Newsletter_n26

Page 1

!"#$%"&&"'()*$(+*'&*$ )"(,"&-./%("(,"$01.'/ !"#$%#&#'()(*+,#-.#$/0/#&#1+23.4)+56


789:;#1<9!89; !.=46.)).+#-,4#>,+),4#-.#?.)@*56#.#?.423*+5 !@3.+,#$%#A#'()(*+,#$/0/ >+,B+2.-5-.C#;>??#&#;-32D24)+5EF,#-,4#>,+),4#-.#?.)@*56#.#?.423*+5G#?; H,+5-5C#>+5E5#-5#I.B@*62J5#&#$K/L&M/N#?.)@*56 1.6OC#PQRM0S#$%M#ML$#///##&##75TC#PQRM0S#$%M#$R/#KK$ U3526C#V.+56WB,+),-.4.)(*56OB) ===OB,+),-.4.)(*56OB) X2+.J),+5C#7Y)235#<Z,+5 U-2EF,C#X.B5+)53.D),#-.#H5+[.)2DV#.#X,J(3.D)5EF, 9,,+-.D5EF,#V+Y\2J5C#>5(6,#?23].4G#!(D,#>5(6, 7,),V+5\25C#>5(6,#?23].4 I.-5JEF,C#H5+25#^,F,#_5J56`5(G#^,F,#a,DE56Z.4G#7Y)235#<Z,+5 9,65*,+5-,+.4#J,DZ2-5-,4C#b2),+#95+-.2+2D`5G#I(2#;6*(c(.+c(.#-d'+.e 9,DJ.BEF,#a+Y\2J5C#f`2).#_+5D-#?.+Z2J.4 83B+.44F,C#;+35gh3#-.#>5Bh24#-,#?5-, 8??!C#0%LM&K0Ri X.Bj42),#k.V56C#$/$RR/l/R 12+5V.3C#0O$//#.T.3B65+.4

===O\5J.*,,[OJ,3lB,+),O4.)(*56

>.+2,-2J2-5-.C#1+23.4)+56 X24)+2*(2EF,C#a+5)(2)5 ;>??G?;#&#1,-,4#,4#-2+.2),4#+.4.+Z5-,4O

===Oe,()(*.OJ,3lB,+),\4.)(*56


#$%&'(%)*

)+,-../+012,301/12+0,3245/6+27+8-/+9/5326+:7/+727;50/ 1-+ </56+ 952.2,32+ ,/+ :,0=25./>0?/@A-+ 12+ B-53:4/>6+ C:2+ 1:5/,32

1-+35UL24-+5-1-=0U50-6+2+1/+1070,:0@A-+1-.+E-,42.30-,/72,3-.+2 /E012,32.+,/.+2.35/1/.I

.DE:>-.+12+F0.3;50/+G+/35/=D.+1-.+9-53-.+G+327+95-9-5E0-,/1-+12.2,=->=072,3-+2E-,;70E-6+.-E0/>+2+E:>3:5/>+1-+B/H.I+J-.+10/.+12

J-+ 10/+ ]f+ 12+ ':3:85-6+ 52/>0?-:G.2+ ,-+ P/>A-+ J-852+ 1-

F-K26+27+C:2+:542+52/K:.3/5+7-12>-.+2+5292,./5+2.35/3D40/.6+-.

<0,0.3D50-+1/.+'85/.+BS8>0E/.6+&5/,.9-532.+2+T-7:,0E/@R2.+/

,-..-.+12.H4,0-.+12=27+52-502,3/5G.2+9/5/+-+</56+95-E:5/,1-

/..0,/3:5/+12+:7+95-3-E->-+C:2+7252E2+12.3/C:2+92>-.+-8K2E30=-.

012,30L0E/5+,2.32+M-E2/,-+12+-9-53:,01/12.N+=/,3/42,.+E-7923030=/.

12+ .079>0L0E/@A-+ 12+ 95-E2..-.+ 2+ 12.8:5-E5/30?/@A-+ 1-.

C:2+,-.+10L252,E0276+92>/+9-.030=/6+K:,3-+12+9/5E205-.+2:5-92:.+2

95-E21072,3-.+>24/0.+C:2+2,=->=27+-.+0,325=2,02,32.+,-+35/,.9-532

/L50E/,-.I

7/5H307-6+/35/=D.+1/+0,325>04/@A-+1-+.0.327/+[gB+\[/,2>/+h,0E/ B-53:U50/a6+1/.+)170,0.35/@R2.+B-53:U50/.6+E-7+-+P$P+\P0.327/

J2.32+O7803-6+95-E:5/,1-+E-,3508:05+9/5/+/+=/>-50?/@A-+1/

%,3245/1-+1-.+<20-.+12+&5/,.9-532+2+1/+$2E>/5/@A-+P:7U50/a6+1/

079-53O,E0/+1-+</56+/+)BPP+/..-E0-:G.2+Q.+E-727-5/@R2.+1-+$0/

$052E@A-Gb25/>+ 1/.+ )>LO,124/.+ 2+ 1-.+ %79-.3-.+ #.92E0/0.I

<:,10/>+1-+</56+/35/=D.+1/+52/>0?/@A-+12+:7/+9/>2.35/+12+L07+12 3/5126+C:2+95-E:5-:+52L>2E305+.-852+/.+/E30=01/12.+>04/1/.+/-+7/56

J2.32+O7803-6+/+)BPP+0,3245-:+:7+45:9-+2,301/12.6+E-,.303:H1-

2+1-+8/930.7-+12+7/56+,-+P/1-6+9/5/+E25E/+12+.232,3/+E50/,@/.+1/.

9-5+)170,0.35/@R2.+B-53:U50/.+2+92>-+%B&<+G+%,.303:3-+B-53:U50-+2

%BPP+1/+5240A-+12+P23S8/>I

1-.+&5/,.9-532.+</5H307-.6+%B6+C:2+.:8.E52=25/7+2.32+95-3-E->E-7+/+$b)%#T6+F-7->-4/1-+92>-.+P2,F-52.+P2E523U50-.+12+#.3/1-

T-7+ -+ 95-9;.03-+ 12+ E50/5+ .0,2540/.+ ,-.+ 1-7H,0-.

1-.+&5/,.9-532.+2+1-+&2.-:5-+2+i0,/,@/.I

0,.303:E0-,/>6+E-725E0/>+2+/0,1/+12+52.2/5EF+2+L-57/@A-6+-+B-53-+12 P23S8/>+ 2.3/82>2E2:+ :7/+ 9/5E205/+ E-7+ -+ B-53-+ 12+ #712,6+ ,/

J-+C:2+.2+52L252+/+P2.0785/6+L-0+/1K:10E/1/+/+E-,.35:@A-

)>27/,F/I+&5/3/G.2+1:7+95-3-E->-+12+E--925/@A-+0,325G9-53:U50/6

1/+B-,32GT/0.+"6+52952.2,3/,1-+:7+0,=2.3072,3-+12+E25E/+12+]6"

-+9507205/+12.3/+309->-40/+2,352+9-53-.+9-53:4:2.2.+2+/>27A2.I+#.3/

70>FR2.+12+2:5-.6+E-GL0,/,E0/1-+27+j!d+92>-+B('<)(+k+i:,1-

-9-53:,01/12+.:540:+1/+L-532+952.2,@/+1/+V->.W.X/42,+,-.+1-0.

#:5-92:+1/.+B2.E/.I+)+-85/+0,3245/G.2+,-+E-,K:,3-+12+0,325=2,@R2.

9-53-.+E--925/,32.6+/35/=D.+12+32570,/0.+9-53:U50-.+2+12+LU850E/.6

952=0.3/.+,-+B5-K2E3-+b>-8/>+M'512,/72,3-+1-+B-53-+12+B2.E/+12

E-7-+D+-+E/.-+1/+LU850E/+1/+V->.W.X/42,+):3-2:5-9/6+27+B/>72>/I

P2.0785/N6+952=2,1-G.2+/+.:/ E-,E>:.A-+12,35-+12+:7+95/?-

J-+E-,32Y3-+1/.+E-7923Z,E0/.+1/+)BPP6+2,C:/,3-+2,301/12

12+-03-+72.2.I

52.9-,.U=2>+92>/+42.3A-+1-.+9-53-.+12+P23S8/>+2+P2.0785/6+2+E-7 52.9-,./80>01/12.+,-+1-7H,0-+1/+95-32E@A-+/7802,3/>+,/+.:/+U52/ 12+K:50.10@A-6+-+T-,.2>F-+12+)170,0.35/@A-+E->-E/+,/+>0,F/+1/ L52,32+/+E-,.E02,E0/>0?/@A-+/7802,3/>I !"#$%&'(%)*%+ ,)-."/0$12&"3245%'0"627%&

J2.32+ .2,301-6+ L-0+ 0,0E0/1-+ 27+ [:,F-+ -+ 95-E2..-+ 12 0,3245/@A-+ 1/+ =2532,32+ /7802,3/>+ \JB+ #J+ %P'+ ]^!!]_`!!^a+ ,P0.327/+12+b2.3A-+1/+c:/>01/12+1/+)BPP6+C:2+12:+7/0.+:7+9/..,/+E-,.->01/@A-+1/+C:/>01/12+4>-8/>+1-.+.25=0@-.+952.3/1-.+/-.

&/78D7+27+P2.0785/6+L-7-.+/,L0350R2.+1/+52:,0A-+1/

,-..-.+E>02,32.6+E-7+-+X-5W.F-9+52/>0?/1-+27+L0,/0.+12+P232785-I

T-70..A-+B257/,2,32+9/5/+-+)E-79/,F/72,3-+1/+P24:5/,@/+1-. l-72,.+1-+</56+-+C:2+52952.2,3-:+:7/+F-,5/I+)+E-7030=/+0,E>:0:

)+ 42.3A-+ /7802,3/>+ D+ /0,1/+ 2,E/5/1/+ E-7-+ L-57/+ 12

-+P2,F-5+<0,0.35-+1/+)450E:>3:5/6+1-+$2.2,=->=072,3-+(:5/>+2+1/.

/10E0-,/5+=/>-5+Q+-54/,0?/@A-+2+/-.+.2:.+9/5E205-.+12+,24;E0-6

B2.E/.+2+/0,1/+-.+P2,F-52.+P2E523U50-+12+#.3/1-+1/+$2L2./+J/E0-,/>

C:2+ .2+ 35/1:?/+ ,:7/+ 7/0-5+ =/>0/+ 9/5/+ -+ E52.E072,3-+ 2

2+1-.+)..:,3-.+1-+</5+2+P2E523U50-+12+#.3/1-+1/.+B2.E/.+2+1/

12.2,=->=072,3-+.:.32,3U=2>+1-.+9-53-.+12+P23S8/>+2+12+P2.0785/I

)450E:>3:5/I

)0,1/+,-+327/+)7802,326+52L05/G.2+-+/:72,3-+1/+C:-3/+12

)+L0,/>0?/56+/95/?G,-.+5240.3/5+C:2+/+)BPP+32,F/+L04:5/1-

:30>0?/@A-+1/+L255-=0/+,/+>04/@A-+1-+B-53-+12+P23S8/>+/-+.2:+F0,325>/,16

,-+(2>/3;50-+12+`!]!6+9:8>0E/1-+92>/+$052E@A-Gb25/>+1-+&2.-:5-

C:2+9/..-:+12+]`d+9/5/+``d6+52.9203/,32+/-+9507205-+.272.3526

2+i0,/,@/.6+E-7-+27952./+C:2+E:7950:+-.+B50,EH90-.+12+m-7

L/E2+/-+925H-1-+F-7;>-4-+12+`!!eI+#.3/+32,1Z,E0/6+KU+.2,301/+,-

b-=25,-6+>:4/5+C:2+-E:9/+12.12+`!!nI+B/5/+2.3/+10.30,@A-+,A-+D

/,-+/,3250-56+52952.2,3/+82,2LHE0-.+/E52.E01-.6+C:25+,/+2L0E0Z,E0/

/>F20/+/+-502,3/@A-+12+42.3A-6+504-5-./+2+.D50/6+C:2+327-.+95-E:5/1-

1/+ >04/@A-+ 2,352+ -.+ 7-1-.+ 7/5H307-+ 2+ 32552.3526+ C:25+ /+ ,H=2>

.24:056+ -925/E0-,/>0?/1/+ 9-5+ :7/+ 2C:09/+ 12+ 2YE2>2,32.

/7802,3/>6+/35/=D.+1/+521:@A-+,/.+270..R2.+12+T'`6+95-=2,02,32

E->/8-5/1-52.I

!"


J'&oT%)P

2"''*30/(4/56/("78'"$$9*(5*(8*'&*()" ,"&-./%

+*'&*()"(,"&-./%(/$$05/%/(:0/(;<5)0/% )*(;/'

!" #$%&$" '(" )(&*+,-" &(." /01'$" ," %(203&,%" ,

C"C'.0103&%,67$"'$3"#$%&$3"'(")(&*+,-"(")(30.+%,

4$150%.,67$"',"&(1'8140,9":;"/(%0504,',"1$",1$",1&(%0$%9

,3301,-$<"$"D0,"E<1'0,-"'$"E,%"4$.","?%$.$67$"'("<.,

'$",<.(1&$"',"<&0-0=,67$"',"5(%%$/0,"1,"-02,67$",$"3(<

?,-(3&%,"'("50."'("&,%'(9"%(,-0=,',"1$",<'0&F%0$"'$"3(<

>01&(%-,1'9" .<0&$" (.+$%," ," %$'$/0," 4$1&01<(" ," 3(%

('05A40$"3('(9"("'("<."?,33(0$"1$"),'$"?,%,"4%0,16,3"'(

?%(5(%(140,-.(1&("<3,',"1$"5-<@$"'("(1&%,',"("3,A',"'(

G#))"',"%(207$"'(")(&*+,-B"C",33$40,67$"',"C#))","(3&,3

.(%4,'$%0,3"1$3"&(%.01,03"?$%&<;%0$3B

4(-(+%,6H(3" ,1<,03" ,33<.(" :;" <." 4,%;4&(%" %(2<-,%9 ?%$4<%,1'$I3(" ',%" <." 4$1&%0+<&$" ?,%," %(,-6,%" (" ',%

J-+9507205-+.272.352+12+`!]!6+/+L255-=0/+/30,40:+-.+``d 1-+=->:72+3-3/>+12+725E/1-50/.+C:2+9/../5/7+92>-.+32570,/0. 9-53:U50-.+12+P23S8/>+=0/+32552.3526+:7/+2=->:@A-+9-.030=/+12+]!d L/E2+/-+925H-1-+F-7;>-4-+12+`!!e6+2,C:/,3-+-+7-1-+5-1-=0U50-6 521:?0:+12+:7/+C:-3/+12+n^d+9/5/+pfdI '+ E52.E072,3-+ 1/+ :30>0?/@A-+ 1/+ L255-=0/+ 52.:>3/+ 27 .04,0L0E/30=-.+82,2LHE0-.6+,A-+.;+27+3257-.+12+2L0E0Z,E0/+2+5/9012? ,/+>04/@A-+2,352+-.+7-1-.+7/5H307-+2+32552.3526+7/.+3/78D76+,C:2+ 52.9203/+ /-+ />/54/72,3-+ 1-+ F0,325>/,1+ 2+ Q+ 95-32E@A-+ 1/7802,326+ 9-0.+ 52952.2,3/+ :7/+ .->:@A-+ 7/0.+ 2C:0>085/1/6 35/1:?0,1-G.2+,:7/+521:@A-+,/.+270..R2.+12+T'`+2+1-+35UL245-1-=0U50-6+E-7+/+E-,.2C:2,32+1070,:0@A-+1-.+E-,42.30-,/72,3-. 2+/E012,32.+,/.+2.35/1/.I #7+P232785-6+-+9-53-+52E282:+E25E/+12+`j+70>+3-,2>/1/. 12+7/1205/+E-7+12.30,-+Q+i04:205/+1/+i-?I+)+725E/1-50/6+E-7 -50427+,-+9-53-+EF0>2,-+12+T-5-,2>6+EF24-:+/+P23S8/>+,-+,/=0Mb2,E-+#Y9>-525N6+/42,E0/1-+92>/+</5+2+P/1-6+,:7/+-925/@A2L2E3:/1/+,-+32570,/>+<:>30:.-.+q-,/+`6+E-,E2..0-,/1-+Q+P/1-9-536 .24:0,1-+129-0.+9/5/+/+i04:205/+1/+i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

!^

/030+0-0','("J"0.?$%&K140,"',3",4&0/0','(3"-02,',3",$".,%B


J'&oT%)P

)+E2>285/@A-+1-+$0/+<:,10/>+1-+</5+D+95-7-=01/+92>/

J/+9/>2.35/+95-7-=01/+92>/+)BPP+L-5/7+-5/1-52.+#1:/51-

%,325,/30-,/>+</503072+'54/,0./30-,+\%<'a+r+'54/,0?/@A-+</5H307/

</530,.6+72785-+1-+T-,.2>F-+12+b2.3A-+1/+#.E->/+JU:30E/+%,L/,32

<:,10/>+ \'<%a6+ Q+ C:/>+ B-53:4/>+ /1250:+ 27+ ]enpI+ )+ %<'+ D+ :7/

$I+l2,50C:26+2+),3;,0-+[S>0-+T5:?6+952.012,32+1/+T-70..A-+<:,10/>

%,.303:0@A-+ #.92E0/>0?/1/+ 1/+ 'Jg6+ C:2+ 27+ B-53:4/>+ 327+ /

12+B2.E/+.:87/50,/+1/+T-,L2125/@A-+<:,10/>+12+)E30=01/12.

E--512,/@A-+ 1-+ %B&<+ k+ %,.303:3-+ B-53:U50-+ 2+ 1-.+ &5/,.9-532.

P:8/C:U30E/.I+T/5>-.+b-:=20/+*-92.6+952.012,32+1-+T-,.2>F-+12

</5H307-.I

)170,0.35/@A-+1/+)BPP6+2,C:/15-:+-+327/6+32,1-+.:8>0,F/1-+9/92>+1-+7/5+E-7-+/E30=-+L:,1/72,3/>+9/5/+-+9/H.6+2+/952.2,3-:

B/5/+2.32+/,-6+/+%<'+.2>2EE0-,-:+-+327/+M`!]!+k+'+),-+1-

-.+ 9/>2.35/,32.6+ 12.E52=2,1-+ -+ 925L0>+ 95-L0..0-,/>+ 12+ /78-.I

</5H307-N6+=0./,1-+E-7+2.3/+2.E->F/+E-,3508:05+9/5/+:7/+72>F-5 10=:>4/@A-+2+=/>-50?/@A-+1/+/E30=01/12+1-+35/8/>F/1-5+7/5H307-6

#1:/51-+</530,.+12:+/+E-,F2E25+E-7-+.2+L-57/7+-.+-L0E0/0.

3257-+ C:2+ 2,4>-8/+ 3-1-.+ -.+ C:2+ 35/8/>F/7+ ,-.+ ,/=0-.+ 2+ 27

12+ 9-,32+ 2+ 12+ 7UC:0,/.+ 9/5/+ /+ 7/50,F/+ 725E/,326+ ,/+ #.E->/

/E30=01/12.+ 52>/E0-,/1/.+ E-7+ -+ 35/,.9-532+ 7/5H307-I

P:9250-56+2+C:2+2.3/+12.2,=->=2+/+.:/+/E30=01/12+27+E--925/@AE-7+/.+27952./.+1-+.2E3-5I+),3;,0-+[S>0-+T5:?+L/>-:+.-852+/+92.E/ .:8/C:U30E/+2+12:+/+E-,F2E25+E-7-+.:540:+/+T-,L2125/@A-+<:,10/> 12+)E30=01/12.+P:8/C:U30E/.6+C:2+327+.212+27+(-7/6+2+/8-51-: />4:7/.+ 10L0E:>1/12.+ C:2+ /+ i2125/@A-+ B-53:4:2./+ 12+ T/@/ P:87/50,/+2,L52,3/I )0,1/+,-+O7803-+1-+$0/+<:,10/>+1-+</56+L-0+95-9-5E0-,/1:7+8/930.7-+12+7/5+/+E25E/+12+.232,3/+E50/,@/.+12+%,.303:0@R2. 12+P->01/5021/12+P-E0/>+\%BPPa+1/ 5240A-+12+P23S8/>6+E-7+01/12. E-79522,101/.+ 2,352+ -. C:/35-+2+-.+E/3-5?2+/,-.+12 01/12I+ ).+ E50/,@/.+ L-5/7 52E2801/.+/+8-51-+1-+8/5EMs=-5/N+9/5/+:7+9/..20-+92>50-+ P/1-6+ -,12+ 30=25/7 -9-53:,01/12+12+E-,F2E25+/ 82>2?/+1-+2.3:U50-+1-+50-+P/12+1/+E01/12+12+P23S8/>6+827

!j


J'&oT%)P

E-7-+/>4:7/.+1/.+/E30=01/12.+12.2,=->=01/.+,-+B-53-+12+P23S8/>I

2+E02,3HL0E-.6+1/+52>/@A-+2,352+/.+E-7:,01/12.+9-53:U50/.6+,-+E/79-

'+2=2,3-+L-0+/,07/1-+9-5+:7+45:9-+0,325,/E0-,/>+12+95/30E/,32.

E:>3:5/>+2+12+95-7-@A-+1/.+1:/.+5240R2.+K:,3-+1-.+.2:.+F/803/,32.6

12+E/9-205/6+E:K/+/E3:/@A-+12+7S.0E/6+1/,@/+2+>:3/+L-0+/E30=/72,32

.2,1-+2.3/82>2E01-+:7+95-45/7/+12+/E@R2.+2+12+=0.03/.+E-7+=0.3/

9/530E09/1/+9-5+3-1-.I+B/5/+L0,/>0?/56+E/1/+%BPP+5240.3-:+27+/4:/52>/.

/+E->-E/5+27+95U30E/+2+/+1/5+=01/+/-+/E-51-I

-+ C:2+ L-0+ /9522,101-+ ,2.32+ .2:+ 8/930.7-+ 12+ 7/5I )+ E2507;,0/+ 12+ /..0,/3:5/+ 1-+ B5-3-E->-6+ 0,3245/1/+ ,&-7/5/7+9/532+,-+9/..20-+/.+%BPP_+'+[/5107+12+%,LO,E0/

95-45/7/+1/+=0.03/+/-+B-53-+12+#712,+9-5+:7/+12>24/@A-+1/+)BPP6

M'+T-4:72>-N6+1/+T/503/.t+'+T2,35-+P-E0/>+12+J-../+P2,F-5/+1-

E-79-.3/+ 9-5+ (0E/51-+ (-C:26+ /170,0.35/1-5+ 1/+ )BPP6+ 2+ VH3-5

)79/5-6+ 1/+ T/503/.t+ '+ E2,35-+ B/5-C:0/>+ 12+ J-../+ P2,F-5/+ 1/

T/>12050,F/6+$052E3-5+12+$2.2,=->=072,3-+#.35/3D40E-+2+*-4H.30E-6

),:,E0/1/t+)+Mc:2.3A-+12+#C:0>H850-N+k+)..-E0/@A-+12+#1:E/@A-

32=2+>:4/5+,/+TO7/5/+<:,0E09/>+12.3/+E01/12+2+L-0+M/9/150,F/1/N

2+%,.25@A-+12+[-=2,.I

92>-+B52.012,32+1/+210>01/12+\'8258:5425720.325a6+)>X0,+m50,W7/,,6 32,1-+-:3-54/1-6+27+52952.2,3/@A-+1/+)BPP6+-+/170,0.35/1-5

)+0,0E0/30=/+0,.250:G.2+,:7+95-45/7/+,/E0-,/>+1/+)..-E0/@A-

952.2,326+2+1-+9-53-+12+#712,6+-+$5I+[2,.G)>8253+'992>+\T#'+1-.

1-.+B-53-.+12+B-53:4/>+\)BBa6+27+9/5E250/+E-7+-+%,.303:3-+B-53:U50-

B-53-.+1/+m/0Y/+P/Y;,0/a+2+m252,1+P,0992+\)170,0.35/1-5G$2>24/1-

2+1-.+&5/,.9-532.+</5H307-.+\%B&<aI

1-+B-53-+12+#712,aI

+*'&*()"(,"&-./%("(+*'&*()"(=;:=! "$&/."%">"1(8/'>"0'/

J-+ 2=2,3-+ 2.30=25/7+ 952.2,32.+ 10=25.-.+ 72785-.+ 1/ E-7:,01/12+12+#712,+>04/1-.+Q+/E30=01/12+9-53:U50/+2+1/+TO7/5/ 12+T-7D5E0-+>-E/0.6+827+E-7-+1052E3-52.+1/+LU850E/+1/+V->W.X/42,6 E-,3-:+/0,1/+E-7+/.+952.2,@/.+1-+$052E3-5Gb25/>+1/+V->W.X/42,

L.,"'(-(2,67$"',"C#))"/030&$<"$"#$%&$"'("M.'(19

*-40.30E.6+ &F-7/.+ q25,2EF2>6+ 2+ 1-+ B52.012,32+ 1-+ T>:82+ 1/

1$"M3&,'$"',"N,0@,"),@F10,9"1,"C-(.,1>,9"1$"01A40$"'(

T-7:,01/12+ B-53:U50/+ 12+ #712,6+ 12.04,/1/+ M<25E/70,0+ 23

)(&(.+%$B"C"/030&,"?(%.0&0<"4$1>(4(%","015%,I(3&%<&<%,

J/=04/32N6+i5/,W+u2..2>.I

?$%&<;%0,"'("M.'(19"(3&,+(-(4(%"4$1&,4&$3"4$."'0/(%3,3 (1&0','(3"("4(-(+%,%"<."?%$&$4$-$"'("4$$?(%,67$"(1&%(

J/+ 4D,2.2+ 12.3/+ 0,0E0/30=/+ 2.3U+ /+ L-532+ 952.2,@/+ 1/

$3"'$03"?$%&$39"&%,&,I3("'<.,"4$$?(%,67$"01&(%I?$%&<;%0,9

V->.W.X/42,+,-.+1-0.+9-53-.+E--925/,32.6+/35/=D.+12+32570,/0.

,"?%0.(0%,"'$"2O1(%$"(1&%("?$%&$3"?$%&<2<(3(3"(",-(.7(3B

9-53:U50-.+2+12+LU850E/.+>-E/0.+\,-+E/.-+12+B-53:4/>6+/+LU850E/+1/ V->.W.X/42,+):3-2:5-9/+27+B/>72>/a6+-.+7/0.+079-53/,32.+,-. 52.92E30=-.+9/H.2.+9/5/+2.32+L/850E/,32+12+/:3-7;=20.+,-+C:2+/35/,.9-532+7/5H307-+10?+52.9203-I

'+95-3-E->-+952=Z+/+E--925/@A-+2,352+-.+1-0.+9-53-.+,-. 1-7H,0-.+ E-725E0/>6+ /35/=D.+ 1-+ 0,E5272,3-+ 1-.+ 35UL24-.6+ 1/ L-57/@A-+2+35-E/+12+E-,F2E072,3-.6+1-.+2.3:1-.+3DE,0E-G9-53:U50-.

!p


J'&oT%)P

(2L05/G.2+C:2+#712,+D+-+9-53-+950,E09/>+1/+V->W.X/42,+,/

:;"'03?H("'("<.,"#$-A&04,"'("\<,-0','("("C.+0(1&("P<(

)>27/,F/6+9-..:0,1-+:7/+079-53/,32+LU850E/+2+32570,/>+9-53:U50-6

1$%&(0,",",467$"("$"%<.$"',"(.?%(3,9"&(1'$"?$%",33(2<%,%

C:2+ 7-=072,3/+ E25E/+ 12+ :7

$" 4%(340.(1&$" (4$1F.04$" '(" 5$%.," 3<3&(1&,',9

70>FA-+ 12+ =0/3:5/.+ 9-5+ /,-6

4$1&%0+<01'$",330.9"?,%,"<.".(->$%"'(3(.?(1>$",.+0(1&,-

.2,1-+P23S8/>6+-+9-53-+-,12

("3$40,-B

/+V->W.X/42,+327+04:/>72,32 :7+32570,/>+2+/35/=D.+1-+C:/>

'+ 95-E2..-+ 12+ 079>272,3/@A-+ 1-+ P0.327/+ 12+ b2.3A-

2.3/+ 27952./+ L/?+ /

)7802,3/>+\Pb)a+1/+)BPP+32=2+0,HE0-+27+[:,F-+12+`!]!+2+327

7-=072,3/@A-6+9-5+35/,.9-532

E-,E>:.A-+952=0.3/+9/5/+</5@-+12+`!]]I+#.32+95-E2..-+12+0,3245/@A-

7/5H307-6+ 1/.+ =0/3:5/.+ C:2

1/+E-79-,2,32+/7802,3/>+E-,.303:0+7/0.+:7+9/..-+1/+27952./+,/

L/850E/+ ,/+ V->W.X/42,

E-,.->01/@A-+1/+c:/>01/12+4>-8/>+1-.+.25=0@-.+952.3/1-.+/-.+.2:.

):3-#:5-9/I

T>02,32.6+,-72/1/72,32+,-+52.9203-+92>-.+950,EH90-.+/7802,3/0.I

$:5/,32+/+2.3/1/6+-.

)+)BPP6+P)6+2,C:/,3-+2,301/12+52.9-,.U=2>+92>/+42.3A-

52952.2,3/,32.+1/+)BPP6+/E-79/,F/1-.+92>-+52952.2,3/,32+1/

1-.+9-53-.+12+P23S8/>+2+P2.0785/6+3276+,-+E-,32Y3-+1/.+.:/.

V->W.X/42,+*-40.30E.+27+B-53:4/>6+),3;,0-+'>0=205/6+=0.03/5/7+-

E-7923Z,E0/.6+52.9-,./80>01/12.+,-+1-7H,0-+1/+95-32E@A-+/7802,3/>

B-53-+12+#712,6+/+8-51-+12+:7+528-E/1-5+1/+#712,+PEF>299G

,/+.:/+U52/+12+K:50.10@A-I+)..076+2.3/+/170,0.35/@A-+9-53:U50/

m2350286+2+/.+0,.3/>/@R2.+>-4H.30E/.+1/+LU850E/+V->W.X/42,+2+52.92E30=-

E->-E/+ ,/+ >0,F/+ 1/+ L52,32+ /+ E-,.E02,E0/>0?/@A-+ /7802,3/>6

32570,/>+9-53:U50-+2+/+27952./+#V)bI

E-,.0125/,1-+ -.+ 2Y042,32.+ E503D50-.+ 1-+ Pbc)+ C:2+ -8504/7+ Q /1-9@A-+1/.+72>F-52.+95U30E/.+,-+10/G/G10/I

?+,,(><18'0<(+'05>@80*$()"(A*1 B*3"'5*

J2..2+.2,301-6+-+T-,.2>F-+12+)170,0.35/@A-+1/+)BPP6+P) E-,.0125/+ /+ 952.25=/@A-+ /7802,3/>+ 2+ /+ 952.3/@A-+ 12+ .25=0@-. 9-53:U50-.+ 12+ 2>2=/1/+ C:/>01/12+ E-7-+ -8K2E30=-.+ 9507-510/0.6

C#))"4$13&,"'$"2%<?$"'("(.?%(3,3"P<(9"(."QRRS9

E-795-7232G.2+/+95-9-5E0-,/5+:7/+42.3A-+2L0E/?+2+2L0E02,326+/35/=D.

4<.?%0%,.","2(1(%,-0','("'$3"#%014A?0$3"'("N$."T$/(%1$9

1-+.2:+P0.327/+%,3245/1-+12+b2.3A-+1/+c:/>01/12+2+)7802,32I

4$15$%.("O"%(5(%0'$"1$"U(-,&F%0$"'("QRVR9"?<+-04,'$"?(-, D0%(467$IT(%,-"'$"W(3$<%$"("X01,16,3B

$2.32+7-1-6+/+42.3A-+/7802,3/>+.25U+2,E/5/1/+E-7-+L-57/ 12+/10E0-,/5+=/>-5+Q+-54/,0?/@A-+2+Q.+9/532.+0,3252../1/.I+(2L-5@/,1-

J-+72.7-+52>/3;50-6+9-12+/0,1/+=250L0E/5G.2+C:26+,-+:,0=25.-

-.+ 90>/52.+ 12+ 2C:0>H850-6+ 8/.0>/52.+ 9/5/+ -+ E52.E072,3-+ 2

1/.+,-=2,3/+2+35Z.+27952./.+/,/>0./1/.6+/+)BPP+2.3U+0,E>:H1/+,-

12.2,=->=072,3-+.:.32,3U=2>+1-.+B-53-.+12+P23S8/>+2+12+P2.0785/I

E-,K:,3-+1/.+12?/..232+27952./.+C:2+-830=25/7+:7/+3/Y/+4>-8/> 12+]!!d+12+E:795072,3-I

#7+.:7/6+/+)BPP6+P)+=0,E-:+E-7-+=2E3-52.+2.35/3D40E-. 12+12.2,=->=072,3-6+/+/9-.3/+,/+2L0E0Z,E0/+2+,/+521:@A-+1-.+50.E-.

(2L05/G.2+C:2+/+)BPP+L04:5/+,2.3/+>0.3/+1-+<0,0.3D50-+1/. i0,/,@/.+2+1/+)170,0.35/@A-+BS8>0E/+E-7-+2,301/12+0,3245/>72,32

-925/E0-,/0.6+ E-7-+ L-57/.+ 12+ L-72,3/5+ /+ E-7923030=/1/12 27952./50/>+2+(240-,/>I

E:79501-5/+12.12+`!!nI

C*'D$6*8(/8'"$"5&/(,B?(/*$ >*%/.*'/)*'"$()/(?+,, C" 01&(2%,67$" '," /(%&(1&(" ,.+0(1&,-" Y#" MY" G)! VZRRV[QRRZ"1$")03&(.,"'("T(3&7$"',"\<,-0','("',"C#)) 5$0",?%(3(1&,',",$3"4$-,+$%,'$%(39"(."]$%^3>$?"%(,-0=,'$ 1$",<'0&F%0$"'$"('05A40$"3('("',"C#))9"1$"?,33,'$"'0,"Q_ '(" )(&(.+%$B" #,%," ,-O." '$" )03&(.," '(" T(3&7$" ', \<,-0','(9" 3(2<1'$" ," Y$%.," Y#" MY" G)!" SRRV[QRR`9 4(%&0504,'$"?(-,"a-$b'c3"U(203&(%"\<,-0&b"C33<%,14(9","C#))

!n


J'&oT%)P

)+&/55-.+*0,2+D+:7/+E-79/,F0/+12+,/=24/@A-+C:2+/E3:/ 12.12+]f`f+,-+</5+<2103255O,2-6+2+C:2+35-:Y2+9/5/+B-53:4/>+:7 .25=0@-+524:>/5+,:7/+5-3/+E-725E0/>+E-7+>-,4/+35/10@A-+F0.3;50E/I T-7+./H1/.+12+]!+27+]!+10/.+2+E-7+>04/@A-+1052E3/6+-:+/35/=D.+12 */+P92?0/6+2.32+.25=0@-+/852+-.+725E/1-.+12+%3U>0/6+b5DE0/6+&:,H.0/6 *H80/6+#4093-6+&:5C:0/+2+</>3/+-L252E2,1-+:7/+.->:@A-+5U901/6 E-7923030=/6+.24:5/6+2+/704/+1-+/7802,326+9/5/+2Y9-53/@R2.+2 079-53/@R2.+ E-7+ 12.30,-+ -:+ -50427+ 1-+ <2103255O,2-I $2.12+/+=0/427+0,/:4:5/>+,-+9-53-+12+P23S8/>+C:2+12E-552: /+`+12+J-=2785-+12+`!!e6+/3D+F-K26+7:03/.+3Z7+.01-+/.+=0/42,. 524:>/52.+2,352+-+B-53-+12+P23S8/>+2+-+<2103255O,2-I+'+725E/152.9-,12:+ 9-.030=/72,32+ /+ 2.3/+ -L253/+ 2+ -+ 2792,F-+ 1/ )170,0.35/@A-+1-+B-53-+12+P23S8/>+327+.01-+L:,1/72,3/>+9/5/+.:E2..-+1/+9/5E250/+2,352+/+)>3/,30EG*:.-L5232+2+/+&/555-.+*0,2I #.3/+9/5E250/+52.:>3-:+12+:7+35/8/>F-+/-+>-,4-+12+35Z.+/,-. 2+C:2+=0./=/+-L252E25+,-+725E/1-+9-53:4:Z.+:7/+.->:@A-+7/5H307/

:"$"53*%301"5&*()*(+*'&*()"(,"&-./%E >*5&'0.<&*()/(?&%/5&0>FG<$*H'"&" :'I(J<0(?%.<K<"'K<"()LM'"N(OPQ '+b5:9-+l-50?-,+V02X+2.3U+952.2,32+,-+B-53-+12+P23S8/> /35/=D.+1/.+27952./.+'52v+PF0990,4+2+)3>/,30EG*:.-L5232I+)78/. 3Z7+/E-79/,F/1-+-+E52.E072,3-+1/+/E30=01/12+,-+9-53-+2+,-+E/.1/+ )3>/,30EG*:.-L5232+ 327-.+ 9/530E09/1-+ /E30=/72,32+ ,2..2 E52.E072,3-+12.12+`!!e+E-7+/+2.E/>/+,-+9-53-+12+P23S8/>+1/+>0,F/ 524:>/5+12+E-,32,3-52.+G+&/55-.+*0,2I+#.3/+>0,F/+D+F-K2+52.9-,.U=2> 9-5+:7/+9/532+079-53/,32+1-+7-=072,3-+12+E-,32,3-52.+,-+&2570,/> P/1-9-53I

!f

E-7923030=/+9/5/+-.+9/H.2.+KU+52L2501-.I+'+.25=0@-+9-125U+=05+/+.25 /9-0/1-+ 92>-+ 95-45/7/+ </5E-+ B->-+ 1/+ g,0A-+ #:5-920/+ KU+ C:2 95-9-5E0-,/+:7/+/>325,/30=/+7/5H307/+2,352+B-53:4/>6+%3U>0/+2+b5DE0/I #.3/+ .->:@A-+ D+ 7/0.+ 2L0E02,32 27+3257-.+/7802,3/0.+C:2+35/,.9-532+ 5-1-=0U50-+ C:2 1-70,/+ 2.3/.+ >04/@R2.I w+ >:?+ 1/+ .03:/@A2E-,;70E/+ 2:5-920/+ -. 2Y9-53/1-52.+ 30=25/7+ C:2 2,E-,35/5+ 725E/1-. />325,/30=-.I+).+2E-,-70/.+1-


J'&oT%)P

72103255O,2-+.:>+2+>2.32+.A-+2E-,-70/.+27+12.2,=->=072,3-6

#7+3-1-+2.32+95-E2..-+L-0+52>2=/,32+-+B-53-+12+P23S8/>

/>4:7/.+12>/.+.:9-53/1/.+9-5+52E:5.-.+,/3:5/0.6+E-7-+D+-+E/.-+1-

2,E-,35/5G.2+ K:,3-+ /+ E>02,32.+ 2.35/3D40E-.6+ E-7+ C:27+ L-5/7

9235;>2-+2+4U.+,/3:5/>+2+C:2+=2,127+/+B-53:4/>+:30>0?/,1-6+,-+E/.-

2.3/82>2E01/.+ 95DGE-,=25./@R2.+ 9/5/+ /9-0/5+ /.+ .:/.+ L:3:5/.

1-+4U.6+-+->2-1:3-+1-+</4528I

,2E2..01/12.I

B-53:4/>+327+95-E:5/1-+/95-=203/5+2.3/+52>/@A-+E-725E0/>

'+ B-53-+ 12+ P23S8/>+ D+ :7+ 9-53-+ C:2+ 327+ 95-E:5/1-

,-+ .2,301-+ 12+ /8505+ /C:2>2.+ 725E/1-.+ /-.+ ,-..-.+ 95-1:3-.+ 2

95-9-5E0-,/5+E-,10@R2.+E-7923030=/.+827+E-7-+:7+E-79>23-

.25=0@-.I+)+.->:@A-+12+35/,.9-532+7/5H307-+C:2+/+)3>/,30EG*:.-L5232

E-,K:,3-+12+.25=0@-.+>-4H.30E-.+9-53:U50-.I+#Y279>-+10..-+.A-+/.

-L252E26+ /35/=D.+ 1/+ &/55-.+ *0,26+ 95232,12+ .25+ :7/+ -9@A-+ 12

>04/@R2.+ L255-=0U50/.+ C:2+ 92570327+ /+ 52E29@A-+ 2+ 2,3524/+ 1/.

E-7923030=01/12+ 9/5/+ -+ E-7D5E0-+ 2Y325,-+ 9-53:4:Z.+ ,/C:2>2.

725E/1-50/.+,-+32570,/>+L255-=0U50-+K:,3-+/-+B-53-+12+*20YR2.6

12.30,-.I

12.2,=->=2,1-+2+/85/,42,1-6+12.3/+L-57/6+-+725E/1-+1-+,-532 12+B-53:4/>I T-7-+9-127-.+>25+,/+/,3250-5+210@A-+1/+,2X.>23325+1/ )BPP6+ -+ 7-=072,3-+ 12+ E-,32,3-52.6+ 27+ 3-,2>/4276+ E52.E2: /95-Y07/1/72,32+ejd+,-+9507205-+.272.352+12+`!]!6+E-,3/,1E-7+ :7+ /:72,3-+ 9/5/+ `]+ 70>+ &#gPI+ B/532+ 079-53/,32+ 12..2 E52.E072,3-+2.3U+1052E3/72,32+52>/E0-,/1-+E-7+-+E-,3508:3-+1/ )3>/,30EG*:.-L5232 !"#$%&'$()$*+,-)$.)+/0)1$2/345$6/7317/8()$39$*3:;<)$(3$&9-+3:8:= -3>8$?1/@3+:/(8(3$%8;A>/78$B)+;,C,3:85$BA:D*+8(,8()$3$7)9$EFG 3H37,;/@)$ 39$ %)173-I<)$ 3$ *3:;<)$ G3+)-)+;,J+/8=$ 1)$ K1:;/;,;) L,-3+/)+$(3$&(,78I<)$3$%/M17/8:$!KL&%#5

!e


T'*)m'()$'(+)BPP

+*'&*()"(,"&-./% !*3/(?&0&<)"(>*1(*$(R%0"5&"$ :'I(S0&*'(R/%)"0'056/(OPQ

lU+7:03-+C:2+9/..-:+-+3279-+27+C:2+-.+9-53-.+25/7 .079>2.+ 0,L5/G2.35:3:5/.+ 9S8>0E/.+ E-7+ :32,32.+ E/30=-.+ C:2+ -.

L-57/+5/10E/>6+/95-Y07/,1-G.2+E/1/+=2?+7/0.+1-+7-12>-+1-.+9-53-. 1-+,-532+1/+#:5-9/I

:30>0?/=/7+/92,/.+9/5/+9/../427+1/+E/54/+E-7+-+-8K2E30=-+12 2Y9-53/5+ -:+ 079-53/5+ 2+ -,12+ 25/7+ E-,.0125/1-.+ 725-.

<:1/5/7+7:03-+/.+72,3/>01/12.+,/+)BPP6+,/.+27952./.

0,3257210U50-.+ 1/.+ ,2E2..01/12.+ 9S8>0E/.+ 1/.+ 9-9:>/@R2.6

2+2,301/12.+9-53:U50/.+12+P23S8/>+925/,32+-.+.2:.+E>02,32.6+27

:30>0?/1-52.G9/4/1-52.6+.27+C:2+-+9-53-+C:0.2..2+./825+C:27

9/532+E-,1:?01/.+92>/.+45/,12.+7:1/,@/.+,/.+E/120/.+>-4H.30E/.

25/76+12+C:2+952E0./=/76+E-7-+.2+52>/E0-,/=/7+E-7+-.+.2:.

C:2+9/../5/7+/+123/>F/5+70,:E0-./72,32+E/1/+9/..-+1/1-+92>/

E>02,32.+2+L-5,2E21-52.6+C:/0.+25/7+-.+.2:.+95-8>27/.+2+/.905/@R2.6

725E/1-50/6+-.+3279-.6+-.+E:.3-.6+-.+925E:5.-.6+/.+/>325,/30=/.6

-.+ .2:.+ 52C:0.03-.+ 2.92E0/0.6+ -90,0R2.+ 2+ .:42.3R2.I

E-7+/40>01/12+,/+7:1/,@/+12+.->:@R2.+C:2+92570305/7+120Y/5+12 .25+E/30=/.+12.32+-:+1/C:2>2+9-53-+2+1-.+35/,.9-53/1-52.+)+-:+mI

l-K26+-+9-53-+12+P23S8/>+KU+12:+:7+45/,12+./>3-+,2.3/. =2532,32.6+32,1-+/+)BPP+7:1/1-+/+.:/+/303:12+E-7+-.+E>02,32.+12

l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

]!


'B%J%x'

10=25.-.+,H=20.+L:,E0-,/0.+12=25U+.25+72>F-5/1-6+12=2,1-+.25

E--925/@A-+E-7+-:35-.+9-53-.6+-.+0,E2,30=-.+E-725E0/0.6+/.+/E@R2.

7:1/1-+-+9/5/1047/+/0,1/+2Y0.32,32I+).+92..-/.+1/.+27952./.

E-,K:,3/.+12+10=:>4/@A-+E-7+-.+9/5E205-.+1/+E-7:,01/12+>-4H.30E/

2+2,301/12.+1-+9-53-+12+P23S8/>+C:2+.2+52>/E0-,/7+E-7+E>02,32.

2+ 9-53:U50/+ 12+ P23S8/>+ G+ B*n6+ 2,352+ 7:03-.+ -:35-.I

12=27+325+L-57/@A-+,2.32+/.92E3-6+E-7+/+E-,30,:/@A-+1/+72>F50/ 1/+/8-51/427+925/,32+-+E>02,32+1-+9-53-I

'8=0/72,32+C:2+,A-+.2+9-127+.:9-53/5+52>/@R2.+12+MX0,G >-.2N+27+C:2+:7+9/5E205-+925E/+9/5/+-+-:35-+4/,F/5+.-?0,F-6+92>-

'+-8K2E30=-+1-+9-53-+12=2+.25+./30.L/?25+-+E>02,326+/1/93/,1-

C:2+,27+3-1/.+/.+95232,.R2.+1-.+E>02,32.+9-127+.25+3-3/>72,32

-.+ .25=0@-.+ Q.+ .:/.+ ,2E2..01/12.+ 9/530E:>/52.+ 2+ 4/5/,30,1-+ /

./30.L203/.6+7/.+.A-+.27952+95-E:5/1/.+2+2,E-,35/1/.+.->:@R2.

E-,E-55Z,E0/+2+/+35/,.9/5Z,E0/+12+E:.3-.6+3/Y/.r952@-.+2+C:/>01/126

E-7923030=0=/.+2+2L0E02,32.+12,35-+1-+9-53-6+32,1-+27+E-,3/+/.+.:/.

/+0,3245/@A-+,/+E/120/+>-4H.30E/+2+/+E-79230=01/12+12..2.+72.7-.

E/5/E325H.30E/.I

E>02,32.+E-7+/.+.->:@R2.+C:2+9/../7+92>-+9-53-I+#7+=2?+12+/9-.3/5 ,/+;930E/+1/+0,L5/G2.35:3:5/+2+,/+.:/+527:,25/@A-6+,/+52,3/80>0?/@A-

#.3/+,-=/+/303:12+925/,32+-.+E>02,32.+C:2+-+9-53-+12+P23S8/>

7UY07/+E-7+8/.2+,-+7-,-9;>0-6+,-.+E:.3-.+2.E-,101-.+2+,/+L/>3/

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

12+0,L-57/@A-6+,-+/:30.7-+>-4H.30E-+2+/:3-E5U30E-r/:3-503U50-+2+,-

12.2792,F-+2Y35/;510,U50-6+.-7/,1-G.2+,-=/.+>0,F/.+524:>/52.

0.->/72,3-+925/,32+-.+E>02,32.I

9/5/+10=25.-.+12.30,-.I

i-5/7+079-53/,32.+/.+0,0E0/30=/.+KU+3-7/1/.6+E-7-+9-5

'.+7-=072,3-.+12+45/,20.+.;>01-.6+12+=2HE:>-.+2+12+E/54/

2Y279>-+/+9/530E09/@A-+/E30=/+,/+T-7:,01/12+B-53:U50/+12+P23S8/>6

425/>+L5/EE0-,/1/+3/78D7+,A-+L0E/7+/35U.6+,2.32+/,-+12+`!]!6+E-7

-+ .270,U50-+ /,:/>+ .-852+ B>/3/L-57/.+ *-4H.30E/.+ %8D50E/.6+ -.

E52.E072,3-.+2Y952..0=-.+/3D+/-+7-72,3-6+/+C:2+,A-+.25U+/>F20/

X-5W.F-9.+327U30E-.+E-7+-925/1-52.+2+E>02,32.6+-.+95-K2E3-.

/+10,O70E/+E-725E0/>+2+12+,-=-+52>/E0-,/72,3-+E-7+-.+E>02,32.

>-4H.30E-.+ 0,-=/1-52.+ E-,K:,3-.+ E-7+ E>02,32.6+ -.+ 2.3:1-.+ 2

1-+ 9-53-+ 12+ P23S8/>+ 2+ 1/.+ .:/.+ 27952./.+ 2+ /:3-501/12.I

0,=2.304/@A-+>-4H.30E/6+/+9->H30E/ 12+C:/>01/12+E2530L0E/1/6+/.

P2+/0,1/+,A-+D+E>02,32+1-+9-53-+12+P23S8/>6+4-.3/50/+12+>F2

=0.03/.+L52C:2,32.+/+E>02,32.6

10?25+C:2+327-.+,-=/.+.->:@R2.+0,3257-1/0.+12+>04/@A-+Q+5240A-

/.+ 95-9-.3/+ 12+ .->:@A-

12+ >0.8-/6+ ,-=/.+ >0,F/.+ 524:>/52.+ 9/5/+ E-,32,3-52.6+ =2HE:>-.+ 2

0,3257-1/>+ 12.2,=->=01/.

>04/@R2.+9/5/+E/54/+425/>+2+45/,20.+/+10=25.-.+9-53-.+1-+J-532+1/

E-7+E>02,32.+2+-925/1-52.6+/

#:5-9/6+ /-+ <2103255O,2-6+ /+ yL50E/+ 2+ m5/.0>I+ #Y925072,32z

95-Y0701/12+ /-.+ E>02,32.+ 2 0,L-57/@A-+E-,.3/,32r/E3:/>

!"#$N/+37;)+$(8$N/+37I<)$(3$N3:31@)>@/931;)$&:;+8;OC/7)$3$6)CP:;/7)

,/+0,325,236+-.+95-3-E->-.+12

(8$GBLL=LG5

]]


P#P%<m()

?)T<)0>/)/(>*5$&'<U9*()/(+*5&"FR/0$(V )*(+*'&*()"(,"$01.'/

9-53:U50/.+12.30,/1/.+Q.+/E30=01/12.+90.E/3;50/.I+#.32+B>/,-6+2+/. /E@R2.+,2>2+E-,301/.6+=0./7+/+52C:/>0L0E/@A-+1-.+2.9/@-.+2+U52/. 9-53:U50/.6+.2,1-+:7+E-,3508:3-+0,2C:H=-E-+,/+7-125,0?/@A-+2 F:7/,0?/@A-+1-+9-53-I

)+/..0,/3:5/+1-+E-,35/3-+12+E-,.35:@A-+1/+B-,32+T/0.+"+1B-53-+12+P2.0785/+52/>0?-:G.2+,-+9/../1-+10/+"+12+P232785-6+,/. 0,.3/>/@R2.+1/+)BPP6+27+P2.0785/I+J/+L-57/>0?/@A-+12.32+E-,35/32.30=25/7+952.2,32.+-.+.2,F-52.+#,4{+T/5>-.+b-:=20/+*-92.+2 $5I+ i5/,E0.E-+ b-,@/>=2.6+ 952.012,32+ 2+ =-4/>+ 1/+ )BPP6 52.92E30=/72,326+ 2+ -+ .2,F-5+ [-.D+ 12+ )?/78:K/+ $0/.6+ 92>2795203205-+%57A-.+T/=/E-6+P)I

#7+>0,F/.+425/0.6+/+-85/+D+E-,.303:H1/+9-5+:7/+9-,32+E/0. E-7+E25E/+12+nj!+7`+12+U52/6+9/5/+:7+E-795072,3-+12+]f!+76+2 :7/+L52,32+S30>+12+/E-.3/427+12+]p!+7I+'+E/0.+.25U+9529/5/1-+E-7 0,L5/G2.35:3:5/.+12+/9-0-6+U4:/+2+2,2540/+2>DE350E/6+2+/E2..;50-. 0,10.92,.U=20.+/-+L:,E0-,/72,3-6+E-7-+12L2,./.6+E/82@-.+12 /7/55/@A-+2+2.E/1/.I

;050$&'*()/(?:J+("$&"3"(5*(+*'&*()" ,"$01.'/ '+<0,0.35-+1/+)450E:>3:5/6+1-+$2.2,=->=072,3-+(:5/>+2+1/. B2.E/.+9/530E09-:+,/+52:,0A-+1/+T-70..A-+B257/,2,32+9/5/+)E-79/,F/72,3-+1/+P24:5/,@/+1-.+l-72,.+1-+</56+C:2+32=2 >:4/5+ ,/.+ 0,.3/>/@R2.+ 1/+ $2>24/@A-+ 12+ P2.0785/+ 1/+ )BPP+ k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g*<)(+2+/+L0.E/>0?/@A-+D 1/+52.9-,./80>01/12+1-.+.25=0@-.+3DE,0E-.+1/+)BPP6+32,1-+E-752L252,E0/0.+:7+B>/,-+12+P24:5/,@/+2+P/S126+:7+B>/,-+1/+c:/>01/12 2+:7+B>/,-+12+B52=2,@A-+2+b2.3A-+12+(2.H1:-.+12+T-,.35:@A-+2 $27->0@A-I )+-85/+52952.2,3/+:7+0,=2.3072,3-+12+E25E/+12+]6"+70>FR2. 12+2:5-.+2+0,3245/G.2+,-+O7803-+1/.+0,325=2,@R2.+952=0.3/.+,B5-K2E3-+b>-8/>+M'512,/72,3-+1-+B-53-+12+B2.E/+12+P2.0785/N6 -+C:/>+E-,3/+E-7+E-GL0,/,E0/72,3-+1-+B('<)(+k+i:,1-+#:5-92: 1/.+B2.E/.+2+12+L:,1-.+,/E0-,/0.6+2.3/,1-+952=0.3-+-+.2:+0,HE09/5/+-.+9507205-.+10/.+12+':3:85-6+E-7+:7+95/?-+12+2Y2E:@A-+12 -03-+72.2.I )+2795203/1/+12+E-,.35:@A-+1/+B-,32GT/0.+,{"+,-+B-5312+B2.E/+12+P2.0785/+12E-552+1/.+95-9-.3/.+E-,301/.+,-+B>/,12+ '512,/72,3-+ 1-+ 9-53-6+ =0./,1-+ /+ 72>F-50/+ 1/+ -L253/+ 1/. E-,10@R2.+ 12+ -925/@A-+ 2+ L:,E0-,/>01/12+ 1/.+ 0,L5/G2.35:3:5/.

]`

92.E/1-+27+>-3/I


m(#V#P

+*'&*()"(,"&-./%(5/(=78*(,9*(;/&"<$ '+B-53-+12+P23S8/>+2.32=2+952.2,32+,/+.2Y3/+210@A-+1/ #Y9-+PA-+</32:.6+27+#>=/.6+C:2+12E-552:+12+]n+/+`p+12+P232785-6 E-7+:7+.3/,1+0,.303:E0-,/>+1-+9-53-6+,-+C:/>+2.32=2+Q+10.9-.0@A1-+9S8>0E-+10=25.-+7/3250/>+27+.:9-532+9/92>+E-7+0,L-57/@A123/>F/1/+.-852+/.+/E30=01/12.+2+95-K2E3-.+C:2+12.2,=->=27+,2.3/ 0,L5/G2.35:3:5/+9-53:U50/I )+9/530E09/@A-+1-+B-53-+12+P23S8/>+,-+2=2,3-+32=2+E-7-8K2E30=-+1/5+/+E-,F2E25+-+9-53-6+:7/+=2?+C:2+E-,3/+E-7+:7/ L-532+952.2,@/+12+/42,32.+>-4H.30E-.6+C:25+,/E0-,/0.6+C:25+2.9/,F;0.6 ,:7/+5240A-+2.35/3D40E/+52>/30=/72,32+Q+/530E:>/@A-+>-4H.30E/+08D50E/I

?+,,(8/'&0>08/(5*(Z[(=5>*5&'*(+*'& ;/5/41"5&("1(G</5)/ ?+,,(8/&'*>05/(,?W?(J/%%N(?U*'"$(XYZY )+)BPP+k+)170,0.35/@A-+1-.+B-53-.+12+P23S8/>+2+P2.0785/6 P)+L-0+:7+1-.+9/35-E0,/1-52.+1/+^j|+#10@A-+1-+P)&)+(/>>v+)@-52.6 C:2+12E-552:6+12+]j+/+]n+12+[:>F-6+,/+0>F/+12+PI+<04:2>6+,:7/ -54/,0?/@A-+1-+b5:9-+$2.9-530=-+T-725E0/>I )+95-=/6+C:2+E-,3-:+9/5/+/+&/@/+1/+#:5-9/+12+(/>0.+k+i%)6 9/5/+ -+ T/792-,/3-+ 12+ B-53:4/>+ 12+ (/>0.+ 2+ 9/5/+ -+ %(T+ k %,325E-,30,2,3/>+(/>>v+TF/>>2,42r#:5-.9-536+32=2+-+B-53-+12+P23S8/> E-7-+9>/3/L-57/+9/5/+-+35/,.9-532+1/.+=0/3:5/.+1/+95-=/+2+12 /9-0-6+,-+,/=0-+5-G5-+Mi/.3+TF/>>2,425N6+/42,E0/1-+92>/+m/5X0>> },:1.2,+2+-925/1-+92>/+P232L5232I

)+)BPP+2.32=2+952.2,32+,-+]{+#,E-,35-+B-53+</,/4272,36 27+ *:/,1/6+ ,-.+ 10/.+ ]"+ 2+ ]^+ 12+ [:>F-6+ 52952.2,3/1/+ 92>#,4{I+ B215-+ B-,326+ 52.9-,.U=2>+ 92>-+ P0.327/+ 12+ b2.3A-+ 1/ c:/>01/12I '+2=2,3-6+-,12+L-5/7+10.E:301/.+7/3D50/.+52>/E0-,/1/. E-7+-+.2E3-5+7/5H307-G9-53:U50-+2+1/+E-79>2Y/+>-4H.30E/+/..-E0/1/ L-0+2,E/5/1-+E-7-+:7/+-9-53:,01/12+12+E-,3/E3/5+2+12+9/530>F/5 2Y9250Z,E0/.6+C:2+9-125A-+52.:>3/5+,/+E50/@A-+2+12.2,=->=072,312+.0,2540/.+,:7+E-,K:,3-+=/.3-+12+1-7H,0-.6+2,352+-.+9-53-. /,4->/,-.+2+-+B-53-+12+P23S8/>6+3-5,/,1-G-+E/1/+=2?+7/0.+:7/ -9@A-+12+=/>-5+,-+35/,.9-532+7/5H307-+9/5/+-+E-,30,2,32+/L50E/,-I

]"


m(#V#P

).+-925/@R2.+9-53:U50/.6+0,0E0/>72,32+952=0.3/.+9/5/+.2527 2L2E3:/1/.+92>/+&25./1-+,-+&2570,/>+<:>30:.-.+q-,/+]6+/+2Y279>1-+/,-+35/,./E3-6+L-5/76+9-5+7-30=-.+-925/E0-,/0.+52.:>3/,32.+1-

?+,,('"-5"(>*1(*$(+*'&*$()/(R+G+ "1(R/.*(S"')"

,S725-+2+2,=254/1:5/+1-.+,/=0-.+/E-.3/1-.6+52/>0?/1/.+,-+&2570,/> (-G(-I+'+9/35-EH,0-+1/+)BPP+E-,.3-:+1/+0.2,@A-+12+9/4/72,312+/>4:7/.+3/Y/.+9-53:U50/.I

\]^(20%1"$(4'/3/(5*(+*'&*()"(,"&-./%

)+)BPP+k+)170,0.35/@A-+1-.+B-53-.+12+P23S8/>+2+P2.0785/6 P)+9/530E09-:6+27+PI+V0E2,326+T/8-+V25126+,-.+10/.+"!+12+P2327852+]+12+':3:85-6+,:7/+52:,0A-+12+52952.2,3/,32.+1-+.2E3-5+9-53:U501/+T-7:,01/12+1-.+B/H.2.+12+*H,4:/+B-53:4:2./6+TB*B6+E-7+-8K2E30=-+12+9529/5/5+/+/42,1/+12+35/8/>F-.+1-+%%%+#,E-,35-+1-. '+B-53-+12+P23S8/>+L-0+-+E2,U50-+9/5/+:7/+E:53/G7235/427 52/>0?/1/+92>/+gq%+i%*<#PI+).+L0>7/42,.+12E-5525/76+12+`p+/+`e+12 )4-.3-6+,-+#10LHE0-+1-.+T/E0L-.+1-.+B2.E/1-52.I+)+F0.3;50/+5235/3/ 290.;10-.+1/+5:12+=01/+12+:7+92.E/1-5I #.32+35/8/>F-+0,1292,12,32+=0./+/+10=:>4/@A-+1/+L0E@A,/E0-,/>+/35/=D.+1:7/+5212+0,325,/E0-,/>+12+L2.30=/0.+12+E0,27/I )+gq%+i%*<#P+D+:7/+)..-E0/@A-+[:=2,0>+C:2+-925/+,-+720-+1E0,27/+2+/:10-=0.:/>+E-7+L:,1-.+95;950-.+2+35/8/>F-+=->:,3U50-6 .2,1-+ -.+ .2:.+ 72785-.+ K-=2,.+ 95-L0..0-,/0.+ 1-.+ .2E3-52.+ 1/ 52/>0?/@A-6+/54:72,3-6+95-1:@A-6+07/4276+.-7+2+9;.G95-1:@A-I

]^

B-53-.+1/+TB*B6+827+E-7-+L/?25+-+9-,3-+1/+.03:/@A-+12+:7+2.3:1-6 /+12E-55256+.-852+/.+9-32,E0/>01/12.+2+/.+-9-53:,01/12.+12+,24;E0/+ .2527+ 2Y9>-5/1/.+ 0,325,/72,32+ 92>/+ 2E-,-70/.+ 1-.+ 9/H.2. 0,3245/,32.I


m(#V#P

'+%%%+#,E-,35-+1-.+B-53-.+1/+TB*B+C:2+12E-5525U+,-+95;Y077Z.+ 12+ $2?2785-6+ 27+ *:/,1/6+ ),4->/6+ =/0+ 325+ E-7-+ 327/+ / #E-,-70/+1-+</56+95232,12,1-G.2+12.2,=->=25+.0,2540/.+E-7+=0.3/ /+/:72,3/5+/+E-7923030=01/12+2+-+L-72,3-+1/.+35-E/.+E-725E0/0. 2,352+-.+9-53-.+1/+TB*B6+305/,1-+9/5301-+1-+2,-572+9-32,E0/>+C:2 E-,.303:0+-+725E/1-+1/+T-7:,01/126+12+E25E/+12+"!!+70>FR2.+12 92..-/.6+C:2+.2+/530E:>/+2,352+/+#:5-9/6+yL50E/+2+)7D50E/+1-+P:>I

;/0*'()'/4/()*(1<5)*("5&'*<(5*(+*'&* )"(,"&-./% ~[:/,+P28/.30/,+12+#>E/,- +D+/+7/0-5+15/4/+1-+7:,1-+2 =20-+9/5/+529/5/@A-+/-.+2.3/>205-.+1/+*0.,/=2I+'+,/=0-6+E-7+8/,1205/ 1-+*:Y278:54-6+L-0+E-,.35:H1-+27+`!!`6+92>/+%?/5+T-,.35:EE0-,2. J/=/>2.6+P)6+9/5/+-+/57/1-5+#:5-92/,+$52140,4+T-+P)6+327+`pIpj! 12+3-,2>/427+85:3/6+]jn6j+7235-.+12+E-795072,3-6+`n6f+7235-. 12+8-E/6+]]6]]+7235-.+12+E/>/1-6+=2>-E01/12+12+]j6n+,;.6+9-12,115/4/5+2,352+-.+^!6j+2+-.+j^6j+7235-.+12+95-L:,101/12+2+327+]pIj!! 7235-.+ES80E-.+12+E/9/E01/12+12+/57/?2,/427I

'+2=2,3-6+-54/,0?/1-+92>/+TO7/5/+<:,0E09/>+12+P23S8/>6 D+E-,.0125/1-+:7/+1/.+0,0E0/30=/.+7/0.+9-9:>/52.+1-+E-,E2>F-+2

?+,,(8/'&0>08/(5/(2"0'/()"(,/5&0/4* $2E-552:+12+`^+12+[:>F-+/+f+12+)4-.3-6+/+i205/+12+P/,30/4-

1/+ 5240A-+ 2+ 52E282+ -+ /9-0-+ 1/.+ 7/0.+ 10=25./.+ 2,301/12.I

?+,,(/8*0/(ZV[(R*54'"$$*()/(?+GMB

`!]!6+ C:2+ E-,3-:+ :7/+ =2?+ 7/0.+ E-7+ /+ 952.2,@/+ 1/+ )BPP+ k )170,0.35/@A-+1-.+B-53-.+12+P23S8/>+2+P2.0785/6+P)+E-7+:7

)+)BPP+k+)170,0.35/@A-+1-.+B-53-.+12+P23S8/>+2+P2.0785/6

.3/,1+ 0,.303:E0-,/>+ ,-+ C:/>+ L-0+ 10.3508:H1-+ 10=25.-+ 7/3250/>

P)+9/35-E0,-:+/+]"|+210@A-+1-+T-,452..-+12+*-4H.30E/6+2.32+/,-

95-7-E0-,/>I

1210E/1-+/-+327/+M)+*-4H.30E/+1/+J-=/+$DE/1/N6+C:2+.2+52/>0?-: ,-.+10/.+]`+2+]"+12+':3:85-6+,-+T2,35-+12+T-,452..-.+12+*0.8-/6 ,/+[:,C:205/I

]j


m(#V#P

g7+2=2,3-+C:2+327+.01-+:7+=251/1205-+.:E2..-+,/.+.:/. 210@R2.+/,3250-52.+E-,3/,1-+E-7+/+/12.A-+2+9/530E09/@A-+1/.+7/0.

1-+&2570,/>+B-53:U50-+12+B5/0/.+1-+P/1-+27+P23S8/>+.24:,1-+/. ,-57/.+%P'+e!!]_`!!fI

=/50/1/.+ 2,301/12.+ 2+ 27952./.+ >04/1/.+ /-+ .2E3-5I g7/+E2530L0E/@A-+,-+O7803-+1/+.24:5/,@/+1/.+E/54/.+2

+*'&*()"(,"&-./%(05&"4'/(+*'&<4/% W">5*%_40>* )+)BPP+9/530E09-:+,/+"|+210@A-+1-+B-53:4/>+&2E,->;40E-6 2.32+/,-+1210E/1-+/-+327/+MB-53:4/>+&2E,->;40E-6+/+>0125/5+L:3:5-N6+C:2+.2+52/>0?-:+12+``+/+`p+12+P232785-+,/+i%*6+27+*0.8-/I g7/+ 9/530E09/@A-

12.E/54/.+12+45/,D0.+.;>01-.+27+32570,/0.+2+,/=0-.+45/,2>205-.6 12+/E-51-+E-7+-+$2E523-G*20+,{+"`"r`!!"6+12+`^+12+$2?2785-6+2 $052E30=/+,{+`!!]reprT#I

?3/%0/U9*(/>-$&0>/(5*(+*'&*()" ,"$01.'/ $2E-5525/76+27+P232785-6+-.+35/8/>F-.+12+E/79-+9/5/

E-,K:,3/+12+=U50/.+2,301/12.

E/5/E3250?/@A-+1-+/7802,32+.-,-5-+,-+B-53-+12+P2.0785/I+#.32.

3:32>/1/.+92>-+<0,0.3D50-+1/.

35/8/>F-.6+1/+0,0E0/30=/+1/+)BPP6+.A-+52/>0?/1-.+92>-+%Pc+\%,.303:3-

'85/.+BS8>0E/.6+&5/,.9-532.

12+P->1/1:5/+2+c:/>01/126+-54/,0.7-+E5212,E0/1-a+2+3Z7+E-7-

2+ T-7:,0E/@R2.6+ E-7+ :7

-8K2E30=-+ /=/>0/5+ K:,3-+ 1/+ 9-9:>/@A-+ ,/+ ?-,/+ 2,=->=2,32+ /

.3/,1+ 0,303:>/1-+ MB-53:4/>

0,E-7-101/12+ 2=2,3:/>72,32+ E/:./1/+ 92>/.+ /E30=01/12.

V0=-NI+)+0,0E0/30=/+32=2+E-7-

12.2,=->=01/.+,/+U52/+9-53:U50/I

950,E09/>+-8K2E30=-+95-7-=25 /.+32E,->-40/.+C:2+7/0.+.2

#.32.+35/8/>F-.+C:2+852=272,32+05A-+12E-5525+3/78D7+,-

12.3/E/7+ 27+ B-53:4/>+ ,-.

B-53-+12+P23S8/>6+1250=/7+12+:7/+/303:12+95-/E30=/+,/+U52/+1-

7/0.+ =/50/1-.+ .2E3-52.I

/7802,32+C:2+95-7-=2+-+12.2,=->=072,3-+9-53:U50-6+70,070?/,1-.+ 079/E32.+ ,24/30=-.+ .-852+ /.+ /E30=01/12.+ =0?0,F/.I

,*105>*'('">"."(>"'&0H0>/U9*()* ,0$&"1/()"(B"$&9*("(M'4/50`/U9*

T-7+ 2.3/+ /=/>0/@A-+ 95232,12G.2+ 04:/>72,32+ /=/>0/56+ / 2=->:@A-+=250L0E/1/+27+52>/@A-+/-+>2=/,3/72,3-+L203-+92>/+)BPP 27+`!!jr`!!p

s+E-7+./30.L/@A-+C:2+/+)BPP+k+)170,0.35/@A-+1-.+B-53-. 12+P23S8/>+2+P2.0785/6+P)+5240.3/+/+E-,E>:.A-+1-+95-E2..-+12 E2530L0E/@A-+1-+P0.327/+12+b2.3A-+2+'54/,0?/@A-+1/+P-70,E-5+2

]p


#P&)&oP&%T)P

=3*%<U9*()*(1*301"5&*()"(1"'>/)*'0/$ QRRR$S)13>8(8:

n!!!

!"#$&:;/98;/@8

p!!!

j!!!

^!!!

"!!! ]ee!

]eej

`!!!

`!!j

`!]!

2%<7*()"("5&'/)/("($/@)/()"(1"'>/)*'0/$

e<*&/(8*'(1*)*()"(/>*5)0>0*5/1"5&*

N8():$87,9,>8():$8$L3;39T+)

N8():$87,9,>8():$8$L3;39T+)

(->>+-,r-LL+\"da

T-,32,3-52.+\pda <25E/1-50/. $2.278/5E/1/.

b5/,D0.+*HC:01-.+\]!da

T/54/+b25/> i5/EE0-,/1/

abc

bbc

Xac

bdc

<25E/1-50/. #78/5E/1/. b5/,D0.+P;>01-.

`!!f

]{+&5072.352

`!!e

`{+&5072.352

`!!e

"{+&5072.352

`!!e

]{+&5072.352

`!!e

`!]!

`{+&5072.352

`!]!

ZhZb

^{+&5072.352

ZfYX

ZbaZ

Zaba

^{+&5072.352

`!!f

ZXbh

"{+&5072.352

ZbfY

`!!f

QRRR$S)13>8(8:

ZgZg

`{+&5072.352

ZVfV

`!!f

ZVfg

]{+&5072.352

ZbYX

Zfba

=3*%<U9*()*(1*301"5&*()"(1"'>/)*'0/$(8*'(&'01"$&'"

"{+&5072.352

`!]!

]n


T/./+12+B2..-/>+1/+)BPP

R*5><'$*()"(H*&*4'/H0/ %,3245/1-+,/+ +P27/,/+T:>3:5/>+1/+TBBPP6+12E-552:+27 i25,/,1-+B;6+,-+E-,E2>F-+12+B/>72>/6+/+E/93/@A-+12+07/42,.+1E-,E:5.-+12+L-3-45/L0/I J/+T/./+#572>0,1/+12+i5203/.6+-.+,-..-.+/..-E0/1-.+L-5/7 52E2801-.+92>/+$I+*2-,-5+12+i5203/.6+C:2+L2?+:7/+852=2+/952.2,3/@A1/+F0.3;50/+1/+T/./+2+1-+.:E2..-+C:2+-.+.2:.+=0,F-.+3Z7+301-+/>-,4-+1-.+S>307-.+/,-.I+P24:0:G.2+:7/+=0.03/+Q.+E/=2.6+Q+?-,/+12 2,4/55/L/72,3-+2+,-+L0,/>+-+45:9-+L-0+850,1/1-+E-7+:7/+95-=/+12 =0,F-.I c:/,3-+/-+E-,E:5.-6+/>D7+1/.+L-3-.+-8301/.+,-+>-E/>6+-. E-,E-552,32.+12.>-E/5/7G.2+3/78D7+/+:7/+=0,F/+-,12+2.3/=/+/ 12E-5525+=0,107/6+32,1-+/..07+=0.:/>0?/1-+3-1/.+/.+L/.2.+0,252,32. Q+95-1:@A-+1:7+8-7+=0,F-I

=0,32+2+-03-+E-,E-552,32.+,/+452>F/+12+>/54/1/I )+95-=/+E-7+/+1:5/@A-+12+12?+70,:3-.6+L-0+4/,F/+92>/..-E0/1-+B215-+i/550E/6+L0E/,1-+E-7+-.+.24:0,32.+>:4/52.+,-+9;10T2>2.30,-+ </../,-+ \`{a+ 2+ T:.3;10-+ P/,3-.+ \"{aI+ )+ E-,E-552,32 72>F-5+ E>/..0L0E/1/+ L-0+ /+ ,-../+ E->24/+ T>U:10/+ T0950/,-I

Z[((&*'5"0*()"(i/'&054 '+}/53;15-7-+%,325,/E0-,/>+12+B/>72>/+k+}%B+L-0+-+>-E/> 2.E->F01-+9/5/+/+52/>0?/@A-+1-+9507205-+&-5,20-+12+}/530,4+1/ TBBPP6+C:2+.2+52/>0?-:+,-+10/+]p+12+[:>F-6+92>/.+]fI"!+F-5/.I '+2=2,3-+32=2+0,HE0-+E-7+:7/+2Y9>0E/@A-+1/.+5245/.+12 .24:5/,@/+/+52.9203/5+9-5+3-1-.+-.+0,325=2,02,32.+,/+E-,1:@A-+1-.

R'<`"0'*(8"%*(;")0&"''j5"*

}/530,4.+E-7+/+E0>0,15/1/+12+]p!+TITI )+TBBPP+E-,30,:/+/+95-9-5E0-,/5+/-.+.2:.+/..-E0/1-.+2 P24:05/7G.2+E0,E-+70,:3-.+12+3520,-.+>0=52.+2+E0,E-+70,:3-.

L/70>0/52.+8-,.+7-72,3-.+12+>/?25+2+E-,=H=0-6+12.3/+L203/+,:7

12+3520,-.+E5-,-7235/1-.+C:2+92570305/7+12L0,05+/.+9-.0@R2.+1-.

82>H..07-+ E5:?205-+ C:2+ .2+ 52/>0?-:+ 12+ ]]+ /+ ]f+ 12+ P232785-I

]f


T/./+12+B2..-/>+1/+)BPP

J-+9/..20-6+E-7+1:5/@A-+12+E25E/+12+:7/+F-5/6+-.+,-..-. /..-E0/1-.+ 9:125/7+ -8.25=/56+ /+ 8-51-+ 1-+ 8/5E-+ 12+ E5:?205Mb:/10/,/N6+/+>0,1/+9/0./427+1-+45/,12+>/4-r8/55/427+1-+)>C:2=/I

+/$$"0*()"(>/0/K<"(5*('0*(,/)*

T-7+9/5301/+2+52452..-+/+<U>/4/6+-+45:9-+9 12+/0,1/+=0.03/5 J0E26+<;,/E-6+(-7/6+P/512,F/+2+B/>7/+12+</0-5E/+/+8-51-+1:7 9/C:232+ 1/+ E-79/,F0/+ (' )*+ T)(%mm#)J+ %J&#(J)&%'J)*I

+/$$"0*(/*(?%K<"3/ )95-=203/,1-+-+L250/1-+12+j+12+':3:85-+/+TBBPP+-54/,0?-: :7+ 9/..20-+ 12+ /:3-E/55-+ 2+ 8/5E-+ ,/+ 8/55/427+ 1-+ )>C:2=/I

)+ TBBPP+ -54/,0?-:+ 92>/+ 9507205/+ =2?+ :7+ 9/..20-+ 27 E/0/C:2.+,/.+U4:/.+1-+50-+P/1-I

J-=2,3/+2+35Z.+.;E0-.6+L/70>0/52.+2+/704-.+9/5305/7+12

J-+10/+]f+12+P232785-6+C:0,?2+/..-E0/1-.6+/+7/0-50/+1-.

P23S8/>+/+8-51-+12+1-0.+/:3-E/55-.6+32,1-+=0.03/1-+/+E01/12+12

C:/0.+E/>-05-.+,2.3/+7-1/>01/126+9/5305/7+1-+B/5C:2+g58/,-+12

s=-5/+2+278/5E/1-+,/+7/50,/+1/+9-=-/@A-+1/+)70205/6+,:7/

)>8/5C:2>6+/E-79/,F/1-.+9-5+1-0.+0,.35:3-52.+1-+T2,35-+JU:30E-

278/5E/@A-+ 95-95021/12+ 1/+ 27952./+ J/:30/>C:2=/I

<:,0E09/>+12+P23S8/>I $:5/,32+E25E/+12+1:/.+F-5/.6+-.+E/,-H.3/.+/35/=2../5/7 -+P/1-+/3D+&5;0/+32,1-+52452../1-+/+P23S8/>+/9;.+:7/+852=2 9/5/427+9/5/+E-,=H=0-+2+52327925/5+L-5@/.I

+'_701/$(/>&030)/)"$ #.3A-+952=0.3/.+E-7-+95;Y07/.+/E30=01/12.+-+ % +3-5,200,325,-+12+305-+/-.+95/3-.6+-+%V+3-5,20-+12+m-X>0,4+2+/+i2.3/+12+PA</530,F-6+,/+,-032+12+]!+12+J-=2785-I

]e



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.