:/;!,!523<!;9=!),,(>!

(1)

! ! !!!!!!!!!!!!

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

! ! !!!!!!!!!!!! ./012345674893/0 !! !

!

:/;!,!523<!;9=!),,(>!

!

?!%@@!2A<2BCD20@!9D!5=B!<2B4903C7!42BECF2!C!20!<9<!=<GH=@C8!D21!2G5/0123!<IE2B8/B!

8=0106J152@!9F5!7B/120!/E!0KBD/012L!

!

!!

!

M/01C1/@=<<4/@4N!:/B80/14O6BC07!

P6B2@/7428909DC48/!C04@C@=@C9020!

./012345674893/0!

EC1!"6@2H9B74!=0CE2B4C@2@!

.64@@2BDC020!QRST!

!

:/3C0!)J65/72!

(2H2F8/!+;H39D!

./01321/B2U!V95/0!./7H2B7! !

! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !

!

(2)

! ,,!

Förord

,0@B2442@!O6B!D/B80/14O6BC07!5/B!E=AC@!OB/D!=012B!EIB/!4@=1C2B!<I!./012345674893/0!EC1!

"6@2H9B74!=0CE2B4C@2@!9F5!5/B!4@KB8@4!=012B!/BH2@2@!D21!1200/!=<<4/@4L!(24=3@/@2@!/E!12@@/!

=0C8/!2A<2BCD20@!59<</4!EC!8/0!72!0;!8=048/<!9F5!C04<CB2B/!/01B/!@C33!O9B@4/@@!O9B480C07!

C09D!KD02@L!!

!

P6B! 9F5! OBKD4@! EC33! EC! @/F8/! EIB! 5/01321/B2! V95/0! ./7H2B7! O6B! 9EKB12B3C7! O221H/F8! =012B!

/BH2@2@4!7I07L!%@@!4@9B@!@/F8!9F84I!@C33!.6684!.K4@4<9B@!W&!9F5!1I!OB/DO6B/33@!V9/F5CD!.668!

9F5! H=@C84<2B490/320! C! &9BI4L! -C! EC33! KE20! @/F8/! /33/! <I! ),,(! EC1! .674893/0! C! &9BI4! D21!

:/3C0! )=014@B6D! C! 4<2@420X! =@/0! %B! 5/12! EC! C0@2! 8=00/@! 7209DO6B/! 1200/! 4@=1C2L!

)<BI85/01321/B2! YC4/! Y92052CD! 5/B! 9F84I! 89DDC@! D21! 791/! BI1! 9F5! @C<4! 49D! EC! KB!

@/F84/DD/!O6BL!)C4@!D20!C0@2!DC04@!5/B!O/DC3J!9F5!EK002B!E/BC@!=<<D=0@B/12!9F5!2@@!4@/B8@!

4@61!=012B!523/!EIB@!/BH2@2X!@/F8Z!

!

"6@2H9B7X!J/0=/BC!QRS[L!

!

:/3C0!)J65/72!! ! ! ! ! ! ! (2H2F8/!+;H39D!

!

(3)

! ,,,!

)/DD/0O/@@0C07!

\20! 40/HH/! @280C48/! =@E2F83C0720! C! 1/7204! 4/D5K332! 48/</B! 0;/! D6J3C752@2B! 9F5!

=@D/0C07/B! O6B! 12@/3J5/01234O6B2@/7L! ,0@27B/@C9020! D233/0! 5/0123! 903C02! 9F5! 9OO3C02! 8/0!

321/!@C33!0;/!@;<2B!/E!H=@C82BX!2A2D<23EC4!<9<!=<GH=@C82B!D21!2G5/0123L!\200/!4@=1C2!4;O@/B!

@C33!/@@!=012B468/!9D!0CEI0!/E!<2B4903C7!42BECF2!C!20!4I1/0!H=@C8!<IE2B8/B!8=0106J152@20!

9F5!7B/120!/E!0KBD/012!594!8=012B0/L!)2A!5;<9@242B!O9BD=32B/4!D21!=@7I07<=08@20!/@@!

20! 567B2! 0CEI! /E! <2B4903C7! 42BECF2! H6B! 321/! @C33! 567B2! 8=0106J152@! B24<28@CE2! 7B/1! /E!

0KBD/012X! JKDO6B@! D21! 20! 3K7B2! 0CEI! /E! <2B4903C7! 42BECF2L! "209D! 2@@! 2A<2BCD20@! 9F5! 20!

208K@!=012B4684!2OO28@2B0/!/E!@B2!93C8/!0CEI2B!/E!<2B4903C7!42BECF2L!(24=3@/@20!/0/3;42B/4!C!

)]))! O6B! /@@! =012B468/! 48C330/12B0/! D233/0! 7B=<<2B0/! C! 2A<2BCD20@2@L! $B2! /E! 12! 42A!

5;<9@242B0/! C! 4@=1C20! /FF2<@2B/4L! )3=@4/@420! KB! /@@! 12@! 8BKE4! 20! 567! 0CEI! /E! <2B4903C7!

42BECF2! O6B! /@@! OI! 20! 567B2! 8=0106J152@! 9F5! 20! 567B2! 7B/1! /E! 0KBD/012L! :21230CEI0! /E!

<2B4903C7!42BECF2!BKF82B!C0@2!O6B!/@@!=<<0I!1244/!2OO28@2B!=@/0!72B!4/DD/!B24=3@/@!49D!20!

H=@C8!=@/0!<2B490/3L!

! !

(4)

! ,-!

WH4@B/F@!

(/<C1! @2F509397CF/3! 12E239<D20@! C0! @91/;^4! 49FC2@;! C4! FB2/@C07! 02_! 9<<9B@=0C@C24! /01!

F5/3320724!O9B!B2@/C3!H=4C024424L!$52!C0@27B/@C90!H2@_220!903C02!/01!9OO3C02!F9DD2BF2!F/0!

32/1! @9! 02_! @;<24! 9O! 4@9B24X! 4=F5! /4! <9<G=<! 4@9B24! _C@5! 2GF9DD2BF2L! $5C4! 4@=1;! /CD4! @9!

C0E24@C7/@2!_52@52B!@52!32E23!9O!<2B490/3!42BECF2!C0!4=F5!/!4@9B2!/OO2F@!F=4@9D2B!4/@C4O/F@C90!

/01!@52!127B22!9O!/<<B9/F5C07!H25/EC9=B!/D907!F=4@9D2B4L!)CA!5;<9@52424!C4!O9BD=3/@21!

90!@52!/44=D<@C90!@5/@!/!5C752B!32E23!9O!<2B490/3!42BECF2!459=31!32/1!@9!5C752B!F=4@9D2B!

4/@C4O/F@C90! /01! 127B22! 9O! /<<B9/F5C07! H25/EC9=BX! F9D</B21! @9! /! 39_2B! 32E23! 9O! <2B490/3!

42BECF2L! $52! 2OO2F@4! 9O! @5B22! 1COO2B20@! 32E234! 9O! <2B490/3! 42BECF2! /B2! 2A/DC021! @5B9=75! /0!

2A<2BCD20@!/01!/!4=BE2;L!$52!B24=3@4!/B2!/0/3;421!C0!)]))!@9!2A/DC02!1COO2B20F24!H2@_220!

@52!7B9=<4!C0!@52!2A<2BCD20@L!$5B22!9O!@52!4CA!5;<9@52424!C0!@52!4@=1;!/B2!/FF2<@21L!$52!

F90F3=4C90! C4! @5/@! C@! B2`=CB24! /! 5C75! 32E23! 9O! <2B490/3! 42BECF2! @9! 72@! /! 5C752B! F=4@9D2B!

4/@C4O/F@C90!/01!/!5C752B!127B22!9O!/<<B9/F5C07!H25/EC9=BL!$52!/E2B/72!32E23!9O!<2B490/3!

42BECF2!C4!09@!4=OOCFC20@!@9!/F5C2E2!@5242!2OO2F@4X!H=@!7CE24!@52!4/D2!B24=3@!/4!/!4@9B2!_C@59=@!

4@/OOL!

! !

(5)

! -!

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

"12341"15!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!7! ]('&Y%:\,)M*)),'+!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Q! )aP$%!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![! P'()M+,+")P(b"'(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![! )$*\,%+)!\,)]'),$,'+!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![! 8393831:8;<!=>?!?@A=B3:38!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!C! ]%()'+Y,"!)%(-,c%!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!d! ]%()'+Y,"!)%(-,c%!'c.!M*+\+#V\.%$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!e! ]%()'+Y,"!)%(-,c%!'c.!+f(:W+\%!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!SR! )W::W+PW$$+,+"!W-!(%P%(%+)(W:!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!SS! ']%(W$,'+WY,)%(,+"!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!ST!

!"#$%&'()$&*%'%"%+'&,)-.)'%./&,)-.)0&,(+'1%2)(&,.%3&)444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)56! 78"'%'2)-.)9#'$':;$<&")4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)5=! 78"'%'2)-.)'8,>-'$&)444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)5?! .a]'$%)%(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Sg!

<3B=4!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!7D!

*+\%()#M+,+")W+)W$)!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Sh!

*+\%()#M+,+")\%),"+!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Se! .##M)!.f)$)]'($!W&!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!QR!

@:,("#$%&')444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)AB!

%i]%(,:%+$%$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!QS!

%i]%(,:%+$"(*]]%(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!QT! C,#00)5)D<:2)'%./)-.)0&,(+'1%2)(&,.%3&E)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)A=! C,#00)A)D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E)444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)A=! C,#00)6)D%'2&')0&,(+'1%2)(&,.%3&E)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)A=!

*(-WY!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qg!

%+Mf$%+!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qg!

&%W(&%$+,+"!W-!\W$W!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qd! (%Y,W&,Y,$%$!'c.!-WY,\,$%$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qd! MfYYM(,$,M!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qh! 83:E2B;B!=>?!;1;2@:!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!FG! ]%()'+Y,"!)%(-,c%!'c.!M*+\+#V\.%$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qe! FG0+"&()5H5)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)6A! FG0+"&()5HA)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)6A! FG0+"&()5H6)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)66! ]%()'+Y,"!)%(-,c%!'c.!+f(:W+\%!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TT! FG0+"&()AH5)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)6?! FG0+"&()AHA)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)6I! FG0+"&()AH6)4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444)6I! 4":HE::"=1!=>?!:2EB:;B:!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!ID!

\,)M*)),'+!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Th! )Y*$)W$)!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![S!

&%"(f+)+,+"W(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![T! P(W:$,\W!P'()M+,+"!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![T! HJ229K8B3>H1"15!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!LL!

(6)

! -,!

M"2;5=8!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!LG!

&,YW"W!S!?!:WYY!P#(!&*$,M))fYVW(%!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL![e!

&,YW"W!Q!?!%+Mf$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!gS!

!

9/0N+)*+,$-.#/#0!

P,"*(!SU!)$*\,%+)!P#(MYW(,+"):'\%YYL!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!SQ!

P,"*(!QU!:'\%YY!#-%(!)$*\,%+)!.a]'$%)%(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Sj!

P,"*(!T!'c.![U!&*$,M%+)!*$P'(:+,+"!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!QT!

P,"*(!gU!\,W"(W:!#-%(!:%\%Y-f(\%!P#(!M*+\+#V\.%$!]%(!"(*]]L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TR!

P,"*(!dU!\,W"(W:!#-%(!:%\%Y-f(\%!P#(!+f(:W+\%!]%(!"(*]]L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!T[!

P,"*(!jU!:'\%YY!#-%(!(%)*Y$W$%$!W-!W+WYa)%+!W-!)$*\,%+)!.a]'$%)%(!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Tj!

!

BOP$'')*+,$-.#/#0!

$W&%YY!SU!\%!P%:!-,M$,"W)$%!W$$(,&*$%+!.')!&*$,M))fYVW(%!P#(!M*+\%(+W!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!h!

$W&%YY!QU!c('+&Wc.k)!WY].W!P#(!M*+\+#V\.%$!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Qe!

$W&%YY!TU!:%\%Y-f(\%!'c.!)$W+\W(\W--,M%Y)%!P#(!M*+\+#V\.%$!]%(!"(*]]L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TR!

$W&%YY![U!Y%-%+%)!$%)$!P#(!M*+\+#V\.%$L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TS!

$W&%YY!gU!-W(,W+)W+WYa)!lW+'-Wm!P#(!M*+\+#V\.%$L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TS!

$W&%YY!dU!]')$!.'c!W+WYa)!W-!M*+\+#V\.%$L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TQ!

$W&%YY!jU!:%\%Y-f(\%!'c.!)$W+\W(\W--,M%Y)%!P#(!+f(:W+\%!]%(!"(*]]L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!TT!

$W&%YY!hU!Y%-%+%)!$%)$!P#(!+f(:W+\%L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!T[!

$W&%YY!eU!-W(,W+)W+WYa)!lW+'-Wm!P#(!+f(:W+\%L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Tg!

$W&%YY!SRU!]')$!.'c!W+WYa)!W-!+f(:W+\%L!LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL!Tg!

!

! !

(7)

! S!

,03210C07!

J&""-)9-0%"&1)%'1&$()>&$)&')K&(9,%.'%'2)-.)K&2,&00&")0+0)#0LK#"%9&,)(+>)8,)3&'",-1")%)("#$%&'4) J8,&*"&,)*:,()&')$%(9#((%+')9,%'2)'G-)#">-'%'2-,)+3<)0,+K1&>)%'+>)$&""-)+>,/$&)(+>)$&')

"&9'%(9-) #".&391%'2&') (9-0-,4) @+9#() 8,) 0/) 0&,(+'1%2) (&,.%3&) %) 0+0) #0LK#"%9&,) >&$) &L<-'$&14)) J%(9#((%+'&') 1&$&,) *,->) "%11) ("#$%&'() (G*"&) +3<) #"%*,/') $&") 0,&(&'"&,-() "./) *+,(9'%'2(*,/2+,4)

!%(")%)9-0%"1&")K&(9,%.()#00(-"(&'()$%(0+(%"%+'4))

!

\2@/3J5/01230! C! )E2BC72! 9F5! 6EBC7/! CG3K012B! 4@IB! C0O6B! 2@@! 48CO@2! 1KB! =<<1230C0720! /E!

O6B4K3J0C07! D233/0! 93C8/! 8/0/32B! /33@! D2B! 3=F8B/4! =<<L! '03C02! 9F5! 9OO3C02X! 12@! EC33! 4K7/! 2G 5/0123!9F5!@B/1C@C90233!O;4C48!5/0123X!C0@27B2B/4!D21!5JK3<!/E!0;!@280C8L!P6B!8904=D20@20!

5/B!E/32@!/E!8904=D@C9048/0/3!EC4/@!4C7!5/!=012B9B10/1!H2@;12342L!l(2C0/B@n!2@!/3LX!QRSSo!

)E2048! ./0123X! QRSQmL! PBI0! /@@! 5/! 42@@! 2G5/01230! 49D! 2@@! 59@! 5/B! 0=! DI07/! O6B2@/7!

=<<@KF8@!12!D6J3C752@2B!@C33!C009E/@C90!49D!48/</4!C!9F5!D21!12!@280C48/!OB/D4@2720L!+KB!

8904=D20@2B0/! K01B/B! 4C0/! E/09B! 9F5! 8BKE2B! 0;/! 3640C07/B! DI4@2! 5/01230! O63J/! D21! C!

=@E2F83C0720! l&2BB;! 2@! /3LX! QRSRo!)E2048! ./0123X! QRSQmL! ,0@27B/@C9020! D233/0! 903C02! 9F5!

9OO3C02! KB! 1I! 20! EC8@C7! 123! 9F5! 120! 8/0! ;@@B/! 4C7! <I! DI07/! 93C8/! 4K@@L! \2@! EC8@C7/! KB! /@@!

8=012B0/!4@IB!C!F20@B=D!9F5!/@@!12!@280C48/!C009E/@C902B0/!48/</B!O6B123/B!49D!8=012B0/!

=<<48/@@/B!l&2BB;!2@!/3LX!QRSRmL!

!

%@@!4K@@!/@@!=@0;@@J/!O6B123/B0/!/E!C0@27B/@C9020!D233/0!903C02!9F5!9OO3C02!KB!/@@!76B/!12@!C!4I!

8/33/12!<9<!=<GH=@C82BL!%0!<9<!=<GH=@C8!KB!20!@C33OK33C7!H=@C8!49D!OC004!<I!20!EC44!<3/@4!20!

H27BK04/1!@C1!l+C25D!2@!/3LX!QRRjo!MCD!2@!/3LX!QRReo!:=3EC5C33X!QRSRmL!$C33!EC44!123!8/0!<9<!

=<GH=@C82B! 3C80/4! EC1! @B/1C@C90233/! D/B80/144@I01! 49D! 9F84I! KB! 20! 49B@4! @C33OK33C7! H=@C8L!

)8C330/120!KB!/@@!1/7204!@280C8!72B!D6J3C752@2B!49D!C0@2!O=00C@4!@C1C7/B2L!%0!D6J3C752@!KB!

<9<! =<GH=@C82B! =@/0! O;4C48! O6B4K3J0C07! EC382@! KB! 2@@! B23/@CE@! 0;@@! O209D20! 49D! /33@! O32B!

O6B2@/7! H6BJ/B! /0EK01/! 4C7! /E! l(/F821X! QRSTo! &9A/33X! QRSQmL! ]I! 93C8/! 4K@@! 89<<3/4! 1I!

O6B4K3J0C0720!@C33!20!2G5/01234H=@C8!9F5!8=0120!OIB!E/B/0!32E2B2B/1!52D!C4@K332@!O6B!/@@!@/!

D21!120!1CB28@L!\2@!48/</B!O6B=@4K@@0C07/B!O6B!H=@C82B!D21!DC01B2!H=@C84;@/X!EC382@!KB!20!

4@/B8!@B201!C09D!5/01230!l)E2048!./0123X!QRSQmL!,!M<&)N&O)P+,9)M%>&(!8904@/@2B/4!/@@!<9<!

=<GH=@C82B!H3CB!/33@!E/03C7/B2!9F5!48/</B!O6B123/B!O6B!HI12!O6B2@/720!9F5!O/4@C752@4K7/B0/!

(8)

! Q!

l:=3EC5C33X!QRSRmL!fE20!C!Y90190!KB!C0@B2442@!4@/B8@X!1KB!12@!5/B!E=AC@!OB/D!2@@!523@!<9<!=<G 86<F20@2B!H24@I2012!/E!F90@/C0B/B!49D!C05;42B!93C8/!O6B2@/7!l)E2048!./0123X!QRSQmL!!

!

\20!0;/!@;<20!/E!<9<!=<GH=@C82B!D21!2G5/0123!3C80/B!2@@!49B@4!459_B99DX!12@!EC33!4K7/!20!

398/3! O6B! /@@! EC4/! =<<! O6B2@/72@4! <B91=8@2BL! P6B2@/72@! 8/0! <I! 12@@/! 4K@@! 2BHJ=1/! 523/! 4C@@!

49B@CD20@! O6B! H24@K330C07! 9F5! 4/D@C1C7@! EC4/! =<<! 0;/! 9F5! 4<K00/012! <B91=8@2B! C! <9<! =<G H=@C820L! ]I! 4I! 4K@@! KB! <9<! =<GH=@C820! 2@@! E2B8@;7! O6B! /@@! D/B80/14O6B/! 20! <B91=8@42BC2!

/3@2B0/@CE@!523/!O6B2@/72@!lMCD!2@!/3LX!QRRemL!,0@2B/8@CEC@2@20!49D!48/</4!C!H=@C820!@C33@/3/B!

8=012B! 49D! 4682B! 20! #001&.&1(&! 0KB! 12! 459<</B! lMCD! 2@! /3LX! QRRemL! \200/! C0@2B/8@CEC@2@!

D233/0!O6B2@/72@!9F5!8=0120!76B!9F84I!/@@!O6B2@/72@!8/0!3KB/!4C7!0;/!4/82B!9D!4C0/!8=012B!C!

<9<!=<GH=@C820!l+C25D!2@!/3LX!QRRjmL!]I!4I!EC4!8/0!<9<!=<GH=@C82B!/0EK01/4!49D!20!123!C!

E/B=DKB824H;77/012@!lMCD!2@!/3LX!QRRemL!\244=@9D!5/B!12@!EC4/@!4C7!/@@!DI07/!8=012B!H3CB!

D2B!6<<0/!O6B!4<90@/0/!C086<!0KB!12!OIB!20!=0C8!=<<32E2342!l+C25D!2@!/3LX!QRRjmL!]9<!=<?

H=@C820! 8/0! 48/</! 4I1/0/! =<<32E2342B! 9F5! 12@! 3212B! @C33! D2B! 207/72B/12! 8=012BL!

%07/72B/12! 8=012B! 4<BC12B! <94C@CE! _9B1G9OGD9=@5! EC382@! C002HKB! /@@! 12! H2BK@@/B! 9D!

H=@C820!O6B!EK002B!9F5!H28/0@/X!9F5!12@!4@KB82B!O6B2@/72@4!E/B=DKB82!lMCD!2@!/3LX!QRRemL!\2!

@280C48/!O6B=@4K@@0C07/B!O6B!0;/!C0@2B/8@CE/!<9<!=<GH=@C82B!OC004!B21/0X!D20!E/1!C002HKB!

12@!O6B!12@/3J5/01230!9F5!EC38/!<B9H32D!DI4@2!D/0!364/>!

!

]B9H32D1C48=44C90!

%@@! B24=3@/@! /E! 120! @280C48/! =@E2F83C0720! KB! /@@! 120! 48/</B! D6J3C752@2B! O6B! H=@C82B! /@@!

O=072B/!=@/0!H=@C84<2B490/3L!,4@K332@!7209DO6B!8=0120!86<2@!D21!5JK3<!/E!2A2D<23EC4!4C0!

4D/B@/!@232O90L!PBI7/0!49D!1I!=<<4@IB!KB!EC38/!2OO28@2B!OBI0E/B90!/E!<2B4903C7!42BECF2!8/0!

48/</L!P6B!/@@!B21/!=@!12@!DI4@2!EC!E2@/!E/1!<2B4903C7!42BECF2!C002HKB!9F5!5=B!120!<IE2B8/B!

8=012B0/L!]I!1/7204!8908=BB204=@4/@@/!D/B80/1!KB!42BECF2!20!EC8@C7!1COO2B20@C2BC074O/8@9B!

720@2D9@!/01B/!O6B2@/7!l]/B/4=B/D/0!p!"B2_/3X!QRRRmL!]BC4!9F5!<B91=8@8E/3C@2@!KB!3K@@!/@@!

CDC@2B/X! 1KB2D9@! KB! 12@! 4EIB/B2! 2O@2B3C80/! 20! 6E2B3K7420! 42BECF20CEI! l]/B/4=B/D/0! p!

"B2_/3X! QRRRmL! \2@! OC004! 0/@=B3C7@EC4! DI07/! 93C8/! =<<O/@@0C07/B! 9D! E/1! 49D! KB! 791!

<2B4903C7!42BECF2L!-C44/!8=012B!EC33!5/!D;F82@!5JK3<!9F5!4/D@/3/B!7KB0/!D21!H=@C844K3J/B20!

HI12! 9D! <B91=8@2B0/! 9F5! /00/@L! W01B/! 7IB! 5234@! B=0@! 4JK3E/! 9F5! 8/0! =<<32E/! 12@! 49D!

(9)

! T!

/04@BK07@! 0KB! <2B490/320! @/B! 890@/8@L! \2@! KB! /33@4I! <2B4903C7/! <B2O2B2042B! 49D! 4@;B! E/1!

49D! =<<O/@@/4! 49D! 791! <2B4903C7! 42BECF2L! $C1C7/B2! O9B480C07! 5/B! 19F8! C120@COC2B/@! EC44/!

/@@BCH=@! 594! H=@C844K3J/B2! 49D! 8=012B! 6E2B3/7! @;F82B! KB! EC8@C7/L! \244/! KBX! 9B10/@! 2O@2B!

H2@;12342U! B24<28@! O6B! 8=012B0/X! <B91=8@8=048/<X! 3;56B152@X! EK03C752@! 9F5! @C337K073C752@!

l\/BC/0! 2@! /3LX! QRRSmL! ]I! EC382@! 4K@@! <IE2B8/B! 1I! 1244/! /@@BCH=@! 8=012B0/! 9F5! E/1! 8/0! 12@!

C002HKB/!9D!H=@C844K3J/B20!9F5!1KBD21!/@@BCH=@20!C0@2!OC004!8E/B>!

!

$C1C7/B2!O9B480C07!5/B!KE20!EC4/@!/@@!<2B4903C7!42BECF2!<IE2B8/B!HI12!8=012B4!/@@C@;12B!9F5!

H2@220120L! M=0106J152@! KB! 20! 4I1/0! /@@C@;1! 49D! E/BC2B/B! H2B92012! <I! 42BECF20! OBI0!

H=@C844K3J/B20L!]2B4903C7!42BECF2!8/0!OI!8=0120!/@@!8K00/!4C7!EC8@C7!9F5!=@E/31X!EC382@!3212B!

@C33!20!68/1!06J152@!l)@9BH/F8/!p!Y25@C020X!QRRRmL!\2@@/!5/B!KE20!EC4/@!4C7!C!B24@/=B/07DC3J6X!

1KB! 8=01204! <94C@CE/! =<<32E2342! /E! H24682@! 4@KB84! 0KB! 42BEC@6B20! KB! D2B! E2BH/3@! /8@CE!

203C7@! 20! =012B4680C07! /E! #4@B6D! B2O2B2B/1! C! :944H2B7! 9F5! "=4@/E4490! lB21Lm! lQRRhmL!

P6BD913C720! KB! 12@! 49D! @C1C7/B2! 0KD0@4! 20! OBI7/! 9D! <2B4903C7! 4D/8! EC3820! @;<! /E!

<2B4903C7! 42BECF2! D/0! O6B21B/BL! M3/B@! KB! /@@! 12@! KB! 8=01204! #00*-""'%'2! -.! 9.-1%"&"&'! C!

42BECF2D6@2@! 49D! <IE2B8/B! 5=B! 06J1! 12002! H3CB! lV/;/_/B1520/! p! P/B233X! QRSSmL! \2@! KB!

1KBO6B!EC8@C7@!O6B!12@/3J5/01230!/@@!O6B4@I!H2@;123420!/E!E/BJ2!D6@2!D233/0!H=@C844K3J/B2!9F5!

8=01! lV/;/_/B1520/! p! P/B233X! QRSSmL! $C1C7/B2! O9B480C07! 5/B! KE20! EC4/@! /@@! 68/1!

8=0106J152@!5/B!O32B/!<94C@CE/!2OO28@2B!O6B!O6B2@/7L!+6J1/!8=012B!H3CB!9O@/!39J/3/!8=012BX!9F5!

39J/3/! 8=012B! KB! 3604/DD/! 8=012B! l./339_233X! Seedo! .2482@@! 2@! /3LX! See[o! :944H2B7! p!

)=014@B6DX!QRSSmL!\2@!H2B9B!<I!/@@!39J/3/!8=012B!5/013/B!D2B!9F5!H3CB!DC01B2!<BC48K043C7/!

l./339_233X! SeedmL! \244=@9D! DC048/B! O6B2@/72@4! 9O@/! 567/! 894@0/12B! O6B! /@@! EKBE/! 0;/!

8=012B!l./339_233X!SeedmL!!

!

]2B4903C7!42BECF2!<IE2B8/B!KE20!H2@22012@!0KBD/012X!EC382@!C!12@@/!4/DD/05/07!C002HKB!

@C120!8=0120!4<2012B/B!C!H=@C820!l\909E/0!p!(944C@2B!SehQo!&C@02B!SeeQmL!+KB!<2B490/320!

C!42BECF2D6@2@!=@@B;F82B!49FC/3@!2O@2B@B/8@/12!8K0439B!4I!49D!EK03C752@!9F5!C0@B2442!4@/00/B!

8=0120!8E/B!20!3K07B2!@C1!l$4/C!p!.=/07X!QRRQmL!P6B2@/7428909DC48@!48/</B!12@!<94C@CE/!

2OO28@2B!C!O9BD!/E!0;/!86<H259E!594!8=0120!l]/B8X!qC;2B!p!)DC@5X!SehemL!\244=@9D!8/0!2@@!

68/@!0KBD/012!321/!@C33!/@@!8=01204!/E4C8@2B!/@@!H2468/!H=@C820!C!2@@!420/B2!48212!4@KB84!

l$4/C!p!.=/07X!QRRQmL!\2!O6B123/B!20!791!<2B4903C7!42BECF2!49D!H248BCE4!9E/0!72B!KB!O6B4@I4!

(10)

! [!

C0@B244/0@/!O6B!/33/!O6B2@/7L!]B9H32D2@!D21!120!@C1C7/B2!O9B480C0720!C09D!rH2@;123420!/E!

<2B4903C7! 42BECF2r! KB! /@@! 120! =@7IB! OBI0! @B/1C@C90233/! H=@C82BL! \KBO6B! 4/80/4! 12@! 8=048/<!

49D!8/0!/<<3CF2B/4!0KB!903C02!9F5!9OO3C02!C0@27B2B/4X!49D!C!<9<!=<GH=@C82BL!-C!E2@!C0@2!EC38/!

2OO28@2B!0CEI0!/E!<2B4903C7!42BECF2!5/B!<I!5=B!06J1/!8=012B0/!H3CB!9F5!5=B!3K072!12!4@/00/B!

C! 20! <9<! =<GH=@C8! D21! 2G5/0123L! \244=@9D! KB! 20! 4@9B! 123! /E! 120! @C1C7/B2! O9B480C0720!

H/42B/1!<I!20H/B@!208K@2BL!,!EIB!4@=1C2!EC33!EC!D21!5JK3<!/E!2@@!2A<2BCD20@!HC1B/!@C33!/@@!O;33/!

1200/!8=048/<43=F8/X!EC382@!3212B!944!OB/D!@C33!4@=1C204!4;O@2L!!

! );O@2!

)@=1C204!4;O@2!KB!/@@!=012B468/!9D!0CEI0!/E!<2B4903C7!42BECF2!<IE2B8/B!8=0106J152@!9F5!

7B/120!/E!0KBD/012!594!8=012B!C!20!<9<!=<GH=@C8!D21!O6B4K3J0C07!EC/!2G5/0123L!!

!

P9B480C074OBI79B!

\I! 4@=1C204! 4;O@2! 9DO/@@/B! HI12! 2OO28@2B! <I! 8=012B0/4! 06J152@! B24<28@CE2! 7B/120! /E!

0KBD/012!/0EK014!@EI!O9B480C074OBI79B!O6B!/@@!=012B3K@@/!=012B4680C0720U!

SL .=B! <IE2B8/B! 0CEI0! /E! <2B4903C7! 42BECF2! C! 20! <9<! =<GH=@C8! D21! O6B4K3J0C07! EC/! 2G 5/0123!8=012B0/4!06J152@!2O@2B!86<2@>!

QL .=B! <IE2B8/B! 0CEI0! /E! <2B4903C7! 42BECF2! C! 20! <9<! =<GH=@C8! D21! O6B4K3J0C07! EC/! 2G 5/0123!7B/120!/E!0KBD/012!594!8=012B0/>!

!

\244/! O9B480C074OBI79B! =@O9B48/4! C! 4@=1C20! 7209D! 2@@! 2A<2BCD20@! 9F5! 20! 2O@2BO63J/012!

208K@!D21!=@7I074<=08@!OBI0!B2O2B204B/D20!49D!O63J2BL!!

!

)@=1C204!1C4<94C@C90!

*<<4/@420! H24@IB! /E! O2D! 8/<C@23! E/B/E! 12@! O6B4@/! KB! C03210C0720L) ,! 12@! /01B/! 8/<C@32@X!

B2O2B204B/D! 9F5! 5;<9@242BX! H248BCE4! 93C8/! 12OC0C@C902B! /E! <2B4903C7! 42BECF2! 9F5! 5=B! 120!

@280C48/! =@E2F83C0720! <IE2B8/B! =@O9BD0C0720! /E! 1200/! 42BECF2L! \KB2O@2B! <B2420@2B/4!

@C1C7/B2! O9B480C07! 8BC07! 5=B! <2B4903C7! 42BECF2! <IE2B8/B! 8=0106J152@! 9F5! 7B/120! /E!

0KBD/012L! \KB2O@2B! 4/DD/0O/@@/4! B2O2B204B/D20! 9F5! 1200/! C33=4@B2B/4! C! 4@=1C204!

(11)

! g!

O6B83/BC074D91233! 1KB! 12! 93C8/! H27B2<<20! 89<<3/4! C59<4) '<2B/@C90/3C42BC0720! /E!

B2O2B204B/D20!49D!O63J2B!B24=3@2B/B!/E43=@0C074EC4!C!4@=1C204!42A!5;<9@242BL!:2@918/<C@32@!

C03214! D21! 20! H248BCE0C07! /E! 4@=1C204! =012B4680C074/04/@4! 9F5! 124C70L! \KB2O@2B!

<B2420@2B/4! O6B2@/72@! .6684! .K4@4<9B@! W&! 49D! EC! 4/D/BH2@/12! D21! C! =012B4680C0720L!

.6684!KB!2@@!/E!12!O6B2@/7!49D!8/0!1B/!O6B123/B!/E!20!C0@27B/@C90!/E!903C02!9F5!9OO3C02!C!<9<!

=<GH=@C82BL!-C!5/B!E/3@!/@@!/0EK01/!944!/E!2A<2BCD20@!9F5!208K@!O6B!/@@!4/D3/!C0!<BCDKB1/@/L!

*@O9BD0C0720! /E! 2A<2BCD20@2@! 9F5! C01230C0720! /E! 123@/7/B0/! C! 7B=<<2B! H248BCE4! 9F5!

D9@CE2B/4L!fE20!@C33EK7/7I0744K@@2@!7K33/012!208K@20!9F5!12!OBI79B!49D!C07CF8!<B2420@2B/4L!

WE43=@0C074EC4!O6B83/B/4!5=B!EC!5/B!/BH2@/@!D21!E/3C1C@2@X!B23C/HC3C@2@!9F5!8K338BC@C8!C!4@=1C20L!

(24=3@/@8/<C@32@!123/4!C0!C!20!/0/3;4!/E!5=B!0CEI0!/E!<2B4903C7!42BECF2!<IE2B8/B!9#'$':;$<&"!

9F5! 5=B! 0CEI0! /E! <2B4903C7! 42BECF2! <IE2B8/B! 2,-$&')-.)'8,>-'$&4)-C! O/00! 4@61! O6B! @B2! /E!

4@=1C204! 5;<9@242B! 9F5! O6B8/4@/12! @B2L! )C4@/! 8/<C@32@! C03214! D21! 20! 1C48=44C90! 8BC07! E/1!

B24=3@/@20! H2@;12BL! \KB2O@2B! O63J2B! 4@=1C204! 43=@4/@4L! WE43=@0C074EC4! 1C48=@2B/4! 4@=1C204!

H27BK040C07/B! 9F5! EC! 72B! O6B43/7! <I! OB/D@C1/! O9B480C07L! MK33O6B@2F80C07! 9F5! HC3/79B! OC004!

4C4@!C!=<<4/@420L!

!

! !

(12)

! d!

(2O2B204B/D!9F5!5;<9@242B!

J&""-)9-0%"&1)%'1&$()>&$)&')K&(9,%.'%'2)-.)"%$%2-,&)*+,(9'%'2)9,%'2)0&,(+'1%2)(&,.%3&)+3<)$&(() K&"G$&1(&4)J8,&*"&,)*:1;&,)-.('%"")+>)<#,)0&,(+'1%2)(&,.%3&)0/.&,9-,)9#'$':;$<&"&'),&(0&9"%.&) 2,-$&') -.) '8,>-'$&4) J&((-) K&2,&00) $&*%'%&,-() +3<) *:,$&1-,'-) >&$) <:2) 9#'$':;$<&") ,&(0&9"%.&)<:2)2,-$)-.)'8,>-'$&)K&(9,%.(4)M&+,%-.('%""&")(->>-'*-""-()(&$-')+3<)%11#(",&,-()

%) &') *:,91-,%'2(>+$&11) (+>) K&(9,%.&,) $&) -'"-2-'$&') (+>) 8,) #"2/'2(0#'9") *:,) <G0+"&(&,'-4) J8,&*"&,) +0&,-"%+'-1%(&,-() ("#$%&'() .%9"%2-) K&2,&00H) 0&,(+'1%2) (&,.%3&Q) 9#'$':;$<&") +3<) '8,>-'$&4) R%) K&(9,%.&,) <#,) $&((-) -'.8'$() +3<) >8"() %) &S0&,%>&'"&") +3<) &'98"&'4) J&")

>:;1%22:,) -.(1#"'%'2(.%() $&*%'%"%+'&') -.) ("#$%&'() (&S) <G0+"&(&,) (%(") %) 9-0%"1&") $8,) $&) 8.&') /(9/$1%22:,()%)&')>+$&114))

!

]2B4903C7!42BECF2!!

:6@2@! D233/0! H=@C844K3J/B2! 9F5! 8=01! C! 20! 12@/3J5/01234H=@C8! KB! /E! 4@9B! H2@;12342! O6B!

8=012B0/L! %0! /E! @C9! 8=012B! H;@2B! H=@C8! 2O@2B! 201/4@! 2@@! 1I3C7@! 42BECF2D6@2! l)CE/1/4! p!

]B2_C@@X!QRRRmL!\C48=44C9020!49D!H2B6B!EC8@20!/E!<2B4903C7!42BECF2!5/B!6E2B!@C1!7I@@!OBI0!

/@@!5/013/!9D!/@@!@BK0/!<2B490/320!/@@!32!C!/33/!3K720!@C33!/@@!C002O/@@/!4=HJ28@CE/!EKB120!49D!

2D</@CX! </44C90! 9F5! /01B/! 8K0439B! lc998! p! :/F/=3/;X! SeejmL! ,0@=C@C90! 9F5! 8K0439B! C!

42BECF2D6@2@!8/0!4<23/!20!EC8@C7!B933!O6B!/@@!48/</!20@=4C/4@C48/!9F5!39J/3/!8=012B!lc998!p!

:/F/=3/;X!SeejmL!]I!1/7204!D/B80/1!1KB!8908=BB20420!KB!5IB1!KB!791!<2B4903C7!42BECF2!20!

EC8@C7!=B48C3J0C074O/8@9BX!12@!KB!C0@2!3K@@!/@@!32E2B2B/!HK@@B2!42BECF2!K0!7209D40C@@2@L!\KBO6B!

=B48C3J2B!4C7!12!O6B2@/7!49D!83/B/B!12@@/!<I!2@@!<94C@CE@!4K@@L!!

!

+KB! @280C820! 4<23/B! 20! /33@! EC8@C7/B2! B933! C! EIB! E/B1/7! 68/B! C0@2B/8@CEC@2@20! KE20! C!

42BECF2D6@2@L! ,0@2B/8@CE! 42BECF2! C002HKB! C! 12@/3J5/01234HB/04F520! /@@! O6B2@/72@!

89DD=0CF2B/B!D21!8=012B!7209D!93C8/!8/0/32B!9F5!D21!0I790!O9BD!/E!@280C8!C0H3/01/1!

l&2BB;! 2@! /3LX! QRSRmL! );O@2@! KB! /@@! =012B3K@@/! O6B! 8=0120! 4IEK3! 49D! O6B! O6B2@/72@L! $C1C7/B2!

O9B480C07!5/B!EC4/@!/@@!8=012B!/0EK012B!4C7!/E!0;!@280C8!C!93C8/!4@9B!9DO/@@0C07!l&2BB;!2@!/3LX!

QRSRmL!'DO/@@0C0720!H2B9B!<I!5=B!D9@CE2B/1!8=0120!KBX!0CEI0!/E!@280C8E/0/!9F5!5=B!9B9/1!

8=0120! KB! C0O6B! 4K82B52@4/4<28@2B0/L! \2@! 4/80/4! C1/7! @C33! 4@9B! 123! O9B480C07! 8BC07! 5=B!

O6B2@/720! HK4@! 8/0! /0</44/! 4C0/! C0@2B/8@CE/! 3640C07/B! O6B! /@@! </44/! 93C8/! @;<2B! /E!

(13)

! j!

8904=D20@2B!l&2BB;!2@!/3LX!QRSRmL!M3/B@!KB!/@@!=@E2F83C0720!7IB!D9@!4@6BB2!8904=D20@D/8@!

EC382@! C002HKB! /@@! 12@/3J5/01234O6B2@/720! DI4@2! O98=42B/! <I! 8=012B0/4! H259E! 9F5!

<B2O2B2042B!l&2BB;!2@!/3LX!QRSRmL!+;/!@280C48/!C009E/@C902B!D21!8=0120!C!F20@B=D!89DD2B!

1KBO6B! H3C! /33@! EC8@C7/B2L! *<<48/@@/B! 8=0120! 12! @280C48/! 3640C07/B0/! O6B! 42BECF2! 8/0! KE20!

12@!@9@/3/!C0@B;F82@!/E!<B91=8@20!H3C!D2B!<94C@CE@L!

!

+KB! 20! 8=01! EKB12B/B! 20! <B91=8@! KB! 12@! O32B/! 1CD204C902B! 49D! 4<23/B! C0L! P/8@9B2B! 49D!

<IE2B8/B!5=B!8=012B0/!=<<O/@@/B!EKB12@!/E!20!<B91=8@!KBU!<BC42@X!8E/3C@2@20!<I!<B91=8@20!

9F5!8E/3C@2@20!<I!42BECF20!l]/B/4=B/D/0!p!"B2_/3X!QRRRmL!\2@!=<<O/@@/12!EKB12@!KB!C!4C0!

@=B!20!EC8@C7!O/8@9B!O6B!5=B!39J/3!8=0120!H3CBL!%O@2B49D!12@!KB!B23/@CE@!20823@!/@@!CDC@2B/!<BC4!

9F5! 8E/3C@2@! <I! 20! <B91=8@! H3CB! 8E/3C@2@20! <I! 42BECF20! 2@@! EC8@C7@! 8908=BB204D2123!

l]/B/4=B/D/0!p!"B2_/3X!QRRRmL!P6B!/@@!2@@!O6B2@/7!48/!E/B/!OB/D7I074BC8@!<I!3I07!4C8@!8BKE4!

20!0CEI!<I!42BECF20!49D!KB!6E2B3K7420!/01B/4!l]/B/4=B/D/0!p!"B2_/3X!QRRRmL!

!

M=01204! =<<O/@@0C07! /E! 42BECF28E/3C@2@20! 594! 2@@! O6B2@/7! =@76B4! /E! O32B/! O/8@9B2BL! \244/!

O/8@9B2B! KBo! "%11*:,1%"1%2<&") T,&1%-K%1%"GUQ) 1G<:,$<&") T,&(0+'(%.&'&((UQ) (89&,<&") T-((#,-'3&UQ)

&>0-"%)T&>0-"<GU!9F5! 0/"-21%2<&")T"-'2%K1&(U! l]/B/4=B/D/0! 2@! /3LX! SeeSmL! M%11*:,1%"1%2<&"!

C002HKB!/@@!O6B2@/72@!5I332B!9F5!32E2B2B/B!120!42BECF2!D/0!5/B!=@39E/@L!M=0120!EC33!8K00/!

/@@!O6B2@/72@!7IB!/@@!3C@/!<IL!\2@!KB!KE20!EC8@C7@!/@@!O6B2@/72@!KB!1G<:,"!C0O6B!4C0/!8=012B!9F5!

12B/4!H259EL!%0!/00/0!EC8@C7!O/8@9B!KB!/@@!8=0120!=<<32E2B!/@@!D21/BH2@/B0/!5/B!@C33BKF83C7!

(89&,<&"Q!12@!EC33!4K7/!8=048/<!l]/B/4=B/D/0!2@!/3LX!SeeSmL!\CD204C9020!&>0-"%!C002HKB!/@@!

EC4/! 9D49B7! 9D! 4C0/! 8=012B! 9F5! KB! KE20! 12@! 20! EC8@C7! O/8@9BL! \2@4/DD/! 7K332B! O6B) 0/"-21%2<&"X! 12@! EC33! 4K7/! /@@! O6B2@/72@! 4;04! O;4C48@! 7209D! O/FC3C@2@2B! 9F5! <2B490/3!

l]/B/4=B/D/0! 2@! /3LX! SeeSmL! WE! 1244/! O2D! 1CD204C902B! 594! O6B2@/72@! KB! "%11*:,1%"1%2<&")120!

EC8@C7/4@2!O6B!5=B!8=0120!=<<O/@@/B!42BECF28E/3C@2@20!l]/B/4=B/D/0!2@!/3LX!SeeSmL!!

!

P6B! 2@@! 12@/3J5/01234O6B2@/7! KB! <2B490/320! C! H=@C820! 9O@/4@! 8=01204! OBKD4@/! 890@/8@! D21!

O6B2@/72@L!\KBO6B!H3CB!8=01204!=<<O/@@0C07!/E!H=@C844K3J/B20!H2@;12342O=33!O6B!HC3120!/E!523/!

O6B2@/72@!9F5!E/B=DKB82@L!$C1C7/B2!O9B480C07!5/B!C120@COC2B/@!O2D!/@@BCH=@!594!H=@C844K3J/B2!

49D!KB!4KB48C3@!EC8@C7/!O6B!8=012B0/!lJOB!\/BC/0!2@!/3LX!QRRSmX!42!EIB!4/DD/04@K330C07!C!@/H233!

S!021/0L!

(14)

! h!

!

B;M322!7Q!43!93<!R"HB"5;:B3!;BB8"MEB31!?=:!MEB"H::J2S;83!9K8!HE14381;!

V"",%K#")! N%./&,)-.)-"",%K#"&")<+()K#"%9((81;-,&'!

(24<28@!O6B!8=012B0/!sB24<2F@!O9B!

F=4@9D2Bt!

lSm!D;F82@!B24<28@O=33!G!OIB!8=0120!/@@!

8K00/!4C7!EC8@C7X!lQm!B24<28@O=33X!lTm!

021EKB12B/012!D9@!8=0120!

]B91=8@8=048/<!s<B91=F@!809_32172t! lSm!791!<B91=8@8=048/<X!lQm!1I3C7!

<B91=8@8=048/<!

Y;56B152@!sB24<904CE0244t!! lSm!D;F82@!3;56B1!O6B!8=01204!H259EX!lQm!

7/048/!3;56B1!G!O6B243IB!CH3/01!CF82!

2O@2BOBI7/12!O6B43/7X!lTm!C0@2!3;56B1!G!

/0EK012B!/77B244CE/!O6B4K3J0C074D2@912B!

s5/B1!4233t!!

-K03C752@!sOBC2013C0244t! lSm!D;F82@!EK03C7X!lQm!EK03C7X!lTm!9EK03C7!

$C337K073C752@!s/E/C3/HC3C@;t! lSm!5K34/B!9D2123H/B@!<I!8=0120X!lQm!

5K34/B!C0@2!<I!8=0120!D20!OC004!@C337K073C7!

0KB!8=0120!H256E2B!5JK3<X!lTm!4EIB!/@@!5C@@/!

!

(24<28@!O6B!8=012B0/!KB!12@!EC8@C7/4@2!/@@BCH=@2@!594!20!H=@C844K3J/B2!l\/BC/0!2@!/3LX!QRRSmL!

PB/DO6B/33@!KB!12@!D;F82@!027/@CE@!9D!H=@C844K3J/B20!KB!021EKB12B/012!D9@!8=0120L!+K4@!

EC8@C7/4@2!/@@BCH=@2@!KB!<B91=8@8=048/<L!)/0093C852@20!/@@!8=012B0/!5/013/B!C!20!H=@C8!1KB!

H=@C844K3J/B0/!5/B!791!<B91=8@8=048/<!KB!/E42EKB@!567B2!K0!C!20!H=@C8!1KB!H=@C844K3J/B0/!

5/B! 1I3C7! <B91=8@8=048/<! l\/BC/0! 2@! /3LX! QRRSmL! \KB2O@2B! B/08/4! /@@BCH=@2@! 3;56B152@X! 1KB!

0CEI! lTm! %'"&) 1G<:,$) L) -'.8'$&,) -22,&((%.-) *:,(81;'%'2(>&"+$&,) T<-,$) (&11U! KB! 0K4@/0! 3C8/!

027/@CE@! 49D! 20! 021EKB12B/012! /@@C@;1! 2332B! 1I3C7! <B91=8@8=048/<! l\/BC/0! 2@! /3LX! QRRSmL!

-K03C752@!KB!12@!OJKB12!EC8@C7/4@2!/@@BCH=@2@!l\/BC/0!2@!/3LX!QRRSmL!)8C330/120!D233/0!12!6EB2!

0CEI2B0/! lSm! >G39&") .8'1%2! 9F5! lQm! .8'1%2! KB! 3C@20! D20! 1KB2D9@! KB! 12@! H2@;13C7@! 3K7B2!

4/0093C852@! /@@! 8=012B0/! 5/013/B! C! 20! H=@C8! 1KB! H=@C844K3J/B20! =<<O/@@/4! 49D! +.8'1%2)

(15)

! e!

l\/BC/0!2@!/3LX!QRRSmL!\2@!DC04@!EC8@C7/!/@@BCH=@2@!KB!@C337K073C752@L!M=012B0/!EK3J2B!5233B2!20!

H=@C8!1KB!H=@C844K3J/B20!5K34/B!1CB28@X!D20!48C330/120!@C33!12!3K7B2!0CEI2B0/!KB!C0@2!3C8/!4@9B!

49D!O6B!12!/01B/!/@@BCH=@20!l\/BC/0!2@!/3LX!QRRSmL!M=048/<20!9D!5=B!8=012B!EKB12B/B!93C8/!

/@@BCH=@! 594! H=@C844K3J/B2! KB! EKB12O=33! C0O9BD/@C90! O6B! 5/013/B2! 49D! 8/0! /0</44/! 4C0/!

<2B490/34/@40C07/B! =@COBI0! 120L! $C1C7/B2! O9B480C07! EC4/B! /@@! 8=01204! =<<O/@@0C07! /E!

H=@C844K3J/B20!<IE2B8/B!5=B!06J1!8=0120!KB!2O@2B!86<2@!l\/BC/0!2@!/3LX!QRRSmL!

!!

]2B4903C7!42BECF2!9F5!8=0106J152@!

M=0106J152@! 8/0! H248BCE/4! 49D! 20! 8970C@CE! 9F5! 2D9@C90233! =@EKB12BC07! 49D! 8=0120! 76B!

2O@2B!86<2@!9F5!JKDO6B!D9@!O6BEK0@0C07/B0/L!M=0106J152@!H;772B!/33@4I!<I!12!/0@/7/0120!

8=0120! 76B! C00/0! 86<2@! l:944H2B7! p! )=014@B6DX! QRSSo! c5C! YC0X! QRRTmL! 'D! 8=01204!

O6BEK0@0C07/B!6E2B@BKOO/4!H3CB!8=0120!06J1X!9F5!O63J/8@3C720!H3CB!8=0120!DC4406J1!9D!86<2@!

C0@2! 32E2B! =<<! @C33! O6BEK0@0C07/B0/L! P9B48/B2! C09D! 8=0106J152@49DBI12@! D20/B! /@@!

<2B490/3204!0KBE/B9!C!20!H=@C8!KB!/E76B/012!O6B!5=B!06J1!8=0120!8K002B!4C7!D21!86<2@L!%0!

8=01!49D!8K002B!4C7!EKB12O=33!9F5!5/B!20!B23/@C90!@C33!O6B2@/72@!8K002B!4C7!9F84I!06J1/B2!K0!

E/1! 20! 8=01! =@/0! 20! B23/@C90! @C33! O6B2@/72@! 8K002B! 4C7! l)@9BH/F8/! p! Y25@C020X! QRRRmL! ,! 20!

=012B4680C07!/E!#4@B6D!B2O2B2B/1!C!:944H2B7!9F5!"=4@/E4490!lB21Lm!lQRRhm!O/00!D/0!/@@!

42BE2BC074<2B490/320!<I!B24@/=B/072B!5/B!20!<IE2B8/0!<I!8=01204!=<<32E2342!/E!H24682@L!

%0! 42BEC@6B! 49D! KB! E2BH/3@! /8@CEX! 9/E42@@! 9D! 12002! <B/@/B! 9D! uEK12B! 9F5! EC01r! 2332B! 9D!

D20;0X! 76B! /@@! 7K4@20! 8K002B! 4C7! D2B! =<<DKB84/DD/1L! \244=@9D! <IE2B8/124! 8=01204!

=<<O/@@0C07!/E!5=B!40/HH!9F5!5JK3<4/D!42BEC@6B20!E/BL!:2B!/0DKB80C074EKB@!E/B!/@@!KE20!

H216D0C0720!/E!523/!H24682@!H32E!D2B!<94C@CE@!0KB!42BEC@6B20!<B/@/12!D2B!D21!7K4@20L!!

!

$C1C7/B2!O9B480C07!5/B!EC4/@!/@@!12@!OC004!2@@!<94C@CE@!4/DH/01!D233/0!=<<O/@@/1!8E/3C@2@!C!

42BECF2D6@2@! 9F5! 8=0106J152@! lV/;/_/B1520/! p! P/B233X! QRSSmL! \244=@9D! <IE2B8/B! 120!

=<<O/@@/12! 42BECF28E/3C@2@20! C! D6@2@! D21! H=@C84<2B490/320! 5=B! 8=0120! =<<O/@@/B! 120!

@9@/3/! 8E/3C@2@20! <I! 42BECF20L! ME/3C@2@20! C! D6@2@! D233/0! H=@C844K3J/B20! 9F5! 8=012B0/! KB!

1KBO6B!EC8@C7!O6B!12@/3J5/01230!lV/;/_/B1520/!p!P/B233X!QRSSmL!-/BJ2!/04@K331!5/B!2@@!/04E/B!

/@@! 8E/3C@2@20! C! D6@2@! H3CB! 567! 2O@2B49D! 12@! 8/0! <IE2B8/! 8=01204! 39J/3C@2@! D9@! O6B2@/72@!

lV/;/_/B1520/!p!P/B233X!QRSSmL!!

(16)

! SR!

\2@!OC004!2@@!4@/B8@!4/DH/01!D233/0!8=0106J152@X!39J/3C@2@!9F5!3604/D52@!l./339_233X!Seedo!

.2482@@!2@!/3LX!See[o!:944H2B7!p!)=014@B6DX!QRSSmL!+6J1/!8=012B!H3CB!C!567B2!=@4@BKF80C07!

39J/3/X! HI12! C! /@@C@;1! 9F5! H2@22012! l./339_233X! SeedmL! \2@! C002HKB! /@@! 567! 8E/3C@2@! C!

42BECF2D6@2@! D233/0! H=@C844K3J/B2! 9F5! 8=01! C0@2! H/B/! 5/B! 89B@4C8@C7/! 2OO28@2B! 4I! 49D!

8=0106J152@X!=@/0!KE20!3I074C8@C7/!4I!49D!39J/3C@2@L!P6B!2@@!O6B2@/7!49D!/0EK012B!4C7!/E!<9<!

=<GH=@C82B!C002HKB!12@!20!39J/3C@2@!D9@!E/B=DKB82@!40/B/B2!K0!120!O/8@C48/!H=@C820L!\2@@/!

2O@2B49D!<9<!=<GH=@C82B0/!C!4C0!0/@=B!KB!@C33OK33C7/L!\I!12!1244=@9D!9O@/!O=072B/B!49D!2@@!

89D<32D20@! @C33! /01B/! H=@C82BX! 903C02! 2332B! 9OO3C02X! KB! 12@! 39J/3C@2@20! D9@! O6B2@/72@! 49D!

4I1/0@! 49D! KB! F20@B/3@L! M9<<3C0720! D233/0! 06J1/! 8=012B! 9F5! 39J/3/! 8=012B! KB! 20! EC8@C7!

C04C8@! =B! O6B2@/7428909DC48! 4;0EC0823! 1I! 39J/3/! 8=012B! KE20! KB! 3604/DD/! 8=012B!

l./339_233X!Seedo!.2482@@!2@!/3LX!See[o!:944H2B7!p!)=014@B6DX!QRSSmL!\2@!H2B9B!<I!/@@!39J/3/!

8=012B!5/013/B!D2B!9F5!1KBO6B!72B!20!68/1!EC04@!<I!7B=01!/E!68/1!9D4K@@0C07L!\244=@9D!

H3CB!894@0/12B0/!O6B!/@@!EKBE/!0;/!8=012B!3K7B2L!&2OC0@3C7/!8=012B4!<BC48K043C752@!DC048/B!

9F84I! EC382@! C002HKB! /@@! O6B2@/72@! C0@2! H256E2B! <B244/! <BC42B0/! l./339_233X! SeedmL!

)/DD/0@/72@! C002HKB! 39J/3/! 8=012B! /@@! O6B2@/72@! 8/0! 4K3J/! D2B! @C33! 2@@! 567B2! <BC4X! 9F5!

4/D@C1C7@!43C<</!3K77/!4@9B/!B24=B42B!<I!/@@!/@@B/52B/!0;/!8=012BL!!

!!

]2B4903C7!42BECF2!9F5!0KBD/012!

,! 8=01D6@2@! 5/B! <2B490/320! 20! <IE2B8/0! <I! 8=01204! H2@22012! 7209D! %W\! s2D<39;22!

/OO2F@CE2! 123CE2B;tX! EC382@! H2@;12B! <2B490/3204! /DHC@C90! /@@! =@@B;F8/! 49FC/3@! 2O@2B@B/8@/12!

8K0439B! C! @JK04@2@B/04/8@C902B! lW45O9B@5! p! .=D<5B2;X! SeeTmL! $4/C! 9F5! .=/07! lQRRQm!

=@E2F83/12! @29BC0! 9D! %W\! @C33! /@@! 9DO/@@/! <2B490/3! 9F5! 8=012B! C! H=@C8L! P9B48/B0/!

=012B468@2! 9D! 9F5! 5=B! %W\! <IE2B8/B! 4@KD0C0720! C! H=@C820! 9F5! 1KBC7209D! 8=01204!

H2@22012DK44C7/! /E4C8@2B! sH25/E9BC/3! C0@20@C904tL! &2@22012@! H24@IB! C! 12@@/! O/33! /E! /@@!

8=0120! '8,>-,)(%2! H=@C820! 2332B! "-,)-.("/'$)OBI0! 1204/DD/! l\909E/0! p! (944C@2B! SehQo!

&C@02B!SeeQmL!%@@!68/@!0KBD/012!C002HKB!C!12@@/!4/DD/05/07!/@@!8=0120!4<2012B/B!D2B!

@C1!C!H=@C820L!!

!

"B/120! /E! 0KBD/012! KB! /33@4I! 2@@! /E! 12! H2@220120! 49D! <IE2B8/4! /E! %W\L! "B/120! /E!

0KBD/012!594!8=0120!8/0!O6BK01B/4!/E!%W\!/0@C0720!C01CB28@!2332B!1CB28@!l$4/C!p!.=/07X!

(17)

! SS!

QRRQmL! '3C8/! 8=012B! <IE2B8/4! <I! 93C8/! 4K@@L! \20! C01CB28@/! <IE2B8/0! 482B! 7209D! /@@! %W\!

68/B! 8=01204! <94C@CE/! 4C00244@KD0C07! 9F5! 120! <94C@CE/! 4C00244@KD0C0720! 3212B! @C33! /@@!

8=0120!4<2012B/B!D2B!@C1!C!H=@C820!l$4/C!p!.=/07X!QRRQo!\909E/0!2@!/3LX!See[mL!%0!8=01!

49D! @BCE4! B2/72B/B! /33@4I! 7209D! 20! 68/1! 7B/1! /E! 0KBD/012L! \CB28@! <IE2B8/B! %W\! @C120!

8=0120!4<2012B/B!C!H=@C820!7209D!/@@!8=0120!8K002B!4C7!48;31C7!720@2D9@!H=@C844K3J/B20!

/@@!I@2B7K31/!120024!/04@BK070C07!l$4/C!p!.=/07X!QRRQmL!)82B!C0@2!I@2B7K310C0720!7209D!

2@@!86<!4I!4@/00/B!8=0120!C4@K332@!3K07B2!@C1!C!H=@C820L!!

!

M=012B!49D!4<2012B/B!3K07B2!@C1!C!H=@C820!<I!7B=01!/E!20!68/1!7B/1!/E!0KBD/012!8/0!321/!

@C33!O32B/!O6B123/B!O6B!O6B2@/72@!l$4/C!p!.=/07X!QRRQmL!+KB!8=012B!4@/00/B!8E/B!20!3K07B2!@C1!C!

H=@C820!5C002B!12!OI!D2B!<B91=8@C0O9BD/@C90!EC382@!8/0!48/</!0;/!86<H259E!l]/B8X!qC;2BX!

p! )DC@5X! SehemL! fE20! 9D! 8=0120! C0@2! 86<2B! 0I79@! 1CB28@! 8/0! 2OO28@20! O6B! O6B2@/72@! H3C!

<94C@CE! 1I! 8=01204! /E4C8@2B! /@@! H2468/! H=@C820! C720! 4@KB84! l$4/C! p! .=/07X! QRRQmL! %W\!

s2D<39;22! /OO2F@CE2! 123CE2B;t! 8/0! KE20! 1CB28@! <IE2B8/! 8=01204! EC3J/! /@@! I@2BEK01/! @C33!

H=@C820!9F5!B289DD2012B/!120!@C33!/01B/!l$4/C!p!.=/07X!QRRQmL!)/DD/0@/72@!C002HKB!12@!

/@@! O6B123/B0/! KB! HI12! 89B@4C8@C7/! 9F5! 3I074C8@C7/L! P6B! 20! <9<! =<GH=@C8! KB! OB/DO6B/33@! 12!

89B@4C8@C7/! 2OO28@2B0/! C0@B244/0@/X! EC382@! C002HKB! /@@! 12@! =<<4@IB! 0;/! 86<H259E! C! H=@C820!

49D! O63J1! /E! /@@! 8=0120! 4@/00/B! 20! 3K07B2! @C1L! %O@2B49D! <9<! =<GH=@C82B! KB! @C33OK33C7/! KB!

8=01204! /E4C8@! /@@! /"&,.8'$-! @C33! H=@C820! C0@2! 3C8/! H2@;12342O=33! C! 12@@/! 4/DD/05/07L! 'D!

1200/!2OO28@!C002HKB!/@@!8=0120!4682B!=<<!O6B2@/72@!7209D!/01B/!8/0/32B!8/0!19F8!KE20!

120!3I074C8@C7/!/E4C8@20!/@@!I@2B89DD/!E/B/!EC8@C7!O6B!O6B2@/7!D21!<9<!=<GH=@C82BL!!

!

)/DD/0O/@@0C07!/E!B2O2B204B/D!

P6B!/@@!4/DD/0O/@@/!B2O2B204B/D20!5/B!EC!48/</@!20!D91233!49D!<B2420@2B/4!C!OC7=B!SL!#8/1!

0CEI! /E! 120! <2B4903C7/! 42BECF20! /0@/4! 321/! @C33! 2OO28@2B! <I! HI12! /@@C@;1! 9F5! H2@22012! 594!

8=0120L! %0! 567B2! 0CEI! /E! <2B4903C7! 42BECF2! H6B! 321/! @C33! 20! 68/1! 8=0106J152@X! 2O@2B49D!

8=012B!49D!8K002B!4C7!EKB12O=33/!9F5!5/B!20!B23/@C90!@C33!O6B2@/72@!KB!D2B!06J1/!l)@9BH/F8/!

p! Y25@C020X! QRRRmL! \2@! OC004! 2@@! 4/DH/01! D233/0! 8E/3C@2@20! C! 42BECF2D6@2@! 9F5! 5=B! 06J1!

8=0120!KB!D21!86<2@!lV/;/_/B1520/!p!P/B233X!QRSSmL!'D!8=0120!=<<32E2B!/@@!8E/3C@2@20!<I!

120!<2B4903C7/!42BECF20!KB!567!3212B!12@!@C33!567B2!8=0106J152@L!!!

(18)

! SQ!

!

%0!68/1!0CEI!<I!120!<2B4903C7/!42BECF20!H6B!KE20!<IE2B8/!7B/120!/E!0KBD/012L!+KBD/012!

/E42B!C!12@!5KB!4/DD/05/072@!@C120!8=0120!O;4C48@!4@/00/B!C!H=@C820!l$4/C!p!.=/07X!QRRQmL!

#8/1! 4<2012B/1! @C1! C! H=@C820! 8/0! 321/! @C33! 68/1! O6B4K3J0C07! 9F5! O6BHK@@B/12! /@@C@;12B! D9@!

H=@C820!l]/B8X!qC;2BX!p!)DC@5X!Seheo!$4/C!p!.=/07X!QRRQmL!%W\X!H=@C844K3J/B204!=@@B;F8!/E!

49FC/3@! 2O@2B@B/8@/12! 8K0439BX! H6B! 68/! 0KB! 8E/3C@2@20! <I! 120! <2B4903C7/! 42BECF20! 68/BL! \2!

O2D! /@@BCH=@20! 49D! KB! EC8@C7/! 594! 20! H=@C844K3J/B2U! B24<28@! O6B! 8=0120X! <B91=8@8=048/<X!

3;56B152@X! EK03C752@! 9F5! @C337K073C752@! @/B! 4C7! 0KD3C720! =@@B;F8! C! 49FC/3@! 2O@2B@B/8@/12!

8K0439BL!\I!%W\!68/B!7B/120!/E!0KBD/012!203C7@!$4/C!9F5!.=/07!lQRRQm!H6B!20!68/1!0CEI!

/E! 120! <2B4903C7/! 42BECF20! 68/! @C120! 8=0120! 4<2012B/B! C! H=@C820L! \2@! 8/0! 49D! @C1C7/B2!

H248BCEC@4! 482! 1CB28@! 7209D! /@@! 8=0120! 8K002B! 48=31! D9@! H=@C844K3J/B20! 2332B! C01CB28@!

7209D!/@@!8=0120!@BCE4!HK@@B2L!-C!5/B!I48I13C77J9B@!4@=1C204!O6B83/BC074D91233!9F5!1244!@EI!

/0@/7/0120!C!OC7=B!S!021/0L!!

!

W0@/7/012!SU!J&')0&,(+'1%2-)(&,.%3&')0/.&,9-,)9#'$':;$<&"&'4!

W0@/7/012!QU!J&')0&,(+'1%2-)(&,.%3&')0/.&,9-,)2,-$&')-.)'8,>-'$&4!

!

! 9"5E8!7Q!:BE4"31:!9K8H2;8"15:<=43226!

!

(19)

! ST!

'<2B/@C90/3C42BC07!

%0! O6B=@4K@@0C07! O6B! /@@! 7209DO6B/! =012B4680C0720! KB! /@@! 9<2B/@C90/3C42B/! H27B2<<20! C!

B2O2B204B/D20!4I!/@@!1244/!H3CB!DK@H/B/L!\KB2O@2B!8/0!EC!O9BD=32B/!4@=1C204!42A!5;<9@242BL!!

!

!"#$%&'()$&*%'%"%+'&,)-.)'%./&,)-.)0&,(+'1%2)(&,.%3&)

,! EIB! 4@=1C2! EC33! EC! =012B468/! 5=B! 93C8/! 0CEI2B! /E! <2B4903C7! 42BECF2! <IE2B8/B! 8=01204!

/@@C@;12B!C!O9BD!/E!8=01204!06J152@!2O@2B!86<2@!B24<28@CE2!8=01204!H2@22012!C!O9BD!/E!120!

@C1!8=0120!4@/00/B!C!H=@C820L!P6B!/@@!8=00/!76B/!20!JKDO6B2342!D233/0!12!@B2!7B=<<2B0/!C!

2A<2BCD20@2@!DI4@2!@B2!0CEI2B!/E!<2B4903C7!42BECF2!12OC0C2B/4L!fE20!@C1C7/B2!O9B480C07!5/B!

/0EK0@! 4C7! /E! 20! =<<1230C07! /E! 42BECF2! C! 0CEI2BL! %@@! 2A2D<23! KB! 120! @C1C7/B2! 0KD01/!

=012B4680C0720!/E!#4@B6D!B2O2B2B/1!C!:944H2B7!9F5!"=4@/E4490!lB21Lm!lQRRhm!49D!EC4/12!

5=B!42BE2BC074<2B490/3!<I!B24@/=B/072B!<IE2B8/B!8=01204!=<<32E2342L!-C!5/B!=@7I@@!OBI0!12!

O2D! /@@BCH=@! 594! H=@C844K3J/B2! 49D! KB! EC8@C7/! O6B! 8=012B0/U! B24<28@! O6B! 8=012B0/X!

<B91=8@8=048/<X! 3;56B152@X! EK03C752@! 9F5! @C337K073C752@! l\/BC/0! 2@! /3LX! QRRSmL! %O@2B49D!

/@@BCH=@20X!49D!OC004!H248BCE0/!C!@/H233!SX!KB!=<<123/12!C!@B2!0CEI2B!5/B!EC!7J9B@!12@4/DD/!C!

EIB!4@=1C2L!\I!EC!EC33!5/!20!7B=<<!523@!=@/0!<2B4903C7!42BECF2!/0EK012B!EC!944!C0@2!/E!120!

3K74@/! 0CEI0! /E! E/BJ2! /@@BCH=@L! \244=@9D! KB! 120! 3K74@/! 0CEI0! 9O@/! 12OC0C2B/1! 49D! 027/@CEX!

2A2D<23EC4! 20! 0213I@/012! /@@C@;1X! EC382@! 80/<</4@! 0I790! E2B84/D52@! 2O@2B4@BKE/BL! -C! 5/B!

EC1/B2!E/3@!/@@!H9B@42!OBI0!/@@BCH=@2@!<B91=8@8=048/<!2O@2B49D!12@!H/B/!OC004!@EI!0CEI2B!/E!

12@! /@@BCH=@2@U! lSm! 791! <B91=8@8=048/<! 9F5! lQm! 1I3C7! <B91=8@8=048/<L! \I! lQm! 1I3C7!

<B91=8@8=048/<!KB!2@@!027/@CE@!/@@BCH=@!8/0!EC!C0@2!/0EK01/!12@!C!0I790!/E!4@=1C204!0CEI2B!

/E! <2B4903C7! 42BECF2L! \2! @B2! 0CEI2B0/! O6B! <2B4903C7! 42BECF2! 12OC0C2B/4! C! 1200/! 4@=1C2! <I!

O63J/012!4K@@U!

!

SL .67! 0CEI! /E! <2B4903C7! 42BECF2L! \200/! 0CEI! H;772B! <I! 0CEI! S! /E! O63J/012! /@@BCH=@U!

B24<28@! O6B! 8=012B0/X! 3;56B152@X! EK03C752@! 9F5! @C337K073C752@L! &=@C844K3J/B20! KB!

O63J/8@3C720! D;F82@! B24<28@O=33! D9@! 8=0120X! D;F82@! EK03C7! 9F5! 3;56B1L!

&=@C844K3J/B20!5K34/B!KE20!9D2123H/B@!<I!8=0120L!!

QL :21230CEI!/E!<2B4903C7!42BECF2L!\200/!0CEI!I@2B4<273/B!20!D21230CEI!/E!42BECF2!9F5!

=@7IB!OBI0!0CEI!Q!O6B!12!O;B/!/@@BCH=@20L!\2@!C002HKB!/@@!H=@C844K3J/B20!KB!B24<28@O=33!

(20)

! S[!

D9@!8=0120X!EK03C7!9F5!7/048/!3;56B1!D20!O6B243IB!CH3/01!CF82!2O@2BOBI7/12!E/B9BL!

&=@C844K3J/B20!5K34/B!C0@2!<I!8=0120!D20!OC004!@C337K073C7!9D!8=0120!H256E2B!5JK3<L!

TL ,0720! <2B4903C7! 42BECF2L! ,! 120! 5KB! 0CEI0! OC004! C0720! <2B490/3! C! H=@C820X! 8=0120!

7209DO6B!4C@@!86<!4JK3EL!

!

\20!<B/8@C48/!@C33KD<0C0720!/E!12!@B2!0CEI2B0/!/E!<2B4903C7!42BECF2!C!2A<2BCD20@2@!OC004!

H248BCE2@!C!HC3/7/!SL!

!

78"'%'2)-.)9#'$':;$<&")

P6B! E/BJ2! 0CEI! /E! <2B4903C7! 42BECF2! EC33! EC! =012B468/! 5=B! 8=0106J152@20! <IE2B8/4L!

M=0106J152@!DK@4!D21!5JK3<!/E!@B2!E/BC/H32BU!lSm!/33DK0!06J152@X!lQm!06J152@!C!O6B5I33/012!

@C33!O6BEK0@0C07/B!9F5!lTm!06J152@!C!O6B5I33/012!@C33!20!C12/3!H=@C8!lP9B0233X!SeeQmL!-C!/0EK012!

12!@B2!E/BC/H32B0/!O6B!/@@!O9BD=32B/!@B2!OBI79B!EC38/!C07CF8!C!EIB!208K@U!

SL .=B!06J1!KB!1=!6E2B3/7!D21!<9<!=<GH=@C820>!

QL ,!EC3820!=@4@BKF80C07!D9@4E/B/B!<9<!=<GH=@C820!1C0/!O6BEK0@0C07/B>!

TL .=B!EK3!JKDO6B!4C7!<9<G=<!H=@C820!D21!120!C12/3/!<9<!=<GH=@C820>!

!

\244/!OBI79B!KB!/0</44/12!@C33!EIB!4@=1C2!=@COBI0!12!4@/01/B1C42B/12!OBI79B!49D!/0EK014!/E!

)E2048@!ME/3C@2@4C012A!l)M,m!9F5!WD2BCF/0!c=4@9D2B!)/@C4O/F@C90!,012A!lWc),m!lP9B0233!2@!

/3LX!SeedmL!PBI79B0/!KB!20!123!/E!12!=012B4680C07/B!49D!)M,!9F5!Wc),!7209DO6B!9F5!49D!

KE20!H24@IB!/E!OBI79B!49D!H23;42B!8=01204!O6BEK0@0C07/BX!=<<32E1!8E/3C@2@X!=<<32E@!EKB12X!

83/79DI3!9F5!39J/3C@2@L!]I!7B=01!/E!4@=1C204!=@O9BD0C07!D21!2@@!2A<2BCD20@!5/B!EC!E/3@!/@@!

O98=42B/! <I! 8=0106J152@20L! #EBC7/! O/8@9B2B! KB! 4EIB/! /@@! DK@/! C! 20! /B@COCFC233! DC3J6L!

M=012B0/!EKB12B/B!<I4@I20120/!<I!20!SRG7B/1C7!48/3/!9F5!8=0106J152@20!H2BK80/4!7209D!

2@@!EC8@/@!D2123EKB12!lP9B0233!2@!/3LX!SeedmL!-C8@2B0/X!12@!EC33!4K7/!5=B!E/BJ2!OBI7/!EKB12B/4!C!

O6B5I33/012! @C33! 12! /01B/X! E/BC2B/B! OBI0! HB/04F5! @C33! HB/04F5! O6B! /@@! HK4@! I@2B4<273/!

89<<3C0720! @C33! 8=012B0/4! 39J/3C@2@! C! J=4@! 120! HB/04F520! lP9B0233! 2@! /3LX! SeedmL! \2@! KB!

=012B4680C0749B7/0C4/@C902B0/X!2A2D<23EC4!)M,!9F5!Wc),X!49D!H24@KDD2B!EC8@2B0/!C!4C0/!

=012B4680C07/B!=@COBI0!12B/4!4/D3/12!89D<2@204!9F5!2BO/B2052@L!%O@2B49D!12@!KB!C0@2!KB!

9OOCFC233/!=<<7CO@2B!5/B!EC!C0@2!D6J3C752@!/@@!=@7I!OBI0!1244/L!,!1200/!4@=1C2!89DD2B!/33/!@B2!

(21)

! Sg!

E/BC/H32B! 5/! 4/DD/! EC8@! EC1! H2BK80C07! /E! 8=0106J152@20L! \2@! C002HKB! /@@! EC! H2BK80/B!

D2123EKB12@! O6B! 12! @B2! OBI79B0/! =@/0! /@@! 0I790! /E! OBI79B0/! OIB! 20! 4@6BB2! H2@;12342! K0!

0I790!/00/0L!

!

78"'%'2)-.)'8,>-'$&))

P6B!/@@!=012B468/!5=B!7B/120!/E!0KBD/012!<IE2B8/4!/E!0CEI0!/E!<2B4903C7!42BECF2!5/B!EC!

O6B4@!12OC0C2B/@!EC3820!2OO28@!/E!%W\!s2D<39;22!/OO2F@CE2!123CE2B;t!EC!=012B4682BL!\I!EC!C!EIB!

4@=1C2! 5/B! =@7I@@! OBI0! /@@! 123@/7/B0/! 48/! 86</! 20! <B91=8@X! O6B! /@@! EC! 48/! 5/! D6J3C752@! /@@!

=012B468/!5=B!0CEI0!/E!<2B4903C7!42BECF2!=012B3K@@/B!O6B!8=0120!/@@!5/0@2B/!86<2@X!H3CB!120!

1CB28@/! 2OO28@20! C0@2! /8@=233L! \2@@/! 1I! 120! 1CB28@/! 2OO28@20! C002HKB! /@@! 8=0120!

89D<2042B/B! 2@@! =@2H3CE2@! 86<! 7209D! /@@! 4<2012B/! 3K07B2! @C1! C! H=@C820! O6B! /@@! I@2B7K31/!

H=@C844K3J/B204!2D9@C90233/!/04@BK070C07!l$4/C!p!.=/07X!QRRQmL!\20!C01CB28@/!2OO28@20X!12@!

EC33! 4K7/! /@@! %W\! 48/</B! 20! <94C@CE! 4C00244@KD0C07! 49D! 1KBC7209D! 3212B! @C33! /@@! 8=0120!

4@/00/B! 3K07B2! C! H=@C820X! KB! 4I32124! 120! 2OO28@! EC! EK3J2B! /@@! 4@=12B/L! "B/120! /E! 0KBD/012!

DK@4! C! @C1C7/B2! O9B480C07! 49D! @C120! 20! 8=01! 4<2012B/B! C! 20! H=@C8! l$4/C! p! .=/07X! QRRQo!

\909E/0!2@!/3LX!See[mL!\KBO6B!5/B!EC!E/3@!/@@!/0EK01/!944!/E!@C1!49D!DI@@!KE20!C!EIB!4@=1C2L!

%0!D2B!C07I2012!H248BCE0C07!/E!5=B!DK@0C0720!5/B!7I@@!@C33!OC004!C!D2@918/<C@32@L!!

!

.;<9@242B!

-C!5/B!0=!12OC0C2B/@!0CEI2B0/!/E!<2B4903C7!42BECF2!C!4@=1C20!9F5!EC38/!DI@@!49D!89DD2B!/@@!

/0EK01/4! O6B! /@@! DK@/! 8=0106J152@! 9F5! 7B/120! /E! 0KBD/012L! \KBD21! 8/0! EC! 4K@@/! =<<!

4@=1C204! 5;<9@242BL! \244/! =@7IB! OBI0! 12! @EI! O9B480C074OBI79B! 49D! <B2420@2B/124! C!

C03210C0720L!P6B!/@@!EC!48/!8=00/!/0/3;42B/!5;<9@242B0/!/0EK012B!EC!944!/E!09335;<9@242B!

49D! H248BCE2B! 12@! @9@/3@! D9@4/@@/! O6B5I33/012@! lJOB! (=1H2B7X! SeeTmL! 'D! 09335;<9@2420!

O6B8/4@/4! 8/0! EC! /FF2<@2B/! 5;<9@2420! l(=1H2B7X! SeeTmL! )9D! @C1C7/B2! H248BCEC@4! EC4/B!

@C1C7/B2!O9B480C07!/@@!20!68/1!0CEI!/E!<2B4903C7!42BECF2!3212B!@C33!20!68/1!8=0106J152@!lJOB!

V/;/_/B1520/! p! P/B233X! QRSSo! )@9BH/F8/! p! Y25@C020X! QRRRmL! \KBO6B! =@7IB! EIB/! 5;<9@242B!

OBI0!/@@!20!7B=<<!D21!20!567B2!0CEI!/E!<2B4903C7!42BECF2!89DD2B!5/!20!567B2!8=0106J152@!

(22)

! Sd!

K0! 20! 7B=<<! D21! 3K7B2! 0CEI! /E! <2B4903C7! 42BECF2L! .;<9@242B0/! O6B! O6B5I33/0120/! D233/0!

2A<2BCD20@7B=<<2B0/!/E422012!8=0106J152@!<B2420@2B/4!021/0U!

!

.;<9@24! SUSU! 2,#00) 5) D<:2) '%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) <:2,&) 9#'$':;$<&") 8') 2,#00) A) D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E4!!

+9335;<9@24! SUSU! 2,#00) 5) D<:2) '%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) %'"&) <:2,&) 9#'$':;$<&") 8') 2,#00)A)D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E4!!

!

.;<9@24! SUQU! 2,#00) 5) D<:2) '%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) <:2,&) 9#'$':;$<&") 8') 2,#00) 6) D%'2&')0&,(+'1%2)(&,.%3&E4)!

+9335;<9@24! SUQU! 2,#00) 5) D<:2) '%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) %'"&) <:2,&) 9#'$':;$<&") 8') 2,#00)6)D%'2&')0&,(+'1%2)(&,.%3&E4)!

!

.;<9@24! SUTU! 2,#00) A) D>&$&1'%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) <:2,&) 9#'$':;$<&") 8') 2,#00) 6) D%'2&')0&,(+'1%2)(&,.%3&E4)!

+9335;<9@24! SUTU! 2,#00) A) D>&$&1'%./) -.) 0&,(+'1%2) (&,.%3&E) <-,) %'"&) <:2,&) 9#'$':;$<&") 8') 2,#00)6)D%'2&')0&,(+'1%2)(&,.%3&E4)!

!

%0! 567B2! 0CEI! /E! <2B4903C7! 42BECF2! 48/! 203C7@! @C1C7/B2! O9B480C07! KE20! 68/! 7B/120! /E!

0KBD/012! l$4/C! p! .=/07X! QRRQo! \909E/0! 2@! /3LX! See[mL! \2@@/! 2O@2B49D! %W\! s2D<39;22!

/OO2F@CE2!123CE2B;t!68/B!C!12!68/012!0CEI2B0/!/E!<2B4903C7!42BECF2L!,!120!3K74@/!0CEI0X!C0720!

<2B4903C7! 42BECF2X! OC004! 52332B! C0720! %W\L! ,! 0CEI! @EI! KB! 120! <2B4903C7/! 42BECF20! <I! 20!

D21230CEI!9F5!1KBD21!KB!KE20!%W\!<I!D21230CEIL!,!120!5674@/!0CEI0!/E!<2B4903C7!42BECF2!

68/B!O63J/8@3C720!9F84I!%W\L!%0!68/012!0CEI!/E!%W\!68/B!/33@4I!7B/120!/E!0KBD/012L!\2@!

C002HKB! /@@! EC! O9BD=32B/B! EIB/! 5;<9@242B! =@COBI0! /@@! 20! 7B=<<! D21! 20! 567B2! 0CEI! /E!

<2B4903C7! 42BECF2! H6B! 5/! 20! 567B2! 7B/1! /E! 0KBD/012X! K0! 20! 7B=<<! D21! 3K7B2! 0CEI! /E!

<2B4903C7! 42BECF2L! +21/0! O63J2B! 20! 12OC0C@C90! /E! 5;<9@242B0/! 49D! H248BCE2B! O6B5I33/012@!

D233/0!<2B4903C7!42BECF2!9F5!7B/120!/E!0KBD/012U!

!

.;<9@24!QUSU)2,#00)5)D<:2)'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)<:2,&)2,-$)-.)'8,>-'$&)8')2,#00)A) D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E4)!

(23)

! Sj!

+9335;<9@24!QUSU)2,#00)5)D<:2)'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)%'"&)<:2,&)2,-$)-.)'8,>-'$&)8') 2,#00)A)D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E4)!

!

.;<9@24!QUQU!2,#00)5)D<:2)'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)<:2,&)2,-$)-.)'8,>-'$&)8')2,#00)6) D%'2&')0&,(+'1%2)(&,.%3&E4)!

+9335;<9@24!QUQU!2,#00)5)D<:2)'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)%'"&)<:2,&)2,-$)-.)'8,>-'$&)8') 2,#00)6)D%'2&')0&,(+'1%2)(&,.%3&E4)!

!

.;<9@24!QUTU!2,#00)A)D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)<:2,&)2,-$)-.)'8,>-'$&)8')2,#00) 6)D%'2&')0&,(+'1%2)(&,.%3&E4)!

+9335;<9@24!QUTU!2,#00)A)D>&$&1'%./)-.)0&,(+'1%2)(&,.%3&E)<-,)%'"&)<:2,&)2,-$)-.)'8,>-'$&) 8')2,#00)6)D%'2&')0&,(+'1%2)(&,.%3&E4)!

!

P6B!/@@!I48I13C776B/!5;<9@242B0/!5/B!EC!48/</@!20!D91233!49D!C33=4@B2B/4!C!OC7=B!Q!021/0L!

! 9"5E8!FQ!<=4322!KR38!:BE4"31:!?@A=B3:38!

!

(24)

! Sh!

:2@91!

W)9-0%"1&")>&"+$)K&(9,%.()<#,).%)2/"")"%11).82-)*:,)-"")#'$&,(:9-)("#$%&'()<G0+"&(&,4)7&"+$&')

*:,91-,-,) #"*:,1%2") <#,) -,K&"&") <-,) 2&'+>*:,"() #'$&,) <&1-) 0,+3&((&'4) @:,(") K&(9,%.() +3<)

>+"%.&,-()#00(-"(&'()#'$&,(:9'%'2(-'(-"()+3<)$&')$&(%2')("#$%&')<-,)#"2/"")*,/'4)J8,&*"&,) K&(9,%.() F::9() F8("(0+,") VX) (+>) 8,) *:,&"-2&") .%) <-,) (->-,K&"-") >&$4) @:,("#$%&') #'$&,)

@-1("&,K+) F+,(&) !<+O) (+>) 1%22&,) "%11) 2,#'$) *:,) 8>'&(.-1&") 0,&(&'"&,-(4) J8,&*"&,) K&(9,%.()

&S0&,%>&'"&") +3<) $&(() #"*+,>'%'24) R%) *:,91-,-,) 8.&') <#,) +3<) .-,*:,) .%) -'.8'$&) +(() -.) &')

&'98")%)("#$%&'4)R%$-,&)$%(9#"&,-,).%)<#,)98119,%"%9Q).-1%$%"&")+3<),&1%-K%1%"&")<-,)"%118>0-"()+3<)

>8""(4) ) V.(1#"'%'2(.%() K&(9,%.() <#,) .%) <-,) K&-,K&"-") $-"-) *,/') #'$&,(:9'%'2&') %) !Y!!) (->") .%19-)-'-1G(>&"+$&,)(+>)<-,)-'.8'"(4))

!

*012B4680C074/04/@4!

\20!7B=013K77/012!=012B4680C074/04/@420!H24@KD12!EC!944!O6B!C!H6BJ/0!/E!/BH2@2@!1I!120!

7209D4;B/B! 523/! 4@=1C20L! %O@2B49D! EC! EC332! =@68/! 8=048/<20! C09D! 9DBI12@! <2B4903C7!

42BECF2!C!<9<!=<GH=@C82B!D21!2@@!2A<2BCD20@!4@;B12!12@!E/32@!/E!=012B4680C074/04/@4L!\I!EC!

E/312!/@@!=@O9BD/!2A<2BCD20@2@!9F5!208K@20!=@COBI0!@C1C7/B2!O9B480C07!9F5!H2OC0@3C7/!@29BC2B!

5/12!EC!20!121=8@CE!/04/@4L!\2@!C002HKB!/@@!D/0!49D!O9B48/B2!4K@@2B!=<<!5;<9@242B!=@COBI0!

H2OC0@3C7!@29BC!9F5!@24@/B!1244/!C!<B/8@C820!l&B;D/0!p!&233X!QRSTmL!%0!C01=8@CE!/04/@4!5/12!

9F84I! 8=00/@! E/B/! C0@B244/0@! O6B! /@@! 5C@@/! 0;/! C0O/334EC083/B! <I! <B9H32D2@L! \20! C01=8@CE/!

D2@9120!C002HKB!/@@!O9B48/B20!5/B!2@@!=@O9B48/012!/BH2@44K@@!9F5!<I!4I!EC44!8/0!=<<@KF8/!

0;/!O209D20!l&B;D/0!p!&233X!QRSTmL!\9F8!6E2BEK712!O6B123/B0/!D21!20!121=8@CE!/04/@4!1I!

12@!7/E!944!D6J3C752@!/@@!=@O9BD/!2@@!2A<2BCD20@!=@COBI0!@C1C7/B2!O9B480C07!9F5!OI!DK@H/B/!

B24=3@/@L!!

!

WBH2@2@!D21!=<<4/@420!4@/B@/12!D21!20!3C@@2B/@=B7209D7I07!C09D!KD02@!<2B4903C7!42BECF2L!

\2@@/!O6B!/@@!OI!C04;0!C!9DBI12@!9F5!120!O9B480C07!49D!@C1C7/B2!7J9B@4L!\244=@9D!468@2!EC!

C0O9BD/@C90! 9D! 8=0106J152@! 49D! H27B2<<L! -C! EC332! =012B468/! EC38/! O/8@9B2B! 49D! 8/0!

<IE2B8/!8=0106J152@20L!\244=@9D!E/B!DK@D2@912B0/!/E!8=0106J152@!C!@C1C7/B2!O9B480C07!

C0@B244/0@/! 1I! EC! EC332! 7209DO6B/! 20! 4I1/0! DK@0C07! C! EIB! 4@=1C2L! )/D@C1C7@! 7J9B124! 20!

3C80/012! 7209D7I07! /E! 3C@@2B/@=B20! C09D! 8=012B4! H2@22012! 9F5! OB/DO6B/33@! H2@22012@!

(25)

! Se!

0KBD/012L! fE20! 5KB! EC332! EC! @/! B21/! <I! 9B4/844/DH/01! 9F5! DK@D2@912BL!

)/DD/04@K330C0720! /E! @29BC2B! 9F5! @C1C7/B2! O9B480C07! =@76B! 4@=1C204! 428=01KB1/@/L! :21!

=@7I074<=08@!C!B2O2B204B/D20!O9BD=32B/124!421/0!4@=1C204!42A!5;<9@242BL!!

!

*012B4680C074124C70!

-/32@!/E!=012B4680C074124C70!KB!7B=0120!@C33!5=B!D/0!4E/B/B!<I!5;<9@242B0/L!\2@!OC004!O2D!

93C8/! D2@912B! 203C7@! &B;D/0! 9F5! &233! lQRSTm! /@@! EK3J/! D233/0! 0KB! D/0! EK3J2B! D2@91U!

2A<2BCD20@233! 124C70X! 4=BE2;4@=1C2BX! 3907C@=1C0233/! =012B4680C07/BX! O/334@=1C2B! 9F5!

89D</B/@CE/!4@=1C2BL!-C!E/312!20!2A<2BCD20@233!=012B4680C074124C70!<I!7B=01!/E!/@@!12@!KB!

2@@! HB/! 4K@@! /@@! 8=00/! =012B468/! 5=B! 120! <2B4903C7/! 42BECF20! <IE2B8/B! 123@/7/B0/X! 1I! EC!

20823@! 8=012! 4@;B/! E/1! 49D! 5K012! C! 2A<2BCD20@2@L! "209D! D6J3C752@20! /@@! 4@;B/!

2A<2BCD20@2@!OIB!EC!2@@!D2B!2A/8@!4E/B!<I!EIB/!O9B480C074OBI79BL!$C1C7/B2!O9B480C07!KB!49D!

@C1C7/B2!0KD0@4!@C33!4@9B!123!H/42B/1!<I!208K@2BL!-C!H216D2B!1KBO6B!/@@!EIB!4@=1C2!8/0!HC1B/!

D21! 0;! 8=048/<! C09D! 9DBI12@! <2B4903C7! 42BECF2! C! <9<! =<GH=@C82B! D21! 2G5/0123L!

%A<2BCD20@! E/B! 2@@! 4K@@! /@@! @24@/! 9D! EIB/! 5;<9@242B! 49D! H/42B/4! <I! B2O2B204B/D20!

4@KDD2B!6E2B204!D21!B24=3@/@20!C!4@=1C20L!!

!!

:21!2A<2BCD20@233!124C70!D20/4!/@@!D/0!43=D<EC4!72B!2@@!/0@/3!123@/7/B2!93C8/!4F20/BC2BX!

9F5!421/0!9H42BE2B/B!D/0!9F5!1B/B!43=@4/@42B!/E!12B/4!H2@22012!l&B;D/0!p!&233X!QRSTmL!

'H42BE/@C9020! /E! 123@/7/B0/4! H2@22012! C! 2A<2BCD20@2@! H24@91! /E! /@@! EC! DK@@2! @C120! 12!

4<2012B/12!C!H=@C820!O6B!/@@!DK@/!H2@22012@!0KBD/012L!-C!H/1!12D!KE20!/@@!4E/B/!<I!20!

208K@! 1CB28@! 2O@2B! 2A<2BCD20@2@! D21! OBI79B! 49D! 5JK3<@2! 944! /@@! DK@/! 12B/4! /@@C@;12BL!

\KBD21! 8=012! EC! @/! OB/D! EKB120! <I! 8=0106J152@20! C! 12! 93C8/! 7B=<<2B0/L! $C1C7/B2!

O9B480C07! 5/B! EC4/@! /@@! 2A<2BCD20@! KB! 20! HB/! =012B4680C074@280C8! 1I! 120! 9O@/! 5/B! 567!

E/3C1C@2@L!\2@@/!2O@2B49D!12@!7IB!/@@!4@;B/!EC38/!E/BC/H32B!D/0!EK3J2B!/@@!=012B468/!7209D!

/@@! 5I33/! /33@! /00/@! 3C8/L! %O@2B49D! EC! E/312! /@@! =012B468/! H24@KD1/! 0CEI2B! /E! <2B4903C7!

42BECF2! =@COBI0! B2O2B204B/D20! KB! 2A<2BCD20@! 1KBO6B! 3KD<3C7@L! \244=@9D! =012B3K@@/B! 20!

2A<2BCD20@233!124C70!D6J3C752@20!/@@!C120@COC2B/!2@@!8/=4/3@!4/DH/01!D233/0!@EI!2332B!O32B/!

E/BC/H32B! lc5BC4@20420! 2@! /3L! QRRSmL! \I! EC! C! 1200/! 4@=1C2! EC33! @/! B21/! <I! 9D! 12@! OC004! 2@@!

4/DH/01! D233/0! 0CEI0! /E! <2B4903C7! 42BECF2! 9F5! 7B/120! /E! 0KBD/012! B24<28@CE2!

(26)

! QR!

8=0106J152@!E/B!2A<2BCD20@!20!3KD<3C7!=012B4680C074124C70L!,04/D3C0720!/E!<BCDKB1/@/!

7J9B12!EC!<I!),,(v4!l)_21C45!,04@C@=@2!O9B!,009E/@CE2!(2@/C3C07m!5/012343/HH!<I!.674893/0!C!

&9BI4!1KB!12@!O/004!791/!O6B=@4K@@0C07/B!O6B!1200/!@;<!/E!=012B4680C07L!-C!/0EK012!4E/B20!

OBI0!208K@20!9F5!DK@0C07/B0/!OBI0!2A<2BCD20@2@!O6B!/@@!H24E/B/!EIB/!O9B480C074OBI79BL!!

!

.6684!.K4@4<9B@!W&!!

,!EIB!4@=1C2!5/B!EC!4/D/BH2@/@!D21!.6684!.K4@4<9B@!W&L!\2!5/B!@C335/01/5I33C@!<B91=8@2B!O6B!

/@@!EC!48=332!8=00/!H;77/!=<<!20!B2/3C4@C48!<9<!=<GH=@C8L!.6684!5C4@9BC/!H6BJ/12!B21/0!<I!

SeTRG@/32@! 1I! '4F/B! q/2B0 4@/B@/12! 2@@! 4/123D/82BC! C! )DI3/01L! W33@2O@2B49D! @C120! 7CF8!

EKA@2!.6684!9F5!C1/7!OC004!12@!2@@![RG@/3!H=@C82B!C!+9B120!49D!9D4K@@2B!FCB8/!TgR!DC3J902B!

l.6684X! QRSTmL! .6684! .K4@4<9B@! W&! 5/B! KE20! O6B4K3J0C07! EC/! 4C0! 52D4C1/! 421/0! IB! SeeeL!

\9F8! OC004! 12@! C0720! C0@27B/@C90! /E! 2G5/0123! C! 12! O;4C48/! H=@C82B0/L! )9B@CD20@2@! C! .6684!

H=@C82B!KB!HB2@@!D21!HI12!5=01G!9F5!5K4@<B91=8@2B!D20!D21!O98=4!<I!5K4@G!9F5!BC14<9B@L!

]B91=8@2B!49D!OC004!C!H=@C82B0/!KB!H3/01!/00/@!5JK3D/BX!489BX!4/13/B!9F5!BC183K12BL!.6684!

.K4@4<9B@!W&!BC8@/B!4C7!@C33!/33/!@C33OK3320!1I!D/0!KB!/8@CE!D21!4C0!5K4@X!9H2B92012!9D!12@!KB!

OBC@C1X!<I!@KE3C07!2332B!C!4@/332@L!

!

PB/D!@C33!SeeS!O/004!.6684!D21!<I!DK449B!9F5!@KE3C07/B!B=0@!9D!C!)E2BC72L!]B9H32D!D21!

<IOB24@/012! D90@2BH;770/@C90X! 567/! 894@0/12B! O6B! =@4@K330C07X! 3/72B! 9F5! <2B490/3! 7J9B12!

/@@!D/0!E/312!/@@!=<<56B/!D21!1200/!O6B4K3J0C074G!9F5!D/B80/14O6BC0748/0/3L!P6B!.6684!

48=332! /3@2B0/@CE2@! <9<! =<GH=@C82B! D21! 2G5/0123! C! 4/DH/01! D21! DK449B! 9F5! @KE3C07/B!

1KBO6B! 8=00/! E/B/! /@@B/8@CE@L! \2@@/! 1I! C0@27B/@C9020! /E! 903C02G! 9F5! 9OO3C02GO6B4K3J0C07!

DC048/B!3/72B5I330C0720X!894@0/12B0/!4/D@!=012B3K@@/B!O6B!<2B490/320L!!!!

!!

@:,("#$%&')

*012B! P/34@2BH9! .9B42! )59_! 49DD/B20! QRST! 7209DO6B124! 20! =@O9B48/012! O6B4@=1C2L!

P6B4@=1C20! 7J9B124! C! 4/D/BH2@2! D21! .6684! .K4@4<9B@! W&! D21! 4;O@2@! /@@! 5C@@/! 2@@!

=<<4/@49DBI12! 49D! C0@B2442B/12! 944! 9F5! KE20! 8=012! E/B/! C0@B244/0@! O6B! .6684L! *012B!

O6B4@=1C20!O6B4@91!EC!7209D!9H42BE/@C902B!9F5!4/D@/3!D21!<2B4902B!<I!<3/@4!/@@!12@!O/004!