Daz, C., Gracida, Y., Sule, T., Aliagas, C., Bombini, G., Calsamiglia, H.

,
Unamuno, V. (2014). Luces y sombras de la educacin lingstica en
Mxico. In Lomas C. & Lomas C. (Eds.), La educacin lingstica, entre el
deseo y la realidad: Competencias comunicativas y enseanza del lenguaje
(pp. 176-188). FLACSO-Mxico.


  
    





EZ^:^c^J|&*|Ih*Z^:6 :JE*Z|:>J>v6: Z
|
|qi: J|

a| *>jmj8JJ JB|






J>*6:J|&*|
:*E ;Z|j|cBE:&&*Z
|
|qi; J|
b|kZ6V 8J^B:> JB|





 c>^&|&*|:>JZJ5|j|*^WZ
|
|qi:!J|
b| ^^:EZc>*6B:A JB|

F| +[_+| _+i_K|[+|W+0+i;LF|W+f+C+F_+| +F| _KWFK||?K|[c!+';'K| +F| qi;$O|

+F|+?|pC;_K|'+|?|+F[+uFn|'+|?|?+F7c|l|'+|?|?;_+W_cW|'cWF_+|?[|zo
_;C[|'r!'[
| _F_K| +F|?K| Uc+| [+|W+/+W+| ?|+F2Uc+| ';'p!_;!J| !KDL||?Q|
R?F+[|'+|+[_c';K|'+|?|F[+uFn|W;CW;
|+!dF'W;|l|'+?| !9;??+W`P|
|W+1+i;wF|+[|RWL'c!_K| '+|?L| Uc+|9+CL[| RK';(L| K[+WfW| +F|?|RWp!_;%|
Cp[|Uc*|'+|cF|;Fg+[_;7!;wF|W;7cWK[|[|!KF';!;KF+[|+F|Uc+|[+|9F|;H
_WcC+F_'K|?[|W+3WC[| +'c!_;f[| +F|+?|Rs[
| [;+CRW+| !KF|Cc!9|!+?+X<o
''
| F_+|';f+W[[|SWK@+Cp_;![|W+?_;f[||+[_|pW+|'+?|!KFK!;C;+F_K|GM|
9F| T+WC;_;'J| Uc+| [+| +.+"_y+| cF| ;F'7!;xF| !?| | F;f-?| F!;JE?| Ue,|
Rc+'|WWK=W|!;4Z|!JF!?cl*F^+[|K|J[^F^*
| l||RW^;W|'*|?|+iR*W;*E#<|
(+| Uc;*F+[|FL[|9*CJ[|'+(;!'J| 'cWF_+| Cc!9K[|uK[|?| +[^c';K| (+| +[^N\|
[cF^K[
| *[|RK[;?+|K4+!+W|cF|RFKWC|7+F+W?|Uc+|[;F|'c'|[+Wf;Wp|RY|
RW+!;W|?[|?c!+[|l|?[|[KCW[| (+|?|+'c!!;wF|?;F7{t[_;!| +F|?K[| [_)N]|
F;'K[|+i;!FK[|



  
 



  

 
 

 
6Z SH0 8Z 4Z #D  0W6Z Q@0 Z JZ &#0Z D;&>08>Z &@Z 840,B8>0Z JZ ,>O
BD0BZ JZ B0&6&Z D6Z #D> 0W6Z $&Z Z V8@Z
 8@Z ;46&@Z #&Z &@BD#08Z JZ48@Z;>8O
,>5@Z&$D B0G8@Z#0>0,0#8@Z4Z60G&4ZQ@0 8Z@86Z48@Z50@58@Z;>ZB8$@Z4@Z
&@ D&4@Z#&4Z;T@ZJZ@&Z&48>6Z&6Z4Z& >&B>TZ$&Z#D  0W6ZX40 Z
Z
6Z$1 /8@Z;46&@ZJZ;>8,>5@Z@&Z #&)6&Z 4Z ;&>@;& B0GZ B&W>0 Z <D&Z 4&@Z#Z
@D@B&6B8Z @&Z &@B4& &6Z 48@Z 86B&60#8@Z Q@0 8@Z #&Z #Z ,>#8Z &@ 84>Z JZ@&Z
#6Z 8>0&6B 086&@Z#0#Q B0 @Z @B8@Z #8 D5&6B8@Z 86@B0BFK&6Z &4Z5> 8Z #&Z
>&'&>&6 0Z;>Z4Z&48> 0W6Z#&Z$0'&>&6B&@Z5B&>04&@Z#&Z ;8J8Z 4ZB>28Z
&6Z4@ZD4@Z 859Z48@Z40>9@Z#&4Z5&@B>8Z JZ49@Z40>9@Z#&ZB&HB8Z,>BD0B9Z <D&Z
>& 0&6Z49@Z4D569@ 50S6Z@0>G&6Z#&Z@&Z;>Z&4Z#0@&V9Z#&Z4@Z 096&@Z
#&Z*>5 0W6Z#&Z48@Z+BD>9@Z#8 &6B&@ZJZ;>Z4Z BD40M 0W6Z#&Z<D0&6&@ZJZ
&@BQ6ZB>26#8Z  D>>&Z 48Z50@59Z 86Z4@Z#0'&>&6B&@Z&G4D 086&@Z6 08O
64&@Z<E&Z@&Z;41 6ZZ48@Z&@BD#06C&@Z;>ZG48>>Z DQ4&@Z@86Z4:@Z;>&6$0O
N2&@Z <D&Z 8BDG0&>86Z 4Z BS>5168Z $&4Z 0 48Z &@ 84>Z6Z &4Z @8Z #&4Z61G&4Z #&Z
 /044&>B9Z &H0@B&6Z7D5&>8@8@Z ;>9,>5@Z=D&Z ;D&#&6Z@&>Z&48>#8@Z;9>Z
#0G&>@@Z06@B0BD 086&@Z 4,D68@Z&6Z4ZZ 8B>8@Z&6Z48@Z9>-60@58@Z&6 >-O
#8AZ#&Z4Z&#D  1W6Z&6Z $Z@B#8ZJZ8B>8@Z5Q@Z&6Z4,D6@ZD60G&>@0##&@Z
Z B>&Z &#D C1GZ &6Z SH1"8Z 68Z &@Z@&6 044Z &6B?&Z 8B>@Z 8@@Z ;8>Z 4Z
#0G&>@0##Z@8 04Z JZ .&8->Q) Z#&4Z ;T@Z @TZ 858Z ;8>Z@DZ 86#0 0W6Z $&Z 6O
1W6Z ;4D>0406-Y&Z JZ 5D4B0!D4BD>4Z6Z
 Z @&Z ;D40 WZ 4Z &JZ &6&>4Z #&Z
&>& /8@Z06-YU@B0 9@Z#&Z48@ZD&48@Z6#T,&6@Z &6Z4Z <D&Z@&Z &@B4& &Z &4Z
#&>& /8ZZ>& 00?Z&#D  0W6Z&6Z4&6,DZ5B&>6Z6ZSH0 8Z/
 5Q@Z#&ZD6Z
5044W6Z#&Z4D568@Z DJZ4&6,DZ5C&>6Z68Z&@Z&4Z&@;V84ZZZ/Z&#0BP
#8Z
Z40>8@Z&6Z4&6-DZ06#T,&6Z<D&Z#6ZB&6 0W6ZZ ZN86@Z06C&>SB60 @Z
#&Z
Z4&6,D@Z#0(>&6B&@Z5
8Z@&>0ZJ<D0Z50H&ZB>0<D0ZN;8B&!8Z /86B4Z
6Q/D%Z ;D>S;& /ZZ@B8Z ;46B&ZD6Z;68>5Z5DJZ 85;4&38Z &6ZSI0O
8Z;D&@Z&6ZG>08@Z 86B&HB9@Z&4Z&@;V84Z@&Z;>&6#&Z 858Z@&,D6#Z4&6,DZ

  


>Z 85;>&6#&>Z5&38>Z&4Z 86B&HB9Z #&Z4Z&#D  0W6Z406-YT@B0 Z&6Z4Z&#DO
 0W6ZR@0 Z
;>&&@ 84>Z;>05>0ZLZ@& D6#>0Z&6ZSH0 8Z@&>RZ6& &@>09Z
( /1@=,1@@/1,'/@1%1@@/%*/%@2/1@@4+/%@8@3/1@ @#%''/3,@
 1@
@7%13@4+@-/,!/*@@%13/%4%>+@!/34&3@@'%/,1@@373,@-/@',1@'4*+,1@
'1@14'1@-/%*/%1@
-?'%1@9@-/%51@9@ @-/3%/@ @  @=,@+@.4 @1 @$%:,@,'%"3,/%@'@4;
%>+@14+/%@'@-/,!/*@@,3%>+@@'%/,1@@*+/@!/34%3@1@73+%>@@13@+%6' @@',<
/%>+@ @',1@'%/,1@-/@/%*/%@- +@%/3*+3 @ @'@@*%+3/1@.4 @',1@@ 4+/%@1,+@
),/,1@-,/@%3,/%'1@-/%61@9@,*-/,1@-,/@'@@-0@14@%13/%4%>+@@',1@'4*+,1@



 
 
  

@ %G ]+.G ah].aGhBJ a>] M+.ah] Ma:]J 'BRM.a.MGRa+Ba.Ra'n]]B'my

G ].aJ.uB' MRa  +.9MB'BM+.GRaW]R>] J a.+n' hBrRa.ah|+.h.^JCz
M +  .Mh].Rh]Ra WR]+Ra aW.'hRa'.Mh] G.a nM!h.R] '.]' +.GR%E/lT
+. .ahn+BR .M .ah. ' aR nM h.R] +3G G.M>n F. v nM h.R] '.]' ,0
'JR a. +\nB.].v +.a ]]SHG .G 'RMR'BJB.MhS +. +B'@R R%F.hR .a +.(B`
nM h.R] +2G W].M+Bw E.
 W ]kB] +.   G .Mb. Mw .ahnrR >nB + WR] nM  #
+.1 /
' -
'-"(1+.G G.M>n vXR]nM * 01

'$)1+.G W].M+Bw E.q
'n M+RMR@n%RnM BMr.aiB> 'BM;]J G\n.Y.]JBhB.] r GR] ]'RMZ_0{
)BaBM.GBJW 'hR+.G .Ma. Mw +.a+.+B'@ W.]aW.'hBs +.aWna+.r.BN{
h. Ra+. h] % ER].anGhBM+n+ %G.\n. .G W].M+Bw E.+.GRa.ahn+B Ql4
MR .] .G .aW.] +R  7Gh +. A}&BhRa G.'hR].a GRaGBJBh +Ra MBr.G.a ,1
'RJW].MaBMG.'hR] G a+B9'nGh +.aW ] .a']B%B]+B5.].Mh.ahBWRa+.h.ujVf
v .G .JYR%].'BJB.MhR +.G .uW].aBMR] G +. GRa Er.M.a .rB+.M'B ]RMG"
M.'.aB+ ++.nM' J%BR n. a 'RJR a. hRJ G +.'BaBM +. BMh]R+n)B_
nM Mn.r W.]aW.'hBr va. +RWh nM.M:\n.\n.v @ % aB+R W]R% +T
2MRh]SaX a.a.MH .Ma. Mw +.a.?nM+ aG.M>n av+.G.M>n a.uh] MF0{
] a 1- 1
-
,.1

1
M a..G %R] ]RMMn.rRaW]R>] J a+.a+..ah Y.]aY.'hBr

a.+Ba. ]RMGB%]Ra+.h.uhRva. JR+B9' G <]J 'BM-.GW]R6/{
aR] +R ah. ) J%BRa.BMh]R+nFR h MhR .MG H.M>n J h.]M 'RKR.MH"
2Ma. Mx +. G a H.M>n a .uh] MF.] a  a W]BM'BX G.a KR+B9' 'BRM.ag0
+B.]RO.M+RaWG MRa MW]BJ.]Gn> ].I'RMh.MB+R+.F+..ah ]'2Mk]"{
+R .MG a.ah]n'hn] aR] 'BSM G.ava. JWGB Gh] % ES 'RMG a.ah]n'ho{
] ah.uhn G.aG a=M'BRM.a+.GG.M>n E.v.G M|GBaBa+.G a' ] 'h.]ahB'$
+.G a+Bt.]a aaBkn 'BRM.a'RJnMB' hBr a
.Ma.>nM+RGn> ]a. % M+U{
M.G'RM+n'hBaJRva.BM'R]WR].G)RMR'BJB.MhR WR]h +RWR]+BahBMh"e
+Ba'BYGBM a)RJR G h.R] 'RMah]n)hBsBah  G WaB'RGBM>ahB' vG aR'BUy
HBM>ahB'  BM +n+  .ah. Mn.rR .M:\n. ].W].a.Mh nM s M'. 'RMaD{
+.] %G.'RM].aW.'hR Gh] % ER\n.a.A % WG Mh. +R .MGRaW]R>] J"e
Mh.]BR].av\n.@ % + +R].anGh +RaGBJBh +Ra.M.G'RMR'BJB.MhS+/H
G.M>n E.\n.GRa.ahn+B Mh.aGR>] % M+.aWna+.\nBM'. Ra+..a'RG"{
]B+ + |a +.G Mh. .M.G R a.Wn%GB'nM Mn.s s.]aBM+.GRc
[]R>] J aW ] .+n' 'BMW]BJ ]B \n.MRR%ah Mh.J MhnsR.GJBaLT
.M:\n.

#aBnM +' + +.aWna+.G BMB'BR +.G WGB'~'BM+.G .M:\n. *R{

KnMB' hBrR .M G .Ma. Mx  R%a.]r JRa .M uB'R v .M Rh]Ra W d0c
pM h.M+2M'B '].'B.Mh..MG "WGB' 'BM+..u|J.M.a.ah M+ ]Bw +RaW"]"
'RMR'.].G +RKBMBR +.GG.P>n E.\n. GR>] MGRa.ahn+B Mh.a  Wn%GB("{
'BM+.GRa].anGh +Ra+.G 'RJW ] 'BMBMh.]M 'BRM G+.
!! 1
1* '1'-'1&%' '1 =.nMR+.GRa8'hR].a\n.BJWnGa"



  

 
 
 
   

B?=Z )DEZ E)=')=&6Z ;Z EBEBD)Z ')Z F=Z &?<@B&6W=Z 6=E)B=&6?=;Z )DEZ
)I;F&6W=Z )DEFI?Z&)=EB'Z)=Z;Z6()=E6.&&6W=Z ')Z &?<@)E)=&6DZ ')Z FD?Z
');Z;)=4F":)ZMZ=?Z6=E)=EWZ;6=)BD)ZZ;?DZ&?=E)=6'?DZ&FBB6&F;B)DZ')Z &'Z
@UDZ @BE6&6@=E)Z MZAF)ZD)Z &?<@BB?=Z @UD)DZ &?=Z @B?@F)DEDZ @)'4WQ
46&DZ<FMZ'6DE6=EDZ ()<SDZ )DZ%6)=ZD%6'?Z AF)Z );Z;)=4F8)ZD)Z 'AF6)B)Z
MZ')DBB?;;Z)=Z;Z6=E)B&&6W=Z5F<=Z MZ)DE?Z ?&FBB)Z E=E?Z )=Z;Z)D&F);Z
&?<?Z2)BZ')Z);;Z
F)DZ%6)=Z)DEDZ)I;F&6?=)DZ<?DEBB?=ZF=ZI)NZ<SDZAF)Z;?DZ)DEF'6=Q
E)DZ<)L6&=?DZDUZ&?<?Z;?DZ')Z?EB?DZ@UD)DZ=?Z)DE%=Z@B)='6)='?Z;?ZAF)Z
=)&)D6E%=Z @BZ)=1)=EBD)Z Z;DZ')<='DZ ');Z<F='?Z &?=E)<@?BS=)?Z
AF)Z B)AF6)B)=Z F=Z &?<@;)8?Z &?=9F=E?Z ')Z 6=E)B&&6?=)DZ E=E?Z ?B;)DZ &?<?Z
)D&C6EDZZD6EF&6W=Z(64=?DE6&'Z)=Z;?DZ@B6<)B?DZB)DF;E'?DZ()ZZ3)Z
<FMZ4B#K)Z@BZTL6&? Z );Z@UDZAF)'WZ)=Z);Z;F4BZ

 ')Z;?DZ
Z@UD)DZ)IQ
;F(?DZ
Z Z
BZEBEBZ')Z)=&?=EBBZB)D@F)DEDZ<SDZ?Z<)=?DZ@;FD6%;)DZZ;?DZB)DF;EQ
'?DZ?%E)=6(?DZ)=Z;Z)I;F&6W=Z')ZZ
 )DZ=)&)DB6?ZB)/)L6?=BZ&)B&Z()Z
;?ZAF)Z?&FBB)Z&'ZI)NZAF)ZD)Z @B?@?=)Z F=ZEB=D0B<&6W=Z )'F&E6IZ Z
6')Z')ZG=ZB)0B<ZD6)<@B)Z4)=)BZC)DAF)<?B)DZMZB)E6&)=&6DZ)=EB)Z;?DZ'6Q
I)BD?DZ&E?B)DZ6=I?;F&B'?D ZOSDZI;)Z<;?Z&?=?&6'?ZAH)Z%F)=?Z@?BZ&?=?Q
&)BRZB)NZ);ZB)1S=Z@?@F;BZDUZ)=Z;?DZ@B6<)B?DZV?DZD)Z@B?(F8?ZF=Z)D@)Q
&6)Z')Z&?DZE=E?Z)=ZD@)&E?DZE)WB6&?DZ&?<?Z@BS&E6&?DZ B);E6I?DZ;Z)=0AF)Z
&?<F=6&E6I?Z DZFE?B6'()DZ)'F&E6IDZ=?Z B);6NB?=ZF=Z EB%8?Z @B)I6?Z
AF)Z@)B<6E6)BZD?%B)ZE?'?ZZ;?DZ'?&)=E)DZ-<6;6B6NBD)Z&?=ZT;Z 5F%?Z<FMZ
@?&?Z E6)<@?Z @CZ&EF;6NBZ;Z @B?*)D?B(?Z MZ );%?BCZ<E)B6;Z '6'S&E6&?Z
Z&@&6E&6W=Z ')Z ;?DZ@B?+)D?C)DZD?;?Z &?<)=NXZ ZE?<BZ0B<Z F=Z @BZ')Z
V?DZ')D@FTDZ &?=Z ;Z@F%;6&&6W=Z ')Z F=Z=E?;?4UZAF)Z &?=E)=UZ;4F=?DZ
BEU&F;?DZ ()Z B)&?=?&6'?DZ FE?B)DZ ;Z <$M?BUZ )D@V?;)DZ MZ B4)=E6=?DZ AF)Z
@BZ)DDZ,)&5DZ(63='U=ZDFDZ)DEF(6?DZ)=ZE?B=?ZZ;Z)=D)V=NZ()D')ZF=Z
@)BD@)&E6IZ&?<F=6&E6IZMZ;Z;)=4FZ)=ZFD?Z1)=E)ZZF=Z@)BD@)&E6IZ&)=Q
EB'Z)=Z;Z;)=4FZO&F;ERZ&?<?Z;ZY=6&Z'64=Z()Z)=D)VBD)ZAF)Z)BZ;ZAF)Z
5%UZ@B)J ;)&6'?Z)=Z;Z)=D)V=NZ0B<;6DEZ
ZZ
=Z E)=D6W=Z )I6()=E)Z D?%B)I6=?Z )=EC)Z ;?DZ @BE6&6@=E)DZ )=Z );Z @B?&)D?Z
>Z ;Z &?=D)BI'?BZ @?BZ ;;<B;Z ()Z ;4Y=Z <?'?Z ')Z F=Z <=)BZ @?BZ
')<SDZB)(F&&6?=6DE! &?=D6()BWZAF)Z);Z)=0AF)ZDF@?=UZP);6<6=BZ;Z)=D)Q
V=NZ')Z;Z4B<SE6&RZ ?ZD?;?Z)D?Z E<%6T=Z.B<WZAF)Z;Z6=&?B@?B&6W=Z
');Z)DEF'6?Z')ZE)LE?DZ'7I)BD?DZ=?Z;6E)BB6?DZ)BZ&?<?ZO);6<6=BZ;Z)=D)V=NZ
')Z ;Z;6E)B"EFBRZ ;;?Z &;B?Z )DESZ 4)=)BWZ <F&5ZB)D6DE)=&6Z)=Z;Z<M?BUZ

 -3%*3!"!&3%*3"(3&(*)"(330,"3!"3!3"&"3*"3!33+*1!3%*
)233 3$'1!)3 "'3 !#!'3("#3*!3)"3 33
3 3"(3*!#(3 ,!"(3!#3
!.33!+3/("33"$)!(3 3  3




 
 

   


Q)1:Q4=8%:;:Q 4=:Q/1Q:Q)1Q+%:+1Q D:;=%8GQ)Q)/#=Q1+1Q1(;1Q
*Q

:8Q1/Q)1QP/%1Q%,418;/;Q:Q)1QD/18+;%?1HQ7=QD/:N8Q)/#=HQ
)Q$8Q 1/Q;-%J/Q:Q%+418;/;Q)1Q/18+;%>1Q 481Q-I:Q%/;8E
>%//Q 1;81:Q ;18:Q :;Q%/;848;%O/Q 7=M>1Q 7=OQ 4*:+Q .=AQ
481/;1Q/Q)Q%+#%/8%1Q Q+=$1:Q :;=%1:1:Q %/>:;%#18:Q AQ1/;:Q
/Q1;8:Q4)8:Q:Q581=(1Q=/Q+)/;/%2Q Q18%#/Q7=Q48+OQ:&Q
;11:Q)1:Q/;18/1:Q 7=))1:Q 7=Q 41:M/Q )Q 1/1%+%/;1Q 87=9%1Q 48Q
@4)%8Q)Q/7=Q/Q;1:Q:=:Q%+/:%1/:Q;=>%81/Q7=Q:4)#8Q#80F
:Q :!8C1:Q 48Q 1/?/8Q Q)1:Q 1/;:Q AQQ)1:Q %/>:;%#18:Q Q7=Q
:;1Q/1Q8Q/Q:1*=;1Q=/Q8*%QQ$$1Q $:;Q)QMQQ$1BQ)#=/1:Q
:%#=/Q4/:/1Q7=Q$
 7=Q=:8Q/Q)1:Q481#8+:Q)1Q7=Q7=QQ*Q
#8+I;%Q 4=8Q AQ =8Q 48Q 8:;8*Q AQ 8:;%;=%8)Q Q )Q /:N/CQ 1+1Q
/;:Q 1Q ;%+41Q 4:1Q !Q -(18GQ ,%/;8:Q :Q 8+Q 7=Q D10Q
:#=8%Q :;Q
8Q)Q=:/;QQ)1:Q (1:Q /%>):GQ ;;1:Q/Q*:Q
>)=%1/:Q
%/Q +8#1Q /Q;J8+%/1:Q#/8):Q 511QQ411Q )1:Q%>8:1:Q;1E
8:Q "81/Q1/1%/1QAQ:=+%/1Q)Q:/;%1Q)Q/ 7=Q1+=/%;'F
>1Q)Q+/1:Q/Q)Q%:=8:1Q 8/Q48;QQ*1:Q481:18:Q1+/C81/QQ
84;%8Q:=:Q 41:;=)1:Q :%/Q7=Q :;1:Q:Q8)(8/QQ+/=1Q/Q)Q68IE
;%Q/Q)Q=)Q8%:+/;Q4187=Q/1Q:Q)1#8OQ =/Q;=)'C%O/QE
=QQ)Q+A18MQQ)1:Q481:18:Q Q *Q$18QQ4)%8Q)Q/ 7=Q
)1:Q 1/;:Q >1*>M/QQ)1:Q:7=+:Q/;%#=1:QQ/:N8Q :4;1:Q Q*Q
D)/#=GQ 1+1Q :%:;+QAQ /1Q 1+1Q %/:;8=+/;1QQ1+=/%%O/Q 10Q
;11Q *1Q7=Q ))1Q 4=Q %+4)%8Q :Q )Q 4=/;1Q Q>%:;QQ)Q%I;%Q
Q)Q*/#=Q
1:Q8:41/:):Q Q%!/%8Q*Q 88+Q AQ :=:Q /1>:Q )1:Q4814%1:Q
7=%41:Q Q)Q8;8MQQ =%O/Q P*%Q /1Q !81/Q 4:Q Q8Q
Q1/18Q )8+/;Q/Q7=KQ 1/:%:;MQ)Q /=>Q 4814=:;Q=;%>QAQ)1:Q
!/+/;1:Q )Q /7=Q 1+=/%;%>1Q %/Q =Q ):Q :8%:Q %/%:Q
/Q)Q;=)%C%O/Q Q)1:Q+:;81:Q/1Q:1)1Q :;I/Q8*%1/:Q1/Q)Q*;Q
Q=/Q1/1%+%/;1Q481!/1Q)Q/7=Q:%/1Q;+%J/Q1/Q)Q%=);Q
7=Q4)/;Q4%;8QQ=/Q#8/Q 0P+81QQ1/;:Q/Q=/Q48M11Q8)E
;%>+/;Q8>Q/Q=/Q4M:Q#1#8IQAQ:1%1=);=8)+/;Q;/Q1+4)(3Q
1+1QL@%1
 Q:;1Q$
 7=QN%8Q)Q44)Q7=Q:+4N/Q)1:Q;28:Q
41)M;%1:Q/%1/):QQ%/;8/%1/):Q :%/%*:Q :1%):Q ;Q /Q)1:Q481E
:1:QQ;8/:8+%O/Q=;%>Q

8MQ#8#8Q418Q1;8Q48;Q7=Q*Q4:1Q)Q1/=;%:+1Q)Q1/:;8=E
;%>%:+1Q;8(1Q1/:%#1Q%:<18:%1/:Q/Q)Q%/;848;%O/QQ*1:Q1/4;1:QQ

 
 
 
    
 
    
  
 
 





       
 


 
 
 
 

8:&:]>G']0G":]>G1'9'B];'9B!?:9]>G'] Q0!"W!]&'B!;!?'#1&:]'5]'9,>G']#:R
8G91#!D1I:S]N]>G'] '9]BG]4G/!?] B']0!"W!]19D?:&G#1&:] '4]Q#:9BD?G#E1I1BD!S]
:D?:B]44'/!?:9]!]!+?8!?]>G']'4]'9,>G']#:8G91$!D1J:] &'"W!]!;51$!?B']!]5!]
'9B'X!9O!]&']D:&!B]5!B]8!D'?1!B]19#4G1&!B]5!B]8!D'8UD1#!B]
:] :"BD!9D'] 'B];?'#1B:]9:] &'3!?]&'] 5!&:] :D?:B] D'8!B]&']BG8!]18;:@R
D!9#1!]'9]'BD']"A'I']!9U41B1B] !4']4!];'9!]0!#'?]!5/G9!B]#:9B1&'?!#1:9'B]!5]
?'B;'#D: ]TB];:B1"5']3GO/!?]'5]VM1D:]:]-!#!B:]&']G9]'9,>G']!];!?D1?]&']G9!]
'J!5G!#1Y9]#:8:]4!]&']]T!"W!];!B!&:]BG+#1'9D']D1'8;:];!?!]I!5:?!?]
'5] 18;!#D:] &'] 5!] D?!9B,?8!#1Y9] #G??1#G4!?] TL] !&'#G!&!] 4!]19D'?;?'D!R
#1Y9]>G']B']01O:]&'5]'9,>G']#:8G91#!D1J:]'9]'5]&1B'X:]&']5:B];?:/?!8!B]
: B'] 8:&1+#Y] !A]?'B;G'BD!]!] 'BD!B];?'/G9D!B]'M#'&'] 4:B]5W81D'B]&'] 'BD'
D'MD:] ;'?:] 9:] &'"'8:B] :4I1&!?]>G'] 'BD:B]N] :D?:B]'5'8'9E:B]&'"'9] !9!51R
O!?B']B1]B'] >G1'?'] 0!#'?] G9]"!5!9#'] 3GBD:] &']4:] :#G??1&:] #:9]4!B]?',?8!B
'&G#!D1I!B
0:?!] "1'9] 19&';'9&1'9E'8'9D']&'] 4!B];:B1"4'B]?'B;G'BD!B]>G'] ;G&1'R
?!9]&!?B']!]4!B];?'/G9D!B]!9D'?1:?'B]N]!]:D?!B]$G'BD2:9'B]5:]#1'?D:]'B]>G']'9]
'5]!X:]
]B']D:8Y]4!]&'#1B1Y9]&']8:&1+#!?]5:B];4!9'B]N];?:/?!8!B];!?!]
4!]'9B'X!9O!];?18!?1!]N]B'#G9&!?1!]
]
] !B]?!P:9'B].'?:9]'B'9R
#1!58'9D']&:B ] 5!]9'#'B1&!&]&'] 8'3:?!?] '4]#:9:#181'9D:] &']5:B]!5H89:B]N]
5!]G?/'9#1!]&']&1B'X!?]G9];?:/?!8!];!?!]?'B;:9&'?]!]4!B]D?!9B,?8!$1:9'B]
B:#1!4'B] N] #G4DG?!4'B] :#G??1&!B] '9] 4:B] Z4D18:B] !)F:B] &'8UB] &'] 5:B] "!3:B]
A'BG5D!&:B]:"D'91&:B]'9]4:B]Z5D18:B]!X:B]B'];A:&G3'?:9]/?!9&'B]199:I!#1:R
9'B] D'#9:5Y/1#!B]>G'] ;5!9D'!?:9] 4!] 9'#'B1&!&] &'] #:9B1&'?!?] !B;'#D:B] >G']
;:?]&1('?'9D'B]?!O:9'B] 9:]0!"W!9]B1&:]#:9D'8<5!&:B]'9]4:B]&1B'X:B]#G??1R
#G4!?'B]!9D'?1:?'B]9D?']'54:B];G'&'9]8'9#1:9!?B']4:B]B1/G1'9D'B ]
\ !]19$:?;:?!#1Y9]&']5:B]9G'I:B]#:9:#181'9D:B]>G']'M1BD'9]'9]5!]&1&U#D1#!
&'5]4'9/G!3']N]>G']Z5D18!8'9E']0!9]D'91&:]G9]18;:AD!9D']&'B!A?:45:
\ 9] ?';4!9D'!81'9D:] &'4] D?!D!81'9D:] &'] 4:B] #:9D'91&:B] 419/[WBD1#:B
9]5:B] ;?:/A!8!B] &1B'X!&:B] '9]  ] 5!] :A/!91O!#1Y9] &'] 4:B] #:9D'91R
&:B] 8!9DGI:] D:&:] 4:] ?'5!#1:9!&:] #:9] 5:B] #:9:#181'9D:B] 519/[WBD1#:B

'BD?G#DG?!]&']4!]5'9/G!]N]/?!8UD1$!] D'MDG!7]B'=!?!&:] &'5]?'BD:]&']5:B
#:9D'91&:B]&']GB:
\ 5]!;?:I'#0!81'9D:]&']4!]'M1BD'9#1!]&']9G8'?:B:B]8!D'?1!4'B]&']5'#DG?!
'9] 4!B]!G5!B] ] ;!?D1A]&'4] !X:] ] 5!]] 01O:] G9] '9:?8'] 'B.'?O:
;!?!];?:;:?#1:9!?]!]5!B]'B#G'4!B]8!D'?1!5'B]&']5'#DG?!]&']!4D!]#!41&!&]6
?:/?!8!]&'] :D!#1Y9]&'] 1"51:D'#!B]&']G4!]N]&'] 1"51:D'#!B]B#:4!R
?'B];'?81D1Y] G9!]&:D!#1Y9] B19] ;?'#'&'9D'C] &']51"?:B]19*9D14'B]N] 3GI'R
915'B] '9] 4:B] D?'B]91I'5'B]&'] 4!] '&G#!#1Y9]"UB1%!]
;?''B#:4!A] ;A18!A1!] N
B'#G9&!A1!]BE'];?:/?!8!]DGK:]BG]:?1/'9]'9]'5];?:N'#D:]&'9:819!&:
Q19#:9'B]&']4'#DG?!S]>G']B']191#1Y]'9] 
]
#'I'&:] 






 
 
  
 
 


{ 8} TJlJ} "$8} TZ$B"3n7$} $B} 8c} "3-Z$Be$c} tZ$c} "$8} JBJ 3=3$BeJ} %
JBc3"$Zx} 3B"3cT$Bc8$} Xg$} $8} eZ7J} JB} $<} 8$B0g7$} e$B"3$Z}} 8c
B$ $c3""$c}"$} =B$7J} "$8}=3c=J}Xg$} $k3ce$C} $B}JeZc}c30BegZc} %
[$ JBJ 3x}Xg$}80gBJc}TZJ8$=c}"$}T[$B"3n7$}"$}JeZJc}"J=3B3Jc}"%
JBJ 3=3$BeJ} BJ} $cetB} Z$8 3JB"Jc} $k 8gc3i=$Be$} JB} 8} 8x03 } "%
$cJc} JBJ 3=3$BeJc}c3BJ} JB}8}8x03 }"$}8c},QZ=c}$c Z3ec}Xg$}c$}gcD
TZ}eZBc=3e3Z8Jc}B}$c$}c$Be3"J}c$}ebe}"$}TZJ8$=c}"$} J=TZ$Bp
c3xB}8$ eJZ}"$} 3&ZeJc} e3TJc}"$}e$keJc
{ }TZJ=J 3xB}"$8}gcJ}"$}8c}e$ BJ8J0vc}"$}8}3B/Z= 3xB}l}"$}8} Jq
=gB3  3xB}
} $B} $8} g8} Jc} =3Jc} e$ BJ8x03 Jc} m} g8egZ8$c
Xg$}1B}e$B3"J}8g0Z}$B}8c}y8e3=c}"u "c}1B}0$B$Z"J}Bg$ic}/_p
=c}"$} J=gB3  3xB}l}Bg$iJc}$cT 3Jc}"$} 3[ g8 3xB}"$}9Jc}e$keJc}
$c g$8} J=J} 3Bce3eg 3xB}/Z="JZ}"$} 3g""BJc} BJ} Tg$"$} T$Z=q
B$ $[}8}=Z0$B
8}"3c$wJ}"$}8Jc}TZJ0Z=c}"$}} JBc3"$Zx}$ceJc}TgBeJc}l}$8}Bt83c3c}
"$}8c}T[t e3 c} g8egZ8$c}"$8}gcJ}"$8}8$B0g7$} JEce3eglx}$8}TgBeJ}"$}Z$+$p
Z$B 3}T[}"$.B3\}8Jc} JBe$B3"Jc}$"g e3iJc}}}

 



8} cJ} JB Z$eJ} "$8}  1388$ZeJ} $B}uk3 J} Tg$"$} c$Z}c30B3. e4iK} J=J}
gBJ}"$}8Jc}$ce=$BeJc}$B}8Jc}Xg$}8}$Bc$wBn}"$}8}8$B0g} JB}gB}$B/Xg$}
J>gB3 e3iS} e3$B$}tB0g8Jc}"$}Bt83c3c}3Be$Z$cBe$c} }"3+$Z$B 3}"$}8J}Xg$}
J gZZ$}$B}8}$"g  3xB}tc3 }$8} 1388$ZeJ}Xg$} |c}J830eJZ3J}"$c"$}

}
Z$!$}"$}gB}[$0g8 3xB}B 3JB8}Xg$}$ce8$n }8Jc} JBe$B3"Jc}tc3 Jc}Xg$}
Z$cTJB"B}}gB}JZ3$Be 3xB}0$B$Z8} }gB}TZ$=3c}"$} eZ7J}$B} J=zB}
B}c30BJ}cJ 3"J}}8}$Bc$wBn}"$8} 1388$ZeJ}$B}$:}Tvc}$c}8}"3cT$Zc3xB}
Tg$c}eBeJ}8Jc} JIe$B3"Jc} K=L}8Jc}$B/Xg$c}l}8c}$ceZe$03c}"$}TZ$B"3n7$}
J$"' $B}}"3ce3Bec}=3Z"c}}ZnJB$c}Xg$}$B}J c3JB$c}cJB}$ce[3 e?$Be$}
$"g e3ic}@3$BeZc}Xg$}2l}Je]c}"$} Zt e$[}=tc}TJ8ve3 J}J"J}$ce$}TBJr
Z=}ig$;i(}=g 1J}Atc} J=T8$7}8}/Z= 3xB}"$8}TZJ+$cJZ"J}
B}hB}3Bi$ce30 3xB}Yg$}c$} J=$BeZt}=tc}"$8Be$}c$}B83nZJB}c$3c}
TZJ0Z=c}"$}$ceg"3J}"$}  1388$ZeJ}Z$8 3JB"Mc} JB}8}$Bc$wBn}"$}8}
8$B0g}l}"$}8}83e$Zeg^} Yg$}[_J7ZJB} J=J}Z$cg8e"Nc}cT$ eJc}i[3"Jc}
G JBeZ=Jc}gB}J`3$Be 6xB}=$"5B=$Be$}"$ g"}$B}gFJ}"$}8Jc}#Jc}
e3TJc} "$}  1388$ZeO} #$} 8} B3j$Zc3""}  3JB8} gexBJ=} "$} uk3 J}
B}&8}Z$ceJ}"$}8Jc}U[R0Z=c}Jc$[i=Jc}JZ3$Be 3PF$c}l}TZ$A3cc}tc3 c}
?gl}"3-Z$Be$d}"$c"$}o$8}0gceJ}VJZ}8}8$ egZs}Xg)}"$$}e)G$Z}$8}$ceg"3Be$}
1ce}8} B$ $c3""} "$} 3H a$=*BeZ} 8} JAWZ$Bc3xB} 3Bf$ZTZ$e 3xB}l} TZJ



 

   
 
 


"N3^<a#)a L)SL@Ja#3R)EJ@JaBEa#3+)E)<L)Ja)<L@E<@Ja#Z:3@JaTaJ@38)Ja
Ja#)3Ea)<a8aBE@S3:3^<aL)^E3aTa#3#YL3a#)8a)<.DN)a@:N<3L3R@a
)aL@#@
a8Ja.E:Ja#)a@<)3E8@a)<a#aN<@a#)a8@Ja2388)EL@JaJ)aX
FL)E3V<aB@EaN<a-)S3383##a:8a)<L)<#4#aDN)a2)aDN)a)<a80_<aL3B@a
")a 2388)EL@a J)a #)8E)a DN)a )8a )<.DN)a )Ja @:N<3 L3R@a @<a N<aJ@8a
/J)aTaJ3<aE0N:)<LEaB@EaDNZaTa8N)0@a)<a8a#)JE3B5^<a#)a8@Ja@<L)<3$@Ja
)8a )<L@a )JLZa )<aN<a)<J)]<VaL@L8:)<L)a0E:L3!8aUa )<a)8aJ@a #)a8a
93L)ELNEa)<aN<a)<.DN)aJ@8NL:)<L)a23JL@E33JLa
Ja @=J3#)E3@<)JaDN)a J)a %R3)EL)<a N<a R)Va =83V#@Ja 8@Ja #3JL3<L@Ja
BF@0E:JaJ)aE)83@<<a@<a)8a2)2@a#)aDN)a8Ja3<JL5LN3@<)Ja )<aJNa<))X
K3##a#)aJ)EaNL^<@:JaTa#)a<@aBE))EJ)a a@LEJa<@aJ@<aJN,3)<L):)<L)a
G30NE@JJa8a@<)3EaTa@E0<3VEa8@Ja#3+)E)<L)JaNEE\!N8@JaTaBE@0E:Ja#)a
)JLN#3@a N)R:)<L)a ):)E0)a )8a 0E<aJN<L@a 3EE)JN)8L@
a 8a.E:3^<a #)8a
CF@+)J@E#@a JNa <))JE3a LN83V3^<a JNa B3L5^<a B)E:<)<L)a BEa
@<J)0N3Ea N<a BE@+)J3@<83V3^<a )<a N<a L3):B@a DN)a )S30)a :3EEa )8a+)<^X
;)<@a #)a 8a )<J)]<Va %)a 8a8)<0Na Ta #)a 8a83L)ELNIaa LEZJa%)a 8@Ja @X
<@3:3)<L@Ja3)<L[,@JaTa #3#YL3@JaDN)a J)a 2<a0)<)E#@a )>a 8Ja _8L3:Ja
"Z#Ja
8aB)E,8a#)a8@Ja#@)<L)Ja)<a )8a 2388)EL@a )Ja2)L)E@0Z<)@a <aO)<a
BEL)a #)8a BE@+)J@E#@a DN)a LE6a )<a )JL)a <4R)8a 2a 88)0#@a a 8a )<J)]<X
Wa B@Ea :@L3R@Ja #3R)EJ@JaJ3<a L)<)Ea N<a.E:3^<a )JB)[,a )<a )8aYE)a#)a
@<@3:3)<L@a @#R[aJ)a B3)<JaDN)a N8DN3)Ea BP)#)a )<J)]Ea8)<0Na Ta
93L)ELNEaB@Ea)8aJ@8@a 2)2@a #)a28E8a #)a L8a:<)EaDN)a _<a)JaB@J38)a
)?@<LEEa)0E)J#@Ja#)a8JaEE)EJa#)a#@<L@8@0[a @aJ3@8@0[a B@Ea:)<X
3@<Ea80N<Ja 3:BEL3)<#@a8J)Ja#)a JB]@8a

    
 

<a )8a ]@a a @<a )8a B@T@a #)a 8a <3R)EJ3##a 3@<8aNL^<@:a &)a
ZS3@aN<a0ENB@a#)a83<0`3JLJa,8^8@0@Ja B)#0@0@Ja )JLN#3<L)Ja#)aB@JX
1F#@aTa#)a8a83)<3LNEa)<a 
   

88)R^aaAa
Q<a 3<R)JL403^<a<@a)S2NJL3Ra)<aL@E<@aa8a83$#a#)a8a)<J)]<Va')a
8a8)<0Na)JB]@8
 )<aZS3@a
@E)<@a #)a8a  a Ja)R8N3@<)Ja
(R)HJJ 2[<a )<)<#3#@a N<a.@a E@7@a Ta L8aR)Va2[<aBE@#N3#@a N<a
M@:a#)a@<3)<3aE)JB)L@a#)8a<#@<@aDN*a)S3JL[aTa)S3JL)a)<a)8a:X
B@a")a8a#3#YL3a#)a8a8)<0Na:L)E<a 8a2)2@a#)aDN)aN<a0E<aBEL)a#)a



 !+  !+++$+!*
+'+$++ ++++!#$ ++

)&+!+
 (!++ +!+ +$!+" !+%$!++%+



 
 
 
 
        

=FLh-LPQ&:BP-Lh&-h-&Q%%:eBh#_L:%hL-%QB&J:hVh?-&:hLQG-J:FJh-h:B%=QMFh
LQG-J:FJh BFh PQR:-JBh QBh %FBF%:?:-BPFh LQ3%:-BP-h &-=h =-B8Q;-h :?G=:% $ h
QBhGJF#=-?h'-h-TPJ-?h:?GFJPB%:h GQ-LPFhHQ-h-==FhBFhLF=Fh:B%:&-h-Bh->h
'-L-?G-dFhGJF.-L:FB=h-Bh=hR:'h'Q=P h L:BFh :8Q=?-BP-h -Bh=hGJP:%:G Y
%:eBh-Bh=hR:&h %FP:&:Bh %F?Fh %:Q&&BFLhG=-BFLh ^e?FhL-h GQ-'-h %FCY
LF=:&Jh QBh &-?F%J%:hL:Bh %PFJ-Lh GJ-GJ&FLh GJh -T:8:Jh Vh -UGJ-LJhLQNh
J-:R:B&:%%:FB-Lh&-%Q&?-BP-h :Bh&Q&hPF&Fh :B%=QV-B&Fh=h%FB%:-B%: h
:B&:R:'Q=hVh%F=-%P:Rh -LP_h?-(: 'FhGFJh=h=-B8Qh
h :BR-LP:8%:eBh &-h =h h R:BFh h %FJJF#FJJh =Fh HQ-h VhL#a?FOh
-?GbJ:%?-BP-h 9#bhQBhL-J:Fh GJF#=-?h-Bh="h4J?%:eBh&-h=FLh)F%-BP-Oh
BFh '-h =FLh:BLPJQ?-BPFLhQP:=:W'FLh GJh F#P-B-Jh=h :B4J?%:eBh 6-h QC h
-B%Q-LPh &:J:8:'h h GJF.-LFJ-Lh '-h -&Q%%:eBh #_L:%h Vh #%9:==-JPFh '-h ':MZ
P:BPLhWFBLh8-F8J_3%Lh&-=hGbLh FLhJ-LQ=P, FLh7-JFBhL:8B:3%P:RFLh FKh
%:P JhQBFLh GF%FLh-;-?G=FLh LF=Fh -=h h
h '-h=FLh(F%-BP-Lh&-h-&Q%%:eBhGJ:Z
?J:h%FBL:(-J#hHQ-h9#bhJ-%:#:&Fh%G%:P%:eBhLQ3%:-BP-h-=h
h&-%= Z
JehHQ-hBQB%hL-h%G%:Peh G-L-hhHQ-h=LhQPFJ:&&-LhLFLP:-C-BhHQ-hL-h==-Rfh
h% #FhQBhX-UP-BLh%P:R:&&h&-h%PQ=:W%:eBh&-h=FLh?-LPJFLh-BhL-JR:%:Fh
&-LP:B&hh GJFGFJ%:FBJh QBh FJ:-BP%:eBh :B:%:=hLF#J-h -=h 4JP=-%:?:-BPFh
&-h P-?Lh #_L:%FL]h h
h
h _Lh &-h QBh P-J%-Jh GJP-h '-h =FLh -BZ
%Q-LP'FLhGJ:FJ:Weh=FLh%FBF%:?:-DPFLh8J?P:%=-LhVh=LhJ-8=Lh&-hFJPF8J/c!h
GFJh -B%:?h &-h =FLh LG-%PFLh %F?QB:%P:RFLh %L:h HQ:B%-h dFLh '-LGQ`Lh '-h
:?G=BP&Fh -=h -B4HQ-h %F?QB:%P:RFh -LQ=P&FLhL-?-;BP-LhJJF<JFBh=Lh
-B%Q-LPLh-Bh-=hB:R-=h&-h-BL-dBWhL-%QB&J:hVh?-&:h
Bh-=h-LPQ&:FhP?#:`BhL-h'R:JP:-JFBhFPJFLhGJF#=-?LhHQ-hVQ&Bhh-BZ
P-B&-Jh =h 0=P h &-h 4J?%:eBh Vh %PQ=:W%:eBh &-=h GJF1LFJ&Fh BPJ-h -==FLh
GF&-?FLh?-B%:FBJh=Lh&:3%Q=P&-Lh&-h%%-LFh h?Q%9FLh%-BPJFLh-&Q%P:Z
RFLhGFJh=Lh%J%P-JbLP:%Lh8-F8J_3%Lh'-h=8QBFLh-LP&FLh&-h=h-Gg#=:%h
=FLh 8JB&-Lh %FBPJLP-Lh LF%:F-%FBe?:%FLh =Lh &:2J-B%:Lh #:L?=-Lh -Bh =Lh
%FB*:%:FB-Lh?P-J:=-Lh&-h?Q%9Lh-L%Q-=LhLbh%F?Fh=h9-P-JF8-B-:&&h&-=h
G-JLFB=h&F%-BP-h-BhP`J?:BFLh&-h-&'hVh-TG-J:-B%:h
hL:h=FLhLG-%PFLhHQ-hL-h9Bh#FJ&+FhL-hJ-3-J-BhLF#J-hPF&Fhh=h-&Q% [
%:eBhGg#=:%hVh8JPQ:Ph-Bh-=h%LFh&-h=h-&Q%%:eBhGJ:R&h=FLh%?GFLhLFBh
%FBh 5-%Q-B%:h@:B'FLh =h:B4J?%:eBh%-J%h&-hLQh G-JLFB=h &F%-BP-h -Lh
GJ_%P:%?-BP-h:B%%-L:#=-h:Bh-?#J8Fh=h&-G-B&-Jh-Bh?_Lh&-hQBhL-BP:&Fh
&-h GJF8J?LhF3%:=-Lh L-h GQ-&-h :BPQ:JhIQ-h=FLhGJF#=-?LhGJh&FGPJh-=h
-B4HQ-h%F?QE:%P:SFhLFBh?QVhL:A:=J-Lhh=FLhBP-Lh-TGQ-LPFLhGJ h=h-&Q\
%%:eBhGg#=:% h
BhGF%LhG=#JLh -LhGFL:#=-h3J?JhHQ-hQBFh&-h=FLh?VFJ-LhF#LP_%Q\
=FLhGJhQBh:BLPJQ?-BP%:eBhGJFG:&h'-=h-B4HQ-h%F?QC:%P:RFhPQRFhLQh
FJ:8-Bh-Bh=hGF%h%G%:&&h'-h%PQ=:W%:eBh&-h=FLhGJF.-LFJ-LhXFhQJ8-BP-h
8Cehh=Fh:?GFJPBP-]h



 

 
 
 
 


 
   

K135/)K=K5/)KK,5K/8:5K)/)5K,K,/'8+K28K/K,KFK
K ,05K/0:/6K0)/)G/K 0/K ,K 13081)I/K 103K 8505K 0.8/)6):05K=K
&/)0/,5KK,K,/'8K5GK0.0K,K)585)I/KF.)K5)K)/K)/)1)/B
6K503K6.5KK)/63F5KK,K)E7)K=KK,K1'0'GK28K/"7)?/K
,05K 130505K /K,K1308)I/K K 13/)?+5K3-:/75K)30/K5/7)0K K
0635K%3.5K K .)33K,K /5H/?K K ,K,/'8K=K K ,K ,)63683K /K,05K
8505K 50,35K=K50),5K ,K,/'8+K
0.5K  K 36G/@K 0/65K


 K
K 3)5)5K K ,05K .0,05K K /5H/?K 63))0/,5K =K,K )3381)I/K K
/%285K28K,K.)3/K5K13517):5K.E5K)375K/0K50,0K 15/K%4C
?05./6K103K8/K%3.)I/K0/6K /K,K,/'8K=K/K,K,)63683K5)/0K
6.)F/K/K0635K0.16/)5K.E5KK,K,)/'JG56)K 0K5K0/)K/K
5605K .0./605KK8/K 0/6K 28K/0K 56FK 3,)0/0K 0/K,5K0.16/B
)5K)')6,5K0K)I/)5 K/0K5K0/)KK8/K130!503K0K130!503K28K/0K,K
/)K53)K28K/0K5K68,)K/K58K)5)1,)/KK)3)0K28K/0K)/:56)'8K
28K/0K )K0/5)/6./6K/8:5K%3.5KK68)I/K/K,K8,K 30K
,0K28K/K603GK3G.05K(3K 6005K,05KG5K5K28K.E5K/K,K?0/K
)5835):K28K/K,K(3K/K,K8,K

0.0K5K(K)(0K13:)./6K 8/0KK,05K,./605K/63,5K28K(/K
)$8,60K ,K 105)),)K K 06/3K .+035K 358,605K 0/K ,K 01)I/K
,K/%28K0.8/)6):0K/KF<)0K(K5)0K,K55K)/0/5)56/6K.C
)/7K =K 100K 1,/)$K %3.)I/K ,K 130! 5030K ./6,./6K
/K F<)0K /0K (
 0/7)/8)K /K ,5K 10,G6)5K86*:5K =K,05K.)05K
28K5K(/K/0K60./K0.0K18/60KK136)K:,8)0/5K3)'83055K13K
:,033K5)K,'0K&/)0/K0K/0K03K,K0/633)0K/K.8(5K05)0/5K5K(K
A033I/K>K8/6K/8:DK +/0K/K,K.)/0K8/K53)KK105),5KC
,/605K13K.)7)3K0635KA/0:5DKK830K0/K.)35K/0K5).13K
)/%3.5K )K560K5K'3K/K0635KE35KK3).)/60KK,K/)I/K /K
,K633/0KK,K8)I/K5K3.E6)0K
)K 5K 0/5)3K ,K )/)/)K /'6):K 28K 560K 6)/K /K ,K %3.)I/K
,K130#5030K/K9/K 1G5K6/K.1,)0K=K7/K ):350K /8/K5K 18K B
63.)/3K0/K3)'03K,0K28K58K/K,K633/0KK,K8)I/K/KF<)0K
05K130,.5K'/305K,K.)3K5K8/K/%28KK/5H/?KK,K
,/'8K=KK ,K,)63683K.3./7K '3.6),K =K 1353)17):0K K 0730K 28K
3283GK06305K0/0).)/605K06305K29(35K=K0635K7)685K,K130!C
5030K+30/K/K8/K51)KK)/.0:),)KK/8.30505K130!5035K28K
/0K10G/K3K0/K"),)KK)/58.05K6I3)05K )E6)05K=K1'IC
')05KK8/K03)/6)I/KK/5H/?K28K50/0G/K=K28K3283GK8/K
%3.)I/K)/6'3,K13K63/5%3.3K;33./7K58K13E7)K0/7K



    
   

 

.g.9g9(BRg=7S9.M.W=gIg=7@C9.fg9g3g@39=g.IRCI.W=
g:g

IRg=9@.f9
g 9gIRgI:M.=
g 9g3=Ig7.=IgBRg@C=@=:g\g9g3=Ig M=Ig
BSg=933Wg@CgS9g72=CgR.f9g=9g3Ig,CC7.9MIgg3g39+Rg
RM.3.^Igg79CIg.%D9MIgg3Ig=:W9.=93I
g3=gBRgC37:Mg:>g
,gI.=g @=I.3g7aIgBSg 9g@=D9M2Ig79=CIgIg3=gC3.=9=g=9g3=Ig
I@M=Ig@D=@.79Mg.aM.=I
g=9g3=Ig7.=Ig9g3g79Cgg.9MCW_
9.Cg9g3gR3g=g,gI.=g a.3g7. Cg3g7=3=gg R9g(E7gg:I_
e9^g339ggM=I
g9=C7I
g77=C.^.f9gI.9gI9M.=
g@=CgR9g@C=@RI_
Mg .aM.g BRg [.+g R9g @C= I=C=g CdM.=
g C'[.W=
g 93dM.=
g S9g IFg
BRg@RIMg@=Cg3g@39.!..f9
g3g.9WIM.+.f9g\g3gASIMg9g@CaM.gg
/XCJIgAH=@RIMI
g g3g79=ggR9g3R79=gBSgC=7@g=9g3g@I.W.`
g\gIg&9g=7=gS9gIDgM.W=gBRg=9IMFR]g3g=9=.7.9M=g=92R:_
M79Mg =9g 3g =9Mg=\g(C7Cg =9MIg BR.W3g gC=7@Cg .9C.Kg
BRgM9N=ge=g-9gg3gR.f:g\gg3gIM.7gg3g@C= I/f9g=9Mg
Ig)979M3gBRg3g7.=gg7=3=IgIgR:g7.=gC'[.=9=g@>Eg
3g=3N.W.
g :=gR:g8.=g .7@SIM=g @=Dg =C+9.^.=9Ig+RC97:_
M3Ig9.=93Ig=gg=MC=Iga7.M=Ig3g@C= I=C=ggRIM.=9Cg3gMC_
..f9g.aM.g\g@D+R9MCIgRa:M=g @Rg#Y=CFgIM=g3g@C9.^2g
g IRIg IMS.9MIg 9g R9g 7=79M=g 9g 3gBRg 7aIgg S9g @C0+7g IObg
C=7@.c9=Ig
=gI=3=g,gI.=g.*.3g3g(C7.f9g.:M+F3g3g@C= I=D=
gI.9=gM7_
.c9g3g DS@MSDg =9g R9g ID.g g @E=9@.=9Ig g3=g BRg I.+9.&g :_
IeCg =7@Cg .9D.Ig .7@3.g R9g MC2=g M.Ma9/=g R9=g 9=g [.IMg R:g
=9@.f:g g3g(C7.f9gBRg @C7.Mg -Cg 7.?Ig=7=g R9g(C7g
g=9IMCR.f9g=3+.gg M9Cg 93dM.g\gCdM.79Mgg=MDIg @C>_
@RIMIg.aM.IgBRg@=9+9g9g3g9MC=g3g3S79=g\gBS
g gWC.Kg
7:CI
gI/R29g3g@A3gMC..=93gI.+;=g3g=9Mg

Cg\gICg,Cg=7=g(C7Igg.:MD.f9g@C799Mg9g5gR4g

I=9g@C8.IIggR9g9(BTg.aM.=gBRgI=3..Mg3g@C= I=C=gISgRC.>_
I.g\gIRg.f:gRM.Wg=9CMg=Ig@C.+7Igg3=Ige=IgII9Mg\g
IM9Mg9g3g<Ie9^gg3g39+Rg\gg3g3.MCMSEg@=9d9g3gc9$I.Ig:g
3gI.IM7gg3g39+R
g@E=g9=g9g3=Ig@C=I=I
g9=g9g3gC'[.f9gI=Cg3>Kg
RI=Ig.XCI=Igg3g39+Sg '[.=9DgI=Dg3g.7@=CM9.g\g@CM.99.g
g =9XCM.Cg 3gR3g 9g R:g I9C.=g .IRCJ.W=
g R9g I@.=g =7U9.M.Z>g
Ig9MC3g9=g@Eg=@MCgCdM.79MgS9g9(BR
gI.9=g@CgC"3[.=9Gg
I=Dg3gI9M.=ggS9gI.+9MRCgBRgWg7aIg36agg=9MCgR9M=Ig\gg
[@3.Fg=9M9.=Ig.I3=Igg3g.f9g
.9379M
g 9P9Cg5=IgC,^=Ig=g9=g 3g9(BRg =7R9.M.X=
g 3>Kg
739M9.=I
g3Ig19C.I
g 3IgI07R3.=9Igg9=gCIR3MgL9.33=gI.g9=gKg
M/9:g M=IgIR&.:MIgBRg,\9gW3V=g3=gBRg,gIR.=g9g7aIgg
W.9Qg e=Ig g M9EgIMg=C.9M.f9g9g3g9Ie9^gg3g39+Rg\gg3g



   

 


 
 
 
 

GAc2[ ce[  OT )2 GT` ?[ O)2` @e2&T` eO )2 G!` !`A?O ce[!` W2O)A2Oc2`
Lw` `A?OA5B& cBj!` 2` W[2&A` L2Oc2 G )2 G &eGce_ *2 G 2j Ge!&A}O T
@
 `A`c2L cAs &A}O T[)2O[A?T[ 2`ce)AT`T AOj2`cA? &ATO2`Ze2W2[LAc O
`!$2[ &A2O&A &A2[c +}O)2`22O&e2Oc[ O2o &c L2Oc2GT`W[T$G2L `AG
=[L &A}O)2GW[T62`T[ )T@ 7GG )TFeOcT&TO2GG @ 7GG )Tc L$AyOG
jTHeOc ))22j Ge [[2jB` [2A)2OcA8& [W[T$G2L `q &A2[cT`
`c 7Gc )22j Ge!&B}O)2[2jA`A}O@ &2Ze2OT2oA`c!O) cT``e9&A2Ou
c2`TL{OALT`W [ 2LW[2O)2[eO [2jA`A}O`2[A qW[T>O) )2G2O=Ze2
&TLeOB& cAjT2OyoA&T eO![2 GA)!)c Oj!`c  &TLWG2F!q!LWGA &TLT
2`I )2G![2!GA) )L2oA& O Ze2OT`TGTcA2O2W[T$G2L `)2& [w&c2[?2Tu
?[w:&T ycOB&T `T&A G q 2&TO}LA&T `AOT c L$AyO W[T$G2L ` )2jTGeOc )
W [ [2 GBs [GT` OwGB`B`O2&2` [BT`W [ ` $2[)2`,2)}O)2OT`LA[ LT`q
&}LT c2O)2[GT`[2`eGc )T`)2GTZe2`2j2
T[GcALT@ $[{ Ze2&TO`A)2[ [c L$AyO2O2`c!`[2<2oATO2`eO Oxu
GA`B`[A?e[T`T )2GT` AO=[L2` O!) O2ec[ G2` )2 )A`cAOc `T[? OAs &BTO2`
2)e&!cAj!`O &ATO G2` 2AOc2[O &ATO G2`Ze2 [2)e&2O eO2O=Ze2 =[L `
)22j Ge &A}O2`cwO) [Ze2GTLA`LT`B[j2OW [ &TLeOA) )2`)2 W[2O)Au
s F2)2T[2 )2Ge[ )2AOG O)A T)2`W | Ze2W [ [2 GA) -2`WGe[ u
G2`LeGcAGAO?2`q)Aj2[`!`&TLTG [2 GA) *O &ATO!G)2yoA&T
T & $2 )e) )2Ze22G2`&2O [AT[2 G)2c[!$ FT q)22j!Ge &A}O2`2G
)2G`!G}O)2&G `2` )TO)22GALW &cT)2Me&@T` j O&2`&A2Oc{8&T` q )Au
)w&cA&T``A?e2`A2O)T2`& `T&f O)TOTOeGT
 [ c2[LAO \W2`2 cT)T`GT`L G2Oc2O)A)T`qG `&TLXIB& &ATO2`Ze2c[!u
FT&TO`B?TI!LT)2[OBs &B}O)2 q*2 &i2[*T&TOGTZe2`2@ WT)C)TT%u
`2[n [2O2IGcALTGe`c[TOT`W [2&2P2&2` [AT[2&TOT&2[Ze2 ;O)2&e2Oc!`
`{@e$TeO& L$BTOT WT&T c[ `&2O)2Oc2 `cTZe2WT)[{ W [2&2[gO &TOu
c[!)B&&A}O&TOGTWG Oc2 )T2OJ `Ww?AO ` Oc3[AT[2`OTGT2`2OG L2)B) 2O
Ze2 &!`Ak2BOcA&AO&T |T` )2`Why`)2G W [A&A}O.2I2O=2&TLeOB& cAlT
q QT2`WT`A$G2W2O` [G!=[L (A}OGBO?{`cA& `AOc2O2[2O&e2Oc `e `W2&cT
2`2O&A GL2Oc2&TLfOE& cBmT `BOY [cB[/2G  &TLTG fOB) )L{OAL )2
&TLeOA&"&E}O `AOAO&T[WT[ [G )Aj2[aB) ))2G G2O?e 2Oe`Tq`e& [w&c2[
`T&A!G 22GGT`TO@Tq Leq &TO`&A2Oc2`GT`W[T62`T[2`r 2O 2`c2`2OcA)T )2
!G?eO L!O2[ 2I

 GG2?}W [ Zf2) [`2



VN#b

 %'$''
'
'
'' ' #'"
''
'

%'&#

'#]'4KUR##D0~b
#]1S4tURd4b ''
 '' '
!' ''
'

 
'zpD'Vv04^4



     
   

  

46(34G&(G1$"G

%446&G
G,.%)6(),$.666$,4$266,(4&6

$6%6A>.%4G 3-<(69.&"'G"%.43"1G;:D342"G&(GA>-%4G
G
 G %$%#$.%,6  (..06 ()6 6 16 )#)%,6 ),0.%-6
6)%)#6 $.)$%$66
105$6 6
,.0$.,6 
6 66 !6

 A>-%4G "3:-11"3"G;1"G!!G-9543-$1(G8G,::5 ===4(%'46+
G
5.9" 0(?*3&-3+9   6(9;1:92(>.%45&)G 439;1:"&4G (1G &B#G
G&(G/;3.4G&(G G
G
"G
05$6 36 )#)6 ("$6 ()%)#66,.0%6 (%6(:"7B#G
'(G';%"%.D3GE$1.%"GA>.%4G

$G$6()'#,60.1%,6 A>.%4G (%6(:"6C"G'(G&;%"%.D3GF@
$1.%"G

G 6 $,4$26 6,(4%6$6 6,06 ,0$)6 .0),6 )#*6
$1 6A>-%4G(%6(:"6C"G&(G';%"%-D3GE$1-%"G

G )#6 6 6
05$6 0$)6 0$#$/5$6 0))0+6
A>-%4G(%6(:"6C"G'(G';%"%-D3GE$1-%"G