!"
#%$'&)(+*-,+.0/1/12436587:9;=<>/@?A.B/1&DC*-E/1F=G5H.0IJ;K582=9L,/J.5M7N9)<K*OA/1PQ58R.0S
TVUWXT 2=PIY:IR=I/Z[S4.#9=\]5M2=^1/19`_aS4$b$/J.0^1/
TVUW OaG=S4$b58P<*=cd58IPSH2e(a/1P/J5H.0^@Ge_/12fI/J.
g S4.h>IS8362Di/1Y:jHGfIPJ;k/13 g S4.hK;lmf#
nJo=p4q=rts4svutwtxfy{z|u}p>~6zsH8~)JKsJf-nMr>
0
Ks4yfnJ~rf=]w>Kn]
KyMMu6z1fo6zxH8o
881
]HB}0JvV V¡£¢¥¤[¦§vV+v¨J©8¤V ¤«ªHJ¤J¬>¤V¡J'J¤«®N¯J°:°:±+²]¬>V±
+¬H°:¤V®:³H°: «°:°:V '¡J©e¤«ªH´[©8¤V«©H¤+¤V¡)¨vJ¤«ªH®N©M¢¥¡J«J¤«®:¡J©
Jµf¡J¬H¤'³HV®:¯ v©H¶·¡J¤«ªH'J¤V¤«V®:µH¬H¤« ¡1¢¯¡J©H «¬H+¨v¡8¡]¶> J©H¶' V«¸]®:¯ Q¹§º»J³H®:¶H°:±6®:©H¯Vv V®:©H¨®N©+©8¬H+µfv©H¶+ V¡v³HªH®: [¼
¤V®:¯J¤«®:¡J©½A VªH¡v³Hµ4¡v¤V 'JVªH°N³>®N©>¨)¡J«v©H¶e'¡JV'µH¬H±vV ®:©H®:+®:¾0¿H³f©H¶H®:¤V¬>Vv©H¶+£¿H®N+®:¾- «J¤V®: |¢¥J¯¤«®:¡J©¹K´[©+V0¼
V³f¡J©H «v¤+°NJ V¤'³HJ«¤V°:±e¤«¡e¤«ªH®: +¤VV©H¶½®N¤+®: 'J©8¤V®:¯®:³Hv¤V¶
¤VªHv¤ «°:°NV +¦®:°:°¯¡J'+¤V¡ÀV°:±)¡v©)4ÁÂ¥Ã0ÄQ0J½-J¬H¤«¡J'J¤V¶
J¨J©]¤« +¤VªHv¤+³>°N¡1±À³H«®N¯0¼Å «¤V¤«®:©H¨ev°N¨v¡J«®N¤«ªH ®N©ÆJ©LJ¤|¼
¤V'³H¤¤«¡£¿H®N+®:¾³HV¡£Ç4¤V @¹Èª>®N ³HJ³fVJ¯0ªH 6¤«¡1¦§vV¶
J©¬H©H¶HV V¤«J©H¶>®N©>¨+¡1¢ V¤«VJ¤«¨J®:¯³H«®N¯µ4¡v¤¶H±8©Hv®:¯ @¹
É ¡vV6 «³4¯®ÊÇf¯J°:°:±]½>¤VªH®: ³HJ³f®: +¯¡J'³HJ«J¤V®:¸v V¤«¬H¶H±
¡1¢Ë¢¥¡J¬H¯v©H¶H®:¶Hv¤V+³H«®N¯0¼Å «¤V¤«®:©H¨ «¤V«J¤V¨J®: 6¤«ªHJ¤6¶>®ÊÌ=6®:©
®N©M¢¥¡J«J¤«®:¡J©Hv°=J©H¶À¯¡J'³H¬H¤«J¤V®:¡v©HJ°KV²8¬H®:V©8¤V @ͨJv0¼
¤VªH¡vV¤«®:¯§³H«®:¯®:©H¨Î[ÏÈн+±J¡v³H¤V®:+J°³HV®:¯®:©H¨Î É'Ñ Ð½¶H«®:¸11¼
¤V®:¸J»¢¥¡J°:°:¡1¦®:©H¨6Î[ÒÓ-н8J©H¶Ô¼[°:J«©H®:©H¨+Î[Ôй8´[©v©0Ì=¡J«¤¤V¡
¨JJ®:©®:©H V®:¨Jª8¤« ®:©8¤V¡¤VªH¤V«J¶H¡£Ì} Aµ4¤[¦Ë©'³HVv¯¤V®:¯v°:®N¤[±J©H¶
³HV¡£Ç4¤VvµH®:°N®:¤[±¡1¢4³H«®:¯µf¡J¤v°N¨v¡J«®N¤«ªH @½0¤VªH˶H±8©Hv®:¯-µ4ª>1¸J¼
®N¡v¤«ªHJ¤JV®: « J¡v©H¨ªH¡J'¡J¨J©H¡J¬> J©H¶bª>¤V«¡J¨v©H¡v¬H ¯¡J°:°:¯¤«®N¡v©H 6¡£¢{³H«®:¯µf¡J¤V J©>¶) VªH¡v³Hµ4¡v¤[¼[J « V®: V¤«¶eµH¬>±J« ®: J©Hv°N±8¾¶Õv©H¶ V®:+¬H°:J¤«¶¹
´[©)ªH¡v¡J¨v©H¡v¬H 6 «¤V¤«®N©>¨J ÖX¦ªH©ÆJ°:°³H«®N¯µ4¡v¤V +¬H «
¤VªHÀ Vvb³H«®:¯®:©H¨ev°N¨v¡J«®N¤«ªH×Ö ÒÓK ¡v¬H¤V³f|¢¥¡J« É'Ñ J©H¶ÏaÈ Q¹´[©]¸v V¤«®:¨JJ¤«®:¡J©¡1¢§ª>¤V«¡J¨v©H¡v¬H 6¯¡v°N°:¯¤V®:¡J©H ¡1¢
³HV®:¯µf¡J¤« Q½AªH¡1¦§¸J@½-V¸vJ°: J©)®:©H¯©8¤«®N¸v¢¥¡J®N©>¶H®:¸]®:¶H¬>J°
ÒÓK ¤V¡+¶H¸8®:J¤«6¤V¡ ÉÕÑ ¡JÏaÈ6¹HȪH6ÔØ V¤«VJ¤«¨J±0¿HªH®:µH®:¤« V¬H³fV®:¡v³f[¢¥¡vV'J©H¯Ù¤V¡)J°:°¤«ªHb¡J¤«ªH« V®:©H¯b®:¤+°NJV©> ¤V¡³>V¶H®:¯¤v©H¶v¯¯¡v¬H©8¤¢¥¡v¤Vª>°:¡J©>¨1¼[¤V«Ú¯¡J©H «²8¬H©H¯ ¡1¢®:¤V J¯¤V®:¡J©H @¹ËÛ°:¤VªH¡v¬H¨Jª¤«ªH6¯¬H«V©8¤®:³H°:'©8¤Vv¤V®:¡J©¡1¢
ÔÜ®N ®:³H«J¯¤«®:¯J°:°:±0¿H³4©> V®:¸JJ½Ë¤«¯0ªH©H®:²8¬H ¢¥¡v6J¯0ªH®:¸8®:©H¨
V®:®:°:J³4|¢¥¡J«v©H¯+J¤¨JVJ¤V°:±ÀV¶>¬H¯¶L¯¡v³H¬H¤«J¤«®N¡v©HJ°
¯¡J «¤J«¬H©H¶H®:©]¸v V¤«®:¨JJ¤«®:¡J©¹
Ý
NÞ ß àfá4â81ãäà ß
]>0}0våÖæ V¡1¢¤[¦§vVv¨J©8¤« +¤VªHv¤+J¬H¤«¡Jv¤V®:¯v°N°:±²8¬H«±
+¬H°:¤V®:³H°:+¡v©8¼Å°:®:©H¸J©H¶H¡J« ¤V¡)¨Jv¤VªHÕ®:©8¢¡JV'J¤«®N¡v©vµ4¡v¬H¤
³H«®N¯ v©H¶¡J¤Vª>v¤V¤V«®:µH¬H¤V ¡1¢-¯¡J©> V¬H'¨J¡8¡8¶H J©>¶Õ «[¼
¸8®:¯ ËÖçªH«J°:¶6¢¬H¤V¬H«®N©'¦ªH®:¯0ªÕv¬H¤V¡vv¤V¶+v¨J©8¤V vV
J© « V©8¤V®:v°H¯¡J'³4¡v©H©8¤¡£¢}°N¯¤V«¡J©H®:¯¯¡vV¯èäéH½1êH½8ëvëJ½
ëQìîíV¹ï8ªH¡v³Hµ4¡v¤V ¡v¬H¤V³f|¢¥¡J«ðv©H¶+¡J¬>¤[¼[®N©M¢¥¡J«ª]¬>J©> Q½@³HV¡£¼
¸8®:¶H®:©H¨0¿H¤«©H V®:¸v³H«¡]¶>¬H¯¤¯¡1¸vVv¨J®:©ñ0¬H V¤A¢¦e «¯¡J©>¶H Q½
¢¥v'¡J«¤VªHv©³Hv¤V®:©8¤-J©H¶¶H¤«V'®:©H¶+ª8¬Hv© VªH¡v³H³4
¯¡v¬H°:¶¸v6v¯òª>®N¸JJ½K¸J©£¢¥¤VªH¡J¬H« ¡1¢J©8¬Hv° «J«¯òªK¹
ºv³H®:¶H°:±6®:©H¯«J «®N©>¨®:©©8¬H+µfv©H¶+ V¡v³HªH®: V¤«®:¯J¤«®N¡v©½v VªH¡v³8¼
µf¡J¤V +vVªH°:³H®:©H¨À¡vV'J©H¶Æ¡J«µH¬>±J« ®:©H®:+®:¾0¿8¼
³f©H¶H®:¤V¬>V6v©H¶1¿H®:+®:¾Ë VJ¤«®: [¢¥v¯¤V®:¡J©K¹
ïM®N©>¯6¤Vª>°:J¬>©H¯0ªÕ¡£¢ó§vV¨Jv®:©4ÓK®N©>¶Hè:ë@éí|½>ÕôÒõ VªH¡v³8¼
µf¡J¤Q½@¡v©6öJ¬H©>{÷vøH½Jë@ùJùvêH½¤«ªHËVJ©>¨J¡£¢M³>V¡8¶H¬H¯¤« -V³H« V©]¤«¶
µ8±· Vª>¡J³Hµf¡J¤« ªHv 0¿H³HJ©H¶>¶ú¶H«J'J¤V®:¯v°:°N±v¹ûÛ VªH¡v³Hµf¡J¤
1¸1J®:°:Jµ>°NJ¤üîýHþvÿ8ÿ þ Õ¯°:J®:' §¤«¡¯¡v³HvVëv½ øvøJø>½ øvøJø
³H«®N¯ ¡J©ëQøvøH½äøJøvø¯¡v³H¬>¤V|¼Å¡vV®:©8¤V¶³H«¡]¶>¬H¯¤V @¹-Û©H¡v¤VªH
Vª>¡J³Hµf¡J¤@
½ 8þ þ ÀÎ墥¡vVV°:
± ü >ü þ 4н=¨Jv¤Vª8¼
« Q½1¯¡v°:°Nv¤V KJ©H¶ «¡JV¤« -³HV®:¯ KJ©H¶0¿H³4¯¤V ¶+¶H°N ®:¸vV±¤V®: ¡1¢µf¡8¡ 8 Q½HôÒ @½8J©H¶'¡1¸8®: -¡1Ì=V¶'¢¥¡v§ «J°:¡v©8¼[°N®:©Hv¹ ©H
¡1¢¤«ªH6¡v V¤Ë³4¡v³H¬H°:JË Vª>¡J³Hµf¡J¤« Q½ 4ü 4þ þ ½J¯¡v³HvV ¡ ¯ V¬>³H³H°:®: Q½A¨JV¡8¯V®: Q½A¤V¡1±8 Q½AJ³H³>JV°Å½-v©H¶)¯¡v©H V¬H'
°:¯¤«V¡v©H®:¯ Q½@ñ0¬H V¤A¤V¡©HJ'§¢¦·¡1¢¤«ªH®:¤« -¡J©'®:¤V ³H«¡8¶8¼
¬H¯¤°:®:©HJ¹-Û ¤VªH«J©H¨v¡£¢³H«¡8¶H¬H¯¤« ¯¡1¸vV¶µ8± «ªH¡J³>µ4¡v¤V 0¿H³Hv©H¶H ¤«¡6®:©H¯°:¬H¶H'¡JV˯¡v³H°:0¿6³H«¡]¶>¬H¯¤V Ë V¬>¯òª+v ¯¡v©8¼
V¬>˰:¯¤«V¡J©>®N¯ Q½H¤«ªH°:¸J°=¡£¢ «ªH¡J³Hµf¡J¤ «¡J³Hª>®N «¤V®:¯v¤V®:¡J©+®: V®: «®N©>¨J¯¯¡J«¶H®:©H¨J°:±8¹ ©6Û¬H¨v¬H V¤ë@ì1¤VªK½]ë@ùJùvùH½ 4ü 4þ þ ®:©H¯¡vV³f¡JVv¤V¶Ù¤V¯0ªH©H¡v°:¡J¨J±'¤VªHv¤Q½>¢¥¡v³HV¡8¶H¬H¯¤V ¦®:¤Vª+¬H°:¤V® ¼
³H°:Ù¢¥J¤«¬HV Õ «¬H¯0ª v ¶H®:¨J®:¤Vv°¯v«J Q½»¬H V Ùe VV®: b¡£¢
²8¬H «¤V®:¡J©H ¤V¡°:®:¯®:¤+¬H°:¤V® ¼Åv¤V¤«V®:µH¬H¤«¬H¤V®:°:®:¤V®: A¢¥V¡v µH¬H±vV @½
J©>¶¤Vª>© V¡J«¤V ³H«¡8¶H¬H¯¤« J¯¯¡vV¶H®:©H¨¤V¡¤Vª>µ>¬H±J § «³4¯®Ê¼
Ç4¶¬H¤«®:°N®:¤[±8¹Û°: V¡¡J©¤VªHv¤¶H1±8½ þ>ü ! þ +°N®:¯©H V¶ «®N'® ¼
°:JˤV¯0ªH©>¡J°:¡J¨v±+¢¥«¡J#
" 1þ $>ü8ü þ ¹
ïMªH¡J³Hµf¡J¤« -JV¯°NJV°:± µ4¡8¡v©¤«¡µH¬H±v V A¦ªH¡¬H V¤«ªH¹
É ¡vV¡1¸vQ½A¦ªH©L VªH¡v³Hµf¡J¤V +µf¯¡v'J¶H¡v³H¤V¶Lµ8±)b «¬ +¼
¯®:©8¤+³f¡JV¤«®:¡J©L¡1¢¤VªHµH¬H±v+³f¡J³H¬H°:v¤V®:¡J©½-®:¤+ « +°:%® J°N±
¤Vª>J¤ V°:°:« Õ¦®:°:°µf)¯¡v³f°:°N¶ ¤«¡L¶H¯«J «e³H«®N¯ J©H¶
®:³H«¡1¸J²8¬HJ°:®:¤[±]½-µf©HBÇ4¤V®:©H¨À¸J© ¤«ªH¡J «µH¬H±JV ¦ª>¡b¶H¡
©H¡v¤ Vª>¡J³b¦®:¤VªÙµ4¡v¤V Q'¹ &¡1¦¤Vª>¦®:¶H «³HVJ¶b¬H¤«®:°N®:¾v¤V®:¡J©¡£¢
(*)+,-.+/*(1032%4)/65798;:/<(*8=>=%8;?@(BAC+DE/*)8F+/*)8;?<)5DGA2>(HD+/
I$J2>/@8K(@+L5,,5?@8;D/BMON8;(@(68;(*/@5-=%2%(*)8;GP(*8;=%=%8;?@(6035Q1RK8;=%:;+038
(*)+,-.+/*(O5(
5DL+,,C+?*/@JD2%/SQT/*+15/*/@?*5:;/O-JQ8?*(ORU)+U032%4)$/
D+/L+/*)8?*RU2%(*8E)5V8W5:;:8;(*(P/@+X2%DYZ+?@035/*2%+D[5-C+J/L/*)80A
-J/U03+?*8U8;(@/*5-=%2>(@)8;G[(*8=>=%8;?@(U035QTY\8;8;=/*)?*8;5/*8;D8GMU]+0E8
=>5?*48;?X,=%5Q8?*(X)5V88V8;D^-.8;8D`_D+RUDa/*+bG8=>2%-C8;?*5/*8;=%Q
-=%+$:_X5J/*+035/*8;GX548;D/@(<Y\?*+0c/@)8;2%?LRH8;-d(*2%/*8;(Ee f g*MFhU)2%(
,?*5:;/*2%:;8U(@8;8;03(i/*+T-.8URH5D2>D4.A )+RH8;V8;? j/@+G5Q$A (@8;=%=>8?*(6=%2%_8
kl.mnopKqrol 5DG3s mtpuvmpwxoyzuiq!rol /*+=>8?*5/@8TI$J8;?*2%8;(
YZ?*+0{548;D/*(
(*J:)L5(| umz}~zoKqrol +DT/*)864?*+JDG(
/*)5/
-JQ8?*(H/*5_8<-?@5DGPD5038U5DGP2%0354865(KRH8;=%=.5(6,?@2>:8<2%D/*+
5:;:;+JD/<5(K/@)8;Q[(*)+,M
(H03+?*8H5DGW03+?*8H-JQ8;?*(H5?@8<?*8=>Q2%D4T+DP(@)+,-.+/*(H/*+
2>D:;?*8;5(*8U/@)8;2%?65RH5?*8D8;(*(i5-C+J/O,?@+$GJ:;/*(i5DGW,?*2%:;8(BA2>/O2%(
-.8;:+032%D4T5GV5D/*548;+J(OYZ+?6(*8=>=%8;?@(K/@+L2%D:;?@8;5(@8<C82>-2>=%2%/SQ
2>DW/*)8;2%?6,?*2%:;2%D41(*/@?*5/@8;42%8;( A,.8?*)5,(6-QLJ(@2>D4<C;
Z !
5J/@+035/*8;GP548;D/@(U/*)5/U8;03,=%+QL,?*2%:;8S(*8;/@/*2%D4E5=%4+?*2%/*)0E(
2>D5Dd5/*/@8;03,/U/*+[0352%0P2%;81,?*+./*( M ,?*2%0E2>/@2%V8<850P
,=%8+Y5E,?*2%:;8;-C+/F2>(T5V52>=%5-=%85/ yoovOq!rol A5D+D=%2%D8
-.++_(@8;=%=>8?BMWb)8;D5E,?*+(*,C8;:;/@2>V83-JQ8;?L8,?*8;(@(*8;(W2%D$/@8;?S
8;(*/P2%D5d42%V8;D-C++_A yoovOqrol 5J/@+035/*2%:;5=>=%QEI$J8;?*2%8;(
kl.mnopKqrol As otwutCvOqrol A5DGs mtpuvmpwx.oyzu6qrol
/*+G8;/*8;?@032%D8X/@)8X,?@2%:;8/@)5/E2%(3-C8;2%D4+798;?@8;Ga5/3/@)+(@8
(*2%/*8;( M yoo9vOqrol /*)8;D(@=%2>4)/*=%Q[JDG8;?@:;J/@(L/*)8W=%+RK8(*/T+Y
/*)8[/*)?*8;8XIJ+/*8;G,?@2%:;8;(BAH/SQ,2%:;5=>=%Qd-QbB +Y/*)8¡?@8;/*52%=
,?*2%:;8MU]J:!)GQD50E2>:U,?*2%:;2%D4P+D[0E2>=%=%2%+D(6+Y/*2%/@=>8(<2%(UV2>?¢
/*J5=>=%QW2%03,C+(*(@2%-=%8K/@+L5:)2%8;V8<035DJ5=%=%Q$AQ8;/H:;5D38;5(*2%=%Q-C8
2>0E,=%8;038D$/@8;GPRU2%/*)E5P03+G8;(@/K503+JD$/i+Y6,?*+4?@5030E2£D4CM
(03+?@85DG¤03+?*8d(*8;=%=%8;?@(X5J/@+0E5/*8d,?@2>:8(@8;/*/@2%D4.A
,?*2%:;8;-C+/@(<5?*8T4+2>D4/@+2%D/*8;?@5:;/URU2%/@)¡+D8<5D+/@)8;? AQ2%8;=%G
2>D4JD8,C8;:;/@8;G`,?*2%:;8d5DGa,?*+./3GQ$D5032%:;( M`hU)2>([,5
,.8;?U?@8;5:)8(U/*+RH5?*GE5DPJDG8;?*(@/*5DG2%D4P+Y(@/*?@5/*842%:T,?*2%:;8
-.+/LGQD50E2%:;(<V2%5[5D5=>Q(@2>(15DG(@2%0PJ=%5/*2%+D3+YHYZ+J?T:;5D
G2%G5/@8¡,?*2%:;8S(*8;/@/*2%D45=>4+?@2>/@)03(T/@)5/PG2¥78;?P2%D/@)8;2%?P2%D
YZ+?@035/@2%+D5=5DG:+03,J/*5/*2%+D5=6D8;8G(B¦[45038/@)8;+?@8;/*2%:
,?*2%:;2%D4d§¨©h<ª;A0PQ+,/@2>0E5=,?@2%:;2%D4d§«E¬Lª;AG8?*2%V5/@2>V8WYZ+=¥
=>+RU2%D41§T®Oª;A5DGL¯'S=>85?*D2>D4T§¯Tª;M °O?*8;V2%+J(*=%Q$ARK8i(*/*JG2%8;G
/*)8U,?@2%:;8K5DGW,?*+./OGQD50E2>:(/*)5/O8;D(@J8URU)8;DW(*)+,-C+/S
5(*(@2%(*/*8Gb-JQ8;?*(P2%D/*8;?@5:;/PRU2%/@))+03+48;D8;+J(L:;+=%=>8:;/*2%+D(
+Y,?*2%:;8;-C+/@(</*)5/UJ/@2>=%2%;81/*)8;(@8L5=%4+?*2%/@)03(Ue²±A ³AB´ g*M
µSD
/*)2%(RH+?@_ARK8¶.?*(@/8(*/*5-=%2%(*)W/*)5/+J?,?@8;V2>+J(O?*8;(@J=%/*(O5?@8
D+/6(@2%4D2¥.:;5D/*=%QL5=%/@8;?*8;GPRU)8;D3-JQ8;?@(B·V5=%J5/@2%+D(O5?@8U2%D
)+0E+48D8;+J(U?*5/@)8;?1/*)5D¡2%G8D$/@2%:;5=SMKN5/@8;?BACRH8L850E2>D8
/*)81-.8;)5V$2%+?6/*)5/68;D(@J8;(URU)8D3,?@2>:8;-.+/*(U8;0E,=%+Q2>D4UG2¥Y
YZ8;?*8D$/1(*/@?*5/@8;42%8;(15?@8,2>/@/*8;G[5452%D(@/U+D8T5D+/@)8;?BM
hU)2%(P,5,.8;?E2%(P+?*45D2%;8G¸5(WYZ+=%=%+RU(BM¹hU)8XD8/P(@8;:
/*2%+D[,?@8;(*8;D/@(+J?U03+G8=.+Y5D[8;:+D+0PQP/*)5/U:;+D(@2%(*/*(1+Y
(*)+,-.+/*(W5DG,?*2%:;8;-C+/@(BMXhU)2>(F03+G8;=62%(L5D5=%Q;8;GdY\?*+0
5345038S/*)8;+?@8;/*2%:T,.+2%D$/1+Y6V2%8;R¤2%Dº]8;:M»MKµSDd]8;:MfCARH8
G2%(*:;J(@([/*)8d,?*2%:;8(@8;/*/@2>D4¸(@/*?@5/*842%8;([+YL2%D/*8;?@8;(*/ ¦45038
/*)8;+?*8;/@2%:A0PQ+,/@2%0P5=,?@2>:2>D4.ACG8;?@2>V5/*2%V8©YZ+=%=%+RU2%D4.A5DG
¯US=%8;5?@D2%D4.MO]8;:(BM´T5DGP¼TG8(*:;?@2>-C8<(@2%0PJ=%5/*2%+D(+Y)+0E+
48;D8+J(H5DGP)8;/*8;?@+48;D8;+J(U:;+=%=%8;:;/@2%+D(6+Y,?*2%:;8-.+/*(H/*)5/
2>0E,=%8;038D$/F/*)8;(@85=%4+?@2%/*)0E(BMb®
2%D5=%=%Q$AH]8;:MU½d,?@8;(*8D$/@(
+J?U:;+D:;=%J(@2>+D(U5DG¡G2>(@:;J(@(*8;(T2%G8;5(HYZ+?iYZJ/@J?*8LRH+?@_M
¾
¿XÀCÁÂ$Ã
8T(*/@JGQ[5D[8;:;+D+0PQP2%D[RU)2%:)[/*)8;?@8L2%(U5P(*2%D4=>8T)+03+
48D8;+J(64++G+798?*8;GÄYZ+?O(*5=%8K-QPÅX(@8;=%=>8?*(65DG+Y92%D/*8?*8;(@/
/*+WÆÇ-JQ8;?*( ARU2%/*)EÆ`ÈÉÅHMKÊO5:!)E-JQ8;?<ËU48;D8;?@5/*8(<,J?¢
:)5(@8U+?@G8;?*(O5/?@5DG+0¤/*2%0E8;(BA 5/O?@5/*8HÌÍA5DGL8;5:)P(*8;=%=%8;?
ÎU?@8;:;+D(*2%G8;?@(<§\5DGW,C+/*8D$/@2%5=%=%Q?@8;(*8/*(!ªi2%/*(6,?*2%:;86Ï.ж5/O?*5D
G+0Ñ/@2>0E8;(BA5/U?@5/*8FÌ$ÐMKhU)8LV5=%J8T+YH/*)8L4++$G[/@+3-JQ8;?
Ë12%(KÒ Í A5DG3/@)8L:;+(*/U+Y¶,?*+GJ:;/@2%+DEYZ+?H(*8=>=%8;?TÎT2%(UÓ Ð M
-JQ8;?Ë· (UJ/@2%=>2%/SQWYZ+?U5P4++G[2>(U5E?*2%(*_SD8;J/@?*5=YZJD:
/*2%+D3+Y62%/*(U,?*2%:;8T5(HYZ+=%=>+RU( ¦
Ô Í §%Ï.ª6ÕÇÖ
Í × Ï
Ò 6
³
2¥YÏ3ØÒ Í
+/*)8?*RU2%(*8
§Bª
8[G+dD+/P5(*(*J038[/*)5/P-JQ8;?*(E5?*8[D8:;8;(*(@5?@2>=%QbJ/*2%=%2>/SQ
0352>0P2%;8?*(BMEµSD(@/*8;5GAORK8P5(*(@J038P/@)5/W/*)8QJ(@83+D83+Y
5X(@8;/+YKÙÚ!Ûd;ÜÝ<CÞ>E
>ß 3(@8;5?@:!)à?*J=%8;(W2%D(*8;=%8;:/*2%D4d/*)8
(*8=>=%8;?¶YZ?*+0`RU)+0`/*+F,J?*:)5(*8M -JQ8?6+Y/SQ,.8Uái§ZRU)8;?@8
³FظáiØâÅOª'(*8;5?*:)8;('YZ+?U/@)8T=>+RH8;(@/U,?*2%:;8L503+D4Tá6(*8;=%=%8;?@(
:)+(@8;D5/P?@5DG+0ãYZ?*+0É/*)8[(@8;/P+YLŤ(*8=>=%8;?@(BAH5DG,J?¢
:)5(@8;([/*)8d4++G2¥Y©/@)5/E(*8;=%=%8;? · ([,?@2%:;8X2%(3=%8;(@(¡/@)5Dä/*)8
-JQ8;?B· (UV5=>J5/*2%+DPÒ Í MH§S°O?*2%:;8F/*2%8;(U5?@8L-?@+_8D¡?@5DG+03=%QM²ª
YZ8R¤(*,C8;:;2%5=O:;5(*8;(L5?*8WRK+?*/@)X038;D/@2>+D2%D4.M -JQ8;?
+YT/SQ,.8[áÕã³X(@2>0E,=%QX+,/*(P+J/+Y/*)83035?*_8;/RU2%/@)+J/
:)8;:_2%D4[5DQ3,?@2%:;8;(BMTåHJQ8;?*(L+YK/SQ,.8(áHÕ#ACáKÕ^æA5DG
á6Õ¤Å)5V8-C8;8;Dd?*8YZ8;?*?@8;Gd/*+32%D[,?@8;V2>+J(<RH+?@_e²±AOB³gO5(
8;0E,=%+Q$2%D4P/@)83ç1èéXêC;ÞÞ%; AUë6Ý1Ü!WìUÜ
L5DGí<ÜîÜ
è
ïTð è.\(*/@?*5/*8;42>8(BA6?@8;(*,C8;:;/@2%V8;=%QjU/*)83=%5/@/*8;?W:;+?@?*8;(@,.+DG(
/*+F-JQ8?*(6RU)+F/*5_8U5GV5D/*548K+Y9(@)+,-.+/*(BMñhU)8<-JQ8;?
,C+,J=%5/*2%+DP2%(65(*(*J038;GP/@+:;+D(*2%(@/K+Y50E2£/@J?*8H+Y-JQ8;?@(
8;0E,=%+Q$2%D4[+D8[+?W5D+/*)8;?P+Y/@)8;(*8(*/*?@5/@8;42%8;( Mb],.8:;2¥Y
2%:;5=%=%QAO5d8;GAU8+48;D+J(*=%QàG8;/*8?*032%D8GY\?*5:/*2%+DòHó+Y
-JQ8;?*(18;03,=>+Q(6(@/*?@5/*84Q[á!A5DGXô ó òHóÕ`M
hU)83,?@+./FYZJD:/*2%+DõÐFYZ+?W(*8=>=%8;?PÎE,.8?PJD2%/L/*2%0E82%(
G8;/@8;?*0E2%D8;G-Q/*)8[,?@2>:8¡V8;:;/@+?bÏö AiRU)2%:)¸G8;(*:;?@2%-.8;(E5=%=
(*8=>=%8;? · (,?*2%:;8;( ¦LõÐ;§Ï.ö ª1Õ#§%Ï.Ð × ÓÐ;ª@÷Ч.öÏ ªARU)8;?@83÷ЧÏ.ö ª12%(
/*)8P?*5/@8+YG8;035DG[YZ+?/@)8P4++GX,?@+GJ:;8;Gà-QX(*8;=%=%8;?LÎM
hU)2%(H?*5/@8<+YG8;035DGP2%(6G8;/@8;?*0E2%D8;G3-QP/@)8<+V8;?*5=>=C-JQ8;?
?*5/*8P+YG8035DGAC/*)8P=%2%_8;=%2%)++G[/*)5/L/*)8P:)+(*8;D(@8;=%=%8;?B· (
,?@2>:8Ï Ð RU2%=%=6D+/L8:;8;8G¸/@)83-JQ8;? · (V5=>J5/*2%+DÒ Í A
5DG
/*)8¡=%2%_8=>2%)++Gd+Y-JQ8;?@(P(*8;=%8;:/*2%D4(*8=>=%8;?3κ5(W/*)8;2%?P,C+
/*8D$/@2%5=U(*8=>=%8;? Mµ\YÌÕ ô Í Ì Í Ai5DGà2£Yø Ð §Ï.ö ªFG8;D+/*8;(E/*)8
,?@+-5-2%=>2%/SQW/*)5/K(@8;=%=%8;?<ÎT2%(K(@8;=%8;:;/@8;GACRU)2%=%8Uù.§%Ï.Ð;ªiG8;D+/*8(
/*)8TYZ?*5:;/*2%+D3+YO-JQ8;?*(1RU)+(@8LV5=%J5/*2%+D(i(*5/@2%(SYZQEÒÍUúûÏCÐA
/*)8;D{÷WÐ §ÏCö ªXÕ ÌÆWø.Ð §Ï.ö ªù.§>ÏCÐBªMaü<+/@8X/*)5/P/*)8XYZJD:;/*2%+D
ù.§%Ï.ªi:;5DP-C8<8,?*8;(@(*8;G[5(iù.§%Ï.ªOÕaý6ÿ þ § Cª ARU)8?*8 § Cª
2%(K/@)8L,?@+-5-2%=%2>/SQWG8;D(*2%/SQPYZJD:;/*2%+D3G8;(@:;?*2%-2%D4P/@)8T=%2>_8;=%2¥
)++G[/*)5/U542>V8;D[-JQ8;?U)5(UV5=%J5/@2>+D M
)-748 /
5*
9!9!)-
:
(
1>#
;9! )-!8' /
"$ #%-' *4? &1->1-' -(**!+)+3-!(' ' /
!,-48' .3(-;*/
/
00/<
-@>1 2=*>,-1-3-!!42
=A5.('2+#3-
- (' 6
,-3-4
/<8/
;0(B*3-!C,+-.=- !84!3-
!' 25<(
=0"4
#D8 E,$C' 3-:
C
&$#D=!; ' CB(!+&(*-!F+G @
H-- -
1'I0=! !
--(!-3- B)J,+)-
)- -
/<.
K90!-=! /
*-! -3-/
!' 42)$10
<
(
; 1&2/
,!3-4K
,$
!+
!E!50 -!1
-9!/
L!)-3-' 0 /
((!
15- !! A&J/
/
0-K1C' )-
39!)-' /
3- !(+!' 48#+'-
(' !
#!K!- K=!
!9UK J,-NB3-)-4
'
)-!B+#+1-V 3;/
(1--
!15!26OBM(-
1C"!
0 W!-K3-=*1-'115KPP 3ñQS@ R-T ñR
ZX Y[\^]D_ [*`]Daa]cbMdfe-g e-hiD`Y[
jlkm^e!n;g e?[\ eo[Ypeqar-if`7etsUu(vu
wbD]Dxzh8ay|e`7{;`e-}h?~ ]%Ke-h>
_ D;g Y [8Yaa]fYgl`m[e-ahjl^ah[e-e-[pe-m*ifYma5e [}\ e* eU]DhKee-]%r-D[e-e-h$mk2^ae-h]%``7nKeh[
iDDg a*if `7jh-]%eCn;[C[\^Ye5a.ba_^_ gr!\r-[Y[]f\ g iDa [C B$-DfK; 5iDy|g m { MKY%g> [\ eC$fg ; e!< [ ae--r-}[YX]Dg e }
* D¡+¢ ¡
Xar-heY7§Kg e-]%m¤£p ]hm e-ae-e-`g[Y7ei¤.e-dDm¦ifpifae!¥
i[\ ]feg ]De!h¥
ea[\ Yr]f[iDdfg iDifp`jleaYa>]%b[a\a_ e¦p Yhg e!d ¥
ape-`Y«` e-e-hm¦a8ifa[hhe>iD_[e-[dDY`7j Y[
jªifpai%\¤ e-Yp¬_ YY`7e-Yh§ a$hkY_ .p e>m^e-hYDe?ifa[\¤\^} e>¨¤e-¬a© j_ pY`7Ypª§ he-Y[_ hp Yr
Y7laYm iq_^DiDe-` r-[]Dh]%h5n;]c[b;a. ifhgY7r~ m?e-a5bhiD]D[p£**\ Y\ r!\?Yr!\ae-[``\ e-e-hj}CaJp©£\^i%i%D~ e*Ypg ]>YYe&g [r\ e-e-gY[hYDYg eqm [Y«] ¥
mhYe-iYYiDg[]De¦_^h*®+¯e-° r-}q]Dg^± ]D\ pe-hYe?rqpiDh]e²m g^e-]`B* _\ heeg e-aD[ehhAiD[³?e-dD´¶j µ*~ ·iDa´¸\e®¬l _^¹Y7kK`Yº§° ¥
±~ \iDae-\¦he8e-m ¬]_ e-Y`7a$Yk§ \hY]%_ Cpe-fk%e-*h+\^kY7e!r! \¦YaC[*eAi?m^ae-jhpªYDpe8e- [hhe-Yar.epªgl[Y«`j e} ma[hiD[e-dDj }
r-`7e]D[²hm»B½?Yeg [d8¼B[ ]§K;e*m^\^[\ e-Y7r!geª\?]Dr-[a]De8e-h``[he-\e-hae8a5;a]fe-hg []Dm §[Y\gife-§d¤YYh`7r-Ye-_[
¬j?p_ m _Y`7e-`YgiD§ a[hYYY[
D_ je>p¸bm _ Yg^ah[r-Yhr-[YeY§ ]Da+_^gªkf[iDYiDg]Dr!gm ¥
bh_iDgg^r-dD[e8Y]DKbg]f h*}¸*¾ \ ]DY`r!`\À]%*Y[*Y7g^Y7dÀaqm ¿5e!iDn;hg^YiDe-gÁm2kB½?®$Â °SkCC\ eÀiDaqg g]f[]eÀp[\ifiDaa*[ªKY7g¶]DYg[[\ a$e k
aiDYhg §^r-Y7e¦[hif]Dh[Y\ `jÀe-h*apªY7aiDe``iÀiDape-`]f`e-_ h²g[8r]DiD_ g `mmÃe!m^ e-KKr- he-ehiDYe-ag^e¦r-e¦Y[a?iÀ m hYY7arr-e]fg§[jYgiD_g ¥
]D[\ _ eaqaY7g^iDr-Ymhe-ifm^aY7ae[hYY7gÀ§^_ [hY]%]Dn;g[k;a }8aYg r-]Deh]De-]%[\De-ehh+*kB[Y7a\ ee-h e?hYiDr-hee²a>g^.]]f_dD`ifmÀ ag ]fYg [
§;[\ eqe>]Ddf iD[ªY7pªr-iD]D`c_ ÄÅ`m¦i>Yg ar-e-h`e-`iDe-h5ae>r!\ Y[iDa*hdD Yhg Y7rd>e>io[]? hn;Yr-``Beq[iD\ [e>[\dDifeq`]%*Ã\ e-Y`g e8mªh]%e!¥b
[iD\ Yg eYgr-_^dpY[_ a`iDp[Yiffhe.Æfme-[*Yaa[\hYif§ h_^eD[kKY]D[\ g?e-bh_^eg§ljÇr-[YY7]fg^gr-h½?e-if aYg dªYa.Y7r-[]fap h ]%_^n;[[e-a m }
±Y7g¦[e-hpªa.]cbM[\ e8¬_ iDg[Y[
j $DK -}
K
e-Y7ahaCeUÈ*ae-e^`r-e-hiDe-ra`[*`Daae-[e-\mÉ`iD`e-[YgÊh* $[fe-if;h a5pª[h\^aee- ]%Yhh.b8e-aK[e-\]Dg[eÀ[e-a5g^[[h\Y]DiDe5§^` iDa§he-]D`Y``§ e-Yaifh [}§ YrªY± `Y7\m[
j*Ye-aJp[b\ _ifiDgg [Bmr§^[_Yb<]D]Djfg h ¥
ae-``e-hA˧ljª§ _ jfe-ha*]cbM[
jKe8Ì0k^g iDpªe-`j !Í Î f; k iDaCb<]D``]%*a+Ï
Ð
Ô
DK 5y ÑÎ(ÒBÓ !Í Îf;
±r-]D\ pªe¦;n;]fhg ae-[gr[+]Dk p UKÍIÖ]DDg^K e--g}Ç[ × _ UjfÍ Ó$e-DhK a?]%y b[
³j}ÁKeÕ ®]Dg^ae-aY`me-r-e-[?hªa[e-\ `eÀ`e-hg^ae!iD[[
h§liDj¦g^am _ ]Dr!p¤\ا [_ \jD_ ea+hka8[Y\ aAe¦aY ph]f § `j iD§^Y7!`YÍI[
Ö jÀf [\ iD[?®+aÙfe-Ú ``e-hª]%¸Y7a?r-a]Deg^`7ear-Ym[e-e-m h
§i_ §^jD_ ejDhae-ho]cb5]%b*[
jl[
Kjle>KeÔ }JÔ kÛ g]fphm _ eah*[ b§K]feh*;aYge-*`r-`y`e-_ hm oem[]*}8§KY~ [e>\^aY7g¤e-`e-[r\^[ee-m¤ iD§Yj h
]%b5ae-``e-ha§Ke-Yg daifp `e-m2kf*\ Yr!\¦]lrr-_ haq*Y[\¦ h]f§ iD§^Y7`Y[
j
äïë-å ë!ê
á*ð-ÜSÝ;äBëÞ-ïlë!ßBá.ë!ð-àç(çKá+ß
æ+àñâßã!ë-àäé-èå ß
äß
é*â«æ-ò
ç(äàß
ß
â äè(èß
èÞ-åá!ë!áèð-ó0ß
ó!äSé5õ;Þ*å á5÷*èÞ-èßßÞ-ê
å ää;ë!å ñá-ä(ß
äð-ê
å é-âIèàåß
ë!è(çBå á5ë!èáÞ-àæ-ßç(æ-ß
ø2âäå ð-àß
âä^äèÞCäBèë2ß
çù0ß
èæ$Þðë0ßBå â ç(å ë0úèáß
çé.åß<ðì7ñÊäå áÞ-ë!ô!ëèïß
íê!èß
õ%Þ-çîßö ì
ë0çßáàß<äì7ë!äÞ-á-ë!ä
ò+èBå ó-á-àê
ñâ ð-ß!é-ò+å á-çóàèüÞ-åIß
ýKçBèÞ-è(Þ+ßàø2á*àå ä(èÞ.äBåß
èù!ß
ð-çàå â èå ú-ß
é*çå ð-ê
ñ¶ë!ð-á!ëèïlß
èç(Þæ+ß2àçäè
èò$àïó!ë!ß2çó-ààèBñâ ßßBàæ-ä(èBâIà
è7ãû^ß
é ë
çüß
å Iæ+ý^ßèàÞ-èß2ß
éþâ ë0ãqâ ÿ5å äÝKå Þ-á8ß
ë!ï7àçê
ß
è&ñ¦àCëïDø2çàß
äæ+Þßàß
èù!ß
ð-éJå â óUå ú-àç(ñå ð-ßKñÉèÞ-ëß
ïë!çè(ã.Þ-ß5üä(çß
ß
ß!æ$ò!ßïàë0èç^ß
ßéUàó-ñàñæ-âß!ß!òlò-àþ-á-ð!é ì
é-óUàß
á!ñú+ßß
çê
óCë!çàçáß
é*äæ$Ý;ë!á-å çéë!â èß ë*àC ýKø2ä(àèäàÞ*èß
ß
ä ù!èð-Þ+å àâ å èKú-çí!å åð-çñCè(ð+ò àâïë!ãç2àä(â ð f.æ+à
ê
ãå ß
ë á0Dè(äKâ ãqå á â ààçó!ç(ß5ß
æ+íßààâ ð-èß
ß
é ä
ëß
ù0ï2ðè(å Þ-â å ßúçé-å ðå äñÊê
ë!ð-àäá!èCàáCæ+àß
çù!àð-ñ&å â åß
ú-è(çß
å ç
ð-õ²ñ¶ÝKëÞ!ïð-æ+ä
àò;çû^èå ß*ê
ð-å âIäàë!çKâIàå èá0ß*è(ß
èçÞ-ß
äß*è
õäè<àó!ßCó-àñß*ø2àäÞ
[ \^Ú eÁ]D[® \ Ùe-h>Ш ae-`y `e-h>ÔDYÙfgÚC[k;\ ifeg m^iD?Yh p_ aY[*g r-§;eDe?k`§]%j.e[h\ eYgÀifaah_ Y7rpe² [[\ YiD]Dgg
]%aifb5pajle5pªm^pY7a[e-h[Y7h§^j_ kD[[Y\]De?gk+]D[[\ \^Ye-ah]lare-r-`_ `7eh} h+aJ a*Y7[h\²Yr-^e²h]DYa*§^miD§hi%Y`*Y[
g¦j²b®^h²]Dp ½? [\ e
eg r-eDk UÍ ¨ DK &y ÔfÙDÚ ®Cý? K ° }2Û gªdDe-g ehiD`
kfaÐ e-``Ö e-h**KÐ Y-a }
ae`7eÌr-Ùf[ÚCe-mªk*iD§g j>m|i8a§ e-_ ``jDe-ehh&Ç]cbY[
ajK[\ e.eÀÌ`*]%Y.[\?ea[
¥
h ]fh§ Y7riDe-§ mZY`YiD[
j pª]DÎ g d¤Ö [Ù \^eÀÎ Ì
aiDy eh`7e.`e-Ìha2a®e-Y`g e-m^r-[e-e;meg *m Y7e-[\8g[5 e-hf]fe-§ giD[§ a Y`Y[
jA\ e-®ch eUb½]Dh eD;k% C° Î e.Ö \ k$i%afYge5r-m eJe-[h\YDe-e-am e
!Í Î f; 5y Ì
ÙDÚ ® ½? ; ° Î Ö }k± iDg m
¯
K&y Ú ® ÑÎÒBÐ Ó Ìµ Î ®5ý? ; ° Î Ö
iD] B``Ba©¶ Ä hY~ r-]De-iDa[a\ \ife-aeha¬l*Y7_^dfY7agY7`eDe-Ykf§mÀY7h[Y7K_^C]DpÁa]DY_ [Yg?Y`Dm>e8pg^ ]DY« h[e-]D§;m>§ e*ifa§[]fhY if`7[Y[[
Ye-j?pªdfjiDY7eY7`%a5e[`7]8hm¦e-h¬e-iD_¬g Y_ hm ife-]fa5`2p[\^Yi%-iDjfe [¥
± i%\jf_ ] a+Ãk^iD aa£_ pªBY7$g^ d²K y£y { > b<]Dh if` `B-ae-;``e- h a8KD kkKb[]f\ he>ife-`7¬`J_ Y`hYY§ r-he-Ya _ 2p }}
±[\^\ ee¦pª i%he- r-YYp²aeÀ_^p %if` _ heYr-]ce¦bA[É\^iDr-[?iDage-`§;`e-eÀham^ife-hhe¦YDe*mÊY``7§Ygjd¦r-]f[]g ar!Ym\ eifhhYdDg efd k
a i%`Yj e-a> t[\ }qiD[© [[\ Ya8 hYr-eDµ8kÖ0½?ÙfÚ Ë*m y e-g®f[Y«kKbj*Y\g Yd¦r0\Ç[\^§lej e! ¬ h} e-¯aaYY7pt]fg ¥
{b_ g^r-À[Y]D go iD ;[[ iDiDYg aCa²[Y7\^>[eay p hi%]% n;Y[CpbiD_^}Ç`$g %Ûr-iD[`Y_]fgeJ ]%b2i?[p\^e*]fg p]D]DKg^]D]D`YKa[$]Dk$`Y[a\ [+Y aa
h]%n;[ iD[* hY7re }± \ e-heUb]DheDk^b]DhCiD``Bae`7`e-haAfk
y { $ ²< ²y µ8ÖÚ
iDg^m\^e-g r-eDk
{ < K5y Î(Ð ÒBÓ ÌµCµ8Î-®5Ö Ã½? ; ° Î Ö
YiDpg^m `YYgªr-Y[[`e-jhpm eUa*n;]%g b e-a iDkg b]DmhC½?iD` ` K aY7g¤_ r![\eh[p\ iDa8[]c³ b ]fg ½?e²ifg ]D¸[\ e-® h$k
]D;hÆBk*if``§ _ jfe-h¦%iD`_ if[Y]Dg a?Ce-h;e¤ [ifÆDe-g}
|
g
h
e
Y
D
]
^
_
a
C
Û
[]ǧ;eªe-¬_ iD`q u +uk b]fh>iD``5§ _^jDe-ha %k
k5ifg m\ e-g^r-e
iDa ;a_ ?pªy e 2 { Y7aBKiq _ g aY«e-b]fehpZ º°*m iDYag^[mÁhY§ _^®+³[Y° ]D-g8}¦{ ]%Û Dgy eh2[{\ YgYa>[e-^hiD%iDK`;e-h+I³ kJ.{ °Se k
b*_ Yg^[\r-[Y{ ]Dg¦ifaC³^bk.]D`Y`gZ]%**a+\^Ï Y7r!\¶r-ifae¤[\ e¤Ygl[e-dDhiD`qjlYe-`m aªia[e-
;5y ³®C Ù { Y«]Db [\ e-h*{ Y7ae
p¾ ]D]fh?g []D\ kKY*]Da?`\ Y_ aY[$gr!\ Y«a2b]DYaChhp ]%pn;icm[JYbaY_ pª[ghYYr§-[e-_^Ym]D[gYif]D[.gYa5[a]%\ Y7be8pª§ _ h`jfYjr-e-e h %iD` _ if { [ Y]Dg^;a+ kkf[Ùfb\ ]DÔ eh
© [C[\{ Ya5 hYr-eDk[\^ep]fg ]DK]D`Ya[$ a2 h]%n;[C ¸ y y « { { ÙD Ô
° ¨f}}
Û[gehape-ha*[Y7g^]cbMd½ [\ jle-Yae-eÀ`m %a$iDÏ `_ ea²Yg[] M¬ } ÇiDg^mÃa]f`lYg dÇb]fh Yg
Ö¨
µ
Ö
½ yà ®C ÎÐ ÒBÓ Ìµ Î ®C ½? ; ° Î Ö
Â
fß !æò0+ó!ß
å íê
á ß
è(áCß
é.ù$èÞ+æ-õ àç(åèê
ò æ-ß
ä
çë!õ ü ú+%àýú-å åä;â å ßèã5!æ-é-çåß
ää(èäçß
å ú-é ð-àè(ä;å ë!à á ï2ð-áü %ê
èýå ë!é-áCß
ä(ëê
ïDçå äú$ß
ß
â ä ß
èç Þ ßBä ë0è(äÞ-êàß
âçàäç ß
æâ çß
åçê
ä ß
"
!
$#
% '&
$(
#
)
+*
-, /.
0
21
#
43
#
5
76
8
"
>
H
?A@ CB
:9
EDGF IH
<;
=
!
J
LK IH
J
MONPCQSRTVUWUAXZYVXZ[ATV\L]_^a`cbV[AdTfegdh]i^j`\_]_kZTVdA]ibfeUlPm-]_[UAdWbn
Cumulative Distribution Functions
0.8
U]_UdAU7bn
rUdLdtbWvrxVX[Ldxg`cXZUo{qTfeUbf^aX7u
{fodARXZe]_d
¥¦
¤
w1 = 0.9
0.4
0.2
®°¯
|_§¨¡A©
ª| «¡
|_W¡
é
¦L¬
0.6
êw = 0.5
1
0.4
w1 = 0.9
]iUL`cbVUAU]_v\_XqdbW]_eYVXZ[AdC|CdAbWbVvdATV]_e
s|ic
{¡£¢f¤
w1 = 0.1
0.6
Probability
Probability
é
XZNr]_\i]_v[A]_r^8PuedRXbVdARXZ[LRTfeo]nOdRX`cbV`r\_TVd]_bfeWkZbVe
0.8
w1 = 0.5
TfeaXZTf[eZXZ[Aba`[AbdAUldR]_U]iULdARXqd[ATV]_d]_bfeTV\cyX[d[ATVe
1.0
w1 = 0.1
{a|A}~~oq
VdRXWUAXZ\_\iX[Uk
RTf[VXWdARXW`[AbgrkZd]_bfekZbVUAd
Cumulative Distribution Functions
1.0
TV\_\o]_epTq`cbV`r\_Tfd]_bVes]_eptLR]_k
RWdRXZ[XuTV[XLebwvrxVXZ[AUybGnzdx`cX
0.2
0.0
0.0
è
0.1
è
| TgLª
|/±f
²LRXakZTfUX]_etLR]_k
Rp
+³2TVe«´a
µ«¶nbf[TV\_\vrxfXZ[Ua·
0.2
è
0.3
è
0.4
è
0.5
è
¾ XZ\_\_XZ[U
0.1
è
|vLÚ
m-]_Vr[AX${fÔLÖqm-Unbf[L
tyTfUWUdr]_XZ¸`[XZY]_bVrU\_xvx¹CTf[]_TVe¨º_{lQ»]_e¸dR]_Us^abXZ\o
0.0
0.0
è
Price
0.2
è
0.3
è
0.4
è
0.5
è
Price
¾ XZ\_\iX[U
ÑáØfÙ_{VÓ
ÙIªVÚÓ½ÙIÚÓÙ QVÚÓAÙIÎÛP
vrxVX[UqXZ]_dRX[wk
RbbfUXTjU]_eV\_XqUX\i\_XZ[qTfd7[Tfebf^¼| dxg`cX{l
bV[CUAXZTV[Ak½RjTV\_\UAXZ\_\iX[UTVeWk
RbbVUAX7dARX7\_btXZUd/`[A]_kZXZaTf^abfe
n[AbV^vrxVXZ[AULbndx`cXp{uYUlPOvrxfXZ[Uubndx`cXwÞåÒ{u]_UyebVdTVU
TV\_\UXZ\_\_XZ[Uu|dx`cX7³OOTVesTV\_\vrxVXZ[AUCRTYfXyXZNrTf\YTV\_rTfd]_bVeUlP
bVeX
/UA]_XZTVUL]_dLTV``XZTf[UPCÏe[XZTf\_]idxofvrxVX[U7bGndx`cX${qTf[X
k
RTV[AVXZ¸\_XZUAUadRTVe §
¾ ]_ekZXWs|_L]_UuTakZr^Wr\iTfd]_YVXq`[AbVvTfv]_\_]idxW]iUAd[A]ivrd]_bVe-o
bfeãTYfXZ[TfVXVoÞTVe¸vrxVXZ[AUabnqdx`X
jåë{Tf[Xk
RTV[AVXZì^abV[AXWdRTfe
vXZdtXZXZe¶Tfe8{fPO²LRX7r``XZ[uvbfreTf[xW]_UO$
¿§aoUA]iekZX
bfeãTYfXZ[TfVXVoÞTV\_dRbVrfR
dbfdTf\`[bGdUTV[AXLXZNr]_YTV\_XZedOdbtLRTVdCdARXZxstybfr\_pvcX7]ndRX
`[]_kZXZUWTfvbYfXWdR]_UdAR[XURbf\i¿\_XZTVUsdbSXZkZ[AXZTVUAXZUa]_e^aTf[
UX\i\_XZ[AUq`[TfkZd]_kZXZS`XZ[nXZkZdq`[A]_kZXp]iUAkZ[]_^j]ieTVd]_bfePÏeSX
ízXkZdlo
À XZdsURTf[XjdRTfdX
ÁkZXZXZ¸dARXavcXZeX
cdUWbn7]_ek[XZTfUXZ¸`[AbdAU
vrxfXZ[UqbGnydx`Xa{hX
ÁXZ[dheXZVTfd]_YVXhX
ÁdXZ[AeTV\_]_d]_XZUubVevrxVXZ[AU
`XZ[qre]idPq²LRXs\ibtXZ[uvbfreTf[xWÂskZTfe8vcXskZbV^j`rdXvx
bnOdx`XÞåÃ{VovxjkZ[XZTfd]_eWUAr[`\_rUu`[bGdUn bV[LUX\i\_XZ[AUlP
]idL]_ULbfe\_xaYTV\_]_a]_edRXwbV^aTf]_esnbV[LtLR]_k
R]_dULYTf\_rTVdA]ibfea]_U
UXZdAd]_eas|_ÂC
Ãh]_eMONPQotLR]_k
Rxg]_XZ\_U
Í
Â
§¨¡ÅÄ
Ƨ<Ç{¡
q
ÈÃ¥É ÊË ¥Ì
î
©
|/Îf
ШRXe8UArüakZ]_XZed\_x¶tL]iXZU`[AXZTVTfbV`d]_bVebGnÕUARbV`vbfdUqvx
vrxfXZ[USnbf[kZXZUSUXZ\_\_XZ[U¶dbìvXZkbV^aX^jbV[AXkZbV^j`Xd]_d]_YVXfoq]id
ÏeVXZeXZ[Tf\/oMONPQskZTfeebVduvXs]_eYVXZ[AdXZdAbabfvdTf]ieTfeTVeTG
]_U\_] À XZ\_xdRTfdUX\i\_XZ[AUptL]_\_\C[AXZU`cbVe¿vx8kZ[AXZTVdA]_eýþ}ÿ
\ixdA]ikX
Á`[AXZUUA]ibfesnbV[Os|icZP-ÏdO]iUO`cbVUAU]_v\_XVoRbtXZYfXZ[lodAbq`\_bVd
dRTVdWTVrdbV^jTVdA]ikTV\_\_xÝUAXZdW`[A]ikXZUa]_eTfddAXZ^a`dhdb^aTGÁ]i^W]ZX
s|icLtL]_dRbfrd7[AXZUbf[dA]iedbjegr^aXZ[A]ikTV\[AbbVdue]_ejdXZk
R
`[AbdATVv]_\_]_dxgP¶ÏdWUXXZ^aUWre[XZTf\i]_UAd]_kVoCRbtyXZYfXZ[lodAbX
Á`XZkd
e]_NgrXZUlPÐXsrUXMONPQjdAbXZYTV\_rTfdX¶TVdhXZNrTV\_\_xU`TVkZXZ
dRTVdL`[A]ikXZvbfdUutL]i\_\UA]i^j`\_xpkbV^a`rdXqT7TVUARXZNr]_\_]_v[]_r^
]iedAXZ[YTf\iUq]_eµÑÒºIÓl{E»cdAR]_U`[brkZXZUsreXZNrTf\i\_xU`TVkZXZ
TVe¶Á`[]_kZXUpTfkZkZbV[A]_eV\_xP²LRXa[AXZTV\vrUA]_eXZUUWtbV[A\_8]_U
YTV\_rXZULbGnz[TfeV]_ehn[AbV^cÂqdbq§aP
n[ATVrfRgdLtL]_dARÝrekZXZ[AdTV]_ed]_XZUocreXZ[A^a]_e]_esdRXhYTV\_]_]_dxpbGn
m-]_P{| Tg-TVe{| vOX`]_kZdCdRXÕÔLÖqm-UC]_edRXL`[XZUAkZ[]_vcXZ
×
ïðñóòôgõö÷pøc÷Zð ù÷½ôfúñIôfû
d[ATV]_dA]ibfeTV\cVTf^aX
dRXZbV[AXZd]_k7TfeTV\_xUXUlOUX\i\_XZ[AUL\_TVk À
`X[nXZkd
^abXZ\LreXZ[aYTf[x]_e]_UAd[]_vrd]_bVeUWbGnvrxVX[WUd[ATVdAXZV]_XZU
À ebtL\_XZfXpbGnÕvrxVXZ[XZ^aTfeUlo TVe¶RTYVXsTVe¶]_ekZbf^a`\_XZdAX
]_e`TV[Ad]_kZr\_TV[oquÑ8ØVÙ_{fÓ½Ù ªfÚÓÙ ÚÓ½ÙIQVÚÓ
Ù ÎVÛ
tLRXZe
×
³Ü
+ªTVe³Ü
µÚoO[AXZU`cXZkZdA]_YVXZ\_xPÏem-]_PC{G|TgoO^abfUdqbn
reXZ[UAdTVe]_ebnkZbf^a`cXZd]_dbf[UçUAd[TfdXZf]_XZUlPìÏeãbf[X[Wdb
dRX`[AbVvTfv]_\i]_dx¶XZeUA]_dx]iUskZbfekZXZed[ATVdAXZ8
rUAdWTVvcbYVXsÂfo
TVeÝTfTV`dydAbWk½RTVef]iep^jTV[ À XZdkZbVe]idA]_bVeUP
tLRXZ[XjUXZ\_\_XZ[AUX
Á`XkZdp\_btÜ^jTV[f]_eU7vrdwR]ifR8YfbV\_r^jXVPqÏe
vcXwXZXZ^aXÝ`[bcdTVv\iXfo`[]_kZXZvcbVdAU7tL]_\_\eXZXZdAbp\_XZTf[ejn[bf^
ÐXWebt
]_ed[AbrkZX
nbVr[h`[]_kZXZvcbVdsUdA[TfdXZf]iXUloCXTVk
RbGn
kZbVed[ATVUAdloL]_e¨m-]icPL{| vZodRXÝ`[bVvTVv]_\_]_dxXZeUA]idx¿]_UWkZbVe
tLR]_k
RÜ`\_TVkZXU]ízX[XZed¶[XZNr]_[X^aXZedUSbVeâdRXdx`cXTVe
kZXZed[ATVdXXZ]_dRX[
rUdTVvcbYVXÂfotLRXZ[AXwUAXZ\_\_XZ[UuX
Á`XZkdL\ibt
TV^jbVredCbGn]_enbV[A^aTfd]_bVesTYTV]_\_TVv\_XdbWdARXqTVVXegdTVear`cbVe
^aTV[AV]_eUOvrdR]_VRWYfbV\_r^jXVobV[
rUdÞvXZ\_bt§aoftLRXZ[AXwdARXZx
dRXTVfXZedlç UykbV^a`rdTfd]_bVeTf\`cbtXZ[lP
X
Á`XZkdpR]_fR8^jTV[f]_eU7vrdw\_bt YVbV\_r^jXVPÏe¶vcbVdR¶cVr[AXZUlo
dRX\_btXZ[LvcbVreTV[xWcÂq]_ekZ[XTVUXUwTfU7dARXqn[ATVkZdA]ibfebnC[Tfe
bV^4URbV``cXZ[U]_ekZ[AXZTVUAXZUl]ieWbfdRX[ytbV[AUloÂßXZkZ[AXZTVUAXZU7TfU
dRXhn[TfkZd]_bfebnCURbV`vcbVdqvrxfXZ[Uq]_ekZ[AXZTVUAXZUlPàábYg]_esn [bV^
³
¨ªqdbs³8
âÚunr[AdRX[CXZkZ[AXZTVUAXZUycÂVoftLR]_k
Rp]_UCkbVeUA]iUAdXZed
tL]idARMONPÎPÞ²LRXZUAXp[AXZ\_TVd]_bfeUR]_`ULRTYVXqTWUdA[TV]_fRgdnbV[AtyTf[
]iedAXZ[`[AXZdTfd]_bVe-URbf`vcbVdUkZTfdTf\ixZX¶kZbf^a`cXZd]_d]_bfeãTf^abfe
UXZ\_\_XZ[UoTfe¶^abV[AXZbYVX[locU^jTV\_\n[ATVkZdA]_bVeUqbnLURbV`vcbVdqrUAXZ[U
+²LRXWþ
'}ÿsUdA[TfdXZfx]_U7XZUA]_VeXZ¶db[AXZ`[bG
rkZXydARXC^j] ÁXZuUdA[TVdAXZVxu
TVURhXZNr]_\i]_v[A]_r^¨dRTVdtTVU
kZbf^a`rdXZj]iejdRXq`[AXZY]_bVrULUAXZkZd]_bfePCÏd^aT À XZUrUXqbGn
nr\i\O]_enbf[^jTVd]_bfeaTVvcbVrdwdARXsvrxVX[`bf`r\_TVdA]_bVeoTVe
]_dWTVUAUr^jXZUs]idAUWkZbV^j`Xd]_dbf[Usrd]_\_]_ZXVTV^jX
dRXZbf[XZdA]_k
`[A]_kZ]_eWTVULtXZ\_\P
²ì]iUÞTpkZbfeUdATVedÞnrekZdA]_bVeaUA]_ekZX7]_d^aT À XZUCebrUXqbGn
]ierkZXkbV^a`cXZdA]idA]_bVeWTV^jbVeh\iTf[fX7er^WvcXZ[ULbGnUX\i\_XZ[AUlP
äLXkZTV\_\VdARTVddARX`[bGdXZTV[AeXZsvx7XZTfk½RhUXZ\_\_XZ[]_U
Æ § qo
É
tLR]_k½R¿]_UWUd[A]_kZd\_x`cbVUA]_d]_YVXjUb¶\ibfe¶TVUsqåæPÏdW]_UpTfU
R]_UAdbV[A]_kZTV\-bVvUAXZ[YTfd]_bVeUPubVeXZdARXZ\_XZUAUloc]_dL]iULbGn]_edXZ[
dRbfrVRWbfe\_xvrxfXZ[UCbGnzdx`cXp{TV[AXLkZbVedA[]_vrdA]iewdAbUX\i\_XZ[AUlç
fTV^aXE/dARXZbV[AXZd]_kjXZNr]_\i]_v[A]_TÝbYfXZ[s[XZ`cXZTVdAXZ¨`\_Tx¿|UAXZX
`[bGdUoTV\_dRbVrfR7dRXCTVkZdArTV\f]_UdA[]_vrdA]ibfeqbngkbVed[A]ivrd]_bVeU
XZUAdL]_eWbVr[U]_^Wr\_TVdA]_bVeUAdr]_XZU]_ea`Tf[dvXkZTVrUAXqdRXZ[AX
X
Á]_Ud\_XZTf[e]_eTf\ifbV[A]idAR^aUsdRTVdakbVeYVXZ[AVX¶db¿UdTfVX
mbVUAdXZ[uTVe¹CbfR[Tº»TVe
[AXZXZetyTf\_:ºI±»ZP
/R"%$C$ T%*-*V%4*,0,4$+[(&C)3( G $] G (-$-'I(uJæ4R,E%]D(&C*|$[]
G /4,/$F*$ Gf °{e2-$,4RE%*E%FqWED] G /"D$7()%/*&C,-t)W(-*.+['I*E
+, G $ GL` "%$4R$X/R"%$X°{e£-$,4E%$4 b G ()%)3(ED$E\/ G T G $ G /,/R*(E\e
,4'I²h,4Rd(j\*,E G /4R,/R$F*$ Gcfç */RT%,/R*.(E G /"D,/X]D$j\*.,/$
JK4R(&¬/"D* G 1 G T%+"h, G "%* G /(4R'e£]%$[)W$ED]%$E\/#()%)3(ED$E\/ G (4
E%(E\e G /,/*(ED,4'-$,4RE%*E%F¢()%)3(ED$E\/ G Hèk¡è>1L,E%(/R"%$4
°{e2-.$[,4ED$4ZS[1t+(E G /*/RT%/$,Eh*E\/$4R$ G /R*.EDFC,ED]I()3$EI4R$e
G $,4R+Z"/R()%*+L/"%,/B* G /(T%+"%$]T%)3(Em"D$4$#,E%]7*E G (&0$
(uJé(T%4#)%4R*.(4 ` (4RdIH G $$mB$ G ,T%4R(,E%]hê$)%"D,4/NPë[QKS f
!#"%$&'()%*+,--.'()%/*&0,-213(45768:9<;=>5?@1BAC)D4*+*E%F
G /4,/$F'IH G $$1<JK(4L$M%,&0)%-$1ONPPRQSLT G $ G *.EUJK(4R&C,/R*(E
,VW(T%/,--%/R"%$XVDT%'$4Y+Z"D,4,+/$[4* G /R*.+ G /"%,/JK,+/(4*E\/(
/R"%$V%T%'$4B]%$&0,E%]^JKT%ED+/*(E_1, Ga` $--, G +(&C)3$/*/(4 Gcb
)%4R*+$ G 1DV%T%/#&0,d$ G E%(,//R$&C)%/L/(,++(T%E\/LJK(4#+(&e
)3$/*/R(4 Gcb )%4*+*E%F G /R4,/$F*.$ Gfg E G /$[,]a1D*./L* G V%, G $]h(E
/R"%$, GG T%&C)D/*(E0(J G /,/*+$M%)W$+[/,/R*(E Gci $j$EI*kJl(E%$
G $--.$[4m* G +(E\/R$&C)%-,/*E%Fh,I)%4R*.+[$C+"%,EDF$T%E%]D$47&'e
()%/*&C,-a)%4R*+*E%FW1B/R"%* G7G $--.$[47]%(\$ G E%(/m, GRG T%&0$/"%,/
/R"%* GX` *--l$[-.*+*/^,4R$ G )3(E G $Jn4(&o*/ G +[(&C)3$/R*./R(4 Gp */
, GG TD&C$ G /"%,/l+[(&C)3$/R*./R(4 Gb )%4*+$ G` *-.-4$&0,*E^q%M%$] f
í#î#ï#ðIñXïBò%ó\ôõmöI÷tøkùOú%ûüò\ý:ø þ3ó\ÿ
#"%$&'()%/R*.&,- G $[-.-$4XrsT G $ G ,-.-t,j,*-.,V%-$#*E\JK(4R&C,ue
/R*.(Eh,E%]I/R"%$, GG T%&C)D/*(E0(J G /,/R*+m$M%)W$[+/,/*(E G /(
)3$42Jn(4&v,E$M%"%,T G /R*.j$ G $,4R+Z"0JK(4w/R"%$X)D4*+$#xWz{
y /"%,/
&0,M%*&*}|$ G */ G $M%)3$+/$[]~)D4(q3/7 z f #"D$C+(&C)%T%/R,e
/R*.(E%,-D]%$&C,E%] G +,ECV3$X4$[]%T%+$]hF4$,/-'7*kJa/R"%$X)%4R*+$
T%,E/RT%&Hn/"%$ G &0,--$ G /h,&0(T%E\/hV\' ` "D*.+"
(E%$
G $--.$[4X&C,'TDE%]%$4R+T%/m,E%(/R"%$4ZS{* GXG TUC+*$E\/-' G &C,-- f
^E%]%$4 G T%+"I+*4+TD& G /R,E%+[$ G 1D/"%$()D/*&C,-%)%4*+$^xWyz * G
FT%,4R,E\/$$[]C/(V3$$[*./R"%$4#/R"%$&C(ED()3(-* G /*+L)%4*+$#xU
(4VW$-( `G (&0$C+(&C)3$/*/(4 b G )%4*+$1L-*&C*/*E%Fh/R"%$
y /(h)3( GG *V%-$7j,-.TD$ Gf#g E(TD4 G *&T%-,ue
G $,4R+Z"JK(4wxWzs
/R*.(E G 1 ` $+"%(\( G $D f
ì
h#"%$I[=>?;>=[}8@@.8Y=> ¡ G /4,/$F'¢* G -$ GG *E\JK(4R&C,ue
/R*.(E%,--'X*E\/$[E G *j$L/"D,Em$*/R"%$4/R"%$#&'()%/*&,-c(4B/R"%$
F,&C$:e£/R"%$(4R$/*+I)D4*+*E%F G /4R,/$[F*$ Gfvg E)D,4/R*+T%-,4c1
/R"%* GG /4R,/R$F'+,E¤VW$T G $]¥*.E/R"%$I,V G $E%+[$O(uJ¦,E\'
d\E%( ` -$]%F$I(4h, GG TD&C)%/R*.(E G ,VW(T%/h(E%$ b G +(&0)W$[/*ke
/R(4 G (4/"%$VDT%'$4]%$&0,E%]§JKT%E%+/R*(E f¨ ]%$4*j,/*j$
JK(--.( ` $4 G *&C)%-'h$M%)3$4*&C$[E/ G7` */R"¢*.ED+4$&0$E\/,-*E\e
+4R$, G $ G HK(4w]D$+4$[, G $ G S#*E0)%4*+$1\+[(E\/*E\T%*E%Fm/R(m&C(j$
*/ G )%4R*+$*EO/R"%$ G ,&C$m]%*4R$+/*(E¢T%E\/*-B/"%$(V G $4Rj$]
)%4R(qW/R,V%*-*/2'I-$j$[-LJK,-- G 1B,/ ` "%*+"©)3(*E\/7/R"%$h]%*4$+e
/R*.(E7(uJ<&0(j$&0$E\/t* G 4$j$4 G $] f #"%$#)%4*+$^*E%+4$[&C$E\/
ª * G +"%( G $E4,E%]%(&C-'JK4R(&«, G )W$+[*}q3$]¢)%4(V%,VD*.-*/2'
]%* G /4*V%TD/*(E p *E/"%$ G *.&TD-.,/*(E G ]D$ G +4R*VW$]"%$4$/R"%$
]%* G /4*V%TD/*(E ` , G T%E%*kJK(4R&¬VW$/ ` $$E¢ f DP#,E%]I f f
®#"%$s¯w2@? %= ¡)%4R*.+[$e G $//R*E%F G /4R,/R$F'm* G V%, G $]7(Em,
4R$*E\JK(4R+$&0$E\/t-.$[,4ED*.EDFw)%4R(\+$]%T%4R$#+,--$]m°{e£-$,4E%*E%F
NP±[Q1 ` "%*+"©+,E©-$,4RE¢()%/R*&C,-B)%4R*+*E%FI)3(-*+*$ G Jn(4
²h,4d(j~³^$+* G *(E´B4(V%-$& G H2²I³´ G S f¬g /C]%(\$ GhG (
V\'I-$,4E%*E%Fh/"D$JKT%E%+/R*(E©µH2¶a·¸\S#4$[)%4$ G $E\/*E%F¢/R"%$
+TD&T%-,/*j$C]%* G +[(T%E\/$[]
)%,'(u¹º(uJ7/,d*E%F,+/R*(E¸
*E G /,½W/R$C
¿ ¶ f #"D$]%¿ * G +(T%E\/$])%,'(u¹»* G $M%)%4R$ GG $]©, G
½ 1 "%$4$ ½ * /"D$$:MU)3$+/R$]4$ ,4R]À/*&0$
¼½#¾
`
G
`
G /$) G *Eh/"%$sJKT%/RT%4$1W,E%] ¾ * G ,C+(E G /R,E\/CÁR]%* G +(T%E\/
)%,4,&C$/R$4Âh-'\*.EDFV3$/ ` $$E¤h,E%]¤P f #"%$0()%/R*&C,)3(-*+'JK(4,F*j$[E G /R,/R$* G /R"%$h,+/R*.(E©/R"%,/&0,M%*ke
&0*.|[$ G /"%$°#enJKT%ED+/*(EJK(4C/R"%,/ G /,/$ f °#e2-$,4RE%*E%F
'\*$-] G ,c;K[5=> %=>Ã;=KÄm)3(-*+'\13,E%]I* G /"%$4R$JK(4$T%E\e
,V%-$X/(4$[)%4$ G $E\/X$ T%*-*V%4*T%&¬)%-,'*ECF,&C$ GY` "%$4$
ÅÇÆ.ÈYÉ>ÊËaÌÍRÎBËnÏ.É>Ê[Ë2ÐZÑË2É>Ò Ó3Ô Ò É>Ë2ÑnÍÉÕÑ>ËÖÉ>ÊÒ ×t×>É>ÑnÍÉË2ÌZØ_Ò ×3ÐRÙ}É>Ë2ÈLÑ>ËnÙ}Ë2Ñ>Ñ>Ë2ÚÉÐ
Í ×\Û%ÐÕÑÈÐÉÜcË2×>ÉÏ.ÑË2ÝÔ ØBÚØÈÍRÎBÒ Ó2×WÞ ßRàáZÊ[Ðâ%Ë2ãRË2Ñ2ÖZÝ[Ñ>Ò Ó2ËDÒ ×%ÜcË2Ò ÈÌt×>Ë2É2ÖÑKÍRÉ>ÊË2Ñ
É>ÊÍRÈ#äÕÍRÈZÉÒ ÉØRå
¢$ G *&T%-,/R$]©,E$+(ED(&' ` */"
PV%TD'$4 G ,ED]~*E%*ke
/*,-.-'h%1t,E%]O-,/$4më%1 )%4*+$V3(/ G $&0)%-('*E%Fj,4R*(T G &C*kM\e
/TD4$ G (Jl)D4*+*E%F G /R4,/$F*.$ Gfg Eh/R"%$ G *&T%-,/R*.(E G ]%$[)%*+/$]_1
V%T%'$4#j,-T%,/*(E G ,4$T%E%*kJK(4&0-.']%* G /4*V%TD/$]h*¿ EC/R"%$X*E\/$4Çe
j,-LN%·cPQ1\,E%]$,+Z" G $--$4 b G )%4R(]DT%+/*(EO+( G /
f #"%$
&C*kM%/TD4$(JwVDT%'$4^/2'\)W$ G * GXG $/,/
{ %ëD1 Dë%1
,ED]
¥ Dë pL` "%$E¤¬ %1
D ë f #"%$
G *&T%-,/*(E* G , G '\E%+"%4(E%(T Gci ,/#$,+Z"/*&C$ G /$[)a1t,V%T%'$4
(4 G $--$4L* G 4,E%]%(&C-' G $-$+/R$]h/($*/"%$[4w&0,d$L,m)%TD4+"%, G $
(4s4$ G $/7,)%4*+$ f #"%$0+Z"D,E%+$/R"%,/s,IF*j$[EO,F$E\/m* GmG $e
-$+/R$]©/R(O,+/m* G ]%$/R$4&0*E%$]©V\'*/ G 4R,/$ p /"D$C4,/$
,/
` "%*+"¢,IF*j$E¢V%T%'$4 s,/R/$&0)%/ G /(I)%TD4+"%, G $h/"%$0F(\(\]
z ,/ ` "D*.+",IF*j$[E
* GmG $[//(O f
D1 ` "%*-$7/R"%$C4R,/R$
,+" G *.&TD-.,/*(E
G $[-.-$4s4$+(E G *]%$[4 G */ G )%4R*+$* G f ë f
` , G */$4R,/R$]0JK(4mPcs&C*--.*(Em/*&C$ G /R$) Gf
ì
!X$[4$1
#þWùþó þWú\ÿX÷tøkùOúDûò\ýø þWó\ÿ
` $,T%F&C$E\/^(T%4)%4R$j\*.(T Gm` (4Rd¢H G $$ON cQKS^(E G *&e
T%-,/R*(E G (Jæ0)%4R*.+[$VW(/ G (uJw&C,/+"%*E%F/2'\)3$ G V\'I, GRG T%&0*E%F
/"D$CT%E%*kJK(4&0-.'0]%* G /R4*V%T%/R$]©V%TD'$4j,-T%,/*(E G *E/R4(\]%T%+[$]
*E ç $+/*(E
f_g J ` $#+(E G *]%$4# ©)%4R*+$V3(/ G 1 G *&T%-,/R*(E G
j$[4*kJK'/"D,/#/"D$+[T%&T%-,/R*.j$#]%* G /R4*V%T%/R*.(EC(uJl)%4R*.+[$ G +-( G $-'
4$ G $&V%-$ G /R"%$7]D$4*j$[] H.x3S13/( ` *./R"%*E G /R,/R* G /*+,-$44R(4 f
#"%$h/*&0$e£,j$4,F$])%4R(qW/ G JK(4m$[,+" G $--$4 ` $4$h% DP %1
E%$,4-'h/"%$/R"%$(4$/R*.+[,-Bj,-T%$m(uJæ f %Pë f ¥"%$E¢)%4R*.+[$e
V3(/ G T G $/"%$&'()%/*&0,-t)%4*+*E%F G /4R,/R$F'\1t+'\+-*+,-Y)%4*+$
` ,4 G 4$ G T%-/CH G $$N [QKS f #"%$C&'()%/R*&,- G $[-.-$4 Gb $M%)W$[+/$]
)%4R(qW/ G ,j$4,F$]¢(j$4m(ED$)%4*+$e ` ,4m+'\+-¿ $0,4$F*j$EV\'
z
P \wN xU ©x3yQ
H ©x3SHx
S cx_1 ` "%*+"©* G
$ T%,-/(O f ±
fç *&T%-,/*(E4R$ G TD-./ G +-( G $-'O&0,/R+Z"/"%* G
/"D$(4R$/*+,-j,-T%$ ` */",Es,j$4R,F$Y)%4(uqW/a)3$4B/*&C$ G /$)sJK(4
²
G (uJ< f ± D1E%$[,4-'m/R"%4*+$#/R"%$L,j$4R,F$L)%4R(qW/_(V%/R,*E%$]
j\*,7/R"%$mF,&C$e2/"D$(4R$/*+X)D4*+*E%F G /R4,/$F' f
g E4$[-.,/$] ` (4RdH G $[$IN QKS13, GRG T%&0*.EDFC,--_V%T%'$[4mj,-T%,ue
/*(E G /(V3$m$ T%,-£1D/"%$sVW$"D,j*(4#(Jw³ ¢)%4R*.+[$VW(/ G /$E%]D$]
/( ` ,4R] G` "%,/s* G *E$¹<$[+/7,h+(--.T G *j$ G /,/$*E ` "D*.+",-)%4R*.+[$ G ,)D)%4(,+"%$]/R"%$#&C(E%()3(-* G /R*.+B)%4R*+$ fBg E/"%* GG /T%]%'\1
³ )%4R*.+[$VW(/ G (E%+$,F,*E7/R4,+Zd0(E%$^,E%(/"%$[4w+-( G $-' p *E
]%(*.EDF G (h/R"%$'I,++T%&T%-,/$mF4$,/$4m)D4(q3/ G /"%,EO$[*./R"%$47
&'()%/*&,-(4hF,&0$e2/"%$(4$/R*+I)%4*+$[VW(/ Gf #"%$O$:¹<$+[/
(JtT%E%*kJK(4&0-.'^]%* G /R4*V%T%/R$]CV%TD'$4j,-T%,/R*.(E G * G ED(E%$/R"%$-$ GRG
,)D)%,4R$E\/C*E G TDV G /R,E\/*,- WTD+/T%,/*(E G *E)%4*+$1^4,E%F*E%F
"
#
%$
" &
"
')(
+*-,
9
"
/.
02143 6,.
15
:
;
7.
:
8
f )
a
r6
kk
2kwPEkZk
{zGHq2Qzk6BrB]^%{Gfq2Qzk6[ZDZ?=@I@=KB-NPcKGHA\YLHBI@GH?]c?}<XJgI@JM=K?-s
qJM]Jg?YcDLHB-NrQ
?]c@GH^JM=)IKXJdD=KGH`MJd^Nk]BAGH`Mc?-<{Gfq\k6Brgx
_)XGH`X\^EJMDGH`MI@cR&%ekc&QR&y{Q- ]\I@XEGfc¡cK`MJM]B=@GH?ZxkIKXJ)qBAJas
I@XJM?=@JMIKGH`7D=@GH`MJg[Z?I?YEI@D2JM= <>?=@Ac\I@XJV^JM=KGHe-BI@GHeJ<6?LHLH?-_JM=
[rN\A?=KJ?-<6I@JM]I@XB]]?I)`MBDIKY=@GH]qtq=KJMBIKJM=)AB=@¢JMIcKXB=KJ
_)GfIKX\GHI@c¡LH?-_JM=£D=@GH`MJQ¡ ]\=KJMc@D2?]Ec@JxkIKXJ^Jg=@GHe-BIKGfeJ
<6?LHLH?-_JM=
`XEB=@qJMc¡=@JMLHBI@GHeJMLHNXGHqXD=@GH`MJMc+x-BLHIKX?YqXdGHIz^?kJMc¡]?Iz?c@`MGHLws
LfBI@JtD=@Jg`MGHc@JMLHN7B=@?YE]^PIKXJtA?]E?D2?LHGHc@I@GH`D=@GH`MJh j l/OEnS¤
Gf]Ec@I@JgB^zx-GHID=@GH`MJMc¡GH]dB=@B]EqJ
cKLfGHqXrIKLHN[2JMLH?-_bI@XGHcz?DI@GHA\YA¥x
c@GH]`MJGf]t^?Gf]EqcK?GfI£A?=KJ¡<>=KJM¦kYJM]kI@LHNvZ]^cGHI@c@JgL§<I@?[2JIKXJ
Lf?-_JM=¨s©D=KGH`MJM^b?-<I@XJ\I _?VD=@GH`MJM[2?IKc&Q\)XEJ\B-eJM=KBqJtD=K?-vZIKc
?-<ª«_JM=KJOQO¬Ex-_)XGHLHJy{® cB-eJM=KBqJD=K?-vZIKc_JM=@JLHJMcKc
I@XB]pXEBLw<ªIKXGHc)e-BLHYJBIOQO¯¯-°2Q
]b`M?]rIK=@Bc@I&x¡{GHq± >[Z^JMDGH`MIKcdI@XJ\DE=@GH`MJ^ENr]EBAGH`Mc?-<
R&²ekc&Q\R+³´Q¶µ]LHGH¢JdIKXJt^JM=@GHe-BI@GHeJ<6?LHLH?-_JM=+xIKXJiA\Ns
?DIKGfABLkD=KGf`gJM[Z?I?YI@D2JM=¨<>?=KAcI@XJqBAJas I@XJM?=@JMIKGH`)D=@GH`MJas
[Z?I&¤c@D2JM`MGwvZ`MBLfLHNkxI@XEJ\I@GHAJas B-eJg=@BqJM^7D=K?-vZIKcd?-<²_JM=@J
AJM=KJMLHNpOQO¯SExk_)XGHLHJ³p´/B`aXGHJMeJM^bOQO-°k·-°ZQ³´/DE=@GH`MGH]q
XBc\I _?b]?IKB[LHJVB^Ee-B]kI@BqJMc\?-eJM=\^JM=KGfe-BI@GHeJo<>?LHLH?-_)GH]qZ¸
>GdB`M`MJMcKc\I@?¹<>YLHLGf] <>?=KABIKGH?]7D2JM=@IKBGH]GH]q7IK?P[2?IKX%`M?A\s
DZJMIKGHI@?=Kc&®DE=@GH`MJMcB]E^7[YNJM=^JMAB]^zxEB]^º>GHGI@XJtB[EGfLHGHI N
I@?)`aXB]EqJ
GHI@cDE=@GH`MJ
^GHcK`M?]kI@GH]kY?Yc@LHNkxMGw<r]Jg`MJMc@cKB=KNrQ¡»`M`M?=K^ks
Gf]EqLHNrx+{Gfq2QMk6[Z=KJMeJMBLHcªIKXBI¡³´DE=@GH`MJMc¡qJg]JM=@BLHLfN¡¼aYcKIzY]ks
^JM=@`gYId²D=@GH`MJgc&x2Y]LHJMcKc½`aXB=@qJgch2¾xEGH]7_)XGH`aXp`gBc@J
³´¿`aXB=@qJMc
h j lÀOnSEQÁbJIKJMAD2?=KB=@GHLHNd^JÂ<>JM=)^GHc@`gYc@cKGf?]
?-<ª`g?AD2JMIKGfIKGH?][2JMI _JMJM]P³p´ÃB]^7y{bD=KGH`MJM[2?I@c+Q
¡B[LHJbRc@YAAB=KGHÄMJMctI@XJV=@Jgc@YLHI@cV?}<?YE=7Ras ?]ksMRpdx
³´xgB]^dy{\cKGfA\YELfBI@GH?]Ec[kN^JMDEGf`gI@GH]qIKXJ
IKGfAJas B-eJM=KBqJg^
D=@?}vZI@c?[IKBGH]JM^t[kNiDE=@GH`MJM[2?IKcIKXBI
JgADLH?-NJg^iIKXJ)e-B=KGf?Yc
c@I@=KBIKJMqGHJMc)BcGH]^GH`MBI@JM^Q¡ IGHcGf]kIKJM=@JMcKI@GH]q\IK?d`M?]Ec@GH^JM=)IKXGHc
D=@?}vZIABI@=KGwFTBc=@JgD=@JMcKJM]kI@GH]q|I@XEJ7DB-N?}ÅÆc\?}<Bb]?=@ABL
<>?=KAÇqBAJ)GH]V_)XGH`aXVI@XJM=KJdB=KJdI@XE=@JMJdD2?cKc@GH[LHJdcKI@=@BI@JMqGHJMc&x
]BAJMLHN³´\xry{xkB]E^pdQ ]^?GH]qdc@?2xk_J?[cKJM=@eJI@XBI
I@XJdcKI@=KBI@JgqNVD=@?}vZLHJMcdaR&³´\xR&³´d)B]^¥R&y{xR&y{¡B=KJ
[Z?I@XbDY=KJcKI@=@BI@JMqNbÈBc@XbJM¦kYGHLHGH[=@GHBZx¶_)GfIKXbI@XJLHBI@IKJM=dBc
É B=@JMIK?i?DI@GHABL Q³V?=KJM?-eJM=+xk=@JMqB=K^LHJMc@c)?}<zI@XJ?DD2?]Jg]rIKc&®
[ZJMXEB-erGH?=&xkGHI
GHcBLH_B-Nkc
D=KJa<>JM=KB[LHJdIK?d`aX?k?cKJcKI@=KBI@JgqNp³p´
?=\y{x=@BI@XJM=\IKXB]º[ZJgXB-eJBctD=@JMcK`M=@GH[2JM^«[kN%d¸£Ê>ËÌ+Ëx
I@XJ\JMLHGHAGH]BI@GH?]V?}<^?AGH]BI@JM^7cKI@=KBI@JgqGHJMctJMLHGfAGH]BIKJMcIKXJ
qBAJas I@XJM?=@JMIKGH`cKI@=@BI@JMqGHc@I@c+Q
)XGHc¡?YEI@`M?AJGfc¡]?I¡JM]kI@GH=@JMLHN
c@Y=KD=@GHc@GH]qGH]ekGHJM_¥?-<kI@XJ¡<6B`MII@XBIzPGHc=K?r?I@JM^Gf]B)cKI@BqJ
qBAJiB]BLHNkc@GHc+xB]^bDE=@JMcK`M=@GH[2JMc\DLHB-N7_)GHI@Xb]?V=KJMqB=@^b<6?=
XGHc@I@?=@GH`MBLª^EBI@B2Q ]¥`M?]rIK=@Bc@I&x³´ÍB]^Py{ºI@B¢JtGH]rIK?\B`as
`M?Y]kI)`aXB]qGH]qtJM]kekGf=K?]AJM]kI@BLZ`M?]^GHI@GH?]c&xkB]^VB=@JIKXrYEc
A?=KJBDI)GH]BcKNk]`aX=@?]?Yc+x=KJMDZJgBI@Jg^PqBAJ)cKJMI@IKGH]qc+Q
ÁbJ
]?-_bIKY=@]I@?XEJMI@JM=K?qJM]JM?Yc
c@GHA\YLHBI@GH?]c2?-<ZSÎD=@GH`MJas
[Z?I@c&Q¡)XEJMc@Jc@GHA\YLHBI@GH?]c_Jg=@J`M?]E^Y`MIKJM^VBc@cKYAGH]qR)GH]ks
^GHerGH^YEBL-D=KGf`gJM[Z?I¡erc+Qz°D=@GH`MJg[Z?I@c¡DLHB-NkGf]EqIKXJcKBAJªcKI@=KBI s
Õ
Õ
1GT vs. 1DF
0.6
1GT vs. 1MY
0.6
0.5
0.5
×
0.3
0.4
Price
0.4
Price
<>=@?ACBDDE=@?+FGHABIKJMLHNPOQHR+S7IK?TOEQ SSVUWIKXJ7YDEDZJM=\[2?YE]^
?-<_)XGH`aXbGHcdB[2?-eJ\IKXJA?]?DZ?LfGHcKI@GH`dD=KGf`gJihkjmlmOnSoU
=@BIKXJM=I@XB]p=KJMABGH]GH]IKXJd]JMGHqXr[2?=KX?k?k^?-<
IKXJA?]E?Dks
?LHGHc@I@GH`tD=@GH`MJQukD2JM`MGwvZ`MBLfLHNkxzy{|D=KGf`gJM[Z?I@cdB`aXGHJMeJM^bIKGHAJas
B-eJM=KBqJg^pDE=@?-v2I@c?}<~OEQfRR&Q
0.3
0.2
0.2
0.1
0.1
0.0
Ï
0
1
2
Ð
3
4
Ñ Ò
Ö
5
6
7
Ó Ô
8
0.0
9 10
×107
Time
{zGHqY=@Jd¸)RÂs©?]ksMR
R&³p´
R&³p´ QO·xHQO·
R&y{ QO-°kS¬xHQO·¯
R+ QO¯SxHQO-°k·-°
Ï
0
1
2
Ð
3
4
Ñ Ò
Ö
5
6
7
Ó Ô
8
9 10
×107
Time
É =KGH`MJM[2?Iu GfA\YELfBI@GH?]Ec
R+y{
R&
QO·¯xHQO-°kS¬ QO}°r·-°2xHQ O¯S
QHRR+xHQHRR+ QO¯¯-°2xHQ O¬
QO¬xHQO¯¯-° QO¯R&·ExHQ O¯R+·
¡B[LHJ\R¸)RÂs©?]ksMR É =K?-vZI³VBIK=@GwFzQ¡Á«GHI@XGH]B\qGHeJM]V`MJgLfL xEI@XJ
LHJa<>I¨s©XB]^VD=@?}vZIGHc)IKXBI)=KJM`MJMGHeJg^P[kNB]VBqJg]rIJMADELf?-NkGH]q
I@XEJcKI@=KBI@JgqNV`M?=K=@JMcKDZ?]^GH]q\IK?\I@XBI`MJgLfL ® c)=@?-_dxk_)XEGfLHJI@XJ
=@GHqXrI¨s©XEB]^dDE=@?-v2IªGHc¡I@XEBI¡=@JM`gJMGHeJM^[rNB]iBqJM]kI¡JMADELf?-NkGH]q
I@XEJdc@IK=@BIKJMqN`M?=K=@JMcKDZ?]^GH]qI@?\I@XEBI)`MJMLHL ® c`g?LHYA]Q
JMqNƸÌ+˧ØËxzR+³´/ekc&Q°ky{Q2{zGHq¯o^GHc@DLHB-Nkc)B¯\Ù7¯tABI@=KG§F
^JMDEGf`gI@GH]qIKXJ\·\D2?c@cKGH[LHJi`M?A\[GH]BIKGH?]c?-<Rdekc+Q°D=KGf`gJas
[2?I@ct?-<cKI@=KBI@JgqGHJMc\³´x¡y{xB]E^%dx_)GHI@XbIKXJ`MJgLfLHctGH]
I@XEJdABI@=@GwF\GH]^JaFJM^7[kN¥RÚ«ÛaܨÝiÚ«¯¸)Ì+˧ØËÞx{zGHq¯ ßà á=KJa<>JM=Kc
I@?\IKXJ`MJMLHLzIKXBI)^EJMDGH`MI@ctR&³´Ãekc+Q°ry{QkÁbJ^EJMc@`M=KGH[ZJtI _?
?-<¡I@XJA?=KJGH]kI@JM=KJMc@IKGH]q\?-Å2s©^EGfBq?]BL2JM]kI@=KGfJgc&Q
Zâ ã¹ä²å -)æzçdè
)XJ£<>B`gIªIKXBI¡BX?A?qJg]JM?YEczq=K?YDt?-<2^JM=@GHe-BI@GHeJ¡<6?LHLH?-_s
JM=KciGHcB[LHJ\IK?pJÂF IK=@B`MIiBVLHB=KqJM=D=@?}vZIdI@XEB]¥A?=KJi`gLfJgeJM=+x
[2JMI@IKJM=Gf] <>?=KAJM^zxkqBAJas©IKXJM?=@JMIKGf`B]^7A\N?DI@GHA\BLBqJM]kI@c
>cKJMJpu JM`Q¡SQHR&ÎAB-NVc@JMJgAéDEB=@B^?+FGH`MBL ¸X?-_ÃGHcGHIIKXBIGfI
GHcc@?7cKAB=KIIK?p[2J\c@?¹Gfq]?=KB]kIêÀ{GHqZQz¯ ßà á+xGH]P_)XGH`aX¥?]J
A\N?DI@GHA\BL
D=@GH`MJg[Z?I\Gfc\DEGfIKI@JM^ëBqBGH]c@It°b^JM=KGfe-BI@GHeJ<>?Lws
LH?-_Jg=@c&xc@YEqqJgc@I@c£I@XBI
GH]d<>B`MI
GHq]E?=@B]`MJ)AB-N]?I
[ZJ)[ELfGHcKc&Q
yY=@GH]qtI@XEJc@GHA\YLHBI@GH?]zx-³´ÃB-eJM=@BqJM^BiDE=@?-v2I?}<ªOQO¬·OQ
ì ?-eJM=@GH]q\`gLf?c@JI@?\?]JB]?I@XJg=&x-¼aYcKI)[ZJMLH?-_ÀI@XJA?]?DZ?}s
LHGHc@I@GH`dDE=@GH`MJh j x\?-<I@XJt°7y{c=@JM`MJgGfeJM^bB-eJg=@BqJiDE=@?-v2I@c
?-<OEQOR+OB]^%OEQ OQ»ÇIKXGH=@^%y{À]JMeJM=iLHJMB=@]Jg^%I@XEBI
GHI_?YELf^[ZJ[ZJMIKI@JM=?-Å7`aXB=KqGH]qt[ZJgLf?-_|h j ¤JMeJM]VB-<>IKJM=dR&O
AGHLHLHGH?]dGHI@Jg=@BIKGH?]c)GHI`M?]kI@GH]kYJM^VIK?icKJMIGHI@cD=KGf`gJdB[2?-eJh j
B]E^bJMB=K]JM^%?]LHNTOEQOR&Q\)XEJ\vZ]BLy{«DE=@GH`MJM[2?I+x
X?-_s
JMeJM=&xXB^¥BA?=KJdGH]rIKJM=@Jgc@I@GH]q¹JaFDZJM=KGHJM]`MJ¸GHIJg]qBqJM^¥GH]
XJMB^ks I@?-s XJMB^V`M?A\[BI_)GHIKXpIKXJi³´ÃDE=@GH`MJM[2?I+xZAB]BqGH]q
GH]bI@XJ\DE=@?k`MJMcKc\I@?7^?¹[ZJMIKI@JM=\IKXB]bGHIKcd`M?XE?=@IKci?[I@BGH]GH]q
B]|B-eJM=@BqJDE=@?-v2I?-<dOQOSEQb¡?-_B=@^ctI@XJ¹JM]^|?-<I@XGHc
c@GHA\YLHBI@GH?]dIKX?YEqXzxkIKXJD=KGH`MJMc)?-<zIKXJ`M?ADZJgI@GH]qiy{¹B]^
³´ÃD=KGH`MJM[2?I@cBDDE=@?B`aXh jxkB]^V`M?]c@JM¦kYJg]rIKLHNrxEI@X?c@Jd?}<
I@XEJp?I@XJg=py{ÀD=@GH`MJg[Z?I@c&Që ]|Lf?]qJg=i=KY]c&x_JV?[cKJM=@eJM^
ò
ô
5MY
0.5
0.4
0.4
0.4
0.3
Price
0.5
0.3
0.2
0.2
0.1
0.1
0.1
í
î
2
ï ó ð
ô
4
6
Time (Millions)
ñ
í
0
8
10
î
0
2
1DF vs. 4MY
0
0.4
0.4
Price
0.4
0.3
0.3
0.2
0.2
0.1
0.1
0.1
ð
ñ
í
0
8
10
0
ô
2
ð
4
6
Time (Millions)
ñ
10
0
0.4
0.4
Price
0.4
Price
0.5
0.3
0.3
0.2
0.2
0.1
0.1
0.1
î
2
ï ó ð
4
6
Time (Millions)
ñ
8
0
10
÷øHùúûKüdýþ¡ÿ í
î
0
2
ï ó ð
4
6
Time (Millions)
ð
4
6
Time (Millions)
ñ
8
10
ö
0.3
0.2
í
10
5GT
0.6
0.5
0
2
1GT vs. 4DF
0.6
0.5
0
í
0
8
ô
1GT vs. 4MY
0.6
ñ
8
0.3
0.2
4
6
Time (Millions)
ï ó ð
ô
4
6
Time (Millions)
1DF vs. 4GT
0.5
2
î
2
5DF
0.5
í
í
0
10
0.5
0
Price
ñ
8
0.6
0
ñ
8
0
10
í
0
î
2
ï ó ð
4
6
Time (Millions)
ñ
8
10
¡û@ø
Mü ø \ú
ø þ ~û@ø
Mü ø ü
üMû!÷ ù ø ù ü"#$ ü"#&%)ø ' ü)(+*-,û@ø
Mü
ú ùùü . ø ù /÷ ú ø
0 ü"
123û@üü"4kú
516%ü"
798;:!<=>@?/A!B
ú 5 ø E 2F@#ügû@ø ø üG32 %)ø ùH,ûKø
Mü" +,Zü 5ø \D
ø ùI%)ø ÿI61 , ø
6,Eû@ø
Mü" . ø #Eü",ø
ü#pø ÷zøHù ýJ"KML N O. ø H ø
\ú
ø /P$. üQ#üMû@ø ø ü2 %üMû@ øHü ü"#R üMû ù6
ü ,û S9.; 2HT T+ýU P % ø5Hü ü661 , ø
6V,ûKø5gü" ü"û "ü #0T Týý W üMû ùü YXH ü . Z üF,û S9[ ø ü"#
1\]61 , ø 6 "ü HüMûtø \. ø I ü üMû ùü ü ú 0 ü ø ùPø "ü .û 1%
ø #ü $ ø " .\ 6 ø "ü #'% ü _^`a` ü"
HüMû ûKü
61 , ø 6 b@ ø "ü 4kúø Hü Mübø #úü ' ø M
ø #ü [" g"ü 5 ø ] 2 % c ,D, ø ùü dÆ"ü e ÷øHû .ePVD ü\ø ÷zøHù ý JKML . 6. c
ü #üMû@ø ø +
ü 2 5 %üMeû f ,Eû@
ø M+
ü 2 .û ú,,2üMI
û ú #\ Q
ü % ø \ 61 , ø 6 "ü fügûdø %)
ø 5g
ø ù ,ûK
ø Mü Q@ ø ú ,,2üM;
û ú #¥ø ø ùü ügû [fü ø
g
ü
ü
6
#
g
ü
@
û
ø
ø
ü
;
ú 51ü $ ø M"ü #
h$i0PV 2 %üMûø $ ø C
ï ó ð
4
6
Time (Millions)
0.6
Price
Price
0.6
0.3
0.2
0
õ
1MY vs. 4GT
0.6
0.5
0
ô
1MY vs. 4DF
0.6
Price
Price
0.6
ø $! g2a ü"û ü"#\,ûKø
Mü0%jû eP Eú ø û@ü" üMû.1\, üø 1$,
ø "
1 $;D û @. %%ø j ü" #üMû£ú,0 F øHù ü #1 ø5 F ü # . û@ü"#úDMü . ü,û kS9 ûKü"MüMø ü"#
h$i6@ ü Q
$1\O61 , ø 6 "ü HüMû mln. ü . üMû # PZ üo ûKü
$ 1Q61 , ø 0$,ûK5ø g"ü .û û@ü 516,2üM.û ø Z ü#üMûKø ø ü
2 5 %üMû ú #üM.û Mú ü P.6 Q
ü ,û S9. "ü û "ü #¹ø ] ü
0û pü I üM
ù ü $ ø . ø ù 2 !
ü û@0
ü #E5ø HøHùü E ,$
,2üMû ø + û@"ü #q$1!raú . 2 ú+
û 61 , ø 0 "ü fügû eP û ügû
6Ss ü Z@ ú P "ü 61 , ø 6 "ü HüMûû@"ü güMø ü ;
û@ùüMû
,øH"ü Mü 2@ +
HüM
û ,øHü +@ ü ü ,, ø ù7Gü d"ü .6 ,,2ü ü üMû ,Zügtû 2>"ü 1+2 û ü
ú üMû D
gü E
ø Mü 2u,Dû ü üMû +#ü)ø c ø ü vw0,Hü xZytz ="{9|w} y =e~@8 z }$!6
Hü! úD00û@ø
Mü Q ü7û@ü ú + 2IW\,ûKø
Mü" 0
ø $1m#ü",Eø5 ø ù . ü ø5üGt üMû.ùü#m,û S9.6 $1IE
, û@ø
M ü" .@ ü"0,D 1ü"# ü û@ø ú û üMùøfü ø
\ú
ø "ü #
ø
"."
/c3@
;
I5
"
;Y
9VM'
"]ost
5D0.5"9DHs"IDg .¡0
¢£D;9tts.
;c
D@.5"90
6¡6¢
¡6¤D
"
9¥¦"$
"."
¢$£V.¡+5DO§;s
+
"9;9"E""
$
5D0!¨+©6£s6s"ª«."sD630.
""sE".5Do
65[
I¡6¢.5¡+.
"
9Y@$e£$
6D5u ¡0G
¬ V£VD6.."¢!D®s5cG§e¨+©6£s¨+©;H\sI$
¬ "
c¯H.O°D5
.5D¡O¥s
c .
5.6
°$Q¯H.
.
c
oZ
²±Dj@
H."¢oD®s5E5@D³Y".
.5¡+t£ ¬ "c´§µF£Z$µ¤£Y QG¶¡+
£Z
·³Y".
.5¡+ts¸t6G¹V""e£D
D®sF¡+.g¶²D.H.¡0j
´D"H@.@k;³Z.5.eº µ
"¡0¡6s»9."$$
"
Q.."¢R
µj£s6
H""¢R
""$.5;3
5D
D
6
DG ""0¨+©6
§e¨+©
§eµ
§e
¨+©
¼½£
M¼½
¼D§e¾£
M¼À
¼D§§¿£
M¼§e¾¿
µ
¼¾¿¼£
M¼±±À
¼Á½£
M¼Á½
¼À¾£
M¼±±¾
$
M¼§ÁÀ£
M¼§¼¿
M¼§9£
M¼§À¿
M¼§±¿£
M¼§±¿
Z
±»Ztw§³Zk®9H¨cg¶
ÂÃ9ÄwÅeÆÇ]ÈÉÊVÆÉtËDÌÆ$Å
¤
o]"$+]".¡0I.
QÍÎ.c9G®9
G
"
\9"¢
RD6¢eº ¬
5
"..c¢cÍÏ$
!$¢!Q
¡6
"
+¢ Q.¡6
k
kÐ."
5;.."
"0Ñ;G¶s""
/£ ¬ \
Z
"G
9/D5¢Hµ+D
."
"/.®9./¡+¶
¡65Ò"
/£.".¡0
.
;
¡0
¡6Ò"
/¯H
"£VD ¬ ""e£Ó.6
$k
".5!6.5D
;q
"9HD.$
¢0
""
".¡0;.
e¥[
¡0
.
¢£D+5$.$
".
\@O
""s
$+0.RjD" ¬
6¨+©b.5"9
"
D
c"O"";
"";
!.¡0".
eEÑHDt
"$
¢£s.ID".""+"Oc
IÔ..$
¢9"DG®9@D¢".eZ¸t$".
¢$£D ¬ ""e£D@t
"!.¡0"+.
c
o.""/£D ¬ D"Õ
H.5"9
;Ô."5.£@.." ¬ D"c.5"9H
¢$
¨+©ÕD
6"¡+
"[
¢I;@
"."¡+5D5.
£¶
55@D
".".
0$¢0.I¨+©Ö
"9; H9"
]
.
5
.
@
".
+¢6.²&
"9´j
¢\s"G®9.6!¨+©×5
"c3"]¤
0±£Q
I
$
¢
¡0."ZD@".¡0eºk5eYØ&¤
;3
¨+©Ù
c.".¡0H
j6
j3jI²&"
".e
§¨+©
§µ
§e
¨o©
M񨬫
M¼D§e¼
¼¿±
µ
M¼¾¾
M±¾Á
M±Á
$¿
9§"
±¾
ZD5;D»¤Új¡+"HÛ$.
Ü
ÝÞeßÈàÉtÄágÄ$âOÊVágÇOÆÌãà$äá ÃsÄ$Å
@;¨+©6£9µj£$
!&D
"
6."5H.
"
c
c
."$5Z"
Q.F5
G®9
6.."
".Y
HD
.¢6
.5D6I.5¡6D5
QD/Z¸tc
@"
Y£ ¬ .
D¢
妫
"
s£ ¬
Gm
"s"6R.
R9
$
m
ª
¬
G!
¡+å_
"9
H.0.9"®sI9"$
."5eÛ$
¡6
.
@
ZkDå¦t
".
@
Y"G
/.@;.
""sj.."
"
"
D5DI妫
"
."g
."."$"
]9"
¬ ZµH.I.5$D6D5"D"."$
Q/.å¦3
/£k".
¡6
.5 ¬ "5
¡+5."
m±RD
""s.e&¸tæ D. ¬ V£ ¬ c
'\.
D¢nå¦
".
I.H"V¡6
Z
""s.FD
D"
D¶
¡0./Gçeègéèa£".$" ¬ .$/D
;
""
.5"´
@0
$$6
"@Q"."$H.;å@3 D"
De
µ"
5[¤Få¦t5D5DI¡+"$
¢E"$
!
Z"6
cê"Ië
§Àìª
ÝÖíÅîHï@ð
¸t
5
¢$£ ¬
"
cI妫
"@
jI&D
""s£
D
o
"
cI."D5.
69
5¢0D@
F$
.
¢6
"$g
"cD6¡6¢D
¡6s9
5¢£V."
".;@DI5DIk
DI
."$.¡0"jñ¤@
H
;.0D HD
D@¡+Gt"".
F."¢I
Z..G«
D"9
"$e£ ¬ D5G
¡0
".;"
DHZQå@t
".";D65¡+
sº @ .E".Q
/jò""£Ó;s".
DI妫
""@c
6
@.
¡0
Ò"@
@
¡0¡+"
.F. ¬
Y£
¬
Gc¡0$.Q
¬
E¡6¢D
¡6$s
"¢
ÝÖíÅî;ó;ô
@µ]."¢65[
¢Q
"s"
¥.De£å¦«
"
IDQ$.""
m
æ"¢\.!®9D
mæ.
¡0Zs
"¢
.µj9¸tR.".5£/D ¬ ""e£Yå@t
".
c9t ¡0
°$
¬ "
t0@0å¦t
".5"
ms
"¢$£ ¬
G\
;6
."
¢\
"s"
D"$6HñZ£F
Q
¡0
.O.c¡6¢D
¡6
s
"¢õ@OD
¡0¢m
D¹V".""\
0.+\妫
"
+
"."$¢!±ö@.."!$¢;÷Gö£D""$¢
D$""
\.+
¬ 5
"$
$cæc.!
¬
.5I""\3"0µæ"D5
"£V
66µmR
¢
¬ @5.FD
";$¢oöj@"G!
"+
¡0@."/Vø
ÝÖíÅî;ù!ú
¸t6Z"E
6ê"Dë
§eÀì£å¦t5D5D;$eZ¨+©ÕD
0å
$eE";å¦t5D" ¬ "6.
"
R
!c.5$@@
.""$+¡0$
"j96
m.
""s6
¬
´æ
¢"Z
;"°$
Des@j".
Z
"D
6"£
.¡+
Fg ¡&
.
D
;k¢/
De£"
¡+5
9.@j".
Z9
6"$
D
¢Yå@t
".
@g
¬ ¢Z¢$
"
"
6G¶"F$"."D"H.;
D¢$£
¡0
æ I¶ws""."
9Q
.!¡6¢
¡6Vs"$
¨c""e£Z.0妫
"
\s
"
"; ¬ ¢$.9t ¡0
û.ü
ý/þaÿ .þ Gý aþ /ÿ ´ÿGþ !Vþa"ÿ .þ
þaÿ #$ þ % ý%týGþ&
'()
.þ+*, *-)9ÿ %3ÿ.
þ/% ÿjþaÿ
% %/tþ #
.þ G
ý $þaÿ 0'12 aý 3 )4@5þ 6 ,
789;:=<>@?7AB:DCEGF7HC79I<KJLC@MNOCP@9HC@I9;Q7A2EBAB7<RA2M'SH9C@F9N
:T>M'>7>@MABSCEBEB<VUA278DWGXZY\[EB9CHMABMITC@E2F>=8CN]789^FABN9^9_[
_`9S7;>_VA2:D?H>PKABMIa789RQ7ABEBAB7<O>_^AB7FD:=<>@?ABSb>@??&>M9MK7J
c 9SCQF9Z789ZY\[EB9CHM9H.EB9C@HM9ND7>^C c CM'N>MVQMN9HSQ77ABMI
c 98'CPdAB>@HL:D>H9eH9C@NABEB<=78C@MbfDghC@FL789i?HABS9^N'9SH9CF9NX
j F^F8>UMaABMlkmABIX&n'o`CdpJ&789=?HABS9[ULC@HZH9IAB:D9^ABFZF:TC@E2EB9H
CMNqA2FVS>@MKrM9Ns7>t8ABI@89HVCP9HCI9;?HABS9F"JuEB9CNABMIR7>RC
SEB>F9H.C??'H>vAB:TC7AB>Mw7>iS>EBEBQFABP@9 c 98CPKAB>HJUAB78^I@H9C@79H
9v?9S79NRQ7ABEBAB7AB9Fu_`>H c >78;F9EBEB9HFX
Õ
0.5
0.5
0.4
0.4
×
0.3
0.3
0.2
0.2
0.1
0.1
0.0
Ï
0
x 2y
1
Ð
3
z
4
Ñ Ò
Ö
5
Time
6
C c EB9n&}GH>r7F?9H7AB:T9~F79?;A2M;¹i?HA2S9 c >@7FAB:=QEBC7AB>MF
U 89H9£>@M9^>_µ789^?HABS9 c >7FiU~CFeCTY[EB9CHM9Ho`7HCABM9N]C7
Wb¢puCMN;789i>78'9HwU~CFC@FA2M'NABSC79NX
2Q
0.6
Price
Price
×
µH>r&7F
oX nd·@¸J&X @ª·@p
oX ¹'©"ª@¹J&X @ª'©"p
oX2©º@¸J&X2©»@·p
oX2©¹nJ&X2©@©"»'©"p
|
1Q vs. 1MY
0.6
HABS9 c >@7F
oYVJ´¶wp
oYVJ) ikp
oYVJ)fDg^p
oYVJYip
{
7
Ó Ô
8
9 10
×106
0.0
Ï
0
x 2y
1
Ð
3
z
4
Ñ Ò
Ö
5
6
{
7
Ó Ô
8
9 10
×106
Time
kABI@QH9^n&}~o`CKpHABS9FiPKF"Xu7AB:T9\_`>HwY\[EB9CHM9HwPKFXL:=<@>?7A[
:TCEm?HABS9 c >@7ZC_`79H^7HCABMABMIXo`HCABMABMITQ'F9NCDNABFS>@QMK7
?CHC:T979H
W'X p~>:T?'CH9N7>fDgPKFafDgJ~789
?HABS9[U~CH^C@:T?EBAB7QN'9^ABF^NAB:TABMABF8'9NJ&CMN?'H>r&7C c A2EBAB7<aABF
A2M'SH9C@F9N_`>H c >78F9EBEB9HFXao c p^HABS9FVPdFX=7AB:D9i_`>Hi>@M9
Y[EB9CHM9HiPKF"XeCM>@789HZC_`79Hw7HCABMABMI&X^o5L>@78tY\[E29CHM'9HF
7HC@ABM9N;UAB78DWb'Xp
i
M^FAB:=QEB7C@M9>@QFY\[EB9C@HMABMI&J"9vC@S7S>MKP@9HI@9MS9>_789Y[
_`QMS7AB>MF~ULC@F.>M'E2<_`>@QMNV_`>@H.F:[email protected]>@H.EBCHI9~WGJK789H9
ULC@FZP@9H<RI>K>KNRC??H>vA2:DC79ZS>MKP9HI9M'S9J.ABMRU8ABS8t789
Y[5_`QM'S7AB>M'FLS>@MKP9HI9ND7>^F7C7AB>MC@H<VF>EBQ7AB>MF.7>^UAB78ABM
F:TC@EBEHC@MN>:Q'S7QC@7AB>M'F"X. eA¡+9H9MK7LF>EBQ7A2>@MF.U~9H9i> c [
7CABM9NC@7=9CS8sPCEBQ9;>_wWGX¢k>@H£F:TCEBEuWGJ~CF<K:T:D97HABS
F>EBQ7AB>MsULC@F=I9M'9HC@E2EB<q> c 7CABM9N¢o`ABMsU8ABS8s789aF8C?&9F
>_G¤¦¥"oB¤§peCM'NT¤§o2¤¦¥)peUL9H9£ABN9Md7ABSCEpJ&U89H9C@F^C c H>¨@9M
F<K:T:D97H<£F>EBQ7AB>@MbU~CF> c 7C@ABM9N;C7EBCHI9eWGXu89H9ULC@F
CTHC@MI9V>_uWOPCEBQ9FJ c 97U~99MO'X2©CMNRXªJ&U89H9=9AB789H
C£F<d:D:T97HABS~>H~CF<K:D:T97HABSLF>EBQ7A2>@M=S>Q'E2N c 9e> c 7CABM9NmJ
N9?&9MNABMI;>M]A2M'A27ABCES>@MNAB7AB>M'F"Xe89£C@F<K:T:D97HABSwF>@EBQK[
7AB>MDA2F~S>@QMK79H«[ABMK7QAB7A2P@9 c 9SCQF9^>M9iU~>QEBN=9v?&9S7e78C@7
F<K:T:D97HA2S;Q7ABE2AB7<q_`QM'S7AB>M'FbU~>Q'E2N¬E29CN¢7>sF<K:T:D97HABS
?>@E2ABSAB9FXbkmABIX¦no c piABE2EBQF7HC79F^789DH9FQEB7FV>_FAB:=QEB7C@M9[
>QFiY[EB9CHMABMIVC7~W®'X¯w>@79^78C7789H9^ABFwCV_`QH789H
H9NQ'S7AB>MABMa789=?HA2S9[U~CHiH9IAB:T9CFiS>:D?CH9Na7>fbg
PdFXwfDghC@MNtYPKF"XfDgJ&EB9C@NABMI£7>T9P@9MaI@H9C@79Hi?H>r7F
_`>H c >78=F9EBEB9HFX.H>r7F.ABMV789iY\[EB9C@HM9HuFAB:=QEBC7A2>@MFCH9
FQ:D:TCHAB°9N=ABM;GC c EB9wn&X
M78'9TSC@F9FV>_wY±PKF£fbg²CMNOY³PKF£´i^JAB7^C@??&9CHF
78C@7Z789£Y\[E29CHM'9H^8C@Fw> c 7CABM9Na789V78'9>H97ABSC@E2EB<;>?'7A[
:TCEF7HC79IAB9F;CI@CABMF7=789aH9F?&9S7A2P@9>??&>M'9MK7F"Xk'>H
Y¼PKFt ik~Jw789Y\[E29CHM'9HtN'>d9Ft½KQAB79qUL9E2EN9F?'A279s789
M >@MK[«fCH¨@>PKA2C@M;MC7QH9=>_L789=>@??&>M9MK7¾ FiF7HC@79I@<dJ¦CMN
_`>@HTFAB:=QEB7CM9>@QFTY\[EB9C@HMABMI&JI9M9HC@EBE2<sI@>d>KN c 98CPKAB>H
U~CF_`>QM'NJ.N9F?AB79;789;C c F9MS9a>_Z789>H97ABSC@EwI@QCHCMK[
799F"X~¿mvCS7>@HP9H<TI>K>KNTC@??H>vAB:DC79S>MKP9HI9M'S9^U~CF
> c 7CABM9NO7>]FAB:=QEB7C@M9>Q'FEB<aF9EÀ_/[S>@MFABF79MK7TY\[`_5QMS7A2>@MF
CM'Na>?7AB:TCE&?&>EBABSAB9F"XiÁK?&>MK7C@M9>Q'FwF<K:D:T97H< c H9C@¨dABMI
ABFi_`>@QMN]_`>H^EBC@HI9WGJ9P@9MO78>Q'I8R789DQ7ABEBAB7<T_5QMS7A2>@MF
_`>@H c >78¢?EBC<9HF;CH9tF<d:D:T97HABSX®ÂeMN9HF7CMNABMI¬8>U
78'A2F c H>¨9MF<K:T:T97H<]F>EBQ7AB>MS>@:T9FVC c >Q7VABF£C@MOC@S[
7ABP@9^CH9CT>_µH9F9CHS8X j EBF>T>_.ABMK79H9F7iU~>QEBN c 9^7> c 97«[
79H£S8C@HCS79HA2°9b789TF>EBQ7A2>@MF^78C7^C@??&9CH^7>tS>MKP9HI9
C?'?H>vAB:TC@79EB< c Q'7TM>@7£9vC@S7EB<ÃFQ'S)8 c 98'CPdAB>@H£8C@F=M>
CM'CEB>IVABMT>HNABMCH<TY\[EB9C@HMABMI&X
Ä
Å.ÆÇÈÉÀÊ "Ë ÆÇ iÌ ÇKÍsÎdÊKÏÊÐ5Ñ;ÒsÆÐÓ
8ABFi?C?&9Hi9vC:DABM9NaF9P9HCE.C@??H>CS89F^7>;78'9£N9FABIM
CM'NA2:D?EB9:T9Md7C7A2>@M;>_?HABS9 c >7=C@EBI>HAB78:DF78C@7£NA¡9H
ABM=789A2HuA2M_`>H:TC7AB>MC@ECM'N=S>:D?Q7C@7AB>M'CEH9½KQABH9:D9MK7FJ
CM'NR_`QH789HVNA¡+9H£ABM79H:TF>_789ABHV:T9HAB7FiCMNEBAB:TAB7C[
7AB>@MFwU89Ma79F79NRCI@CABMF7789:DF9EBP@9FwC@MN;>M9^C@M>789HX
89^FAB:T?EB9F7CEBI>@HAB78:³A2FeN9HA2PC@7ABP9e_`>@EBE2>UABMI
o ikp~Ô
AB7Fe?HABS9VCN"ÕQF7:T9MK7FC@H9^7HABPKABCE7>=S>:D?Q79J&CMN;AB7wH9[
½KQABH9FM'>£¨KM>UEB9NI@9w>_G9AB78'9Hw789 c Q<9HH9F?>@MF9Fe>H>_
78'9>78'9HLF9EBEB9HF¾?HABS9F"X. ik]ABFGCH9C@F>M'C c EB9C?'?H>@CS8=ABM
78'9wC c F9MS9w>_FQS8T¨KM>UEB9NI@9J@CMN=?&9H_5>H:DFUL9EBE&U89M
>789H=F9EBE29HFTC@EBF>aQF9t ik~X _i:T>H9T¨KM>UEB9NI@9TABFVCPCABE[
C c E29@J"8'>UL9P@9H"J>@789HmC??'H>C@S89FSCM c 9.N9FABIM9N7><KAB9EBN
IH9C79Hi?H>r7FX _.9v?&9S79N c Q<@9HiN9:TC@MN;ABF¨dM'>UMJ&A27
ABF^>_579M?&>FFA c EB9T7>aS>:D?Q79=CaIC@:T9[789>H97ABS£9½dQ'A2EBA c [
HABQ:ÖF>@EBQ7AB>M]o´iwpXKר8ABEB9w78ABFwF7HC@79I@<TABF?9H8C@?FiC?K[
?H>?HA2C@79_`>Hi>@M9[F8>@7^IC@:T9FJABMaAB79HC@79NI@C:T9FwU89H9
78'9H9VABF¨dM'>UE29NI9e>_.>789HwF9EBEB9HF¾?HA2S9F"J&AB7ABF?>@FFA c EB9
7>D>Q7?9H_`>@H:Ù´¶^X8'9£:=<@>?7A2:=C@EF7HC79I<ofDg¶pJ&_`>H
9vC:D?EB9JKQF9Fi¨dM'>UE29NI9i>_.9v?&9S79N c Q<9HeN9:DCMND7>
S>@:T?Q79.CiF8>@H7«[79H:>?7A2:DCE?HABS9io c Q'7GABI@M>H9F789~9vK[
?&9S79NtEB>M'I[79H: c 98CPKA2>@H>_.AB7FS>@:T?&97AB7>HFp~CMN;>@Q7[
?&9H_`>@H:DF c >78b´isCM'Nb ik~Xd~>@:T?Q7C7A2>@M£>_GfDg®UL>@QEBN
C?'?9C@H£7>tH9½KQABH9DCMO9v8'CQF7ABP9DF9C@HS8s>P9HVCEBE.?&>FFA[
c EB9^?HABS9F"æ8>UL9P9HJ+fbg¾ FwS>@:T?Q'7C7AB>MC@E>P9H89CN]SCM
c 9£H9NQS9Nt7>T9vC:DABMABMI^>M'E2<;Ú«[QM'N9HSQ7F^>_.789V>789H
F9E2EB9HF"¾?'HABS9F.C@MN^789L:D>M>@?>@EBA2F7ABS?HABS9@J_`>HmFQKÛTSA29Md7EB<
F:DCEBE&PCEBQ9F~>_LÚX
ÜÝÞ2ßÞ2à'áaâãäåæsçàOè\éê2åãÝà'Þ2à'áaÞBä^äëì&åÝÞ2ç@Ý=íçaî=ï@çìíÞé
îTãêeìÝÞBßÞBàáqäÞBàßåOèðãàKíÞBßÞBìã@íåä;íñ'åtêBçà'áåÝ«éíåÝîòßçàKé
äåóKëåà'ßåäaçôZÞBíä=ã@ßíÞBçà'äTÝåäëêBíÞBàáâ&çíñqô`Ýç@îßçîDìåíÞé
íçÝRÝåäì&çàäåäãàæÞBíäaçõà®ßç@ëàKíåÝ«éÝåäì&çà'äåäöø÷ñKëäù
ãîTç@àáíñ'åìÝÞBßÞBàáiäíÝã@íåá@Þ2åäLäíëæÞBåæmùdèsã@ìì&åãÝäLíçZçú+åÝ
íñåDîTçäíwìÝçîDÞ2äÞBàáTì&åÝô5çÝîDãàßåûñ'çõLåü@åÝ"ùÞBíä^ßçîDìëKé
íãíÞBçàã@êwÝåódë'Þ2ÝåîTåàdíäTã@ÝåRÝãíñåÝ;äë'âäíãàKíÞBãêö®÷ñ'Þ2ä;ÞBä
íÝë'åTô5çÝ^â&çíñOçú&éê2ÞBàå=ã@àæçàéêBÞBàåTè\éêBåã@ÝàÞBàá&ötý'çÝVçú&é
ê2ÞBàåaèVù.ã@àsåþíåàäÞBüåRäÞBî=ëêBãíÞ2ç@àtÞBä=ÝåóKëÞBÝåæù\Þ2à'ßêBëæÞBàá
îTçKæåêBä.çôâç@íñTíñåiâëï@åÝäÿKæåîTã@àæä.ã@àæTíñåwç@íñåÝäåêBêé
åÝäÿäíÝãíåáÞBåäö ý'çÝ=ç@àKéê2ÞBàåRè£ùuÝåã@êißçîDìåíÞBíçÝ=ì'ÝÞBßåä
ãàæâë'ïåÝVÝåäìç@àäåä=ãÝåDëäåæùäçRíñã@í^îTçKæåê2äiã@Ýå=àç@í
ÝåóKëÞBÝåæùâë'ííñå^íÝã@Þ2à'Þ2à'á^ìÝçKßåääiÝåîDãÞBàä~êBçàá^ã@àæ;íåé
æÞBçëäùã@àæíñåDêBåãÝàåÝVî=ëäíiåàæ'ëÝå;íÝëåTêBç@ääå䣿ë'ÝÞBàá
íñåiíÝãÞBàÞBàá^ì&åÝÞ2çKæDõñÞBê2åeåþìêBçÝÞ2à'á^äëâ&çì'íÞBîTã@êãßíÞBçàäö
à=ô`ëíëÝåiõ~ç
Ý +ù@õ~åwìêBãà=íç£ßçàKíÞBàKëåwÞBàKüåäíÞBá@ãíÞBàáãæã@ìKé
íÞBüåaêBåã@ÝàÞBàáã@ììÝçãßñåäTäë'ß)ñ¢ãä;è\éêBåã@ÝàÞBàá&ùLõÞBíñØãà
ãÞBî íçõ~ãÝæä^æåäÞBáàÞBàáDãêBáç@ÝÞBíñîDäíñã@í^ãÝåVô`åã@äÞBâêBå^ô5çÝ
ìÝã@ßíÞBßã@êÞ2îDìêBåîTåàdíãíÞ2ç@àöýç@ÝLåþã@îTìêBåù@íñ'å¶è\é5ô`ëàßíÞBçà
ßãà=â&åÝåì'ÝåäåàKíåæ;ëäÞ2à'áiô`ëàßíÞBçàVãìì'ÝçþÞBîTãíçÝäÝãíñåÝ
íñã@àaêBçd
ç Këì;íãâ'ê2åä"öwÜÝåêBÞBîTÞBàãÝ
ï 5ãàæ]åàßç@ëÝã@áÞBà
á \Ýåé
äëêBíäuñãüåâ&ååàDçâíãÞBàåæ=âã@äåæ=ç@à=àåëÝãê&àåíõ~çÝ d
ä ù
ãàæRõLç@Ý aâ'ãäåætç@àtæåßÞBäÞBçàRíÝååäVÞ2äiëà'æåÝõ~ãïK
ö ã@äíê2ïKù
õñÞBê2
å KàçõêBåæá@å.çôßç@îTì&åíÞBíçÝäÿìÝÞBßåääååîTäÝåãäçàã@âêBå
`âKï=íñåiü@åÝï=åþÞBäíåàßåçôGäñçì'âç@í
ä ùã@ßßëÝãíåiîDçdæ'åêBä.çô
ßçîDìåíÞBíçÝä"ÿäíÝãíåáÞBåäçÝuâëïåÝLæåîTãà'æ£îDãïZÞBàVô`ã@ßí.â&å
ëàãüãÞBêBãâ'ê2åÞBà^ã@ßíëã@êãá@åàKíåßçà'çîTÞBåäûîTåíñçKæäíçiçüåÝ«é
ßçîDåwäë'ß)ñ]ê2ÞBîDÞ2íãíÞ2çà'ä.ÝåîDãÞBà=çì&åà;íç=ÞBàKüåäíÞBá@ãíÞBç@àö
!"
#$&%=ö'LëÝæåííwãà'æ(%ö)uö*ëæ'æö,+µódë'Þ2êBÞBâÝÞ2ë'îhìÝÞ2ßåZæ'Þ2ä«é
ìåÝäÞBç@àö.-&/$0120!3(46587:9;/$<@ù2=);:>@?A==BC?DA?'ù6*@ëêBïE?AFAG'ö
@H&I£öJ~ñãüåKLã@àæTÜöAL;ã@åä"öM%iãäâãñ>mãàVãá@åàKí.îTã@Ý@åíé
ìêBãßå¶ô`çÝâë'ïdÞBàá=ã@àæ;äåêBêBÞBàá=áçKçKæäö.àONP70/$44$Q9R1ST
@DwVöý'çäíåÝiã@àæh^ö)|uçñÝãö&åá@ÝåíeÞBàaíñåçàKéêBÞ2à'åZæ'åé
ßÞBäÞ2ç@àsìÝç@âêBåîtö&<!3(4T<12Q-&/$0!12039/q~
4Wt<!9;0!7ù
HtA> BC=A=')
ù 6??A'ö
@wVöý'ëæåàKâ&åÝá]ãàæO*ö÷ÞBÝçêBåöh&<34ksW)4$07:möLf÷
ÜÝåääùsJ~ãî=âÝÞ2æ'áåùM6??)ö
@FIVöiÝååàKõLã@ê2æmö\4$<!7:1t9R1Sh50NP]#<!mV458.0!7O&<34Tö
ÜM
ñ wOíñåäÞ2ä
ù J~ç@ëÝã@àK
í àäíÞBíëíåLç2
ô L;ãíñåîTã@íÞBßã@A
ê
KßÞé
åà'ßåä"ùMeåõe ~çÝ(neàÞBüåÝäÞBíïKùwåõv LçÝù)L;ãïh6??A?ö
@?IVöAiÝååàKõLã@ê2æVãà'æ*&ö!%iåìñã@Ýí"ös
Kñ'çìâ&çíä.ãàæVìÝÞ2ßåé
â&çíä"ö¡à¢NP7$06/$4$4$Q!9R1S!T{0U£)9¤5;4$4125#W¥[1254:712<A589;0!1M<!]
¦0!98125&^_0!1U:4:7$4:1M/4§0!1qb
76589 ¨_/9;<]2[125;4]R]g9SA412/$4ù÷V
ç IeìKé
ì&åãÝ)
ù Ieëáëä
í ?A?A?'ö
#6*&öA%iåìñ'ãÝíuãàæ(IVöAiÝååàKõLã@ê2æmö2
Kñç@ìâ&çíåßç@àçîDÞ2ßä"ö
àNP7$06/$4$4$Q!9R1S!T{0UhX_9 U:5Wv-Pj70$c)4$<!1^_0!16U:47412/$4£0!1
)m!3(}$0!]g9;/<12Q©Pj)<!12589;5<A589R4VbcAcM70<A/$W)4T5;0ªo&4$<!T:0!1)a
9R1S(_95W«\12/$4:765<!98125Rmù'÷çIeììåãÝ"ùt*ëêBïO6?A??ö
#A*&ö2¬VöM%ZåìñãÝí"ùM*öM+ö)ueãàäçàùMwVö)hö)¦åüKÞ2à'åù)'iöM£ö
iÝçäçô)ù*ö
KãÞBÝã@îTåäñù6ö'Zö!
Kåá@ãêùã@àæ
ö!^öØñ'Þ2íåö
weïKàãîDÞBßäçôãàaÞBàKô5çÝîDãíÞ2ç@à(®êBíåÝÞBàáDåßçà'çî=ïKöà
NP7$06/$4$4$Q!9R1S!T0UV5#W)4`24$/$0!12Q[1254:712<A589;0!1M<!]f0!7TW)0c
01¯^_00$c)4:7$<A589R!4Y[16U0!7:3(<A589;0!1fb.S4:1M5R
T ùs6??A'
F ö
#6H'iö)%iÝë'ê2õÞBßñö~÷ñåY'~ãÝá@ãÞBàýmÞBàæåÝeãá@åàKí6>.J~ç@îTìã@ÝÞé
äçàTì'ÝÞBßåwäñçì'ìÞBàá^çà=íñåàKíåÝàåí"ö\à(*öØÞBê2êBÞBãî=äù
åæ'Þ2íçÝ_
ù b.S4:1M5RT$°~
0A58T<!1MQ{±&5#W)47([1254:712465&~
4$<!T:5R94:Tù
ìã@áåO
ä HA=ABCHDAGP
ö
IlLr
ö l+÷ ìëâ'ê2ÞBäñÞBàe
á L;ã6
ß LÞ2êé
êBãM
à x
ù 6??AD'ö
nY¦6
ä >
ñKíí\
ì > ²²âKôö ßäíã@Ý"ö ãß@ö ßçq
î ²âKô)ù
ñKíí
ì >@²A²õõõ^ö á@åçKßÞBíÞBåäö ßçq
î ²åäåãÝßñ÷ÝÞBãàá@êB6
å ²A?GA'ö
#6G*&ö)wã@äñö\wç@àKéßçKçì&åÝã@íÞBüåiáã@îTåäöb
1)12<]dTV0U&iO<A5#Wa
43<5R9/:Tù2=2>@HAFDB)HA?A='ù6?A=tö
#:=öK÷åäãëÝçöÜÝÞBßÞBàáVÞBàTã@áåàKí~åßçà'çîTÞBåä~ëäÞ2à'á£àåëKé
Ýãêàåíõ~çÝKä£ã@àæOî=ëêBíÞÀéãá@åàKíwó@éê2åãÝà'Þ2à'áöhà£NP70a
0UV5#W)4YXZ9R7:T:5\[12547:12<A589;012<!]P^_0!16U:47412/$4`0!1E5#W)4YNP7</:a
/$4$4$Q!9R1STE0Uf[¦M^bY[f0!7TW)0c³0!1¯\4$<!7:1t9R1SbY}$0!j)58°
5R9/<].bPcc2]d9/<5R90!1e0Uf[1254:]R]g9S4:125&bPSA41258Th<!12QOihj]#5R9Ra
X´703°_<!1MQ{ª9;5#W±&5Wt4:7bPSA41258Tù)Iwë'áëäíV6?A??ö
b.S4125lkM4$/$W120]0$S!mùMçà'æçàùnVö %öBùIeìÝÞBê_6??AD'ö
@G&I£öPJ~çëÝàçíöpo&4$/$W)47/$W)4TqT$j7f]4TNP7:9R12/9@c)4:T(iO<A5#Wa
4:3(<A589;/ThQA4r]<pksWt4$0!7:9;4OQA4r]<Oo&9/Wt4:T$T:4"övuwã@ß)ñ'åííåù
6FGAFö
#6==öV÷åäãëÝçhãà'æ¢*ö`%iåìñã@Ýíö
ÜÝÞBßÞBàáÞ2àã@áåàKí
åßçàç@îTÞBåäëäÞ2à'áî=ëêBíÞéã@áåàKíó@éêBåãÝàÞBàáöàNP70/$4$4Qa
9R1S!T&0U_XZ9 U:5#WV-Pj7$0$c)4<1h^_0!16U4:7$4:12/$4
0!1tm!3}$0!]g9;/<12Q
©Pj)<!12589;5<A589R!4bPcc270<A/$W)4T50Vo&4$<!T:0!1)981S`_9;5#Wµ12/$47:a
!&*öY'iöVweå6ç@àáØãà'æxI£öVLöiýÝçKçîKÞBàö
÷ñåOà'åþí
åßç@àçî=ï)yzàewVöueëÝêBåïKù_'iö%iãñÞBàùã@àæ{uVö|.ãÝ«é
ÞBãàù'åæÞBíç@Ýä"\
ù [125;47:1245_NPj)}]d9RTW981S<12Q~
4:mA012QAfksW)4
5<!9R1M5Rmù'÷Gç`Iwì'ìåã@Ý"ùt*ëêBïE?A??ö
#6DLö÷äüåíçüãíïKïKùpLöiÞBàÞùv'Zö{Lçâã@äñåÝù¢ãàæ
ÜÝåää"ùYJ~ãî=âÝÞBæáåù_LãääãßñKëäåííäù
¶\
ö ØÞBå$ß çõä dÞ
ö LIVLfI>¦ãàãá@åàKíéâãäåæüKÞBÝíë'ãê
îDãÝ@åíuô`çÝåêBåßíÝç@àÞBß^ßç@îTîTåÝßåö_bcAcM]d9;4$Qb
75R9 ¨Z/:9;<]
[125;4]R]g9SA412/$4
ù 6??A'ö
@=&*ö&+ÝÞKääçàmùVö ýmÞBààå@ùwã@àæp
öZ*ãà'äçàmöàKô5çÝîDãé
#6uVöV|.ã@ÝÞBãàö·IîTçKæåêVçô;äãêBåäö¡b
347:9;/$<1¸-&/$0!a
12039/lo&49;4:Z°¹N&<cC47:Tl<12QN70/4$4$Q!981S!
T ùAC;>@DA=)B
-&/$0!12039/:T(0UV9S!95;<][1U:0!7:3(<A589;01{<!12Qf[1254:]R]#4$/:j)5<!]
NP70cC47658mö_Lf÷
6??AFö
íÞBçà=ã@àæ=ÞBàKíåÝãßíÞ2ç@à=ÞBàL;ãÝåí$
Kìãßå&íçõ~ãÝæ'ä.ãà
çì&åàØã@áåàKíéâã@äåæsîTã@Ý @åí£ÞBàKô5ÝãäíÝëßíë'Ýåv
ö
à N70!a
/$44$Q9R1ST0UP5Wt4&24$/$0!12Qr-_Y[q07!TWt0$ch0!1-]4$/:a
5R7$0!1)9/^_033(4:7$/$4"ùeçüåî=â&åÝY6?A?Dö
D=A?ù)
åìíåî=âåÝV?AFö
#6FJiöãídÞBàäös4$<!71)9R1SPU$7$0!3V4]<mA4QVo4:.<7QTöÜñMw
íñåäÞBäù¹J~ã@î=âÝÞBæá@å&nwàÞBü@åÝäÞ2íïKù)J~ãî=â'ÝÞBæáå@ù)6?FA?ö