Financial intermediation and late development in Meiji Japan, 1868

CENTRE FOR ECONOMIC HISTORY
THE AUSTRALIAN NATIONAL UNIVERSITY
DISCUSSION PAPER SERIES
FINANCIAL INTERMEDIATION AND LATE DEVELOPMENT IN MEIJI JAPAN,
1868 TO 1912
JOHN TANG
THE AUSTRALIAN NATIONAL UNIVERSITY
DISCUSSION PAPER NO. 2013-04
MARCH 2013
THE AUSTRALIAN NATIONAL UNIVERSITY
ACTON ACT 0200 AUSTRALIA
T 61 2 6125 3590
F 61 2 6125 5124
E [email protected]
http://rse.anu.edu.au/CEH
#((#&#(.,'#.#)((&.0&)*'(.#(#$#*(5GNLN.)GOGH
)"((!A
/-.,&#(.#)(&(#0,-#.3
-.,.
-(#(.(."(./,3*((2'*&) #((9&!,)1.":-#(!(1*(&.-.) #,'- ,)'
."#$#,#)=GNLN9GOGH>5."#-**,.-.-1".", #((#&-.),0&)*'(.#( &/(2.(-#0
#,'.#0#.3,)--#(/-.,#-(&).#)(-8-/&.- ,)'.1)9-.!&-.-+/,- #,-.# ,(')&
-/!!-..". #((#&#(.,'#.#)(#---)#.1#."#.#)(&(. #,'-.&#-"'(.5*,.#/&,&3#(
&#!".'(/ ./,#(!-.),-&#%.2.#&-8")0,&& .#-'/.#(."&..,*,.) ."*,#)(
')(!*,#*",&,!#)(-51"#"'3/(,-),.",-*.#0,)&-) #(-.#./.#)(-(!!&)',.#)(
)()'#-#(&.,-.!-) 0&)*'(.8
31),-7#((#&#(.,'#.#)(5&.0&)*'(.5#(/-.,#&#4.#)(5#$#*(
&--# #.#)(7GK5HK5GL
BBBBBBBBBBBBBBBBBBBB
A-,""))&) )()'#-5"/-.,&#(.#)(&(#0,-#.35,#-*/#&#(!HL5.)(FHFF5
/-.,&#8'#&7$)"(8.(!E(/8/8/6) #7QLGHLGHKIILJ8"/."),1)/&&#%.)."(%,,3
#"(!,(5
(35.,)/--/5*,.##*(.-..")()'##-.),3)#.3(',#(
)()'#--)#.#)(=&#)'.,#)#.3---#)(>)( ,(-(.1)()(3')/-, ,- ),0&/&
-/!!-.#)(-)0,'/&.#*&, .-) ."#-**,8)."'(&((/(
'%#*,)0##&#!(.
,-,"--#-.(8"#-,-,"#-!(,)/-&3-/**),.3 /(#(! ,)'."/-.,&#(-,"
)/(#&8
*(C-,*##(/-.,#&#4.#)(#(."&.(#(.(."(./,3"-(..,#/.#(*,..)."
,&30&)*'(.) #.- #((#&-3-.'=#."(,("(/%#HFFO5)-)0-%3GOLG5)/--/GOOO5
)/--/(3&&HFFG>8#." #((#&#(-.#./.#)(-#(*&.".)/&')#&#4*#.&5)),#(.
#(0-.'(.-5(')(#.),/-#(---5*(-(.,*,(/,-1,&.)&)1,.",#-%-(
.,(-.#)()-.-#(0)&0#(-.&#-"#(!'),((.,*,#--8"#-#(./,(&#."!,)/(1),% ),
."()&)!#&."9/*1#."1-.,((.#)(-(!0.")()'3(0(.!#(/#&#(!*#.&9
#(.(-#0#(/-.,#-("#0#(!)()'#-) -&8
"#&."*)-#.#0--)#.#)(.1( #((()()'#!,)1."#- #,&31&&)/'(.
,)--(/',) )/(.,#-5&,!&3 ,)'/,)*(),."',#5.",#-&--,-,")(*(;-
#(#.#&#(/-.,#&0&)*'(.#(."&.(#(.(."(./,3&,!&3)1#(!.)&%) "#-.),#.5
-*#&&3#-!!,!..."-.),(,!#)(&&0&-=',)(GOLM5GOMH>8#,'.51#."."
2*.#)() -)'-..9-*)(-),(.,*,#--(&,!5 '#&39)1()(!&)',.-5,-*),#&&3
0#&&(&,!&3)(&3 .,."./,() ."(./,3 )&&)1#(!."-.&#-"'(.) .")%3)(-%
-.)%2"(!-#(GNMN(."*,)'/&!.#)() ."GNOI)'',#&)8#),)0,51"#& #((#&
-.), #,'-"0..,)0,!/,#(!."#-*,#)5')-.2#-.#(!-./#-) ,&3'),(*(-
#((,&3)((.#)(&!!,!.-) #((#&--.-(0,#.#)(#(&(#(!,.-), )/-)(
!)0,('(.&*)&##-&#%.".#)(&(%#(!.-),2*(-#)() ."(%) *(8--/(,-.))
#-.",)&) #((#&#(-.#./.#)(-#(."',!() #,'-,)--# ,(.#(/-.,#-(1".",."#-
#'*.0,#3&).#)(()0,.#'8
"#-**,,92'#(-."&#(%.1( #((#&-3-.'0&)*'(.(#(/-.,#&#4.#)(
.",)/!"(1&30&)*.-.) #,'- ,)'."#$#,#)8"-.,!,)/*3'$),
#(/-.,3(*, ./,51"#"&&)1 ),'),.#&(&3-#-) #(.,9-.),&,&.#)(-"#*-)'*,
.)(.#)(&!!,!.-8-#(!.1)9-.!&-.-+/,-#(-.,/'(.&0,#&')&)(*(&.5."
,-/&.-#(#.."..."*, ./,&&0&5 #((#&#(.,'#.#)(#-*)-#.#0&3--)#.1#."
#(/-.,#&.#0#.3'-/,2.(-#0&33."(/',) (.,*,#--5(,,)/-..)# ,(.
-*# #.#)(-) #(/-.,#-8
()(.,-.51"(-,#-) .".).&(/',) #,'- ),*(-1")&,
/-5()-..#-.#&&3-#!(# #(.,&.#)(-"#*).#(-8),)0,5."#-,&.#)(-"#***,-/-&#(.".
G
()(9 #((#& #,'.#0#.3)-().*,#."(!-#( #((#&-.),.#0#.38"/-&#'*.#-
*,)()/( ),'(/ ./,#(! #,'-5*,.#/&,&3')(!&--*#.&9#(.(-#0-.),-&#%.2.#&-.".
"0(#(.# #-#'*),.(..)*(C-,&3#(/-.,#&#4.#)(8"!(,& .1%(-#(."
&..,*,.) ."*,#)5 )&&)1#(!#(-.#./.#)(&, ),'-(#(,-#(! #((#&'./,#.35( ),."
*, ./,-)/.-#'.,)*)&#.()%3)(-%51"#"".""#!"-.(/',-) #((#&(
#(/-.,#& #,'-8
"- #(#(!-),,)),.2#-.#(!&#'-) #((9&!,)1."#(#$#*(5/..",)/!"."
2.(-#0',!#(-'-/,3."(/',) #,'-8
(*,.#/&,5.",)/-.,&.#)(-"#*.1(
#(.,'#.#)((.2.#&'(/ ./,#(!-/**),.-."(,,.#0) *(-#(/-.,#&#4.#)(.%#(!) 1#."('*"-#-)(&--*#.&#(.(-#0*,)/.#)( ),),#(.#(!.)1,*#.&9#(.(-#0-.),-#(
."GOFF-8"#-'3&-)2*&#(."..(/.#'*.) #(()0,.#'(#(,/,&,-5- #,'
-&(#(/-.,3)((.,.#)('#(,-#(!&3#'*),.(. ),)(.#(/)()'#!,)1."8
0(-."!)0,('(.2*,#'(.1#."')& .),#-(#(/-.,#&*)&##-5#.)0,"/&
."2#-.#(! #((#&-3-.'(&#&!& ,'1),%)(1"#"'),(#(-.#./.#)(-)/&0&)*8##
''#.)$.#0-#(&/,'#(!*,0#)/-&3#--/().-) ,#.3 /&&),-5-.&#-"#(!
,#&/,,(35(,.#(!(.#)(&(%#(!-3-.'8%#(!.)'/&..")()'#*,)1--) 1-.,()/(.,#-&#%."(#...-(,.,#.#(-1&&-,)!(#4#(!."#'*),.() #((#&#(.,'#.#)(5!)0,('(.&,-#''#.&3!(-,#-) , ),'-/&'#(.#(!#(."
.#)(&(%.) GNMH8"#-.-.&#-"(.,&#4(.#)(&(%#(!-3-.'-#'#&,.).".#(
',#51#."",.,(.#)(&(%-)*,.#(!/(, ,.#)(&,-,0-3-.'(#--/#(!!)&9
)(0,.#&().-8)10,51#."."*,#.#)() !)0,('(.().-5."-(%-#(/,,-/-.(.#&
&)---(*.#.#)( ),**,9)(0,.##&#.3)(&38 .,(/',)/-,0#-#)(-.)." #,-.(%#(!&15."
&-.) 1"#"(."(.#)(&(%-C*)1,.)#--/().-5."!)0,('(.*,)'/&!.-)(
.#)(&(%#(!.#(GNOF51"#"#'*)-&(#(!,-.,#.#)(-( #((#&,*),.#(!)(),#(,3
(%-()#(#1#."(1)'',#&) ),()(9(%#(! #,'-8--")1(#(&G5."
0#&&.#)(-.1(,-.,#.#(!(&#,&#4#(!(%.#0#.3)(.#(//(.#&.",&3GNOF-1#."."
H
)*.#)() ."!)&-.(,((.'(.) )'*,"(-#0)'',#&((%#(!)-',%
."'./,.#)() ." #((#&-3-.'8
?&G@
/',)/--./#-,*.&3 #(0#(.". #((#&-.),0&)*'(.)(.,#/.-.)
#(/-.,#&#4.#)(('),!(,&&3.))()'#!,)1."8$((#(!&-=HFFG>*,)0#-/,03) )."."),.#&('*#,#&1),%-/!!-.#(!*)-#.#0,&.#)(-"#*.1( #((#&#(.,'#.#)(
(!,)1."5-/!!-.#(!# ,(-#(#'*.*(#(!)(1".", #((1-.,(-..,'-9
&(!."),().8#(!(0#(=GOOI>)'*,. ,)'#!".3)/(.,#-.1(GOLF(GONO5(
#(.".'-/,-) #((#&0&)*'(.=#5&#+/#&##&#.#-5(%*)-#.->,*)-#.#0&3--)#.
1#.")(.'*),()/-( /./,)()'#!,)1."8
()() ." #,-.-./#-.)**&3'),(.#'9
-,#-(&3-#-.)." #((9&!,)1."&#.,./,5)/--/(".&=GOON>&-) #( ),-'&&,
!,)/*) 1-.,()/(.,#-.". #((#&#(.,'#,#-'%,#.#&)(.,#/.#)(.))()'#-.
,&#,-.!-) 0&)*'(.8
)&&)1#(!)/--/=GOOO>5."#-**, )/--)((#(.(."(./,3*(-(#&&/-.,.#0
2'*&) #((9&#(/-.,#&#4.#)(8###!/&,&3#.-(2'*&) -/-- /&&.0&)*'(.5
*(#-().& ),0&)*#(!)."#.-#(/-.,#&( #((#&-.),--)( ),#!(#(-.#./.#)(-(
."()&)!#-8
(*,.#/&,5#.- #((#&#(-.#./.#)(-*)----",.,#-.#--#'#&,.).")-#().",&.
0&)*#(!)/(.,#-&#%,'(35-/"-#0,-# #*),. )&#)#(0-.'(.-5&)-,&.#)(-"#*-1#."
."#,&#(.-50#!#&(.-,(#(!) &)(**&#.#)(-5(&(#(!),#(..)1,&)(!,9.,'#(/-.,#&
#(0-.'(.-=/,")*HFFL5,-"(%,)(GOLH5#(&,!,GOOI5)-)0-%3GOLG>8"#-'3"&*.)
2*&#(.")/(.,3C-,*#/#&9/*) *"3-#&*#.&51#."!,)--)'-.#*#.& ),'.#)(0,!#(!
GI*,(.) (.#)(&#()' ,)'GNNM.)GOGL=)-)0-%3GOLG5*8O>8#0.",,(.-")&,-"#*
/(,-),-."#'*),.() ."(.,&(%.",)/!"#.-,(".#0#.3()),#(.#)(1#."*,#0.
(%-#(,.#(!(#(.!,.(.#)(&*#.&',%.5#(#.#)(.) #((#&#(-.#./.#)(&, ),'(
."# /-#)() .".&!,*"="(/%#HFFM5#."(,("(/%#HFFO>8"-*)&#32*,#'(.-1,
)() '(3#'*&'(.3."#$#!)0,('(.#(#.-..'*..)'),(#4.")()'35&)(!-#
-.&#-"#(!')& .),#-(#'*),.#(! ),#!(&),(."()&)!380#() ." .#0(--) #((#&-3-.'#(-.#./.#)(&#4.#)(#(&/&)1,.,(-.#)()-.-(,!#)(&0,#.#)(#(#(.,-.
I
,.-5(#'*,)0.*#.35(!,.,-0#(!(#(0-.'(.=,)--'((
'#HFFN5/--'(
( "HFFF>8
0,."&--5#.(,!/.".*,.) ."#-(,,.#0,'#(-/(2*&#(8),)(5."
!)0,('(.;-*)&#3)(.,#/.#)(--''),0#-#&."(."31, ##)/-8"!)0,('(.;- #,-.
'$), #((#&, ),'1-.),.-3-.') (.#)(&(%-')&)(.".) ."#(.",&3
GNFF-8"-(%-51"#"1,",.,#(."GNMF-(&#!".&3,!/&.51,/."),#4.)*,#(.
(%().-5/(&#%/(",.,*,#0.(%-8/-+/(.#( &.#)(5(%(). '(.5(-3-.'
#(-.#&#.3/.)."-'#9/.)()'3) ."(.#)(&(%-&.),0#-#)() .".#)(&(%..)
#(,-,!/&.#)((.",.#)() ."(.,&(%) *(#(GNNH.".1--)&&3/."),#4.)
*,#(.(%().-=)3GOOJ>80(."(5."(.,&(%1-#(#.#&&3&#'#.#(,"5,&3#(!)(
*,#0.(%-(),,-*)((.,&.#)(-"#*-.)2.(#.-,'#.(*,)0#-#)() #((#&-,0#-5(
!)0,('(.*)&#3'3&-)"0'*((%#(!)'*.#.#)(="(/%#HFFM5,)--'((
'#
HFFN>8- ),#,.#(/-.,#&#(0-.'(.-51"#&."!)0,('(.#-/-/&&3,#.1#."'%#(!
-/-.(.#&*#.&)/.&3-5#.#-#(.,-.#(!.)()..".)."*/&#(*,#0.#(0-.'(.1,
)'*,&.",)/!")/.."*,9
*,#)51#."."&..,-")1#(!'/"&--0)&.#&#.3=)-)0-%3
GOLG>8
().",+/&# #.#)(.)." #3) #(()(#(/-.,#&#4.#)(#-."*,0&() *.#0
(%#(!,&.#)(-"#*-5#(1"#"'(3D),!((%-D=%5"!""&!%"&>1,)(.,)&&3-",")&,-#(
'$),#(/-.,#&)(,(-=.)GOKM5%4%#.&HFFK>8"#-*"()'()(1-*,0-#0#(.",&3
GOFF-(-/!!-.-.". #((#&,-)/,-'3()."0( ##(.&3&&).5."/-/(,'#(#(!."
*,'#-.".#(,-#(.,'#.#)(1#&&(--,#&3),,-*)(1#."!,.,)()'#.#0#.3(
#,'*, ),'(8),)0,5 #((#&-3-.'#(-.#&#.3'3"0#(,-/.)()(9*, ),'#(!
--.-5."/- .#(!."0#&#&#.3) #(.,'#.#)(#.-& 8( ),./(.&35.,'#(#(!."2.(.) ."#-
*./,#-# #/&.!#0(."&%) #,'9&0& #((#&#( ),'.#)( ),."./,() ."(./,351#."
-./#-/-#(!.*)-.9.#(!."#$#,#)5&.")/!"#.#-&#%&3.)"0,&#,),#!#(-5-*#&&3-#(
)'#((. #,'-&#%."4#.-/)(!&)',.-"&)-&#(%-.) #((#& #,'-),)1((%-
."'-&0-=%4%#.&HFFK5),#%1GOOH>8
J
),!(,&&35."*/#.3) #,'9&0&. ),'/") #$#,#)'(-.".&#..&#-%()1(
)/..".#0#.#-(-*,) #((#&#(.,'#,#-5(0(&--)/.')-.#(/-.,#& #,'-
2*.#(!."&,!-. #,'-8),." ),',5.1(.")()'391#-./#--)( #((#&--.
!!,!.-(#(.,-.,.0,#.#)((."--./#-) *,.#/&,#(-.#./.#)(-&#%."(.,&(%5
.",**,-.)1#,(!) #((#&.#0#.3/,#(!.""#!"#$#,#).".#-/()/(. ),5
-*#&&3.."&)&&0&8)(-+/(.&35#.#-# #/&..)-*# 3.""((&-.",)/!"1"#" #((#&
#(.,'#.#)( .-)()'#!,)1."/,#(!."#(#.#&10) *(-#(/-.,#&#4.#)(#(."&.
GNFF-1"(..'*.#(!.))/(. ),#(/-.,#&(,!#)(&0,#.#)(80"#-1)/&,&0(.# #,'-
1,,#.)(-.,#(/.) 1,#(.,'#,#-#(."#,,) )*,.#)(-!#0(#()'*&.',%.
#(.!,.#)((."#'*),.() *,)2#'#.3.)&(#(!,&.#)(-"#*-(#( ),'.#)(!.",#(!5-*#&&3
-#('(3#$#9, #,'-1,(1&3-.&#-"()*. ),#!(."()&)!#-=,!,.&HFFK>8
),--."-#--/-5."#--./3/--(1*, ./,9&0&*(&.-.)&&. ,)' #,'
!(&)!#- ),."1")&) ."#$#,#)51"#"'3*,)0##(-#!".#(.)#(/-.,#&(,!#)(&
0,#.#)(-.".",.) ),,*)),&3)/'(.8),."-..#-.#&(&3-#-5
'*&)3.1)9-.!&-.
-+/,-=H> #,-.# ,(-.#'.#)(')&."./--&!!0&/-) #((#&(#(/-.,#& #,'
.#0#.3-#(-.,/'(.-8
",-,"#(."#--./3#--)((),#!#(&.-.) #,'-.&#-"'(.-#(."#$#
,#)8)'*&'(.#(!2#-.#(!.)'*,#-#(!0&/-) #((#&--.-")&#(!-(#(.,-.,.-5."#-
.-.#-,#0 ,)'(.,#- )/(#()&&.#)() ),*),.!(&)!#-5." +/&!/&%&!+0+
)&&.#)(8#%).",.3*-) !(&)!#-5."-),*),. '#&3.,-., #,'C-&#(!%.)#.-
),#!#(-(*,)0#-##( ),'.#)(&#%.) -.&#-"'(.5)1(,-"#*5#(/-.,3&--# #.#)(5(
!)!,*"#&).#)(8" +/&)'*#&.#)(5)&&.3*(-/-#(--"#-.),#(- ,)' #,'-&#-.)(
.")%3).)%2"(!#(GONJ5#(&/-!(&)!#- ),G5FNO #,'-(/'/&.#0&3)(.#(-)0,
GJ5FFF/(#+/-.&#-"'(.-.#(!%.).",&3(#(.(."(./,3),,&#,=!/,(
%/-"#'
GONL>8"(.,#-&-)#(&/ /(. #,'-1")---.-1,.,(- ,,.)#,.(-.),) #,'
1#."!(&)!351"#"*,.&3'#.#!.-."#--/) #,'-/,0#0),#-5((()..#)(-)/.--..3*
(#(0-.),( )/(-1&&8"-!(&)!#-5*,0#)/-&3/-.)')(-.,.0,#.#)(#(
K
."()&)!3)*.#)(')(!#$#9,4#.-/().",*(- #,'-5,*,-(.-)') .")&-.
0#&&)/'(..#)() #,'.#0#.3(,&-)()0& ),."#,-)*) #(/-.,#-(!)!,*"#
.#&=(!HFGG>8"'#(&#'#..#)(5")10,5#-."#,+/&#..#0(./,51"#"'(-)(&32.(-#0
'-/,-) )()'#.#0#.3=!5 #,')/(.->().#( ),(&3-#-8
))'*, #((#&(#(/-.,#&0&)*'(.5
!,)/*."((/&(/',) *,#0. #,'-3
#(/-.,3-)(."#,,-*.#0.1)9#!#.#(/-.,#&&--# #.#)()5--#!( ,)'."GONJ#.#)(
) ."*%(
%+)*(!##))!!*!&%&'%=
>=..#-.#-/,/) *(GONJ>8)0,('(.
(.,*,#--,2&//.)."#,--.)*/&#-.), #((#(!51"#"*,&/-."( ),
*,#0.-.), #((#&#(.,'#.#)(8.),-#(&/!,#/&./,5'#(#(!5 ))*,)--#(!5.2.#&-5
1))(**,'(/ ./,-5"'#&-5,'#-(!&--5'.&*,)--#(!5'"#(,35'#-&&()/-
'(/ ./,#(!5/.#&#.#-5.,(-*),..#)(()''/(#.#)(5,.#&#(!5(%#(!5).", #((#&-,0#-5
)(-.,/.#)(5('#-&&()/--,0#-8)"0-/ ##(.(/',- ),(&3-#-5."--0(.(
-.),-, /,.",!!,!..) )/,'$),#0#-#)(-7*,#',35'(/ ./,#(!5()." #((#&(
()(9 #((#&-,0#-8')(!."-5.2.#&'(/ ./,#(!(.,(-*),..#)(()''/(#.#)(
-,0#-,1&&9,*,-(.#(.".(."/--*,.&3,*),.8
)&&)1#(!)-)0-%3=GOLG>5
)(-.,/..",-*,.()(9 #((#&-,#- ,)'.")0-.),-
-)(."()&)!3(*#.&#(.(-#.37'),(5&#!".5("038),(#(/-.,#-#(&/.2.#&-5
"'#&-5'.&*,)--#(!5'"#(,35/.#&#.#-5(.,(-*),.()''/(#.#)(#(/-.,#-8#!".
#(/-.,#-#(&/ ))(0,!'(/ ./,#(!5.2.#&-51))1),%#(!(**,*,)/.-5
-.)(1,(,'#-5('#-&&()/-'(/ ./,#(!803#(/-.,#-#(&/"'#&-5'.&
*,)--#(!5/.#&#.#-5(.,(-*),.()''/(#.#)(#(/-.,#-8&H*,)0#--)'-,#*.#0
-..#-.#-)/..".-.51"#"-")1."(/',) /(#+/-.&#-"'(.-,)%()1(3#(/-.,3
-,#-(*, ./,&)0,!8
(.",!,--#)((&3-#-.". )&&)1-5."--.&#-"'(.-,.,%
)0,.#'5-)((/& #,')/(.-#(&/).".")--.&#-"#(."!#0(3,-1&&-(3-/,0#0#(!
#,'-8)#&&/-.,.(. #,'.#0#.3)0,.#'5#!/,-G(H.,% #,'-.&#-"'(.3.".",'$),
#(/-.,#&#0#-#)(-=2&/#(! #((>(.".",)-)0-%3-,#-5,-*.#0&38), #((#& #,'
.#0#.35
)(-.,/..1)-,#-7)(.".#(&/-&&.3*-) #((#&#(.,'#,#-=!5(%-5-/,#.#-
,)%,-5#(-/,,-5*1(,)%,->(().",.".)(.#(-)(&3(%-8)."-,#-,-")1(#(#!/,I8
L
?&H@
?#!/,-G9I@
--")1(#(." #!/,-5 #,'.#0#.3,)---.),--.#&3#(,-)0,."*,#)5-*#&&3
.,."GNOF-(#('(/ ./,#(!=#!/,G>((%#(!=#!/,I>51"#"#-)(-#-.(.1#."
1#-*,)()'#!,)1."8),."(%#(!-.),5.",#-&-)(#(#.#&10) -.,./*#(."&.
GNMF-51"#"#-/.)."#-/,-'(.) !)0,('(.)(-.)29-'/,##(2"(! ),!#0#(!/*
."#,",#.,3*(-#)(-5'(3) 1"#"1,/-.)*#.&#4(%-5(."*,)!,--#0,!/&.#)(
) (%#(!#-/--,&#,=)%1))GOKJ5)3GOOJ>8"-)(10#(."GNOF-)1.)(1
)'',#&((%#(!&1-*,)'/&!.#(.".51"#"&#,&#4/-#(--*,.#-(
&,# # #/#,3,-*)(-##&#.#-) .),-(&(,-=)(")&'GOFJ5)-)0-%3GOLG5)3GOOJ>8
(*,.#/&,5.")*.#)() ."GNOI)'',#&)-.(,#4#(),*),.#)(*,)/,-(
#( #/#,3,-*)(-##&#.#-51"#"'3"0()/,!)."#(/-.,#&( #((#& #,'
-.&#-"'(.3*,)0##(!." ),',1#."#'*,)0*,)..#)() *,)*,.3,#!".-(."&..,1#."
'( ),."#,9*,.3 #((8
"(.,&+/-.#)() ."#-**,#-1".",.",#-#(#(/-.,#& #,'.#0#.31-*,#.3
,&#, #((#&0&)*'(.8-/&)-,0.#)() ."-(.#)(&.,(-)-().#(#.*,)()/(
,&.#)(-"#*5(."!(,&#(,-#(.#0#.3,)---.),-'3-.' ,)').", .),-&#% ),#!(
.,(#(-.#./.#)(&#'*,)0'(.-().-*# #&&3*./,3)(-.),C-0&)*'(.8))'*,
(.#)(&.,(-!#(-.*, ./,&)(--1&&-.).& #,'.#0#.3.)#.-"(!)0,.#'5
*, ),'
*#,1#-),,&.#)((&3-#- ),&&#(/-.,#&( #((#&-,#-51#.",-/&.-*,-(.#(&I8
(
.".)**(&5.",&.#)(-"#*#-"#!"&3*)-#.#0(-..#-.#&&3-#!(# #(. ),."(.#)(&)()'3
=)&/'(-G(H>51"#&."'!(#./-,&)1,1"(#-!!,!.3*, ./,=)&/'(-I(J>8
'&&# ,(-.1(#(/-.,3-,#-().1#."-.(#(!5#.#-().&.".."),#(&,(%#(!')(!
."'"(!-*(#(!)(."&0&) !!,!.#)(8
?&I@
M
"'#&*(&-")1-),,&.#)() ##(.- ),."#(/-.,#&( #((#&-,#-5# ,(
3)(*,#)83/-#(!(. #,'.#0#.3)0,.#'5."#-,')0--..##( &/(-*,.#/&,.)
*, ./,(."/-'3'),#( ),'.#0) !(,&,&.#)(-"#*8,5."# ,(.1(."
(.#)(&(*, ./,&-,#-#-'/"'),0#-#&8),." ),',5.",#-()-..#-.#&&3-#!(# #(.
,&.#)(-"#*.1(#(/-.,3( #((6'(3) ##(.-,0((!.#08),."&..,5")10,5
-# ,)'."*,#',3-.),&&).",#(/-.,#-"0),,&.#)(-.".,')-.&3*)-#.#0("#!"&3
-#!(# #(.8')(!."-5."-.,)(!-.,&.#)(-"#*#-.1('),(#(/-.,#-( #((5,)&3
((,,)1&3 #(51#.") ##(.-) F8GIM(F8FMO,-*.#0&38
),*,)#(!.).",!,--#)((&3-#-5#.'31),."1"#&.))(-#,.",)/-.(--) ."!(&)!#&.8. #,-.!&(5#.(,!/."./-#(! #,')/(.--)**)-.)'),.3*#&
'-/,-) )/.*/.(--.-1)/&&.)-.#'.-.".)().)( ),'1#."-.(,#(.,*,..#)(-
) )()'#.#0#.38"#&."#-#-0&#)(,(-#(."+/&#..#0(./,) ."-.*,)0#-()
#(#.#)() #,'-&5#.(,!/.".."-() '),( #((#&-3-.'(),,-*)(#(!
#(/-.,#-#(,&3(#(.(."(./,3*('(-."*"3-#&-.&#-"'(.) #(.,'#,#-(
#(/-.,#& #,'-#,.&3'-/,-0&)*'(.#(.")--.),-/,#(!."*,#)#(+/-.#)(8
().",
1),-5."#-**,--/'-."..".) -.&#-"'(.1-,#&-#!(&) #,'.#0#.3-#(.",
1,(%#(!,!/&.#)(--/"-'#(#'/'*#.&#4.#)(,+/#,'(.) GF5FFF3(5.)*#/*
1#."#(."3,) -.&#-"'(.5(."!)0,('(.C---/'*.#)() &##&#.#-/*)((% /&.
=)3GOOJ>8),)0,5# 2.(-#0!,)1.") #,'-(0#1-)('(# -..#)() 0&)*'(.5#..",)/!"!,.,-#(-..#(!/* #,'-5." ),'&#4.#)() )()'#.#0#.#-5),
#(,-,#-%.%#(!')(!(.,*,(/,-5."(.".(0#1-/!'(.#(!2#-.#(!
-")&,-"#*."./--'),.,#.#)(&'-/,-8
().",)(,('3."..".,().,*,-(..#0) .")()'3!#0(."#,
*,)0((8".#-5.",'3/(,9,*,-(..#)() *,#',3(-,0#-.), #,'-()0,9
,*,-(..#)() #,'- ,)'."&,!-.'.,)*)&#.(,-=!5)%3)5-%>8"#&-'*&-&.#)(#-
"#!"&3*)--#&5.",,(/',) .),-.".('#.#!.."#-8#(."!(&)!#-,-)(
G5FNO'),(93 #,'-&#-.#(.")%3).)%2"(!51"#",')-.&3'(/ ./,#(!=LHM>(
#((#&=GIG>51".0,#-*,-(.#(."#(/-.,#&)'*)-#.#)( ),."- #,'-1#&&&#%&3-")1(#(
N
."#,#$#9,(-.),-8"#-&-)-'-,-)(&-#(."-,.".3*-) #,'-*)----#(!
*"3-#&), #((#&--.-.".1)/&',#.)/'(..#)(5/(&#%)..!#(/-.,#-),-#'#&,9-#4
,.#&-.&#-"'(.-8#0(.".." )/-) ."#-**,#-.)#(.# 3,&.#)(-"#*.1( #(((
='),(>#(/-.,#-5*,.#/&,&3'(/ ./,#(!5."#-)0,9,*,-(..#)('3."/-().*)-*,)&'.)
#(.,*,.#(!,-/&.-/-#(!."--,#-8- ),."#--/) -/,0#0),-"#*#-51"#&."-'*&'3 0),
-.,)(!, #,'-.".1,&.),'#(#()*,.#)(/*.)GONJ5."!(&)!#-&-)#(&/.")-
-.&#-"'(.-."."(!)1(,-"#*#.",#(1")&),#(*,.8-'(.#)(,&#,51% #,'-.".
"."#,--.-*/,"-3().", #,'."./&.#'.&3-/,0#01)/&."/-**,#(."!(&)!#-5
&.")/!"&#%&31#."&)1,,*,-(..#)(8/,0#0),-"#*#-#(.".-.'30() -.."#--/) *.#0(%#(!5-#( #,'-.".-/,0#0,')-.&#%&3."-.,)(!-.*, ),',-1"#&1%, #,'-
,#0#(!*, ,(.#&--.)*#.&1)/&/(,,*,-(.#(."!(&)!#-8
.&-)-.(-.)
,-)(.".-/,0#0),-"#*#--")/&**&3/(# ),'&3,)---.),-)0,.#'5-))'*,#-)(-.1(
."'1)/&-.#&&0&#8
),."#-**,;-(&3-#-5'),,&0(.#-1".",."-",) #,'-1#."#(-.),-#-)(-#-.(.
)0,.#'(&).#)(8( ),./(.&35.",#-&#..&)/'(..#)() #,'-.."*, ./,&&0&*,#),
.)."GOFF- ),*(-1")&5'/"&-- ),#(#0#/&#(/-.,#-60( ),(%-5)'*,"(-#0.
,0#&&)(&3-.,.#(!#(GNOI#(."(%#(!#,.),3=%5!%"&&(%>) ."*(#(#-.,3) #((=0,#)/-3,->8))'*(-. ),." #,-.HK3,-) ."#$#,#)().)0,3) ##&
-..#-.#-5."#-**,&-)/--(%#(!-.&#-"'(.. ,)'."*(-(%,---)#.#)(=HFGH>
.))(-.,/.-*,.*, ./,&9&0&-,#-."..-%.)GNLN8"-.1)-,#-5.") ##&
-..#-.#-=>(."(%#(!--)#.#)(=>.5,(/',#&&3-#'#&,.)").",#(.).&(%
)/(.- ),.")0,&**#(!3,-) GNOI.)GOGH8--/"5."3(/--, ,(*)#(.-.)
)'*,.)."!(&)!#&.51"#")(.#(.1(+/,.,(."#,) .".).&-#(.").",
.1)-,#- ),."-'*,#)8
")..)'*(&) &I*,)0#-),,&.#)(,-/&.-) .".",(%#(!-,#-,)--&&
*, ./,-/-#(!((/&(%-.&#-"'(..6(.#)(&(%)/(.-,!!,!./* ,)'."
*, ./,-#("-,#-8"*, ./,&9&0&),,&.#)(.1(."(."-,#-#-F8OOI.
G*,(.-..#-.#&-#!(# #( ),."3,-GNOI.)GOGH51"#"#(#.-0#,./&+/#0&(,)--
O
.#'(&).#)(80#),."-'*,#)5."-,#-"-*)-#.#0),,&.#)() ##(.) F8NHN1#."
."!(&)!#&(%#(!.5&-).G*,(.-#!(# #(8-#(!."(.#,#$#,#)=GNLN9GOGH>5
."),,&.#)() ##(. ),."(!(&)!#&-,#-#-F8NMK8,%#(!)1(."-.1)-,#-3
#(#0#/&*, ./,5."-.#'.--")1*)-#.#0),,&.#)(-2#(!F8MF ),&&JM*, ./,-.G
*,(.-#!(# #(51#."JG*, ./,-"0),,&.#)(-2#(!F8OF80##),)0,5-.#'.-1#."
)( ,,)(#(#%$/-.'(.-)()."(!."-#!(# #(&0&-8) /,.",#&&/-.,.."#,
)'*,#&#.35#!/,-J(K-")1."-",) (%-3*, ./, ,)'") .".",-,#-#(."
3,-GNOI(GOGH8""#!"-#'#&,#.3#((%-.&#-"'(.-",-')(!.".",-,#-)0,.#'
(,)--*, ./,-#(#.-,-)(&)( #(.".."!(&)!#& #,'.#(."(%#(!
-.),#-,*,-(..#0) *(-(%#(!8--/'#(!)(-#-.(3#(.")/'(..#)() ()(9 #((#&
#,'-#(."!(&)!#-5."-,-/&.--/!!-.."..".,,*,-(..#0) ."(.#)(&)()'38
?#!/,-J9K@
"#&."#(/-.,3-,#-),,&.#)(--/!!-.-*)-#.#0,&.#)(-"#*.1( #((#&(
#(/-.,#&0&)*'(..)."."(.#)(&(*, ./,&&0&-5."-,#(-/ ##(. ),/-&
#(.,*,..#)(8"#-'3*)--#&5")10,53/-#(!.1)9-.!&-.-+/,-=H> #,-.# ,(
*(&')&1#."&!!*((.0,#&--#(-.,/'(.-5&-)%()1(-."(,-)(9-#)
-.#'.),=(,-)((-#)GONG5GONH>8"-#(-.,/'(.-&&)1)(.))(-#-.(.&3-.#'.
1".","(!-#()(-,#-=!5 #((#&>)0,.#'(*,#."(!-#(().",=!5#(/-.,#&>6
'),)0,5.%#(!." #,-.# ,(.3*#&&3,')0--,#&),,&.#)(5()(-..#)(,#.35(.#'9
#(0,#(. .),-8-#-#(!)'*/..#)(&&3-.,#!". ),1,5."H #,-.# ,(-.#'.),"-
(-")1(.),)/-..)'/&.#)&&#(,#.3(-*# #.#)(,,),--1&&- ##(.,&.#0.)).",
-.#'.),-=!5!(,&#4'.")) ')'(.-(&-.9-/+,/''30,#&-> ),*(&-) &)(!
&(!."(#-)(-#-.(.,!,&--) ."#(#.#&)(#.#)(-) ."-,#-=/-)((1(GOOO>8
(."#-**,5 #,-.# ,(#(!#-**,)*,#.!#0(."./(#.,)).-,*,-(.#(-)') ."
*, ./,&9&0& #,'-,#-5-')(-.,.0#/!'(.#%39/&&,("#&&#*-9,,)(.-.-=1#."
(1#.")/.,# .>8
()(.,-.5()() ."# ,(-,#-**,-.)"0/(#.,)).-8
.-")/&&-)
GF
()..".-#( #((#&0&)*'(.#-"#!"&3/.)),,&.(()!(#.3#-# #/&..),')0
1#."#(-.,/'(.-5)(("%."/-&#(.,*,..#)(3#(0,.#(!."#(/-.,#&( #((#&-,#-
#(."')&-*# #.#)(8
).-.." #((9&!,)1.""3*)."-#-'-/,.",)/!"2.(-#0 #,'.#0#.35."-#
')&-./*,!,---."(.((/&.).&) #,'-#(!#0(#(/-.,3!,)/*/!1*)(."(.((/&.).&) #((#& #,'-.!1*51",!#(2-*, ./,-(*#(2-.#'#(3,-8"'."))&)!3#--#'#&,.)
)/--/=GOOO>51"#"'-/,- #((#&0&)*'(.1#.".).&--.-"&3#(.,'#,#-5()(9
#(.,'#,#-C")&#(!-) +/#.3()(-5(#,/&./,,(3()()'#*, ),'(1#."*,
*#.#()'5!,)-- #2#(0-.'(.5*,#0. #2#(0-.'(.5(.",.#)-) ."&..,.1).)." #,-.8
"# ,(1#.".".-./3#-.".",
-/-.#./.2.(-#0'-/,-= #,')/(.-> ),#(.(-#0)(-
(/-*, ./,&*(&.-..)----."#'*.)(# ,(.#(/-.,#-8--,#,&#,5)(&3
#,'--.&#-"/,#(!."#$#,#),#(&/51#.")/(.-#(,-#(!1#."(1-.&#-"'(.-
(-*#(9) -(,-#(! )&&)1#(!(%,/*.35',!,5),+/#-#.#)(8"-#')&1#."-#(!&
&!.%-." ),'7
/!*4/!*48?6.!*4.!*487β>6/!*485/!*497γ>+!*4+!*481),
R/!*?R.!*β>R/!*48γ>R+!*8
))(-#-.(.&3-.#'..") ##(.-)(.",!,--),-5
/-&!!.,'-) ." #((#&
-,#-R.!*48.)#(-.,/'(. ),."/,,(..,'0,#&R.!*51"#","#!"&3),,&.1#."").",5
/.." ),',,().1#.".")(.'*),()/-,,),.,'R+!*8)!(,.."#(-.,/'(.5
,!,--
." #((#&-,#-)(#.-&!-(.").",2*&(.),30,#&-#(."')&6."*,#.0&/-β
,."(/-.)#(-.,/'(. ),β#(."),#!#(&')&8"-,#(#.#(&J51#."."
#(-.,/'(.(&!!0,#&-#(*,(."-- .,."2*&(.),30,#&8)).#(.")*.#'&
(/',) &!-5
.%."')) -&.*, ./,9&0&&!),,-)(.",# ,(.#( ),'.#)(
,#.,#=%#%5"1,45(((((/#((> ),"*, ./,5(0,!."- ),."*(&
.-*# #.#)(-1")&80###"(()')#-0#&& ),!#0(*, ./,&-,#-5."&)1-.&!9
),,0&/#-/-8
GG
?&J@
!,--#)(,-/&.- ,)'."H #,-.# ,(')&-/!!-..". #((#&-.),0&)*'(.
#(*,#.-#(/-.,#& #,'.#0#.3,)--*, ./,-5*,.#/&,&3#(&#!".'(/ ./,#(!-.),-&#%
.2.#&-8"#-(-(#().".".)*()..)'*(&-) &J51"#"-")1.",&.#)(-"#*) # ,(.#(/-.,#-.) #((5,)&3=&& #((#& #,'->((,,)1&3=(%-> #(8
(.".)**(&5
."(/',) && #((#&#(.,'#,#-=,)1G>*)-#.#0&3),,-*)(-1#."."(/',) #(/-.,#&
#,'-51#.") ##(.-,(!#(! ,)'F8GKK#('(/ ./,#(!=)&/'(H>.)F8FNJ#(()(9 #((#&-,0#-
=)&/'(I>8"&,!-.#'*. ,)' #((#&#(.,'#.#)(#-)('),(#(/-.,#-=F8GKN5)&/'(J>5
1"#"#--&#!".&3"#!",."(.". ),&#!".'(/ ./,#(!=F8GHJ5)&/'(K>8"-) ##(.-,'#(
*)-#.#0(-..#-.#&&3-#!(# #(.5&#.1#."-&#!".&3&)1,'!(#./-51"(/-#(!."(,,)1
#((#&-,#-) (%#(!-.&#-"'(.-#(.")..)'*(&8
(.,-.#(!&35"03#(/-.,#-)().
**,.)( #. ,)'#.#)(&(%-51"#"'3/.)."#,&,!*#.&,+/#,'(.-.".)/&
'.)(&3.",)/!"+/#.3#--/=!5,#&,)->().",.3*-) #(.,'#,#-8-(2*.5
,&#,#(/-.,#&-.),.#0#.3*,#.-/,,(.&0&-5-#(#.3."')-.&3*)-#.#0) ##(.-)(
."&!!#(/-.,#&-,#-0,#&-=,)1-H9I>8),)'*,#-)(.)).",'.")-5."-,-/&.-,
+/&#..#0&3-#'#&,.).")-/-#(!&-.-+/,-/''30,#&=>-.#'.#)(5/.."&..,"0#(!
) ##(.-(-.(,,,),-'/"-'&&,#('!(#./8,#(,3&-.-+/,-,-/&.-&-)"0
'/"-'&&,) ##(.-5/.,'/"&---#!(# #(.8)."'.")-5")10,5"0.",!,--),
),,&.1#.".",,),.,'5,-/&.#(!#(#()(-#-.(.) ##(.-.#'.-8
).-.1".",.",#- % ,)'#(/-.,#&.#0#.3.) #((#&-.),.#0#.3=#5,0,-
/-&#.3>5.".1),-*.#0-,#-,-1#."#(.",!,--#)(')&51#.",-/&.--")1(#(&K8
-#(#.#().".".)*()..)'*(&-5()() ."#(/-.,3!,)/*-,#-=,)1G>#--..#-.#&&3
-#!(# #(.#(*,#.#(!"(!-#( #((#& #,'),(%.#0#.38
?&K@
(0(.!.)/-#(!*, ./,9&0&.#-.".#(#0#/&,!#)(-'3-&.#0&3(&34
.)----1".", #,'-1,+/&&3.#0,)--.")/(.,38
(*,.#/&,5)(-#,#(!.".'(3
0&)*#(!)/(.,#-)( ,)(.."*,)&') /(0(0&)*'(..1((.,#.#-(*,#*",&
,-5#.'3#'*),.(..)----.",)&*&33*(C-.1)'#(*)*/&.#)((.,-5)%3)(
GH
-%8"-.1)'.,)*)&#.(,-5)'*,#-#(!)0,+/,.,) && #,'-.&#-"'(.-#(.".-.5
1,."')-.0&)*,-#(.")/(.,3(%()1(.)"0#-*,)*),.#)(.&3&,!#'*.)(
)0,&&!,)1.".",)/!")/.."#$#,#)8"/-5#.'3."..")0,-/&.-,,#0(3."-.1)
#.#--)**)-.)*, ./,-#(!(,&8),--."-#--/-5
,')0.".1)*, ./,-
)(.#(#(!."-#.#-51#.".",-/&.--")1(#(&L8
?&L@
(#''#.# ,(.1(."-,-/&.-(.")-/-#(!&&*, ./,-#-.". #((#&
#(.,'#.#)("-'/"1%, .)(#(/-.,#&.#0#.38')(!."#!".#(/-.,3!,)/*#(!-51"#&
&&,'#(*)-#.#05)(&3.",=-,0#-5'),(5.2.#&->,-..#-.#&&3-#!(# #(./-#(!.",)
#((-,#-()(=-,0#->/-#(!."(%#(!-,#-8),)0,5#(0,.#(!." #(((#(/-.,3
-,#-#(."-*# #.#)(=,-/&.-().-")1(>-")1-.".."'),((.2.#&-#(/-.,3!,)/*-&-)
*,#. #((#&-.),.#0#.38"#--/!!-.-."2.(-#0!,)1.") ."&..,'3"0)#(#1#."
#(/-.,#&#4.#)(#(."*,#*",3-)**)-.)&#(!#.8
.'3&-)."-."..",&310) #((#&0&)*'(.#(."GNMF-/.)."
!)0,('(.C-2*,#'(.1#."(.#)(&(%#(!'3"0-*/,#)/-#( &/()(#(/-.,#&.#0#.35#(
&#!".) ." #-&,.,("'(.(,0).#)() (.#)(&(%",.,-#(.",&3GNNF-.))'.
#( &.#)(8)&#.#&)(-)&#.#)(5#(-.#./.#)(&0&)*'(.5(',%.#(.!,.#)(1,&-)'),&#%&3
.)"0 . #,'.#0#.3,&.#0.).",&33,-) ."*,#)8).-.1".", #((9&
#(/-.,#&#4.#)("&#(."-)("& ) ."#$#,#)5
/-."-/*,#)-.,.#(!#(GNNL51"(
#()(0,.#&**,')(3"(&,!&31#.",1((/,,(3,'*.#)(#(-*#,-/'
=&&(GOJL5)(")&'GOFJ>8"-,-/&.-,!#0(#(&M5(#(#.,) #((#&
#(.,'#.#)(=.)**(&>,'#(-*,#.#0) #(/-.,#& #,'.#0#.35&.")/!"."#'*. ,)'
(%#(!=)..)'*(&>#--/-.(.#&&31%,8"#-'%--(-!#0(."#(,-#(!/-) +/#.3
#(( ),#(/-.,#-&#%)..)(-*#((#(!(,#&,)--.,.#(!#(."GNNF-5(."*--!) ."
)'',#&)#(GNOI.".-.(,#4#(),*),.#)(*,.#-(&##&#.35(."/--#(!."
*/&#&#-.#(!) #,'-8-#(." #,-.-.) ,!,--#)(-5()() ."#(/-.,3!,)/*-*# #.#)(-*,#.
#((#&-.),.#0#.3.-..#-.#&&3-#!(# #(.&0&1"(.".1)-.-) #,'--,#-,-1#."5
GI
-/!!-.#(!*,-#-.(.,)&) #((#(#(/-.,#&0&)*'(.8*,.,-/&.-/-#(!."-/*,#)
-.,.#(!#(GNNM51"(."(.,&(%1--.&#-",+/&#..#0&3-#'#&,.).")--")1(#(&M8
?&M@
-#(!&.,*,#) ),(&3-#-&-)&&)1-#(&/-#)() ) ##&"#-.),#&-..#-.#-&#%*)*/&.#)(
(-#.351"#"1,)&&..."*, ./,&&0&-.,.#(!#(GNNJ=*(..#-.#&--)#.#)(GONM5
-,#-H9K>8"0..)/-#(!."#-0,#&#(."-*# #.#)(#-.".&)(!#./#(&(&3-#-#-,/
,)'JK.)IF3,-51"#"#-1"3#.1-().#(&/#(."-#')&8#(#.#-&#%&3.".2.(-#0
#,'.#0#.3#()." #(((#(/-.,31)/&),,-*)(.)',%.-#4=#5*)*/&.#)(>5/.*)--#&3
().#(+/&'-/,51"#&*)*/&.#)((-#.3'3&&)1 ),#(,--&1#."#( #,'-5
."-
0,#&-.)."-*# #.#)(8--")1(#(&N5.") ##(.- ),).",)((,,)1'-/,-) #((#&#(.,'#.#)(()1"0-'&&,'!(#./-(,&---#!(# #(.8)."*)*/&.#)((
*)*/&.#)((-#.3,!(,&&3*)-#.#05&.")/!")(&3."&..,**,--#!(# #(.#(')-.#(/-.,3
-*# #.#)(-8"#-'3, &.1%,,&.#)(-"#*.1(2.(-#0#(.,'#.#)((#(/-.,#&
2*(-#)()(-& .-,)(.,)&&5&.")/!"."#-#--*/&.#08)*/&.#)(#---)#.1#."
#(,-.#0#.3#("03-.),-&#%.,(-*),.()''/(#.#)(-=!5,#&,)->51"#"),,-*)(-
1#."&),0#&#&#.3(*/&#*)&##-.))((.'$),*)*/&.#)((.,-8.."-'.#'5."
#'*.) #((#&#(.,'#.#)()(&#!".'(/ ./,#(!5*,.#/&,&3.2.#&-5,'#(--#!(# #(.8
?&N@
%(.)!.",5.",-/&.-/-#(!2.(-#0'-/,-) #((#&(#(/-.,#&.#0#.3&,!&3
)( #,'2#-.#(!-")&,-"#*)(."#'*),.() #(.,'#.#)()(#(/-.,#&#4.#)(5/..."
*, ./,&&0&8".-#51"#&.",&.#)(-"#*#- #,&3)(-#-.(.,)---*# #.#)(-5.",,
().&# ,(-.1(#(/-.,#-(&).#)(-8"#(/-.,3!,)/*.".( #..')-. ,)'
#((#&#(.,'#.#)(1-.2.#&'(/ ./,#(!51"#"#-,-)(&!#0(#.-&#(!,)&#(#$#
*(-#(/-.,#&#4.#)(5#.-*,)').#)( ),2*),.5(#(,-#(.,(.#)(&'(8
(.,'#.#)(
1-&-- .#0')(!"03(-,0##(/-.,#-5-*#&&3#(,-)/.-#)%3)(-%-1&&
-&.,#(."*,#)8
.#-&-)#(.,-.#(!.)()..".1"#&.",)((,,)1'-/,-) #((#&
GJ
#(.,'#.#)(,-#'#&,5."#'*. ,)'(%#(!#-)(-#-.(.&3-'&&,#('!(#./(&--
1#-*,."(.". ,)'&& #((#&-.&#-"'(.-8#,'-#("03(.,(-*),.#(/-.,#-**,.)
( #.'), ,)'()(9(% #((=&J>51"#"'3, &.# ,(-#((*#.&.)-./*
()*,.."- #&#.#-8
#0(.")0,!(+/&#..#0(./,) ."!(&)!#&.5/.#)(#(#(.,*,.#(!."
,-/&.-#-0#-8"#&-)'..'*."-('.)')(-.,.."..".,,*,-(..#0) ."(.#)(&)()'3.."*, ./,&&0&()0,.#'5#.#-3()'(-,.#(.".&&#(/-.,#-,
+/&&3)0,8"#-#(./,(1)/&/(,-.#'.."#'*.) #((#&#(.,'#.#)(#(-.),-1#."
1, #,'-#(."!(&)!#--1&&-.")--/$..)-&)()'#-8(-")/&,#('#(5
")10,5."..")(.,#/.#)() *#.&9#(.(-#0-.),-=,#&13--#>.)#$#9,#(/-.,#&#4.#)(
)'-,&.#0&3#'*),.(.)(&3.)1,."() ."*,#)8
-.&35."#--/) #(.(-#0!,)1."#-&-),&0(.#(.". #,')/(.-!#0&#..&#(#.#)() #,'-&5 ##(35()/.*/.51"#",,#.#& ),,-"(%,)(#(&.0&)*#(!)/(.,#-(.)
'-/,-) )()'#(1& ,"(!80(-)5#.(,!/.".)'*,#-)(-) #,')/(.-)0,
.#''3/- /&# ."3')(-.,.&)(!,.,')'*.#.#0(--6#().",1),-5"(!-#(."
(/',) #,'-'3,0&-/*,#),'(!'(.(*,)/.#0#.3')(!-/,0#0),-5(1)/&**&3
,)---.),-8"#-)/&&,# #1#."#.#)(&1),%.".)'*,--/,0#0#(! #,'-1#.".")-.".
#().5-/**&'(.1#."+/(.#..#0,),-) #,'*, ),'(.".,#(,-#(!&30#&&8
,(-
588=GOJL>8 &(*&%&$!!)*&(/&&(%'%3)()(7),!&&(((1#(.8
588(8
=GONG>8-.#'.#)() 3('#')&-1#.",,),)'*)((.-8&+(%#&
* $(!%**!)*!#))&!*!&%15**8KON9LFL
999=GONH>8),'/&.#)((-.#'.#)() 3('#')&-/-#(!*(&.8&+(%#&&%&$*(!)15
**8JM9NH
5858
585858
=HFFK>8)- /(.#)( )&&)1),!(#4.#)(&
),':0#( ,)'."&(#(!*,.#-) &,!(-'&&(%-8&+(%#&!%%!#&%&$!)1
5**8HIM9HLO
GK
58=HFFL>8#(%-/-.",'(#(/-.,#&#4.#)(:.'#&(*!&%)!%&%&$!!)*&(/15
**8IO9LI
58=GOLM>8%"!%!%* (#/)*)&!%+)*(!#!0*!&%2)*+/!%&$'(*!, !)*&(/81
),%72 ),(#0,-#.3,--8
999=GOMH>8%"!%%,#&'$%*2)&$#))&%)(&$&%&$! !)*&(/81),%72 ),(#0,-#.3
,--8
58=GOLG>8"0&)*'(.) ,#.-3-.'#(-0(.(."(./,3*(8&+(%#&
&%&$!!)*&(/15**8IJH9ILF
588=GOOH>8 '%)%*('(!)/)*$82 ),72 ),(#0,-#.3,--8
58=GOLH>8&%&$!"-(%))!%!)*&(!#()'*!,2&&"&))/)8
',#!7,0,(#0,-#.3,--8
58(8
=HFFN>5"0)&/.#)() (.#)(&(%#(!',%.#(*,91,*(8
.'#&(*!&%)!%&%&$!!)*&(/15**8GM9HO
=0,#)/-3,->8!%"&&(%?)'*,"(-#0&#-.) (%-@5'#,) #&') ((/&3,))%-.1(GNOI(GOGH8)%3)7/-"))/&#-"#(!8
=GONM>8! &% &"!&"!&(%?#-.),#&..#-.#-) *(@8)%3)7
#")()%#3)%#8
=HFGH>8%"*) % !)*&(/3--G/(HFGH7
"..*7<<11184(!#(%3)8),8$*<&#,,3<"(-(<
58(8=GOOO>8-.#'.#(!3('#*(&.')&-7!/# ),',))()'#-.-8
&%&$!)**()15**8O9GK
58=GOKM>8&%'&!%"&) !&%=#-.),3) (%-#(*(>8)%3)7(#0,-#.3) )%3),--8
58=GOOI>8!%%!#!)*&(/&)*(%+(&'5H(82 ),72 ),(#0,-#.3,--8
58(8
=GOOI>8#(((!,)1."7"/'*.,'#!".,#!".8+(*(#/&+(%#&
&%&$!)1
5**8MGM9MIM
58=GOKJ>8 &%&$!,#&'$%*&'%1(&-* %*(+*+(# %8<;<48=:<8
,#(.)(7,#(.)((#0,-#.3,--8
588=>8=GOFJ>5&$$(!#&&'%8)%3)7)%//(-"8
GL
58=HFFK>8-
%*(&+*!&%*&+#*!'#!$(!)%#/)!)81),%7*,#(!,9,&!8
58(8
=HFFO>8
(-.#./.#)(-5)'*.#.#)((*#.&',%.#(.!,.#)(#(*(8
&+(%#&&%&$!!)*&(/15**8GIN9GMG
58=GOOH>8!*)+1 !)%##&$!#/%*('(!)(&+')!%'%8)%3)7(#0,-#.3
) )%3),--8
58(8=GOMI>8'%)&%&$!(&-* 8.( ),7.( ),(#0,-#.3,--8
58=HFFM>8"(%) *(.1),%(#((#&,%.
(.!,.#)(7,)'."
-.&#-"'(.) ."(%) *(.).",&3HF."(./,38&%*(/%&%&$!*+!)5
5**8OK9GHN
58585(8=HFFK>8-/,#(!."2.(.(#'*&#.#)(-) #,.),
#(.,&)%#(!#(."*,1,*(-(%#(!#(/-.,38&+(%#&&%&$!!)*&(/1**8GFNH9
GGGK
58(8
=HFFG>8#((#&-3-.'-5#(/-.,#&-.,/./,5(!,)1."8.&(,!-&
&%&$!&#!/15**8JLM9JNH
58=GOLG>8'!*#&($*!&%!%'%81),%7",,--8
58=GOOO>8#((5#(0-.'(.5(!,)1."#(#$#9,*(8'%%* &(#&%&$/1
5**8GNK9GON
58(8=HFFG>8#((#&-3-.'-5)()'#!,)1."5(!&)&#4.#)(8
(8),)58
3&),58#&&#'-)(=->5#&#!0*!&%!%!)*&(!#()'*!,8"#!)7.#)(&/,/) )()'#-,"8
58(8=GOON>8#((#&#(.,'#.#)(()()'#*, ),'(7"#-.),#&
0#( ,)' #0#(/-.,#&#4)/(.,#-8&+(%#&&%/1(!*1%%"!%1
5**8LKM9LMN
58=GOOJ>8!)*&(/&%"!%!%'%8/,,37/,4)(,--8
=GONJ>8*%(
%+)*(!##))!!*!&%&'%8)%3)7..#-.#-
/,/) *(8
58(8=HFFF>8
(-.#./.#)(-5, ),'-5()/(.,3,#-%7&--)(- ,)'*(-
!)0,('(..#(."#$#,8&+(%#&&%&$!!)*&(/1
5**8JJH9JLM
GM
5
8(8=GOOO>80#(!-(,&3)()'#!,)1."#(."(#...-(*(8'%%
* &(#&%&$/15**8GLG9GNI
58=HFGG>8"()&)!#&&,-"#*(&.0&)*'(.70#( ,)'#$#*(5GNLN9GOGH8
&%&$!!)*&(/,!-15**8OO9GGL
58=HFFM>8,(%-,&&3.."(.,) ."*,1,*(- #((#&-3-.':&%*(/
%&%&$!*+!)15**8JO9ML
58=HFFK>8)0,('(.)(-#(."#$#-.),.#)(*,#)8&$+()( %)*!*+*'()
NM8)%3)7)'/,-,"
(-.#./.8
58(8
=GONL>8 +/&!/&%&!+0+?(&)!#-) $),)'*(#-@8)%3)7
/-"))/&#-"#(!8
GN
&G7$),#((#& ),'-#(.",&3#$#,#)5GNLN9GNOM
,
GNMH
GNML
'
G-..#)(&
(%#(!.
=>
'('(.
,0#-#)(
GNMM
'('(.
GNMN
'('(.
GNMO
GNNH
'('(.
GNNI
,0#-#)(
GNNJ
)(0,.#&(%
)..
GNNL
'('(.
GNNM
GNOF
H(.#)(&(%
.
GNOF
0#(!-(%.
=>
GNOK
'('(.
GNOK
'('(.
GNOM
/,,(31
GNMJ
)/,7)3=GOOJ>
-,#*.#)(
!/&./-#(---*, ),'#(! #((#&.,(-.#)(-(,.
-3-.') (.#)(&(%-6&&)1(%-.)#--/!)&9)(0,.#&().-(
.)")&LFP*#9/**#.&#(!)0,('(.)(--,-,0-8
,)0# &2##&#.3#((%#(!- !/,-.1(!)0,('(.((%-6
,!/&.)&&,,.# #.#--/#()'',#&(%-8
&!&.(,,.#(3(()'#(.#)(-6&&)1**,')(3
)(0,.##&#.3#(.)!)&6 #2#(.,-.,..GFP6#(,-,-,0
,+/#,'(.- ,)'LF.)NFP=/.&)1,!)&,-,0,+/#,'(. ,)'
JF.)HFP**,,-,0->8
-.,#.().#--/-)(*)*/&.#)((.2-8
,'#..),!(#4.#)() (%-.)'/(##*&/."),#.#-8
&,#(!")/--.&#-"#(-%8)%)"'*#(%-.&#-" ),
),#!(.,(-.#)(-8
+/#,&)&/."),#.#-.)-/'#.#-#)(- ),,-/,3**,)0&8(%
) *(-.&#-"-(.,&(%8
')/.-.(#(!(.#)(&(%-;().-((."#,",.,8
(#--/(#,/&.#)() )&&,,.# #.-=2*#,.#)(*)-.*)(
,)'GNNK.)GNOF>8
#'#.&##&#.3) -",")&,-) (%-1#."--.-2#(!KFF5FFF
3(8
&,#(!")/--.&#-"#()%3)8
(),*),.,&#,'('(.-5&,# #,!/&.),3-/*,0#-#)(5(
)/.&#((%)&#!.#)(-=!5")/,-(3-) )*,.#)(5&)((
,-,0,+/#,'(.->6 .#0GNOI8
*,./-#(---#( #((#&#(-.,/'(.-=)(-5#-)/(.#(!> ,)'
.")-1#."#(0-.'(.()'',#&#(.,-.-6 .#0GNOI8
"(!)*,.#)(")/,-()&#-"&)((,-,0,+/#,'(.-8
,-,-,0,+/#,'(.- ,)'KF.)HKP*#9/**#.&=#(0-.
#(#(.,-.9,#(!!)0,('(.)(->(!0*, ,(.#&&#')(
--.-.)*)-#.),-8
)*.#)() ."!)&-.(,8
GO
&H7-,#*.#0-..#-.#-
).&
, ./,-
/',) /(#+/ #,'-
G5LJJ
JM
%+)*(/(&+'
,#',3*,)/.#)(
LK
HL
(/ ./,#(!
JLH
JH
2.#&-
GJH
HL
,0#-5()(9 #((
HJM
IM
,(-*),.5/.#&#.#-5)''/(#.#)(-
GMG
II
#((
NMF
JM
(%#(!
MKM
JM
*&(!%*%)!*/
),(#(/-.,#- KFJ
JJ
#!".#(/-.,#-
HMG
IM
ILH
JG
03#(/-.,#-
7#(&/-.2.#&-5"'#&-5'.&-*,)--#(!5'"#(,35/.#&#.#-5.,(-*),.
7#(&/- ))*,)--#(!5.2.#&-51))*,)--#(!(*,#(.5,'#-<!&--'(/ ./,#(!5
'#-&&()/-'(/ ./,#(!
7#(&/-"'#&-5'.&-*,)--#(!5'"#(,35/.#&#.#-
)/,7/."),C-&/&.#)(-
HF
&I7),,&.#)(-
.#)(&
, ./,&
&& #((
(%-
&& #((
(%-
!($&+%*1*&*#
,#',3
F8OKJAA
F8OKFAA
F8JIKAA
F8IMFAA
(/ ./,#(!
F8OKJAA
F8OJMAA
F8KGHAA
F8JHHAA
,0#-52&/#(! #((
F8NOMAA
F8NOIAA
F8KIIAA
F8JJOAA
),(
F8OJIAA
F8OINAA
F8KLHAA
F8JMMAA
#!".
F8OGNAA
F8OFOAA
F8JOHAA
F8JGJAA
03
F8OFMAA
F8OFJAA
F8KKKAA
F8JLNAA
!($&+%*1!()*!(%
,#',3
9F8FIH
9F8FKJ
F8FGH
F8FFJ
(/ ./,#(!
F8HFJ
F8GKM
F8GFIAA
F8FLLAA
,0#-52&/#(! #((
9F8FGN
9F8FKM
F8GHIAA
F8FMMAA
),(
F8GGL
F8FML
F8GIMAA
F8FMOAA
#!".
F8HIK
F8GOH
F8FMMAA
F8FKKA
03
9F8FGK
9F8FJM
F8GGJAA
F8FKKA
-,#-
(%-
-,#-
(%-
%"&+%*1*&*#
#(%)),(-,#-=GNOI9GOGH>
F8OOLAA
F8OLLAA
F8OOIAA
F8NHNAA
*(-(%,---)#.#)(-,#-
F8OOFAA
F8NIGAA
=GNOI9GOGH>
*(-(%,---)#.#)(-,#-
F8OOMAA
F8NMKAA
=GNLN9GOGH>
#!(# #(&0&7AK*,(.5AAG*,(.
)/,7*(#(#-.,3) #((=0,#)/-3,->5*(-(%,---)#.#)(=HFGH>5(/."),C-
&/&.#)(-
HG
'" ! *+
" !% *!)/+
" !% *!)0+
*+
#! ) "
'" ! *+
" !% *!)/+
" !% *!)0+
%
.(..4
*.(.0/+
).(.02
*.(.00+
/
0.0/
.(./7
%
).(..0
*.(./4+
).(.03
*.(.01+
).(..5
*.(.01+
0
/752
.(5.0
2'
"! &/646!/7/0
"!"
# !
.(/33,,,
.(.62,,,
.(/36,,,
.(/02,,,
*.(.24+
*.(.10+
*.(.3/+
*.(.14+
.(//6,,,
.(/24,,,
.(/67,,,
.(.24,
*.(.01+
*.(.01+
*.(.01+
*.(.01+
.(.06
.(..7
.(.14
).(.65,,,
*.(.02+
*.(.02+
*.(.02+
*.(.02+
0
0
0
0
/752
/752
/752
/752
.(32/
.(4.5
.(5.4
.(/21
"!"
# !
.(/07,,,
.(.52,,
.(//5,,
.(//4,,,
*.(.23+
*.(.10+
*.(.3.+
*.(.14+
.(/02,,,
.(/32,,,
.(0.0,,,
.(.26,,
*.(.01+
*.(.01+
*.(.01+
*.(.01+
.(.16
.(./2
.(.22,
).(.62,,,
*.(.02+
*.(.02+
*.(.02+
*.(.02+
0
0
0
0
/752
/752
/752
/752
.(367
.(407
.(554
.(/0.
*+
#! ) "
',/.!&,,3!&,,,/!
"'"!- "! #%
.(.7.,,
*.(.2.+
.(/7/,,,
*.(.01+
.(.75,,,
*.(.02+
0
/752
.(605
#%
.(.4/
*.(.2.+
.(/77,,,
*.(.01+
.(/.1,,,
*.(.02+
0
/752
.(667
$! .(.66,,,
*.(.06+
.(.06
*.(.02+
).(.32,,
*.(.02+
0
/752
.(/11
$! .(.56,,,
*.(.05+
.(.12
*.(.02+
).(.30,,
*.(.02+
0
/752
.(/00
!
.(.50,,,
*.(.04+
.(.45,,,
*.(.01+
).(./3
*.(.02+
0
/752
.(17/
!
.(.25,
*.(.04+
.(.55,,,
*.(.01+
).(./0
*.(.02+
0
/752
.(201
00
- $%
'%&$+%$%01
%$%0&/51
%$%0&/61
!$$0 1
%$(&! %
/%#'$
- %
'%&$+%$%01
%$%0&/51
%$%0&/61
$$+
/5.;98
08.9=91
4.66=
04.4681
5
6465
4.9=5
$$+
5.6:;
07.==:1
4.5<9222
04.46<1
4.664222
04.4741
6
5=;8
4.=49
9-$%%! $%'&%)&$($%'%&+,5<:<&!5=56
'&'$ $(%
!$ &
4.655
4.59=
/4.6;7
/4.:79
04.6=91
04.7791
04.=8=1
04.9;81
4.5;5222
4.5;=222
4.87922
4.5=;222
04.4681
04.4661
04.6581
04.46=1
4.5==222
4.644222
4.65<
4.65<222
04.4691
04.46:1
04.6:=1
04.46:1
6
6
6
6
5=;8
5=;8
5=;8
5=;8
4.=57
4.=95
4.<=7
4.<48
'&'$ $(%
!$ &
/4.57;
/4.7==
/4.488
/4.:75
04.6:41
04.7641
04.5881
04.9871
4.5=:222
4.5=4222
4.5=6222
4.654222
04.4681
04.4671
04.4671
04.46=1
4.65<222
4.66=222
4.65:222
4.669222
04.4671
04.46:1
04.4671
04.4691
6
6
6
6
5=;8
5=;8
5=;8
5=;8
4.=68
4.<:8
4.=97
4.<59
!$$0 1
%$(&! %
/%#'$
-254"$ &,229"$ &,2225"$ &
!'$-'&!$3%'&! %
(+
4.5:4
04.5;51
4.5;:222
04.4661
4.645222
04.4671
6
5=;8
4.=7:
(+
/4.58<
04.59<1
4.5=6222
04.4661
4.65<222
04.4671
6
5=;8
4.=67
*&%
/4.8:=
05.6641
4.5=6222
04.4861
4.64=222
04.4681
6
5=;8
4.=56
*&%
/5.499
05.6671
4.65;222
04.47=1
4.665222
04.46:1
6
5=;8
4.;;6
$ %"!$&
4.<9;
04.=491
4.5:;222
04.46:1
4.5=6222
04.46;1
6
5=;8
4.<;9
$ %"!$&
/4.98;
04.<551
4.5=8222
04.4671
4.667222
04.46:1
6
5=;8
4.<<;
67
:-$%%! $%'&%)&&$!"!& *'%! ,5<:<&!5=56
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
!$$0 1
%$(&! %
/%#'$
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
$$+
4.45;
04.45<1
/4.46<
04.4671
5
5=79
4.4:=
$$+
4.447
04.4581
/4.46<
04.4671
/4.4:6222
04.4681
5
5<=4
4.975
'&'$ 4.465
04.4761
/4.449
04.4671
/4.49:22
04.4681
6
5<=4
4.448
'&'$ /4.445
04.4751
/4.448
04.4671
/4.49722
04.4681
6
5<=4
4.;<;
!$$0 1
%$(&! %
/%#'$
-254"$ &,229"$ &,2225"$ &
!'$-'&!$3%'&! %
$(%
4.4862
04.4671
4.4;5222
04.4671
4.467
04.4681
6
5<=4
4.956
$(%
4.47=2
04.4671
4.4;5222
04.4671
4.46=
04.4681
6
5<=4
4.95=
!$ 4.49=2
04.4791
4.47;
04.4671
4.48<22
04.4681
6
5<=4
4.98<
!$ 4.47:
04.4781
4.4842
04.4671
4.49522
04.4681
6
5<=4
4.:8=
&
4.47:
04.46;1
4.45=
04.4681
/4.49922
04.4681
6
5<=4
4.54;
&
4.468
04.46;1
4.464
04.4681
/4.49722
04.4681
6
5<=4
4.4;4
(+
4.464
04.46<1
/4.4882
04.4671
4.459
04.4691
6
5<=4
4.499
(+
4.44=
04.46;1
/4.4882
04.4671
4.45:
04.4691
6
5<=4
4.48=
*&%
4.47=2
04.4661
4.4:5222
04.4681
4.474
04.4681
6
5<=4
4.74:
*&%
4.46;
04.4651
4.4:9222
04.4681
4.476
04.4681
6
5<=4
4.7;9
$ %"!$&
4.477
04.4641
4.47;
04.4671
4.456
04.4691
6
5<=4
4.7<8
$ %"!$&
4.476
04.4641
4.47;
04.4671
4.456
04.4691
6
5<=4
4.7<5
68
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
!$$0 1
%$(&! %
/%#'$
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
$$+
4.454
04.4691
/4.44;
04.46=1
5
5666
4.4;;
$$+
/4.445
04.45<1
/4.44:
04.46=1
/4.45<
04.4741
6
5666
4.9;:
'&'$
4.55<22
04.4971
4.556222
04.46=1
/4.468
04.4741
6
5666
4.7:7
'&'$
4.4<6
04.4971
4.55<222
04.46=1
/4.458
04.4741
6
5666
4.874
!$$0 1
%$(&! %
/%#'$
-254"$ &,229"$ &,2225"$ &
!'$-'&!$3%'&! %
;- $$%%! $%'&%,5<<:&!5=56
$(%
!$ &
4.4;82
4.56422
4.4=;22
04.47<1
04.4:51
04.4861
4.576222
4.5=<222
4.478
04.4741
04.46=1
04.46=1
4.44:
4.45<
/4.4=;222
04.4741
04.4741
04.4741
6
6
6
5666
5666
5666
4.989
4.:=5
4.4:4
$(%
!$ &
4.4:5
4.4;6
4.4=422
04.47<1
04.4:41
04.4861
4.585222
4.64<222
4.47:
04.4741
04.46=1
04.46=1
4.456
4.46:
/4.4=8222
04.4741
04.4741
04.4741
6
6
6
5666
5666
5666
4.9;=
4.<44
4.47<
(+
4.49=
04.48<1
4.647222
04.46=1
4.4<4222
04.4751
6
5666
4.<:<
(+
4.467
04.48<1
4.64<222
04.46=1
4.4<8222
04.4751
6
5666
4.=76
*&%
4.4;;22
04.4771
4.46;
04.4741
/4.487
04.4751
6
5666
4.489
*&%
4.4;422
04.4771
4.477
04.4741
/4.486
04.4751
6
5666
4.47:
$ %"!$&
4.49=2
04.4761
4.4:;22
04.46=1
/4.458
04.4741
6
5666
4.79=
$ %"!$&
4.474
04.4761
4.4;9222
04.46=1
/4.455
04.4741
6
5666
4.8:;
69
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
!"'&! !"'&! %&+
!$$0 1
%$(&! %
/%#'$
- '%&$$%
%$%01
'%&$+%$%0&/51
'%&$+%$%0&/61
!"'&! !"'&! %&+
$$+
4.449
04.46:1
/4.456
04.46=1
4.57:
04.4=;1
4.445
04.4471
5
5666
4.5:=
$$+
/4.448
04.45=1
/4.456
04.46=1
4.57<
04.4=;1
4.445
04.4461
6
5666
4.55=
<-$%%! $%'&%)&"!"'&! ! &$!%,5<<:&!5=56
'&'$ $(%
!$ &
(+
4.4<4
4.495
4.4=;2
4.4<722
4.46<
04.4951
04.47;1
04.49<1
04.4861
04.4891
4.45<
4.49:2
4.4=5222
4.469
4.4:622
04.46=1
04.46=1
04.46=1
04.46=1
04.46=1
/4.54:222
/4.4:722
/4.4;:222
/4.548222
/4.4942
04.46=1
04.4741
04.46=1
04.4741
04.4741
/4.4<:
4.8:722
4.645
/4.557
4.8:722
04.6:71
04.5=81
04.6=91
04.65=1
04.6791
4.49<222
4.469222
4.4:8222
4.45:222
4.499222
04.44;1
04.4491
04.44<1
04.44:1
04.44:1
6
6
6
6
6
5666
5666
5666
5666
5666
4.:<9
4.:55
4.;6;
4.5<5
4.;:7
'&'$ $(%
!$ &
(+
4.497
4.484
4.48:
4.4;=2
/4.459
04.4941
04.47;1
04.49:1
04.4861
04.4891
4.45=
4.4:422
4.4=;222
4.46:
4.4:522
04.46=1
04.4741
04.46=1
04.46=1
04.46=1
/4.545222
/4.4:522
/4.4;522
/4.546222
/4.48=
04.46=1
04.4741
04.46=1
04.4741
04.4741
/4.4;;
4.8:;22
4.64=
/4.547
4.8::22
04.6:71
04.5=91
04.6=:1
04.65=1
04.67:1
4.49=222
4.46:222
4.4:9222
4.45;222
4.49:222
04.44;1
04.4491
04.44<1
04.44:1
04.44:1
6
6
6
6
6
5666
5666
5666
5666
5666
4.:<<
4.:4=
4.;74
4.5;:
4.;:8
!$$0 1
%$(&! %
/%#'$
-254"$ &,229"$ &,2225"$ &
!'$-'&!$3%'&! %
*&%
4.4;722
04.4781
4.469
04.4741
/4.48:
04.4751
/4.6:=
04.5;41
4.45422
04.4481
6
5666
4.4;9
*&%
4.4::22
04.4771
4.474
04.4741
/4.489
04.4751
/4.69=
04.5;41
4.45522
04.4481
6
5666
4.4:=
$ %"!$&
4.484
04.4751
4.4449
04.46=1
/4.4;422
04.4741
4.8;;222
04.5:61
4.45;222
04.4481
6
5666
4.9:9
$ %"!$&
4.456
04.4751
4.448
04.46=1
/4.4;422
04.4741
4.8<4222
04.5:61
4.45<222
04.4481
6
5666
4.9:6
6:
'$5-'$!$%, '%&$+%$%
!'$-'&!$3%'&! %
6;
'$6-'$!$%,&!$ & %&+%$%
!'$-'&!$3%'&! %
6<
'$7-'$!$%, %$%
!'$-'&!$3%'&! %
6=
'$8-!"$%! !"$&'$ %$%,5<=7
-.),,4
-,),,4
1),,4
0),,4
/),,4
,),,4
#
!
%%
%% %%"
%
%
! "
' !
"&
&#
&
"
&
% # ' # '
'(
"
!
#
#
'
&
"
#
(% %"
' $ !
'
'
#
%
"
.),,4
!
"
!&-&!& '$%! %!$%$% 5<=7$-=940 !!$ 1,=460
" % $%%%!&! 1,6860'&!$3%'&! %1.
!'$-
" %&$+! 05<=71,
" % $%%%!&! 064561, '&!$3%'&! %
74
'$9-!"$%! !"$&'$ %$%,5=56
-,),,8
5),,8
4),,8
3),,8
2),,8
1),,8
0),,8
/),,8
.),,8
,),,8
#
!
%%
%% %%"
%
%
! "
' !
"&
&#
&
"
&
% # ' # '
'(
"
!
#
#
'
&
"
#
(% %"
' $ !
'
'
#
%
"
-),,8
!
"
!&-&!& '$%! %!$%$% 5=56$-658<0 !!$ 1,67460
" % $%%%!&! 1,;870'&!$3%'&! %1.
!'$-
" %&$+! 05=561,
" % $%%%!&! 064561, '&!$3%'&! %
75
'#'
"
,0881-)
,0850- $.$! $)
'
,0888-# $'!!
$+!)
!
"" ,0888-',1//4-',1//6-)! * )
!"
!$,0862-+
""0777
0786)
!$""$
&& *
..$"*! ($,0883-)
!#
"/)8/ '$%'"'
' ')
!
,1//4- '"!
%! )
21