn�<Vn3PI7"P_B=<r@�S^>KPIDFJ?DF@�S^95PIH.SVP3P_B=< HI@T<[<?JLB�SVJ?P n u 9 DG9=J[EGW=HIDª]:<r>K< S^;CDF9=aI.cDGEFEP_B=<?>I<��¡7:>I< S^>KDFHI<Vn

� <��N@T7:HI< P_B=<i;=<�PLS^DGEFHZ7^� P_B=<iHK@ <?J[D-+=J SVPIDF7:9R�¡7:>ZDF9CJ[EFWCHIDG]^<[9=<?HIHADF9�;=<?P_S^DFE DF9RHI<?J?P_DG7:9 =,nq¥Nn�O9�PIB=DFHeHK<[J�P_DF7^9�� KW=H¨[email protected]_7iJ?7:9=J[<?95P_>_SYP_<A7:9�PIB=<c9=7^PIDF7:9�7^� v 7:W=9=;=<?;=9=<?HIH SV9=;17:9%.cB=SVPP_B=<iJ[S^W=HI<?H37V��DG9=J[EGW=HIDª]:<[9C<[HIH3S^>K<^n

g-< H_S*. PIB�SVP3S^J[J?7:>I;CDF9=a1P_7IC DF9NF�W=<"l¨¢8?A>A>C��¢8?A?C=:p � S^9�DG9=J[EGW=HIDª]:I<[S^;=DG9=a1DFHc7 v P_S^DF9=<?;DF91S^91�¨`NCJ.cB=<[9tS!HI@T<[J?D-+�JZPIDFs�< >I<��¡<[>K<[9=J?<3DGH DF95P_>K7N;CW=J[<?;�DG9 P_B=<cJ?EfS^W=HK<^n � 9C<A7V�6C DG9NF�W=<15 H� S^s�7:W=HZ<��CS^s�@=EG<[HZDFHZDG9�l §:§�p �

� � � � �� $�� ¢->C¢

l §^§�p � � a:a:Dm�PI7N;�S*)


HIDHID�DGHst7:>¨P_D;=< S^;

DF9�WCP_DGEFs�<[95P_<DF9 ]VS^DF9

�� 7,;�S*):��DG9 ? <[DG>IWCP[�(. < ;=DG<[;RDF9 ]VS^DF9 & �¡>I7:s C DF9NF�W=<:l¨¢-?;?C=N�ª¢ §C>5p '

u J[J?7:>I;CDF9=a P_77C DF9NF�W=<V�,PIB=<3DG95P_>I7,;=W=J�P_DG7:917^� � �T� � J[>K< SVPI<[H�PIB=<AJ[7:9=;CDGP_DG7:9=H �¡7:>oS^9�DF9CJ[EFWCHIDG]^<>I<[S^;=DG9=a�PI7�S^>IDGHI<^n u H HIBC7E.c9�DF9�j75 u EF<?HIHIS^9=;=>K7 ��u EF<��NDFS^;=7:W l ¥V¦:¦ < ��SC� v p��}HK@ <?J[D-+=J�PIDFs�<>I<��¡<[>K<[9=J?<2DFH HK7:s�<?P_DGst<?H�9C7^P <?9=7:W=a:Bt�¡7:> ;=<�P_<?>Is�DF9=DG9=a DG9=J[EGW=HIDª]:<?9=<[HKH[n u 9DGst@T7:>¨PLS^95P�>I7:EG<DFHcSVEFHI71@=EFS*):<[; v )�S^HI@T<[J�P � S^HZPIB=<iJ[7:95P_>IS^HKP v <?P .�<[<?9�l §C=:p S^9=;-l §5£:p v <?EF7�.�HKB=7�.cH[�

l §C=:p �O9DG9F�W=<[EP_B�SYP

>IDFH¨P_7:>IS^95P_<>I<[H¨PLS^WC>_S^95P

HIDHIDstS^9=a:DFS¤]VSSVPI< *,+.- �

v <[9C<.�<[EGE

� k <?7:@=EF<iW=HK<[;�P_71< SVP�.�<[EGE�DF9 P_B=SVPA>I<[H¨PLS^WC>_S^95P*5

l §:£5p �O9DG9F�W=<[EP_B�SYP

>IDFH¨P_7:>IS^95P_<>I<[H¨PLS^WC>_S^95P

HIDHID�DFHstS^9=a^DfSVPI7<[SVP_<?9 - �

v <?9=<. <?EFE

�q`N7:s�< v 7N; )=©E. <iB�S ]:< < SYP_<[9 .�<[EFE}DG9 P_B�SVPc>K<[H¨PLS^W=>IS^95P*5

�O9Rl¡§5£5p��YP_B=<�W=HI<�7^��@T<[>¨�¡<[J?PIDG]^< S^HK@ <?J?P �¡7:>KJ[<?H S^9 DF9=J?EFW=HKDG]:<o>I<[S^;=DG9=a=n l §5£5p};=7,<[H 9=7^P J[7:95PLSVDF9S^9<)�P_DFs�<c>I<��¡<[>I<?9=J[<.HI@T<[J[D>+�J SYP_DF7^9�n�o<?P[� �� B�S^H SV9DF9=J?EFW=HKDG]^<3>K< S^;=DG9=a=n u HI@T<[J�P P_B�W=H�@=EfS*),HS v DFa�>I7:EG< DG9�PIB=< DG95P_<[>K@=>I<�PLSVPIDF7:9�7^� PIB=<rHK<[95P_<?9=J[<Vn3� P3DFHAW=HKW�SÊFE>)P_BC<rJ SVHI<^� P_BC7:W=a:B�� P_B=SVP@T<[>K�¡<?J?PIDG]:<S^HI@T<[J�P�a:7,<[HrB=S^9=;&DG9-B�S^9C; .cDGP_B�HI@T<[J?D-+�J"PIDFs�<t>K<?�¡<?>I<[9CJ[<^n ? 7^P_B-@ <?>K�¡<[J�P_Dª]:<S^9=; HI@T<[J[D>+�JrPIDFs�< >K<?�¡<[>K<[9=J?< DF95PI>I7,;=W=J[<rS v 7:W=9=;�SV> )�DF9�P_B=< <?]:<?95P2P_DFs�<^�TS^9C; EF7,J SVPI< PIB=<<?]^<[95P v <?�¡7:>K<�PIB=<�WCPIPI<[>_SV9=J[<�P_DFs�<^n � PtDFH�W=HIW�SVEFE-)�S^HIHKW=st<?; PIB�SVPt@ <?>K�¡<[J�P_Dª]NDªP )�<[9CJ[7,;=<[H� S^95P_<[>KDF7:>KDGP ) 5N.cDGPIBR>I<[HK@ <?J?P3P_7�P_B=< HI@T<[<?JLB P_DGst<�l v WCP3HI<?< ��SYP_>IDG;=7:W�� u 9�Sâ^9=7:HKPI7:@T7:W=EF7^W �

k�SV9=JLB=<?]VS�¥^¦:¦ < �¡7:> S^9 S^9�SVE-),HIDGH�7^��@T<[>¨�¡<[J�P_DG],DªP )"SVH 7:9=E>)1DF95P_>K7N;=WCJ[DF9Ca S PIDFs�<�MOHK@�S^9tDF9tPIB=<J[EFS^W=HK<¤p�n8k <[>¨�¡<[J?PIDG],DGP )1J?>I<[SVP_<?H2l 7^>�a:7,<[HePI7:a:<?PIB=<[>@.cDGPIB p v 7:WC9=;=<[;C9=<[HKH[�=Dmn�<Vn�J[7^st@=EG<?PIDF7:917^�S^9�<?]^<[95P n

? 7:W=9=;C<[; <?]:<?95P_H SV>I<1@=>I7VP_7^P ),@=DGJ SÊGE-)�DF9�P_B=<1@�SVHKPiP_<?9=HI<Vnt� � S^9(<?]:<?95P DFH2J?7:s�@=EF<�P_<[; �DGPADGHAWCHIW�SÊGE-)S^HIHKW=st<?;�PIB�SVPADGPADFHcJ?7:st@CEF<?PI<[;RDF9RP_BC< @�SVHKP�.cDGPIB�>K<[HI@T<[J�P.PI7�PIB=< WNPIP_<?>_S^9CJ[<P_DGst<Vn�\39C;=7:W v PI<[;=E>):� S^9(<?]^<[95P stS*) v <�J[7:s�@=EG<?P_<?; SÊFHK7�DG9 P_B=<��¡WCPIW=>I<V� v WCPiP_B=<1@=>K7^P_7YMP ),@=DFJ[SÊ v 7:W=9=;C<[; <?]^<[95PADFH J?7:9=HKDF;=<?>I<[; PI7 PLSÛV<!@=EfSVJ[<!DG9P_B=<!@=S^HKP[n8Q WNP_W=>K<!P_<[9CHI<2>I<�F�W=DF>K<[HHI7^st< <��,P_>ISS^HKHIW=s�@CP_DG7:9=H?� SVH2`Ns�DGPIB � de> v S^W=a:B�l ¥^¦:¦:¥:p HIB=7�.inc�ZB�W=H[� @ <?>K�¡<[J�P_Dª]NDªP )�S^9=;

¢->5¥ �� !��HKD

v 7^W=9=;=<?;=9=<[HKH!S^>K<2J[EG7:HI<?E-)>K<[EFSVP_<?;��S^9=;RPLSVU^<2P_B=<iWCPKP_<?>_S^9=J?< PIDFs�<2S^HAS�>I<��¡<[>I<?9=J[< @T7:DF95P n? 7:W=9=;C<[;=9=<?HIH�s"S*) v <(J[7:95]^<�):<?; v 7^P_B v )0DF95P_>K7N;CW=J[DG9=ayS�HI@T<[J[D>+�J�P_DGst< >K<?�¡<?>I<[9CJ[<

DF9(P_B=<tJ[EFS^W=HI<tS^9=; v ) @T<[>¨�¡<[J?PIDG],DGP )^n �2S^>Ka:W=<1P_B�SVP v 7:W=9=;=<?;=9=<?HIH�DFHi>K<[HI@T7:9=HKD v EG<��¡7^> PIB=<DF9=J?EFW=HKDG]^<2>I< SV;=DF9=a17^� �¨`NC H?n

� � v 7:W=9C;=<[;=9C<[HIH�7^� S^90<�]:<[95P�DFHt>I<?HI@T7:9=HID v EF<��¡7:>"P_BC<�DF9=J?EFW=HKDG]:<�>I<[S^;=DF9Ca=�ZP_B=<?9*7^9=<. 7^W=EF; < �C@T<[J�PRP_B�SVPI.cB=<[9 v 7^W=9=;=<?;=9=<[HKHRDFHHKW=HI@T<[9=;C<[; PIB=<�HI<?95P_<[9CJ[<(HIB=7^W=EF;0EF7^HI< PIB=<DF9=J?EFW=HKDG]^<�>K< S^;CDF9=a=n1�ZB=DGHiDFHi<��CS^J�P_E-) .cB�SVP B�S^@=@T<[9=H DF9(�¨`NC H?� S^H�C DG9NF�W=<"SVEFHI7R7 v HI<[>¨]:<?H[n`N@T<[J[D>+�J SVEFE-)^�LC DG9NF�W=<"7 v HI<[>¨]:<?H1PIB�SVP DF9&J?7:95P_< �NPIH�7^�ZHKW=HI@T<[9=;C<[;�P_DGst<�>I<��¡<[>I<?9=J[<V�8EFDFUV<tDG9l § B p��P_B=<�DF9=J?EFW=HKDG]^<tDG9�PI<[>K@=>I<�PLSVPIDF7:9(;=DGH_S^@=@T< SV>IH[nR�A7�. <�]:<[>?�eDGPiDGH 9=7VP PIB=<tHKW=HI@T<[9CHIDF7^9&7^�P_DGst<c>I<��¡<[>K<[9=J?<.P_B�SYP J?>I< SYP_<[H a:<[9=<?>IDGJ[DGP )^� v WCP >ISVP_BC<[>8P_B=<3<[EFDGstDG9�SVPIDF7:9 7V��P_DGst< v 7:W=9=;�SV>IDF<?H�¡7:>1P_B=<�<?]^<[95P n u HK<[95P_<?9=J[< EGDFUV<&l¡§:§�p��oP_B�SYP�. S^HW=9CDF95P_<?>I@=>K<?PLS v EF<�W=9=;=<?>S^9 DF9=J?EFW=HKDG]^<>I<[S^;=DF9Ca=�=HIWC;=;=<[9CE-) v <[J?7:st<?HcDF95P_<?>I@=>K<?PLS v EF<V�

l § B p `N<DG�7:a:a^D):<?HKPI<[>I;=S�)

SDG9?�<[DF>KWCP?�<[DF>KWCP

HIDHID�DGHst7^>KP_D;=< SV;

DF9�WCPIDFEFs�<[95PI<^�DF9 ]VS^DF9

l¡DF<?>ID �)^<[H¨P_<[>K;�S*)

SDF9? <[Eª� S^HKP[�? <[Eª� S^HKP

9=7:99=7^P

HIDDFH

�DFHJ?<[>¨P_7J?<[>¨PLS^DG9=E-)

st7:>¨P_D;=< S^;

@ <?>�¡7:>

WC9�SS

>_Sâ:DG7:9=<>I< SVHI7:9�S v EF<

HI<?9=H_SYPLS>I<[S^HI7^9

�� ):<[H¨P_<?>I;�S*)DG9D? <?DF>KWCP @T<[7:@CEF<A;=DF<?;DF9�]^SVDF9��P_7,;�S*)�DF9D?�<[EG� SVHKP @T<[7^@=EF<AB�S ]:<!9C7^P;=DG<[; �¡7:>cS�a:7,7N;R>I<[S^HI7^965 & �¡>I7:s C DF9NF�W=<tl�¢-?A?C=N�ª¢�=^¦N��§*=VS5p '

�O9�l § B p��VPIB=< P_DGst<o>I<��¡<[>K<[9=J?<ZDFH ��HIWCHI@T<[9=;=<?;655DF9!C DF9NF�W=< 5�H PI<[>Is�H[n �ZB=DFH S^st7^W=95P_H�PI7!H_S*),DF9=aC�DF97^W=>�PI<[>Is�H[�,P_B�SYP P_BC<3P_DGst< v 7:W=9=;�SV>IDF<?HZS^>K<.<[EGDFs�DF9�SYP_<[; n4? 7^W=9=;=<?;=9=<[HKHcDFH�PIB�W=H P_BC<!U^<8)P_71<��N@=EFS^DF9 PIB=<ia:<[9=<?>IDGJ¤©VDG9=J[EGW=HIDª]:<iSÊªP_<[>K9�SVPIDF7:9�n

C DF9NF�W=< 5�H�7 v HI<?>K]VSVPIDF7:9 S v 7:WCP-l §:§5pS^9=;�l¡§ B pDF9C;=DFJ[SVP_<?HP_B=< @�SVPIB*PI7 v <(�¡7ÊFEF7�.�<[;�n� `,W=HI@T<[9=;C<[;�P_DGstI<��¡<[>K<[9=J?<15�DGH39=7VP_B=DG9=a"<?EFHI< v WCP.J[>I<[SVP_DG7:9 7V�eW=9 v 7^W=9=;=<?;=9=<[HKH[ni�O9yl¡§ B p��P_B=<2PI<[s�@ 7:>ISÊ v 7:W=9C;�S^> )DFHZ<[EGDFs�DF9�SYP_<[; �CS^9C;�PIB=<i<?]:<?95P.< �NPI<[9=;CH.cDGPIB=7:WCPASV9�<?9=;=@T7:DF95P[n

� ��P_B=<3B<)N@T7^PIB=<[HKDFH � S^s�P_>H)NDG9=aiP_7r@CWCP �¡7:>H. SV>I;"BC<[>I<AB=7:EG;=H[��P_BC<[97:9C<3HKB=7:W=EG;SÊGHI7 <��M@ <?J?P P_B�SVP�.cB=<[9C<?]:<?>oS^9 W=9 v 7:W=9=;=<?;�<?]^<[95PePLSÛV<[H @CEfS^J?<^�:DG9=J[EGW=HIDª]:<o>I< SV;=DF9=a3DFH 9=7^PeSVEFEF7�.�<[;�n�ZB=DFH8SVst7:WC9�PIH P_7iH_S*),DF9CaiPIB�SVP PIB=< � HKW=HI@T<[9CHIDF7^96557^�TDF9=J?EFW=HKDG]^<[9=<?HIHoS^>IDGHI<?He9=7^P87:9=E>) DG9�J S^HK<[H7^��HKW=HI@T<[9=;C<[;�P_DGst<8>I<��¡<[>K<[9=J?<[H[� v WNP SÊGHI73DF9 SVEFE�J S^HK<[H4.cBCDFJLB DG9�]^7:EG]^< S^9 W=9 v 7^W=9=;=<?;�<?]:<?95P n

� � � � �� $�� ¢-> <

�O9 7:>I;C<[>cP_7HK<[<�.cBC<?P_BC<[>.PIB=DFHADFHcP_>KW=<^� EF<?P3W=H3JLB=<[JLU�P_B=>K<[<r@C>I7^PI7^P ),@=DFJ[SÊ�J S^HK<[HG.cB=<?>I<W=9 v 7:W=9=;=<?;=9=<?HIH�7NJ?J[W=>KH[�"PIB=<@=>K<[HI<?95P�PI<[9=HK<^�8P_B=< DGst@T<[>¨�¡<[J�P_DG]^<S^HK@ <?J?P[��SV9=;&P_B=< DG95P_>I7YM;=W=J�P_DG7:9�7V� � SÊ-. S*),H#5�DF9�S v 7:W=9=;=<?;�<�]:<?9�P[n

u J[J[7^>I;=DG9=a�P_7 `Ns�DGP_B � d8> v S^W=a^B lm¥^¦:¦5¥^pS^9=; `Ns�DGP_B�lm¥^¦:¦ I<?HI<[95PP_<?9=HI<?H3< �N@=>I<?HIHAW=9 v 7:WC9=;=<[;�HIDªP_W�SYP_DF7^9=H[n �ZBCDFHZDFH J SÊGEF<[;tP_B=< ? 7^W=9=;=<?; d ]:<?95P C 7:9CHKP_>IS^DF95P[�S^9=;�DFHZ>K<[@T< SVPI<[;�DF9�l §A>5p��

l §A>5p 0 �� :�� )�� 35��'�!�8(�+1�� 4? 7^W=9=;=<?;t<�]:<[95PIH S^>K<Z9=7^PoEF7,J SVPI<[;�DG91PIB=<ke>I<?HI<?9�P & `NstDªP_B � de> v S^W=a:B-l ¥V¦:¦5¥N� §�p '

�ZB=<R@T<[>IHK@ <?J?PIDG]:<R7^�cPIB=< @=>I<?HI<?9�P�P_DGst<tDFH DG9=J[7^st@�SYP_D v EF<�.cDGP_B v 7:W=9C;=<[;=9C<[HIH?n `Ns�DGP_B �

de> v SVW=a:B�lm¥^¦:¦5¥^p @=>I<?HI<[95P!S1]^<[> )RJ?EF<[S^>c<��N@=EfSV9�SVP_DG7:9 �¡7:>ZHIWCJLB�S�J?7:9=H¨P_>_SVDF95P ��@=>K7¤]NDG;=<[; v )�iS^s�@ � �A<8),EF<tl¨¢-?;? < p��NB=<[>K< >K<[@T< SVPI<[;�DF9�l §A?5p��

l §A?5p � u @=>K<[HK<[95P P_<?9=HI< ;=<[HKJ[>ID v <?H S^9 <?]^<[95P_W�SVEFDGP )"l¡HIDGPIW�SVPIDF7:9 p}S^H 7NJ?J[W=>K>IDG9=a.SYP PIB=<�PIDFs�<SVPG.cB=DFJLB PIB=< HI<?95P_<[9CJ[<�DFH.WNPIP_<?>I<?;��S^9=; PIB,WCHiSVP2S"PIDFs�<rSVPG.cB=DFJLB PIB=<rP_BC7:W=a:B5PDGH v <[DF9Ca�<?9�PI<[>¨PLS^DG9=<[; .cB=DGJLB�P_BC< HI<?95P_<[9CJ[<�<��N@=>K<[HKHI<[H & nGnªn ' u HI<[95PI<[9=J?< .cB=DFJLB;=<?HIJ?>ID v <[H HI7:s�<?PIB=DF9=arS^H a^7:DF9=a 7:9 SVP S PIDFs�<cM�DF9"PIB=<.HK<[9=HK<27^�}9=7VP B�S ],DF9=arJ[7:s�<PI7RS^9�<[9=; .cB=<?9�P_B�SVP.P_DFs�<rDGH.W=@ M J S^9=9C7^P2>I<?@=>I<?HI<?9�P HK7:st<�P_B=DG9=a S^HiSV9�<?]:<?95P nQ�7:>!PIB=<1<?]:<?95P�.�7:W=EG; B=S¤]^<�PI7 v <1<[95PIDF>I<?E-) DF9=J?EFW=;=<?; .cDGP_BCDF9 P_BC<�EG7NJ[SVP_DG7:9 PIDFs�<S^9C;�PIB,WCH�.�7:W=EG;�9C7^Pc<��,P_<?9=; v <�)^7:9=;�DGP*5 & �¡>I7^s �iS^st@ � �A<8),EF<tl¨¢-?;? < � = < £YM B p '

�ZB�W=H[� S^9�<�]:<?9�PIW�SÊGDGP )(DF9�PIB=<t@C>I<[HK<[95PrPI<[9=HK<"stS*)�9=7^P v < v 7:W=9C;=<[;�n"� � P_BC<tJ?7:>I>K<[EfSYP_DF7^9v <?P .�<[<[9 v 7^W=9=;=<?;=9=<[HKH S^9C; DG9=J[EGW=HIDª]:<?9=<[HKH��¡7^>��¨`NC H B=7:EF;CH[�YS^9i�¨`NC�s"S*)!9C<?]:<?> v <eDF9CJ[EFWCHIDG]^<DF9RP_BC<r@=>K<[HI<?95P.P_<?9=HI<Vnc�ZB=DFHADFHcDF9R� S^J�P.cB�SYP.�<r7 v HI<[>¨]:<VnA� �4. < PLSÛV< S1J[EF<[S^>IE>) DF9CJ[EFWCHIDG]^<HI<?95P_<[9CJ[<^�NEFDGU^< l =V¦5p��S^9C;�.�<cP_W=>K9tDªPeDF95P_72PIB=<c@=>I<?HI<[95PoP_<?9=HI<V�,HKW=JLBSiHI<?95P_<[9CJ[<�.cDFEFEN>I<?J[<[Dª]:<S1a:<[9=<?>IDGJ�l 9=7^PcHK@ <?J[D>+�<[;��¡7:>ZDF9=J?EFW=HKDG]^<[9=<?HIHLp DG9�PI<[>K@=>I<�PLSVPIDF7:9�l =,¢ p��

l =V¦5p �O<?>ID)^<[HKPI<[>K;�S*)

HKDHKD�DFHS^>K>IDª]^SYP_DS^>K>IDª]:<[;

P_S^>I;CDEFSVP_<


� o<[H¨P_<[>K;�S*) . < S^>K>IDG]^<[;�EfSVPI<2SVPcP_BC<2HKPLSYP_DF7^965

¢->^§ �� !��HKD

l =N¢¤p `NDHIDS^>K>IDª]^SS^>K>IDª]:<[H

P_S^>I;CDEFSVP_<


l HK<DG�

HIDHID@=>K<[9=;=<PLSVU^<[H

F�W=<[EP_B=SVP

P_>K<[9=7�pP_>IS^DF9

� � 9C< SV>I>IDª]:<?HAEFSVP_<!SVPZP_B=<iH¨PLSVPIDF7:9RDG� 7:9C<iP_SÛ^<?HAPIB�SVPZPI>_S^DG965

�ZB=<�H_SVst< ��PI>_S^9=H¨�¡7:>IstSVPIDF7:9658B=7ÊF;=HtDG�i7:9=< H .cDGPIJLB=<[H�¡>K7:s @ <?>K�¡<[J�P_Dª]:< P_7-DFs�@ <?>K�¡<[J�P_Dª]:<^n�Ost@T<[>¨�¡<[J�P_DG]^< DGH3DG9�� SVJ?P.SÊFHK7tPLSVU^<[9�P_7">K< SÊGDFb?< WC9 v 7:W=9C;=<[;=9C<[HIH�l¡HI<?<r��SVPI>IDF;C7:W�� u 9�SVa:9=7:H�MP_7:@T7:W=EG7:W � k S^9=JLB=<�]VS¥^¦:¦ < p��

l =:¥^p �O<[>KD):<?HKPI<[>I;=S�)

HKDHKDS^>I>KDG]VS ]^SS^>I>KDG]:<?;

P_S^>I;CDEFSVP_<


� o<[HKPI<[>K;�S*)R@ <?7:@=EF<iSV>I>IDª]:<?;�EFSVP_<2SYPAPIB=<iHKP_SVP_DG7:965

u Hcl�=^¦5p M�l =^¥:p�J?EF<[S^>IE>) HKB=7�.i�:P_B=<ZWCHI< 7^� PIB=< @=>K<[HI<?95PeP_<[9CHI<Z7:> 7V� DFs�@ <?>K�¡<[J�P_Dª]:< SVHI@T<[J?P EF< SV;=HP_7�P_BC< EG7:HIHZ7V��DG9=J[EGW=HIDª]:<[9C<[HIH?n

u 9=7^PIB=<[>tJ[EG< S^>�J S^HK< 7^� ��W=9 v 7:W=9=;=<?;=9=<?HIH#5Z7,J[J?W=>IH%.cB=<[9 s�7,;=D-+�<?>IH1HIWCJLB0S^H � ��

l � SÊ-. S*),H#5 p3S^>K<rDF95PI>I7,;=W=J[<?; DF9 S"@T<[>K�¡<?J?PIDG]:< J[EFS^W=HI<l .cB=DGJLB DFH v 7^W=9=;=<?; v ) ;=<8+�9=DªP_DF7^9��TS^H��SVP_>KDF;=7^W�� u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W � k�S^9=JLBC<?]VS ¥^¦:¦ < @ 7^DF95P"7^WCP p n �}<�PW=HtJ[7:9=HKDF;=<?>[�cS^H"S^9<��CS^s�@=EF<V��l §:£5p��=BC<[>IK<[@T< SVPI<[; SVH l = KDFH¨P_7:>IS^95P_<>K<[H¨PLS^W=>IS^95P

HIDHID�DFHstS^9=a^DfSVPI7<[SVP_<?9 - �

v <?9=<. <?EFE

� g-<iB�S ]:< < SYP_<[9 .�<[EFE}DG9P_B�SYP3>K<[H¨PLS^W=>IS^95P*5

�ZB=<�DF95P_>K7N;=WCJ?P_DG7:9(7^� � �� l �qSVE-. S�),H�5qp2;=<?PI<[>KstDG9=<[H2P_BC<�J[S^9=J?<[EFEFSVP_DG7:9�7^��P_B=<�DF9=J?EFW=HKDG]^<>I<[S^;=DF9Ca=�

l =V§5p �O9DF9F,WC<[EP_B�SVP


HIDHID�DFHHK<[s�@=>I<SVE-. S�),H

stS^9=a:DFSVP_7<[SVP_<?9 - �

v <?9=<. <?EFE

� � 9C< B=S^HASÊ-. S*)NHc<[SVP_<?9 .�<[EGE}DF9P_B=SVPA>I<[H¨PLS^WC>_S^95P*5

�O9&l�=V§�p �CP_B=<i�¨`NC0DFHZ9=7VP3HK@ <?J[D>+�<[;R�¡7:>ZDF9CJ[EFWCHIDG]^<[9=<?HIHAS^9<),st7^>I<^n� 7 HIW=s W=@��,DF91P_BCDFH8HI<?J?P_DG7:9"��B�S ]:<.HKB=7�.c9"P_B=SVP SiHKPI>IDGJ?P�J[7:>K>I<[EFSVP_DG7:9 v <�P . <?<[9 v 7:W=9=;,M

<[;=9C<[HIH8SV9=; DF9CJ[EFWCHIDG]^<[9=<?HIH < �NDFHKPIH[n �}B�S ]:<cS^>Ka:W=<[; �¡7:>�SV9 <��,P_<?9=HIDG7:9 7^� C DG9NF�W=<15 H H¨PLSVPI<[s�<[95PS^J[J?7:>I;CDF9=a�P_7 .cB=DFJLB&HK@ <?J[D>+�JtPIDFs�<�>K<?�¡<?>I<[9CJ[<DG9�PI>I7,;=W=J?<[H S^9-DG9=J[EGW=HIDª]:<�>I< SV;=DF9=a�DF9 �¨`NC H

� �� ¢->C=

.cDGPIB�]^<[> v HAPIB�SVPc;=7�9=7^Pc@C>I7 �K<?J?P.S^9R<��,P_<?>I9�SÊ�@¤MO>I7ÊF<^n�� P3B=S^H v <?<[9�HIB=7�.c9�PIB�SVP3S^9RDF9CJ[EFW,MHIDª]:<A>I<[S^;=DF9Ca DGH8S^J?PIW�SÊGE-) DF95P_>K7N;=WCJ[<[;�DF9�SÊGECJ?EfS^HKHI<[Ho7^�T]:<?> v [email protected]�HK@ <?J[D>+�JAPIDFs�< >I<��¡<[>K<[9=J?<^n��7:>K<[7¤]:<?>[� DGPiB�S^H v <[<[9�HIB=7�.c9 P_B�SVP HK@ <?J[D-+=J1PIDFs�<�>I<��¡<[>I<?9=J[<tDFH29=7VP PIB=<�7:9=E-) J S^WCHI<1�¡7:>DF9CJ[EFWCHIDG]^<[9=<?HIH?� v WNP�PIB�SVPoSÊGHI7i@ <?>K�¡<?J?P_Dª],DGP )�DG9�PI>I7,;=W=J?<[HoS^9�DF9=J?EFW=HKDG]:<c>K< S^;=DG9=a=n�k <[>¨�¡<[J�P_DG],DªP )S^9=; HI@T<[J?D-+�JoP_DFs�<8>I<��¡<[>I<?9=J[<�B�S ]:< v <[<?9rHKW v HIWCst<?;�W=9=;=<?> P_BC<�a:>K< SVPI<[> J SVPI<[a:7^> )i7^� v 7:W=9C;NM<[;C9=<[HKH[�(.cB=DGJLB"P_BC<�) v 7^P_BtDFs�@=E-)^n � P�B�S^H v <?<[9"J?EfS^DGst<?;�PIB�SVP v 7:W=9=;=<?;=9=<?HIH DGH�>K<[HI@T7:9=HKD v EG<�¡7:> PIB=<iDF9=J?EFW=HKDG]:<2>K< S^;CDF9=a17^� �¨`NC H[n

�O9�P_BC<t9=< �,P HI<?J?PIDF7:9�� !@=>K7:@ 7^HI<tS^9&S^9=SÊ-),HIDGH S^DFs�<[; SVP <��N@=EFS^DF9=DG9=a P_B=<�>I<[S^HI7^9 .cB<)DF9CJ[EFWCHIDG]^<[9=<?HIH3S^9=; v 7^W=9=;=<?;=9=<[HKH.SV>I<iEFDG9=U^<?;RPI71< S^JLB�7^P_B=<?>[n

� � ��*( ��&)�� '�C��:'� ��)�� (��*+ �� 7�� 3 �

�O9 HK<[J?PIDF7:9r§=�^DªP�B�SVH v <[<[9rHIB=7�.c9 P_B=SVP PIB=<[>K< DGH S3H¨P_>KDFJ?P J[7^>I>I<?EfSVPIDF7:9 v <?P .�<[<[9 v 7:W=9C;=<[;=9C<[HIHS^9=; DF9=J?EFW=HKDG]^<[9=<?HIH[n �A<[>K<^�2�I.cDGHIB0P_7�@C>I7:@T7:HI< S^9 <��N@=EFS^9�SVPIDF7:9 �¡7:> P_BC< � S^J�P_H?�M.cB=DFJLBstSÛ^<?H.W=HK< 7^��PIB=< �c<[DGJLB=<[9 v SVJLB=DfS^9�P_B=<?7:> )�7^� PI<[9=HK<[H2SV9=; 7^� HI7:s�< HH),9�P_S^J?PIDFJ MO@=>ISâ:stSVP_DGJ�¡W=9=J�P_DG7:9�SÊ,@=>I7 �K<[J?PIDF7:9CH[�5HIWCJLBtSVH�P_B=<Z`N@ <?<[JLB u J?Pe@C>I7 �K<?J?P_DG7:9��5SVH @=>I7^@ 7:HK<[; v )1`,DFa:W=> �:HIHK7:9l ¥V¦:¦ I7:@T7:HI<?;0S-P_B=<?7:> ) 7^�2PI<[9=HK<[HD.cB=DGJLB*DG95]:7:Eª]:<[HtP_B=>K<[<@=>KDFs�DGP_Dª]:<?H[�ZP_B=<1�c<?�¡<?>I<?9=J[<��ZDGst<V� P_BC<1de]^<[95P �ZDFs�< S^9C; P_B=<�`N@T<[<?JLB(�ZDFs�<^n u J[J?7:>I;=DG9=aP_7��c<[DGJLB=<[9 v S^JLB � v 7^PIBRPIB=< de9=a:EFDGHIB HKDFs�@=EF<!@=S^HKPAS^9C;�@=>K<[HK<[95PA@ <?>K�¡<[J�PA<��N@=>I<?HIHAP_<[s�@T7:>_SÊ@=>K<[J[<?;=<[9CJ[<^n �O9 @�S^>¨P_DGJ[W=EFS^>[��PIB=<1HIDFs�@=EG<�@�S^HKP < �C@C>I<[HKHI<?H�SRPI<[s�@ 7^>_SÊ @C>I<[J?<[;=<?9=J[<"7^��PIB=<�c<?�¡<[>K<[9=J?<��ZDGst<%.cDGPIB >K<[HK@ <?J?P1P_7 PIB=<�`N@ <?<[JLB �ZDFs�<^n �ZB=<RHIDGst@=EG<"@�SVHKP�P_<?9=HI<RDGH P_B�W=H>I<?@=>I<?HI<?9�PI<[;�SVHADG9�l =A=:p �

l =;=:p dZ� ��`

�O9�P_B=< @=S^HKP�PI<[9=HK<^��PIB=<Rd ]:<?9�P��ZDGst< SV9=;�P_B=<R�c<?�¡<?>I<[9CJ[< P_DGst<"S^>I< J?7:95P_<[s�@T7:>_S^9C<[7:W=H?n�ZB=< de9=a:EFDGHIB @=>K<[HK<[95P!@T<[>¨�¡<[J?PAB�SVHADG9=HKPI< S^; PIB=I<[@C>I<[HK<[95PLSYP_DF7^9�DG9-l�=^£5p �

l =V£5p dZ��` � �

¢->:£ �� !��HKD

� PLSÊGDfS^9 �!�� B=S^HcHI7:s�<iW=HI<?H3P_B=SVPAS^>I<iJ?7:DF9=J?DF;=<?95P .cDªP_B P_BC<rde9=a:EGDFHKB�HKDFs�@=EF<@�S^H¨P �NS^9=;"HK7:s�<A7VP_B=<?>IH�PIB�SVP�S^>K<3EGDFU^<ZPIB=<.de9=aÊFDFHKBt@C>I<[HK<[95PZ@T<[>¨�¡<[J?P3n �eSVs�9=7^P�J[7:9=J?<[>K9=<[;.cDGPIB�PIB=< ;C<�+�9=DªP_DG7:9�7V��P_BC< @�SVHKPAP_<[9CHI<rDG9�� P_SÊFDFS^9 l¡�¡7^>3SV9 S^J?J[W=>ISVP_< S^9�SÊ>),HIDFHc7^� P_B=< @�S^H¨PP_<?9=HI<�DG9 � PLSVEFDfSV9 HI<?<�? <[>¨P_DG9=<?PKP_7 ¢-?;? B � S^9=; �2DF7:>Ka:D � keDFS^9=<[HKD ¢-?;? B � S^9=; u >K7:HIDG7 ¥^¦^¦ < p�ng0B�SVP2stSVPKP_<[>KH3�¡7:>.st< DFH.PIB=< DF;C< StPIB�SVP!PIB=< <?]^<[95P <��N@=>K<[HIHK<[; v )�P_B=< ]:<[> v 9=<[<?;=H!P_7 v <DF9R>I<?EfSVPIDF7:9�.cDGP_B PIB=<iHI@T<[<[JLB S^J?P[n

� P�DGH J[7:s�s�7:9=E-) S^HKHIW=s�<[;0P_B=SVP P_B=<(DG9�PI<[>K@=>I<�PLSVPIDF7:9 7^� P_<?9=HI< DFH ;C<[DFJ�P_DGJ �¡7:> HIDG9=a:EG<HI<?9�PI<[9=J?<[H&l �iS^s�@ � �c<�),EF<y¢-?A? < �!`,stDªP_B�PI7 SV@=@ <[S^>RS^s�7:9=a�7^PIB=<[>KHLp n u J[J[7^>I;=DG9=a PI7�A<?DFJLB=<?9 v S^JLB65 H3PIB=<[7:>H):�=PIB=<i@�S^HKPcPI<[9=HK< J?7:95]:<8)NH3P_B=<is�< S^9=DG9=a P_B=SVPZP_B=< �c<?�¡<?>I<[9CJ[< �ZDFs�<S^9=;0P_B=<�d ]:<?9�P �ZDFs�<�@=>I<?J[<[;C<�P_BC<&`N@T<[<?JLB u J?P[n �ZB=DGH�s�< S^9CHRPIB�SVP .cB=<?9 9=7 7^P_B=<?>>I<��¡<[>I<?9=J[<�P_DGst<�DGH S ]VS^DGEfS v EG< DF9(P_BC<tHK<[95P_<?9=J[<(l �¡7:>2DF9CHKPLSV9=J[<�DF9�S�>K<[@T7:>KPI<[;�HI@T<[<[JLB�p��PIB=<<?]^<[95PM.cDFEGE v < EFDF9CU^<[;�P_7�P_B=< HI@T<[<[JLB�PIDFs�<^nZ�O9 7^PIB=<[> . 7^>I;=H?��S^9 <�]:<?9�P!DF9�PIB=<r@=S^HKP3P_<[9CHI<.cDFEGE v <J[7^9=HIDG;=<[>K<[;�P_7�B�S ]^<PLSÛV<[9y@=EfSVJ[< v <?�¡7:>K<"P_BC<�`N@ <?<[JLBy�ZDFs�<^n��O9�PIB=<HI<?95P_<[9CJ[<[H@=>I7^@ 7:HK<[; v ) C DG9NF�W=<^�C�¡7^> <��CS^s�@=EF<V�NPIB=<2<?]^<[95P�. S^HZJ?7:9=HKDF;=<?>I<[;�S^H P_SÛ�DF9=ar@=EfS^J?< �� =D n <^n� �� n�� DGHZS ;=<?DFJ?PIDFJ2SV;C]:<?> v �N.cB=DGJLBREF7,J SVPI<[H PIB=<2<?]^<[95PcP_B=<2;�S*) v <��¡7:>I<!PIB=<HI@T<[<?JLB P_DFs�<^nog0B=<[9�9=7"7VP_B=<?>3HK@ <?J[D-+=J SVPIDF7:9�DFHc@=>K<[HI<?95P2DF9RP_B=< J[EFS^W=HK<^�T<?]:<?95P_W�SÊGDGPIDF<[HAS^>K<DF95P_<?>I@=>K<?PI<[;&;=<?DFJ�P_DFJ[SÊFE>):� .cDGPIB->K<[HI@T<[J�P P_7�B=<[>K<S^9C;&9=7�.in��ZBCDFHr7 v HI<?>K]VSVP_DG7:9-7^@ <?9=H PIB=<@�SVPIB��¡7:> PIB=<2<��N@=EFS^9�SVPIDF7:9R7^� DF9CJ[EFWCHIDG]^<[9=<?HIHcDF9R�¨`NC H?n

� �6! � � + � + )1+1(��+1%'��

�O9 ¢8?A?C=N�}S HK<[stS^95P_DFJ1SV9�SÊ-),HKDFH27^� �� . S^Hi@=>K7:@T7:HI<?; v );C B=DG<[>KJLB=DfSC�}P_SÛ�DF9=a DG9�PI7RS^J[J?7:W=95P]VS^>IDG7:W=Hr@C>I7:@T<[>¨P_DF<?H P_B�SYP�DFs�@ <?>IHK7:9�SÊ �� S^9=;�DF9C;=<�+�9CDGP_<?H B�S ]:<RDG9&J[7:s�s�7:9�n C B=DF<?>IJLB=DFSHIB=7�.cH�P_B�SVP�DGst@T<[>KHI7:9�SVE �� DGH�� PLSÊGDfS^9 v <[B�S ]:<?H�MOSVP1EF<[S^HKP�@�S^>¨P_DFSÊFE>)�M!EFDGU^<RS^9 DF9=;=<8+�9=DªP_<^n�O9=;=<8+�9=DGPI<[H S^>I<c;=<8+�9=<[; �=S^J?J[7:>K;=DF9=aiP_7 J[EFS^HIHKDFJ[SÊ j!��2�,S^Ho<��NB=D v DGPIDF9=a2P_BC<A�¡7:EGEF7�.cDF9Ca2@=>I7:@,M<[>¨P_DF<?H & �¡>K7:s C B=DG<[>KJLB=DfS�l¨¢8?A?C=N��SC�ª¢:¢ p ' l HK<[< � SVst@�¢-?;>C¢ S^9=;��3<?DFs ¢-?;>5¥:p��

& D n ' �O9=;=<8+�9=DªP_<[H�B�S ]:<�9=7;F,W=S^95P_D-+=J SVPIDF7:9�SVE �¡7:>IJ?<�7^9 PIB=<[DG>�7�.c9�n �ZB=<�) S^>K<^��DF9yP_B=DGH>I<?HI@T<[J�P � EFDGU^<.�¡>K<[<2]VS^>IDFS v EF<?H[n

� �� ¢-> B& DGD n ' �ZB=<�F�W�S^95PID-+�J[SVP_DG7:9�SÊ �¡7:>IJ?<�7V��DG9=;=<8+�9=DGPI<[HiDFH.;=<?PI<[>Is�DF9C<[; v ) P_B=<B+�>KHKP S ]VS^DFEFS v EF<

v DG9=;=<?>[��P_B�SVPiDGH[��P_B=<1EG7E.�<[H¨PrJ MOJ?7:ststS^9=;CDF9=aDF�W�SV9�PIDG� ),DF9Ca�;=<�P_<?>Is�DF9=<?>�l ! �� E� �� p 7:>�S^;N]:<[> v 7^�F�W�S^95P_D>+�J SYP_DF7^9�l � � �� " �8" � � � p n �ZB=<?HI< F�W�S^95P_Dª� )NDG9=a<?EF<[s�<[95PIH3SV>I< " �� " �� ! ne�ZB=<8) v DF9C;�SVEFE �¡>K<[<2]VS^>IDFS v EF<?H DF9 PIB=<[DG>Z;=7:stS^DF9�n

& DFDFDmn ' u�v DG9=;=<?> � HK<?P_H W=@ S PI>IDF@=S^>KPIDGP_<ZH¨P_>KW=J?PIW=>I<!7V��P_B=<A�¡7:>Is � & u' & ? ' � .cB=<[>KcS^9=; ?*DªP_H l ��"�� " �� p

& DG]Tn 'ou >IW=EG<t7^� �� "�� #�#� �� "� �8" �� S^HKHIDGa:9=H <��NDFH¨P_<[95PIDfSÊe�¡7:>KJ[<1P_7 DG9=;=<8+�9=DGPI<[HiP_B�SYP S^>K<9=7VP37VP_B=<?> .cDFHK< F,W=S^95P_D-+=<[;�n

u J[J[7^>I;=DG9=atPI7DC B=DG<[>KJLB=DfSC� �� DG95P_>I7,;=W=J?<[H3S1]VS^>KDfS v EF<!�� .cB=DFJLB�>_S^9=a^<[HA7 ]^<[>.Sta:>K7:W=@7^�8B�W=stS^9=H?n2�O9�JLB�S^@CPI<[>i¥N� �ZB�S ]:<�HKB=7�.c9(PIB�SVP �� B�S^H2S^9 W=9=HI@T<[J?D-+�<?;(HI<[stS^95P_DGJr@T<[>KHI7:9�¡< SYP_W=>K<^n8�O9 C B=DF<?>IJLB=DFS(5�H PI<[>KstH?�=7:9=<2J[S^9RH_S*)P_B=SVP �� DF95P_>K7N;=WCJ[<[HcS @T<[>KHI7:9R]VS^>IDFS v EG<c�� .cB=DGJLB�>IS^9=a:<?HA7¤]^<[>AB,WCs"S^9CH[n

�ZB=< HI<?s"SV9�PIDFJo@ <?>IHK7:9�DFH�P_B�W=HeSA]^SV>IDfS v EF<L.cB=DGJLB 9=<[<?;=H P_7 v < v 7^W=9=;�lmSV9=;rP_B�W=H >I<?J[<[Dª]:<S�]VSÊGW=<¤p2DF9 7:>K;=<[>i�¡7:>iP_B=<�HI<?9�PI<[9=J?<P_7 v <�DF95P_<?>I@=>K<?PI<[;0l¡HI<[<"SÊFHK7 ��S^9=b[DG9=Dc¢-?A>:£ �¡7:> S^9S^9�SVE-),HIDGHZ7^� �� S^HAS ]VS^>IDFS v EF< p�n

u J[J[7^>I;=DG9=a P_7 C B=DF<?>IJLB=DFSC��P_BC<<��NDFH¨P_<?9�PIDfSÊ�>I<[S^;=DF9Ca 7^� �� DFH 7 v P_S^DF9=<?; .cB=<?9�P_B=< �297:@T<[>ISVP_7:>2DGHiS v HK<[95P n�C B=DG<[>IJLBCDfS @=>I7^@ 7:HK<[H2P_BC<1�¡7ÊFEF7�.cDG9=a"< �=SVst@=EG< P_7R<��N<?st@=EGDG� )�B=DFH27 v MHI<?>K]VSVPIDF7:9��

l = B p C B=< J[7^H_S.cB�SYP

�DFHHIWCJ[J[<?HIHK7B�S^@C@ <?9=<[;

DF<?>ID):<?HKP_<?>I;�S*)

DF9DF9J[S^st@T<[aâ:DF7 �J[S^st@CDF9=a

`NDHID�DGHJ S^95PLSYP_7H_S^9=a

� g0B�SVP"B�S^@=@T<[9=<?; ):<?HKP_<?>I;�S*)�DF9�PIB=< J[S^st@Ca:>I7:WC9=;�� ZB=<[>K< .�<[>I< @ <?7:@=EF< .cB=7HIS^9=aN5

C B=DG<[>IJLBCDfS S^>Ka:W=<[H!PIB�SVP!PIB=<�EfSVJLU�7^� �29 v >IDG9=a:H2S v 7:WNP.P_BC<�<��NDFH¨P_<[95PIDfSÊ >I< SV;=DF9=a 7V� �� n �.cDFEGE�>I<�P_W=>K9�PI7�PIB=<i<��NDFH¨P_<?9�PIDfSÊ}>K< S^;CDF9=a17^� �� DG9�HK<[J�P_DF7^9 =Nn < n �¡7:>ZPIB=<ist7:s�<[95P[�=� .cDGHIBRP_7

� �-��3@,�C�� +:�� 32Y+%��+ �3+-N;/ C��?NL.�,�VC�.0NL>�� D FV�3��PT66P?+%�.�S + �� V��& �$@� �98�6+:�� ?�3��PT�� %�3� +%.�NLZC@�0+ E+��P�� Z�4>,�.��.0/� �3� .� %��@,�[email protected],��+ ��C�IS�� %� ,%E+ >$6C� � %.)��>�.0,%��C ��P��1 D � .�,��.�8�6,6R��;+%�.�S +Q %�� F� �Q+FS��G �� )1�6�@,��3C��3�7 %@,�>,�� %�3.�� 66P �. � *AB/, ��@,�+ >$6C@�� 6P �Y2 NL6��+�.�A �

¢->A> �� !��HKD

J[7:9CJ[<[95PI>_SVPI< 7:9 PIB=<ia:<[9=<?>IDGJ�MODG9=J[EGW=HIDª]:<iSÊªP_<?>I9�SVPIDF7:9 nu J[J[7^>I;=DG9=aP_7��SYP_>IDG;=7:W�� u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W � k S^9=JLB=<�]^S lm¥^¦:¦ K< <��NDGHKPiS"HH),9NM

PLS^J�P_DGJ[7:HK<[stS^95P_DFJ2�¡<[SVP_W=>K< & W=9 v 7:W=9=;=<?; ' .cB=DFJLB�DFHA>I< SVEFDFb?<[; v )�@=>I7:a^>I<[HKHIDª]:< SV9=; DGst@T<[>¨�¡<[J�MP_Dª]:<!s�7:>I@CB=7:EF7â1):�,S^9=;S H ),95PLS^J�P_DFJ?7:HI<?s"SV9�PIDFJ.�¡<[SVP_WC>I< & v 7^W=9=;=<?; ' PIB�SVP DGH >I<[SÊFDGb[<?; v )"PIB=<@ <?>K�¡<?J?P_Dª]:< st7^>I@=B=7ÊF7:a1)^no`NW=JLB��¡< SVPIW=>I<?H3SV>I<i@=>I<?HI<?9�P.7:9RP_B=K�¡<?J?P_Dª]:< ©V@=>I7â:>I<?HIHIDª]:<cs�7:>I@=BC7:EF7:a ) DGH @=>K<[HI<?95P � u HI@1@=>K<[HK<[95P_H�S^9 & W=9 v 7:WC9=;=<[; ' �¡< SVPIW=>I< �¤ng0B=<[9RP_BC< HK<[95P_<?9=J[< DFH & v 7^W=9=;=<?; ' � 9=71HKW=JLB S^9�7:@T<[>ISVP_7:>ZDGHZ@=>I<?HI<?9�P[n

�ZB=< H¨P_>KW=J?PIW=>I<i� .cDGHIBRP_7�S^;=7^@CPcDFHZDG9-l�=;>5p �

l =;>:p �ck

� u HK@�k

u HK@ !Nk

! 6!k

? W=DGEF;=DG9=a(7:9 C B=DG<[>IJLBCDfS(5 HS^9=SÊ-),HIDGH�S^9=; 7:9��SVP_>KDF;=7:W � u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W � �Ob�]:7:>KHIU<) 5�H@=>I7^@ 7:HISÊ � � .cDGHIB�P_7"@C>I7:@T7:HI< P_B�SYP3PIB=<rW=9 v 7:W=9=;C<[; �¡<[SVP_W=>K< S^J�P_H3S^H C BCDF<[>KJLB=DfS 5�HAa:<[9C<[>IDGJ+%2Y�0 ��C� %��C@��3�32 >,�. �OEC� %EP ,%E+O �,%��C� ��1 >,%.0> 6, O2 H +%@;��3+%. � ��E+ �3�1 � � ��0M�DQ��A:+ / C�� L,%E+O �,%��C� ��1 >,%.0> 6, O2��+�NL�3+�+ �3�1 R�� I�3� HB�(M�RT ��Z,%E��PT�3�14�3+ ��,�P? �.L1��

H ��M �+%�

C6��7 ��+%�3�10+

� � 6.�>�3*+%��1 �

�J� H ��M�R$�?C@.��7 %��Y �3+F�6C@6+�+%��,%2?�3� .�,�PT6,� %. C@,%E�� I %�*,�6+ %,��C� %�3.�� .�80@,� %��*>,�6PT��C@�� %�D��S��3�� .� F6�7 %@,�3�7 %. %� PT��+%C@/�+�+ �3.�� .�AF,�6+ %,��3C� %.0,�+X�@,��D �� ,%E��PT6,X��+L��PPT,�6+�+%6P �. � ��PT� �.Y@ ��T6� H�� 0MZAB.0,L��32T+ ��+Q.�A %�Z��Y��+ %@�7 ��3�� ,%E��PT�3�14.�AQ��&(D

� �O�� ,%��PT.0/ R �F��10�.0+ %.0> .0/�3.�/ � � ��C��68�� 0+%+%/NL %�� ?��NL>$@,%AB6C� %�38� �3+?��.TC@�� %EP .0� �� F+%>$6C� >,�. �OEC� ��.0� R S��3;>$@,%AB6C� %�38�;��+V��.TC@�� %EP � �$.�8�*�� 6RW�3� %� � @,%AB6C� %�38�*>,�. �OEC� ��.0� D � .0,VN)�92 ��3N �@,��R$��0+%+%/NLV�4+ �3NL>�3��EP?80@,�+ �3.��?.�A[�O�� ,%��PT.0/ R �F��10�.0+ %.0> .0/�3.�/ � � �� C��@8�� +Q��2T+%�3+6R7��P �0+%+%/NL �� $.� �� >$@,%AB6C� %�38�Z�� P��3NL> 6, ABEC� ��80I��,%I�3.TC@�� 6P�.�� %� �V+ >$6C� >,�. �O6C� %�3.�� D

� �� ¢->A?

7:@T<[>ISVP_7:>K.cB=DGJLB v DG9=;=H �� 5�HA@T<[>IHK7:9 �¡<[SVP_W=>K<^n � � >I<?J[<[Dª]:<?H2S�a^<[9=<?>IDFJ DF95PI<[>I@C>I<?P_SVP_DG7:9 .cB=<[9P_BC< & W=9 v 7:W=9=;C<[; ' �¡<[SVP_WC>I< DGH @=>I<?HI<?9�P[� DF9 P_B=< @C>I<[HK<[95P8P_<?9=HI<V� .cDGP_B�DGst@T<[>¨�¡<[J�P_DG]^< S^HK@ <?J?P[�57:>.cB=<?9rP_DGst<8S^;N]:<[> v DfSVEFH�EFDGU^< � � �� S^>K<�@C>I<[HK<[95P DG9 PIB=<oJ[EfSVW=HI<Vn g0B=<?9 HIWCJLB�S^9 W=9 v 7:WC9=;=<[;�¡< SYP_W=>K< DGHZS v HK<[95P � Dmn�<Vn4.cB=<[9�P_B=<2HK<[95P_<?9=J[< DFH @T<[>¨�¡<[J�P_DG]^<i7:>2.cB=<[9�S^9�S^;C]^<[> v DG9�PI>I7,;=W=J?<[HStHK@ <?J[D>+�J PIDFs�< >K<?�¡<?>I<[9CJ[<^� D n <^n DG95P_>I7,;=W=J?<[H v 7:WC9=;=<[;C9=<[HKH[� �� s"S*)R9=7^P v < v 7:W=9=; v )�PIB=<a:<?9=<[>KDFJ87:@T<[>_SYP_7:> & W=9 v 7^W=9=;=<?; ' n �ZB=DFH}�¡7:>KJ[<?H DªP}P_7 v < v 7:W=9C; v )!PIB=<�`N@ <?<[JLB u J?P 7:@T<[>_SYP_7:>?�.cB=DGJLB�DGHZ@=>I<?HI<[95P.7:9 P_B=< `N@T<[<?JLB u J?PAB=<[S^;�� S^HK.�</.cDGEFE HI<[< DF9PIB=<i9=<��,P3HI<?J?P_DG7:9�n

l = ?5p �ck

� u HK@�k

u HI@ & W=9 v 7:W=9=;C<[;NM �i9 ' ]Nk

] d � k

HKD 62k

`N7�� S^>[�=�oB�S ]:< S^>Ka:W=<[; PIB�SVPZP_BC< & W=9 v 7:W=9=;=<?; ' �¡< SVPIW=>I<2@C>I7:@T7:HI<?; v ) ��SYP_>IDG;=7:W�� u 9�SVaVM9=7:H¨P_7:@T7:W=EG7:W S^9C; k�S^9CJLB=<?]VS�l ¥^¦^¦ < peJ[7:>K>I<[HK@ 7^9=;=H PI7rP_B=<.a:<[9=<?>IDGJ.7:@T<[>ISVP_7:> �29@=>I7^@ 7:HK<[;v ) C B=DF<?>IJLB=DFS-l�¢-?A?C=N� v p n"`,W=JLB�SRa:<[9=<?>IDGJ�7^@ <?>_SVPI7:> v DF9=;CH �� .cB=<[9�P_B=<1HI<?95P_<[9CJ[<DGH WC9NMv 7:W=9=;=<?;��P_B�W=Hc@=>K7 ],DG;=DF9=a�S�a:<?9=<[>KDFJ2DF95PI<[>I@C>I<?P_SVP_DG7:9 P_7�P_BC< HK<[95P_<?9=J[<Vn

� � � �:��8��+ �'� � � �� + �;�

g0B=<?9yPIB=< @=>K<[;=DGJ SVPI<DFH v 7:W=9C;=<[;��ePIB=< & WC9 v 7:W=9C;=<[;NM �i9 ' 7:@T<[>ISVP_7:>rDFH 9=7VPrP_BC<[>I<Vn��ZBCDFHs�< S^9=H!PIB�SVP!PIB=< ]VS^>IDFS v EG< �� stS�)�9=7^P v < v 7:W=9=; nr� P29=<?<[;=H2PI7 >I<[J?<[Dª]:<�DGPIH!HI@T<[J?D-+�J[SVP_DG7:9�¡>I7^s <?EFHI<8.cB=<[>K<^n��O90PIB=<�@�S^H¨PP_<?9=HI<V�.Dmn�<Vn,.cB=<?9 P_B=<�<�]:<[95P�DFH v 7:WC9=;=<[; � �� S^J�P_W�S^EGE-)v <[B�S ]:<?H2S^H3S�;C<�+�9=DªP_<i@T<[>IHK7:9�S^E�@=>K7:9=7:WC9�l J��nKC B=DG<[>KJLB=DfSR¢-?A?C=^p�n �O9�7:>I;C<[>ZP_7�HIB=7�. PIB=DFH?�EF<�P1W=H�J[7^9=HIDG;=<[>�P_BC< DF9=J?EFW=HKDG]:< M .cDªP_BNM @=>I<?;=DFJ[SVP_Dª]:< �3k�J[7^9=HKPI>IW=J�P_DF7^9�n&�ZB=DGH�J?7:9=H¨P_>IWCJ?P_DG7:9

¢-?:¦ �� !��HKD

EFDGJ[<[9CHI<[H S ;=<8+�9=DªP_<.@C>I7:9=7^W=9�� v WCP ;C7N<?H�9=7VP EFDGJ[<?9=HI<3S^9"DG9=;=<8+�9=DGPI<^�NS^H < �CS^st@CEF<[H.lm£^¦5pOM lm£C¢ pHIB=7�.i�

lm£:¦:p �37^D �.�<

;=SSVH

v >IS ]NDa:7,7,;

J?DGPKPLS^;=DG9=D �J?DGPIDFb[<?9=H

S v=v DfS^s�7B�S ]:<

>_S^J?J[7:EªP_7J[7:EGEF<?J?P_<?;

EF<P_B=<

+�>Kst<HIDGa:9�SVPIW=>I<?H

J[7:95PI>I7Sâ5S^DG9=HKP

EFSPIB=<

J[<?95P_>_SVEF<@=EFS^95P

9�W=J[EG< S^>K<9�W=J[EG< S^>

� g-<V��S^Hca:7,7N;J?DGPIDFb[<?9=H[�CB�S ]:<iHIDGa:9=<[;�S�@T<?P_DªP_DG7:9 Sâ5SVDF9=H¨PZ9�W=J[EG< S^>Z@T7�. <?>Z@=EfS^95PIH#5

lm£C¢¤p � � W�SÊGJ[W=9=7C�HI7^st< v 7,;()

;�SS^H

v >_S ]^7a:7,7N;

J?DGPIP_S^;=DG9=7=�J?DGP_DGb[<?9

B=SB=S^H

>_S^J?J[7:EªP_7J[7:EGEF<[J�P_<?;

EG<PIB=<

+�>Is�<HIDGa:9�SVPIW=>I<?H

J?7:95P_>K7SVa5S^DF9CHKP

EFSPIB=<

J[<?95P_>_SVEF<@=EFS^95P

9�W=J[EG< S^>K<9�W=J[EG< S^>

�q`N7:s�<Z@ <?7:@=EF<V��S^Hea:7,7N;�J?DGPIDFb[<?9=H[�5B=S¤]^<3HKDFa:9C<[;�S2@ <�P_DGPIDF7:91SVa5S^DF9CHKPe9�W=J?EF< SV>e@ 7�.�<[>@=EFS^95P_H#5

�O9=J[EGW=HIDª]:< �� DFHcSÊGHI71EFDGJ[<[9CHI<[;�DF9PIB=<[HK< J?7:95P_< �NPIH[�

lm£5¥^p j!SS^H

v >_S ],Da:7,7N;

J[DªPIP_S^;=DF9CD �J[DªP_DGb[<[9CH

HIDHIDHI7^9=7S^>K<

>IS^J[J?7:EGPI<J?7:EFEG<[J�P_<[;

EG<PIB=<

+�>Is�<HIDFa^9�SVP_WC>I<[H

J?7:95P_>K7SVa5S^DF9CHKP

EfSP_BC<

J?<[95P_>ISÊF<@CEfS^95P

9�W=J[EG< S^>K<9�W=J[EG< S^>� u Hca:7,7N; J?DGP_DGb[<?9=H[�N.�<iB�S ]:< HIDFa^9=<[;�S�@ <�P_DGPIDF7:9RSVa5S^DF9CHKPZ9�W=J?EF< SV>A@T7�. <?>c@=EfS^95PIH#5

lm£5¥^p1HKB=7�.cHP_B�SVP"DF9=J?EFW=HKDG]^< �� v <[B�S ]^<[H EFDGU^<�S-;=<8+�9=DGPI< @T<[>IHK7:9�SÊA@=>K7:9=7:W=9 n�� DFHtS@ <?>IHK7:9�SÊ�@=>K7:9=7:W=9�DF9�P_B=DGHAJ?7:95P_< �NP[� DªP39C<[<[;CH3P_7tDF;=<?95P_DG� )DGP_HA>I<��¡<[>K<[9=J?<^nc�O9 7^PIB=<[>�.�7:>I;=H?�DGP 9=<[<?;=H P_7.B�S ]:<ZDGPIH�HK<[stS^95P_DFJ�@ <?>IHK7:9 �¡< SVPIW=>I<�HI@T<[J?D-+�<?;�n � S^>Ia^W=<�PIB�SVP�PIB=< @T<[>KHI7:9 �¡<[SVP_W=>K<�� >I<?J[<[Dª]:<?H DGPIH HK@ <?J[D-+=J SVPIDF7:9rPIB=>I7^W=a:B�SAst<?JLB�S^9=DGHIs 7^��@ <?>IHI7^9r]VSÊFW�SYP_DF7^965 SÊF7^9=a3PIB=< EGDF9=<?H7^� P_B�SVPc@C>I7:@T7:HI<?; v ) ? DFS^9=JLB=Del ¥^¦:¦ ��^HIHI7^9&lm¥^¦:¦5¥:p n

68<[> ) >I<[J?<[95P_E>):�5HK<?]:<?>_SÊTS^@C@=>I75SVJLB=<[H PI7 HH),9�P_S^J?PIDFJcS^9=SÊ-),HIDGH B�S ]:< v <[<?9t@=>K7:@T7:HI<?;�.cBCDFJLB�¡7NJ?W=H�7:9�P_BC< 9=7^P_DG7:9&7^�3@T<[>IHK7:9yJLB=<[JLU�DG9=a�>ISVP_BC<[> P_B=S^9AC S^HI< JLB=<?JLU�DF9=a�l ? DFS^9=JLB=DZ¥^¦:¦C¢:�¥^¦:¦5¥,�,¥^¦:¦ < ��j3D j37:st<?9=DFJ?7 ¥^¦:¦5¥N�,`,DFa:W=> �:HIHK7:9"¥^¦:¦C¢:�,¥V¦:¦5¥N�,`N@T< SVH ¥^¦^¦:¦C�,¥^¦:¦N¢ p�n �ZB=<3stS^DG9�¡< SVPIW=>I<?H27^�8HIWCJLB-S^@C@=>I75SVJLB=<[HiS^>K<�HIW=s�stS^>IDGb[<[; v ) ? DfSV9=JLB=DZlm¥^¦:¦ < p3SÊG7:9=atPIB=< �¡7:EGEF7�.cDF9=aEFDG9=<[H?�

� �� ¢-?C¢

� �ZB=< @ <?>IHI7^9��¡< SVPIW=>I<�DFH�DF95PI>IDF9CHIDFJ[SÊFE>) � ��#�� n �ZB=DFHtst<[S^9=H�P_B�SVPtDGP�9=<?<[;=HtP_7 v <EGDF9=UV<[; P_71P_B=<2HK@ <?<[JLB�SVJ?PZ�¡7:>ZDªP_HZDF95PI<[>I@C>I<?P_SVP_DG7:9�n

� Q�DG>IH¨Pc@ <?>IHI7^9 >I<��¡<[>KHAPI7�PIB=< `,@ <[SÛ^<?>[� HI<?J[7:9=; @ <?>IHI7^9�PI7�PIB=I<?HIHI<?<^� S^9=;RP_B=DG>I;@T<[>KHI7:9RP_71HI7^st<?7:9=<i<[EGHI<^�N.cBC7t;=7,<[Hc9=7VPc@�S^>KPIDFJ?DF@�SVPI<!DF9 PIB=<iHI@T<[<[JLB S^J?P[n

� � P DFHi9=<?J[<[HKH_S^>H)�PI7 SV9=JLB=7:>iP_B=<�EF< �NDFJ SVE @ <?>IHK7:9-�¡< SYP_W=>K<�7V� @=>K7:9=7:W=9CH P_7�SRHI@T<[J[D>+�JHK@ <?<[JLB <�]:<?9�PL©VHIDªP_W�SYP_DF7^9�DG9R7:>I;=<?> �¡7:> PIB=<iDF95P_<?>I@=>K<?PLSYP_DF7^9 7^� S HK<[95P_<?9=J[< P_7 v <2@ 7:H�MHKD v EG<^n

� �ZB=<2HK@ <?<[JLB�<?]^<[95P ©VHKDGPIW�SVP_DG7:9RDFH�H ),95PLS^J�P_DFJ[SÊFE>)"<?9=J[7,;=<?;�DG97:9=<27^> st7^>I<3�¡WC9=J?PIDF7:9�SVEB=<[S^;=HADF9PIB=<iJ[EfSVW=HI<Vn

u J[J[7^>I;=DG9=a P_7�`NDFa^W=>��:HKHI7:9 lm¥^¦:¦5¥:p ��P_B=<1@T<[>KHI7:9(�¡< SVPIW=>I<�<?HKP_S v EFDGHIB=<?H2P_B=<1>I<?EfSVPIDF7:9CHIB=DG@v <?P .�<[<[9 PIB=<!@�S^>¨P_DGJ[DF@=S^95P�7V�}P_B=<3HI@T<[<[JLBR<�]:<[95P[�=<[9=J?7N;C<[; DF9tP_B=<!`N@ <?<[JLB�keB=>_SVHI<^�CS^9=;"PIB=<@�S^>¨P_DGJ[DF@=S^95P_H 7^�ZP_B=<t<?]^<[95P�l Dmn�<Vn�PIB=<t]^<[> v 5�H�SV>Ia:W=s�<[95PIHLp�n��M.cDFHKB-P_7�J S^@=DªPLSÊGDFb?<�7^9-P_B=DGH@=>K7:@ 7^H_SÊ}DG9 7:>I;=<?>ZP_71@=>I7¤],DF;C< SV9�< �C@CEfS^9�SYP_DF7^9�¡7:>ZDF9=J?EFW=HKDG]^<[9=<?HIHcDF9 v 7:W=9=;=<?;��¨`(C H[n

g0B=<[9-PIB=< �29-7^@ <?>_SVPI7:> DGH s�DFHKHIDG9=a=��DF9�7:>I;=<?> �¡7^> �� 5 Hr@T<[>KHI7:9-�¡<[SVP_WC>I<tPI7 v <tDG95P_<[>�M@=>K<?PLS v EF<V� DGP 9=<[<?;=HrPI7 v <S^9=JLBC7:>I<?;&P_7 PIB=<"HK@ <?<[JLBy<?]^<[95P n�Q�7:>iP_BC<"H_SVU^<7^� HIDFs�@=EGDFJ[DªP ):��2.cDFEGE �KW=H¨P2S^HKHIW=s�< S1HIDG9=a:EF< `N@T<[<?JLB u J?P.B=< S^; � <?9=J[7,;=DF9Ca v 7^P_B `N@T< SÛV<[>2S^9C; u ;=;=>K<[HKHI<[<l J��n ?�DfS^9=JLBCDZ¥^¦:¦ < p�n � )-H ),HKPI<[s >K<[HKW=EGPIH P_B�W=H�B=DGa:B=E-) HKDFs�@=EFD>+�<[;;.cDGP_B�>K<[HK@ <?J?P�P_7 PIB=<H ),H¨P_<[s @=>K7:@T7:HI<?; v )�`N@T< SVH.lm¥^¦:¦:¦N�,¥^¦:¦C¢ p � .cB=<[>K<ZP_B=<c@�S^>¨P_DGJ[DF@=S^95P_HeDF9�PIB=<cHI@T<[<[JLB"S^J?P�S^>K<J[EFS^HIHKD-+�<?;&S^J?J[7:>K;=DF9Ca�PI7�PIB=<tJ?>IDªP_<[>KDfS 7^��@�S^>¨P_DGJ[DF@=SVP_DG7:965�SV9=;��@=>K7:stDG9=<[9CJ[<15ªn�ZB=<�W=HK<"7^�HIWCJLB +�9=< MOa:>IS^DF9=<?;�J?>IDªP_<[>KDfSB.�7:W=EF;�J[7^st@=EGDFJ[SVP_<.PIB=DFHAS^9=SÊ-),HIDGHcJ[7:9=HKDF;=<?>_S v E-):� SV9=;�DªP�. 7:WCEF;9=7^P3S^;C;�srW=JLB�PI7�PIB=<ia:<[9C<[>_SVE};=DFHKJ[W=HKHIDF7^9 �

� �� >��, ��3C@��>��7 �+L�.TPTE+)+ 6@N �. ��98� >��,��NL@ %,��3C PT��+O �,%� �/T ��.0� D�<=1�6,%��P H�� 0MX+ �.�S +X �� SQ6PT��+%� 'L� � N)�92 ,��AB6,Z %. �� > E��6,*.��20D��J� � +%@�7 �@��C@)�� H ��M�R�'L� � ��+*�3�0 �@,�>,�� %EP ��+;� �E+O >$@,�+ .0��>,�.��.�/� H � � � M"�

HB�(M �:1��,2�E+O �@,�P�92

>��L�A( �@,�NL�3PP��1�6��A( �@,��.Y.��

��68S��+

N)��N)��

�98T+ 06P�0P��,�6P

¢-?5¥ �� !��HKD

j.D-0 <[>K<[95P_E>) �¡>I7:s ? DfSV9=JLB=D �}�3;=7R9=7^Pi@T7:HKPIW=EfSYP_< P_BC<�< �NDFHKPI<[9=J?<t7V� S < >K;�@T<[>KHI7:9 @=>I7YM�K<[J�P_DF7^9�ne�ZB=< `N@T<[<[JLB u J?P3HIDGst@=E>)"<?9=J[7,;=<?HAPIB=< `N@T< SÛV<[>L© u ;=;=>I<?HIHK<[< ]VSÊFWC<[H[n

�ZB=< `N@T<[<[JLB*keB=>IS^HI<�<?9=J[7,;=<[H DG9C�¡7:>Ks"SVPIDF7:9 S v 7:WCPtP_B=<�SVJ?P_W=SÊ.@�SV>KP_DGJ[DG@�S^95P_HtDF9�PIB=<HI@T<[<?JLB-S^J�P n � ��PIB=<1S^>Ia^W=st<?95P27^��S^9(<?]^<[95P DFH2SD+�>KHKPi@T<[>IHK7:9(@=>I7^9=7:W=9��}HKW=JLB�S@=>I7:9C7:W=9.cDFEGE >I<?J[<?DG]:< DGPIHZHI@T<[J?D-+�J[SVP_DG7:9 v ) v <?DF9=a�S^9=JLBC7:>I<?;�PI7�PIB=< `N@ <?<[JLB u J?PA@=>I7 �K<[J?PIDF7:9 n

? DfS^9CJLB=D�l ¥^¦:¦ K< JLBC<[JLU�DF9=at�¡7:>cHIW=JLB�S1HI@T<[J?D-+�J[SVP_DG7:9�nc`,B=<@=>I7^@ 7:HK<[HAP_B�SVPcPIB=< EG<��NDFJ[SÊe¢ H¨P ©:¥V9C; @T<[>IHK7:9��¡<[SVP_WC>I< 7:9 S�@=>I7:9C7:W=9�9=<[<?;=H.P_7 v < JLB=<?JLU^<?;Sâ5S^DG9=HKP P_B=<o`N@T<[<?JLB u J�P @CB=>_S^HK<eDF9i7:>K;=<[>��¡7:> P_B=<8@=>K7:9=7:W=92PI7 v <e;=<?DFJ?PIDFJ[SÊFE>)3DG95P_<[>K@=>I<�PLS v EF<^n�/.cDGHIB&PI7(�¡7ÊFEF7�.�PIB=<[HK< EFDF9C<[H�S^9C; @C>I7:@T7:HI<PIB�SVP PIB=<�`N@T<[<?JLB u J�PtBC< S^;yB�S^H ]VSÊGW=<[; M�¡< SVPIW=>I<?HR`N@T< SÛV<[>_© u ;=;=>K<[HIHK<[<Vn g0B=<?9*S�¢ HKP"@ <?>IHK7:9 @=>I7^9=7:W=9 DGHt@=>K<[HK<[95PRDF9 S�J[EfSVW=HI<V�DGP/.cDFEGE v < v 7:WC9=; v )�PIB=<"HK@ <?<[JLB S^J�PrB=<[S^;��4.cBCDFJLB .cDFEGE8S^HIHKDFa:9�P_7 DªP PIB=<t]VSÊGW=< �qS^J�P_W�SVEHI@T< SÛV<[>�5q© �� 5ªn�g0BC<[9S ¥V9=;1@T<[>KHI7:9t@=>I7:9C7:W=9�DFHe@=>K<[HI<?95P DG9tSiHI<?95P_<[9CJ[<^�NDGPL.cDGEFE v <AS^HIHKDFa:9C<[;P_B=<3;=<[DGJ?PIDFJc]^SVEFW=< �qS^J�P_W�SVE S^;C;=>I<?HIHI<?<15 © � ):7:W65ªn `NW=JLBRSrs�<[JLB�SV9=DFHKs�7V�}@ <?>IHK7:9 HI@T<[J?D-+�J[SVP_DG7:9DF95]:7ÊG]:<?H�P_BC< HI<?s"SV9�PIDFJo�¡< SVPIW=>I<?H 7^� @T<[>IHK7:9�SÊ,@=>K7:9=7:W=9CH[n �ZB=< H_S^s�< B�SV@=@ <?9=H4.cDªP_B �� n �ZB=<W=9=HK@ <?J[DG�¡<?;�@T<[>KHI7:9 �¡<[SVP_W=>K<27:9 �� >I<[J?<[Dª]:<[HADGPIH ]VSÊFWC<.P_B=>K7:W=a:B C 7:9CJ[7:>K; .cDªP_BPIB=< `N@ <?<[JLBu J?PAB=<[S^;�n

� �=6+ %@,�P�92 ��A( %6,%�.Y.0��-SQ�0+ ��,%EP �

�V �� 4 %��PT��W@,�@� C�L�� 3�7 %6,%>,�� .0� �$� OSQ@@� �� 3�3�� &��P SQ6PT��+%� ')�� %. � ? %�),�6+%/�� *.�A��PT��W@,�@�7 =@��[email protected]��1Z.�AW %� +%>$@6C��)�0C� =�3�TAB.�,�N)�� %�3.��L�3�7 %.I %��F+ 2Y�7 ��0C� ��3C�+ %,�/�C� �/,%0D S-EPT�3+%�)��,�1�/�� 32*��+ OSQ.)PT��W@,�@�7 ��.TPTE+�AB.�, >$6� �6,��P ��PPT,�6+�+ 0RYS��3Z�� .��2?� ��+�.��D� �� %6,%�� %�38�6��20R6 �� SQ �E,%E��PT�3�1 .�A ��& NL�92 �$-. �T ��EPI %��,%.0/1��*�V+ >�3�� J��7 %6��C�EPT@�7 ��P��1 D �� 3�3��

NL�31��7 F��+ .4��980I�4�E��P�AB.�, > E��6, ��P �L�E��P AB.�,��PPT,�6+�+%@�R��P� %�E+ I OSQ.L�6�0P NL�31��7 ��3��P� %�>$@,�+ .0��Y>,�.��.�/�X %.01�� @,ED ��3+ ��+=+%��NL�3�3��,U,%.� %�� + . ��C6��3��EP;+%>�� :��7 �6C�EPT@�7 >�6�.�NL6�.��L�3��3/�+ %,�� %EP�3� HB�3��M"�

H ��(M � � �@,F�0+ 06P � ��,�2?S�� @,� ��@2 C�.0/�3P�1�.4 �.L+�C��.Y.��W �.�10� %��@,

��Y/�+6RZ��&)NL��10�0 ,%EC�6��80 �G �+ 89��/� 8Y�3� + >�� P��1 �Y2 %� >$6��0@, ��P �Y2� �� PP,%E+%+% �E��P+PT��+ %�3��C� ��20D

� �� ¢-? I7^@ 7:HK<[;�DF9RJLB�S^@CPI<[> ¢:� �� B�SVH3SV9�W=9CHI@T<[J[D>+�<[; HI<[stS^95P_DGJ2@ <?>IHK7:9��¡<[SVP_W=>K<^nog0B=<[9�� v <[B�S ]:<?HcS^H SV9DF9=;C<�+�9=DªP_<V�NDªP DG9�PI>I7,;=W=J?<[H S @ <?>IHI7^9"]VS^>IDFS v EF<K.cB=DGJLB9=<?<[;=H PI7 v < v 7:W=9=;v ) S^9 7:@ <?>_SVPI7:>1DF9y7:>K;=<[>��¡7:>�P_BC<�>K<?�¡<?>I<[9CJ[< HK<?P1P_7 v <�WC9=D F�W=<?E-)�DG;=<[95P_D>+�<[; n g0B=<?9 ��

v <[B�S ]:<?H�S^H S�@C>I7:9=7^W=9�� DGPi9=<?<[;=H P_7 v < v 7^W=9=; v )�PIB=<`,@ <?<[JLB u J�P PI7 v <tDG95P_<[>K@=>I<�P_<?;�ng�<rB�S ]:<rHI<[<?9�B=7�. P_B=< >I<��¡<[>I<?9=J[<rHI<?P.DFHADF;=<?95P_D-+=<[; SVH ��a:<[9=<?>IDGJ15�.cB=<[9 PIB=< & W=9 v 7:W=9=;=<?;NM�29 ' 7^@ <?>_SVPI7:> DGH @C>I<[HK<[95P1DF9 P_B=<tJ[EFS^W=HI<Vn�� cHKW=JLByS^9&7^@ <?>_SVPI7:> DGHr9=7VP PIB=<[>K<^� �� B�SVHrDGPIH M @ <?>IHI7^9 �¡< SYP_W=>K<o]VSÊGW=<[; v )iPIB=< `,@ <?<[JLB u J�P n u H Sc>I<?HIW=EªP �^DªP_H�HI<?s"SV9�PIDFJo@ <?>IHK7:9 �¡<[SVP_W=>K<�DGH]VSÊFWC<[;1S^HeHK@ <[SÛ^<?>L©^S^;C;=>I<?HIHI<?<^no�ZB�W=H[� �� DFHeDG9�PI<[>K@=>I<�P_<[;�S^H�DF9=J?EFW=HKDG]:<2l v <[J SVW=HI<cDGP DF9=J?EFW=;=<?HP_BC< HK@ <[SÛ^<?>.SV9=;�PIB=< S^;=;=>K<[HKHI<[< p�n

��<�PcW=HAJ[7:9=HKDF;=<?> P_B=<iHK<[95P_<?9=J[< DF9�lm£ < p��

lm£ ID)^<[HKPI<[>K;�S*)

HKDHKD�DFHS^>K>IDª]^SYP_DS^>K>IDª]:<[;

P_S^>I;CDEFSVP_<


� o<[H¨P_<[>K;�S*) . < S^>K>IDG]^<[;�EfSVPI<2SVPcP_BC<2HKPLSYP_DF7^965

lm£ KW=J?PIW=>I< DF9�lm£V§�p��

lm£V§�p

>$@6C�� C� �

> 66C�� C� � �

� �� V+ > �

+ �� > 6, A <��

�� >> �

��,�,%�38�� %� ��

�O9 lm£^§�p �5� B=S¤]^<3DG9=;=DGJ SVPI<[; P_BC<cd��S^HeP_BC<AHKDGPI<2.cB=<[>K< �� 7 v P_S^DF9CH DGPIHe>I<?�¡<?>I<?9=J[<Vne�ZB=DFH8HKP_SVP_< Ms�<[95P DGH 9=7VP W=9=s�7^PIDG]VSVP_<?;�n�`NDGa:W=>��^HIHI7^9 l ¥V¦:¦5¥:p2HIW=aâ:<[H¨P_HrPIB�SVP @=B�S^HK<[H 7^� J[7:s�@=WCP_SVP_DG7:9S^>K<39=7VP2C BC7:stHKU<) 5 H�!�S^9=;IC k � v WCP�>_SYP_B=<?>8PIB=<A<?]:<?95P @=B=>IS^HI<3S^9=;1P_BC<AHK@ <?<[JLB@CB=>_S^HK<^ne�O9JLB�S^@NP_<[> ¥N�� B�S ]:<3HIB=7�.c9"PIB�SVP ! DFH89=7VP Si@=B�S^HK<.DG9t�¨`NC H?n u J[J[7^>I;=DG9=a PI7�`NDGa:W=> �:HIHK7:9��5P_B=DGH

¢-?^§ �� !��HKD

s"S*) v < v >I7:W=a^B�P v S^JLU�PI7P_B=<�a:<?9=<[>ISÊ � �� !� � �� >K<#F�W=DG>I<[s�<[95P[n � PiDGH!9=7^P/C SVHI<P_B�SYP2;=<?PI<[>KstDG9=<[H ��HIW v �K<[J�P_B=7,7N;=5G� v WNP2>_SVPIB=<[>3P_B=<�@T<[>KHI7:9 �¡<[SVP_W=>K<^nr`NDFa^W=>��:HKHI7:9 @=>I7:@T7:HK<[HP_B�SYP3PIB=<[>K< DFH3S��¡<[SVP_W=>ISÊ >I<[EFSVP_DG7:9=HKB=DF@ v <?P .�<[<[9 ��!� MO9=7^stDG9�SVP_Dª]:<2HKW v �K<[J�P_HiS^9C; .cB�SVP.B=<J SÊGEFH2P_BC< � +�9=DªP_<�J[7:s�@=EF< � 5}7^� P_BC<tJ?EfS^W=HK<^n�`NWCJLB�S�>K<[EFSVP_DG7:9=HIBCDF@(DF9�B=7�. <�]:<[>r9=7^P �37:s�DªM9�SVPIDG]:<�JLBC<[JLU�DF9=a v WCPi>ISVP_BC<[>2@T<[>IHK7:9(JLB=<[JLU�DG9=a=n �ZB=<1@T<[>KHI7:9(JLB=<?JLU,DG9=a ;C7:s"SVDF9=H.S^>I< PIB=<<?]^<[95Pc@=B=>IS^HI<V� .cB=<?>I<!@T<[>KHI7:9�¡<[SVP_W=>K<[H S^>I<3<[9=J?7N;=<?;��S^9C;"P_B=<3HI@T<[<?JLB�SVJ?P ;C7:s"SVDF9��<.cB=<?>I<P_B=<�@T<[>IHK7:9-�¡<[SVP_W=>K<[HrS^>I<1]VSÊFW=<?;�� D n <^n S^>K<"SVHIHIDGa:9=<?;&S�>K<?�¡<?>I<[95P[n `,DFa:W=> �:HIHK7:965 H @C>I7:@T7:H_SVEs"SYP_JLB=<?H�]:<?> )%. <?EFE�.cDGPIBtPIB=<.@=DGJ?PIW=>I<AP_B�SVP�� B�S ]^<!;=>_S*.c9HK7r� S^>87^�}�¨`(C H[n8�O9@�S^>¨P_DGJ[W=EFS^>[�5�PLSÛV<3PIB=<3]VSÊGW�SVP_DG7:9�7^��P_BC<.@T<[>IHK7:9"�¡<[SVP_W=>K<.7:9 �� P_7 PLSÛV<.@=EFS^J[<3SVPoP_B=<3<[9=; 7^� P_B=<!`N@ <?<[JLBu J?Pe@CB�S^HI<Vn u H HI7,7:91S^H P_B=<c`,@ <?<[JLB u J?P B=< S^;�DGH�s�<[>Ka:<[;�� 5�H�HI<[stS^95P_DGJ�@T<[>KHI7:9 �¡<[SVP_WC>I< DGH]VSÊFW=<?;�ne�ZB=DGH ]VSÊFW�SYP_DF7^9s"SVU^<[H �� >K<?�¡<[>K<[95P_DFSÊ ne�ZBCDFH DGHZst7:H¨PZEFDGU^<?E-)tSÊFHK7 P_B=<2>K< S^HK7:9�.cB<)DGP J SV9&>I<?J[<[Dª]:IS^9=HIDªP_Dª]:<�HI<[95PI<[9=J?<[HB.cDGPIB�6AM � Sâ:>K<[<?st<?9�Pr;=<[HK@=DGPI<DGPIHZH ),95PLS^J�P_DFJtl �M¨p DG9=J[7^st@=EG<?PI<[9=<?HIH �?n

� 7�J[7:9CJ[EFWC;=<^�eDG9RPIB=DFHZHK<[J�P_DF7^9��B�S ]:<iHIBC7E.c9�P_B�SYPZ]^SVEFW�SVPIDF7:9"7^� PIB=<iHI<?s"S^95PIDFJ2@T<[>IHK7:9�¡< SVPIW=>I<37:9 �� P_SÛ^<?HZ@=EfSVJ[<c]NDFS �¡<[SVP_W=>K<.]VSÊFW=SVP_DG7:9 v )`N@T<[<?JLB u J?P � .cB=DFJLB;C<?P_<?>Is�DF9=<?H �� 5 H>I<��¡<[>I<?9=J[<cHK<?P n��ZB=DFHeB�SV@=@ <?9=HL.cB=<[91P_BC<Z<?]:<?95P�DGH & v 7:W=9C;=<[; ' �,S^9=; PIB=<[>K<?�¡7:>K<�.cBC<[9�P_B=< �297:@T<[>_SYP_7:>4.cBCDFJLB�J[7^>I>I<?HI@T7:9=;=HePI72��SVP_>KDF;=7:W � u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W � �Ob?]^7:>IHKU ) 5 H & W=9 v 7^W=9=;=<?; '�¡< SVPIW=>I< DFHAS v HK<[95P � S^9=; �� DFHA9=7^P.S^9 DG9=;=<�+=9=DGPI<^nZ�ZB=<1`,@ <?<[JLB u J?P.B=< SV; <[9CJ[7,;=<[H!;C<[DFJ�P_DGJDF9C�¡7^>IstSVP_DG7:9��D n <^n.SVPIPI>ID v WCP_<?H.P_BC< ]VSÊFWC<rHI@T< SVU^<[>_©^S^;=;C>I<[HKHI<?<�PI7"P_B=<r@=>I7:9C7:W=9=H2SVJ[J[7^>I;=DG9=aP_7�P_BC< SVJ?P_W=SÊ}@�S^>¨P_DFJ?DF@�SV9�PIH DF9 PIB=<iHI@T<[<[JLB S^J?P[n

�ZB=< @=>K7 v EF<?stHAP_B�SYP.>K<[stS^DF9�9=7�.�7^@ <?9�S^>I< P_B=< �¡7:EFEG7E.cDG9=a=�@+�>IH¨P �=.�< B�S ]^< HI<?<[9 P_B=SVP]:<?> v H .cBC7rEFDGJ[<?9=HI<3S^9"< �,P_<[>K9�SÊ @ MO>K7:EF<c@=>K<[HK<[95PZS^9t<��NDFH¨P_<?9�PIDfSÊTDF95PI<[>I@C>I<?P_SVP_DG7:9�DF9tS^;=;=DªP_DF7^9P_7�P_BC<�DG9=J[EGW=HIDª]:< 7:9C<^n `NW=JLB S^9 S^;=;CDGP_DG7:9�SÊ�DF95P_<?>I@=>K<?P_SVP_DG7:9�DFH�9=7VP�S¤]VS^DGEfS v EF<1�¡7:>�W=9�S^J MJ[W=HISVP_Dª]:<?H[�T@=H ),JLB ]^<[> v H[� @�S^HKHIDG]^<[H?� >IS^DFHKDF9=a�]:<?> v H?� SV9=; SVEFE PIB=7:HI<2]^<[> v H3P_B=SVPA;=7t9C7^PAB�S ]:<S^9R<��,P_<?>I9�SVE'@¤MO>K7:EF<Vn �ZB=DFHc@=>K7 v EG<[s�DGHcS^;=;=>K<[HKHI<[; DF9P_BC< 9C<��,P.HK<[J�P_DF7^9�n� �� L�3+XS-.0, �� .� ��3C@��1 %� �� X�3� ��C6��+%?.�AF��C��.0,%�3�1 %. %� >$@EC�� C� ER �-.��C@.�,�P ��06+;>��C@

�3.��1 ��P�3+ ��C�0D � +%�.0, )PT��+O ��C@ �-.0��C�.0,�P ,�657/�3,�6+; %�� &ZNL.�8�E+;.0� �� > 66C�� C� L>,�. �O6C� %�3.�� D��+�>$.0+�+ � ��3�� O2 ��+��.� ��C��3/�PT6P �Y2) %��Z>,%E+ 6�7 ��32T+ ��+6D

� �� ¢-?C=

`N<[J?7:9=;��^PIB=<[>K<ZS^>K< HI7^st<�EfS^9=a^W�Sâ:<?H[�YEFDFUV< � W=HIJ[S^9��^PIB�SVP�9=<?]^<[>eB�S ]:< S^9 <��NJ?EFW=HKDG]:< >I< SV;NMDF9Ca=neQ�7:>8� WCHIJ SV9HI@T< SÛV<[>KH[� �� s"S*)19=<�]:<[> B�S ]:<!SV9"<��NDGHKP_<?95P_DfSVE ©V< �CJ?EFW=HKDG]^<3DG9�PI<[>K@=>I<�PLSVPIDF7:9�nu @ 7^HIHID v EF<2< �N@=EfS^9=SVP_DG7:9�¡7:> P_BCDFHZ@=>K7 v EF<?s DFHZ@C>I7¤],DF;=<?;�DG9 HI<[J�P_DG7:9 =,n�§=n

�� !� ��

� � PIB=< `N@ <?<[JLB u J�P.DGHcDF95]:7:Eª]:<?;�DG9�PIB=< DG95P_<[>K@=>I<�PLSVPIDF7:9R7^��DF9=J?EFW=HKDG]^< �� T7^9=< . 7:WCEF;�<��N@ <?J?PP_B=SVP DG9 J S^HK<[H 7V� >I<[@T7:>¨P_<[;rHI@T<[<[JLB�PIB=< ��>I<?@ 7:>¨P_DG9=aN5 HI@T< SÛV<[>_©^S^;=;=>K<[HKHI<[<�.�7:W=EF; v <�DF95]:7:Eª]:<?;��v WCP�9=7^PoP_BC<3@T<[>KHI7:9I.cBC7 S^J�P_W�SÊGE-)rWCPIPI<[>IHoP_B=<AHI<?95P_<[9CJ[<^n u HKHIW=s�DF9Ca PIB�SVP8P_B=<!`N@T<[<[JLB u J?P@=>K7 �K<[J�P_DF7^9 <[9=J?7N;C<[H DF9N�¡7:>IstSVP_DG7:9 S v 7:WCP"PIB=< HK@ <[SÛ^<?> S^9=;0S^;C;=>I<?HIHI<?<�DF9�PIB=< >K<[@T7:>KPI<[;HI@T<[<?JLB�� P_BC<"@=>K<[;=DGJ?P_DG7:9 DFHiP_B�W=H PIB�SVP �� DF9�>I<?@ 7:>¨P_<?;&HI@T<[<?JLB�;=7N<?H 9C7^P EG7N7:U��¡7:>i;=<[DGJ?P_DGJ>I<��¡<[>K<[9=J?< v WCPra:<?PIH v 7:W=9=; v )(P_BC< ��>I<[@T7:>¨P_DF9CaN5}HI@T< SÛV<[>_©^S^;=;=>K<[HKHI<[<Vn��ZB=DFH @=>I<?;=DFJ�P_DG7:9�DGHv 7:>I9=<i7:WNP ��S^HZPIB=<2�¡7:EFEG7E.cDG9=a < �=SVst@=EG<2HIB=7�.cH?�

lm£A=:p � SV>IDfS� SV>IDfS

<S^9C;

�2DfSV9=9=D�2DfSV9=9=D

B�SV9=9=7B�S ]^<

>_S^J?J[7:95P_SVP_7P_7:EG;

JLB=<P_B�SYP

HIDHID�DFHstS^9=a^DfSVPI7<[SVP_<?9

v <?9=<. <?EFE

DF9DF9F�W=<[EP_B=SVP

EG7NJ[SÊF<@=EFS^J[<�q� S^>KDfS1S^9=;��2DfS^9=9CD�B�S ]:<iP_7:EG;P_B�SYPZP_B=<8)RB�S ]:< < SVPI<[9 . <?EFE}DF9PIB�SVPA@=EFS^J[< 5

�ZB=< v <[B�S ],DF7:>.7^� �� DG9ylm£C=^p3DFH2EG7:a:7:@=BC7:>IDGJ^n � � >I<��¡<[>IH v SVJLU�P_7PIB=< ��>I<[@T7:>¨P_DF9CaN5 HK@ <[SÛ^<?>[�D n <^n PI7 P_B=<1@T<[>IHK7:9 .cB=7R>I<?�¡<?>IH .cB�SVP B�SV@=@ <?9=H[� >_SYP_B=<?>!P_B�S^9�PI7RPIB=<1@ <?>IHK7:9;.cBC7�WCPKP_<?>IHP_BC< .cBC7:EF<iHI<?95P_<[9CJ[<^n

lm£C=:p @C>I7¤],DF;=<?H3<�]NDG;=<[9CJ[< �¡7^>cPIB=<i� S^J?PcP_B=SVP �� >I<?J[Dª]:<[H3DGPIHADG9=J[EGW=HIDª]:<2DG9�PI<[>K@=>I<�PLSVPIDF7:9 v )v <[DF9CatSV9=JLB=7:>K<[;�PI7�P_B=<iHI@T<[<?JLB S^J�P n

� � 0 ��2�C.��!�-��+ � (��*+ �� #" ��

u H1HKB=7�.c9�DF9 ¥,nq¥Nnª� �� stS*)&>I<?J[<?DG]:<�S^9 S^;=;CDGP_DG7:9�SÊo<��NDGHKP_<?95P_DfSVE ©V< �CJ?EFW=HKDG]^< >I< SV;=DF9=a .cDªP_B]:<?> v H1P_B=SVP1@=>I7 �K<[J?P�SV9 < �,P_<[>K9�SÊ @¤MO>I7ÊF<^�8W=9C;=<[> v 7:W=9=;C<[;=9=<?HIH?n u H1HIB=7�.c9��2C DF9NF�W=<RSVP¨MP_>KD v WNP_<[H1P_BC< @T7:HIHKD v DGEFDGP )-7^�2SVJ#F�W=DF>KDF9=a�S^9 <��NDFH¨P_<[95PIDfSÊc>I<[S^;=DG9=a PI7�PIB=<�@C>I<[HK<[9=J?<�7^�.PIB=<<��,PI<[>I9=SÊ @ M >I7:EG<^nr`NW=JLB S^9(<��,P_<?>I9�SVE @ MO>K7:EF< DFH!J?7:s�@�SVP_D v EF< �¡7:>!HK7:st<r>I< SVHI7:9 .cDGPIB(S^9�<��M

¢-?:£ �� !��HKD

DFH¨P_<[95PIDfSÊ3>I< SV;=DF9=aCn C DF9NF�W=< l�¢-?A>A>5p1�¡7:EFEG7E.cH �:S^JLU^<?9=;=710�l¨¢8? B ¥:p v ) J?EfS^DGstDG9=a�PIB�SVP PIB=<<��NDFH¨P_<?9�PIDfSÊcDG9�PI<[>K@=>I<�PLSVPIDF7:9 7^� �� >K<#F�W=DF>K<[H"PIB�SVP"S^9�<?EF<?st<?9�P"DFH�DF9 P_B=<�HI@T<[J[D>+�<[>t7^�!PIB=<�O9$��@=>K7 �K<[J�P_DG7:9�SVP.jAMOH¨P_>KW=J?PIW=>I<Vn!�ZB=<ra^<[9=<?>IDFJ DF95P_<?>I@=>K<?P_SVP_DG7:9 DGH3DG9=HKPI< S^; 7 v PLS^DG9=<[; SVPi`5MHKPI>IW=J�P_W=>K<^n � 9=J?<"P_BC<"DF95PI<[>I9=SÊoS^>Ia:WCst<?9�Pr7^�cS^9-W=9�S^J?J[W=HISVP_Dª]:<"]^<[> v B=S^Hrs�7¤]:<[;�P_7 PIB=<HIW v �K<[J?P.@ 7^HIDGPIDF7:9 �=DGPAstS�)7:9=E-)7 v PLSVDF9�S�a:<?9=<[>KDFJtl 7^>3SV9 DF9CJ[EFWCHIDG]^<¤p DF95PI<[>I@C>I<?P_SVP_DG7:9�no�ZB=<S^9�SÊ>),HIDFHZ7V� j.< ��DGa:W=<?Eol¨¢-?A?:¥:po�¡7:>A`N@=S^9=DFHKB � DFHcSÊG7:9=a P_BC< HIS^s�< EGDF9=<?H[n

��<[;=DGU^7,<?P¨�C<[S�lm¥^¦:¦5¥^p�� B=7�.�<?]^<[>[��@ 7^DF95P_H 7^WCP P_B=SVP v 7^P_B C DG9NF�W=<15 H1S^9=; j.<��DGa:W=<?E 5 HS^9�SÊ>),HI<[HA7:9=E>)R@=>I<?HI<?9�P!;=<[HKJ[>IDG@CP_Dª]:< a:<[9C<[>_SVEFDFb[SVP_DG7:9=H?� S^9=;�PIB�SVPAP_B=< >I<[SÊ�J S^WCHI<r7V� P_B=< >I< MHKPI>IDFJ�P_DG7:9 7:9�P_BC<�<��NDFH¨P_<[95PIDfSÊ >I< SV;=DF9=a >K<[stS^DF9CH!W=9=U�9=7�.c9�n1`,B=<�@=>I7^@ 7:HK<[H S^9(SÊªP_<?>I9�SVPIDG]^<S^9�SÊ>),HIDFHrS^J[J?7:>I;CDF9=a PI7 .cB=DFJLB&PIB=< @=>I<?HI<?9=J[<R7^�3S^9�< �NPI<[>K9�SÊ @¤MO>I7ÊF<"DGHr9=7VPB.cB�SVP1stSÛ^<?HP_B=< ;=D>0 <?>I<[9CJ[< .cDGP_B�>I<?HI@T<[J�P3PI7�PIB=< @T7:HKHID v DFEFDªP )t�¡7^>A�¨`(C H3P_7�7 v P_S^DF9�S^9�<��NDGHKP_<?95P_DfSVE >K< S^;,MDF9=aCn`NBC<tHKW=a:a:<?HKP_H P_B�SYP PIB=<�@ 7:HKHID v DFEGDGP )�7^� 7 v PLS^DG9=DF9=a�S^9 <��NDGHKP_<?95P_DfSVEo>K< S^;CDF9=aRDFHi>ISVP_B=<?>J[7:9C9=<[J�P_<[;�P_7�P_BC< DG9=;=Dª]NDG;=W�SÊ MOEG<?]:<?ET],H?n�H¨PLSâ:< MOEG<?]:<?E}9�SVPIW=>I<27^� @=>K<[;=DGJ SVPI<[H[n

� .cDGHIB P_71@=>K7:@ 7^HI<!P_B=SVPZP_B=<2@T7:HKHID v DFEFDªP )�7^� S^9�S^;=;=DªP_DF7^9�SÊT<��NDFH¨P_<[95PIDfSÊ >I< SV;=DF9=a�DGHZ@=>I7YM],DF;=<?; v )2PIB=< �� !�� 7V�,PI>_S^9CHIDGPIDG]^<8S^9=;iW=9=<?>Ia5SVPIDG]^<8]^<[> v H[n � >_SV9=HIDªP_DG]^<8S^9=;iW=9=<?>Ia5SYP_DG]^<]:<?> v H WCHIW�SÊGE-)�;C<[9=7^PI< S^J�P_DG],DªP_DF<?H[� S^9=;�P_B=<?>I<?�¡7^>I<tS^>I<tDF9=B=<?>I<?9�PIE-) SVPI<[EGDFJ^� 7:> W=9 v 7^W=9=;=<?;�ng-<2HIS*.�P_B=SVPZP_B=<2DG95P_>I7,;=W=J�P_DG7:9 7^� S�HI<[95PI<[9=J�P_DfSVE�P_<[s�@T7:>_SÊ v 7^W=9=;�S^>H)"PI>IDFaâ:<[>KHZS^9RDF9=J?EFWNMHIDª]:<.DG95P_<[>K@=>I<�PLSVPIDF7:9 �NSV9=;"DG9tP_BCDFHoJ S^HK< �� v <[B�S ]^<[HZS^H S ;=<8+�9=DªP_<^n��ZB=<.� S^J�P�PIB�SVP S^J?PIDG],DGPIDF<[HS^>I<iDG9=B=<[>K<[95P_E>)RW=9 v 7^W=9=;=<?;��¡7:>KJ[<[HcP_BC< DG9=;=<�+=9=DGPI< v <[B=S¤],DG7:>c7^� �� n�\39 v 7:W=9=;=<?;=9=<?HIH!DGHADG9� S^J?PAJ?7:st@=SVP_D v EF<M.cDªP_B�DF9=;=<8+�9=DªP_<[9C<[HIH?� v WCP39=7^P�.cDGPIB�;=<8+�9=DªP_<[9C<[HIH?��S^HK.�<rB�S ]^<rHI<?<[9�n u 9DF9=;C<�+�9=DªP_<1P_B�W=H 7 v PLS^DG9=H S HIDGst@=EG<1<��NDFH¨P_<[95PIDfSÊ8>I<[S^;=DG9=a .cB=<?9�DGPrS^@=@T< S^>KHrDG9&S v 7:W=9=;C<[;HI<?9�PI<[9=J?<^n

\39�S^J?J[W=HISVP_Dª]:<2]:<?> v H3S^>K<2DF9=H¨P_< SV; DF9=B=<?>I<?9�PIE-) v 7:WC9=;=<[; � S^9=; P_B=<?>I<��¡7:>I<!PIB=<�) stS*)"9C7^Pv <?B�S ]:<3S^H8DF9=;C<�+�9=DªP_<?H�SV9=;t>K<[J?<[DG]^<AS HKDFs�@=EF< < �NDFHKPI<[95P_DFSÊ�>I<[S^;=DG9=a=�59=7^P8HK@ <?J[D>+�<[;��¡7:>eDF9=J?EFWNMHIDª]:<[9C<[HIH?n��ZBCDFH 7 v HI<[>¨]VSVP_DG7:9 v <[J[7^st<?H st7^>I<!H¨P_>_SVDFa:B5PI�¡7^> . S^>I;DGH 7:9C<!J[7:9CHIDF;C<[>IH PI>_S^9CHIDGPIDG]^<S^J[J?7:s�@=EFDGHIB=s�<[95P_H?�=EFDGU^<.PIB=<i7:9=<iDF9�l £:£5p��

� �� ¢-? B

lm£^£5p �O<?>ID)^<[HKPI<[>K;�S*)

HKDHKDHI7:9C7S^>I<

stS^9=a:DFSVP_<<[SVP_<?9

P_WCPKP_<SÊFE

<S^9=;

P_>K<P_BC>I<[<

EG<PIB=<

v S^9�S^9C<v S^9�S^9=S^H

>IDFstS^H¨P_<EF<?� P

� o<[H¨P_<[>K;�S*) . <iB�S ]:< < SYP_<[9RP_BC<iPIB=>I<?< v S^9�S^9=S^HZP_B�SVPK.�<[>K< EG<?� P#5

lm£^£5p�B�S^HoS2J[EG< S^>KE-) DG9=J[EGW=HIDª]:<Z>K< S^;=DG9=a=�5;=<?HI@=DªP_<ZP_BC<c� SVJ?PeP_B=SVPoDGPeDGH8SiPI>_S^9=HKDGPIDG]:<Z�¨`(C.n5�ZB,WCH[�DF9C9=<[> v 7:W=9C;=<[;=9C<[HIHe�¡7:>KJ[<?H DF9=J?EFW=HKDG]^<[9=<?HIH[n��O9=J[EGW=HIDª]:<[9C<[HIH8DGH�<#F�W=Dª]VSÊF<?9�P P_72;=<8+�9=DªP_<[9C<[HIH?��S^H.�< B�S ]:<ZHKB=7�.c9 v <��¡7:>I<Vn�� >_S^9=HKDGPIDG]:< S^9=; WC9=<[>Ka5SVP_Dª]:<?HeS^>I<�W=HIW=SÊFE>)iDF9=B=<?>I<?9�PIE-) W=9 v 7:W=9=;=<?;��S^9=;RP_BCDFHZ@T<[>Is�DGPIHcS^9RDF9=;C<�+�9=DªP_<2DG9�PI<[>K@=>I<�PLSVPIDF7:9�¡7:> �� n

� � � �$.��C��:��8�/)�� '�C��:��8��)�� 0 :'� �A+ �

�O9�7:>I;=<?> P_7iB�S ]:<3S2J[EG< S^> @CDFJ?PIW=>I<c7:91DG9=J[EGW=HIDª]:<[9C<[HIH?��DGPeDGH�. 7:>¨P_B1PLSÛ�DG9=aiS2EF7,7:UrSYPeP . 7 EfS^9,Ma:W�SVa:<[HZP_B=SVPAS^>I<!PI7^PLSVEFE-)�W=9C>I<[EFSVP_<?; P_71< S^JLB�7^PIB=<[>?� v WCPA@=>K<[HI<?95P3PIB=<2H_S^s�<2@=B=<?9=7:s�<[9=7^9��9�S^s�<[E>)�PIB=< ��<��NJ[EGW=HIDª]:<[E>)&DG9=J[EGW=HIDª]:<15 >I<[S^;=DF9Ca 7^�AHI7:s�<DGst@T<[>KHI7:9�SVE�J?7:9=HKPI>IW=J�P_DG7:9=H[n��ZB=I<�HI@T7:U^<?9 Q�DF9=9CDFHIB�S^9=;&Q�EF7:>K<[95P_DG9=<^nR�O9&HK@ 7Û^<[9yQ DF9=9=DGHIB��S^9DFs�@T<[>IHK7:9�SÊTJ[7^9=HKPI>IW=J�P_DF7^9�DGH W=HK<[;RP_7 DG;=<[95PIDG� )"S a:>I7:WC@ 7^��@ <?7:@=EG<!DF9=J?EFW=;CDF9=a P_B=<2HK@ <[SÛ^<?>[n`N@T7:U^<?9�Q�DG9=9=DFHKBi;=7N<?H 9C7^P SVEFEF7�.(�¡7:> S^9<) <��NJ[EGW=HIDª]:<o7:>�a:<[9C<[>IDGJ�>K< S^;CDF9=aA7^�=DGst@T<[>KHI7:9=SÊ:J[7^9NMHKPI>IW=J�P_DG7:9=H[n.�ZB=< DFs�@T<[>IHK7:9�SÊ�J?7:9=HKPI>IW=J�P_DG7:9 DFH3DF95P_<?>I@=>K<?PI<[;�S^H.B�S ]NDG9=a � .�<15}S^H.S"HIW v �K<[J�P �S^Hc<��N<?st@=EGD-+�<?; v )�l £ B p �

lm£ B p ��<.�<

s�<[9=9�X^X^9a:7 *,+.- ��# '

UVSVW=@=@�S:SV9HIB=7:@ * ��

� g-<ia:7�PI7�PIB=<iHIB=7:@=5

`N@T7:U^<?9�Q�DF9=9CDFHIB"B�S^HZEF7^HKP PIB=< ¢ H¨Pc@ <?>IHK7:9 @=EFWC>_SÊT<[9=;CDF9=a�7^��PIB=<.]:<?> v n8� Pc7:9CE-)�s"SVU^<[HZWCHI<7^� P_B=<iHI7YMOJ SVEFEF<?; DFs�@ <?>IHK7:9�SÊ MO@�S^HKHIDª]:<.�¡7:>Ks 7^� P_B=<2]^<[> v P_71J[7^9�]^<�)�S^9�DF9=J?EFW=HKDG]^<2>I< SV;=DF9=aCnlm£ B p s"S*) v <2J[7^st@�SV>I<[; .cDGPIB�lm£A>5p ��S^9R<��CS^s�@=EG<!PLSÛV<[9��¡>K7:s�.c>KDGPKP_<[9�Q�DG9=9=DGHIB��

lm£;>5p ��<.�< � ' � -��

s�<[9C<[s�st<a^7 � ' � -��

UYS^W=@C@�S:S^9HKB=7:@ * � �

� g-<ia:7�PI7�PIB=<iHIB=7:@=5

¢-?A> �� !��HKD

�O9�lm£A>:p��VPIB=<!¢ H¨P @T<[>KHI7:9�@=EGW=>_SVE,�¡7:>Ks 7^��P_B=<�]:<[> v DFH�WCHI<[;�DG9 7:>K;=<[> P_72DF;C<[95P_Dª� ) S^9�DF9=J?EFW=HKDG]^<>I<��¡<[>I<?9=J[< HI<�P n

�ZB=< HIS^st<�@=B=<?9=7:s�<[9=7:9 PLSÛV<[H@CEfS^J?<�DG9 PIB=< ;=DFSÊF<?J?P�7^�2� W=HKJ S^9<) DF9�a^<[9=<?>_SÊmn0Q 7^>� WCHIJ SV9 HI@T< SVU^<[>KH[� �¨`NC H3S^>I< SÊ>. S*),HcDF9=J?EFW=HKDG]^<^��S^Hc< �=SVst@=EG<�lm£A?:p�HIB=7�.cH?�

lm£A?:p �O9DF9F,WC<[EP_B�SVP


HIDHID�DFHstS^9=a^DfSVPI7<[SVP_<?9

v <?9=<. <?EFE

��O9�PIB�SVPc>I<?HKP_S^W=>_SV9�P�.�< B=S¤]^< <[SVP_<?9 .�<[EGE 5

lm£A?:pt7:9=E>)�B�SVHRS^9 DF9=J?EFW=HKDG]^< DF95P_<?>I@=>K<?P_SVP_DG7:9 .cDGPIB HI@T<[J[D>+�J P_DGst<�>I<��¡<[>I<?9=J[<Vn��ZB=<�@=B=< M9=7:s�<[9=7^9 7^�NDF9CJ[EFWCHIDG]^<eDFs�@ <?>IHK7:9�SÊ:J?7:9=H¨P_>IWCJ?P_DG7:9=H DFH F�W=DªP_<L.cDF;=<?HI@=>K< S^; n�� .cDGHIBiP_7A@=>I7^@ 7:HK<P_B�SYP �� DFH8� WCHIJ SV9B�S^HoW=9=;=<?>Ia:7^9=<.S >I<[S^9�SÊ>)NHKDFH?�,B=S¤],DG9=arSVH S >I<[HKW=EGP8PIB=<3HK<[EG<[J?PIDF7:9t7^��7^9=E-)7:9=<!7V�}P_B=<2S ]VS^DGEfS v EG<3s�< SV9=DF9=a^Ho�¡7:> �� l J?��n �37:@=@T<[> � � >_S^WCa:7^PIP.¢-?A? < �(? ) v <[<V� k <[>KU�DF9=H �

k�SâÊFDFWCJ S"¢-?;?^§=�=SV9=;��A7 v <[>¨P_H � �A7^W=HIHK7:W ¥V¦:¦ ) EGDFUV<[E-)Cp S^>I<oP_B=< <?9=;=@T7:DF95PIH 7^� S.@=>K7NJ?<[HIH�.cBCDFJLB�HKP_S^>KPIH��¡>I7^s PIB=< a:<?9=<[>KDFJ � <��NDGHKP_<?95P_DfSVE��DF9=J?EFW=HKDG]:< >I<[S^;=DF9Ca:H!S^9C; HI<?EF<[J�P_H.PIB=< DG9=J[EGW=HIDª]:< >I< SV;=DF9=aS^H3PIB=< 7:9=E>)�S¤]VS^DGEfS v EF<27:9=<Vn!�O97^P_BC<[>L. 7^>I;=H?�NP_BC<3DG9=J[EGW=HIDª]:<cW=HI<AB�S^Hoa:<?9=<[>ISÊFDGb[<[; n��O9t� SVJ?P �5PIB=<3J?7:9=H¨P_>IWCJ?P_DG7:9�.cDGP_B1P_BC< ¢ H¨P@ <?>IHK7:9�@CEFW=>ISÊ �¡7:>Ks�7^� P_B=<2]^<[> v DFHZ9=71EG7:9=a:<?>ZDF9RW=HI<iDG9�Q EF7:>K<[95P_DG9=<^n

�ZB=DFH�>I< MODG9�PI<[>K@=>I<�PLSVPIDF7:9!s�DFa^B�P v <8SZJ SVHI<87^�Na:>_S^s�stSVP_DGJ SÊGDFb SYP_DF7^9cS^9=; S^H�HIW=JLB DGP�HIB=7:WCEF;DF95]:7ÊG]:< S�@T<[>IDG7N;D.cBC<[>I< v 7^P_B �¡7:>KstH l P_B=<i<��NDGHKP_<?95P_DfSVE�S^9=; P_B=<iDG9=J[EGW=HIDª]:<¤p J?7VMO< �NDFHKPI<[;�n

�O9�PI<[>K<[HKPIDF9=aÊ-):� . <M+=9=; ;=D-0 <[>K<[95PZH¨PLSâ:<?H 7^�}PIB=DFH�@=>I7,J[<?HIHZ7^��>K< S^9�SVE-),HIDGH DF9CHKPLSV9�PIDfSVPI<[;DG9P_B=< .�7:>IEG;REfS^9=a^W�Sâ:<?H[�=7,J[J[S^HIDG7:9�SÊGE-)�;=<[@T<[9C;=DF9=a�7:9RP_B=<2>K<[a:DGHKPI<[>[n

�O9 HI@T7:U^<?9 Q�DG9=9=DFHKB��¡7^>t< �=SVst@=EG<^�oP_B=<�@=>I7,J[<?HIH"7V�!>I<[S^9�SÊ>),HIDFH�DFH�J[7^st@=EG<?PI<[;�� .cB=DFEG<.c>IDªPIP_<?9�Q�DG9=9=DFHKB DFH3HKPIDFEFE�DG9 P_B=<rHKPLSVa:< 7^�8B�S ],DF9CaP . 7 J?7N< �CDGHKPIDF9=a"�¡7^>Is�H[n u 9=7^P_BC<[>!DG9�PI<[>�M<[H¨P_DF9Ca J[S^HI<�DFH1Q�>K<[9=JLB�� .cB=DFJLB DFH�EG7:HIDG9=a P_B=< ¢ H¨P1@ <?>IHI7^9�@=EGW=>_SÊ��¡7:>Is�n��ZB=DFH1DGH1SÊFs�7:HKPSÊ-. S*),HA>K<[@=EFS^J[<?; v )PIB=<iDFs�@ <?>IHK7:9�SÊ �!� J[7:9=H¨P_>KW=J?PIDF7:9�n

� 7HKW=s W=@�� W=HKJ S^9 �¨`NC H2S^>K< 9=7VP!HI<?9=HIDªP_Dª]:< PI7tPIB=<rDG9�PI<[>K@=>I<�PLSVPIDF7:9�SVE}>IW=EG<[HA7:WCP_EGDF9=<?;DF9 P_BCDFH JLB�S^@NP_<[>R�¡7:>�`,P_S^9=;�SV>I;0� PLSÊGDfS^9 n��Ost@T<[>KHI7:9=SÊ �� DF90� WCHIJ SV9�B�S^HRW=9C;=<[>Ka:7:9=< S>I<[S^9�SÊ>)NHKDFH2.cB=DGJLB�B=S^HcHI<[EG<[J�P_<[;�P_B=<iDG9=J[EGW=HIDª]:<2DF95PI<[>I@C>I<?P_SVP_DG7:9RS^HZP_BC< 7^9=E-)S¤]VS^DGEfS v EF<.7^9=<^n

� � �� ¢-?A?

� 35��'�C��:'� ��

�O9 P_BCDFH"JLB=S^@CP_<?>[�c�1B�S ]:<�HKB=7�.c9 P_B�SVPtP_B=< DF95P_<?>I@=>K<?PLSYP_DF7^9�7^�i�¨`NC H DGH"S ]:<[>H) J?7:st@CEF<��@=B=<?9=7:s�<[9=7^9�nRQ�DF>KHKP[� S ]:<?> )�HKPI>I7:9=a�DF;CDF7:EG<[J?P_SÊ�]VS^>KDfSVPIDF7:9(S��DGJ?P_H2PIB=<"DG9�PI<[>K@=>I<�PLSVPIDF7:9(7^��¨`NC H?n

k8>K7¤]NDG;=<[; PIB�SVP HK7:st<�a^<[9=<?>_SÊ!DG95P_<[>K@=>I<�PLSVPIDF7:9=SÊ3>KW=EF<?HRS^>I<(SYPD. 7^>IU �.��B�S ]:<(HIBC7E.c9P_B=SVP3PIB=<i]^SV>IDfSYP_DF7^9 s"S^DG9=E-)t;=<?@ <?9=;=H.7^9�P_BC< v 7:W=9=;C<[;=9=<?HIH!7V��P_BC< <�]:<[95P[nZ� � P_B=< <?]^<[95P!DGHv 7:W=9=;=<?;��5�¨`NC He>K<[J[<?DG]^<cS^9�DF9=J?EFW=HKDG]^< DF95PI<[>I@C>I<?P_SVP_DG7:9�n � �TDGP DGH�W=9 v 7:W=9=;C<[;��5P_BC< DF95P_<?>I@=>K<?P_SYMP_DG7:91P_B=<8)t>K<[J?<[DG]^<.DGHoa^<[9=<?>IDFJVn � B�S ]^<.@=>K7:@ 7^HI<[;�P_B�SYP DG9tW=9 v 7:W=9=;C<[;<�]:<[95PIH �� DG9�PI>I7,;=W=J?<[HS @T<[>IHK7:9]VS^>IDFS v EG<^�<.cB=DFJLBR9=<?<[;=H PI7 v <!HI@T<[J?D-+�<?;�DG9"P_BC<!;=<[>KDG]VSVPIDF7:9tDF97:>K;=<[>��¡7:>�PIB=<!HI<?9NMP_<?9=J[< P_7 v <iDG9�PI<[>K@=>I<�PLS v EG<^nog0B=<[9�P_B=<i<?]^<[95P2DGHZW=9 v 7:WC9=;=<[; � S^9 & WC9 v 7:W=9C;=<[; ' M & �2<[9=<?>IDFJ '7:@T<[>ISVP_7:>"DFH@=>K<[HK<[95PR7:9 P_BCIDF;C7:W �� p�n �1@=>K7:@ 7^HI< P_B=SVPHIWCJLB S^9 7:@ <?>_SVPI7:>�J[7^>I>I<?HI@T7:9=;=H�P_7 C B=DG<[>IJLBCDfS(5 H l�¢-?A?C=^pra:<[9=<?>IDGJ�7^@ <?>_SVPI7:>B.cB=DFJLB v DF9C;=HP_BC<i]VS^>KDfS v EF<!DG9�PI>I7,;=W=J?<[; v ) �� S^9C;�@=>K7¤]NDG;=<[HcDªPK.cDGP_B�S�a:<?9=<[>KDFJiDF95P_<?>I@=>K<?P_SVP_DG7:9�n

�ZB=<rDG9=J[EGW=HIDª]:< DF95P_<?>I@=>K<?PLSYP_DF7^9 DFHA7 v P_S^DF9C<[; .cBC<[9 �� v <[B�S ]^<[H2EFDGU^< S"@=>K7:9=7:WC9�� Dmn�<VncDF9v 7:W=9=;=<?;y<?]:<?95P_H[n �O9&P_BCDFHrJ[S^HI<V� P_B=<"HI<[stS^95P_DGJ@T<[>IHK7:9&�¡< SYP_W=>K<7:9 �� DGHr]VSÊFW=<?; v )�PIB=<`N@T<[<?JLB u J?P�BC< S^;�n �ZB=>K7:W=a:BiHIWCJLB ]VSÊGW�SVP_DG7:9�� 7 v P_S^DF9CH}S HI@T<[J?D-+�J[SVP_DG7:9!�¡7:>�`N@T< SVU^<[>_© u ;=;=>K<[HKHI<[<V�S^9=;RP_BC<[>I<��¡7:>I<2PIB=<i�¨`NC H3>K<[J?<[DG]^<[H3S^9RDF9=J?EFW=HKDG]^<2DF95P_<?>I@=>K<?PLSYP_DF7^9�n

¥^¦:¦ �� !��HKD

�� 3 ��

�,�7� � � � � � ��

�ZB=DGH!HKPIW=;()�DG9�]^<[H¨P_DFa:SVP_<?H.P_B=<r@ <?J[W=EGDfS^>.Sâ:>I<?<[s�<[95P2@�SYPIP_<?>I9=HiSV9=;�DF95P_<?>I@=>K<?P_SVP_DG7:9=H.7V��DGs1M@T<[>IHK7:9�SÊ �� J[7:9=H¨P_>KW=J?PIDF7:9=Hrl �¨`(C HLpZDF9R� PLSÊGDfS^9 no�ZBC<rS^9=SÊ-),HIDGHZ7^��PIB=< Sâ:>I<?<[s�<[95PA@�SVPKP_<[>K9=H7^� �¨`NC HcHIB=7�.cHZP_B=SVP P_BC<2J[W=>K>I<[95PAH ),95PLSVJ?P_DGJ2P_B=<?7:> )"9=<[<?;=HZP_7 v <2< �N@�S^9=;=<?; SVH P_7�DF9CJ[EFWC;=<J SVHI<[H37^�eHK<[stS^95P_DFJ Sâ^>I<[<?st<?95P nZ�O9 @=S^>KPIDFJ[WCEfS^>?�C�¡>I7:s PIB=DFHAS^9=SÊ-),HIDGHcB�S^HA<[s�<[>Ia^<[;�PIB�SVP.S^9S^;=;CDGP_DG7:9�SÊo�¡< SVPIW=>I<�HI<�P"< �NDFHKPIH1DF9yP_B=<RH ),95PLS � ��P_B=<�HI<�P"7V�3PIB=7:HI<R�¡< SYP_W=>K<[H1P_B�SVP�<?9=J[7,;=<DF9N�¡7:>IstSVP_DG7:9�S v 7^WCPrPIB=< S^J�P_W�SÊ�@�S^>¨P_DFJ?DF@�SV9�PIHrDG9-P_B=<"HI@T<[<[JLB S^J�P n��iJ SVEFEF<?;�PIB=DFH HK<?P PIB=< M HI<?P[n

C B�S^@CPI<[>c¢AS^;=;=>K<[HIHK<[H8P_B=<c@=>K7 v EG<[s 7V� HK<[stS^95P_DFJcSVa:>I<?<[s�<[95P�S^9=;�P_B=<c;=<8+�9=DªP_DF7^9�7^� PIB=<HI<?s"SV9�PIDFJ?7VMO@=>ISâ:stSVP_DGJ3�¡<[SVP_W=>K<iHI<?P[n

�O9&JLB�S^@CPI<[>1¥,� DGP DFH HIB=7�.c9&P_B=SVPrPIB=<Sâ^>I<[<?st<?95P1SÊGPI<[>K9�SVP_DG7:9=H v <?P .�<[<[9�]^<[> v MO7 v �K<?J?PSâ:>K<[<?DF9=a S^9=; ��!� M�Sâ^>I<[<?DF9=a!PI>_S^9CHIDGPIDG]^< J[7:9CHKP_>KW=J?PIDF7:9CH�SV>I<Z9=7^PePIB=<c>I<?HIW=EªP87^�TDF;=DG7:H ),9=J?>_S^HH)7:>i7:@CPIDF7:9=SÊFDªP ):� v WCPiP_B�SVP2PIB=<�) SV>I<�>_SYP_B=<?>iPIB=<1>I<?HIW=EªP 7V� HK@ <?J[D-+=J�HK<[stS^95P_DGJ�J[7:9=H¨P_>IS^DF95P_H?n�ZB=<!HH),9�P_S^J?PIDFJ3HKP_>KW=J?PIW=>I<?H 7^� P_B=<AP . 7 J?7:9=H¨P_>IWCJ?P_DG7:9=Ho>I<��<[J�P P_B=<?DF>8DF9C9=<[>�S^HI@T<[J�P_W�SVE H¨P_>IWCJ�MP_WC>I<^� .cB=DGJLBDF9�7:9=<AJ S^HK<.DGH8PIB�SVP�7^�}SV9S^J�P_DG],DªP )1S^9=;tDF91P_B=<37^P_B=<?>oPIB�SVPo7^��SV9S^J?J[7:s�@=EFDGHIBNMs�<[95P n

�O9�JLB�S^@NP_<[> < PIB=< F,WC<[HKPIDF7:9 7^�!HK<[stS^95P_DGJ Sâ^>I<[<?st<?95PtDGH"SV;=;=>I<?HIHK<[; DG9 ;=<�PLS^DGE n � P"DGH@=>K7:@ 7^HI<[;PIB�SVP�@�S^H¨PZ@�S^>¨P_DFJ?DF@=EG<cS^9=;RS^; �K<[J?PIDG]VSÊTSâ:>K<[<?st<?9�P�PLSÛV<.@=EFS^J[<3W=9=;=<?>�C 7:9=J?7:>I; �=SH ),95PLSVJ?P_DGJ 7^@ <?>_SVPIDF7:9PIB�SVPZPLSV>Ia:<�P_HZP_B=<iHK<[stS^95P_DFJ?7VMO@C>_Sâ:stSVPIDFJ MOHK<?P n

¥^¦N¢

¥^¦5¥ ��!��

�O9�JLB=S^@CP_<?>8§=�^P_BC<Z@ <?>IHI7^9�>K<[H¨P_>IDGJ?PIDF7:9�7:9 PIB=<Z7 v �K<?J?PoDF9 P_>_SV9=HIDªP_DG]^< �¨`NC H8DFH�J[7:9=HKDF;=<?>I<?;�nQ�DF>KHKP[��DGP DFH HIB=7�.c9&PIB�SVPrPIB=DFH @=B=<?9=7:s�<[9=7:9�DGH J?7:s�st7:9 P_7 � P_SÊFDFS^9 �¨`NC H�S^9=;��OJ?<[EFS^9=;=DGJF�W=DF>KU )1;=SVP_Dª]:<[H?n u � PI<[>oHIB=7�.cDF9Ca P_B=SVP � P_SÊFDFS^91�¨`NC H SV>I<A9=7^P F�W=DF>KU )�;�SYP_DG]^<3J?7:9=H¨P_>IWCJ?P_DG7:9=H?�DGP�DFH1J?EfS^DGst<?;yPIB�SVP1P_BC<�@=>K<[HK<[9=J?< 7^�2S;F�W=DF>KU )y;=SVP_Dª]:<�DFH19=7^P�.cB�SVPtJ SVW=HI<?H"P_B=<�@T<[>IHK7:9>I<?HKP_>KDFJ�P_DF7^9�n �ZB=<i@T<[>IHK7:9R>I<?HKP_>KDFJ�P_DF7^9 DFH >ISVP_B=<?> P_>KDFa:a:<?>I<?; v )RS H ),95PLS^J�P_DGJ @T<[>KHI7:9RstS^>IUV<[>?�HIW=JLB S^H �� DG9R� PLSÊGDfS^9 SV9=; �� DF9R�OJ[<?EfS^9=;CDFJ^n

C B�S^@CPI<[> =rJ[7^9=HIDG;=<[>KH P_B=<2DG9=J[EGW=HIDª]:<3>I< SV;=DF9=ar7^� �¨`NC H[n8� PZDGH HIBC7E.c9 PIB�SVPZ�¨`NC HcSVJ#F�W=DF>K<S^9RDF9=J?EFW=HKDG]^<!DF95P_<?>I@=>K<?P_SVP_DG7:9D.cB=<[9RP_BC< <�]:<?9�PADGH P_<[s�@T7:>_SÊGE-) v 7:W=9=; � S^9=; P_B�SYPZP_B=<2DG9�PI<[>�MS^J?PIDF7:9�7V� v 7:W=9C;=<[;=9C<[HIH S^9=; �� #��!�� ;=<�P_<[>KstDG9=<rPIB=< ]VS^>IDG7:W=H!>K< S^;=DG9=a:H!PIB�SVP �� stS�)S^J#F�W=DG>I<Vn

�ZB=<�S^JLU�9=7�.cEF<?;=a:s�<[95P2P_B=SVP2S^9 S^;=;=DªP_DF7^9�SÊ��¡< SYP_W=>K< HI<�P2DFH39=<[J?<[HIHIS^> ) DF9 7^>I;=<?>3P_7"<��M@=EfSVDF9�P_B=<�J S^HK<[HtDF9A.cBCDFJLB SVa:>I<?<[s�<[95P"P_SÛ^<?H"@=EFS^J[<�HI<?s"S^95PIDFJ SVEFE-)-DFH�7:9=<�>I<?HIW=EªP"7^�.P_B=DGH;=DFHKHI<?>KPLSYP_DF7^9�n-Q�W=>¨P_B=<?>Is�7:>I< DªP DGH�<��,P_<?9=HIDª]:<[E>)�HIBC7E.c9yP_B=SVP�P_B=<RSVa:>I<?<[s�<[95P1@�SVPKP_<[>K9=H17^��¨`NC H�S^>K<"9=7VP DF;CDF7:HH)N9CJ[>_SYP_DFJV� v WNP�S^>K<"<��N@=EFS^DF9=S v EF< v )-s�< SV9=Hr7^�ZPIB=<"J?W=>I>K<[95P�HH)N95P_S^J?PIDFJP_B=<?7:> )-DG�Z]^<[> v SÊ HI<?s"SV9�PIDFJ?H DFHrP_SÛ^<?9yDF95P_7�SVJ[J[7^W=95P n�Q WC>KP_BC<[>Is�7:>K<^� P_BC<DF95P_<?>I@=>K<?P_SVP_DG7:97^�Z�¨`NC HrDFH S^;=;=>K<[HIHK<[;�DG9-;=<�PLS^DGE n��7:>K<t;=SVPLS SV>I<�J[7:9=HKDF;=<?>I<?;-P_B�SV9-P_B=<t7:9=<?Hr@=>K<[HI<?95P_<[;DF9 C DF9NF�W=<(l�¢-?A>A>:p S^9C; C B=DF<?>IJLB=DFS&l¨¢8?A?C=:p n � P DGH S^>Ka:W=<?;-P_B�SYPrP_BC<DF9=J?EFW=HKDG]^<t>K< S^;=DG9=a DGH7 v P_S^DF9=<?; v ) s�< SV9=H.7^�8HH),9�P_S^J?PIDFJ1S^9CJLB=7:>IDG9=atPI7P_B=< HI@T<[<?JLB-S^J�P!@=BC>_S^HK<^�=.cB=DGJLB�<[9=J?7N;C<[HDF9C�¡7^>IstSVP_DG7:9S v 7:WCPZPIB=< S^J?PIW�SÊ}@�SV>KP_DGJ[DG@�S^95P_H DG9 P_B=<iHI@T<[<?JLB <?]^<[95P n

� � � � � � �� 3� � � �

�O9";CDF<[HK<[>oj.DGHIHI<?>KP_SVP_DG7:9%.cDG>I;�DFs �3S^BCst<?9t;=<?H ��DF9=DGs"SÊGDFH¨P_DFHKJLB=<[91ke>K7:a:>_SVsts�He;=DF<A` )N95P_SY�W=9=@T<[>KH �:9CEFDFJLBC<[> �� 37:9=H¨P_>KW=U5P_DF7^9=<[9�l DGs Q�7:EGa:<[9=;C<[9��¨`NCZp!DFs � PLSÊGDF<?9=DFHKJLB=<[9�W=95PI<[>IHKW=JLB5P �.�7 v <?DN<?DF9 v <?HI7:9=;C<[>I<?H u WCa:<[9=s�<[>KU S^WC��;�SVH �37^9=a:>IWC<[9=b�]:<[>KB�SÊªP_<[9rW=9=; ;=DG<��O95PI<[>I@C>I<?P_SVP_DG7:9;=DG<[HI<?> �37^9=HKPI>IW=U5P_DG7:9=<?9a:<[EG<[a^P .cDF>K;�n �¨`NC H HKDF9=; `CXVP_b?<!s�DGPo<[DG9=<[s�a:<[9C<[>IDGHIJLB=<?9��=W=9CHI@T<[b[D M+�b?DF<[>¨P_<?9�`,W v �K<[U5P[n�j!S&;�SVH� PLSÊGDF<?9=DFHKJLB=< <[DG9=< �� MO;=>K7:@0`N@C>_S^JLB=<(DGHKP �K.cDG>I; DF9 `CXVP_b?<[9.cDF<�l�¢ p3<?DF9(HI@T<[b?D-+�HKJLB=<[Hr`NW v �K<?U5Prs�DGPK]:<[>KHKP_S^9=;=<?9��};�S^H2<?9�P .�<[;C<[>r;C<[DFU5PIDFHIJLB(DG;=<[95P_D>+�b[DG<[>¨P.�<[>I;C<[9 UYS^9=9R7,;=<[> v <[>K<[DGPIHZDFs�j.DFHKU,WC>IHc]:<[>IS^9=UV<[>KP3DFH¨P n

l¨¢¤p C S^95PLS@=>I71HKDF9=a:H�M/" # % '�)�q�A<¤©VHKB=<iHIDG9=a:H#5

Q�h=aVP�stS^9 <?DF9=<?s `CSVPIb .cDG< l¨¢ p"<?DF90W=9=@T<[>KH �:9=EGDFJLB=<?H �� B=DG9=b[W��.HI7 .cDF>I;0;�SVH `,W v �K<[U5P<[DG9=<[H�HI7:EGJLB=<[9�`NSVP_b?<[H SVEFHoW=9=HI@T<[b?D-+�b?DF<?>KP DG95P_<[>K@=>I<�P_DG<[>KP[� .cDG<.DG9 lm¥:p�ne�Os�de9=a:EGDFHIJLBC<[9<?>Ib[DG<[EªP��@ <?7:@=EF< 5 SÊFHZ`NW v �K<?U�P.<[DG9=<[9�X^B=9CEFDFJLBC<[9�d�0 <?U�P[n

l ¥^p `NDHIDJ[S^95PLSHKDF9=a:H�M/" # % ' )

�qk <[7:@CEF<2HIDG9=aN5

\39C@ <?>IH �^9=EFDGJLB=< �� M �A7:9=H¨P_>IWCU�PIDF7:9C<[9 .�<[DGHI<?9 <?DF9=<r�A<?DFB=< ]:7:9 d8DGa:<[9CHIJLB�SV� PI<[9(S^WN�� ;=DG<r7^� P¨MstSÊFHZSVEFH DG;=DF7:HH),9=U�>_SVPIDFHIJLBR7,;=<[>Zb?WC� XÊGEFDFarS^9=a:<?HI<?B=<[9 .cW=>I;C<[9�n `NDF<.b[<[DGa:<[9 ? <?HI7:9C;=<[>KB=<[DªP_<[9v <[DT;=<[> �37:9Ca:>IW=<?9=b.HK7�. 7:BCE DGs k8>IX^HI<?9=H SVEFH�S^W=JLBDG9t;=<?>o68<?>Ia5SV9=a:<[9CB=<[DªP �,W=9=;DGB=>I<c�O95P_<?>¨M@=>K<?PLSYP_DF7^9 W=95P_<?>IEGDF<[aVP.a:>K7��:<?>A6oS^>KDfS^9Cb^n3j.DF<?HI v <[DªP.B�SYP!b�.�<[D � DF<?EF<^� <[DF9C<[>IHK<[DªP_H.s �,JLB�PI<

¥^¦ <

¥^¦^§ ��!��

DFJLB�<?DF9=<"d8>KU�EfX^>KW=9=a �¡h=> <[DF9CDFa:< v DFHKB=<[> 9=DFJLB5P�<?>K� S^HKHKP_<RkeB�XV9=7:s�<[9=<DGs � W=H_S^s�s�<[9=B�SV9=astDªP2�¨`NC H EFDF<��¡<[>K9��6.cDF<1;=DG<1PI>_S^9CHIDGPIDG]^< �A7:9=a:>KW=<[9Cb SÊªP_<[>K9�SVPIDF7:9 l �#� �� ! � ��

� �� #��!� p ��;CDF<Rk <?>IHK7:9=<[9 v <[HKJLB=>_X^9CU,WC9=a��¡h=> � v �K<[U5P_<�W=9=; ;=DG< �37:9=a^>IW=<?9=b[stS^>IU�DG<[>IWC9=av <?D k S^>KPIDFb[DG@=DF<?9 W=9=<?>Ia5SYP_DG]^<[>!68<?> v <[9��WC9�SÛ�U�W=H_SVPIDG]^<[>268<[> v <?9 WC9=;(DF9�A7:@=W=EFSÛ^7:9CHKP_>KW=U:MP_DG7:9=<[9 n u 9C;=<[>K<[>IHK<[DªP_H.s �,JLB�PI<iDFJLB <?DF9=<?9 ?�<[DGPI>_Sâ�b[WC>Ag�<[DªP_<[>K<[95P .cDFJLU�EGW=9=a";C<[>3SÛ5P_W=<?EFEF<?9` ),95PLSY�,P_BC<[7:>KDF<.EG<[DGHKP_<?9��DF9=;C<[s�DGJLB";=DG< �A7^P .�<[9=;=DGa:U^<?DGP b[W=HIXVP_b?EFDFJLBC<[>oH ),95PLSÛ5P_DGHIJLB=<?>c��<?>IU:Ms"SVEF< S^WC�¡b[<?DFa:<V��;=DG< HI<?s"S^95PIDFHIJLBC<¤©V;=<?DFU5P_DGHIJLB=<��O9N�¡7:>IstSVP_DG7:9 <?9=U^7,;=DG<[>I<?9�n �OJLB 9C<[9=9=<�;CDF<[HK<b[W=HIXVP_b?EFDGJLB=<[9 ��<?>IU�s"SVEF< M��<[>KU,stSÊG<^n u W �:<?>I;=<?s S^>Ka:W=s�<[95P_DG<[>I<�DGJLB �¡h=> <[DG9=< ��9=<[W=< 5H ),95PLSÛ5PIDFHIJLBC< � @ <?>_SVPIDF7:9 � �!��!� � �};=DG< �¡h=> �K<[9=<1HK<[stS^95P_DFHKJLBNMO@C>_Sâ:stSVPIDFHIJLBC<[9-��<[>KU,stSÊG<HI<?9=HID v <?E DGHKP�W=9=;EG7:UYSÊ �37:9Ca:>IW=<?9=b[stS^>KU,DG<[>KW=9=a�S^9 u ; �K<[U5PIDG]:<?9 W=9=; k S^>KPIDFb?DF@=DG<[9 v <8.cDF>IU5P[n� �!��!� � DGHKP8<[DG9=< 6oS^>KDfS^95P_< ]^7:9IC B=7:s�HIU<) 5�H.l¨¢-?;?A>5p �;� �� 5;=S^He�¡h=>8<[DF9C<[9�S^9=;=<?>I<?9 ��<?>IU:Ms"SVEFHKP ),@ HK<[9=HKD v <[E!DGHKPWC9=;0DF9=9=<?>IB�SVE v <?DF9=<?>@=B=>IS^H_SÊG<[90j.7^s"X^9C< 7:@T<[>IDG<[>¨P n �OJLB0W=95P_<[>�MHIJLB=<?DF;=< ;=<?st9�SVJLB�b8.cDFHIJLBC<[9 �;� �� =;�S^HZ�¡h=>c;=DG<!P_>IS^;=DGPIDF7:9C<[EFEG<[9 �M¨��<[>IU�stSÊF<.>I<[EG<?]VS^95PADFH¨PW=9=;�`NW v �K<[U5PKM 68<[> v M �37^9=a:>IWC<[9=b S^W=JLB�SÊGH 9=DGJLB�P¨MOEG7:UYSÊF<G? <[b?DF<[B�W=9Ca�<?>Is �:a:EGDFJLB5P �,W=9=; � �!��!� � �C;�S^H �¡hC> ;=DF<2��<[9=a^<2;=<[>ZHK<[stS^95P_DFHKJLBNMO@C>_Sâ:stSVPIDFHIJLBC<[9 M��<[>KU�s"SÊG<!>I<?EF<�]^SV9�P DFHKP W=9=;DF9=9C<[>IB=SÊ v <?DF9=<?> @=B=>IS^H_SVEF<[9&j.7:stX^9=< �A7:9=a:>KW=<[9=b?s"SV>IU�DF<?>IW=9=a(SV9 u ; �K<[U5P_Dª]:<?9 WC9=;yk�S^>�MP_DGb[DF@CDF<[9 v <�.cDG>IU5P n

�O9�;=<[> v DFHKB=<[>KDFa:<?9�Q�7:>IHKJLB,WC9=a W=9=;��}DªP_<[>ISVP_WC>.b[W �¨`NC HG.cW=>K;=<�;=DF<i]:<?> v SVEF<1`N<?s"SV9�PIDFUMODmn�<Vn ;=DF¨P_<?9�]^7:9�68<?> v <[9NM�@=>ISÛ5P_DGHIJLB�9=DFJLB5P v <[>IhCJLU,HKDFJLB5P_DGa^P n�j.DG<[HI v <[DGPK.cDGEFE;=DF<%? <?;=<[WNP_W=9=a�;C<[>i]:<[> v SÊG<[9�`,<[stS^95P_DFU �¡hC> ;=DG< �37:9=a^>IW=<?9=b[s WCHKP_<?> v <[Do�¨`NC Hr<?>K� S^HKHI<?9�n\395P_<?>t;C<[> u 9=9�SVB=st<V� ;�S^HKHtHKDFJLB ;=DFKP1]^7:9 68<?> v <[9�DG9 ;C<[>"` ),9�P_SY� ;=<[>162k.cDF;=<?>IHK@=DF<?a:<[EªP ��b?<[DFa^< DFJLB��6.cDG<�;=DF<?HI<�HK<[stS^95P_DFHKJLB=<��37^9(+�a:W=>ISVP_DG7:9�;=DG< �37:9Ca:>IW=<?9=b[srW=HKPI<[>v <?D}�¨`NC H v <?HKP_DGsts P n

d8DG9 a:>K7��:<?>3� <[DGE ;CDF<[HK<[> u > v <[DªP�.cDF;=s�<?P3HIDGJLB ;=<?9 �O95P_<[>K@=>I<�PLSVPIDF7:9CHIs �:a:EFDGJLB=U^<?DGPI<[9�]^7:9�¨`NC H[�i�¨`NC H U �^9=9=<[9 <[95P .�<[;=<?>ra:<?9=<[>KDFHKJLB�� < �NDFHKPI<[95P_DG<[EGE 7N;C<[>2DF9CU,EGW=HIDª] DG95P_<[>K@=>I<�P_DG<[>KP .�<[>�M;=<[9 n �O9 S^9=;=<?>I<?9 g�7:>KPI<[9��;=DF<R�c<?�¡<?>I<?9=b[s�<[9=a^<^� SVWC�!;=DG< �� ]^<[> .�<[DGHKP[� UYS^9=9 a:<[9C<[>IDGHIJLB<[DG9=HKPI<[EFEGDFa!HK<[DG9 l¡a:<[9=<?>IDGHIJLB=<3�}<[H_SV>KP p ��7N;=<?>8HIDF< ]^<[>H. <?DFHKP S^WC� <[DG9=< �i>KW=@=@T<c]^7:9��O9=;=DG],DG;=W=<[9 �

¥^¦C=

.�<[EFJLBC<3;=DG<Z;=W=>KJLB";�S^Hoke>_XV;=DFUYSVPoS^WCHIa:<?;=>Ih=JLU5PI<.deDFa^<[9=HKJLB�SV� P8P_<?DFEF<?9�l <��NDGHKP_<?95P_DF<?EFEG<Z�}<[H_SV>KP p nj.DG<[HI< �2>IW=@=@T< UVSV9=9�9�W=9�<[95P .�<[;=<?>!;=<[9 `N@=>K<[JLB=<?>.<[DG9=HIJLBCEFDF< �:<[9-l DG9=U�EFW=HKDG]^< �}<?H_S^>¨P pZ7N;=<?>S^W=JLBt9=DFJLB5P[n � DF<?E=;=DF<?HI<?> u > v <[DªP�DGHKP8<?H�W=95PI<[>oS^9=;=<?>I<?s��;=DG<3\A>IHIS^JLB=<[9��¡h=>8;=DFI9=SVP_DG7:9b�.cDGHIJLB=<?9-a:<?9=<[>KDFHKJLB=<[>iW=9=;(DG9=U�EFW=HKDG]:<?>i�}<[H_SV>KPib[W v <[HKPIDFs�st<?9�n d8H .cDG>I;(S^W ��<?>I;=<?s <[DG9=<@=>ISâ:stSVP_DGHIJLBNM HI<[stS^95P_DGHIJLB=)NHK<i;=<[H3keB�X^9=7:s�<[9CHA;C<[>c�O9=U�EFW=HKDG],DGP_XVP ]^7:>Ia:<?HIJLB=EFSâ:<?9�n

j.DF<R]:7:>KEFDG<[a:<?9=;= v <[DªP"DGHKPtDF9 £ �iS^@=DGPI<[EcW=95P_<?>KPI<[DFEªP � ;CDF< �K<�.�<[DFEGH"W=95PI<[>IHKJLB=DF<?;=EFDGJLB="�¨`NC H DFs � PLSVEFDF<?9=DFHKJLB=<[9 v <?B�S^9=;=<?EF9�n g0DG< 7 v <[9 ;�SV>Ia:<?HKP_<?EFEªP � v <[HIJLB=XV� P_DGa^PHIDGJLB ;CDF<�`,P_WC;=DF<�s�DGP �A7:9=a:>KW=<[9Cb[s W=H¨P_<?>I9�WC9=; ;C<[>R�O95P_<[>K@=>I<�PLSVPIDF7:90]:7^9 �¨`NC H�W=9=;*DFs? <?HI7:9=;C<[>I<?9 s�DGP}HK7:EFJLB=<?9 u HI@T<[U5P_<?9��:;=DG< v DFHKB=<[>�7^� PIs"SVEFH}SÊGH}b[WC� XVEFEFDGa 7,;=<[>�9=DGJLB5P v <[HK7:9=;=<?>IH>I<?EF<�]^SV9�PZ�¡hC>Z;�S^HZ68<[>KHKPLXV9=;=9=DGHA;C<[> �37^9=HKPI>IW=U5P_DG7:9�S^9=a:<?HI<?B=<[9 .cW=>I;=<?9�no�OJLB�s �NJLB5PI<2;=DF<?HI<��HI<[U�W=9C;�X^>I<?965 keB�X^9=7:s�<[9C<1SÊFH u W=HIa:S^9=a:HK@=W=9=U5P 9=<[BCst<?9 WC9=;�b?<[DGa:<[9�� .cDF<�HIDG< b[W(<?DF9=<?sa:>KW=9=;=HIXVP_b?EFDFJLBC<[>I<?9 68<[>IH¨PLX^9C;=9=DFH";=<[> �¨`NC H�¡hCB=>I<?9 U �:9=9C<[9�n�j.DF< a:<[9�SVW=�37^9=a:>IWC<[9=b?s W=HKPI<[>!WC9=; ;=<?>.�O95P_<?>I@=>K<?P_SVP_DG7:9=<[9�;=<[>3�¨`NC H3�¡hCB=>KP3b[W �ZBC<[s�<[9��T;=DF< S^WC� ;=<[9<[>KHKPI<[9 ?�EFDFJLU�9=DGJLB�Pc>K<[EG<?]VS^95Pc<[>KHIJLB=<?DF9=<?9��.cDF< v <[DFHK@=DF<?EFHH. <?DFHI<2;CDF<ik <?>IHK7:9=<[9 v <[HKJLB=>_X^9CU,WC9=a�¡h=> � v �K<[U5PI< v <[D�DGHIEFX^9=;=DGHIJLB=<?9 �A7:9=HKPI>IW=U5PIDF7:9=<?9�s�DGP � " �� `,W v �K<[U5PI<[9�n

� + �'��8� � 6 HKP_<?EFEªP;=<?9*�O9CB�SÊGP";=<[>j.DFHKHI<[>¨PLSVPIDF7:9�W=9=;0DFB=>K<[9�PIB=<[7^>I<?PIDFHKJLB=<[9*�3DG95P_<[>�Ma:>KW=9=;0;�S^>?n � W=9�X^JLB=H¨P�. <?>I;=<?9 <?DF9=DGa:< a^<[9=<?>I<[EGEF< k8>K7 v EG<[s�< ;=<[>"�¨`NC H v <�P_>IS^JLB5P_<?P[�.;=DG<DF9 ;=<?>"<[DG9=HIJLBCEfXâ:DGa:<[9 �}DGPI<[>ISVP_W=>%? <[S^JLB5P_W=9Ca-� S^9=;=<?9�� .cDG<�b?W=s ? <[DGHI@=DG<[EZ;=DG< Q�>ISâ:<^��7 vstS^9�]^7:9�<[DG9=<[s�7,;=<[> st<?B=>I<?>I<?9 �� S^W=HKa:<[BC<[9�s W=HKHRl¡],a:Emn �.S^@T7:EFDZ¢8? B £C�4? W=>Ib?DF7�¢-?A>:£C�� S^9Cb[DF9CD�¢-?A>:£N� C DF9NF�W=<2¢8?A>A>.W�n�SCn p�ne\A95P_<[>e;C<[s ?�<[a:>KD-0 ��W=9=@T<[>KH �:9CEFDFJLBC<[H �� 5^� S^HKHI<ZDGJLB1SÊFEG<687:>KU^7:s�st<?9 ]^7:9 �� stDªP1<[95P_HK@=>I<?JLB=<[9=;0a:EG<[DGJLB=<[s s�7:>K@=B=7:EG7:a:DFHKJLB=<[9 � ;=DGHKP_>KD v WNP_DF7^9=<[EGEF<[9W=9=; HI<?s"SV9�PIDFHKJLB=<[9y68<[>KB�SÊGPI<[9yb[WCH_S^s�st<?9��W=9C@ <?>IH �^9=EFDGJLB=<[H �� b[<[DGa^P�DGs �2<[a:<?9=H_SYP_bRb[W>I<��<��NDª]:<[s 7N;C<[> DF9=JLB=7:SVP_Dª]:<[s �� UV<[DG9=<"s�7:>I@CB=7:EF7â:DFHKJLB=<�Q�EF< �CDG7:9 W=9=;&B�SYPr<?DF9=<"S^9=;=<?>I<j.DGHKP_>KD v WNP_DF7^9�n u W �:<[>K;=<[s �¡hCB=>I<?9-SÊGEF< �� };=DF<�b?W=>iW=9=@T<[>IH��:9=EGDFJLB=<?9 �2EfSVHIHI<�a^<[B �:>K<[9��<?DF9W=9=HK@ <?b[D>+�b[DG<[>KPI<[Ht`NW v �K<[U5P�DF9&;=<?9 `CSVP_b <?DF9�n u WN� �2>IWC9=;=EfSVa:<"HK7:EFJLB=<?>�st7^>I@=B=7ÊF7:a:DGHIJLB=<?9W=9=; HI<[stS^95P_DGHIJLB=<?9�� v <[>KEF<?a:W=9=a:<?9 � S^HKHI< DFJLB ;�SVH3HK7:a:<[9=S^9=95P_< W=9=@T<[>IH��:9=EGDFJLB=< �� W=9=;�;�S^HHI7â:<[9�SV9=95P_<�@�S^HKHIDª]NDGHIJLB=< �� DF9 <?DF9=<?> �2>IW=@=@T< b?W=H_S^s�s�<[9�n � � DGHKP3<[DG9�2EFDGPIDFU�W=s��W=9=;(SÊGH

¥^¦:£ ��!��

HI7:EGJLB=<[HtB�SVP�<[Ht9�S^JLB ;=<[>tj.<�+=9=DGPIDF7:9 DF9OC B=7:s�HIU<)�l¨¢-?;?C=:p <[DG9=< j37:@=@T<[EF9=SVP_W=>?� DGHKPtSÊFHK7HI7�.�7:B=E �37:@C� SVEFH�S^W=JLB stSY�NDFstSÊG< ke>I7 �K<?U�PIDF7:9 n j3DF<[HK< deDFa^<[9=HKJLB�SV� PI.cDG>I; HIDFJLB �¡h=>�W=9=HSÊFH/.cDFJLB5P_DGa <[>H. <?DFHK<[9��eW=s ;=DG<"<[DGa:<[95PIh=stEGDFJLB=<?9 �37^9=a:>IWC<[9=b?s W=HKPI<[> s�DGP �� b[W�<?>IU�EfXV>I<[9 ndeDF9=DGa:<!;=DG<[HI<?>��37:9=a^>IW=<?9=b[s WCHKP_<?> .�<[>K;=<[9�DFs�� SVWC�¡<2;=<[H �iS^@=DªP_<[EGH W=95P_<?>IHKW=JLB5PG.�<[>I;C<[9�n

�Os <?>IH¨P_<[9 � SV@=DGPI<[E�.�<[>I;C<[9�;=<?H .�<[DGPI<[>K<[9�;=DG<�PIB=<[7:>K<?PIDFHIJLBC<[9 u 9=9�S^B=s�<[9�<[DG9=a:<?�¡hCB=>KP[�;=DF<2s�<[DG9=<[> u 9�SÊ>)NHK<ib[W=a:>KW=9=;=<iEGDF<[a^<[9�n8j.DG v <?DGP v <�.�<[a^PAHIDGJLB�DGs �AS^B=s�<[9R;=<?H!��DG9=DªMs"SVEFDFH¨P_DGHIJLB=<?9tke>K7:a:>_SVsts�H[n deH .cDF>K; �K<?;=7,JLB"a:<?b[<[DGa^P �5;=S^HIH�;=DF<3��<?9=a:<A;=<[> ��<[>KU�s"SÊG<^��;=DGH. <?DFHI< b[W=>�j.<�+�9CDGP_DG7:9i]:7:9�ke>K7:9=7:s�<[9rS^9=a:<?9=7:s�st<?9/.cDG>I;��Y<[DG9=DFa:<o\A9=b[W=EFX^9=a:EGDFJLBNMU^<?DGP_<?9-s�DGP2HKDFJLB v >IDG9=a^P n�deH b[<[DGa^PiHIDGJLB�� ;�S^HIH U^7^st@=EG<��N<[>K<��<[>IU�stSÊFH v h=9=;C<[E89=7^P .�<[9=;CDFaHIDG9=;��=W=s�W=9=@T<[>IH��:9=EGDFJLB=< ke>I7:9C7:st<?9�WC9=; ke>K7:9=7:s�<[9�SÊGEFa:<?st<?DF9"b?W�DG;=<[95PID-+�b?DF<[>K<[9�n� + �'��8� � � v <[B�SV9=;=<[EªPr;C<[9-�ZBC<[s�<[9=UV7:st@CEF<�� A7:9=a:>KW=<[9=btDF9(P_>IS^9=HIDªP_Dª]:<[9��¨`NC H[n�deH

a:D v PZb�.�<[D�b[<?95P_>_SVEF< �37:9Ca:>IW=<?9=b[srW=HKPI<[>[�o<[DG9=<[Hcs�DGP 68<?> v M � v �K<[U5PKM �37:9Ca:>IW=<?9=btl¡6AM � M �A7:9NMa:>IWC<[9=b p W=9=;y<[DG9=<[Hr7:B=9=<"6AM � M �A7:9=a:>KW=<[9Cb^n��O9&P_>IS^9=HKDGP_Dª]:<?9&�¨`NC H�s�DGP 63M � M �37:9=a^>IW=<?9=bP_>IXâ^P ;=S^H � v �K<[U5P �A7:stDG9�SVPIDG]T� . XVB=>I<?9=;RDF9"PI>_S^9=HKDGPIDG]:<?9�¨`NC HZ7:BC9=<.63M � M �37^9=a:>IWC<[9=b!;=S^H� v �K<[U5P u U,U�W=HISVP_Dª] PI>_XâVP n j.DF<?HI< �A7:9=a:>KW=<[9Cb SÊªP_<[>K9�SVPIDF7:9/.cW=>I;=< 7^� P_stSÊFH SÊGH >K<[DG9rDF;CDF7:HH)N9,MU�>_SVPIDFHIJLBC<[H keB�X^9=7:s�<[9 � SVEFH2Q SÊGE ]^7:9 � @CPIDF7:9=SÊFDªPLXVP.S^9=a:<?HI<?B=<[9�n g�<[9C9�DG9 �iS^@CDGP_<?Ee¥;=DG<�37:9Ca:>IW=<?9=b[srW=HKPI<[> v <?D8PI>_S^9CHIDGPIDG]^<[9 �¨`NC H >K<[UYS^@=DªP_W=EGDF<?>KPM.�<[>K;=<[9��.cDF>K;�HKDFJLB-b?<[DGa:<[9��;�SVHIHHIDG<3SVWC� <?DF9=<cHK@ <?b[D-+=HIJLB=<3HI<[stS^95P_DGHIJLB=<A�c<[a:WCEfS^>KDGPLXYPeb[W=>Kh=JLU�b[WC�¡hCB=>I<?9HIDG9=;��P_>_SV9=HIDªP_DG]^<Z�¨`NC HstDªP"6AM � M �A7:9=a:>KW=<[9=b�<?9=U^7,;=DG<[>I<?9 ��!� �� "� � � �� W=9C;0PI>_S^9CHIDGPIDG]^<��¨`NC H�7^B=9=< 63M � M�37:9Ca:>IW=<?9=b <?9=U^7,;=DG<[>I<?9 ��#� ! �� l¡],a:Emn�68<[9=;CEF<[>�¢-?:£ B p�n0\A9�PI<[>t;=<[> u 9=9=S^B=s�<^� ;�SVHIHu U5P_DG7:9=HIS^>KPI<[9HH)N95P_SÛ5P_DFHKJLB W=95P_<?>IHIJLBCDF<[;C<[9�. <?>I;=<?9��=HKJLB=EfSâ^<.DFJLB�]:7:>?�C;�SVHIH ;CDF< �37:9=a^>IW=<?9NMb SÊªP_<?>I9�SVPIDF7:9 W=95P_<?>IHIJLBCDF<[;CEFDFJLBC<�H ),95PLSÛ5P_DGU^7VM HI<?s"S^95PIDFHIJLBC< �A7:9(+�a^W=>_SVPIDF7:9C<[9 DG9 ;=<[>�62k�Mke>I7 �K<?U�PIDF7:90>K< ��<?U�PIDF<?>KP n��ADF<[> v <?D.�¡7:EGa:< DFJLB*;=<?9*687:>KHIJLB=EFXâ:<?90]^7:9�� >_S ],DFH l�¢-?A?^§5p"W=9=;�2<[s�@ JLB=DG9=HIU<) lm¥^¦:¦:¦:p��=.�7:9�S^JLB�<[DG9 ��!� �� "� � � �� M 68<[> v <[DF9C<[9 DF9=9=<?>I<?9�SVHI@T<[U5P_W=<?EFEG<[9�37:@N� <?DF9C�¡h=BC>KP ��;=<?>8� <?EFDFb?DGP_XVP8S^W=HK;=>IhCJLU�P[ne�OHKPo;=DG<[HI<?> �37:@C� DF91<[DG9=<[>�`,PI>IW=U5PIW=>8@=>_X^HK<[95P!l D n <^nv <?D ��!� �� "� � � �� p �^HI7M.cDG>I;�;�SVHeW=9=@T<[>IH��:9=EGDFJLB=<?H �� SVEFH�HK<[DG9�`N@ <?b[D>+�UYSVP_7:> � a:<?st<?>Ia:<?;65ªnj.DF<?HI<�A7:9=H¨P_<[EGEfSVPIDF7:9 v <�.cDF>KU5P<[DG9=<[9��O9�PI<[>¨]:<[95PIDF7:9=HK<�0 <[U5P �3HI7�;�SVHIH;�SVH � v �K<[U5P UV<[DG9=<[9

¥^¦ B

u U�U�W=HISVP_Dª] � JLB=<?JLU^<?965 UYS^9=9 no�OH¨PA;=<[>AS^HK@ <?U�PIW=<[EGEF< �A7:@C� 9CDFJLB5PA� <?DFE�;=<?>3`,P_>KW=U5P_W=> l Dmn�<Vn v <?D ��#� ! �� p��(.cDG>I; �� DFs�`N@ <?b[D>+�UYSVP_7:>�]:7:9 ! ��a:<?st<?>Ia:<?;65G�CW=9=;�<[HZ<[95PIHKP_<?B5P.UV<[DF9R�O95P_<?>K]^<[9NMP_DG7:9=HK<�0 <[U5P n

�.S^JLB1;=<?9�PI>_S^9=HKDGPIDG]:<?9��¨`NC H v <�P_>IS^JLB5P_<cDFJLB1;=DG< �37:9=a^>IW=<?9=b[s WCHKP_<?> v <?D=W=9�SÛ�U�W=HISVP_Dª]:<[9W=9=;yW=9C<[>Ia:SVP_Dª]:<[9&68<?> v <[9yDFs k <[>K�¡<?U5P �I. X^B=>K<[9=;ystS^9 v <[D W=9=SÛ�U,WCH_SVPIDG]:<?9�68<[> v <[9y<?DF9u W,�CDGEFDFS^>"DGs `NDG9=a:W=EFS^>"WC9=;0<[DF9*k <[>K�¡<?U5P_@�S^>¨P_DGb[DF@ DGs keEFWC>_SÊ +�9=;=<�P �3PI>I<�P_<[90W=9C<[>Ia:SVP_Dª]:<68<[> v <?9�HK7�. 7:BCEos�DGP!<[DF9C<[s u WN�NDFEFDFS^>.DGs�`NDG9=a:W=EFS^>!SVEFHiS^W=JLB s�DGP2<?DF9=<?s�k <?>K�¡<[U5PI@�S^>KPIDFb?DF@DFs�`NDF9Ca:W=EfSV> S^WC��n j.DF<?HI<cj!SVPI<[9�W=9=;�;=DF< �A7:9=a:>KW=<[9Cb v <[D u ; �K<[U5P_Dª]:<?9"DF9��A7:@=W=EFSÛ^7^9=HKPI>IW=U:MP_DG7:9=<?9�HKDF9=;��ZB=<?s"S�;=<?H ��(��8�8� � � + �'�/�-�� n

d8H .cDF>K; HIDGJLB b[<?DFa:<?9�� ;�SVHIH.;=S^H2ke>I7 v EF<[s ;C<[>!W=95PI<[>IHKJLB=DF<?;=EFDGJLB=<[9 �A7:9=a:>KW=<[9Cb v <?D WC9NMSÛ�U�W=H_SYP_DG]^<[9 WC9=;�WC9=<[>Ka5SVP_Dª]:<?9�68<[> v <?9 EG<[DFJLB5PcE �:H v SV>ADGHKP[�(. <?9=9 stS^9�.cDF<?;=<[>KW=s ;=DF< \A9NMP_<?>IHKJLB=DF<?;=<-DG9 ;=<?9 H ),95PLSVU�PIDFHKJLB=<[9 W=9C;�HI<?s"SV9�PIDFHKJLB=<[9 ��<[>KU,stSÊG<[9�DG9 ?�<?P_>IS^JLB5P b?DF<?B�P[n�OJLB0HIJLB=EFSâ:< ]^7:>[�c;�S^HKH ;=DF< �37:9=a^>IW=<?9=b�;=<[>k <[>¨�¡<[U5P_@=S^>KPIDFb[DG@=DF<?9 ;=W=>KJLB*;CDF<��<[9=a:<�;C<[>@=>ISâ:stSVP_DGU^7VM HI<[stS^95P_DGHIJLB=<?9 M¨��<?>IU�s"SVEF< v <[HKPIDFs�srPK.cDF>K;��N. X^B=>I<?9=; HKDFJLB ;CDF< �37:9Ca:>IW=<?9=bS^s u WN�NDFEGDfS^> S^W=H�;=<?> ��<[9Ca:<e;=<[>}HH),9�P_SÛ5P_DGHIJLB=<?9 �M��<[>KU,stSÊG<�<[>Ka:D v P n j.DF<eWC9�PI<[>KHIJLB=DG<[;=EGDFJLB=<?9�37^9=a:>IWC<[9=b?s W=HKPI<[> v <[D��¨`(C HZstDªP W=9=SÛ�U,WCH_SVPIDG]:<?9 ©VW=9C<[>Ia:SVP_Dª]:<[9R68<[> v <?9 HI7�.cDF< v <[D �37:@CWNMEfSVU^7:9=H¨P_>KW=U5P_DF7^9=<[9 . <?>I;=<?9 SÊGEF<?DF9 S^WCHA;CDF<[HK<[9�<[DG9C� S^JLB=<?9 u 9=9�S^B=s�<[9�S v a^<[EF<?DGPI<?P n

j.DF<c��<[>IU�stSÊFHKHI@T<[b?D-+�UYSVPIDF7:9 ;=<[HeW=9C@ <?>IH �^9=EFDGJLB=<[9 �� DFH¨Pe�ZB=<?s"S.]^7:9 � + �'��8� � � n��3DF<?>.cDF>K;�S^W ��<[>K;=<[s�<?DF9=<c� �:HKW=9=ai�¡h=>e;�S^H8ke>K7 v EF<?s ;=<?>ok <[>KHI7:9C<[9 v <?HIJLB=>IX^9=U�W=9=a �¡hC> � v �K<[U5P_<DF9RP_>IS^9=HKDGP_Dª]:<?9 �¨`NC H3stDªP � v �K<[U5P_UV7:9=a:>KW=<[9=b ]:7:>Ka:<[HKJLB=EfSâ^<[9�nZ� >_S^9CHIDGPIDG]^< �¨`NC H3stDªPZ68<[> v M� v �K<[U5P¨M �37^9=a:>IWC<[9=bWC9�PI<[>KEFDF<?a:<[9�<[DG9=<[>�? <[;CDF9=a:WC9=a=��;CDF<�HIDF<tX^B=9CEFDFJLB;.cDF< � W=DF>KU )5MOj!SVP_Dª]5M�37^9=HKPI>IW=U5P_DG7:9=<?9�DGs �OHKEfX^9=;CDFHIJLBC<[9�S^W=HIHK<[B=<?9-EFX^HIH¨P �!DGB=>I< � v �K<?U5P_<1U �:9C9=<[9�9,WC>2DF9�;=<?> < nk <?>IHK7:9 H¨P_<[BC<[9�n �.S^JLBC;=<[s ;=DG< �i<?st<?DF9=HIS^s�U^<[DªP_<?9�b8.cDFHKJLB=<[9�;=<[9��¨`NC HA;=<[Hc� PLSVEFDF<?9=DªMHIJLBC<[9&W=9C;-;=<?9 � " �� M�`NW v �K<?U�P¨M �A7:9=HKPI>IW=U5PIDF7:9=<?9-;=<?H �OHKEfX^9C;=DFHKJLB=<[9�W=95P_<[>KHIW=JLB5PB.�7:>K;=<[9HIDG9=;��6.�<[>K;=<1DFJLB(b[<?DFa:<?9��};�S^HKH �¨`(C H 9CDFJLB5P SÊFH � " �� M�j!SYP_DG]5M �37:9=H¨P_>KW=U5P_DF7^9=<[9(S^9=SÊ-),HIDG<[>¨P.�<[>I;C<[9 U �:9=9=<?9�n � >I7VP_bR;=<[>1HH)N95P_SÛ5P_DFHKJLB=<[9 \395P_<?>IHIJLBCDF<[;C< b�.cDGHIJLB=<?9�;=<?9 v <[DG;=<[9 �37^9NM

¥^¦A> ��!��

HKPI>IW=U5P_DG7:9=<?9 <[>KEfS^W v P"W=9CH";=DG<�� SVP_HIS^JLB=<V�A;=S^HIH v <?DF;=< �37:9=H¨P_>KW=U5P_DF7^9=<[9 DGB=>I<?9 � v �K<?U�PI<[9�K<[9=<ik <[>KHI7:9=<?9=>I<?HKPI>IDFU5PIDF7:9�S^WC�¡<?>IEG<[a:<?9��C<?DF9P_DG<?�¡<?>I<[H�68<[>IH¨PLX^9C;=9=DFH �¡hC> ;�S^HZkeB�XV9=7:s�<[9�ne�OJLB. <?>I;=<�;�SV�¡hC>1S^>Ia:WCst<?9�PIDF<?>I<[9 ��;�SVHIH1;=DF<Rk <[>KHI7:9=<?9 v <?HIJLB=>IX^9=U�W=9=a&�¡h=> � v �K<?U�PI<RU^<[DG9 � W,M� SÊFE�DFHKP[��HI7:9=;C<[>I9�HIDGJLB-SÊGHiH ),HKPI<[stSVP_DGHIJLB=<?>rd�0 <[U5P SVW=H <?DF9=<?>iHI@T<[b[D>+�HIJLBC<[9&HH)N95P_SÛ5P_DFHKJLB=<[9�37:9 +�a:W=>ISVP_DG7:9 <[>Ka:D v P[��S^WC� ;=<?> � " � � �� " �;� �� 7:@ <?>IDG<[>KP[n� + �'��8� � � v <?B�S^9=;=<?EGP�;CDF<"DG95P_<[>K@=>I<�PLSVPIDG]^<[9yke>I7 v EF<[s�< v <[D��¨`NC H[n deH DGHKP�SVEFEFa^<[s�<[DF9

v <?UYS^9=95P �i;�S^HKH �¨`NC H�U^<[DG9=<&<?DF9=B=<?DGPIEFDFJLBC<��O9�PI<[>K@=>I<�PLSVPIDF7:9 SVWC� . <?DFHK<[9�� HI7:9C;=<[>K9 ;�S^HKH HIDG<DFB=>K<[s�`NW v �K<[U5P8DFs ke>IDG9=b[DG@ <[DG9=< �c<[DGB=<�]^7:91�O9�PI<[>K@=>I<�PLSVPIDF7:9=<?9�<[>Ks �:aÊFDFJLBC<[9��Y;=DF<o]:7:9�<?DF9=<?>a:<[9C<[>IDGHIJLB=<?91�O9�PI<[>K@=>I<�PLSVPIDF7:9 7^B=9=<c`N@T<[b?D-+�b?DF<?>IW=9=a v <?b[h=a:EGDFJLB �O9CU,EGW=HIDª],DGPLXYP v DGH B=DG9rb[W�<?DF9=<?>DF9=U�EGW=HIDª]:<[9(�O95P_<?>I@=>K<?P_SVP_DG7:9��;=DG<�;=<[9�`N@C>I<[JLBC<[> DFs �A<��¡<[>I<?9=b[HK<?P <[DG9=HIJLBCEFDF< �^P � >I<[DGJLB5P nrg0DG<v <?>I<?DGP_H ]^7:9 C DG9NF�W=<tl¨¢-?;>A>5p v <[7 v S^JLB5P_<?P .cW=>K;=<^� B�SVPc;CDF<!P_<?st@CW=H¨MOS^HI@T<[U5P_WC<[EFEG< `N@ <?b[D>+CMb[DG<[>IWC9=a!deDF9 ��W=HIH�S^WC� ;=DG<��O95PI<[>I@C>I<?P_SVP_DG7:9 ]^7:9 �¨`NC H?n u WCHIa:<?B=<[9=; ]^7:9 ;=DG<[HK<[>�?�<[7 v SVJLB�PIW=9=a]:<?>IHIWCJLB=<DFJLB � ;CDF<1s �â:EFDGJLB=<[9 \3>KH_S^JLBC<[9��¡hC> <?DF9=<16oS^>KDfSVPIDF7:9 DG9�;C<[>i�O95P_<[>K@=>I<�PLSVPIDF7:9�S^W=H�M+�9=;=DGarb?Ws"SVJLB=<[9�n u EFHo<[>KHKP_<?HZb[<?DFa:<ADFJLB��,;�S^HKH <[H <[DF9C<3H¨P_>I<?9=a:< �A7:>I>K<[EFSVP_DG7:91b�.cDFHKJLB=<[9R;=<?>b[<?DGP_EGDFJLB=<?9 �2< v WC9=;=<[9CB=<[DªP <[DG9=<[H de>I<[DGa:9=DGHIHI<?H�WC9=;;=<?> DF9CU,EGW=HIDª]:<?9 �}<[H_SV>KP�a:D v P[n�g�<[9=9;=S^Hde>I<[DGa:9=DGH b[<?DGP_EGDFJLB WC9=a:< v W=9=;=<?9tDGHKP �V]:<[>KB�XÊªP8HIDFJLB �� .cDF< <[DF9C< 6oS^>IDFS v EF<V� .�<[9=9�<[Hea^< v W=9C;=<[9DFH¨P ��]:<?>IB�XVEGP HIDGJLB �� .cDF<1<?DF9 ke>I7:9=7^st<?9�n��O9 u 9=EF<?B=9�W=9=a�S^9(��SVP_>KDF;=7^W�� u 9�SVa:9=7:H¨P_7:@T7:EF7^W� k S^9=JLB=<�]^S l ¥^¦^¦ < p�HKJLB=EfSâ^< DGJLB ]:7:>?��;�S^HIH v <[D}<?DF9=<?s�W=9=a^< v W=9C;=<[9=<?9�de>I<?DFa:9=DGHZS^WC� ;=<?sS^HI@T<[U5PIW=<[EGEF<[9 �A7:@C��<[DF9 " � $�� " �� M¨��<?>IU�stSÊ S^9Ca:<[HKDF<[;C<[EGPiDGHKP[n1`N7:EGJLB <?DF9��<?>IU�s"SVEU^7:>K>I<?HI@T7:9=;=DG<[>KP�s�DGPr;=<[s a^<[9=<?>IDFHKJLB=<[9 � @ <?>_SVPI7:>r]:7^9 C B=DG<[>KJLB=DfS l¨¢8?A?C=:p �8]^7:9y;=<[s DFJLBS^9=9=<?B=s�<^�=;�SVHIHZ<[>Z;CDF<.6oS^>KDfS v EF< v DF9=;=<�P �N;=DF<!;C<[s W=9CHI@T<[b[D>+�b[DG<[>¨P_<[9RHK<[stS^95P_DFHKJLB=<[9�k <?>IHK7VM9=<[9Cst<?>IU�s"SVE�S^WC� �� <[95P_HK@=>IDGJLB�P[n g-<?9=9 HK7:EFJLB�<[DG9�a:<?9=<[>KDFHKJLB=<[>_©VW=9=a:< v W=9=;C<[9=<?> � @T<[>ISVP_7^>�¡<[B=EªP ��.cDF>K; ;�SVH3HK<[stS^95P_DFHKJLB=< k <[>KHI7:9=<?9=s�<[>IU�stSÊ S^WC� �� ;CW=>IJLB ;C<[9(`N@C>I<[JLB=SÛ5P_U^7^@C�8�¡<[HKP¨Ma:<[EG<[a^P�l ],a:E nyW�n�SCn `NDFa^W=>��:HK7:9 ¥^¦:¦5¥,� ? DFS^9=JLB=DZ¥^¦:¦5¥N� ¥^¦:¦ < p��8;=<?>��¡h=> �� <[DG9=<R;=<[DGU�PIDFHKJLB=<�O95P_<[>K@=>I<�PLSVPIDF7:9�¡<?HKPIEF<[aVP �=;=DG<!;=<?9 `,@=>I<?JLB=<[>A<[DG9=HIJLB=EGDF< �^P nej.S^Hcde>Ia:< v 9=DFHZDGHKPZ<?DF9=<2DG9=U�EFW=HKDG]^<�O95P_<[>K@=>I<�PLSVPIDF7:9 n� + �'��8� � � � S^HKHKPc;=DG v <[DªPZb[W=HIS^s�st<?9�n

� � ��4 ��

u E v 7^DFW�� S v >IDG<[EfSN��DGJLB�S^<?E ? S^>K>IDF< � C BCDfS^>IS Q�>IDFa^<[9=D l ¥^¦^¦5¥:p�� S^9=; PIB=<\39�SVJ[J[WCH_SVPIDG]:< M�\A9=<[>Ka5SVP_Dª]:< k�S^>IS^;=7 � 5G�T��H[nª� \A9=DG]^<[>KHIDGP )7^�� 7:>K7:95P_7=n

u EG<��NDfSV;=7:W�� u >KP_<?stDGHAl ¥^¦^¦C¢ p�� " ��#��!�� #�8"�� " �� !�� !�� > ��#��!� ��

� � � ��#� ! ��#� n8687:E n8§�¥(7^� � �� " �"��#� � �� " � � � � �� " �"�� ^7^B=9 ? <?9 �IS^s�DF9=H?�u s�HKPI<[>I;=S^s�n

u EG<��NDfSV;=7:W�� u >KPI<[s�DFH"l¡P_7 S^@=@T< S^>_p�� 9 �A7:stDG9�SVPIDG]:<IC S^HK< Q�< SVPIW=>I<?H�S^9=; `N@CEFDGP u a^>I<[< Mst<?95P*5ª�3DG90dcn ? >_SV9=;=9=<?>RS^9=;0� n � DF9=HKst<?DFHKPI<[> l <[;CH[n p�� #� ! �!� � !� � � ��!� � n

u EG7:9=HK7VM � ]VSÊFEG<^�8�}W=DGH lm¥^¦:¦:¦:p��R�OH�PIB=< � u > v DªP_>IS^> )��O95PI<[>I@C>I<?P_SVP_DG7:9658S�`N<[stS^95P_DGJ�d8@CDF@=B=< M9=7:s�<[9=7^9��:n � �� n �2W=HKW=s�7^P_7 � dcn:6.DFEGEfSÊªPLSC�V<[;=H?� � ��8"� �� #�� n5687:E n,¥ < 7^�� ! ��#� � � � !�� " � �� !��!�� " �"�� i� ` u n

u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W��5deEG<[9�S1lm¥^¦:¦5¥:p � � � � � �� #� �� ! �� "! �#� �� 6� ��!� � ��#�� n��7:WCPI7:9�;=< �i>KW()�P_<[>?n

u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W�� d8EG<[9�S(lm¥^¦:¦ < p�� `�P_>I7^9=aRS^9=; g�< SÛ k <?>IHI7^9�>K<[HKPI>IDGJ?P_DG7:9=H?� u Q�<[SVP_W=>K<C B=<[JLU�DG9=a u 9�SÊ-),HKDFH#5ª�CPI7tSV@=@ <[S^>cDF9��3<?a:a:DG<2S^9=; � >I;=7 �C<[btl <?;=H[n p�� ^7:B=9 ? <?9 �IS^s�DF9=H?n

u 9C;=<[>KHI7:9�� `,PI<[@=BC<[9�� n�l�¢-?A?:¦:p�� ZB=<ia:>IS^s�s"S^>o7^� �OJ[<?EfS^9=;CDFJ.]^<[> v H3DG9 �� n � �� Cn��SÊFDG9=a��u n ��S^<[9=<?9�� <?;=H[� � � � �� nT687Ê nT¥V§t7^�� !�� u J S^;C<[s�DFJike>I<?HIH[� `CS^9�j.DG<[a:7C�=@=@�nT¥ < =C¥ B;< n

u >K7:HIDG7=�yQ S v >KDFb[DG7 lm¥^¦:¦ < p�� <[s�@ 7:>ISÊ(B=7:s�7:a:<?9=<[DªP ) SV9=; P_BC<�� PLSÊGDfS^9 k <?>K�¡<?J?P n � ��u n u EG<��NDfS^;C7:W�� nN�3SVPIB=<[>¨P ��u n,]^7:9(`,PI<[JLB=7�.i� <[;=H?� � �� "�!� �� !�� n=687Ê nT¥7^� � �� "�!� ��#��!�� 7:WNP_7:9R;=< �2>IW()�P_<?>[� ? <?>IEGDF9��=@C@�n <CB N£ B n

¥^¦;?

¥N¢¤¦ � � � � ��

? S^JLB��:d8s�s�7:9l�¢-?A>C¢¤p�� 9 PIDFs�<^� P_<[9CHI<^�:S^9=;�S^HK@ <?J?P[n u 9 <[HKH_S*)rDG9rde9=aÊFDFHKBrs�<?P_SYMO@=B<),HIDGJ[H?n�O9�� "�� !�� nCQ n �2h=95P_B=9=<?>AS^9=; C.n �A7:BC>I<[>?n

? SÛV<[>[�e� S^>IU l�¢-?A>A>:p�� !� ��!� ��#��!� � � � � ��!� � � � �� " �� !� �� ^n�ZB=< \39=Dª]:<[>KHIDªP ) 7^�@C BCDFJ SVa:71ke>I<[HKH[n

? SÛV<[>[�T��S^>IU(l�¢-?A?:£:p�� ! � �� "� � �� n � �,�¡7:>I;�\39CDG]:<?>IHKDGP )Rke>I<?HIH?n? SÛV<[>[�3� SV>IU �� ),EG<�^7:B=9CHI7:9 � ��S^90�c7 v <[>¨P_H�l�¢-?A>A?:p�� k�S^HKHIDª]:Ka:W=s�<[95P_H"�3SVDFHI<?;65ª�

� �� " �"��#�� " �� ¥,¢-? C¥A=,¢:n? < �ISV>[��`,W=H_S^9C9�S � ��DGEfS^9"�A<?b S^J�l ¥^¦:¦ < p�� k <?>IHK7:9REFDFJ?<[9=HKDF9=a S^9=;P_BC<!;=<[>KDG]VSVPIDF7:97V� k CKC

<�0 <[J?PIH#5ª� ��H[nª� \39=Dª]:<?>IHIDªP )R7^� � 7:>K7:95P_7=n? <[EGEF<�PIP_Dm� u ;=>KDfS^9=S1l¨¢-?A>:¥:p�� K��7^>I@=B=7ÊF7:a:DGJ SÊ 5¤@�S^HKHIDG]^<AS^9=;1@=>I7YMO;=>K7:@��P_B=<cDFs�@T<[>IHK7:9�SÊ,J[7^9NM

HKP_>KW=J?PIDF7:9RDG9�� P_SÊFDFS^965ª� � � " �� " �"��#�� l ¥^p��¢ < §=n? <[EGEF<�PIP_Dm� u ;C>IDfSV9�S�l ¥^¦:¦N¢ p�� k�S^>¨P_DGJ[DF@CEFI<?<[s�<[95P*5ª��stH?��\39CDG]:<?>IHKDGP ��;=D `,DF<[9=SCn? <[EGEF<�PIP_Dm� u ;C>IDfSV9�S � �}W=DGa:D��cDFb?b[D l¨¢-?A>N¢ p�� ZB=<iH ),95PLS �R7^� �� o`N7^st<!�ZBC<[7:>K<?P_DGJ SÊ �Ost@=EGDªM

J SVPIDF7:9=H�5G� � � � �� " �"��#�� ! �� 6 �}¢:¢ B T¢�=V§Cn? <[EGEF<�PIP_Dm� u ;C>IDfSV9�S � �}W=DFa:D��cDFb[b?D!l�¢-?A>A>:p�� k8HH),JLBNM 68<?> v H�S^9=; @¤M PIB=<[7:>H) 5G� � �� " � � � ��

� " � �� " �"��#�� !�� T¥ ?C¢ < =^¥Nn? <[9CDF9=J �C�ek�SV7:EfS � ��S^W=>IS�6oS^9=<?EFEGD.l�¢-?A>^§5p�� PLSÊGDfS^9=7C� ]:<?9=<?PI7=�e�¡>IDGW=EfS^9C7=�r�¡<[9C7:st<?9=DoHIDF9,M

PLSVPKP_DFJ?D�StJ?7:9C�¡>I7^9�PI7N5ª� � � ! �"�� #�� #� " �� ! "� � �# � � �8" �! � � � �� !� ��

� � ¢¤£C=T¢8?^§=n? <[95]^<[9=DGHKP_<V� des�DFEG<�l¨¢8?:£:£5p � � ��1$ �� " �"��#� � " � � � � � � " n � SÊGEFDGs"S^>K;�n? <[>¨P_DG9=<?PKP_7=�ekeDG<[>��S^>IJ?7 l¨¢-?A? B p�� !�� !�� " � " � � �� !��

� ��!�� !��#� !��#� n �c7:HI<?9 v <[>Ka`,<[EFEGDF<?>[�C� 7:>KDF9=7=n? DfSV9=JLB=D ��6oSÊG<[95P_DG9�S l ¥^¦:¦N¢ p�� 9�@ <?>IHK7:9&Sâ^>I<[<?st<?95P n ��H[nª�8`NJ?W=7:EFS �A7:>IstSÊF<t`NWC@ <?>IDF7^>I<^�

k8DGH_SCn? DfSV9=JLB=D ��6oSÊG<[95P_DG9�S l ¥V¦:¦5¥:p � � 9RQ�DF9=DªP_<?9=<[HKH S^Hc�}7:a:7^@=B=7:>KDFJ u 9=JLB=7^>IDF9Ca=n��H?nG� \A9=DG]^<[>KHIDGP )

7^�e`,DF<[9=SCn? DfSV9=JLB=D � 6oSÊG<[95P_DG9�S�l ¥V¦:¦ IHK7:9�SÊ�S^>Ia^W=st<?95P_H#5ª��H?nG��\A9=DG]^<[>KHIDGP )

7^�e`,DF<[9=SCn=� 7"S^@C@ <[S^>ZDF9 P_BC< � �� n

� � � � �� ¥N¢:¢

? DGJLU^<[>¨P_7:9 � j3<[>I<?U l¨¢-?;>C¢ p�� !�� " � n �iS^>I7^s"SC� u 9=9 u > v 7^>[� ��Ln? 7,<[JLU:� � C <[;=>KDFJtl¨¢-?;?A>5p�� u a:>I<?<[s�<[95PGC 7:9=HKPI>_S^DG95P_HcDF9 �OJ?<[EfSV9=;=DFJiSV9=;�d8EGHI<8.cB=<[>K<15ª� � �!� � �

�� ! �#�� !�� }¢ < =Nn? 7,<[JLU:� � C <[;=>KDFJtl ¥^¦^¦:¦5p�� W=DF>KU<) Sâ:>K<[<?st<?9�P#5G� � � "��# � �� " �"��#�� =§*=N¢ ,§C>:¦Cn? 7,<[JLU:� �<C <?;=>IDGJ.lm¥^¦:¦ < p��O95P_>IDGJ S^J?DF<?H 7V�C�OJ?<[EfSV9=;=DFJ u a:>I<?<[s�<[95P*5ª�^��H[nª�:\A9=DG]^<[>IHKDGP )27V�� SV> )5M

EfS^9C; ©^�.SV>K]VS^>I;R\A9=DG]^<[>KHIDGP )^n? 7:9C<?P � d8WCEfSÊGDfS�l¨¢-?A?N¢ p��1��7:>I@=BC7:EF7:a ) SV� P_<?>�` ),95PLSY� ��ke>I7:9C7:stDG9�SÊ C EFDªP_DGJ[HiDF9-�A7:stS^9=J?<

��S^9=a:W�SVa:<[H?n k8B=j P_BC<[HIDGH[�T��O�2n? 7:9C<?P � deW=EFSÊFDFS l¨¢8?A?^§�p � ��ZB=<�k <[>KHI7:9,MHC S^HK<DC 7:9CHKP_>IS^DF95P[� u ��7:>I@CB=7:EF7â:DFJ[SÊ u @=@=>K75S^JLB65ª�

� � � � �!� � �� " �"�� !� � � �! "� � � � � �!�� !�� #��!�@=@�n <A< ,=:¥Nn

? 7:>K<[>?� �.Sâ:DªP l¨¢8?A>^§�p � � �� #� �� n�Q�7:>KDFH[�=j.7:>I;C>I<[JLB5P[n? 7:>K<[>?��.Sâ:DªP1l�¢-?A?^§�p �.�ZB=<1@=>K7 �K<[J�P_DG7:9�7^��S^>Ia^W=st<?95P_H[n � �� dZn=? <?9=<[;CDFJ?PI7 � �Cn �AWC9=9=<[>?�

<[;=H?� � " ��#��!�� #��!�� n 687:EmnZ¢ B 7^� � � � !�� " � ��#�� !� � ��

� �� " �"��#�� i� ` u � u s�B=<?>IHKP[n? 7:>K<[>?�"�3Sâ:DGP�l�¢-?A?A>5p ��j.<?>IDª]NDG9=a k S^HIHKDG]^<O.cDGPIB=7:WCP��ZB=<?P_S �c7:EF<?H[n � �� ` n��S^@ 7^DF95P_<V�

jrn2?�>I<[95P_S^>ID � k n Q S^>K>I<?EFE �8<?;=H[� � �!� � � �! "� � � �� !� �� !��! "� � � ��

�� n CZ`C�}�L�T`,P_S^9C�¡7:>K;��=@=@�n £^¦ ?A?Cn? >IS^s v DGEFEfS u a:<?9=7=� Q�>_SV9=J S�l¨¢8?:£^§�p � � ! ��$�� #��#�� n��cDFJ[J?DfS^>K;=D �=��DFEFS^9=7=n? W=>Kb[DG7=�e�}W=DFa^D!l�¢-?A>:£5p � � �� #�� ne`,PIW=;=DG<[H DG9 �.SVPIW=>_SVE ��S^9=a^W�Sâ:<"S^9=;y�}DF9=a^W=DFH¨P_DFJ

�ZB=<[7^> ):� �2EFW<.�<[>?n? ) v <[<^� �Cn5�enª��A<�]:<?>I<Ak <?>IU�DF9=H � g0DFEGEFDfSVs k�SâÊFDFWCJ S�l�¢-?A?^§�p � � � � ! �! " �#��!� � � � � ��

� �� !�� #�� " � � � � � � �!� � n \A9=DG]^<[>IHKDGP )�7^�LC B=DFJ[Sâ:7ke>I<[HKH[� C B=DGJ Sâ:7Cn

C S^>K;=DF9�SVEF<?PKP_Dm� u 9=9�S lm¥^¦:¦ < p�� 7�. S^>I;CH�S J[S^>KPI7:a:>IS^@=B<) 7V� HKW v �K<?J?P @ 7^HIDGPIDF7:9CH[n � ��u n�? <[EGEF<�PIP_D � �en �cDFb?b[Dm�.<[;CH[� � �� #�� ^n� �N�¡7^>I;�\39=Dª]:<[>KHIDªP )Rke>I<[HKH[� � �,�¡7:>I;�n

¥N¢ ¥ � � � � ��

C S^>I;CDF9�SÊG<?PKP_D � u 9=9�S � �iDGW=EFDFS^9�S �2DFWCHKP_Dol�¢-?A?5¥^p��k�S^>¨P_DGPIDG]^< �� S^9C;�P_BC< � k�MOB<),@ 7VP_B=<?HIDFH?nu J S^HK<1HKP_WC;():n � �� dcn Q S ]^SN��<[;�nª� � �� #� ! ��

� � ��#�� ^n��c7:HI<?9 v <[>Ka � `N<[EGEFDF<?>[�N� W=>KDF9��C@=@�n}¢ ¥N¢ T¢ §=¢:nC S^>I;CDF9�SÊG<?PKP_D � u 9=9�S � ��DFJLB�SVEe`,P_S^>IUV<�l¨¢-?A?;?5p��c�ZB=KW=J?PIW=>_SVE ;=<�+=J[DF<?9=J�)^n

� �� n!]VS^9*�ADG<[s�HI;=D �KU �3<?;�nG� � �� " � �� " �� nc��7:WCPI7:9*;=<�i>KW()�P_<[>?� �3<8. o7:>KUC© ? <[>KEFDF9 �C@=@�n}¢[§*=C¥ <;< n

C S^>IEGHI7:9 � �2>I<?a:7:> ) � Q�>IS^9=J[DGH �^<�0 > ) k <[EGEF<�P_DF<?>(l¨¢8?A?C=:p � � � � �� YnKC BCDFJ SVa:7\39=Dª]:<[>KHIDªP )Rke>I<[HKH[n

C B=DF<?>IJLB=DFSC� �i<?9=9�S^>K7 l¨¢-?A?A= p�� ^ne\39CDG]:<?>IHKDGP )&7V� C B=DGJ Sâ^7�ke>K<[HIH?�C B=DFJ[Sâ:7=n

C B=DF<?>IJLB=DFSC� �2<[9=9=S^>I7�l¨¢8?A?C= $ p �3�ZB=< 6oSV>IDfS v DFEGDGP )R7^�o�Os�@ <?>IHI7^9�SÊe`,W v �K<[J�P_H?n � �� dZn6? S^JLB �dcn��^<?EFDG9=<[U � u n �i>ISVP_b?<[> � ?.n�� nck�SV>KP_<?<^�Z<?;=H[� � "�� #��!� �� " � � � ��

� " � �� n �2EGW .�<[> u J[S^;=<[s�DFJikeW v EFDFHKB=<[>KH[��@=@ n}¢¤¦ B T¢[§ < nC B=7:s�HIU<):� �37:S^s l¨¢-?;>5¥:p�� " �� !� � � ! �� "� � �� " �� n

`,P_W=;CDF<[HcDG9 �2<[9C<[>_SYP_DG]^< �i>IS^s�s"S^>?�CQ�7:>KDFH?��j.7:>K;=>I<?JLB�P[nC B=7:s�HIU<):� �375SVs l¨¢-?A? < p�� u ��DG9=DFstSÊGDFHKPZk8>K7:a:>IS^s �¡7:>3��DG9=a:W=DGHKPIDFJ2�ZB=<?7:> )^n � �� nC�.SÊG<

� ` n �Cn �2<8)NHK<[>?�T<?;=H[� � � �� !� � " �� n��O� ke>I<?HIH?�=C SVs v >IDG;=a:<V�� S^H�MH_S^JLB�W=HK<?PIPIH[�T@=@�n}¢ =:¥Nn

C B=7:s�HIU<):� �A75S^s l�¢-?A?C=^p�� "�� n ��O��ke>I<[HKH[� C S^s v >IDF;Ca:<^� ��S^HIH?nC B=7:s�HIU<):� �375SVs l¨¢8?A?A>5p � � ��DF9=DGs"SÊGDFH¨PrDG9NF�W=DF>KDF<[H?��ZB=< �¡>_SVst<8. 7:>KU 5G� ��O� � J[J[S^HIDG7:9�SÊ

k�S^@T<[>KHADG9��DG9=a:W=DGHKPIDFJ[H.¢�=NnC B=7:s�HIU<):� �A75S^s l�¢-?A?A?:p�� ! ��#��!� $ �� !� nC687:Emn ¢->�7^� � � � � �� !��!��

� �� " �"��#�� O��@C>I<[HKH[nC DF9NF�W=<V� �2W=a:EFDG<[EGst7�l¨¢8? B £5p �� u @=@=>I7^@=>IDFSVP_<?9=<[HKH!J[7:9C;=DGPIDF7:9=HA�¡7:>3PIB=< W=HK< 7^�8@�SVHIHIDª]:<?HiS^9=;

DFs�@ <?>IHI7^9�SÊFH DF9 � PLSVEFDfSV965G� � �� #�� " �"��#�� 6 nC DF9NF�W=<V� �2W=a:EGDF<?EFs�7�l¨¢8?A>A>5p � � � 9 � � C 7^9=HKPI>IW=J�P_DF7^9=H SV9=;tPIB=<3�ZBC<[7:>H)17^�� $ 5G� � �� " �"��#��

� � � " �� 6 � ��=:¥,¢ ,=;>5¥,n

� � � � �� ¥N¢ <

C DF9(F,WC<^� �iW=aÊFDF<?EFs�7�l�¢-?A?C=:p � � � � �#�� ! �� n C S^s v >KDF;=a^<c\39=D M]:<?>IHIDªP )�ke>I<[HKH[� C S^s v >IDF;Ca:<^n

C 7:s�>IDG<^��? <?>I9�SV>I;-l¨¢-? B £5p�� n C S^s v >KDF;=a:<!\39=Dª]:<[>KHIDªP )�k8>K<[HKH[� C S^s v >KDF;=a^<^nC 7:> v <�PIP � �2>I<�],DFEFEG<1l¨¢8?A?C¢ p � � �� n C S^s v >KDF;=a^<i\39=Dª]:<[>KHIDªP )Rke>I<[HKH[� C S^s v >IDF;Ca:<^nC 7:H¨PLSC� �^7��^7 l ¥^¦^¦:¦5p�� !� � " � " �� !�� !� �� #� ! � � " �� n � �,�¡7:>I; \39=Dª]:<[>�M

HIDªP )Rke>I<[HKH[� �3<8. o7:>KUTnC 7:H¨PLSC� �^7��^7"l ¥^¦:¦N¢ p�� qk 7:HKPK]:<[> v SÊ HIW v �K<?J?PIHcS^9=;SVa:>I<?<[s�<[95P DG9"W=9=S^J[J?W=H_SVPIDG]^<.J[7^9�PI<��,P_H DF9

deW=>I7:@T< SV9 k 7:>KPIW=a:W=<?HI<15ª� � � � �� " �"��#�� ! �� 6� ��¢ ¢ B nC 7:H¨PLSC� �^7��^7 � `CS^9C;=>_S k <[>I<?DF>IS�l ¥^¦^¦ < p�� keB�S^HK<[HiS^9=; S^WCP_7^9=7:s�7:W=Hc�¡< SVPIW=>I<?H[�3S"J S^HK< 7^�

stD �N<[;�Sâ:>K<[<[s�<[95PoDF9tdeW=>I7^@ <[S^9"k 7:>KPIW=a:W=<?HI< 5G�Nk�S^@T<[>o@=>K<[HI<?95P_<[;SVPeP_B=<3d8k8k�©Vk8B=S^HI<g-7^>IU�HIB=7^@ SVP3��O�2n

j75 u EG<[HIHIS^9=;=>K7=�,�A7 v <?>KPLS l ¥^¦:¦:¥ p�� u a:>K<[<[s�<[95P8DG9 � PLSÊGDfS^9 �Ost@T<[>KHI7:9=SÊ � � C 7:9=H¨P_>KW=J?PIDF7:9=H?nu j.<[>KDG]VSVP_DG7:9�SÊ u 9�SVE-),HIDGH#5ª� � $ � � �� " � �� 6 l�¢ p�n

j75 u EG<[HIHIS^9=;=>K7=� �c7 v <[>¨PLS lm¥^¦:¦5¥ $ p � ��OJ[<[EFS^9=;=DGJ�M � PLSÊGDfS^9�� ¢?ML¢15G�i@�S^@T<[> @=>I<?HI<[95PI<[; SVP PIB=<�i>IS^;=W=DG<[>¨P_<[9CU^7:EGEF<[a�� SÊGU `N<?>IDF<?H[� \A9=DG]^<[>IHKDGP ) 7V�e`,PIWCPIPIa5S^>¨P n

j75 u EG<[HIHIS^9=;=>K7=��A7 v <?>KPLS lm¥^¦:¦5¥ � p�� 9 �Ost@T<[>KHI7:9=SÊ �� J?7:9=H¨P_>IWCJ?P_DG7:9=H�DG9 � P_SÊFDFS^9�n � ��n ]VS^9 �37:@C@ <?9�� Cn8`NDF7 � ��ne;=<687^H[�e<[;CH[� � �� !�� ! " � ne�}<[DF;C<[9\39=Dª]:<?>IHIDªP ):��@=@ n}¢ T¢¤£Cn

j75 u EG<[HIHIS^9=;=>K7=�}�c7 v <[>KP_S lm¥^¦:¦ KHI7:9�SVE �� J?7:9=HKPI>IW=J�P_DG7:9=H[�cB=7�. HK<[stS^95P_DFJ?H.;=<�P_<?>¨MstDG9=<[HcSVa:>I<?<[s�<[95P*5ª��@ 7^HKP_<?>c@=>I<?HI<[95PI<[;�SVP �3d8� ` < §=��`C\ ��SYP3`,P_7:9<) ?�>I7,7:U � � �n

j75 u EG<[HIHIS^9=;=>K7=�T�A7 v <?>KPLS�l P_7�S^@=@T< S^> p�� u a:>I<?<[s�<[95P3S^9=;��O9�PI<[>¨]:<[95PIDF7:9�DF9R� PLSÊGDfS^9 � � �Os�M@ <?>IHK7:9�SÊGH[n � �� k n ?�7^PIP_S^>IDm�^<[; nG� � �� ! �� #�� ^n�\39CDG]:<?>IHKDGP ) 7^��}<[J?J[<^n

j75 u EG<[HIHIS^9=;=>K7=�c�c7 v <?>KP_S�l P_7�S^@=@T< S^> $ p�� 9AF�W=DF>KU )yHKW v �K<?J?P_HS^9=; PIB=<�@ <?>IHI7^9�>I<?HKPI>IDFJ MP_DG7:9�DF9y�OJ[<?EfS^9C;=DFJRS^9C; � P_SÊFDFS^9�n � �� n8]^SV9 �A7:@=@T<[9�� Cn�`NDF7 � ��no;=< 687:H[�o<[;=H?�� !�� ! " �� n�\A9=DG]^<[>IHKDGP )R7^��}<[DG;=<[9�n

¥N¢ § � � � � ��

j75 u EF<?HIHIS^9=;=>K7=�!�c7 v <[>KP_S � u >KP_<?stDGH u EG<��NDfSV;=7:W l ¥V¦:¦ KHI7:9�SVE.S^>K<(�A7YMs"S^9CJ[<!DGst@T<[>KHI7:9�SVE @=>K7:9=7:WC9=HZ>I<[SÊFE>) � 5ª�C@�SV@ <?> @=>I<?HI<?9�PI<[; SVP P_BC<i� `N�3� <A< �N�O9=;=DfSV9�S\39=Dª]:<[>KHIDªP ):� ? EG7N7:s�DF9Ca^P_7:9 �,� � n

j75 u EF<?HIHIS^9=;=>K7=�R�A7 v <?>KPLS � u >KPI<[s�DFH u EF< �CDFS^;=7:W l ¥^¦:¦ < $ p�� O9=J[EGW=HIDª]:< S^9C;�<��NJ[EGW=HIDª]:<DFs�@ <?>IHI7^9�SÊ�@=>K7:9=7:W=9CH[� S��¡< SVPIW=>I< MOa:<?7:s�<?P_>KDFJ[SÊ(S^9�SÊ>),HIDFH�5G�&��H[nª�y\39CDG]:<?>IHKDGP ) 7^�`,P_WCPKP_a5SV>KP n

;=<Z��DFa:W=<?E u @�S^>KDFJ[DG7=�Vd8EG<[9�S l¨¢-?A?:¥:p�� !�� "� � � �� ! � �� #� ! �#� � �� !�� #� � nNde;=DFJ?DF7:9C<[HZ;=<iEfS1\A9=DG]^<[>IHKDF;�SV; u WCP_7^9=7:stS1;C<r��S^;=>IDG;�� SV;=>IDG;�n

j.<[JLB=S^DF9=<V�T�A7:HK<�M�� S^>IDG< � � S^>¨P_DF9=S�g0DGEGPIHIJLB=UV7�l ¥V¦:¦5¥:p � � j.<?J[7:s�@ 7^HIDF9Catke>K7:9=7:W=9CH#5ª� � ��

� " �"��#�� " �� lm¥:p��C§5¦A? ,§^§�¥Nnj.<[@C>_S^<�P_<[>K<^� �OEGHI< l¨¢-?A?A=:p�� 9 P_B=< 9=<?J[<?HIHIDªP ) 7V� ;=DGHKP_DG9=a:W=DGHIB=DG9=a v <?P .�<[<[9

l W=9 p v 7^W=9=;=<?;=9=<[HKH!S^9C;-l S5p�PI<[EGDFJ[DªP ) 5G� � �� " �"��#�� "� � �� 6� �}¢ T¢-?Cnj.D j37:st<?9=DFJ?7=��deEGDFH_S l ¥^¦:¦:¥:p�� u J[J?7:>I;=D�<�j.DFHIS^J[J?7:>I;CD 5ª��@�S^@T<[>3@=>I<?HI<[95PI<[;�SVP!P_BC<�C �¨`NC �e�

\39=Dª]:<[>KHIDªP ) 7^� `NDF<?9�SCnj.DF<?HIDG9=a=�8��7ÊFE-) l�¢-?A?5¥^p�� n}687:E n ¥^¦�7^� � �� " �"��#�� " �� !�� e��O�

k8>K<[HKH[� C S^s v >KDF;=a^<^� � SVHIH[nj.7 v >K7¤]NDG<�M�`N7:>IDG9��3C S^>Kst<?9 l¨¢-?A?^£5p��i` )N95P_S^J?PIDFJ%C 7:9(+=a:W=>_SYP_DF7^9=HiS^9=; �c<?�¡<[>K<[9=J?<^� � © �� DG9

�A7:stS^9=J?<^n � �� 1n ��Sâ:7:9=SC��<[; nG� �� !� � �� !�� " � �� n�^7:B=9 ? <[9 �ISVstDG9=H[� u s�HKP_<?>I;�SVs©^keB=DGEfS^;C<[EF@CB=DfSC��@=@ n B;< >:£Nn

j.7 v >K7¤]NDG<�M�`N7:>IDG9�� C S^>Is�<[9&l¨¢-?;?A>5p�� Os�@ <?>IHK7:9�SÊ � J[7:9=H¨P_>KW=J?PIDF7:9=H3DF9��A7^s"S^9CJ[< S^9=; PIB=<k�S^HKHIDG],DGb SVPIDF7:9 7^��\39C<[>Ia:SVP_Dª]:<[H�5G� � �� " �"�� " �� < ?A?,§ <CB n

j.7 v >K7¤]NDG<�M�`N7:>IDG9��@C S^>Kst<?9*l¨¢-?;?A?5p�� ),@TIH�5G��H?nG� ` ),9 C 7:s��8\3DF� M � �A`\AP_>K<[JLB5P n

j.7�.ZP ):�Tj!S ],DF;-l¨¢-? B ?5p�� !� � � �� !�� " �� n��c<[DF;C<[E �Cj.7:>K;=>I<?JLB�P[ndea:<[>KEfS^9=; �Y68<?>I9=<?>Zl ¥V¦:¦ IHK7:9�SÊ�ke>I7^9=7:W=9=H DF9r`NJ SV9=;=DF9=S¤],DFS^9rSV9=; �c7:stS^9=J[< 5G�Ys�H[nª�

\39=Dª]:<[>KHIDªP ) 7^��WC9=;�ndes v DFJLU �.j!S ]NDG;�lm¥^¦:¦:¦:p�� Q�< SVPIW=>I<?H[�2` )N95P_SY� �iS^9=;9C SVP_<?a:7:>KDF<[H DG9 P_B=< ��SVP_DG90k <?>K�¡<[J�P*5ª�

� �� " �"��#�� " �� 6 lm¥:p��¢8>C=C¥ < ¦Cn

� � � � �� ¥N¢�=

Q�7:EFEGD �Z�AS 0 S^<[EGEfS�l ¥^¦:¦N¢ p�� C 7:9=H¨P_>IWCJ?P_DG9=a&P_<?EFDGJ[DGP ) DG90d89Ca:EFDGHIB0S^9=; � P_SÊFDFS^9�n�keB�j P_B=<?HIDFH?�\39=Dª]:<?>IHIDªP ) 7^� � �N�¡7^>I;�n

Q�7:EFEGD �5�AS 0 S^<[EGEfS � �A<[DF;CD �3S^>IEG<�)�l P_7 SV@=@ <[S^>Lp �LC 7:9CHIW=s�DF9=a >I<?HIW=EªP_HoDF9�� PLSÊGDfS^9 � de9=a:EGDFHIB �Q�EfS ]^7:>IH!7V� !¤n � �� k n �2<[s�@ JLBCDF9=U�H ) � �inTk�S^9=JLBC<?]VSC��<[;=H?�� !� � �� # " �� n�2EFW<. <?> u J S^;=<?stDGJikeW v EFDGHIB=<?>IH?��@=@�n}¢ C¥;=Nn

�2DF7:>Ka:D � u EF<?HIHIS^9=;=>IS � Q S v DG7�keDfS^9=<?HIDil�¢-?A? B p�� n � �,�¡7:>K; `,P_W=;CDF<[HrDF9C 7:s�@�S^>_SYP_DG]^< ` ),95PLSY� � � �N�¡7^>I;�\39=Dª]:<?>IHIDªP )�ke>I<[HKH[n

�2DF7:>Ka:D � u EG<[HIHIS^9=;=>IS � �2DFWCHI<[@C@ < �}7:9Ca:7 v S^>K;=D.l¨¢-?A?N¢ p�� " � � � � !� �� !� �V� " � ��#��!�(� � �� !� �� n¤687:E n;= B 7V� � ��%$ ��#� � � � " �� " �"��#�� C S^s v >IDF;Ca:<i\39=Dª]:<?>IHIDªP )Rke>I<?HIH[� C S^s v >IDG;=a:<^n

�2W=<[>K>I<[>K7 ��<[;=DG9�SC� keDFEfSV>�l ¥^¦:¦N¢ p�� >I<?J[7:9=HKDF;=<?>IDG9=a !�� "� �� iDF95PI<[>I>K<[EFSVP_DG7:9=H v <?P .�<[<[9a:>_SVststSVP_DGJ SÊ S^9=;REG<��NDFJ[SÊ}S^HK@ <?J?P*5ªn�g->KU�DF9=a�k�SV@ <?>IHcDF9�Q�W=9=J�P_DF7^9�SÊ �2>_SVststS^> B =Nn

�.SV< v <[>IEGD �}de>KDFJ�l ¥V¦:¦5¥:p � � �� " �� !� �� !�� #��!�� " �"��#�� #�� !�� " � �� n �2EFW<. <?>[� j.7^>I;=>K<[JLB5P n

�.SVEF<^� �2<[9C9=<?PIB � `NS^s W=<?E �:S�) �i<8),HI<[> l¨¢8?A? Ka:W=s�<[95P `,PI>IW=J�P_W=>K< S^9C; PIB=<o��< �NDFJ SVEd��C@C>I<[HKHIDG7:9(7^��` ),95PLS^J�P_DFJr�A<?EfSVPIDF7:9CH[n � �� 1n �3SÊF< � ` n �Cn �2<8)NHK<[>?��<[;=H?� � � � ��

� ��!� � " �� nT��O� ke>K<[HIH?n�.SV>IEF<8):�V�3<?DF;=D � deEFDGb S v <?PIB �ADªPIP_<?>�l ¥^¦:¦:¥:p�� k <?>IHI7^9�S^9=; 9�W=s v <[> DF9 @=>I7:9C7:W=9=H?��SZ�¡< SVPIW=>I< M

a:<[7^st<�P_>IDGJiS^9�SÊ>),HIDFH�5G��H[nª� \39=Dª]:<?>IHIDªP ) 7^� u >KDFb[7^9�S1S^9=;�\39=Dª]:<[>KHIDªP ) 7^��C SÊFa5SV> ):n�.SV>IEF<8):�^�3<[DG;=D � �c7:Eª� �37�)^<[>clm¥^¦:¦:¦5p � Q 7^>IstSÊ:],H[n:de9<),J[EG7:@ <?;=DFJ�@=>I7^@ <?>KP_DG<[H 7^��]:7,J S v W=EfS^>H)T�

d ]NDG;=<[9CJ[< �¡>I7^s 9C7:stDG9�SÊGDFH_SYP_DF7^9=H[n � �� ?3n k <[<�P_<?>IH[�}<?;�nª� � � � �� !�� "�� #� �� n�deEFHI<�],DF<[>?� u s�HKPI<[>K;�S^s��=@=@�n < §A? <CB §Cn

�3<?DFs�� O>K<[9=< l¨¢-?;>5¥:p�� ZB=<tHI<[stS^95P_DGJ[H 7^�cj.<8+�9=DªP_<tS^9=;-�O9C;=<�+�9CDGP_<��37:WC9&keB=>_SVHI<[H?n keB�jP_B=<?HIDGH[��\A9=DG]^<[>IHKDGP )"7^�� S^HIHIS^JLB�W=HI<�PIPIH!SVP u stBC<[>IH¨P nekeW v EFDFHKB=<[; DG9�¢-?A>A? v ) � SV>IEfSV9=;ke>I<[HKH[� �3<8. o7:>KUTn

�3DG>_S^D>. SN� �2<?9 lm¥^¦:¦C¢ p ��W=EªP_DF@CEF< Sâ^>I<[<�S^9C; PIB=<�;C<?�¡<[J�P_Dª]:<�DF95P_<?>K]:<?95P_DF7^9 J?7:9=HKPI>_S^DG95P1DF9�:S^@�S^9C<[HI<Vn � �� n1� SVPIW=HIB�SV9=HIU<):� u n%C 7:H¨PLSC� �Cn�� S^>¨P_DF9,M �27:9=b SVEF<[bV�i�en �.SVPIB�S^9

¥N¢¤£ � � � � ��

� u n}`Nb[J?b[<[a^DF<[EG9=DfSVUT�}<?;=H[� � �� n}��O� g*k8�8��C S^s v >IDG;=a:<^�� S^HIH?nG� @=@ n £ B >:¦Nn

�37:EGs v <[>IaC� u 9=;=<[>KH l ¥^¦:¦N¢ p�� u a:>I<?<[s�<[95PAS^9=;Rs�7 ]^<[s�<[95PcDF9"�OJ[<[EFS^9=;=DGJ!>_SVDFHIDG9=a J?7:9=HKPI>IW=J MP_DF7^9=H#5ª� � �!� � �� ! �#�� !�� ¢ § B ¢¤£A>Cn

�37:@C@ <?>[�,k�S^WCE �Cn � deEFDFb[S v <?P_B1� >_S^WCa:7^PIP.l�¢-?A? �� !� n C S^s v >KDF;=a^<c\39=D M]:<[>KHIDªP )�k8>K<[HKH[� C S^s v >KDF;=a^<^n

�37:>K9=HKPI<[DG9�� 37:> v <?>KP�lm¥^¦:¦C¢ p � � � ! �� "�� !� � � � � �!�� "� n�? EFS^JLU<. <?EFE �� ,�¡7:>K;��\ �1n

�3W=a^B=<[H?��DFJLB�S^<?EAl ¥^¦^¦ < p��!��7:>K@=B=7:EG7:a:DFJ[SÊ Q S^DªP_BC�¡WCEF9=<?HIH.PI7 ` )N95P_S^J?PIDFJ1�c<[@=>K<[HI<?95PLSVPIDF7:9=H?nk8B=j PIB=<[HKDFH[� \A9=DG]^<[>KHIDGP )R7V�LC SÊGDG�¡7:>K9=DfSN�C`NS^9 j3DF<[a^7=n

��SVP_>KDF;=7^W�� `CS v DF9=<V� d8EG<[9�S u 9=Sâ:9=7:H¨P_7:@T7:W=EG7:W � �c7:W=s7):S^9�S�k�S^9=JLBC<?]VS�l ¥V¦:¦ ¨]VSYMP_DF7^9=H8S v 7:WCP PIB=<Z�¡7:>Is S^9=;�st<[S^9=DF9Ca27^� PIB=<ck <?>K�¡<?J?P n � �� u n u EG<��NDfSV;=7:W�� n��3SVPIB=<[>¨P��u n ]^7:9�`�P_<[JLBC7E.i� <[;=H?� � �� "�!� ��#��!�� n 687:Emn�¥R7V� � �� !� �� !�� 7:WCPI7:9�;C< �2>IW ),PI<[>?��? <[>KEFDG9�� 3<8. o7:>KU ��@=@�n}¢�= < C¥^¦C=Nn

�:S^JLU^<?9=;=710 �,�3S*) l¨¢-? B ¥:p�� #�� !� �� ! � � �� n^��O� ke>K<[HIH?�C S^s v >KDF;=a:<V� � S^HKH[n

�:S^JLU^<?9=;=710 �T�3S*) l�¢-?A?:¦:p�� #�� #�8"�� " �� n ��O� ke>K<[HIH?� C S^s v >KDF;=a:<V� � S^HKH[n�:S^<[aâ:EFDm� � HK]VSÊG;=7�l¨¢-?;>5¥:p�� !�� !�� n�Q�7:>IDGH[��j.7^>I;=>K<[JLB5P n�:S^<[aâ:EFDm� � HK]VSÊG;=7�l�¢-?A>:£:p�� u > v DªP_>IS^> ) keEFWC>_SÊNke>I7:9=7^stDG9�SÊFH�5G� � �� " � � � �� " � ��

� " �"��#�� !� � � �=§ IU<)T� � 9t`NW v �K<[J�P2C SVHI<cDF9��OJ?<[EfSV9=;=DFJ 5G�5��H[nª�

\39=Dª]:<[>KHIDªP ) 7^� �OJ[<[EFS^9=;�n�iS^st@ � �3S^9=H l¨¢8?A>C¢ p � u PIB=<[7:>H)�7^� � >IWCPIB SV9=; j.DFHKJ[7:W=>KHI<��c<[@=>K<[HI<?95PLSVPIDF7:9�n � ��

�Cn �i>K7N<?9=<[9=;CD �KU �N�2n �:SV9=HIHK<[9 � ��n,`,P_7Û,BC7^��C<?;=H[� � �!� �� !�� " �� " � n � SYP_B=<?s"SVPIDFJ[SÊ C <?9�PI<[>?� u stH¨P_<?>I;�S^s��=@=@ nT¥ BAB < ¥:¥Nn

�iS^st@ ��.S^9CH � \ .�<r�c<�),EG<�l¨¢-?A? < p�� !� ��"� �� " �� n �2EGW .�<[>?� j.7:>K;=>I<?JLB�P[n�iS�),9=<V� �ADGJLB�S^>K;-l�¢-? B =^p�� !� ��#��!�� " nT��O��k8>K<[HKH[n

� � � � �� ¥N¢ B

�iS*)N9C<^� �cDFJLB�SV>I; l¨¢-?;>A? p�� QTSVJ[<?PIH 7^��A7:stS^9=J?<�@�S^H¨P�@=S^>KPIDFJ[DG@=EF< Sâ:>K<[<[s�<[95P[n � ��k n ? <[9=DG9=J��N� <[; nG� � �#� " �� #��#��!� �� !� � � � ��

� �� !� � � � �� nCQ�7:>IDGH[��j.7^>I;=>K<[JLB5P n�iS*)N9C<^�,�ADGJLB�S^>K;Rl¨¢-?;>A? $ p�� AW=EFENHIW v �K<?J?PIH�SV9=;�J[EGDGP_DGJ�J?EFDGs v DF9Ca=n � �� n �:S^<?a:a:EGD � ��n,`CS +�>?�

<[;=H?� � � ��" � ��8"($ � �� n �2EFW<.�<[>?� j.7:>I;C>I<[JLB5P[n�iS*)N9C<^��cDFJLB�SV>I;�lm¥^¦:¦:¦:p�� ! �� n � �,�¡7:>I;"\39=Dª]:<[>KHIDªP )ke>I<?HIH?� C S^s�M

v >IDG;=a:<V� \ ��TJLB=S^@CP_<?>.k <[>KHI7:9(��7:>I@=BC<[s�<[H!SV9=; �c< ��< �NDG]:<?H.DG9�� P_SÊFDFS^9�� Q�>I<?9=JLB�� S^9=;�A<?EfSVPI<[;��S^9=a:W=Sâ:<[H?��@=@�n}¢ < ¢ T¢¤£5¥,n

�2<[s�@ JLBCDF9=U�H )^�:k S^W=EfS l ¥V¦:¦ �@=>K<[HK<[95P_<?;SVPZP_BC< � `C�A� <A< �=�O9=;=DFS^9�S1\39=Dª]:<?>IHIDªP ):�� n

�2<[s�@ JLBCDF9=HKU )^� k�S^WCEfS lm¥^¦:¦:¦:p�� u HI@T<[J�P ke>I7 �K<?J?P_DG7:9=H S^9=; ke>K<[;=DGJ SVPI< �@)N@T<^n � �� n(C.n5<?P SÊ nª�N<?;�nª� � �"�� " �"�� " � � � � � � � �� " �� " � nNC SVHIJ SV;=DFEGEfSC�`N7:s�<[>¨]NDGEFEG<^n

�2<[9=H¨P_7�.cDFJ?b^� ��DFJLB�SV<[E3l¨¢-?;?^§�p�� !��! "� � � �� #� ! �� n3? EfSVJLU .�<[EGE �4C S^s�Mv >IDG;=a:<V� � S^HKH[n

�2>_SVPIb[<?>[� u 9=a:<[EGDFUYS�l¨¢-?A>;?5p��q`,P_Sâ:<�M EF<�]:<[E�S^9=;-�O9=;=DG],DG;=W�SÊ MOEF<�]:<?E8k8>K<[;=DGJ SVPI<[H DF9&de9=aÊFDFHKB65ª�stH?nG� \A9=DG]^<[>KHIDGP )7^�e��S^HIHIS^JLB�W=HI<�PIP_H!SVP u s�B=<[>KHKP[n

�2>_SVPIb[<?>[� u 9=a:<?EFDGUVS�l¨¢8?A?C=:p � �Os�@ <?>IHI7^9�SÊ�@=>I7^9=7:W=9=H.S^9=; @=S^HIHKDG]:< st<[S^9=DG9=a=nT��H?nG� \39=Dª]:<[>�MHIDªP ) 7^� � S^HIHIS^JLB�W=HI<�PIPIH2SVP u s�B=<?>IHKP[n

�2>_SVPIb[<?>[� u 9Ca:<[EGDFUYS l�¢-?A?:£5p � `N<?]^<[>KDF9=a�PIB=<�< �NPI<[>K9�SÊ�S^>Ka:W=s�<[95P��¡>K7:s DGPIH ]:<?> v n � ��Cn �c7N7^> ),JLU � �en ��S^>IDG9=a=� <[;=H?� � � � !� ��#� " �� " �� " �� !� n �2EGW .�<[>?�ej.7:>�M;=>I<?JLB5P � @=@�n}¢¤¦;? T¢ <CB n

�2>_SVPIb[<?>[� u 9=a:<?EFDGUVS�lm¥^¦:¦:¦5p � � �2<[>IstS^91�Os�@ <?>IHI7^9�SÊTke>I7:9=7^W=9=H�S^9=;�}7:a^7:@=B=7:>KDFJ?DGP ) 5G�5@=S^@ <?>@=>I<?HI<?9�PI<[;�SYPZP_B=< � �i<?9=<[>KDFJ2@=>K7:9=7:W=9CH.S^9C;�EG7:a:7:@CB=7:>IDGJ[DªP ) 5NJ[7:9N�¡<[>I<?9=J[<V� `CS^7�k�S^7ÊF7=n

�2>IDª�¡UVSN�Y� S^9C�¡>K<[;"l¨¢-?A?N¢ p��A7:s�DF9�SÊY>I<��¡<[>K<[9=J?<^�VPI<[s�@ 7^>_SÊVJ[7:9=H¨P_DªP_WCPIDF7:9iS^9C;/F�W�SV9�PID-+�J[SVP_DG7:9DF9 <?]:<?95PHI<?s"SV9�PIDFJ?H[n � �� in�? S^>KPIHIJLB��Cn2? <[95P_BC<[s � k n ]VS^9�d8s�;=< ? 75S^H?�Z<[;=H?�� !�� "� �� !�� nCQ�7:>IDGH[�=j37:>I;=>K<[JLB5P � @=@ n B =T¢:¢-=Nn

¥N¢-> � � � � ��

��S�Q S^WCJ[D � �AW=9=b[DG7�l¨¢-?A?V§�p�� $ � �� "($ � �� !� �� !� � � � �!�� !� �

� � � �� nN�O9C;=DfS^9=S�\39=Dª]:<[>KHIDªP )�}DF9Ca:W=DFH¨P_DGJ[HKC EGW v keW v EGDFJ SYP_DF7^9=H[� ? EG7N7:s�DF9Ca^P_7:9 �5�O9NM;=DfS^9=SCn

��S^9=;=stS^9��Q�>K<[;�l ¥^¦^¦:¦5p�� "! �� " � � ��#� n �c<[DG;=<[Em�=j.7^>I;=>K<[JLB5P n�}<[@=HKJLB )^� �2DFWCEFDF7 � u 9=9�S ��S^W=>IS �}<[@=HKJLB ) l�¢-? BAB p�� #�� " � � � � �� n

�3WCPIJLB=DF9=HK7:9�� }7:9=;C7:9�n�}<?],DF9��(? <?PIB � � SÊGUVS �3SV@=@�S^@T7:>KP �37¤]VS ] l�¢-?A?C=^p�� 8" � ��#� ! ��#� n �3W=s v <?>Z¥^£ �� q�}DF9,M

a:W=DFH¨P_DGJ!�O9NF�W=DF>H)��7:9C7:a:>_SV@=B65ª�T��O� ke>I<?HIH?�=C SVs v >IDG;=a:<V� � S^HKH[n�}7:@ 7^>IJ SV>I7=�c��DFJLB=<?EF<�l�¢-?A?A>:p�� !�� !� �� !� � � �� #�� #� " ��!�� !� n

�A7:HK<[9 v <[>Ia � `,<[EFEGDF<?>[�C� 7:>KDF9=7=n�}W � �^9�� u a:W=H¨P �G9-68<[>IS&l ¥V¦:¦5¥:p ��k�S^>IS�W=9=S J S^>IS^J?PI<[>KDFb SVJ[D��^9-;=DFS^J[> �:9=DFJ[S�;C<"EfSVH 7:>IS^J[DG7:9=<?H

@�S^HIDª]VS^H >I<��<��NDª]^SVH[n � �� C.n�` n�� :@T<[b^�5<?;�nª� � !��!��#� " ��!�� !� HI<^n:6.DFHK7:>e�}D v >K7:H[�� S^;=>KDF;�n

� S^9=;CDFU^7,<?P¨�N< SC� u s"S*)5S lm¥^¦:¦5¥^p�� S HI<?s"SV9�PIDFJ[S ;C< EfS DFs�@T<[>IHK7:9�SÊGDF;�SV;�n � ��C.nr` �^9=JLB=<?b-� �:@T<[bV�!<[;�nª� � !� ��!��#� " ��!�� !� HK<^nZ687:Emn >y7^� �� #��

� ��! �,6!DGHI7:>c�}D v >I7:H?� � S^;=>KDF;��C@=@�nT¥ < = C¥ B ¢:n� S^9=b?DF9=Dm� ��n �ADªPLS � �}<[7:9=S^>I;=7 `CS ]:7^DfS�l ¥^¦:¦N¢ p�� ZB=<"` ),9�P_SY��7^� � v �K<?J?PBC EFDªP_DFJ?H[� �� DG9

� PLSÊGDfS^9 j.DfSVEF<[J�P_H?n � �� 1nC DG9NF�W=< � �1n3`CSVEG],D �Z<?;=H[� � " �� "�� #��

� � �� !�� " � � �!�� !� � �� n �37:>¨P_B��37:EGEfS^9C;��N@C@�nT¥ < § N¥^£^§=n� S^9=b?DF9=Dm�5��n^�ADªPLS � �}<[7:9=S^>I;=72`CS ]:7:DFS1l¡P_7!S^@=@T< S^>_p��4C EFDGPIDFJ?H[��C 7,7NJ?J[W=>K>I<[9CJ[<AS^9=;�s WNP_W�SÊ

<��NJ[EGW=HIDG7:9y@�SVPIPI<[>K9=H[n � �� u n ? <?EFEG<?PIPID � �8no�cDFb?b[D �8<?;=H[� � �� !� � � � �� n � �N�¡7^>I;�\39=Dª]:<[>KHIDªP )Rke>I<[HKH[� � �,�¡7:>I;�n

� S^9=b?DF9=Dm�,� S^>KDfS2�cDGPLS1l�¢-?A>:£:p�� 9�� PLSVEFDfSV9 �� n � �� n ? 7:>I<?>[�5<?;�nG� � �!�� #��

� � � �!�� !��!�� n¤687:Emn5¢-?C� u J S^;=<?stDGJ ke>K<[HIH?� �3<8. o7^>IU �^@=@ n:¥V§C¢ ¥^£5¥Nn

� S^9=b?DF9=Dm�N� S^>IDFS �cDGP_S � u 9=9�S �A7:WCHIHI7^W(l¨¢-?;? B p�� u s�DF9=DGs"SÊGDFH¨P�P_BC<[7:>H)17^� u M st7¤]^<[s�<[95PS^9=;RJ[7:95PI>I7:E 5G� ��H[nª� \GC �&S^9=; ? S^9Ca:7:>[n

� � � � �� ¥N¢-?

� S^>IS^95P_bV� u EG<[J�l¨¢8?A? B p � �37 <[HIJ[S^@T<��¡>K7:s HH)N95P_SY� � j.7:9=5 P1P_>H)yst7^>I@=B=7ÊF7:a:DGJ SÊoS^9=SÊ-),HIDGHDF9(P_B=<�@=>KDG]VS^J�) 7^� )^7:W=> 7E.c9�EF< �CDGJ[7:9 n � �� u n�j3DFs�DGP_>KDfS^;CDFH � �8n `,DF<[a^<[E ��<?;=H[� � �� ! �� ! ��# � �!� � �� " �"��#�� n 687:E n §C� \39CDG]:<?>IHKDGP )y7^�keB=DFEFS^;=<[EG@=B=DFS g-7^>IU�DF9=a�k S^@ <?>IHcDF9��}DF9Ca:W=DFH¨P_DGJ[H[�CkeB=DFEFS^;=<[EG@=B=DFSC�N@C@�nT¥^¦C¢ N¥:¥A=Nn

� S^HKW=EFEG7=�,k�S^HKJ[W�SVE �^7:H � l�¢-?A?5¥:p ��O9=J?7:>I@T7:>ISVP_DG7:9"SV9=;J SVHI<3PIB=<[7^> )�DF9"`N@�S^9CDFHIB n u J[>K7:HIHKEFDF9,Ma:W=DGHKP_DGJ2@ <?>IHK@ <?J?P_Dª]:<Vn keB�j P_BC<[HIDGH[� \A9=DG]^<[>IHKDGP ) 7V� g-S^HIBCDF9=a^PI7:9�n

� S^HKW=EFEG7=�Nk�S^HKJ[W�SÊ � � SV>IJ[<?EfS j3<[@=DFS^95P_<1lm¥^¦:¦ DFH DG9"P_BC<2�}<��NDFJ?7:9�� AW=s v <[> DGHDF9"PIB=< ` ),95PLSY� �od ],DF;=<?9=J[<!�¡>K7:s �A7:s�DF9�SÊTdeEFEGDF@=HKDFHoDF9R`,@�S^9=DGHIB65ª�=@�S^@T<[> @=>I<?HI<[95PI<[;�SVP� `C�3� <A< �=�O9=;CDfS^9�S1\A9=DG]^<[>IHKDGP )^� ? EF7,7:s�DF9=a^PI7:9�n

��J �iDG9=9=DFH?� � S^>KPIB�S�l¨¢-?A? B p��A<��<��NDª]:<r< �,P_<[>K9�SÊ S^9=;��}<?P_B=SÊ u s v DGa:W=DªP ):n � �� dcnNC W=>KPIDFH?��Cn2�6),EF< � �1n.g�< v HKP_<?>[�3<[;=H?� � �� K� � � �� nKCZ`C�}�"keW v EGDFJ[SVP_DG7:9=H[�`,PLSV9C�¡7:>I; n

��J �iDG9=9=DFH?�T� S^>¨P_B�S�l¨¢-?;?A?5p�� c< ��< �CDª]:< J[EFDªP_DGJ[HZS^9C;�PIB=< HK@ <?J[D>+�<[>KH37^� !,k�5ª�T��O� .�7:>KU,DG9=ak�S^@T<[>KH3DG9��DG9=a:W=DGHKPIDFJ[H < =Nn

��7,<[9=H?��n � ��n}`,PI<[<?;=s"SV9yl¨¢-?;>A>5p�� <[s�@ 7^>_SÊ � 9�PI7:EF7â1)�S^9=; � <[s�@T7:>_SÊ �c<?�¡<?>I<[9CJ[<15ª�� !� � " ��#��!�� " �"��#�� 6� l ¥^p��¢�= C¥;>Cn

��7:9Ca:<^��Q �[EFD � l ¥^¦^¦5¥:p��S^H �¡>_SVHI<[H @=>I7:9C7:stDG9�SÊG<[Ho;=<!HI<?95P_DF;C7�DFs�@ <?>IHI7^9�SÊ <[9 <?HI@�S �C7:E n � ��C.nT` n�� :@T<[b^��<?;�nª� � !��!��#� " ��!�� !� HK<^n�6!DGHI7:>c�}D v >I7:H?� � S^;C>IDF; n

��7:>K7=� u 9=;=>K< S lm¥^¦:¦:¦:p�� !�� #�"�� #� � � � � ! �� !� �� #� � $ �� !� ��!� n 687:E n < > 7^� � �� " �"��#�� " �� !�� O� k8>K<[HKH[�C S^s v >KDF;=a^<^� � SVHIH[n

��W=9C9�� u EfS^9-l¨¢-?;?A?5p�� Q�DF>KHKPGC 7:9 �KW=9CJ?P u a:>I<?<[s�<[95P � u a5S^DG9=HKP3SIC EfS^W=HISÊ u 9�SVE-),HIDGH#5ª� � ��

� " �"��#�� " �� l §�p ��£^§ < ,£:£A>Cn�.SV@ 7:EGD �¤j37:9=9�S��^7 l¨¢-? B £5p�� ZB=<eP . 7 �� 5�H}7V�N� P_SÊFDFS^9�n?keB�jyPIB=<[HKDFH?� �2<[7:>Ka:<?PI7�.c9 \A9=DG]^<[>KHIDGP )^n�3<?HI@T7:>[�T��S^>IDG9�S�l¨¢-?A? < p�� !��! "� � �# nC�OE ��W=EFDG9=7=�N?�7:EF7:a^9�SCn�3DGHIB=DG;�SC� C.nTl�¢-?A?^§�p � ��ZB=<3`N@�SV9=DFHKBt>K< ��< �CDª]:< � S^HoS^9tS^HI@T<[J�P_W�SVE�J[EfSVHIH8s"SV>IU^<?>#5ª� � �� " �"� �

� �� l < p��C§�¥A=,§C=;>Cn

¥:¥^¦ � � � � ��

� >I;=7:9��<[b^�=Q >IS^9=J?DFHIJ?7�l ¥^¦^¦ < p�� C S^HK71DF9=<?>I<[95PI<M) ��HI<15�DGst@T<[>KHI7:9=SÊ <?9R<[HI@=S��9=7:E � \39 <[H¨P_W=;CDF7J[7:s�@�S^>ISVP_Dª]:7N5ª�C@�SV@ <?>A@C>I<[HK<[95P_<?; SVPcPIB=IstS^b S v SÊ � �:S ],DF<[> � �^W�S^9��c7:s�<[>I7 l ¥^¦^¦C¢ p�� u a^>I<[<?st<?95P8�A<?HKPI>IDFJ�P_DG7:9=H#5ª�5��H[n:\A9=DG]^<[>KHIDGP )? S^H F�W=<DC 7:W=95P_>H) lmd8�.\.pI©1? S^H F�W=< C <?95P_<[> �¡7:> ��S^9=a:W�SVa:<��A<[S^HI<?>IJLB0l � d8�A� u piS^9=;\ n�7^� u EGJ SÊ �5©^\ n u WNP_7:9=7^s"S�;=< � S^;C>IDF; n

� PIP �^HIHI7^9�� IS^>¨PLS^9 ��n8l¨¢8?A?5¥:p �2�ZB=<t�OJ?<[EFS^9=;=DGJ��DF;=;CEF< 687:DGJ[<^n�keB�j�P_BC<[HIDGH[� �}W=9=;�\39=D M]:<[>KHIDªP ):n

k�S^9C9=<[stS^9=9�� S^>I<?9�l ¥^¦:¦:¥:p�� OHZ�OJ?<[EFS^9=;=DGJ2`N@=EGDGP¨M�de>Ia5SYP_DG]^<��:nC� S^HKPI<[>�5�H PIB=<[HKDFH[� \A9=DG]^<[>KHIDGP )7^� �2>I7^9=DF9=a^<[9�n

k <?>IEFsrWCPIPI<[>[� j!S ],DF; � k�S^WCE k 7:HKP_SÊ3l¨¢-?A>V§�p�� ZB=<�¢?M u ;C]VS^9CJ[<[s�<[95P d �NJ?EFW=HKDG]:<?9=<[HKH��S*.in� �� j n k <?>IEGs WCPIPI<[> � C.n��A7^HI<[9 � <[;=H?�� "�� #��!�� n�687:E n��K�L�C B=DFJ[Sâ:7�\39=Dª]:<?>IHIDªP )Rke>I<?HIH[� C B=DGJ Sâ^7=�=@=@�n < > BAB n

k <?HI<?PIHIU<):� j!S ],DF;�l¨¢-?;?C=:p�� !�� nT��O� ke>I<?HIH?�=C SVs v >IDG;=a:<V� � S^HKH[nk 7:EG<?PKP_7=� C <?J[DGEFDfSRlm¥^¦:¦:¦:p�� " ��#��!�� n � �,�¡7:>K;�\A9=DG]^<[>KHIDGP )�ke>K<[HIH?nk 7:EGEfS^>K;��GC S^>IE � � ]VS^9 `CSâ l¨¢8?A?^§�p � � � �� ! �� !� �� "�� " �� n CZ`C�}�

k8W v EFDGJ SVPIDF7:9=H?��`,P_S^9C�¡7:>K;�S^9=; C B=DFJ[Sâ:7=nk 7:H¨PLSÊm�:k S^W=E l¨¢-?:£^£5p�� 91`N7YMHC SÊGEF<[;��[ke>I7^9=7:W=9=H��oDG9 de9=a:EGDFHIB n � �� Q n�j3DF9=<?<[9��V<[;�nª� � ��!� �

� �� "� � � " �� <$ " � � ��#�� !� � �� " �"�� " � � � "�� ng&S^HKB=DF9Ca^P_7:9 ��jrn C.nG� @=@�n ¢ BAB C¥V¦:£Cn

keW=HKPI< �K7¤],HIU<):� �:SVst<?H�l¨¢-?A>;>5p��!�ZBC<�a^<[7:s�<?PI> ) 7V� <�]:<[95PIH[n � �� C.n�� <?9=9<):� <[;�nª� � � "��

� �� #� ! � � �� n 687:Emn}¥V§R7^� � �� !� � �� !� � �� C <[95P_<?>A�¡7:> C 7â:9=DGPIDG]^< `NJ[DG<[9=J?< SYP3��O�2� C S^s v >KDF;=a:<V� � u n

k�)NEGU�UVXV9=<[9�� }DGDF9�SRlm¥^¦:¦5¥:p � �O95P_>K7N;=WCJ[DF9Ca u >Ia:W=s�<[95PIH[n keB�j P_B=<?HIDFH?�T��O�2n�3SVstJLB�SV9=;�� 2DFEGEFDFS^9 l�¢-?A? B p�� !�� " � ��

�� "�� " �� n C EfS^>K<[9=;=7^9 ke>I<?HIH?� � �,�¡7:>K;�n�3SV@ 7:HK7=� d8;CW�S^>I;C7 � �^W�S^9�\A>IDfSVa:<[>K<[UYS l�¢-?A?:¦5p � � v �K<[J�P u a^>I<[<?st<?95P2DF9�P_B=< �Ost@T<[>KHI7:9�SVE

M � k S^HIHKDG]:<7C 7:9=H¨P_>KW=J?PIDF7:9�DF9�deW=>I7^@ <[S^9�k 7:>¨P_W=a:WC<[HI<Vn � �� n jrn5<�P3SÊ nª�C<?;�nG� �� #��!�� !�� #�� enT`C� u � `�PLS^9C�¡7^>I;��@=@ n < > B < ?A?Cn

� � � � �� ¥:¥N¢

�c<[DFJLBC<[9 v S^JLB�� .SV9=H l¨¢-?^§ B p�� " �� !�%$��! �� "� � �� n�� SVJ[s�DFEFEGDfS^9 n�c<[DF9CB�S^>KP[�� S^9<)5S l ¥^¦^¦:¦5p��A�ZB=<��ZB=<�PLS�` ),HKPI<[s��2` ),95PLSVJ?P_DGJ1�A<[SÊFDGb SVPIDF7:9�7^�868<[> v SÊ@C 7^9NM

J[<?@CP n�P_7�S^@C@ <[S^>ZDF9 P_BC< �}DG9=a:W=DGHKP_DGJ!�O9NF�W=DG> )��7^9=7:a:>IS^@=B�`N<[>KDF<?H[�T��O��k8>K<[HKH[n�c<[DF9CB�S^>KP[�=� S^9<)5S � ��SÊ `,DFEF7^9=Del�¢-?A?A?5p � u a5SVDF9=H¨PZP_B=< \39=S^J[J?W=H_SVPIDG]^�DF9 `,PIW=;=DG<[H17:9 \39�S^J?J[W=HISVP_Dª],DGP )T��PIB=<�` ),95PLSY��M��}< �CDGJ[7:9 �O95P_<?>K� S^J?<^�C \.k n

�c<[W=EFS^9=;��^d8>KDFJV�V<?;�n=lm¥^¦:¦:¦:p�� " � �� !� � � � �� " � �� > �� !� n�^7:B=9 ? <[9 �IS^stDG9=H[� u s�HKP_<?>I;�SVs�n

�cDGPIPI<[>?��deEFDFb[S v <?P_B l�¢-?A? < p�� g0B=<[>K<15 H3a:<?9=;=<?> � 5G� � �� " �"�� " �� B ?C= >:¦ < n�cDGPIPI<[>?� deEGDFb S v <�P_B � ` n �c7:HI<?9 l¨¢8?A?A>5p �ij.<[EGDFs�DGP_DG9=a<�]:<[95PIHrDF9 H ),95PLS � n � �� n ? WCPKP �

g n �i<?W=;=<?>[��<[;CH[� � � �� !� � � �� " � �� n CZ`C�}�L�T`,PLSV9C�¡7:>I; �=@=@�n}¢ < =T¢¤£^§Cn�cDG]:<?>I7=�� S^>KDfSR�}W=DFHIS-lm¥^¦:¦:¦:p�� 9 DFs�@T<[>IHK7:9�SÊ�>I< �=<��NDG]^<[H DG9��c7:stS^9=J?<tSV9=;�`NEFS ]NDGJ�S^9=;

HI<?s"S^95PIDFJ ]VS^>KDfSVPIDF7:9 n � �� Cn�C S^st@CH � C.n=g0DFEªP_HIBCDF>I<V� <[;=H?� � �!�� !�� " �"�� !� � � � " �� !� � � � � � � � �� " �"�� " � �!� � �!�� " � �� n �^7:B=9 ?�<[9 �IS^s�DF9CH[� u s�HKPI<[>K;�S^s � keB=DGEfS^;=<?EF@=BCDfSC�@=@�n}¢¤£;? T¢-?C=,n

�cDG]:<?>I7=� � S^>KDfS(�}W=DFHIS l P_7�S^@=@T< S^>_p�� q`N@�S^9=DGHIB � W=DF>KU )y`NW v �K<?J?P_H?�ck <?>IHI7^9 �c<[HKPI>IDGJ?P_DG7:9=H?�S^9=;RP_B=< k CKCG5ª� � �� " �"�� " �� n

�cDFb[b?D � �}W=DGa:D8l¨¢8? B £5p � � ��S"��7:95P � < ;=W�HIW �K<�P � EF< �� DGst@T<[>KHI7:9C9=<[E}<�P3WC9=< > � a:EG<i;=< >K<[H¨P_>IWCJ�MP_W=>ISVP_DG7:9R;�S^9=HcEFS H ),95PLSY�N< DGPLSVEFDF<?9=9=< 5G� � �� " �"�� "� �� ¢�=;> T¢8>^§=n

�cDFb[b?D ��}W=DGa:Del�¢-?A>5¥^p�� 8"� �� #�� n�Q�7:>IDGHckeW v EFDGJ SVPIDF7:9CH[�=j3@=>I;=>K<[JLB5P n�c7 v <?>KPIH[�.��SV9 l¨¢-?A> B p�� #��!� � � � � �� #�> ! � � "($ � �� n

�}DF9=a:WCDFHKPIDFJi��7N;=<?EFH?��Q�7:>IDGH[��j.7^>I;=>K<[JLB5P n�c7 v <?>KPIH[�!��S^9 l ¥V¦:¦5¥ p � � � 90P_B=< �A7:9NM u 9=7:stSÊF7^W=H �.SYP_W=>K< 7V� de9=a:EGDFHKB068<?> v ` ),95PLSY� �

d ]NDG;=<[9CJ[<i�¡>I7:s�j.DfSÊG<[J�P_H#5ª�=@�SV@ <?>Z@=>I<?HI<[95PI<[;�SVPZPIB=< � �36!�K�I� �2<[9C<[>_SYP_DG]^< �i>IS^s�s"S^>��<[<�P_DG9=a=� \39CDG]:<?>IHKDGP ) 7^��}<[J?J[<^n

�c7 v <?>KPIH[�5��S^9�lm¥^¦:¦5¥ $ p � ��6oS^>KDF<�P_DF<?H 7^� `NW v �K<[J�PKM 68<?> v�u a:>K<[<?st<?9�P#5G��k S^@T<[>e@=>K<[HI<?95P_<[;tSVP PIB=<�i>IS^;=W=DG<[>¨P_<[9CU^7:EGEF<[a�� SÊGU `N<?>IDF<?H[� \A9=DG]^<[>IHKDGP ) 7V�e`,PIWCPIPIa5S^>¨P n

¥:¥:¥ � � � � ��

�A7 v <?>KP_H?� ��SV9 ��u 9=9�S �c7:W=HKHI7:W l ¥^¦^¦ < p�� !�� #�� "��

��#�� > ��#��!� n 687:Emn�¢ ¦:¦ 7^� � ��%$ � �#� � � � "�� " �"��#�� C S^s v >KDF;=a^<\39=Dª]:<[>KHIDªP )Rke>I<[HKH[� C S^s v >IDF;Ca:<^n

` �^9=JLBC<[b�MO� �:@ <?b^� C >IDGHKPIDF9�SC�"<[;�n�lm¥^¦:¦5¥:p � � !� ��!�� "��!�� !� HI<^n 6.DFHK7:>��}D v >K7:H[�� S^;=>KDF;�n

`CS^9=bV�e��7^9�PIHI<?>I>_SYP � � P_b?DfS^> ��SÛYS-lm¥^¦:¦5¥^p�� >IS^J[DG7:9=<[HiP_>IS^9=HKDGP_Dª]VS^H2J[7:9 � � <[Eost7,;=7�;=<S^J[J?D��:9R<[9�EfS HKDF95PLSY�NDGH[n � �� C.n ` n�� :@ <?b^��<?;�nG� � !��!��#�8"��!�� !� � nC687Ê n >17^�� ! � " ��!� �� ! �N6!DFHK7:>c�}D v >K7:H[�=� S^;=>KDF;��@C@�n < ¦A? <A< >Cn

`CS^W=<?>IEFS^9=;��}\AEFD l ¥^¦:¦ < p�� u a:>I<?<[s�<[95P �.PIB=<�>I7ÊF< 7^� `N<?s"SV9�PIDFJ?H#5ª�}@�S^@T<[>2@=>K<[HI<?95P_<[;�SVP2PIB=<�i>IS^;=W=DG<[>KPI<[9=UV7:EFEG<[a1�}<[J�P_W=>K< `N<[>KDF<[HcDG9 `�P_WCPKP_a5S^>¨P n

`NJ SVEFDFHK<^� `,<[>Ia^DF7�l¨¢8?A?^§�p � � �!� � �! "� � �# nC�OE ��W=EFDG9=7=��? 7ÊF7:a:9=SCn`NJLB=s�DGPKP � C B=>KDFHKPIDF9�Syl�¢-?A?:£:p�� u HI@T<[J�P"SV9=;�P_B=<�` ),95PLSY��7^� �37:W=9 keB=>IS^HI<?H[nokeB�j PIB=<[HKDFH?�

\39=Dª]:<[>KHIDªP ) 7^� � S^> ),EFS^9=;�neW=9C@=W v EGDFHIBC<[;�n`NJLB�hCP_b?<^�@C SV>IHI7^9 l�¢-?A? B p �i�O9$�&DG9 C BCDFEF; S^9C; u ;=WCEGP ��S^9=a:W�SVa:<^� u a:>K<[<?st<?9�P[��C SVHI<tS^9=;

��DGJ[<?9=HIDG9=a=n�keB�j P_B=<?HIDGH[�T��O�2n`NDFa^W=>��:HKHI7:9 �8�.SÊGEF; �:> u n l¨¢-?;?5¥:p�� ZB=< J S^HK< 7^� � W=DF>KU )�HIW v �K<[J�P_H#5ª� � �!� � ��

� � �� ! �#�� !�� ¢ C¥^£Cn`NDFa^W=>��:HKHI7:9 ��.SVEFEF; �:> u nel�¢-?A?:£:p��OJ[<[EFS^9=;=DGJ�Q�DG9=DGPI<i68<?> v�u a:>I<?<[s�<[95P*5ª� � �!� � ��

�� ! �#�� !�� }¢ ,§5£Cn`NDFa^W=>��:HKHI7:9 �c�.SÊGEF; �:> u n2l ¥V¦:¦:¦ p � �ZB=< EG7NJ?W=H"7^� C S^HI<(S^9C; Sâ:>K<[<[s�<[95P[n��O9�� !� � ��

� �� ! �#�� !�� n=687:Emn=£C=,�=@=@�n £C= T¢¤¦A>Cn`NDFa^W=>��:HKHI7:9 ��.SÊGEF; �:> u n8lm¥^¦:¦:¦ $ p � �� 7 v <1SV9�7 v EFD F�W=<rHIW v �K<?J?P[�r�cW=HIHKDfS^9�],H[n��OJ?<[EfSV9=;=DFJ 5G�

� �!� � �� ! �#�� !�� ¢ < ¥Nn`NDFa^W=>��:HKHI7:9 � �3SÊFEG; �:> u n�l ¥V¦:¦C¢ p � � C S^HI<V�3S v HKPI>_S^J�P3],H[n st7^>I@=B=7ÊF7:a:DGJ SÊ 5G�� !� � ��

�� ! �#�� !�� }¢¤¦ < T¢-=N¢:n`NDFa^W=>��:HKHI7:9 �=�.SVEFEF; �:> u n}lm¥^¦:¦5¥^p�� 37^9NMO9=7^stDG9�SVP_Dª]:<AHIW v �K<[J?PIHZDF9�OJ?<[EFS^9=;=DGJ15ª�=��H?nG�=\39=Dª]:<[>�M

HIDGP )7^� �}W=9C;�n

� � � � �� ¥:¥ <

`NDGa:W=>��^HIHI7^9��3SÊFEG; �:> u nol ¥^¦:¦ < p�� u a:>I<?<"SV9=;-SVa:>I<?<[s�<[95P � <?],DF;=<?9=J[<��¡>I7:s �i<?>IstS^9=DFJ 5G��H[nª�T\39=Dª]:<?>IHIDªP ) 7^��}W=9=;�n

`NDGa:W=>��^HIHI7^9�� .SÊGEF; �:> u n lm¥^¦:¦ < $ p � �OJ[<?EfS^9C;=DFJ 9C7:9NMO9C7:stDG9�SVPIDG]:< HIW v �K<?J?PIH[n � ��k n ? B=S^HIUYS^>IS^>_S^7 � ��n,`NW vCv S^>_SV7=�:<[;CH[� � �!��!�� ! �8"N$ � �� n �^7:B=9�? <?9 �IS^s�DF9=H?�u s�HKPI<[>I;=S^s�n

`NEFS v SÛV7 ]VSC�3�c7:W=s7):S^9�S0l¨¢8?A? B p �� ? W=EGa5S^>IDFS^9�@C>I<?]^<[> v H[� u HI@T<[J?P�DG9 @=B=>IS^HI<�H¨P_>IWCJ?P_WC>I<15ª�� " �"��#�� £ B;KEF7^P_SRl¨¢-?A?N¢ p�� n �2EFW<.�<[>?� j.7:>I;C>I<[JLB5P[n`Ns�DGPIB�� C S^>KEF7^P_S lm¥^¦:¦ < p�� "� �� " �� n C S^s v >IDG;=a:< \39=Dª]:<?>IHIDªP )*ke>I<[HKH[�7C S^s�M

v >IDG;=a:<Vn`Ns�DGPIB��LC S^>KEF7^P_S&l P_7 SV@=@ <[S^>Lp ��ZB=< j.7^s"S^DG9-7^� � <?9=HI<Vn � �� Cn �2W=<[>��:9 � �Cn �}<?J S^>Kst<V�

<[;=H?� � � � � �� n ��O� ke>I<[HKH[� C S^s v >IDF;Ca:<^� ��S^HIH?n`Ns�DGPIB��MC SV>IEF7VPLS � � S^> ) de> v S^WCa:B�lm¥^¦:¦5¥^p�� <[s�@ 7:>ISÊ.�O95PI<[>I@C>I<?P_SVP_DG7:90DF9*� SV9=;�S^>KDF9

C B=DF9C<[HI< 5G� ��H?nG�T\A9=DG]^<[>IHKDGP ) 7V�� <��CS^H3S^9=;�\39CDG]:<?>IHKDGP ) 7^� � >I<[a^7:9�n`N@T< S^H?� ��S^>Ia5SV>I<?P�lm¥^¦:¦:¦:p��k <[>KHI7:9 S^9=; k 7^DF95P17^�c6!DG<�. DF9 �.S ]VS �K7=n��O9�� !� � ��

� �� !� � �� #�� " � �� nC687:Emn�¢:� ��O��ke>I<[HKH[�=C S^s�Mv >IDG;=a:<V� � S^HKH[nª�T@C@�n}¢-? < >Cn

`N@T< S^H?�� S^>Ka5S^>K<?P1lm¥^¦:¦C¢¤p�� d ]NDG;=<[95PIDfSÊGDGP ):� �}7:a:7:@CB=7:>IDGJ[DªP )RS^9=; PIB=<1` ),95PLSVJ?P_DGJ��c<[@=>K<[HI<?9NMPLSVPIDF7:9 7V� ke>_SVa:s"SYP_DFJ!Q <[SVP_WC>I<[H�5G�T��H[nª� \A9=DG]^<[>KHIDGP )7^�e��S^HIHIS^JLB�W=HI<�PIP_H!SVP u s�B=<[>KHKP[n

`N@T7:>KPIDFJLB=<V� j.7:s�DF9=D-F�W=<1l¨¢8?A? KW=J?PIDF7:9CH#5ª� ��H[� \MC � u n`N@T7:>KPIDFJLB=<V� j.7:s�DF9=D-F�W=<�l¨¢-?;?:£5p�� C EªP_DGJ2J[7:9=H¨P_>KW=J?PIDF7:9=H?n � �� CnN�c7,7:> ),JLU � �en ��S^>KDF9=aC�=<[;=H?�

� � � !� � �#� " �� " �� !� n �2EFW<.�<[>?� j.7N;C>I<[JLB5P[�T@C@�nT¥N¢ < N¥ B £Cn`N@T7:>KPIDFJLB=<V�,j.7:s�DF9=D-F,WC< l¨¢-?A?;?5p�� ke>I7:9C7:stDG9�SÊNJ[EGPIDFJZ;=<?@ <?9=;=<?9=J[DG<[H[n � �� n^]VS^9t�ADG<[s�HI;=D �KUT�

<[;�nª� � ��#�� " � �� " �� nC��7:WCPI7:9;=< �i>KW()�P_<[>?� �A<�. o7:>IUN©1?�<[>IEGDF9��@=@�n £ B ? B ¦A>Nn

`,PI<?� S^9=DG9=D ��AWCa:a:<[>K7�l�¢-?A>5¥:p �1�A<��<��NDª]:<^�e�Os�@T<[>IHK7:9�SÊm� S^9C;�k�S^HKHIDª]:<DG9&� PLSÊGDfS^9�S^9=;&Q�EF7VM>I<?9�PIDF9=<Vn��O9�� "� � � ��#�� " �� " �"�� n \39CDG]:<?>IHKDGP ) 7^��C SÊGDG�¡7:>K9=DfSC� ? <?>IUV<[EF<8):n

¥:¥V§ � � � � ��

��SV>_SÊG;=HI<?9��C� S^>_SVEF;(l�¢-?A?^§�p � � �A<��<��NDª]:<[H?��@=>I7^9=7:W=9=HcSV9=; HIW v �K<[J?PL©Y]:<?> v Sâ:>K<[<[s�<[95PZDG9�OJ[< MEfS^9=;CDFJ2S^9C; Q S^>K7N<?HI<15ª� � �!� � �� ! �#�� § < ,= >Cn

��SV>_SÊG;=HI<?9�� S^>ISÊF;-l¨¢8?A?C=:p � � 9 u a:>I<?<[s�<[95P.S^9=; �A7:s�DF9�SVPIDG]^< � v �K<[J?PIH!DF9��OJ[<?EfS^9C;=DFJVn � �� n��.S^DG;=<[>?�,` n � EFHI<?9 � ` n:6!DGU,9C<[>[��<?;=H[� � � "�� !� �� ! �� !�� n�iEGW<. <?>[� j.7:>K;=>I<?JLB5P � @=@�n < ¦ B < ¥ B n

� <?9=9<):� C SV>I7:E�l¨¢-?;> B p�� i>IS^s�s"SVPIDFJ[SÊFDGb[DF9Ca u HK@ <?J?PcS^9C; u 0 <[J�P_<[;C9=<[HKH[n keB�j�P_BC<[HIDGH[�=��O�2n� <?9=9<):��C S^>I7:EAl�¢-?A?^§5p�� "� � �! " �� n �2W .�<[>?�

j.7:>I;C>I<[JLB5P[n� <?9=9<):��C S^>K7:E � �:S^s�<[H2keW=H¨P_< �K7¤],HIU<) lm¥^¦:¦:¦5p � �"! ��!� �� $ � �� n=CZ`C�}�L�

`,PLS^9N�¡7:>I;��C SÊFDª�¡7:>I9=DFSCn� 7^s"S^9 � �^DF9C;=>IDGJLB��<?;�n l�¢-?A? B p�� #�� #�E� � �� #��

� �! " � � � � ��#�� "�� " �� nC687:E n < 7^�� !� �� ! �� " �"��#�� ! � " � � �� #�� n

� 7^>I>I<?a:7=� deHKP_BC<[> l�¢-?A?A>:p�� $ � �� n�687:E n < §�7^� � �� " �"��#�� " �� !�� O��ke>I<[HKH[� C S^s v >IDF;Ca:<^� ��S^HIH?n

� >IS ]NDGH[� ��DGH_S l¨¢-?;?^§�p�� d ]:<?9�P k8BC>_S^HK< S^9=;�S PIB=<[7:>H) 7^� �¡W=9CJ?P_DG7:9�SÊ J[SVP_<?a:7:>KDF<[H?n � ��k n �37^HIU�DF9=<?9�� <?;�nG� � �� #�� " �"��#�� #��#��!� � � ��

�� ^n=� 7^>I7:95P_7C�=@=@�n�=A= ? ,= B ¦Nn� >IS ]NDGH[� �}DFHISRl ¥^¦^¦:¦5p�� de]^<[95P3HKP_>KW=J?PIW=>I< DF9 HH),9�P_SY� n � �� C.n5� <[9C9 ) � �Cn�keW=HKPI< �K7¤],HIU<):�T<[;=H?�

� ! �� !� � � ��#�� 1$ � �� n CZ`C�}�L� `,PLS^9N�¡7:>I;��C@=@�n}¢ §*= T¢->C=Nn\3>KDfSâ:<?>I<?UVSN� �^W�S^9�l¨¢-?;?C=:p�� u HK@ <?J?PIH 7^� P_B=<(H ),95PLS ��7V� J[EGDGPIDFJ @=EFS^J[<?st<?95P�DG9 g-<?HKP_<?>I9

�A7:stS^9=J?<15ª� � �� " �"��#�� " �� B ? T¢¤¥ < n\3>KDfSâ:<?>I<?UVSN� �^W�S^9�l¨¢8?A?A?5p � C 7:sts�<[95P_S^> )tP_7 �375SVs C B=7:s�HIU<) 5 H!j.<?>IDG]VSVPIDF7:9 v )RkeB�SVHI<^n�n\3>KDfSâ:<?>I<?UVSN� �^W�S^9-l ¥^¦^¦ < p�� `N7^st</C 7:9CJ[<[@NP_H!SV9=; � WC<[HKPIDF7:9CHGC 7^9=J[<?>I9=DG9=a�PIB=<i� HH)NH¨P_<?s 5ª�

stH?nG��\A9=DG]^<[>KHIDGP )7^�8� SV> ),EfS^9C;�n]VS^9 �37:WNP � u n�l¨¢8?A?:£5p ��d ]:<?95P-HK<[stS^95P_DFJ?H 7^�1]:<?> v �¡>_S^s�<&SVEGP_<?>I9�SYP_DF7^9=H[n3keB�j PIB=<[HKDFH?�

�Z�� j3��j.DFHKHI<[>¨PLSVPIDF7:9�`,<[>IDG<[H?n

� � � � �� ¥:¥A=

68<[9C;=EF<?>[� � <?9=7�l¨¢-?^£ B p�� " �"��#�� "� � �� n�C 7^>I9=<?EFE�\A9=DG]^<[>KHIDGP )"ke>I<?HIH[�� PIB�S^J[SC�� n

68<[>KU�W(),E �o� n �CnZl¨¢8? B ¥:p � �� !� �� !�� " �� n �c<[DG;=<[Em�ej.7:>�M;=>I<?JLB5P n

g�<[JLB=HKEF<[>?� `,P_<?@=B=<?9 � ��S^>IDGH_S � EFSVP_D��tl ¥^¦:¦N¢ p�� u �ZB=<[7^> ) 7V� u a:>K<[<[s�<[95PiSV9=;�DGPIH u @C@=EFD MJ SVPIDF7:9 PI7"`,<[> v 7VM C >I75SVPIDfS^9=5G� � �� " � �� l¡§�p�� B ?A? > < ¥Nn

g�<[B=>?� ? S^> v S^>_S�l¨¢8?A?C=:p �� #�� "� � � �� n �3S^>I> 68<?>IEfSVa=�=�Zh v DG9=a:<?9�n2DG@��1��7^DF>_SN� �^75S^9�� SVEFDF9Ca � �AS*) �:S^JLU^<?9=;=710 l�¢-?A> B p � � C S^HI<yDG9 �ZDG<[>KH#5ª� � �� " �

� � lm¥:p��T¥,¢ B C¥A=V¦Cn��Sâ:7^9�SC� �iS^>I<?9&l�¢-?A?:£:p�� C 7:s�@ 7^HIDGPIDF7:9=SÊFDªP )t7V� u HK@ <?J?P[� d ],DF;=<?9=J[< �¡>I7:s `N@�S^9=DGHIB u HK@ <?J�M

P_W�SVE `N<Vn � �� C.n=k�SV>I7,;=D � C.n � W=DGJ[7:EGD � � n `CSÊªPLS^>K<[EFEGD � ��n �en � W v DFb SV>I>I<�PLSC� <?;=H[� � � �� !�� " �"��#�� n��i<?7:>Ia^<?P_7�.c9�\39=Dª]:<?>IHIDªP )Rke>I<?HIH[��g-S^HIBCDF9=a^PI7:9�jrn C.n

��Sâ:7^9�SC� �iS^>I<?9 l�¢-?A?A?:p��687:DFJ?<cS^9=; u HI@T<[J�P n � �� Cn�Q�n5<?P�SÊ nª�:<?;�nG� ��

�� !� � "� �� !�� " �"�� n �^7^B=9 ? <[9 �ISVstDG9=H[� u stH¨P_<?>I;�S^s�n� .cDFJLU<)^� u >K9=7:EG; � �^<[>K>I7:EG;R`CS^;=7,JLU�l¨¢-? B =:p�� u s v DFa:W=DªP )�P_<?HKP_H S^9=;B=7�. PI7r� S^DFE�PIB=<[s�n��O9��

� � �� #�� n=@=@ n}¢ < £Cn

0 ! 1%2'%3+54 $ · u.v >IW=b?b[

Documents

Transcript of 0 ! 1%2'%3+54 $ · u.v >IW=b?b[