THESIS ON ECONOMICS H20

Economic Instruments as Tools for

Environmental Regulation of
Electricity Production in Estonia

JÜRI KLEESMAA

PRESS
 TALLINN UNIVERSITY OF TECHNOLOGY
Tallinn School of Economics and Business Administration
Department of Public Economy

Dissertation was accepted for the defense of the degree of Doctor of

Philosophy in Economics on October 12, 2011

Supervisors: Prof. Üllas Ehrlich, PhD

Tallinn School of Economics and Business Administration,
Tallinn University of Technology, Estonia.

Prof. Maksim Saat, PhD

Tallinn School of Economics and Business Administration,
Tallinn University of Technology, Estonia.

Opponents: Prof. Enno Abel, PhD

Chalmers Technical University, Göteborg, Sweden.

Associated Professor Helje Kaldaru, PhD

Department of Economics,
Tartu University.

Defence of the thesis: December 9, 2011

Declaration:

Hereby I declare that this doctoral thesis, my original investigation and

achievement, submitted for the doctoral degree at Tallinn University of
Technology has not been submitted for any academic degree.

/Jüri Kleesmaa/

Copyright: Jüri Kleesmaa, 2011

ISSN 1406-4782
ISBN 978-9949-23-191-1 (publication)
ISBN 978-9949-23-192-8 (PDF)
 MAJANDUS H20

Keskkonnaregulatsioonide
majanduslikud meetmed
elektri tootmisel Eestis

JÜRI KLEESMAA
CONTENTS
INTRODUCTION ................................................................................................7
ABBREVIATIONS ............................................................................................ 14
ACKNOWLEDGEMENTS ............................................................................... 15
1. EFFECT OF ENVIRONMENTAL REGULATIONS ON ELECTRICITY
PRODUCTION IN ESTONIA UNTIL 2020 ..................................................... 16
1.1. Setting of theses, literature and methods ................................................ 17
1.1.1. Implementation of the best scenario described in the Development
Plan of the Estonian Electricity Sector until 2018 will cause a sharp
reduction of CO2 emissions ........................................................................ 17
1.1.2. The cost-competitiveness of oil shale, wood, peat and natural gas
will face a change in 2015 due to increases in environmental charges, ash
handling fees and the CO2 emission allowance price ................................. 19
1.1.3. FITs are effective for introducing renewable energy, but the costs
may not be justified .................................................................................... 20
1.1.4. The use of primary energy method has great advantages in SO2
capturing costs in pulverised oil shale-fired boilers ................................... 21
1.1.5. Additional costs of the CO2 emission allowances influence the
variable costs and might thereby affect the competitiveness of enterprises
participating in the trade with emission allowances ................................... 23
2. RESULTS ..................................................................................................... 24
2.1. Realisation of the best future scenario suggested by the Development
Plan of the Estonian Electricity Sector until 2018 will cause a sharp change
in the amount of CO2 emission ..................................................................... 24
2.2. The cost-competitiveness of oil shale, wood, peat and natural gas will
face a significant change in 2015 due to environmental charges, ash handling
fees and prices of CO2 emission allowances ................................................. 26
2.3. FIT is justified for its effectiveness of introducing renewable energy, but
it has an unreasonably high cost in terms of the impact on the consumer
price and its over-compensation to owners of power plants ......................... 27
2.4. The use of primary energy method has great advantages in SO2
capturing costs in pulverised oil shale-fired boilers ...................................... 29
2.5. Additional cost of CO2 allowances influences the variable costs and
competitiveness of enterprises participating in EU-ETS .............................. 32
CONCLUSIONS ................................................................................................ 34
SUMMARY ....................................................................................................... 38
REFERENCES ................................................................................................... 48
APPENDIX 1. ”Impact of the CO2 trade on electricity producers depending on
the use of different energy sources in Estonia”. ................................................. 53
APPENDIX 2. “The impact of pollution charges, ash handling and carbon
dioxide on the cost competitiveness of the fuel sources used for energy
production in Estonia”. ....................................................................................... 73
APPENDIX 3. “Subsidising renewable electricity in Estonia”. ......................... 81

5
APPENDIX 4. “Primary method for reduction of SO2 emission and its impact
on CO2 in pulverized oil shale-fired boilers at Narva Power Plant”. ................. 95
APPENDIX 5. “Implications for competitiveness of Estonian energy-intensive
industry after establishment of the CO2 emissions pricing from year 2013
onwards”........................................................................................................... 113
ELULOOKIRJELDUS ..................................................................................... 139
CURRICULUM VITAE .................................................................................. 145
KOKKUVÕTE ................................................................................................. 151
ABSTRACT ..................................................................................................... 157

6
INTRODUCTION
90% of Estonian electricity is produced from the local fuel oil shale. The use of
oil shale for electricity production puts pressure on the environment. The
European Union (EU), with its environmental regulations, has set a complicated
task for Estonia – the substitution of oil shale-based electricity with other energy
sources, which require the necessary skills for making technically and
economically reasonable decisions.
Current electricity production in Estonia does not meet the environmental
requirements established by the EU legislation, and Estonia is presently
introducing different regulations that should ensure the respective compliance,
thus electricity production is expected to undergo great changes in the near
future.
The goal of this Doctoral Thesis is to study the effects of the forthcoming
environmental regulations on Estonian electricity production, specifically during
the 2020 timeframe. The Doctoral Thesis embraces four measures: EU-ETS −
the European Union Emission Trading System, FITs − Feed-in-Tariffs, costs
originating from environmental charges (including ash handling and emission-
related costs) and the impact of industrial emission limit values on electricity
production.
So far, the effects of environmental regulations on the electricity production
in Estonia have been studied very little on an academic level1. A part from
academic research the government of Estonia has commission studies about
impacts from environmental regulations on electricity market. Previous
researches does not cover such topics as Feed-in-Tariffs, competitions between
fuel producing firms, SO2 control cost with primary method and at the same time
CO2 generation, electricity production forecast vision up to 2020, which
therefore will be analysed in this thesis. This Doctoral Thesis, based on five
different research works, contributes to the field of activity under observation.
Every research work presented in this Doctoral Thesis focuses on a certain case
study; where the effects of regulations on the electricity production in Estonia
form a connecting theme between these research works.
The European Union (EU), to the membership of which Estonia also belongs
since 1 May 2004, has set the development of common energy and
environmental policy as its main task in the field of energy use for the coming
decades. The envisaged common energy and environmental policy is to be
grounded on clear-cut aspirations and a time schedule towards transition to a
low-carbon sector, i.e. green energy, and energy saving.
A need for a more reasonable use of energy is also conditioned by increased
environmental impacts arising from the use of fossil energy sources compared to

1
The research completed at the Estonian Institute of Economics in 2004 assessed the
effect of environmental regulations on the development of Estonian electricity sector
until 2015, and by taking these regulations into account, projected an electricity
production price.
7
bioenergy2. Combustion of fossil fuels adds stored carbon to the natural carbon
cycle in the biosphere; but the combustion of biofuels does not, since biofuels
form a part of the biosphere’s carbon cycle.
In order to reach the goals listed above, the European Commission (EC)
issued communication COM(2007) 1 (Brussels 2007) on an energy policy for
Europe for the purpose of enhancing sustainability, security of energy supply at
competitive prices in the European Union and for the combating of climate
change3. The plan of the European Parliament to reduce greenhouse gas4
emissions and increase the share of renewable energy5 in energy consumption
became known as the “20-20-20 targets”6. On the basis of these targets, EU’s
leaders committed to a reduction of greenhouse gas emissions by at least 20%
below 1990 levels; 20% of EU energy consumption to come from renewable
sources7; and a 20% reduction in primary energy8 use from higher energy
efficiency9 – all by the year 2020.
In 2009 the European Commission passed important legal acts to implement
the planned targets. These regulations revised and expanded the Emissions
Trading System (EU-ETS)10 of the European Communities and concentrate on
the efforts of Member States to reduce their greenhouse gas emissions to meet
the Commission’s greenhouse gas emission reduction commitments up to 202011
and promote the use of energy from renewable sources by the year 202012.

2
Bioenergy includes the biodegradable fraction of products, waste and residues from
agriculture (including vegetal and animal substances), forestry and related industries, as
well as the biodegradable fraction of industrial and municipal waste (Directive
2003/30/EC of the European Parliament and of the Council).
3
Based on contemporary knowledge, CO2 is regarded one of the main factors
causing climate change and creating greenhouse effects, as a result of which the average
temperature of the earth is rising.
4
Carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), fluorinated greenhouse
gases (HFC, SF6, PFC).
5
Renewable energy embraces water, wind, solar energy, waves, tides, geothermal
heat, landfill gas, gas discharged in the process of waste water treatment and bioenergy.
6
The European Union Climate and Energy Package.
7
The following topic was not discussed in this Doctoral Thesis.
8
Primary Energy derived from a natural source and used by not converting it into
another kind of energy. Estonian primary energy sources are oil shale, peat, firewood,
wood waste and biogas. Imported primary energy sources are coal, natural gas, liquefied
gas, light oil and heavy fuel oil, diesel fuel, motor vehicle petrol and aviation kerosene
are included.
9
Ratio of final energy consumption to primary energy.
10
Directive 2009/29/EC of the European Parliament and of the Council of 23 April
2009.
11
Decision No 406/2009/EC of the European Parliament and of the Council of
23 April 2009.
12
Directive 2009/28/EC of the European Parliament and of the Council of 23 April
2009.
8
 The Directive of the European Parliament and of the Council on industrial
emissions13 also plays an essential role. According to the Directive the integrated
air pollution prevention and control is implemented. As a part of this, the
Directive limits the amounts of air emissions allowed to be discharged by large
combustion plants (over 50 MW) into the surrounding environment.
In compliance with environmental regulations of the EU, Estonia has created
a judicial area in its republic for promoting the use of green energy sector and
for energy conservation. National legislative acts recently passed in this field are
targeted at regulating the greenhouse gas emission allowance trading procedure14
and on meeting the limit and target values of ambient air pollution levels, other
maximum permitted contents of pollutants and dates set for achieving them15.
The regulation on greenhouse gas emission allowance trading establishes
procedures and requirements for application and granting of emission
allowances and guidelines for allocation of emission allowances for free. In
addition, the referred regulation lays down a procedure for the surveillance and
certification of greenhouse gas emissions and for the return of emission
allowances.
Emissions of SO2, NOx and solid particles are regulated by the legislation on
environmental charges. The objective of applying pollution charges16 is to
prevent or reduce possible damage caused by the release of pollutants or waste
into the environment.
In addition to legislative acts, the Estonian Government has adopted several
important development plans, such as the Development Plan of the Estonian
Electricity Sector until 201817 and the Estonian Renewable Energy Development
Plan until 202018. The Development Plan of the Estonian Electricity Sector for
2008–2018 has been approved by the Government of the Republic lays out the
Government’s strategy in one of the most important fields of energy policy –
power generation.

13
Directive 2010/75/EU of the European Parliament and of the Council of
24 November 2010.
14
The Minister of the Environment Regulation No. 44 of 08.07.2011
„Kasvuhoonegaaside heitkoguste ühikutega kauplemise kord” (procedure for greenhouse
gas (GHG) emission allowance trading) took effect on 15.07.2011.
15
The Minister of the Environment Regulation No. 43 „Välisõhu saastatuse taseme
piir- ja sihtväärtused, saasteaine sisalduse muud piirnormid ning nende saavutamise
tähtajad” (the limit and target values of ambient air pollution level, other maximum
permitted contents of pollutants and dates for achieving these targets) of 08.07.2011 took
effect on 15 July 2011.
16
Environmental Charges Act, State Gazette I, 14.03.2011. Statistical Office of the
European Communities i.e. Eurostat uses the concept ‘environmental tax’ that includes
all environment-related taxes, fees, excise duties and state fees. In this research the term
‘pollution charge’ is used instead of ‘pollution tax’.
17
Ministry of Economic Affairs and Communications, passed by the Government of
the Republic of Estonia Order No. 74 of 26.02.2009.
18
Ministry of Economic Affairs and Communications, approved by the Government
of the Republic Order No. 452 of 26.11.2010.
9
 The Electricity Market Act plays a vital role in the organisation of Estonian
electricity production.19 This act regulates the generation, transmission, sale,
export, import and transit of electricity and the economic and technical
management of the power system. The act prescribes the principles for the
operation of the electricity market based on the need to ensure an effective
supply of electricity at reasonable prices and meeting environmental
requirements and along with the needs of consumers, and on the balanced use of,
environmentally clean and long-term sustainable energy sources. The Electricity
Market Act also sets out a procedure for electricity producers from renewable
energy sources on acquisition of feed-in-tariffs (FIT) and the tariff amounts.
Estonian electricity production is mainly based on oil shale. 92.5% (Statistics
Estonia, 2011) of the total electric power output of Estonia is generated from the
local fuel – oil shale. By structure, oil shale exerts a significant impact on the
environment – the emission factor20 of CO2 in electricity generation is
1,156 kg/MWhe, which is up to two times higher than the emission factor of
natural gas 573 kg/MWhe (Kleesmaa 2010 and Kleesmaa et al. 2011). In
addition, oil shale fuel has a very high ash content which is 47%21 of fuel weight
(for example, the ash content of wood as a biofuel is ca. 1%). In order to comply
with environmental requirements, the high ash content requires specific ash
handling techniques for ash depositing.
The Development Plan of the Estonian Electricity Sector until 2018
determines the installation and use of capacities and technologies planned for the
energy sector. According to the best future scenario set out in the Development
Plan of the Estonian Electricity Sector, the capacity of co-generation plants22
should be increased to 300 MWe by 2014; 2x300 MWe oil shale fluidised bed
combustion units23 should be erected by the end of 2015; by 2012,
desulphurisation and denitrification systems must be installed in four of the
existing old 200 MWe oil shale units; by 2013, the capacity of on-shore wind
turbines must be increased to 400 MWe. Investment decisions grounded on the
best scenario of the Development Plan have in some cases already been carried
out and further activities are under way.
In the first research paper the aggregate table setting out the capacities
planned in the best electricity production scenario of the Development Plan of
Estonian Electricity Sector has been supplemented with the indicators of the
previous periods’ actual operation hours and CO2 emissions found by the official

19
Electricity Market Act, 11.02.2003 State Gazette I 2003, 25, 153.
20
Emmission of unit mass (kg) per primary energy unit (MWh − megawatt-hour).
21
Ash is a fireproof residue from combustion. It is formed of the mineral particles of
fuel in the process of burning.
22
Generation of electric energy on the basis of heat and power cogeneration mode.
23
A fluidised bed unit consists of two fluidised bed boilers, a turbine and an electric
generator.
10
CO2 calculation method24. The referred supplementary calculations enable
assessing the new situation developed by the year 2020 in quantitative terms. On
the basis of the forecasts Estonian electricity production will change
fundamentally, i.e. the share of oil shale-based electricity generation will
decrease to ca. 40%, whereas the share of renewable energy will increase to ca.
31%.
Realisation of the best future scenario depends largely on the effect of the
CO2 trade, which, via the price and quantity of emission allowances, regulates
and motivates the diversification of the electricity production portfolio through
cost-effectiveness, which in turn would facilitate technological development.
The Minister of the Environment delegated out, through Regulation No. 44, the
application process for free allowances and on the procedure for certification of
emissions to an independent accredited verifier during 2011–2012 and 2013–
2020, which so far had been carried out by a solely competent authority – the
Ministry of the Environment, is an indication of the Government’s efforts to
understand the possibilities for regulating the EU greenhouse gas emissions
trading. It is relevant to mention that, in March–August 2011, the author of this
Doctoral Thesis has himself participated in the free CO2 emission allowance
certification process of several enterprises, carried out in accordance with the
requirements established by EU Regulation 2009/29/EC. Practical experience
acquired in the course of certification confirms once again the hypothesis that a
well-functioning regulation motivates enterprises’ activities. Carrying out of the
certification process gives enterprises a chance to analyse their day-to-day
business in detail. On the basis of relevant results, enterprises can make
decisions for optimisation of their business (and enhancement of
competitiveness) in new conditions as well as to find the best ways to protect the
surrounding environment (Porter 1995, Thompson 2004, Neary 2006).
The following articles have been published in the course of research:
Kleesmaa, Jüri. Impact of CO2 trade on electricity producers depending on
the use of different energy sources in Estonia. In: Estonian Economic Policy
Debate XVIII: XVIII Economics Policy Conference, Värska, 1.–3.07.2010.
Berlin*Tallinn: Berliner Wissenchafts-Verlag, Mattimar, 121−139, 2010.
Latõšov, E., Kleesmaa, J., Siirde, A. The impact of pollution charges, ash
handling and carbon dioxide to cost competitiveness of fuel sources for energy
production in Estonia. Scientific proceedings of Riga Technical University.
Environmental and Climate Technologies, 4(13), 58–63, 2010.
Kleesmaa, J., Pädam, S., Ehrlich, Ü. Subsidising renewable electricity in
Estonia. In: Energy and Sustainability III: Energy and sustainability 2011,
Alicante, Spain, 2011. (Editorial Board) Mammoli, A. A., Brebbia, C. A.,
Villacampa Esteve, Y. WIT Press, 2011, (Ecology and the Environment; 143),
229–241.

24
The Minister of the Environment regulation no 94 “Välisõhku eralduva
süsinikdioksiidi heitkoguse määramismeetod” (method for determination of carbon
dioxide emission discharged into ambient air) of 16.07.2004.
11
 Kleesmaa, J., Latõšov, E., Karolin, R. Primary method for reduction of SO2
and its impact for CO2 in pulverized oil shale fired boilers at Narva Power Plant.
Oil Shale 2011, vol 28-2, p 321–336.
Kleesmaa, J., Viiding, M., Latõšov, E. Implication for competitiveness of
Estonian energy-intensive industry after establishment of CO2 pricing from year
2013 onwards. Baltic Journal of Economics, autumn 2011. [Forthcoming]
The main research tasks of the Doctoral Thesis are as follows.
1. Assuming that the best scenario of the Development Plan of the Estonian
Electricity Sector will be implemented, give a quantitative assessment of the
impact on CO2 emissions by taking into account actual operation hours, and
compare the result with the objective set out in the European Union Emission
Trading System (EU-ETS).
2. Assess the impact of additional costs arising from environmental charges,
ash handling fees and the price of CO2 quota on the cost-competitiveness of oil
shale, wood, peat and natural gas in the Estonian fuel market in 2015.
3. On the basis of the economic activities of two power plants (heat and
power cogeneration plants), assess the effect of Feed-in-Tariffs (FIT), and
explain whether the current tariff is justified from the perspectives of
effectiveness, economic efficiency and how it influences consumer prices.
4. Analyse the possibilities of using the primary method BLW
(Brennschiefer–Luft–Wasser) for the purpose of achieving the permitted SO2
emission level established in the EU environmental regulations. Although the
primary method potentially achieves the desired reduction of SO2 emissions,
other emissions (due to fuel consumption increase) might increase. The main
contribution of the author’s research is the development of an algorithm that
calculates the per ton cost of the SO2 air emissions in different modes of the
primary method, taking into consideration investment costs, the increased costs
of other emissions and increased fuel consumption costs.
5. Analyse on the basis of the CO2 emission allowance prices (15, 25 and 50
euros per ton, respectively) the impact on the competitiveness of 21 companies
that participate in the EU Emission Trading System, provided that all carbon
dioxide emission allowances were bought at auction contrary to the free
allowances distributed during 2008–2012.
The object of the Doctoral Thesis research is Estonian electricity
production and the effect of legislative acts on the formation of its structure until
2020. In addition, other energy-intensive enterprises not related to electricity
production are observed in a new environment created due to the application of
legislative acts.
In the methods parts of the Doctoral Thesis, the knowledge acquired in the
course of various research works has been used. Being continuously involved in
the field of energy, which is presently so closely connected with economic
issues, enables to directly perceive sensitive points and also the impacts of
change and the indifference that enterprises come across in their usual activities.

12
 Each research paper is based on calculation models developed by the authors
for the specific purpose of the paper. The mentioned models enable the analysis
of basic data by changing different input values.
The cost-competitiveness of fuels producers has been assessed depending on
the implications of environmental charges and CO2 trade. Taking economic
indicators and the financial result on enterprise level, into consideration the
impact of FIT is assessed from the enterprise’s as well as social-economic
perspectives.
Basic data used in the Doctoral Thesis include the European Union
directives, national development plans, annual reports of enterprises, legal acts
of Estonia, results of pulverised oil shale combustion tests, results of various
research works, articles published in scientific journals and other sources of
literature.
The contribution of this Doctoral Thesis in theoretical and practical terms
lies in the following.
1. The cost-competitiveness of fuels is handled from the perspective of
supplementary costs arising from various regulations that are added to fixed fuel
prices. Supplementary cost involves costs related to ash handling.
2. According to the author’s knowledge, no assessments have so far been
carried out with respect to FITs granted to cogeneration plants on enterprise
level – at least no relevant public information is available. The implications of
FITs have been studied on the basis of power plants’ annual reports by analysing
financial-economic indicators.
3. Modelling of the tests carried out in the pulverised oil shale-fired boilers
with the aim of introducing the primary method is unique at the global level,
since no such oil shale-related models have been previously compiled. Another
aspect is the use of the test results for calculating emission reduction costs.
Overview of the approval of research results
1. Results of the research about the impacts of CO2 trade on electricity
producers in Estonia were presented by the author at the Scientific− Conference
on Economic Policy at Värska in 2010.
2. Conclusions drawn from the results of the research paper on the impact of
pollution charges, ash handling and the prices of CO2 emission allowances on
the costs of different fuels were presented by correspondent author Eduard
Latõšov at the Riga Technical University conference in 2010.
3. The results of the research paper on the implications of FITs on Estonian
electricity production and the case study of cogeneration plants were presented
by the author at the scientific conference “Energy and Sustainability 2011” in
Alicante, Spain, April 2011, on the recommendation of the team of authors
involved.
4. The research paper about implications of the tradable CO2 emission
allowances on Estonian energy−intensive enterprises was presented by one of
the authors of the paper – Marko Viiding (Doctoral candidate at the University
of Tartu) – at the Scientific Conference on Economic Policy in Värska
conference in 2011.

13
Abbreviations
AVC – Average Variable Cost
B – fuel consumption
BLW – Brennschiefer-Luft-Wasser (fuel-air-water)
B-LW – optimal capacity – air-water
bLW – minimum capacity – air-water
C – carbon content
Ca(OH)2 − slaked lime
CaCO3 − limestone
Ca/S – calcium and sulphur ratio
CEO − Chief Executive Officer
CHP − Cogeneration Heat and Power
CO2 – carbon dioxide
COM − Commission of the European Communities
CaO − calcium oxide
Cvar – variable costs magnitude
Cconst – investment cost
EC – European Commission
EU − European Union
EU-ETS − the European Union Emission Trading System
EUR – euro
FIT – Feed in Tariff
G – quantity
GHG − Green House Gas
GWh, MWh, kWh – energy content
H2O – water chemical conglomerate
IRR − Internal Rate of Return
Kc – part of oxidize carbon
K2O − potassium oxide
LIFAC – flue gas cleaning method
LRMC − Long Run Marginal Cost
LW – Luf-Wasser (air-water)
Mc – carbon emission value
MgO − magnesium oxide
MW – capacity
NAP − National Allocation Plan
Nm3 – normal cubic meter
NOx – nitrogen oxide
OK – equity share
O2 – oxygen
PM – solid particuls
PCO2 − cost of CO2 emission
Q – fuel calorific value

14
 ROx − fuel fine crushing
S − sulphur
SO2 – sulphur dioxide
SRMC − Short Run Marginal Cost
VC − Variable Cost
VK – loan capital share
VKG – Viru Keemia Grupp
WACC – Weighted Average Cost of Capital
k – equity cost
mg – milligram
q – specific emission
β − emissions relative reduction
η − absorption factor
η − energy unit efficiency

Acknowledgements

I would cordially like to thank all people and organisations that have contributed
to the carrying out of my research work.
I would like to express my sincerest gratitude to my supervisors, Professor
Üllas Ehrlich and Professor Maksim Saat, whose thorough and competent help
supported me especially at strenuous moments. I am grateful to Professor Kaie
Kerem, Head of Department of Economics, and to Professor Karsten Staehr,
leaders of doctoral studies, and all participants in doctoral studies for having
created an academic atmosphere on study days and for in-depth presentations
and discussions rich in subject matter. My special thanks go to Master of
Economics Sirje Pädam.
I am thankful to all personnel of ÅF-Estivo AS and in particular to CEO Mr
Jüri-Andrus Alasi who supported my research work in every way. I would like
to express words of gratitude to my good and competent colleagues PhD Eduard
Latõšov and Senior Consultant Robert Karolin with whom we wrote and
published several scientific articles in various publications.
I would like to thank my family – my wife Tiina Kleesmaa and my son Alo
Kleesmaa. I appreciate their profound understanding and support that helped me
to reach the goal set.

15
1. EFFECT OF ENVIRONMENTAL REGULATIONS ON
ELECTRICITY PRODUCTION IN ESTONIA UNTIL
2020
Business executives (including electricity producers) traditionally think that
environmental regulations such as permitted maximum levels of air emissions,
pollution charges and greenhouse gas trading allowances, affect the
competitiveness of companies, restrict business activity and are inhibiting and
non-productive from the perspective of business operations. The permitted
maximum levels imposed on air emissions impacts the use of technologies.
Pollution charges and emission trading allowances make the parties involved
consider air emissions and these measures also have an effect on by-products
that were earlier untouched by regulation.
On the basis of different case studies, this thesis analyses the implications of
EU directives, greenhouse gas trading, maximum permitted levels of air
emissions as well as the environmental charges arising from Estonian legislation
and the feed-in-tariff (FIT) specified in the Electricity Market Act. In addition,
the overall aim of the thesis is to analyse the impacts that environmental
regulations have on electricity production. This is done from the perspective of
Estonian electricity producers’ business activities, as well as from the point of
view of the impact of regulations on a wider societal perspective.
The first research paper “Impact of CO2 trade on electricity producers
depending on the use of different energy sources in Estonia” analyses the
structural impact of the Development Plan of the Estonian Electricity Sector
until 2018 in light of EU greenhouse gas allowance trade. The best future
scenario proposed in the mentioned Development Plan serves as background
information for the study that focuses on finding the implicators of electricity
production technologies pursuant to the emission trading directive and its
consequences to the fuel market. The Development Plan of the Estonian
Electricity Sector is given a quantitative assessment as a result of the research.
The second research paper analyses the usage of different fuels in electricity
production by taking into account the requirements of the CO2 emission trading
directive as well as the impact of the environmental costs of fuels from other
legislation. Thereby the impact of environmental charges until 2015 in the case
of fixed prices of different fuels, CO2 allowance trading, and supplementary
costs related to ash handling have been taken into account as relevant
determinants.
In the third research paper dealing with the impact of FITs on renewable
electricity production, two 25 MWel cogeneration plants that started operation in
2009 serve as case studies. In the case studies assessment of the cogeneration
plants’ investment decisions and profitability are based on their annual reports
(Annual Reports 2010). In order to assess profitability without FITs, the rules of
the Estonian Competition Authority were applied and the revenue per MWh
(megawatt-hour) without FIT was calculated. Then, the results were compared
with the marginal cost and the cost price of electricity. Since a gradual transition
16
from oil shale-based electricity to electricity based on renewable resources has a
positive effect on the environment we calculated the external costs depending on
whether electricity is being produced from oil shale, wood chips or peat.
In order to meet the SO2 specific emission limit value (400 mg/Nm3) set as a
target for 2016 by the European Union, in the fourth research paper is analysed
that it is advisable to apply flue gas circulation, finer crushing of oil shale dust
and water injection first to one of the pulverized oil shale-fired boilers for the
purpose of studying the impacts of these factors on the SO2 emission.
The last research paper studies the competitiveness of the 47 enterprises that
participate in the EU-ETS, i.e. EU’s CO2 emissions trading system after 2013
assuming that all CO2 allowances have to be bought at auction. The research
paper includes both electricity producers and other energy intensive companies
that switched into the given trade system. The research paper centred on the
impact that an increasing variable costs has on the competitiveness of the studied
energy intense companies (including electricity producers) depending on their
CO2 emission intensity. The research also observed how the energy intense
companies manage to shift additional costs to the fixed sales price; as well as the
measures taken to reduce the CO2 emission in their production.

1.1. Setting of theses, literature and methods

In the view of environmental regulations, Estonian electricity production is on

the threshold of a new era – the use of fuels needs to be changed, combustion
technologies need to be improved, new technologies need to be introduced for
the purpose of meeting the environmental requirements that tend to become ever
stricter, otherwise electricity producers will face fines and a threat of a
shutdown.
The CO2 emission allowance trading system (EU-ETS), environmental
charges on fuels and ash handling fees, the FIT arising from the Electricity
Market Act – all these measures have an impact on electricity production.

1.1.1. Implementation of the best scenario described in the Development

Plan of the Estonian Electricity Sector until 2018 will cause a sharp
reduction of CO2 emissions

An objective arising from the best scenario proposed by the government in the
Estonian Electricity Sector Development Plan until 2018 involves diversification
of electricity production to be achieved due to the introduction of different
technologies. The government assessed the scenarios from three aspects –
economy, security and environment. The aim the of research paper was to assess
the best possible scenario of the electricity sector from the perspective of CO2,
(i.e. how much the quantity of CO2 will decrease) in the case that the best future
scenario of the Development Plan is implemented and in which way it is in line
with the target set for greenhouse gas emission trading.

17
 The first introductory trading period under Directive 2003/87/EC establishing
a scheme for greenhouse gas emission allowance trading within the Community
lasted from 2005 to 2007 when the main CO2 emission allowance trading took
place only between the EU Member States. The second period started on
01.01.2008 and lasts until 31.12.2012. The third emission allowance trading
period will cover the period 2013–2020 and is tied to the EU Climate and
Energy Package (20%+20%+20) which was adopted in 2008. The aim of the
package is to reduce greenhouse gas emissions by at least 20% below the 1990
level by the year 2020. At the same time, by 2020 the number of emission
allowances will be reduced by 21% compared to the cap of 2005, with an annual
reduction of 1.74%. A target was also set for the energy sector – all emission
allowances shall be bought on the market.
For the trading period which started in 2008, the European Commission (EC)
directives took extremely radical cut-down decisions with respect to the total
sum of allowances to be allocated to Member States (the so-called national
Allocation Plan – NAP) in order to stabilise the situation prevalent during the
previous trading period. The purpose of the CO2 market is to allow demand and
supply set the price and value of one ton of CO2.
For the 2008–2012 trading period, Estonia made an allocation proposal of
24.4 million tons of CO2 quotas for free per year (122 million t / 5 y.) to the EC.
The EC reduced the proposed quota amount to 12.7 million tons (63.5 million t /
5 y.), i.e. ca. by 52%. In Estonia, 47 installations, including 39 in the energy
production sector, 6 in the mineral industry and 2 in the paper and pulp industry,
participate in allowances trading. Greenhouse gas permits are issued by the
Minister of the Environment under Regulation No. 257 which provides for the
permitted quantity of emissions discharged by stationary sources of pollution for
the period from 1 January 2008 until 31 December 2012. Every year 11,678,257
tons are distributed to installations and the annual reserve comprises 1,038,801
tons meant for new installations entering the trading system.
Estonia filed an action to the European Court of Justice against the European
Commission claiming that the European Commission made serious errors and
exceeded its authority in making the relevant decision. The European Court
agreed to Estonia’s opinions and noted that the Commission had no right to
replace Estonia’s data by its own ones during the assessment of the National
Allocation Plan. In addition, the Commission’s data had not taken Estonian
energy policy sufficiently into account and were not based on accurate GDP
growth forecasts. Besides, the European Court confirmed that the principle of
good administration had been violated25.
The court judgement entailed new decisions to be taken on Estonian emission
quotas by the EC. In 2009, the EC provided justifications for its decision
previously taken on the quantity of emission quotas and refused to amend it.
Negotiations between the EC and Estonia continue at present. In July 2011,

25
Eurpean Commission Decision of 11.12.2009 concerning the national allocation
plan for the allocation of greenhouse gas emission allowances notified by Estonia in
accordance with Directive 2003/87/EC of the European, Parliament and of the Council.
18
Estonia made a new proposal to the EC asking for the rate of 13.3 million tons of
emission allowances26.
Assuming that the CO2 allowances basic value for Estonia will be 12.7
million tons. The EU energy policy measure foresees reduction of greenhouse
gas emission allowances by 1.74% per year compared to the reference year
2005. Proceeding from these values at the referred minimal CO2 reduction rate,
the respective CO2 amount is estimated to be no more than 11.2 million tons in
2020. To compare goals of EU-ETS to our best scenarios CO2 quantity of this
scenario will be calculated and benchmarked to EU-ETS minimum CO2
reduction requirements.
The Minister of the Environment Regulations No. 94 of 16.07.2004 and No.
99 of 02.08.2004 serve as the bases for calculations of the CO2 emission released
into the ambient air during combustion of different fuels (in the 1st, 2nd and 5th
articles). The mentioned regulations provide for a method of determining the
amount of CO2 released into the ambient air. The author has compiled an Excel
program-based calculation model for determining the discharged CO2 amount in
the case of the best future scenario of electricity production. The input of the
calculation program is comprised of CO2 emission factors, capacity of the power
plant, operational efficiency and duration of operation period, whereas, the
relevant calculations were made by using the determination method established
by the referred Regulation of the Minister of the Environment. Electricity
production in 2020 and the CO2 emission released in the course of electricity
production are the results gained due to the calculation process.

1.1.2. The cost-competitiveness of oil shale, wood, peat and natural gas will
face a change in 2015 due to increases in environmental charges, ash
handling fees and the CO2 emission allowance price

In Estonia, environmental charges have been applied since 1991. In the course of
20 years, these charges have been revised and amended and the respective rates
have been increased step by step. The rates of the environmental charges that
took effect in 1991 were low, because the economic level and the solvency of
the population were also low. In terms of environmental protection, their impact
was symbolic, in order to ‘drawing attention’ nature. As a result of the gradual
increase in the charge rates over a long period of time with a larger ‘leap’ made
in 2006, the charge rates have by now grown to the level that to some extent
already encourages environmental protection activities. (Kraav 2008).
Pollution charges serve as an economic instrument functioning by ‘the
polluter pays’ principle. The goal is to let an undertaking choose whether to
invest in the reduction of pollution and pay less pollution charge in the future or
to continue its production process and polluting and pay compensation to the
state for the environmental pollution caused.

26
http://majandus.delfi.ee/news/uudised/eesti-vahendab-uues-kavas-soovitavat-co2-
kvooti-miljoni-tonni-vorra.d?id=50691217 (in Estonian). Retrived 22.09.2011.
19
 The aim of the research paper is to assess the impact of monetary measures
on the cost competitiveness of oil shale, peat, wood and natural gas. Cost
competitiveness of a fuel has been determined on the basis of the change in fuel-
related environmental costs for the period 2010–2015. While the pre-charge
prices of various fuels were fixed, the costs were added of ash handling fees,
environmental charges and the price of CO2 emission allowances per one
megawatt-hour of energy content of respective fuel.
Quantities of emissions released into the environment in the course of fuel
combustion and ash formation have been calculated according to the
Environmental Charges Act of 15 June 2010.

1.1.3. FITs are effective for introducing renewable energy, but the costs may
not be justified

FITs entail a guaranteed price for those undertakings that produce electricity
from renewable sources whereas the network operator is obliged to purchase
their production (del Rio & Gual 2007). There are two possibilities for covering
the costs of FITs: this is done on account of consumer’s electricity bill or
through the public sector budget. An important reason, why the electricity
produced form renewable sources is subsidised is that the production costs are
bigger than in case of electricity from other sources (del Rio & Gual 2007).
Relying on German and Danish experience, Sijm (Sijm 2002) has assessed
the sustainability of FITs and he concludes that FITs are effective for
encouraging production of electricity from renewable sources, but costly,
inefficient and distorts the market.
Spain has achieved notable results in the development of electricity
production from renewable sources. Del Rio and Gual (2007) find evidence
similar to Sijm in their assessment. The Spanish system has proved effective in
stimulating wind energy, but has not showed the same success in the case of
other energy sources. Consumer prices rose during the time period 1999–2003
from 0.14 euro cents to 0.26 euro cents per kWh. However, the costs of FITs are
large in comparison with the avoided external costs.
The goal of the research paper about subsidizing renewable electricity in
Estonia is to assess the application of FITs to heat and power cogeneration plants
and, to explore whether the current tariff is effective, justified from the
perspective of efficiency and what effect it has on the consumer price. Another
goal of the research paper is to determine the value of avoiding external costs.
So far, we have no information about previous assessments of the application of
FITs to cogeneration plants. Thus, the relevant article can be regarded as the first
one in this field.
The 2008 and 2009 annual reports submitted by two power plants serve as a
basis for assessing the efficiency of FIT. The financial indicators of these
enterprises are used as benchmarks and as inputs to the analysis. Since
information of the annual reports do not directly reveal the power plant

20
dependence on FIT, the following formula was compiled by the authors. The
formula reflects the dependence of operating profit on the size of FIT:

where
is operating profit from electricity sales expressed in euros, −
operating profit without FIT in euros, − produced electric energy in
megawatt-hours and, FITi denotes the size of support given in case of different
fuels in euros per megawatt-hour; i=1,2 (1=wood and 2=peat).
The operation of power plants without FITs was analysed by using the
regulator method established by the Estonian Competition Authority – a price
formula of WACC i.e. the Weighted Average Capital Cost:

where
ke – cost of equity capital (%), kd – cost of borrowed capital or external
liabilities (%), OK – proportion of equity capital determined by the regulator
(%), and VK – proportion of borrowed capital determined by the regulator (%).
According to the support rates provided for in the Electricity Market Act, the
size of FIT if electricity is generated from a renewable energy source (including
wood in a cogeneration regime) and from peat in an efficient cogeneration
regime27 is 54 euros per megawatt-hour in the case of wood fuel and 32 euros per
megawatt-hour in the case of peat.

1.1.4. The use of primary energy method has great advantages in SO2
capturing costs in pulverised oil shale-fired boilers

Reduction of the SO2 emissions released in the pulverised oil shale combustion
process is one of the most important and complicated environmental issues faced
by Narva Power Plants. The EU accession agreement sets out an obligation to
restrict the SO2 emissions to 25,000 tons per year from 2012 onwards source.
The directive on industrial emissions establishes an obligation to substantially
reduce the discharge of specific emissions SO2, NOx and fly ash starting from
2016. These requirements will significantly limit electricity production capacity
in Estonia. In order to ensure compliance with the EU requirements, several flue
gas cleaning methods (dry, semi-dry, wet, plasma and photochemical methods)
targeted at reducing the SO2 emissions have been studied and tested (Ots 2006).
However, the experience gained from the referred tests shows that the listed
methods do not fully take the specific mineral properties of oil shale into

27
„Elektrienergia tootmine elektri- ja soojusenergia koostootmise režiimil, lähtuvalt
soojusenergia nõudlusest ja tagades energiasäästu vastavalt tõhusa koostootmise nõuetele“
(production of electric energy in the heat and power cogeneration mode depending on the demand
for heat energy and by ensuring the saving of energy in compliance with the requirements set for
efficient cogeneration); State Gazette I 2007, 23, 120 – in force since 01.05.2007.
21
account. Furthermore, the possibility of their application and assurance of their
efficiency is questionable. To increase the SO2 capture in pulverised oil shale-
fired boilers by primary methods comprises a large reserve in the reduction of
SO2 emission. Its own nature offers a solution to this problem as oil shale has
been supplied with a neutralizing mineral ballast that contains up to ten times
more SO2-binding components (CaO, MgO, K2O, etc.) than stoichiometrically
needed. Nevertheless, by the currently applied pulverised oil shale combustion
methods, the capture of SO2 varies to a large extent in a pulverised oil shale-fired
boiler by 70–80%. The specific emission of SO2 in leaving flue gases is 1,800–
2,700 mg/Nm3 (Aunela 1995). This indicates that the specific emission of SO2 in
flue gases changes to a large extent during the boiler operation period, because
the regime and technological parameters change, too. This suggests that
application of primary methods for capturing SO2 in pulverised oil shale-fired
boilers involves large reserves and this potential is not fully made use of as of
yet. The main difficulty in taking into use of the mentioned reserves while
capturing SO2 is that there is lack of experience in the combustion of a fuel of
similar structure and in the capture of SO2 by primary methods.
The application of primary methods in pulverised oil shale combustion
reduces the emissions of NOx and SO2. The decrease in SO2 emissions is proved
by the results of earlier tests carried out on the Eesti Power Plant boiler walls by
the Power Plant staff source. The tests were based on water injection tests after a
finer crushing of oil shale dust and heating of steam in the superheater. The
mentioned tests had earlier been carried out in a boiler of the Balti Power Plant
and resulted in an enlarged fly ash chemisorption surface.
Water injection after the superheater activates fly ash (i.e. it enlarges the fly
ash chemisorption surface). The water injection technology is a simplified high-
temperature technology developed on the basis of the LIFAC gas cleaning
method. For a long time, the LIFAC gas cleaning method has been successfully
and widely applied to coal-firing power plants for the reduction of SO2 emissions
(Hämälä 1986 and Ryyppö 2000).
Circulation of flue gases lowers the combustion flame temperature, which in
turn reduces a high-temperature agglomeration process. Finer-fraction crushing
of oil shale reduces mechanical separation and enlarges the fly ash
chemisorption surface. Both primary technologies have for a long time been
successfully and widely applied to coal-firing power plants for the reduction of
NOx emission (Kotler 1987, Leikert 1986, Jaborski 1995, Weber 1986,
Macphail 1999 and Sidorkin 1991).
The advantage of primary technologies lies in considerably smaller
investments and operational costs compared to those of gas cleaning equipment
such as SO2 scrubbers and catalytic NOx reactors (Nolan 1995, overview of the
methods 1993, Beljaikin 2000, Šmigol 2006 and Šmigol 2007).
The cost calculations of the fourth research paper are based on the
technological and economic-analytical algorithm of the primary method BLW
(Brennschiefer–Luft–Wasser) technology, which was compiled by the team of
authors (Appendix B).

22
1.1.5. Additional costs of the CO2 emission allowances influence the variable
costs and might thereby affect the competitiveness of enterprises
participating in the trade with emission allowances

Researchers of economics regard that, in principle, competitiveness can be

affected by environmental regulations in two ways: the first approach states that
environmental regulation is harmful to competitiveness (Oates, Palmer &
Portney, Simpson 1993) − a) there is a fixed opportunity cost, b) and is therefore
harmful to other innovations; and the second approach suggests that a reasonably
implemented environmental regulation improves competitiveness (Porter & van
der Linde 1995). Michael Porter presents six aims of environmental regulation
that all foster the competitiveness of firms: a) signals to firms an efficient use of
resources, b) focuses on the collection of information, c) reduces uncertainty, d)
creates certain pressure, e) ensures a transitional buffer stock, and f) improves
the quality of the environment. Empirical results support neither the first nor the
second approach (Lanoie 2008).
In this research paper 21 of the largest energy-intensive enterprises in Estonia
were analysed. Six of these enterprises have more than one subsidiary.
Subsidiaries included, we have 47 Estonian production units registered in the
European Commission’s National Allocation Plan for the Community Emissions
Trading Scheme (European Commission 2008).
The referred Allocation Plan provides an overview of some of the principles
according to which these production units have been classified. Several
production units produce electricity, or heat or cogenerate both. Some enterprise
groups own several subsidiaries, but only a certain number of them deal with
energy production (e.g. Eesti Energia AS, Viru Keemia Grupp AS (VKG) and
Kiviõli Keemiatööstuse OÜ). Some enterprises do not produce energy, but
rather emit large amounts of CO2 as part of their production process. Such
enterprises are, for example, manufacturers of cement − Kunda Nordic Tsement
and cellulose and pulp producers − AS Estonian Cell and Horizon Tselluloosi ja
Paberi AS, manufacturers of bricks − Wienerberger and glass producer O-I
Production Estonia.
In the research paper, the authors observe the variable costs of these
companies in 2008 and 2009, and assume that changes in variable costs have a
direct impact on the total costs. In the structure of costs of energy-producing
companies, variable costs – also including fuel costs – comprise 85–90% of total
costs. Thus, variable costs constitute a good indicator that shows how the
establishment of the carbon dioxide emission allowance price brings about a
change in total costs.
The aim of using the CO2 emission allowance prices (15, 25 and 50 euros per
ton) is to compare a scenario with free allocation of allowances to another
scenario where allowances are to be bought at auction to their different market
prices. Data on the variable costs of the 21 companies observed here have been
derived from the 2008 and 2009 annual reports. Data on the fuels used have been

23
collected from annual reports, if available, or from public sources and in some
cases via personal contacts between the corresponding author and the companies
concerned.
Changes in variable costs that depend on the CO2 emission allowance price
can be expressed through the formula compiled by the authors:

2 , ,
∆ , , , 100, %
, , ,
where
, , − is variable cost in euros, − cost of CO2 emission in euros,
2 − the emission factor in ton per megawatt-hours, , , − corresponds to
the amount of fuel used in tons, − calorific value in megawatt-hours per ton.
Every value of variable costs of observed enterprises ( , , ) is unique: i
stands for an individual enterprise (i 1 … 22 ; n marks the accounting year of
variable cost (n 1,2 , so that n=1 stands for the accounting year 2008, and
n=2 for the accounting year 2009; e represents the price of CO2 emission where
e=1 means 0 euros per ton, e=2 stands for 15, e=3 stands for 25 and e=4
represents 50 euros per ton; j represents the type of fuel used j 1 … 5 , where
j=1 stands for oil shale, j=2 is generator gas, j=3 is shale oil, j=4 is natural gas
and j=5 represents peat.

2. RESULTS
2.1. Realisation of the best future scenario suggested by the
Development Plan of the Estonian Electricity Sector until 2018 will
cause a sharp change in the amount of CO2 emission

A power plant’s output depends on the climate conditions and the market
situation in a certain year. The electricity market regulation must ensure
diversity of the production structure in Estonia, at the same time there is a need
to ensure sufficient production capacity. Without strict environmental
regulations capacity is sufficient. Unless it is possible to buy electricity at a
cheaper price elsewhere, regulations require investment in new capacity.
However, a justified question also arises in the case where we buy cheaper
electricity – for example from Russia – whether the conformity certificate is
proper and valid. In the free market, where cheaper electricity is imported from
third countries, and these countries are not subject to carbon-free electricity
production requirements, home market electricity producers find themselves in a
situation of unequal competition.
Pursuant to the forecast made for 2020 (in the Development Plan, presented
until 2018) the situation is estimated to change drastically (Figure 1): the share
of oil shale-based electricity will decrease to about 40%, and the share of
renewable energy will increase to nearly 31% compare to 2010.

24
 Narva Power
Wind Parks Plants woodchips Narva Power Plant
12% 4% oil shale
40%
Peak load reserve
plants
7%

Wind Parks
rebalancing plants Co-generation
22% plants renewable
fuel
15%

Figure 1. Electricity production in Estonia for own consumption in 2020.

(Author’s calculations)

Comparing the 2007 national electricity consumption (about 8,200 GWh28 −

exports and transmission losses excluded) to the estimated electricity production
in 2020 (estimated to be 10,480 GWh) consumption will grow by about 22%.
The results gained by the CO2 emission calculation method reveal that, in 2020,
with electricity production of the best future scenario being 10,480 GWh, the
CO2 emission will be 5.7 million tons. The CO2 emission will decrease due to
various energy sources that are expected to be taken into use at the new power
plants to be operated on the basis of renewable energy sources or gas.
Estonia submitted an application to the European Commission for the CO2
annual emission allowance quantity of 13.3 million tons to cover the period of
2008–2012. The initial quantity that was to be allocated by the European
Commission was 12.7 million tons (including reserves). Presently negotiations
on the emission allowance quantity continue. The EU energy policy measure
foresees reduction of greenhouse gas emission allowances by 1.74% per year
compared to the reference year 2005, but the European Commission corrected
the quota quantity meant for the time period 2008–2012 that Estonia had applied
for stating that the asked quantity was overestimated (European Commission
2009). We assume that the CO2 allowances basic value for Estonia will be 12.7
million tons. Proceeding from these values at the referred minimal CO2 reduction
rate, the respective CO2 amount is estimated to be no more than 11.2 million
tons in 2020. According to the best scenario proposed for the Estonian electricity
production (from 2013 up to 2020), the annual CO2 quantity is estimated to be
5.7 million tons (by the author’s calculations). Thus, the CO2 emission reduction
tempo per year will be 5.2%, which means that implementation of the best
scenario of the electricity development plan will bring about an approximately
fourfold tempo of CO2 reduction. In case of a CO2 emission allowance price of
20 euros per ton (Engebretsen 2008), additional cost for electricity production

28
Author’s calculation.
25
will amount to 110 million euros (in case of the quota price 50 euros, the
respective sum will already be 275 million euros).
An excessive tempo of CO2 reduction implies huge investments over a short
time period, pressure on the electricity price, additional burden to consumers,
and a question whether the chosen best scenario is the most balanced one.

2.2. The cost-competitiveness of oil shale, wood, peat and natural gas
will face a significant change in 2015 due to environmental charges,
ash handling fees and prices of CO2 emission allowances

The EU directive on greenhouse gas trading, assessed from the point of view of
the best future scenario described in the Development Plan of the Estonian
Electricity Sector sets new requirements for the use of fuels – fuels that cause
more pollution to the environment (oil shale, peat) will be pushed out of the
fuels market and environmentally friendlier fuels (renewable energy sources
such as biofuels, wind and solar energy and natural gas) will replace them.
Increasing environmental taxes and charges will give energy producers price
signals to move toward the intended change. The increase brought about by ash
handling fees will amount to approximately 30% in 2015 compared to the ash-
handling fees to the reference year 2010 (no ash is formed in the use of natural
gas).
Calculation results reveal that the expected increase in environmental costs
will remarkably change the cost-competitiveness between fuels.
Oil shale has the highest rate of pollution charge per one MWhfuel of energy
content of the fuel – about 1.75 euros per megawatt-hour. High emission factors
– in particular in the case of sulphur dioxide, carbon dioxide and solid particles –
are estimated to raise the pollution charge rate by twofold i.e. to approximately
3.75 euros per megawatt-hour by 2015. Oil shale-related environmental costs
were 10.6 euro in 2010, which was the highest of the fuels types. Similarly, in
2015 the absolute increase in costs per one megawatt-hour of energy content of
the oil shale is estimated to be the largest: depending on the CO2 quota pricing
plan, it will be 13.1–18.5 Euros per megawatt-hour (87–122% increase related to
2010 costs). This trend may threaten the competitiveness of oil shale-based
energy production in comparison with the energy producers who use other fossil
fuels or renewable fuels.
At present, peat is considered a good alternative to wood chips. The price of
wood chips is 12.8 euros per megawatt-hour. The price of peat is lower: 11.7
euros and these balance environmental charges (including ash handling costs and
pollution charges) which in the case of peat are higher than in the case of wood
chips.
The fuel-related costs of using peat may increase by 1.5–2 times per one
megawatt-hour of energy content by 2015: starting from 13.3 and increasing up
to 21.2–26.8 euros per megawatt-hour. According to the research results, the
increase in the fuel-related costs of wood chips is expected to be very small. But

26
a growing demand for wood chips may lead to a rapid price increase in the
market of wood fuels.
As for natural gas, its pollution charge rate per one megawatt-hour of energy
content is low. In 2010, it was 0.42, and in 2015 it is expected to be 0.43. No ash
is discharged in the case of natural gas, thus no such costs should be considered.
The fuel price per megawatt hour of natural gas is high and therefore the fuel-
related costs of these companies that are use natural gas are large as well. Since
the emission factor of carbon dioxide is small and other environmental costs are
also relatively small, it is possible to reduce the fuel-related growth rate in costs;
whereas in the case of other fossil fuels, the emission factor and other
environmental impacts are larger.
In the case of wood chips, the environmental costs were and will be the
lowest in 2010 and 2015 respectively, compared to other observed fuels,
amounting to 0.054–0.11 euros per megawatt-hour as there is no carbon dioxide
emission to be taken into account. The lowest ash handling costs in comparison
with other solid fuels: 0.19–0.27 euros per megawatt-hour – keep environmental
costs and other fuel-related total costs low. In 2010, these costs were 13 euros
per megawatt-hour and by 2015 they are expected to be 13.2 euros per
megawatt-hour. The above-listed factors will considerably improve the
competitiveness of the wood chips producing industry and enable to expand
wood chips-based energy production.
The analysis shows that, without the application of environmental
regulations, the priority list of fuels by price is as follows: oil shale, wood, peat
and natural gas. Adding of environmental charges and the CO2 emission
allowance price to the fuel price changes the priority list as follows: wood, peat,
oil shale and natural gas. Due to regulations, the use of renewable fuels will be
more preferred than the use of fossil fuels.

2.3. FIT is justified for its effectiveness of introducing renewable

energy, but it has an unreasonably high cost in terms of the impact on
the consumer price and its over-compensation to owners of power
plants

The research paper, which focuses on the FIT paid for producing renewable
electricity, shows that Estonia’s FIT system has effectively contributed to the
construction of cogeneration capacity. In 2007, the share of electricity produced
from renewable sources comprised 1.75% of the total electric energy
consumption. But in 2010, it already comprised 9.7% (instead of the planned
5.1%). The future goal, based on the Development Plan of the Estonian
Electricity Sector until 2018, is to achieve a 15% share by 2015. Administration
costs have been small and the saved external costs have exceeded the size of
support: in the case of oil shale the costs arising from externalities amount to
69.2 euros per megawatt-hour, in the case of wood fuel and peat: 9.7 and 25.8
euros per megawatt-hour, respectively.

27
 However, the cost of Estonian FITs have increased at a fast pace from 0.1
euro cents per kilowatt-hour to 0.8 euro cents per kilowatt-hour from 2007 to
2010, and consumers have collectively covered these costs through their
electricity bill. At the same time, large cogeneration plants are the ones who earn
profit. Costs related to the introduction of FIT increased from 6 million euros in
2007 to 55 million euros in 2011.29. In 2010, the support-related cost accounted
for about 10% of the consumer’s payments for electricity and, the Estonian
Competition Authority, who is the regulator of electricity price in the closed
market, raised the issue of reducing the tariff. In 2011 the FIT remained
unchanged, although the network operator Elering OÜ reduced its compensation
to producers to 0.61 euro cents per kilowatt-hour30 on account of the sum
collected in the previous period.
Besides the distributional issues, there are also other reasons for assessing the
FIT. A case study was carried out on two cogeneration plants and by comparing
their average variable cost of electricity production to the cost price show that
the current support system is not efficient (Appendix A). The research results
also indicate that resources are being used for supporting production that is also
profitable without FITs (IRR 19%)31. Both this and the fact that the aims set for
2010 have been exceeded confirm that the current system of FITs is not cost-
effective.
Although the current FITs are attractive from an administration point of view,
it can be stated on the basis of large differences in cost prices depending on the
size of the plant that FITs need to be distinguished by taking into account the
size of the plant. Figure 2 (Latõšov et al. 2011) shows that the cost price of
cogeneration plants with the capacity of less than 10 MWhel is considerably
higher than that of large plants, and – the smaller the plant, the faster the
increase is in cost price. Subtracting FIT from the cost price makes the picture
even more interesting: the FIT covers the production cost price of plants with the
capacity of 25 MWhel, and if we leave the FIT out, the cost price of the plant
becomes similar to the cost price of a support-receiving 4 MWhel plant. These
findings further confirm the results of this research and refer to the fact that large
plants are over-compensated by the current system of FITs, but to small plants
the FIT is not necessarily sufficient.

29
Author’s calculation.
30
http://elering.ee/taastuvenergiatasu/ (in Estonian). Retrieved date 22.09.2011.
31
Author’s calculation.
28
 EUR/MWh
200

180

160

140

120

100

80

60

40

20
MWe
0 l
0 5 10 15 20 25 30

Cost price FIT, excluded

Figure 2. Cost price of cogeneration plants in euros per one MWhel

The greatest drawback of subsidies, taxes and other price formation measures
is that the extent of their impact is not clear. In Estonia, as in many other
countries, FITs are used for achieving quantitative goals. It is not easy to select a
monetary support matching the goal; therefore the regulation by FIT needs
continuous revision. Such process of revisions will inevitably be accompanied
by uncertainty for companies considering investment. Consequently, as in the
case of FIT-based regulation, a compromise needs to be reached between the
issues arising from revision and inefficient resource use.

2.4. The use of primary energy method has great advantages in SO2
capturing costs in pulverised oil shale-fired boilers

Based on the literature and tests carried out earlier, an algorithm was compiled
(Appendix B) that helped to model. The basic data changing in the algorithm
are: a) Cb – price of oil shale, euros per ton; b) CCO2 – price of CO2 emission,
euros per ton; c) CNOx – investment in the circulation of flue gases, million
euros; d) CROx – investment in a finer crushing of oil shale dust, million euros; e)
CW – investment in water injection, million euros; f) t – the number of operation
hours of the energy unit per year, hours; g) z – the investments pay-back period,
years; h) Cbting – price of standard fuel, euros per ton. The basic data of energy
unit are: a) Nmax – max. capacity of energy unit, megawatts; b) Nmin – min.
capacity of energy unit, megawatts; c) Nopt – optimal capacity of energy unit,
megawatts; d) emax – self-consumption of energy unit at max. load, megawatts;
e) emin – self-consumption of energy unit at min. load, megawatts; f) eopt – self-
consumption of energy unit at optimal load, megawatts.
The algorithm enables to change the operation- and investments-related basic
data and evaluate the effect of these changes on the cost of one ton of SO2
emission reduction in case of different price changes of CO2. Earlier, the
investments considered necessary for introducing primary technologies to the
29
two bodies of one pulverised oil shale-fired boiler at Eesti Power Plant were
assessed as follows:
a) 8 million euros to be invested in a finer crushing of oil shale dust; b) 8
million euros to be invested in the circulation of flue gases; c) 2 million euros to
be invested in water injection. The investment sums proposed above are
recommendations and may vary depending on the situation. The investments
pay-back period, taking into account physical wearing of energy units, is
estimated to be ten years.
The modelling result is presented in Appendix C Table 2 and on Figure 5.
The modelling result shows that the BLW-ROx and bL-ROx modes enable to
achieve the SO2 limit values (400 mg/Nm3) set by the EU in the directive on
industrial emissions.
To meet the SO2 specific emission value established by the European Union
for the year 2016: the flue gas circulation, finer crushing of oil shale dust and
water injection technologies should be applied to one oil shale-firing boiler for
the purpose of studying their impacts on the SO2 emission.
As the summary article presents a broader treatment of the subject, a number
of tests on various modes of the primary method were carried out in order to
verify the results gained in the course of modelling. The water injection
technology was mainly used in the mentioned tests. The test results are presented
in figures 3,4, and in Appendix C, tables 3,4,5.

Figure 3. Changes in the SO2 and CO2 emissions and in the specific fuel consumption
depending on the amount of electric energy produced (Author’s calculation)

In the figure above, different modes are presented on the horizontal axis, the
letters L and W represent air and water respectively and the B and b signify
boiler optimal and minimal load. The numbers mark water injection pressure of
the system. The resulting SO2 and CO2 emissions and specific fuel consumption
on the amount of produced electric energy are presented on the vertical axis, in
30
percentages of emission reduction. The CO2 emission is directly connected to
fuel consumption (i.e. is in proportional dependence).
According to test results, the best SO2 capture results, 47.9% and 42.3%,
were achieved by the bLW6 and BLW6 modes, matching the results projected
during the modelling process. At the same time, the CO2 emission increases.
Basic economics teaches us that there is an opportunity cost, i.e. there is a trade-
off between reduction in SO2 and the input of fuel. For a simple BLW-mode
solution that does not require investments, sorbents, additional treatment,
transportation and storage of emissions, involves an increase in the costs of oil
shale and emissions of CO2.

Figure 4. The cost value in euros for the reduction of one ton of SO2
(Author’s calculation)

The cost in euros for the reduction of 1 ton of SO2 is displayed in Figure 4.
Horizontal lines in the figure describe the cost of using slaked lime Ca(OH)2 and
limestone (CaCO3) in euros for the reduction of 1 ton of SO2 (based on the
literature). Compared to the maximum permitted levels presented by horizontal
lines, only the bLW6-mode exceeds the costs made for the reduction of 1 ton of
SO2 by using sorbents. By applying other modes, the reduction is achieved for
equal or smaller costs.
Figure 4 shows that mode B has the smallest cost, at the same time Figure 3
indicates that the capture factor is about 3 times smaller in mode B than compare
to mode bLW6.
The SO2 specific emission limit value set by the EU is 400 mg/Nm3. The SO2
emission of pulverised oil shale-fired boilers is on average 2,300 mg/Nm3. By
the bLW method, we can achieve an approximately 50% capture of SO2, i.e.
about 1,150 mg/Nm3, which still does not ensure the level required by the
respective EU directive. Proceeding from the result presented in modelling, we
also considered the ROx mode in addition to the bLW mode. The ROx mode

31
requires crushing of oil shale before combustion to make more efficient use of
the lime contained in oil shale.

Figure 5. Test results of the use of primary method, SO2 mg/m3

The capture of SO2 in the boiler is still under development and requires
additional research, construction solutions and tests. So far tests and cost
calculations have showed significant development potential.
The future of the oil shale power industry will depend on how successful we
are in fulfilling the environmentally-related requirements set by the EU. If we
are able to implement them cheaper than is the case of coal-fired power plants
(Öpik 1987), we will ensure the sustainability of the oil shale power industry in
Estonia. However, copying technologies used in coal-firing power plants will
require 1.5 times larger investments32.

2.5. Additional cost of CO2 allowances influences the variable costs

and competitiveness of enterprises participating in EU-ETS

The analysis of energy-intensive enterprises reveals that there are great

differences in the changes in their variable costs depending on the fuel used.
This is illustrated in Figure 6. The calculations are based on a model, the
aggregate formula of which is set out in section 1.1.5.

32
Eesti Energia AS has decided to invest in the desulphurisation equipment after the
unit boilers at Eesti Power Plant (Narva Elektrijaamad) i.e. to introduce the secondary
method – dealing with consequences and the total value of investments in four units
reaches nearly 100 million euros (Raidla Lejins&Norcous 2010, Eesti Energia 2010).
32
 120
Change in variable cost, % 100

80

60

40

20

CO2 price €15 CO2 price €25 CO2 price €50

Figure 6. Impact of different CO2 prices on the average increase in variable costs (%)
in 2008−2009. (Author’s calculation)

The analysis observes the average increase in costs in 2008 and 2009 by
assuming that the included enterprises had to buy their allowances instead of
receiving them for free. It is important to observe the 2008 and 2009 costs
separately against the background of the global economic crisis that started in
2008. A majority of the studied Estonian enterprises managed to end the
financial year 2008 with positive results, but in 2009 their economic indicators
substantially decreased. These firms also had smaller variable costs in 2009,
whereas their fixed costs remained the same or in some cases even increased.
Annual changes in variable costs do not only depend on the change in CO2
emissions. Since the production of enterprises is directly related to variable cost
due to a bigger consumption of raw material, then production should have a
direct effect also on the amount of CO2 emission. In many cases, the CO2
emission amounts remained on the 2008 level in 2009. In several cases, the
modelled changes in variable costs were bigger in 2009; in particular at
enterprises that use oil shale as the primary fuel and which suffered a sharp
increase in variable costs.
Some differences can be explained by the fact that the independent third
party does not currently audit annual CO2 emissions, meaning that the data
submitted by enterprises have to be presumed as true. Estonia has a specific

33
situation in the European Union context, because all other Member States
require auditing of CO2 emission from their enterprises33.

Figure 7. Forecast for change in variable costs across different sectors

(Author’s calculation)

If variable costs increase as a result of higher costs on CO2 allowances, the

competitiveness of an economic sector depends on the CO2 emission intensity,
on the possibility of shifting additional costs to sales price and on the measures
taken in the production cycle for reducing CO2 emissions. Estonian energy
production mainly consists of heat and electricity production. The use of less
carbon-intensive technologies is on the rise in the production of heat energy.
Combustion of biofuels which causes fewer problems can be pointed out as an
example. In Estonia, most electric energy is produced from local oil shale. At
present, investments are being made in the modernisation of pulverised oil shale-
fired boilers of energy units and efforts are made to meet the stricter
environmental requirements that are to take effect after 2016. New fluidised-bed
boilers with the best technology available in the market are being constructed for
energy units. Considering the above mentioned, it can be concluded that the
overall change in variable costs arising from the price of CO2 emission is
expected to remain relatively modest – around 5% – in the Estonian energy
sector (Figure 7).

CONCLUSIONS
1. The Estonian government, in the light of the EU energy policy until 2020 and
on the basis of the legal acts passed, has taken action with a view to diversifying
electricity production in Estonia by broadening the use of renewable energy in

33
The Ministry of the Environment has submitted the Ambient Air Protection Act
Amendment Act to the Riigikogu. If the Amendment Act is approved, an independent
third party will start auditing carbon dioxide emissions also in Estonia.
34
order to reduce environmental pollution caused by the combustion of our basic
fuel − oil shale. The Development Plan of the Estonian Electricity Sector,
prepared for the above-mentioned purpose, provides for a change in capacities
that will bring about a decrease in oil shale-based electricity to a 40% level and
an increase in the use of renewable energy to a 31% level compare to 2010. The
best future scenario requires CO2 reductions at a rate of 5.2% per year, while the
EU-ETS foresees a minimum annual rate of decline of 1.74%. The projected
relative annual change in the CO2 emission level is 5% faster compared to the set
norms specified by EU-ETS which is requiring a huge amount of investments
and could have a significant impact on the electricity price, burdening the
consumer’s budget. These circumstances raise the question whether the chosen
best scenario is the most balanced one.
The goals presented in the Development Plan of the Estonian Electricity
Sector need to be reviewed and amended, if necessary. There is a significant
margin between the objectives of the EU-ETS and the best future scenario of the
Development Plan of the Estonian Electricity Sector until 2018.
2. The ranking of environmental costs of fuels will change in 2015 – oil
shale which positioned as the least costly in 2010 will fall to third position due to
an increase in environmental charges, costs related to ash handling and the CO2
trade allowances price; whereas wood fuel and peat will occupy the first two
positions. Wood fuel positioning as the first in the ranking of fuels’
competitiveness in 2015 is attractive for burning in large, up to 300 MWel,
combustion installations, which according to estimations will put pressure on the
availability of wood in the market thereby leading to price increases. The
availability of wood for electricity production purposes requires further analysis.
A decline in the use of oil shale enables to value this mineral resource more
as a raw material, i.e. for producing shale oil and other light-fraction fuels that
are competitive in the global market of liquid fuels.
Peat will be holding the second place in the ranking of fuels, but the use of
peat as a fuel for electricity production is problematic because of its high CO2
emission level (emission factor in electricity production amounts to
1,233 kg/MWh, Kleesmaa 2010) and large ash content (up to 5%, Latõšov
2010).
The last place in the ranking is occupied by natural gas because of the high
fuel price determined by the oil market. But taking into account its cleanness (no
ash is formed in combustion) of use and low level of CO2 emission (specific
emission in electricity production is 574 kg/MWh, Kleesmaa 2010), it is a fuel
that can be considered to cover the electricity production peak loads and ensure
reserve capacities in Estonia.
3. The FIT paid to renewable energy producers is used, in order to meet the
20% target fixed in the EU directive on renewable energy, has fulfilled its
purpose in interim stages – the 5.1% goal of 2010 was outperformed by
achieving a 9.7% result.
In Estonia, granting of FIT does not involve large administration costs,
because supports are similar in the cases of all energy sources.

35
 The analysis shows that the way FITs have been implemented may lead to
unproportional profits and cause the share of borrowed capital to increase. At the
same time, in 2007–2010 the cost has increased from 0.1 to 0.8 euro cents per
one kilowatt-hour for consumers. For example, Estonia’s starting position is the
same as that of Spain a decade ago, but in Estonia the price rise has been
considerably faster. In 2011 the cost borne by consumers was adjusted down to
0.61 euro cents per kilowatt-hour, but this was done on account of the already
prepaid sum.
As the FIT to renewable electricity is uniform Estonian supports are neutral
in terms of technology, but there exist other reasons which make supports
questionable from the efficiency perspective. The research reveals that
cogeneration plants with the capacity of 25 MWel would earn profit even without
any support. Moreover, market prices considerably exceed the marginal costs of
electricity generated from biomass in cogeneration plants with the capacity of
25 MWel. The principles followed by Estonian FIT do not facilitate development
of small cogeneration plants. One reason for that is the remarkably larger
production cost per unit in small plants.
In conclusion, revision of the FITs is important for Estonia also considering
the prospective market liberalisation (in 2013 electricity market will be fully
opened and all consumers will buy electricity in the free market).
4. The EU directive on industrial emissions sets stricter limits for SO2
emission into the air − 400 mg/Nm3. On average 2,300 mg/Nm3 of SO2
(sometimes over 3,000 mg/Nm3) is released in the combustion of oil shale.
There are two methods for fulfilling the requirement: the primary method, as in
the case when natural limestone contained in oil shale is already made of use of
while oil shale is being prepared for combustion and also in the combustion
process; and the secondary method is when dealing with consequences – SO2
discharged in the course of oil shale combustion is captured after the boiler.
Considering the unique properties of oil shale, neither of these methods has been
studied on a wide-scale global level. Some short tests have been carried out with
respect to the primary method. At the same time, the secondary method is
entirely grounded on a test facility-based study or on a coal-based test.
To meet the environmental requirement the primary method was applied and
modelled based on the data derived from earlier tests and relevant literature. The
result shows that the primary method – crushing of oil shale before combustion,
water injection into the combustion zone of the boiler and the regulation of
combustion air as well as the selection of load – guarantee the limit value set by
the EU. Empirical results confirm the theoretical discourse: about a 50% capture
of SO2 was achieved by a change in combustion air and load, and water
injection. If the tests are supplemented by a finer crushing of oil shale, we can
presume achievement of the permitted limit value.
The sizes of investments are of great importance, too. The cost of secondary
method as a commercial solution amounts to approximately 100 million euros
per four energy units, making 25 million euros per one energy unit. But, the
investments for implementation of primary method’s regimes on commercial

36
level (tested solutions, available equipment) remain within the limits of 100,000
euros per energy unit. This sum of investment does not cover short period
simulated primary method regimes, such as ROx regime.
In order to fulfil the SO2 specific emission limit value (400 mg/Nm3)
established by the European Union by 2016, and develop a commercial solution
for the BLW technology, the use of finer-crushed oil shale dust should be first
applied to and tested on one boiler in addition to the regulation of load,
regulation of oxygen and water injection. As a result, the combustion flame
temperature becomes lower and finer crushing of oil shale enlarges the fly ash
chemisorption surface, thus the capture of SO2 on a required level is achieved.
Other air emissions (in addition to CO2 and SO2) included in the EU directive
on industrial emissions such as NOx and solid particles have not been observed
in this research. Possibilities for meeting their respective limit values need
further research.
5. In the framework of the EU energy policy, greenhouse gas emissions were
to be reduced to 20% by 2020. The greenhouse gas trading system EU-ETS was
created on the basis of a relevant legal act. A majority of enterprises
participating in the system are energy producers who produce electricity or heat
or are involved in cogeneration of both.
The CO2 emission allowances are issued to enterprises free of charge until
the end of 2012. From 2013 onwards the quantity of allowed emissions will start
decreasing, which puts pressure on the per ton price of CO2 emissions. This, in
turn, will have an impact on companies’ total energy costs and influence their
overall level of competitiveness in open markets.
Calculations on the impact on variable costs of these companies are based on
the price of CO2 per ton being 15, 25 or 50 euros. It emerges that the cost base is
most vulnerable in companies that use only oil shale as their primary fuel.
Companies that use other fuels, including mixed fuels, are less likely to be
impacted.
Alternative investment and sourcing options need to be highlighted for
softening the increase in operation costs when the CO2 emission starts to impact
them. Above all, companies’ management teams need to make relevant
decisions. The state needs to analyse whether corrective actions are required to
protect its companies, yet still allowing for fair competition. Due to size
limitations these two topics have not been covered in the current research, but it
is extremely important to deal with them in future research.
The data presented in this research enables the comparing and measuring of a
cost increase arising from the introduction of CO2 emission trading at various
market rates. The research offers analysis material for management teams of
individual companies as well as policy makers.
6. The EU energy policy approved under the European Union Energy and
Climate Package for 2013–2020 set a reduction of greenhouse gas emissions by
20% (only CO2 studied in this paper); a 20% increase in the share of renewable
energy; and a 20% reduction in the primary energy consumption. In conformity

37
with the legal provisions of the EU, Estonia adopted several legal acts on a
national level with a view to achieving the goals set.
Based on the results of five research papers, it can be concluded that, due to
the effect of the adopted environmental regulations, great changes are expected
in Estonian electricity generation. As a result, the two goals set – reduction of
CO2 emission and a 20% increase in the use of renewable energy – will most
probably be achieved by 2020, but potentially the cost will be high.

SUMMARY
The European Union has, in the framework of the energy and environmental
policy, adopted various regulations for making the energy sector “greener”. In
2009, the European Commission as an executive body of the EU adopted
essential regulations for achieving the set goals. The goals were designed to
improve and expand the scheme for greenhouse gas emission allowance trading
within the Community (EU-ETS) in order to motivate the Member States to
make bigger efforts towards reducing greenhouse gas emissions. With a view to
fulfilling the Community’s requirement of reducing greenhouse gas emissions,
the use of energy produced from renewable sources is being promoted and the
share of primary energy in final consumption is being increased. In the
production of electric energy, great importance is attached to the Directive of the
European Parliament and of the Council on industrial emissions pursuant to
which the integrated prevention and control of air pollution are being
implemented.
In compliance with the environmental regulations adopted by the EU, Estonia
has created a judicial area in the republic with an intention to promote the green
energy sector and energy conservation. Notwithstanding the legal acts of the EU,
the Estonian government has adopted several important development plans, such
as the Development Plan of the Estonian Electricity Sector until 2018 and the
Estonian Renewable Energy Development Plan until 2020. The Estonian
Electricity Market Act also has its role in the organisation of electricity
production in Estonia. In addition, the Electricity Market Act establishes a
procedure for applying for supports and the size of feed-in tariffs (FIT) that the
producers generating electricity from renewable sources can receive.
In the light of EU and Estonian legal acts, Estonian electricity production is
expected to undergo great changes – replacement of oil shale as a fuel of large
environmental pressure with environmentally friendlier energy sources, such as
biomass or gas for the production of basic electricity.
Research results on the effects of various EU regulations on Estonian
electricity production are presented in Table 1.

38
Table 1. Effect of the EU and Estonian regulations on Estonian electricity production
Environ- Industrial
EU-ETS mental FITs emission
charges limit values

Oil Shale − − n.a.* −

Peat − − + n.a.*

Wood + + + n.a.*

Natural Gas − (−) n.a.* n.a.*

*− not applicable

The table above indicates that regulations put the biggest pressure on the
electricity produced from the local fuel oil shale as, due to its chemical-physical
properties, oil shale has a large impact on the environment.
The CO2 quota trade launched by the EU has a large effect on the
diversification of Estonian electricity production portfolio. Such CO2-free
energy sources as wood and wind have a more preferable position.
The most favourable renewable fuel is wood, and the most favourable fossil
fuel is natural gas. Peat with its large CO2 emissions and ash content, slow
natural process in the nature makes utilization complicated, but electricity
production based on peat fuel receives FIT, is local fuel and has sufficient
reserves.
Legal acts on renewable energy have a positive effect on the use of
renewable fuels. Regulation remains positive to technology development
(development of more environmental friendly solutions for existing technologies
and new renewable fuels based technologies).
The directive on industrial emissions creates a complicated situation for the
pulverised oil shale combustion technology-based electricity production. If, by
2016, energy units are not supplied with necessary pollution abatement
equipment, which ensures fulfilment of the requirements arising from the
directive, the relevant units have to be shut down. Such a situation motivates the
management teams of energy enterprises, specialists and researchers to take
action for finding solutions (introduction of primary technology), in order to
guarantee the operation of existing power plants after 2016.
A continuous increase in environmental charges has a favourable impact on
the environment friendliness of Estonian electricity production. At the beginning
of the 1990ies the aim of environmental charges was to draw attention to the
topic, but twenty years later the size of charges influence management teams of
enterprises towards carrying out more in-depth analysis of their production
process in terms of environmental protection (e.g. which fuel to prefer), towards
introducing new technology (reduction of the SO2 emission) and dealing with
the production-related expenses (ensuring of competitiveness).
39
Appendix A. A note on the marginal cost
In the assessment of subsidies to renewable electricity, Kleesmaa and his
coauthors derive the per MWh average revenue from electricity sales. This is
done excluding the feed-in tariff (FIT) for the two combined heat and power
(CHP) plants that are under study (Kleesmaa et al. 2011, p. 235). The
calculations show that excluding FITs, the plant CHP1 earned 40€/MWh and
that the second plant CHP2 earned 36 €/ MWh from electricity sales. In order to
make conclusions about economic efficiency, these revenues, i.e. prices were
compared to marginal costs. In the paper, marginal costs are approximated by
the average variable cost of a plant with same capacity. Depending on the
method of allocating costs between heat and electricity production, the resulting
average variable costs were found to be 4.7 and 6.7€/MWh, respectively.
In Kleesmaa et al. (2011) the comparison of prices with the approximation of
marginal costs shows that there is a significant deviation between prices and
marginal costs, hence production is not efficient from an economic point of
view. The comparison concerns the short run. Weyman-Jones points out that
there is a controversy in energy economics about whether the optimal price
should equal the short run or the long run marginal cost (see Weyman-Jones,
2009 p. 29). The reason why short run marginal cost may not be appropriate is
that when demand fluctuates or is uncertain, short run marginal cost pricing
becomes volatile and cannot guide investment decisions. Therefore, many real
world applications have adopted a rule that prices should equal long run
marginal costs.
The purpose of this note is to calculate the long run marginal cost and to
compare the result to the price in order to judge whether the conclusion about
inefficiency will remain in the long run setting.
Following Weyman-Jones (ibid), the short run marginal cost (SRMC) is
constant and equal to the per unit operating cost up to the level of capacity
installed, then it becomes infinite

:
∞:

In equation above r denotes the per period cost to produce one unit of output,
i.e. the running cost of one unit, which equals the average variable cost derived
by Kleesmaa and his co-authors (2011). The constant c is the cost per period to
hire the plant or alternatively the cost per period to repay with interest the loan
used to buy the plant. In this note we apply the so called Merchant Investor
approach to derive c (ibid, p. 31).
One way to apply the Merchant Investor approach is to calculate the cost of
installing one unit of capacity, i.e. finding the annuity factor of a plant and
dividing by capacity. For this purpose we apply the data gathered by Latõšov et

40
al. (2011, p.145). The investment of a 25 MWel cogeneration plant, with an
average annual production of 125,000MWh electricity is 75M€ and its life time
is 25 years. Applying the same interest rate as Latõšov, which is 4.5 per cent, we
find that the annuity of this plant is about 1.68M€. Dividing the annuity with the
average annual production and assuming that electricity related costs make up 50
per cent of production costs we arrive at 6.73€/MWh (1,682,927/(125,000×0.5)=
6.732). Since this estimate of c has been derived according to similar
assumptions as the higher level of the SRMC, our estimate of LRMC is
13.43€/MWh, which is 6.7+6.73.
As noted above, the prices that were derived for the two case study
cogeneration plants were 40 and 36€/MWh, respectively. In comparison to the
long run marginal cost (LRMC) that was found to be 13.43€/MWh, our
conclusion is that our finding concerning inefficiency is relevant also in the long
run setting.

Jüri Kleesmaa and Sirje Pädam

Appendix B. Algorithm of the BLW technology

Calculations are based on the technological and economic analysis algorithm
of the BLW technology:
a) ηSO – the regime medium SO2 capture factor, %;
1– 9000 100,
where
9000 / – medium SO2 concentration in flue gases released in the
combustion of oil shale fuel, in standard conditions, i.e. by calorific value
8,6 2058 , sulphur content St 1,75 1,5%, oxigen O2 =
6%, excess-air coefficient  1,4;

b) bB – the regime medium specific costs of standard fuel, g/kWh,

100,
where
ηE(%) – efficiency of energy unit;   ,
ηB – boiler efficiency, gross, %;
η(%) – efficiency of the electro-mechanical parts (turbine, generator, self-
consumption of electricity and heat) and self-consumption of energy unit;
c) – the regime medium specific emission of SO2, g/kWh,
where
7000
2 100  10 ,
if Qat 2000 / and St = 1,5%, then
10,5 100 х 0,0001;
d) 4) – the regime medium specific emission of CO2, g/kWh,
41
 3,5 ;
e) – the regime medium increase in specific standard fuel consumption,
g/kWh,
, ,
where
bB,O is 0-regime medium specific standard fuel consumption;
f) – the regime medium decrease of SO2 specific emission, g/kWh
,
,
where
,
– the 0-regime medium SO2 specific emission;
g) – the regime medium increase of CO2 specific emission, g/kWh,
,
,
where
,
– the 0-regime medium CO2 specific emission;
h) Cb – fuel price exceeding expenditure costs by reduction of 1 ton of SO2
emission, EUR/t SO2,
/ ;
i) – cost of CO2 emission increase by SO2 emission decrease, EUR/t
SO2,
/ ;
j) Cvar – the variable costs value by reduction of 1 ton of SO2 emission,
EUR/t SO2,
;
k) Cconst – investment costs value by reduction of 1 ton of SO2 emission,
EUR/t SO2
/ 0,001 1 ,
where
Nx – capacity of energy unit ( is either maximal, minimal or optimal), MW,
and
ex – self-consumption of energy unit at capacity ( is either maximal,
minimal or optimal).
l) C∑ – the costs value by reduction of 1 ton of SO2 emission, EUR/t SO2
∑ ,
m) βSO2 – relative decrease of SO2 emission, %,
/10,5 100.

Appendix C. Investment values gained on the basis of

mathematical algorithm.
Twelve primary method BLW-modes were tested. Their descriptions are found
below. The primary method BLW-modes are divided as follows:
1) LW/ROx-mode, imitating finer crushing of oil shale dust: max. load,
sliding excess-air coefficient, water injection into the flame and increasing of the
42
fly ash concentration; MRS-operation, 3-minute shaking of the primary and
secondary screens of the downstream flue gas channel.
2) BLW/ROx-mode imitating finer crushing of oil shale dust: optimal load,
sliding excess-air coefficient, water injection into the flame and increasing of the
fly ash concentration.
3) bL/ROx-mode imitating finer crushing of oil shale dust: min. load, sliding
excess-air coefficient, water injection into the flame and increasing of the fly ash
concentration.
4) NOx flue gas circulation mode, analogous to the LW-mode in capturing
SO2: max. load.
5) B/NOx flue gas circulation mode, analogous to the LW-mode in capturing
SO2: optimal load.
6) b/NOx flue gas circulation mode, analogous to the bL-mode in capturing
SO2: min. load.
7) ROx/NOx-mode involving finer crushing of oil shale dust and the flue gas
circulation, analogous to the LW/ROx-mode in capturing SO2: max. load.
8) B/ROx/NOx-mode involving finer crushing of oil shale dust and the flue
gas circulation, analogous to the LW/ROx-mode in capturing SO2: optimal load.
9) b/ROx/NOx-mode involving finer crushing of oil shale dust and the flue
gas circulation, analogous to the bL/ROx-mode in capturing SO2: min. load.
10) ROx/NOx/W: ROx/NOx-mode with the water injection mode, which
reduces the SO2 specific emission by 20% compared to the ROx/NOx-mode:
max. load.
11) B/ROx/NOx/W: B/ROx/NOx-mode with the water injection mode, which
reduces the SO2 specific emission by 20% compared to the B/ROx/NOx-mode:
optimal load.
12) b/ROx/NOx/W: b/ROx/NOx-mode with the water injection mode, which
reduces the SO2 specific emission by 20% compared to the b/ROx/NOx-mode:
min. load.
The columns of Table 2 are titled as follows: 1) Mode – the code of mode; 2)
CSO2 – the regime rounded medium SO2 specific emission, milligrams per
normal cubic metre, 3) ΔηSO2 – the regime medium SO2 capture factor,
percentage; 4)ηE – the regime medium efficiency of energy unit, percentage; 5)
bB – the regime medium standard fuel specific consumption, grams per kilowatt-
hour; 6) gSO2 – the regime medium SO2 specific emission, grams per kilowatt-
hour; 7) gCO2 – the regime medium CO2 specific emission, grams per kilowatt-
hour; 8) ΔbB – the regime medium standard fuel specific consumption increase,
grams per kilowatt-hour; 9) ΔgSO2 – the regime medium SO2 specific emission
decrease, grams per kilowatt-hour; 10) ΔgCO2 – the regime medium CO2 specific
emission increase, grams per kilowatt-hour; 11) Cb – the fuel over-consumption
cost of one ton of SO2 emission reduction, euros per one ton of SO2; 12) CCO2 –
the CO2 emission increase cost of SO2 emission reduction, euros per one ton of
SO2; 13) Cvar – the value of variable costs of 1 ton of SO2 emission reduction,
euros per one ton of SO2; 14) Cconct – investments cost value of 1 ton of SO2
emission reduction, euros per one ton of SO2; 15) C∑ – costs value of 1 ton of

43
SO2 emission reduction, euros per one ton of SO2; 16) βSO2 – relative decrease in
SO2 emission, percentage; 17) C∑ – the costs value of one ton of SO2 emission
reduction, euros per megawatt-hour.

Table 2. Investment values gained on the basis of mathematical algorithm. (Author’s

calculation)
Cb 10 €/t t 6000 h Cbting 35 €/t
CC02 20 €/t z 10 a

CNOx 8 M€ Nmax 180 MW emax 0,08

CROx 8 M€ Nmin 80 MW emin 0,1
CW 2 M€ Nopt 140 MW eopt 0,09

Režiim CSO2 ηSO2 ηE bB qSO2 qCO2 ΔbB ΔqSO2 ΔqCO2 Cb CCO2 Cvar Cconst CΣ βSO2
mg/nm3 % % g/kWh g/kWh g/kWh g/kWh g/kWh g/kWh €/tSO2 €/tSO2 €/tSO2 €/tSO2 €/tSO2 %
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
1 0 2200 75,6 30,1 409 10,49 1287 0,0 0,0 0 0 0 0 0 0 0,0
2 L 1600 82,2 29,4 418 7,81 1318 9,7 2,7 31 127 229 356 0 356 25,5
3 LW 1000 88,9 28,3 435 5,07 1369 26,0 5,4 82 168 302 470 0 470 51,6
4 B 1400 84,4 29,5 417 6,81 1313 8,3 3,7 26 79 142 221 0 221 35,0
5 BL 1100 87,8 28,4 433 5,56 1364 24,5 4,9 77 174 313 486 0 486 47,0
6 BLW 800 91,1 27,3 451 4,21 1419 41,9 6,3 132 233 420 654 0 654 59,8
7 b 1100 87,8 27,2 452 5,80 1424 43,6 4,7 137 325 586 911 0 911 44,6
8 bL 700 92,2 24,8 496 4,05 1562 87,3 6,4 275 475 855 1329 0 1329 61,3
9 bW 600 93,3 25,1 490 3,43 1544 81,4 7,1 256 404 727 1130 0 1130 67,2

Režiim CSO2 ηSO2 ηE bB qSO2 qCO2 ΔbB ΔqSO2 ΔqCO2 Cb CCO2 Cvar Cconst CΣ βSO2
mg/nm3 % % g/kWh g/kWh g/kWh g/kWh g/kWh g/kWh €/tSO2 €/tSO2 €/tSO2 €/tSO2 €/tSO2 %
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
10 LW/ROX 500 94,4 27,1 454 2,65 1430 45,2 7,8 142 202 363 565 103 668 74,7
11 BLW/ROX 400 95,6 26 473 2,21 1490 64,4 8,3 203 272 490 763 126 889 78,9
12 bLW/ROX 50 99,4 23,5 523 0,31 1649 114,8 10,2 362 394 710 1104 182 1286 97,0
13 NOx 1000 88,9 29,8 413 4,82 1300 4,1 5,7 13 25 46 71 142 213 54,0
14 B/NOx 800 91,1 28,7 429 4,00 1350 19,9 6,5 63 108 194 301 161 462 61,8
15 b/NOx 600 93,3 26,5 464 3,25 1462 55,5 7,2 175 268 483 751 256 1007 68,9
16 ROx/NOx 500 94,4 28,5 432 2,52 1359 22,9 8,0 72 101 181 282 202 484 75,9
17 B/ROx/NOx 400 95,6 27,4 449 2,09 1414 40,3 8,4 127 168 302 470 249 720 79,9
18 b/ROx/NOx 50 99,4 24,8 496 0,29 1562 87,3 10,2 275 300 539 839 363 1202 97,1
19 ROx/Nox/W 400 95,6 28,6 430 2,01 1355 21,4 8,5 68 88 159 248 214 461 80,8
20 B/ROx/Nox/W 320 96,4 26,7 461 1,72 1451 52,0 8,8 164 208 374 582 269 850 83,5
21 b/ROx/Nox/W 40 99,6 24,2 508 0,24 1601 99,6 10,3 314 340 612 952 406 1359 97,6

44
Table 3. Investment values gained on the basis of mathematical algorithm. (Author’s calculation)
Cb 10 €/t t 6000 h Bting 35 €/t
CC02 10 €/t z 10 a

oN
NOxc M€ 180 MW eot 0,08
bN
LWc 0,1 M€ 100 MW ebt 0,1
BN
Wc M€ 150 MW eBt 0,09

Regime CSO2 ηSO2 ηE bB qSO2 qCO2 ΔbB ΔqSO2 ΔqCO2 Cb CCO2 Cvar Cconst CΣ βSO2 CΣ Invest-
ment
3
mg/nm % % g/kWh g/kWh g/kWh g/kWh g/kWh g/kWh €/tSO2 €/tSO2 €/tSO2 €/tSO2 €/tSO2 % €/MWh M€
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 16
1 0 2626 70,8 30,1 409 12,52 1287 0,0 0,0 0 0 0 0 0 0 0,0 0 0,0
10 L 2338 74,0 29,6 416 11,33 1309 6,9 1,2 22 204 184 387 8 396 9,5 0,5 0,1
11 LW2 2132 76,3 29,3 420 10,44 1322 11,2 2,1 35 188 169 357 5 362 16,6 0,8 0,1
12 LW4 1943 78,4 28,8 427 9,68 1345 18,4 2,8 58 227 205 432 4 436 22,7 1,2 0,1
13 LW8 1780 80,2 28,2 436 9,06 1374 27,5 3,5 87 278 251 529 3 532 27,7 1,8 0,1
14 B 2135 76,3 29,7 414 10,32 1305 5,5 2,2 17 87 79 166 6 172 17,6 0,4 0,1
15 BL 1812 79,9 28,5 432 9,12 1359 22,9 3,4 72 236 213 449 4 453 27,2 1,5 0,1
16 BLW2 1763 80,4 28 439 9,04 1384 30,6 3,5 97 308 277 585 3 588 27,9 2,0 0,1
17 BLW6 1376 84,7 27,3 451 7,23 1419 41,9 5,3 132 277 250 527 2 530 42,3 2,8 0,1
18 bLW6 1133 87,4 24,9 494 6,53 1556 85,3 6,0 269 499 449 947 3 951 47,9 5,7 0,1
Table 4. Investment values gained on the basis of mathematical algorithm. (Author’s calculation)
Cb 10 €/t t 6000 h Bting 35 €/t
CC02 20 €/t z 10 a

oN
NOxc M€ 180 MW eot 0,08
bN
LWc 0,1 M€ 100 MW ebt 0,1
BN
Wc M€ 150 MW eBt 0,09

Invest-
Regime CSO2 ηSO2 ηE bB qSO2 qCO2 ΔbB ΔqSO2 ΔqCO2 Cb CCO2 Cvar Cconst CΣ βSO2 CΣ ment
mg/nm3 % % g/kWh g/kWh g/kWh g/kWh g/kWh g/kWh €/tSO2 €/tSO2 €/tSO2 €/tSO2 €/tSO2 % €/MWh M€
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 16
1 0 2626 70,8 30,1 409 12,52 1287 0,0 0,0 0 0 0 0 0 0 0,0 0 0,0
10 L 2338 74,0 29,6 416 11,33 1309 6,9 1,2 22 204 367 571 8 579 9,5 0,7 0,1
11 LW2 2132 76,3 29,3 420 10,44 1322 11,2 2,1 35 188 338 526 5 531 16,6 1,1 0,1
12 LW4 1943 78,4 28,8 427 9,68 1345 18,4 2,8 58 227 409 637 4 640 22,7 1,8 0,1
13 LW8 1780 80,2 28,2 436 9,06 1374 27,5 3,5 87 278 501 779 3 782 27,7 2,7 0,1
14 B 2135 76,3 29,7 414 10,32 1305 5,5 2,2 17 87 157 245 6 250 17,6 0,6 0,1
15 BL 1812 79,9 28,5 432 9,12 1359 22,9 3,4 72 236 426 662 4 666 27,2 2,3 0,1
16 BLW2 1763 80,4 28 439 9,04 1384 30,6 3,5 97 308 554 862 3 865 27,9 3,0 0,1
17 BLW6 1376 84,7 27,3 451 7,23 1419 41,9 5,3 132 277 499 777 2 779 42,3 4,1 0,1
18 bLW6 1133 87,4 24,9 494 6,53 1556 85,3 6,0 269 499 898 1396 3 1399 47,9 8,4 0,1

46
Table 5. Investment values gained on the basis of mathematical algorithm. (Author’s calculation)
Cb 10 €/t t 6000 h Bting 35 €/t
CC02 30 €/t z 10 a

oN
NOxc M€ 180 MW eot 0,08
bN
LWc 0,1 M€ 100 MW ebt 0,1
BN
Wc M€ 150 MW eBt 0,09

Invest-
Regime CSO2 ηSO2 ηE bB qSO2 qCO2 ΔbB ΔqSO2 ΔqCO2 Cb CCO2 Cvar Cconst CΣ βSO2 CΣ ment
mg/nm3 % % g/kWh g/kWh g/kWh g/kWh g/kWh g/kWh €/tSO2 €/tSO2 €/tSO2 €/tSO2 €/tSO2 % €/MWh M€
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 16
1 0 2626 70,8 30,1 409 12,52 1287 0,0 0,0 0 0 0 0 0 0 0,0 0 0,0
10 L 2338 74,0 29,6 416 11,33 1309 6,9 1,2 22 204 551 755 8 763 9,5 0,9 0,1
11 LW2 2132 76,3 29,3 420 10,44 1322 11,2 2,1 35 188 507 695 5 700 16,6 1,5 0,1
12 LW4 1943 78,4 28,8 427 9,68 1345 18,4 2,8 58 227 614 842 4 845 22,7 2,4 0,1
13 LW8 1780 80,2 28,2 436 9,06 1374 27,5 3,5 87 278 752 1030 3 1033 27,7 3,6 0,1
14 B 2135 76,3 29,7 414 10,32 1305 5,5 2,2 17 87 236 323 6 329 17,6 0,7 0,1
15 BL 1812 79,9 28,5 432 9,12 1359 22,9 3,4 72 236 638 875 4 878 27,2 3,0 0,1
16 BLW2 1763 80,4 28 439 9,04 1384 30,6 3,5 97 308 831 1139 3 1142 27,9 4,0 0,1
17 BLW6 1376 84,7 27,3 451 7,23 1419 41,9 5,3 132 277 749 1027 2 1029 42,3 5,4 0,1
18 bLW6 1133 87,4 24,9 494 6,53 1556 85,3 6,0 269 499 1346 1845 3 1848 47,9 11,1 0,1

47
REFERENCES
Annual Report of Anne Heat and Power Plant, 2009, Estonia 2010.
Annual Report of Tallinn Heat and Power Plant, 2009, Estonia 2010.
Aunela, L., Häsanen, E., Kinnunen, V., Larjava, K., Mehtonen, A.,
Salmikangas, T., Leskelä, J., Loosar, J. 1995. Emissions from Estonian
Oil Shale power plants. Oil Shale, vol l2, no 2, p 165–177.
Commission of the European Communities. 2007. An Energy Policy for
Europe. Communication from the Commission to the European Council and
the European Parliament. COM (2007) 1 final: Brussels.
Decision No 406/2009/EC of the European Parliament and of the Council of
23 April 2009.
del Rio, P. & Gual, M. A. 2007. An integrated assessment of the feed-in tariff
system in Spain. Energy Policy, 35(March), p 994–1012.
del Rio, P. & Gual, M. A. 2007. An integrated assessment of the feed-in tariff
system in Spain. Energy Policy, 35(March), p 994–1012.
Development Plan of the Estonian Electricity Sector until 2018. 2009. Ministry
of Economic Affairs and Communications, Government of the Republic
Order No 74.
Directive 2001/80/EC of the European Parliament and of the Council of 23
October 2001 on the limitation of emissions of certain pollutants into the air
from large combustion plants.
Directive 2009/28/EC of the European Parliament and of the Council of 23
April 2009.
Directive 2009/29/EC of the European Parliament and of the Council of 23
April 2009.
Directive 2010/75/EU of the European Parliament and of the Council of 24
November 2010.
Electricity Market Act, 11.02.2003 State Gazette I 2003, 25, 153.
Environmental Charges Act, State Gazette I, 14.03.2011.
Ericsson, K. 2007. Environmental impact assessment, Eesti Energia – Eesti
Power Plant, Narva. Air emissions. ÅF-Process.
Estonian Competition Authority, 2010. WACC calculation manual. Tallinn.
Estonian Electricity Sector Development Plan 2005–2015. 2005. Ministry of
Economic Affairs and Communications, Estonian Government.
Estonian Statistics Authority. 2011. Annual Statistics – Energy Production and
Consumption. http://pub.stat.ee/px-web.2001/Database/Majandus/
02Energeetika/
EU ETS Directive (Directive 2003/87/EC), Article 14.
European Commission Decision of 11.12.2009 concerning the national
allocation plan for the allocation of greenhouse gas emission allowances
notified by Estonia in accordance with Directive 2003/87/EC of the
European, Parliament and of the Council, Brussels, 11.12.2009.
European Commission. 2008. Commission Decision on Instructing the Central
Administrator to Enter Into the Community Independent Transaction Log

48
 the National Allocation Plan Table of Estonia for the 2008–2012 Period of
the Community Emission Trading Scheme. Brussels: European
Commission.
European Commission. 2011. The EU Climate and Energy Package.
http://ec.europa.eu/clima/policies/brief/eu/package_en.htm.
Hämäla S. 1986. LIFAC cuts SOx in Finland. – Modern power systems, v 6, p
87–91.
http://elering.ee/taastuvenergiatasu/ (in Estonian).
Industrial Directive 2010/75/EL, 24. November 2010.
Jaborski, I. 1995. The technologically techniques of solid fuel combustion as
methods for prevention of nitrogen emissions. Thermal Engineering no 2.
[In Russian, Summary in English.]
Klein, A., Pfluger, B., Held, A., Ragwitz, M., Resch, G & Faber, T. 2008.
Evaluation of different feed-in tariff options. – Best practice paper for the
international feed-in cooperation, a research project funded by the Ministry
for the Environment, Nature Conservation and Nuclear Safety (BMU), 2nd
edition.
Kotler, V. 1987. Nitrogen oxides in flue gases of boilers. Energoatomizdat. [In
Russian, Summary in English.
Kraav, E., Lüpsik, S. 2008. 18 years of Estonian environmental taxes.
Presentation. Ministry of Environment.
Lanoie, P., Patry, M., Lajeunesse, R. 2008. Environmental regulation and
productivity: testing porter hypothesis. J Prod Anal 30: 121-128.
Latõšov, E., Volkova, A., Siirde, A. 2011. The impact of subsidy mechanisms
for biomass and oil shale based electricity cost prices. Oil Shale Journal.
Leikert, K. 1986. The reduction of NOx emissions by the use of primary
methods in different burning chambers. – VGB. Kraftwerkstechnik, v. 66, N
7, 631–637. [In German.]
Macphail, J., King, L. 1999. New Laws prompt focus on low NOx options. –
Modern Power Systems, November.
Melichar, J., Hawranek, M., Maca, V., Scania, M. 2004. Implementation of
ExternE Methodology in Eastern Europe. ExternE-Pol. Externalities of
Energy: Extension of Accounting Framework and Policy Applications.
Final report on work package 7. Contract ENG1-CT-2002-00609.
Ministry of Economic Affairs and Communications, approved by the
Government of the Republic 2010, No. 452.
Neary, J. 2006. Measuring Competitiveness. IMF Working Paper WP/06/209.
Öpik, I. 1987. Problems arising from risks while introducing scientific
achievements to production: examples in the field of power engineering and
oil shale processing. V 4/2, 113-119. V 4/2, 113-119. In Russian, summary
in English.
Ots, A. Oil shale burning technology. – Tallinn, 2004. [In Estonian, Summary in
English.

49
Porter, Michael E and van der Linde Claas. 1995. Toward a New Conception
of the Environment-Competitiveness Relationship. Journal of Economical
Perspectives, volume 9, number 4, pages 97-118.
Production of electric energy in heat and power cogeneration mode depending
on the demand for heat energy and by ensuring saving of energy in
compliance with the requirements set for efficient cogeneration; RT I 2007,
23, 120- jõustunud 01.05.2007.
Regulation of the Minister of the Environment No 44, 08.07.2011. Procedure
for greenhouse gas (GHG) emission allowance trading.
Regulation of the Minister of the Environment No. 43, 08.07.2011. The limit
and target values of ambient air pollution level, other maximum permitted
contents of pollutants and dates for achieving these targets.
Ryyppö, M., Ekman. I. 2000. Improving the performance of Lifac FGD in
Chinese boilers. – Modern Power Systems, November.
Sidorkin, V. 1991. The opportunity of Nox emissions reduction for the
pulverized Oil Shale fired boilers. Oil Shale, vol 8, no 4.
Sijm, J. P. M. The performance of feed-in tariffs to promote renewable
electricity in European countries. ECN-C-02-083, November 2002.
Simpson, R.D. 1993. Taxing Variable Cost: Environmental Regulation as
Industrial Policy. Resources for the Future Working Paper ENR93-12.
The European Union Climate and Energy Package, March 2007.
The Minister of the Environment Regulation No. 43 „Välisõhu saastatuse
taseme piir- ja sihtväärtused, saasteaine sisalduse muud piirnormid ning
nende saavutamise tähtajad” (the limit and target values of ambient air
pollution level, other maximum permitted contents of pollutants and dates
for achieving these targets) of 08.07.2011 took effect on 15 July 2011
The Minister of the Environment Regulation No. 44 of 08.07.2011
„Kasvuhoonegaaside heitkoguste ühikutega kauplemise kord” (procedure
for greenhouse gas (GHG) emission allowance trading) took effect on
15.07.2011.
Thompson, E. 2004. National Competitiveness: A Question of Cost Conditions
or Institutional Circumstances? – British Journal of Management, vol 15, p
197–218.
Wallace, O., Palmer, K.E., Portney, P. 1993. Environmental regulations and
International Competiveness: Thinking about the Porter Hypothesis.
Resources for the Future Working Paper 94-02.
Weber, E. 1986. Nitrogen oxide – Bremsen // Energy, vol. 38, No.4. P. 10–15
[In German, Summary in English.]
Weyman-Jones, T. 2009. The theory of energy economics: an overview. In
Evans, J; Hunt,L.C., International handbook on the economics of energy.
pp. 20 –50, Cheltenham, UK; Northampton, MA: Edward Elgar.

50
Thesis is based on the following papers:

Kleesmaa, Jüri. Impact of CO2 trade on electricity producers depending on the

use of different energy sources in Estonia. In: Estonian Economic Policy
Debate XVIII: XVIII Economics Policy Conference, Värska, 1.–3.07.2010.
Berlin*Tallinn: Berliner Wissenchafts-Verlag, Mattimar, 121−139, 2010.
Latõšov, E., Kleesmaa, J., Siirde, A. The impact of pollution charges, ash
handling and carbon dioxide to cost competitiveness of fuel sources for
energy production in Estonia. Scientific proceedings of Riga Technical
University. Environmental and Climate Technologies, 4(13), 58–63, 2010.
Kleesmaa, J., Pädam, S., Ehrlich, Ü. Subsidising renewable electricity in
Estonia. In: Energy and Sustainability III: Energy and sustainability 2011,
Alicante, Spain, 2011. (Editorial Board) Mammoli, A. A., Brebbia, C. A.,
Villacampa Esteve, Y. WIT Press, 2011, (Ecology and the Environment;
143), 229–241.
Kleesmaa, J., Latõšov, E., Karolin, R. Primary method for reduction of SO2
and its impact for CO2 in pulverized oil shale fired boilers at Narva Power
Plant. Oil Shale 2011, vol 28-2, p 321–336.
Kleesmaa, J., Viiding, M., Latõšov, E. Implication for competitiveness of
Estonian energy-intensive industry after establishment of CO2 pricing from
year 2013 onwards. Baltic Journal of Economics, autumn 2011.
[Forthcoming]

Author’s contribution

Article 1. I am the author of this article.

Article 2 . It was my task to present the requirements established for carbon
dioxide quota trading, complying with which would efficiently help reduce
greenhouse gas emissions to the extent that, based on research data, are
necessary to prevent major climate changes.
Article 3. I organised gathering and analysing of materials on institutions,
deciding formula, preparation of the concise model and presentation of relevant
literature.
Article 4. As a project leader I organised preparation and conducting of the tests
and presentation was partly my responsibility; I was completely responsible for
discussions, one individual presentation at TUT and as the responsible author
also for publishing of the article.
Article 5. Via public information channels I obtained annual statements of all
firms which use energy intensively and organised data collection, analysing of
materials, deciding formula, preparation of concise models and presentation of
relevant literature.

51
Appendix 1. ”Impact of the CO2 trade on electricity producers depending on the
use of different energy sources in Estonia”.

53
ÿ
345678ÿ
ÿ7
ÿ8 6ÿ
ÿ78 3738ÿ5
7 ÿ53ÿ

ÿ8ÿÿ
ÿ3 8ÿ ÿ
 7ÿ3ÿ8
36ÿÿ
ÿ
ÿ ÿ
!""ÿ#"$%&ÿ'(ÿ!)*"''+&ÿ
ÿ
6,-./01.ÿ
ÿ
!*ÿÿ'(ÿ%*ÿ22ÿÿ%'ÿ3"%(&ÿ%*ÿ "ÿ))4%")ÿ%3ÿ%'ÿ%*ÿ5%'""ÿ
"+&ÿ)%'ÿ"3ÿ)'"'&ÿ"3ÿ%*ÿ()%ÿ6*)*ÿÿ2'%"%ÿ('ÿ3$'2"%ÿ'(ÿ%*ÿ
)*ÿ)'"34)%3ÿ7&ÿ%*ÿ4%*'ÿ"3ÿ('ÿ)()%'"ÿ'(ÿ%*ÿ "ÿ$62'"%9ÿ!*ÿ
22ÿ2'$3ÿ%*ÿ2")2ÿ()%ÿ'"ÿ%*ÿ(%ÿ:2;;<=2;;>?ÿ"3ÿ)'"3ÿ:2;;@=2;12?ÿ
2'3ÿ'(ÿABÿ:)7'"ÿ3'C3?ÿ%3ÿ"ÿ5%'"Dÿ3)7ÿ)%)%&ÿ2'34)%'"ÿ"ÿ
5%'"ÿ'"ÿ%*2ÿ7ÿ'(ÿ%*ÿ)%)%&ÿ3$'2"%ÿ2"ÿ(()%$ÿ"ÿ%*ÿ(")ÿ
&ÿ2;;>ÿ"3ÿ2')3"+ÿ('ÿ%*%ÿEÿ))4%'"ÿ'(ÿAB2ÿ'"ÿ7&ÿF"3ÿ'(ÿ(4ÿ
439ÿ!*ÿ22ÿ6ÿ%'4)*ÿ42'"ÿ%*ÿ "ÿ+%$ÿ2'$'"ÿ)'")""+ÿ
"6 7ÿ"+&ÿ422'%Gÿ6*)*ÿ"%&ÿ"(4")ÿ%*ÿ3$'2"%ÿ'(ÿ
"6 7ÿ"+&ÿ+"%'"ÿ"3ÿ"3)%&ÿ%*ÿABÿ%39ÿH"'+'4&ÿ6%*ÿ%*ÿ
(")ÿ&ÿ2;;>ÿ%*'3ÿ'(ÿ))4%'"GÿAB2ÿ2'"ÿ*$ÿ7"ÿ))4%3ÿ('ÿ
2;2;9ÿ!*ÿ)%)%&ÿ2'34)%'"ÿ2'+"'ÿ('ÿ%*ÿ&ÿ2;2;ÿÿ73ÿ'"ÿ%*ÿ
"%2%%'"ÿ'(ÿ%*ÿ)%)%&ÿ)%'ÿ3$'2"%ÿ2"9ÿA'24%%'"ÿ))'3"+ÿ%'ÿ
%*ÿAB2ÿ))4%'"ÿ%*'3''+&ÿ*'6ÿ%*%ÿ%*ÿAB2ÿ'"ÿ'4"%ÿ6ÿ7ÿ)ÿ<9>ÿ
I%ÿ:'"ÿ%'""?ÿ"ÿ2;2;9ÿJ"ÿ2;2;ÿ)'23ÿ%'ÿ2;;>Gÿ%*ÿ3'%)ÿ)'"42%'"ÿ
'(ÿ)%)%&ÿÿ% %3ÿ%'ÿ+'6Kÿ"ÿ2;;>ÿ%*ÿ3'%)ÿ)'"42%'"ÿ'(ÿ)%)%&ÿ
6 ÿ)ÿ@2;;ÿLM*Gÿ"ÿ2;2;ÿ%ÿÿ% %3ÿ%'ÿ7ÿ)ÿ1;N@;ÿLM*Gÿ99ÿ%*ÿ+'6%*ÿÿ)ÿ
22O9ÿP)ÿ"ÿ%*ÿ'"ÿ'4"%ÿ'(ÿAB2ÿ6ÿ7ÿ+"3ÿ34ÿ%'ÿ%*ÿC2)%3ÿ
4ÿ'(ÿ3(("%ÿ"+&ÿ'4)Gÿ)'23ÿ%'ÿ%*'ÿ43ÿ"ÿ2;;>Gÿ"ÿ%*ÿ3+"3ÿ
2'6ÿ2"%ÿ73ÿ'"ÿ"6 7ÿ"+&ÿ'4)ÿ'ÿ+9ÿ!*ÿ*ÿ'(ÿ'ÿ*=73ÿ
"+&ÿ2'34)%'"ÿ6ÿ3)ÿ('ÿ@QOÿ%'ÿNNOÿ4%"+ÿ"ÿÿ(4%*ÿ34)%'"ÿ'(ÿ
AB '"ÿ('ÿ12ÿI%ÿ%'ÿNÿI%9ÿJ"ÿ$6ÿ'(ÿ%*ÿ()%ÿ%*%Gÿ34"+ÿ)'"42%'"Gÿ%*ÿ
AB22ÿÿ'"ÿ)'2ÿ"&ÿR;Oÿ'(ÿ%*ÿ+'ÿ)'"42%'"ÿ'(ÿ)%)%&ÿ
2'34)%'"Gÿ%*ÿ)*ÿ$ÿ%*%ÿ"+ÿ)'"4ÿ6 "ÿ'(ÿ%*ÿ4ÿ'(ÿ
$'4ÿ"+&ÿ$"+ÿS42"%ÿ"3ÿ%*ÿ2''%'"ÿ'(ÿ)'"')ÿ(%&ÿ"$'$ÿ
ÿ F7ÿ2'%"%ÿ('ÿ34)"+ÿ%*ÿ'4"%ÿ'(ÿAB '"9ÿ!'ÿ"4ÿ
)'2%%$"ÿ'(ÿ)%)%&ÿ2'34)ÿ"ÿ%*ÿ(ÿ F%ÿ)'2"ÿ3%'"Gÿ"(4")3ÿ7&ÿ
AB2ÿ'"ÿ'6 ")ÿ%3"+Gÿ)'"%4)%'"ÿ'(ÿ%*ÿ2'6ÿ2"%ÿ"ÿ)'2")ÿ
6%*ÿ"%'"ÿ+4%'"ÿ4%ÿ7ÿ"43ÿ6%*ÿ%*ÿ*2ÿ'(ÿ422'%ÿ)*Gÿ%%ÿ
3Gÿ%Cÿ2')ÿ"3ÿ+%$ÿ49ÿT")ÿ%*ÿS4'%ÿ%3ÿ4ÿ6*)*ÿ6ÿ
22&ÿ(%ÿ%*ÿ&ÿ2;12ÿÿ"'%ÿ3%")%&ÿ)ÿ&%Gÿ%*4ÿ%*ÿ%'2)ÿ6ÿ7ÿ
3$'23ÿ(4%*ÿ"ÿ%*ÿ%)ÿ%'ÿ)'9ÿ
ÿ
UVWXY/Z-[ÿAB2ÿ%3Gÿ"+&ÿ'4)Gÿ)%)%&ÿ2'34)%'"Gÿ5%'"ÿ
ÿ
\ÿ7]0--^_^10.^Y`[ÿaN1;ÿ
ÿ

121ÿ
ÿ
3456789
574ÿ
ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿ!"ÿÿÿÿÿÿÿÿÿ!"ÿÿ
ÿÿÿ"ÿÿÿÿÿÿÿ!"#ÿÿ
ÿ
$ÿ ÿ%ÿ& %'ÿ(!ÿ2))*+,-+ .ÿÿ1*ÿ/ÿ2))*ÿÿ
ÿÿ"ÿÿÿÿ&010'ÿ"ÿÿÿÿÿ
ÿ2ÿ
ÿ4ÿ5ÿÿÿÿ"ÿ!5ÿÿÿ!6ÿÿ
ÿ4ÿÿÿ./2ÿ&ÿ7'ÿ"ÿ"ÿÿÿ
" ÿÿÿÿÿ56ÿÿ
ÿ4"!ÿ"ÿÿÿÿ8ÿÿÿ95ÿ:ÿÿ
ÿÿÿ"#ÿÿ
ÿ
./ÿ;ÿÿÿÿ5" ÿÿÿÿÿÿÿÿÿ
"2ÿÿÿ5ÿÿÿÿÿ!!ÿÿÿ;ÿ#ÿ
<ÿ5ÿÿÿ./2ÿÿ7ÿÿÿÿÿ"ÿ
5#ÿ$ÿÿÿÿÿÿÿÿÿÿ"8ÿÿÿÿ
=4"ÿÿ0ÿ0ÿ "ÿ>ÿ$ÿÿÿ ÿ 5ÿ
?@#ÿ
ÿ
$ÿ"ÿA!ÿÿÿÿ2ÿ
ÿ$ÿÿÿÿ!!ÿÿ"ÿÿÿ"ÿ
ÿ5ÿÿÿÿÿ"ÿ;ÿÿÿ5ÿ
ÿÿ"ÿ""ÿÿÿ"ÿÿÿ#ÿ
ÿ$ÿ!ÿÿ"ÿÿ"ÿÿÿÿ"ÿ"ÿÿ
5ÿÿÿÿ!"#ÿ
ÿ 5ÿBÿ5ÿÿ"ÿÿ&"ÿÿ!ÿÿÿ
ÿ;ÿÿÿ"ÿÿÿÿÿÿ
ÿ8ÿ""'#ÿ
ÿ$ÿÿÿ;ÿ&;ÿ"8ÿ'#ÿ
ÿ$ÿ!ÿÿ"ÿ"ÿÿÿ"ÿÿÿ
"8ÿÿÿ5ÿ#ÿ
ÿ$ÿ7"ÿÿ"ÿÿ"ÿÿ!ÿ5ÿÿÿÿ
5ÿÿÿÿÿ&ÿÿÿ5ÿ""ÿÿ
ÿ" ÿ'#ÿ
ÿ$ÿ5ÿÿ"ÿ"ÿÿÿ7ÿ""ÿÿÿÿÿ
95ÿ:ÿ&Aÿ""ÿÿ!"ÿ""'ÿÿ
"ÿÿÿ5ÿ#ÿ
ÿ
$ÿÿÿÿÿÿÿ5ÿÿ"ÿ"ÿÿÿÿ
ÿ5ÿÿÿ"5ÿÿÿÿÿ"ÿÿ!"ÿ
ÿÿÿÿ5ÿÿÿCÿDEFGHIÿKLÿMNOOPQKRSOÿMGSÿTEUSSUKPÿ
VWWKXGPHOÿYNGZUP[ÿKPÿIQOÿTSIKPUGPÿTPON[\ÿ]OHIKN^ÿÿÿÿÿÿ"ÿ
!#ÿ$ÿÿÿÿ5ÿ5ÿÿ./2ÿÿ"ÿ"ÿ5ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿ5ÿ
122ÿ
ÿ
4556789
ÿ4ÿ856 ÿ  89489ÿ ÿ89 9 ÿÿ466489ÿÿ ÿ49ÿ
88 ÿ 889ÿ89ÿ ÿ48 9ÿ48ÿ89
ÿÿ9ÿ96 
ÿ8ÿ
494678ÿ8ÿ9 6ÿÿ984ÿ49ÿÿ466489ÿ4 ÿÿ4ÿ9ÿ 9ÿ4 ÿÿ
984ÿ9  967ÿ8ÿ
8 ÿ4ÿ
ÿ55987ÿÿ 5 8 ÿ8 ÿ4ÿ ÿ
948946ÿ6  6ÿ
ÿ
! ÿ489ÿ" 8 ÿÿ ÿ545 ÿ4 #ÿ
$ÿ!ÿ58 ÿ ÿ5898546ÿ4ÿ9ÿ ÿ8ÿ&2''()2''*+ÿ49ÿ 9ÿ&2'',)2'12+ÿ
5 8ÿÿ-2ÿ&49ÿ88 +ÿ4 ÿ89ÿ984ÿ
$ÿ!ÿ 8 ÿ 6 887ÿ589ÿ89ÿ984ÿ9ÿ ÿ48ÿÿ ÿ 6 887ÿ
  65 9ÿ5649ÿ  8 ÿ89ÿ ÿ   9 ÿ7 4ÿ2''*ÿ49ÿ466489ÿÿ-2ÿ
889ÿ7ÿ89ÿÿ 6ÿÿ
$ÿ!ÿ59ÿ ÿ489ÿ6
8648 ÿ5889ÿ9 989
ÿ 9 46 ÿ 9 
7ÿ
55ÿ8ÿ  984667ÿ896 9 ÿ ÿ  65 9ÿÿ 9 46 ÿ 9 
7ÿ

9 489ÿ49ÿ898 67ÿ ÿ-2ÿ4 ÿÿ
$ÿ!ÿ4664 ÿ-2ÿ 889ÿÿ2'2'ÿ4946
67ÿ8ÿ ÿ   9 ÿ7 4ÿ2''*ÿ
 ÿÿ466489ÿ
$ÿ!ÿ 4ÿ 6 887ÿ589ÿÿ ÿ7 4ÿ2'2'ÿ4 ÿ9ÿ ÿ89 5 489ÿ
ÿ ÿ 6 887ÿ ÿ  65 9ÿ5649ÿ
ÿ
.54ÿÿ ÿ5 49ÿ/989ÿ684 ÿ49ÿ 9 
7ÿ544
ÿ&866ÿ ÿ89ÿ ÿ89ÿ
2'13+ÿ9ÿ ÿ 9 
7ÿ ÿ 8 ÿ ÿ89) 5ÿ494678ÿ49ÿ866ÿ9ÿ ÿ
8 ÿ89ÿ8ÿ545 ÿ
ÿ
!8ÿ545 ÿ ÿÿ8 987ÿ ÿ4"ÿ 9 
7ÿ ÿ49ÿ 97ÿ 64 ÿ
849 ÿ49ÿ4ÿ89ÿ984ÿ4ÿ4 ÿ8549ÿÿ ÿ  65 9ÿ49ÿ
6488489ÿÿ ÿ  4ÿ
ÿ
012ÿ45ÿ676ÿ289::9;<:ÿ=>?@9<Aÿ:B1282ÿCDDEFCDDGÿ
ÿ
! ÿ8ÿ5 8ÿÿ489
ÿ64 ÿÿ2''(ÿÿ2''*ÿ&8989+ÿ 9ÿ ÿHICÿ
JK;=?ÿ&8ÿ494678ÿ 46ÿ8ÿ ÿ854ÿÿ-2ÿ4 ÿ967+ÿ489
ÿ4ÿ48967ÿ
9 ÿ967ÿ  9ÿ/ÿL  ÿM4 ÿ
ÿ
! ÿNONÿ 889ÿ4ÿ489
ÿ  ÿ2''()2''*ÿ4ÿ68 ÿ4ÿ48989
ÿ4
ÿ
! 8ÿ8687ÿ4ÿ688 ÿ4ÿ4989
ÿ4ÿ889
ÿ  9ÿ ÿ8ÿ49ÿ 9ÿ4
ÿ
49ÿ98ÿ  ÿ 58 ÿ- 5889
ÿÿ ÿ98ÿ6 ÿÿ4ÿ 8ÿ58 ÿ4554 ÿ
P ÿ7ÿ ÿ 9ÿÿ ÿ5 8ÿ&Q8
 ÿ1+ÿ 4 ÿÿ4ÿ49
ÿ89ÿ ÿ 49))
5567ÿ48ÿ4ÿ4ÿ 6ÿÿ48 ÿ4 89
ÿ4887ÿÿ ÿ89846ÿ ÿ

123ÿ
ÿ

456789ÿÿ 2ÿÿÿÿÿ!"#$%&ÿ ÿ
'()ÿÿ2**+(ÿ
ÿ
,ÿ1ÿ%ÿ&ÿ-.ÿÿ-ÿ. /%(ÿ%ÿ%ÿ0ÿ
1%0'ÿ2**3ÿÿ.ÿ2**+)ÿ2&ÿ%ÿÿ34ÿ2**5ÿÿÿ2**6ÿ/ÿ
%ÿ'4ÿ&ÿÿÿ&ÿ0!ÿ/&7ÿÿ&ÿÿ%ÿ0ÿ&ÿ
'ÿ'%"7ÿÿÿÿ&ÿ&ÿ/ÿ%4ÿ0ÿÿ8'ÿÿ&ÿ
0!ÿ&ÿ&ÿ/ÿ0ÿÿ&0)ÿ9ÿ&ÿ/7ÿÿ34$.ÿ2**5ÿ/&ÿ
ÿ0ÿÿ&ÿÿÿ&ÿÿ$%ÿÿ4ÿ/ÿ7ÿ&ÿÿ
ÿ&ÿ0ÿ/%ÿ8'ÿÿ&ÿ0!ÿÿ%ÿ0ÿ/ÿÿ4ÿ
!/ÿÿ&ÿ'%ÿ))ÿÿ2**:ÿ&ÿÿ 00ÿ%ÿ&ÿ0ÿ
0ÿÿ1576367*:;ÿ< ÿÿÿ'ÿ&ÿÿ0ÿ/ÿ127ÿ5217+23ÿ< 7ÿ
ÿ4ÿ3ÿ0ÿ2ÿÿ0ÿ/%ÿ/ÿÿÿ&ÿ0!ÿ 02ÿ
/'ÿ2*1*()ÿ
ÿ
=&ÿ$%ÿ8'%ÿÿ8%ÿ0ÿ/%ÿÿ&ÿ0!ÿ/ÿ
ÿ&ÿ%ÿ/&%&ÿÿÿ&ÿ%ÿ&ÿÿÿ2**5ÿÿÿÿ&ÿÿ
ÿ2**6ÿ/&ÿ&ÿ$%ÿ$>4ÿÿÿÿÿ%0ÿÿÿ()ÿÿ
ÿ
?@9ÿABÿCDCÿ9E5FF5GHÿIJJGKIHL9ÿM8IN5H6ÿFL@9E9ÿOPPQROPOÿ
ÿ
S4ÿ&ÿÿÿ&ÿ/ÿÿ7ÿÿ&ÿ$%ÿ>4ÿÿÿÿÿ
ÿ2**+$2*12(7ÿ&ÿÿ 00ÿ&ÿ0ÿT04ÿ%ÿ%$
'%!ÿ%ÿÿÿ0ÿ/%ÿ%ÿÿ30'ÿ2ÿ&ÿ$
%ÿUÿ. %ÿVÿWÿU.V(ÿÿ'ÿÿ8ÿ&ÿÿ/&%&ÿ
&ÿ0ÿÿ&ÿ$>4ÿÿ)ÿ=&ÿÿÿ&/ÿÿ,ÿ17ÿ
/&ÿ&ÿ-.ÿ%ÿ8ÿÿ%8ÿÿ'ÿ0ÿÿÿ'ÿ/&%&ÿÿ&ÿ
'X%8ÿÿ&ÿ%'ÿTÿ0!ÿYÿÿ0ÿÿ&ÿ0!ÿ0ÿ&ÿ
%ÿ8ÿÿ1ÿÿÿ 2()ÿ
ÿ
123ÿ
ÿ
456ÿ789ÿ
6 6ÿ6ÿ6 ÿ6ÿ666 ÿÿ6 6ÿÿ 56ÿ ÿ
5 ÿÿ 56ÿ6 ÿ ÿ6ÿ6 ÿ5ÿÿ5   ÿ ÿ6ÿ
6ÿ ÿ6ÿÿ ÿ6! ÿ65ÿ
6!6ÿ65ÿ6ÿ
6ÿÿ 56ÿ"ÿ #ÿ6ÿ666 ÿ65ÿ$ÿ7%&#ÿ'()*+ÿ
6 6ÿ6ÿ6 ,ÿ- ÿ66  ÿ65ÿ$ÿ./#ÿ()0*+ÿ
6ÿ6 ÿ ,ÿ6ÿ ÿ21122112ÿ$ÿ84#ÿ330*4ÿ6ÿ
 ÿ ÿÿ6 ÿÿ 56ÿ ÿ
56ÿ6 ÿ5ÿ6 ÿ ÿ 56ÿ5  6ÿ
ÿ6ÿÿ"6ÿ66ÿ ÿ 56ÿ ÿ ÿÿ6ÿÿ 56ÿ66ÿ
6ÿÿ71ÿ8ÿÿ 56ÿ6ÿ"ÿ 56ÿ ÿ6ÿ$ÿ 56ÿ  ÿ 96ÿ
6ÿÿÿ66 6ÿ66 ÿ6 6:ÿ/ÿ 56ÿ ÿ ÿ64ÿ6 ÿ"ÿ
56ÿ5ÿÿ ÿ" 5ÿ 56ÿ ÿ 6ÿ ÿ65ÿ&66ÿ5  6ÿ
6::ÿ 5ÿ
66 6ÿ6ÿÿ86ÿ 64ÿ ÿÿÿ66ÿ6 "66ÿ1121;:ÿ
45ÿ6ÿ 5 ÿ"56ÿ 56ÿ8<8ÿ 6ÿÿ=8>ÿ ÿÿ6 ÿ6ÿ ÿ65ÿ
ÿ 56ÿ6 ÿÿ5ÿ 4ÿ56ÿÿÿÿ 56ÿ96 ÿ6ÿ ÿ
6! ÿ65ÿ ÿ" 5ÿ 56ÿ ÿ 6ÿ :ÿ
ÿ
?ÿ 56ÿ21122112ÿ ÿ64ÿ8 ÿ6ÿÿÿ ÿ 56ÿ86ÿ
7ÿ
87ÿÿ2@:@ÿÿ 6ÿÿ6ÿ
122ÿÿ 3ÿ6:ÿ87ÿ"66ÿ
56ÿ6 ÿ ÿ12:Aÿÿ 6ÿ
B7:3ÿÿ 34ÿ:6:ÿÿ:ÿ32;:ÿ@Aÿ6 ÿ
6ÿ6ÿÿ6 ÿ ÿÿ8 4ÿÿ7Cÿÿ66ÿ 4ÿBÿ
ÿ6ÿ ÿÿ2ÿÿ6ÿÿÿ :ÿDEDÿ6ÿ"6ÿ
ÿ6 ÿ6ÿ6ÿÿ 56ÿ8 ÿ& 6ÿÿ 56ÿ86 ÿ ÿ ÿ
96 ÿ ÿ 56ÿD66 ÿ ÿ8 ÿ=ÿ23Aÿÿ21ÿ%666ÿ211A4ÿ"55ÿ
6 56ÿ1ÿ.ÿ2112ÿ ÿ71ÿ%666ÿ2112ÿÿ 56ÿ6ÿÿDEDÿ6ÿ
"6ÿÿ  ÿ6ÿÿ :ÿ114BA2423Aÿ 6ÿ6ÿÿ
 6ÿ ÿ6 ÿÿ141724211ÿ 6ÿ6ÿÿ96 ÿÿ666ÿÿ6"ÿ
6 ÿ6 6ÿ 56ÿ ÿ 6:ÿ
ÿ
8 ÿ6ÿÿ ÿ" 5ÿ 56ÿ86ÿ7 ÿ ÿ 56ÿ86ÿ7ÿ

.66 ÿÿ 56ÿ7 ÿ211C4ÿÿ 5 ÿ 56ÿ7ÿ6ÿ6ÿ 96ÿ

ÿ 9ÿ 56ÿ6ÿÿ6!666ÿ ÿ 5 :ÿ456ÿ7 ÿ66ÿ" 5ÿ8 ÿÿ
  6ÿ 5 ÿ 56ÿ7ÿ5ÿÿ 5 ÿ ÿ   6ÿÿ 56ÿ66 ÿÿ=8>ÿ
8 Fÿ ÿ" 5ÿ ÿ"4ÿ"55ÿÿ 56ÿ 5ÿÿ ÿ6 ÿ 96ÿ ÿ
6 ÿ 56ÿ8 ÿ66ÿ6ÿÿ"ÿ ÿ6ÿÿ 56ÿ6 ÿD%>ÿ
" 5ÿ:ÿ8 4ÿ 56ÿ7 ÿ66ÿÿ ÿÿ 56ÿ6ÿÿ
ÿ  :ÿ
ÿ
45ÿ ÿ-66 ÿ6ÿ 5 ÿ 56ÿ86ÿ7ÿ5ÿ ÿ 96ÿ6"ÿ
6ÿ6ÿ8 Fÿ ÿ6 :ÿ8 ÿÿ ÿ6ÿ ÿ
6 ÿ ÿ 56ÿ86ÿ7ÿ5ÿ6ÿÿ6"ÿ6:ÿ76ÿ 56ÿ
6ÿ  ÿÿ 56ÿ6ÿ6ÿ ÿ6ÿ2113211A4ÿ
ÿ ÿ"55ÿ 56ÿ6666ÿ6ÿÿ 56ÿ6 ÿ ÿ"ÿ1CC1ÿÿ 56ÿ
6 ÿ66 6ÿÿ8 ÿ6ÿ66ÿÿ 56ÿ ÿ> ÿ
9  ÿ
ÿ 56ÿ ÿ> ÿ21124ÿ8 ÿÿÿÿ  ÿ"566ÿÿ21122112ÿ ÿ5ÿ
ÿ66ÿ6ÿ2;ÿ ÿ 56ÿ1CC1ÿ66:ÿG 4ÿ6ÿ 56ÿ ÿ  ÿ
ÿ8 ÿÿ 56ÿ6666ÿ6ÿ
"6ÿ"66ÿÿ ÿÿ 56ÿ<559ÿÿ" 5ÿÿ66 ÿ
6ÿ  6ÿÿÿ6ÿ6  ÿ 64ÿ"6ÿ6ÿÿÿ  ÿ"566ÿ
123ÿ
ÿ
45ÿ6785ÿ79
57ÿ7 6585ÿ6ÿ7
5ÿ779ÿ85
ÿ5
ÿ2ÿ585
79ÿ
55
ÿ
 ÿ55

5ÿ5ÿ65ÿ78
795ÿ7ÿÿ!
85ÿ65
ÿ
5 ! ÿ7"ÿ
ÿ5#7!95"ÿ$5ÿ$5
7ÿ%ÿ$$&ÿ1'ÿÿ67
5ÿ45ÿÿ
65ÿ59 ÿÿ$7"ÿ46 6ÿÿ65ÿ23()ÿ7 79ÿ57
ÿ
5 585ÿ
7
#!759ÿ*ÿ+,ÿ
ÿ599ÿ5!ÿ-7ÿÿ65ÿ
ÿ.9ÿ595 
 ÿ
5# 675ÿ$$/ÿ57
0ÿ2)(21ÿÿ65ÿ7 79ÿ57
ÿ2)(1"ÿ65ÿ!7 ÿÿ

7ÿÿ5!ÿ-7ÿÿ5 ! ÿ5

!7 5ÿ
585
5ÿÿ21*ÿ!99ÿ$3ÿ
47ÿ45
5ÿÿ9ÿÿ2)ÿ5ÿÿ65ÿ97 0ÿÿ5
5ÿÿ65ÿ 0ÿ5# 675"ÿÿ65ÿ
5ÿ67&ÿ64585
"ÿ65ÿ 79ÿ!7995
ÿ67ÿ5#5 5ÿ7!ÿÿ-7ÿ
799 75ÿÿ$$ÿ5
ÿ65ÿ5 ÿ%.ÿ
6ÿ7ÿ7ÿ55ÿÿ!705ÿ779ÿ
5#5
5ÿ
ÿ7ÿ21ÿ-7ÿÿ65ÿ7 79ÿ57
ÿ2)(1"ÿ$$ÿ47ÿ
5!75ÿÿ5ÿ1*ÿ!99ÿ$3ÿ 7ÿ53ÿ!99ÿ5ÿ672(2*,(ÿÿÿ
-7ÿ
ÿ
89:;<=>;><?ÿA=BCD;<>BEÿFECÿGHIÿ:J>KK>BEÿ>Eÿ8K<BE>Fÿ>Eÿ<L:ÿ=:M:=:E;:ÿ?:F=ÿNIOOPQÿÿ
ÿ
% 
ÿÿ65ÿ7 79ÿ85
854ÿ$5
ÿR797 5ÿ2)ÿ
57
5ÿÿ7 ÿ
$7ÿ$5
ÿ797 5ÿ2)ÿS
5ÿ1"ÿT795ÿ2"ÿ$7ÿ
 5ÿUUVOIÿWXLÿÿ
B>9ÿKLF9:275ÿ595 
 "ÿ5*ÿYZ6ÿ
!ÿ7
79ÿ7"ÿ25*ÿYZ6ÿ
!ÿ9ÿ6795ÿ7"ÿ
22ÿYZ6ÿÿ6
255
"ÿ1ÿYZ6ÿÿ4ÿ55
"ÿ53ÿYZ6ÿ
!ÿ65
ÿ
554795ÿ
55
ÿ
5ÿ7ÿ22ÿYZ6ÿ
!ÿ57ÿ
ÿ

ÿ
[>\D=:ÿI]ÿ$95 
 ÿÿÿ12111ÿYZ6ÿÿ2)ÿ^5859!5ÿ.97ÿÿ65ÿ
$7ÿ$95 
 ÿ5 
ÿ9ÿ211ÿ
ÿ
T65ÿ
55
5 5ÿ57
ÿ
ÿ55
ÿ
 ÿ7ÿ !ÿ 79 97ÿÿ2)"ÿ
46 6ÿÿ79ÿ65ÿ
55
5 5ÿ57
ÿ
ÿ^5859!5ÿ.97ÿÿ65ÿ$7ÿ$95 
 ÿ
5 
ÿ9ÿ211ÿ
ÿ
$7ÿ67ÿ7947ÿ!775ÿÿ 85
ÿÿ595 
 ÿ5!7ÿ7ÿ79ÿ5#
5ÿ
595 
 ÿ% 
ÿÿ65ÿ2)ÿ7 "ÿ595 
 ÿ
 ÿ7!5ÿÿ
12111ÿYZ6ÿT795ÿ1ÿ7ÿ6ÿ-7"ÿ9ÿ6795275ÿ595 
 ÿ7 5ÿ
ÿ
53'"ÿ46 6ÿ!95ÿ65ÿ7!ÿÿ595 
 ÿ!57
5ÿ7ÿ65ÿ45
ÿ97/ÿ

5ÿ5
!79ÿÿÿ5 ÿ
!ÿ6ÿ45
ÿ97/ÿ4ÿ5ÿ11ÿYZ6"ÿ65ÿ65ÿ
123ÿ
ÿ
456789ÿ9
48599 ÿ4ÿ6
ÿ8 96
ÿ96ÿ6875
ÿÿ112ÿÿÿ4
9ÿ6ÿ9ÿÿ
6875 ÿÿ64ÿ6875
ÿ48ÿ9 ÿ69
ÿ4
9ÿÿ6ÿ6
ÿ 6
9ÿ23!ÿ"ÿ
9
ÿ 798#ÿ8 96
ÿ6 $ÿ65 9ÿ6875
ÿ6875 ÿ31%&ÿÿ8ÿ2&&3ÿ
ÿ
'()*+ÿ-.ÿ/ 9
9ÿ
67968ÿ48ÿ6875968ÿ8ÿ2&&3ÿ48ÿ012ÿ 568ÿ896ÿ9 ÿ
4956
ÿ
06875
ÿ 06875968 012ÿ 568ÿ
65ÿ 3
 894# ÿ6ÿ
"ÿ  9
9ÿ
67968ÿ 9694ÿ
896ÿ9 ÿ4956
ÿÿ 6875968ÿ
29"ÿ 4ÿ
06875968ÿ8ÿ/9684ÿ 31%&ÿ 5.66ÿ 67.8ÿ
9 96
ÿ6 ÿ 1:!;ÿ -.<=ÿ --.-ÿ
>694ÿ6875968ÿ %!:;ÿ %3ÿ 3&&ÿ
/6
9ÿ 23!ÿ =.8-ÿ ==.5ÿ
9 96
ÿ9694ÿ 112ÿ 11%3ÿ 23ÿ
36
ÿ489?ÿ68ÿ7 ÿ %%ÿ @.8Aÿ 5.Aÿ
BCDEEÿFCDGHIJKDLÿ -=-77ÿ 12%1ÿ 1&&ÿ
M67
 NÿM9499ÿ/9684$ÿ4796
?ÿ474968ÿ
ÿ
> ÿO74899ÿ6ÿ01ÿ 568ÿ896ÿ9 ÿ45 89ÿ4
ÿ
65ÿ  9
9ÿ# 8
4968ÿ48ÿ
6875968ÿ8ÿ2&&23ÿ4ÿ678ÿÿ47498#ÿ9 ÿ4ÿ8496
ÿ6ÿ4
67ÿ
7 ÿ7 ÿ6
ÿ  9
9ÿ# 8
4968ÿ8ÿ/9684ÿ48ÿ9 ÿ ÿ012ÿ 568ÿ
65ÿ
6P# 8
4968ÿ1&!ÿ9012Q$ÿ>4 ÿ2"ÿ
ÿ
01ÿ 568ÿ4 ÿ 8ÿ4749 ÿÿ78#ÿ9 ÿ 9
584968ÿ5 96ÿ6ÿ4
68ÿ
62 ÿ 568ÿ896ÿ9 ÿ45 89ÿ4
ÿRST7ÿ
474ÿ2&&;"ÿ> ÿ 4ÿ
568ÿ6ÿ4
68ÿ
65ÿ657968ÿ6ÿ6ÿ4 ÿ8ÿ/96848ÿ6
ÿ489ÿ48ÿ
65ÿ
 698#ÿ4 ÿ4ÿ4
ÿ4749 ÿÿ78#ÿ9 ÿ668#ÿ6
574Nÿ
ÿ
U V
1"ÿfaÿ_`]ÿZ[\]^h1&cWgecd2"WX12Q;;QbW$ÿ90Q>iÿ
ÿ

ÿ
j

ÿkÿ46
ÿ47 ÿ6ÿ6ÿ4 $ÿ2iQ#lÿ
0ÿkÿ4

68ÿ689 89ÿ6ÿ6ÿ4 $ÿ4lÿ

012"ÿ2ÿkÿ58
4ÿ4
68ÿ6 ÿ689 89ÿ6ÿ6ÿ4 $ÿ4lÿ19ÿ2&&;"ÿ
90Q>iÿkÿ968ÿ6ÿ4
68ÿ96ÿ>
4ÿi67 lÿ
12Q;;ÿkÿ0Q01ÿ56 74
ÿ54ÿ
496ÿ
ÿkÿ
679ÿ#428 ÿÿ5798#ÿ9 ÿ496
ÿÿ94 ÿ896ÿ46789ÿ9 ÿ 9 89ÿ6ÿ
4
6849 ÿ 656968ÿ8ÿ6ÿ4 ÿ657968ÿ8ÿ6
ÿ012"ÿ48ÿ012ÿ88#ÿ
8ÿ4ÿ ÿ "ÿ8ÿ7
 ÿ657968ÿÿmÿ&;$ÿ8ÿ7 ÿ ÿ
657968ÿÿmÿ&7;8&6"78ÿ
ÿ
n6
ÿ47498#ÿ9 ÿ
4ÿ4
68ÿ 568ÿ48ÿ4
68ÿ6 ÿ 568ÿ47 $ÿ9 ÿ
4974ÿ456789ÿ6ÿ4
68ÿ689 89ÿ8ÿ9 ÿ6579 ÿ7 ÿÿ579 ÿÿ9 ÿ47 ÿ

123ÿ
ÿ
456764897

 ÿ859ÿ

9ÿ678ÿÿ467ÿ859ÿ6486ÿ467ÿ9

ÿ69ÿÿ
ÿ
464689ÿ
ÿ
6 76ÿÿÿ
 ÿ859ÿ!
 ÿ76"ÿ
ÿ
2ÿ'1+(*&%)&$&#ÿ
ÿ
!5 979ÿ
,)ÿ-ÿ9ÿ48
ÿ./ÿ
04ÿ-ÿ94

4ÿ467ÿ9

ÿ812./ÿ
34ÿ-ÿ5679ÿÿ

9ÿ4674ÿ
ÿ
.59ÿ15 9

ÿ
8ÿ859ÿ6
98ÿ6
7ÿ7ÿ48
ÿÿ6ÿ
9798ÿ6
ÿÿ9ÿ
78ÿ
2ÿÿ
6 76ÿ98ÿ
ÿ464689ÿÿ
 ÿ859ÿ!
 ÿ76"ÿ
ÿ
*ÿ92'&::212ÿ
ÿ
!5979ÿ
;4ÿ-ÿ467ÿ9

ÿ69ÿ4ÿ
ÿ
.86ÿ15ÿ9

ÿ
8ÿ859ÿ6
98ÿ6
7ÿ
ÿ464689ÿÿ
 ÿÿ859ÿ152ÿ
9

2ÿ7ÿ48
ÿÿ6ÿ6
ÿÿ94ÿ
ÿ
152ÿ9

ÿ7ÿ48
ÿÿ
ÿ569ÿ
ÿ859ÿ4< 99768
ÿ79
9ÿ

 869ÿ748
ÿÿ99487
4
8ÿ6ÿ5968ÿ68ÿ8ÿ12:+:ÿ856ÿ89ÿ
.69ÿ2=ÿ94ÿ6ÿ
85ÿ49=ÿ!5
9ÿ8597ÿ
ÿ9ÿ9
8ÿ
8ÿ859ÿ685979ÿ
46ÿ*>ÿ4679ÿ8ÿ
ÿ569ÿ48
4ÿ?
ÿ997 =ÿ57<997 =ÿ4967ÿ
997 =ÿ
6ÿ6ÿ
 6ÿ6ÿ749ÿÿ997 ÿ679=ÿ6447
 ÿ8ÿ859ÿ 6ÿ
6 79998=ÿ79 679ÿ6ÿ749ÿ8ÿ 99768
 ÿ154ÿ@
8
6ÿ89"ÿA8
6ÿ9ÿ
8ÿ749ÿ99487
4
8ÿÿ859ÿ6
ÿÿ4967ÿ997 24ÿ
ÿ
B8ÿ
ÿ
89798
 ÿ8568ÿÿ859ÿ6
ÿÿ686ÿ7
9ÿ
ÿ.69ÿ2=ÿ859ÿ!97ÿ469ÿÿ
94

4ÿ15ÿ9

ÿ
49ÿ6ÿ6876ÿ 6ÿ
ÿ94ÿC6876ÿ 6ÿ7ÿ
79ÿ4962ÿ856ÿ8597ÿ
ÿ9=ÿ45ÿ6ÿ
ÿ569ÿ6ÿ968=ÿ6ÿ749ÿ9ÿ
467ÿ

9ÿ97ÿ
8ÿÿ997 ÿ799694ÿBÿ85
ÿ859ÿ796ÿ!5ÿD
6ÿ6ÿ859ÿ
A796ÿE
ÿ569ÿ6 799ÿÿ

 ÿ859ÿC7ÿF8796ÿ 6ÿ
9
9Gÿ.59ÿ
97!6897ÿ678ÿÿ859ÿ
9
9ÿ8678ÿ7ÿ859ÿH7866ÿ,6ÿ967ÿI 7 ÿ6ÿ7ÿ
67
689ÿ12++ÿ6ÿÿ859ÿ88ÿÿ859ÿ,68
4ÿF96ÿ6ÿ67ÿ6ÿ8ÿJ79
!6ÿ
ÿ
J9764ÿ
ÿ
ÿ

123ÿ
ÿ
45678ÿ
ÿ ÿÿÿÿÿ2ÿÿÿÿÿÿ ÿ
 ÿÿÿ  ÿ +ÿ   ÿ +ÿ,-2ÿ
 ÿ $ÿ ,-2ÿ ÿ %ÿÿ
!ÿ ÿ %ÿ " (ÿ  ÿ
"#'$ÿ ")*ÿ ÿ ÿ 1ÿ $ÿ
% &% (ÿ " ((ÿ ".!/0*(ÿ .!/0*ÿ
- ÿ ÿ 1122ÿ '33ÿ #''ÿ 14#3ÿ
5ÿ 22ÿ 'ÿ #'ÿ 12''#'ÿ
+ ÿ ÿ 'ÿ 26ÿ #'ÿ 32#ÿ
7 ÿ!ÿ '3ÿ 21ÿ #'3ÿ 32#'ÿ
89 ÿÿ 123ÿ ÿ ÿ ÿ
- ÿ ÿ!ÿ 2'3ÿ 21ÿ #'2ÿ 624#1ÿ
ÿ :12144ÿ ÿ ÿ ÿ
+;ÿ+ÿ$ÿ<ÿ  #ÿ
ÿ
- ÿ &ÿ ÿÿÿÿÿ  ÿÿ.!ÿÿ
ÿÿ ÿÿ!ÿÿ ÿÿ%#ÿ*ÿ%ÿ
ÿÿ ÿÿÿ ÿ &ÿ ÿÿÿ=!ÿ''>#ÿ+ ÿ!ÿÿ
ÿÿÿ?@ABCÿ?E@FGCHÿIJCBKKABLAÿMNÿÿOÿÿ ÿ ÿÿÿÿ
ÿÿ =ÿ%ÿ ÿÿ7=ÿ59ÿ5 Pÿÿÿÿ
ÿ 9ÿÿÿÿÿ ÿÿ !#ÿQRSÿ?E@FGCHÿMNÿÿ!ÿÿ!ÿ
!ÿÿ ÿ ÿÿÿ!ÿ ÿ!ÿ9ÿ ÿ #ÿTÿ
ÿÿÿ&!ÿ!%ÿÿ ÿ!$ÿ$ÿ ÿ ÿÿ ÿ ÿ
$ÿ!ÿÿ<ÿ%$ÿ9ÿ#'&#'3ÿÿ'&'3>#ÿ
ÿ
,!ÿ!ÿÿÿÿ,-2ÿUÿÿÿVÿ=ÿÿ%ÿ%ÿ
O=ÿÿÿ9 ÿ!$ÿÿ9 ÿ!ÿ!ÿÿÿ ÿ
!9!ÿÿÿ=#ÿTÿ%ÿÿÿ9 ÿ!ÿÿÿÿ
ÿ9ÿÿ%ÿÿÿÿ  ÿOÿ ÿÿÿ!#ÿ
ÿ
Tÿ ÿ+ÿW= %ÿ5 ÿ23&213ÿ ÿÿX=ÿÿ
ÿÿÿÿ9 ÿ!1ÿ"89 ÿ!ÿÿ23(ÿÿ3#1>ÿ
ÿ ÿ%ÿÿ21ÿÿÿÿÿÿÿ ÿ!ÿÿ
%ÿ ÿÿÿÿ ÿÿ2>ÿÿ ÿ%ÿÿ22ÿ
"ÿ89 ÿ!ÿ, ÿ23(#ÿ
ÿ
Yÿ2$ÿ9 ÿ ÿÿÿ1#3>ÿÿ ÿ%#ÿTÿ
 ÿÿÿ9ÿ9 ÿ ÿÿXÿÿ ÿÿ
% ÿÿ21ÿ9 ÿOÿÿ!ÿ"Z ÿ2(#ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
1ÿ89 ÿ!ÿÿÿ9 ÿÿÿ!ÿÿÿ!ÿÿÿÿÿ
ÿ $ÿ#!#ÿ9=$ÿ$ÿ ÿ!$ÿ9$ÿ!% ÿ!$ÿÿ9ÿÿÿ
!ÿÿÿÿÿ ! ÿÿÿÿ%ÿ"%ÿÿ ÿ[ÿ
%$ÿ$ÿ!ÿ$ÿ!ÿÿ(ÿ9ÿÿUÿ!ÿ ÿÿÿ
ÿ%ÿÿÿ%ÿ!PÿÿÿXÿÿ,-2ÿ%ÿ!ÿ%$ÿÿUÿ
ÿ#ÿ
123ÿ
 ÿ
4566789ÿ ÿ5 ÿ78ÿ8ÿ8ÿ
ÿ
ÿ!ÿ"#$$ÿ"%"ÿ!%$&%'ÿ!ÿ(33)ÿ*+&!!,ÿ-.ÿ
/ÿ(3320ÿÿ!"ÿÿ"ÿ1ÿ&!!,ÿ$'#'ÿ!ÿ%2!'ÿÿ'ÿ
&!!,ÿ$&"ÿÿ(33ÿ1ÿ&ÿ"#%$!ÿ2,ÿÿ,ÿ(3(34ÿ5ÿ#'ÿ
!ÿ1ÿ6ÿ!ÿ$&"ÿ*!ÿ(337ÿ!ÿ$&"ÿ6ÿ2#!&ÿ!ÿ
&&!ÿ'ÿ#0ÿ'ÿÿ"ÿ1ÿ!ÿ!"ÿ!"!ÿ*ÿ$6ÿ$&ÿ!"ÿ2!ÿ
'ÿÿ89#ÿ'ÿ"5&ÿ"%&&ÿ(!ÿ$&"ÿÿ2!ÿ$&'ÿ!ÿ'!11ÿ
!"ÿ1ÿ+"!0:ÿÿ"#2"!'!"!ÿ"ÿ"$&,ÿ!"'ÿ!5"";ÿ'ÿ,ÿ
$'#";ÿ!"ÿ!ÿ#"!ÿ2!1#&":ÿ
ÿ
<!ÿ!"ÿ"&#!ÿ1ÿ(=ÿ>#,ÿ(3134ÿÿ?@@A@BCADÿ""!&&,ÿ%''ÿÿ
+&!!,ÿ-.ÿ/ÿ"ÿÿÿ$'#ÿ"ÿÿ!ÿÿ!5ÿ"#$$"ÿÿ1%ÿÿ
"%!""!ÿ6.ÿ$ÿ1ÿÿ&!!,ÿ"#$$&!'ÿ"!ÿ1%ÿ1 >#&,ÿ(313ÿ
!1ÿ!ÿ!"ÿ'ÿ1%ÿ2!%""ÿ!ÿ11!!ÿ!ÿ!%4ÿ#&""ÿ&!!,ÿ
1%ÿ2!%""ÿ!"ÿ$'#'ÿ!ÿÿ'"!ÿ!%:ÿ
ÿ
ÿE$#2&!ÿ1ÿ+"!ÿ&"ÿ$%#&'ÿ*F!"!ÿGÿH(1:ÿ(3130ÿÿ&6ÿ
%'!ÿÿ+&!!,ÿ-.ÿ/4ÿ6!ÿ6"ÿ$""'ÿ2,ÿÿ?@@A@BCADÿÿ(=ÿ
>#,ÿ(313:ÿ/ÿÿ"%ÿ!%4ÿÿ8"!'ÿ"ÿÿI&&ÿ1ÿ>#"!ÿÿ&ÿ
J#"!ÿÿÿ"#&'ÿ$,ÿ"$"ÿ!&ÿ!ÿÿÿ$5!"!ÿ1ÿÿ1%!'ÿ
/4ÿ6!ÿ6!&&ÿ2&!"ÿ"ÿ1ÿ1 -,ÿ(33)ÿÿ"#$$ÿ1ÿ$"ÿ6ÿÿ
&!!,ÿ1%ÿ2!%""ÿ!ÿ"#%%:ÿ
ÿ
ÿ8"!'ÿÿ&,ÿKÿÿ&6ÿ"ÿÿ6&:ÿ!"ÿ6#&'ÿ%ÿÿ$5!"!"ÿ
6!ÿÿ!ÿ&!ÿ6!ÿÿI"!#!ÿ'ÿ%#"ÿ2ÿ$""'ÿ"ÿ"ÿ"ÿ$""!2&ÿÿ
$ÿ2Lÿ$ÿÿ1ÿÿ+"!ÿ&!!,ÿ%.ÿ"ÿ1ÿ1"ÿ/$!&ÿ(313ÿ'ÿÿ5!'ÿ
!ÿ1ÿ ÿ"#!ÿ1ÿÿ+Mÿ"#$$'ÿ"'ÿ"#2%!ÿ
%%#!!"ÿ2&ÿ26ÿ+"!ÿ'ÿN!&'4ÿ6#&'ÿ&"ÿ%!ÿ!11!5:ÿ
ÿI&&ÿ1ÿ>#"!ÿ"ÿÿ!ÿÿ"ÿ"!&ÿ$5!"!"ÿ1ÿ,ÿ&64ÿ!1ÿ
$$$!:ÿ
ÿ
Oÿ(3374ÿÿ-!!"ÿ1ÿÿ+5!%ÿ6!ÿ!"ÿE#&!ÿG:1Pÿ$$5'ÿ1ÿÿ
"##&ÿ!'ÿ6'ÿ%"#ÿ1ÿ%ÿQ"!5ÿ#"ÿ1ÿ62&ÿ,ÿ"#"ÿ1ÿ
,ÿ!:ÿÿ$#$"ÿ1ÿÿ!'ÿ6"ÿÿ!"ÿÿ"ÿ1ÿ62&ÿ
,ÿ"#"ÿ!ÿÿ,ÿ2&ÿ'ÿÿ'#ÿ$&&#ÿ%!""!"ÿ1%ÿÿ
,ÿ!ÿ","%:ÿ!"ÿE#&!ÿ"#&'ÿ!"ÿ$'#";ÿ'ÿ!5"";ÿ
ÿ1ÿÿ,ÿ$'#!ÿ'5&$%ÿ!ÿ'!11ÿ!"ÿ1ÿ+"!ÿ'ÿ
'!"$"ÿ,ÿ!ÿ!ÿÿ"ÿ!:ÿ
ÿ
ÿ(ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿNÿQ%$&4ÿ$ÿ1#&ÿ2!&ÿ#""ÿ$!ÿ!ÿ11!!ÿR$'#!ÿ!%ÿÿ$!'ÿ1ÿ
$'#'ÿ'ÿÿ"%!'ÿ&!!,ÿ'!ÿÿÿ+"!ÿ+&!!,ÿ-.ÿ/4ÿ
6!ÿ!"ÿ=1ÿ"S.<ÿ*+"!ÿ#,4ÿ1+MET1L:HPHH++U04ÿÿ!5ÿ"#2"!',ÿL3ÿ
"S.<4ÿ"$'!&,:ÿNÿ#"!ÿ6'ÿ1#&ÿ*"ÿÿ62&ÿ1#&04ÿÿ"#2"!'!"ÿÿ
"!!1!&,ÿ!Vÿ"#2"!',ÿ1ÿ=3ÿ"S.<ÿÿ&!!,ÿ"&'ÿÿÿÿ1ÿÿ$!ÿ1ÿ11Lÿ
"S.<:ÿ
123ÿ
ÿ
3456ÿ89
55
6ÿ46 ÿ6495
ÿ56ÿÿ955ÿ
9ÿ 
86ÿ846ÿ
ÿ
ÿÿ!ÿ"ÿÿ#$%!ÿ#&'%&%(ÿ)&'ÿ*ÿ!ÿ"ÿ
#$%!ÿ#&'%&%(ÿ)&'ÿ+,,-.ÿ/0'%$ÿ!ÿ%ÿ$!ÿ%$ÿ!ÿ$'!1%&ÿ%'!ÿ
'$/'&ÿ"'ÿ#$%!ÿ!0ÿ&'%&%(ÿ1'!%ÿ"'ÿ%ÿ$!ÿ%$ÿ!ÿ&!'!&'%$%&ÿ"ÿÿ
#$%!ÿ'1(ÿ$&'ÿ2ÿ!'(ÿ-34ÿ"ÿ&'%&%(ÿ%$ÿ'0/&0ÿ"'ÿ%ÿ$!5ÿ
ÿ
6$%0'%1ÿÿ7$ÿ$&!'%ÿ$ÿ/ÿ%ÿÿ&'%&%(ÿ$&'ÿ0ÿ!ÿ
*!7ÿ2.8ÿÿ&!!&%(ÿ"ÿ&91'!%ÿ!$ÿ/$ÿ7ÿ%&'!$0ÿÿ2,,ÿ:;ÿ*ÿ
&!!&%(ÿ0/'%1ÿ!<ÿ/'$ÿ+=,ÿ:;.ÿ7(ÿ+,13>ÿ+?2,,ÿ:;ÿ%ÿ$!ÿ"/%0%$0ÿ70ÿ
&7/$%ÿ/%$ÿ*ÿ&!!&%(ÿ+@,ÿ:;.ÿ$/0ÿ7ÿ'&0ÿ7(ÿÿ0ÿ"ÿ+,1A>ÿ7(ÿ
+,1+8ÿ0$//'%$!%ÿ!0ÿ0%'%"%&!%ÿ$($$ÿ*ÿ&!!&%(ÿ"ÿ3?1A,ÿ:;.ÿ/$ÿ
7ÿ%$!0ÿ%ÿ"/'ÿ"ÿÿ?%$%1ÿ0ÿ+,,ÿ:;ÿ%ÿ$!ÿ/%$>ÿ7(ÿ+,128ÿÿ&!!&%(ÿ
"ÿ9$'ÿB%0ÿ/'7%$ÿ/$ÿ7ÿ%&'!$0ÿÿ3,,ÿ:;ÿ*!7ÿ2.5ÿÿ0&%$%$ÿ
&&'%1ÿÿ%$$ÿ%ÿ!ÿ$ÿ&!!&%%$ÿ$!ÿ7ÿ!0ÿ7"'ÿÿ0ÿ"ÿ
+,1,5ÿC'ÿ!ÿ/'$8ÿ!%&!%ÿ'1'!ÿ"ÿÿ&'%&%(ÿ0ÿ!ÿ
"'ÿ+,,-9+,1,ÿ!0ÿ'1$%$ÿ/ÿÿ(!'ÿ+,1DÿB'ÿ!'0ÿ7(ÿÿE'ÿ"ÿ
ÿF/7%&ÿ"ÿ#$%!5ÿ)%&ÿÿÿ"B%1ÿ!$ÿ7ÿ0Gÿ12ÿ:!'&8ÿÿ
H!'0ÿ"ÿ#$%ÿ#'1%!ÿI)ÿ*H##.ÿ$%10ÿ!ÿ&'!&ÿB%ÿÿ&!(ÿI$ÿ"'ÿÿ
%$!!%ÿ"ÿ0$//'%$!%ÿ$($ÿ*3ÿ/%$.ÿ"'ÿÿ#$%ÿB'ÿ!ÿ%ÿ$!ÿ
/'%J0ÿ'1(ÿ7&<$>ÿÿ+1$ÿ:!(ÿ+,,-8ÿHH#ÿ<ÿ!ÿ0&%$%ÿÿ&$'/&ÿ
+?2,,ÿ:;ÿ%ÿ$!ÿ"/%0%$0ÿ70ÿ&7/$%ÿ/%$ÿ*ÿ'&/'ÿ'&$$ÿ%ÿ
'1'$$.>ÿÿ1=ÿK/(ÿ+,,-8ÿÿH!%&ÿF/7%&$Lÿ$ÿB'"/ÿ;%0ÿ !'<ÿ
*I/!.ÿB%ÿÿ&!!&%(ÿ"ÿ2-ÿ:;ÿB!$ÿ0ÿ%ÿM!'$%ÿ:/%&%!%(>ÿÿ1@ÿ
&7'8ÿHH#ÿ!'0ÿ"ÿÿ&$'/&%ÿ"ÿ;!$ÿÿ#'1(ÿH&<ÿ*A,ÿ:;ÿ
!0ÿ1@ÿ:;.ÿ!ÿN'/ÿB'ÿ!ÿ*%ÿ:!'&ÿ+,1,8ÿ!ÿ&'!&ÿB!$ÿ$%10ÿB%ÿÿ
''%$ÿ6MN:.ÿ*#$%ÿ#'1%!ÿ+,,-.5ÿ
ÿ
ÿ$/7$O/ÿ%&'!$ÿ%ÿÿ&!!&%(ÿ"ÿB%0ÿ!'<$ÿ*%&/00ÿ%ÿÿ%$ÿ"ÿ
'B!7ÿ'1(ÿ$/'&$ÿ!0ÿ!$ÿ!ÿ$%%ÿ""&ÿÿÿ6P+ÿ'!0ÿ7!!&.ÿ%$ÿ$ÿ
?0%ÿÿÿ$!8ÿ7/ÿ%$ÿ!'ÿ'O/%'$ÿ"/''ÿ$/0%$5ÿ'0/&%ÿ&!!&%%$ÿ
/$ÿ7ÿ&$'/&0ÿ%ÿÿ'!1ÿ"ÿÿ&!!&%(ÿ"ÿB%0ÿ/'7%$ÿÿ7!!&ÿÿ
%$!7%%(ÿ"ÿÿ'0/&%ÿ"ÿB%0ÿ/'7%$ÿ!0ÿ!$ÿÿ&'ÿÿ&$/%ÿ
!<$5ÿ!'%!ÿ&$/'ÿ"ÿÿ/%$ÿ$/%0ÿB%ÿ/'%"%&!%ÿO/%ÿ%ÿM!'!ÿ
B'ÿ!$ÿ!(ÿ7ÿ&$%0'0ÿ!"'ÿ/%1ÿÿ$!ÿ%ÿ"%'0ÿ1!$ÿ/'7%$ÿ%ÿ
$'%&ÿ'$/!7(ÿ%ÿ+,1D5ÿ
ÿ
Iÿ0ÿÿ%&'!$ÿÿ&!!&%(ÿ"ÿ'1&(ÿ'$'$ÿ%ÿ+,1=ÿ%$ÿ&0%%0ÿ7(ÿÿ
'&%ÿ"ÿÿ$/7!'%ÿ&!7ÿ#$%<ÿ+ÿ*B%ÿÿ$%!0ÿ&!!&%(ÿ"ÿ=,,ÿ:;.5ÿÿ
ÿ
)/&ÿ!ÿ%&'!$ÿ%ÿ'!$%$$%ÿ&!!&%(ÿ%$ÿ!$ÿ!ÿ'&0%%ÿ"'ÿ"//'ÿ
%1'!%ÿ"ÿÿH!%&ÿF/7%&$Lÿ'1(ÿ!'<ÿ%ÿÿM'0%&ÿB'ÿ?&!1ÿ
M'0ÿÿ)5ÿ:''8ÿÿBÿ%<ÿB%ÿ%&'!$ÿÿ'%!7%%(ÿ"ÿÿH!%&ÿ
'1(ÿ$($$8ÿ!ÿÿ$!ÿ%ÿ'0/&%1ÿ%'ÿ00&ÿÿF/$$%!5ÿI0!!1$ÿ
"ÿÿ$&0ÿ&!7ÿ7Bÿ#$%!ÿ!0ÿC%!0ÿB'ÿ!!($0ÿ%ÿ!ÿ&'$$9'1%!ÿ
$/0(ÿB%ÿÿ!'%&%!%ÿ"ÿM'08ÿHIQ)Pÿ!0ÿ%$ÿ'1%$8ÿB%&ÿB!$ÿ
121ÿ
ÿ
456789
9ÿ ÿ9ÿ3ÿ9ÿ98
ÿ5ÿ4898ÿ

ÿ
9ÿ489ÿ88ÿ9ÿ545
945 56488ÿ98ÿ5ÿ
9ÿ8
4ÿ9ÿ95 ÿ9ÿ2!ÿ
ÿ

ÿ
"#$%&'ÿ)*ÿ+
9
5 ÿ5ÿ
9ÿ,
5  ÿ9894
4
ÿ 9
5-ÿ
5ÿ
9ÿ 95 ÿ
45
9.ÿ 9
5-ÿ ÿ31ÿ
ÿ
/74
9ÿ5ÿ
9ÿ9699 4ÿ759ÿ 
88
5 ÿ4 ÿ9ÿ9ÿ85ÿ5ÿ9  ÿ
9ÿ
9909ÿ474
ÿ5ÿ 489ÿ759ÿ78
ÿ ÿ/13ÿ
9ÿ 489ÿ 
88
5 ÿ9ÿ
99ÿÿ 5
ÿ96

 ÿ45 ÿ529!ÿ388ÿÿ
 9ÿ 
88
5 ÿ6
ÿ9ÿ
4789ÿ5ÿ ÿ
ÿ89
ÿ
5ÿ
79ÿ5ÿ984ÿ7998ÿ569
4ÿ9549ÿ ÿ
9 989ÿ549ÿ5ÿ9 9ÿ
5.ÿ96-!ÿÿ
ÿ
9ÿ9894
4
ÿ754
5 ÿ5ÿ909ÿ759ÿ78
ÿ979 ÿ5 ÿ
9ÿ6-9
ÿ

5 ÿ ÿÿ
7
48ÿ9ÿ ÿ
9959ÿ
ÿÿ 98ÿ67589ÿ
5ÿ794
ÿ
9ÿ05869ÿ5ÿ
9ÿ
9894
4
ÿ754
5 ÿ,894
4
ÿ6-9
ÿ98
5 ÿ6
ÿ
99ÿ

ÿ
9ÿ
4
9ÿ
5ÿ754
5 ÿ474
9ÿ ÿ,
5 ÿÿ099ÿ ÿ9ÿ09ÿ49
ÿ754
5 ÿ
474
9ÿ ÿ49ÿ
ÿÿ 5
ÿ7589ÿ
5ÿÿ9894
4
ÿ4979ÿ98999ÿ559094ÿÿ
6
9ÿ79
5 ÿ9ÿ ÿ
9ÿ49ÿ5ÿ675
 ÿ4979ÿ9894
4
ÿ5ÿ9267894ÿ
56ÿ8!ÿ5
ÿ
9ÿ
9ÿ92
9 49ÿ5ÿ
9ÿ54889ÿ489 ÿ9894
4
ÿ49
4
9ÿ+ ÿ
123ÿ
ÿ
3ÿ4566ÿ735869ÿ
939 ÿ66959ÿ5 65
ÿ436ÿ3ÿ63ÿ 7699 ÿ
939 ÿÿ
3
6ÿ 4ÿ6365ÿ66959ÿ4 ÿ45 7ÿ95ÿ 956
ÿ
ÿ
ÿ"#$%#&ÿ%&$ÿ'ÿ()*ÿ#&$#&+ÿ
ÿ
,ÿ96ÿ-3

ÿ 4ÿ././ÿ5 0
6
ÿ96ÿ
939 ÿ
 ÿ306ÿ437693ÿ123-6ÿ3ÿ
4056ÿ35ÿ6ÿ96ÿ
356ÿ 4ÿ ÿ
366-3
6ÿ66959ÿ066539 ÿÿ6563
6ÿ9 ÿ3ÿ
3/7ÿ6563
ÿ96ÿ
356ÿ 4ÿ5663-6ÿ6650ÿÿ563
6ÿ9 ÿ96ÿ35 87396ÿ696ÿ
4ÿ217ÿ
ÿ
26ÿ56
9
ÿ036ÿ-ÿ
0ÿ96ÿ:,ÿ339 ÿ769   0ÿ
 ÿ939ÿ96ÿ:,ÿ
67

 ÿ37 9ÿÿ-6ÿ3ÿ;<ÿ=9ÿ1.7 ÿ9 6

5ÿÿ././ÿ>ÿ././ÿ 7356ÿ9 .ÿ
.//<ÿ96ÿ 76
9ÿ 
79 ÿ 4ÿ66959ÿ
ÿ6
97396ÿ9 ÿ563
6?ÿÿ.//<ÿ96ÿ
 76
9ÿ 
79 ÿ 4ÿ66959ÿ3
ÿ3ÿ@.//ÿABÿ123-6ÿ1ÿ68 59ÿ3ÿ
953
7

 ÿ

6
ÿ6865ÿ3ÿÿ././ÿ9ÿ
ÿ6
97396ÿ9 ÿ-6ÿ1/3@/ÿABÿ6ÿ96ÿ
05 9ÿ
ÿ3ÿ..7ÿ123-6ÿ35ÿC6563
6ÿÿ96ÿ67

 ÿ37 9ÿ 4ÿ:,.ÿÿ-6ÿ036ÿ

6ÿ9 ÿ96ÿ68696ÿ
6ÿ 4ÿ446569ÿ6650ÿ
56
ÿ 7356ÿ9 ÿ9
6ÿ
6ÿÿ.//<ÿ
14056ÿ.5ÿÿ96ÿ6
06ÿ 65ÿ39
ÿ-3
6ÿ ÿ5663-6ÿ6650ÿ
56
ÿ 5ÿ03
ÿ
14056ÿ35ÿ26ÿ
356ÿ 4ÿ ÿ
366-3
6ÿ6650ÿ5 9 ÿÿ6563
6ÿ45 7ÿ@27ÿ
9 ÿ337ÿ56
90ÿÿ3ÿ45965ÿ569 ÿ 4ÿ:,.ÿ67

 
ÿ45 7ÿ3ÿ1.ÿ=9ÿ9 ÿ3ÿ=9ÿ
ÿ

ÿ
DE%ÿFGÿH6959ÿ5 9 ÿÿH
9 3ÿÿ././ÿ1I9 5J
ÿ339 
5ÿ
ÿ

122ÿ
 ÿ
ÿ
ÿ
ÿ
ÿ
ÿ
2345ÿ67ÿ46859ÿ4
 ÿ ÿÿ ÿÿÿÿÿÿÿÿÿ
!ÿ"#$ÿ %&'ÿ (''ÿ (('ÿ ()'ÿ (*'ÿ (*'ÿ (*'ÿ (*'ÿ (*'ÿ (*'ÿ (*'ÿ
+!#ÿ$,#-$.ÿ"#$ÿ%**'ÿ%**'ÿ%*/'ÿ%*/'ÿ%*/'ÿ(%0'ÿ%&('ÿ%&('ÿ1('ÿ 1('ÿ 1('ÿ
2ÿ3.ÿ %(4'ÿ%(4'ÿ*)'ÿ *)'ÿ *)'ÿ *)'ÿ ÿ ÿ ÿ ÿ ÿ
25#6!.!$.ÿ-.ÿ /4'ÿ /4'ÿ /4'ÿ /4'ÿ /4'ÿ 1('ÿ 1('ÿ 1('ÿ 1('ÿ 1('ÿ 1('ÿ
27!,ÿ"6!5!8!ÿ ÿ ÿ *''ÿ *''ÿ *''ÿ *''ÿ *''ÿ *''ÿ ÿ ÿ ÿ
96!":ÿ
+$,ÿ7!.ÿ5:$;ÿ%&'ÿ (''ÿ (''ÿ )''ÿ )''ÿ )''ÿ )''ÿ )''ÿ )''ÿ )''ÿ )''ÿ
<#8!ÿ6!$ÿ5ÿ ÿ ÿ ÿ ÿ ÿ ÿ (''ÿ (''ÿ &''ÿ &''ÿ &''ÿ
7!.ÿ"7ÿ

%/)ÿ
2!8#6.!ÿ!#ÿ$,# ÿ ÿ ÿ ÿ ÿ ÿ (''ÿ (''ÿ &''ÿ &''ÿ &''ÿ
-$.ÿ$ÿ6-!$ÿ
=>ÿ$3$;;ÿ %''ÿ %''ÿ %''ÿ %''ÿ %''ÿ /''ÿ /''ÿ /''ÿ /''ÿ /''ÿ /''ÿ
?:8@ÿ$3$;;ÿÿ ÿ ÿ %''ÿ (''ÿ /''ÿ /''ÿ /''ÿ *''ÿ *''ÿ *''ÿ
26 
ÿAB9 55Cÿ ÿÿÿÿÿÿÿÿÿÿÿ
496CBD E6ÿD4DE 3ÿ
2I
5ÿJÿ?#8!8!@ÿ".68!ÿ.3#":ÿ.$ÿ6!#ÿ('('

ÿ ÿ ;ÿF,ÿ8"8!!$ÿÿÿ>ÿ!ÿ886ÿ!ÿ,ÿ#ÿ6.ÿ".68!ÿ8"8!@ÿÿ
ÿ ÿ ;;"8!!$ÿ6.ÿ%''ÿGHÿ

K68LÿM3#":ÿ=#ÿ5ÿ,ÿ?$!ÿ?#8!8!@ÿK8ÿ6!#ÿ('%4Nÿ
ÿ
 ÿ
ÿ
ÿÿ
2345ÿ67ÿ46859ÿ4
 ÿ 4 3ÿ ÿ  4 ÿ 6ÿ 457ÿ ÿ
ÿ 56ÿ
56ÿ 796ÿ
ÿ 5
5 9 3ÿ
559 6ÿ
 !ÿ
ÿ ÿ 69"ÿ ÿ $ÿ ÿ ÿ
69#

695HÿI 69Jÿ

 6*
6%559 6ÿ4
 ÿ &ÿ &ÿ '(&ÿ ')*+ÿ ÿ ÿ

ÿ
5ÿ,5-ÿ46859ÿ4
 ÿ +ÿ (ÿ )&ÿ ).*&ÿ ÿ ÿ
/
-ÿ6
ÿ
5ÿ+$ÿ ÿ ÿ )')ÿ .+*(ÿ ++01ÿ ÿ
/866-ÿ4ÿ'$ÿ ÿ ÿ )&ÿ )*)ÿ ÿ ÿ
%695ÿ8-ÿ79##ÿ )ÿ .ÿ 'ÿ ''*(ÿ ÿ ÿ

'.(ÿ
77%695ÿ8-ÿ79##ÿ (ÿ ÿ ÿ ÿ ÿ ÿ
2
ÿ ÿ769ÿ8-ÿ46859ÿ +ÿ &ÿ .)ÿ *.ÿ (1(ÿ ÿ
35"ÿ95595ÿ .ÿ &ÿ 04ÿ 0*)ÿ (1(ÿ ÿ
55953ÿ95595ÿ &ÿ ÿ ÿ ÿ ÿ ÿ
6789:ÿ ;<=>ÿ ?@ABÿ A>C=>ÿ A>>ÿ >ÿ @DBÿ
26 
ÿ9558,
5ÿ5
5 9 3ÿ ''&ÿ ÿ .ÿ .*0ÿ ÿ ÿ
26 
ÿ6
ÿ
5ÿ ÿ ÿ )')ÿ ÿ ÿ ÿ
26 
ÿ 9
ÿÿ ÿ ÿ .'ÿ ÿ ÿ ÿ
ÿÿÿÿÿÿÿÿÿÿ#ÿ396E5 5-ÿ869"ÿ69ÿ67ÿ46859ÿ4
 *ÿÿ
ÿÿÿÿÿÿÿÿÿÿ##ÿ25ÿ4 5ÿ95ÿ6 ÿ "5ÿ 6ÿ6 ÿÿ 5ÿ 6 
ÿ9 55-ÿ496- 6ÿ4 3*ÿ
69F:GÿCDÿ396E5 5-ÿ5
5 9 3ÿ496- 6ÿ-ÿÿ56ÿ
5ÿÿÿ

ÿ
 ÿ
456789
56
ÿ 6ÿ
79

56ÿ
ÿ
ÿÿÿÿ1ÿÿ!"ÿÿ1ÿ#"ÿ$%&'ÿ(ÿ
)**+,ÿ*)ÿ-ÿ#"ÿ(ÿ.*ÿ*./ÿ(ÿ*ÿ0/ÿ
)ÿ#ÿ.*ÿ/*ÿ/1*ÿ(ÿÿÿ*ÿ12ÿ#",ÿ%*ÿ.3ÿ
ÿ)ÿ%ÿ(ÿ*ÿ4ÿ#ÿ.ÿ%3ÿ/ÿ$%ÿ*))ÿ
)ÿ56'ÿÿ/)ÿ1-&224ÿ(ÿ)ÿ)**+ÿ/*ÿ%ÿ
$78)/.ÿ9)ÿ(ÿÿÿ)**+ÿ:*ÿ;<ÿ)ÿ56ÿ;',ÿ
%*ÿÿ*ÿ%ÿÿ*.*ÿ%ÿ(ÿ2&4ÿ)=ÿ/)ÿ**ÿ
%ÿÿ=ÿ/ÿ
ÿ
>**ÿÿÿ?)ÿ>))*ÿ9)ÿ-&1,ÿ@ÿÿ))*ÿÿÿ
+ÿ/ÿ/*/ÿÿÿA5ÿ.ÿ))%*ÿÿ*.ÿÿÿ
.ÿ(ÿ1ÿBA5ÿ))+ÿC*,ÿ*ÿÿ4ÿ%ÿ(ÿ)**+ÿ
/*,ÿ%ÿÿÿ(ÿ)8ÿ@ÿ$1-ÿBA5D+'ÿ%*ÿ%ÿÿÿ
Eÿ(.ÿÿÿ*ÿÿ*ÿÿ /ÿA..ÿ/*ÿÿ
1.ÿ(ÿÿ /ÿAÿÿ&ÿÿ@ÿ))*ÿÿÿÿÿ
/8ÿ*ÿ(ÿÿ$ÿ%*ÿÿÿE',ÿÿÿ%))ÿ8ÿ
0*ÿ*Eÿ0ÿ@ÿ$*ÿ1ÿBD+'ÿÿ+ÿ/*ÿ%))ÿ8ÿÿ
//+ÿÿ8)ÿ.ÿÿ.3ÿ+ÿÿ.ÿ((*8ÿÿ*.ÿ
()+ÿ
ÿ
Aÿÿ/ÿÿ)**+ÿ0/ÿ%))ÿ.1ÿÿÿ)8)ÿ(ÿÿ
$#E)ÿ1',ÿÿ*ÿ2ÿBA5,ÿÿA5ÿ.ÿ8)ÿÿÿ%)ÿEÿ*ÿ;ÿBA5,ÿ
ÿ*ÿ24ÿ)ÿÿÿÿÿ 
ÿ
5ÿÿEÿ(ÿ*)*)ÿ)ÿ/ÿÿ#E)ÿ1ÿ%ÿ*ÿÿÿ+ÿ*ÿEÿ
8ÿÿA5ÿ.ÿ*ÿÿ)+ÿE+ÿ*ÿ(ÿÿ()ÿ()ÿÿ$(ÿ
0./),ÿ./).ÿ(ÿÿ((ÿ*.*ÿ*ÿ(.ÿ+ÿ1;;ÿÿ
,ÿÿ(ÿ((ÿ%E)ÿ(),ÿ*',ÿEÿÿ)8ÿ/ÿ%ÿ
+ÿ*ÿEÿ8ÿÿA5ÿ.ÿ*ÿFÿ+ÿ*./ÿ$ÿA5ÿ
.ÿ)8)ÿ*ÿ34ÿ(ÿ)ÿ/*',ÿ)**+ÿ0/ÿ$*/)+ÿ
*ÿ24',ÿÿ.))ÿ((*ÿ(ÿ%3ÿ)ÿ$114'ÿÿ/)=ÿ%ÿ)**+ÿÿ
$4'ÿ#ÿ.ÿÿ**ÿÿ%)ÿ/%ÿ+.ÿ)ÿ
*ÿÿ.ÿ+ÿÿÿ%ÿ*ÿ+ÿ((*ÿ/*,ÿ
ÿ=ÿ.ÿ+ÿ,ÿ./).ÿ+ÿ.ÿ/)ÿ%ÿE)ÿÿ
%ÿ.ÿÿ8ÿÿ/ÿ*ÿ
ÿ
G.ÿ12ÿÿ /ÿHÿ+ÿÿA).ÿ9*3ÿ$ /ÿ9).ÿ
1'ÿ%))ÿ3ÿ((*ÿÿÿ(.%3ÿ(ÿÿ9*3,ÿÿHÿCÿ(ÿ:ÿÿ
!8.ÿÿÿÿ(ÿ.ÿ*).ÿÿ+ÿÿÿEÿ.ÿE+ÿÿ
Iÿ*ÿÿHÿÿÿ.ÿ(ÿÿ)ÿ4ÿE)%ÿ1;;ÿ)8)<ÿ4ÿ
(ÿHÿ+ÿ*./ÿÿ*.ÿ(.ÿ%E)ÿ*<ÿ4ÿ*ÿÿ
/.+ÿ+ÿÿ*./ÿ%ÿ/1*ÿ)8),ÿÿEÿ*8ÿE+ÿ./8ÿ
ÿJÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ>ÿÿ@ÿÿ)ÿ(ÿÿ/ÿ(ÿ1ÿÿÿ*)ÿ+,ÿÿ/*ÿ%))ÿEÿ
8)/ÿ(ÿÿÿ0ÿ.3ÿ)+ÿÿÿ
123ÿ
ÿ
454678ÿ499

458ÿ 
ÿ4ÿ
ÿ5ÿ584ÿ
5ÿ
ÿ46ÿÿ
ÿ4ÿ464ÿ
5ÿ
964ÿ6446ÿ
ÿ
5ÿ646ÿÿ
445ÿ4ÿ4ÿ456
ÿ46
4ÿ
5ÿ4ÿ4445ÿ5ÿ9ÿ4ÿ
!5
5ÿ!46

8ÿ"46ÿ5
ÿ#$1%ÿÿÿÿ4564ÿ4ÿ4

454ÿ9ÿ
446

8ÿ646ÿ
5ÿ4ÿ9644ÿ6&4ÿ5

5ÿ
59454ÿ8ÿ4ÿ'(ÿ4

5ÿ
54ÿ6
57ÿ4ÿ464
5ÿ9ÿ46ÿ5ÿ)4445ÿ5ÿ9ÿ4#ÿ!5
5ÿ
!46

8ÿ"46ÿ#$$*+ÿÿ4ÿ4564ÿ546ÿ5
5ÿ647
5ÿ
ÿ4ÿ4ÿ9ÿ
6ÿ44ÿ4ÿ
ÿ,ÿ

4ÿ5ÿ47

4ÿ464ÿ 4ÿ'(#ÿ-ÿ

5ÿ

4ÿ946ÿ#$1#ÿ64-
64ÿ9646ÿ
5.4ÿ58
ÿ5ÿ
ÿ4ÿ
4ÿ

5ÿ4ÿ54,ÿ6
4ÿ
ÿ
/010203405ÿ
ÿ
1ÿ8
45ÿ8
6ÿ64
5ÿ8ÿ"4ÿ944ÿÿ#$$:ÿ:2ÿ#*%ÿ
#ÿ'
4ÿ4ÿ)#$1$+ÿ8
4ÿ;ÿÿ;<<&4&&55
5944<ÿ

54,=5>!!?
>2#@?
>2$@?1>2#$ÿ1#$:#$1$ÿ
2ÿA7445ÿ9ÿ4ÿ'6ÿ9ÿ4ÿB
6ÿ554ÿ9ÿ#2ÿ"4446ÿ#$$*.!5
ÿÿ
'

5ÿ'4ÿ .#@2<$3ÿ'#@3<C*ÿ311#$$*ÿ
:ÿ4445ÿ5ÿ9ÿ4ÿ!5
5ÿ!46

8ÿ"46ÿ5
ÿ#$1%ÿD
5
68ÿ9ÿ
!5
ÿ899
6ÿ5ÿ'5

5ÿ946545ÿ(646ÿEÿ3:ÿ#@$##$$*ÿ
Cÿ
64
4ÿ#$$2<%3<!'ÿ9ÿ4ÿ!645ÿ6
45ÿ5ÿ9ÿ4ÿ'5
ÿ9ÿ12ÿ
(46ÿ#$$2ÿ4

57ÿÿ44ÿ96ÿ764454ÿ7ÿ4

5ÿ54ÿ
6
57ÿ

5ÿ4ÿ'5
8ÿ5ÿ45
57ÿ'5
ÿ
64
4ÿ*@<@1<!'Fÿ
@ÿ!4
ÿ!5467
ÿ#$$3<#$$%ÿ55ÿ646ÿ
3ÿ!4
ÿ!5467
ÿ)#$1$+ÿ8
4ÿ;ÿÿ45467
44ÿ1#$:#$1$ÿ
%ÿ!4
ÿ!5467
ÿG454ÿ8"ÿ)#$1$+ÿ8
4ÿ;ÿÿ444ÿ13$2#$1$ÿ
*ÿ!9Hÿ'(#ÿ
54ÿ65

4ÿ6445
5ÿE446ÿ#$$%ÿ
1$ÿIJ50KLÿMJ3N2JFÿ)#$$3+ÿOPQRSQQTUVWÿWRQPSYZTÿOQZTUZÿ[WÿOYR\\]Wÿ^UU_YZÿ)!54678ÿ
"46ÿ4445ÿ
5ÿ!5
ÿ5ÿ
5ÿ4ÿ!645ÿ̀5
5+ÿD
5
68ÿ9ÿ
!5
ÿ899
6ÿ5ÿ'5

5ÿ
11ÿab5Lÿc2deFÿ)#$$:+ÿfghQiVUiUÿ]ghQTYZTQjPUVWÿ)(
ÿ"4ÿ
5ÿ45
-4+ÿ

55ÿ
1#ÿMdN35LÿkeN330Fÿ)#$$*+ÿlPTQRPWTU\PWhÿmWP_n\\Vÿ\PÿTjQÿOo\P\pUoZÿ\qÿOPQRSrÿ
!6ÿ!76ÿ

57ÿHÿ
12ÿ!46

8ÿD6&4ÿ8ÿ4ÿ11$##$$2ÿs

7
ÿ 4ÿÿ#$$2ÿ#Cÿ1C2ÿ
1:ÿs4544ÿ454678ÿ6464ÿ
5ÿ!`ÿ@t 8)#$$C+$2@Cÿ!645ÿ6
45ÿ
64
5ÿ5ÿ4ÿ64ÿ9ÿ64544ÿ454678ÿ
5ÿ4ÿ!`ÿ5ÿ6ÿ96ÿ5644ÿ

5ÿ)#$$:<#1C2)E++ÿ
1Cÿ!46

8ÿD6&4ÿ84545ÿ8ÿ4ÿ#%ÿA568ÿ#$1$ÿ
1@ÿ!46

8ÿ"46ÿ4445ÿ5ÿ#$$C#$1Cÿ
13ÿ!5467

5ÿ#$$3ÿ8
4ÿ;ÿ44ÿ$*$2#$1$ÿ
1%ÿ!54678ÿ'546
5ÿ6764ÿ#$$3.#$12ÿ946545ÿ(646ÿEÿ:%Cÿ9ÿ
C11#$$3ÿ
1*ÿ!54678ÿ"46ÿ4445ÿ
5ÿ!5
ÿ5ÿ
5ÿ4ÿ!645ÿ̀5
5ÿD
5
68ÿ9ÿ
!5
ÿ899
6ÿ5ÿ'5

5ÿ@1##$$3ÿ
#$ÿ!5
6545ÿ'674ÿ8ÿs

7
ÿ 4ÿÿ#$1##$$Cÿ@3ÿC1#ÿ
123ÿ
ÿ
415ÿ789
 ÿ ÿ7ÿ9
ÿ ÿ9ÿ44ÿ
9ÿÿ!
ÿ"#ÿ

$ÿ4"5#54#5ÿ
445ÿ
9ÿ
$ÿ9%ÿ&'8ÿ8
9
ÿ
$ÿ41ÿ( ÿ43ÿ
ÿ9%ÿ

89ÿ
$ÿ9%ÿÿ ÿ 9ÿ& ) 5ÿ
425ÿ* 9ÿ5ÿ+41,5ÿ  ÿ 9-ÿÿ%99&-..5)8))
 $
5ÿ145"5415ÿ
4"5ÿ! 9
 ÿ/
&9ÿ ÿ$
ÿ9%ÿ08ÿ
$ÿÿ1% ÿ432413ÿ489ÿ
$ÿ9%ÿ
7
9ÿ  9 ÿ8
ÿ
$ÿ41515435ÿ
435ÿ! 9
 ÿ/
&9ÿ ÿ
$ÿ9%ÿ7ÿ19
ÿ9ÿ44ÿ489ÿ
$ÿ
7

ÿ$$ 8ÿ ÿ*
 9
8ÿ  9 ÿ8
ÿ135554#5ÿ
455ÿ! 9
 ÿ79
ÿ&
989ÿ8ÿ!7895ÿ+41,5ÿ  ÿ 9-ÿÿ
%99&-..5)8))
 $
5.95&%&: ;77<8;225<9;215<2;22"<
4;244<1;24ÿ1=525415ÿ
4=5ÿ>988 989ÿ?8>%)ÿ  9ÿ8 89 9ÿ%9)
89ÿ?? 8ÿ)
ÿ
@ ÿ?? 89
ÿ+A%ÿ
ÿ ÿ49%
8ÿ$
ÿ/9ÿ9%ÿ
788
8ÿ9
ÿ9%ÿ9ÿÿ$
ÿ*
89
ÿ 98,ÿ489ÿ
$ÿ9%ÿ
7
9ÿ 9
ÿ!
ÿ##ÿ
$ÿ4ÿ89ÿ4"5ÿ
435ÿ
 ÿ
$ÿ9%ÿ*
9
ÿ$
ÿ4=24115ÿ
4#5ÿ 9$ 9
ÿ
$ÿ9%ÿB
9
ÿ
9

ÿ9
ÿ9%ÿ09ÿ! 9
8ÿ( 
)ÿ*
9
ÿ

ÿ* 9ÿ*% ÿ9ÿ9ÿ9
ÿ$
ÿ425#5445ÿ
25ÿ ÿ7ÿ
ÿÿ
$ÿ789
 ÿ7
& ÿ ÿ7ÿ
*
ÿ+77*,ÿ4#5ÿ
215ÿA 89 ) 9ÿ   8ÿ) 89 ÿ ÿ9

98)8ÿ+4
ÿ
7998ÿ08ÿ
$ÿ ÿ7ÿ1
8ÿ$
ÿ
ÿ 9
,ÿ 9
ÿ

$ÿ9%ÿ489ÿ
$ÿ9%ÿ7
9ÿ!
ÿ1"ÿ4"5254#5ÿ
245ÿA%ÿ789
 ÿ! 9
 ÿ
 9
ÿ ÿ$
ÿ%
8ÿ 8ÿ788
ÿ
 ÿ
4324=5ÿ+4",5ÿ489ÿ
$ÿ9%ÿ7
9ÿ
$ÿ9%ÿ&ÿ
$ÿ789
 5ÿ
A ÿ4 ÿ4"5ÿ
225ÿA%ÿ1 9ÿC9ÿD 8ÿ
$ÿ%
8ÿ 8ÿ788
8ÿ$
ÿ19 9
 ÿ
1
8ÿ
$ÿ
9
ÿ ÿA%ÿ
 9
ÿ ÿ$
ÿ9%ÿE 8ÿ432414ÿÿ
A 9 @ ÿ7ÿ4351454=ÿ=4ÿ"""5ÿ
2"5ÿ09ÿ! 9
8ÿ( 
)ÿ*
9
ÿ
ÿ* 9ÿ*% ÿÿA 9 @ ÿ77ÿ
15151##"ÿ"25ÿ
235ÿD?8>%)ÿ  ÿ8F8)
)8ÿ%9)
8ÿ?? 89
ÿ+49%
8ÿ$
ÿ
/9ÿ9%ÿ* 
ÿ/
9ÿ788
8ÿ9
ÿ9%ÿ9ÿ,ÿ
&9ÿ9%ÿ
9%ÿ89ÿ
$ÿ9%ÿ
9ÿ 9
ÿ!
ÿ#"ÿ
$ÿ15ÿGÿ4"ÿÿA 9 @ ÿ
Cÿ4"ÿ11ÿ1543ÿ ÿ9
ÿ$
ÿ25#54"5ÿ
255ÿ H 9ÿ&
9ÿ
$ÿ 9ÿ89  9
8ÿ
$ÿ789
 ÿ&
ÿ88985ÿ+4#,5ÿ
7ÿI5ÿ
2=5ÿ7
& ÿ  95ÿ+41,5ÿ  ÿ 9-ÿÿ%99&-..5
& 5
& 5ÿ
145"ÿ415ÿ
ÿ

123ÿ
Appendix 2. “The Impact of Pollution Charges, Ash Handling and Carbon
Dioxide on the Cost Competitiveness of the Fuel Sources Used for Energy
Production in Estonia”.

73
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ

$&ÿ23%ÿ4ÿ5 6ÿ#&'(7ÿ8(&ÿ9"'ÿ"ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ

#:ÿ;<"ÿÿ&ÿ#(ÿ#3((ÿ4ÿ&ÿ
=6ÿ>6%(ÿ?("ÿ4ÿ'@ÿ5"6%ÿÿ(ÿ
"6"ÿA(7ÿB3C5.345ÿ96ÿ3. ÿD4243324Eÿ 244ÿ42325ÿ96ÿ3149 9EÿF6ÿG(7ÿB3C5.345ÿ
96ÿ3. ÿD4243324Eÿ 244ÿ42325ÿ96ÿ3149 9Eÿ8"(ÿ>"7ÿB3C5.345ÿ96ÿ3. ÿD4243324Eÿ
 244ÿ42325ÿ96ÿ3149 9
HIJKLMNKÿOÿPQRÿTUVWÿUXÿYQZ[ÿ\V\R]ÿZ[ÿYUÿR[YZ^VYRÿYQRÿRXXR_Y[ÿUXÿ
4ÿ3 6(ÿ4ÿ%:6(ÿ3(ÿÿ:ÿÿ
$&7ÿ4ÿÿ”ÿ4ÿ3 6ÿ%&'ÿ(7ÿ&ÿ
\UWẀYZUaÿ_QV]TR[bÿV[QÿQVacWZaTÿVacÿUXÿYQRÿ_V]dUaÿcZUeZcRÿf`UYVÿ
Y]VcRÿUaÿYQRÿ_U^\RYZYZgRaR[[ÿUXÿaVY`]VWÿTV[bÿUZWÿ[QVWRbÿ\RVYÿVacÿ
hUUcÿ_QZ\[ÿZaÿi[YUaZVÿXU]ÿjklkÿVacÿjklmnÿÿ 3 6ÿ%&'ÿ(ÿ3ÿÿ¢£&ÿ4ÿ46ÿ'@ÿ%ÿ
ÿ%%6"ÿ$&ÿ<ÿ(%ÿ"(%:(ÿ&ÿ(&ÿ&"'ÿ
PQRÿ\UWẀYZUaÿ_QV]TR[ÿVacÿWRgRW[ÿV]Rÿ_VW_`WVYRcÿdV[RcÿUaÿYQRÿ
opqrLsptupKMvÿxyMLzuJÿHNKbÿVacÿ{uz|vMKrspJÿ}sÿ~~€‚ÿVacÿ}sÿ%((ÿ4ÿ&ÿ:("ÿ46(ÿ>%ÿ¥2ÿ3"(ÿ
~‚€‚ÿsƒÿKyuÿoJKsprMpÿ„rprJKuLÿsƒÿKyuÿopqrLsptupK…ÿ %%6(ÿ4ÿ&ÿ#“œÿ—6ÿ6ÿÿ3ÿÿ¢£&ÿ
PQRÿ_VW_`WVYZUa[ÿ[QUhÿVÿ_Ua[ZcR]VdWRÿ_QVaTRÿZaÿYQRÿ_U[Yÿ >%ÿ¥22ÿ3"(ÿ%%6ÿ"ÿ@((ÿ4ÿ&ÿ
3%(ÿ4ÿ3 6ÿ4(7ÿ(&ÿ&"'ÿ"ÿ%:ÿ"<"ÿ
_U^\RYZYZgRaR[[ÿUXÿX`RW[nÿ†`RWÿ]RWVYRcÿ_U[Y[ÿUXÿYQRÿXU[[ZWÿX`RW[ÿhZYQÿ
QZTQÿ‡ˆ ÿR^Z[[ZUaÿXV_YU][ÿVacÿUYQR]ÿRagZ]Ua^RaYVWÿZ^\V_Y[ÿ^V‰ÿ
dRÿcU`dWRjcnÿÿ %((ÿšÿ%((›ÿÿ&ÿ%3((ÿ4ÿ46ÿ
ÿ %((7ÿ(ÿ” ÿ(ÿÿ@((ÿ4ÿ&ÿ46•"ÿ%((ÿ4ÿ
"44ÿ'@ÿ(6%(ÿ4ÿ&ÿ@(ÿœ¡ ¡ÿ"ÿœ¡ 0ÿÿ
Šu‹ŒsLJÿŽÿ_V]dUaÿcZUeZcRbÿ_U[Yÿ_U^\RYZYZgRaR[[bÿRagZ]Ua^RaYVWÿ
XRR[bÿX`RWÿ[U`]_R[nÿÿ ÿ$&ÿ(ÿ(%ÿ3"(ÿ%%6((ÿ"ÿ33((ÿ
ÿ :("ÿÿ&ÿ%%6ÿ(6(ÿ"ÿ"ÿ(ÿ6ÿÿ36(ÿ
(%(ÿÿ
2ÿ2‘$’“;?#$2“‘ÿ
’“#;?’ÿ8‘;ÿ¢$9“;>ÿ=“’ÿ;$’¢2‘2‘¦ÿ
$&(ÿ33ÿ"”(ÿÿ&ÿ•''ÿ(6"@ÿ–8@((ÿÿ&ÿ ¢22>2>ÿ52“‘> ÿ“=ÿ5“AA?$8‘$>ÿ=’“¢ÿ#“¢ž?>$2“‘ÿ5A8‘$>ÿ
%&%ÿ"ÿ%%ÿ%(—6%(ÿ4ÿ”:ÿ'@ÿ 2‘$“ÿ8¢ž2‘$ÿ82’ÿ
:("ÿ#95ÿ(@((ÿÿ”ÿ(ÿ”&ÿ&ÿ”"ÿ6(46ÿ
&ÿ""ÿÿ4ÿ3ÿ4ÿ'@ÿ ’ '"' ÿ§ ¨7ÿ(((ÿ4ÿ(63&6ÿ"<"7ÿ'ÿ
%(ÿ(6(ÿÿ&ÿ(ÿ”&ÿ"ÿ:6"'(˜ÿ <"(7ÿ%:ÿ<"7ÿÿ'%ÿ%36"(7ÿ("ÿ
”&ÿ&ÿ3™%ÿ–5@ÿ'@ÿ44%%@˜7ÿ3@ÿ 3%(ÿ"ÿ&@ÿ(ÿ'"ÿ:@ÿ%:6(ÿ3(ÿ
4%"ÿ:@ÿ‘"%ÿ'@ÿ’(%&7ÿ”&%&ÿ%:6(ÿÿ "ÿ"ÿÿ:ÿÿ(& ÿ:ÿ""ÿÿ&ÿ
&ÿ44ÿ4ÿ&%'ÿ&ÿ3@ÿ'@ÿ44%%@ÿš5›ÿ :((ÿ4ÿ"%ÿ(6(ÿ"ÿ%%6(ÿ2ÿ&(ÿ
"ÿ"6%'ÿ#“œÿ(((ÿÿ&ÿ'@ÿ(%ÿ$&ÿ 33ÿ&ÿ"ÿ4ÿ(((ÿ4ÿ3 6(ÿ(ÿ:("ÿ
:™%ÿ4ÿ&ÿ4"ÿ(6"@ÿ(ÿÿ%ÿÿ%36ÿ ÿ%%6(ÿ$&(ÿ&"ÿŸ(ÿÿ%%6ÿ"44ÿ
3'ÿÿ(ÿ&ÿ%%ÿ"ÿ%&%ÿ4(:@ÿ %:6(ÿ%&'(7ÿ46ÿ'(ÿ%'ÿ%&'(7ÿ
”&ÿÿ”ÿÿ:6"'ÿÿ#95ÿ3ÿ:("ÿÿ”:ÿ %ÿ"%(ÿ(ÿ” ÿ(ÿ%3%(ÿÿ"4ÿ&ÿ((ÿ
46(ÿÿ&ÿ‘"%ž%ÿ>ÿ’'ÿ%6(ÿŸ'ÿÿ 4%(ÿ4ÿ3 6(ÿ
%%6ÿ%ÿ%"(ÿ$&ÿ@ÿ4ÿ&ÿ3"ÿ $ÿ"ÿ&ÿ%3<@ÿ4ÿ@((ÿ('ÿ4ÿ
%36ÿ3'ÿ(ÿÿ&ÿÿÿ&ÿ6"ÿ ¡ÿ "44ÿ %:(ÿ 4ÿ %3%(7ÿ %:6(ÿ
¢£ÿ"(:6"ÿ#95ÿ6(ÿ:("ÿÿ&ÿ<('ÿ"(%ÿ %&'(7ÿ46ÿ'(ÿ%'ÿ"ÿ%ÿ—637ÿÿ(ÿ
&'ÿ”Ÿ(ÿ ((6"ÿ&¤ÿ
$&ÿ'ÿ4ÿ&ÿ33ÿ(ÿÿ(ÿ&ÿ44%(ÿ4ÿ ©ÿ&ÿ&ÿ%3%@ÿ4ÿ%:6(ÿ3(ÿ(ÿ:”ÿ0¡ÿ
3 6ÿ%&'(ÿ4ÿ(((7ÿ(&ÿ&"'ÿ"ÿ4ÿ&ÿ ¢£ªÿ
%:ÿ"<"ÿ—6ÿ"ÿÿ&ÿ%3((ÿ4ÿ ©ÿ&ÿ(%"ÿ%:6(ÿ%&'@ÿ3"(ÿ&ÿ
"44ÿ4((ÿ"ÿ:46(ÿÿ(ÿÿ ”(ÿ((ÿ ÿ%3"ÿÿ ÿ&ÿ
$&ÿ%3((ÿ(ÿ""ÿ:@ÿ&ÿ%3(ÿ4ÿ %:6(ÿ%&'(ÿ"ÿÿ§ ¨ªÿ
46ÿ"ÿ%((ÿ4ÿ"44ÿ'@ÿ(6%(ÿ4ÿ&ÿ@(ÿ ©ÿ&ÿ%:6(ÿ3ÿ(ÿ—633"ÿ”&ÿ&ÿ(ÿ
œ¡ ¡ÿ"ÿœ¡ 0ÿ=6ÿ"ÿ%((ÿ%((ÿ4ÿ46ÿ3%7ÿ(&ÿ
&"'ÿ%((ÿ"ÿÿ4(7ÿ(ÿ” ÿ(ÿ&ÿ ©ÿ&4ÿ% 4%ÿ%ÿ(@((ÿ"ÿÿ§ ¨ªÿ
:6(ÿ3ÿ(ÿ—633"ÿ”&ÿ&ÿ(ÿ
%:ÿ"<"ÿ—6ÿ3%ÿ3ÿÿ¢£&ÿ4ÿ46ÿ'@ÿ 44%ÿ46ÿ'(ÿÿ%&'@ÿ"ÿÿ
%ÿš:("ÿÿ”ÿ%4%ÿ6›ÿÿ § ¨ÿ
$&ÿ33ÿ(ÿ(6%6"ÿ(ÿ4 ”(¤ÿ>%ÿ22ÿ"(%:(ÿ
&ÿ3%"6ÿ"ÿ&"(ÿ4ÿ"'ÿ&ÿ(((ÿ

ÿ01
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ
(((ÿ2ÿ%3ÿ"4"ÿÿ%%5"ÿ%%"'ÿÿ MIGGN$DIJÿ#tELOÿLE$HÿMLÿIJÿ$IJÿIKÿMIGGN$EJ$ÿ
&ÿ&"ÿ"(%3"ÿÿ6789ÿ&3:ÿ&ÿ%3ÿ"4"ÿ ÿ TSwxcÿ
(((ÿ2ÿ325(ÿ;5ÿ<=ÿ XYUUSZ[\Zÿ yz{zÿ yz{|ÿ
((ÿ2%(ÿÿ>'(ÿ?ÿÿ@A&ÿ2ÿ25ÿ #3ÿ"4"9ÿ#I7ÿ 7=oÿ 7=oÿ
':ÿ%ÿÿ%%5"ÿ3("ÿÿ&ÿ&"(ÿ H5 ?&5ÿ
" 
4 
" 9ÿ
HI7ÿ m1=qÿ lq0=qnÿ
"(%3"ÿÿ&ÿ3B"ÿ'5(ÿ"ÿ J
' ÿ
 4
" (9ÿ
JI ÿ pn=qÿ l7 7=m7ÿ
((5?(=ÿ#%5ÿ(5ÿ(ÿÿ(&Cÿÿ$3ÿD=ÿÿ 4
#3ÿ4"9ÿ#Iÿ q=rÿ p=pÿ
$EFGÿDÿ M%5(lÿ m1=qÿ lqn=lnÿ
@DHHDIJÿKE#$ILHÿDJÿ$IJHÿMLÿIJÿ@A&ÿIKÿKNGÿJLOPÿ#IJ$J$ÿ sÿ'%ÿ
ÿ RSTUVÿ %?5"(7ÿ pn=qÿ l77=m7ÿ
\acdea^ÿ ghhiÿ t:ÿ(ÿ l7lnÿ l7prÿ
XYUUSZ[\Zÿ Y]^ÿ_`a^bÿ Xbacÿ fa_ÿ j`]k_ÿ lÿuÿ
4%?ÿ2ÿ&:ÿ(ÿ"ÿ%?5"(ÿ2ÿ&:ÿ(=ÿ
#3ÿ"4"9ÿ#I7ÿ mnoÿ mpqÿ
l 7olÿ oÿ 7ÿuÿ
4%?ÿ2ÿ%?(=ÿ ÿ ÿ
H5?&5ÿ"4"9ÿHI7ÿ lm=oÿ o=p7ÿ oÿ oÿ ÿ
J'ÿ4"(9ÿJI4ÿ o=0qÿ l=orÿ o=77ÿ o=mnÿE(ÿ(&Cÿÿ$3ÿDDÿ39ÿ&ÿ? 5ÿ%&'(ÿ2ÿ&ÿ
#3ÿ4"9ÿ#Iÿ o=mnÿ o=mnÿ o=lqÿ :ÿ7ol0ÿÿ%?(ÿÿ&ÿ:ÿ7oloÿCÿ%(ÿ3:ÿ
o=p7ÿ
??4:ÿ&ÿ"ÿÿ&2ÿ(ÿ2ÿ?%5(ÿ"ÿ
M%5(7ÿ m=noÿ o=71ÿ oÿ (5?&5ÿ"4"ÿ(((=ÿEÿl=0B2"ÿ%(ÿ(ÿ("ÿ2ÿ
o=70ÿ
sÿ'm%ÿ q=m7ÿ o=mnÿ o=olqÿ 'ÿ4"(9ÿ%3ÿ4"ÿ"ÿÿ'%ÿ
o=lpÿ
%?5"(ÿ %?5"(=ÿ$&ÿ? 5ÿ%&'ÿ(ÿ2ÿ%3ÿ"4"ÿ"ÿ
t:ÿ(ÿ o=oom1ÿ o=ooo7rÿ o=ooÿ &:ÿ(ÿCÿÿÿ&ÿ(ÿ=ÿÿ
o=oooloqÿ
luÿ>'v@A&25ÿ ÿ
7ÿuÿ
4%?ÿ2ÿ&:ÿ(ÿ"ÿ%?5"(ÿ2ÿ&:ÿ(=ÿ ÿÿ Ds=ÿMIGGN$DIJÿ#tELOÿLE$HÿMLÿIJÿ@A&ÿIKÿKNGÿ
4%?ÿ2ÿ%?(=ÿ ÿ
mÿuÿ ÿ ÿÿ ÿÿ ÿÿ JLOPÿ#IJ$J$ÿ
DDD=ÿMIGGN$DIJÿ#tELOÿLE$Hÿ $& ÿ%% 5ÿ
2ÿ?  5ÿ%&'ÿ(ÿ?ÿÿ@A&ÿ2ÿ
25ÿ':ÿ%ÿ(ÿ3("ÿÿ&ÿ?5(:ÿ%%5"ÿ"ÿ
M 5ÿ%&'ÿ(ÿ5?ÿ((ÿ2ÿ? 5(ÿÿ (ÿ5ÿÿH%(ÿDDÿ"ÿDDDÿC&%&ÿ"(%3ÿ&ÿ((ÿ
3ÿÿÿ"2"ÿÿ6m8=ÿ#&'ÿ(ÿÿ'ÿ5ÿ&ÿ 2%(ÿ?ÿÿ@A&ÿ2ÿ25ÿ':ÿ%ÿ"ÿ&ÿ? 5ÿ
:ÿ7ol0=ÿ$&ÿ? 5ÿ%&'(ÿ?ÿÿÿ2ÿ? 5ÿ2ÿ %&'ÿ(9ÿ(?%:=ÿ$&ÿ(5(ÿ2ÿ%%5(ÿÿ
&ÿ:(ÿ7oloÿ"ÿ7ol0ÿÿ(&ÿCÿÿ$3ÿDD=ÿ (&Cÿÿ$3ÿDDD=ÿ
$EFGÿDDÿ
ÿ
$EFGÿDDDÿ
MIGGN$DIJÿ#tELOÿLE$HÿDJÿNLÿMLÿIJÿ@A&ÿIKÿKNGÿJLOPÿ#IJ$J$ÿ
RSTUVÿ
XYUUSZ[\Zÿ Y]^ÿ_`a^bÿ Xbacÿ \acdea^ÿfa_ÿ ghhiÿj`]k_ÿ
7oloÿ 7ol0ÿ 7oloÿ 7ol0ÿ 7oloÿ 7ol0ÿ 7oloÿ 7ol0ÿ
#3ÿ"4"ÿ o=p7ÿ o=p7ÿ o=p0ÿ o=p0ÿ o=qoÿ o=qoÿ oÿ oÿ
H5?&5ÿ"4"ÿ o=0lÿ l=1oÿ o=o7rÿ o=loÿ oÿ oÿ oÿ oÿ
J'ÿ4"(ÿ o=oqÿ o=opÿ o=or7ÿ o=lmÿ o=olnÿ o=o7nÿ o=o7pÿ o=oqqÿ
#3ÿ4"ÿ o=oolpÿ o=oo7rÿ o=oolpÿ o=oo7rÿ o=ooopÿ o=oollÿ o=oomqÿ o=oo00ÿ
M%5(lÿ o=lqÿ o=0mÿ o=ollÿ o=oqÿ oÿ oÿ o=oloÿ o=ompÿ
sÿ'7%ÿ o=mmÿ o=0mÿ o=o7pÿ o=oqÿ
o=oollÿ o=oolrÿ o=olmÿ o=o7lÿ
%?5"(ÿ
t:ÿ(ÿ o=ooqrÿ o=oo0oÿ o=ooomqÿ o=ooomnÿ oÿ oÿ o=ooolmÿ o=ooolmÿ
}~€ÿ ƒ„…†ÿ ‡„…†ÿ ˆ„‰ˆÿ ƒ„ˆ…ÿ ˆ„Š‹ÿ ˆ„Š‡ÿ ˆ„ˆ†Šÿ ˆ„ƒƒÿ
lÿuÿ ÿ
4%?ÿ2ÿ&:ÿ(ÿ"ÿ%?5"(ÿ2ÿ&:ÿ(=
7ÿuÿ ÿ
4%?ÿ2ÿ%?(=
ÿ "4"ÿ"ÿ?%5(9ÿ&ÿ4?%"ÿ? 5ÿ%&'ÿÿ
$3ÿDDDÿ(&C(ÿ&9ÿÿ&ÿ?(ÿ9ÿÿ(&ÿ&(ÿ&ÿ 2ÿÿ(&ÿCÿ3ÿC%ÿ(ÿ&'&ÿ"ÿ5ÿÿ35ÿm=p0ÿ
&'&(ÿ? 5ÿ%&'ÿÿ?ÿÿ@A&ÿ2ÿ25ÿ':ÿ NLv@A&25ÿ3:ÿ7ol0=ÿ
%=ÿ#35(ÿ2ÿÿ(&ÿ?(ÿ? 5ÿ%&'(ÿ $&ÿ? 5ÿ%&'ÿ(ÿ2ÿ?ÿ?ÿÿ@A&ÿ2ÿ25ÿ
ÿ&ÿÿ2ÿ35ÿl=p0ÿNLv@A&25=ÿ5ÿÿ&'&ÿ ':ÿ%ÿÿ("ÿÿ3ÿÿ&ÿÿ2ÿo=1ÿ"ÿ
((ÿ2%(9ÿ(?% :ÿ2ÿ(5?&5ÿ"4"9ÿ%3ÿ

01ÿ
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ
2314ÿ56789&:;ÿ:ÿ&ÿ<(ÿ=121ÿ"ÿ=12>?ÿ Vÿ$&ÿ'ÿ(&ÿÿ%((ÿBÿCÿ0>ÿ
(@%<3ÿ 567ÿÿ=12>3ÿ
A;ÿ'(ÿ&(ÿ&ÿB(ÿ@ ;ÿ%&'ÿÿ@ÿÿ Vÿ$&ÿ%C;(ÿ@ÿ(ÿ\;@@"ÿB&ÿ&ÿ"<ÿ
89&ÿ:ÿ:;ÿ'<ÿ%ÿÿ%@(ÿÿ&ÿ:((ÿ (&ÿ'ÿ(<(3ÿ
:;(ÿC("3ÿ$&ÿÿ%&'ÿÿ(ÿ:"ÿ<ÿ:ÿ $&ÿ(&ÿ&"'ÿ%((ÿ@ÿÿ89&ÿ:ÿ:;ÿ'<ÿ
%Cÿ"D"ÿ(((ÿB&%&ÿEÿ;@ÿF>Gÿ:ÿ&ÿ3ÿ %ÿ:ÿ&ÿ<(ÿ=121ÿ"ÿ=12>ÿ&ÿCÿ%%;"ÿ
H;ÿÿÿ(Cÿ%Cÿ"D"ÿ%&'ÿÿ:ÿ&ÿ<(ÿ ÿ&ÿC((ÿ:ÿ&ÿCe"ÿ:3ÿ$&ÿ
=121ÿ"ÿ=12>?ÿ&ÿ%(ÿÿ&ÿ ÿ@ ;ÿ%&'(ÿ (;(ÿÿ(&Bÿÿ$CÿMN3ÿÿ
(ÿ''C3ÿI ;ÿ%&'ÿ(ÿ@ÿÿ89&ÿ:ÿ:;ÿ ÿ
'<ÿ%ÿÿ("ÿÿCÿÿ&ÿÿ:ÿ13J=ÿ"ÿ PQRÿRPAHSMATÿ#fQ$QÿMAÿ56ÿ$PZS ÿMNÿ
13JKÿ56789&:;?ÿ(@%<3ÿ I6ÿfAÿ89&ÿfgÿg5SÿA6Thÿ#fA$A$ÿ
gf6ÿ$RÿhP6Qÿ=121ÿPAHÿ=12>ÿ
$&ÿ@@"ÿ@ ;ÿ%&'ÿ(ÿ@@"ÿ;ÿ=121ÿ
"ÿ&ÿ((ÿ:%(ÿ"ÿ&ÿB"ÿ%&@(Lÿ ijklmÿ okpqÿ
@ ;ÿ%&'ÿÿ@ÿÿ89&ÿ:ÿ:;ÿ'<ÿ%ÿ rstsÿ rstuÿ
ÿ(ÿC<ÿ@@D<ÿBÿ(3ÿMÿ(@ÿ:ÿÿÿ vwxÿyz{x|ÿ }3}ÿ 2=34ÿ
%(?ÿ&ÿÿ("ÿ%&'ÿÿ@ÿÿ89&ÿ:ÿ ~|{ÿ 130}ÿ 13F}ÿ
:;ÿ'<ÿ%ÿBÿCÿ:;ÿ(ÿBÿ%@"ÿÿ €‚ÿƒzw„yÿ 132Fÿ 13=4ÿ
;ÿ'(?ÿÿ(ÿBÿ%@"ÿÿ@ÿ"ÿK4ÿ(ÿ …{  † ‡ { x
ÿˆ { yÿ 1 ÿ 1ÿ
Bÿ%@"ÿÿÿ(&ÿÿ=12>3ÿ#&'ÿ(ÿBÿ
%@(ÿ1322ÿ56ÿ@ÿÿ89&ÿ:ÿ:;ÿ'<ÿ%3ÿÿ NM3ÿ#P6ZfAÿHMf‰MHÿŠ5f$Pÿÿ
N3ÿPQRÿRPAHSMATÿ $&ÿ#f=ÿ\;ÿ"ÿ(ÿÿ(<C((ÿ:ÿ@Bÿ''ÿ
P(&ÿ&"'ÿ%((ÿ:ÿ&ÿ:;(ÿ"(%C"ÿÿ&(ÿ@@ÿ @""ÿ;&%ÿ:(ÿ"%ÿ&ÿB "?ÿB&%&ÿ(ÿ@ÿ:ÿÿ'<ÿ
ÿ";((ÿ"ÿÿ&ÿ\;ÿ"3ÿÿ
"@"ÿUÿ Mÿ&ÿ%;ÿ(;?ÿ&ÿ#f=ÿ\;ÿ"ÿ;(ÿ((;ÿ
Vÿ :;ÿ(&ÿ%Wÿÿ &ÿÿ%C;(ÿ@ÿ(ÿÿC'"ÿÿC;<ÿÿ( ÿ#f=ÿ
Vÿ @%'ÿ:ÿ(&ÿÿCÿ&""ÿC<ÿ&ÿ(&ÿ \ ;(ÿ:ÿ&ÿ#f=ÿ(((ÿ"ÿÿD%"ÿ&ÿ %"ÿ
'ÿ(<(Wÿ
Vÿ Bÿ%ÿÿ(&ÿB&%&ÿ"(ÿ&ÿ:ÿ \;Q <3ÿÿ
%ÿ&ÿ\;ÿ"ÿ;(ÿ:ÿ@&(ÿMMMÿB&%&ÿBÿ@@<ÿ
B'&ÿ:ÿ(&ÿÿCÿ"(@("ÿ:3ÿÿ
Mÿ&ÿ%(ÿ:ÿBÿ(&ÿ'ÿ%&'<?ÿ&ÿBÿ(&ÿ %:@ ÿ&ÿ<ÿ=12=ÿÿÿ<ÿ"(%<ÿ%?ÿÿ(ÿ\;ÿ
"(<ÿ(ÿ;%&ÿ&'&ÿ&ÿÿ&ÿ%(ÿ:ÿ@'ÿ&ÿ @&(ÿM%MMÿ "ÿÿ:%(ÿ&ÿ#f=ÿ\;ÿ@%3ÿMÿ'?ÿ
(ÿÿ%% ÿÿÿ(':%ÿ";%ÿÿ
"<ÿ(&ÿ'ÿ%&'<ÿX(&ÿÿ%((ÿÿ
&'&Y3ÿ5C;"ÿ:;ÿ@%(ÿÿ(&ÿ%ÿ%;(ÿ:ÿÿ &@ÿ#f =ÿ\; (ÿ %"ÿÿ5ÿ%;(ÿ"ÿ@;'ÿÿ
":ÿÿÿ&ÿ(&ÿ('ÿ@%3ÿM:ÿ(&ÿ(ÿBÿX"ÿ 6'"ÿÿ''ÿc>d?ÿÿ:ÿD#f%&'ÿ:ÿ"'ÿÿ#f=ÿ\;(3ÿ
C<ÿBÿ(&ÿÿ%&'<Yÿ&ÿ&ÿ(:ÿ'ÿ(E(ÿ =ÿ"'ÿBÿCÿ@'"ÿ:ÿ
ÿ(':%<ÿ";%"3ÿZ("(?ÿÿ&ÿ%(ÿ:ÿBÿ(&ÿ =12=?ÿ&ÿ#f=ÿ\;ÿ@%ÿÿ%;"ÿCÿÿ&ÿ'ÿ:ÿ=1ÿ
?ÿ&ÿ(ÿÿ";(ÿÿ&ÿÿ"ÿ(&ÿ(ÿB<(ÿ%"ÿ ÿK>ÿ5673ÿÿ
[ÿ&ÿ%C;(ÿÿÿ'ÿ(%ÿ:ÿ:ÿ&ÿ\;@3ÿÿ $&ÿ#f=ÿ\;ÿ;ÿ(ÿ@ÿÿ89&ÿ:ÿ:;ÿ
ÿ$&ÿ(&ÿ&"'ÿ%(ÿ%%;(ÿÿC("ÿÿ&ÿ '<ÿ%ÿÿ%%;"ÿ"ÿ(&Bÿÿ$CÿN3ÿ
: B'ÿ((;@(3ÿ ÿÿ
Vÿ6'"'ÿ&ÿ:ÿC"ÿ:ÿ&ÿ $PZSÿNÿ
ÿ(&ÿ'ÿ%@<ÿ]352ÿ]432ÿ $Rÿ#f=ÿŠ5f$PÿP8f5A$ÿSNSQ ÿI6ÿfAÿ89&ÿfgÿg5SÿA6Thÿ
#fA$A$ÿ
^34_
3_ÿ`5_abÿ&ÿ'ÿ(&ÿ%ÿ
:ÿÿ(&ÿ(ÿJ>Gÿ"ÿ&ÿ'ÿ%:%ÿ ijklmÿ ‹vrÿŒjvpÿ~qŽ‹kÿ
;ÿ:ÿ'<ÿÿ(&ÿ(ÿ=3Kÿ89&73ÿ =1ÿ567ÿ K>ÿ567ÿ
Vÿ$&ÿ(&ÿ%ÿ:ÿ@ÿ(ÿ>G3ÿ$&ÿ'ÿ vwxÿyz{x|ÿ 43=ÿ 2=30ÿ
%:%ÿ;ÿ(ÿK3Kÿ89&73ÿcJdÿ ~|{ÿ 43>ÿ 2K32ÿ
Vÿ$&ÿ(&ÿ%ÿ:ÿB"ÿ%&@(ÿ(ÿ2GÿB&ÿ&ÿ …{†‡{xÿˆ{yÿ J31ÿ 431ÿ
%:%ÿ;ÿC'ÿ=3Jÿ89&73ÿÿ 1ÿ 1ÿ
VÿA;ÿ'(ÿC("ÿ%C;(ÿ"(ÿÿÿ ÿ €‚ÿƒzw„yÿ
<ÿ(&3ÿ $&ÿ#f=ÿ\;ÿ;ÿ ÿ@ÿÿ89&ÿ(ÿ
Vÿ6'"'ÿ&ÿ:ÿC"ÿ:ÿ @
"::ÿ":ÿB(?ÿ&ÿ'ÿ(&ÿ &ÿ@#f ÿÿÿ:;e(@%:%ÿ#f=ÿ((ÿ:%3ÿ$&;(ÿ
ÿ%((ÿX(&ÿ(@ÿÿÿ @ÿ(ÿ=ÿ\ ;ÿ;ÿÿ@ÿÿ89&ÿ:ÿÿ(&ÿÿ
":ÿ"ÿ('Yÿ(ÿJ>ÿ567ÿ:ÿ&ÿ<ÿ ;ÿ'(3ÿÿ(ÿB%ÿ(ÿ&'&ÿ(ÿ&ÿ(@%ÿ;ÿ:ÿ
=1213ÿ

ÿ01
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ
ÿ
‡ˆ‰ŠŽ{v ÿ
ÿ
„qoÿ…|zwÿ~|uzuÿ†pmÿ‡ˆ‰Šz„qo‹ „qoÿ…|zwÿ~|uzuÿ†olÿ‡ˆ‰Šz„qo‹
pl olnm ÿ
Œuvÿvw}srƒÿ~|uzu y|sszr|ÿ~vw‚ƒxÿ‚wzxu ÿ
om ÿ
ol ÿ
olnm ÿ
nm ÿ
olnl ÿ
nl olnm ÿ
m ÿ
olnl
olnl olnm olnl ÿ
l ÿ
qrsÿuvwsx yxwz {||}ÿ~vru €wz‚wsÿƒwu
ÿ
ÿ
ÿ
2'3ÿ13ÿÿÿ%((ÿ4ÿÿ56&ÿ7ÿ78ÿ'9ÿ%ÿ7ÿ&ÿ9(ÿ:;1;ÿ"ÿ:;1<3
$&ÿ%4(ÿ7ÿ78ÿ"ÿ%((ÿ7ÿ&ÿ9(ÿ:;1;ÿ"ÿ
=>>3ÿ>5@A#$ÿB2ÿ@BCCD$>BEÿ2FÿAGHÿHAEIC>EJÿAEIÿ#AKLBEÿ :;1<ÿV(ÿÿÿ7%(ÿ&ÿ'ÿ"(ÿÿ78ÿ
I>BM>Iÿ#BG$GÿNE=>KBE5E$ACÿ#BG$GOÿBEÿ$Hÿ2DCÿ#BG$ÿ %4((ÿ7ÿ&ÿÿ7883ÿ
#B5@$>$>=EGGÿÿ $&ÿ%4(ÿ(ÿV("ÿÿ&ÿ((84ÿ&ÿ&ÿ78ÿ
PQÿS4294.345 ÿ195ÿ69ÿ53ÿ3ÿ)*+*ÿ4Tÿ)*+Uÿ 4%ÿ(ÿ(V3ÿ$&ÿ%&'ÿÿ78ÿ"ÿ%((ÿ(ÿ"8%"ÿV9ÿ
ÿ%((3ÿ
$&ÿ%((ÿ4ÿÿ56&ÿ7ÿ78ÿ'9ÿ%ÿ7ÿ&ÿ9(ÿ $&ÿ78ÿ4%(ÿgÿ(ÿÿV((ÿ7ÿ&ÿ%%8(ÿÿ(ÿ
:;1;ÿ"ÿ:;1<ÿ"(%V"ÿÿG%(ÿ>=Fÿ=ÿ"ÿ=>ÿÿ 7 Y(hÿ
(8W"ÿÿ2'3ÿ13ÿ iÿ@%ÿ7ÿÿ(&ÿ[ÿa30ÿDKX56&3ÿ$&ÿ44("ÿ4%ÿ(ÿ
Bÿ(&ÿ&(ÿ&ÿ&'&(ÿÿ%((ÿN1;30ÿ &ÿ%8ÿ'ÿ48%&('78ÿ4 %ÿ7ÿÿ7ÿ&ÿ
DKX56&78Oÿÿ:;1;ÿ(ÿYÿ(ÿ&ÿ'(ÿV(8ÿ (ÿ'(ÿÿ(&ÿ%(8(ÿ(ÿ'ÿAGÿj0k3ÿ
%(ÿÿ&ÿ%((ÿ4ÿÿ56&ÿ7ÿ78ÿ'9ÿ%ÿ7ÿ iÿ@%ÿ7ÿ4ÿ[ÿ113bÿDKX56&783ÿ$&ÿ44("ÿ4%ÿ(ÿ
:;1<3ÿ$&ÿ%(ÿYÿ%4(ÿ1Z31[1\3<ÿDKX56&ÿ78ÿ V("ÿÿ&ÿ'ÿ4ÿ4%ÿ(ÿV"ÿ7ÿ
"4"'ÿÿ&ÿ((8"ÿ#B:ÿ]8ÿ4%ÿ(%(3ÿ $(ÿ$8(ÿAGFÿ&ÿV''(ÿ4ÿ'ÿ"ÿ^4'ÿ
$&ÿÿ%((ÿ7ÿ4ÿ"ÿY"ÿ%&4(ÿ7ÿ&ÿ 4(ÿÿ(3ÿ
9ÿ:;1;ÿÿ("ÿÿVÿVYÿ:ÿDKX56&783$&ÿ iÿ@%ÿ7ÿY"ÿ%&4(ÿ[ÿ1:3\ÿDKX56& $&44("ÿ
ÿ%((ÿ7ÿY"ÿ%&4(ÿYÿ%&'ÿ('7%9ÿ 4%ÿ(ÿV("ÿÿ&ÿ(ÿ"ÿ48V(&7"8ÿV3ÿ9ÿ&ÿÿ(ÿ
V9ÿ:;1<3ÿAÿ&ÿ(ÿFÿ"8ÿÿÿ&'&ÿ%Vÿ"^"ÿ >(8ÿ7ÿ%%ÿK(%&ÿÿ&ÿYVÿV("ÿ4%ÿ
((ÿ7%Fÿ&ÿÿ%((ÿ7ÿ4ÿYÿVÿ<[\3<ÿ 7ÿ(9(ÿjbk3ÿ
(ÿ&'&ÿ"ÿ8ÿÿ_3<[1<31ÿDKX56&783ÿ iÿE8ÿ'(ÿ[ÿ:\ÿDKX56& 3ÿ$&ÿ44("ÿ4%ÿ(ÿÿ
>ÿ(4ÿ7ÿÿÿ1;[1\`7"ÿ%(ÿÿ&ÿ 'ÿ4%ÿ7ÿ&ÿ(ÿ78"ÿ48V(&"ÿV9ÿG(%(ÿ
ÿ%((ÿ7ÿ8ÿ'(ÿ7ÿ;3aÿDKX56&78ÿÿ (ÿj\k3ÿ
a3<[b3<ÿDKX56&78ÿN"4"'ÿÿ&ÿ((8"ÿ#B:ÿ]8ÿ $&ÿ%%8ÿÿ(8(ÿÿ4("ÿÿ$Vÿ=>ÿ(ÿYÿ(ÿ
4%ÿ(%(OFÿ&ÿÿ%((ÿ7ÿ&ÿ9(ÿ:;1;ÿ (&Yÿÿ2'3ÿ:3ÿÿ
"ÿ:;1<ÿ(ÿYÿ(ÿ&ÿV(8ÿ%(ÿÿÿ $&ÿ%%8ÿ(8(ÿÿ&ÿ&ÿ44("ÿ%(ÿÿ
%((ÿÿ&ÿY(ÿÿ%4(ÿÿ&ÿ7((ÿ78(ÿ ÿ%((ÿYÿ%&'ÿ&ÿ'ÿ7ÿ7%(ÿÿ&ÿ
V("3ÿÿ %(ÿ%4((ÿ7ÿ78ÿ(8%(ÿ%("V93ÿ
cQÿS66315ÿ96ÿ34294.345 ÿ195ÿ94ÿ53ÿ6
3 ÿ3 53Tÿ195ÿd3ÿ943ÿ %&Aÿ4(Fÿ4ÿ(ÿ%(""ÿÿ'"ÿÿÿY"ÿ
4(ÿ(ÿ4ÿ&(ÿÿYÿ78ÿ4%ÿ%4"ÿY&ÿ&ÿ(&ÿ
efÿ96ÿ6
3 ÿ343ÿ1945345ÿ
28ÿ"ÿ%((ÿ%ÿV&ÿ&ÿ78ÿ48%&(ÿ%((ÿN78ÿ &9"ÿ:;'1ÿ<%Fÿ(&(ÿÿ8("ÿÿ47ÿ48ÿY
ÿ%&'(ÿ7ÿY"ÿ%&4(3ÿL9ÿ&ÿ
4%Oÿ"ÿ&ÿÿ%((FÿY&%&ÿYÿ%(""ÿÿ V9ÿ&7ÿ84ÿÿYÿ(ÿ&'&ÿÿ%48(ÿÿÿÿ56& %(ÿÿ78ÿ%((ÿ
ÿ7ÿ78ÿ'9ÿ
&ÿ48(ÿ(%3ÿÿ %FÿY&ÿ&ÿ78ÿ%((ÿ7ÿY"ÿ%&4(ÿYÿ%&'ÿ
('7%93ÿÿ
ÿ

01ÿ
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ
$234ÿ56ÿ
784ÿ942$:ÿ#;<$<ÿ6=ÿ89ÿ>9ÿ;=ÿ?@&ÿ;7ÿ784ÿ=9ABÿ#;=$=$ÿ7;9ÿ$CÿB29<ÿ1DEDÿ2=:ÿ1DEF
efghiÿ kglmÿnopoÿ kglmÿnopqÿ rstuvwxvÿyzÿz{v|ÿuv|w}v~ÿtyx}xÿ
e{v|ÿu‚tvÿgsƒ‚uysvs}w|ÿe{v|ÿuv|w}v~ÿ e{v|ÿu‚tvÿ gsƒ‚uysvs}w|ÿtyx}xÿ e{v|ÿuv|w}v~ÿzuyÿ€vwuÿnopoÿ}yÿnopqÿ
tyx}xÿ tyx}xÿÿ nogfm„}…†nÿ ‡qÿgfm„}…†nÿ tyx}xÿ lˆxy|{}vÿ mv|w}‚ƒvÿ
xtvswu‚yÿ xtvswu‚yÿ ‚stuvwxvÿ ‚stuvwxv‰ÿŠÿ
;ÿ(&ÿ ‹G0ÿ EDG0ÿ pqŒnÿ ‹G0ÿ 1aG_ÿ 1GEÿ nŽŒ‡‡‡Œÿ EaGEQENGFÿ N0GFQE11Gaÿ
>ÿ EEG_ÿ EG0ÿ p‡Œ‡ÿ EEG_ÿ GFÿ EFGEÿ npŒnn‘ŒŽÿ NQEaGFÿ FGQEDEGNÿ
@"ÿ%&I(ÿ E1GNÿ DG1‹ÿ p‡Œoÿ E1GNÿ DG‹ÿ DG‹ÿ p‡Œnÿ DGEÿ EGDFÿ
=Hÿ'(ÿ 1Nÿ DG‹1ÿ nŽŒ’ÿ 1Nÿ ‹GFÿ _GFÿ ‡nŒq‡qŒqÿ ‹Q_GEÿ E‹G1Q1‹Gÿ
ÿ
¬±²³·£ž ¬­®šª¤­¯ ­¢Ÿ›ÿ¦¤¢ÿ°—”ÿ¬±²³¢´™–µ ¬­®šª¤­¯ ­¢Ÿ›ÿ¦¤¢ ¶© ›ÿ§ªš¦ 
˜“ ÿ
–“•” –“•”
—”
—“ –“•“ ÿ
–“•”
–” ÿ
–“
•” –“•“
–“•“ –“•“ –“•”
ÿ
ÿ
•“ ÿ
” ÿ
“ ÿ
™š›ÿžŸ›  ¡ Ÿ¢ £¤¤¥ÿ¦žš§ ¨Ÿ¢©ªŸ›ÿ«Ÿ ÿ
ÿ
ÿ
7'Gÿ1Gÿÿ7Hÿ"ÿ%((ÿIÿÿ?@&ÿJÿJHÿ'Kÿ%ÿJÿ&ÿK(ÿ1DEDÿ"ÿ1DEFGÿ
ÿ
#HKLÿ&ÿJHÿ"ÿ%((ÿJÿÿ(&ÿÿ(ÿM%ÿ(ÿ #%Hÿ(H(ÿ(&Mÿ&ÿ&ÿII("ÿ%(ÿÿ
Mÿ(ÿ&(ÿJÿHÿ'(Gÿ:Hÿÿÿ'ÿ(&ÿJÿ ÿ%((ÿMÿ%("OKÿ%&'ÿ&ÿ'ÿJÿ
ÿ%((ÿÿ&ÿJHÿ"ÿ%((Lÿ(ÿMÿ(ÿ"Hÿÿÿ J%(ÿÿ&ÿ%(ÿ%I((ÿJÿJHÿ(H%(ÿOKÿ&ÿKÿ
EGNÿ(ÿ&'&ÿ#;1ÿ((ÿJ%Lÿÿ('J%ÿ%(ÿÿ&ÿ 1DEFGÿ
JHÿ"ÿ%((ÿ%ÿOÿPI%"Gÿ3Kÿ&ÿKÿ1DEFLÿ&ÿ WXYÿ[\]Y^ÿ&(ÿÿ&'&ÿIHÿ%&'ÿÿIÿÿ?@&ÿJÿ
"JJ%ÿÿ&ÿJHÿ"ÿ%((ÿOMÿÿ(&ÿ"ÿHÿ JHÿ'Kÿ%Gÿ#OH(ÿJÿÿ(&ÿI(ÿIHÿ
'(ÿMÿ"%(ÿ"ÿ%%HÿJÿFQEFRÿ"I"'ÿÿ&ÿ %&'(ÿÿ&ÿÿJÿOHÿEG_Fÿ89`?@&JHGÿ:Hÿÿ&'&ÿ
II("ÿ#;1ÿSHÿI%ÿ(%(Gÿÿ ((ÿJ%(Lÿ(I%KÿJÿ(HI&Hÿ"P"Lÿ%Oÿ"P"ÿ
"ÿI%H(Lÿ&ÿPI%"ÿIHÿ%&'ÿÿOKÿ1DEFÿMÿ
5666Gÿ#;=#48<6;=ÿ OÿM%ÿ(ÿ&'&ÿ"ÿHÿÿOHÿaG_Fÿ89`?@&JHGÿ;ÿ
$&ÿIIÿO((ÿ&ÿI%ÿJÿIHÿ%&'(Lÿ(&ÿ (&89` ÿ&(ÿ&ÿ&'&(ÿÿÿ%((ÿUEDG0ÿ
&"'ÿ"ÿ%Oÿ"P"ÿÿ&ÿ%(ÿ%I((ÿJÿ&ÿ %((ÿI?@& JHVÿJÿ1DEDÿ(ÿMÿ(ÿÿ&'&ÿO(Hÿ%(ÿJÿ
JHÿ(H%(ÿH("ÿJÿ'KÿI"H%ÿÿ(Gÿ7Hÿ"ÿ %I(ÿ(ÿEaÿG?@& ÿJÿJHÿ'Kÿ%ÿJÿ1DEFGÿ$&ÿ%(ÿ
%((ÿJÿ"JJÿ'Kÿ(H%(ÿJÿ&ÿK(ÿ1DEDÿ"ÿ1DEFÿÿ #;ÿSHÿI%EQÿ(E%NGFÿ89`
?@&JHÿ"I"'ÿÿ&ÿ((H"ÿ
%%H"ÿM&ÿ(I%ÿÿ&ÿ%((ÿM&ÿ&ÿJHÿ"ÿ%((ÿ %(1(ÿÿ&ÿJHÿ"ÿ%(Gÿ(:H ÿÿÿ'ÿ(&ÿJÿÿ
%((ÿJÿJHÿI%Lÿ(&ÿ&"'ÿ%((ÿ"ÿÿJ(ÿ(ÿ &ÿJHÿ"ÿ%((ÿ%ÿOÿ(LPÿIÿ(%'"GJÿ$&
%ÿUN_QE11RVÿ'M&ÿÿ
Mÿ(ÿ&ÿ%Oÿ"P"ÿSHÿI%ÿIÿÿ?@&ÿJÿJHÿ %I((ÿJÿ&ÿÿ(&ÿ'K(ÿÿ%IH""HÿO%ÿ%Hÿ%(%ÿÿÿ&ÿÿ
'Kÿ%ÿUO("ÿÿMÿ%J%ÿHVGÿ#%H(ÿÿ %I(ÿM&ÿ&ÿJ((ÿ"ÿMOÿJH(Gÿÿ
I""ÿO("ÿÿ"JJÿ((HI(ÿJÿ%OH(ÿ b^]cdÿ2ÿI(LÿIÿ(ÿ%(""ÿÿ'"ÿÿÿM"ÿ
%&'(LÿJHÿ'(ÿ%'ÿ%&'(Lÿ%ÿ"%(Lÿ(&ÿ %&I(Gÿ$&ÿMÿJHÿI%ÿJÿIÿUEEG_ÿ89`?@&JHVLÿ'(ÿ
&"'ÿ(K((ÿ"ÿ&ÿ"Gÿ$&OKLÿ%%Hÿ(H(ÿÿ &ÿ&'&ÿJHÿI%ÿJÿM"ÿ%&I(ÿUE1GNÿ89`?@&JHVLÿO%(ÿ
"ÿJÿ&ÿM"ÿ%((ÿKGÿ;&ÿI%Hÿ%((ÿ(&H"ÿOÿ &ÿ&'&ÿÿP(ÿU(&ÿ&"'ÿ%((ÿ"ÿIHÿ
%%H"ÿ""HKGÿÿ

ÿ01
 0123452621ÿ89
4 ÿ96ÿ2ÿ31421 ÿ42325ÿÿ
ÿ"ÿ#ÿ$%&'(ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ)*+*ÿ
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ÿ-9
.3ÿÿ/ÿ
%&'(2ÿ3ÿ4ÿ%4"ÿÿ&ÿ5ÿ(&ÿ&"'ÿ%((ÿ"ÿ CWCT#eÿ
46ÿ%&'(ÿ3ÿ5"%&4(7ÿ <7ÿ g%"6ÿ"ÿ?&"(ÿ3ÿh'ÿ(((ÿ3ÿg6(ÿ3ÿ
89ÿ&ÿ9ÿ:;<=>ÿ&ÿ6(ÿ3ÿ4ÿ5ÿ%6(ÿÿ%(ÿÿ36ÿ # U6(ÿg(ÿÿQUÿQÿA:;<;7<=7;02ÿ
%((ÿ4ÿÿ?@&ÿ3ÿ36ÿ'9ÿ%ÿÿÿ'ÿ3ÿÿ&3ÿ :7ÿ mn &4iDD5557'j7DD%7j(4k"lcFXP0:7ÿ
64ÿÿ5ÿ(ÿA3ÿ<171ÿBCD?@&ÿÿ:<7:E:07Fÿ A:;<(;o7&<d=67;ÿ02ÿ&"64iDDÿ5557 (p(d"d("ÿ&d'6(ÿnn("ÿ
'j7DD%7j(4k"l<:c=c:<=7ÿ
BCD?@&362>ÿ5&ÿ&ÿ36ÿ%((ÿ3ÿ5"ÿ%&4(ÿ5ÿ%&'ÿ 17ÿ &4iDD5557 ÿ#&'(ÿQ%ÿA:;<;7<=7;0qÿ
('3%9ÿÿ 'j7DD%7j(4k"l<11<0;P17ÿ
GHIJKHLÿNHOÿ&(ÿ5ÿ46ÿ%&'ÿ(ÿ4ÿÿ?@&ÿ3ÿ P7ÿ gA:;<4;47<=7;ÿ$ 7>ÿrÿQ7ÿÿW6ÿ4ÿ"6(9ÿÿB>ÿ:;;=>ÿ47<1Pÿ
02ÿ&4iDD55576U7D"V74&4k4%3l:<7ÿ
36ÿ'9ÿ%ÿ%4('ÿ;7P:ÿ"ÿ;7P1ÿBCD?@&36ÿ3ÿ =7ÿ 'U(ÿs7>ÿW'ÿtT7ÿ3 335249ÿ4}9 2uÿv35w334ÿxy)zÿ6
3 ÿ4{ÿ
&ÿ9(ÿ:;<;ÿ"ÿ:;<=>ÿ(4%97ÿQ(&ÿ&"'ÿ%((ÿR6ÿ 3€9 31{52211ÿ2159ÿ
u45212337ÿÿ#4{4ÿ5&3ÿ3'669iÿ5ÿ9d4(4ÿ|
3ÿ|ÿ~|}|ÿ3.2294ÿ24ÿ
((ÿ$9dÿ‚4%ÿ>ÿ:;;F7ÿ<;Fÿ47ÿ
Sÿÿ%(ÿ3ÿ6ÿ'(ÿ(ÿÿ"(ÿÿÿ9ÿ(&7ÿ
T6ÿ'(ÿ&(ÿÿ&'&ÿ36ÿ4%ÿ5&%&ÿ%6((ÿ&ÿÿ36ÿ 0c77ÿÿ ((ÿÿƒ'(ÿQe ÿA:;<;7<=7;02ÿÿÿÿ555iDD5557'7D7ÿ
6ÿ3ÿ%%ÿC(%&ÿA:;<;7<=7;02ÿÿÿÿ&4iDD5557d7D7ÿ
"ÿ%((ÿÿUÿ&'&>ÿ7ÿ86ÿ5&ÿ&ÿ%Uÿ"V"ÿ((ÿ ÿ
F7ÿ e 
 
(  % (ÿ  (    
 ÿA:;<;7<=7;0ÿ2ÿ5557(77ÿ
3%ÿ"ÿ&ÿÿ%((ÿU'ÿ9ÿ5>ÿ6ÿ "6"ÿr(>ÿ?7e%7>ÿC(%&ÿ
'(ÿ%ÿ"6%ÿ(ÿ"33%ÿÿ36ÿ"ÿ%((ÿ%4"ÿÿ h4ÿ3ÿ$&ÿ''>ÿ$ÿB(9ÿ3ÿ$%&'9ÿ
&ÿ3((ÿ36(ÿ5&%&ÿ&ÿÿ&'&ÿ%Uÿ"V"ÿ((ÿ Q""((iÿ&jÿÿ=>ÿ<X;F0>ÿ$>ÿ(ÿ
3%ÿ"ÿ&ÿÿ4%(7ÿWÿV4>ÿÿ&ÿ%(ÿ g&…iÿ„1c:ÿ=1ÿ1=Xÿ:XFÿ
3ÿÿ(&>ÿ&ÿ"33%ÿÿ36ÿ"ÿ%((ÿ(ÿ("ÿÿ ÿiÿ"6"7(†3%(67%ÿ
"%(ÿ3ÿU6ÿX;Yÿÿ:;<;ÿÿ=E<=Yÿÿ:;<=>ÿ"4"'ÿ s6ÿ‚(>ÿg&hÿe6"ÿ
ÿ&ÿ44("ÿ#Z:ÿR6ÿ4%ÿ(%(7ÿÿ $ÿe%&ÿ3ÿ%%(ÿ"ÿ86(((ÿQ"(ÿ
[\\]ÿ^_àObÿ$&ÿ5(ÿ46ÿ3ÿ%((ÿ'ÿ&ÿ Q" $ÿB(9ÿ3ÿ$%&'9ÿ
%(""ÿ36(ÿA;7;=PE;7<<ÿBCD?@&36ÿ3ÿ&ÿ9(ÿ:;<;ÿ <:0"<F(ÿ$(iÿQd">ÿ( ÿÿ1ÿ
ÿ
"ÿ:;<=2>ÿÿSÿ3ÿ&ÿ%Uÿ"V"ÿ((ÿÿ(ÿ5ÿ(ÿ g…&iÿA„1c:2ÿ0:;ÿ1XP=>ÿWViÿA„1c:2ÿ0:;ÿ1XP0ÿ
&ÿ5(ÿ(&ÿ&"'ÿ%((ÿA;7<XE;7:cÿBCD?@&362ÿ'ÿ iÿ4'†"7ÿ
&ÿ%(""ÿ("ÿ36(ÿ5ÿÿ(6%%((369ÿd4ÿ&ÿ ÿQ"(ÿe">ÿh7e%7ƒ'7>ÿg3((ÿÿ
%(ÿÿ&ÿÿ"ÿÿ36ÿ"ÿ%((ÿ(ÿA<1ÿ h4ÿ3ÿ$&ÿ''>ÿ$ÿB(9ÿ3ÿ$%&'9ÿ
"ÿ<17:ÿBCD?@&36ÿ3ÿ&ÿ9(ÿ:;<;ÿ"ÿ:;<=>ÿ Q" "((iÿ‚4ÿ<<0>ÿ<<c<:ÿÿ$>ÿ(ÿÿÿÿÿÿÿÿÿÿ
(4%927ÿ$&ÿ3("ÿ3%(ÿ('3%9ÿ4ÿ&ÿ g…& iÿ1c:„ÿ0:;ÿ1X;;>ÿWViÿ1c:„ÿ0:;ÿ1X;<ÿ
%4((ÿ3ÿ5"ÿ%&4(ÿ"ÿ4"ÿ446(ÿÿ iÿ("†(767ÿÿ
V4ÿ"ÿ&ÿ5"ÿ%&4(ÿU("ÿ'9ÿ4"6%7ÿÿ
ˆ‰Š‹Œ‰ÿŽ‹‘’“”ÿ•Œÿ–—˜˜™‹‹”ÿš›‰Œ˜ÿœŒ‰˜ÿž‹Ÿ‹ÿŒ˜ŠŒŠÿ›’‰’ ¡‹”ÿ¢˜—›Šÿ‹¢Œ£‰˜ÿ¤™‹ ‹ÿŠ›ÿ’¥—˜ ¡‹ÿ‰’ ¦‰‹ÿ “’Šÿ˜˜ ™˜ÿŠ¤ÿ ŠŒ›£™£ÿ
 ’› ŠŒ§¢§¨Šÿ˜›˜Œ©¨‹ÿŒ‹ª’‘‹›‹ÿ«¥‹Š›£̈ÿÿ
g¬­j6ÿ¬®(ÿÿ¬¬>ÿd¯ÿ"d(ÿ4ÿ4(¯°j±ÿ6ÿ(j̄>ÿ46ÿ4(¯"(ÿSd((ÿ6ÿ'd²ÿ"d(­"ÿd6ÿ"S%­UÿA"(ÿSd((2ÿd¬ÿ"U(ÿ
'¯S(>ÿ"'(¯d²>ÿd³"(ÿA¬(ÿd³"2ÿ6ÿdd((ÿ±®"(ÿdd6¬(4¬j6ÿƒ'6j̄ÿ:;<;ÿ6ÿ:;<=7ÿ'"¯7ÿT"d(ÿ4ÿ4(¯°j±ÿ6ÿ(j̄ÿ4¬®¯(ÿU((ÿ
6SÿhU(ÿ(6(6ÿ"d²ÿd667ÿg(¯°j±ÿ6ÿS±6ÿ4jÿÿ"´¯"ÿd6¯¯ÿ"ÿd>ÿ4j(ÿ6Sÿƒ'6j(ÿm"(ÿ(j(ÿ'6¯ÿT7ÿ
XXD:;;Pÿ6ÿTÿXPD:;;P7ÿÿ
Q4¬®6ÿS6¯ÿ%>ÿdÿ4"S(ÿÿ"(ÿS("S­U6ÿ((­(ÿSd(6ÿ46'6(ÿj6ÿ:;<=7ÿ'"¯ÿÿ¬jÿ­ÿ"´¯"6ÿd6¯ÿdd6¬(4¬j6ÿ6ÿÿ
44%j6ÿ'³7ÿed¯ÿÿ"(ÿS("S­U(ÿ4d(ÿ"­ÿSd(6ÿ46'66>ÿ"'(ÿ4±Sd(ÿA"'(ÿ%(ÿ6ÿ"(ÿSd(6ÿ(6ÿ6Sÿ6ÿ?@&ÿ
"'(ÿÿ(S¯6ÿµ¬(dÿ"­U62ÿ"'(¯d²ÿ'"­j6¯ÿ¬jÿ46'(ÿA­"Sÿ4ÿ"(ÿS(27ÿ$(ÿ¬6ÿU³ÿS±®±(ÿ3d(ÿ"'(¯d²ÿ64¯dÿ
dd6¬(4¬j>ÿ(­"Sÿÿ%ÿ3(¯(ÿµj(ÿ6ÿj6jjÿµj(ÿ7ÿg±dÿd³"ÿÿ6S(d¯ÿ4ÿU6ÿ­6ÿdd((ÿ±®"7ÿ¶¯dÿd³"(ÿ
%6ÿA<<>cÿBCÿDÿ?@&ÿd6¯¯2ÿ4ÿ6'(¯dÿdd((ÿ±®"(ÿ%6ÿA<:>FÿBCÿDÿ?@&ÿd6¯¯2ÿ­"S(ÿ6'(¯d(ÿ"U(ÿ(6(6ÿ"d²ÿd(ÿA46ÿ4(¯"(ÿSd((ÿ
6ÿd(ÿ4ÿ4(¯°j6±ÿ6ÿ(j̄27ÿr­"Sÿ:;<=7'"ÿd³"(ÿS±(ÿSd((ÿ46'(ÿÿ46(ÿ­"Sÿ"¯ÿS¬ÿAÿ<1>1ÿBCÿDÿ?@&ÿd6¯¯ÿ­"Sÿ:<>:…
:0>FÿBCÿDÿ?@&ÿd6¯¯ÿ2>ÿUÿd6¯¯ÿSd((ÿ±®"(ÿ'"­j6¯ÿ­((ÿS­­'7ÿhU('¯Sÿÿ6'(ÿ%>ÿ¯"¬j̄"ÿd4¬j̄(ÿ"'(ÿS±(ÿSd((ÿÿ
6'((7ÿ$¬>ÿ4%(ÿSÿ'd²ÿ"d(­"ÿ(j(ÿd3%ÿ6ÿ¯ÿ4¯¬j̄ÿÿ"(ÿ4(¯°±6ÿ((­¯ÿSd(¯>ÿ"U(ÿ'¯Sÿÿ(S¯ÿ(6ÿ
d4¬jÿSd(6ÿ66>ÿ(­"Sÿÿ%ÿ3(¯ÿd6¯¯ÿ">ÿdÿÿ¯d(ÿ'd²ÿ"d(­"ÿ(j(ÿd3%(ÿ6ÿ­ÿ6'(¯d(ÿ%(ÿÿ"(ÿ4(¯°±6ÿ((­¯(ÿ
Sd((7ÿÿ
ÿ
·¸¹º»¸ÿ¼º½¾¿ÀÁ”ÿ»ÃÿÄÅÆÇÈɺº”ÿÊ˸»ÆÈÿÌÃû¸ÆÿÍÅÃÎËÃÆÿϻûÀ¸ÀÀлºË˾ÐÿÁ¾Ïź½”ÿѺ½»º½ÿ˺ÿ¹¸ºÅÆËÃÆÿÑÀžÿÃÿÒÁÀ½ÿ˺ÿÁ¾Ó»ÀȾÿÌÔÕÿ˺ÿ
ÒÀËÒ¹»Æ˽ÀÈÏÀÈÀÓËÀȽÖÿ½ÀÏÅÃÁº”ÿÃÈÏÀÅÖѹÆÉÀ×ÀÿÏ»ÃÿÏ»ÀÃÑÁÀ¸È½ÁÆÿÇËÆ»×ÃÃÿÁÿ·È½ÀËÃÃÿ
ØÙÚÛÜÿÝÞßßàáÿâãÞãÛäÿåæÚåÙãâåÿàçèÙÝÙÚÙßäÙÿæÚäåßäåÿçèäèàÝààéèÞßßêéÿæêçÚÞã>ÿëÞãèÞãÿçàÿìÝÞÚÙßäÙÿëàÚêÿäÿíæàãÿßÞÿæêîèàâêÿïð:ÿAëÞãèÞãêÿâæåëÞßßêÙÿâÿàéèÞßàáÿ
çèäèàÝê2ÿßÞÿíàßíìèÙßãàâçàâàîßàâãÛÿçèäèàÝßàñàÿñÞëÞ>ÿâÚÞßòÞ>ÿãàèóÞÿäÿÝèÙæÙâßàáÿôÙçêÿæÿõâãàßääÿçàÿâàâãàåßäÜÿßÞÿ:;<;ÿäÿ:;<=ÿñàÝ7ÿöàâìÝÞèâãæÙßßÞåÿçà÷ÚäßÞÿ
ßÞÿæêîèàâêÿëÞñèåëßäãÙÚÙáÿÞãøàâóÙèêÿäëÿâãÞòäàßÞèßêéÿäâãàùßäíàæÿëÞñèåëßÙßäåÿèÞââùäãêæÞÙãâå>ÿäâéàÝåÿäëÿúÞíàßÞÿàÿûèäèàÝààéèÞßßêéÿüêçÚÞãÞé7ÿýèàæßäÿ
ëÞñèåëßÙßäåÿÝÚåÿèÞââøÞãèäæÞÙøêéÿæäÝàæÿãàçÚäæÞÿàçèÙÝÙÚåÜãâåÿßÞÿàâßàæÞßääÿûàâãÞßàæÚÙßäåÿþXXD:;;PÿäÿûàâãÞßàæÚÙßäåÿþXPD:;;PÿÿäßäâãèÞÿàíèì0ÞÜôÙáÿ
âèÙÝêÿõâãàßää7ÿÿ
ûèàæÙÝ1ßßêÙÿèÞâùÙãêÿçàíÞëêæÞÜã>ÿùãàÿíÿ:;<=ÿñàÝìÿçèÙÝçàÚÞñÞÙøàÙÿìæÙÚäùÙßäÙÿëÞãèÞãÿâæåëÞßßêéÿâÿàéèÞßàáÿçèäèàÝêÿâìôÙâãæÙßßàÿäëøÙßäãÿèÞâçàèåÝàíÿâäÚÿæÿ
èåÝìÿíàßíìèÙßãàâçàâàîßàâãäÿèÞââøÞãèäæÞÙøêéÿæäÝàæÿãàçÚäæÞ7ÿüÿâæåëäÿâÿæêâàíäøÿìèàæßÙøÿëÞãèÞã>ÿâæåëÞßßêéÿâÿàéèÞßàáÿçèäèàÝê>ÿëÞãèÞãêÿâæåëÞßßêÙÿâÿ
äâçàÚÛëàæÞßäÙøÿâÚÞßòÞÿAâìøøÞÿëÞãèÞãÿâæåëÞßßêéÿâÿàéèÞßàáÿçèäèàÝêÿäÿâãàäøàâãäÿãàçÚäæÞÿßÞÿàÝäßÿÿüãùÿßä0ßÙáÿãÙçÚàãæàèßàáÿâçàâàîßàâãäÿãàçÚäæÞ2ÿ
âìôÙâãæÙßßàÿæàëèÞâã1ãÿAÝàÿÝæìéÿèÞë27ÿõãàÿøà0ÙãÿâãÞãÛÿíèäãäùÙâíäøÿóÞíãàèàø>ÿßÙñÞãäæßàÿæÚäåÜôäøÿßÞÿíàßíìèÙßãàâçàâàîßàâãÛÿâÚÞßòÞÿâÿÝèìñäøäÿ
óàââäÚÛßêøäÿäÿæàëàîßàæÚåÙøêøäÿãàçÚäæÞøä7ÿüÿßÞâãàåôÙÙÿæèÙøåÿãàèóÿèÞââøÞãèäæÞÙãâåÿíÞíÿéàèà÷ÞåÿÞÚÛãÙèßÞãäæÞÿÝèÙæÙâßàáÿôÙçÙ7ÿ2àÚÙÙÿßäëíÞåÿòÙßÞÿãàçÚäæÞÿ
A<<>cÿ3Dÿüãù2ÿçàÿàãßà÷ÙßäÜÿíÿôÙçÙÿA<:>Fÿ3DÿüãDù2>ÿìèÞæßàæÙ÷äæÞÙãÿîàÚÙÙÿæêâàíäÙÿëÞãèÞãêÿâæåëÞßßêÙÿâÿàéèÞßàáÿçèäèàÝêÿAçèäèàÝààéèÞßßêÙÿæêçÚÞãêÿäÿ
ëÞãèÞãêÿßÞÿìÝÞÚÙßäÙÿëàÚê27ÿ4àÿì0Ùÿíÿ:;<=ÿñàÝìÿëÞãèÞãê>ÿâæåëÞßßêÙÿâÿäâçàÚÛëàæÞßäÙøÿãàèóÞÿßÞÿàÝäßÿÿüãùÿßä0ßÙáÿãÙçÚàãæàèßàáÿâçàâàîßàâãä>ÿÿâàâãÞæåãÿàãÿ
çàÚàæäßêÿÝàÿÝæìéÿèÞëÿAâÿ<1>1ÿ3DÿüãùÿÝàÿ:<>:…:0>Fÿ3Dÿüãù2ÿ7ÿüÿãàÿ0ÙÿâÞøàÙÿæèÙøåÿëÞãèÞãêÿßÞÿôÙçìÿàâãÞßìãâåÿçèÞíãäùÙâíäÿßÞÿçèÙ0ßÙøÿìèàæßÙ7ÿûèäèàÝßêáÿñÞëÿ
äøÙÙãÿæêâàíàáÿâãàäøàâãä>ÿíàãàèÞåÿâàâãÞæÚåÙãÿîàÚÛ÷ìÜÿùÞâãÛÿëÞãèÞã>ÿâæåëÞßßêéÿâÿãàçÚäæàø7ÿ4àÿìùäãêæÞåÿàãßàâäãÙÚÛßàÿßäëíäáÿìèàæÙßÛÿæêîèàâàæÿìñÚÙíäâÚàñàÿ
ñÞëÞ>ÿÞÿãÞí0ÙÿÝèìñäÙÿëÞãèÞãê>ÿâæåëÞßßêÙÿâÿàéèÞßàáÿçèäèàÝê>ÿçèäèàÝßêáÿñÞëÿøà0ÙãÿìøÙßÛ÷äãÛÿèÞëèêæÿçàÿùÞâãäÿëÞãèÞãÿßÞÿãàçÚäæàÿæÿâèÞæßÙßääÿâÿÝèìñäøäÿ
æäÝÞøäÿóàââäÚÛßàñàÿãàçÚäæÞ>ÿäøÙÜôäøäÿîàÚÙÙÿæêâàíäáÿìèàæÙßÛÿ5øäââäáÿìñÚÙíäâÚàñàÿñÞëÞ>ÿäÿÝèìñäéÿëÞãèÞã>ÿâæåëÞßßêéÿâÿàéèÞßàáÿçèäèàÝê7ÿ

01ÿ
Appendix 3. “Subsidising renewable electricity in Estonia”.

81
 tuvwxyÿ{u|ÿ}~€{u{‚ƒ€yÿ„„„ÿÿ……†

01234543467ÿ9
6
2
ÿ

944ÿ46ÿ364ÿ
ÿÿÿÿ!ÿ"ÿ#$%&'$ÿ
()**+,,ÿ.,+/012+34ÿ56ÿ(078,5*594:ÿ;235,+)ÿ
<239ÿ
=$ÿ>?%>@ÿ@AÿB$&ÿ>>%ÿ&ÿB@ÿÿB$ÿ&>'Bÿ@Aÿ#B@C&DÿAE&CÿB%&AAÿFGH=Iÿ
@Cÿ'@J&Cÿ$BÿCÿ>@K%ÿFLMIÿ>CBÿ=$ÿCBÿA@@Kÿ>%N&@?ÿ
>%'B&'ÿCÿ>%@N&ÿÿC@Nÿ>>%@'$ÿJOÿ&C'?&CPÿÿ'ÿB?OÿJÿ@Cÿ
'@>COÿBÿ=$ÿ%?Bÿ@Aÿ@?%ÿCBÿ$@KÿB$BÿB$ÿ#B@C&CÿGH=ÿOBÿ
$ÿAA'B&NOÿ?>>@%BÿB$ÿBJ&$CBÿ@AÿLMÿ'>'&BOÿCÿB$BÿB$ÿ
&C&B%B&Nÿ'@Bÿ$NÿJCÿ@KÿHCÿ'@CB%BÿB@ÿQ>%&C'ÿ&Cÿ@B$%ÿ'@?CB%&ÿ
KÿA&CÿB$BÿB$ÿN@&ÿQB%Cÿ'@BÿQ'ÿB$ÿ>%ÿRS$ÿ'@Bÿ@AÿGH=ÿTC@B$%ÿ
AB?%ÿ&ÿB$BÿB$ÿ'@C?%ÿ'@Bÿ@AÿB$ÿGH=ÿ'$ÿ$NÿP%@KCÿ@%ÿ%>&Oÿ
B$CÿK$%ÿTB$@?P$ÿN@&ÿQB%Cÿ'@Bÿ'@N%ÿGH=ÿ%@?%'ÿ%ÿC@Bÿ
?ÿ'@BEAA'B&NOÿ=$ÿ'ÿB?Oÿ@AÿBK@ÿLMÿ>CBÿ?PPBÿB$Bÿ%@?%'ÿ
%ÿ?ÿA@%ÿ?>>@%B&CPÿ>%@?'B&@CÿB$BÿK@?ÿ$NÿJCÿ>%@A&BJÿK&B$@?BÿGH=ÿ
U04V51W2Xÿ10,0V)Y*0ÿ0*0731+7+34:ÿ600WZ+,ÿ3)1+662:ÿ[\]:ÿ0,0194ÿ^5*+74:ÿ;235,+)_ÿ
`ÿa695146ÿ
GE&CÿB%&AAÿFGH=Iÿ&ÿB$ÿ@BÿK&Oÿ?ÿ?>>@%Bÿ'$ÿA@%ÿ%CKJÿ
'B%&'&BObÿ&>CBÿ&Cÿcdÿ#eÿ'@?CB%&ÿCÿfdÿ'@?CB%&ÿK@%K&ÿ&Cÿ
cddgÿhijÿkC%lÿCÿm%COÿK%ÿB$ÿA&%Bÿ'@?CB%&ÿB@ÿ&CB%@?'ÿGH=ÿ&CÿB$ÿ
&EigndÿCÿiggiÿ%>'B&NOÿhcjÿ?''ÿB@%&ÿJ@?Bÿ'@?CB%&ÿB$Bÿ$Nÿ
Q'ÿ&C&B&ÿP@ÿA@%ÿ%CKJÿ'B%&'&BOÿÿB@ÿJÿA@%'A?ÿ%P?CBÿA@%ÿ
 &B&@Cÿ&>CBB&@CÿG?%B$%ÿJ'l&CPÿA%@ÿ'@C@&Bÿ?>>@%B&CPÿB$ÿ?ÿ
@Aÿ>%&'ÿ%B$%ÿB$Cÿo?CB&BOÿJÿ%P?B&@Cÿ'@?ÿJÿC@B$%ÿ%@CÿA@%ÿB$ÿ
>@>?%&BOÿ@AÿGH=ÿ
ÿÿÿÿÿT''@%&CPÿB@ÿB$ÿCB&@Cÿ'B%&'&BOÿN@>CBÿ>CÿcddpqcdipÿhfjÿB$ÿ
P@ÿ&ÿB@ÿ&C'%ÿB$ÿ$%ÿ@Aÿ%CKJÿ'B%&'&BOÿB@ÿpirÿ@AÿP%@ÿ
'@C?>B&@Cÿ&Cÿ#B@C&ÿJOÿcdidÿHCÿB$ÿ?''&CPÿN@>CBÿ>CÿK$&'$ÿ
B%B'$ÿ?CB&ÿcdinÿB$ÿP@ÿ$ÿJCÿBÿB@ÿQBCÿB$ÿ$%ÿ@Aÿ'B%&'&BOÿA%@ÿ
%CKJÿ%@?%'ÿB@ÿiprÿJOÿcdipÿhfÿsjÿG@%ÿ#B@C&ÿB$ÿP@ÿ&>Oÿ
—„˜ÿ˜w{u{Š€‹uÿ‹uÿtŠ‹ƒ‹xyÿ{u|ÿ€™vÿtušw‹uŒvu€ÿ›‹ƒÿ‘’œ…ÿ—„˜ÿžwv
ÿ‡‡‡ˆ‡€‰wvˆŠ‹Œÿ„}}Žÿ‘’“’”‘ÿ•‹u“ƒuv–ÿ
|‹Ÿˆ…‘†” t}¡}…
CDEÿÿGHIJKLÿMHNÿOPQRMSHMTSUSRLÿVVV
01231415637ÿ59632
0ÿ3ÿ ÿ79
ÿ096
ÿ4ÿ
3
6
ÿ4
0ÿ13ÿ

571517ÿ
5713ÿ60ÿÿ4ÿ200ÿ5713ÿ91
ÿ79
ÿ613ÿ0ÿ121367
ÿ
4ÿ1ÿ096
ÿ

571517ÿ9159ÿ6
ÿÿÿ!"#ÿ$60
ÿ3ÿ566517ÿ3
ÿ
53075713ÿ17ÿ10ÿ
07167
ÿ7967ÿ%07316ÿ7
40ÿ79
ÿ26ÿ13ÿ 63ÿ
659
0ÿ
ÿ
3
6
ÿ

571517ÿ!#ÿÿÿ
ÿÿÿÿÿ%07316&0ÿ26ÿ7ÿ  ÿ10ÿ7ÿ135
60
ÿ

571517ÿ5
ÿ4ÿ
3
6
0ÿ13ÿ
513
ÿ9
67ÿ63ÿ
ÿ6370ÿ'()*+ÿ7ÿ ÿ4ÿ200ÿ5713ÿ!"#ÿ
,132ÿ1375713ÿ4ÿ,-ÿ13ÿ ÿ79

ÿ960ÿ

3ÿ6ÿ00763716ÿ135
60
ÿ13ÿ

3
2ÿ5
ÿ4ÿ
3
6
ÿ4
0ÿ13ÿ()*ÿ6370ÿ3ÿ ÿ-6133ÿ63ÿ-67ÿ
()*ÿ0767
ÿ
6713ÿ63ÿ79
ÿ096
ÿ4ÿ
3
6
ÿ

571517ÿ10ÿ479
ÿ135
60132ÿ
*.3ÿ()*ÿ10ÿ3
ÿ53075713ÿ63ÿ0
/
6ÿ06ÿ()*0ÿ6
ÿ
132ÿ633
ÿ13ÿ
144

37ÿ670ÿ4ÿ%07316ÿ0
5
37ÿ60ÿ1ÿ096
ÿ

571517ÿ5
0ÿ96/
ÿ

23ÿ7ÿ0
ÿ1600ÿ60ÿ63ÿ137ÿ7ÿ0

0ÿ790ÿ7967ÿ%07316ÿ096
0ÿ79
ÿ

1
1
35
0ÿ4ÿ79
ÿ5371
0ÿ7967ÿ
7ÿ6ÿ61ÿ135
60
ÿ4ÿ
3
6
ÿ


571517ÿ4132ÿ1375713ÿ4ÿ,-ÿ! ÿ#ÿÿ
ÿÿÿÿÿ$
01
0ÿ79
ÿ0171/
ÿ
44
570ÿ79
ÿ59632
ÿ0

0ÿ7ÿ96/
ÿ5
ÿ67ÿ6ÿ9129ÿ507ÿ
-9
ÿ5070ÿ4ÿ,-0ÿ96/
ÿ135
60
ÿ4ÿÿ113ÿ7ÿ607ÿÿ113ÿ%0ÿ

7

3ÿ ÿ63ÿ ÿ!#ÿ-910ÿ507ÿ10ÿ5

571/
ÿ61ÿÿ530
0ÿÿ63ÿ
61713ÿ7ÿ79
ÿ15
ÿ4ÿ

571517ÿ3ÿ ÿ7910ÿ61713ÿ62
0ÿÿ67ÿÿ

5
37ÿ4ÿ79
ÿ530
ÿ15
ÿ63ÿ79
ÿ%073163ÿ(
71713ÿ37917ÿ9ÿ

267
0ÿ79
ÿ15
ÿ4ÿ

571517ÿ960ÿ4
0713
ÿ79
ÿ015
ÿ4ÿ79
ÿ001ÿ!#ÿ
ÿÿÿÿÿ-9
ÿ0
ÿ4ÿ7910ÿ6
ÿ10ÿ7ÿ600
00ÿ%07316&0ÿ,-ÿ059

ÿ3ÿ()*ÿ6370ÿ
300
00
370ÿ96/
ÿ

3ÿ561
ÿ7ÿÿ0
/
6ÿ79
ÿ6790ÿ0

ÿ!#ÿ4ÿ

4

35
0ÿ-9
ÿ26ÿ4ÿ7910ÿ6
ÿ10ÿ7ÿ600
00ÿ9
79
ÿ79
ÿ5
37ÿ76144ÿ
/
ÿ61ÿ
7ÿ()*ÿ6370ÿ10ÿ71/67
ÿ4ÿ63ÿ
44151
35ÿ
0
571/
ÿ63ÿ170ÿ11567130ÿ
3ÿ530
ÿ5070ÿ3379
ÿ61ÿ10ÿ7ÿ413ÿ79
ÿ
3
4170ÿ13ÿ7
0ÿ4ÿ6/1
ÿ

17
36ÿ5070ÿ-9
ÿ6790ÿ6
ÿ37ÿ66
ÿ4ÿ
/10ÿ600
00
370ÿ535
3132ÿ
()*ÿ6370ÿ022
07132ÿ7967ÿ7910ÿ6
ÿ6ÿ

0
37ÿ79
ÿ4107ÿ600
00
37ÿ4ÿ,-ÿ
3ÿ()*ÿ6370ÿ3ÿ61713ÿ79
ÿ560
ÿ07ÿ4ÿ7910ÿ6
ÿ61
0ÿ6ÿ3/
ÿ6659ÿ
ÿ0132ÿ563ÿ
/
ÿ676ÿÿ
ÿÿÿÿÿ-9
ÿ3
17ÿ0
5713ÿ/1
0ÿ6ÿ17
6ÿ/
/1
ÿ67ÿ,-ÿ600
00
370ÿ3ÿ
0
5713ÿÿ
ÿ21/
ÿ
7610ÿ67ÿ79
ÿ%073163ÿ,-ÿ6
5713ÿ"ÿ
0
370ÿ56567130ÿ
7967ÿ600
00ÿ79
ÿ563ÿ
/
ÿ1657ÿ4ÿ,-ÿ3ÿ7ÿ()*ÿ6370ÿ63ÿ56
0ÿ
79
ÿ75
ÿ7ÿ62136ÿ507ÿ63ÿ507ÿ15
ÿ3ÿ0
5713ÿÿ
ÿ56567
ÿ79
ÿ

17
36ÿ5070ÿ4ÿ

571517ÿ5
ÿ4ÿ1ÿ096
ÿ63ÿ56
ÿ7910ÿ179ÿ


571517ÿ5
ÿÿ1600ÿ63ÿ
67ÿ13ÿ()*ÿ6370ÿ6
5713ÿÿ0615
0ÿ
79
ÿ600
00
37ÿ63ÿ79
ÿ607ÿ0
5713ÿ535
0ÿ79
ÿ6
ÿ
7ÿ9:;<=>=?ÿ=<@:<Aÿ
3ÿ4

B13B76144ÿ',-+ÿ
37
0ÿ6ÿ26637

ÿ15
ÿ7ÿ5
0ÿ4ÿ

571517ÿ
2
3
67
ÿ4ÿ
3
6
ÿ05
0ÿ513
ÿ179ÿ6ÿ5960
ÿ126713ÿÿ21ÿ
5631
0ÿ!#ÿ-9

ÿ13516ÿ6
ÿ7ÿ144

37ÿ60ÿ7ÿ5/
ÿ79
ÿ5070ÿ4ÿ79
ÿ
15ÿ
60
ÿ
179
ÿÿ530
0ÿ/16ÿ79
ÿ

571517ÿ1ÿÿ/16ÿ79
ÿ15ÿ
2
7ÿ33ÿ17637ÿ
603ÿ7ÿ00110
ÿ
3
6
ÿ

571517ÿ10ÿ7967ÿ5713ÿ
5070ÿ7156ÿ6
ÿ9129
ÿ7963ÿ7967ÿ4ÿ33B
3
6
ÿ

571517ÿ!#ÿ3ÿ7910ÿ0
30
ÿ
fVgÿgJMHQMZRS[HQÿ[HÿGZ[U[KLÿMHNÿRhIÿGHiSJ[H\IHR]ÿj[Uÿ_aD]kCE__ÿfVgÿlJIQQ
ÿWWWXWSRYJIQQXZ[\]ÿVOO^ÿ_`aDbDca_ÿd[HbUSHIeÿ
 LMNOPQÿSMTÿUVWXSYMSZY[YXQÿ\\\ÿÿ]^_
0123ÿ567563689ÿ
ÿ368 639ÿ7ÿÿ8ÿ
ÿ33 ÿ9ÿ
ÿ7566556 ÿ6ÿ
5
965ÿ9
8ÿ55698ÿ5ÿ69658
ÿ393ÿÿ66959ÿ5ÿ885686
6ÿ
3563ÿ9ÿ8ÿ96ÿ6ÿÿÿ
569ÿ9ÿ56
96ÿ9ÿ
3ÿ96ÿ012ÿ663ÿ

6ÿ668ÿ63986 ÿ18ÿ
8ÿ656ÿÿ37759ÿ3663ÿ8ÿ!!"ÿ9ÿ
3ÿ38ÿ
9
9ÿ#65
8ÿ37759ÿ663ÿ97
ÿ656ÿ96ÿ96ÿ66ÿÿ936ÿÿ96ÿ5 ÿ
89563ÿ
8ÿ38ÿ
899ÿ
36 ÿ56
98ÿ86 ÿ9ÿ5668ÿ
659
963ÿ$%&ÿ26ÿ3
6ÿ39 ÿ8 
96 ÿ9
9ÿ96ÿ393ÿÿ0123ÿ8ÿ96ÿ
58ÿ

889ÿ6ÿ9
96 ÿÿ96ÿ3
ÿ68693ÿ5ÿ5686
6ÿ66959ÿ$%ÿ'&ÿ(9ÿ
96ÿ3
6ÿ96ÿ9656ÿ3663ÿ9ÿ6ÿ668ÿ
56893ÿ9ÿ36ÿ012ÿ5ÿ8 ÿ
765ÿ$)&ÿ*39ÿ75
ÿ9636ÿ668ÿ56
383ÿ 6896ÿ 8
ÿ668ÿ8ÿ
5 65ÿ9ÿ75 6ÿ968ÿ
86ÿ
8 ÿ37759ÿ
569ÿ9
6ÿ$+&ÿÿ
ÿÿÿÿÿ,
36 ÿ8ÿ#65
8ÿ
8 ÿ-
83ÿ67656863ÿ./ÿ$&ÿ
3ÿ
336336 ÿ96ÿ
339
8
9ÿÿ66 8ÿ9
53ÿ26ÿ#65
8ÿ0123ÿ656ÿ89ÿ!!!ÿ
36 ÿ8ÿ
ÿ
765689
6ÿÿ6
565ÿ8365ÿ7563ÿÿ66959ÿ
8 ÿ
56 ÿÿ96ÿ356ÿÿ
6865ÿ(965ÿ76689
98ÿ7563ÿ536ÿ38
89ÿ
8 ÿ 6ÿ9ÿ
ÿ5
7 ÿ
67
838ÿÿ8 ÿ765ÿ96ÿ3396ÿ6 ÿ9ÿ76996ÿ 395983ÿ69668ÿ5 ÿ
7
863ÿ8ÿ 65689ÿ7
593ÿÿ96ÿ895ÿ068ÿ96ÿ#65
8ÿ
569ÿ5ÿ
66959ÿ
3ÿ65
96 ÿ96ÿ3396ÿ866 6 ÿ5689ÿ5638ÿ26ÿ86ÿ0123ÿ
56ÿ

36 ÿ8ÿ96ÿ75 98ÿ393ÿÿ
53ÿ5686
6ÿ6865ÿ563563ÿ9ÿ
56336ÿ7
6893ÿ 58ÿ!ÿ6
53ÿ$ÿ)!&ÿ-68
5ÿ5636 ÿ93ÿ012ÿ8ÿ!!!ÿ5ÿ
56
383ÿÿ
ÿÿ5 68ÿ8ÿ96ÿ39
96ÿ 69ÿ$&ÿ18ÿ3ÿ
33633689ÿÿ0123ÿ
./ÿ$&ÿ8 63ÿ9
9ÿ0123ÿ
56ÿ6696ÿ8ÿ7598ÿ66959ÿ6865
98ÿ
5ÿ5686
6ÿ3563ÿ9ÿ39ÿ86689ÿ
8 ÿ 39596ÿÿ
ÿÿÿÿÿ.7
8ÿ3ÿ
8965ÿ895ÿ9
9ÿ
3ÿ668ÿ3633ÿ8ÿ5686
6ÿ6865ÿ
7598ÿ18ÿ965ÿ
33633689ÿ 6ÿ1ÿ
8 ÿ#
ÿ$+&ÿ8 ÿ9
9ÿ96ÿ.7
83ÿ3396ÿ

3ÿ668ÿ6696ÿ8ÿ93ÿ37759ÿÿ8 ÿ6865ÿ9ÿ89ÿ6
ÿ3633ÿ
86588ÿ965ÿ6865ÿ3563ÿ26ÿ8 6ÿ9
9ÿ
9ÿ8365ÿ393ÿ
656ÿ56
96ÿÿ856
38ÿ5ÿ!)2ÿ9ÿ!+ÿ656893ÿ30ÿ69668ÿ)'''ÿ

8 ÿ!!4ÿ96ÿ393ÿ
56ÿ56
96ÿÿ7
56 ÿ9ÿ96ÿ69658
963ÿ
 6 ÿÿ
5ÿ7889:;<ÿ=>?;@@Aÿ;<ÿBA=C<;>ÿ
(5 8ÿ9ÿ96ÿD398
8ÿD6959ÿ*
569ÿ(9ÿ75 98ÿÿ66959ÿ5ÿ
8 ÿ3
ÿ 5765ÿ
8 ÿ
33ÿ5666ÿ96ÿ3
6ÿ66ÿÿ012ÿ$))ÿ)&ÿ26ÿ
012ÿ5ÿEFGÿ7
893ÿ 653ÿ
5 8ÿ9ÿ6ÿ#6865
98ÿ66959ÿ8ÿ6689ÿ
6865
98ÿ566ÿÿ
33ÿH ÿ73Iÿ96ÿ75 65ÿ3ÿ7
 ÿ37759ÿ
9ÿ96ÿ
5
96ÿÿ"2ÿJ3*0ÿ5ÿ368ÿ66959ÿ9ÿ96ÿ8695ÿ06ÿ765
98ÿ8ÿ
6689ÿ6865
98ÿ566ÿ
8 ÿ38ÿ
396ÿ5ÿ76
9ÿ
3ÿ
ÿ6ÿ96ÿ75 65ÿ3ÿ
7
 ÿ37759ÿ
9ÿ96ÿ5
96ÿÿ4ÿJ3*0ÿ1ÿ ÿ73ÿ76
9ÿ
396ÿ5ÿ965ÿ63ÿ

56ÿ86 ÿ96ÿ37759ÿ5

896 ÿ5ÿ368ÿ66959ÿ9ÿ96ÿ8695ÿ3ÿ


96 ÿ8ÿ757598ÿ9ÿ96ÿ6ÿ36 ÿ26ÿ012ÿ3663ÿ
77ÿ98ÿ966ÿ
6
53ÿ
3ÿÿ96ÿ686689ÿÿ6695399ÿ6865
98ÿÿ
ÿÿÿÿÿ(965ÿ895 98ÿÿ012ÿ8ÿ*
ÿ)ÿ8ÿ!!Kÿ96ÿ6768363ÿ5ÿ8
88ÿ012ÿ

56ÿ8 6 ÿÿ8695ÿ

563ÿ7
 ÿÿ83653ÿ18ÿ!)!ÿ96ÿ5686
6ÿ6865ÿ

56ÿ3ÿ!%ÿJÿ689330ÿ(8ÿ
98
ÿ86ÿ36998ÿ9ÿ96ÿ5686
6ÿ6865ÿ
n\oÿoOSMWScXYdMWÿdMÿLcd[dPQÿSMTÿXpNÿLMqYOdMeNMXfÿrd[ÿ_i^fs]t__ÿn\oÿuONWW
ÿ̀``àYXbONWWacdefÿ\UUgÿ_hi^j^ki_ÿldMj[YMNmÿ
Z[Zÿÿ]^_`abÿc^dÿefghci^cjikihbÿlll
012345ÿ728ÿ29959ÿ
ÿ
15ÿ550
3 0
ÿ 8ÿÿ59ÿ8538ÿ52 4ÿ08
538ÿ
ÿ855ÿ
17ÿ01ÿ
15ÿ2ÿ3ÿ 20 4ÿ559 ÿ
23 8ÿÿ
ÿÿÿÿÿ15ÿ8
 2ÿ550
3 0
ÿ235
ÿ 8ÿ9  959ÿ 
ÿ
7ÿÿ2ÿ5ÿ235
ÿ29ÿ2ÿ
0859ÿ235
ÿÿÿ
15ÿ235
ÿ728ÿ559ÿÿÿ 3 ÿ!""ÿ#
23
4ÿ3ÿ
!"$ÿ
15ÿ235
ÿ 8ÿ4 4ÿ
ÿ5ÿÿ 532
59ÿ%1 5ÿ85 4ÿ550
3 0
ÿ ÿ
15ÿ
0859ÿ235
$ÿ232ÿ8
ÿ5ÿ
2 59ÿ953ÿ
15ÿ27ÿ&'ÿ20039 4ÿ
ÿ
15ÿ
75 41
59ÿ253245ÿ3 05ÿ 
ÿÿ550
3 0
ÿ(ÿ
8ÿ232$ÿ
15ÿ8
 2ÿ
)5

ÿ 
13
ÿ
258ÿ 
ÿ200
ÿ532
4ÿ5*5858ÿ29ÿ35
38ÿÿ
58
59ÿ02
2ÿ(ÿ3953ÿ
ÿ95
53 5ÿ
15ÿ3 05$ÿ
15ÿ2
13
ÿ08 9538ÿ
15ÿ
953
2 4+8ÿ22ÿ253245ÿ358 92ÿ25ÿÿ *59ÿ2885
8ÿ29ÿ2998ÿÿ28ÿ3
ÿ
234 ÿ15ÿ,8
 59ÿ32
5ÿÿ35
3ÿ 8ÿ
15ÿ953
2 4+8ÿ75 41
59ÿ253245ÿ08
ÿÿ
02
2ÿ-% )).ÿÿ
/ÿ123ÿ456789ÿ:;ÿ<=1ÿ:>ÿ?@Aÿ6B7>9Cÿ
15ÿ0285ÿ8
9ÿ
258ÿ28ÿ
8ÿ8
23
4ÿ 
$ÿ
7ÿ!ÿD%5ÿ)EFÿ2
8ÿ
12
ÿ542ÿ
532
8ÿ ÿ!""Gÿ15ÿ522
ÿÿ
15ÿ 58
5
ÿ950 8 ÿ29ÿ3
2 
ÿÿ

15ÿ)EFÿ2
8ÿ235ÿ2859ÿÿ22ÿ353
8ÿ&$ÿH'ÿ(ÿ3953ÿ
ÿ288588ÿ
3
2 
ÿ7
1
ÿI($ÿ75ÿ2ÿ
15ÿ358ÿÿ
15ÿ8
 2ÿ)5

ÿ

13
ÿ29ÿ75ÿ0202
5ÿ
15ÿ53ÿD%1ÿ3555ÿ7
1
ÿI(ÿ15ÿ358
8ÿ235ÿ

15ÿ02359ÿ
ÿ234 2ÿ08
ÿ29ÿ
15ÿ08
ÿ3 05ÿÿ550
3 0
ÿ-
15ÿ08
ÿ3 05ÿ 8ÿ

15ÿ3 05ÿ
12
ÿ5*20
ÿ22058ÿ390
ÿ08
8$ÿ
ÿ299 4ÿ3
.ÿ
/JKÿL794:ÿ7>7BMC4Cÿ
15ÿ22ÿ353
8ÿ08 8
ÿÿ
15ÿ2205ÿ8155
$ÿ 05ÿ8
2
55
ÿ29ÿ
58ÿÿ

15ÿ200
8ÿ15ÿ5
194 02ÿ23201ÿ859ÿ ÿ
15ÿ522
ÿÿ
15ÿ
 20 2ÿ353
4ÿ 8ÿ2859ÿÿ32
ÿ228 8$ÿ0233 59ÿ
ÿ28ÿ023 8ÿ7
1ÿ
200
4ÿ501238ÿN2
ÿ228 8ÿ 8ÿ
15ÿ2 ÿ 8
35
ÿ ÿ 20 2ÿ
228 8ÿ
12
ÿ5258ÿ
ÿ5 0
ÿ352
8ÿ5
755ÿ 20 2ÿ 9 02
38ÿ29ÿ0235ÿ
9 535
ÿ953
2 48ÿ7
1ÿ5ÿ2
153ÿÿ
ÿÿÿÿÿ15ÿ 58
5
8ÿ ÿ
15ÿ2
8ÿ7535ÿÿ
15ÿ825ÿ3953ÿÿ24
95$ÿ 5ÿ
23* 2
5ÿOOÿDPÿ35850
5ÿ 
141ÿÿ
359ÿ228 8ÿ02ÿ5ÿ295ÿÿ

15ÿ28 8ÿÿ
15ÿ 0ÿ22 25ÿ 20 2ÿ358
8ÿ3ÿ!""Gÿÿ
15ÿ)EFÿ2
8$ÿ

15ÿ92
2ÿ8
ÿ27ÿ522
4$ÿ ÿ45532ÿ 58$ÿ2
ÿ3
2 
ÿ ÿ!""Gÿ
N58
8ÿÿ
15ÿ522
ÿ235ÿ9 8259ÿ ÿ25ÿÿ
25ÿQÿÿ N2
ÿ228 8ÿÿ
7ÿ)EFÿ2
8$ÿ!""Gÿÿ
N2
ÿ S501ÿ )EFÿÿ )EFÿ!ÿ
23 N2
ÿ 22
ÿ N2
ÿ 22
ÿ
T5
ÿ3
ÿ234 ÿ "ÿ OUÿ E 41ÿ "ÿ E 41ÿ
V532
4ÿ3
ÿ234 ÿ O"ÿ HWÿ E 41ÿ !Gÿ E 41ÿ
N2
5ÿÿ35
3ÿÿ5X
ÿ ÿ ÿ ÿ ÿ ÿ
02
2ÿ "ÿ """ÿ E 41ÿ Hÿ E 41ÿ
N2
5ÿÿ35
3ÿÿ2885
8ÿ G"ÿ Wÿ T32ÿ !Hÿ %52ÿ
ÿ
Y5
ÿ05 0 5
ÿ H""ÿ WW!ÿ E 41ÿ-3 8.ÿ G"ÿ E 41ÿ-3 8.ÿ

|l}ÿ}`c^gcphiq^gÿq^ÿ]pqkqabÿc^dÿh~_ÿ]^ìq^r_^hsÿ€qkÿuw[sZ‚uuÿ|l}ÿƒ`_gg
ÿmmmnmiho`_ggnpqrsÿleetÿuvw[x[ywuÿzq^xki^_{ÿ
 XYZ[\]ÿ_Y`ÿabcd_eY_feged]ÿhhhÿÿijj
ÿÿÿÿÿ123ÿ45673ÿ829
8ÿ4254ÿ423ÿ9
3ÿ75 48ÿ543ÿ9ÿ34 ÿ9 ÿ34ÿ5457ÿ8ÿ22ÿ
 54 ÿ33 4ÿ5 533 4ÿ ÿ8 ÿ423ÿ5457ÿ 3843ÿ6ÿ825329738ÿ
94ÿ5 ÿ4254ÿ25543838ÿ94ÿ9 ÿ33ÿ39ÿ9ÿ4 93ÿ8ÿ5789ÿ22ÿ123ÿ
364ÿ933 4ÿ9 4 ÿ54ÿ29
ÿ6ÿ5ÿ9949 ÿ9ÿ49457ÿ 8ÿ53ÿ 5 3ÿ
9ÿ699
3ÿ 8ÿ8ÿ34337ÿ22ÿ ÿ6942ÿ75 48ÿ123ÿ945674ÿ9ÿ588348ÿ
829
8ÿ423ÿ543ÿ9ÿ34 ÿ9 ÿ423ÿ 8ÿ 3843ÿ ÿ423ÿ95 ÿ38343ÿ9ÿ
423ÿ893ÿ945674ÿ8ÿ
35ÿ ÿÿÿ63 ÿ595437ÿ!ÿ438ÿ79
3ÿ
4254ÿ9ÿÿ"ÿ
ÿÿÿÿÿ#4ÿ5 ÿ63ÿ9 73ÿ9ÿ423ÿ5693ÿ4254ÿ3ÿ49ÿ423ÿ733 4549 ÿ9ÿ$#1ÿ423ÿ
3
ÿ9
3ÿ75 48ÿ253ÿ5 53ÿ49ÿ8454ÿ945673ÿ39 9ÿ544ÿ%3843ÿ5ÿ
753ÿ364ÿ63 ÿ5 ÿ849 ÿ33 3 3ÿ9 ÿ699
3ÿ5457ÿ423ÿ543ÿ9ÿ34 ÿ
9 ÿ34ÿ5457ÿ5 ÿ423ÿ 34ÿ94ÿ5 ÿ2 4ÿ54ÿ5 533 4ÿ33 ÿ5 ÿ
5674ÿ49ÿ5 ÿ 457ÿ38748ÿ ÿ544ÿ
ÿÿÿÿÿ9
33ÿ583ÿ84ÿ545ÿ938ÿ9 7ÿ9 3ÿ35ÿ&49 57ÿ8938ÿ9ÿ
 345 4ÿ 73ÿ423ÿ33793 4ÿ9ÿ38ÿ9ÿ3 3
5673ÿ378ÿ5 ÿ423ÿ54ÿ
9ÿ534ÿ763578549 ÿ'94
42845  ÿ42383ÿ 345 438ÿ4233ÿ53ÿ3589 8ÿ49ÿ
63733ÿ4254ÿ423ÿ75 48ÿ
77ÿ9 4 3ÿ93549 8ÿ838877ÿ#4ÿ8ÿ988673ÿ49ÿ
53ÿ4254ÿ42383ÿ75 48ÿ53ÿ
377ÿ353ÿ49ÿ334ÿ25 38ÿ ÿ 4ÿ38ÿ# ÿ583ÿ
9ÿ5ÿ5ÿ3ÿ 3583ÿ4233ÿ8ÿ73674ÿ49ÿ824ÿ378ÿ(942ÿ75 48ÿ53ÿ73 3ÿ
49ÿ83ÿ
99ÿ2ÿ5 ÿ354ÿ58ÿ37ÿ(973ÿ432 979ÿ5779
8ÿ549 57ÿ378ÿ5 ÿ
423ÿ75 48ÿ253ÿ37ÿ9 ÿ95 38ÿ58ÿ868538ÿ)273ÿ534ÿ
763578549 ÿ
77ÿ453ÿ753ÿ9 ÿ37344ÿ85738ÿ423ÿ945674ÿ9ÿ2354ÿ
949 ÿ5 ÿ63ÿ343ÿ49ÿ63ÿ845673ÿ3ÿ49ÿ423ÿ9 4 549 ÿ9ÿ5ÿ7983ÿ2354ÿ
534ÿ* 3ÿ37344ÿ38ÿ ÿ423ÿ+849 5 ÿ534ÿ3 47ÿ53ÿ6379
ÿ
'9ÿ894ÿ534ÿ38ÿ,"!-ÿ534ÿ763578549 ÿ8ÿ3343ÿ49ÿ735ÿ49ÿ3ÿ
 35838ÿ
ÿÿÿÿÿ# ÿ42393457ÿ438ÿ352ÿ9
3ÿ75 4ÿ97ÿ3 3543ÿ5ÿ5ÿ9ÿ!ÿ.)ÿ
/ÿ011ÿ22"31ÿ4)2ÿ9ÿ37344ÿ3ÿ35ÿ123ÿ3 3543ÿ973ÿ9ÿ37344ÿ
33 8ÿ9 ÿ423ÿ 63ÿ9ÿ93549 57ÿ298ÿ&ÿ85773ÿ 63ÿ9ÿ849ÿ538ÿ5 ÿ
845 8477ÿ398ÿ7ÿ93ÿ93549 57ÿ298ÿ5 ÿ93ÿ3 3543ÿ37344ÿÿ
ÿÿÿÿÿ85 4ÿ49ÿ423ÿ5457ÿ5 57ÿ394ÿ9ÿ115ÿÿ"ÿ3 3543ÿ5ÿ"3ÿ4)2ÿ
5 ÿÿÿ3 3543ÿ5ÿ""1ÿ4)2ÿ9ÿ9
3ÿ+7344ÿ3 3549 ÿ ÿ423ÿ
75 48ÿ
33ÿ ÿ423ÿ5 3ÿ9ÿ6378317ÿ9ÿ423ÿ4239=3457ÿ5ÿ# ÿÿ"ÿ423ÿ
893ÿ9ÿ894ÿ983ÿ!:ÿ;<.)2ÿ/ÿ"3ÿ/ÿ"1ÿ.)2ÿ>ÿ65ÿ.; ÿ* 3ÿÿÿ
83ÿ354ÿ423ÿ894ÿ893ÿ
58=ÿ;<.)2ÿ/ÿ""1ÿ/ÿ"1=ÿ.)2ÿ>ÿ=!ÿ.;ÿ
?35 ÿ33 4ÿ75 48ÿ$#1ÿ33 3ÿ59 48ÿ9ÿ595437ÿ!1@617ÿ9ÿ
423ÿ9354 ÿ94ÿ5 ÿ37 ÿ$#1ÿ983ÿ595437ÿ:1@!17ÿ
%33 3 3ÿ9ÿ9354 ÿ94ÿ9 ÿ423ÿ893ÿ9ÿ$#1ÿ5 ÿ63ÿ33883ÿ6ÿ3 ÿA"Bÿ
ÿÿ
CDEFCDDEGHEÿJKLMNODEPQRSTUÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿA"Bÿ
ÿ

233ÿCDEÿÿ3 9438ÿ9354 ÿ94ÿ9 ÿ37344ÿ85738ÿCDDEGHEÿJKLÿÿ9354 ÿ94ÿ

9 ÿ37344ÿ85738ÿ37 ÿ$#1ÿO ÿ3 3543ÿ37344ÿ5 ÿ$#1 338 ÿ
45ÿÿ9ÿV2"ÿA"2
99ÿ2ÿ5 ÿD2E354Bÿ&9 ÿ49ÿ423ÿ5 5ÿ7ÿÿ394ÿ
9354 ÿ94ÿ9 ÿ423ÿ37344ÿ85738ÿ9ÿÿ"ÿ59 43ÿ49ÿ5ÿ"ÿ.;Wÿ
37 ÿ$#1ÿ9354 ÿ94ÿ
97ÿ63ÿ!"ÿ.;ÿ123ÿ38343ÿ88ÿ9ÿÿÿ
zh{ÿ{[_Yc_ndeoYcÿoYÿXnogo\]ÿ_Y`ÿd|ZÿXY}e[oYpZYdqÿ~ogÿsujqi€ssÿzh{ÿ[Zcc
ÿkkklkedm[ZcclnopqÿhaarÿstujvjwusÿxoYvgeYZyÿ
opqÿÿstuvwxÿytzÿ{|}~yty€~xÿ‚‚‚
012ÿ45140ÿ678ÿ9
ÿ0ÿ ÿ9
7ÿ22ÿ12ÿ2ÿ0ÿ2ÿ2105ÿ15ÿÿ
ÿ0ÿÿ02ÿ22ÿ552ÿ0ÿ5ÿ7ÿÿ
ÿ
ÿ!"##ÿ
$%5ÿ0ÿ2ÿ0ÿ0ÿ2102ÿ5ÿÿ0ÿ0ÿ251ÿ2241545&ÿ
1542ÿ212ÿ2ÿ&ÿ2ÿ'50ÿ(%255ÿ$15&)ÿ2ÿ0&ÿ2ÿ%2ÿÿ
2ÿ1201ÿ*+,-ÿ04415ÿÿ2.7ÿ/01)ÿ54ÿÿ2ÿ2252ÿ$2102ÿ
(ÿÿ(050ÿ/2$((17ÿ
34556789<=;>:;?:; @7 9 =; ÿÿ
A <=;>:;? ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ/01ÿ
212Bÿ
CEÿ5ÿ4ÿÿ2.5&ÿ4050ÿ/F1Gÿ
CDHEÿ5ÿ4ÿÿ112ÿ4050ÿ1ÿ2I210ÿ505552ÿ/F1Gÿ
JKÿEÿ5ÿ115ÿÿ2.5&ÿ4050ÿ221%52ÿ&ÿ2ÿ1201ÿ/F1Gÿ
MKÿEÿ5ÿ115ÿÿ112ÿ4050ÿ221%52ÿ&ÿ2ÿ1201ÿ/F17ÿÿ
ÿÿÿÿÿ0N5ÿ5ÿ044ÿ2ÿ02ÿÿ2ÿ2ÿ425452ÿ1ÿ2ÿ50450ÿ&201ÿ
0OOPÿÿ2ÿ21ÿ0ÿ(QRÿ+ÿ0ÿ(QRÿ0ÿ0ÿ0&5ÿ2.7ÿ/01)ÿ2ÿ5ÿ0Bÿ
ÿ
ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿ3455TUVW6<XYZ[9\\@]YX[9[^?_[``6XYabcÿÿ ÿÿÿÿÿÿÿÿ/d1ÿ
ÿ
ÿÿÿÿÿÿÿÿÿÿÿ3455TUVe6<XYZ[9]Z@]YX[9a?_[``6XYfbcÿÿÿÿÿÿÿÿÿÿÿÿÿÿ/ 1ÿ
ÿ
ÿÿÿÿÿ$%5ÿ0ÿ0ÿ24%54ÿ55401)ÿ2I42ÿ52%2)ÿ012ÿ22&ÿ
5152ÿ21ÿ0ÿ08g&201ÿ215ÿ/04415ÿÿ0445ÿ154521)ÿ0ÿ0N5ÿ
5ÿ452105ÿ2ÿ2I2512ÿ0ÿ1222ÿ/P769
ÿ0ÿ0 7P9
)ÿ
122452&1ÿ0ÿ2ÿ0ÿ52%2ÿÿ(QRÿ+)ÿ2ÿ5ÿ0ÿ2ÿ5210ÿ102ÿÿ
121ÿ/hh1ÿÿ2ÿ0ÿ5ÿ+PFÿÿ522ÿ7ÿi25ÿhhÿ2.0ÿÿ2$(()ÿ
2ÿ5ÿ0)ÿ1222ÿ41125ÿÿ+,7dÿ9
ÿÿ2ÿ5452ÿÿ124252ÿ
2$((ÿ1%ÿ2ÿ52%2ÿÿ2ÿ210N57ÿ
ÿÿÿÿÿ(5215ÿ2ÿ04ÿ0ÿ1222ÿ1%ÿ2ÿ02ÿÿ20ÿ5ÿ0ÿ5I2ÿ02ÿ
+07Pÿ9
ÿ/2ÿ0%ÿÿ22102ÿ20ÿ4112ÿÿ2ÿ22j2021ÿ
455)ÿ0ÿ2ÿ5%5ÿ1542ÿ1ÿ20ÿ5ÿ451%2ÿ&ÿ2ÿ'50ÿ(%255ÿ
$15&1)ÿ2ÿ05ÿ2ÿ222ÿ54%2ÿ1%ÿ2ÿ02ÿÿ2241545&ÿ1ÿ04525ÿ
2ÿ2$((ÿ102ÿ0ÿ4%152ÿ+,7dE+07Pkd7 ÿ9
7ÿ$ÿ2ÿ%2ÿÿ2241545&ÿ
ÿ5ÿ0OOPÿ0ÿ+0lÿm2)ÿ2ÿ1202ÿ1542ÿ21ÿ92ÿÿ2241545&ÿÿ
2.0ÿd7 ÿ9
j+0lÿm2k06ÿ
j927ÿn&ÿ0&5ÿ2ÿ0%2ÿ%2ÿ0ÿ02ÿ1ÿ
(QRÿ0)ÿ2ÿ5ÿ0ÿ1542ÿ80ÿ
j927ÿ22ÿ1542ÿ40ÿ2ÿ4%012ÿÿ2ÿ
1202ÿ1542ÿÿ5ÿ02ÿ2241545&ÿ54ÿ0ÿ0Pÿ
j92ÿ5ÿ0OOPÿ*+6-7ÿÿ
15452)ÿ5ÿ22ÿ5ÿ2ÿ01022ÿ1ÿ2ÿ2241545&ÿ25ÿ1542ÿ1ÿ0ÿ
07ÿ)ÿ22ÿ5ÿ1)ÿ152ÿ0ÿ2241545&ÿ5ÿÿ0ÿ
0Pÿ
j92)ÿ(QRÿ+ÿÿ201ÿ%12ÿ0ÿ24201&ÿ1ÿ04525ÿ2$(()ÿ52ÿ
(QRÿ0ÿÿ201ÿ27ÿÿ

‘‚’ÿ’vyt}y†~‡t}ÿ‡tÿs†‡‡wxÿytzÿ~“uÿst”v‡tˆut~‰ÿ•‡ÿ‹qp‰–o—‹‹ÿ‘‚’ÿ˜vu}}
ÿƒƒƒ„ƒ~…vu}}„†‡ˆ‰ÿ‚{{Šÿ‹ŒqppŽq‹ÿ‡ttuÿ
 TUVWXYÿ[U\ÿ]^_`[aU[bacàYÿdddÿÿefg
ÿÿÿÿÿ12343ÿ56789ÿ
3ÿ334 8ÿ43 6ÿ2ÿ3ÿ43533ÿ5 8ÿ9343ÿ4378ÿ
64ÿ23ÿ6ÿ8 ÿ3ÿ56789ÿ
3ÿ2 ÿ23ÿ8 ÿ73ÿ9343ÿ738ÿ6334ÿÿ
5 6ÿ
3ÿ3587939ÿ2 ÿ23ÿ3269ÿ6ÿ4378 6ÿ3ÿ533ÿ6ÿ8 ÿ6ÿ
97ÿ234ÿ 5 8ÿ 5567ÿ55649ÿ6ÿ23ÿ4 6ÿ  8ÿ23ÿ4 3ÿ6ÿ4374ÿ
6ÿ 3ÿ 9ÿ23ÿ93
ÿ56353ÿ 43ÿ7448ÿ3 ÿÿ ÿ!ÿÿ
QRSÿ"#$%&ÿ%()*+#$,(-ÿ
.53ÿ23ÿ4378ÿ6ÿ23ÿ/ÿ5 8578 6ÿ 43ÿ632 ÿ563ÿ3ÿ
9343ÿ23ÿ453ÿ35879ÿ011ÿ46ÿ6
3439ÿ 83ÿ9  ÿ7ÿ2 ÿ23ÿ453ÿ
6ÿ383545ÿ ÿ327 8ÿ6ÿ23ÿ4378 39ÿ453ÿ83ÿ2 ÿ23ÿ34ÿ3/2ÿ43373ÿ
 ÿ45ÿ6ÿ64ÿ ÿ7ÿ 9ÿ87ÿ6 ÿ!ÿ433538ÿ9ÿ233ÿ43373ÿ3ÿ9ÿ
2 ÿ383545ÿ 83ÿ343ÿ7:;ÿ</2ÿ 9ÿ7!5ÿ</2ÿ.53ÿ436439ÿ 83ÿ343ÿ
 8834ÿÿ5 ÿ
3ÿ56587939ÿ2 ÿ ÿ7ÿ 9ÿ ÿ!ÿ3 439ÿ2234ÿ43373ÿ2 ÿ
ÿ23ÿ58639ÿ 43ÿ3ÿ12ÿ5 ÿ
3ÿ43 4939ÿ ÿ ÿ4378ÿ6ÿ
335 8ÿ
564 5ÿ33439ÿ6ÿ2ÿ
8 53ÿ46934ÿ=>649ÿ668ÿ.6?ÿ634 6@ÿ
 8578 6ÿ26ÿ2 ÿ23ÿ 34 3ÿ43373ÿ343ÿ:Aÿ6B3/2ÿ6ÿ ÿ7 9ÿ
58ÿ6B3/2ÿ6ÿ ÿ!ÿC 39ÿ6ÿ674ÿ  8ÿ5879ÿ23ÿ
63ÿ5 8578 6ÿ
9ÿ23ÿ4367ÿ356ÿ73ÿ2 ÿ ÿ7ÿ6789ÿ2 3ÿ634 39ÿ7553788ÿ
33ÿ267ÿ011ÿ123ÿ39353ÿ6ÿ ÿ!ÿÿ565873ÿ2672ÿ
ÿÿÿÿÿ1ÿ64934ÿ6ÿ 3ÿ23ÿ  8ÿ63ÿ3ÿ74234ÿ3ÿ56 43ÿ23ÿ453ÿ6ÿ334 8ÿ
64 6ÿ
67ÿ469756ÿ56ÿ046ÿ ÿ236435 8ÿ6ÿ6ÿ3ÿ3ÿ93 88ÿ
6789ÿ83ÿ6ÿ56 43ÿ453ÿ6ÿ 4 8ÿ56ÿD74Eÿ.53ÿ 4 8ÿ56ÿ 43ÿ6ÿ
 8
83ÿ3ÿ 46 3ÿ 4 8ÿ56ÿ
ÿ 34 3ÿ 4
83ÿ56ÿ1ÿ ÿ
64256ÿ 4583ÿ
ÿF GH6ÿ3ÿ 8ÿD7IEÿ23ÿ 7264ÿ433ÿ56ÿ9  ÿ6ÿ
9343ÿJ39ÿ ÿ8 ÿÿ ÿK6 ÿ563ÿ9ÿ9  ÿ64ÿ23ÿ!;ÿ3/
8 ÿÿÿ6
83ÿ6ÿ5 8578 3ÿ23ÿ 4
83ÿ56ÿL339ÿ6ÿ23ÿ3269ÿ638ÿÿ
8865 ÿ56ÿ
333ÿ383545ÿ 9ÿ23 ÿ3ÿ 443ÿ ÿ ÿ34 8ÿ6ÿ:MN
8Mÿ6B3/2ÿ12ÿÿÿ23ÿ 3ÿ64934ÿ6ÿ 793ÿ ÿ23ÿ 34 3ÿ 4
83ÿ56ÿ
ÿ23ÿ>6495ÿ 43ÿ252ÿÿ4OIÿ6B3/2ÿ 55649ÿ6ÿ3 3ÿ
39ÿ6ÿD!AEÿ
123ÿ4378ÿ26ÿ2 ÿ
62ÿ8 ÿ43533ÿ453ÿ7
  88ÿ
63ÿ 4 8ÿ
56ÿ6 4ÿ43373ÿ6ÿ23ÿ56ÿ453ÿ88ÿ4693ÿ 6234ÿ
352 4ÿ6ÿ
674ÿ5 3ÿ79ÿ6
34 6ÿÿ
ÿÿÿÿÿ123ÿ
63ÿ5 3ÿ79ÿ56534ÿ438 38ÿ8 43ÿ ÿ8 ÿ 9ÿ53ÿ7ÿ
56ÿ9339ÿ6ÿ23ÿJ3ÿ6ÿ23ÿ8 ÿD!7Eÿÿ2ÿ6ÿ
3ÿ6
83ÿ6ÿ334 83ÿ
674ÿ4378ÿ6ÿ 88ÿ8 ÿJ3ÿ1ÿD7IEÿ23ÿ 7264ÿ3 3ÿ23ÿ56ÿ453ÿ6ÿ
383545ÿ6ÿ9343ÿJ39ÿ ÿ8 ÿ123ÿ73ÿ9  ÿ56883539ÿÿK6 ÿ 9ÿ
23ÿ>6495ÿ56743ÿ 9ÿ 3ÿ5 8578 6ÿ6ÿ8 ÿ2ÿ5  5ÿ6ÿ7ÿ7Aÿ 9ÿ
!;ÿ3/238ÿ433538ÿ7ÿ ÿ39ÿ23 ÿ453ÿ23ÿ9343ÿ23ÿ34ÿ3/238ÿ
56ÿ453ÿ9ÿ233ÿ6
34 6ÿ64ÿÿ ÿ5743ÿÿÿ6
83ÿ6ÿ
46 3ÿ23ÿ56ÿ453ÿ6ÿ ÿ93ÿ4 3ÿ6ÿ9343ÿ8 ÿJ3ÿÿ
ÿÿÿÿÿ0743ÿ7ÿ
386ÿ95 3ÿ2 ÿ23ÿ56ÿ453ÿ6ÿ ÿ8 ÿ2ÿ5  5ÿ83ÿ
2 ÿ7Aÿ3/238ÿ2 3ÿ5 8ÿ2234ÿ56ÿ453ÿ2 ÿ8 434ÿ8 ÿ 9ÿ2 ÿ
2343ÿÿ ÿ4 9ÿ543 3ÿÿ56ÿ453ÿ23ÿ8 ÿJ3ÿ
3563ÿ 8834ÿ
.7
4 5ÿ23ÿ011ÿ46ÿ23ÿ56ÿ453ÿ=33ÿ8634ÿ5743ÿÿ0743ÿ7@ÿ26ÿ ÿ
33ÿ643ÿ343ÿ5743Pÿ23ÿ011ÿ5634ÿ23ÿ56ÿ453ÿ6ÿ383545ÿ
469756ÿ46ÿ ÿ ÿ8 ÿ2ÿ5  5ÿ6ÿ!;ÿ3/38ÿ 9ÿ23ÿ011ÿÿ
vdwÿwW[U_[kàlU_ÿlUÿTklclXYÿ[U\ÿ̀xVÿTUyaWlUmVUǹÿzlcÿprfn{e|ppÿvdwÿ}WV__
ÿhhhihàjWV__iklmnÿd]]oÿpqrfsfgrpÿtlUscaUVuÿ
jklÿÿnopqrsÿtouÿvwxytzot{z|zysÿ}}}
01234505ÿ789ÿ2
98ÿ720ÿ79ÿ97 73ÿ8
ÿÿ38ÿ
ÿÿ03ÿ88ÿ020709ÿÿ090ÿ
7579ÿ2
7 ÿ80ÿ094389ÿ
ÿ80ÿ290ÿ9845ÿ5ÿ757280ÿ88ÿ30ÿ389ÿ0ÿ

02
09805ÿÿ80ÿ2408ÿÿ730ÿ9 33ÿ389ÿ 78ÿ
8ÿ02070ÿ
9472708ÿ94
8ÿÿ
ÿ
ghefi
MLL
QPL
QOL
QNL
QML
QLL
PL
OL
NL
ML
L ef\
L R QL QR ML MR SL
TUVWÿXYZ[\ ÿ
]^_ÿ̀\a[bcd\d
740ÿ ÿ "
98ÿ720ÿ
ÿ"#$ÿ389ÿ04
ÿ0ÿ 03ÿ
%ÿ'()*+,+ÿ,-.,/012ÿ3)4.4ÿ
5ÿ543ÿ978ÿ
ÿ
73ÿ930ÿ030287278ÿ8
ÿ0030ÿ9
4209ÿ733ÿ0ÿÿ

97870ÿ7 28ÿ
ÿ80ÿ07
 08ÿÿ
50ÿ8
ÿ99099ÿ80ÿ00789ÿ
ÿÿ7ÿ
80 9ÿ
ÿ
7505ÿ2
989ÿ80ÿ01803ÿ2
989ÿ
ÿ7ÿ0 7997
9ÿ
ÿ030287278ÿ

54287
ÿ
ÿ
73ÿ930ÿ

5ÿ27ÿ5ÿ08ÿ0ÿ00ÿ23243805ÿ0ÿ

0 7997
ÿ28
9ÿ0ÿ9
ÿ7ÿ30ÿ6ÿ
30ÿ6ÿÿ 7 7997
ÿ28
9ÿ7ÿ8ÿ03ÿ
ÿ 973ÿ930ÿ 

5ÿ27ÿ $08ÿ
"
ÿ57
1750ÿ"96ÿ:;<ÿ =>ÿ ?@>ÿ ?A>ÿ
B434ÿ57
1750ÿB96ÿ CCÿ @@ÿ >C>ÿ
D78
0ÿ
17509ÿD9Eÿ @C=ÿ ?=?ÿ 66?>ÿ
$8724380ÿ 880ÿ$@ÿ Fÿ C=ÿ 6A@ÿ
B
4209ÿGCÿ66H6Iÿ
ÿÿÿÿÿ0ÿ0 7997
ÿ28
9ÿ
ÿ
73ÿ930ÿ0ÿ905ÿ
ÿ0 7997
ÿ 0940 089ÿ8ÿ80ÿ
70987ÿ
0ÿ38ÿ7ÿDÿG66Iÿ00ÿ
48ÿ6@Jÿ
ÿ030287278ÿ79ÿ00805ÿ7ÿ
34757K05ÿ05ÿ2
4987
ÿ5ÿ
48ÿA@Jÿ7ÿ4307905ÿ2
4987
ÿ0ÿ01803ÿ
2
989ÿ00ÿ2
3302805ÿ
ÿ718070987 809ÿG6=Iÿ538
4ÿ798
7ÿ79ÿ
8ÿ
0090805ÿ7ÿ71807ÿ0ÿ
33
ÿ80ÿ37287
ÿ7ÿG6>Iÿ5ÿ90ÿ80ÿ01803ÿ
2
989ÿ
ÿ"K02ÿ
ÿ2
3ÿ79ÿ890ÿ
ÿ01803ÿ2
989ÿ2
435ÿ09438ÿ7ÿÿ
}ŽÿŽqtoxtyz‚oxÿ‚oÿn‚|‚rsÿtouÿypÿnozq‚oƒpoy„ÿ‘‚|ÿ†ˆk„’j“††ÿ}Žÿ”qpxx
ÿ~~~~zy€qpxx‚ƒ„ÿ}vv…ÿ†‡ˆk‰kŠˆ†ÿ‹‚o‰|zopŒÿ
 MNOPQRÿTNUÿVWXYTZNT[Z\ZYRÿ]]]ÿÿ^_`
012345ÿ7839
ÿ98 ÿ ÿ 983 9ÿ39ÿ805 ÿ 3ÿ  9ÿÿ1039ÿ ÿ
489ÿÿ7839ÿ89ÿ50 ÿÿ ÿ3ÿ3ÿ11038ÿ5 98ÿ89ÿ8 4ÿ8ÿ ÿ ÿ
 1078ÿ3ÿ8ÿ983
ÿ35ÿ ÿ30 9ÿ8ÿ09 ÿ8ÿ 4 4 ÿ 3 43 ÿ 3ÿ
99ÿÿ ÿ ÿ30 9
ÿ 3ÿ99ÿ3 ÿ01ÿ370ÿ!"ÿÿ ÿ  43ÿ9ÿ
ÿ742ÿ3ÿ7098ÿÿ
37 ÿ#$ÿÿ  43ÿ99ÿ&'() ÿ
ÿ *8ÿ93 ÿ )5ÿ81ÿ + 3ÿ
347ÿ5885
ÿ*,ÿ ,,!ÿ -.ÿ /#ÿ
00104ÿ5885
ÿ0*,ÿ !1ÿ ,#ÿ 2-ÿ
384 ÿ85 9
ÿ3*4ÿ ##ÿ 55ÿ 1.ÿ
3ÿ9091 5 5ÿ134803 9
ÿ0+ÿ ##ÿ !1ÿ ,5ÿ
00ÿ 12,ÿ 2/ÿ ,-.ÿ
ÿ
ÿÿÿÿÿ ÿ  43ÿ99ÿ92ÿ4 38 ÿ34 ÿ58 4  9ÿ 4ÿ()ÿÿ8ÿ93 ÿ
 488ÿ3ÿ3ÿ7 ÿ907980 5ÿ7ÿ  488ÿ1450 5ÿ4ÿ25ÿ81ÿ8ÿ7+ÿ
139ÿ4 50 9ÿ  43ÿ99ÿ7ÿ39ÿ&1!ÿ35ÿ8ÿ4 13 5ÿ7ÿ1 3
ÿ ÿ385 5ÿ
9ÿ205ÿ7 ÿ370ÿ&#1348ÿ 9 ÿ30 9ÿÿ ÿ983ÿ8ÿÿ
&-'ÿ()ÿ35ÿ&#,'()ÿ4 91 8 
ÿ92ÿ3ÿ ÿ 983 5ÿ 84 3ÿ
7  8ÿ34 ÿ8 4ÿ3ÿ ÿ89ÿ72  4
ÿ98 ÿ12 4ÿ139ÿ13ÿ 84 3ÿ
34 9
ÿ8 438938ÿ34 35ÿ3 9ÿ13 ÿ ÿ108ÿ34 9ÿ34 ÿ4 38 ÿ
2ÿ0$ÿÿ370ÿ&,ÿ1 4ÿ()ÿÿ8ÿ93 ÿ  488ÿ89ÿ044 ÿ7 8ÿ
8 4389 5ÿ95/:ÿ;9908ÿ3ÿ ÿ80  ÿÿ3ÿ19987 ÿ012345ÿ7839ÿ89ÿ3ÿ3ÿ
<03ÿ2ÿ  
ÿ ÿ9ÿÿ ÿ983ÿ89ÿ34 ÿ90114 5ÿ7ÿ340 9ÿÿ
385 5ÿ  43ÿ99ÿ;ÿ8143ÿ355883ÿ4 <084  ÿ89ÿ3ÿ ÿ4  237 ÿ
 488ÿ4 13 9ÿ8ÿ93 ÿ  488ÿ0ÿ34ÿ89ÿ4 13  ÿ39ÿÿ3 ÿ
13
ÿ70ÿ8ÿ,!51ÿ2 ÿ4 ÿ948 ÿ=ÿ4 038ÿ28ÿ ÿ8ÿ4
ÿ
10 48 5ÿ7098ÿ09ÿ7 ÿ <0811 5ÿ28ÿ0 ÿ39ÿ1048838ÿ 4289 ÿ
 9 ÿ78 49ÿ3 ÿÿ7 ÿ90ÿ52ÿ9:ÿ
>ÿ@ABCDEEÿDFFBFFGBHIÿÿ
ÿ04ÿ 3038ÿÿ ÿ983ÿ8ÿ4ÿ7+ÿ139ÿ2 ÿ2ÿ ÿ399 99 ÿ
48 483ÿ09 5ÿ14 809ÿ8ÿ8 4304 ÿ9,
ÿ1:ÿ* ÿ147 ÿ0ÿ89ÿ3ÿ ÿ1 485ÿ
ÿ399 99 ÿ89ÿ4 38 ÿ94
ÿ94 8ÿ4ÿ85J,!!/ÿ08ÿ,!5!ÿK39 5ÿÿ
85  ÿ9ÿ34
ÿ983ÿ28ÿ01 44ÿ ÿ34 ÿ9 ÿ4ÿ,!5!
ÿ90 98ÿ3ÿ
 ÿ8ÿ39ÿ7 ÿ  8 ÿ9-:ÿ ÿ39 ÿ905ÿ92 5ÿ3ÿ34 ÿ7+ÿ139ÿ3 ÿ
4  8 5ÿ9079383ÿ8 9 ÿ9 048ÿ5048ÿ ÿ5,ÿ 34ÿ90114ÿ1 485ÿ35ÿ
3ÿ ÿ84 39 ÿÿ4  237 ÿ  488ÿ98 ÿ,!!/ÿ39ÿ38ÿ 4 5ÿ
 488ÿ  43 5ÿ7ÿ7+ÿ139ÿ3  4  99
ÿ98883ÿ285ÿ12 4ÿ
3138ÿ89ÿ05 4ÿ9408ÿ;458ÿÿ4 399
ÿ285ÿ  4ÿ8ÿ28ÿ
507 ÿ8ÿ,!55ÿ134 5ÿÿ,!5!ÿ9-:ÿÿ
ÿÿÿÿÿ08 ÿ  488ÿ4ÿ4  237 ÿ  4ÿ904 9ÿ4  8 ÿ ÿ93 ÿ8
ÿ ÿ
983ÿ89ÿ3ÿ7 ÿL05 5ÿ39ÿ ÿ 043ÿ72  4
ÿ 4 ÿ34 ÿ 4ÿ
4 399ÿÿ<0 98ÿ ÿ983ÿ89ÿ4ÿ3ÿ 88 ÿ1 491 8 ÿ;0ÿ
o]pÿpPTNXTdYZeNXÿeNÿMde\eQRÿTNUÿYqOÿMNrZPeNfONYgÿse\ÿij_gt^uiiÿo]pÿvPOXX
ÿaaabaZYcPOXXbdefgÿ]VVhÿi`j_k_ljiÿmeNk\ZNOnÿ
ABCÿÿEFGHIJÿKFLÿMNOPKQFKRQSQPJÿTTT
012ÿ4560ÿ78942ÿ96ÿ
50ÿ45282ÿ ÿ012ÿ820ÿ78942ÿ5ÿ224089490ÿ012ÿ462ÿ60ÿ
62606ÿ010ÿÿ2ÿÿ7
06ÿ5ÿ12ÿ 22
ÿ78590 2ÿ65ÿ90150ÿ!"ÿ

ÿ9095
ÿ820ÿ789426ÿ69
994
0ÿ2#422ÿ012ÿ89
ÿ45606ÿ5ÿ78549
ÿ
224089490ÿ85ÿ 9566ÿ9
ÿÿÿ2ÿÿ7
0"ÿ$
ÿ012ÿ50128ÿ1
ÿ78949
ÿ0ÿ
89
ÿ4560ÿ5ÿ
50ÿ4528ÿ45606ÿ69
42ÿ7854095
ÿ5ÿ224089490ÿ9
ÿÿ82ÿ
ÿ7
0ÿ96ÿ4184028962ÿ ÿ9
48269
ÿ8208
6ÿ05ÿ642"ÿÿ
ÿÿÿÿÿ5
6084095
ÿ5ÿ6ÿÿ7
06ÿ16ÿ
50ÿ 22
ÿ2
4582ÿ05ÿ012ÿ62ÿ2#02
0ÿ
ÿ%605
9&6ÿ!6"ÿ$
2ÿ8265
ÿ96ÿ010ÿ6ÿ7
06ÿ12ÿ69
994
0ÿ19128ÿ
2
28095
ÿ4560ÿ728ÿ
90"ÿ0ÿ96ÿ9
0282609
ÿ05ÿ
502ÿ010ÿ'28
ÿ!6ÿ1941ÿ82ÿ
62ÿ5
ÿ7854095
ÿ45606ÿ82ÿ9282
0902ÿ ÿ7
0ÿ69(2ÿ
ÿ5ÿ
50ÿ4528ÿÿ
7
06ÿ982ÿ ÿ 9566ÿ010ÿ2#422ÿ)ÿ2ÿ*+),"ÿ
ÿÿÿÿÿ-
50128ÿ82
0ÿ58ÿ79
ÿÿ19128ÿ!ÿ01
ÿ012ÿ4560.224092ÿ22ÿ82026ÿ
05ÿ
94ÿ29492
4"ÿ$
2ÿ509095
ÿ96ÿ05ÿ677580ÿÿ0241
55ÿ05ÿ8241ÿ820ÿ
02.5ÿ582ÿ879ÿ01
ÿ50128962"ÿ-
50128ÿ96ÿ2
28ÿ9

5095
ÿ677580"ÿ
5228ÿ2
28095
ÿ5ÿ224089490ÿ85ÿ 9566ÿ9
ÿÿÿ7
0ÿ96ÿÿ082ÿ
0241
55"ÿ!1282582ÿ!ÿ96ÿ/26095
 2ÿ65ÿ85ÿ012ÿ7286724092ÿ5ÿ
94ÿ
29492
4"ÿ85ÿ
ÿ29492
4ÿ759
0ÿ5ÿ92ÿ5
ÿ82
06ÿ5ÿ592ÿ2#028
ÿ
45606ÿ4
ÿ677580ÿ012ÿ4882
0ÿ22ÿ5ÿ!"ÿ
ÿ45
0860ÿ05ÿ2#72892
426ÿ9
ÿ50128ÿ
45
08926ÿ2ÿ9
ÿ010ÿ012ÿ592ÿ2#028
ÿ45606ÿ2#422ÿ012ÿ728ÿ1ÿ45606ÿ5ÿ
!"ÿ!12ÿ9
ÿ8265
ÿ96ÿ012ÿ191ÿ2#028
ÿ4560ÿ5ÿ59ÿ612ÿ224089490"ÿ
ÿÿÿÿÿ02022
ÿ))1ÿ
ÿ)+)ÿ012ÿ728ÿ9500ÿ158ÿ45
628ÿ4560ÿ16ÿ9
48262ÿ
85ÿ)"+ÿ05ÿ)"2ÿ28542
06ÿ31"ÿ
ÿ4578965
ÿ05ÿ012ÿ47
961ÿ2#72892
426ÿ560ÿ
ÿ242ÿ28928ÿ012ÿ60809
ÿ759
0ÿ96ÿ2/ÿ 0ÿ012ÿ6722ÿ5ÿ9
48262ÿ96ÿ
69
994
0ÿ582ÿ879ÿ9
ÿ%605
9"ÿ!12ÿ 2
29498926ÿ5ÿ%605
9
ÿ!6ÿ12ÿ
9
48262ÿ01298ÿ822
26ÿ85ÿ5ÿ05ÿ560ÿ6ÿ995
ÿ%856ÿ89
ÿ012ÿ62ÿ092ÿ
72895ÿ*1,"ÿ
ÿÿÿÿÿ!12ÿ%605
9
ÿ!ÿ16ÿ5ÿ9
9608092ÿ2
6ÿ6ÿ012ÿ62ÿ!ÿ16ÿ 22
ÿ
7792ÿ05ÿ9282
0ÿ2
28ÿ658426"ÿ42009
ÿ789426ÿ5
ÿ012ÿ4562ÿ820ÿ44589
ÿ
05ÿ-ÿ96ÿ80128ÿ2
9
ÿ0151"ÿ$8ÿ
626ÿ9
9402ÿ010ÿ012ÿ4882
0ÿ
7840942ÿ910ÿ78542ÿ96058092ÿ9
42
0926ÿ
ÿ05ÿ9
48262ÿ012ÿ6182ÿ5ÿ
58852ÿ4790"ÿÿ
7ÿ9:;<=>?@:;ÿ
!12ÿ787562ÿ5ÿ0196ÿ7728ÿ6ÿ05ÿ66266ÿ012ÿ9740ÿ5ÿ012ÿ%605
9
ÿ22.9
ÿ0896ÿ
5
ÿ82
2 2ÿ224089490ÿ2
28095
"ÿ2ÿ12ÿ5
ÿ010ÿ012ÿ%605
9
ÿ!ÿ6602ÿ
16ÿ224092ÿ6775802ÿ260 9612
0ÿ5ÿÿ47490ÿ012ÿ9
9608092ÿ
45606ÿ12ÿ 22
ÿ5ÿ
ÿ012ÿ592ÿ2#028
ÿ45606ÿ12ÿ2#4222ÿ012ÿ4560ÿ5ÿ012ÿ
677580"ÿ5228ÿ012ÿ45606ÿ5ÿ012ÿ%605
9
ÿ!6ÿ12ÿ9
48262ÿ0ÿÿ879ÿ802ÿ

ÿ01262ÿ45606ÿ12ÿ 22
ÿ79ÿ4524092ÿ ÿ45
6286ÿ192ÿ 2
29498926ÿ
9
42ÿ82ÿÿ7
06"ÿÿ
ÿÿÿÿÿ026926ÿ96089 095
ÿ45
428
6ÿ01282ÿ82ÿ50128ÿ8265
6ÿ05ÿ82962ÿ012ÿ4882
0ÿ
!ÿ64122"ÿ!12ÿ462ÿ60ÿ5ÿ05ÿÿ7
06ÿ
ÿ012ÿ4578965
ÿ5ÿ58ÿ
9
9
6ÿ05ÿ282ÿ4560ÿ
ÿ4560ÿ789426ÿ12ÿ615
ÿ010ÿ012ÿ4882
0ÿ!ÿ64122ÿ
96ÿ
50ÿ29492
0"ÿ!12ÿ08206ÿ620ÿ58ÿ)+)ÿ9ÿ 2ÿ2#4222ÿ
ÿ85ÿ
ÿ29492
4ÿ
7286724092ÿ0196ÿ4

50ÿ 2ÿ662662ÿ4560.224092"ÿ

ÿ9095
ÿ012ÿ82606ÿ
dTeÿeHKFOKXPQYFOÿYFÿEXYSYIJÿKFLÿPfGÿEFgQHYFZGFP[ÿhYSÿ]_B[iAj]]ÿdTeÿkHGOO
ÿUUUVUQPWHGOOVXYZ[ÿTMM\ÿ]^_B`Ba_]ÿbYF`SQFGcÿ
 opqrstÿvpwÿxyz{v|pv}|~|{tÿÿÿ€‚
012034562ÿ5845ÿ96
936
ÿ496ÿ
62ÿ 9ÿ
9501ÿ923501ÿ5845ÿ0
ÿ9 0546ÿ4
ÿ
0585ÿÿ61ÿ588ÿ586ÿ399615ÿ
ÿ496ÿ42010
594506ÿ455943506ÿ586ÿ
496ÿ20 696136
ÿ01ÿ105ÿ3
5
ÿ2661201ÿ1ÿ415ÿ
06ÿ
6
5ÿ5845ÿ58696ÿ0
ÿ4ÿ
1662ÿ5ÿ20 696150456ÿ586ÿ
ÿ5ÿ415ÿ
06ÿ
ÿÿÿÿÿ86ÿ49ÿ29443ÿ ÿ90301ÿ64
96
ÿ
38ÿ4
ÿ

0206
ÿ412ÿ546
ÿ0
ÿ5845ÿ
58696ÿ0
ÿ136954015ÿ45ÿ586ÿ9416ÿ ÿ0435ÿ1ÿ
5104ÿ4
ÿ01ÿ
5ÿ5869ÿ ÿ
315906
ÿ
ÿ496ÿ
62ÿ5ÿ96438ÿ!41505ÿ54965
ÿ5ÿ0
ÿ15ÿ41ÿ64
ÿ54
ÿ
6 968412ÿ5ÿ38
6ÿ586ÿ66ÿ ÿ41ÿÿ5845ÿ45386
ÿ586ÿ54965ÿ8696 96ÿ
964501ÿÿÿ96!096
ÿ960
01
ÿ16054ÿ960
01
ÿ
6ÿ384616
ÿ5ÿ586ÿ
016
5615ÿ30456ÿ8696 96ÿ964501ÿÿÿ016
ÿ4ÿ59426" ÿ65661ÿ586ÿ
384616
ÿ ÿ960
01
ÿ412ÿ586ÿ315014501ÿ ÿ3
5ÿ
95ÿ
3866
ÿ#9ÿ
01201
ÿ412ÿ586ÿ 958301ÿ4965ÿ0694501ÿ
6
5ÿ5845ÿ05ÿ0
ÿ095415ÿ 9ÿ

5104ÿ5ÿ96 9ÿ05
ÿÿ
3866ÿÿ
$%&%'%()%*ÿ
,-.ÿ01
61ÿ ÿ2ÿ3199
38025ÿ4ÿ86ÿ641
01ÿ ÿ663590305ÿ61694501ÿ
9ÿ961646ÿ616906
ÿ01ÿ56941"ÿ6ÿ9606ÿ4
62ÿ1ÿ586ÿ761646ÿ
169ÿ8936
ÿ635ÿ9996

ÿ7695ÿ:;;<ÿ412ÿ586ÿ16ÿ56941ÿ 662"01ÿ

60
4501ÿ=>?@ABÿDEFGHBÿI<JK158Lÿ:MIN":MOMÿ:;;Pÿ
,:.ÿ80ÿQ9Kÿ86ÿ69 94136ÿ ÿ 662"01ÿ5490
ÿ5ÿ956ÿ961646ÿ
663590305ÿ01ÿ9641ÿ315906
ÿRS"R";:";TIÿS669ÿ:;;:ÿ
,I.ÿ
51041ÿ63590305ÿ86359ÿ366615ÿ941ÿ:;;M":;-MUG>ÿ=VWE>GX>ÿ
=?VWG?F?YW@GZX[X>\]V?X@?>A]YX^XXXVWX>Gÿ_``ab_`cadK010
59ÿ ÿ3103ÿ
6 409
ÿ412ÿR1034501
ÿ
51041ÿ5691615ÿ:;;Mÿ
,O.ÿ366615ÿ941ÿ ÿ586ÿ
51041ÿ63590305ÿ86359ÿ150ÿ:;-TÿUG>ÿ
=VWE>GX>ÿ =?VWG?F?YW@GZX[X>\]V?X@?>A]YX^XXXVWX>Gÿ _`cedK010
59ÿ  ÿ
3103ÿ6 409
ÿ412ÿR1034501
ÿ
51041ÿ5691615ÿ#9269ÿSÿ
<Oÿ:;;Pÿ
,M.ÿ6901ÿS65ÿ649fÿ961646ÿ 66ÿ0
ÿPNIÿ3615
g48ÿ96

ÿ9664
6ÿ
I;--:;-;ÿ855hgg6690166ÿÿ4336

62ÿ;T-::;-;ÿ
,N.ÿ26ÿ70ÿ9ÿ254ÿKÿ6ÿ61ÿ015694562ÿ4

615ÿ ÿ586ÿ 662"01ÿ5490 ÿ


56ÿ01ÿ8401ÿ=>?@ABÿDEFGHBÿIMJK4938LÿPPO"-;-:ÿ:;;<ÿ
,<.ÿ895ÿ66
ÿ ÿ961646ÿ663590305ÿ496ÿ5ÿ808ÿUG>ÿ=VWE>GX>ÿ
iXXVW]^XW??>?@AGXXFFGYXW?WE?W]VW?Zjj@X\ÿE>ÿFGGAXYk@A?\dÿ996

ÿ9664
6ÿ

51041ÿR650501ÿ658905ÿ-O;P:;-;ÿ19615
046566ÿ
4336

62ÿN-;:;-;ÿ
,T.ÿ61ÿ69
63506
ÿ1ÿS9203ÿ169ÿ014ÿ9695ÿ 9ÿ586ÿ 09
5ÿ84
6ÿ ÿ586ÿ
S9203ÿ169ÿ969
63506
ÿ9635ÿ72l1ÿ0ÿ62059ÿ80SÿP-"NI-"P:MP"
Oÿ44046ÿ45ÿ19203616969
63506
9ÿ8538ÿ:;;Nÿ
,P.ÿR49l1ÿ0ÿ6ÿ3494506ÿ414
0
ÿ ÿ03ÿ01
59615
ÿ9501ÿ9661ÿ
663590305ÿ1269ÿ136954015ÿ36495615ÿ ÿ3103
ÿ8538ÿ:;;Nÿ
1069
05ÿ469ÿ44046ÿ45ÿ19203616969
63506
9ÿÿ
,-;.ÿm601ÿ6ÿ9 69ÿ0ÿn62ÿ6ÿ7405ÿKÿ76
38ÿ5ÿ2ÿ469ÿÿ
44501ÿ ÿ20 69615ÿ 662"01ÿ5490 ÿ501
ÿ"ÿ06
5ÿ9435036ÿ469ÿ 9ÿ586ÿ
01569145014ÿ 662"01ÿ3694501ÿ6ÿ96
64938ÿ9635ÿ 1262ÿÿ586ÿK010
59ÿ
’“ÿ“rvpzv†{|‡pzÿ‡pÿo†‡~‡stÿvpwÿ{”qÿop•|r‡pˆqp{‰ÿ–‡~ÿ‹‰—€˜‹‹ÿ’“ÿ™rqzz
ÿƒƒƒ„ƒ|{…rqzz„†‡ˆ‰ÿxxŠÿ‹ŒŽ‹ÿ‡pŽ~|pq‘ÿ
qrsÿÿuvwxyzÿ{v|ÿ}~€{v{‚ƒ€zÿ„„„
012ÿ456ÿ789
218684ÿ 426ÿ186294
18ÿ8ÿ 62ÿ064ÿÿ8ÿ
6
4
18ÿ46ÿ4162ÿ !"ÿ
#$$%ÿ7642

4ÿ2'64ÿ(4ÿ146ÿ$$"" )ÿ*

+
,64-.ÿ )ÿ/ÿ$/)"ÿ
#$%ÿ7642

4ÿ2'64ÿ(68684ÿ(4ÿ146ÿ!ÿ082ÿ$"ÿ
#$)%ÿ(88ÿ*6124ÿ10ÿ,
88ÿ164ÿ8ÿ21362ÿ284ÿ 4ÿ7418
ÿ$"ÿ
#$5%ÿ(88ÿ*6124ÿ10ÿ(886ÿ164ÿ8ÿ21362ÿ284ÿ 4ÿ7418
ÿ$"ÿ
#$/%ÿ 12ÿ21ÿ14ÿ544677333"8121114"17261247262
67ÿ66ÿ
$"$"$"ÿ
#$8%ÿ7418
8ÿ164
4
18ÿ(4512
4ÿ9(ÿ4
18ÿ8ÿ,
88ÿ$"ÿ
#$:%ÿ;4<=19ÿ7"ÿ>66ÿ0"ÿ

26ÿ("ÿ,56ÿ

4ÿ10ÿ14
18ÿ52+6ÿ5ÿ
58
8+ÿ8ÿ218ÿ
1?
6ÿ18ÿ456ÿ14ÿ164
4
9686ÿ10ÿ456ÿ06ÿ126ÿ
6ÿ012ÿ6862+ÿ214
18ÿ
8ÿ7418
"ÿ
684
0
ÿ2166
8+ÿ10ÿ*
+ÿ
,658
ÿ8
962
4"ÿ789
218684ÿ8ÿ
46ÿ,65811+
6ÿ"ÿ/!@8)ÿ
$"ÿ
#$!%ÿ798ÿ0"ÿAÿ18'4ÿ;"ÿ"ÿ.846284
18ÿ5811'ÿ18ÿ456ÿ6181
ÿ10ÿ
6862+"ÿ564685ÿ>Bÿ 1245418ÿ(6ÿ732ÿ7+2Bÿ"ÿ@/ÿÿ
 4"ÿ
#$4%ÿ;4<=19ÿ7"ÿC1'19ÿ("ÿ

26ÿ("ÿ,56ÿ

4ÿ10ÿ
ÿ658
ÿ012ÿ

1ÿ8ÿ1
ÿ56ÿ6ÿ6642

4ÿ14ÿ2
6"ÿÿDEFÿHIJFKÿ012451
8+ÿ

8ÿ$$"ÿ
#%ÿ4468ÿ7862+
8
+564ÿ !L(6684ÿ10ÿ218
1?
6ÿ021ÿ
6862+214
18"ÿÿMNOÿHPKQERISÿTUFQEUVEQWXYQKYEOZÿJWÿKOKYZE[ÿ7'
48ÿ
 !"ÿ
#$%ÿ\262
ÿ;"ÿ.80
6ÿ]9
"ÿ*68636ÿ7862+ÿ
8ÿ21362ÿ46"ÿ9
6ÿÿ
"ÿ$4/@4ÿ !"ÿÿ
#%ÿ72
18ÿ>"ÿ :ÿ789
218684ÿ
4ÿ6684ÿ764
7862+
ÿ^ÿ
764
ÿ 21362ÿ 284ÿ 29"ÿ (
2ÿ 6

18ÿ #EOÿ _RÙOEJOÿ
TKRaaUOOJbcdeIEOQJbEOKSÿ _KRÈ_OKYZEJÿ fÿ _KRÈ_FKaỲEdJJbSÿ
gJYWJhJdeWeRJYWeèRKQ%ÿi\@2216ÿ4162ÿ :"ÿ
#)%ÿ(ÿ(886ÿ11-ÿ4246+
ÿ689
218684ÿ6684ÿ26124ÿ10ÿ456ÿ64
ÿ
8ÿ10ÿ11-jÿ8ÿ
4ÿ2218
8+#NOÿ_RÙOEJOÿHUUdeRKÿaEOOERèÿdJÿRKFFKÿ
FXIEJFJÿQKJ̀EFkFJOKKYEOZeÿaKRaaUOOJbcdeÿRỲJK̀KZEFERKÿIEOQJbERKÿJYeJOOK%ÿ
lÿ(246,6226ÿ8ÿ(ÿ782
74
91ÿ,
88ÿ 8"ÿ
#5%ÿ6
8ÿ"ÿ;6ÿ,6426ÿ("ÿ'ÿ"ÿ,56ÿ(56
ÿ21-646ÿ(
2ÿ14
18ÿ8ÿ
5645ÿ^ÿÿ72168ÿ
80124
18ÿ46ÿmEYÿneJFmb̀URÿhKJF̀Iÿ 4ÿÿ
$!/@$4!"ÿ
#/%ÿ6
52ÿ0"ÿ19286'ÿ"ÿÿC"ÿ8ÿ"ÿ.66844
18ÿ10ÿ
7?46287ÿ645111+ÿ
8ÿ74628ÿ7216"ÿ7?46287@21"ÿ7?4628
4
6ÿ10ÿ
7862+6ÿ7?468
18ÿ10ÿ(184
8+ÿ\26312'ÿ8ÿ21
ÿ(
4
18"ÿ
\
8ÿ26124ÿ18ÿ312'ÿ'+6ÿ:"ÿ18424ÿ7 o$@,@ @ 84ÿ 19"ÿ
 5"ÿ
#8%ÿ>26ÿ7"ÿ>46ÿ,"ÿ,6881ÿ>"ÿ;2ÿ("ÿ752
5ÿl"ÿ.84628
p
8+ÿ10ÿ
6?4628ÿ14ÿ
8ÿ6642

4ÿ+68624
18"ÿDEFÿHIJFKÿ :65ÿÿÿ$:/@$:!"ÿ
ÿ

”„•ÿ•x{v{ˆ€‰vÿ‰vÿuˆ‰ƒ‰yzÿ{v|ÿ€–wÿuv—x‰vŠwv€‹ÿ˜‰ƒÿr‹™qsÿ”„•ÿšxw
ÿ………†…€‡xw†ˆ‰Š‹ÿ„}}ŒÿŽr‘rÿ’‰vƒvw“ÿ
Appendix 4. “Primary Method for reduction of SO2 emission and its impact on
CO2 in pulverized oil shale-fired boilers at Narva Power Plant”.

95
012ÿ456278ÿ9
8ÿ 2ÿ98ÿ ÿ98ÿÿ9ÿ 44ÿ
9
ÿ
 1ÿ
 129
9
ÿ ÿÿ9
ÿ !16!ÿ"#67$%ÿ&'(2157)ÿ
ÿ

+,-./,0ÿ.23456ÿ75,ÿ,26893-5:ÿ57ÿ;5<ÿ
2.-;;-5:ÿ/:6ÿ-3;ÿ-.+/93ÿ5:ÿ95<ÿÿ
-:ÿ+8=>2,-?26ÿ5-=ÿ;4/=2@7-,26ÿA5-=2,;ÿÿ
/3ÿ:/,>/ÿ+5B2,ÿ+=/:3ÿ
C
ÿ
D
ÿEFGGHIJJ KLMNO
ÿ
GDÿ
FJPQRSTKUMO
ÿ
VDÿ
EJVSFW
X KYMÿ
KLMÿPLZ
Z[\\ÿHY]^^Zÿ^_ÿGY^\^`[YaÿL\bÿcda[\eaaÿJb`[\[afgLf[^\ÿ
ÿ PLZZ[\\ÿh\[iega[fjÿ^_ÿPeY]\^Z^kjOÿlÿJmLbee`[LÿfeeOÿnopnqÿPLZZ[\\OÿGaf^\[Lÿ
KUMÿresLg
f̀e\fÿ^_ÿP]eg`LZÿG\k[\eeg[\kÿ
ÿ

ÿ PLZZ[\\ÿh\[iega[fjÿ^_ÿPeY]\^Z^kjOÿnnpÿE^sZ[OÿnntnoÿPLZZ[\\OÿGaf^\[Lÿ
KYMÿuvw
Gaf[i^ÿJHOÿqÿTx[mewJ`eeg[mLOÿnynozÿPLZZ[\\OÿGaf^\[Lÿ
ÿ

ÿ
ÿ
{|}~|€ÿ~‚ƒ„…†ÿ}‡ÿˆ‰‚†ÿ}Šÿ‹ˆŒ‚|}Ž‚†ÿ…}Œÿ‰„Œ‚‡}|}Šÿ‘…}Œ‚|‰ÿ}Šÿ…‹‚|ƒ}…Šÿ
‚Š‘Œ‚‰ÿƒ…ÿ’„}‚‚ÿƒ„‚ÿƒ|‚ƒÿŒˆ‚ÿ…‡ÿ“”•ÿ‰‹‚’}‡}’ÿ‚~}‰‰}…Šÿ–——ÿ~˜Š~™šÿ›™ƒÿœ}ŒŒÿ
Œ‰…ÿ‘‚ÿ‹…‰‰}‘Œ‚ÿƒ…ÿ~‚‚ƒÿƒ„‚ÿ“”•ÿ‰‹‚’}‡}’ÿ‚~}‰‰}…ŠÿŒ}~}ƒÿŒˆ‚ÿ•——ÿ~˜Š~žÿ‰‚ƒÿ
‘€ÿƒ„‚ÿŸˆ|…‹‚Šÿ Š}…Šÿ‡…|ÿƒ„‚ÿŠ‚œ}Š‰ƒŒŒ‚†ÿ‰…Œ}†‡ˆ‚Œÿ‘…}Œ‚|‰ÿ‘€ÿ‡ˆ|ƒ„‚|ÿ
…‹ƒ}~}Žƒ}…Šÿ…‡ÿƒ‚’„Š…Œ…}’Œÿ‹|~‚ƒ‚|‰ÿ…‡ÿ‹ˆŒ‚|}Ž‚†ÿ…}Œÿ‰„Œ‚ÿ‡}|}ŠÿŠ†ÿ
’…Š‰ƒ|ˆ’ƒ}…Šÿ…‡ÿ…}Œÿ‰„Œ‚ÿ‘…}Œ‚|‰ÿ…Šÿƒ„‚ÿ‘‰}‰ÿ…‡ÿ‹|}~|€ÿ~‚ƒ„…†‰šÿ”‹ƒ}~}Žƒ}…Šÿ
œ…ˆŒ†ÿ~¡‚ÿ}ƒÿ‹…‰‰}‘Œ‚ÿƒ…ÿ†‚‰}Šÿÿ‹ˆŒ‚|}Ž‚†ÿ…}Œÿ‰„Œ‚‡}|‚†ÿ‘…}Œ‚|ÿ‡…|ÿ‰ˆ‹‚|
’|}ƒ}’ŒÿŠ†ÿˆŒƒ|’|}ƒ}’Œÿ‰ƒ‚~ÿ‹|~‚ƒ‚|‰ÿŠ†ÿƒ…ÿ‚Š„Š’‚ÿƒ„‚ÿ‚‡‡}’}‚ŠƒÿŠ†ÿ
‚Š}|…Š~‚ŠƒŒ‡|}‚Š†Œ€ÿˆ‰‚ÿ…‡ÿ…}Œÿ‰„Œ‚ÿƒ…ÿÿ’…Š‰}†‚|‘Œ‚ÿ‚¢ƒ‚Šƒšÿÿ
-£¤¥¦§¨©¤ª¦£ÿ
VebdYf[^\ÿ^_ÿf]eÿadZs]dgÿb[^«[beÿKHSoMÿe`[aa[^\ÿsg^bdYebÿLaÿLÿgeadZfÿ^_ÿ
_[g[\kÿsdZieg[¬ebÿ^[Zÿa]LZeÿ[aÿ^\eÿ^_ÿf]eÿ`^afÿ[`s^gfL\fÿL\bÿY^`sZ[YLfebÿ
sg^UZe`aÿ[\ÿf]eÿ­]^ZeÿY^`sZe«ÿ^_ÿeY^Z^k[YLZÿsg^UZe`aÿLfÿXLgiLÿ®^­egÿ
®ZL\faDÿPgeLfjÿ^_ÿJYYeaa[^\ÿ^_ÿGaf^\[Lÿf^ÿf]eÿGhÿaefaÿ^dfÿLÿge¯d[ge`e\fÿf^ÿ
Z[`[fÿf]eÿL`^d\fÿ^_ÿHSoÿe`[aa[^\aÿf^ÿo°Oyyyÿf^\\eaÿsegÿjeLgÿafLgf[\kÿ_g^`ÿ
oynoOÿUg[\k[\kÿLU^dfÿgeafg[Yf[^\ÿ^_ÿeZeYfg[Y[fjÿsg^bdYf[^\ÿ[\ÿGaf^\[LDÿÿ
P]eÿF±®ÿb[geYf[ieÿKFLgkeÿ±^`Udaf[^\ÿ®ZL\fÿr[geYf[ieMÿZLjaÿb^­\ÿLÿ
ge¯d[ge`e\fÿf^ÿY^\a[begLUZjÿgebdYeÿf]eÿb[aY]LgkebÿL`^d\ÿfÿ^_ÿaseY[_[Yÿ
e`[aa[^\aOÿ}š‚DÿHSoOÿXS«ÿL\bÿ_ZjÿLa]OÿafLgf[\kÿ_g^`ÿoynpÿ²n³DÿP][aÿ­[ZZÿY^\w
a[begLUZjÿgeafg[YfÿeZeYfg[Y[fjÿsg^bdYf[^\ÿ[\ÿGaf^\[LDÿÿ
ÿÿ±^
Nÿ
ÿÿÿÿgÿgÿeÿaÿsÿÿ^ÿ\ÿÿbÿ[ÿ\ÿÿkÿÿÿLÿdÿÿfÿ]ÿ^ÿÿgÿÿ́ÿeÿwÿ`L
ÿÿÿÿ[ÿZÿÿÿµÿˆÿ|ÿÿ}šÿ¶Œ
ÿÿÿ‚ÿ‚ÿ‰~·‡’…Š‰ˆŒƒš’…~ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿÿÿÿ!ÿ"!ÿÿ
!ÿÿÿ"ÿÿ#$%ÿÿ&'ÿ('ÿ)ÿÿ*ÿ
*""+ÿÿ,ÿÿÿÿ-%./ÿ
0)ÿÿ1*"ÿ!ÿ2ÿÿÿÿ)ÿÿÿ
*""ÿÿÿÿÿ"ÿÿÿÿÿÿ,ÿ'ÿ2ÿ
ÿ""ÿ'/ÿ ÿ*,'ÿÿÿÿÿÿÿÿ
""'ÿ!ÿÿÿ,ÿ-3./ÿ
4*ÿÿÿ"*ÿ"ÿÿ#$%ÿÿÿ*5ÿÿ(ÿ
,ÿ,'ÿ**'!ÿ*'ÿÿÿÿÿ!ÿÿÿÿ"(
ÿÿ#$%ÿ/ÿ4ÿÿ"ÿÿÿÿÿÿÿÿÿ
ÿÿÿ*,ÿÿÿÿ2!ÿÿÿ)ÿÿÿ
,ÿ)"ÿ"ÿ*ÿÿ67ÿÿÿÿÿ"*ÿ"*,ÿÿ
"*!ÿ#$%ÿ&8$ÿ9!$ÿ:%$ÿ"/+ÿÿ"'ÿÿÿ""ÿ
*ÿÿ)/ÿ0)ÿ"*!ÿÿ#$%ÿÿÿ*5ÿÿ(ÿ
&;<+ÿ,ÿÿÿÿ!ÿ1ÿÿÿ"ÿÿÿ"'ÿ**ÿ;<ÿ
=ÿ>7?@7A/ÿ ÿ*""ÿÿÿ#$%ÿÿÿ!ÿÿ!ÿ
6@77?%>77ÿ!B3ÿ-C.ÿ)ÿÿÿ,ÿ"!ÿ",'ÿ!ÿ
ÿ*ÿÿ,ÿ*ÿÿÿ"!ÿÿÿÿ"!"ÿ
*/ÿ4ÿ*ÿÿÿ1ÿ!ÿÿÿ"*!ÿ#$%ÿÿÿ
;<ÿ,ÿ)ÿ*'ÿÿÿ**ÿÿÿÿÿÿ'ÿ
'ÿÿÿ/ÿ ÿÿ"'ÿÿ2!ÿÿÿÿÿÿ
"*!ÿ#$%ÿÿÿÿ"ÿÿÿÿÿ!,ÿ1*"ÿÿÿ
",ÿÿÿÿÿÿ"*ÿÿ"*!ÿ#$%ÿ,'ÿ**'!ÿ
*'ÿ/ÿÿ
;'ÿÿ"ÿÿÿ)ÿÿÿÿÿÿÿÿ
)ÿ"*/ÿ4ÿÿ;<ÿ,ÿ)"ÿ'ÿ"ÿÿÿ
*ÿ"ÿÿ2ÿ*"ÿÿÿ*ÿ*"ÿ
ÿÿ"ÿÿ)"ÿÿÿÿ#$%ÿÿÿ"ÿ*ÿÿÿ
ÿ&ÿ#$%ÿ"*ÿ""ÿÿÿ,ÿÿ ÿ;)ÿ;ÿÿD>EAÿ
ÿÿ*""ÿÿÿ#$%ÿÿD%%77ÿ!B3+ÿ-C./ÿÿÿ
F'ÿÿÿÿ!ÿÿÿ"ÿÿÿ"ÿÿÿ
ÿ*5ÿÿ(ÿ,ÿÿÿ=ÿÿ
?ÿ'ÿÿÿ#$%ÿ"*ÿ,ÿ&"*ÿ"ÿÿ8$ÿ9!$ÿ
:%$ÿ"/+ÿÿÿÿÿ!ÿÿ""ÿÿ8B#ÿÿD67Gÿ
?ÿ'ÿÿÿ#$%ÿ"*ÿ,ÿÿ)ÿ&ÿ"ÿÿ"ÿ
"*ÿ"*!ÿ#$%ÿÿÿÿÿD%EA+Gÿ
?ÿ""'ÿÿÿ#$%ÿ"*ÿ,ÿÿ)ÿD@Aÿ&&7/>EB67+H677AÿIÿ
>/EA+/ÿÿ
ÿ)ÿ""'ÿÿ,ÿÿÿÿ!ÿÿÿ,ÿ)"ÿ
""ÿ&<!/ÿ6+=ÿÿ
?ÿÿ!("ÿ"!ÿÿÿÿ""*ÿ,'ÿÿÿÿÿ
&,+ÿ?ÿ""ÿÿDE7AGÿ
?ÿÿ!ÿÿ*ÿ)"ÿ,!ÿ,ÿ!!ÿ?ÿ
ÿ"ÿ,'ÿ!ÿ*ÿDE7AGÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
ÿ !ÿ"#$%&"'ÿ($)!*+"!&,-ÿ,.ÿ%$"#-&"'ÿ -(ÿ"#$%&"'ÿ ((&!&/$)ÿ
",-!&-$(ÿ&-ÿ.'0ÿ)#ÿÿ"#$%&"'ÿ',))$)ÿ12345ÿ
ÿ(+$ÿ!,ÿ!#$ÿ"',66&-6ÿ,.ÿ.'0ÿ)#ÿ7,*$)ÿ8&!#ÿ)+'7#!$)ÿ"",%7-&$(ÿ90ÿ
7#0)&"'ÿ($)!*+"!&,-ÿÿ7#0)&"'ÿ',))$)ÿ1:;4<ÿ
ÿ
ÿ

abcdefghÿ

djklmnÿaoÿpfhpqÿ
lcramgsÿbcllÿjsÿ
ÿ
=>?@ÿB<ÿC,*9$-!ÿ',))ÿ&-ÿ7+'/$*&D$(ÿ,&'ÿ)#'$ÿ9,&'$*<ÿ
ÿ
ÿ
E '"+'!&,-)ÿ,.ÿ!#$ÿ),*9$-!ÿ',))ÿ7$*"$-!6$)ÿ#/$ÿ9$$-ÿ9)$(ÿ,-ÿ!#$ÿ.'0ÿ
)#F.,"+)$(ÿ*$)$*"#ÿ"**&$(ÿ,+!ÿ&-ÿ!#$ÿGHÿ9,&'$*ÿ90ÿ!#$ÿ!$%ÿ.*,%ÿ
I-&/$*)&!&$)ÿ,.ÿJ$"#-,',60ÿ&-ÿJ''&--ÿ-(ÿC!<ÿG$!$*)9+*6ÿK2FLM<ÿ
J#$ÿCNOÿ"7!+*&-6ÿ7*,"$))$)ÿ&-ÿ!#$ÿGHÿ9,&'$*ÿ-(ÿ&-ÿ!#$ÿ6)ÿ"'$-&-6ÿ
$P+&7%$-!ÿ,7$*!&-6ÿ,-ÿ!#$ÿ9)&)ÿ,.ÿ(*0ÿ%$!#,(ÿ*$ÿ)&%&'*ÿKQFRRM<ÿS )&-6ÿ,-ÿÿ
!#$ÿ*$)+'!)ÿ6&-$(ÿ.*,%ÿ!#$ÿ*$)$*"#ÿ,-ÿ(),*7!&,-ÿ-(ÿ"#$%&),*7!&,-ÿKROMTÿ
-(ÿ.*,%ÿ!#$ÿ&-(+)!*&'ÿ!$)!)ÿ.,"+)$(ÿ,-ÿ!#$ÿ(*0ÿ),*9$-!F&-U$"!&,-ÿVCWXÿ
%$!#,()ÿKR:TÿR;MTÿ!#$ÿ.,'',8&-6ÿ",-"'+)&,-)ÿ8$*$ÿ*$"#$(Yÿ
ÿ"7!+*&-6ÿ,.ÿCNOÿ8&!#ÿ'&%$)!,-$ÿ!ÿ!#$ÿ)!,&"#&,%$!*&"ÿ*!&,ÿE ZCÿ1:ÿ
*$)+'!)ÿ&-ÿ1234ÿ,.ÿCNOÿ9$&-6ÿ"7!+*$(5ÿ
ÿ $. .&"&$-"0ÿ,.ÿ!#$ÿCNOÿ"7!+*$ÿ),*9$-!ÿ&)ÿ1R[4ÿVV3<23Z:X\R334ÿ]ÿ
R[<L4X5ÿÿ
ÿ$..&"&$-"0ÿ,.ÿ),*9$-!ÿ&)ÿ!8,ÿ!&%$)ÿ#&6#$*ÿVR[ZQÿ]ÿOXÿ8#$-ÿ!#$ÿCWÿ
%$!#,(ÿ&)ÿ77'&$(<ÿÿ
^ÿ#&6#$*ÿ$..&"&$-"0ÿ,.ÿ),*9$-!ÿ&)ÿ"#&$/$(ÿ(+$ÿ!,Yÿÿ
ÿ)$'$"!&,-ÿ,.ÿ!#$ÿ9$)!ÿ),*9$-!ÿV"'"&!$ÿ",-!$-!ÿ+7ÿ!,ÿ_24ÿ-(ÿ7,*,)&!0ÿ
+7ÿ!,ÿ234Xÿ8#&"#ÿ*$(+"$)ÿ"#$%&"'ÿ($)!*+"!&,-5ÿ
ÿ7*$7*!&,-ÿ,.ÿ!#$ÿ9$)!ÿ),*9$-!ÿV7*!&"'$ÿ)&D$ÿ,.ÿ"*+)#$(ÿ),*9$-!ÿ(+)!ÿ
+7ÿ!,ÿ:3ÿ̀%Xÿ8#&"#ÿ*$(+"$)ÿ"#$%&"'ÿ)$7*!&,-5ÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿ!ÿ"ÿÿ#$%ÿ$&ÿ
'ÿÿÿÿÿ(#ÿ)ÿÿ%$ *ÿ$ÿÿ
%ÿ+',ÿÿÿ-.ÿÿ" ÿ"/ÿ&ÿÿ
-$ *ÿ$ÿÿÿÿ%$ÿ(0ÿ$#ÿ()ÿ
ÿ(ÿÿÿ%$ ÿÿ(&ÿÿ
1ÿ$#ÿ(ÿ((ÿ%$ÿÿÿ2ÿ%ÿ
$ÿ3(ÿ$!ÿÿÿÿÿÿ$%ÿÿÿ
3ÿÿÿ)ÿÿÿ" ÿÿÿÿÿ(ÿÿ+',ÿ
$&ÿ
1ÿÿ(ÿ((ÿ%$ÿÿÿ2ÿ#
ÿ%$ÿ3(ÿ$!ÿÿÿÿÿÿÿ
%ÿ4ÿÿÿÿÿ)ÿÿÿÿÿÿÿÿ
$%ÿÿ" ÿÿÿÿ+',ÿ$&ÿ
1ÿ%$ ÿÿ(ÿ((ÿ%$ÿÿÿ2ÿ
ÿÿÿÿÿ"ÿÿÿÿÿÿ
ÿ)ÿÿÿ)ÿÿÿÿ5*ÿ3%$&ÿÿ
1ÿ*ÿÿÿÿÿÿ"ÿ0ÿÿ
ÿÿ3*ÿÿÿÿÿ%*ÿÿ$ÿÿÿÿ
ÿÿ$ÿÿÿÿ!ÿÿ%$ÿ*ÿÿ
ÿ6ÿÿ
ÿÿÿ%ÿÿÿÿ+',ÿ%ÿÿÿÿÿ
*ÿÿÿÿÿ-.ÿ)ÿÿ0ÿ
ÿ$ÿ$%ÿÿ")ÿ"ÿ"ÿÿ#$#
%ÿ$6ÿÿ
ÿÿÿÿÿÿÿÿ%ÿ4)ÿ"ÿ"ÿÿ
$ÿ%&ÿ
789:;<9ÿ>?ÿ8@A8BCD8E<F;ÿCDA;8D8E<F<C>Eÿ>?ÿABCDFBGÿD8<H>Iÿ
J>I8KB8;F<8Iÿ;8L8;ÿ
MÿÿNOOÿ$ÿ"ÿÿÿÿÿÿÿÿÿ
Pÿ-"ÿ-ÿÿ" ÿQ#RÿÿN#RÿÿÿÿS&ÿTÿÿÿR ÿ
-"ÿ-ÿ"ÿÿ$ÿÿ*ÿÿ$%ÿÿÿ$ÿÿÿ+',)ÿ
S'5ÿÿU'5ÿ$&ÿ
1ÿÿ%ÿ ÿ$ÿ%%ÿÿ%$ *ÿ
$ÿ"ÿÿ"ÿÿ$ÿÿÿÿ+',)ÿS'5ÿÿU'5ÿ
$&ÿ ÿ
M /ÿÿVWXYZÿÿÿ$ÿ%$0ÿ
\ÿO#$0ÿ$ 5&ÿÿ^ÿ_ÿO&`ÿ^aWV!&ÿÿ
\ÿb#$0ÿO#$ÿcÿÿ5#ÿÿÿ%ÿÿÿ
ÿÿ%%ÿÿ*ÿ%!&ÿdeÿ_ÿO&NT&ÿÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
ÿ"#$%&'()ÿ"$%&'(ÿ*ÿ+,-(./+&,ÿ&0ÿ12/(3ÿ4.523+0+('ÿ12/(3ÿ03&%ÿ/6(ÿ276ÿ
'+78&725ÿ23(29ÿ+,/&ÿ/6(ÿ052%(ÿ4:;<ÿ=ÿ,&>>5(7ÿ+,/&ÿ/6(ÿ?88(3$5(@(5ÿ
A?3,(379BÿCDÿFÿGHÿ/I6Bÿ
ÿJ$5&2')ÿ&8/+%25ÿ5&2'ÿ4KÿFÿHBLÿKMNO9BÿCKÿFÿHBPBÿ
ÿJ"$%&'()ÿJ$%&'(ÿ*ÿ75+'+,Qÿ(R.(77$2+3ÿ.&(00+.+(,/ÿ40?55ÿ&8(,+,Qÿ&0ÿ
/6(ÿ02,ÿ.&,/3&5ÿ288232/?7ÿ2/ÿ83+%23Sÿ78(('9BÿCTÿFÿHBPHBÿÿ
ÿJ"#$%&'()ÿJ"$%&'(ÿ*ÿ12/(3ÿ+,-(./+&,ÿ+,/&ÿ/6(ÿ052%(BÿCDÿFÿGHÿ/I6Bÿÿ
ÿA$%&'()ÿ%+,Bÿ5&2'ÿ4KÿFÿHB=ÿKMNO9BÿCKÿFÿHBUBÿ
ÿA"$%&'()ÿA$%&'(ÿ*ÿ75+'+,Qÿ(R.(77$2+3ÿ.&(00+.+(,/ÿ40?55ÿ&8(,+,Qÿ&0ÿ
/6(ÿ02,ÿ.&,/3&5ÿ288232/?7ÿ2/ÿ83+%23Sÿ78(('9BÿCTÿFÿHBLHBÿÿ
ÿA#$%&'()ÿA$%&'(ÿ*ÿ12/(3ÿ+,-(./+&,ÿ+,/&ÿ/6(ÿ052%(BÿCDÿFÿGHÿ/I6Bÿ
V,25S7+7ÿ&0ÿ/6(ÿ%&'(7ÿ+7ÿ83(7(,/('ÿ+,ÿW2A5(Bÿÿ
X(7?5/7ÿ&0ÿ/6(ÿ%&'(ÿ/(7/7ÿ4HYÿ"#YÿJYÿJ"#9ÿ23(ÿ83(7(,/('ÿ+,ÿZ+QBÿPBÿ
ÿ
[<\]^Bÿ_`abcdeb`dÿaghibcÿjghjihgdbkÿlmÿgidnopcÿlgcq̀rÿo`ÿegdnbegdqjghÿ
ghropqdeÿ
ÿ

ÿ ÿ
ÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿ
ÿÿÿÿÿÿÿ!"#!$ÿ%ÿ
ÿ
ÿ
&!'ÿ##ÿ()'ÿÿ'%#*+,ÿ
-.ÿÿ /ÿÿ!"'ÿÿ"ÿ%#0ÿ12ÿÿ
--3ÿÿ /ÿÿ!"'ÿ!ÿ456ÿ""*0ÿ12ÿ
-738ÿÿ /ÿÿ"*9*ÿ"*ÿÿ+#ÿ'"!'#"*0ÿ""*ÿ1ÿ
-:38ÿÿ /ÿÿ"*9*ÿ"*ÿ"*!ÿ'!%"*+ÿÿ"ÿ%#ÿ0ÿ""*ÿ1ÿ
-;ÿÿ /ÿÿ"*9*ÿ"*ÿ<#!ÿ"*)'"*0ÿ""*ÿ1ÿ
=ÿÿ /ÿÿ*(!ÿÿ!#"*#ÿ%!ÿÿ%ÿ*!+$ÿ('>ÿ!ÿ$#!0ÿ%ÿ
?ÿÿ /ÿÿ#$(#'>ÿ!"0ÿ$ÿ
-.ÿ@ABCÿÿ/ÿÿ!"'ÿÿ#*#!ÿ0ÿ12ÿÿÿ
&!'ÿ##ÿ*ÿ*!+$ÿ('>,ÿ
7DE8ÿÿ /ÿÿ#Fÿ#ÿÿ*!+$ÿ('>0ÿGHÿ
7DBÿÿ /ÿÿ"*ÿ#ÿÿ*!+$ÿ('>0ÿGHÿ
7AI=ÿÿ /ÿÿ"#ÿ#ÿÿ*!+$ÿ('>0ÿGHÿ
JDE8ÿ ÿ/ÿÿ#F""#!$ÿ<!ÿÿ*!+$ÿ('>ÿ#ÿ#Fÿ#ÿ
JDBÿÿ /ÿÿ#F""#!$ÿ<!ÿÿ*!+$ÿ('>ÿ#ÿ"*ÿ#ÿ
JAI=ÿÿ /ÿÿ#F""#!$ÿ<!ÿÿ*!+$ÿÿ('>ÿ#ÿ"#ÿ#ÿ
4*ÿÿ%ÿK#(,ÿ
LÿG,ÿ'ÿÿÿ
Lÿ4&56,ÿO%ÿ!*ÿ#9!#+ÿ'""'ÿ""*ÿÿ&56ÿIJNÿ0ÿ
+2* ÿÿ
LÿPQÿ&56,ÿ%ÿ#9!#+ÿ&56ÿ'#!ÿ'"'"*ÿIJNÿ0ÿRÿ
LÿQÿS,ÿ#9!#+ÿ"'"*'$ÿÿ%ÿ*!+$ÿ('>ÿIJNÿ0ÿRÿTÿ
Lÿ(U,ÿ#9!#+ÿ'""'ÿÿ'* "*ÿÿ#*#!ÿÿIJNÿ0ÿ
+2>H%ÿÿ
LÿV&56,ÿ#9!#+ÿ"'%#!+ÿÿ&56ÿ'""'ÿ""*ÿIJNÿ0ÿ+2>H%ÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
ÿ"#$%&ÿ'()*'+)ÿ,-./0'*+)ÿ12ÿ#$%ÿ.3)/-2-/ÿ)4-..-15.ÿ678ÿ41,)9ÿ
+:;<0ÿ
ÿ=>?&ÿ'()*'+)ÿ-5/*)'.)ÿ-5ÿ@0)ÿ.3)/-2-/ÿ2A)Bÿ/15.A43@-15ÿ12ÿ.@'5,'*,ÿ
2A)B9ÿ+:;<0ÿÿ
ÿ="C$%&ÿ'()*'+)ÿ,)/*)'.)ÿ-5ÿ@0)ÿC$%ÿ.3)/-2-/ÿ)4-..-15.ÿ678ÿ41,)9ÿ
+:;<0ÿÿ
ÿ="#$%&ÿ'()*'+)ÿ-5/*)'.)ÿ-5ÿ@0)ÿ#$%ÿ.3)/-2-/ÿ)4-..-15.ÿ678ÿ41,)9ÿ
+:;<0ÿ
ÿ#>&ÿ/1.@ÿ21*ÿ.A*3BA.ÿ/15.A43@-15ÿ12ÿ2A)Bÿ3)*ÿ*),A/@-15ÿ12ÿDÿ@ÿ12ÿC$%ÿ
)4-..-159ÿE:@ÿ12ÿC$%ÿ
ÿ##$%&ÿ/1.@ÿ21*ÿ@0)ÿ-5/*)'.),ÿ#$%ÿ)4-..-15ÿF0)5ÿ@0)ÿC$%ÿ)4-..-15ÿ-.ÿ
*),A/),9ÿE:@ÿ12ÿC$%ÿ
ÿ#('*&ÿ('*-'>B)ÿ/1.@.ÿ3)*ÿ*),A/@-15ÿ12ÿDÿ@ÿ12ÿC$%9ÿE:@ÿC$%ÿ
ÿ#/15.@&ÿ-5().@4)5@ÿ/1.@ÿ3)*ÿ*),A/@-15ÿ12ÿDÿ@ÿ12ÿC$%ÿ)4-..-159ÿE:@ÿC$%ÿ
ÿ#G&ÿ/1.@.ÿ3)*ÿ*),A/@-15ÿ12ÿDÿ@ÿ12ÿC$%ÿ)4-..-159ÿE:@ÿC$%ÿ
ÿHÿC$%&ÿ*)B'@-()ÿ,)/*)'.)ÿ-5ÿ@0)ÿC$%ÿ)4-..-159ÿIÿ
ÿ
JKLMNOPOÿRSÿTUVÿLWXLKTLYVOÿLKWÿWZL[\L]^OÿRSÿ_ZP̀LZNÿ̀VTURWÿ̀RWVOaÿ
JWXLKTLYVOÿ
Dbÿÿ51ÿ-5().@4)5@.ÿ5)),),ÿc,).AB30A*-d'@-15ÿ@';).ÿ3B'/)ÿ-5ÿ@0)ÿ>1-B)*efÿ
ÿ

%bÿÿ51ÿ.1*>)5@.ÿ5)),),ÿc'-*ÿ'5,ÿF'@)*ÿ'*)ÿ-5g)/@),efÿ
hbÿÿ51ÿ2A*@0)*ÿ3*1/)..-5+9ÿ@*'5.31*@'@-15ÿ1*ÿ.@1*'+)ÿ12ÿ@0)ÿ3*1,A/),ÿ.1B-,ÿ
)4-..-15.ÿc.AB30'@).eÿ-.ÿ5)),),ÿc*)41(),ÿ@1+)@0)*ÿF-@0ÿ'.0efÿÿ
ibÿÿ.'@-.2'/@1*jÿB)()Bÿ12ÿ@0)ÿC$%ÿ.3)/-2-/ÿ)4-..-15ÿklmmÿ4+:54hfÿ
nbÿÿ.'@-.2'/@1*jÿB)()Bÿ12ÿ/1.@.ÿ*)B'@),ÿ@1ÿ/'3@A*-5+ÿC$%ÿkoniÿE:@ÿC$%ÿc3*-/)ÿ12ÿ
1-Bÿ.0'B)ÿpÿDmÿE:@ÿ'5,ÿ3*-/)ÿ12ÿ#$%ÿpÿ%mÿE:@eÿq*131.),ÿ('BA).ÿ'*)ÿ
-5,-/'@-()ÿ'5,ÿ/'5ÿ>)ÿ/0'5+),ÿ'//1*,-5+ÿ@1ÿ'/@A'Bÿ/-*/A4.@'5/).fÿ
obÿÿ-5ÿ%mD%9ÿ-@ÿF-BBÿ>)ÿ31..->B)ÿ@0'@ÿ@0)ÿ)r-.@-5+ÿ)5)*+jÿ>B1/;.ÿ12ÿs'*('ÿ
q1F)*ÿqB'5@.ÿF-BBÿ+)5)*'@)ÿkoÿt<0ÿ12ÿ)B)/@*-/-@jÿ3)*ÿj)'*ÿc@';-5+ÿ-5@1ÿ
'//1A5@ÿ@0)ÿ3*)./*->),ÿ"A1@'ÿ12ÿC$%ÿpÿ%nÿ@01A.'5,ÿ@:ib%Dÿ@01A.'5,ÿ@ÿ12ÿ
C$%:t<0ÿuÿnbvÿt<0ebÿ ÿ
wZL[\L]^Oÿ
Dbÿÿ-5',)"A'@)ÿB)()Bÿ12ÿ@0)ÿ,-./0'*+)ÿ12ÿC$%ÿ.3)/-2-/hÿ)4-..-15.ÿc@0)ÿB)()Bÿ
ÿ

*)"A-*),ÿ.@'*@-5+ÿ2*14ÿ@0)ÿj)'*ÿ%mDoÿ-.ÿimmÿ4+:54 efÿ
%bÿÿ0-+0ÿ)5)*+jÿ-5@)5.-@jÿ>?ÿuÿinmboÿ+:;<0ÿc-5/*)'.)ÿ-5ÿ@0)ÿ/15.A43@-15ÿ12ÿ
1-Bÿ.0'B)ÿ>jÿDmbiIefÿÿ
hbÿÿ0-+0ÿB)()Bÿ12ÿ@0)ÿ#$%ÿ.3)/-2-/ÿ)4-..-15ÿ"#$%ÿuÿDiDvbiÿ+:;<0ÿc-5/*)'.)ÿ
-5ÿ@0)ÿ'41A5@ÿ12ÿ#$%ÿ)4-..-15.ÿ>jÿDmbiIefÿ
ibÿÿ*)4'*;'>B)ÿF)'*-5+ÿc)*1.-15eÿ12ÿ0)'@-5+ÿ.A*2'/).ÿc'5ÿA3ÿ@1ÿimIÿ-5/*)'.)ÿ
-5ÿ@0)ÿF)'*-5+ÿ12ÿ0)'@-5+ÿ.A*2'/).9ÿ.-5/)ÿ@0)ÿ2BA)ÿ+'.ÿ()B1/-@jÿ-5/*)'.).ÿ
>jÿA3ÿ@1ÿDiIebÿx5ÿ/'.)ÿ@0)ÿC$%ÿ)4-..-15ÿ-.ÿ*),A/),ÿ>jÿDÿ@9ÿ@0)ÿ-5/*)'.)ÿ-5ÿ
@0)ÿ/1.@.ÿ*)B'@),ÿ@1ÿ)*1.-15ÿ*)4'-5.ÿ>)B1FÿDIÿ12ÿ@1@'Bÿ/1.@.fÿÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿÿÿÿÿÿ!"ÿ#"$ÿ%&ÿÿ"#ÿ
'ÿ()ÿ*ÿ%#%$ÿ+ÿÿ#,-ÿ.ÿ*ÿ/0ÿ%*%ÿ
,ÿ"ÿ1ÿ,"2,34ÿ(ÿ%*-ÿ,5ÿÿÿ#-5%-ÿÿ
%6#ÿ*ÿÿ7ÿ8#ÿ8ÿ#"$ÿ%&ÿ9ÿ:ÿ-ÿ;ÿÿ
ÿ< ÿ8#ÿ8ÿ#"$ÿ%&ÿ9ÿÿ-ÿÿ
=>?@A??>BCÿ
(ÿ*ÿ#, #$ÿ,-ÿ,-ÿ-%-ÿÿ,ÿ*ÿÿ#ÿ
,-ÿ-5%ÿÿ-%#ÿÿÿ*,ÿ,#5#ÿ*#,ÿ'1ÿEFÿ+6,-4ÿ
-ÿÿ'ÿEFÿ+<G)ÿ,-4ÿ%5"ÿÿ#-5%ÿ*ÿ/0ÿ%*%ÿ
,ÿ$ÿ5ÿÿHÿ
Iÿ%6.#ÿÿ#, #$ÿ,-ÿ,-ÿ#J5#ÿ#*#, %ÿ*ÿ%%&ÿ
ÿ+-5#"ÿ'1ÿ5#4ÿÿ#-#ÿÿ%*$ÿÿ,%ÿ*ÿ,-ÿÿÿ
**%%$ÿ#"ÿ#$ÿ-ÿ%"$ÿÿ
K%"ÿÿ/0ÿ%*%ÿ,ÿ.ÿ';ÿ,"2,3ÿÿÿ%,ÿ
5ÿ%ÿ+#"ÿ*#,ÿ4ÿÿ.ÿ#J5#-ÿÿ1ÿ,"2,3ÿÿ
8ÿÿÿ*"ÿ#%ÿ*ÿ-%%Lÿ"ÿ..ÿ"ÿÿ
Iÿ,ÿ5ÿ+#, #$ÿ,-ÿ,-4ÿ%ÿ#J5#ÿÿ.6
,ÿ-ÿ#ÿÿ%"ÿ##ÿ-ÿ#"ÿ*ÿ,ÿ
..ÿÿ%#ÿÿÿ%ÿ*#ÿÿÿF0ÿ-ÿ#"ÿ*ÿ"ÿ
5#*%ÿ
Mÿ#-#ÿÿ,ÿÿ/0ÿ%*%ÿ,ÿ,ÿ.5ÿ+1ÿ,"2,34ÿNOÿ
ÿÿÿ#"ÿ*#ÿÿ$ÿÿ75#ÿPÿÿÿ-.ÿÿ$ÿ*5ÿ
"ÿ%#%5ÿ*#ÿ%#5"ÿ*ÿÿÿ-5ÿ-ÿ #ÿQ%ÿ*#ÿÿ
ÿ*ÿÿ5.#R-ÿÿ6*#-ÿ#ÿ*#ÿÿ5#ÿ*ÿ5-$"ÿÿ
,%ÿ*ÿÿ*%#ÿÿÿ/0ÿ,ÿ
S5ÿ"ÿ%#%5ÿÿ5-ÿÿ#ÿÿ*,ÿ,#5#ÿ%ÿÿ5#ÿ
#-5%ÿ"6,#5#ÿ"",#ÿÿ
Iÿ, #ÿ#%ÿRÿ*ÿÿÿ-5ÿ%.-ÿ-5ÿÿ*#ÿ%#5"ÿ
*%ÿÿ#-5%ÿ*ÿ,%%ÿÿ-ÿ#"ÿ%,#ÿ
5#*%ÿ*ÿ*$ÿÿÿ
S#ÿÿ"ÿ,ÿÿ#, #$ÿ,5#ÿ.ÿÿ-$ÿ-ÿ5%%6
*5$ÿÿ-ÿÿ%6*#"ÿ#ÿÿ*#ÿÿ#-5%ÿ*ÿ90!ÿ,ÿ
NTO
I%ÿ*ÿÿ#*##-ÿ#, #$ÿ,-ÿÿ5.#R-ÿÿÿ*#"ÿ
ÿ#-5%ÿÿ,ÿ*ÿ90!ÿÿÿÿ*ÿ/0ÿ(ÿ#5ÿ*ÿÿÿ
%##-ÿ5ÿÿÿ ÿ*ÿÿ#ÿÿÿ7ÿ8#ÿ8ÿ#.ÿÿ
-%#ÿÿ/0ÿ,ÿ(ÿÿ,-ÿÿ%##-ÿ5ÿ##ÿÿÿ
#ÿÿÿ< ÿ8#ÿ8ÿ#ÿ%ÿ*ÿ*#ÿÿÿ-ÿ #ÿ
Q%ÿ*#ÿ5##ÿ#5-ÿÿÿ#"-ÿ%,#ÿ5#*%ÿ*ÿ
*$ÿÿ
) #ÿQ%ÿ*#ÿ5##ÿ%.ÿ*$ÿÿ(ÿ #ÿQ%ÿ
,-ÿÿÿ,*-ÿ"6,#5#ÿ,-ÿ-.-ÿÿÿÿ*ÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
!"ÿ#$%&'ÿ()*ÿ+,")-.-(ÿ/"!012ÿ%03ÿ)ÿ,0-(ÿ./"4ÿ!"ÿ#$%&'ÿ()*ÿ+,")-.-(ÿ
/"!01ÿ!)*ÿ5""-ÿ*6++"**76,,8ÿ)-1ÿ9.1",8ÿ)::,."1ÿ)ÿ+0),;7.3.-(ÿ:09"3ÿ:,)-*ÿ
703ÿ!"ÿ3"16+.0-ÿ07ÿ<=>ÿ"/.**.0-*ÿ?>@4ÿ>>A2ÿ
B!"ÿ)1C)-)("ÿ07ÿ:3./)38ÿ/"!01*ÿ,."*ÿ.-ÿ+0-*.1"3)5,8ÿ*/),,"3ÿ.-C"*;
/"-*ÿ)-1ÿ0:"3).0-ÿ+0**ÿ+0/:)3"1ÿ0ÿ!0*"ÿ3",)"1ÿ0ÿ!"ÿ()*ÿ+,")-.-(ÿ
"D6.:/"-ÿEÿFGH2ÿ<=>ÿ*+3655"3*ÿ)-1ÿ+)),8.+ÿ3")+03*ÿ703ÿI=Jÿ?>KE>LA2ÿ
M)3,."34ÿ.-C"*/"-*ÿ0ÿ5"ÿ/)1"ÿ.-ÿ!"ÿ)::,.+).0-ÿ07ÿ:3./)38ÿ/"!01*ÿ0ÿ
:6,C"3.N"1ÿ0.,ÿ*!),"ÿ7.3.-(ÿ9"3"ÿ"*./)"1ÿ)ÿ0-"ÿ50.,"3ÿ07ÿ!"ÿM"*.ÿO09"3ÿ
O,)-ÿP90ÿ50.,"3ÿ9),,*Qÿ)*ÿ70,,09*Rÿ
EÿSÿ/.,,.0-ÿTÿEÿ.-C"*/"-ÿ.-ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*Uÿÿ
EÿSÿ/.,,.0-ÿTÿEÿ.-C"*/"-ÿ.-ÿ7,6"ÿ()*ÿ+.3+6,).0-Uÿÿ
Eÿ>ÿ/.,,.0-ÿTÿEÿ.-C"*/"-ÿ.-ÿ9)"3ÿ.-V"+.0-2ÿ
W),6"*ÿ:30:0*"1ÿ703ÿ!"ÿ)50C";/"-.0-"1ÿ.-C"*/"-*ÿ)3"ÿ.-1.+).C"ÿ)-1ÿ
+)-ÿ5"ÿ+!)-("1ÿ)++031.-(ÿ0ÿ)+6),ÿ+.3+6/*)-+"*2ÿ
O)85)+Xÿ:"3.014ÿ9.!ÿ:!8*.+),ÿ1":3"+.).0-ÿ07ÿ"-"3(8ÿ5,0+X*ÿ)X"-ÿ.-0ÿ
)++06-4ÿ.*ÿ"*./)"1ÿ0ÿ5"ÿ@Yÿ8")3*2ÿ
$-ÿB)5,"ÿ)-1ÿ.-ÿ%.(2ÿKÿ!"ÿ*063+"ÿ1))ÿ0-ÿ.-C"*/"-*ÿ)-1ÿ0:"3).0-ÿÿ
+)-ÿ5"ÿ/01.7."14ÿ)-1ÿ!"ÿ3","C)-ÿ./:)+*4ÿ3"*6,.-(ÿ730/ÿ*6+!ÿ/01.7.+);
.0-*4ÿ0-ÿ!"ÿ+0*ÿ07ÿ!"ÿ3"16+.0-ÿ07ÿ@ÿ0-ÿ07ÿ<=>ÿ"/.**.0-ÿ+)-ÿ5"ÿÿ
"*./)"12ÿÿ
Z)3X.-(ÿ07ÿ!"ÿ"+!-0,0(.+),ÿ/01"*ÿ)-1ÿ!"ÿ"+!-0,0(.+),ÿ:)3)/""3*ÿ07ÿ
/01"*Rÿ
[ÿ#]^_=J;/01"ÿ./.)"*ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*Rÿ/)J2ÿ,0)14ÿ
*,.1.-(ÿ"J+"**;).3ÿ+0"77.+."-4ÿ9)"3ÿ.-V"+.0-ÿ.-0ÿ!"ÿ7,)/"ÿ)-1ÿ
.-+3")*"1ÿ+0-+"-3).0-ÿ07ÿ!"ÿ7,8ÿ)*!2ÿZ_<ÿ0:"3).0-ÿP!3"";/.-6"ÿ
*!)X.-(ÿ07ÿ!"ÿ:3./)38ÿ)-1ÿ*"+0-1)38ÿ*+3""-*ÿ07ÿ!"ÿ109-*3")/ÿ
7,6"ÿ()*ÿ+!)--",*Q2ÿÿ
[ÿ`#]^_=J;/01"ÿ./.)"*ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*Rÿ0:./),ÿ
,0)14ÿ*,.1.-(ÿ"J+"**;).3ÿ+0"77.+."-4ÿ9)"3ÿ.-V"+.0-ÿ.-0ÿ!"ÿ7,)/"ÿ
)-1ÿ.-+3")*"1ÿ+0-+"-3).0-ÿ07ÿ!"ÿ7,8ÿ)*!2ÿÿ
[ÿ5#^_=J;/01"ÿ./.)"*ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*Rÿ/.-ÿ,0)14ÿ
*,.1.-(ÿ"J+"**;).3ÿ+0"77.+."-4ÿ9)"3ÿ.-V"+.0-ÿ.-0ÿ!"ÿ7,)/"ÿ)-1ÿ
.-+3")*"1ÿ+0-+"-3).0-ÿ07ÿ!"ÿ7,8ÿ)*!2ÿÿ
[ÿI=Jÿ7,6"ÿ()*ÿ+.3+6,).0-ÿ/01"4ÿ)-),0(06*ÿ0ÿ!"ÿ#];/01"ÿ)ÿ+):63;
.-(ÿ<=>Rÿ/)J2ÿ,0)12ÿÿ
[ÿ`^I=Jÿ7,6"ÿ()*ÿ+.3+6,).0-ÿ/01"4ÿ)-),0(06*ÿ0ÿ!"ÿ#];/01"ÿ)ÿ
+):63.-(ÿ<=>Rÿ0:./),ÿ,0)12ÿ
[ÿ5^I=Jÿ7,6"ÿ()*ÿ+.3+6,).0-ÿ/01"4ÿ)-),0(06*ÿ0ÿ!"ÿ5#;/01"ÿ)ÿ
+):63.-(ÿ<=>Rÿ/.-2ÿ,0)12ÿÿ
[ÿ_=J^I=Jÿ/01"ÿ.-C0,C"*ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*ÿ)-1ÿ7,6"ÿ()*ÿ
+.3+6,).0-4ÿ)-),0(06*ÿ0ÿ!"ÿ#]^_=J;/01"ÿ)ÿ+):63.-(ÿ<=>Rÿ/)J2ÿ
,0)12ÿÿ
[ÿ`^_=J^I=Jÿ/01"ÿ.-C0,C"*ÿ7.-"3ÿ+36*!.-(ÿ07ÿ0.,ÿ*!),"ÿ16*ÿ)-1ÿ7,6"ÿ
()*ÿ+.3+6,).0-4ÿ)-),0(06*ÿ0ÿ!"ÿ#]^_=J;/01"ÿ)ÿ+):63.-(ÿ<=>Rÿ
0:./),ÿ,0)12ÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿ!"#ÿÿÿ"$ÿ!%ÿ$ÿ!ÿ
#$ÿ!$%&ÿ$$#!ÿ%ÿ%"ÿ'(ÿ$%ÿ$)%!#ÿ*+,ÿ
-ÿ$-ÿÿ
ÿ.,ÿ(ÿ/ÿ%"ÿ0$%ÿ1%ÿÿ0""ÿ
!ÿ%"ÿ*+ÿ)ÿÿ2ÿ+34ÿ )$ÿ%ÿ%"ÿ
(,ÿ$-ÿ$-ÿ
ÿ5.,ÿ5(ÿ/ÿ%"ÿ0$%ÿ1%ÿÿ0""ÿ
!ÿ%"ÿ*+ÿ)ÿÿ2ÿ+34ÿ )$ÿ%ÿ%"ÿ
5ÿ(,ÿ)%$ÿ$-ÿ
ÿ.,ÿ(ÿ/ÿ%"ÿ0$%ÿ1%ÿÿ0""ÿ
!ÿ%"ÿ*+ÿ)ÿÿ2ÿ+34ÿ )$ÿ%ÿ%"ÿ
(,ÿ-ÿ$-ÿÿ
!%ÿ#$ÿÿ%"ÿ%%ÿÿ%"ÿ)$2ÿ%"ÿÿ'.&ÿ
5'.&ÿ'ÿ$ÿ)%ÿÿ6#-ÿ+ÿ$ÿ7$-ÿ
ÿ
89:;<=>=ÿ@AÿBCDÿ:EF:9B:GD=ÿ:9EÿEH:IJ:KL=ÿ@AÿBCDÿMH>N:H<ÿNDBC@EOÿ
8EF:9B:GD=ÿ
P-ÿÿ$%$%2ÿÿÿ%"ÿ*+ÿ)ÿÿQÿR33ÿ#SÿTÿ
ÿ

+-ÿÿ$%$%2ÿ#2ÿ%%2ÿ5ÿUÿRS3-3ÿ#V."ÿW!)%ÿÿÿ
"$ÿ$ÿ2ÿX-R4YTÿ
S-ÿÿ$%$%2ÿÿÿ%"ÿZ+ÿÿQÿ[Z+UP&SXXÿ#V."ÿW%"ÿ$!%ÿ
ÿZ+ÿÿ$ÿ2ÿX-R4YTÿÿ
R-ÿÿ$%$%2ÿÿÿ%"ÿ0$#ÿWYÿÿ"$%#ÿ!$ÿW%"ÿ0$(
#ÿÿ"$%#ÿ!$ÿ$ÿÿR34ÿÿ%"ÿ5'.ÿÿ%ÿ+34ÿÿ
%"ÿ5(&ÿÿ%"ÿ!$%ÿÿ!ÿ#$ÿ!ÿ!ÿ#$ÿ
%2&ÿ$ÿÿ!"#ÿÿÿ"$ÿ!%ÿ$Vÿ%"ÿ)$%ÿÿ%"ÿ
ÿ"$ÿ2ÿ$"ÿ$&ÿ%"!ÿ!#ÿ%"ÿV%ÿ#2ÿ$ÿ0$#ÿÿ
"$%#ÿ!$YTÿ
X-ÿÿ$%$%2ÿÿÿ%ÿ$%ÿ%ÿ$)%!#ÿ*+ÿQÿR\Pÿ]%ÿÿ*+ÿ
W)%$ÿ$%ÿÿ%%ÿ%ÿ+PRÿ]%ÿ*+&ÿ$ÿ)$%ÿ%ÿ
+R^ÿ]%ÿ*+YTÿ
\-ÿÿ$ÿ%"#2ÿÿÿÿÿ%Tÿÿ
_-ÿÿ%"ÿ)!ÿÿ)$%ÿ$ÿÿ%#%"ÿ0%"ÿ$"Tÿÿ
^-ÿÿ%"ÿ*+ÿ)ÿÿ%$#%ÿÿ%ÿÿ+3P\ÿ0ÿ%ÿ%%ÿ%"ÿ
#$%ÿÿ%%2ÿÿ%"ÿ$ÿÿ%#ÿ#2ÿVÿ$%ÿ$$ÿ
`0ÿ̀$%-ÿ ÿ
aH:IJ:KL=ÿ
Qÿb$%$ÿ%ÿ$$$-ÿ
ÿ

ÿ
Z!ÿ$#ÿÿ%"ÿ$#$2ÿ%%ÿÿ)$2ÿ%"ÿ$ÿ$ÿ
0,ÿ
7"ÿ%%ÿÿ%"ÿ$#$2ÿÿÿ)$2ÿ%"ÿ$%ÿ%"$%ÿ%"ÿ
*+ÿ)ÿÿ%ÿ$!ÿWR33ÿ#SYÿ%ÿ2ÿ%"ÿc!)$ÿdÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
!ÿ"#$%ÿ&'(ÿ)*ÿ'&+,*-*.ÿ/+!01+ÿ2/,3,4,(1ÿ/*&+(51,&'5ÿ2'!'3*/*!4ÿÿ
),5*!ÿ)6ÿ'2256,(1ÿ2!,3'!6ÿ3*/+.47ÿÿ
8ÿ49,/&+:-*!ÿ/ÿ/+*ÿ2!,3'!6ÿ3*/+.ÿ3 .*4ÿ!*;0,!*4ÿ'&/0'5ÿ/*4/4ÿ/ÿ)*ÿ
&(.0&/*.ÿ,(ÿ !.*!ÿ/ÿ42*&,6ÿ/+*ÿ,32'&/ÿ ÿ/*&+(51,&'5ÿ&+'(1*4ÿ (ÿ
*,&,*(&6<ÿ2*!'/,(ÿ!*5,'),5,/6ÿ'(.ÿ*&5167ÿÿ
=!ÿ/+,4ÿ20!24*<ÿ/+*ÿ559,(1ÿ3'//*!4ÿ4+05.ÿ)*ÿ&5'!,,*.>ÿ
?ÿ244,),5,/,*4ÿÿ*@,4/,(1ÿ3,554ÿ!ÿ,(*!ÿ&!04+,(1ÿÿ,5ÿ4+'5*Aÿ
?ÿ50*ÿ1'4ÿ&,!&05'/,(ÿ244,),5,/,*4ÿ!ÿ59*!,(1ÿ5'3*ÿ/*32*!'/0!*ÿB"#CAÿ
?ÿ9'/*!ÿ,(D*&/,(ÿ244,),5,/,*4ÿ!ÿ'&/,-'/,(1ÿ56ÿ'4+7ÿ
E(*!16ÿ,(/*(4,/6ÿ'(.ÿ/+*ÿ'3 0(/ÿÿFG"ÿ*3,44,(ÿ&'(ÿ)*ÿ!*.0&*.ÿ)6ÿ
2/,3,4,(1ÿ/+*ÿHIJÿ3 .*7ÿ
=!ÿ/+,4ÿ20!24*<ÿ/+*ÿ559,(1ÿ3'//*!4ÿ4+05.ÿ)*ÿ&5'!,,*.>ÿÿ
?ÿ244,),5,/,*4ÿ!ÿ305/,25*:4/'1*ÿ&!04+,(1ÿÿ,5ÿ4+'5*ÿK*(!,&+3*(/ÿÿ,5ÿ
4+'5*ÿ9,/+ÿL*!1*(ÿ,(ÿ/+*ÿ,!4/ÿ4/'1*ÿ'(.ÿ9,/+ÿ&'5&,/*ÿ,(ÿ/+*ÿ,('5ÿ4/'1*M7ÿ
N+,4ÿ4+05.ÿ!*.0&*ÿ/+*ÿ*(*!16ÿ&(4032/,(ÿ(**.*.ÿ!ÿ&!04+,(1<ÿ4,(&*ÿ
(56ÿ&'5&,/*ÿ,4ÿ&!04+*.ÿ/ÿ,(*!ÿ2'!/,&5*4Aÿ
?ÿ244,),5,/,*4ÿ!ÿ305/,25*:4/'1*ÿ&3)04/,(ÿK&+'(1,(1ÿ/+*ÿ*@&*44:',!ÿ
&*,&,*(/ÿ,(ÿ)0!(*!4M7ÿN+,4ÿ4+'55ÿ,32!-*ÿ/+*ÿ&'2/0!*ÿÿOG"ÿ'(.ÿ
!*.0&*ÿ/+*ÿ&,!&05'/,(ÿÿ50*ÿ1'4*4Aÿ
?ÿ244,),5,/,*4ÿ!ÿ305/,25*:4/'1*ÿ,(D*&/,(ÿÿ9'/*!ÿK,(/ÿ402*!+*'/*!<ÿ
'/*!ÿ/+*ÿ*&(3,P*!ÿ'(.ÿ/+*ÿ',!ÿ2!*:+*'/*!M7ÿN+,4ÿ4+'55ÿ,32!-*ÿ/+*ÿ
&'2/0!*ÿÿOG"ÿ'(.ÿ!*.0&*ÿ/+*ÿ'3 0(/ÿÿ9'/*!ÿ/ÿ)*ÿ,(D*&/*.7ÿ
QRSTUVWXRSWÿ
N+*ÿ'225,&'/,(ÿÿ2!,3'!6ÿ3*\/ÿ+.ÿ*(')5*4ÿ/ÿ'&+,*-*ÿ/+*ÿ/'!1*/ÿ-'50*ÿÿOG"ÿ
42*&,,&ÿ*3,44,(ÿZ##ÿ31[(3 '/ÿ,!,(1ÿ205-*!,P*.ÿ,5ÿ4+'5*ÿ,(ÿ/+*ÿ*@,4/,(1ÿ
),5*!47ÿ]/ÿ9,\55ÿ'54ÿ)*ÿ244,)5*ÿ/ÿ3**/ÿ/+*ÿOG"ÿ42*&,,&ÿ*3,44,(ÿ5,3,/ÿ-'50*ÿ
K"##ÿ31[(3 Mÿ4*/ÿ)6ÿ/+*ÿE0!2*'(ÿ^(,(ÿ!ÿ/+*ÿ(*9ÿ,(4/'55*.ÿ45,.:0*5ÿ
),5*!4ÿ)6ÿ0!/+*!ÿ2/,3,4,(1ÿ/+*ÿ_=:/*&+(516ÿ2'!'3*/*!4ÿ'(.ÿ&(4/!0&/,(ÿ
ÿ,5ÿ4+'5*ÿ),5*!ÿ(ÿ/+*ÿ)'4,4ÿÿ2!,3'!6ÿ3*/+.47ÿN+,4ÿ9 05.ÿ3'L*ÿ,/ÿ
244,)5*ÿ/ÿ.*4,1(ÿ'ÿ_=ÿ),5*!ÿ!ÿ402*!&!,/,&'5ÿ'(.ÿ05/!'&!,/,&'5ÿ4/*'3ÿ2'!':
3*/*!4ÿ'(.ÿ/ÿ*(+'(&*ÿ/+*ÿ*,&,*(/ÿ'(.ÿ*(-,!(3*(/'5:!,*(.56ÿ04*ÿÿ,5ÿ
4+'5*ÿ/ÿ'ÿ&(4,.*!')5*ÿ*@/*(/7ÿÿ
N+*ÿ559,(1ÿ'&/ÿ4+05.ÿ)*ÿ/'L*(ÿ,(/ÿ'&&0(/ÿ'/ÿ2/,3,P'/,(ÿÿ),5*!ÿ
&(4/!0&/,(ÿKàb7ÿ,32!-*3*(/ÿ ÿOG"ÿ&'2/0!*M>ÿ/+*ÿ*,&,*(&6ÿ ÿ.*:
4052+0!,4'/,(ÿ.*2*(.4ÿ(ÿ/9 ÿ2+64,&'5:&+*3,&'5ÿ2!&*44*4ÿ?ÿ5,3*ÿ)0!(,(1ÿ
'(.ÿ5,3*ÿ4052+0!,P'/,(7ÿ
I,3*ÿ)0!(,(1ÿK.,44&,'/,(ÿÿ&'5&,/*Mÿ&&0!4ÿ,(ÿ/+*ÿ5'3*ÿ'(.ÿ,(ÿ/+*ÿ
& 5,(1ÿ4*&/,(ÿÿ/+*ÿ0!('&*7ÿN+*ÿ*,&,*(&6ÿÿ5,3*ÿ)0!(,(1ÿ.*2*(.4ÿ(ÿ/+*ÿ
;0'5,/6ÿÿ5,3*4/(*ÿ'(.ÿ(ÿ/*&+(51,&'5ÿ2'!'3*/*!4ÿÿ/+*ÿ)0!(,(1ÿ2!&*44ÿ
?ÿàb7ÿ(ÿ/*32*!'/0!*ÿ'(.ÿ/,3*7ÿN+*ÿ+,1+*!ÿ/+*ÿ;0'5,/6ÿÿ5,3*4/(*ÿK&5*'(*!<ÿ
3 !*ÿ2!04ÿ'(.ÿ,(*!Mÿ'(.ÿ/+*ÿ&54*!ÿ/+*ÿ&3)04/,(ÿ/*32*!'/0!*ÿÿ5,3*:

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿ!ÿ"#$ÿ %ÿ
&ÿ  ÿ' ÿÿ"#$(ÿ  ÿÿÿ)*ÿÿ
 ÿ  ÿ!ÿÿ  ÿ+ÿÿÿÿ ÿÿÿ), ÿ
ÿ ÿ %ÿ-ÿÿÿÿ .ÿ ÿÿÿ
ÿÿÿÿÿÿÿÿÿ ÿ ÿÿÿ
ÿ ÿÿÿÿ .ÿ ÿ/01%ÿÿÿ
ÿ%ÿ-ÿÿÿÿÿÿ'23"(ÿÿÿ ÿÿ'ÿ
ÿ ÿÿ(ÿÿÿÿÿ ÿÿ"#$ÿ#$ÿÿ4$#ÿ
ÿÿ  ÿ5ÿÿÿ6ÿÿ ÿÿ"#$%ÿ
-ÿ ÿÿÿ .ÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿ .ÿ5ÿÿÿ
6ÿÿ ÿÿ"#$%ÿ
76ÿÿÿÿÿ"#$ÿ)ÿ ÿ)ÿ ÿ ÿÿ
ÿ!ÿ ÿÿ ÿ 8;ÿ  ÿÿ  %ÿ
7ÿÿÿ6ÿÿ"#$ÿÿ6ÿ'9::ÿ3 (ÿ ÿ)ÿÿ<ÿ
=ÿÿ$:>?ÿÿ!@ÿÿÿÿ ÿÿÿA&Bÿÿ
ÿ ÿÿ!ÿÿ ÿ ÿ ÿÿÿÿÿ .ÿ ÿ
 ÿ)ÿÿÿ ÿÿÿÿÿ) %ÿCÿ ÿÿ! ÿ
ÿÿÿÿÿ ÿ ÿÿÿÿÿ .ÿ ÿÿ
ÿ ÿ ÿ %ÿAÿ  ÿ6ÿÿÿÿÿ)ÿ
  ÿÿ!ÿÿÿ8ÿ!ÿ ÿÿÿÿ
ÿD#+ÿ  ÿ'ÿÿ ÿÿ)ÿD#+ÿÿ"#$ÿ  ÿ!ÿ
 (%ÿ2 )ÿ ÿ6  ÿÿÿ  ÿÿ
!ÿ ÿÿÿ ÿÿÿ/01%ÿÿ"#$ÿ )) ÿÿÿ
D#+ÿÿ ÿÿ)ÿÿÿ ÿ6 ÿÿ ÿ  %ÿÿ
-ÿÿÿÿ ÿ!ÿ ÿ!ÿÿÿ!ÿ   ÿ!ÿ
ÿÿÿÿ8ÿ ÿ ÿ)ÿÿ<ÿ=%ÿ
7ÿ!ÿÿ)ÿÿÿÿÿÿÿ ÿÿ8ÿ!ÿ
 ÿ!ÿ!ÿÿ ÿÿ  )ÿÿÿ ÿ!ÿ ÿ
ÿ< %ÿ4!6ÿÿÿÿÿ ÿ ÿÿ8
ÿ!ÿ ÿ!ÿÿ>%Eÿ ÿÿ6  ÿÿ ÿÿ
 @ÿ)ÿ;:F%ÿ
Dÿÿÿÿ ÿÿÿ ÿ ÿÿ ÿÿ ÿÿ
%ÿ2).ÿÿ ÿ ÿÿ) ÿÿÿ ÿÿ 8ÿÿ!ÿ
 ÿÿÿ"#$%ÿÿ
2 ÿÿÿÿÿ"#$ÿÿ ÿÿG)Hÿÿ
ÿÿÿ6ÿÿÿ ÿ!ÿ ÿÿ< ÿ
ÿÿÿ$:>$ÿ'C%ÿ;(%ÿ
Dÿÿÿ ÿÿÿÿÿÿ ÿÿ)ÿÿ
6ÿÿ"#$ÿ ÿ ÿÿ6ÿ9::ÿ3;ÿÿÿICÿ) ÿ
ÿÿ!ÿ ÿÿÿ))ÿÿ6ÿÿ'ÿÿ
8ÿ ÿ ) ÿÿ6 ÿÿÿ)ÿÿÿ
(ÿ ÿ)ÿ%ÿ
ÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ

ÿ
!ÿ#!ÿ$%&'&ÿ()*ÿ*)+,-'.%/ÿ%0ÿ1ÿ'%/ÿ%0ÿ234ÿ)5.&&.%/6ÿ
ÿ
ÿ
7/ÿ%*+)*ÿ/%'ÿ'%ÿ899%:ÿ';)ÿ234ÿ)5.&&.%/ÿ9)<)9ÿ'%ÿ)=-))+ÿ./ÿ4>14ÿ';)ÿ234ÿ
)5.&&.%/ÿ?,%'8ÿ@4Aÿ';%,&8/+ÿ'%/&Bÿ)&'8C9.&;)+ÿCDÿ';)ÿE,*%()8/ÿF/.%/Gÿ8ÿ
9%/HI')*5ÿ@+,*./HÿJ4K>ÿ;%,*&Bÿ-;)-Lÿ')&'ÿ%/ÿ%/)ÿC%.9)*ÿ5,&'ÿC)ÿ0%99%:)+ÿCDÿ
8ÿ&:.'-;I%<)*ÿ'%ÿMNOÿ5%+)&Gÿ:;.-;ÿ:.99ÿ58L)ÿ.'ÿ(%&&.C9)ÿ0%*ÿP8*<8ÿQ%:)*ÿ
Q98/'&ÿ'%ÿ8-;.)<)ÿ';)ÿ%,'(,'ÿ%0ÿ,(ÿ'%ÿRÿSO;ÿ%0ÿ)9)-'*.-.'Dÿ%/ÿ';)ÿC8&.&ÿ%0ÿ
)=.&'./Hÿ)/)*HDÿC9%-L&6ÿ
T.H,*)ÿKÿ+)&-*.C)&ÿ;%:ÿ';)ÿ-%&'ÿ%0ÿ-8*C%/ÿ+.%=.+)ÿ./09,)/-)&ÿ';)ÿ-%&'ÿ%0ÿ
%/)ÿ'%/ÿ%0ÿC%,/+ÿ234ÿ:;)/ÿ,&./Hÿ';)ÿ&()-.0.-ÿ5)';%+ÿ%0ÿ234ÿC./+./H6ÿ
U)*'.-89ÿ8=.&ÿ&;%:&ÿ';)ÿ-%&'ÿ%0ÿ%/)ÿC%,/+ÿ234ÿ'%/ÿ./ÿVGÿ8/+ÿ;%*.W%/'89ÿ8=.&ÿ
&;%:&ÿ';)ÿ-;8/H)ÿ./ÿ';)ÿ-%&'ÿ%0ÿ$34ÿ'%/ÿ:.';ÿ$34ÿC8&.-ÿ(*.-)ÿC)./Hÿ4>ÿVX'%/ÿ
@>Yÿ<89,)ÿ%/ÿ;%*.W%/'89ÿ8=.&B6ÿ
S;)ÿ&5899)&'ÿ)00)-'ÿ.&ÿ*)<)89)+ÿCDÿ';)ÿ5)';%+&ÿ./ÿ';)ÿ-8&)ÿ%0ÿ:;.-;ÿ8ÿ
&5899)*ÿ0899ÿ./ÿ(%:)*ÿ)00.-.)/-Dÿ8/+ÿC.HH)*ÿ234IC./+./Hÿ+)H*))ÿ:)*)ÿ
(*%[)-')+6ÿS;)ÿ./.'.89ÿ+8'8ÿ+.&(98D)+ÿ./ÿ';)ÿS8C9)ÿ&)*<)ÿ8&ÿ8ÿC8&.&ÿ0%*ÿ';)ÿ
8/89D&.&ÿ%0ÿ234ÿ)00)-'ÿ&)/&.'.<.'D6ÿ
T.H,*)ÿAÿ-;8*8-')*.&)&ÿ;%:ÿ';)ÿ(*%[)-')+ÿ./<)&'5)/'&Gÿ/)-)&&8*Dÿ0%*ÿ
./')H*8'./Hÿ';)ÿ&()-.0.-ÿ5)';%+&ÿ%0ÿ234ÿC./+./Hÿ./'%ÿ%()*8'.%/Gÿ./09,)/-)ÿ';)ÿ
-%&'ÿ%0ÿ%/)ÿ'%/ÿ%0ÿC%,/+ÿ2346ÿU)*'.-89ÿ8=.&ÿ&;%:&ÿ';)ÿ-%&'ÿ%0ÿ%/)ÿ'%/ÿ%0ÿ
C%,/+ÿ234ÿ./ÿVÿ8/+ÿ;%*.W%/'89ÿ8=.&ÿ&;%:&ÿ';)ÿ-;8/H)ÿ./ÿ./<)&'5)/'&ÿ
)=(*)&&)+ÿ./ÿ()*-)/'8H)&6ÿM8&.-ÿ<89,)&ÿ%0ÿ./<)&'5)/'&ÿ;8<)ÿC))/ÿ&)(8*8')9Dÿ
&)'ÿ%,'ÿ./ÿ';)ÿS8C9)6ÿÿ
ÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿ ÿ    ÿ

      ÿ
  ÿ  !  !  !ÿ









 ÿ    ÿ  ÿ           ÿ  ÿ
ÿ
"#$%ÿ'(ÿ)*+,ÿ-*.ÿ/ÿ,*0ÿ*-ÿ)12(ÿÿ
ÿ
ÿ
ÿ ÿ
ÿ    ÿ
      ÿ
  ÿ  !  !  !ÿ









 ÿ    ÿ  ÿ           ÿ  ÿ
ÿ
"#$%ÿ4(ÿ5.*678,79ÿ:0;7+,<70,+(ÿ
ÿ

ÿ
0123415ÿ789
ÿ 1ÿ892ÿ ÿÿ322ÿ4ÿ9ÿ349ÿÿÿÿ ÿ
 !  "# $ÿ
&'ÿ()*+,-).+ÿ/00&120134ÿ56ÿ-7+ÿ38*59+:;ÿ<:*=):>+;-ÿ:;?ÿ56ÿ-7+ÿ458;,)=ÿ56ÿ/@ÿ
A,-5B+*ÿ/00&ÿ5;ÿ-7+ÿ=)>)-:-)5;ÿ56ÿ+>)CC)5;Cÿ56ÿ,+*-:);ÿ95==8-:;-Cÿ);-5ÿ-7+ÿ:)*ÿ
6*5>ÿ=:*D+ÿ,5>B8C-)5;ÿ9=:;-C'ÿ
/'ÿEFGHÿJ'ÿA)=ÿK7:=+ÿL8+=ÿ45>B8C-)5;'ÿMÿN:==);;Oÿ/00P'ÿ2@@ÿ9'ÿ
@'ÿJQQRHÿSTHÿUQVWWHÿJ'ÿX>9*5.);Dÿ59+*:-)5;ÿ56ÿY+-ÿD:Cÿ,=+:;);Dÿ+Z8)9>+;-ÿB[ÿ
?)=8-)5;ÿ56ÿ,)*,8=:-);DÿY:C7ÿC5=8-)5;ÿ-5ÿ:.5)?ÿD[9C8>ÿ?+95C)-Cÿ11ÿA)=ÿK7:=+'ÿ
=\\P'ÿ]5='ÿ&@^ÿ_5'ÿ&'ÿ<'ÿ̀@M`2'ÿÿ
a'ÿJbcdefHÿgTHÿShGhcdcHÿiTHÿjVccbcdcHÿkTHÿgfQlfmfHÿjTHÿndoFRcdcHÿJTHÿpfeqVWfcr
sfGHÿtTHÿgdGWdehHÿuTHÿgRRGffQHÿu'ÿ3>)CC)5;Cÿ6*5>ÿ3C-5;):;ÿ5)=ÿC7:=+ÿ95Y+*ÿ9=:;-Cÿ
11ÿA)=ÿK7:=+'ÿ=\\v'ÿ]5='ÿ=/^ÿ_5'ÿ/'ÿ<'ÿ&PvM&``'ÿÿ
v'ÿwxVWHÿy'ÿX;6=8+;,+ÿ56ÿA)=ÿK7:=+ÿz);+*:=ÿz:--+*ÿ5;ÿ-7+ÿ{5)=+*CÿA9+*:-);Dÿ
45;?)-)5;C'ÿMÿN:==);;Oÿ3C-5;):;ÿK-:-+ÿ<8B=)C7);Dÿ|58C+^ÿ&\P&ÿ});ÿ~8CC):;^ÿ
C8>>:*[ÿ);ÿ3;D=)C7'ÿ
P'ÿEFGHÿJ'ÿ<*5,+CC+Cÿ);ÿK-+:>ÿ€+;+*:-5*Cÿ(8*);Dÿ-7+ÿ{8*;);Dÿ56ÿA)=ÿK7:=+ÿ:;?ÿ
:;C‚ƒ„,7);C‚ÿ45:=C'ÿMÿz5C,5YOÿ3;+*D[^ÿ&\``ÿ});ÿ~8CC):;^ÿC8>>:*[ÿ);ÿ
3;D=)C7'ÿ
`'ÿ…bc†‡sVcHÿu'ÿˆ5YƒN+>9+*:-8*+ÿ45>B8C-)5;ÿ56ÿA)=ÿK7:=+'ÿMÿˆ+;);D*:?Oÿ&\2`ÿ});ÿ
~8CC):;^ÿC8>>:*[ÿ);ÿ3;D=)C7'ÿ
2'ÿjfelbmddHÿtTHÿtQVWWdeHÿJTHÿjbbGVWHÿ…'ÿ~+:,-).)-[ÿ56ÿ5)=ÿC7:=+ÿ:C7+Cÿ-5Y:*?Cÿ
C8=978*ÿ?)5‰)?+'ÿ&'ÿ„,-).:-)5;ÿ56ÿ7)D7ƒ-+>9+*:-8*+ÿ:C7+Cÿ11ÿA)=ÿK7:=+'ÿ=\\`'ÿ]5='ÿ
&a^ÿ_5'ÿ@'ÿ<'ÿ@\@Ma0`'ÿ
\'ÿjbbGVWHÿ…THÿjfelbmddHÿtTHÿtQVWWdeHÿJTHÿJQQRHÿS'ÿ~+:,-).)-[ÿ56ÿ5)=ÿC7:=+ÿ:C7+Cÿ
-5Y:*?CÿC8=978*ÿ?)5‰)?+'ÿ/'ÿˆ5Yƒ-+>9+*:-8*+ÿ:C7+Cÿ65*>+?ÿB[ÿ8C);Dÿ4L{4ÿ
-+,7;5=5D[ÿ11ÿA)=ÿK7:=+'ÿ=\\\'ÿ]5='ÿ&P^ÿ_5'ÿ&'ÿ<'ÿv&MP@'ÿ
&0'ÿjbbGVWHÿ…THÿjfelbmddHÿtTHÿkdGWVqhdHÿSTHÿ…Rbc†ŠsVcHÿ‹bTHÿjdeFqfcTÿJ'ÿ~+:,-).)-[ÿ
56ÿ5)=ÿC7:=+ÿ:C7+Cÿ-5Y:*?CÿC8=978*ÿ?)5‰)?+'ÿ@'ÿ~+,8**+;-ÿ8C+ÿ56ÿ:C7ÿ65*ÿ6=8+ÿD:Cÿ
98*)6),:-)5;ÿ11ÿA)=ÿK7:=+'ÿ=\\\'ÿ]5='ÿ&P^ÿ_5'ÿa'ÿ<'ÿ@0@M@&@'ÿ
&&'ÿtQVWWdeHÿJTHÿjbbGVWHÿ…'ÿz5?+=);Dÿ56ÿ?+,5>95C)-)5;ÿ:;?ÿC8=97:-)5;ÿ56ÿ5)=ÿC7:=+ÿ
,:*B5;:-+Cÿ5;ÿ-7+ÿB:C)Cÿ56ÿ;:-8*:=ÿ=)>+C-5;+ÿ}<*+C+;-+?ÿ:-ÿK[>95C)8>ÿ5;ÿA)=ÿ
K7:=+ÿ);ÿN:==);;^ÿ3C-5;):^ÿ_5.+>B+*ÿ&2M/&^ÿ/00/ÿ11ÿA)=ÿK7:=+'ÿ/00@'ÿ]5='ÿ/0^ÿ
_5'ÿa'ÿ<'ÿa\&Mv00'ÿ
&/'ÿŒQdsHÿp'ÿ„?C5*9-)5;^ÿK8*6:,+ÿ„*+:ÿ:;?ÿ<5*5C)-['ÿMÿz5C‚.:Oÿz)*^ÿ&\2aÿ});ÿ
~8CC):;^ÿC8>>:*[ÿ);ÿ3;D=)C7'ÿ
&@'ÿdsdQHÿj'ÿ„??)-).+ÿ?*[ÿ>+-75?ÿ56ÿ6=8+ÿD:C+Cÿ,=+:;);Dÿ6*5>ÿC8=978*ÿ5‰)?+Cÿ11ÿ
3;+*D[ÿL:,)=)-)+Cÿ„B*5:?'ÿ&\2`'ÿ_5'ÿv'ÿ<'ÿ&&M&vÿ});ÿ~8CC):;^ÿC8>>:*[ÿ);ÿ
3;D=)C7'ÿÿ
&a'ÿŽQVdHÿS'ÿN7+ÿ6)*C-ÿ*+C8=-Cÿ*+D:*?);Dÿ-5ÿ*+?8,-)5;ÿ56ÿKA/ÿ+>)CC)5;Cÿ);ÿP00ÿzÿ
+;+*D[ÿ8;)-ÿvÿ);ÿ<*5.:;Cÿ95Y+*ÿ9=:;-ÿ11ÿ*:6-Y+*‚C-+,7;)‚'ÿ&\2`'ÿ]5='ÿP`^ÿ
_5'ÿ̀'ÿ<'ÿ̀&`M`/@ÿ});ÿ€+*>:;'ÿ
&v'ÿjRFedQHÿk'ÿ_)-*5D+;ÿA‰)?+Cÿ);ÿL=8+ÿ€:C+Cÿ6*5>ÿ{5)=+*C'ÿMÿz5C,5YOÿ3;+*D5ƒ
:-5>)‘?:-^ÿ&\2`ÿ});ÿ~8CC):;^ÿC8>>:*[ÿ);ÿ3;D=)C7'ÿ
&P'ÿgdVWdQFHÿj'ÿN7+ÿ*+?8,-)5;ÿ56ÿ_A‰ÿ+>)CC)5;CÿB[ÿ-7+ÿ8C+ÿ56ÿ9*)>:*[ÿ>+-75?Cÿ);ÿ:ÿ
?)66+*+;-ÿB8*;);Dÿ,7:>B+*Cÿ11ÿ]€{ÿ*:6-Y+*‚C-+,7;)‚'ÿ&\2P'ÿ]5='ÿPP^ÿ_5'ÿ`'ÿ
<'ÿP@&MP@`ÿ});ÿ€+*>:;'ÿ
&`'ÿuf’RQGWVHÿy'ÿN7+ÿ-+,7;5=5D),:==[ÿ-+,7;)Z8+Cÿ56ÿC5=)?ÿ68+=ÿ,5>B8C-)5;ÿ:Cÿ>+-75?Cÿ
65*ÿ9*+.+;-)5;ÿ56ÿ;)-*5D+;ÿ+>)CC)5;C'ÿ11ÿN7+*>:=ÿ3;D);++*);D'ÿ&\\v'ÿ_5'ÿ/'ÿ
<'ÿ&`M/@ÿ});ÿ~8CC):;^ÿC8>>:*[ÿ);ÿ3;D=)C7'ÿÿ

ÿ
 01ÿ34556788ÿ59ÿ841ÿ

ÿÿÿÿÿ!ÿ"#$ÿ%%ÿ&'ÿ ()ÿ*+ÿ,-ÿÿ.ÿ/ÿ 0! 1ÿ
2ÿ3#4'-ÿ$5##4'ÿÿ&+$67ÿ
(ÿ89:;<9=>ÿ?@ÿA=BCÿDÿEÿF4E$ÿG#GÿHI5$ÿÿ+EÿJÿG$ÿ%%ÿKÿ
/EÿL'$#$ÿ (((ÿM#Nÿ/ÿO(!,,ÿ
O0ÿP=QRS=BÿT@ÿAB=C9ÿU@ÿV9S=W=B9ÿX@ÿY6ÿGG5'ÿHÿJÿ#$$$ÿ5IZ
ÿHÿ6ÿG5+M[ÿ+ÿ$64+ÿHÿN+$ÿ%%ÿJ+ÿL64+ÿ (( ÿ*+ÿ-ÿÿ.ÿ
/ÿ,11!,1(ÿ
O ÿ\]^]>9ÿPÿF_`abÿI5$ÿLJÿÿ̀+4ÿ%%ÿKÿ/EÿL'$#$ÿ ()ÿ*+ÿ)ÿ
/ÿc!( ÿ
OOÿVdd;;eÿ8@ÿS^9B@ÿfÿ_#GMÿ6ÿGH#4IÿHÿF_`abÿ`3gÿÿb6$ÿ
N+$ÿ%%ÿKÿ/EÿL'$#$ÿO000ÿ*+ÿO0-ÿÿ -ÿ/ÿ, !,Oÿ
O,ÿXR>9Bÿhÿg$5+H5[4ÿHÿH+5ÿ4$$ÿ4ÿ6#4+ÿGEÿG+4$ÿ%%ÿ&I$ÿ
((1ÿÿ)ÿ/ÿ 1! ciÿÿcÿ/ÿ ,! )ÿ%%ÿY6#4+ÿ&ÿ ((.ÿÿ)ÿ
/ÿO,!Ocÿ2ÿj5$$4-ÿ$5##4'ÿÿ&+$67ÿÿ
O.ÿJMMEÿHÿ5GZZg4ÿK6$ÿHÿ`+5ÿ34$$ÿb+4$ÿH#ÿL5+H5ÿJ$ÿ
4ÿk+[4ÿHÿ"'Z/5I$ÿ!ÿL/JÿJj3j&L-ÿK$IE-ÿ ((,ÿ2ÿj5$$47ÿ
O1ÿl>m9=S=BÿTÿb6Iÿ4N5ÿ$5+G65[4ÿ#6$ÿHÿH+5ÿ4$$ÿ4ÿ6#4+ÿ
GEÿG+4$ÿ%%ÿ/Eÿ/+4$ÿO000ÿÿ1ÿ/ÿ .! ÿ2ÿj5$$4-ÿ$5##4'ÿÿ
&+$67ÿÿ
O)ÿn^=CR>ÿfÿ`+5ÿ4$ÿ$5+H5[4ÿI6+'ÿHÿI4+ZHÿ6#4+ÿGEÿ
G+4$ÿHÿ6ÿj5$$4ÿ̀4ÿ%%ÿ&+IIÿ/Eÿ/+4$ÿO00)ÿÿ)ÿ/ÿOc!,1ÿ
2ÿj5$$4-ÿ$5##4'ÿÿ&+$67ÿ
Ocÿn^=CR>ÿfÿ/$GI$ÿHÿ6ÿ5$ÿHÿ$5+H5ÿ#M4+ÿH4I+$ÿ4ÿ6#4+ÿGEÿ
G+4$ÿÿj5$$4ÿ%%ÿ&IÿO00cÿÿ ÿ/ÿ O! 1ÿ2ÿj5$$4-ÿ$5##4'ÿÿ
&+$67ÿÿ
ÿ
ÿ
hoBWQÿdÿU@ÿP==Qÿ
jIMÿgI#Nÿ ,-ÿO0 0ÿ

ÿ
Appendix 5. “Implications for Competitiveness of Estonian Energy-Intensive
Industry after establishment of the CO2 emissions pricing from year 2013
onwards”.

113
 345637893
ÿ
ÿ7
459393ÿ
ÿ9
38ÿ
393ÿ39ÿ89ÿ986349ÿ
ÿ7
ÿ433
ÿ
5373ÿ
4ÿ8ÿÿ
8ÿ
ÿ
!ÿ"#$$%&''(')*ÿ+',-ÿ.!!/!01('()2)*ÿ3/4'/ÿ5'678-9(')ÿ(2)ÿ
:'##!00ÿ;0!9$%!6<ÿ-=ÿ:$>?0-#-1< *ÿ;0!9$%!6<ÿ-=ÿ:'64
ÿ
8@ABCDEBÿ
ÿ
F0ÿ6?$ÿ34-G$'0ÿ;0!-0ÿ6?$ÿ!1?6%ÿ=-ÿHIÿ$&!%%!-0%ÿ'$ÿ/!%6!246$/ÿ'&-01%6ÿ$0$1<K
!06$0%!9$ÿ>-&G'0!$%ÿ=-ÿ=$$ÿ-0#<ÿ406!#ÿJ$0/ÿ-=ÿ<$'ÿJL0JMÿN-&ÿJL0Oÿ-0P'/%ÿ6?$ÿ
6-6'#ÿQ4'06!6<ÿ-=ÿ'##-P$/ÿ$&!%%!-0%ÿP!##ÿ%6'6ÿ/$>$'%!01*ÿG466!01ÿG$%%4$ÿ-0ÿ6?$ÿ
G!>$ÿ-=ÿHIJÿ$&!%%!-0%Mÿ:?!%ÿP!##ÿ!0=#4$0>$ÿ>'2-0K$&!66!01ÿ$0$1<K!06$0%!9$ÿ
>-&G'0!$%Rÿ>-%6%ÿ'0/ÿ/$6$&!0$ÿ6?$!ÿ'2!#!6<ÿ6-ÿ%4%6'!0'2#<ÿ>-&G$6$ÿ!0ÿ6?$ÿ-G$0ÿ
&',$6%ÿP?$$ÿG!>$%ÿ'$ÿ=!S$/Mÿ:?!%ÿ'6!>#$ÿ-==$%ÿ'0'#<%!%ÿ-=ÿ'0ÿ-G$0ÿ&$/!4&K
!0>-&$ÿ>-406<R%ÿ$0$1<K!06$0%!9$ÿ=!&%Rÿ9'!'2#$ÿ>-%6ÿ$#'%6!>!6<ÿ=-ÿHIJÿG!>$%ÿ'6ÿ
T0U*ÿTJUÿ'0/ÿTULÿG$ÿ6-00$*ÿ4%!01ÿ3%6-0!'ÿ'%ÿ'ÿ$=$$0>$Mÿ:?$ÿ'0'#<%!%ÿ$9$'#%ÿ6?'6ÿ
=!&%ÿ4%!01ÿ>'2-0K!06$0%!9$ÿ=4$#%ÿ>-4#/ÿ$SG$!$0>$ÿ9'!'2#$ÿ>-%6ÿ!0>$'%$%ÿ4Gÿ6-ÿ
0LLVÿ(!0ÿ6?$ÿ>'%$ÿ-=ÿ4%!01ÿ-!#ÿ%?'#$ÿ'6ÿHIÿG!>$/ÿTULÿG$ÿ6-00$)*ÿP?!>?ÿP!##ÿ?'9$ÿ
G''&-406ÿ!0=#4$0>$ÿ-0ÿ6-6'#ÿ>-%6%MÿW#6?J-41?ÿ%4>?ÿ=4$#ÿ!%ÿG!&'!#<ÿ4%$/ÿ!0ÿ
3%6-0!'R%ÿ$#$>6!>!6<ÿ1$0$'6!-0*ÿ2!11$%6ÿ!&G'>6ÿP-4#/ÿ?!6ÿ6?$ÿ>-406<R%ÿ&!0$'#ÿ
%$>6-ÿP?$$ÿ>'2-0K!06$0%!9$ÿ&'04='>64!01ÿ='>$%ÿ-0ÿ'9$'1$ÿJLVÿ9'!'2#$ÿ>-%6ÿ
>?'01$ÿ('6ÿHIJÿG!>$/ÿTJUÿG$ÿ6-00$)ÿ'0/ÿ>-4#/ÿ$9$064'##<ÿ&-9$ÿ-46ÿ-=ÿ6?$ÿ>-406<Mÿ
ÿ
XYZ[\C]A^ÿHIÿ$&!%%!-0%*ÿ$0$1<K!06$0%!9$ÿ!0/4%6<*ÿ>-%6ÿ>-&G$6!6!9$0$%%*ÿ
3%6-0!'Mÿ J
ÿ
_6ÿED̀AAabaEDBa\cÿcde@YC^ÿfgh*ÿihLÿ
ÿ
3cBC\]dEBa\cÿ
ÿ
F0ÿ+'>?ÿJLLhÿ6?$ÿ34-G$'0ÿ;0!-0R%ÿ#$'/$%ÿ$0/-%$/ÿ'0ÿ!06$1'6$/ÿ'GG-'>?ÿ6-ÿ
>#!&'6$ÿ'0/ÿ$0$1<ÿG-#!><ÿ6?'6ÿ'!&%ÿ6-ÿ>-&2'6ÿ>#!&'6$ÿ>?'01$ÿ'0/ÿ!0>$'%$ÿ6?$ÿ3;R%ÿ
$0$1<ÿ%$>4!6<ÿP?!#$ÿ%6$016?$0!01ÿ!6%ÿ>-&G$6!6!9$0$%%Mÿ:?!%ÿ%?-4#/ÿ?$#Gÿ>$'6$ÿ'ÿ
?!1?#<ÿ$0$1<K$==!>!$06*ÿ#-Pÿ>'2-0ÿ$>-0-&<K2'%$/ÿ34-G$ÿ(34-G$'0ÿH-&&!%%!-0*ÿ
JL00)MÿF6ÿ2$>'&$ÿ#'6$ÿ,0-P0ÿ=-ÿjJLKJLKJLÿ6'1$6%kÿ'%ÿ6?$ÿ3;R%ÿ#$'/$%ÿ>-&&!66$/ÿ
6-ÿ'ÿ$/4>6!-0ÿ-=ÿ1$$0?-4%$ÿ1'%ÿ$&!%%!-0%ÿ2<ÿ'6ÿ#$'%6ÿJLVÿ2$#-Pÿ0llLÿ#$9$#%mÿJLVÿ
-=ÿ3;ÿ$0$1<ÿ>-0%4&G6!-0ÿ6-ÿ>-&$ÿ=-&ÿ$0$P'2#$ÿ%-4>$%mÿ'0/ÿ'ÿJLVÿ$/4>6!-0ÿ!0ÿ
G!&'<ÿ$0$1<ÿ4%$ÿ=-&ÿ?!1?$ÿ$0$1<ÿ$==!>!$0><ÿnÿ'##ÿ2<ÿ6?$ÿ<$'ÿJLJLMÿÿ
ÿ
N-&ÿJL0Oÿ-0P'/%ÿ'ÿ%!01#$ÿ3;KP!/$ÿ>'Gÿ-0ÿ$&!%%!-0ÿ'##-P'0>$%ÿP!##ÿ2$>-&$ÿ
$==$>6!9$*ÿ$/4>!01ÿ6?$ÿ04&2$ÿ-=ÿ'##-P'0>$%ÿ'9'!#'2#$ÿ6-ÿ24%!0$%%$%ÿ6-ÿJ0Vÿ2$#-Pÿ
6?$ÿJLLUÿ#$9$#ÿ2<ÿJLJLÿ(34-G$'0ÿH-&&!%%!-0*ÿJL00)MÿH4 $06ÿ=$$ÿ'##->'6!-0ÿ-=ÿ
'##-P'0>$%ÿ2<ÿ3;ÿ&$&2$ÿ>-406<ÿ1-9$0&$06%ÿP!##ÿ2$ÿG-1$%%!9$#<ÿ$G#'>$/ÿ2<ÿ
G42#!>ÿ'4>6!-0!01ÿ'0/ÿ6?$ÿ%$>6-%ÿ>-9$$/ÿ2<ÿ6?$ÿ%<%6$&ÿP!##ÿ2$ÿ$SG'0/$/Mÿÿ
ÿ
0ÿ
ÿ
3456ÿ7ÿ89
4899 ÿ58979ÿ7ÿ47 ÿ6989ÿ578  9 9ÿ 489ÿ959ÿ
495ÿÿ69ÿ9 ÿ77 59ÿ57ÿ7 ÿ7ÿ 99ÿÿ7ÿ99ÿ8ÿ7 7ÿ
4 ÿ9ÿ789867 7 9ÿ9 ÿ
47ÿ378ÿ9ÿ7857 ÿ7ÿ
9ÿ9ÿ67 ÿ7 9ÿ7 ÿ57 ÿ49
49 ÿ9ÿ4 49ÿ9 ÿ
47ÿ8ÿ
7 7ÿ 59ÿ3ÿ69ÿ57 9ÿ99ÿ9ÿ578 ÿ 9 9ÿ956 9ÿ
69ÿ57 ÿ9 79ÿ ÿ87 ÿÿ578 ÿ9 ÿ
47ÿ656ÿÿ7ÿ  ÿ7ÿ
9959ÿ 0ÿ87 ÿ
ÿ
 ÿ87 ÿ ÿ69ÿ!4897 ÿ"  ÿ789ÿ7897ÿ ÿ0##$ÿ7ÿ7ÿ9ÿ5699ÿ69 ÿÿ
87 ÿ04 ÿ0##%ÿ7 ÿ7ÿ79ÿ999 ÿ!"ÿ998ÿ79ÿ ÿ&ÿ899ÿ5699ÿ
ÿ ÿ ÿ759ÿ6ÿ9 9ÿ
47ÿ7 ÿ87 ÿ79ÿ999 ÿ0##'ÿ7 ÿ0#(0ÿ
)9 ÿ67ÿ6ÿ98ÿÿÿ4 98 ÿ7 ÿ978ÿ0#(*ÿ8 ÿ7 ÿ 845 ÿÿ7ÿ
 9ÿ!"9ÿ57ÿ6989ÿÿ47 7ÿ4 5987 ÿ8978 ÿ69ÿ5ÿÿ 0ÿ
9 ÿ0#(0ÿ+,94569ÿ-7 .ÿ898ÿ8ÿ*#ÿ&44ÿ0#(#ÿ979ÿ978ÿ0#0#ÿ
859ÿ7ÿ/*#ÿ98ÿ 9ÿ7ÿ!".ÿ54889 ÿ789ÿÿ0#0ÿ( 0ÿ9 ÿ8945 1ÿ
8 ÿÿ/*%ÿ98ÿ 9ÿÿ69ÿ789ÿ7ÿ879ÿÿ*#0 ÿ&ÿ69ÿ79ÿ9ÿ54889 ÿ
4489ÿ859ÿ7ÿ69ÿ!4897 ÿ79ÿ!2567 9ÿ7 ÿ7ÿ/(334ÿ98ÿ 9ÿ8ÿ
57856ÿ0#((ÿ7 ÿ7ÿ/00$#ÿ8ÿ,95998ÿ0#0#06ÿ76ÿ9ÿ67ÿ7ÿ9 98
 9 9ÿ57 9ÿ67ÿ4859ÿ698ÿ9 98ÿ8ÿÿ49ÿ8ÿ9ÿ ÿ7ÿ78ÿÿ
698ÿ845 ÿ859ÿ789ÿ9ÿÿ498ÿ 58979ÿ5ÿ7ÿ7ÿ894ÿ0ÿ9ÿ 0ÿ
9 ÿ9 ÿ7779ÿ8ÿ899ÿ87 ÿ7 ÿ478ÿ859ÿ89 ÿ98ÿ ÿ
978ÿ8 ÿ698ÿ8ÿ9769 ÿÿ69ÿ 9ÿ 0ÿ77 59ÿÿ679ÿ7 ÿ75ÿ
 ÿ456ÿ57 9.ÿ599 9ÿ ÿ9 ÿ789ÿ
ÿ
769ÿ7ÿÿ6ÿ7859ÿÿÿ79ÿ9 7ÿ5895 5ÿ75ÿ8ÿ456ÿ8 ÿ
5ÿ-ÿ57547 ÿ57 9.ÿ9 98ÿ5ÿ7 ÿ757 ÿ7ÿ9 7ÿ ÿ
9 ÿ499 ÿ ÿÿÿÿ9ÿÿ97489ÿ8.ÿ7879ÿ5ÿ9750ÿ
99  ÿ ÿ69ÿ4859ÿÿ49ÿ49ÿ7 ÿ ÿ99ÿ76ÿ ÿ48 ÿ8ÿ7ÿ
4 7 ÿ8ÿ799 ÿÿ4 789ÿ8ÿ5099ÿ5ÿ77 79ÿ)9 ÿ69ÿ
9 9ÿÿ 0ÿ85 ÿ7 ÿ9ÿ987489ÿ7779ÿ ÿ456ÿ54 ÿ9ÿ
 99ÿ92ÿ7ÿ74ÿ69ÿ5 9
49 59ÿÿ456ÿ75ÿÿ599 9ÿ
ÿ9 98 9 9ÿ8ÿ ÿ7ÿ7ÿ94 59ÿ!"ÿ54 8ÿ9ÿ! 7ÿ9ÿ7 ÿ
5 9
49 ÿ895 ÿ8ÿ5ÿ97489ÿ7 ÿ899ÿ95 ÿ
ÿ
788 ÿ4ÿ69ÿ7ÿ89
489ÿ7559ÿÿ7 ÿ979ÿ7 7ÿÿ578  9 9ÿ
8.ÿ5ÿ99ÿ76ÿ67ÿ99 ÿ57889ÿ4ÿ7ÿ7ÿ9ÿ4ÿ98 ÿ0(ÿÿ
9 98 9 9ÿ8ÿ ÿ! 7ÿ6ÿ79ÿ4ÿ8959 ÿÿ! 7.ÿ578 
9 ÿ
47ÿ57 ÿÿ699ÿ8ÿ789ÿ78ÿ92898ÿ8ÿ54ÿ9 7ÿ
959ÿ 9ÿ+ 54 ÿ7ÿ99585ÿ898ÿ798ÿ599ÿ9  ÿÿ! 7 ÿ
99585ÿ789ÿ ÿ0#(*6ÿ69 59ÿ456ÿ57547 ÿ8ÿ7 ÿ87 ÿ54 ÿ
5ÿ ÿ69ÿ95 5ÿ587 ÿ99ÿ5ÿÿ69ÿ57 9ÿ ÿ69ÿ4ÿ
8459ÿ9 98ÿ9ÿ69ÿÿÿ789579ÿ498ÿ7ÿ 549ÿ7 4754898ÿÿ
ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
:ÿ+,94569ÿ-7 ÿ0#(#6ÿ
0ÿ
+8!ÿ0#((6 ÿ
0ÿ
ÿ
34567893
ÿ 57ÿ6ÿ8 ÿ
ÿ ÿ 9ÿ733ÿ34
43
ÿ5
8
ÿ8ÿ7865ÿ3ÿ 4ÿ
338ÿ 78ÿ
93
83 4ÿ
45ÿ4 8ÿ537677ÿ3
8ÿ 4ÿ9 38ÿ
9347ÿ
ÿ
37ÿ
983ÿ37ÿ78968695ÿ
7ÿ  7ÿ3978ÿ
ÿ8 983
ÿ5376773 4ÿ 4ÿ33
83 47ÿ
ÿ 78ÿ 8383 4ÿ3ÿ8
ÿ
ÿÿ
68 97ÿ537677ÿ ÿ8 ÿ
56
8ÿ
769ÿ
 8383477ÿ34ÿ8ÿ38ÿ ÿ 3ÿ59
834ÿ
45ÿ 348ÿ8 ÿ8ÿ45ÿ8 ÿ
769ÿ
3453356
ÿ397ÿ 78ÿ7ÿ
7ÿ645934ÿ7 69ÿ ÿ 8383 4ÿ 45ÿ
ÿ
8 5  3
ÿ5376773 4ÿ  7ÿÿ
68 97ÿ
96ÿ8
8ÿ6ÿ 787ÿ
9ÿ
4ÿ
3 98
48ÿ5939ÿ ÿ49348473ÿ397ÿ 9
ÿ 78ÿÿ
45ÿ5 4789
8ÿ ÿ
8 ÿ
769ÿ
4ÿ
55383 4
ÿ8ÿ ÿ!"ÿ9334ÿÿ
4
737ÿ37ÿ
9935ÿ 68ÿ
7ÿ
ÿ57ÿ
7865ÿ6734ÿ97
95ÿ397ÿ
446#
ÿ9 987ÿ395ÿ
ÿ5376773 4ÿ 4ÿ345347ÿ
  7ÿÿ
68 97ÿ59
ÿ 4673 47ÿ 4ÿ3ÿ345678937ÿ
9ÿ 78ÿ3ÿ8 ÿ
ÿ

99ÿ 78ÿ349
7ÿ3ÿ!"ÿ6 8
7ÿ9ÿ935ÿ
8ÿ39ÿ7ÿ$
75ÿ 4ÿ8ÿ ÿ
93
9ÿ6ÿ675ÿÿ 4#673 4ÿ3387ÿ77 47ÿ
948ÿÿ
ÿ
%&'()'*+,-.ÿ0-,12)(345ÿ
ÿ
37ÿ
983ÿ78937ÿ8 ÿ
4
7ÿ ÿ6869ÿ9334ÿ ÿ!"#ÿ3773 47ÿ38ÿ3
8ÿ
 8383477ÿ ÿ49348473ÿ345678937ÿ64ÿ38ÿ
7ÿ747ÿ8 ÿ78
98ÿ$ÿ
53434ÿ
8ÿ7 65ÿ$ÿ645978 5ÿ$ÿ 8383477ÿ
45ÿ$935ÿ8ÿ5376773 4ÿ8 ÿ
 ÿ38ÿ9
87ÿ8 ÿ39ÿ9 9
4ÿ3ÿ33834ÿ8ÿ3 98
4ÿ ÿ
76934ÿ
 787ÿ
45ÿ9 387ÿ! 8383477ÿ37ÿ387ÿ
ÿ9
89ÿ
6ÿ89ÿ3ÿ
4ÿ$ÿ
9 $
$ÿ5345ÿ34ÿ
7ÿ
4ÿ
7ÿ
7ÿ89ÿ
9ÿ ÿ5
34ÿ38ÿ38ÿ9ÿ37ÿ4 ÿ
4ÿ35
ÿ
769ÿ
45ÿ8ÿ
9ÿ46$9ÿ ÿ53948ÿ
7697ÿ8
8ÿ
9ÿ34ÿ  4ÿ
67ÿ8 5
ÿ 84ÿ539ÿ
93
$ÿ76949ÿ8ÿ
ÿ9::0;ÿ37ÿ37ÿ7 
8ÿ
4
869
ÿ34ÿ8
8ÿ 8383477ÿ
4ÿ$ÿ
35ÿ8 ÿ53948ÿ7ÿ ÿ
777748ÿ

45ÿ
4
737ÿÿ
ÿ
<
9834ÿ8ÿ
ÿ79::9;ÿ
ÿ8ÿ697638ÿ ÿ 8383477ÿ
ÿ
984973ÿ$84ÿ6$3ÿ
 3ÿ
45ÿ
4
48ÿ789
8ÿ7 ÿ
7ÿ8 ÿ9
8ÿ7678
34
$ÿ 9
83 47ÿ
8ÿ39 ÿ
45ÿ

9  4 3ÿÿ=8ÿ37ÿ
965ÿ8
8ÿ3468ÿ
8 97ÿ ÿ9 ÿ$ 8ÿ
4ÿ3453356
ÿ
 64897ÿ 9448ÿ
45ÿ8ÿ
834ÿ$673477ÿ397ÿ>ÿ8ÿ6ÿ
7 ÿ9
347ÿ
68735ÿ5398ÿ3464ÿ ÿ$ 8ÿ76ÿ
7ÿ3468ÿ937ÿ 9ÿ5
45ÿ 45383 47ÿ7<
9834ÿ
?7894ÿ8ÿ
4ÿ694ÿ9::9;ÿ=8ÿ37ÿ937ÿ34ÿ837ÿ 48@8ÿ8
8ÿ6949ÿ
45ÿ
ÿ
79::0;ÿ9  7ÿ
76934ÿ 648937ÿ9
83ÿ93ÿ
45A 9ÿ 78ÿ 7383 47ÿ
7ÿ5398ÿ
9
85ÿ8 ÿ 9
ÿ 4 3ÿ9 9
4ÿ=ÿ
ÿ 64897ÿ9
83ÿ 787ÿ
9ÿ8 ÿ3ÿ
 
ÿ397ÿ3ÿ4 8ÿ893ÿ
45ÿ34894
83 4
ÿ 
437ÿ38ÿ$ÿ 9ÿ3489785ÿ34ÿ
5398ÿ3 987ÿ
45ÿ343
ÿ 9
83 47ÿ>ÿ4ÿ 9 3734ÿ8ÿ 64897ÿ
$338ÿ
8 ÿ 8ÿ34894
83 4
ÿ76949ÿ8ÿ
ÿ9::0;ÿÿ
ÿ
=455ÿ397ÿ
9ÿ5398ÿ
97ÿ8
8ÿ534ÿ
45ÿ9534ÿ839ÿ$673477ÿ439 448ÿ

45ÿ89$ÿ3464ÿ8 8
ÿ 4 3ÿ$

47ÿ
434ÿ8
8ÿ ÿ 8383ÿ
ÿ
 6489ÿ457ÿ6ÿ$34ÿ37ÿ
ÿ983 4ÿ ÿ7677ÿ ÿ387ÿ
834ÿ 
437ÿB8 6ÿ
<
9834ÿ8ÿ
ÿ79::9;ÿ5 ÿ4 8ÿ
$ 9
8ÿ6989ÿ 4ÿ 65ÿ
96ÿ8
8ÿ
ÿ 64897ÿ
$673477ÿ439 448ÿ3ÿ38477ÿ$ 8ÿ 
ÿ
7ÿÿ
7ÿ34894
83 4
ÿ397ÿ>ÿ
7ÿ$ 8ÿ
0ÿ
ÿ
34ÿ5678ÿ9
7ÿ3875 ÿ43
ÿ39ÿ5387
ÿ95575 3ÿ9ÿ97ÿ93ÿ 56ÿ97ÿ53ÿ
39ÿ
35 3ÿ
73
7ÿÿ
ÿ
3ÿ 5ÿ787
7ÿ5695ÿ35
7ÿ9
7ÿ9ÿ7956ÿ9ÿ567
ÿ4
8ÿ9
7ÿ4ÿ4
8ÿ79
ÿ
34 5ÿ
9ÿ9ÿ59 9ÿ
3ÿ567
ÿ 7ÿ567ÿ 5ÿ 
797ÿ567ÿ35
ÿ
7595 3ÿ
9ÿ
7ÿ83
7ÿ4
8ÿ53ÿ75ÿÿ567
ÿ 7ÿ567
7ÿ6 ÿ ÿ5
ÿ35
57ÿ53ÿ7557
ÿ
5  95 3ÿ34ÿ
35 3ÿ
73
7ÿ  ÿ93
ÿ9ÿ8957
9ÿ 7ÿ

797ÿ37
9ÿ9 5ÿ77ÿ3447
ÿ83
7ÿ63 7ÿ53ÿ5387
ÿ ÿ567ÿ43
8ÿ34ÿ
7!
35ÿ9ÿ5 8957ÿ35
57ÿ53ÿ6 67
ÿ59"ÿ
777ÿ43
ÿ567ÿ5957ÿ56
36ÿ

797ÿ97ÿ95  5ÿÿ
ÿ
ÿ3
7
ÿ53ÿ 
797ÿ7956ÿ43
ÿ567ÿ3 75ÿ567ÿ9 8ÿ34ÿ4
8ÿ63ÿ7ÿ53ÿ
37ÿ95ÿ
6 675ÿ3 7ÿ9 5ÿ 56ÿ375ÿ3 7ÿ
75ÿ9ÿ 
75ÿ35ÿ6 ÿ ÿ
9
5 9
ÿ
7795ÿ ÿ567ÿ97ÿ34ÿ8 7! 387ÿ35
7ÿ 56ÿ37ÿ7338ÿ#ÿ
6ÿ9ÿ$53 9ÿ#ÿ67
7ÿ679ÿ93
ÿ ÿ3ÿ37
ÿ9ÿ59 97ÿ3875 5 7ÿ
99597ÿ9ÿ39ÿ4
8ÿ697ÿ53ÿ8956ÿ
35ÿ9ÿ7
 7ÿ ÿ567
ÿ6387ÿ
89
%75ÿ53ÿ567ÿ9 5ÿ3447
7ÿÿ 57
95 39ÿ757

7ÿ&5ÿ567ÿ987ÿ5 87ÿ6ÿ
4
8ÿ5 ÿ697ÿ53ÿ 447
75 957ÿ567
ÿ3447
ÿ 56ÿ9ÿ9
875ÿ5695ÿ567ÿ9ÿ96 77ÿ
987ÿ
75ÿÿ7 ÿ7ÿ35ÿ'ÿ567ÿ37ÿ69ÿ56 ÿ3
5ÿ( 7 ÿ$)799!
*9

3ÿ 79ÿ5695ÿ 5
35 3ÿ34ÿ43
7 ÿ9 59ÿ5
77ÿ39ÿ3875 5 3ÿ
539
ÿ7557
ÿ9 5ÿ9ÿ37
ÿ35ÿ$)799!*9

3ÿ+,,,ÿ6 ÿ69ÿ93ÿ
6977ÿ ÿ$53 9ÿ987ÿ9ÿ ÿ89ÿ3567
ÿ5
9 5 3ÿ7338 7ÿ'ÿ567ÿ3567
ÿ
69ÿ9ÿ5957875ÿ5695ÿ- 75ÿ879ÿ ÿ89" 8  ÿ4
8ÿ
34 5ÿ ÿ3875 5 3.ÿ
&
99ÿ/76
9ÿ0ÿ 77ÿ+,,1ÿ23ÿ63ÿ5
7ÿ879 ÿ5695ÿ
7ÿ9
7ÿ4 "7ÿÿ
567ÿ89
%75ÿ9ÿ567ÿ3ÿ9ÿ43
ÿ4
8ÿ53ÿ89%7ÿ
34 5ÿ9ÿ
3ÿ567
ÿ 7ÿ ÿÿ
%77 ÿ9ÿ7"77ÿ7
ÿ5
5ÿ35
3ÿ9ÿ9 8 ÿ43
ÿ35ÿ
75 3ÿ35ÿ3ÿ43
ÿ
89
 9ÿ35ÿ5ÿ93ÿ43
ÿ5359ÿ 5ÿ35ÿ9ÿ
35 3ÿ95 5 7ÿ 
797ÿ
ÿ
3ÿ567ÿ  3ÿ6 45ÿ53ÿ35ÿ9ÿ
75ÿ757
8 95ÿ34ÿ7ÿ ÿ3875 5 3ÿ
6 ÿ
7
7ÿ99
77ÿ34ÿ695ÿ4953
ÿ
7ÿ35ÿ53ÿ957
ÿ3
ÿ697ÿ567ÿ95
7ÿ9ÿ
7"575ÿ34ÿ95  5 7ÿ5695ÿ
7957ÿ35ÿ4
356ÿ0ÿ5 7ÿ+,,0ÿ%77 ÿ ÿ8 ÿ5695ÿ
35ÿ93ÿ697ÿ37
ÿ5 87ÿ43
ÿ9ÿ9
75ÿ34ÿ
793ÿ  ÿ983ÿ3567
ÿÿ
9ÿ789ÿ74475ÿ9ÿ
7953
ÿ
377ÿ6ÿ9ÿ
 ÿ34ÿ6'ÿ78  38ÿ
93%98ÿ733:ÿ37ÿ77ÿ4
567
ÿ75 ÿ5695ÿ35ÿ7ÿ9977ÿ35ÿ3ÿ
57
9ÿ5ÿ93ÿ7"57
9ÿ3ÿ5695ÿ4
8ÿ3ÿ 75 4ÿ567
ÿ35ÿ9557
ÿ97ÿ
3ÿ3
9 95 39ÿ3;75 7ÿ3
9 95 39ÿ99  5 7ÿ9ÿ5387
ÿ
7
7875ÿ
93%98ÿÿ733:ÿÿ56 ÿ9
5 7ÿ357"5ÿ56 ÿ3ÿ7ÿ4
567
ÿ 57

757ÿ9ÿ
57
95 39ÿ7689
% ÿ ÿ35ÿ3875 5 3ÿ67ÿ9ÿ34ÿ$<ÿ497ÿ35ÿ3ÿ6'7ÿ
78  3ÿ#ÿ879 ÿ4
8ÿ77ÿ53ÿ74 7ÿ567
ÿ3843
5ÿ)37ÿ9ÿ9ÿ8 5 95 ÿ
95 3ÿ53ÿ
77
7ÿ5678ÿ
ÿ
673
75 9ÿ9ÿ78  3ÿ5
9 ÿ578ÿ6ÿ9ÿ567ÿ37ÿ ÿ$<ÿ
38357ÿ744  75ÿ

75 3ÿ 7ÿ9ÿ9

5  95ÿ497ÿ567ÿ987ÿ89
 9ÿ9957875ÿ35ÿ37
9ÿ

75 3ÿ35ÿ9

7ÿ8  8 )7ÿ67ÿ
7ÿ34ÿ9397ÿ93ÿ73
97ÿ98 ÿ
744  7ÿ 7ÿ567ÿ9
5  95ÿ9ÿ97ÿ9397ÿÿ89% ÿ567
ÿ
35 3ÿ
83
7ÿ9
3ÿ744  75ÿ67ÿ83759
ÿ
78 8ÿ34ÿ9ÿ 8
37875ÿ ÿ57633ÿ ÿ
0ÿ
ÿ
3453ÿ346ÿ7896
8 87ÿ5 567ÿ5ÿ6ÿ3
56ÿ766ÿ6ÿ8776ÿÿ66ÿ 73ÿ

6576ÿ86ÿ3 ÿÿ9
ÿ74 8ÿ6ÿ766ÿ57ÿ66775
ÿ6!"ÿ346ÿ ÿ#8673 ÿ7ÿ
46346
ÿ $9567ÿ5ÿ9 ÿ$5%6
7ÿ
65&6ÿ346ÿ7 96ÿ5ÿ7966ÿ ÿ456ÿ
ÿ
'()*+,+-+./ÿ
ÿ
17ÿ78776ÿÿ346ÿ3
83
ÿ45936
ÿ346ÿÿ6$77 ÿ#8 357ÿ
ÿ96
 ÿ23
4ÿ45!6ÿ66ÿ7786ÿ
66ÿ ÿ45
6ÿ83ÿ$5
%63ÿ95
39537ÿ5
6ÿ56ÿ6 35ÿ73ÿ ÿ
773 587ÿ $9567ÿ
6736
6ÿÿ346ÿ78
965ÿ $$77 87ÿ953 5ÿ1 53 ÿ
:5ÿ
ÿ $$83ÿ7$77 7ÿ6
5ÿ;46$6ÿ234ÿ $9
767ÿ0ÿ63
67ÿÿ
78
965ÿ $$77 ÿ2ÿ64676ÿ $9567ÿ$5%6ÿ89ÿ5
673ÿ66
3367!6ÿ
9
86
7ÿÿ773 5ÿ$65ÿ346ÿ5
6ÿ673ÿ876
7ÿ ÿ867ÿ
ÿ66
53 ÿ ÿ
663
3ÿ5<
ÿ4653ÿ
ÿ$58538
ÿ ÿ66
3367!6ÿ873
5ÿ9
837ÿ=ÿ
#85ÿ346$ÿ
ÿÿ6$77 7ÿ5 53 ÿ
ÿ
646ÿ73ÿ ÿ0ÿ63
67ÿ5ÿÿ53ÿ6ÿ5

6ÿ ÿ3 ÿ ÿ4ÿ $9567ÿ$5ÿ ÿ

34634$ÿ ÿ
6 5ÿ7875
67ÿ3453ÿ$5%6ÿ89ÿ>ÿ63
67ÿÿ346ÿ5 !6ÿ
66

6ÿ73ÿ
0ÿ63
ÿ7357ÿ
ÿ9
%5%ÿ1;ÿ773 5ÿ7875
ÿ ÿ;674ÿ9
%5%ÿ1?ÿ
@
38536ÿ37ÿ535ÿ7ÿ ÿ5!556ÿ
ÿ5577ÿ ÿ 7 536ÿ
89ÿ6!6ÿ6ÿ
 $9
7ÿ57 ÿ63367ÿ
$ÿA5ÿ: 5ÿB8775ÿ5ÿ;66ÿ7 ÿ9
%5%ÿ
45ÿ3 ÿ6ÿ7$776ÿ
$ÿ346ÿ738ÿ95$67ÿ5ÿ6ÿ ÿ53!3ÿ ÿ34676ÿ4ÿ
 $9567ÿ5
6ÿ736ÿÿ 8$7ÿÿ5ÿCÿÿ656ÿ4ÿ6 ÿD 73ÿ ÿ346ÿ $9567ÿ
6
ÿ599
65ÿÿ36
$7ÿ ÿ73
838
6ÿ53!367ÿ57ÿ6ÿ57ÿ876ÿ ÿ867ÿD5ÿ ÿ
346ÿ73ÿ5
6ÿ7 6ÿ66
ÿ9
86
7ÿ663
3ÿ4653ÿ
ÿ 366
53 ÿ ÿ 34Eÿ7 $6ÿ
 $9567ÿ ÿ 3ÿ9
86ÿ66
ÿ96
ÿ76ÿ83ÿ
5346
ÿ6$3ÿ5
6ÿ5$ 837ÿ ÿÿ57ÿ
95
3ÿ ÿ346
ÿ9
83 ÿ9
677ÿ=ÿ784ÿ57ÿ$58538
6
7ÿ ÿ6$63ÿ68 76ÿ5ÿ
989ÿ
%7ÿ5ÿ577ÿÿ
ÿ
F!6ÿ346ÿ7$5677ÿ ÿ346ÿ773 5ÿ 3653ÿ876ÿ ÿ5!556ÿ 7 536ÿ7353735ÿ
535ÿ7ÿ7863ÿ
ÿ36934ÿ5577ÿ17ÿ7877 ÿ ÿ663ÿ
$ÿÿ
6$77 7ÿ ÿ $95678ÿ53!367ÿ57ÿ
657ÿ$ $638$ÿ5ÿ4ÿ $9567ÿ
$5%67ÿ89ÿ5ÿ7$5ÿ75$96ÿ347ÿ
6765
4ÿ 63
5367ÿ ÿ
$36!6ÿ535ÿ5577ÿ
87ÿ98ÿ5!556ÿ
$53 ÿÿ585ÿ
69
37ÿ66ÿ656ÿ4ÿ7ÿ56ÿ3 ÿ
73ÿ7967ÿ ÿ654ÿ ÿ346ÿ66
3367!6ÿ $9567ÿ#85ÿ
ÿÿ
6$77 7ÿ#8 357ÿD5ÿ4566ÿ457ÿ66ÿ3 ÿ66ÿ453ÿ535ÿ3 ÿ876ÿ5ÿ4 ÿ3 ÿ
66
576ÿ347ÿ
ÿ
646ÿ577ÿ
ÿ7877 7ÿÿ347ÿ
6765
4ÿ67ÿÿ5ÿ7$96ÿ$
6  $ÿ$ 6ÿ
5
ÿ3 ÿ44ÿ346ÿ
$87ÿ53ÿ3 ÿ786778ÿ $9636ÿ7ÿ636
$6ÿÿ37ÿ
53ÿ3 ÿ 6
ÿ 737ÿ5ÿ346
6ÿ66
536ÿ7&656ÿ9
37ÿÿ66ÿ
66!53ÿ983ÿ

!6
7ÿ
ÿ$6578
6$63ÿ5
6ÿ346ÿ7567ÿ9
6ÿ#8533ÿ7 ÿ56ÿ5ÿ!5
56ÿ 737ÿ
6ÿGHIJKLMNIOPQORMÿÿD8396ÿ57ÿ6573ÿÿ4 ÿ$84ÿ866ÿ346ÿ

$87ÿ 737ÿÿ45!6ÿ696ÿ ÿ46346
ÿ346ÿ
$ÿ537ÿ57ÿ5ÿ9
6ÿ35%6
ÿ6ÿ7567ÿ
9
6ÿ7ÿ56ÿ
ÿ46346
ÿ5ÿ $9633
7ÿ 8ÿ786
ÿ
$ÿ75$6ÿ 73ÿ
6576ÿ5ÿ
 8ÿ
5
ÿ347ÿ3 ÿ63876
7ÿ64676ÿ45!6ÿ66ÿ78$$5
76ÿ
67963!6ÿÿA8
6ÿ
4ÿ5ÿA8
6ÿÿ
0ÿ
ÿ
34567ÿ9
ÿ ÿÿÿÿÿÿÿÿÿ ÿÿÿ !ÿÿÿ""#$""%ÿ
ÿ
(@4+.7ÿ1+ÿ (@4+.7ÿ1+ÿ (@4+.7ÿ1+ÿ
;/1)4/,ÿ<74+5ÿ'0ÿ=>76ÿ 44/14567ÿ('5-ÿ 44/14567ÿ('5-ÿ 44/14567ÿ('5-ÿ
?@12@ÿA>4610175ÿ0'/ÿ (DEÿ7)1551'+ÿ 6(DEÿ2'5-ÿF9G:ÿ 6(DEÿ2'5-ÿFEG:ÿ 6(DEÿ2'5-ÿFGH:ÿ
(4-7.'/,ÿ'0ÿ 44/14567ÿ('5-ÿ (4/5'+ÿ7)1551'+5ÿ =>76ÿ7+7/.,ÿ ('5-ÿ'0ÿ7+7/.,ÿ
&'ÿ (')*4+,ÿ )41+ÿ42-131-,ÿ 6)789:ÿ A>'-45ÿBÿ ('+-7+-ÿ6C?@:ÿ 6)789:ÿ )7-/12ÿ-'++7ÿ )789ÿ Iÿ Iÿ Iÿ
ÿ
ÿÿ ÿÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ EHHJÿ EHHKÿ
9ÿ Eÿ Lÿ Mÿ Gÿ Nÿ Oÿ Jÿ Kÿ 9Hÿ 99ÿ 9Eÿ 9Lÿ 9Mÿ 9Gÿ 9Nÿ 9Oÿ 9Jÿ 9Kÿ EHÿ E9ÿ
QRSÿ V ÿÿ
QTTÿ  ÿWXÿ
Pÿ Uÿ PPÿ Yÿ ÿWXÿ ÿWXÿ %%ÿ %%ÿ PZP"ÿ PZ[Y"ÿ P"Yÿ\[Pÿ P"Yÿ\[Pÿ ]Z\Yÿ ]Z\Yÿ P]ZP%ÿ [Z["ÿ ]Z\ÿ ["Z00ÿ ]"Z0\ÿ #PZ\ÿ
^WÿQÿ ÿ
_ ÿ  ÿ
ÿ Vÿ \[ÿ ]ÿ ÿWXÿ ÿWXÿ \ÿ"""ÿ Pÿ]""ÿ PZPYPÿ YZ\Y#ÿ Pÿ"YYÿ"""ÿ ]\#ÿ]""ÿ ]\Z#]ÿ 0Z%\ÿ [0Z%0ÿ \ZP#ÿ Y#ZYÿ ]\Z0[ÿ P]0Z][ÿ P"YZYÿ
cÿÿ
Q`ÿ̀ ÿ  dÿ Y%ÿ P0ÿ "Z\"ÿ "Z"#"ÿ #ÿ\]Yÿ ]ÿ00]ÿ PZ[ÿ "Z#ÿ
\ÿ ^WÿaQ`ÿ  eÿ [Pÿ #ÿ ÿWXÿ ÿWXÿ
 !bÿ ÿ `  
 
ÿ `

ÿ
 ÿ `ÿ `ÿ %%"ÿ #%"ÿ "ZPY"ÿ "ZP]"ÿ ]Pÿ#"ÿ [0Pÿ""ÿ ]Z0[ÿ \Z"]ÿ P%Z%]ÿ ]Z"%ÿ \\Z[ÿ [PZ#ÿ 00Z[#ÿ #\Z0[ÿ
ÿWfÿ c ÿÿ Y0ÿ PZ[""ÿ PZ\0"ÿ P\ÿ#]]ÿ %%ÿ"#[ÿ 0ZP%ÿ [Z%]ÿ
[ÿ ^W
Wgÿ  dÿ 0ÿ %ÿ ÿWXÿ ÿWXÿ \[]ÿ
 ÿ _ ÿ _ ÿ
`ÿ `ÿ \ÿ \ÿ "Z"Y]ÿ "Z"YYÿ ]Y%ÿ ]Y%ÿ "Z"\ÿ "Z"\ÿ "Z\"ÿ "ZPYÿ "Z]"ÿ "Z%ÿ PZ""ÿ "Z]#ÿ
]ÿ
ÿ !ÿ c ÿÿ ÿ ÿWXÿ ÿWXÿ %ÿ"""ÿ [ÿ"""ÿ PPYZ0]"ÿ PP#Z"["ÿ P"ÿ[PPÿ"""ÿ #ÿ0P0ÿ"""ÿ ]"Z]]ÿ [\"Z#"ÿ
^Wÿ  dÿ [ÿ#YPÿ ]"]
 ÿ Yÿ _ ÿ _ ÿ
`ÿ `ÿ Pÿ[]Pÿ Pÿ]P0ÿ \YZ]%0ÿ ["Z]#Yÿ %ÿP0Pÿ \"[ÿ0%0ÿ PZ[0ÿ P]Z\ÿ \ZPÿ Z[\ÿ ]Z\0ÿ [Z"]ÿ P"ZYÿ #ZP"ÿ
0ÿ ^Wÿ hiÿ cÿ PYÿ P\ÿ WXÿÿ WXÿÿ P]\ÿ P]\ÿ [Z["ÿ \Z]P"ÿ [ÿPP#ÿ [ÿPP#ÿ ZPPÿ ZPPÿ
 ÿ _ ÿ _ ÿ
`ÿ `ÿ ]"ÿ ]"ÿ PZ\"0ÿ PZ\[%ÿ P"ÿP\"ÿ P"ÿP\"ÿ "Z]Pÿ "Z]Pÿ "Z"]ÿ "Z"0ÿ "Z"#ÿ "ZP"ÿ "ZP0ÿ "Z"ÿ
^WÿW ÿ cÿ
Yÿ jTTÿ  ÿ 0ÿ ÿ WXÿÿ WXÿÿ ]ÿ P#ÿ "Z0%"ÿ "Z[""ÿ 0ÿ%""ÿ [ÿ#\"ÿ "Z\]ÿ "Z[ÿ "Z\%ÿ "Z\\ÿ "Z00ÿ "Z][ÿ PZ\Pÿ PZ"%ÿ
^Wÿ ÿ
Q  ÿ c ÿ
#ÿ Wkÿ ÿ ÿ WXÿÿ WXÿÿ ]ÿ 0ÿ "ZP["ÿ "ZP["ÿ Pÿ\%"ÿ PÿY"%ÿ "Z"Yÿ "Z"%ÿ "Z#Yÿ PZPPÿ PZ[]ÿ PZ#0ÿ Z%"ÿ \ZYÿ
^WÿS ÿ cÿ
%ÿ Wkÿ  ÿ ÿ ÿ WXÿÿ WXÿÿ Pÿ Pÿ "Z"\\ÿ "Z"%ÿ \\Pÿ \]#ÿ "Z"ÿ "Z"ÿ "ZPÿ "Z#ÿ "Z\[ÿ "Z[Yÿ "Z0%ÿ "Z%[ÿ
cÿ _ ÿ _ ÿ
P"ÿ ^WÿWlÿ  ÿ #ÿ ]ÿ `ÿ `ÿ P\ÿ Yÿ "Z\Yÿ "ZP%ÿ ÿ]\]ÿ Pÿ[[]ÿ "ZP\ÿ "Z"Yÿ "Z]"ÿ "Z[\ÿ "Z#\ÿ "ZYÿ PZ0Yÿ PZ[]ÿ
0ÿ
ÿ
 6"9
 ÿ
ÿ 6"9
 ÿ
ÿ 6"9
 ÿ
ÿ
79ÿ 9
ÿ4ÿ ÿ 99 ÿ64ÿ 99 ÿ64ÿ 99 ÿ64ÿ
!""ÿ# 9 ÿ4ÿ 6&'ÿ 74
ÿ 6&'ÿ4ÿ()*ÿ 6&'ÿ4ÿ('*ÿ 6&'ÿ4ÿ(*+ÿ
69 4ÿ4ÿ 99 ÿ64ÿ 694
ÿ74
ÿ  ÿ
ÿ 64ÿ4ÿ
ÿ
34ÿ 64789
ÿ 79
ÿ9ÿ 7ÿ # 49ÿ$ÿ 64

ÿ%!"ÿ 7ÿ 7 ÿ4

ÿ 7ÿ ,ÿ ,ÿ ,ÿ
ÿ
ÿÿ ÿÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ '++-ÿ '++.ÿ
)ÿ 'ÿ /ÿ 0ÿ *ÿ 1ÿ 2ÿ -ÿ .ÿ )+ÿ ))ÿ )'ÿ )/ÿ )0ÿ )*ÿ )1ÿ )2ÿ )-ÿ ).ÿ '+ÿ ')ÿ
45ÿ67889::7ÿ ?>7=ÿ H7=DA78ÿ H7=DA78ÿ
33ÿ ;<=>ÿ @ABCDE=9B:ÿ FGÿ F3ÿ I7Jÿ I7Jÿ FKKÿ FLKÿ MKN0G3ÿ MMN0LFÿ 3OKÿFKKÿ 30KÿFLKÿ FNKPÿ FNLPÿ MNQMÿ GN3Fÿ PNF0ÿ LNGKÿ QN0Gÿ 3KNOKÿ
SABCDE=9B:ÿBRÿ
:9=ABT>:ÿ H7=DA78ÿ H7=DA78ÿ
3Mÿ 45ÿH9=ABR>A=ÿ EBU@BD:CJÿ LQÿ MKÿ I7Jÿ I7Jÿ 3ÿMKKÿ 3ÿGKÿ G3NKQ0ÿ GNPF3ÿ MP3ÿMKKÿ MOÿ3GKÿ 3MNKOÿ 3NG3ÿ ON3Kÿ 3NQLÿ 3KN30ÿ GNMLÿ MKNGPÿ ONLKÿ
VWXÿ S AB C D E = 9B : ÿ B Rÿ
SABCDE=9B:ÿ H7=DA78ÿ H7=DA78ÿ
3Gÿ YJ=B:97:ÿ45ÿ T87JJÿ M0ÿ MKÿ I7Jÿ I7Jÿ 3OKÿ 30Kÿ PN3POÿ PNLLMÿ GMÿ3OKÿ GPÿ30Kÿ 3NO3ÿ 3N03ÿ 3NFKÿ MNOKÿ GNKKÿ PNGPÿ ONKKÿ FNO0ÿ
Z9>:>A[>AT>Aÿ [SAA9BEC\DJEÿ=9B:ÿBRÿ H7=DA78ÿ H7=DA78ÿ
3Pÿ 45ÿ 33ÿ Oÿ I7Jÿ I7Jÿ OKÿ 3Gÿ 3NLLLÿ KNGPFÿ 3MÿKOKÿ MÿO3Gÿ KNOKÿ KN3Gÿ 3N0Mÿ KNOLÿ MNF0ÿ 3NKQÿ LN0Pÿ MN3Fÿ
SABCDE=9B:ÿBRÿ
?BA9]B:ÿ @7@>ANÿ
6J>88D8BBJ9ÿ^7ÿ E7AC[B7ACNÿ H7=DA78ÿ H7=DA78ÿ
3Lÿ S7[>A9ÿ45ÿ E>88D8BJ>ÿ PKÿ MLÿ I7Jÿ I7Jÿ 3FKÿ 3OKÿ PNOOLÿ PNMFPÿ GOÿ3FKÿ GMÿ3OKÿ 3NF3ÿ 3NO3ÿ 3NG0ÿ 3NQLÿ MNMFÿ GNMPÿ PNL0ÿ ONPFÿ
45ÿYJ=B:97:ÿ @SDAB8@CÿDE=9B:ÿBRÿÿ H7=DA78ÿ H7=DA78ÿ
3Oÿ _>88ÿ PPÿ PKÿ I7Jÿ I7Jÿ 33Kÿ 33Kÿ MNFL3ÿ MNQPLÿ MMÿ33Kÿ MMÿ33Kÿ 3N33ÿ 3N33ÿ KN0Lÿ KNFGÿ 3NMPÿ 3NGFÿ MNPQÿ MN0Oÿ
45ÿ̀>@Bÿ SABCDE=9B:ÿBRÿ H7=DA78ÿ H7=DA78ÿ
30ÿ a7[A9\DCÿ bBBCÿ=98>ÿ GLÿ 3Qÿ I7Jÿ I7Jÿ F3Fÿ 0Q3ÿ M3NMKFÿ M3N3OLÿ 3OLÿGLMÿ 3LQÿ03Lÿ FNM0ÿ 0NQQÿ 0N30ÿ 3MNLPÿ 33NQLÿ MKNQ3ÿ MGNFQÿ P3NF3ÿ
cBA=DUÿ ?>7=ÿ H7=DA78ÿ H7=DA78ÿ
3Fÿ 6>AU>J=ÿ45ÿ @ABCDE=9B:ÿ GPÿ MQÿ I7 Jÿ I7Jÿ MKKÿ MKKÿ LN3FGÿ LNGLLÿ PKÿMKKÿ PKÿMKKÿ MNK3ÿ MNK3ÿ 3N0Fÿ MNKLÿ MNQOÿ GNPMÿ LNQGÿ ONFPÿ
H7=DA78ÿ H7=DA78ÿ
3Qÿ 545 ÿ4::>ÿ ?>7=ÿ Qÿ 3Mÿ I7Jÿ I7Jÿ MKKÿ 0ÿ LN3FGÿ KN3QMÿ PKÿMKKÿ 3ÿPPLÿ MNK3ÿ KNK0ÿ
BB^DJÿ @ABCDE=9B:ÿ
S>7=ÿ S>7=ÿ MMKÿ 0Lÿ KNKMKÿ KNK3Kÿ F3ÿPKKÿ M0ÿ0LKÿ PNK0ÿ 3NGQÿ 3NFMÿ KNKPÿ GNKPÿ KNKOÿ ONKFÿ KN3Gÿ
6BB=J9ÿ6DAd7Jÿ @S>AB7C=ÿD@EAB=9CBD:EÿB=ÿRÿ
MKÿ 45ÿ 3Kÿ 3Mÿ S>7=ÿ S>7=ÿ LKÿ GLÿ KNKKPÿ KNKKGÿ 3FÿLKKÿ 3MÿQLKÿ KNQGÿ KNOLÿ MNFQÿ 3NO3ÿ PNFMÿ MNOFÿ QNOPÿ LNGLÿ
57:T87ÿ6DAd7Jÿ @S>AB7C=ÿD[EA9=e9BD:>ÿ=BÿRÿ
M3ÿ 45ÿ Fÿ Oÿ S>7=ÿ S>7=ÿ GLÿ Gÿ KNKKGÿ KNKK3ÿ 3MÿQLKÿ QMLÿ KNOLÿ KNKLÿ MNGPÿ KNMLÿ GNQKÿ KNPMÿ 0NFKÿ KNFPÿ
5BDAE>fÿ7::D78ÿA>@BA=JÿBRÿ=g>ÿM3ÿEBU@7:9>Jÿ7:Cÿ7D=gBAJhÿE78ED87=9B:Jiÿ
jÿSA9U7AkÿRD>8ÿ=k@>ÿ=g7=ÿeD789R9>JÿRBAÿ_Vÿ>U9JJ9B:JÿeDB=7JÿCB>Jÿ:B=ÿ:>E>JJ7A98kÿU>7:ÿ=g7=ÿ9=ÿ9Jÿ78JBÿ=g>ÿ@A9U7Akÿ=k@>ÿBRÿRD>8ÿDJ>Cÿ9:ÿ=g>ÿEBU@7:kiÿX:ÿ
U7:kÿE7J>Jÿ=g>ÿ7E=D78ÿ@A9U7AkÿRD>8ÿU9Tg=Mÿ[>ÿRA>>ÿBRÿE7A[B:W>U9JJ9B:Jÿ=A7C9:TNÿ>iTiÿDJ>ÿBRÿbBBCÿ@>88>=JÿJBÿ=g>ÿ=k@>ÿ89J=>Cÿ9:ÿ=g>ÿEB8DU:ÿ9Jÿ9:ÿR7E=ÿ
J>EB:C7AkÿDJ>CÿRD>8iÿ6g9Jÿ9JÿA>R8>E=>Cÿ9:ÿEBJ=ÿBRÿ>:>ATki
0ÿ
ÿ
 345678ÿ
ÿ ÿÿÿÿ ÿ ÿ ÿÿ ÿÿ ÿÿ ÿÿÿ
!"ÿ ÿ#$ ÿ%ÿ  ÿÿÿ ÿ& $'ÿ-ÿ

345678ÿ(ÿ)ÿ$ÿ ÿÿ ÿÿ*+,ÿ#$ ÿ!ÿ ÿÿ ÿÿ

ÿ%ÿ  ÿÿÿÿ& $'ÿ-ÿ
ÿ
.ÿ ÿÿÿ $ÿ ÿ"ÿÿÿ ÿ ÿEÿ$ÿÿ
/0ÿ&$ÿ ÿ/ -ÿ ÿÿ $ÿÿÿ 1  "ÿ  ÿÿÿ
&  -ÿÿ ÿÿ ÿÿ!ÿÿÿÿÿÿ ÿ
ÿ$ÿ ÿ$ ÿÿ$ÿÿÿÿÿ "ÿ&6ÿF"$ÿ4-6ÿ
2ÿ$ÿÿ ÿ ÿ ÿÿÿÿ 1 "ÿÿ$13ÿ ÿÿ
)" ! ÿÿ ÿ&4550-ÿ"!"ÿ$ÿ!ÿÿÿÿ "ÿ
ÿ ÿ$"ÿ6ÿ7ÿ ÿ ÿ "ÿÿ#$$ÿÿ
 ÿ!ÿ"ÿ$ÿÿ$6ÿ)ÿ89:9;<=ÿ?@;<AB=ÿ1ÿ ÿÿÿ$ÿÿ
$ÿ $ÿÿ""ÿÿ  ÿÿÿÿ'ÿ6ÿ)" ÿ
"ÿÿÿ ÿ ÿÿ ÿ,C4Dÿ! ÿ ÿÿ!ÿÿÿ"ÿ
ÿÿ ÿ!ÿ ÿ Eÿÿ$ÿE  ÿ1$ ÿÿ ÿ
ÿ ÿÿ! ÿ ÿ ÿÿ$ÿÿÿÿÿ ÿÿ
0ÿ
ÿ
3455ÿ466ÿ78ÿ9
 ÿ759ÿ 45ÿ7ÿ97ÿ5 5ÿ 8ÿ ÿÿ9
 5ÿ9
ÿ8 5ÿ
76ÿ
4ÿ4 ÿ7 ÿ9
4ÿ7 46ÿ3 7895ÿÿ6 ÿ
ÿ

ÿ8  5ÿ8!ÿ7595ÿÿ97ÿÿ46ÿ97ÿ9
ÿ5"ÿ78ÿ95ÿ7 45497ÿ4ÿ4 ÿ789ÿ
59 #538ÿÿ9
49ÿ57ÿ59 5ÿ
9ÿ  ÿ64 ÿ5995ÿÿ
43946ÿ45595ÿ9
49ÿ466ÿ87 ÿ4ÿ 94ÿ479ÿ78ÿÿ494ÿ7595ÿ9ÿ
$7596#ÿ7595ÿ 37 9ÿ4ÿ44646ÿÿ446ÿ 37 95ÿ
9ÿ79ÿÿ456#ÿ
734 46ÿ4 755ÿ8 5%ÿ45ÿ39
ÿ78ÿ 37 9ÿ4 5ÿ&ÿ9
49ÿ466ÿ #
95ÿ8 5ÿ66ÿÿ84ÿ9
ÿ 45ÿ$ÿ557ÿ7945ÿ8 7ÿ'()ÿ
74 5ÿ4ÿ$ÿ5575ÿ4 ÿ 96#ÿ 649ÿ97ÿ5ÿ78ÿ ÿ4 795ÿ
865%ÿ9ÿ5ÿ64 ÿ9
49ÿ73 49ÿ7595ÿ66ÿ7ÿ ÿ59ÿ5 9#ÿ6ÿ4*5ÿ
3ÿ4ÿ75 46ÿ37 97ÿ78ÿ9
ÿ4 46ÿ7595ÿ78ÿ #95ÿ8 5ÿ4ÿ
ÿ

45ÿ4ÿ64 ÿ349ÿ7ÿ9
 ÿ97946ÿ7595ÿ4ÿ69496#%ÿ469#ÿ97ÿ 49ÿ ÿ
+7 ÿ97ÿ444ÿ,6ÿ-3344ÿ759ÿ78ÿ76ÿ5
46ÿ7 ÿ746ÿ7 5375ÿ97ÿ
)'.'/ÿ78ÿ974#5ÿ69 9#ÿ759ÿÿ,59740ÿ759ÿ78ÿ49 46ÿ45ÿÿ1'2'/ÿ
-3344%ÿ'((ÿ 9
 7 ÿ49
7 5ÿ7ÿ4664975ÿ45ÿ7ÿ569ÿ8 5ÿ
446ÿ 37 95ÿ49ÿ9
49ÿÿ #95ÿ59 5ÿ4 46ÿ7595ÿ4*ÿ3ÿ
4 7ÿ2'/ÿ78ÿ97946ÿ7595ÿ4ÿ86ÿ7595ÿ7 537ÿ97ÿ4 7ÿ2'/ÿ78ÿ4 46ÿ7595ÿ
5ÿ+!ÿ(ÿ
ÿ
3ÿ5
ÿ599%ÿ9
ÿ 54 
ÿ75 5ÿ9
ÿ659ÿ(ÿ,5974ÿ #95ÿ
7345ÿ4 46ÿ7595ÿ4ÿ57 ÿ78ÿ #ÿÿ''2ÿ4ÿ''0%ÿ466495ÿ$ÿ
5575ÿ4ÿ455555ÿ349ÿ7ÿ4 46ÿ759ÿ
4ÿ9
7
ÿ88 9ÿ3 ÿ665ÿ
78ÿ$ÿ5575ÿÿ9
ÿ89 ÿ$ÿ557ÿ3 5ÿ78ÿ4(.%ÿ4.ÿ4ÿ4.'ÿ3 ÿ97ÿ
4 ÿ5ÿ97ÿ45 ÿ8 5ÿ759ÿ64599#ÿ9
ÿ9
ÿ4ÿ78ÿ3 7ÿ4ÿ5
9ÿ97ÿ
54 
ÿ7345ÿ77ÿ499#ÿ8ÿ466ÿ$ÿ794ÿ76ÿ
4ÿ97ÿÿ
3 
45ÿ49ÿ5
ÿ 495ÿ45ÿ73375ÿ97ÿ8 ÿ5575ÿ7945ÿÿ''2'(ÿ4ÿ86ÿ
9#3ÿ 45ÿ
4ÿ54 46ÿ7595ÿ78ÿ9
5ÿ(ÿ7345ÿ
4ÿÿ57 ÿ
8 7ÿ59#ÿ9
 ÿ446ÿ 37 95ÿ79
ÿ87 ÿ''2ÿ4ÿ''00ÿ5ÿ865ÿ
4ÿÿ
57 ÿ8 7ÿ446ÿ 37 95ÿ8ÿ44646ÿ7 ÿ5ÿ36ÿ57 5ÿ4ÿ49
7 5ÿ3 7 ÿ
9 497ÿ9
ÿ9
ÿ7345ÿÿ597ÿ, #ÿ959#ÿ4ÿ499#ÿ78ÿ$ÿ
8 7ÿ4 75ÿ865ÿ
4ÿÿ45ÿ7ÿ9
7767#ÿ673ÿÿ63349ÿ78ÿ$ÿ
 4ÿ7ÿ,69 9#ÿ7 7 5ÿ83ÿ7ÿ9
ÿ95ÿ78ÿ888 9ÿ, #ÿ:7 5ÿ
ÿ,5974;ÿ<6544%ÿ'('ÿ4ÿ=>9
75ÿ87 ÿ89 ÿ9
ÿ$4 7ÿ87!ÿ
,5575ÿ97ÿ9
ÿ+9ÿ+ ;ÿ?ÿ494@4%ÿ''A0ÿ759ÿ78ÿ #ÿ5ÿ45ÿ7ÿ
4 4ÿ86ÿ3 5ÿÿ''2ÿ4ÿ''0ÿ45ÿ365
ÿ#ÿ9
ÿB49746ÿ:949595ÿ
+9
7 9#ÿ,5974ÿ:949595ÿ+9
7 9#%ÿ'((ÿ97ÿ78ÿ9
ÿ 54 
ÿCÿÿ

4ÿÿ4 46ÿ7595ÿ8 7ÿ88 9ÿ665ÿ78ÿ$ÿ5575ÿ3 ÿCÿ5ÿ
49ÿÿ765ÿ(D(ÿ78ÿ46ÿ(ÿ
5ÿ
45ÿÿ46649ÿ5ÿ87 64ÿ(ÿ
45ÿ876675Eÿ
ÿ
(ÿGHIJKLKMKNOPQRSTUVWX YUZ[KYK\U]YU_``K
^V[KYK\KT aÿ
b
 Eÿ
HIJKLKMÿ5ÿ9
ÿ4 46ÿ759ÿ
0ÿ
ÿ
 45678ÿ9
ÿ ÿ
ÿÿÿ 9

9
ÿ
ÿ9
ÿ ÿ9 ÿÿ
 9ÿ 9

9
ÿ
!!"ÿ
#
ÿÿ ÿÿÿ ÿ
#ÿ
$ÿ9
ÿ ÿ99ÿ% ÿ
&9' ÿ

ÿÿ'
% #ÿ9
ÿ(ÿ)*+!,!-ÿ/ÿ ÿ9
 #ÿ9ÿ
ÿ0ÿ#ÿ1ÿ9ÿ
2' ÿ03ÿ4ÿ% ÿ9
ÿ95 6ÿ7  
ÿ8ÿ
#
ÿÿ9#9%9#ÿ9ÿ(:;
<!=!>?ÿ@ÿA
ÿ9Bÿ9 ÿÿ%9' ÿ
ÿ(C;<!>ÿ
ÿÿ@DEÿ
#
ÿÿ
9Bÿ9 ÿ11Fÿ#ÿ@DGÿ9Bÿ9 ÿ11H?ÿ#ÿIÿ 

ÿ9 ÿÿ ÿ

#ÿJK;<!=!L>6ÿ7  ÿIDEÿ
#
ÿÿ9ÿ
 6ÿIDGÿ 

ÿB  ÿB
6ÿIDMÿ
9
ÿ
 ÿ96ÿIDNÿ9
ÿÿB
ÿ#ÿIDOÿ 

ÿ 3ÿ
4 B9ÿ ÿÿ ÿ9 ÿ(P+!,!"/ÿ9ÿ
ÿFÿ#ÿHÿÿ2' ÿ0ÿ
ÿ' ÿ #ÿ

9Bÿÿ(/Qÿ
ÿÿ
(/ÿÿS!!" ;!!"T$ÿ
ÿ
U  Qÿ
ÿ
!!"Vÿÿÿ Wÿ9ÿXYZ[8\ÿZ^@_ÿ
$ÿVÿÿ99ÿ% `ÿ9ÿabcÿdY[ÿXYZ[8\ÿZ^@@Yÿ
ÿ
29
ÿ
%
ÿ
ÿ9ÿÿ9Bÿ
ÿÿ4 B9ÿ(4!!">ÿ
7ÿ9ÿ
ÿ01ÿ#ÿ
00ÿÿ2' ÿ0ÿ
9Bÿÿ(W/ÿ
ÿ7
Qÿ
ÿ
(W/ÿ4!!"eS!!"Tf!"ÿ
U  Qÿ
f!"Vÿ
ÿÿ Lÿ9ÿghiÿdY[ÿabcÿ

ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
W ÿ9
ÿ
ÿ#ÿÿÿÿÿ 9

9
ÿ#9
9'9ÿ'9
 #ÿ'9ÿ
j9
0ÿ
9
9ÿÿ4 B96ÿ9
kÿÿ 
ÿ#ÿ
kÿ

9ÿ l 9  ÿ
m'

ÿ#ÿ9
ÿÿ%9
ÿ

ÿ(
6ÿ110?ÿj9AA6ÿ0HHn?ÿ&
6ÿ
1111?ÿo
6ÿ1016ÿ100/ÿÿ
ÿpÿ 
ÿÿq9ÿr ÿÿs9
9
ÿ9ÿ11Fÿ#ÿ11Hÿ
01ÿ
ÿ
345ÿ6789

 ÿÿ89ÿ9
8ÿ87 ÿ!ÿ9ÿ"79 ÿ0#$0%ÿ&ÿ'8(ÿ
0ÿ)8ÿ(9ÿ"8"78
ÿ7 9*ÿ&78 ÿ+!ÿ89ÿ%!ÿ8 ÿ&, -ÿ
ÿ
+!ÿ /012345637ÿ
ÿ
8)-ÿ
01239ÿ :"8ÿ 9 ÿ9ÿ;<=>?@ÿ=BCC<DÿE<>ÿFGHÿIÿ
ÿ
%!ÿ  / 4JKLMÿ
ÿ
8)-ÿ
JM9ÿÿ"
ÿ&ÿ 9 ÿ67
8Nÿ9ÿOPQÿE<>ÿ;<=>?@ÿ=BCC<ÿ
ÿ
89ÿ/RSTÿUÿ,)8 ÿ<VWÿ
89 ÿ&ÿ8ÿ:"ÿ&ÿ0%ÿXYZÿ:ÿ
"ÿ
99[ÿ
<V\ÿ
89 ÿ&ÿ5%ÿXYZÿ:ÿ
"ÿ
99[ÿ89ÿ<V]ÿ
89 ÿ&ÿ%#ÿXYZÿ:ÿ

"ÿ
99^ÿ
_:"8ÿ8

9
9ÿ7
ÿ(ÿ:8ÿ
ÿÿ:7"
9ÿ&ÿÿ )8-ÿX
ÿX9*8` ÿ
7( 8ÿX
ÿa
bb
7 ÿ)8 ÿ9ÿ :88
ÿ34ÿ 9 ÿ67
8 ÿ9ÿ5##c$5#05Uÿ
,)")ÿ8, ÿX
ÿX9*8ÿ
ÿ:
9
8ÿ" 5 $ 7(  ÿ
ÿ:7"
9ÿ8
ÿ
)ÿ
8""79
ÿ&ÿ 9 ÿ&ÿ
ÿ
)ÿ 7( 8 ^ÿ') ÿ ÿdÿ
ÿ")89*ÿ9ÿ5#0eÿ(7
ÿ
)8 ÿ9
ÿ(9ÿ898 ÿ9ÿ
) ÿ 8")ÿ7ÿ
ÿ9 :88(
ÿ&ÿ8
8^ÿ
ÿ
fghiÿkhilhimnÿ
ÿ
')ÿ898  ÿ"8ÿ9"8
 ÿ8
ÿ&&9" ÿ(
,9ÿ":89 `ÿ88(ÿ"
ÿ
")89*ÿ(8 ÿ9ÿ:8ÿ&7ÿ
:ÿ8 ÿ 78 ÿ9ÿo*7ÿeÿ(,^ÿp9ÿ89ÿ,8 ÿ

)ÿ&99* ÿ8ÿ8 ÿq:"

ÿrÿ&ÿ8ÿ34ÿ 9 ÿ67
8ÿ,7ÿ)8ÿ
ÿ(ÿ(7*)
ÿ
9ÿ
)ÿ&ÿ8d
ÿ
)9ÿ& ÿ
)8
ÿ7 ÿ58*ÿ6789

 ÿ&ÿ&7ÿqÿ,
)ÿ)*)ÿ345ÿ
"9
9
ÿrÿ 7")ÿ8 ÿÿ )8ÿÿ"(98
9ÿ&ÿÿ )8ÿ,
)ÿ 
)9*ÿ ÿrÿ,7ÿ
7&&ÿ)*)
ÿ"
ÿ9"8  ^ÿp
ÿ8 ÿ* ÿ&ÿo*7ÿeÿ
)8
ÿ88(ÿ"
ÿ
9"8  ÿ&ÿ8ÿ
)ÿ&7 ÿÿ )8ÿUÿ98
78ÿ*8 Uÿ:8
!ÿ,7ÿ(ÿ9ÿ
)ÿ89*ÿ
&ÿ879ÿ%sÿ*8 ÿ&ÿ
:ÿ&ÿ&7ÿ7 ^ÿÿ
ÿ
Z8
)ÿ9

9*Uÿ":89 ÿ7 9*ÿ9ÿ98
78ÿ*8 ÿ,7ÿ)8ÿ8ÿ *)
ÿ
 889
8*ÿÿ":89 ÿ7 9*ÿÿ&ÿÿ )8ÿÿ:8
^ÿt
)ÿÿ&ÿÿ
)8ÿ8 ÿ,ÿ8 ÿ:8
ÿ8ÿ
"8ÿ:7"ÿ&7 ÿ,)8 ÿ98
78ÿ*8 ÿ)8 ÿ
ÿ(ÿ
,)ÿ:
ÿ89ÿ ÿ
)&ÿÿq:9 ÿ8""9*ÿ
ÿu8
98ÿt787ÿ&ÿ
_
8

" cÿ9ÿ5##vÿ98
78ÿ*8 ÿ"
ÿw5xÿyz8)ÿ,)8 ÿ
)ÿ"
ÿ&ÿÿ )8ÿ,8 ÿ9ÿ
w%yz8)!^ÿ{
ÿ
)ÿ 8ÿ
ÿ:" 9*ÿ&ÿ98
78ÿ*8 ÿ67 ÿ 8ÿ&qÿ"
ÿ
ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Iÿ| 88Uÿ5#0#Uÿ5#00!ÿ
xÿ
u7"ÿ87 ÿ)8ÿ(9ÿ*9ÿ
cÿ
X
989ÿ_
8

" ÿ{7
)
Uÿ5#00! ÿ
00ÿ
ÿ
4567ÿ4564ÿ89ÿ845
ÿ9
ÿ67ÿ67ÿ567
ÿ7ÿ84ÿ644
ÿ ÿ58ÿÿ8
ÿ
6646 ÿ7ÿ5ÿ867
ÿ66
ÿ84ÿÿ55ÿÿ6 8ÿ

74ÿ7ÿ8
7ÿ
867
ÿ6776 ÿ
84ÿ5ÿ7ÿ876487ÿ45ÿ55
ÿ9
ÿ84ÿ ÿ5
7
ÿ

 67ÿ55
ÿ6 
ÿ98ÿ
ÿ89ÿ7646 ÿ6ÿ
ÿ
011
B1
A1
EÿFGHI #ÿIÿJH"HKL#ÿFMNO

@1
?1
61
>1
:1
11
01
1
4 ÿ56
4 ÿ56
ÿ4 ÿ56
ÿ4 ÿ98ÿ4 ÿ98ÿC646 ÿ C646 ÿ D
64
;ÿ ;ÿ7646 ÿ8 ÿ56
ÿ;ÿ8 ÿ56
6 6ÿ;ÿ
64

7
64
ÿ 6 7646 ÿ
6 6
341ÿ84ÿ906 341ÿ84ÿ916 341ÿ84ÿ961
!"#ÿ%&ÿ'
6
ÿ66
ÿ84ÿ7
6
ÿ()*ÿ98ÿ
ÿ89ÿ68ÿ9
ÿ4
ÿ ÿ
(6458ÿ6  6487*ÿ
5
ÿ
 4ÿ6 8ÿ87
ÿ67845
ÿ84674ÿ
6
ÿ+64,-8.ÿ/

66ÿ67ÿ0
ÿ
(1101*ÿ56
ÿ
8 ÿ6
ÿ4564ÿ4ÿÿ4
47ÿ48ÿ 882ÿ64ÿ84ÿ7
6
ÿ7ÿ68 4
ÿ
4
.ÿ 67ÿ4564ÿ
ÿ84ÿ89ÿ7ÿ(84
*ÿ7646 ÿ6ÿ6ÿ6ÿ9
ÿÿ

6 ÿ
4
ÿ55
ÿ4567ÿ4564ÿ89ÿ7ÿ(8
46 ÿ66 6
*ÿ8 ÿ56
ÿ'87ÿ48ÿ
6458.ÿ4ÿÿ45

98
ÿ84674ÿ48ÿ 882ÿ64ÿ
64
ÿ84ÿ567
.ÿ5

ÿ84ÿ89ÿ7ÿ
3415
ÿ8 ÿ56
ÿ8 ÿ8ÿ6ÿ5ÿ6ÿ161)ÿ
ÿ785ÿ6ÿ88
ÿ48ÿ16)ÿ
84ÿ7
6
ÿ7ÿ7646 ÿ6ÿ(7ÿ9:6ÿ;4877
ÿ6ÿ6ÿ
9

7
*ÿ'ÿ6ÿ
 4.ÿ845ÿ9
ÿ
8 ÿ
67ÿ87ÿ85 ÿ45
ÿ6
ÿ84ÿ

ÿ
ÿ785ÿ(+64,-8.ÿ/

66.ÿ<ÿ
0
.ÿ1101*ÿ
ÿ
36  6487ÿ
98
ÿ7ÿ45ÿ

65ÿ879ÿ45
ÿ8467
ÿ89ÿ
67ÿ

64
ÿ567
ÿÿ7ÿ84ÿ6
ÿ
768ÿ89ÿ961ÿ;ÿ4877
ÿ
ÿ34 ÿ
87ÿ=846ÿ
676 
ÿ9ÿ66
ÿ84ÿ8 ÿ
ÿ
8
ÿÿ48ÿ6ÿ011)ÿ5617
ÿ(9ÿ7ÿ8 ÿ
56
ÿ6ÿ6ÿ9
*ÿ5ÿÿ
4

ÿ84674.ÿ6ÿ867
ÿ4564ÿ56
ÿ 4ÿ
45
ÿ7
ÿ8
ÿ87ÿ45
ÿ
ÿ89ÿ48655
6ÿ8 ÿ56
ÿ(74
6ÿ89ÿ
ÿ987ÿ87ÿ

ÿ89ÿ7646 ÿ6*ÿ8 ÿ96
ÿ66 ÿ84ÿ7
6
ÿ67ÿ4584ÿ4647ÿ6487ÿ
01ÿ
ÿ
45678ÿ9
7 ÿ5ÿ56ÿ5ÿ69ÿÿÿ9ÿ4
9ÿ9ÿ97
9ÿ
ÿ5ÿ
45999ÿ5ÿ9ÿ5ÿ456 ÿ
ÿ
ÿ
75ÿ84
98ÿ ÿ69ÿÿ
4ÿ0 1!ÿ
9
79ÿ
ÿ
9ÿ

7 ÿ
ÿ5998ÿ
9
9ÿ45ÿ49
9ÿ5ÿ 9
ÿ"##$%"##ÿ&ÿ9ÿ459'ÿ
5ÿ75
7ÿ94554ÿ7585ÿ4ÿ
98ÿÿ7
9ÿ"##$ÿ
8ÿ
ÿ99ÿ8947
98ÿ
59ÿ5ÿ79ÿ98ÿ ÿ"#0#ÿ
756ÿÿÿ
ÿ
9ÿ5ÿ895!ÿÿÿ
75ÿ
99ÿ
8ÿ979
ÿ5ÿ599ÿ45ÿ4
9ÿ5ÿ 9
ÿ"##$ÿ
8ÿ"##ÿ9

97 ÿ
&ÿ9ÿ4
9ÿ5ÿ(5
ÿ5ÿ45
9ÿ99ÿ
79ÿ5ÿ4759ÿ
4456ÿ 9
ÿ"##$ÿ
ÿ9
7 ÿ69ÿ84
5)ÿ99
ÿ
79ÿ8598ÿ5ÿ5ÿ45
9ÿ
4589
7 ÿ86ÿ"##ÿ*64ÿÿ
75ÿ59ÿ759ÿ

79ÿ45ÿÿ"##ÿ
8ÿ
967ÿ459+6949ÿ
9ÿ
75ÿ989ÿÿ9ÿ

7 ÿ,69ÿ-ÿ975ÿ
895
9ÿ
ÿ
ÿÿ
9ÿ75998ÿ9ÿ59
ÿ9'99ÿ
8ÿ

79ÿ45ÿ

9ÿ
779ÿ./ ÿ95ÿ
9ÿ
779ÿ55ÿÿ59ÿ
ÿ
ÿ
ÿ5ÿ8949
ÿ
./"ÿ97
98ÿ45"ÿ5678ÿ9ÿ7 ÿ8949
ÿ59
5ÿ9'99ÿ0ÿ99ÿ ÿ
759ÿ58645ÿ5769ÿ5ÿ59ÿ99
7 ÿ5775ÿ
849ÿ5ÿ15ÿÿ
29 ÿ0 -!ÿ ÿ4
ÿ9ÿ
69ÿ5ÿ
49ÿ9ÿ56ÿ58645ÿ5ÿ
99 ÿ9494 ÿÿÿ
ÿ
-#ÿ@
"#ÿ@
#ÿ@
="#ÿ@
=-#ÿ@
=A#ÿ@
=$#ÿ@
=0##ÿ@
=0"#ÿ@



79ÿ45ÿ4
9 ./"ÿ95ÿ4
9
345678ÿ:;ÿ.
9ÿÿ

79ÿ45ÿ
8ÿ./"ÿ95ÿ5ÿ"##$ÿ5ÿ"##ÿ
6ÿ5<ÿ
4
7467
5!ÿ
*59ÿ849
4 ÿÿ9ÿ9'7
98ÿ ÿ9ÿ
4ÿ
ÿ45
9<ÿ./ÿ95ÿ

9ÿ5ÿ
6898ÿ ÿ89989ÿ8=
9ÿ9
ÿ
ÿ45
9ÿ"
9ÿ5ÿ9ÿ
59=5=79ÿ698ÿ5ÿ
78 ÿ5ÿ5898ÿ8

ÿÿ6
5ÿÿ6+69ÿ5ÿ
(5
ÿÿ9ÿ459'ÿ5ÿ(659
ÿ>5ÿ
ÿ
77ÿ59ÿ4569ÿ89
8ÿ
6898ÿ
./"ÿ69ÿ5ÿ9ÿ45
9ÿÿ
ÿ
01ÿ
ÿ
456ÿ789
ÿ6 ÿ8ÿ6 ÿ6ÿ7 86ÿÿ5966ÿ
98ÿ78696ÿ
669ÿ97ÿ 698ÿ9ÿ797ÿ8ÿ97ÿÿ797ÿ
8698ÿ8ÿ569ÿ876ÿ ÿ869ÿ8ÿÿ97ÿ676ÿ56ÿ
88ÿ58ÿ8ÿ76ÿÿ 689ÿ667ÿ9 ÿ!"ÿ6 ÿ97ÿÿ7ÿ
79686ÿÿ566ÿ679ÿ96ÿ#96ÿ$ÿ
ÿ

&'()*+ÿ-.ÿ#9678ÿ9ÿ7586ÿÿ898

6ÿ7ÿ879ÿ696ÿ679ÿ ÿ
/ÿ7ÿ960ÿ7 666ÿÿ67 7ÿ679ÿ66ÿÿ666ÿÿ! ÿ
970ÿ8
ÿÿ9189ÿ7ÿ79686ÿÿ56ÿ86ÿ976ÿ8ÿ 6896ÿ826ÿ"ÿ
9676ÿ789
ÿ6 ÿÿ56ÿ97ÿ776ÿ38ÿ669ÿ97ÿ679ÿ
ÿ9 89ÿ758987696ÿ
ÿ6698ÿÿ568ÿ8ÿ66797ÿ68ÿ97ÿÿ
7968ÿÿ6ÿ789
466ÿ6750ÿ75ÿ8ÿ
9ÿÿ
ÿ60ÿ
8ÿÿ5676ÿ 869ÿ976ÿÿ7769ÿ5ÿÿ386ÿ66797ÿÿ8ÿ
976ÿ9 ÿ
9ÿ 678ÿ8
8ÿÿ586ÿ76 6ÿ896ÿ7996ÿ

6ÿ 86ÿÿ986ÿÿ586ÿ6986ÿ

9ÿ
69ÿÿ669ÿ
72ÿ8ÿ
66ÿ9769ÿ69 68ÿ889ÿ869ÿ689ÿ"90:ÿ/ÿ7 66ÿ61ÿ
86ÿ
6ÿ
69ÿÿ669ÿ
72ÿ896ÿ
6ÿ
0ÿÿ
6ÿ675ÿ
888
6ÿÿ56ÿ 8926ÿ/ÿ8ÿ96ÿÿ78ÿ
6ÿ776ÿ58ÿ56ÿ698ÿ7586ÿÿ
898
6ÿ7ÿ9 ÿ!"ÿ6 ÿ97ÿÿ56ÿ38ÿ669ÿ679ÿÿ26ÿÿ
96 8ÿ9686ÿ 6ÿ8ÿ89ÿ$;ÿ
ÿ
386ÿ669466ÿ 698ÿ679ÿ7 96ÿ9 89ÿ9769ÿÿ
797ÿ 8698ÿ<ÿ
9720ÿ8ÿ8ÿ76 6ÿ=97ÿÿ75ÿ 8698ÿÿ
568ÿ789
466ÿ8ÿ6>ÿ6756ÿ78ÿ68ÿ
6ÿ986ÿ9ÿ
96876ÿÿ6ÿ789
466ÿ86986ÿ66ÿÿÿ8ÿ
6ÿ9 ÿ
#96ÿ$ÿ58ÿÿ56ÿ5966ÿ679ÿ
6ÿ 87ÿÿ7ÿ7586ÿ1ÿ826ÿ876ÿ
5696ÿ<ÿÿ56ÿ986ÿÿ0"ÿÿ?@;0ÿ ÿ26ÿ8ÿ89ÿ"9;ÿA6ÿ56ÿ66ÿ
986ÿ 6ÿÿ56ÿ797ÿ679ÿ8ÿ16ÿ8ÿ56ÿ87ÿ58ÿ9687ÿ6>ÿ
6756ÿ9696ÿ7698
6ÿ6 6ÿ1575ÿ 5ÿÿ
6ÿ89876ÿ8ÿ
01ÿ
ÿ
4566789ÿ
647ÿ7 7ÿ9767ÿÿÿ9679ÿ99ÿ
65498ÿ8ÿ9ÿ7496ÿ9ÿ7ÿ 7ÿ
597ÿ98ÿ8ÿ97ÿ876ÿ976ÿ
ÿ
8ÿ

76ÿ8ÿ
5
ÿ8596ÿ97ÿ7749ÿÿ9ÿ97ÿ76ÿ6ÿ99ÿ8ÿ97ÿ876ÿ
7496ÿ767ÿ49ÿ84677ÿ9ÿ7ÿ67ÿ7497ÿÿ84678ÿ49ÿÿ7749649ÿ
4ÿ6797ÿ4ÿ9ÿ97ÿ458ÿ8ÿ97ÿ7876ÿ7496ÿ 7ÿ8ÿ9ÿ676ÿ9ÿÿ
747ÿ
6989ÿ9ÿ897ÿ98ÿ4
797ÿ
788ÿÿ7749649ÿ679ÿ8ÿ
!0"ÿ78ÿÿ496ÿÿ7ÿ7ÿ9ÿ7ÿ8ÿ5ÿ976ÿ7749649ÿ8ÿ97ÿ
78ÿ679ÿ
#6ÿ$ÿ
9ÿ
ÿ
%95ÿ578ÿ&!!'(ÿ657ÿ99ÿ968ÿÿ78ÿ5ÿ784567ÿ
97484ÿ 847ÿ97ÿ96ÿ8ÿ69ÿ968ÿ
76ÿÿ97ÿ)ÿ*+ÿ 7ÿ89ÿ
67597ÿ8ÿ8ÿ,6ÿ97484ÿ
6 7789ÿ-87ÿ7.
898ÿ45ÿ7ÿ99ÿ
97ÿ89ÿ498ÿÿ9ÿ67ÿ9767ÿ
5998ÿÿ86ÿ
67567ÿ8ÿ97ÿ
647ÿ
ÿ847ÿ8ÿ67548ÿ84789 7ÿ6ÿ8 79789ÿ8ÿ87ÿ9748ÿ
)84769897ÿ59ÿ59567ÿ498ÿ
684
7ÿ9ÿ69ÿ968ÿ
76ÿ8ÿ97ÿ
9679ÿÿ77ÿ67ÿ976ÿ
9789ÿ7.
898ÿÿ
ÿ
%ÿ977ÿ7.
898ÿ67ÿ ÿÿ6ÿ98ÿ8ÿ7847ÿ489857ÿ9ÿ46797ÿ
58476989ÿÿ9ÿ8/976ÿ4
799 787ÿÿ97ÿ4ÿ7876/8978 7ÿ8596ÿ0ÿ
95ÿ7ÿ
6 7789ÿ67ÿ7ÿ8ÿ57ÿÿÿ7ÿ6ÿ7749649ÿ787698ÿ
ÿ7467ÿ 7ÿ1 78ÿ97ÿ45896ÿÿ27ÿ97ÿ4ÿ8596ÿ7.
767847ÿ
8489ÿ4/8ÿ7749ÿ7457ÿ97ÿ27ÿÿ97ÿ8 79789ÿÿ9ÿ67ÿ8ÿ97ÿ
 8ÿ5ÿ7ÿ9ÿÿ9ÿ9ÿÿ7ÿ767ÿ99ÿ97ÿ8 79789ÿ673567ÿ
4
9ÿ7965498ÿ7457ÿ9767ÿÿ5989ÿ7ÿ97ÿ79ÿ6ÿ97ÿ9748ÿ8ÿ
57ÿ8ÿ
78ÿ679/7ÿ
648ÿ46797ÿ97ÿ
97ÿ7
74ÿ8ÿ97ÿ
88/7876ÿ7496ÿ9ÿ
ÿ8ÿ97ÿ49ÿÿ847ÿ9ÿ48576ÿ
ÿ
456789:;56ÿ
ÿ
*ÿ6947ÿ97ÿ97ÿ 7ÿ99ÿ8ÿÿÿ
78ÿ7/847ÿ748ÿ54ÿÿ
98ÿ7ÿ
647ÿ 7ÿ9ÿ7ÿ978ÿÿ.7ÿ&7976ÿÿ67596ÿ6ÿÿ97ÿ679ÿ
97(ÿ4ÿ7 7ÿ498ÿ6ÿÿ
647ÿ976ÿ8ÿ54ÿ9598ÿ48968ÿ49ÿ
ÿÿ 9ÿ
69847ÿ9ÿ4
87ÿ4
799 787ÿ8ÿ9767ÿÿ9ÿ99ÿÿ
458967ÿ4ÿ 7ÿ 797ÿ897679ÿ8ÿ976ÿ4
87ÿÿ884ÿ79ÿÿ
9.ÿ7ÿ8ÿ7
76ÿÿ
ÿ
*7ÿ6947ÿÿ978ÿ8ÿ8/7
9ÿÿ9ÿ97ÿ49ÿ7 7ÿÿÿ988ÿ7876/
8978 7ÿ4
87ÿ99ÿ67ÿ5,749ÿ9ÿ=-ÿ78ÿ679698ÿ%596ÿ97ÿ97ÿ
7ÿ99ÿ54ÿ6ÿ99ÿ49ÿ67ÿ67ÿ857847ÿÿ976ÿ 67ÿ49ÿ4ÿ
67ÿ8ÿ9568ÿ7 ÿ857847ÿÿ57ÿ49ÿ*ÿ5
98ÿÿ7749 7ÿ6767ÿ
ÿ7ÿÿ49 9ÿ7ÿ9ÿ7876ÿ
65498ÿ6ÿ468/8978 7ÿ8549568ÿÿ
ÿ=-ÿ78ÿ67ÿ96597ÿ89ÿ4
87ÿ6ÿ677ÿ8ÿ589ÿ78ÿÿ
76ÿ!0ÿ>6ÿ!0"ÿ86ÿ97ÿ99ÿ35899ÿÿ7ÿ78ÿÿ79ÿ9ÿ969ÿ
74678ÿ4ÿ
59ÿ
67567ÿ8ÿ97ÿ
647ÿÿ=-ÿ78ÿ9887ÿ*ÿÿ 7ÿ
01ÿ
ÿ
45ÿ67849
ÿ5ÿ
 ÿ978456 ÿ

4ÿ ÿ9
ÿ45ÿ
  ÿ65 59 ÿ
 6ÿ 4ÿ
  ÿÿ978
6
6 5 ÿ65ÿ8 5ÿ74
ÿ
ÿ
494
65ÿÿ9ÿ67ÿ9
ÿ 4
696
ÿÿÿ869 ÿ4
ÿ0ÿÿ45ÿÿ8 ÿ

55 ÿ7ÿ
 ÿ46ÿÿ
6ÿ4
69 ÿ!
ÿ8665"ÿ9
ÿ4 ÿ6ÿ7
ÿ5 4 ÿ
ÿ
67ÿ
4
ÿ ÿ4" ÿ475
ÿÿ945#65
56 ÿ6ÿ4 ÿ4ÿ
 6ÿ8674ÿ $ÿ
%  4ÿ67ÿ
4
ÿ ÿ
 ÿ9 ÿÿ ÿ&ÿ65965"ÿ76' ÿ ÿ&ÿ4 ÿ ÿ6 ÿ

ÿ ÿ67849
ÿ(%  ÿ678
459 ÿÿ
 ÿ4546ÿ6 ÿ65ÿ
 ÿ 4
6 ÿ9
ÿ945" ÿ
7 4 ÿ&ÿ65ÿ94 ÿÿ65"ÿ6ÿ4 ÿ9ÿ67ÿ464 ÿ9
ÿ9ÿ659 4 ÿ8ÿ
ÿ
0 )ÿ65ÿ
 ÿ%
ÿ94 ÿ9 546ÿ
ÿ
*
"ÿ  9
696
ÿ89 ÿ ÿ 46ÿ5ÿ6ÿ4 ÿÿ ÿ4546ÿ
 75
4
ÿ
4
ÿ65ÿ94 ÿÿÿ869 ÿ4
ÿÿ8 ÿ
55 ÿ49
4ÿ464 ÿ9
ÿ945" ÿ
76"
ÿ5ÿ 5ÿ8ÿ 65"ÿ45ÿ)ÿÿ9ÿ67ÿ+ ÿ44765"ÿ6
ÿ6ÿ,
564ÿ
945#65
56 ÿ74549
 ÿ7ÿ
 ÿ765 4ÿ 9
ÿ
4
ÿ 97 ÿ5 ÿ
 4
ÿ4ÿ
4 4" ÿ464 ÿ9
ÿ659 4 ÿ 49 ÿ8ÿ
ÿ)ÿ4
ÿÿ8 ÿ
55 ÿ-659 ÿÿ
7665ÿ86965"ÿ6ÿ9 5
ÿ5ÿ65
9 ÿ656 ÿ,.ÿ
6ÿ7 45ÿ
4
ÿ6 9
ÿ
978
6
ÿ
6 ÿ
 ÿ,.ÿ%6ÿ"465ÿ6"566945
ÿ9
ÿ978
6
6 ÿ445
4" ÿ45ÿ

  ÿ65
6 ÿ76"
ÿ7 ÿ
6 ÿ,
564ÿ65ÿ
 ÿ5" ÿ
7ÿ-9ÿ
 4
ÿ6ÿ ÿ
67765 5
ÿ65ÿ
 ÿ65
6 ÿ9ÿ4ÿ848 ÿ45ÿ88ÿ89
65ÿ%  ÿ4 4" ÿ
464 ÿ9
ÿ945" ÿ8ÿ
ÿ0)ÿ4
ÿÿ8 ÿ
55 ÿ
ÿ
/4
ÿ6ÿ4965"ÿ7ÿ9 5
ÿ  49ÿ6ÿ7 4 7 5
ÿÿ86
ÿ74"65ÿ-7 ÿÿ

 ÿ  49 ÿ978456 ÿ8 4

ÿ65ÿ569 ÿ74
ÿ%  ÿ88ÿ6ÿ949 ÿ7 4565"ÿ

  ÿ67ÿ9ÿ 50ÿ79ÿ6" ÿ86

ÿ74"65ÿ( 59 ÿ
 ÿ9ÿ4ÿ499 8
ÿ
6" ÿ9
ÿ659 4 ÿ45ÿ
6ÿ 7465ÿ86
4 ÿ16 ÿ464 ÿ9
ÿ659 4 ÿ4ÿ
65694
ÿ65ÿ
6ÿ
ÿ%6ÿ5 ÿ
ÿ"6 ÿ 9665ÿ
4 5ÿÿ
 ÿ65664ÿ67ÿ
7454" 7 5
ÿ
47ÿÿ
ÿ
2 ÿ6565"ÿ4ÿ4 ÿ678694
65ÿÿ
 ÿ" 565"ÿ 9
ÿ 8 964ÿ% 5ÿ6
ÿ
97 ÿ
ÿ4" #94 ÿ ÿÿ6ÿ4 ÿ2 ÿ
4
ÿ5 ÿ
ÿ454 ÿ%
 ÿ
9 9
6 ÿ49
65ÿ4 ÿ 36 ÿ
ÿ8
9
ÿ6
ÿ67ÿ
ÿ
6ÿ4%65"ÿÿ46ÿ
978
6
65ÿ26ÿ4
69 ÿ
   ÿ  ÿ4ÿ4ÿ
4
65"ÿ865
ÿÿ5 
4565"ÿ
8
5
64ÿ9
ÿ659 4 ÿ7ÿ65
9
65ÿÿÿ 7665ÿ
465"ÿ4
ÿ46ÿ
74
ÿ4
ÿ45ÿ ÿ4546ÿ74
64ÿÿ 9665#74 ÿ
ÿ4
ÿ65664ÿ67ÿ
  ÿ4ÿ% ÿ4ÿ 5"4" ÿ869ÿ74 ÿ
ÿ
ÿ ÿ

01ÿ
ÿ
456575895
ÿ
ÿ
0ÿ 7ÿÿ57ÿÿÿ55ÿÿ0ÿ !"ÿ#$%$&'('%"ÿ)*!"'(+ÿ,%ÿ
-.'/$"0%$1ÿ-2'/20'3ÿ#$%$&'/0$1ÿ40%$%5'6ÿ7 1ÿ896ÿ: ÿ0ÿ6ÿ;<=1ÿ
8ÿ,%%>$1ÿ?'./"!ÿ@ÿ$11ÿA!'/2'Bÿ80ÿ5(.$%0'!ÿ@/(ÿ*'$/!ÿ8<<ÿ$%Bÿ8<<ÿ
CÿD'>"!5E'ÿF$%Gÿ8<0<ÿ$/A%ÿH(0!!0%!+ÿ#$*ÿI >ÿJ02'ÿ0%ÿK%"'/'!"0%&ÿL0('!ÿ
J %B%+ÿD'>"!5E'ÿF$%G+ÿM1A$1ÿ#$/G'"!ÿ?'!'$/5Eÿ
9ÿH!"%0$%ÿ)"$"0!"05!ÿ,>"E/0"*ÿ8<00ÿ,%%>$1ÿ)"$"0!"05!ÿ=ÿH%'/&*ÿN/B>5"0%ÿ$%Bÿ
 %!>(."0%ÿE"".+OO.>A!"$"''O.P=
3'A8<<0OD$"$A$!'O#$Q$%B>!O<8H%'/&''"0G$O<8H%'/&0$R"$/A0(0%'RQ$R" "(0%'O
<0,$!"$!"$"0!"0G$O<0,$!"$!"$"0!"0G$$!.ÿ
SÿHTÿHL)ÿD0/'5"02'ÿD0/'5"02'ÿ8<<CO1OH6ÿ,/"051'ÿ09ÿ
;ÿH>/.'$%ÿ ((0!!0%ÿ8<<ÿ ((0!!0%ÿD'50!0%ÿ%ÿK%!"/>5"0%&ÿ"E'ÿ'%"/$1ÿ
,B(0%0!"/$"/ÿ"ÿH%"'/ÿK%"ÿ"E'ÿ ((>%0"*ÿK%B'.'%B'%"ÿL/$%!$5"0%ÿJ &ÿ"E'ÿ
:$"0%$1ÿ,115$"0%ÿN1$%ÿL$A1'ÿ@ÿH!"%0$ÿ@/ÿ"E'ÿ8<<=8<08ÿN'/0Bÿ@ÿ"E'ÿ
 ((>%0"*ÿH(0!!0%ÿL/$B0%&ÿ)5E'('ÿF/>!!'1!+ÿH>/.'$%ÿ ((0!!0%ÿ
1ÿH>/.'$%ÿ ((0!!0%ÿ8<00ÿLE'ÿHTÿ10($"'ÿ$%BÿH%'/&*ÿN$5G$&'ÿ
E"".+OO'5'>/.$'>O510($O.1050'!OA/0'@O'>O.$5G$&'R'%E"(ÿ
ÿUV5WX77
Y8ÿZÿ0ÿLE'/*ÿ$%BÿN 105*ÿ@ÿK%"'/%$"0%$1ÿ
 (.'"0"02'%'!!ÿ['!"./"6ÿL+ÿN/$'&'/ÿN>A10!E'/!ÿ
ÿ\7Y]ÿ^ÿÿ_885`ÿÿ09ÿ !"ÿ#$%$&'('%"ÿ$%Bÿ7$1>'ÿ/'$"0%ÿ
#$%$&'('%"ÿD'50!0%6ÿ7 1ÿC86ÿ: ÿ9ÿ6ÿS8=S1ÿ
0<ÿXa

586ÿ b5cÿÿN/0%50.1'!ÿ@ÿH%20/%('%"$1ÿH5%(05!6ÿ? >"1'B&'6ÿ8<<9ÿ

00ÿKHÿ8<00ÿD$01*ÿ7 1>('!ÿ@/ÿKHÿHdÿHT,ÿ4>">/'!ÿ# %"E1*ÿ$!ÿ@ÿÿ
4'A/>$/*ÿ8<00ÿ
E"".!+OO333"E'05'5(O($/G'"B$"$O/'./"!O?'./"'%"'/!E"(1e/'./"KBf0<g5
%"/$5"h'*f8<ÿ
08ÿ_55
bÿ^ÿ8<0<ÿ-8ÿG$>A$%B>!'ÿ(iQ>ÿ'1'G"/" "Q$"'1'ÿ'/0%'2$"'ÿ
'%'/&0$$10G$"'ÿG$!>"$(0!'1ÿH'!"0ÿ"0%&0(>!"'!ÿK%+ÿH'!"0ÿ#$Q$%B>!.100"010!'Bÿ
2j0"1>!'Bÿd7KKK+ÿd7KKKÿ#$Q$%B>!.100"0G$ÿ"'$B>!G%2'/'%"!6ÿ7j/!G$6ÿ0=
C<18<0<ÿ
0Cÿ_55
bÿ^kÿlcbÿmÿU79ÿnÿ8<00ÿ)>A!0B0!0%&ÿ/'%'3$A1'ÿ'%'/&*ÿ0%ÿ
H!"%0$ÿK%+ÿH%'/&*ÿ$%Bÿ)>!"$0%$A010"*ÿKKK+ÿH%'/&*ÿ$%Bÿ!>!"$0%$A010"*ÿ8<006ÿ
,105$%"'6ÿ).$0%6ÿ8<00ÿL 0(ÿ#$(( 106ÿ,,kÿF/'AA0$6ÿ,kÿ7011$5$(.$ÿ
H!"'2'6ÿIÿ[KLÿN/'!!6ÿ8<006ÿH51&*ÿ$%Bÿ"E'ÿH%20/%('%"kÿ09C6ÿ88ÿ=ÿ890ÿ
09ÿo]pqYrÿUmÿ_55
bÿ^mÿ7c5ÿ ÿ8<0<ÿLE'ÿ0(.$5"ÿ@ÿ.11>"0%ÿ5E$/&'!6ÿ
$!EÿE$%B10%&ÿ$%Bÿ5$/A%ÿB0P0B'ÿ"ÿ5!"ÿ5(.'"0"02'%'!!ÿ@ÿ@>'1ÿ!>/5'!ÿ@/ÿ
'%'/&*ÿ./B>5"0%ÿ0%ÿH!"%0$ÿ)50'%"0@05ÿ./5''B0%&!ÿ @ÿ?0&$ÿL'5E%05$1ÿ
T%02'/!0"*ÿH%20/%('%"$1ÿ$%Bÿ10($"'ÿL'5E%1&0'!6ÿ90C6ÿSÿ=ÿ;Cÿ
0SÿoY9sb`ÿtttÿ ÿ8<<Cÿ,ÿ %!"/$0%"=F$!'Bÿ4/$('3 /Gÿ@/ÿ)"/$"'&05ÿ !"ÿ
#$%$&'('%"ÿK%B>!"/0$1ÿ#$%$&'('%"ÿ$%BÿD$"$ÿ)*!"'(!ÿ6ÿS0=Sÿ
0;ÿ7]8ÿoÿu5
]758ÿ4ÿÿr8ÿva758ÿUÿ ÿ00ÿ,&/0A>!0%'!!ÿ
 (.'"0"02'%'!!ÿ$5/!!ÿ:$"0%$1ÿF >%B$/0'!ÿ,('/05$%ÿw>/%$1ÿ@ÿ,&/05>1">/$1ÿ
H5%(05!6ÿ7 1ÿ1C6ÿ: ÿSÿ6ÿ09S;=0;9;ÿ
01ÿssÿtÿ) Q>!"'E%0G$ÿGj!0/$$($"6ÿx7$1&>!yÿL$110%%6ÿ011ÿ
01ÿ
ÿ
014ÿ6789ÿ4ÿ ÿ ÿÿÿÿ!ÿ"!ÿ
#$$%4ÿ
0&4ÿ'()7*)9ÿ+,ÿ0&-&4ÿ./ÿ0ÿ12ÿ3ÿ32454ÿ.226ÿ7ÿ
8/ÿ4ÿ
#$4ÿ84ÿ"94ÿ#$$%4ÿ:6ÿ;2ÿ<24ÿÿ02ÿ<=6ÿ>ÿ
ÿÿ?ÿ?2!ÿ66ÿ/ÿÿ:2ÿ;ÿ>2ÿ24ÿ
2ÿ&%ÿ;ÿ0@ÿA5ÿ#$$%4ÿ"Bÿ84ÿ"9ÿCÿ#$$%!ÿ0$0!ÿ0@#D4ÿ
#04ÿEF(GH8(I9ÿJ,ÿ#$$%4ÿKÿ0Bÿ?ÿLÿ;ÿ0ÿ
06ÿ2ÿMÿ02Nÿ72ÿA2ÿ;ÿ:4!ÿO4ÿ
0Dÿ!ÿ0&-P#01ÿ4ÿ
##4ÿEQ)I*)9ÿ',9ÿRÿSTUV9ÿW,ÿ0&&X4ÿ:24ÿ2ÿ2ÿ6ÿÿ
4ÿ7Bÿ7ÿ;2ÿM2ÿ3!ÿ:25ÿ6ÿ
>ÿ<4ÿ
#X4ÿYT)*89ÿY!ÿZÿ[!ÿ:ÿ2!ÿÿ" !ÿ32ÿ34ÿ7\ÿ
9ÿ]2!ÿ"ÿ"\!ÿ""[ÿ29!ÿ#$$D4ÿ
ÿ
ÿ

01ÿ
ÿ
4556768ÿ
4

ÿ ÿÿÿ

ÿÿÿÿ
ÿÿ6

ÿ



ÿ 
ÿ
ÿ!""#ÿ
)*ÿ ) ,ÿ
5ÿ 4ÿ %$ ÿÿ
"""ÿ6&'(ÿ
ÿ *ÿ
% """ÿ ÿ
-ÿ ,ÿ
% """ÿ ÿ+ÿ
6&'(ÿ +ÿ 6&'(ÿ
./01234ÿ 5403ÿ6/789:3;7<ÿ =>ÿ=?@ÿ 0?AABÿ CDEÿ 0BÿA?Aÿ CCEÿ
F9<80ÿ K4J4<3ÿ
G7/8;:ÿ J0<9L0:39/;<Mÿ @=ÿDDAÿ B?ÿBCAÿ C1Eÿ =DA1Dÿ @=Eÿ
HI4J4<3ÿ
H0NN;<<0ÿ 5403ÿ6/789:3;7<ÿ CDÿ?B>ÿ A?ÿ>D1ÿ 10Eÿ ??ÿ@A=ÿ CCEÿ
F234ÿ
O;4<4/P Q/;:1ÿ 0AÿCDAÿ 0@ÿD0?ÿ C?Eÿ ?@1>ÿ BBEÿ
4/M4/ÿ J0<9L0:39/;<Mÿ
R0<MN0ÿ T403ÿP/;U94334ÿ C1=Aÿ C>@?ÿ 1>Eÿ ??1Dÿ CDEÿ
H9/S0Iÿ J0<9L0:39/;<Mÿ
R79/:4Vÿ093W7/IXÿ:0N:9N03;7<IÿP0I48ÿ7<ÿ:7J60<Yÿ0<<90Nÿ/467/3Iÿ=>>Cÿ
Zÿ[94ÿ37ÿ9I4ÿ7Lÿ8;LL4/4<3ÿ0<<90Nÿ/467/3;<MÿI3/9:39/4Iÿ;3ÿW0Iÿ<73ÿP44<ÿ67II;PN4ÿ37ÿ
8;LL4/4<3;034ÿ69/4ÿL94Nÿ:7I3Iÿ;<ÿ0NNÿ:0I4I\ÿ];M9/4Iÿ0/4ÿ/79MWÿ4I3;J034I\ÿ
ÿ ÿ

01ÿ
ÿ
 456ÿ89
9 9ÿ 55
8
ÿ 989
9ÿÿ
99
ÿ99

9

99ÿ9999ÿ

5 9

99ÿÿ6ÿ
ÿ
!ÿ"#$$%&''(')*ÿ+',-ÿ.!!/!(0')1(2)*ÿ3/4'/ÿ5'6(72)8ÿ-9(')ÿ
:'##!00'ÿ:$;0!,'#!,--#*ÿ:'64ÿ<#!,--#
ÿ
34--='ÿ5!!/4%ÿ>?0ÿ$&!%%!--0!,-14%6$ÿ7!14%$/ÿ-0ÿ@'-6'64/ÿ6'%46'ÿ$0$1!'A
!06$0%!!9%$6$ÿ$66$976$6$ÿ9';$#ÿ,40!ÿ''%6'0!ÿ01BCDÿE#'6$%ÿ01BCDÿ''%6'%6ÿ'9'6'9'%6!ÿ
#42'64/ÿ ;$!6,-14%6$ÿ ,-14%$/ÿ 9F;$0$9'/ÿ %49$%6'/$%ÿ %$$1'ÿ >?0ÿ
$&!%%!--0!,'42'0/4%$%ÿ,9--/!;!0/'Dÿ?#4,-/ÿ-&',-/'ÿ&7@46'2ÿ$66$976$6$ÿ
#/,4#4%!/ÿ&FF'6$%ÿ0$0/$ÿ,-0,4$06%!97!&$6ÿ9'2'#ÿ644#DÿE6!,#!%ÿ'0'#%!6',%$ÿ
9F!,%$ÿ,$%,&!%$ÿ%!%$64#$,41'ÿ&''ÿ3$%6!ÿ$0$1!'A!06$0%!!9%$6$ÿG!&'/$*ÿ&!%ÿ,44#49'/ÿ
"H-6-ÿ$%!&$%$ÿ,'42'0/4%,$$&!ÿ0!&$,!@'*ÿ&44649,4#4/$ÿ$#'%6%4%6ÿ%7#649'#6ÿ>?0ÿ
;!00'%6ÿ%,''#'#ÿBI*ÿ0Iÿ@'ÿI1ÿ$4-6ÿ6-00!ÿ,-;6'Dÿ
ÿ
+F6%!%ÿ011Jÿ34--='ÿ5!!/4ÿ@4;!/ÿ,!!6%!/ÿ;$',%ÿ,-&=#$,%#F;$0$&!%$ÿ,#!!&'ÿ@'ÿ
$0$1!'=-#!!6!,'#$*ÿ&!%ÿ-0ÿ%440'64/ÿ67;4%'ÿ@'ÿ6'%',''#4%6'64/ÿ#';$0/4%6$ÿ
,F!9!6'&!%$#$ÿ9'@'#!,4%ÿ4#'64%$%ÿ,#!!&'&4464%6$1'ÿ6-!&$64#$&!%$#$*ÿ34--='ÿ5!!/4ÿ
(35)ÿ $0$1!'@4#1$-#$,4ÿ ,!0/#4%6'&!%$#$ÿ @'ÿ ;$'$1%$#6ÿ ,-0,4$06%!97!&$ÿ
%44$0/'&!%$#$DÿK$$ÿ=$'2ÿ34--='%ÿ'!6'&'ÿ6'1'/'ÿ,71$ÿ$0$1!'$G$,6!!9%$ÿ@'ÿ
&'/'#'ÿ%%!0!,4%!%'#/4%$1'ÿ&'@'0/4%$ÿ#--&!%$#$DÿL!#!%$&'#6ÿ%'!ÿ%$$ÿ64064,%ÿ,4!ÿ
M01A01A01Nÿ$$%&F,*ÿ&!##$ÿ%''946'&!%$#ÿ35ÿ#!!/!/ÿ,-;4%64%!/ÿ9F;$0/'&'ÿ97 $#/$%ÿ
BOO1ÿ''%6'1'ÿ,'%94;--0$1''%$ÿ01P*ÿ01Pÿ6''%649$0$1!'6ÿ6'2!&!%$%ÿ@'ÿ01Pÿ
=!&''$0$1!'ÿ,'%46'&!%$%Dÿ
ÿ
E#'6$%ÿ01BCÿ''%6'%6ÿ@74%642ÿ;60$ÿ#$$4--='#!0$ÿ;$!6&$6$ÿ=!!&FF*ÿ&!%ÿ9F;$0/'2ÿ
$66$976$6$ÿ;$!6&$6$ÿ,-14%6ÿ,40!ÿ0BPÿ#F;64/$%ÿ011ID'Dÿ6'%$&$%6ÿ,40!ÿ''%6'0!ÿ0101Dÿ
:'%46'ÿ,9--6!/$ÿ,-14%$/ÿ%$0!0!ÿ$'#/'64/ÿ34--='ÿ5!!/4ÿ!!,!/$ÿ9'#!6%4%6$ÿ=--#6ÿ
'%$0/'6',%$ÿ @F,A@F14#6ÿ ;$!6&$,-14%6$1'ÿ '9'#!,$ÿ -,%@-0!6$ÿ ,'4/4ÿ @'ÿ
;$!6&$,'42'0/4%$%6ÿ-%'#$9'6$ÿ%$,6-!6$ÿ;4#,'ÿ#'!$0/'6',%$Dÿ:'-#!0$ÿ074$ÿ#--2ÿ
-#4,- 'ÿ,4%ÿ%%!0!,A!06$0%!!90$ÿ6QQ%64%ÿ&44642ÿ$&!%%!--0!,9--6!/$ÿ=!!&FF'%ÿ
-%'#$@',%ÿ@'ÿ6$,!2ÿ9'@'/4%ÿ&',%6'ÿ6F!$0/'9'6ÿ6'%4ÿ%''%6'&!%$ÿ$$%6*ÿ%6ÿ-;,$&ÿ,4!ÿ
=#'0$$!64/ÿ$&!%%!--0!ÿ,9--/!/DÿK'&46!ÿ&70$/ÿ6$!%$/ÿ'%@'-%'#!%$/ÿ97!9'/ÿ
$&!6$$!/'ÿ$&!%%!--0$ÿ9F;$&ÿ=#'0$$!64%6ÿ0!01ÿ,'%46'9'/ÿ97!&'#4%6ÿ&'ÿ
&!66$,4#46'64/ÿ;$!6&$,9--6$ÿ6F!$0/'9'ÿ%!%%$64#$,4ÿ%''&!%$,%Dÿ
ÿ
34--='ÿ5!!/4ÿ>?0ÿ,'42'0/4%ÿ'#1'%ÿ00ÿ,'6%$ÿ%,$$&!1'ÿ''%6'#ÿ011Iÿ@'ÿ,$%6!%ÿ,40!ÿ
''%6'0!ÿ011Jÿ0!01ÿ6-!&4%ÿ'!04#6ÿ35ÿ#!!,&$%!!,!/$ÿ9';$#DÿR4$0/'64/ÿ,'4=#$&!%$ÿ
%,$$&ÿ-0ÿ0/ÿ'%$0/'64/ÿ;$!6&$,9--6!/$ÿ,'42'0/4%$1'ÿ''%6'6$,%ÿ011SA01B0Dÿ
L$!6&$,'42'0/4%ÿ'064/ÿ;$6,$#ÿ-0ÿ6-!&!9ÿ@'ÿ&4464%!ÿ#F2!6$1$9ÿ0!01ÿ'#'6$%ÿ''%6'%6ÿ
01BCÿ6--2ÿ;6%$ÿ#$$4--='#!%$ÿ,9--/!ÿ=!!&FF'*ÿ&!%ÿ#--2ÿ&F,!&!%9FF%$ÿ
&FF'&'64%$ÿ>?0ÿ,9--/!;!00'ÿ%4;6$%ÿ97 $#/$%ÿ''%6'1'ÿ01B0DÿTF!6$,%ÿU$46%V;$ÿ
W'0,X!ÿ'=-6!%ÿC1ÿ'414%6ÿ01B1ÿ=-10--%!6',%$ÿ0101ÿ''%6'ÿ;!00',%ÿC1ÿ$4-6ÿ6-00ÿ35ÿ
='$14%$%6ÿ$$%&F1!%6ÿ01Pÿ$&!%%!--0!ÿ9F;$0/'&!%$%6ÿ@'ÿ%44$0$2ÿCJÿ$4-0!ÿ6-00ÿ
,4!ÿ$$%&F,!ÿ%44$0/'6',%$ÿC1PA!DÿK'&'#ÿ'@'#ÿ='$140$ÿ@'ÿ$/'%=!/!0$ÿ;!0/ÿ34--='ÿ
01ÿ
ÿ
456678799
9
ÿ 
996ÿ5
ÿ6
98ÿÿ1ÿ9
ÿ
ÿ7
6ÿ011ÿ8ÿ
00ÿ9
ÿ
ÿ
76ÿ00ÿ565
ÿ99ÿ0ÿ76668989ÿ8!858ÿ
7"9ÿ

!"

ÿ9
6!"675ÿ8!8
9ÿ
995ÿ
ÿ
#95!85
ÿ55
ÿ!"6ÿ
 68ÿ59ÿ
ÿ99ÿ$6ÿ88ÿ578ÿ566
6565
ÿ
79
8
9ÿ8ÿ6ÿ58ÿ
99ÿ"66ÿ
66796ÿ96ÿ!856
9ÿÿ$9!6
8
9ÿ86
78ÿ
78ÿ

!"

6ÿ#856ÿ598ÿ88ÿ 66

656ÿ 96!8
ÿ%678ÿ
95958
9ÿ&ÿ96ÿ859ÿ
68!8
ÿ959ÿ8ÿ%678ÿ878ÿ96ÿ
8ÿ8
8ÿ78ÿ
9
656ÿ#95798ÿ8
6
ÿ78ÿ9959ÿ8!ÿ!"6ÿ959ÿ8!ÿ
89ÿ'5ÿ5"89
885ÿ(98ÿ)669ÿ5667666ÿ!"6!8ÿ879
6ÿ
9
88ÿ
86

8ÿ78ÿ

!"

6ÿ9598!9ÿ
ÿ5956ÿ88$8ÿ566
688ÿ88ÿÿ

"8ÿ956

ÿ78
59
ÿ
ÿ!89ÿ8ÿ"6586ÿ8$!9!8$566ÿ56ÿ6ÿ88ÿ
6 98ÿ !
8ÿ0ÿ$68ÿ9976ÿ999
ÿ8ÿ
856
ÿ6966ÿ$
8ÿ
6!8
ÿ!$
ÿ 689ÿ

888!9
ÿ6
6ÿ!$ÿ
876ÿ
8!8ÿ
!8856
ÿ566
656

ÿ86"9
ÿ8ÿ%678ÿ
8865ÿ
9

ÿ76ÿ5" 9!"

ÿ
8!858ÿ7"9ÿ
856
ÿ68*6
66!
ÿ%678ÿ9
6!"675ÿ!6ÿ
6
9598ÿ(98ÿ)669ÿ5667666ÿ89ÿ(
6ÿ
ÿ

9ÿ9969ÿ'
6
8
9ÿ'58ÿ
6
76ÿ"98ÿ999ÿ8ÿ
86578
ÿ
885''6ÿ68*6
66!
ÿ%678ÿ676959
ÿ+96ÿÿ5676
6
9ÿ
ÿ876ÿ68*6
66!ÿ(
6ÿ%678ÿ885''68ÿ8ÿ69
6768ÿ ÿ
7666959ÿ!"678569
ÿ7"9
ÿ%678ÿ'5959ÿ6ÿ55
ÿ5$
9!850
ÿ
ÿ'56ÿ 9
!"67ÿ(
6ÿ 

6ÿÿ598
9ÿ$6
9
ÿ
8989ÿ76ÿ

!"

ÿ 586%6
6
9ÿ 57ÿ99ÿ7889$89ÿ
(68

76ÿ768856
,,
9ÿ8ÿ
6ÿ
!9ÿ#6
ÿ
!9
ÿ855ÿÿ
8
8
9ÿ"$6565
ÿ86

768ÿ
5!8ÿ

!"

ÿ8ÿ768856
,,
9ÿ8558ÿ

76ÿ998ÿ598ÿ
ÿ

ÿ

76ÿ-859ÿ
ÿ%678
ÿÿ876ÿ

68ÿ!"6ÿ

68855
ÿ55ÿ8878ÿ 96ÿ6
ÿ5
6
9ÿ
65695
ÿ
8!8ÿ88
85ÿ01.ÿ/8ÿ89
6
ÿ8!8
ÿ6
87ÿ '5585
6ÿ
$
8ÿ
78ÿ
89
576ÿ
$
9ÿ8!9
9ÿ8ÿ885''6ÿ7956ÿ8595ÿ76ÿ6
8ÿ968ÿ
95!8ÿ
799
9ÿ!"6!8ÿ7"9
88ÿ(
6ÿ9
!"67
ÿ(98ÿ)669ÿ
ÿ
85''6ÿ
9579ÿ6
8!8ÿ
ÿ%678ÿÿ89
8!8ÿ'
98ÿ"5!6!6ÿ96ÿ
678868
ÿÿ 766ÿ$88!8
8!8ÿ 96ÿ%678ÿ
6
ÿ!"6ÿ 766
95
ÿ
'
9
ÿ89
88ÿ6
ÿ78888ÿ"5!6!6"56ÿ
9!8ÿ!"6ÿ78!8$5ÿ6!8
ÿ
'
9
ÿ768
6ÿ79
8ÿ
ÿ
+969ÿ696ÿ"$6ÿ56$
85ÿ76,76565ÿ79565ÿ7655ÿ

!"

ÿ
897ÿ8!859ÿ7''6$68ÿ8ÿ799
9!*ÿ6ÿ'6959ÿ!8$8ÿ0678ÿ'6959ÿ
!"6ÿ8
88ÿ868
66ÿ999ÿ8ÿ
6$
6ÿ
,,
9569ÿ6
8
66ÿ6ÿ&ÿ
6
ÿ7"ÿ
,,
9ÿ!"6!8ÿ!888ÿ996ÿ6!
696ÿ!88ÿ
876ÿ
!88ÿ55ÿ!865878
95
ÿ
8
9ÿ7666797ÿ$599596ÿ/59ÿ7"

ÿ8ÿ
9
6!"67ÿ$6876ÿ
68!8ÿ0ÿ!6$68ÿ7"9ÿ85ÿ66
6565
ÿ
$68
9ÿ%678ÿ'6959ÿ6ÿ5ÿ8
9ÿ9969ÿ8!
8
9ÿ
ÿ
01ÿ
ÿ
34567859ÿ4478
ÿ 859ÿ95595959ÿ4454448ÿ
45ÿ74

959ÿ

959ÿ49ÿ9949ÿ95ÿ8ÿ88
9ÿ4454ÿ4454449ÿ45ÿ65995ÿ
879ÿ85ÿ449ÿ595ÿ3
8ÿ5967995889ÿ 8549ÿ6
ÿ4ÿ4454449ÿ
5 549ÿ7867859954ÿ5 99
4ÿ99ÿ95595959ÿ889ÿ8744ÿ
6
479
5889ÿ8
89ÿ34567859ÿ
ÿ566ÿ989ÿ9
9785ÿ9
97997859ÿ
95595959ÿ449ÿ57454478ÿ4454449ÿ44749ÿÿ ÿ4495ÿÿ549ÿ
64ÿ44544495ÿÿ ÿ8ÿ6
ÿ888ÿ9ÿ8
8567ÿ6444ÿ44549ÿ
8
89ÿ545ÿ!"0ÿ98866
8668ÿ8

5ÿ
ÿ
!"0ÿ98866
86459ÿ8

ÿ#$ÿ0$ÿ$ÿ94765ÿ56

8ÿ65ÿ6
ÿ
8ÿ49ÿ
95595959ÿ449549ÿ8
89ÿ99 78ÿ85ÿ4478559ÿ879ÿ

484ÿ58845ÿ64677ÿ4ÿ64ÿ
45ÿ665ÿ549ÿ65ÿ54745ÿ
5
845ÿ978668ÿ0%0#0ÿ&'ÿ98594
49ÿ
8987ÿ55ÿ
&4766ÿ(686
8ÿ6549ÿ6
ÿ 754ÿ$ÿ&958ÿ9559595ÿ)ÿ
45ÿ
74
9ÿ
8987ÿ98554ÿ95595959ÿ65ÿ6
ÿ 9ÿ4
ÿ6ÿ
985ÿ444ÿ
59ÿ748ÿÿ74
9ÿ98554ÿ6
68997854
ÿ99ÿ4478
4ÿ
859ÿ0#ÿ
875ÿ899ÿ444ÿ
88ÿ87ÿ7489
ÿ48ÿ978ÿ47888859ÿ459
ÿ
0ÿÿ0*ÿ5ÿ879ÿ
45ÿ74

9595ÿ6
ÿ
8ÿ8
6
ÿ
4554ÿ4454448ÿÿ5498ÿ89ÿ65ÿ8
6ÿÿ+ 89
5ÿ
79558ÿ4567859ÿ6948ÿÿ89ÿ88ÿ 595978ÿ6489ÿ
66589ÿ
8ÿ4589ÿ(5459ÿ9
978849ÿÿ!"0ÿ6459ÿ
74589ÿ49ÿ6
ÿ95668ÿ8ÿ8

8554ÿ(96

8
8578ÿ 749ÿ
5ÿ0,ÿ(5459ÿ8

ÿ9974ÿ55858958ÿ
959ÿ
8
ÿ95595959ÿ
445444ÿ6
ÿ74554ÿ!"0ÿ98866
8ÿÿ4454449ÿ 75459ÿ 78ÿ
ÿ
&7885ÿ5 99
4ÿ54984ÿ549ÿ--75ÿ.85--549ÿ79
49ÿ4
ÿ7949ÿ
959ÿ.85--54ÿ98ÿ69ÿ79554ÿ&958ÿ58ÿ978
959ÿ95595959ÿ 78ÿ
5 89845ÿ!"0ÿ4
49ÿ9899ÿ978668ÿ0%0#0ÿ(/656ÿ998ÿ)ÿ8ÿ
6467ÿ59ÿ55ÿ0#0ÿ4454ÿÿ59985ÿÿ69ÿ795559ÿ!"0ÿ
6459ÿ
8
ÿ995ÿ58
854ÿ
489ÿ49ÿ
ÿ
&78
959ÿ
49567859ÿ6
479
5889ÿ 888
9ÿ59ÿ449ÿ4479ÿ
6
ÿ4554ÿ995ÿ48ÿ8
59
88
9ÿ6
ÿ!"0ÿ56658
9ÿ88
9ÿ6
ÿ9559559ÿ
44584ÿ
ÿ8
4ÿ44ÿ56659ÿ8
ÿ
8
ÿ8898ÿ99598ÿ
79
59ÿ466
989ÿ98866
8ÿ 9
89ÿ5665858ÿ
ÿ
&958ÿ9
978566589ÿ956785ÿ896645ÿ8895ÿ99578ÿÿ6649ÿ56658
9ÿ
1988ÿ5ÿ9
895ÿ9ÿ* ÿ&958ÿ566954ÿ995789
9785ÿÿ ÿ99ÿ
8549ÿ8ÿÿ3
ÿ
85ÿ95ÿ9785665895678ÿ!"ÿ8

ÿ
0$ÿ94765ÿ56

ÿ4479ÿ4454449ÿ4454ÿ6645ÿÿ$ ÿ28

97850--549ÿ
95678ÿ66454ÿ4454449ÿ4454ÿ4ÿÿ0 ÿ8ÿ6ÿ69495ÿ6
ÿ
68548
8ÿ95ÿ99ÿ74ÿ56658
9ÿ8ÿ884ÿ&9585ÿ ÿ19785--549ÿ
4454449ÿ4454ÿ ÿ# ÿ88799ÿ
ÿ
3
8ÿ6
ÿ94ÿ989ÿ445444ÿ544ÿ559ÿ030*ÿ
37959ÿ8
49ÿ
4978668ÿ8ÿÿ0ÿÿ669558ÿ
00ÿ
ÿ
455678ÿ9
779 ÿ99ÿ0ÿÿ4745ÿÿ759ÿ465 ÿ74777979ÿ4 5ÿ
994ÿ9ÿ0ÿÿ0ÿ959ÿ9 ÿÿ 79ÿ796ÿ9797 ÿ
ÿ9ÿ5ÿ55 ÿ4
9ÿ0ÿ5967ÿ5955ÿ4 6ÿÿ
!!ÿ0ÿ94ÿ46ÿ" ÿ5 ÿ 5 ÿ 45 ÿ77977475 ÿ94ÿ
0ÿ75 ÿ!5747 ÿ5 ÿÿ#4!!59ÿÿ9ÿ5 ÿ55747 ÿ
56ÿ ÿÿ7797747 ÿ56ÿ795ÿ ÿ$%0ÿ599ÿ
67 ÿ&747ÿ5598ÿ4599ÿ7ÿ$% 596799ÿ956597 ÿ747 ÿ
 5ÿ
798ÿ949ÿ99
99ÿ0 ÿ79679ÿ'ÿÿ 4ÿ
9 679ÿ
5ÿ659557ÿ77 5ÿ
ÿ
(55ÿ
58ÿÿ!ÿ
7ÿ4ÿ977ÿ9
5ÿ9ÿ$%0ÿ679ÿ944ÿ5ÿ957ÿ
 59597 ÿ
49797ÿ9
 5ÿ 49ÿ&45ÿ!9ÿÿ754ÿ
7ÿÿ8ÿ77959ÿ9ÿ ÿ779ÿ47ÿ$%0ÿ679ÿ955ÿ
9
 54ÿÿ5454ÿ7954ÿ5978 7ÿ5ÿ

01ÿ
ÿ
Appendix 6.

ELULOOKIRJELDUS
1. Isikuandmed
Ees- ja perekonnanimi Jüri Kleesmaa
Sünniaeg ja –koht 28.06.1952 Väike-Maarja, Lääne-Virumaa, Eesti
Kodakondsus Eesti

2. Kontaktandmed
Aadress Kastani 16B-2, Tallinn, Eesti
Telefon +371 5066357
E-posti aadress juri.kleesmaa@ttu.ee

3. Hariduskäik

Õppeasutus Lõpetamise aeg Haridus

(nimetus lõpetamise ajal) (eriala/kraad)
Tartu Ülikool 2002 Ärijuhtimine/Magister
Tallinna Polütehniline 1977 Soojusenergeetika/
Instituut soojusinsener
Tallinna 1970 Keskharidus
Spordiinternaatkool

4. Keelteoskus (alg-, kesk- või kõrgtase)

Keel Tase
Eesti Emakeel
Inglise Hea
Vene Hea
Soome Hea

5. Täiendusõpe

Õppimise aeg Täiendusõppe teema ja õppe korraldaja

2010 Firmaväärtus. Version Koolituse OÜ
2010 Hoonete energiatarve ja sisekliima, EKVÜ
2006 Kasvuhoonegaaside tõendaja, EN-Vision (UK) LTd
2005 Volitatud soojustehnikainsener, ESTIS

139
6. Teenistuskäik

Töötamise aeg Tööandja nimetus Ametikoht

2009–… ÅF-Estivo AS Äri- ja arendusjuht
2006–2008 ÅF-Estivo AS Ärisuunajuht,
energeetikanõustaja
2004–2006 ÅF-Estivo AS Müügijuht
2002–2004 Chemi-Pharm AS Tegevjuht
1993–... Pentagra OÜ Juhatuse liige
1987–1993 Soojustehnika labor, TTÜ Juhtivinsener,
nooremteadur
1985–1987 EKE Tehnokeskus Juhtivinsener, sektori
juhataja
1980–1985 Tootmiskoondis LIVIKO Projekteerija,
tsehhijuhataja,
kommertsdirektor
1977–1980 Dvigatel Katlamaja
vahetusinsener

7. Teadustegevus

Artiklid:

Kleesmaa, J. CO2 kaubanduse mõju elektritootjatele erinevate

energiaallikate kasutamisel Eesti tingimustes. Eesti majanduspoliitilised
väitlused XVIII: XVIII majanduspoliitika teaduskonverents, Värska, 1.–
3.07.2010. (Toim) Sulev Mäeltsemees (Tallinna Tehnikaülikool), Janno Reiljan
(Tartu Ülikool). Berlin*Tallinn: Berliner Wissenchafts-Verlag, Mattimar, 121–
139, 2010.
Latõšov, E., Kleesmaa, J., Siirde, A. The impact of pollution charges, ash
handling and carbon dioxide to cost competitiveness of fuel sources for energy
production in Estonia. Scientific proceedings of Riga Technical University.
Environmental and Climate Technologies, 4(13), 58–63, 2010.
Kleesmaa, J., Pädam, S., Ehrlich, Ü. Subsidising renewable electricity in
Estonia. In: Energy and Sustainability III: (Toim) Mammoli, A. A., Brebbia, C.
A., Villacampa Esteve, Y. WIT Press, 2011, (Ecology and the Environment;
143), 229–241.
Kleesmaa, J., Latõšov, E., Karolin, R. Primary method for reduction of SO2
and its impact for CO2 in pulverized oil shale fired boilers at Narva Power Plant.
Oil Shale 2011, vol 28-2, p 321–336.
Kleesmaa, J., Viiding, M., Latõšov, E. Implication for competitiveness of
Estonian energy-intensive industry after establishment of CO2 pricing from year
2013 onwards. Balti Majandusajakiri (Baltic Journal of Economics), 2011
(Ilmumas).

140
 Borovikov, V., Kleesmaa, J., Tiikma, T. 2005. Analysis of experimental
results of sonic cleaning system in oil shale boiler. Oil Shale, 22(4), 475–485.
Kleesmaa, J., Kruus, H., Tiikma, T., Vaht, A. 1999. Iru Elektrijaama
aurukatla nr. 2 konvektiivsete küttepindade akustilise puhastuse efektiivsus.
Keskkonnatehnika nr 6, lk 26–29.

8. Kaitstud lõputööd

Magistritöö: „Katla akustilise puhastussüsteemi juurutamise tasuvusuuring“,

2002. Juhendaja Helje Kaldaru, MBA, TÜ.
Diplomitöö: „Gaasiturbiinseadmel TG-16M põhineva laboratoorse katsestendi
projekteerimine koos koormusseadmega“, 1977. Juhendaja Dmitri Jegorov,
Soojusenergeetika, TPI.

9. Teadustöö põhisuunad

Süsinikdioksiidi (CO2) kaubandus.

Energeetilistes kateldes vääveldioksiidi (SO2) vähendamise meetodid.
Energiamahukate ettevõtete majandustegevuse analüüs.
Elektritootmisele kohaldatavate toetuste analüüs.
Kütuste hindade prognoos lühi- ja pikas perspektiivis.

10. Teised uurimisprojektid

Konsultatsioonid:

2011, Eesti Tuuleenergia Assotsiatsioon, Tallinn

Väikeste elektrituulikute pakettlahendused

2010, Kohtla-Järve Soojus AS, Ahtme

Ahtme elektrijaama jätkusuutliku arengu uuring peale aastat 2010

2010, Konkurentsiamet, Tallinn

Katlamajade maksumuse, tehnilise lahenduse ja tegevuskulude eksperthinnang

2010, Merko, Tallinn

Eesti koostootmisjaamade rajamise võimalused

2010, VKG Energia OÜ, Kohtla-Järve

Jõhvi-Ahtme soojusvarustuse äriplaan

2010, Majandus- ja Kommunikatsiooniministeerium, Tallinn

Energiasäästupoliitika tulemuslikkuse analüüsi meetodite määramine

141
2010, AS Viisnurk, Pärnu
AS-i Viisnurk koostootmisjaama ehitamise eeluuring

2010, AS Eraküte, Tartu

AS-i Eraküte Tartu võrgupiirkonna soojuse ja elektri koostootmisjaama
eelhinnang

2009–2010, Eesti Energia Kaevandused, Narva

Feasibility Study Regarding the Handling and Storage of Oil Shale, Biomass and
Rubber Chips at Eesti Power Plant

2009–2010, Narva Õlitehas, Narva

TSK-140 utilisatsioonkatla moderniseerimine ja hankekutsedokumentide
ettevalmistamine

2009–2010, Narva Elektrijaamad, Narva

Põlevkivi tolmpõletuskatla väävliühendite (SO2) vähendamine
primaarmeetoditega

2009–2010, Konkurentsiamet, Tallinn

Katlamajade maksumuse, tehnilise lahenduse ja opereerimiskulude
eksperthinnang

2009–2010, Tartu Elektrijaam, Tartu

Tartu elektrijaama lisajahutussüsteemi hankedokumentatsiooni ettevalmistus ja
omaniku inseneriteenused

2009, Eesti Energia, Tallinn

Gaasimootoril põhineva koostootmisjaama tehnokirjeldus

2009, 4-Energia, Tallinn

Maardu hüdroakumulatsioonjaama eeluuring

2009, Gas Power, Tallinn

200 MWel võimsusega gaasiturbiinelektrijaama rajamise eeluuring

2009, Dalkia, Jõgeva

Jõgeva linna soojusvarustuse analüüs ja AS-i Eraküte Jõgeva katlamajas
kohaliku kütuse kasutusele võtmise eeluuring

2009, Eesti Energia AS, Tallinn

Narva 2 x 300 MWel energiaplokkide hankekutsedokumentide ettevalmistamine

142
2008, Eesti Energia Põhivõrk, Tallinn
Eesti Energia Põhivõrgu gaasiturbiinelektrijaama ehitamise eeluuring

2007–2008, Iru Elektrijaam, Maardu

Iru jäätmeenergiaploki teostatavuse uuring

2007–2008, Tartu Elektrijaam, Tartu

Tartu KTJ-i jäätmeenergiajaama teostatavuse uuring

2008, AF Consult Oy, Soome

Põlevkivituha transpordisüsteemi renoveerimise multikriteeriumide analüüs

2007–2008, Narva Elektrijaamad, Eesti

AS Narva Elektrijaamad energiakompleksi arendusprojekti keskkonnamõjude
hindamine (KMH) ja keskkonnamõjude strateegiline hindamine (KSH)

2006–2007, Narva Elektrijaamad, Narva

Eesti Elektrijaama soojusvarustussüsteemi rekonstrueerimine

2006, Eesti Energia, Tallinn

Eesti eri piirkondades koostootmisjaamade ehitamise eeluuring

2006–2007, Tartu Ülikool, Kääriku

Kääriku Spordibaasi energiamajanduse arendus

2006, Vesmann OÜ, Saaremaa

Eeluuring. Rohtpelletite valmistamise võimaluste uuring

143
Appendix 7.

CURRICULUM VITAE
1. Personal data
Name Jüri Kleesmaa
Date and place of birth 28.06.1952, Väike-Maarja, Lääne-Viru County,
Estonia

2. Contact information
Address Kastani 16B-2, Tallinn, Estonia
Phone +372 5066357
E-mail juri.kleesmaa@ttu.ee

3. Education

Educational institution Graduation Education

year (field of study/degree)
Tartu University 2002 MBA / M.Sc.
Thermal Power
Tallinn Polytechnic Institute 1977
Engineering / M.Sc.
Tallinn Sport Boarding-School 1970 High school education

4. Language competence/skills (fluent, average, basic skills)

Language Level
Estonian Mother tongue
English Good
Russian Good
Finnish Good

5. Special Courses

Period Educational or other organisation

2010 Company’s Value, Version Training OÜ
2010 Buildings Energy consumption and inside climate, EKVÜ
2006 GHG Verification, EN-Vision (UK) Ltd
2005 Authorized Thermal Power Engineer, Estonian
Association for Heat Engineers

145
6. Professional Employment

Period Organisation Position

Business and
2009−… ÅF-Estivo AS development
manager
Business
2006−2008 ÅF-Estivo AS
manager
2004−2006 ÅF-Estivo AS Sales manager
2002−2004 Chemi-Pharm AS Manager
Member of
1993−... Pentagra OÜ
Board
Engineer, junior
1987−1993 Thermal Power Laboratory, TTY
scientist
Leading
Engineer,
1985−1987 Technical Centre of EKE
manager of
sector
Designer, chief
of department,
1980−1985 LIVIKO Group
sales manager of
Group
Boiler house
1977−1980 Dvigatel
engineer

7. Scientific work

Published articles:

Kleesmaa, Jüri. Impact of CO2 trade on electricity producers depending on

the use of different energy sources in Estonia. In: Estonian Economic Policy
Debate XVIII: XVIII Economics Policy Conference, Värska, 1.–3.07.2010.
Berlin*Tallinn: Berliner Wissenchafts-Verlag, Mattimar, 121−139, 2010.
Latõšov, E., Kleesmaa, J., Siirde, A. The impact of pollution charges, ash
handling and carbon dioxide to cost competitiveness of fuel sources for energy
production in Estonia. Scientific proceedings of Riga Technical University.
Environmental and Climate Technologies, 4(13), 58–63, 2010.
Kleesmaa, J., Latõšov, E., Karolin, R. Primary method for reduction of SO2
and its impact for CO2 in pulverized oil shale fired boilers at Narva Power Plant.
Oil Shale 2011, vol 28-2, p 321–336.
Kleesmaa, J., Pädam, S., Ehrlich, Ü. Subsidising renewable electricity in
Estonia. In: Energy and Sustainability III: (Editorial Board) Mammoli, A. A.,
Brebbia, C. A., Villacampa Esteve, Y. WIT Press, 2011, (Ecology and the
Environment; 143), 229–241.

146
 Kleesmaa, J., Viiding, M., Latõšov, E. Implication for competitiveness of
Estonian energy-intensive industry after establishment of CO2 pricing from year
2013 onwards. Baltic Journal of Economics, autumn 2011. [Forthcoming]
Borovikov, V., Kleesmaa, J., Tiikma, T. 2005. Analysis of experimental
results of sonic cleaning system in oil shale boiler. Oil Shale, 22(4), 475–485.
Kleesmaa, J., Kruus, H., Tiikma, T., Vaht, A. 1999. Effectiveness of
acoustic cleaning system of heat surfaces of steam boiler at Iru Power Plant.
Environmental Technique, no 6, p 26–29.

8. Defended thesis

Master Thesis: Feasibility Study of Implant of Boiler Sonic Cleaning System,

2002, Supervisor Helje Kaldaru, MBA, TÜ.
Diploma work: Design with load device of laboratory testing display unit based
on gas turbine equipment, 1977, Supervisor Dmitri Jegorov, Thermal Power
Engineer, TPI.

9. Main areas of scientific work/Current research topics

Carbon dioxide (CO2) trade.

Sulphur dioxide (SO2) reduction possibilities with different methods in energetic
boilers.
Analysis of energy intensive industry economical activity.
Analysis of subsidising systems of electricity production.
Prognosis of fuel prices in short and long terms perspective.

10. Other research projects

Consulting Assignments:

2011, Wind Power Cluster, Tallinn, Estonia

Study about small wind power units support schemes in selected countries over
the world and overview about Estonian situation from this point of view

2010, AS Kohtla-Järve Heat, Ahtme

Ahtme PP function extension after year 2010

2010, The Ministry of Economic Affairs and Communications , Tallinn

Study about developing of monitoring system of energy saving policy

2010, VKG Energia OÜ, Kohtla-Järve

Business plan of VKG Energy about heating supply of Jõhvi-Ahtme

147
2010, Competition Department of Estonia, Tallinn
Expert estimation about boiler houses costs, technical solutions and operating
costs

2010, Merko Ltd, Tallinn

Research work of possibilities to establish CHP in Estonia

2010, Viisnurk Ltd, Pärnu

Pre-feasibility study of establishing CHP at AS Viisnurk

2010, Eraküte Tartu Ltd, Tartu

Feasibility study of establishing CHP at AS Eraküte Tartu network area

2009–2010, City Tallinn, Tallinn

Sustainable Energy Action Plan for City Tallinn

2009, EE Shale Oil Industry Ltd, Auvere

Modernization of TSK-140 unit's utilization boiler and TED document
preparation

2009, EE Narva PP Ltd, Auvere

Oil Shale pulverized boilers SO2 concentration reduction with primary methods

2009, OÜ Energiasalv, Tallinn

Maardu Hydro accumulation pump-station pre-feasibility study

2009, Estonian Energy, Iru PP, Maardu city

Iru Waste to Energy EPC Tender proposal final evaluation consulting service

2009, Eesti Energia AS, Tallinn

Narva 2 x 300 MWel CFB Power Plant TED preparation

2009, Estonian Energy Narva PP, Narva

Narva 2 x 300 MWel CFB Power Plant TED preparation

2009, Iru PP, Maardu, Estonia

WtE EPC Tender Documentation Evaluation Clarification

2009, Iru PP, Maardu, Estonia

WtE EPC Tender Documentation Evaluation

2008, AF Consult Oy, Finland

Multicriteria analysis

148
2008, IRU PP, Maardu, Estonia
WtE EPC Tender Documentation preparation

2008, Grüne Fee Ltd, Tartu

Study about energy usage

2007–2008, Tartu KTJ, Tartu

Feasibility study of Waste to Energy PP at Tartu

2007–2008, Iru PP Ltd, Maardu

Feasibility study of Waste to Energy block

2007–2008, Oil Factory of Narva, Narva

Tender Documents of EPCM of Oil Factory

2007–2008, Narva PP Ltd, Narva

Environment Impact Assessment (EIA) and SEIA of Energy Complex of Narva
PP and clarification subject with Bankengruppe KFW of Germany according to
IFC standards

2006, Tartu University, Kääriku

Study of Sport Sector energy supply

2006, Vesmann OÜ, Saaremaa

Study for usage of biomass

2006, Estonian Energy Ltd, Tallinn

Pre-feasibility study of different regions of Estonia for CHP building

149
KOKKUVÕTE

Keskkonnaregulatsioonide majanduslikud meetmed elektri

tootmisel Eestis
Jüri Kleesmaa
Tallinna Tehnikaülikool

Euroopa Liit, mille koosseisu 1. maist 2004 kuulub ka Eesti, on seadnud energia
kasutamise alal oma peamiseks eesmärgiks kujundada lähimatel aastakümnetel
ühtne energia- ja keskkonnapoliitika, mis põhineb selgetel püüdlustel ja ajakaval
üleminekuks süsinikuvaesele nn rohelisele energiamajandusele ja energia
säästmisele. Energia otstarbekohasema kasutamise tingivad ka fossiilsete
energiaallikate kasutamisega kaasnevad suuremad keskkonnamõjud võrreldes
bioenergiaga.
Euroopa Komisjon eeltoodud ülesannete lahendamiseks esitas Euroopa
energiapoliitika dokumendi COM(2007) 1 (Brüssel 2007) eesmärgiga
suurendada Euroopa Liidu energiavarustuse kindlust, julgeolekut,
konkurentsivõimet ja võidelda kliimamuutuste vastu. Kavandatud eesmärkide
saavutamiseks võttis Euroopa Komisjon 2009. a vastu olulised regulatsioonid,
millega täiustati ja laiendati ühenduse kasvuhoonegaaside saastekvootidega
kauplemise süsteemi, edendatakse taastuvatest energiaallikatest toodetud energia
kasutamist ja primaarenergia tarbimist aastani 2020.
Vastavalt Euroopa Liidu vastu võetud keskkonnaregulatsioonidele on Eesti
loonud vabariikliku õigusruumi rohelise energiamajanduse edendamiseks ja
energia säästlikumaks kasutamiseks.
Eesti elektritootmine baseerub põhiliselt põlevkivienergial, st umbes 90%
Eestis kokku toodetud elektrienergiast moodustab kohalikust kütusest
põlevkivist toodetud elektrienergia. Kuigi põlevkivi kasutamine
elektritootmiseks Eesti kontekstis on kohaliku kütuse ja energiajulgeoleku
seisukohast vajalik, siis keskkonnakaitsest lähtuvalt on see kõrgete
emissioonitegurite tekitamisega keskkonda koormav.
Euroopa Liit seab oma keskkonnaalaste regulatsioonidega Eesti ette küllaltki
keerulised ülesanded põlevkivielektri asendamiseks teiste energiaallikatega, mis
vajavad oskusi nii tehniliselt kui ka majanduslikult otstarbekaid otsuseid vastu
võtta.
Kuna Eesti elektritootmine täna ei kindlusta Euroopa Liidu seadusandlusega
määratud keskkonnanõudeid ja Eesti viib sisse parasjagu erinevaid
reguleerimisviise, mis peaksid neid täitma, siis lähiajal on elektritootmises
oodata suuri muutusi.
Käesoleva viit artiklit ühendava artikli eesmärk on uurida majanduslikke ja
keskkonnareguleerimise mõjusid Eesti elektritootmisele perspektiivis aastani
2020. Artikkel hõlmab nelja meedet: süsinikdioksiidi heitkoguse ühikutega
kauplemist, soodustariife, keskkonnatasudega (sh tuhakäitlus ja emissioonidest
tingitud kulu) kaasnevat kulu ning tööstusheidete piirnormide mõju elektri
151
tootmisele. Iga esitatud uurimus on keskendunud konkreetsele juhtumile, kuid
siduvaks teemaks uurimuste vahel on regulatsioonide mõju elektritootmisele
Eestis.
Kokkuvõtva artiklitel baseeruva töö uurimisobjektiks on Eesti
elektritootmine ja seadusandlike aktide mõju selle struktuuri kujundamisele
aastani 2020. Lisaks uuritakse ka muid, elektritootmisega mitteseotud
energiamahukaid ettevõtteid seadusandlike aktidega loodud uues
tegutsemiskeskkonnas.
Elektritootmise parima stsenaariumi valik avaldub suuresti CO2 kaubanduse
mõju tulemusena, mis reguleerib lubatud heitkoguste kvootide hulgaga
elektritootmise portfelli mitmekesistamist kuluefektiivselt, võimaldades
omakorda ergutada tehnilist arengut.
Kütuste tootmisharu konkurentsivõimet mõjutab keskkonnatasude üha
suurenev määr. Elektritootmisele kinnitatud soodustariif on taastuvenergia
kasutuselevõtu tõhususe perspektiivist lähtudes põhjendatud, kuid see mõjutab
põhjendamatult palju tarbijahinda ja on ülekompenseeritud jaama võimsust
arvestades.
Euroopa Liiduga liitumislepingus on fikseeritud kohustus piirata 2012.
aastast alates SO2 heitmeid 25 000 tonnini aastas. Töötusheitmete direktiiv
kohustab oluliselt vähendama 2016. aastast alates atmosfääri eriheitmete SO2,
NOx ja lendtuha emissioone. See piirab elektritootmist Eestis.
Elektritootjate traditsiooniline arusaam keskkonnaregulatsioonidest nagu
atmosfääriheitmete piirnormid, saastetasud ja kasvuhoonegaaside kaubanduse
lubatud heitühikute kvoodid on, et need mõjutavad firmade konkurentsivõimet,
piiravad elektritootmist ja on elektritootmise seisukohalt pärssivad ning
mitteproduktiivsed. Atmosfääriheitmete piirnormid seavad rangeid nõudeid
tehnoloogia kasutamisele, saastetasud ja kaubanduskvoodid sunnivad
atmosfääriheitmetega tegelema ning avaldavad mõju tootmisprotsessi
kõrvalsaadustele, mis eelnevalt olid regulatsioonide mõjust vabad.
Konkurentsivõime reguleerimisel keskkonnaregulatsioonidega on
majandusteadlaste käsitlusel põhimõtteliselt kaks suunda: esimene väidab, et
keskkonnareguleerimine on konkurentsivõimele kahjulik (Oates, Palmer &
Portney, Simpson 1993) ning teine suund kinnitab, et keskkonnareguleerimine
parandab konkurentsivõimet juhul, kui see on mõistlikult rakendatud (Porter &
van der Linde, 1995). Empiirilised tulemused ei poolda ühte ega teist (Lanoie
2008). Antud uurimuse tulemused viitavad võrdlemisi väikestele muutustele
energiatootmises.
Elektrijaama toodang sõltub aasta turusituatsioonist ja seepärast on keeruline
aasta elektritoodangu mahtu prognoosida. Elektrituru regulatsioon peab tagama
Eesti tootmise struktuuri mitmekesisuse. Meil jätkub endal tootmisvõimsust ilma
rangete keskkonnaregulatsioonideta, kui mujalt pole võimalik elektrit odavamalt
osta. Siiski tekib ka odavama elektri sisseostmise korral – näiteks Venemaalt –
õigustatud küsimus, kas vastavussertifikaat on nõuetekohane. Vabaturul, kus
kolmandatest riikidest imporditakse odavamat elektrit ja neile ei rakendu

152
Euroopa Liidu süsinikupuhta elektritootmise nõuded, on elektritootjad
ebavõrdses konkurentsis.
2020. aastaks tehtud prognooside kohaselt, täiendavalt arengukavas toodud
aastani 2018, peaks olukord põhimõtteliselt muutuma: põlevkivil rajaneva
elektritootmise osatähtusus väheneb umbes 40%-ni, taastuvenergia osatähtsus
aga suureneb ligikaudu 31%-ni.
Euroopa Liidu kasvuhoonegaaside kaubanduse direktiivist lähtuvalt seab
elektrimajanduse arengukava parim stsenaarium uued tingimused kütuste
kasutamisele − keskkonda saastavamad kütused nagu põlevkivi ja turvas
tõrjutakse kütuseturult ja asendatakse keskkonnasõbralikumate kütustega nagu
taastuvad energiaallikad ja looduslik gaas. Analüüs näitab, et ilma
keskkonnaregulatsioonideta on soodustatud kütuste kasutuse järjestus hinna järgi
järgmine − põlevkivi, puit, turvas, looduslik gaas. Kui hinnale lisanduvad
keskkonnatasud ja CO2 kvoodihind, siis kasutusjärjestus muutub − puit, turvas,
põlevkivi ja looduslik gaas. Regulatsiooni tulemusena langeb eelistus taastuvate
kütuste kasutuselevõtule võrreldes fossiilsete kütustega.
Kulude suurenedes sõltub majandussektori konkurentsivõime CO2 eraldumise
intensiivsusest, võimalusest kanda lisanduvad kulud üle müügihinnale ning
tootmistsüklis süsinikuheitmete vähendamiseks rakendatud meetmetest. Eestis
toodetakse enamik elektrienergiat kohalikust põlevkivist, mida on külluses.
Praegu investeeritakse energiaplokkide põlevkivi tolmpõletuskatelde
moderniseerimisse ja püütakse selle poole, et täita pärast 2016. aastat kehtima
hakkavaid rangemaid keskkonnanõudeid. Energiaplokkidele ehitatakse uusi
keevkihtkatlaid, kus rakendatakse parimat turul saadaolevat tehnoloogiat. Seda
arvestades võib järeldada, et CO2 heitmete hinnast tulenev muutuvkulude üldine
muutus Eesti energiasektoris võib jääda suhteliselt tagasihoidlikuks: 5%
lähedale.
Kuigi Hussen (2004) väitis, et heitmekaubandus peaks soodustama uudse
tehnoloogia kasutuselevõttu, ei ole Euroopa Liidu heitmekaubandussüsteemi
katsetamise ajal ega esimestel kauplemisperioodidel suuremaid tehnoloogilisi
uuendusi tehtud. Üheks selgituseks võib olla asjaolu, et esialgu jagati kvoote
ülemäära palju. See surus kvoodi hinna alla ega virgutanud investeerima uude
tehnoloogiasse. Muude põhjustena võib nimetada tuleviku jaotuspõhimõtete
suhtes valitsevat määramatust, liiga lühikesi kauplemisperioode ning süsiniku
lekkeohtu.
Taastuvelektri tootmiseks makstavate toetuste süsteem on Eestis tõhusalt
toetanud koostootmisvõimsuste rajamist − kui 2007. a oli taastuvatest
energiallikatest toodetud elektri osakaal 1,75% kogu elektrienergia tarbimisest,
siis 2010. aastal moodustas see juba 9,7% kavandatud 5,1%-i asemel.
Halduskulud on olnud väikesed ning säästetud välismõjudest tingitud kulud on
ületanud toetuse suuruse: välismõjust tingitud kulu põlevkivi kasutamisel on
69,2 eurot megavatt-tunni kohta, puitkütusel ja turbal vastavalt 9,7 ja 25,8.
Siiski on Eesti toetused suurenenud kiires tempos 0,1 eurosendilt kilovatt-
tunni kohta 0,8 eurosendile kilovatt-tunni kohta aastatel 2007 kuni 2010 ning
tarbijad on need kulud kollektiivselt kinni maksnud, samal ajal kui tulu saavad

153
suured koostootmisjaamad. 2007 ja 2011 on toetuste juurutamisega seotud kulu
kasvanud 6 miljonilt eurolt 55 miljoni euroni. Need kulud katab tarbija elektri
hinna kaudu. Toetusega kaasnev kulu moodustas 2010. a umbes 10% tarbija
eelarvest.
Peale jaotusega seotud probleemide on muidki põhjusi toetuse kasutamise
kohta. Kahe koostootmisjaama kohta tehtud uurimus koostootmisjaamade
elektritootmise keskmise kulu ja omahinnaga on näidanud, et praegune toetuste
süsteem ei ole tõhus. 2010. aastaks seatud eesmärgid on ületatud ja tõhususe
seisukohast ei saa seda pidada kuluefektiivseks. Uurimustulemustest selgub veel,
et ressursse kasutatakse sellise tootmise toetamiseks, mis on ka toetuseta tulus
(IRR 19%) (Kleesmaa jt 2011).
Kuigi praegused toetused on halduse seisukohast atraktiivsed, saab jaama
suurusest sõltuva omahinna suurte erinevuste alusel väita, et toetusi on vaja
eristada jaama suurust arvestades. Alla 10 MWhel (Latõšov 2011) võimsusega
koostootmisjaamade omahind on tunduvalt kõrgem kui suurtel jaamadel ning et
mida väiksem on jaam, seda kiirem on omahinna tõus. Toetuse lahutamisel
omahinnast muutub pilt veelgi huvitavamaks: toetus katab 25 MWhel
võimsusega jaamade elektri tootmise omahinna ning kui toetus välja jätta,
sarnaneb jaama omahind toetust saava 4 MWhel võimsusega jaama omahinnaga.
Need tähelepanekud kinnitavad uurimistöö tulemusi ja viitavad sellele, et
praegu kehtivat toetust saades on suured jaamad ülekompenseeritud, toetus
väikestele jaamadele ei pruugi aga olla piisav.
Subsiidiumide ja maksude ning muude hinnakujundusmeetmete suurim
puudus on see, et nende mõju ulatus ei ole selge. Eestis nagu paljudes teisteski
Euroopa Liidu riikides kasutatakse toetusi kvantitatiivsete eesmärkide
saavutamiseks. Eesmärgiga sobivat toetust ei ole kerge valida ja seepärast on
vaja toetuste regulatsioon uuesti läbi vaadata. Läbivaatamine toob paratamatult
kaasa investeerimisprobleemid. Seega on toetuspõhise reguleerimise puhul vaja
leida kompromiss läbivaatamisest tulenevate probleemide ja kulukate toetuste
jätkuva maksmise vahel.
Euroopa Liidu energiapoliitika kinnitatud energia- ja kliimapaketiga
aastateks 2013–2020 määrati eesmärgiks 20%-ne kasvuhoonegaaside (töös
käsitletud ainult CO2) vähenemine, taastuvenergia osatähtsuse suurenemine 20%
võrra ja primaarenergia tarbimise vähenemine 20% ulatuses.
Vastuvõetud keskkonnaregulatsioonide mõju tulemusena viie
uurimistulemuse alusel saab järeldada, et Eesti elektritootmises on oodata suuri
muutusi, mille tulemusena kaks püstitatud eesmärki – CO2 vähendamine ja
taastuvenergia kasutamise suurendamine 20% ulatuses – on saavutatavad aastaks
2020.
Regulatsioonid avaldavad enim survet kohalikust kütusest põlevkivist
toodetud elektrile, kuna põlevkivi keemilis-füüsikaliste omaduste tõttu on see
kütus ümbritsevat keskkonda koormav.
Euroopa Liidu poolt käivitatud CO2 kvoodikaubandusel on suur mõju Eesti
elektritootmise portfelli mitmekesistamisel. Eelistatumad on CO2-vabad
energiaallikad nagu puit ja tuul.

154
 Taastuvkütustest soosituimaks osutub puit ja fossiilsetest gaaskütus.
Turbakütuse laialdasemat kasutamist elektritootmisel piiravad tema kõrge CO2
emissioonimäär, suur tuhasisaldus ja pikaajaline looduslik taastumine. Teisalt on
turvas kohalik kütus, elektritootjale turbast ektritootmise tõhusal režiimil
makstakse toetust 32 eurot megavatt-tunni eest ja aktiivne varu tööstuslikuks
kaevandamiseks on 775 miljonit tonni.
Toetuste juurutamisele avaldavad positiivset mõju taastuvenergia õigusaktid.
Tehnoloogia arendamise seisukohalt jääb regulatsioon neutraalseks, sest uut
tehnoloogiat ei arendata, vaid kasutusele võetakse juba olemasolev.
Tööstusheitmete direktiiv seab keerulisse olukorda põlevkivi tolmpõletuse
tehnoloogiaga toodetava elektri. Juhul kui aastaks 2016 ei ole energiaplokid
varustatud vajalike puhastusseadmetega, mis tagavad direktiivist tulenevate
nõuete täitmise, siis tuleb plokid sulgeda. Taoline olukord aktiveerib
energiaettevõtete juhtide, spetsialistide ja teadlaste tegevust lahenduste
leidmisel, et tagada energiaplokkide töö ka peale 2016. aastat.
Keskkonnatasude pidev suurendamine mõjub Eesti elektritootmisele
soodsalt. Kui 1990-ndate alguses oli keskkonnatasude mõju nn tähelepanu
juhtiv, siis tänapäeval mõjutab nende suurus ettevõtete juhte keskkonnakaitse
seisukohast lähtuvalt tootmisprotsessi rohkem analüüsima kütuste eelistuse järgi,
juurutama uut tehnikat emissiooni vähendamiseks ja tegelema toodangu
kulukohtadega konkurentsvõime tagamisel.
Põlevkivienergeetika tulevik sõltub sellest, kuidas suudame täita euronõudeid
ökoloogias. Kui suudame seda teha odavamalt kui kivisöejaamad (Öpik 1987),
tagame põlevkivienergeetika jätkusuutlikkuse Eestis. Kui aga asume
kivisöejaamade ökoloogilisi tehnoloogiaid kopeerima, nõuab see poolteist korda
suuremaid investeeringuid ja lisab 30% riski.

155
ABSTRACT
The goal of this article is to serve as a connecting link between five articles in
order to put into perspective and to study economic and environmental effects of
electricity production in Estonia until the year 2020. The article embraces four
measures: trading in the carbon dioxide emission quotas, Feed-in-Tariffs, costs
originating from environmental charges (including ash handling and emission-
related costs) and the impact of industrial emission limit values on electricity
production. Every presented research work focuses on a certain case study;
whereas the effects of regulations on the electricity production in Estonia form a
connecting theme between these research works.
The object of the research work based on the above referred to articles is
Estonian electricity production and the effect of legislative acts on the shaping of
its structure until the year 2020. In addition, other energy-intensive enterprises
not related to electricity production are observed in a new activity environment
created due to the application of legislative acts.
The main research tasks are, on the assumption that the best scenario of the
Development Plan of the Estonian Electricity Sector will be implemented, to
give a quantitative assessment of the CO2 emission by taking into account actual
operation hours, and to compare the result with the objective set out in the EU
Greenhouse Gas Emission Trading System; to assess the impact of additional
costs arising from environmental charges, ash handling and the price of CO2
quota on the competitiveness of the industries of such fuels as oil shale, wood,
peat and natural gas in the fuels market in 2015; to assess, on the basis of the
economic activities of two power plants, the application of Feed-in-Tariffs, and
to explain whether the current tariff is justified from the perspectives of
efficiency and economic productivity, and how it influences consumer prices; to
analyse the possibilities of using the primary method BLW for the purpose of
achieving the permitted SO2 emission level established in the European Union
environmental regulations for oil shale combustion.
Based on the results of five research works, it can be concluded that, due to
the effect of the adopted regulations, great changes are expected to take place in
Estonian electricity generation. Regulations have the greatest pressure on the
electricity produced from the local fuel oil shale. The CO2 quota trade launched
by the European Union has a large impact on the diversification of the electricity
production portfolio. Such CO2-free energy sources as wood and wind have a
more preferable position. Wood appears to be the most favourable fuel among
renewable fuels, and gas fuel the most favoured fuel among fossil fuels. Peat
with its large CO2 emissions and ash content, slow natural process in the nature
makes utilization complicated, but electricity production based on peat fuel
receives FIT, is local fuel and has sufficient reserves. Legislative acts on
renewable energy influence the introduction of supports in a positive way. The
regulation remains neutral from the perspective of technological development,
since no new technology is being developed; instead the existing technology is
being made use of. The directive on industrial emissions puts the pulverised oil

157
shale combustion technology-based electricity production into a complicated
situation. If, by 2016, energy units are not supplied with necessary cleaning
equipment, which ensures fulfilment of the requirements arising from the
directive, the relevant units will have to be shut down. Such a situation motivates
the management teams of energy enterprises, specialists and researchers to take
action for finding solutions, in order to guarantee the operation of energy units
after 2016. A continuous increase in environmental charges has a favourable
impact on Estonian electricity production. At the beginning of the 1990ies the
aim of environmental charges was to draw attention to the topic, but at present
the size of charges influences management teams of enterprises towards carrying
out more in-depth analysis, from the perspective of environmental protection, of
their production process by preference of fuels, towards introducing new
technology with the aim of reducing emission, and towards dealing with
production-related expenses in order to ensure competitiveness.

158
 DISSERTATIONS DEFENDED AT
TALLINN UNIVERSITY OF TECHNOLOGY ON
ECONOMICS

1. August Aarma. Segmented Analysis of Bank Customers and Banking

Information: Estonian Case. 2001.
2. Enn Listra. The Development and Structure of Banking Sector: Retail
Banking in Estonia. 2001.
3. Tatyana Põlajeva. The Comparative Analysis of Market’s Attractiveness.
2001.
4. Tuuli Tammeraid. Modeling Flow of Funds for Estonia. 2002.
5. Ivo Karilaid. The Choice in General Method for Investment and
Performance Evaluation. 2002.
6. Hele Hammer. Strategic Investment Decisions: Evidence from Survey and
Field Research in Estonia. 2003.
7. Viljar Jaamu. The Methods and Instruments for Solving the Banking Crisis
and Development of the Banking Sector in Estonia. 2003.
8. Katri Kerem. From Adoption to Relationships: Internet Banking in Estonia.
2003.
9. Ly Kirikal. Productivity, the Malmquist Index and the Empirical Study of
Banks in Estonia. 2005.
10. Jaanus Raim. The PPP Deviations between Estonia and Non-Transitional
Countries. 2006.
11. Jochen Sebastian Heubischl. European Network Governance – Corporate
Network Systematic in Germany, the United Kingdom and France: an
Empirical Investigation. 2006.
12. Enno Lend. Transpordiühenduse ja logistikasüsteemi interaktsioon
(Saaremaa ja Hiiumaa näitel). 2007.
13. Ivar Soone. Interrelations between Retail Service Satisfaction and Customer
Loyalty: A Holistic Perspective. 2007.
14. Aaro Hazak. Capital Structure and Dividend Decisions under Distributed
Profit Taxation. 2008.
15. Laivi Laidroo. Public Announcements’ Relevance, Quality and
Determinants on Tallinn, Riga, and Vilnius Stock Exchanges. 2008.
16. Martti Randveer. Monetary Policy Transmission Channels, Flexibility of
the Economy and Future Prospects of the Estonian Monetary System. 2009.
159
17. Kaire Põder. Structural Solutions to Social Traps: Formal and Informal
Institutions. 2010.
18. Tõnn Talpsepp. Investor Behavior and Volatility Asymmetry. 2010.
19. Tarmo Kadak. Creation of a Supportive Model for Designing and
Improving the Performance Management System of an Organisation. 2011.

160