!
46579O 8;>@:=L9LK<?"$JK>@#&PR:B%Q;AC7K<&'):=S)(+D@D@*-T E?OV,.8GUX#0FH/21)8;W+Y?#0>@I&Z;3 :=W+7K[ J9>ML2N 64 579O kl8;>@:=L9#0LK<?JK,->@PR:BmRQ;ACn^7KoG<&:=S)D@#0D@T #0E?OV8G,pUXFHkl8;W+qrY?>@I&Z;,.:=W+m7K[ J9>ML2N 64 579O 8;>@:=v!L9LK<?JK,>@PR:B1Q;AC37K#0<&:=wyS)D@D@T E?xzOV8GUXFHq$8;qVW+Y?>@3I&Z;# :=W+7K[ J9>ML2N HF xz8;&;>@I&{;W:=3Z&7K| J9/}>M,
BL2NG5~!E79DM/}J9#;7K
B1)Q;5SR79:?DM/}T$J9}7K-Q;#06SR3 :
5 s jCgHceJ_ c=j!Q)_ :=f;Q
97 >M:ef;jDgi>@7h5;_ Q t 5R_ f;:
\ :^]`_ba0cdS;8;:e>MfR:=7hgic=J+_ cej!Q)_ :=f;Q 6s tus gic=J+_ c=j!Q)_ :=f;Q
pH&;;.V
&<A57K7K>@:65f;80cJN5T&8;8;>@f;:=80>@L LKfrs :=579E?L9:=7 :=JKt JL9>@J 8;sE?<l7.>@L9JK;chE&SR7KD@E&:=IuJP;>@8;T;D@:=<5j8;f!J+>@TLKLKS7dJK5+Q;7K:ecdSX>Mc8r5E?EJ79sc=:=VTjE L9sSr:e8u5:=L7L
D@f;:>@5J97KLK8;7K>@>@P;8;QR<BLK:=}Hf¡)JK eE?TD@Q;5D@L9JK>@E6E?8;SrJB5+I&fR::=JK;>@797hs E?5VP;:=D@:?7KL9_>M:e¢J-L9:!Sr5;L7KE&jr5E&tJK::
D@L95:>M8£E&58!7K8;5ED@>@<&8;$E?<6LK7KS;Pr>@:iL95S;JKI?j¤:=5f¥D@Q;E?:E?8B7QRf;f;8;>@J9>@c=LKJ9LK7KLK>@>@7KE&P;>@8P;QRQRLK5>@LKc=8;:=79<6fE?LKJKSRJ7K:e:8;>M87KE0:=f;RE?:=797KJ+c=:=_§:=J9:=j¦805:eLhcd8u5 S L
8;J9:=E08;f;JK::6J9>M8¨Lh5LKLK:6S;:D@E0cJ9N05D@JKD@LKNu:eTej©cdS;E0E?E?8RJKDMN¡:65Srce5LK>@JGE?8;LKS;J.:D@E05cPR5D@>MD@D@N0>@L2TN58RLKfE
79>@J):=c=L9:=EH>@I?jC:i57Kª0: >@s j!5>M79«ef:)LKD@E0SRc:§5J9D@Q;D@N!jlL9ES;;:HLKSR<&:§Eu579:D0E)57KLKf;S;J.:6EJ9I&Nu:=J9LK7-:=5j DMD
8;>@JE0f;5:eD@D@J¬E 58;:=ff®EL9I&E:=7§<?>@5I?D@:GD;L9>M>@L9jJ!:8; e:=_)>@<?iS0E PVs E?:=79I&sJ:=7LKSR::5cdceS!Q;7K8;79E0:=f;80:L
:=rJ95LKJK>@J9j:=J5s LKLK:6S;E79E?¯Q;>@LK<&JS)I?_5¢D@Q;::;Q;798R:=JKc=:=LK80>@E?LB85}E?I?75D@L9Q;S;:i:HJ9QRLh8;5L9c=:=LKJ>@E&>M8 L
D@D@:E 57KJ8;>@:8;5<icdS7KQ;8;D@E0:?f;T&Q;:iJKLK>@EB8;<D@:L95Sr7K58L.5°>@80I?5E&D@7KQ;j:5LKQ;>@8RE?c=8LKTd>@LKE?Sr8!5L9L`Sr55D L
>@J§5s 5798±f;J:=J9}LKE?>@76j55D@D;LK:LKSRE:²-58REus fR:=:=>@J6<?S0>@8!LK:=LKf!S;J9:Q;8;j:=L EVE?7 Q;L9_.Q;7K¢:6>@79LK: S
sL9S;>@J7K:=R7K:=J9:=80Lh5L9>@E?8)TR:5cdS8REufR:6c58Gs chSRtEuE&JK:5c
L95>MDME&D$8;J9J.N0JKLKLKE:ej³>@j_ ;79EI?:L9S;:r:=7E?79j58;c=:6EVLKS;:6EI&:=7
¢L97K>@:P;Q;f;L9:=:=jGfE?c=8;E&J98uLKL97h7K5E&LKDH:EE?±Q;57J95>MDMj!<&E?QR79Dµ>M5L9LKS;:=j´f¡rE?8zE LK:=S;7G:<?f;7K>@>@f)J _
¢>@8;<V:¶lc=E?Q;jGJK:pr5E79:§·>@5¨L5<?<0D@5E?>@Pr8;5J9D±L-E&79:LKS;:e577Kfj:=J9L9>MS;<&E08rf;5s J.D2T¥>@8;8;c=E0D@Q;f;f:=J
L98;SrE05f;LH:eJ-5[email protected]+J95SrD@5D@N 79:§s 79>@: LKSG58;7Kf;EJ6c=s ¸E?P;jGQ;j!L.8;Q;E?8;L>@cI?55L9D@>@Q;E?:.8)}TQ;58;8Rc f
L9J9>MQ;E&D@8rLKJ. ¥JK>MS;8E E?79jL9Sr55L9L.>@E?L9S;8 :§s s fR>@>MLKJ9S¡LK79>M:PR5Q;cdLKSp:=fE?L9I?S;5:=D@7+Q;_º:¹iQR8;Q;c=7!LK>@79E&: 8
5c=E&DM<&8;E?c=79D@>MQ;L9f;S;: j»s E?>@L9Q;S¼L9r5:e8¼72E&57K8rj5D@JN0JKLK>@JSR:ºE E&LKS;Sr:e57KLJTG;795E?8;P;f D@:=jGs :J
557K8;:fBPrLK:=SRJ9:§L8;JK:QRs >ML9:=7Kf¥:eJK:E?577Kf;cdS!>@JKLKf;79>@>@7KP;:=Q;ceLKLK>@:eE?f±8;sI?J.5E&DMrQR:=:.8R:=Q;f!8;ceQ;LKB>@E?P08;N J
L9S;>@J s E&7 t _ s
½ ¾?¿ RÀ6ÁHÂHV;Ã9À ¿
JK;AE&79D@5E?Iu8uV>@NÄ8;:=7K< L9>@>M8us :eL9J>@:=LK7KSLK:eSVJK65LKL!>@:=8;>@j<l805 E&R7K7Kc=:!E?:ePRf;jDM>@:eJ9:=jLK807KL²J>@P;ÅQRLK:SVLK5:=579fL®8;>@J958;E?79<D@:Q;L9ic>ME&5)8;8; =Jf;T$>@f;fr5:=DM5J9JKL9E>@:=7dJ5SrP;5+D@I&E&:?:7 _
¢f;>@JKS;L9:e7K>@8;P;:=Q;I?L9:e:=7fLK5S;;:RJK7KLdEu55L9cd:®t S®5LK8;EfrVÆE?:=727CE&57Kc=jGL9>M>ME&8R8<J9L9rS;5:Cce:c=E?>MjGJG;D5Q;7KLd<&5:?LK>@TE&85
>@LKJ679:eE?jf;jÇ:=J6J9>M5c=7dEuc=5c=5P;:e7KD@JKJ9:BJH: PVL9<&E±:=7hc5J95>M:=8¡Q;8;JKJ9:rE?57K>@7dJL65j5D@D@8;:=5 fCD@t>@JK:=5jÈJc=L9c=QrVE?5E?jGL9J9E?JK;>@79Q;P;J6LdD@>M:?5JLK_>@>@E&8;É28r8®S;5:=DVj79:=JK805V80LK:=D@N:=N!f;JKf;QRN0>@;JJ J
LK5798>@P;5Q;LKLKL9:e7h5f)c=TLKL9>@I?Su:6QRJ±5D@jCL9:=7K5 8rt 5>@8;LK>@<I?:5CLKEHfR>M>@J9jGLK79;>MPRD@:=Q;jLK:=:=f¡80L9JK>ME&8RDM<§QR56LK>@E?<&8DME&PrjG5:=D&LKS;S;>@E0<?Sf
Prc55LK8;>@fE?8;s J!>@f;>@LK8;SceDMQRceE?f;j:Cj!c=E?QR808;LK>@79cE?5DiL9>MEE&²8CV8;E :=L s :=7E?7 <&t 7K_ >@f;OJE&LKE&:=780L95>µ805ND¬5E?;L9;S;D@:=> 7
f;5QR>@JKLKL9E?7KjG>@P;E?Q;P;L9>@>@E?D@:68LK7dE5+Ê5Ëc7Kc=:=E&J98uE?L9Q;7K79E&c=DÍ:®T0:eJ9DMQ;:ec=scdLKSÌ79E?58;J >@cs 8;5:=L9L :=7TE?7 <057KJ+E&THQ;:=LKL9>@c?8;_b<V =TT
5>@LK8R>@I?f³:ic=JKE&:=808RLKJK7K:E&D.E-E6L9S;7K: E?PVE?>M8RLf;L9J6:5EjG5J;_B;D@>@>@c<r5_ LK>@W E?8;;J 79EI0s :²>MfR:e:=8utJBI0>@5JK8>@E&>M8!80L9E&Q 7
s
E?QR7H5D@<?E&7K>@LKS;jGJ_ t
ÎVÏÎ ~!#0{R|#;1klqV3Ð
Prf;6:=5:e79JK>MJK:=8L9fEuE?E0j79fCc=:=:=jÒL9W=S;Ó :eE0T8uf;ÓLJiÔ _$DM:+E?Õ§57iN7K8RE?c=;>ME&8RL980<Ì>@jLK7h5558;JKD$L.flcef;E?f;>@80JKN0LKL9798r7KE?>@5P;D§jGQ;5L9>@7K:=c:¥fBÍ;7957K:=>@E&>@7K80<?D@N 7hE?5s79jc=:=:=jGD@jGD.>ÑQ;:=8;808 < L
D@Sr:557K79f;8;:=>@7C8;<L9E>@J!E&5C7Kj!j!Q;Q;Dcd5S³L9:D@:=5J9J!8;fÌj558rLKQ;579D@N0:!«=c=:E?8;L9S;ce:=:=;E&7KL:=L9Pr>M:=c+c+55D@D@Q;NuJ9_Ö:¹i>@LB8;>@: J
LKLK5SRSVR:§5;L)7K8;E0L9E0S;5f;:cd:eSJf;_N0>@JB8rR5E?LKjGE³7.:=>M5ª;ceJKJr5J9EjGQ;rj;LKD@S;:!:?:T=79>×DM:=rE0JKL9cL9S;7K5>@:§D?c=J9LKL9Lh:e7h5fº5L98;:§>@J280fRLK:e:=:e7.r7h:e5Q;8;ce8;LKf±>@ceE?LKE&8¡>@8;E?D@8PrN:=>@E?J)L 8s JKQR:=LK:=S;ch8S :
D@LKE0>@E&c85DcJ95Lh85LKPr::5LK8R79f³>MI0L9>5S;D@:!D@N!D@EuJKc+R5DM>@DLic=>ME&8080L9LKE!7KE&c=E?D2T)jG5r8;E&f8;LK:=SR80:!LKJiI?f;5:=D@Q;V:¥:=8;f;Q;>@8;8;c <
E?E?8RRDMLKN!>@jE&58CDMD@DMNE0c=cE?580D$L9JK7KLdE?5D@LKD@:e>@8;J°<H5L98;S;fC:c=:=E?8080LKL9>@7K7K:E?D@JKJ+N0T0JKLKL9S;:=:=j8>@LKJuS;Ød:BQ;J9J9L.E?D@LKQ;S;L9:>ME&c=8E?j L9E
V¹E?HJK>@c=L9E?:6QRJK7KE?JKD@:GQ;L9j>@E?5 8>@c=8;7K<!:5L9LKSr:=fG5LBP05NBJKJKJKQRE&DMjI0>@;8;L9<i>ME&LK8³S;:6:eDM>@>@8;jGf;>M>@8VI0>@5f;LKQr:eJ²5Du5VD@jG57KE?L9JKJL _
5D@D$>@80LK:=79:=JKL9>@8;<!t ;7KE&P;D@:=jJ+_
ULKSR:²c=E?5jGfRf;;>@D@LK:=>@LKE?:e8rDMNG5DrJK5:=D@<&D@E7K:=<0558;L9c=:=:f®LK5SV;5RL7KLKEuS;5:icdS³chSRcE?5>@8³c=:HPVE:)c=LhE?5 t80:=L97K8 E?D@s J>MP0L9SN
E?LKEB8R:!58;8;E?E0L9f;S;:!:=7HjÒ W5+ZÙNCÔ _$7K:eÚ6JKS;LKs 79:6>@c=7KL±:eJKL9Q;S;D@LK:!>@8;JK<V55c=D@:G<?E&E7K6>@LKc=S;E?jl80LK7979:=E?Û0D@J±Q;>@5+7K:=I?J5>MJKDE&5jP;D@::
<?LK>@D@jCE&Pr55D)DJ9>@E?80D@Q;E?L979>ME&j8)5_ LK>@ E?8)>@JKTL97KP;>@Q;P;L!Q;L9fR:=Euf:eJ:=D@:=;I?795EL9IuE?>@7Bf;:c=E&580LK;7K79E&ED.I?Sr55P;JBD@NPV:=E?:= 8
Sr55fR<&5:=f;J6807KJKLK:=SrJ§J95JK5:=7Kc=:=f Lf)s TR>M8R<?>@f;LKD@SGE?:=VPV7K:=5:=8;DV>@80f;JK}Lh:=E?5807KLKL9ce:BDM:=N0j5_.8R:=¹Hf80L9Lc=S;E&D@:=:JK7 5L67K>@8;80E?>@78;E&<G7Kj;Ò e7K5ÔELKI0_.>@>@E?Ú6f;8:=SrTJ5P;5L Q;sJKL>@jE&LKS;7 >t:
DLK5SV7587h5c=jE0E?: Vs :=E?7h57 tLK>@T8;P;<BQ;5L<&>@:=8!80LKLKS;J6:Ò c=Ô E&_8uHL9E&:=ª0jL6s E&E<?):=t c=8;E&:ejE?Q;VJ.:=5LK<?>@8;:e<¥8uL97hJ.5LKL9SrS;5:=7L
JK>@8;:e:<6t JKVLKEi:=:=D@f:55798;8±fBJ9>MVjG:=72>@Dµ}5E?7;7KjCI?55D@Q;8;:`ce:Q;P08;N²c=:eL9ªu>@E?cd8;SrJ58;c5<?8>@8;>@<ijD@:;57979E8;I?:=:)fBD@:V5E?7K8D@>
c=>@:=J58;fGJK:=8;J9>@8;<³Ò WYeÔ _
¢5J9JK:=>@>@<?JKJ¥8Rj;7K:=E&80rL§E&5JKj:=J!E?8R5 <HKc=PRE0Q;E?c Vt :=:=7dL5LKP;>@7K8;>@<<057Kf;:e:>M8E?JK79cdc=S;:=:=jjG:e:8uLE?D@7B:5ce797K8;:=>@f;8;>@<L
>@LK58;>@<&E&f;:=8±:=80VLKL9J+E°:=Ò8;W+5fRe7K:=ÔP;80_§>@L9LKH7hD@Nu55TL9LK: S;LKSR:e:=76SRNLK>MSrcdc=S5E&8jJKQ;:+j!PR5JKQ;cd:=S³8;L>@5Ec<&5¯LK:=5:80<?LH:=<?80D@5E&L9c=PrJ L9>@58;D@D@>@<±NDMD&D@Pr>@E08c:H555DM8D@D@NDME 55Q;8;:=c ff
LK>@DE 57KKD@LdN05 T;t L9:¥S;:=E7KI?:C:=76579L9: S;:±5s ;<&;D@E?7KPrE055cdD$S;c=:=E?J 80LK79E?S;D@:=J 7KG:G>@f;8>×]¯::e5s7Kcd:=S80LBJ9LhPV5LK:=:?Sr_5+I0a0s >@>@E?j 79J
5LKSR79:±:D@>@:f;5:+7K58;:eEfHchE&SR7²EuE&5ÊJK>@JK8;N0<JKL9:=5jc=L9>@E?58;8;Jfs LKL9SrS;5:=LN³57K>@:DMDc=5E?c=j!c=E&PRj>M8R;:=D@f >@JKS®s >M5L9SD@D
<?JK>@E0J65ED@JH-c=Ò W979Ô :=_-f;a>@L²>MjG5JK>@DµJK5>@<&7KD@8;N?jTe:=:=c=80E?L8RjE?j:=L9>@S;c6E0jGf;EuJfRÒ [Ù:=s ÔD@J-_ c+58!}E?7KjÄLKS;:iPr5
LK;O 79795>@E?P;c P;tQ;D@:eLK:=L²:ejf79E?T5:+Q;R5L9;cd>@8;7KS!E0<C8;5>ME0cdJS;f;:=5G:6Jj!f;SrE?Q;5+jCI?J9L-:65jC>@PV8!:=5 :=E&8C:§7 Ld5is5 f;t S;:e:=>@8c=ch>@SJKÒ >@Y E&c=T E&8 jT5;PVW[ÙD@E?:=Ô Q;L9_)L:=É2D@8!NS;L9f;>@S;>@cdJ>@S J
8;JKLd:=5>@L9<&:6SuPVJKrE?579>@c=8;:H<>@J.8;LKE0S;f;:6:!D@>@L9JKECL.E7KE?ÅQR5LBDMD0:r55cdt c S:=rL95Jc >@t 8±:=LBL9S;LK:6EVJK_N0Ú6JKL9S;:=j³:!<?T&s D@LKE?SRPV:=5>@7 D
c=S;Q;E 797K:=:=I?80:eLB7D@TVE0E?c8;5D@LKNG>@E?Sr8;5J+JiT)5LKSr8R5fLHLK>@S;80:e>ME&7¥7Kjf;:=t 5JKLKL9>@>@E?8r85L9}>ME?E&768;LKJSR_:±¦r55cdcS:=8;L9E0JHf;>@:?8 T
>@:=LK7dJ65s <?E :s 8GDM:e8;ÛuQR<?L9:=SºQ;:?E_²Ú6L9S;>MjG:B:<?D@E&>@L!Pr5Lh5DVc=:=E?J!J9LL9EQ;8;JK:=ce8RLK>@fE?8Cr>@5J6c LKS;:=LK:JGL9t S;>M8¡:±LK5+S;I :
8;D@:=:=8;L <&s LKE?S7 t ET;`P;L9>@Q;jLi:H:5>@LcdSC8;>@D@E0D)f;Ld:B5 E&:8;tL9D@NEJ9JKLK:eE?8;79f:=J²r558;c fC:=LKc=JiE?jGt 79E?;jQ;L9:=>@J6LKJKLK:eS;DÑd: _
U5J J!VLKS;57K:=L>@7iE8;H:=L9>@<?S;S0:CPV7KE?E&s7KQ;JiLKS;>@8;E <t 5D@D@E?<?8;E&<!7K>@LKL9SRS;j³:=NCT$;8;79E0:=f;tf;:e>@c=J!Lr>@:=L 79>@Eu>MfRD@D>Mc+Lh55 D@D@N:
LK¦.SRjGt:=j ;>@7KLK>@E!c5f;D.:eJ9DMLK>@I&Q;:=f;7H>@:=5!J¥rSr55+c I?t :!s :=LiPV:=>Ñ.:=8¡>@L6;>MJi7KE&7KjE&Q;>@LKJK:=>@8;f<!LKP;S;QR79E?LBQ;Sr<&s 5+SI?L9:S;5:=D@jt JKE _
JKLKSRE!E cds Sr8B58;;<?7K>@E&8;P;<D@:=D@jEu5J fs c=>@E&LK8;SBf;79>@>MLK8R>@<?E?>@8R8;J<r_ Te>@8;JKLd5P;>@D@>@L2NuT+58;f±5fr5RLK>@8;<
KÃ &;;ÃKiÂ6 )Á · 9Â 6Â ¿ V;ÃKÀ ¿
É2;8D@:L9S;;:H7KE&fRP;:=D@JK:=c=jX79>@;f;LK>>@5E?<?8C7h5Ej)j!E?Q;:=7fj>@8 :=L9rS;<VE0_ f)WT _s Ú6:iS;7K::dØd:eE?76PGLKEE.LKS;LKS;:i:Jh5f;j >@J
LKE?798¡>@P;;Q;7KLKE>@E&I08!>@f;8;>@8;:=<CL s 7KE?:e7 JKt E?QR>@J7Kc=LK:=E¥JGjLKE>@8;LK>@jS;:G>׫=c=:§Q;5J9LKc=E?E&jGJKL:=7KQ;J+_8;ceÚ6LK>@S;E?:8!rPr<&5JKQ;:=7Kf :
JKLKSR>@E&E 8;s JHJHE&LK8SR:±LKS;8;:E0c=f;E&:e8;J²8;>@:=8³c=L95>@Iucd>@SrL2N5>@8)E§TVP;LKSRQ;:±L <&s 7h:5RjS)5 _Ht Ú6:HSR8;>MECJi;5J97KJKE&Q;P;jGD@:=j
c=>@8;E&<CQ;D@;f±7K:E&5P;JKD@>@:=D@jNPr: >@s LKS)7K>@TLKL9JK:=Ld58LK5:eJJ5´<?D@LKE?SrPr55LBD?797K:=:e>@;807K:=E?J979:=c=80:=L!jGr:=E80L-D@:7h557KLK8:=J
5r8RE f²797h:=5JKL9E&:=Q;J7KT;ce5:68;DMsf:eI?7K:=: D@JT5579c=f;LKJ²>@E?¸8RE?7.J V:=LK8rSV55D@L9L)>M79:e:=Jh; 79p:=JKLK:=Sr805LLcdSr7K:e5s ;8;7K<?:=:eJ9J):=80>@8 L
Jhf;5E&LKs>M>@8RJ2<³25c=J9L9Er>M_E&8!U E)fRc=>MQRJ9LKJKs 79LK>ME&PRjQ;LK:=:=7f 7K:=Û0E?Q;79:=j!J9LKQ;JHD55LK8;>@E&f8³c=E&EJK°L9J§L9S;>@:C8;c=;QR7K7KE&7K:eP;fD@:=j>@8
j5 t :=JLKSR:H}E?D@D@E s >M8R<BcdSr58;<&:=J¶
rJ9'$:=E |+8;s {;JK|J:# 5D@8;E0.fc5{r7KD@(:=D@N;J9# E? =Ï TQ;¦79c=5:SRch>MSCD@cd:=SI?8;:=E05D@f;J679:&:T R7KK7K:eT0:=;E&J97KQ;P;:=jJKJ9:=:=57980I?P;LK:=D@:=NBJiflLKJKS;E&P0jE&N JK:H:6E>@d_L)zcLK5S;É28 : L
jCJ9:=7K5+I?NB5PrP;:D@:²L9P0S;NG:Hcj5E?JK:79s :HLKSVL9Sr55L8CJKE?E?jG8R:?:6T0JKE?Ld765LK:=:I&:=I?8³57K5>5DMDVP;8;D@:=E0Jf;5:=7KJ+:i_ E?P
cdvGS;h_(E0l|+E?/J9qV¢:, :JKE&5j.JK{rJ9:Q;(j# E!Ï :CLK¦L9S;Sr5:cd5SLGrE 8;:s 5E0cdf;Sc=:&E?T 5809c=L9T)LK7K>@E?SVE?D58¨J5I?c=LKS;L95>M7K:E&>8;55P;JP;TD@>@:D@c+>ML2}5NC7KD@E?D@:=L9j fE
L98;S;E0:f;:<?D@>@E&8CPrLK5S;D:E?f;79>@j!J9LK7KQ;>@DP;5QRL9LK>ME&:=8³fC}>@J!E?7Kcdj!S;QRE&DµJK5:=LK8z>@E?P08N_ :=ª;5c=L9DMNpE&8;:
J9L9~ÊQ;E?#ujjw¥:e5{;7KP;J3?D@TN±1 cPr5ÏD@5D@JK:=¦:=f f5cdE?S®K_88;¢L9E0S;f;:¬:B:?5JdT JK5JK9LKQRT>@Jj7KÍ:=5:6c=c=:eL9LK>M>@SVI&E?5:=8JL.ELK5CS;:i>M79L9: J6JKs Q;E jÄ5s 7Kf8E$;c=LKQR79S;:J :
79L9:E³s L95S;7K:f<&DMQRE&8;Prc=5LKD>@E&7K8;: JB5>@879f®LKSR}:Q;8;f;c=>@L9JK>ML9E&7K8>@P;>@Q;8L9:=LKfS;:Cc5<?JKD@:!E&Pr>@J5D:=Û0c+Qr5JK5: D
L97K>@P;Q;L9:=fGE?79j! eT;Q;5D8;5s f!LK>@EL9Sr8B5>@LJLKLKSRE:HE?E;I?L9:e>@j7h5>@D@«=D;:<&LKEuSr55DrL§>@8!J9Q;LKjXSR:HEf;I?>@:eJ 7
L9>MjG:?_
ÅÏÎ q .{;~ Åqr3 .{;|+/}q;,
Ú6LK>@E&S;8:GQ;;JK7KQrE&5P;D¬D@:=5j ;;79Eu>ML95ScdS<?D@L9E&EPrJK5E&D@D@DMN®I0>@8;5+I?<C5LK>@DSR5:P;D@7K:G:eJKJKE?LhQR57KLKc=:=:CJ+T²f;5>@JKc=L9LK7K>@>@E&P;8;Q J T
58Rf79: s 57KfRJHD@:s 5fRJ6LKE!5Õ§:=D@D@j58!:=Û0Qr5L9>@E?8)¶
#
!"
$
%
&$
')(+*
,
/.
-
&01
32
V ¨j5ª 0 r 9 W sc=E&S;Q;:=8079L.: Í5ceLK>@J§E?7+L9_)S;:HÚ6I?SR5>MJ.D@Q;:=:6Û0QrQR58;LK>@c=E?LK8!>@E&jC85+5NH8;f PV:6JK>@E&J¬DMI&5¥:=LKf!:ejQ;J9V>M8RE?<²7h5jCD;f;5>@80J N
j580:eL9LKJS;_GE0Ú6f;JS;:!>@8;7Kc=:=D@Q;J9Q;f;D@>@LB8;<G>@JBjLKSR5:!8uNCE?;79L9:=>M>@jC805E?D.79c=I?:=5jGD@Q;:=:¥80L²Q;D@8R:5c=7KLK8;>@E?>@88;<CI?S;5>@7Kcd>S
57K: D@J9E±5797K:=f;;Ji7KQ;:eJK8;:=f;80:=LK7iJ¥LKLKS;S;::E&:=;ª0LKV>@:=jc=LK5:eD;f³VE?f;D@>@>@J9c=c=N$E?¶ Q;80L9:=fJKQRj E)s Q;L9Q;7K:
s
V ! 9 Z :=¹iV7dT08;5LKc=LKSr:!:i5E?E&L6P;;<?LdLK>@5>@I?jC>@:e8;J65:=D)f)LKS;ceT:E?LKS;80jLK:6795I?E?ª05D>MDMj!f;QR:e:.QRc=jl>@Q;JK>@8;E?>M8Cce8;LKJ>@:=E?Û$P08_ N jW r_ 5+8RNf;PV>@8;:6<CQ;LKJKS;:=f!:L95Ec=LK<?>@E?:=88 T
ÅÏ v G/ =|+3/ .|#01~ $qV3 .}{;|+/qV,
Ú6:=I?S;5:CDMQVj5LK5:>@8³}E?Q;;7§QR7K5VD@<?E?E?JK79:>@LKES;²jGL9J$S;>@J±E&7§Vf;5>@VJ9LK:=7K7!>@P;>@J!QRLKLK:=EfC>MH80L97KE0 f; Q;ic=:) e5_8;É2f8
LK5SR79:!>MJ¥c=JKE?:=jGc=L9j>@E?E&8 8s >@8³:!f;L9S;:=J9:c=7KD@>@>@LKPV:=:C7d5:L95Q;cd7KS®:GE>M8¬L9I?S;5:=79j>@E?Q;_JiÚ6E&S;7K: jrJ+7KT J9LBLS;s >@D@E:
s
LKSR:²D5JKL6L s E57K:8;: s _
¢JK:e8º:6JKP0LdN®5795L§P0rN!5795LKJK>@J9c=Q;Q;jD5>@7±8;<8;E0L9f;Sr:5L5:+8;5f®cdSL9S;5:c=LK>@79E?: 8!5I?7K5f¡7K>5Q;PR8RDM:c=LK>@J>@E?cd8¡S;E >@J
P;E?8R79E :t 8;:e8³E0f;Q;:?_>@R80E?LKE7JK5G>@jJKQ;Rj DM>@c=s>@L2NS;:=7K:!::+c=5E&cd8uS³L9>@L98u:=QR7Ks :jÇLKE>@J57KJ9:=JKceQ;:=jG>@I?:=:!f®LKS;5: L
JKLd5L9:§>@J)<&D@E?Pr5DMD@N6E&P;JK:=79I?5P;D@:?_.s Ú6SR:Û0Q;:=JKL9>@E?8ErD@E0c5D&JKLd5LK:
4
65
%(
6
65=<?>
A@CBED
798;:
65LKNM >/<O5
4
'5K
F;GH8;IJ
PB
4
U
4RQ
65
%(+S
D U6T VAW
%
B
U
65
U
<O>
,
>
X,
ZY
[
'.2
&0\1
]2
^
Distributor Nodes
R
R
0
R
1
2
Global State - X
Global Action - A
Global Reward - R
Provider
X
X
0
A
1
A
0
X
A
1
Customers
2
2
Customers
Customers
K78;:eE0>@;<?f;7KQ;:=:=79JJ9: :=>@808W L ¶ L9US;W B:±Jd;fR5S0>MjJ9N0LKRJK79>@DM>Mc:iPR5Q;7KD§LK:=:=J9fRfE?>MJ9Q;LKH7979c=>M¼:PRQ;f;E?LK>@>@79JKE?j!LK879>@Q;P;ceDQ;5:=80L9LK>M>@LKE&E&:=8879JE8;`>@:=8®L L9s S;5CE?:7 8;;t :=7K_L E&s Ú6P;E?D@S;:=7 :Btj³J9_is Sr5>@Ú6LKfRS®S;:=:=f79N³:=c=JK5>@E&7K7KQ;ce:BDM7K:eceL9JHS;::SrR5+r7KI&EE&:°I0>M80>@5f;L9J°:=fR7KQr5J!L55D$8RjGS;f®:>@cd5c=S8;Q;>@J9J98;LKLhE&<¥5jL9>M:!8C:=79>@L9JHJS;T§JK>@J:e58;8;rJKf <?:=Q;fZ 79T- ¥:?5_D@c=E?Ú6LK<&>@S;>ME?c+:=8R5N J D
s
579:Lh5 t :=8)TV58;fC7K: s 57Kf;JH57K:B79:=c=:=>@I?:ef)_
E?LKEPRJKf;:=:79I?r58;P;:>@D@5>@L2N I?5s D@Q;>MD@:¥DVPrQ;:8;5cef;LK>@f;E?798Ë:=JKJ9E?:=7Bf:+Dµ55cdLKS®:=7+_8;E0¹if;Q;:&7²T 5;h;r7KE0 eT.5cdLKSCSr5>@LJ 7KQ;:eLhL95Q;>@7K8;:J79>@: LKJ5j7Kf;:Ji58;Q;>@8;8;f;<B:e57HJLKLKSRS;:B:i7K:=:=ª0J9rQ;D@:eLKc=>@LK8;:=<!fVf;E?>@D@JK>@c=c=E&N$Q;¶ 80LK:=fCJKQRjXE
s
sLK>@E&>@D@8;D-JPV_ :c=E?jG;Q;LK:ef¼58;f³QRJK:=fL9EcdS;E0E&JK:LKSr5LB8;E0f;: JB5c
d V ! K Ó ÅÏ $ϸΠq .{;.3#uw¥{;3?1 ~
U:5chrSG79JK8;LE0JKf;L9:6:=JK:e8;LKE JKs:?TV5579c=fL+Tuf;5>@JK8;LKf!79>@P;D@:Q;5LK79:e8f®D@E0Hcz5D@D@ N0 THPRQ;L Pr>@5JJKLK:HED@:Sr55+7KI&8 : LK¦>@E&5ch8®SG 8;E0f;:H>@J§5LK =L9TV:=P;jQ;;LiL9>@>@8;JH<S;>@LK8;EBf;D@:e:7K5:=7Kf8P0L9S;N:H>@L9JdJH5jGD5:§c I?5EDM QR:8;Q;E 8;c D
>@Ú68;Sr<®5L658R7Kfº:=J9Q;ceD@E?LK80JHLK>@798CE?DH5fRÕ§:=c=:=>@D@JKD@j>@E?8R58!J:=E?Û08Qr55ËL9>@<?E?D@8E?PrE5D§LKS;79: :is 5E&7K7Kf¨j³¶JK>@<?8r5D2_ :=P0f;N<&Sr:¬5+5I0Pr>@8;E&Q;<BL E&s 8;D@SVN!5LD@Eu5c+c=5L9D$>@E?JK8;Ld5JL9LK:±S;:5+I?E?5L9>@S;D5:=P;7.D@8;:?E0T f;:=S;J >@chs S >@tD@DLh>@5 D@Drt t PV::B55s 8;f f
f;LKSR79:=E?JKQ;J9<&:=S)fTVDJK5>@8;L9:=c=7h:B e_>@LiÚ6f;S;:=V>@J:=8;jf;:=JBL9S;E&E08Cf³LKS;>@J:8;<?E?D@E?LPVs}5Q;D$D@DMP;N79Euf;5s >@fRJKL9c7K5>@J9P;L²Q;L9E:=§f)5 T
d V zj5ª ² r M 9 » [ 7K: s 57KfCJK>@<?8V5D2_
ÅÏ $Ï q)({R C~
s5PRS;DM:=:79}: E?7.8;E0f;7K:=: RÅ7K:=LKJ9E:=80cdS;LKJE0E?E&J98;:?D@_NºÚ6L9S;S;:6:QR58 c=t L98;>ME&E 8s 8I?5579c=>L95>@P;E?D@8:=JchSR5+E?I?>@5c=>M:=D J U 8V5>@I?:?TeP;Q;LÅQ;D@D@N6f;>@JKLK79>@P;Q;LK:ef)T+E&7Kj!Q;D5L9>@E?8>MJE?8;: s S;:=7K:
ELK7d65LK8;SRJ:!:=7E?LKSRQR:=8;7±c=LK8R>@E&Eu8)fR:=T J }s =_>@D@D`5Ù]¯5:e8;c=f L±L9S;79:!:d;:=797iE?LKPrE5P;LKS;>@DM:>@L9c=>M:eE&J²j!>@P;8>@8;LKS;:=f: :f;5E0ch:=SJ.8;8RE&EuL)fRc=: E&5jc=j!LKJBQ;E&8;8;>@cD@NC5LKLK: ECs E?>ML9;SBL9>@>@jLKJ.>@«=8;:B:=>@>@<&LKSuJPVE E?s 79J8_7KÚ6: sSr55L79f;7K:=J±J9Q;58;D@LKf J
<?<?D@D@E&E&PrPr55D6D6J979Lh: 5L95:¼7Kfz58;LKfSr55Lc=L9>@>@JE?8fR>MJ9J9LKr795>MPRc=:eQ;JLKT:=fz58;LKf Ep5D@DH>@J!8REuLKS;fR::=J_ÄJK>@8;FH<&DM8 :& T >@85Õ:=D@D@j58 D@> t ::=Û0Qr5L9>@E?8CE.LKS;:}E?7Kj¶
:=E&Û$7K_ LKQR8r[ 5>@L9JK:=8s D@NuL T$L9S;:=:!D@DH;fR79E?: Prr58;P;:=fz>@DM>@L2}NCE?7E?88REuLKfRSR: :!97K_>@<?S0É2L LC Srf;5:=8;Vf³:=8;J9f;>@f;J:!E&E8
V ¨j5ª 0 r @ K Y Ss E?rQ;5D@LBfrPVE&:BD@>MceI&N³:=7KsNGL9S;Sr:!58;79f:=>@<?L9S0E!PV:=E?JK79L9>M>@8Rj<5L98;:?E0_ f;U :=J!85579DM:!L9:=7KE&8VDM5D@E LKs>@I&>@:²8;<>@J5LK8;S;f :
s D@:57K8;>@8;<}E?7Kj!QRDµ5LK>@E?8T s S;>@cdS s >@D@DVPr:BfR:=JKc=79>@Pr:=fD5L9:=7_ H5LKS;:e7LKSr585J9JKQ;jG>M8R<²5<&DME&Pr5D079: s 57KfÊQ;8;c=L9>@E?8LKSr5L>@J
¢JKE&D@>@Q;LKSRLK>@E?E?Q;8¡LLK5EfRf;L97KS;:=:CJ9JKJK>@:=8;LG<ELKS;²:6L9S;>@J9:=JKJ9Q;::6:=EÛ0)QrS;5E L9s >@E?Æ8;>×J!¯5ic5JK>@8pj!PrQ;:CD@Ld5}E?8;Q;:=E&8;Q;fJ T c=>@8GE&j7K;E&Q;jXL9:=:f5cd¸S;7K8RE&PrEufR5P;: D@J6NJKPr:=58;JKJ9:=E?f79J²E?8BL9E>@805B}E?ce7K:=jC80LK57hL95>MD.E&86DME0LKc7d55LK8;>@E?J9j8V §>@LK5L98;:=ff
s :E&P;JK:e7KI?:CL9Sr5L!E&8;c=:C>@L±>@JE&Q;8;f)T.L9S;:CI?5D@Q;:!}Q;8;c=L9>ME&8 P;79Eu5fRc5J9L)LKE5D@D8;E0f;:=J+T s :Q;JK:5DME0c5D?J9>M<&8r5D05+I?5>@D5P;D@:)5L
O
4
'5
U
65
,
4
X,
/.
-
Y
()S
D U6T VAW
B
U
U
< P0
4
4
65
(
'
< 798;:
@CB
D
F G 8;I
'5K[M >/<O5
4
(
Q
4
Q
65LK
J
,
X,
0
H,
Y
&0
]
R
+
J
O
4
65
%(
6
65=<?>
798;:
/@B
D
F G 8;IJ
65LK M >/<O5
4
'5K
:PV5:BchS!c=E?8RjGEu;fRQ;:?L9_):=É2fCLf;>MJ>@7K5:=JKc=JKL9QRD@jN!:=79fE?jLKSr55L.8;LKS;E0>@f;J: 79J6: s E 57K8CfDME0QRc8;5c=D$LK>@JKE&:=8±8RJKcE?5798 J
5S;8RE fºÆ5>ÑrceLK5>@E?J98;>Mj!J+_ QRDMULd5<u8;5:e>ME?8Q;T J$s J9E?>ML9D@S;Q;E?LK>@QRE&L 8²5L9EHf;f;L9S;7K:e:JKJKJKs >@:e8;L-<ErL9LKS;SR:C:=JK>@:JKJK:=QRÛ0:Qr5E
LK7K>@:eE&Lhs 8;5>@J8;cJ5>@8LKJPVj:6:E&5Q;8;8;>@8;f)<BT s5J:HLKE&S;P;:iJK:e:=7Kª0I?r:i:ec=LKLKSr:=5fL§f;L9S;>@JK:Hc=E&I?Q;5D@80Q;LK::=fC}Q;JK8;QRc=jXL9>ME&E8
Q;L9Q;7K:79: s 57Kf;JiQ;8;f;:e7HLKSR:B7K:=J9Q;D@LK>@8;<!VE?D@>@c=N$¶
V Ê
9 Ú6<?QVS;5:7h5c+805LKLK:=cd:=Sf>@LKJ!EL9PVSr:B5LGE&;LKS;LK>@:jce5E?D;j}E?V76E?LKJ9SR>@LK:B:EVI?E?:=D@7d>@5c=D@N¡D)J9>MN0J!JKLK8R:eEj³DM_E&8;É2Li<?:e>@7J
:>@8 5JKrN!<rLK_ E¥W JK_):=a:BQ;5;8GVE?:=ª;JK:5jGLKS;;:D@;:§7KEE)I0LK>@S;f;>@:=J7$>MfR8!EuL9:e:=J-7K8RjGE?JL$EE)]$:=L9S;7:H:=8;:eE?ªQR5<?jSB;L9D@E :
Jh8;5E0LKf;>@J2: }N Z 5c=Q;DMDRJKc=L9Q;E?jGJKL9E?:=7KjGJ.:=>@7KJ)J6<&57K:8;5f!LK:=L97S;:HL9SrV5:=88rLK5SVD@L25NBLE&E?77f;f;:=:=R;7K79>@>@I0Iu>M>@8R8;<B<iLKLKS;S;::
8;LKSRE0:f;: fR>MÊcJ9LK=79Q;>MPRJKQ;L9E?LKjG>@E?8:=7KJ+8R_!EufRÉ}§:=JLKSR:!7KE&7Kj:=J9E?LQ;979Ec=:W j!L9Q;E J9L6Z T.rE8;s E0f;LK:S;79E?Q;<&>@SD@D
5:=ª0ceL!V:=LK8;EJK:6Jh5EL9r>@J2JKLdN¡579>MIuL9>@J!8;<iE s LKS;8®:c=E?QRL9S;JKLK:=E&79jJ)}:=Q;797KJ!L9S;:=:=I?7:e8 f;E 5L!8LK_ S;H:CE&<&LK7K::LK5s SrLK5:=7L
LKÛ0SRQr:5fR7K7h:e5JKQ;L9>@D@c?L_ >MJ¥Pr5f:=I&:=8®>×6LKS;:Gr:e8r5D@LK>@:=J!5s 79:!:=Û0Qr5D2T.P;QRL
ÅÏ $Ï G/ =|+3/ |#;13#0wB{;3?1 C~
:LK¹i>@5E&8;ch8±:SC5s E&PVLK5+E?S;NGQ;:=L.7LKEL9E?S;QRSV:§L§5+>@I?>@jGJ:Bj!LK8;EE0:=Srf;f;5+>:e5I?J²L9:i:)ce8;E?7Kj::=>@<?j!5S07KQRPVf;8;E?J>@7KcL9J5S;:=L9:=ª0:²NBcd5Sr798R:=5f³c=8R:=<?>@5I&:c=:?Li>@_.80LKÉ}EGE?r79:S;j5:=chD@5 S
c=LKSRE&8;E?JKJK:6>@f;E:=¯79J±>@L9J-5 8Rs :=:e>@<?>M<&S0S0PrLKE&:=7KfJ 5+I?:6:=<?7d5:e<&L-s :±L9S;E:§>@E&LKDMJD@E D@Euc+>@8;5D.<67K:=: Û0s Qr5579LKf;>@E?J±8¥58;E&f 7
s
:5chSC8;E0f;: JiI?5D@Q;:Q;8;c=s L9>@E?8)¶
U
65
4
D U6T VAW
%(+S
B
U
U
'5
<O>
$
,
Y
X,
[
'.#2
Y
&0
'<
&
,
Y
4
X,
'5
[
%(
'.#2
62
' 65=<?>
@$B
D
2
Y
&0
D
6 <
798;:
65
F
G 8;I
K M >/<?5
65
4
K
J
6
U
4
'5
(\D
LK '<
'5
U
<O>
K 6 <
V K sS;E S;s :=79J9:LK7KE&8;<?
?D@NB ¥8R>MJBEufR5 : s :=s >@<?>@D@S0D L9s >M8R:=<!>@<?S0Q;L.8RLKc=S;LK:>@E?>@8jjGL9Sr:=5f;L¥>5f;L9:=:)LK7K:e: 7Ksj5>@8;7Kf;:eJJ
EPV):!8R«=Eu:=fR7KE·:
E?>M7±8!5>@D@L9D-J¬V5+5I&>@:=7K7hJ5<?E:?6_.8;É2E0Lf;>@:=J¬J¥5LKJKSrJKQR5jL±5:=fG79:!LK8;SrE?5LL8;:= >@<&
?Su PVsE?79>@JD@DT
LhP0558RNC>@f8;8;J6E0LKSrLKf;S;5::L
;I?_i5 ¢7K>5}:BP; D@f;:s E>MD@8R DE?T PVL²s :5S;8RJK>@cdJ9E?Q;SC8 j >@«=J§:B:=L979L9S;ErSr:±_55LiÚ6ce8;LKS;E0>@:E?f;8G::eÛuLKE!QV5PVLK>@:²>@D@E&D)cd8<&S;:=E&c=LHE?JK:=L98 8 E
JK7K:e:e:±JKQ;L9D@S;LK>@>@8;JH<!5c=79:L9>ME&58C7KfchSRT E?>@c=:?_ TVP;Q;LiLKSr5L68;E0f;: s >@DMD$s79:=VE?7KLiLKS;:
s ¢PV:=:Sr5+jI0>@>@E?<&7SuLGPr:=S;c+E?5VQ;:®J9:L9>×SrH5:=LI?:=LKS;79N?>@JE&8;s :C>@D@cDB5797K:=:eJJKQ;5D@LPrE&>MQ;8lL±D@L9:=S;J9J³:=jG<&JK7K:=:=D@:eI?f;:eN J
LKf;5SR8R>@JK7KfceE?7KQRLK:=<?S;L9:²S;:=>@E&J97BQ;Lh58RL§LK:=L9:=>@S;J6<?:S05Pr8;8;E&:=f!7KL J+sL9T.S;E?:6LK7 S;t I?:=_.58¡D@É}Q; <?:s E0}E0:iQ;f 8;c=E?c=s L98R>M>@JKE&D@>@D8!f;jG:=>@7HJ>M<&7K5¥:=S0RJKLHN07K;JK:=L9J979:=:=E?j80rLK5:=s <ufC5>ML9>@L9S8 : !3#":%"%$'$'&&(*(*)+)<,":?%"%$$--././&'&'02021313"%"%4/4/575 @>6@#4#!!#"#"%%$'$'&'&'08084!4!55 @,649@933::"%"%$'$'&'&'004!4!55 4,@,49@9!!;#;#"%"%$'$'&&&<& "=>=&
5Lh5P;D@:?T s :²c+58CJK:=:¥LKSr5LH5JKE?D@Q;L9>@E?8Ld5 t :=J6LKS;:°E?79j³¶ ; "%$'&(*) ; "%$-./&'0213"%4/5 4>4# "%$'&'084!5 649 : "%$'&'04!5 649 ; "%$'&&
d V Ê
? 9 Õ :=c5QRJK:!LKSR:=7K:>@JHE?8RDMNGE?8;:¥JKLh5LK:?TÅLKS;:LK7d58;J9>ML9>@E?8C;7KE&Pr5
;P >@D@>@LK>@:=JH58RfL9S;:B:=ª0V:=c=L9:=fI?5D@Q;:E?8CL9S;:B7K>@<&SuL6SV58;fJ9>@f;:
4
r ¨j5ª Uf;:=ce8;>ME0J9>@f;E?:8;LKJ SV5L>@D@D¯Q;J95:=c=JL6LKLKS;E!>@J.>@jGI?5;D@7KQ;E:I&:§Q;L98;S;ce:LK>@DME?E&88;<LKELK:=j79j5 t :79: >@L9J5r7Kf;E&JiD@>MceEN
>@LKJ6:=>@8;<?S0:e>MLK<&JS0<&Pr>@s E&I?7K:=J685P08;Nf )s >@D@Dr
? =jC_5 Fit 80:6L9E&7h7K5LKf;QR:=8rE5]$L9:=JHD@Nu5ceTc=>@L E?79f;>@>@D@8;Dus <!J9LKLK>@D@ED;8;LKS;E&: L
sS;:=D@¡>ML9J!8;E?8 8;:e>M<&S0PrE&7KJTPr:ec5Q;J9:?TH5J s :CJK:=s :>@8¡:=Û$_ T
8;E?L9E0S;f;:=: 7iLKSrJK5LK>@8D@D>@L9f;JHE0:=>@jJ¥jG8;E?:=LBf;>SV5+5+LKI?:6:!8;5:e>M80<&NS0Prc=E&E&7KjJ_6VE?8;:=:=Q;80JKL>@8;E<!6L97KS;: s:B5;7K79f;: J
I0c=Q;>@E?J9Q;LKE&J6j:=ª;:=795Jj_ ;D@:?T08;E0f;: s >@D@D$JKLK>@D@D-5c=L6LKEGJKLd57KI&:B8;E0f;: Z J
ÅÏ $Ï G/ =|+3/ |#;1 0{; .# .,(|+/qV, C~
HE0f;:eJ-c+58!5c=LLKE²5JKJ9>MJ9L.8;E?8 8;:=>@<&SuPVE?79J)>×;LKS;:I?5D@Q;:`Q;8;c
LK>@80>@E&E&8³7Kj:=Û05QrLK5>@E?LK>@8E?88;E?>MJLQ;5VPrfrE&5Q;LKL±:=fL9S;L9:=E>@7SV>M5+jGI?j::=LKS;fR:>µ58;LK:E0f;7K::=JB5:e79ªuf;cdJSrT58;P;<?QR: L
s
5PVE?QRL6LKS;:=>@76I?5DMQR:6Q;8Rc=LK>@E?8RJ¶
h r ¨j5ª 9 0 V 9 & ULKECLL9LKS;S;:!>@JrVE&E?>@8u>@80L L s S;:!:=79Sr: 5+I&:±:±cdcSr558³8;8R<?:=E?fLJhLK5+SRN:!j!Õ§:=QRD@chD@jS558CPVE?:=Q;Û0L Qr5L9Sr>ME&58 L
;JKN079J9E?LKV:=:=j 7KL9>MJ9:eQ;JcdS·5C5JKs J6E&DMLKQRS;LK:¥>@E?:=8s ª;5s jE?Q;RD@DMf:iPrSr:e5+DMI&E :?_T É28®:5·c5f;8 :=LK:e797K>MjL9:B>@8;s 5>@J9JKLKE >@c
D@Q;LK>@E&8>@8L9S;:E&DMD@E s >@8;<iE&7Kj³¶ s s s
h r K W & >@¹i8³E&8;76:e::=Û¯Û$L9_ S;_ 5>@W8;RT<CJLK ELKS; 8R:=N E?
?LK =:!T$:=>@57KJB7K:!:BL9Sr;8;579E!:=L¥I0D@LK>@E&E?S;8;Q;: <?J9:=sDM7iN:=:=>@Pr<?Û0:=S0QrL LK5J¥D:=>MLK:=8EG8¡LKLK:=SRS;Û0:: J_ 5+s I?:= :e>@7h<?55S08;<&L9f :J
:=Û0_ QrO 55LK>@>@E?79JH8)TEj8;5+E0NGf;:e7K:=J²ces L9:=Sr>@I?5:Li8RSrE?5+I?8 : «=«=:=:e797KE E s :=:e>@<?>M<&S0s S0LKL6J¥>M>M88LKLKS;SR::!}DµE?57KLKjGL9:=:=77 _
É258J LKSr:=5D@LD2_ c5J9:?T&8;E0f;:=Jc585c=LLKES;:=D@sLKS;:=>@78RE?8 8;:=>@<?S0PVE?79J
s
É2c=8E&8;E&JK7K>@f;f;:e:=767LK5!EJKJKN0:=J9:LK:=S;jÇE sE?s79<u:=5>@8;<?S0>@«=L9:=>Mf8R<B5EJB)5 8;E&[ 8 8; 8;E0:=f;>@:<?S0cdPVSrE?57K>@8JE0c=S;c=Q;:=7K79:J
:PV5E?ch7KSGJ+_.8;¢E0f;:H:679Q;:=jJ9:=JHEI&5:6JKLK>@S;jG:;jD@:§55+ªI?:=797dE?5j<&:H:=EÛ$$_ >@LKBPJ9:=0D×N-558;JKf!JKQR>@jLKJ>@8;8;s <:=>@<?LKS;S :
8;E?Q;8RE079DMf;LKN:=S;JB:eE?7!8R5DM:JK79>@:jJ95LhfR;5NLKD@>×:?T>@NGjLKPuS;;N®:=D@:=795:=jGP0JKJ9:=NpQ;80jL¬j5 >@5 8;r< >@ª08;s :=<Gf):T$>MLSrE&5+;JKI&LdLK5:>@jL9:=55D@:=D$J9JKNurJJ9E&LK D@:=>Mj ce: Nu_iDMs D ¢>MrL9Sª :
LKLKSVSR:²5LHJ9Q;D5jLK:=J67d =>@8G_i:=Ú6Û$S;_ :±:L9S;=ª07K:er:!58;I?fR5:=D@Q;fr:i Ht 5Q;7K8;:?ce¶ LK>@E?8:eÛuQV5LK>@E&8;s J± s >ML9S
'5
%(
D
6 <
65=<?>
P
D
@$B
798;:
F
'5K[M >
G 8;I
<O5
J
6 <
6 <
4
65LK
%
6 <?
>
%
4
U
65
()S
D U6T VAW
%
B
U
D
6 <
'5
U
<?>
ELKSR.:=:=JKÛ$:B_ :e!5ÛuQV57KLK:B>@E&798;:=f;JBQ; c=:e>@f³LKS L9E5BJ9>M8R<?? D@:>@JLK:=¶ 79j³_.Ú6S;:BJ9E?D@Q;L9>ME&8L9E
s
V Ó 0 [ 0 Z W + 0 l WZ V Z 0 Ó 0 Z 0 V Z W 0 [ 0 Ó 0 Ú6c=>@S;:=80:=LKJ9J:³}:eE?Ûu7 QV5 LK>@ E&8;
?J ±jC5J!5LKjcdS¡:=80:=LKÛ$>@E&_ 8;:=W fPVs :d>@LKE?Sp79:?f;_p>×]$AC:=7KE?:eJ98uL!LC>MjGc=E0r:dE&7
Lh>@8;5c=80D@LKQ;D@Nuf;T:eJ°s :5JKV:eE?:±J9>@L9LKSr>@I?5: LiLKS;:=:>@<?I?S05LiD@Q;E?:8}L9Q;S;8;:±c=L979>M: E&8C57KE&fR7HJ²8;79:=E0c=f;:=:>@I&Ê8:=f³;E P0s N
8;8;E0>@cf;5: LK:CZ f;:e>@7KI?:=:=ce8zLKD@NuLKS;T E&Q;S;<?>@sSpcdS L9S;E?5J9J:³LKL SRs :EE&8;7K>@E0<?f;>@s 8r:=JG5D§8;>@:=80I?LK:e:e78uL!ceE?Ej²j!L9S;Q >@J
5JKLdD@5<&L9E?:=7KJ>@L9T$S;:ej³Û¯_ _.É2W8CZ LKPrSR:es :±c=E?79jG:5:=DJ²cs 5Ê5J9j: 5s L9S;7K>@:eª!7K:ELKS;:=:=Û079Qr:±55L9>M79E&:±8;80JQ;TVjGE&8;:=:7KE&Q;E&7J
:JKLd55chL9S¨:=JB8;7KE0:ef;LK:Q; 79JK8;Lh5JLKLK:ECV:55>@cd7ST5:eÛu8;QVfp5LKLKSR>@E&: 8)_Hs :eÚ6>M<&SRS0:±LKJ9:=E?fpD@Q;JKLKQR>@E&j 8ELKEG²8;LKSr:=ª05LL
JKP;:eQ;L6L!EL9-S;:e:CÛuQV7K:=5J9LKQ;>@E&D@LK8;>@J68;< >@J§J9LK:=>@>@D@<?DÙS0ØdQRLKJJKLHE?5¥8pjL9S;5:CL9LK:=7K:7E5.79D@f;>M8RJ!:f;576:=V5:=D@<?8;:efP;7hE&5R8 T
LKSR:²L97h58;JK>@LK>@E&8R7KE?PVs 5P;>@D@>@LK>@:=JPr:=L s :=:=8sLKS;:BJ9Lh5LK:=J+_
¢LK79>@>@P;LKQ;SLKL9:eS;f>@J$7K:eE&;7K7Kj!:=J9Q;:=80D5LhL95>@LKE?>@8E?8Cs :E)SrL95+S;I?:H:I?:d]¯5D@:eQ;c=:LK>@I?Q;:e8;DMNceLKc=>@79E?:8;5JL9:=EfI?:e57f;LK>@S;J :
8;>@LKE0J.f;E :=J+_8¦:=ª05rcdSC:=ce8;LK:=E0fGf;:iQ;>MJL9Q;LK7K7K:6N0>@798;: <5LKE7KfRD@J§:55798;8f5 LKSRs E?:=JK>@:i<?S0ELKr:eL9fS;:6JKQRE?jXL9S;:=E7
8;Q;E08Rf;c=:=sLKJ>@E?>@88!LKS;:=:iD@DH8;:=¸jL s E?E?797 :±t E&_8³É} L9s S;s :H>@JBSrD5+5I&L9:6:=7hch eSRT E?JK:e:!8c=E?E&QRQ;7D@f³s J9:eQ;>M<&jÇS0LKLK>@8;S;<:
I?PV5:¬D@Q;58B::=Q;ª08Rrc=s :eLKc=>@LKE?:=8RfÊJEQ;I?L9:=Q;77K:5DMD0L9:eS;>M<&:HS08;LK:=E0ff;:eJKJ§Q;jl58;sfErLK7KSR: :67K5:=7KJ9f;Q;JD@L EI&s :=E?7-Q;5D@D@f D
LKLKSRSR:6>MJ68;>@E0JHf;5:=c=J$c=ØdE?Q;jGJKL;D@5>@JKJ.S;>@:=8±f L9S;:Hs >@LK<&SDME&5Prc=5ceD;:=JKiJE?8R5;DMN!;79L9EuE!5s D@cdEuS)c+_5HD$7KE : s :=5I&7K:=f;7J T
5PV8R:=Lf±c=:eE&:=j8j!>@jQ;jG8R>M:=c+f;5LK>5>@E&L98H:§8;Es $:e>MI?<&5S0D@PrQ;E&:7KJQ;_ 8Rc=LK>@E?8>@80E&7Kj5LK>@E?8s E&8;D@N
s
ÅÏ q)({; e|+{;|#C{;,1¡|+*-# e#3q ¥n #0{;3,./,.m
É2Q;8J9:±LKS;E:§;<?7KD@:=E?I0PV>@5E?D)QRJ9J)LhJK5:eLKc=:!LK>@>@E?808E&T 7Ks j:5PrLK5>@E?JK:=8f¥5+E?I?Q;57$>@Dµf;5>@P;J9D@c=:BQ;JK5J9L²>@E?58;D@D-J8RE?Eu8fRLK:=S;J: _
É2Jh857KE?N!7KfRL9E±:=75LKD@JKEE¥SrSr5+5+I&I?:§:i5DME0Q;cD@5D@NDrJ9f;Lh>@5JKLKLK:?79_.>@P;É2Q;80LKLK:eQRf!>ML9j>@I?:=:=L9D@N0S;TE0LKf)S;T+>@J>ML.>@J>@J):8R5:=J9c=>@:=:=JKJ L
LKLKESR:LKSRc>M58 JKt :C5EPrHE&L9Q;7hL5fR>@8>ML9>@L9E?:=8r7KjG5DÍJTÅE<?$D@E?PrQR58;Dc=LK7K>@:eE&>M885E?;79c=;:=79jEª0:e>M8ujCL5D@L9:>M5E&798)8;_V>@8;É28<
sLKSRE?:H7 t I?T$5D@L9Q;S;::!Q;Q;8RJ9:!c=LKE>@E?8!Q;SV8;5c=JL9>@PVE?:=8c=E&5j;;:679c=EE&ª0j>MjCj5E&L98)E?7K_VJ6É2LKL9JEj7K:e5;>M8¥7K:=;J9:=Q;807 L
VPVE?:JK:J9LKE&>MJG7K:=LKfpE>@8Sr5Lh8;5f;P;D@Q;:CD5JK7¥Ld5LKE?:79j³JKrT.55c=:=8;JCf¡LKLKSrE5LJKV5:=7K:=:fpL9Q;EupED@D:557K<?798;:C>@8;L9E<
LKcSR57KJKE?:=J+QRT$<?LKSS;:¥<?:=c=8;E?:e807hI?5:eD@>@7K«<?5:eLK8;>@E?c=:8;>@87KE0DE5}7KJ6<?:¥E&JK76Lh7K5:=LK>@:!80J9E&r7K5c=c=:e:ejJ_B:=80É2LH8D@:JKE&5j7K8 :
>@>@8;j<B5SrLK>@5+E?I&8!:HÒ PV T:=:=ZÙ8Ô _):eÉ2ªu8!L9:=L9S;8;:6f;:ecf5J9L9:HE±EL9)S;DM:E0cQ;5JKD;:JKELd5)L9:6Q;8RE&c=7-LK>@fRE?>M8CJ9LK579;>MPRRQ;7KLKE:=ª f
>@Hj:55LKT Q;LKs >@79E?::=8 JHc5s¸LK8BS;S;L9:=:=S;79>@7:>@8 E :t 5E8¥cd;S®DM>ME0L$8;c:eE05ªf;D@5DM:!Nc=LKSrE&D@NP;5J±JK5:=J)cd79I?S;I?5E&5P;JKD@Q;:=D@:8:$JKfRQRLd5>Ñ8;]$LKc=:+:=LK .79>@E&>MLK8R8±E<5PVJK;:6:=RL9Q;7KJ!JKE:=ªEf
P0>@LKNC>@E?LK8S;T :=>@7:iJKQ;V8;:=c=c=L9Q;>@E?D58s LK:5;LKSrR57KELª0LK>@SRj:=JK5:L9E?c=79E&J8u_I&Õ6:=7K5<&J9:=:=8;fc=:E?879:=L9JKSrQ;5D@L9LiJ6>Mj80L95+Q N
:=ª0LK:e8;fs L9EBE?Q;75D@<?E&7K>@LKS;jGJT+P;Q;L58;J s :=79>@8;<±L9Sr5LÛuQR:=JKL9>ME&8
B&(
W
W
4
65
(
4
65
(
4
65
(
W
W
'5<O>
A@
'5<O>
A@
65=<?>
'5<O>
A@
'5<O>
A@
65=<?>
'5<O>
A@
'5<O>
A@
65=<?>
,
K '<
0
2%
0
>@LKJ.SR:Q;L9cdQ;S;7KE&: JK:=s 8¡E?7QRt 8;_ c=U LK>@f;E&f;8 >@LK5>@E?;8V;579D@ED@NuªuT+>@jCLKSR5:6LKE&Ûu7QR:=>MJ¥JKL9>ME&E&87 E5¯rS;5E 79s LK>@c=<?Q;E0DE05f 7
;79E?P;D@:=j 7K:=jC5>@8;J>@jGrE&7KLh580L_
Ú6EBS;:=D@E079:³c5>@D6JJ9Lh55LKR:7h5I?ce5LK7K>@>c55P;DD@:=;J+79_ E?P;U D@:=D@jDHE>@²80L9LKS;79E0:f;:=Q;Û0c=Qr:=fz5LK>@P0E?Np8;J!LKS;>@8p:E?Q;QRJK: 7
f;I?5:=79D@Q;>@I?:·5LK>@Q;E&8;8c=L9Sr>@E?5+8)I?:!_ PVU :=:=L 8 rs7KJ97KL>@L9<&LK:=D58¡8;c=JKLK:&79T6>@c=>@LKLD@Nj>@>@8<&SuLKL!:=79J9j:=:=JBj¤EHLKSrLKS;5: L
LKc=SRE&>MQ;J ;sD@:=>@f D@D§D@:>@L95S®fºLKL9SRE³:L9D@S;::C57KQ;8;JK>@:C8;<E°EH5 J9tN0>@JK8;LK:ef¡j EjGI?Eu5fRD@Q;:=:!D@JB>@LKLKE:=7d5JKE&L9>MDME&I&8 :
LK:SR5JK:§>@D@;Nu79TE?P;LKS;D@s :=E&jXQ;<?9S)Ò WT0TPr:eW?cW95Ô Q;TeJ9E?:³7L9:=S;ª;:5jGQ;J9;:CD@:E =B_$Ú6D@EuSRc+>M5JD6cJK5Ld8 5L9L:Pr:jf;:E&58;8;:J
8;:=S;>@<&>@cdSuSPVE?LKEC79JHc=cE&5j8 j!L6Q;Q;8RJK>M:c+5JKLKLd:&5_6L9:±É2LH5J>@JK58 c=LE?VjGE?jJ9JK>@E?P;8!D@:D58;E&<?7²QrE&58;<?:: 8;s E0>Mf;L9S :
sLKE5J t 58;E?L9S;:=7 !"#"$%#&"
('*)+,-).
//0
214356$"35'*7)+8#&"
7K)9:e
;/:/07K:=6$J9":=8037Lh5;LK(">@<E?"=8E>$?ÈLKS;:PV:=E?cL95S;Q;:=JK7 :Ji8;JK:=Ld5>@L9LKS;:e:=J²7C58REfLK5S;ce:=LKj>@E?8;SVJ+5_ J580N
5G:=Q;JK8;R>@>MI?L9:e:±7KJhL95S;D§>@JD5;8;7K<?E&QrP;5D@:=<?j³:?_!TR7K4: E&s 8;5JK79L9f¼7KQ;5c=8;L9>@f8;<³I?55 D@Q;:° D@Q;:8;5c=7K8;L9>@>@E?8;8;<JBÒ 5W79e: Ô
c=:5E&5D@<&chjE?S7Kj!>@8RL9Q;S;Eu8;fRj>@:±c5LKcE!LK5:8JK>@E&8D@>@I?jLK:HS;;L9:eD@S;:=JKjG:B:;:=L9:=80797KE?L§jGP;L9D@EJ:=_ j D@:U 5E?798;8³D@N! L9D@S;:7K:e5:!Ûu7KI?8;QR5>@>M8;79D@Q;:=<CJH:798R}Q;Q;EuD@8;:!fRc=:=LKL9JHSr>ME&L958E L
>@8:=Û$_ B>@J¶
P
5
>
BA WDCFE G@ W[ ? 9 E K Í BA j5ª @ u :=¦>@Û0Li5Qrchc5Sl5LK8³>@8RE?8;Eu5fRJiD@JK:E!E?8;rPVD@>@:=:B8;7f;:?E?_iE?798RjÕ:±:=JCcE5]LKQRSR D@JK:>M:!8RQ;:²LKrSRQRfV:BJK5>@D@8;LK::e<5J795!8;JK>@VL98;7h:=<5c=c=> >@r:JH :=fRfÄ5E?Ji8;P0:LKNS;E?:L98;S;JKD@:=>@N08;JKJ ::
LK8;:e:=j :ef5}c=E?L97Qr8;5D@:=D@>@NB<?S0rPV5E?JKJ97K:=J6J6L9LKE±S;J979rE?:eQ;c=<&>×S!NI?L95E±79>M:E&5Q;cdJSJ9LhE&5LKL9S;:=:eJ7 T0L9S;Sr:=579L:²JK>@JLd58RLKE:
E?E&77H5LKc=SRL9>M:=E&jÈ8±L9L9S;E:=LKN 7d5I?8;:6J9PVj:=>@:=L68GLK>MSR8!:=>@E&7²7ceLhQ;5 7Kt 79:=:=880_)LBÉ2:=LJK>@L9J>@jE&8;5D@L9NB:=s f8;:=I?ce5:=DMJKQRJd:B57KEN
LKSR:²J9Lh5LK:BL9S;:=NCD58;fG>M8C5L6:5cdS>@L9:=7h5LK>@E?8)_
H I*J0K );MÃ L ¿ ; N )0Â
¢;79E?:CP;LKD@:=:=J9jLK:=_Bfz¢E?:QR7Q;JK5:CD@<&5 E?7K >@L9S;_b4jÇ_RE?E?879j!5Q;DJ95>Mj!L9>ME&QR8Dµ5PVLK:=:=f¡c5rQ;EJK:Cs :=>@L7!JK<&>@7Kj >@f
;I?5D@> 79r>:=5JP;D@LK:=S;J.:CJKjCJ9>M5j!D@D@QR:=Dµ75_$LKa0>@E?>@j!8Q;5D8;5f LK>@E?t 8i:=:=ER)J!5HLK79S;::C5D 80U Q;_bj!4PV_:=V7±E EH:=7.JKLd<&57KLK>@f :
7K¹i:eQ;Ûu7!QR>MJK79>@:=j!J.LKQ;S;D5:LKQ;>@E?J98:§EQRJKce:=E?JGjI?R5DM7K:e>5ª¯P;Te7hD@:!5LK7KS;:=:=J97.>MJ9L9LKSrE&57KJ8B795:J 5D25T+I?j5s 79:+>558;P;JD@:=EJ+ _
c=VE&E?8uJKL9J97K>@P;E&D@DM:!D@>@8;>M8<C7KV:+E 5s D:=r7°E rE :=s 7B_!<&7KH>@f;>@J9JLKTE?P;79>@Q;cL5D@8;D@Nu: TÅLKS;f;>@:=JBI0Sr>@c=5:=JKJ±8 5LB7K:!PV:=PV:=: 8
>@8;E&DM<D@E fR:=>@I?8;:=<D@E&c=rE&:=jfVL9E?Sr8;5:=L 80s L9s JB>MD@D.55<0D@5D@>@E 8)s T&7K>M:dL+}_±:=7H¹iL9Q;sE 7BrJ9<rN0_ JKLKW :e =j ¶ SV5JLKS;:
s
O3'q $/21#03 Ï Ú6S;:=JK:57K:BL9S;:rE s :=7<?:=8R:=7h5LK>@E?8C25c=>@D@>@LK>@:=J
58;f57K:L97K:5LK:=f³5J rª0:=fCI?E&DMLd5<&:HJKE&Q;7Kce:=J_
@
'5
<O>
65
6$ '5<O>
4
65
798;:
65
<O>
A@
A@CBRD
6 <
'5K
4
<O>
e|+J9qr>M79:=f #03 I?E?Ï D@LdÚ65<?SR:l:=JK:B¸E?797:=;5l79:=JKf;:=:e80JKL>@7Kc=:=>@f LK>@:=VJ+ET s :=S;7p>@cdS79:=SrÛ05+Q;I&>@7K:°:=jG5¥:=f;80: L
Pr5JK:=fE?85 Vªu:ef79:=JK>@J9Lh58Rc=:±D@E05fr es _
G/ e|+>@3c/ 5D-):e|+8uqVL9>@3 LK>@:=Ï JBÚ65S;8;:¥ff;LK>@SRJKLK: 79>@P;"#Q;LKE&7KJiE§7K:=E&;Q;797:=JKf;:e8u>@JKL¥LK79Pr>@P;E&Q;LKSLK:e;f¼S0iN0J
f;E&:e7Kc=j!>@JKQ;>@E?D8;5LKJ>@E?j!8)Q;_JKÚ6LPrS;>@:6J6jC>@J 5sf;:?S;_Å:=79Ú6:±S;L9:§S;I?:B5>@7K80>5LK:=PRD@DMD@:e>@<?J-:=E80rLLKSRc=E?:680c=LKE?798 E?D
L97KE?D;7KE&P;D@:=j 57K:B5JE&D@DME s J+¶
q)({;:+65cd{VSp(|+r/EqV, :=7Ï DM¦>@8;5:GchSc=E?8;8RE08;f;:=:pc=L9:=jCf5 tLKE:eJ¼>@L+5¨_cdÉ2S;L±E?c+>@c=5:¡8®79E&: 7
Û0PRQ;DM:e:ef)JKTVLSrLKSr5s D@5I?L:eLKf)S;T;:iE&7K76:=DMJ9:^>@JKLHLh5L98;S;c=:B:iJhE?58!jLK:?SV_65ÅL>MD@8R>@8;:=:6JHPVL9Sr:65f;L6E?<&Q E
PVL97K:=>@LP;s Q;:=L9:=E?8l79J§f;5>@8;J9fLK7Kc=>@P;>@LKQR>@:=LKE?J+T?79J5795:68;c=fzE?80;L97K7KE?ED@I0D@>@:=f;f:=79P0JN²TiL9E?S;7C:6f;f;>@>@JJ
L9L97K7K>@>@P;P;Q;Q;L9L9E?E?7+7B_ 8RU Eu8ufRN:=J D@>@8;:>@D@D-LKSV<&5:=LLB<&L Eu:eECJPr7K:=:eÛ0L sQ;:=:=J9:eLK8!JL E?s 8ES;f;E >@J
>@L9L9>@JE?8C79:=JKJKcd>@S;J9:=LhjG58R:Bc=:pJKSRJKE sS;E&8Q;D@PVf:=D@cdE Sr5s 8;f;<?:=:?LK_:e7KjÚ6>@S;8;:¼:eJH5LK7KSRP;:±>@L957h5cs
L9 Qr5VDE?cdJ9SrJK>@5P;8;D@:<&:I?>M58CD@Q;79:=s:=JJK>@JK5Ld8;5fÌ8;ce5:?s LK_6L9:=Ú6jS;:;L97KJC:eJKLK>@EpJKL9E?>@8;7KJc=7KSr:+5+5I&JK::
L9ceS;7K::=5j¤JK:CPrLK:=S;N&:eE?j8;f¨Pr:eLKDMS;E :=>@7CL9jS;:=5>@7±ª0>MjGjQ;>@8;jÇ>@j±I?Q;5j D@Q;:&I?T65D@E?Q;7C:±f;79::
J9Q;iD@L6E0f;>@8: LKW SR:=j JKLd5+Nuis>@8;Eu<fRLK: SRZ:²Jd79:=5Û0jGQ;:?:=_J9L
79:=Û0Q;:=J9L ²5D@I?: a;5jG: E&Q;P;D@:
aR55jD@I?: : ²²55D@D@I?I?:: ²a;55jGDMI&: : aR 5E&jQ;P;: D@:
E&Q;P;D@: a;5j: E?Q;P;D@: E&Q;P;D@:
q)({;jC 5eL9|+>M{;E&|86# ÏE&7)U :5f;cdS±>@JKL9D@7K>@8;>@P;:.Q;>@L9L)E?Sr75J)79:=f;c=:=:=V>@I&:=:=8;JCfR>MJK8RLh<²5LKE&:8 >@80SrE?57 L
s
>@L9J6c=E?8;8R:=c=LK:ef³L9Er¶
1/ =|+8;3:e/ >M<&S0Pr|E&qV7K3e>@n^8;1<p/ eI?|=E&3DM/ Ld5)<&|+:³qr>@3 J²S;W >@ <&S;¢¨:=7S;:=E&LK7SR:=8R7lE?L®LKS; Z:
J95Lh<?5:L9:=>@Jh8; ec=T 79:Z 5 J9s:=f)S;Ti:=LKD@SRE :=7B:=79LK:=SRf):!T8;E?:=7G>@<?7KS0:=PVjCE?57K>@>@8;8;<G:=f¡I?E&LKS;DML :
Jd[ 5 j:S;:=79L9E?S;j:=7pLKLKSRSR::Dµ5s7KJK:=LGJ9>@JK>MLKL9E&:=7h7®5LK>@>@JºE?85L [ >@LKJJ9Lh5jL9:=>@8;Jh e> T
j!Ú6S;Q;:ejs 7K:±Tdj57K5: ªu>@W+j! Q;VjCE?J9TdJKE?>@P;7.D@>@:8BJKPVLh5:=LLKs:=Ji:=:=LK8E&Lh5[ D2_ J9Lh5L9:=Jh e_
1/ =|+L9E?3/7KJi:=ª0|qVc=:=3e;n^(L/}L9|Sr5 L6Ú6>@LKS;:e:j Jd5Z j>@J:5JS;:=E?LK7SR:=f;7>@JKE?L9767K>@P;8;QE&L
L9VS;E?:HJ9JKc=>@>@P;L2D@N:8;JK:=Lh5:=fRLK:=J§JjGL9E?E?Lh7K5:D2I?_ E&D@Lh5<&:?s _$Ú6S;:e7K:²57K: W+Z
1/ =|+Ú63S;/ :e7K:±|5qV7K3e: n . 3r3q E&$JK/J91>MPR#uDM3 : J9¹iLh58;L9D@:=N!JH>@L9LKE?:eLdj5JD2_ W 58;f [ _
Ú6L9S;SR:6:±c=c=79E?E&JKjJ;;D@79:=EuL9fR:Q;DME0c=Lc5ED.$JKLKLhS;5:6LK:J9LhJK5rL95:=Jc=:¥E?7.E?7:55!chS!8;E0D@>@f;8;::>@>@JL
>@8RJ:=5c=LKL9JLh5LKchE¥SR:=E?f!8;:6LKEVc=>@_-L2N0RTE?E?7.8R:=:6ª;5;jG7KE;I0D@>@:?f;T:=5i7+Tu8;5E08;f;f±:6E&LK8;Sr:65L.E?c=L9E?S;8:=7
8REufR: >@D@D$JK:e8;JK:BE&8;:E WZ rE&JKJ9>MPRDM:J9Lh5L9:=J_
q)({;:+65cd3S³#0wB8Rs Eu{RfR3?:±1 Ï >@JHÚ6PVS;5:XJK:ef³D@E0J9cE?5D@D:=D@N79: sE&8³57KL9fS;:B79Jh:=5c=LK:=>@>@J2I&2:=5f c=L9>MP0E&8N
E5¬LKLd>@5L9cdJBS;D@:=Euf!c+5L9EuD =c=_.QRÉ}JK$LKE&LKSRj:H:=I?79JE&D@LhL95S;<&:!:¬c=5+>@I?L25N>@Dµ>M5LP;>@D@JB:.LKf;EB>@79L9:=S;c=:=LKjD@N
>@JBPV:=D@E s L9S;:!f;:=J9>@7K:=f¡DM:eI?:=D2TLKS;:!8;E0f;:!79:=c=:=>@I&:=J
2
L
L
100
G
N
6.2
L
0
DVF
10
%
0
[
'.#2
[
'.#2
[
'.#2
6
G
1
G
G
DR
DR
DVF
DVF
0.1
!jj>@Q;E0<?Df;Q;5:&79L9:_ >@I?[ :)¶6ceE?JK7dL5E;I?S:=7 E !//7K:=J9Q;>D@@LKL9J:=7hE?58³LK>@5ÊE?8;D@JE?<!>@8²JKVc+5E?D@D@:B>@c=NiJKSR:=E I?s 5D@>MQr8R5<LK>@c=E?Q 8
Grid A
Grid B
Grid C
.
Grid D
LL95°sSrr5Er:=LT+8VE&LK5LKSRD@S;L2>MJN!:=7 c:=s 5Û0>@8®QrJK:5PVDVLK:·S;LKE¥:5·79LK:S;;s :i7KE&5f;P;7K>×f¥D@]¯:=:=JKj >@79<?:=8r8;5c=S;:D?:=>@PVJ)8¡:=«eLJK:=sE&7KEVj:=_:=:!8CHf;LKE?S;>@L9J ::
L9QR7KLK>@E?P;79Q;JL9T.E?P;79J¬QRLB57K8;:HE?ceL¥E?LK8;E³8;:e5c=8uLKN:=fCc=E&Q;8;J9LKD@E&NBjLKs EB:=79E&JLK_CS;:eÚ67§S;f;:=>@N J9LK7K>@P>@D@ D
SV58;5+I?f®:D@:8;5E7K8;D@E0>@8;c<5D.E?7K8: s_®5¢7Kf: LKEC>@PrD@D§5JKJ9:G:=:LKS;LKSR:=>@:7:^f;]¯:=:=cece>MJ9LK>@JCs E?8;EJ
L9S;>@J6>@8LKSR:B:=ª0r:e7K>@j:=80L9Js _
¢VE :7h:=57G8<?:79>M5fRcdJSJKf;SR>@EJKL97K8º>@P;Q;>@8 L9:=f³V<rH_ Z 5_ D@<?E?H79E&>@LKLKS;:jXL9SrE&58LG:>@5L chS5EJ8;LKS;E&: L
;c57dQ;5s c=JK:L9>Mc+:=I?5D):e8±L9E!L9S;7K:Q;8CJKjCs L9S;5:D@D@:=LKJK7hL$5<&f;7K>@LK>@f>@E?Sr8V55JD$S0<?Q;D@E&8;Prf;579D$:=f;HJ.EjrjG:=L9>@s S;DMD@E0>×E?f8;PVJV:E
JK5E&Ld8R5DMfD@L9E :=sJE?_:=D@fD@E;E&Pu7HN®:ef±:55>@8LKchJS:=VI?7KE?QR5D@D@8³>@Qrc=5N L9LKS;>@:=E?Y 7K8: ;s ESr):=579LKJK: SR: :H s //!
SLK>@;jG>@cdD:¬S@5:f;8;5>@f79f8;cd>@8;S;8;E?E&<LJK:HJ9D@LK:7d:=55;798 J+8 T
f;LK>E&5jDMD@NCD@N!5LK8;S;fs :>@E?JiL9f;S;:=:=c7 5+YN&:=f)__B¢Ú6:BSR:±Q;JK:=:eª0f ;D@E&7h5L9>@E? 8CY 7h_ 5LKE :>MJJ9Lh 5W 79>@LK8;:=>f
f;I?5L5:=c+D@Q;W5+:·7_NuC5J+_XQ;8;8;f;c=L9E&>@J97E?Lh8p5+L9N0S;JBc:³5LKJ9fRSR:=>M:=JJ97KTLK:Ê79>MPR E?Q;7BLK
:=L9 GfzS;: >@7KJ: rs cd79S;JK5LE&7KJKfl[ :=/!/
58l8;L9fGJE®KfRc=L9E&>M:=J9j;LK79J+;>MT.PRQ;Q;LKL9S;LK::=:=f8 5
JKLK>@SRjG:²;L9D@7K:²>55+D@J+I?Tu:e57h58<&>@:B8;E>@LK>5L9DVS;7h:±58R8;Euf;fRE&:±j£5J98;:=fLKL9>@>M8;L9JH<!8;E:e>M<&5S0D@DrPrL9E&S;7K:HJ_ 79:= JK>@QRJ9LK7KE?>@8;79<J
>@LKJ.SRch:§SR79E?:=JKJK:e>@JK8)L9_.E?79Ú6J§S;5:679:JKN0cdJ9SrLK5:=8;j<&:=E?fVLK:=EH7d58RLK::eJ7dE&57 8;[ f;/E&JjKL9J9:=:=;LKJL9>@T;8;5<?8;J+f_.LKÚ6S;S;:=>@8 J
D@;E0SrE?5JK:=c=J+E?_ 80LK>@80Q;:=JLKS;79E?Q;<&S;E?Q;LLKS;:is DM:+57K8R>M8R<°58;f:=I?5D@Qr5LK>@E?8
JKJKQRL9>@:=<rDML9_ J_GfR[Q;Ú67K5>@S;8;8;:=<fNLKJKLdS;S;5:iP;E :=sD@:I?55+[D@I?Qr:=5JK7dQ;LK5>@jGE?<&8:!j;c=5E?Sr7KJ9>@5«=LJK::8;L95S;:eD@E?<u:8;5:=<L9ª0>@I?V:!:=>@LK7K7KS!>@: jGs L9S;:=580:=7K>@Lhfr75 D6c=VE?798:=: 7
r:5f;ch:eSG8;c=LK:HE0E >@80LK:e57KPrI?E&5Q;D@J+L _)ÓuÚ6Y S;jG:eJK>M:H80Q;5L979:=:HJ5+E&I?8:=7d5 5<&Ó :=/J&AECI?H:es 7 « W O iL:=K807KLK>5>@Q;DMJj58;ÉKÉ=f _
t
Ú6PV:=S;JK:L679>@:=8!JKQR:=I&DML9:=J.7KN!JKS;cE 5s JK:f;>@:=JKª0L9c=7K:=>@P;RQ;L6L9<?:=7KfB>@f I?5U D@Q;_u:¹i8QR8;<&c=7KLK>@>@f E&8²U VT0:=<&7D@E?E?Pr795jDu>@798;: <
s5795:7KfE&8;>MJiD@N³PrL:es JKLE_c=¢>@LK:¥>@:=J+JKVT:=5c=8;Q;f¡D5LKL9S0:±Q;L9JSr5E?L8;D@L9NS;>@L JHs >@EJHPVJ9E?:=Q;c795c=Q;:=JKJ:!EL9¬S;:=797K: :
0
DR
global reward (G)
local (L)
L
distributed reward (DR)
distributed
value function (DVF)
DVF
DR
cost
Y
.2
]B](
?
6 <
(
Customers
Customers
Customers
Customers
Customers
Customers
Provider
Provider
Provider
Grid A
Customers
Customers
Customers
Customers
Grid B
Customers
Customers
Customers
Customers
Customers
Customers
Customers
Customers
Customers
Provider
Grid C
Grid D
Provider
Provider
>@<?Q;79: Z ¶.Ú6S;: Ó VE s :=76<&7K>@f;J6Q;J9:=fC>@8L9S;::=ª0r:e7K>@j:=80L9J_
U D@<?E?79>@LKS;j i58 U I0<!3c=/2E?1®J9L v Y 4_ É=_ i58 U I0<!3c=/ÍE&1JKL Y 4_ É=_
°ÅE0DME&cPr5D5DV7K: s 57Kf tÓW ÓrÓW __ Y&&Y ;_W _ Z?[ Z tÓ[ W R_[ _ [& [ [;__ Z&Z&Z
>@>@JKJKL+L+_)_)79I?: 5s D@Q;5:i7Kf 8 [Z ÓrWW _7_ !W+ Y;__ [? ZW R_R_ &[&YZ ;_;_7Y&
°ÅE0DME&cPr5D5DV7K: s 57Kf ÓZ W&?W3ZY /Í1__ [&Y [ [ __ ?Z Ó[ W&W3R_[ /21_ !&Z ;_W _7W+
>@>@JKJKL+L+_)_)79I?: 5s D@Q;5:i7Kf 8 [W Ó?/Ó;_7_7!! W __ ??Y ZW R_R_ [&W+Z ;_;_7W Z
Ú 5P;D@: W ¶ U I&:=7h5<?:H79: s 57Kf!V:=7JKL9:=>@8!VE?D@>@c=NB:=I?5DMQV5LK>@E&8±jGEufR:E&7.LKS;: Ó± HC5D@<?E&7K>@LKSRjJ)E&8 Ó f;>×]¯:=79:=80L§VE s :=7<?79>@f;J_
-
-
-
-
Y
sJK>@<&58r7Kf5_D0f;$E0Q;:=J9jG8 ;L->@8;SR<>MfR:§LKSR5:=J.j j!Q;L9E?cd<&SB:=>@LK80S;:eE&77KjC>@805LKLKE>@E&58H5<?J.D@E?>@Pr8B5LKD§S;79:: E?s L95S;7K:=f 7
cJKSR5EJK:=J+JH_HLK$SVE05cL5DD@Eu c+5HD@D@N!r<?:e7K72:e:=E&f;7KN³j5J6;V;E07KE?E0795DMcdNGS;:=:=I?JB:e57K7KN :=s 8 S;Li:=79JK:?Q0T s c=S;>@:=>@cd80S L
LKVEi:=72JKs E&E&DM7KI&jG:.LKJS;79>@J):5RJ97KE?E?8rPR5DM:eP;j³D@Nu_$TÚ6P;Q;S;L:`Í8;5E&c=LLLK5SrJ 5L)f;:e>@DMJ9DBLK7K5>@P;JQRfRLK>M:=J9fBLK7979>M: PRs Q;5LK:=7Kff
I?JK>@5f;D@:eQ;7B:GjQRE&8;7Kc=:BLK>@L9E&Sr858>@8;L9f;S;>@:!c57KL9: :=J5L97KSrf;5JBLGE§>@L!>@j>MJGs jG8;:=:=f;c=>:e5JKL9Jh:H57K8;Nz:=>@LK<&E¡SuPVc=E?E?798 J _
LK$SRE0:=c7K5:!D 5 79:²i8REufR58;:=J ffR>@>MLKJ9SRLK79E?>MQ;PRs L6Q;LKc=:=>@L9f¡>M:e7KJ²: s5L95Lh795f®chSRPV:=E?f®L9S®E&76JKQ>@]¯8:=L97 S;s:BS;D5:=L 8
LK5:eL97BLh5cch5SRJ9:=: fr =s TS;Pr:e:=8c+58;Q;ECs J9:68;LK:=S;>@<?:=NS0PVSrE?5+7KI&>@:8;<G8;Eif;JK>@JKE?L9QR7K7K>@P;c=:Q;L9EE?r7KD@J¥E0cSr55+D?I?7K:!: c=>@5L97K>Mf):eJ _
s
À ¿ 9ÂH0ÃKÀ ¿ ® ¿ Á 6Â;ÂH À É2f;8>@JKJKL9Q;7K>@jGP;Q;jL9:=5f79Nu79T :=s >@:§80SrE?5+79I&c=:=:§jGR7K:=:=80J9L!:=80DM:+LK:=5f7K8R5i>M8R<?<³:e8;L9:=Sr7h55LD;55D@DM<?D@E E&7K>@JLKS;8;j¨E0f;E&:=J7
LKJKEN0J9sLK:=E?j7 t T LKE S;s >@D@5:B79f³E?8RL9DMS;NG:!7K:=PrÛ0:eQ;8;>@: 79r>M8RL<!Ec=6E?E?jGL9S;j!:=Q;7B8;8;>@E0c5f;L9:e>@J±E?8 5s c=79E?>@LKJ9SCJB>@LKj S;:
jV:=:e72f;E&>57KjGLK:G>Ms 8R8;< :=>@<?S0:ePVDMDE?E?798CJ_p5¹HrQRE 7!:=7K76:=J9<?Q;79D@>@LKfJc=J9E&S;8uE L9s 7KE&D-LKS;5>@RJ;5D@>MsD@c+<&5E?LK7K>@>@E&L98)S;_j
s
s
ULKEG7K<?:=:=jCL5L9>@S;8;:B>@8;PV<:=Û0JKLBQ;:=79JK:=L9JK>@QRE?DM8CL+_H>@J§É28S;E LKs S;:LKEf;:=ch79SR>MI?Eu5E&LKJK>@: E?8T ?:± E&>@P;8JK:=E?7979I?f;:=:=f 7
LKJKSVE&D@5Q;LLK>@LKE?S;8R:JBf;>×:=]$Û0:=J7K_ :=80Ó L±T 5TD@<? E?795>@8RLKS;f jGW J§& =79_:=JKÚ6Q;D@S;L:B>@8E&8;JKD@>@NjGs f;>MD>×5]$76:=7KDM:=E08RE c=t :!>@8;>@< J
>@<?8D@E&LKPrSR5:±D6:d79]$: :=c=5L97K>@fI?: Es ]¯:=:e>@7!<?S0E?LK8;>@:8;<ÊJ9rQ;:ec=8;> c=rL9c>@E?}8 Q;8; c=L9>ME&
?8p =_:5$cdE0S)cT 5D5S;8;>@D@f :
f;5>@JKc=L9D7K5>@JKP;J!Q;EL9:=6s f!Q;7K:8;s ceLK5>@7KE?f!8;J58;f;f:=Vf;:=>@JK8;L9fR7K>M>@8RP;<Q;L9E?:=f±8®I?L95S;D@:CQ;:cdS;}Q;E?8;J9:=c=8L9>ME&)8Bs E]$
:= e7 _
QR>@JKJK>@LK8;79<>@P;5Q;LK:eQ;fD@D@NI?5c=D@E&Q;8;:8;:=Q;ce8RLKc=:=LKf>@E?<&87h5c+R5S 8>@j>@LK>@SLh5Q;LK8R:B>Ñ}<&E?D@E?7Kj Pr5D-79:=: >@<?s S05LK7KJdf 58;8RE&fL²>@DMjGE0c>MLd55D²L9¸:H«=:=f;79>@EJKL97Ks >@P;:=Q;>@<&L9Su:=fL9JB7KE?: 8p557KD@f)D_ 8;s :eU >M<&D@LKS0S;PrE&E&Q;7K<?JhS eTP;:QRs LBf;>@>@fL±c8;5E&8 L
r7K: 8;fp57K5fC80Nr:eS;72:=E&79:?7KjTLKJ6S;PV:e7K:=:J9LjC_ 5+Ns Pr:Cc5JK:=J s S;:=79:fRs >MJ9LK79>MPRQ;LK:=f
s
8ULK>@E&R8;E?JLKSRTR:=LKS;7±:BÛ0J9Q;E?:eD@JKQ;LKL9>@E&>ME&88C>MLKJ E!s :=S;Û$:=_ LKSR!N:=07>@T:=5D@f;8;JHf5Q;8C8;E&f;;:eLK7 >@js 5SrDr5E&L7Hc=E?8;8;:+5fR7 >
E?>@L6Rf;LK>@E0j:=J5D?8;VE?E?LD@>@c=E?N76J9E&E?7jGLKS;:²:6cdS;:e8uE&L9>@c=>@7K:=:6JJKEN0 J9LK:= j
?_) =É2_L>@É2JLiE&jP0Iu>@<?>@S0E&Q;LJ.>×LKSrLKS;5: L
<?57dD@D$5;E&LKSGS;E:=79)JH8;:=E0Û0f;Qr:e5J6D@>MDMJ`N¸Q;LKD@S;D@N±:¥c=<?E&D@E?8;Pr8;5:=DrceLK79:=: f557K8Rffc55D@J9DV:8; =E0TVf;P;:=Q;J L6s L9S;:e>M>@<&J6S0>@JL
Q;j!8;Q;>@808;LK>@c:e57K:=LKJ9>@E?LK>@88;<CPV:=;L 7h5:ec=:=LK8³>@c55D@D@DVDMNC8;E0PVf;:=:=cJ+5_Q;JKO s :!E?J9>@LHJK>@79P;:=D@Û0:6Q;>@QR7KLK:=Q;Ji79: QRDMDE?c=7 E?j >@J
LK>@8;Ei<?;J+Q;_ L.PVE?Q;8;fRJ)E?s 8¥LKS;:JKQ;PVE?RLK>@j5DM>@L2NE&7)J9r:=ce> Vc ss :=>@<&t SuL
U S;8¨:=79>M80:CL9:=LKS;7K:=:CJ9LK8;>@8;:=>@<p<&Su:=PVª0E?LK:e78;7KJK:e>@DµE?58¨LK>@E?LKE®8pL95S;8;>@f¡JLKjGS;:=: LKS;E0:=f>@<?S0>@J!LK>@8;L9S;<·:³Q;c+8;5JKc :
sLK>@E&8)T') ? =T;cdSr58;<?:f;N08r5j>@c5DMD@N0_VÉ28·5¥s JK>@jG;D@:Hc5JK:LKS;:
JK;L9797KEuQ;cece:=LKJKQ;JC79:f;Q;E:6LKLKSRE:±:=<&ª07KLK>@:ef³7K8rjC5D²5+Nc+5cdQ;SrJ95:=8;J<?_l:É2f;8Q;795>M8RjG<E?L97KS;:G:!JKD@E&:;579S;8;>@JK>@8;L9> <
cLKE!5LKcd:=Srf!5I&8;:=<?7K: J9>ME&8)S;TE8;LKE0SRf;:=:e>@J76j8;:=5+>@<?NS0SrPV5+E?I&7K:¬JH55c=7KLK:?>@_E?8RÚ6J-SrL95SrL5c=LE&5Q;DMD@D@Efs PVL9:BS;5:=j
;57979E?E?Q;;8R79>µfB5LKE0: c=cs s 5SRJ9>@:=E?8³8r5L9S;DMD@:N8;:=8;E0cef;E?:=Q;JB805LK79:e:B7K>@j8;<E&:P;5>@DMcd:S5E?<&L9:=S;80:=LK7JTE?LK7d7.5+cdI?S;:=E0D@>@E?8;J <
>@8;<LKE s E?7 t LKE&<?:=L9S;:=76>@8CLK:5jJ_
A
O
6 <
K 6 <
'<
6 <
'<
N
) ¿
=
;:7=<$?>''(A@/!'("';01$(!#%:7325&9';'(:B';)CD#*64+,E925.!F-/E9."G013"2
5747;68H399'.01 3VXJW5I3Y.4Z
![101[1"K\(L]_^(M`3aDYH3b895c99d%'.[:NOe17^%3cO[;"KW1P^%f(01cO"1]_Y(!:^%COf3'.g?01Kh,"KY(6$^K"1bJ:[;2QWi[.E9^%"JZ
;[0:Y(!^G:%Re1T^%cO[KSU:g!j
g9=K]!x`(x3[.~^% ckXY(l
Y(c_af(^%\nmo;aJcO[;paDq5ekrsmutKv(w;F%R3"Kx!=zyz{|x(};~
}zs|/;!01"K59(47;E,E9R3'.0925%6$KX"
!:CU';01K"K6"
:2"K.0:N
!]_:7^(R$`(-/V/925WiY;Z1[14[
\(:7]_K^|25`|9';a:uYb8
c9Fd%F[01'.3,96$[Kg bKc925du9';:?e1^7cSU[.:W1^%uf(cOf(]_Y(Z
d%^%]f.^%g[/h,Y([
^Jf(bKW1[.^Wjj
[.^%Z1[z|G';01R3.:<;4CO6$.: =Jx3#x 6(
@;Ybe1/^%.cO4%[Kg_6g9]!`(G[.^%GZ1f([
K^%F%] bJ[zR3aJ"KcOY};bKY(9 6zWn#{ f(@^~3~X/.#3Y3Fg90!cO:%]_Y(R^%"
0f(NiW1so"
/0E9Z1Y(R^% Y(=Kpnxx3]_ZKa ~;8h,Y(D^%/cOWi"
Y301g!2,"1325%K"
:7#¡o31^%9"
f(:pn25!]_¢%ZVX=KW5Y1x3`(9x W56¡f( pnp8]^(`=f(^%\r ?cO]_pnf3g
6zQK£.E!/E9M$'.M37.;:G:7;R;:7!:7R:%"K2i-/9';2206$K;¥:?¦¤,01"13!:(CO'."K012sK01"K'.6$4%"125!::72§R$E9"K!:G.0:M3!:7:%R$68.F!NN
FH3'.01'3E!4%36?"$¨¬' S_:ª=Kx©x3~[. W5f3g/e1^JbKY(W
pnf(cO]_Y(^«VXW5Y.Z1[Ka
aJ]_^(`Gmo;aJcO[;pa1
¬;Q6$#%"K6@X';701';M3uNO%;:7¨"K±801®"1!:CO"
'.401:%KR"K6$¯"1:¤,2P01"KE9¡"K9;J025:9H3!:7"TR²I3NO;01F';F470125'!:%3R³°2 '
3Z1[za1;aJF7]_25^(9`8H3"Gmo.25aK01.cO[.´®p)®aK¶(';' :=K25x01x3'.EO¬µ SU:©[.W5f3ge1^JbKY(W
pnf(cO]_Y(^GV/WiY3j
yz6$X.:%@XK0"9247"J5·!:%.R®:%¸01"
!8:CU,';X01K;"K0162'"
¹:2
S6nE9"K.F001:'.!H3:7!:7RRSU"
:µE9"K©H.3[.2'.W50f3g%Fe1"1^K0bJCO';Y(0WN j
pnf(c]Y(^V/WiY;Z1[Ka
aJ]_^(`mo;aJcO[.p)a¶('=Kxx3¬
;QFº801|'3ºR;01';016$';68:?!%:7#(R2u;ESU:»9"sC_%4d%:7[®K25¼39';½:®c9d.Fe1^%FcO01[;'.W13^%96$f(cO3]_Y(259^'.f3:g,!h,:Y(^KM3bJ:7[;Wi3[.6n^%9Z
[
Y(^Gf(Z1d%]_^7[[
f(W1^%]_^|`| =Kx39x 6¡
x;3R"
: 2·922016$"1!:.CO:'.?01KG"K6$;0"1|:'.2·H·E9R"K3.6$0:"J!/:7R3¾)SU:BC013V/6$Wi"KY;-XZ1[1';[
0\(n]_^|CO`|';0a6YbG4E9c925d%!N[
]_^(g9`3[;(.F7[.^%3c9R3d)"J e1^7=c6[.yzW1{ ^%=Kf(,¬ cO@]_Y( ^%=Kf3xgx3h,~Y( ^KbJ[;Wi[.^%Z
[Y(^$Gf(Z1d%]_^%[[
f(W1^j
=?4;QCO£'.0#(;CO:7"D"
9M3"
:70.36ns983FKE9'.';:92525!01:7';REE96$"K.'(0:"1!:7ER4:%SUK:"101©2;[.!:25W5MGf3g"Je1^K25bK96$Y(W13p82"Kf3 j
cO]_Y(^VXW5Y.Z
[Ka1aK]^(`)mo.aKcO[.pat3'=Jx3x3¬
=,=
Q7£3#("KA:7F"
019'(("10.4%?J25£9(';/:B'.M3.7:"K(;4:7E!!:7Rn(GS_:'(';e101^%"cO[;W1^%;f(E!cO47]_"
Y(^%C_4f.:7gKh,259Y(';^: j
bK[.W5[.^%Z1[Y(^Gf(Z1d%]_^7[[
f(W1^%]_^|`| =Kx3x
=.}zQ6$#%.0#3(!:%'.R.HTª."K:%19¸59';8:¨F@/01'.'(K:?"KL"K>KÀ
'.-¿SU:¿2'©M3[.:7W53f368g9e1K^J.bKE!E_Y(MW
pn6$f("
cO01]_Y(R"^
VXW5Y.Z
[Ka1aK]^(`8mo;aJcO[.p)a13H';E!476$"= 4 =Jx3x
=?@;018"
!*:#|CO4';010J1"K36$6$"
.::2$9.E9:"K.0¤,:!:7
R047¨7K"
EO".:%u2547£M@s!%:¸"
:?01,';4725:!:%2Rµ/;:7M3 N
:736898:7"K2i-/';0KXSU:µV/WiY.Z
[1[
\(]^(`3aYbe1Á%hÂ)ejÃtÄ; =Kxx(y(
=K~;e1^%7cO#|W5Y.47\(22';Z.:c]Y(;^:7®8S(+LX¤,;01012"K'K kX=J[;x3]x^KbKY(W5Z1[.p8[.^%c[
f(W1^%]_^|`¡¥Â)^
=6zF"
:7+,"
;::?2ÅH(K%K4'(E925'.!FNi3"
R01"
:2592GH3"$01"
!R3:"
CU';:012KK"K6SU:A"
:VX2W5E9Y."KZ
;[10[1:\(!]_:7^(R`3=aY!b:7c9d%"1N[
F73[.R3^%"Jc9dG@,e1@>^%4;cO9{[;@,W1^%@(y(f(cO]_=KY(x^%,x f.@g/ ÆY(W5Ç3aÃd%Y
µY(^Gf(Z1d%]_^%[[1f(W
^%]^(`3
=K¬;Q25@7"K5È9K?25@/(!3:%6Kª09*[
R3f("$W1^%]_:^(9`nH"
bK01W55Y(9p²25M =K[zx3g9f(xo [
\GkX[;,f(Wi\3a
µ¤§7
=.yzQº8kXY(Tl
Y(ÈcO]_ZK"
a9Kf( ^%\DÂ
cO9Y(^%250Y(!pn4%Y(2("Ka,¯mo;01aJ"
cO![;:pCO'.a101! K= "K6¡6$ =?"
@#:6K2É{ =J~(E9"K}¡. 0=K:x!:7#x R6¡
L
A
© Copyright 2026 Paperzz