V8n1a12

13

Transcript of V8n1a12

Page 1: V8n1a12

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

!"#$%&!'( )"&*+( ,)"#&"!'-( ".,#&/+'($'#)%#$%-( 0$%1$2#!"&32-( 4%+*."#+'(1$#!53,&"+'-(%.#!'(1$#!53,&"!'6

+),&-.$/%*&

7!"#&"(!"&*(5!"#$%&!-(0$%1$2#!#&+2-(1$#!5+,&"( 4%+*."#'-( 4!#89!:'-('#!%#$%6

!"!($!%&'0!()%*&

!"#$%&!'()"&*!'(,!"#&"!'-(((((((((4%+;*."+#+'(1$#!5+,&"+'-( 2+#!(1$#!;53,&"!6

$)%12)3

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

!#%4$!'4

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

$)(5)-6&&#!'4)$5!%&!'5/.&"!'45'!%*& ! )"&713'5.3!"&)3&".%&!"52)34.%

$)(5)-&"!'45'&!'5/&#!'4)$5!*&&713'45.3!"&$.")&53&40)&7../%

#!'48$5!%&9'5/.&"9'45'!%*& ! )"&713'5.3!"&3.%&!"52)34.%*

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

<<<<<<<<<<<

$:;<=<>?&@ABA&:CADEA;<FG*&==(*$(>2$%+(*$(=?@?-((!@B?=A>?&@ABA&@E=D<;A;<FG*(A.2&+(@B(*$(=?@?

@(( C!D&'#$%($2(E&$2"&!(*$(,+'(F,&1$2#+'6(G%+0$'+%(H!".,#!*(*$(E&$2"&!'( )'&"!'6(I%.4+(*$(J2/$'#&D!"&32($2(K.L1&"!(:(M$"2+,+DL!(*$(,+'(F,&1$2#+'6(N2&/$%'&*!*(G$*!D3D&"!(:(M$"2+,3D&"!(*$(E+,+15&!6(

'?BB:H@?G>:G;<A*&(%4!%%!8.$%#!'O8+#1!&,6"+1'#!%#$%

Page 2: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@? !

+'"8#5)&!0)/"8#"H''&'/'("8#!(,0!"#!/+#;-!5,("8#!0,/2#,&.'("6#G.)"#('5)'H#;,%3"'"#,/#"&3+?)/2#&.'#)01,(&!/%'#,;#-!%&)%#!%)+#$!%&'()!#)/#;,,+6

$)%12.&

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

534$./1''5I3

\&'#+%&!6(]+2(!14,&!1$2#$(*&'#%&5.&*!'($2(*&0$%$2#$'($"+'&'#$1!'-( !*$1)'( *$( D$2$%!%'$( !( D%!2( $'"!,!(4%+"$'+'(4!%!(,!(4%+*.""&32("+1$%"&!,(*$(!,&1$2#+'(0$%1$2#!*+'-(5$5&*!'(!,"+83,&"!'-($2'&,!*+'-((,$/!*.;%!'(4!%!(,!(4%+*.""&32(*$("$%/$Z!-(/&2+'((:(5!"#$%&!'()"&*+( ,)"#&"!'(^ F7_(4!%!( ,!(.#&,&Z!"&32($2(/$D$#!,$'-((0$%1$2#!"&+2$'( ")%2&"!'( `@a-( b.$'+-(1!2#$b.&,,!-(:+D.%#-('!,"8&"8!'-($2'&,!c$'-(+,&/+'-(./!'(:("$%$!,$'("+1+(4!2(:("$%/$Z!((4%$'$%/!2*+(:(4%+4+%"&+2!2*+(4%+4&$*!*$'('$2'+%&!,$'(:(2.#%&"&+2!,$'(!(,+'(4%+*."#+'(!,&1$2#&"&+'(`=-(d-(ea6(

7!'( F7(*$'$14$f!2(.2(4!4$,(&14+%#!2#$($2(,+'(4%+;"$'+'(*$( 0$%1$2#!"&32g($,,!'('+2(1.:(.#&,&Z!*!'($2( ,!(&2*.'#%&!( !,&1$2#!%&!-( 2+( '+,!1$2#$( 4+%( '.( 8!5&,&*!*(4+%(!"&*&0&"!%(:(4+%(,+(#!2#+(4%$'$%/!%(!,&1$2#+'(*$(,!'($'4+%!'-('&2+(#!15&S2('.(&14,&"!"&32($2(,!(#$Y#.%!-('!5+%-(+,+%(:(*$'!%%+,,+(*$(!%+1!(*$(!,&1$2#+'(0$%1$2#!*+'(̀ ha6((

>,( "+2+"&1&$2#+( *$( ".,#&/+'( ,)"#&"+'( '$( +%&D&23( $2($,( '&D,+( iPJJJ-( ".!2*+( !D%&".,#+%$'( *$( j0%&"!-( F'&!( :(>.%+4!( +5'$%/!%+2( $,( "+14+%#!1&$2#+( *$( ,!( ,$"8$("%.*!($2(,+'(1$'$'("),&*+'6(7!(,$"8$("+!D.,!5!(:(5!c+($'#!'("+2*&"&+2$'(4%$'$2#!5!(.2('!5+%(*&0$%$2#$-($2(+"!'&+2$'(!D%!*!5,$-($2#+2"$'(,+'("!14$'&2+'(0.$%+2('$,$""&+2!2*+( ,!'( *$(1$c+%( '!5+%( 4!%!( &2+".,!%( ,!(,$"8$(!,(*L!('&D.&$2#$(`Ba6((7!'( F7(/&/!'(4.$*$2($'#!%("+2#$2&*!'($2(.2(D%.4+(*$(1&"%++%D!2&'1+'(,,!1!*+'((".,#&/+'(,)"#&"+'(+(&2&"&!*+%$'(`kJ(Qa-('$($14,$!2($2(,!(&2*.'#%&!(,)"#$!(4!%!(,!($,!5+%!"&32(*$(,$"8$'(0$%1$2;#!*!'-(b.$'+'-(1!2#$b.&,,!((`la(:(+#%+'(4%+*."#+'(b.$(

4!%!('.(+5#$2"&32(%$b.&$%$2('$%(0$%1$2#!*!'(`ka6(]$(*&'#&2D.$2(#%$'(",!'$'(*$(".,#&/+'m($,(".,#&/+(&2&"&!,-($,(".,#&/+(1!*%$-(:($,(".,#&/+(.'.!,6((7+'(".,#&/+'($'#)%#$%('+2( 4.%+'-( !( 4!%#&%( *$( $'#+'-( '$( 4%$4!%!( $,( ".,#&/+(1!*%$-(,.$D+(*$,(".,#&/+(1!*%$('$(*$'!%%+,,!($,(".,#&/+(.'.!,( 4!%!( '$%( $14,$!*+( *&%$"#!1$2#$( $2( 4%+"$'+'(0$%1$2#!#&/+'(`@?a6

]+2(.2(D%.4+(*$(5!"#$%&!'(%$,!"&+2!*!'((b.$(4%+*."$2()"&*+(,)"#&"+("+1+($,(4%&2"&4!,(1$#!5+,&#+(̀ @@a(+(X2&"+(4%+*."#+(*$(0$%1$2#!"&32(`@=ag('+2(1&"%++%D!2&'1+'(2.#%&"&+2!,1$2#$($Y&D$2#$'(,+'(".!,$'('+2(("!4!"$'(*$(((8&*%+,&Z!%(4S4#&*+'(*$(,!(,$"8$((̀ @d-(@ea6(7!("+2"$2#%!;"&32(*$(!1&2+)"&*+'(,&5%$'($2(,$"8$('+2(1.:(,&1&#!*+'-(!'L( ( $,("%$"&1&$2#+('+'#$2&*+(*$( F7(*$4$2*$(*$( ,!(4%+*.""&32( *$( 4%+#$&2!'!'( 4$4#&*!'!'( :( '&'#$1!( *$(#%!2'4+%#$(*$(!1&2+)"&*+'(:(4S4#&*+'($'4$"L0&"+'(̀ @ea6F*$1)'( *$( 4%+*."&%( $,( )"&*+( ,)"#&"+-( ,!'( 5!"#$%&!'(!"&*&0&"!2#$'-( ,,!1!*!'( #!15&S2( 5!"#$%&!'( &2&"&!*+;%!'-( "+2#%&5.:$2( !,( '!5+%-( !%+1!-( #$Y#.%!( :( $,( /!,+%(2.#%&"&+2!,( *$( !,&1$2#+'( 0$%1$2#!*+'( !( #%!/S'( *$( ,!(4%+*.""&32(*$($Y+4+,&'!")%&*+'(^>G]_(:(1+*&0&"!"&32(4%+#$L2!'(̀ =a-(,+(!2#$%&+%(*$5&*+(!('.(!"#&/&*!*(1$#!53;,&"!('+5%$(4%+#$L2!'-(!ZX"!%$'(:(,L4&*+'-("+2#%&5.:$2*+(!( ,!( *&D$'#&5&,&*!*( *$( !,&1$2#+'( :( 4%$'$%/!"&32( *$,(4%+*."#+(0&2!,(`@ea6(>,(+5c$#&/+($'(%$!,&Z!%(.2!(%$/&'&32(*$(,!'(5!"#$%&!'()"&*+(,)"#&"!'((:('.(&14+%#!2"&!($2(,!(&2*.'#%&!(!,&1$2#&"&!6

4!K.3.2L!&,&'!$!'4)$L%45'!%

7!(",!'&0&"!"&32(*$( F7(0.$(&2&"&!*!($2(@l@l(4+%(n%,!;

Page 3: V8n1a12

"H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

A$2'$2-("+14%$2*$(.2(*&/$%'+(D%.4+(*$(+%D!2&'1+'(I%!1;4+'&#&/+'-(0+%1!*+%$'(*$(2+($'4+%!'-(2+(1+#&,&;*!*(:(0+%1!(*$("+"+'(:("!%$2"&!(*$("!#!,!'!(`ea6(]+2("+"+'(:(5!"&,+'(*$(,+2D&#.*(/!%&!5,$(:(*$(.2((D%+'+%(*$(?6h( ;?6Q(o16( (]$( #%!#!(*$(.2(D%.4+(*$(5!"#$%&!'(0&'&+,3D&"!1$2#$( .2&0+%1$-( *$( 4!%$*( I%!1;4+'&#&/!(`@ha-((('+2(!2!$%+5&!'(0!".,#!#&/!'-("!#!,!'!(2$D!#&/!-(:(2+( 0+%1!*+%!'( (*$($'4+%!'(`@=-(@Ba6( (E!%$"$2(*$(!"#&/&*!*(%$'4&%!#+%&!(4+%b.$(,$'(0!,#!(.2!($2Z&1!(^"&;#+"%+1+("!#!,!'!_-("+2#&$2$(.2(D%.4+(8$1&2!-(b.$(,$'(4$%1&#!(4+2$%($2(1!%"8!(,!("!*$2!(%$'4&%!#+%&!("+2($,(+YLD$2+("+1+(!"$4#+%(*$($,$"#%+2$'6((F(4$'!%(*$('.(1$#!5+,&'1+(!2!$%+5&+-('+2(!2!$%+5&+'(#+,$%!2#$'((:($2(,+'(1$*&+'(*$(".,#&/+'('3,&*+'(0+%1!2("+,+2&!'($2(4%$'$2"&!(*$(!&%$(`@ha6(W&0$%$2#$'(0!"#+%$'(!0$"#!2($,("%$"&1&$2#+(*$( F7($2(.2(1$*&+(*$(0$%1$2#!"&326((F*$;1)'(*$(,+'(%$b.$%&1&$2#+'(2.#%&"&+2!,$'-(,!(#$14$%!#.%!($'(.2+(*$(,+'(0!"#+%$'(1)'(&14+%#!2#$'(b.$(&20,.:$2($2($,("%$"&1&$2#+(*$(,!'( F76(>Y&'#$(.2!(#$14$%!#.%!(34#&1!(!(,!(".!,(,!(/$,+"&*!*(("%$"&1&$2#+($'(1)'(!,#!(:((*$4$2*$(*$(,!'("!%!"#$%L'#&"!'(*$,(1&"%++%D!2&'1+(.#&,&Z!*+-("+1+(#!15&S2(*$(,!'("+2*&"&+2$'(!15&$2#!,$'(`@kag(,!(1!:+%L!(*$(,!'($'4$"&$'(2$"$'&#!2(!1&2+)"&*+'(:(/&#!1&2!'(*$,(D%.4+( (^,!"#+0,!/&2!-(#&!1&2!-(5&+#&2!-()"&*+( 2&"+#L2&"+-( !"&*+( 4!2#+#S2&"+-( )"&*+( 03,&"+_( :(/!%&+'(!1&2+)"&*+'((̀ @@-@ha6(]+2(b.&1++%D!2+#%30&"+'(:('+,!1$2#$("%$"$2($2(1$*&+'("+14,$c+'6((E!%5+8&;*%!#+'(0$%1$2#!5,$'(:(!,"+8+,$'(4.$*$2('$%($14,$!*+'("+1+(0.$2#$'(*$($2$%DL!(4!%!(0+%1!%(4%&2"&4!,1$2#$()"&*+(,)"#&"+-(!(#%!/S'(*$(,!(*$D%!*!"&32(*$(8$Y+'!'(!(,!"#!#+(^8+1+0$%1$2#!#&/!'_(:(4%+*."#+'(!*&"&+2!,$'("+1+(!"$#!#+-($#!2+,-(En=-(0+%1!#+(+('.""&2!#+(^8$;#$%+0$%1$2#!#&/!'_(`ea6

713'5.3)%&

7!'(0.2"&+2$'(($2(,!(#$"2+,+DL!(*$(4%+*."#+'(!,&1$2;#&"&+'( *$( ,!'( F7( '+2m( 0+%1!"&32( *$( '!5+%( )"&*+-(&28&5&"&32(*$(+%D!2&'1+'(4!#3D$2+'-(D$,&0&"!"&32(*$(,!(,$"8$-(%$*.""&32(*$,("+2#$2&*+(*$(,!"#+'!-(((0+%1!"&32(*$(!%+1!-(4%+*.""&32(*$(D!'(%$b.$%&*!(4!%!(,!(0+%1!;"&32(*$p(+c+'p($2(,+'(b.$'+'-(4%+#$3,&'&'(%$b.$%&*!($2(,!(1!*.%!"&32(*$( ,+'(b.$'+'(`@Qa-( #!15&S2(8!2('&*+(1.:(.#&,&Z!*!'("+1+(4%+5&3#&"+'#(`@l-=?a6(^H&D.%!(@_

F7(4%+*."$2( 4$b.$f!'( "!2#&*!*$'( *$( !"$#!,*$8L*+(:(*&!"$#&,+( 4+%( ,!( 0$%1$2#!"&32(*$("&#%!#+'-( +#+%D!2*+('!5+%(:(!%+1!(!D%!*!5,$6((F*$1)'(4%+*."$2(*&3Y&*+(*$(

"!%5+2+-(b.$(/!2(!(0+%1!%(,+'(+c+'(*$(!,D.2+'(b.$'+'(:($,("!%)"#$%($'4.1+'+(*$(!,D.2!'(,$"8$'(0$%1$2#!*!'((̀ la6

7!(!"#&/&*!*(,&4+,L#&"!(:(4%+#$+,L#&"!(#&$2$(&20,.$2"&!($2(,!(0+%1!"&32(*$("+14.$'#+'(*$('!5+%(:(!%+1!(#L4&"+'(*$( /!%&$*!*$'( *$( b.$'+'(1!*.%!*+'-( "+1+('+2( ,+'()"&*+'(D%!'+'( ,&5%$'(:( #%!2'0+%1!"&+2$'($2Z&1)#&"!'(*$(!,D.2+'(!1&2+)"&*+'(4%+*."&$2*+(!1+2&!"+-()"&;*+'(+%D)2&"+'(^)"&*+((!"S#&"+-()"&*+(4%+4&32&"+-()"&*+(&'+5.#L%&"+_(:(*&3Y&*+(*$(("!%5+2+((`=@-(la6

7!(4%&1$%!(:(4%&2"&4!,(0.2"&32(*$(,!'( F7($'(,!(0+%1!"&32(*$()"&*+'(+%D)2&"+'-(4%&2"&4!,1$2#$()"&*+(,)"#&"+(̀ Qa((!(.2!(/$,+"&*!*("+2/$2&$2#$(4!%!(!'$D.%!%(.2!(0$%1$2#!;"&32("+2'&'#$2#$(:($Y&#+'!(̀ ==a6((>,()"&*+(,)"#&"+((4.$*$('$%(+5#$2&*+(!(#%!/S'(*$(,!(((0$%1$2#!"&32(*$(,!(,!"#+'!-(b.$(*!(.2('!5+%()"&*+(0%$'"+($2(,$"8$'(0$%1$2#!*!'-(1$c+%!(".$%4+(:(#$Y#.%!($2(,+'(b.$'+'($(&28&5$-($2(4!%#$-($,(*$'!%%+,,+(*$(0,+%!("+2#!1&2!2#$(:(4!#3D$2!(`=d-(ka6(F*$1)'-(&!'$D.%!2(,!("!,&*!*(:(.2&0+%1&*!*(*$,(4%+*."#+(0&2!,(̀ ka&:($2(/!%&+'("!'+'(!,(/!,+%(2.#%&"&+2!,(*$(4%+*.";#+'(!,&1$2#&"&+'(̀ =da6(G+'$$2(!"#&/&*!*$'(4%+#$+,L#&"!'(:(,&4+,L#&"!'-($'4$"&!,1$2#$(*.%!2#$(,!(1!*.%!"&32(*$(,+'(b.$'+'-(4%+*.""&32(*$(+#%+'("+14+2$2#$'((^!,"+8+,_($2(,!($,!5+%!"&32(*$(q.1&'(`@a6(((

7<MEBA&N6((r.#!(1$#!53,&"!(*$(,!(D!,!"#+'!(`@ka6

Page 4: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@? #

'"!%575'!'5I3

7!'( F7(4$%#$2$"$2(!,(48:,.1(H&%1&".#$'(b.$("+14%$2;*$(!,%$*$*+%(*$(=?(DS2$%+'m(( !%&,%,%%3"8# !%&,$!%)9--3"8#B&('1&,%,%%3"8# '3%,/,"&,%8#C'+),%,%%3"8#D'(,9%,%%3"8#I!(/,$!%&'()308#'/&'(,%,%%3"8J'/,%,%%3"8#&'&(!2'/,,%%3"8#K!2,%,%%3"#?#L')"'--!#'+2(,+'(4%&2"&;4!,$'(1&$15%+'(*$(,!'( F7-('&$2*+(( !%&,$!%)--3"($'($,(1)'(D%!2*$(*$($'#+'(DS2$%+'(`Q-(@@-(@B-(==a6

>,(#&4+(:("!%!"#$%L'#&"!(*$(,+'(+%D!2&'1+'(&2&"&!*+%$'(b.$('+2(.#&,&Z!*+'($2(,!(4%+*.""&32(*$(,$"8$'(0$%1$2#!*!'-('+2(,+'(*+'((1)'(&14+%#!2#$'(0!"#+%$'(b.$(*$#$%1&2!2(,!(("!,&*!*(*$,(4%+*."#+(0&2!,6((>,("%&#$%&+($'$2"&!,(4!%!(,!('$,$""&32(*$( &2&"&!*+%$'( &2",.:$(!"&*&0&"!"&32-(!%+;1!-('!5+%-($'#!5&,&*!*(:(#$Y#.%!(`=ea6(>'#+'('$(4.$*$2(",!'&0&"!%(*$(/!%&!'(1!2$%!'-(*$4$2*&$2*+(*$('.(0+%1!-(#$14$%!#.%!(*$("%$"&1&$2#+-(0.2"&+2$'($#"(`=ha6

]$DX2(,!(0$%1$2#!"&32(*$(,!(,!"#+'!(,!'( F7('$(",!'&0&"!2($2(8+1+0$%1$2#!#&/!'(^4%+*."$('3,+()"&*+(,)"#&"+_(:(8$#$%+0$%1$2#!#&/!'( ^4%+*."$2( )"&*+( ,)"#&"+( :( +#%!'('.'#!2"&!'_(:('$DX2(,!(#$14$%!#.%!(*$("%$"&1&$2#+($2(1$'30&,+'((:(#$%130&,+'(`ka6

0?O?P:BO:GQAQ<CAH6

>,(D%.4+(8+1+0$%1$2#!#&/+("+14.$'#+(*$( !%&,%,%%3"8#C'+),%,%%3"8#@/&'(,%,%%3"#?#B&('1&,%,%%3"-(.#&,&Z!2(,!(%.#!(>15*$2;C$:$%8+00;G!%2!'(!,("+2/$%#&%(@(1+,(*$(D,."+'!($2(*+'(1+,$'(*$()"&*+(,)"#&"+(̀ @a-(!*$1)'(b.$('$(4%+*."$(1)'(*$,(Qhs(*$()"&*+(,)"#&"+(!(4!%#&%(*$(D,."+'!6(>2("+2#%!'#$-(,!'(5!"#$%&!'(8$#$%+0$%1$2#!#&/!'(4%+*."$2("!2#&*!*$'($b.&1+,!%$'(*$(,!"#!#+-(En=(:($#!;2+,(!(4!%#&%(*$(D,."+'!(.'!2*+(,!(8$Y+'!(1+2+0+'0!#+(+(,!(/L!(*$(,!'(4$2#+'!'-(:(!'L(('+,!1$2#$(D$2$%!2(,!(1&#!*(*$(,!($2$%DL!(*$,(D%.4+(8+1+0$%1$2#!#&/!(`@a6((>2(,!(0&D.%!(=('$(+5'$%/!(b.$($,()"&*+(,)"#&"+($'($,(4%&2;"&4!,(4%+*."#+(*$($'#!(0$%1$2#!"&326(7!'(5!"#$%&!'(4$%;#$2$"&$2#$'(!($'#$(D%.4+(4+'$$2(,!'($2Z&1!'(!,*+,!'!(:(8$Y+'!(&'+1$%!'!-(4$%+("!%$"$2((*$(,!(0+'0+"$#+,!'!6((W$2#%+(*$($'#$(D%.4+('$(#&$2$m(7!"#+5!"&,,+'(*$(5!'#+2$'(,!%D+'-(!&',!*+'(+($2("!*$2!'("+%#!'-(#$%130&,+'-(!"&*&;0&"!2#$'(1.:($2$%DS#&"+'(:(*$(!"#&/&*!*("!'$+,L#&"!(2+;#!5,$6((]#%$4#+"+"".'-(*$(0+%1!'($'0S%&"!'($2("!*$2!'-(!"&*&0&"!"&32(%)4&*!(:(4+"!(!"#&/&*!*("!'$+,L#&"!((`@Qa6

0:Q:B?P:BO:GQAQ<CAH6

G%+*."$2('+,!1$2#$(h?s(*$()"&*+(,)"#&"+6((>'#!'(0$%;1$2#!2(@(1+,(*$(D,."+'!(4!%!(0+%1!%(@(1+,(*$()"&*+(,)"#&"+-(@(1+,(*$($#!2+,(:(@(1+,(*$(En=6((@(1+,(*$(FMG($'(D$2$%!*!(4+%(1+,(*$(D,."+'!(`@@-(=Ba6((>'#$(D%.4+($'#)("+14.$'#+(*$(.2(2X1$%+(*$(DS2$%+'(&2",.:$2*+m# !%&,%,%%3"8# !%&,$!%)--,"8# @/&'(,%,%%3"8# B&('1&,9%,%%3"8# '3%,/,"&,%# ?#C'+),%,%%3"6#>'#$( D%.4+( *$(5!"#$%&!'("+2#&$2$(,!($2Z&1!(0+'0+"$#+,!'!-(4$%+("!%$"$(*$( ,!(!,*+,!'!(:(8$Y+'!( &'+1$%!'!g(!'L(b.$-($2( ,.D!%(*$('$D.&%( ,!(/L!( ^>CG_-(.#&,&Z!2( ,!'(/L!'(*$( ,!(8$Y+'!(1+2+0+'0!#+(+(,!(*$(,!(4$2#+'!(`@a6(

7!'($'4$"&$'((8$#$%+,)"#&"!'(+5,&D!*!'(.#&,&Z!2('+,!1$2;#$(,!(%.#!((*$4$2*&$2#$(0+'0+"$#+,!'!(4!%!(1$#!5+,&Z!%(!ZX"!%$'-(:(!*$1)'(*$()"&*+( ,)"#&"+-($,,!'(4%+*."$2("!2#&*!*$'( '&D2&0&"!2#$'( *$( )"&*+( !"S#&"+( :t+( $#!2+,("+2(,!(D$2$%!"&32(*$(*&3Y&*+(*$("!%5+2+g(,!(W;D!,!"#+'!(4.$*$( '$%(1$#!5+,&Z!*!( !( #%!/S'( *$( ,!( %.#!( #!D!#+'!(B;0+'0!#+(+(%.#!(7$,+&%-(^/S!'$(0&D.%!(@_(`@a6(>'#!'($';4$"&$'((0$%1$2#!#&/!'(1$#!5+,&Z!2(8$Y+'!'(!(#%!/S'(*$(,!(%.#!(D,&"+,L#&"!(>15*$2;C$:$%8+00-(4$%+(4$2#+'!'(:(!,D.2!'(+#%!'('.'#!2"&!'('+2(1$#!5+,&Z!*!'(/L!(0+'0+;"$#+,!'!(4!%!(4%+*."&%()"&*+(,)"#&"+(:(+#%+'(4%+*."#+'(^#L4&"!1$2#$( )"&*+( !"S#&"+( :( $#!2+,_( ^/S!'$( ( 0&D.%!(

7<MEBA&R6(H$%1$2#!"&32(8+1+,)"#&"!(`ha6

Page 5: V8n1a12

$H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

7<MEBA&S6(H$%1$2#!"&32(8$#$%+,)"#&"!(`ha6

d_6((C&$15%+'(*$(,!'( F7(4.$*$2('$%('.5*&/&*&*!'($2(*+'(*&'#&2#+'(D%.4+'(5!'!*+'($2('.(1$#!5+,&'1+(*$("!%5+8&*%!#+'(`@a6

>2(,!(0$%1$2#!"&32(8$#$%+,)"#&"!(,+'((7!"#+5!"&,,.'($'#)2(0+%1!*+'( 4+%m(1-!/&!(308# (!0/,"3"8# %,(?/';,(0)"8#%3(5!&3"8##%!"')8#1!(!%!"')8#$('5)"8#$3%./'()8#;'(0'/&3/8#M>;)(8# ('3&'()8# -'3%,/,"&%6# #\+1+,)"#&"!# !%&,$!%)--3"#!%)+,1.)-3"8#.'-5'&)%3"8#+'-$(3'%M))#"3$"1#+'-$(3'%M))8#+'$(3'%M))#"3$"1#-!%&)"8#+'-$(3'%M))#"3$"1#$3-2!()%3"8##-!%&)"8#&.'(0,1.)-3"#`la6#

7!'(5!"#$%&!'(,)"#&"!'(8+1+0$%1$2#!#&/!'("+1+(2+(4+;'$$2(4&%./!#+;*$'"!%5+Y&,!'!-(#%!2'0&$%$2($,(8&*%3D$2+(0+%1!*+(4+%(!""&32(*$(,!(0+'0+#%&+'!;*$'8&*%+D$2!'!(!,()"&*+(4&%X/&"+("+2(!:.*!(*$(,!(2&"+#&2!1&*!;!*$2&2!;*&2.",$+#&*+(^RFW_-(:( ,+( #%!2'0+%1!($2()"&*+( ,)"#&"+6((7!'($'4$"&$'((8$#$%+0$%1$2#!#&/!'(1$#!5+,&Z!2(8$Y+'!'(!(#%!/S'(*$(,!(%.#!(D,&"+,L#&"!((*$(>15*$2uC$:$%8+006((>'#!'( $'4$"&$'( .'!2( '+,!1$2#$( ,!( 0+'0+"$#+,!'!( *$;4$2*&$2*+(*$( ,!( /L!( 4!%!( $,(1$#!5+,&'1+(*$,( !ZX"!%-(:(!*$1)'(*$()"&*+(,)"#&"+-($,,!'(4%+*."$2("!2#&*!*$'('&D2&0&"!2#$'(*$()"&*+(!"S#&"+(+($#!2+,("+2(,!(D$2$%!"&32(*$(*&3Y&*+(*$("!%5+2+(`@Ba6

7!'( F7( &2&"&!*+%!'(4%+*."$2($2Z&1!'( &2#%!"$,.,!%$'((^4$4#&*!'!'-(,&4!'!'(:($2Z&1!'(*$("!#!5+,&'1+(*$(!1&;2+)"&*+'_-(,!'(".!,$'(*$'$14$f!2(.2(4!4$,(&14+%#!2#$($2($,(*$'!%%+,,+(*$,('!5+%(*$(b.$'+'(*.%!2#$(,!(1!*.%!;"&326((W$'4.S'(*$,(%+14&1&$2#+(&2&"&!,(*$("!'$L2!'(4+%(,!(%$2&2!-(4%+#$!'!'($2*3D$2!'(*$(,!(,$"8$(:(4%+#$!'!'(5!"#$%&!,$'( *$( ,!( 4!%$*( "$,.,!%-( ( ,!'( ( 4$4#&*!'!'( '+2("!4!"$'(*$(*$D%!*!%(,+'(4S4#&*+'(%$'.,#!2#$'($2(!1&;2+)"&*+'(,&5%$'6(>'#+'(4.$*$2('$%('.5'$".$2#$1$2#$("!#!5+,&Z!*+'(!("+14+2$2#$'(*$(!%+1!(/+,)#&,$'(4+%(/!%&!'(%.#!'($2Z&1)#&"!'6((M!15&S2-($'#$%!'!'(:(,&4!'!'("!#!,&Z!2(8&*%3,&'&'(*$(#%&D,&"S%&*+'(*$(,!(D%!'!(*$(,$"8$($2()"&*+'(D%!'+'(,&5%$'(b.$('+2(1!'(!*$,!2#$'("+2/$%;#&*+'(!("+14+2$2#$'(!%+1)#&"+'6((>,,!'(#!15&S2(4.$*$2('&2#$#&Z!%(S'#$%$'(!(4!%#&%(*$(!,"+8+,$'(:(D,&"S%&*+'(̀ =ka6

7!'(( F7(#!15&S2('$(",!'&0&"!2('$DX2(,!(#$14$%!#.%!(&*$!,(*$("%$"&1&$2#+($2(1$'30&,!'(:(#$%130&,!'6(

2:HFP<DAH*&M$14$%!#.%!(&*$!,(*$(&2".5!"&32m(=?;(=hvE-(/+,.1$2(*$(".,#&/+(,Lb.&*+(@;=s-(#&$14+(*$(&2".5!"&32m(@Q;=?(8+%!'-(!"&*$Z(0&2!,((?6Qs(*$()"&*+(,)"#&"+6(>';4$"&$'m( 7!"#+"+"".'( ,!"#&'( '.5'( ,!"#&'-( 7!"#+"+"".'(,!"#&'('.5'("%$1+%&'-(7!"#+"+"".'(,!"#&'-(5&+/!%&$*!*(*&!"$#:,!"#&'-(7$."+2+'#+"(1$'$2#$%+&*$'('.5'("%$1+;%&'6(N#&,&Z!"&32m(q.1&'-(b.$'+'('$1&;1!*.%!*+'((`la6(

4:BOFP<DAH*(M$14$%!#.%!(&*$!,(*$(&2".5!"&32m(e?;ehvE-(/+,.1$2(*$(".,#&/+(,Lb.&*+(=;d(s-(#&$14+(*$(&2".5!"&32m(=;e(8+%!'-(!"&*$Z(0&2!,((?6ls(*$()"&*+(,)"#&"+6(>'4$"&$'m( !%&,$!%)--3"#+'-$(3'M))#"3$"1#$3-2!()%3"8# !%&,$!%)--3"#-!%&)"8# !%&,$!%)--3"# .'-5'&)%3"8# !%&,$!%)--3"# !%)+,91.)-3"8# !%&,$!%)--3"# %!"')8# !%&,$!%)--3"# 1-!/&!(308#B&('1&,%,%%3"#"!-)5!()3"#"3$"1#&.'(0,1.)-3"(`la6(

N#&,&Z!"&+2$'m(w+D.%#-((:(b.$'+'(1!*.%!*+'(`la6(F,D.2!'(*$(,!'(4%.$5!'((4!%!(,!('$,$""&32(*$(,!'(5!"#$;%&!'(,)"#&"!'(4!%!((".,#&/+'(&2&"&!*+%$'('+2(0$%1$2#!"&32(*$(,!(,$"8$(:(4%+*.""&32(*$(".,#&/+'(^/S!'$(#!5,!(@6_

2:QA=?D<Q?H

7!'( F7(4%+*."$2(.2!('$%&$(*$('.'#!2"&!'( ,,!1!*!'(1$#!5+,&#+'( b.$( 4.$*$2( ( ".14,&%( 0.2"&+2$'( $2( ,+'(!,&1$2#+'($2#%$(,!'(b.$('$(*$'#!"!2m(

B?>E;;<FG& >:& T;<>?& @B?@<FG<;?*( $'#!( 0$%1$2#!"&32(,!( $0$"#X!2( 5!"#$%&!'( 8$#$%+0$%1$2#!#&/!'( .#&,&Z!*!'($2(b.$'$%L!(^>11$2#!,-(].&Z+-(I%.:$%$-($#"6_(*+2*$($,(

Page 6: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@? %

)"&*+( ,)"#&"+($'( #%!2'0+%1!*+($2()"&*+(4%+4&32&"+(:(!"S#&"+("+2(*$'4%$2*&1&$2#+(*$(En=($,(".!,(0+%1!(,+'(+c+'($2(,+'(b.$'+'(`==a6

7:BO:GQA;<FG&>:&T;<>?&;UQB<;?*&$'#!( 0$%1$2#!"&32( ,!($0$"#X!2( 5!"#$%&!'( 8$#$%+0$%1$2#!#&/!'-( .#&,&Z!*!'( $2(1!2#$b.&,,!'( :( b.$'+'-( :!( b.$( #%!2'0+%1!2( $,( )"&*+("L#%&"+($2(4%+*."#+'(!%+1!#&Z!2#$'("+1+( ,!(!"$#+L2!(:($,(*&!"$#&,+(^ '3%,/,"&,%#%)&(,5,(308#B&('1&,%,%3"#+)!%'&)-!%&)"_( `@Qa6( >'#+'("+14.$'#+'-( !'L( "+1+( &1;4!%#$2(!%+1!(:('!5+%(!(,+'(4%+*."#+'(,)"#$+'(#!15&S2(#&$2$2(.2($0$"#+(!2#&1&"%+5&!2+6(>,(!"$#!,*$8L*+(4.$*$(&28&5&%(,!(*&/&'&32("$,.,!%($2(@"%.'()%.)!#%,-)8#:(((*&!"$#&,+(&28&5$( ,$/!*.%!'-(5!"#$%&!'( (I%!1;2$D!#&/!'(:(I%!1;4+'&#&/!'(`==a6

9;<>?&DT;Q<;?&&

>'#$()"&*+(8!(#$2&*+(!(,+(,!%D+(*$(,!(8&'#+%&!(.#&,&Z!"&+2$'(4!%!(0$%1$2#!"&32(:(4%$'$%/!"&32(*$("+1$'#&5,$'6(H.$(4%&1$%+(*$'".5&$%#+($2(,$"8$("+%#!*!(4+%(]"8$$,$($2(@kQ?-(b.&$2(&2&"&!,1$2#$(,+("+2'&*$%3(!($'#$("+1+(.2("+14+2$2#$(*$(,!(,$"8$6(>2(@kQl-(7!/+&'&$%(,,!13(!($'#$("+14+2$2#$(*$(,!(,$"8$(x)"&*+(,)"#&"+p6(>2(@Qhk-(G!';#$.%(*$'".5%&3(b.$(2+($%!(.2("+14+2$2#$(*$(,!(,$"8$-(4$%+('&(.2(1$#!5+,&#+(*$(,!(0$%1$2#!"&32(D$2$%!*+(4+%("&$%#+'(1&"%++%D!2&'1+'6(>'(",!'&0&"!*+("+1+(IrF](^D$2$%!,1$2#$(%$"+2+"&*+("+1+('$D.%+_(4!%!('.($1;4,$+("+1+(!*&#&/+(!,&1$2#&"&+(4+%(,!(HWF(̂ F*1&2&'#%!"&32(

*$(W%+D!'(:(F,&1$2#+'_(`=l-(ea6(>'#$()"&*+($'(.2+(*$(,+'(1)'( &14+%#!2#$'( ( 4%+*."&*+'( 4+%( ,!'( F7( `==a6(W$2#%+( *$( ,+'(1&"%++%D!2&'1+'( 4%+*."#+%$'( 4.$*$2("&#!%'$( !%&,$!%)--,"8#"&('1&,%,%%3"8#&'&(!2'/,%,%%3"#?#F);)$,$!%&'()308('&$2*+($,( !%&,$!%)--3"#+'-$(3'%M))($,(1&"%++%D!2&'1+(1)'(.#&,&Z!*+((`d?a6(

>'#$( $'( $,( 4%&1$%( )"&*+( +%D)2&"+( 0.2"&+2!,1$2#$((/$%')#&,( ( 4%+*."&*+( 5&+#$"2+,3D&"!1$2#$( #$2&$2*+( .2(!14,&+( %!2D+( *$( !4,&"!"&+2$'6( ( >'#$( $'( .2( 4%+*."#+(*$(4%+"$'+'(*$(0$%1$2#!"&32(2!#.%!,(b.$(+".%%$($2(,!(1!2#$b.&,,!-(b.$'+-("$%/$Z!-(,$"8$'("+%#!*!'(:(!,D.2+'(+#%+'(!,&1$2#+'(0$%1$2#!*+'6((>'#$($'(.#&,&Z!*+("+1+(!"&*.,!2#$t!D$2#$(5.00$%(*$(4\(+(&28&5&*+%(*$($'4+%!'(*$(5!"#$%&!'($2(.2!(!14,&!(/!%&$*!*(*$(!,&1$2#+'(4%+;"$'!*+'-("+1+(*.,"$'-(4!2(:(4%+*."#+'(*$(4!2!*$%L!-(5$5&*!'( 2+( !,"+83,&"!'-( '+4!'-( '+%5$#$'-( 4%+*."#+'(,)"#$+'-(1$%1$,!*!'-(D$,!#&2!'(:(1!:+2$'!'(`@@a6((>2("&$%#+'(!,&1$2#+'(2+($'(4+'&5,$(!D%$D!%()"&*+(,)"#&"+($2(D%!2*$'("!2#&*!*$'(4+%('.(+,+%(:('!5+%(0.$%#$6((>'(!'L(b.$(4.$*$('$%((%$$14,!Z!*+(4+%("&$%#!("!2#&*!*(*$()"&*+(!"S#&"+(4+%()"&*+(,)"#&"+-($,(".!,( #!15&S2(#&$2$(.2!(!"#&/&*!*(!2#&1&"%+5&!2!((`d@a6

%EHQAG;<AH&AGQ<O<;B?=<AGAH*(7!'( F7(4%+*."$2(/!%&+'("+14+2$2#$'( !2#&1&"%+5&!2+'( ,+'( ".!,$'( &28&5$2( $,("%$"&1&$2#+( *$( +%D!2&'1+'( $'4+%)*&"+'( %$,$/!2#$'6((r$"&$2#$1$2#$-( $'#)( *$1+'#%!*+( b.$( ,!( !*&"&32( *$(,$/!*.%!'( 0$%1$2#!*!'( 4+%( 7!"#+5!"&,,.'( 4,!2#!%.1-(&28&5$($,("%$"&1&$2#+(*$(H.'!%&.1(̀ d=a6((7!(&28&5&"&32(*$( 6("$%$.'(4+%( F7(8!('&*+(&2#$2'&/!1$2#$($'#.*&!*!($2(/!%&+'(!,&1$2#+'(0$%1$2#!*+'("+1+(4%+*."#+'(,)"#$+'-(4%+*."#+'(5!'!*+'($2("$%$!,$'(:(4%+*."#+'(*$('$1&,,!(*$('+:!6(M!5,!(=6

:BFV<>?&>:&W<>BFM:G?*&>'(1$#!53,&"!1$2#$(4%+*."&*+(4+%($,(D%.4+(,!"#+"+"".'(!(#%!/S'(*$(,!(!""&32(*$(RFW\(+Y&*!'!(,!(".!,("!#!,&Z!(,!(+Y&*!"&32(*$(RFW\(4+%(+YL;D$2+(1+,$".,!%(`=Qa6(>,('&'#$1!(,!"#+4$%+Y&*!'!($'(.2('&'#$1!(!2#&1&"%+5&!2+((2!#.%!,(b.$('$($2".$2#%!($2(,!(,$"8$-(8!('&*+($Y&#+'!1$2#$(.#&,&Z!*+(4!%!($Y#$2*$%(,!(/&*!(X#&,(*$(,!(,$"8$(:(b.$'+("+##!D$$(&28&5&$2*+(4!#3;D$2+'($2(,$"8$(:(4%+*."#+'(,)"#$+'(4%+"$'!*+'-(&28&5$(1&"%++%D!2&'1+'("+1+(C"'3+,0,/!#?#B&!1.?-,%,%%3"#!3('3"#?#""1(`==a6

#A;Q:B<?;<GAH(7!(.#&,&Z!"&32((*$(,!'( F7(:t+('.'(1$#!5+;,&#+'(4!%!(,!(4%$'$%/!"&32(*$(!,&1$2#+'($'(D$2$%!,1$2#$(!"$4#!*+(4+%("+2'.1&*+%$'("+1+(!,D+(x2!#.%!,p(:(x4%+;1+#+%$'(*$('!,.*p(`dda6(7!'( F7(4%+*."$(.2("+2c.2#+(

4A=DA&N6((G%.$5!'(4!%!(,!('$,$""&32(*$( F7(4!%!(".,#&/+'(&2&"&!*+%$'(`=Qa6

.=X:Q? BE:=AH&YE:&H:&B:AD<ZAG

H$%1$2#!"&32(*$,!(,$"8$

G%+*.""&32(*$(".,#&/+'

>0$"#+('+5%$($,(!%+1!t#$Y#.%!P$,+"&*!*(*$(!"&*&0&"!"&32(^!(*&0$%$2#$'(#$14$%!#.%!'_E+14!#&5&,&*!*("+2(+#%!'("$4!'r$'&'#$2"&!(!(#$14$%!#.%!'(*$("+""&32F"#&/&*!*(4%+#$+,L#&"!\!,+(;#+,$%!2"&!>'#!5&,&*!*(*$('.'("!%!"#$%L'#&"!'r$'&'#$2"&!(!(,!(!D,.#&2!"&32((r$2*&1&$2#+($2(,!(((((0$%1$2#!"&32((((((C!2#$2&1&$2#+(*$(,!(/&!5&,&*!*t!"#&/&;*!*(*.%!2#$($,(4%+"$'+(*$(0!5%&"!"&32>'#!5&,&*!*($2(0+%1!(,&+0&,&Z!*!t"+2;D$,!*!F"#&/&*!*($2(0+%1!(*$(".,#&/+'(4!%!(&2+".,!"&32(*&%$"#!

Page 7: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

4A=DA&R6&( !"#$%&+"&2!'(!(4!%#&%(*$(5!"#$%&!'(!"&*+(,)"#&"!'((`==-(@la6

#A;Q:B<?;<GAH #A;Q:B<A&T;<>?&DT;Q<;A7!"#+"+""&2! 7!"#+"+"".'(,!"#&'7!"#!"&2! 7!"#+5!"&,,.'(c+82'+2&&C$'$2#$%+"&2! 7$."+2+'#+"(1$'$2#$%+&*$'E.%/!#&"&2! 7!"#+5!"&,,.'(".%/!#.']!q!"&2!( 7!"#+5!"&,,.'(('!q$G$*&+"&2! G$*&+"+"".'(!"&*&,!"#&"&G&'"&"+,&2!( E!%2+5!"#$%&.1(4&'"&"+,!R&'&2! 7!"#+"+"".'(,!"#&'7!"#&"&2! 7!"#+"+"".'(,!"#&'7!"#+"&2! 7!"#+5!"&,,.'(('!q$E!%2+"&2! E!%2+5!"#$%&.1((4&'"L"+,!P!%&!"&2! C&"%+"+"".'(/!%&!2'7$."+"&2! 7$."+2+'#+"(D$,&*.1

*$('.'#!2"&!'(!2#&1&"%+5&!2!'(̂ "+1+()"&*+'(+%D)2&"+'-(*&!"$#&,+-( !"$#+L2!-( 4$%3Y&*+( *$( 8&*%3D$2+-( %$.#$%&2!-(%$.#$%+"&",&2!-( 4S4#&*+'( !2#&0X2D&"+'( :( 5!"#$%&+"&2!'_(`de-(ea(b.$((8!2('&*+(.#&,&Z!*!'("+1+(5&+4%$'$%/!*+%!'($2(4%+*."#+'(!,&1$2#&"&+'-((&2",.:$2*+(4%+*."#+'(,)";#$+'("+1+(b.$'+'(0%$'"+'(:(1!*.%!*+'("+2($,(+5c$#+(*$($/&#!%( ,!(4%+,&0$%!"&32(*$(4!#3D$2+'("+1+(7&'#$%&!(1+2+":#+D$2$'( :( E,+'#%&*&.1( :( ]#8!48:,+"+"".'(!.%$.'(`dha6(7!'(5!"#$%&+"&2!'('+2("+14+2$2#$'(4%+;#$L2&"+'(!2#&5!"#$%&!2+'(b.$('+2(4%+*."&*+'(4+%( F7("+1X21$2#$(4%$'$2#$'($2(!,&1$2#+'(̀ dBa6(]+2(4S4#&*+'(5&+!"#&/+'("+2($0$"#+(5!"#$%&"&*!(+(5!"#$%&+'#)#&"+(̀ ==a6(\!2('&*+(+5c$#+(*$(1."8!'(&2/$'#&D!"&+2$'($2(%$"&$2#$'(!f+'(4+%('.(2+/$*+'+(.'+(4+#$2"&!,(("+1+(4%$'$%/!2#$(2!#.%!,($2(!,&1$2#+'(:(4%+43'&#+'(1S*&"+'(`dka6((7!'(5!"#$%&+"&2!'(#L4&"!1$2#$(#&$2$2(.2($'#%$"8+($'4$"#%+(!2#&5!"#$%&!,6(F'L-(!,D.2!'(5!"#$%&+"&2!'(*$( F7(4.$*$2(&28&5&%($,("%$"&1&$2#+(*$(I%!1;4+'&#&/!'(4!#+DS2&"!'(:(5!"#$%&!'(*!f&2!'("+1+(#!15&S2(,$/!*.%!'(:((($'4$"&$'(I%!1;2$D!#&/!'( `=da6( F!4,&"!"&+2$'( !,&1$2#&"&!'( *$(5!"#$%&+"&2!'('+2(.2!(!,#$%2!#&/!(4!%!('!#&'0!"$%($,("%$;"&1&$2#+(*$("+2'.1&*+%$'(4+%(,!(*$1!2*!(*$(!,&1$2#+'(b.$('+2(8&D&S2&"!1$2#$('$D.%+'(`dQa6

7!'(4%+*.""&+2$'(*$(5!"#$%&+"&2!'('+2(1.:($Y&D$2#$'(*$5&*+( !( ,!( 2$"$'&*!*( 4!%!( $2%&b.$"$%( $,(1$*&+( *$("%$"&1&$2#+( "+2#$2&$2*+( 2.#%&$2#$'( "+1+( "!%5+8&;*%!#+'-()"&*+'(2.",$&"+'-(1&2$%!,$'(:(4%&2"&4!,1$2#$-(!1&2+)"&*+'-( 4%+#$L2!'( +( 8&*%+,&Z!*+'( *$( 4%+#$L2!'6((G+%($c$14,+-(,+'(1$*&+'(*$(,!5+%!#+%&+($'#)2*!%((̂ Cr]-(MI>-(FGM_(%$'.$,/$2($,(4%+5,$1!(*$(0.$2#$'(*$(4%+#$L2!-(&2"+%4+%!2*+(4%+*."#+'("+1+(5!"#+4$4#+2!-(#%&4#+2!-($Y#%!"#+(*$("!%2$(+($Y#%!"#+(*$(,$/!*.%!($2(,!'(0+%1.;,!"&+2$'( ,!'(".!,$'(!,"!2Z!2("+'#+'(!,#+'6( (>2#%$( ,!'(

1+,S".,!'(4%+*."&*!'(4+%($'#+'(1&"%++%D!2&'1+'(,+'(".!,$'(4%$'$2#!2(!"#&/&*!*(!2#&1&"%+5&!2!($'#)2()"&*+(,)"#&"+(:()"&*+(!"S#&"+-($#!2+,-(*&!"$#&,+-(=;d;5.#!2+*&+,(:(5!"#$%&+"&2!'(b.$('$(+5'$%/!2($2((,!(#!5,!(=((̀ dl-(e?a6

)V?@?D<HA;TB<>?H&[) %\&'+2(4+,&'!")%&*+'(*$("!*$2!(,!%D!( "+2'&'#$2#$'( *$( %!1&0&"!"&+2$'( *$( .2&*!*$'(%$4&#$2#$'( *$( !ZX"!%$'6( ( >'#!'( .2&*!*$'( *$( !ZX"!%('+2( 4%&2"&4!,1$2#$-( D,."+'!-( D!,!"#+'!( :( %!12+'!($2( *&0$%$2#$'( 4%+4+%"&+2$'( `=ea6(E+1+( ,!'( F7( '+2(IrF]-(('+2("!2*&*!#!'(4!%!(,!(4%+*.""&32('$D.%!(*$(>G](0.2"&+2!,$'(`e@a6(7!'( F7('+2("!%!"#$%&Z!*!'(4+%('.("+2/$%'&32(*$(.2!(D%!2(4%+4+%"&32(*$('.(0.$2#$(*$("!%5+2+-(!ZX"!%$'(0$%1$2#!5,$'-(!()"&*+(,)"#&"+g(,!'( F7(('+2("!4!"$'((*$(*$'/&!%((.2!(4$b.$f!(4%+4+%"&32(*$(!ZX"!%$'(0$%1$2#!5,$'(8!"&!(,!(5&+'L2#$'&'(*$(>G](̀ e=a-(*$4$2*&$2*+(#!15&S2(*$(,!'("+2*&"&+2$'(*$(".,#&/+(:(1$*&+(*$("+14+'&"&32(`eda6

7+'(4+,&'!")%&*+'(4.$*$2('$%(*&/&*&*+'($2(*+'(D%.4+'m(8+1+4+,&'!")%&*+'( "+14.$'#+'( 4+%(1+2+'!")%&*+'("+1+($,( *$Y#%!2+( :( 8$#$%+4+,&'!")%&*+'( "+14.$'#+'(*$( *&0$%$2#$'( !ZX"!%$'( "+1+( D,."+'!-( D!,!"#+'!-(%!12+'!-(1!2+'!-(R;!"$#&,D,."+'!1&2!-(R;!"$#&,D!,!";#+'!1&2!(:()"&*+(D,."32&"+((`eea6(>,(0!"#+%(b.$(!0$"#!($,("+14+%#!1&$2#+( %$+,3D&"+(*$,("+)D.,+(*$("!'$L2!($'(,!(4%+*.""&32(*$(>G](4+%(,+'(".,#&/+'(&2&"&!*+%$'6((F,D.2+'( ".,#&/+'( *$(]6( #8$%1+48&,.'( :( 7!"#+5!"&,,.'(*$,5%.$q&&('.5'46(5.,D!%&".'('+2("!4!"$'(*$(4%+*."&%(4+,&'!")%&*+'( *$( !,#+( 4$'+(1+,$".,!%( "+2( *&0$%$2#$'($'#%."#.%!'(`eha6(

7+'( $Y+4+,&'!")%&*+'( ^>G]_( *$'$14$f!2( .2( 4!4$,(&2*.'#%&!,($2(,!(4%+*.""&32(*$(*$%&/!*+'(,)"#$+'(0$%1$2;#!*+'-($2(4!%#&".,!%($2(,!(4%+*.""&32(*$(:+D.%#-(b.$'+-("%$1!(0$%1$2#!*!($2#%$(+#%!'6( (].(!4+%#$("+2#%&5.:$(!( ,!( #$Y#.%!-( %$+,+DL!-( '!5+%-( 4$%"$4"&32( '$2'+%&!,( :($'#!5&,&*!*( 0&2!,( *$,( 4%+*."#+( `eB-eka6( F*$1)'-( ,+'(>G](8!2('&*+(.#&,&Z!*+'($Y#$2'&/!1$2#$("+1+(D$,$'-($1.,'&0&"!2#$'(:('.'4$2'&+2$'(*$($'#!5&,&Z!2#$'(`eQag((+#%+(5$2$0&"&+(0&'&+,3D&"+(&2",.:$(,!("+,+2&Z!"&32(D!';#%+&2#$'#&2!,(*$(5!"#$%&!'(4%+5&3#&"!'((&2"%$1$2#!2*+(,!(%$'&*$2"&!(*$(,+'(>G]($2($,(#%!"#+(D!'#%+&2#$'#&2!,(`ela6(F*$1)'-(,+'(>G](4%+*."&*+'(4+%( F7(8!2('&*+(4%$#$2;*&*+'(!,(#$2$%($0$"#+'(!2#&;#.1+%-(!2#&;(X,"$%!-($0$"#+'(&21.2+;$'#&1.,!#+%&+'( :( ( *&'1&2."&32( *$( 2&/$,$'( *$("+,$'#$%+,($2(,!('!2D%$(`eQa6

.QB?H*& 7!( &2D$'#&32( *$( ,$"8$'( 0$%1$2#!*!'( )"&*!'(4+%( 7!"#+5!"&,,+'( 8$,/$#&".'(b.$( "+2#&$2$2(FE>( ^!2;

Page 8: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?&''

D&+#$2'&2!( J;"+2/$%#&*+%!(*$($2Z&1!_-(4!%$"$('$%(b.$(*&'1&2.:$(,!(4%$'&32(!%#$%&!,(,&D$%!1$2#$($2(4$%'+2!'6((>'#+('$(,+D%!(.#&,&Z!2*+( F7(!(#%!/S'(*$(,!(4%+#$3,&'&'(*$( ,!( ,$"8$((4%+*."&S2*+'$(4S4#&*+'(5&+!"#&/+'(`h?a6(7!(((%$#$2"&32(*$("+14+2$2#$'(*$(!%+1!'(%$#$2&$2*+($'#$%$'(4+%(5!"#$%&!'()"&*+(,)"#&"!'(.#&,&Z!2*+(7!"#+"+";".'(,!"#&'('.5'46(,!"#&"'(*&!"$#:,!"#&'(8!('&*+(#!15&S2(&2/$'#&D!*!(`=ka6

7!'( F7( *$'$14$f!2( .2( '&D2&0&"!2#$( 4!4$,( $2( ,!(4%+*.""&32( *$( /&2+'-( '+2( ,!'( %$'4+2'!5,$'( *$( ,,$/!%(!( "!5+( ,!( 0$%1$2#!"&32(1!,+,)"#&"!-( ,!( ".!,( $'( .2!(%$!""&32('$".2*!%&!(&14+%#!2#$(b.$(+".%%$($2(!,D.2+'(/&2+'(*$'4.S'(*$(,!'(0$%1$2#!"&+2$'(!,"+83,&"!'(4+%(,$/!*.%!'( `h@a6( F,D.2!'( $'4$"&$'( *$( F7( 4%$'$2#!2(!"#&/&*!*( $2Z&1)#&"!( !1&2+)"&*!;*$'"!%5+Y&,!'!( :(4.$*$("+2#%&5.&%(!(,!(0+%1!"&32(*$(!1&2!'(5&+DS2&"!'($2(!,&1$2#+'(0$%1$2#!*+'-(&2",.:$2*+(/&2+6((>'#!'(!1&2!'(5&+DS2&"!'-($2(4!%#&".,!%(8&'#!1&2!(:(#&%!1&2!-(!(!,#!'("+2"$2#%!"&+2$'( 8!2( '&*+( %$4+%#!*!'( b.$( !0$"#!2( ,!('!,.*(*$("+2'.1&*+%$'('.'"$4#&5,$'(`h=a6

7?BOA;<FG&>:&HA=?B:H&]&?D?B:H&@?B&#!"67!(1!:+%L!(*$(,!'( F7(#&$2$('+,!1$2#$(.2!(8!5&,&*!*(,&1&#!*!(4!%!('&2#$#&Z!%( !1&2+)"&*+'(*$(2.$/+6( (G!%!($'#$("%$"&1&$2#+($2(,$"8$-(,!'( F7('+2("+14,$#!1$2;#$(*$4$2*&$2#$'(*$,( '&'#$1!(4%+#$+,L#&"+(!,( ( *$D%!*!%(4!%"&!,1$2#$( "!'$L2!'( :( D$2$%!%( !1&2+)"&*+'( ,&5%$'(:-($'4$"&!,1$2#$-(4S4#&*+'(,&5%$'6((>'#+'(4S4#&*+'('+2(!*$1)'( 8&*%+,&Z!*+'( !( !1&2+)"&*+'( 4+%( ,!( !""&32("+15&2!*!(*$(4$4#&*!'!'6((W.%!2#$($'#$(4%+"$'+($2($,(b.$'+-(.2(2X1$%+(*$(4S4#&*+'(!1!%D+'('+2(0+%1!*+'("+1+(&2#$%1$*&+'(:(*$D%!*!*+'(*$(2.$/+-("+2(.2(*&%$";#+(&14!"#+($2($,('!5+%(:(+,+%(*$,(b.$'+6(N2(!14,&+(%!2D+(*$("+14+2$2#$'(*$('!5+%(:(+,+%(4.$*$2('$%(4%+*."&*+'("+1+(%$'.,#!*+(*$(,!("+2/$%'&32(*$(!1&2+)"&*+'("+1+(1$#&+2&2!-(,$."&2!(:(0$2&,!,!2&2!(`=a6

B?>E;;<FG&>:& :G>EDZAGQ:H& =AX?H& :G& ;AD?BUAH&N2!(!4,&"!"&32(*$(*$(,!'( F7($'(,!("+2/$%'&32(*$(,!"#+'!(!ZX"!%(*$( ,!( ,$"8$($2(!,"+8+,$'(!ZX"!%$'( ^4+,&+,$'_("+1+(1!2&#+,( :( '+%5&#+,6( ( >,(1!2&#+,( $'( !(1$2.*+(0+%1!*+(4+%( F7(b.$(8!2(#$2&*+(+(2+(,!"#!#+(*$'8&;*%+D$2!'!( ^7W\_-( $'4$"&!,1$2#$( 5!c+( "+2*&"&+2$'(!2!$%35&"!'6((>2(,.D!%(*$(4&%./!#+-(+#%+'(&2#$%1$*&+'("+1+(,!'(8$Y+'!'($2(,!(D,."+,&'&'-('&%/$2("+1+(!"$4;#+%$'(*$($,$"#%+2$'6((>2($'#!(%.#!-(1!2&#+,(:('+%5&#+,(4.$*$2( '$%( +5#$2&*+'( !( #%!/S'( *$( ,!( %$*.""&32( *$(0%."#+'!(@;0+'0!#+(`=a6

B?>E;;<FG&>:&C<QAO<GAH

7!'( /&#!1&2!'( -( 0+,!#+-( %&5+0,!/&2!( :( /&#!1&2!( @=(4.$*$2( '$%( 4%+*."&*!'( 4+%( *&0$%$2#$'( 5!"#$%&!'( *$(D%!*+(!,&1$2#!%&+6((F,D.2!'( F7(:(#!15&S2(5!"#$%&!'()"&*+(4%+4&32&"!'_(`=a6

#:=<>AH&DT;Q:AH

>,( 1$%"!*+( *$( 5$5&*!'( %$4%$'$2#!( .2!( &2*.'#%&!(D%!2*$( :( $2( "%$"&1&$2#+6( r$"&$2#$1$2#$-( 8!( '&*+(1.:(*&0.2*&*+($,( &2#$%S'($2($,("+2'.1+(*$(5$5&*!'(,)"#$!'( ( 5!'!*!'( $2( ,!"#+'.$%+( "+2'#&#.:$2*+( .2('$D1$2#+( $1$%D$2#$( *$( 4%+*."#+'( ,)"#$+'(2+( "+2;/$2"&+2!,$'`@eag(1&"%++%D!2&'1+'( "+1+( !%&,$!9%)--3"#+'-$(3'%M))#"3$"16#$3-2!()%3"(:#B&('1&,%,%%3"#&.'(0,1.)-3"#8!2('&*+($'#.*&!*!'(%$"&$2#$1$2#$(4+%('.(8!5&,&*!*(*$(*$D%!*!%(4%+#$L2!'(*$(,!"#+'.$%+($2(4%+*."#+'(,)"#$+'(`@e-(hda6

7!( .#&,&Z!"&32( *$( ,!"#+'.$%+( $2( 4+,/+( +( ,Lb.&*+( $2(5$5&*!'(,)"#$!'($'(1.:("+1X2(`hea6(7!(0$%1$2#!"&32(*$(,!"#+'.$%+(4+%( F7(4+*%L!(*&'1&2.&%($,("+2#$2&*+(!,#+(*$(,!"#+'!("+2#$2&*+($2($,(,!"#+'.$%+-(4%+*."&$2;*+(4%&2"&4!,1$2#$( )"&*+( ,)"#&"+( :(+#%+'(1$#!5+,&#+'("+1+(!%+1!'("+2#%&5.:$2*+(!,('!5+%-(+,+%(:(#$Y#.%!($(&2"%$1$2#!2*+('+,.5&,&*!*(*$("!%5+8&*%!#+'(:(*.,Z+%(*$,(4%+*."#+(0&2!,(`@ea6

7$"8$'( 0$%1$2#!*!'( :( '.( %$,!"&32( "+2( ( F7( 8!2(*$1+'#%!*+( 5$2$0&"&+'( '!,.*!5,$'( "+1+( 4%+*."#+'(0.2"&+2!,$'g( $'#+'( 4%+*."#+'( $'#)2( "!%!"#$%&Z!*+'(4+%( '$%( %$0%$'"!2#$'( #$2&$2*+( .2!( #$Y#.%!( '.!/$( :(5!c!(/&'"+'&*!*6((>,("+2'.1+(*$(5$5&*!'(,)"#$!'('$(8!(&2"%$1$2#!*+($2(/!%&+'(4!L'$'(`hha6

>,( :+D.% #( $'( .2( 4%+*."#+( 0$%1$2#!*+( $,!5+%!*+( !(4!%#&%( *$( ,$"8$( $2( $,( ".!,( #+1!2( !""&+2$'( ,!'( F7((#%!2'0+%1!2*+(,+'(!ZX"!%$'($2()"&*+(,)"#&"+(:(+#%+'("+14.$'#+'(*!2*+( ,.D!%(!(.2(4%+*."#+("+2('!5+%-(!%+1!( :( #$Y#.%!( "!%!"#$%L'#&"+'( `ela6( ( >2( ,!( 0$%;1$2#!"&32( ,)"#&"!(*$( ,!( ,$"8$(4!%!(4%+*."&%(:+D.%#-((4.$*$2(&2#$%/$2&%($,(B&('1&,%,%%3"(&.'(0,1.)-3"(:($,( !%&,$!%)--3"#+'-$(3'%M))(:(!,D.2+'(1&"%++%D!2&'1+'(4%+5&3#&"+'("+1+(F);)+,$!%&'()30#-!%&)"#:( !%&,$!9%)--3"#!%)+,1.)-3"#$2#%$(+#%+'(`hB-(hka6(>'#+'(1&"%+;+%D!2&'1+'( 4.$*$2( '$%( *$2+1&2!*+'( 4%+5&3#&"+'((,+'( ".!,$'( '$( $2".$2#%!2( *&'4+2&5,$'( $2( !,&1$2#+'(0$%1$2#!*+'("+1+($,(:+D.%#(`hQa6( F7(!,(1$Z",!%'$("+2(+#%!'($'4$"&$'("+1+(,!'(4%+4&+2&5!"#$%&!'m(C(,9

Page 9: V8n1a12

&'&H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

1),/)$!%&'()30(#N'/"'/))((:(C(,1),/)$!%&'()30#&.,'/))(^N'/"'/))_(2+(8!2(#$2&*+($0$"#+(2$D!#&/+('+5%$(B&('19&,%,%%3"# &.'(0,1.)-3"( ( :( !%&,$!%)--3"# +'-$(3'%M))(''46($3-2!()%3"($2(:+D.%#(`hla6

)GH<DA>?H

>,( $2'&,!c$( $'(.2(1S#+*+(*$(4%$'$%/!"&32(4!%!( ".,;#&/+'( +( "+'$"8!'( 8X1$*+'-( b.$( $'#)2( 5!'!*+'( $2(.2!( 0$%1$2#!"&32( 2!#.%!,( )"&*+( ,)"#&"!( "+2/&% #&$2*+("!%5+8&*%!#+'('+,.5,$'($2(!D.!($2()"&*+'(+%D)2&"+'-(4%&2"&4!,1$2#$()"&*+( ,)"#&"+6(E+1+(.2( %$'.,#!*+-($,(4\(*&'1&2.:$(:($,(0+%%!c$($'(4%$'$%/!*+6((J2+".,!2#$'("+2#$2&$2*+(4%&2"&4!,1$2#$( F7('+2($14,$!*!'("+1+(!*&#&/+'( *$( $2'&,!c$( ( 4!%!(1$c+%!%( $0&"&$2"&!( $2( ,!(4%$'$%/!"&326((>2#%$(,!'( F7-(,!'(1)'(0%$".$2#$1$2#$(.#&,&Z!*!('+2($'4$"&$'(8+1+0$%1$2#!#&/!'("+1+( !%9&,$!%)--3"#1-!/&!(308#@/&'(,%,%%3"#;!'%)30#?#1'+),9%,%%3"6(>'#!'('+2(.#&,&Z!*!'(4+%('.($0&"&$2#$(.#&,&Z!"&32(*$( "!%5+8&*%!#+'( 8&*%+'+,.5,$'( *$( ,!'( "+'$"8!'-( ,!(4%+*.""&32( &2#$2'&/!( *$( )"&*+( ,)"#&"+( :( *$'"$2'+(%)4&*+($2(4\6((n#%!'( F7('+2(#!15&S2(&2",.&*!'("+1+( !%&,$!%)--3"#$3%./'()-(.2!( F7(8$#$%+0$%1$2#!#&/!(,!(".!,(4%+*."$(!,#!'("+2"$2#%!"&+2$'(*$(!"&*+(!"S#&"+($2($,($2'&,!c$(b.$(&28&5$2(8+2D+'(:(!'L(4%$'$%/!2($2'&,!c$'('.'"$4#&5,$'(*$($'4+%!'(:($Y4+'&"&+2$'(!,(!&%$6(N2!(&2+".,!"&32(*$(@?h(u(@?B("S,.,!'(/&!5,$'(4+%(D%!1+(*$("+'$"8!($'(!(1$2.*+('.0&"&$2#$(4!%!(,!(&2+".,!"&32(*$( F7($2($,($2'&,!c$(`B?a6

B?=<FQ<;?H6(7!'( F7(0.$%+2(%$0$%&*!'("+1+(4%+5&3#&"+'($2(,!(*S;"!*!(*$(,+'(B?-('&2($15!%D+($2(,!(*S"!*!(*$(,+'(k?(,!(4!,!5%!(4%+5&3#&"+(#+13(.2!(#$%1&2+,+DL!(*&0$%$2#$(!,(*$'"%&5&%($Y#%!"#+'(*$(#$c&*+'(b.$($'#&1.,!5!2("%$"&;1&$2#+(1&"%+5&!2+6(F(,+'(0&2!,$'(*$(,+'(k?('$(%$*$0&2&3("+1+( +%D!2&'1+'( :( '.'#!2"&!'( b.$( "+2#%&5.:$2( !,(5!,!2"$(1&"%+5&!2+(&2#$'#&2!,(`ea6(7!(1)'(%$"&$2#$(:(!"$%#!*!(*$'"%&4"&32(*$(4%+5&3#&"+'('$(8&Z+(!(0&2!,$'(*$(,+'(Q?(%$*$0&2&S2*+'$("+1+('.4,$1$2#+'(*&$#!%&+'(1&"%+5&!2+'-(/&!5,$'-('$,$""&+2!*+'(b.$(".!2*+('+2(&2#%+*."&*+'($2('.0&"&$2#$'("!2#&*!*$'-(!0$"#!2(5$2S0&;"!1$2#$($,(+%D!2&'1+(8.1!2+(!(#%!/S'(*$('.'($0$"#+'($2($,(#%!"#+(&2#$'#&2!,(̀ B@-B=a6(M!15&S2(,!(HFn(8!(!*+4;#!*+(,!(*$0&2&"&32(*$(4%+5&3#&"+'("+1+(x1&"%++%D!2&';1+'(/&/+'( ,+'(".!,$'(".!2*+('+2(!*1&2&'#%!*+'($2("!2#&*!*$'(!*$".!*!'("+20&$%$2(.2(5$2$0&"&+('!,*!5,$($2($,(8.S'4$*(`B=a6( F7('+2(.#&,&Z!*!'($2(!,&1$2#+'(4!%!(4%+4+%"&+2!%(.2!(!14,&!(/!%&$*!*(*$(5$2$0&"&+'(

'!,.*!5,$'6(7+'($0$"#+'(0&'&+,3D&"+'(%$,!"&+2!*+'("+2(5!"#$%&!'(4%+5&3#&"!'( &2",.:$( %$*.""&32(*$(4\($2($,(&2#$'#&2+-(4%+*.""&32(*$(!,D.2!'($2Z&1!'(*&D$'#&/!'(:(/&#!1&2!'-(4%+*.""&32(*$('.'#!2"&!'(!2#&5!"#$%&!,$'("+1+(4+%( $c$14,+( )"&*+'(+%D)2&"+'-( 5!"#$%&+"&2!'-(4$%3Y&*+(*$(8&*%3D$2+-(*&!"$#&,+-(!"$#!,*$8L*+-('&'#$1!(,!"#+4$%+Y&*!'!-(,!"#+2!'(:(+#%!'('.'#!2"&!'('&2(*$0&2&%-(%$"+2'#%.""&32(:("+2'#%.""&32(*$(1&"%+0,+%!(&2#$'#&2!,(2+%1!,(*$'4.S'(*$(*$'+%*$2$'("!.'!*+'(4+%(*&!%%$!-(#$%!4&!( *$( !2#&5&3#&"+'( :( %!*&+#$%!4&!-( %$*.""&32( *$("+,$'#$%+,($2(,!('!2D%$'-('.4%$'&32(*$(&20$""&+2$'(5!";#$%&!,$'-($,&1&2!"&32(*$("!%"&2+DS2$'&'-(1$c+%!1&$2#+(*$( ,!( !5'+%"&32( *$( "!,"&+( `B=a6( F*$1)'( *$,( $0$"#+(5$2S0&"+($2(,!('!,.*(*$,(8.S'4$*-(.2(".,#&/+(*$5$('$%(&2D$%&*+($2("!2#&*!*$'('.0&"&$2#$'6((7!("+2"$2#%!"&32('.D$%&*!(*$( F7($'#)($2($,(%!2D+(@?B(u(@?k(.0"tD((*$(4%+*."#+(`Bd-(Bea6

E+29!:($2(@llB($2.1$%3(,+'('&D.&$2#$'(1&"%++%D!;2&'1+'("+1+($'4$"&$'(.#&,&Z!*!'($2(,!(4%$4!%!"&32(*$(4%+5&3#&"+'m( !%&,$!%)--3"#!%)+,1.)-3"8# !%&,$!%)--3"#%!"')8# !%&,$!%)--3"#%!"')#'.5'46((!0/,"3"8# !%&,$!9%)--3"#;'(0'/&308# !%&,$!%)--3"#('3&'()8# !%&,%,%%3"#-!%&)"#'.5'46(-!%&)"8# !%&,%,%%3"#-!%&)"#'.5'46(%('0,9()"8# !%&,$!%)--3"#$3-2!()%3"8# !%&,$!%)--3"#1-!/&!(30-(B&('1&,%,%%3"#&.'(0,1.)-3"8#@/&'(,%,%%3"#;!'%)308#@/&'(,%,%%3"#;!'%!-)"8#F);)+,$!%&'()30#$);)+308#F);)9+,$!%&'()30# )/;!/&)"8# F);)+,$!%&'()30# !+,-'"%'/&)"8#F);)+,$!%&'()30#-,/2308#F);)+,$!%&'()30#$('5'6(E$4!'(*$( !%&,$!%)--3"#!%)+,1.)-3"8# !%&,$!%)--3"#1!(!%!"')#:#F);)+,$!%&'()30#!&',!*+'(*$(#%!"#+(&2#$'#&2!,(8.1!2+(+(!2&1!,(#!15&S2(8!2('&*+(4%+5&3#&"+'(1.:($'#.*&!*+'(`Bh-(BBa6

F,&1$2#+'( 0$%1$2#!*+'-( "+1+( :+D.% #( :( 5$5&*!'(0$%1$2#!*!'-( 4.$*$2( '$%( /$8L".,+'( &14+%#!2#$'( *$($2+%1$'("!2#&*!*$'(*$(5!"#$%&!'(/&/!'-("+2(.#&,&Z!"&32(5&+#$"2+,3D&"!("+1+(".,#&/+'( &2&"&!*+%$'(*$2#%+(*$,(".$%4+(8.1!2+(`Bd-(Bea6

7+'(1&"%++%D!2&'1+'("+1X21$2#$($14,$!*+'("+1+(4%+5&3#&"+'('$($2".$2#%!2(*&'4+2&5,$'("+1$%"&!,1$2#$(!(#%!/S'(*$(,!5+%!#+%&+'(+(&2*.'#%&!'(!,&1$2#&"&!'(!(2&/$,(&2#$%2!"&+2!,( !'L( "+1+( $2( "+,$""&+2$'( *$( ".,#&/+'6((F,D.2+'($c$14,+'(*$($'#+'(1&"%++%D!2&'1+'('+2(,+'('&D.&$2#$'m( !%&,$!%)--3"#!%)+,1.)-3"(REHC(^r8+2$;G+.,$2"6-(>'#!*+'(N2&*+'_-( !%&,$!%)--3"#('3&'()#@?B(^ &+D!&!-( >'#!*+'(N2&*+'_-(F);)+,$!%&'()30# -,/230(55hdB( ^C+%&2!D!(C&,q( J2*6( A!432_-( !%&,$!%)--3"#

Page 10: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?&'(

1-!/&!(30(=ll(̂ G%+P&/!-(H&2,!2*&!_-( !%&,$!%)--3"#%!"')(wJMl?@Q-(]8&%+#!-(̂ w!q.,#-(A!432_(:( !%&,$!%)--3"#N,./9",/))(7A;@(̂ R$'#,S(].&Z!_6(( !%&!$!%)--3"#%!"')(Er7(ed@(:( !%&,$!%)--3"# !%)+,1.)-3"#FMEE(edhB( ^E>r>F7F-(F%D$2#&2!_-( !%&,$!%)--3"# ('3&'()(Er7(@?lQ(^G!#$2#$($2(#%)1&#$(2X1$%+(4?e?@?d@d?-(E>r>F7F-(F%D$2#&2!_($2#%$(+#%+'(`Bka6(

4:G>:G;<AH&PEQEBAH

7!'( 5!"#$%&!'( )"&*+( ,)"#&"!'( *$'*$( ,!( !2#&Dy$*!*( :(8!'#!($,(#&$14+(4%$'$2#$-(8!2(%$4%$'$2#!*+(.2!(D%!2(.#&,&*!*(5&+#$"2+,3D&"!($2($,()%$!(*$(,+'(!,&1$2#+'6((7!(5&+4%$'$%/!"&32(*$(!,&1$2#+'(.#&,&Z!2*+(5!"#$%&+"&2!'(4%+*."&*!'(4+%(5!"#$%&!'(!"&*+( ,)"#&"!'-( #$2*%)2(.2(SY&#+(1!:+%( $2( ,!( !4,&"!"&32(*$(!,&1$2#+'-( #!,( $'( $,("!'+( *$( ,!( "!%2$( `BQa-( :( #!15&S2( ( $2( $,( "+2#%+,( *$(1&"%++%D!2&'1+'( 4!#3D$2+'( "+1+(B!-0,/'--!( :(@#6%,-)(`Bla6((>2(.2((0.#.%+('$($'4$%!(!14,&!%(,!(!""&32(*$( F7('+5%$(+#%!'($'4$"&$'(4$%c.*&"&!,$'(4!%!(,!(8.;1!2&*!*6(7!(#$"2+,+DL!(*$($,!5+%!"&32(*$(5$5&*!'(2+(#%!*&"&+2!,$'("+2(&2+".,!"&32(*$( F7('$($'4$%!(,+D%!%("+2( D%!2( !.D$-( 4+%( $c$14,+( !"#.!,1$2#$( 5$5&*!'( !(4!%#&%(*$(,!"#+'.$%+(+5#$2&$2*+(%$'.,#!*+'(!"$4#!5,$'(!,("+2'.1&*+%('$($'#)2(*$'!%%+,,!2*+(̀ k?a6((N2("!14+(&14+%#!2#$(b.$('$(*$'!%%+,,!%)('$%)(,!(.#&,&Z!"&32(*$( F7('&,/$'#%$'-(4+%($c$14,+(!"#.!,1$2#$(( ,+'(4%+"$;'+'((4!2&0&"!"&32(8!2(&*+($/+,."&+2!2*+($14,$!2*+( F7-('&2($15!%D+($'(2$"$'!%&+('$D.&%( &2/$'#&D!2*+(4!%!(!14,&!%($,("!14+(*$(!""&32(*$($'#!'(5!"#$%&!'('&,/$'#%$'(`k@a6

>2($,(0.#.%+(,+'(!,&1$2#+'(0.2"&+2!,$'("+2(5!"#$%&!'()"&*+(,)"#&"!'(#$2*%)2(.2(1!:+%("+2'.1+(:($Y&'#&%)2(/!%&$*!*(*$(4%+*."#+'(*&'4+2&5,$'($2($,(1$%"!*+6((]$($'4$%!(b.$(8!:!(*$'".5%&1&$2#+(*$(2.$/!'(5!"#$%&!'(:(4+%($2*$(2.$/+'(4%+*."#+'(5&+#$"2+,3D&"+'("+2(2.$;/+'(8!,,!ZD+'(5$2S0&"+'((2.#%&"&+2!,$'(:(#$%!4S.#&"+'((b.$($'#S2(*&'4+2&5,$'((!,("+2'.1&*+%(*$'*$(,!(&20!2"&!(8!'#!(,!(#$%"$%!($*!*6(

'.3'"1%5.3)%

7!'(5!"#$%&!'()"&*+(,)"#&"!'('+2(I%!1;4+'&#&/!'-(0+%1!;*+%!'(*$(2+($'4+%!'-(2+(1+#&,&*!*-((0+%1!(*$("+"+'(:("!%$2"&!(*$("!#!,!'!6(]+2("+"+'(:(5!"&,+'(*$(,+2D&#.*(/!%&!5,$(:(*$(.2((D%+'+%(*$(?6h(;?6Q(o1-('+2((!2!$%+5&!'(0!".,#!#&/!'(:("!#!,!'!(2$D!#&/!6(]$(4.$*$2(",!'&0"!%($2(8$#$%+0$%1$2#!#&/!'(:(8+1+0$%1$2#!#&/!'6(7!'(4%&1$%!'(

4%+*."$2('+,!1$2#$(h?s(*$()"&*+(,)"#&"+6((>'#!'(0$%;1$2#!2(@(1+,(*$(D,."+'!(4!%!(0+%1!%(@(1+,(*$()"&*+(,)"#&"+-(@(1+,(*$($#!2+,(:(@(1+,(*$(En=6((@(1+,(*$(FMG($'(D$2$%!*!(4+%(1+,(*$(D,."+'!g(,!'(8+1+0$%1$2!#&/!'(.#&,&Z!2(,!(%.#!(>15*$2;C$:$%8+00;G!%2!'(!,("+2/$%#&%(@(1+,(*$(D,."+'!($2(*+'(1+,$'(*$()"&*+(,)"#&"+-(!*$1)'(b.$('$(4%+*."$(1)'(*$,(Qhs(*$()"&*+(,)"#&"+(!(4!%#&%(*$(D,."+'!67!'(5!"#$%&!'()"&*+(,)"#&"!'('+2(1&"%++%D!2&'1+'(b.$('$(4.$*$2($2"+2#%!%(($2(,!(,$"8$(:(!,D.2+'(*$%&/!*+'(,)"#$+'-( '+2( "!4!"$'( *$( 0$%1$2#!%(1+2+'!")%&*+'(+(4+,&'!")%&*+'(4!%!( #%!2'0+%1!%,+'($2()"&*+'("+1+(,)"#&"+-("L#%&"+-(4%+4&32&"+-($Y+4+,&'!")%&*+'-(5!"#$%&+;"&2!'-(4$%3Y&*+(*$(8&*%+D$2+-($2*.,Z!2#$'(2+("!,3%&"+'-(/&#!1&2!'-(5$5&*!'(,)"#$!'-($2'&,!*+'-(0+%1!"&32(*$('!;5+%$'(:(!%+1!'(*$'$!5,$'-(1!*.%!"&32(*$(b.$'+'-($2#%$(+#%+'6((7+'(!2#$%&+%$'(1$#!5+,&#+'(:(+#%+'('+2(4%+*."&;*+'((#%!/S'(*$(%.#!'(1$#!53,&"!'(.#&,&Z!2*+(,!(D,."+'!("+1+(0.$2#$(4%&1!%&!(*$($2$%DL!(8!'#!(,!(4%+*.""&32(*$,(1$#!5+,&#+(*$'$!*+6(]$($2".$2#%!2(*&0.2*&*+'($2((4%+*."#+'(0$%1$2#!*+'(,Lb.&*+'(:(('3,&*+'6(].(5$2$0&"&+($'(2.#%&"&+2!,(:( #$%!4S.#&"+(+#+%D!2*+("!%!"#$%L'#&"!'('$2'+%&!,$'(1.:( !"$4#!*!'( $2( ,+'( "+2'.1&*+%$'6(W$2#%+(*$(,+'(4%&2"&4!,$'(1&"%++%D!2&'1+'($'#)2( !%9&,%,%%3"8# !%&,$!%)--3"8#B&('1&,%,%%3"8# '3%,/,"&,%8#C'+),%,%%3"8#D'(,%,%%3"8#I!(/,$!%&'()308'/&'(,%,%%3"8J'/,%,%%3"8#&'&(!2'/,,%%3"8#K!2,%,%%3"8#L')"'--!#b.$( '+2( # !%&,%,%%3"8# !%&,$!%)--,"8# @/&'(,%,%%3"8#B&('1&,%,%%3"8# '3%,/,"&,%#?#C'+),%,%%3"

$)7)$)3'5!%

`@a& F7CFRzF(H(:( Frr>rF-(>6(M$"2+,+DL!(*$(,$"8$(:(*$%&/!*+'-( +D+#)(N2&'.%(@ll@6(((46(B@;BB6(

`=a& FrrJ F](C(:(Gn7n(E-( xn".%%$2"$(+0( ,!"#&"(!"&*(5!"#$%&!(!2*(5&+D$2&"(!1&2$'( &2(5&+,+D&"!,,:(!D$*(9&2$'-p(H++*(C&"%+5&+,+D:-=??Q6(/+,6=h-(46(Qkh;QQ@6

`da& \NI>R\n7Mz-(A6r$/&$9(M8$(,!"#&"(!"&*(5!"#$%&.1(!'(!("$,,( 0!"#+%:( 0+%( 0++*( &2D%$*&$2#(4%+*."#&+26(J2#$%2!#&+2!,( W!&%:( A+.%2!,6( =??Q6( /+,( @Q-( 46(eBBuekh6

`ea& ]FPFWnIn(F6($#(!,6( !"#$%&+"&2'(!2*(,!"#&"(!"&*(5!"#$%&!(;(!(1&2&%$/&$96(F0%&"!2(A+.%2!,(+0( &+#$;"82+,+D:6(=??B6(P+,6(h-(46(BkQ;BQd6

`ha& Fi>7]]nR(76(7!"#&"(!"&*(5!"#$%&!(",!''&0&"!#&+2(!2*( 48:'&+,+D:6( ]!,1&2$2-( ]6( :( /+2({%&D8#-( F6(@lld6(>*(R.$/!(w+%qm((C!%"$,(W$qq$%6

`Ba& >Wn77F-(]6($#(!,6(J2#%+*.""&32(!(,!(M$"2+,+DL!(*$(

Page 11: V8n1a12

&')H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

,+'(F,&1$2#+'6(>*6((CSY&"+m((7&1.'!-((=??e-(4kQ6`ka& >rMrFRW-(E6($#(!,6(>/+,.#&+2(+0(| ;,!"#+D,+5.,&2(

!2*(| ;(,!"#+!,5.1&2("+2#$2#(*.%&2D(:+D.%#(0$%1$2;#!#&+2-p(J2#$%2!#&+2!,(W!&%:(A+.%2!,-=??d6(/+,6(@d-(446(dl;eh6

`Qa& nNzFr(H-(E>rRJRI(A(:6(W>]CFz>FNW(C6(>Y+;4+,:'!""8!%&*$(4%+*."#&+2(!2*(#$Y#.%$;4%+1+#&2D(!5&,&#&$'(+0(1&Y$*;'#%!&2('#!%#$%(".,#.%$'(&2(:+D.%#(4%+*."#&+2-p(A+.%2!,(W!&%:(]"&$2"$6(@llk/+,6(Q?-(446(=d@?;=d@k6

`la& 7FREn-(]g(W>7F\Fw>-(G(:(HrFI>RF]-(R-p(>/!;,.!"&32(0L'&"!(:(2.#%&"&+2!,(*$(.2(:+D.%#("+2(0%.#!'(#%+4&"!,$'(5!c+($2("!,+%L!'-p(r$/&'#!((H!".,#!*(*$(FD%+2+1L!(^C!%!"!:_(P$2$Z.$,!6((=??B6(/+,6(d=-(46(@d@;@ee6

`@?a&EF]Mrn(7( :(rnP>MMn(E6( G%+5&3#&"+'m( .#&,&*!*(",L2&"!-p(E+,+15&!(CS*&"!6((=??B6/+,6(dk-(4@h;==6

`@@a&W>P7J>I\>r>-(Hg(P>rC>Jr>R(7g((:((A6(W> >P>r>(A6(R$9(4%$'$%/!#&+2(#$"82+,+D&$'m(G+''&5&,&#&$'(!2*(,&1&#!#&+2'-p(r$/&$9( J2#$%2!#&+2!,(W!&%:( A+.%2!,6(=??e(/+,6(@e(46((=kd;=Qh6

`@=a&WN nE-(G( :(Cn77>M-( 6( F4,&"!#&+2'( +0( $Y+4+;,:'!""8!%&*$'(&2(#8$(*!&%:(&2*.'#%:p(J2#$%2!#&+2!,(W!&%:(A+.%2!,6(=??@(/+,6(@@(46(khl;kBQ6

`@da&>Fr7w-r6( M$"2+,+DL!( *$( ,+'( 4%+*."#+'( ,)"#$+'6((>*&#+%&!,(F"%&5&!(z!%!D+Z!-((=???-((46dB;h@6

`@ea&G>]ENCCF-(C6($#(!,6(=??Q6({8$:(0$%1$2#!#&+2(5:(#8$%1+48&,&"(,!"#&"(!"&*(5!"#$%&!m(>/+,.#&+2(+0("!%5+8:*%!#$'(!2*(4%+#$&2("+2#$2#6(H++*(C&"%+;5&+,+D:6=??Q6(/+,(=h6(G6ee=ueh@6

`@ha&>}JREJ(H(:(INr>7(C6(>00$"#(+0(N'&2D(G%+4&+2&"(F"&*( !"#$%&!( !'( !2( F*c.2"#( E.,#.%$( &2( w+D.%#(G%+*."#&+26(A+.%2!,(W!&%:(]"&$2"$6(=??k6/+,(l@-(46(Ql=;Qll6

`@Ba&IF7P>z-(\6($#(!,6( !"#$%&+"&2;5!'$*('#%!#$D&$'(0+%(0++*(5&+4%$'$%/!#&+2-#J2#$%2!#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D:6(=??k6(/+,6(@=?-(446h@;k?6

`@ka&IN>rrF-(Rg(rNF-(C(:(GF]MrFRF-(76(R.#%&#&+2!,(0!"#+%'(!00$"#&2D(#8$(4%+*."#&+2(+0(#9+(5!"#$%&+"&2'(0%+1(,!"#&"(!"&*(5!"#$%&!(+2(98$:-p((J2#$%2!#&+2!,(A+.%2!,( +0( H++*(C&"%+5&+,+D:6( =??@6/+,6( k?-( 46(=Bk;=Q6

`@Qa&\>rRFRW>z-(P6($#(!,6(G%$4!%!#&+2(+0(!(98$:;5!'$'(4%+5&+#&"( 4%+*."#(9&#8( !%&,$!%)--3"# ('3&'()( !2*(F);)+,$!%&'()30#$);)+30-p(A+.%2!,(H++*(M$"82+,+D:( &+#$"82+,+D&"!,6(=??k6(/+,(eh-(46(=k;d@6

`@la&\J77(Eg(n}>>HH>-(M(:(rn]]-(G6(F2#&1&"%+5&!,(0!"#+%'(4%+*."$*(5:(,!"#&"(!"&*(5!"#$%&!6(>2":",+4$*&!(+0(H++*(]"&$2"$'(!2*(2.#%&#&+2-(=??=6(P+,(@e6(4((=kd;=Qh6

`=?a&\NJ(w6(W!&%:(]"&$2"$(!2*(M$"82+,+D:(\!2*5++q-(G%+*."#(C!2.0!"#.%&2D6(@lld6( /+,(=6{!'8&2D#+2m((PE\(4.5,&'8$%'-(46@=@6

`=@a&CFM\nM-(>g( >7JFrW-(>(w(M\NFN7M-(W6(B&('1&,9%,%%3"#&.'(0,1.)-3"(hQ?(4%+*."$'(!(5!"#$%&+"&2(4+#$2#&!,,:('.&#!5,$(0+%(&28&5&#&+2(+0(",+'#%&*&.1(#:%+;5.#:%&".1(&2(8!%*("8$$'$6(A+.%2!,(W!&%:(]"&$2"$6(=??d6(/+,6(QB6(4(d?BQ;d?ke6

`==a& AFIRn{-(I(:({n7HFRI-( (W-( ( J2#%+*.""&32("+2($Y4$%&1$2#+'(1+*$,+-(>*6(z!%!D+Z!m(F"%&5&!-@ll@-(46(@hk;@Bk6

`=da&}FJ7F]FGFM\w-(}6( ].%/&/!,( +0( 0%$$( !2*( $2"!4;'.,!#$*(4%+5&+#&"(5!"#$%&!( !2*( #8$&%( $00$"#( +2( #8$('$2'+%:(4%+4$%#&$'(+0(:+D8.%#-p((7{M6(=??B6(/+,6(dl-(4@==@u@==k6

`=ea&7F{]-(wg(IN-(w(:(CFr]\F77(P6( &+':2#8$'&'-("8!;%!"#$%&Z!#&+2-(!2*(*$'&D2(+0(5!"#$%&!,($Y+4+,:'!";"8!%&*$'(0%+1(,!"#&"(!"&*(5!"#$%&!6( &+#$"82+,+D:(F*/!2"$'6(=??@6(/+,6@l(46(hlk;B=h6

`=ha&R>JrF-(>(:(7~G>z-(A6(O3=!##S"2&"!(4!%!(,!($,!5+;%!"&32( *$( 4%+*."#+'# ,)"#$+'( +D+#);E+,+15&!m(,&#+D%!0L!(>2Z!'(7#*!-(=??@-(46(dd;eh6

`=Ba&7w-(C6( $#( !,6(r$#$2#&+2(+0( !%+1!("+14+.2*'(5:(!"&*( ,!"#&"( 5!"#$%&!( &2(1+*$,'( 0++*(1$*&!6( H++*(8:*%+"+,,+&*'6(=??Q6(/+,6(==-(46(=@@;=@k6

`=ka&CFM\Nr-(](w(]JRI\-(r6(F2#&5&+#&"(%$'&'#$2"$(&2(0++*(,!"#&"(!"&*(5!"#$%&!;!(%$/&$96(J2#$%2!#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D:6(=??h6/+,6(@?h-(446(=Q@;=lh-(=??h6

`=Qa&CFE>Wn-(C6($#(!,6(>0$"#(+0(1$*&.1('.44,$1$2#!#&+2(+2($Y+4+,:'!""8!%&*$(4%+*."#&+2(5:( !%&,$!%)--3"#(.!0/,"3"#r{;lhlC(&2(98$:(4$%1$!#$-p(J2#$%2!;#&+2!,(W!&%:(A+.%2!,6(=??=6(/+,6(@=-(46(e@l;e=B6(

`=la&I\F]>CJ(C6($#(!,6(>00$"#(+0(*&00$%$2#(1$*&!(+2(4%+;*."#&+2(+0(,!"#&"(!"&*(0%+1(98$:(5:( !%&,$!%)--3"#$3-2!()%3"6#F0%&"!2(A+.%2!,(+0( &+#$"82+,+D:6(=??l6(P+,6(Q-(46(?Q@;?Qe6

`d?a&Cnr>JrF-(Cg(F rF\FC(F( ( :(FRMnRJ(I-p( M$;"82+,+D&"!,( 4%+4$%#&$'( +0(1&,q'( 0$%1$2#$*(9&#8(#8$%1+4&,&"( ,!"#&"( !"&*( 5!"#$%&!( !#( '.5;+4#&1!,(#$14$%!#.%$6( A+.%2!,(W!&%:( ]"&$2"$6( =???6( /+,6(Qd-(446(dlh;e??6

`d@a&Cnr>Rn-(C(w(Gn7n(C6(n"".%%$2"$(+0(,!"#&"(!"&*(5!"#$%&!(!2*(5&+D$2&"(!1&2$'(&2(5&+,+D&"!,,:(!D$*(9&2$'6(H++*(1&"%+5&+,+D:6(=??Q6(/+,6(=h-(446(Qkh;QQ@6(

`d=a&PFzKN>z(A(:(CNrFWn(C6(>2Z:1!#&"(8:*%+,:'!#$'(0%+1(0++*(9!'#$9!#$%'(!'(!('+.%"$(+0(4$4#+2$'(0+%( ,!"#&"( 4%+*."#&+2'-p( ( >2Z:1$( !2*(C&"%+5&!,(M$"82+,+D:6(=??Q6(/+,6ed-(46(BB;k=6

Page 12: V8n1a12

H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?&'!

`dda&n7]nR(W-(:(FrwFRF-}6(F2($Y"$''&/$,:(8&D8(7!";#+5!"&,,.'(!"&*+48&,.'(&2+".,!#&+2(,$/$,(&2(:+D.%#(,+9$%'( 4%+*."#( b.!,&#:( *.%&2D( '#+%!D$-p( ( 7{M6(=??Q/+,6(e@-(46(l@@ul@Q6

`dea&n]nrJn-( 7( :(rn7WFR-( A6( P+,/!1+'( !,( "!14+6(7)"#$+'(:(*$%&/!*+'6>*6(7#*!( +D+#)(I%.4+(,!#&2+-((=??d(46(ee6

`dha&nz}FwF( H6( $#( !,6( >00$"#( +0( $Y+4+,:'!""8!%&*$'(^>G]_(4%+*."$*(5:( !%&,$!%)--3"#+'-$(3'%M))#'.'46#$3-2!()%3"( '#%!&2'( #+( 5!"#$%&+48!D$( !2*( 2&'&2('$2'&#&/&#:(+0(#8$(5!"#$%&!-p((7{M6(=??k6P+,6(e?-(46(hBe;hBQ6

`dBa&GFR>]Fr-(G6($#(!,6 &+.#&,&'!#&+2(+0(98$:(0+%(,!"#&"(!"&*(4%+*."#&+2(!(%$/&$9-p(H++*(E8$1&'#%:6(=??k6((/+,6(@?h-(46@;@e6

`dka&GFrrF-(rg(rnWr�IN>z(A(:(CFrM�R>z-(I6(>0$"#+(*$(,!('#$/&!(:(D$,!#&2!("+1+(!*&#&/+'($2(,!($,!5+;%!"&32(*$(.2(:+D.%#(4%+5&3#&"+(*.%!2#$($,(4$%&+*+(*$( &2".5!"&326( ( >2m( e(E+,+b.&+( J2#$%2!"&+2!,( :(h(R!"&+2!,( *$( J2/$'#&D!"&32( $2(F,&1$2#!"&32( :(R.#%&"&326(N2&/$%'&*!*(*$(F2#&+b.&!6(=??Q6(4(hd6

`dQa&FRFRnN(]6($#(!,6(=??Q6(n4#&1&Z!#&+2(+0($2#$%+"&2(F];eQ( 4%+*."#&+2( +2( !(98$:;5!'$*( '.5'#%!#$6((J2#$%2!#&+2!,( W!&%:( A+.%2!,6( =??Q6( /+,( @Q-( 46(l=dul=k6

`dla&r>WWw-(I6($#(!,6(F1:,+,:#&"(5!"#$%&!,( ,!"#&"(!"&*(0$%1$2#!#&+2( !( %$/&$9( &+#$"82+,+D:( !*/!2"$'6(=??k6(/+,6(d=-(46(ehB;eBd6

`e?a&rJPF]-( E6( $#( !,6( F&',!1&$2#+-( &*$2#&0&"!"&32( :("!%!"#$%&Z!"&32(*$(5!"#$%&!'()"&*+(,)"#&"!'(*$(.2(b.$'+(/$2$Z+,!2+(!8.1!*+(!2*&2+(!%#$'!2!,6(].(.'+( "+1+( ".,#&/+( &2&"&!*+%-p( r$/&'#!( E&$2#L0&"!(HEP;7.Z6(=??k6(/+,6d-(46(d?@;d?Q6

`e@a&rnWr�IN>z( A6( $#( !,6(r$/&$9(\$#$%+,+D+.'(4%+;*."#&+2(+0( ( 5!"#$%&+"&2'(5:( ,!"#&"( !"&*(5!"#$%&!6((J2#$%2!#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D:(=??d6(P+,(Q?-(46(@?@;@@B6((

`e=a&rnWr�IN>z-(C6(((C!2.!,(#S"2&"+(*$(*$%&/!*+'(,)";#$+'-(/+,(JJJ6( +D+#)m(N2&/$%'&*!*(R!"&+2!,(F5&$%#!(:(!(W&'#!2"&!-(=??=-(46(dl;ed( +D+#);E+,+15&!6

`eda&7JR-M( :(E\FRI(C6( =??k6( ( >Y+4+,:'!""8!%&*$'(4%+*."#&+2(!'(!00$"#$*(5:(,!"#&"(!"&*(5!"#$%&!(!2*(0$%1$2#!#&+2(#&1$6(H++*(E8$1&'#%:6(=??k6(/+,(@??-(46@e@lu@e=d6

`eea&rn]]-Gg(CnrIFR-(](w(E6(\J77-E6(G%$'$%/!#&+2(!2*(0$%1$2#!#&+2m(4!'#-(4%$'$2#(:(0.#.%$-p(J2#$%2!#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D6(=??=6(/+,6(kl-(46(d;@B6

`eha&rwFR-7g( >77n-H(:(Fr>RWM-(>6(M8$(.'$(+0('+.%;*+.D8(0$%1$2#$*(5:(!2#&0.2D!,( F7(#+(%$*."$(#8$(!1+.2#(+0("!,"&.1(4%+4&+2!#$(&2(5%$!*-p(J2#$%2!;

#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D:6(=??Q6(/+,6(=d-(46(Qkh;QQ@6

`eBa&]\>R>-( E( :( rFPn-( ]6({8$:( 0$%1$2#!#&+2( 5:( !%&,$!%)--3"# +'-$(3'%M))( '.5'46($3-2!()%3"( 0+%($Y+4+,&'!""8!%&*$(4%+*."#&+2(&2("+2#&2.+.'(".,#.%$6(>2Z:1$(!2*(C&"%+5&!,(M$"82+,+D:6(=??B6/+,6(@?-(46@??B;@?@h6

`eka&]>rRF-(7(:(rnWr�IN>z-(]6(G%+*.""&32(5&+#$"2+;,3D&"!(*$()"&*+(,)"#&"+6(>'#!*+(*$,(!%#$6(E&$2"&!(:(M$"2+,+DL!(F,&1$2#!%&!6(=??h6/+,6(@-(46(hh;Bh6

`eQa&MFPFrJF-( H6( $#( !,6( F1&2+(F"&*(E!#!5+,&'1( !2*(I$2$%!#&+2( +0( P+,!#&,$'( 5:( 7!"#&"( F"&*( !"#$;%&!-p( A+.%2!,( W!&%:( ]"&$2"$6( =??=6( ( /+,6( Qh-( 46(=eB=u=e88888888k?6

`ela&PNw]M-76( $#( !,6( >Y+4+,:'!""8!%&*$;4%+*."&2D(B&('1&,%,%%3"# &.'(0,1)-'"#'#%!&2'( !'( 0.2"#&+2!,('#!%#$%( ".,#.%$'( &2( #8$( 4%+*."#&+2( +0( 0$%1$2#$*(1&,q'-p(J2#$%2!#&+2!,(W!&%:(A+.%2!,6(=??d6/+,6(@d-(46((k?k;k@k6

`h?a&MnGJ]JrnPJE-(76($#(!,6(G+#$2#&!,(+0(,!"#&"(!"&*(5!";#$%&!(&'+,!#$*(0%+1('4$"&0&"(2!#.%!,(2&"8$'(&2(0++*(4%+*."#&+2(!2*(4%$'$%/!#&+2-p(J2#$%2!#&+2!,(A+.%2!,(+0(H++*(C&"%+5&+,+D:-(/+,6(eQ-(446d@Q;d=B-(=??B6

`h@a&M]FJ-(A6($#(!,6(F2#&8:4$%#$2'&/$($00$"#(+0(5&+!"#&/$(4$4#&*$'( 4%+*."$*( 5:( 4%+#$!'$;0!"&,&#!#$*( ,!"#&"(!"&*(0$%1$2#!#&+2(+0(1&,q6(H++*(E8$1&'#%:6(=??Q6(/+,6(@?B-(46(hh=;hhQ6

`h=a&PF7 N>RF-(>6($#(!,6(C+*$,+'("&2S#&"+'(!4,&"!*+'(!,("%$"&1&$2#+(*$(-!%&,%,%%3"#-!%&)"#'.5'46-!%&)"($2(,$"8$-p((r$/&'#!("&$2#L0&"!(HEP;7Nz-(=??h6(/+,6(h-(46eBe;ekh6

`hda&GFrrF-(r6(7!"#+'.$%+m(&14+%#!2"&!($2(,!(&2*.'#%&!(*$(!,&1$2#+'6(r$/&'#!(H!".,#!*(R!"&+2!,(*$(FD%+;2+1L!6(=??l6(P+,(B=6(4(elBk;elQ=6

`hea&F7C>JWF(}6-(MFCJC>(F(:(n7JP>JrF6(J20,.$2"$(+0(#+#!,('+,&*'("+2#$2#'(+0(1&,q(98$:(+2(#8$(!"&*&0:&2D(4%+0&,$(!2*(/&!5&,&#:(+0(/!%&+.'(,!"#&"(!"&*(5!"#$%&!6(7{M(;(H++*(]"&$2"$(!2*(M$"82+,+D:6(=??l6(P+,6(e=-(Bk=uBkQ6(

`hha&PJRW>rn7F(I6( $#( !,6( >00$"#'( +0( #8$( +%!,( !*1&;2&'#%!#&+2(+0( #8$($Y+4+,:'!""8!%&*$(4%+*."$*(5:(7!"#+5!"&,,.'(q$0&%!2+0!"&$2'(+2(#8$(D.#(1."+'!,(&11.2&#:6(E:#+q&2$6(=??B6(/+,(dB(46(=heu=B?6

`hBa&{F7]MrF-(G($#(!,6((E&$2"&!(*$(,!(,$"8$(:(#$"2+,+;DL!(*$(,+'(4%+*."#+'(,)"#$+'6(>*6(z!%!D+ZmF"%&5&!((>*&#+%&!,-((=??@-(4(=d@6

`hka&{>7CFR-(W(:(CFWnni-(]6(>Y+4+,:'!""8!%&*$'(0%+1( ,!"#&"( !"&*(5!"#$%&!m( 4$%'4$"#&/$'(!2*("8!;,,$2D$'-p(r$/&$9(((((M%$2*'(&2( &+#$"82+,+D:6(=??d6(/+,6(dQ-(46(Bk;kl6

Page 13: V8n1a12

&'"H!".,#!*(*$(E&$2"&!'(FD%+4$".!%&!'P+,(Q(((R+6(@((((((>2$%+(;(A.2&+(=?@?

`hQa&wFRI-(w6($#(!,6(J28&5&#&+2(+0(F!%)--3"#%'('3"#5:(,!"#&"(!"&*(5!"#$%&!('#!%#$%(".,#.%$'(&2(%&"$(0$%1$2#!#&+26(H++*(E+2#%+,6(=??Q6(/+,6(@l-(46(@hl;@B@6

`hla& zJ]N-( (:]\F\-(G6(>00$"#'(+0(4\-(#$14$%!#.%$-('.;44,$1$2#!#&+2(9&#8(98$:(4%+#$&2("+2"$2#%!#$-(!2*(!*c.2#(".,#.%$'(+2(#8$(4%+*."#&+2(+0($Y+4+,:'!";"8!%&*$'(5:(B&('1&,%,%%3"#&.'(0,1.)-3"(@=kh6(A+;.%2!,(W!&%:(]"&$2"$6(=??d6/+,6(QB-(46de?h;(de@e6

`B?a&{>JR >rI(zg(CNE}(r(:({>JC>r(G6(M8$('.%/&/!,(+0( '&,!D$( &2+".,!2#( ,!"#&"( !"&*( 5!"#$%&!( &2( %.1$2(H,.&*6(A+.%2!,(+0(F44,&$*(C&"%+5&+,+D:(=??d-(/+,(le-(46@?BBu@?k@6

`B@a&}\F7J7(r6($#(!,6( &>/!,.!#&+2(+0( #8$(4%+5&+#&"(4+;#$2#&!,(+0(,!"#&"(!"&*(5!"#$%&!(&'+,!#$*(0%+1(0!$"$'(+0(5%$!'#;0$*( &20!2#'( &2(>D:4#6(F0%&"!2(A+.%2!,(+0( &+#$"82+,+D:6(=??k6(P+,6(B-(46(ldl;lel6

`B=a&IrFA>}({6-( n7>ARJ}(F( :( ]JG-( F6( r$/&$9(G%+;5&+#&"'-(4%$5&+#&"'(!2*(!2#&+Y&*!2#'(!'( 0.2"#&+2!,(0++*'6((F"#!( &+"8&1&"!(G+,+2&"!6(=??h6(P+,6(h=-(46(BBhuBk@6

`Bda&rNJz-(]6($#(!,6(]"%$$2&2D(+0(,!"#&"(!"&*(5!"#$%&!(!2*(5&0&*+5!"#$%&!(0+%(4+#$2#&!,(4%+5&+#&"(.'$(&2(J5$%&!2(*%:(0$%1$2#$*('!.'!D$'6(C$!#(]"&$2"$6(=??Q6(P+,(Q?(46(k@h;k=@6

`Bea&\NCC>7(F6($#(!,6(F2#&5&+#&"(r$'&'#!2"$'(+0(]#!%#$%(!2*(G%+5&+#&"(]#%!&2'(+0(,!"#&"(!"&*(5!"#$%&!6((F44,&$*(!2*($2/&%+21$2#!,(1&"%+5&+,+D:-(=??k6(P+,(kd-(46(kd?ukdl6

`Bha&EnR{Fw(G6(]$,$"#&+2("%&#$%&!(0+%(4%+5&+#&"(1&"%++%;D!2&'1'6(F'&!(4!"&0&"(A6(E,&26(R.#%6(@llB-(46@?;@e6

`BBa&WNRR>(E6($#(!,6(J2(/&#%+('$,$"#&+2("%&#$%&!(0+%(4%+5&+;#&"(5!"#$%&!(+0(8.1!2(+%&D&2m("+%%$,!#&+2(9&#8(&2(/&/+(0&2*&2D'6(M8$(F1$%&"!2(A+.%2!,(+0(E,&2&"!,(R.#%&#&+2(D0#P#I-)/#Q3&(#=??l6(P+,(kd-(46dQBudl=6

`Bka&MFrFRMn(Cg(C�W>EJ(C( :( HnRM(I6( F,&1$2#+'(0.2"&+2!,$'( 4%+5&3#&"+'6( r$/&'#!(K.L1&"!( P&/!6(=??h6(/+,(@-(46((=B;de6

`BQa&Pj]KN>z(]g(]NFr>z(\(:(zFGFMF(]6(N#&,&Z!"&32(*$( '.'#!2"&!'( !2#&1&"%+5&!2!'( G%+*."&*!'( 4+%(5!"#$%&!'(!"&*+(,)"#&"!'6(=??l6(r$/&'#!((E8&,$2!(R.#%&"&32(P+,6(dB(4-(Be;k@6

`Bla&>]MrFWF(F6($#(!,6(>/!,.!"&32()/#5)&(,#*$,($0$"#+(5!"#$%&"&*!(*$("$4!'(R!#&/!'(*$(-!%&,$!%)--3"#'46(E+2#%!("!-0,/'--!#'46(w(@"%.'()%.)!#%,-)6(=??h6(r$/&'#!(H!".,#!*(R!"&+2!,(FD%+2+1L!(*$(C$*$,,&26P+,6hQ-(46=B?@;=B?l6

`k?a&CJrFRWF(n6( $#( !,6( >,!5+%!"&32( *$( .2!( 5$5&*!(0$%1$2#!*!(!(4!%#&%(*$,('.$%+(*$(b.$'+6(E!%!";#$%L'#&"!'(*&'#&2#&/!'(:("+2#%+,(*$(E!,&*!*6(=??k6(r$/&'#!(E.5!2!(F,&1$2#!"&32(R.#%&"&326( P+,6@k-(46@?d;@?Q6

`k@a&7>nR(F6( $#( !,6( 5!"#$%&!'( )"&*+( ,)"#&"!'( ^ F7_('&,/$'#%$'( "+,+15&!2!'( 4%$'$2#!2( 4%+4&$*!*$'(!*$".!*!'( 4!%!( ,!( 0!5%&"!"&32( *$(1!'!( )"&*!(=??B6(r$/&'#!(P&#!$(/6@d-(46(=B;dh6