SlideShare a Scribd company logo
1 of 19
Download to read offline
!!

!
( !"##$%&' )
('&)*+$*,'&-"&#$./'*0+"1$+'*2'*+$*/"##$.2'*,31+%43'
5&",")%6%".)*,"3&*278'+",,'&*+9$/:$6*&'),".)$1+'

!"#$%&&'$(#")(#*"#+$,-(#.,#($%/%-*#.,#0$',&"#."#$12"3-'4#
2%@/%4D*9'*@'@6&'4*91*EF8*G3()'4HI)$3(),A1'*')*9'*
$3*2%@@1(31)D*1&63,('*G3()'4*>D)&%/%$'

!"#$%&$'#()$(*+(%,--+.)$(/'0*"1'$(2(3"**$()$(4+.&$5

S

5$"6-7$"#&%$(-"#8##9")#"4:",3#."#*;%<=%(#$")&'4)%>*"

T

MN*-'&L%&@3(2'*=$%63$'*')*2%@@3(9'*/16$,A1'*O*9'4*?3$'1&4*/3&)3=D'4*

#$%&'()*+%$,'&

-&DL32'

P

>3&,'*<%93&9

B#65")$.&$(;C!(5$%&",.(4+.&$5(D&*+.&"1'$5

?@#ABCD#&"$+'$6%4<"#0*'>%*"#"(#*%>"*)#8#<'66"4(#);E#$"($',/"$#F

M!

G@#9;,$0"4<"#."#<'6&'$("6"4()#"(#."#<='-3#1<'4'6-H,")#&*,)#$")&'4)%>*")

MP

<,$$'4*B3@/,$$%(

I@#J")#"3&1$-6"4(%(-'4)#"4#<',$)

"U

:$,?,'&*B,%@

J",3-76"#5%$(-"#8#J-3#&$'&')-(-'4)#&',$#,4"#<'66%4."#&,>*-H,"#&*,)#&"$+'$6%4("

"T

P*-&%/%4,),%(4*9'*2%1&)*)'&@'*/%1&*,()&%91,&'*9'4*2&,)Q&'4*B+R*93(4*$3*2%@@3(9'*/16$,A1'

"P

G#5$'&')-(-'4)#K#&*,)#*'40#("$6"#&',$#+%-$"#1/'*,"$#*;%<=%(#&,>*-<

!M

E%(2$14,%(

!V

-.,$,//'*01234

5&,2*83?7

5),'(('*#36&7

8%@,(,A1'*<%1631$)

!"#$%&$'#()'(5$%#6&+#"+&(76.6#+*()$(4+.&$5(86&#,/,*$

;C!(2(8$#%$#,.(E.:"#,..$-$.&

!"#$%&$'#()$(*9$-/*,"($&()$(*9"..,:+&",.(5,%"+*$(2(4+.&$5( ;C!(2((7,'0+'*&(F-/#"-$#"$(
86&#,/,*$

8,9,'&*:6$'

;<$=()$(5$#:"%$(8,0"*"5+&",.()$(*+(%,--+.)$(/'0*"1'$(
/,'#(*9".5$#&",.(

;3&,('*<,(=&'31

;C!(2(GHD

;C!(2(3,*'&"1'$

>$5/,.5+0*$( 5&#+&6?"$( $-/*,"@$.&#$/#"5$A( )"#$%&",.( )$( C1=1'4*>3$.'&'
*9$-/*,"($&()$(*9"..,:+&",.(5,%"+*$A(4+.&$5(86&#,/,*$
;C!(I(D)9J,%(8$)"+

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

;;;<$/:$6=,31+%/=&'),".)$1+'<-&
!

('&)*+$*,'&-"&#$./'*0+"1$+'*2'*+$*/"##$.2'*,31+%43'
5&",")%6%".)*,"3&*278'+",,'&*+9$/:$6*&'),".)$1+'
"

!"##$%&'
!
(

T&3D$>'

)

I2.3)4*&'4/%(436$'4*O*
&%))"$#.")#>'44")#-4("4(-'4)#%,3#%<(-'4)#<'4<$7(")

F'3(H>3&2*I7&31$)

G* +9:'3&'* "H* .")* #"2')* 2'* /".)"##$6%".* )".6* 43')6%"..7)*
=* $,,$38&%))'#'.6* 2')* &'))"3&/')* .$63&'++')?* /:$.0'#'.6*
/+%#$6%43'?* 1%"2%8'&)%67* I* ,&7)'&8'&?* /".2%6%".)* 2'* 6&$8$%+*
%.:3#$%.')*=?*+')*/"++'/6%8%67)*+"/$+')*".6*,+3)*43'*J$#$%)*3.*&K+'*
29'L'#,+'*I*J"3'&?*'6*."6$##'.6*,$&*+'*1%$%)*2'*+'3&)*$/:$6)<
>,2.'$*>'1(,'&

C7,367=#$%&'*2'*>$.6')
5&7)%2'.6*2'*>$.6')*@76&","+'

!

5&7)%2'.6*.$6%".$+*23*ABC*
DEFE=DEFD

+( &,'&$( )$#."P#$( $.1'Z&$( )$( *9`05D>( a`05$#:+&,"#$(
&./# "'4"(/# $./1*+/"7-./C# ./(# $)'4.# &3.+/.)B+.5.+(/Q2#
K+( -"5$( $.( /*+%$( )9'.$( /,*"&"1'$( )9+%<+&5( #$5/,.5+0*$5(
+##":$( $.( &Z&$( )$5( -,&":+&",.5( )$5( )"#$%&",.5( +%<+&5( )'(
107-)'#.(#&0#1$)6%2#X--.#./(#-"#1$)*$)(%#1*0$#YZ#L#&3.+($.#.0I#
A.(#1*0$#[K#L#&./#"'4.(.0$/#&0#/.'(.0$#107-)'C:#&.6"+(#-"#
+%'.//)(%#&.#$%&0)$.#-./#'*(/#&./#1$*&0)(/#.(#/.$6)'./##AYJ#
L#1*0$#-3.+/.57-.#&./#1.$/*++./#)+(.$6).]%./:#ZY#L#1*0$#
-3"'4"(# 107-)'C2# 8.-"# /)B+),.# '-")$.5.+(# <0.:# &"+/# -3./1$)(#
)$5(+%<$&$'#5A()6/$.5$#(-,".5A(%9$5&(+:+.&(&,'&()6/$.5$#(
-"$'MA($.(#$5/$%&+.&(*$5(#P?*$5()$(*+(>GE(a>$5/,.5+0"*"&6(
^*')%("-.#&./#X+($.1$)/./C2

'$)(9$./#U^X2#!.#5).0IE&)/"+(#+3"#1"/#.+'*$.#.0#(*("-.5.+(#
B")+#&.#'"0/.#/0$#-.#5*)+/E&)/"+(:#("+(#/3.+#D"0(2
d.( )$#."$#( %<"==#$A( <$'#$'5$-$.&A( #$.)( ,/&"-"5&$( 5'#(
*96:,*'&",.()$5(+%<+&5(#$5/,.5+0*$5(U(SR(()$5(/$#5,..$5(
".&$#:"$e6$5( 5,.&( %,.:+".%'$5( )$( *$'#( ".&6#Z&( 5&#+&6?"1'$(
1*0$#-./#.+($.1$)/./#'*55.#1*0$#-./#*$B"+)/5./#107-)'/2
L4#M#6'-4)#<="$#N#)',/"4(#($7)#'41$",3

8.((.# .+<0R(.# $%'.+(.# &.# -3S7/TU# '*+,$5.# 1-.)+.5.+(#
*$( %,.5&+&( 1'$( ( *$( ;C!( +( =+"&A( )$/'"5( )6NL( /*'5"$'#5(
+..6$5( U( 5"( *+( >GE( $&( *$( )6:$*,//$-$.&( )'#+0*$( =,.&(
)65,#-+"5( /+#&"$( )$5( W( 6*6-$.&5( )$( )"5%,'#5( X( )$5(
$.&#$/#"5$5( $&( )$5( ".5&"&'&",.5A( $**$5( ,.&( $.%,#$( )'(
B#P5( )$5( b@cP-$# AZ_# LC# &./# *$B"+)/5./# )+(.$$*B%/# *+(#
5"-# ># 1%+%($.$# &"+/# -.0$/# 1$"()<0./# <0*()&).++./2
)9+"**$'#5(-"5($.(/*+%$A($.(*$'#(5$".A('.$(/,*"&"1'$()9+%<+&5(
#$5/,.5+0*$5( %$5( )$#."P#$5( +..6$5A( $&( %$( 5'N$&( .9$5&(
K$( -+."$-$.&( )'( #+//,#&( 1'+*"&62/#"M( )+.5( *9+%<+&( /'0*"%(
1"/# &3"'(0"-)(%# 1*0$# /.0-.5.+(# JK# L# &3.+($.# .0I2# O-# D"0(#
$5&( $.%,#$( -+*( -+O&#"56A( %$( 1'"( =#$".$A( )+.5( *+( /#+&"1'$A(
'.1.+&"+(#+0"+'.$#'.(#.+(4*0/)"/5.2#^)#-3"'4"(#&0$"7-.#./(#
-3"7"+&*+#&.#-"#'0-(0$.#&0#5*)+/E&)/"+(2#X(#-3*+#/")(#<0.#-.#
/*60"5%"&6()+.5(5,.(/#".%"/$A("*(.9$5&(/+5($.%,#$(&,&+*$-$.&(
5*)+/#'4.$#&3"0=*0$&340)#./(#$"$.5.+(#-.#1-0/#.D,'"'.#.(#-.#
$.+($%#&"+/#-./#5`0$/2
1-0/#$.+("7-.#/0$#-.#-*+B#(.$5.2#
B,'#(1'$(*9+%<+&(/'0*"%()$:"$..$($M$-/*+"#$A(&+.&($.(-+&"P#$(
B+#-"(*$5(,05&+%*$5(#$.%,.&#65A(*$5()$'M(&"$#5()$5(+%<$&$'#5(
)$()6:$*,//$-$.&()'#+0*$(1'$()$(/$#=,#-+.%$A("*(+(0$5,".(
%,.5")P#$.&( 1'9"*5( .9,.&( /+5( *$5( -,Y$.5( )$( -+O&#"5$#( *$(
)$( 5$( /#,=$55",..+*"5$#( $&( )$( &$."#( %,-/&$A( +:$%( /*'5( )$(
%+#+%&P#$( #$5/,.5+0*$( )$( *$'#5( =,'#."55$'#5A( .,&+--$.&A(
($"+/1"$.+'.:#&0#'*+(.+0#<0"-)("()D#&./#*DD$./2
/,'#(cS(()9$.&#$($'MA(/+#%$(1'9"*5(-+.1'$.&()9".)"%+&$'#5(
$&()$(#6=6#$.&"$*5(%*+"#5V2#
!$( %$( /,".&( )$( :'$A( 59$.?+?$#( #65,*'-$.&( )+.5( '.$(
)6-+#%<$( )$( /$#=,#-+.%$( ?*,0+*$( /$#-$&&#+"&( )$( /#$.)#$(
>$:"$.&( +'55"( 5'0#$/&"%$-$.&A( /+#( %$5( &$-/5( )$( #"?'$'#A(
0+.# 4"0(.0$# .(# 0+.# &)/("+'.# /0D,/"+(./# 1*0$# /3"1.$'.6*)$#
-"#'*+($")+(.#70&B%(")$.#<0):#1*0$#QQ#L#&./#/*+&%/#AY[#L#
! 5,"2)"5+.&( -,".5( %<$#( +( 5,':$.&( '.( %,f&( 5,%"+*( $&(
1'$( *$( ! !
&"+/#-.#107-)'#aC#'*+/()(0.#0+#D$.)+#>#-"#1$)/.#.+#'*51(.#&./#
.+6)$*++.5.+("-#<0)#-.#$.+&#.+#$%"-)(%#($9/#*+%$.0I2

!

5&7-$/'
S

K+(/$#=,#-+.%$(?*,0+*$A(%9$5&2L2)"#$(*+(/#"5$($.(%,-/&$()9'.(
61'"*"0#$($.&#$(/$#=,#-+.%$5(6%,.,-"1'$A(5,%"+*$A(5,%"6&+*$(
$&($.:"#,..$-$.&+*$A(.9$5&(/+5('.(*'M$A(-+"5('.$(.6%$55"&6(
5"(*9,.(:$'&(6%<+//$#(+'M(%#"5$5(5'%%$55":$5($&(&,'N,'#5(/*'5(
/#,=,.)$5(:$#5(*$51'$**$5(.,'5($.&#+O.$(*+()"%&+&'#$()'(&,'&(
,+"+').$2
;9$5&( %$&&$( :"5",.( )$( *9$.&#$/#"5$( $&( )$( *+( 5,%"6&6( 1'$( *$(
;C!( )6=$.)( )$/'"5( /#P5( )$( QR( +.5A( )+.5( *+( %,.&".'"&6( )$(
5,.(".&'"&",.( =,.)+-$.&+*$( I( 1'"( +( /#65")6( L( 5+( %#6+&",.(
$.( QSHT( U( -$&&#$( *96%,.,-"$( $&( *9$.&#$/#"5$( +'( 5$#:"%$( )$(
-34*55.#.(#&.#-"#6).2
;9$5&( 6?+*$-$.&( *+( %,.:"%&",.( )$( 4+.&$5( 2( .,--6$(
#6%$--$.&( %+/"&+*$( :$#&$( )$( *9E'#,/$( $.( VRQH( I( 1'"(
59$5&( $.?+?6$A( )$/'"5( /*'5( )$( :".?&( +.5A( 5'#( *+( :,"$( )'(
&%6.-*11.5.+(#&0$"7-.2#8.#/0''9/:#./(#-.#/0''9/#&.#(*0/#;#
'*--.'()6)(%/:#.+($.1$)/./:#"//*')"()*+/#.(#4"7)("+(/2#
D'55"A( L( *+( W( #$5/,.5+0"*"&6( 5,%"+*$( X( .,'5( /#6=6#,.5( *+(
.,&",.()$(W(/$#=,#-+.%$(?*,0+*$(X(1'"(/,5"&",..$(*9$.&#$/#"5$(
,'( *+( %,**$%&":"&6( %,--$( $-/*,Y$'#A( +%<$&$'#( $&( +%&$'#(
%'*+*5)<0.#&30+#1$*=.(#&0$"7-.#&.#(.$$)(*)$.2
E.%,#$( =+'&2"*A( *L( +'55"A( /,':,"#( $.%,'#+?$#( *$( /*'5( ?#+.)(
+*57$.# &3"'(.0$/# ># 1"//.$# &.# -3)&%.# ># -3"'()*+2# !.# 8?@# "#
/,'#(%$*+(-"5(+'(/,".&()$(.,-0#$'M(,'&"*5(1'"(/$#-$&&$.&(L(
%<+1'$(%<$=()9$.&#$/#"5$A(-+"5(+'55"(L(%<+1'$(#$5/,.5+0*$(
)9,#?+."5-$( /'0*"%A( )9$.&#$#( %,.%#P&$-$.&( )+.5( '.$(
)6-+#%<$()$(/$#=,#-+.%$(?*,0+*$A()96:+*'$#(5+(/#,?#$55",.(
$&()$(59".5/"#$#()$5(0,..$5(/#+&"1'$5()6NL($M/6#"-$.&6$5(/+#(
-./#"0($./#A6*)$#+*("55.+(#-.#/)(.#B1/2'=&2+.(C2
+'*2%@/&'(9&'*@1)1'$$'@'()
K$( /#65$.&( #+//,#&A( W( 3$#5( *+( /$#=,#-+.%$( ?*,0+*$( )$( *+(
%,--+.)$( /'0*"1'$( XA( 59".5%#"&( )+.5( *+( -Z-$( :,*,.&6(
)9+//,#&$#()$5(,'&"*5(%,.%#$&5(/,'#(*+(-"5$($.([':#$()$(*+(
1.$D*$5"+'.#B-*7"-.:#'.((.#D*)/E')#&0#'F(%#&./#"'4"(/#107-)'/2#
F*5(#$/#65$.&$.&A()+.5(.,&#$(/+Y5A(QR(()'(BF]($&(%,.5&"&'$.&(
),.%( '.( *$:"$#( )9+%&",.( %,.5")6#+0*$( /,'#( $.?+?$#( *$5(
.+($.1$)/./#>#1-0/#&.#$./1*+/"7)-)(%#/*')%("-.2#
F*($5&(*$(=#'"&()$(*+(%,**+0,#+&",.(#$-+#1'+0*$A($.&+-6$()$/'"5(
/*'5()$()$'M(+.5A($.&#$()$5(-$-0#$5()$(*+(5$%&",.()'(;C!(
4+.&$52D&*+.&"1'$( $&( )$5( #$5/,.5+0*$5( )$( *+( %,--'.+'&6(
0$7")+.# G"+(./EH%($*1*-.2# 8.# B$*01.# &.# ($"6")-# /3./(#
!
#$&#,':6A($.()$<,#5()$(&,'&(/,5"&",..$-$.&(")6,*,?"1'$A(5'#(

'.(,0N$%&"=(%,--'.(U(+%%6*6#$#(*$()6:$*,//$-$.&()$5(+%<+&5(
#$5/,.5+0*$5()+.5(*+(%,--+.)$(/'0*"1'$(1'"(#$5&$.&($.%,#$(
($*1#5"$B)+"0I#AJK#L#&0#(*("-C:#.(#.+'*0$"B.$:#&.#'.#D")(:#-./#
$.&#$/#"5$5(L(/#$.)#$(*$(%<$-".()$(*+(/$#=,#-+.%$(?*,0+*$(^(
$&(5'#('.$(-6&<,)$(U(%<$#%<$#(L(%,-/#$.)#$(*$'#5(+&&$.&$5($&(
*$'#5(%,.&#+".&$5(#6%"/#,1'$5(/,'#()6/+55$#(/+#(*$(<+'&()$5(
'*+M)(/#<0)#1.06.+(#+"N($.#&.#-*B)<0./#1"$D*)/#'*+($"&)'(*)$./2
;$( )"+*,?'$( %,.5&#'%&"=( $.&#$( *$5( /+#&"$5( /#$.+.&$5( )9'.(
-Z-$( /#,0*P-$( #$*P:$A( $.( *'"2-Z-$A( )$( *+( /$#=,#-+.%$(
B-*7"-.2#O-#1.$5.(#"0=*0$&340):#"0#($"6.$/#&.#'.#$"11*$(:#&.#
=+"#$(0,'?$#(*$5(*"?.$5($.&#$(+%<$&$'#5(/'0*"%5($&($.&#$/#"5$5(
$&( )9+:+.%$#( )$5( /#,/,5"&",.5( /,'#( +55,'/*"#( '.( ;,)$( )$5(
-+#%<65( /'0*"%5( ),.&( *+( #"?")"&6( +%&'$**$( .$( =+%"*"&$( /+5(
-3"'4"(# $./1*+/"7-.2# O-# 1.$5.(# %B"-.5.+(# &3*DD$)$# 0+# PB0)&.#
N'#")"1'$X()$5&".6(L(+")$#(*$5(+%<$&$'#5(L(-"$'M(".&6?#$#(*$5(
)6-+#%<$5(>GE($&(/$#=,#-+.%$(?*,0+*$()+.5(*$5(-+#%<65(
/'0*"%5A(.,&+--$.&($.(*$'#(/#,/,5+.&('.$(*"5&$()$(%#"&P#$5(
5,%"+'MA(5,%"6&+'M($&($.:"#,..$-$.&+'M(1'"(*$'#(-+.1'+"$.&(
.(#"0I<0.-/#)-/#1*0$$*+(#5")+(.+"+(#/.#$%D%$.$2
_,#-'*,.5('.(5,'<+"&(U(1'$(%$5(,'&"*5A(#+//,#&($&(?'")$HA(-"5(L(
*+()"5/,5"&",.()$5($.&#$/#"5$5($&()$5(+%<$&$'#5(/'0*"%5(2(-+"5(
),.&(*$5(+%<$&$'#5(/#":65(/$':$.&(+'55"(59".5/"#$#(2(/+#&"%"/$.&(
"0#&*07-.5.+(#A/*)(#KQ#LC#&./#"'4"(/#$./1*+/"7-./#&"+/#-"#
'*55"+&.#107-)<0.#"0#'*0$/#&./#&.0I#"++%./#<0)#6).++.+(2#
G*0/#1*0$$*+/#-.#5./0$.$#&"+/#-3.+<0R(.#&.#-3S7/TU#KVJW2
F'3(H>3&2*I7&31$)W!27,367=#$%&'*2'*>$.6')?
,&7)%2'.6*2'*>$.6')*@76&","+'
>,2.'$*>'1(,'&W!,&7)%2'.6*.$6%".$+*23*ABC*DEFE*=*DEFD
,-./'+ 0.$1-%-$-%2'+ &3$4%53'+ 6$&+ 76%1%"18$9:+ /.+ *;+ 1"2'#<&'+ $.+
*=+ /3>'#<&'+ ?;*;:+ $.6&@5+ /A.1+ 3>B$1-%44"1+ /'+ ?;;+ 6'&5"11'5+ '1+
>B$&C'+/'5+$>B$-5+/$15+4'.&+5-&.>-.&':+&'6&35'1-$-%D+/'5+"&C$1%5$-%"15+
6.<4%0.'5+ E>"44'>-%2%-35:+ F%1%5-@&'5:+ D"1>-%"1+ 6.<4%0.'+ B"56%-$4%@&'GGGH:+
IJ+ K+ /'5+ %1-'&2%'L35:+ '-+ /'5+ '1-&'6&%5'5+ E%1/.5-&%':+ >"##'&>'+ '-+
5'&2%>'5H:+MJ+K+/'5+%1-'&2%'L35G

*+ +

?+ +
N'+ 0.%+ >"1D"&-'+ 4'+ NOP+ /$15+ 5"1+ 5".B$%-+ /'+ 2"%&+ 5'+ >&3'&+ .1+ 4$<'4+
Q+ R1-&'6&%5'+ &'56"15$<4'+ S+ D"1/3+ 5.&+ 4'5+ >&%-@&'5+ /A32$4.$-%"1+ /'+ 4$+
6'&D"&#$1>'+C4"<$4'G+NA'5-+.1+6"%1-+'55'1-%'4+0.'+1".5+$<"&/"15+/$15+
>'+&$66"&-G
I+
T".&+ /'5+ &$%5"15+ /'+ 5".64'55'+ /A.-%4%5$-%"1:+ 4'+ C.%/'+ 1A'5-+ 6$5+
%#6&%#3+ >"1-&$%&'#'1-+ $.+ &$66"&-+ 0.'+ 2".5+ $2'U+ 5".5+ 4'5+ 9'.VG+ W'+
5%-'+ + LLLG$>B$-X6.<4%>X&'56"15$<4'GD&:+ 2".5+ 6'&#'-+ /'+ -343>B$&C'&+ 4'+
C.%/'+ Y+ /'5-%1$-%"1+ /'5+ $>B'-'.&5:+ 4'5+ >&%-@&'5+ $664%>$<4'5+ 6".&+ 4'5+
2"4'-5+ 5">%$.V:+ 5">%3-$.V:+ 3>"1"#%0.'5+ '-+ '12%&"11'#'1-$.V:+ '-+ /'+
2".5+-'5-'&+'1+4%C1'+5.&+>'5+>&%-@&'5G+Z4+5'&$+&3C.4%@&'#'1-+#%5+Y+[".&+'-+
'1&%>B%+/'5+&'-".&5+/A'V63&%'1>'G

!

! !

!

G/:$6)*&'),".)$1+')*M*,$))'&*2')*1"..')*%.6'.6%".)*$3L*$/6%".)*/"./&N6')
V
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

MN*-'&L%&@3(2'*=$%63$'*')*2%@@3(9'*/16$,A1'*O*9'4*?3$'1&4*/3&)3=D'4
0'*/%,94*D2%(%@,A1'*9'*$3*2%@@3(9'*/16$,A1'

-&'@,Q&'*/3&),'**

9")#"4:",3#."#*;%<=%(#$")&'4)%>*"

!

!

&#+:+"**$.&(+'55"($.(5,'52&#+"&+.%$()$5(?#+.)5(?#,'/$5(/,'#(
'./#5"$'4%/2
W'+#"1-$1-+/'5+#$&>B35+6.<4%>5+6$5535+$.V+'1-&'6&%5'5+'5-+ K+( %,--+.)$( /'0*"1'$( ".&6#$55$( ),.%( /,&$.&"$**$-$.&(
!"#$%"&'()(*+,&-'.(,+'%(/.*%"0"123(4'&12(&56789(:6;0'.+,<1".'( (*0(./# -./# .+($.1$)/./2# H")/# /.# 1*/.# "-*$/# -"# <0./()*+# &./#
3>"1"#%0.'+/'+4A$>B$-+6.<4%>H:+4$+>"##$1/'+/'+D".&1%-.&'5:+ '$)(9$./#&.#'4*)I#$.(.+0/#1"$#-./#"'4.(.0$/#107-)'/2
/'+5'&2%>'5+'-+/'+-&$2$.V+6$&+4'+5'>-'.&+6.<4%>:+'1+&$1>':+
5A34@2':+'1+?;;]:+Y+64.5+/'+M]+#%44%$&/5+/A'.&"5:+*:?=+#%44%$&/+ X('*4)&3)D=,'*(3),%(3$'*9'*9D?'$%//'@'()*91&36$'
6".&+4'5+$>B$-5+%1D3&%'.&5+Y+^;+;;;+'.&"5+'-+M_+#%44%$&/5+6".&+
P# !"# e$"+'.# "# &%,+):# .+# +*6.57$.# KVVY:# 0+.# ^($"(%B).#
4'5+#$&>B35+5.63&%'.&5+Y+>'--'+5"##'G+
N'--'+>"##$1/'+5'+&36$&-%-+Y+6'.+6&@5+30.%-$<4'#'1-+'1-&'+ 4+&",.+*$( )$( !6:$*,//$-$.&( !'#+0*$A( 1'"( 59".5%#"&( )+.5( *+(
4A,-$-+EI=+F/5H+'-+4'5+>"44'>-%2%-35+4">$4'5+EII+F/5HG+F$%5+>'5+ /($"(%B).#.0$*1%.++.#"&*1(%.#1"$#-.#8*+/.)-#.+#=0)+#KVVY2#X--.#
>B%DD&'5:+3-$<4%5+5.&+4$+<$5'+/'+4$+>"#6-$<%4%-3+1$-%"1$4':+1'+ %,-/#$.)()$(.,-0#$'5$5(#6=6#$.%$5($&("."&"+&":$5()$5&".6$5(
-%'11'1-+6$5+>"#6-'+/'+-".5+4'5+#$&>B35:+1"-$##'1-+>'.V+ L( )6:$*,//$#( *+( #$5/,.5+0"*"&6( 5,%"+*$( )$5( +%&$'#5( /'0*"%5(
6$5535+6$&+4'5+'1-&'6&%5'5+6.<4%0.'5G+PA$.-&'5+'5-%#$-%"15:+ '*55.# &./# .+($.1$)/./2# @"+/# '.# '"&$.:# -.# B*06.$+.5.+(#
64.5+C4"<$4'5:+6"&-'1-+4'+#"1-$1-+/'+4$+>"##$1/'+6.<4%0.'+ D$"+f")/#"#"&*1(%:#.+#5"$/#KVVZ:#0+#b-"+#+"()*+"-#&3"'()*+#
$11.'44'+ $.-".&+ /'+ *M;+ #%44%$&/5+ /A'.&"5:+ 5"%-+ 6$5+ 4"%1+ /'+ 1*0$#&./#"'4"(/#107-)'/#&0$"7-./#AbGTTb@C#<0)#.+'*0$"B.#
*$5( +)N')"%+&$'#5( /'0*"%5( a5$#:"%$5( )$( *9g&+&A( %,**$%&":"&65(
*;+K+/.+TZ`G
N'5+'5-%#$-%"15+5"1-+Y+&$66&">B'&+/'5+>B%DD&'5+'.&"63'15G+ (.$$)(*$)"-./:#4F1)("0I#.(#%("7-)//.5.+(/#107-)'/C#>#/3.+B"B.$#
W$+>"##$1/'+6.<4%0.'+/$15+4AaR+&'6&35'1-$%-+*M+K+/.+TZ`+ $.( =+:$'#( )9+%<+&5( /'0*"%5( )'#+0*$5A( ),.%( 5,%"+*$-$.&(
/'+4Aa1%"1+'1+?;;=+E*];;+F/5HG+!"1+%#6"&-$1>'+2$&%'+5'4"1+ #$5/,.5+0*$5Q2#g
4'5+,-$-5+#'#<&'5+'-+5'+5%-.'+'1-&'+**+K+'-+?;+K+/.+TZ`G+
R-+ >"##'+ >'5+ #$&>B35+ 6.<4%>5+ 1$-%"1$.V+ 5"1-+ /35"&#$%5+ E.( &<6,#"$A( *$5( +%<+&5( /'0*"%5( )$:#+"$.&( ),.%( &$."#(
".2'&-5+$.+F$&>B3+Z1-3&%'.&:+%45+5"1-+$>>'55%<4'5+Y+-".-'5+4'5+ %,-/&$A( )+.5( *$( %<,"M( )$( *$'#5( /#$5&+&+"#$5A( )$( %#"&P#$5(
.+6)$*++.5.+("0I:# /*')"0I# .(# /*')%("0I2# T0($.5.+(# &)(:#
'1-&'6&%5'5+'.&"63'11'5G
W$+ >"##$1/'+ 6.<4%0.'+ &'6&35'1-'+ /"1>+ .1+ 6"%/5+ *9$.&#$/#"5$( 56*$%&",..6$( /,'#( &$**$( ,'( &$**$( #6+*"5+&",.( 5$(
3>"1"#%0.'+>"15%/3&$<4'+/$15+4'+D"1>-%"11'#'1-+/'+1"-&'+ /#6,%%'/$2&2$**$()'(%Y%*$()$(:"$()$(5$5(,'&"*5($&(-+&6#"+'MA(
$5&2$**$( +&&$.&":$( +'( 0"$.2Z&#$( )$( 5$5( 5+*+#"65( ,'( $.%,#$(
3>"1"#%'G
59$.?+?$2&2$**$()+.5()$5(+%&",.5()$(#6".5$#&",.()$(/$#5,..$5(
.+#&)D,'0-(%#h
03*/3&)*9'4*->R
G$*,.( *$5( ),..6$5( VRRTA( &,'N,'#5( =,'#."$5( /+#( *9`EDBA( *$5(
bHX# $.51*$(.+(# YV# L# &0# +*57$.# &./# 5"$'4%/# $.'.+/%/:#
$.1$%/.+("+(# WV# L# &0# 5*+("+(# (*("-:# 4*$/# /*0/E($")("+'.2#
E**$5( 5$( /,5"&",..$.&( *,?"1'$-$.&( 5'#( )$5( %,.&#+&5( -,".5(
6*$:65($.(-,Y$..$(1'$(*$5(?#+.)$5($.&#$/#"5$5($&(#6/,.)$.&(
-+N,#"&+"#$-$.&( +'M( +//$*5( )$5( %,**$%&":"&65( &$##"&,#"+*$5(
10)/<03.--./#/*+(#1$%/.+(./#&"+/#YW#L#&./#5"$'4%/#-*'"0I#
.(#cV#L#&./#5"$'4%/#&3d("(2
!.0$#1"$(#/0$#'./#5"$'4%/#/1%'),<0./#+3./(#&*+'#1"/#($9/#
6*,"?.6$( )$( %$**$( 1'9$**$5( #$/#65$.&$.&( ?*,0+*$-$.&( )+.5(
!
*96%,.,-"$A( 5'#&,'&( 5"( *9,.( %,.5")P#$( 1'$( .,-0#$( )$( B8E(

! !
!

E.( /#+&"1'$A( *$5( +%<$&$'#5( /'0*"%5( 5,.&( %,.=#,.&65( )9'.$(
/+#&( +'( ;,)$( )$5( -+#%<65( /'0*"%5( $&( )9+'&#$( /+#&( L( '.(
%$#&+".(.,-0#$()9<+0"&')$5(1'"(5,.&(*,".()$(=+:,#"5$#(*9+%<+&(
/*')"-.5.+(#$./1*+/"7-.2

NDG+ b+ c"-%>'+ /A%1D"&#$-%"1+ &'4$-%2'+ $.V+ $>B$-5+ 6.<4%>5+
5">%"X&'56"15$<4'5G+ d&".6'+ /A3-./'+ /'5+ #$&>B35+
/32'4"66'#'1-+/.&$<4'
EdRF+PPH+X+O.%44'-+?;;^+e+6G+I

+ *+

!

! !
!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
T

P
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

(

#9%#&$-6%,(1#.,#&$-3

0'*91@/,(=*9'4*'()&'/&,4'4

K+(/#+&"1'$()$5(-+#%<65(/'0*"%5(*$5(/,'55$(/*'&h&A($.($==$&A(
L(+**$#(.+&'#$**$-$.&(:$#5(*$5(/#$5&+&+"#$5(*$5(-,".52)"5+.&5A(
-.#1$)I#%("+(#0+#'$)(9$.#1.0#&)/'0("7-.2
D".5"A(*+(*,"(5'#(*+(8+O&#"5$()9`':#+?$()$(QSTc("-/,5$(1'$(
*$(-+O&#$()9,':#+?$(5$(/#,.,.%$(5'#('.(/#,?#+--$($&(1'9"*(
.+#,I.#-3.+6.-*11.#,+"+')9$.#1$%6)/)*++.--.2#b0)/:#>#(*0(./#
*$5(6&+/$5()$(:+*")+&",.A()9+&&#"0'&",.($&()$(#6+*"5+&",.()9'.(
1$*=.(:#-"#+*()*+#&.#1$)I#$./(.#0+#%-%5.+(#.//.+().-#&.#'4*)I2#
X(#'.((.#&%5"$'4.#1"$"N(#+*$5"-.2#O-#/.$")(#)$$./1*+/"7-.#&.#
-$&&#$($.(%<+.&"$#('.(61'"/$-$.&(1'$(*$(-+O&#$()9,':#+?$(
+3"0$")(#1"/#-"#'"1"')(%#&.#,+"+'.$2#

K+(=,%+*"5+&",.(5'#(*$(%,f&($5&($.%,#$(#$.=,#%6$(/+#(*9+&&"&')$(
&.# '.$(")+./# .+($.1$)/./2# X--./# +34%/)(.+(# 1"/# ># 7")//.$#
+.,#-+*$-$.&( *$'#5( &+#"=5( /,'#( ,0&$."#( *$5( -+#%<65A(
/+#&"%'*"P#$-$.&( )+.5( *$5( /6#",)$5( )$( %#"5$( %,--$( %$**$(
<0.#+*0/#($"6.$/*+/2#O-#/3"B)(#1*0$#.--./#&.#'*+()+0.$#>#D")$.#
&,'#.$#(%,f&$(1'$(%,f&$(*$'#(,'&"*()$(/#,)'%&",.A(='&2%$($.(
:$.)+.&(*$'#5(/#,)'"&5(,'(5$#:"%$5(+'2)$55,'5()'(/#"M()$(
$.6).+(2#8.((.#1$"()<0.#./(#)--%B"-.:#5")/#-./#"'4.(.0$/#*+(#
$"$.5.+(#-./#5*i.+/#&.#-3%6"-0.$#*7=.'()6.5.+(2
!.# &051)+B# ,+"+').$# ./(# 1*0$("+(# /*06.+(# "''*51"B+%#
&30+# &051)+B# /*')"-2# O-# +3./(# .+# .DD.(# 1*//)7-.# <0.# /)#
*9$.&#$/#"5$(.$(#$5/$%&$(/+5(*$(;,)$()'(&#+:+"*A(5,'52/+Y$(
5$5( 5+*+#"65( $&( *$5( =+"&5( &#+:+"**$#( +'2)$*L( )$5( <,#+"#$5(
-%B"0I:# 6*)$.# .51-*).# &./# ($"6")--.0$/# )--%B"0I2# !3"'(0"-)(%#
#6%$.&$(+(-,.&#6(1'$()$(?#+.)5(%<+.&"$#5(/'0*"%5(+:+"$.&(
%(%#.+#1"$().#$%"-)/%/#1"$#&./#/*0/E($")("+(/#&.#'.#(i1.2#^"+/#
1"$-.$#&.#-"#<0"-)(%#&0#($"6")-#1$*&0)(#&"+/#'./#'*+&)()*+/2#
K$( /"#$( $5&( 1'9'.$( $.&#$/#"5$( )6=+"**+.&$( 5$( :,"&( #+#$-$.&(
"11-)<0.$#&.#1%+"-)(%/2

F*( $M"5&+"&A( -Z-$A( "*( Y( +( $.%,#$( 1'$*1'$5( +..6$5( '.$(
/#,%6)'#$()$(-+#%<6A(*9+)N')"%+&",.(a1'"(6&+"&()9+"**$'#5(*+(
5$'*$( /#,%6)'#$( )$( %,.5'*&+&",.( )+.5( %$( 1'"( /,':+"&( Z&#$(
%,.5")6#6( %,--$( *$5( W( /#$-"$#5( X( ;,)$5( )$5( -+#%<65(
107-)'/C#<0)#$.1*/")(#/0$#-.#/.0-#'$)(9$.#&0#1$)I#.(#&3"(($)70()*+#
"0#5*)+/E&)/"+(2#8.((.#1$*'%&0$.#"#%(%#/011$)5%.#.+#$")/*+#
&.#/./#.DD.(/#+%B"()D/#/0$#-"#<0"-)(%#&.#-3*DD$.2
F*( .9$.( #$5&$( /+5( -,".5( 1'$( 5"( *$( /#"M( .9$5&( /*'5( *$( 5$'*(
%#"&P#$( )9+&&#"0'&",.( )9'.( -+#%<6A( "*( ?+#)$( *$( /*'5( 5,':$.&(
0+.#1-"'.#1$%1*+&%$"+(.2#8.-"#().+(#"0I#4"7)(0&./#1$)/./#
/+#( *$5( +%<$&$'#5A( L( *+( /#$55",.( $M$#%6$( /+#=,"5( /+#( *$5(
,+"+'.0$/#.(#"0//)#"0#D")(#<0.#-.#1$)I#./(#0+#'$)(9$.#<0)#1"$"N(#
#$*+&":$-$.&( ,0N$%&"=A( =+%"*"&$( *$5( %,-/+#+"5,.5( $.&#$( *$5(
,==#$5($&(5$-0*$(#$*$:$#()9'.$(W(5+".$(X(?$5&",.()$5()$."$#5(
107-)'/2#H*)+/#'3./(#'4.$:#5).0I#'3./(#1*0$#-.#'*+($)70"7-.2
G,':$.&( +'55"A( +*,#5( 1'$( *9+%<$&$'#( /$.5$( +**$#( :$#5(
*$( -"$'M2)"5+.&( $.( 5,'52/,.)6#+.&( *$( %#"&P#$( /#"M( a/+#(
.I.51-.# cV# L# 1*0$# -.# 1$)I# .(# YV# L# 1*0$# -"# (.'4+)<0.C:#
-3.+($.1$)/.# "# -3)51$.//)*+# <0.# -.# '4*)I# ,+"-# 1*$(.# /0$# -.#
-,".52)"5+.&A( %+#( 5$'*( *$( /#"M( $5&( )"5%#"-".+.&( )P5( *,#5(
1'$( *$5( .,&$5( &$%<."1'$5( 5,.&( &#P5( /#,%<$5( $&( *$5( 6%+#&5(
&.# 1$)I# )51*$("+(/2# X+,+:# -3"'4.(.0$# +3"# 1"/# (*0=*0$/# -"#
=,#-+&",.(/,'#(6:+*'$#(*+(/$#&".$.%$()$(%#"&P#$5(1'"(5,#&$.&(
)$(5,.(%<+-/()$(%,-/6&$.%$5A(%,--$(*$(0"$.2Z&#$()+.5(
-3.+($.1$)/.#*0#/*+#.+B"B.5.+(#/*')%("-2
O9$/:'6'3&*.9$*,$)*6"3J"3&)*+$*-"&#$6%".*,"3&*78$+3'&*
+$*,'&6%.'./'*2'*/&%6N&')*43%*)"&6'.6*2'*)".*/:$#,*2'*
/"#,76'./')?*/"##'*+'*1%'.=P6&'*2$.)*+9'.6&',&%)'*
"3*)".*'.0$0'#'.6*)"/%76$+<
!

X('* '()&'/&,4'* 9DL3,$$3()'* 4'* ?%,)* &3&'@'()*
3//$,A1'&*9'*/D(3$,)D4N

d.$()"5&,#5",.()$(%,.%'##$.%$
;,--$.&A( )P5( *,#5A( )6=$.)#$( *9")6$( )9+%<+&( #$5/,.5+0*$A(
1*0$("+(# $.6.+&)<0%.# 1"$# -./# 1*06*)$/# 107-)'/# h# ^)# -3*+#
%+#"%+&'#$( '.( /$'( *+( 5"&'+&",.A( *$5( $.&#$/#"5$5( +'N,'#)9<'"(
.9,.&( +'%'.( ".&6#Z&A( +'( #$?+#)( )$( *+( %,--+.)$( /'0*"1'$A(
L( 5$( %,.=,#-$#( +'M( %#"&P#$5( )$( *+( >GE( a>$5/,.5+0"*"&6(
/*')%("-.# .(# .+6)$*++.5.+("-.# &./# .+($.1$)/./C2# X+# (*0(#
'"/:#-./#1$"()<0./#"'(0.--./#+.#-./#i#.+'*0$"B.+(#1"/2#8"$#
)-#./(#&)D,')-.#&.#/.#7"(($.#/0$#-./#1$)I#.(:#.+#5R5.#(.51/:#
)$(/+Y$#(*$(-"$'M(/,55"0*$(5$5($-/*,Y65A()$(*$5(=,#-$#A()$(
$.'$0(.$#&./#1.$/*++./#.+#&)D,'0-(%:#&30()-)/.$#&./#1$*'.//0/#
$%1*+&"+(#"0I#.I)B.+'./#&0#&%6.-*11.5.+(#&0$"7-.2
F*( $5&( %*+"#( 1'9"*( Y( +( )$( =+"&( '.$( )"5&,#5",.( )$( %,.%'##$.%$(
$.&#$(*$5($.&#$/#"5$5(W(#$5/,.5+0*$5(X($&(%$**$5(1'"(*$(5,.&(
-,".5()P5(*,#5(1'$(*+(#6=6#$.%$(/#".%"/+*$()$(*+(%,--+.)$(
107-)<0.#$./(.#-.#1$)I2#

!

! !

E&(%$&&$()"5&,#5",.(/P5$(/*'5(5'#(*$5(B8E(1'$(5'#(*$5(?#+.)$5(
.+($.1$)/./2#8./#&.$+)9$./:#.+#.DD.(:#/*+(#5*)+/#+*57$.0/./#
.(# 5).0I# "$5%./# 1*0$# D")$.# 6"-*)$# -.0$/# "(*0(/2# U"$./# /*+(#
*$5(B8E(1'"(/'0*"$.&()$5(0"*+.5(5,%"+'M($&(5,%"6&+'M($&(1'"(
)"5/,5$.&()$(5$#:"%$5(5/6%"+*"565(/,'#(#6/,.)#$(+'M(+//$*5(
&3*DD$./2#(((
j."0'*01# *+(# &./# &)D,'0-(%/# ># $%1*+&$.# "0# D*$5"-)/5.#
"&5)+)/($"()D2
!$( *9+'&#$( %h&6A( *$5( +%<$&$'#5( /'0*"%5( %,..+"55$.&( $&(
%,-/#$..$.&( -"$'M( *$( =,.%&",..$-$.&( $&( *+( #6/'&+&",.( )$5(
?#+.)5(?#,'/$5A(5'#(*$51'$*5("*($5&(=+%"*$()$(59".=,#-$#A(1'$(
%$*'"( )$5( %$.&+".$5( )$( -"**"$#5( )$( B8E( 1'$( %,-/&$( .,&#$(
1"i/2

<0.# '3./(# 5).0I# 1*0$# /*+# .+($.1$)/.2# O-# "# (*0(# )+(%$R(# ># .+#
$./1.'(.$#-"#&%5"$'4.#.(#-./#+*$5./2#
;,--$.&( 5,'&$."#( %$( /#".%"/$( $.&#$/#$.$'#"+*( :$#&'$'M(
5+.5( 1'9"*( )$:"$..$( %,.&#$2/#,)'%&"=( /,'#( *$5( $.&#$/#"5$5(
<0)# /3i# .+B"B.+(# h# 8*55.+(# 5.(($.# .+# 6"-.0$:# "0I# i.0I#
)$5( +%<$&$'#5( /'0*"%5( *$5( $.&#$/#"5$5( -"$'M2)"5+.&$5( /+#(
$"11*$(#"0I#5*)+/E&)/"+(./#h#b-0(F(#<0.#&.#/.#1-")+&$.#&.#
*+(5"&'+&",.A(*$(;C!A(+'(&#+:$#5()$(5+(5$%&",.()$(4+.&$5A(+(
/#6=6#6(5$(5+"5"#()$(%$5(1'$5&",.5(/,'#(&$.&$#()9Y(+//,#&$#(
)$5(#6/,.5$5(%,.%#P&$5A(.,&+--$.&($.($55+Y+.&()$(-"$'M(
'*51$.+&$.#-./#5%'"+)/5./#&.#-"#'*55"+&.#107-)<0.2
8'4*D?%$1),%(4*&D2'()'4

0'* EF8* /%1&* $3* &'2%((3,443(2'* 9'* $3* /'&L%&@3(2'* B,'#&+.&A()$/'"5('.$()"i+".$()9+..6$5A(*+(%,--+.)$(/'0*"1'$(
=$%63$'
+( /#"5( /#,?#$55":$-$.&( %,.5%"$.%$( )$5( %,.&#+)"%&",.5(
+'M1'$**$5( $**$( 6&+"&( %,.=#,.&6$( )P5( *,#5( 1'9$**$( )$:+"&(
K$( ;C!( $5&( /+#&"%'*"P#$-$.&( 5$.5"0*$( L( &,'&$5( %$5( /#$.)#$($.(%,-/&$()9+'&#$5(%#"&P#$5(1'$(*$(/#"MA(%,--$(*+(
1'$5&",.5A(*'"(1'"(:+(/*'5(*,".($.%,#$(1'$(*+(>GE($&(-"*"&$( U^X#*0#-.#&%6.-*11.5.+(#&0$"7-.2
/,'#( *+( W( /$#=,#-+.%$( ?*,0+*$( X( )$( *9$.&#$/#"5$( a:,"#( b$.5).$#/i57*-.#&.#'.((.#%6*-0()*+:#-.#'4"+B.5.+(#&.#+*52#
'4"1)($.# KC:# 0+.# 1.$D*$5"+'.# D*+&%.# /0$# 0+# %<0)-)7$.# K$5( +)N')"%+&$'#5( 5,.&( )$:$.'5( )$5( +%<$&$'#5A( %,--$(
)Y.+-"1'$($.&#$(*$5(/$#=,#-+.%$5(6%,.,-"1'$A(5,%"+*$A( &"+/# -.# 1$)6%2# !./# "'4.(.0$/:# '*+($")$.5.+(# "0I# "+').+/#
/*')%("-.#.(#.+6)$*++.5.+("-.2
+)N')"%+&$'#5A( ,.&( *+( /,55"0"*"&6( )$( =+"#$( $.&#$#( )9+'&#$5(
6*6-$.&5()96:+*'+&",.()+.5(*$'#5(+%<+&5(1'$(*$(/#"MA(%,--$(
G"( *+( >GE( $&( *+( B7( 59,#"?".$.&( &,'&$5( *$5( )$'M( )+.5( *9")6$( %$*+(5$(/#+&"1'$()+.5(*$(5$%&$'#(/#":6(a*+(1'+*"&6()'(/#,)'"&A(*+(
)$( )6:$*,//$-$.&( )'#+0*$( $&( %,.:$#?$.&( :$#5( *$5( -Z-$5( '*+()+0)(%#.(#-"#,"7)-)(%#&.#-"#1$*&0'()*+:#-3*$)B)+.#&./#5"()9$./#
*7=.'()D/:#1-0/).0$/#'4*/./#-./#&)/()+B0.+(2
1$.5)9$./:#-.#$./1.'(#&.#$9B-./#&.#1$*&0'()*+:#.('2C
!"# U^X# ./(# &%,+).# 1"$# -./# $./1*+/"7-./# 1*-)()<0./# A"0# K$( ;,)$( )$5( -+#%<65( /'0*"%5( +( 6?+*$-$.&( ".&#,)'"&( )$5(
+)6."0#D$"+f")/#.(#.0$*1%.+C#.(#'*+'.$+.#1-0(F(#-./#B$"+&./# #P?*$5()$(/,.)6#+&",.(/,'#(/$#-$&&#$()$(%<,"5"#('.$(,==#$(5'#(
.+($.1$)/./2# X--.# .+# $./(.# ># &./# 1$)+')1./# B%+%$"0I2# X--.# -"#7"/.#&30+.#1-0$"-)(%#&.#'$)(9$./2#@"+/#-.#8*&.#&./#5"$'4%/#
'*+/()(0.#0+.#$.'*55"+&"()*+:#/"+/#*7-)B"()*+#&3"11-)'"()*+2# "'(0.-/# AKVV_lKVJVC:# -"# +*()*+# &3*DD$.# -"# 5).0IE&)/"+(.# ./(#
K$5( 0"*+.5( >GE( /#65$.&65( /+#( *$5( ?#+.)$5( 5,%"6&65( 5,.&( $.+D*$'%.2#8.--.#&.#5*)+/E&)/"+(#+3"11"$"N(#1-0/2
)6%*+#+&"=5($&(.$(=,.&(*9,0N$&()9+'%'.(%,.&#h*$A(5+'=(".5%#"/&",.(
6*-*+(")$.:# .(# 1"i"+(.:# ># 0+.# "B.+'.# &.# +*("()*+# /*')"-.2# >$.6')?*8%++'*,%"..%N&'*2'*+9$/:$6*,31+%/*&'),".)$1+'
K+( >GE( $5&( +".5"( 5,':$.&( :6%'$( %,--$( '.$( %,.&#+".&$(
6%,.,-"1'$()$(/*'5(/,'#(*9$.&#$/#"5$(),.&("*(=+'&(59+%1'"&&$#( ;9$5&( L( 4+.&$5( 6?+*$-$.&( 1'$A( )'( %h&6( )$5( +%<$&$'#5(
'*55.#&30+.#("I.2#
107-)'/:# 0+.# $%M.I)*+# /0$# -.# 5R5.# (495.# "# %(%# .+B"B%.2#
K+(B7A(L(*9".:$#5$A(+(6&6(6*+0,#6$(/+#()$5(%<$=5()9$.&#$/#"5$( X+#J__Y:#-"#6)--.#&.#G"+(./#"#%(%#.+#.DD.(#0+.#&./#1$.5)9$./#
'*55.#0+#*0()-#1$"()<0.#1-0(F(#>#&./()+"()*+#&./#bHX2#^)#.--.# %,**$%&":"&65( &$##"&,#"+*$5( L( ".&#,)'"#$( )$5( %*+'5$5( 5,%"+*$5(
)$-+.)$(6?+*$-$.&('.($.?+?$-$.&(:,*,.&+#"5&$()$(*+(/+#&( &"+/# -3"(($)70()*+# &.# /./# 5"$'4%/# 107-)'/# A6*)$# '4"1)($.# cC2#
)$5( %<$=5( )9$.&#$/#"5$A( %$&( $.?+?$-$.&( $5&( :6%'( %,--$( F*( 59+?"55+"&A( $.( *9,%%'##$.%$( )$( %*+'5$5( )9".5$#&",.( ),.&( *$(
0+.#*11*$(0+)(%#&.#&%6.-*11.5.+(2#O-#/3"B)(#7).+#&.#$.+&$.# 0'&(6&+"&()$(=+"#$(#$%#'&$#A(/+#(*$5($.&#$/#"5$5(%<+#?6$5()$5(
*9$.&#$/#"5$(/*'5(/$#=,#-+.&$()+.5(&,'&$5(5$5()"-$.5",.5A($.( ?#+.)5((&#+:+'M()9+-6.+?$-$.&()$(*+(:"**$A()$5()$-+.)$'#5(
5$(-,.&#+.&(%#6+&"=($&("..,:+.&A($&()9$.(#$&"#$#('.(+:+.&+?$( &3.51-*)#&.#-*+B0.#&0$%.2
!
! !
'*51%()()D2#8.-0)#<0)#*1(.#1*0$#-"#bk#-.#D")(#1"$'.#<03)-#1.+/.#

!

!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
Z

)

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
Y
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

(

F$%5:+/A.1'+#$1%@&'+C313&$4':+4A$>B'-'.&+6.<4%>+&'5-'+5".2'1-+D&%4'.V+/$15+5'5+>B"%V+6$&>'+0.A%4+'5-+>"1-&$%1-+6$&+/'5+&@C4'5+
5-&%>-'5+'-+0.A%4+6'.-+5'+D$%&'+-$6'&+5.&+4'5+/"%C-5+5A%4+6&'1/+0.'40.'5+4%<'&-35+$2'>+'44'5:+Df-X>'+6".&+D$%&'+>'+0.%+4.%+5'#<4'&$%-+
.1+#'%44'.&+>B"%VG+W'5+'1-&'6&%5'5+1AB35%-'1-+6$5+Y+$44'&+'1+[.5-%>'+'1+5A$66.9$1-+5.&+/'5+2%>'5+/'+6&">3/.&'G+
4"(;"'2(=-5'2(05'2(<'2,2<(,->(.?@&'0A("&('0<(/,.#1"0(B1"20(."0=-*(!'(%12$'.(!'0(B,.%C*0()(!'0('2<.'/."0'0(/'-(01-%"'-0'0(
!'( 01%",&( !12<( &'( !100"'.( %1..'0/12!( ,->( 21.B'0( 1#$%"'&&'0( =-5)( !'0( '2<.'/."0'0( /&-0( 01%",&'0A( B,"0( ,!B"2"0<.,<"+'B'2<(
#"%15+>"1D"&#'5G+T$&+$%44'.&5:+4A$11.4$-%"1+/A.1+#$&>B3+6$&+4'5+-&%<.1$.V+$/#%1%5-&$-%D5+6'.-+$2"%&+/'5+>"1530.'1>'5+-&@5+
%#6"&-$1-'5+5.&+4'+64$11%1C+'12%5$C3+/'+&3$4%5$-%"1+/'+4A%12'5-%55'#'1-+>"1>'&13G
R1+>'+5'15:+4A%1%-%$-%2'+/'+c$1-'5+$+>"15-%-.3+.1'+$./$>%'.5'+/3#$&>B'+/A%11"2$-%"1G

('&)*3.'*"--&'*#%'3L=2%)$.6'
K9+#&"%*$(cH()'(;,)$()$5(-+#%<65(/'0*"%5(%,-/,#&$(*$(&"&#$(U(
P^%-.'()*+#&.#-3SDD$.#%'*+*5)<0.5.+(#-"#1-0/#"6"+("B.0/.g2
B,'#(5+&"5=+"#$(%$&(,0N$%&"=A(*+(%,**$%&":"&6(5$(=,.)$(U
E#/*)(#/0$#0+.#1-0$"-)(%#&.#'$)(9$./:#+*("55.+(#-"#<0"-)(%:#-.#1$)I:#-"#6"-.0$#(.'4+)<0.:#.('2#"0I<0.-/#./(#"//*')%.#
0+.#1*+&%$"()*+#A*7-)B"(*)$.#.+#"11.-#&3*DD$./:#D"'0-("()6.#.+#1$*'%&0$./#1-0/#/*01-./C#m
E#/*)(:#'*51(.#(.+0#&.#-3*7=.(#&0#5"$'4%:#/0$#-.#/.0-#'$)(9$.#&0#1$)I2#8.#'"/#&.#,B0$.#./(#&*+'#$./($)'()D#A&3"7*$&#
0+.# 1-0$"-)(%# &.# '$)(9$./:# .(# /)# -3*7=.(# &0# 5"$'4%# -3)51*/.:# 0+# /.0-# '$)(9$.:# -.# 1$)IC2# O-# D"0(# =0/(),.$# '.# '4*)I2# !"#
#P?*$( ?6.6#+*$( $5&( ),.%( *+( /*'#+*"&6( )$( %#"&P#$5( 1'"( %,.)'"&( L( *9,==#$( *+( -"$'M2)"5+.&$A( /*'5( /#6%"56-$.&( *9,==#$(
%'*+*5)<0.5.+(#-"#1-0/#"6"+("B.0/.#A1"/#+%'.//")$.5.+(#-"#5*)+/#'49$.C2#
E.(%+5()$(/*'#+*"&6()$(%#"&P#$5(U
E#-"#1*+&%$"()*+#./(#-.#'4*)I#&0#/.0-#5"N($.#&3*06$"B.2#O-#1.0(#&*+'#/3)-#-.#6.0(#5.(($.#0+.#1*+&%$"()*+#D*$(.#"0#
'$)(9$.#1$)I#*0#)+6.$/.5.+(#>#0+#"0($.#'$)(9$.2
E# -"# 1*+&%$"()*+# $.+6*).# ># &./# /i/(95./# &.# +*("()*+# A)-# .I)/(.# 1-0/).0$/# 5%(4*&./C# <0)# $.1*/.+(# /0$# &./#
+//#6%"+&",.5(1'"(=,#%6-$.&(,.&('.$(/+#&()$(5'0N$%&":"&6A(%$**$2%"(6&+.&(*"-"&6$(/+#(*+(/#65$.%$()9'.$(/*'#+*"&6()$(
'$)(9$./2#!.#/i/(95.#&.#+*("()*+#&*)(#1"$#")--.0$/#$./1.'(.$#-./#1$)+')1./#D*+&"5.+("0I#&.#-"#'*55"+&.#107-)<0.:#
&*+(#'.-0)#&.#-"#($"+/1"$.+'.:#&.#-3*7=.'()6)(%2

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

0'4*,(,),3),?'4*9'*G3()'4*>D)&%/%$'
K96:,*'&",.()$5(#P?*$5()'(;,)$()$5(-+#%<65(+(/$#-"5()$(
56%'#"5$#A( )P5( VRRQA( *9".&#,)'%&",.( )$5( %*+'5$5( )9".5$#&",.(
&"+/#-"#'*55"+&.#107-)<0.2#T#-"#5R5.#%1*<0.:#-"#$%B)*+#
+"+(")/.#($"6.$/.#0+.#1%$)*&.#*n#-.#&%6.-*11.5.+(#&.#-"#
6)--.# B%+9$.# 0+.# <0"+()(%# &.# ($"6"0I# '*+/)&%$"7-.# .(# *n#
*$5( $.&#$/#"5$5( 5$( #$&#,':$.&( $.( 5"&'+&",.( )$( /6.'#"$( )$(
5")+E&3`06$.2# !"# (*0(.# +*06.--.# 8*550+"0(%# 0$7")+.#
)$( 4+.&$5A( 4+.&$5( 86&#,/,*$A( #$/#$.)( L( 5,.( %,-/&$( *$5(
"."&"+&":$5( /#6%6)$.&$5( )$( *+( 3"**$( )$( 4+.&$5( $&( 5$( 5+"5"&(
&.# '.((.# *11*$(0+)(%2# X+# KVVc:# -.# '*+/.)-# '*550+"0(")$.#
&%')&.#&30()-)/.$#-./#5"$'4%/#107-)'/#"0#1$*,(#&.#-3.51-*)#.(#
&.#-3)+/.$()*+2
!"#'*55"+&.#107-)<0.#1.0(#")+/)#&*07-.5.+(#7%+%,').$#"0#
&$##"&,"#$( /+#( *$5( .,':$+'M( 61'"/$-$.&5( $&( ".=#+5&#'%&'#$5(
1'9$**$( %#6$A( $&( /+#( *9$-/*,"( 1'9$**$( ?6.P#$( /,'#( 5$5(
4"7)("+(/#A6*)$#'4"1)($.#cC2
;$&&$( $M/6#"$.%$( ),..$( +'M( #$5/,.5+0*$5( )$5( -+#%<65(
/'0*"%5( )$( 4+.&$5( 86&#,/,*$( '.$( /*'5( ?#+.)$( -+#?$( )$(
-+.[':#$( $&( *$5( %,.)'"&( L( 59".&6#$55$#( )$( /*'5( /#P5( +'(
=,.%&",..$-$.&()$5($.&#$/#"5$5(1'"(#6/,.)$.&(+'M(+//$*5(
)9,==#$5A( +'2)$*L( )'( 5&#"%&( &#+"&$-$.&( +)-"."5&#+&"=( )$( *$'#(
&*//).$2
X(*(D2'443,&'*9,3$%=1'

)

5"$'4%# )51*$("+(:# (*0(# .+# '*+/.$6"+(# -.0$/# 6"-.0$/2# @.#
*9+'&#$A( *$5( +%<$&$'#5( )$( 4+.&$5( 86&#,/,*$( +:+"$.&( $.:"$(
)$(-"$'M(%,..+O&#$(*$5($.&#$/#"5$5(/,'#(#6/,.)#$(L(*$'#5(
,0N$%&"=5( )9".5$#&",.( $&( )$( )6:$*,//$-$.&( )'#+0*$( )$( *$'#(
(.$$)(*)$.#;#P#*+#"#-.#()//0#%'*+*5)<0.#<0.#-3*+#5%$)(.#g2
;$(),'0*$(%<$-".$-$.&(*$5(+(%,.)'"&5(L(5$(#$.%,.&#$#($&(
L(%#6$#(*$(?#,'/$()$(&#+:+"*(%,--'.(1'"($5&(L(*9,#"?".$()$(
'.#$"11*$(2
T0#,-#&./#$%0+)*+/:#/./#1"$()')1"+(/#*+(#10#'*+/("(.$#<0.#-"#
1$.5)9$.#&)D,'0-(%#(.+")(#>#0+.#5%'*++")//"+'.#50(0.--.#&.#
-.0$/#5*&./#&.#D*+'()*++.5.+(2#!"#&%'*06.$(.#1$*B$.//)6.#
)$( *+( /#,0*6-+&"1'$( )$( *9+'&#$( *$5( +( +")65A( 5"( %$( .9$5&( L(
Z&#$()9+%%,#)(5'#(&,'&A()'(-,".5(L(#+//#,%<$#(*$'#5(/,".&5(
&.#60.2#O-#-.0$#./(#6)(.#"11"$0#<03)-/#"6").+(#&./#6"-.0$/#.(#
)$5( ".&6#Z&5( %,--'.5( L( /+#&+?$#( $&( 1'$( *+( /6#",)$( 6&+"&(
/#,/"%$( /,'#( 1'9+%<$&$'#5( /'0*"%5( $&( $.&#$/#"5$5( /'"55$.&(
5$( #$&#,':$#( )+.5( *+( .,&",.( )$( >GE( ,'( )$( /$#=,#-+.%$(
?*,0+*$A( %,--$( %#"&P#$( -+N$'#( )9+&&#"0'&",.( )$5( -+#%<65(
107-)'/#A6*)$#'4"1)($.#WC2#@.#+*57$.0I#*7/("'-./#$./(.+(#>#
"1-"+)$:#5")/#-.#&)"-*B0.#./(#-"+'%#.(#-.#&%7"(#./(#*06.$(2
B*'5(*+#?$-$.&A(%$&&$()6-+#%<$()$:#+"&(Z&#$(5Y5&6-+&"56$(
$.&#$( =,'#."55$'#5( $&( +%<$&$'#5( $.( +-,.&( )$( &,'&$(
1$*'%&0$.#&.#'*+/0-("()*+2#H")/#)-#D"0(#"0//)#/"6*)$#<0.#'.#
&)"-*B0.# ($9/# .+$)'4)//"+(# ./(# 5"-4.0$.0/.5.+(# &)D,')-.#
L( ?6.6#+*"5$#( %+#( %<#,.,/<+?$( $&( %,-/*$M$( L( -$&&#$( $.(
[':#$(%,-/&$(&$.'()$(*+(/+*$&&$()$5(/#$5&+&",.5(1'"(=,.&(
-3*7=.(#&.#-"#'*55"+&.#107-)<0.2

!9'.( %h&6A( *$5( -$-0#$5( )'( ;C!( )$( 4+.&$5( ,.&( ),.%(
%<$#%<6(L(%,-/#$.)#$()$(*9".&6#"$'#(*$(=,.%&",..$-$.&()$(
*+( %,--+.)$( /'0*"1'$( /,'#( -"$'M( 5$( /,5"&",..$#( 5'#( %$( (

!./# '$)(9$./# &.# '4*)I# &./# *DD$./# /*+(# &%,+)/# .+# "5*+(# &0# -"+'.5.+(# &.# -"# '*+/0-("()*+2# O-/# ,B0$.+(# &"+/# -.#
$9B-.5.+(#&.#-"#'*+/0-("()*+#.(#+.#1.06.+(#1"/#R($.#5*&),%/#"1$9/#-.#&%1F(#&./#*DD$./2
!3"(($)70()*+# &30+# 5"$'4%:# /)# -./# '$)(9$./# &.# =0B.5.+(# /*+(# 7).+# &%,+)/# A'.# <0)# /*0/E.+(.+&# <03)-/# &*)6.+(#
/3"110i.$#/0$#-./#&*'05.+(/#'*$$./1*+&"+(/#D*0$+)/#1"$#-.#'"+&)&"(#>#-3"110)#&.#/*+#*DD$.C#.(#/)#-"#1*+&%$"()*+#
5)/.#.+#`06$.#./(#%<0)-)7$%.:#/.#D")(#&*+'#&%/*$5")/#1$)+')1"-.5.+(#"0#5).0IE&)/"+(#.(#+*+#"0#5*)+/E&)/"+(2
K$(8+O&#$()9,':#+?$($5&(+'55"(&$.'()$()6&$%&$#(*$5(,==#$5(+.,#-+*$-$.&(0+55$5A(%j$5&2L2)"#$(%$**$5(),.&(*$(/#"M(
+.#'*$$./1*+&#1"/#>#0+.#$%"-)(%#%'*+*5)<0.2#b*0$#'.-":#)-#&*)(#&.5"+&.$#&./#'*51-%5.+(/#&3)+D*$5"()*+#/0$#-"#
'*51*/)()*+#&0#1$)I#.(#5*()6.$#/"#&%')/)*+#&.#$.=.(#&.#-3*DD$.#"+*$5"-.5.+(#7"//.2#H")/#1*0$#<0.#'.((.#5./0$.#
!
/*)(#.D,'"'.:#)-#D"0(#<03)-#")(#.+#"5*+(#-"#'*++")//"+'.#&.#-3.+6)$*++.5.+(#%'*+*5)<0.:#&3*n#-"#+%'.//)(%#&30+.#
! !
6.)--.#(.'4+)<0.#D*$(.2
!

!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
MU

!

!

! !
!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
MM
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

(

C')*$,,&"/:')*/"#,+7#'.6$%&')

)

?@#ABCD#&"$+'$6%4<"#0*'>%*"#"(#*%>"*)#8#<'66"4(#);E#$"($',/"$#F

D5,-<.'0(,%<'-.0(!'(&,(%1BB,2!'(/-;&"=-'('<(!-(B12!'(!'(&5'2<.'/."0'(.*E*%C"00'2<(,->(B1F'20(!'(!*+'&1//'.(&'0(,%C,<0(
&'56"15$<4'5G+W'.&5+-&$2$.V+&32@4'1-+4'5+#g#'5+-96'5+/'+6&3">>.6$-%"15+0.'+>'44'+/.+C&".6'+/'+-&$2$%4+NOPhc$1-'5+
F3-&"6"4'G
F'1-%"11"15+'1+6$&-%>.4%'&+-&"%5+6.<4%>$-%"15+/'+&3D3&'1>'+b+
G(H1<"%'(!5"2#1.B,<"12(.'&,<"+'(,->(,%C,<0(/-;&"%0(01%"1I.'0/120,;&'0A(.,//1.<(.*!"@*(/,.(&'(J.1-/'(!5*<-!'(!'0(B,.%C*0(
/32'4"66'#'1-+/.&$<4'+EC'#+//H:+[.%44'-+?;;^G
N'+/">.#'1-+E/3[Y+>%-3+64.5+B$.-H:+6.<4%3+5".5+4A3C%/'+/.+#%1%5-@&'+/'+4A,>"1"#%':+/'+4AZ1/.5-&%'+'-+/'+4AR#64"%:+'5-+Y+
!'0<"2,<"12(!'0(,%C'<'-.0(/-;&"%03(8/.?0(,+1".(!*$2"(&,(.'0/120,;"&"<*(01%",&'(!'(&,(/-"00,2%'(/-;&"=-'('<(&,(.'0/120,;"&"<*(
01%"*<,&'(!'0('2<.'/."0'0A("&(,2,&F0'(&'0(!"##*.'2<'0(/C,0'0(!'(&,(/.1%*!-.'(!'0(B,.%C*0(/-;&"%0(01-0(&'($&<.'(!'0(/.1%*!-.'0(
5">%"X&'56"15$<4'5+0.%+6'.2'1-+9+g-&'+$55">%35G+Z4+&'2%'1-+'1+6$&-%>.4%'&+5.&+4A$&-%>4'+=I+/.+N"/'+/'5+#$&>B35+6.<4%>5+0.%+
6"&-'+5.&+4A32$4.$-%"1+/'5+"DD&'5+'-+4'5+>&%-@&'5+/A$--&%<.-%"1G+Z4+5A$66.%'+5.&+/'+1"#<&'.V+'V'#64'5+D&$1i$%5+'-+'.&"63'15G
W$+/'&1%@&'+6$&-%'+/3>4%1'+.1+>'&-$%1+1"#<&'+/'+#'5.&'5+6'&#'--$1-+.1'+$#34%"&$-%"1+/'5+$>B$-5+5">%"X&'56"15$<4'5G
G(K"+.'(;&,2%(L(!*+'&1//'B'2<(!-.,;&'('<(,%C,<(/-;&"%(2-B*."=-'A(/,.(&56;0'.+,<1".'(!'0(M'.."<1".'0(H-B*."=-'0A(,+."&(NOPO3
N'+4%2&'+<4$1>+$+6".&+"<['>-%D+/A$>>"#6$C1'&+4'5+/3#$&>B'5+%11"2$1-'5+6"&-3'5+6$&+4'5+$>-'.&5+/'+4A$>B$-+1.#3&%0.'+
E"&C$1%5#'5+ 6.<4%>5:+ D".&1%55'.&5:+ %1-'&#3/%$%&'5+ 6&"D'55%"11'45+ '-+ 3>"1"#%0.'5H+ '-+ /'+ 4'.&+ D".&1%&+ /'5+ &'6@&'5+
3>"1"#%0.'5:+[.&%/%0.'5+'-+#3-B"/"4"C%0.'5G
Z4+$--%&'+'1+6$&-%>.4%'&+4A$--'1-%"1+/'5+$>B'-'.&5+/'+#$-3&%'45+'-+5'&2%>'5+%1D"&#$-%0.'5+5.&+4'+D$%-+0.'+4$+#$j-&%5'+Q/.&$<4'S+
/'5+$>B$-5+1.#3&%0.'5+6&'1/+/%DD3&'1-'5+D"&#'5+b+>$4>.4+/'+4k'#6&'%1-'+3>"4"C%0.'+".+&3$4%5$-%"1+/'+<%4$15+>$&<"1'+/'5+
%1D&$5-&.>-.&'5+ 1.#3&%0.'5:+ $1$495'+ 3>"4"C%0.'+ /'5+ >9>4'5+ /'+ 2%'+ /'5+ 6&"/.%-5+ '-+ 5'&2%>'5+ 1.#3&%0.'5:+ 6'&D"&#$1>'+
31'&C3-%0.'+/'5+30.%6'#'1-5:+C'5-%"1+6'&D"&#$1-'+/'5+/3>B'-5+'-+&'>9>4$C'+/'5+30.%6'#'1-5G
F$%5+%4+1'+6&'1/+6$5+'1+>"#6-'+4$+/%#'15%"1+5">%$4'+/'5+'1-&'6&%5'5G
G(K'0(9Q7('<(&5,%C,<(.'0/120,;&'3(R1BB'2<(&'0(!122'-.0(!51.!.'(/-;&"%0('<(/."+*0(/'-+'2<(,"!'.(&'0(#1-.2"00'-.0()(.*/12!.'(
,->(21-+'&&'0('>"@'2%'0(S(8+."&(NOOT
N'+C.%/':+6.<4%3+6$&+4'+N"#%-3+?*+'1+6$&-'1$&%$-+$2'>+R>"'DD:+5'+2'.-+Q+.1+&'>.'%4+/'+6%5-'5+/A$>-%"15+6".&+4'+/"11'.&+/A"&/&'+
0.%+5".B$%-'+$%/'&+5'5+D".&1%55'.&5+Y+&36"1/&'+Y+5'5+'V%C'1>'5+'1+#$-%@&'+/A$>B$-5+/.&$<4'5G+T$5+Y+6$5:+%4+5'&$+#"1-&3+
0.'+4A%1D"&#$-%"1:+4$+5'15%<%4%5$-%"1:+4$+D"&#$-%"1+/'5+D".&1%55'.&5+5"1-+'55'1-%'44'5+6".&+"<-'1%&+/'5+&35.4-$-5+>"1>&'-5G+N'5+
$>-%"15+/"%2'1-+6'&#'--&'+/'+>"11$j-&'+4'5+>"1-&$%1-'5+/'+5'5+D".&1%55'.&5:+5A$/$6-'&+Y+4'.&5+>$6$>%-35:+g-&'+'1+#'5.&'+/'+
&'0(,%%1B/,@2'.(!,20(&'-.(,B*&"1.,<"12(%12<"2-'A(,$2(!'(!*+'&1//'.(-2'(.*/120'(0,<"0#,"0,2<'(,->(/1&"<"=-'0(!5,%C,<0(
&'56"15$<4'5G+S+Z4+%12%-'+1"-$##'1-+4'5+/"11'.&5+/A"&/&':+6.<4%>5+'-+6&%235:+Y+'1-&'&+/$15+.1'+/3#$&>B'+>"44$<"&$-%2'+$2'>+
4'5+TFRG

`%'1+0.A%1-&"/.%-'+/'6.%5+64.5%'.&5+$113'5:+1"-$##'1-+/$15+4'5+<%4$15+/'5+C&$1/'5+'1-&'6&%5'5:+4$+l!R+&'5-'+5".2'1-+6".&+
&'0(,%C'<'-.0(/-;&"%0('<(BUB'(/1-.(&'0('2<.'/."0'0(-2'(21<"12(-2(/'-(E1-'3(R'<<'(B*%122,"00,2%'('0<(&5-2(!'0(/.'B"'.0(
"<5-$>4'5+$.+/32'4"66'#'1-+/'+4A$>B$-+&'56"15$<4'G
T$&$44@4'#'1-:+6&'50.'+-".-'5+4'5+'1-&'6&%5'5+$.[".&/AB.%+5'+&3>4$#'1-+/'+4'.&+Q+&'56"15$<%4%-3+5">%$4'+S:+/'+4'.&+6&3">>.6$-%"
1+6".&+
4'+/32'4"66'#'1-+/.&$<4'G+F$%5:+4'+5.['-+3-$1-+Y+4$+#"/':+%4+5A$C%-:+-&"6+5".2'1-:+/A$>-%"15+/'+>"##.1%>$-%"1+0.%+&'>".2&'1-+
.1'+#$%C&'+&3$4%-3+b+>'+0.A"1+$66'44'+4'+0&''.*;$):%.0+".+4'+)"/%$+*;$):%.0<+T$&D"%5+3C$4'#'1-:+/'5+'1-&'6&%5'5+6'.2'1-+
g-&'+ &3'44'#'1-+ '1C$C3'5+ 5.&+ .1+ /'5+ 2"4'-5+ /'+ 4$+ l!R:+ 4A'12%&"11'#'1-$4:+ 6$&+ 'V'#64':+ '-+ 5'+ #"1-&'&+ <'$.>".6+ #"%15+
/'.#1.B,2<'0(0-.(-2(,-<.'A(%1BB'(&'(01%",&3(V&(#,-!.,"<(!12%(!'0(1-<"&0(!5*+,&-,<"12($,;&'0(!'(&,(.*,&"<*(!'0(/.,<"=-'0(W47(
/$15+4'5+'1-&'6&%5'5G
72$2A(,-(21B(!'(=-1"(/."+"&*@"'.(<'&&'(1-(<'&&'(,<<"<-!'(.'0/120,;&'(!'0('2<.'/."0'0(!,20(&5,<<.";-<"12(!5-2(B,.%C*A(/,.(.,//1.<(
,-(/.">A(,->(!122*'0(<'%C2"=-'0A(1-()(&5,00-.,2%'(=-'(&5'2<.'/."0'(,(&'0(B1F'20(C-B,"20('<($2,2%"'.0(!'(.*,&"0'.(&'(/.1X'<(S(
R5-X>'+Y+4A$>B'-'.&+/A'1+/3>%/'&+Q+'1+5"1+m#'+'-+>"15>%'1>'+S+n+N'4$+1'+6'.-+g-&'+0.'+4$+>"1530.'1>'+/A.1'+2"4"1-3+6"4%-%0.'+
0.%+/3>%/'+0.'+4'+>B"%V+/'5+6&'5-$-$%&'5+/"%-+5'+D$%&':+'1+6$&-%':+5.&+/'5+>&%-@&'5+5">%$.V+'-h".+'12%&"11'#'1-$.VG+NA'5-+4$+
6"5%-%"1:+>"##'+"1+4A$+2.:+/'+4$+2%44'+/'+c$1-'5+'-+/'+c$1-'5+F3-&"6"4'G+R1>"&'+D$.-X%4:+"1+9+&'2%'1-+-".[".&5:+0.'+4A$>B'-'.&+
/-;&"%(<.1-+'(&'0(B,.@'0(!'(B,2Y-+.'(0-#$0,2<'0(!,20(&'(R1!'(!'0(B,.%C*0('<(/-"00'(#,".'(.'/10'.(0'0(%C1">(0-.(!'0(
>&%-@&'5+l!R+53>.&%535+'-+>"##.15+Y+-".5G
O,;")(P<"#H,"#*%#ABC#F

.;%(("-4.$"# ,4# 1H,-*->$"# 1H,-(%>*"# "4($"# *")# .-++1$"4()#
=&%1/'4* 9'* /'&4%(('4* A1,* 4%()* ,@/$,A1D4W* 9'* /&Q4*
',# ."# *'-4D# .%4)# *;"4($"&$-)"# 8# "6&*'E1)D# <*-"4()D#
L%1&(,44'1&4W* =%1?'&('@'()W* 2%$$'2),?,)D4* $%23$'4W*
4%2,D)DW*63(A1,'&4W*=&%1/'4*&'/&D4'()3()*9'4*,()D&_)4*
)&1<-ZH,")[
!;")(# K# &%$(-$# ."# *K# H,"# 4%V(# *;-.1"# ."# $")&'4)%>-*-(1#
)'<-%*"#"(#"4/-$'44"6"4(%*"#H,-#/",(#H,"#*;"4($"&$-)"#
);"40%0"# ),$# )")# &$%(-H,")# "(# %<<"&("# .;"4# $"4.$"#
<'6&("# )',)# +'$6"# .;,4# >-*%4# )&1<-ZH,"# %,H,"*#
4%()* 9D4%&@3,4* $D=3$'@'()* 4%1@,4'4* $'4* =&3(9'4*
"4($"&$-)")#<'(1")#X9'-#AC#."#?]]?Y@#

I1* 9D61)* 9'* $3* B+RW* /%1&&3,)H%(* 9,&'W* ,$* 7* 3* $'*
9D?'$%//'@'()*91&36$'N
!;")(#%,#B'66"(#."#*%#Q"$$"D#"4#RSS?D#K#A-'#."#T%4"-$'D#
A1'*MPZ*(3),%(4*%()*D)36$,*$3*$,4)'*9'4*/&,(2,/3$'4*D)3/'4*
9'?3()* (%14* @'('&* [* 1(* 9D?'$%//'@'()* 91&36$'W*
93(4* 1(* 9%21@'()* L%(93)'1&* A1,* L%&@'* 1('* 4%&)'* 9'*
M#&$'0$%66"#<'66,4#N#&',$#*"#?R"#)-7<*"#8#*;%0"4.%#
?R@#!"*,-P<-#"4#&')"#*")#G#%3")#+'4.%6"4(%,3#8#*;1H,-(1#
)'<-%*"D#*"#$")&"<(#."#*;"4/-$'44"6"4(#"(#*%#<$'-))%4<"#
D2%(%@,A1'N*$*/&D2,4'*A1'*2'4*)&%,4*%6]'2),L4*9%,?'()*
U($"# &',$),-/-)# )-6,*(%416"4(# "(# H,"# <;")(# K# <=%H,"#
5)3)W* 32)'1&4* /16$,24* ')* /&,?D4W* 9'* $^393/)'&* /%1&* 9%# ABC# XH,"# *;'4# .1<*-4"# &*,(^(# %,:',$.;=,-# .%4)#
*;%<<"&(-'4# &*,)# *%$0"# ."# $")&'4)%>-*-(1# )'<-1(%*"#
%&,'()'&*$'1&*/&%/&'*4)&3)D=,'*9'*9D?'$%//'@'()N*
."# *;"4($"&$-)"Y# <'$$")&'4.# .'4<# <'4<$7("6"4(#
-3&3$$Q$'@'()W* $3* ).D%&,'* 9'4* )6$U':"+2'&)W* /$14* K# *;%&&*-<%(-'4# %,3# "4($"&$-)")# .,# <'4<"&(# ."#
.-$"<("6"4(# *-1"# K# *;"4($"&$-)"D# %&&%$%V(# %,3# W(%()P 9D?'$%//'@'()* 91&36$'N* #&3(`%,4* 0'@3&2.3(9W*
X(,4* 31* 9D61)* 9'4* 3((D'4* MYTUN* 0'4* )6$U':"+2'&)* +'4.%(",$# ."# *;"4)"-04"# %(,$"# _# J1<',/"$(")D# "4#
X*-((1$%*"6"4(# 8# <",3# H,-# '4(# ,4# -4(1$U(# .%4)# .1Z4-(#%-4)-#*")#'>:"<(-+)#8#M#J1/"*'&&"$#4'($"#"4($"&$-)"#
*;"4($"&$-)"Y#)'4(#*")#&%$(-")#&$"4%4(")D#&%$#'&&')-(-'4# ),$# ,4"# >%)"# .,$%>*"# "(# &$'Z(%>*"# "4# &$1)"$/%4(#
*;1H,-*->$"#"4($"#*")#%)&-$%(-'4)#."#4')#<*-"4()D#."#4')#
31*):$&':"+2'&)#X%<(-'44%-$")Y@#
!"(("# (=1'$-"# -6&*-H,"# H,"# *%# Z4%*-(1# ."# *;"4($"&$-)"# DA1,/'4W* 9'* (%4* L%1&(,44'1&4* ')* 9'* (%4* 32),%((3,&'4*
4;")(# &*,)# ,4-H,"6"4(# ."# )%(-)+%-$"# *"# >")'-4# ."# %Z4# ."# <'4($->,"$# &')-(-/"6"4(# K# *%# )'<-1(1# .%4)#
6%3-6-)%(-'4# .,# &$'Z(# .")# %<(-'44%-$")D# 6%-)# $3A1'$$'*(%14*?,?%(4*aN

!

!

5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07')
M"

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T
!"
"
!

M!
!#
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

(

9%#ABC#"(#*;"4($"&$-)"#<-('E"44"

)$( *9$.&#$/#"5$( L( *+( /#65$#:+&",.( )$( 5,.( $.:"#,..$-$.&( $&(
1'"( 59".&$##,?$( 6?+*$-$.&( 5'#( *+( /*+%$( )$( *9$.&#$/#"5$( )+.5(
!$(5,.(%h&6A(*$(;C!A(1'"(-"*"&$()$/'"5(5+(%#6+&",.A($.(QSHTA( -"#/*')%(%2#
/,'#('.$(6%,.,-"$(+'(5$#:"%$()$(*9<,--$A(+(/'0*"6A(*,#5()$(
5,.(%,.?#P5()$(4+.&$5A($.(QSSVA('.$(W(;<+#&$()$(*9$.&#$/#"5$( 8+"5( %9$5&( )"M( +.5( /*'5( &+#)A( L( /+#&"#( )$( VRRVA( 1'$( *$( ;C!(
%"&,Y$..$(X(1'"(+.&"%"/+"&(*+#?$-$.&(*+(>GE($&($.()6/+55+"&( D*$50-.# '.# '*+'.1(# &.# 1.$D*$5"+'.# B-*7"-.# AbkC# <0)# -0)#
-Z-$(*$5($M"?$.%$5A(%,--$($.(&6-,"?.$.&(%$5($M&#+"&5(U(
5$-0*$( /*'5( ,/6#+&",..$*( /,'#( *9$.&#$/#"5$( 1'$( %$*'"( )$(
&%6.-*11.5.+(#&0$"7-.2#!"#bk:#.+#.DD.(:#$")/*++.#>#1"$()$#&.#
Q+ W'5+ O'.1'5+ P%&%C'$1-5+ "1-+ >"15>%'1>'+ 0.k$1%#3'+
*9$.&#$/#"5$A()$(*9$.5$-0*$()$(5$5(+%&$'#5A()$(5$5(0$5,".5A(
6$&+ 4$+ 5'.4'+ 4"C%0.'+ 3>"1"#%0.':+ 4k'1-&'6&%5'+ &%50.'+
)$( 5$5( #6+*"&65A( +*,#5( 1'$( *$( )6:$*,//$-$.&( )'#+0*$( $5&(
/'+-$&%&+5'5+6&"6&'5+5".&>'5+/'+&%>B'55'5G+W'+5".>%+/'+
/*'&h&(%$.&#6(5'#(*+()"-$.5",.($.:"#,..$-$.&+*$($&(5$(#6=P#$(
6&$C#$-%5#'+'-+/'+6'&D"&#$1>'+Y+>".&-+-'&#'+">>.4-'+
>#0+.#6)/)*+#1-0/#5"'$*%'*+*5)<0.2#
4'5+2"%'5+/.&$<4'5+/'+4k%11"2$-%"1+'-+/.+/32'4"66'#'1-G+
8-X1-.!ZC-"A( &,( /'.#1.B,2%'( !'( &Z'2<.'/."0'( 2Z,( !'(
;9$5&(L(/+#&"#()$(%$(%,.%$/&(1'$(*$(;C!(+(/'()6:$*,//$#(
5'15+ 0.'+ 5%+ '44'+ 5'+ /32'4"66'+ 5'4"1+ I+ /%#'15%"15+
)$5(,'&"*5(aK$(7'")$()$(*+(/$#=,#-+.%$(?*,0+*$ VA(*$(5"&$(
F.&$#.$&(7BG(I(7*,0+*(/$#=,#-+.%$(5Y5&$- H(2A(*$(N$'()$(
>"#643#'1-$%&'5+b
-"#1.$D*$5"+'.#B-*7"-.:#O#G*6.#o*0C:#.I1%$)5.+(%/#1"$#
I(&,(/'.#1.B,2%'(*%121B"=-'(L('&&'(C121.'(&,(%12$,2%'(
/./#5.57$./2#T6.'#'./#*0()-/:#-./#.+($.1$)/./#1.06.+(#
/'5+$>-%"11$%&'5+'-+/'5+>4%'1-5+'-+5'+#'5.&'+6$&+/'5+
%,.%#P&$-$.&(5$.5"0"*"5$#(*$'#5(5+*+#"65A(6%<+.?$#()$5(
%1/%>$-'.&5+0.'+5"1-+4'+<%4$1+'-+4'+>"#6-'+/'+&35.4-$-+o
0,..$5(/#+&"1'$5(+:$%()9+'&#$5A(6&+0*"#('.()"+?.,5&"%A(
X+4$+6'&D"&#$1>'+5">%$4'+b+'44'+&'6"5'+5.&+4$+>$6$>%-3+/'+
6:+*'$#(*$'#(/#,?#$55",.(:$#5(*+(/$#=,#-+.%$(?*,0+*$($&(
4k'1-&'6&%5'+Y+&'1/&'+4'5+B"##'5+$>-'.&5+'-+$.-'.&5+o
5).0I#.+#1)-*(.$#-"#/($"(%B).2
X+ 4$+ 6'&D"&#$1>'+ 5">%3-$4'+ b+ '44'+ 5k$66.%'+ 5.&+ 4$+
K$( %,.?#P5( )$( 4+.&$5A( $.( N'".( VRQRA( +( +N,'&6( '.$(
>"1-&%<.-%"1+/'+4k'1-&'6&%5'+$.+/32'4"66'#'1-+/'+5"1+
)"-$.5",.(5'//*6-$.&+"#$(L(*+(/$#=,#-+.%$(?*,0+*$($.(
'12%&"11'#'1-G
1"$-"+(#&3P#.+($.1$)/.#/*-)&")$.#g2
W'5+O'.1'5+P%&%C'$1-5+&'>"11$%55'1-+$%15%+0.'+4k'1-&'6&%5'+
03*A1'4),%(*9'4*(%&@'4*')*9'4*$36'$4
2Z'0<( /,0( 0'-&'B'2<( %.*,<."%'( !'( /.1$<A( B,"0( ,-00"( !'(
>.4-.&':+/'+2$4'.&5:+/'+5$2"%&5:+$.-$1-+/'+&%>B'55'5+0.%+
B,'#( $.( #$:$."#( L( *9+%<$&$'#( /'0*"%A( 5,.( &#+:+"*( )9+%<+&(
$C%55'1-+5.&+4$+5">%3-3+'-+4$+-&$15D"&#'1-G+EpH+
#$5/,.5+0*$(5$(&#,':$#+"&(?#+.)$-$.&(=+%"*"&6(5"(*$5($.&#$/#"5$5(
Z45+5A'1C$C'1-+Y+>"15-&.%&'+/'5+'1-&'6&%5'5+>%-"9'11'5G
#6/,.)+.&(+'M(+//$*5()9,==#$5(/,':+"$.&(+//,#&$#(*+(/#$':$(
)$( *$'#( 0,.( %,-/,#&$-$.&( 5,%"+*( ,'( $.:"#,..$-$.&+*A(
R5-+>%-"9'11':+-".-'+'1-&'6&%5'+0.%+$C%-+/$15+.1+'56&%-+
"0($.5.+(#<0.#/*0/#-"#D*$5.#&%'-"$"()6.#"'(0.--.2#
/'+ >"/32'4"66'#'1-+ $2'>+ 5"1+ '12%&"11'#'1-+ '-+ 5'+
8./# +*$5./# U^X# .I)/(.+(2# H")/# .--./# /*+(# .+'*$.# 1.0#
&'>"11$j-+>"&'56"15$<4'+/'+5"1+/'2'1%&G+R5-+>%-"9'11'+
%,..'$5()$5($.&#$/#"5$5(%,--$()$5(+%<$&$'#5($&(+(=,#&",#"(
-".-'+'1-&'6&%5'+0.%+5'+&'>"11$j-+5"4%/$%&'+/.+/'5-%1+/'+
&0#B$"+&#107-)'2#X--./#*+(#/*06.+(#%(%#'$%%./#1"$#&./#SGk#
4$+>"##.1$.-3+/$15+4$0.'44'+'44'+2%-G+S
*0#&./#B$*01.5.+(/#1$*D.//)*++.-/2
(
03*B+R*')*$3*/'&L%&@3(2'*=$%63$'
!+.5(%$&&$(%<+#&$(6&+"&()6NL($.(?$#-$(*9")6$()$(W(/$#=,#-+.%$(
?*,0+*$()$(*9$.&#$/#"5$(XA(%9$5&2L2)"#$()9'.$(/$#=,#-+.%$(1'"(
)6/+55$( *+( 5$'*$( /$#=,#-+.%$( 6%,.,-"1'$( /,'#( ".&6?#$#A(
)+.5( '.( -Z-$( -,':$-$.&A( *+( /$#=,#-+.%$( 5,%"+*$A( 1'"(
/,5$( *+( 1'$5&",.( )$( *+( /*+%$( )$( *9<,--$( )+.5( *9$.&#$/#"5$(
$&(*+(/$#=,#-+.%$(5,%"6&+*$(1'"(59+//'"$(5'#(*+(%,.&#"0'&",.(

?+
I+

,/%-%"15+/A7&C$1%5$-%"1:+?;;J
LLLGC65G>[/G1'-+

!

Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T
MS

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

!9"."&"+&":$(/#":6$A($**$5(,.&(*$'#5(*"-"&$5(U(*+(*6?"&"-"&6()$(
-.0$#)+)()"(.0$2#p+.#SGk#1.0(E.--.#/.#1$%6"-*)$#&3)51*/.$#
0+# 5R5.# -"7.-# ># (*0(./# -./# .+($.1$)/./# &0# 5*+&.# h#
#
49$5&2%$(/+5(/*'&h&(*$(#h*$()$5(g&+&5(,'()$5(F.5&"&'&",.5(
)+(.$+"()*+"-./# h# @.# 1-0/:# .--./# /.# /*+(# 50-()1-)%./:#
.,&+--$.&()+.5(*$(),-+".$($.:"#,..$-$.&+*(U(%,--$.&(
#$/6#$#( *$5( /*'5( /$#&".$.&$5( +'( #$?+#)( )$( *9,0N$&( )'(
5"$'4%# 107-)'# h# X+D)+:# -.0$# *7(.+()*+# D")(# -3*7=.(# &30+.#
&%5"$'4.#6*-*+(")$.#.(#/*06.+(#'*(.0/.#.(#'*51-)<0%.2#
;$(/#,%$55'5($M%*'&()9$-0*6$(*$5(/$&"&$5($.&#$/#"5$5(1'"(
.9,.&(/+5(*$5(-,Y$.5(=".+.%"$#5($&(+)-"."5&#+&"=5(/,'#(5$(
D")$.#-"7.--)/.$2

)

!$( -Z-$A( "*( $M"5&$( )$5( +?$.%$5( )$( #+&".?( 5,%"+*( $&(
$.:"#,..$-$.&+*(),.&(*+(.,&+&",.(#$/,5$(5'#('.(%$#&+".(
+*57$.# &3)+&)'"(.0$/# &%D)+)/# 1"$# .--./2# !># .+'*$.:# '.-"#
+( '.( %,f&( 1'"( .$( /$'&( /+5( Z&#$( 5'//,#&6( /+#( &,'&$5(
-./# .+($.1$)/./2# X(# /"+/# 1$%=0B.$# &.# -3)51"$()"-)(%# &./#
+?$.%$5A(*$(=+"&(1'$(*9$.&#$/#"5$(/+Y$(5,.(/#,/#$(+')"&(,'(
'.-0)#&.#/*+#/*0/E($")("+(#-")//.#(*0=*0$/#1-"+.$#0+#&*0(.2#
;$(1'"($5&(+##":6(#6%$--$.&(+:$%(%$#&+".$5(+?$.%$5()$(
.,&+&",.( =".+.%"P#$A( 1'"( ,.&( %,':$#&( ,'( .9,.&( /+5( :,'*'(
:,"#(*$5(/#+&"1'$5(=#+')'*$'5$5()$(*$'#5(%*"$.&5A(-,.&#$(
<0.#&./#&%$"1"B./#/*+(#(*0=*0$/#1*//)7-./2

V3'+43')*'L'#,+')*2'*."&#')
)"/%$+')*'6*'.8%&"..'#'.6$+')
K,(21.B'(48([OOOA(=-"(!,<'(!'(PTTA(,(/1-.(1;X'%<"#(!'(%.*'.(-2(0<,2!,.!("2<'.2,<"12,&(/'.B'<<,2<(!'(+*."$'.(=-'(
4'5+6&$-%0.'5+>"##'&>%$4'5+/A.1'+'1-&'6&%5'+5"1-+5">%$4'#'1-+&'56"15$<4'5G+!"1+595-@#'+'5-+D"1/3+5.&+>'4.%+/'5+
1"&#'5+Z!7+^;;;+'-+Z!7+*J;;;+6".&+4'+&'56'>-+/'+4A'12%&"11'#'1-G+Z4+'V%5-'+/A$.-&'5+".-%45:+5".2'1-+/A%156%&$-%"1+
$1C4"X5$V"11':+>"##'+4'+d4"<$4+l'6"&-%1C+Z1%-%$-%2'+EdlZH+/.+N'&'5+EN"$4%-%"1+"D+R12%&"1#'1-$449+l'56"15%<4'+
R>"1"#%'5H:+0.%+6&"6"5'+.1'+53&%'+/A%1/%>$-'.&5+/'+6'&D"&#$1>'+5">%$4'+'-+'12%&"11'#'1-$4':+".+4$+NB$&-'+/'5+
'1-&'6&%5'5+6".&+4'+/32'4"66'#'1-+/.&$<4':+6.<4%3'+6$&+4$+NB$#<&'+/'+>"##'&>'+%1-'&1$-%"1$4'+'-+Y+4$0.'44'+
*I;+6$95+'-+?+I;;+'1-&'6&%5'5+"1-+$/B3&3G
K'0(*+,&-,<"120(8]8^(POOO(HWA(!*&"+.*'0(/,.(&58]H6WA(%1-+.'2<(&5"2<*@.,&"<*(!-(0F0<?B'(!'(B,2,@'B'2<(!5-2'(
'2<.'/."0'('<(%";&'2<(&'-.(%,/,%"<*()(!*/&1F'.('#$%,%'B'2<(&'-.0(+"0"12('<(1;X'%<"#0('2(B,<"?.'(!'(!*+'&1//'B'2<(
/.&$<4'G
72#"2( *@,&'B'2<( 1."'2<*'0( +'.0( &'( B,2,@'B'2<A( 12( <.1-+'( !'0( !*B,.%C'0( %1BB'( &57]^Q( :7-.1/',2(
]1-2!,<"12(#1.(^-,&"<F(Q,2,@'B'2<_(=-"(,(-2'(,//.1%C'(@&1;,&'(!-(B,2,@'B'2<(1-(&'(@-"!'(4D(NPOOO(
E!P+ 6".&+ !.5-$%1$<4'+ P'2'4"6#'1-H:+ 6.<4%3+ '1+ #$%+ ?;;I+ '-+ 0.%+ $+ 6".&+ "<['>-%D+ b+ Q+ /A$66"&-'&+ .1'+ $%/'+ Y+
&,(.*E'>"12("2"<",&'(/1-.(&,(/."0'('2(%1B/<'(!-(!*+'&1//'B'2<(!-.,;&'('<(!'(&,(.'0/120,;"&"<*(01%"*<,&'(!'0(
'1-&'6&%5'5+4"&5+/'+4A34$<"&$-%"1+/'+4'.&+6"4%-%0.'+'-+/'+4'.&+5-&$-3C%'+SG
K-%"'A(/.1/10*'(/,.(^-,&"<*(].,2%'(8001%",<"12('<(!*&"+.*'(/,.(`"@*1('0<(-2'(!*B,.%C'(!5'2@,@'B'2<('2(#,+'-.(
/.+/32'4"66'#'1-+/.&$<4'+$/$6-3'+1"-$##'1-+$.V+TFR+/'+-".5+5'>-'.&5G
P'&1%@&'+'1+/$-':+4$+1"&#'+Z!7+?M;;;+'5-+4$+6&'#%@&'+1"&#'+%1-'&1$-%"1$4'+Y+D".&1%&+$.V+"&C$1%5$-%"15+4'5+4%C1'5+
/%&'>-&%>'5+/'+4$+&'56"15$<%4%-3+5">%3-$4'G
K,( B-&<"/&"%"<*( !'( %'0( &,;'&0( '<( &'-.( !"##-0"12( "20-#$0,2<'( .'2!'2<( !"#$%"&'( &'-.( +*."<,;&'( .'%122,"00,2%'( '<(
$66&"6&%$-%"1+-$1-+6$5+4'5+'1-&'6&%5'5+0.'+6$&+4'5+$>B'-'.&5G
PA$.-$1-+0.':+/$15+4'+>$/&'+/'5+#$&>B35+6.<4%>5:+4A$&-%>4'+M+6&3>%5'+0.'+4'5+4$<'45+/"%2'1-+g-&'+%1>"1-'5-$<4'5+
E%1-'&1$-%"1$4'#'1-+&'>"11.5H+6".&+g-&'+.-%4%535+>"##'+>&%-@&'5+".+>"1/%-%"1+/'+6$&-%>%6'&G

!

Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T
MV
!$
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

X(*$36'$*b*R()&'/&,4'*B'4/%(436$'*a
!.#1$*7-95.#&.#-"#-"7.--)/"()*+#$./(.#&*+'#.+().$2#83./(#1*0$<0*)#
*$(;C!A(L(*9,%%+5",.()'(7#$.$**$()$(*9E.:"#,..$-$.&A(+:+"&(
/#,/,56(*+(%#6+&",.()9'.(*+0$*(W(E.&#$/#"5$(>$5/,.5+0*$(X(
1'"(5$#+"&()6%$#.6(/+#()$5(+?$.%$5()$(.,&+&",.(5/6%"+*"56$5A(
L(*9".5&+#()$(%$(1'$(5,.&(*$5(;,--"55+"#$5(+'M(%,-/&$5(/+#(
.I.51-.:#'*,+"+'%./#1"$#-3d("(#.(#-./#.+($.1$)/./2#8.#&*07-.#
/+##+".+?$( /$#-$&&#+"&( +'M( $.&#$/#"5$5A( $.( /+#&"%'*"$#( +'M(
bHX:# &3"--%B.$# -"# D"'(0$.# .(# &.# /)51-),.$# -.0$/# &%5"$'4./:#
.(# ># -3d("(# &.# &%,+)$# -./# '$)(9$./# ># $.(.+)$# .(# &.# B"$"+()$#
-3)51"$()"-)(%#&.#-"#+*("()*+2
K$5( $.&#$/#"5$5( 1'"( #$5/$%&$.&( *$5( %#"&P#$5( )$( *+( >GE( $&(
<,.,#$.&( *$'#5( ,0*"?+&",.5( *6?+*$5( $&( +)-"."5&#+&":$5( 5$(
6.$$").+(# ")+/)# "(($)70.$# '.# -"7.-# *D,').-# &3P# X+($.1$)/.#
$./1*+/"7-.# g:# &%'-)+"7-.# 1*0$# -.0$/# 1$*&0)(/# .(# /.$6)'./2#
;$**$5(1'"(5,.&($.?+?6$5()+.5('.$()6-+#%<$()$(/$#=,#-+.%$(
?*,0+*$(5$#+"$.&(0"$.(/*+%6$5(/,'#(Y(/#6&$.)#$A(/'"51'9$**$5(
5,.&()6NL()+.5('.(5Y5&P-$()9+'&,26:+*'+&",.(/$#-+.$.&()$(

)

(

*$'#(1'+)#'/*$(/$#=,#-+.%$(I(6%,.,-"1'$A(5,%"+*$(5,%"6&+*$A(
.+6)$*++.5.+("-.2#
G$'*$5( *$5( $.&#$/#"5$5( *+0$**"56$5( 5$#+"$.&( 6*"?"0*$5( +'M(
&)DD%$.+(./# ")&./# ,+"+')9$./# .(# "--%B.5.+(/# &.# '4"$B./2#
X--./# 1$*,(.$").+(# &30+.# 5.)--.0$.# B"$"+().# 7"+'")$.# .(#
.+($.().+&$").+(#&./#$.-"()*+/#/)51-),%./#"6.'#-3"&5)+)/($"()*+2#
X(#.--./#"0$").+(#0+#"''9/#1$)6)-%B)%#"0I#5"$'4%/#107-)'/2
S+#6*)(#-3)+(%$R(#&.#'.((.#'.$(),'"()*+#0+)<0.#<0)#1*0$$")(#)+(%B$.$#
1$*B$.//)6.5.+(#-./#"0($./#/i/(95./#&.#+*$5./2#X--.#/.$")(#
%,<6#$.&$( +:$%( *+( G&#+&6?"$( .+&",.+*$( )$( )6:$*,//$-$.&(
&0$"7-.# &%')&%.# .+# KVVY# A6*)$# 1-0/# 4"0(C# .(# .+'*0$"B.$")(#
-./# .+($.1$)/./# ># /.# 5*+($.$# 1-0/# $./1*+/"7-./2# X(# .--.#
/)51-),.$")(# -"# (q'4.# &./# "'4.(.0$/# 107-)'/2# X+'*$.# D"0(E)-#
1'$(*+(*,"A($.(?6.6#+*A($&(*$(;,)$()$5(-+#%<65(/'0*"%5A($.(
/+#&"%'*"$#A(+:+*"5$.&(*9")6$()9'.(&#+"&$-$.&()$(=+:$'#($.:$#5(
&./# .+($.1$)/./# <0)# /.# '*51*$(.$").+(# 6.$(0.0/.5.+(2# S$:#
%$*+(%,.&#$)"&(&,'N,'#5(*$(/#".%"/$()$(*96?+*"&6()$(&#+"&$-$.&(
.I)B%#1"$#-.#'*&.#&./#5"$'4%/#107-)'/2#!"#&%')/)*+:#0+.#D*)/#
&.#1-0/:#+.#1.0(#R($.#<0.#1*-)()<0.2

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

)

G@#9;,$0"4<"#."#<'6&'$("6"4()#"(#."#<='-3#1<'4'6-H,")#&*,)#$")&'4)%>*")
F$%5+6".&0."%+4'5+Q+'1-&'6&%5'5+&'56"15$<4'5+S:+5'4"1+4'5+>&%-@&'5+/'+4$+l!R+".+/'+4$+Td:+/'2&$%'1-X'44'5+g-&'+6&%2%43C%3'5+6$&+
&'0(B,.%C*0(/-;&"%0(S(^-'&('0<(&5"2<*.U<(/1-.(&5a<,<(1-(&'0(%1&&'%<"+"<*0(<'.."<1.",&'0(!'(%C1"0".('2(/."1."<*(%'(<F/'(!5'2<.'/."0'0(
64.-s-+0.'+4'5+#"%15X/%5$1-'5+n+
>'4.%X>%+ 5"%-+ 3>"1"#%0.'#'1-+ 30.%4%<&3+ '-:+ 4'+ >$5+ 3>B3$1-:+
,&&1<"(!'(#,d12(/'.<"2'2<'A(,$2(=-'(&'0(#1-.2"00'-.0(/-"00'2<(
!"# 1$.5)9$.# $%1*+/.# 6).+(# &.# -3d("(# -0)E5R5.2# O-# ./(# .*/12!.'( '#$%,%'B'2<( :0'-&0( 1-( '2( @.1-/'B'2<_A( ,-( X-0<'(
*D,').--.5.+(# &.5"+&.0$:# *+# -3"# &%=># /*0-)B+%2# H")/# /"# /.">( '<( ,-( ;12( 2"+',-( !5-2( ;'01"2( /,.#,"<'B'2<( =-,&"$*( '<(
$.<0R(.#.+#-"#5"()9$.#1.0(#1"$"N($.#&3"7*$&#,+"+')9$.5.+(# =-,2<"$*3(e2(,%C,<(/&'"2'B'2<((f.'0/120,;&'g(c3(
".&6#$556$A($.(%$5(/6#",)$5()$(:+%<$5(-+"?#$5A(%,--$(*$(
5Y.&<6&"5$A()+.5(5+(/#6=+%$A(*$(),%'-$.&(W'5+TFR+'-+4A$>B$-+ `.( *9+( %,-/#"5A( "*( 59+?"&( )$( )6/$.5$#( -,".5( $&( )9".:$5&"#(
-"$'MA(%9$5&2L2)"#$()$(=+"#$($.(5,#&$(1'$(*9+#?$.&(/'0*"%(5$#:$(
&'56"15$<4'J(U
>#,+"+'.$#.+#5R5.#(.51/#-./#"'4"(/:#-./#1*-)()<0./#/*')"-./:#
P# !"# Ukbb# AU%6)/)*+# B%+%$"-.# &./# 1*-)()<0./# 107-)<0./C# *+(/#65$#:+&",.()$(*9$.:"#,..$-$.&A(:,"#$(*$()6:$*,//$-$.&(
),..$( 1'+&#$( /#",#"&65( L( *+( -,)$#."5+&",.( $&( L( *+( %'*+*5)<0.2# @30+.# 1).$$.# <0"($.# '*01/# a# !3)+(.+()*+# ./(#
/#,=$55",..+*"5+&",.()$(*+(/,*"&"1'$()9+%<+&5()$(*9g&+&(U
-*0"7-.2#8.1.+&"+(:#*+#+.#1.0(#<0.#$"11.-.$#0+.#+*06.--.#
D*)/#<03.--.#./(#&)D,')-.5.+(#"11-)'"7-.#.+#-3%("(#"'(0.-#&.#-"#
*6?"5*+&",.($&()$5(#P?*$-$.&5A(%$(1'$(#$%,..+O&(L()$-"2-,&(
X+D$%&'+/'5+3>"1"#%'5:
X+.-%4%5'&+4$+>"##$1/'+6.<4%0.'+>"##'+4'2%'&+6".&+4A%15'&-%"1+ *$(&$M&$(%"2)$55'5(1'+.)("*(6:,1'$(W(&,'&$5(*$5(/,55"0"*"&65(
*06.$(./# 1"$# -.# 8*&.# &./# 5"$'4%/# 107-)'/# g2# r*0(.# -"#
/'5+6'&5"11'5+34"%C13'5+/'+4A'#64"%:
1'$5&",.(&,'#.$(+'&,'#()$(%$&&$(W(,':$#&'#$(X(),.&(,.(+(:'(
X+D$%&'+/'5+$>B$-5+/.&$<4'5:
<03.--.#+3%(")(#1"/#%6)&.+(.2
X+D$2"&%5'&+4A$>>@5+/'5+TFR+$.V+#$&>B35+6.<4%>5G
0'4*/%$,),A1'4*/16$,A1'4*O*9'4*D2%(%@,'4*,()'$$,='()'4

N"1>%4%'&+>'5+"<['>-%D5+'5-+/$15+4'5+#%55%"15+/.+-".-+1".2'$.+ !'( -,".5( *9g&+&( ),..$2&2"*A( +'( &#+:$#5( %$&&$( #6:"5",.( )$5(
4'.+"%'( !'0( ,%C,<0( !'( &5a<,<( :487A( %.**( '2( B,.0( NOOT_3( V&( /,*"&"1'$5( /'0*"1'$5A( '.$( ,#"$.&+&",.( .,':$**$( 1'"( *+"55$(
5A$C%-+/'+D$%&'+/'5+q3>"1"#%'5+%1-'44%C'1-'5r+b
/#65+?$#()$(/,55"0*$5(6:,*'&",.5(:$#5('.$(-$"**$'#$(/#"5$($.(
'*51(.#&./#.+($.1$)/./#$./1*+/"7-./2
X+ '1+ D$%5$1-+ $66'4+ Y+ 4$+ &'56"15$<%4%-3+ /'5+ /3>%/'.&5+ '-+
/'5+ $>B'-'.&5:+ >$&+ 4$+ &'56"15$<%4%-3+ '12%&"11'#'1-$4'+
'-+ 5">%$4'+ &'1D"&>'+ 4A'V%C'1>'+ /'+ 6&"D'55%"11$4%5#'+ /$15+
4A$>-'+/A$>B$-+o
X+ '1+ 5A$66.9$1-+ 5.&+ -".-'5+ 4'5+ 6"55%<%4%-35+ ".2'&-'5+ 6$&+
J+
d.%/'+ 6.<4%3+ 6$&+ 4'+ N"#%-3+ ?*+ '1+ 6$&-'1$&%$-+ $2'>+ R>"'DD:+
4'+ N"/'+ /'5+ #$&>B35+ 6.<4%>5:+ >$&+ /'5+ 6&">3/.&'5+ 5-&%>-'5+
$2&%4+?;;^:+>%-3+64.5+B$.-G
1A'#6g>B'1-+$.>.1'#'1-+4A$>B$-+/Ag-&'+/A$<"&/+'-+5.&-".-+.1+
$>-'+3>"1"#%0.'G
],".'( !'( &5,%C,<( b( )( !1-;&'( ;*2*$%'( cA( *%121B"=-'( '<(
5">%3-$4:+'5-+4A'55'1>'+#g#'+/'+>'--'+&'56"15$<%4%-3+b+<%'1+
6&"6"&-%"11'&+ 5'5+ $--'1-'5+ e+ 5'5+ 'V%C'1>'5+ e+ '1+ #$-%@&'+
'12%&"11'#'1-$4'+ '-+ 5">%$4'+ Y+ 4A"<['-+ /.+ #$&>B3+ 6".&+ 0.'+

!

Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T
MT

!

O93&0'./'*2'*/"#,"&6'#'.6)*'6*2'*/:"%L*7/"."#%43')*,+3)*&'),".)$1+')
MP
(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

#9%#<$-)"#8#,4"#1<'4'6-"#%,3#6%-4)#.;-$$")&'4)%>*")
!"#'$)/.#*n#+*0/#/*55./#1-*+B%/:#.(#<0)#/.$"#1.0(ER($.#.+'*$.#
-*+B0.#>#($"6.$/.$:#"#.0#-.#5%$)(.#&.#/.$6)$#&.#$%6%-"(.0$2#G*0/#
+:,.5()6%,':$#&(1'$(.,&#$(6%,.,-"$A(+'(-,".5()+.5(5+()"-$.5",.(
,+"+')9$.:#%(")(#.+#B$"+&.#1"$().#"0I#5")+/#&3)$$./1*+/"7-./2#!"#
1-01"$(#&./#7"+<0./#&3"DD")$./#.(#&./#)+/()(0()*+/#,+"+')9$./#/.#
5,.&(*":#6$5(L()$5(-+."/'*+&",.5()9+#?$.&(L(*+(*"-"&$()$(*+(*6?+*"&6A(
/,'#(.$(/+5()"#$(=#+')'*$'5$5A(1'"(*$'#(,.&(/$#-"5()96%<+//$#(
L(*$'#5(,0*"?+&",.5(6*6-$.&+"#$5()$(%,':$#&'#$A(/+#(*$'#5(=,.)5(
1$*1$./:#&.#-.0$/#$)/<0./#&.#'$%&)(2#
;$&&$( %#"5$( +( -"5( $.( *'-"P#$( *+( =#+?"*"&6( )$( .,5( 6%,.,-"$5(
5*+&)"-)/%./#.(#)+(.$&%1.+&"+(./2#X--.#/3./(#$%1"+&0.#'*55.#
'.$( &#+O.6$( )$( /,')#$( L( &,'5( *$5( /+Y5( $&( +( /#,:,1'6( '.$(
$.:,*6$( )'( %<h-+?$A( '.$( +'?-$.&+&",.( )$5( )6/h&5( )$( 0"*+.A(
.,&+--$.&(L(%+'5$()$(*+(#$5&#"%&",.()'(%#6)"&A('.$(-,.&6$()$5(
.+&.((.5.+(/#+"()*+"0I2#!./#d("(/:#&*+(#-.#$F-.#&.#$%B0-"(.0$#%(")(#
/#6%6)$--$.&( %,.&$5&6( /+#( %$'M2*L( -Z-$5( 1'"( ,.&( =+"&( +//$*(
L($'M(/,'#(*$5(5+':$#A(,.&()f(-,.&$#(+'(%#6.$+'($&(=+"#$(N,'$#(
-"# /*-)&"$)(%# +"()*+"-.:# "0($.5.+(# &)(# -3"$B.+(# &0# '*+($)70"7-.2#
@3*n#-./#$./($)'()*+/#70&B%(")$./#.(#-"#7")//.#&.#-3)+6./()//.5.+(#
107-)'2
!$( &,'&( %$*+A( *$( /'0*"%A( N'5&$-$.&A( #$&"#$( '.$( 5$.5+&",.(
)96%['#$-$.&( U( *$5( =+'&$'#5( )$( &#,'0*$( ,.&A( )+.5( *9$.5$-0*$A(
&%=>#$.+*0%#"6.'#&./#1$*,(/#14"$"*+)<0./#("+&)/#<0.#'.0I#<0)#
5,.&(:$.'5(L(*$'#(5$%,'#5(%,.&".'$.&()$(5,'==#"#()$(*+(#6%$55",.(
<03)-/#*+(#&%'-.+'4%.2

E'))'* 2&,4'* 3* @,4* '(* $1@,Q&'* $3* L&3=,$,)D* 9'* (%4*
D2%(%@,'4*@%(9,3$,4D'4*')*,()'&9D/'(93()'4N
9%#Z4%4<-%$-)%(-'4#8#,4"#.1<'44"3-'4#."#*;1<'4'6-"#$1"**"
4,&#$( -,)P*$( 6%,.,-"1'$( 5$-0*$( .9+:,"#( /*'5( /,'#( 5$'*(
*7=.'()D#<0.#-.#1$*,(#5"I)505#.(#)55%&)"(2#O-#./(#&.#1-0/#.+#1-0/#
)6%,..$%&6()$(*96%,.,-"$(W(#6$**$(XA(%9$5&2L2)"#$()$(*+(#6+*"&6()$5(
0$5,".5()$5($.&#$/#"5$5(1'"(/#,)'"5$.&()$5(0"$.5($&()$5(5$#:"%$5(
$&(.$(5$(%,.&$.&$.&(/+5()$(=+"#$()$(*9+#?$.&(+:$%()$(*9+#?$.&A(*$(
1-0/#6)(.#1*//)7-.2#
8.((.# &)'("(0$.# ,+"+')9$.# .(# P# '*0$(E(.$5)/(.# g# /.# &%6.-*11.#
+'( )6&#"-$.&( )$5( +'&#$5( )"-$.5",.5( )$( *96%,.,-"$A( 1'"( 5,.&(
/,'#&+.&(&,'&(+'55"("-/,#&+.&$5(U(*$(%+/"&+*(<'-+".A(*9"-/*+.&+&",.(
)+.5('.(&$##"&,"#$A(*+(0,..$(?$5&",.()$5(#$55,'#%$5(.+&'#$**$5($&(

)

)$( *+( 0",)":$#5"&6A( *+( 5+&"5=+%&",.( )$5( 0$5,".5( 6*6-$.&+"#$5A( *+(
1%$.++)(%#&.#-3.51-*)2
X--.# /.# 1"i.# %B"-.5.+(# "0# 1$)I# D*$(# &.# -*0$&./# &)D,'0-(%/#
5,%"+*$5( U( $M%*'5",.( )$( %$#&+".$5( /,/'*+&",.5( )$( 0+.*"$'$A(
'4F5"B.#&./#=.0+./:#/*0/E.51-*)#&./#/.+)*$/2
X--.# '*+&0)(:# .+,+:# "# 0+.# '$)/.# &.# '*+,"+'.# .+6.$/# -./#
$.&#$/#"5$5( U( *$5( 5+*+#"65A( $.( /+#&"%'*"$#( *$5( /*'5( N$'.$5A(
.9,.&( /*'5( *$( ?,f&( )$( 59".:$5&"#( )+.5( *$'#( &#+:+"*( ."( )9+)<6#$#(
L('.(/#,N$&()9$.&#$/#"5$A(5,.&()9+0,#)(5,'%"$'M()$(*$'#(".&6#Z&(
/$#5,..$*($&(,.&(&$.)+.%$(L(i+//$#($.&#$(*$5('#,+"%)?(1'+.)(
-.0$/# &)1-F5./# -.0$# .+# &*++.+(# -"# 1*//)7)-)(%2# !./# /*-)&"$)(%/#
/3.DD$)(.+(2# !.# '*+($"(# /*')"-# %-"7*$%# &"+/# -3"1$9/EB0.$$.# /.#
&%'4)$.2
9%#<'4)'66%(-'4#8#,4"#1<'4'6-"#.,#6-",3
s.0$.0/.5.+(:# '*55.# -.# &)/")(# -.# 1*9(.# st-&.$-)+:# P!># *n#
'$*N(# -.# 1%$)-:# '$*N(# "0//)# '.# <0)# /"06.g2# !"# /.'*0//.# "# %(%#
&$**$( 1'$( 0$+'%,'/( )$( )6%")$'#5( /,*"&"1'$5( $&( 6%,.,-"1'$5(
%,--$.%$.&( 56#"$'5$-$.&( L( 59".&$##,?$#( 5'#( *+( :+*")"&6( )9'.(
5Y5&P-$('*&#+*"06#+*()$:$.'(=,'($&(1'9"*5(,.&(/,'#&+.&(*,.?&$-/5(
'"0()*++%:# .+# -")//"+(# D")$.2# !34.0$.# ./(# ># -"# $.1$)/.# .+# 5")+:#
&0# 5*)+/# &"+/# -./# &)/'*0$/# *D,').-/2# O-# /3"B)(# &.# P# $.D*+&.$# -.#
'"1)("-)/5.#g:#&.#-.#P#5*$"-)/.$#g:#&.#5).0I#$%1"$()$#-./#7%+%,'./#
)$5($.&#$/#"5$5($.&#$(+%&",..+"#$5A(5+*+#"65($&(".:$5&"55$-$.&A()$(
#6)'"#$(*$5(6%+#&5()$(5+*+"#$()$:$.'5(".%,--$.5'#+0*$5(a)$(Q(
L(cRR(1'+.)(>,%k$=$**$#(*'"2-Z-$(/#6%,."5+"&(1'$(*$(/+&#,.(.$(
B"B+.#1"/#1-0/#&.#Q#D*)/#-.#/"-")$.#-.#1-0/#7"/#&.#/*+#.+($.1$)/.C2#
K9g&+&($&(*$5(".5&"&'&",.5(".&$#.+&",.+*$5(:$'*$.&(#$&#,':$#(*$'#(#h*$(
&.#$%B0-"(.0$2#!3SGp#"#.+B"B%#0+.#$%M.I)*+#/0$#-./#+*06."0I#
".)"%+&$'#5( )$( #"%<$55$( /,'#( -$5'#$#( *+( %#,"55+.%$( +'&#$-$.&(
<0.#1"$#-.#/.0-#bOj2#!"#'*55)//)*+#^()B-)(u:#.+#e$"+'.:#($"6")--.#
&"+/# -.# 5R5.# /.+/2# X(# 7."0'*01# &.# '4.D/# &3.+($.1$)/.# +.#
/011*$(.+(#1-0/#-3)5"B.#<0.#-./#&%$)6./#,+"+')9$./#&.#<0.-<0./E
0+/#&*++.+(#&.#-.0$#5%().$2#T#*7/.$6.$#-./#&.$+)9$./#1%$)1%()./:#
*$(%,-0+&(%,.&#$(*$5(+Y+&,**+<5()'(*"06#+*"5-$(.9$5&(/+5(?+?.6A(
5")/#)-#./(#"0#5*)+/#.+B"B%2#
!'( %h&6( )$( *+( 5,%"6&6( %":"*$A( )$5( 5"?.+'M( =,#&5( +//+#+"55$.&(
%B"-.5.+(2# r*0(# -.# 5*+&.# /.+(# 7).+# <0.# /)# -3*+# $.1"$(# /0$# -"#
-Z-$( :,"$A( *$5( %#"5$5( 5'%%6)$#,.&( +'M( %#"5$5A( &,'N,'#5( /*'5(
&0$./#.(#1-0/#1$*D*+&./2#!.#$.(*0$#&0#'*55.$'.#&.#1$*I)5)(%:#
*$( )6:$*,//$-$.&( )'( %,--$#%$( 61'"&+0*$A( *9+&&#+"&( /,'#( *$5(
+*"-$.&5(0",5A(*9+&&$.&",.(+'M(-,)$5($&(+'M(*"$'M()$(=+0#"%+&",.(
)$5( /#,)'"&5( 5,.&( +'&+.&( )9".)"%$5( )9'.( %<+.?$-$.&( $.( %,'#5(
)+.5( .,5( -,)$5( )$( %,.5,--+&",.A( -Z-$( 5"( %$( -,':$-$.&(
+3./(#1"/#.+'*$.#B%+%$"-)/%2#!

O93&0'./'*2'*/"#,"&6'#'.6)*'6*2'*/:"%L*7/"."#%43')*,+3)*&'),".)$1+')
MZ

(

W'5+'1['.V+/'+4A$>B$-+&'56"15$<4'

03*B+R*O*1('*3$)'&(3),?'*D2%(%@,A1'
!./# 14"/./# &.# ($"+/)()*+# /*+(# (*0=*0$/# &%-)'"(./2# G0-# +.# 1.0(#
/#6)"#$( %$( 1'"( 5,#&"#+( )$( %$&&$( %#"5$( U( *$( #$&,'#( +'M( $##$-$.&5(
1"//%/#*0#-3"69+.5.+(#&30+.#+*06.--.#6)/)*+#%'*+*5)<0.2#^"+/#
&*0(.#0+#5%-"+B.#&./#&.0I2
r*0=*0$/# ./(E)-# <0.# -.# '*+(.I(.# 1*-)()<0.# .(# ')(*i.+# /.57-.#
=+:,#+0*$(L('.$(#$=,.)+&",.()$(.,&#$(5Y5&P-$(6%,.,-"1'$(5'#(*$5(
1$)+')1./#&30+#&%6.-*11.5.+(#1-0/#&0$"7-.#.(#5).0I#5"N($)/%#*n#
-34*55.#$.($*06.$")(#/"#=0/(.#1-"'.:#'.+($"-.:#&"+/#-3.+($.1$)/.2#
H")/#'*55.+(#'4"+B.$#h#8*55.+(#/*$()$#&.#+*/#4"7)(0&./#&.#
/#,)'%&",.($&()$(%,.5,--+&",.(=,.)6$5A($**$5A(5'#(*$(/#".%"/$()'(
P#(*0=*0$/#1-0/#g#h
83./(#)')#<0.#-"#U^X#1$.+&#(*0(#/*+#/.+/2#@.#'.$)/.#/0$#-.#Bq(."0:#
%$( 1'9$**$( $5&( /*'&h&( +%&'$**$-$.&A( $**$( /$'&( )$:$."#( *$( %['#(
)$( *+( 5&#+&6?"$( )$5( $.&#$/#"5$5( $&( *9".5&#'-$.&( )'( %<+.?$-$.&(
%'*+*5)<0.2#X--.#/3"11.--.$"#"-*$/#1.$D*$5"+'.#B-*7"-.v
>$/$.5$#( ".&6?#+*$-$.&( *$( =,.%&",..$-$.&( $&( *9,#?+."5+&",.( )$(
*9$.&#$/#"5$( $.( &$#-$5( )$( >GE( ,'( )$( B7( /$#-$&( )$( %,##"?$#(
*$5( )6#":$5( )9+'N,'#)9<'"( U( #$.&+0"*"&6( %+*%'*6$( 5'#( *$( -,Y$.( $&(
-*+B# (.$5.:# $%1"$()()*+# %<0)-)7$%.# &./# 1$*,(/# .+($.# -./# 1"$()./#
/#$.+.&$5A(#$.=,#%$-$.&()$5(=,.)5(/#,/#$5($&()$(*9".:$5&"55$-$.&(
1$*&0'()D:# $.(*0$# &.# -"# '*+,"+'.# &"+/# -./# .+($.1$)/./# B$q'.# >#
*$'#( $.?+?$-$.&( 5,%"6&+*A( #$-,&":+&",.( )$5( 5+*+#"65( 1'"( ,.&( *$(
5$.&"-$.&( )$( /+#&"%"/$#( L( '.( /#,N$&( :+*,#"5+.&A( )6:$*,//$-$.&(
)$( *9"..,:+&",.( +'( &#+:$#5( )9'.$( -$"**$'#$( 6%,'&$( )$5( /+#&"$5(
1$.+"+(./#.(#&./#7./*)+/#&0#5"$'4%2
!"#U^X#A*0#-"#bkC#"11"$"N(#"-*$/#$"1)&.5.+(#'*55.#0+#"6"+("B.#
%,.%'##$.&"$*( .,&+0*$( /,'#( *$5( $.&#$/#"5$5( 1'"( *9,.&( +),/&6$( a$&(
1"/# /.0-.5.+(# "D,'4%.C# ;# .--./# "+()')1.+(# -./# $%B-.5.+("()*+/#
$.( -+&"P#$( )$( )6:$*,//$-$.&( )'#+0*$( 1'"( :,.&( 5$( -'*&"/*"$#( $&(
5+'#,.&(-"$'M(Y(=+"#$(=+%$(1'$(*$5(+'&#$5A($**$5(5,.&(%,.5")6#6$5(
'*55.#&./#.+($.1$)/./#*n#)-#D")(#7*+#&.#($"6")--.$#.(#"(()$.+(#-./#
5+*+#"65(*$5(/*'5(%,-/6&$.&5($&(*$5(/*'5(-,&":65A($**$5(5,.&()+.5(
'.$()Y.+-"1'$()$(%#6+&":"&6(1'"(*$'#(/$#-$&()9+:,"#(&,'N,'#5('.(
(.51/#&3"6"+'.:#.--./#*+(#-"#'*+,"+'.#&./#'*+/*55"(.0$/#<0)#
/"6.+(#<0.#-.0$/#1$*&0)(/#/*+(#P#1$*1$./#g2
03*2%@@3(9'*/16$,A1'*O
1(*$'?,'&*91*2.3(='@'()*D2%(%@,A1'
X(#.--./#/.$*+(#-"7.--)/%./#.(#1$)*$)(")$./#/0$#-./#5"$'4%/#107-)'/v#
;9$5&(&,'&(*9$.N$'()9'.$('&"*"5+&",.(/*'5(W(/,*"&"1'$(X()$(*+(%,--+.)$(
/'0*"1'$( ),.&( ,.( +( :'( 1'9$**$( +:+"&( '.( /,")5( 6%,.,-"1'$(

)

'*+/)&%$"7-.#AJV#L#&0#bOjC2#8.-"#-0)#"11*$(.#0+#5*i.+#&3"'()*+#
&3"0("+(# 1-0/# .D,'"'.# 1*0$# "''%-%$.$# -./# 50("()*+/# &.# +*($.#
/i/(95.#%'*+*5)<0.#<03.--.#1.0(#0()-)/.$#'.((.#5"//.#,+"+')9$.#
'*55.#0+#10)//"+(#.DD.(#&.#-.6).$2#84"<0.#5"$'4%#107-)'#&.6$")(#
R($.# -0)E5R5.# &%,+)# '*55.# 0+# P# )+6./()//.5.+(# /*')"-.5.+(#
$./1*+/"7-.#g#AO^UC#<0):#&"+/#/*+#1$)+')1.:#./(#0+#)+6./()//.5.+(#
$==$%&'6(5$*,.()$5(%#"&P#$5(5,%"+'MA($.:"#,..$-$.&+'MA(6&<"1'$5(
$&( )$( ?,':$#.+.%$( )9$.&#$/#"5$A( 5+.5( ,%%'*&$#( *+( /$#=,#-+.%$(
,+"+')9$.2#!3O^U#./(#D*+&%#/0$#-"#'*+6)'()*+#<0.#-"#1$)/.#.+#'*51(.#
)$(*9$.5$-0*$()$(%$5(%#"&P#$5A(+'2)$*L()$5(&#+)"&",..$*5(+5/$%&5(
'*51("7-./:# "//0$.# -"# 1.$D*$5"+'.# ,+"+')9$.# &./# /*55./#
".:$5&"$5( L( -,Y$.( $&( *,.?( &$#-$( %,-/&$( &$.'( )9'.$( -$"**$'#$(
"11$%4.+/)*+# &./# $)/<0./# .(# &30+# 5.)--.0$# 5"+"B.5.+(2# X+#
%$( 1'"( %,.%$#.$( *+( %,--+.)$( /'0*"1'$A( %$&&$( /$#=,#-+.%$( )$(
*9".:$5&"55$-$.&( .$( 5$( -$5'#$#+"&( /+5( $.( &$#-$5( #$.&+0"*"&6( )'(
%+/"&+*A(-+"5($.(&$#-$5()9+-6*",#+&",.(?*,0+*$()'()6:$*,//$-$.&(
6%,.,-"1'$( $&( 5,%"+*( )'( &$##"&,"#$( L( *+1'$**$( %,.&#"0'$#+"$.&(
&)$.'(.5.+(#-./#.+($.1$)/./#$%1*+&"+(#>#-3*DD$.2
;,--$( %$*+( +( 6&6( #+//$*6( $.( )60'&( )$( %$( %<+/"&#$A( *9g&+&( Y(
/$.5$A( +'( &#+:$#5( )$( 5+( #6=,#-$( )$5( /,*"&"1'$5( /'0*"1'$5A(
5")/# .+# $./(.# ># &./# )+(.+()*+/2# ^3./(E)-# $%.--.5.+(# &*++%# -./#
-,Y$.5( N'#")"1'$5( $&( &$%<."1'$5( )$( =+"#$( )$( *9+%<+&( /'0*"%(
'.( ".:$5&"55$-$.&( 5,%"+*$-$.&( #$5/,.5+0*$( 1'"( /,'55$#+"&(
*$5( $.&#$/#"5$5( $**$52-Z-$5( L( 59$.?+?$#( /*'5( :"&$( $&( /*'5(
#+)"%+*$-$.&()+.5('.(/#,%$55'5()$(>GE($&(),.%(L(&#+.5=,#-$#(
+*($.#/i/(95.#%'*+*5)<0.#.+#/.#($"+/D*$5"+(#.--./E5R5./#h
G*(*+/# &3"7*$&# 0+# 1"$"&*I.2# !"# 10)//"+'.# 107-)<0.# ./(E
$**$( .$'&#$( 1'+.)( $**$( +&&#"0'$( )$5( -+#%<65( 5'#( *$( 5$'*( %#"&P#$(
&0# 1$)I# .(# &*+':# &"+/# -"# 1-01"$(# &./# '"/:# "0# 5*)+/E&)/"+(# h#
D?"55+.&( +".5"A( 1'9$**$( *$( :$'"**$( ,'( .,.A( $**$( $.%,'#+?$( )$( =+"&(
*+( %,-/6&"&",.( L( ,'&#+.%$A( /+#=,"5( )6*,Y+*$A( *+( /#$55",.( 5'#( *$5(
5+*+"#$5A( *+( /#6%+#"5+&",.( )$( *+( -+".2)9[':#$A( *+( :$.&$( L( /$#&$A(
*+( )6*,%+*"5+&",.( )$5( /#,)'%&",.5A( *+( 0+"55$( )$( 1'+*"&6A( &,'&$5(
/#+&"1'$5(6%,.,-"1'$5(1'9$**$(%,.)+-.$(+'N,'#)9<'"()+.5(5$5(
&)/'*0$/2#HR5.#/)#.--.#+3./(#1"/#6*-*+(")$.:#)-#i#"#&*+'#7).+#0+.#
0()-)/"()*+#P#1*-)()<0.#g#&.#-3"$B.+(#107-)'2#
K9g&+&(,'(*$5(%,**$%&":"&65(&$##"&,#"+*$5(/$':$.&2"*5("."&"$#(%$(%$#%*$(
6.$(0.0I:#/"+/#&%$*B.$#"0#1$)+')1.#&.#+.0($"-)(%#h#O-#i#"#&3*$./#.(#
)6NL()$5(-+#?$5()$(-+.[':#$(%,--$(.,'5(+**,.5(*$(:,"#()+.5(
-.#'4"1)($.#/0)6"+(2
!=%H,"# 6%$<=1# &,>*-<# ."/$%-(# U($"# *,-P6U6"# .1Z4-#
2%@@'*1(*b*,(?'4),44'@'()*4%2,3$'@'()*&'4/%(436$'*aN

!

O93&0'./'*2'*/"#,"&6'#'.6)*'6*2'*/:"%L*7/"."#%43')*,+3)*&'),".)$1+')
MY
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique
Vers la performance globale de la commande publique

More Related Content

What's hot

Psy4020 résumé chapitre 14 A-2013
Psy4020 résumé chapitre 14 A-2013 Psy4020 résumé chapitre 14 A-2013
Psy4020 résumé chapitre 14 A-2013 Martinsky Desjardins
 
Materializing Energy
Materializing EnergyMaterializing Energy
Materializing EnergyJames Pierce
 
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Flávio Radamarker, RDI
 
Biografía Miguel Hernández Pwp
Biografía Miguel Hernández   PwpBiografía Miguel Hernández   Pwp
Biografía Miguel Hernández PwpAbrilm
 
open innovation
open innovationopen innovation
open innovationAnto Recio
 
Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Vane Marín
 
Hand Outs On the neurobiology of Touch and Trauma somatic experiencing from ...
Hand Outs On the neurobiology of Touch and Trauma  somatic experiencing from ...Hand Outs On the neurobiology of Touch and Trauma  somatic experiencing from ...
Hand Outs On the neurobiology of Touch and Trauma somatic experiencing from ...Michael Changaris
 
Story bird resources_part_3
Story bird resources_part_3Story bird resources_part_3
Story bird resources_part_3Eric Brace
 
Déclic'emploi, un pas vers le salariat
Déclic'emploi, un pas vers le salariatDéclic'emploi, un pas vers le salariat
Déclic'emploi, un pas vers le salariatCri - Greta du Velay
 
Danos morais obito dengue hemorragica resp. estado
Danos morais obito dengue hemorragica resp. estadoDanos morais obito dengue hemorragica resp. estado
Danos morais obito dengue hemorragica resp. estadoInforma Jurídico
 
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...Intellectualpursuit
 
2. csi rebate process workshop october 2010 long-1
2. csi rebate process workshop   october 2010 long-12. csi rebate process workshop   october 2010 long-1
2. csi rebate process workshop october 2010 long-1moeshahram
 
Основные правила подбора КФ от Яндекса
Основные правила подбора КФ от ЯндексаОсновные правила подбора КФ от Яндекса
Основные правила подбора КФ от ЯндексаMAXGEN Онлайния
 

What's hot (20)

Psy4020 résumé chapitre 14 A-2013
Psy4020 résumé chapitre 14 A-2013 Psy4020 résumé chapitre 14 A-2013
Psy4020 résumé chapitre 14 A-2013
 
Materializing Energy
Materializing EnergyMaterializing Energy
Materializing Energy
 
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
 
Offbeat
Offbeat Offbeat
Offbeat
 
Biografía Miguel Hernández Pwp
Biografía Miguel Hernández   PwpBiografía Miguel Hernández   Pwp
Biografía Miguel Hernández Pwp
 
open innovation
open innovationopen innovation
open innovation
 
English
EnglishEnglish
English
 
Vietnam social media popularity & characteristics
Vietnam social media popularity & characteristicsVietnam social media popularity & characteristics
Vietnam social media popularity & characteristics
 
Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509
 
Hand Outs On the neurobiology of Touch and Trauma somatic experiencing from ...
Hand Outs On the neurobiology of Touch and Trauma  somatic experiencing from ...Hand Outs On the neurobiology of Touch and Trauma  somatic experiencing from ...
Hand Outs On the neurobiology of Touch and Trauma somatic experiencing from ...
 
MPI_PQ_2015_ISSUE5
MPI_PQ_2015_ISSUE5MPI_PQ_2015_ISSUE5
MPI_PQ_2015_ISSUE5
 
Story bird resources_part_3
Story bird resources_part_3Story bird resources_part_3
Story bird resources_part_3
 
Déclic'emploi, un pas vers le salariat
Déclic'emploi, un pas vers le salariatDéclic'emploi, un pas vers le salariat
Déclic'emploi, un pas vers le salariat
 
Danos morais obito dengue hemorragica resp. estado
Danos morais obito dengue hemorragica resp. estadoDanos morais obito dengue hemorragica resp. estado
Danos morais obito dengue hemorragica resp. estado
 
Ph 2
Ph 2Ph 2
Ph 2
 
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...
Pax annotated bibliography with_abstracts_for_the_pax_good_behavior_game_edit...
 
2. csi rebate process workshop october 2010 long-1
2. csi rebate process workshop   october 2010 long-12. csi rebate process workshop   october 2010 long-1
2. csi rebate process workshop october 2010 long-1
 
Commerce extérieur france 3e trimestre 2010
Commerce extérieur france 3e trimestre 2010Commerce extérieur france 3e trimestre 2010
Commerce extérieur france 3e trimestre 2010
 
Основные правила подбора КФ от Яндекса
Основные правила подбора КФ от ЯндексаОсновные правила подбора КФ от Яндекса
Основные правила подбора КФ от Яндекса
 
Vietnam Online Travel Behaviors
Vietnam Online Travel BehaviorsVietnam Online Travel Behaviors
Vietnam Online Travel Behaviors
 

Similar to Vers la performance globale de la commande publique

Présentation Quadrans
Présentation QuadransPrésentation Quadrans
Présentation Quadransybert
 
Ico corporate presentation en
Ico corporate presentation enIco corporate presentation en
Ico corporate presentation enHarpreet kaur
 
Mazzeo's Sample Graphs from Internship Report
Mazzeo's Sample Graphs from Internship ReportMazzeo's Sample Graphs from Internship Report
Mazzeo's Sample Graphs from Internship ReportMichelle Mazzeo
 
QUIETING THE ECHOES - a case study for creatives
QUIETING THE ECHOES - a case study for creativesQUIETING THE ECHOES - a case study for creatives
QUIETING THE ECHOES - a case study for creativesLet's Make Great!
 
Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010LinkedIn Riches
 
Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny
 
Roberto Isaias - Derechos humanos
Roberto Isaias - Derechos humanosRoberto Isaias - Derechos humanos
Roberto Isaias - Derechos humanosRoberto Isaias
 
William Isaías-Derechos humanos
William Isaías-Derechos humanosWilliam Isaías-Derechos humanos
William Isaías-Derechos humanosWilliam Isaias
 
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...mamache
 
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...mamache
 
Google In China Case Competition Written Report
Google In China Case Competition Written ReportGoogle In China Case Competition Written Report
Google In China Case Competition Written Reportkcg016
 
Nwo poster p1
Nwo poster p1Nwo poster p1
Nwo poster p1Marco
 
Educational complementary currency
Educational complementary currencyEducational complementary currency
Educational complementary currencyIFLab
 
Análise da cartelería electoral na década dos 80 en Galicia
Análise da cartelería electoral na década dos 80 en GaliciaAnálise da cartelería electoral na década dos 80 en Galicia
Análise da cartelería electoral na década dos 80 en GaliciaAlberto Rey
 
Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)marie93
 
Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)Nsn07
 
Self Review and Personal Growth
Self Review and Personal GrowthSelf Review and Personal Growth
Self Review and Personal Growthelkako38
 

Similar to Vers la performance globale de la commande publique (20)

Présentation Quadrans
Présentation QuadransPrésentation Quadrans
Présentation Quadrans
 
Ico corporate presentation en
Ico corporate presentation enIco corporate presentation en
Ico corporate presentation en
 
Mazzeo's Sample Graphs from Internship Report
Mazzeo's Sample Graphs from Internship ReportMazzeo's Sample Graphs from Internship Report
Mazzeo's Sample Graphs from Internship Report
 
QUIETING THE ECHOES - a case study for creatives
QUIETING THE ECHOES - a case study for creativesQUIETING THE ECHOES - a case study for creatives
QUIETING THE ECHOES - a case study for creatives
 
Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010
 
Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014
 
Roberto Isaias - Derechos humanos
Roberto Isaias - Derechos humanosRoberto Isaias - Derechos humanos
Roberto Isaias - Derechos humanos
 
William Isaías-Derechos humanos
William Isaías-Derechos humanosWilliam Isaías-Derechos humanos
William Isaías-Derechos humanos
 
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...
Instructivo manual de requisitos de inscripcion de informacion leagl, tecnica...
 
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...
Instructivo manual de requisitos de inscripcion de informacion legal, tecnica...
 
Google In China Case Competition Written Report
Google In China Case Competition Written ReportGoogle In China Case Competition Written Report
Google In China Case Competition Written Report
 
Nwo poster p1
Nwo poster p1Nwo poster p1
Nwo poster p1
 
Wclessons atd-sm
Wclessons atd-smWclessons atd-sm
Wclessons atd-sm
 
Educational complementary currency
Educational complementary currencyEducational complementary currency
Educational complementary currency
 
Análise da cartelería electoral na década dos 80 en Galicia
Análise da cartelería electoral na década dos 80 en GaliciaAnálise da cartelería electoral na década dos 80 en Galicia
Análise da cartelería electoral na década dos 80 en Galicia
 
Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)
 
Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)Sportsmanship!learn how to_be_respectful!_)
Sportsmanship!learn how to_be_respectful!_)
 
APP Panacea o Ilusión
APP Panacea o IlusiónAPP Panacea o Ilusión
APP Panacea o Ilusión
 
Self Review and Personal Growth
Self Review and Personal GrowthSelf Review and Personal Growth
Self Review and Personal Growth
 
PTCE présentation
PTCE présentationPTCE présentation
PTCE présentation
 

Vers la performance globale de la commande publique

  •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
  •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`05D>( a`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a>$5/,.5+0"*"&6( ^*')%("-.#&./#X+($.1$)/./C2 '$)(9$./#U^X2#!.#5).0IE&)/"+(#+3"#1"/#.+'*$.#.0#(*("-.5.+(# B")+#&.#'"0/.#/0$#-.#5*)+/E&)/"+(:#("+(#/3.+#D"0(2 d.( )$#."$#( %<"==#$A( <$'#$'5$-$.&A( #$.)( ,/&"-"5&$( 5'#( *96:,*'&",.()$5(+%<+&5(#$5/,.5+0*$5(U(SR(()$5(/$#5,..$5( ".&$#:"$e6$5( 5,.&( %,.:+".%'$5( )$( *$'#( ".&6#Z&( 5&#+&6?"1'$( 1*0$#-./#.+($.1$)/./#'*55.#1*0$#-./#*$B"+)/5./#107-)'/2 L4#M#6'-4)#<="$#N#)',/"4(#($7)#'41$",3 8.((.# .+<0R(.# $%'.+(.# &.# -3S7/TU# '*+,$5.# 1-.)+.5.+(# *$( %,.5&+&( 1'$( ( *$( ;C!( +( =+"&A( )$/'"5( )6NL( /*'5"$'#5( +..6$5( U( 5"( *+( >GE( $&( *$( )6:$*,//$-$.&( )'#+0*$( =,.&( )65,#-+"5( /+#&"$( )$5( W( 6*6-$.&5( )$( )"5%,'#5( X( )$5( $.&#$/#"5$5( $&( )$5( ".5&"&'&",.5A( $**$5( ,.&( $.%,#$( )'( B#P5( )$5( b@c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`0$/2 1-0/#$.+("7-.#/0$#-.#-*+B#(.$5.2# B,'#(1'$(*9+%<+&(/'0*"%()$:"$..$($M$-/*+"#$A(&+.&($.(-+&"P#$( B+#-"(*$5(,05&+%*$5(#$.%,.&#65A(*$5()$'M(&"$#5()$5(+%<$&$'#5( )$()6:$*,//$-$.&()'#+0*$(1'$()$(/$#=,#-+.%$A("*(+(0$5,".( %,.5")P#$.&( 1'9"*5( .9,.&( /+5( *$5( -,Y$.5( )$( -+O&#"5$#( *$( )$( 5$( /#,=$55",..+*"5$#( $&( )$( &$."#( %,-/&$A( +:$%( /*'5( )$( %+#+%&P#$( #$5/,.5+0*$( )$( *$'#5( =,'#."55$'#5A( .,&+--$.&A( ($"+/1"$.+'.:#&0#'*+(.+0#<0"-)("()D#&./#*DD$./2 /,'#(cS(()9$.&#$($'MA(/+#%$(1'9"*5(-+.1'$.&()9".)"%+&$'#5( $&()$(#6=6#$.&"$*5(%*+"#5V2# !$( %$( /,".&( )$( :'$A( 59$.?+?$#( #65,*'-$.&( )+.5( '.$( )6-+#%<$( )$( /$#=,#-+.%$( ?*,0+*$( /$#-$&&#+"&( )$( /#$.)#$( >$:"$.&( +'55"( 5'0#$/&"%$-$.&A( /+#( %$5( &$-/5( )$( #"?'$'#A( 0+.# 4"0(.0$# .(# 0+.# &)/("+'.# /0D,/"+(./# 1*0$# /3"1.$'.6*)$# -"#'*+($")+(.#70&B%(")$.#<0):#1*0$#QQ#L#&./#/*+&%/#AY[#L# ! 5,"2)"5+.&( -,".5( %<$#( +( 5,':$.&( '.( %,f&( 5,%"+*( $&( 1'$( *$( ! ! &"+/#-.#107-)'#a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
  •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e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f")/#"#"&*1(%:#.+#5"$/#KVVZ:#0+#b-"+#+"()*+"-#&3"'()*+# $11.'44'+ $.-".&+ /'+ *M;+ #%44%$&/5+ /A'.&"5:+ 5"%-+ 6$5+ 4"%1+ /'+ 1*0$#&./#"'4"(/#107-)'/#&0$"7-./#AbGTTb@C#<0)#.+'*0$"B.# *$5( +)N')"%+&$'#5( /'0*"%5( a5$#:"%$5( )$( *9g&+&A( %,**$%&":"&65( *;+K+/.+TZ`G N'5+'5-%#$-%"15+5"1-+Y+&$66&">B'&+/'5+>B%DD&'5+'.&"63'15G+ (.$$)(*$)"-./:#4F1)("0I#.(#%("7-)//.5.+(/#107-)'/C#>#/3.+B"B.$# W$+>"##$1/'+6.<4%0.'+/$15+4AaR+&'6&35'1-$%-+*M+K+/.+TZ`+ $.( =+:$'#( )9+%<+&5( /'0*"%5( )'#+0*$5A( ),.%( 5,%"+*$-$.&( /'+4Aa1%"1+'1+?;;=+E*];;+F/5HG+!"1+%#6"&-$1>'+2$&%'+5'4"1+ #$5/,.5+0*$5Q2#g 4'5+,-$-5+#'#<&'5+'-+5'+5%-.'+'1-&'+**+K+'-+?;+K+/.+TZ`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h 03*/3&)*9'4*->R G$*,.( *$5( ),..6$5( VRRTA( &,'N,'#5( =,'#."$5( /+#( *9`EDBA( *$5( bHX# $.51*$(.+(# YV# L# &0# +*57$.# &./# 5"$'4%/# $.'.+/%/:# $.1$%/.+("+(# WV# L# &0# 5*+("+(# (*("-:# 4*$/# /*0/E($")("+'.2# E**$5( 5$( /,5"&",..$.&( *,?"1'$-$.&( 5'#( )$5( %,.&#+&5( -,".5( 6*$:65($.(-,Y$..$(1'$(*$5(?#+.)$5($.&#$/#"5$5($&(#6/,.)$.&( -+N,#"&+"#$-$.&( +'M( +//$*5( )$5( %,**$%&":"&65( &$##"&,#"+*$5( 10)/<03.--./#/*+(#1$%/.+(./#&"+/#YW#L#&./#5"$'4%/#-*'"0I# .(#cV#L#&./#5"$'4%/#&3d("(2 !.0$#1"$(#/0$#'./#5"$'4%/#/1%'),<0./#+3./(#&*+'#1"/#($9/# 6*,"?.6$( )$( %$**$( 1'9$**$5( #$/#65$.&$.&( ?*,0+*$-$.&( )+.5( ! *96%,.,-"$A( 5'#&,'&( 5"( *9,.( %,.5")P#$( 1'$( .,-0#$( )$( B8E( ! ! ! E.( /#+&"1'$A( *$5( +%<$&$'#5( /'0*"%5( 5,.&( %,.=#,.&65( )9'.$( /+#&( +'( ;,)$( )$5( -+#%<65( /'0*"%5( $&( )9+'&#$( /+#&( L( '.( %$#&+".(.,-0#$()9<+0"&')$5(1'"(5,.&(*,".()$(=+:,#"5$#(*9+%<+&( /*')"-.5.+(#$./1*+/"7-.2 NDG+ b+ c"-%>'+ /A%1D"&#$-%"1+ &'4$-%2'+ $.V+ $>B$-5+ 6.<4%>5+ 5">%"X&'56"15$<4'5G+ d&".6'+ /A3-./'+ /'5+ #$&>B35+ /32'4"66'#'1-+/.&$<4' EdRF+PPH+X+O.%44'-+?;;^+e+6G+I + *+ ! ! ! ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') T P
  • 5. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' ) ( #9%#&$-6%,(1#.,#&$-3 0'*91@/,(=*9'4*'()&'/&,4'4 K+(/#+&"1'$()$5(-+#%<65(/'0*"%5(*$5(/,'55$(/*'&h&A($.($==$&A( L(+**$#(.+&'#$**$-$.&(:$#5(*$5(/#$5&+&+"#$5(*$5(-,".52)"5+.&5A( -.#1$)I#%("+(#0+#'$)(9$.#1.0#&)/'0("7-.2 D".5"A(*+(*,"(5'#(*+(8+O&#"5$()9`':#+?$()$(QSTc("-/,5$(1'$( *$(-+O&#$()9,':#+?$(5$(/#,.,.%$(5'#('.(/#,?#+--$($&(1'9"*( .+#,I.#-3.+6.-*11.#,+"+')9$.#1$%6)/)*++.--.2#b0)/:#>#(*0(./# *$5(6&+/$5()$(:+*")+&",.A()9+&&#"0'&",.($&()$(#6+*"5+&",.()9'.( 1$*=.(:#-"#+*()*+#&.#1$)I#$./(.#0+#%-%5.+(#.//.+().-#&.#'4*)I2# X(#'.((.#&%5"$'4.#1"$"N(#+*$5"-.2#O-#/.$")(#)$$./1*+/"7-.#&.# -$&&#$($.(%<+.&"$#('.(61'"/$-$.&(1'$(*$(-+O&#$()9,':#+?$( +3"0$")(#1"/#-"#'"1"')(%#&.#,+"+'.$2# K+(=,%+*"5+&",.(5'#(*$(%,f&($5&($.%,#$(#$.=,#%6$(/+#(*9+&&"&')$( &.# '.$(")+./# .+($.1$)/./2# X--./# +34%/)(.+(# 1"/# ># 7")//.$# +.,#-+*$-$.&( *$'#5( &+#"=5( /,'#( ,0&$."#( *$5( -+#%<65A( /+#&"%'*"P#$-$.&( )+.5( *$5( /6#",)$5( )$( %#"5$( %,--$( %$**$( <0.#+*0/#($"6.$/*+/2#O-#/3"B)(#1*0$#.--./#&.#'*+()+0.$#>#D")$.# &,'#.$#(%,f&$(1'$(%,f&$(*$'#(,'&"*()$(/#,)'%&",.A(='&2%$($.( :$.)+.&(*$'#5(/#,)'"&5(,'(5$#:"%$5(+'2)$55,'5()'(/#"M()$( $.6).+(2#8.((.#1$"()<0.#./(#)--%B"-.:#5")/#-./#"'4.(.0$/#*+(# $"$.5.+(#-./#5*i.+/#&.#-3%6"-0.$#*7=.'()6.5.+(2 !.# &051)+B# ,+"+').$# ./(# 1*0$("+(# /*06.+(# "''*51"B+%# &30+# &051)+B# /*')"-2# O-# +3./(# .+# .DD.(# 1*//)7-.# <0.# /)# *9$.&#$/#"5$(.$(#$5/$%&$(/+5(*$(;,)$()'(&#+:+"*A(5,'52/+Y$( 5$5( 5+*+#"65( $&( *$5( =+"&5( &#+:+"**$#( +'2)$*L( )$5( <,#+"#$5( -%B"0I:# 6*)$.# .51-*).# &./# ($"6")--.0$/# )--%B"0I2# !3"'(0"-)(%# #6%$.&$(+(-,.&#6(1'$()$(?#+.)5(%<+.&"$#5(/'0*"%5(+:+"$.&( %(%#.+#1"$().#$%"-)/%/#1"$#&./#/*0/E($")("+(/#&.#'.#(i1.2#^"+/# 1"$-.$#&.#-"#<0"-)(%#&0#($"6")-#1$*&0)(#&"+/#'./#'*+&)()*+/2# K$( /"#$( $5&( 1'9'.$( $.&#$/#"5$( )6=+"**+.&$( 5$( :,"&( #+#$-$.&( "11-)<0.$#&.#1%+"-)(%/2 F*( $M"5&+"&A( -Z-$A( "*( Y( +( $.%,#$( 1'$*1'$5( +..6$5( '.$( /#,%6)'#$()$(-+#%<6A(*9+)N')"%+&",.(a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a/+#( .I.51-.# c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d.$()"5&,#5",.()$(%,.%'##$.%$ ;,--$.&A( )P5( *,#5A( )6=$.)#$( *9")6$( )9+%<+&( #$5/,.5+0*$A( 1*0$("+(# $.6.+&)<0%.# 1"$# -./# 1*06*)$/# 107-)'/# h# ^)# -3*+# %+#"%+&'#$( '.( /$'( *+( 5"&'+&",.A( *$5( $.&#$/#"5$5( +'N,'#)9<'"( .9,.&( +'%'.( ".&6#Z&A( +'( #$?+#)( )$( *+( %,--+.)$( /'0*"1'$A( L( 5$( %,.=,#-$#( +'M( %#"&P#$5( )$( *+( >GE( a>$5/,.5+0"*"&6( /*')%("-.# .(# .+6)$*++.5.+("-.# &./# .+($.1$)/./C2# X+# (*0(# '"/:#-./#1$"()<0./#"'(0.--./#+.#-./#i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j."0'*01# *+(# &./# &)D,'0-(%/# ># $%1*+&$.# "0# D*$5"-)/5.# "&5)+)/($"()D2 !$( *9+'&#$( %h&6A( *$5( +%<$&$'#5( /'0*"%5( %,..+"55$.&( $&( %,-/#$..$.&( -"$'M( *$( =,.%&",..$-$.&( $&( *+( #6/'&+&",.( )$5( ?#+.)5(?#,'/$5A(5'#(*$51'$*5("*($5&(=+%"*$()$(59".=,#-$#A(1'$( %$*'"( )$5( %$.&+".$5( )$( -"**"$#5( )$( B8E( 1'$( %,-/&$( .,&#$( 1"i/2 <0.# '3./(# 5).0I# 1*0$# /*+# .+($.1$)/.2# O-# "# (*0(# )+(%$R(# ># .+# $./1.'(.$#-"#&%5"$'4.#.(#-./#+*$5./2# ;,--$.&( 5,'&$."#( %$( /#".%"/$( $.&#$/#$.$'#"+*( :$#&'$'M( 5+.5( 1'9"*( )$:"$..$( %,.&#$2/#,)'%&"=( /,'#( *$5( $.&#$/#"5$5( <0)# /3i# .+B"B.+(# h# 8*55.+(# 5.(($.# .+# 6"-.0$:# "0I# i.0I# )$5( +%<$&$'#5( /'0*"%5( *$5( $.&#$/#"5$5( -"$'M2)"5+.&$5( /+#( $"11*$(#"0I#5*)+/E&)/"+(./#h#b-0(F(#<0.#&.#/.#1-")+&$.#&.# *+(5"&'+&",.A(*$(;C!A(+'(&#+:$#5()$(5+(5$%&",.()$(4+.&$5A(+( /#6=6#6(5$(5+"5"#()$(%$5(1'$5&",.5(/,'#(&$.&$#()9Y(+//,#&$#( )$5(#6/,.5$5(%,.%#P&$5A(.,&+--$.&($.($55+Y+.&()$(-"$'M( '*51$.+&$.#-./#5%'"+)/5./#&.#-"#'*55"+&.#107-)<0.2 8'4*D?%$1),%(4*&D2'()'4 0'* EF8* /%1&* $3* &'2%((3,443(2'* 9'* $3* /'&L%&@3(2'* B,'#&+.&A()$/'"5('.$()"i+".$()9+..6$5A(*+(%,--+.)$(/'0*"1'$( =$%63$' +( /#"5( /#,?#$55":$-$.&( %,.5%"$.%$( )$5( %,.&#+)"%&",.5( +'M1'$**$5( $**$( 6&+"&( %,.=#,.&6$( )P5( *,#5( 1'9$**$( )$:+"&( K$( ;C!( $5&( /+#&"%'*"P#$-$.&( 5$.5"0*$( L( &,'&$5( %$5( /#$.)#$($.(%,-/&$()9+'&#$5(%#"&P#$5(1'$(*$(/#"MA(%,--$(*+( 1'$5&",.5A(*'"(1'"(:+(/*'5(*,".($.%,#$(1'$(*+(>GE($&(-"*"&$( U^X#*0#-.#&%6.-*11.5.+(#&0$"7-.2 /,'#( *+( W( /$#=,#-+.%$( ?*,0+*$( X( )$( *9$.&#$/#"5$( a:,"#( b$.5).$#/i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a*+(1'+*"&6()'(/#,)'"&A(*+( )$( )6:$*,//$-$.&( )'#+0*$( $&( %,.:$#?$.&( :$#5( *$5( -Z-$5( '*+()+0)(%#.(#-"#,"7)-)(%#&.#-"#1$*&0'()*+:#-3*$)B)+.#&./#5"()9$./# *7=.'()D/:#1-0/).0$/#'4*/./#-./#&)/()+B0.+(2 1$.5)9$./:#-.#$./1.'(#&.#$9B-./#&.#1$*&0'()*+:#.('2C !"# U^X# ./(# &%,+).# 1"$# -./# $./1*+/"7-./# 1*-)()<0./# A"0# K$( ;,)$( )$5( -+#%<65( /'0*"%5( +( 6?+*$-$.&( ".&#,)'"&( )$5( +)6."0#D$"+f")/#.(#.0$*1%.+C#.(#'*+'.$+.#1-0(F(#-./#B$"+&./# #P?*$5()$(/,.)6#+&",.(/,'#(/$#-$&&#$()$(%<,"5"#('.$(,==#$(5'#( .+($.1$)/./2# X--.# .+# $./(.# ># &./# 1$)+')1./# B%+%$"0I2# X--.# -"#7"/.#&30+.#1-0$"-)(%#&.#'$)(9$./2#@"+/#-.#8*&.#&./#5"$'4%/# '*+/()(0.#0+.#$.'*55"+&"()*+:#/"+/#*7-)B"()*+#&3"11-)'"()*+2# "'(0.-/# AKVV_lKVJVC:# -"# +*()*+# &3*DD$.# -"# 5).0IE&)/"+(.# ./(# K$5( 0"*+.5( >GE( /#65$.&65( /+#( *$5( ?#+.)$5( 5,%"6&65( 5,.&( $.+D*$'%.2#8.--.#&.#5*)+/E&)/"+(#+3"11"$"N(#1-0/2 )6%*+#+&"=5($&(.$(=,.&(*9,0N$&()9+'%'.(%,.&#h*$A(5+'=(".5%#"/&",.( 6*-*+(")$.:# .(# 1"i"+(.:# ># 0+.# "B.+'.# &.# +*("()*+# /*')"-.2# >$.6')?*8%++'*,%"..%N&'*2'*+9$/:$6*,31+%/*&'),".)$1+' K+( >GE( $5&( +".5"( 5,':$.&( :6%'$( %,--$( '.$( %,.&#+".&$( 6%,.,-"1'$()$(/*'5(/,'#(*9$.&#$/#"5$(),.&("*(=+'&(59+%1'"&&$#( ;9$5&( L( 4+.&$5( 6?+*$-$.&( 1'$A( )'( %h&6( )$5( +%<$&$'#5( '*55.#&30+.#("I.2# 107-)'/:# 0+.# $%M.I)*+# /0$# -.# 5R5.# (495.# "# %(%# .+B"B%.2# K+(B7A(L(*9".:$#5$A(+(6&6(6*+0,#6$(/+#()$5(%<$=5()9$.&#$/#"5$( X+#J__Y:#-"#6)--.#&.#G"+(./#"#%(%#.+#.DD.(#0+.#&./#1$.5)9$./# '*55.#0+#*0()-#1$"()<0.#1-0(F(#>#&./()+"()*+#&./#bHX2#^)#.--.# %,**$%&":"&65( &$##"&,#"+*$5( L( ".&#,)'"#$( )$5( %*+'5$5( 5,%"+*$5( )$-+.)$(6?+*$-$.&('.($.?+?$-$.&(:,*,.&+#"5&$()$(*+(/+#&( &"+/# -3"(($)70()*+# &.# /./# 5"$'4%/# 107-)'/# A6*)$# '4"1)($.# c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bk#-.#D")(#1"$'.#<03)-#1.+/.# ! ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') Z ) W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') Y
  • 6. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' ) ( F$%5:+/A.1'+#$1%@&'+C313&$4':+4A$>B'-'.&+6.<4%>+&'5-'+5".2'1-+D&%4'.V+/$15+5'5+>B"%V+6$&>'+0.A%4+'5-+>"1-&$%1-+6$&+/'5+&@C4'5+ 5-&%>-'5+'-+0.A%4+6'.-+5'+D$%&'+-$6'&+5.&+4'5+/"%C-5+5A%4+6&'1/+0.'40.'5+4%<'&-35+$2'>+'44'5:+Df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c$1-'5+$+>"15-%-.3+.1'+$./$>%'.5'+/3#$&>B'+/A%11"2$-%"1G ('&)*3.'*"--&'*#%'3L=2%)$.6' K9+#&"%*$(cH()'(;,)$()$5(-+#%<65(/'0*"%5(%,-/,#&$(*$(&"&#$(U( P^%-.'()*+#&.#-3SDD$.#%'*+*5)<0.5.+(#-"#1-0/#"6"+("B.0/.g2 B,'#(5+&"5=+"#$(%$&(,0N$%&"=A(*+(%,**$%&":"&6(5$(=,.)$(U E#/*)(#/0$#0+.#1-0$"-)(%#&.#'$)(9$./:#+*("55.+(#-"#<0"-)(%:#-.#1$)I:#-"#6"-.0$#(.'4+)<0.:#.('2#"0I<0.-/#./(#"//*')%.# 0+.#1*+&%$"()*+#A*7-)B"(*)$.#.+#"11.-#&3*DD$./:#D"'0-("()6.#.+#1$*'%&0$./#1-0/#/*01-./C#m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i/(95./# &.# +*("()*+# A)-# .I)/(.# 1-0/).0$/# 5%(4*&./C# <0)# $.1*/.+(# /0$# &./# +//#6%"+&",.5(1'"(=,#%6-$.&(,.&('.$(/+#&()$(5'0N$%&":"&6A(%$**$2%"(6&+.&(*"-"&6$(/+#(*+(/#65$.%$()9'.$(/*'#+*"&6()$( '$)(9$./2#!.#/i/(95.#&.#+*("()*+#&*)(#1"$#")--.0$/#$./1.'(.$#-./#1$)+')1./#D*+&"5.+("0I#&.#-"#'*55"+&.#107-)<0.:# &*+(#'.-0)#&.#-"#($"+/1"$.+'.:#&.#-3*7=.'()6)(%2 W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' 0'4*,(,),3),?'4*9'*G3()'4*>D)&%/%$' K96:,*'&",.()$5(#P?*$5()'(;,)$()$5(-+#%<65(+(/$#-"5()$( 56%'#"5$#A( )P5( VRRQA( *9".&#,)'%&",.( )$5( %*+'5$5( )9".5$#&",.( &"+/#-"#'*55"+&.#107-)<0.2#T#-"#5R5.#%1*<0.:#-"#$%B)*+# +"+(")/.#($"6.$/.#0+.#1%$)*&.#*n#-.#&%6.-*11.5.+(#&.#-"# 6)--.# B%+9$.# 0+.# <0"+()(%# &.# ($"6"0I# '*+/)&%$"7-.# .(# *n# *$5( $.&#$/#"5$5( 5$( #$&#,':$.&( $.( 5"&'+&",.( )$( /6.'#"$( )$( 5")+E&3`06$.2# !"# (*0(.# +*06.--.# 8*550+"0(%# 0$7")+.# )$( 4+.&$5A( 4+.&$5( 86&#,/,*$A( #$/#$.)( L( 5,.( %,-/&$( *$5( "."&"+&":$5( /#6%6)$.&$5( )$( *+( 3"**$( )$( 4+.&$5( $&( 5$( 5+"5"&( &.# '.((.# *11*$(0+)(%2# X+# KVVc:# -.# '*+/.)-# '*550+"0(")$.# &%')&.#&30()-)/.$#-./#5"$'4%/#107-)'/#"0#1$*,(#&.#-3.51-*)#.(# &.#-3)+/.$()*+2 !"#'*55"+&.#107-)<0.#1.0(#")+/)#&*07-.5.+(#7%+%,').$#"0# &$##"&,"#$( /+#( *$5( .,':$+'M( 61'"/$-$.&5( $&( ".=#+5&#'%&'#$5( 1'9$**$( %#6$A( $&( /+#( *9$-/*,"( 1'9$**$( ?6.P#$( /,'#( 5$5( 4"7)("+(/#A6*)$#'4"1)($.#c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g2 ;$(),'0*$(%<$-".$-$.&(*$5(+(%,.)'"&5(L(5$(#$.%,.&#$#($&( L(%#6$#(*$(?#,'/$()$(&#+:+"*(%,--'.(1'"($5&(L(*9,#"?".$()$( '.#$"11*$(2 T0#,-#&./#$%0+)*+/:#/./#1"$()')1"+(/#*+(#10#'*+/("(.$#<0.#-"# 1$.5)9$.#&)D,'0-(%#(.+")(#>#0+.#5%'*++")//"+'.#50(0.--.#&.# -.0$/#5*&./#&.#D*+'()*++.5.+(2#!"#&%'*06.$(.#1$*B$.//)6.# )$( *+( /#,0*6-+&"1'$( )$( *9+'&#$( *$5( +( +")65A( 5"( %$( .9$5&( L( Z&#$()9+%%,#)(5'#(&,'&A()'(-,".5(L(#+//#,%<$#(*$'#5(/,".&5( &.#60.2#O-#-.0$#./(#6)(.#"11"$0#<03)-/#"6").+(#&./#6"-.0$/#.(# )$5( ".&6#Z&5( %,--'.5( L( /+#&+?$#( $&( 1'$( *+( /6#",)$( 6&+"&( /#,/"%$( /,'#( 1'9+%<$&$'#5( /'0*"%5( $&( $.&#$/#"5$5( /'"55$.&( 5$( #$&#,':$#( )+.5( *+( .,&",.( )$( >GE( ,'( )$( /$#=,#-+.%$( ?*,0+*$A( %,--$( %#"&P#$( -+N$'#( )9+&&#"0'&",.( )$5( -+#%<65( 107-)'/#A6*)$#'4"1)($.#WC2#@.#+*57$.0I#*7/("'-./#$./(.+(#># "1-"+)$:#5")/#-.#&)"-*B0.#./(#-"+'%#.(#-.#&%7"(#./(#*06.$(2 B*'5(*+#?$-$.&A(%$&&$()6-+#%<$()$:#+"&(Z&#$(5Y5&6-+&"56$( $.&#$( =,'#."55$'#5( $&( +%<$&$'#5( $.( +-,.&( )$( &,'&$( 1$*'%&0$.#&.#'*+/0-("()*+2#H")/#)-#D"0(#"0//)#/"6*)$#<0.#'.# &)"-*B0.# ($9/# .+$)'4)//"+(# ./(# 5"-4.0$.0/.5.+(# &)D,')-.# L( ?6.6#+*"5$#( %+#( %<#,.,/<+?$( $&( %,-/*$M$( L( -$&&#$( $.( [':#$(%,-/&$(&$.'()$(*+(/+*$&&$()$5(/#$5&+&",.5(1'"(=,.&( -3*7=.(#&.#-"#'*55"+&.#107-)<0.2 !9'.( %h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i.$#/0$#-./#&*'05.+(/#'*$$./1*+&"+(/#D*0$+)/#1"$#-.#'"+&)&"(#>#-3"110)#&.#/*+#*DD$.C#.(#/)#-"#1*+&%$"()*+# 5)/.#.+#`06$.#./(#%<0)-)7$%.:#/.#D")(#&*+'#&%/*$5")/#1$)+')1"-.5.+(#"0#5).0IE&)/"+(#.(#+*+#"0#5*)+/E&)/"+(2 K$(8+O&#$()9,':#+?$($5&(+'55"(&$.'()$()6&$%&$#(*$5(,==#$5(+.,#-+*$-$.&(0+55$5A(%j$5&2L2)"#$(%$**$5(),.&(*$(/#"M( +.#'*$$./1*+&#1"/#>#0+.#$%"-)(%#%'*+*5)<0.2#b*0$#'.-":#)-#&*)(#&.5"+&.$#&./#'*51-%5.+(/#&3)+D*$5"()*+#/0$#-"# '*51*/)()*+#&0#1$)I#.(#5*()6.$#/"#&%')/)*+#&.#$.=.(#&.#-3*DD$.#"+*$5"-.5.+(#7"//.2#H")/#1*0$#<0.#'.((.#5./0$.# ! /*)(#.D,'"'.:#)-#D"0(#<03)-#")(#.+#"5*+(#-"#'*++")//"+'.#&.#-3.+6)$*++.5.+(#%'*+*5)<0.:#&3*n#-"#+%'.//)(%#&30+.# ! ! 6.)--.#(.'4+)<0.#D*$(.2 ! ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') MU ! ! ! ! ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') MM
  • 7. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' ) ( C')*$,,&"/:')*/"#,+7#'.6$%&') ) ?@#ABCD#&"$+'$6%4<"#0*'>%*"#"(#*%>"*)#8#<'66"4(#);E#$"($',/"$#F D5,-<.'0(,%<'-.0(!'(&,(%1BB,2!'(/-;&"=-'('<(!-(B12!'(!'(&5'2<.'/."0'(.*E*%C"00'2<(,->(B1F'20(!'(!*+'&1//'.(&'0(,%C,<0( &'56"15$<4'5G+W'.&5+-&$2$.V+&32@4'1-+4'5+#g#'5+-96'5+/'+6&3">>.6$-%"15+0.'+>'44'+/.+C&".6'+/'+-&$2$%4+NOPhc$1-'5+ F3-&"6"4'G F'1-%"11"15+'1+6$&-%>.4%'&+-&"%5+6.<4%>$-%"15+/'+&3D3&'1>'+b+ G(H1<"%'(!5"2#1.B,<"12(.'&,<"+'(,->(,%C,<0(/-;&"%0(01%"1I.'0/120,;&'0A(.,//1.<(.*!"@*(/,.(&'(J.1-/'(!5*<-!'(!'0(B,.%C*0( /32'4"66'#'1-+/.&$<4'+EC'#+//H:+[.%44'-+?;;^G N'+/">.#'1-+E/3[Y+>%-3+64.5+B$.-H:+6.<4%3+5".5+4A3C%/'+/.+#%1%5-@&'+/'+4A,>"1"#%':+/'+4AZ1/.5-&%'+'-+/'+4AR#64"%:+'5-+Y+ !'0<"2,<"12(!'0(,%C'<'-.0(/-;&"%03(8/.?0(,+1".(!*$2"(&,(.'0/120,;"&"<*(01%",&'(!'(&,(/-"00,2%'(/-;&"=-'('<(&,(.'0/120,;"&"<*( 01%"*<,&'(!'0('2<.'/."0'0A("&(,2,&F0'(&'0(!"##*.'2<'0(/C,0'0(!'(&,(/.1%*!-.'(!'0(B,.%C*0(/-;&"%0(01-0(&'($&<.'(!'0(/.1%*!-.'0( 5">%"X&'56"15$<4'5+0.%+6'.2'1-+9+g-&'+$55">%35G+Z4+&'2%'1-+'1+6$&-%>.4%'&+5.&+4A$&-%>4'+=I+/.+N"/'+/'5+#$&>B35+6.<4%>5+0.%+ 6"&-'+5.&+4A32$4.$-%"1+/'5+"DD&'5+'-+4'5+>&%-@&'5+/A$--&%<.-%"1G+Z4+5A$66.%'+5.&+/'+1"#<&'.V+'V'#64'5+D&$1i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j-&%5'+Q/.&$<4'S+ /'5+$>B$-5+1.#3&%0.'5+6&'1/+/%DD3&'1-'5+D"&#'5+b+>$4>.4+/'+4k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j-&'+4'5+>"1-&$%1-'5+/'+5'5+D".&1%55'.&5:+5A$/$6-'&+Y+4'.&5+>$6$>%-35:+g-&'+'1+#'5.&'+/'+ &'0(,%%1B/,@2'.(!,20(&'-.(,B*&"1.,<"12(%12<"2-'A(,$2(!'(!*+'&1//'.(-2'(.*/120'(0,<"0#,"0,2<'(,->(/1&"<"=-'0(!5,%C,<0( &'56"15$<4'5G+S+Z4+%12%-'+1"-$##'1-+4'5+/"11'.&5+/A"&/&':+6.<4%>5+'-+6&%235:+Y+'1-&'&+/$15+.1'+/3#$&>B'+>"44$<"&$-%2'+$2'>+ 4'5+TFRG `%'1+0.A%1-&"/.%-'+/'6.%5+64.5%'.&5+$113'5:+1"-$##'1-+/$15+4'5+<%4$15+/'5+C&$1/'5+'1-&'6&%5'5:+4$+l!R+&'5-'+5".2'1-+6".&+ &'0(,%C'<'-.0(/-;&"%0('<(BUB'(/1-.(&'0('2<.'/."0'0(-2'(21<"12(-2(/'-(E1-'3(R'<<'(B*%122,"00,2%'('0<(&5-2(!'0(/.'B"'.0( "<5-$>4'5+$.+/32'4"66'#'1-+/'+4A$>B$-+&'56"15$<4'G T$&$44@4'#'1-:+6&'50.'+-".-'5+4'5+'1-&'6&%5'5+$.[".&/AB.%+5'+&3>4$#'1-+/'+4'.&+Q+&'56"15$<%4%-3+5">%$4'+S:+/'+4'.&+6&3">>.6$-%" 1+6".&+ 4'+/32'4"66'#'1-+/.&$<4'G+F$%5:+4'+5.['-+3-$1-+Y+4$+#"/':+%4+5A$C%-:+-&"6+5".2'1-:+/A$>-%"15+/'+>"##.1%>$-%"1+0.%+&'>".2&'1-+ .1'+#$%C&'+&3$4%-3+b+>'+0.A"1+$66'44'+4'+0&''.*;$):%.0+".+4'+)"/%$+*;$):%.0<+T$&D"%5+3C$4'#'1-:+/'5+'1-&'6&%5'5+6'.2'1-+ g-&'+ &3'44'#'1-+ '1C$C3'5+ 5.&+ .1+ /'5+ 2"4'-5+ /'+ 4$+ l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m#'+'-+>"15>%'1>'+S+n+N'4$+1'+6'.-+g-&'+0.'+4$+>"1530.'1>'+/A.1'+2"4"1-3+6"4%-%0.'+ 0.%+/3>%/'+0.'+4'+>B"%V+/'5+6&'5-$-$%&'5+/"%-+5'+D$%&':+'1+6$&-%':+5.&+/'5+>&%-@&'5+5">%$.V+'-h".+'12%&"11'#'1-$.VG+NA'5-+4$+ 6"5%-%"1:+>"##'+"1+4A$+2.:+/'+4$+2%44'+/'+c$1-'5+'-+/'+c$1-'5+F3-&"6"4'G+R1>"&'+D$.-X%4:+"1+9+&'2%'1-+-".[".&5:+0.'+4A$>B'-'.&+ /-;&"%(<.1-+'(&'0(B,.@'0(!'(B,2Y-+.'(0-#$0,2<'0(!,20(&'(R1!'(!'0(B,.%C*0('<(/-"00'(#,".'(.'/10'.(0'0(%C1">(0-.(!'0( >&%-@&'5+l!R+53>.&%535+'-+>"##.15+Y+-".5G O,;")(P<"#H,"#*%#ABC#F .;%(("-4.$"# ,4# 1H,-*->$"# 1H,-(%>*"# "4($"# *")# .-++1$"4()# =&%1/'4* 9'* /'&4%(('4* A1,* 4%()* ,@/$,A1D4W* 9'* /&Q4* ',# ."# *'-4D# .%4)# *;"4($"&$-)"# 8# "6&*'E1)D# <*-"4()D# L%1&(,44'1&4W* =%1?'&('@'()W* 2%$$'2),?,)D4* $%23$'4W* 4%2,D)DW*63(A1,'&4W*=&%1/'4*&'/&D4'()3()*9'4*,()D&_)4* )&1<-ZH,")[ !;")(# K# &%$(-$# ."# *K# H,"# 4%V(# *;-.1"# ."# $")&'4)%>-*-(1# )'<-%*"#"(#"4/-$'44"6"4(%*"#H,-#/",(#H,"#*;"4($"&$-)"# );"40%0"# ),$# )")# &$%(-H,")# "(# %<<"&("# .;"4# $"4.$"# <'6&("# )',)# +'$6"# .;,4# >-*%4# )&1<-ZH,"# %,H,"*# 4%()* 9D4%&@3,4* $D=3$'@'()* 4%1@,4'4* $'4* =&3(9'4* "4($"&$-)")#<'(1")#X9'-#AC#."#?]]?Y@# I1* 9D61)* 9'* $3* B+RW* /%1&&3,)H%(* 9,&'W* ,$* 7* 3* $'* 9D?'$%//'@'()*91&36$'N !;")(#%,#B'66"(#."#*%#Q"$$"D#"4#RSS?D#K#A-'#."#T%4"-$'D# A1'*MPZ*(3),%(4*%()*D)36$,*$3*$,4)'*9'4*/&,(2,/3$'4*D)3/'4* 9'?3()* (%14* @'('&* [* 1(* 9D?'$%//'@'()* 91&36$'W* 93(4* 1(* 9%21@'()* L%(93)'1&* A1,* L%&@'* 1('* 4%&)'* 9'* M#&$'0$%66"#<'66,4#N#&',$#*"#?R"#)-7<*"#8#*;%0"4.%# ?R@#!"*,-P<-#"4#&')"#*")#G#%3")#+'4.%6"4(%,3#8#*;1H,-(1# )'<-%*"D#*"#$")&"<(#."#*;"4/-$'44"6"4(#"(#*%#<$'-))%4<"# D2%(%@,A1'N*$*/&D2,4'*A1'*2'4*)&%,4*%6]'2),L4*9%,?'()* U($"# &',$),-/-)# )-6,*(%416"4(# "(# H,"# <;")(# K# <=%H,"# 5)3)W* 32)'1&4* /16$,24* ')* /&,?D4W* 9'* $^393/)'&* /%1&* 9%# ABC# XH,"# *;'4# .1<*-4"# &*,(^(# %,:',$.;=,-# .%4)# *;%<<"&(-'4# &*,)# *%$0"# ."# $")&'4)%>-*-(1# )'<-1(%*"# %&,'()'&*$'1&*/&%/&'*4)&3)D=,'*9'*9D?'$%//'@'()N* ."# *;"4($"&$-)"Y# <'$$")&'4.# .'4<# <'4<$7("6"4(# -3&3$$Q$'@'()W* $3* ).D%&,'* 9'4* )6$U':"+2'&)W* /$14* K# *;%&&*-<%(-'4# %,3# "4($"&$-)")# .,# <'4<"&(# ."# .-$"<("6"4(# *-1"# K# *;"4($"&$-)"D# %&&%$%V(# %,3# W(%()P 9D?'$%//'@'()* 91&36$'N* #&3(`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aN ! ! 5'&-"&#$./'*0+"1$+'*'6*/"##$.2'*,31+%43'*M*2')*8$+'3&)*,$&6$07') M" W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T !" " ! M! !#
  • 8. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' ) ( 9%#ABC#"(#*;"4($"&$-)"#<-('E"44" )$( *9$.&#$/#"5$( L( *+( /#65$#:+&",.( )$( 5,.( $.:"#,..$-$.&( $&( 1'"( 59".&$##,?$( 6?+*$-$.&( 5'#( *+( /*+%$( )$( *9$.&#$/#"5$( )+.5( !$(5,.(%h&6A(*$(;C!A(1'"(-"*"&$()$/'"5(5+(%#6+&",.A($.(QSHTA( -"#/*')%(%2# /,'#('.$(6%,.,-"$(+'(5$#:"%$()$(*9<,--$A(+(/'0*"6A(*,#5()$( 5,.(%,.?#P5()$(4+.&$5A($.(QSSVA('.$(W(;<+#&$()$(*9$.&#$/#"5$( 8+"5( %9$5&( )"M( +.5( /*'5( &+#)A( L( /+#&"#( )$( VRRVA( 1'$( *$( ;C!( %"&,Y$..$(X(1'"(+.&"%"/+"&(*+#?$-$.&(*+(>GE($&($.()6/+55+"&( D*$50-.# '.# '*+'.1(# &.# 1.$D*$5"+'.# B-*7"-.# AbkC# <0)# -0)# -Z-$(*$5($M"?$.%$5A(%,--$($.(&6-,"?.$.&(%$5($M&#+"&5(U( 5$-0*$( /*'5( ,/6#+&",..$*( /,'#( *9$.&#$/#"5$( 1'$( %$*'"( )$( &%6.-*11.5.+(#&0$"7-.2#!"#bk:#.+#.DD.(:#$")/*++.#>#1"$()$#&.# Q+ W'5+ O'.1'5+ P%&%C'$1-5+ "1-+ >"15>%'1>'+ 0.k$1%#3'+ *9$.&#$/#"5$A()$(*9$.5$-0*$()$(5$5(+%&$'#5A()$(5$5(0$5,".5A( 6$&+ 4$+ 5'.4'+ 4"C%0.'+ 3>"1"#%0.':+ 4k'1-&'6&%5'+ &%50.'+ )$( 5$5( #6+*"&65A( +*,#5( 1'$( *$( )6:$*,//$-$.&( )'#+0*$( $5&( /'+-$&%&+5'5+6&"6&'5+5".&>'5+/'+&%>B'55'5G+W'+5".>%+/'+ /*'&h&(%$.&#6(5'#(*+()"-$.5",.($.:"#,..$-$.&+*$($&(5$(#6=P#$( 6&$C#$-%5#'+'-+/'+6'&D"&#$1>'+Y+>".&-+-'&#'+">>.4-'+ >#0+.#6)/)*+#1-0/#5"'$*%'*+*5)<0.2# 4'5+2"%'5+/.&$<4'5+/'+4k%11"2$-%"1+'-+/.+/32'4"66'#'1-G+ 8-X1-.!ZC-"A( &,( /'.#1.B,2%'( !'( &Z'2<.'/."0'( 2Z,( !'( ;9$5&(L(/+#&"#()$(%$(%,.%$/&(1'$(*$(;C!(+(/'()6:$*,//$#( 5'15+ 0.'+ 5%+ '44'+ 5'+ /32'4"66'+ 5'4"1+ I+ /%#'15%"15+ )$5(,'&"*5(aK$(7'")$()$(*+(/$#=,#-+.%$(?*,0+*$ VA(*$(5"&$( F.&$#.$&(7BG(I(7*,0+*(/$#=,#-+.%$(5Y5&$- H(2A(*$(N$'()$( >"#643#'1-$%&'5+b -"#1.$D*$5"+'.#B-*7"-.:#O#G*6.#o*0C:#.I1%$)5.+(%/#1"$# I(&,(/'.#1.B,2%'(*%121B"=-'(L('&&'(C121.'(&,(%12$,2%'( /./#5.57$./2#T6.'#'./#*0()-/:#-./#.+($.1$)/./#1.06.+(# /'5+$>-%"11$%&'5+'-+/'5+>4%'1-5+'-+5'+#'5.&'+6$&+/'5+ %,.%#P&$-$.&(5$.5"0"*"5$#(*$'#5(5+*+#"65A(6%<+.?$#()$5( %1/%>$-'.&5+0.'+5"1-+4'+<%4$1+'-+4'+>"#6-'+/'+&35.4-$-+o 0,..$5(/#+&"1'$5(+:$%()9+'&#$5A(6&+0*"#('.()"+?.,5&"%A( X+4$+6'&D"&#$1>'+5">%$4'+b+'44'+&'6"5'+5.&+4$+>$6$>%-3+/'+ 6:+*'$#(*$'#(/#,?#$55",.(:$#5(*+(/$#=,#-+.%$(?*,0+*$($&( 4k'1-&'6&%5'+Y+&'1/&'+4'5+B"##'5+$>-'.&5+'-+$.-'.&5+o 5).0I#.+#1)-*(.$#-"#/($"(%B).2 X+ 4$+ 6'&D"&#$1>'+ 5">%3-$4'+ b+ '44'+ 5k$66.%'+ 5.&+ 4$+ K$( %,.?#P5( )$( 4+.&$5A( $.( N'".( VRQRA( +( +N,'&6( '.$( >"1-&%<.-%"1+/'+4k'1-&'6&%5'+$.+/32'4"66'#'1-+/'+5"1+ )"-$.5",.(5'//*6-$.&+"#$(L(*+(/$#=,#-+.%$(?*,0+*$($.( '12%&"11'#'1-G 1"$-"+(#&3P#.+($.1$)/.#/*-)&")$.#g2 W'5+O'.1'5+P%&%C'$1-5+&'>"11$%55'1-+$%15%+0.'+4k'1-&'6&%5'+ 03*A1'4),%(*9'4*(%&@'4*')*9'4*$36'$4 2Z'0<( /,0( 0'-&'B'2<( %.*,<."%'( !'( /.1$<A( B,"0( ,-00"( !'( >.4-.&':+/'+2$4'.&5:+/'+5$2"%&5:+$.-$1-+/'+&%>B'55'5+0.%+ B,'#( $.( #$:$."#( L( *9+%<$&$'#( /'0*"%A( 5,.( &#+:+"*( )9+%<+&( $C%55'1-+5.&+4$+5">%3-3+'-+4$+-&$15D"&#'1-G+EpH+ #$5/,.5+0*$(5$(&#,':$#+"&(?#+.)$-$.&(=+%"*"&6(5"(*$5($.&#$/#"5$5( Z45+5A'1C$C'1-+Y+>"15-&.%&'+/'5+'1-&'6&%5'5+>%-"9'11'5G #6/,.)+.&(+'M(+//$*5()9,==#$5(/,':+"$.&(+//,#&$#(*+(/#$':$( )$( *$'#( 0,.( %,-/,#&$-$.&( 5,%"+*( ,'( $.:"#,..$-$.&+*A( R5-+>%-"9'11':+-".-'+'1-&'6&%5'+0.%+$C%-+/$15+.1+'56&%-+ "0($.5.+(#<0.#/*0/#-"#D*$5.#&%'-"$"()6.#"'(0.--.2# /'+ >"/32'4"66'#'1-+ $2'>+ 5"1+ '12%&"11'#'1-+ '-+ 5'+ 8./# +*$5./# U^X# .I)/(.+(2# H")/# .--./# /*+(# .+'*$.# 1.0# &'>"11$j-+>"&'56"15$<4'+/'+5"1+/'2'1%&G+R5-+>%-"9'11'+ %,..'$5()$5($.&#$/#"5$5(%,--$()$5(+%<$&$'#5($&(+(=,#&",#"( -".-'+'1-&'6&%5'+0.%+5'+&'>"11$j-+5"4%/$%&'+/.+/'5-%1+/'+ &0#B$"+&#107-)'2#X--./#*+(#/*06.+(#%(%#'$%%./#1"$#&./#SGk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p+.#SGk#1.0(E.--.#/.#1$%6"-*)$#&3)51*/.$# 0+# 5R5.# -"7.-# ># (*0(./# -./# .+($.1$)/./# &0# 5*+&.# h# # 49$5&2%$(/+5(/*'&h&(*$(#h*$()$5(g&+&5(,'()$5(F.5&"&'&",.5( )+(.$+"()*+"-./# h# @.# 1-0/:# .--./# /.# /*+(# 50-()1-)%./:# .,&+--$.&()+.5(*$(),-+".$($.:"#,..$-$.&+*(U(%,--$.&( #$/6#$#( *$5( /*'5( /$#&".$.&$5( +'( #$?+#)( )$( *9,0N$&( )'( 5"$'4%# 107-)'# h# X+D)+:# -.0$# *7(.+()*+# D")(# -3*7=.(# &30+.# &%5"$'4.#6*-*+(")$.#.(#/*06.+(#'*(.0/.#.(#'*51-)<0%.2# ;$(/#,%$55'5($M%*'&()9$-0*6$(*$5(/$&"&$5($.&#$/#"5$5(1'"( .9,.&(/+5(*$5(-,Y$.5(=".+.%"$#5($&(+)-"."5&#+&"=5(/,'#(5$( D")$.#-"7.--)/.$2 ) !$( -Z-$A( "*( $M"5&$( )$5( +?$.%$5( )$( #+&".?( 5,%"+*( $&( $.:"#,..$-$.&+*(),.&(*+(.,&+&",.(#$/,5$(5'#('.(%$#&+".( +*57$.# &3)+&)'"(.0$/# &%D)+)/# 1"$# .--./2# !># .+'*$.:# '.-"# +( '.( %,f&( 1'"( .$( /$'&( /+5( Z&#$( 5'//,#&6( /+#( &,'&$5( -./# .+($.1$)/./2# X(# /"+/# 1$%=0B.$# &.# -3)51"$()"-)(%# &./# +?$.%$5A(*$(=+"&(1'$(*9$.&#$/#"5$(/+Y$(5,.(/#,/#$(+')"&(,'( '.-0)#&.#/*+#/*0/E($")("+(#-")//.#(*0=*0$/#1-"+.$#0+#&*0(.2# ;$(1'"($5&(+##":6(#6%$--$.&(+:$%(%$#&+".$5(+?$.%$5()$( .,&+&",.( =".+.%"P#$A( 1'"( ,.&( %,':$#&( ,'( .9,.&( /+5( :,'*'( :,"#(*$5(/#+&"1'$5(=#+')'*$'5$5()$(*$'#5(%*"$.&5A(-,.&#$( <0.#&./#&%$"1"B./#/*+(#(*0=*0$/#1*//)7-./2 V3'+43')*'L'#,+')*2'*."&#') )"/%$+')*'6*'.8%&"..'#'.6$+') K,(21.B'(48([OOOA(=-"(!,<'(!'(PTTA(,(/1-.(1;X'%<"#(!'(%.*'.(-2(0<,2!,.!("2<'.2,<"12,&(/'.B'<<,2<(!'(+*."$'.(=-'( 4'5+6&$-%0.'5+>"##'&>%$4'5+/A.1'+'1-&'6&%5'+5"1-+5">%$4'#'1-+&'56"15$<4'5G+!"1+595-@#'+'5-+D"1/3+5.&+>'4.%+/'5+ 1"&#'5+Z!7+^;;;+'-+Z!7+*J;;;+6".&+4'+&'56'>-+/'+4A'12%&"11'#'1-G+Z4+'V%5-'+/A$.-&'5+".-%45:+5".2'1-+/A%156%&$-%"1+ $1C4"X5$V"11':+>"##'+4'+d4"<$4+l'6"&-%1C+Z1%-%$-%2'+EdlZH+/.+N'&'5+EN"$4%-%"1+"D+R12%&"1#'1-$449+l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b+ Q+ /A$66"&-'&+ .1'+ $%/'+ Y+ &,(.*E'>"12("2"<",&'(/1-.(&,(/."0'('2(%1B/<'(!-(!*+'&1//'B'2<(!-.,;&'('<(!'(&,(.'0/120,;"&"<*(01%"*<,&'(!'0( '1-&'6&%5'5+4"&5+/'+4A34$<"&$-%"1+/'+4'.&+6"4%-%0.'+'-+/'+4'.&+5-&$-3C%'+SG K-%"'A(/.1/10*'(/,.(^-,&"<*(].,2%'(8001%",<"12('<(!*&"+.*'(/,.(`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g-&'+%1>"1-'5-$<4'5+ E%1-'&1$-%"1$4'#'1-+&'>"11.5H+6".&+g-&'+.-%4%535+>"##'+>&%-@&'5+".+>"1/%-%"1+/'+6$&-%>%6'&G ! Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T MV !$
  • 9. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' X(*$36'$*b*R()&'/&,4'*B'4/%(436$'*a !.#1$*7-95.#&.#-"#-"7.--)/"()*+#$./(.#&*+'#.+().$2#83./(#1*0$<0*)# *$(;C!A(L(*9,%%+5",.()'(7#$.$**$()$(*9E.:"#,..$-$.&A(+:+"&( /#,/,56(*+(%#6+&",.()9'.(*+0$*(W(E.&#$/#"5$(>$5/,.5+0*$(X( 1'"(5$#+"&()6%$#.6(/+#()$5(+?$.%$5()$(.,&+&",.(5/6%"+*"56$5A( L(*9".5&+#()$(%$(1'$(5,.&(*$5(;,--"55+"#$5(+'M(%,-/&$5(/+#( .I.51-.:#'*,+"+'%./#1"$#-3d("(#.(#-./#.+($.1$)/./2#8.#&*07-.# /+##+".+?$( /$#-$&&#+"&( +'M( $.&#$/#"5$5A( $.( /+#&"%'*"$#( +'M( bHX:# &3"--%B.$# -"# D"'(0$.# .(# &.# /)51-),.$# -.0$/# &%5"$'4./:# .(# ># -3d("(# &.# &%,+)$# -./# '$)(9$./# ># $.(.+)$# .(# &.# B"$"+()$# -3)51"$()"-)(%#&.#-"#+*("()*+2 K$5( $.&#$/#"5$5( 1'"( #$5/$%&$.&( *$5( %#"&P#$5( )$( *+( >GE( $&( <,.,#$.&( *$'#5( ,0*"?+&",.5( *6?+*$5( $&( +)-"."5&#+&":$5( 5$( 6.$$").+(# ")+/)# "(($)70.$# '.# -"7.-# *D,').-# &3P# X+($.1$)/.# $./1*+/"7-.# g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i/(95./#&.#+*$5./2#X--.#/.$")(# %,<6#$.&$( +:$%( *+( G&#+&6?"$( .+&",.+*$( )$( )6:$*,//$-$.&( &0$"7-.# &%')&%.# .+# KVVY# A6*)$# 1-0/# 4"0(C# .(# .+'*0$"B.$")(# -./# .+($.1$)/./# ># /.# 5*+($.$# 1-0/# $./1*+/"7-./2# X(# .--.# /)51-),.$")(# -"# (q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l!R+".+/'+4$+Td:+/'2&$%'1-X'44'5+g-&'+6&%2%43C%3'5+6$&+ &'0(B,.%C*0(/-;&"%0(S(^-'&('0<(&5"2<*.U<(/1-.(&5a<,<(1-(&'0(%1&&'%<"+"<*0(<'.."<1.",&'0(!'(%C1"0".('2(/."1."<*(%'(<F/'(!5'2<.'/."0'0( 64.-s-+0.'+4'5+#"%15X/%5$1-'5+n+ >'4.%X>%+ 5"%-+ 3>"1"#%0.'#'1-+ 30.%4%<&3+ '-:+ 4'+ >$5+ 3>B3$1-:+ ,&&1<"(!'(#,d12(/'.<"2'2<'A(,$2(=-'(&'0(#1-.2"00'-.0(/-"00'2<( !"# 1$.5)9$.# $%1*+/.# 6).+(# &.# -3d("(# -0)E5R5.2# O-# ./(# .*/12!.'( '#$%,%'B'2<( :0'-&0( 1-( '2( @.1-/'B'2<_A( ,-( X-0<'( *D,').--.5.+(# &.5"+&.0$:# *+# -3"# &%=># /*0-)B+%2# H")/# /"# /.">( '<( ,-( ;12( 2"+',-( !5-2( ;'01"2( /,.#,"<'B'2<( =-,&"$*( '<( $.<0R(.#.+#-"#5"()9$.#1.0(#1"$"N($.#&3"7*$&#,+"+')9$.5.+(# =-,2<"$*3(e2(,%C,<(/&'"2'B'2<((f.'0/120,;&'g(c3( ".&6#$556$A($.(%$5(/6#",)$5()$(:+%<$5(-+"?#$5A(%,--$(*$( 5Y.&<6&"5$A()+.5(5+(/#6=+%$A(*$(),%'-$.&(W'5+TFR+'-+4A$>B$-+ `.( *9+( %,-/#"5A( "*( 59+?"&( )$( )6/$.5$#( -,".5( $&( )9".:$5&"#( -"$'MA(%9$5&2L2)"#$()$(=+"#$($.(5,#&$(1'$(*9+#?$.&(/'0*"%(5$#:$( &'56"15$<4'J(U >#,+"+'.$#.+#5R5.#(.51/#-./#"'4"(/:#-./#1*-)()<0./#/*')"-./:# P# !"# Ukbb# AU%6)/)*+# B%+%$"-.# &./# 1*-)()<0./# 107-)<0./C# *+(/#65$#:+&",.()$(*9$.:"#,..$-$.&A(:,"#$(*$()6:$*,//$-$.&( ),..$( 1'+&#$( /#",#"&65( L( *+( -,)$#."5+&",.( $&( L( *+( %'*+*5)<0.2# @30+.# 1).$$.# <0"($.# '*01/# a# !3)+(.+()*+# ./(# /#,=$55",..+*"5+&",.()$(*+(/,*"&"1'$()9+%<+&5()$(*9g&+&(U -*0"7-.2#8.1.+&"+(:#*+#+.#1.0(#<0.#$"11.-.$#0+.#+*06.--.# D*)/#<03.--.#./(#&)D,')-.5.+(#"11-)'"7-.#.+#-3%("(#"'(0.-#&.#-"# *6?"5*+&",.($&()$5(#P?*$-$.&5A(%$(1'$(#$%,..+O&(L()$-"2-,&( X+D$%&'+/'5+3>"1"#%'5: X+.-%4%5'&+4$+>"##$1/'+6.<4%0.'+>"##'+4'2%'&+6".&+4A%15'&-%"1+ *$(&$M&$(%"2)$55'5(1'+.)("*(6:,1'$(W(&,'&$5(*$5(/,55"0"*"&65( *06.$(./# 1"$# -.# 8*&.# &./# 5"$'4%/# 107-)'/# g2# r*0(.# -"# /'5+6'&5"11'5+34"%C13'5+/'+4A'#64"%: 1'$5&",.(&,'#.$(+'&,'#()$(%$&&$(W(,':$#&'#$(X(),.&(,.(+(:'( X+D$%&'+/'5+$>B$-5+/.&$<4'5: <03.--.#+3%(")(#1"/#%6)&.+(.2 X+D$2"&%5'&+4A$>>@5+/'5+TFR+$.V+#$&>B35+6.<4%>5G 0'4*/%$,),A1'4*/16$,A1'4*O*9'4*D2%(%@,'4*,()'$$,='()'4 N"1>%4%'&+>'5+"<['>-%D5+'5-+/$15+4'5+#%55%"15+/.+-".-+1".2'$.+ !'( -,".5( *9g&+&( ),..$2&2"*A( +'( &#+:$#5( %$&&$( #6:"5",.( )$5( 4'.+"%'( !'0( ,%C,<0( !'( &5a<,<( :487A( %.**( '2( B,.0( NOOT_3( V&( /,*"&"1'$5( /'0*"1'$5A( '.$( ,#"$.&+&",.( .,':$**$( 1'"( *+"55$( 5A$C%-+/'+D$%&'+/'5+q3>"1"#%'5+%1-'44%C'1-'5r+b /#65+?$#()$(/,55"0*$5(6:,*'&",.5(:$#5('.$(-$"**$'#$(/#"5$($.( '*51(.#&./#.+($.1$)/./#$./1*+/"7-./2 X+ '1+ D$%5$1-+ $66'4+ Y+ 4$+ &'56"15$<%4%-3+ /'5+ /3>%/'.&5+ '-+ /'5+ $>B'-'.&5:+ >$&+ 4$+ &'56"15$<%4%-3+ '12%&"11'#'1-$4'+ '-+ 5">%$4'+ &'1D"&>'+ 4A'V%C'1>'+ /'+ 6&"D'55%"11$4%5#'+ /$15+ 4A$>-'+/A$>B$-+o X+ '1+ 5A$66.9$1-+ 5.&+ -".-'5+ 4'5+ 6"55%<%4%-35+ ".2'&-'5+ 6$&+ J+ d.%/'+ 6.<4%3+ 6$&+ 4'+ N"#%-3+ ?*+ '1+ 6$&-'1$&%$-+ $2'>+ R>"'DD:+ 4'+ N"/'+ /'5+ #$&>B35+ 6.<4%>5:+ >$&+ /'5+ 6&">3/.&'5+ 5-&%>-'5+ $2&%4+?;;^:+>%-3+64.5+B$.-G 1A'#6g>B'1-+$.>.1'#'1-+4A$>B$-+/Ag-&'+/A$<"&/+'-+5.&-".-+.1+ $>-'+3>"1"#%0.'G ],".'( !'( &5,%C,<( b( )( !1-;&'( ;*2*$%'( cA( *%121B"=-'( '<( 5">%3-$4:+'5-+4A'55'1>'+#g#'+/'+>'--'+&'56"15$<%4%-3+b+<%'1+ 6&"6"&-%"11'&+ 5'5+ $--'1-'5+ e+ 5'5+ 'V%C'1>'5+ e+ '1+ #$-%@&'+ '12%&"11'#'1-$4'+ '-+ 5">%$4'+ Y+ 4A"<['-+ /.+ #$&>B3+ 6".&+ 0.'+ ! Q!R?*,'&-"&#$./'*0+"1$+'*'6*+$1'+)*M*/"##'.6*)9S*&'6&"38'&*T MT ! O93&0'./'*2'*/"#,"&6'#'.6)*'6*2'*/:"%L*7/"."#%43')*,+3)*&'),".)$1+') MP
  • 10. ( W'5+'1['.V+/'+4A$>B$-+&'56"15$<4' #9%#<$-)"#8#,4"#1<'4'6-"#%,3#6%-4)#.;-$$")&'4)%>*") !"#'$)/.#*n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h-+?$A( '.$( +'?-$.&+&",.( )$5( )6/h&5( )$( 0"*+.A( .,&+--$.&(L(%+'5$()$(*+(#$5&#"%&",.()'(%#6)"&A('.$(-,.&6$()$5( .+&.((.5.+(/#+"()*+"0I2#!./#d("(/:#&*+(#-.#$F-.#&.#$%B0-"(.0$#%(")(# /#6%6)$--$.&( %,.&$5&6( /+#( %$'M2*L( -Z-$5( 1'"( ,.&( =+"&( +//$*( L($'M(/,'#(*$5(5+':$#A(,.&()f(-,.&$#(+'(%#6.$+'($&(=+"#$(N,'$#( -"# /*-)&"$)(%# +"()*+"-.:# "0($.5.+(# &)(# -3"$B.+(# &0# '*+($)70"7-.2# @3*n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g# /.# &%6.-*11.# +'( )6&#"-$.&( )$5( +'&#$5( )"-$.5",.5( )$( *96%,.,-"$A( 1'"( 5,.&( /,'#&+.&(&,'&(+'55"("-/,#&+.&$5(U(*$(%+/"&+*(<'-+".A(*9"-/*+.&+&",.( )+.5('.(&$##"&,"#$A(*+(0,..$(?$5&",.()$5(#$55,'#%$5(.+&'#$**$5($&( ) )$( *+( 0",)":$#5"&6A( *+( 5+&"5=+%&",.( )$5( 0$5,".5( 6*6-$.&+"#$5A( *+( 1%$.++)(%#&.#-3.51-*)2 X--.# /.# 1"i.# %B"-.5.+(# "0# 1$)I# D*$(# &.# -*0$&./# &)D,'0-(%/# 5,%"+*$5( U( $M%*'5",.( )$( %$#&+".$5( /,/'*+&",.5( )$( 0+.*"$'$A( '4F5"B.#&./#=.0+./:#/*0/E.51-*)#&./#/.+)*$/2 X--.# '*+&0)(:# .+,+:# "# 0+.# '$)/.# &.# '*+,"+'.# .+6.$/# -./# $.&#$/#"5$5( U( *$5( 5+*+#"65A( $.( /+#&"%'*"$#( *$5( /*'5( N$'.$5A( .9,.&( /*'5( *$( ?,f&( )$( 59".:$5&"#( )+.5( *$'#( &#+:+"*( ."( )9+)<6#$#( L('.(/#,N$&()9$.&#$/#"5$A(5,.&()9+0,#)(5,'%"$'M()$(*$'#(".&6#Z&( /$#5,..$*($&(,.&(&$.)+.%$(L(i+//$#($.&#$(*$5('#,+"%)?(1'+.)( -.0$/# &)1-F5./# -.0$# .+# &*++.+(# -"# 1*//)7)-)(%2# !./# /*-)&"$)(%/# /3.DD$)(.+(2# !.# '*+($"(# /*')"-# %-"7*$%# &"+/# -3"1$9/EB0.$$.# /.# &%'4)$.2 9%#<'4)'66%(-'4#8#,4"#1<'4'6-"#.,#6-",3 s.0$.0/.5.+(:# '*55.# -.# &)/")(# -.# 1*9(.# st-&.$-)+:# P!># *n# '$*N(# -.# 1%$)-:# '$*N(# "0//)# '.# <0)# /"06.g2# !"# /.'*0//.# "# %(%# &$**$( 1'$( 0$+'%,'/( )$( )6%")$'#5( /,*"&"1'$5( $&( 6%,.,-"1'$5( %,--$.%$.&( 56#"$'5$-$.&( L( 59".&$##,?$#( 5'#( *+( :+*")"&6( )9'.( 5Y5&P-$('*&#+*"06#+*()$:$.'(=,'($&(1'9"*5(,.&(/,'#&+.&(*,.?&$-/5( '"0()*++%:# .+# -")//"+(# D")$.2# !34.0$.# ./(# ># -"# $.1$)/.# .+# 5")+:# &0# 5*)+/# &"+/# -./# &)/'*0$/# *D,').-/2# O-# /3"B)(# &.# P# $.D*+&.$# -.# '"1)("-)/5.#g:#&.#-.#P#5*$"-)/.$#g:#&.#5).0I#$%1"$()$#-./#7%+%,'./# )$5($.&#$/#"5$5($.&#$(+%&",..+"#$5A(5+*+#"65($&(".:$5&"55$-$.&A()$( #6)'"#$(*$5(6%+#&5()$(5+*+"#$()$:$.'5(".%,--$.5'#+0*$5(a)$(Q( L(cRR(1'+.)(>,%k$=$**$#(*'"2-Z-$(/#6%,."5+"&(1'$(*$(/+&#,.(.$( B"B+.#1"/#1-0/#&.#Q#D*)/#-.#/"-")$.#-.#1-0/#7"/#&.#/*+#.+($.1$)/.C2# K9g&+&($&(*$5(".5&"&'&",.5(".&$#.+&",.+*$5(:$'*$.&(#$&#,':$#(*$'#(#h*$( &.#$%B0-"(.0$2#!3SGp#"#.+B"B%#0+.#$%M.I)*+#/0$#-./#+*06."0I# ".)"%+&$'#5( )$( #"%<$55$( /,'#( -$5'#$#( *+( %#,"55+.%$( +'&#$-$.&( <0.#1"$#-.#/.0-#bOj2#!"#'*55)//)*+#^()B-)(u:#.+#e$"+'.:#($"6")--.# &"+/# -.# 5R5.# /.+/2# X(# 7."0'*01# &.# '4.D/# &3.+($.1$)/.# +.# /011*$(.+(#1-0/#-3)5"B.#<0.#-./#&%$)6./#,+"+')9$./#&.#<0.-<0./E 0+/#&*++.+(#&.#-.0$#5%().$2#T#*7/.$6.$#-./#&.$+)9$./#1%$)1%()./:# *$(%,-0+&(%,.&#$(*$5(+Y+&,**+<5()'(*"06#+*"5-$(.9$5&(/+5(?+?.6A( 5")/#)-#./(#"0#5*)+/#.+B"B%2# !'( %h&6( )$( *+( 5,%"6&6( %":"*$A( )$5( 5"?.+'M( =,#&5( +//+#+"55$.&( %B"-.5.+(2# r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r*0=*0$/# ./(E)-# <0.# -.# '*+(.I(.# 1*-)()<0.# .(# ')(*i.+# /.57-.# =+:,#+0*$(L('.$(#$=,.)+&",.()$(.,&#$(5Y5&P-$(6%,.,-"1'$(5'#(*$5( 1$)+')1./#&30+#&%6.-*11.5.+(#1-0/#&0$"7-.#.(#5).0I#5"N($)/%#*n# -34*55.#$.($*06.$")(#/"#=0/(.#1-"'.:#'.+($"-.:#&"+/#-3.+($.1$)/.2# H")/#'*55.+(#'4"+B.$#h#8*55.+(#/*$()$#&.#+*/#4"7)(0&./#&.# /#,)'%&",.($&()$(%,.5,--+&",.(=,.)6$5A($**$5A(5'#(*$(/#".%"/$()'( P#(*0=*0$/#1-0/#g#h 83./(#)')#<0.#-"#U^X#1$.+&#(*0(#/*+#/.+/2#@.#'.$)/.#/0$#-.#Bq(."0:# %$( 1'9$**$( $5&( /*'&h&( +%&'$**$-$.&A( $**$( /$'&( )$:$."#( *$( %['#( )$( *+( 5&#+&6?"$( )$5( $.&#$/#"5$5( $&( *9".5&#'-$.&( )'( %<+.?$-$.&( %'*+*5)<0.2#X--.#/3"11.--.$"#"-*$/#1.$D*$5"+'.#B-*7"-.v >$/$.5$#( ".&6?#+*$-$.&( *$( =,.%&",..$-$.&( $&( *9,#?+."5+&",.( )$( *9$.&#$/#"5$( $.( &$#-$5( )$( >GE( ,'( )$( B7( /$#-$&( )$( %,##"?$#( *$5( )6#":$5( )9+'N,'#)9<'"( U( #$.&+0"*"&6( %+*%'*6$( 5'#( *$( -,Y$.( $&( -*+B# (.$5.:# $%1"$()()*+# %<0)-)7$%.# &./# 1$*,(/# .+($.# -./# 1"$()./# /#$.+.&$5A(#$.=,#%$-$.&()$5(=,.)5(/#,/#$5($&()$(*9".:$5&"55$-$.&( 1$*&0'()D:# $.(*0$# &.# -"# '*+,"+'.# &"+/# -./# .+($.1$)/./# B$q'.# ># *$'#( $.?+?$-$.&( 5,%"6&+*A( #$-,&":+&",.( )$5( 5+*+#"65( 1'"( ,.&( *$( 5$.&"-$.&( )$( /+#&"%"/$#( L( '.( /#,N$&( :+*,#"5+.&A( )6:$*,//$-$.&( )$( *9"..,:+&",.( +'( &#+:$#5( )9'.$( -$"**$'#$( 6%,'&$( )$5( /+#&"$5( 1$.+"+(./#.(#&./#7./*)+/#&0#5"$'4%2 !"#U^X#A*0#-"#bkC#"11"$"N(#"-*$/#$"1)&.5.+(#'*55.#0+#"6"+("B.# %,.%'##$.&"$*( .,&+0*$( /,'#( *$5( $.&#$/#"5$5( 1'"( *9,.&( +),/&6$( a$&( 1"/# /.0-.5.+(# "D,'4%.C# ;# .--./# "+()')1.+(# -./# $%B-.5.+("()*+/# $.( -+&"P#$( )$( )6:$*,//$-$.&( )'#+0*$( 1'"( :,.&( 5$( -'*&"/*"$#( $&( 5+'#,.&(-"$'M(Y(=+"#$(=+%$(1'$(*$5(+'&#$5A($**$5(5,.&(%,.5")6#6$5( '*55.#&./#.+($.1$)/./#*n#)-#D")(#7*+#&.#($"6")--.$#.(#"(()$.+(#-./# 5+*+#"65(*$5(/*'5(%,-/6&$.&5($&(*$5(/*'5(-,&":65A($**$5(5,.&()+.5( '.$()Y.+-"1'$()$(%#6+&":"&6(1'"(*$'#(/$#-$&()9+:,"#(&,'N,'#5('.( (.51/#&3"6"+'.:#.--./#*+(#-"#'*+,"+'.#&./#'*+/*55"(.0$/#<0)# /"6.+(#<0.#-.0$/#1$*&0)(/#/*+(#P#1$*1$./#g2 03*2%@@3(9'*/16$,A1'*O 1(*$'?,'&*91*2.3(='@'()*D2%(%@,A1' X(#.--./#/.$*+(#-"7.--)/%./#.(#1$)*$)(")$./#/0$#-./#5"$'4%/#107-)'/v# ;9$5&(&,'&(*9$.N$'()9'.$('&"*"5+&",.(/*'5(W(/,*"&"1'$(X()$(*+(%,--+.)$( /'0*"1'$( ),.&( ,.( +( :'( 1'9$**$( +:+"&( '.( /,")5( 6%,.,-"1'$( ) '*+/)&%$"7-.#AJV#L#&0#bOjC2#8.-"#-0)#"11*$(.#0+#5*i.+#&3"'()*+# &3"0("+(# 1-0/# .D,'"'.# 1*0$# "''%-%$.$# -./# 50("()*+/# &.# +*($.# /i/(95.#%'*+*5)<0.#<03.--.#1.0(#0()-)/.$#'.((.#5"//.#,+"+')9$.# '*55.#0+#10)//"+(#.DD.(#&.#-.6).$2#84"<0.#5"$'4%#107-)'#&.6$")(# R($.# -0)E5R5.# &%,+)# '*55.# 0+# P# )+6./()//.5.+(# /*')"-.5.+(# $./1*+/"7-.#g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g&+&( Y( /$.5$A( +'( &#+:$#5( )$( 5+( #6=,#-$( )$5( /,*"&"1'$5( /'0*"1'$5A( 5")/# .+# $./(.# ># &./# )+(.+()*+/2# ^3./(E)-# $%.--.5.+(# &*++%# -./# -,Y$.5( N'#")"1'$5( $&( &$%<."1'$5( )$( =+"#$( )$( *9+%<+&( /'0*"%( '.( ".:$5&"55$-$.&( 5,%"+*$-$.&( #$5/,.5+0*$( 1'"( /,'55$#+"&( *$5( $.&#$/#"5$5( $**$52-Z-$5( L( 59$.?+?$#( /*'5( :"&$( $&( /*'5( #+)"%+*$-$.&()+.5('.(/#,%$55'5()$(>GE($&(),.%(L(&#+.5=,#-$#( +*($.#/i/(95.#%'*+*5)<0.#.+#/.#($"+/D*$5"+(#.--./E5R5./#h G*(*+/# &3"7*$&# 0+# 1"$"&*I.2# !"# 10)//"+'.# 107-)<0.# ./(E $**$( .$'&#$( 1'+.)( $**$( +&&#"0'$( )$5( -+#%<65( 5'#( *$( 5$'*( %#"&P#$( &0# 1$)I# .(# &*+':# &"+/# -"# 1-01"$(# &./# '"/:# "0# 5*)+/E&)/"+(# h# D?"55+.&( +".5"A( 1'9$**$( *$( :$'"**$( ,'( .,.A( $**$( $.%,'#+?$( )$( =+"&( *+( %,-/6&"&",.( L( ,'&#+.%$A( /+#=,"5( )6*,Y+*$A( *+( /#$55",.( 5'#( *$5( 5+*+"#$5A( *+( /#6%+#"5+&",.( )$( *+( -+".2)9[':#$A( *+( :$.&$( L( /$#&$A( *+( )6*,%+*"5+&",.( )$5( /#,)'%&",.5A( *+( 0+"55$( )$( 1'+*"&6A( &,'&$5( /#+&"1'$5(6%,.,-"1'$5(1'9$**$(%,.)+-.$(+'N,'#)9<'"()+.5(5$5( &)/'*0$/2#HR5.#/)#.--.#+3./(#1"/#6*-*+(")$.:#)-#i#"#&*+'#7).+#0+.# 0()-)/"()*+#P#1*-)()<0.#g#&.#-3"$B.+(#107-)'2# K9g&+&(,'(*$5(%,**$%&":"&65(&$##"&,#"+*$5(/$':$.&2"*5("."&"$#(%$(%$#%*$( 6.$(0.0I:#/"+/#&%$*B.$#"0#1$)+')1.#&.#+.0($"-)(%#h#O-#i#"#&3*$./#.(# )6NL()$5(-+#?$5()$(-+.[':#$(%,--$(.,'5(+**,.5(*$(:,"#()+.5( -.#'4"1)($.#/0)6"+(2 !=%H,"# 6%$<=1# &,>*-<# ."/$%-(# U($"# *,-P6U6"# .1Z4-# 2%@@'*1(*b*,(?'4),44'@'()*4%2,3$'@'()*&'4/%(436$'*aN ! O93&0'./'*2'*/"#,"&6'#'.6)*'6*2'*/:"%L*7/"."#%43')*,+3)*&'),".)$1+') MY