The New and History art*science 2017/Leonardo 50 ...

2 downloads 0 Views 2MB Size Report
art*science 2017/Leonardo 50 Proceedings. Pier Luigi Capucci ..... 2010 ; a solution that Qas applied in full in “ pa the Etruscan”, a 15 minute educational short.
https://artscience.online

https://www.leonardo.info/50th-anniversary

The New and History art*science 2017/Leonardo 50 Proceedings Pier Luigi Capucci, Giorgio Cipolletta (eds.)

© 2018 Noema, Ravenna ISBN 978-88-909189-7-1

https://noema.media

=D$&"[0-(,*>"a$-0(*C$"!DD>0/*(0'&)-(32:Z,-"$,2Z-(

!+)(-*/( j-)(+23&I$)-(20$&#*$>"e(&,*",$)"&*"38&(I$&>(+#8&2"#&E)$>$)F2(-*"&*X &*+)&E2>(&:8&P$2">&*X & "$H&#-0-(23&(**3>?&:+(&-(&)$02)#>&23>*&(I$&,)$2(-*"&*X &"$H&,+3(+)23&*:^$,(>?&(I2(&,2"&:$&>I2)$#& 2"#&[2+0P$"($#]&:8&2,(-F$38&$"020-"0&32)0$)&2+#-$",$>&2"#&)$Y,)$2(-"0&"$H&F-)(+23&I$)-(20$& *:^$,(>Z& !"& (I->& E2E$)& (I$& j->-(& D2:& $%E$)-$",$?& 6-"$,2& #$E2)(P$"(& X*)& #2(2& j-=+23-72(-*"& (I)*+0I& ,QIRUPDWLRQ 7HFKQRORJ\ LV SUHVHQWHG WKURXJK DQ RYHUYLHZ DPRQJ WKH PRVW VLJQLÀ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ÀFYLVXDOL]DWLRQUHDOWLPHJUDSKLFV'LQWHUDFWLYH 7KHVHDFWLYLWLHVKDYHSURJUHVVLYHO\ X*+"#&-PE*)(2"( DSSOLFDWLRQVRI VFLHQWLÀFFXOWXUDOHFRQRPLFDQGLQGXVWULDOLQWHUHVWVXFKDVLQUHQGHULQJRI  FRPSOH[ VFLHQWLÀF UHVXOWV VFHQH UHFRQVWUXFWLRQ IRU IRUHQVLF DSSOLFDWLRQV FXOWXUDO KHULWDJH X)+-(-*"?&F-)(+23&2),I2$*3*08?&P+3(-P$#-2&($2,I-"0?&2"#&$"($)(2-"P$"(Z&=I$&I2>&:$$"&)$>E*"Y >-:3$&X*)&>$F$)23&/pO&E)*^$,(>&2(&"2(-*"23&2"#&-"($)"2(-*"23&3$F$3&2"#&I2>&:$,*P$&*"$&*X &(I$& PDLQ ,WDOLDQ H[SHUWV LQ WKH ÀHOG 6KH KDV SXEOLVKHG VHYHUDO SDSHUV RQ WKH PRVW LPSRUWDQW ^*+)"23>&2(&-"($)"2(-*"23&3$F$3&2"#&I2>&:$$"&-"F-($#&(*&E)$>$"(&I$)&H*)J&-"&P2^*)&,*"X$)$",$>?& >+,I&2>?&-"&E2)(-,+32)?&=-00)2EI&'BBB?&9SSS?&9SSA?&9SS&E328$#&2& OHDGLQJUROHLQWKHRUJDQL]DWLRQRI PDMRUHYHQWVGHGLFDWHGWRVFLHQWLÀFGLVVHPLQDWLRQDQGVKH ->&)$>E*">-:3$&X*)&6!5N6@&=+PP$)&=,I**3>&*"&[6*PE+($)&M)2EI-,>&2"#&!6U&X*)&6+3(+)23& \$)-(20$]Z& 6+))$"(38?& I$)& P2-"& )$>$2),I& -"($)$>(>& 2)$_& 2a& -"($)2,(-F$& 0)2EI-,& ($,I"-h+$>& X*)& DSSOLFDWLRQVLQWKHÀHOGRI YLUWXDOFXOWXUDOKHULWDJHEDVHGRQRSHQVRXUFHDQGDYDLODEOHRQD F2)-$(8&*X &*+(E+(&($)P-"23>&cF-)(+23&(I$2()$?&CO@>?&,$33&EI*"$>ZZZad&:a&-PP$)>-F$&0)2EI-,>&2"#& F-)(+23&>$(>&cX*)&Uj&2"#&,-"$P2aZ

!"#$%&'()&(*+,-.

12)-2&6I-2)2&D-0+*)-&I2>&2&12>($)&#$0)$$&-"&C*3-(-,23&=,-$",$>?&2&12>($)&#$0)$$&v,+P&32+#$v&-"& 6*"($PE*)2)8&\->(*)8&2"#&2&CIO&-"&\->(*)8&2"#&6*PE+(-"0Z&/$>$2),I&-"($)$>(>_&\->(*)8&*X & 0DWHULDO&XOWXUH:RPHQ6WXGLHV,&7IRU'LJLWDO+HULWDJH3DSHUVDQGWDONVDW6LJJUDSK'LJLY (23&\$)-(20$?&N+)*0)2EI-,>?&6@@?&j=11?&$(,ZZ&6*332:*)2(-"0&H-(I&j->-(D2:&6-"$,2&>-",$&'BBBZ& ,QVWDII DW9LVLW/DEVLQFHDV9LUWXDO+HULWDJHSURMHFWFRRUGLQDWRUDQGVFLHQWLÀFZULWHU .....

&,%.5-07%:5,I!H!B.$F#:7!3$?5.$%5.9!:,!$!V@>!),L:.5,E),%1!L:'0$3:X:,B!80%0.)!$,-!F$'%!'7),$.:5'!?9! ,0E).:7$3!':E03$%:5,'

'A9

@(&(I$&$"#&*X &(I$&N-0I(-$>&2&0)2EI-,&32:*)2(*)8&Y&j->-(&D2:&Y&H2>&$>(2:3->I$#&2(&6-"$,2& cHHHZ,-"$,2Z-(W$"aZ&6-"$,2&->&2"&!"($)+"-F$)>-(8&=+E$),*PE+(-"0&,$"($)&2"#&-(>&P*>(&E*H$)Y X+3&,*PE+($)&>8>($P?&12),*"-?&,+))$"(38&)2"J>&2(&(I$&'A(I&E32,$&-"&(I$&U*ERSS&H*)3#&3->(& KWWSVZZZWRSRUJ WKH9LVLWODERUDWRU\IROORZHGWKHRSHQLQJVRI VHYHUDO6FLHQWLÀF j->+23-72(-*"& 32:*)2(*)-$>& -"& >+E$),*PE+(-"0& ,$"($)>?& >+,I& 2>& 56=@& cHHHZ",>2Z-33-"*->Z $#+Wa&2"#&=2"&O-$0*&cI((E_WWHHHZ>#>,Z$#+Wa&5=T&,$"()$>&-"&(I$&b"-($#&=(2($>Z UI$&j->-(&D2:&->&,*",$-F$#&2>&2&>$)F-,$&X2,-3-(8&(I2(&+>$>&2"#&#$F$3*E>&2EE3-,2(-*">&*X & FRPSXWDWLRQDOJUDSKLFVIRUVFLHQWLÀFYLVXDOL]DWLRQYLUWXDODQGDXJPHQWHGUHDOLW\DSSOLFDWLRQV >+EE*)(-"0&)$>$2),I&2,(-F-(-$>Z&;$-"0&(I$&32:*)2(*)8&2&P+3(-#->,-E3-"2)8&$"F-)*"P$"(&0)*+"#Y $#&*"&QE$"&=*+),$&T)2P$H*)J>&2"#&\C6&T2,-3-(-$>?&-(&,*+3#&)$38&+E*"&#-XX$)$"(&,*PE+(-"0& UHVRXUFHVDEOHWRJDWKHUHYHQGLIIHUHQWFRPSHWHQFLHVWREHWWHUIXOÀOOSURMHFWUHTXLUHPHQWV 6LQFHWKHPLGVWKH9LVLW/DEPLVVLRQKDVIRFXVHGRQWKHÀHOGRI 9LUWXDO+HULWDJH !"($)2,(-F$&)$23Y(-P$&2EE3-,2(-*">&I2F$&:$$"&,)$2($#&(I2"J>&(*&.O&,*PE+($)&P*#$3>&2+(I$"Y WLFDWHGE\VFKRODUVLQRUGHUWRDYRLGWKHULVNRI WUDQVPLWWLQJVXSHUÀFLDORUPLVOHDGLQJFXOWXUDO -"X*)P2(-*"Z&1*)$*F$)&CIO&>(+#$"(>?&2),I-($,(>?&2),I2$*3*0->(>?&I->(*)-2">?&,*PE+($)&>,-$"Y (->(>?&P$#-2&$%E$)(>&I2F$&:$$"&()2-"$#&2"#&-"F*3F$#&-"&E)*^$,(>&2#*E(-"0&2"&-"($)#->,-E3-"2)8& P$(I*#*3*08&X*)&,)$2(-"0&,+3(+)23&j/&E)*#+,(>Z&UI$&j->-(&32:&>(2XX &P2"20$>&23>*&(I$&j-)(+Y 23&UI$2($)?&2&>$P-&-PP$)>-F$&$"F-)*"P$"(?&H$3,*P-"0&F->-(*)>?&-",3+#-"0&I-0I&>,I**3&2"#& +"-F$)>-(8&>(+#$"(>&2"#&,**)#-"2($>&-"($)#->,-E3-"2)8&E)*^$,(>&2-P-"0&2(&E+)>+-"0&(I$&,)-(-,23& >8"$)08&:$(H$$"&)$>$2),I&2"#&$#+,2(-*"Z& 7KHVH FRPPLWPHQWV LQ RXU ZRUNÁRZ ÀWV WKH GHÀQLWLRQ JLYHQ E\ 'RQQD &R[ IRU D /$"2->>2",$&U$2P_&[@&,)*>>Y#->,-E3-"2)8&0)*+E&*X &$%E$)(>&-"&>,-$",$?&($,I"*3*08?&2"#&2)(?& HI*&H*)J&(*0$(I$)&(*&:+-3#&$%()$P$38&$XX$,(-F$&>,-$",$&*+()$2,I&E)*^$,(>]&c;*)J-$H-,7&$(& 23Z?&9S'4aZ QF$)(-P$&j-)(+23&\$)-(20$&I2>&:$,*P$&2&P2^*)&(*E-,&2(&j->-(&D2:Z& ´9LUWXDO+HULWDJHµ 9+ LVDEURDGWHUPWRGHÀQHWKHZKROHVHWRI LWHPVDQGDVVHWVWKDW #$23&H-(I&j-)(+23Y/$23-(8&cj/a&2"#&6+3(+)23&\$)-(20$Z&!"&0$"$)23?&j-)(+23&\$)-(20$&2"#&6+3(+)Y DO+HULWDJHUHIHUWRLQGHSHQGHQWÀHOGV&XOWXUDO+HULWDJHFODLPVIRUSURSHUWLHVDQGVLWHVZLWK 2),I2$*3*0-,23?&2$>(I$(-,&2"#&I->(*)-,23&F23+$d&HI-3$&[j-)(+23&\$)-(20$]&#$23>&H-(I&-">(2",$>& *X &(I$>$&E)*E$)(-$>&2"#&>-($>&H-(I-"&2&#-0-(23&)$E)$>$"(2(-*"?&HI-,I&-PE3-$>&P2($)-23-7-"0&(I$& I$)-(20$&,*"($"(&#-0-(2338&2"#&(*&E)*,$>>&2"#&#->>$P-"2($&-(&+>-"0&,*PE+($)&0)2EI-,>&($,I"*3Y

!"#$"%&&!'()*+!,,$&*

"3N" >:,)7$!&,8.$'%.07%0.)1!V@>!.)'50.7)'!$,-!M:.%0$3!=#)$%.)!

*08&2"#&$"I2",$#&>()2($0-$>&*X &,*PP+"-,2(-*"&cI((E_WWHHHZFYP+>(Z"$(WF-)(+23YP+>$+P>W 03*>>2)8WF-)(+23YI$)-(20$aZ& @&X+33&$"^*8P$"(&*X &j-)(+23&\$)-(20$&+>+2338&,*P$>&P*)$&X)*P&2&32,J&*X &P$2"-"0X+3& ,*"($"(&(I2"&X)*P&2&32,J&*X &)$23->P&c6I2PE-*"?9SS&-"&2&P$2"-"0X+3&2"#&$"020-"0&H28&-(&->&P2"#2(*)8&(*&P2J$&(I$&)$E)$>$"(2(-*"&2"& $%E$)-$",$&2>&>(2($#&:8&12)-2&/*+>>*+&c1Z&/*+>>*+?&9SS9aZ&UI->&->&E)$,->$38&(I$&E2(I&(I2(& 9LVLW/DEKDVWULHGWRIROORZDORQJDOOWKHVH\HDUVRI HQJDJHPHQWLQWKHÀHOG 7KHUROHRI VFLHQWLÀFYLVXDOL]DWLRQEHWZHHQ5HVHDUFKDQG&RPPXQLFDWLRQ 1RZDGD\VVFLHQWLÀFYLVXDOL]DWLRQWKDQNVWRWKUHHGLPHQVLRQDOLW\DQGLPPHUVLYHDSSOLFDY (-*">?&->&2&J$8&-">()+P$"(&-"&(I$&2"238>->&2"#&h+-,J&2"#&#$$E&+"#$)>(2"#-"0&*X &F$)8&,*PE3$%& EI$"*P$"2Z& 6FLHQWLÀFYLVXDOL]DWLRQKHOSVYLVXDOL]HGDWDFRPLQJIURPGLIIHUHQWNLQGRI VHQVRUVRU *+(E+(>& *X & >-P+32(-*">?& (I2(& ->& 2& ,*PE+(2(-*"23& P*#$3& (I2(& >*3F$>& EI8>-,23& 2"#& >(2(->(-,23& $h+2(-*">&(*&>-P+32($&)$23YH*)3#&EI$"*P$"2Z&UI$>$&>-P+32(-*">&2)$&*X($"&)+"&*"&>+E$),*PY E+($)>Z 6*PE+($)&M)2EI-,>&I2>&23H28>&:$$"&E$),$-F$#&2>&2&E*H$)X+3&(**3&(*&$"I2",$&J"*H3$#0$?& 2"#&(I->&->&$%2,(38&(I$&E+)E*>$&*X &6-"$,2&j-)(+23&(I$2($)&X2,-3-(8?&*E$"$#&-"&'BBB_&2&>E2,$& -"&HI-,I(2&,*P-"0&X)*P&"+P$)-,23&>-P+32(-*">&2)$&F->+23-7$#&-"&*)#$)&(*&-PE)*F$&(I$-)& +"#$)>(2"#-"0Z&

'A.

!"#$%&'()&(*+,-.

'AA

!(&->&2,(+2338&2!%#)$%.)!HI*>$&$(8P*3*08&,*P$>&X)*P&(I$&2",-$"(&M)$$J&%#)$5E$:?&HI-,I& P$2">&(*&3**J&-"&*)#$)&(*&+"#$)>(2"#Z&@>&>2-#&:$X*)$?&>-",$&(I$&32($&'BLS>&j->-(&D2:&I2>&:$$"& GHYHORSLQJDSSOLFDWLRQVIRUVFLHQWLÀFYLVXDOL]DWLRQVDQGYLUWXDOUHDOLW\DSSOLFDWLRQVWRVXSSRUW PDMRUFXOWXUDOSURMHFWVERWKLQWKHVFLHQWLÀFDQGKXPDQLVWLFÀHOG !"&9SSB?&X*)&$%2PE3$?&j->-(&D2:&E)*#+,$#&X*)&(I$&C32"$(2)-+P&-"&U+)-"&(I$&.O&>($)$*Y >,*E-,&$#+,2(-*"23&P*F-$&[;-0&;2"0]Z&UI$&P*F-$?&#$F$3*E$#&-"&,*332:*)2(-*"&H-(I&(I$&12%& C32",J&!">(-(+($&X*)&@>()*EI8>-,>&Y&($33>&-"&L&P-"+($>&(I$&$F*3+(-*"&*X &(I$&b"-F$)>$&H-(I&2& 0)2EI-,23&)$E)$>$"(2(-*"&*X &2&(I)$$Y#-P$">-*"23&>E2,$&-"&HI-,I&>(2)>&2"#&0232%-$>&2)$&"*(& F->+23&>E$,-23&$XX$,(>&:+(&(I$&F->+23-72(-*"&*+(E+(&*X &2&>(2($&*X &(I$&2)(&"+P$)-,23&>-P+32(-*"& c;-0&;2"0&#*,+P$"(2)8&Y&I((E_WWHHHZ,-"$,2Z-(W$"WE)*0$((-W:-0Y:2"0Y#*,+P$"(2)8aZ $V WKLV H[SHULHQFH GHPRQVWUDWHV PRYLHV EDVHG RQ VFLHQWLÀF YLVXDOL]DWLRQ FDQ PDNH FRPSOH[VFLHQWLÀFFRQFHSWFOHDUHUDQGHDVLHUWRXQGHUVWDQGLQSDUWLFXODUIRUJHQHUDODXGLY $",$>?&$F$"&E)$F$"(-"0&P->-"X*)P2(-*"&-"&E*E+32)&P$#-2Z&UI$)$X*)$&-(&->&$>>$"(-23&(*&H*)J& I2)P*"-7-"0&(*0$(I$)&(H*&^+>(&2EE2)$"(38&#->^*-"($#&J-"#>&*X &0)2EI-,>&$"F-)*"P$"(>&(I2(&->& JUDSKLFVWRROVGHVLJQHGWRHQDEOHVFLHQWLÀFLQVLJKWVDQGJUDSKLFSURGXFWVDEOHWRFRPPXQLY FDWHFRQWHQWVWRWKHJHQHUDOSXEOLF7KLVWDVNFDQEHDFKLHYHGE\VHWWLQJXSZRUNÁRZVWKDW FRQQHFWGLUHFWO\VFLHQWLÀFYLVXDOL]DWLRQWRROVWRIUDPHZRUNFRQFHLYHGIRURWKHUDFWLYLWLHVOLNH GLUHFWLRQYLVXDOHIIHFWVDQGÀQDOHGLWLQJLQRUGHUWRIDFLOLWDWHDGLDORJXHEHWZHHQVFLHQWLVWV 2"#&2)(->(>Z& ([SORULVDQRWKHUUHVHDUFKSURMHFWWKDWSURGXFHGHIIHFWLYHVFLHQWLÀFYLVXDOLVDWLRQSURGY +,(>?& H2>&2:*+(&(I$&>-P+32(-*"&*X &>+:E3-"-2"&$)+E(-*">&*X &(I$&j$>+F-+>&F*3,2"*&cI((E_WWHHHZ ,-"$,2Z-(W$"WE)*0$((-W$%E3*)->a&cM+-#277*3-&$(&23Z?&9SS&E)*^$,(&H2>&23>*&(I$&*,,2>-*"& IRUDÀ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cI((E_WWHHHZ32(-"Z-(W2+(*)$WP2)7-23$W$E-0)2PP-WySAy3-:$)u-FWSAAZ32(aZ& 6WDUWLQJIURPDZHOOUHÀQHG'PRGHOLWLVDOVRSRVVLEOHWRSHUIRUPWHFKQLFDODQDO\VHV )RU H[DPSOH ZLWK WKH &DVD GHO &HQWHQDULR D URPDQ KRXVH LQ 3RPSHLL D ÀQLWH HOHPHQW "+P$)-,23&>-P+32(-*"&H2>&E32""$#&+>-"0&(I$&.O&P*#$3&E$)X*)P-"0&2&>()$>>&2"238>->&>(+#8&-"& *)#$)&(*&($>(&(I$&H-"#&)$>->(2",$&*X &(I$&)$P2-"-"0&>()+,(+)$>&

@$'%!F.5A)7%'!$,-!3)''5,'!3)$.,)&>=!%553'!$'!'0FF5.%!85.!>03%0.$3!V).:%$B)!.)')$.7#!$,-!F#:3535B:7$3!$770.$79! 2QHRI WKHÀUVWFDVHVWXGLHVDSSOLHGWR&XOWXUDO+HULWDJHGHYHORSHGDW&LQHFDZDVDERXW WKHPRGHOOLQJDQGUHQGHULQJRI D*LRWWRFUXFLÀ[  7KDQNVWRWKHÀUVWVXSHUFRPSXWLQJ >8>($P&H-(I&F$,(*)&2),I-($,(+)$?&(I$&6)28&sY1CW'9?&2&>()$>>&2"238>->&>(+#8&H2>&E$)X*)P$#&:8&

!"#$"%&&!'()*+!,,$&*

1N&>$F%:5,!HF$!%#)!T'%.0'7$,!F.5A)7% 'AR

DÀQLWHHOHPHQWQXPHULFDOVLPXODWLRQFRXSOHGZLWKDUHQGHULQJRI VRPHLPDJHVVLPXODWLQJ 2&E*>>-:3$&$%I-:-(&X*)&(I->&2)(H*)J&2"#&#-XX$)$"(&I2"0-"0&E*>-(-*">?&$2,I&*"$&H-(I&2&#-XX$)$"(& >()$>>&$XX$,(Z 7KLVH[SHULHQFHGHOLYHUHGDÀUVWOHVVRQWHDFKLQJXVWKDW&RPSXWHU6FLHQFHFDQEHYHU\ +>$X+3&2"#&$XX$,(-F$&X*)&6+3(+)23&\$)-(20$Z :LWK180(SURMHFW1HZ(OHFWURQLF0XVHXPIRUWKH&LW\RI %RORJQD *XLGD]]ROL %RQÀJOL   ZH XQGHUVWRRG WKH LPSRUWDQFH RI  D SKLORORJLFDO DSSURDFK 180( ZDV 2:*+(&(I$&)$,*">()+,(-*"&-"&.O&*X &2&E*)(-*"&*X &(I$&;*3*0"$>$&E*)(-,*>&2>&(I$8&H$)$&:+-3(& -"&(I$&1-##3$&@0$>?&2,,*)#-"0&(*&I->(*)-,23&>*+),$>&2F2-32:3$Z&UI$&>$,*"#&3$>>*"&3$2)"$#&H2>& 2:*+(&(I$&-PE*)(2",$&*X &EI-3*3*0-,23&2,,+)2,8&2"#?&$F$"&P*)$?&(I2(&.O&P*#$3>&2:*+(&EI-3*Y 3*0-,23&)$,*">()+,(-*">&,*+3#&:$&2&>*)(&*X &"$H&H28&(*&E+:3->I&2"#&h+*($&I->(*)-,23&>(+#-$>& cI((E_WWHHHZ>(*)-2$-"X*)P2(-,2Z-(W"+P$W-(23-2"*W"(-(*3*ZI(P3aZ 6)')$.7#!E5-)3!85.!75EE0,:7$%:5,!F0.F5')'!$,-!'%5.9%)33:,B !X &2&)$,*">()+,(-*"&>+,I&2>&5b1N&I2#&2&)-0-#&,*">()2-"(&-"&(I$&EI-3*3*0-,23&2,,+)2,8& (I2(?&>*P$I*H?&3-P-($#&(I$&,*PP+"-,2(-*"&2EE$23?&:$)$X(&2>&-(&H2>&*X &H-"#*H>&2"#&#**)>& X*)&2&32,J&*X &,$)(2-"(-$>&2:*+(&(I$-)&E*>-(-*"?&2&()2#$&*XX &:$(H$$"&2,,+)2,8&2"#&,*PP+"-Y ,2(-*"&->&E*>>-:3$&H-(I*+(&I2PE$)-"0&$-(I$)&*X &(I$>$&2>E$,(>Z&!"&9SS9&2&EI-3*3*0-,23&P*#$3& 2:*+(&(I$&62>2&#$3&6$"($"2)-*?&2&C*PE$-2"&#*P+>?&H2>&+>$#&-"&2&Uj&F-)(+23&>$(?&>I*H-"0&

!"#$%&'()&(*+,-.

:*(I&2,,+)2,8&2"#&2EE)*%-P2(-*">&H-(I&2&+>$&*X &,*3*+)>&2"#&0)28&2)$2>?&X*)&2"&$#+,2(-*"23& #*,+P$"(2)8&cM+-#277*3-&$(&23ZX"9SSAaZ&=*&(I$&(I-)#&3$>>*"&3$2)"$#&H2>&(I2(&-(&->&E*>>-:3$&(*& XVHUHVHDUFKPRGHOVIRUFRPPXQLFDWLRQSXUSRVHVDQGWKLVH[SHULHQFHZDVIRUXVDÀUVWLQ 2&F$)8&3*"0&>$)-$>Z !"&9SS4&(I$&,I2",$&2)*>$&(*&H*)J&H-(I&=(+#-*&@77+))*?&2&0)*+E&*X &!(23-2"&F-#$* 2)(->(>?&2"#&)$23-7$&2"&-">(2332(-*"&2:*+(-38&3-X$&-"&(I$&1-##3$&20$>&-"&(I$&,-(8&*X &C2)P2Z& U2>J>&H$)$&#-F-#$#&:$(H$$"&(I$&(H*&($,I"*3*0-,23&E2)("$)>d&j->-(&D2:&(**J&,2)$&*X &(I$&EI-3*Y 3*0-,23&2>E$,(>?&H*)J-"0&H-(I&(I$&>,I*32)>?&HI-3$&=(+#-*&@77+))*&,2($)$#&X*)&(I$&$P*(-*"23& *"$>?&+>-"0&EI-3*3*0-,23&.O&P*#$3>&-"&2&F-)(+23&>$(&X*)&-PP$)>-"0&(I$&F->-(*)>&*X &(I$&$%I-:-Y (-*"&-"&(I$&P$#-$F23&,*"($%(&2"#&2(P*>EI$)$&cM+-#277*3-?&9SS4aZ&UI$&$%E$)-$",$&I-0I3-0I($#& X*)&+>&(I$&-PE*)(2",$&*X &+>-"0&2&,2E(-F2(-"0&>(*)8($33-"0&X*)&$"020-"0&(I$&2+#-$",$&cG$"J-">?& 9S'Sad&2&>*3+(-*"&(I2(&H2>&2EE3-$#&-"&X+33&-"&[@E2&(I$&N()+>,2"]?&2&'R&P-"+($&$#+,2(-*"23&>I*)(& P*F-$&)$23->$#&-"&6*PE+($)&M)2EI-,>&X*)&(I$&1+>$+P&*X &(I$&\->(*)8&*X &;*3*0"2&cM+-#27Y 7*3-?& 9S''a& 2"#& -(>& -PP$)>-F$& )**PZ& !"& 2& >*)(& *X & ;-0& ;2"0& *X & 94SS& 8$2)>& *X & ;*3*0"$>$& I->(*)8?&F->-(*)>&2)$&3$#&:8&(I$&N()+>,2"&@E2?&2&X)-$"#38&.O&,I2)2,($)&HI*>$&"2P$&P$2">& [X2(I$)]Z&D+,-*&O2332?&2&E*E+32)&;*3*0"$>$&>-"0$)?&E)*F-#$#&I->&F*-,$Z&@"&*E$"&>*+),$&E-E$Y 3-"$?&0)*+"#$#&P2-"38&*"&;3$"#$)&c:3$"#$)Z*)0a?&2"#&2"&-"($)Y#->,-E3-"2)8&X)2P$H*)J&H$)$& (I$&:2>->&*X &2&>+,,$>>X+3&)$23->2(-*"Z&@(&E)$>$"(?&2X($)&"$2)38&>-%&8$2)>?&(I$&>I*)(&P*F-$&->&>(-33& E2)(&*X &(I$&P+>$+P&F->-(&2"#&E$*E3$?&(I)*+0I&U)-E2#F->*)?&#$3-F$)$#&F$)8&E*>-(-F$&)$F-$H>Z&& 'A&*X &:-*0)2EI-$>&2"#&$%E32"2(*)8& >I$$(>d&:+(&,*PP*"& E$*E3$&H$)$&-"F*3F$#& -"&(I$&E)*^$,(&H-(I& ,233>&*"&3*,23&"$H>E2E$)>& 2>J-"0&X*)&E$)>*"23&P+3(-P$#-2&)$>*+),$>&)$32($#&(*&(I$&>$,*"#&H*)3#&H2)&(*E-,Z @>& X*)& (I$& .O& #2(2?& -(& H2>& )$3$2>$#& +"#$)& 2& .ZS& "*"Y,*PP$),-23& 6)$2(-F$& 6*PP*">& 3-,$">$&cI((E>_WW,)$2(-F$,*PP*">Z*)0Wa&*"&(I$&*E$"(2&H$:&>-($&*X &(I$&1+"-,-E23-(8&*X & ;*3*0"2&c#2(-Z,*P+"$Z:*3*0"2Z-(&WaZ&@,,*)#-"0&(*&[#2(2Z$+)*E$2"2Z$+]?&E2)(&*X"N+)*E$2"2& E)*^$,(?&D-"J$#&QE$"&O2(2&->&2&H28&*X &E+:3->I-"0&>()+,(+)$#(2&(I2(&233*H>&P$(2#2(2&(*&:$&

!"#$"%&&!'()*+!,,$&*

,*""$,($#&2"#&$")-,I$#?&>*&(I2(&#-XX$)$"(&)$E)$>$"(2(-*">&*X &(I$&>2P$&,*"($"(&,2"&:$&X*+"#?& 2"#&3-"J>&P2#$&:$(H$$"&)$32($#&)$>*+),$>Z&UI$&$XX*)(&)$h+-)$#&X*)&P*#$33-"0&EI-3*3*0-,2338& ,*))$,(&.O&*:^$,(>&2"#&F-)(+23&$"F-)*"P$"(>&->&+>+2338&)$3$F2"(Z&UI$)$X*)$?&>I2)-"0&(I$P&,2"& :$&2&F23+2:3$&,*"()-:+(-*"&(*&(I$&,*33$,(-F$&$"F-)*"P$"(&*X &,*PE+($)&0)2EI-,>&X*)&,+3(+)23& I$)-(20$Z

6)0':,B!$'')%'!:,!$,!2F),!@:F)3:,) UI$&P*(-F2(-*">&>+EE*)(-"0&(I$&>I2)-"0&*X &.O&,*"($"(>&$",*+)20$?&2(&(I$&>2P$&(-P$?&2& >()*"0&)$Y+>$&*X &(I$&P*#$3>Z&UI$&>($)$*>,*E-,&.O&P*F-$&[@E2&(I$&N()+>,2"]?&>(2)($#&2&>*)(& *X &,I2-"&)$2,(-*"Z&@&8$2)&2X($)&-(>&)$3$2>$?&X*)&(I$&$%I-:-(-*"&(I$&N()+>,2">&2"#&(I$&2X($)3-X$?& (*&:$&I$3#&2(&(I$&1+>$+P&*X &(I$&I->(*)8&*X &;*3*0"2?&-(&H2>&#$,-#$#&(*&2##&2&#-0)$>>-*"& #$>-0"$#&(*&I-0I3-0I(&>*P$&2),I2$*3*0-,23&N()+>,2"&>-($>&-"&(I$&2)$2&"$2)&/*P$?&>+,I&2>&j$--Z& UI$&"$H&2##-(-*"?&[@(-&#->,*F$)-"0&j$--]&c9S'Aa?&->&3$#&:8&2"&-P20-"2)8&/*P2"&,*+>-"&*X &(I$& %RORJQHVHSURWDJRQLVWRI WKHÀUVWPRYLH7KHPDLQFKDUDFWHU$WLLVDSKLORORJLFDOO\DFFXUDWH N()+>,2"&8*+"0&32#8&H-(I&2&(8E-,23&I2-)&#)$>>-"0&P2#$&*X &>$F$)23&:)2-#>Z&UI$&,)$2(-*"&*X &(I$& :)2-#>&H2>&E2)(-,+32)38&(-P$&,*">+P-"0?&)-00$#&2>&(I$8&2)$&H-(I&(H*&-"($),*""$,($#&>J$3$(*">& ,*""$,($#&(*&2&>8>($P&*X &EI8>-,23&>-P+32(-*"&(*&233*H&:*(I&2+(*P2(-,&2"-P2(-*"&c>$,*"#Y DU\DUPDWXUHRI WKHFKDUDFWHU DQGDPDQXDOFRQWURO7KLVV\VWHPDOORZHGWRGHÀQHUHDOLVWLF 2"#&2+(*P2(-,&P*F$P$"(>&*X &(I$&I2-)?&P2J-"0&-(&E*>>-:3$&(*&-"($)F$"$&-"&(I$&,2>$&*X &$))*)>& 'A4 -"&(I$&P*F$P$"(&*)&-"&E$"$()2(-*">?&->*32(-"0&(I$&-"#-F-#+23&:)2-#>&2"#&E)*,$$#-"0&H-(I&(I$& I2"#Y#)2H"&2"-P2(-*"Z !(&H*+3#&I2F$&:$$"&2&H2>($&(*&+>$&>+,I&2&"-,$&2"#&,*PE3$%&,I2)2,($)&^+>(&X*)&2&*"$&>I*(& E)*#+,(-*"&2"#?&(I$)$X*)$?&-(&H2>&-PP$#-2($38&)$Y+>$#&-"&(H*&P*)$&E)*^$,(>&c9S'Ra&2>&2&>(*)8Y WHOOHURI WKH(WUXVFDQZRUOG$WLDQGWKHPHGLWHUUDQHDQSDOHRGLHW KWWSV\RXWXEH4:=OY "b$DH+La&2"#&N%E$)-$",$&N()+)-2&cI((E_WWHHHZ$%E$)-$",$()+)-2Z-(Wa?&2&E)*^$,(&*X &($))-(*)-23& P2)J$(-"0&cM+-#277*3-?&D-0+*)-&$(&23Z?&9S'$#&(I$&2>>$(>&E$)(2-"-"0&(*&(I$&/*P2"&2"#&1$#-$F23&;*3*0"2&cI((E>_WWIE,Y IRUJHFLQHFDLWÀOHVYLVLWB'LVVHPLQDWLRQSXEOLF$SD*DPH$SD*DPH  ;$>-#$>?&@E2&(I$&N()+>,2"?&I2#&>(2)($#&:8&+>-"0&>$F$)23&)$23->2(-*">&,*P-"0&X)*P&2,2#$PY -,&E)*^$,(>?&>+,I&2>&CIO&(I$>$>&*)&(I$&2X*)$P$"(-*"$#&5b1N&E)*^$,(Z .ZR&T)*P&)$>$2),I&(*&P+>$+P&$%I-:-(-*">& !"&9S'A&(I$&52(-*"23&N()+>,2"&1+>$+P&*X &j-332&M-+3-2&cI((E_WWHHHZF-3320-+3-2Z:$"-,+3Y (+)23-Z-(Wa&2"#&(I$&1+>$+P&*X &(I$&\->(*)8&*X &;*3*0"2&cHHHZ0$"+>:*"*"-2$Z-(a&#$F->$#&2"& $%I-:-(-*"&P+(+2338&E)*P*(-"0&5*)(I$)"&2"#&=*+(I$)"&N()+)-2?&#$#-,2($#&(*&(I$&N()+>,2">& 2"#&(I$-)&)$32(-*"&H-(I&(I$&@X($)3-X$Z&U$,I"*3*0-,23&>*3+(-*">&H$)$&,*",$-F$#&2>&2&E-332)&*X &

!"#$%&'()&(*+,-.

'AL

WKHHYHQWDQGEHVLGHVDWUDGLWLRQDOORDQRI (WUXVFDQÀQGLQJVDVHULHVRI KLJKWHFKVROXWLRQV H*+3#&I2F$&:$$"&2:3$&(*&*F$),*P$&>*P$&,*">()2-"(>&E$,+3-2)&(*&(I$&F$)8&,I2)2,($)->(-,>&*X & VRPHRI WKHDUFKHRORJLFDOÀQGLQJVDQGWRDFKLHYHWKHGHVLUDEOHFRPPXQLFDWLYHDLP7KH 6$)(*>2&>-(+32?&2&:)*"7$&:+)-23&+)"?&2"#&(I$&=2),*EI20+>&*X &(I$&>E*+>$>?&2&($))2,*((2&(H*& P$($)&3*"0&2"(I)*E*-#&>2),*EI20+>?&X*)&$%2PE3$?&H$)$&>$"(&(*&(I$&(H*&P+>$+P>&2>&#-0-(23& FRSLHV7KHÀUVWDUWHIDFWDOUHDG\XVHGLQ´$SDWKH(WUXVFDQµDVWKHLQVSLUDWLRQDQGRULJLQRI  (I$&P2-"&,I2)2,($)?&H2>&#-0-(2338&2,h+-)$#&H-(I&2&"$H&32>$)&>,2""-"0&>$>>-*"&,2))-$#&*+(&:8& (I$&O$E2)(P$"(&*X &@),I-($,(+)$&*X &(I$&b"-F$)>-(8&*X &;*3*0"2&2"#&E)$>$"($#&(*&(I$&F->-(*)>& *X &(I$&1+>$+P&*X &j-332&M-+3-2&(I2"J>&(*&2&.O&;Qs?&2&(I)$$Y#-P$">-*"23&E)*^$,(-*"&>8>($P& H-(I&2&I*3*0)2EI-,&$XX$,(&cM+-#277*3-&$(&23Z?&9S'RaZ UI$&=2),*EI20+>&*X &(I$&=E*+>$>?&-">($2#?&H2>&E)$>$"($#&:*(I&2>&2&I*3*0)2EI-,&E)*^$,Y (-*"&,*+E3$#&H-(I&2),I-($,(+)23&.O&P2EE-"0&-"&2"&L&P-"+($&3*"0&#)2P2(->$#&-">(2332(-*"&2"#& DVDUHDOOLIHFORQHFUHDWHGE\,WDO'HVLJQZLWKDÀYHD[LVPLOO KWWSZZZLWDOGHVLJQLW  ;*(I&,)$2(-*">&H$)$&2"&*+(E+(&*X &2&I-0I38&2,,+)2($&,2PE2-0"&*X &2,h+->-(-*">&H-(I&32>$)&>,2"Y "$)>&2"#&EI*(*0)2PP$()8?&,2))-$#&*+(&:8&>$F$)23&($2P>&*X &)$>$2),I$)>&X)*P&!(238e>&52(-*"23& /$>$2),I&6$"()$&65/?&;)+"*&o$>>3$)&X*+"#2(-*"?&b"-F$)>-(8&*X &;*3*0"2&2"#&D$-,2Z @>&X*)&(I$&$P*(-*"23&-">(2332(-*"?&(I$&I*3*0)2EI8&H2>&E)$>$"($#&2>&2&)$23&>-7$&-P20$&*X &2& 9&P$($)&H-#(I&-"&2&(I)$$&>-#$#&E)*^$,(-*"&\*3*0)2P&=8>($P&c\*3*:*%aZ&@33&2)*+"#?&(I$&.O& 2),I-($,(+)23&P2EE-"0&H2>&E)*^$,($#&H-(I&'9&\O&E)*^$,(*)>&*"&(I$&X*+)&'9&P$($)>&I-0I&H233>& *X &(I$&P+>$+P&)**PZ& NF$"&-"&(I->&,2>$?&-(&->&$F-#$"(&I*H?&:8&E+((-"0&I-0I38&#$(2-3$#&.O&P*#$3>&2(&(I$&,$"()$&*X & WKHFUHDWLRQRI FXOWXUDODSSOLFDWLRQVWKLVOHDGVWREHWWHUDQGÁH[LEOHUHVXOWVDEOHWRPDWFKWKH "$$#>&*X &)$>$2),I$)>&2"#&*X &:*(I&P+>$+P>&2"#&,+3(+)23&-">(-(+(-*">&2"#&(I$&0$"$)23&E+:3-,?& ZKRFDQFRPHFORVHWRWKHÀQGLQJVDQGJHWLQIRUPDWLRQIURPPXOWLSOHSRLQWVRI YLHZDEOH (*&>2(->X8&F2)-$#&-"($)$>(>Z&

=5*$.-'!^O!")?1!$!7.5''SE)-:$!$FF.5$7# 7KH6DUFRSKDJXVH[SHULHQFHLVDQH[DPSOHRI PRGXODULW\DQGFURVVPHGLDOLW\:KHQHYHU 2&E)*^$,(&>(2)(>&X)*P&(I$&,)$2(-*"&*X &2,,+)2($&2"#&I-0I&h+23-(8&.O&P*#$3>?&2&P+3(-E3-,-(8&*X & RXWSXWVEHFRPHVIHDVLEOHLQFOXGLQJWKHUHDOLVDWLRQRI VLPSOLÀHGYHUVLRQVIRUWKH:HE,Q UHFHQW\HDUV9LVLW/DEKDVFKRVHQ%OHQG:HE KWWSVZZZEOHQGZHEFRPHQ DVWKH IUDPHZRUNIRU':HEDQG:HE95DQGUHFHQWO\ZLWKWKH089,9LUWXDO0XVHXPRI  O2-38&D-X$&E)*^$,(&cI((E_WWP+F-Z,-"$,2Z-(a?&-(&H2>&E*>>-:3$&(*&($>(&2"#&E32"&2&F2)-$(8&*X &*+(E+(>& )2"0-"0&X)*P&(I$&>$P-Y-PP$)>-F$&F-)(+23&(I$2()$&2(&6-"$,2&(*&*"3-"$&"2F-02(-*"&2"#&,2)#Y :*2)#&j/Z&UI2"J>&(*&(I$&F-)(+23&)$,*">()+,(-*"&*X &#*P$>(-,&$"F-)*"P$"(>?&(I$&2-P&*X &(I$& 1bj!&E)*^$,(&->&(*&E)$>$"(&(I$&,I2"0$>&-"-38&3-X$&2"#&>*,-$(8&*X &(I$&9S(I&,$"(+)8&!(238&2"#?& >-",$&-(>&>(2)(&-"&9SSS?&(I$&#$>-)$&H2>&(*&)$2,I&2&H-#$&2+#-$",$Z&@(&E)$>$"(&(I$&)$,*">()+,(-*">& DUHUHODWHGWR·V·VDQG·VDQGWKHÀUVWKLVWRULFDOSHULRGLVQRZDYDLODEOHRQOLQH 2>&2"&-"($)2,(-F$&$"F-)*"P$"(Z&C2)(&*X &(I$&I*+>$&*X &(I$&'B.Se>&->&23>*&*"&=J$(,IT2:&2"#& >*P$&*X &-(>&.O&P*#$3>&2)$&2F2-32:3$&X*)&>I2)-"0&:*(I&*"&=J$(,IT2:&cI((E>_WW>J$(,IX2:Z,*PW F->-(32:,-"$,2a&2"#&;3$"#=H2EZ&UI$&j/&2EE&X*)&,2)#:*2)#&H2>&#$F$3*E$#&-"&;3$"#AH$:&

!"#$"%&&!'()*+!,,$&*

ON& >$F%:5,!=#)!T%.0'7$,!$,-!%#)!$8%).3:8)1/%0-9!85.!%#)!:,'%$33$%:5,

2"#&(I$&"$%(&>($E&H-33&:$&(I$&,)$2(-*"&*X &2"&[*##&*"$&*+(]&F-#$*02P$&>$(&-">-#$&(I$&F-)(+23& $"F-)*"P$"(&*X &(I$&I*+>$&*X &(I$&'B.Se>&cD-0+*)-&)%!$3Z?&9S'4aZ 'AB >.)$%:,B!,)*!)75'9'%)E'!85.!-:B:%$3!#0E$,:%:)'!.)')$.7#!F.5A)7%' :LWKSURMHFWVFKDUDFWHULVHGE\DQLQFUHDVLQJOHYHORI FRPSOH[LW\HFRV\VWHPVFDQEHDQ $XX$,(-F$&$"F-)*"P$"(>&X*)&(I$-)&#$F$3*EP$"(Z&@&#-0-(23&$,*>8>($P&->&2&#->()-:+($#?&2#2E(-F$& 2"#&*E$"&>*,-*Y($,I"-,23&>8>($P&H-(I&>$3XY*)02"-72(-*"?&>,232:-3-(8?&2"#&>+>(2-"2:-3-(8&:2>$#& *"&"2(+)23&$,*>8>($P>Z&@>&23)$2#8&E*-"($#&*+(&:8&P2"8?&(I$&#$F$3*EP$"(&*X &#-0-(23&$,*>8>Y ($P>&)$h+-)$>&2&I-0I38&P+3(-#->,-E3-"2)8&,*"($%(&2"#&$-!#57&E-E$3-"$>?&>+-(2:3$&X*)&P+3(-#->,-Y E3-"2)8&2"#&,*PE3$%&)$h+-)$P$"(>?&H-(I&E2)(-,+32)&2(($"(-*"&(*&+>$)&-"($)X2,$&#$>-0"?&2"&2,,+Y )2($&P2"20$P$"(&*X &)-0I(>&2"#&2&E)*E$)&)$3$F2",$&(*&,)*H#>*+),-"0&X*)&,*"($"(&#$3-F$)8Z& &XOWXUDOLQVWLWXWLRQULJKWVOD\LQVLGHDVWLOOXQGHÀQHGDUHDZKHQLWFRPHVWRPDQDJHLPDJHV 2>&($%(+)$>&*)&2>&*(I$)&$3$P$"(>&-"&F-)(+23&H*)3#>Z&N,*>8>($P>&X*)&#-0-(23&I+P2"-(-$>&>I*+3#& I$3E&-"&P2"20-"0&(I$>$&2>E$,(>&2>&H$33Z

&SP)-:$S>:%:)'!$'!$,!)75'9'%)E 6-"$,2?&(I2"J>&(*&(I$&N+)*E$2"&!Y1$#-2Y6-(-$>&E)*^$,(&cI((E>_WW-P$#-2,-(-$>Z$+Wd&X+"#Y $#&+"#$)&\*)-7*"&9S9S&N+)*E$2"&X)2P$H*)Ja?&->&2#*E(-"0&(I$&$,*>8>($P&2EE)*2,I&*"&2& VLJQLÀFDQWDXGLRYLVXDOKHULWDJHWKDWVSDQVIURPPHWDGDWDHYHQDXWRPDWLFWRWKHDSSURSULY 2($&+>$&*X &,*PE+(-"0&P2,I-"$>&X*)&$-!#57&2"#&$F*3+(-*"2)8&2"238>->?&HI-,I&233*H>?&X*)&$%2PY

!"#$%&'()&(*+,-.

PN& &SP)-:$S>:%:)'!F.5A)7%1!.)L).')!'%5.9?5$.-!85.!.)')$.7#).' 'RS

E3$?&2"&$F$)&,I2"0-"0&2EE3-,2(-*"&*X &"$H&230*)-(IP>&2"#&P$(I*#>&*X &X)+-(-*"&W&-"($)2,(-*"Z& 7KHSODWIRUPDFWXDOO\XQGHUFRQVWUXFWLRQZLOOKRVWDVLJQLÀFDQWVHOHFWLRQRI DXGLRYLVXDO )$>*+),$>&,*P-"0&X)*P&B&N+)*E$2"&2),I-F$>&2"#&)$32($#&(*&(I$&+):2"&32"#>,2E$Z&UI$&P2($Y ULDODQQRWDWHGDOUHDG\DWÀOPOHYHODIWHUDURXQGRI DXWRPDWLFWDJJLQJWKDQNVWRWKHDOJRY )-(IP>?&->&P2#$&2F2-32:3$&(*&)$>$2),I$)>?&E2)(&*X &(I$&E)*^$,(?&X*)&2&>$,*"#&>($E&*X &P2"+23& HQULFKPHQWERWKFDUULHGRXWDWVKRWRUHYHQIUDPHOHYHO2QFHWKHÀUVWSKDVHLVFRQFOXGHG (I$&E32(X*)P&H-33&:$&*E$"$#&(*&$%($)"23&)$>$2),I$)>&2"#&0$"$)23&+>$)>&X*)&:*(I&>$2),I-"0& (I$&E32(X*)P&2"#&X+)(I$)&(200-"0&*X &,*"($"(>?&(I)*+0I&2&,)*H#>*+),-"0&2,(-F-(8Z&@#F2",$#& F->+23&-"($)X2,$>&X2,-3-(2($>&(I$&)$>$2),I&E)*,$>>&*"&(I$&2+#-*F->+23&,*"($"(>?&(I$-)&E)$>$"(2Y (-*"&*X &(I$&)$>+3(>&c$Z0Z&)$F$)>$&>(*)8:*2)#a&2"#&X+)(I$)&2""*(2(-*">Z&1*)$*F$)?&(**3>&X*)&(I$& #$F$3*EP$"(&*X &j/&W&@/&2EE3-,2(-*">&H-33&:$&P2#$&2F2-32:3$Z&

&'$?)33$!-]T'%)!M:.%0$3!/%0-:535!$'!$,!)75'9'%)E !ON@&Y&!>2:$332&#eN>($&@),I-F$&->&2&3*"0&32>(-"0&E)*^$,(&#$#-,2($&(*&(I$&E*3-$#)-,&E$)>*"Y 23-(8&*X &!>2:$332&#eN>($?&E2()*"&*X &(I$&2)(>&2"#&H*P2"&*X &(I$&/$"2->>2",$&,+3(+)$Z&6**)#-Y "2($#&:8& O$2""2&=I$P$J&cb"-F$)>-(8&*X &623-X*)"-2?&=2"(2&6)+7a&2"#&@""$&12,5$-3&cb"-F$)>-(8& *X &5*)(I&62)*3-"2?&6I2E$3&\-33a&(I$&E)*^$,(&2(&E)$>$"(&I2>&#-0-(->$#&2"#&*)02"->$#&!>2:$332e>& 3$(($)>?&P+>-,&2"#&,$)2P-,>&2"#?&:$>-#$>&>(-33&H*)J-"0&*"&(I$>$&(*E-,>?&->&"*H&P*F-"0&*"&I$)&

!"#$"%&&!'()*+!,,$&*

QN& >$F%:5,!&'$?)33$!M:.%0$3!'%0-:535!F.5A)7%!

2)(&,*33$,(-*">&2"#&I$)&=(+#-*3*?&(I$&EI8>-,23&>E2,$&HI$)$&2&0)$2(&E2)(&*X &I$)&-"($33$,(+23& H*)3#&)$F*3F$#Z ,VDEHOODG·(VWH9LUWXDO6WXGLRORWKHFRQFHSWGHPRYLGHRKDVEHHQWKHÀUVWVWHSRI WKLV "$H&#$F$3*E-"0&EI2>$&2"#&I2>&:$$"&,*",$-F$#&(*&E)*P*($&(I$&E)*^$,(&2P*"0&E*($"(-23& X+"#$)>?&()-$>&(*&E)$>$"(&(*&(I$&E+:3-,&(I$&P+3(-(+#$&*X &!>2:$332e>&2)(->(-,&-"($)$>(>?&2>&H$33&2>& 2&>$)-$>&*X &E*>>-:3$&2EE3-,2(-*">&3-"J$#&(*&(I$&)$23-72(-*"&*X &2&j-)(+23&=(+#-*3*Z&!"&E2)(-,+32)?& (I$&j/&E*)(2:3$&,*+3#&*XX$)&0)$2(&*EE*)(+"-(-$>?&X*)&$%2PE3$&2(&(I$&O+,23&C232,$&-"&12"(+2& HI$)$&(I$&=(+#-*3*&->&2(&E)$>$"(&,*PE3$($38&:2)$d&$F$"&P*)$&>*&2>&2&\8E$)&/$23-(8&F$)>-*"?& DVLQ7KH9RLG·VJDPLQJV\VWHP KWWSV\RXWXEH:8VTLB5)Q0 $VVWDWHGE\5LGHOHW 23Z?&F-)(+23&$%E3*)2(-*"&->&$"I2",$#&:8&(I$&,*"($PE*)2)8&$%E3*)2(-*"&*X &(I$&)$23&*:^$,(?&-"& 'R' *)#$)&(*&:$(($)&P2J$&$F-#$"(&-(>&E)*E$)(-$>?&>+,I&2>&>-7$?&P2($)-23&2"#&2EE$2)2",$&-"&0$"$)23& c/-#$3&$(&23Z?&9S'A`N" $9LUWXDO6WXGLRORH[SHULHQFHZRXOGÀWZHOORQWKHSDWKGHYLVHGE\$QWLQXFFLZLWKKLV [F->+23&->&$%E32-"$#&:8&F->+23]&c@"(-"+,,-?&9S'Aa&2"#&(I$&2"238>->&*X &O$&o$),JI*F$&2"#& O$H#"$8&HI*?&>-",$&'BBR?&3-"J&F-)(+23&2EE3-,2(-*">&(*&2&>$">*)8YP*(*)&2EE)*2,I&*X &J"*H3Y $#0$& cO$& o$),JI*F$?& O$H#"$8?& 'BBRa& P*)$& -PP$#-2($& (I2"& 2"238(-,23W,*0"-(-F$& *"$Z& T+)(I$)P*)$?&2&j-)(+23&$"F-)*"P$"(&:+-3(&2>&2"&$,*>8>($P?&-"F-($>&2&#-XX$)$"(&2EE)*2,I&-"& 3$2)"-"0Z&@&>I2)$#&j/&P+3(-#->,-E3-"2)8&2"#&P+3(-&>$">*)8&$"F-)*"P$"(&$"2:3$>&$%E$)-$",Y -"0&>E2,$&-"&2"&-PP$)>-F$&H28?&$",*+)20-"0&"$H&-">-0I(>&-"&)$>$2),I&E$)>E$,(-F$>Z& &>5,730':5,'!$,-!80%0.)!:''0)' 4.5E!F#:3535B9!$770.$79!%5!#9F).!.)$3:%9!),L:.5,E),%' QE$"& X)2P$H*)J>& X*)& (I$& #$F$3*EP$"(& *X & >$)-*+>& 02P$>?& j/& 2"#& @/& 2EE3-,2(-*">& #)-F$"&:8&>(*)8($33-"0&2"#&$XX$,(-F$&+>$)&-"($)X2,$&#$>-0"?&-",3+#-"0&;6!&c:)2-"&,*PE+($)& -"($)X2,$a&*"$>?&H-33&$"2:3$&(I$&E)*#+,(-*"&*X &"$H&F-)(+23&I$)-(20$&,*"($"(>&2"#&>,$"2)-*>?& )2->-"0&(I$&0$"$)23&3$F$3&*X &2(($"(-*"&(*H2)#>&,+3(+)23&I$)-(20$Z @,,+)2($& .O& P*#$33-"0& 2"#& *E$"& (**3>& 2)$& ,3$2)38& X+"#2P$"(23& -"& (I$& #$F$3*EP$"(& RI H[WUHPHO\ÁH[LEOHRXWSXWVDOORZLQJIHDVLEOHDGDSWDWLRQVWRDYDULHW\RI SODWIRUPV7KH ()2">P$#-2&2EE)*2,I?&(*0$(I$)&H-(I&)$+>$&*X &.O&,*"($"(>&233*H&(I$&,)$2(-*"&*X &P+3(-E3$& "2))2(-F$&E2(I>d&-"($)#->,-E3-"2)8&($2P&:+-3#-"0&2"#&2&>()*"0$)&(I$&,*332:*)2(-*"&:$(H$$"&

!"#$%&'()&(*+,-.

2)(->(>&2"#&>,-$"(->(>&cU>*+E-J*F2?&o*>(->?&2"#&=2"#-"?&9S'.a&H-33&$"2:3$&(I$&#$>-0"&*X &($,IY "*3*0-,2338&()2">E2)$"(&,+3(+)23&$"F-)*"P$"(>&c>+,I&2>&(I$&I8E$)&)$23-(8&+>$#&-"&UI$&jQ!OaZ 1*)$*F$)&(I$&>*,-23&P$#-2"2P-,>&2)$&23)$2#8&X*>($)-"0&$"020$P$"(&2"#&>*,-23&E2)(-,Y -E2(-*"?& HI-3$&"+P$)-,23&>-P+32(-*">&2"#&@!&-"($33-0$",$&230*)-(IP>&c#$$E&3$2)"-"0a&,*+3#&X2,-3-Y WDWHWKHFUHDWLRQRI QHZFXOWXUDOVFHQDULRVDFFRUGLQJWRGLIIHUHQWVFLHQWLÀFSHUVSHFWLYHVDQG 2+#-$",$>&&5$H&$%E$)-$",$>&H-33&$P$)0$&2"#&H-33&:$&>I2)2:3$Z 5$(H*)J& *X & #-XX$)$"(& >$">*)>& 2"#& ()2,J-"0& >8>($P>& cC-3"8& $(& 23Z?& 9S'Aa& H-33& 233*H& (*& X*33*H&*+)&:$I2F-*)>&2"#&$P*(-*">&-"&(I$>$&$"F-)*"P$"(>&:8&>$"(-P$"(&2"238>->&(**3>&2"#?& $F$"?&:-*X$$#:2,J&>8>($P>Z&=+)$38?&"$H&$(I-,23&h+$>(-*">&H-33&2)->$?&-"&2&,*"(-"+*+>&X$$#:2,J& :$(H$$"&)$23-(8&2"#&#-0-(23&$E-EI2"-$>Z

6)8).),7)'!

'R9

oZ&;*)J-$H-,7?&@&G&6I)->($">$"?&2"#&G*I"&NZ&=(*"$Z&9S'4Z&6*PP+"-,2(-"0&>,-$",$&(I)*+0I&F->+Y 23-72(-*"&-"&2"&20$&*X &23($)"2(-F$&X2,(>Z&!"&H>P!/&WW6H@V!`abc!>50.')'&c=!MM/@C\&i'4aZ&@61?& 5$H&f*)J?&5f?&b=@?&@)(-,3$&L?&9SA&E20$>Z&OQ!_&I((E>_WW#*-Z*)0W'SZ''ARW.SLAL4.Z.SLAB.RZ NZ& 6I2PE-*"Z& 9SSZ& !"& NZ& o*)>022)#Y =*)$">$"&p&OZQZ&1+),I+&c$#>aZ&T,#$,7:,B!K)$.,:,B!=#.50B#!=)7#,535B9Z&\$)>I$8?&C@_&!"X*)P2(-*"& =,-$",$&C+:3->I-"0aZ& 1Z& /*+>>*+Z& 9SS9Z& j-)(+23& \$)-(20$_& T)*P& (I$& /$>$2),I& D2:& (*& (I$& ;)*2#& C+:3-,?j-)(+23& @),I2$*3*08?& -"& C)*,$$#-"0>& *X & j@=U& N+)*,*"X$)$",$?& @)$77*& 9AY9R& 5*F$P:$)& 9SSS?& ;@/& !"($)"2(-*"23&=$)-$>&'S4R?&EEZ&B.Y'SSZ @Z&M+-#277*3-?&UZ&O-2P2"(-?&TZ&O$33-&C*"(-?&@Z&5$)-?&1Z&;->>*"?&UZ&N>E*>(-&Q"02)*?&/Z&M*)-?&1Z& UZ&C2)$>,I-?&DZ&623*)-?&=Z&!P:*#$"?&6Z&62F277*"-?&MZ&N):2,,-?&2"#&MZ&1$",*"-Z&9SS+F-+>&$)+E(-*">&"+P$)-,23&>-P+32(-*">&2"#&C*PE$--& I->(*)8Z&!"&H>P!/&WW6H@V!`aag!T-07$%5.'!F.5B.$E&c=!MM/@C\&iS_WW#*-Z*)0W'SZ''ARW''4B9BRZ''4B.R'& $QWRQHOOD*XLGD]]ROLDQG0DULD(OHQD%RQÀJOL7KHFUHDWLRQRI WKH1X0(SURMHFW,Q H>P!/&WW6H@V!yy!>5,8).),7)!$?'%.$7%'!$,-!$FF3:7$%:5,'&c=!MM/@C\&iBBaZ&@61?&5$H&f*)J?&5f?& b=@?&.'Y.9Z&OQ!tI((E_WW#%Z#*-Z*)0W'SZ''ARW.''$F%:L$%:,B!T-07$%:5,[email protected].$E'?&9SSA?&-"&6@@&9SS.&m&N"($)&(I$&E2>(?&(I$&NYH28&-"(*&(I$&X*+)& GLPHQVLRQVRI &XOWXUDO+HULWDJH3URFHHGLQJV :LHQ$SULO %$5,QWHUQDWLRQDO6HULHV '994?&@),I$*E)$>>?&Q%X*)# @"(*"$332&M+-#277*3-?&T)2",$>,2&O$33-&C*"(-?&U-7-2"*&O-2P2"(-?&D$*"2)#*&=2"0-*)0-?&2"#&T2:-*& &LULÀQR'DLO\/LIHLQWKH0LGGOH$JHV3DUPDLQWKH&DWKHGUDO$JH,QH>P!/&WW6H@V! `aac! F5'%).'& c=!MM/@C\& iS4aZ& @61?& 5$H& f*)J?& 5f?& b=@?& ?& @)(-,3$& '9RZ& OQ!_& I((E>_WW#*-Z *)0W'SZ''ARW'9LS49SZ'9LSLR< G$"J-">?&\Z&9S'S?&U)2">P$#-2&=(*)8($33-"0&2"#&N"($)(2-"P$"(_&@"&2""*(2($#&>8332:+>Z&!"&G*+)Y "23&*X &1$#-2&p&6+3(+)23&=(+#-$>?&j*3+P$&9A?&!>>+$&