Nielsen - Ten Years that Shook the Media

Nielsen - Ten Years that Shook the Media

Ten Years that Shook the Media World_Layout 1 25/09/2012 14:49 Page 2
REUTERS
INSTITUTE for the
STUDY of
JOURNALISM
REPORT
Ten Years that Shook the Media World
Big Questions and Big Trends in International
Media Developments
Rasmus Kleis Nielsen
October 2012
Cover image © Reuters/Max Rossi
Senator reads newspaper as Italy's Economy Minister Tremonti gives speech at lower house of Parliament in Rome
$$#5
-
(%$&5%")5
5
*15$" %$ 5
----- ) )-*--*------- )!)----------- )")--*------------------5
1555
5
+15#5#5$55 5$5
##5%25
55555!) )-----55555!)!)-----55555!)")----+5
55555!)#)-5
,15#5$5$"$55$5'#!!"255
55555") )-------55555")!)------
55555")")-----55555")#)-5
-15&55553"#$ 45 5
5)#$#55
5555" %5$5 "255555#) )--55555#)!)--55555#)")--55555#)#)-5
1555
.15
5#55555$) )--------$)!)----------$)")---
------$)#)-5
/15
5
"$#-----%) )---------%)!)----------%)")-------------%)#)-5
015
5 )-----&) )-------&)!)-------&)")-,------&)#)-
-
"5
$5
%(-
"5
#5
$5
%5
'5
(5
!5
!!5
!%5
!&5
!(5
"5
"5
""5
"#5
"$5
"%5
"'"(# #"5
#"###%$$"5
$"$#$(% -
)
'( ())
))))))
'(!())
)))))
'("()))))))
)))))'(#())
)
%"
%"
%$
%&
&
)
)
& )
)
&")
&"
)
)
)))))))))))
)))))))))
()
)
)
)))))))))
!)
"7!77! "7""7"7 !"7"7' !77"7"%"'5 !"7"# '7$7!7
"77% /7!"7"7"7 "7 " 77 "7!07
%$ 07'77 !"!77#"77 !"77
%! 7#!7 7!#"'7" 7"7%!7 $!7 !!77
"7"7#" !7$ 77"!7 "71 (0707 07 '07
07"'07"7"7077"7"7""!2/77
%77777$7 "7 "#"!7 7
" !7#"77 7! 07 &077 #7"7
""/7#"07!7 07"7" "7!7"7 $7#7!# "7 77
!!7# !"7% /7$7!7%7 !77""7 #"77
!" #"7 7 '77"7 !07%!7!7!"7 '7 #7'7'7
7 !"!07!'7%! 7!077!7!"7 '7
!!"7'7'77 !"!07!'7 !" !/7!7347
7$7!7#7 7#!767"#7""7 "767/7
77$ 7"7!"707"7!7!"7 ""7" 77
"77!7"7"#7&!77"7# 77"!7$7"7
#!77$ "! !/7!7&!7 "!77"0707
7"7$"!7""7" 777"7*.-)!77*..)!7
%"7 #"77"77!" 77'7#" !07"7 %"77#"5
7"$!07"7#777 !7# 77 7%! !07
7"7! 77 !"5 "7" "7!!7$75#7!/7"7!7
7$!"'7 "7'7"7! 77"7"$!07 7! $!07
77" "77"7+)))!/7
7&!77"!7!77"77 !77"7$ ''7
#77!"7$#77#""!7 !!7!"7" !07 !!# 7
!!77$ "!7 $#!7 7 7 $ !07!'77"# 7
"!7%"7"7 %"7677!7!!7"77&""7""7!7 !7
!#!""'7 7 7!$ 7!"5#""/7%7!"7%! !7 7
!" !7$7"#'7!07#"7!"7 7# 7 !!# /777
#77 !" #"# 7" !77"7"#"!07'7
"$!07! 7077!77!" !7$7#"7!"!7""7
%7"7"7& !7 "7% 77 "7! 7 "!07!"7
""5!77!77 !7""77"7 #7
"7 !/77" 7"""!7"7 7!""77 $"7"7#!07
"!7!7 7# 7&" 7 !!# 7 77 %7# 77
" "$!77"7"7!7#! !77# 7" 7 !!# 77!!7
% 7!"5#""7" "!7$!""!77#"'7""/7
!7#"7" 7!7"7!7 !!7"7% 07#"7 !77
"!77"7 #77""7"7"!7$ '77!"7%'!/7
!"7#"7 !07"7$"7!7!"7 "77"7
"7""!07% 77 7%!7 $ !07%"7"7 "7&"77
7"$!7!""!777%77!07$7!"7 $#!07!7
" 7 "7 7! 7 7! 077$7#"7" 7$!""77
# !/77#77# 07#7! $7 $ !77!" "7
!7!!"7%"7"7&!7777"7"!7
""7 7#!07#"7" 7 $#7!7 7#"'7
!/77
" 7# 07#777 '07 7
'77!77#"77"7 "77 !"7$7!7
77"77" 7%7!"7"7! 77#"57"7
"$!777$!77 7" "/77#" 7# 07
!" !7$7!77" 7%7%7'7%! 7!7 7
!" #7!7!7!!"7%"7"7 !77"7" "7" "7" 7
,7
**
*#*
*****
)*
*)***
****"** *
*
*#*
******
**
***
****
#*
**#**
**
*****
**
*
****"*
***
#*
****$**
*
( *
*****
***
*
**
*
*'***
**(%*
( *
*
*********
*
***
**)*****
******
**%*
( *
***********
*****#********
***
**"**
*
**
**
*******
**
*
***********
#*#***
*"*
*
** **#****
*
*********
***
***"***
***)
*
**)
*#***
****$**
*
( *
*******
*
*
%**
( *)**
*
****
***
****
*
*#****
*****
**
*******
*'*
**********
(%*
( ****
***
****
************
***
"**
*
****
*****
*****
************
***"*
*****
&****
**
***********
*
**
******
*
*
"**
*******
**
"*****
**
****
***
#*
**
**
**'**
**
*
***
(#**
********
*
**
"******
*
#*
*
*******"***
** **#*********#*
**
**********
**************
****"*****
**********
"*
!*
4#$%44 4%4%(%*2#$%4%&#*4$4(%$$4#%4$44
%44# &4%4( #.4$4#! #%4!# '$44 '#'(4 '#4%4*#$4
%%4$ 4%44&$%#$44$$$$$4(%4%4 #%4
!% $4#.4 4 4%4%#$4*$4 #%44%4%4%(%%4
%&#*/4$&4$4%4 4#%% 4 4 $%4%'$ 4&$/4%4
4 4!4!#%4($!!#4#&% 44*4 &%#$/44%4#$44
%#%4$$44&$.4 4%#$/4$&4$4%4#4 44(4
%4$#4$/4%4)! $'4# (%4 4$ 44$%$/44%4
$!#4 4 4(4$$/4#4 #4#%4! .44#4%#%(4
(%4#%4 #$4 44&$/4&$%#*4$%#&%&#$/44! $4%%44
$ %$4$*4$#44%#$4#$&%44#%4' !%$44
#%44$*$%$44'4#%4!% $4 #4 &#$44
#*4# 4 &%#*4% 4 &%#*44!4% 4!.4
4$44%44%%4#4$&4%#4!#%$4 4 &#4'#**4
4! %4'$4'44%4$&%4 4 $%4$$4 4$&$$ 4
#4 4#$ .44#$4 4%4% $4#!#$%$44!# &44
4 (4(4 &%/4 (4
(4%#%/44 (4(4#4
&%4%4( #.44*4$$4
%*4'4$'#*44%4
#%4 &#$%4# &%$4
4&$$$4!#%$4 4%4
4 #$% $4(4'4 #4
%4%%#4!#%4 44%&#*4#4
4% 4!4&$4 #4 &%4
!&4#$.4%4
# $%44($!!#4
!$4# &4%4( #4#4
$%#&4% 4&$%4% 44(4
4'# %/4#4
# 4 #4# $%#$4
4%404%#14#4
%'$ 4%( #$4 4/4/4
444%4#+4%44 /4 '#4!&4$#'4# $%#$4
4#4,,'$ $/44444#*/444%*/44%44
4%4/4% 4!# %4($!!#$4#4# 4%4
4 '#4
%44 4
4% 4%444%#4$$4(2 (4 4
#%#.44
$4 #$% $4#4$ %$4$$$4$4 $&#$4$%&44%4
%#4!%$4 4%#% /4&%442"&!!4 #444( #/4 &4% 44
&%2œ&'#4*4&$%%44&&#4%4!&#4!*#$.4
&%4(4*4 4%$4*44'44 $%4'(#$44##$4
4%#4%#% 4!% #$/444$ 4$$4#4!#%$4 4%#4#'&$4
% /4%*434 #4 44 #4/44$!%44%%4$4434#4
$ &%*4%#44%#$4 4(%44 4($4$4!# &/4( 4!# &$4
%/44 (4(*4%4$4$$%.444%4%4 &%#$4 $#4
#/4($!!#$44# $%#$4 %&4% 4#! #%4 #4($/44#4
#4! !4(%4($/4%4*4 %#44 44 #$% $4 .4
'&$4# 4*4 !#% $4 %&4% 4&#(#%4#4 #4 &#$4
%4#'&$4# 4(4%4'%&#$.4
“
“
-4
D%*'%$(D$D)(D'%$')D(D)$D()%D D'$"D)D*'#D$D.C)$C.D
'*###D$""#)'.D$#D)(D$'D))D%')*!'D#,D"D()')C*%9D!.D
"D$"%#.D'()'*)*'#9D$'D()*###D#,D())()D$*)D)D#*"'D$D
%$%!D*(#D($"D,()D$'D"$!D%%!)$#D#D%'$+DDC%)*'D
$+'+,D$D$,D$*'D"D+D#D$+'D)D!()D8D#()D$D
$*(#D$#D#+*!D$"%#(D$'D#*()'(9D)D'%$')D$"%'(D#(D
#D'#)D"D(.()"(D#DD'#D$D'#)D"$'(9D$#('#D
)D$+'!!D+!$%"#)(D#D)D"#D"D()$'(D))D)$)'D#D$*'D
"D#+'$#"#)(8D!$#D)D,.9D)D$#'$#)(DD()D$D'&*#)!.D"D
())"#)(D$*)D$*'D*''#)D"D#+'$#"#)D,)D)D$#D .D)'#(D#D
)D'(D$D"D*(9D"D"' )(9D#D"D%$!.9D#).#D$)D
($"D('D)'#(D#DD#*"'D$D"%$')#)D'#(D'$((DD(!)D
("%!D$D$*#)'(D='/!9D#!#9D'#9D'"#.9D#9D)!.9D)D
9D
#D)D>8D(D)(D)D#D$D)D"((D*#<D(D)D#)'#)D !!#D)D
#,(%%'<D'D$*'D"D(.()"(D$"#D?"'#(@<D(D'DD
&*()$#(9D'&*#)!.D( 9D#D)D#(,'(D+D%$)#)!!.D%'$$*#D
"%!)$#(D$'D$*'#!()(9D$'D)D"D*(#((9D#D$'D%$!)#(D#D
)/#(D#D"$'(D'$*#D)D,$'!8DD
D$!D$D)D'%$')D(D)$D((((D,)D(D=#D(#@)>D%%##D)$D
'#)D"D(.()"(D)DD#'!D!+!D#D)$D((((D,)D)D"#(D$'D
"$'.8D*(D$D)(D"D)D"%((D(D%'"'!.D$#D,)D)D
$#$#D)'#($'")$#(D+D"#)D$'D$*'#!("D#D#,(D"D=')'D
)#D)D"D#D#)')#"#)D()$'D(DD,$!>9D#D#D%')*!'D$'D
D=(D)D"$()D,!.D*(D#,(D"*">9D
D=,$D
$#)#*D)$D%'$*D"$()D$D)D$'#!D#,(D$#)#)>9D#D D=)D
()()D'$,#D"D%!)$'"9D,'D%$%!D#'(#!.D((D#,(D'$"D
!.D"D(D,!!D(D$)'D($*'(>81D
)D$$D$*'#!("D#DD+'(D'#D$D'D#D()'$#D#,(D"D'D
#(('.D%')(D$D"$')D$+'#"#)D("(D*#+'(!!.D'D*%$#9D
+#D)$*D)D%'(D#)*'D$D)D'$!D))D$*'#!("D#D)D"D%!.D
$'D$*)D)$D%!.D#D"$'.D(D(*)D)$D"*D)8D$*'#!()(D+D
$'D'#)D!()(D$D%'#%!(D$)#D#)'D$#D%'$(($#!D$#'#(D! D
*'.9D'#((9D#D#%##8DD,)$D'$*%(D! D%$')'(D
,)$*)D$''(D#D#)'#)$#!D$'#()$#(D! D9D)D$'!D
# 9D#D)D$*#!D$D*'$%D+D!!D"%((D'#)D!!D#D
%$!)!D%'$#)$#(D$'D"D'$"D"$'D#'!!.82D"(D+D
!($D()'((D)D"$')D"%$')#D$D)$(D%')(D$D$*'#!("D))D %D
%$%!D#$'"9D'%'(#)D'#)D%$#)(D$D+,9D$()D#!*(+D%*!D
)9D$!D%$,'D)$D$*#)9D#D#$*'D($!D"%).83D=!D
*#'!##D))9D%'#%!(D#D)'C##'D(%(D(9D)*!!.D-()#D
#,(D"D+9D$'D"$()D$D)'D()$'.D#D"$()D$D)D,$'!9D#D!)C
$'#)9D(*('+#)D)$D$*)(D#)'()(9D#D%')(D$D,'D()'*!(D
D$D%!.(D#D"%$')#)D'$!D#D(("#)#D#,(D#D"#.D$*#)'(9D#D%')*!'D'*'!D'(D#D$'D#()#D
#9D#D, !.D#,(D"/#(D'D"%$')#)D#D$*#)'(D! D'#8D.D,!!D#$)DD(.()")!!.DD
-"#D'8D
2DD88D?D+!$%"#)D#)$'(:DD'",$' D$'D((((#DD+!$%"#)(@D
))%:BB*#($8*#($8$'B"(B0014B001431B1431028%;D%%D$''(D=8>9D?,DD#D$+'##D
$'"@9D))%:BB()'($*'(8,$'!# 8$'BB($*'(B*!#)#!$$ 8%D=2012>;D#D?#%##)D
)*.D$#D#)$'(D$'DD!*'!("D#D)D"'D))(:D$,'(DD( D(D%%'$@9D
))%:BB8*'$%8*B#$'")$#A($).B"A)( $'B$B%!*'!("B()*.B#!A'%$')A078%D=!!D((D*8D2012>8D
3DD88D"').D#9D?D!$'.D#D)D!"((D$D)D##D,(D@9D 9D5D#8D2012;D$#D
#9D
D="':D$!).D'((9D1771>;D#D!D*($#9D D="':D$!).9D2006>8D
1
4D
+.%H )%+H')+*H&H+H'&# + #H*0*+$=H+H,* %**H.&)#=H%H - #H
*& +0<BH
%H+ *H)'&)+=H+H$'* *H *H&%H**** %H.+H)%+H%*H %H
$ H*0*+$*H)&,%H+H.&)#H$%H&)H!&,)%# *$D*H' +0H+&H"'H
'&'#H %&)$HGH!,*+H&%H&H+H$%0H+ %*H +H *H&+%H*"H+&H&H&)H
$&)0=H,+H),#0H +*H$&*+H *+ %+=H%H"0=H&%+) ,+ &%<6H
')*%++ -H&-)%$%+=H*H&%H+H),#H&H#.=H)#+ -#0H)H%H )H
#+ &%*=H%H)&$H&H/')** &%H%H**$#0=H')+*H!&,)%# *$H*H.H
,%)*+%H +H+&0H0H+H#*+H#HH%+,)0<H,+H)H%H- &)&,*H%.*H
$ H)H+&0H)&,+ %#0H# *+H
#&%H. +H+),*+.&)+0H#+&)#H
*0*+$*=H'#H')# $%+*=H
+ -H/,+ -*=H%H
%'%%+H!, ) *H*H
$&%*+H+H"0H %*+ +,+ &%*H&H
&%+$'&))0H$&)0H
,*H+0H)H+H$ %H
',)-0&)*H&H+ $#0=H%)##0H** #=H%H,)+H %&)$+ &%H&,+H
',# H )*<7H) &,*H'&# + #H')+ *=H %+)*+H)&,'*=H*& #H$&-$%+*=H
.+&H)&,'*=H%H*H##H&%+) ,+H+&HH$&)H&)H#**H -)*=H
%#,* -=H),$%++ -=H%H$'++ H',# H# =H%H')&- H'&'#H. +H
-) &,*H.0*H&H + %H&)H+ )H #*H%H %+)*+*<H,+H%&H&%H %H
&%+$'&))0H$&) *H&*H*H$,H+&H"'H'&'#H)*+H&H',# H
)*H*H!&,)%# *+*H&<H*H
$*H *&%H',+H +>HCH'&',#)H&-)%$%+=H
. +&,+H'&',#)H %&)$+ &%=H&)H+H$%*H&H(, ) %H +=H *H,+HH)&#&,H+&H
H)H&)HH)0?H&)=H')'*H&+<H%&.#H. ##H&)-)H&-)%H
%&)%>H%HH'&'#H.&H$%H+&HH+ )H&.%H&-)%&)*=H$,*+H)$H
+$*#-*H. +H+H'&.)H. H"%&.#H -*<D8H*H.&)*=H. H+H
&,)+H')* %+H&H+H% +H++*H.)&+H %H3:44H&,+H+H $'&)+%H&H
,+ &%H %H+H0&,%H$&)0HHH')* H&-)=H'+,)*H.##H+H
%+)#H)&#H!&,)%# *$H%H'#0H#$&*+H+.&H,%)H0)*H#+)=H*H+H
',)-0&)H&HC'&',#)H %&)$+ &%D<9HH
,*=H+H+ )H$&)+ H*+=H%.*H$ H$'&.)H + 1%*H0H
"' %H+$H %&)$H&,+H=H',# H$++)*<H%H*&$+ %H
*'+,#)H# "H'+$)H33H&)H+H,$ H+))&)H++"H''%*=H
!&,)%# *+*H)H+H )*+H+&H' H+&+)H%H',# *H+H* H#$%+*H&H
C.&D=HC.+D=HC.%D=H%HC.)D=H+ $#0H %&)$+ &%H++H*H)+H-#,H %H
+*#=H-%H H&+)*H. ##H-%+,##0HGH$&%+*H&)H0)*H#+)HGH&))+H+H
)&)H%H')&- HH$&)H&$'## %H%H&$'#+H&,%+H&H+HC.0DH%H
+HC*&H.+@DH%H*&$+ %H %&%*' ,&,*H,+H'&+%+ ##0H $'&)+%+H
''%*H+H#&#H +0H&,% #H$+ %*=H %H,* %**H&))&&$*=H,% &%H& *=H
&)H*&$.)H#*=H!&,)%# *+*H)H+H&%*H.&H-HH-&+ &%#H %+)*+H %H
# *+% %H+&H+&*H %-&#-H%H.&H. ##H&* &%##0H) %H') -+H')&#$*H
&H',# H $'&)+%H+&H+H++%+ &%H&HH. )H, %<H,H!&,)%# *$H
# + $+#0H*)-*H&,)H %+)*+H&)H -)* &%H%H%+)+ %$%+=H,+H +H#*&H
*)-*=H %H#+)H ''$%D*H$&,*H%#&0=HC# "H+H$H&HH*)# +H
++H$&-*H)*+#**#0H&,+=H) % %H&%H' *&H%H+%H%&+)H&,+H&H
“
“
H))+H
<H%*=H
A/&)>H=H4229B<H
H&% H#&%*&H+H#<=HA$) >H=H4233B=H%H&)+H<H#=H
HA.H-%>H#H% -)* +0H)**=H3;:;B<H
8H
$*H *&%H+&H<H<H))0=HC' #&,>H,) %H+H',# D=H++'>EE')**F',*<, &<,E&,%)*EH
&,$%+*E-33:*57<+$#HA**H,<H4234B<H
9H%H3:72=H52H0)*H+)H *&%H.)&+H&,+H,+ &%=H%.*'')H ),#+ &%H %H+HH.*H*+ ##H&%#0H55H&' *H
')H3=222H % +%+*<HH&,% %H+)*H&,#H*)#0H-H $ %H&.H$,H+H$ H.&,#H%H&-)H
+H%/+H+.&H%+,) *<H
6
7
9H
&"''@"(#@*'#"=86@#&&)$(#"@"@$# ('9@#&@,!$ 9@!-@@)"#*&@
-@+'( #+&'@;'@"@(@"' /#@'" @((@&#@&. @"@(@) @
#*&"!"(@"@2004<9@@' $@#@(#")@;'@+"@&!&'@-@(@&!"@#@
(@&) "@"(&@&(-@'(@"@!#(#"@(@2005@!$"@""@'" @"@
" "<9@-@(@ @#@$) @#)!"('@;'@+"@ '@&#!@ '@
'!@(#@#)!"(@((@#"@"='@"(@&#&''*@ "@
#*&"!"(@@&@'@(#@')&**@@*#(@#@#""@"@(@#@@
"@2006<9@$# @"*'((#"'@;'@+"@#&&)$(#"@&'@+&@ *@
"'(@'*& @!!&'@#@(@& )'#"@#*&"!"(@(&@(@2007@6@
')!!(@"@( -<9@-@"'@'#)&'@;'@(@(("#)&(@&@"@&"@"@(@
$& !"(&-@,$"''@'" @"@(@
<9@#&@-@# @$&#')(#&'@;(@
@#"(&)(#"'@'" @"@&!"-9@'@+ @'@(@!) ($ @'" '@
')&&#)""@(@ #-'(@@&!#@"@(@@"@2004<8@)(@"@ @''9@
(-@&@&#)(@(#@$) @(("(#"@?@@(@ @?@$&!& -@-@#)&" '('@
+#&"@#&@"+'@!@#&"'(#"'8@@'$&@#@"+@"#&!(#"@"@
#!!)"(#"@("# #'@*@ ((@!#&@"@!#&@!(@
"(&$&'#" @#!!)"(#"9@'@(@'&"@#@#"("(@*@#" "@
"(+#&'9@"@&@+ -@)'@#&@''"@"+'8@)(@'#@&9@+@'""(@
"+'@$&#)&'9@+(&@#&>$&#(@#&@"#">$&#(9@$&#''#" 9@$&#>!@
# #&(#"'9@#&@"(& -@) (@&#)"@(."'=@#+"@*# )"(&@#&('9@&@
+# -@'@#" "9@"@!#'(@#@(@"+'@'&@#" "@#"(")'@(#@#!@
&#!@ -@!@#&"'(#"'8@
'@!#&(@&# 9@'@(@#"'@+#@+ @( @(@$#$ 9@'@#(@
!&@"@'(#+@?@(@'@(@(@&(@#@+(@!"-@#)&" '('@'@
(!' *'@'@#"@(@(&@'(9@"@#@+(@(-@&@#("@'"@'@#"@(@
(&@'(8@'@#'@"#(@!"@((@(-@ +-'@')@?@'@+@*@
+("''@"@(@&$#&("@#"@"#">,'("(@+$#"'@#@!''@'(&)(#"@"@(@
&)">)$@(#@(@2003@> @"*'#"@#@&%9@"@(@ !#'(@'"(@#*&@#@
(@(#&'@((@ @(#@(@"" @&''@((@,$ #@&#)"@(@ #@"@
20069@#&@(@ -@ )&'@(#@ @+(@ #">(&!9@' #+>)&"@'')'@ @ # @
!(@"8@#&@#'@(@'$&(#"@!"@((@$#$ @"''& -@("@
#)&" '('@')@?@'@'@ &@&#!@(@#("@ #+@ * '@#@(&)'(@"@(@!9@
(@+'$&@'"'@!"-@$#$ @*@((@"+'@'@"#(@"@&$#&(@#&@
(!9@#&@*"@"@@ ")@(-@"@& (@(#87@)(9@+&('@"@ 9@"+'@!@
'!@(#@#@@((&@#@#@$"@$#$ @"#&!@("@"-#"@ '8@;"@@
+-9@&%)"(@'$$#"(!"(@'@(@'(@*"@#&@@,$((#"'8<@
'&@"@@*&(-@#@'(("'@'@'#+"@((@$#$ @+#@$-@(("(#"@(#@
$&#''#" -@$&#)@"+'@&9@*"@#"(&# "@#&@#(&@(#&'@')@'@
* '@#@)(#"@"@"(&'(@"@$# ('9@!#&@"#+ @#)(@(@
+#& @&#)"@(!9@*@@((&@)"&'(""@#@$# ( @$&#'''9@"@
&@!#&@ -@(#@(@$&(@"@!#&(@ 810@@
@@@@@@@@@@@@@@#&@ @(@'#&(#!"'@#@() -@,'("@#)&" '!9@(@'@+#&(@
$$&("@#+@'(#& -@)"%)@(@#$$#&()"('@(#@'(-@"#&!@!"-@
#@)'@*@&9@"@#+@& "(@(-@#("@&@#"@(@&@+#&@#@@+@
(#)'"@#)&" '('@+#&"@#&@(@+@)"&@"+'@!@#&"'(#"'@
+#@$-@(!@(#@#@(&@#8@#-9@('@!@#&"'(#"'@&@""@
&$ -@"@#$&("@"@@ ""@"*&#"!"(8@
@ (&@$$!""9@#@;+@&)"'+9@:@&"'(#"@) '&'9@1775<9@3468@
@@#) &-9@#"@8@*"'(#"9@"@!@&!9@####"#!##
##@;'"'(#:@ &*@! "9@2010<9@"@($"@# !"9@#((@"(#"-9@"@*@@
#&&'#"9@#### "###
!###
#### @;,#&:@9@2007<8@
10 @$$@#&&'9@##"#####
@;!&:@9@2000<8@#) &-@
(@ 89@#9@1508@
6
7
6@
&6#!66$"!66 "66!&!"!6 #6"6% .6
"6 "6 $!66$ $%6$ 6%6"6 "!6 6# !"!36
"&6"666 6 666 "6%&!6!66
!#66# "6
" ! "!66"6
!" !6% 6"&6% -6
6"66&!!6!626
!&!"!3.6! "6 6"6
"66%!6666
$6#" &-((66"6
!&!"!6 6"6!.6
6!&!"!6 6"6"&6
".6%"#"6" 6
".6 66#&6!4
"-6#"666!"6
!6#!#&666 6
6!&!".66"6%&66
6!666 6"6
!&!"6 66 6&-6
6#!6 6!66%6
!#66!&!"!6 6
666 "# 66
%6 "6" ! "!6$6"60(16" 6"&6"6 $6%!.6
0)16"6$ !"&66%!6 $!.660*16"6 66%!66"6
#"6"6 -6" "6 6"6!"6$%6"".6%"$ 6!6"6
"6!6.6# !3!6!"6 ""6 666 &6!6"66
6 .666"!6" !6"" 66" 6%6 "-66
"" !6#!6%!656# !"6!6 &6!!.6# "66
"&6 "6#"6#6 !656!66 "6 66""6
66#!6#"&66"!6!!6"6$66!6"66
66!"!66% -66"" !6#!6 "66%6
$6 "6$%!66%"6#"!6!6#6 !.66 6"" 6! $66
"&66!6"%6 "6 !"$!-6"6!6"" !6#!6
""6"%6!$ 66 $ !66 $6!" !66
66"6""6#!6 "66%!66!.6%" 6
#6 6 $"-()66!6 ""6#!66#""&6&6"6
66"&6"#&6"6"6%!-6
66" 6" !.6$ &"6!6
6#656"6$ 6!656 6!6"" -6!!#6#"&606""#!6
".6$ &6#66"6&66"6 .66 6"666!# 16
!6 #&6!"".6 6%!6!6"" 6"6!!6%!.6 6$ !"&6!6
"" 6"6!!6$ !"&.66 6 6!6"" 6"6% 6 -66
!66!&!"!6$6$ 6"666 !!6"6$ #!6" !.66
6"6#"!6$$66!!!!6"6 "6"!6!6""6"6
" 6" !66"6!! &6666.666&6%6
$6$6!6" !6!""6 6" "-6
“
“
66-6666.6
0 /6.6)''+1-6
() 66!!#66$ !"&6!6%"6"%6 ""6"%!"!-6 !".6$ !"&6666"66 "# 66
!"60"6!66"6&6 # 66#6! $6 !" !66 !"66 !66&6
#" !16 " 6"6"6"6 666$ !"&-6.6$ !"&666!6!!66"6 !66
""6""6# 6#"&66"6#!62 6"6"6""3-6
((
,6
(+@(!%&'!!@'@ "%'@ #'"!&@"@"(%!& @"@
"(%&@%$(%&@ (@ "%@'!@'@&+&' @)*@"#'@%7@!(!@
"&@''!'"!@'"@"*@"(%!& @&@#(%&(7@'"@"*@'@!'%'&@*'@"'%@
!&''('"!&7@!@'"@*'@'@ !&@'"@#"#6@#'+@'"@#%"(@!*&7@
)%&'+@"@#%")&"!7@!@*@&& !'"!@%@!&&%+@('@!"'@
&(!'@"%@"(%!& @'"@#+@!@"!@!@!!@%"@!@ "%+6@@
@&&( #'"!@(!%+!@'@>#'(%@##%"@"@'@%#"%'@&@''@
"(%!& @&@'(+@#(%&(7@!@@'&@)%'"!&@!@*'@@'&@$('')@
!(!&@!@ !+@ #%'"!&7@#%")&@&" '!@"@@#(@""7@!@
''@'&@'+@'"@"@&"@#!&@"!@%'!@!&''('"!@#%"!'"!&@''@!@
@ !!(+@!+&@"!@'%@"*!6@"(%!&'&@#(%&(@'%@)"'"!@"%@
!+@#%&"!@%&"!&@('@&"@!@'"@ @@)!6@+@%@&(&'!@!@
"!&'%!@!@'%@*"%@+@!*&@ @"%!&'"!&@''@"#%'@"%@#%"'7@
#%"#!7@!="%@#(@&%)@#(%#"&&@*'!@%"%7@%+@!'"!7@
@&+&' &@!@+@%!'@#''%!&@"@ @(&7@ @ %'@
&'%('(%&7@!@ @#"&6.0@@%#"%'@"(&&@"!@'&@&+&' @)@?@
!"'@"!@'@)%++@#%"('@!@#%'@"@"(%!& 7@('@"!@'&@
!&''('"!@#%"!'"!&@!@"*@'+@%@!!6@%)"(&@%&%@&@
"!&'%'@''@'%@%@&!!'@!@&+&' @)%'"!&@!@"*@ @
&+&' &@%@&'%('(%@!@!@"*@*@!*&@ @!@%!'@"(!'%&@
#@#"#@!"% 7@)!@*'!@'@*"%@"@"'%*&@& %+@(!'@
!@#"'+@&'@ "%&6.1@"+7@'&@&+&' &@%@!!@!7@
(&@"@'@"&@!&@'*!@"(%!& @!@#"'&7@'&@!&@*@
)@ #'"!&@"%@"(%@ "%&@!@"*@'+@)"#6@
!!
!
!
!!!!
!
'##!@@%" @+>'">+@)"# !'&@!@""!@'@'@@#'(%@
")%@'@&'@@!@#@(&@(!%&'!@)"# !'&@!@'@#'+@"@
#%"&&"!@"(%!& @'"@#@#"#@!"% @!@'(&@#+@'%@&&( @
%"@!@"(%@ "%&6@"#(+7@'@!@&"@#@"(%!&'&7@ @
!%&7@!@#"+> %&@(!%&'!@''%@'@!&@'+@@!@
'%@%&#')@" #!+@"%@"(!'%+6@@
!'@+%&@)@&!@@#%"%'"!@"@'@!@)%+@)(@
&'(&@&#+@'@'@!'"!@)7@*'@"%#"%'@"!&('!'&7@
")%! !'@"%!&'"!&7@)"+@%"(#&7@!@ &@#%"(!@
%#"%'&@"!@%!'@"(!'%&6@(@!'"!+@"(&@%&%@%#%&!'&@!@
&&!'@#%"!'"!@"%@" #%')@*"%@@'&@%#"%'6@('@'"@%+@
(!%&'!@*'@&@"!@"!@!+*%7@*@!@'"@#@"(%@+&@#@"%@
*'@&@"!@"!@&*%6@&@'@" #%')@#"'@&!'&'@+ "(%@
%'!@#&'@#('@'8@<'"&@*"@"!+@!"*@"!@"(!'%+@!"*@!"@"(!'%+<6@
'"('@" #%&"!7@'@&@%@'"@&%'!@'@"&@!@'@)!'&@"@'@
+7@!@' #'!@'"@&&( @''@*')%@&@##!!@@'"@##!7@!@
@'"@##!@''@*+6@&@&@%%+@'@&6@" #%')@%&%@%+@
&"*&@''@ @)"# !'&@%@!"'@#%'% !@"%@""*!@@&!@
#'6@@'!!+@'"@#'@&@!)'@*'@##!&@!@"!<&@"*!@
"(!'%+7@"%@'"@&@'@'%"(@'@!&@"@"!+@@ '@!( %@"@"'%@
.0 @&#+@!@%@"(!'%&@@%,7@!7@!@'@7@'%@%@ &&)@!'%!@)%'"!&@!@'@&'%('(%@"@
'@ @!(&'%+@%" @%"!@'"@%"!7@('@!@ !+@%&#'&7@" #!&@&'@"#%'@*'!@!'"!@&+&' &@!@
'% &@"@" #''"!@"%@(!&7@)%'& !'&@!@!@'% &@"@ @%('"!6@
.1 @!@!@!!7@!!7@ &@(%%!@'@67@;@+&' 7@(@
!"*@!@
"%+<7@!!!
@/1=.@9/--5:7@2>/36@%!@&&%@'@67@;"'@!"% '"!@
##"%'(!'&@!@(%"#8@@"!'(!@!@" #%')@'(+@"@%'!@)&"!@+&' &<7!!
!! !.4=0@9/-./:7@/14>416@
.-@
"(!'%&>=>"'!>#% %,>'>!'>''&>=>&>!%>!> &!>&>
'(>)"# !'&>"'!>%>!> #"%'!'>*,&>%" >#>'">#7>
>'>"(!'%&>")%>%>%>%-8>!!8>%!8>% !,8>
!8>',8>'>!'>!" 8>!>'>!'>''&7>,>%>8>'">
)%,!>%&8> "%&>!>
%< %'>"!" &7>&>
& %'&>&8>',>%8>
!&&>'">&,8>*,>%!'>!>
'% &>">'%>&'"%,8>'%>#"'>
&,&' &8>'>%">!>"!'"(%&>">'>
&''8>'%>&">!>"!" >
&'%('(%&8>!>'%>#"&'"!>!>'>
*"%8>&>*>&>!>&-7>9> %!>
">%%"%>"!>'>!!>!&(&>&>
'*!',<)> "!8>"('>)>' &>'>#"#('"!>">!!7:>" !8>
'&>"(!'%&>"(!'>"%>"('>2/6>">'>*"%;&>#"#('"!>!> "%>'!>
>'>#"#('"!>">(%%!',> "%'>"(!'%&7>,>&">%#%&!'>>
&'%',>&'>& #>">%!'>!&>"> "%&>9 "%>"%>&&>
*>"!&:8>%!'>)&>">(!>9"*<8> <8>!><!" >
"(!'%&:>!>&'"%,>)"#> >&,&' &>9*'>%!'>!%'>
%"&'!>&,&' &8>!*&##%>!(&'%&8>!> >#"&:7>>
>070>#%&!'&>&" >,>&"8>"!" 8>#"'8>!> >
!'"%&>"%>>"(!'%,>'">#%")>&" >"!'+'>"%>'>!,&&7>'>(&'%'&>
&" >">'>%')>& %'&>!>%&>>%" >">'>#%&&8>'>&''>">)>
!>#"'>%'&8>!>'>!'%',>">'%> "%'>&,&' &>9"!>>'&>
"(!'&>>'>"(!'%&>")%>%>&"%>")>'>">)%:7>'>&">
(&'%'&>&" >">'>&!!'>%!&8>!>'% &>">(!8>$(',>">8>
!> >!(&'%,>)"# !'&7>"'>!>!>',>%>"!&"'>
"%&>*'>(!!'%%(#'>#"#(%>")%! !'>&!>'>'>053/&>*%>
"('&>"&%)%&>)>+#%&&>&" >"!%!>")%>%" >">'>#%&&>!>'>
!'%',>">'>#"'>&,&' 7>!>,'>"!>"(%!& >"%>%(!!!>> >
" #!,>&>">"(%&>!> !,>*,&>>)%,>%!'>'!>#!!>"!>*'%>
"!>&>!>( >"%>!7>%-8>!8>!>'>!'>''&>%>>)&',>%%8>
"%>#"#("(&8>!>!'%!,>'%"!"(&>'!>!,>">'>"'%>"(!'%&>
+ !>!>'&>%#"%'7>!>,'> >*"%>&>>)%,>%!'>#%"#"&'"!>
#!!>"!>*'%>"!>&>!>%.8>''&%8>"%>""%">=>>&>>
!!>)"'"!>!>'>8>*%>'%>"(%!&'&>)>!>>!>'>!>">
(',>&!>1///8>>%"*!>('>!%"(&>'%>!>%->!>!8>*%>">
#%"&#'&>%>"">&>'> >!(&'%,>%"*&8>('>*%>"-!&>">%#"%'%&>
)>>(%!>'>&'>8>)' &>">"%!&>% 8>&''>%('',8>"%>
)"!'>&#%'&'&7>#!>'&>%!&>!> !8>"!&%!>>'&>'>
"(!'%&>'"'%>"*&>"%>> "%>!'%!'"!>!,&&>"> >&,&' &>!>
'%!&'"!>'!>"(&!>& #,>"!>!,>"!>#%'(%>"(!'%,8>!>#%")&>>
#%&#')>"!>)"# !'&>!>%!'>"!'+'&7>
>!,&&>#%&!'>%>&>&>"!>'>#%")>,>!(&'%,>
&&"'"!&8>)%"(&>")%! !'>!&8>!>#%)'>"!&('!,>
" #!&8>&>*>&> "&'>"!>(!%>!'%)*&>"!('>%"&&>>
'>"(!'%&>!>""%'"!>*'>>!'*"%>">#%'!%&704>
“
“
>>!'*"%>!(&>)">&"%>!>%!!">)%>(!">9%-:8>!!(> !!>!>%>
%##!!>9!!:8>%!>&&%>!>>( #%'>9%!>!>% !,:8>"">!!>!>&&">"%!>
9',:8>!>,>(&&(>!>),&>
!>9!:7>>('"%>"!('>'>!'%)*&>!>"'>'>'>"!>
'>>!>'>7>
"!!>-"&'>#>*'>'>%&%>"!>'>7>
04
00>
0(+(+0 /! %0""#0,)''*-0
C
&0
0
0
%0
0
%0
0
0
! 0
-5/C
18/C
21C
4.C
-9-11C
2,C
2.C
/,3C
!0"+0
$0
,83-C
,844C
,844C
,85,C
,810C
,843C
,842C
,85-C
. 0
749.1-C
7019,41C
70,922/C
70,9.31C
7-9-5.C
7/19,3/C
7/19-2/C
7019314C
00.0
.8,6C
,846C
,826C
,836C
,826C
,826C
-8-6C
-8.6C
0!0
516C
536C
546C
536C
206C
-,,6C
536C
556C
#0
0
.36C
4,6C
0.6C
3-6C
0.6C
026C
136C
0/6C
0!0
0-6C
4/6C
346C
4,6C
16C
056C
4/6C
346C
00 0
0
$&+C$C
$C
$C
$C
$&+C$C
$&+C$C
$C
$C
<0/=C
<-,=C
<./=C
<-3=C
<//=C
<//=C
<-5=C
<-,=C
)C
'C
'C
'C
)C
'C
'C
'C
<38/4=C
<58.1=C
<48,3=C
<484.=C
<384,=C
<3854=C
<48-1=C
<48..=C
%0
$0
C
:C!"'&! C C@"&C&C$!C&C!$C C<'$$ +C* C$&%C+C%&!$&CC
'$%=9C' C(!" &C *C$!C?%C' C(!" &C"!$&C.,,59C($&% C
*" &'$C$&(C&!CC$!C!$C($&% C%$C &$C<&C$!C.,,3=9C&C! CC
!'%!%C$!C&C'$!" C'!(%'C%$(&!$+9C!$!9C C
C!%9C )%""$C$C
$!C!$C$%%C$ %9C &$ &C'%$%C$!C&C!$C 9C%!$%C!$C$!C!C&C$%%C$!C$!C
!'%9C!$+C *C%C!"C+C&C! !%&C & C &8C<C' C(!" &C *C%C
C!"!%&C#'&+C!CC &!$C ' CC*"& +9C&$+9C C'&! 9C%!$C,B-C! C C
% C%8C$!C!'%C%'$%C$!C!C&C"$%%C! C&C%%C!C-,5C &!$%C$!+C
$!'"C &!C9C"!&9C C! !C&!$%C&&C$C! C C *C,B-,,C! CC% C
%8CC!$+C *C%C%C! C2,C &!$%C ' C%'$%C!C&!$C"$!%%C C"'$%9C
(C$&%9C&C' &! C!C!($ &9C"!&C"$&"&! C C"!&C'&'$C'%C&!C%%%%C&C
%&&C!C!$+C! CC%C$!C,C&!C-,8=C
C
%C!C!' &$+C%"%&%C(C%!C"C(&C&C C
%!'$%C!C&C'%9C%C$ &C%!'$%C$#' &+C! &$&CC!&$8C
&C! C' %9C$( '%9C C&C%"$C!C($!'%C& !!%C$+C
(+C! C%A$"!$&%9C($&'+C"!%%C&!C " &+C($+C C
)C(C%!&%C C&C"%&C C%$"$% &C C%A%$( C)+%C
+C!" %C%C)C%C!($ &%8C$!'!'&9C&C$"!$&C%C%C! C
)&C)C! %$C&C!%&C$C !$&! C(8C C +C%%9C&C
$C! +C(C'"C&!C.,,4C!$C.,,59C C&C C!'%C%C! C&C$%&C
C!C&C&) &+A$%&C &'$+9C&C"$!C.,,,B58CC
C$%&C"$&C!C&C$"!$&C&%C'"C&$C$#' &+C%C>C
#'%&! %?C!'&CC(!" &%9C! C&CC&C<>%C&%C&C C!C&C
%%C' ;?9C>C&C &$ &CC&C )%""$;?9C>$C!'$CC
%+%&%C! C$ %;?=8CC%! C"$&C!C&C$"!$&C"$% &%C
+C&$ %C)& C&C&$C$%C!CC'%9CC$&%9C CC
"!+8CC! ' C%&! C$&'$ %C&!C&C' $+ C#'%&! C!C)&C&C
+C"&! %C!C'$$ &C&$ %!$&! %C$C!$C!'$ %C C&%C$!C C
!$%C$!' C&C)!$8C
-.C
!?'?&(
%?"?/-..6??&#?%#"%'?,???*&?'?&'?!??"!?
&'?"?=#%"?!!"(! !'&?"?;'?!?"? &&? <5.1??('"%6?
" ?'!6?%(?''?'?%&?"?'?!'%!'?!?#%'(%??&%(#'?
'?'*!''=!'(%,? "?!?*??*?"%!&'"!&?&(##?"!'!'?'"?
%?!( %&?"?#"#6?!?''?'?('(%?"?'? ?*"(?? "%?
% !'6?"'6?!?!%&!,?%!'?"!?&"?!'*"%&?"%?
&& !'"!5?(??&'?%" ? &&?"
(!'"!?'"?!'*"%?
"
(!'"!&?&?&"?!?"%&'?,?'?*=!"*!?&"""&'?
!(?&'&?&?*?&?,?)%'&!?(%(&??"?%?!?"?
##"6?*"?)?"'?#%'?'&$&##%!?"?'? &&?(!<5.2&
?!?"?'? &&?(!?&??#"'!',?#%""(!?'%!&"% '"!6?
'?!?"??#%"?*%?'?'% &?; &&? <?!?;'? <?"(??
(&?!'%!,5?'?'%?&'6?!'"!?!?"? ?%?'?
"%',?"?'?('?#"#('"!?!?'%?%?!?&& ?#"#?%"(!??
&%?!*&?!6?#'?' ?!"% ?!?(#?'"?'6?!?!!%??
&!&?"?"
(!',5?9?"(%&6?'?%',?*&?"'!?&6?#%'6?!?
+(&"!%,?!*&?"!&( ?,?"!,?&" ?!?*'?)%,!?)&?"?
''!'"!?!?'%(&'5:?
?)!?"%?'?;!?"?'? &&?(!<?%( !'?&? +6?
"*)%6?!?#%'?(&?'?*"%?'&?&? ("(&5?9"*? !,?#"#?
"&?'?'?"%?,"(?)??; &&<8?"*?"?',?)?'"?''!?"%?',?
%??; &&?(!<8:?'?&?(!"(',?'%(?''?'?%&'??"?'?
'*!',=%&'?!'(%,?&?&!??(%'%?%'"!?"?'?#%"%'"!?"?
?"(''&?" #'!?"%?"(%?''!'"!6?"!'!(!??'%!?*'?#?%""'&?
!?'?'*!''=!'(%,?)"# !'?"? ('=!!?%"&'!5?%,?
/-?,%&?"6?'? ?%&%%?5?(&&?( !?$(&'"!?'?('(%?
"?'? &&?(!5.3??!"'?"*?'?)"# !'?"?!*?!"% '"!?
!?"
(!'"!?'!""&?!?(&!&&?#%'&?!?'?!'?''&?
*&?%"!?%!&?!? %'?%%%&?'*!?%"&'%&6?=
&'%&6?!?'#"!?" #!&?!?#%'??('(%?"?!%&!,?
"!)%!'?"
(!'"!&?!?!%&!,?% !'?(!&5?
"'?"!)%!?!?% !''"!?)?" ?'"?#&&?>?!?(!'?
"%&?!? "!&'?'?(%!?'&?"? %!?"!" &6?%='"=%?
%"&'%&6?#,?')&"!?#%")%&6?!*&##%&6?!?"!!="!,?;#(%?
#,%&<?%?!%&!,?" #'!?"%?'?& ?(!?!?)%'&!5?
&& "?(&&"6?*"?&?"!'!'? !%?"%?%(##"?'"%?
<&#%&&"6?
*?!(&?'? "&'?#"#(%?'!?!*&##%?*&'6?&6?
#('&?'?&(!',7?;*?"#%'?!??*"%?!?*?)%,"!?>?!"'?"!,?'"&?
*"?#%")?!*&?>?" #'&?"%??)%,?& #?"')7?'?#(<&?
''!'"!5?!?'&?''!'"!6?!??(&%<&?)%,,?6?&?? '?%&"(%5<.4?
?(&%&?*"?"%?'?%&?"?&''?!??')&"!?9!?'?!?
"?&''? "!"#",?%"&'!:?"(?*'?'? "&'? ,??!(?"?
?;?!?"?&&?7?" !?(?%<6?&6?2&(,?/-..5?
?!(?&'&6?&&&& &
!?9+"%7?*?(&%&?!?&'&6?/---:6?!(?&'&6?
& &9+"%7?6?/--4:6?"?##"6?&&&#& &"& &"& &
&&&%&&9
"!"!7?%*6?/--0:6?!?"?%6?&&
&9&)6?
7?'&'%?(&!6?/--4:5?
.3 ?5?(&&?( !6?&&&&&?9 %7?6?.44.:5?
.4 ?&& "?(&&"6?!'%)*?,?&&"?"%!5?
.1
.2
.0?
##!';F+$F(&F(F$#'$!($#F$F"#-F#+'%%&F"& ('F#F(F
'(&#F+$&!F#F(F084/'F#F085/'F#F$&F(F&'F$F(F#(&#(F$)!F
&F(F#+'F&$"F"-F!FF$.#F((!'F=)')!!-F$#!-F$#F$F+F
+$)!FF!$!>;F*F"$*F&$"FF!$+D$F#*&$#"#(F($FFD$F
#*&$#"#(F+(F$)#(!''F$%($#'F*!!:1/FF,%#'$#F$F$F'F
#F%&()!&!-F'%()!&F#F#;F+&F(!*'$#F"& ('F+&F$#!-F
$%#F($F%&*(F&$'(&'F#F
0880;F##F(F'D!$#F
"$#$%$!-F$F(F'((F##!F
$$&&'#:F# F)&;F#F
&F$F'%!F%&$('F(FF
#F*D%&'#(F$F(F&$'(F
($&'F''$($#;F*'FF'#'F
$F(F'%F$F&$+(;F#F
%&()!&F$*&F(F!'(F<FA-F1///;F#FF*F(!*'$#F##!'F#F
(F$)#(&-:F$+F+F*F"$&F(#F6//:BF10F
#F(F"$'(F)'&'F*F&!-F&)"'&F%((&#'F$F"F)';F
?##!F&%&($&'@F$#(##F$#!-FF+F$F(F)#&'F$F##!'F(-F
'+(;F$#!#F('F((F&#F("F ;F("F#F#;F($FF(#-F
&($#F$F(F!"$'(F##(F#)"&F$F+'('F((F($'F+(F#(&#(F
''FF*'(;F)(F"$&F$"%(($#F#F(F#&'#!-F*&'F&#F$F
$%($#'F*!!F*F&$F(F'.F$F"$'(F*&--F"''F)#'F#F
#&'F(F#)"&F$F#F)#':11F
“
“
"#!#''''''
F"%(F$F(F#&'F$F*!!F($F"#-F%$%!F'F#F%&()!&!-F
!&F#F%((&#'F$F(!*'$#F*+#F&$)#F(F+$&!;F&)!-F(F%&"(F
!(F(+#((D#()&-F"''F")":F#-F"$&F##!'F*F!$'(FF!&&F
%&$%$&($#F$F(&F*+&'F$*&F(F!'(FF(#F%F%&#(F#+'%%&'F*F$F
(&F&&':F'F'F!&F&$"F)&F1:0;F+F&('F(F$"#F'&F((&(F-F
(F(&F!&'(F(!*'$#F##!'F#FF$F(F(F$)#(&'F$*&F&F&$"F
1///F($F1//8;F(F&$+#F#)"&F$F'"!!&F##!'F$)#(F$&FF!&&F#F!&&F
'&F$F*+#F#F!!F$)#(&':F*#F#($F(F088/';F(F+'F#$(F)#)')!F$&F"$&F
)&$%#F&$'(&'F($F&+F3/E4/9F$F(F)!(F)#F$#F#F*&F#(:F
=+F#+'%%&'F*&F#$-F('F #F$F&;F(F,%($#F#F,%($#!!-F
')'')!F!$!F"$#$%$!'F#F'$"F&'F#FF#)!F$F(!$F((!'F#F#$&(D
+'(&#F)&$%;F#+'%%&'F! F(F
F#F:>F$-;F+F#*)!F##!'F
#F,%(F"$&F(#FF1/9F$&F(F"$'(FF2/9F)#F'&:F#F#F#F(F;F!F
$F((F+$)!FF*&-F$$F&')!(F#:F=&.!;F+&FF!$$F!$#F'(!!F&+FF
349F'&F#F1//8;F'FF!&F$)(!&F#F('F&'%(:F'F!F"!;F&($&F$F$)&#!'"F
(FF!$$;F'-';F?!$$F(! 'F($F*&-$-:@12>FF
1/ F& )'F&$&;F&'%'''''''''' 'F
=+F$& <F;F1//6>:F$& #F+(FF("F$F&'&&';F:F)''!!F)"#F'F'("(F((F(F&($F(+#F
"#F=("F'%#(F)'#F">F#F')%%!-F="#)('F$F"F$#(#(F*!!F#F(F*&F$)'$!>F&+F&$"F
0<71F#F085/F($F0<773F#F1//4F#F(F;FF"$*F&$"FF+$&!F$F?%)'F"@F#F+(F(-F!!F?)"#F'!F$'@F
(+#FF#(F#F"#!F#)"&F$F$%($#'F($FF+$&!F$F?%)!!F"@F((F+F#F$#!-F#*(F-F&!-#F$#FF
$"#($#F$F(';F)&'(';F#F*&$)'F(#!F'-'("'F$&F'&;F!(&#;F#F&$""#($#:FF:F)''!!F
)"#;F$#F
#F& ;F#F!!$(F# ;F?& #F(F!$+F$F#$&"($#F#($F(F$"<F#F"%&!F''''"#(F$F
(F(!F*$!)($#F#F(F#(F((';F085/D1//4@;F'''$'5F=1/01>;F0/11D30:F
10 F# F)&;F#(&*+F-F*-'F
#:F)&F'F'#F$"F$"")#($#'F*'&F($F&"F
#'(&F#"$#F#:F
11 F
"'F:F'(&;F?F)!(-F$F<FF(&)()&($#!F$&-F$F)!F((#($#@;F'$F10C0F
=1/00>;F32D55:F
12 F!F"!;F#(&*+F-F*-'F
#:F(F'F"%$&(#(F($F %F#F"#F((F!$!F#F&$#!F)#'F&F$(#F
")F"$&F$##(&(F(#F(':F*#F#F#F#F(F;F(+$F$F(F"$'(F&"#(F#($#!F"F"& (';F!$!F
(!*'$#F'(($#'F'(!!F&$)(#!-F&+F3/9F$&F"$&F$F(F)#F#F(&F"F"& (F$&F*#F(FF'((F!*!;F#F
(+$F$&F(&F#+'%%&F$"%#'F$"#(F"$'(F&$#!F"& (':F
03F
&C #"C&C!#&'C#(&# &CCC' )&#"C&'C"C$#$ C C
*'";C('CC*C"" &C'#C##&C%#!;C%#&'%&C#( C+$'CC
"(" ,C!&&C("C#%C!#&'C$%#%!!"C=" ("C"*&C( '"&>:C
#,;C)%,C!"('C#C$%#%!!"C&C#!$'"C"&'C#-"&C"C#'"C
("%&C#C '%"')&;C"C)"C'C!#&'C&(&&( C %C"" &C%C
%( ,C #&"C("C'#C!#%C&$ &C#!$''#%&:C"C0...;C//8C#C
!%"C' )&#"C
#(&# &CC&&C'#CC
/..9C"" &:CC
,C0..6C'C"(!%C*&C428;C
#%"C'#C &"C&%:CC
"CC%!",C*%C!( 'A
"" C' )&#"C*&C %,C
'C"#%!C#%C0...;C'C
'%(!)%'C#C;C;C"C
C&C!"C'#C%'"C
!(C#C'%C&%C&$'C
"%&C#!$''#";C"C%- ;C#!"'C,C ##;C&'"&C#(':C('C"C
!#&'C#'%C#("'%&;C'C!"C"" &C)C C #&'C/3B1.8C#C'%C("C
#)%C'C &'CC"C"#C&" C"" C!"&C'#C$'(%CC!#%',C#C
C)*%&C#"CC%( %C&&:C"C'&C&"&;C'C!&&C(";C("%&'##C&C
C!#%',C#C'C$#$( '#"C%#('" ,C$,"C''"'#"C'C'C&!C'!C'#C'C
&!C#"'"'C%#!C'C&!C$%#)%C#"C'C&!C$ '#%!;CC#"C'C%'%';C
&C'"C"C!",C#'%&C)C%(:C
C
C
“
“
/..8
7.8
%- C=A/18>
6.8
" "C=A038>
5.8
%"C=A028>
4.8
%!",C=A38>
3.8
"
2.8
' ,C=A/38>
1.8
C=A1.8>
0.8
C=A118>
/.8
.8
0... 0../ 0..0 0..1 0..2 0..3 0..4 0..5 0..6 0..7
<C(%C"C$%"'&&C&C'C"C"C#!"C("C&%C%#!C0...B7C=*%C'C%C) >:C
'C%#!C'C(%#$"C(#)&( C&%)'#%,;C%#'C#%C+ "C"C#(%" &!;CC#&;C"C
#!:C'C#"C"C#" ,C) C#%C0..6C"C0..7:C
C
('C'C&' ;C)%,,;C%',$ C!&&C("C&&#'C&$ ,C
*'C'*"''A"'(%,C%#&'"C&C#" ,C#"C&$'C#C'C!&&C("CBC
C*C!"C,C?!&&C("@CC %;C)%&;C#%$ ,C&$%&C
/3C
, %H% %H. +H+H*$H$ H&%+%+H@H') *H*) '+ &%H&H+H
+#- * &%H, %H&H+H3;92*A=H$**H, %*H)H-)0H$,H. +H,*H*+ ##<H
&0=H % - ,#H$ H-%+*=H)% %H)&$H*,%H+*+)&'*H&-)H
F')& #H)$&% *H+&H+&'F# +H*'&)+*H-%+*=H) %H+&+)H+H#)*+H
%H$&*+H+)&%&,*H, %*H %H *+&)0<46HH
%H4223H$&*+H$) %*H. +%**H+H'+$)H33H+))&) *+H++"H&%H
+H&)#H)H%+)H %H.H&)"H&%H+#- * &%<H@H #0H, %H*)H
&H+H$!&)H%+.&)"H%.**+*H%H+H##F%.*H#H%%#*H$&)H+%H
&,#H %H+H."*H+)H+H++"<47AH+H +*H'"=H38H$ ## &%H'&'#H %H+H
H.+H# -H&-)H&H
+H-%+<48H%&)$+ &%H
*H++"=H*H&,+H
&,+H+
+H9H
,#0H4227H&%&%H
&$ %*H&)H+H422:H
,$ H+))&)H++"=H
*')H- H')*&%#H
&$$,% + &%H&%# %H%H
- H'&%*H+&&=H,+H$&*+H
'&'#H*.H+*H-%+*H&%H
+#- * &%=H%H)H&,+H
+$H %H%.*'')*H%H&%H%.*H.* +*<H@%&)$+ &%H&,+H **+)*H# "H
+H4226H* %H+*,%$ H%H+H4232H + H)+(,"H#*&H*')H %H&$'#/H
.0*H,+H.*H-%+,##0H.+H0H# +)##0H ## &%*H&%H<AH**H&)) 0 %H
-%+*H-H#*&H).%H%, %#0H$**H, %*=H*' ##0HH)%H&H
)$&% #FH%H*'&)+*F)#+H*'+#*<H&) %H+&H #*%H*)=H+H
*+H+#- * &%H, %H %H.&)#H *+&)0H&%* *+H&H+H6<9H ## &%H'&'#H
.&H.+H+H#*+H')+*H&H+H&-)H&H+H422:H,$$)H#0$' *H %H
! %HGH$&,%+ %H+&H+)F(,)+)*H&H+H.&)#C*H'&',#+ &%<49HH
&'#HH+&H+*H$ H-%+*H %H$%0H.0*H@+)&,H')*&%#H
)&$$%+ &%*=H.H*)*=H%H# %"*H*H.##H*H0H''& %+$%+H
- . %A=H%H %)* %#0HH+$H %H%.H.0*H@&%# %H*+)$ %=H# -H
#& %=H$& #H- &A<H,+H$&*+H&H+HH&%+ %,*H+&HH')&,H0H
#0H$ H&)% *+ &%*=H$&*+H $'&)+%+#0H#)H)&*+ %H&)'&)+ &%*H
@.+)H',# H&)H') -+AH%H*,#H# %)H+#- * &%H *H*+ ##H.)H$&*+H
'&'#HH+$<H *H" %H&H$**H, %=H,%)*+&&H*H$%0H )%+H
'&'#H'0 %H++%+ &%H+&H+H*$H-%+=H*+ ##H/ *+*=H%H *H*+ ##H$&)H+%H
%0+ %H+H')&- %H&H#0H$ H&)% *+ &%*<4:H
“
“
!#"#''''&'
&*+H&H+H$ H-%+*H++H) %H+&+)H$**H, %*H+&0H)H%&+H
%.*H %H+H+) + &%#H*%*H,+H/'+ &%#H-%+*H&)H$&)H) +,#H *'#0*<H
&H +H *H)#-%+H+&H*"H.+)H+H$**H, %H&)H%.*H$&)H%))&.#0H *H
H+ %H&H+H'*+<H%H+)&,H+H#%*H&H+H)H&H % - ,#H
')&)$$*H%H&,+#+*=H# "H+H- .)* 'H&H),#)H-% %H%.**+*H&)H
H% #H0%H%H# ,H+1=H'%''''' H@$) =H>H)-)H% -)* +0H)**=H
3;;4A?H "H&,#)0=H%)*H''=H%H) ) H)&+1=H''''''@&%&%>H&,+#=H422;A<H
47 H&++H<H#+,*=HB$) %H.*H&%*,$'+ &%H,) %H $*H&H+ &%#H) * *C=H'
''$H57E5H
@4224A=H739F43<H
48 H
*&%H%*=HB38$H#,H+&H.*H*H)0H%&#*C='=H34H'+<H4223<H
49 HB ! %H#0$' *H).*H)*+H-)H#&#HH, %C=H'=H7H'+<H422:=H
++'>EE#&<% #*%<&$E% #*%. )E$ D%+)+ %$%+E ! %F&#0$' *F).F#)*+F-)F#&#F+-F, %H
@**H,<H4234A<H
4: H)+H&H+H,* %**H')&#$H&)H&$$) #H%.*H$ =H*' ##0H&%# %H%H %H+#- * &%=H *H++H +H *H)H+&H
&-)H),%% %H&*+*H&%H+H* *H&H,%') +#H#,+,+ &%*H %H, %*H).%H %H')+H0H,%&)*%H-%+*<H
46
38H
(C&&'$C#C"*) C"+'$$&'C#&C!#'(C"+'C'('C#" ":C(C'.C#C
#C"*&#"!"(C+&C(C (&"(*C'C)') -C#" -CC C+-9CC
)(CC#"C#"'&'C(C(#( C)"'C#C(#$C"+'C#&"'(#"':C(C'C
&C&#!C &C((C C"+'C)"'C&C ""C"C'.9C&#''C('C!"-C
#&"'C<( *'#":C&#:C+'(':C!# C'&*'=CC+'C+'C
'(!(C(#C&C608C#C(C) (C$#$) (#"C#C(C
C#"CC+ -C''C"C
1/0/C<#*& C&C#C CC#"("(C+'C748=917C<C"+':C(C"&'(C
#!$((#&:C&:C!" -C(&#)CC$&#&!!':C#)(C3/8C(C'!C
-&9=C#$C"+'$$&C'('C(#-C&:C(&#)C(C#!"C&&'$C#C
(&C$&"(C"C#" "C
(#"':C!#&C$#$ C("C
(-C*C#&CC"&(#"C
<C*&=9C"C+ C((C'C
'$ -C(&)C#&C(C"(#" C
'$C(( 'C((C#!"(C
#" "C"+'C$&#*'#"C"C!"-C
#)"(&'C<"C"C&":C
""C"C( -:C"
C"C&!"-:C(9=C"C#&C( #'C<C"C" ":"C"C&!"-:C
(C!A!&(C!"C"C(C
=:C(C'C '#C(&)C#&C'#!C')'') C # C
"+'$$&C+'('CBC(C!"!" C"C#C"C(C"C"C
#!C(#-C#(C#'(C"C6/8C&C"C(&C # C!&('9CC
*C+ :C&!"C#C(C+'$$&C#(-:C+C&$&'"('C
# C"C&#" C(( 'C"C(C
:C'-'9C>"C(&!'C#C(C)"C#&C"+'C
"C"#&!(#"C *&C-C"+'$$&C#!$"':C(?'C&C("C(?'C*&C
"C"C(C'(#&-C#C(C"+'$$&C'(#&9?2/C"'C#).:C&(#&C#C(C
-"(CC C&''C)#(""C(#" C((C&$&'"('C(C"(#" -C
'(&)(C<!#'( -C&'"=C -C"+'$$&'C"C&":C#")&';C>(C
"(#" C$&''C'C6C! #"C$&"(C&&'C*&-C-9CC$&"(C$&''C"C('C
#" "C#&'C(#(&C*C12C! #"C&&'9CC*C!"-C!#&C&&'C
("'C(#C#" "9C#)"&:C)&"C&&'C+#C&C'*& C(!'CC-9?20CC
C "":C(&#)C('C$&"(C$$&:C('C+'(:C('C!# C"C
( (C$$':C('C"(&"(#" C(#"C<(C""=:C"C
"(&"(#" C+ -C')$$ !"(C$&"(C"C24C#)"(&':C"C'-"(#"C#C
#"("(C-C(+#C#."C"+'$$&'C&#)"C(C+#& :C&'CC#!"C
)"C&C &&C("C(C&&'$C#C(C$&"(C$$&C(' C(C"-C(!C
#&C"C('C )'(&#)'C'(#&-9CC#!"C&C#C(C+&C"'C((C
'#C!"-C"+'C#&"'(#"':C+(&C&#'(&':C$&"(:C#&C#" ":C& -C#"C'C
$&() & -C'()"""C(#-9CC''#(C&'':C#&C,!$ :C !'C(#C
&C C(C+#& ?'C$#$) (#"C#"C"-C*"C-:C"C#"("(C&#!C#(&C
!$#&("(C"+'C"'C CC"C)(&'C '#C&'C!''*C
)"'C(&#)CC!) (()C#C#)( ('921C'$&C&(#"C#C
#"("(C&#!C(C'!C!"C$&#*&'C-C#(C>)&(?C'('C C(C
)"(#"C#'(C"C) -C)(#!(C'('C C## C+'C#" -C'C(#C(C
'!C$((&"9C
"C$&(C)'C#C(C*&-C'C#C''C((C '#C&*'C(C
&!"((#"C#C!)C#C#)&C!C "'$':C"C(C"#A#"C('C((C
(C&#'#"C#C!"-C)"'C'CC#&C!"-C(&(#C"$""(C"+'C
“
“
17 C>$#&(C#"C) C"(&'(C'(C#"C(C&#$#'C%)'(#"C#C&('C-C&#'("C&#)$C$ C-C+'C
#&$#&(#"?:C(($;@@'(# &'9##!9#&9)@"&'@#"') ((#"'@$) A"(&'(A('(A"#*1/0/@'((!"(@$) A
"(&'(A('(A&$#&(9$C<''C)9C1/01=9C
2/ C*C+ :C"(&*+C-C'!)'C
'C '"9C
20 C"'C#).:C"(&*+C-CC)!$&(9C
21 C(($;@@+++9$9#&@#!$"-@'C<''C)9C1/01=9C
05C
"$$$$$$$$ $$$
$$$$$$$$
$$$$
$
$$$$$$$$$$
$!$$$$$$$$$$$
$
$$$$$$$$
$
• $$$$$$$$$
$
$
$$
$"$$$$$$
$$$$$
$$$$
$$ $$$$$ $$$
$$$
$$$$
• $$ $$$$$$
$$$
$$$ $$$$ $$
$$$$
$$$$$$$$$$$$
$
$
$$$
$
$$$$$$$
$$$$$
• $$
$ $$$#$$$$ $$
$#$$$ $$$$
$$$ $$$$$$ $
$#$$ $$$$
$
$$ $$$$$$$$$
$
$$$"$$$$
$$
$
$
$
*' +M+M+M++M$%0M%.*'')M&$'% *M)M$&)M'&'#M+%M
+0M-M&)M0)*M+)&,M+ )M$,#+ K'#+&)$M&) %*M%M&+)*HM,*M%M
),*M&M+M&%+%+M+0M')&,AM+M(,*+ &%M&M.+)M+M %+)%+M *M
" ## %M+M%.*'')M *MM')** %M&%@M %AMMM*M) *M+M
'& %+M. +M$ )#M#) +0AM), %M %MM755;M*' #M)'&)+M++M
G%.*'')*M)M%&.M%M%%)M*' *@MM,* %**M&M*## %M.&)*M+&M
))*M%M*## %M))*M+&M-)+ *)*AM. M*M*,*+ %M+ )M)&#M %M
*& +0AM *M## %M')+@H88M
-#&'$%+*M %M+MM-M
%M')+ ,#)#0M)$+ M%M
)M&+%M,*M+&M ##,*+)+M+M
'& %+@M*M %+)%+M,*M).M)&$M
98?M+&M<:?M&M+M'&',#+ &%M
)&$M7555M+&M755>AM%.*'')M
),#+ &%M')M' +M# %M
7:?AM+&+#M %,*+)0M)-%,*M##M
0M8;?M %M,))%+M+)$*AM%M
%.*)&&$M$'#&0$%+M*)%"M
0M6<?@M$) %M$ M*&#)*M
# "M # 'M0)M-M+#"M&,+MG+M-% * %M%.*'')HAM!&,)%# *+*M
-M) *M+M')&*'+M&MG%&M%.*'')M+&.%*HM+)M+ +#*M# "M+M!#
# M#&*M %M755>AM%M%#0*+*M%M&$$%++&)*M %M&,%+)0M
+)M&,%+)0M-M%M' # %M&%AM') + %M+M%M&M%.*'')*M %M
&,%+) *M*M )%+M*M)%AM)$%0AM%M+M% +M %&$MLM&+%M
#$ %M+M %+)%+@89MM
+M *M%&+M*0M+&M *&#+M+M $'&)+%M&M%M % - ,#M%+ +0M&)M
%,*+)0M %MM#&#M&)M%+ &%#M$ M*0*+$AM,+M$&*+M&M+M- %M
- ##M*,*+*M++M%.*'')M&$'% *AM&)M##M+ )M,#+*M%M+ )M
)#+ -M#&**M&M*++,)AM&%+ %,M+&M'#0M%M $'&)+%+M)&#M)&,%M+M.&)#@M
*)M*,*+*M++M%.*'')*M)$ %M+M* %#M$&*+M $'&)+%+M*&,)M
&M&) %#M%.*M)'&)+ %M %M$&*+M'#*AM$'#&0M$&)M!&,)%# *+*M+%M
%0&%M#*AM%M')&,M$&)M&) %#M&%+%+M+%M%0&%M#*@8:M+M&%M
!&,)%# *+*HM$'#&0$%+M*,*+M++M&,+M;5?M&M##M)'&)+)*M%M
&))*'&%%+*M.&)" %M %M %#%M%M+MM.&)"M&)M%.*'')*AM%M*M
$%0M*M=5?M %M+M@8;MM
%M++M# +AM+M- %+M*+),#*M&M+M %,*+)0M*M.M"%&.M +M %M
$,M&M+M.&)#M)M %M.&))0 %@M#& M%.*'')*M)M&&$ %M %M
)1 #M%M*' ##0M) &%#M % M%M-)%,#)M%.*'')*M)M& %M
.##M %M% AM,+M$%0M+) + &%#M)&*+*M %M)1 #M)M,%)M')**,)M
%M- )+,##0M##M%.*'')*M %M$&)M#,%+M$&) *M)M#&* %M') %+M
))*M%M)-%,*@MM* % %M&M%.*'')*M %M&,)M*& + *M%M+M
')&#$*M++M$%0M&M+$MM,%)# %M+M $'&)+%M&M,%)*+% %M
“
“
MG&M ##M+M.*'')DHAM#AM79#,@M755;@M
M # 'M0)AM#
# ME&#,$ AMAM%M&%&%BM% -)* +0M&M **&,) M)**AM755>FCM
%K
)%2& *M&#M%M),%&M+ %&AM###ME) *BM)**+AM755:FCM+'%M )+M%M M)$'AM
#
##DME&%%BM) ) K)+K+ +,%AM755>FCM )M3)1K4AMG*M + *M&M)&$M.&M
')*M+&M%AM#"M&M)&HAM ##AM66M)@M755>@M
8: M)&!+M&)M/##%M %M
&,)%# *$AMG&.M.*M''%*HAM
++'BJJ...@!&,)%# *$@&)J%#0* *I)'&)+J&.I%.*I''%*CM%")M) %"M,%AMM ## AM%M)"M#K
)*+%AM##!#"ME),*BM!&,)AM755>F@M
8; M*+ $+*M)&$M+M %% *M% &%M&M
&,)%# *+*AM+MM,),M&M&)M++ *+ *AM%M + (,H*M)'&)+M
G)&- * &%M&M.*M %M+MHAM++'BJJ*+"&#)*@&&$@&)@,"J %) *J&%*,#++ &%*J$*,) %K
'#,)# +0J*++$%+J%%/;@ME**M,@M7567F@M
88
89
6>M
(F&##(F)''F#F(F "'F(-F#"&#"(;F"F')&$&'"F'F(F!-F'!F
"FF(!F((F'F'"F(F'!) ("#)'F&'F#F"(&"(F)'F"F "F"F
"+'$$&F&) (#"F"F!"-F$ '<F(F*"F')'('F((F(F"(&"(F
'F"#(<F"F"& <F(F!"F(#&F"F(F& F "F#F!)F#F(F
")'(&-;F
!!""""""""
#F)"&'("F+-F(F"(&"(F"F(' F!-F"#(FF(F!"F(#&F+F"F
(#F,!"FF*&-F$&() &F"F#F"+'$$&F((F(F'F'*& -F(&("F
EF(#'F)'(#!F(#F#$&("F F!''F&) (#"F!#"#$# ';F'F"F
#F"+'$$&<F$&() & -F!$#&("(F"F(F"(F(('<F+&F(F*'(F
!#&(-F#F(F")'(&-F'F # F"F#" -FF+F(( 'F F"<F(F"
"<F"F(F"
"F*FF> !(?F"(#" F&<F'F
)') -F"F'F#"F*&-F #+F#*&F$&'F"F& -F#!$&"'*F"+'F
#*&<FF$F((F"')&F+F&F"FF$&() &F!F!&(;F
'F&F#) F"F()&"FF#"*&(F"(#F'. F&*")'F)'FF
$$&FF"#F!"") F#!$((#"F#&F!"-F"'F#F*&('"<F!#'(F
"#( -F$&#( F '''F*&('"F" )"F#'<F)(#!#(*<F"F& F
'((;26FF
F"(#F(F1///'<F!"-F!&"F!(&#$# ("F 'F#'(F(F
&&F"#F!#&F("F14F#&F4/F"('F"F"&(F7/9F#&F*"F8/9F#F(&F
&*")'F&#!F*&('";F>"F#"(&'(<F#"(""( F)&#$"F"+'$$&'F
#("F#'(F(F '(F:0F"F"& -F"&(F#)(F F(&F&*")'F&#!F
' ';27?F"-FF(( 'F&F6/9F#&F'#F#F) ('F"F(&F # F&) (#"F
&F"F+&F!!"' -F$&#( <F#("F"&("F!&"'F#F1/9F#&F
!#&;F"F#&(&"F)&#$<F&F+'F&%)"( -F'F<F(#)F!&"'F
#+&F>&#)"F049F"F" "F"F&!"-?;F"F#)(&"F)&#$<F
"+'$$&'F"*&F"#-F')F&F#&F')F$&#('F>")'(&-D+F!&"'F
+&<F#&F(F!#'(F&"(F&''#"<F#)(F59F"F( -F"F)'(F19F"F
&"?;28FF
"<F)"&F(F#!"F$&'')&'F#F(FB&(F&''#"C<F#"(")F
&) (#"F "'<F"F(F&#+"F!$#&("F#F#(&F#&!'F#F
*&('"<F"+'$$&F*&('"F"FF"F(#F "F&$ -;F
+'$$&F$&"(F*&('"F F-F!#&F("F F&#!F1//6F(#F1/00;F'F(F
!&"F!F" -'(F#"F#&(#"F$)(F(=FB!#'(F")'(&'F((F #'(F!#&F
("F4/9F#F(F&*")F'(&!F((F#)"(F#&F7/9F#F&*")'F+#) F
$&# -FF#)(F#F)'"'';F(F"C(F$$"F(#F@AF"+'$$&'F+(FF
") F#F,$(#"'F)'<F"& -F'$"<F"+'$$&'FF')FF
$&#(F!&"';C3/FF'()(#"F '+&F+'F*&-F&"(;F )F)<F
* #$!"(F&(#&F&)$$#F(#& FC'$&''#<F,$ "'=FB"F" #D
,#"F#)"(&'<F(F ''F'F)'"''F!#*F&#!F$&"(F(#F#(&F$ -&'F
#"F(F+;F"F( -<F('F'"C(F"F!$#&("(F'#)&F#F$&#(F#&F(F$&'';C30F
''F&) (#"F!#"#$# -F"+'$$&'F+(F(&F$F*&('"D
')''F#*&F$&'F"FF#'(F'(&)()&F*F')&F!!"' -F
26 F"F(F087/'<F(&F+&F!#&F("F0<4//F -F"+'$$&'F"F(F;F" -F24FF&(F # F#!$((#"F&#!F
"#(&F"+'$$&<F"F(F+'F#" -F&#!F(F!D087/'F#"+&'<F+(F(F )"F#F"F"F+(F(F"
"F'( '"F'( (F$&"("F$ "('F&#)"F(F#)"(&-F#&F('F"(#" F(#"<F((F(-F"F(#FF
'#!F#!$((#"F&#!FB"(#" CF(( ';F>"F(F!D087/'<F(F"
"F'# F#)&F(!'F'F!"-F#$'F#"F
"(("F'F(-FF"F(F&'(F#F(F#)"(&-F#!";?F-F1/01<F ''F("FF#."F('F"FFF(+#F
#!$("F -F"+'$$&';F
27 F&"'(#"F#&F#"#!F#D#$&(#"F"F* #$!"(F>?<F""""""F>&'=F
<F1/0/?;F
28 F;F
3/ F#"F#&(#"<F"(&*+F-F'!)'F
'F '";F
30 F )#F)<F"(&*+F-F ''#F#&";F
1/F
$!:: !#:"#!::%"#(:!": ##:!:#:$:
###::%!#":7: !#:$"::#:#!#85:!""":##:
#:%!#":#(:%::": #::!:7&::##:#::
&#:#:#!#85::#:&":!#5::#:" :::&:(!"5::
"#::"":%!#":!: !#:&" !":#:"#"::
!""#5:"#!45:#4:7&::%!(:$:#::&#:#:#!#:
:&:&" !: ":!#:#:#84::#:5:::
#! #: (:##"5:&::$ :#:%"#:!#(::#:
$"#!(5: !" !:(:$#::::$":"#::
:!#"::&#:!&#::%!:%!#":' #$!":
#:##:!%$":!&:%:#$:!$#:#$:#:!:(!:
#!:(!4::#:+)))"5:!":%!: !":%: #:"":!%$":"#:
" #:: (:""5:$#:#:"":: (: &!:":##:
%!#":!%$":%: 5:!::"#!:::3-2:::
+))):#:3+0:::+))2:7$::%!#"::$#:3+41:84:
:
:
$$$$$
$ $#$
$
%$
-))
0)5)))
,.)
/)5)))
,))
$!$$"
$$ $
!$#
.)5)))
+.)
-)5)))
+))
,)5)))
*.)
+)5)))
*))
*)5)))
.)
)
)
*2.) *2.. *2/) *2/. *20) *20. *21) *21. *22) *22. +))) +)). +)*)
6:#:!:#:&" !:""#::!::#::"$"4:
:
:
:
$#:#":&(:!:: (:##":!:%!(:!#:!:"#:
&" !":!$:#:&!:##:&!:%!:": :#:$(5:":!#::
%!#"5::":$"#:#:#:"::$: ##4:
(:$! :&" !"5::$#!":":!#:":5:!5:
!(5::#(5:!:":$:!:"$"! #"::"9 (:"":
":!:%!#"5:$:##:#!:"":!%$":&#"#:!""":
##!:#:!:%#:%!#":!%$"5::&!:%!:": #:
:"":%!#":":(::#!:!:!#!4:!#"::#:
$! :!: !""5:: !#$!::#:
5:%::":#":
&#:#:"#!$#$!:::#: !"::#:: !""5:$#:#:&" !:
$"#!(:"::&:":% :!#(::!#:$#!"::":
$!!#:":!:!#:"#!#: #"4
+*:
:
!# #%%%%%%%
#=#=$==$$='# "#=#'"=&=$=$=$= $==$=
$"$6=$= ""$==&"%#='#;"$=#$#==$6==$#="#=
#"==%=$$$==&"=&"$#=( $%"#5=)=$=
#==)=$$#=$$=&"="'=$=$=#*==$=,32+#==,33+#=
"= )='# "=='="="=%#$=$='"=
"$="#6= $$6==="$="="$5="=$6=$=
$"$=#6== "&%#==#%=#=$="6=$&#6==6=
$#= $$="= :#=$=="=&"$#==#6='"=$=
#=&6="$=$=#;=== = "$=)=
'# "#5/-=%$=$==$#= "$#=$=$"$=)=$=#$=$=)"#6=
=$=%="5="=#6="==$=$=##"=
"% =896== )=$$= "$#=#&"='# "=$$#6='#$#6=
="=#$$#==%$;#$=6=#)#7=
=
%%
%%%%%%%
%%$%
%%
%%%%%%%%%%
%%$%%%%%
%%%%%$%
%%%%%%%%%%%%%%%%
%%
%%%%%%#"!%
%
="%$== "$='# "#=#6== "= $=$"#6==
=#=$=="="=="6=$=$=6==
$=$=$$#6==#=$=,32+#==6=")6==$)5==#$=
=$#=%$"#='"=$=$"$=#=&=$=$="$)==$=
%$6=$==#="$==$=-+++#6="=0<,+4= "===
"&%#=)"#=$=,+<-+4="=-+++=$=-++35==#"$;$"= $#==
$#=#="6==$=#=='=#%"#==6==#$;
%$$=$=#$='# "#5==%;$"= $#= ==$=
"$="#$=
#$"%$%"==&"#6=
'"# 6==&"=
&#=="%$==
=#%#$$)=<=$=$=
%""$= ==6=$=
'=$=1+=)"#="=
'# "="%$==
="#=$=&=
'"="=#=$)5=
"%$=="==
=$"=-+=)"#=
"=$="#=$=&==
'"=$)=#=$)5==
# $=$= "$&)='=&#=="%$=8'"=$=:#9==
!%#$#=&"="=&$)6=$"="='# "#==$)=<=='==
#==%%==%
=<='=&=" "#$=
"$$=$"$&#=$=$=8 $#9= %=#"&="#$"#===
&="%#:#=#$=#6==)=#"=#=$$="=$=
“
“
=%#==$"="$"="==##="&%#6=$=;===$=$"=="='#==
" "#$#==%="=#"%#=;$"==$=( #&=%" ='# "#=$=$=$"= =
"=%$" "$#5=
/. ="=#6=$"&'=)=#%#=#=
#5=
/-
--=
#$6! "$$6# %"#6 6'#66$"6 6 %$#16'#!!"6
!#6&626"26666"%6 66"" '"6##6$6#66
$6 "66# 6!"$#6 6$6#$"6' "6 "66'6#166!$6 6
$6"#6 6$6$"$6 6$"6!"#$66%$%"6!" #!$#6!#6 6$"6
%""$6"&%666 #66!#6 )6!"$)6 $ 6$ 6
6#)#$#16 #"6$"6"$6#6 6'#!!"#26 #)6
" %!16
"6$6"$)!65"%$ 26&"$#5!$66
'#!!"6#%##6 &26$6 $ 6 6 %5$6"%$ 6
#66"!)6#"6!"$6&"$#6"&%#6&6"#%$66
!%6"#$"%$%"#26$6 !#6 6$6"$6&%6 6 !#6$$6$6
"$)6&"6(!$ )66!" $6"#266$"$6$"6# "$5
$"6&$)26#!)6 6$ #6 !#6#6'$6$163%)6
$"6 !#66$$26$)266
6$"!"##6"6' "$66
"$ 6 6$"6"$6!$#$ 6$6$66 6$6146#6
#" 6#6# 6$6 66%6 6$66" 6!"##163"$)6"" "6
6 #$ 6"##6#"6!"#6&6 !#6 &"6$6#$6$6)"#26#!$6
$6$6 $6 !#6 $%6$ 66!" $1466$#6##26$6%$%"6#6
6 6"#$)6#"6'#!!"6 !#6'$6 '"6"&%#66
!" $6"#6$6$)6 )6%"6$6,0/+#66,00+#16#6'6
!" )66$ 6"%!$#26%$6$6#6 $6"6$$6'#!!"#6"6
&#6#6%6#6$)6"6#"26616
"6$6"$)!65"%$ 26#%#"!$ 5#6 "$"6
%" !6'#!!"6 %26 "6(!26666")26 6
"%$ 6 ###66$6 $%6"6 6$6"5'#6 6 6
"!"#$66#" %#6 5$"6$"$6$ 6 #"6##6"&%#26%$6$#6
&6# 6"66%!6%6$$"6$6&"$#6"&%#26#%"6$$6
$#6 !#6#$6&6$6"# %"#6$ 6%6 $6$"6'#" #66
&#$$#66!$6$ 66'66&" $16'#!!"#66
&!6666"!&&!"66")6
&6#6$"6"&%#66!" $6"#6" 26$ %6##6"!)6$6
$6!!"#6#'"266$#6$$#26'$6$"6" ##5!$ "6%26
#$" 6'#" #266 #"6"&%#26#6'5! #$ 6$ 666
')6 "'"16#6&"#6 6 6!"$66$26##66
&"$#26#6 66 #"6%$6")6$66"%#"6
)6""#!26#6 6$$6#&"6 ! 6$$#636$6#&&
&6$6 &&# 66$666$6$&66$6
$&66$6466# 6 %$"6%" !6$$#636&66
&&46# 6#6$ 66#!"6$ 266 6# 6 %66!"$#6 6
$6"6" 6!"##63
" !&4166
"6$6"$)!6 '5"%$ 26$5"&%6 %$"6
%" !6'#!!"26%6'5 '6$$#66!66%!6
%$6# 6)6 6!!"#6#!)66$)6366'6 ! 6$$#26
6$6!426$6"#6 6$6$"$6#6"%)6 $6#666!" 6
#6 '6##66&"$#6"&%#6 "6")26%$6'6%"$"6
6")6!"" %#6$$#16"6#%"&&6)6'6!6 6$6
'66$)6 6$"6 '"#6$ 6#%#$6$6#!$6 %$6 ###66
6"6!" #!$#6 "6%$%"6!" $#163)6 6$#6$$#6&6&"66
")6&26%$6#%!! "$6)6!" !"$ "#6 "6! $6 "6 $"6
"# #146
6#$%$ 66"6 #6635 46"*66
3 '5 4666# 6')#6"#6#$)6" 6$$66 "6
%$6 "#166 $6 %$"#26 6" '$26%"#$ 266
-.6
#&'C!(&-C*C&(C(C''C$&C#&'C%&#(C#+'%%&C
&)!($#;C)(C(C$*&!!C$)($"'C#C(&($&'C&C'$"+(C&#(:C
#C&.!;C%&#(C&)!($#C'C&$+#C$*&C(C!'(C;C)(C(C
%$%)!($#C'C&$+#C*#C'(&:C&C%(C&)!($#C'C!#C-C69C
&$"C1///C($C1//8:C'C')&C"C$C&!(*C'(!(-C"' 'C'$"C"$&C
&"(C#'C#C(C#)'(&-@'C'(&)()&:C'C$&C)&(;C'%!C*'&C
($C(C&(&-C$C$"")#($#;C&'#-C$C&.!;C%)(C(<CC
C
!8"888%!$"8#!"!#88!)38/-88 8%8
8#8"8!88&8"!8!8!#38"8!8 8&8
%#$(88#8"$"!8#88)488#8"$"!8#88
&" !48#8"$"!8#88383838388 $!8&" !"8!8 ! "8
#8!#"#8' 88##48#8"(8' 3008
8
&$C@*!;C($&B#BC$C(C&$'(C88*8$;C+C+'C
(C'(C&)!($#C!-C#C&.!C(!!C(C+'C$*&( #C-C(C(!$C$ !8
#+"C#C1/0/;C'-'C?(&C'C#$C(-C$&C"%$&(#(C'((C+($)(CC%$%)!&C
#+'%%&C+(C'##(C&$+(@:34CC
(#($#C#C@'C%&#(C&)!($#C#C&$+(C(C$ !8#+";C
+C#C(C(#C-&'C'#C(C+'C!)#C'C&$+#C($C$"C(C
$)#(&-@'C#)"&C$#C%&#(C#+'%%&;C%()&C(C)#&!-#C#'C#C(C
#)'(&-:C&($#!!-;C&.!#C#+'%%&'C+&C'%C#C%&(C-C
$)(&#C)&$%#C$)&#!'(C(&($#'C+(C#C"%''C$#C!$#B$&"C
''-'C#C(;C#C+&C$&#(C($+&'C#C!)#(;C)(;C)&#C
&&'%:C'C#$C&()&CC
";CC%&$''$&C(C(C
#*&'(-C$C&'!;C%)('C(<C?$)&C
#+'%%&'C*C!+-'C#C
!('(@:35C'C'C#C##C
$*&C(C!'(CC'C"$&C#C
"$&C'#'($#!'(;C%$%)!&C((!'C
&C!)#;C$&#(C($+&'C
(C"&#C!$+&C"!C!''';C%$%!C+$C#(C&$"C(C
$"#($#C$C$#(#)$)'C$#$"C&$+(C#C(C&'(&)(*C%$!'C$C
(C)!C$*&#"#(:C#C1///;C(!$'C$)#(C$&CC(&C$C$*&!!C
#+'%%&C&)!($#C#C&.!:C-C1//8;C(-C$)#(C$&C!:36C&'C
((!'C! CC#C('C!!$+C&$'(C((!'C8;C"#88*8$;C(:C
C'$"C$C(C'"C!!#'C"!&C($C#+'%%&'C#C"$&C!)#(C
"$&';C((!'C! C$ !8#+"C#C('C$)#(&%&('C'#!;C8!4C
(:C&C+!!B%$'($#C($C(&*C'C"!!$#'C"$&C"$*C#($C(C,%##C
!$+&C"!C!'''C#C&.!:C=#+!;C")C$C(C%&''C#C(C%$$&;C
'%&'!-C%$%)!(C#(&$&C$C(C$)#(&-C$#(#)'C($CC%&(C$C+&C
%$!(!B$#$"!C!#(!'(C#(+$& 'C&(&C(#C&B'(##C
$""&!C#(&%&'':37>C
#C#;C#C$#(&'(;C(C%&''C'C&$+#C#$(C$#!-C#C'$!)(C#)"&';C
)(C!'$C&!(*C($C%$%)!($#:C&C%(C&)!($#C'C#&'C539C&$"C
1///C($C1//8C=(C)&C+'C0/69C&$"C0880C($C1///>:38CC
“
“
C$&C)&(;C#(&*+C-C&##$C!*&C)!#$:C
C&$C*!;C#(&*+C-C&##$C!*&C)!#$:C
35 C#$C&()&CC";C#(&*+C-C&##$C!*&C)!#$:C
36 C)&$C$&($;C?C##C#'%C$C&.!@'C+'C@;C#C*C:C:C*-C#C'")'C
!'C!'#C
='>;C88$"""88$!"88#"8 #"8!8!(C=,$&<C;C1/0/>:C
37 C)""&C&!$+;C?C$!(!C$''C#C(C&''@;C$!"4802A2C=1/01>;C23/B42:C
38 C$#C&-;C6"8&" !8%$#58 #"48#"88#87
$8!""48.211722C=+C!<C
;C1///>:C
33
34
13C
!*? $?&*?!#? ($""#$?"#?"%?% ?% $?!6??
# ?&7?$ !#?%!#?%?%?1$7?)" $8?='#*?;<?
$%!#?$? ?%$?!( ?(*?#%?%!?! !?'!" %7?%?#!( ??
?%?$%?#!( ??$$?(%?%$?$"!$? !6=1,? ?%?.,?
*#$?$ ? !? ?9% ? $%#?!? 7? !(?"#? $%#:?
$%#%?! !?#$%! ? ?-44-7?%? &?#!(%?#%?$? 7?! ?
'#7?356??"!'#%*?# $? 7?$"*? ?#&#?#$7? ?
$??#"*?)" ??$$7?$%%?%!?? ?%?%>!# %?
$> &?#!$%$??
%?117? > &?
($""#$??1+? ?
'# &#? &? ($""#$?
?%1? ?!%#$?
'? %? ?# %?*#$7?&%?
#!(%?$? ?"#%&#*?
$"%&#? ?%?#! $? ?
!$?&%>%! ? ? ?'# &#? &?%%$61-? ?-41-7?$!#%*?
%#? " 7? $> &? ($""#$??&"?!$%??%#?!?
%!%?"# %?#&%! ?9% ?%?3?!"$?"#?-7,,,? % %$:7?$"%?! *?/5?
!?%?"!"&%! ? ? $?$"#$61.?9#&%! ?! $%?%? $>
$" ?"!"&%! ?($? ?$%%?2,,?!"$?"#?-7,,,?"!"&%! 7?
!$%?! ?& #?%$?%? %! ?'#6:?*?.,-,7?#&%! ?($?
!$?%!?-,,?!"$?"#?-7,,,? % %$7? ?%? ?#$"?&#'*?
$%%?%%?#! > &? ($""#$?!& %?!#?!$?%!?2,5?!?
##$"7? > &? ($""#$?!#?!&%?/157? ? $> &?
($""#$?!#?&$%?1561/??
?! %! ?!?! !?#!(%? ? (? !#%! ? ?
"# % ?% !!$?$?#%? ?! !?#%! ?!#? #$ *? >
# ?!*?+! ?%! $?!? *? ? ($""#$6? *?&"%7?
?%!#? ??!?17?)" $?!(?$? > &?%%?
$?#!( ?%!??%?!$%?(*?#? ($""#? ? 7?(%? ?$%%?
-2?! ?##$?!?/2?%! $?"&$? ?--?$%%$8??
?
%+1 11#1 1 +1# 1#1 1 +11 1#1#1 1
11 1 1 1 1 1 *1 1#11%1 +1
%1 +1%1 $101#+1 %+11 1 1#1 1 *1! 1
1#11#11 1#1"11 1 %11
1 1"1%1#1+1"1%1#1 11# 1 11
1 %11 1 111 111 #1 1%+1
1111 1"1 1!1 1#1!!1"1 *1 1
1"% 1 111*11 11 11!1011
- 1.1! 1"1! 1 1#101! 1 111# +1 1" 11
11+1#1 1%1*1*1*1*11!1 11
11#11!1%11#11 1 %1!11 1
1#1 1 11 1 11#1!1 1+1 1
"+1-1 .*11#1 11')1%111(&1%1*101
?
&$% ?! !?#!(%? $?%%?!#? $?'?!#?! *?%!?
$" 6?!#? ?!#?!" $?#?'!" ?!!$? ?$#'$?%%?
?# ?&7? %#'(?*?'*$? 6?
?' %? 7?11 1 ,1
" 1 11!119
! ! 8?7?.,,3:6?
1. ?#*7?/1#1
"! *?
1/ ?11?9.,-,:6?
10 ? *?&"%7? %#'(?*?'*$? 6?
1,
1-
.1?
“
“
#(:&#:#:!#:#:#3::::::"!#":!::#$!:
%:!$#":#!:#:!:#":::"!%:#:%!#"!":
&:&#:#:!:#4:#:":"#!#":#:!:!!::
!!:!#"::#:"$##3:
&"!":%::#:#:%$!4::
::#::!"4::#":%#3:
:$#:!":&!:"#:$"":%:"":#:$#9:
#%"::#:#!#:5::"!:!"::!:
"64:"#::!#:&"!:##":%:":#$:!$#:
:#!$$#:#:,***"4:":#(:::!%$":"3:":":#4:
&%!4::##:!#:":3:"#::$"!":#$:#:'::
#:78::7&8:::#:""::#!:!":!!"::#:
#":%:5&#:"$:!:#%"::"(:
!:!#:&"!"4:(:%!:#:&:!::#:%4:&:
":"$!:#:&::#!:"!#:"63::&:#:%!:
!#::&"!":":!(::#:&::(:$#!"4:
%$:##":##::#:!:!%#::"##:%:$:#:
#!::#:#!:!:&:":!"":#!"3:"4:":&:
"::$!::&:##":$::#:#:+11*"::,***"4:%:!%:
##:!#:!$#":##:!:#%(:#!:#:#!:#!#:$:"#:
%::!:#:(3::
:&!$:'::#::!%::!#:":#:
"$#$":!"::#:#!#::!"#"::(:$#:!"4:
##"::::#":(:: $%#"3:5:"$""::"$:##"::
#(4:&:":%!:::&9%:"":!""4:":##:%!:
&"!:!$#:!:#:!":%!:#:"#:::!:
#":"#!:9#:::,**036::
4:&::
"#!$:!:(!":":::##:#:"#::%!":9
!#:#:!#":!""4:
"":#:%:$::"$"#:
:!:#":":#:&#:!:
:#!:,**14:&%:(:
#:"":!%$":$#:$:
(:!$#::##!#:
/*2:!:%!#"3..::!:
"#!:'::&:!#:
&"!"::"#:::!:":
!#:::&!4:$#9#!:
#!::$""":"#!#(:%::!"(:&!:$#:
!":":#:"$""$:!#:$::#:4:!#4:(:
&"!:
:
::#(3:#:"4:":#":$::,**14:!&:
#":!$#:#:$#:0*4***:":(:5:#:#:!:%!$":&:
::"!%"6:(:"#:#":"::#:#!#%:#:
#!#:##":#:&#::#:::#"3:
:!)::"(:4:#:#!#:!"#!$#$!:":"#:$:
"":%:#::!:$#:!"4:"(:&#:!!":#:
!3:::#(:":%!#$(:$ $#$"4:"(::
$!:!"4:&::%:#!#9:"!#:"3:":":##:
(:#":##":#!:#:#:"#:$#4:$!:#"::#:::
&9!#:":##:!:":!$::"#!:$!::#:3:
“
“
..
:#!:!"#4:7
"#::!#:#!::!84:+-:$:,*+*3:
,/:
((((((((((((
((
((
((((#"(((
((#(((
((#(((((
((
((
(#(((((($
((%(
((&(((((((
((((("(
(#(((((((#((
(((((
(
(((((
(((((((
"((
(
• ((
((#((((((
((((
((((((
((
&(((((((
$((
((#(#(
"#((((%#(
(
(((((((((((
((((("(((((((
(("(
• ((((
((#((((
((
(#(((
#(
#(((
(
(((((#(((((
((((
((((((((
("(((((
((
((
(
(("(
• (#(((((
((((((
(((((((
((
((#(((
(
(((((((
((((((
("(((((
((
(
('(((((((
((((((((('
(((("
!(
=
=$ !&&"!="= "%&= ='!%4=&=$&=!="=#=
#$!&=!)%##$=$'&"!4=!4="="'$%4=&=$%="=!&$!&=%%=!='%=
(=!=($+=#$"!"'!=&'$%="== =("# !&%="($=&=%&=
%3==#$%!="=% $=&!!%=!="&$="'!&$%4=" !=)&=
&=(!&= #"$&!="= $!= ="!&!&=!="'$!%&=
"!(!&"!%=%%"&=)&= $=(== !+=&"=%#'&=&&='$$!&=
("# !&%=$#$%!&=!="!"!=8 $!%&"!9="= =%+%& %=
$"'!=&=)"$3/0==&$ =%='%'+='%=#" +=!=%==)$!!4=%=
)!='$"#!=#$"#"!!&%="=#'=%$(=$"%&!=)$!=!%&=
#!!= $!%&"!4=)!=#'=#$%"!&%=$+=&=
$!%&"!="=($"'%='&'$%4="$="'$!%&%=" !="'&="="&$=
&$&"!%= !&=&= $!%&"!="=!)%="($3=
'&=&=!"&"!="= $!%&"!=%=%"='%=+= =!+%&%=!==
"$=#$""'!=%!%4=&"=!&=&=#"%%="!($!="= =%+%& %=
& %(%=<==" "!%&"!="=&=($+=!%&&'&"!=#$"!&"!%="$=
!)%="'$!% =!= "$=<="!=)&=%=&!=&"==!= $!= "="=
"%&=!&$+="
$%= =#$"'&"!=6%" & %=
8 $!%&"!9=%='%=&"= !=8"
$%&"!973==!"&"!=&&4=%=&=
$!= ="4=%"="= =$"'!=&=)"$4=%=(=!=)4=$+=
*#$%%=!=&=&&!&"!=)&=)= =#"#=!= !+=$!&=
"'!&$%="")=&=&$(%="=&$=;%="'!&$#$&%4=!=$+=
$&'&=!= !+=$!&=$#"$&%="!=&= =<=&"=&='%&="!=
#$" !!&=* #4="!%$=&="!'%"!%=$" =&=$"&="$=*!=
!="'$!% 9%=.,--=%#=$#"$&="!=!&$!&"!=!)%##$="!" %4=
)=%%$&5=8=()=!= "%&=#%=$"'!=&=)"$=%=!"&=&&=&+=$=
'!=&"=&=#$" %="= $!=!)%##$%4='&=$&$=&&=&=33=
!'%&$+=%=="=& =!=!(&!==!$"'%='$(3=3=3=3=&+=)==
=)&=*&+=&=% =#$" =)=$39/1==&%=%=!=&=%4=&=
="= $!%&"!=&%="!==!)=$(!=!=&="=&=$ &=
!="=!)%="'$!% =!=&=!&=&&%=!=$!&=+$%4=!=#$&'$=%=
%'##"$&=+=#$!&=#'%$%3=
= $!;#$"'="!&!&=6!=#$&'$=!=&(%"!=
!&$&! !&74=#$"$
="$ &%4=#$"%%"!=#$&%=!=&%=&&=$=
%&$"!+=%%"&=)&= $!="'$!% 4=!= $!;%=
" #!%4=)&$=#$ $+=8"9= == =$!$="$=)%="$#="$=
8!)9= ==""=!=""4==$&!+=#+==#$" !!&=$"=!=
=%+%& %=$"'!=&=)"$4=&%="%=!"&= !=&&= ==
$"'!=&=)"$=$="!($!="!=!= $!= "3==!%&&'&"!=
"!'$&"!%=&&="!%&&'&="'$= =$=%'$#$%!+=$!&=!=
%'$#$%!+='$4=!=)!="!=""%=#%&=%" =%'$=% $&%=!=
"!&!&=!="$ 4=&=%=!"&=$=&&=&+=(=" =%%=%"=&"+3=!%&=
"=&!!=!=&$ %="=8 $!%&"!94== "(=!="&$="'!&$%=&")$%=
!%&&'&"!="$ %="$!&!=!=!=$%&=%!=!=&=!&=&&%4=&=%= "$=
#$%=&"=&!="='$$!&=%+%& =("# !&%=!=&$ %="=#$=
%# !&%4=#$%%&!&=#$&'$&%4=!=!)=#'$&%3=
=!=!=!!4=
=
=
'$="'%&"!=!&! =!=" %="%!%&4=8+=33=)%##$%='$="$=&!=&$%94=
&&#5::%&&"& 3"$:.,--: ";%'$(+:!&$!&"!;!)%##$;"!" %=6%%='3=.,-.73=
/0
/1
.2=
=!="#"=&==$"#!#=!="("##(==#=
"#"=&===$"===!#"=$#6=!(="6=
"%!=#!"=!$==#=#=##"=%=="=
"$#$"(==#!=$#!"6="(=#!=$#=!"5==
(=$="#=!##(=89=#==!"==#="#=
#%"=$"==#=!##==$==#=%!((=
#%"=$=#==!&=$!===$"6=89=#=
==="#==!#=&"!"=8&#=#='#==#"=
#=!=!(=!&=!#"6==#"==!)=="#=
=##"96==89=#=!"==#!#=""==$"=!""=#=&!=
8#=(==!"$!"==#=!<$#==#=
!"#!$#$!"95=$!=,5+=%=$"#!#"=#=!=#!"==#%"=
%&6==$!"=.5+==.5,=$"#!#=#=!=#!"==&"!=
!$#=8&!=="#=$#=$"==#"=!&#9==#!#=$"5/2=
=
/**
./*
!)=8<149
.**
=8<+.49
-/*
!=8<+249
-**
!(=8<+149
,/*
=80.49
,**
#(=8<,/49
+/*
=8<,249
+**
=8<,.49
/*
*
,*** ,**+ ,**, ,**- ,**. ,**/ ,**0 ,**1 ,**2 ,**3
7=$!==!#""="=#====!$#=!=,***=#=,**35=#=!=!=!""=
!"==#=!=5=
=
!$(6=#"=!="#"=!==&#=!""##=
!#$!#"==#=!==!#=##!"===$"6===!#=
"#!$#$!"6===!"===(5==$#=#="(7="#!(=##!"5==
="#!=$!=8=#==""!='##=96=#=#$="#!#=
=$="!%=!"#="#"=#!=#%"==!=!#"=!#=
!=#=!(=#=!==!)=!#"5==
#%"6=$="!%=!"#!"=##!#===$="!==
#&=-*==.*4==6=!6=!(6=#(6==#=#=
==$#=+*4==6=&!"=$="!%===!)==
/2 =!=%#"==#= $=%!5==!##=="#=#%"=$"6=!=
=!#=&"!=!$#==!"=#!#=$"6=#="=&===:#"#;="=
:!"#;5=
-*=
(H#(H(('H&+H$#!-H&$)#H2;<6:H?H&'!=H(H&'(H#($#!H%)!H
'&*H&$'(&H#H&.!=H+'H$#!-H!)#H#H3118<H
(H'H)#H-H
"%&'H&'!HH$")#0/$H!$#H+(HH&#H$H$(&H#((*'H&$"HH
H&H($H!!H$""&!H&$'(&'<71@H'H&#'H&H&$$(H#H
#H$#$#H%$%)!&H')%%$&(H$&H#H%$!(!H$""("#(H($H%)!H'&*H
&$'(#H((H$'H#$(H,'(H#H(H#(H(('<HH
H
211;
:1;
&.!
91;
#!#
81;
&#
71;
61;
&"#-
51;
#
41;
(!-
31;
#(H#$"
21;
#(H(('
1;
311131123113311431153116311731183119311:3121
>H(H&$"H(H$&!H# H#H(H
#(&#($#!H!$"")#($#'H#$#<H
H
!H(H$*&!!H(&#H$H%H%&#(H#+'%%&H&)!($#H'H&$!-H
(H'"H#H!!H(H!)#(H"$&'H$#'&H&=H(H%H$H!#H
#H(H'$!)(H!*!'H$H&)!($#H&H&(!-<HH!#H$*&H(H!'(H
H'H#H$)(H(H'"H#H#!#H#H&#H?25;H#H29;=H
&'%(*!-@=H)(H)'H$H(&H&#(H'(&(#H%$#('=H(H"%!($#'H
&H*&-H&#(<HH##'H%&''H'H!H)%H+!!H'%(H(H&'H$H(H
#(&#(H#H(H"%(H$H(H&''$#<HH&#H%&''H+'H+!-H'#H'H
#H&''H$&H(H*#(H$H(&<72H
#'(()($#!H'(&)()&'H!'$H#)&H#H
%&'#(H&#(H#)'(&'H+(H&#(H!!#'<H+H#+'%%&H
,)(*'H#H#!#H$&H(HH+$)!H&H+(H#($#HH&!=H,)(*H
&($&H$H)'(H&#=H(H&$#!H%)!'#H$)'H#H&#B'H
'(H&)!($#H!-H#+'%%&=H+#HH'-'>HA(&H&H(+$HH
%&$!"'H$H(H&#H%&''>H(H'(&)($#H$'('H#H(H%&#(#H$'('B<73H
#(&#($#!H&#'H&H#$(H(H$#!-H$#'H((H#)&<HH'"H$'H$&H
#(&F#($#!H*&($#'<H'H&H$#'&!H'%!!-H#H!&=H&(H
$)#(&'<H?'H$#H#(&*+H&(!-H'>HA&H'H#$(#H! HC
##H
"<DH&H'H#$H$#H#((-<B74HH'"H$)!HH'H($HH!''&H,(#(H$H
&.!H#H(H<@H)(H(&H&H!'$H'##(H#(&#!H*&($#'H+(#H
'"!!&H$)#(&'H! H
(!-HGH(&$)$)(H(H!'(H=H%H%&#(H
HAH
#(&#($#!H$"")#($#'H& (H3121B=H((%>EE+++<$$"<$&<) E'((E"&F21E
F4<66<("!H
?''H)<H3123@<H
71 HH&'!H'H#H&('H-H$""&!H"=H$(H%&#(H#H&$'(=H'HH%$(#(!H($$!H$&H'((H#H%&$F
'(!'"#(H%&$%#<H&('H&)H((H(H'-'("H! 'H)($#$"-H&$"H(H&!H$*&#"#(=H'H(H
%&'#(H%%$#('H(H""&'H$H('H$&H$H&($&'H?'H$&($HAH##H#'%B@<H
72 H-"$#H)#=H
H?#>H%#H#*&'(-H&''=H3122@<H
73 H#($#HH&!=H#(&*+H-HH)"%&(<H
74 H&*#H&=H#(&*+H-H*-'H#<H
6:
42H
H
"*&$$%D%( '#"D$%D$'D"D#%'%"D' ,D&D#"&&'"' ,D"D
#('D'*D''D#D#('%"D' ,964D&D%"&D%D%##'D"D'&D#D
!D(&D"D"D"(&'%,D&'%('(%&D''D#"'"(D'#D%D&""' ,D%#!D
'#&D$%&"'D"D'D"'D''&9DD
" ,:D'%D&!D'#DD% ') ,D$%&&'"'D%"&D"D'D+'"'D
'#D*D$#*%( D#%"&D(&"&&D"D$# ' D"'%&'&D&(&&D"*&D
#%"&'#"&D'#D):D#%D'#DD&"D&D)":DD?)#@D"D$( D'&9DD
"&'%(!"' &'#"D#D"*&D#%"&'#"&D&D"!D"D'D"'#" D$%&&D"D
#'D%"D"D' ,:D*%D)%'( ,D D!#%D"'#" D'' &D)D#%DD #"D
'!DD#*"%&D*#DD'%D!"D#!!% D"D$# ' D"'%&'&D
#('&D'D!D&'#%9DD!#')&D#D* ',D")( &D#%D%#($&D
&(&&"D"A#%D(,"D($D'' &D"D#'%D#("'%&:D D'D"'D
"#!D='DD"*&$$%&:D'D>D#%D'D"'D''&D
= $DD'*#%:D'D
D:D'D >D%D&#!'!&D &&D
%965D"'%&'" ,:D
"&'%(!"' &'#"D('&D
%#&&D#'D&'""'D"D
%#*"D"*&D!D
!%'&9D'D"DD#("D"D
&'%"D(%#$:D!#&'D
&$'( % ,D"D'D&D#D
)#D% (&#":D*#D#%D
,%&D#!"D'D$#&'D#D
$%!D!"&'%D*'D&D%# D
&D#*"%D#D&':D'D
#("'%,@&D#!""'D#!!% D%#&'%9D="DD"*D!D#*"%&$D
*D"D1880D#%D!D'#D)&'D&D"*&$$%D"'%&'&:D&D%#'%D# #D
'##D#"'%# D#D'%D "B&D'' D 9>D%D&&( ':DD%"D
#"%:D#!"&D&D%# &D&DD"'#%D#%D'D#"&%)')D:D
%!"D"DD+(')D#D'D&&( 'D%#($:D"D"&B#"D#*"%&$D
#D :D'D&'D%( '#"D"'#" D"*&$$%D"D%"9DD
)"D"D#("'%&D*%D!(D#D'D"*&D"(&'%,D&D%#*":D"*&D
#%"&'#"&D!,D"D&#!D&&DD!#%D) ( D&D"&'%(!"'&D#D$# ' D
$%#$"D"D#%$#%'DD'"D&D#!!% D!D"'%$%&&9DD
"D%- :D %D$%'&D#D'D%#" D$%&&D#"'"(D'#D&(%D%#!D %D
#" '&D#D"'%&'D&D!",D'' &D%D%' ,D#%D"%' ,D#*"D,D # D
! &D*'D)%&D$%)'D"D$# ' D"'%&'&9D#""'%'D#*"%&$:D
"D$%'( %D'D%# D#D'D#!""'D!( '!D#" #!%'D ##:D*D
&D$%)#(& ,D') ,D)#(%D$%'( %D"'&D"D'&D#)%:D &#D
%&&D#"%"&966D"'/"#D% #&D .&D*&:D' D&D'D"D2007:DD
$#*%( D (&'%'#"D#D'D"D#D?!D#%#" &!#@D&)% D%- "D
"'%)*&D&$D#('9D .&:D'%B'!&D#)%"#%D"D'%B'!&D
"'#%D%#!DD'%#(DD50B,%D%%D''D&$""D#'D! '%,D%( D
"D!#%'D#)%"!"'&D#D'D 'D"D'D%':D!"'"D&D%#" D
$#*%&D"D$%'D'%#(D&D#*"%&$D#D@&D&#"B %&'D
"*&$$%:D'D # D ##D' )&#"D ':D"D&)% D#'%D
“
“
D:D?D'!$D"D' @:D&)% D&&(&D=2002C10>9D%" D&#(%;DD$%#&&"D#DD'9D
D!,D#-:D? D#D $D$%&D&D#!$ '@:D :D2D$%9D2012:D
''$;AA!#%9 #&9",'!&9#!A2012A04A02A& B#B$ $B$$%&B&B#!$ '<D)D%%:D
?*&$$%D&D(&"&&D( $'@:D10D("D2012:D''$;AA***9",'!&9#!A2012A06A11A(&"&&A!A&"B#B("#"B
'%("B#$"B#('B'&B$%#B(&"&&B!#')&9'! <D"D D9DDD%:D?%&%D'&D"D#"D
*&$$%&D*'DD"% D @:D17D,D2012:D''$;AA ##9",'!&9#!A2012A05A17A%&%B'&B"B
#"B"*&$$%&B*'B!B"% B D= D&&D(9D2012>9D
66 D$#%'%&D*'#('D#%%&: ?%- @:D''$;AA"9%&9#%A%$#%'B%- :1689'! D=&&D(9D2012>9D
64
65
32D
)'*+)*<89F&F&!=F%&0F%!F'%(&!*F)F$*'F -!$0F+!F!&F.!+ F
$'$F('$!+!$F('.)D)'#)*<F<F<F
&%' &F0=F')F/%($=F!*F&'+F
'&$0FF%%)F'F+ F&!&F)$!%&+=F*'&F'F& )F)* B*F')%)F
!F%!&!*+)F<F<F"*# )F0=F&F !)%&F'F+ FF'&)**F
()+0F&%F+)F !*F+ )<FF$*'F'.&*=F%'&*+F%&0F'+ )F'%%)!$F
!&+)*+*=F+ F$,,D$&,F&.*(()F
F?!$0F!),$+!'&F3<6F%!$$!'&@F
&F+ F+$-!*!'&F&.*F &&$F#* !F<F?&F0F4234=F0F.*F))*+F
0F+ F&!&F&+)$F,),F'F&+$$!&F'&F%,$+!($F )*F'F
%11$%&+F&F')),(+!'&<@F'%(&!*F.!+ ',+F!)+F('$!+!$F$!&#*F$*'F
,*F+ !)F%!F**+*F')FF-)!+0F'F(,)('**<FF')(=F'&F'F+ F',&+)0B*F
$)*+F&F%'*+F*,**,$F%!F')(')+!'&*=F -F&F,*F'F,*!&F
!+*F!&!D$&,F$* !(F&.*(()F/F+'F()'%'+F+ F%!&!&F
!&+)*+*F'F!+*FF'.)F*,*!!)0F+ )', F!*F'-)<8:F ', F
&,%)',*F$$D&.*F$F &&$*F -F&F$,& F!&F)&+F0)*=F%&0F
)F,&()'!+$F&F*&F*F!&*+),%&+*F'F+ !)F')(')+F&F('$!+!$F
#)*<8;F),&F*=FF'FF.*F&F-!D()*!&+F'F+ F.*F
)'*+)*F**'!+!'&=F/($!&*>FF
F
/"//////",/"///!/",//
",/ /"+/
,//////#.#.///
///"/+/+/+/+//#/# /!/&',/&(/"/,/
*%////"/#//////"/#/ +)%/
/
(+'+/"/ /
!&$$0=F+ F()$$$F!*($%&+*F&F()*!*+&+F()+!,$)!+!*F)F
'%(&!F0F&.F(,$!)!+!*<F&F/%($F!*F+ F)$+!-F*,**F'F&.F
"',)&$!*+!F'&$!&F*+)+D,(*F!&F',&+)!*F$!#F)&F&F+$0F.!+ F$**F
-$'(F'%%)!$F&.*F%!=F$'.)F$-$*F'F'&$!&F-)+!*!&=F&F
*'%. +F$!&F$-$*F'F!&+)&+F**F&F,*<93F&!+!+!-*F$!#F$ F
?4222E;@F!$F!&F)%&0=F.!+ F!+*F ! $0F-$'(F'%%)!$F%!=F
! F$-$*F'F'&$!&F-)+!*!&=F&F ! F$-$*F'F!&+)&+F**F&F,*=F
. )*F-&+,)*F$!#FF&FF*%F+'F -F',&F+ !)F'.&F
&! *F!&F+ F)& F&F+$!&F%!F*0*+%*<F&'+ )F/%($F!*F+ F
)'.!&F!%(')+&F'F( !$&+ )'(!$$0F*,((')+F&'&D()'!+F%!F!&F+ F
&!+F++*=FF-$'(%&+F+ +F*'F)F *F F&'F()$$$<94F&!-!,$F&'&D
()'!+F&.*F')&!*+!'&*F -F$,& F$*. )=F$!#F+ F,),F'F
&-*+!+!-F
',)&$!*%F!&F+ F&!+F!&'%=F,+F&'+ !&F$!#F+ FA&.F
"',)&$!*%F'*0*+%BF'%!&!&F&+!'&$=F)!'&$=F&F$'$F!&!+!+!-F+ +F
*F%)F!&F+ F&!+F++*F'-)F)&+F0)*<F F'%!&+!'&F'F+ F
$!&F'F'%%)!$F&.*F%!F')&!*+!'&*F!&F+ F=F&F!&)*F
'%%!+%&+F+'F&.*F)(')+!&F0F(,$!F%!F$!#FF&F*(!$$0F=F
&FF)'.!&F&,%)F'F!&+)&+D*F&'&D()'!+F&.*F%!F*,*+*F+ +F
+ FF%0FF!& !&F.0F)'%F!+*F('*!+!'&F*F'&F'F+ F%'*+F+ ')', $0F
'%%)!$!*F%!F*0*+%*F!&F+ F.')$<F
F)$'.=FAF'$!+!$F'**B<F
F%&F+ !F&F)!*!$$F
)"=FA! F',)+F+0*F$&&F')FF'.)F'$F!&F!&F ++!*) B=F/ =F
33/<F4233<F
8; F&!+F' $!D &#)=FA &F'$!+!!&*F.&F+ F!B=F5F
,$0F4234=F ++(>CC...<,*!&**D
*+&)<'%C!&!C&.*C-&!+D#' $!D# &#)D. &D('$!+!!&*D'.&%!C69;37;F?**F,<F4234@<F
92 F),&F*=F!&+)-!.F0F-0* !F
!&<F
93 F!'$F),&'F&F*%,*F$!*F!$*&=F
!!//
-/ //
.//F F?/')>F
=F4234@<F
94 F )$*F.!*=F)!++&0F,++*=F&F+F,**$. !+=FAF'&F''#>F F.F
',)&$!*%F'*0*+%B=F42F'-<F
4233=F ++(>CC!&-*+!+!-)(')+!&.')#* '(<')C!$C*+')0C*'&D$''#F?**F,<F4234@<F
89
8:
55F
(
#(((((('
(((
((
(
((
#(((((
(
(((((
((
((
#(
(((
(((
((((
(((((("(
(#(((((
(((
((
((
(
#((((
(((
(((
(((((
%
&"(((
((((((((
((((("(
($((
(
• ((((
((((
(
#(
((((
(((#(
(((((
(#((((
((
#((((#(
((
(((
(((
((
(("((
• ((#(((((((
(
((
(((
((
(((((('((((
#(((((((((
(((("((
• (((((((((((
((((((((
#((((
'(
('(
(((
((
(((((((("(
(
(
!(
E
#)E!"-E')''#"'E#E(E""E)'"''E#E#)&" '!E#)'E#"E
)'"''E"E$# -E$&# !'9E(E''E#E!9E'E'#)&'E#E"#&!(#"9E
'E#!!& E"(&$&''9E"E'E$) E"'(()(#"'9E&!"'E)'8E#E
)"&'("E+(E!E!"E"E#+E(-E*# *9E+E"E(#E,!"E#+E
$#$ E"E+(E(!9E"E#+E(#'E#&!'E#E"!"(E&E""8E
E")'(&-E$&#''#" 'E&E" -E+&E#E('9E#"&"E((E$#$ E
+#9E+(&E(-E&E+("E( *'#"9E&#+'"EE"+'$$&9E#&E)'"E
(E"(&"(9E+ E@ E"E AE&'( '' -E(&#)E(E!"-E#$(#"'E
#!$("E#&E(&E(!E"E(("(#"862E"("'E#!$((#"E"E+(E'#!E
*E E(E@(("(#"E#"#!-AE "E"&(E)'"''E"E
$&#)(#"E!# 'E$&!'E#"E(E,'("E#EE &9E*&--9E&#)("E
)"E"EE !(E")!&E#E (&"(*E#)( ('9E"E)"&!"E
'')!$(#"'E) (E"(#E!E$# 'E*'E#&EE(+"((D"()&-E!''E
!E"*&#"!"(8E"E(E$'(9E(E*&E!E)'&E#) E+(E+(EE
+E"" E$&#&!!&'E#'E(#E&#'(9E&E+(EE+E(#&'E#'E
(#E$&"(8E#&E(#'E+#E*E(E#$$#&()"(-E"E(E" "(#"E(#E!&E
E((E'E#"E#&E(#-9E(E$&'"(E'!'E(#E$&#!'9E"E(E+#&'E#E(E
#"') ("E#!$"-E"()&9E*&-("E@"-(!9E"-+&9E>#"?E"-E
*9E>"?E"-E$ (#&!A863E"E('ED#E"*&#"!"(9E(E$&'#" E
$&&"'9E(*E#'9E"E!#&E() E&#)("'E#E!E)'&'E'$E
#)&E!E'-'(!'E"EE!)E!#&E!!(E'#"E("E"E$'(E #+D#E
"*&#"!"('8EE
##"E(E() E$((&"'E#E!E)'9E(E'E &E((E'#!E#E)'E *E
"EE)()&'(E+#& E#E!E#9E!# (-9E"E#"*""E'& -E
!" E0/E#&E1/E-&'E#E<"E&E&!#*E&#!E(#'E+#E(#-E#E"#(E
*E(E!"'E(#E''E(=8E'E&)E))'#9E(E(#&D"DE#E(E
#" "D#" -E""'E"+'E#&"'(#"EE$)('E(:E@&#!E(E
$&'$(*E#E(E#"')!&9E(E* #$!"('E*E"E#*&+ !" -E
$#'(*A864EE'.E"E$&'E!#&$'E#E(#'E+#E*E) -E
!&E+(E(E!E+#& E#E(#-E'E(#E#&E&E&#!E#)"(&-E(#E
#)"(&-9E'E#'E(E(&!"# #-E<@& -E#$(&'A9E(8=8E)(E(E'E
$"#!"#"E'E(E'!:E(E!E&#)("'E#EE')'(E#E(E$#$) (#"9E
"& -E#"E((E'E& (* -E-#)"&9E!#&E )"(9E"E!#&E+ D
)(E("E(E&'(9E'E!#*E&$ -E"E(E&(#"E#E( -E
*&9E#"D!"9E!) (D'&"E)'8E<E'!E&#)$E'E '#E!#"'(E(E
!#'(E"()''(E'&&'9E#!!"((#&'9E"E' D$) '&'9E(E(E#&E#E
@(E$#$ E#&!& -E"#+"E'E(E)"A8=E-E1/019E"& -EE%)&(&E#E(E
E) (E$#$) (#"9E!#'( -E&#!E(E)$$&E"E#E(E"#!E'(&)(#"9E
&) & -E''E"+'E#"E(E '(E(+#E&"(E( E+D" E!# E
*'9E)'"E'#!E#!"(#"E#E $(#$'9E'!&(E$#"'9E"E( ('E'E
$&('E#E(&E*&--E!E&#)("'865E+#D(&'E#E) (E"(&"(E)'&'E
+&E#"E#"E#&E!#&E'# E"(+#&'9E#)(EE(&EE#!!"(E#"E"+'E
E+"E'#"9E@+'E#&E(E &'E"E &'A9E
E0E-E1//5E
E(($:CC+++8"()&8#!C!&#'('C''C1/0/DC'C#""("8'$,E<''E)8E1/01=8E
64 E&)E))'#9E"(&*+E-E&E&$$""8E
65 E!-E( E"E#!E#'"'( E#E
9E"EE&'("E#E+E'&E"(&9E@# E*'E"E+'E
#"')!$(#":E#!E##E"'E#&E
#)&" '!A9E(($:CC'((#(!8#&C$&"(D$(&C;$&"(B700441E<''E
)8E1/01=8E
62
63
24E
%&%C C%!C!$C!$C!&$9C C! C C%*CC&$C!) C)%&C!$C!844C
%C"!"?%CC'%C%C C +C)+%C#'&&(+C$ &C$!C
+& C&C&) &&C &'$+CC&!C!$8C C&$C$C!C&C
C%C$&C"&! %C!$C)&C$!9CC +9C&$&! C"$ &C C
$!%&CC C"+8C)%""$%?C! & &C%C'%C !&C!$C )%C'&C!$C
>$&! ?C C>$!' ?9C C&C)!$%C!C''%&!C$&9C C& CC
+%&9C&(%! C )%%&%C !&C!$C$ C )%C'&C!$C>C'$&C%&!$+C!C
)&?%C%'""!%C&!C(C"" ?C!($C&C%&C/1C!'$%9C C&C)!$%C!C
'%C$!!9C$&!$C!C!+C C'&!$+C$%C&C&C!$C
$!%&$CC C&C845C
%
%"&C&C!& C!'&%,C&& &! C"C&!C&C)B! &C C)B
#'""C !$&+9C!)($9C&C'&'$C)C(C C%CC$&$!&&C'&'$8C&C%CC
)!$C C)C&C(%&C!$&+C!CC'%$%C*C>!?C C> )?C8C
C%C' &9C)B'&9C'$ C!$"%C&&C(C$C
! C C!C )%C%!C$C!$C"$ &C )%""$%C& C&C($C
&, 8C C&C)$C"!"'&! 9C&C '$ C$( C!C $&C!$%C!C
C'%C C!C+CC"&!$%C%C#'+C%&$ 9C C"$&'$C
) C&C!%C&!C&(%! C() 9C)C%C&'+CC C!%&C
!' &$%C!($C&C%&CC<%CC28.=8C C/--39C&C$ C&C
&$"$ '$C CC! &&!$C
C$$ &! C%'%&C&&C)C
>'%&C$CCC C!(C! ?846CC( C%'%&%C&%C%CC
"$&'$8C
C
%!""%%%#%%%%%$%
%
C
%
%
%
%
%
%%
%%
%
%
C
.4.C
/--C
/-.C
/0-C
/.1C
/5-C
AC
AC
C
C.4-@C
/./C
//0C
/13C
/1/C
C0.0@C
///C
..6C
C
:C&C$!C!9C'$!" C'!(%'C%$(&!$+9C C&C% C!" +C<@&C$!C/--6=8C
C
C
C
C&C &C !9C)$C &$ &C%%C*%C5-79C)$C!&C
&CC C&%C!$C!"&&!$%C(C$!C!'&C '$!'%C&C! B
C%$(%9C!&C$C C"9C C)$C%C<&C(!C
$!$ C(%=C$C)%"$9C%'C $C"$!$ C! C
&$&! CC%&%C%&C!' &C!$C507C!CC() C+C/-.-C<!'&C427C
C&&":AA") &$ &8!$A&&B%A$ B&B7/5'&%7/6A B&(&%B!&8%"*C<%%C'8C/-./=8C
C''%&!C$&9C &$()C+C%%!C!$ ;C
'%C$!!9C &$()C+C%'%C%C% 8C
46 C
C$$ &! 9C>&?%C'%&C$CCC C
!(C! ?9C.4C!(8C/--39C&&":AA&$' 8!A/--3A..A/4A&%B
'%&B$B&(BB B!(B! &&")))&$' !)"B "!%&""&! &"!%&0532B/C<%%C'8C
/-./=8C
44
45
03C
$&C(C/4B02'=96.C$#A!#&C*+#C%%#'C$#C'C)(C!'$C#&'#!-C$#C
$"%)(&':C)'#C*&$)'C+C'&*'C#!)#C(CC!-&:CC!-&:C
(9CC"$&(-C$C#$#A!#&C*+#C'C(#C)%C<(-%!!-C+(#CC-C
$&C(+$=C+(C*$)&(C')!C%&$&""#9C!C(!*'$#C
&$'(#C'C#C!"$'(C#(&!-C('C#C"#-C$)#(&':C#C':C
$#!#C'(&"#:C#CC'&*'C&C#&'#!-C%$%)!&:C&$'(#C
&"#'C&$#'!-C&$'(#C*#C#C(C"$'(C(#$!$!!-C*#C
"C'-'("'9C
)!C!#&C(!*'$#C'C#$(C(C$#!-C>$!?C"C((C'C()&#C
$)(C($CC')&%&'#!-C#(&#C#C"#-C%$%!?'C*&--C!9C*#C%&#(C
&"#'C#C"%$&(#(C%&(C$C"#-C%$%!?'C"C('9C&$)$)(CC
C#C+C%$%!C+(C#(&#(C''C*C#C!C($C&!-C%&)'C
#+'%%&C$#(#(C$#!#:C(#'C$C"!!$#'C$C$#!#C)'&'C&$''C(C+$&!C
*C$#(#)C($C%-C$&C(&C%&#(C$%'C$#CC&)!&C''9C#C"$'(C
$)#(&':C"$&C("C'C'(!!C'%#(C&#C#+'%%&'C#C%&#(C(#C#C(&C
(!C*&'$#'96/C#C0..7:C!C&#:C$$!?'CC$#$"'(:C'("(C
((C$!#C#+'%%&C>%C
*+'?C$)(#)"&C$#!#C
$#'C-C"$&C(#C1.C($C/960C
#!-C#C0./.CC(C("C'%#(C
''#C#+'C$#!#C$)(%C
((C'%#(C&#C(C#C%&#(C
#+'%%&'C#C(C#(C
(('961C(C-&:C0/8C$C
"&#'CC/6C($C07C
&%$&(C((#C"$'(C$C(&C
#+'C&$"C#+'%%&'CBC!''C
(#C(C1/8C#($#!C*&:C
)(C'(!!CC')'(#(!C)&C
$)"#(#C((C#+'%%&'C$#(#)C($C*C#C)#C*#C#CC*'(!-C
"$&C$"%((*C#C"A&C#*&$#"#(962C#C+#C%$%!C$C
#$#C(&&'(&!C(!*'$#C#C%&#(C%%&'C($C#C#(&(#"#(C#C
#+'C$#!#:C(C"$&(-C$C("C!$ C($C(C+'('C#C"$!C
%%!($#'C$C&#A#"C!-C%&$*&'963CC
#(&*+'C)#&!#C(C"%$&(#C$C(&)'(C&#':C(C$&C$C
(:C#C(C'$"("'C"&C$&#'C$C$#!#A$#!-C!(&#(*'C($C
$)#(C$&C('9C#'C&($#C&$"C(C($#!C''$($#C$C
&$'(&'C#C(CC$&'CC%&()!&C( C$#C(!*'$#?'C$#(#)C
#(&!(-C#C"$'(C%$%!?'C"C)'9CC'-';CC
C
+++++'++++++'+"+!+++
+)*!++"++++ '+#+++++ '+
“
“
C$":C +C<$#$#;C$":C0./.=9C
C&#(C#+'%%&C&&'C&C+&C#C+&C#C"#-C$)#(&':C)(C'(!!C'%#C0.C($C1.C"#)('C$#C*&C
&#C)&#C(C-9C#!#C#+'%%&C&&'C&C&$+#C#C#)"&':C)(C(C*'(C"$&(-C'%#(C*&-C!((!C
("C$#C#+'%%&C+'('C$&C"$*#C!'+&9C!C("C'%#(C$#!#C'C$)(%C("C'%#(C+(C%&#(C
"C#C"#-C!)#(C"$&':C$#')"&C#$&"($#C$"%#'C! C,%&#C(+'C'("(C((C(C"$'(C
38C$C(C("C%$%!C'%#(C$#!#C'C'%#(C$#C#+'9C
60 C!C&#:C>+'%%&C$#$"'C#!#C#C!#?:C%&'#(($#C($C(C:C0./.9C
61 C+C'&C#(&:C>"&#'C%##C$&C"C(#C(C+'?:C/.C%(9C0./0:C((%;@@+++9%$%!A
%&''9$&@0./.@.7@/0@"&#'A'%##A"$&A("A$!!$+#A(A#+'C<''C)9C0./0=9C
62 C+C'&C#(&:C>#(&#(C#'C$#C!*'$#C'C)!?'C#C+'C$)&?:C2+
#9C0.//:C((%;@@+++9%$%!A
%&''9$&@0.//@./@.2@#(&#(A#'A$#A(!*'$#A'A%)!'A"#A#+'A'$)&C<''C)9C0./0=9C
63 C$#C$'(&:C++(+
+++
+"++++C<$#$#;C$"")#($#'C"&'C&$)%:C
0.//=C#CC+"#C<9=:C + ++"++&$%&(C
++ ++"C<,$&;C
:C
0./0=9C
6.
6/
15C
.
.......).....*. .
... . *....*..
......
.......
... ... .
),'%.
.
$)#)......
G%+*%#G)GG&(%#$$G%G#.G+)<G$"$G)G*G%+$*(/G%,(G
(G-*G*G)*G",")G%G$*($*G+)G$G(%$G))<G(=G
"**(G($$G(%#G*G(*%$G%G*G$$)GG$+)*(/G&%$*)G
%+*=GA&%&"G(G%*G&($*G$-)&&()G$G%$"$G$-)B<GG%$*$+)>G
G
.%!-&!(.....+.,*.#!(.. ...
*..#!(.... )..... .
..
.*.
........
..
.....)'&.
.
G# %(G(%))E$*%$"G)+(,/G(%#G3117G)!G&%&"G*%G$#G*(GA#%)*G
#&%(*$*G)%+(G%G$-)BG$G($*G%+$*()<G$G#%)*G%+$*()=G$"+$G
(0"=G*GG$G*G=G61F71;G$#G*",)%$=G%""%-G/G%+*G31;G
$#$G$-)&&()G$=G$G"+$*G#%()=G%+*G21;G#$*%$$GA*G
$*($*B<G?$G(#$/=G$-)&&()G-(G$#G/G56;G$G*",)%$G%$"/G
/G41;<G$G$=G*",)%$G-)G$#G/G48;G$G$-)&&()G/G47;=G$G
*G$*($*GG$%*G()*(<99@G$G%+$*()G-(G%$))*$*G*#G)()G.)*=G
)+G)G**G#$*$G/G*G-G)(G$*(G%(G*G%&"G$G*G
())G$G*G=G*G*($G)$G)G$G"(GFGG(+"G(%)%$G%G*G
$+#(G%G&%&"G#$*%$$G*",)%$G$G$-)&&()=GG(&G$()G$G
*G$+#(G%G&%&"G$#$G*G$*($*<G/G3119=G*G$*($*GG
%,(*!$G$-)&&()G)G*G)%$G#%)*G('+$*"/G#$*%$GA#$G)%+(G
%G$-)BG$G*G=G$#G/G52;G%G*%)G)+(,/G?77;G$#G*",)%$@<9:G
+*G)G"*G)G$G3123=GG)+(,/G%$+*G$G*GG%(G*G#G(+"*%(G
%#G%+$G**G*G$*($*G#G")*G%+*G%G%+(G#G-$G&%&"G-(G
)!G%+*G"/G%$)+#&*%$G%G$-)GFG82;G)G*/G+)GG"/=G52;G
(%=G41;G$-)&&()=G$G3:;G*G$*($*<:1G(G*G.)*G%$G*+"G
&**($)G%G*(=G*/G)+)*G**G+)$GA*G$*($*BG)GG$-)G)%+(G
&(#("/G#$)G**G&%&"G))G"/G#G%#&$)BG%$*$*G%$"$<G
G3123G(%))E$*%$"G)+(,/G%G%$"$G$-)G+)G**G$"+G($=G
(#$/=G*G=G$G*GG)+)*)G**G81F:1;G%G&%&"G))$G$-)G
%$"$G%G*%G*G)*)G%G"/G%+*"*)=G-()G(*%()G$G%$"$E%$"/G
%+*"*)G(G+)G/G41F51;G$G*G+(%&$G%+$*()G$G71;G$G*G<:2G
G
G
G
G
G
G$)G(*%$=G$*(,-G/G)#+)G")G")$<G
G"**(G($$=G$*(,-G/G(G(&&$$<G
99 GG3117G"%)$G)+(,/G-)G%$G%,(G*G&%$G-*G%+*G2=111G()&%$$*)G(%#GG%G*G*$G%+$*()=G
)G**&>DD$-)<<%<+!D2D)(D)&DD&)D13C16C17#*(+)*<&G?))G
+"/G3123@<G
9: G-G)(G$*(=GA$*($*G$)G%$G",)%$G)G+"B)G$G-)G%+(B<G
:1 G%#=G.. G?%$%$>G%#=G3123@=G
**&>DD)*!%"()<%%#<%(<+!D$()D%$)+"**%$)D#)+($E&"+("*/D)**#$*D)**#$*<&GG
?))G+<G3123@<G
:2 G-#$=G.....#!"#<G
97
98
49G
D"*D"'%"'&D#!"'D"*D')'&D D&%D"D#" "D
&# D"'*#%"8D"D)%#(&D#%!&D#D(&%B"%'D#"'"'D$ ,D"D
"%&"D%# D"D&#!D$#$ ?&D!D'&8D"(!"'&D#"'"(D'#D
#!"'D"'%'"!"'D"D"*&D$%#)&#"D"D(&D%#("D'D*#% 760D
D'D%#*"D"(!%D#D#$'#"&D) D'#D!#&'D"'"&&D
#!$''#"D#%D$#$ ?&D''"'#"8D'D&D"#'D %D''D'D&$%D#D'D"'%"'D
"D!# D!D)D,'D
D'#D*&$%D
*# & D&(&''('#"D#D
"*D!D#%D# D!761D
"D%&%%8D+!""D
$''%"&D#D!D(&D%#&&DD
&'D#D#("'%&D" ("D
%"8D%!",8D' ,8D'D
8D"D'D8D#("D"#D
)"D#%D!D
&(&''('#"D*"D'D#!&D'#D
&&"D"*&D%#!D
' )&#"8D"*&$$%&8D"D
#" "DCD"8D'D!#%D
&#!#"D&&D"*&D#"D
D#D'&D$ '#%!&8D'D!#%D ,D',D*%D'#D&&D'D#"D#'%D$ '#%!&D
'##762DD*D*%D'#D!"DD&" D$%!'D#%!D#D!D(&D"D'D ("'D
!#%&D<#%D ("'D$%'&D#D!%"D#"#!&=D*D!'D'"D#D&#!#"D
*'"D' )&#"D* D(&"D'%D $'#$D#%D&!%'D$#"D'#D%#*&D#%D"*&D
%#!D ,D$%#)%&D"D&%D'"&D*'D%"&D)D! D"D##7D
!" ,D# B&#"D#%!&D#D!D(&D%D!D"D$#$ ?&D%#('"&D
"D ,D D"D"% ,D"D#" ,D"%!"' ,D&D #"D&D',D#"'"(D'#D
D+$%"D&D"% ,D&'&,"763D
“
“
"#!#'' '''
" ,8D#D#(%&8D'D('(%D&D"#'D)" ,D&'%('7D&D&D$%'( % ,D
%D*"D ##"D'D!%"D#"#!&D D%- D"D"8D*%D'D
!( 'B$ '#%!D"D"%&" ,D' D!D(&D#D ("'D(%"D '&D&D
"#'D(" D''D#D'%D%'%"D"D' ,D#%D'D"'D"#!8D('D*%D'D
!#%',D#D'D
$#$( '#"D&' D#&D"#'D
)D"'%"'D&&7D
#&D'#D DD #"D
""&D )D"D#(&# &D
*'D"#D' )&#"7D#%D
'"D#"D("%D! #"D
%- "&D"D#)%D#"D
#"D""&D%D"#'D
"'%"'D(&%&7DD
“
“
D#&'%8D''7D
D%D##$%8D>"'%"'DD&D"D(&''(' ',?8D'$D
''$9AA***7%$%&&7"'A&'&A( 'A &A%&#(%&A&'(,@0@!@(&@"@&(&''(' ',7$D<&&D(7D
0./0=7D
62 D%&'"D%8D''''%'''
D<#%'#!"=7DD &#D#''D
7D '(&D
"D)D*&(%,8D>''%"&D#D"'%"'D"D%'#" D*&DD&D"DD'*#%D#!!("',?8D'
$'/5A/D<0...=8D0/B23:D)D*&(%,8D>'D#D!%"&D ,D"'D'#D"#*;?8D''
$D31A2D<0..1=8D462B5/.:D"!"D&"&D"D""%D%'8D>"'%"'D*&9D&D'DD$ !"'D#%D
%'#" DD(' '&;?8D'''&$'/5A0D<0./0=8D/6.7D
63 D#( %,8D'#D
60
61
16D
,%)*O&O$ ## &%*O. ##O)$ %O&# %O&)O0)*O+&O&$@O*' ##0O
$&%*+O+O'&&)@O+&*O. +O# ++#O&)$#O,+ &%@O%O+&*O# - %O %O),)#O
)*?O) &OH- #@O +&)M %M O&O'''O %O)1 #@O/'# %*AO
H&,)O %)*+),+,)O*O$%0O')&#$*?O0* #O**O *O# $ +O,O+&OO
)&*@O&-)#&O )'&)+*@O%O#"O&O# +*?O +#O**O *O# $ +O,O+&O
#&.M*'O %+)%+O%O+O#"O&O6OE$& #O)&%O**F?H;8O%O% @O
.)O!,*+O9<O&O+O'&',#+ &%O.)O %+)%+O,*)*O0O4232@O)-%O%@O
)&,'O +&)O&O+O'@OO % M#%,O%.*'')O. +OO+&+#O
),#+ &%O&O$&)O+%O4O$ ## &%O') %+O&' *O-)0O0O&)O +*O$%0O
) &%#O + &%*@O*0*AO
O
''''''
&''''''! $''
%'%'%'%''''''''&''
''
'''''
'
'''&''
&'
'
%''
&''''&''
'&'''%'''''''%#"'
''
O&-)%$%+O&O% O*+ $+*O++O&,+O722O$ ## &%O% %*O# -O %O,)%O
)*@O%O972O$ ## &%O %O),)#O)*?O.*'')*O# "O+O'O)O
%)* %#0O'%+)+ %O+O&,%+)0* @O %+)%+O&%%+ - +0O *O%&+?DO
&)O+O&)*#O,+,)@O$ O,*O&)O,%)*O&O$ ## &%*O&O
)1 # %*O%O% %*O$%*O**O+&O+))*+) #O)&*+ %@O&+%OO$& #O
'&%@O%O') %+O%.*'')*?O,+O%&+O$,#+ M%%#O'0O+#- * &%@O*$)+O
'&%*@O&)O**O+&O%.*O.* +*O)&$O)&,%O+O.&)#?OC%O+#0O+&&@O&-)##O
%O#,%+@O-#&'O$&)0O,+O&%O) -%O0O %+)%#O) &%#O%O*& #O
%(,# + *@O %+)%+O**O&%#0O %O4232O$OO$!&) +0O'&',#+ &%O
'%&$%&%@O%O *O)O$&)O. *')O %O+O) O&)+O+%O %O+O'&&))O
&,+?DO-%O %O+O$&*+O#,%+O$&) *@O +#O - *O)$ %O %O'#O %O
+)$*O&O**@O&)$*O&O**@O%O.O,*O*" ##*?;:O&&" %O%))&.#0O+O+O
')%+O&O'&'#O.&O)O+ -O,*)*@O)&.+O*O'+)O&O %O)%+O0)*O
%O$%0O&,%+) *@O*+ # * %O+.%O:2O%O;2<@O*&$.+O*&)+O&O+O;7=<O
'%+)+ &%O -O0O+#- * &%?O%O+O% +O++*@O+O')%+O&O+O
,#+O'&',#+ &%O.&O,*O+O %+)%+O).O)&$O65<O %O4222O+&O8:<O %O4227?O
)&$O4227O+&O4232@O +O).O&%#0O* /O$&)O')%+O'& %+*@O+&O96<@O&) %O+&O
+O)&$O+O&)#O%"?O&$O&O+ *O#-## %O&O*O+&O&O. +O'&"+*O&O
')-* -O'&-)+0O-%O. + %O.#+0O&,%+) *?O&$O&O +O*O+&O&O. +O
&&)+O+*@O.)O$%0O&#)O'&'#O-O %O$%0O&,%+) *O* ##0O
O+O %+)%+O *O%&+O&)O+$OC-%O O+0O%O&)O +O%O&+O+ )O%"O
%O+ )O&-)%$%+O.&,#O-)0O$,O# "O+$O+&O,*O +D?O%O+O% +O++*@O
&) %O+&O)*)O0O+O.O%+)%+O%O$) %O O)&!+@O63<O&O
+&*O&-)O87O,*O+O %+)%+O0O4233@O$% %O%&+)O#$&*+O47O$ ## &%O&#)O
'&'#O)$ %O&# %?;;O&)+# +0O %O+O),#@O+*O'&'#O. ##O&-)O+ $OO
)'#O0O'&'#O.&O)O$&)O# "#0O+&OO+ -O %+)%+O,*)*?O,+O-%O
.%O.O#&&"O+O+O0&,%*+O$&)' *O %O #0O. )O&,%+) *O# "O+O
% +O++*@O+O3:N4;M0)M&#O*&M##OG +#O%+ -*H@O8<OC$&,%+ %O+&O
#$&*+O+)O$ ## &%O'&'#DO.)O%&+O+ -O %+)%+O,*)*?322O%O&%&$ @O
O) &O- #@O %+)- .O0O)%%&O# - )O,# %&?O
O)-%O%@O %+)- .O0O-0* O
%?O
;: O*1+)O) ++ @OG +#OC+D -*BO) + &%O %O%+)%+O" ##*O%O**O$&%O$)*O&O+OI+O%)+ &%JH@O
'&O:2L3OC4232D@O;4M335?O
;; O+)0%O ",)O%O)&%O$ +@OG +#O )%*H@O35O')?O4234OCO')&!+O&O+O.O*)O%+)D@O
++'ALL'. %+)%+?&)L>L$ LL #*L'&)+*L4234LK +#K )%*K263534?'OC**O,?O4234D?O
322 O ?O
;8
;9
62O
%!2: :$! :$ %: :%%:$2:)&:%!:($&! 2: :
$"&:)&: )$:& !!%::$! : :%$&:"! %1:
!! :&::'%:$!' :&:)!$2:6!7: :6 )7::&!+:
!*%&1:$: )::$:(2:&+:%'"" &:!::!$:
!& :& :&+:%'"" &:&1: :8!: ($! &%:&:$!:&$ :9:
! ::"&!$%:9:%:&!)$%:' :$ &&! 2:)&::)::!'&&%:
! & : ::($: '$:!:%$:!'&&%:& :&!:$(:!'&:
!$:!$:%%:%'%& : %:!$:&%(%1:!":*: :&:
! %&:&%:!$ %:%:&+:!:$!%%:"&!$%2:" :! :&: :
! ( :%:':
%:"$: :
"$$ 1.-.::
: :!$:
!$: )%:
:%:&!:: %:
&: :&%:!$:
!"&&(: :':
"$&+:! ($ &:
($! &1:
“
“
:%!$&3:
:
• :$: !$&+2: ' : +:!:&:!%&:' &: :)8
'&::'%$%2:(:)!$&+:$:&:&2::
)8 2:!2:'&8%$ :'&'$1:'&:):' &+:
%' $%& :!):!'$::%+%&%:)!$::):%:&:&$!':
&: %:!:&:!%&:%! : :& !!+:( :!$%:!:
'%:!:&:!%&: &'%%&+:! &1:%:($+:%: !$&+:
%&:)&:&(%! :!$:& :&+:'%:&: &$ &2: : +:!:
&:%&:$:"$ &: )%""$%:$#' &+1::
• :!$:!%&:"!"2:%': $:&(%! :$ %:+:$:&:
!%&:$#' &:!$:!::'%: :!%&:"!$& &:%!'$:!: )%2:
&!':&:%2:! %&:&!%:)!:(:%%2: $% +:
%'"" &:+:($!'%:!$%:!: &$ &:'%1::
• +:!: !&:(:&%:!"&! %1:( :&$:%:!:! $ :!($:
6&:(%7: :!%! :&&"&%:&!:!%:&2:! %:$ :
! 2:%! &2: :"!!$+:#'"":&!::&:!%&:!:&:
&$ &2:( : :&:)&%&:!' &$%1: :$ :! !%::
$,: : 2: &$ &:%%:%:+&:&!::(:&!:&:!$&+:!:
&:"!"'&! 1:
:
:
: :&:2: $%:!"&&! : :&:"$!$&! :!: ): )%:"$!($%:(: :!" :+:&:$%:
!:: '$:!:!$:!$:%%:*"&+:"$&% :!'&&%1::!%&:"$! &:$:&:: %:!*:)%: :
: :&:! :%&%:' &! :!%&: :+:!%1::$8$ :!:"$&% ::%: &: :
*& %(:&:$!' :&:*& &: :! %#' %:!:"$&% :%8%&! : :$ &&! 2:11:!:"!":
'% ::&&:! !$:)&:&$:"$8*%& :"!&:()%: :)$:"!":&& :&!:%$: $: )%:
!'&&%1:!: +%&%::&!:(:!' :%&$! :%8%&! :&%:411:&:&$!'2:
:4*!$3:2:
/-..51:&$%:"! &:!'&:&&:( :&:!%&:! %$(&(:!*:()$%: :$::()$%:%&:%" &:!$:&:
)& : )%:! :&:$&(+:"$&: : &)!$: :!: %:4%:%&$2:6'&+:!:&:751::
:$,2: 2: :'$!"2:)$: +: )%""$%:(:! :::$: :!& :"$&% :&!$: : :
$!%&: :!$%:$:!& :$#'$:&!:$ :"$&2: ):"$&% ::! :(:"$!(!:%%:
%'%%! 1:
.-.
0.:
=! =!"==#=#!#="== !##="$ #=#=!#=!"=
=!"#== !#==7"=&="==&=!"#!$#$!="$"#!#$=!=
!==!== !$#8="=#=(=#=="#=!==
&"=#!"#=#==$(=#==%!#==%!#=##=
"!='#==#$= ##!"===$"="&"="#="==#=$#$!=
7=(&!84=#="="5=$"=#="==&#="%!=%$""==
!==$"#!"5== #="=#=9!:==%!#$(=%!(=(=
=$"""=!$5=$=$"5= $"5==!"#4=$#="=
"$"#=%5=#"="=#=""!(=#="#=&(=#=$!"#=&#="=
#$(= 5=" (=$!=#=!"#=(!"==#=#&#(;!"#=
#$!(4=
=! =" !==#!#=$"==#=#=*11)"==!(=+)))"==
&#=$#==$#"=!=&" !"==(=$#!"=
!$=#=&!4=
"$! !"(5=(=
"&=#=#&= =
"=!#5=#=#=
"#!$#$!= !==(=
&" !"=<="=!!"==
%!#"!"=!#=!=
!#= !#=!"=#=
$ !#=="#"5=#(=
&$=#$!(="$!4=7"="=
#= #=$#5==!!"=!=&!#="= !=#=#=!"=
== !#=!!"48=$#==#5=(="=%===$=!=
!#==#= #==#=%!=!%$"==(==
"=#=#=!"==#=#!#=%!=#="#=4*)+==#!#="=
= !##5===$#=&==%=!="=%=!&!5=$#=
!"""=%=$!#=(==%=!4==
=!(="==' 4=!=+)))=#=+)),5=#!#=$"=$=
!=$#=,)2=#="#=/)2==#= $#5=!=#==(=#!=
=$#!"4=$!=#="= !5=&" !=%!#"==(=
"#=3+4.==<=$#=+.24="=#"=$=#=%!#"!"=&=!!"=
!= !#=#=6=
#=!(=<= = !#=!$#==(=/2==
#=$!"==#"=#!=(!"5==#!#=%!#"=!&=(=(=$#=
3*))=4=!=&" !"="$!=$!=#"=(!"= !!(=
$"=#=$#!(:"=' !#;!%=(=&"=!=#=(=#==
!""=&=#=#4=$"#4==#5==="$!=<=&#=#=
' #==5==#!"==%!#"=&#=&=!=+)))=#=
+)),5=&#=##=" ==(=+*24=!#=&" !"=="$!=!=
#=#!=#!"=7#%"=&"=&=*1285=$#=#=$=!5==
"#==#!=""==!%$==#"= !=&!=##!$#=#=(=!#!=
#="#!$#$!=#!"4=!=+)),=&!"5=&" !=%!#"=" ==
!(=
5=%!(=(!5=!=$!=(!"===!&5="=#=(=!%!5=
“
“
*)+ =!==!=$!5=#=!5==!#=4=!5=9=!&#==%!#"=' #$!"==
!#===!#=$#!":5==+*=7+))085=+0;.+4=
-,=
)"C'#(C"'%"'C&&:C(&:C"C)%'&"C &#C%*9.-0C"C"C/--5C
"#'%C%&&#"C':C"C"*&$$%&C"C&(%9CC
)&#"C'##C&C"C'C,C, C& (!$&C"C)%'&"C%)"(&9C
"C/--5C"C/--6:C'C%'&C#!!% C%#&'%CC&'%( C&C
)%'&"C 9C<C#!$",C(&C'C#&#"C'#C%"#''C'&C$( C
&%)C#!!'!"'&C*'C%%"C'#C'&C#!!% C "9=C"C'":C'C
&C&(%C#"C'CC#CC%&(%"'C)%'&"C!%'9C
#(C'C"'%"'C""C#(%C!C&,&'!&:C#'"C"C$%##("C*,&:C
'&C( C!$'C#"C!C!%'&C&C,'C'#CC '9C&C&#*"C#):C("&C
)C!%C' C$ '#%!&C('C&#C%C(&C'!C&C$%'&C#CC*%C!C
!+C''C%!"&C#!"'C,C' )&#"9C)%C'!:C)%'&"C&$"C'"&C
'#CC%# ,C$%#$#%'#" C*'C'!C&$"'C#"CC)"C$ '#%!:C('C&#C%:C
)%'&%&C"% ,C&!C'#C)C!#)C#" "C!#%C& #* ,C'"C'C$#$ C
',C!C'#C%9C"C/-./:C'C)"'(%C$' &'C%,C%C$%&"'C"C
" ,&&C#C'C%#!C'CC&(&'"C'':C* C' )&#"C)%'&"C
&$"C"C'!C&$"'C*&C#('C'C&!C"C/-..C<107C"C1/7:C
%&$') ,=:C$%"'C&' C%*C!(C!#%C)%'&"C</27=C'"C''"'#"CC
<47C#C'!C&$"'=:C*%&C#'C'C"'%"'C</37C'!C&$"':C//7C
)%'&"C&$"=C"C&$ ,C!# C<.-7C'!C&$"'C"C.7C)%'&"C
&$"=C%C "C)"C*'#('C'#%"C"C(%'%C!%'#"C#C(&%&9.-1C
&C&(&'&CC!(C%C!%'#"C#C)%'&"C &C:C$%'( % ,C
"C#("'%&C C" "C"C%!",C*%C$%"'C"*&$$%&C&' C%*C
!#%C'"C0-7C#C'#' CC&$"9CC
&C!C %C#):C'C"'%"'C&C(&'C'C '&'C"CC"(!%C#C"*C
!C''C):C&"C'C#"C#% C%:C$('C"%&"C$%&&(%C#"C'C
(&"&&C!# C#C$C$%"'C"*&$$%&:C"C"C!",C&&C %'C
'%C #"A'%!C "9C('C"CC*C&$C*,&C"C&&:C'C"'%"'C&C
CC!(C!#%C%!'C"C%'C':C"C$%'( %C&CC$ '#%!C#%C
#" "C &&C&'&C C%& &':C
#"&'%9#!:C"C'%C!",C
%'%"C%#("C'C*#% 9C(C
&'&C#%CC$%:C!#%C(&%A
%" ,:C"C#&'A"'C '%"')C
'#C &&C)%'&"C"C
"*&$$%&:C"C)C 'CC!#%C
#*C'#C'C#"#!&C#C#!$"&C
) ,C$""'C#"C'C ''%9CC
!$'C&C %,C"C"#'C
#)9C"C/---:C'C%#!C'C*&$$%C&&#'#"C#C!%C&#*C''C
&&C)%'&"C"C"*&$$%&C$C'C #&C'#C8/-C #"C"C'C9C
'C,%:C'C!C($C1-7C#C'#' C$%"'C"*&$$%C)%'&"C"CC'%C#C
#)% C"(&'%,C%)"(&9.-2CC
“
“
C'C%#!C
C</--5=9C
CC#"%!":C>C"C%'C''C#( C%C'C C('C#C'C%"'C?:C0-C,C/-./:C
''$;@@***9$#,"'%9#%@ '&'A"*&@!*%@.423.6@'A#"A%'A''A&#( A&%A'A A#('A#A$%"'A!C
<&&C(9C/-./=9C
.-2 CC&'C#C &&&C%#!C$%"'C'#C' C*&C#%&"C,C&#!C%A&'C"*&$$%C+(')&:C" ("C
#%'C
&%C#C'C
9C"CC.66/C!!#:CC%(C''C &&&C*#( C)"'( ,C!#)C'#CC!#%C
(&%A%" ,:C&% C '%#"C#%!':C"C''C'C"C'#CC'C'C#%%#"'C#C'&C) #$!"'9C&C
%&#""C &#C%) &C*,C'C")%C*&CBCC%(C'C#!$",C&#( C>$#&'$#"C!$ !"''#"C("' CC!#!"'C
*"C*?%C#""'C*? C!C!#%C!#",C<#%C'%CC#!$''#%=C,C (""C'C '%#"C$%#('?9C'C
!#!"'C")%C%%):C"C'CC"#'C'%C#!$''#%&C%#!C#('&C'C"*&$$%C"(&'%,:C*#CC
"#'"C'#C #&:C%#!C (""C'%C&'&:CC &&C+!$ C#C ,'#"C%&'"&"?&C>""#)'#%?&C !!?9C
.-0
.-1
11C
>>>>>>>>>>>>>>*#$>%#8>%>&#> #>$$$>($> &%>>"&#%#> >%%7>
# >.,,,>% >.,,58>$$$>$#>*> #>%>3,6>>&##%>%#$8>
($%>% >>#%>!#%>($!!#>'#%$>$#>*> &%>/167>
9'#>'#%$>$!>>*>267:>*>%8>$$$>>&!>$$>%>
-16> > '#>($!!#>&$%#*>#'&$7>#%$> >%>>!#$$>'>
$&#>>$#*>#&%*>"&> $$> >#'&$># >$$>
'#%$8>(>$#>*> &%>1,6># >.,,1>% >.,,58># >%( >% > >
>! &$7>>.,,18>$$$>>&!> &%>>%>&$%#*;$>
'#%$>#'&$8> &#>*#$>%#> &%>>%#7>9$>%> >>
# >!!#$>##>%>* >$>=>%>!&$>$>#%*>
## #>> $% >#$$> %> $%> &%>>%#> >%#>'#%$>
#'&$>>.,,4=5> 7:>>
&%>($!!#$>$(#>'> > !#%>(% &%>%>!# %>
!#'> >>$%# > > >%>$$>#%7>>%*8>$$>
'#%$>$>&!> *> &%>46> >($!!#>'#%$>> &%>06>
> '#>&$%#*>#'&$8>>%>&#>$>#>#%'*>$%>>
#%>*#$7>> %#>% #$> >!#%>($!!#>'#%$>#>*>
% >%>%>$%>$ (%># >> '#> ># '#*8>$> >$>
'&>%%$>>% >#>#'%> #>%%#%'># &!$> >##$8>
%>#<$>#% >
>$$>'#%$>
# >!#%>% > >$%$>
$>#&*>#*>
##'#$8>'>%>
$&!# #%*> >%>%%#># > %>! %> >'(> > %>
&*#$>>$#$8>>>
%> >%#>!#>
'%7> >($!!#>
!$>'>!%>
%$>> '>#$$'*>% >%>#%> #> >$$$>% >$%$>
%#> (>$%$8>&$%>$>%*>'> '>% >#$%$>$!%>%>! %%>
%#%>%*>#!#$%>% >!>%%$>9 !#%> >%>!#!>%%>%>$>%%#>
% >$>* &#> (>&$$$>%>% >>$>*> %#$:7-,2>>
>%#%>$> %>>%>($!!#8>&%>!#%&#>%#%>$%$>
'>% #>!#%&#*>!# %>$> >'#%$>(*># >($!!#$>
(>># (>&$% >% >%7>$*8>($!!#>#'&$>>%>
>'>>$#!*> $%*>&$> >%>> >%#> ! *>$%%&$>
>$'#>&#%'>% #$> >'#%$7>$(#8>&$%#*>#'&$>
'>>%>*>'# &$>#$$ $>>%>#&>#% > > %>##$>
>'#%$#$>% > %#>8>&%>%$> $$$>'>$ >#>% >$ >)%%>
> $%>*>$%>> %>#$>$$>#'&$7>($!!#$>>
8>#*8>%>>9>%>:>$%>#%> $#>#'&$>
&$>%*>'>$+>##$!$>> %&>% >%%#%> $>>
'#%$>$!7>#> &%#!#%$>>#>>%*>>&>$$>
*>!##*>&$>%*>'>*>(#>##$7>%$>>#+>>
>$>#'&$>#$>>!#%>&$>#&% >$>#$8>&%>
“
“
-,2 >'>>$$>(#>#<*>($!!#> !*>)&%'$>'>$+>%> !! #%&%*>#*> >% >$%$>
%#> (> >$$>$%$8>%$>#>$%>&>$$>!# %>%>%> >!#%>$$$>(#>>%>$> %>
#>%%>%*>#>%>% >%> !#% $> >%>($# 7>&$8># $$<$&$$>*> %>> #% 7>$$$>
>%>!#%>% > >%>>#> >%>($>>%>!!#>% >#(>##$7>>$$$> >
%> $8>%>
% #$8>>%> $8>> (>*>%>
8>%># >%>#>'&> >%>8>
&%>&%*>#*> >! !>$> &%>%>$>&$>%*>(%>% >&*>$ %7>
01>
$&*+#0I,*I-)+ * %I)-%,*I)I)&. %I)' #0I&%I+I"I&I
&-)##I&%&$ I)&.+IC*I ,)I8@3D@I
*' +I+I+)- #*I&I%.*'')*I %I')+ ,#)AI%I+I $'+I&I0# #I
)** &%*I+I+I %% %I%I%I&I+I4222*AI&-)##I&%*,$)I%I
-)+ *)I*'%I&%I$ I *I)&. %I %I$&*+I&,%+) *@I0I+#- * &%I *I
)&. %I)' #0AI+#- * &%I-)+ * %I&-)##I*I&%I.##AI%I %+)%+I
-)+ * %I*I) *+)I%&%H*+&'I&,#H +I)&.+I&)I+I'*+II
%I$%0I&,%+) *@IC) .+)&,*&&')*I') +II7@9<I&$'&,%I
%%,#I)&.+I)+I %I#&#I$ I$)"+*I&-)I+I%/+I -I0)*AI+" %I
&-)##I)-%,*I)&$I&,+I=3@8I+) ## &%I %I4233I+&I&,+I=4@3I+) ## &%I %I
4238@329DII
I
472
)1 #IC=DIC:4<D
422
%#%IC?DICH7<D
)%IC?DICH9<D
372
)$%0IC?DICH43<D
% IC=D
322
+#0IC?DICH;<D
72
2
IC>DICH39<D
IC=DICH65<D
42224223422442254226422742284229422:422;
BI ,)I %I')%+* *I *I+I%I %I')I' +I)-%,I)&$I4222I+&I422;IC&)I#&**+I(, -#%+D@I
+I)&$I&)#I)**I)%*AIAI% +I'+ $ I%I) .+)&,*&&')*I&%I)-%,AI)&$I+I
&)#I%"I&%I'&',#+ &%@IC&+I++I+I ,)*I&)I)1 #I %#,I%I*+ $+I&)I%.*'')I*#*I)-%,*I
*I&%I.I ,)*I&)I+I%+ )I+ %I$) %I$)"+@DI,))%0I/%I)+*I)&$I+II)#I
*)-@I,))%0I/%I)+I#,+,+ &%I$0I *+&)+I&$') *&%@
I
,+I+I# %"I+.%I&$$) #I*,**I%I %-*+$%+I %I%.*I++I
/ *+I %I$,I&I+I'&*+H.)I%.*'')I %,*+)0I%I.*I'&# + ##0I
$'&*I&%I+#- * &%I)&*+ %I+)&,I-) &,*I&)$*I&I',# I*)- I
&# + &%*I *I#)#0I*%+I)&$I+I+.&I$&*+I* % %+I)*I&I)&.+BI
'0I+#- * &%I%I$,I&I+I %+)%+@I%I%.*'')*AI&$$) #I*,**I
%#I%.*)&&$I %-*+$%+@I%I)H+&H )I+#- * &%AI%+)+ %$%+I
*,* *I%.*I&')+ &%*I+&I-) &,*I)*@I,+I %I'0IAI&%#0II+ %0I
)+ &%I&I&-)##I)-%,*I)I %-*+I %I%.*@I%I&%# %AI*I+I) + *I
$ I%#0*+I%I, )I'& %+*I&,+AIE&%+%+H#**I-)+ * %I *I&$ %I
%)* %#0I&$$&%F@32:I-)+ * %I *I %)* %#0I'#I%/+I+&I*)I
)*,#+*IC&&#I%I&&DAI,*)H%)+I&%+%+AI%I+I# "IC&%I&&"I
%I.H*I$ #I# %+*I# "I&+$ #DAI)+)I+%I+ I+&I')&** &%##0I
')&,I&%+%+@ICI)%+I)'&)+I&$$ ** &%I0I+I) + *I$ I
329
32:
I++'BGG...@'.@&$G/G%G#&#H%+)+ %$%+H$ H&,+#&&"G+H %* +*@!+$#IC**I,@I4234D@I
I%I, )AI %+)- .I0I*$,*I
# *I #*%@I
68I
&) (#&E#!E'(!(E((:E+&'E(EE"+'$$&E")'(&-E'EE
+# E"*'(E#)(E128E#E(&E&*")E"E"+'E$&#)(#":E(E)&E#&E
( *'#"E'E38E"E#&E#" "E#" -E1890/7=E'E$"#!"#"E'E (E
*&-+&EDE*"E, E$&"&:EE&!"E!E#!$"-E((E'E
#(&+'E&E+ E'#E&:E'E "'E"E('E&9E#&"E(#E(&E
'$#'$&'#"E&'(#$E';E@>$&"&?E!'E(#EE$&#( E"EE :E
)(E#"("(E$&#)(#"E'E(E!#'(E) (E#"9A00/E"E(:E(E'E()&"E#)(E(#E
E*&-E) (E*&-+&E(#E""E$&#''#" E"+'E$&#)(#"E#"E(E
''E#E#" "E#$&(#"'E #"9EE
E'E$&# !E'E'!$ EDE"+'E#&"'(#"'E*E(&(#" -E
)"E(&E"+'&##!E(&E#"E(E''E#E' 'E&*")'E#!"E+(E
#"'& E*&('"E&*")'E<"+'$$&'E"E E"" '=E#&E#"E(E
''E#E*&('"E&*")'E #"E<&C(#C&E&#'(&'=9E#(E&*")E
'(&!'E&E$&&#)'E#" "9E#)E!"-E& -E"+'E+'('E
,$&!"(E+(E$-E!# 'E"E(E077/':E(E#!""(E$&!E&#''E
"+'$$&E#!$"':E&#'(&':E"E$)&E$ -&'E'E#!E&E
#"("(9E+'E'E"E!E* E+(#)(E$-!"(E"E(E#$E#E
) "E"E)"E"E$#("( -E&+"E(E)'&E(#E!#&E$&#( E
# "E#&E')'&$(#"E$&#)('E<E#&!E#E #''C "=9E(E(E,$(#"E#E
'$ '(E$) (#"'E E(E!:E(E!! E"E(E
:E*&-E+E'('E*E')E+(E$-E!# '9E'E!"'E((E' 'E
&*")'E*E"E"#"C,'("(E"E!#'(E''9E<&#!E1/0/:E$-E!# 'E*E
'(EE#!CE"E(E"+'E)'"'':E&'(E"E#"(""( E)&#$:E("E
"&'" -E"E(E" #$#"E+#& E(##9E"E1/0/:E(E&"E(#$C' "E
"(#" E&#'(E!E"E'*& E&!"E"+'$$&'E"(&#)E
!(&E'-'(!'E"EEE#E#"#"E+"(E"EE@&AE$-+ 9EE
"E1/00:E(E!!E"(&#)EE!(&E!# 9E"E1/01:E'*& E
&E"+'$$&E"'E""#)"E(&E"("(#"E#E#"E(E'!9EE
E$&#$#&(#"E#EE"+'$$&E+'('E((E#$&(E'#!E'#&(E#E$-+ E
'E&#+"E&#!E*&() -E.&#E(#E#)(E1/8E"E(+#E-&'9000E#!E(( ':E E
(EE"E(E!:E&!"E#!!((E(#E(E&E!# 9E(E
'E"#(E-(E &E+(&E'#!E#&!E#E!(&E$-E!# E'E')( E&#''E(E
"+'$$&E")'(&-E#&E#" -E#&E'#!E(( '9=E)'E#E(E#!""E#E(E
&E$&!:E*&('":E(E'#"E(&(#" E'#)&E#E&*")E#&E"+'E
#&"'(#"':E'E"E(E#" -E!#&E'#)&E#E"#!E#" "9EE$&# !E
+(E')'(""E<,$"'*=E$&#''#" E"+'E$&#)(#"E#"E('E''E'E
(+## 9E&'(:E"+'E+'('E((&(E#" -EE&(#"E#E(E#*& E(&E"E
(!E'$"(E#" "EDE(+"E0E"E48:E$""E#"E(E'#)&E"E'(!(E
#"E)''9001E'E#" "E*&('"E'E*&-E!)EE")!&'E!:E+(E(E
&'(E$ -&'E((&("E(E!#&(-E#E(E*&('":E('E!"'E((E
& (* -E (( E#'E(#E"+'E!E#&"'(#"'9E< "E)((&E'E ) (E
((EE"+'$$&E#!$"'AE'&E#E#*& E#" "E*&('"E "E
&#!E#)(E1/8E"E1//2E(#E#" -E0/8E"E1/009002=E#":E+ E"+'E+'('E
#"(")E(#E&#+E(&E)"':E#(E"E(&!'E#E)"%)E*'(#&'E"E(E
")!&E#E$E*+':E!"-E#(&'E&E&#+"E!#&:E"E(E#*& E
0/7 E!!!!!!
E<#"#";E#!:E1/01=:E
(($;BB'(# &'9##!9#&9)B"&'B#"') ((#"'B!')&"C$ )& (-B'((!"(B"",59EE
<''E)9E1/01=9E
00/ E&'(#$E':E"(&*+E-EE)!$&(9E
000 E(&E9E &:E@) "E(E&(E+'$$&E-+ A:E4E
) -E1/01:E(($;BB- "9.B1/01B/6B) "C(C&(C
"+'$$&C$-+ E<''E)9E1/01=9E
001 E(E&#!E,$&"E(+'E')'('E*&#)'E#&!'E#E"+'E&+E#)(E3938E#E E"(&"(E(&E"E(EEE
"E1/0/:EE'#!+(E&E5968E"E(E:E)(E#" -E2928E"E&"9E
002 E@+'$$&E( EE&E('E E!E#+A:E12E$&9E1/01:E
(($;BB"+'#')&9 #'$#(9#9)B1/01B/3B"+'$$&C( CC'&C('C 9(! E<''E)9E1/01=9E
36E
'$,)G#G)G(*%%!.G$G$#!#G+')(#G(G()!!G)G!()G(G'%G(G)G
'$,)G#G"#>G"##G))G)G+!*G$G#.G+#G$#!#G*#G(G)G
()G()##)G#G)G,$'()G'$#=G#G1//7>G)G'#G$#!#E$#!.G#,(G
,()GG$%G)$G#')G0G"!!$#GG.'G'$"G#G+'G$G$#G
"!!$#G"$#)!.G*#&*G+()$'(=G.G1/0/>G)G()GG"$'G)#G),$G"!!$#G
"$#)!.G*#&*G+()$'(>G*)G#')G*()G<7//>///G#G+')(#G'+#*=003G
(G(GG!!##G()*)$#>G(%!!.G$'G("!!'G))!(G,G'G
!'.G+#GG'G)"G$"%)#G$'G))#)$#>G*)G+#G)G"$()G
%'$"##)G#,(G$'#()$#(G()'*!G,)G$,G)$G#!G)G$#$"(G$G
$#!#G$#)#)G')$#=GG,$'!C(G"$()G%$%*!'G#,(%%'G,()>G)G
E(G!G#!#>G%'$+(G)G%')G!!*()')$#G$G)G%'$!"=GG
()G(G'G)$G((>G#G
',G"$'G)#G5G"!!$#G
''(G$#G#G+'G.G#G
1/00>G$'GG)$)!G$G$+'G3/G
"!!$#G"$#)!.G*#&*G
+()$'(=G#G.)G)(G##*!G
'+#*(G,'G*()G;05G
"!!$#G$'G1/0/F1/00=GG
G%'#)G)$#G$G)G
G@#!*#G)G
A>G.G$#)'()>G
#')G$*)G;6//G"!!$#G#G(!(G#G+')(#G'+#*(G$G)(G$*)GG
3G"!!$#G!.G''(=G(($)G,(%%'(CG'G!.>G>G',G$*)G
;7/G"!!$#G#G+')(#G'+#*(G$#G)G((G$G)(G0":G'*!)$#G#G
%%'$-")!.G2G"!!$#G''(=004GG549G'$,)G#G)G'+#*(G$G)G!G
#!#G'$"G1/0/G)$G1/00G#G0/9G'$,)G)GG$#!.G*()G$()G)G49G
!#G'$'G)G(($)C(G!(%G
G))!=G.G"G
$"%#(G$)#G$"#)G#,(G%'$+($#G$#!#>G*)G)G$#)#)G%'$+G
$#)#*(G)$GG*#G.G'+#*(G#')G$!#=G(G(G#$)G(*()#!G
#G)G!$#G'*#=G
GG%'$+(GG%')*!'!.G!'G-"%!G$G)G"%!)$#(=G
*(G$G)G(#G$G%*!G('+G'$()#G$#GG(##)G(!>G
#,(%%'(G+G#G($!*)!.G#)'!G)$G#,(G%'$*)$#G)'>G#G'G
(*'#G$""'!!.G+#G(G)!+($#G#G$#!#G"G$#)#*G)$G'$,=G
G)GG#,(%%'G#*()'.G'()GFG(%)G$#$#G'*!)$#G!$(((G
)'$*$*)G)G%$()E,'G%'$>G'+#*(G#')G.G#'(#G
+')(#G'+#*(G$"#G,)GG'(G$G"' )G$#($!)$#GG
@(G($,#G#G*'G2=0AG"#)G))G)$)!G#,('$$"G"%!$."#)G',G.G
$*)G3/9G'$"G)G086/(G)$G)G1///(=G@G*'G#G1//0G,(G45>3//>G*()G4//G
*!!E)"G%$()$#(G($')G$G)G()$'!G% G$G45>8//G'G#G088/=AGG
#G1///>G#,(%%'G%*!('(G"%!$.G$*)G549G$G!!G'%$')'(G#G
$''(%$##)(G#G)G#)G))(G#G#!.()(G()")G))GG
#,(%%'(G).%!!.G(%#)G'$*#G049G$G)'G'+#*(G$#G)$'!G$()(=005GG
$'G$*)G2/G.'(>G"'#G")'$%$!)#G"$#$%$!.G#,(%%'(G
$*!G$G$)G,!!G@#$.G$*!E)G%'$)G"'#(AG#>GG$,#'(G!!$,G
)"G)$>G$$G@.G"%!$.#G*#'(G$G$*'#!()(A=G*)G)(G,(G#G
-%)$#!G!$!G$*)!'=G$G$)'G$*#)'.G#G)G,$'!GG(*G
“
“
G'*#$G#G!(#>G
=G
GG1/00G##*!G%$')>G1G)=G1/00>G))%?DD,,,=")=$=* D*%!$(D!(D3/7501/=%GG
@((G*=G1/01A=G
005 G'$!G$!>G
@"'?G>G1/00A=G*'*G$G
$'G))()(>B*%)$#!G"%!$."#)G#G(>G1//1C>))%?DD,,,=!(=$+D$(D1//1D$(162/1/=)"G@((G
*=G1/01A=G
003
004
37G
"+'$$&';E"E (E#E(&E'E#E)"%)E"E)"$&"(E'(&"(<E(E
&(E "E#E"+'$$&'E#*&E(E '(E("E-&'E'E(E(EE#)&" '(E
+#&#&E&EDE#*& E"+'&##!E!$ #-!"(E"E(E")'(&-E'E&'E-E
&#)"E04<///<E#)(E149<E(+"E1///E"E1/00;EE>#( E&*")'E*E "E
-E !#'(E3/9E"E(E'!E$&#<E'E'E(#( E!$ #-!"(E"E(E'(#&<E+"E
#"E" )'E$&#)(#"<E *&-<E' '<E"E!"!"(;?E-E
-E1/00<E(EE
"')'E'(!(E((E(E'(#&E!$ #-E)'(E#*&E5/9E#E E&$#&(&'E"E
#&&'$#""('E"E(E"(E((';006E(E'E"&'" -E) (E#&E!&"E
"+'$$&'E(#E!E!#"-E"E')'("E'(&#"E"+'&##!'E(E(E'!E(!;E
'$ -E"E$) -E(&E"'<E+&E'&E$&'E*E# $'E#*&E(E
'(E<E "E"*'(#&'E(#E!"E'""(E*"'E"E)-C'<E('E
'E E(#E'&$E)('E"E"+'&##!E'(E"E#(&E#'(';EE
)&"E(E'!E$&#<E(E( *'#"E'(#&E'E'"E'# E&#+(<E'E
*&('"E'E E)$E+ E'$(E(E&''#"'E& -E"E (E"E(EE
"E$-EE&*")'E*E&#+"E&$ -;E *'#"E*&('"E'(-E#)(E(E
'!E(E&#) -E:4/E #"E"E$-EE")'(&-E&*")'E&+E&#!E#)(E:24E
#"E"E1///E(#E#)(E:64E #"E"E1/00;E"(&"(E*&('"E'E '#E&#+"E
&$ -<E&#!E:7;1E #"E"E1///E(#E:20E #"E"E1/00<E!#'(E#E(E#"E(#E## E
"EE") E#E#(&EE$ -&'E>##<E
&#'#(<E##<E"E?<E E
$&#*"E'&E"E'# E"(+#&"E'&*'E&(&E("E#&" E#"("(;007E
E
E')'("( E&#+(E"E(E( *'#"E"E#" "E'(#&'E'<E#+*&<E
"#(E&') (E"E"&'E"*'(!"('E"E"+'E$&#)(#";E+'E$ -'EE!"#&E
$&(E"E&C(#C&E&#'("E>+(E(E$&( E,$(#"E#E # E?E"EE
!"') E&# E"E(E$-EE"E#" "E)'"''';E *'#"E&*")'E"&'E
-E#)(E5/9E"E)&&"(E(&!'E"E(EE#*&E(E '(E<E)(E(E")!&E#E
#)&" '('E+#&"E#&E&#'(&'E'<E#&"E(#EE)&)E#E#&E
(('('<E(E'(E"E'( ;E"E1//1<E(E)&)E'(!(E((E&#E"EE
&#'(&'E"E(EE!$ #-E !#'(E01<///E&$#&(&'E"E#&&'$#""('E
>#)(E1/9E#E(E(#( E")!&?;E"E
-E1/00<E*&#)'E#&!'E#E&#'(&'E"E
E$&#&!!"E#!$"'E!$ #-E)'(E#*&E00<///;E#E)&E,'('E#&E(E
")!&E#E&$#&(&'E!$ #-E-E"(&"(C'E#!$"'E #"<E)(E-E
-E
1/00<E(E(#&-E@#(&E"#&!(#"E'&*'A<E+E '#E" )'E"+'E"'E
E''#(E&''E"E &E"#&!(#"E'&*'E#!$"'E E#!'#"E
)(&'E"E ##!&<E(#(&E!$ #-E#)(E2<///<E ''E("E69E#E(E(#( E
")!&E#E#)&" '('E"E(E;008EE
#!$& E'(('('E#E"#(E,'(E#&E#(&E#)"(&'<E)(E(E!&"E
,!$ E#!"E+(E(E*"( -E !(E&# E"+'E$ -'E"E&#'("<E
<E"E#" "E'(#&'E '+&E!"'E((E'""(E&#+(E"<E#&E"'("<E
#!!& E( *'#"E&*")'E>'#+"E"E)&E5;1?E#&E#" "E")'(&'E"E"#(E
E(#E')'("( E"*'(!"(E"E"+'E(&";E"E-&'E#E#"#!E)&(E*E
EE"+'$$&'E(#E -E#E(#)'"'E#E&$#&(&';E"E-&'E#E&#+(E"EE
"E#" "E!E*E&(E*&-E+E"+E#'E#&E#)&" '(';E
#E&<E&''#"'E*E(E(E!E)'"''E&&E("E(E( E
(&"'(#";EE) E!$(E#E(E ((&E'E-(E(#E#!E'E)"'E#"(")E(#E
!#*E#" "E"E(#E!# E"E*&('&'E(E)$E+(E(!;E'$(E(E
)")" "<E'"(&!(#"<E"E"'E')$$#' -E&(&'(E#E(E
"(&"(E>#&E(E '(E$#'' E(&?<E!"-E -E!E'(#&'E*E EE
E
E#&"E(#E(E)&)E#E#&E(('(';E
E(($=BB."(#$(!; #'$#(;#;)B1/00B01B%)&"" C*"('C(#C $CC!&(;(! E>''E);E1/01?;E
008 E)&)E#E#&E(('('<@)$(#" E!$ #-!"(E"E'<E
-E1/00A
(($=BB+++; ';#*B#'B)&&"(B#'162/11;(!E>''E);E1/01?;E
006
007
38E
I
500
450
400
'/"IA;B
350
$"$IA=BIA46:B
300
'$IA=BIA44:B
250
'#$.IA=BIA1:B
200
$IA;B
150
)".IA=BIA63:B
100
IA<BIA42:B
50
0
IA;BIA60:B
2000 2001 2002 2003 2004 2005 2006 2007 2008
@I*'I$I&'$)((I(I)I$I$I&'I&)I'+$*(I'%#I2000I)%I2008>I)I'%#I$)I
&)#I$I',)'%*(%%&'(I%$I'+$*?I'%#I)I%'"I$!I%$I&%&*")%$>I*''$.I-$I
')(I'%#I)II'"I('+>I*''$.I-$I')I"*)*)%$I#.I()%')I%#&'(%$>I
I
I
*&I,""I(%I'I*)I)I(I*$')$I%,I"%$I)(I,""I%$)$*>I+$I,)I
$)'$)I((I$I*(I)I%+'I90:I$I#$.I"*$)I#%'(?I$I%$"$I
*$(I(%#)#(I%*)()'&&$I%"$I%$(?I,I".I#I%#&$(I
#$I)%I$')I#%'I)$I10:I%'I)I#%()I20:I%I)'I'+$*(I'%#I
)">I,(&&'(I+I(*'I$I(%#I%*$)'(I$I()$)I$I%)'(>I
A$I%I)I()')I""$(I$I%#&$(I)'.$I)%I#$I)(I
)'$()%$I(I%,I)%I"$I)I&'($)I#&%')$I%I#$$I".I
%&')%$(I$()I)I*)*'I#&%')$I%I))$I)"I')>ICI(&$I
90:I%I%*'I)#I)"!$I%*)I10:I%I%*'I'+$*?DI%$I-*)+I$I)II
%#&"$>120BI
$I'/"?I)"%(I+I'%,$I'&".?I,"I)')%$"I
'%()(I+I()$)>I
$I
$?I#*I%I)I()%'I(I$)I'%#I
'&I%$%#I'%,)?I$'(I")'.?I$I*'$()%$>I(&"".I
$GI$I+'$*"'G"$*I$,(&&'(I+I'%,$>I'G)%G'I
)"+(%$I(I"I)(I%,$I$I&.I?I*")I'%*$I-"*(+I(&%')(I')(I
$I&'#*#I$)')$#$)?I(I'%,$I'&".?I(I+I+'%*(I%'#(I%I
$)'$)I('+(>II#I*($((I(I%$I,""I'%*$I)I,%'">I*)I)I
*($((I%I %*'$"(#I(I$I)'%*">I
$I(%')@II
I
• %I'?I.""I%,$)*'$(I"!I)I'((%$I))I)I#$.I%*$)'(I
'%*$I2000H3I$I)I,%'"G,I$$"I'((I$I'((%$I))I
()')I$I2008I+I*')I".I#I%#&$(I#*I#%'I)$I
()'*)*'"I$(?I$)$II"%$'G)'#I#%+I)%,'(I%$+'$)I
%##*$)%$I"))I.I)I$)'$)I%'I%)'I)"I&")%'#(>II
120 ICI'I%'II,I*($((I%"D?I5I'>I2011?I
))&@FF,,,> %*'$"(#>%'F$".((E'&%')F%()"(E$E*")*'E,'(IA((I*>I2012B>I
50I
•
•
%
%%"%
%%
%%%%
"%%%%%%%!%%
%%
%%%
%%%%%%%%
%%%
%
%%
%%%%
%
%%
%$%
%%%%%%
"%#%
%%%%%%
"%
"%%"%%%%%%%%%
%
"%
"%%%%%!%%
%%%%
%
%"%%%%%%
"%%%%%%
%%
%%%%#%%
%%
%%
%%%%%
%%
!
%
%
>%+%& %>$>%#>+> >'%>!> > $&%>'&>%">#"&>
#$"$&%>!>%"!%6>> >!'%&$%>$"'!>&>)"$>$>+>
!&$&)!>)&>($"'%>"$ %>">#'>#"+6>'>%$(> >$>
"%&>"("'%+>#"&>$&"!%7>'&>"($! !&%>#$"&&7>%'%&!7>!>
%" & %>"!%&$!>#$(&+>")!>!>"#$&> >" #!%>&""7>
&$"'>($+&!>$" >"!%&&'&"!>!%$! !&>">&>$" >">&>
#$%%>!>%>)%>#$"&&!>"'$!%&%7>"($>% !+>"%'$>%%'%>
>%#&$' >"&"!7>#'>!"&>)%7>#$$!&>#"%&>$&%7>
$'&"$+>$7>!>$&!>&*>* #&"!%7>&">%#>#$"(%"!%>"($!!>
> $$%>!>")!$%#6>>
%>$!&7>$$+>"$!&7>!>%" & %> '&'+>"!&!>
"$ %>"> >#"+>'%'+>%$(>&">$'&> >!"&>"!+>%>'%!%%%7>
'&>%">%>%">!>#"&>!%&&'&"!%>=>!>)%#$>$'&"!>">
$"%%< >")!$%#7>"$!>$&>!(%& !&>!>&> >%&"$7>!>!>
%" >"'!&$%>!%&>#"&!%>"!>$"%&!>!%6>!+>
$!&>!%>!>!&$%&%>!&$%&>!> >#"+>!>$>!"&>%+>
!>=>"
$>"%> +>"!&$&>%">)$>"&(%7>'&'$>
%> "$&<#"&>%#$&"!%7>&6./.>>%&'&"!>!>&>>%>">/-./>
#&'$%>")>$!&>%#&%>!>" >!&">"!&7>%>&> >#"+>
"
'!&+>&$>% '&!"'%+>&>)+%>">'$!>&>#$(>
"'&%,>#"&>#")$>">&>#$%%>)>%">"!%$!>)+%>!>)>
#'>#"+> &>>'%>&">$&+>"$>!$&+>%(>&>!'%&$+>$" >
"
$>$'!6>
>$&$>!>$>">"($! !&>!&$(!&"!>($%>$" >
"'!&$+>&">"'!&$+>!>$" >%&"$>&">%&"$7>'&>!"> >!'%&$+>"#$&%>
!&$+>"'&%>#"&+>"$ > >#"+>$ )"$%6>!>&$ %>">
'!$%&!!>&>$">">#"+>!>'$$!&>("# !&%7>"!>!%>&">
"!%$>"&>!"$ &"!>#"+>$"+7> >#"+> "$>!$$")+7>!>>
%$%>">!&>#"+>$%>)&> #&"!%>"$> >!>"'$!% 6>
!"$ &"!>#"+>$"+>"!(>!" #%%%>)%7>$'&"!7>!>
>#$&%>&&>>)&>!"$ &"!7>"
'!&"!7>!>'&'$6.//>>
> !>"'%>!>$!&>+$%>%>!>"!>($"'%>"$ %>">:!"$ &"!>
%"&+;>#$"$
%>#'$%'>"&>"+>&$"'7>"$>* #7>&>/--0>
!>/--3>"$>'
&%>"!>&>!"$ &"!>"&+>%#"!%"$>+>&>!&>
&"!%7>&$"'>!&&%>>7>(>&>!"$ &"!>%"&+>
#$"$
%>">$"!>%'#$!&"!>!>!&$!&"!>"$!%&"!%>>
&>'$"#!>!"!>!>&>7>!7> "%&> #"$&!&+7>&>&>!&"!>
(>+>($"'%>"($! !&%6>>"'%>">&%>#$"$
%>%>!>&">
%#>&>&!>!$%&$'&'$%7>%&!$%7>!>>$'&"!>&&>
"!%&&'&>&>!"$ &"!>$&&'$>&&>%>!$%!+>!&$>&">
($++>7>'%!%%7>!>"($! !&6>>
!>$!&>+$%7>:!&"!>$"!>#!%;>(>!>!>$>">%#>
#%%>=>$!7>$ !+7>&>!&>!" 7>!>&>!&>&&%>>
> "$>%&&>"
& !&%>&">$"!>$"<"'&>!>/--4>!>/--57>)&>
!!>!>&>)+>)&>!> &"'%>"
& !&>&">!%'$>'!($%>
%$(>!> >$"!>%%>>>$&>"$>>&,!%6>>
./. >"$&>6>$7>:"!" >##$"%>&">>"+;7>!>"!>!%>!>$>"+>8%97>
>8
"!"!7>)7>/-..97>011<216>
.// >!$>$ !7>:!!>!"$ &"!>"+;7>>.>8/-..97>.<16>
10>
3:": : :: !1:!1:!! :!:
"!::9"!: :!:":04::*()(1:!:':
#!1:$:&:$!:!: !!9$: 1:"::
/.0-::# !!::1::!::
"!&:"!!&:
::::/)+:::!:%:!:!::
!$0:&1:#! :#: !: : " : " :
!:! !::":!:!:! !:!# 1::":
!":!!:::!"::"!:::!"!: # 0
: :: :::!#! :!!:!&:!::
!:#&:$:! ::!:%::": ! 1::
!" : :!:!:: !::$&:" !0::
" !! ::1:
" "&:!:!:!:
:: : 1:
:!: :!&:
!:!:!:
::!:
:" !&::&:
"! 0:"!:!: :::
:!!:!: :
!!: ::" :!!:
!&::!: !:$:
!"&::" :!#0: :!:#1:!:!!: ::!:
:!: !:$ :!!:::!:#!:! ::
":::"" :!:$& 1:"!: ::!::!:":
" !:" : :: :"!::!!1:
!!&:":!:$ :# ::# !&:#: :!:&:
:$:0:: :: :!: :!:!:$!::
!:!!:!&:&:%!:! :! 0)*+:#! :#: !:
::!: !"!":# !! :!!:#: ::
!:: :!:! ::!:" ::" 0:
“
“
:&::$&:#: :!:: &:$!:":
#:# 1::"!1::#" : ::": !:
"!::#!:: 0: : 1::! !:!:!:
&1:&:::$9!&:&:1:!&:!"&:" ::
!:!:#!: !!:!#!::!:#!:: !1:!:
&:!: !!::"!:" ! 6:&:! 1:: ! : !:
: &:#!:" ::!: ::!:0: !:
!1: ::!:!:"! :"!:::
:!::!:!:$ 6: !:: " :":!:
!!::" !&:::&9 :: !:"! :3 :
:: :!&42:6 &:!: ::60)*,::"1:
:!:!:!:
: & 2:5#!: :#:::
:!::!: !: !0::: &:7#!:&81:!:
!: :!!:$6#:!::&: 0:::: !!:" !&::! :
"!&:$::!: :::" ::"! 06)*-:#::1:
$:!:'&:#!:": #:!!# :##:!:
)*+ ::&:"! 1:!:!! :::"!:#:!:#!::!$6 :"! :
!"!"1:::!":!:!# :::"! 0::
)*, : !:!1:!#$:&: :0:
)*- ::"1:!#$:&:#& :0:
-,:
%)!B'&*B&$'(#B#B"B')'';B?#$B%&(-B'B&!!-B#B
#(&'(B#B"B%$!-@;B$&#B($B&'($%B)!-B&$"B(B"B
'($#B$B(B(&B)#$#B&($#B:015B'B!%B&;B$&"&BB$B
(B&#(-B&&$&B#+'%%&B&$)%B#B(BB#B$&"&B%)(-B&"#B
$B(B&('B"B&)!($&B$";B%)('B(<B?)')!!-B+(B%%#'B'B((B
(B!+B$&B%$!-B#'B(&B(@'B!"$'(B($$B!(@:016BB
B087/'B#B088/'B'+B$(#B&"(B#B#B'*&!B$B('B
&';B+(B(B#B$B"$#$%$!-B&$'(#B#B#B#B"#-B)&$%#B
$)#(&';B(B&)!B+#!#B$B(B%)!B'&*B$!($#'B
$"%#-#B&$'(B!#';B#;B+(#B(B)&$%#B#$#;B)&$%#B
$""''$#A!B&(!B'&)(#-B$B*&$)'B$&"'B$B&(B%&''B')''B$#B
$"%(($#B&$)#':BB1///';B$#B(B$(&B#;B'%(B(B$(#B&"(B
#'B#B"B)'B#B"B"& ('B$)"#(B$*;B*B'#B")B
!''B#B#B(&"'B$B"B%$!-:B!B(B"B'B%&('B$B'$!B#B
%$!(!B!;B#B'B#B#)'(&-;B*B#B' #B-BB()")!()$)'B&'(B
B#B(B(+#(-A&'(B#()&-;B"#-B$&"'B$B"B%$!-B&"#B
?&$.#@B#B(&B(+#((A#()&-B$&":B
)!B'($&B')%%$&(B$&B"B!!)'(&('B('B%$#(B!&!-:B(B'B
&"#B'() B#B('B'B(+#((A#()&-B$&"B#B"$'(B$)#(&';B(B($B
&$'(&'B#B%&#(B#+'%%&'B&(&B(#B(!$&B($B')(B#B
#&'#!-B$#*&#(B#*&$#"#(:B!!B,'(#B$&"'B$B%)!B'($&B
')%%$&(B$&B"B&B*!-B(!(B#B*$)&B$B#)'(&-B#)"#(':BB(B
',B!)#(B"$&'B,"#B&;B$#!-B&#B$&'B')%%$&(B
&"& B$&B$)&#!'(B$#!#B'(&(A)%';BB($(!B$B91/B"!!$#B$)(B$B#B
$*&!!B"$&B(#B93B!!$#B'%#(B$#B&(B#B#&(B')%%$&(B$&B"B#B
1//8:B=!B6:0B%&$*'B'("('B$&B(B($(!B*!)B$B*&$)'B$&"'B$B
%)!B'($&B')%%$&(B$&B(B"B&$''B(B',B!)#(B"$&'B+&B
(B'B*!!:B)&B6:0B%&'#('B(B'"B(B'B%&B%(B)&':>B
B
B
&!##&&&&&&&&$ "%&
B
&&
&
&&
&
&&
&
&
&
&
9270"B
9202"B
9/:4"B
$#B
&
92;/17"B
97/0"B
9327"B
9/:4"B
&
96;154"B
9414"B
$#B
$#B
&
90;565"B
945/"B
9050"B
9073"B
&
93;074"B
9637"B
$#B
$#B
&
9668"B
97/3"B
$#B
$#B
&
<B'")'B!'B!'#B+(B&(B### ;B
B
=,$&<B
;B1/00>:B)&&#-B$#*&'$#'B#B'($&(B$"%&'$#:B
B
015
016
B&'($%B)!-;B#(&*+B-BB)"%&(:B
B!%B&;B#(&*+B-B'")'B!'B!'#:B
44B
0
#!#
;71<7
&#
;48<6
&"#-
;88<5
(!-
;28<0
#(G#$"
;68<2
#(G(('
20
40
60
80
100
120
;58<9
140
;0<1
;12<9;7<0
;6<4
;9<4;2<7;3<1
;12<2
;2<6;2<6
)!G'&*G"
#&(G%&''G')%%$&(
&(G%&''G')%%$&(
(&G$&"'G$G')%%$&(
>GG!G7<1<G
G
G
$$ #G&'(G(G%)!G'&*G&$'(#=G(G'#!G"$'(G'##(G
$&"G$G%)!G#(&*#($#G#G(G"G'($&G#G"$'(G$)#(&'=G(G'G#G
(G')(G$G$(#G%$!(!!-G&G((!'G#G"#-G$)#(&'=G)(G#$G
+$!'!G&$&"<G
#G2011=G(G%)!#G"$&(-G#G(GG$)'G$G
%&'#((*'G*$(G($G)#G(G$&%$&($#G$&G)!G&$'(#G?(G
!!GG#$(G%''G(G#(@<G$(G&#G#G
(!-G*G'#G((!'G$*&G(G
$#(&$!G#G$&%$&(G'(&)()&G$G(&G%)!G'&*G&$'(&'=G
G#G
&#G/!/*'$#'<128G
#G#!#=G&"#-=G#G(GG$""&!G"G
$"%#'G*G&)G((G(G&'#(G!#EE)#G%)!G'&*G
&$'(&'G*G$#G&G-$#G(&G&"(G#G(&"'G$G(&G*&$)'G$#!#G
%&$*'$#G#G&G')(#G%&*(G%&$*&'G($G)#&G$"%(($#<G'G'G
!G($G%&'')&'G&$"=G"$#'(G$(&'=G(G)&$%#G$""''$#=G$&G"$&G
!&!-G#G%)!G'&*G&"('G#G(G'%&G$GA%)!G*!)G('('BG($G
(&"#G+(&G%&$%$'GG'&*'G#G'&*GG%)!G%)&%$'=G
!*&G#GG(&#'%&#(G'$#=G#G$G#$(G)#)!-G'($&(G$"%(($#<129GG
?
#G(G'G$G&"#-=G(G%&'')&'G$&GG("G!GG#GG($G$""(G
($G!"(#G(&G$#!#G,%#()&'G($G1<5:G$G(&G($(!G&*#)'<G-G
$"%&'$#=G(GG'%#(G$)(G5:G)&#G(G'"G%&$<@G
#G'*&!G''G
?&#=G
(!-=G(G@=G(G&(G!#EG)##G$&G%)!G'&*G
&$'(#G'G#G&$.#G$&G'*&!G-&'G$*&G(G!'(G=G!#G($G
G&)!G&$'$#G$G&'$)&'G'G#!($#G( 'G('G($!!<G
#G&#=G(G$*&!!G
128 G
#G&#=G&#G/!/*'$#'G+'=G+(G(G,%($#G$G$#G'%!'(G##!=G$&#G&$"G&$'(#G
$""&!'G(&G8%"G?(G$&#!G%&$%$'!G!!G$&GG$"%!(G#G($G*&('#@<G'G$"%#'($#G$&G(G!$'(G
#$"GFG'("(G(G$)(G!GG!!$#G)&$GFG(G$*&#"#(G&(GG(,G$#G(G()&#$*&G$G(!$"")#($#'G
$%&($&'G#G
'G?0<9:G$G()&#$*&@G#G$#G$#G$""&!G&$'(&'BG*&('#G&*#)'G?3:@G#G
##!!G(G%&$'G($G&#G/!/*'$#'<GG&$&"G+!!G" G(G$&#'($#G"$&G*)!#&!G($G%$!(!G
#!)#G'#GG%&!"#(&-G"$&(-G#G#G('G'-'("G(G+!!=G#G(G'G#G&$)#!-G&('<G
129 G((%>DD<)&$%<)D$"%(($#D'((CD!'!($#D&$'(#C$"")#($#C#<%G?''G)<G2012@<G
#G2003=G(G&"#G''$($#G$G&*(G&$'(&'G#G!"G?@G!GG$"%!#(G+(G(G)&$%#G
$""''$#G' #G$&GG!&($#G$G+(&G!#GG)##G$&G(G&"#G'GG#GG?+$G$(G
!'$G&!-G$#G*&('#G$&G)##@G"$)#(G($G!!!G'((GG#G()'G'($&(G$"%(($#<G
#G&<G2005=G(G
)&$%#G$""''$#G')'(G#GG%&!"#&-G$#!)'$#G((G!#EG)##G$&G'G((G$"%(G+(G
$""&!G&$'(&'G$&G*&('#GG#G'($&(G$"%(($#<G
#G2005E6=G(G$""''$#G+$& G+(G
*&$)'G%&('G($G#GG'$!)($#=G+G&')!(G#G(G
G?(&E'(%G('(@G+G+'G#!)G#G(G12(G
#(&'((G&(-G$#G&$'(#G#G!"G#G2008<G
56G
G
(""B!# B&B"B"B'#B% ,B &&B#"B)%'&"B"B!#%B#"B&''B
&($$#%'7B('B"B"#B&BAB)"B''B#B'BBAB&B$( B&%)B(""B"B
&('B'#B%'B('&8B"B"B'B#("'%&B*%B$( B&%)B%#&'%&B
)B #"BB"B&' &B$%&"8B',B%!"B"B$ 7B:"B%- 8B&B
!"'#"8BB%& B*&B ("B"B0..47B#B%8B'B&B#" ,BB!"&( B
("8B#!$% B'#BB"B'B7B"B"8B'B!"BB%&%B%'B
AB#!$%#!&B#B' )&#"B%#&'%B##%%&"B"B B""B#BAB
&B("B'%#(BB#!"'#"B#B#)%"!"'B&($$#%'B"B)%'&"7BB
'B&B&'%( B&"B'B % &'#"B#B' )&#"B!%'&B"B/66/8B #&"B
!(B#B'&B("B"B%)"(7B B'B#"'"(&B'#B$ ,B"B!$#%'"'B
%# B"B$%'( %B"B%#8B*%B'B"#,&BB!#"#$# ,B#"B"*&8B"B"B%(% B
%&8B*%B'B#"'"(&B'#B''%'BB#"&% B("B&%8B%&%B
%'B#&B#"%#"'BB&'B#B&%#(&B&'%'B "&B"B'%!&B#B$'"B
'#BB)&' ,B!#%B#!$'')B"B)%&B""B!B "&$B"B"B
'%!&B#B&(%"B'&B"" B#("'#"&B"BB&! "B#B('#"#!,B%#!B
#)%"!"'7;B
"B'B#!&B'#B$( B&'#%B&($$#%'B#%B$%)'B!8B'B!#&'B
!$#%'"'B#%!B"B!#&'B#("'%&B&B)%#(&B#%!&B#B'+B% 7B" "8B
%"8B%!",8B' ,8B'B
8B"B&)% B&''&B"B'BB#%B$%' B#%B
*# & B+!$'#"B%#!B) (@?& &B'+&B#%B"*&$$%&7B&B#%!B
#B&($$#%'B&B*#%'B("%&B#B! #"&B#B(%#&B$%B,%B"B&B"B
(B<&&"' =B#%B'B"(&'%,B,8B#%B+!$ 8B'B(%#$"B*&$$%B
( &%&=B&&#'#"7/1.B"B0..58B'&B#%!B#B&($$#%'B*&B&'!'B'#BB
*#%'B!#%B'"BB #"B# %&B""( ,B"B'B"'B''&7/1/B:%- B"B
"B &#B#%B'+B% B#%B"*&$$%&8B"B%- B,B&('"B#$,B& &B'#B
B%' ,B%(B8B"B"B,B+!$'"B'!B%#!BB '#'%B"B
$$ ,"B#" ,B%(BB'#B"*&$%"'7B#B&'!'&B+&'B#B'B'#' B) (B
#B'&B&(&&7/10;B( B"#'B *&B"B#)%"!"'B)%'&"B"B &#B
("'#"B&B#%!&B#B"%'B&($$#%'7B"B#("'%&B*%B(%&B+&'8B B'B
B"B'B8B$( B"#'B *&B%B&'!'B'#B"" B'"&B#B! #"&B'#B
# B$$%&7B:*&$$%B"(&'%,B&&#'#"&B)B"% ,B#('B
$%#$#& &B'#B!#)B$( B"#'&B#" "B'##'B"B" 7;B#)%"!"'B
)%'&"B&B &#BB&""'B&#(%B#B"#!8B&$ ,B#%B&! %8B # B
$$%&B"B!",B#("'%&7BB
( B&'#%B)%'&"B&B&#!'!&B(&B'#B$%#!#'BB$%'( %B
#)%"!"'=&B$%'&"B"8B('B"B &#B" ("B#)%B(&B#B'&B
#"#!B!$#%'"B#%B")( B!B#!$"&7B% #B8B*#B&B
'B"% B%'#%B#B%($#B=&B"*&$$%&B"B#('B%- 8B&,&9BB
B
-----)*---------
-'-- ------!(--- ---$",%"&---+(---
----
-
----'------
-(--
-'#$$%"B( B%#!B'B-B%&B'B&!B&&(9B<#)%"!"'B&B
#"B#B'B %&'B)%'&%&8B&$ ,B"B'B%#" B$%&&BAB"'% B
#)%"!"'B&B* B&B&''B#)%"!"'&=7/12BB""B#)%"!"'B&($$#%'&B
B''$9??***7"$7?($ #&?*%&*>%&# ('#">//.3017$B:&&B(7B0./0;7B
B#%,B#*"B"B)B&'$ 8B<( B# ,B"B(""B'B*&=8B---- B:%&%B&%&8B"7B0./.;7B
/10 B---:0./.;7B
/11 B% #B8B"'%)*B,B%""#B )%B( "#7B
/12 B%"B( 8B"'%)*B,B),&B"7B
/1.
/1/
34B
$-)&&()J*(%+J*J(*%(*J%J+%I)+"J+"*/JCD@J
(*$J,(*)$J*%J$-)&&()J*%J)+&&%(*J*#@J,%+($J$J&(*+"(J
$-)&&()J&+")J$J(%$"J,($+"(J$J$J*("J"$+)J(*J
/J)**J%,($#$*)?JJ%,($#$*F)J%"J,(*)$J&%"/J.&"*"/J
)**)J**JE%,($#$*J,(*)#$*)J(J$%*J$*$J*%JJ$$"J
)))*$J*%J$-)&&()H %+($")F@J+*J*J%)J"&J)%#J)#""(J&+"*%$)J
)+(,,@J%*J,(/J"#*J(+"*%$J**")J**J))$*""/J",J%J
%,($#$*J,(*)$J"%$@J$J")%J#I)0J&+"*%$)J**J(J
&(*""/J&$$*J%$J%,($#$*J,(*)$J*%J)+(,,?357JJ)/)*#J)J
)+ *J*%J$*$)J*J$J%$)("J(*)#J$J*(J)J%$($J**J
*J&(%))J)J+$#$*""/J)!-?J$J4233@J%(J.#&"@JJ-*(-J
""J%,($#$*J,(*)$J(%#J*J+#I)J'''J
%(J*$J/)?J*%()J*J*J&&(J"*J*J-)J%$J*%J*J*J&&(JEJ"))%$FJ
("*J*%J*)J%,(J%J*J$$J0(J$*I%((+&*%$J#%,#$*?358J
(*J+)$@J$J.&($J$$J$-)&&(J*%(J$J %+($")*@J
.&"$)J*J"%AJJ
J
''''''''''''''
'
''$%'
''
'''''
&'''''''''
"''''
'''''''''
"'"'"'"'
''''
'
'''''#''#'
'
'''''''''&''
"''''#'
''''''
'''''" !'
'
$J*%$J*%J*.J.#&*%$)J$J%*(J"/J)$$*J%(#)J%J
$(*J)+)/@J),("J%+$*()J%(J(*J)+))J*%J$-)&&()@J#%)*J
#&%(*$*"/J($J$J*"/JC$J%*J))J&(#("/J%(J)*(+*%$@J+*J")%J
%(JJ($J%J%*(J*$)D?J$(*J$J(*J&+"J)*%(J)+&&%(*J%(J
&(,*J#J)J$J)+ *J*%J#+J"))J)+))%$J*$J&+"J)(,J
#J,@J$J*J(J)J)$J%$"/J"#*J(%(#J$JJ-J%+$*()?J$J
%*J$"$J$J*"/@J.)*$J%(#)J%J)+&&%(*J,J$J)"J!J)J
&(*J%J-(J+)*(*/J#)+()J$J4233J$J4234?J$J($@J*J(!%0/J
%,($#$*J(%+$*"J%$J*J+*+(J%J*J&())JC**)J1$1(+.JJ"J
())J(*DJ()+"*J$JJ*(I/(J=822J#""%$J)*%&I&J#)+(J*%J"&J
*J&())?JCJ$*(,$*%$J-)J(*)J/J)%#J%(J$%*J())$J*J(%%*J
+))J$J))$*""/J +)*J*(%-$J#%$/J*J*J&(%"#?35:DJ$J$"$J$J
*"/@J*J#%"J%(J$(*J$J(*J&+"J)+&&%(*J%(J&(,*J#J)J
)""/J$J"))J%J*J)#@J$J($@J#%(J%J*J)#@J$J,(/-(J
")@J)#&"/J*J)#?JC*(J(0"J$%(J$J%()J(*J)+&&%(*J*%J
&(,*J$-)J#?DJ
)&*J*J$J#$/J-/)J(#*J$)J$J*J#J$+)*()J
%,(J*J")*J@J$%J%+$*(/J)J)$J)+)*$*"J(%(#J%J*J-/)J$J
357 J"J#$/J"#*I(+"*%$J"%"J&&()J$*J(%#JE#&$"#$*FJC??J'+"/$J%(J+($*J
%,($#$*J,(*)$D@J"((J$-)&&(J&+")()J,J%#&"$J**J*J%,($#$*J&/)J#+J"))J*$J
%##("J"$*)J%(J)J$J)%#J,J*(*$J*%J)*%&J&($*$J%,($#$*J)J"*%*(?J
358 J*/J$@JE#!J%$F)J,$*+()J$J(#J-)*$F@J3:J&*?J4233@J
**&AHH---?$$?%#H$"/))H%"+#$G#!I)%$)I,$*+()I$I(#I*-)*$G37::64;JC))J+?J4234D?J
359 J(*J+)$@JE%$/J**()F@J
**&AHH---?*%%*?%(H-H%#H)*%(/?&&B)*%(/<7:2:>#%<3>&<3>)*%$<>,"<*(+JC))J+?J
4234D?J
35: JJ??J"J$*+#@JEJ($J())J$J*)J$+($J$)**+*%$"J())F@J$J,J?J?J,/J$J
)#+)J")J")$JC)D@J'''''''''JC.%(AJ
@J4232D@J
8;I:2?J
7:J
+D(D%)!D'($&D')%%$&('D%&*(D"8D#D$D(D+D$#&(D
(("%('D($D(&-D'$"(#D#+D+'D&#(!-D#$#D$&D%$!(!D&'$#'8D
;#D1//79D(DD"D&)!($&D$"D!)#D(DD$D?#%##(!-D
)#D+'D$#'$&(@9D$!!$&($#'D#(#D($D#!)D!$!D#+'D
$&#'($#'9D#'9D#D$(&D%&('D#D"#(D($D&*D%)!D')%%$&(D
$&D!$!D#D&$#!D#+'D%&$*'$#8DD#$($#D&$'D#D%&(D#D&'%$#'D($D
(D'!#D D$D(D&$#!D#+'D%)!D'&*D$!($#D$DA##!D
2D!#B$!&'8DD(#B$)&D$*&#"#(D')%%$&(D(DD#D
!)#D'*&!D,%&"#('D!$#D('D!#'D#D1/0/8D)(D('D+&D
&$)(D($D#D#D-D(D#$"#D$#'&*(*B&!D"$&(D
$*&#"#(D(&D(D1/0/D#&!D!($#8<DD
)'D$D(D#'D#D$+D$)&D(+#(-B&'(B#()&-D"D'-'("'D
$%&(9D('D"D%$!'D&D')(D($D+(D%$!(!D'#('('D!!D?%$!-D
&(@9D+&D%$!'D&"#D(D'"D)(D$"D!''D#D!''D(*D)D
($D#'D#D(D#*&$#"#(D(-D+&D'#D($D#(&*#D#8027D)DD
'9D+$D'D##$*($#D($&D(D(D(!#D##!D#+'%%&D
9D%()&'D(D%#$"#$#D#!-:D?D$#@(D,%(D'##(D#D#D(D
!D$D"D%$!-8D8D8D8D=)(>D(D,'(#D"D'-'("D$'#@(D$!D)%D#9D
(&$&9D(#'D+!!D#9D+(&D$&D#$(D%$!-B" &'D+#(D(8@03/DD
D(+$D"#D$&"'D$D#(&*#($#9D%)!D'&*D%&$*'$#D#D
%)!D'($&D')%%$&(D$&D%&*(D
"9D&D$(D')(D($D('D
%#$"#$#D#D&#(D+-'8D#D
(&"'D$D!#BD)#D%)!D
'&*D&$'(#9DD%$!-D((D
$&#(D%&"&!-D'D#D#(&*#($#D
#D&$D#D(!*'$#D"& ('D
#&'#!-D'D #$ B$#D('D$&D
$"%#'D$"#D$)(D$D(D
#+'%%&D#)'(&-9D'D$#*&#D"#'D%&*$)'!-D'%&(D#)'(&'D
$"%(DB($BD$#!#D#D$#D"$!D%!($&"'8D#D(&"'D$D%)!D
'($&D')%%$&(D$&D%&*(D"9D(D"#D$&"'D$D&(D#D#&(D
')%%$&(D#D%!D($-D&D&(!-D(D($D(D!##D%&#(D%!($&"D
;'(&)($#D')''9DD,"%($#'D$&D&!D$&D$%-D'!'D#D
'$"("'D#+'%&#(<8D)'9D+!D('D$&"'D$D')%%$&(D$#(#)D($DDD
!-D'##(D$&"D$D!%D$&D#+'%%&'9D(-D$D#$(#D($D#$)&D
##$*($#D#'D$&D$)('D#)"#(D#)'(&'9D#D(&D(*#''D'D
%&"'D$#D%&'!-D+(D'D#D!$'(DCD%&#(D&)!($#D#D&*#)8D
“
“
-$#D#$&"($#D%$!-D"$&D&$!-D#D"D%$!-D"$&D#&&$+!-D
$#*9D"D#)'(&'D#&!!-9D#D#+'D$)&#!'"D"$&D
%&()!&!-9D&D!'$D(D-DD+$!D$'(D$D#(D%$!'D#D&'D
#!)#D#&!D"& (D&)!($#9D*&$)'D$&"'D$D&$"D$D#$&"($#D
!'!($#9D!!D!+'9D$%-&('9D#D%&('D$D(D(,D$8D'D%$!'D&D
#$(D!+-'D*!$%D+(D"D#D$)&#!'"D#D"#9D#D)&&#(D
#'D#D"D$)&#!'"D*D&&!-D!D($D&$&"D#D('D&'8DD
$#'&D"& (D&)!($#D&'(DCD#D'*&!D$)#(&'9D#!)#D
&"#-9D(D9D#D(D9D#*)!D"D$"%#'D#D"D
#)'(&-D!$'D*D%)'D$&D&)!($#D$D"D"&&'9D"& (D
027 D
$D8D &9D?&*(.#D' D+($)(D&*(.#D(D!&D((:DD#D$!('D$D$!D$!-D#D
(&#"#(D#D(D#(D(('@9DD76A1D;1//3<9D132B5/8D
03/ D)DD'9D#(&*+D-D!''$D$&#8D
47D
#""(&(#"9D"D&#''B!D#+"&'$D$&#*'#"9D&)"D((D
#"*&"D!'D(D'("(#"'D(+"D&#'(9D$&"(9D"D#" "D
!&('D) (D"(#D('D"&'" -D&& *"(9D"D((D(D#!!& D
$&'')&'D!)D#D(D")'(&-D'D!"D((D#"'# (#"D'D(D#" -D&#)(D
(#D')&** 8D#D&9D+D*D"#(D'"D &B' D&) (#"D;+(D(D
,$(#"D#D$&('D#D(DD&#'("D'(#&<8DD&') ('D&D'#!(!'D
$&$ ,"8D D+'D#&$>'DD(#D(D#"(&# D#D-D-D%)&"D(D
5/867D#D'&'D(DD"#(D#+"9D$#("( -D&("D#"D#D(D &'(D
"(&(D&#''B$ (#&!D!D#!$"'D"D(D+#& 9DD"#(D ##D D(D
+#) DD&&&D(#D(D#!$((#"D#!!''#"9DD!)D'! &D D(D
'!D-&DD&)"D"(#D&) (#&-D&''("8D"D1/009D(D&('DD#D&D
&"D;<D&&&D(D
"(D''"&D&#)$>'DD#&D'*"D # D
"+'$$&'D"D#)(B'(D" "D(#D(D#!$((#"D)(#&('8DDD(#D
#!"D(D
>'D'(D&#'(&D"D('D'(D"+'$$&D&#)$DD
"#(D&'D#""(&(#"D#"&"'9D)(D(D$#("( D#&DD&#" D"+'$$&D
!#"#$# -D"D&("D$&('D#D
"(D8D'DD&') (9D
D+(&+D('D9D
&)"D((D(D#'('D"*# *D"D#"D(&#)D(D D$&#)&D+&D(##D
8D#&( D9D(D#+"&'9D')'%)"( -D #'D(+#D#D(D(( '9D"D
(D>'D'#"D'D"D&#)" -D&('D'DD"&&#+B!"D
$$ (#"D#D"D#)((D&) (#&-D&!+#&D(#DD)"!"( -D"D
!D!&(8030DD
"D(D#!'D(#D&#!D#D"#&!(#"D ' (#"9D'*& D#'&*&'D
*D$#"(D#)(D((D#"D+-D"D+D#*&"!"(D#) D $D ((D
#)&" '!D*"D'D(D")'(&'D((D*D')'("D(D#&D!)D#D(D
(+"((D"()&-D&(&"DCD+(#)(D')''"D"-#"D#&D=$"D+""&'>D
CD+#) DD-D!"D(D$&(D#D$&#''#" D"+'D#)&" '!D'&9D ''D
#'( -9D"D ''D(!B#"')!"D-D"')&"D&(&D''D(#D$) D
#)!"('D"D#*&"!"(D"#&!(#"8D&#&''D"D('D&D'D"D(D
'(D$! D"D(D$# ( D#$$#'(#"D(#D"&'D#$""''D'D
#"'& 9D'$(D(D#'#" D )"D#D=#$"D#*&"!"(>D"((*'D
D(D!D!"'(&(#">'D(8#*D#&D(D!&#"D#*&"!"(>'D
(8#*8)8D#!(!'D(DD#D!#&D''D#&D#)&" '('D'D!(D+(D
&(D#'( (-8D#"-D &D'D!#)' -D D(D"(&#)(#"D#D&#!D#D
"#&!(#"D ' (#"D"D(D
D'D='(D!'(>D)&"D("D-&'D'D
&!D"'(&8031D"D(9D!"-D#'&*&'D*D&)D((D#*&"!"('D*D
#!D
D(&"'$&"(D#*&D(D '(D9D((""D#"(&# D#*&D''D(#D
"#&!(#"D)"&D#*&D#D(D'#B D=+&D#"D(&&#&>9D!"D"*'((*D
&$#&("D"D#)"( (-D#)&" '!D!#&D) (8D;"D'D"D!$#&("(D
,$(#"D&8DD$''"D#D(D(D(#D"#&!(#"D(D1//4D;<D'D-D
D#)"('D'""( -D"&'D''D(#D"#&!(#"D&#!D)(#&('8<DD
! & -9D+(#D&#)$'D D$#&(&'D+(#)(D&#"(&'D"D
&#!D#)'D*D #"D D#&D&#&!D#D D"D!(#"D +'D"D
#)"(&'D" )"D(D
9D&)"D((D('D&D#("D)'D(#D(&D&( D
"+'D#*&D"D"*'((*D#)&" '!8032D;"D1//5D&"(-D&&#&9D(##DD
'D(#D(D)&#$"D#)&(D#D)!"D('D&)"D((D(DD#'('D#D
D=-D D'D(DCD #D#"D
"(D+'$$&D+(D+'DD?"#')&D'#"@>9D
(($:AA+++8)&"8#8)A!A&"' A1/00A"#*A/3A)-B B # B"+'$$&'D;''D)8D1/01<8D
031 D#"-D &9DD;#"#":D)("'#"9D1/0/<8D
032 DD
B'DD'D"D"*# *D"D'*& DB$&# D''9D" )"DD"D#&&D#"&""D(D
&)&D+'(D)!$"D'9DD D'D#)(D#*&D#D'#>'D$#'' D(,D*#"9D"DD")!&D#D')$&B
")"(#"'D"D(D+D#D(D$$&>'D##$&(#"D+(D '8D(#&D "D)'&&D'D&)D((D&('D
D +'D$&#*'D !"('D+(DD=#&! D+$#">9D'$ -D&D"*) 'D"D#&$#&(#"'D((D"D
#&D(#D"D"D "(-D D(#"'8D&('D"+'D#&"'(#"'D&D"#(D #"D"D"D "'D& (D(#D D
"D!(#"D ' (#"8D&. 9D&"9D"9D"D( -D*D D'"D&"(DB$&# D +D')('D-D$#+&) D
&#)$'D#&D"*) 'D"'(D#*&D-D&( D#)&" '('8D
030
5/D
% %E %E') -0E**E %E+EE*E*) &,*E $'# + &%*E&)E+E # +0E&E
%.*E&)% *+ &%*=E*=E%E*$##)E %'%%+E',# *)*E%E*$##E
',# + &%*E+&E)'&)+E&%E$++)*E&E',# E %+)*+<E%E4233=E+E,)&'%E
&,)+E&E,$%E +*E **,E +*E!,$%+E % %E++E+E E&*+E&E
% %E# #E%E') -0E**E %E+EE&%*+ +,+*EE- &#+ &%E&E+E) +E
+&E)&$E&E/')** &%<366@E&E)=E+*E)*E&E# *#+ &%E-E*%E# ++#E
%<EE
% - ,#E$ E&$'% *E%E %,*+)0E**& + &%*E-E##E&)E
&'0) +E)&)$E %E*-)#E&,%+) *=E$&*+E)** -#0E %E)$%0<E)=E
+E)+ &%E&E%.*'')E',# *)*EE*E&&) %+E+E*&D##E
$,)E#)+ &%=E), %E++EA# *#+&)*E%E&-)%$%+*E+E+E
%+ &%#E%E %+)%+ &%#E#-#E*&,#E')&++E$&)E+ -#0E+E
%+##+,#E)+ &%E&E-#,E0E,+&)*=E',# *)*E%E)&*+)*B<E+E
*+)+E*EE)$%E % + + -E#+)E.%+E#&#=E*E$&)E+%E622E',# *)*E
)&$E$&)E+%E42E&,%+) *E-E* %E+E#)+ &%E* %E +E.*E )*+E
',# *E %E
,%E422;<E?E* %+&) *E %#,E&$'% *E# "E#&&E)&$E
)1 #=E%&$E)&$E %#%=E)*%+E)&$E)%=E') %)E)&$E)$%0=E
),''&E +&) #EB*')**&E)&$E+#0=E #0E #E%E%)#E),*+E)&$E
+E=E%E.*E&)'&)+ &%E. +E +*E=E=E%E#&#E&')+ &%*<367@E
&,E+E)$%E&-)%$%+E*E',*E+E **,E&E&'0) +E%E
%+##+,#E')&')+0E)&)$E %E),**#*E%EE&-)%$%+E&$$ ++E*E
*,*+E+E %+)&,+ &%E&EE*0*+$E&E)&0#+0E'0$%+*E&)E&%+%+E
)+&)*=E%&E$!&)E%*E-E%E',+E %E'#<368EE
%E+E)E&E+/E'&# 0=E+E)&. %E%,$)E&E&)% *+ &%*E*+E,'E+&E
',)*,E%&%D')& +E!&,)%# *$E)E %E$%0E&,%+) *E % %E +E)E+&E(,# +0E
*E%&%D')& +*<E%E+E=E+E,),E&E%-*+ + -E
&,)%# *$E*EE+.&E
''# + &%*E+&E+E) + *E&$$ ** &%E&)E%&%D')& +E*++,*E)!+E&-)E
+E#*+E+.&E0)*<EE&$$ ** &%E*E* E++=E,%)E,))%+E# *#+ &%=E
A+E')&$&+ &%E&E %-*+ + -E!&,)%# *$E *E%&+EE) +#E',)'&*E %E
+*#B<E&,E+E&,*E&E&)*E#+E&$$ ++E&%E&$$,% + &%*=E
$&%*+E&+)*=E)&$$%E++E %-*+ + -E!&,)%# *$E*&,#EE
&%* )EE) +#E+ - +0=E
)$0E,%+=E+E,#+,)E)+)0=E$E +E
#)E++E+E&%*)-+ -D )#E$&)+E&-)%$%+EA *E%&+E,))%+#0E
%# %BE+&E%E+E# *#+ &%<369E
%E*&)+>EE
E
• %&)$+ &%E'&# 0=E)&#0E*'" %=E*E%E E') &) +0E)&,%E+E
.&)#E%E*E&+%E%E')*%+E*E %E')+E*&$+ %E) % %E%.E
&''&)+,% + *E&)E!&,)%# *$E%E+E%.*E$ <E,+E*&E)=E+E*')E&E
%+)%+E**E%E,*=E&)E##E +*E&+)E&%+) ,+ &%*E+&E') -+E%+)') *E
%E',# E# =E*E$&*+#0E##%E+E' +0E&E$ E*0*+$*E+&E
*,*+ %E+E' +0E+&E)'&)+E%E -)* +0E&E%.*E')&- * &%<E
• E'&# 0E%))&.#0E*'" %E*=E. +EE.E/'+ &%*=E%EE#&.E
') &) +0E)&,%E+E.&)#<E&)$*E&E',# E*+&)E*,''&)+E&)E+E$ =E %E
366 E
&*E## 0=EA,)&'%E&,)+E#*E#&.E+&E&E %=E&EE#*E %E&$ E$'##E*B=
=E3:
%<E
4233<E
367 EA$,)E#)+ &%E) %E%+##+,#E)&')+0E +*B=E
,%E422;=E++'>CC...<%&,)D)+ - +0<&)C%E
?**E,<E4234@<E
368 E&)E+E&-)%$%+E&$$ ++=E*E++'>CC&*<'(<C575D"&# + &%*),%%)% **<'E?**E,<E4234@<E
369 E- E %*.&)+=EA,),E+&E%-*+ +E
&,)%# *$E% E) +#E++,*E&)E&%E $B=E
=E:)<E4234=E++'>CC...<+ )*+&)<&<,"C&-)%%C)+ #C3343498C,),D %-*+ + -D!&,)%# $D
% D) +#D*++,*D*&%D+ $E?**E,<E4234@<E
83E
•
= &'='"=,%&=)=&"='=!=*#% 6="=$%#(=!=
#%"&'#"&=)=&(%="%($'&=8(97= <#('&="=
'#)%&=8(97=#%="= #&=#*"= '#'%=8
('
96='%&=)=&'%( =#"=&='%=!%'=) (=# $&7=
%)"(&= "7="=('&=*%=('=,%='%=,%='#= "='=##&=
8""''7=<
"%($$7=%"',=
%%#%96=#!=)=#"=* =("%=
( '=%(!&'"&=8!",=#!!% =%#&'%&= =="=7=('=
&#=)%&=$( &"=%#($&= =+ =$%"%7= ,=
="="% =
%(&'7="='="#!=%#($9="==*=)="='= &'=$%' ,=$%#''=
,='%(&'=#*"%&$=8'=97=%#&&<&(&&=%#!=#'%=#$%'#"&==
8(97=#%=$%#$%'#% = %&&=8'=96=*=$ ,%&=)=
!%7=" ("==#&'=#=&! %=#(%" &'=#"&=8'= '=!="=
%!",7=="=%"7=$#("=' ,7="7=!#&'=$%#!""' ,7='=
("'#"=#&'(*'=#%"&="='=="="#*=%#" ='#"&="=&)% =
#'%=#("'%&96=!( '"#(& ,7=*=)=&"='=%&=#==%"=#="*=
"'="'%!%&=*#=#!"'=&%=8## 97=&# ="'*#%"=&'&=
8##97="*=!# =$ '#%!&=8$$ 97="=' =%' =")%#"!"'&=
8!-#"97="=$%&"'="*&=!=#%"&'#"&=*'==*# ="*=&'=#=
"&="=#$$#%'("'&6=
%&"&((((((((
('=%!'=&='&=) #$!"'&=)="7='=&= %=%#!= #&%=
+!"'#"=#=#)% ='%"&="=!=(&7=!=!%'&7="=!=$# ,=
''=*=%='='="""7="#'='="7=#='=(%%"'='%"&#%!'#"&6=
=(&=&=&' =#!"'=,=:# ;=!7=&$ ,=' )&#"7=*=#" ,=
% ,="='&='%"&'#"='#=' = )%,="='=0...&="=&7=(&=#=
$%)#(&= !''#"&=#"="*'7=#" ,="""='#==%'=#!$''#"=
%#!=#" "=(#<)&( =&%)&6=
=!%'&=#%=#'=)%'&"="=
#"&(!%=&$"=%= &#=&' =$%!% ,=%)"=,=' )&#"7=$%"'7="=%#7=
'#(=#=#(%&='="'%"'="=!# =%=%#*"=%$ ,="=#" "=
&$"=&=#('$="*&$$%=&$"="=&#!=#("'%&6/24=")&'!"'="=
"*&=#(%" &!= &#=#"'"(&='#==#!"'=,= ,=!7=!#&'=
!$#%'"' ,="*&$$%=
#!$"&6=
=$# &=%=
&' =$%!% ,=&"=%#("=
"%'=&'"'#"&='*"=
%#&'%&="="*&$$%&="=
( '=%#("="(!"'="(&'%&=
&=#"='&=$ '#%!&6=
=%'#"=#='%) =&=
% ,='#*%&=:"*;=!7=('=:# ;=!=%=&' =)%,=!(=*'=(&="=
#="#'=$$%=#('='#=&$$%=*# & 6==&'=$%# = #&(%&="=
'=="*&$$%="(&'%,=#=%"'=,%&7='=!&=#='= ((
="='=
('="=0..57=#'=$$"="=&#!=#='=
*=%!""='*#<"*&$$%='#*"&="='=6== %&'=#!!("',='#=
#&='&= # =$%"'= ,=&='=/0.7...<$#$( '#"=""=%#%7=
"7=
*%='=((=&="=%$ =,=""%#%6#!="===
<* ,=$%"'=!-"6= &*%7=#&'<(''"=&=&#=%="="#(='#=
“
“
/24 ="= ("'=!#%&7=%#*'="=#'=)%'&"="=(&=#=&#!=' =$ '#%!&=&=& #*=#*"="=%"'=
,%&7=&(&'"==$#&& =&'(%'#"=$#"'6=
31=
!#D)D$$ (:D$'#D)$D)D'$"D)D,(%%'D(($)$#D$D
"';D"$'D"'#D#,(%%'(D!$(D#D)D1980(D=119D))!(>D#D
1990(D=128D))!(>D)#D#D)D2000(D=83D))!(>:D#!.D$#D(##)D#)$#!D
#'!B#)'()D!.D#,(%%'D(D!$(D#D)D+D()'#D*'$%#D
$*#)'(D$+'D'D$+'D)D!()DDCD :D#D)!.;D(+'!D#,D
))!(D+D#D!*#:D#D!!D*'$%#D$*#)'(D%')D'$"D'"#.;D)D
#*"'D$D'D))!(D(D'$,#D
'%!.;D(D(D'D'*!)$#:D
,(%%'D$"%#(D'D! !.D
)$D'"#D,)D*(;D+#DD#DD
"#(D$'";D$'D)D
$'(!D*)*':D')D$D)D
!!#D#D$*'#!()(;D
"D-*)+(;D#D%$!.B
" '(D(D)$D$"D)$D)'"(D,)D
#,D":D')D$D)D(D)$D!D
,)D)D$"#)$#D$D$!D#D#,D))D(D')'()D$D)D,$'!D,D
*''#)!.D!+D#:D-')D"%((D$#D)!D"D#D#,D#))+(D
()$')D$*'D*#'()##D$D"D*(;D)D"D#*()'(;D#D"D
%$!.:D
()$'!D#!$(D'D($")"(D',#D),#D)D'(D$D)D
#)'#)D#D)D#+#)$#D$D)D%'#)#D%'((D#D'!.D"$'#D*'$%:DD,D
%)D)D#!$.D#D$#('D)D$%)$#D$D)DAD%'$)$$!D#D1982D
#D)D#)'$*)$#D$D)DD$DD,$'!B,D#)'#)D)D&*+!#)D$D
*)#'@(D'()D%'$*)$#D'*#(D#D)D"B1430(;D,D'D)$.D$*)D(D'D
#)$D)D#)'#)D'+$!*)$#D(D*'$%D,(D#)$D)D%'#)#D'+$!*)$#D#D)D
!)D)#)D#)*'.:D#;D(!$,!.D!##D('%)$'*"(D#B$%.#D
"#*('%)(D$-()D%''$*(!.D,)D'$,#D%'#)D($%(;D(D%'#)D
#,(%%'(D#D(*!D!#'D)!+($#D)$.D$-()D,)D,()(D#D
:D*'#D)(D'!'D#$'")$#D'+$!*)$#;D)D)$$ D,!!D$+'DD#)*'.D
$'D?#,@D"D"D)'*!.D$"##)D#D,'D"'D+#D.D)D
'!$*(D#())*)$#(D"$()D#+()D#D)D-()#D$'':149D"D,!!D)!!D$,D
!$#D$*'D)')$#(D$D#,D#D$!D"D,!!D('D)D();D*)D)D(D!'D
))D$#D(D#$)D("%!.D'%!D)D$)':D
D'!.D),#).B'()D#)*'.D(D!$#D#D(#D(DD?')!D*#)*'@D
#D"D()$'.;DD"$"#)D#D,D)D"D(.()"(D,!!DD(%D#D
$*#)$#!D,.(D$'D.'(D)$D$":150D*)D)D$#$#D*#')#)(D#D
$#)#*$*(D#D*#'!#D))D#())*)$#!D)'#($'")$#(D) D)"DCDD
#$)D)D#)*'(D)D)$$ D#D)D(D$D)D%'#)#D'+$!*)$#;D)#D$)#D
(;D(D!!*()')D.D)D$'")+D.'(D$D'$()#D#D)D1930(D#D
1940(;D)D)'#($'")+D$#($!)$#D$D#,(%%'D#*()'(D#D"#.D
()'#D$*#)'(D#D)D1960(D#D1970(;D#D)D$'")+D.'(D$D)D
#)'#)D(D,D #$,D)D)$.D#D)D1980(D#D1990(:151D$.;D!!D)(D
'#)D"D'D#)'!# D#D$#D)'$*DD)'#($'")+D%'$((;D
#D)D(DD%'$((D))D,!!D) D)":DD%$!)!D$#$"()D$(%D
*"%)'D"$*(!.D('D%)!("D(D#D$#$#D#((#)D
'+$!*)$#D$D$#$"D()'*)*'(D'$"D,)#;D'+#D.D+'B##D
“
“
149 D!/)D
:D(#()#;D D="'<D;D1979>:D
150 D$')D:D(#.;D D=,D$' <D,D'((;D
2007>:D
151 D*!D)'';D D=,D$' <D(D$$ (;D2004>:DD
$"#)$#D$D)D')D%'(($#D#D)D'(D$D'$D'(*!)D#D'+#*D!#(D$'D"'#D#,(%%'(D#D
)D1930(D$"%'!D)$D)$(D(#D)$.:D#;D(D#$,;D)(D(%' D'(D))DD#,D"*"D,(D !!#D#D$!D
"*":D
64D
#"99!#9!"199!"99!$#199&9
#"9##9&9&199(19"#9 $!$"9#9"#9!90*,+9
9$"#!"9#(9!99&#9995#9!999
!#%9"#!$#69#!9&#99!#!"#9""999$099%9
!%&9!9"$"#"9#9"#!9"9(9$"#909
#!!(9"99$!99"("#"9!9!%9(9(9&!$9
!"99#!9#!#"989##!"999$"19#9"#!$#$!999
!#"199!"999(199##(9#!#&9&#9
%#"999#"0999#"9!"9&99(9#9
#19#!"9&99$09(9"99&!$9#9919$#99
#!9#"999#9"9#9$#$"19$!19!9!#999
%$$09"9%999!$!"%9!#"9&#9!9
#"19!#9"##$#"1999$##$99"#!#9#!"9&#9!#9
"99"!#"099#!#9"9&"#"999""099
9$"!"9!9#9"9&9"9#&9#"99!#9&"!"9
!9#%"99#!9"!"09#"#9"9#9%"#(9!9#9"#!9
9#!"#9!#099
"9!9#9"9&9%"9
!!#9"#!#"9##9"9
&#!99&9#9##9#(9
!$9#"9"!09&9
#"9!9#!9
%!09(7!"9!9"#9#9"9&19#!$9#9!9
#19"9#9" $"09
"#9#9$##(99!%!"9999#999
(9"#9!"9##9%9#99#9#9$#9#9$!"#9
#9#!#!(999!#$!9(9!9$#!(199&9#"99"#99"9
$#9#9%!9!#99#!%199!#9$"9#9"9#99!9!9"9
!999!#9#$#99#!"9##9!#9#9'"%9!&#99
#9#!#9!9#97*//)"9&!"09"#9$#(19#9"#9
9"9%%99#$9'"99#9$!99#"9
%9#9$"99%!#"!"09"9'"9!#"99#19
199#9%#"9##9#!999#9*/.)"9
9*//)"9&#9!$#99#99"#!99(9$#!"19#9
!&#99$#79#%"19#9$999!"9$!99!9
&"!"199#9"!99!"#7!#9#!#9""9%97$9
"09#9"99%"#(9!#9(9#9"!99#9#%"99
!9#!#99#9+)))"09
9'"99#"9"99#99!"99#9%!((9
$99"#9%$99$##"9!""9"#9#!"19!""$!9
""99%!#"9!%$"9!9!9!%!"19"(99#$!9
!#"9&#9#9!&#9899"9""9#99'##9##9"9!"9
"$"##(9!9!9"%!9"#7$##09&9"#9&"!"9!9
!"#!"9%9#$(9"19$#9"#9!9$!9!""$!09
9#99
199"9%9!"9(99!99!9$##"9#9
#!9'9!#"989#9#9%!(9"#999&"#999
"!%"9#9&#%!9!#9##9!9!"#99#(9%9"#!(9
9"9!$09
9#9#!919#"9%9#&!"9!99!9
#!#99%!#99"9"999(9
*,+
9"909$#!199329$#09*//+409
-,9
“
“
,"&8A !&A"%A!%&A#%"(')',8A!A!'%!A%&'%('(%!&7AA
:A"" !A!!A A %'8A*%A!(&'%,A%)!(&A%A%"*!A'A
"(?'A%'&A!!(,8A&A&!A (A "%A"A'A"% %A'!A'A''%8A
'"(AA%&&"!A*A "&'A%'!,A%&('A!A%'%! !'A!A
"!&"'"!7;A
AA!(A"A!%&'%('(%A!'% %&A!A'A
'"
(!'"!&8A#,A')&"!8A&%A!!8A!A&"A A&'"%&A
)A('A#"&'"!&A''A"*A' A'"A+%&A %'A#"*%A!A!%'A
"!&%A#%"'&8A "&'A"!'!'?&A A" #!&AA!%&A
" #''"!7A!A'%A'' #'&A'"A% !A&'!'A!A%)!'A'"A(!&A
',A%A(!%A+'%!A#%&&(%A%" AA%"*!A!( %A"A'%!')&A
##!A'"A'A& A(&%&8A!A(!%A!'%!A#%&&(%A!A&&A*%A"&'?
(''!A'%'!&A!)&' !'&A!A$(',A"!'!'7A'"!A!*&##%&A''A!A
'A/66.&A#% %,A" #'A*'AA"'%A'",AA" #''"!A%" A
%&'&8A%"&'%&8A!A"!!A&%)&7AA'%%&'%A')&"!A
!!&A''A%(A'A%*)&A0.A
,%&A"A%A!"*A(#A!&'AA
%"*!A!( %A"A',A
'%!& ''A%?'"?%A!!&A&A
*A&A#% ( A#,A!!&A!A
("?)&(A&%)&A&'% A")%A
'A!'%!'7A
,A A*&'&A
!A!'%!'A#"%'&A''A" !'A
"!!A!*&A#%")&"!A'!A,%&A"A
%A(!%A!%&!A#%&&(%A%" AA
%"*!A!( %A"A%'"%&A!A
"'%A!*A'%!')&7A&A*!A
%"A&%(#'A'A A&'"%A!A'A/60.&A!A/61.&A!A')&"!AA'A
& A!A'A/63.&A!A/64.&8A'A!'%"('"!A!A&#%A"AA!*A A
#'"% A!A'A %!A"AA (''(A"A!*A!'%!'&AA'%!A'"A'A
& A!'A!( %A"A(!&A!A)%'&%&A)AA!"?"!A
"!&$(!&A"%A,A 8A"%!A!( !'&A'"A(&'A'%A+&'!A
"#%'"!&A!A'AA&'!A"!A"*A'"A#"&'"!A' &)&AA'A!*A
( 7/31A
&A(! !'A&'%'A!A&A'A& A%"&&A'A*"%8A('A
%!&A!A"!'"!&A"!A'A%"(!A !&A''A'A''&A!A"('" &A
)%,A!A&!!'A*,&7A!A%-8AA ?!" A"(!'%,A*A&A
+#%!AAA"A&"A"!" A%"*'A" !A*'A%&'%(')A
&"A#"&A(!%A'A'?*!A
(A")%! !'A:!A"A0..1@/.;8A
%"&'%&A)A!'A%" A!%&A)%'&!A+#!'(%&8A
'%'"!A%"&'A!*&##%&A)A&'!'A&A !,A"A'%A(!'A
%%&A!A'"A+#"%A"!!A!A"'%A"#'"!&8A!AA!*A%A"A
#"#(%A'"A!*&##%&A)A%"*!A%#,A,A'%!A'"A'A%"*!A
"*%A A&&&7A!A!8A,%A'%A,%A"AA"!" A%"*'A
" !A*'A!%&A'%,A!A #%")A!%&'%('(%&A&A#A
!,A A" #!&A'%)A&#'A'A!%&A" #''"!A%" A!A
+#"!A!( %A"A"(''&7A!A "%A(!'A "%&8A'A&'('"!A&A
"%A +7A" A8A!'%'A" #!&AA+A#%!%A!A% !,8A
'A,AA!A!%A%(&'A!A'A8A!A*&A"%#"%'"!8A
$(%'%A!A*A"%A('A*'A"A"#%'"!&8A)A !A'"A
!'!A#%"'',A!A %'A)(A,A"!'!(!A'"A+A'A'%A,A
“
“
/31 A"!A
A!A%A"'!(%8A<"%,A"A'A9A(!',!A" #''"!A "!AA!(&'%&=8
02>/A:/652;8A/.1?/67A
44A
7$"""7&7"7")7&7!#$#"7!""%(176!$77
&6"#7"!7"7#!7#77!7!7!(77
$#"77#!"#73!7!7#!47%7"77#!7&27"(7
7$#!"7777!7&!7#7(77$"#!"7%7"7!7
7!#$!(7"$""$77#7#7777%!#177
$#7(7"7%7"#77777#!7!%$"77#!7
%$277%7$#7#!7##7#7&"7!%"177"!"77$(7
#!7&"!7"77!#(7!!!77#777##77#77!7
#!7#77!#77#!7,***7!"77%!#"7"7%7"17
7!#7#"#77!7!"#!"77"#77#(7777
#77"77"7#76,***"7"77"7!$(7"7$7
#77#!#%"17(7#!#7"#!#6$"7%77$7(7#7"7
17
(77%!(7&7%77#7!7%17"#7$#7
!"27#7%#7"7"#7!#77#7#7##"27&!77
!7&"7!%!"27&#7#7!#7'#777#%"7"##"777
&77"27%7"#7!%$"27"7#!7!#7!"7"!7!7
"!277%7$#7#!7%"##"77$!"177$77$!27
$7"!%7!%!"77"#!#7"7""#7&#7#7'"77
77#7#"7##7!7$"27$#7#!7!%$7"7
!7$#(7"177!#!7$!27$777
!(27!7(77"77$#77#7!#77
!"#7%7"7!77#77#!7&7"#7#7"!77$#6
7#7#%"777%"77!7#!#177$#!7
$!27!"#!"7%7"77#!7&7&7(7&"!7"7
!7"#!$7"7"7""#7&#7#7!"77#7#!#7#!#7#!7
!(7&7!7$#"27!7"7#7!(77!""6"$""7
!767$""""7!77"$!#7!7#!7&!"17
7#7"77!#777$"27!#"27!7(277""$77&7
67#"7!7&#77#7&"277"("#"77$#7
!"7!7(7#7"73477#$7!"77"#77$"77
7!"7$!77(7!#(7%!77$"27347#7
#$7777&"!7$"#!(7##7"77"7""7(77&7
"77(6&!7!##(7$#7"777#7!#!#7%!77
(7$#!"7!7!73"7&"!"27!77#!7#!$"27%77#7
7$!&!#!"77!""(7!$7&"7$!"7#"7"7!#7
" $"7!7#7$!77!!#!"7(4273477#$(7!&7
$27!%77!#7(75"7!!"277!#7(76!#7!#7
"2777!#7(7##7#&7$##"77#7!##7#!7
!$#"7!7#7##27#&7#7&7&7&77777!7
!7#7%!7!277#7(7&7&7!%27"7$#2777""7
7""7&"7!$7!7#27"(77#(77#7!$"7#7
"!7##!#%7(7%!#"!"177
!7#(7'"#27&6$7$7"!%77!7&!$7
$#!&#"7#7"77#"7#!"27$#7&#7#7!77"#!7
#"7!"27"7#7&"7!7!7!&"!"7776$7#"7
$7#7#!#7"77&(7$"7$277!7!27"7
2777""7#!"!7#7#!#727#7!#77#!%1+.-7
+.- 76!#7!"77!$#27&#!7%!#27#!"#7!$27!7#!(7"$!#27(7#7
"7'##7"$#7!7&"7177!27#(7%7!%77#7$#77 $#(7%!7
77!7 $##(77$"!6!#7##7##7!!(7!""7&"7"7&7%77#7$!"#7#17727
&7"7#7"#7%76!#77"777#7$#!"7"!7!277"!%7"77'7
/07
!'%)*&@%" @"(!'%&@&@%!'@&@!!@!@%!8@% !,@!@
'@8@',@!@'@8@@&,@)%'"!&@"@'@& @'!&9@*@*@!)%@
!@&@'@#%"'@ %!&@&" @!*&@ @!",@!@'@/55.&8@!@'@
"(%!&'@*"%"%@&@,@'"@@#% !!',@%(@&@@"!&$(!7@
" @%@&!(!@"('@'@#%"&#'&@?@"@"%!@%" @'@% !@
"(%!&'&=@&&"'"!@
@&,&@<*@)@''@'@&,&' @&@&'@*"%!8@
)!@@*@!"@"!%@)@'@#%"'@ %!&@"@'@&'@!'(%,=7/11@!@
(&"!8@"(!!@'"%@"@'@)@!@"% %@#%&!'@"@'@
%!@"',@"@*&@'"%&8@&@ "%@%( &#'9@@
@
())))))%))
)))#)
)))#))
))
")))))
)))))))#)))
))&))')
")$)&))
')))#)))#))
))" !)
)
%&'"#@(,@%" @'@ @&'"!@"@'@'%@(!"!@%'"!@@
!@%!8@@"(!'%,@''@&@!)%@&!@"
%@!*&@ @%"*@'"@'@
&-@',@)@@!@% !,@!@'@8@&@&&@"#' &'9@<!"*,&@'%@
&@ (@ "%@#%&&(%@"!@"(%!&'&8@*%@#"#@)@'"@#%"(@!@&@
"%@"!'!'=7/13@!@ !,@(!'@ "%&8@'&@&@'@&'@"@' &@!@
'@*"%&'@"@' &@"%@"(%!&'&7@*@'!""&@''@!"'@"!,@@
('>#'"% @&& !'"!8@('@&"@ "%@!'@"!'!'@#%"('"!8@
"%@(!@! !'8@!@ "%@+'!&)@%"(!@%&%7@
%"!,8@'@& @'!""&@%@&"@ "!&'@'@'"%&@(!% !!@
'@)""@"@'@#"#@"!@'@#%"('"!8@ "%'!@'@
! !'8@!@"!@'@%&%7@
!@ %!@"!" &@@%-@!@!8@&" @'%!&@%@
&!!',@%!'@&@"!" @%"*'8@(%!&'"!8@!@!%&@
'%,@ !@''@ @ %'&@%@"!'!("(&,@+#!!8@(!@
%"*'@!@')&"!8@#%!'8@!@'@!'%!'@!@ "@'@'@& @' 7@
%8@*@%@,@'"@&@:;@"!'!(@(!@% !''"!@&@'@!( %@
"@"(''&@"!'!(&@'"@
!%&8@:;@'%'"!@
'>"%!'@%"&'@
!*&##%@" #!&@
!@&" @"@'@& @
#%" &@'%@
"(!'%#%'&@!@ "%@
(!'@ "%&@&'%(@*'8@)!@&@!@!%&!@!( %@"@#"#(%@
!*&##%&@%"*8@,@'%!@'"@'@+#!!@"*%@ @&&&@*"@ ,@
)@@ "@#"!@('@"!,@ '@!'%!'@&&8@!@:;@&" @)!@"@
%!&@!@!*&@"!&( #'"!@!@)&@"@#"'@!"*@&@&" @
!*&@ @!@'"@##@'"@@%"%@!@ "%@)%&@(!7@@@ ,@
''@&@ @'@ ")@%" @%(%@!@"%@%-@!@%!'@,%&8@%%)@!@"!@"@
“
“
"%@'@&@"@$(',@!"!> %'@#%"('"!7@@!*&##%@!(&'%,@'%@&@&@@!'@'"'@"@"('@/18...@
"(%!&'&@")%@'@&'@@:&" @016@"@'@!*&%"" @*"%"%;7@@<!*@"(%!& @"&,&' =@"@!"!>
#%"'&8@ "&'@"@' @"!!8@,@"!'%&'@ #",&@@" !@'"'@"@"('@2..@%#"%'%&@:&@*&@'@78@<@"!@
""=;7@,@!@ @@$('')@%!8@('@!@'% &@"@$(!'',@',@" @!"*%@!%@%#!@*'@&@
!@"&'@!@'% &@"@#%"&&"!@"(%!& 7@%@&@!"@"('@''@'@ "(!'@"@(&%>!%'@"!'!'@)@
"!@&"@!'*"%!@&'&@@""@!@*''%@&@%"*!@+#"!!',@('@'@)!@''@'@#%")&@@
(!'"!@&(&''('@"%@!*&@&@(!)!@!@!"'7@
/11 @"@"%!8@!'%)*@,@@( #%'7@
/12 @!@(&"!8@!'%)*@,@& (&@&@&!7@
/13 @%&'"#@(,8@!'%)*@,@@( #%'7@
24@
*I(%-$I*)<I$I#$I*%I$II*%%"I)I&(*I%I*I#%$/I%$%#/I
)!I*#)",)I*I'+)*%$IC,I*/I%*I$-)I%(I+)>D<I*I$)-(I*%/I)I
$()$"/IC/)D;258II
((I%(III#I I#/I$I)%#I-/)I,I
$I**(I$-)&&()I$I*I&)*<I)I)%#I(+)*(*I %+($")*)I$*#*I$I
$*(,-);I+*I*/I$,(I(I/%$II)#""<I"+$*<I+($I"*I*%I)(,I
*I-(I&%&+"*%$;I*,(I")I*(I"$)I#/I<I$G"$+I&&()I
"!I(I$I$-I(0"$I*"%)I"!I ($I%;I
$I,(/I#&%(*$*I'+)*%$I#%,$I%(-(I)I-*(I&(,*"/I%-$I
$-)I#I$I#!I$%+I#%$/I(%#I*(I%(I+)$))I*%I)+)*$I*(I
$-)I%&(*%$);I)I)I)&""/I&())$I$I"+$*I#%()I$<I$I%*I
*I$"%&%$I%+$*()I$I%+*($I+(%&<I*I%+*"%%!I)I$%*I%%;II
$%*(I'+)*%$I)I-*(I*I#%$/I**I$II#I(%#I+)$I*)I#I
$)*(+#$*""/I%(I%*(I&+(&%))I)I)+I**I*I%##("I,"+I%II,$I
%+*"*I$I*)"I%#)II)%$(/I%$)(*%$;I)I'+)*%$I)I$I%"I%$<I
%$*$+%+)"/I(",$*I$I
($I$I*"/I)I-""I)I
(0"I$I$I$I&(*)I%I
*I
I$*%$"I(%)*I
&())<I+*I%$I**I#/II
$()$"/I(",$*I")-(I
*%%;I)I*I(,$+)I$I&(%*I
#($)I%I$-)I%($)*%$)I
)($!<I*(I#$I,"+I#/I
$I"I$I*(I&%*$*"I)I
%($)I%I&(%&$<I<I$I
)"G&(%#%*%$IHI)I*/II$I*I$$*$*I$*+(/I$I%(;III%<I
*-%I&(%#$$*I#I()(()I-(%*I**I#I$*(&())I-(IC*%%I
.&$),I%(I#%)*I&%"*$)I*%I%(<I%(I,$I%(I#%)*I$+)*(")*)I*%I+/I
&+("/I%(I&%"*"I#%*,)D;259I*I-)I-$I# %(I#($I#*(%&%"*$I
$-)&&()I-(I)*""I*($I%(II""%$I%""()I%(I#%(I$I*I((()I*%I$*(/I
?+I*%I*I%)*I%I&($*$I&"$*)<I(%)*$I'+&#$*<I*;@I$I#%)*I#I
$+)*()I-(I%$)(I,(/I;I)*I/(<I$I%$*()*<I*I%$)(,*,I
,"%&(I$I%*"(I%+I$)*(I(%+*I*I(('
I%(I
%+*I:211I#""%$;261I)I/(<II%$)%(*+#I%I"%"I+)$))#$I-*I"%)I*)I
*%I*I#%(*I(*/I(%+*I*I""&II*-%(!<I-I$"+)I
*I*-%I")I*I( I$I*I("(!<I%(I:55I
#""%$<II*$*I%I*I&(I*I%##$I$I3116;262I$"$G%$"/I$-)I#I(I
,$I&(I*%I)*(*I$I*%I(+$<I)I.#&"I/I*I%"*)%#I$I
%$)(,*,%#I-)*)I%-$I/I*I%$)(,*,I""%$(I%(I)(%*I
$I*I
<I%(I*I$*-%(!I%I)**GI$I"%"G","I$-)I)*)I)+&&%(*I/I*I
(*G-$I($!"$I$*(I$I*II*%I%,(I&%"*)I$I)+&&"/I(I%$*$*I*%I
-*I*/I)(I)IC)G)*(&&I$I+$(G)*<I"%"I$I(%$"I
$-)&&()IA-%BI%*$I$E*I&(%,I*I("I$%(#*%$I**I,%*()I$I*%I
#!I%%I)%$)D;263II"$I%I%##("<I&(%*G(,$I$-)I#I
“
“
258 I$I$I*)I)I)*""I%+$*(I/I*I"#*I(I%I#%)*I#I%+*)I#*(%&%"*$I()I$I/I*I&()*%(/I
%I(%)*I(+"*%$I**I"I*%I*I$I%I*I)**I*",)%$I#%$%&%"/I$I*I2991);I
259 I$"I;I""$I$I*/"$%)I&*$))%&%+"%)<IC%"*"I"$*")#I$I*I=I%+*($I+(%&I$I
*$I#(I$I%#&(*,I()&*,D<I( ("&I34F3I?3113@=I275G95;I
261 I)I+)$))I&(*$(<I*II.+*,I%$I/$<I)/)<I$I()&%$)I*%I(*)#I%I&(,I)I$I*I&&(D)I
%,(=ICI(I%$I-*II$-)&&(I%+*I*%I%<I-I)I*%I*!I&%)*%$);II(I,(/I%$))*$*IHII
&(%G%$)(,*,<I&(%G+)$))<I&(%G#"*(/IHI$I-I(I*(/$I*%I#!II$-)&&(I**I*)I&%&"I.*I%+*I
*)I*/I$I*)I+*+(;DI+%*I$I,I((<IC-)&&(I)I+)$))I+"&*D<I!((
<I21I+$I3123;I
262 I$I$<I)%#I$"/)*)I)*#*I**II*(I%I*I%+$*(/D)I#%(I*$I211I""G$-)I*",)%$I$$")I(I%-$I
/I%#&$)I%(I$,+")I+)$I*#I*%I+(*(I+)$))I%(I&%"*"I&+(&%))I/%$I*I#;II$*I
%"G
$!(IC$I%"*$)I-$I*ID<I (<I5I+"/I3123;I
263 I**&=FF($!"$$*(';%(F%+*I?))I+;I3123@;
69I
&2 2!222$ 22 2 "2222 2!2 22
!# 2!2 " !2" !2$2221!2 *2!2! ! 2
2 1! !2! 2&2$2&22222!2"!"+2 2!&2
#22!2 !*2
!2 2! 222&-2"2#!2! 2$&2
" 2" !2$ 22 2$2$2!2!&2"!2 22!2!$!!2
!"&2$2 &2!!$2$!2$ 2 !!"! 2!!22"!&2
*22 2#&22 2!!2$& 22"!&2!2"!&2"!2
#2!2! 22"!2 2./22!2
22
&2"22$ 2!!+2./2 2!222 2
! 2"!2!2 &22 !2 " 222 &2
"2$ +22./2 &2&22"2! !2!2!2!2
2!2 "2*222 22'22+2!2! 22
!222"2!2 +2"!222&22 #2% 22
"22$&2!&2! 22 2222!2 !2!22!2
2"!2$ 2!22!*2 2 ! 22"2! !2
2!22 & ! 22! 22# !&22*2
2 !,2
2
• 2# 22 &2"22! !2$ 2 22
22 #2"!2 22 2&2!2!"2!2
2#2 2 222$2" 221!2 22
"!2&2 "!22"!*2
2+2!2
"2"! 2222&2#+2 !2#&22
# 22!!2 22" +22"2!!2!2!222
"!2"2"!! *22'22+2!2"22
" ! 2&2 2 !22$*2 !22!2$!22 22
"2!2!2!2*2
• 2# !&22$ 2# 2 2 22! 22"22
# 2"!2&22! 22!2 2 2 !2$2# 22
#&2 22! 22!2!&2!2"22"2*2 22
"+22!2"222# 2#22!2!2
!2 2! 22$ 22"!2 2$ 2$2
! 2#2 22 2# !&22# 222
*22
• 222$ 22!22"!2 22" 22!2
!"2"!&22!# 2$ 22!"+2"!2 2!2"22
! 2. !&21$ 2! /2 +2#2!! 22
"!22&2!2!2#"2! !2!22!22!2
%!!*22! !2 2$22"#+2 22!2!2
!! +22$2
2 22 2!&2 " 2222$ 2"!222
"2 " 2!!22&2$ *22"! 2$2! !2 222
2#&2 !"!2 2!2"!+2#22&22
" !2 !2!2!!22#"2"!! 02"*22
'222!2% 222"22#2#22
#2% 222&2!2!!2"!+2"!+2
"2!*2
2
)(2
#&%)&=G&% =G*G#<=G/'&'$/"/#$%!&&(/ "$*/@$( >G=G
4233A<G
#*+)=G&**G<=GB$( %G-)G&%)+$'* &%G+( %G $)G&G* &%#G
( ) )C=G"&/!/!/"&%+G57D5G@4224A=G739F43<G
FFG%G, G-")+(/=GB**(%)G&G%*(%*G%G( * &%#G-)G G)G
%GG*-&("G&$$+% */C=G"&/"
'!&"!+/39D3G@4222A=G43F67<G
%*+$=G# =GBG(%G())G%G *)G%+( %G%)* *+* &%#G( ) )C=G %G
, G<G<G,/G%G)$+)G# )G #)%G@)A=G/!!/'%!%%/"/
"'$!% /!/&%/ #&"!%/"$/ "$*G@.&(>G
=G4232A=G8;F:2<G
($%=G%(=GB % %G%&($* &%G&# /C=G
"'$!/"/!"$ &"!/"*+G3G
@4233A=G3F7<G
(+%&=G &#=G%G)$+)G# )G #)%=G'$((/%/'%%,/
"'$!%&/!!/
&$&.#%/!/%&$!G'$"#G@.&(>G
=G4234A<G
''&=G
&=G/'&'$/"/($&%!,/)/+/)/!&%+/)/"!%' $%/!/
&/"%&.(%"!//@&%&%>G(- ##=G4225A<G
)*##)=G%+#=G/%/"/&/&)"$/"&*G@.&(>G#"-##=G4222A<G
FFG"
'!&"!/")$/@.&(>G=G422;A<G
&#$%=G*'%=G&**G%*&%/=G%G, G<G&(( )&%=G'/$'%&/!/&/
)%,//"!%&$'&(%&/&'*/"/&/"//"/&/)%G@.&(>G
=G422;A<G
&+#(/=G "=G%()G''=G%G( ( G(&*0=G/(!&%/!//"//
@&%&%>G&+*#=G422;A<G
FFG&% G<G , %)*&%=G%G $G("$=G/"!%' #&"!/!/'/
! !&,/*"!/&/$%' #&"!/"/&&!&"!G@) %)*&">G#(,G
$ ##%=G4232A<G
+((%=G
$)=G*G#<GB G/)*$=G+# G%&-#G%G$&(/C=G
'$"#!/
"'$!/"/"
'!&"!+G46D3G@422;A=G7F48<GG
#=G&(*G<=G "$*/!/&%/$&%G@-G,%>G#G% ,() */G())=G3;:;A<G
/%=G% #=G%G# +G*0=G/(!&%,//(/$"%&!/"/%&"$*G
@$( =G>G(,(G% ,() */G())=G3;;4A<G
$$ "=G
&%=G%G( G&*%+#(<GB&(/G&G*G >G+%* / %G
&$'* * &%G$&%G G%+)*( )C=/
"'$!/"/"
'!&"!+/46D3G@3;:6A=G
325F3;<G
)%)* %=G# 0*G<=G/$!&!/$%%/%/!/!&/"/!,/"
'!&"!%/
!/'&'$/$!%"$ &"!%/!/$*/"$!/'$"#G@$( >G=G3;9;A<G
))(=G(%"=G*G#<=GB&# * #G%&($* &%G''&(*+% * )G %G+(&'>GG
&% *+ %#G%G&$'(* ,G*+/G&G (*%G#, ) &%G/)*$)C=/
!&$!&"!/
"'$!/"/$%%-"&%+/39D5G@4234A=G469F96<G
&#=G
%E(%1& )=G%G(+%&G* %&=G!/#$%%/%!%/'&!$G@( )>G())*=G
4227A<
%)=G((*G
<=G "$*/!/&/)%/@.&(>G=G4229A<
( #=G&=G/"%/!$"/@), ##=G>G* #)*(G+# ) %=G422;A<G
)" %)=G%!$ %=G%G
%% (G
( *=GB%*(%*G-)>G)G *GG'#$%*G&(G
( * &%#G G+*#*)?C=G!&$!&"!/
"'$!/"/$%%-"&%+/39D4G@4234A=G3;2<G
"(=G
&G<=GB( ,* 0 %G )"G- *&+*G( ,* 0 %G*G#(G**>GG
%G&# * )G&G& #G&# /G%G*(%$%*G %G*G% *G**)C=G $!/
"&/!/()+G;:D4G@4226A=G465F82<G
## %=G% #G<=G%G&#&G% % =G" #$!//*%& %,/$/"%/"/
/!/"&%/@$( >G=G4226A<G
FFG%G*/# %&)G'*%))&'&+#&)=GB&# * #G# %*# )$G%G*G >G
&+*(%G+(&'G%G* %G$( G %G&$'(* ,G()'* ,C=G/'&'$/
!/"&*+G46D4G@4224A>G397F;7<G
93G
)!++!=I*1+)=IB!!+$I@+A!-*?I)!+!'&I!&I&+)&+I#!$$*I&I**I%'&I
%)*I'I+ ID+I&)+!'&EC=I$$!$!8#&*'-2I:2F3I@4232A=I;4H335<I
)$'.=I,%%)=IBI'$!+!$I'**I&I+ I)**C=I
$*'#!("2835F5I@4234A=I562H75<I
)0=I'!&=I#5(8,(%%'8+$!*)$#38%)!("28$!)(8#8)8##6
#*8'((28/100711I@.I$ !>I=I4222A<I
&=I
' &=I88#8"$'-I@%)!>I'$!+0I)**=I3;;3A<I
, &=I0%'&=I88#8$#)"%$''-8'#I@!& >I(&I
&!-)*!+0I)**=I4233A<I
!((%&&=I$+)=I*!8%#$#I@.I),&*.!#=I
>I)&*+!'&I,$!* )*=I
3;;9A<I
,&=I&#)I)!&#=II!$$!=I&I)#I$ G)*+&=I+$'8 $""'8#-'#8
'4I@) ,*>I"',)=I422;A<I
*&0=I')+I<=I$""*#)$#8+$!*)$#38')!8
*#)*'(8#8)8*)*'8
$8I@.I')#>I.I)**=I4229A<I
0)=I !$!(=I8#(#8,(%%'I@'$,%!=I=I&I'&'&>I&!-)*!+0I
'I!**',)!I)**=I422;A<I
,%&=I<I,**$$=I8*)*'8$8)8((8*#I@%)!>I=I3;;3A<I
HHI'&I
!&I)#=I&I$$!'+I&#=IB)#!&I+ I$'.I'I&')%+!'&I!&+'I+ I
'%>I&I%(!)!$I****%&+I'I+ I!!+$I-'$,+!'&I!&I+ I&!+I++*=I
3;82H4227C=I#)'#)$#!8
$*'#!8$8$""*#)$#288I@4234A=I3244H63<I
!&&=I-&+!=I!#(8'$"8)8')!#38#+#)#8)8#8*!8%'8
@'&'&>I=I4229A<I
'))!*=I!((=I8')*$*(8'!38$!)!8$""*#)$#(8#8$()#*()'!8$)(I
@%)!>I=I4222A<I
!)=I')+I<=IB'&'%!I(()' *I+'I!I'$!0C=I!&I'!&I&*$$I&I
)I'0I@*A=I8#$$ 8$8!$!88#8$""*#)$#8$!-I
@'&'&>I$#.$$=I4233A=I577H87<I
')+'=I,)'=IB I &!&I&*(I'I)1!$C*I.*I!C=I!&I-!I<I<I
-0I&I*%,*I$!*I!$*&I@*A=I8##8*(#((8$8
$*'#!("8#8)(8
"%!)$#(8$'8"$'-I@/')>I
=I4232A<I
)!')=I)#,*=I$()6'$()8"$'-38$,88$8#'((8#&*!)-8#8
$!)!8#+$!+"#)8#8$!'.(8!)$#(I@.I')#>I=I4229A<II
,*'&=I! $=I-8"$'(88#8#!$+!8'((I@%)!>I'$!+0=I
422:A<I
,%(+)=I
'*( I<=I%)!("28$!("28#8"$'-I@'&'&>I',+$<I
3;;4A<I
+))=I,$=I8')$#8$8)838$!)!8'#(8$8$'#8$""*#)$#(I
@.I')#>I*!I''#*=I4226A<I
+)',=I+$!=I8,(I@/')>I=I4233A<I
.#*,)0=I-!=IB +I'I%)!&*I$$0I&+I+'I&'.?C=I
$*'#!8$8
$""*#)$#2I75F6I@4225A=I8;6H932<I
'$=I)'$=I#)')#"#)8#*()'-8$#$"(388*8$'8##!8#!-((8
@%)!>I=I4233A<II
*+)=I
%*I<=IB I,$!+0I'I!>II+),+,)+!'&$I ')0I'I,$!I
++&+!'&C=I$""*#)$#8$'-2I43F3I@4233A=I65H88<I
! )+=I+( &=I&I!I)%(=I(8'(,##8'8)*#?I@'&&>I
)!)! G)+G+!+,&=I422;A<II
,)=I! )I&I)=I!+I##)=I&I')+I<I!)=IB'&'%!I)'.+ I
&I-)+!*!&I/(&!+,)*I!&I!)&+I!I!&I!)&+I',&+)!*C=I
$*'#!8
$88$#$"(2I43I@422:A=I4:H74<I
I
I
I
94I
8
'")'8!'8!'#8'8'''(#(8&$''$&8(8$' !8#*&'(-8#8
'&8!!$+8(8(8)(&'8#'(()(8$&8(8()-8$8
$)&#!'"58
#*&'(-8$8,$&48'8+$& 8$)''8$#8$"%&(*8*!$%"#('8#8(8
#+'8"58(8)'8$8(!8(#$!$'8#8%$!('58#8$#8%$!(!8
"%#'488'8%)!'8#88&#8$8"8$)&#!'8#!)#8
&) ))$58 58#8")))$48
)')%) )))86&#($#8
#*&'(-8&''581/0178'8'8"$'(8&#(8$$ 48
8
8
8
8+$& 8$#8('8&%$&(8'8#8')%%$&(8-8(8%#8$(-8$)#($#'8
'8%&(8$88!&&8%&$(8$#8(8##8)'#''8$8$)&#!'"48(&8
%)!($#'8#!)8'")'8!'8!'#86+(8&(8### 758 )
)))'))#( $)
!!"))))) 8
6
581/0078#8$!8&)#$8#8'")'8!'8!'#58 !!)) ')
)
)())) 86
581/01748
8&%$&(8&!'8$#8&'&8$#)(8#8$!!$&($#8+(88
#(+$& 8$8%&(#&'8+$8*8$#8(8#(&*+'8#8%&$*8(8$#8(&8
&'%(*8&'8$8,%&('488#(+$& 8#!)'8!*$8'$&8#8
&##$8!*&8)!#$86+$& #8$#8&.!758##)8"##8#8&8
&%%##86#!#758&# 8''&8#88)"%&(86&#8#8
&"#-758$!$8##8#8!''$8$&#86(!-758#8-8)'')8#8
*-'8
#86#7488&%$&(8+$)!8#$(8*8#8%$''!8+($)(8
(&8!%48'")'8!'8!'#8$#)(8(8#(&*+'8#8$!!(8(8
(8$#8(88#8(848
$##8.$'( 8!%8+(8(8&'&8$#8(8
48
8)($&8+$)!8! 8($8(# 88)"%&(58*8*-58!8
)'$#58$&(8&58#8!*$8'$&8$&8(&8$""#('8$#8&!&8
&('48#8($#58'*&!8#&($#'8$8
8
$)&#!'(8!!$+'8&$"8!!8$*&8
(8+$&!8*8#&8(8&%$&(8(&$)8 8(8%&'#(($#'8'8+!!8
'8#$&"!8$#*&'($#'4
8
8
328
Ten Years that Shook the Media World_Layout 1 25/09/2012 14:49 Page 1
SELECTED RISJ PUBLICATIONS
James Painter
Poles Apart: The International Reporting of Climate Scepticism
Lara Fielden
Regulating for Trust in Journalism: Standards Regulation in the Age of Blended Media
David A. L. Levy and Robert G. Picard (eds)
Is there a Better Structure for News Providers? The Potential in Charitable and Trust Ownership
David A. L. Levy and Rasmus Kleis Nielsen (eds)
The Changing Business of Journalism and its Implications for Democracy
Tim Gardam and David A. L. Levy (eds)
The Price of Plurality: Choice, Diversity, and Broadcasting Institutions in the Digital Age
published in association with Ofcom
John Lloyd and Julia Hobsbawm
The Power of the Commentariat
published in association with Editorial Intelligence Ltd
CHALLENGES
Nick Fraser
Why Documentaries Matter
Nicola Bruno and Rasmus Kleis Nielsen
Survival is Success: Journalistic Online Start-ups in Western Europe
Paolo Mancini
Between Commodification and Lifestyle Politics: Does Silvio Berlusconi Provide a New
Model of Politics for the 21st Century?
John Lloyd
Scandal! News International and the Rights of Journalism
Stephen Coleman (ed.)
Leaders in the Living Room: The Prime Ministerial Debates of 2010. Evidence, Evaluation and
Some Recommendations
Richard Sambrook
Are Foreign Correspondents Redundant? The Changing Face of International News
James Painter
Summoned by Science: Reporting Climate Change at Copenhagen and Beyond
John Kelly
Red Kayaks and Hidden Gold: The Rise, Challenges and Value of Citizen Journalism
Stephen Whittle and Glenda Cooper
Privacy, Probity, and Public Interest
Stephen Coleman, Scott Anthony, and David E Morrison
Public Trust in the News: A Constructivist Study of the Social Life of the News
Nik Gowing
‘Skyful of Lies’ and Black Swans: The New Tyranny of Shifting Information Power in Crises
Andrew Currah
What’s Happening to Our News: An Investigation into the Likely Impact of the Digital
Revolution on the Economics of News Publishing in the UK
James Painter
Counter-Hegemonic News: A Case Study of Al-Jazeera English and Telesur
Floriana Fossato and John Lloyd with Alexander Verkhovsky
The Web that Failed: How Opposition Politics and Independent Initiatives are Failing on the
Internet in Russia