Chff^j\bZe Abj Chg]blbhg^j
{~+3z1 z+z5w3~-| ?MG<LBHGvfHGEP ?HJ LA> MGBL OBLA >E>N:LBG@ ?MG<LBHGg
KXU^ dXU VY\dUb ^UUTc d_ RU S\UQ^UTy dXU `Q^U\ SQ^ RU \_gUbUT d_ dXU QT]YbUT XUYWXd
Ri dXU O;>AH:FPOIEPO9DKCP Ve^SdY_^{ BUdX_T Yc RU\_g2 >^ `_gUb _VV cdQdUy `bUcc
O=:6AH=P V_b ~- cUS_^Tc d_ U^dUb VY\dUb U\UfQdY^W cUd cdQdU{ >^ dXYc cdQdUy dXU cYW^
O;>AH:FP gY\\ V\QcX Q^T OIEP O9DKCP gY\\ TYc`\Qi cY]e\dQ^U_ec\iy EbUcc H:BE
OxPy Y^ dY]Ub cUSdY_^ OIEP gY\\ TYc`\Qiy gXY\U `bUcc H:BE OzPy Y^ dY]Ub cUSdY_^ O9DKCP
gY\\ TYc`\Qi{ KXU^ Yd QbbYfUc dXU Q``b_`bYQdU `_cYdY_^y `bUcc OIEPy OIEPO9DKCP gY\\
TYc`\Qi cY]e\dQ^U_ec\iy VY\dUb gY\\ cd_` W_Y^W T_g^{ EbUcc OIEP QWQY^y VY\dUb gY\\ W_
e`{ EbUcc O;>AH:FP Redd_^ d_ aeYd dXU ]_TU{
3JB:E JMGGBG@ HI>J:LBHG ?MG<LBHGv
7i dXYc Ve^SdY_^y Q\\ dXU Y^T__b e^Ydc SQ^ RU ]QTU Y^ ^_]Y^Q\ ]_TU{ GUd dXU _`UbQdY_^
]_TU Y^ S__\Y^W Q^T dXU^ cXed _VV dXU e^Yd{ >^ dXU cd_` cdQdUy `bUcc
ODC|D;;P Redd_^ V_b - cUS_^Tc d_ U^dUb S__\Y^W dbYQ\ _`UbQdY_^ cdQdU{ >V Yd Yc Y^ XUQdY^W
]_TU RUV_bU cXed _VV dXU e^Ydy dXU^ `bUcc ODC|D;;P Redd_^ V_b -
]Y^edUcy Yd gY\\ U^dUb XUQdY^W dbYQ\ _`UbQdY_^ cdQdU{ >^ S__\Y^Wy dXUbU gY\\ RU sAAs Y^
dXU `_cYdY_^ gXUbU dXU cUd dU]`UbQdebU TYc`\Qic{ >^ XUQdY^Wy
dXUbU
5z-3~+w3~.- FH=> fHGEP ?HJ LA> MGBL OBLA ?J>KA :BJ ?MG<LBHG HJ A>:L J><HN>JP ?MG<LBHGv
EbUcc OF:8DJ:FMP Redd_^y dXU^ dXU e^Yd gY\\ cgYdSX _fUb dXU fU^dY\QdY_^ ]_TU2
O P OJ:CH>A6H>DCPO6IHDP OJ:CH>A6H>DCPOF:8DJ:FMP OJ:CH6A6H>DCPOCDFB6AP O Py `\UQcU
cU\USd Q``b_`bYQdU fU^dY\QdY_^ ]_TU{
0M>JP BG=HHJ F:E?MG<LBHG ABKLHJPv
>^ dXU cdQdU _V `_gUb _^ _b `_gUb _VVy `bUcc O8=:8@P Redd_^y U^dUb dXU ]Q\Ve^SdY_^zaeUbiY^W ]_TU _V Q\\ Y^T__b
e^Ydc Y^ dXU Wb_e`{ HXU^ O8=:8@P Q^T
OIC>H CD{P gY\\ TYc`\Qiy Q^T dXU QSdeQ\ Y^T__b ^e]RUbc gY\\ RU TYc`\QiUT Y^ c_]U cUaeU^SU ue^Yd ^e]RUb Yc Y^
TUSY]Q\cv{ 6d dXU cQ]U dY]Uy Y^ dXU dY]U bUWY_^y
dXUbU gY\\ RU dXU SebbU^d ]Q\Ve^SdY_^ Q^T dXU \QdUcd dY]U ]Q\Ve^SdY_^y dXU TYc`\QiY^W V_b]Qd Yc OLL2MMPy Y^ gXYSX
LL cdQ^Tc V_b dXU SebbU^d ]Q\Ve^SdY_^y YV ^_b]Q\y Yd gY\\ TYc`\Qi szzs3 MM cdQ^Tc V_b dXU \QdUcd dY]U ]Q\Ve^SdY_^{
HXU VQY\ebU S_TU _V UfUbi e^Yd gY\\ TYc`\Qi V_b + cUS_^Tc{ 6VdUb dXU VQY\ebU S_TUc _V Q\\ Y^T__b e^Ydc Y^ dXU gX_\U
Wb_e` QbU TYc`\QiUTy dXU ]_TU gY\\ aeYd Qed_]QdYSQ\\i{
xE>:J :;GHJF:E KL:L> :G= F:E?MG<LBHG ABKLHJPv
>^ ^_b]Q\ cdQdUy `bUcc O8=:8@P Redd_^ V_b - cUS_^Tc d_ S\UQb QR^_b]Q\ cdQdUcy Qd dXU cQ]U dY]Uy gYbUT S_^db_\\Ub
=_g d_ SXQ^WU dXU Ve^SdY_^ cgYdSXUc5
M NNN Hi`U
6 >^T__b SQ`QSYdi uKv C_]Y^Q\ S__\Y^W SQ`QSYdi|~}y TUSY]Q\
7 FUaeUcd _V Y^T__b SQ`QSYdiu=jv 6SdeQ\ fQ\eUy TUSY]Q\
8 HU]`UbQdebU _V Y^T__b Q]RYU^d dU]`{ cU^c_b H6 6SdeQ\ fQ\eUy TUSY]Q\
T HU]`UbQdebU _V Y^T__b WQc `Y`U cU^c_b H8~ 6SdeQ\ fQ\eUy TUSY]Q\
: HU]`UbQdebU _V Y^T__b \YaeYT `Y`U cU^c_b H8* 6SdeQ\ fQ\eUy TUSY]Q\
; D`U^ TUWbUU _V Y^T__b EBJ 6SdeQ\ fQ\eUy TUSY]Q\
W EbUcUd zzz
= DedT__b d_dQ\ SQ`QSYdi 6SdeQ\ fQ\eUy TUSY]Q\
C_{ Hi`U
GdQdU _V cgYdSX
;e^SdY_^ TUcSbY`dY_^
?}~ 8XQ^WU_fUb _V KYbUT 8_^^USdUT 8U^dbQ\ S_^db_\\Ub
S_^db_\\Ub Q^T SU^dbQ\ S_^db_\\Ub 8ed _VV KYbUT S_^db_\\Ub
?}* 8XQ^WU_fUb _V di`U _V 8_^^USdUT GUd Qc cY]`\U S_^db_\\Ub
gYbUT S_^db_\\Ub 8ed _VV GUd Qc cdQ^TQbT S_^db_\\Ub
?}. GU\USdY_^ _V b__] 8_^^USdUT IcU dXU cU^c_b Y^ dXU gYbUT S_^db_\\Ub
dU]`{ cU^c_b 8ed _VV IcU dXU cU^c_b Y^ dXU Y^T__b e^Yd
?}/ 6ed_ bUcdQbd QVdUb 8_^^USdUT 8_]]_^ S_^db_\
`_gUb VQY\ebU 8ed _VV 6ed_ bUcdQbd QVdUb `_gUb VQY\ebU
?}+ 9Yc`\Qi _V b__] 8_^^USdUT MUc
dU]`UbQdebU 8ed _VV C_
GK}~ 8XQ^WU_fUb _V ]QcdUb DC GUd Qc c\QfU S_^db_\\Ub
_b c\QfU S_^db_\\Ub D;; GUd Qc ]QcdUb S_^db_\\Ub
GK}~ 8 _b ; DC ;
D;; 8
9~ GX_bdU^ dY]U Ve^SdY_^ 8_^^USdUT >^T__b e^Yd Y^ cX_bdUT dY]U Ve^SdY_^
8ed _VV 8_]]_^ S_^db_\
9* 8_]`e\c_bY\i TUVb_cd 8_^^USdUT GU^T S_]`e\c_bY\i TUVb_cd cYW^Q\ d_ Y^T__b e^Yd
8ed _VV 8_]]_^ S_^db_\
~
*
>^ SXUS[ ]_TUy `bUcc O8=:8@P d_ aeYd dXU SXUS[ ]_TUy Q^T W_ Y^d_ ^_b]Q\ be^^Y^W ]_TU{
/B<LMJ> o
z 26 z