This is a post-peer-review, pre-copyedit version of an article published in Review of World Economics. The final authenticated version is available online at:https://doi.org/10.1007/s10290‐016‐0269‐6
$# `TeZ\a bY Xkcbeg$ \a `TahYTVghe\aZ \aWhfge\Xf \f [\Z[Xe \a f`T__ Vbhage\Xf g[Ta \a
$$ _TeZX baXf(+ @bjXiXe& iXel _\gg_X X`c\e\VT_ Xi\WXaVX Xk\fgf j\g[ eXZTeWf gb g[\f
$% [lcbg[Xf\f& TaW \g VbageTfgf ceXW\Vg\baf Yeb` `Tal `bWX_f TWibVTg\aZ g[X [b`X'
$& `Te^Xg XYYXVg #@E=$yTa \a}hXag\T_ abg\ba \a aXj geTWX g[Xbel( Aa g[\f Teg\V_X A
$' TeZhX g[Tg Ta @E= \a g[X ah`UXe bY `TahYTVghe\aZ |e`f VTa VbXk\fgf j\g[ T^QbQ^_Q
$( @E= \a g[X ah`UXe bY XkcbegXef( 8f T VbafXdhXaVX& \a `TahYTVghe\aZ \aWhfge\Xf&
$) f`T__ Vbhage\Xf j\__ [TiX _TeZXe XkgXaf\iX `TeZ\af bY Xkcbeg g[Ta _TeZX baXfyT
$* V_T\` A fhccbeg X`c\e\VT__l(
%! L[X @E= VTa UX WXfVe\UXW Tf Yb__bjf4 8 Vbhagel j\g[ _bj Wb`Xfg\V WX`TaW Ybe
%" `TahYTVgheXW ZbbWf j\__ [TiX _bjXe ceb|gTU\_\gl bY g[bfX ZbbWf UXVThfX& \a g[X
%# ceXfXaVX bY geTWX Vbfgf& T f`T__ [b`X'`Te^Xg _\`\gf g[X cbff\U\_\gl bY `T^\aZ hfX bY
%$ \aVeXTf\aZ eXgheaf gb fVT_X #AJK$( Aa ghea& YXjXe `TahYTVghe\aZ |e`f j\__ _bVTgX \a T
%% Vbhagel _\^X g[Tg& fb g[X Vbhagel j\__ ZXg T f[TeX bY g[X jbe_W{f gbgT_ ah`UXe bY fhV[
%& |e`f g[Tg \f _bjXe g[Ta \gf f[TeX bY \aVb`X #@X_c`Ta TaW CehZ`Ta +32/&
%' cc( ,*/x,*3& [XaVXYbeg[4 @C +32/$(, L[X @C +32/ YeT`Xjbe^ [Tf UXVb`X T
%( j\WX_l hfXW UXaV[`Te^ `bWX_ \a \agXeaTg\baT_ geTWX g[Xbel& TaW g[X @E= [Tf UXXa
%) YbhaW gb UX ebUhfg gb `Tal W\YYXeXag `bWX_ fcXV\|VTg\baf #>X_UXe`Tle TaW BhaZ
%* ,*+,$( GaX XkT`c_X \f g[X j\WX_l hfXW XkgXaf\ba bY @C +32/ j[XeX |e`'_XiX_
&! W\YYXeXaVXf \a `TeZ\aT_ Vbfgf bY g[X EX_\gm #,**-$ glcX TeX \aVbecbeTgXW( KXX X(Z(
&" 9T_Wj\a TaW >bef_\W #,*+*& [XaVXYbeg[4 9> ,*+*$ Ybe T `bWX_ _\^X g[Tg( L[X @E=
&# WbXf abg ba_l Tcc_l gb g[X ah`UXe bY |e`f& Uhg T_fb gb g[X ah`UXe bY XkcbegXef& TaW
&$ g[X `bWX_f ceXW\Vg g[Tg g[X XkgXaf\iX `TeZ\a bY Xkcbeg \a `TahYTVghe\aZ \aWhfge\Xf \f
&% \aWXcXaWXag bY g[X f\mX bY g[X [b`X' TaW Xkcbeg'`Te^Xg(-
&& ;XgXe\f cTe\Uhf& Vbhage\Xf g[Tg TeX f`T__ #\a gXe`f bY ?<H$ [TiX _bjXe Wb`Xfg\V
&' WX`TaW Ybe Tal ZbbW& \aV_hW\aZ `TahYTVghe\aZ ZbbWf( L[XeXYbeX& g[X @E=
&( [lcbg[Xf\f [Tf _XW gb VbaVXea Tf gb j[Xg[Xe f`T__ Vbhage\Xf j\__ [TiX _\gg_X
&) cebWhVg\ba TaW Xkcbeg fhV[ ZbbWf #be& T_gXeaTg\iX_l& _bjXe ?<H cXe VTc\gT$( Dbj
&* cebWhVg\ba `Tl UX jbee\fb`X Ybe cb_\Vl`T^Xef \a f`T__ Vbhage\Xf& Tf \aWhfge\Xf '! V[TeTVgXe\fXW Ul AJK& Ul g[X\e aTgheX& TeX cTeg\Vh_Te_l ceb|gTU_X TaW VTa UX
'" \`cbegTag Ybe _baZ'gXe` Zebjg[ #fXX X(Z( Jb`Xe +320$( Dbj Xkcbeg VTa UX XdhT__l
+>D*+ + L[X TiT\_TU\_\gl bY |e`'_XiX_ WTgT fcTjaXW T _\gXeTgheX W\fg\aZh\f[\aZ UXgjXXa g[X XkgXaf\iX TaW +>D*, \agXaf\iX `TeZ\af bY geTWX( ;[TaZXf \a geTWX }bjf VTa UX WhX gb V[TaZXf \a ah`UXe bY ha\gf fhV[ Tf |e`f&
+>D*- cebWhVgf be Vbhage\Xf #g[X XkgXaf\iX `TeZ\a$ be V[TaZXf \a g[X T`bhag geTWXW cXe ha\g #g[X \agXaf\iX +>D*. `TeZ\a$( L[X WX|a\g\ba bY g[X gjb `TeZ\af W\YYXef \a W\YYXeXag Teg\V_Xf& WXcXaW\aZ ba g[X eXfXTeV[
+>D*/ dhXfg\ba( KXX X(Z( DTj_Xff #,*+*$ be& Ybe Ta biXei\Xj& 9XeaTeW Xg T_( #,*+,$(
,>D*+ , ETahYTVgheXW ZbbWf TeX [XeX WX|aXW Tf ZbbWf g[Tg TeX V[TeTVgXe\fXW Ul cebWhVg W\YYXeXag\Tg\ba TaW ,>D*, cebWhVXW haWXe AJK( A Yb__bj Vb``ba ceTVg\VX \a g[X @E= _\gXeTgheX TaW hfX g[X gXe`f zAJK \aWhfge\Xf{
,>D*- TaW z`TahYTVghe\aZ \aWhfge\Xf{ \agXeV[TaZXTU_l g[ebhZ[bhg g[X Teg\V_X( A TV^abj_XWZX& [bjXiXe& g[Tg g[\f ,>D*. `Tl UX \`ceXV\fX& TaW g[Tg& Ybe \afgTaVX& `Tal fXei\VXf fXVgbef `Tl T_fb [TiX g[X fT`X Tgge\UhgXf( A eXghea ,>D*/ gb g[\f cb\ag \a KXVg(-(
->D*+ - L[X @E= jTf |efg \agebWhVXW Ybe`T__l Ul CehZ`Ta #+32*$( @X ceXfXagXW T `bWX_ bY geTWX UXgjXXa ->D*, gjb W\YYXeXag'f\mXW Vbhage\Xf Uh\_W\aZ ba g[X <\k\g TaW Kg\Z_\gm #+311$ YeT`Xjbe^& j[XeX Vbafh`Xef iT_hX ->D*- iTe\Xgl bY ZbbWf& TaW |e`f cebWhVX W\YYXeXag\TgXW ZbbWf TaW XaZTZX \a `babcb_\fg\V Vb`cXg\g\ba( L[X ->D*. @E= jTf Yheg[Xe WXiX_bcXW \a @C +32/& j[b \agebWhVXW T fXVgbe cebWhV\aZ T [b`bZXabhf ZbbW haWXe ->D*/ VbafgTag eXgheaf gb fVT_X #;JK$ \agb g[X CehZ`Ta #+32*$ YeT`Xjbe^( Aa `bWX_f j[XeX Xagel TaW Xk\g bY ->D*0 |e`f \f \`cbff\U_X #be W\Y|Vh_g$& g[X @E= VTa eXfh_g \a _bjXe jTZXf \afgXTW bY #be \a TWW\g\ba gb$ YXjXe ->D*1 |e`f( KXX X(Z( <X`\WbiT TaW JbWe~sZhXm';_TeX #,*+-$ TaW g[X TVVb`cTal\aZ ba_\aX TccXaW\k be ->D*2 >X_UXe`Tle TaW BhaZ #,*+,$(
,;$
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
0, jbee\fb`X& Tf Xkcbeg\aZ [Tf g[X cbgXag\T_ bY VeXTg\aZ fXiXeT_ cbf\g\iX XYYXVgf g[Tg 0- \`cebiX cebWhVg\i\gl \a \aW\i\WhT_ XkcbegXef Tf jX__ Tf \a g[X XVbab`l Tf T j[b_X 0. #fXX X(Z( EX_\gm TaW JXWW\aZ ,*+.$( @bjXiXe& Yeb` T__ biXe g[X jbe_W g[XeX TeX 0/ f`T__ Vbhage\Xf j[bfX Xkcbegf Vbaf\fg bY T _TeZX f[TeX bY `TahYTVgheXW ZbbWf(
00 =kT`c_Xf \aV_hWX 9TaZ_TWXf[ #*(3.$& K_biXa\T #*(2/$& 9bgfjTaT #*(2*$& be =_
01 KT_iTWbe #*(1-$(. >heg[Xe`beX& fghW\Xf f[bj g[Tg f`T__ Vbhage\Xf \a ZXaXeT_ Wb abg 02 [TiX _bjXe ?<H cXe VTc\gT be Zebjg[ g[Ta _TeZX baXf #=TfgXe_l TaW CeTTl ,***5 03 JbfX ,**05 8_Xf\aT Xg T_( ,**.$( 9X\aZ T f`T__ Vbhagel \f cXe[Tcf abg Tf ZeXTg T 1* W\fTWiTagTZX Tf \aW\VTgXW Ul g[X _\gXeTgheX ba g[X @E=(
1+ L[X g[XbeXg\VT_ Xi\WXaVX Ybe g[X @E= \f \aWXXW T`U\ZhbhfyfXiXeT_ Vbage\Uh' 1, g\baf [TiX f[bja g[Tg \g WbXf abg aXVXffTe\_l Te\fX \a `bWX_f fghWl\aZ AJK 1- \aWhfge\Xf( GaX \`cbegTag Tffh`cg\ba We\i\aZ g[X @E= \a @C +32/)9> ,*+* \f g[Tg 1. |e`f VTa YeXX_l XfgTU_\f[ \a Ubg[ Vbhage\Xf( EXW\a #,**-$ ceXfXagXW T `bWX_ T^\a gb 1/ @C +32/)9> ,*+* j[XeX g[XeX TeX WX YTVgb eXfge\Vg\baf ba |e` XfgTU_\f[`Xag( 8 10 eXiXefX @E= \a g[X ah`UXe bY XkcbegXef TccXTefyg[X f`T__ Vbhagel ZXgf T f[TeX bY 11 g[X jbe_W{f ah`UXe bY XkcbegXef g[Tg \f [\Z[Xe g[Ta \gf \aVb`X f[TeX( 8abg[Xe 12 \`cbegTag Tffh`cg\ba We\i\aZ g[X @E= \f g[Tg Vbafh`Xef Wba{g VTeX TUbhg g[X 13 Vbhagel bY be\Z\a bY ZbbWf cXe fX( L[\f VTa X(Z( UX fXXa \a T `bWX_ ceXfXagXW \a @XTW 2* Xg T_( #,**,$& j[XeX ZbbWf TeX W\YYXeXag\TgXW Ul Vbhage\Xf( 8 eXiXefX @E= `Tl 2+ TccXTe \a g[X ah`UXe bY XkcbegXef Tf jX__ Tf \a g[X ah`UXe bY |e`f(/
2, 8 cebU_X` j\g[ g[X fgTaWTeW `bWX_f \f g[Tg g[Xl Wb abg W\fg\aZh\f[ UXgjXXa 2- Ta @E= \a g[X ah`UXe bY |e`f TaW \a g[X ah`UXe bY XkcbegXef( O[XeXTf Ta 2. @E= \a g[X Ybe`Xe `Tl fXX` eXTfbaTU_X& cXe[Tcf `beX c_Thf\U_X j[Xa \g Vb`Xf 2/ gb g[X _TggXe \f T eXiXefX @E= UXVThfX XkcbegXef \a f`T__ Vbhage\Xf UXaX|g Yeb`
20 TVVXff gb T _TeZX YbeX\Za `Te^XgyT `XV[Ta\f` g[Tg \f abg gT^Xa \agb TVVbhag \a 21 g[X fgTaWTeW @E= `bWX_f(0 Aa g[\f Teg\V_X A \aVbecbeTgX g[\f `XV[Ta\f` \agb T 22 `bWX_ Uh\_W\aZ ba @C +32/)9> ,*+*( A Vbage\UhgX gb aXj geTWX g[Xbel Ul 23 f[bj\aZ [bj Ta @E= \a g[X ah`UXe bY |e`f VTa VbXk\fg j\g[ T eXiXefX @E= \a
.>D*+ . L[X |ZheXf \a cTeXag[Xf\f \aW\VTgX g[X f[TeX bY `TahYTVghe\aZ Xkcbegf \a gbgT_ Xkcbegf \a g[X Vbhage\Xf \a .>D*, lXTe ,*+*( A YbVhf ba _bj' TaW `\WW_X'\aVb`X Vbhage\Xf UXVThfX g[X X`c\e\VT_ TaT_lf\f ceXfXagXW \a .>D*- KXVg(-ba_l \aV_hWXf Vbhage\Xf _\^X g[Tg( L[XeX TeX& [bjXiXe& T_fb `Tal XkT`c_Xf bY f`T__ [\Z['\aVb`X .>D*. Vbhage\Xf j\g[ T [\Z[ f[TeX bY `TahYTVghe\aZ Xkcbegf \a gbgT_ Xkcbegf( =kT`c_Xf \aV_hWX >\a_TaW #*(11$
.>D*/ TaW K\aZTcbeX #*(1-$( <TgT \f gT^Xa Yeb` g[X ;b`geTWX WTgTUTfX( >be fb`X Vbhage\Xf Xkcbeg WTgT _TV^( Aa .>D*0 fhV[ VTfXf& A hfX `\eebe iT_hXf #\(X( g[X fh` bY T__ bg[Xe Vbhage\Xf{ \`cbeg Yeb` g[X Vbhagel \a dhXfg\ba$( A .>D*1 g[Ta^ 8eaX EX_V[\be Ybe cebi\W\aZ `X j\g[ g[XfX WTgT(
/>D*+ / KXiXeT_ Teg\V_Xf [TiX fghW\XW bg[Xe VbaW\g\baf Ybe g[X @E= gb bVVhe( Gg[Xe `bWX_f g[Tg cebWhVX T />D*, eXiXefX @E= \a g[X ah`UXe bY |e`f Tf jX__ Tf \a g[X ah`UXe bY XkcbegXef \aV_hWX G^hUb TaW JXUXleb_
/>D*- #,**0$& j[b Tffh`X fgebaZXe AJK \a g[X _TeZX Vbhagel5 TaW Qh #,**/$& j[b eX_TkXf g[X Vb``ba_l `TWX />D*. Tffh`cg\ba bY T VbafgTag Vbafh`Xef{ XkcXaW\gheX f[TeX Ybe `TahYTVgheXW ZbbWf( >heg[Xe`beX& g[X @E=
/>D*/ j\__ UX WT`cXaXW \a T `bWX_ j\g[ ab [b`bZXabhf ZbbW fXVgbe #fXX X(Z( <X`\WbiT TaW JbWe~sZhXm';_TeX />D*0 ,*+-TaW g[X TVVb`cTal\aZ ba_\aX TccXaW\k Ybe g[X VTfX bY XdhT_ |e`f5 TaW >X_UXe`Tle TaW BhaZ,*+, />D*1 Ybe g[X VTfX bY |e`'_XiX_ W\YYXeXaVXf \a `TeZ\aT_ Vbfgf$( L[X @E= `Tl T_fb W\fTccXTe \Y geTWX Vbfgf />D*2 TVVehX \a Ubg[ g[X `TahYTVghe\aZ TaW g[X [b`bZXabhf ZbbW fXVgbe TaW abg ba_l \a g[X `TahYTVghe\aZ />D*3 fXVgbe& Tf \f Vb``ba_l Tffh`XW #<Ti\f +332$( Ag `Tl T_fb W\fTccXTe \a T `h_g\c_X Vbhagel fXgg\aZ />D+* #9X[eXaf Xg T_(,**3$(
0>D*+ 0 L[\f `XV[Ta\f` \f ceXfXag \a geTW\g\baT_ geTWX `bWX_f X`c[Tf\f\aZ ;JK& [b`bZXabhf ZbbWf& TaW 0>D*, Vb`cTeTg\iX TWiTagTZX( L[XfX ZXaXeT__l ceXW\Vg g[Tg Vbhage\Xf j\__ UX aXg XkcbegXef bY ZbbWf Ybe j[\V[
0>D*- g[Xl [TiX eX_Tg\iX_l _bj Wb`Xfg\V WX`TaW UXVThfX g[Xl [TiX TVVXff gb T eX_Tg\iX_l _TeZX YbeX\Za `Te^Xg 0>D*. #<Ti\f TaW OX\afgX\a+333$(
L[X eXiXefX [b`X'`Te^Xg XYYXVg \a Xkcbegf4 T Vebff'Vbhagel"
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
*! g[X ah`UXe bY XkcbegXef( Lb `l ^abj_XWZX& ab bg[Xe Teg\V_Xf W\fVhff g[\f
*" W\V[bgb`l( Aa g[X `bWX_& A Vb`U\aX g[X \WXT bY YeXX Xagel& YbhaW \a X(Z( @C
*# +32/)9> ,*+*& j\g[ g[X \WXT bY eXfge\VgXW Xagel& YbhaW \a X(Z( EXW\a #,**-$( >eXX
*$ Xagel bY |e`f j\g[\a \aWhfge\Xf l\X_Wf g[X @E= \a g[X ah`UXe bY |e`f( L[X
*% eXiXefX @E= \a g[X ah`UXe bY XkcbegXef \f VThfXW Ul eXfge\VgXW Xagel bY
*& \aWhfge\Xf& gbZXg[Xe j\g[ gjb bg[Xe Tffh`cg\baf f\`\_Te gb g[bfX `TWX \a
*' NXaTU_Xf #+33.$4 Vbafh`Xef iT_hX iTe\Xgl& abg ba_l bY ZbbWf j\g[\a g[X fT`X
*( \aWhfgel Tf \a g[X fgTaWTeW `bWX_f& Uhg T_fb bY ZbbWf Yeb` W\YYXeXag \aWhfge\Xf5
*) TaW \aWhfge\Xf TeX W\YYXeXag\TgXW Ul Vbhagel bY be\Z\a( Aa ceTVg\VX g[\f `XTaf g[Tg
** g[X `bWX_ \aVbecbeTgXf g[X \WXT bY Vbhagel'_XiX_ cebWhVg W\YYXeXag\Tg\ba& YbhaW \a
"!! X(Z( @XTW Xg T_( #,**,$( L[X VbXk\fgXaVX bY Ta @E= \a g[X ah`UXe bY |e`f TaW T
"!" eXiXefX @E= \a g[X ah`UXe bY XkcbegXef \`c_\Xf g[Tg g[X XkgXaf\iX `TeZ\a bY
"!# Xkcbegf WXVeXTfX j\g[ g[X f\mX bY g[X [b`X'`Te^Xg eX_Tg\iX gb g[Tg bY g[X Xkcbeg'
"!$ `Te^XgyT ceXW\Vg\ba g[Tg VbageTfgf j\g[ fgTaWTeW `bWX_f _\^X @C +32/ TaW 9>
"!% ,*+*(
"!& L[X X`c\e\VT_ Xi\WXaVX bY g[X @E= \f T_fb T`U\Zhbhf( =Te_l X`c\e\VT_
"!' Vbage\Uhg\baf TeX fheiXlXW \a @XTW TaW ETlXe #,**.$( L[Xl VbaV_hWX4 zGaX VTa fXX
"!( fb`X fhccbeg Ybe @E=f \a fb`X \aWhfge\Xf \a fb`X fcXV\|VTg\baf( @bjXiXe eXiXefX
"!) @E=f " TeX `beX YeXdhXag({ #c( ,0.,$( ;baV_hf\baf iTel T_fb \a `beX eXVXag
"!* Vbage\Uhg\baf( >be XkT`c_X& ;ebmXg TaW Le\baYXgg\ #,**2$ |aW fb`X Xi\WXaVX bY
""! @E=f& Uhg g[X XVbab`\V f\Za\|VTaVX \f f`T__4 ba TiXeTZX& g[X @E= \a}hXaVXW
""" fcXV\T_\mTg\ba \a ba_l TUbhg +,(/ ! bY g[X ,/ Vbhage\Xf fghW\XW& TaW \a g[XfX
""# Vbhage\Xf \g jTf YbhaW gb \a}hXaVX fcXV\T_\mTg\ba \a 0, ! bY g[X `TahYTVghe\aZ
""$ TVg\i\gl( @Tafba TaW P\TaZ #,**.$ |aW fgebaZ X`c\e\VT_ fhccbeg Ybe g[X @E= \a
""% \aWhfge\Xf V[TeTVgXe\fXW Ul [\Z[ geTafcbeg Vbfgf TaW `beX W\YYXeXag\TgXW cebWhVgf(
""& @bjXiXe& g[\f [Tf UXXa dhXfg\baXW Ul H[T` Xg T_( #,*+.$& j[b Tcc_l W\YYXeXag
""' `Xg[bWb_bZ\VT_ cebVXWheXf gb g[X fT`X WTgT TaW |aW _\gg_X Xi\WXaVX bY Ta @E=(
""( Aa g[\f Teg\V_X A Vbage\UhgX gb g[X X`c\e\VT_ geTWX _\gXeTgheX Ul gXfg\aZ g[X
"") ceXW\Vg\ba bY [\Z[Xe XkgXaf\iX `TeZ\af bY Xkcbeg \a eX_Tg\iX_l f`T__ Vbhage\Xf(1 Lb
""* `l ^abj_XWZX ba_l baX bg[Xe fghWl [Tf WbaX g[\f( AK?=H #,**2$ Vb`cTeXf |e`
"#! _XiX_ WTgT ba XkcbegXef TaW aba'XkcbegXef UXgjXXa +. Vbhage\Xf TaW |aWf T aXZTg\iX
"#" eX_Tg\baf[\c #c( 0*.$( @bjXiXe& g[X AK?=H fghWl VbiXef ba_l T f`T__ ah`UXe bY
"## Vbhage\Xf& TaW g[X WTgT TeX abg WXf\ZaXW Ybe Vb`cTe\fbaf T`baZ Vbhage\Xf( Aa g[\f
"#$ Teg\V_X& A hfX Vb`cTeTU_X WTgT ba |e` _XiX_ Xkcbegf bY `TahYTVgheXW ZbbWf Ybe +,+
"#% Vbhage\Xf( L[X eXfh_gf TeX \a _\aX j\g[ g[bfX Yeb` AK?=H #,**2$ TaW f[bj g[Tg g[X
"#& XkgXaf\iX `TeZ\a \f f\Za\|VTag_l _TeZXe \a f`T__ Vbhage\Xf4 Ybe g[X TiXeTZX Vbhagel& T
"#' WbhU_\aZ bY g[X f\mX bY g[X [b`X'`Te^Xg eX_Tg\iX gb g[X f\mX bY g[X Xkcbeg'`Te^Xg \f
"#( TffbV\TgXW j\g[ T +/(+ ! WXVeXTfX \a g[X XkgXaf\iX `TeZ\a(
"#) L[X Teg\V_X \f beZTa\fXW Tf Yb__bjf4 KXVg( , ceXfXagf g[X g[XbeXg\VT_ `bWX_ TaW
"#* Vb`cTeXf \g gb g[X fgTaWTeW `bWX_f& KXVg( - ceXfXagf g[X X`c\e\VT_ Xi\WXaVX& TaW
"$! KXVg( . bYYXef VbaV_hW\aZ eX`Te^f(
1>D*+ 1 <hX gb WTgT TiT\_TU\_\gl& A T` abg TU_X gb W\eXVg_l gXfg g[X VbXk\fgXaVX bY Ta @E= \a g[X ah`UXe bY |e`f 1>D*, TaW T eXiXefX @E= \a g[X ah`UXe bY XkcbegXef(
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
"'( cebWhVg\ba Vbfgf& ;& \a TWW\g\ba gb `TeZ\aT_ Vbfgf& )& TaW g[Xl XaZTZX \a
"') `babcb_\fg\V Vb`cXg\g\ba( Lb Xkcbeg& g[Xl `hfg cTl T iTe\TU_X \VXUXeZ Vbfgf (&
"'* j[XeX (!+ #( "+ jbh_W \`c_l ab iTe\TU_X Vbfgf$( @C +32/ TaW 9> ,*+* W\YYXe
"(! fb`Xj[Tg \a g[X jTl Vbfgf TeX `bWX__XW4 Aa 9> ,*+*& |e`f cTl T |kXW Vbfg gb
"(" Xkcbeg& <& j[XeXTf \a @C +32/& g[Xl Wba{g( @XeX A Yb__bj 9> ,*+*( EbeXbiXe& \a
"(# @C +32/& g[X `TeZ\aT_ cebWhVg\ba Vbfgf& )& TeX XdhT_ Ybe T__ |e`f& j[XeXTf \a 9>
"($ ,*+* g[Xl W\YYXe Tf \a EX_\gm #,**-$( Ga g[\f cb\ag& A Yb__bj @C +32/( @XaVX& \a `l
"(% `bWX_& T__ Vbfgf& \a cebWhVg\ba Tf jX__ Tf geTWX& TeX XdhT_ Ybe T__ |e`f \aWXcXaWXag_l
"(& bY Vbhagel bY be\Z\a& fb T__ |e`f TeX \a\g\T__l XdhT_( =iXa fb& WhX gb g[X \aV_hf\ba bY
"(' <& |e`f j\__ fXcTeTgX \agb XkcbegXef TaW aba'XkcbegXef \a Xdh\_\Ue\h`& Tf \a 9>
"(( ,*+*5 T__ |e`f j\__ fX__ Wb`Xfg\VT__l #f\aVX g[XeX TeX ab Wb`Xfg\V `Te^Xg TVVXff
"() Vbfgf$& Uhg ba_l fb`X j\__ Xkcbeg(+*L[X ah`UXe bY XkcbegXef #ZUV& U ! V$ eX_Tg\iX gb
"(* g[X ah`UXe bY |e`f #ZUU$ \f g[X XkgXaf\iX `TeZ\a bY XkcbegyT VXageT_ cTeT`XgXe \a
")! g[X TaT_lf\f g[Tg Yb__bjf( FbgX g[Tg& Tf bccbfXW gb \a 9> ,*+*& \g \f [XeX abg cbff\U_X
")" gb gX__ T ce\be\ j[\V[ |e`f j\__ UXVb`X XkcbegXef TaW j[\V[ j\__ abgyg[\f \f
")# eTaWb`(++ L[X Xkcbeg'`Te^Xg \f f\`c_l abg _TeZX XabhZ[ gb \aV_hWX T__ |e`f( 8__
")$ |e`f YTVX WX`TaW Yeb` g[X\e Wb`Xfg\V `Te^Xg& Uhg XkcbegXef YTVX WX`TaW Yeb`
")% TUebTW Tf jX__( L[\f gXaWf gb \aVeXTfX g[X ah`UXe bY XkcbegXef( Ga g[X bg[Xe [TaW&
")& XkcbegXef YTVX geTWX Vbfgf& TaW g[\f gXaWf gb eXWhVX g[X ah`UXe bY XkcbegXef(+,
")' A`TZ\aX Ybe T `b`Xag g[Tg jX TeX \a g[X @C +32/)9> ,*+* YeT`Xjbe^& TaW g[Tg
")( \a\g\T__l jX TeX \a T f\ghTg\ba j[XeX g[X ah`UXe bY |e`f \f cebcbeg\baT_ gb ^QXM`UbQ
")) T[YQ'YM^WQ` _UfQ#ZTT)ZRR " K$( >\e`f \aT[YQ YTVX _bjXe Wb`Xfg\V WX`TaW g[Ta
")* g[bfX \aR[^QUSZf\aVX g[XeX TeX YXjXe Vbafh`Xef \aT[YQ( 8g g[X fT`X g\`X Wb`Xfg\V
"*! WX`TaW l\X_Wf [\Z[Xe ceb|gTU\_\gl g[Ta YbeX\Za WX`TaW& WhX gb Xkcbeg Vbfgf(
"*" ;bafXdhXag_l& XfgTU_\f[\aZ T |e` \a T[YQ \f _Xff ceb|gTU_Xyg[XeX TeX cXVha\Tel
"*# XkgXeaT_ AJK j[\V[ UXaX|g |e`f \a g[X _TeZX Vbhagel( L[XeXYbeX& j\g[ ZTT)ZRR " K&
+*>D*+ +* K\aVX g[XeX \f ab < \a @C+32/& g[Tg `bWX_ WbXf abg W\fg\aZh\f[ UXgjXXa XkcbegXef TaW aba' +*>D*, XkcbegXefyX\g[Xe T__ |e`f be ab |e`f Xkcbeg( 8f T VbafXdhXaVX& g[X XkgXaf\iX `TeZ\a bY Xkcbeg \a g[Tg +*>D*- `bWX_ \f X\g[Xe * be +( FbgX g[Tg& Tf cb\agXW bhg Ul EXW\a #,**-$& \agebWhV\aZ |kXW Xkcbeg Vbfgf \agb g[X +*>D*. @C +32/ YeT`Xjbe^ \f T_baX abg fhY|V\Xag gb eXaWXe cbff\U_X Ta Xdh\_\Ue\h` j[XeX XkcbegXef TaW aba' +*>D*/ XkcbegXef VbXk\fgy`beX fgehVgheX [Tf gb UX TWWXW gb g[X `bWX_( Aa 9> ,*+* Tf jX__ Tf \a EXW\a #,**-$
+*>D*0 `beX fgehVgheX \f TWWXW gb g[X fhcc_l f\WX( Aa NXaTU_Xf #+33.$ `beX fgehVgheX \f TWWXW gb g[X WX`TaW f\WX&
+*>D*1 TaW \a g[X ceXfXag `bWX_& `beX fgehVgheX \f TWWXW gb Ubg[ g[X fhcc_l TaW g[X WX`TaW f\WX( Aa Ta TccXaW\k +*>D*2 \a EXW\a #,**-$ TaW NXaTU_Xf #+33.$ `bWX_ j\g[ Tfl``Xge\V Vbhage\Xf \f bhg_\aXW& Uhg g[X Yh__ `bWX_ \f +*>D*3 abg je\ggXa bhg( L[XeX \f ab @E= \a Wb`Xfg\V fT_Xf \a g[Tg `bWX_'bhg_\aX& Tf \g ba_l T__bjf Ybe Ta XdhT_
+*>D+* ah`UXe `TahYTVghe\aZ \aWhfge\Xf \a g[X gjb Vbhage\Xf #fXX KXVg(,Ybe W\fVhff\ba$( Aa T__ g[XfX `bWX_f&
+*>D++ XkVXcg Ybe 9> #,*+*$ |e`f TeX \a\g\T__l XdhT_(
++>D*+ ++ ;baVXcghT__l g[\f \f abg W\YYXeXag Yeb` g[X YTVg g[Tg \a T__ geTWX `bWX_f UTfXW ba g[X <\k\g TaW Kg\Z_\gm ++>D*, #+311$ Vb`U\aTg\ba bY ;=K hg\_\gl TaW `babcb_\fg\V Vb`cXg\g\ba& g[XeX \f T cbgXag\T_ ah`UXe bY!|e`f ++>D*- #ZbbWf$ \a g[X XVbab`l& Uhg g[X `Te^Xg \f abg U\Z XabhZ[ Ybe T__ bY g[X`5 g[hf& \a Xdh\_\Ue\h`& ba_l T ++>D*. fhUfXg j\__ TVghT__l cebWhVX #UX cebWhVXW$(
+,>D*+ +, =iXa g[bhZ[ A WXcTeg Yeb` gbWTlf{ Vb``ba ceTVg\VX \a `bWX__\aZ EX_\gm #,**-$ glcX |e`'_XiX_
+,>D*, W\YYXeXaVXf \a)& \g \f abg `l \agXag\ba gb V_T\` g[Tg |e`f Wb abg W\YYXe \a g[X\e `TeZ\aT_ cebWhVg\ba Vbfgf(
+,>D*- @bjXiXe& EX_\gm'glcX `bWX_f ZXaXeT__l YbVhf ba |e` W\YYXeXaVXf \a Xkc_T\a\aZ j[l fb`X |e`f UXVb`X +,>D*. XkcbegXef j[\_X bg[Xef Wb abg( L[X `T\a WXgXe`\aTag bY j[Xg[Xe be abg T |e` Xkcbegf \f \gf cebWhVg\i\gl(
+,>D*/ 9hg \g \f abg fhece\f\aZ g[Tg W\YYXeXag |e`f UX[TiX W\YYXeXag_l( @XeX& A j\f[ gb [\Z[_\Z[g Xkcbeg'`Te^Xg +,>D*0 VbaW\g\baf& eTg[Xe g[Ta |e`'_XiX_ W\YYXeXaVXf& Tf WXgXe`\aTagf bY |e`f{ Xkcbeg fgTghf& TaW A UX_\XiX g[Tg +,>D*1 \agebWhV\aZ |e`'_XiX_ W\YYXeXaVXf \a)jbh_W haaXVXffTe\_l Vb`c_\VTgX g[X `bWX_ j\g[bhg Z\i\aZ `beX +,>D*2 \af\Z[g \agb g[X VXageT_ \ffhXf bY g[X Teg\V_X(
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
+3- fb`X |e`f \aT[YQj\__ f[hg Wbja& j[XeXTf fb`X aXj |e`f j\__ XfgTU_\f[ \aR[^QUSZ&
+3. eXfh_g\aZ \aT[YQZXgg\aZ T f[TeX bY g[X jbe_W{f gbgT_ ah`UXe bY |e`f g[Tg \f _bjXe g[Ta +3/ \gf f[TeX bY \aVb`X \a Xdh\_\Ue\h`( L[\f \f g[X fgTaWTeW @E=( Ag T_fb Tcc_\Xf gb g[X +30 ah`UXe bY XkcbegXef4 g[X _TeZXe WX`TaW \a R[^QUSZ \f fb_X_l `Xg Ul `beX |e`f +31 XfgTU_\f[\aZ g[XeX& abg Ul `beX |e`f XagXe\aZ \agb Xkcbeg \aT[YQ& UXVThfX Vbafh`Xef +32 Wba{g VTeX TUbhg g[X Vbhagel bY be\Z\a bY ZbbWfyXkcbegXef \aT[YQWb abg UXaX|g Yeb`
+33 TVVXff gb T _TeZX Xkcbeg `Te^Xg& TaW g[X XkgXaf\iX `TeZ\a bY Xkcbeg \a g[X ,** `TahYTVghe\aZ fXVgbe \f \aWXcXaWXag bY g[X f\mX bY g[X [b`X' TaW Xkcbeg'`Te^Xg(+- ,*+ 8 VXageT_ We\iXe UX[\aW g[X @E= \a @C +32/)9> ,*+* \f g[X Tffh`cg\ba bY YeXX Xagel ,*, #TaW Xk\g$ bY |e`f(+.L[\f \f V_XTe_l fXXa \a g[X EXW\a #,**-$ `bW\|VTg\ba bY @C +32/&
,*- j[XeX g[XeX \f T fcXV\|V YTVgbe bY cebWhVg\ba hfXW fb_X_l \a T |kXW T`bhag \a ,*. `TahYTVghe\aZ cebWhVg\ba( L[\f `T^Xf |e` Xagel WX YTVgb eXfge\VgXW& TaW ZTT)ZRR
,*/ " K( L[X _TeZXe Wb`Xfg\V WX`TaW g[Tg l\X_WXW [\Z[Xe ceb|gTU\_\gl \a g[X `TahYTVghe\aZ
,*0 fXVgbe \a R[^QUSZ \a @C+32/)9>,*+* VTa abj abg eXfh_g \a `beX |e`f XfgTU_\f[\aZ ,*1 g[XeXyg[XeX \f ab @E=( AafgXTW \g eXfh_gf \a `beX R[^QUSZ WX`TaW UX\aZ W\eXVgXW ,*2 gbjTeWf T[YQ`TahYTVgheXW ZbbWf& `T^\aZ Xkcbeg\aZ `beX ceb|gTU_X \aT[YQ( L[hf ,*3 `beX |e`f fgTeg Xkcbeg\aZ g[XeX& TaWT[YQ{f f[TeX bY XkcbegXef UXVb`Xf _TeZXe g[Ta \gf ,+* \aVb`X f[TeXyg[XeX \f T eXiXefX @E= \a Xkcbegf( 8abg[Xe \`cbegTag Tffh`cg\ba ,++ We\i\aZ g[X @E= \a @C +32/)9> ,*+* \f g[Tg g[X Vbhagel bY be\Z\a bY T ZbbW c_Tlf ab eb_X ,+, \a Vbafh`Xe{f ceXYXeXaVXf( EbW\Yl\aZ g[\f Tffh`cg\ba VTa l\X_W T eXiXefX @E= \aN[`T ,+- g[X ah`UXe bY |e`f MZP g[X ah`UXe bY XkcbegXef( >beX\Za WX`TaW gbjTeWf ZbbWf ,+. cebWhVXW \aT[YQj\__ UX [\Z[ XiXa \Y |e`f VTa YeXX_l XfgTU_\f[ \aR[^QUSZ( L[\f cb\ag VTa ,+/ UX fXXa X(Z( \a g[X @XTW Xg T_( #,**,$ ;bheabg Vb`cXg\g\ba `bWX_ j\g[ _\aXTe WX`TaW ,+0 j[XeX cebWhVgf TeX W\YYXeXag\TgXW Ul Vbhage\Xf eTg[Xe g[Ta |e`f(
,+1 Aa g[X `bWX_ ceXfXagXW [XeX& A \aVbecbeTgX g[X \WXT bY eXfge\VgXW Xagel( 8f ,+2 `Xag\baXW& A WXi\TgX Yeb` g[X baX'\aWhfgel YeT`Xjbe^ bY @C +32/)9> ,*+* TaW ,+3 Tffh`X g[Tg \a XTV[ Vbhagel g[XeX \f Ta XkbZXabhf ah`UXe bY Y ha\dhX ,,* `TahYTVghe\aZ \aWhfge\Xf g[Tg VTaabg `biX Yeb` baX Vbhagel gb Tabg[Xe( >heg[Xe' ,,+ `beX& A \aVbecbeTgX g[X \WXT bY Vbhagel'_XiX_ cebWhVg W\YYXeXag\Tg\ba Ul \agebWhV\aZ T ,,, g[\eW& `\W'_TlXe \a g[X hg\_\gl YhaVg\ba& f\`\_Te gb NXaTU_Xf #+33.$( L[XeX TeX `Tal ,,- 7f& TaW Vbafh`Xef iT_hX iTe\Tg\ba \a7\a T f\`\_Te `TaaXe Tf iTe\Tg\ba \a*4 g[XeX ,,. \f ;=K UXgjXXa T__ 7f& XdhT_ gb %& TaW Vbafh`Xef jTag gb Vbafh`X fb`X bY XTV[
,,/ 7(+/ Ag \f eXTfbaTU_X gb XkcXVg ZbbWf j\g[\a g[X fT`X \aWhfgel gb UX `beX ,,0 fhUfg\ghgTU_X g[Ta ZbbWf UXgjXXa \aWhfge\Xf& fb A Tffh`X g[Tg $!%!+(
OX [TiX g[Tg4IU & 0
YU
WU&+
7U(WU'%"+% )0
YV
WV&+
7U(WV'%"+% ,
.
- /
%
%"+
U%&V
+->D*+ +- GaX `\Z[g UX _XW gb UX_\XiX g[Tg g[X @E= \a Xkcbegf \a @C +32/ \f WhX gb Ta haWXf\eXW f\WX'XYYXVg bY +->D*, g[X `bWX_{f \aTU\_\gl gb W\fg\aZh\f[ UXgjXXa Xkcbeg\aZ TaW aba'Xkcbeg\aZ |e`f #fXX YbbgabgX +*$( L[\f \f +->D*- abg g[X VTfX& f\aVX T_fb \a 9> ,*+* g[X XkgXaf\iX `TeZ\a bY `TahYTVghe\aZ Xkcbeg \f \aWXcXaWXag bY g[X +->D*. f\mX bY g[X [b`X' TaW Xkcbeg'`Te^Xg #WXfc\gX g[Tg \g VTa UX _bjXe g[Ta +$( ;bafXdhXag_l& g[X @E= \a g[X +->D*/ ah`UXe |e`f geTaf_TgXf \agb Ta @E= \a g[X ah`UXe bY XkcbegXef& T_fb \a g[Tg `bWX_(
+.>D*+ +. 8_fb fXX W\fVhff\ba \a 9T_Wj\a Xg T_( #,**-& V[( +*(,$(
+/>D*+ +/ K\`\_Te aXfgXW ;=K YhaVg\baf TeX YeXdhXag_l hfXW \a `bWX_f bY `h_g\cebWhVg |e`f gb W\fg\aZh\f[ ZbbWf +/>D*, cebWhVXW Ul g[X fT`X |e` Yeb` ZbbWf cebWhVXW Ul W\YYXeXag |e`f( KXX X(Z( 9XeaTeW Xg T_( #,*++$(
L[X eXiXefX [b`X'`Te^Xg XYYXVg \a Xkcbegf4 T Vebff'Vbhagel"
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
#
###))
##* K\aVX |e`f TaW \aWhfge\Xf TeX fl``Xge\V& g[X ah`UXe bY |e`f fX__\aZ
#$! Wb`Xfg\VT__l #ZUU$ TaW g[X ah`UXe bY XkcbegXef #ZUV& U !V$ UXVb`X XdhT_ \a T__
#$" \aWhfge\Xf _bVTgXW \a g[X fT`X Vbhagel( L[Xl `Tl& [bjXiXe& W\YYXe UXgjXXa
#$# Vbhage\Xf& g[hf& g[XeX TeX \a gbgT_ Ybhe ah`UXef bY |e`f gb UX WXgXe`\aXW \a
#$$ Xdh\_\Ue\h`(
#$% K\aVX Vbafh`Xef jTag gb Vbafh`X fb`X bY XTV[ Vbhagel'UbhaWXW Vb`cbf\gX
#$& \aWhfgel ZbbW& g[\f Ybe`h_Tg\ba bY hg\_\gl \`c_\Xf g[Tg g[Xl iT_hX iTe\Tg\ba bY ZbbWf
#$' Yeb` W\YYXeXag Vbhage\Xf( 8 f\`\_Te zz8e`\aZgba{{ Tffh`cg\ba \f `TWX \a `Tal bg[Xe
#$( geTWX `bWX_fybaX XkT`c_X \f g[X fX`\aT_ 8aWXefba TaW iTa O\aVbbc #,**-$
#$) `bWX_( Ag VTa UX g[bhZ[g bY Tf eX}XVg\aZ Vbhagel'bY'be\Z\a XYYXVgf& j[XeX Vbafh`Xef
#$* VTeX TUbhg j[XeX T cebWhVg \f `TahYTVgheXW be WXf\ZaXW #fXX X(Z( NXe_XZ[ TaW
#%! KgXXa^T`c +3335 HXgXefba TaW Bb_\UXeg +33/$( L[\f VTa Ybe XkT`c_X UX WhX gb
#%" \aWhfge\Xf \a VXegT\a Vbhage\Xf [Ti\aZ WXiX_bcXW T ZbbW eXchgTg\ba)fgebaZ UeTaW #_\^X
#%# Kj\ff jTgV[Xf& ?Xe`Ta VTef& be FbejXZ\Ta fXTYbbW$( L[X Tffh`cg\ba VTa T_fb
#%$ eX}XVg ha\dhX a\V[X \aWhfge\Xf cebgXVgXW Ul ZXbZeTc[\VT_ \aW\VTgbef #_\^X ;bZaTV \a
#%% >eTaVX& be =WT` @b__TaW \a g[X FXg[Xe_TaWf$( 8f _TeZX Vbhage\Xf TeX _\^X_l gb [TiX
#%& TVVXff gb T j\WXe eTaZX bY \achgf #X(Z( aTgheT_ eXfbheVXf$& \aabiTg\iX \WXTf& be
#%' ceXYXeXaVXf g[Ta f`T__ baXf& \g fXX`f eXTfbaTU_X gb Tffh`X g[Tg g[X ah`UXe bY
#%( \aWhfge\Xf \f _TeZXe \aR[^QUSZg[Ta \aT[YQ( L[\f \f fhccbegXW Ul X`c\e\VT_ Xi\WXaVX4
#%) \aiXfg\ZTg\aZ fXiXeT_ `XTfheXf bY Xkcbeg W\iXef\|VTg\ba \a `TahYTVghe\aZ \aWhfge\Xf
#%* Ybe 0* Vbhage\Xf biXe ,* lXTef& HTegX^T TaW LT`UXe\ #,*+-$ |aW T cbf\g\iX
#&! eX_Tg\baf[\c UXgjXXa [b`X'`Te^Xg f\mX TaW Xkcbeg W\iXef\|VTg\ba \aW\VXf( L[X
#&" eX_Tg\iX ah`UXe bY `TahYTVghe\aZ \aWhfge\Xf \f Z\iXa Ul A "YT)YR& TaW A Tffh`X
#&# g[TgA\f \a g[X eTaZX bY SK& +$( L[X `T\a \agXeXfg _\Xf \a g[X VTfX j[XeXK " A& Uhg A
#&$ T_fb _bb^ \agb g[X VTfX bY T `beX XdhT_ ah`UXe bY \aWhfge\Xf \a g[X gjb Vbhage\Xf Ybe
#&% Vb`cTe\fba j\g[ bg[Xe `bWX_f #fXX W\fVhff\ba UX_bj =d( +1\a KXVg( ,(,(+$
#&& 9XYbeX ghea\aZ gb g[X Ybe`T_ fb_hg\ba bY g[X `bWX_& A j\__ Z\iX Ta \agh\g\iX
#&' Xkc_TaTg\ba Ybe g[X `XV[Ta\f`f UX[\aW g[X @E= TaW g[X eXiXefX @E=(
#&( <\feXZTeW\aZ Ybe T `b`Xag g[X \aaXe`bfg _XiX_ bY g[X hg\_\gl YhaVg\ba& jX fXX
#&) Yeb` g[X XkceXff\ba bY IUg[Tg& Yeb` g[X WX`TaW f\WX& \aWhfge\Xf \a g[X `bWX_ jbe^
#&* \a T f\`\_Te `TaaXe Tf |e`f \a @C +32/)9>,*+*( L[XeX TeX \a YTVg Vb`cTeTU_X
#'! @E= YbeVXf Tg g[X \aWhfgel _XiX_5 g[X _TeZXe Wb`Xfg\V WX`TaW \a R[^QUSZ l\X_Wf
#'" [\Z[Xe ceb|gTU\_\gl \a Ta \aWhfgel _bVTgXW g[XeX( @bjXiXe& WhX gb eXfge\VgXW Xagel bY
#'# \aWhfge\Xf& R[^QUSZ VTaabg ZXg T f[TeX bY g[X jbe_W{f ah`UXe bY \aWhfge\Xf g[Tg \f
#'$ [\Z[Xe g[Ta \gf f[TeX bY \aVb`X( AafgXTW& WhX gb YeXX Xagel bY |e`f& `beX |e`f
#'% XfgTU_\f[ j\g[\a XTV[ \aWhfgel& TaW Ta @E= \a g[X ah`UXe bY |e`f Te\fXf(+0Aa g[X
#'& ah`UXe bY XkcbegXef& ba g[X bg[Xe [TaW& T eXiXefX @E= Te\fX( K\aVX \aWhfgel Xagel \f
#'' abg cbff\U_X TaW g[X 7{f TeX W\YYXeXag\TgXW Ul Vbhagel bY be\Z\a& cTeg bY g[X _TeZXe
#'( WX`TaW \aR[^QUSZZXgf W\eXVgXW gbjTeWf \aWhfge\Xf _bVTgXW \a T[YQ& fb |e`f j\g[\a
#') fhV[ \aWhfge\Xf YTVX _TeZXe WX`TaW Yeb` TUebTW g[Ta \aWhfge\Xf _bVTgXW \a R[^QUSZ(
#'* =kcbeg\aZ `TahYTVgheXW ZbbWf UXVb`X `beX ceb|gTU_X \a T[YQ& TaW g[\f _XTWf gb
#(! T[YQ ZXgg\aZ T _TeZXe ah`UXe bY XkcbegXef j\g[\a XTV[ \aWhfgel TaW T f[TeX bY g[X
#(" jbe_W{f ah`UXe bY XkcbegXef g[Tg \f _TeZXe g[Ta \gf f[TeX bY \aVb`X(
+0>D*+ +0 L[XeX TeX abg XabhZ[ WXZeXXf bY YeXXWb` \a g[X `bWX_ gb XaWbZXa\fX Ubg[ g[X ah`UXe bY |e`f TaW g[X +0>D*, ah`UXe bY \aWhfge\Xf(
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
--/ |kXW Vbfgf bY Xkcbeg\aZ XdhT_ gb |kXW cebWhVg\ba Vbfgf #< ";$(`#H#j\__ TccebTV[
--0 mXeb \Y X\g[Xe ( be < TccebTV[Xf \a|a\gl5 g[hf `#H# !*(,*
--1 Ag \f XTf\_l fXXa g[Tg g[X ah`UXe bY |e`f \aVeXTfXf j\g[ g[X f\mX bY g[X [b`X' --2 `Te^Xg( 8_fb abgX g[Tg \g WXVeXTfXf j\g[ bcXaaXff( L[\f \f UXVThfX WX`TaW \f g[Xa --3 f[\YgXW gbjTeWf YbeX\Za Vb`cbf\gX \aWhfgel ZbbWf4 \aVeXTfXW `#H# _XTWf gb Ta -.* \aVeXTfX \a g[X XkcXaW\gheX f[TeX Ybe \`cbegf #fXX =d( .$& g[ebhZ[ eXWhVXW DVU&
-.+ U ! V #fXX =d( ,$& j[\V[ WXV_\aXf W\eXVg_l g[ebhZ[ _bjXe ( #[\Z[Xe `$& TaW T_fb -., \aW\eXVg_l g[ebhZ[ \aVeXTfXW ah`UXe bY TVVXff\U_X ZbbWf Yeb` Tal YbeX\Za \aWhfgel&
-.- ZVU& U !V #fXX =d( +. UX_bj$(
-.. L[X `bWX_ cebWhVXf Ta @E= \a g[X ah`UXe bY |e`f g[Tg VTa UX fh``Te\fXW Tf -./ Yb__bjf4
-.0 9QNONRISINM $#@b`X'`Te^Xg XYYXVg \a g[X ah`UXe bY |e`f$ 5 _YMXX O[aZ`^e cUXX -.1 TMbQ M _TM^Q [R `TQ c[^XPg_ ZaYNQ^ [R YMZaRMO`a^UZS !^Y_ `TM` U_ X[cQ^ `TMZ U`_
-.2 _TM^Q [R UZO[YQ(
-.3 D^[[R L[X eX_Tg\iX ah`UXe bY |e`f _bVTgXW \a g[XT[YQiXefhfR[^QUSZ\f Z\iXa Ul4 AB&K +)A`#H#
+)A"+`#H# (+-'
-
-//++ !AB
!A &K`#H#A",),A"+`#H#)+
+)A"+`#H#
( ',
!* -
-//-- !AB
!`#H# &K A"A"+
+)A"+`#H#
( ',
"* -
-//// j[XeX B " ZTT)ZRR( K\aVX K # A"+ TaW *"`#H#"+& jX ZXg g[Tg AB"K(,+
-/0 L[hf& g[X ah`UXe bY |e`f \a g[X T[YQ eX_Tg\iX gb g[Tg \a R[^QUSZ \f _bjXe g[Ta \gf
-/1 eX_Tg\iX \aVb`X( !
-/2 L[X ah`UXe bY |e`f g[Tg Xkcbeg \a Vbhagel U \f Z\iXa Ul4 YUZUV &eV
&
$;
YU
YV`#H#)+
+)YYU
V`#H# U%&V (+.'
- -00**
-0+ >eb` #+.$ \g{f XTf\_l fXXa g[TgYUZUV\aVeXTfXf j\g[ g[X f\mX bY g[X Xkcbeg'`Te^Xg(
-0, Aa TWW\g\ba \g \aVeXTfXf j\g[ bcXaaXff& Tf _bjXe geTWX Vbfgf `T^Xf Xkcbeg\aZ `beX -0- ceb|gTU_X TaW g[XeXYbeX \aWhVX Xagel \agb g[X Xkcbeg'`Te^Xg(
-0. L[X `bWX_ cebWhVXf T eXiXefX @E= \a g[X ah`UXe bY XkcbegXef g[Tg VTa UX -0/ fh``Te\fXW Tf Yb__bjf4
,*>D*+ ,* KXX X(Z( EX_\gm #,**-$& 9> ,*+*& be >X_UXe`Tle TaW BhaZ #,*+,$ Ybe T f\`\_Te `XTfheX TaW VbaW\g\ba(
,*>D*, FbgX g[TgH#`#"+ \f T aXVXffTel Uhg abg fhY|V\Xag VbaW\g\ba Ybe g[X Xk\fgXaVX bY fb`X aba'XkcbegXef \a ,*>D*- Ubg[ Vbhage\Xf( Ag fXX`f eXTfbaTU_X Tf X`c\e\VT_ Xi\WXaVX ZXaXeT__l f[bjf g[Tg ba_l T cebcbeg\ba bY |e`f ,*>D*. Xkcbeg #fXX X(Z( 9XeaTeW Xg T_(,*+,$(
,+>D*+ ,+ >eb` g[X f\Za bY g[X WXe\iTg\iXf jX fXX g[TgAB\f _TeZXfg YbeAV_bfX gb + TaW`#H#V_bfX gb *( KXgg\aZ ,+;@*, A"+ TaW)be`#H#"* \a #+-$ l\X_WAB"K( 8_fb abgX g[Tg g[X _bjXe UbhaW bYAB\f WX|aXW Ul fXgg\aZ ,+;@*- A"KTaW`#H#"+& j[\V[ l\X_WfAB"K,(
L[X eXiXefX [b`X'`Te^Xg XYYXVg \a Xkcbegf4 T Vebff'Vbhagel"
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
$'' 9QNONRISINM % #JXiXefX [b`X'`Te^Xg XYYXVg \a g[X ah`UXe bY XkcbegXef$ 5 _YMXX
$'( O[aZ`^e cUXX TMbQ M _TM^Q [R `TQ c[^XPg_ ZaYNQ^ [R YMZaRMO`a^UZS Qd\[^`Q^_ `TM` U_
$') TUSTQ^ `TMZ U`_ _TM^Q [R UZO[YQ(
$'* D^[[R >eb` #+.$ jX |aW g[X eX_Tg\iX ah`UXe bY XkcbegXef \aT[YQiXefhfR[^QUSZ4 AB# &K"+A,+)A"+`#H#
+)A`#H# &AB"+ (+/'
$
$(("" !AB#
!A &K"+`#H#A(,"A"`#H#' )`#H# +)A`#H#
( ',
!*
$
$(($$ !AB#
!`#H# &K"+A +"A, +)A`#H#
( ',
!*
$
$((&& j[XeXB%" ZTR)ZRT( L[X fXVbaW XdhT_\gl Yb__bjf Yeb` g[X |efg XdhT_\gl TaW \afXeg\aZ
$(' Yeb` #+-$ eXbeZTa\fXW( K\aVX K # A"+ TaW *"`#H#"+& jX ZXg g[Tg
$(( K"AB(,, !
$() L[hf& \a T[YQ g[X eX_Tg\iX ah`UXe bY XkcbegXef \f [\Z[Xe g[Ta eX_Tg\iX [b`X'
$(* `Te^Xg f\mX& XiXa g[bhZ[ g[X eX_Tg\iX ah`UXe bY |e`f \f _bjXe g[Ta eX_Tg\iX [b`X'
$)! `Te^Xg f\mX #WhX gb g[X @E=$( Aa bg[Xe jbeWf& g[X `XV[Ta\f` Xafhe\aZ g[Tg g[X
$)" ah`UXe bY XkcbegXef \aVeXTfXf j\g[ g[X f\mX bY g[X YbeX\Za `Te^Xg \f fgebaZ XabhZ[ gb
$)# `beX g[Ta VTaVX_ bhg g[X @E=(
$)$ FbgX g[Tg g[X @E= TaW g[X eXiXefX @E= Tcc_l gb& eXfcXVg\iX_l& Wb`Xfg\V fT_Xf
$)% TaW Xkcbegf& Tf jX__ Tf gb g[X ah`UXe bY |e`f TaW XkcbegXef( L[\f VTa XTf\_l UX fXXa
$)& Yeb` =d( #2$ TaW #3$& j[\V[ f[bj g[Tg T__ |e`f fX__ g[X fT`X T`bhag Wb`Xfg\VT__l&
$)' TaW g[Tg T__ XkcbegXef Xkcbeg g[X fT`X T`bhag& \aWXcXaWXag_l bY Vbhagel bY be\Z\a(
$)( MaYbeghaTgX_l& A T` abg TU_X gb gXfg cebcbf\g\baf + TaW , \a g[X X`c\e\VT_ cTeg bY
$)) g[\f Teg\V_X& Tf fhY|V\Xag_l WXgT\_XW WTgT TeX abg TiT\_TU_X( @bjXiXe& g[X `bWX_ [Tf
$)* gjb bg[Xe \`c_\VTg\baf g[Tg j\__ UX gXfgXW( L[X `T\a YbVhf \a g[X X`c\e\VT_ cTeg \f Ta
$*! \`c_\VTg\ba Yb__bj\aZ W\eXVg_l Yeb` g[X VbXk\fgXaVX bY g[X @E= \a g[X ah`UXe bY
$*" |e`f TaW g[X eXiXefX @E= \a g[X ah`UXe bY XkcbegXef4
$*# 9QNONRISINM & #=kgXaf\iX `TeZ\a TaW Vbhagel f\mX$ HTQ Qd`QZ_UbQ YM^SUZ [R
$*$ Qd\[^`_& PQ!ZQP M_ `TQ \^[\[^`U[Z [R YMZaRMO`a^UZS !^Y_ `TM` Qd\[^`& cUXX NQ TUSTQ^
$*% UZ `TQ _YMXX O[aZ`^e(
$*& D^[[R 9l Vb`U\a\aZ =df( #+,$ TaW #+.$ jX |aW g[X XkgXaf\iX `TeZ\a bY Xkcbegf \a
$*' Vbhagel U4 ZUV ZUU
& ZUU ZVV
# $"+
`#H#)+ & eU eV
# $"+
YU YV
+) YYU
V
! ""+
`#H# +)YYU
V`#H# `#H#)+ U%&V (+0'
,,>D*+ ,, >eb` g[X f\Za bY g[X WXe\iTg\iXf jX fXX g[TgAB%\f f`T__Xfg YbeA"KTaW`#H#V_bfX gb *( KXgg\aZ ,,;@*, K"A TaW`#H#"* \a =d( #+/$ l\X_W AB%"K( 8_fb abgX g[Tg g[X hccXe UbhaW bY AB% WX|aXW Ul ,,>D*- fXgg\aZA"+ \a =d(+/& j[\V[ l\X_WfAB%"K!+(
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
- -3322
!ZUV% ZUU
!eU% eV
& "
eU
eV
! ""+
`#H#)+
+)YYU
V`#H#
! ",&+"H,#`,#'
"* .
.****
!ZUV% ZUU
!H &
eU
eV
! ""+
YU
YV`#H# +)YYUV`#H#
! ", (#)+' ) (,#)+' YU YV
# $"+
)YU YV
( )
`#H#)(#)+'`,#H,#
( )
!*
. .**,,
!ZUV
%ZUU
!` &
# eeU
V
! ""+
YU
YV`#"+H#)+
+)YYU
V`#H#
! ", +), YU
YV
# $"+
H#`#)H,#`,#
( )
!*
.
.**.. !
.*/ 8f VTa UX fXXa Yeb` g[X WXe\iTg\iX j\g[ eXfcXVg gb eU)eV& ZUV)ZUUWXV_\aXf j\g[ g[X .*0 f\mX bY g[X [b`X'`Te^Xg eX_Tg\iX gb g[Tg bY g[X Xkcbeg'`Te^Xg( L[\f VbageTfgf g[X .*1 UXaV[`Te^ `bWX_f bY @C +32/ TaW 9> ,*+*& j[XeX ZUV)ZUU\f \aWXcXaWXag bYeUTaW .*2 eV(
.*3 8_fb EXW\a #,**-$ ceXW\Vgf _TeZXe XkgXaf\iX `TeZ\af bY Xkcbegf \a f`T__
.+* Vbhage\Xf TaW g[hf cebi\WXf Ta T_gXeaTg\iX Xkc_TaTg\ba Ybe g[X X`c\e\VT_ eXfh_gf .++ ceXfXagXW \a g[X aXkg fXVg\ba(,- @bjXiXe& T cebU_X` \a EXW\a #,**-$& T_fb .+, eXVbZa\mXW Ul g[X Thg[be& \f g[Tg g[X eXiXefX @E= \a Xkcbegf \f haeXT_\fg\VT__l .+- fgebaZ( L[XeX \f ab @E= \a Wb`Xfg\V fT_Xf gb WT`cXa \g( L[X fT`X eXfh_g TccXTef .+. [XeX \Y jX _Xg g[X ah`UXe bY \aWhfge\Xf \a XTV[ Vbhagel UX XdhT_( Lb fXX g[\f& jX _bb^
.+/ Tg g[X XkceXff\ba Ybe g[X XkgXaf\iX `TeZ\a \aT[YQeX_Tg\iX gb g[Tg \a R[^QUSZ#YbhaW .+0 Ul Vb`U\a\aZ =df( +- TaW +/$4
B#
B & A
K
+)A"+`#H#
+)A`#H#
# $,
&B", (+1'
.
.++22 !&B#"B'
!A & ,&A)`#H#'
K(+)A`#H#'-&+"`,#H,#'
!*
.
.,,** !&B#"B'
!`#H# & ,&A)`#H#'
K(+)A`#H#'-&+"A,'
!*
. .,,,,
,->D*+ ,- Kb`X bg[Xe `bWX_f VTa T_fb fXeiX Tf T_gXeaTg\iX Xkc_TaTg\baf& Uhg abg T__ bY g[XfX fXX` XdhT__l |g(
,->D*, ;[TaXl #,**2$ TaW >X_UXe`Tle TaW BhaZ #,*+,$ WXiX_bc EX_\gm'glcX `bWX_ j\g[ Tfl``Xge\V Vbhage\Xf( Aa ,->D*- g[X |efg& g[X ah`UXe bY |e`f \f fXg XkbZXabhf_l cebcbeg\baT_ gb Vbhagel \aVb`X& TaW& T_g[bhZ[ abg g[X ,->D*. YbVhf \a g[X Teg\V_X& g[X `bWX_ cebWhVXf T eXiXefX @E= \a Xkcbegf #Uhg ab @E= \a Wb`Xfg\V fT_Xf$( Aa g[X ,->D*/ fXVbaW& g[X f`T__ Vbhagel{f f[TeX bY g[X jbe_W{f `Tff bY |e`f \f _bjXe g[Ta \gf f[TeX bY \aVb`X& fb g[XeX \f ,->D*0 Ta @E= j\g[ eXfcXVg gb g[X `Tff bY |e`f( 8f \a `bWX_ ceXfXagXW [XeX& g[X XkgXaf\iX `TeZ\a bY Xkcbeg \f ,->D*1 _TeZXe \a g[X f`T__ Vbhagel( FXiXeg[X_Xff& \g \f abg cbff\U_X gb fb_iX Ybe g[X eX_Tg\iX `Tff bY Xkcbeg\aZ ,->D*2 |e`f& fb jX VTaabg ^abj j[Xg[Xe g[XeX \f T eXiXefX @E= \a g[X `Tff bY XkcbegXef(
L[X eXiXefX [b`X'`Te^Xg XYYXVg \a Xkcbegf4 T Vebff'Vbhagel"
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
/22 LTU_X , ceXfXagf g[X eXfh_gf Yeb` g[X eXZeXff\ba TaT_lfXf( 8f VTa UX fXXa& g[X /23 XYYXVg bY g[X `T\a Xkc_TaTgbel iTe\TU_X bY \agXeXfg& ^QXM`UbQ T[YQ'YM^WQ` _UfQ& \f /3* aXZTg\iX TaW f\Za\|VTag \a T__ eXZeXff\baf( @XaVX& cebcbf\g\ba -& j[\V[ \f g[X `T\a /3+ YbVhf bY g[\f Teg\V_X& \f fhccbegXW Ul g[X WTgT( 8_fb AK?=H #,**2& c( 0*.$ |aWf g[Tg /3, g[X XkgXaf\iX `TeZ\a bY Xkcbeg #hf\aZ g[X fT`X WX|a\g\ba Tf [XeX$ WXVeXTfXf j\g[ g[X /3- f\mX bY g[X [b`X'`Te^Xg(
/3. O[Tg TUbhg g[X XVbab`\V f\Za\|VTaVX bY g[X XYYXVgf6 L[X eXfh_gf eXcbegXW Yeb`
/3/ g[X YeTVg\baT_ _bZ\g Xfg\`Tg\ba TeX TiXeTZX cTeg\T_ XYYXVgf #TiXeTZX `TeZ\aT_
/30 XYYXVgf$(-2 L[XfX eX}XVg g[X XYYXVg bY T +** ! \aVeXTfX \a g[X Xkc_TaTgbel iTe\TU_X /31 \a dhXfg\ba #f\aVX \g \f Z\iXa \a _bZ$( L[X eXfh_gf f[bj g[Tg T WbhU_\aZ bY g[X^QXM`UbQ /32 T[YQ'YM^WQ` _UfQ \f TffbV\TgXW j\g[ T WXVeXTfX \a Qd`QZ_UbQ bY TUbhg *(*,/( L[\f /33 f[bh_W UX XiT_hTgXW eX_Tg\iX gb g[X TiXeTZX ceXW\VgXW XkgXaf\iX `TeZ\a& j[\V[ \f 0** *(+02( Aa bg[Xe jbeWf& WbhU_\aZ g[X eX_Tg\iX [b`X'`Te^Xg f\mX \f TffbV\TgXW j\g[ T 0*+ WXVeXTfX \a g[X TiXeTZX ceXW\VgXW XkgXaf\iX `TeZ\a bY Xkcbeg bY +/(+ !( Aa _\Z[g bY 0*, g[XfX YT\e_l `bWXeTgX eXfh_g& g[X fgebaZ eXiXefX @E= XYYXVg ceXW\VgXW Ul g[X `bWX_
0*- \a EXW\a #,**-$ be \a Ta Tfl``Xge\V NXaTU_Xf #+33.$ `bWX_ fXX` haeXTfbaTU_X 0*. _TeZX #fXX W\fVhff\ba fheebhaW\aZ =d( +1$( L[X `bWX_ ceXfXagXW \a KXVg(,g[XeXYbeX 0*/ TccXTef UXggXe |g g[Ta g[bfX `bWX_f gb Xkc_T\a g[X X`c\e\VT_ eXfh_gf YbhaW [XeX(
0*0 L[X Xfg\`TgXW VbXY|V\Xagf Ybe g[X geTWX Vbfgf iTe\TU_Xf X`XeZX j\g[ g[X XkcXVgXW 0*1 f\Zaf& fb cebcbf\g\ba . \f fhccbegXW #Tf abgXW UX_bj& [bjXiXe& eXfh_gf eXZTeW\aZ
>ABKE % JXfh_gf Yeb` eXZeXff\ba TaT_lfXf bY g[X XkgXaf\iX `TeZ\a bY Xkcbegf
NTe\TU_X >e( _bZ\g j\g[bhg
Vbageb_f
>e( _bZ\g j\g[ Vbageb_f GDK j\g[ Vbageb_f
8H=f KgW( Xeebe 8H=f KgW( Xeebe ;bXY( KgW( Xeebe
JX_Tg\iX [b`X'`Te^Xg f\mX !*(*++%% *(**/ !*(*,/%%% *(**/ !*(*,-%%% *(**0
JX`bgXaXff !*(*3*%% *(*.+ !*(*32%% *(*./
;eXW\g *(*2-%%% *(*+2 *(*/.%%% *(*+1
?<H cXe VTc\gT *(*,3%% *(*+. *(*,.% *(*+-
#?<H cXe VTc\gT$, *(**0 *(**0 *(*++ *(**1
8iXeTZX |e` f\mX *(*/1%%% *(*+/ *(*.2%%% *(*+0
;bafgTag *(111% *(.*1
8iZ( ceXW( WXc( iTe( *(+02 *(+02 *(+02
Fb( bY bUf( +,+ +,+ +,+
DbZ c(_( !/,(-// !/*(.01
J, *(/2.
%& %% TaW %%% VbeeXfcbaW gb f\Za\|VTaVX Tg g[X +*& / TaW + ! _XiX_f& eXfcXVg\iX_l( 8__ Xkc_TaTgbel iTe\TU_Xf TeX Z\iXa \a aTgheT_ _bZTe\g[`f& TaW Ybe #?<H cXe VTc\gT$,& A hfX _a##?<H cXe VTc\gT$,$( DbZ
c(_("DbZ cfXhWb_\^X_\[bbW( JbUhfg fgTaWTeW Xeebef TeX \a cTeXag[XfXf( >be g[X YeTVg\baT_ _bZ\g eXZeXf'
f\ba& TiXeTZX cTeg\T_ XYYXVgf TeX eXcbegXW( QXTe TaW eXZ\ba Wh``\Xf TeX \aV_hWXW \a T__ Xfg\`Tg\baf Uhg abg eXcbegXW
-2>D*+ -2 L[X XYYXVg bY Ta \aWXcXaWXag iTe\TU_X ba g[X WXcXaWXag iTe\TU_X \f VT_Vh_TgXW Ybe T__ bUfXeiXW iTe\TU_Xf -2>D*, bY g[X bg[Xe \aWXcXaWXag iTe\TU_Xf( L[XeXTYgXe& g[X TiXeTZX bY T__ VT_Vh_TgXW XYYXVgf \f eXcbegXW( KXX`TQ -2;@*- YM^SUZ_& PdPeVb``TaW \a g[X KgTgT+. `TahT_ Ybe `beX \aYbe`Tg\ba(
L[X eXiXefX [b`X'`Te^Xg XYYXVg \a Xkcbegf4 T Vebff'Vbhagel"
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC
" ) (% & ' !# ' & & $
>ABKE&JXfh_gfYeb`YeTVg\baT__bZ\geXZeXff\bafbYg[XXkgXaf\iX`TeZ\abYXkcbegf NTe\TU_XKcXV\|VTg\ba #\$=kcbegg[eXf[b_W4+!#\\$=kcbegg[eXf[b_W4,*!#\\\$AaV_hW\aZ\aW\eXVgXkcbeg#\i$AaV_hW\aZfXei\VXf|e`f 8H=fKgW(Xeebe8H=fKgW(Xeebe8H=fKgW(Xeebe8H=fKgW(Xeebe JX_Tg\iX[b`X'`Te^Xgf\mX!*(*,0%%%*(**/!*(*,-%%%*(**/!*(*,/%%%*(**1!*(*,-%%%*(**- JX`bgXaXff!*(*1.*(*.3!*(*13%%*(*-0!*(+*3%%*(*/*!*(*,.%%%*(*,2 ;eXW\g*(+,.%%%*(*,.*(*03%%%*(*+0*(*3+%%%*(*,+*(*-/%%%*(*+, ?<HcXeVTc\gT*(*-.%%*(*+0*(*,/%%*(*+,*(*,.%%*(*+/*(*,.%%%*(**2 #?<HcXeVTc\gT$,*(**1*(**1*(**.*(**/*(**/%%*(**1*(**0%*(**- 8iXeTZX|e`f\mX*(*/3%%%*(*+1*(*//%%%*(*+-*(*0/%%%*(*+2*(*-1%%%*(**3 8iZ(ceXW(WXc(iTe(*(,*2*(+-0*(,-**(+,+ FbbYbUf(+,++,++,+,., DbZc(_(!/0(.-+!..(00+!0*(//2!2*(1.2 #i$OX\Z[gXW?<H\a^QXM`UbQT[YQ'YM^WQ`_UfQ#i\$<ebc/!f`T__XfgVbhage\Xf#i\\$<ebc/!_TeZXfgVbhage\Xf 8H=fKgW(Xeebe8H=fKgW(Xeebe8H=fKgW(Xeebe JX_Tg\iX[b`X'`Te^Xgf\mX!*(*+3%%%*(**0!*(*,.%%%*(**0!*(*,-%%%*(**/ JX`bgXaXff!*(*01%*(*-2!*(*03*(*/*!*(*10%*(*., ;eXW\g*(*0-%%%*(*+3*(*2*%%%*(*+2*(*12%%%*(*+3 ?<HcXeVTc\gT!*(*3**(*33*(*,2%%*(*+.*(*--%%%*(*+. #?<HcXeVTc\gT$,*(**2*(**0*(**0*(**0*(**/*(**0 8iXeTZX|e`f\mX*(*.*%%%*(*+/*(*//%%%*(*+/*(*/0%%%*(*+/ 8iZ(ceXW(WXc(iTe(*(+1.*(+00*(+03
@( EXW\a
!"#
BbheaT_ 4=LAKK!EWS $#%*# <\fcTgV[ 4 %)!*!%#$) HTZXf 4 %(
8eg\V_X Fb( 4 %)* ! D= ! LQH=K=L
EK ;bWX 4 <8@/!.!$)!###%) " ;H " <AKC