filipe santos determinantes da oferta de crÉdito …§ão.pdfa todos os meus amigos e colegas de...

!

Universidade de Aveiro 2012

Departamento de Economia, Gestão e Engenharia Industrial!

FILIPE SANTOS PRIOR

DETERMINANTES DA OFERTA DE CRÉDITO BANCÁRIO – CASO PORTUGUÊS !

!

!

Universidade de Aveiro 2012

Departamento de Economia, Gestão e Engenharia Industrial!

FILIPE SANTOS PRIOR

DETERMINANTES DA OFERTA DE CRÉDITO BANCÁRIO – CASO PORTUGUÊS !

Relatório de estágio apresentada à Universidade de Aveiro para cumprimento dos requisitos necessários à obtenção de grau de Mestre em Economia, realizado sob a orientação científica da Doutora Aida Isabel Pereira Tavares, Professora Auxiliar do Departamento de Economia, Gestão e Engenharia Industrial da Universidade de Aveiro!

!

!

! !

!

Dedico este trabalho a todos aqueles, que de uma ou de outra forma, contribuiram para a sua realização. !!

!

!

!

!

!

o júri

presidente Prof. Doutor Antonio Miguel Amoedo Lebre de Freitas, Professor Auxiliar, Universidade de Aveiro

!!

Doutora Mara Teresa da Silva Madaleno, Professora Auxiliar Convidada, Universidade de Aveiro!

!!

Prof. Doutora Aida Isabel Pereira Tavares, Professora Auxiliar, Universidade de Aveiro!

!!

!

!

!

!!!!

!

! !

!

agradecimentos

A realização deste trabalho marca o fim de uma importante etapa da minha vida. Gostaria de agradecer a todos aqueles que contribuíram de forma decisiva para a sua concretização.

À Professora Aida Tavares pela disponibilidade, colaboração, compreensão e capacidade de estímulo ao longo de todo o trabalho. A toda a equipa do balcão de Vagos que me acompanharam no estágio e se demostraram sempre prestáveis. Aos meus pais e irmãos pela confiança que depositaram em mim. À Inês pelo apoio, ajuda e carinho. À Susana pela ajuda e partilha de conhecimento. A todos os meus amigos e colegas de curso que me acompanharam nesta etapa. Obrigado.

!!

!

!

! !

!!!!!!!!!!

!

palavras-chave

Crédito bancário, sector privado, dados em painel, determinantes da oferta.

resumo

O presente trabalho tem por base o estágio desenvolvido na Caixa de Crédito Agrícola e uma avaliação em painel dos principais determinantes da oferta do crédito bancário em Portugal. O sector bancário tem-se demostrado muito importante para o desenvolvimento da economia, pois permite a aquisição de financiamento de particulares e empresas, de modo a aumentar o poder de compra, o investimento e o consumo. Uma atividade fundamental no sector bancário é a concessão de crédito, uma vez que esta tem uma grande influencia nos resultados obtidos pelo banco e veicula um elevado risco associado ao endividamento. Neste trabalho pretendemos identificar as principais razões ligadas à concessão de crédito no sector privado não financeiro em Portugal, relacionando o que foi aprendido ao longo do estágio e tendo em conta o exemplo da Caixa de Crédito Agrícola. Considera-se uma análise em painel com o objectivo de identificar os determinantes de oferta de crédito. Assim, realizamos numa primeira fase um estudo geral ao sector bancário e à concessão de crédito em Portugal, apontando alguns pontos que nos pareceram fundamentais no estágio. Numa segunda fase estimamos um modelo com variáveis que representam diferentes factores que influenciam a oferta de crédito por parte das instituições bancárias. Verificamos que o activo total da instituição, o produto interno bruto, a margem das taxas de juro e o total depósitos bancários, tal como previsto, se apresentam significativos na oferta de crédito, sendo o seu comportamento na mesma direção da variável dependente. É ainda importante mencionar que a análise é feita num período recente de tempo, por isso, os resultados refletem a crise dos últimos anos, o elevado nível da dívida e de incumprimento, que implica uma maior submissão do sector às mudanças vigentes no país.

!

!

!

!!!!!!!!!!!

keywords

Banking credit, private sector, painel data, determinants of supply

abstract

"his report is based on work developed in Crédito Agrícola and a review in panel data of the main determinants of supply of bank credit in Portugal. The banking sector has demonstrated very important for economic development as it allows the acquisition of funding from individuals and companies, in order to increase the purchasing power, investment and consumption. A fundamental activity in the banking sector is the granting of credit, because this has a large influence on the results obtained by the bank and conveys a high risk associated with debt. In this paper we intend to identify the main reasons for granting credit in non-financial private sector in Portugal, linking what has been learned over the past period in Crédito Agrícola. It is considered a review in panel in order to identify the determinants of credit supply. Therefore, we initially study the overall banking and the granting credit in Portugal, pointing out some points which we felt crucial. In a second step we estimate a model with different variables that represent factors that influence the supply of credit by banks. We found that the total assets of the institution, the gross domestic product, margin interest rate and total deposits presents a significant influence in the credit supply, and its behavior is in the same direction as the dependent variable. It is also important to mention that the analysis is made in a recent period of time and the results reflect the crisis of recent years, the high level of debt and default, which implies greater subjection sector to changes in force in the country.

! #!

!"#$%&'

'

(")*+#,-.+/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////0'

12*)&'('3'4&52)6*$+'#&'78)9:$+//////////////////////////////////////////////////////////////////////////////////////////////////;'

#! $%&'()*(+,%-.!/(0*.!,!1,-.*!2(%03*4.5!555555555555555555555555555555555555555555555555555555555555555555555555555555!6!

#5#! $'*.7(!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!6!

#58! 9.*-':(;!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!<!

#5=! 1,-.*!2(%03*4.!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!>!

8! ?!$+7*,@(!$!?-4A4)(),@!B,@,%A.;A4)(@5!5555555555555555555555555555555555555555555555555555555555555555555555555555555!#C!

85#! D!E*'7.!F*G)4-.!?:*H0.;(!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!#C!

858! F(4I(!),!F*G)4-.!?:*H0.;(!/J-'.!),!K(:.@5!555555555555555555555555555555555555555555555555555555555555555555!#L!

=! ?-4A4)(),@!),@,%A.;A4)(@!%.!,@-3:4.5!55555555555555555555555555555555555555555555555555555555555555555555555555555555555!8#!

12*)&'((3'78),#+'&<=>*$%+//////////////////////////////////////////////////////////////////////////////////////////////////////?@'

#! M,A4@N.!)(!O4-,*(-'*(555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555=8!

8! /,-.).;.:4(!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!86!

85#! ?+.@-*(!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!86!

858! B().@!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!8<!

85=! /.),;.!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!8P!

85=5#! ",@-,!Q!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=#!

85=58! ",@-,!),!R('@+(%%!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=#!

85=5=! ",@-,!),!2*,'@S!9(:(%!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=8!

=! M,@';-().@!,!B4@0'@@N.!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=8!

A+"%5,8.+////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////?B'

C$D5$+:*2E$2//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////?F'

!

! 8!

!"#$%&'#&'G2D&528''

!

"(T,;(!#!U!9*4%047(4@!V%)40().*,@!)(!$0.%.+4(!9.*-':',@(!555555555555555555555555555555555555555555555555555555555!<!

"(T,;(!8!U!?+.@-*(!W!V%@-4-'4XY,@!2(%03*4(@!5555555555555555555555555555555555555555555555555555555555555555555555555555555!8<!

"(T,;(!=!U!B,@0*4XN.!)(@!A(*43A,4@!'-4;4Z().@!%.!+.),;.5!5555555555555555555555555555555555555555555555555555555555!8<!

"(T,;(!C!U!14%(4@!,@7,*().@!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!8P!

"(T,;(!L![!M,@';-().@!)(@!,@-4+(-4A(@!7.*!A3*4.@!+.),;.@!555555555555555555555555555555555555555555555555555555555!==!

"(T,;(!6![!",@-,!),!R('@+(%!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=L!

"(T,;(!<![!",@-,!),!2*,'@0S!(%)!9(:(%!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=6!

"(T,;(!>![!",@-,!),!?'-.0.**,;(XN.!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=6!!!

! =!

!"#$%&'#&'H$:,*28''

'

Q4:'*(!#!U!$A.;'XN.!)(!-(I(!),!),@,+7*,:.!,!9V2!555555555555555555555555555555555555555555555555555555555555555555555555!6!

Q4:'*(!8![!$A.;'XN.!).@!4%)40().*,@!),!0.%\4(%X(!U!0.%@'+4).*!,!4%)J@-*4(!55555555555555555555555555555555!>!

Q4:'*(!=[!/,*0().!Q4%(%0,4*.5!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!P!

Q4:'*(!C[!$A.;'XN.!).!0*G)4-.!0.%0,)4).!([email protected],)(),@!%N.!\4%(%0,4*(@5!55555555555555555555555555555555555555!P!

Q4:'*(!L![!M,7(*-4XN.!-,**4-.*4(;!).!0*G)4-.!,+!9.*-':(;5!555555555555555555555555555555555555555555555555555555555555!#]!

Q4:'*(!6![!M,7(*-4XN.!).!0*G)4-.!0.%0,)4).!7.*!*(+.!),!(-4A4)(),5!555555555555555555555555555555555555555555!#]!

Q4:'*(!<![!$A.;'XN.!).!F*G)4-.!K,%04).5!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555!##!

Q4:'*(!>![!M,7(*-4XN.!",**4-.*4(;!).!0*G)4-.!A,%04).!5555555555555555555555555555555555555555555555555555555555555555555!##!

Q4:'*(!P!U!$A.;'XN.!).!F*G)4-.!K,%04).!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555!#8!

Q4:'*(!#]!U!D*:(%4:*(+(!)(!FF?!),!K(:.@!555555555555555555555555555555555555555555555555555555555555555555555555555555555!#6!

Q4:'*(!##!U!V%)40().*,@!).!T(;(%X.!)(!FF?!),!K(:.@!5555555555555555555555555555555555555555555555555555555555555555!#<!

Q4:'*(!#8!U!$A.;'XN.!)(@!/(*:,%@!T(%03*4(@!55555555555555555555555555555555555555555555555555555555555555555555555555555!#<!

Q4:'*(!#=!U!V%)40().*,@!2(%03*4.@!),!8]]>!(!8]##!555555555555555555555555555555555555555555555555555555555555555555555!#>!

Q4:'*(!#C!U$A.;'XN.!),!4%7'-@!,!.'-7'-@!\4%(%0,4*.@!55555555555555555555555555555555555555555555555555555555555555555!#P!

Q4:'*(!#L![!9*.0,@@.!),!F.%0,@@N.!),!F*G)4-.!%.!F*G)4-.!?:*H0.;(!),!K(:.@!/J-'.!5!55555555555555!8=!

Q4:'*(!#6!U!$@&',+(!).@!-,@-,@!'-4;4Z().@!,%-*,!.@!)4\,*,%-,@!+.),;.@!55555555555555555555555555555555555!=#!

! C!

(")*+#,-.+'

$@-,!-*(T(;S.!G!.!0';+4%(*!),!'+!,@-3:4.!*,(;4Z().!%.!^+T4-.!).!/,@-*().!),!$0.%.+4(_!8`!

040;.!2.;.%S(_!0.+!,@7,04(;4Z(XN.!%(!A,*-,%-,!),!,0.%.+4(!)(!,+7*,@(!).!B,7(*-(+,%-.!),!

$0.%.+4(_! E,@-N.! ,! $%:,%S(*4(! V%)'@-*4(;! )(! a%4A,*@4)(),! ),! ?A,4*._! 0.+! '+(! (7;40(XN.!

,+7H*40(!%(!-,+3-40(5!!

$@-,!,@-3:4.! -,A,!0.+.!.Tb,0-4A.!(! 4%-,:*(XN.!).!(;'%.!%.!+,*0().!),! -*(T(;S._!(-*(AG@!),!

'+(!,I7,*4c%04(!.%),!,@-,!7.@@(!),@,%A.;A,*!%.A(@!0.+7,-c%04(@_!%.+,()(+,%-,!%.!&',!)4Z!

*,@7,4-.!d!3*,(!),!0*G)4-.!).!@,0-.*!T(%03*4._!T,+!0.+.!(7;40(*!.!0.%S,04+,%-.!()&'4*4).!(.!

;.%:.!).!@,'!7,*H.).!(0()G+40.5!

D!,@-3:4.!\.4!*,(;4Z().!%(!F(4I(!),!F*G)4-.!?:*H0.;(!/J-'.!),!K(:.@_!FMO_!-,A,!'+(!)'*(XN.!),!

6!+,@,@_!-,%).!@4).!4%404().!(!#<!),!D'-'T*.!),!8]##!,!0.%0;'H).!(!#<!),!?T*4;!),!8]#85!$@-,!

A4@.'!(!4%-,:*(XN.!).!,@-(:43*4.!%.!B,7(*-(+,%-.!),!M4@0.!,!M,0'7,*(XN.!),!F*G)4-.!),!\.*+(!

(!7*.7.*04.%(*!.!0.%\*.%-.!-,e*40.!;,004.%().!%(@!(';(@!,!.!7*3-40.!(7*,%)4).!%(@!4%@-(;(XY,@!

)(!4%@-4-'4XN.5!!

?!+.-4A(XN.!7(*(!,@-,!-*(T(;S.!@'*:,!7.*!)4A,*@(@!*(ZY,@5!9*4+,4*.!7.*&',!0.%@4),*(+.@!&',!

.@! T(%0.@! ),@,+7,%S(+! '+! 7(7,;! A4-(;! %.@! +,*0().@! \4%(%0,4*.@_! ;4:(%).! ,! 0.+T4%(%).!

4%-,*,@@,@!).@!+'-'(%-,@!,!+'-'3*4.@5! 1,:'%)._!7.*&',!.@!+,*0().@! \4%(%0,4*.@_!+,*0().@!

),!A(;.*,@!,!(!$0.%.+4(!,@-N.!(!(-*(A,@@(*!+.+,%-.@!),!:*(%),!\;'-'(XN.!,!!4%@-(T4;4)(),5!D@!

T(%0.@! 0.+.! &'(;&',*! .'-*(! ,+7*,@(_! 7*.0'*(+! +,;S.*(*! .! @,'! %HA,;! ),! 7*.)'-4A4)(),_!

@.;A(T4;4)(),!,!*,%)4T4;4)(),![!(!+,;S.*4(!),@-,@! H%)40,@!(7,%(@!G!(;0(%X()(!&'(%).!.!T(%0.!

,+7*,@-(!),!\.*+(!,\404,%-,!.!)4%S,4*._!&',!\.4!),7.@4-().!7.*!7.'7(%X(@!),!0.%@'+4).*,@!,!

4%A,@-4+,%-.@! ).@! (04.%4@-(@5! ?.! ,\,-'(*! .! ,+7*G@-4+._! .! T(%0.! ,@-3! (! 0.;.0(*! ,+! *4@0.! .@!

+.%-(%-,@!).@!@,'@!\.*%,0,).*,@_!%.+,()(+,%-,_!0;4,%-,@!,!(04.%4@-(@5!F.%-')._!,!(7,@(*!).!

*4@0.!&',!.!T(%0.!4%0.**,_!,@-,!%N.!7.),!,A4-3[;.!7.4@!,@-(!G!(!@'(!+(4.*!\.%-,!),!*,%)4+,%-.5!

?@@4+_! .! T(%0.! ,%\*,%-(! .! ! -*(),[.\\! ,%-*,! .! ;'0*.! )(! 0.%0,@@N.! ),! 0*G)4-.! ,! .! *4@0.! ),!

4%0'+7*4+,%-.!).@!+'-'3*4.@5!!

F.+!,@-(!,I7,*4c%04(!\.4!7.@@HA,;!7,*0,T,*!+(4@!(7*.\'%)()(+,%-,!(!4+7.*-^%04(!).!0*G)4-.!(!

-.).@! .@! %HA,4@W! T(%0._! \(+H;4(@_! ,+7*,@(@! ,! $0.%.+4(5! $@-,! 4%@-*'+,%-.! T(%03*4.! ('I4;4(! (@!

\(+H;4(@!(!@(-4@\(Z,*!%,0,@@4)(),@!),!\4%(%04(+,%-.!(.!%HA,;!).!0.%@'+._!S(T4-(XN._!;,(@4%:_!,!

.'-*(@5! f.! &',! )4Z! *,@7,4-.! d@! ,+7*,@(@_! .! 0*G)4-.! 7,*+4-,! @(-4@\(Z,*! %,0,@@4)(),@! ),!

! L!

-,@.'*(*4(_!T,+!0.+.!%,0,@@4)(),!),!\4%(%04(+,%-.!7(*(!),@,%A.;A4+,%-.!),!4%\*(,@-*'-'*(@!

,! ),! %,:e04._! .! &',! 7.*! @'(! A,Z! \(Z!+.A4+,%-(*! (! $0.%.+4(! (-*(AG@! )(! 0*4(XN.! ),! A(;.*! ,!

,+7*,:.5!

$I4@-,+!)4A,*@.@! \(0-.*,@!&',!(\,-(+!.!0*G)4-.!%.+,()(+,%-,_! \(0-.*,@! ;,:(4@!,! -*4T'-3*4.@5!

B,@-(! \.*+(_! 0(@.! (! 0(*:(! \4@0(;! @,b(! -,%),%04(;+,%-,! 0*,@0,%-,_! (@! 7,*@7,-4A(@! ).@!

4%A,@-4).*,@! *,-*(4(+[@,! ,_! 0.%@,&',%-,+,%-,_! .! 4%A,@-4+,%-.! ),0*,@0,_! (@@4+! 0.+.! .!

0*G)4-.5! D! 040;.! ,0.%e+40.! -(+TG+! G! '+! \(0-.*! ),-,*+4%(%-,_! 7.4@! %'+! 7,*H.).! ),!

0*,@04+,%-._!G!%(-'*(;!&',!,I4@-(!+(4@!0*G)4-.!)4@7.%HA,;!).!&',!&'(%).!,@-(!@,!,%0.%-*(!%'+!

7,*H.).!*,0,@@4A._!0.+.!G!.!0(@.!)(!(-'(;4)(),!.%),!.!0*G)4-.!G!+(4@!*,@-*4-.5!!

?! *'7-'*(! ).! +,*0().! \4%(%0,4*.! ,! (! 0*4@,! ,0.%e+40(_! 7*.A.0(*(+! '+! ,I0,@@4A.!

,%)4A4)(+,%-.! )(@! ,+7*,@(@! ,! 7(*-40';(*,@_! .! &',! 7.*! @'(! A,Z! \,Z! ('+,%-(*! .! 0*G)4-.!+(;!

7(*().! %.@! T(%0.@5! f(! (-'(;4)(),_! G! 4+7*,@04%)HA,;! '+(! :,@-N.! ),! *4@0.! +(4@! 0('-,;.@(! ,!

7*,A,%-4A(! 7(*(! &',! @,! 0.%@4:(+! *,@';-().@!+(4@! \(A.*3A,4@5! 9(*(! -(;! ),A,[@,! -,*! ,+! 0.%-(!

-.)(! (! 4%\.*+(XN.! )4@7.%HA,;! @.T*,! .! +'-'3*4._! 7.*&',! %,:;4:,%04(*! &'(;&',*! \.%-,! ),!

0.%S,04+,%-.!7.),!@,*!0('@(!),!'+!7*.T;,+(!),!4%0'+7*4+,%-.5!!

9(*(!'+(!,I7.@4XN.!+(4@!0;(*(!).@!0.%-,J).@!,!A4@-.!,I4@-4*,+!)'(@!:*(%),@!,-(7(@!g.!,@-3:4.!

,!.!,@-').!,+7H*40.h_!),04)4+.@!,@-*'-'*(*!.!-*(T(;S.!,+!)'(@!:*(%),@!7(*-,@5!!

f(!7*4+,4*(!7(*-,_!*,\,*,%-,!(.!@,0-.*!T(%03*4.!,!,@-3:4.!*,(;4Z()._!(7*,@,%-(+.@!4%404(;+,%-,!

'+(! (T.*)(:,+! +(0*.,0.%e+40(_! &',! %.@! 7,*+4-,! '+(! 0.%-,I-'(;4Z(XN.! ).! -,+(! ,! '+(!

A4@N.! :,*(;! ).! @,0-.*! 0.+.! '+! -.).5! B,! @,:'4)(_! ,I7.+.@! (! 7.@4XN.! )(! F(4I(! ),! F*G)4-.!

?:*H0.;(! %.! 7(%.*(+(! 7.*-':'c@_! ,@7,04\40(%).! -(+TG+! .@! 7*4%047(4@! 7.%-.@! *,\,*,%-,@! d!

F(4I(!),!F*G)4-.!?:*H0.;(!),!K(:.@5!f.!\4%(;!),@-(!7(*-,_!),@0*,A,+.@!%,@-(!7(*-,!(@!7*4%047(4@!

(-4A4)(),@!,!0.+7,-c%04(@!),@,%A.;A4)(@!(.!;.%:.!).!,@-3:4.5!

9.@-,*4.*+,%-,! (.! ,@-3:4._! %(! @,:'%)(! 7(*-,_! ,\,-'(+.@! '+! ,@-').! ,0.%.+G-*40.! ),! '+(!

A,*-,%-,!)(! -,+3-40(!).!0*G)4-.5! V%404(+.@!,@-(!7(*-,!0.+!'+(!T*,A,!*,A4@N.!)(! ;4-,*(-'*(!,!

,@-').@! (%-,*4.*+,%-,! ,\,0-'().@5! $+! @,:'4)(_! 0.%-4%'3+.@! 0.+! (! ),@0*4XN.! ).! +G-.)._!

)().@!,!A(*43A,4@!'-4;4Z()(@!%.!+.),;.5!B,7.4@_!(7*,@,%-(+.@!.@!*,@';-().@!)(!,@-4+(-4A(!).!

+.),;.5! Q4%(;+,%-,! -,*+4%(+.@! ,@-,! -*(T(;S.! 0.+! (@! 7*4%047(4@! 0.%0;'@Y,@! ,! 7.@@HA,4@!

+,;S.*4(@_!&',*!-,%).!,+!0.%-(!.!,@-3:4._!&',*!-,%).!,+!0.%-(!.@!*,@';-().@!).!+.),;.5!!

! 6!

12*)&'('3'4&52)6*$+'#&'78)9:$+'

I 7"J,2#*2<&")+'K2%*+'&'L&)+*'C2"%9*$+/'

$@-,!0(7H-';.!A4@(!'+(!*,\;,[email protected]*,!-,+(@!-(4@!0.+.!'+(!0.%-,I-'(;4Z(XN.i!,%&'()*(+,%-.!

+(0*.,0.%e+40._! ,'*.7,'! ,! 7.*-':'c@_! (-*(AG@! ),! (;:'%@! 4%)40().*,@! 4+7.*-(%-,@! &',!

7.@@(+! (b')(*! (! 4;'@-*(*! (! +,;S.*! (! 0.+7*,,%@N.! ),! -,+(@! (T.*)().@! +(4@! d! \*,%-,! %.!

-*(T(;S.5!j!-(+TG+!(T.*)().!.!@,0-.*!T(%03*4.!0.+.!'+!-.)._!.!&',!G_!0.+.!G!&',!\'%04.%(_!

&'(4@!(@!7*4%047(4@!0(*(0-,*H@-40(@5!

!"! #$%&'()

D!(+T4,%-,!(-'(;!A4A4).!%(!a%4N.!$'*.7,4(!G!T(@-(%-,!0*H-40.5!?!4%@-(T4;4)(),!).@!+,*0().@!,!.!

,;,A().! %J+,*.! ),! 7(H@,@! &',! @,! ,%0.%-*(+! 0.+! %,0,@@4)(),@! ),! \4%(%04(+,%-.! 0*,@0,+!

0.%@4),*(A,;+,%-,5!f.!@,4.!)(!k*,(!$'*.!(!,0.%.+4(!?;,+N!U!,+!0.%-*(@-,!0.+!(!,A.;'XN.!

,A4),%04()(! 7,;.! 0.%b'%-.! ,'*.7,'_! (7*,@,%-.'! ,+! 8]##_! @4:%4\40(-4A(! *.T'@-,Z_! 0.+! '+!

0*,@04+,%-.!).!9V2!(! *.%)(*!

.@! =l! ,! '+(! -(I(! ),!

),@,+7*,:.! (! (;0(%X(*!

+H%4+.@! S4@-e*40.@! ),! +(4@!

),!)'(@!)G0()(@5!gQ4:'*(!#h!!!

?@! \*(:4;4)(),@! *,A,;()(@!

7,;(@! 7*4%047(4@! ,0.%.+4(@_!

&',! @,! *,\;,-,+! %.! 9V2! )(!

k*,(! $'*.! gQ4:'*(! #h_!

(7*,@,%-(+[@,! (4%)(!

(:*(A()(@! 7,;(! ,@7,0';(XN._!

)(@! (:c%04(@! ),! *(-4%:_! ,+!

-.*%.! )(@! )HA4)(@! @.T,*(%(@! ),! (;:'%@! 7(H@,@! )(! k*,(! $'*.5! ?! ,@-,! 0,%3*4.! (0*,@0,+! (@!

4%0,*-,Z(@! ).! ! @,0-.*! \4%(%0,4*._! (4%)(! %N.! -.-(;+,%-,! ),7'*().! ),! (-4A.@! m-eI40.@n! ,! ! (@!

0(*-,4*(@! ),! 0*G)4-.! 4+.T4;43*4.! ,+! @4-'(XN.! 0.+7;,I(5! D! @,0-.*! T(%03*4._! ,%&'(%-.!

\4%(%04().*! )(! $0.%.+4(_! A4'! -.).@! ,@-,@! \(0-.*,@! 0.+.! ;4+4-().*,@! )(! @'(! +(*:,+! ),!

+(%.T*(!7(*(!(!0.%0,@@N.!),!0*G)4-.5!F.%@4),*([@,!+(4@!*,0,%-,+,%-,!&',!,I4@-,+!*4@0.@!),!

*,0,@@N.! (! %HA,;! :;.T(;5! 1,! %N.! \.*,+! ().7-()(@! +,)4)(@! &',! )4@@47,+! .@! \(0-.*,@! ),!

4%0,*-,Z(! *,\,*4).@! ,! &',! \(A.*,X(+! .! *,;(%X(+,%-.! ,0.%e+40._! ,@@,! G! '+! 0,%3*4.! +'4-.!

7*.A3A,;5!

*+,$%()!)-)#.&/$01&)2()3(4()25)25657'%5,&)5)89:)

!"#$%&'&()*"+&g2595!8]#8h_&%,)-".)/0"&1.21.3)&

! <!

f,@-,!0.%-,I-._!(-G!+,@+.!(!?;,+(%S(!@,!,%0.%-*(!),7(*()(!0.+!(!%,0,@@4)(),!,!7*4.*4)(),!

).!@(%,(+,%-.!)(@!0.%-(@!7JT;40(@_!7.*!\.*+(!(!,A4-(*,+!.!(:*(A(+,%-.!)(!@'(@!@4-'(XY,@5!

?!@(H)(!)(!0*4@,!(-'(;![!&',!b3!)'*(!),@),!8]]<_!-,%).!@4).!),@,%0(),()(_!0.+.!G!),!*,0.*)(*_!

7,;.!0.;(7@.!).@!,+7*G@-4+.@!+4-1.35%!%.@!$@-().@!a%4).@!,!),!-.)(!(!+.%-(:,+!\4%(%0,4*(!

0.%@-4-'H)(! ,+! -.*%.! ),@@,@! 0*G)4-.@5! j! (T@.;'-(+,%-,! 0*'04(;! &',! @,! ,%0.%-*,+! \.*+(@! ),!

,@-4+';(*! .! 0*,@04+,%-.! ,0.%e+40._! +'4-.! ,@7,04(;+,%-,! %.@! 7(H@,@! &',! @,! ,%0.%-*(+!

@'b,4-.@!(!7;(%.@!),!('@-,*4)(),_!0.+.!A4(!7(*(!,@T(-,*!.! 4+7(0-.!*,0,@@4A.!4+,)4(-.!),@@,@!

7;(%.@5!!

!"; 8&%3$,(/)

D!7,*0'*@.!)(!$0.%.+4(!9.*-':',@(!%(!J;-4+(!)G0()(!7.),!@,*!0(*(0-,*4Z().!7,;(!0.%b':(XN.!

),! \*(0.! 0*,@04+,%-.!

,0.%e+40.! ,! (0'+';(XN.! ),!

),@,&'4;HT*4.@! %(@! 0.%)4XY,@!

),! \4%(%04(+,%-.!)(@! \(+H;4(@_!

,+7*,@(@_! $@-().! ,! @,0-.*!

\4%(%0,4*.5! F.+.! ),+.%@-*(! (!

g"(T,;(! #h! .! T;.&',4.! ).!

0*G)4-.! -,A,! '+! 4+7(0-.!

4+,)4(-.! %(! 7*.0'*(! 4%-,*%(_!

%.! 0.%@'+.! 7*4A().! ,!

0.%@'+.! 7JT;40.! &',! 7.*! @'(!

A,Z! @,! *,\;,-,!%'+(! 0.%-*(XN.!

).!9V25!a+(!(:*(A(%-,!),!-.)(!

,@-(!@4-'(XN._!G!-(+TG+!(!,0;.@N.!)(!)HA4)(!:*,:(_!.!&',!7.*!@'(!A,Z!(:*(A(!(!7,*0,7XN.!),!

*4@0.! ,+! *,;(XN.! (.@! 7(H@,@! )(! k*,(! $'*.! 0.+! +(4.*,@! %HA,4@! ),! ,%)4A4)(+,%-.5! "(;!

(0.%-,04+,%-.! 0.+T4%().! 0.+! '+! 0.%b'%-.! ),! +,)4)(@! ,! ),04@Y,@! 0.+7*.+,-,).*(@! )(!

7*.@7,*4)(),! )(! $0.%.+4(! 9.*-':',@(_! (0(T(*(+! 7.*! \.*X(*! .! %.@@.! 7(H@! (! *,0.**,*! (.!

)4@7.@4-4A.!),!(@@4@-c%04(!\4%(%0,4*(_!,+!(*-40';(XN.!0.+!.!Q/V5!

F.+.! G! ;e:40._! .! \'-'*.! ),! 0'*-.! 7*(Z.! 7(@@(! 7,;(! ),-,*4.*(XN.! ).@! 7*4%047(4@! (:*,:().@!

+(0*.,0.%e+40.@!%(04.%(4@_! b'@-4\40().@!7,;(@!7.;4-40(@!),! *,,@-*'-'*(XN.!).!7(H@!,! -(+TG+!

7,;(@!+,)4)(@!),!('@-,*4)(),! 4+7.@-(@!7,;.@!e*:N.@!,I-,*%.@!,!7,;.!$@-().5!?@@4+_!,!0.+!.!!

(:*(A(+,%-.!).!0;4+(!,0.%e+40._!(!0.%\4(%X(!).@!0.%@'+4).*,@!,!4%A,@-4).*,@!),:*().'[@,_!

;,A(%).!d!0.%-*(XN.!)(!7*.0'*(!4%-,*%(!,!).!)4%(+4@+.!).!+,*0().!gQ4:'*(!8h5!

<(=5/()!)-)8%+>?+'(+6)9>2+?(2&%56)2()#?&>&7+()8&%3$,$56()

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

! >!

F.+.!0.%@,&'c%04(!).@!7;(%.@!),!('@-,*4)(),! 4+7.@-.@!7,;(@!,%-4)(),@!*,@7.%@3A,4@_!.!9V2!

(7e@!'+(!;4:,4*(!*,0'7,*(XN.!,+!8]#]_!A.;-(!%.A(+,%-,!(!0(4*!,+!8]##_!0.+!.!(0,%-'(*!)(!

*,0,@@N.5!$@-(!-,%)c%04(!!%,:(-4A(!).!9V2!7*,Ac[@,!&',!@,!+(%-,%S(!,+!8]#8_!(-4%:4%).!'+(!

&',T*(! %(! .*),+! ).@! =_Cl_! @,:'%).! 7*,A4@Y,@! ).! 2(%0.! ),! 9.*-':(;5! ?4%)(! (@@4+_! (!

*,0'7,*(XN.!)(!,0.%.+4(!b3!0.+,X(!(!(7*,@,%-(*!(;:'%@!*,@';-().@5!$I4@-,!'+!0*,@04+,%-.!)(!

7*.0'*(! ,I-,*%(_! &',! @,!

-,+! A,*4\40().! %.@! J;-4+.@!

).@! (%.@! ,! -(+TG+! '+(!

0.%-*(XN.! )(! 4+7.*-(XN.!

0S,:.'!(!@,*!%(!.*),+!).@!

#=_Ll! %.! J;-4+.! -*4+,@-*,!

),!8]##!g"(T,;(!#h5!

?! (-'(;! 0*4@,! G! ,+! -').!

+(4@! :*(A,! ).! &',! (!

@4-'(XN.! A,*4\40()(! ,+! 8]]>_!

'+(! A,Z! &',! (! -(I(! ),!

),@,+7*,:.! (7*,@,%-(! A(;.*,@!

*,0.*),gQ4:'*(! #h_! .! 7(H@!

,%0.%-*([@,! %.A(+,%-,! 0.+! 9V2! ,+! -,**4-e*4.! %,:(-4A.! ,! (! 4%\;(XN.! 0*,@0,_! 0.%-*(*4(+,%-,!

(&'4;.!&',!@,4*(!,@7,*().5!f.!,%-(%-._!,@-,!('+,%-.!)(!-(I(!),! 4%\;(XN.!7.),!@,*!,I7;40().!

7,;.! ('+,%-.! )(! -(I(! ).! VK?! ,+! T,%@! 0.+! .! :3@_! ,;,-*404)(),_! *,@-('*(XN._! ,%-*,! .'-*.@5!

F.%-')._! ,@-,! ('+,%-.! 7.),! (@@'+4*! (7,%(@! '+! 0(*30-,*! -,+7.*3*4._! 7*,A,%).[@,! '+(!

),@04)(!)(!4%\;(XN.!7(*(!8]#8!0.+.!*,@';-().!,@7,*()(!&',T*(!%(!7*.0'*(!4%-,*%(5!

!"@ A53&%):(>?B%+&)

a+(! 4%@-4-'4XN.! T(%03*4(! 7.),! @,*! ),\4%4)(! 0.+.! '+(! .*:(%4Z(XN.! .%),! (@! @'(@! .7,*(XY,@!

0.**,%-,@! 0.%@4@-,+! ,+! 0.%0,),*! 0*G)4-.@! ,! (%:(*4(*! ),7e@4-.@! gQ*,I4(@! o! M.0S,-! #PP<h5! ?!

?92#!0.%@4),*(!&',!.!@,0-.*!T(%03*4.!G!'+!@4@-,+(!.%),!(-'(+!'+!0.%b'%-.!),! 4%@-4-'4XY,@!

\4%(%0,4*(@! &',! A4@(+! (! 0(%(;4Z(XN.! )(! 7.'7(%X(! ).@! (:,%-,@! ,0.%e+40.@_! 7(*(! .!

4%A,@-4+,%-.!%.@!+,*0().@! \4%(%0,4*.@_!(-*(AG@!)(!0.+7*(!,!A,%)(!),!7*.)'-.@! \4%(%0,4*.@_!

.'! @,b(_! ,@-(@! 4%@-4-'4XY,@! ),@,+7,%S(+! '+! 7(7,;! ),! 4%-,*+,)43*4.@! ,%-*,! .@! )4\,*,%-,@!

(:,%-,@!,0.%e+40.@5'

D!14@-,+(! Q4%(%0,4*.! 9.*-':'c@_! G! 0..*),%().!7.*! '+(! ('-.*4)(),! ),! @'7,*A4@N._! &',! -,+!

0.+.!.Tb,0-4A.!(@@,:'*(*!&',!.!@4@-,+(!@,!+(%-G+!@e;4)._!,@-3A,;!,!*.T'@-.!7(*(!7*,A,%4*!.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#!?92!U!?@@.04(XN.!9.*-':',@(!),!2(%0.@p!

*+,$%();)C)#.&/$01&)2&6)+>2+?(2&%56)25)?&>D+(>0()-)?&>6$7+2&%)5)+>2E63%+()

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

! P!

*4@0.!@4@-G+40.85!D!74;(*!T(@,!).!@4@-,+(!\4%(%0,4*._!@N.!.@!(:,%-,@!,0.%e+40.@=!7.4@!@N.!,@-,@!

&',!),-,*+4%(+_!@,!0(%(;4Z(+!(!@'(!7.'7(%X(!7(*(!.!4%A,@-4+,%-.5!!

!!

*+,$%()@C)F5%?(2&)*+>(>?5+%&")!"#$%'&=86&>9:;9?)

f(! Q4:'*(! =! _! .@! (:,%-,@! ,0.%e+40.@! 7.),+! (7*,@,%-(*[@,! 0.+! )4\,*,%-,@! 7,*@7,0-4A(@!

\4%(%0,4*(@5! B,! \.*+(! T3@40(_! .@! (:,%-,@! ,0.%e+40.@! ,I0,),%-3*4.@! -c+! -*c@! .7XY,@W! (!

7*4+,4*(_!,!(!74.*!),!-.)(@_!G!:'(*)(*!.!)4%S,4*.!,+!0(@(_!(**4@0(%).[@,!d!),@A(;.*4Z(XN.!),@-,5!

1,:'%)._!.7-(*!7.*! 4%A,@-4*!.!)4%S,4*.!,+!

(7;40(XY,@! \4%(%0,4*(@_! 0.+! *4@0.! .'! %N._!

),7,%),%).! ),! &'N.! (A,@@.! (.! *4@0.! G! .!

4%A,@-4).*5! ",*0,4*._! ,! 7.*! \4+_! (7;40(*! .'!

4%A,@-4*! )4*,-(+,%-,! .! )4%S,4*.! %.!

+,*0().!\4%(%0,4*.5!

9(*(! 4;'@-*(*!+(4@! 7*.\'%)(+,%-,! 0.+.! G!

&',! -,+! ,A.;'H).! .! @,0-.*! ,+! :,*(;! ,!

-(+TG+!,+! -,*+.@!),!0*G)4-._! *,0.;S4!)(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8!M4@0.!14@-G+40.!U!9.),!-(+TG+!@,*!0.%S,04).!0.+.!*4@0.!),!+,*0()._!,@-3!;4:().!,!),0.**,!

),! \(0-.*,@! &',! (\,0-(+! .! 0.+7.*-(+,%-.! ),! -.).@! .@! -H-';.@! ).! +,*0().5! 9.*! ,I,+7;.W!

F40;.@!,0.%e+40.@_!%HA,4@!),!-(I(@!),!b'*.!,!.!7*,X.!).!7,-*e;,._!0.%@-4-',+!\(0-.*,@!),!*4@0.!

@4@-,+3-40.!g94%S.!o!1.(*,@!8]]>758>h!=! ?:,%-,@! ,0.%e+40.@! U! 1N.! 4%)4AH)'.@_! 4%@-4-'4XY,@! .'! 0.%b'%-.! ),! 4%@-4-'4XY,@! &',! (-*(AG@!

)(@!@'(@!(XY,@!,!),04@Y,@!*(04.%(4@!4%-,*Ac+!%'+!&'(;&',*!04*0'4-.!,0.%e+40._!@,:'%).!?925!

*+,$%()GC)#.&/$01&)2&)?%H2+3&)?&>?52+2&)()6&?+52(256)>1&)D+>(>?5+%(6")))!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3))

!

! #]!

T(@,!),!)().@!).!2(%0.!),!9.*-':(;_!4%\.*+(XY,@!*,;(-4A(@!(.!0*G)4-.!0.%0,)4).!,!(.!0*G)4-.!

+(;!7(*().!7.*!\.*+(!(!(A(;4(*!-,%)c%04(@!),!,A.;'XN.!).!%,:e04.!,!).!0*G)4-.!T(%03*4.5!

F.+.!4;'@-*(!(!Q4:'*(!C_!A,*4\40(+.@!&',!.!@,0-.*_!%.!&',!)4Z!*,@7,4-.!(.!0*G)4-.!-,+!+.@-*().!

'+! 0*,@04+,%-.! 0.%@4),*3A,;_! 7.4@! %'+! 7,*H.).! ),! ).4@! (%.@! *,:4@-.'[@,! '+! ('+,%-.!

@'7,*4.*! (! 8]l5! ?! \(;c%04(! ).!

T(%0.! @%A5)#& 6."$A%.+& :,*.'!

'+! ,\,4-.! ).+4%e! &',! (0(T.'!

7.*! (\,0-(*! (! 0.%0,@@N.! ),!

0*G)4-.! 7,;.@! T(%0.@! 0.+,*04(4@5!

?@@4+! ,! ),@),! ,%-N.! .! 0*G)4-.!

-,+! A4%).! (! ),0*,@0,*! ! 7(*(!

7(*-40';(*,@! ,! ,+7*,@(@5! ?!

-,%)c%04(! @,*3! ),! &',! ,@-,!

4%)40().*! 0.%-4%',! (! ),-,*4.*(*[

@,! (-G! &',! (! 2(%0(! 9.*-':',@(!

:(%S,! (! 0.%\4(%X(! ).@!+,*0().@!

,!(!,@-(T4;4)(),!\4%(%0,4*(!7(*(!&',!@,b(!7.@@HA,;!(!4%A,*-,*!.!0(+4%S.!),7*,04(-4A.5!

9.),+.@! (4%)(! 0.%@-(-(*! &',! .! 0*G)4-.! 0.%0,)4).! (! ,+7*,@(@! %N.! \4%(%0,4*(@_! ,@-3! +(4@!

0.%0,%-*().! %(! *,:4N.! ),! O4@T.(! 0.+! C#_>]l_! @,:'4)(! ).! f.*-,! ! ,! F,%-*.! 0.+! 86_L]l! ,!

#L_L]l_! *,@7,0-4A(+,%-,!U! Q4:'*(!L5! $+!0.%-*(!7.%-.!(! *,:4N.! 0.+!+,%.*! 0.%0,%-*(XN.!),!

0*G)4-.!!G!(!*,:4N.!).@!?X.*,@_!0.+!(7,%(@!8l!).!-.-(;!).!0*G)4-.!0.%0,)4).5!

9(*(! (;G+! )(! (%3;4@,! *,:4.%(;!

7(*,0,[%.@! 4+7.*-(%-,! 7,*0,T,*!

0.+.! G! *,7(*-4).! .! A.;'+,! ),!

0*G)4-.! 7,;.@! )4A,*@.@! @,0-.*,@!

),! (-4A4)(),5! M,0.**,%).! d!

Q4:'*(!6_! ! 0.%@,:'4+.@!7,*0,T,*!

&',! .@! *(+.@! ),! (-4A4)(),! &',!

+(4@! *,0.**,+! (.! 0*G)4-.! @N.W!

F.%@-*'XN.! g8]_Llhp! F.+G*04.!

E*.@@.! g#=_Plhp! V%)J@-*4(@!

"*(%@\.*+().*(@! g#=_=lh! ,!

?-4A4)(),!V+.T4;43*4(@!g#=_=lh5!!

*+,$%()I)C)J5'(%3+01&)35%%+3&%+(/)2&)?%H2+3&)57)8&%3$,(/")

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

*+,$%()K)C)J5'(%3+01&)2&)?%H2+3&)?&>?52+2&)'&%)%(7&)25)(3+.+2(25")))

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

! ##!

$+!.7.@-.!(!,@-(@_!.@!@,0-.*,@!&',!+,%.@!),7,%),+!).!0*G)4-.!@N.!(!$)'0(XN._!(!1(J),!,!(@!

?-4A4)(),@! ),! 1,*A4X.@! 1.04(4@! gClhp! (! ?:*40';-'*(! g#_>lhp! (! ?-4A4)(),! ),! V%\.*+(XN.! ,!

F.+'%40(XN.!g#_8lh!,!(@! V%)J@-*4(@!$I-*(-4A(@!g]_ClhC5!$@-(!)4@-*4T'4XN.!7.),!*,7*,@,%-(*!'+!

7*.T;,+(! (-'(;! 0.+! *,7,*0'@@Y,@! %.! \'-'*.! 7.4@! (! 4%)J@-*4(! )(! 0.%@-*'XN.! ,! +,*0().!

4+.T4;43*4.! (7*,@,%-(+! 4%)H04.@! *,0,@@4A.@! @,A,*.@5!!

D!0*G)4-.!A,%04).!G!0.%S,04).!0.+.!'+(!@4-'(XN.!),!*%B)4,$!7.*!7(*-,!).@!0;4,%-,@_!,+7*,@(@!

.'! 7(*-40';(*,@_! &'(%).! ,@-,@! ),4I(+! ),! @,*! 0(7(Z,@! ),! 7(:(*! .! ,+7*G@-4+.! 0.%-*(H).!

(%-,*4.*+,%-,5!!

?@@4+_! 0.+.! 7.),+.@! A,*! %(!

Q4:'*(!<_!.!F*G)4-.!K,%04)._!-c+[@,!

(:*(A().! 0.+! .! 7(@@(*! ).@! (%.@!

7,;(@! )4\H0,4@! 0.%)4XY,@! ),!

,I7;.*(XN.! ).@! (:,%-,@!

,0.%e+40.@5! $@-,_! 0.%-4%'(! (! @,*!

'+! ).@! +(4.*,@! \;(:,;.@! )(!

(-4A4)(),!T(%03*4(5!

f.! &',! )4Z! *,@7,4-.! (.! 4%0'+7*4+,%-.! )(@!

,+7*,@(@_! 7.),+.@! A,*4\40(*! &',! *,:4@-([@,!

'+(! @'T4)(! :,%,*(;4Z()(! ).! A(;.*! :;.T(;! ).@!

H%)40,@! ),! 0*G)4-.! A,%04)._! b'@-4\40()(! 7,;(@!

0*,@0,%-,@! )4\40';)(),@! ),! @.;Ac%04(! ,!

;4&'4),Z5!!

?.! %HA,;! )(! *,7(*-4XN.! -,**4-.*4(;! ).! 0*G)4-.!

A,%04).!U!Q4:'*(!>![!0.%@-(-(+.@!&',!.!?;:(*A,!

(7(*,0,! %.! -.7.! )(! ;4@-(! 0.+! '+! A(;.*! (04+(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!C!?![!?:*40';-'*(p!V$![!V%)J@-*4(@!,I-*(-4A(@p!V"![!V%)J@-*4(@!"*(%@\.*+().*(@p!$E1![!$;,-*404)(),_!

:3@_! A(7.*! ,! 3:'(_! 0(7-(XN._! -*(-(+,%-.! ,! )4@-*4T'4XN.! ),! 3:'(_! @(%,(+,%-._! :,@-N.! ),!

*,@H)'.@! ,! ),@7.;'4XN.p! F! U! F.%@-*'XN.p! FE! [! F.+G*04.! E*.@@.p! "?! [! "*(%@7.*-,@! ,!

?*+(Z,%(:,+p! ?M! [! ?;.b(+,%-.! ,! M,@-('*(XN.! ,! @4+4;(*,@p! ?VF! [! ?-4A4)(),! ),! 4%\.*+(XN.! ,!

0.+'%40(XN.p!1E91![!?-4A4)(),!),[email protected],)(),@!:,@-.*(@!),!7(*-4XY,@[email protected](4@!%N.!\4%(%0,4*(@p!?V![!

?-4A4)(),!V+.T4;43*4(@p!F"?![!?-4A4)(),!),!0.%@';-.*4(_!-G0%40(@!()+4%4@-*(-4A(@p!$1![!$)'0(XN._!

@(J),!,!(-4A4)(),@!),!1,*A4X.@[email protected](4@p!D![!D'-*(@!?-4A4)(),@!

*+,$%()L)C)#.&/$01&)2&)M%H2+3&)N5>?+2&")

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

*+,$%()O)C)J5'(%3+01&)<5%%+3&%+(/)2&)?%H2+3&).5>?+2&)

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

! #8!

).@!##l5!$@-,!A(;.*!7,%@(@@,!&',!7.@@(!@,*!b'@-4\40().!7,;(!@(Z.%(;4)(),!)(!Z.%(!(;:(*A4(_!T,+!

0.+.! 7,;(! @'(! \(;-(! ),! 0.+7,-4-4A4)(),! %(04.%(;! ,! 4%-,*%(04.%(;5! ?! *,:4N.! &',! +,%.@!

(7*,@,%-(!0*G)4-.!A,%04).!G!(&',;(!&',!-(+TG+!+,%.@!*,0.**,!(!,+7*G@-4+.@!T(%03*4.@_!.@!

?X.*,@!0.+!L_=l5!$+!-,*+.@!+G)4.@_!9.*-':(;!(7*,@,%-(!'+(!+G)4(!),!0*G)4-.!A,%04).!),!<l!

,!,@-,!A(;.*!7*,Ac[@,!&',!('+,%-,!-,%).!,+!0.%-(!(!!(-'(;!0.%b'%-'*(!,0.%e+40(!7.*-':',@(5!

!

9(*,0,'[%.@!(4%)(!*,;,A(%-,!\(Z,*!'+(!(%3;4@,!(.!;.%:.!).!-,+7.!7(*(!)4\,*,%-,@!+.%-(%-,@!

),! 0*G)4-._! .! &',! %.@! 7,*+4-4'! 0.%\4*+(*! &',! 4%),7,%),%-,+,%-,! ).! +.%-(%-,! ).!

,+7*G@-4+._! .@! %HA,4@! ),! 4%0'+7*4+,%-.! ('+,%-(+! 0.+! .! 7(@@(*! ).@! (%.@! gQ4:'*(! Ph5!

F.%@,:'4+.@!-(+TG+!0.%@-(-(*!'+(!+(4.*!4%04)c%04(!),!0*G)4-.!A,%04)[email protected]*,!.@!+.%-(%-,@!

),!+,%.*!A(;.*_!.!&',!%(-'*(;+,%-,!%.@!*,+,-,!7(*(!%,:e04.@!),!+,%.*!)4+,%@N._!0'b(@!@'(@!

0(7(04)(),@!),!0.+7,-4*!%.!+,*0().!G!T(@-(%-,!*,)'Z4)(!,!%(!:*(%),!+(4.*4(!)(@!A,Z,@!,@-,@!

0*G)4-.@!),!+,%.*!)4+,%@N.!@N.!,+7*G@-4+.@!),!('I4;4.!d!-,@.'*(*4(_!%.+,()(+,%-,!0.%-(@!

0('04.%()(@5!

$+!@'+(W!

[!9*4+,4*._!.!@,0-.*!\4%(%0,4*.!-,+!'+!7(7,;!0*'04(;!,!7*,7.%),*(%-,!%(!$0.%.+4(!9.*-':',@(_!

),A4).!(.!,;,A().!:*('!),!),7,%)c%04(!)(@!,+7*,@(@!,!).@!7(*-40';(*,@p!

[!1,:'%)._!.!0*G)4-.!0.%0,)4).!(7*,@,%-(!'+!-*(b,-e*4(!0.+!-,%)c%04(!),0*,@0,%-,_!),@),!.!

740.!(-4%:4).!%.!@,:'%).!-*4+,@-*,!),!8]]Pp!

[! ",*0,4*._! (! *,7(*-4XN.! -,**4-.*4(;! ).! 0*G)4-.! %(04.%(;! 7.),! @,*! \,4-(! ,+! -*c@! 3*,(@W! O4@T.(!

gC#_>]lh_!f.*-,!g86_L]lh!,!F,%-*.!g#L_L]lhp!

[!q'(*-._! 7.),+.@!(\4*+(*!&',!,+!9.*-':(;! .! 0*G)4-.! 0.%0,)4).!,@-3!+(4@! 0.%0,%-*().!,+!

(;:'%@! @,0-.*,@! ),! (-4A4)(),_! -(4@! 0.+._! (! F.%@-*'XN.! g8]_Llh_! F.+G*04.! E*.@@.! g#=_Plh_!

*+,$%()P)-)#.&/$01&)2&)M%H2+3&)N5>?+2&)

!"#$%&'&()*"+&6787&9:;;<&%,)-".)/0"&1.21.3)&!

! #=!

V%)J@-*4(@! "*(%@\.*+().*(@! g#=_=lh! ,! ?-4A4)(),! V+.T4;43*4(@! g#=_=lh_! &',! %.! 0.%b'%-.!

*,7*,@,%-(+!6#l!).!0*G)4-.!0.%0,)4).p!

[! q'4%-._! .! 0*G)4-.! A,%04).! -,+! (-4%:4).! A(;.*,@! *,0.*),! g6_6]lh! (7*,@,%-(%).! '+(! -(I(!

0*,@0,%-,!(.!;.%:.!).!7,*H.).!),!(%3;4@,!8]]<[8]##p!

[! 1,I-._!(! *,7(*-4XN.!).!0*G)4-.!A,%04).! 4;'@-*(!&',!,@-,!,@-3!7*,@,%-,! 0.+!+(4.*! 4%04)c%04(!

,+!Z.%(@!0.+.!?;:(*A,!,!F,%-*.5!

9.*! \4+_! 0.%@,:'4+.@! (4%)(! 7,*0,T,*! &',! (! *,7(*-4XN.! ).! 0*G)4-.! A,%04).! *,@7,4-(%-,! (.@!

+.%-(%-,@!),+.%@-*(!+(4.*!0.%0,%-*(XN.!%.@!0*G)4-.@!),!+.%-(%-,!4%\,*4.*_!+'4-.!,+T.*(!.!

('+,%-.!0.+!.!7(@@(*!).@!(%.@!@,b(!0.%@4),*3A,;!,+!-.).@!.@!,@0(;Y,@5!

! #C!

@ M'7<=*&82'&'M)$N$#2#&8'O&8&"N+5N$#28'

f,@-,!F(7H-';.!(7*,@,%-(+.@!'+!T*,A,!*,@'+.!S4@-e*40.!).!&',!\.4!,!).!&',!(4%)(!G!.!F*G)4-.!

?:*H0.;(! 0.+.! *,7*,@,%-(%-,! ).! @,0-.*! T(%03*4.! 0..7,*(-4A.! ,+! 9.*-':(;5! ?7*,@,%-(+.@!

+(*0.@! 4+7.*-(%-,@! T,+! 0.+.! (! @'(! ,A.;'XN.! ,%&'(%-.! ,+7*,@(5! ?! @,:'4*_! @N.! (4%)(!

4;'@-*().@!(;:'%@!4%)40().*,@!)(!,+7*,@(!),!K(:.@!,_!7.*!\4+_!'+(!T*,A,!),@0*4XN.!)(@!-(*,\(@!

,\,0-'()(@!%.!),0.**,*!).!,@-3:4.5!

;"! ) Q)R%$'&)M%H2+3&)S,%T?&/()

?!F(4I(!),!F*G)4-.!?:*H0.;(_!0.%-*(*4(+,%-,!d!T(%0(!-*()404.%(;_!,!7.*!-*()404.%(;!,%-,%)([@,!

T(%0(! 0.+,*04(;_! -,+! 0.+.! T(@,! .@! 7*4%0H74.@! )(! T(%0(! 0..7,*(-4A(5! F.+.! -(;_! (@!

0(*(0-,*H@-40(@!,@7,0';(-4A(@!,@-N.!\.*(!)(!(-4A4)(),!).!@,0-.*_!.!&',!7.),!,I7;40(*!.!@,'!T.+!

),@,+7,%S.5! 1,:'%).! R,*A,! E'4),*_! 1,0*,-3*4.[E,*(;! )(! (@@.04(XN.! ,'*.7,4(! ),! T(%0.@!

0..7,*(-4A.@_!(!2(%0(!0..7,*(-4A(!(-*(A,@@(!T,+!(!0*4@,_!0.+!'+(!\.*+(!),!,@-(*!%.!+,*0().!

%N.! A.0(04.%()(! 7(*(! .! *[email protected]! D@! T(%0.@! 0..7,*(-4A.@! 0.%-*4T',+! 7(*(! (! ,@-(T4;4)(),! ).!

@4@-,+(!\4%(%0,4*.!,'*.7,'_!7.4@!,@-,@!%N.!@N.!0.-().@!%.!+,*0().!,!.!;'0*.!7.*!@4!@e!%N.!G!.!

@,'!.Tb,0-4A.5!9.*!.'-*.!;()._!,@-(@!4%@-4-'4XY,@!7*4A4;,:4(+!(!7*.I4+4)(),!,!4%-,*A,%XN.!;.0(;_!

),!\.*+(!(!7*.A4),%04(*!'+!),@,%A.;A4+,%-.!,0.%e+40.!,[email protected](;!)(!0.+'%4)(),!.%),!,@-N.!

4%@,*4)(@5!D'!@,b(_!(!T(%0(!0..7,*(-4A(!-*(T(;S(!7(*(!.!0.;,[email protected](;!.'!,0.%.+4(!*,(;!,!%N.!

7(*(!.@!+,*0().@5!!

D!0*G)4-.!?:*H0.;(!m%(@0,'n!,+!9.*-':(;!,+!#P##!7.'0.@!+,@,@!),7.4@!)(!4+7;,+,%-(XN.!)(!

M,7JT;40(_! (! #! ),! /(*X.5! f.@! (%.@! 8]_! .! %J+,*.! ),! F(4I(@! ),! F*G)4-.! ?:*H0.;(! /J-'.!

('+,%-.'! 0.%@4),*(A,;+,%-,_! :*(X(@! (.! ,+7,%S.! ,! ),)40(XN.! ),! 4%J+,*.@! (:*40';-.*,@5!

F.%-').! (! 0*4@,! ,0.%e+40(! ,! T(%03*4(! ).@! (%.@! =]! A4,*(+! 7.*! \4+! (.@! (%.@! ),! ,I7(%@N.!

A4A4).@!(-G!,%-N.!7,;(!,+7*,@(_!.T*4:(%).!,@-(!(!7(@@(*!(@!0(4I(@!7(*(!-'-,;(!)(!F(4I(!E,*(;!),!

B,7e@4-.@5! F.%-')._! ,! b3! %(! )G0()(! ),! <]_! (! -*(%@\.*+(XN.! ).! @4@-,+(! 7.;H-40.! 7.*-':'c@!

7,*+4-4'!d@!0(4I(@!,I4@-,%-,@!.!4%H04.!).!@,'!7*.0,@@.!),!('-.%.+4(5!?4%)(!%(!)G0()(!),!<]!\.4!

0*4()(!(!Q,),*(XN.!f(04.%(;!)(@!F(4I(@!),!F*G)4-.!?:*H0.;(!/J-'.!U!Q$f?F?/_!0'b(!\4%(;4)(),!

7*4%047(;!G!.!(7.4.!,!(!*,7*,@,%-(XN.!)(@!0(4I(@!(@@.04()(@!),%-*.!,!\.*(!).!-,**4-e*4.!%(04.%(;5!

r3!%(!)G0()(!),!>]!0.+!(!7'T;40(XN.!),!'+!*,:4+,!b'*H)40.!,@7,0H\40.!7(*(!.!F*G)4-.!?:*H0.;(!

/J-'._!(@!F(4I(@!),4I(*(+!),!,@-(*[email protected]!(;X()(!)(!FBE_!7*,A,%).[@,!%.!,%-(%-.!(!0*4(XN.!),!

'+(! F(4I(! F,%-*(;! U! 0*4()(! ,+! #P>C5! 9(@@().@! -*c@! (%.@_! 0.+! .! 7*.7e@4-.! ),! :(*(%-4*! (!

@.;A(T4;4)(),!).!@4@-,+(_!\.4!0.%@-4-'H).!.!Q'%).!),!E(*(%-4(!).!F*G)4-.!?:*H0.;(!U!QEF?/_!).!

&'(;!\(Z,+!7(*-,!(@!*,@7,0-4A(@!F(4I(@!(@@.04()(@5!

! #L!

D@!(%.@!P]!*(74)(+,%-,!0S,:(*(+_!,!.!E*'7.!),04)4'!A(;.*4Z(*!.!@,'!7.*-,\e;4.!),!7*.)'-.@!,!

@,*A4X.@!\4%(%0,4*.@!0.+!(!F?!E,@-!U!E,@-N.!),!Q'%).@!),!V%A,@-4+,%-.!/.T4;43*4._!F?!1,:'*.@!

U!1,:'*().*(!).!*(+.!fN.!K4)(_!F?!K4)(!U!1,:'*().*(!).!M(+.!K4)(_!+(4@!-(*),_!(!F?!F.%@';-!

U! 7(*(! (! 3*,(! ),! (@@,@@.*4(! \4%(%0,4*(5! ,! (! ! F?! U! V%\.*+3-40(! ,! +(4@! *,0,%-,+,%-,! .!

;(%X(+,%-.!)(!F?!U!1,*A4X.@5!!

$+!8]]6!.!:*'7.!),04)4'!*,%.A(*!(!@'(!4+(:,+_!7.4@!(!4),4(!),!+(-*4Z!0..7,*(-4A(!*'*(;!,@-(A(!

),@(-'(;4Z()(! ,! 7.*-(%-.! @,*4(! %,0,@@3*4.! ()(7-([;(! 7(*(! '+! 0.%-,I-.! +(4@! '*T(%._! 0.+!

.\,*-(@!+(4@!0.+7,-4-4A(@!),!7*.)'-.@!,!@,*A4X.@_!7(*(!),@-(! \.*+(!0.%-4%'(*!7.-,%04(%).!.!

@,'!0*,@04+,%-.5!?@@4+!,@-,!%.A.!7,*\4;!+(4@!0.%-,+7.*^%,.!A,4.!7*.7.*04.%(*!d!,+7*,@(!(!

4+(:,+! ),! '+(! 4%@-4-'4XN.! +.),*%(_! 0(7(Z! ),! ,%\*,%-(*! '+! (+T4,%-,! 0.+7,-4-4A.! 0.+!

0*,)4T4;4)(),!,!+(4@!4+7.*-(%-,_!@.;4),Z5!

9.*! \4+_! ,+! 8]##! .! F*G)4-.! ?:*H0.;(_! 0.+,+.*.'! #]]! (%.@! ),! (-4A4)(),! ,+! 9.*-':(;_! '+!

+(*0.! %.-e*4.! &',! @4+T.;4Z.'! '+! ;.%:.! 0(+4%S.! ),! ,A.;'XN.! ,! 0*,@04+,%-._! &',!+(*0(! .!

0';+4%(*!),!'+!0,%-,%3*4.! (!7*.7.*04.%(*! (!+'4-(@! 0.+'%4)(),@!,! *,:4Y,@!).!%.@@.!7(H@!.!

(7.4.!%,0,@@3*4.!(.!),@,%A.;A4+,%-.!,0.%e+40.!,[email protected](;5!?@!A3*4(@!4%404(-4A(@!&',!),0.**,*(+!

(.!;.%:.!),@-,!(%._!7,*+4-4*(+!'+!.;S(*!0;(*[email protected]*,!.!&'N.!4+7.*-(%-,!G!(!4%@-4-'4XN.!F*G)4-.!

?:*H0.;(!G!7(*(!([email protected],)(),5!!

;"; M(+4()25)M%H2+3&)S,%T?&/()FE3$&)25)N(,&6U)MJV")

D!,@-3:4.! \.4!,\,0-'().!%(! 4%@-4-'4XN.!F(4I(!),!F*G)4-.!?:*H0.;(!/J-'.!),!K(:.@_!FMO5!?! @'(!

@,),[email protected](;!G! !%(!M'(!9()*,!K40,%-,!/(*4(!)(!M.0S(_!=>C]!U!CL=!K(:.@_!.!@,'!0.%-*4T'4%-,!G!

L]#CC==>]5! F.+.! *,\,*4).! (%-,*4.*+,%-,! (! @'(! %(-'*,Z(! b'*H)40(! G! 0..7,*(-4A(_! 7.@@'4! '+!

0(74-(;[email protected](;!),!L586>5=C]!s,!.!@,'!@4-,!G!S--7Wiittt50*,)4-.[(:*40.;(57-5!!

B,!@,:'4)(!G!(7*,@,%-().!.!D*:(%4:*(+(!)(!0(4I(!),!F*G)4-.!?:*H0.;(!/J-'.!),!K(:.@_!FMO_!

&',!().7-(!'+!+.),;.!),!:.A,*%(XN.!0.%@-4-'H).!7.*!F.%@,;S.!),!?)+4%4@-*(XN._!F.%@,;S.!

Q4@0(;! ,! M,A4@.*! D\404(;! ),! F.%-(@! gQ4:'*(! #]h5! "(%-.! (! /,@(! )(! ?@@,+T;,4([! E,*(;! 0.+.! .!

F.%@,;S.!),!?)+4%4@-*(XN.!,!F.%@,;S.!Q4@0(;!@N.!0.+7.@-.@!7.*!-*c@!,;,+,%-.@5!

! #6!

!

*+,$%()!W)-)Q%,(>+,%(7()2()MMS)25)N(,&6)

!"#$%'&()*"+&C7C7=&9:;;<&%,)-".)/0"&1."1.3)&!

?! 4%@-4-'4XN.!F*G)4-.!?:*H0.;(!\.4! \'%)()(!,+!K(:.@!,+!!]6i]#i#P>C_),@),!,%-N._!-,+!A4%).!

@,+7*,! (! 0*4(*! A(;.*! ,! (! :(%S(*! &'.-(! ),! +,*0().! %(! *,:4N.! ,! (-'(;+,%-,! b3! @,! ,%0.%-*(!

@,)4()(! ,+! 6! (;),4(@! ).! 0.%0,;S._! K(:.@_! F(;AN._! F.AN.! ).! O.T._! E(\(%S(! )(! 2.(! R.*(!

gK(:',4*(h_!D'0(!,!9.%-,!),!K(:.@5!F.+.!\.*+(!),!*,7*,@,%-(*!,! 4;'@-*(*!.!@,'!0*,@04+,%-.!

7.),+.@!A,*4\40(*!%.!&'()*.!&',!@,!@,:',_!A3*4.@!\(0-.*,@!&',!),+.%@-*(+!4@@.!+,@+._!7.*!

,I,+7;.W! .! 7*.)'-.! T(%03*4.! A,+! :(%S(%).! @4:%4\40^%04(! (.! ;.%:.! ).! 7,*H.).! )(! (+.@-*(_!

T,+!0.+.!0.+.!.!(-4A.! ;H&'4).!&',!(7,%(@!(7*,@,%-(!'+(!&',T*(!,+!8]##_! b'@-4\40()(!,+!

:*(%),! 7(*-,! 7,;(@! 7,*-'*T(XY,@! ).!+,*0()._! ! 7.*! \4+! ,! *,;(-4A(+,%-,! (.! 0(74-(;! 7.),+.@!

4),%-4\40(*! ).4@! 7,*H.).@_! .! 7e@! ,! .! 7*G! 8]]P_! .%),! (-G! d! )(-(! (! ,+7*,@(! (7*,@,%-(! '+!

0*,@04+,%-.!,!7.@-,*4.*+,%-,!(!,@@(!(7*,@,%-(!.!7,*0'*@.!4%A,*@.!gQ4:'*(!##h5!

! #<!

!

*+,$%()!!)-)9>2+?(2&%56)2&)=(/(>0&)2()MMS)25)N(,&6)

!"#$%'&()*"+&C7C7=&9:;;<&%,)-".)/0"&1."1.3)&!D'-*.! (@7,0-.! &',! :.@-(*4(! ),! @(;4,%-(*! @,*4(! (@!+(*:,%@! T(%03*4(@_!+(4@! 0.%0*,-(+,%-,! (@!

+(*:,%@! \4%(%0,4*(!,! 0.+7;,+,%-(*5!M,;(-4A(+,%-,!,@-(!J;-4+(_! 0.%@4@-,!%.!A(;.*! ;H&'4).!),!

0.+4@@Y,@!.T-4)(@!)(@!&'(4@!\(Z,+!7(*-,!(@!0.+4@@Y,@!0.+,*04(4@!g7.*!,I,+7;.W!+(%'-,%XN.!

),!0.%-(_!0S,&',@_!(T,*-'*(!),!0.%-(!,%-*,!.'-*.@h!,!.7,*(-4A(@_!(@!&'(4@!@N.!7*.A,%4,%-,@!),!

0.+4@@Y,@! ),! A,%)(! ),! 7*.)'-.@! -(4@! 0.+.W! F?! K4)(! ,! F?! 1,:'*.@5! f.! &',! )4Z! *,@7,4-.! d!

7*4+,4*(_! (! +(*:,+! \4%(%0,4*(_! 0.%@4@-,! %(! )4\,*,%X(! (7'*()(! ,%-*,! (@! *'T*40(@! b'*.@! ,!

*,%)4+,%-.@!@4+4;(*,@!,!b'*.@!,!,%0(*:.@!@4+4;(*,@5!?@@4+_!-.*%([@,!,A4),%-,!&',!,@-(!G!-(%-.!

+(4@!,\404,%-,!&'(%-.!+,;S.*!\.*!(7;40(XN.!).@!4%A,@-4+,%-.@_!+(4@!0.%0*,-(+,%-,_!),7e@4-.@!

(!-(I(@!+(4@!T(4I(@!T,+!0.+.!,+7*G@-4+.@!0.+!-(I(@!@'7,*4.*,@5!f.!,%-(%-.!*,7(*(+.@!&',!

),! 8]]>! 7(*(! 8]]P_! A,*4\40.'[@,! '+(! ,;,A()(! ),-,*4.*(XN.! ),@-,! 4%)40().*_! &',! 7.),! @,*!

b'@-4\40().!7.*!'+(!,I0,@@4A(!),:*()(XN.!)(@!-(I(@!$'*4T.*5!!

9.),+.@! (4%)(! 0.%@-(-(*! %(!

Q4:'*(! #8! &',! (! +(*:,+!

\4%(%0,4*(! (7*,@,%-(! '+!

0*,@04+,%-.! %,:(-4A._! &',!

7.),! @,*! ,I7;40().! 7.*!

)4A,*@(@! *(ZY,@! -(4@! 0.+.W! .!

('+,%-.! ).@! 7*,X.@! ).@!

),7e@4-.@p! (! ,@-(T4;4Z(XN.! ).!

7*,X.! ).@! ,+7*G@-4+.@p!

)4\,*,%-,@! +(-'*4)(),@! ,%-*,!

.@! ),7e@4-.@! ,! ,+7*G@-4+.@_!

7.4@!(!,I4:4T4;4)(),!).@!),7e@4-.@!@N.!%(!@'(!:*(%),!+(4.*4(!),!0'*-.!7*(Z.!,%&'(%-.!&',!.@!

,+7*G@-4+.@!7.@@',+!:,*(;+,%-,! 0*4-G*4.@!),!+G)4.i;.%:.!7*(Z.! ! ,! -(+TG+!(! -47.;.:4(!),!

0*G)4-.!,!(@!:(*(%-4(@!7*,@-()(@_!7.4@!0,*0(!),!>]l!).@!0*G)4-.@!).!F*G)4-.!?:*H0.;(!),!K(:.@!

@N.!0.%0,)4).@!0.+!:(*(%-4(@! *,(4@_!7.*!,I,+7;.W!S47.-,0(@!,!7,%S.*(@!),!(7;40(XY,@!.!&',!

*+,$%()!;)-)#.&/$01&)2(6)F(%,5>6)=(>?B%+(6)

!"#$%'&()*"+&C7C7=&9:;;<&%,)-".)/0"&1."1.3)&!

! #>!

7.*! @'(!A,Z!7*.A.0(!'+(!&',T*(!%(@! -(I(@!(7;40()(@5!?!+(*:,+!0.+7;,+,%-(*! -,+!A4%).!(!

('+,%-(*_! .! &',! 4;'@-*(! 4%\;(XN.! )(@! @'(@! 0.+4@@Y,@! 7*(-40()(@! 7,;.! T(%0.5! $@-(! -,%)c%04(!

7.),! 4%)40(*! '+(! -,%-(-4A(! )(! ,+7*,@(! ),! ! ,@-(T4;4Z(XN.! ,! ,&'4;HT*4.! ).! 7*.)'-.! T(%03*4.!

(-*(AG@! )(! +(*:,+! 0.+7;,+,%-(*! ,! (@@4+! @(;A(:'(*)(*! .! ,&'4;HT*4.! )(@! @'(@! 0.%-(@5! 9(*(!

(;G+!),@-(@!@'@7,4XY,@!,I4@-,+!,\,-4A(+,%-,!(XY,@!&',!0.%-*4T',+!7(*(!.!),@,%A.;A4+,%-.!

),@-(_! %.+,()(+,%-,! .! 0*,@04+,%-.! ).! %J+,*.! ),! 0.+4@@Y,@! @.T*,! .! @,*A4X.! T(%03*4._!

('+,%-.!).!0.+4@@4.%(+,%-.!7(:.!7,;(@!,%-4)(),@!*,@7.%@3A,4@_!g7.*!,I,+7;.W!,+!A,Z!),!@,!

:(%S(*!#]l!),!0.+4@@N.!7.*!'+(!A,%)(_!:(%S([@,!#Llh!,!-(+TG+!.!('+,%-.!).!7*,X.!).@!

7*.)'-.@!A,%)4).@_!&',!7.*!@'(!A,Z!@,!*,\;,-,!%.!('+,%-.!).!+.%-(%-,!)(@!0.+4@@Y,@5!

9(*(!(;G+!),@-,@!4%)40().*,@_!

,I4@-,+!(4%)(! *JT*40(@! 0.+.W!

,\404c%04(_! @.;A(T4;4)(),_! :*('!

),!7*.A4@4.%(+,%-.!,!0*G)4-.!

A,%04).! ;H&'4).5! 1,:'%).! .@!

*,@';-().@! ).! *,;(-e*4.! ),!

,@-(T4;4)(),!),!/(4.!8]#]!).!

2(%0.!),!9.*-':(;_!.@!T(%0.@!

0.+! *4@0.! ),! 0*G)4-.! +(4@!

,;,A().! ,! 0.+! +(4.*,@!

*,@,*A(@! ),! ;4&'4),Z! -,%),+!(!

-,*! %HA,4@! ),! 4%,\404c%04(!+(4@! ,;,A().@_! 7.@@4A,;+,%-,! *,\;,-4%).! .! \(0-.! ),! ,@-(@! A(*43A,4@!

\'%04.%(*,+!0.+.!4%)40().*,@!)(!&'(;4)(),!,!@.\4@-40(XN.!)(!:,@-N.5!!

9.*! .'-*.! ;()._! .@! T(%0.@! *,;(-4A(+,%-,!+(4.*,@! ,! 0.+!+,%.*! (;(A(%0(:,+! -,%),+! (! @,*!

+(4@!,\404,%-,@5!V@-.!7.),!4%)40(*!&',!.@!T(%0.@!),!+(4.*!)4+,%@N.!-c+!(!0(7(04)(),!),!(-*(4*!

,&'47(@!),!:,@-N.!+(4@!0.+7,-,%-,@!,!&',!'+(!0(74-(;4Z(XN.!+(4@!*.T'@-(!G!'+(!\.*+(!,\40(Z!

),!*,)'Z4*!.@!7*.T;,+(@!),!(:c%04(5!!

D!*304.!),!,\404c%04(!,%&'(%-.!4%)40().*!T(%03*4.!4;'@-*(!&'(%-.!0'@-(!0()(!'%4)(),!),!0(74-(;!

(7;40().! g,+7*,@-().h5! ?@@4+! 0.+.! G! eTA4.! &',! %(! e-40(! ).! T(%0.! ,@-,! 4%)40().*! G! -(%-.!

+,;S.*!&'(%-.!+,%.*!\.*!.!@,'!A(;.*5!B,@-(!\.*+(!,!*,;(-4A(+,%-,!d!Q4:'*(!#=_!0.%@,:'4+.@!

A,*4\40(*!&',!.!F*G)4-.!?:*H0.;(!),!K(:.@!-,+!A4%).!(!+,;S.*(*!,@-,!4%)40().*5!

*+,$%()!@)-)9>2+?(2&%56):(>?B%+&6)25);WWO)();W!!)

!"#$%'&()*"+&C7C7=&9:;;<&%,)-".)/0"&1."1.3)&!

! #P!

?!@.;A(T4;4)(),!@,:'%).!.! Vf$! g8]#8h!,%&'(%-.! 4%)40().*!,0.%e+40.[\4%(%0,4*.!),+.%@-*(!(!

0(7(04)(),!)(!,+7*,@(_!%,@-,!0(@.!).!T(%0._!),! ;4&'4)(*!(@! *,@7.%@(T4;4)(),@!(@@'+4)(@!),!

0'*-._!+G)4.!,!;.%:.!7*(Z._!.'!@,b(_! 4%)40(!(!7(*0,;(!*,;(-4A(!).@!(-4A.@!).!T(%0.!\4%(%04().@!

7,;.@! 0(74-(4@! 7*e7*4.@! ,+! 0.%-*(! 7(*-4)(! ).@! (-4A.@! \4%(%04().@! 7.*! 0(74-(4@! (;S,4.@_! ),@-(!

\.*+(!.!4%)40().*!,A4),%04(!.!:*('!),!4%),7,%)c%04(!)(!,+7*,@(!,+!*,;(XN.!(.@!0*,).*,@5!

?!@.;A(T4;4)(),!7.),!@,*!0(;0';()(!)(!@,:'4%-,!\.*+(W!

!

?@@4+_! &'(%-.! +(4.*! .! @,'! A(;.*_! +(4.*,@! @,*N.! (@! :(*(%-4(@! ).@! 0*,).*,@! ,! +(4.*! @,*3! (!

,@-(T4;4)(),! \4%(%0,4*(! ).! T(%0.5! 9.*-(%-.! ,! )()(! (! 4%-,*;4:(XN.! ).@! -,+(@_! -.).@! ,@-,@!

\(0-.*,@!7*.A.0(+!'+(!+(4.*!0(7(04)(),!),!%,:.04(XN.!).!T(%0.!7(*(!(@@4+!0.%-*(4*!%.A.@!

\4%(%04(+,%-.@5! f.! &',! )4Z! *,@7,4-.! (! ,@-,! 4%)40().*! G! %.-3A,;! (! @'(! ),-,*4.*(XN._! 7.4@!

(7*,@,%-(!'+(! -,%)c%04(!),0*,@0,%-,!),@),!8]]>5! $@-,!,%-*,!8]]>!,!8]##!(7*,@,%-.'!'+(!

&',T*(!),!0,*0(!),!#>l_!7(@@(%).!).@!#L_>Ll!7(*(!#8_P>l!,+!8]##5!?4%)(!%.!&',!@,!*,\,*,!(!

,@-(!-,+(!G!),!@(;4,%-(*!&',_!(7,@(*!)(!&',)(!)(!@.;A(T4;4)(),!7.*!7(*-,!).!F*G)4-.!?:*H0.;(!

),!K(:.@!)'*(%-,!'+!7,*H.).!0.%@,0'-4A.!),!=!(%.@_!,@-(!0.%@,:',!@,+7*,!:(*(%-4*!(@!+,-(@!

(;0(%X()(@!7,;.@! (0.*).@!2(@4;,4(! V! ,!2(@4;,4(! VV! &',! \4I(*(+!(!+,-(!),! @.;A(T4;4)(),!7(*(! (@!

4%@-4-'4XY,@!\4%(%0,4*(@!),!>!,!#8l_!*,@7,0-4A(+,%-,5!!

F.%@,:'4+.@! 4:'(;+,%-,! 0.%@-(-(*! %(! Q4:'*(! #=! &',! .! :*('! ),! 7*.A4@4.%(+,%-.! ).! 0*G)4-.!

A,%04).!).!F*G)4-.!?:*H0.;(!),!K(:.@!),:*().'[@,!%.!J;-4+.!,I,*0H04._!),A4).!,@@,%04(;+,%-,!

(!)'(@!*(ZY,@W!4h!.!(T(-,!).!(-4A.!).!T(%0.!),0.**,%-,!),!0*G)4-.@!0.%@4),*().@!4%0.T*3A,4@!,_!

44h_!.!('+,%-.!0.%@4),*3A,;!)(@!7*.A4@Y,@_!

@4-'(%).!(@@4+!.!*304.!),!0*G)4-.!A,%04).!

;H&'4).! ,+! A(;.*,@! 4%\,*4.*,@! +(4@!

*,)'Z4).@5!

r3!%.!&',!)4Z!*,@7,4-.!d@!,%-*()(@!,!@(H)(@!

),!+.,)(!)(!4%@-4-'4XN._!7.),+.@!*,-4*(*!

&'(-*.! 4+7.*-(%-,@! 0.%0;'@Y,@! @.T*,! (!

Q4:'*(!#C5!9*4+,4*.!A,*4\40(+.@!&',!),7.4@!

),! '+! ;.%:.! 7,*H.).! ),! 0.%-H%'.@!

*+,$%()!G)-#.&/$01&)25)+>'$36)5)&$3'$36)D+>(>?5+%&6)

!"#$%'&()*"+&C7C7=&9:;;<&%,)-".)/0"&1."1.3)&!

! 8]!

(0*G@04+.@! %.!+.%-(%-,! ),! ),7e@4-.@! -.-(4@! ),! 0;4,%-,@5! $+!8]##!+'4-.! ,+T.*(! b'@-4\40().!

7,;(! 4%0,*-,Z(! ,! 4%@,:'*(%X(! *,;(-4A(+,%-,! d@! 4%@-4-'4XY,@! \4%(%0,4*(@_! .! A(;.*! (7*,@,%-().!

@.\*,!'+(!&',T*(!%(!.*),+!).@!6l_!0.+7(*(-4A(+,%-,!0.+!.!(%.!(%-,*4.*5!!

1,:'%)._!.!0*G)4-.!-.-(;!(!0;4,%-,@!(7e@!'+!;4:,4*.!0*,@04+,%-.!,+!8]]>i8]]P_!(-4%:4'!A(;.*,@!

@'7,*4.*,@! (.@! 6]! +4;SY,@5! F.%-').! ,! 0.+7(*(-4A(+,%-,! 0.+! 8]]P_! ,+! 8]##! (! ,+7*,@(!

0.%0,),'!(7,%(@!0,*0(!),!LC!+4;SY,@_!.!&',! *,7*,@,%-(!'+(!&',)(!0.%-H%'(!),!#]l5!$@-,@!

A(;.*,@!A,+!),!,%0.%-*.!(.!&',!b3!\.4!*,\,*4).!(%-,*4.*+,%-,_!,!4;'@-*(+!'+!+(4.*!0*4-G*4.!,!

*4:.*!)(@!,%-4)(),@!\4%(%0,4*(@!%(!(%3;4@,!).@!0;4,%-,@i4%A,@-4).*,@5!!

",*0,4*._! A,*4\40(+.@! &',! (@! (7;40(XY,@! ,+! 4%@-4-'4XY,@! ),! 0*G)4-.! -c+! (7*,@,%-().! '+!

0*,@04+,%-.!(-G!8]#]5!f.!,%-(%-._!,+!8]##!,@-,!A(;.*!(7*,@,%-.'!'+!),0*G@04+.!),!Cl5!?@!

7*4%047(4@!*(ZY,@!&',!,%0.%-*(+.@!7(*(!b'@-4\40(*!!,@-,!0.+7.*-(+,%-.!@N.!(@!@,:'4%-,@W!4h!(@!

,;,A()(@! -(I(@! 0.%0,)4)(@! 7,;(! 0.%0.**c%04(! ,+! :,*(;_! (-G! 8]#]_! 7.),+! @,*! '+! \(0-.*!

),-,*+4%(%-,5! g9.*! ,I,+7;.W! .! 2F9! U! /4;;,%%4'+_! 0S,:.'! (! .\,*,0,*! ),7e@4-.@! 0.+! -(I(@!

"?f2! L_8Ll! ,+! +,*.@! ),7e@4-.@! (! 7*(Z._! 0'b.! .! *4@0.! ),@-(@! (7;40(XY,@! @N.! %';.@! 7(*(! .!

4%A,@-4).*hp! 44h!(!*(ZN.!&',!0.%@4),*(+.@!),04@4A(!7(*(!(!&',T*(!)(!,I7(%@N.!),@-,!4%)40().*!

,+!8]##!\.4_!7(*(!(;G+!).!,;,A().!:*('!),!),@0.%\4(%X([email protected]*,!(!T(%0(_!(@!+,)4)(@!-.+()(@!

7,;.! 2(%0.! ),! 9.*-':(;! g2595! 8]#8h5! $@-(@! A4@(+! *,:';(*! ,! (! -*(A(*! ,@-,! 0.+7.*-(+,%-.!

,I7(%@4A.! )(@! -(I(@! .\,*,04)(@! 7,;.@! T(%0.@_! )().! &',! ,@-(@! 7.)4(+! 0.+7*.+,-,*! (! @'(!

;4&'4),Z!,!@.;A(T4;4)(),!%'+!+G)4.i;.%:.!7*(Z.5!!

?!q'(*-(!,!J;-4+(!*(ZN.!G!&',!.!F*G)4-.!?:*H0.;(!),!K(:.@_!-(;!0.+.!&'(;&',*!.'-*.!T(;0N.!)(!

4%@-4-'4XN.!F5!?:*H0.;(_!7*4A4;,:4(!(!@.;4),Z!,!,@-(T4;4)(),!)(!@'(!,@-*'-'*(_!7.4@!@,!*,7(*(*+.@!

%(!Q4:'*(!#C!0.%@,:'4+.@!0.%@-(-(*!&',!.!0*G)4-.!0.%0,)4).!(.@!0;4,%-,@!G!@,+7*,!4%\,*4.*!(.@!

+.%-(%-,@! ),! ),7e@4-.@! ),! 0;4,%-,@5! $+! 8]]>! .! F5! ?:*H0.;(! 0.%0,),'! (7,%(@! 6Pl! ).@!

),7e@4-.@! ).@! @,'@! 0;4,%-,@5! B,@),! ,%-N.! -,+! (7*,@,%-().! '+(! -,%)c%04(! ),0*,@0,%-,! ),!

\.*+(!(!-,*+4%(*!.!(%.!),!8]##!0.+!(7,%(@!68l_!.!&',!4;'@-*(!(!*,@7.%@(T4;4)(),!,!@,*4,)(),!

).@!7*.\4@@4.%(4@!,!)4*4:,%-,@!)(!4%@-4-'4XN.5!

$+! 0.%0;'@N._! 7.),+.@! A,*4\40(*! &',! (! F5! ?:*H0.;(! ),! K(:.@! -,+! A4%).! (! 0*4(*! A(;.*! %.!

+,*0()._!0.+.!G!),+.@-*().!7.*!A3*4.@!\(0-.*,@_!,!&',!(7,@(*!),!,I4@-4*,+!(%.@_!0.+.!8]]P_!

,+! &',! @,! %.-(! '+! ),0*G@04+.! ).@! (;:'%@! 4%)40().*,@_! (! (:c%04(! ),+.@-*(! @,+7*,!

,@-(T4;4)(),!,!0(7(04)(),!),!0.+7,-4*!%.!+,*0().5!!

! 8#!

? M)$N$#2#&8'#&8&"N+5N$#28'"+'&8)9:$+'

f.! ^+T4-.! ).! ,@-3:4.! ,! ).@! .Tb,0-4A.@! 7*.7.@-.@! 7(*(! ,@-,_! (@! (-4A4)(),@! ),@,%A.;A4)(@! %.!

),0.**,*!).!,@-3:4.!0.%0,%-*(*(+[@,!,+!-(*,\(@!*,;(04.%()(@!0.+!(!T(%0(!0..7,*(-4A(_!.%),!

(!c%\(@,!\.4!(!3*,(!),!(%3;4@,!),!*4@0.!,!0.%0,@@N.!),!0*G)4-.5!$+!@,:'4)(!(7*,@,%-.!(;:'+(@!

)(@!(-4A4)(),@!),@,+7,%S()(@!%(@!4%@-(;(XY,@!).!F*G)4-.!?:*H0.;(!),!K(:.@5!

D! ,@-3:4.! \.4! )4A4)4).! ,+! ).4@! +.+,%-.@5! f'+(! 7*4+,4*(! \(@,! (@! (-4A4)(),@! ),@,%A.;A4)(@!

,@-4A,*(+! (;:.! *,;(04.%()(@! (.! 0.%S,04+,%-.! )(! ,+7*,@(_! T,+! 0.+.! (! 4%-,:*(XN.! %(!

.*:(%4Z(XN.5!!

f,@-(!\(@,!4%404(;!,;(T.*,4!-(*,\(@!0.+.W!

• ?7*,%),*i,@-')(*!.!F*G)4-.!?:*H0.;(!),!K(:.@_!FMO_!),!\.*+(!(!0.%S,0,*!,!(7*,%),*!

(@!@'(@!7*4%047(4@!(-4A4)(),@!-(;!0.+.!.@!7*.0,)4+,%-.@!4%-,*%.@p!

• V%-,*(:4*!,!7,*0,T,*!.!@4@-,+(!4%\.*+3-40.g1V2?O!,!V219MDQVOh!D!1V2?O!G!'+!@.\-t(*,!

),!-*(%@(XY,@!\4%(%0,4*(@_!,%&'(%-.!&',!.!V21!G!'+!@4@-,+(!),!T(@,!),!)().@p!

• M,(;4Z(*!.7,*(XY,@!4%-,*%(@p!

• "*(-(+,%-.!).!0.**,4.!,!).!?*&'4A.p!

• F.%-*.;.!),!+(7(@_!%.+,()(+,%-,_!"9?u@_!2(;0N.!8C_!B43*4.@_!F.%-*.;.!),!!Q.;S(@!),!

F(4I(@_! .'! @,b(_! ,@-(! @'7,*A4@N.! 0.%@4@-,! ,+! (%(;4@(*! &',! @(;).@! ),! 0.%-(@! ).@!

.7,*().*,@!)(!0(4I(!,!0*'Z([;.!0.+!.!'+!+(7(!()+4%4@-*(-4A.!g/(7(@!C]]!,!#<6h_!7.*!

\.*+(! (! ,A4-(*! ;(0'%(@! %.@! 7*.0,@@.@! ),! \,0S.! ),! 0(4I(! (@@4+! 0.+.! %(! 4%\.*+(XN.!

0.%-(T4;H@-40(5!

• ?-'(;4Z(XN.!),!)().@!),!F.%-(@p!

• ?%3;4@,!)(!0.%0.**c%04(_!%.+,()(+,%-,!7*,X.@!,!0(+7(%S(@p!

!

f(!@,:'%)(!\(@,!).!,@-3:4.!(@!-(*,\(@!0.%0,%-*(*(+[@,!+(4@[email protected]*,!(!3*,(!),!0*G)4-.5!$@-(!3*,(!

),! -*(T(;S.! \.4! (! &',!+(4@! 4%-,*,@@,!+,! ),@7,*-.'_! %N.! @e! 7,;(! (-'(;4)(),! ).! -,+(! 0.+.!

-(+TG+!7,;(!@'(!7(*-40';(*4)(),5!!

?@@4+!(@!7*4%047(4@!(-4A4)(),@!*,(;4Z()(@!)'*(%-,!,@-,!7,*H.).!\.*(+W!

• V),%-4\40(XN.!),!T,%@!*,0'7,*().@!).@!0*G)4-.!A,%04).p!

• ?'I4;4.!%(!.*:(%4Z(XN.!),!,@0*4-'*(@!,\,0-'()(@!%.!T(%0.p!

• ?%3;4@,! \4%(%0,4*(! ,! ,@-*(-G:40(! ),! ,+7*,@(@! )(! *,:4N.! &',! (7*,@,%-,+! 4%)H04.@! ),!

0;4,%-,@! 7.-,%04(4@_! -(;! 0.+.! .@! @,0-.*,@! .@! @,0-.*,@! ),! (-4A4)(),! .%),! ,@-(@! ,@-N.!

4%@,*4)(@5!9(*(!(;G+!)4@@._!(4%)(!\.4!,;(T.*().!'+!,@-')[email protected]*,!.@!0;4,%-,@!,!@,0-.*,@!

),!(-4A4)(),!0.+!+(4.*!7,@.!%(!,@-*'-'*(!),!0*G)4-.!)(!,+7*,@(p!

! 88!

• B,@;.0(XN.!d@!4%@-(;(XY,@!).!()A.:().!7.*!0('@(!)(!*,0.;S(!),!4%\.*+(XN.!*,;(-4A(!(!

7*.0,@@.@!b')404(4@!),!0*G)4-.@!).!0.%-,%04.@._!0.+!7*.0,@@.!b')404(;!(-4A.p!

• Q.*+(XN.!7*,@,%04(;[email protected]*,!.!7*.)'-.!F?!/';S,*_!'+!7*.)'-.!),!*4@0.!&',!(!,+7*,@(!

A(4!;(%X(*!%.!+,*0().5!!

• ?%3;4@,!),!+(7(@!),!0;4,%-,@!,+!@4-'(XN.!),!F*G)4-.!K,%04).p!

• ?%3;4@,!),!%.A(@!7*.7.@-(@!),!0*G)4-._!%.+,()(+,%-,!A,*4\40(*!.!*4@0.!),@-(@_!.'!@,b(_!

,;(T.*(*!'+!,@-').!4%-,%@[email protected]*,!.!@.;404-().*W!!

• M(-4%:!).!F;4,%-,!g0.+7.*-(+,%-.@!,+!(%-,*4.*,@!.7,*(XY,@!),!! 0*G)4-._!

(A,*4:'(*! (! ,I4@-c%04(! ),! @4-'(XY,@! ),! 4%0'+7*4+,%-.! ,+! .'-*(@! 4%@-4-'4XY,@!

\4%(%0,4*(@_!0S,&',@!),A.;A4).@_!'-4;4Z(XN.!\*,&',%-,!).!;4+4-,!),!0*G)4-.!),@0.T,*-._!

,!\*,&',%-,!@(;).!),A,).*!%(!0.%-(!B5D5hp!

• F(*(0-,*H@-40(@!)(!,+7*,@(!gB4+,%@N._!@,0-.*!),!(-4A4)(),_!7*.)'-.@!0.+,*04(;4Z().@_!

;.0(;4Z(XN._! )().@! 0.%-(T4;H@-40.@_! 0(7(04)(),! ),! :,*(*! 0(@S[\;.t@! &',! 7,*+4-(+!

*,,+T.;@._!A4(T4;4)(),!\4%(%0,4*(!,!0.+,*04(;!)(!,+7*,@(_!,%-*,!.'-*.@h!

• F(*(0-,*H@-40(@!).!+,*0().!gA.;(-4;4)(),_!@(Z.%(;4)(),_!0.%0.**c%04(!,!! *4@0.@! ).!

@,0-.*!,!)(!(-4A4)(),h!

• F(*(0-,*H@-40(@! ).! ,+7*G@-4+.! g! -47._! %(-'*,Z(_! *4@0.! ).! 7*.b,-._! )'*(XN.! ).!

4%A,@-4+,%-._!:(*(%-4(@!*,(4@_!(A(;4@-(i\4().*_!&'(;!(!\4%(;4)(),!),!,+7*G@-4+._!,-05h!

D! 0*G)4-.! %(! F(4I(! ),! F*G)4-.! ?:*H0.;(! ),! K(:.@! G! (0.+7(%S().! )4(*4(+,%-,_! 0.+! '+(!

,I0,@@4A(! )4@047;4%(! ,! (;:'+(! (:4;4)(),_! 7(*(! &',! @,b(! 7.@@HA,;! -.*%(*! .! 7*.0,@@.! .! +,%.@!

+.*.@.!7.@@HA,;_!,!(@@4+!+,;S.*(*!.!@,*A4X.!),!7*,@-(XN.!),!0*G)4-.5!?.!+H%4+.!@4%(;!),!&',!.!

0*G)4-._!,@-3!,+!A4(@!),!4%0'+7*4+,%-._!.!T(%0.!*,@7.%@(T4;4Z([@,!7.*!%.-4\40(*!.@!0;4,%-,@_!),!

\.*+(! (! &',! ,@-,@! 7.@@(+!7*.0,),*! d! *,:';(*4Z(XN.! ).! ,+7*G@-4+.5!f,@-(! 7*4+,4*(! \(@,! .@!

0;4,%-,@! @N.! %.-4\40().@! A4(! -,;,\.%,! ,! A4(! 0.**,4.! *,:4@-()._! ,@-(! G! (! ),@4:%()(! \(@,! )(!

-.;,*^%04(5!!

1,:'4)(+,%-,!%(!\(@,!)(@!)4;4:c%04(@_!.!T(%0.!,!.!0;4,%-,!-*.0(+!4+7*,@@Y,@!7(*(!),!(;:'+(!

\.*+(! ,%0.%-*(*,+! '+(! @.;'XN.! 7(*(! .! 7*.T;,+(! ),! 4%0'+7*4+,%-.5! F(@.! ,@-,@! +.@-*,+!

(;:'+(! A.%-(),! ,! 0(7(04)(),! ),! *,(;+,%-,! ;4&'4)(*! .! 0*G)4-._! %.+,()(+,%-,! )(!

4%0.*7.*(XN.! ),! \4().*,@! .'! S47.-,0(@! ()404.%(4@! %.! %.A.! 0.%-*(0-._! .! T(%0.! 7.),! ,\,-'(*!

'+(!*,%,:.04(XN.!).!0*G)4-.!7(*(!&',!.!0;4,%-,!7.@@(!-,*!'+(!%.A(!.7.*-'%4)(),5!

D!1V2?O_!\,**(+,%-(!&',!('I4;4(!-(+TG+!(!:,@-N.!).!0*G)4-.!G!0*'04(;!7.4@!7,*+4-,!(.!T(%0.!

-,*!'+!0.%-*.;.!(7,*-()[email protected]*,!(!*JT*40(!),!+(4.*!@4:%4\40^%04(!%(@!0.%-(@!).!+,@+.5!B,@-(!

\.*+(! .! 7*.0,@@.! ),! 0*G)4-.! -,+! '+(! -*(b,-e*4(! %(-'*(;! ),%-*.! )(! .*:(%4Z(XN._! -(;! 0.+.!

7.),+.@!A,*4\40(*!%(!Q4:'*(!#L5!!

!

! 8=!

!*+,$%()!I)C)8%&?566&)25)M&>?5661&)25)M%H2+3&)>&)M%H2+3&)S,%T?&/()25)N(,&6)FE3$&U)MJV)"))

!!!!Q.%-,W!$;(T.*(XN.!7*e7*4(!

!

?-*(AG@! ),@-(! ,@-*'-'*(_! 7.),+! ),\4%4*[@,! A3*4.@! -47.@! ),! 0*G)4-.@! ),! (0.*).! 0.+! (@!

%,0,@@4)(),@! ).@! 0;4,%-,@! ,! (! \4%(;4)(),! ).@! ,+7*G@-4+.@5! ?@! .7,*(XY,@! ),! 0*G)4-.! 7.),+!

),@-4%(*[@,! (! 7,@@.(@! \H@40(@_! 7(*-40';(*,@_! .'! (! 7,@@.(@! b'*H)40(@_! (! ,+7*,@(@5! F.%-')._! @,!

().7-(*+.@!0.+.!T(@,!),!)4\,*,%04(XN.!.!7,*H.).!-,+7.*(;_!.@!0*G)4-.@!7.),+!@,*!),!.*4:,%@!

)4A,*@(@W! ;.%:.[7*(Z.! gF*G)4-.! R(T4-(XN._! .'! 7(*(! .! 0(@.! )(@! ,+7*,@(@_! ?&'4@4XN.! ),!

/(&'4%(*4(_!,%-*,!.'-*.@h!+G)4.!,!0'*-.[7*(Z.!gF*G)4-.!0.%-(!0.**,%-,_!\(0-.*4%:_!,-0h5!

9,*(%-,!(@!(-4A4)(),@!,;(T.*()(@!%.!@,4.!)(!.*:(%4Z(XN._!\40.'!7(*(!%e@!T(@-(%-,!0;(*.!&',!.!

%,:e04.!T(%03*4.!,!.!@4@-,+(!\4%(%0,4*.!0.%-*4T',+!),!\.*+(!),04@4A(!7(*(!.!\'%04.%(+,%-.!

)(!,0.%.+4(_!\(04;4-(%).!(@!-*(%@(XY,@!,%-*,!(:,%-,@!,0.%e+40.@5!/(4@!0.%0*,-(+,%-,!7(*(!.!

@,:+,%-.! )(@! ,+7*,@(@! 0.%@,:'4+.@! A,*4\40(*! &',! .! 0.%@-*(%:4+,%-.! \4%(%0,4*.! ,@-3! (!

0.;.0(*!,+!0('@(!(!0.%-4%'4)(),!),!+'4-(@!,+7*,@(@!7.*-':',@(@5!9.*-':(;_!-(;!0.+.!(!:*(%),!

7(*-,! )(! $'*.7(_! 7.@@'4! '+! -,04).! ,+7*,@(*4(;! &',! *.%)(! .@! PPl! ),! 7,&',%(@! ,! +G)4(@!

,+7*,@(@_! .%),! <Ll! ).! -,04).! ,+7*,@(*4(;! G! ),! @,*A4X.@! ,! (7,%(@! 8Ll! ),! 4%)J@-*4(5! $@-(@!

,+7*,@(@_! 7.*! \(;-(! ),! 0.+7,-4-4A4)(),! %.@! +,*0().@! 4%-,*%(04.%(4@! ,! 7.*! \(;-(! ),!

! 8C!

+,%-(;4)(),@!.*4,%-()(@!7(*(!.!),@,%A.;A4+,%-.!).!%,:e04._!-.*%(+[@,!m(*0(40.@n!4%)'@-*4(4@!

*,@-(%).[;S,! (7,%(@! '+! +,*0().! %(04.%(;! +'4-.! 0.+7,-4-4A.5! f,@-(! \(@,_! (@! ,+7*,@(@!

0.+,X(+! (! -*(X(*! '+! 7,*0'*@.! ),! ),0()c%04(! ,! 4%0(7(04)(),! ),! :,*(*! *,%)4+,%-.@!

@'\404,%-,@! 7(*(! @'@-,%-(*! (@! @'(@! %,0,@@4)(),@! \4%(%0,4*(@5! $+! 0.%)4XY,@! %.*+(4@_! S(A,*4(!

)4@7.%4T4;4)(),! )(@! 4%@-4-'4XY,@! T(%03*4(@! 7(*(! 0.;+(-(*! .! )G\40,! ),! *,%)4+,%-.@! 4%@-(;()._!

0.%-').!0.+!0.%-,I-.!+(0*.,0.%e+40.!(@@,%-,!%(!4%0,*-,Z(_!7*4%047(;+,%-,!7,;.!&',!@,!-,+!

A4%).! (! A,*4\40(*! ),@),! \4%(4@! ),! 8]]>_! -.*%([@,! +(4@! )4\H04;! (! *,0'7,*(XN.! )(! (-4A4)(),!

,+7*,@(*4(;5!

f.!,%-(%-.!,!(7,@(*!)(@!()A,*@4)(),@!,0.%e+40(@!4%@-(;()(@_!.!+.),;.!().7-().!7,;(!T(%0(!

0..7,*(-4A(_!+(4@! 0.%0*,-(+,%-,!7,;(!F(4I(!),!F*G)4-.!?:*H0.;(!/J-'.!),!K(:.@_! FMO_!+(4@!

0,%-*().!7(*(!.!+,*0().!;.0(;_!0.+!'+!*,;(04.%(+,%-.!2(%0.iF;4,%-,!T(@-(%-,!7*eI4+._!0.+!

'+(!)4@047;4%(!,!'+!0*4-G*4.!+'4-.!*4:.*.@.!%(@!@'(@!.7,*(XY,@!),!+(4.*!*4@0._!.%),!(!:,@-N.!,!

0.%-*.;.!),!0'@-.!G!T(@-(%-,!(7,*-()._!:(*(%-,!(@@4+!'+(!0(*-,4*(!),!0*G)4-.!,@-3A,;!,!'+(!

7,*\.*+(%0,!\4%(%0,4*(!(04+(!)(!+G)4(5!

D! @,'! 0.+7.*-(+,%-.! %.!+,*0().! ,! (! @'(! 7.@4XN.! ),! ,;,A()(! 7*.I4+4)(),_! 7(*(! (;G+! ),!

7*.7.*04.%(*! (.! F*G)4-.! ?:*H0.;(! ),! K(:.@! T.%@! *,@';-().@_! 7*.7.*04.%([;S,! -(+TG+_! (;:.!

+'4-.! 4+7.*-(%-,! 0.+.! (! )4+4%'4XN.! ).@! 7*.T;,+(@! ),! 4%\.*+(XN.! (@@4+G-*40(_! .'! @,b(_!

@,;,XN.!()A,*@(!,!*4@0.!+.*(;5!

! 8L!

12*)&'(('3'78),#+'&<=>*$%+''

B,!+.).!(!(%(;4@(*!0.+7.*-(+,%-.!).!0*G)4-.!T(%03*4._!%.+,()(+,%-,!).@!),-,*+4%(%-,@!),!

0.%0,@@N.!).!0*G)4-.!T(%03*4._!(%(;4@3+.@!,+74*40(+,%-,!)().@!*,;(-4A.@!(.@!7*4%047(4@!T(%0.@!

&',!.7,*(+!,+!9.*-':(;5!!

I 4&N$8.+'C$D5$+:*9E$%2'

f,@-,!0(74-';.!(T.*)(+.@!),!'+(!\.*+(!@'04%-(!(;:'%@!7.%-.@!4+7.*-(%-,@!%.!-,+(!!,!\.0().@!

,+!.'-*.@!,@-').@!&',!(A(;4(*(+!(;:'+(@!*,;(XY,@!,%-*,!.!0*G)4-.!T(%03*4.!,!(@!@'(@!7*4%047(4@!

A(*43A,4@5!!

B,@),!.@!(%.@!P]!&',!.@!+.),;.@!),!0*G)4-.!(.!@,0-.*!7*4A().! -,+!@4).!.Tb,-4A.!),!,@-').!),!

A3*4.@! 4%A,@-4:().*,@_! @.\*,%).!(@@4+!'+!*374).!0*,@04+,%-.!%(! ;4-,*(-'*(!,+7H*40(5!D@!,@-').@!

(T*(%:,+!)4\,*,%-,@!7(H@,@!,!0.%@4),*(+!)4@-4%-.@!7,*H.).@!),!-,+7.5!!

v(w,@! g8]]]h! (7;40.'! .! @,'! ,@-').! d! R.;(%)(! ,! '-4;4Z.'! ! (@! A(*43A,4@! 9V2! *,(;_! ,+7*G@-4+.@!

T(%03*4.@!(!,+7*,@(@_!-(I(!),!b'*.!),!,+7*G@-4+.@!T(%03*4.@_!-(I(!),!b'*.!),!;.%:.!7*(Z._!,!-)#D&

-"#*&A",*3#E+_!,%0.%-*(%).!'+!A,0-.*!0.4%-,:*(XN.!.%),!.!9V2!*,(;!,!(!-(I(!),!b'*.!T(%03*4.!@,!

+.@-*(*(+!@4:%4\40(-4A.@5!9(@@().!'+!(%.!R.\+(%%!g8]]#h!(7;40.'!'+!,@-').!4)c%-40.!(!#6!7(H@,@!

4%)'@-*4(;4Z().@_!.T-,%).!0.+.!7*4%047(4@!*,@';-().@!&',!.!),@,%A.;A4+,%-.!),!0*G)4-.!),!;.%:.!

7*(Z.! %N.! 7.),! @,*! ,I7;40().! 7,;(! 7*.0'*(! ),! 0*G)4-.! %.*+(;! +(@! @4+! 7,;.@! 7*,X.@! ),!

7*.7*4,)(),! &',! 4),%-4\40(+! .@! *,;(04.%(+,%-.@! ),! ;.%:.! 7*(Z.5! 2*Z.Z([2*Z,Z4%(! g8]]Lh!

0.%@4),*(%).!-(+TG+!.!@,0-.*!7*4A().!(%(;4@.'!.!0*G)4-.!T(%03*4.!,+!)4A,*@.@!7(H@,@_!4%0;'4%).!

9.*-':(;5!F.%@4),*.'! !0.+.!A(*43A,4@!.@! !,+7*G@-4+.@!%.!@,0-.*!7*4A()._!.!9V2! *,(;!,!(! -(I(!),!

b'*.!*,(;!g),!+,*0().!(!=!+,@,@h_!.T-,%).!0.+.!*,@';-().@!'+(!*,;(XN.!7.@4-4A(!,%-*,!.!9V2!*,(;!

,!(!0.%0,@@N.!),!0*G)4-.!T(%03*4._!,!'+(!*,;(XN.!4%A,*@(!0.+!(!-(I(!),!b'*.5!/(4@!-(*),_!F(@-*.!

(%)! 1(%-.@! g8]#]h(-*(AG@! )(@! A(*43A,4@! &',! 0.%-4%S(+! 4%)40().*,@! *,;(-4A.@! (! ,+7*G@-4+.@! ),!

0.%@'+._! ,+7*G@-4+.@! ),! S(T4-(XN.! ,! ,+7*G@-4+.@! 1fQ_! ,@-4+(*(+! (-*(AG@! ),! *,:*,@@Y,@! ),!

0.4%-,:*(XN.!'+!+.),;.!&',!0.%@4),*.'!@.+,%-,!)().@!),!9.*-':(;_!!0.%0;'4%).!&',!.!0.%@'+.!

7*4A()._! .! 4%A,@-4+,%-.!S(T4-(XN.! ,! .! 4%A,@-4+,%-.! ,+7*,@(*4(;! 4%\;',%04(A(+!7.@4-4A(+,%-,!.!

0*G)4-.!T(%03*4._!,%&'(%-.!&',!(!-(I(!),!b'*.!(@@.04()(!(7*,@,%-(A(!'+!@4%(;!%,:(-4A.5!!

D!0*,@04+,%-.!),!0*G)4-.!7.),!@,*!(%(;4@().!,+!).4@!7*4@+(@!)4\,*,%-,@5!9.*!'+!;()._!,@-')(!.@!

),-,*+4%(%-,@!)(!7*.0'*(!,!)(!.\,*-(!),!0*G)4-.p!7.*!.'-*.!;()._!0.%0,%-*([@,!(7,%(@!%.!;().!)(!

7*.0'*(!),!0*G)[email protected]!(!@'7.@4XN.!),!&',!.@!,\,4-.@!)(!.\,*-(!@N.!;4+4-().@5!F.%-')._!%.!%.@@.!

,@-').!.! ;().!)(!.\,*-(! @,*3!.!.Tb,-4A.!7*4%047(;! @,%).!&',!(!7*4%047(;!&',@-N.!G!0.+7*,,%),*!

! 86!

&'(4@! .@! ),-,*+4%(%-,@! &',! 7,*+4-,+! d@! 4%@-4-'4XY,@! T(%03*4(@! 0.%0,),*! +(4.*! A.;'+,! ),!

0*G)4-.5!!

f.@!+.),;.@! @.T*,!(!7*.0'*(!,! @.T*,!(!.\,*-(_! (@! A(*43A,4@!&',!'@'(;+,%-,! @N.!'-4;4Z()(@!7(*(!

4),%-4\40(*!.@!),-,*+4%(%-,@!).!0*G)4-.!0,%-*(+!%(@!A(*43A,4@!-*()404.%(4@_!0.+.!.!9V2!*,(;! !,!(@!

-(I(@!),!b'*.5!

Q*x++,;! (%)! 10S+4)-! g8]]6h! (%(;4@(*(+! %.! @,'! ,@-').! .! ;().! )(! .\,*-(! ,! 4%0;'H*(+! A(*43A,4@!

*,;(04.%()(@! 0.+!(!.\,*-(!),! 0*G)4-._!&',!7.),+!@,*!.T-4)(@!(!7(*-4*! ),!'+!T(;(%X.!).!T(%0.!

gQ*4,)+(%& %$& ),7! #PP=h5! D@! ('-.*,@! 4),%-4\40.'! ).4@! :*(%),@! :*'7.@! ),! A(*43A,4@W! (@! &',! @,!

*,;(04.%(+!0.+!(!0(7(04)(),!).@!T(%0.@!%(!0.%0,@@N.!),!0*G)4-.!,!(@!&',!@,!*,;(04.%(+!0.+!.!

*(04.%(+,%-.!).!7*e7*4.!0*G)4-.5!f.!7*4+,4*.!:*'7._!.@!('-.*,@!+,%04.%(+!&',!.!0(74-(;!7*e7*4.!

).@! T(%0.@! ,! .@! ),7e@4-.@! T(%03*4.@! @N.! (@! A(*43A,4@! ),! +(4.*! *,;,A^%04(p! %.! @,:'%).! :*'7.!

*,;(04.%([@,[email protected]*,-').!0.+!+,)4)(@!;4:()(@!(.!*4@0.!).@!(-4A.@!,!)(@!:(*(%-4(@!'-4;4Z()(@5!

f(! ;4-,*(-'*(! %.*+(;+,%-,! *,0.**,[@,! (! A(;.*,@! (:*,:().@! ,+! @G*4,@! -,+7.*(4@5! "(+TG+! @N.!

'-4;4Z().@!+.),;.@!),!(%(;4@,!),!)().@!,+!7(4%,;!7(*(!(%3;4@,@!,0.%.+G-*40(@_!7.*!,I,+7;.!,+!

Q'04)b4!(%)!/,%).%X(!g8]]6h5!!!

!

@ K&)+#+5+:$2'

;"! S7&63%()

9(*(! (! (%(;4@,! ,0.%.+G-*40(! @,;,04.%(+.@! (@! 4%@-4-'4XY,@! T(%03*4(@! @,:'%).! ).4@! 7*4%047(4@!

0*4-G*4.@W! )().@! )4@7.%HA,4@! %.@! *,;(-e*4.@! @,+,@-*(4@! )(@! 4%@-4-'4XY,@! \4%(%0,4*(@! ,! %.-.*4,)(),!

)(@!4%@-4-'4XY,@!T(%03*4(@!(!.7,*(*!,+!9.*-':(;![!"(T,;(!8!gfy>h5!?!T(@,!),!)().@!\.4!0.%@-*'H)(!

(-*(AG@! )(! (%3;4@,! ).@! *,;(-e*4.@! ),! 0.%-(@! )4@7.%4T4;4Z().@! 7,;(@! 4%@-4-'4XY,@! ,! 7.*! )().@!

\.*%,04).@!7,;.!2(%0.!),!9.*-':(;5!!

?! @,;,XN.! ).! 7,*H.).! -,+7.*(;_! \.4! ),\4%4)(! +,)4(%-,! ).4@! 0*4-G*4.@_! 7*4+,4*.! .! 7,*H.).!

,0.%e+40.!0*4-40.!&',!@,!4%404.'!,+!8]]<!,!@,!-,+!A4%).!(!(**(@-(*!),@),!,%-N._!,!,+!@,:'%).!(!

)4@7.%4T4;4)(),!),!)().@!).@!T(%0.@5!B,@-(!\.*+(_!\.*(+!*,'%4).@!)().@!7(*(!L!(%.@!*,;(-4A.@!(!>!

4%@-4-'4XY,@!T(%03*4(@_!;4@-()(@!(T(4I.!%(!"(T,;(!85!!

!

!

!

! 8<!

<(=5/();)-)S7&63%()X)9>63+3$+0Y56):(>?B%+(6))

!

;"; Z(2&6)

D! 7*4%047(;! .Tb,-4A.! G! ,%0.%-*(*! A(*43A,4@! @4:%4\40(-4A(+,%-,! 0.**,;(04.%()(@! 0.+! (! .\,*-(! ),!

0*G)4-.!).@!T(%0.@!)(!(+.@-*(5!F.+.!%N.!,I4@-,_!(-G!.%),!@(T,+.@_!%,%S'+!+.),;.!,I7;40(-4A.!

7(*(!.! 0*G)4-.!&',! \.*%,X(! \.*+(@! \'%04.%(4@! 7*.%-(+,%-,! -,@-3A,4@_! '-4;4Z3+.@!.'-*.@! ,@-').@!

(%-,*4.*,@!7(*(!),\4%4*!(@!7*.A3A,4@!A(*43A,4@!,I7;40(-4A(@!%.!+.),;.!),!)().@!,+!7(4%,;5!

<(=5/()@)-)Z56?%+01&)2(6).(%+B.5+6)$3+/+[(2&6)>&)7&25/&")

P2*$9N&$8' O&8%*$-.+' Q"$#2#&8'

P+5,<&' #&' R=&*2-S&8'

#&'A*T#$)+'

>CC?&

V%0;'4! .! A(;.*! ! -.-(;! ),! 0*G)4-.! 0.%0,)4).! )(@!

@,:'4%-,@! \.*+(@! W! 0*G)4-.! 0.%0,)4).! (! ,+7*,@(@_!

0*G)4-.! d! S(T4-(XN._! 0*G)4-.! (.! 0.%@'+._! 0*G)4-.!

0.%0,)4).! (-*(AG@! ),! 0(*-Y,@! ),! 0*G)4-._! .'-*.@!

0*G)4-.@! (! 7(*-40';(*,@_! :(*(%-4(@! ,! (A(;,@!

7*,@-().@_!,!),*4A().@5!

g/!sh!

M)$N+'G+)25'

>=F?&

M,7*,@,%-(! A(;.*! ).! (-4A.! ),! '+(! ,+7*,@(! (%-,@!

),! ,\,0-'()(@! (@! 0.**,XY,@! 7(-*4+.%4(4@! )()(@!

7,;(@! (@! (+.*-4Z(XY,@! ,! (! ),)'XN.! )(@! 7*.A4@Y,@!

*,\,*,%-,@!d@!)4A,*@(@!*'T*40(@!).!T(;(%X.!

g/!sh!

("8)$),$-.+'C2"%9*$2' G3E,)&4$3,3H)*)&

6)#I"&J+1K.3$"&G)#$"& C7L'

L3,,%##345&6C8&& CA1'

G)#$)#*%.&F"$$)&& GRGGM'

C)3M)&N%.),&*%&(%12+3$"+&& AUO'

6)#I"&8".$4E4O+&*%&P#Q%+$35%#$"&& C1('

6)#I"&P#$%.#)I3"#),&*"&!4#IA),<&G=& CMV(H'

C)3M)&*%&C.R*3$"&=E.KI",)&& AAM'

6)#I"&L"#$%13"&& KRVG'

! 8>!

G+)25'#&'O&=68$)+8''

>F(?&

M,7*,@,%-(!.! -.-(;!),! *,0,T4+,%-.@!),!)4%S,4*.!,!

.'-*.@! A(;.*,@! g0.+.! 0S,&',@h_! %(! 4%@-4-'4XN.!

T(%03*4(5!

g/!sh!

1*+#,)+'(")&*"+'C*,)+'

>8P6?&

M,7*,@,%-(! .! 9V2! *,(;_! ,+! &',! .! A(;.*! -,+! ,+!

0.%-(!.!),@0.%-.!4%,*,%-,!d!4%\;(XN.5!g#]]]/sh!

K2*:&<' #2' G2W2' #&'

X,*+'

>LFS?&

M,7*,@,%-(! (! )4\,*,%X(! ,%-*,! (@! -(I(@! ),! b'*.!

(-4A(@!,!(@!-(I(@!),!b'*.@!7(@@4A(@!).!T(%0.5!l!

'

?! *JT*40(! -.-(;! ),! ),7e@4-.@! \.4! 4%0;'H)(! 7(*(! *,-*(-(*! '+(! \.%-,! ),! 0(7-(XN.! ),! *,0'*@.@! ).!

T(%0._! '+(! A,Z! &',! .@! T(%0.@! @N.! ! 0(7(Z,@! ),! 0*4(*! 0*G)4-.! 4%),7,%),%-,+,%-,! )(! ,I4@-c%04(!

7*GA4(! ),! ),7e@4-.@! gz*({! 8]]=h5! B,@-(! \.*+(_! (! A(*43A,;! -.-(;! ),! ),7e@4-.@! \.4! 4%-*.)'Z4)(! %.!

+.),;.!7(*(!0(7-(*!(!4+7.*-^%04(!*,0'*@.@!),7.@4-().@!7(*(!,I7(%@N.!).!0*G)4-._!,@7,*(%).[@,!

(@@4+!&',!,@-(@!A(*4,+!%.!+,@+.!@,%-4)._!;.:.!&',!(@@'+(!@4%(;!7.@4-4A.!%.!+.),;.5!

?!A(*43A,;!9V2!7*,-,%),!0(7-(*!.!,\,4-.!)(!7*.0'*(!7.*!0*G)4-.!),!7(*-40';(*,@!,!,+7*,@(@_! ;,A([

%.@!(!)'(@!,I7,0-(-4A(@!)4@-4%-(@5!1,_!7.*!'+!;()._!.!('+,%-.!).!9V2!@4:%4\40(!'+(!+(4.*!*4&',Z(!

)(@!,+7*,@(@_!;.:.!'+!+(4.*!7.),*!)(@!4%@-4-'4XY,@!),!0*G)4-.!%(!0.%0,@@N.!),!,+7*G@-4+.@5!9.*!

.'-*.!;()._!@4:%4\40(!-(+TG+!'+!+(4.*!7.),*!\4%(%0,4*.!,!),!0.+7*(!7.*!7(*-,!).!0.%@'+4).*!.!

&',!d!7(*-4)(!4*3!*,)'Z4*!.!A.;'+,!),!0*G)4-.@!0.%0,)4).@!7.*!7(*-,!)(@!4%@-4-'4XY,@!T(%03*4(@5!f.!

,%-(%-._!%(!+(4.*4(!)(@!A,Z,@!,@-,!(7*,@,%-(!'+!@4%(;!7.@4-4A.!gQ'04)b4!o!/,%).%X(!8]]6h5!

D'-*(!)(@!A(*43A,4@!0.%@4),*().@!\.4!(!+(*:,+!)(!-(I(!),!b'*._!&',!-,+!0.+.!.Tb,0-4A.!0(7-(*!.!

4%0,%-4A.!).!T(%0.!,+!0.%0,),*!0*G)4-._!)().!&',!,@-(!*,7*,@,%-(!(!)4\,*,%X(!,%-*,!(@!-(I(@!),!

b'*.!(-4A(@!,!(@!-(I(@!),!b'*.@!7(@@4A(@!).!T(%0.5!?@!!-(I(@!),!b'*.!(-4A(@!(7*,@,%-(+!(@!-(I(@!),!

b'*.! 0.T*()(@!7,;(@! 4%@-4-'4XY,@! \4%(%0,4*(@! d@!7,@@.(@!.'!,%-4)(),@!(!&',+!0.%0,),+!0*G)4-._!

,%&'(%-.! &',! (@! -(I(@! ),! b'*.! 7(@@4A(@! *,7*,@,%-(+! (@! -(I(@! ),! b'*.! 7(:(@! 7,;(@! 4%@-4-'4XY,@!

\4%(%0,4*(@!(.@!@,'@!0;4,%-,@5!?!)4\,*,%X(!,%-*,!.@!A(;.*,@!+G)4.@!),@-(@!)'(@!-(I(@!G!),@4:%()(!

7.*! -(I(! ),!+(*:,+! \4%(%0,4*(! ,! *,A,;(! .! :(%S.! )(@! 4%@-4-'4XY,@! \4%(%0,4*(@! %(@! .7,*(XY,@! ),!

0*G)4-.! ,! ),! ),7e@4-.@5! ?@@4+_! ,@7,*([@,! d! 7(*-4)(! &',! .! @4%(;! ),@-(! A(*43A,;! @,b(! 7.@4-4A.! %.!

+.),;.5!f(!"(T,;(!C!,@-3!(!@H%-,@,!).!+.),;.!,@-4+().!,!)(@!S47e-,@,@!-,@-()(@5!

! 8P!

<(=5/()G)-)A+>(+6)56'5%(2&6)

YZAA['\' ]' ^I'_`' ^@'GO' ^?'1(C' ^0'KGa'

T).3UQ%,&

*%1%#*%#$%&

bbbbbbbb'c' c' c' c'

'

;"@ F&25/&)

D@!)().@!,+!7(4%,;_! &',! 0.+T4%(+!)().@! @,004.%(4@! ,! -,+7.*(4@_! 7,*+4-,+!(!+.),;4Z(XN.!),!

A(*43A,4@!&',!,A.;',+!0*.%.;.:40(+,%-,!gz..;)*4):,!8]]#h5!$I4@-,+!)4A,*@.@!+.),;.@!),!)().@!

,+!7(4%,;_!.!+.),;.!),!,\,4-.@!:,%,*(;4Z().@!g7..;,)h!,!.!+.),;.!),!,\,4-.@!4%)4A4)'(4@!g\4I.@!.'!

(;,(-e*4.@h5!!

D! +.),;.! 7..;,)! %N.! *,-*(-(! (! *,(;4)(),! ),! \.*+(! 4)e%,(! @,%).! 7.*! 4@@.! 7.'0.! '-4;4Z()._! (!

,@-4+(XN.! ),@-,!+.),;.! %N.! 0.%@4),*(! A3*4(@! 0.+7.%,%-,@! 4+7.*-(%-,@! ,! ,@7,04\40(@! ),! 0()(!

4%@-4-'4XN._! ;,A(%).! (! 0.%0;'@Y,@! ,%A4,@()(@! ,! %N.! *.T'@-(@5! ?@@4+_! .! +.),;.! ),! ,\,4-.@!

4%)4A4)'(4@!G!7*,\,*HA,;!(.!),!,\,4-.@!:,%,*(;4Z().@5!!

D@!+.),;.@!),!,\,4-.@! 4%)4A4)'(4@! @N.!.@!+(4@! \*,&',%-,+,%-,!'-4;4Z().@!7(*(!(!.*:(%4Z(XN.!),!

)().@! ,+! 7(4%,;_! '+(! A,Z! &',! 7,*+4-,! ),7*,04(*! (! &',@-N.! )(! S,-,*.:,%,4)(),! 4%)4A4)'(;!

gz..;)*4):,!8]]#h5!!$@-,!+.),;.!7,*+4-,_!7.*-(%-._!(!0(*(0-,*4Z(*!(!S,-,*.:,%,4)(),!4%)4A4)'(;_!

0*4(%).!'+(!*,:*,@@N.!,@7,04\40(!7(*(!0()(!4%@-4-'4XN.!T(%03*4(5!$I4@-,+!).4@!+.),;.@!),!,\,4-.@!

4%)4A4)'(4@W!.@!\4I.@!,!.@!(;,(-e*4.@5!!

f.@!,\,4-.@!\4I.@!7*4%047(;!)4\,*,%X(!G!&',!(@@'+,[@,!&',!.@!,**.@!'4-!7.),+!@,*!),0.+7.@-.@!,+!

)'(@! 0.+7.%,%-,@_! |4! ,! A4-5! ?! 0.+7.%,%-,! %N.! .T@,*A3A,;! |4! ! G! .! ,\,4-.! \4I.! 4%)4A4)'(;!

gS,-,*.:,%,4)(),! 4%)4A4)'(;h! 7.*&',_! @,%).! 0.%@-(%-,! 7(*(! -.).! .! -_! (7,%(@! ,@-3! 4%),I().! (.!

7(*-40';(*!4%)4A4)'.!4!gz..;)*4):,!8]]#h5!!

D! +.),;.! ),! ,\,4-.@! \4I.@_! -(+TG+! 0.%S,04).! 7.*! (T.*)(:,+! A(*43A,;! *455V& ),! +H%4+.@!

&'()*().@_!G!'+(!:,%,*(;4Z(XN.!),!'+!+.),;.!0.%@-(%-,!4%-*.)'Z4%).!'+(!A(*43A,;!*455V&7(*(!

(.@!,\,4-.@!)(@!A(*43A,4@!.+4-4)(@_!&',!7,*+(%,0,+!0.%@-(%-,@!%.!-,+7.5!f,@-(!,@7,04\40(XN._!.@!

,\,4-.@!4%)4A4)'(4@!7.),+!@,*!;4A*,+,%-,!0.**,;(04.%().@!0.+!.@!.'-*.@!*,:*,@@.*,@5!?!,@-4+(XN.!

G! '+!+.),;.! ),! *,:*,@@N.!+J;-47;(! 0.+! A(*43A,4@! T4%3*4(@! 7(*(! 0()(! '+(! )(@!W&'%4)(),@! ,+!

(%3;4@,_!),!+.).!(!&',!.!(0*G@04+.!),@-(@!A(*43A,4@!)4\,*,%04,!.&3#$%.I%1$&),!0()(!*,:*,@@N._!.'!

@,b(! )4\,*,%-,! 7(*(! 0()(! '+(! )(@! '%4)(),@_! 7,*+4-4%).! (@@4+! 0(7-(*! (@! S,-,*.:,%,4)(),@!

,I4@-,%-,@! ,%-*,! ,;(@5!D!,@-4+().*!),!+H%4+.@!&'()*().@!.*)4%3*4.@! gDO1h! G! 0S(+().!),! O1BK!

! =]!

g@%)+$& GX4).%+& (455VYT).3)-,%& L"*%,h_! ,! G! '+! ,@-4+().*! 0.%@4@-,%-,! ,! ,\404,%-,! ).! +.),;.!

gz..;)*4):,!8]]#h5!

D! +.),;.! ),! ,\,4-.@! (;,(-e*4.@! -*(-(! .@! ,\,4-.@! ,@7,0H\40.@! g.'! 4%)4A4)'(4@h! 0.+.! A(*43A,4@!

(;,(-e*4(@_!(@@4+!@'7Y,[@,!&',!%N.!S3!0.**,;(XN.!,%-*,!.@!,\,4-.@!4%)4A4)'(4@!,!(@!),+(4@!A(*43A,4@!

(;,(-e*4(@5!D@!+H%4+.@!&'()*().@!:,%,*(;4Z().@!gEO1h!@,*4(!(@@4+!.!+G-.).!),!,@-4+(XN.5!

D!+.),;.!T3@40.!),!,@-4+(XN.!7.),!*,7*,@,%-(*[@,!7,;(!*,:*,@@N.!!

}4-!y!|!c!~�4-!Ä!Å4-!!!!!!!!!!!!!!!!!!!!!!!!g#h!

D%),! �! 4%0;'4! (! 0.%@-(%-,_! (! S,-,*.:,%,4)(),! .'! ,\,4-.! 4%)4A4)'(;! G! Ç4É! 0.+! Ç! (! *,7*,@,%-(*! (!

0.%@-(%-,!,!(@!A(*43A,4@!,@7,04\40(@5!!

$@-(! *,:*,@@N.!.*4:4%(!(@!)'(@!7*4%047(4@! *,:*,@@Y,@!'-4;4Z().@!,+!(%3;4@,!,+!7(4%,;_!%.!+.),;.!

).@!,\,4-.@!\4I.@!,!%.!+.),;.!).@!,\,4-.@!(;,(-e*4.@5!

f.! +.),;.! ).@! ,\,4-.@! \4I.@! ()+4-4+.@! &',! .! ,\,4-.! 4%)4A4)'(;! |4! ,@-3! 0.**,;(04.%().! 0.+! (@!

*,@-(%-,@!A(*43A,4@!�4-5_! 4@-.!G_!(! 4%0;'@N.!),!|4!7,*+4-,[%.@! ;4)(*!0.+!(!S,-,*.:,%,4)(),!0*4(%).!

'+(! *,:*,@@N.! 7(*(! 0()(! 4%@-4-'4XN.! T(%03*4(5! B,@-(! \.*+(! -,+.@! '+(! 4%)4A4)'(;4Z(XN.! ).@!

,\,4-.@!)(!A(*43A,;!,Ie:,%(!),!+.).!(!4;'@-*(*!),!\.*+(!+(4@!7*eI4+(!0()(!4%)4A4)'._!0.**4:4%).!.!

7*.T;,+(!).!),0;4A,!,!)(!.*),%()(!%(!.*4:,+5!!

}4-!y!|4!c!~�4-!Ä!Å4-!!!!!!!!!!!!!!!!!!!!!!!!g8h!

B,!'+(!\.*+(!:,*(;!7.),+.@!)4Z,*!&',!.!+.),;.!).@!,\,4-.@!(;,(-e*4.@!7,*+4-,!-.*%(*!.!,\,4-.!

4%)4A4)'(;!%'+!,\,4-.!(;,(-e*4.!g|4!y!|!Ä!Ñ4!h_!(@@4+!,!*,@0*,A,%).!),!.'-*(!\.*+(!

}4-!y!|!c!~�4-!Ä!Å4-!!!!!_!0.+!!!!!Å4-!y!!Ö4-!Ä!Ñ4!!!!!!!!!!!!!g=h!

$@-,!+.),;.! -,*3! '+! J%40.! 3#$%.I%1$! ,! '+! A,0-.*! ),! A(*43A,4@! ,I7;40(-4A(@! w! gE*,,%,! o! ÇS(%:!

#PP<h5! j_! (4%)(_! 4+7.*-(%-,! +,%04.%(*! &',! Ö4-! ,! Ñ4! @,:',+! (@! S47e-,@,@! 0;3@@40(@_! @N.!

4%),7,%),%-,@!,!4),%-40(+,%-,!)4@-*4T'H).@5!!

j!4+7.*-(%-,!%,@-,!7.%-.!(@@'+4*!&',!.!7(4%,;!'-4;4Z().!G!-),)I%*&.'!,&'4;4T*()._!4@-.!!G_!%N.!S3!

\(;-(!),!.T@,*A(XY,@5!!

$I4@-,+!)4A,*@.@!-,@-,@!&',!%.@!7,*+4-,+!(A(;4(*!.@!+.),;.@!,!(%(;4@(*!(!4%\;',%04(!)(@!A(*43A,4@!

%.!+,@+.!gQ4:'*(!#6h5!9(*(!-,@-(*!.!+.),;.!).@!,\,4-.@!\4I.@!-,+.@!),!*,(;4Z(*!.!-,@-,!(.!+,@+.!

[! -,@-,! Q_! &',! %.@! 7,*+4-,+! 7,*0,T,*! (! 7,*-4%c%04(! )(! 4%0;'@N.! ).@! ,\,4-.@! 4%)4A4)'(4@5!!

1,:'4)(+,%-,_!0(@.!@,!A,*4\4&',!&',!.@!,\,4-.@!@N.!4%)4A4)'(4@!-,+.@!&',!\(Z,*!.!-,@-,!(.@!,\,4-.@!

(;,(-e*4.@!U!-,@-,!),!R('@+(%%5!D!(@7,0-.!0,%-*(;!&',!,@-,!-,@-,!7*,-,%),!(%(;4@(*!G!@,!.@!,**.@!

.T-4).@! 7(*(! .! +,@+.! 4%)4A4)'.! ,+! 7,*H.).@! ),! -,+7.! )4@-4%-.@! ! @N.! 0.**,;(04.%().@5! ! $+!

@,:'4)(_! ),!+.).! (! 0.**.T.*(*! .!+.),;.! &',!+,;S.*! @,! ()(7-(! 7.),+.@! *,(;4Z(*! .! -,@-,! &',!

! =#!

A,*4\40(! (! 7,*-4%c%04(! ).! +.),;.! ).@! ,\,4-.@! (;,(-e*4.@! ,+! *,;(XN.! (.! +.),;.! ).@! ,\,4-.@!

:,%,*(;4Z().@![!!-,@-,!),!2*,'@S!9(:(%_!0.+.!@4%-,-4Z(!(!Q4:'*(!#65!!

!

!

!

!

!

!

!

!

@/?/I G&8)&'H'

?@!S47.-,@,@!).!).!-,@-,!Q!@N.!(@!@,:'4%-,@W!

Z"&[&L"*%,"&\%+$.3$"&>8"",?&

Z;&[&L"*%,"&W0"&\%+$.3$"&>&JB%3$"+&!3M"+?&

&

D!-,@-,!Q_!\(Z!'+(!(%3;4@,!d!4:'(;)(),!).@!3#$%.I%1$+!),!0()(!4%)4A4)'._!.'!@,b(_!,@-,!-,@-(!@,_!Rd'y!

|#y!|8!y!|=! 555y!|%! 5!?@@4+_! 0(@.!'+!).@!(;\(@! @,b(!)4\,*,%-,!.!7[A(;',!A(4! @,*! @'7,*4.*!(! Z,*.!),!

+.).!&',!*,b,4-(+.@!(!S47e-,@,!%';(_!.'!@,b(_!.@!,\,4-.@!4%)4A4)'(4@!@N.!+,;S.*,@!&',!.@!,\,4-.@!

:,%,*(;4Z().@5!!

@/?/@ G&8)&'#&'e2,8<2""'

!1,:'%).! gE*,,%,! 8]]>h! ,I4@-,+! 7.'0(@! 7*.A(@! 7(*(! 0.%@4),*(*! .@! ,\,4-.@! 4%)4A'(4@! 0.+.! %N.[

0.**,;(04.%().@! 0.+! .@! *,:*,@@.*,@_! 0.+.! G! ().-().! ! %.!+.),;.! ).@! ,\,4-.@! (;,(-e*4.@5! B(H! (!

%,0,@@4)(),!),!(A(;4(*!(!0.%@4@-c%04(!)(!7*,@@'7.@4XN.!),@-,!+.),;.5!!

?@!S47.-,@,@!).!).!-,@-,!),!R('@+(%[email protected]!!Z"&[&L"*%,"&*"+&JB%3$"+&=,%)$2.3"+&Z;&[&L"*%,"&*"+&JB%3$"+&!3M"+&!

"$1"$!B$!2M$a1R!9?E?f!

$Q$V"D1!E$f$M?OVÇ?BD1!g9DDOh!

$Q$V"D1!VfBVKVBa?V1!!

"$1"$!Q!

$Q$V"D1!QV�D1! $Q$V"D1!?O$?"ÜMVD1!!

"$1"$!B$!R?a1/?f!

*+,$%()!K)-)#6\$57()2&6)356356)$3+/+[(2&6)5>3%5)&6)2+D5%5>356)7&25/&6)

! =8!

@/?/? G&8)&'#&'C*&,8f'12:2"'

$+!#P>]!2*,'@0S!,!9(:(%!(7*,@,%-(*(+!'+!-,@-,!+';-47;40().*!),!O(:*(%:,!),!\.*+(!(!-,@-(*!(!

S47e-,@,! %';(! ),! &',! (! A(*4^%04(! )(@! @,0XY,@! 0*'Z()(@! G! Z,*.5! ?.! *,b,4-(*! R]! (@@'+4+.@! &',! .!

+.),;.!7..;,)!%N.!G!.!+(4@!(),&'()._!@,%).!7.*!4@@.!7*,\,*HA,;!.!+.),;.!).@!,\,4-.@!(;,(-e*4.@5!

?@@4+!(@!S47e-,@,@!@N.!(@!(!@,:'4*!(7*,@,%-()(@W!

Z"&'&T).3]#I3)&>σ2) = 0 &Z;&'&T).3]#I3)&>σ2) ≠ 0&!

! !

! ==!

4&8,5)2#+8'&'O$8%,88.+'

F.%\.*+,! \.4! *,\,*4).! (%-,*4.*+,%-,_! (! 0.%0,@@N.! ),! 0*G)4-.! T(%03*4.! 7.),! @,*! ,I7;40().! 7.*!

7,;.@!+,%.@!).4@! :*'7.@!),! A(*43A,4@_! '+! *,;(04.%().! 0.+!(@! 0(*(0-,*H@-40(@!+(0*.,0.%e+40(@!

&',! %,@-,! 0(@.! G! *,7*,@,%-().! 7,;.! 9V2! *,(;! g9V2h! ,! .'-*.! 0.+! (@! 0(*(0-,*H@-40(@! )(! ,@-*'-'*(!

T(%03*4(_!&',!G! 4;'@-*().!7,;(@! A(*43A,4@!?0-4A.!".-(;! g?"h_! ".-(;!),!B,7e@4-.@! g"Bh!,!(4%)(!7,;(!

/(*:,+!)(@!"(I(@!g/"�h5!

<(=5/()I)C)J56$/3(2&6)2(6)563+7(3+.(6)'&%).B%+&6)7&25/&6)

PM4(gP7h'O717VO7VG7'7H7(GRL'

U7V74Mh(iMORL'7H7(GRL'(VO(P(OQM(L'

P+5,<&'#&'A*T#$)+8'

A+"%&#$#+8'ZAA['9DDO! $Q$V"D1!QV�D1! $Q$V"D1!?O$?"ÜMVD1!

' g#h! g8h! g=h! gCh!

A+"8)2")&'' [<>#>L5C8áá! [LC]8<5]>ááá! 8C=85L#8! [6#PL656Cááá!

M%)$N+'G+)25' ?"! gÄh! ]58P=CL]#ááá! ]5=#8C#>=ááá! ]5=>6=C>=ááá! ]5=8]L6==ááá!

G+)25'O&=68$)+8' "B! gÄh! ]5>#L<88#ááá! ]56L8C6L#ááá! ]5CL6]L>=ááá! ]56P=CL<Lááá!

1(C' 9V2! gÄh! #5<>8>C#áá! #58>8L66ááá! [! #5C=P=]#ááá!

K2*:&<' #28'

G2W28'

/"�! gÄh! #PC<5C]=á! #6<>5L<Pááá! 68C5<<L8! #<#65>Cááá!

''

V' !! >]! >]! >]! >]!

4@' !! ]_P<LC! ]_P<CC! ]5P66>! ]_P<C<!

H' !! <C=5#6! 685<8! CC65P=! L#6588!

1*+D'ZH[' !! ]_]]]! ]_]]]! ]_]]]! ]_]]]!

'

'

R8'8$"2$8'&8=&*2#+8'#28'N2*$9N&$8'&8).+'&")*&'=2*j")&8&8/'k'("#$%2'8$:"$E$%l"%$2'2'Idm'kk'("#$%2'8$:"$E$%l"%$2'2'nm'kkk'("#$%2'8$:"$E$%l"%$2'2'Im'

!

! =C!

F.+.! 7.),+.@! .T@,*A(*! (! "(T,;(! L! .@! )4\,*,%-,@! +.),;.@! +.@-*(+! 0.,*c%04(! %.@! @4%(4@! )(@!

A(*43A,4@!,!%.!M8!5!f.!,%-(%-._!(-*(AG@!).@!-,@-,@!'-4;4Z().@!%(!(%3;4@,!),!)().@!,+!7(4%,;!g"(T,;(!

6_!"(T,;(!<!,!"(T,;(!>h!7.),+.@!A,*4\40(*!&',!.!+.),;.!).@!,\,4-.@!(;,(-e*4.@!G!.!+.),;.!+(4@!

(),&'()._!(@@4+!4*,+.@!(%(;4@(*!+(4@!7(*-40';(*+,%-,!,@-,!+.),;.5!

D! +.),;.! ).@! ,\,4-.@! (;,(-e*4.@_! @,+! (! A(*43A,;! 9V2_! +.@-*.'[@,! 0.+! +,%.@! 0(7(04)(),!

,I7;40(-4A(!0.+7(*(-4A(+,%-,!(.!+.),;.!0.+!9V2!4%0;'H).5!f,@-,!(@!A(*43A,4@!?"!,!"B_!+.@-*(*(+!

@4:%4\40^%04(!(!#l_!0.%-').!(!0.%@-(%-,!g0h!,!(!/"�!!%N.!(7*,@,%-(*(+!*,@';-().@!@4:%4\40(-4A.@5!?!

4%0;'@N.!)(!A(*43A,;!9V2!G!(@@4+!),!:*(%),!4+7.*-^%04(!7(*(!.!+.),;.5!!

f.!+.),;.! gCh! g+.),;.!),!,\,4-.@! (;,(-e*4.@! 0.+!9V2h_! .T-4A,+.@! *,@';-().@! @4:%4\40(-4A.@!7(*(!

-.)(@!(@! A(*43A,4@_! (!PPl!),! 0.%\4(%X(5!?! 0.%@-(%-,! g0h! (7*,@,%-.'!'+!@4%(;!%,:(-4A.p!.!?"!'+!

@4%(;!7.@4-4A._!@,%).!&',!7(*(!0()(!7.%-.!7,*0,%-'(;!),!('+,%-.!%.!(-4A.!-.-(;_!,@7,*([@,!&',!.!

A.;'+,!),!0*G)4-.!('+,%-,!7(*(!(!+G)4(!)(!(+.@-*(!0,*0(!),!]_=8#!+4;SY,@!),!,'*.@!0.%@-(%-,@p!

.!"B!-(+TG+!'+!@4%(;!7.@4-4A._!@,%).!&',!7(*(!0()(!7.%-.!7,*0,%-'(;!),!('+,%-.!%.!-.-(;!),!

),7e@4-.@_!,@7,*([@,!&',!.!A.;'+,!),!0*G)4-.!('+,%-,!7(*(!(!+G)4(!)(!(+.@-*(!0,*0(!),!]_6P=!

+4;SY,@!),!,'*.@!0.%@-(%-,@p!(!A(*43A,;!/"�!(7*,@,%-(_! -(;!0.+.!(@!A(*43A,4@!?"!,!"B_!'+!@4%(;!

7.@4-4A._! @,%).!&',!G!%,@-(!&',!.! 4+7(0-.!).!('+,%-.!),!0*G)4-.! @,!,A4)c%04(_!7.4@!7(*(!0()(!

7.%-.!7,*0,%-'(;!),!('+,%-.!%(!A(*43A,;!+(*:,+!)(@!-(I(@_!,@7,*([@,!&',!.!A.;'+,!),!0*G)4-.!

('+,%-,! 0.%@4),*(A,;+,%-,_! .! &',! G! 0,*-(+,%-,! 0.+7*,,%@HA,;! )().! &',! d! +,)4)(! &',! (!

)4\,*,%X(! )(@! -(I(@! ('+,%-(_! +(4.*! G! .! 4%0,%-4A.! ).! T(%0.! 7(*(! .! 0*G)4-.p! 7.*! \4+_! .! 9V2_! (!

A(*43A,;! -,+! 0.+.! .Tb,0-4A.! 0(7-(*! (@! A(*4(XY,@! +(0*.,0.%e+40(@! +.@-*.'[@,! -(+TG+!

@4:%4\40(-4A(!,!T(@-(%-,!*,;,A(%-,!7(*(!.!+.),;.5!"(;!0.+.!(@!*,@-(%-,@!A(*43A,4@!,I7;40(-4A(@!.!9V2!

-(+TG+!(7*,@,%-.'!'+!@4%(;!0.%@.%(%-,!0.+!.!,@7,*()._!.%),!7(*(!0()(!7.%-.!7,*0,%-'(;!),!

('+,%-.!),@-,_!,@7,*([@,!&',!.!A.;'+,!),!0*G)4-.!0*,@X(!7(*(!(!+G)4(!)(!(+.@-*(!,+!0,*0(!),!

#5C=P!+4;!+4;SY,@!),!,'*.@5!

!

?7e@! (! ,@-4+(XN.! ).@! )4\,*,%-,@! +.),;.@! -.*%([@,! ,@@,%04(;! 7,*0,T,*! &'(;! ),@@,@! (7*,@,%-(!

+(4.*!,\404c%04(W!

D! 7*4+,4*.! -,@-,! &',! (7;40(+.@! \.4! '+! -,@-,! Q! _! ),! +.).! (! 7,*0,T,*! @,! .! +.),;.! 7..;,)! G!

7*,\,*HA,;!(.!+.),;.!).@!,\,4-.@!\4I.@5!!

F.+! .! A(;.*! ),! 7[A(;',y]5]]]]! *,b,4-(+.@! (! S47e-,@,! %';(_! ;.:.! .! +.),;.! ).@! ,\,4-.@! \4I.@!

+.@-*(@@,!7*,\,*HA,;!(.!+.),;.!7..;,)5!!

! =L!

?7e@!,%0.%-*(*!.@!,@-4+().*,@!)(!*,:*,@@N.!).!%.@@.!,@-')._!'@(%).!.@!,\,4-.@!\4I.@!,!.@!,\,4-.@!

(;,(-e*4.@_! @'*:,! (! %,0,@@4)(),! ),! 4),%-4\40(*! .! +,;S.*! +.),;._! ;.:.! *,(;4Z(+.@! .! -,@-,! ),!

R('@++(%5!

!

<(=5/()K)C)F%+$%&*%&Z)4+5)#)

'

K(*43A,4@!F.,\404,%-,@!

gβ!$Q![!β!$?!h!! 1&*-!β$Q! β!$?!

MG' ]5=#8C#>=! ]5=8]L6==! []5]]>#CL#! ]5]8P=PLP!

GO' ]56L8C6L#! ]56P=CL<L! []5]C]PP8=! ]5]L#8#P8!

1(C' #58>85L66! #5C=P5=]#! []5#L6<=C<! ]5#6P68#6!

KGa' #56<>5L<P! #<#65>C! [=5>865]6>! #8]5=L86!

R]W!B4\,*c%04(!%N.!@4@-,+3-40(!,%-*,!.@!0.,\404,%-,@!

FS48!g=h!y!]_>P!

9*.T!à!FS4!8!y!]_>8>P!

!

!

F.%\.*+,! (7*,@,%-().! %(! "(T,;(! 6_! 0.%@4),*(%).! (! S47e-,@,! %';(! ),! &',! .@! ,@-4+().*,@! ).@!

+.),;.@! ),! ,\,4-.@! \4I.@! ,! ,\,4-.@! (;,(-e*4.@! %N.! @,! )4\,*,%04(+! @4@-,+(-40(+,%-,_! A,*4\40(+.@!

&',!7(*(! -.).@!.@!%HA,4@!),! @4:%4\40^%04(!%N.!7.),+.@! *,b,4-(*!(!S47e-,@,!%';(_!),!+.).!&',!G!

7*,\,*HA,;!,+7*,:(*!.!+.),;.!),!,\,4-.@!(;,(-e*4.@5!

7[A(;',! y! ]5>8>P_! .! &',! @4:%4\40(! &',! %N.! *,b,4-(+.@! R]! ,! 7.*! 4@@.! (@@'+4+.@! &',! .! +,;S.*!

+.),;.!),!,@-4+(XN.!G!.!).@!,\,4-.@!(;,(-e*4.@5!

!

$+!@,:'4)(_!),!+.).!(!0.**.T.*(*!!.@!*,@';-().@!.T-4).@_!7(*,0,'[%.@!4%-,*,@@(%-,!,!7,*-4%,%-,!

'-4;4Z(*!.!",@-,!O/!2*,'@0S!,!9(:(%_!

! =6!

<(=5/()L)C)F%+$%&*%&6.%4+IA&)#*&8)E)#)

'

!!K(*! 1&*-!gK(*h!

FF! 65C#,Ä]>! 8L=8L5=6!

,! 8CLP=]=! #L6>58#<!

'! 85#8,Ä]<! C6]L5CC<!

R]W!K(*!g'h!y!]!!

FS48!g#h!y!8L<_]>!

9*.T!à!FS4!8!y!]_]]]]!

!

F.+! 7[A(;',! y! ]_]]]]! *,b,4-(+.@! (! S47e-,@,! %';(_! 4@-.! G_! *,b,4-(+.@! .! +.),;.! 7..;,)5! D@!

*,@';-().@!,@-N.!(@@4+!),!(0.*).!0.+!.@!*,(;4Z().@!%.!-,@-,!Q!,!%.!-,@-,!),!R('@++(%5!!

9.*!\4+_!*,(;4Z(+.@!.! !-,@-,!d!('-.[0.**,;(XN.!g^""*.3E%&$%+$& B".&)4$"I"..%,)$3"#& 3#&1)#%,&*)$)?7&

$@-,!G&4+7.*-(%-,!7(*(!(A(;4(*!(!7*,@,%X(!),!0.**,;(XN._!@,%).!&',!.@!,\,4-.@!+(0*.,0.%e+40.@!

%N.!-c+!.@!@,'@!,\,4-.@!)4@@47().@!%.!0'*-.!7,*H.).!),!-,+7.!,+!(%3;4@,5!!!

<(=5/()O)C)F%+$%&*%&=4$"I"..%,)/0"&)

'

z..;)*4):,!g!-,@-,!7(*(!('-.0.**,;(XN.!7(*(!)().@!,+!7(4%,;h!

R]W1,+!?'-.0.**,;(XN.!),!9*4+,4*(!D*),+!

R#W$I4@-,!?'-.0.**,;(XN.!),!9*4+,4*(!D*),+!

Qg!#!_!<!h!y!=_=8>!

9*.T!à!Q!y!]_##]P!

!

?@@4+_!7(*(!.@!7*4%047(4@!%HA,4@!),! @4:%4\40^%04(! g#l_!Ll_!#]lh!%N.!7.),+.@! *,b,4-(*! (!S47e-,@,!

%';(!)(!('@c%04(!),!('-.0.**,;(XN.!),!7*4+,4*(!.*),+_!(@@'+4%).!(@@4+!&',!.!%.@@.!+.),;.!%N.!

-,+!('-.[0.**,;(XN._!('+,%-(%).!(!@'(!*.T'@-,Z5!

!

! =<!

A+"%5,8S&8'

D!,@-3:4.! *,(;4Z().! %(! T(%0(! ,! (@! \'%XY,@! ,I,*04)(@! ),@7,*-(*(+!'+! 4%-,*,@@,! 7,;(! (%3;4@,! ).!

0*G)4-.!T(%03*4.!,!.!@,'@!7*.0,)4+,%-.@5!9(*(!(;G+!),!,@-,!@,*!'+(!)(@!7*4%047(4@!(-4A4)(),@!).!

@,0-.*!,!'+!\(0-.*!0*'04(;!(.!),@,%A.;A4+,%-.!)(!$0.%.+4(5!!

?! 0.%0,@@N.! ),! 0*G)4-.! T(%03*4.! G! \'%)(+,%-(;! %N.! @e! 7(*(! .! \4%(%04(+,%-.! )(@! ,+7*,@(@! ,!

7(*-40';(*,@_!+(@!7(*(!.!7*e7*4.!0*,@04+,%-.!,!),@,+7,%S.!)(!4%@-4-'4XN.!T(%03*4(_!!7.*!4@@.!,@-(!

@,*!(!A(*43A,;!),7,%),%-,!).!%.@@.!,@-').5!!

D@! *,@';-().@! .T-4).@! +.@-*(*(+! &',! .! +.),;.! ).@! ,\,4-.@! (;,(-e*4.@! G! .! +(4@! (),&'().! (.!

,@-').! ,! &',! (@! A(*43A,4@! (-4A.! -.-(;_! -.-(;! ),! ),7e@4-.@_! 9V2! ,!+(*:,+!)(@! -(I(@! @N.! A(*43A,4@!

@4:%4\40(%-,@! %(! ,I7;40(XN.! ).! A(;.*! ),! 0*G)4-.! 0.%0,)4)._! (7*,@,%-(%).! -.)(@! ,;(@! '+! ,\,4-.!

7.@[email protected]*,!.!A(;.*!).@!0*G)4-.@!0.%0,)4).@!5!

?! ,@-4+(-4A(! .T-4)(! +.@-*(+! &',! (! +(*:,+! )(@! -(I(@! G! (! A(*43A,;! 0.+! +(4.*! 4+7(0-.! %(!

0.%0,@@N.!),!0*G)4-.@_!.!&',!-(;!0.+.!*,\,*4).!\(Z!-.).!.!@,%-4).!'+(!A,Z!&',!G!,@-(!)4\,*,%X(!

&',!:,*(!A(;.*!d!4%@-4-'4XN.!T(%03*4(5!!

f.! \'-'*.! .! ,@-').! 7*.0'*(*3! (! ';-*(7(@@(*! (;:'+(@! ;4+4-(XY,@! )(! 7*,@,%-,! (%3;4@,_!

%.+,()(+,%-,!(! 4%0;'@N.!),!+(4@! 4%@-4-'4XY,@!T(%03*4(@!,!+(4@!A(*43A,4@!,I7;40(-4A(@!0.+.!7.*!

,I,+7;.W!4h!K.;'+,!),!7'T;404)(),!)(!'+(!),-,*+4%()(!0.+7(%S(p!44h!F.+7*(!),!.'*.p!444h!1,*3!

&',!,I4@-,!(;:'+(!*,;(XN.!(7(*,%-,!,%-*,!(!0.%0,@@N.!),!0*G)4-.!,!(@!0.-(XY,@!T.;@4@-(@â!!!

a+(! .'-*(! 7.@@4T4;4)(),! @,*3! (! ),! ,@-,%),*! .! ,@-').! (!+(4@! 7(H@,@_! %(! -,%-(-4A(! ),! ,%0.%-*(*!

7.%-.@!0.+'%@!,!-*(X(*!'+!&'()*.!:,*(;!)(!)4%^+40(!),!0.%0,@@N.!),!0*G)4-.@!T(%03*4.@!-,%).!

,+!0.%-(!.!7.%-.!),!A4@-(!)(!T(%0(5!!

! =>!

C$D5$+:*2E$2'

?92_!8]#85!?@@.04(XN.!9.*-':',@(!),!2(%0.@5!aMO!S--7Wiittt5(7T57-i!

2595_! 8]#85! 2(%0.! ),! 9.*-':(;! [! 9'T;40(XY,@! $@-(-4@-40(@5! aMO! S--7Wiittt5T7.*-':(;57-i7-[

9"i$@-(-4@-40(@i9'T;40(0.,@$@-(-4@-40(@i2.;$@-(-4@-40.!i9(:4%(@i2.;,-4+$@-([email protected](@7I!

2*Z.Z([2*Z,Z4%(_! /5_! 8]]L5! O,%)4%:! T..+@! 4%! -S,! %,t! $a! /,+T,*! 1-(-,@W! t4;;! ,'*.! ().7-4.%!

+(--,*â!!

F(+7T,;;_! B5$5_! 8]]65! V%0,%-4A,@W! /.-4A(-4.%! (%)! -S,! ,0.%.+40@! .\! 4%\.*+(-4.%5! F(+T*4):,!

a%4A,*@4-{!9*,@@5!

F(@-*._!E5_!1(%-.@_!F5_!8]#]5!B,-,*+4%(%-,@!)(@!"(I(@!),!r'*.!,!).!F*G)4-.5!!

B4(+.%)_! B5z5_! #P>C5! Q4%(%04(;! 4%-,*+,)4(-4.%! (%)! ),;,:(-,)! +.%4-.*4%:5! "S,! M,A4,t! .\!

$0.%.+40!1-')4,@!L#_!=P=[C#C!

Q*,I4(@_!�5_!M.0S,-_!r5F5_!#PP<5!/40*.,0.%.+40@!.\!T(%w4%:5!F(+T*4):,_!/?W!/V"!9*,@@!

Q*4,)+(%_!25/5_!v'--%,*_!v5f5_!2,*%(%w,_!2515_!E,*-;,*_!/5_!#PP=5!$0.%.+40!(0-4A4-{!(%)!-S,!@S.*-[

-,*+!0*,)4-!+(*w,-@W!?%!(%(;{@4@!.\!7*40,@!(%)!&'(%-4-4,@5!T*..w4%:@!9(7,*@!.%!,0.%.+40!

?0-4A4-{!#PP=_!#P=[8>=!

Q*x++,;_!/5_!10S+4)-_!"5_!8]]65!2(%w!O,%)4%:!(%)!?@@,-!9*40,@!4%!-S,!$'*.!?*,(5!!

Q'04)b4_! r5M5_!/,%).%X(_!B595_!8]]65!B,-,*+4%(%-,@!).!F*G)4-.!2(%03*4.W!'+(!(%3;4@,!0.+!)().@!

,+!7(4%,;!7(*(!(@!+(4.*,@!4%@-4-'4XY,@5!af$19iQFOU?*(*(&'(*(!

E*,,%,_! z5R5_! 8]]>5! "S,! ,0.%.+,-*40! (77*.(0S! -.! ,\\404,%0{! (%(;{@4@5! "S,! +,(@'*,+,%-! .\!

7*.)'0-4A,!,\\404,%0{!(%)!7*.)'0-4A4-{!:*.t-S_!P8[8L]!

E*,,%,_!z5R5_!ÇS(%:_!F5_!#PP<5!$0.%.+,-*40!(%(;{@4@5!9*,%-40,!S(;;!a77,*!1());,!M4A,*_!fr5!

R.\+(%%_! 25_! 8]]#5! "S,! ),-,*+4%(%-@! .\! 7*4A(-,! @,0-.*! 0*,)4-! 4%! 4%)'@-*4(;4@,)! 0.'%-*4,@W! ).!

7*.7,*-{!7*40,@!+(--,*â!!

Vf$_! 8]#85! V%@-4-'-.! f(04.%(;! ),! $@-(4@-40(5! aMO! S--7Wiittt5T7.*-':(;57-i7-[

9"i$@-(-4@-40(@i9'T;40(0.,@$@-(-4@-40(@i2.;$@-(-4@-40.!i9(:4%(@i2.;,-4+$@-([email protected](@7I!

v(w,@_! r5_! 8]]]5! V),%-4\{4%:! -S,! +,0S(%4@+W! 4@! -S,*,! (! T(%w! ;,%)4%:! 0S(%%,;! .\! +.%,-(*{!

-*(%@+4@@4.%!4%!-S,!f,-S,*;(%)@â!?77;4,)!$0.%.+40@!O,--,*@!<_!6=[6<!

/4@Sw4%_!Q515_!8]]<5!"S,!,0.%.+40@!.\!+.%,{_!T(%w4%:_!(%)!\4%(%04(;!+(*w,-@5!9,(*@.%!,)'0(-4.%5!

94%S._!F5_!1.(*,@_!V5_!8]]>5!Q4%(%X(@W!/,*0().@!,!V%@-*'+,%-.@5!$)4XN.!),!1H;(T.5!

1-4:;4-Z_!r5$5_!z,4@@_!?5_!#P>#5!F*,)4-!*(-4.%4%:!4%!+(*w,-@!t4-S!4+7,*\,0-!4%\.*+(-4.%5!"S,!?+,*40(%!

,0.%.+40!*,A4,t_!=P=[C#]!

! =P!

z4;;4(+@.%_! 15B5_! #P>65! F.@-;{! +.%4-.*4%:_! \4%(%04(;! 4%-,*+,)4(-4.%_! (%)! ,&'4;4T*4'+! 0*,)4-!

*(-4.%4%:5!r.'*%(;!.\!/.%,-(*{!$0.%.+40@!#>_!#LP[#<P!

z..;)*4):,_!r5/5_!8]]#5!$0.%.+,-*40!(%(;{@4@!.\!0*.@@!@,0-4.%!(%)!7(%,;!)(-(5!/V"!7*,@@5!

z*({_!O5M5_!8]]=5!a%),*@-(%)4%:!+.),*%!+.%,{5!$)t(*)!$;:(*5!

g/4@Sw4%! 8]]<h_! g1-4:;4-Z! o!z,4@@! #P>#h_! gz4;;4(+@.%! #P>6h_! gF(+7T,;;! 8]]6h_! gB4(+.%)!

#P>Ch!!

filipe santos determinantes da oferta de crÉdito …§ão.pdfa todos os meus amigos e colegas de...

Documents