19
SPORTS, INC. !"#!$%&$' )*+ ,-./" -0 12-.)1 3456 !"#$ +%-$-7&% 8!79 %&' )%* *+&,&-.+ $"&'/&', .$ 011*+).,2 )%* ,30 456789:;97< $=>>?@ !"#$%"&& (") %$ *($+,-".# /"#0 0,($1 %20 #3--$+ ,# 04$ 53+&6.# (3#0 /3/2&"+ #/3+07 8"9 #3($ 3: 04$ #"($ $;"&2"0,39 /+3-$##$# ,9 %"#$%"&& "&#3 "//&) 03 #3--$+< 0 "?AA=7 )= -"3 -676<?@AB /?:?7A? -688?@AC * 043+32=4 "9"&)#,# 3: 54) 6$:$9#$ ,# 296$+;"&2$6 ,9 %"#$%"&&7 0DD E6@FA 0@? ,=8 +@?68?F *G56D >?@* ,# 39$ 3: 04$ %$#0 9$5 :33%"&& #0"0# 04"0 -"9 $;"&2"0$ /&")$+# "96 0$"(#7 &/. 1:54;< 7=>=?@6@>; %ABC 0DA= 0H69D6ID? J K88LBMMNNNO@A=O>=@7?DDO?F5M9D@AP>ML6<?AMK=P?OLKL

Sports, Inc. - Volume 1, Issue 1

Embed Size (px)

DESCRIPTION

Cornell ILR Sports Management Club undergraduate members wrote, edited, and published this issue during Spring 2009.

Citation preview

SPORTS, INC.!"#!$%&$'()*+(,-./"(-0(12-.)1 3456

!"#$

+%-$-7&%(8!79%&'()%*(*+&,&-.+($"&'/&',(.$(011*+).,2()%*(,30

456789:;97<($=>>?@(!"#$%"&&'(")'%$'*($+,-".#'/"#0'

0,($1'%20'#3--$+',#'04$'53+&6.#'(3#0'/3/2&"+'#/3+07'8"9'#3($'3:'

04$'#"($'$;"&2"0,39'/+3-$##$#',9'%"#$%"&&'"&#3'"//&)'03'#3--$+<''

0("?AA=7()=(-"3(-676<?@AB(/?:?7A?(-688?@AC(

*'043+32=4'"9"&)#,#'3:'54)'6$:$9#$',#'296$+;"&2$6',9'%"#$%"&&7

0DD(E6@FA(0@?(,=8(+@?68?F(*G56D

>?@*',#'39$'3:'04$'%$#0'9$5':33%"&&'

#0"0#'04"0'-"9'$;"&2"0$'/&")$+#'"96'0$"(#7

&/.(1:54;<(7=>=?@6@>;(%ABC

0DA=(0H69D6ID?(J(K88LBMMNNNO@A=O>=@7?DDO?F5M9D@AP>ML6<?AMK=P?OLKL

contents

Quantifying Soccer

A Lesson to MLB Managers: Defense Matters!

The Rays: Not As Upset As You Think

StatHead: All Yards Are Not Created Equal

456789:;97<($=>>?@

$!&Q)$R(.,+

Economic Jam?

Fantasy: Command & HR Rate Is All You Really Need

The Future Of The NFL Collective Bargaining Agreement

Five Ways the Left Tackle Position Has Evolved

Fixing A Broken System: Should Col-lege Athletes Be Paid?

!6<?(S

!6<?(T

!6<?(U

!6<?(V

!6<?(WW

!6<?(WX

!6<?(WY

!6<?(WZ

*[?>589H?(*F98=@B(\?::("?I=N

-676<97<(*F98=@B(0]9=(367FD?

0AA=>968?(*F98=@AB(26I?(2?@AK?7:?DFR(-68K?N($?H97R();D?@()N9DD?;

!6<?(W^

456789:;97<($=>>?@

!"#$%"&&'(")'%$'*($+,-".#'/"#0'0,($1'%20'#3--$+',#'04$'53+&6.#'

(3#0'/3/2&"+'#/3+07'A,-4"$&'B$5,#.'%$#0C#$&&,9='%33D'A39$)%"&&'

E+2(3+$6'03'%$'"'(3;,$'#0"++,9='!+"6'F,00GH'-$&$%+"0$6'"6;"9-$6'#0"0,#0,-"&'

"9"&)#,#',9'%"#$%"&&'I'"'+$;3&20,39',9'54,-4'04$'-"#2"&'#/3+0#':"9'-32&6'

-3(:3+0"%&)'J2$#0,39'04$'%"#,-'#0+"0$=)'3:'04$'="($'"#'5$&&'"#'04$':+390'

!"#$%&'!"'()*!+',%)-.%'/)&%/),,'0%)(&1''2)3'&!(%'!"'04%'&)(%'%5),.)06!3'

/+3-$##$#',9'%"#$%"&&'"&#3'"//&)'03'#3--$+<''

84+,#'!"&&"+6.#'*/+,&'KLLM'

N/3+0#'O&&2#0+"0$6'"+0,-&$'P>3,9='

"'Q2(%$+'39'N3--$+R'#435-"#$6'

!,&&)'!$"9$'4,(#$&:'"#'"'&$"6$+',9'

"9"&)0,-"&&)'#026),9='04$'="($'3:'

#3--$+7''S4$'@"D&"96'*04&$0,-#.'TA'

P%+",9#03+($6'#3--$+'($0+,-#'5,04'

"'B$$6#'/+3:$##3+R'":0$+'5"0-4,9='

)'-)(%'63'73-,)38'#5%'9%)+&')-!:'

"96'%32=40'"'#4"+$'3:'04$'N"9'U3#$'

V"+04J2"D$#',9'U2&)'KLLW7X''!$"9$'

53+D#':3+'N"9'U3#$'5,04'04$'0,0&$'

3:'P#0+"0$=,-'3;$+#$$+1R'54,&$'"&#3'

*.--,63-'46&'/)&%/),,'8.06%&1'';%'

"96'04$'V"+04J2"D$#'4";$':3+($6'"'

/"+09$+#4,/'5,04'"'8"&,:3+9,"C%"#$6'

-3(/"9)'-"&&$6'A"0-4'*9"&)#,#'

04"0'P&3=#1'-4"+0#'"96'6,##$-0#'$;$+)'

ABN'="($7R''A"0-4'*9"&)#,#.#'(3#0'

/3/2&"+'#$+;,-$',#';,6$3'"9"&)#,#'"96'

-"0$=3+,Y"0,397'B,D$'!$"9$'6,6'5,04'

%"#$%"&&1'A"0-4'*9"&)#,#',#'0+),9='

03'-4"9=$'04$'$;"&2"0,;$'/+3-$##'3:'

#3--$+'04+32=4'04$'9$5'#0"0,#0,-#7'

!"&&"+6'($90,39#'0$+(#'&,D$'P032-4$#'

/$+'ZL'(,920$#1R'P#430'-+$"0,391R'"96'

P/3##$##,39'/$+-$90"=$R'"#'$["(/&$#'

3:',(/3+0"90'9$5'#0"0,#0,-#';,+02"&&)'

29D9359'03'04$'-"#2"&':"97

\4,&$',0'+$(",9#'03'%$'#$$9'

54$04$+'04$'V"+04J2"D$#'5,&&'%$'"#'

&.$$%&&".,'!+'63<.%306),'63'&!$$%+')&'

04$'*.#',9'%"#$%"&&1'04$',90$+9"0,39"&'

#3--$+'-3((29,0)'4"#'"&+$"6)'0"D$9'

930,-$7''>$#/,0$'%$,9='"'+$&"0,;$'

9$5-3($+'03'04$'="($1'P"'9$5'

=$9$+"0,39'3:'("9"=$+#]'#$$D,9='

!/*%$065%')3),9&6&='4)5%'<!$>%8'0!'

?6,,9'?%)3%@&'8!!+1'';6&'A&0)06&06$&@B

%"#$6'"//+3"-4'03'0"&$90'#-320,9=R'

4)&'),+%)89'63<.%3$%8'()39'46-4'

C+!#,%'3)(%&'63'73-,6&4'&!$$%+1K''O9'

Q3;$(%$+'KLLW1'!$"9$'/+$#$90$6'

4,#',6$"#'"0'"'P^202+$'3:'^330%"&&R'

-39:$+$9-$'03'"';"+,$0)'3:'V9=&,#4'

-&2%'("9"=$+#1'359$+#1'"96'"=$90#1'

,9-&26,9='04$'A"9-4$#0$+'_9,0$6.#'

&$=$96"+)'("9"=$+1'N,+'*&$['^$+=2#397''

\4"0',#'"'P#0"0,#0,-#C%"#$6'

)CC+!)$4'0!'0),%30'&$!.063-=D'';!E'

532&6'39$'-"&-2&"0$'04$'#0"0,#0,-#'

!"&&"+6'($90,39#',9'"'="($'&,D$'

#3--$+<''!"#$%"&&',#'"'+$&"0,;$&)'$"#)'

#/3+0'03'J2"90,:)'%$-"2#$'04$'="($'

-"9'%$'%+3D$9'6359',903',96,;,62"&'

6,#-+$0$'$;$90#'"96'("0-42/#`'04$'

%"00$+'4,0#'"'632%&$'3::'04$'/,0-4$+1'3+'

04$'/,0-4$+a-"0-4$+'04+35'320'04$'%"#$'

+.33%+1'';!E%5%+:'63')'<.68'-)(%',6>%'

#3--$+1'#$/"+"0,9=',96,;,62"&'($+,0'

"+!('0%)('&.$$%&&'6&'(!+%'86"#$.,01''

;!E'$)3'!3%'0%,,'E4%3')3')&&6&0'E)&'

(3+$'930$53+04)'04"9'"'=3"&<''\4"0'

"%320'04$'-390+,%20,39#'3:'0$"(("0$#'

930',9;3&;$6',9'04$'#-3+,9='6$-,#,39<''

T3"&#1'"##,#0#1'#430#'39'=3"&1'"96'

/&"),9='0,($'"+$'"&&',96,-"03+#'3:'"'

/&")$+.#'53+04',9'#3--$+1'%20'04$)'

63'930'"//+3"-4'04$'$["-09$##'"96'

-3(/&$[,0)'3:'%"#$%"&&'#"%$+($0+,-#7

!$:3+$'"9)'"9"&)#,#'-"9'%$'

C%+"!+(%8:'!3%'#+&0'4)&'0!'4)5%'04%'

)CC+!C+6)0%'8)0)1''F46&'6&'8%#360%,9'

39$'3:'04$'%,==$#0',##2$#':"-,9='#3--$+'

"9"&)#,#1',9'*($+,-"'"0'&$"#01'"96',0.#'

"&#3'54$+$'A"0-4'*9"&)#,#'-3($#'

631''G3'04%'HIJ'E%/&60%'!3%'E6,,'#38'

39&)'%"#,-'#0"0,#0,-#'+$-3+6$6`'(,920$#'

/&")$61':32&#1'=3"&#1'"##,#0#1'#430#1'

#430#'39'=3"&1'="($'5,99,9='#430#1'

="($'5,99,9='"##,#0#1'$0-7''S4$#$'

92(%$+#'"&&35'39$'03'63'&,00&$'(3+$'

04)3'#38'/)&6$'+)0%'$),$.,)06!3&'K61%1')'

/&")$+.#'";$+"=$'=3"&#'#-3+$6'/$+'ZL'

(,920$#H7''ABN'>$/20)'83((,##,39$+'

O;"9'T"Y,6,#'#")#'04$'&$"=2$'63$#9.0'

0+"-D'3+'+$&$"#$'"9)'(3+$'6$0",&$6'

,96,-"03+#':3+'+$"#39#'P(3+$'0$-49,-"&'

04"9'/4,&3#3/4,-"&Rb'E,9'304$+'53+6#1'

04$)'639.0'4";$'$932=4'(39$)H7''

;!E%5%+:'C+65)0%'$!(C)36%&',6>%'

A"0-4'*9"&)#,#'5"0-4'04$';,6$31'"96'

5,04'+$-3+6#'3:'$;$+)'+29'"96'/"##1'

04$)'-"9',#3&"0$',96,;,62"&'($+,0#'

E"96'6$($+,0#H7'S4,#'6,#-+$/"9-)',#'

-$+0",9&)'39$'3:'04$'%,==$#0'6,::$+$9-$#'

%$05$$9'#3--$+'"96'%"#$%"&&7''*'#3--$+'

%3['#-3+$'5,04'#2(("+)'#0"0,#0,-#'&,D$'

$!&Q)$R(.,+

26I?(2?@AK?7:?DF

15DD@4

#-3+$1':32&#1'"96'0,($'3:'=3"&#'5,&&'

"&(3#0'9$;$+'-39;$)'04$'+$"&'6)9"(,-#'

3:'"'="($'5,04320'"'J2"&,0"0,;$'

6$#-+,/0,391'54,&$'#,9-$'04$'XMcL.#'

;%3+9'24)8E6$>@&'/)&%/),,'/!L'

#-3+$'4"#'03&6'04$'#03+)'%$4,96'$;$+)'

320-3($',9'"'%"#$%"&&'="($7''

\4"0'"%320',9'V2+3/$1'54$+$'

#3--$+',#'3&6$+1'(3+$'/3/2&"+1'"96'

(!+%'C+!#0)/,%D''M$+!&&'04%'M0,)306$'

,0',#'(3+$'-3((39':3+'0$"(#'03'4,+$'

C+65)0%'#+(&'&.$4')&'N+!O!3%:'GC0):'

"96'N/3+0#'_9,;$+#"&'03'4$&/'5,04'

6"0"'-3&&$-0,397d''N+!O!3%'&%38&'#,('

03'O96,"'03'("92"&&)'%+$"D'6359'

/&")$+'(3;$($90#1'"96',#'2#$6'%)'

$["-0&)'4"&:'3:'04$'0$"(#',9'04$'03/'

053'V9=&,#4'6,;,#,39#7''\,04'3/$+"0,9='

,9-3($#'"#'4,=4'"#'eMK'(,&&,39'"96'

:+"9-4,#$';"&2$#'3;$+'04$'eX'%,&&,39'

("+D1f':+2="&'#3--$+'-&2%#'#2-4'"#'

S300$94"('E!$"9$.#':";3+,0$'0$"(H'

&33D':3+'"9)'"6;"90"=$'04"0'(")'%$'

3;$+&33D$6'%)'04$'5$"&04,$+'0$"(#7c

84+,#'B39=1'04$'N$9,3+'

g2"90,0"0,;$'*9"&)#0':3+'04$'N"9'>,$=3'

F"6+$#1'4"#'$[/&3+$6',90+362-03+)'

#0"0,#0,-"&'"9"&)#,#',9'#3--$+7''@9-$'

04$'P6"0"'-"/02+$',##2$R',#'+$#3&;$61'

4$'#")#'04$'9$[0'#0$/'03'$#0"%&,#4'

04%'E!+04'!"'&C%$6#$'C,)9%+&'6&'0!'

#026)'/&")#'"96',6$90,:)'P54$9'03'

/"##1'543'03'/"##'031'"96'-3(/&$0,39'

/$+-$90"=$#7R''O9'"9'"+0,-&$'"%320'

!$"9$'"96'S300$94"(1'04$'V9=&,#4'

9$5#/"/$+'S4$'T2"+6,"9'%+$"D#'

6359':32+'#2-4'#0"0,#0,-#'+$&$;"90'

03',6$90,:),9='#2--$##:2&'0$"(#'"96'

/&")$+#`W

!" Q2(%$+'3:'032-4$#h*'

($"#2+$($90'3:'435'3:0$9'

"'/&")$+',#',9;3&;$6'39'04$'

%"&&7''S4,#'92(%$+'($"#2+$#'

04%'C,)9%+@&'#03%&&',%5%,:'04%'

92(%$+'3:'0,($#'4$'=$0#',903'"'

/3#,0,39'03'+$-$,;$'04$'%"&&'"96'

0$"(C("0$#.'5,&&,9=9$##'03'

/"##'03'4,(7

!" N430'-+$"0,39hS4$'92(%$+'

3:'0,($#'"'/&")$+'/"+0,-,/"0$#'

,9'"'/3##$##,39'&$"6,9='03'

"'#430'E%304'39'0"+=$0'"96'

3::H7''S4,#'#0"0',96,-"0$#'04$'

"00"-D,9='$::$-0,;$9$##'3:'"'

/&")$+1'$#/$-,"&&)'"00"-D,9='

(68#%,8%+&')38'"!+E)+8&:')&'

5$&&'"#'"%,&,0)'03'%"&"9-$'%"&&'

+$0$90,39'5,04'-+$"0,9='#-3+,9='

-4"9-$#7'

!" *%,&,0)'03'+$0",9'04$'%"&&h*'

($"#2+$($90'3:'04$'

/+3%"%,&,0)'04"0'04$'9$[0'/&")$+'

543'032-4$#'04$'%"&&'5,&&'%$'

"'($(%$+'3:')32+'0$"(7''S4,#'

"%,&,0)'#435#'-390+,%20,39'3:'

/&")$+#'543'"+$'&$##'6,+$-0&)'

,9;3&;$6',9'"00"-D7'

!" !"&&#'539'/$+'ZL'(,920$#h

A$"#2+$#'6$:$9#,;$'

$::$-0,;$9$##7''O(/3+0"90'

:3+'"##$##,9='04$'"00"-D,9='

/&")$+#.'5,&&,9=9$##'03'6$:$96i'

6$:$96$+#.'"%,&,0)'03'0"-D&$1'

,90$+-$/0'/"##$#'"96'/3#,0,39'

04$(#$&;$#'5$&&7

S4$#$':32+'#0"0,#0,-#'"+$'-$+0",9&)'

#,(,&"+'E,:'930'6,+$-0&)'04$'#"($H'"#'04$'

0$+(#'P032-4$#'/$+'ZL'(,920$#1R'P#430'

-+$"0,39R'"96'P/3##$##,39'/$+-$90"=$R'

84+,#'!"&&"+6'($90,39#7''N2-4'

($"#2+$($90#'"+$'930'-3(/&,-"0$6'

"96'-32&6'/3##,%&)'%$'+$-3+6$6'&,;$'

%)'04$'9"D$6'$)$7''*'+$-3+6'3:'$;$+)'

032-4'3:'04$'="($'-32&6'%$'/"+#$6'

04+!.-4'0!'#38'6386568.),'3.(/%+'

3:'032-4$#1'"%,&,0)'03'+$0",9'04$'%"&&1'

%"&&#'539'/$+'ZL'(,920$#1'"96'532&6'

=,;$'"'-&3#$'"//+3[,("0,39'3:'#430'

$+%)06!31''M3)0!,%'P!)>:')'(68#%,8%+'

39'04$'83+9$&&'_9,;$+#,0)'($9.#'#3--$+'

0$"(1'#")#'04$#$'#0"0#'"+$'4$&/:2&1'

/"+0,-2&"+&)'#430'-+$"0,391'54,-4',#'

P2#$:2&':3+',6$90,:),9='03/'/&")$+#'

%$#,6$#'&33D,9='"0'=3"&#'"96'"##,#0#7R

*#'"'%+,$:'"#,6$1',0',#'"&#3'

53+04'($90,39,9='04"0'04$#$'0)/$#'3:'

&0)0&'$!.,8'/%'+%,%5)30'"!+'!04%+'<.68:'

/3##$##,39C0)/$'#/3+0#'&,D$',-$'43-D$)1'

#%,8'4!$>%9:'!+',)$+!&&%1''M&',!3-')&'

9!.')8*.&0'"!+'04%'!/56!.&'86""%+%3$%&'

,9'04$'="($1'04$'%"#,-'-39-$/0#'3:'

%+$"D,9='6359'/3##$##,391'6$:$9#$1'

"96'3::$9#$h,6$90,:),9=',96,;,62"&'

53+04',9'"'6$-,6$6&)'0$"(("0$C%"#$6'

="($h-32&6'+$;$"&',90$+$#0,9='"96'

2#$:2&',9:3+("0,39':3+'04$#$'#/3+0#7''

S3('S"9=3',#'"'5$&&C+$#/$-0$6'

%"#$%"&&'#0"0,#0,-,"91'%20'"#'"'8"9"6,"9'

46&'#+&0',!5%'E)&'4!$>%9')38'4%'

-2++$90&)'-39#2&0#':3+'"'92(%$+'3:'

Q;I'0%)(&1''M,04!.-4'4%'&)9&'4!$>%9'

P,#';,+=,9'0$++,03+)]'(2-4'(3+$'

$!(C,%L:')38',%&&'R.)306#)/,%:=M'4$'

%$&,$;$#'04"0'#0"0,#0,-"&'"9"&)#,#'5,&&'%$'

)3')&&%0'"!+'()39'Q;I'0%)(&1

@&,;$+'*96$+#39',#'"9'V9=&,#4'

#3--$+':"9'"96'-3"-4'"96'#0"0,#0,-,"9'

%)'/+3:$##,39'"#'5$&&'"#'04$':3296$+'

3:'N/3+0#'N0"0,#0,-"&'j$;,$5#'B06'

54,-4'"992"&&)'/2%&,#4$#'S4$'

^330%"&&'j$;,$57'S4$'j$;,$5'"96'

,0#'5$%#,0$'04$:330%"&&+$;,$57-372D'

%$"+'"'+$("+D"%&$'+$#$(%&"9-$'03'

!"#$%"&&'F+3#/$-02#1'%304',9'0$+(#'

3:'04$'-3(%,9"0,39'3:'#0"0,#0,-#1'

+$#$"+-4'"96'"9"&)#,#'"#'5$&&'"#'04$'

&C%$6#$'"!+(.,)&')38'0+)3&,)06!3&'

2#$67''^3+',9#0"9-$1'"T?*Z'#0"96#':3+'

"00"-D,9='=3"&';"&2$'"%3;$C";$+"=$'

"96'($"#2+$.#'"'/&")$+.#'030"&';"&2$',9'

=3"&#'"66$6'"%3;$'04"0'3:'"9'";$+"=$'

/$+:3+($+'04"0'/&")#',9'04$'#"($'

/3#,0,39h#,(,&"+'03'+$/&"-$($90'

;"&2$',9'!F.#'?@jF'E;"&2$'3;$+'

+%C,)$%(%30'C,)9%+S1''M8*.&0%8'

V#0,("0$'F3,90#'2#$'"6;"9-$6'($0+,-#'

$!&Q)$R(.,+15DD@4

03'/+$6,-0'"'0$"(.#'/3,90#'#-3+$61'

)38'04%3')8*.&0&'046&'5),.%'0!'0)>%'

,903'"--3290'#0"6,2(':"-03+#'"96'04$'

#0+$9=04'3:'04$'3//3#,0,39h930'29&,D$'

04%')8*.&0(%30'")$0!+&'.&%8'"!+'7TM'

E$J2,;"&$90'";$+"=$H7''A3+$3;$+1'

*96$+#39'2#$#'"'-3(/20$+'(36$&'

$),,%8'JUHC+!#,%+'0!'C+!*%$0'C,)9%+'

C%+"!+()3$%1''JUHC+!#,%+'#+&0',!!>&'

)0'5)+6%09'!"'8)0)'0!'#38'C,)9%+@&'E604'

04$'4,=4$#0'#,(,&"+,0)'#-3+$#1'"96'

63$!+C!+)0%&'04%'&C%$6#%8'C,)9%+@&'

%"#$&,9$'/$+:3+("9-$'5,04'04$':202+$'

/$+:3+("9-$'3:'04$'-3(/"+"%&$'/&")$+#'

03'-+$"0$'"'+$=+$##,39'"9"&)#$#'04"0'

C+!*%$0&'C,)963-'06(%')38')00)$>63-'

+"0$'#0"0,#0,-#'5,04,9'04$'XL04'"96'

ZL04'C%+$%306,%&1''H)*!+')38'H63!+'

)00+606!3'+)0%&'),&!'#38&'04%'C%+$%30)-%'

04"0'04$'/&")$+'5,&&'#$$'"':"&&'3::',9'

"%,&,0)'"96'/&"),9='0,($7'O:'"9)'3:'

04$#$'($0436#'"96'0$+(#'#3296#'"0'"&&'

:"(,&,"+1'04"0.#'%$-"2#$'04$)'"+$'"&&'

%"#$6'3::'3:'Q"0$'N,&;$+.#'FV8@S*'

EF&")$+'V(/,+,-"&'83(/"+,#39'"96'

@/0,(,Y"0,39'S$#0'*&=3+,04(H'/&")$+'

C+!*%$06!3'(!8%,:'E46$4'4)&'/%%3'

04$'(3#0'"--2+"0$'%"#$%"&&':3+$-"#0'

#)#0$('#,9-$'KLLb7''\4,&$',0',#'4"+6'03'

="2=$'04$'/3/2&"+,0)'"96';"&,6,0)'3:'

*96$+#39.#'53+D'E04$'KLLW'j$;,$5',#'

+"9D$6'kK1fbZ1fKb'39'*("Y397-3(H1'

4%'$%+0)63,9'4)&'04%'&)(%'!/*%$065%'

)CC+!)$4'04)0'4)&',%8'0!'&6-36#$)30'

-4"9=$',9'%"#$%"&&7

;!E%5%+:'!3%'+%)&!3'0!'R.%&06!3'

04$'&$=,0,("-)'3:'*96$+#39.#'53+D'

6&'04%'8)0)'$!,,%$06!3'6&&.%1''';%'

5+,0$#'P()04C%2#0,9=R'"+0,-&$#'04"0'

-4"&&$9=$'%"#,-'#3--$+'0$9$0#'E&,D$'

"#'+30"0,39'/"00$+9#H1'%20'4$'&,(,0#'

4,#'+$#$"+-4'03'XL'V9=&,#4'F+$(,$+'

B$"=2$'0$"(#7''\,04'04$'42=$'92(%$+'

3:'#3--$+'="($#'%$,9='/&")$6'"+3296'

04$'53+&61'"'#0"0,#0,-,"9'532&6':$$&'

(!+%'$!("!+0)/,%')/!.0'46&'#3863-&'6"'

4%'4)8')',)+-%+'&)(C,%'&6V%1'';%'),&!'

63$#9.0'$[/&,-,0&)'($90,39'04$'#32+-$'

!"'46&'8)0)'"!+'04%'JUHC+!#,%+'&9&0%(:'

"96',0',#'632%0:2&'04"0'4$'4,(#$&:'

$!.,8'4)5%'/+!>%3'04%'#,('8!E3'0!'

#38'(%)363-".,'&0)06&06$&'/%9!38'04%'

%"#,-'%3['#-3+$'39$#7''*--3+6,9=&)1'

,:'"--2+"0$'+$#$"+-4',#'03'%$'639$1'"'

/"##,39"0$':"9'#432&6'4";$'"--$##'03'

(3+$'+$#32+-$#7''j$0+3#4$$073+=',#'"'

;3&290$$+'3+="9,Y"0,39'04"0',#',9'04$'

/+3-$##'3:'-3(/,&,9='"96'#4"+,9='/&")C

%)C/&")'"--3290#':3+'$;$+)'AB!'="($'

E%3[C#-3+$#'39'%"#$%"&&C+$:$+$9-$7

-3('=3'%"-D'03'XMWXH7''Q35'04"0'

j$0+3#4$$0',#'3903'04$'(,6CXZfL#1'

!"#$%"&&'F+3#/$-02#'-"9'0$&&')32'S$6'

\,&&,"(#'4"6'"'?@jF'3:'cc7X',9'XZfd7''

H)0$4'M3),9&6&')38'N+!O!3%'

(")'4";$'-3(/,&$6'&30#'3:'6$0",&$6'

6"0"1'%20'#3--$+'63$#9.0'4";$'04$'#"($'

:+$$'39&,9$'6"0"%"#$#'";",&"%&$'03'

"9)':"9'04"0'%"#$%"&&'63$#7''S4$+$',#'

"'%2#,9$##'#"),9='04"0'P)32+'#("+0$#0'

$(/&3)$$'63$#9.0'53+D':3+')327R''!)'+$&$"#,9='6"0"'39&,9$1'"'&$"=2$'3+'

3+="9,Y"0,39'6+"#0,-"&&)',9-+$"#$#'04$'

-4"9-$'04"0'"'/"##,39"0$':"9'-32&6'

$!(%'.C'E604')3'6(C!+0)30'#3863-1''

' W4%3'X!+!&'H$2+)$>%3'#+&0'

#4"+$6'4,#'+$;3&20,39"+)'>OFN'"+0,-&$'

"0'%"#$%"&&/+3#/$-02#7-3('39'U"92"+)'

Kb1'KLLX'E"96'04$'T33=&$'=+32/'+$-7

#/3+07%"#$%"&&7"9"&)#,#'%$:3+$'04"0H1'4$'

5"#'930')$0'53+D,9=':3+'04$'j$6'N3['

3+'5+,0,9=':3+'!"#$%"&&'>,=$#0'>",&)7'

O9#0$"61'4$'5"#'"'=+"62"0$'#026$90'

&,;,9=',9'84,-"=37''S4$'/3/2&"+,0)'"96'

63<.%3$%'!"'04%'J!$6%09'!"'M(%+6$)3'

!"#$%"&&'j$#$"+-4'E"96'04$,+'-&3#$'0,$#'

5,04'+$0+3#4$$073+=H'6$(39#0+"0$'54"0'

/"##,39"0$'"96'"9"&)0,-"&&)',9-&,9$6'

#/3+0#':"9#'-"9'-390+,%20$'54$9'930'

6,+$-0&)'53+D,9=':3+'"'0$"('3+'&$"=2$7''

*96'543#$':"9#'"+$'(3+$'/"##,39"0$'

04"9'#3--$+<''

@9'"':3+2('$90,0&$6'

PN"%$+($0+,-#'"//&),9='03'#3--$+R'"0'

%,=#3--$+7-3(1'($(%$+'S3('V"039'

/3#0#`'

PO'39-$'+"9'"'#026)'39'04$'

ABN'/3##$##,39'#0"0,#0,-'03'

6$0$+(,9$'54$04$+'4";,9='

(3+$'/3##$##,39'-3++$&"0$6'

5,04'5,99,9=]'@20'3:'04$'XWL'

="($#'O'#026,$61'04$'0$"('5,04'

(3+$'/3##$##,39'4"6'"'+$-3+6'

3:'WfCcWCKM1'#&,=40&)'%$00$+'

04"9'7fLL7'S4$',90$+$#0,9='

04,9=1'0432=41'5"#'04"0'54$+$'

/3##$##,39'5"#'+$"&&)'&3/#,6$6'

E39$'0$"('4"6'"0'&$"#0'fcl'

3:'04$'/3##$##,39H1'04$'0$"('

5,04'(3+$'/3##$##,39'5"#'

39&)'XMCKdCXL7'O'4";$'#3($'

04$3+,$#'"#'03'54)'04,#'(,=40'

%$1'%20'O'539.0'%3+$')32'5,04'

()'3/,9,39#7'S4$'/3,90',#1'

04$+$',#'"'-3++$&"0,391'%20'930'

"'/"+0,-2&"+&)'#0+39='39$7''O'

532&6'4";$'&,D$6'03'4";$'

&33D$6'"0'#3($'92(%$+#':3+'

304$+'&$"=2$#'03'#$$',:'04$'

+$#2&0#'5$+$'#,(,&"+1'%20'O'

6,69.0'D935'54$+$'03'=$0'04$'

92(%$+#7'O'43/$'04$'mA"0-4'

*9"&)#,#n'/$3/&$'-"9'D$$/'

0+"-D'3:'#02::'&,D$'04"07R

\,04',90$+$#0,9='6,#-2##,39#'

#2-4'"#'04,#'39$'+299,9=',903'6$"6'

$96#1',0',#'-&$"+'04"0'$[-,0,9='+$#$"+-4'

$!.,8'$!(%'!.0&68%'!"#$6),'&!$$%+'

3+="9,Y"0,39#',:'#3--$+'6"0"'-"9'%$'

/2%&,-&)'#4"+$6'04$'5")'%"#$%"&&'4"#7

S4$'/+$#,6$90'3:'A"0-4'

*9"&)#,#1'A"+D'!+29D"+01'#")#1'P)32'

639.0'9$$6'#0"0,#0,-#'03'#/30'04$'+$"&'

=+$"0'/&")$+#'3+'04$'+$"&&)'%"6'39$#7'

S4$'0+,-D',#'03'0"D$'04$'/&")$+.#'

%$05$$9'043#$'053'$[0+$($#'"96'

,6$90,:)'54,-4'"+$'04$'%$#0'39$#7RXX''

T3"&#'"96'"##,#0#'"+$'3%;,32#&)'

,(/3+0"90'#0"0,#0,-#1'%20'(3+$'6$0",&$6'

J2"90,0"0,;$',9:3+("0,39'#432&6'%$'

"##$6'%$:3+$'3::$+,9='&"+=$'-390+"-0#7''

*:0$+'"&&1'A39$)%"&&',#9.0'"%320'39C

%"#$'/$+-$90"=$'3+'54$9'"'%"00$+'

#432&6'3+'#432&69.0'%2901',0.#'"%320'

68%306"963-'()+>%0'63%"#$6%3$6%&')38'

#("&&'("+D$0'0$"(#'0"D,9='"6;"90"=$'

3:'04$(7''A,-4"$&'B$5,#',#'"'%2#,9$##'

*!.+3),6&0:')38'04%',%&&!3&'$!3$%+363-'

+"0,39"&'/+3-$##'"96'3;$+-3(,9='

/#)-43&3=,-"&'6,#/3#,0,39#'"//&)'03'

()39'#%,8&'!.0&68%'!"'&C!+0&1'U"')'

#3--$+'$;"&2"03+h/3##,%&)'5,04'04$'

4$&/'3:'#0"0,#0,-"&&)'D935&$6=$"%&$'

:"9#h-"9'#2--$##:2&&)'J2"90,:)'"96'

"9"&)Y$'04$'="($',9'"'93;$&'5")1',0'

5,&&'%$'"9',(/3+0"90'"6;"90"=$7'

$!&Q)$R(.,+15DD@4

U0'6&'+%,)065%,9'%)&9'0!'*.8-%'

04%'C+!8.$065609'!"')'H)*!+'I%)-.%'

4600%+1'J0)06&06$&'&.$4')&';!(%'Y.3&:'

@9'!"#$'F$+-$90"=$1'N&2==,9='

F$+-$90"=$1'!"00,9='*;$+"=$'"96'j29#'

!"00$6'O9'"+$'("+D$0$6'$[-$##,;$&)7'

S4$'0)/,-"&':"9'5,&&'#$$'04$#$'92(%$+#'

"0'04$'%3003('3:'04$,+'0$&$;,#,39'

#-+$$9#'54$9'04$,+':";3+,0$'/&")$+#'

$!(%'.C'0!'/)01'M39'")3'E6,,'*.8-%'04%'

/&")$+.#'030"&'/+362-0,;,0)'39'04$#$'

/3/2&"+'-"0$=3+,$#7'S4$':"9'5,&&'4$"+'

#/3+0#'5+,0$+#'#")'04"0'"'-$+0",9'/&")$+'

&4!.,8'/%'63'04%';),,'!"'Z)(%'/%$).&%'

4%'4)8'&!'()39'2)+%%+';!(%'Y.3&'

3+'"'8"+$$+'!"00,9='*;$+"=$'3:'#2-4'

)38'&.$41'';)&'04%'")3'/%%3'(6&,%8D'

P%#360%,91'

*:0$+'+$"6,9='04,#'"+0,-&$1'

04$'";$+"=$':"9'5,&&'+$"&,Y$'04"0'04$'

(3#0'296$+;"&2$6'"#/$-0'3:'"'/&")$+.#'

"%,&,0)',#'6$:$9#$7'F+$;,32#'930,39#'

3:'=336'/&")$+#'"96'%"6'/&")$+#'5,&&'

/+3%"%&)'-4"9=$7'S4"9D'04$'KLLM'

S"(/"'!")'j")#':3+',&&2#0+"0,9='04$'

,(/3+0"9-$'3:'6$:$9#$7''''''''''''''''''''''

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

S4$'S"(/"'!")'>$;,&'j")#'

!"#$6),,9'$4)3-%8'04%6+'3)(%'/%"!+%'

04$'KLLM'#$"#39'03'#,(/&)1'PS4$'

S"(/"'!")'j")#7R'*##3-,"0,9=',0#$&:'

5,04'04$'P>$;,&R',#'/+3%"%&)'54)'

S"(/"'!").#'6$:$9#$'5"#'04$'53+D'3:'

N"0"9',9'KLLW7'S3'$;"&2"0$'04$'>$;,&.#'

53+D1'9$;$+'2#$'3206"0$6'6$:$9#,;$'

#0"0,#0,-#'#2-4'"#'^,$&6,9='F$+-$90"=$'

"96'V++3+#7'S4$'/+3%&$('5,04'04$#$'

3&6'($"#2+$($90#',#'04"0'04$)'639.0'

)$$!.30'"!+'04%'+)3-%'!"')'#%,8%+'K63'

304$+'53+6#1'435'(")'%"&&#'4$'-"9'

-%0'0!S1''W46$4',%"0'#%,8%+'E!.,8'9!.'

+"04$+'4";$<'B$:0'^,$&6$+'kX'543'4"6'

)'1[\]'#%,863-'C%+$%30)-%:'()8%'0E!'

$++3+#1'"96'4"6'Xfb'/20'320#',9'XLLL'

,99,9=#1'3+'B$:0'^,$&6$+'kK'543'4"6'

"'7ZWM'^,$&6,9='/$+-$90"=$1'("6$'#,['

$++3+#'"96'4"6'KcL'/20'320#',9'XLLL'

,99,9=#7'8&$"+&)1'04$'$[0+"'XLW'/20'320#'

04"0'kK'("6$'3;$+'kX'("6$'4,('(3+$'

5),.)/,%'8%&C60%'46&',!E%+'#%,863-'

/$+-$90"=$'"96'=+$"0$+'92(%$+'3:'

%++!+&1'F4%+%"!+%:'04%'(!&0'&6-36#$)30'

6$:$9#,;$'#0"0,#0,-'"(39='$9&,=40$9$6'

/)&%/),,'")3&'6&'8%"%3&65%'%"#$6%3$91'

*--3+6,9='03'!"#$%"&&F+3#/$-02#7

$!(:'P%"%3&65%'7"#$6%3$9'KP%"'7""S'6&'

8%#3%8')&:'A'1'1'1'04%'+)0%')0'E46$4'/),,&'

/20',903'/&")'"+$'-39;$+0$6',903'320#'

%)'"'0$"(.#'6$:$9#$7'>$:'V::'-"9'%$'

"//+3[,("0$6'5,04'EX'I''!*!OFH1',:'"&&'

)32'4";$',#'!*!OF1'%20'"'0$"(.#'"-02"&'

P%"'7""'6&'$!(C.0%8'E604'^'B'KK;'_'

YG7'B';YS'`'KNM'B'??'B'JG'B';?N'B'

;YSS1='N,%)&%'&%%'04%'a,!&&)+9')0'04%'

$96'3:'04$'"+0,-&$':3+'"%%+$;,"0,39#7

14&*(&+$,+5'"#'+6'37.+

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

' O9'KLLW1'04$'!"'&/(j")#'4"6'

04$'&35$#0'>$:'V::'+"0,9='E7cfcH'3:'

"9)'0$"('#,9-$'XZfZ7'O9'304$+'53+6#1'

!"'!5%+'^:bbb'H)*!+'I%)-.%'?)&%/),,'

0%)(&'63'04%',)&0'#"09'&%)&!3&:'046&'

29,0'/&")$6'04$'53+#0'0$"('6$:$9#$',9'

04"0'/$+,367'S4$'!"'&/'j")#'539'cc'

="($#',9'KLLW7'O9'KLLM1'04$'j")#'#"5'

04$'&,=401'-$"#$6',0#'+$&"0,39#4,/'5,04'

B2-,:$+'"96':3296'"9=$&#'%304',9'04$'

63#%,8')38'!.0#%,81'U3'cbb\:'F)(C)'

!")'4"6'04$'4,=4$#0'>$:'V::'+"0,9='

E7WXLH',9'%"#$%"&&7'O9'-"#$')32'6,69.0'

D9351'04$'j")#'539'04$,+'6,;,#,391'

54,-4',9-&26$#'04$'(,=40)'o"9D$$#'

"96'j$6'N3[7'>,6'O'($90,39'04"0'04$)'

"&#3'("6$',0'03'04$'\3+&6'N$+,$#<'

5'"#'+6'37.+8/&&/(9+'(:+;/&)</(9+

-/:+=$&+>/9(/2)'(&?3+!"#%$0*

N("+0'%"#$%"&&':"9#'"+$'

04,9D,9=1'P83($'391'03'#")'04"0'04$'

j")#',(/+3;$6'%)'KZ'="($#'/2+$&)'

%"#$6'39'6$:$9#$',#'"%#2+6G'S4$,+'

/,0-4,9='=30'#3'(2-4'%$00$+'5,04'04$'

"66,0,39'3:'T"+Y"'"96'04"0'%2&&/$9'5"#'

9"#0)'04,#')$"+7'F&2#1'B39=3+,"'5"#'04$'

(,##,9='/,$-$',9'04"0'3::$9#$7R'!20',:'

)32.+$'"'+$"&&)'#("+0'%"#$%"&&':"91')32'

"&+$"6)'D935'04"0'04$'j")#.'/,0-4,9='

"96'4,00,9='"-02"&&)'6,69.0'-4"9=$'

(2-47'N3'54"0'4"//$9$6<

' S4$'KLLW'!"'&/'j")#'#-3+$6'

WMK'+29#'54,&$'04$'KLLM'j")#'#-3+$6'

WWd7'\$&&1'04"0'#$00&$#'04$'3::$9#$'

"+=2($907'F$9"'"96'_/039'-3(%,9$6'

:3+'05$90)':$5$+'43($+#',9'.LM'04"9',9'

.LW7'

' \4"0'"%320'04$'/,0-4,9=<'

S4$'KLLW'!"'&/'j")#'"&&35$6'Zdd'

+29#7'S4$'KLLM'j")#'"&&35$6'cWX'

+29#7'S4"0'5"#9.0'"'0)/37'^3+'043#$'

3:')32'-"&-2&"0,9='320'04$+$1'04"0.#'"9'

,(/+3;$($90'3:'KWb'+29#'3+'3:'3;$+'

^1d\'+.3&'C%+'-)(%1';!E%5%+:'E)&'

,0'%$-"2#$'3:'04$'/,0-4,9=<'S4$'KLLW'

!"'&/(j")#'4"6'"'K7XL'N0+,D$320'03'

\"&D'j"0,3'54,&$'04$'KLLM'j")#'4"6'

"'K7XW'N0+,D$320'03'\"&D'j"0,37'S4,#'

6(C+!5%(%30'6&'()+-63),1';!E%5%+:'

04$'KLLW'!"'&/(j")#'#2++$96$+$6'bb'

:$5$+'43($+29#'EXZZH'04"9'04$'KLLM'

j")#'EXccH7'S4$',(/"-0'3:'#2-4'"9'

,(/+3;$($90',#'(,0,="0$6'%)'04$'

:"-0'04"0'S"(/"'!")':"-$6'KcM':$5$+'

%"00$+#',9'KLLW'04"9',9'KLLM7'N3',:'

04$'KLLM'6$:$9#$'/&")$6'5,04'04$'

KLLW'/,0-4,9=1',0.#':",+'03'#")'04"0'04$'

KLLM'0$"('532&6'4";$'#2++$96$+$6'

39&)'"%320'Kf':$5$+'43($'+29#'04"9'

,9'KLLW'5,04'04$'KLLW'6$:$9#$7'S4$'

KLLM'j")#'"&&35$6'Kfb'+29#':+3('

43($'+29#7'S4,#'($"9#'04"0'j")#.'

3//39$90#'#-3+$6'X7fK'+29#':+3('

43($+29#7'S4$+$:3+$1'04$'05$90)C

#5%'"%E%+'4!(%+.3&'04%'C60$463-'

"&&35$6'"+$'+$#/39#,%&$':3+'/+$;$90,9='

0("?AA=7(8=(-"3(-676<?@AB(

/?:?7A?(-688?@AC

$!&Q)$R(.,+

\?::("?I=N

7/E

"//+3[,("0$&)'bM':$5$+'+29#'04"9'

&"#0')$"+7'S4$'j")#.',(/+3;$($90',9'

/+$;$90,9='43($+29#'"--3290#':3+'39&)'

Xbl'3:'04$'0$"(.#'6$-+$"#$'3:'+29#'

"&&35$6':+3('KLLW'03'KLLM'EbMaKdbH7''''

' N0,&&'930'#3&6'04"0'04$'6$:$9#$'

,#'/+,("+,&)'+$#/39#,%&$':3+'#4";,9='

KWb'+29#<'A")%$'S"(/"'!").#'

/,0-4$+#'=";$'2/'(3+$'&,9$'6+,;$#',9'

KLLW7'O9'KLLW1'Xd7dl'3:'04$'/&"0$'

"//$"+"9-$#'"=",9#0'S"(/"'!")'

+$#2&0$6',9'"'&,9$'6+,;$7'O9'KLLM1'04,#'

92(%$+'6$-+$"#$6'#&,=40&)'03'Xd7Ll7'

S4$'j")#.'/,0-4$+#.'=+3296'%"&&'

/$+-$90"=$'6$-+$"#$6':+3('KZ7bl',9'

cbb]'0!'c\1[e'63'cbb\1'F4%6+'<9'/),,'

/$+-$90"=$',9-+$"#$6':+3('Kc7dl'03'

KW7Zl7''N31',:'04$'.LW'/,0-4,9='#0"::'

/,0-4$6'04,#')$"+',9#0$"6'3:'04$'.LM'

/,0-4,9='#0"::1'S"(/"'!")'532&6'4";$'

"&&35$6'05$90)C#,['(3+$'&,9$'6+,;$#'

K\\fB\f[S:'0E%309B#5%'(!+%'-+!.38'

%"&&#'EX1MLLCX1WWfH'"96'9,9$0)C04+$$'

"%E%+'<9'/),,&'K^:dccB^:]^fS1'J63$%'

/&")$+#'4";$'4,=4$+'@FN'E#$$'=&3##"+)H'

E4%3'04%9'460&'<9'/),,&'04)3'E4%3'

04$)'4,0'=+3296'%"&&#1'04$+$',#'"';"&,6'

"+=2($90'04"0'04$'.LW'/,0-4$+#'5$+$'

(3+$'#2--$##:2&'04"9'04$'.LM'/,0-4$+#7'

S4$'.LW'/,0-4$+#',962-$6'#&,=40&)'(3+$'

-+!.38'/),,&:'&6-36#$)30,9'"%E%+'<9'

%"&&#1'"96'#&,=40&)'(3+$'&,9$'6+,;$#7'

S4$'053'#0"::#'5$+$'+$&"0,;$&)'$;$97'

U0'6&'&!(%'E4)0'!"')'<.>%'04)0')'0%)('

04)0'-)5%'.C'3%)+,9'^bb'(!+%'<9'

%"&&#'04"9'"9304$+'0$"('"-02"&&)'4"6'

"'&35$+'43($'+29'+"0$7'O9'04,#'#$9#$1'

&2-D'-32&6'%$'/"+0,"&&)'"00+,%20$6'

03'04$'j")#.',(/+3;$($90',9'+29'

C+%5%306!31';!E%5%+:'60'6&'$,%)+'04)0'

04,#',(/+3;$($90'5"#'"&(3#0'#3&$&)'

"00+,%20$6'03'%$00$+'6$:$9#$7

@<3+&<*+-*,*(.*+!"#%$0*:

'' S4,#',(/+3;$($90'5"#'

,)+-%,9'8.%'0!')'+%&4."<63-'!"'04%6+'

$[,#0,9='/&")$+#7'S4$'j")#'5$+$'

"%&$'03'+$#0+2-02+$'04$,+'6$:$9#$'5,04'

053'#,(/&$'"66,0,39#`'-"&&,9='2/'

V;"9'B39=3+,"'"96'0+"6,9=':3+'U"#39'

!"+0&$007'B39=3+,"'$9"%&$6'04$'j")#'03'

,(/+3;$'"0'04,+61'#$-3961'"96'-$90$+'

#%,81'M>63!+6'UE)(.+)'E)&')'(63!+'

6(C+!5%(%30'63'04%'#%,8'!5%+'04%'0+6!'

!"'?1g1'hC0!3:'?+%38)3';)++6&:')38'

S)'\,==,90397'B39=3+,"'5"#':"90"#0,-'

"0'04,+6'%"#$'"96'5"#'"9'2/=+"6$'

3;$+'O5"(2+"'543'/&")$6'320'3:'

/3#,0,39'"0'04,+6'%"#$'&"#0')$"+7'_/039'

C,)9%8'$%30%+'#%,8'04%'E4!,%'9%)+')&'

3//3#$6'03'/$+:3+(,9='#/30'620)'"0'

#$-396'%"#$'03'-3(/$9#"0$':3+'S"(/"'

?)9@&'63%C060.8%'63'04%6+'63#%,81';%'

:"-,&,0"0$6'"'0+$($9632#',(/+3;$($90'

3;$+'04$'6+$"6:2&'-3(%,9"0,39'3:'

7,6*)4'P.>%&')38'P%,(!3'i!.3-1'

!"+0&$00'033D'04$'4$&('"0'#43+0#03/1'

+$/&"-,9='04$'"5:2&'0+,3'3:'!+$96"9'

;)++6&:'g!&4'W6,&!3:')38'?%3'O!/+6&01'

;!E'(.$4'(!3%9'868'60'$!&0'"!+'04%'

Y)9&'0!'6(C+!5%'63'04%'#%,8D

01-$-*&12/(3-%.(-#(!"#"$%&'"(

)*+,-'"*"$.

8"&&,9='2/'B39=3+,"'5"#'

"'/",9&$##'6$-,#,391'%$-"2#$'4$'

("6$'+$&"0,;$&)'9304,9='04,#')$"+7'

;%'+%$%30,9'&6-3%8')'&6L'9%)+'j^]1f'

(,&&,39'63&&"+'$[0$9#,391'54,-4',#'#0,&&'

39$'3:'04$'%,==$#0'%"+=",9#',9'%"#$%"&&7'

S4$'j")#'0+"6$6'@^'>$&(39'o329=1'

UZ'?+%38)3';)++6&:')38'GZ'g)&!3'

F+,6,$'03'04$'A,99$#30"'S5,9#':3+'F'

A"00'T"+Y"1'NN'U"#39'!"+0&$001'"96'F'

V62"+63'A3+&"97''S4,#'/"#0'#$"#391'04$'

j")#'/",6'T"+Y"'edLd1cLL'"96'!"+0&$00'

edXc1LLL7'S4$'S5,9#'/",6'o329='

j^1kk'(6,,6!3')38';)++6&'kl^:bbb1'

5<*+5A/(.+*..*(&/'??3+#'/:+&<*+B'3.'

#&,=40&)'3;$+''eX1LLL1LLL':3+'04,#'6$"&7

C*'.D%/(9+&<*+!(:/0/:D'?+

!"#%$0*"*(&+'&+><$%&.&$#

Q30',9-&26,9='632%&$'/&")#1'

;)++6&'E)&'+%&C!3&6/,%'"!+'()>63-'

7dKW'320#'/$+',99,9=',9'KLLW'"0'

#43+0#03/':3+'S"(/"'!")'54,&$'!"+0&$00'

5"#'+$#/39#,%&$':3+'("D,9='7dfb'320#'

/$+',99,9=',9'KLLM'"0'#43+0#03/':3+'

S"(/"'!")7'S4$#$'320#'$[-&26$'632%&$'

/&")#1'%$-"2#$'04$)'-32&6':2+04$+'

/%3%#0'?)+0,%00'.3")6+,9'"!+'4)563-'

)'(!+%'&>6,,%8'63#%,81'M,04!.-4'04%'

6,::$+$9-$'3:'7LKc'320#'/$+',99,9='

63$#9.0'#$$('&,D$'"'%,='6,::$+$9-$1'

"'543&$'#$"#39'3:'U"#39'!"+0&$00'

%&&%306),,9'0!!>'046+09B#5%'/),,&'

54,-4'532&6'4";$'%$$9'4,0#',9'KLLW'

"96'02+9$6'04$(',903'320#',9'KLLM'

E"##2(,9='%304'/&")$+#'/&")$6'9,9$'

63363-&'63'04%'#%,8'"!+'^dc'-)(%&S1'

S3'/20'04,#',9'/$+#/$-0,;$1',:')32'033D'

)E)9'046+09'#5%'!"'?)+0,%00@&'!.0&'04)0'

4$'("6$'"#'"'%"00$+'"96'+$/&"-$6'04$('

5,04'4,0#1'4$'532&6'4";$'%"00$6'7bcb'

04,#'#$"#39'"#'3//3#$6'03'04$'7KMc7'

Q351'"##2(,9='4$'4"6'XKL'(3+$'"0'

%"0#'03'-3(/$9#"0$':3+'04$'04,+0)C:32+'

-)(%&'4%'(6&&%8'8.%'0!'63*.+9:'?)+0,%00'

532&6'4";$'%"00$6'7bdW'5,04'04$'04,+0)'

#5%'460&'63&0%)8'!"'!.0&1'

N0,&&1'04,#'"9"&)#,#'4"#'930'

-65%3'g)&!3'?)+0,%00'C+!C%+'*.&06$%1'

S4$'"(3290'3:'320#'/$+',99,9='"'

/&")$+'("D$#'+$&,$#'39'04$'304$+'$,=40'

#%,8%+&')0'04%'06(%1'Z!+'63&0)3$%:'6"'

"'/+3:$##,39"&'%"#$%"&&'/&")$+'/&")#'

#$-396'%"#$'5,04'$,=40'#,[')$"+'3&6#'

/%&68%'46('63'04%'#%,8:'4%'E6,,'()>%'

"'4,=4$+'/$+-$90"=$'3:'4,#'0$"(.#'

320#'04"9',:'4$'/&")$6'%$#,6$':$&&35'

/+3:$##,39"&#7'O9'304$+'53+6#1',0.#'

,(/+$##,;$',:'"'/&")$+'("D$#'7LKc'320#'

/$+',99,9='(3+$'04"9'"9304$+'/&")$+7'

!20',0.#'#2%#0"90,"&&)'(3+$',(/+$##,;$'

,:'04"0'/&")$+',#'/&"),9='39'04$'%$#0'

6$:$9#$',9'%"#$%"&&'"#'3//3#$6'03'04$'

53+#0'6$:$9#,;$'0$"('#,9-$'XZfZ7''O:'

U"#39'!"+0&$00'4"6'/&")$6'5,04'04$'

KLLW'0$"(1'4$'532&6'4";$'/+$;$90$6'

")+'(!+%'04)3'046+09B#5%'460&1''

8$A+-*,*(.*+/.+E(:*%0'?D*:+

/(+&<*+CF6G

S"(/"'!")'#,(/&)'6,6'930'

930,-$"%&)',(/+3;$'04$,+'/,0-4,9='

3+'4,00,9='04,#'#$"#39G'S"(/"'!")'

5"#'/",6'%)'04$'S5,9#'03'=$0'%$00$+'

63'04%'#%,8')38'04%3'/%$)(%'04%'/%&0'

6$:$9#,;$'0$"(',9'%"#$%"&&'":0$+'4";,9='

04$'53+#0'6$:$9#$'%)'"9'AB!'0$"('

#,9-$'XZfZ7

'' ;!E'()39'/)&%/),,'")3&'0463>'

04"0'04$'A$0#'532&6'4";$'%$$9'%$00$+'

04,#')$"+',:'^$+9"963'S"0,#'4"6'/&")$6'

"':2&&'#$"#39',9'B$:0'^,$&6',9#0$"6'3:'

V96)'84";$Y<'A)'=2$##',#'04"0'(3#0'

:"9#'532&6'/+$:$+'S"0,#1'-39#,6$+,9='

04"0'4$'/&")$6'(3+$'04"9'84";$Y'$;$9'

0432=4'S"0,#'#/$90'"%320'053'(3904#'

%604%+'63*.+%8'!+'63'04%'(63!+&1'F)06&@&'

%"00,9='";$+"=$'5"#'04,+0)'/3,90#'

4,=4$+'04"9'84";$Y.#7'^$+9"963'"&#3'

4,0'0$9'(3+$'43($'+29#'04"9'V96)'

$;$9'0432=4'^$+9"963'4"6'04+$$':$5$+'

)0'/)0&1';!E%5%+:'046&'&%)&!3:'7389'

$!&Q)$R(.,+7/E

("6$'K7ZK'320#'/$+'9,9$',99,9=#'54,&$'

F)06&'()8%'!3,9'^1k['63',%"0'#%,81'U"'

$"-4'/&")$+'/&")$6'"#'("9)',99,9=#'

63',%"0'#%,8')&'2)+,!&'?%,0+)3'C,)9%8'

63'$%30%+'#%,8'63'cbb\:'F)06&'E!.,8'

%$'+$#/39#,%&$':3+'KXL'320#'54,&$'

84";$Y'532&6'%$'+$#/39#,%&$':3+'dXX'

320#G'N,9-$'"9'320'+$62-$#'04$'92(%$+'

3:'"0'%"0#'&$:0',9'04$'="($1'"96'"'4,0'

63$#'9301'04,#'92(%$+'532&6'%$'$;$9'

4,=4$+G''O:'04$'A$0#'4"6'#0"+0$6'V96)'

84";$Y'$;$+)'="($'04"0'^$+9"963'

S"0,#'#0"+0$61',0.#'#":$'03'#")'04"0'04$'

A$0#'532&6'4";$9'%$$9'%$',9'04$'

/&")3::#7'

T$9$+"&'A"9"=$+#'(2#0'

#0"+0'03'+$"&,Y$'04$',(/3+0"9-$'3:'

6$:$9#$7'>$:$9#$'4"#'%$-3($'"9'

"#/$-0'3:'04$'="($'04"0',#'3;$+&33D$6'

"96'296$+"//+$-,"0$67'S4$'

T$9$+"&'A"9"=$+#'543'+$"&,Y$'04,#'

/4$93($939'5,&&'6+":01'0+"6$':3+1'#0"+01'

"96'/")'(3+$':3+'%$00$+'6$:$96$+#1'5,&&'

04$+$%)'=",9'"'42=$'$6=$'3;$+'04$,+'

-3(/$0,0,397'\4,-4'TA#',9'KLLZ'5,&&'

#38'04%'4!,9'8%"%3&%D'

H?$..'%3

;m';60&'),,!E%8

j@V`'j$"-4$6'39'V++3+C'54$9'"'%"00$+'

+%)$4%&'#+&0'/)&%')&')'86+%$0'+%&.,0'!"')'

#%,863-'%++!+1

;Ym';!(%'Y.3&'),,!E%8

J;m'J)$+6#$%';60&

JZm'J)$+6#$%'Z,9'?),,&

NMm'N,)0%'MCC%)+)3$%&B'M?'_'??'_'

;?N'_'J;'_JZ

!!`'!"#$#'39'!"&&#'"&&35$6

N@`'N0+,D$320#'

;?Nm'Q.(/%+'!"'06(%&'04)0')3'

3//3#,9='%"00$+'5"#'4,0'%)'"'/,0-47

!*!OF`'!"00,9='*;$+"=$'3:'%"&&#'/20'

,903'/&")CC'*'/,0-4$+.#'";$+"=$'39'

%"00$6'%"&&#'$96,9='"'/&"0$'"//$"+"9-$1'

$[-&26,9='43($'+29#7

P%"'7""m'P%"%3&65%'7"#$6%3$9BBF46&'

-"9'%$'"//+3[,("0$6'5,04'EX'I''

!*!OFH1',:'"&&')32'4";$',#'!*!OF1'%20'

"'0$"(.#'"-02"&'>$:'V::',#'-3(/20$6'

E604'^'B'KK;'_'YG7'B';YS'`'KNM'B'??'B'

JG'B';?N'B';YSS1

GNJm'G3B?)&%'N%+$%30)-%'_'J,.--63-'

F$+-$90"=$

Q6;A(/=7_8(+=P?(#L(

*PL8;(%67F?F

\4,&$'04$'S"(/"'!")'j")#'

(")'%$'6,#"//3,90$6'"%320'04$,+'

\3+&6'N$+,$#'&3##1'04$)'#0,&&'+$"/$6'

&./&0)306),'#&$),'/%3%#0&1'i!.'(6-40'

04,9D'04$'AB!'532&6'930'63&$'320'

42=$'/&")3::'%392#$#'03'"'0$"('04"0'

=$9$+"0$#'"#'&,00&$'+$;$92$':3+'04$'

&$"=2$'"#'04$'j")#7'o32'(,=40'04,9D'

04"0'04$'j")#.'/")320#'532&6'4";$'

%$$9'&$##'-4"+,0"%&$'%$-"2#$'04$)'6+"5'

4,#03+,-"&&)'&35'+"0,9=#1'%+$"D,9='04$'

/+$;,32#'&35#1',9':"-01'%)'KL'/$+-$90'

5,04'"9'";$+"=$'+"0,9='3:'M7X'E04$'

/$+-$90"=$'3:'43($#'5,04'0$&$;,#,39#'

029$6',9H7'b';!E%5%+:'04%'(%04!8''63'

54,-4'/&")3::'%392#$#',9'%"#$%"&&'"+$'

"&&3-"0$61',#',96$/$96$90'3:'04$'0$"(.#'

#2--$##'"96'/3/2&"+,0)7'O0'&$:0'04$'j")#'

5,04'"';$+)'=$9$+32#'#2('3:'%392#'

(39$)7

F&")3::'%392#$#'"+$'

6,#0+,%20$6':+3('"'/33&'-3(/,&$6'3:'"'

/3+0,39'3:'04$'0,-D$0'#"&$#':+3('$"-4'

/3#0#$"#39'="($7'S4$'/33&',#'("6$'

2/'3:'cL'/$+-$90'3:'04$'0,-D$0'+$;$92$#'

0%)(&'()>%'"+!('04%'#+&0'04+%%'-)(%&'

!"'04%'P656&6!3'J%+6%&:'04%'#+&0'"!.+'

="($#'3:'04$'B$"=2$'84"(/,39#4,/'

J%+6%&:')38'04%'#+&0'"!.+'-)(%&'!"'04%'

\3+&6'N$+,$#7'O0'=$0#'6,;,6$6'"(39='

XK'-&2%#`'04$'M'/&")3::'0$"(#1'"96'04$'

k'0%)(&'04)0'#36&4%8'&%$!38'63'04%6+'

6,;,#,39'%20'6,6'930'5,9'04$'5,&6-"+67d'

cL'/$+-$90'3:'04$'030"&'/30',#'"&&3-"0$6'

03'04$'\3+&6'N$+,$#'/"+0,-,/"90#7'S4$'

\3+&6'N$+,$#'5,99$+'+$-$,;$#'bc'

/$+-$90'3:',01'"96'04$'&3#$+'+$-$,;$#'Kd'

/$+-$907b'S4$'+$(",9,9='dL'/$+-$90',#'

6,;,6$6'"(39='04$'304$+'$,=40'0$"(#7

O9'KLLc1'N07'B32,#'8"+6,9"&#'

/&")$+#'033D'43($'"9'$[0+"'eKL7LK'

(,&&,397'O9'KLLW1'04$'/&")3::'%392#'/30'

"(3290$6'03'efd'(,&&,39'63&&"+#'"96'

04$'\3+&6'N$+,$#'-4"(/,39'!3#039'

j$6'N3['/&")$+#'#/&,0'eXM7MZ'(,&&,397b'

\4$9'#/&,0'+32=4&)'Kf'5")#'E3:0$9'

/&")$+#'543'5$+$'#$90'6359'03'04$'

(,93+#'3+'0+"6$6'"5")'=$0'"'&,00&$'

#&,-$'3:'04$'/,$H1'04"0'#2('0+"9#&"0$#'

03'"9'";$+"=$'3:'"//+3[,("0$&)'eMLL'

0432#"96'/$+'/&")$+'39'04$'5,99,9='

0$"(7'S4$'"-02"&'#2(1'435$;$+1',#'

6,;,6$6'"--3+6,9='03'$"-4'/&")$+.#'

-390+,%20,39#'03'04$'0$"(.#'#2--$##'

3+'435'("9)'#$"#39#'4$'4"#'#/$90'

5,04'04$'0$"('I'%$:3+$'04$'/&")3::#'

-3(($9-$1'$"-4'0$"('43&6#'"';30$'03'

6$-,6$'435'04$'/&")3::'%392#'(39$)'

#432&6'%$'"&&300$67'S4$)'-"9';30$':3+'

=,;,9='39$'/&")$+'04$'543&$'/,$'3+'

930'$;$9'"'%,0$7''!"#$6'39'&"#0')$"+.#'

6,#0+,%20,39#1'"'/&")$+.#'/3+0,39'3:'04$'

/30'-32&6'%$':+3('"9)54$+$'"+3296'

efL'0432#"96'03'"':$5'(,&&,39'63&&"+#7X

S"D,9=',903'"--3290'04"0'04$'

AB!'4"6'+$-3+6'+$;$92$#'3:'3;$+'ec7f'

%,&&,39'62+,9='04$'KLLM'#$"#391'&"#0'

)$"+.#'/30'3:'efd'(,&&,39',#'$[/$-0$6'

0!'4)5%'&6-36#$)30,9'+6&%3'046&'9%)+1f'

B$0.#'#")',0'5"#'ecL'(,&&,39',9'KLLM7'

F$+-$90"=$#'0$&&'2#'04"0'"//+3[,("0$&)'

ebM'(,&&,39'532&6'=3'03'04$'\3+&6'

N$+,$#'-390$96$+#'I'"%320'eKK'(,&&,39'

:3+'04$'F4,&&,$#'"96'eXc'(,&&,39':3+'

04$'j")#1'5,04'04$'6,::$+$9-$'%$05$$9'

5,99,9='"96'&3#,9='"(3290,9='03'

($+$&)'ec'(,&&,39'63&&"+#7'>,;,6$'eXc'

(6,,'cf'E)9&')38'9!.@,,'#38'04)0'04%'

$!&Q)$R(.,+

*@9>(1@??P67

7/E

%5>;F>B@<(5>(2=?@(GH

*>=7=P9>(\6P`

$!&Q)$R(.,+

0F6P($>K5D8a

$E!

' S4$'-2++$90'$-393(,-'-+,#,#'

,#'-$+0",9'03'4,0'$;$+)'#$-03+'3:'04$'

9"0,39.#'$-393()C'"96'#/3+0#'"+$'

93'$[-$/0,397''\4,&$',0',#'#0,&&':",+&)'

$"+&)'03'6$0$+(,9$'/+$-,#$&)'435'04$'

$-393(,-'635902+9'5,&&'"::$-0'04$'

#/3+0#',962#0+)1',0',#'-&$"+'04"0'#3($'

:3+('3:'-4"9=$'5,&&'$;$902"&&)'3--2+7''

S4$+$'"+$'92($+32#'/3##,%,&,0,$#'

,9-&26,9='04$'/30$90,"&'6$-+$"#$',9'

0,-D$0'#"&$#1'&3##'3:'#/39#3+#4,/#1'"96'

6$&")'3:'04$'Q!*.#'/&"9#'03'$[/"96',0#'

("+D$07''*&+$"6)1'04,#'-4"9=$',#'%$,9='

:$&0'04+32=4320'04$'#/3+0,9='53+&67''

@9'@-03%$+'Xb041'Q!*'

83((,##,39$+'>";,6'N0$+9'"99329-$6'

04$'&")3::#'3:'ML'Q!*'$(/&3)$$#1'

$::$-0,;$&)'-200,9='9,9$'/$+-$90'3:'

,0#'*($+,-"9'53+D:3+-$'62$'03'54"0'

N0$+9'+$:$++$6'03'"#'P+$-$90'53+&65,6$'

$-393(,-'02+(3,&R'EXH7''Q$$6&$##'03'

#")1'83((,##,39$+'N0$+9'5,&&'4";$'

)'86"#$.,0'0)&>'!"'()630)6363-'04%'

#0+39=':3296"0,39'04"0'4"#'4$&/$6'

04$'Q!*'$[/"96',9'04$'_N'#,9-$'04$'

$"+&)'XZML.#7''S4$'Q!*1'5,04',0#'

4,=4'&$;$&'3:'-"#2"&':"9#C'"+=2"%&)'

(!+%'04)3')39'!04%+'!"'04%'"!.+'()*!+'

#/3+0#C'+$(",9#'4,=4&)'#2#-$/0,%&$'03'

<.$0.)06!3&'63'04%'%$!3!(91''F4%'Q?M'

,#'"&#3'&"-D,9=',9'-$+0",9'"+$"#'54$+$'

304$+'/+3:$##,39"&'#/3+0#'&$"=2$#'"+$'

3!0m')&').04!+')38'*!.+3),6&0'P)568'

O6+63'%LC,)63&:'AF4%'Q?M'8!%&3@0'

4";$'04$'6,;$+#$'+$;$92$'#0+$"(#'3:'

%"#$%"&&'3+'-$+0",9&)':330%"&&7'Q30'

$;$9'-&3#$7'S4$'"%#$9-$'3:'/$+#39"&'

-"%&$'0$&$;,#,39'-390+"-0#'3+'("##,;$'

9$053+D'"=+$$($90#'($"9#'04"0'04$'

Q!*'4"#'"&5")#'%$$9'(3+$'+$&,"90'39'

06$>%0'&),%&')38'(%+$4)386&%'0!'#,,'60&'

-3::$+#7'O0#'939C=2"+"90$$6'+$;$92$',#'

0,$6'03'04$'6,#/3#"%&$',9-3($'3:'04$'

0)/,-"&':"9R'EKH7''

*0'04$'(3($901'04$'Q!*'

,#')$0'03':$$&'04$'$::$-0#'3:'&,(,0$6'

939C=2"+"90$$6'+$;$92$7''O9':"-01'

,9'39$',9#0"9-$1'04$'@D&"43("'8,0)'

S4296$+'4"#'#4359'"9',9-+$6,%&$'

+$#,#0"9-$'03'04$'$-393(,-'635902+97''

@:'-32+#$1'(2-4'3:'04$'S4296$+.#'

+$#,#0"9-$'-"9'%$'"00+,%20$6'03'04$,+'

+$&3-"0,39':+3('N$"00&$'62+,9='04,#'

3::#$"#391'-"2#,9='0+$($9632#'

$[-,0$($90',9'@D&"43("'8,0)'3;$+'

04%')++65),'!"'04%6+'#+&0'C+!"%&&6!3),'

#/3+0#':+"9-4,#$7''S$"('#/3D$#("9'

>"9'A"439$)'#",6'04$'3+="9,Y"0,39'

#3&6'Xb1LLL'#$"#39'0,-D$0#',9'"'#/"9'

3:':32+'6")#7'*0'04"0'/3,901'04$)'

4"6'930'$;$9'-+$"0$6'"9'"6;$+0,#,9='

-"(/",=9':3+'04$'0$"(')$0'EbH7''*&#31'

"#'ANQ!87-3('-390+,%203+'>";,6'

N5$$0'5+,0$#1'PS4$'6")'04$'0$"(.#'

&3=3'"96'9,-D9"($'5$+$'"99329-$61'

04$'";$+"=$'0+"9#"-0,39'/$+'-2#03($+'

+$"-4$6'eXLL'"0'04$':+"9-4,#$.#'#03+$'

,9'63590359'@D&"43("'8,0)'"96'"0'

Q!*04296$+#43/7-3(R'EbH7''\4"0',#'

$;$9'(3+$'+$("+D"%&$1'"#'A"439$)'

$[/&",9#1',#'04"01'P\$'6,69.0'$;$9'4";$'

*%+&%9&'04%31''I!0&'!"'C%!C,%'E%+%'

5"&D,9='320'5,04'"+(:2&#'3:'0C#4,+0#R'

KlS1'';!E%5%+:'04%'!+-)36V)06!3'

296$+#0"96#'#2-4'4,=4'#/$96,9=',#'62$'

03'$9042#,"#('"%320'04$'9$5'/+$#$9-$'

3:'"'/+3:$##,39"&'#/3+0#'0$"(',9'04$'

+$=,39'"96',#'"&#3'&,D$&)'6$/$96$90'

$!&Q)$R(.,+$E!

39'04$'S4296$+.#'/$+:3+("9-$'

04,#'#$"#397''839#,6$+,9='04$'0$"('

#36&4%8'cbBdc',)&0'9%)+')38')+%'C)$%'

03'63'53+#$'04,#')$"+'E"#'3:'U"92"+)'

bL04H1'04$'3+="9,Y"0,39',#'0"D,9='#3($'

/+$-"20,39#7''S3'$9#2+$':"(,&,$#'-"9'

"::3+6'03'5"0-4'04$'0$"(.#'43($'

="($#'"0'04$'^3+6'8$90$+1'KLl'3:'

"&&'#$"0#'5,&&'%$'";",&"%&$':3+'eXLC'"#'

-3(/"+$6'03'04$'";$+"=$'0,-D$0'/+,-$'

3:'edM'EbH7''S42#1'54,&$'+,6,9='04$'

5";$'3:'$9042#,"#('04$'-,0)'%+,9=#1'

04$'3+="9,Y"0,39',#'+$(",9,9='5"+)'

3:'04$'$-393()'"96',0#'$::$-0'39'04$,+'

:"9#7

S4$'/+3#/$-0#'3:'$;$+)'

Q!*':+"9-4,#$1'435$;$+1'63'930'

"//$"+'"#'/+3(,#,9='"#'043#$'04$'

S4296$+'4"#'$[/$+,$9-$6'62+,9='04$,+'

-2++$90'439$)(339'3:'#3+0#'5,04'04$'

+$#,6$90#'3:'@D&"43("'8,0)7''^3+'

$["(/&$',9'>$0+3,01'"'-,0)'4$";,&)'

+$&,"90'39'04$'"203',962#0+)1'04$'

$-393(,-'-+,#,#'&33(#'/"+0,-2&"+&)'

&"+=$7''\,04'T$9$+"&'A303+#'&3#,9='

j^\1\'/6,,6!3'63'04%'#+&0'4),"'!"'cbb\:'

86&$.&&6!3&'!3'2)C60!,';6,,'.,06()0%,9'

&$6'03'"':$6$+"&'%",&320':3+'>$0+3,0.#'

!,='S4+$$'"203(3%,&$'("92:"-02+$+#'

T$9$+"&'A303+#1'^3+61'"96'84+)#&$+7''

*:0$+'TA'+$-$90&)'"--$/0$6'04$'

#+&0'jk'/6,,6!3'!"'j[1k'/6,,6!3'!"'

:$6$+"&'%",&320':296#1'04$'-3(/"9)'

,#'$[/$-0$6'03'-"9-$&'/+362-0,39'3:'"'

92(%$+'3:';$4,-&$#1'-&3#$'/&"90#1'"96'

&")'3::'"#'("9)'"#'bL1LLL'53+D$+#'

KkS1''F4%'C!0%306),'0+%(%38!.&'*!/'

-20#',9'>$0+3,0'532&6'-$+0",9&)'

4";$'"'0+$($9632#',(/"-0'39'04$'

#L%8'63$!(%'!"'P%0+!60'+%&68%30&:'

-"2#,9='04$('03'+$$;"&2"0$'04$,+'

$[/$96,02+$#'5,04'04$,+'6,#/3#"%&$'

,9-3($7''*&#31'04$'>$0+3,0'F,#039#'

4";$'%$$9'/"+09$+#'5,04'84$;+3&$01'

"'6,;,#,39'3:'T$9$+"&'A303+#1'#,9-$'

KLLK'EfH7''S4$#$'$&$($90#'3:'04$'

$-393(,-'-+,#,#'J2,0$'#,(/&)',96,-"0$'

/3##,%&$'0+32%&$',9'04$'9$"+':202+$'

:3+'04$'>$0+3,0'F,#039#7''\4,&$'

>$0+3,0'4"#'%$$9'4$+"&6$6',9'+$-$90'

)$"+#':3+'4";,9='6$6,-"0$6':"9#1'04$'

3+="9,Y"0,39'5,&&'#339'6,#-3;$+',:'

04$#$':"9#'5,&&'#0,&&'%$'"%&$'03'"::3+6'

&%)0&'63'04%'N),)$%')0'M./.+3';6,,&1

Q6;A(/=7_8(+=P?(#L(

*PL8;(%67F?F

j")#.'/3#0#$"#39'#2--$##'

$"+9$6'04$'/&")$+#'"9'";$+"=$'3:'efML'

0432#"967

S+"6,0,39"&&)1'04$'j")#'4";$'

/%%3'!3%'!"'/)&%/),,@&'(!&0'#3)3$6),,9'

63590+366$9'0$"(#7'O9'.LM1'04$'j")#'

4"6'04$'KZ04'&35$#0'/")+3&&',9'04$'

HI?')0'*.&0'.38%+'jkk'(6,,6!3:'E604'

"9'";$+"=$'#"&"+)'3:'9$"+&)'eX7Wf'

(,&&,391'5$&&'296$+'04$'&$"=2$'";$+"=$'

3:'eK7M'(,&&,397b'*96',0.#'930'"#',:'04$)'

-"9'"::3+6'03'%$'(3+$'#/$96C04+,:0)1'

-39#,6$+,9='04$':"-0'04"0'04$)'+"9D$6'

KW04',9'"00$96"9-$'04$'&$"=2$'04,#'/"#0'

#$"#39'6$#/,0$'%$,9='39$'3:'%"#$%"&&.#'

)329=$#0'"96'(3#0'$[-,0,9='0$"(#7K

!20'04,#'/3#0#$"#39'(3#0'j")#'

9$"+&)'632%&$6'04$,+'"992"&'#"&"+)7'O0'

6&'63$!(C+%4%3&6/,%'4!E'&6-36#$)30'

"9'";$+"=$'%392#'3:'efML'0432#"96'

,#'03'04$(7'@9&)'9,9$'3:'04$,+'/&")$+#'

("6$'3;$+'edXc'0432#"96'/$+')$"+'39'

KLLM7'.LM'*B8N'A?F'A"00'T"+Y"1'

:3+',9#0"9-$1'("6$'edLd'0432#"96'&"#0'

)$"+1'eXd1cLL'(3+$'04"9'04$'&$"=2$.#'

(,9,(2('#"&"+)7c'*:0$+'=3,9='XXCZ'

5,04'"'b7WL'Vj*'&"#0'#$"#391'04$'0$"('

-$+0",9&)';30$6':3+'4,('03'+$-$,;$'

4,#'6$#$+;$6'#4"+$'3:'04$'/,$1'"96'4,#'

#"&"+)'&,D$&)'632%&$6'3+'0+,/&$67'>,003'

:3+'04$'0$"(.#'532&6C%$'A?F1'!7U7'

_/0391'543'4$&/$6'04$'j")#'+$"-4'

04$'\3+&6'N$+,$#'%)'0),9='S+3)'T&"2#.'

*($+,-"9'B$"=2$'+$-3+6':3+'43($'

+29#',9'"'#,9=&$'/3#0#$"#39'5,04'#$;$97'

;%'%)+3%8'*.&0'jk^c'04!.&)38'"!+'46&'

KLLM'-"(/",=97'O.6'%$0'_/039'033D'

43($'39$'3:'04$':"00$#0'/,$-$#'3:'04$'

-"D$7

O0.#'#":$'03'#")'04"0'%$-"2#$'3:'

04$,+'"#039,#4,9='/3#0#$"#39'+291'04$'

j")#'"+$9.0'"#'2/#$0'"%320'04$,+'\3+&6'

N$+,$#'&3##'"#',0'(")'#$$(7'

g2,0$'$;,6$90&)1'04$'$-393(,-'

#$-2+,0)'3:'$;$+)'Q!*'0$"(',#'930'

-2++$90&)'$J2"&7''\,04'04,#'(,#%"&"9-$'

,9'04$'$-393()1'5,&&'04$'&$"=2$'#$$'

(3+$':+2="&'359$+#1'#2-4'"#'>39"&6'

N0$+&,9='3:'04$'B3#'*9=$&$#'8&,//$+#'

3+'!3%'U349#39'3:'04$'84"+&300$'

!3%-"0#1'62(/'/&")$+'#"&"+,$#'03'-20'

-3#0#<''*96',:'#31'5,&&'04$'%"&"9-$'

3:'/35$+'#4,:01'"#',0'3:0$9'63$#',9'

%"#$%"&&1'6,+$-0&)'#3'04"0'%,='#/$96$+#'

%$-3($',9#0"90'-390$96$+#<''\,04'

93':3+$#$$"%&$'$96'03'04$'$-393(,-'

+$-$##,39',9'04$',(($6,"0$':202+$1'

04$+$'"+$'J2$#0,39#'#0,&&'+$(",9'03'%$'

"9#5$+$67''_&0,("0$&)1'435$;$+1',0'

"//$"+#'04"0'04$'$-393()'5,&&'4";$'"9'

$[0+"3+6,9"+)',(/"-0'39'04$'3/$+"0,39#'

3:'04$'Q!*',9'04$'9$"+':202+$7

.7(&>8=I?@R(+=PP9AA9=7b

?@($8?@7(>58(Vc(=:(8K?(

,30_A(0P?@9>67(N=@]b

:=@>?

%5>;F>B@I(3456(2=?@(J

!"#"$%#&

S4"9D#'03'#"%$+($0+,-#'

6,#-,/&$#'&,D$'!,&&'U"($#'"96'!,&&)'

!$"9$1'%"#$%"&&'4"#'%$-3($'04$'

#/3+0'%$#0'"##3-,"0$6'5,04'"6;"9-$6'

#0"0,#0,-#7'@04$+'#/3+0#1'0432=41'"+$'

$[/$+,$9-,9='04$,+'359'#0"0,#0,-"&'

+$;3&20,39#1'"#'043#$'5,04'04$'/"##,39'

)38'06(%')+%'#3863-'E)9&'0!'/!6,'

04$#$'#/3+0#'6359'03'"9'$["-0'#-,$9-$7''

^330%"&&',#'93'6,::$+$907''^330%"&&'

@20#,6$+#1'"9'"6;"9-$6':330%"&&'

#0"0,#0,-#'5$%#,0$'/"+09$+$6'5,04'VNFQ'

"96'F+3'^330%"&&'F+3#/$-02#1'(")'4";$'

:3296'04$'9$[0'=+$"0':330%"&&'#0"0,#0,-`'

>?@*7

' PXGM:'!+'P%"%3&%B)8*.&0%8'

?"&2$'@;$+'*;$+"=$1',#'"'=$9$+"&'

($0436'3:'"9"&)Y,9='"'/&")$+.#'

/$+:3+("9-$',9'"'5")'04"0'$[0$96#'

%$)396'04$'+$"-4'3:'0+"6,9='-"+6'

0DD(E6@FA(0@?(,=8(+@?68?F(*G56D

92(%$+#7''>?@*'"66#'-390$[01'

54,-4'("D$#'"&&'04$'6,::$+$9-$'

54$9'$;"&2"0,9='"'/&")$+7''S4$'

,6$"'%$4,96'>?@*',#'04"0'-$+0",9'

C,)9&'!3')'"!!0/),,'#%,8')+%'(!+%'

,(/3+0"90'04"9'304$+#1'#3'"'/&")$+.#'

/$+:3+("9-$'#432&6'%$'5$,=4$6'

6,::$+$90&)'6$/$96,9='39'04$'#,02"0,397''

^3+'$["(/&$1'"'04+$$')"+6'+2#4'39'

046+8B)38B0E!'"!+')'#+&0'8!E3'6&'

2#2"&&)'"'(3+$';"&2"%&$'-390+,%20,39'

04"0'"'04+$$')"+6'+2#4'39'04,+6C"96C

$,=407''!)'0"D,9=',903'"--3290'04$'

-390$[0'3:'"'=,;$9'/&")1'"'/&")$+.#'

)8*.&0%8'3.(/%+&'$)3'(!+%')$$.+)0%,9'

+%<%$0'04%6+'C%+"!+()3$%')38'04%6+'

-390+,%20,39'03'04$,+'0$"(.#'#2--$##7

' >?@*'"&#3'"##,=9#'$"-4'/&")'

"'P#2--$##';"&2$R'%"#$6'39'04$'030"&'

)"+6#'=",9$6'"96'04$'030"&')"+6#'=",9$6'

0!E)+8&')'#+&0'8!E31''F46&'5),.%'6&'

%"#$6'39'!"#$%&''#($)*+#$,-$.,,/0*111'

"'XZMM'%33D'04"0'-"9'%$'-+$6,0$6'5,04'

#/"+D,9='04$'6$%"0$'39'435'03'$;"&2"0$'

!3B#%,8'C%+"!+()3$%1''F4%').04!+&'

$,)6(%8'04)0')'#+&0'8!E3'C,)9'&4!.,8'

%$'-39#,6$+$6'"'#2--$##',:',0'=",9#'df'

/$+-$90'3:')"+6#'9$$6$67''N$-396'6359'

/&")#'#432&6'=",9'cL'/$+-$90'3:'9$$6$6'

)"+6#1'"96'04,+6'"96':32+04'6359'/&")#'

"+$'39&)'-39#,6$+$6'#2--$##:2&',:'04$)'

+%&.,0'63'#+&0'8!E3&1''PXGM'%LC)38&'

2/39'04,#'%)'"##,=9,9='/3,90#'03'$"-4'

/&")'%"#$6'39'04$'#2--$##'3:'"'/&")1'

=,;,9='$[0+"'/3,90#':3+'%,='/&")#'"96'

0"D,9='"5")'/3,90#':3+'02+93;$+#7

' O9'$;"&2"0,9='$;$+)'#,9=&$'

/&")',9'04$'Q^B1'>?@*'-"9'/+3;,6$'

"9'"--2+"0$'($"#2+$'3:'"'/&")$+'3+'

0$"(.#'#2--$##7''Q30'39&)'63$#'04,#'

4$&/'#$/"+"0$'04$':"90"#)':330%"&&'

#026#':+3('04$'0+2&)'=+$"0'/&")$+#1',0'

/+3;,6$#'"'5")'03'-3(/"+$'/&")$+#'

"96'0$"(#'"-+3##'#$"#39#1'%$-"2#$'

04%'3.(/%+&'+%<%$0'C%+"!+()3$%'63'

-3(/"+,#39'03'04$'+$#0'3:'04$'&$"=2$7''

*66,0,39"&&)1'%)'$;"&2"0,9='$;$+)'/&")'

)38'-+!.C63-'04%('630!'&C%$6#$'-+!.C&'

3:'#,02"0,39#'E#2-4'"#'-39;$+#,39'

/$+-$90"=$'39'04,+6C"96C9,9$'/&")#'

)38'630%+$%C06!3&'04+!E3'!3'#+&0'

6359H1'>?@*',#'"%&$'03'/+3;,6$'"'

(3+$'/+$-,#$';,$5'3:'/$+:3+("9-$7''O0'

"&#3'$9"%&$#'/&")$+#'"96'-3"-4$#'03'

,(/+3;$'2/39'#,02"0,39#',9'54,-4'04$)'

"+$'&$##'#2--$##:2&7

\,04',96,;,62"&'/&")$+#1'

>?@*',#'"%&$'03'#435'"'/&")$+.#'

;"&2$'39'"'/$+C/&")'%"#,#1'54,&$'

)3!04%+'3.(/%+'n'P%"%3&%B)8*.&0%8'

o"+6#'*%3;$'j$/&"-$($90'E>o*jH'

I'#435#'04$'030"&';"&2$'3:'"'/&")$+7'

$!&Q)$R(.,+

);D?@()N9DD?;

1;=;*@=I

d3;(86]97<(978=(6>>=578(

8K?(>=78?[8(=:(6(<9H?7(

LD6;R(6(LD6;?@_A(6Fe5A8?F(

75PI?@A(>67(P=@?(6>>5b

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

P67>?f

S"D$'+299,9='%"-D#1':3+',9#0"9-$7'O9'

04$'KLLM'#$"#391'8"+3&,9"'F"904$+#'

+299,9='%"-D'>$*9=$&3'\,&&,"(#'

4"6'04$'4,=4$#0'>o*j',9'04$'Q^B1'

:3&&35$6'%)'Q$5'o3+D'T,"90#'+299,9='

%"-D'!+"9639'U"-3%#7'_#,9='>?@*1'

\,&&,"(#'#0,&&'+"0$6'"#'04$'03/'+2#4$+'

,9'04$'&$"=2$1'%20'"9304$+'T,"90#'%"-D1'

>$++,-D'\"+61'-"($',9'#$-3967

' *66,0,39"&&)1'^330%"&&'

@20#,6$+#'-+$"0$6'"'-"0$=3+)'3:'#0"0#'

I'\$,=40$6'>?@*'I'04"0'5$,=4#'

+$-$90'="($#'(3+$'4$";,&)'04"9'="($#'

/&")$6'$"+&,$+',9'04$'#$"#397'S4,#'-"9'

/%00%+'+%<%$0'E4)0'0%)(&')+%'C,)963-'

%$00$+',9'04$'/+$#$90'-3(/"+$6'5,04'

0$"(#1'&,D$'04$'!2::"&3'!,&&#1'04"0'

!"#$"%&H!&0'()*!+',%)-.%'/)&%/),,'")3&'%5),.)0%'C60$4%+&'63'/)&%/),,'

.&63-'&0)06&06$&'04)0')+%'63%"#$6%301''U@(')"+)68'04)0'/)&%/),,'E+60%+&')38'

TA#':"&&',903'04$'#"($'0+"/'"#'5$&&7'

\4$9'6+":0,9='"'0$"(1':"90"#)'359$+#'

0+)'03'/+$6,-0'435',96,;,62"&'/&")$+#'

5,&&'/$+:3+(',9'04$'2/-3(,9='#$"#397'

o$0'%"#$%"&&'5+,0$+#'-390,92$'03'

$;"&2"0$'/,0-4$+#'%"#$6'39'3206"0$6'

#0"0,#0,-#'543#$'+$#2&0#'-"9'%$'"::$-0$6'

%)'"'/,0-4$+.#'0$"(("0$#7'^3+',9#0"9-$1'

U")#39'N0"+D1'"'&$"6'#/3+0#'5+,0$+':3+'

VNFQ1'#")#',9'4,#'%,/$2/,3#'"+0,-&$'

:+3('>$-$(%$+'b1'KLLM1'PN"9-4$Y'

(3+$'-&3#$&)'+$#$(%&$#'04$'N"9-4$Y'

!"'04%'#+&0'4),"'K\Bf:'l1[]'7YMS'04)3'

04$'#$-396'4"&:'EXCW1'W7dWH7R!;%+%'4%'

,#'+$:$++,9='03'T,"90#'/,0-4$+'U39"04$9'

N"9-4$Y7'S4$'053'#0"0,#0,-#'N0"+D',#'

2#,9='"#'#43+04"96':3+'$;"&2"0,9='"'

/,0-4$+',#'4,#'5,9';#7'&3##'+$-3+61'"96'

4,#'$"+9$6'+29'";$+"=$7'

^3+'"'54,&$1',0'#$$($6'"'

/,0-4$+.#'5,9';#7'&3##'+$-3+6'5"#'

04$'(3#0'0$&&,9='($"#2+$7'A+7'N0"+D'

/+3%"%&)'D935#1'%20'"&&'%"#$%"&&'

$9042#,"#0#'(")'9301'04"0'04,#'#0"0'#")#'

&,00&$'"%320'04$'/,0-4$+.#'$::$-0,;$9$##7'

*'/,0-4$+'(")'04+35'"'=336'="($'"96'

4";$'/33+'6$:$9#$'"96'%"6'3::$9#$'

39'4,#'#,6$1'+$#2&0,9=',9'"'&3##7'@9'04$'

-390+"+)1'"9304$+'/,0-4$+'-"9'/,0-4'

/33+&)'"96'5,9'%$-"2#$'4,#'0$"('/20'

2/'"':330%"&&'#-3+$'39'3::$9#$'"96'

/&")$6'&,D$'04$)'4"6'+3-D$0#'2/'04$,+'

%200#'54$9'#9"==,9='&,9$'6+,;$#7'

^2+04$+(3+$1'39$'-"0$=3+)'

04"0',#',9'"&(3#0'$;$+)':"90"#)'&$"=2$'

:3+'/,0-4,9=',#'5,9#7'S4$+$:3+$1':"90"#)'

&$"=2$#'"96'359$+#'"+$'3;$+;"&2,9='

"'/,0-4$+.#'#2//3+0,9='-"#0'"96'&2-D7'

*9304$+'29+$&,"%&$'/,0-4,9='#0"0',#'

$"+9$6'+29'";$+"=$'EVj*H7''V;$9'

036")1'"'/,0-4$+',#'-3((39&)'$;"&2"0$6'

%)'04,#'#0"0,#0,-1'54,-4'($"#2+$#'

435'("9)'+29#'04$'/,0-4$+'=,;$#'2/'

39'";$+"=$'/$+'9,9$',99,9=#7'\4,&$'

04,#'#0"0,#0,-',#'(3+$'+$&,"%&$'04"9'"'

/,0-4$+.#'5,99,9='/$+-$90"=$1',0'#0,&&'

63$#'930'$&,(,9"0$':"-03+#'#2-4'"#'/33+'

6$:$9#$'"96'#("&&'%"&&/"+D#7'F33+'

6$:$9#$'%$4,96'"'/,0-4$+'-"9'&$"6'03'

)3'63<)0%8'%)+3%8'+.3')5%+)-%'"!+')'

/,0-4$+7'O:'"'0$"('4"#'"'#&35'6$:$9#$1'

-$+0",9'%"&&#'/20',9'/&")'-32&6'%$'4,0#'

-3290$6'"=",9#0'04$'/,0-4$+'04"0'532&6'

4";$'%$$9'-39;$+0$6'"#'320#'%)'"'

J2,-D$+'6$:$9#$7'\4,&$'+29#'#-3+$6'

39'$++3+#'"+$'930'-4"+=$6'03'"'/,0-4$+#'

$"+9$6'+29'";$+"=$1'4,0#'04"0'-32&6'

4";$'%$$9'320#'"+$'#0,&&'-3290$6'"=",9#0'

04%'C60$4%+'+)04%+'04)3'04%'#%,8%+'K&%%'

U$::'B$%35.#'"+0,-&$'39'04$'S"(/"'!")'

>$:$9#$',:')32'5"90'/+33:H7'*&#31'"9'

$"+9$6'+29'";$+"=$'-"9'%$'"::$-0$6'%)'

%"&&/"+D'#,Y$7'N("&&$+'%"&&/"+D#'),$&6'

(3+$'43($+29#1'"6;$+#$&)'"::$-0,9='

04$'/,0-4$+.#'Vj*7'

' S42#'Vj*'#432&6'"&#3'%$'"'

-"0$=3+)'930'-39#,6$+$6'"#',(/3+0"90'

"#',0'2#$6'03'%$7'A")%$'04$'-"0$=3+)'

#432&6'%$'53+04'4"&:'3:'-3(("96'"96'

43($+29'+"0$1'%$-"2#$',0',#'#0,&&'"9'

,(/3+0"90'($"#2+$'3:'"'/,0-4$+'3;$+'"9'

$[0$96$6'/$+,36'3:'0,($1'+"04$+'04"9'

3;$+'04$'#$"#397'S4$'+$"#39'54)'Vj*'

,#'"'+$&,"%&$'#0"0,#0,-'3;$+'"'/,0-4$+.#'

-"+$$+'"+$'04"0'04$';"+,"%&$#'04"0'

"6;$+#$&)'"::$-0'Vj*'3:0$9'-3($'%"-D'

03'04$'($"9'3+'&$"=2$'";$+"=$7'^3+'

,9#0"9-$1',0',#'+"+$'04"0'"'/,0-4$+'5,&&'

/,0-4',9'04$'#"($'%"&&/"+D'3+':3+'"'/33+'

6$:$9#,;$'0$"('4,#'$90,+$'-"+$$+7'S42#'

$"+9$6'+29'";$+"=$'$;$902"&&)'-3($#'

03'#435'04$'/,0-4$+.#'"%,&,0)'03'&,(,0'

$!&Q)$R(.,+

-68K?N($?H97

0=>;=<K

,??F(0(2==F(!98>K?@`("==](68(gM33(h(%Q(Q68?

#0"+0$6'fCX'%20'$96$6'04$'#$"#39'WCZ7

' !)'>?@*'#0"96"+6#1'04$'%$#0'

3::$9#$#',9'04$'&$"=2$'-"9'$[/$-0'"'

>?@*'/$+-$90"=$'3:'"+3296'bLl1'

54,&$'04$'53+#0'3::$9#$#',9'04$'&$"=2$'

-"9'$[/$-0'"'>?@*'/$+-$90"=$'3:'

CbLl7''^3+'6$:$9#$#1'04$'#-"&$',#'

+$;$+#$61'#3'"'&35$+'92(%$+'+$/+$#$90#'

"'%$00$+'6$:$9#$7''*0'04$'-39-&2#,39'

3:'04$'KLLM'#$"#391'04$'Q$5'@+&$"9#'

N",90#'"96'Q$5'o3+D'T,"90#'4"6'04$'

%$#0'3::$9#$#',9':330%"&&1'54,&$'04$'

F,00#%2+=4'N0$$&$+#'"96'!"&0,(3+$'

j";$9#'4"6'04$'%$#0'6$:$9#$#7'_#,9='

\$,=40$6'>?@*1'04$'N",90#'"96'

O96,"9"/3&,#'83&0#'4";$'04$'%$#0'

3::$9#$#',9'04$'&$"=2$1'54,&$'04$'

N0$$&$+#'"96'F4,&"6$&/4,"'V"=&$#'4";$'

04$'%$#0'6$:$9#$#',9'04$'&$"=2$7

' ^330%"&&'@20#,6$+#'4";$'"'

/&$043+"'3:'9$5'"96',9C6$/04'#0"0,#0,-#'

04)0'C+!568%')'(!+%'!/*%$065%'56%E'

3:':330%"&&1'5,04'>?@*'%$,9='04$'

-3+9$+#039$'#0"07''A3+$'"96'(3+$'

%"#$%"&&':"9#'"+$'2#,9='P39C%"#$'/&2#'

#&2==,9=R',9'04$'#"($'5")'"#'04$)'

2#$'%"00,9='";$+"=$'54$9'0"&D,9='

"%320'%"#$%"&&7''F$+4"/#1')$"+#'6359'

04$'+3"61'>?@*'5,&&'%$'04$'6$:"2&0'

#0"0,#0,-'54$9'6,#-2##,9=':330%"&&'

/&")$+#'"96'0$"(#7

/i&0(P6;(I?>=P?(

8K?(7?[8(F?:65D8(A868(97(

:==8I6DD

"9304$+'0$"(':+3('#-3+,9=7'

I)&0:'W;UN'KE),>&'_'460&'`'

,99,9=#'/,0-4$6H',#'29+$&,"%&$'%$-"2#$'

"#'":3+$($90,39$61'4,0#'"+$'930'"'

#0"0,#0,-'-390+3&&"%&$'%)'04$'/,0-4$+7'

S4$'053'(3#0',(/3+0"90'#0"0#',9'

$;"&2"0,9='"'/,0-4$+'"+$'43($+29#'

=,;$9'2/'E/$+',99,9=',#'/+$:$+"%&$1'

"&0432=4'/$+'#0"+0'#$$(#'+$&,"%&$'"#'

5$&&H'"96'#0+,D$320'03'5"&D'+"0,37'S4$'

/,0-4$+'6,-0"0$#'04$#$'#0"0,#0,-#7'\4$9'

"'/,0-4$+'=,;$#'2/'"'43($+291',0.#'

=$9$+"&&)'4,#':"2&07'*&#31'"'43($+29'

,#'+"+$&)'"::$-0$6'%)'%"6'6$:$9#$7'U3#$'

8"9#$-31'"+$')32'&,#0$9,9=<'S42#',0'

,#'"&(3#0'"&5")#'04$'/,0-4$+#':"2&07'

^2+04$+(3+$1'"'43($+29',#'"'53+#0'

/3##,%&$'320-3($':3+'"'/,0-4$+'":0$+'"'

/&"0$'"//$"+"9-$7'F,0-4$+#'543'=,;$'

2/';$+)':$5'43($+29#'-"9'"-02"&&)'

"::3+6'(3+$'%"#$'+299$+#1'"#'O'5,&&'

6$(39#0+"0$'5,04'04$'$["(/&$'3:'053'

#0"+0$+#'543'$($+=$6'"#'"-$#'04,#'

#$"#397'S4$'#$-396'#0"0,#0,-1'#0+,D$320'

03'5"&D'+"0,31',#'"&#3'"&(3#0'39&)'

86$0)0%8'/9'04%'C60$4%+1'';%'8%$68%&'

54$04$+'03'04+35'"'%"&&'3+'#0+,D$7'

S53'"-$#'$($+=$6',9'04$'KLLM'

/)&%/),,'&%)&!3'04)0'4)8'C!!+'W;UNJ'

"96'-3(("96'+"0,3#'"96'#0,&&'("9"=$6'

0!'/%'%""%$065%1'F4%'#+&0'%L)(C,%'!"')'

=2)'543'&,D$6'03'&3"6'p$('2/'"96'#,0'

p$('6359'5"#'>",#2D$'A"0#2Y"D"7'

@2+'9$51'5$"&04)1',((,=+"90':+,$96'

/3#0$6'"'P%+,&&,"90R'#$"#39'"--3+6,9='

03'#0"0,#0,-#':+3('&39='"=31'=3,9='XMCb'

5,04'"'K7ZL'$+"7'@9$'(")'04,9D'04,#'

63(,9"9-$'-"($':+3('=336'-390+3&'

3+'&,(,0,9='%"#$'+299$+#7'O9'KLLM1'

P)6&.>%'C!&0%8')'^1lc'W;UN:'E46$4'

,#'J2,0$'/33+7'S4"0'($"9#':3+'$;$+)'

,99,9='4$'/,0-4$61'4$'";$+"=$6'X7bK'

5"&D#'3+'4,0#7'S4$'&$"=2$'";$+"=$'

W;UN'E)&'^1l[:'()>63-'P)6&.>%'

%"+$&)'%$00$+'04"9'";$+"=$7'S4$'&$"=2$'

,%)8%+'C!&0%8')'^1bf'W;UN1'W4)0'

>",#2D$'6,61'0432=41'5"#'39&)'"&&35'

XK'43($+29#',9'KZ'#0"+0#1'54$+$"#',9'

KLLW'4$'=";$'2/'Kf'43($+29#',9'bK'

#0"+0#7'S4,#'6,::$+$9-$'5"#'04$'(",9'

+$"#39'A"0#2Y"D".#'Vj*'&35$+$61'"96'

4,#'5,99,9='/$+-$90"=$',(/+3;$67'S3'

930$'435',(/3+0"90'&,(,0,9='43($+29#'

,#1'"&#31'A"0#2Y"D"'5"&D$6'Zd'%"00$+#'

,9'XcW',99,9=#'04,#'#$"#391'54,&$'

4$'5"&D$6'39&)'ML',9'KLd7K',99,9=#'

,9'KLLW7'V;$9'0432=4'4,#'-390+3&'

53+#$9$61'4$'#0,&&'"-4,$;$6'=+$"0$+'

#2--$##'%)'D$$/,9='04$'%"&&',9'04$')"+67'

*9304$+'/,0-4$+'543'4"6'

"'%+$"D320'#$"#39'%$-"2#$'3:'4,#'

"%,&,0)'03'&,(,0'43($+29#'5"#'A$0#'

#0"+0,9='/,0-4$+'A,D$'F$&:+$)7'F$&:+$)'

9$"+&)'(,++3+$6'A"0#2Y"D"1'/3#0,9='"'

(%86!$+%'^1ld'W;UN1'Q%5%+04%,%&&:'

F$&:+$)'"&&35$6'39&)'XK'43($+29#'

,9'bK',99,9=#7'A,D$'04+35#'54"0'

A$0#'"99329-$+#'-"&&'"'P%35&,9='%"&&'

:"#0%"&&R'E,9'+$:$+$9-$'03',0#'6+"("0,-1'

4$";)'(3;$($90H7'\4,&$'04$'/,0-4',#'

4"+6'03'-390+3&1',0',#';$+)'$::$-0,;$1'"96'

,#'"#',(/3+0"90'03':"90"#)'359$+#'"96'

%"#$%"&&'=$9$+"&'("9"=$+#'"#'04$'%+$"6'

39'04$,+'0"%&$'E"96'(")%$'$;$9'04$,+'

#+&0'/!+3S1'

VJ2"&&)'"#',(/3+0"90'"#'

43($+29#'"&&35$6',#'"'/,0-4$+.#'

-3(("967'O:'43($+29#'"&&35$6',#'04$'

*%,,9:'$!(()38'6&'04%'C%)3.0'/.00%+1'

*'/,0-4$+'4"#'04$'"%,&,0)'03'6$-,6$'

54$04$+'4$'04+35#'"'%"&&'3+'"'#0+,D$1'

"96'042#'#0+,D$320'03'5"&D'+"0,3',#';$+)'

(2-4'0$&&,9='3:'"'/,0-4$+.#'"%,&,0)'03'

04+35'04$'%"&&'54$+$'4$'5"90#7'O9'

$;"&2"0,9=')329='#0"+0$+#1'()'"6;,-$',#'

03'"&5")#'("D$'#2+$'04$)'4";$'"0'&$"#0'

"'b`X'qa!!'+"0,37'_9&$##'04$)'0+2&)'

D$$/'04$'%"&&',9'04$'/"+D'&,D$'F$&:+$)'

3+'>,-$Cq'E"'+"+,0)H1'04,#'b`X'+2&$',#'"'

=336'%$9-4("+D7'

*')329='/,0-4$+'(")'-3($'

,903'04$'&$"=2$'"96'=$0'&2-D)'5,04'

5,99,9='/$+-$90"=$'"96'Vj*'"96')32'

(")'04,9D')32'"+$'5"0-4,9='#3($04,9='

&C%$6),1'?.0'U'$),,'046&'04%'O)$4'

>2D$';,+2#'E930$`',:')32'"+$',9:$-0$61'

T"99$00',#'=,;,9='320':+$$'#430#H7'

W4%3'O)$4'$)(%'630!'04%',%)-.%:'

4$'/3#0$6'"'X7MX'$+"',9'Xd'#0"+0#':3+'

F,00#%2+=4',9'KLLf7'\4"0':"9#'6,6'

930'#$$'%$4,96'04$'("#D'5"#'"9'2=&)'

K7f`X'qa!!'+"0,31'"96'"'($6,3-+$'

c'#0+,D$320#'/$+'Z',99,9=#'/,0-4$67'

F4%'3%L0'&%)&!3:'O)$4@&'3.(/%+&'

5$+$'2=&,$+'04"9'!+,09$)'5,04320'

4)6+1';%'C!&0%8')'k1k]'%+)'63'c^f'

63363-&'C60$4%8'/%$).&%'!"')'4!++6#$'

^1\m^'o`??'+)06!1';%'),&!'4)8')'^1f'

W;UN:'E46$4',%8'()39'^^'9%)+'!,8&'

03'J2$#0,39'04$'%"9$'3:'04$,+':"90"#)'

$[,#0$9-$7'

S4$'D,9='3:'-3(("96'E"96'04$'

9$5'D,9='3:'J2$$9#H',#'U34"9'N"90"9"7'

!20'4$',#'033'(2-4':29'03'/&")'5,041'#3'

&$0'2#'&33D'"0'4,#'/+$6$-$##3+'^+"9-,#-3'

B,+,"931'543'5$90'29930,-$6'%)'

")30)&9'!E3%+&'E4%3'#+&0'/+%)>63-'

,903'04$'%,='&$"=2$#7'O9'KLLf1'B,+,"93'

/,0-4$6',9'#,['="($#1'#0"+0,9=':32+'

3:'04$(7'*--3+6,9='03'04$'#0"0,#0,-#'

:+3('04$'XcLL.#1'B,+,"93'5$90'XCK'

5,04'"'f7WL'Vj*7'_9&$##')32'+$"6'

4,#'#-320,9='+$/3+0'EO'033'4";$'%$00$+'

04,9=#'03'63'5,04'()'0,($]5",0'O'+$"6'

,0H')32'532&69.0'4";$'6+":0$6'4,(',9'

:"90"#)'&$"=2$#7'\4$9'&33D,9='"0'04$'

#0"0,#0,-#'O'/+$:$+1')32.&&'#$$'"9'"&(3#0'

f`X'qa!!'+"0,3',9'4,#'Kb7K',99,9=#7'

;%'&0+.$>'!.0'll'/)00%+&')38'E),>%8'

W'62+,9='04,#'0,($7'O9'4,#'9$[0'#$"#391'

B,+,"93'5$90'XKCb'5,04'"'K7Xc'Vj*7'

Q35'$;$9'043#$'92(%$+#'532&6'4";$'

/&$"#$6'04$'3206"0$6':"90"#)'-"0$=3+,$#'

,:':"90"#)'359$+#'4"6'930,-$6'04$#$'

0+$96#7'

S4$+$'"+$'053'-";$"0#',9'

20,&,Y,9='43($+29'+"0$'"96'#0+,D$320'

03'5"&D'+"0,37'^,+#01'43($+29#'-"9'%$'

46-4,9'63<.%3$%8'/9'04%'/),,C)+>'04%'

$!&Q)$R(.,+0=>;=<K

,??F(0(2==F(!98>K?@`("==](68(gM33(h(%Q(Q68?

/,0-4$+'/&")#',97'\$'-"9'"&&'#)(/"04,Y$'

E604'04%'^f'4!(%+.3&'2!,%';)(%,&'

#2++$96$+$6',9'8,0,Y$9#'!"9D'F"+D'

04,#')$"+1'"#'04$'%"&&/"+D'6,($9#,39#'

"+$';$+)'#("&&7'N$-3961'5,04')329='

/,0-4$+#1'63'930'9$-$##"+,&)'&33D'"0'

qa!!'"#'04$'(3#0',(/3+0"90':"-03+7'

T$9$+"&&)1'-3(("96'-3($#'5,04'

$!3#8%3$%1'I!!>'0!'&%%'6"'04%9')+%'

296$+'"'=336'/,0-4,9='-3"-41',:'04$)'

4";$'"'4,=4'#0+,D$320'+"0$1'"96'"'&35'

43($+29'+"0$7'_9&$##')32'"+$'6$"&,9='

E604'2!,%';)(%,&:'9!.'C+!/)/,9'E6,,'

#$$'6$&")$6'=+$"0'-3(("967''

Q351',0'#432&6'%$'930$6'435'

04$#$'#0"0,#0,-#'"::$-0')32+':"90"#)'

-"0$=3+,$#7'O:')32+'&$"=2$'"#D#':3+'

E63&:'&)5%&:'7YM:'o@&')38'W;UN:'9!.'

#432&6'930'39&)'-39#,6$+'04$'-3(("96'

"96'43($+29'+"0$7'S4$'/,0-4$+.#'0$"('

3::$9#$'5,&&'%$',(/3+0"90'035"+6#'

5,9#'"96'#";$#7'!201'+$"&,#0,-"&&)1'%$='

)32+':"90"#)'-3((,##,39$+#'03'-4"9=$'

04%'$)0%-!+6%&1'F4%'#5%'$)0%-!+6%&'

-39#,6$+$6'#432&6'%$'#0+,D$320#1'5"&D#'

E04$':$5$+'04$'%$00$+H1'43($+29#'

"&&35$6'E04$':$5$+'04$'%$00$+H1',99,9=#'

C60$4%8:')38'R.),609'&0)+0&'_'&)5%&'C%+'

5$$D'E*'(,9,(2('3:'c',99,9=#'/,0-4$6'

"96'("[,(2('3:'b'$"+9$6'+29#H7''!)'

4";,9='J2"&,0)'#0"+0#'/&2#'#";$#1')32'

"+$';,+02"&&)'-390,92,9='04$'0+"6,0,39'

!"'E63&')38'&)5%&1';!E%5%+:'04%'0E!'

-"0$=3+,$#'5,&&'%$'-396$9#$6',903'39$1'

"96'J2"&,0)'#0"+0#'+$/&"-$#'5,9#7'

;!C%".,,9:'4!(%+.3'+)0%')38'

#0+,D$320'03'5"&D'+"0,3'5,&&'%$'04$'

(3#0'-3((39'#0"0,#0,-#':3+'/,0-4$+#'

,9'04$'($6,"7'S4$)'"+$'(3+$';"&,6'"96'

%$00$+'/+$6,-03+#'3:'/$+:3+("9-$7'O0'

"&#3'532&6'%$'53+04'("D,9='"'=$9$+"&'

%$9-4("+D':3+'"'=336'43($+29'+"0$7'O9'

()'9$[0'"+0,-&$'O'(")'("D$'"9'$J2"0,39'

-3(%,9,9='#0+,D$320'03'5"&D'+"0,3'

"96'43($+29'+"0$1'54,&$'0"D,9='"5")'

%"&&/"+D'$::$-07'*96'03':"90"#)'359$+#i'

%$5"+$'3:'435'$::$-0,;$'04$#$'#0"0,#0,-#'

"+$':3+'/+$6,-0,9=':202+$'/$+:3+("9-$7'

*&#31'0+)'"96'D$$/',9'(,96'435'04$#$'

#0"0,#0,-#'"::$-0')32+'-2++$90'-"0$=3+,$#1'

54,&$'"#D,9=')32+'-3((,##,39$+#'03'

%$'/+3=+$##,;$'"96'03',(/&$($90'04$#$'

3%E:'(!+%'63<.%306),'$)0%-!+6%&1'

)K?(1585@?(=:(8K?(,1"(+=DD?>89H?

(36@<69797<(0<@??P?78

' @;$+'04$'/"#0'6$-"6$1'04$'

Q)06!3),'Z!!0/),,'I%)-.%'4)&'%3*!9%8'

29/+$-$6$90$6'"96'29("0-4$6'#2--$##'

,9'04$':3+('3:'/3/2&"+,0)1'0$&$;,#,39'

+"0,9=#1'"00$96"9-$1'"96'($+-4"96,#$'

#"&$#7''!20'04$'Q^B.#'"#-$96"9-)'03'

04$'04+39$'3:'/+3:$##,39"&'#/3+0#'(")'

%$':3+=300$9'%)'KLXX7''*96',:'04"0',#'

04$'-"#$1'04$'&$"=2$'"96',0#'/&")$+#'

5,&&'4";$'9304,9='03'%&"($'%20'04$'

-3&&$-0,;$'%"+=",9,9='"=+$$($90'#$0'

:3+04',9'A"+-4'3:'KLLc7''

' _96$+'04$'-2++$90'&"%3+'6$"&1'

0$"(#'5,&&'3/$+"0$'5,04'"'#"&"+)'-"/'

:3+'04$'KLLMCKLLZ'"96'KLLZCKLXL'

#$"#39#7''O:'04$+$',#'93'9$5'"=+$$($90'

+$"-4$6'%)'04$'$96'3:'04$'KLLZCKLXL'

#$"#391'04$'KLXLCKLXX'#$"#39h04$'

&"#0'39$'%$:3+$'04$'-390+"-0'$[/,+$#h

5,&&'%$'/&")$6'5,04320'"'#"&"+)'-"/7''

S4,#',#'"'9,=40("+$'#-$9"+,3':3+'%304'

359$+#'"96':"9#1'"#'04$+$'"+$'"(/&$'

:$"+#'"%320'54$04$+'/&")$+#'532&6'%$'

"%&$'03'+$02+9'03'"'#"&"+)'-"/'#)#0$('

":0$+'$[/$+,$9-,9='&,:$'5,04320',07''

A"9)'"00+,%20$'04$'Q^B.#'

29/"+"&&$&$6'/"+,0)h29632%0$6&)'

"':"-03+',9',0#'/3/2&"+,0)h03'04$'

$[,#0$9-$'3:',0#'#0+,9=$90'#"&"+)'

$)C'&9&0%(1''h3,6>%'H)*!+'I%)-.%'

!"#$%"&&h54$+$'04$'/35$+:2&'F&")$+#'

_9,39'4"#'+$#,#0$6'04$'+$/&"-$($90'3:'

04$'&"['P&2[2+)'0"[R'#)#0$(h04$+$'"+$'

:$5'P$;,&'$(/,+$#R',9':330%"&&7''*9)'

Q^B'0$"('-"9'%$"0'"9304$+1'"96'04$'

02+9"+3296':+3(')$"+'03')$"+'-"9'%$'

6+"("0,-'"#'04$+$',#'(3+$'$(/4"#,#'39'

04$'6+":0'04"9':+$$'"=$9-)7''S4$'Q^8'

N3204',#'04$'/$+:$-0'-"#$'#026)':3+'

04,#h:+3('KLLbCKLLM1'04$'0$"('04"0'

E!3'04%'8656&6!3'4)8'#36&4%8',)&0'04%'

/+$;,32#')$"+7'

S4$'P4"+6'-"/R'#)#0$(h54,-4'

=+$"0&)'6$-+$"#$#'04$'"(3290'359$+#'

(2#0'/")'03'("9"=$'04$,+'0$"(#h4"#'

"&#3'-390+,%20$6'03'04$'%$&,$:'04"0'

04$'Q^B',#'/+3:$##,39"&'#/3+0#.'(3#0'

#0"%&$'&$"=2$7''^330%"&&'0$"(#'"+$'"'

4,=4&)'6$#,+"%&$'/2+-4"#$1'"#'/30$90,"&'

%2)$+#'-"9'%$'"##2+$6'04"0'04$'-3#0'

3:'"-02"&&)'3/$+"0,9='04$'0$"('5,&&'

9$;$+'6+"("0,-"&&)',9-+$"#$7''S4$'

#"&"+)'-"/'"&#3'($"9#'04"0'(39$)'04"0'

532&6'304$+5,#$'4";$'%$$9',9'/&")$+#.'

/3-D$0#'5,&&'%$'"&&3-"0$6'$&#$54$+$1'

#2-4'"#'035"+6#',9;$#0($90#',9'9$5'

#0"6,2(#'"96'04$'&$"=2$.#'"==+$##,;$'

,("=$'$[/"9#,397

' F4%'/%3%#0&'!"')'&),)+9'$)C'

:3+'04$'359$+#'"96':"9#'"+$'$;,6$901'

/.0'3!0'),,')-+%%'E604'60p)'()*!+609'!"'

/&")$+#'"+$'#2+$&)')$"+9,9=':3+'-4"9=$7''

F&")$+#'4";$'"'-"+$$+'3:'29-$+0",90)h

!3%'8%5)&0)063-'63*.+9'!+'/,.38%+'

-"9'$+"#$'04$,+'#32+-$'3:',9-3($1'"#'

(3#0'3:'04$'(39$)',9'Q^B'-390+"-0#'

"+$'930'=2"+"90$$67''\,04'04$'%,66,9='

5"+#'04"0'532&6'+$#2&0':+3('04$'&"-D'

3:'"'#"&"+)'-"/1'359$+#'532&6'4";$'03'

("D$'(3+$'-39-$##,39#1'/"+0,-2&"+&)'

39'04$',##2$'3:'=2"+"90$$6'-390+"-0#7''

F&")$+#'"+=2$'04"0'%$-"2#$'04$)'/&")'

,9'04$'(3#0'/4)#,-"&'3:'/+3:$##,39"&'

#/3+0#1'04$)'#432&6'%$'"::3+6$6'04$'

&)(%'*!/'&%$.+609')&'04%6+'$!.30%+C)+0&'

,9'304$+'&$"=2$#7''T$9$'_/#4"51'

04$'&"0$'6,+$-03+'3:'04$'Q^B'F&")$+#'

*##3-,"0,391'#0"0$6'$[/&,-,0&)',9'A")'

3:'04,#')$"+1'PO:'5$'$;$+'=$0'%$)396'

m04$'29-"//$6')$"+n1'5$.+$'930'=3,9='

%"-D'm03'"'#"&"+)'-"/'#)#0$(nR'EP^3+'

Q^B1'*'83&&$-0,;$'>,#"=+$$($90R1'

\"#4,9=039'S,($#1'LfaKbaKLLMH7''

' !20':$5'%$&,$;$'04"0'04$'

359$+#'532&6'#,=9'3::'39'"9'

"=+$$($90'04"0'6,6'930',9-&26$'"'

#"&"+)'-"/7''\,04'93'#)#0$(',9'/&"-$'

"96'#D)+3-D$0,9='-3#0#':3+'3/$+"0,9='

"9'3+="9,Y"0,391'359$+#'5,&&'&3#$'

04$'&,D$&,4336'04"0'#3($39$'$&#$'

5,&&'"&5")#'5"90'03'%2)'04$,+'0$"(7'

\,04'04$'-2++$90'6,#("&'#0"0$'3:'04$'

$-393()1'04"0',#'"'+,#D'04"0':$5'359$+#'

532&6'%$'5,&&,9='03'0"D$7'''

' *#',:'04$+$'5$+$'930'$932=4'

#)#0$(,-'/+3%&$(#'03'04,#'&"%3+'

#0"&$("0$1',0'(2#0'%$'"66$6'04"0'04$'

QZINM'4)&'3!'#+(',%)8%+&46C')"0%+'

04$'0+"=,-'6$"04'3:',0#'&$"6$+'3:'05$90)C

#5%'9%)+&1''F4%'M&&!$6)06!3'E6,,'/%'

#$96,9=',0#',90$+,('$[$-20,;$'6,+$-03+1'

$!&Q)$R(.,+

-9>K6?D(3@6H?@P67

$0/

*#'$;$+)'J2"+0$+%"-D',9'04$'Q^B'6+3/#'

/)$>'0!'C)&&:')'(9+6)8'!"'!C06!3&'<9'

04+32=4'4,#'4$"6'"0'&,=409,9='#/$$67''

S4$'J2"+0$+%"-D'(2#0'-39#,6$+'

54"0'6$:$9#$'04$'3//3#,0,39',#'

+299,9=1'54,-4'3:'4,#'+$-$,;$+#'5,&&'

#2%#$J2$90&)'%$'3/$91'"96'435'&39='

4$'4"#'290,&'4$'(2#0'04+35'04$'%"&&7'

*#'3::$9#,;$'#)#0$(#',9':330%"&&'4";$'

6$;$&3/$61'#3'4"#'04$',(/3+0"9-$'3:'

-$+0",9'#D,&&'/3#,0,39#7'!20'39$'29#29='

4$+3'3:'"9)'3::$9#$',#'04$'39$'/$+#39'

543'04$'J2"+0$+%"-D'3:0$9'63$#'930'#$$'

"#'4$'6+3/#'%"-D7'S4$'&$:0'0"-D&$'4"#'

%$-3($'"9',90$=+"&'/"+0'3:'"9)'0$"(1'

"96'04$'/3#,0,39.#'6$;$&3/($90'4"#'

"&0$+$6'04$'#/3+0'3:':330%"&&'04+32=4'

,9-+$"#$#',9'#"&"+,$#'"96'/3#,0,39#'

39'6+":0'%3"+6#7'04$'$[/"9#,39'3:'04$'

#/+$"6'3::$9#$1'"96'04$,+':202+$'"#'

C+!0%$0!+&'!"'T.)+0%+/)$>&1';%+%')+%'

04%'#5%'E)9&'63'E46$4'04%',%"0'0)$>,%'

4"#'-4"9=$6':330%"&&`''

X7' N"&"+)`'B$:0'0"-D&$#'4";$'#$$9'6+"("0,-',9-+$"#$#',9'04$,+'/")'

#,9-$'$[$-20,;$#'"96'-3"-4$#'#0"+0$6'03'"//+$-,"0$'04$,+'+"+$'#$0'

!"'&>6,,&')38'&6V%'!3'04%'#%,81'U3'cbb]:'04%')5%+)-%'&0)+063-',%"0'

0"-D&$'5"#'04$'#$-396'4,=4$#0'/",6'/3#,0,39',9'04$'#/3+01'("D,9='

d'(,&&,39'63&&"+#'/$+'#$"#391'54,&$'04$'";$+"=$'/&")$+'("6$'

eWWL1LLL'63&&"+#7''\4$+$"#',9'XZML'04$'";$+"=$'#"&"+)':3+'"9)'

C,)9%+'63'04%'QZI'E)&'j]\:df]:'&0)+063-',%"0'0)$>,%&'()8%'*.&0'

%$&35'eXLL1LLL7''Q351'04$,+'#"&"+)',#'(3+$'04"9'd'0,($#'04$'

&$"=2$'";$+"=$7

K7' '>+":0'F,-D#`''T$9$+"&'A"9"=$+#'4";$'"&#3'#$$9'04$'$94"9-$6'

;"&2$#'3:'0"-D&$#'"96'6+":0$6'04$('4,=4$+'"96'4,=4$+'3;$+'04$'

-32+#$'3:'04$'&"#0'KL')$"+#7'O9'XZML1'XW'0"-D&$#'5$+$'0"D$9',9'04$'

%306+%'8+)"0:')38'*.&0'0E!'63'04%'#+&0'+!.381''U3'04%'cbb\'8+)"0:'c['

0)$>,%&'E%+%'0)>%3'!5%+),,:')38')'-).89'&%5%3'!"'04%('E%+%'#+&0'

+3296$+#',9-&26,9='04$'92(%$+'39$'3;$+"&&'#$&$-0,39'U"D$'B39=7'

S4$'6$;$&3/($90'3:'04$'#/+$"6'3::$9#$'03'04$'-3&&$=$'&$;$&'4"#'

$9"%&$6'Q^B'#-320#'03'3%#$+;$'-3&&$=,"0$'&,9$("9',9'#,(,&"+'

#,02"0,39#'03'39$#'04$)'532&6'4";$'03':"-$'39'04$'/+3:$##,39"&'

,%5%,1'F4.&:'%L%$.065%&')$+!&&'04%'/!)+8'4)5%'(!+%'$!3#8%3$%'

,9'0"D,9='"9'3::$9#,;$'&,9$("9'5,04'"'4,=4$+'6+":0'/,-D7'

b7' N/+$"6'@::$9#$'V[/"9#,39`'S4$'6$;$&3/($90'3:'04$'#/+$"6'3::$9#$'

4"#'-4"9=$6':330%"&&7'S$"(#'&,D$'04$'S$99$##$$'S,0"9#'"96'@4,3'

N0"0$'!2-D$)$#'4";$'/+3;$9'04"0'3::$9#$#'-"9'#0,&&'"-4,$;$'#2--$##'

5,04'0+"6,0,39"&'#0)&$#'3:'/+,("+,&)'+299,9='04$'%"&&',9'4$";)'#$0#'

5,04'053'0,=40'$96#'"96'"':2&&%"-D'54,&$'39&)'/"##,9='04$'%"&&'

!$$)&6!3),,91'';!E%5%+:')&')'E4!,%:'0%)(&'E604'C+!5%3')04,%0%&'

"96'#/+$"6'#)#0$(#'4";$'$#0"%&,#4$6'04$(#$&;$#'"#'04$'9$5'93+('

"0'"&&'&$;$&#'3:':330%"&&'-3(/$0,0,397''@::$9#,;$'-33+6,9"03+#'4";$'

&C+%)8'04%'#%,8'"+!('&68%,63%'0!'&68%,63%'E604'(!+%'+%$%65%+&')38'

042#1'(3+$'/"##,9=7'\4$9'0$"(#'/"##'(3+$':+$J2$90&)1'04$';"&2$'

3:'04$'&$:0'0"-D&$',9-+$"#$#7

j,-4"+6'!$+04$&#$91'03'04$'%"+=",9,9='

0"%&$1'%20'4$',#',9'"9'29:";3+"%&$'

9$=30,"0,9='/3#,0,39'3:'%$,9='"'&"($C

62-D'$[$-20,;$7''S4$'Q^BF*'4"#'930'

=,;$9'"9)',96,-"0,39'"#'03'543'5,&&'

0"D$'3;$+':3+'04$'&39='0$+(7'''

' S4$+$',#'#0,&&'43/$'04"0'"9'

"=+$$($90'5,&&'%$'+$"-4$6'%$:3+$'04$'

"&&C,(/3+0"90'KLXLCKLXX'#$"#391'%20'

,0',#'4"+6'03'0+"-D'04$'/+3=+$##'3:'04$'

9$=30,"0,39#'"#'04$'&$"=2$.#'359$+#'

4";$'D$/0'"'0,=40'&,/7''*#'04$'04+$"0'3:'"'

&3-D320',9'KLXX'&33(#'&"+=$1'04$':202+$'

6&'.3$%+0)63'"!+'04%'QZI1''73*!9'60'

54,&$')32'-"97

$!&Q)$R(.,+$0/

19H?('6;A()K?(

"?:8()6>]D?(

%6A

*H=DH?F

-688K?N(-=@<678?

f7' !&,96#,6$`'S4$'6$;$&3/($90'3:'04$'&$:0'0"-D&$'4"#'930'=39$'

5,04320'930,-$':+3('04$'(",9#0+$"('($6,"'"96'("9)':330%"&&'

$[/$+0#7'O9'KLLc1'#/3+0#'"2043+'A,-4"$&'B$5,#.'%$#0#$&&$+1'S4$'

!&,96'N,6$`'V;3&20,39'3:'"'T"($1'E)&'04%'#+&0'/!!>')/!.0'04%'

&C%$6#$'8%5%,!C(%30'!"',%"0'0)$>,%&:'7'B$5,#1'%)'"9"&)Y,9='04$'

6$;$&3/($90'"96',9-+$"#$6'#-320,9='3:'&$:0'0"-D&$#1'/+362-$6'

04%'#+&0'46-4,9'C./,6$,9'$%,%/+)0%8'E!+>')/!.0'04%'8%5%,!C(%30'

3:'04$'&$:0'0"-D&$',9':330%"&&7'S4+32=4320'04$'93;$&1'B$5,#'

"&0$+9"0$#'%"-D'"96':3+04'%$05$$9'04$'#03+)'3:'04$'6$;$&3/($90'

3:'04$'#/+$"6'3::$9#$',9'/+3:$##,39"&':330%"&&'"96'04$'#03+)'3:'

39$')329='4,=4'#-433&'&$:0'0"-D&$'+$-+2,07''!304'#03+,$#';"&2$'04$'

,(/3+0"9-$'3:'4";,9='"'%,=1'#0+39=1'"04&$0,-'&$:0'0"-D&$7

$!&Q)$R(.,+$0/

d7' ^202+$`'S4$':202+$'3:'04$'&$:0'0"-D&$'/3#,0,39',#'#0,&&'"'(,[$6'%"=7''

!20',:'#/+$"6'3::$9#$#'-390,92$'03'%$'"#'/30$90'"#'04$)'"+$'036")1'

04$+$',#'93'632%0'04"0'&$:0'0"-D&$#'5,&&'-390,92$'04$,+'-2++$90'/"-$'

)&'04%'&%$!38'(!&0'6(C!+0)30'C!&606!3'!3')39'"!!0/),,'#%,81''

;!E%5%+:'()39'"!!0/),,'&0+)0%-6&0&'$,)6('04%+%'$!.,8'/%')'&.88%3'

6$-+$"#$',9'6$("96':3+'&$:0'0"-D&$#',9'04$'9$"+':202+$7''A"9)'

-%3%+),'()3)-%+&'E4!'4)5%'&C%30'(6,,6!3&'!"'8!,,)+&'!3'#+&0'

+!.38'!""%3&65%',63%()3'!3,9'0!'&%%'04%('#VV,%'!.0')"0%+')'$!.C,%'

9%)+&'$,)6('04)0'04%'&>6,,'+%R.6+%8'0!'/%'C+!#$6%30')0')39'C!&606!3'

39'04$'3::$9#,;$'&,9$',#'#3'(,9,("&'04"0'04$)'"+$'930'53+04'04$'

-2++$90'-390+"-0#'"96'#"&"+,$#'04$)'+$-$,;$7'O9#0$"61'#3($'4";$'

/+3/3#$6'04"0',0',#'(3+$',(/3+0"90':3+'"'0$"('03'930'4";$'"'5$"D'

&,9D'"0'"9)'/3#,0,39'"&39='04$'3::$9#,;$'&,9$'"#'3//3#$6'03'#,(/&)'

3%0",9,9='"'#2/$+#0"+'&$:0'0"-D&$7

19[97<(0(3@=]?7($;A8?P

$K=5DF(+=DD?<?(08KD?8?A(3?(!69F`

$K657('?@I?D=N

$!&Q)$R(.,+$%!!

' *#D'(3#0'"6(,9,#0+"03+#1'

$62-"03+#1'/"+$90#1'"96'$;$9'

#026$90#1'"96'04$)'5,&&'-&",('04"0'

)32'-"9930'/20'"'/+,-$'39'04$';"&2$'

3:'"'-3&&$=$'$62-"0,397'O9'"'#3-,$0)'

04"0',#'%$-3(,9='4,=4&)'#/$-,"&,Y$61'

8.+63-')'06(%'E4%+%'04%'*!/'()+>%0'

,#':$+3-,32#&)'-3(/$0,0,;$1',0'4"#'

%$-3($'"&(3#0'"'9$-$##,0)'03'

/3##$##'"'%"-4$&3+.#'6$=+$$':3+'

$)+%%+'C.+C!&%&1';!E%5%+:')00%3863-'

-3&&$=$'4"#',(/&,-,0';"&2$'04"0':"+'

&.+C)&&%&'04%')88%8'63<)06!3'0!'!3%@&'

#"&"+)7'^3+'("9)1'-3&&$=$',#'"'-+2-,"&'

("02+"0,39'/$+,36'"96'04$'$##$90,"&'

0+"9#,0,39',903',96$/$96$90'"62&043367'

T,;$9',9-+$"#$6':+$$63('"#'5$&&'"#'

+$#/39#,%,&,0)1'043#$':32+')$"+#'3:0$9'

C,)9')'8%#363-'+!,%'63')'&0.8%30@&',6"%1'

S3'%$'+$"&,#0,-1'04$'6$-,#,39'"96'$;$9'

3/0,39'03'"00$96'-3&&$=$',#'930'"&5")#'

#3'-20'"96'6+)7''^2+04$+(3+$1'04$+$'"+$'

"'&30'3:'6,#0,9=2,#4$6'"96'#2--$##:2&'

,96,;,62"&#'543',90$90,39"&&)'%)/"##'

-3&&$=$1'"96':"+'(3+$',96,;,62"&#'543'

"00$96'-3&&$=$')$0'9$;$+'("02+$'3+'

C+!&C%+1';!E%5%+:'04%'630%306!3&'!"'

04,#'"+0,-&$'"+$'930'03'6$%"0$'54$04$+'

60'6&')$0.),,9'/%3%#$6),')38'3%$%&&)+9'

03'"00$96'-3&&$=$7'j"04$+1'O'532&6'&,D$'

03'$["(,9$'"'29,J2$'-"#$'I'04$'#026$90'

"04&$0$':"-$6'5,04'04$'6$-,#,39'3:'

P02+9,9='/+3R7

' O:'#3($39$'3::$+$6')32'eX'

(,&&,39'03'6+3/'320'3:'#-433&'9$[0'

5$$D'03'/&")'"'/+3:$##,39"&'#/3+01'54"0'

532&6')32'63<''\4"0'"%320'ef'(,&&,39'

3+'eXL'(,&&,39<'O:')32'5$+$'3::$+$6'04$'

3//3+029,0)'03'&,;$',9'"'&"+=$'432#$1'

6+,;$'"':"9-)'-"+1'"96'#/$96'$;$+)'

5$$D'0+";$&,9=1'"&&'5,04320'9$$6,9='03'

/,-D'2/'"'0$[0%33D'3+'$90$+'"'&,%+"+)1'

532&6')32'$;$9'04,9D'05,-$<'S4$#$'

R.%&06!3&')+%'3!0'*.&0'49C!04%06$),:')38'

"-02"&&)'%$-3($'+$"&'6$-,#,39#'04"0'

("9)'-3&&$=$'"04&$0$#'(2#0'/396$+7'

S4$'-43,-$'(3#0'3:'2#'532&6'("D$'

#$$(#'3%;,32#C'6+3/'320'3:'#-433&'

)38'0)>%'04%'$)&41';!E%5%+:'04%'

,(/&,-"0,39#'3:'#2-4'"'6$-,#,39'"+$'

(2-4'(3+$'-3(/&$['04"9'04$)'"//$"+7'

S4$'&39=C0$+('$::$-0#'3:'3/0,9='320'

3:'-3&&$=$'"+$'3:0$9'3;$+&33D$61'"96'

"+$':"-03+#'04"0'-3&&$=$'"04&$0$#'(2#0'

-39#,6$+'54$9'04$'0$(/0"0,39#'3:'

:"($'"96'+,-4$#'%$-3($'"9',((,9$90'

+$"&,0)7'

' S432=4'#3($54"0'3%;,32#1'

,0',#',(/3+0"90'03'"-D935&$6=$'04$'

/%3%#0&')""!+8%8'0!')3'6386568.),'E4%3'

-433#,9='03'&$";$'-3&&$=$'"96'02+9'/+37'

83&&$=$'"04&$0$#'543'"+$'=,;$9'04$'

-4"9-$'03'02+9'/+3'+$-$,;$'(2&0,(,&&,39'

63&&"+'$963+#$($90'6$"&#1'-390+"-0#1'

"96'3:0$9':"($7'F&")$+#'"&#3'+$-$,;$'

(,9,(2('#"&"+,$#',9'04$'4296+$6#'3:'

0432#"96#1'#2-4'"#',9'04$'AB!'54$+$'

04$'(,9,(2('#"&"+)',#'ebZL1LLL7''

^2+04$+(3+$1'02+9,9='/+3',#'3:0$9'"9'

!CC!+0.3609'0!'".,#,,')',6"%,!3-'8+%)('

:3+'("9)'-3&&$=$'"04&$0$#7'O:'39$'

:$$&#'04"0'04$)'4";$'("#0$+$6'-3&&$=$'

"04&$0,-#',0'#$$(#'9"02+"&'03'"##2($'04$'

-4"&&$9=$'3:'/+3:$##,39"&'"04&$0,-#7

*&0432=4'04$+$'"+$'("9)'5")#',9'

E46$4')04,%0%&'/%3%#0'"+!(',%)563-'

-3&&$=$'03'/2+#2$'"'/+3:$##,39"&'

-"+$$+1'04$+$'"+$'("9)'(3+$'-3#0#'"96'

/30$90,"&'6359#,6$#'03'04,#'6$-,#,397'''

' S4$'Q"0,39"&'83&&$=,"0$'

*04&$0,-'*##3-,"0,39'EQ8**H'#0"0$#'

04"0'"+3296'Xl'3:'-3&&$=$'"04&$0$#'

%$-3($'/+3:$##,39"&'"04&$0$#7'V;$9',:'

"'-3&&$=$'"04&$0$',#':3+029"0$'$932=4'

03'02+9'/+31'04$+$',#'93'=2"+"90$$'3:'

"'&39='"96'/+3#/$+32#'-"+$$+7'A"9)'

+33D,$#'#,=9'/"+0,"&'3+'939'=2"+"90$$6'

-390+"-0#',9'54,-4'04$,+'#"&"+)',#'

39&)'/+3-2+$6'":0$+'($$0,9='-$+0",9'

/$+:3+("9-$'#0"96"+6#7'^2+04$+(3+$1'

)&'63*.+6%&')+%')'+%-.,)+'C)+0'!"'

/+3:$##,39"&'#/3+0#1'/&")$+#'543'

&$";$'-3&&$=$'$"+&)'4";$'93'6$=+$$'

03':"&&'%"-D'39',:'04$,+'-"+$$+'$96#'

&4!+0'8.%'0!'63*.+91''H)39'C%!C,%'),&!'

%$&,$;$'04"0'39$'-"9'"&5")#'+$02+9'03'

#-433&'03'-3(/&$0$'04$,+'6$=+$$'&"0$+'

63',6"%1';!E%5%+:'046&'6&')'&!(%E4)0'

+"+$'/4$93($9391'"96',0'%$-3($#'

63$+%)&63-,9'86"#$.,0'0!'8!'&!'6"'!3%'

4"#'"'#/32#$1'-4,&6+$91'3+'4"#'%$$9'

+$(3;$6':+3('04$'-&"##+33('#$00,9='

:3+'"9'$[0$96$6'/$+,36'3:'0,($7

Y%-)+8,%&&'!"'04%'$!&0&')38'/%3%#0&:'60'

,#'"'+$"&,0)'04"0'(3#0'-3&&$=$'"04&$0$#'

5,04'04$'3//3+029,0)'-433#$'03'02+9'

/+3:$##,39"&'"96':3+$=3'=+"62"0,397'

S4$+$:3+$1',0',#',(/3+0"90'03'"9"&)Y$'

04$'#)#0$(1'"96'$["(,9$'54)'-3&&$=$'

)04,%0%&')+%'&./*%$0%8'0!'#3)3$6),'

-39#0+",90#'"96'&,(,0$6'3/0,39#7'

*04&$0$#1'296$+'Q8**'+2&$#1'"+$'

C+!46/60%8'"+!('+%$%6563-'#3)3$6),'

=,:0#1'$963+#$($90'-390+"-0#1'3+'

/%3%#063-'"+!(')39'$!((%+$6),'

&C!3&!+&46C'04)0'+%&.,0&'63'C+!#0'!3'

%$4"&:'3:'04$'#026$907'N2-4'+2&$#'

"+$'#0+,-0&)'$9:3+-$61'"#'_9,;$+#,0)'

3:'83&3+"63':330%"&&'/&")$+'U$+$()'

!&33('&$"+9$6'54$9'4$'&3#0'4,#'

$&,=,%,&,0)'03'/&")':330%"&&'":0$+'

$963+#,9='#D,,9='/+362-0#7'

' O9'"'(3+$'29,J2$'#-$9"+,31'

_9,;$+#,0)'3:'@D&"43("'%"#$%"&&'

/&")$+'*"+39'*6",+'5"#'#43-D$6'"0'

04$'Q8**.#'6$-,#,39'03'6$$('4,('

63%,6-6/,%'/%$).&%'4%'C+!#0%8'"+!(')'

/2%&,#4$6'%33D'4$'5+30$'63-2($90,9='

46&'#-40')-)63&0'/+)63'$)3$%+1'M&')'

+$#2&0'3:'#2-4'#0+,-0'+2&$#1'$;$+)')$"+'

04$+$'"+$'(2&0,/&$',9;$#0,="0,39#'

d.:(A=P?=7?(=::?@?F(;=5(

jW(P9DD9=7(8=(F@=L(=58(

=:(A>K==D(7?[8(N??](8=(

LD6;(6(L@=:?AA9=76D(AL=@8(

NK68(N=5DF(;=5(F=`f

$!&Q)$R(.,+

)38'&$)38),&'+%-)+863-'#3)3$6),'

=,:0#'3+'639"0,39#'=,;$9'03'-3&&$=$'

"04&$0$#7'N3($'3:'04$'(3#0'930"%&$'

"96'+$-$90'-390+3;$+#,$#',9-&26$'043#$'

#2++3296,9='j$==,$'!2#4'"96'@7U7'

A")37'

' *&0432=4'04$+$',#'#0$"6:"#0'

$::3+0'03'/+$;$90'-3&&$=$'"04&$0$#'

"+!('+%)C63-')39'#3)3$6),'/%3%#0'

:+3('04$,+'/$+:3+("9-$1'-3&&$=$#'

"96'29,;$+#,0,$#'04$(#$&;$#'0"D$':2&&'

"6;"90"=$'3:'"9)'/30$90,"&',9-3($'

=$9$+"0$6'%)'04$'#026$90#7'S4+32=4'

"6;$+0,#,9=1'-3+/3+"0$'#/39#3+#4,/#1'

($6,"'"00$90,391'"96'=$9$+"&'+$;$92$1'

04%'&$4!!,&'04%(&%,5%&'/%3%#0'

&6-36#$)30,9'"+!('&0)+'$!,,%-%')04,%0%&1'

U0'6&'86"#$.,0'0!'C.0')3'%L)$0'3.(%+6$),'

5),.%'!3')'&C%$6#$'$!,,%-%')04,%0%:'

%20'"04&$0$#'#2-4'"#'U7U7'j$6,-D1'

8"+($&3'*90439)1'"96'S,('S$%35'

3:0$9'%$-3($'0+"6$("+D#'3:',96,;,62"&'

"04&$0,-'/+3=+"(#7'V[0+"3+6,9"+)'

,96,;,62"&'/&")$+#'296$9,"%&)'%+,9='

,9-+$"#$6'"00$90,39'"96'+$;$92$'

03'"'#-433&7'O0'#$$(#'4)/3-+,0,-"&'

04"0'#-433&#'/+34,%,0'#026$90#':+3('

)$$.(.,)063-'#3)3$6),'E%),04:'E46,%'

04%'&$4!!,'60&%,"'/%3%#0&'&6-36#$)30,91'

^2+04$+(3+$1',96,;,62"&#',9'304$+'

"+$"#'320#,6$'3:'"04&$0,-#'"+$'930'

+%&0+6$0%8'"+!('#3)3$6),'/%3%#0&'%5%3'

0432=4'04$)'=$9$+"0$'+$;$92$':3+'04$'

29,;$+#,0)1'#2-4'"#'043#$'#026$90#'543'

63'+$#$"+-4'"96'/+362-$'/2%&,-"0,39#7'

\4)'4"#'04,#'%$-3($'#2-4'"9'

,(/3+0"90'"96'-390+3;$+#,"&',##2$<'

S4$'"9#5$+'&,$#',9'04$':"-0'04"0'04$'

92(%$+'3:'"04&$0$#'543'"+$'&$";,9='

#-433&'$"+&)'03'/2+#2$'"'/+3:$##,39"&'

$)+%%+'4)&'63$+%)&%8'&6-36#$)30,91'

N3($'/+3:$##,39"&'#/3+0#'4";$'$;$9'

"00$(/0$6'03'"66+$##'04$'#,02"0,39'%)'

+$J2,+,9='-3&&$=$'"04&$0$#'03'"00$96'

#-433&':3+'"'(,9,(2('92(%$+'3:')$"+#'

%$:3+$'%$-3(,9='$&,=,%&$'03'02+9'/+37''

;!E%5%+:'04%+%'6&'3!'&!,.06!3'E60463'

04$'-2++$90'#)#0$(7'S4$';,3&"0,39#'"96'

,9#0"9-$#'3:'#026$90#'+$-$,;,9=',&&$="&'

=,:0#'4"6'=",9$6'9"0,39"&'"00$90,397'

S4$+$',#'"'-+2-,"&'9$$6':3+'04$'Q8**'

0!')8*.&0'60&'+.,%&')38'+%-.,)06!3&'

0!'),,!E'&0.8%30')04,%0%&'0!'/%3%#0'

#3)3$6),,9'"+!('04%6+'C%+"!+()3$%')38'

6()-%1'F4%+%')+%'&6-36#$)30'/%3%#0&'

:+3('"00$96,9='-3&&$=$'"96'3%0",9,9='

"'6$=+$$'04"0'("9)'#026$90'"04&$0$#'

-433#$'03':3+$=3'62$'03'04$'/+$##2+$'

"96'+$#0+",90#'3:'04$'-2++$90'Q8**'

+2&$#7''O0',#'%304'4)/3-+,0,-"&'"96'

29+$"#39"%&$':3+'04$'Q8**'03'/+$;$90'

&0.8%30')04,%0%&'"+!('#3)3$6),,9'

/%3%#063-')&')'+%&.,0'!"'04%6+'!E3'

"-4,$;$($90#7'S4$'Q8**'#432&6'

+$;,#$',0#'+2&$#'03'"&&35'#026$90#'03'

+$-$,;$'(39$0"+)'-3(/$9#"0,39',9'04$'

:3+(#'3:'("+D$0,9='6$"&#1'#/39#3+#4,/'

-390+"-0#1'$963+#$($90#1'$0-7'83&&$=$'

"04&$0,-#1'"#'5$&&'"#'04$',96,;,62"&'&,;$#'

!"'()39')04,%0%&:'E!.,8'/%3%#0')&')'

+$#2&07

$%!!

d)K?(,+00(AK=5DF(@?b

H9A?(98A(@5D?A(8=(6DD=N(

A85F?78A(8=(@?>?9H?(P=7b

?86@;(>=PL?7A689=7f