ISSN 1045-6333
INCENTIVE STRUCTURES
FOR CLASS ACTION LAWYERS
Alon Klement and Zvika Neeman
Discussion Paper No. 329
06/2001
Harvard Law School
Cambridge, MA 02138
The Center for Law, Economics, and Business is supported by
a grant from the John M. Olin Foundation.
This paper can be downloaded without charge from:
The Harvard John M. Olin Discussion Paper Series:
http://www.law.harvard.edu/programs/olin_center/
!"#$"%&'$ (%)*#%*)$+ ,-) ./0++ 1#%&-" 2034$)+
!"#$ %"&'&$(! )$* +,-.) /&&')$"
!"#$%&'$0 1$"-.& #2*-$)23 "-(-4)(-#$ 56&2& 7#82(9 2)2&"3 -$(&2:&2& 5-(6 "-(-4)$(9; 7#$(2)7<
(8)" 2&")(-#$9 5-(6 (6&-2 ")53&29 #2 -$(&2,&$& -$ 9&(("&'&$( *&7-9-#$9= -$ 7")99 )7(-#$9 7#82(9
)2& 2&>8-2&* (# *# ?#(60 @& :#789 #$ #$& &AB")$)(-#$ :#2 (6& 7#82(;9 B2&98'&* -$)?-"-(3 (#
9&782& C89( )$* :)-2 (2&)('&$( :#2 7")99 '&'?&29= $)'&"3= (6& 7#82(;9 -$:&2-#2 -$:#2')(-#$
,-9<D)<,-9 (6& 7")99 )((#2$&3 7#$7&2$-$4 (6& 7)9&;9 '&2-( #2 B2#?)?-"-(3 #: 9877&990 19-$4 )
'&76)$-9' *&9-4$ )BB2#)76= 5& -*&$(-:3 (6& ')A-'8' &AB&7(&* B)3#E (6)( ) 7")99 ')3
#?()-$ 56&$ (6& 7#82( 7)$$#( #?9&2,& (6& 7)9&;9 '&2-(0 @& *&'#$9(2)(& (6)( 56&$ (6& 7#82(
7)$ #?9&2,& (6& ")53&2;9 &E#2( F(6& $8'?&2 #: 6#829 96& 9B&$( #$ (6& 7)9&G= (6& #B(-')"
B)3#E 7)$ ?& 2&)"-H&* 89-$4 (6& "#*&9()2 '&(6#* I ) 7#$(-$4&$( 6#82"3 :&& )22)$4&'&$( (6)(
-9 7822&$("3 B2)7(-7&* -$ ')$3 7")99 )7(-#$90 @6&$ (6& 7#82( 7)$$#( #?9&2,& (6& ")53&2;9
&E#2(= -( 7)$ 9(-"" 48)2)$(&& (6& 9)'& F#B(-')"G &AB&7(&* B)3'&$( (# (6& 7")99 5-(6 ) '&$8
#: B&27&$()4& :&& 7#$(2)7(9 &)76 7#$9-9(-$4 #: ) B&27&$()4& )$* ) (62&96#"* )'#8$( ?&"#5
56-76 (6& ")53&2 &)2$9 $# :&&= 5-(6 (6& (62&96#"* -$72&)9-$4 5-(6 (6& 76#9&$ B&27&$()4&0
!"# $#%&&'(')%*'+, ,-./"0&1 JKL= %MN0
2"34+05&1 7")99 )7(-#$= )((#2$&3 :&&9= "#*&9()2= B&27&$()4& :&&9= 7#$(-$4&$( :&&9= "-(-4)(-#$0
!
"
!"# $%&#'()*+),-)%.'/ 0#%&#'1 2.(3)%#' 4+"55- 56 7.81 9#'3-).1 $*'.#-: ;<.)- .=-#<#%&>)(+:.+:)-:
?#,.'&<#%& 56 ;+%5%5<)+*1 @5*&5% A%)B#'*)&/1 CDE @./ 4&.&# 25.(1 @5*&5% FG ECCHI1 !"#
0#%&#' 65' 2.&)5%.-)&/ .%( $%&#'.+&)B# ?#+)*)5% !"#5'/ .%( &"# ?#,.'&<#%& 56 ;+5%5<)+*1 &"# 9#J
K'#8 A%)B#'*)&/ 56 L#'M*.-#<1 F5M%& 4+5,M*1 L#'M*.-#<1 $*'.#- NHNEI:
"&&,PQQ#+5%:KM:#(MQ%##<.%Q:
;<.)- 3B)=.>@A:#(M1 OOO
!"#$"%&'$ (%)*#%*)$+ ,-) ./0++ 1#%&-" 2034$)+!
!"#$ %"&'&$(" )$* +,-.) /&&')$#
0 1223 !"#$ %"&'&$( )$* +,-.) /&&')$4 !"" 5-67(8 5&8&5,&*
!
!" #$%&'()*%+'$
9$ (7& :)8( (;# *&0)*&8 0")88 )0(-#$8 7),& 65#;$ (# #00<:= ) 0#$8-*&5)>"& 87)5& #? $&;8
7&)*"-$&8@ :<>"-0 *&>)(&8@ )$* "&6)" )0)*&'-0 ;5-(-$684 A7& 80#:& #? (7& '#*&5$ 0")88 )0(-#$
7)8 8-6$-B0)$("= >5#)*&$&*@ )$* -( -8 $#; ?5&C<&$("= <8&* -$ ,)5-#<8 )5&)8 #? "); 8<07 )8
8&0<5-(-&8@ )$(-(5<8(@ 0-,-" 5-67(8@ 0#$8<'&5 5-67(8@ )$* ')88 (#5(84 9( -8 $#( <$0#''#$ (7)( -$
) 8-$6"& 0")88 )0(-#$ '-""-#$8 #? :")-$(-D8 ')= >& 5&:5&8&$(&*@$ 7<$*5&*8 #? '-""-#$8 #? *#"")58
')= >& )( 8().&@% )$* ;7#"& -$*<8(5-&8 ')= >& )( 5-8. #? "-)>-"-(=4& E&0)<8& #? -(8 -':#5()$0&
(7& 0")88 )0(-#$ 7)8 >&&$ 8<>F&0(&* (# *&&: 805<(-$= )$* -(8 &G0)0= 7)8 >&&$ 5&:&)(&*"=
C<&8(-#$&*4 H7-"& -(8 )*,#0)(&8 )56<& (7)( (7& 0")88 )0(-#$ )07-&,&8 8-6$-B0)$( &0#$#'-&8 #?
80)"& -$ :5#0&88-$6 ) ")56& $<'>&5 #? 0")-'8 (7)( )5& (## 8')"" (# >& B"&* 8&:)5)(&"=@ 05-(-08
0")-' (7)( -( -8 5#<(-$&"= )><8&* >= ");=&58 )( (7& &I:&$8& #? 5&:5&8&$(&* 0")88 '&'>&584'
J#8( 0")88 )0(-#$8 )5& K");=&5 *5-,&$L )8 (7& 0")88 )((#5$&= ')-$()-$8 )"" ><( )>8#"<(&
0#$(5#" #,&5 (7& ");8<-(4 M7& <8<)""= -$-(-)(&8 (7& 8<-(@ 8&"&0(8 (7& 0")88 5&:5&8&$()(-,&@
!
!" #$%&' ()*+%& ,- ."/*$)'0 !+&%&1 234&50 65)"$7(+&8 6)9&$0 :%;+1 <45"&/"=80 >#";"& >$%;"??0
@%#$=9& >A+"=0 %&1 % 5"3+&%= %)1+"&*" %# #$" 6"/="B C&+;"=5+#9 +& D"=)5%?"3 E4= $"?AE)? 1+5*)55+4&5 %&1
*433"- F$+5 A%A"= B%5 ?%=8"?9 B=+##"& B$+?" #$" G=5# %)#$4= B%5 % D4$& H- I?+& E"??4B +& (%B0 2*4&43+*50
%&1 .)5+&"55 %# 6%=;%=1 (%B >*$44?- J+&%&*+%? 5)AA4=# E=43 #$" I?+& K"&#"= E4= (%B0 2*4&43+*50 %&1
.)5+&"55 +5 8=%#"E)??9 %*'&4B?"1"1"
F$" L&#"=1+5*+A?+&%=9 K"&#"=0 <%1M+&"= >*$44? 4E (%B0 6"=M?+%0 L5=%"?- 23%+? %'?"3"&#N+1*-%*-+?#
:"A%=#3"&# 4E 2*&4&43+*50 .45#4& C&+;"=5+#90 OPQ .%9 >#%#" <4%10 .45#4& H, QOORS0 F$"
K"&#"= E4= <%#+4&%?+#9 %&1 L&#"=%*#+;" :"*+5+4& F$"4=9 %&1 #$" :"A%=#3"&# 4E 2*4&43+*50 #$" 6"7
/="B C&+;"=5+#9 4E D"=)5%?"30 H4)&# >*4A)50 D"=)5%?"30 L5=%"? TRTQS-
23%+? M;+'%N.C-"1)0 !!!
$##AUVV"*4&-/)-"1)V&""3%&V$
F$" ,8"&# I=%&8" *?%55 %*#+4& E4= "W%3A?" +&;4?;"1 34=" #$%& O-X 3+??+4& Y+"#&%3 B%= ;"#"=%&5 %&1
#$"+= E%3+?9 3"3/"=50 B$4 *?%+3"1 #4 5)Z"= ;%=+4)5 +&[)=+"5 %5 % ="5)?# 4E #$" ;"#"=%&5\ "WA45)=" #4 #$"
1"E4?+%&# ,8"&# I=%&8" B$+?" +& 4= &"%= Y+"#&%3- >"" >*$)*' ]RT^P_ %&1 !"#$ %& '() *+,-& *(&0 P^R J>)AA- TQO%
J4= % ="*"&# "W%3A?" 5"" .$ !, *,$/#$0 *(12(1#03($ 413/, 53036#03($0 SR J- >)AA- O1 S`P0 % 5"*)=+#+"5
*?%55 %*#+4& #$%# B%5 5"##?"1 E4= %& %AA=4W+3%#" ;%?)" 4E `XQ 3+??+4& 14??%=5&
F$" 345# 1=%3%#+* "W%3A?" +5 #$" %5/"5#45 +&1)5#=90 B$+*$ $%5 /""& "WA45"1 #4 &)3"=4)5 *?%55 %*#+4&5
5+&*" #$" RTPQ50 ="5)?#+&8 +& 5";"=%? 1"E"&1% #)=&+&8 +&54?;"&#- >"" 6"&5?"= "#- %?- ]RT^S_ %&1 7-8+,41(/980: %& ;,(16, <3$/:(10 SOR C->- STR'
>""0 "-8-0 H+??"= ]RTPT_-
)$* 0#$(5#"8 >#(7 (7& "-(-6)(-#$ :5#0&88 )$* 8&(("&'&$( *&0-8-#$84 A7& 0")88 5&:5&8&$()(-,&@
;7-"& 8<::#8&*"= -$ 07)56& #? (7& "-(-6)(-#$ )8 B*<0-)5= ?#5 )"" (7#8& 8-'-")5"= 8-(<)(&*@
-8 -$ 5&)"-(= #$"= ) (#.&$ B6<5&7&)* ;-(7 $# )0(<)" 0#$(5#" #,&5 (7& ");8<-(4( N(7&5 0")88
'&'>&58L -$,#",&'&$( -8 &,&$ "&88 8-6$-B0)$(@ )8 (7&= )5& -$0"-$&* (# ?5&& 5-*& #$ )$= "-(-6)(-#$
-$,&8('&$(@ 87)5-$6 -(8 :5#0&&*8 ;-(7#<( >&)5-$6 (7& )88#0-)(&* 0#8(84)
O$"-.& #5*-$)5= "-(-6)(-#$ ;7&5& 0#<5(8 5)5&"= -$(&5?&5& ;-(7 "-(-6)$(8L 0#$(5)0(<)" 5&")(-#$8
;-(7 (7&-5 ");=&58 #5 -$(&5,&$& -$ 8&(("&'&$( *&0-8-#$8@ -$ 0")88 )0(-#$8 0#<5(8 )5& 5&C<-5&*
(# *# >#(74 A7& "); 5&C<-5&8 (7& 0#<5( (# 0&5(-?= (7& 8<-( )8 ) 0")88 )0(-#$ #$"= -? -( 7)8
?#<$* (7& 0")88 (# >& )*&C<)(&"= 5&:5&8&$(&*@ (# )::5#,& )$= :5#:#8&* 8&(("&'&$( #$"= -? -(
-8 0#$,-$0&* (7)( -( -8 ?)-5 )$* 5&)8#$)>"&@ )$* (# );)5* (7& 0")88 )((#5$&= -(8 87)5& #? (7&
5&0#,&5= -$ "-(-6)(-#$ #5 8&(("&'&$(4!* A7& 0#<5(@ #:&5)(-$6 <$*&5 -(8 B*<0-)5= *<(= (# (7&
0")88@ -8 &I:&0(&* (# <8& (7&8& :#;&58 (# 8&0<5& 0")88 '&'>&58 (7&-5 :5#:&5 87)5& 6-,&$ (7&
'&5-( #? (7& 0)8&4!!
A7-8 :):&5 ?#0<8&8 #$ #$& &I:")$)(-#$ ?#5 (7& 0#<5(L8 :5&8<'&* -$)>-"-(= (# 8&0<5& F<8(
)$* ?)-5 (5&)('&$( ?#5 0")88 '&'>&58@ $)'&"=@ (7& 0#<5(L8 -$?&5-#5 -$?#5')(-#$ ,-8PQ)P,-8 (7&
0")88 )((#5$&= 0#$0&5$-$6 (7& 0)8&L8 '&5-( #5 :5#>)>-"-(= #? 8<00&884 9$*&&*@ >&0)<8& ");=&58
0#$*<0( :5-#5 -$,&8(-6)(-#$ )$* *-80#,&5=@ (7&= )5& #?(&$ >&((&5 -$?#5'&* (7)$ (7& 0#<5(4
R#$8&C<&$("=@ (7&= )5& )>"& (# &I(5)0( )$ -$?#5')(-#$ 5&$( )( (7& &I:&$8& #? 5&:5&8&$(&*
0")88 '&'>&584
!8 ;& 87#;@ '-$-'-S-$6 (7& ");=&58L -$?#5')(-#$ 5&$( *#&8 $#( -':"= (7)( (7& :)='&$(
#? 8<07 5&$( (# (7& ");=&5 0)$ >& &$(-5&"= ),#-*&*4 T)(-#$)" 0#<5(8@ ;7# ;-87 (# ')I-'-S&
(7& 0")88 '&'>&58L &I:&0(&* $&( :)=#D 87#<"* 0#$8(5<0( )((#5$&= ?&& )55)$6&'&$(8 (7)(
;#<"* "&),& (7& 0")88 )((#5$&=8 :#8-(-,& 5&$(8@ #,&5 )$* )>#,& (7&-5 5&8&5,)(-#$ ,)"<&84 M<07
5&$(8 )5& $&0&88)5= (# -$*<0& ");=&58 ;7#8& &8(-')(&8 #? (7& :5#>)>-"-(= #? 8<00&88 -8 7-67
(# 5&:5&8&$( (7& 0")88 )$* -$,&8( (7& 5&C<-5&* ?<$*8 )$* &D#5( -$ (7& 0)8&4 N<5 (7&(-0)"
B$*-$68 -$*-0)(& (7)( 0<55&$( ?&& 8(5<0(<5&8 ?)"" 87#5( #? ')I-'-S-$6 (7& 0")88L &I:&0(&* :)=#D
(
>"" H%*"9 %&1 H+??"= ]RTTR_- L& RTTS0 K4&8="55 A%55"1 #$" a=+;%#" >"*)=+#+"5 (+#+8%#+4& <"E4=3 ,*#
]a>(<,_ B$+*$ +&*?)1"1 ?"%1 A?%+&#+Z A=4;+5+4&5 "&*4)=%8+&8 +&5#+#)#+4&%? +&;"5#4=5 #4 /"*43" ?"%1 A?%+&#+Z5
+& 5"*)=+#+"5 *?%55 %*#+4&5 %&1 #4 %55)3" ="5A4&5+/+?+#9 E4= 5"?"*#+&8 ?"%1 *4)&5"? E4= #$" A?%+&#+Z *?%5564B";"=0 #$" "b*%*9 4E #$"5" A=4;+5+4&5 $%5 /""& %# /"5# 14)/#E)?c 5"" "-8- C->- >"*)=+#+"5 %&1 2W*$%&8"
K433+55+4& Ib*" 4E #$" d"&"=%? K4)&5"?0 <"A4=# #4 #$" a="5+1"&# %&1 #$" K4&8="55 4& #$" J+=5# e"%= 4E
a=%*#+*" C&1"= #$" a=+;%#" >"*)=+#+"5 (+#+8%#+4& <"E4=3 ,*# 4E RTTS ],A=+? RTTP_
)
,?#$4)8$ +& 543" *?%55 %*#+4&5 *?%55 3"3/"=5 3%9 4A# 4)# 4E #$" *?%55 %*#+4&0 #$"+= %?#"=&%#+;"0 B$+*$
+5 #4 ?+#+8%#" #$"+= *?%+35 4& #$"+= 4B&0 +5 3)*$ ?"55 A=43+5+&8!*
>"" J"1"=%? <)?"5 4E K+;+? a=4*"1)="0 <)?" O`!!
>"" "-8- =1()$ %& 4+3>>32: 4,01(>,9-0 ^`^ J-O1 XSR0 XSf ]RQ#$ K+=-0 RT^^_-
1
>&0)<8& (7&= -6$#5& (7& :#88->-"-(= #? 805&&$-$6 )'#$6 ");=&58 )$* 0)8&8 )00#5*-$6 (# (7&-5
:5#>)>-"-(= #? 8<00&884
O8-$6 ) '&07)$-8' *&8-6$ )::5#)07 ;& B58( -*&$(-?= (7& ')I-'<' &I:&0(&* :)=#D (7)(
(7& 0")88 ')= #>()-$ ;7&$ (7& 0#<5( 0)$ #>8&5,& (7& ");=&5L8 &D#5( U(7& $<'>&5 #? 7#<58
87& 8:&$( #$ (7& 0)8&V ><( $#( (7& 0)8&L8 '&5-(4 H& *&'#$8(5)(& (7)( (7& #:(-')" :)=#D
')= >& 5&)"-S&* <8-$6 (7& "#*&8()5 '&(7#* W ) 0#$(-$6&$( 7#<5"= ?&& )55)$6&'&$( ;7-07 -8
0<55&$("= :5)0(-0&* -$ ')$= 0")88 )0(-#$84 H& (7&$ *&5-,& (7& #:(-')" ?&& '&$< ;7&$ (7&
0#<5( 0)$$#( #>8&5,& (7& ");=&5L8 &D#5(@ )$* -8 (7&5&?#5& ?#50&* (# <8& ) :&50&$()6& ?&&4
H& B$* (7)( (7& 0")88L ')I-'<' &I:&0(&* :)=#D -8 (7& 8)'& 5&6)5*"&88 #? ;7&(7&5 (7&
0#<5( 0)$ #>8&5,& (7& ");=&5L8 &D#5( #5 $#(4 9( -8 (7&5&?#5& (7& )*,&58& 8&"&0(-#$ :5#>"&'
U*<& (# (7& ");=&5L8 :5-,)(& -$?#5')(-#$V@ (7)( -8 '#8( 05<0-)" -$ 8(5<0(<5-$6 (7& ");=&5L8
#:(-')" ?&&4 A7-8 B$*-$6 -8 &8:&0-)""= 8(5-.-$6 ;7&$ ,-&;&* )6)-$8( (7& &I(&$8-,& )((&$(-#$
6-,&$ >= (7& "-(&5)(<5& (# ");=&58L '#5)" 7)S)5* :5#>"&'8@ >#(7 -$ 0")88 )0(-#$8 )$* -$
#5*-$)5= "-(-6)(-#$@ )$* (7& 80)$( *-80<88-#$@ -? )( )""@ *&,#(&* (# )*,&58& 8&"&0(-#$ -88<&8
-$ (7&8& 0#$(&I(84 J#5& :5)0(-0)""=@ #<5 B$*-$68 8<::#5( (7& ,-&; (7)( (7& :&50&$()6& ?&&@
-? 8(5<0(<5&* :5#:&5"=@ 87#<"* >& :5&?&55&* #,&5 (7& )"(&5$)(-,& "#*&8()5 ?&&4 H7-"& >#(7
)5& "-.&"= (# :&5?#5' &C<)""= ;&"" -$ (&5'8 #? (7& &I:&0(&* 5&(<5$ (# 0")88 '&'>&58@ (7&
:&50&$()6& ?&& -8 :5&?&5)>"& >&0)<8& -( &$()-"8 "#;&5 )*'-$-8(5)(-,& 0#8(84
9( 87#<"* >& &':7)8-S&*@ 7#;&,&5@ (7)( )00#5*-$6 (# #<5 B$*-$68@ (7& :5#:&5 )::"-0)(-#$
#? >#(7 (7& :&50&$()6& ?&& )$* (7& "#*&8()5 -8 *-D&5&$( ?5#' 0<55&$( :5)0(-0&4 N:(-')"
)::"-0)(-#$ #? (7& "#*&8()5 '&(7#* 5&C<-5&8 (7)( (7& 7#<5"= ?&& 0#$(-$6&$( #$ ;-$$-$6 >&
'<"(-:"-&* >= ) !"#$%&%&' )8 #::#8&* (# ) #(&)*+&* '<"(-:"-&5 )8 (7& F<*6'&$( -$05&)8&84 !8
?#5 (7& #:(-')" :&50&$()6& ?&& '&(7#*@ -( 87#<"* )""#; ");=&58 (# 07##8& )'#$6 ) 807&*<"&
#? ?&&8@ &)07 0#$8-8(-$6 #? ) :&50&$()6& )$* ) (75&87#"* )'#<$( >&"#; ;7-07 (7& ");=&5 &)5$8
$# ?&&@ ;-(7 (7& (75&87#"* -$05&)8-$6 ;-(7 (7& 07#8&$ :&50&$()6&4 ! 5&?#5' -8 (7<8 $&0&88)5=
<$*&5 >#(7 ?&& )55)$6&'&$(8 -? #:(-')" 5&8<"(8 )5& 8#<67(4
X-$)""=@ ;& -$,&8(-6)(& (7& #:(-')" 5&6<")(-#$ #? 8&(("&'&$(4 E&0)<8& (7&= 7#"* :5-,)(&
-$?#5')(-#$@ ");=&58 )5& )>"& (# #>()-$ :#8-(-,& 5&$(8 -$ ) 8&(("&'&$( )8 ;&""4 J#5&#,&5@
(7-8 5&$( 0)$$#( >& "#;&5 (7)$ (7& 5&8:&0(-,& 5&$( (7&= ;#<"* &)5$ -$ "-(-6)(-#$@ #5 (7&=
;#<"* 5&?<8& (# 8&(("&4 A7& C<&8(-#$ (7&5&?#5& -8 7#; (# &$8<5& (7)( (7& 87)5& #? 8&(("&'&$(
5&')-$-$6 (# (7& 0")88 -8 $#( "#;&5 (7)$ ;7)( -( ;#<"* 6&( -$ 0#<5(4 Y-,&$ (7)(@ )8 ;&
87#;@ (7& #:(-')" &I:&0(&* :)='&$( (# (7& 0")88 -8 -$05&)8-$6 ;-(7 (7& #:(-')" &I:&0(&*
:)='&$( (# (7& ");=&5@ (7& 0")88 0)$ >& 8&0<5&* -(8 ')I-'<' &I:&0(&* "-(-6)(-#$ 5&0#,&5=
-$ 8&(("&'&$( )8 ;&""4
Z
A7-8 :):&5 -8 (7& B58( (# ?#5')""= )$)"=S& (7& 0")88 )((#5$&=L8 )*,&58& 8&"&0(-#$ :5#>"&'
)$* (# 07)5)0(&5-S& )$ #:(-')" ?&& '&$< -$ (7-8 0#$(&I(4 E#(7 (7& "-(&5)(<5& #$ 0"-&$(P
)((#5$&= 5&")(-#$87-: )$* (7& 0")88 )0(-#$ "-(&5)(<5& 7),&@ (# ) ")56& &I(&$(@ -6$#5&* (7&
)*,&58& 8&"&0(-#$ :5#>"&'4 A7& 0"-&$(P)((#5$&= "-(&5)(<5& 7)8 :5-')5-"= ?#0<8&* #$ '#5)"
7)S)5* :5#>"&'8 <$*&5 (7& 7#<5"= ?&& )$* (7& 0#$(-$6&$( ?&&4 A7& :5#>"&' #? 8&0<5-$6
)*&C<)(& -$,&8('&$( >= (7& ");=&5 ;)8 :5&8&$(&* >= J-(07&"" )$* M07;)5(S U3[\2V )$* ;)8
?<5(7&5 &")>#5)(&* -$ R"&5'#$( )$* R<55-,)$ U3[\]V4 ^)$S#$ U3[]ZV 7)8 ?#5')""= :5&8&$(&*
(7& 8)'& :5#>"&'@ )$* _)= U3[[`@ 3[[\)V 7)8 07)5)0(&5-S&* (7& #:(-')" 0#$(-$6&$( ?&& -$
) 8-':"& '#5)" 7)S)5* ?5)'&;#5.4 A7& ");=&5L8 :5-,)(& -$?#5')(-#$ 7)8 >&&$ *-80<88&*
')-$"= -$ (7& $)55#;&5 0#$(&I( #? -$0&$(-,&8 (# >5-$6 8<-(8@ )$)"=S-$6 ;7&(7&5 0#$(-$6&$(
?&&8 &$0#<5)6& ?5-,#"#<8 "-(-6)(-#$ U8&& ?#5 &I)':"&@ J-0&"- )$* M&6&58#$@ 3[[3a J-0&"-@ 3[[ba
^)$) )$* M:-&5@ 3[[ZV4 H& )5& );)5& #? #$"= (;# :):&58 (7)( *-80<88 (7& #:(-')" ?&&
)55)$6&'&$( ?#5 ");=&58 <$*&5 )8=''&(5-0 -$?#5')(-#$ -$ #5*-$)5= "-(-6)(-#$@ >#(7 )88<'&
(7)( (7& ");=&5L8 &D#5( -8 #>8&5,)>"&4 T<>-$?&"* )$* M0#(07'&5 U3[[ZV )$)"=S& ) 0)8& ;7&5&
(7& ");=&5L8 C<)"-(=@ ().-$6 #$& #? (;# ,)"<&8 W 7-67 #5 "#;@ )D&0(8 >#(7 7&5 5&8&5,)(-#$ :)=#D
)$* (7& :5#>)>-"-(= (7& 0"-&$( ;#<"* :5&,)-"4 A7&= (7&$ *&5-,& (7& #:(-')" ?&& 807&*<"&@ ;7&5&
(7&= )88<'& (7& ");=&5L8 ?&& '<8( 7),& ) BI&* :&50&$()6& 0#'>-$&* ;-(7 ) $#$P0#$(-$6&$(
BI&* ?&&4 H& :5#,& (7)( 8<07 ) ?&& 8(5<0(<5& 0)$ -$*&&* >& #:(-')" -$ (7& *-D&5&$( 8&((-$6 #?
0")88 )0(-#$8@ &,&$ ;7&$ (7& ");=&5L8 &D#5( -8 $#( #>8&5,)>"&4 J#5& 5&0&$("=@ c'#$8 U1222V
87#;8 (7)( -$ ) '#*&" ;7&5& (7& ");=&5 7)8 :5-,)(& -$?#5')(-#$ )>#<( ;7&(7&5 (7& 5&C<-5&*
"&,&" #? -$,&8('&$( -$ (7& 0)8& -8 7-67 #5 "#;@ )$ 7#<5"= ?&& -8 :5&?&5)>"& (# ) 0#$(-$6&$( ?&&4
!8 ;& 87#;@ -$ ) '#5& 6&$&5)" 8&((-$6 ) 807&*<"& #? :&50&$()6& ?&&8 -8 0):)>"& #? )07-&,-$6
#:(-')" 5&8<"(84
A7&5& -8 )"8# ) *-8(-$0( >#*= #? "-(&5)(<5& (7)( )$)"=S&8 (7& &0#$#'-08 #? 0")88 )0(-#$8
-$ 6&$&5)"@ )$* (7& 0")88 )((#5$&=L8 -$0&$(-,&8 -$ :)5(-0<")54 /#$& #? (7&8& :):&58@ 7#;&,&5@
*-80<88&8 (7& :5#>"&' #? #:(-')" ");=&5L8 ?&& <$*&5 )$ )*,&58& 8&"&0(-#$ :5#>"&'4 ^)'
U3[\dV -8 )$ &)5"= )$)"=(-0 *-80<88-#$ #? 0")88 )0(-#$84 e)5-#<8 "); 5&,-&; )5(-0"&8 *-80<88
)6&$0= :5#>"&'8 (7)( )5& :)5(-0<")5 (# (7& 0")88 )0(-#$ 0#$(&I(4!" ! 8#'&;7)( '#5& ?#5')"
*-80<88-#$@ )$* )$ &':-5-0)" &I)'-$)(-#$ #? (7& "#*&8()5 )$* (7& :&50&$()6& ?&& )55)$6&'&$(8
0)$ >& ?#<$* -$ f=$. U3[[2@ 3[[bV4 X-$)""=@ _)= U3[[\>@ 3[[\0V *-80<88&8 7#; (# )""&,-)(&
(7& *)$6&5 #? "#; 8&(("&'&$( (75#<67 )::5#:5-)(& F<*-0-)" 5&6<")(-#$ #? (7& 0")88 )((#5$&=
?&& -$ 8&(("&'&$(4 _#;&,&5@ 7& *#&8 $#( *-80<88 (7& )*,&58& 8&"&0(-#$ :5#>"&' $#5 *#&8 7&
07)5)0(&5-S& (7& #:(-')" ?&& -$ "-(-6)(-#$4
!"
>"" K4Z"" ]RT^`0 RT^S0 RT^f0 RT^P_0 %&1 H%*"9 %&1 H+??"= ]RTTR_-
b
A7& )$)"=8-8 :5&8&$(&* -$ (7-8 :):&5 5&"-&8 #$ '&(7#*8 *&,&"#:&* -$ (7& '&07)$-8' *&8-6$
"-(&5)(<5&@ )$* -$ :)5(-0<")5@ (7& "-(&5)(<5& (7)( )$)"=S&* (7& :5#>"&' #? (7& 5&6<")(-#$ #?
) '#$#:#"-8( ;-(7 <$.$#;$ 0#8( U8&& f)D#$( )$* A-5#"&@ 3[[b@ )$* (7& 5&?&5&$0&8 (7&5&-$V4
9$ (7)( 0#$(&I(@ f)D#$( )$* A-5#"& U3[]`V #>8&5,&* (7)( ) 5&6<")(#5 (7)( 5&"-&8 #$ ) '&$<
#? "-$&)5 -$0&$(-,& 0#$(5)0(8 ')= )07-&,& #:(-')"-(= ;-(7#<( 7),-$6 (# '#$-(#5 (7& '#$#:P
#"-8(L8 &D#5(4 A7-8 5&8<"(@ ;7-07 -8 )$)"#6#<8 (# #<5 5&8<"( )>#<( (7& :#88->-"-(= #? )07-&,-$6
#:(-')"-(= ;-(7#<( '#$-(#5-$6 (7& ");=&5L8 &D#5(@ ;)8 #>()-$&* <$*&5 (7& )88<':(-#$ (7)(
(7& 5&6<")(#5L8 #>F&0(-,& ?<$0(-#$ -8 )**-(-,&"= 8&:)5)>"& -$ (7& '#$#:#"-8(L8 (=:& )$* &D#5(4
R#$8&C<&$("=@ -$ f)D#$( )$* A-5#"& U3[]`V@ (7& ')56-$)" 0#$(5-><(-#$ #? &D#5( (# (7& #>F&0P
(-,& ?<$0(-#$ -8 -$*&:&$*&$( #? (7& '#$#:#"-8(L8 (=:&4 !( B58(@ -( )::&)5&* (7)( (7-8 5&8<"(
')= >& 6&$&5)"-S&* (# #(7&5 8&(<:8@ ><( )**-(-#$)" ;#5. U8&& (7& *-80<88-#$ -$ f)D#$( )$*
A-5#"&@ 3[[b@ ::4 32\P]V 87#;&* (7-8 $#( (# >& (7& 0)8&4 A7& ;#5. :5&8&$(&* -$ (7-8 :):&5
0#$(5-><(&8 (# (7& '&07)$-8' *&8-6$ "-(&5)(<5& >= 87#;-$6 (7)( (7& 5)$6& #? &$,-5#$'&$(8
;7&5& "-$&)5 -$0&$(-,& 0#$(5)0(8 (7)( #>,-)(& (7& $&&* ?#5 '#$-(#5-$6 &D#5( )5& #:(-')" 0)$
>& &I(&$*&* (# -$0"<*& &$,-5#$'&$(8 ;-(7 '<"(-:"-0)(-,&"= 8&:)5)>"& #>F&0(-,& ?<$0(-#$84
M<07 &$,-5#$'&$(8 -$0"<*& (7& -$(&5&8(-$6 0)8& U*-80<88&* -$ (7-8 :):&5V ;7&5& (7& )6&$(L8
(=:& )D&0(8 -(8 ')56-$)" 5&(<5$ ?5#' &D#5(4
A7-8 :):&5L8 )$)"=8-8 -8 >= $# '&)$8 <$-C<& (# (7& 0")88 )0(-#$ 0#$(&I(4 9( ')= >&
)::"-&* -$ (7& '#5& 6&$&5)" 8&((-$6 #? #5*-$)5= -$*-,-*<)" "-(-6)(-#$4 g&(@ (7&5& )5& 5&)8#$8
(# >&"-&,& (7)( (7& )*,&58& 8&"&0(-#$ :5#>"&' ;#<"* >& '#5& )0<(& -$ 0")88 )0(-#$84 X-58(@
;7&5&)8 -$*-,-*<)" 0"-&$(8 ')= 07##8& (# :)= (7&-5 ");=&58 ) $#$P0#$(-$6&$( ?&&@ (7& 8)'&
0)$$#( >& *#$& -$ 0")88 )0(-#$8@ 8-$0& (7& 0")88 0)$$#( >& 07)56&* )$= ?&& <$"&88 ) 0#''#$
?<$* -8 05&)(&*4 A7<8@ )$= -$?#5')(-#$ 0#$0&5$-$6 (7& :5#>)>-"-(= #? 8<00&88 -8 >#<$* (#
)D&0( (7& *&P?)0(# U0#$(-$6&$(V ?&& -$ 0")88 )0(-#$8@ ;7&5&)8 :5-,)(& 0"-&$(8 0)$ )";)=8 :)=
(7&-5 )((#5$&=8 (7&-5 5&8&5,)(-#$ ?&&@ (7<8 5&*<0-$6 (7&-5 -$0&$(-,& (# '-85&:5&8&$( (7& 0)8&L8
'&5-(84 M&0#$*@ ");=&58 7),& (# 0#':&(& ?#5 -$*-,-*<)" 0"-&$(8 -$ (7& ')5.&(@ )$* )5& (7<8
#?(&$ ?#50&* (# #D&5 (7&' #:(-')" ?&& )55)$6&'&$(84 N$ (7& #(7&5 7)$*@ (7& 0")88 )0(-#$ >)5
-8 8')"" W )""#;-$6 ?#5 )$(-P0#':&(-(-,& ?#50&8 (# #:&5)(&@ )$* -(8 )00&88 (# &)07 0")88 )0(-#$
-8 *&(&5'-$&* >= ,)5-#<8 ?)0(#58@ #$"= ?&; #? ;7-07 7),& (# *# ;-(7 >&$&B(8 )D#5*&* (# (7&
0")884 X-$)""=@ -$*-,-*<)" 0"-&$(8 7),& 8(5#$6 -$0&$(-,&8 )$* #?(&$ 7),& 8<G0-&$( 5&8#<50&8
(# ().& )*&C<)(& '&)8<5&8 (# *-5&0("= '#$-(#5 (7&-5 )((#5$&=8@ ;7&5&)8 0#<5(8 )$* 0")88
5&:5&8&$()(-,&8 ")0. >#(74
A7& 5&8( #? (7& :):&5 :5#0&&*8 )8 ?#""#;8@ -$ (7& $&I( M&0(-#$ ;& &")>#5)(& ?<5(7&5 #$
(7& 8:&0-)" ?&)(<5&8 #? 0")88 )0(-#$ "-(-6)(-#$4 9$ M&0(-#$ Z@ ;& :5&8&$( (7& 6&$&5)" '#*&"@
d
)$* -$ M&0(-#$8 b )$* d@ )::"= -( (# (7& 0)8&8 #? (7& "#*&8()5 )$* :&50&$()6& ?&& '&(7#*84
R#$0"<*-$6 5&')5.8 )5& #D&5&* -$ M&0(-#$ `4 !"" :5##?8 )5& 5&"&6)(&* (# (7& !::&$*-I4
," -./ #$./&/$% 0/1%)&/2 '3 45122 6*%+'$ 6%%'&$/7 0//2
M&,&5)" ?&)(<5&8 #? (7& '#*&" 5&C<-5& :5&"-'-$)5= &")>#5)(-#$ -$ #5*&5 (# )::5&0-)(& (7&-5
)::"-0)>-"-(= -$ *-D&5&$( "&6)" 0#$(&I(84 A7-8 8&0(-#$ #<("-$&8 (7& 0#''#$ :5)0(-0& -$ (7&
0#<5(8@ 8&((-$6 (7& 65#<$* ?#5 (7& )88<':(-#$8 ')*& -$ (7& '#*&"@ (7& 07#-0& #? (7& #>F&0(-,&
?<$0(-#$ (# >& ')I-'-S&*@ )$* (7& :#88->"& -$8(5<'&$(8 (7)( ')= >& <8&* -$ ')I-'-S-$6 (7-8
#>F&0(-,& ?<$0(-#$4
6" -./ 4')&%82 9:;/*%+</2 +$ =/%%+$> %./ 6%%'&$/782 0//
9$ #5*-$)5= U$#( 0")88 )0(-#$V "-(-6)(-#$ -( -8 5)5&"= (7& 0)8& (7)( 0#<5(8 -$(&5,&$& -$ (7&
"-(-6)$(8L 8&"&0(-#$ #? )((#5$&=8@ (7&-5 ?&& )65&&'&$(8 )$* (7&-5 8&(("&'&$( *&0-8-#$84 R")88
)0(-#$8 )5& &I0&:(-#$)" -$ (7-8 5&8:&0( )8 (7& 5&)" "-(-6)$(8@ (7& 0")88 '&'>&58@ )5& )>8&$(
(75#<67#<( (7& :5#0&884 A7& 0#<5(L8 #>F&0(-,& -$ *&,-8-$6 (7& )((#5$&=L8 ?&& )$* 5&6<")(-$6
(7& 8&(("&'&$( *&0-8-#$8 -8 (7&5&?#5& (# :5#(&0( (7& 0")88 )$* 8&0<5& -(8 -$(&5&8(84 A7& F<*6&
87#<"* )0( )8 ) B*<0-)5= ?#5 (7#8& ;7# )5& 8<::#8&* (# >&$&B( ?5#' (7& ?<$* #>()-$&*@
8-$0& (=:-0)""= $# #$& &"8& -8 ),)-")>"& (# :&5?#5' (7)( ?<$0(-#$4 A7& *&?&$*)$( 7)8 $#
-$(&5&8( -$ 7#; (7& ?<$* -8 *-8(5-><(&* )'#$6 (7& :")-$(-D8@ )$* (7& :")-$(-D 0")88 '&'>&58
5)5&"= >&0#'& -$,#",&*4 H& *&B$& (7& 0#<5(L8 #>F&0(-,& )00#5*-$6"=@ (# ')I-'-S& (7& 0")88L
&I:&0(&* :)=#D4!#
N<5 *&B$-(-#$ #? (7& 0#<5(L8 #>F&0(-,& ?<$0(-#$ )88<'&8 <$-?#5'-(= )'#$6 (7& 0")88 '&'P
>&58L :5&?&5&$0&84 9( )>8(5)0(8 ?5#' (7& :5#>"&' #? )""#0)(-$6 (7& 0")88 5&0#,&5=@ >#(7 )'#$6
(7& 0")88 '&'>&58@ )$* )'#$6 )"(&5$)(-,& <8&84 !$*@ -( -':"-&8 (7)( 0")88 '&'>&58 )5&
#$"= -$(&5&8(&* -$ ')I-'-S-$6 (7&-5 &I:&0(&* :)=#D U)$* )5&@ (7&5&?#5&@ 5-8. $&<(5)"V@ )$*
7),& $# #(7&5 6#)"8 -$ 7),-$6 (7&-5 0")-'8 "-(-6)(&*4 A7&8& )88<':(-#$8 )5& 0#$8-8(&$( ;-(7
(7& 8-(<)(-#$ -$ ')$= #? (7& 8&0<5-(-&8@ )$(-(5<8(@ )$* 0#$8<'&5 0")88 )0(-#$84 g&(@ -$ 8#'&
#(7&5 0#$(&I(8@ &8:&0-)""= ')88 (#5(8@ 0")88 '&'>&58 ')= 7),& 0#$h-0(-$6 -$(&5&8(8i (7&=
')= >& 5-8. ),&58& )$* ')= )"8# >& -$(&5&8(&* -$ #>()-$-$6 $#$P'#$&()5= 5&'&*-&8 8<07
)8 (7& #::#5(<$-(= (# 7),& (7&-5 *)= -$ 0#<5( )$* 6)-$ )$ -$8(-(<(-#$)" 5&0#6$-(-#$ #? (7&
;5#$68 (7&= 7),& 8<D&5&*4 A7& '#*&" 87#<"* (7&5&?#5& >& ().&$ ;-(7 0)<(-#$ -$ 0#$(&I(8
;7&5& ')I-'-S-$6 (7& 0")88 ;&"?)5& -8 $#( $&0&88)5-"= &C<-,)"&$( (# ')I-'-S-$6 -(8 &I:&0(&*
:)='&$(4
!#
J4= /=4%1"= A"=5A"*#+;"5 4& 54*+%? B"?E%=" +& #$" *4&#"W# 4E 4=1+&%=9 ?+#+8%#+4&0 5"" >$%;"?? ]RTTP_-
`
?" 0// @/%.'(2 A&1*%+*/( #$ %./ 4')&%2
A7& )$)"=8-8 #? (7-8 :):&5 -8 ?#0<8&* #$ 0#''#$ ?<$* 0")88 )0(-#$84 ! 0#''#$ ?<$* 0")88
)0(-#$ 05&)(&8@ -$05&)8&8@ #5 :5&8&5,&8@ ) 0#''#$ ?<$* ;7#8& '#$&()5= >&$&B(8 &I(&$* (# (7&
;7#"& 0")884!$ A7& ");=&5L8 ?&& -8 :)-* ?5#' (7& 0#''#$ ?<$*@ (7<8 )""#0)(-$6 (7& :5#0&&*8
?5#' (7& ");8<-( >&(;&&$ (7& 0")88 )$* (7& ");=&54 M-$0& (7& 0")88 -8 *-8:&58&* )$* 0")88
'&'>&58 *# $#( $&&* (# )0(-,&"= )::5#,& (7& ");8<-( -$ #5*&5 (# >& :)5( #? -(@ (7& )((#5$&=
0)$ $&,&5 0#""&0( ) ?&& 7-67&5 (7)$ (7& )0(<)" )'#<$( 5&0#,&5&*4 !$= $#$ 0#$(-$6&$( ?&&
(7)( -8 :)-* -$*&:&$*&$("= #? (7& 8<-(L8 #<(0#'& -8 (7&5&?#5& -$?&)8->"& -$ (7-8 0#$(&I(4 X#5
(7-8 5&)8#$@ (7& (;# ?#5'8 #? )((#5$&=L8 ?&&8 :5)0(-0&* -$ 0#''#$ ?<$* 0")88 )0(-#$8@ (7&
5&)8#$)>"& :&50&$()6& ?&& )$* (7& K"#*&8()5L ?&&@ )5& >#(7 0#$(-$6&$( #$ ) 0")88 ,-0(#5=@ )$*
)5& "-'-(&* (# (7& )'#<$( 5&0#,&5&*4
H7&$ (7& 0#<5( )::"-&8 (7& 5&)8#$)>"& :&50&$()6& ?&& '&(7#* -( *&(&5'-$&8 (7& ");=&5L8
0#':&$8)(-#$ )8 ) :&50&$()6& #? (7& (#()" 5&0#,&5=@ )?(&5 0#$8-*&5-$6 ) 8&( #? :#(&$(-)""=
5&"&,)$( ?)0(#58@ -$0"<*-$6 (7& (-'& )$* ")>#5 5&C<-5&* (# "-(-6)(& (7& ");8<-(@ (7& 5-8. #?
"#8-$6 -(@ (7& 0<8(#')5= ");=&5L8 ?&& -$ (7& ')5.&(@ (7& )'#<$( -$,#",&* -$ (7& ");8<-(@ )$*
(7& );)5*8 -$ 8-'-")5 0)8&84 9? (7& K"#*&8()5L ?&& -8 &':"#=&*@ (7& ");=&5 -8 :)-* ?#5 (7& ")>#5
)$* 0#8(8 87& 8:&$( #$ (7& 0)8&4 A7& 0#<5( *&(&5'-$&8 (7& 7#<58 5&)8#$)>"= &I:&$*&* >=
0#<$8&"@ '<"(-:"-&8 (7-8 $<'>&5 >= ) 5&)8#$)>"& 7#<5"= 5)(&@ )$* (7&$ )*F<8(8 (7& ?&& >)8&*
<:#$ (7& 0#$(-$6&$( $)(<5& #5 5-8. -$ (7& :)5(-0<")5 0)8& -$,#",&* )$* (7& C<)"-(= #? (7&
)((#5$&=L8 ;#5.4
O$*&5"=-$6 >#(7 '&(7#*8 -8 ) 6&$&5)" 8()$*)5* #? 5&)8#$)>"&$&88@ >= ;7-07 (7& ");=&5 -8
&$(-("&* (# ) 5&)8#$)>"& )((#5$&=L8 ?&& ?5#' (7& ?<$* )8 ) ;7#"&4 A7& 07#-0& >&(;&&$ (7& (;#
?&& 8(5<0(<5&8 -8 ')*& )00#5*-$6 (# (7& 0#''#$ :5)0(-0& )$* :5&0&*&$( -$ (7& 0-50<-( -$ ;7-07
(7& 0")88 )0(-#$ -8 "-(-6)(&* )$* (7& 8:&0-B0 0#$(&I( #? (7& 8<-(4 g&(@ )$&0*#()" &,-*&$0& ?5#'
0#<5(8L #:-$-#$8 )8 ;&"" )8 )$* &':-5-0)" 5&8&)507 8<66&8( (7)( (7& (;# '&(7#*8 ?#5 0)"0<")(-$6
(7& ");=&5L8 ?&& );)5* ");=&58 ;-(7 5#<67"= (7& 8)'& 5)$6& #? *#"")5 )'#<$(8@ 0&(&5-8 :)5-><8
Uf=$.@ 3[[bV4 X<5(7&5'#5&@ 0#''#$ ?<$* ?&&8 -$ 0#':"&I 0")88 )0(-#$8 $#5')""= 0#$8(-(<(&
>&(;&&$ 12j (# Z2j #? (7& 0")88 5&0#,&5= -$ 0#''#$ ?<$*8 #? <: (# kd2 '-""-#$ UR#$(&@
3[[Z@ :4 d2V4
O$*&5 >#(7 (7& "#*&8()5 )$* (7& 5&)8#$)>"& :&50&$()6& ?&&@ 0#<5(8 <8& ,)5-#<8 (&07$-C<&8
;7&$ 5&,-&;-$6 ?&& )::"-0)(-#$8 (# 8&0<5& )00<5)(& 5&:#5(-$6 #? 7#<584 A7&8& (&07$-C<&8
-$0"<*& )<*-(-$6 )$* 8)':"-$6@ 0#':<(&5-S&* 5&,-&; #? ?&& 8<>'-88-#$8@ 0)(&6#5-S&* )$* :&P
5-#*-0)" ?&& 5&:#5(8@ )$* 0#':)5-8#$8 ;-(7 *&?&$*)$(8L (-'& 5&0#5*84 E= <8-$6 (7&8& )<*-(-$6
!$
J4= % *43A="$"&5+;" =";+"B 4E #$" *4334& E)&1 14*#=+&"0 5"" K4&#" ]RTT`0 AA- OO7`Q_-
\
(&07$-C<&8@ 0#<5(8 )5& )>"& $#( #$"= (# &$8<5& )00<5)(& 5&:#5(-$6@ ><( )"8# (# >&((&5 '#$-(#5
(7& ");=&5L8 -$,&8('&$(@ '-$-'-S-$6 (7& '#5)" 7)S)5* :5#>"&'8 -$7&5&$( -$ &)07 #? (7& (;#
?&& '&(7#*84 9$ (7& )>8&$0& #? 8<07 *-5&0( '#$-(#5-$6 (7& ");=&5 ;#<"* (&$* (# <$*&5P-$,&8(
-$ (7& ");8<-( <$*&5 (7& 5&)8#$)>"& :&50&$()6& ?&& 8-$0& 87& >&)58 (7& ?<"" 0#8( #? )$= -$,&8(P
'&$(@ ><( #>()-$8 #$"= :)5( #? -(8 &I:&0(&* 5&(<5$4 O$*&5 (7& "#*&8()5 ?&& 87& ;#<"* (&$*
(# #,&5P-$,&8( ;7&$&,&5 7&5 5&$( ?#5 &)07 ;#5.-$6 7#<5 -8 :#8-(-,&4 U/#(& (7)( -? (7& ");=&5L8
5&$( ?#5 &)07 ;#5.-$6 7#<5 -8 $&6)(-,&@ 87& ;#<"* *&0"-$& (# 7)$*"& (7& 0)8&4V 9$ #5*&5 (#
&"-'-$)(& (7&8& '#5)" 7)S)5* :5#>"&'8@ -( -8 (7&5&?#5& $&0&88)5= ?#5 (7& 0#<5( (# &I)'-$& (7&
(-'& (7& 0")88 )((#5$&= 8:&$( #$ (7& 0)8& )$* &I:"-0-("= 5&6<")(& -(4
H& )88<'& >&"#; (7)( (7& 0#<5( #>8&5,&8 (7& &,&$(<)" F<*6'&$(@ )$* *&(&5'-$&8 (7&
");=&5L8 ?&& )00#5*-$6"=4 H& :5#0&&* >= -$-(-)""= )>8(5)0(-$6 ?5#' (7& &I)0( ?#5' <8&*
(# );)5* (7& ");=&5L8 ?&&@ )$* 07)5)0(&5-S& (7& #:(-')" ?&& '&$< -$ (&5'8 #? (7& ");=&5L8
&I:&0(&* :)='&$( )8 ) ?<$0(-#$ #? 7&5 "-(-6)(-#$ -$,&8('&$(4 A7&$@ )?(&5 *&5-,-$6 (7& #:(-')"
?&& '&$< ?#5 (7& ");=&5@ ;& :5#0&&* (# 87#; (7)( -( 0)$ >& -':"&'&$(&* (75#<67 >#(7 ?&&
'&(7#*8 -$(5#*<0&* )>#,&4
B" -./ @'(/5
! 0#<5( )::#-$(8 ) ");=&5 (# 5&:5&8&$( ) 0")88 -$ ) 0")88 )0(-#$4 R#$*-(-#$)" #$ ;-$$-$6@ (7&
F<*6&'&$( :)-* (# (7& 0")88 -8 6-,&$ >=
! l "U#V m $ " 2
;7&5& "U#V " 2 *&805->&8 (7& ;)= -$ ;7-07 (7& ");=&5L8 &D#5(@ *&$#(&* >= # " 2% )D&0(8
(7& &I:&0(&* F<*6'&$( 0#$*-(-#$)" #$ ;-$$-$6@ )$* $ -8 ) 5)$*#' &"&'&$( ;-(7 &I:&0()(-#$
S&5# (7)( &I:5&88&8 (7& -$7&5&$( <$0&5()-$(= )88#0-)(&* ;-(7 (7& 8-S& #? (7& F<*6&'&$(4 A7&
?<$0(-#$ " i ! # ! -8 )88<'&* (# >& -$05&)8-$6@ *-D&5&$(-)>"&@ )$* 0#$0),&@ )$* 8<07 (7)(
"U2V " 2% )$* "-' " # U&V l 2' A7& F<*6&'&$(L8 ,)"<& -$ 0)8& #? $#( ;-$$-$6 -8 )88<'&* (#
!!"
>& S&5#4
A7& ");=&5L8 &I:&5( #:-$-#$ )>#<( (7& '&5-( #? (7& 8<-( -8 8<'')5-S&* >= 7&5 &8(-')(& #?
(7& :5#>)>-"-(= #? ;-$$-$6 (7& 0)8&4 H& *&$#(& 7&5 &8(-')(& >= (' A7<8@ (7& &I:&0(&* ,)"<&
#? (7& F<*6&'&$( ;7&$ ) ");=&5 ;7#8& &8(-')(& -8 ( &I&5(8 (7& &D#5( # -8 6-,&$ >=
) n( U"U#V m $Vo l ("U#V'
A7& '#*&" 0)$ >& 6&$&5)"-S&* (# )""#; ?#5 (7& ");=&5L8 &D#5( (# )"8# )D&0( 7&5 &8(-')(& #? (7&
:5#>)>-"-(= #? ;-$$-$6 (7& 0)8&4 M:&0-B0)""=@ (7& ");=&5L8 &8(-')(&* :5#>)>-"-(= #? ;-$$-$6
]
(7& 0)8& ')= >& 6-,&$ '#5& 6&$&5)""= >= ( $ * U#V ;7&5& * U#V i ! %# n2% 3o -8 -$05&)8-$6 -$ (7&
");=&5L8 &D#5(@ *-D&5&$(-)>"&@ )$* 8<07 (7)( (7& ?<$0(-#$ * U#V " U#V -8 0#$0),& -$ (7& ");=&5L8
&D#5(4 A7-8 6&$&5)"-S)(-#$ ;-"" $#( 07)$6& (7& C<)"-()(-,& ?&)(<5&8 #? #<5 5&8<"(84
H& ').& (7& ?#""#;-$6 )88<':(-#$8 )>#<( !% (% #% )$* $4 A7& F<*6&'&$( ! -8 #>8&5,)>"&
)$* ,&5-B)>"&4 9( :5#,-*&8 (7& >)8-8 ?#5 *&(&5'-$-$6 (7& ");=&5L8 ?&& ?#5 7)$*"-$6 (7& 0")88
)0(-#$4 A7& ");=&5L8 &8(-')(& ( -8 .$#;$ #$"= (# 7&58&"?4 H& )88<'& (7)( (7& 0#<5(@ >&-$6 "&88
.$#;"&*6&)>"& )>#<( (7& '&5-( #? (7& 0)8&@ >&"-&,&8 (7)( ( & n2% 3o -8 *-8(5-><(&*
! )00#5*-$6 (#
#
8#'& *-8(5-><(-#$ ?<$0(-#$ + ;-(7 *&$8-(= ,' H& )88<'& (7)( + -8 8<07 (7)(
!
"
3m
"!
!
!# +!,$!
"" # +",
-8 $#$P-$05&)8-$6 -$ (' /#(& (7)( (7-8 )88<':(-#$ -8 8)(-8B&* <$"&88 (7& *&$8-(= , U(V *&05&)8&8
p(## ?)8(q U?)8(&5 (7)$
!
V
"#
#$ 8#'& -$(&5,)"4!%%!& A7& U<$0#$*-(-#$)"V &I:&0(&* F<*6&'&$(@
("U#V% -8 -$05&)8-$6 -$ (7& &D#5( # (7)( -8 &I&5(&* >= (7& ");=&54 X-$)""=@ ;& )88<'& (7)( (7&
p$#-8&q (&5'@ $% 7)8 )$ &I:&0()(-#$ #? S&5# 0#$*-(-#$)" #$ )$= ");=&5L8 &D#5(@ )n$' #o l 2'
/#(& (7)( 8-$0& )$= 8=8(&')(-0 >-)8 -$ $ 0)$ >& -$0#5:#5)(&* -$(# (7& ");=&5L8 &D#5( #5 -$(#
(7& ?<$0(-#$ " U$V % (7-8 )88<':(-#$ &$()-"8 $# "#88 #? 6&$&5)"-(=4 _#;&,&5@ (7& !%)*,%-.*%(&
#? $ ')= *&:&$* #$ (7& p8(5)(&6=q &':"#=&* >= (7& ");=&5 -$ 0#$*<0(-$6 (7& (5-)"4 !8 ;&
87#; >&"#;@ (7-8 *#&8 $#( )D&0( #<5 5&8<"(84
A7& ");=&5L8 :)=#D ?5#' 7)$*"-$6 (7& 0")88 )0(-#$ -8 6-,&$ >=
- ( .#
;7&5& - *&$#(&8 (7& :)='&$( (# (7& ");=&5 U(7& ");=&5L8 ?&&V@ )$* . / 2 *&$#(&8 (7& ");=&5L8
:&5P<$-( 0#8( #? &D#5(4 A7& )$)"=8-8 0)$ >& &)8-"= 6&$&5)"-S&* (# )""#; ?#5 ");=&5L8 0#8(8 (7)(
)5& 0#$,&I -$ &D#5( ;-(7#<( 07)$6-$6 (7& 5&8<"(84 H& )88<'& (7)( (7& ");=&5 -8 )$ &I:&0(&*
<(-"-(= ')I-'-S&54 /#(& (7)( (7-8 -':"-&8 (7)( 87& -8 5-8. $&<(5)" ;-(7 5&8:&0( (# '#$&=4 H&
$#5')"-S& (7& ");=&5L8 #::#5(<$-(= 0#8( (# S&5#4
A7& :)=#D (# (7& 0")88 -8 6-,&$ >=
!(;7&$ (7& F<*6&'&$( -8 ! )$* (7& ");=&5 -8 :)-* -' H& )88<'& U8&& (7& *-80<88-#$ -$ M&0(-#$
1 )>#,&V (7)( (7& 0#<5( *&8-6$8 (7& -$0&$(-,& 807&'& ?#5 (7& ");=&5 (5=-$6 (# ')I-'-S& (7&
!%
J4= "W%3A?"0 #$+5 5)b*+"&# *4&1+#+4& +5 5%#+5G"1 /9 %?? ."#% 1+5#=+/)#+4&5 B+#$ A%=%3"#"= ! ) R" ], ."#%
1+5#=+/)#+4& B+#$ A%=%3"#"=5 #$ ! % Q $%5 % 1"&5+#9 A=4A4=#+4&%? #4 &!!! ]R ( &_"!! E4= & & gQ$ Rh " L# +5 #$"
4&?9 &%3"1 1+5#=+/)#+4& B+#$ 5)AA4=# 4& #$" )&+# +&#"=;%? B" %=" E%3+?+%= B+#$-_
!&
F$+5 %55)3A#+4& A?%95 % 5+3+?%= =4?" #4 #$%# 4E #$" 5#%&1%=1 34&4#4&" $%M%=1 =%#" A=4A"=#9- i%3"?90
+# E%*+?+#%#"5 #$" %&%?95+5 /9 "&5)=+&8 #$%# #$" 4A#+3%? +&*"&#+;" 5*$"3" E)??9 5"A"=%#"5 #$" 1+Z"="&# ?%B9"=5\
#9A"5 ]&4 /)&*$+&8_- >"" H9"=54& ]RT^R_0 d)"5&"=+" %&1 (%Z4&# ]RT^X_0 %&1 .)?4B %&1 <4/"=#5 ]RT^^_ E4=
% 1+5*)55+4& %/4)# $4B #$" A=4/?"3 *%& /" 54?;"1 B+#$4)# #$+5 %55)3A#+4&-
[
&I:&0(&* :)=#D (# (7& 0")88 8<>F&0( (# (7& &IP:#8( 0#$8(5)-$( (7)(
2 ) - ) !'
A7)( -8@ (7& ");=&5 0)$$#( >& :)-* '#5& (7)$ (7& 5&)"-S&* F<*6&'&$(4 M7& -8 )"8# 8<>F&0( (#
) "-'-(&* "-)>-"-(= 0#$8(5)-$( W 87& 0)$$#( >& )8.&* (# :)= (7& 0")88 #<( #? 7&5 #;$ :#0.&(4
/#(& (7)( (7-8 ")((&5 0#$8(5)-$(@ )"(7#<67 <8<)""= 8)(-8B&* -$ :5)0(-0&@ -8 $#( ')$*)(&* >=
"); )$* ')= (7&5&?#5& >& 5&")I&*4
A# 8-':"-?= (7& *-80<88-#$@ ;& )88<'& B58( (7)( (7& ");=&5L8 &D#5( -8 #>8&5,)>"& (# (7&
0#<5(4 H& 7),& -$ '-$* (7& ?#""#;-$6 80&$)5-#4 O:#$ )::#-$(-$6 (7& ");=&5@ (7& 0#<5( )8.8
7&5 (# 5&,&)" 7&5 &8(-')(& #? (7& '&5-( #? (7& 0)8&4 ^&:&$*-$6 #$ (7& ");=&5L8 5&:#5( #? 7&5
&8(-')(&@ *&$#(&* ($@ (7& 0#<5( *&(&5'-$&8 (7& &D#5( 5&C<-5&* ?5#' (7& ");=&5 #U$
(V@ )$* ) ?&&
807&*<"& U(7)( ')= *&:&$* #$ (7& ");=&5L8 5&:#5(&* &8(-')(&V (7)( 8:&0-B&8 (7& :)='&$( (#
(7& ");=&5 )8 ) ?<$0(-#$ #? (7& 5&)"-S&* F<*6&'&$( -"$U!V4 A7& ");=&5 -8 $#( :)-* )$=(7-$6 -?
87& *#&8 $#( ;-$ (7& 0)8& ?#5 (7& 0")884 cC<-,)"&$("=@ (7& 0#<5( ')= 5&;)5* (7& ");=&5 )?(&5
-( 5&$*&58 -(8 F<*6&'&$( )00#5*-$6 (# ) ?&& 807&*<"& (7)( *&:&$*8 #$ (7& #>8&5,)>"& &D#5(
&I&5(&* >= (7& ");=&5 -&+$", U!V4
E= (7& 5&,&")(-#$ :5-$0-:"&@!' $# "#88 #? 6&$&5)"-(= -8 -$,#",&* ;-(7 5&8(5-0(-$6 #<5 )((&$(-#$
(# -$0&$(-,& 0#':)(->"& 0#$(5)0(8 #? (7& ?#5' *0 U(V % # U(V+"$-*%!. ;7&5& (7& ");=&5 (5<(7?<""=
5&:#5(8 7&5 (=:& ( & n2% 3o % -8 )8.&* (# &I&5( &D#5( #U(V " 2% )$* 5&0&-,&8 )$ &I:&0(&* :)='&$(
0#$*-(-#$)" #$ ;-$$-$6 (7& 0)8& 0 U(V4 A7& &I:&0(&* <(-"-(= (# ) ");=&5 #? (=:& ( ;7# &I&5(8
&D#5( # )$* 5&0&-,&8 )$ &I:&0(&* :)='&$( 0#$*-(-#$)" #$ ;-$$-$6 0 -8 (7&5&?#5& 6-,&$ >=
(0 ( .#' M-$0& (7& ");=&5L8 &8(-')(& #? (7& '&5-( #? (7& 0)8& ( -8 $#( #>8&5,)>"& (# (7& 0#<5(@
?#5 ) '&$< #? 0#$(5)0(8 *0 U(V % # U(V+"$-*%!. (# -$*&&* >& -$0&$(-,& 0#':)(->"& ?#5 (7& ");=&5@
#5 (# -$*<0& (5<(7?<" 5&,&")(-#$@ -( '<8( >& (7)(@
(0 U(V ( .#U(V " (0 U$
(V ( .#U$
(V
,(% ($ & n2% 3o '
X<5(7&5'#5&@ -? ;& )88<'& -$ )**-(-#$ (7)( (7& ");=&5 0)$ 6<)5)$(&& 7&58&"? ) :)=#D #? S&5#
>= 5&?<8-$6 (# 7)$*"& (7& 0)8&@ (7&$ ;& '<8( -':#8& )$ )**-(-#$)" 0#$8(5)-$( (# &I:5&88 (7&
?)0( (7)( (7& ");=&5 '<8( ,#"<$()5-"= )65&& (# (7& (&5'8 #? (7& 0#$(5)0(@ #5@
(0 U(V ( .#U(V " 2
,( & n2% 3o '
N(7&5;-8&@ (7& ");=&5 ')= >& >&((&5 #D $#( ().-$6 (7& 0)8&4
!'
>""0 "-8-0 H9"=54& ]RT^S_-
32
H& 7),& &I:5&88&* (7& ");=&5L8 &I:&0(&* :)='&$( 0#$*-(-#$)" #$ ;-$$-$6@ 0 U(V% )8 )
?<$0(-#$ #? (7& ");=&5L8 &8(-')(& #? (7& '&5-( #? (7& 0)8&4 /#(&@ 7#;&,&5@ (7)( -? #U(V -8
U8(5-0("=V -$05&)8-$6 -$ (% )8 -8 (7& 0)8& -$ (7& #:(-')" 8#"<(-#$@ (7&$ -( -8 :#88->"& (# -$,&5(
#U(V )$* (7<8 (# &I:5&88 0 U(V '#5& $)(<5)""= )8 ) ?<$0(-#$ #? (7& &D#5( &I&5(&* >= (7& ");=&5@
5)(7&5 (7)$ 7&5 &8(-')(& #? (7& '&5-( #? (7& 0)8&4
H& >&6-$ >= 07)5)0(&5-S-$6 (7& #:(-')" -$0&$(-,& 807&'& ?#5 (7& ");=&5 -$ (7& 0")88 #?
-$0&$(-,& 807&'&8 ;7&5& (7& ");=&5L8 :)='&$( -8 0#$(-$6&$( <:#$ 7&5 ;-$$-$6 (7& 0)8&4!(
"!
^&$#(& 1U(V l " &, U&V2& )$* $#(& (7)( 1 # U(V l ((, U(V' ^&B$& (7& &D#5( ?<$0(-#$ #% U(V
%
&
(+",
)8 ?#""#;8i ?#5 &,&5= ( & n2% 3o 8<07 (7)( "' 3 ( "(
/ "# U2V% "&( #% U(V l 2a )$* ?#5 &,&5=
!
+",
%
&
(+",
( & n2% 3o 8<07 (7)( "' 3 ( "(
) "# U2V% "&( #% U(V >& *&B$&* )8 (7& 8#"<(-#$@ #% #? (7&
!
+",
?#""#;-$6 &C<)(-#$@
!
#
1 U(V
.
3( #
l " # U#V'
(
(1 U(V
%
&
(+",
-8 $#$ -$05&)8-$6 -$ ( -':"-&8 (7)( #% U(V -8 $#$
/#(& (7)( #<5 )88<':(-#$ (7)( "! 3 ( "(
!
+",
*&05&)8-$6 -$ (' /#(& )"8# (7)( -? "# U2V l -% (7&$ #% U(V / 2 ?#5 &,&5= ( / 2'
A&'C'2+%+'$ !" !"# $%&'()* '+,#+&'-# .,"#(# /$0 &"# *)12#0 '+ &"# ,*).. $/ '+,#+&'-# .,"#(#.
1"#0# &"# *)12#03. %)2(#+& '. ,$+&'+4#+& 5%$+ "#0 1'++'+4 &"# ,).# '. 4'-#+ 62 *0 % U(V % #% U(V+"$-*%!.
1"#0# #% U(V '. 7#.,0'6#7 )6$-#8 )+7
%
0 U(V l .
!'
"
*
#
#%# U(V
2& '
&
9( -8 8(5)-67(?#5;)5* (# ,&5-?= (7)( -? (7& '&5-( #? (7& 0)8& ( ;)8 :&5?&0("= #>8&5,)>"& (#
(7& 0#<5(@ (7&$ -( ;#<"* 7),& #:(-')""= 5&C<-5&* (7& ");=&5 (# &I&5( (7& &D#5( "&,&" #) * U(V
(7)( 8#",&8 (7& &C<)(-#$
(
)
(" # #) * U(V l .
;7&$ 8<07 ) 8#"<(-#$ &I-8(8 )$* (# &I&5( S&5# &D#5( #(7&5;-8&4 H& 5&?&5 (# #) * U(V )8 (7&
pB58(P>&8(q &D#5(4 A7& ?)0( (7)( (7& ");=&5L8 &8(-')(& -8 $#( #>8&5,)>"& (# (7& 0#<5( *-8(#5(8
(7& ");=&5L8 &D#5( );)= ?5#' (7-8 B58(P>&8( "&,&" -$ ) ;)= (7)( -8 8()$*)5* -$ '&07)$-8'
*&8-6$ "-(&5)(<5&i #% U(V ) #) * U(V ?#5 &,&5= ( & n2% 3o % ><( (7& *-D&5&$0& >&(;&&$ (7& (;# -8
*&05&)8-$6 -$ (% )$* #% U3V l #) * U3V' /#(& (7)( -? "# U2V 3 - ");=&58 ;-(7 "#; &8(-')(&8 #?
!(
L1"&#+E9+&8 #$" /"5# %34&8 %?? 8"&"=%? +&*"&#+;" 5*$"3"5 #$%# +&*?)1" /4#$ *4&#+&8"&# %&1 &4&7*4&#+&8"&#
A%93" +5 %& 4A"& A=4/?"3- 64B";"=0 %5 "WA?%+&"1 +& 5)/5"*#+4& O-. %/4;"0 &4& *4&#+&8"&# A%93" %="
+&E"%5+/?" +& *?%55 %*#+4&5-
33
(7& '&5-( #? (7& 0)8& ')= >& :5&,&$(&* ?5#' 7)$*"-$6 (7& 8<-( <$*&5 (7& B58( >&8( #<(0#'&
8-':"= >&0)<8& (7&-5 0#8( #? 7)$*"-$6 (7& 0)8& -8 (## 7-67 5&")(-,& (# (7& &I:&0(&* F<*6&'&$(4
H7&$ "# U2V 3 - (7& 5)$6& #? &I0"<8-#$ ')= -$05&)8& <$*&5 (7& #:(-')" 8#"<(-#$ ?#5 (7&
0")884 A7)( -8@ <$*&5 (7& #:(-')" -$0&$(-,& 807&'&@ 8#'& ");=&58 ;-(7 "#; &8(-')(&8 #?
(7& '&5-( #? (7& 0)8& )5& -$&G0-&$("= :5&,&$(&* ?5#' 7)$*"-$6 (7& 0)8&4 A7& -$(<-(-#$ ?#5
(7& #:(-')"-(= #? #% U(V )$* 0 % U(V -8 (7& ?#""#;-$64 A7& 0#<5( ;)$(8 ");=&58 ;-(7 7-67
&8(-')(&8 #? (7& '&5-( #? (7& 0)8&@ ;7# 7),& ) 0#55&8:#$*-$6"= 7-67&5 ')56-$)" 5&(<5$ (#
&D#5(@ (# &I&5( '#5& &D#5(4 E= :5#'-8-$6 ");=&58 ) 7-67&5 &I:&0(&* :)='&$( 0#$*-(-#$)"
#$ ;-$$-$6 -? (7&= )65&& (# ;#5. 7)5*&5@ (7& 0#<5( :5#,-*&8 -$0&$(-,&8 ?#5 (7& ");=&58 (# >&
(5<(7?<" )>#<( (7&-5 &8(-')(&84 f);=&58 ;-(7 7-67 &8(-')(&8 *# $#( ;)$( (# :5&(&$* (# 7),&
"#; &8(-')(&8 >&0)<8& ;7-"& (7-8 ;#<"* )""#; (7&' (# ;#5. "&88@ -( )"8# -':"-&8 (7)( (7&=
;#<"* 5&0&-,& ) "#;&5 &I:&0(&* :)='&$( #5 ')= &,&$ >& :5&,&$(&* ?5#' 7)$*"-$6 (7& 8<-(4
f);=&58 ;-(7 "#; &8(-')(&8 *# $#( ;)$( (# :5&(&$* (# 7),& 7-67&5 &8(-')(&8 >&0)<8&@ <:#$
*#-$6 8#@ (7&= ;#<"* >& )8.&* (# &I&5( ) 7-67&5 "&,&" #? &D#5(4 A7&= ;#<"* )"8# 5&0&-,& )
7-67&5 &I:&0(&* :)='&$( 0#$*-(-#$)" #$ ;-$$-$6@ ><( 8-$0& (7&-5 &8(-')(& -8 "#;@ (7&-5 #,&5)""
&I:&0(&* :)='&$( -8 (## "#; (# F<8(-?= (7& 7)5* ;#5.4
D" -./ E'(/2%1& 0// 6&&1$>/F/$%
H& 87#; (7)( (7& #:(-')" '&$< #? 0#$(5)0(8 *0 % U(V % #% U(V+"$-*%!. 0)$ >& -':"&'&$(&*
(75#<67 (7& "#*&8()5 0#$(-$6&$( 7#<5"= ?&& )55)$6&'&$(4 H& *&B$& ) ?<$0(-#$ 4 U#V (7)(@
0#$*-(-#$)" #$ (7& ");=&5 ;-$$-$6 (7& 0)8&@ 5&")(&8 (7& #>8&5,&* $<'>&5 #? ");=&5L8 7#<58
;#5.&* (# (7& :)='&$( (# (7& ");=&5 8<07 (7)(
"!
4U#V l 0 % U#%
;7&5& #%
"!
U#VV
U$V *&$#(&8 (7& -$,&58& ?<$0(-#$ #? #% U$V ' O$*&5 (7& "#*&8()5 ?&& )55)$6&'&$(@ )
");=&5 ;7# 7)8 >&&$ #>8&5,&* (# &I&5( (7& &D#5( #% -8 :)-* 4U#V <:#$ ;-$$-$6 (7& 0")88 )0(-#$4
! ");=&5 ;7#8& &8(-')(& #? (7& '&5-( #? (7& 0)8& -8 ( ;-"" 07##8& (# &I&5( (7& &D#5( #% U(V ' 9?
87& 07##8&8 ) *-D&5&$( "&,&" #? &D#5( ## l #% U(# V .l #% U(V % 7&5 :)='&$( <:#$ ;-$$-$6 ;#<"*
"!
&C<)" 0 % U#%
U## VV l 0 % U(# V% 0#$(5)*-0(-$6 -$0&$(-,& 0#':)(->-"-(=4
O$*&5 0#''#$ :5)0(-0& #? (7& "#*&8()5 )55)$6&'&$(@ (7& ");=&5L8 7#<5"= 5)(& -8 '<"(-:"-&*
>= ) #(&)*+&* 5-8. '<"(-:"-&54 A7& $&I( :5#:#8-(-#$ 87#;8 (7)( #:(-')"-(= 5&C<-5&8 (7& 0#<5(
(# 8&( ) !"#,"+)%&' #5 K8"-*-$6L '<"(-:"-&54
A&'C'2+%+'$ ," !"# /5+,&'$+ 4U#V '. ,$+,)-# '+ &"# *)12#03. #9$0&:
31
A7& ')56-$)" 0#$(-$6&$( 7#<5"= ?&& 4# U#V -8 (7<8 *&05&)8-$6 -$ (7& $<'>&5 #? 7#<58
;#5.&*4 9$(<-(-,&"=@ ?#5 (7& B58( ?5)0(-#$ #? )$ 7#<5 ;#5.&*@ (7& ");=&5 -8 :)-* 7&5 0#8( #?
&D#5(@ .% '<"(-:"-&* >= (7& 7-67&8( :#88->"& '<"(-:"-&5@
! !)
'
"$%&
A7-8 '<"(-:"-&5 *&05&)8&8 )8
(7& ");=&5L8 &8(-')(& #? (7& '&5-( #? (7& 0)8& -$05&)8&8 <$(-" -( &C<)"8 3 ?#5 )$= 7#<5 ;#5.&*
>&=#$* (7& B58(P>&8( "&,&" #? &D#5( #? ) ");=&5 ;7#8& &8(-')(& #? (7& :5#>)>-"-(= #? ;-$$-$6
-8 34
! :#88->"& :5#>"&' ;-(7 (7& #:(-')" "#*&8()5 '&(7#* )8 *&805->&* -$ (7-8 8&0(-#$@ -8 (7)(
-$ 0)8& #? ;-$$-$6@ (7& 5&)"-S&* F<*6&'&$( ')= $#( >& 7-67 &$#<67 (# 0#,&5 (7& ");=&5L8 ?&&8
U(7<8 ,-#")(-$6 (7& 0#$8(5)-$( - ) !V4 A7-8 :5#>"&' ;-"" $#( #00<5 -? (7& ,)5-)$0& #? (7& $#-8&
(&5' $ -8 p8')"" &$#<674q A# (7& &I(&$( (7)( $ ')= -$*&&* >& $&6)(-,& )$* ")56& -$ )>8#"<(&
,)"<&@ ");=&58 '<8( >& :)-* ) 7-67&5 7#<5"= ?&& -$ (7#8& 0)8&8 ;7&5& (7& 5&)"-S&* F<*6&'&$(
-8 7-67 &$#<67 8# (7)( (7&= 8(-"" 5&0&-,& )$ &I:&0(&* :)='&$( 0 % U(V 0#$*-(-#$)" #$ ;-$$-$64
A7& #:(-')" ?&& )55)$6&'&$( ;#<"* (7&$ 5&C<-5& (7& 0#<5( (# >& .$#;"&*6&)>"& )>#<( (7&
*-8(5-><(-#$ #? (7& $#-8& $'
G" -./ A/&*/$%1>/ @/%.'(
9$ (7-8 8&0(-#$ ;& 87#; -( -8 :#88->"& (# -':"&'&$( (7& #:(-')" -$0&$(-,& 807&'& (75#<67 )
'&$< #? "-$&)5 0#$(5)0(8 &,&$ -$ (7& 0)8& ;7&5& (7& 0#<5( 0)$$#( ,&5-?= (7& $<'>&5 #? 7#<58
(7& ");=&5 ;#5.&*4 M<07 0#$(5)0(8 #>,-)(& (7& $&&* (# '#$-(#5 (7& ");=&5L8 &D#5(@ )$* )5&
(7&5&?#5& "&88 0#8("= (# -':"&'&$( 0#':)5&* "(# (7& "#*&8()5 '&(7#*4"*
H& )88<'& 7&5&)?(&5 (7)( (7& ?<$0(-#$
!
!
!# +!,$!
"" # +",
(+",
l ( "(
-8 *&05&)8-$6 -$ ('"! ^&B$&
!
+",
5% U(V (# >& (7& 87)5& #? 5&)"-S&* F<*6&'&$( (7)( -$*<0&8 ) ");=&5 #? (=:& ( (# ,#"<$()5P
-"= 07##8& (7& #:(-')" &D#5( "&,&" #% U(V' A7)( -8@ ?#5 &,&5= ( & n2% 3o% 5% U(V -8 8<07 (7)(
)56 ')I *(5% U(V"U#V ( .#+ l #% U(V' A7& 0#$0),-(= #? (7& ?<$0(-#$ " U$V -':"-&8 (7)( ?#5 (
&&*
!)
F$" &)3/"= '+,- " Q ="E"=5 #4 #$" ?4B"5# "5#+3%#" #$%# % ?%B9"= 3%9 $%;" B+#$ ="5A"*# #4 #$" 3"=+# 4E
#$" *%5" %&1 5#+?? /" %??4B"1 #4 $%&1?" #$" *%5""*
i4#" #$%# B+#$ ?+&"%= *4&#=%*#5 #$" "WA"*#"1 A%93"&# #4 #$" ?%B9"= %5 B"?? %5 #$" "WA"*#"1 A%93"&# #4
#$" *?%55 %=" /4#$ +&1"A"&1"&# 4E #$" 1+5#=+/)#+4& 4E ( %&1 %=" #$"="E4=" %?54 +&1"A"&1"&# 4E #$" 1"8="" 4E
j=+5'+&"55k 4E #$" ?"8%? 5#=%#"89 "3A?49"1 /9 #$" ?%B9"="!
F$" %55)3A#+4& +5 5%#+5G"1 +E ) ]'_ 1"*="%5"5 %# % =%#" #$%# +5 5?4B"= #$%& #!! " !$+?" A?%)5+/?"0 #$+5
%
&
$.#/
%55)3A#+4& +5 5?+8$#?9 5#=4&8"= #$%& #$" %55)3A#+4& #$%# #! R ( #$
+5 &4&7+&*="%5+&8 #$%# B%5 &""1"1
! .#/
#4 "5#%/?+5$ #$" 34&4#4&+*+#9 4E #$" "Z4=# E)&*#+4& *" " (+'" #$" B"%'"= %55)3A#+4&0 #$+5 %55)3A#+4& +5 %?54
5%#+5G"1 E4= %?? ."#% 1+5#=+/)#+4&5 B+#$ A%=%3"#"=5 ! ) R"
3Z
8<07 (7)( #% U(V / 2%
5% U(V l
.
("# U#% U(VV
%
)$* ?#5 ( 8<07 (7)( #% U(V l 2% 5% U(V l 2' N<5 )88<':(-#$8 -':"= (7)( 5% U(V -8 -$05&)8-$6 -$
('""
R#$8-*&5 (7& ?#""#;-$6 '&$< #? "-$&)5 -$0&$(-,& 807&'&8 (7)( *&805->& (7& ");=&5L8 :)=P
'&$(i (7& ");=&5 -8 )""#;&* (# 07##8& (7& ?5)0(-#$ 87& 6&(8 #<( #? (7& 5&)"-S&* F<*6&'&$( -$
0)8& #? ;-$$-$6@ 5% U(V% (#6&(7&5 ;-(7 ) (75&87#"* )'#<$( "U#% U(VV (
+ # +",
,# +",
>&"#; ;7-07 87&
&)5$8 $# ?&&4 A7)( -8@ (7& '&$< #? -$0&$(-,& 807&'&8 0#$8-8(8 #? (7& ?#""#;-$6 0#$(-$6&$(
0#$(5)0(8 (7)( 5&")(& (7& ");=&5L8 ?&& (# (7& F<*6&'&$( -$ (7& (5-)" ;7&$ (7& ");=&5 ;-$8 (7&
0)8& ?#5 (7& 0")88@
*')I *5% U(V U! ( "U#% U(VVV m 0 % U(VV% 2++"$-*%!. '
A7& ");=&5 7)8 (# 07##8& #$& 0#$(-$6&$( -$0&$(-,& 807&'& ?5#' (7-8 '&$<4 A7& $&I( :5#:#P
8-(-#$ &8()>"-87&8 (7& #:(-')"-(= #? (7-8 '&$< #? -$0&$(-,& 807&'&84
A&'C'2+%+'$ B" ;/ &"# +$'.# �( $ '. +$& <&$$ .()**8= &"# (#+5 $/ *'+#)0 ,$+&'+4#+& ,$+>
&0),&. 7#.,0'6#7 )6$-# '. $%&'()*: ;& '+75,#. ) *)12#0 1"$.# &2%# '. ( &$ #?#0& &"# $%&'()*
#9$0& #% U(V )+7 0#,#'-# )+ #?%#, %)2(#+& ,$+7'&'$+)* $+ 1'++'+4 &"# ,).# 0 % U(V' @*.$8
&"# &"0#."$*7 "U#% U(VV (
+ # +",
,# +",
'. '+,0#).'+4 '+ ('
H& 0#$0"<*& (7-8 8&0(-#$ ;-(7 (7& ?#""#;-$6 (75&& #>8&5,)(-#$8i X-58(@ >&0)<8& (7& ");=&5L8
')56-$)" ?5)0(-#$ #? (7& 8<-( 5% -8 8')""&5 #5 &C<)" (# #$& )$* (7& (75&87#"* -8 $#$ $&6)(-,&@
(7& 0")88 )";)=8 5&0&-,&8 8#'& :)='&$( ;7&$ (7& ");=&5 ;-$8 (7& 0)8&4 M&0#$*@ -$ 0)8&
(7& 5&)"-S&* F<*6'&$( ! -8 "#;@ #5 (7& $#-8& (&5' $ -8 8')"" U8:&0-B0)""=@ ;7&$ 5% U(V! 3
5% U(V"U#% U(VV(0 % U(VV@ (7& ");=&5 5&0&-,&8 $# ?&&4 J)-$()-$-$6 (7& ");=&5L8 -$0&$(-,&8 5&C<-5&8
(7)( -$ (7-8 0)8& (7& ");=&5 :)=8 (7& *-D&5&$0& 5% U(V"U#% U(VV ( 0 % U(V ( 5% U(V! (# (7& 0")884
N(7&5;-8&@ (7& ");=&5L8 &I:&0(&* 0#$(-$6&$( :)='&$( ')= >& ")56&5 (7)$ 0 % U(V' A7-8 ;-""
$#( :#8& )$= :5#>"&' -? (7& $#-8& (&5' $ -8 8<07 (7)(@
0 % U(V
%
$"( %
5 U(V
""
F$+5 E4??4B5 E=43 a=4A45+#+4& R ]%**4=1+&8 #4 B$+*$ E4= ' 5)*$ #$%#
%
&
$.#/
$.#/
%
# "
(
R
!
#
#$ .#/ l + ]* ]'___$ %&1 #$" %55)3A#+4& #$%# ( #$! .#/ +5 1"*="%5+&8 +& '-
3b
%
#
%
R(
$.#/
#$! .#/
&
) +# ]Q_0
;7-07 -':"-&8 (7)( )8 ) :&50&$()6& #? (7& &I:&0(&* F<*6&'&$( -$ 0)8& #? ;-$$-$6 (7& 8<-(@
$#-8& -8 8')""&5 #5 &C<)" (#
3(
"U#% U(VV (
+ # +",
,# +",
"U#% U(VV
'
X#5 &I)':"&@ ?#5 #$& 8:&0-B0)(-#$ #? :)5)'&(&58@"# (7-8 -':"-&8 (7)( ?#5 )$= &8(-')(& (%
(7& $#-8& '<8( >& 8')""&5 #5 &C<)" (7)$ 3bj #? (7& &I:&0(&* F<*6&'&$(4 !$#(7&5 ;)=
#? #,&50#'-$6 (7-8 *-G0<"(= -8 (# -':"&'&$( (7& 8)'& -$0&$(-,& 807&'& ;-(7 (7& ");=&5
').-$6 0#$(-$6&$( "<': 8<' :)='&$(8 (# (7& 0")88 (7)( &$8<5& (7)( 7&5 &I:&0(&* :)='&$(
0#$*-(-#$)" #$ ;-$$-$6 (7& 0)8& -8 &I)0("= 0 % U(V ' A7)( -8@ (7& '&$< #? 0#$(-$6&$( -$0&$(-,&
807&'&8 7)8 (# >& 07)$6&* (#
*5% U(V U! ( "U#% U(VVV m 0 % U(VV+"$-*%!. '
H-(7 8<07 ) 807&'&@ )6)-$ ;7&$ (7& $#-8& $ -8 8')""@ (7& ");=&5 ')= 7),& (# :)= (7& 0")88
#<( #? 7&5 :#0.&(4 _#;&,&5@ )8 '&$(-#$&* >&?#5&@ (7& 0#$8(5)-$( (7)( (7& ");=&5L8 :)='&$(
>& $#$ $&6)(-,& -8 $#( ')$*)(&* >= "); )$* ')= (7&5&?#5& >& 5&")I&*4"$
X-$)""=@ ) p>#<$*&*"= 5)(-#$)"q 0#<5( ')= #$"= &':"#= ) ?&; 0#$(-$6&$( 0#$(5)0(8 )8 #:P
:#8&* (# (7& 0#$(-$<<' #? 0#$(-$6&$( 0#$(5)0(8 -$ (7& #:(-')" '&$< #? 0#$(-$6&$( 0#$(5)0(84
X#5 #$& 8:&0-B0)(-#$ #? :)5)'&(&58 U'&$(-#$&* -$ ?##($#(& 12V@ -( 0)$ >& 87#;$ (7)( -? (7&
0")88 #5 0#<5( &':"#=8 #$"= #$& 0#$(-$6&$( 0#$(5)0(@ $)'&"= (7& p>&8(q 0#$(-$6&$( 87)5&
0#$(5)0( ;-(7#<( '#$-(#5-$6 &D#5(@ &I:&0(&* :)='&$( (# (7& 0")88 ?)""8 >= #$"= bj 5&")(-,&
(# (7& #:(-')" '&$< #? 0#$(-$6&$( 0#$(5)0(84
H" I+2*)22+'$ '3 =/%%5/F/$% J/>)51%+'$
J#8( 0")88 )0(-#$8 8&(("&4"% H7&$ )8.&* (# )::5#,& ) :5#:#8&* 8&(("&'&$( ) 0#<5( &I)'-$&8
;7&(7&5 -( -8 ?)-5 )$* 5&)8#$)>"& 6-,&$ -(8 &8(-')(& #? (7& 0)8&L8 &I:&0(&* "-(-6)(-#$ ,)"<&4
A7& 0#<5(L8 ()8. (7&$ -8 (# &$8<5& (7)( (7& 0")88 ;#<"* &)5$ )( "&)8( (7& $&( &I:&0(&* :)=#D
"#
>A"*+G*%??9 E4= #$" *%5" B$"=" , l R$ +]*_ l SQ* ( *" E4= * & gQ$ OSh $ %&1 +]*_ l fOS E4= * % OS$ %&1
' & gQ$ Rh +5 1+5#=+/)#"1 %**4=1+&8 #4 #$" 5933"#=+* ."#% 1+5#=+/)#+4& )]'_ l f' ]R ( '_ "
"$
,&4#$"= A455+/+?+#9 +5 #4 +3A?"3"&# #$" 5%3" +&*"&#+;" 5*$"3" B+#$ % &4&7*4&#+&8"&# ?)3A 5)3 A%93"&#
]"m)%? #4 ' ]-" ]'_ + ]*" ]'__ ( . " ]'___- F$+5 341+G*%#+4& 3%9 /" A="E"=%/?" /"*%)5" B+#$ *4&#+&8"&# ?)3A
5)3 A%93"2 % ?%B9"= B$4 ="%?+M"5 #$%# ( +5 ?+'"?9 #4 /" 53%?? 54 #$%# #$" ?%B9"=\5 5$%=" 4E #$" ";"&#)%?
[)18"3"&# 3%9 /" 53%??"= #$%& #$" ?)3A 5)3 A%93"&# 5$" $%5 #4 3%'" 3%9 A="E"= #4 ?45" #$" *%5""%
J4= "W%3A?"0 +& +#5 5#)19 4E *?%55 %*#+4&5 #"=3+&%#"1 /"#B""& RTTO #4 RTTX +& E4)= E"1"=%? 1+5#=+*# *4)=#50
!+??8+&8 "#- %?- ]RTTf_ $%;" E4)&1 5"##?"3"&# =%#"5 =%&8+&8 E=43 S` #4 fX A"=*"&# +& *?%55 %*#+4&5-
3d
-( ;#<"* 7),& &)5$&* 7)* (7& 0)8& :5#0&&*&* (# (5-)"4 Y-,&$ (7-8 *&B$-(-#$ #? (7& 0#<5(L8
#>F&0(-,&@ 7#;&,&5@ 8&(("&'&$( 5&6<")(-#$ -8 0"#8&"= 5&")(&* (# (7& ");=&5L8 ?&& 8(5<0(<5& -$
"-(-6)(-#$4 O$*&5 (7& #:(-')" ?&& 8(5<0(<5& (7& ");=&5L8 &I:&0(&* :)=#D@ (0 % U(V(.#% U(V@ )$*
(7& 0")88L &I:&0(&* :)=#D@ ( U" U#% U(VV ( 0 % U(VV % )5& >#(7 -$05&)8-$6 -$ (7& ");=&5L8 &8(-')(&
#? (7& 0)8&L8 '&5-( (4 X#5 )$= :5#:#8&* 8&(("&'&$(@ 6@ (7& 0#<5( 0)$ (7&5&?#5& B$* )$ &8(-')(&
( 8<07 (7)( 6 &C<)"8 (7& F#-$( 8<5:"<8 (# (7& 0")88 )$* (7& ");=&5 (" U#% U(VV ( .#% U(V )(
(7)( (% )$* )""#0)(& (7& 8&(("&'&$( >&(;&&$ (7& ");=&5 )$* (7& 0")88 )00#5*-$6"=@ 6-,-$6
(0 % U(V ( .#% U(V (# (7& ");=&5 )$* ( U" U#% U(VV ( 0 % U(VV (# (7& 0")884"& M-$0& ?#5 ;7)(&,&5
&8(-')(& 87& ')= 7),& (7& ");=&5 ;#<"* >& ;-""-$6 (# 8&(("& -? )$* #$"= -? 7&5 :)=#D -$
8&(("&'&$( -8 )( "&)8( )8 7-67 )8 7&5 &I:&0(&* :)=#D -$ "-(-6)(-#$@ (7& 0")88 ;#<"* >& 8&0<5&*
-(8 &I:&0(&* :)=#D -$ "-(-6)(-#$4
K" 4'$*5)2+'$
A7& #$6#-$6 *&>)(& )>#<( ;7-07 ?&& )55)$6&'&$( >&8( 8&5,&8 0")88 )0(-#$ '&'>&58L -$(&5&8(8
W (7& "#*&8()5 #5 (7& :&50&$()6& ?&& W 7)8 <8<)""= (5-&* (# -*&$(-?= ;7-07 #? (7#8& '&(7#*8
-8 >&((&5 8<-(&* ?#5 8#",-$6 (7& 0#<5(L8 '#5)" 7)S)5* :5#>"&'4 !88<'-$6 (7)( (7& 0#<5(L8
:5#>"&' -8 ')-$"= *<& (# -(8 -$)>-"-(= (# )00<5)(&"= *&(&5'-$& (7& ");=&5L8 -$,&8('&$( -$ (7&
0)8&@ 0#''&$()(#58 )8 ;&"" )8 0#<5(8 7),& 0#$8-*&5&* (7& -88<& #? <$*&5P #5 #,&5P-$,&8('&$(
(# >& (7& '#8( 05<0-)" :5#>"&' -$ 0"-&$(P)((#5$&= 5&")(-#$8 -$ 6&$&5)"@ )$* -$ 0")88P)0(-#$
"-(-6)(-#$ -$ :)5(-0<")54 A7-8 :):&5 *&'#$8(5)(&8 (7)( -$ 8#'& 0)8&8 (7& ?)0( (7)( (7& ");=&5
')= 7),& )00&88 (# :5-,)(& -$?#5')(-#$ 0#$0&5$-$6 7&5 )>-"-(= )$* (7& '&5-(8 #? (7& 0)8& ')=
>& #? '<07 65&)(&5 8-6$-B0)$0&4 9$*&&*@ #<5 0#$0"<8-#$ (7)( (7& ')I-')" &I:&0(&* :)=#D (#
(7& 0")88 -8 -*&$(-0)" 5&6)5*"&88 #? ;7&(7&5 (7& ");=&5L8 &D#5( 0)$ >& #>8&5,&* #5 $#( -':"-&8
(7)( (7& p)*,&58& 8&"&0(-#$q #5 p805&&$-$6q :5#>"&' ?)0&* >= (7& 0#<5( -8 '#5& 8-6$-B0)$(
(7)$ (7& '#5)" 7)S)5* :5#>"&'4
N<5 5&8<"(8 8<::#5( (7& -$0"-$)(-#$ #? ')$= 0#<5(8 (# 5&(<5$ (# (7& :&50&$()6& ?&& '&(7#*@
)$* ').& "&88 <8& #? (7& "#*&8()54 N<5 5&8<"(8 )"8# 87#; (7)( -$ #5*&5 (# #:(-'-S& (7& 0")88
'&'>&58L &I:&0(&* :)=#D@ 0#<5(8 87#<"* <8& ?&& '&$<8 (# 805&&$ )'#$6 ");=&58 )00#5*-$6
(# (7&-5 )>-"-(= )$* -$?#5')(-#$4 9? (7& :&50&$()6& ?&& -8 :5&?&55&* (7&$ ");=&58 87#<"* >&
#D&5&* ) 07#-0& )'#$6 ,)5-#<8 0#'>-$)(-#$8 #? :&50&$()6&8 )$* (75&87#"* F<*6'&$(8 >&"#;
;7-07 (7&= &)5$ $# ?&&4"' f);=&58 ;7# :5&?&5 ) 7-67&5 87)5& #? (7& 0")88L 5&0#,&5= ;#<"* 7),&
"&
!" %55)3" E4= 5+3A?+*+#9 #$%# #$" ?%B9"= +&*)=5 &4 *45#5 /"E4=" #=+%?- ,1[)5#+&8 E4= #$" *%5" B$"=" $"=
1+5*4;"=9 *45#5 %=" A45+#+;" /)# +&1"A"&1"&# 4E #$" ?%B9"=\5 #9A" +5 5#=%+8$#E4=B%=1"'
L& % ="*"&# *?%55 %*#+4& %8%+&5# >4#$"/9\5 %&1 K$=+5#+"\5 #$" *4)=# $%5 %)*#+4&"1 #$" *?%55 %##4=&"9
3`
(# )65&& (# ) ")56&5 (75&87#"*@ (7<8 -$*<0-$6 7-67&5 -$,&8('&$( #$ (7&-5 :)5(4 9? (7& "#*&8()5
?&& -8 :5)0(-0&*@ (7&$ 0#<5(8 87#<"* <8& ) 8"-*-$6 '<"(-:"-&5@ 5&$*&5-$6 ) 7-67&5 7#<5"= 5)(&
?#5 (7& B58( 7#<58 8:&$(@ ;7-07 *&05&)8&8 )8 '#5& (-'& -8 -$,&8(&*4
A45+#+4&- .+11"=5 B"=" ="m)+="1 #4 5)/3+# % #$="5$4?1 %34)&# /"?4B B$+*$ #$"9 B4)?1 "%=& &4 E""0 B$"="
#$"+= E"" E4= %&9 %11+#+4&%? %34)&# B4)?1 /" OSn- ,?#$4)8$ #$" +3A?+"1 3"&) 4E E"" 5*$"1)?"5 +5 5)*$ #$%#
%?? 5*$"1)?"5 $%;" #$" 5%3" 5?4A"50 #$+5 5#=)*#)=" +5 &4# )&?+'" #$" 4&" B" A=4A45"- >"" .$ 1,& 79803($ ?(9:,:
7$03019:0 53036#03($0 RTP J-<-:- TR ]OQQQ_
3\
6CC/$(+L
A&''3 '3 A&'C'2+%+'$ !" A7& :5##? :5#0&&*8 (75#<67 (75&& "&'')84 H& >&6-$ -$ f&'') 3
>= 07)5)0(&5-S-$6 -$0&$(-,& 0#':)(->"& '&$<8 #? 0#$(5)0(84 /&I(@ -$ f&'') 1 ;& :5#,& (7)(
(7& #:(-')" '&$< #? 0#$(5)0(8 -8 0#$(-$<#<84 H& (7&$ 07)5)0(&5-S& )>8#"<(&"= 0#$(-$<#<8
-$0&$(-,& 0#':)(->"& '&$<8 #? 0#$(5)0(8 -$ f&'') Z )$* :5#0&&* (# -*&$(-?= (7& #:(-')"
)>8#"<(&"= 0#$(-$<#<8 '&$< #? 0#$(5)0(84 X-$)""=@ ;& 87#; (7)( (7& #:(-')" )>8#"<(&"=
0#$(-$<#<8 '&$< #? 0#$(5)0(8 -8 )"8# #:(-')" )'#$6 )"" 0#$(-$<#<8 0#$(5)0(84
T&0)"" #<5 $#()(-#$ #? 0 U(V )8 (7& &I:&0(&* :)='&$( 0#$*-(-#$)" #$ ;-$$-$6 )$* #U(V
)8 (7& &D#5( (# ) ");=&5 #? (=:& ( <$*&5 8#'& -$0&$(-,& 807&'&4 H& >&6-$ ;-(7 (7& )
07)5)0(&5-S)(-#$ #? -$0&$(-,& 0#':)(->-"-(=4
E/FF1 !" @ (#+5 $/ ,$+&0),&. *0 U(V% #U(V+"$-*%!. '. '+,#+&'-# ,$(%)&'6*# '/ )+7 $+*2 '/ #U(V
)+7 0 U(V )0# +$+ 7#,0#).'+4 '+ (% )+7
(0 U(V ( .#U(V l
'
"
0 U&V 2& m 7
U!3V
*
/$0 .$(# ,$+.&)+& 7'
A&''3" ^&$#(& (7& ");=&5L8 &I:&0(&* <(-"-(= <$*&5 (7& '&$< #? 0#$(5)0(8 *0 U(V % # U(V+
;7&$ 87& 5&:#5(8 7&5 (=:& (5<(7?<""= >= 8U(V l (0 U(V ( .#U(V' X-I 8#'& (% ($ & n2% 3o % ( / ($'
9$0&$(-,& 0#':)(->-"-(= -':"-&8@
8 U(V l (0 U(V ( .#U(V " (0 U$
(V ( .#U$
(V
)$*
9( ?#""#;8 (7)(
)$* >&0)<8& ( / ($%
8 U$
(V l ($0 U$
(V ( .#U$
(V " ($0 U(V ( .#U(V'
0 U$
(V U( ( ($V ) 8U(V ( 8 U$
(V ) 0 U(V U( ( ($V %
0 U$
(V )
8U(V ( 8 U$
(V
) 0 U(V '
( ( ($
U!1V
9( ?#""#;8 (7)( 0 U(V -8 $#$ *&05&)8-$6 -$ ( )$* (7&5&?#5& )4&4 0#$(-$<#<8 U)$* *-D&5&$(-)>"&V
U8&&@ &464@ T#=*&$@ 3[]]@ :4 322V4 H& 87#; (7)( #U(V '<8( >& $#$P*&05&)8-$64 M<::#8&
% &
#(7&5;-8& (7)( (7&5& &I-8( 8#'& $
($ / ($% 8<07 (7)( # $
($ 3 # U$
(V ' 9( ?#""#;8 (7)(
% &
0 U$
(V ( ( .#U$
(V 3 0 $
($ ( ( .#U$
($V
3]
?#5 &,&5= ( & n2% 3o % )$* -$ :)5(-0<")5 ?#5 ( l ($' ! 0#$(5)*-0(-#$ (# -$0&$(-,& 0#':)(->-"-(=4
A).-$6 (7& "-'-( #? U!1V )8 ($ (# ( ;& #>()-$@
8 # U(V l 0 U(V 9'#'
?5#' ;7-07 -( ?#""#;8 (7)("(
8 U(V l 8 U2V m
'
"
0 U&V 2&
*
?#5 &,&5= ( & n2% 3o ' A7-8 &C<)"-(= -':#8&8 (7& ?#""#;-$6 5&8(5-0(-#$ #$ 0 U$V )$* # U$V % $)'&"=@
' "
(0 U(V ( .#U(V l 8U(V l 8 U2V m
0 U&V 2&'
*
?#5 &,&5= ( & n2% 3o '
H& $#; :5#,& (7)( )$= '&$< #? 0#$(5)0(8 ;-(7 $#$ *&05&)8-$6 0 U$V )$* # U$V ;7&5&
0 U$V 8)(-8B&8 U!3V -8 -$0&$(-,& 0#':)(->"&4 Y-,&$ #<5 )88<':(-#$@ -$0&$(-,& 0#':)(->-"-(= -8
8)(-8B&* -?
8 U(V l (0 U(V ( .#U(V " (0 U$
(V ( .#U$
(V
-?
'
-?
"
*
0 U&V 2& m 7 " 0 U$
(V U( ( ($V m
'
'
*
"$
,(% ($ & n2% 3o
0 U&V 2& m 7
,(% ($ & n2% 3o %
"
"$
0 U&V 2& " 0 U$
(V U( ( ($V
,(% ($ & n2% 3o '
9( -8 8(5)-67(?#5;)5* (# ,&5-?= (7)( (7-8 -$&C<)"-(= ?#""#;8 ?5#' (7& )88<':(-#$ (7)( 0 U(V -8
$#$ *&05&)8-$6 -$ ('
H& 0#$(-$<& >= :5#,-$6 (7)( )$ #:(-')" -$0&$(-,& 807&'& '<8( >& 0#$(-$<#<84
"(
H4=" A="*+5"?90 E4= #$+5 #4 E4??4B0 / ]$_ $%5 #4 /" %/54?)#"?9 *4&#+&)4)5 ]5""0 "-8-0 <491"& ]RT^^0 A- RRQ_-
,/54?)#" *4&#+&)+#9 4E / E4??4B5 E=43 #$" (+A5*$+#M *4&1+#+4& ]<491"&0 RT^^0 A- RRO_ B$+*$ +5 5%#+5G"1
/"*%)5"
'/ ]'_ ( / ]$
'_' ) 3%W *. ]'_ $ / ]$
'_+ '' ( '$'
) . ]R_ '' ( '$' "
3[
E/FF1 ," ;/ ) (#+5 $/ ,$+&0),&. '+ 1"'," ) *)12#0 $/ &2%# ( 0#,#'-#. )+ #?%#, %)2(#+&
,$+7'&'$+)* $+ 1'++'+4 $/ 0 U(V )+7 #?#0&. )+ #9$0& #U(V '. '+7'-'75)**2 0)&'$+)* /$0 &"# *)12#0
)+7 $%&'()* /$0 &"# ,*'#+&8 &"#+ #U(V )+7 0 U(V )0# ,$+&'+5$5. '+ ('
A&''3" M<::#8& (7)( (7& 0#$*-(-#$8 #? (7& "&'') )5& 8)(-8B&*@ ><( #U(V -8 $#( 0#$(-$<#<8
-$ (' T&0)"" (7)( -$0&$(-,& 0#':)(->-"-(= -':"-&8 (7)( #U(V -8 $#$P*&05&)8-$6 -$ (' 9( ?#""#;8
(7)( (7&5& &I-8(8 8#'& (% & n2% 3o 8<07 (7)( -? ;& *&$#(& ## l "-'# #U(V% 0 # l "-'# 0 U(V% )$*
"!"
"!"
### l "-'# #U(V% 0 ## l "-'# 0 U(V% (7&$
"'"
"'"
## ) #U(% V ) ###
;7&5& )( "&)8( #$& #? (7& :5&0&*-$6 -$&C<)"-(-&8 -8 8(5-0(4 A7& -*&) #? (7& :5##? -8 (# 87#; (7)(
(7& ");=&5 0)$ &I&5( )$ &D#5( (7)( "-&8 p>&(;&&$q ## )$* ### (7)( (7& 0"-&$( 8(5-0("= :5&?&58 )$*
(7& ");=&5 *#&8$L( '-$* 8;-(07-$6 (#4 M-$0& (7-8 -8 ) '&07)$-8' *&8-6$ :5#>"&' ;7&5& (7&
0"-&$( 0)$ -$8(5<0( (7& ");=&5 ;7)( (# *# -$ 0)8& #? -$*-D&5&$0&@ (7-8 -':"-&8 ) 0#$(5)*-0(-#$
(# (7& #:(-')"-(= #? (7& '&$< #? 0#$(5)0(84
9$0&$(-,& 0#':)(->-"-(= -':"-&8 (7)( ?#5 &,&5= (# 3 (% 3 (##
(# 0 U(# V ( .#U(# V " (# 0 U(## V ( .#U(## V'
A).-$6 (7& "-'-( )8 (## / (% % -( ?#""#;8 (7)(@
(# 0 U(# V ( .#U(# V " (% 0 ## ( .### %
)$* ().-$6 (7& "-'-( )8 (# 0 (% @ -( ?#""#;8 (7)(
(% 0 # ( .## " (% 0 ## ( .### '
M-'-")5"=@ )"8#
(% 0 ## ( .### " (% 0 # ( .## %
?5#' ;7-07 -( ?#""#;8 (7)(
(% 0 # ( .## l (% 0 U(% V ( .#U(% V l (% 0 ## ( .### '
M<::#8& (7)( #U(% V 3 ### ' U! 8-'-")5 )56<'&$( )::"-&8 -$ 0)8& ## 3 #U(% VV' H& 87#; (7)( (7&
0"-&$( 0)$ -$(5#*<0& )$ )**-(-#$)" ?&& 807&*<"& (7)( ;-"" -$05&)8& (7& &I:&0(&* :)='&$( ?5#'
) ");=&5 #? (=:& (% )$* ;-"" $#( )D&0( #(7&5 ");=&58L -$0&$(-,&84
12
f&( # l !" #U(% V m !" ### ' ^&B$& 0 8<07 (7)( (% 0 ( .# l (% 0 ## ( .### l (% 0 % ( .#% ' /#(&
(7)( 0 U(% V 3 0 3 0 ## % )$*@ ) ");=&5 ;7#8& (=:& -8 (% % -8 -$*-D&5&$( )'#$6 (7& 07#-0&8
*0 U(% V% #U(% V+% *0 # % ## +% *0 ## % ### +% )$* *0 % #+' A7& $&; ?&& 807&*<"& -$(5#*<0&* >= (7& 0"-&$(
-$*<0&8 ) ");=&5 #? (=:& (% (# &I&5( )$ &D#5( # )$* 5&0&-,& )$ &I:&0(&* :)='&$( 0#$*-(-#$)"
#$ ;-$$-$6 0 ' H& 87#; -( *#&8 $#( )D&0( #(7&5 ");=&58L -$0&$(-,&84 X#5 &,&5= ( / (% %
(0 U(V ( .#U(V " (0 ## ( .### / (0 ( .#%
;7&5& (7& B58( -$&C<)"-(= ?#""#;8 ?5#' -$0&$(-,& 0#':)(->-"-(=@ )$* (7& 8&0#$* ?5#' *&B$-(-#$
#? 0 ' X#5 &,&5= ( 3 (% %
(0 U(V ( .#U(V " (0 U(% V ( .#U(% V / (0 ( .#%
;7&5& )8 >&?#5&@ (7& B58( -$&C<)"-(= ?#""#;8 ?5#' -$0&$(-,& 0#':)(->-"-(=@ )$* (7& 8&0#$* ?5#'
(7& ?)0( (7)( 0 / 0 % U(% V )$* (7&5&?#5&
(0 U(% V ( .#U(% V l (% 0 U(% V ( .#U(% V ( U(% ( (V 0 % U(% V
/ (% 0 U(% V ( .#U(% V ( U(% ( (V 0
l (% 0 ( .# ( U(% ( (V 0
l (0 ( .#'
/#(& (7)( (7& ?)0( (7)( (7& ");=&5 ;7#8& (=:& -8 (% -8 -$*-D&5&$( )'#$6 (7& 07#-0&8
*0 U(% V% #U(% V+% *0 # % ## +% *0 ## % ### +% )$* *0 % #+ -':"-&8 (7)(
)$*
(
)
(% 0 ( 0 U(% V l . U# ( #U(% VV %
(
)
(% 0 ## ( 0 l . U### ( #V '
U!ZV
U!bV
/#;@ #:(-')"-(= #? (7& ");=&58L 07#-0&8 ?#5 (7& 0"-&$( 5&C<-5&8 (7)( (7& 0"-&$( *#&8 $#(
>&$&B( ?5#' -$(5#*<0-$6 (7& $&; ?&& 807&*<"& (7)( -$*<0&8 *0 % #+' A7-8 -':"-&8 (7)(@
#5@
(
)
(% "U#V ( 0 ) (% U"U#U(% VV ( 0 U(% VV %
(% U"U#V ( "U#U(% VV ) (% U0 ( 0 U(% VV'
!$*@ 8-'-")5"=@ )"8#@
(% U"U#V ( "U### VV ) (% U0 ( 0 ## V'
13
A7<8@ <8-$6 U!ZV )$* U!bV@ -( ?#""#;8 (7)(
.
"U#V ( "U#U(% VV
) %
%
# ( #U( V
(
)$*@
.
"U### V ( "U#V
'
"
### ( #
(%
! 0#$(5)*-0(-#$ (# (7& 8(5-0( 0#$0),-(= #? "U#V'
X-$)""=@ 0#$(-$<-(= #? 0 U(V ?#""#;8 ?5#' 0#$(-$<-(= #? #U(V <:#$ 5&0)""-$6 (7)( )8 87#;&*
""
-$ (7& :5##? #? (7& :5&,-#<8 :5#:#8-(-#$@ (0 U(V ( .#U(V l 8 U(V l 8 U2V m * 0 U&V 2&% ;7-07@
)8 )$ -$*&B$-(& (7& -$(&65)"@ -8 )"8# U)>8#"<(&"=V 0#$(-$<#<8 UT#=*&$@ 3[]]@ :4 332V4
A# 8-':"-?= (7& )$)"=8-8@ ;& $#; 5&8(5-0( #<5 )((&$(-#$ (# (7& 0)8& ;7&5& #U(V% (7& &D#5(
07#8&$ >= ) ");=&5 #? (=:& (% -8 $#( #$"= 0#$(-$<#<8 )8 -':"-&* >= #:(-')"-(=@ ><( -8 )>8#"<(&"=
0#$(-$<#<84") A7-8 )""#;8 <8 (# #>()-$ (7& ?#""#;-$6 5&")(-#$87-:4
E/FF1 B" ;/ ) (#+5 $/ ,$+&0),&. *0 U(V% #U(V+"$-*%!. '. '+,#+&'-# ,$(%)&'6*# )+7 &"# /5+,&'$+
#U(V '. )6.$*5&#*2 ,$+&'+5$5.8 &"#+
0 U(V l .
!'
"
*
## U&V
2& m 7
&
#
U!dV
/$0 .$(# ,$+.&)+& 7' A$+-#0.#*28 '/ #U(V '. )6.$*5&#*2 ,$+&'+5$5. )+7 0 '. 4'-#+ 62 :d% &"#+
&"# (#+5 $/ ,$+&0),&. *0 U(V% #U(V+"$-*%!. '. '+,#+&'-# ,$(%)&'6*#:
A&''3" E= f&'') 3@
(0 U(V ( .#U(V l
'
"
0 U&V 2& m 7
*
?#5 8#'& 0#$8()$( 7 ?#5 &,&5= ( & n2% 3o ' ^-D&5&$(-)(-$6 (7-8 &C<)(-#$ ;-(7 5&8:&0( (# (% ;&
#>()-$ (7)(
0 # U(V l
.## U(V
(
7#"*8 )( &,&5= ( & n2% 3o )( ;7-07 0 U$V )$* # U$V )5& *-D&5&$(-)>"&4 !>8#"<(& 0#$(-$<-(= #?
#U(V (7&$ -':"-&8 (7)( ;& ')= -$(&65)(& (7& :5&,-#<8 &C<)(-#$ (# #>()-$
!' " #
#
# U&V
0 U(V l .
2& m 7
&
*
")
,/54?)#" *4&#+&)+#9 +5 % 5#=4&8"= A=4A"=#9 #$%& *4&#+&)+#9- >"" <491"& ]RT^^0 A- RQ^_ E4= % 1"G&+#+4&
%&1 ]A- RRR_ E4= %& "W%3A?" 4E % *4&#+&)4)50 34&4#4&"0 %&1 &4&1"*="%5+&8 E)&*#+4& #$%# +5 &4# %/54?)#"?9
*4&#+&)4)5-
11
?#5 8#'& 0#$8()$( 7 UT#=*&$@ 3[]]@ :4 332V4
R#$,&58&"=@ ;& 87#; (7)( )$= '&$< #? 0#$(5)0(8 ;-(7 )>8#"<(&"= 0#$(-$<#<8 )$* $#$
*&05&)8-$6 0 U$V )$* # U$V ;7&5& 0 U$V 8)(-8B&8 U!dV -8 -$0&$(-,& 0#':)(->"&4 Y-,&$ #<5 )8P
8<':(-#$@ -$0&$(-,& 0#':)(->-"-(= -8 8)(-8B&* -?
' "$ #
' " #
# U&V
# U&V
(
2& ( #U(V " (
2& ( #U$
(V
&
&
*
*
-?
(
'
"$
"
## U&V
2& " #U(V ( #U$
(V
&
)$* >&0)<8& # -8 )>8#"<(&"= 0#$(-$<#<8@ -?
' "
%(
&
## U&V
( 3 2& " 2
&
"$
,(% ($ & n2% 3o %
,(% ($ & n2% 3o %
,(% ($ & n2% 3o '
/#;@ -? ( / ($% (7-8 ?#""#;8 ?5#' (7& ?)0( (7)( ( " & )$* ## " 2% )$* -? ( 3 ($% -( ?#""#;8 ?5#'
(7& ?)0( (7)( ( ) & )$* ## " 2'
H& 0)$ $#; 07)5)0(&5-S& (7& #:(-')" -$0&$(-,& 807&'& ?#5 (7& ");=&54 H& B58( 8#",& ?#5
(7& #:(-')" )>8#"<(&"= 0#$(-$<#<8 -$0&$(-,& 807&'& ?#5 (7& ");=&5 )$* (7&$ 87#; (7)( -( -8
-$ ?)0( #:(-')" )'#$6 )"" -$0&$(-,& 807&'&84
A7& 0"-&$(L8 :5#>"&' -8 6-,&$ >=i
' !
')I
( U"U#U(VV ( 0 U(VV 2+ U(V
+ +(,%&+(,
U!`V
*
8<>F&0( (# (7& -$0&$(-,& 0#':)(->-"-(= )$* ,#"<$()5= :)5(-0-:)(-#$ 0#$8(5)-$(8 ?#5 (7& ");=&54
E= f&'') Z )$* (7& ,#"<$()5= :)5(-0-:)(-#$ 0#$8(5)-$( ?#5 (7& ");=&5@ ;& ')= 5&8(5-0( #<5
)((&$(-#$ (# '&$<8 #? 0#$(5)0(8 *0 U(V % # U(V+ ;7&5& #U(V -8 $#$P*&05&)8-$6@ #U2V l 2@ )$*
0 U$V -8 6-,&$ >= U!dV ;-(7 7 l 2'#*
M<>8(-(<(-$6 U!dV ;-(7 7 l 2 ?#5 0% ;& #>()-$@
#
' !
' !!
' " #
# U&V
( U"U#U(VV ( 0 U(VV 2+ U(V l
("U#U(VV ( (.
2& 2+ U(V
&
*
*
*
#
' !!
' " #
# U&V
l
"U#U(VV ( .
2& (2+ U(V
&
*
*
#*
*]Q_ l Q E4??4B5 E=43 #$" E%*# #$%# % ?%B9"= B+#$ #9A" ' l Q "W"=#5 M"=4 "Z4=# )&1"= %&9 +&*"&#+;"
5*$"3"- 0 " Q E4??4B5 E=43 #$" ;4?)&#%=9 A%=#+*+A%#+4& *4&5#=%+&# E4= #$" ?%B9"= ]4= #$" *4&5#=%+&# #$%#
. " Q_ %&1 0 l Q E4??4B5 E=43 #$" E%*# #$%# #$" *?+"&# B% #4 5"# #$" ?%B9"=\5 "WA"*#"1 A%93"&# #4 /" %5
53%?? %5 A455+/?"-
1Z
;7-07@ >= 07)$6-$6 (7& #5*&5 #? -$(&65)(-#$ #? (7& 8&0#$* (&5'@ -8 &C<)" (#@
#
' !!
.## U&V1 U&V
("U#U(VV (
, U&V 2&
&, U&V
*
"!
;7&5& 1 U&V l "/! (, U(V2('
U!\V
A7& r#$(5=)6-$ ')I-'<' :5-$0-:"& ?#5 #:(-')" 0#$(5#" UM&-&58()* )$* M=*8s(&5@ 3[]\@
A7&' 3@ ::4 \dP\`V -':"-&8 (7)( -? #% ')I-'-S&8 !\@ (7&$ (7& 0#$(5#" ?<$0(-#$ #%# ')I-P
'-S&8 (7& _)'-"(#$-)$ )88#0-)(&* ;-(7 !`@ ?5#' ;7-07 -( ?#""#;8 (7)(
!
#
!
#
.
1 U(V
1 U(V
.
# %
3( #
l " U# U(VV
?#5 ( & n2% 3o 8)(-8?=-$6
3( #
) "# U2V%
(
(1 U(V
(
(1 U(V
)$*
%
# U(V l 2
!
#
.
1 U(V
?#5 ( & n2% 3o 8)(-8?=-$6
3( #
/ "# U2V'
(
(1 U(V
U!]V
U![V
A7& 0#$0),-(= #? (7& _)'-"(#$-)$ )88#0-)(&* ;-(7 !\ ;-(7 5&8:&0( (# # )$* ## (7&$ -':"-&8 (7&
0#$,&58& U8&& M&-&58()* )$* M=*8s(&5@ 3[]\@ A7&' b@ ::4 32dP32`V4 /)'&"=@ ) ?<$0(-#$ #%
(7)( 8)(-8B&8 !] )$* ![ )"8# ')I-'-S&8 !\4 /#(& (7)( &I0&:( :#88->"= )( (7& :#-$( ( ;7&5&
%
&
(+",
'
3 ( "(! +", l "# U2V% #% U(V -8 &,&5=;7&5& *-D&5&$(-)>"&@ ?5#' ;7-07 -( ?#""#;8 (7)( -( '<8(
"
%
&
(+",
)"8# >& )>8#"<(&"= 0#$(-$<#<84 !$*@ #<5 )88<':(-#$ (7)( !" 3 ( "(
-8 $#$P-$05&)8-$6 -$
!
+",
( -':"-&8 (7)( #% -8 $#$P*&05&)8-$6 -$ ( ?5#' ;7-07 -( ?#""#;8 >= f&'') Z (7)( (7& -$0&$(-,&
%" #!
&
"
807&'& #% U(V )$* 0 % U(V l . * & !+", 2& -8 -$0&$(-,& 0#':)(->"& )$* -$*-,-*<)""= 5)(-#$)"4
X-$)""=@ ;& 7),& 87#;&* (7)( #% -8 (7& ')I-'-S&5 #? !` )'#$6 )"" )>8#"<(&"= 0#$(-$<#<8
?<$0(-#$8@ >= f&'') 1@ -( -8 "&?( (# 87#; (7)( #% U(#6&(7&5 ;-(7 0 % (7)( -8 6-,&$ >= !d ;-(7
7 l 2V -8 )"8# (7& ')I-'-S&5 #? !` )'#$6 )"" 0#$(-$<#<8 ?<$0(-#$84 A7-8 ?#""#;8 ?5#' (7&
?)0( (7)( (7& #>F&0(-,& ?<$0(-#$ !` -8 0#$(-$<#<8 -$ # )$* 0% )$* &,&5= 0#$(-$<#<8 ?<$0(-#$
#$ n2% 3o 0)$ >& )::5#I-')(&* )8 0"#8&"= )8 *&8-5&* -$ (7& 8<:$#5' (#:#"#6= >= )>8#"<(&"=
0#$(-$<#<8 ?<$0(-#$84#!
A&''3 '3 A&'C'2+%+'$ ," E= r5#:#8-(-#$ 3@ (7& #:(-')" &I:&0(&* :)='&$( (# (7& ");=&5
0#$*-(-#$)" #$ ;-$$-$6 -8 6-,&$ >=
"!
4U#V l 0 % U#% U#VV
' &#"! +&, %#
# U&V
l .
2&'
&
*
^-D&5&$(-)(-$6 4U#V #$0& =-&"*8
"!
"!
.#%# U#% U#VV 2#% U#V
$
'
4 U#V l
#%"! U#V
2#
#
#!
, 5+3+?%= %=8)3"&# +5 "3A?49"1 /9 (%Z4&# %&1 F+=4?" ]RT^f0 ,AA"&1+W K0 5#"A O0 A- f`T_-
1b
E&0)<8& ?#5 &,&5= ?<$0(-#$ ,%
$U# "! +-,V
$-
!
l
# ! +!,
%
$&#
"!
+&,
$&
l
!
&#! U&#"! +&,V
l
!
&#! +",
;7&5& ( -8 8<07
(7)( #% U(V l #% )$* -( ?#""#;8 (7)(
4# U#V l
.
#%"!
U#V
'
^-D&5&$(-)(-$6 4U#V (;-0& (7&5&?#5& =-&"*8
4## U#V l ( (
l ((
"!
.
)" $
U#% V)! U#V
.
)" $
U#% V)! U#V
2#% U#V
2#
3
#%# U(V
)2
>&0)<8& -$ (7& $#$P&I0"<8-#$ 5)$6& ?#5 (% #% U(V -8 -$05&)8-$6'
A&''3 '3 A&'C'2+%+'$ B" N>8&5,& (7)( -? (7& $#-8& $ -8 $#( (# 8')"" U8# (7)( 5% U(V U! ( "U#% U(VVVm
0 % U(VV " 2V (7& &I:&0(&* :)='&$( (# ) ");=&5 ;7# &I&5(8 &D#5( #% U(V <$*&5 ) 0#$(-$6&$(
0#$(5)0( ')I*5% U(V U! ( "U#% U(VVV m 0 % U(VV% 2+ -8 &C<)" (# (0 % U(VV'
A7& :5##? 5&"-&8 #$ (7& ?#""#;-$6 "&'')4
E/FF1 D" B$0 #-#02 (% ($% $
($ & n2% 3o % ) *)12#0 $/ &2%# ( %0#/#0. &$ #?#0& &"# #9$0& #% U$
(V%
(V m U! ( "U#% U$
(VVV 5% U$
(V% &")+ &$ #?#0& &"# #9$0& #% U$
(V%
5+7#0 &"# ,$+&'+4#+& ,$+&0),& 0 % U$
%
&
5+7#0 &"# ,$+&'+4#+& ,$+&0),& 0 % U$
($V m ! ( "U#% U$
($VV 5% U$
($V'
A&''3" A7& "&'') -8 8)(-8B&* -? )$* #$"= -?@
*
%
&
+
(V ( .#% U$
(V " ( 5% U$
($V" U#% U$
(VV ( 5% U$
($V" #% U$
($V m 0 % U$
($V ( .#% U$
(V
(0 % U$
?#5 &,&5= (% ($% $
($ & n2% 3o % -? )$* #$"= -?@
%
%
&&
(V ( 0 % U$
($V " 5% U$
($V " U#% U$
(VV ( " #% U$
($V %
0 % U$
?#5 &,&5= (% ($% $
($ & n2% 3o '
E= *&B$-(-#$ #? 5% % 5% U(V"# U#% U(VV l
'
"
U!32V
?#5 &,&5= ( & n2% 3o ' J<"(-:"=-$6 >#(7 8-*&8 >= #%# %
-( ?#""#;8 (7)(@
5% U(V"# U#% U(VV#%# U(V l
?#5 &,&5= ( & n2% 3o ' A7<8@ ?#5 &,&5= ($% $
($ & n2% 3o %
'
$
"$
"$
.#%# U(V
2( l
(
'
$
"$
"$
.#%# U(V
(
5% U(V"# U#% U(VV#%# U(V 2('
1d
U!33V
T&0)""-$6 (7)( 5% U(V -8 -$05&)8-$6 -$ (@ )$* ?#5 &,&5= ( & n2% 3o%
.#%# U(V
%
(
0 %# U(V l
-( ?#""#;8 (7)( -? ($ / $
($%
0 U$
(V ( 0 U$
($V l
%
%
l
'
$
"$
'
$
"$
"$
.#%# U(V
2(
(
"$
5% U(V"# U#% U(VV#%# U(V 2(
" 5 U$
($V
%
!$* -? ($ 3 $
($%
'
U!31V
"$
"# U#% U(VV#%# U(V 2(
%
%
&&
l 5% U$
($V " U#% U$
(VV ( " #% U$
($V '
0 U$
(V ( 0 U$
($V l
%
%
'
$
"$
l (
l (
"$
'
'
$
"$
.#%# U(V
2(
(
"$
"$
$
"$
.#%# U(V
2(
(
$
"$
5% U(V"# U#% U(VV#%# U(V 2(
($V
" (5 U$
%
l 5% U$
($V
'
'
"$
"$
$
"$
"# U#% U(VV#%# U(V 2(
"# U#% U(VV#%# U(V 2(
$
"$
%
%
&&
l 5% U$
($V " U#% U$
(VV ( " #% U$
($V '
/#;@ 8<::#8& (7& '&$< #? 0#$(5)0(8 -8 $#( -$0&$(-,& 0#':)(->"&4 A7&5& &I-8(8 8#'& ( &
n2% 3o 8<07 (7)( ) ");=&5 #? (=:& ( :5&?&58 (# 07##8& (7& 0#$(5)0( 0 % U$
(V m U! ( "U#% U$
(VVV 5% U$
(V%
($ .l (% )$* &I&5( (7& &D#5( $
#' E= (7& :5&,-#<8 "&'')@ (7& ");=&5 ( -8 &,&$ >&((&5 #D &I&5(-$6
$
%
&
(7& &D#5( $
# l #% U$
$
($V <$*&5 (7& 0#$(5)0( 0 % U$
($V m ! ( "U#% U$
($VV 5% U$
($V'#" E<( (7-8 0#$(5)*-0(8
(7& -$0&$(-,& 0#':)(->-"-(= #? (7& '&$< *0 % U(V% #% U(V+"$-*%!. 8-$0& -( -':"-&8 (7)( ) ");=&5
($V )$* 5&0&-,& )$ &I:&0(&* :)='&$( 0#$*-(-#$)" #$
#? (=:& ( :5&?&58 (# &I&5( (7& &D#5( #% U$
;-$$-$6 0 % U$
($V% (7)$ (# &I&5( (7& &D#5( #% U(V% )$* 5&0&-,& )$ &I:&0(&* :)='&$( 0#$*-(-#$)"
#$ ;-$$-$6 0 % U(V'
J4= ";"=9 '$ #$" ?%B9"=\5 4A#+3%? *$4+*" 4E "Z4=# +5 +&*="%5+&8 +& -" $ #$)50 +E '$ 1 ' #$"& *" ]$
'_ 1 $
*$ 1 *" ]'_$
'_ % $
*$ % *" ]'_" F$" "W+5#"&*" 4E $
'$ E4??4B5 E=43 #$" *4&#+&)+#9 4E *" %&1 +E '$ % ' #$"& *" ]$
#"
1`
X-$)""=@ (# 8&& (7)( (7& (75&87#"* "U#% U(VV (
+ # +",
,# +",
-8 -$05&)8-$6 -$ ( $#(& (7)(@
,
0 % U(V
5% U(V0 %# U(V ( 0 % U(V5%# U(V
2
%
"U# U(VV ( %
l "# U#% U(VV#%# U(V (
2(
5 U(V
U5% U(VV"
.#%# U(V
" "# U#% U(VV#%# U(V ( %
(5 U(V
" 2%
>= U!31V )$* U!33V4
1\
J/3/&/$*/2
E<"#;@ t4 )$* t4 T#>&5(8 U3[][V pA7& M-':"& c0#$#'-08 #? N:(-')" !<0(-#$8@q /(.,&+$ (0
1($%*%#+$ 2#(&(34 567 32`2P[24
R"&5'#$( )$* R<55-,)$ U3[\]V p9':5#,-$6 (7& R#$(-$6&$( X&&@q 8(,&"$$ 9+: ;"<%": `Z@
d1[P`Z[4
R#D&&@ t4 R4 U3[]ZV pT&80<-$6 (7& r5-,)(& !((#5$&= Y&$&5)"i H7= (7& J#*&" #? (7& f);=&5
!8 E#<$(= _<$(&5 98 /#( H#5.-$6@q =+,4$+&! 9+: ;"<%": b1@ 13dP1]]
R#D&&@ t4 R4 U3[]dV pA7& O$?)-(7?<" R7)':-#$i A7& f);=&5 !8 ! J#$-(#5 -$ M7)5&7#"*&5
f-(-6)(-#$@q 9+: > 8(&*"3?(,+,4 1,(-$"3) b]@ d4
R#D&&@ t4 R4 U3[]`V pO$*&58()$*-$6 (7& r")-$(-DL8 !((#5$&=i A7& 9':"-0)(-#$8 #? c0#P
$#'-0 A7= ?#5 r5-,)(& c$?#50&'&$( #? f); A75#<67 R")88 )$* ^&5-,)(-,& !0(-#$8@q
8($.3-%+ 9+: ;"<%": ]`@ ``[P\1\4
R#D&&@ t4 R4 U3[]\V pA7& T&6<")(-#$ #? c$(5&:5&$&<5-)" f-(-6)(-#$i E)")$0-$6 X)-5$&88 )$*
cG0-&$0= -$ (7& f)56& R")88 !0(-#$@q @&%<",)%*4 (0 8A%#+'( 9+: ;"<%": db@ ]\\P[Z\4
R#$(&@ !4 U3[[ZV B**(,&"4 C"" B:+,!)@ M7&:)5*8uJ0Y5);P_-"" U1$* &*-(-#$V4
^)'@ %4 U3[\dV pR")88 !0(-#$8i cG0-&$0=@ R#':&$8)(-#$@ ^&(&55&$0&@ )$* R#$h-0( #?
9$(&5&8(@q /(.,&+$ (0 9"'+$ D*.!%") b@ b\P\Z4
^)$)@ t4 )$* %4 M:-&5 U3[[ZV pcI:&5(-8& )$* R#$(-$6&$( X&&8i (7& T#"& #? !8=''&(5-0 9$P
?#5')(-#$ -$ !((#5$&= R#':&$8)(-#$@q /(.,&+$ (0 9+:7 2#(&(3%#)7 +&! E,'+&%F+*%(&
[@ Zb[PZ`b4
^)$S#$@ r4 U3[]ZV pR#$(-$6&$( X&&8 ?#5 r&58#$)" 9$F<5= f-(-6)(-#$@q G"$$ /(.,&+$ (0 2#(H
&(3%#) 3b@ 13ZP11b4
c'#$8@ H4 U1222V pcI:&5(-8&@ R#$(-$6&$( X&&8@ )$* 9$8<G0-&$( !((#5$&= cD#5(@q I&*",&+H
*%(&+$ ;"<%": (0 9+: +&! 2#(&(3%#) 12@ 13PZZ4
Y<&8$&5-&@ T4 )$* t4Pt4 f)D#$( U3[]bV p! R#':"&(& M#"<(-#$ (# ) R")88 #? r5-$0-:)"P!6&$(
r5#>"&'8 ;-(7 )$ !::"-0)(-#$ (# (7& R#$(5#" #? ) M&"?P')$)6&* X-5'@q /(.,&+$ (0
1.-$%# 2#(&(3%#) 1d@ Z1[PZ`[4
_)=@ E4 U3[[`V pR#$(-$6&$( X&&8 )$* !6&$0= R#8(8@q t#<5$)" #? f&6)" M(<*-&8 1d@ d2ZPdZZ4
1]
_)=@ E4 U3[[\)V pN:(-')" R#$(-$6&$( X&&8 -$ ) H#5"* #? M&(("&'&$(@q /(.,&+$ (0 9"'+$
D*.!%") 1`@ 1d[P1\]4
_)=@ E4 U3[[\>V p!8=''&(5-0 T&;)5*8i H7= R")88 !0(-#$8 UJ)=V M&(("& ?#5 A## f-(("&@q
J+)*%&') 9+: /(.,&+$ b]@ b\[Pd2[4
_)=@ E4 U3[[\0V pA7& A7= #? X&& T&6<")(-#$ -$ R")88 !0(-#$ M&(("&'&$(8@q B3",%#+&
@&%<",)%*4 9+: ;"<%": b`@ 3b1[P3b]14
_&$8"&5@ ^4 T4@ &(4 )"4 U3[]dV B)-")*() I& *A" 8(.,*)K LA" 8A+$$"&'" (0 =+)) L(M%# L(,*)@
T!/^ 9$8(-(<(& #? R-,-" t<8(-0&4
f)D#$(@ t4Pt4 )$* t4 A-5#"& U3[]`V pO8-$6 0#8( #>8&5,)(-#$8 (# 5&6<")(& B5'8@q /(.,&+$ (0
1($%*%#+$ 2#(&(34 [b@ `3bP`b34
f)D#$(@ t4Pt4@ )$* t4 A-5#"& U3[[bV B LA"(,4 (0 I&#"&*%<") %& 1,(#.,"3"&* +&! ;"'.$+*%(&@
A7& J9A r5&88@ R)'>5-*6&@ J!4
f=$.@ H4 t4 U3[[2V pA7& R#<5(8 )$* (7& J)5.&(i !$ c0#$#'-0 !$)"=8-8 #? R#$(-$6&$(
X&&8 -$ R")88P!0(-#$ f-(-6)(-#$@q /(.,&+$ (0 9"'+$ D*.!%") 3[@ 1b\P1`24
f=$.@ H4 t4 U3[[bV pA7& R#<5(8 )$* (7& r")-$(-D8L E)5i !;)5*-$6 (7& !((#5$&=L8 X&& -$
R")88 !0(-#$ f-(-6)(-#$@q /(.,&+$ (0 9"'+$ D*.!%") 1Z@ 3]dP12[4
J)0&=@ t4 T4 )$* Y4 r4 J-""&5 U3[[3V pA7& r")-$(-D8L !((#5$&=L8 T#"& -$ R")88 !0(-#$
)$* ^&5-,)(-,& f-(-6)(-#$i c0#$#'-0 !$)"=8-8 )$* T&0#''&$*)(-#$8 ?#5 T&?#5'@q
@&%<",)%*4 (0 8A%#+'( 9+: ;"<%": d]@ 3P33]4
J-0&"-@ A4 )$* %4 M&6&58#$ U3[[3V pR#$(-$6&$( X&&8 ?#5 f);=&58i A7& 9':)0( #$ f-(-6)(-#$
)$* )00-*&$( r5&,&$(-#$@q /(.,&+$ (0 9"'+$ D*.!%") 12@ Z]3PZ[[4
J-0&"-@ A4 U3[[bV p^# R#$(-$6&$( X&&8 r5#'#(& cI0&88-,& f-(-6)(-#$vq /(.,&+$ (0 9"'+$
D*.!%") 1Z@ 133P11b4
J-""&5@ !4 U3[\[V pN? X5)$.&$8(&-$ J#$8(&58 )$* M7-$-$6 %$-67(8i J=(7@ T&)"-(=@ )$* (7&
KR")88 !0(-#$ r5#>"&'L q J+,<+,! 9+: ;"<%": [1@ ``bP`[b4
J-(07&"" )$* M07;)5(S U3[\2V p!$ c0#$#'-0 !$)"=8-8 #? (7& R#$(-$6&$( X&& -$ r&58#$)"
9$F<5= f-(-6)(-#$@q D*+&0(,! 9+: ;"<%": 11@ 331d4
1[
J=&58#$@ T4 E4 U3[]3V pN:(-')" )<0(-#$ *&8-6$@q =+*A"3+*%#) (0 E?",+*%(&) ;")"+,#A `@
d]P\Z4
J=&58#$@ T4 U3[]dV pE)=&8-)$ &C<-"->5-<' )$* -$0&$(-,& 0#':)(->-"-(=i )$ -$(5#*<0(-#$@q
-$ _<5;-0S@ f4 &(4 )"4 U&*84V@ D(#%+$ N(+$) +&! D(#%+$ E,'+&%F+*%(&7 R)'>5-*6&i R)'P
>5-*6& O$-,&58-(= r5&884
T<>-$?&"*@ ^4 )$* M4 M0#(07'&5 U3[[ZV pR#$(-$6&$( X&&8 ?#5 !((#5$&=8i !$ c0#$#'-0
!$)"=8-8@q ;+&! /(.,&+$ (0 2#(&(3%#) 1b@ ZbZPZd`4
T#=*&$@ _4 f4 U3[]]V ;"+$ B&+$4)%)@ /&; g#5.i J)0'-"")$ UZ5* &*-(-#$V4
M07<0.@ r4 _4 U3[]\V B'"&* E,+&'" E& L,%+$ M _)5,)5* O$-,&58-(= r5&884
M&-&58()*@ !4 )$* %4 M=*8s(&5 U3[]\V E?*%3+$ 8(&*,($ LA"(,4 :%*A 2#(&(3%# B??$%#+*%(&)@
/#5(7P_#"")$*@ c"8&,-&54
M7),&""@ M4 U3[[\V pA7& X<$*)'&$()" ^-,&56&$0& E&(;&&$ (7& r5-,)(& )$* (7& M#0-)" J#(-,&
(# <8& (7& f&6)" M=8(&'@q /(.,&+$ (0 9"'+$ D*.!%") 1`@ d\dP`314
H-""6-$6 A4@ &(4 )"4 U3[[`V 23?%,%#+$ D*.!4 (0 8$+)) B#*%(&) %& C(., C"!",+$ O%)*,%#*
8(.,*)K C%&+$ ;"?(,* *( *A" B!<%)(,4 8(33%**"" (& 8%<%$ ;.$")7 H)87-$6(#$ ^4R4i
X&*&5)" t<*-0-)" R&$(&54
Z2
© Copyright 2026 Paperzz