!! "!"#$ ! #%&'%!

()

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

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

Kevin Alfred Strom

http://kevinalfredstrom.com

!"#$%#&'()*%+(,-.#"/
# $%& '()* *+%) ,()-.& ,/)0&10! 2+3%&! (* 41/ 5.67! 89:;"
<7 =0)&1 *%>+! %* ('?0(.& -%60*@)(>+! /%& '++* 1/+ '.)@+*
(= 1/+ +6@+&1 () (*67 &(* =() &03 A+*+)%10(*&"
# $%& &+*1 1( % /0A/ &B/((6 0* #660*(0&" C=1+) 1$( 7+%)& (= 01!
0*B6.@0*A %* +31)%()@0*%)067 &+?+)+ $0*1+) 1/%1 6%*@+@ >+ 0* %
/(&-01%6 =() (*+ (= 1/+ =0)&1 >%&1(0@+B1(>0+& -+)=()>+@ %& >()+
1/%* % @%)0*A +3-+)0>+*1! # @+B0@+@ 1/%1 1/+ (*+ 0*&(6.'6+ /0&1()D
0B%6 -)('6+> $%& $/7 %*7(*+ /%@ 1%E+* 1/+ <0@$+&1 %$%7 =)(>
1/+ #*@0%*&! %*@ &( # $+*1 1( ,%60=()*0%" 2/+)+ # +*1+)+@ $/%1
+?+)7(*+ E*+$ $%& 1/+ '+&1 /0A/ &B/((6 0* 1/+ B(.*1)7 '+B%.&+
1/+ +F.0->+*1 =() @)%>%10B -)(@.B10(*& (* 1/+ &1%A+ B(&1 >()+
1/%* /%@ '++* &-+*1 =() &.B/ +&&+*10%6& +6&+$/+)+" 2/+ [email protected]%D
1()&H 1/+)+ /%@ %6)+%@7 >%@+ A)+%1 -)(A)+&& 0* &%'(1%A0*A [email protected]%D
10(*! &(! I.&1 1( /%?+ &(>+1/0*A 1( (BB.-7 >7 >0*@! # '+A%* 1/+
&1.@7 (= J%*&E)01! .&0*A <%3 <K66+)L& /%*@'((E& %*@ <(*0+)
M0660%>&L A)%>>%)" # @0@ =++6 1/+ *++@ =() &(>+ 1.010(*! /($+?+)!
%*@ '7 1/+ >(&1 +31)%()@0*%)7 A((@ 6.BE # =(.*@ % N0*@. $/(
)+%667 E*+$ J%*&E)01" N+ $%& % >0&&0(*%)7 $/(! %61/(.A/ /+
*+?+) F.01+ %@>011+@ %& >.B/ 1( >+! /%@ B(>+ 1( 1/+ O*01+@
J1%1+& 1( +%&+ 1/+ =0*%*B0%6 '.)@+*& (= @($%A+)& $/( /%@ >()+
>(*+7 1/%* 1/+7 B(.6@ &-+*@" N+ 1(6@ 1/+> 1/%1! $01/ -)(-+)
B%)+ %*@ *(.)0&/>+*1 (= 1/+0) '+%.10=.6 &(.6&! 1/+7 $(.6@! 0*
1/+0) *+31 0*B%)*%10(*! B+)1%0*67 '+B(>+ %& 601/+ %&! %*@ B+)1%0*67
+?+* >()+ =+1B/0*A 1/%*! P)+1% P%)'(! &( # %> &.)+ /+ A%?+ 1/+>
1/+0) >(*+7L& $()1/" C1 1/0& -+)0(@ 0* >7 %@(6+&B+*B+! # %6&(
%>.&+@ >7&+6= 0* >7 &-%)+ 10>+ '7 A(0*A %)(.*@ 1( $%1B/ 1/+
/(67 >+* %*@ /(60+) =+>%6+& -01B/ 1/+ $(( %1 1/+ &0>-6+D>0*@+@!
%*@ # 6+%)*+@ >.B/ =)(> 1/+ >%*7 -+)=()>%*B+& # %11+*@+@!
=)(> C0>++ J+>-6+ <BQ/+)&(*L& &/($& =() 1/+ >%&&+& 0* 1/+
1/+%1)+ B%66+@ C*A+6.& 2+>-6+ 1( R%1/+)0*+ 20*A6+7L& &+6+B1 +*1+)D
1%0*>+*1& =() /0A/D')($ &.BE+)& (* /+) 1/+* +6+A%*1 +&1%1+ *+%)
J%* S0+A("

# +*1+)+@ Q(>(*% ,(66+A+ 0* ,6%)+>(*1! ,%60=()*0%! $/+* #

$%& &031++*"
# >%))0+@ P)%B+ T++@/%> 0* 89U:" M/%1+?+) # >%7 /%?+
%B/0+?+@! # ($+ +*10)+67 1( 1/+ &.&1%0*0*A -($+) 1/)(.A/ %66 &.'&+D
F.+*1 7+%)& (= %* .*=%060*A @+?(10(* =() $/0B/ # B%**(1 )%10(*%667
%BB(.*1"
C& % )+&.61 (= 1/+ -)+-%)%10(*&! '+A.* 0* 1/+ 6%1+ %.1.>* (=
89V9! =() 1/+ +6+B10(* (= W((&+?+61 0* 89UV! # &-+*1 &+?+)%6 7+%)&
0* % &>%66 -.'60&/0*A '.&0*+&&! 6+%)*0*A 1/%1 # $%& *(1 @+&10*+@ 1(
'+B(>+ % =0*%*B0%6 A0%*1"
# '+A%* A)%@.%1+ &1.@7 %1 1/+ O*0?+)&017 (= #660*(0& .*@+)
Q)(=+&&() M0660%> C''(11 X6@=%1/+)! $/(> >%*7 B(*&0@+)+@ 1/+
>(&1 @0&10*A.0&/+@ ,6%&&0B%6 Q/06(6(A0&1 0* 1/0& B(.*1)7" <7 =0)&1
'((E $%& % -%)+)A(*! % B)010B%6 %*@ %**(1%1+@ 1)%*&6%10(* =)(>
1/+ J%*&E)01 (=
# )+B+0?+@

!"#$%&&'"#(')*#()+&! -.'60&/+@ 0* 89U;"

1/+ @+A)++ (= ,!%'-.-/!%)"# 0-1&-+ 0* 89Y:"

# >%7

%@@ 1/%1! A0?+* 1/+ A)+%1 =+%) (= G0*')++@0*A!H # %> 1/+ (*67 -+)D
&(* 1( )+B+0?+ 1/+ @+A)++ 0* ,6%&&0B& %1 1/+ O*0?+)&017 (= #660*(0&
$/(>

1/+

S+-%)1>+*1

@+1+)>0*+@

1(

)+1%0*

-+)>%*+*167"

'+A%* 1+%B/0*A A)%@.%1+ B6%&&+& 0>>+@0%1+67 %=1+) )+B+0?0*A 1/+

@+A)++" Z() % B(*&0@+)%'6+ *.>'+) (= 7+%)& # %6&( A%?+ A)%@.%1+
B(.)&+& 0* 1/+ W+*%0&&%*B+! $/0B/ -.1 >+ %6&( 0* 1/+ S+-%)1>+*1
(= J-%*0&/ %*@ #1%60%*! (= $/0B/ >7 A((@ =)0+*@! Q)(=+&&() 5(/*
[%* N()*+! $%& 1/+ /+%@"
C1 1/+ &.AA+&10(* (= % >0601%)7 =)0+*@! # %A)++@! &(>+10>+ 0*
89Y8! 1( I(0* % &+B)+1 &.'&0@0%)7 (= 1/+ M%) S+-%)1>+*1! %*@ @0@
&( %& &((* %& >7 %B%@+>0B )+&-(*&0'06010+& $(.6@ -+)>01! 0* 89YV!
)+>%0*0*A 1/+)+ .*106 1/+ %.1.>* (= 89Y\" ]7 A((@ 6.BE! # =(.*@
>7&+6= 0* B/%)A+ (= % )%-0@67 +3-%*@0*A @+-%)1>+*1! %*@ &((*
%@?%*B+@ =)(> C*%67&1 1( S0)+B1() (= W+&+%)B/! =0*@0*A >7&+6=
)+&-(*&0'6+ =() 1/+ $()E (= B" 84\ -+)&(*&" 2/+ $()E $%& /%))($D
0*A! =() ?%)0(.& )+%&(*&! '.1 +31)+>+67 0*&1).B10?+" # 6+%)*+@! =()
+3%>-6+! 1/+ .610>%1+ &+B)+1 (= Q+%)6 N%)'()! $/0B/ $%& +?0@+*167

-.

.*E*($* 1( C@>0)%6 2/+('%6@ %*@ $/0B/ $%& *(1 @0&B6(&+@ 0*

-)0*1 .*106 89;8 ^0* >7

23"+%1)4.#0"1'%5"! -%A+ 4_"

# )+1.)*+@ 1( 1/+ O*0?+)&017 0* 89Y\ %& %* C&&0&1%*1 Q)(=+&D

&()! '+B%>+ %* C&&(B0%1+ Q)(=+&&() 0* 89Y4! %*@ Q)(=+&&() 0*
89\U" # /+6@ % P.AA+*/+0> Z+66($&/0- 0* 89Y`DY4! %*@ % Z.6D
')0A/1 ^#1%67_! 89\UD\Y" # )+10)+@ %& a>+)01.& 0* 8944" ^2$( @%7&
%=1+) >7 )+10)+>+*1! # $%& %>%b+@ 1( @0&B(?+) =)(> +?+*1& 1/%1
1/+* '+A%* 1/%1 1/+ C@>0*0&1)%10(*! $/0B/ /%& /%1+@ >+ B()D
@0%667! $%& %6&( &.==0B0+*167 %=)%0@ (= >+ 1( @+=+) %* %11%BE (* 1/+
S+-%)1>+*1L&

&B/(6%)67

&1%*@0*A

.*106

%=1+)

>7

)+10)+>+*1"

@(*L1 >+%* 1/%1 # /%@ '++* %'6+ 1( E++- 01 *+%) 1/+ @0&10*B10(* 01
/%@ .*@+) X6@=%1/+) c # E*+$ 1/%1 B(.6@*L1 '+ @(*+ $/+* #
)+&0A*+@ 0* @0&A.&1 %& @+-%)1>+*1%6 (==0B+ '(7 c %*@ 1/(.A/1 01
/%@ &%@67 @+1+)0()%1+@d 1/%1 $%& '+B%.&+ # /%@ *(1 +&10>%1+@ /($
>.B/ $()&+ 1/0*A& B(.6@ '+B(>+"_
J1)%*A+ %& 01 >.&1 *($ &++>! # 6+=1 1/+ S0&1)0B1 (= ,()).-D
10(* 0* 89Y\ $01/ 1/+ =0)> B(*?0B10(* 1/%1 1/+ .*'+%)%'6+ &1+*B/
(= 1/%1 ?%&1 B+&&-((6 B(.6@ *(1 6(*A '+ B(*=0*+@! %*@ 1/%1 $/+*
1/+ =%B1& (= 1/+ ,).&%@+ 1( J%?+ 1/+ J(?0+1 %*@ (1/+) (-+)%10(*&
'+B%>+ E*($*! %& 1/+7 0*+?01%'67 >.&1! 1/+ 0*@0A*%10(* (= 1/+
C>+)0B%* -+(-6+ $(.6@ -)(@.B+ % )+%B10(* (= &.B/ ?+/+>+*B+
%*@ ?0(6+*B+ 1/%1 01 B(.6@ *+?+) '+ =()A(11+* 0* /0&1()7" 2/%1 B(*D
=0@+*B+ $%& *(1 &/%E+* .*106 89\Y" #* 1/+ =(66($0*A 7+%)! >7
=)0+*@! Q)(=+&&() M066>(()+ R+*@%66! $/( /%@ 6(*A @+&0@+)%1+@ %
GB(*&+)?%10?+H %*10@(1+ 1( 1/+

6"7# 8"/9:'%1!

+1B"! %*@ /%@ /%@

%>(*A /0& -.-06& %1 e%6+ % ')0A/1 %*@ $+%61/7 7(.*A >%*! M066D
0%> Z" ].BE6+7! 5)"! @0&B.&&+@ $01/ >+ -6%*& =() 1/+ I(.)*%6!

6)&%-5)'# 8";%"7 %*@ $%& 1/+*

0*1+*@+@ 1( '+ %--)(30>%1+67 $/%1 <5.&)9+)&%-5 *($ 0&! $01/! /($D
+?+)! 1/+ &0A*0=0B%*1 @0==+)+*B+ 1/%1 <5.&)9+)&%-5 $%& *(1 %'6+ 1(
$/0B/

$%&

+?+*1.%667

B%66+@

&1%)1 $01/ 1/+ +3-+B1%10(* (= 6(&0*A fV!::: % $++E =() 1/)++ 7+%)&"
M/+* R+*@%66 1(6@ >+ 1/%1 /+ /%@ *(1 '++* %'6+ 1( =0*@ % &0*A6+
.*0?+)&017 -)(=+&&() $/( @%)+@ 1( I(0* /0> 0* $)010*A =() 1/+ -)(D
I+B1+@ $++E67! # %BB+-1+@ 1/+ B/%66+*A+" 2/%1 0& /($ # '+A%* 1(

-..

$)01+ (* -(6010B%6 &.'I+B1&" 2/%1 $%& B+)1%0*67 % A)%?+ >0&1%E+

=)(> 1/+ &1%*@-(0*1 (= >7 B%)++) %*@ 1/+ B(>=()1 (= >7 $0=+d
$/+1/+)

01

$%&

=)(>

(1/+)

@+B0@+@" M/%1 /%--+*+@ 1(

&1%*@-(0*1&!

/%?+

*+?+)

F.01+

6)&%-5)'#8";%"7 %=1+) 01 '+A%* -.'60D

B%10(*! %*@ -%)10B.6%)67 %=1+) R+*@%66 $%& &/(.6@+)+@ (.1 '7 %

A%*A (= G-)(=+&&0(*%6&H $/( %&&.)+@ 7(.*A ].BE6+7 1/%1 /+ $%&
1/+ <+&&0%/! $(.6@ '+ % 6(*A %*@ @+-)+&&0*A &1()7"
#* 89\; W('+)1 M+6B/ B(*?0*B+@ >+ (= /0&

:-5)#=%>".

%*@

0*@.B+@ >+ 1( I(0* 0* =(.*@0*A 1/+ 5(/* ]0)B/ J(B0+17" # /%?+

*+?+) F.01+ '++* %'6+ 1( >%E+ .- >7 >0*@ %& 1( $/+1/+) /+ B(bD
+*+@ >+ =)(> 1/+ =0)&1 ^$/0B/ >7 ?%*017 >%E+& >+ )+6.B1%*1 1(
%@>01_ () &(6@ (.1 6%1+)"
#* 89\; # &1066 '+60+?+@ 1/%1 1/+)+ $%& % &0A*0=0B%*1 0*1+66+BD
1.%6 @0==+)+*B+ '+1$++* 1/+ C>+)0B%* '(.)A+(0&0+ %*@ 1/+ B%116+
1/%1 (*+ &++& -++)0*A '+1$++* 1/+ &6%1& (= 6%)A+ 1).BE& %& 1/+7 B(*D
1+*1+@67 >.*B/ /%7 (* 1/+0) $%7 1( 1/+ %'%11(0)"
J0*B+ &+?+)0*A >7 B(**+B10(*& $01/ 1/+ ]0)B/ /(%3! # /%?+
B/(&+* 1( $)01+ $01/ .11+) =)%*E*+&& (* 1/+ @0)+ -60A/1 (= (.) )%B+
%*@ 1/+ B0?060b%10(* $+ B)+%1+@" 2/+ )+%@+) /%& '++* $%)*+@"

W+?06( Q" X60?+)

-...

!"#$%&'%(&)*$)*+
!"#$%&'!(#)*#+",("-.#/0."!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"#

!"

1#2"0%&,(&3#144-0&,0%#)*#(!"#5"6,7
!"&-#8.40-0%%"%"9#13!&":";".(,#!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"$
!"

!"#5"6&,!#<(-0("'=#0(#+)->7
1.3&".(#1%"?0.9-&0"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"#%
!"

<@-:&:0%#)*#(!"#A&((",("!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"'$

&!"

!"#5"6&,!#<(-0("'=#B(,"%*7
B.# !"&-#C6.#+)-9,"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"($
&!"

1#8.&D@"#/".(0%&(=#E#E"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"()

& !"

!"#5"6&,!#2"%&'&)."!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"*$

& !"

F).,4&-03=#)-#B.,(&.3(G"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"$$

&

!"

H?("-;&.0(&)."!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"$%

+!"

I"."(&3#JB.("'-0(&).K#!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"$)

+!"

2"%&'&),&(="!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!",#

+ !"

F!-&,(&0.&(="!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!",(

+ !"
+

!"

!"#L));#)*#M0(&).,"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"!"-#

."/&0+)"/#1-#)!"#2314&'!"*#)5
#$%&'$! (!)*$+,

%&)!53)#%!56
6+7-#58#.*9#:4&;"*<'#%5*='
%534/#7";"*#!+;"#1""7#%*&))"79

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

-(!./0! 1-#/.!23!405.067!897
& +% * 0!+1 *-2 &$!!+3)$ #*(&

1/%1 >(&1 (= 1/+ >+>'+)&

(= (.) ($* )%B+ /%?+ /%@ 1/+0) >0*@& &( @+=()>+@ '7 B+*1.D
)0+& (= B.**0*A 5+$0&/ -)(-%A%*@% 1/%1 1/+7 /%?+ '++* B(*D
@010(*+@! %& +==+B10?+67 %& $+66D1)%0*+@ @(A&! 1( &*%)6 %*@ '01+
$/+* 1/+0) 5+$0&/ >%&1+)& .11+) B+)1%0* E+7D$()@&! &.B/ %& G=%&D
B0&1!H G)%B0&1!H %*@ 1/+ 60E+! $/0B/ 1%E+ 1/+ -6%B+ (= 1/+ G&0B L+>H
1( $/0B/ @(A& )+&-(*@" 2/+7 %)+! =.)1/+)>()+! &( +>(10(*%667
%@@0B1+@ 1( *%)B(10B =%*1%&0+& 1/%1 >%*7 (= 1/+> %)+ '(1/ .*$066D
0*A %*@ .*%'6+ 1( +*@.)+ 1/+ @0&1)+&& (= 6((E0*A %1 1/+ )+%6 $()6@
%'(.1 1/+> %*@ 1/0*E0*A )%10(*%667 %'(.1 01" 2/+7 .*@+)&1%*@D
%'67 -)+=+) 1( B6(&+ 10A/167 1/+ +7+& (= 1/+0) >0*@& %*@ 60?+ 0* 1/+
@)+%>D$()6@ (= -6+%&.)%'6+ =%0)7 1%6+&! &.B/ %& 1/+7 /+%)@ 0* 1/+
B/06@/((@

1(

$/0B/

1/+7

&.'B(*&B0(.&67

6(*A

1(

)+A)+&&"

C&

R0-60*A *+%167 B/%)%B1+)0b+@ 1/+>! G#= 1/+7 @+&0)+ % 1/0*A! 1/+7

@+B6%)+ 01 0& 1).+" #= 1/+7 @+&0)+ 01 *(1! 1/(.A/ 1/%1 $+)+ @+%1/
01&+6=! 1/+7 B)7 %6(.@! g#1 /%& *+?+) '++*hLH
#1 0& % 1)%A0B %*@ -(1+*10%667 @0&%&1)(.& =%B1 1/%1 %*7 B%*@0@
%*@ )+%&(*%'67 B(>-)+/+*&0?+ %*%67&0& (= (.) -)+&+*1 -60A/1 *(1
(*67 +3-(&+& 01& %.1/() 1( &.))+-1010(.& () (-+* )+-)0&%6&! '.1 %6&(
%60+*%1+& >%*7 >+>'+)& (= (.) '+=.@@6+@ %*@ -+)/%-& @((>+@
)%B+! >%E0*A 1/+> &*%)6 %*@ $%*1 1( '01+ 1/+ >%* $/( $(.6@
>%E+ 1/+> =%B+ %* .*-6+%&%*1 )+%6017" <%*7 >()+ %)+ &( 10>(D
)(.& 1/%1 +?+* % /0*1 (= @0&)+&-+B1 =() 5+$& &+*@& 1/+> ).**0*A
=() B(?+)! 60E+ =)0A/1+*+@ B%1&! 6+&1 1/+ 5+$& -.*0&/ 1/+> =() /%?D
0*A 60&1+*+@ 1( 0>-0(.& $()@&"

/0%!1%23+0!+/4,/%56

<%*7 >+>'+)& (= (.) )%B+! 1( '+ &.)+! &+B)+167 )+&+*1 1/+0)

B(?+)1 (?+)6()@& %*@ &(>+10>+& ?+*1.)+! $/+* %6(*+ $01/ 1).&1+@
=)0+*@&! 1( >%E+ I+&1& () A0?+ (1/+) /0*1& 1/%1! @++- 0* 1/+0)
/+%)1&! 1/+7 @( *(1 ?+*+)%1+ 1/+ 5+$&" C*@ 0= $+ ('&+)?+ (.) B(>D
-%1)0(1&! $+ +?+*1.%667 B(>+ 1( E*($ (= >%*7! (=1+* -+)&(*& (=
?+)7 B(*&0@+)%'6+ $+%61/! $/( $(.6@ A6%@67 )+%@ =()'0@@+* -.'60D
B%10(*&! '.1 @( *(1 @%)+ &.'&B)0'+ 1( 1/+>! *(1 +?+* 1/)(.A/
-(&1 (==0B+ '(3+& %*@ .*@+) %&&.>+@ *%>+&! 6+&1 1/+ 5+$& @0&D
B(?+)

1/+0)

&+B)+1

@0&%==+B10(*

%*@

-.*0&/

1/+>

=()

1/+0)

1/(.A/1&" C 10*7 >0*()017 (= (.) -+(-6+! 01 0& 1).+! >(&1 B(>D

>(*67 1/+ B(>-%)%10?+67 -(()! $/( 1/0*E 1/+>&+6?+& -)(1+B1+@
'7 1/+0) ('&B.)017! >()+ () 6+&& (-+*67 )+&+*1 1/+ 5+$0&/ @(>0*D
0(* %*@! '7 % *0B+ 0)(*7! B%66 1/+>&+6?+& G%*10DJ+>010B!H 1/.&
1/(.A/16+&&67 .&0*A 1/+ *(*&+*&+ $()@ 1/%1 &1)0@+*1 -)(-%A%*@%
/%& 0>-6%*1+@ 0* 1/+0) >0*@&" J(>+ /%?+ &.==0B0+*167 +&B%-+@ 1/+
B(*1+>-()%)7 1/(.A/1DB(*1)(6 1( @%)+ 1( .&+ 1/+ $()@ C)7%*!
$/0B/ 0& 1/+ (*67 B(*?+*0+*1 %*@ %--)(30>%1+67 %BB.)%1+ @+&0A*%D
10(* (= (.) )%B+! %61/(.A/ 1/+ 5+$& =()'0@ .& 1( .11+) 01" ].1 +?+*
1/+&+ '(6@ &-0)01& %)+ .&.%667 066D0*=()>+@ %*@ -)(*+ 1( &1)(*A
+>(10(*&! &(>+10>+& &++1/0*A $01/ % =).&1)%1+@ /%1)+@ (= 1/+
0*1+)*%10(*%6 )%B+"
C61/(.A/ 1/+7 %)+ =+$ 0* *.>'+)! 1/+ C)7%*& $/( =++6 )+%6
/%1)+@ @0&1.)' 1/+ B(>-6%B+*B7 (= &(>+ 5+$&! +?+* 0* 1/0& B(.*D
1)7!

$/+)+

1/+0)

0*B)+%&0*A67

(-+*

B(*1)(6

&++>&

)%''0! =() +3%>-6+! 0* /0& B(6.>* 0* 1/+ ,/0B%A(

%'&(6.1+"

?95@ %3".! $/06+

*(1 @0&%?($0*A 1/+ A)+%1 5+$0&/ /(%3 %'(.1 1/+ G&03 >0660(*H $/(
$+)+ &.--(&+@67 +31+)>0*%1+@ '7 1/+ P+)>%*& ^%*@ 1/+* B)%$6+@
0*1( 1/+ O*01+@ J1%1+&_! F.01+ B6+%)67 $%)*+@ /0& B(>-%1)0(1& 1/%1
1/+0) B6%>()& %'(.1 % G/(6(B%.&1H >0A/1 A0?+ 0@+%& 1( 1/+
%*@ )+&.61 0* 1/+ (-+)%10(* (=

+")'

A%&DB/%>'+)& %*@ 0*

A-*%3
% +")'

-.)A+! 0= 1/+ C)7%*& A(1 (.1 (= B(*1)(6 0* 1/+ O*01+@ J1%1+&" 2/+
)%''0 0& -)('%'67 %* %6%)>0&1! '.1 01 0& 1).+ 1/%1 1/+ +?+) >()+ '6%D

4%&378!9*!873&%4

1%*1 %))(A%*B+ %*@ 1+))()0&> (= 1/+ 5+$& 0& %)(.&0*A /%1)+@ 0*

1/+0) &+)=&" #1 >%7 /%?+ '++* 0*@0&B)++1 (= 1/+> 1( +)+B1 % >(*.D
>+*1%6 G>+*()%/!H 1/0)17 =++1 /0A/! 0* =)(*1 (= 1/+ C>+)0B%*
M/01+ N(.&+ %& % &7>'(6 (= 1/+0) ($*+)&/0- %1 1/+ ?+)7 10>+ 1/%1
1/+7 @+*7 1( 1/+ B)0*A0*A C>+)0B%*& ^$/( (*B+ /%@ % B(.*1)7 (=
1/+0) ($*_ 1/+ )0A/1 1( @0&-6%7 % ,/)0&1>%& 1)++ (* -.'60B -)(-D
+)17" C*@ 0*&1+%@ (= F.0+167 %'%*@(*0*A 1/+ %'&.)@ /(%3 %'(.1
1/+ G&03 >0660(*!H $/0B/ $%& @+?0&+@ 1( -+- .- 1/+ C)7%* B%116+
1/+7 &1%>-+@+@ 0*1( a.)(-+ 0* 89Y8! %*@ $/0B/ /%& *+11+@ 1/+>
>%*7 '0660(*& (= @(66%)& =)(> 1/+ &$0*@6+@ P+)>%*& %*@ >.B/
>()+ =)(> 1/+ )+&1 (= 1/+ $()6@! 1/+7 %)+ @+>%*@0*A 1/%1 1/+ 60+
'+ =()B0'67 0*I+B1+@ 0*1( 1/+ >0*@ (= +?+)7 C>+)0B%* B/06@" 2/%1
0& B+)1%0* 1( 0*B)+%&+ )+&+*1>+*1! %& 0&! =() +3%>-6+! 1/+0) )+B+*1
%11+>-1 1( >.)@+) % >%* 0* ,/0B%A(! $/0B/! $/+* /+ $%& >+)+67
A)0+?(.&67 0*I.)+@! 1/+7 +3-6%0*+@ '7 B6%0>0*A 1/+7 /%@ >0&1%E+*
/0> =() % >%* 1/+7 0*1+*@+@ 1( >.)@+)! 01 '+0*A %&&.>+@ 1/%1
&0*B+

1/+

?0B10>

$%&

>+)+67

%*

C)7%*

@(A!

1/%1

+3-6%*%10(*

&/(.6@ '+ &.==0B0+*1 B(>=()1 =() 1/+ (1/+) @(A&" X-+* 1+))()0&>!
$/+1/+) ?0(6+*1 () -&+.@(D6+A%6! %)(.&+& 0* &(>+ C>+)0B%*& %*
0*@0A*%*1 -+)B+-10(* (= 1/+0) =()>+)67 B(*B+%6+@ &+)?01.@+" # %>
)+60%'67 0*=()>+@ 1/%1 % 7(.*A >%* 0* 1/+ *()1/+%&1+)* ^%*@
>(&1 B()).-1+@_ -%)1 (= 1/+ O*01+@ J1%1+& )+B+*167 )+%@ Q)(=+&&()
C)1/.) ].1bL& @+=0*010?+ +3-(&+ (= 1/+ G&03 >0660(*H /(%3
-)(>-167

)+&0A*+@

/0&

>+>'+)&/0-

0*

(*+

(=

(.)

%*@

>0*.&B.6+

T%10(*%6 J(B0%60&1 ()A%*0b%10(*& (* 1/+ A)(.*@& 1/%1 Q)(=+&&()

].1b /%@ B(*?0*B+@ /0> 1/%1 N016+) *(1 (*67 @0@ *(1 E066 &03 >06D
60(* 5+$&! '.1 @0@ *(1 +?+*

&+*"

!"#$%&'#%(#)!"# *"+),")!#-"+)./0"#$%&'(')'*#+,-#.(&',-(/01#2*3(*4"#5!6!
7,8#9:;<"#=*4>,-'#7*0/?"#@01(+,-%(0"#<9AB<"#C!D!E!

/0%!1%23+0!+/4,/%56

4%&378!9*!873&%4

--(!9!6091-5.-:!9 69-591!23!./0!;045<
./0-6!=7 96911010)!9:/-0>0807.5
Q%&&0(*%1+ /%1)+@ (= 1/+ 5+$& 0& %6>(&1 B+)1%0* 1( '+ =.106+!
=() ?0(6+*1

+>(10(*& -)+?+*1 )%10(*%6

1/(.A/1" ]+)&+)E+)& %)+

+3B+66+*1 &/(BE 1)((-&! 0= 1/+7 %)+ .*@+) B(>-+1+*1 B(>>%*@!

'.1 0* %66 $%)&! ?0B1()0+& %)+ $(* '7 A+*+)%6& $/( 6.B0@67 %*@
('I+B10?+67 &1.@7 1/+ B%-%B010+& %*@ )+&(.)B+& (= 1/+ +*+>7 %*@ %&
('I+B10?+67 >+%&.)+ 1/+0) ($*"
#= (.) )%B+ 0& +?+) 1( '+ 60'+)%1+@ =)(> 01& -)+&+*1 >%&1+)&!
(.) 0*@+-+*@+*B+ $066 *(1 '+ $(* '7 10)%@+& %A%0*&1 1/+ 5+$&!
$06@ @+B6%>%10(*& %'(.1 1/+0) $0BE+@*+&& 0* &+)?0*A 1/+0) ($*
0*1+)+&1& 0*&1+%@ (= (.)&! 0@6+ %*@ 1%.1(6(A0B%6 '(%&1& (= (.) &.-+D
)0()017 0* 1+)>& (= (.) ($* ?%6.+&! () =)%*10B @0%1)0'+& %'(.1 %
G&7*%A(A.+ (= J%1%*H %*@ % /(-+ 1/%1 &(>+ &.-+)*%1.)%6 -($+)
$066 E0*@67 @( =() .& $/%1 $+ )+=.&+ 1( @( =() (.)&+6?+&" M+ >.&1
'+A0* $01/ % )%10(*%6 .*@+)&1%*@0*A (= (.) ($* &01.%10(* %*@ (=
(.)&+6?+&"
M+ >.&1! =0)&1 (= %66! .*@+)&1%*@ 1/%1 0* 1/+ )+%6 $()6@ 1/+
(*67 1+&1 (= '0(6(A0B%6 &.-+)0()017 0& 1/+ %'06017 (= % &-+B0+& 1( &.)D
?0?+ %*@ +31+*@ 01& -($+)! *+B+&&%)067 %1 1/+ +3-+*&+ (= (1/+) &-+D
B0+&" #1 1/.& '+B(>+& 0>>+@0%1+67 %--%)+*1 1/%1 1/+ 0*1+)*%10(*%6
)%B+ /%& ?+)7 &(60@ A)(.*@& =() 01& B(*=0@+*B+ 1/%1 01 0& ?%&167 &.-+D
)0() 1( %66 (1/+) )%B+&" S+&-01+ 1/+ ('&B.)017 (= 1/+0) )%B0%6 ()0A0*&!
01 0& B+)1%0* 1/%1 %1 (*+ 10>+ 1/+ 5+$& >.&1 /%?+ '++* % &>%66 1)0'+
(= '%)'%)0%*&! -)%B10B0*A @0&A.&10*A &+3.%6 >.106%10(*& %*@ B.&D
1(>&! ('&+)?0*A &1)%*A+ 1%'((&! %*@ (1/+)$0&+ )+&+>'60*A >+)+
&%?%A+&" ].1 1/%1 &++>0*A67 @+&-0B%'6+ 1)0'+! '7 %)@.(.&! 0*1+660D
A+*1! %*@ 0*@+=%10A%'6+ $()E =() >()+ 1/%* 1$+*17D=0?+ B+*1.)0+&!
/%&! 1/)(.A/ 01& ($* +==()1&! >%@+ 01&+6= 1/+ >%I() $()6@ -($+)
1(@%7 %*@ 0& *(1 =%) =)(> 01& A)+%1 ('I+B10?+! 1(1%6 ($*+)&/0- (=

/0%!1%23+0!+/4,/%56

1/+ +*10)+ A6('+" N0&1()7 -)(?0@+& *( -%)%66+6 =() 1/%1 &1.-+*@(.&

%BB(>-60&/>+*1" #1 >.&1 '+ )+A%)@+@ $01/ )+&-+B1! +?+* %$+"
M/+*

$+

B(*&0@+)

%&1(.*@0*A 1)0.>-/

1/0&

-)(@0A0(.&

(?+) &++>0*A67

%B/0+?+>+*1!

0*&.-+)%'6+

$+%E*+&&!

1/0&
$+

>.&1 )+B(A*0b+ 1/%1 01 $%& >%@+ -(&&0'6+ (*67 '7 1/%1 )%B+L& B(/+D
&0(*! % '0(6(A0B%6 ?0)1.+ 1/%1 # $0&/ (.) )%B+ B(.6@ +>.6%1+! +?+*
1/(.A/ 1/+ 5+$& =()'0@ .& 1( @( &(" 2/+ 5+$& /%?+ $(* 1/)(.A/
1/+0) 0*1+*&+ )%B0%6 B(*&B0(.&*+&& %*@ +==+B10?+ &(60@%)017" #1 0&
1).+ 1/%1 1/+)+ /%?+ '++* ?0(6+*1 @0&&+*&0(*& %>(*A 1/+> $/+*
1/+0) 6+%@+)& &1).AA6+ =() -($+)! %*@ 1/%1 0* 1/(&+ B0?06 B(*1+*D
10(*& 1/+ ?%)0(.& =%B10(*& /%?+ (=1+* +*60&1+@

A-*%3

%A%0*&1 +%B/

(1/+)! '.1 1/+0) >(&1 ?0(6+*167 %*1%A(*0&10B =%B10(*& /%?+ %6$%7&

'++* .*01+@ 0* %* .*@+)670*A /%1)+@ (= 1/(&+

A-*%3"

M/+*! =()

+3%>-6+! 5+&.& '+* J0>(* $%& &6.AA0*A 01 (.1 $01/ /0& ')(1/+)!
X*0%&! =() 1/+ /0A/ -)0+&1/((@ 0* 5+).&%6+>! 1/+ B%-01%6 (= 1/+0)
.'0F.01(.& )%B+! '(1/ 1)0+@ 1( >%E+ .&+ (= 1/+ A.660'6+ J+6+.B0@&!
'.1 1/+)+ B%* '+ *( @(.'1 1/%1 +%B/ )+A%)@+@ 1/+ &1.-0@

A-*%3 %&

>+)+ 1((6&! 1( '+ ')(E+* %*@ @0&B%)@+@ $/+* 1/+7 /%@ &+)?+@
1/+0) -.)-(&+" 2/+)+ 0& &1066 1(@%7 % B+)1%0* 1+*&0(* '+1$++* 1/+
%?($+@ i0(*0&1& %*@ % >0*()017 (= 5+$& $/( -)+=+) 1( +3-6(01 1/+
&.'I+B1 )%B+& 1)%*F.0667! %*@ $/( =+%) 1/%1 1(( '6%1%*1 %&&+)10(*&
(= 5+$0&/ &.-+)0()017 >%7 >%E+ 1/+

A-*%3 )+%B1! '.1 01 0& % @0&-.1+

(?+) >+%*&! *(1 +*@&! %*@ 01 0& *(1+$()1/7 1/%1 1/+ >0*()017 0&
)%-0@67 @$0*@60*A %& 1/+ B)%?+* &.'>0&&0(* (= C)7%*& 1( +?+*
&.B/ = 6%A)%*1 (.1)%A+& %& 1/+ '(>'0*A %*@ &1)%=0*A (= 1/+ O" J" J"

$%:"+&*

A0?+& %&&.)%*B+ 1/%1 1/+ '+%&1& (= '.)@+* B%* %6$%7& '+

/%)*+&&+@ 1( $()E =() 1/+0) >%&1+)&! *( >%11+) /($ >.B/ 1/+7

>%7 '+ '+%1+* %*@ E0BE+@"
2/0& ?0)1.%667 -+)=+B1 B(/+&0(*! '7 1/+ $%7! >.&1 0* 6%)A+
>+%&.)+ %BB(.*1 =() 1/+ 0*1+66+B1.%6 &.-+)0()017 (= $/0B/ 1/+ 5+$&
'(%&1 %*@ $/0B/! # =+%)! $+ >.&1 B(*B+@+ $/+* $+ B(*&0@+) 1/+
)%B+

#).#)#7!-'"! %61/(.A/ 01 0& @+*0+@ '7 >%*7 (= (.) -+(-6+! $/(

#

4%&378!9*!873&%4

-+)&(*%667 (*67 E*($ 5+$& $/(! %-%)1 =)(> 1/+0) .*@(.'1+@ B6+?D
+)*+&& 0* >%E0*A >(*+7 (.1 (= 1/+ *%10?+&! &++> &1.-0@! () $/(
0*A)%10%1+ 1/+>&+6?+& $01/ 1/+ C)7%*& %>(*A $/(> 1/+7 /%?+
B/(&+* 1( )+&0@+ '7 '6%*@67 -)(=+&&0*A -%)10B0-%10(* 0* (.) B.6D
1.)+ ^%*@ # @( *(1 >+%* 1/%1 %66 &.B/ -)(=+&&0(*& %)+ *+B+&&%)067
/7-(B)010B%6_" ].1! =() %66 -)%B10B%6 -.)-(&+&! 1/+ )%B+ 0& 1(@%7! %&
5(&+-/.& '(%&1+@ 01 $%& 0* /0& 10>+! % .*01! %*@ 01 0& &(>+/($
?+)7 %'67 @0)+B1+@ 0* 01& -)+@%1()7 (-+)%10(*& %A%0*&1 (1/+) )%B+&"
N($ >.B/ (= 1/0& /0A/67 0*1+660A+*1 &1)%1+A7 0& 0*&10*B10?+ %*@
/($ >.B/ 0& -6%**+@ '7 % &.-)+>+ B(>>%*@! # &/%66 *(1 1)7 1(
@+1+)>0*+d 1/+ %?%06%'6+ +?0@+*B+ 0& B(*= 60B10*A %*@ *(1 B(*B6.D
&0?+"
2/+ )%B0%6 &(60@%)017 (= 1/+ 5+$&! =.)1/+)>()+! 0*B6.@+& &.B/
B(>-6+1+ &.'()@0*%10(* (= 1/+ 0*@0?0@.%6 1( 1/+ )%B+! $/+*+?+)
1/+ $+6=%)+ (= 1/+ )%B+ 0& B(*B+)*+@! 1/%1 01 &.AA+&1& %* /7-+)'(60D
B%6 B(>-%)0&(* $01/ 1/+ &(B0%6 ()A%*0b%10(* (= B+)1%0* 0*&+B1&!
+&-+B0%667 &(>+ &-+B0+& (= %*1& %*@ '++&! 0* $/0B/ 1/+ 0*@0?0@.%6
0& ?0)1.%667 % 1+*1%B6+ (= % 6%)A+ ()A%*0&>! %*@ 01 %6&( )+>0*@& (*+
(= W(@+)0BE J+0@+*'+)AL& /(-+! +3-)+&&+@ 0* /0&
%*@

25)&-3*# -=# &!"# D9&9+"

,-.&@B%.&-+%1#C)5

^,/%-+6 N066! 89\: j 89`8_! 1/%1 %66

/.>%* &-+B0+& ^+3B+-1 1/+ G%@>0*0&1)%1()&!H 0"+"! 5+$&_ B%* '+

)[email protected]+@ 1( >0*@6+&& %.1(>%1% 1/%1 (-+)%1+ '7 )+= 6+3+& $01/(.1
1/(.A/1 () B(*&B0(.&*+&&! 60E+ B(BE)(%B/+&! =() +3%>-6+" 2/+&+
B(>-%)0&(*& %)+! (= B(.)&+! +31)%?%A%*1! '.1 >%7 *(1 '+ +*10)+67
0))+6+?%*1" C >(&1 0>-)+&&0?+ +3%>-6+ (= 1/0& )%B0%6 &(60@%)017 0&
1/+ =%B1 1/%1! %& $%& )+?+%6+@ '7 % 5+$ $/( )+&0@+@ 0* P+)>%*7! 5"
P" ].)A ^

?1!9'>#95>#?1!%1E.)'! <.*0B/! 89`V! $01/ -/(1(A)%-/& (=

B())('()%10*A @(B.>+*1&_! 1/+ i0(*0&1&! %=1+) 1/+ +6+B10(* (= %*

0*@+-+*@+*1 P+)>%* A(?+)*>+*1 .*@+) N016+)! 1)0+@ 1( 0*B01+
-(A)(>& %*@ 6%)A+D&B%6+ >%&&%B)+& (= 1/+ 5+$& 0* P+)>%*7 =() 1/+
-.)-(&+ (= =%B0601%10*A 1/+ &1%>-+@0*A (= C)7%* B%116+ =)(> ])01D
%0* %*@ 1/+ O*01+@ J1%1+& 1( -.*0&/ 1/+ P+)>%*& =() 1)70*A 1(

"

/0%!1%23+0!+/4,/%56

/%?+ % B(.*1)7 (= 1/+0) ($*" 2/+ P+)>%*& )+=.&+@ 1( '+ 0*B01+@

%*@ 1/+ 5+$0&/ +==()1& 1( -)(B.)+ -(A)(>& $+)+ .*&.BB+&&=.6! &(
01 $%& *+B+&&%)7 =() 1/+> 1( &1%)1 1/+ @+&0)+@ $%) 0* (1/+) $%7&!
%*@ %=1+) 1/%1 $%)! 1( @+?0&+ 1/+ G/(6(B%.&1H /(%3" 2/+ )+>%)ED
%'6+ 1/0*A 0& 1/%1! &( =%) %& # E*($! *( 5+$& %*7$/+)+ ^+3B+-1
].)A_ &++> %1 %66 (==+*@+@ '7 M+0b>%**L& %@>0&&0(* 1/%1 /+
1/(.A/1 1/+ G%**0/06%10(* (= 1/+ 5+$& 0* P+)>%*7H % &>%66 -)0B+
1( -%7 =() % 5+$0&/ &+0b.)+ (= Q%6+&10*+" 2/0& 0& )+%667 )+>%)E%'6+
0* % )%B+ &( B(*&B0(.& (= 01& &(60@%)017 %*@ &.-+)0()017" #1 0& 1).+! (=
B(.)&+! 1/%1 1/+ ])010&/ %*@ C>+)0B%*& E*($ 1/%1 1/+0) A)+%1 M%)
,)0>0*%6&! ,/.)B/066 %*@ W((&+?+61! @+60'+)%1+67 B(*1)0?+@ 1/+
@+%1/ (= >%*7 1/(.&%*@& (= a*A60&/>+* %*@ C>+)0B%*& 1( -6+%&+
1/+0) 5+$0&/ >%&1+)& %*@ A+1 1/+ ,).&%@+ CA%0*&1 M+&1+)* ,0?060D
b%10(* .*@+) $%7! %*@ &/($ *( )+&+*1>+*1 (= &.B/ '6((@7 1)+%D
&(*! '.1 1/+7 %)+ C)7%*&! $/( /%?+ '++* &( B($+@ 1/%1 1/+7 &++>
1( %BB+-1 1/+0) &1%1.& %& %* 0*=+)0() %*@ +3-+*@%'6+ &-+B0+&" ].1
$/+* 5+$& %BB+-1 % -)(-(&%6 1( >%&&%B)+ 6%)A+ *.>'+)& (= 1/+0)
($* -+(-6+ =() 1/+ '+*+=01 (= 1/+0) )%B+! 1/%1

%. &0A*0=0B%*1"

#= $+ %)+ 1( '+ )%10(*%6! 1/+ )%B0%6 &(60@%)017 (= 1/+ 5+$& =()B+&

(* .& % >(&1 /.>060%10*A B(*=+&&0(* (= (.) ($* 0*=+)0()017" X.)
0>-%&&0(*+@ G%*10DJ+>01+&H @+-0B1 1/+ 5+$& %& *(1 (*67 ?.6A%) %*@
'%)'%)(.& ^0"+"! $01/ >%**+)& 1/%1 $+ &( B(*&0@+)_! '.1 %6&( %&
1)+%B/+)(.& %*@ A)++@7d '.1! %& % >%11+) (= =%B1! $+ B%**(1 0@+*D
10=7 $01/ B(*=0@+*B+ % &0*A6+ 5+$ $/( '+1)%7+@ /0& )%B+ =() -)(=01
() %*7 (1/+) B(*&0@+)%10(*! $/06+ $+ E*($ 1/%1 >(&1 C)7%*& $066
B/++)=.667 '+1)%7 1/+0) )%B+ =() % =+$ /.*@)+@ @(66%)& c &%7! =0?+
/.*@)+@! 1( %66($ =() /0A/ 0@+%6& c () +?+* =() % -%1 (* 1/+ /+%@
%*@ % -)(&-+B1 (= =.1.)+ -)(=01" 2/+ *.>'+) (= C)7%*& $/( /%?+
+?+* )+B(A*0b+@ 1/+ B(>>(* 0*1+)+&1 (= 1/+0) )%B+! %61/(.A/ 1/+7
E*($ 01 1( '+ % &>%66 %*@ /%1+@ >0*()017 %>(*A 1/+ -)(60=0B %*@
0*?0@0(.& )%B+& $/( =()> 1/+ '.6E (= 1/+ -6%*+1L& -(-.6%10(*! 0&
+31)+>+67 &>%66" X*+ +3B+-10(* 1( 1/+ ).6+ $%& ,(>>%*@+)

<

4%&378!9*!873&%4

5(&0%/ 2%11*%66 (= 1/+ O"J" T%?7! $/(! 0* 8;\9! 6+@ 1/+ C>+)0B%*
&F.%@)(* 0* ,/0*% 1( 1/+ %&&0&1%*B+ (= 1/+ ])010&/ A.*'(%1& 1/%1
$+)+ 1)70*A 1( =()B+ % -%&&%A+ (= 1/+ ,/0*+&+ =()1& %1 1/+ >(.1/
(= 1/+ Q+0D/(! F.(10*A 1/+ (*B+ -)(?+)'0%6 +3-)+&&0(*! G]6((@ 0&
1/0BE+) 1/%* $%1+)"H #1 0& &0A*0=0B%*1 1/%1! 0= # /%?+ '++* B())+B167
0*=()>+@! /0& &1%1.+ 0* 1/+ O"J" T%?%6 CB%@+>7 %1 C**%-(60& /%&
'++* )+>(?+@! &0*B+ /+ $%& &( $0BE+@ %& 1( 1/0*E 1/%1 C)7%*& %)+
=01 1( 60?+" C>+)0B%*&! 01 &++>&! /%?+ '++* &( $+66 1)%0*+@ '7 1/+
5+$& 1/%1 1/+7 *($ %BB+-1 % &1%1.& %& 1%3-%70*A %*0>%6& 1/%1 +30&1
&( 1/%1 %66 1/+ ?+)>0* 0* 1/+ $()6@ B%* +%1 %*@ +3B)+1+ (* 1/+>" #1
0& *(1+$()1/7 1/%1 @.)0*A 1/+ G$%)H 0* [0+1*%>! $/+* -%BE& (=
=+')06+ %*@ *+.)(10B 7(.*A C>+)0B%*& ^0*B01+@ %*@ 6+@! (= B(.)&+!
'7 5+$0&/ %A01%1()&_ =()>+@ >('& 1( &B)+%> -)(1+&1&! 1/+7 /($6+@
%'(.1 1/+ &.==+)0*A (= 1/+ &$++1 <(*A(6(0@ [0+1*%>+&+! '.1
*+?+) >+*10(*+@ 1/+ 7(.*A C>+)0B%*& $/( /%@ '++* &+*1 0*1(
1/%1 )%B0%6 B+&&-((6 1( '+ E066+@ () 0*=+B1+@ $01/ X)0+*1%6 @0&+%&+&
=() 1/+ -.)-(&+ (= =.)1/+) %@?+)10&0*A 1/+ @+A)%@%10(* %*@ 0>-(D
1+*B+ (= 1/+0) *%10(* %*@ (= -)(?0@0*A % -)+1+31 =() &.BE0*A >()+
'6((@ =)(> 1/+ 0>'+B06+ 1%3-%7+)&" 2/+ @+%1/ (= C>+)0B%* &(6D
@0+)& $%& *(1 +?+* B(*&0@+)+@ '7 1/+ &B)++B/0*A %A01%1()&! +?0D
@+*167 (* 1/+ %&&.>-10(* 1/%1 1/%1 $%& $/%1 C>+)0B%*& $+)+ =()!
%*@! %& % >%11+) (= =%B1! %* C>+)0B%* 60+.1+*%*1! % B(>>0&&0(*+@
(==0B+) 0* 1/+ C)>7! $%& 6%1+) B(*?0B1+@ %*@ 0>-)0&(*+@ '+B%.&+
/+ /%@ E066+@ &(>+ [0+1*%>+&+! 0*&1+%@ (= 6+110*A /0>&+6= '+
E066+@ '7 1/+>! %& %* C)7%* &/(.6@" C*@ $/+* 01 $%& 1/(.A/1
1/%1 1/+ O*01+@ J1%1+& /%@ '++* &.==0B0+*167 @0&A)%B+@ %*@ >%@+
B(*1+>-10'6+

0*

1/+

+7+&

(=

%66

01&

+*+>0+&!

G-+%B+H

$%&

%))%*A+@ '7 (*+ (= 1/+ 5+$0&/ >%&1+)&d 1/+ &1.-0@ C>+)0B%* 1%3D
-%7+)& $+)+ =.)1/+) %== 60B1+@ $01/ G)+-%)%10(*&H 1( B(>-+*&%1+
1/+0) +*+>0+&! %*@ &+?+)%6 /.*@)+@ 7(.*A C>+)0B%* &(6@0+)&!
-)0&(*+)& (= 1/+ +*+>7! $+)+ A6%@67 %'%*@(*+@ 1( '+ E+-1 0*
B%A+& () 1()1.)+@ 1( @+%1/! %& >0A/1 >(&1 -6+%&+ 1/+0) B%-1()&"

'

/0%!1%23+0!+/4,/%56

2/+7 $+)+ I.&1

C)7%* B.)&!

%=1+) %66!

%*@ 1/+)+=()+ ('?0(.&67

+3-+*@%'6+" 2( &.B/ &+6=D0>-(&+@ @+'%&+>+*1 (.) )%B+ /%& B(>+!

%*@ 01 0& *(1! -+)/%-&! )+>%)E%'6+ 1/%1 C)7%*& +>-6(7+@ '7 1/+
5+$& 0* 1/+ -)+&& %*@ 1+6+?0&0(* A6%@67 B(k-+)%1+ 0* 1/+ (==+*&0?+
%A%0*&1 1/+0) ($* *%10(* %*@ )%B+ 0* )+1.)* =() 1/+ &%6%)7 -%0@
1/+> %*@ 1/+ %--)(?%6 (= 1/+0) >%&1+)&"
#* &/%)- %*@ 1+))0'6+ B(*1)%&1 1( (.) )%B+L& &.0B0@%6 >%*0%!
1/+ 5+$& B(.6@ 6+A010>%1+67 '(%&1 1/%1 *( 5+$ /%& +?+) E*($0*A67
'+1)%7+@ /0& )%B+" #1 0& 1).+ 1/%1 1/+7 @( *(1 %?%06 1/+>&+6?+& (=
1/%1 -)((= (= &.-+)0()017! '.1 0*&1+%@ $%06 %'(.1 '+1)%7%6&! '.1
1/%1 &( B())+&-(*@& 1( 1/+ &1%*@%)@ %*@ 0*?+1+)%1+ 5+$0&/ 1+B/D
*0F.+

(=

>%E0*A

1/+>&+6?+&

&++>

G-+)&+B.1+@H

1/%1

(*+

0&

0*B60*+@ 1( F.+&10(* +?+)7 0*&1%*B+ (= &.--(&+@ G'+1)%7%6H 1/%1

1/+7 %@@.B+"
X*+ /+%)& >(&1 (=1+* 5+$0&/ +3+B)%10(* (= Q=+==+)E()*! 1/+
5+$

$/(!

/%?0*A

/%@

/0>&+6=

&-)0*E6+@

$01/

1/+

,/)0&10%*&L

>%A0B $%1+)! '+B%>+ % S(>0*0B%* %*@ @0&B6(&+@ 1( 1/+

A-*%3

&(>+ (= 1/+ B(*1+*1& (= 1/+ ]%'76(*0%* 2%6>.@" T( (*+ B%* *($

%&B+)1%0* $/%1 $%& 0* Q=+==+)E()*L& >0*@! '.1 0= $+ ?0+$ /0> /0&D
1()0B%667! 01 0& ('?0(.& 1/%1 /+! E*($0*A67 () .*$0110*A67! -6%7+@ %
?+)7 0>-()1%*1 %*@ -(&&0'67 B).B0%6 )l6+ 0* 0*B010*A 1/+ A)+%1 )+60D
A0(.& &B/0&> 0* a.)(-+ 0* 1/+ +%)67 J031++*1/ ,+*1.)7 %*@ 1/.&
-+)=()>+@ % A)+%1 &+)?0B+ =() /0& B(>-%1)0(1&! 0*B010*A 1/+

A-*%3

1( '.1B/+) (*+ %*(1/+) =() B+*1.)0+& %*@ 1( @+?%&1%1+ 1/+0) ($*

B(.*1)0+&! 1( 1/+ A)+%1 -)(=01! %& $+66 %& 1/+ &-0)01.%6 &%10&=%B10(*!
(= 1/+ 5+$& 1/+* )+&0@0*A 0* a.)(-+"
2/+ 5+$& &-+%E '011+)67 (= N+*)7 R6+0*! % 5+$0&/ %11()*+7
$/(! @.)0*A 1/+ -)+>%1.)+ 5+$0&/ 2+))() 0* 1/+ O*01+@ J1%1+& 0*
89YY! @0@ *(1 '+1)%7 /0& C>+)0B%* B60+*1&! %& % A((@ 5+$0&/ 6%$7+)
&/(.6@! '.1 @+=+*@+@ 1/+> '+=()+ 1/+ 5+$0&/ Z+@+)%6 I.@A+ $/(
/%@ '++* %--(0*1+@ '7 (.) A)+%1 M%) ,)0>0*%6 1( @+&1)(7 1/+>

=>

4%&378!9*!873&%4

%*@ 1/.& 1+))()0b+ %66 C>+)0B%* B.)& $/( @%)+@ *(1 1( 60BE 1/+
'((1& (= 1/+0) >%&1+)&" 2/+ 5+$& &( -+)&+B.1+@ R6+0* 1/%1 /+

F%-5%.3# 89'".# &!"

G-+'>!! $/0B/ /+ /%@ -)0*1+@ %1 /0& ($* +3-+*&+ 0* 89\\_ '+=()+
/+ $%& /(.*@+@ 1( &.0B0@+" ].1! 5-&)# :"5"! /+ @+*(.*B+@ 1/+
i0(*0&1&! 5-& /0& ($* )%B+! %*@ 01 0& (*67 )+%&(*%'6+ 1( '+60+?+ 1/%1
@+*(.*B+@ 1/+ i0(*0&1& ^+"A"! 0* /0& '((E6+1!

/+! /($+?+) >0&1%E+*67! '+60+?+@ 1/%1 /+ $%& -)(1+B10*A /0& B(>D

-%1)0(1& 0* 1/+ O*01+@ J1%1+&! *(1 /%)>0*A 1/+>" #1 >.&1 '+
)+>+>'+)+@ 1/%1 +?+* 0* 89YY! 1/+ C>+)0B%*& $+)+ *(1 &( -)(&D
1)%1+ %*@ B($+@ %& 1/+7 *($ %)+" #* 89U9DY:! =() +3%>-6+! 01 $%&
-(&&0'6+ =() %* C>+)0B%*! Q%.6 ]+&/+)&! $/( /%@ +*I(7+@ % ')0+=
&+%&(* (= -(6010B%6 -)(>0*+*B+ % =+$ 7+%)& '+=()+! 1( %&&.)+ /0&
5+$0&/ =)0+*@&! G#= 7(. @)0?+ .& 0*1( % $%) %A%0*&1 P+)>%*7! 01 $066
*(1 '+ 6(*A '+=()+ C>+)0B%*& %)+ &/((10*A 5+$& (* <0B/0A%*
C?+*.+ m0* ,/0B%A(n $01/(.1 % /.*10*A 60B+*&+"H J(>+ 5+$& $+)+
^/+ &%7&_ 0>-)+&&+@ '7 1/%1 -)+@0B10(* 0* 89Y:! %*@ F.01+ % =+$
$+66D0*=()>+@ C>+)0B%*&! 0*B6.@0*A (==0B+)& 0* 1/+ %)>+@ &+)D
?0B+&L 0*1+660A+*B+ B()-&! @.)0*A 1/+ $%) (= 89Y8DY\! +3-+B1+@ ?+)7
@)%&10B )+-)0&%6& %A%0*&1 1/+ 5+$& %=1+) 1/%1 $%)" #1 0& %A%0*&1 &.B/ %
'%BEA)(.*@ 1/%1 R6+0*L& &.--(&+@ G'+1)%7%6H (= /0& )%B+ >.&1 '+
.*@+)&1((@"
2/+ >%I()017 (= 5+$& /%1+ ]+*I%>0* Z)++@>%*! $/( F.(1+@
% =+$ $+66DE*($* -%&&%A+& 0* 1/+ 2%6>.@ %*@ (1/+) 5+$0&/ $)01D

A-*%3 &/(.6@ *(1 '+ -+)>011+@ 1( &++ 0* /0&

D)1&.#2+"#D)1&. %*@ !"#B%>>"5# *+)55*"" Z)++@>%*! .*60E+

0*A& 1/%1 1/+ 6($67

'((E&

1/+ >%*7 5+$& $/( /%@ 1/+>&+6?+& &-)0*E6+@ $01/ /(67 $%1+) %*@

9! E30(10F1*#+-,G#@HI#2*>,-'"##7,8#JJ<"#E-0F("#IE#:KK;9L#
444!/M1-*>,-'!/,G
;! E1&,#030(10F1*#+-,G#@HI#2*>,-'!

==

/0%!1%23+0!+/4,/%56

$()E+@ 1/+>&+6?+& .- 1( -(&010(*& (= -($+) 0* 1/+ ?%)0(.& ,/)0&D

10%* B/.)B/+& @.)0*A 1/+ <0@@6+ CA+& %*@ 0* 1/+ 10>+ (= 1/+ W+=D
()>%10(*

%*@

,(.*1+)DW+=()>%10(*!

0*B.))+@

1/+

?+*(>(.&

/%1)+@ (= >%*7 5+$&" M/+* # >+1 /0> >%*7 7+%)& %A(! /+ 1(6@
>+ c # %&&.>+ 1).1/=.667 c 1/%1 $/+* /+ %*@ /0& $0=+ $+)+ 0* %*
+6+?%1() (= 1/+ ?+)7 +3-+*&0?+ %-%)1>+*1 '.06@0*A 0* T+$ e()E
,017 0* $/0B/ /+ 1/+* 60?+@! %*@ 1/+ ?+)7 )0B/ 5+$& $/( 60?+@ 0*
1/+ &%>+ '.06@0*A +*1+)+@ 1/+ &%>+ +6+?%1()! 1/+7 $(.6@ &-01 %66
(?+) /0& %*@ /0& $0=+L& B6(1/0*A 1( &/($ 1/+0) @0&%--)(?%6 '7 % 17-D
0B%6 5+$0&/ A+&1.)+" Z)++@>%*! /($+?+)! @0@ *(1 0*1+*@ 1( '+1)%7
/0& )%B+d (* 1/+ B(*1)%)7! /+ $%& B(*?0*B+@ ^01 &++>&! >0&1%E+*67_
1/%1 /+ $%& )%B0%667 %

+")'

5+$! $/+)+%& >(&1 5+$& $+)+ 2.)E(D

<(*A(60%*& $/( /%@ @0&A.0&+@ 1/+>&+6?+& %& 5+$& %*@ B.**0*A67

B(>+ 1( @(>0*%1+ 1/+ 5+$0&/ )%B+! $/0B/ /+ B+)1%0*67 @0@ *(1
0*1+*@ 1( @+-)+B0%1+! >.B/ 6+&& '+1)%7" X* 1/+ B(*1)%)7! /+ 0>%AD
0*+@ 1/%1 /+ $%&! %1 A)+%1 &+6=D&%B)0=0B+! -)(1+B10*A /0& ($* -+(-6+
=)(> 1/+ )+-)0&%6& 1/%1 >0A/1 &(>+@%7 =%66 .-(* 1/+>"
2/+ B6+%)+&1 +3%>-6+ (= 1/+ '+1)%7%6 (= 1/+ 5+$& '7 % 5+$
$(.6@ '+ 1/+ =%>(.& GQ)(1(B(6& (= 1/+ a6@+)& (= i0(*!H 0=! %& 0&
>%0*1%0*+@ 0* &(>+ %BB(.*1& (= 1/+0) -.'60B%10(*! 1/%1 @(B.D
>+*1 $%& &(6@ '7 % 5+$ 1( 1/+ W.&&0%* 0*1+660A+*B+ &+)?0B+& =() %
=++" 2/+ 5+$&! /($+?+)! ?(B0=+)(.&67 B6%0> 1/%1 1/+ GQ)(1(B(6&H %)+
% =()A+)7" 2/0& %66+A%10(* $%& 6(*A %BB+-1+@! (* 1/+ A)(.*@& 1/%1
01 $%& +31)+>+67 .*60E+67 1/%1 5+$& $(.6@ )%&/67 -.1 0* $)010*A &(
B%*@0@

&1%1+>+*1

(=

1/+0)

-.)-(&+&!

%*@

01

$%&

A+*+)%667

'+60+?+@ 1/%1 1/+ @(B.>+*1 $%& =()A+@ '7 % $/01+ >%* $/( /%@ %
-/+*(>+*%6 E*($6+@A+ (= 1/+ 5+$& %*@ %* %&1(.*@0*A %'06017 1(
-)+@0B1 $/%1 1/+7 $(.6@ @( 0* &.'&+F.+*1 @+B%@+&" W+B+*1 +3/0D
'010(*& (= 5+$0&/ %))(A%*B+ %*@ B(*1+>-1 =() 1/+ C)7%* >+*1%6D
017 &.AA+&1! /($+?+)! % )+B(*&0@+)%10(* (= 1/+ -)('6+>" #1 >%7 '+
@(.'1+@ $/+1/+) %*7 >%* (= (.) )%B+ B(.6@ /%?+ &( -+)=+B167
%*10B0-%1+@ %*@ @+&B)0'+@ 0* 1/+ 6%&1 7+%)& (= 1/+ T0*+1++*1/

=$

4%&378!9*!873&%4

,+*1.)7 1/+ -(60B0+& 1/%1 1/+ 5+$& -.1 0*1( +==+B1 0* 1/+ 2$+*10D
+1/! @($* 1( 1/+ -)+&+*1 10>+" ].1 /($+?+) 1/%1 >%7 '+! $+ B%*D
*(1 )+A%)@ 1/+ GQ)(1(B(6&H %& -)((= 1/%1 % 5+$ '+1)%7+@ /0& ($*
)%B+"
5+$& (=1+* @+*(.*B+ %& % G1)%01()H ]+*I%>0* SL#&)%+60! $/(!

(-5%5A.:* ^8;YY_ %*@ >%*7 &-++B/+& %*@ '((E& @($* 1(

H5>*3%-5 ^8;;:_! B%*@0@67 1(6@ 1/+ ])010&/ 1/%1 1/+ (*67 )+%6

0* /0&
/0&

0&&.+ $%& 1/%1 (= )%B+ %*@ =.)1/+) 1(6@ 1/+> 1/%1 %66 1/+ A(?+)*D
>+*1& (= a.)(-+ $+)+ )+%667 B(*1)(66+@ '7 5+$&! $/( (-+)%1+@
'+/0*@ 1/+ &B+*+& %*@ @0B1%1+@ 1/+ -(60B0+& (= 1/+ (&1+*&0'6+ ).6D
+)&! $/+1/+) >(*%)B/& () +6+B1+@ (==0B0%6&" J(>+ (= (.) -+(-6+!

(-5&+-;"+.*#-=
F%-5! 1/0*E 1/%1 SL#&)%+60 $%& 1)70*A 1( $%)* 1/+ ])010&/ %'(.1 1/+
0*B6.@0*A 1/+ 6%1+ S(.A6%& W++@ 0* /0& -(&1/.>(.&

-($+) %*@ -.)-(&+& (= Gi0(*0&1&"H # @( *(1 -)(=+&& 1( E*($ $/%1

$%& 0* SL#&)%+60L& >0*@ c # $(.6@ *(1 -)+&.>+ 1( A.+&& 1/%1! +?+*
0= /+ /%@ '++* % >+>'+) (= (.) )%B+! 0*&1+%@ (= '+6(*A0*A 1( %
)%B+ $/(&+ >+*1%6017 0& &( @0==+)+*1 =)(> (.) ($* 1/%1 $+ B%*
(*67 >%E+ B(*I+B1.)+& %'(.1 01& -)(B+&&+& c '.1 # ('&+)?+ 1/%1 /+
B(.6@ /%?+ 0&&.+@ 1/+ &.--(&+@ G$%)*0*A&H $01/ 1/+ %&&.)%*B+
1/%1 1/+ C*A6(DJ%3(*& $+)+ 1(( &1.-0@ 1( .*@+)&1%*@ 1/+>! %*@
1/%1 /0& -)(*(.*B+>+*1& (* 1/%1 &.'I+B1! 60E+ /0& .*B(*?+*10(*%6
'+/%?0() %*@ A%)0&/ B6(1/0*A! &+)?+@ &( 1( %@?+)10&+ /0> 1/%1 /+
%11%0*+@ -(6010B%6 -($+) 0* ])01%0*! '+B%>+ 1/+ =0)&1 %@>011+@67
%60+* Q)0>+ <0*0&1+) (= 1/+ ])010&/ a>-0)+ %*@ 1/+ =0)&1 .*@0&D
A.0&+@ 5+$ 1( +*1+) 1/+ N(.&+ (= o()@& %& 1/+ a%)6 (= ]+%B(*&D
=0+6@"

#*

8;\;!

o()@

N%))0*A1(*!

B(>>+*10*A

(*

1/+

0*1+)*%10(*%6 )%B+L& -%)%&010B -6.*@+)0*A (= %66 *%10(*& 1/)(.A/

0*1+)*%10(*%6 =0*%*B+! B(*1)(6 (= 1/+ -)+&&! %*@ )+?(6.10(*%)7 %A0D
1%10(*! -(0*1+@ (.1 1/%1 5+$& %BF.0)+ GB010b+*&/0-H 0* % *%10(*
(*67 1( &%'(1%A+ 01" N+ $%& &.--()1+@ '7 o()@ P%66($%7! $/(
)+>%)E+@ 1/%1 0= 5+$0&/ &.'?+)&0(* (= P)+%1 ])01%0* $+)+ *(1
B/+BE+@! 1/+ 10>+ >0A/1 B(>+ $/+* % B()).-1 Q)0>+ <0*0&1+)

=(

/0%!1%23+0!+/4,/%56

B(.6@ '+ ')0'+@ 1( /%?+ % 1016+ (= ])010&/ *('06017 B(*=+))+@ (*

(*+ (= 1/+ %60+*&" 2+* 7+%)& 6%1+)! SL#&)%+60 '+B%>+ 1/+ Q)0>+
<0*0&1+) (= 1/+ ])010&/ a>-0)+! %*@ 0* 8;4`! /+ '+B%>+ 1/+ a%)6
(= ]+%B(*&=0+6@! $/06+ 5+$& 1/)(.A/(.1 1/+ $()6@ &*0BE+)+@ %1
%*(1/+) -)((= 1/%1

A-*%3 *+?+) 6+%)*"

N($ A)+%1 $%& 1/+ B())(&0(* (= a*A60&/ B/%)%B1+) 0* 1/(&+

7+%)& >%7 '+ +&10>%1+@ =)(> % &0*A6+ @%1.>" X*+ (= 1/+ =()+>(&1
])010&/

*(?+60&1&!

o(.0&+

W%>p+

^GX.0@%H_!

0*

/+)

?&+)&!3-+"

^8;`\_! B%&.%667 >+*10(*+@ 0* % @+&B)0-10?+ -%&&%A+ G1/+ ?%>-0)+&

(= #&)%+6! $/(! 60E+ 1/+0) =()+=%1/+) %*@ =0)&1 .&.)+)! 5%B('! E*($
$+66 /($ 1( @+%6 $01/ 1/+ =%>0&/+@! %*@ &+66 .& (.) >+&& (= -(1D
1%A+ %1 *( &>%66+) -)0B+ 1/%* (.) '0)1/)0A/1"H T( (*+ $%& -+)D
1.)'+@ '7 /+) -%&&0*A )+=+)+*B+ 1( $/%1 +?+)7(*+ E*+$! '.1 6+&&
1/%* % B+*1.)7 6%1+) &.B/ % )+=+)+*B+ '7 % *(?+60&1 $(.6@ /%?+
'++* &.0B0@%6 %.@%B017" N+) -.'60&/+)& $(.6@ /%?+ '++* %1 (*B+
@)0?+* 0*1( '%*E).-1B7d /+) '((E! /($+?+) -)%0&+$()1/7 =() 01&
601+)%)7

F.%6010+&!

$(.6@

*(1

/%?+

'++*

>+*10(*+@

'7

%*7

)+?0+$+)d &/+ $(.6@ /%?+ '++* @+=%>+@ 0* %66 1/+ *+$&-%-+)& %& %
GT%b0Hd %*@ %66 $+66D1)%0*+@ a*A60&/ *01$01& $(.6@ /%?+ &/).*E 0*
6(%1/0*A =)(> 1/+ B(*1%>0*%10(* (= /+) -)+&+*B+" 2/+ C*A6(DJ%3D
(*& *(1 (*67 B($+) '+=()+ 1/+ 5+$0&/ 2+))()! '.1 -)0@+ 1/+>&+6?+&
(* 1/+0) &+)?01.@+"
#1 0& *(1 % >+)+ B(0*B0@+*B+ 1/%1

?&+)&!3-+"

$%& -.'60&/+@

1/)++ 7+%)& '+=()+ % 5+$ '+B%>+ 1/+ q.++*L& Q)0>+ <0*0&1+)! 1/.&
B60>%30*A

-)(6(*A+@

%*@

-%10+*1

&.'?+)&0(*

(=

1/+

.--+)

B6%&&+& '7 .&.)7! ')0'+&! %*@ 1/+ 1+B/*0F.+ (= >%))70*A 5+$+&&+&

$01/ 6%)A+ @($)0+& 1( 1/+ &(*& (= %?%)0B0(.& *('6+>+* () >+>D
'+)& (= 1/+ 6%*@+@ A+*1)7"
2/+ 5+$& B(>-6%0* '011+)67 (= B+)1%0* >+>'+)& (= 1/+0) 1)0'+
$/( -.'60&/+@ 0* 1/+ O*01+@ J1%1+& 0* 1/+ 89U:& 0*@0&B)++167 B%*D
@0@ B(>>+*1& (* 1/+ 0**%1+ @0==+)+*B+& '+1$++* 5+$& %*@ (.)

=:

4%&378!9*!873&%4

)%B+" 2/+ $()&1 (==+*@+) $%& -)('%'67 J%>.+6 W(1/! $/(! /%?0*A
'++* )+-+%1+@67 &$0*@6+@ '7 5+$& %*@ 1(6@ 1/%1 /+ >.&1 &.==+) 0*

I"7.# C9.&
$%;"# 0* 89UY! $)010*A 0* G%* %A(*7 (= &-0)01H 1( @+&B)0'+ B(*@.B1
&06+*B+ =() 1/+ &%E+ (= )%B0%6 &(60@%)017! -.'60&/+@ /0&

%*@ /%'01& 1/%1 $+)+! 0* %*7 B%&+! %--%)+*1 1( %*7 B%)+=.6 ('&+)?+)
(= $/%1 %*(1/+) 5+$ '(%&1=.667 B%66+@ 1/+ G*%10(* $01/0*H 1/+
O*01+@ J1%1+&" # @( *(1 F.+&10(* W(1/L& &0*B+)017! '.1 @0@ /0&
B(>>+*1 (* G1/+ /0@+(.& &$%>- 1/+ 5+$& /%?+ >%@+ (= M+&1+)*
,0?060b%10(*H

0>-%0)

1/+

-($+)

(=

1/+

.'0F.01(.&

1)0'+

=)(>

$/0B/ /+ @+=+B1+@r 2/+ %*&$+) 0& ('?0(.&" 2$( 7+%)& '+=()+ W(1/
$)(1+! 1/+ P+)>%* -+(-6+! (* $/(> 1/+ 5+$& /%@ =+@ =() B+*1.D
)0+& '+=()+ SL#&)%+60 &-+B0=0B%667 *(1+@ 1/%1! $/%1+?+) 1/+ &1.-0@
P+)>%*& >0A/1 0>%A0*+! 1/+0) *%10(* $%& )+%667 A(?+)*+@ '7 5+$D
0&/ =0*%*B0+)&! >%@+ % B(.)%A+(.& +==()1 1( %BF.0)+ B(*1)(6 (=
1/+0) ($*

B(.*1)7 %*@

'+B(>+

%*

0*@+-+*@+*1 *%10(*"

2/+

)+&.61 $+ %66 E*($" 2/+ 5+$&! 1/)(.A/ 1/+0) B(*1)(6 (= 1/+ -)+&&
%*@ (= *.>+)(.& /0)+60*A&! (= $/(> M0*&1(* ,/.)B/066 %*@
Z)%*E60* W((&+?+61 %)+ >+)+67 1/+ >(&1 6(%1/&(>+ &-+B0>+*&!
&1%>-+@+@ A)+%1 /()@+& (= B)%b+@ C)7%*& =)(> ])01%0*! Z)%*B+!
%*@ 1/+ O*01+@ J1%1+& 0*1( P+)>%*7 1( B(>>01 (.1)%A+& 1/%1 =()D
+?+) =()=+01+@ 1/+0) B6%0> 1( '+ B0?060b+@ >+*! 1/.& A0?0*A 1( 1/+
$()6@ %* .*=()A+11%'6+ 6+&&(* (= $/%1 /%--+*& 1( C)7%* @(A&
$/( @%)+ 1( @0&('+7 1/+0) @0?0*+67D%--(0*1+@ >%&1+)&" S(+& %*7D
(*+ $(*@+) 1/%1 1/+ 5+$& =++6 % &(?+)+0A* B(*1+>-1 =() B%116+ 1/%1
%)+ &( +%&067 /+)@+@r C*@ B%* % )%10(*%6 ('&+)?+) =%06 1( %&E
$/+1/+) 1/%1 B(*1+>-1 0& *(1 %>-67 I.&10=0+@! %*@ $/+1/+) 1/+
J.0B0@+ (= 1/+ M+&1 0& *(1 -)((= (= % '0(6(A0B%6 0*=+)0()017 0* (.)
($* )%B+r

J! E30(10F1*#+-,G#@0'?,1(/#7,,N&"#7,8#;BK;;;"#O'#I0)M*-M01*#OI#;;;;B

=;

/0%!1%23+0!+/4,/%56

=#

4%&378!9*!873&%4

---(!./0!;04-5/!5.69.0#?!9.!426@<
97:-07.!910A97)6-9
#* 1/+ +%)67 7+%)& (= (.) +)%! 1/+ 5+$& $+)+ 1/+* ^%& *($_
'.&7 &+660*A )+60A0(* %*@ )+?(6.10(* 1( 1/+ *%10?+&! %*@ 1/%1 0&
.*@(.'1+@67

$/%1

1/+

a>-+)()

,6%.@0.&

>+%*1

0*

Y8

C"S"

$/+*! 0* /0& 6+11+) (= $%)*0*A 1( 1/+ 5+$& 0* aA7-1 ^-)+&+)?+@ 0* %

-%-7).& *($ 0* 1/+ ])010&/ <.&+.>! Q" o(*@" 898V_! /+ @+&B)0'+@
1/+> %& G1/+ =(>+*1+)& (= % .*0?+)&%6 -6%A.+"H
,6%.@0.&L -/)%&+ 0& 1/+ '+&1 @+&B)0-10(* (= 1/+ '0(6(A0B%667
0**%1+ *%1.)+ (= 5+$& 1/%1 # /%?+ &++*" # /(-+ 1/0& @(+& *(1 &1%)16+
7(.d 0= 01 @(+&! # )+B(>>+*@ % 60116+ ('I+B10?+ ('&+)?%10(* (= 5+$&
+*A%A+@ 0* B(66+B10?+ %B10(*"
2/+

-.'60B%10(*

(=

1/+&+

-%-7)0

0*

1/+

])010&/

<.&+.>

&1(--+@ $01/ [(6.>+ [! I.&1 &/()1 (= 1/+ A)(.- (= -%-7)0! '+A0*D

*0*A $01/ s898V! 1/%1 @+%6 $01/ 5+$& %*@ ,/)0&10%*& 0* aA7-1"
2/+&+! /($+?+)! $+)+ +@01+@ 0* % &+-%)%1+ ?(6.>+ '7 N" #@)0& ]+66!
o(*@(*! 89VY! $/0B/ B%* '+ =(.*@ .*@+) /0& *%>+ 0* %*7 A((@
60')%)7" M/7 1/+ (==0B0%6 &+)0+& &1(--+@ $/+)+ 01 @0@ ^%*@ /%&
*+?+) '++* B(*10*.+@_! # @( *(1 E*($" X*+ &.&-+B1& 1/+)+ $%& %
5+$ 0* 1/+ $((@-06+"
Q" o(*@" 898V 0& % 6(*A -%-7).& =)%A>+*1 +3B+66+*167 -)+D
&+)?+@" #1 0& % -)0?%1+ B(-7 (= %* +@0B1 '7 ,6%.@0.& 1/%1 $%& -(&1+@
0* -.'60B -6%B+& 0* C6+3%*@)0% 0* Y8 C"S" %*@ 0& B(>-6+1+" #1 0& 0*
P)++E! *(1 o%10*! '+B%.&+ 0* aA7-1 +?+)7 601+)%1+ -+)&(* ^P)++E&!
5+$&! aA7-10%*&! %*@ 1/+ B(>-%)%10?+67 =+$ W(>%*& $/( $+)+
1/+)+

%&

A(?+)*()&

%*@

>0601%)7

B(>>%*@+)&_

E*+$

P)++E!

$/+)+%& (*67 1/+ W(>%* (==0B0%6& E*+$ o%10* %1 %66" ]+66 '+60+?+&
1/%1 (.) P)++E 1+31 $%& 1)%*&6%1+@ =)(> ,6%.@0.&L& o%10*! '.1 #
%> B+)1%0* 1/%1 1/+ 1+31 0& $/%1 ,6%.@0.& /0>&+6= @0B1%1+@ 1( %
&+B)+1%)7 0* P)++E" o0E+ +?+)7 [email protected]%1+@ W(>%* (= /0& @%7! ,6%.D

="

/0%!1%23+0!+/4,/%56

@0.& &-(E+ %*@ $)(1+ P)++E = 6.+*167! %*@ =.)1/+)>()+ /+ $%&

&(>+1/0*A (= % &B/(6%) %*@ $)(1+ /0& 1$( >%I() /0&1()0B%6 $()E&
^*($ 6(&1_ 0* P)++E" 2/0& P)++E 1+31 B(*1%0*& &1760&10B -+B.60%)0D
10+& 1/%1 %)+ B/%)%B1+)0&10B (= ,6%.@0.&L& >+*1%6017! '.1 $(.6@
-)('%'67 /%?+ '++* &>((1/+@ %$%7 '7 % 1)%*&6%1()"
,6%.@0.&! $/( $%& '()* 0* 8: ]","! $%& 1/+ &(* (= 1/+ >%6+
B/06@ $01/ $/(> o0?0% $%& -)+A*%*1 %1 1/+ 10>+ 1/%1 C.A.&1.&
>%))0+@ /+)" #= 1/%1 B/06@ $%& 6+A010>%1+! 01 $%& 1/+ &(* (= o0?0%L&
=0)&1 /.&'%*@ %*@ 1/+ 7(.*A+) ')(1/+) (= 1/+ a>-+)() 20'+)0.&"
#= 1/+ B/06@ $%& 066+A010>%1+! %& >%*7 &.&-+B1+@! C.A.&1.& $%&
-)('%'67 1/+ =%1/+)! '.1 *+?+) %BE*($6+@A+@ 1/+ -%1+)*017" ,6%.D
@0.&L& >(1/+) $%& 1/+ @%.A/1+) (= <%)E C*1(*7" ,6%.@0.& 0*
0*=%*B7 &.==+)+@ =)(> -(60(>7+6010& () % &0>06%) @0&+%&+ 1/%1 6+=1
/0> $01/ % -%)167 -%)%67&+@ =((1! &(>+ 0>-+@0>+*1 0* /0& &-++B/!
%*@ >.&B6+& (= 1/+ =%B+ %*@ *+BE &.'I+B1 1( &-%&10B B(*1)%B10(*&"
W+A%)@+@ %& .*=01 =() -.'60B 60=+! /+ @+?(1+@ /0>&+6= 1( /0&1()0B%6
%*@ %*10F.%)0%* &1.@0+&! '+B(>0*A '(1/ +).@01+ %*@ -+@%*10B"
N+ $%& F.01+ 0*1+660A+*1! '.1 10>()(.&! +3B01%'6+! %*@ A.660'6+!
+&-+B0%667 1($%)@ -+)&(*& $/( &/($+@ /0> &(>+ %11+*10(* %*@
-)(=+&&+@ =)0+*@&/0- @.)0*A 1/+ =0)&1 =0=17D(*+ 7+%)& (= /0& 60=+!
$/+* /+ $%& )+A%)@+@ %& %* %$E$%)@ %*@ )[email protected](.& -(6010B%6 *.6D
6017! 1/+ '.11 (= /0& *+-/+$ ,%60A.6%L& $01" C>(*A 1/(&+ $/( 1/.&
%BF.0)+@ /0& A)%101.@+ %*@ B(*=0@+*B+ $+)+ % *.>'+) (= B6+?+)
5+$& (= A)+%1 $+%61/ %*@ 0*= 6.+*B+ 0* W(>+" C>(*A 1/+&+ $%&
<%)B.& 5.60.& CA)0--% ^*(1+ 1/+ -.)+67 W(>%* *%>+d % A)%*@&(*
(= 1/+ N+)(@ $/( %--+%)& 0* >%*7 ?+)&0(*& (= 1/+ ,/)0&1 &1()7_!
$/(! $/+* 1/+ '%)'%)0%* >+)B+*%)0+& )0(1+@ %=1+) 1/+ %&&%&&0*%D
10(* (= ,%60A.6% %*@! $/06+ -6.*@+)0*A 1/+ -%6%B+! =(.*@ (6@
,6%.@0.& /0@0*A 0* % B6(&+1 %*@ @)%AA+@ /0> (.1 1( -)(B6%0> /0>
+>-+)()! '7 &.'16+ %*@ B)%=17 >%B/0*%10(*& %*@ ')0'+)7 >%*%A+@
1( A+1 ,6%.@0.& 0*&1%66+@ %*@ )+B(A*0b+@ %& +>-+)() '7 1/+ J+*D
%1+" ,6%.@0.& )+$%)@+@ /0> A+*+)(.&67! %*@ $%& %6$%7& .*@+) 1/+

=<

4%&378!9*!873&%4

0*= 6.+*B+ (= 1/+ -)(>0*+*1 5+$& 0* W(>+" 2/%1 0& $/%1 >%E+& /0&
-)(*(.*B+>+*1 &( &0A*0=0B%*1"
C6+3%*@)0% $%&! (= B(.)&+! =(.*@+@ '7 C6+3%*@+) 1/+ P)+%1
%& % P)++E B017 0* B(*F.+)+@ aA7-1! %*@ 01 '+B%>+ .*@+) /0&
P)++E &.BB+&&()&! 1/+ Q1(6+>0+&! 1/+ B%-01%6 (= 1/%1 B(.*1)7" #1&
-(&010(* %& 1/+ (*67 )+%6 /%)'(.) 0* aA7-1 %@@+@ 1( 01& A)+%1 -)(&D
-+)017! %*@ *%1.)%667 5+$& B%>+ &1)+%>0*A 0* =)(> 1/+0) B(6(*0+&
%66 (?+) 1/+ B0?060b+@ $()6@" C6+3%*@)0% '+B%>+ 1/+ T+$ e()E (=
1/+ %*B0+*1 $()6@! 0"+"! 1/+ 6%)A+&1 5+$0&/ B017" 2/+ 5+$& 1((E (?+)
1$( (= 1/+ =0?+ F.%)1+)& (= 1/+ B017 =() 1/+0) A/+11(+&! =)(> $/0B/
1/+7 .*(==0B0%667 '.1 +==+B10?+67 +3B6.@+@ $/01+ -+(-6+! '.1 *%1.D
)%667 0*&0&1+@ (* -.&/0*A 1/+0) $%7 0*1( %66 1/+ (1/+) F.%)1+)& (=
1/+ B017 %*@ >%E0*A 1/+>&+6?+& ('*(30(.& 0* 1/+0) *()>%6 $%7&"
5+$& %6$%7& '+1)%7 1/+ B(.*1)0+& 0* $/0B/ 1/+7 %)+ =++@0*A (* 1/+
*%10?+&! &( *%1.)%667! $/+* C.A.&1.& %11%BE+@ aA7-1! 1/+ 5+$& *%1D
.)%667 '+1)%7+@ 1/+ P)++E&! $/( )+>%0*+@ 6(7%6 1( ,6+(-%1)%! 1/+
6%&1 (= 1/+ Q1(6+>0+&" C.A.&1.& -.*0&/+@ 1/+ P)++E& =() 1/+0) 6(7D
%617

'7

@+-)0?0*A

1/+>

(=

1/+0)

6(B%6

&+6=DA(?+)*>+*1!

%*@

)+$%)@+@ 1/+ 5+$& =() 1/+0) 1)+%&(* $01/ >%*7 &-+B0%6 -)0?06+A+&!
0*B6.@0*A 1/+ )0A/1 1( /%?+ % E0*@ (= 5+$0&/ A(?+)*>+*1 (= 1/+0)
($*"
2/+ 5+$&! *($ )0@0*A /0A/! *%1.)%667 -.&/+@ 1/+ P)++E&
%)(.*@ >()+ 1/%* +?+)! 1/).&10*A 1/+>&+6?+& 0*1( 1/+ A7>*%&0%
%*@ (1/+) P)++E 0*&101.10(*& 1/%1 $+)+ 1)%@010(*%667 =() P)++E&
(*67 %*@ 0*B010*A )0(1& $/+*+?+) 1/+7 $+)+ &( G-+)&+B.1+@H 1/%1
1/+ P)++E& @0@ *(1 )+B(A*0b+ 1/+> %& % ?%&167 &.-+)0() )%B+" 2/+
)+&.61 $%& %* +*@6+&& &+)0+& (= B0?06 @0&1.)'%*B+& 1/%1 1/+ W(>%*&
$+)+

-($+)6+&&

1(

-)+?+*1

'+B%.&+

*(

A(?+)*>+*1

@%)+@

1(

)+?(E+ C.A.&1.&L& A)%*1 (= &-+B0%6 -)0?06+A+& 1( 1/+ 5+$&" #* 1/+

&+B(*@ 7+%) %=1+) ,6%.@0.& '+B%>+ +>-+)()! 1/+)+ $%& %*(1/+)
(*+ (= 1/+ -+)+**0%6 )0(1& 0* C6+3%*@)0% 1/%1 '+B%>+ ?0)1.%6 B0?06

='

/0%!1%23+0!+/4,/%56

$%)& 0* 1/+ B017! $/0B/ $%& 1/+ >(&1 -(-.6(.& 0* 1/+ %*B0+*1
$()6@"
2/+ P)++E& (= C6+3%*@)0% @+&-%1B/+@ %* +>'%&&7 (= 1/+0)
6+%@0*A B010b+*& 1( ,6%.@0.& 1( )+F.+&1 )+&1()%10(* (= 1/+0) 6(B%6
A(?+)*>+*1 %*@ +3-6%0* 1/+ B%.&+ (= 1/+ )0(1&! %*@ 1/+ 5+$&! (=
B(.)&+! &+*1 %* +>'%&&7 (= 1/+0) ($* 1( &*0?+6 %*@ $/0*+ %'(.1
'+0*A G-+)&+B.1+@H '7 1/+ $0BE+@

A-*%3"

2/+ +@0B1 (= ,6%.@0.& (= $/0B/ 1/+ -%-7).& 0& % B(-7 0&

%@@)+&&+@ 1( 1/+ P)++E& (= C6+3%*@)0% %*@ %**(.*B+& /0& @+B0D
&0(* B(*B+)*0*A 1/+ )+F.+&1& >%@+ '7 1/+0) +*?(7&"
2/+)+ 0& ^8_ % -)+%>'6+ '7 1/+ W(>%* -)+=+B1 $/( /%@ B(-D
0+& (= 1/+ +@0B1 @0&-6%7+@ 0* -.'60B -6%B+&! ^V_ % &+B10(* 60&10*A 1/+
1016+& (= ,6%.@0.& %*@ 1/+ *%>+& (= 1/+ P)++E +*?(7&! ^U_ -+)>0&D
&0(* 1( /(6@ -.'60B B+6+')%10(*& (= ,6%.@0.&L& '0)1/@%7 %*@ 1(
+)+B1 &1%1.+& 0* /0& /(*()! +1B"! ^Y_ B(*=0)>%10(* (= 1/+ P)++E&L
)0A/1 1( /%?+ % P)++E [email protected]%10(*%6 &7&1+> F.%60=70*A 1/+> =()
C6+3%*@)0%* B010b+*&/0-! ^\_ A)%*10*A )+F.+&1+@ B/%*A+& 0* 1/+
%--(0*1>+*1& 1( B+)1%0* 1+>-6+ (==0B+& %*@ (1/+) >0*() (==0B+&!
^`_ % -)(>0&+ 1( 1%E+ .*@+) %@?0&+>+*1 1/+ P)++E&L )+F.+&1 =() %
)+&1()%10(* (= 1/+0) 6(B%6 A(?+)*>+*1 ^,6%.@0.& *+?+) A)%*1+@
1/%1t 1/+ 5+$& $(.6@ /%?+ /%@ =01& 0= &( G-+)&+B.1+@H_! %*@! ^4_ %
-)(*(.*B+>+*1 %'(.1 1/+ )+B+*1 )0(1& %*@ % $%)*0*A %A%0*&1 )+-D
+1010(* (= 1/+> ^$/0B/! &( =%) %& $+ E*($! E+-1 1/+ -+%B+ =()
+6+?+* 7+%)&_" #1 0& 1/0& 6%&1 &+B10(* $/0B/ 0& (= 0*1+)+&1 1( .&"
N+)+ 0& 1/+ 1+31 (= 1/+ B(*B6.@0*A -%)1 (= 1/+ +@0B1" # )+-)(D
@.B+ 01 =)(> T" Q" ,/%)6+&$()1/L&

-=#(')9>%9.#)5>#6"+$01/

>(@+)*

0-193"5&.#<''9.&+)&%5A#&!"#8"%A5.

^X3=()@! 89U`_" 2/+ 1+31 0& /+)+ -)+&+*1+@

B%-01%60b%10(*!

-.*B1.%10(*!

%*@

&+-%)%10(*

(=

$()@&d %*7(*+ $/( E*($& P)++E &/(.6@ '+ %'6+ 1( )+%@ 01 (==D
/%*@"

$>

4%&378!9*!873&%4

$=

/0%!1%23+0!+/4,/%56

2/+ ()0A0*%6 -%-7).& ^$01/ $/0B/ # B(>-%)+@ 1/0& 1+31 7+%)&

%A(! &( # B%* A.%)%*1++ 1/+ %BB.)%B7 (= 1/0& 1)%*&B)0-10(*_ 0& 0*
>%I.&B.6+& $01/(.1 &+-%)%10(* (= $()@& %*@ /%& (1/+) A)%-/0B
-+B.60%)010+& $/0B/ >0A/1 1)(.'6+ %*7(*+ $/( /%& *(1 $()E+@
$01/ P)++E -%-7)0" 2/+ &+B10(* %'(.1 1/+ )0(1&! $/0B/ # %> A(0*A
1( 1)%*&6%1+! '+A0*& 0* 1/+ &031/ 60*+"
2/0& >.&1 /%?+ '++* 1)%*&6%1+@ 0*1( a*A60&/ %1 6+%&1 (*B+!
'.1 # @( *(1 E*($ $/+)+ &.B/ % 1)%*&6%10(* /%& '++* -.'60&/+@!
&(! 1( &%?+ 10>+! # $066 1)%*&6%1+ /+)+" M()@& $01/0* -%)+*1/+&+&
%)+ >7 +3-6%*%1()7 %@@010(*&" #= 7(. $%*1 % ?+)&0(* 1( B(>-%)+
$01/ >0*+! # 1/0*E 01 60E+67 1/%1 1/0& -%-7).& >%7 /%?+ '++*
0*B6.@+@ 0* 1/+ 1$( () 1/)++ ?(6.>+& (= GJ+6+B1 Q%-7)0H 0* 1/+
o(+' &+)0+&! $/0B/ # @( *(1 /%?+ %1 /%*@" ^#= 1/0& (*+ 0& *(1
0*B6.@+@ 0* $/%1 -.)-()1& 1( '+ % &+6+B10(* (= 1/+ >()+ 0*1+)+&1D
0*A -%-7)0! 1/%1 =%B1 $066 '+ &0A*0=0B%*1 0* 01&+6="_ # &/%66 1)7 1( >%E+
1/+ a*A60&/ )+= 6+B1 % 60116+ (= ,6%.@0.&L& -+B.60%) &176+t

1F)3!$)U'!)U.$.)$.F"!0F%C2.)3!$)('.)!A(C$.EG)E04)%0FA$$.D(%!0?
!$)$E('.$?)%3)U.)6AF()4.F%&0E(.)%()D!$$.D(2#?)3!$)('.)UE$F)E&E%0F()('.
@.UF?)E2('!A&')#!A$).0/!#F)E04).F".D%E22#)<%!0#F%AF)F!0)!3):'.!0)4%FM
(%0&A%F'.4)('.6F.2/.F)%0)E$&A6.0()U'.0)D!03$!0(.4)U%(')('.%$)^@.UM
%F'_)E4/.$FE$%.F?)8)0./.$('.2.FF)4.D%4.4)0!()(!)%0/.F(%&E(.)('.)6E((.$
('!$!A&'2#?)E04)8).0(.$.4)%0)('.)2.4&.$F)!3)6#)6%04)E)$A('2.FF)%04%&M
0E(%!0) E&E%0F() U'%D'./.$) ".!"2.) $.D!66.0D.F) '!F(%2%(%.F`) 8) 0!U
.6"'E(%DE22#)&%/.)UE$0%0&)('E()%3)('.)(U!)".!"2.F)4!)0!()4.F%F()3$!6
('.%$)4%FEF($!AF)E04)D!0(A6ED%!AF)'E($.4)!3)!0.)E0!('.$?)8)F'E22)C.
D!6".22.4)(!)F'!U)U'E()E)C.0./!2.0()$A2.$)DE0)C.)U'.0)'.)%F)$!AF.4
(!)$%&'(.!AF)E0&.$K):'.$.3!$.?)8)0!U)6!F()F!2.602#)D!0aA$.)('.)12.SM
E04$%E0F)(!)C.'E/.)U%(')3!$C.E$E0D.)E04)G%040.FF)(!UE$4)('.)@.UF
U'!)'E/.)3!$)E)2!0&)(%6.)2%/.4)%0)('.)FE6.)D%(#?)E04)0!()(!)!CF($AD(
E0#)!3)('.%$)DAF(!6E$#)$%(.F)%0)('.)DA2()!3)('.%$)&!4?)CA()(!)".$6%(
('.6)(!)!CF.$/.)('.)DAF(!6F)('.#)3!22!U.4)%0)('.)(%6.)!3)('.)<%/%0.
1A&AF(AF?)U'%D')8)0!U)FE0D(%!0?)E3(.$)'.E$%0&)C!(')F%4.F)!3)('.)DEF.K
=0)('.)!('.$)'E04?)8)0!U)!$4.$)('.)@.UF)0!()(!)E&%(E(.)3!$)6!$.)"$%/M
%2.&.F)('E0)('!F.)('.#)'E/.)2!0&).0a!#.4?)E04)0!()E&E%0)(!)'E/.)('.
$$

4%&378!9*!873&%4

A0"$.D.4.0(.4) %0F!2.0D.) !3) F.04%0&) !A() ('.%$) !U0) E6CEFFE4!$F) EF

('!A&')('.#)U.$.)2%/%0&)%0)E)F."E$E(.)F(E(.?)E04)3A$('.$6!$.)^8)!$4.$
('.6_)0!()(!)3!$D.)('.%$)UE#)%0(!)('.)&E6.F)E04)D!0(.F(F)'.24)C#)('.
&#60EF%E$D'F) E04) 0.%1'2*') ^!33%D.$F) U'!) "$.F%4.4) !/.$) ('.) "'#F%DE2
E04)%0(.22.D(AE2).4ADE(%!0)!3)I$..G)#!A('F)E04)'.24).S'%C%(%!0F)('E(
U.$.)!".0)!02#)(!)D%(%b.0F)!3)12.SE04$%E_)U'%2.)('.#)^('.)@.UF_)$.E"
('.)"$!3%(F)!3)('.%$)!U0)F".D%E2)"$%/%2.&.F )E04?)2%/%0&)%0)E)D%(#)('E()%F
0!()('.%$)!U0?).0a!#)E22)('.)C!A0(%3A2)E4/E0(E&.F)!3)('E()D%(#`)3A$('.$M
6!$.)^8)!$4.$)('.)@.UF_)0!()(!)%6"!$()!$)C$%0&)%0)^%K.K?)%0(!)12.SE0M
4$%E_)C#)F'%")@.UF)3$!6)1F%E)c%0!$)!$);&#"()^3$!6)U'%D')12.SE04$%E
UEF)E46%0%F($E(%/.2#)F."E$E(.4_?)E)"$!D.4A$.)U'%D')6AF()0.D.FFE$%2#
.SD%(.)%0)6.)('.)&$E/.F()FAF"%D%!0FK)=('.$U%F.)^%K.K?)%3)('.)@.UF)4!)0!(
!C.#_?) 8) U%22) C#) E22) 6.E0F) (EG.) /.0&.E0D.) !0) ('.6) EF) C.%0&) ('.
3!6.0(.$F) !3) U'E() %F) E) A0%/.$FE2) "2E&A.) ('$!A&'!A() ('.) D%/%2%b.4
U!$24K
83)C!(')".!"2.F?)4.F%F(%0&)3$!6)('.F.)"$ED(%D.F?)E$.)U%22%0&)(!)2%/.
(!&.('.$)U%(')(!2.$E0D.)E04)G%040.FF)(!UE$4)!0.)E0!('.$?)8?)3!$)6#
"E$(?)U%22)F'!U)('.)A(6!F()D!0D.$0)3!$)('.)"$!F".$%(#)!3)('.)D%(#)^12.SM
E04$%E_)EF)C.%0&)!0.)a!%0.4)(!)AF)%0)3$%.04F'%")3$!6)('.)(%6.)!3)!A$
E0D.F(!$FK
8)EFFA$.)#!A)('E()6#)3$%.04?)^:%C.$%AF) 2EA4%AF_)LE$C%22AF)^!0.)!3
('.)F%S)9!6E0)D%(%b.0F)E6!0&)('.) (U.2/.).0/!#F)3$!6)12.SE04$%E_?
'EF)E2UE#F)F'!U0)F!2%D%(A4.)3!$)#!A$)U.23E$.)U'.0./.$)'.)E"".E$.4
C.3!$.)6.?)E04)'.)0!U)D'E6"%!0.4)#!A$)DEAF.)U%(')&$.E()b.E2)E04
4%F(%0D(%!0?) E04) ('.) FE6.) &!.F) 3!$) 6#) 3$%.04?) :%C.$%AF) 2EA4%AF
1$D'%C%AF)^E0!('.$)!0.)!3)('.).0/!#F_K)7E$.U.22K

B! E1*80%M-(0%#/('(P*%&#>0(M#?*03Q#1,/01#'08*&#0%M#0MM('(,%01#'08*&#4*-*
1*3(*M#,%#-*&(M*%'&#R(%/1)M(%S#TSQ>'(0%#%0'(3*&U#4?,#4*-*#%,'#/('(P*%&"
F)'"#0&#4*#%,4#1*0-%#+-,G#0#>0>Q-)&#(%#7*-1(%#RVWW::U"#,%*#,+#'?*#>-(3X
(1*S*&# ,+#4?(/?#'?*#Y*4&#F,0&'*M#40&#*8*G>'(,%#+-,G#011#&)/?#'08*&!
=0')-011Q"#'?*Q#M(M#%,'#40%'#',#F*/,G*#/('(P*%&#,+#'?*#/('QZ

$(

/0%!1%23+0!+/4,/%56

2/+ 1)%*&6%10(* B(.6@ '+ -(60&/+@ % '01! '.1 01 $066 &/($ 1/+
>+%*0*A" 2/+ &+*1+*B+ 0* $/0B/ $+ %)+ -%)10B.6%)67 0*1+)+&1+@!
@+60*+%1+@ 0* @+1%06! )+%@&t
].1 0= ^1/+7 @(_ *(1! # &/%66 0* +?+)7 $%7 $)+BE ?+*A+%*B+
.-(* 1/+> 0*%&>.B/ %& ^u(* 1/+ A)(.*@& 1/%1_ 1/+7 %)+ -+)&(*&
$/( =(>+*1 ^u0*B01+! -)(-%A%1+_ % .*0?+)&%6 ^u.'0F.01(.&! =(.*@
+?+)7$/+)+_ @0&+%&+ ^u-+&106+*B+! -6%A.+_ (= 1/+

-"193"5" ^0"+"! 1/+

&+116+@ %*@ 0*/%'01+@ $()6@! %& @0&10*B1 =)(> I.*A6+&! &1+--+&! %*@
@+&+)1&_"
e(. $066 /%?+ *(10B+@ 1/%1 5+$& $+)+ '+/%?0*A *()>%667 0*
C6+3%*@)0%! *(1 (*67 $/0*0*A %'(.1 '+0*A G-+)&+B.1+@H '+B%.&+
(= 1/+0) o(?+ (= P(@ $/06+ -.&/0*A 1/+0) $%7 0*1( +?+)7 -6%B+
$/+)+ 1/+ @+&-0&+@

A-*%3 /(-+ 1( /%?+ % 60116+ -)0?%B7 =)(> 1/+>!

'.1 +?+* 066+A%667 0>-()10*A =+66($ -%)%&01+& 1( -)+7 (* 1/+ $/01+

B%116+! I.&1 %& 1/+ 5+$& %)+ B(*&1%*167 0>-()10*A 1/(.&%*@& (=
1/+0) B(*A+*+)& 0*1( 1/+ O*01+@ J1%1+&! *(1 (*67 %B)(&& 1/+ '()@+)
=)(> ,%*%@%! '.1 '7 &/0-& 1/%1 6%*@ 1/(.&%*@& (= 1/+ @+%) B)+%D
1.)+& %1 W+@ N((E (* o(*A #&6%*@! $/+*B+ 1/+7 %)+ B%))0+@ '7
60>(.&0*+ 1( 1/+ T+$ 5+).&%6+> B(>>(*67 B%66+@ T+$ e()E ,017!
0* (-+* @+=0%*B+ (= 1/+ 0>>0A)%10(* (==0B+)&! $/( E*($ %'(.1 01
'.1 @%)+ *(1 0*1+)?+*+"

$:

4%&378!9*!873&%4

->(!5=6>->91!23!./0!3-..05.
2/+ =+$ C)7%*& $/( @%)+ 1( B)010B0b+ 1/+ 5+$& %)+ $(*1 1(
$%3 0*@0A*%*1 (?+) 1/+ >+1/(@& '7 $/0B/ 1/+ %60+*& %BF.0)+ B(*D
1)(6!

$/0B/!

1(

'+

&.)+!

%)+

0>>()%6

%BB()@0*A

1(

(.)

($*

%BB+-1+@ &1%*@%)@& (= B0?06 '+/%?0() $01/0* (*+ (= (.) ($* &(B0+1D

0+&" ].1 6+1 .& '+ =%0) %*@! $/%1 0& >()+ 0>-()1%*1! ('I+B10?+"
2/+ &.)?0?%6 (= 1/+ =011+&1 %6$%7& /%& '++*! %*@ %6$%7& $066
'+! 1/+ 0>>.1%'6+ 6%$ (= 60=+ (* 1/0& -6%*+1" <%>>%6& 1/%1 @(
*(1 @+-+*@ (* &/++) =+B.*@017 1( -)+&+)?+ 1/+0) E0*@ ^+"A"! )%'D
'01&! 6+>>0*A&_ /%?+ '.1 1$( )+&(.)B+& 0* 1/+>&+6?+&t &1)+*A1/
%*@

&1+%61/!

1/+

6%11+)

B(>-+*&%10*A

=()

@+=0B0+*B0+&

0*

1/+

=()>+)" a?+* 1/+ >%6+ 60(*! $/(> $+ /%?+ 1%E+* %& 1/+ &7>'(6 (=
B(.)%A+! @+-+*@& =() >.B/ (= /0& &.&1+*%*B+ (* -)+7 1/%1 /0&
=+>%6+& 1%E+ '7 6+%-0*A =)(> %>'.&/" 2/+ +6+-/%*1 0& % *('6+
%*0>%6 %*@ % &7>'(6 (= &1)+*A1/! '.1 /+ =%66& -)+7 1( 1/+ B.**0*A
(= $+%E+) &-+B0+&! &.B/ %& 10A+)& %*@ >+*"
#1 0& % -+B.60%)017 (= (.) )%B+ c %*@ (*+ 1/%1 1/+ 5+$& )+A%)@
%& +&-+B0%667 B/06@0&/ %*@ =%1.(.& c 1/%1 $+ /%?+ %* 0@+%6 (= ?0BD
1()7 ('1%0*+@ (*67 0* % =%0) =0A/1" X.) )%B0%6 >+*1%6017 0& @(>0D
*%1+@ '7 1/+ &+*10>+*1 1/%1 =0*@& +3-)+&&0(* 0* (.) B/+)0&/+@
-0B1.)+ (= <+@0%+?%6 E*0A/1&! +F.%667 >%1B/+@! >++10*A 0* 1/+
60&1& () 0* 1/+ &1()0+@ %@?+*1.)+& (= R0*A C)1/.)L& W(.*@ 2%'6+"
].1 +?+* 0* (.) )(>%*B+&! 1/+ =%0) =0A/1

0& %* 0@+%6 (*67 %&

'+1$++* 0*@0?0@.%6& (= (.) ($* )%B+! $/( ('&+)?+ (.) )%B0%6 &1%*D
@%)@& (= -+)&(*%6 /(*()d %*@ 0* -)%B10B+ (.) )%B+ /%& %BB+-1+@
>(@0=0B%10(*& (= 01 1/%1 &++> (@@ 1( .& 1(@%7t =() +3%>-6+! 0* 1/+
=%>067 =+.@& (= #B+6%*@ 01 $%& B(*&0@+)+@ -)(-+) 1( E066 % >%* '7
&1)0E0*A =)(> %>'.&/!

/+-;%>"> 1/%1 (*+ '(%&1+@ (= 1/+ @++@ %*@

1/.& %?+)1+@ %* 0>-.1%10(* (= B($%)@0B+ '7 0*@0B%10*A 1( 1/+ ?0BD

10>L& E0*&=(6E (* $/(> 1/+7 &/(.6@ )+?+*A+ /0& @+%1/"

$;

/0%!1%23+0!+/4,/%56

#* $%)! +?+* '+1$++* *%10(*& (= (.) )%B+! (.) 0@+%6 (= % G=%0)

=0A/1H 0& @0&)+A%)@+@ %& 0))+6+?%*1! .*6+&& $+ /(6@ 1/%1 G=%0)*+&&H
0*B6.@+&

*(1

(*67

-/7&0B%6

B(.)%A+!

'.1

%6&(

0*1+660A+*1

=()+D

1/(.A/1 %*@ -6%**0*A! $/0B/ B%* '+ @+&B)0'+@ %& B.**0*A" M+

%@>0)+ &1)%1+A7 %& >.B/ %& B(.)%A+" #* 1/+ -)(?+)'0%6 &1()7 (= 1/+
2)(I%* N()&+! $+ @( *(1 )+-)+/+*@ 1/+ @+B+-10(* -)%B10B+@ '7
J0*(*! '.1 )%1/+) 1/+ &.-+)&1010(* %*@ B)[email protected] (= 1/+ 2)(I%*&!
$/( =+66 ?0B10> 1( 1/+ P)++E&L ).&+d %*@ $/06+ $+ >%7 =++6 B(>D
-%&&0(* =() B+)1%0* 0*@0?0@.%6 2)(I%*& $/( &.==+)+@ =() 1/+0) -+(D
-6+L& =(667! $+ =++6 *( -017 =() 1/%1 -+(-6+ %& % $/(6+! .*6+&& $+
%11)0'.1+ 1/+0) A.660'06017 1( % =()B+ (.1&0@+ 1/+>&+6?+& %*@ 1/0*E
1/%1 1/+0) >0*@& $+)+ @%)E+*+@ '7 1/+ &.-+)*%1.)%6 -($+) (=
&(>+ A(@ () A(@&" C66 1/+ A)+%1 A+*+)%6& (= /0&1()7 /%?+ %B/0+?+@
1/+0) ?0B1()0+&! *(1 '7 1/+ 0*@0&-+*&%'6+ B(.)%A+ (= 1/+0) >+*! '.1
'7 &1)%1+A7! 0"+"! 1/+0) %'06017 1( (.1$01 1/+0) +*+>0+& '7 % =()> (=
@+B+-10(*" M+ +?+* /%?+ %* %-/()0&> 1/%1 %==0)>& 1/%1 G%66 0& =%0)
0* $%)!H %*@ $+ 1%E+ 01 =() A)%*1+@ 1/%1 1/+ -/7&0B%667 $+%E+)
-%)17 >.&1 )+67 (* &.-+)0() B.**0*A! 0= 01 0& *(1 1( &.BB.>'"
M/+* a.)(-+%*& =0)&1 &+116+@ 0* 1/+ M+&1+)* N+>0&-/+)+! 1/+7
$+)+ =+$ 0* *.>'+) c &( =+$ 1/%1 +?+* 1/+0) &.-+)0()017 0* %)>%D
>+*1 %*@ @0&B0-60*+ (?+) 1/+ %'()0A0*+& @0@ *(1 B%*B+6 1/+0)
*.>+)0B%6 $+%E*+&& c %*@ 1/+7 @0@ *(1 /+&01%1+ 1( .&+ &(>+
#*@0%* 1)0'+& 1( @+=+%1 %*@ @+&1)(7 (1/+)&! (=1+* +3B010*A %*@
%6$%7& -)(=010*A =)(> 1/+ 0*1+)*%6 @0&&+*&0(*& (= % )%B+ $/(&+
B(*10*+*1

1/+7

0*1+*@+@

1(

1%E+

=)(>

1/+>"

J.B/

+3-+@0+*1

@+B+-10(* $+ /%?+ %6$%7& B(*&0@+)+@ I.&10=0+@ %& % $+%-(* (=

-/7&0B%6 $+%E*+&& %A%0*&1 -/7&0B%6 &1)+*A1/"$
T($ 1/+ 5+$& /%?+ %6$%7& '++* -/7&0B%667 ^0"+"! *.>+)0B%667_
% $+%E+) -+(-6+" M/+)+?+) 1/+7 /%?+ 6(@A+@ 1/+>&+6?+&! 1/+7
/%?+ '++* % &>%66 >0*()017 %>(*A 1/+

A-*%3" a?+* 0* 1/+ O*01+@

J1%1+& 1(@%7! $/+)+ 1/+ 6%)A+&1 =)%B10(* (= 1/+0) )%B+ *($ )+&0@+&!
)+%&(*%'6+ +&10>%1+& (= 1/+0) *.>'+) @( *(1 +3B++@ 1$+*17 >06D

$#

4%&378!9*!873&%4

60(*&" a&10>%1+& >.&1 *+B+&&%)067 '+ .*B+)1%0*! =() $/+* 1/+ B+*D
&.& $%& 1%E+* 1+* 7+%)& %A(! 1/+ 5+$& =()'%@+ 1/+ GC>+)0B%*H
A(?+)*>+*1 1( %&B+)1%0* 1/+ *.>'+) (= 5+$& $/( (-+*67 -)(=+&&
1/+0) %60+* &1%1.& '7 -.'60B67 -)%B10B0*A 1/+0) )+60A0(*" 2/+ 5+$&L
($* )+-()1& (= 1/+0) *.>'+)& 0* )+60A0(.& 1+)>& %)+! %& <%)E
2$%0* ('&+)?+@ 6(*A %A(! .11+)67 -)+-(&1+)(.&! %61/(.A/ &(>+
-+)&(*& B/%)01%'67 B6%0> 1/%1 1/+ =0A.)+& %)+ ('1%0*+@ '7 B(.*10*A
(*67 >%6+ /+%@& (= /(.&+/(6@& %*@ )+-()10*A 1/+&+ %& % 1(1%6 -(-D
.6%10(*! 01 '+0*A 1/+ =%.61 (= 1/+ &1.-0@

A-*%3

1/%1 1/+7 %&&.>+

1/%1 1/+ &1%10&10B& $+)+ B(>-06+@ 0* 1/+ &%>+ 1+)>& %& 1/+0) ($*!
$/0B/ 0*B6.@+ $(>+*! B/06@)+*! %*@ @+-+*@+*1& 0* 1/+ 1(1%6" #*
%*7 +?+*1! +?+* %* %BB.)%1+ B(.*1 (= 1/+ %60+*& $/( %11+*@ &7*%D
A(A.+& $(.6@ '+ 0*B(*B6.&0?+! &0*B+ (*+ $(.6@ &1066 /%?+ 1( A.+&&
1/+ *.>'+) (= <%))%*(&" C 6%)A+ -%)1 (= 1/+ 5+$0&/ =()B+ 0* +?+)7
B(.*1)7 B(*&0&1& (= <%))%*(&! 5+$& $/(! .&0*A 1/+ B/%>+6+(*D
60E+ %'06017 (= 1/+0) &-+B0+&! +==+B10?+67 @0&A.0&+ 1/+>&+6?+&" # /%?+

A! #$'#(&#'-)*#'?0'#'?*#0F&,1)'*#-)1*#(&#G,M(+(*M#FQ#M(&0>>-,301#,+#'-*0/?X
*-Q"#(!*!"#'?*#3(,10'(,%#,+#0%#*8>1(/('#,-#(G>1(*M#0S-**G*%'#F*'4**%#>*-X
&,%&# 4?,# >-*&)G0F1Q# -*/,S%(P*# 0%M# 0//*>'# ,)-# &'0%M0-M&# ,+# ?,%,-"
F)'# *3*%# ?*-*# '?*# M(&'(%/'(,%# (&# +1)(M!# E1'?,)S?# EG*-(/0%&# -*&*%'
F*(%S#-*G(%M*M#,+#('"#'?*(-#?(&',-Q#0&#0%#(%M*>*%M*%'#%0'(,%#F*S(%&
4('?#'?*#0/'#,+#'-*0/?*-Q#FQ#4?(/?#'?*Q#R0&#0#4?,1*"#-*S0-M1*&&#,+#'?*
(%'*%'(,%&#,+#/*-'0(%#(%M(3(M)01&U#(%M)/*M#[*%*-01#7)-S,Q%*#0%M#?(&
0-GQ#',#&)--*%M*-#FQ#&,1*G%1Q#>1*MS(%S#'?0'#'?*#M*+*0'*M#0-GQ#/,)1M
-*')-%#',#7-('0(%"#0%M#'?*%#3(,10'*M#'?0'#0S-**G*%'#FQ#/,%+(%(%S#'?*
/,P*%*M#'-,,>&#(%#/,%M('(,%&#,+#&)/?#?0-M&?(>#0%M#&*3*-('Q#'?0'#G0%Q
,+#'?*G"#*3*%#0G,%S#'?*#,++(/*-&"#>*-(&?*M#F*+,-*#'?*#*%M#,+#'?*#40-!
O,-# &)/?# '-*0/?*-Q# %,# 0>,1,SQ# /0%# F*# ,++*-*M# (%# '*-G&# ,+# '?*# &'0%X
M0-M&# ,+# ,)-# -0/*# R01'?,)S?# ('# 4,)1M# ?03*# F**%# G*-*1Q# %,-G01# +,G,&'# ,'?*-# -0/*&U"# F)'# S*%'1*G*%# 0G,%S# '?*# EG*-(/0%&# >-,F0F1Q
&013*M# '?*(-# /,%&/(*%/*&# FQ# '*11(%S# '?*G&*13*&# '?0'# '?*Q"# '?*# -*F*1&"
4*-*# 4*0N# 4?(1*# [-*0'# 7-('0(%# 40&# &'-,%S!# \?*# M(&S-0/*+)1# *>(&,M*"
?,4*3*-"# &?,)1M# /?*/N# 0%Q# '*%M*%/Q# ,+# EG*-(/0%&# ',# 0# =0-/(&&(&'(/
M,'(%S#,%#'?*(-#,4%#3(-')*&!

$"

/0%!1%23+0!+/4,/%56

(=1+* A6%*B+@ 1/)(.A/ 1/+ 60&1& (= '0)1/& )+-()1+@ '7 1/+ 5+$& 0*
1/+0) ($*

0"&+-%&#I"7%.!#6"7.! %*@ # B(.6@ *(1 '.1 *(10B+ 1/%1 (*

>%*7 @%7& 1/+)+ $%& *( *%>+ 1/%1 '+1)%7+@ 1/+ )%B+ (= 1/+ B/06@"
2/+ -+)&(*%6 *%>+& (= 1/+ -%)+*1& %*@ B/06@)+* $+)+ %66 G,/)0&D
10%*H *%>+&! $01/ &(>+ -)+=+)+*B+ =() *%>+& 1/%1 %)+ 1)%@010(*D
%667 JB(110&/! %*@ 1/+ =%>067 *%>+& %66 &.AA+&1+@ ])010&/! Z)+*B/!
() &(>+10>+& J6%?0B! %*B+&1)7" 2/(&+ 0*&1%*B+& (= 1/+ 5+$&L >%&D
F.+)%@0*A .*@+) %&&.>+@ *%>+&! 01 &/(.6@ '+ )+>+>'+)+@! %)+
%66 (= 5+$& $/(! '7 0*&+)10*A &.B/ %**(.*B+>+*1& 0* 1/+0) ($*
*+$&-%-+)&!

B(*=+&&

1/+0)

)%B+"

<%*7

<%))%*(&

+&B/+$

&.B/

0*@0&B)+10(*! %*@ &(>+ %)+ &( %@+-1 %1 @0&A.0&+ 1/%1 1/+0) %BF.%0*D
1%*B+& %*@ %&&(B0%1+& %)+ %&1(*0&/+@ $/+* &(>+ %BB0@+*1 () 0*@0&D
B)+10(*

@0&B6(&+& 1/+ )%B+

(= % -+)&(* $/( &++>+@ 1( '+ %*

C>+)0B%*! a*A60&/>%*! J(.1/ C=)0B%*! P+)>%*! Z)+*B/>%*! ()

(1/+) >+>'+) (= (.) ($* )%B+" ].1 +?+* $/+* $+ >%E+ +?+)7
%66($%*B+ =() 1/+ 5+$&L >%&1+)7 (= @0&A.0&+! $+ >.&1 %@>01 1/%1
1/+7 %)+ &1066 % >0*()017 0* 1/+ O*01+@ J1%1+&! $/+)+ 1/+7 %)+
&.)+67 (.1*.>'+)+@ '7 1/+ C)7%*&! $/( %)+ -)('%'67 &1066 %*
%'&(6.1+ >%I()017 0* 1/+0) ($* B(.*1)7 %*@ (.1*.>'+) 1/+ 1(1%6
(= %66 1/+ %60+*& 0* 1/+0) >0@&1! 5+$&! ,(*A(0@&! >.6%11(+&! >+&10D
b(&!

<(*A(60%*&!

%*@

1/+

60E+"

#=

1/+

=++'6+D>0*@+@

C)7%*&!

0*&1+%@ (= &.'&0@0b0*A 1/+ -)(@0A0(.& ')++@0*A %*@ -)(60=+)%10(*

(= 1/+0) @(>+&10B +*+>0+& %*@ +?+* 0>-()10*A /()@+& (= (1/+)&
=)(> [0+1*%>! N%010! %*@ +6&+$/+)+ %& G)+=.A++&H =() 1/+ +?+*1.%6
+31+)>0*%10(*

(=

1/+

C)7%*&L

($*

B/06@)+*!

$+)+

&.==0B0+*167

0*1+660A+*1 %*@ )+&(6.1+! 1/+7 $(.6@ &1066 /%?+ 1/+ -($+) 1( +3-+6
() (1/+)$0&+ +60>0*%1+

)''

(= 1/+0) %60+* -%)%&01+&! %>(*A $/0B/

1/+ 5+$& %)+ % &>%66! 1/(.A/ -)+-(66+*1! >0*()017"

2/)(.A/(.1 /0&1()7! 1/+ 5+$& /%?+ +?+)7$/+)+ '++* % >0*()D
017 0* 1/+ B(.*1)0+& 0*1( $/0B/ 1/+7 /%?+ 0*1).@+@ 1/+>&+6?+&!
%*@ 1/+7 /%?+ *+B+&&%)067 +>-6(7+@ 1/+ $+%-(*& (= 1/+ -/7&0B%667
$+%E %A%0*&1 1/+ -/7&0B%667 &1)(*A" 2/+ 5+$& /%?+

$<

5";"+ B%-1.)+@ %

4%&378!9*!873&%4

1+))01()7 '7 (-+* $%)=%)+ %*@ 0*?%&0(*t 1/+7 /%?+ *+?+) '++* &.=D
=0B0+*167 *.>+)(.& %*@ &1)(*A 1( %11+>-1 %* (-+* B(*F.+&1! +?+*
0= 1/+7 /%@ '++* &( 1+>+)%)0(.& %& 1( $%&1+ 1/+0) ($* 60?+& 1(
%11%0* $/%1 1/+7 B(.6@ >()+ +%&067 %*@ &%=+67 %11%0* '7 @+B+01"
#1 0& 1).+ 1/%1 1/+ 5+$&L >71/& 0*B6.@+ 1$( B6%0>& (= (-+*
B(*F.+&1! '.1 '(1/ (= 1/+&+ %)+ 0*@.'01%'67 =0B1010(.&"
X*+ (= 1/(&+ &1()0+& 0& $+66 E*($*! &0*B+ 01 0& =(.*@ 0* 1/+
B(66+B10(* (= 5+$0&/ 1%6+& B(>>(*67 B%66+@ 1/+ GX6@ 2+&1%>+*1H
'7 (.) -+(-6+" CBB()@0*A 1( 1/%1 >71/! 1/+ 5+$& ^$01/ 1/+ /+6- (=
1/+0) 1)0'%6 @+017_ (-+*67 0*?%@+@ 1/+ 6%*@ (= ,%*%%*! ).1/6+&&67
'.1B/+)+@ %66 1/+ 0*/%'01%*1& %*@ +?+* 1/+ 0*/%'01%*1&L @(>+&10B
%*0>%6&! %*@ 1/+* %--)(-)0%1+@ 1/+ B(.*1)7 1/+7 /%@ >%@+ %
'6((@7 @+&+)1" 2/+ 1%6+! +?+* $/+* @0?+&1+@ (= &.B/ *(*&+*&+ %& %
B6%0> 1/%1 1/+ 5+$&L A(@ &1(--+@ 1/+ &.* %*@ >((*! 6.>0*(.&
@0&E& 1/%1 $+)+ = 6(%10*A 0* 1/+ %1>(&-/+)+ %1 %* %6101.@+ (= %'(.1
\:!::: =++1! %*@ /+6@ 1/+> &1%10(*%)7 =() % 10>+ 1( =%B0601%1+ 1/+
)%-0*+! 0& .11+)67 0*B)+@0'6+ %*@ *( )+-.1%'6+ /0&1()0%*! *(1 +?+*
%>(*A 1/(&+ $/( -)(=+&& 1( '+ ,/)0&10%*&! -)+1+*@& 1( '+60+?+ 01"
2/+ 1%6+ (= %)>+@ B(*F.+&1 0& 0*1)0*&0B%667 &( 0*B)+@0'6+ 1/%1
Q/06( 5.@%+.&! (*+ (= 1/+ %'6+&1 (= 1/+ 5+$&L %-(6(A0&1& %*@ -)(-%D
A%*@0&1&! $/(! 0* 1/+ +%)67 7+%)& (= 1/+ Z0)&1 ,+*1.)7! 1)0+@ 1( B(*D
?0*B+ 0*1+660A+*1 P)++E& %*@ W(>%*& 1/%1 1/+ 5+$& $+)+ *(1 %
>+*%B+ 1( B0?060b%10(*! /%@ 1( %@>01 ^
$%& -)+-(&1+)(.& %*@ 1/%1 $/%1
,%*%%*01+&

?(6.*1%)067

B*/-&!" `"\D;_ 1/%1 1/+ &1()7

39.& /%?+ /%--+*+@ $%& 1/%1 1/+

-+)>011+@

1/+

5+$&

1(

-+*+1)%1+

1/+0)

B(.*1)7 -+%B+=.667 %*@ &+1 .- &7*%A(A.+& %*@ 1/+ )+&1 (= 1/+ 5+$D
0&/ )%B0%6 ()A%*0b%10(*! %=1+) $/0B/ 1/+ 5+$&! (= B(.)&+! 1((E (?+)"
Q/06( B%*@0@67 %@>01& 1/%1 $/+* 1/+ 5+$& -+%B+=.667 -+*+1)%1+ %
B(.*1)7 1( @+&-(06 01! 1/+7! 0* 1/+0) ($* >0*@&! *%1.)%667 )+A%)@
1/+ 0*/%'01%*1& %& +*+>0+&! '.1 /+ &++>& 1( /+&01%1+ '+1$++*
%61+)*%10?+ +3-6%*%10(*& (= 1/+ ,%*%%*01+&L &.0B0@%6 =(667 0* -+)D
>0110*A

1/+

5+$0&/

0>>0A)%10(*t

$'

1/+

&1.-0@

,%*%%*01+&

$+)+

/0%!1%23+0!+/4,/%56

+01/+) 0>-)+&&+@ '7 1/+ /(60*+&& %*@ &.-+)0()017 (= 1/+0) B(?+)1

0*?%@+)& () /%@ 1/+0) >0*@& '+=.@@6+@ '7 1/+ 5+$&L A(@"
#1 0& 1).+ 1/%1 1/+ 5+$& %1 &(>+ 10>+ ('1%0*+@ B(*1)(6 (= 1/+
1+))01()7 1/%1 $%& 1/+)+%=1+) E*($* %& 5.@%+%! '.1 1/+)+ 0& *( $%7
(= @+1+)>0*0*A $/%1 -%)1 (= 1/+ -(-.6%10(* $%& B(>-(&+@ (=
)%B0%6

5+$&

%&

@0&10*B1

=)(>

1/+

&.'I.A%1+@

%*@

>(*A)+60b+@

@+&B+*@%*1& (= 1/+ ()0A0*%6 0*/%'01%*1&! $/(! @+&-01+ 1/+ 5+$&L

'(%&1&! $+)+ *(1 +31+)>0*%1+@ 0* $%)" #1 0& -(&&0'6+! (= B(.)&+!
1/%1 &(>+ *.B6+.& (= 1).1/ >%7 .*@+)60+ 1/+ 5+$&L &1()7 1/%1 1/+7
B%-1.)+@ B017 %=1+) B017 (= 1/+ ,%*%%*01+&! '.1B/+)+@ %66 1/+ >+*!
'.1B/+)+@ %66 1/+ $(>+*! '.1B/+)+@ %66 1/+ B/06@)+*! '.1B/+)+@
%66 1/+ (3+*! '.1B/+)+@ %66 1/+ &/++-! '.1B/+)+@ %66 1/+ @(*E+7&!
%*@ 1/+* )+6%3+@ 0* '60&&=.6 B(*1+>-6%10(* (= 1/+0) ($* /(60*+&&
^+"A"!

I-."

`"V8_" 2/+)+ 0& %)B/%+(6(A0B%6 +?0@+*B+ (= 1/+ @+&1).BD

10(* (= B010+& '7 $%) %& $+66 %& '7 +%)1/F.%E+& 0* () *+%) 1/+ 10>+
(= 1/+ &.--(&+@ B(*F.+&1! '.1 =)(> $/%1 $+ E*($ (= 1/+ 5+$&L
)%B0%6 /%'01&! $+ >%7 A.+&& 1/%1 %=1+) 1/+0) G-+%B+=.6H 0>>0A)%D
10(*! 1/+7 -)(>-167 &1%)1+@ &.'?+)&0(* %*@ B0?06 $%)& %*@ $+)+

A-*%3 %A%0*&1 %*(1/+) %)>7 (=

A-*%3! &( 1/%1 1/+ *%10?+& &6+$ (*+ %*(1/+) %*@ @+&1)(7+@

&((* %'6+ 1( .&+ (*+ %)>7 (= &1.-0@

&1.-0@

1/+>&+6?+&! $/06+ 1/+ 5+$& +AA+@ (* 1/+ B(*1+&1%*1& %*@ ).''+@

1/+0) /%*@& A6++=.667 1(A+1/+)! >.B/ %& )+B+*167 1/+7 &1%>-+@+@
1/+0) ])010&/ %*@ C>+)0B%* B%116+ 0*1( P+)>%*7 1( =%B0601%1+ 1/+0)
-0(.& %--)(-)0%10(* (= 1/+ +%)1/ 1/%1 1/+0) 1)0'%6 A(@ B(*1)%B1+@
1( A0?+ 1/+>"
2/+ &+B(*@ &1()7 (= %)>+@ B(*F.+&1 B(>+& =)(> %*(1/+)
5+$0&/ -)(-%A%*@0&1! 5(&+-/.&! $/( $%& % 60116+ 7(.*A+) 1/%*
Q/06(! %*@ $/(&+ &1()7 ^

(-5&J#2/J #"4\D9Y! VVY_ (= % B(*F.+&1 (=

aA7-1 '7 1/+ N7E&(& 6(*A 0>-(&+@ (* /0&1()0%*& $/( @0@ *(1
1%E+ 0*1( %BB(.*1 1/+ 5+$&L )%B0%6 A+*0.& =() =()A+)7 %*@ @+B+-D
10(*! $/0B/ 0& *($ &( ?0?0@67 066.&1)%1+@ '7 &.B/ /(%3+& %& GC**+
Z)%*EL& S0%)7H %*@ 1/+ *(*&+*&+ %'(.1 1/+ G&03 >0660(*&H (=

(>

4%&378!9*!873&%4

P(@L& W%B+ 1/%1 1/+ P+)>%*& &.--(&+@67 E066+@ '+=()+ 1/+ &03
>0660(*

B)%$6+@

0*1(

1/+

O*01+@

J1%1+&

%*@

(1/+)

M+&1+)*

*%10(*&" M/+1/+) 5(&+-/.& =()A+@ 1/+ -%&&%A+ 1/%1 /+ B6%0>& 1(

F.(1+ =)(> <%*+1/( () .1060b+@ 1/+ $()E (= &(>+ +%)60+) 5+$ 0&
.*B+)1%0*d /+ )+60+& /+%?067 (* 1/+ 5+$0&/ =()A+)& (= +%)60+) B+*1.D
)0+&! +&-+B0%667 1/+ (*+& $/( %&&.>+@ P)++E *%>+&! >.B/ %& 5+$&
*($ >%&F.+)%@+ .*@+) &.B/ *%>+& %& C&/6+7 <(*1%A.! o76+ J1.D
%)1! %*@ ,)%0A JB/066+)! &( 1/%1 5(&+-/.& B%* -)+1+*@ 1/%1 1/+7
$+)+ C)7%*& $/( 1+&10=0+@ 1( 1/+ ?%&1 &.-+)0()017 (= P(@L& W%B+"
M/%1 0& B+)1%0* 0& 1/%1 1/+)+ $%& *( B(*F.+&1 (= aA7-1 '7 1/+
N7E&(&"
#1 0& *($ E*($* ^&++

()3:+%>A"#251%"5&#B%.&-+*! [(6" ##! 8! --"

\YD`Y! V;;DV9`d %*@ +&-+B0%667 1/+ @+=0*010?+ $()E (* 1/0& &.'I+B1!

!"#B*E.-.! '7 5(/* [%* J+1+)&! e%6+ O*0?+)&017 Q)+&&! 89``_ 1/%1
1/+ GN7E&(&H $+)+ -+(-6+&! -)('%'67 (= &+?+)%6 @0==+)+*1 1)0'+&
1/%1 &-(E+ J+>010B 6%*A.%A+&! $/(> 1/+ aA7-10%*& 0*@0&B)0>0D
*%1+67 @+&B)0'+@ %& GC&0%10B&!H %*@ $/( 0*=061)%1+@ aA7-1 '7 A)%@D
.%6 0>>0A)%10(* %B)(&& 1/+ J0*%0 -+*0*&.6%! %*@ -)('%'67 *+?+)
$+)+ *.>+)(.& +*(.A/ 1( =()> % ?+)7 6%)A+ =)%B10(* (= 1/+ -(-.D
6%10(*d 1/+7 $+)+ B6+?+) +*(.A/! /($+?+)! 1( &-)+%@ &+@010(* %*@
0*B01+ B0?06 $%)& .*106 1/+7 %11%0*+@ % ).6+ (?+) 1/+ +*10)+ *%10(*!
-6%B0*A %& A(?+)*()& 0* +%B/ @0&1)0B1 1)0'.1%)0+& %*@ &1((A+&! >%*7
(= $/(> $+)+ B+)1%0*67 () -)('%'67 *%10?+ aA7-10%* 1)%01()&! %*@
.&0*A %* .*B+)1%0* -)(-()10(* (= aA7-10%*& 0* 1/+ 1)((-& '7
$/0B/ 1/+7 >%0*1%0*+@ 1/+0) @(>0*0(* =() %6>(&1 1$( B+*1.)0+&"
C* aA7-10%* )+?(61 =0*%667 &.BB++@+@ 0* (?+)1/)($0*A 1/+ %60+*
).6+)& %*@ +3-+660*A >%*7 (= 1/+> ^=() $+ >%7 '+ &.)+ 1/%1 &(>+
(= 1/+ %60+*& >%*%A+@ 1( '6+*@ 1/+>&+6?+& 0*1( 1/+ *%10?+ -(-.6%D
10(* %*@ +&B%-+ *(10B+_" ].1 @.)0*A 1/+0) B(*1)(6 (= aA7-1! 1/+
0>>0A)%*1& 0*B01+@ >%&&%B)+& (= 1/+ .--+) B6%&&+& %*@ -)(>(1+@
1/+

>(*A)+60b%10(*

1/%1

1/+

&1.-0@

aA7-10%*&

/%@

1/+>&+6?+&

'+A.* '7 0>-()10*A '6%BE &6%?+& =)(> 1/+ &(.1/! %*@ 1/+7 6+=1 1/+

(=

/0%!1%23+0!+/4,/%56

*%10(* A+*+10B%667 0>-(?+)0&/+@ '7 % A)+%1 0*=.&0(* (= '(1/ '6%BE

%*@ J+>010B '6((@! =)(> $/0B/ aA7-1 *+?+) )+B(?+)+@"
2/+)+ %)+ &(>+ 0*@0B%10(*& 1/%1 1/+ GC&0%10BH 0>>0A)%*1&
B%>+ =)(> 1/+ )+A0(*& 1/%1 %)+ *($ J7)0% %*@ Q%6+&10*+! %*@ 1/+
>+1/(@& 1/+7 +>-6(7+@ 1( ).0* aA7-1 >%E+ .& B(*&0@+) &+)0(.&67
5(&+-/.&L& B6%0> 1/%1 1/+7 $+)+ 5+$& %*@ 1/%1 $/+* 1/+7 B(*@+D
&B+*@+@ 1( 6+%?+ aA7-1! 1/+7 '.061 5+).&%6+> %& 1/+ B%-01%6 (= 1/+
)+A0(* 1/+7 1/+* (BB.-0+@" O*=()1.*%1+67! 1/+)+ 0& *( +?0@+*B+
^(1/+) 1/%* 1/+ )+>%)E%'6+ &0>06%)017 (= >+1/(@&_ 1( B(*=0)> ()
)+=.1+ % B(*I+B1.)+ 1/%1 1/+ GN7E&(&H $+)+ ()A%*0b+@ %*@ @0)+B1+@
'7 5+$&" #* 1/+ -%&1 B+*1.)7! '+=()+ 1/+ 5+$&L /%'01.%6 @.-60B017
%*@

>+*@%B017

$+)+

A+*+)%667

-/.&L& &1()7 $%& )+I+B1+@

)+B(A*0b+@

:"1)9."

'7

/0&1()0%*&!

5(&+D

1/+ +*+>7 %60+*& ')(.A/1 $01/

1/+> 0*1( aA7-1 % A(@ *%>+@ J+1 ^J+1/_! $/(> 1/+7 )+A%)@+@ %&
1/+ +*+>7 (= 1/+ aA7-10%* A(@&! %61/(.A/ 1/+7 %6&( 1%6E+@ %'(.1
)+60A0(.& 1(6+)%10(* $/+* 01 &.01+@ 1/+0) -.)-(&+& 0* E++-0*A 1/+0)
&1.-0@ &.'I+B1& '+>.&+@" 2/+7 +?0@+*167 -)(&+6710b+@ =() 1/+0)
-%1)(* @+017 &( +==+B10?+67 1/%1 /+ )+>%0*+@ 0* 1/+ /.A+ B)($@ (=
aA7-10%* A(@& %=1+) 1/+ +*@ (= 1/+0) ).6+! %61/(.A/ /+ $%& 1/+*
>(&1 B(>>(*67 )+-)+&+*1+@ %& 1/+ @0%'(60B %&&%&&0* (= X&0)0& %*@
(1/+) *%10?+ @+010+&"
J( 6(*A %& 01 $%& &.--(&+@ 1/%1 1/+ 5+$& $+)+ .*0F.+67
@+?(1+@ 1( % 1)0'%6 A(@ $/(> 1/+7 B%66+@ e%/$+/ () e%L( ^$/( 0&
@+&0A*%1+@ 0* 1/+ GX6@ 2+&1%>+*1H '7 % $0@+ ?%)0+17 (= *%>+&
1/%1 /%?+ '++* B(*B+%6+@ '7 1/+ 1)%*&6%1()&! $/(! '+A0**0*A $01/
1/+ J+-1.%A0*1! .&+ % $()@ >+%*0*A go()@L 1( 1)%*&6%1+ % *.>'+)
(= @0==+)+*1 *%>+&_! 01 $%& 1/(.A/1 %30(>%10B 1/%1 1/+ $()&/0-D
-+)& (= J+1 B(.6@ *(1 '+ 1/+ /(67 5+$&d '.1 01 0& *($ E*($* 1/%1
1/+ 5+$0&/ B(6(*7 %1 a6+-/%*10*+! $/0B/ $%& )+A%)@+@ %& -+)=+B167
()1/(@(3 0* 5+).&%6+>! /%@ =0?+ A(@& 0* % -%*1/+(* (= $/0B/ e%L(
$%& >+)+67 1/+ B/0+=! %*@ 1/%1 1/+ 5+$& $()E+@ %*7 B(*?+*0+*1
)+60A0(.& )%BE+1! =() +3%>-6+! B6%0>0*A 0* aA7-1 1/%1 1/+ aA7-10%*

($

4%&378!9*!873&%4

A(@ X&0)0&! 1/+ A)+%1+&1 (= %66 A(@&! /%@ 0*&-0)+@ <(&+& %*@ 1/+
G-)(-/+1& (= #&)%+6H %*@ /%@ B/(&+* 1/+ 5+$& %& /0& &-+B0%6 -+1&"
^C 1)%*&6%10(* (= 1/+ 6%1+ -%-7).&! $/0B/ @%1+& =)(> %'(.1 8::
]","! >%7 >(&1 B(*?+*0+*167 '+ =(.*@ 0* a" C" M%660& ].@A+L&

HA*/&%)5#C)A%1! o(*@(*! 89:8 ^u T+$ e()E! 8948_! -" 84`! $01/ %

)+=+)+*B+ 1( 1/+ -.'60B%10(* (= 1/+ ()0A0*%6"_ 2/+)+ 0&! =.)1/+)D
>()+! 1/+ @0&10*B1 -(&&0'06017 c &(>+ aA7-1(6(A0&1& $(.6@ &%7 B+)D
1%0*17 c 1/%1 J+1 $%& ()0A0*%667 % *%>+ () +-01/+1 (= %* aA7-10%*
A(@ %*@ $%& %--60+@ '7 1/+ B.**0*A 0*?%@+)& 1( 1/+0) ($* @+017
1( @+B+0?+ 1/+ *%10?+&" ^2/+ *%>+ >%7 '+ (6@+) 1/%* 1/+ GN7ED
&(&!H %*@ 0= 01 $%& aA7-10%* 0* ()0A0*! 01 '+B(>+& 6+&& )+>%)E%'6+
1/%1 %=1+) 1/+ @(>0*0(* (= 1/+ +3+B)%1+@ GN7E&(&H /%@ '++* ')(D
E+*! J+1! @+&-01+ /0& A+*+)%667 +?06 )+-.1%10(*! =(.*@ ?(1%)0+&
%>(*A 1/+ aA7-10%*&! 0*B6.@0*A &(>+ aA7-10%* E0*A&"_ J(! 0* 1/+
-)+&+*1 &1%1+ (= E*($6+@A+! $+ >.&1 6+%?+ 01 %* (-+* F.+&10(*
$/+1/+) () *(1 1/+ +*+>7 0>>0A)%*1& 0*1( aA7-1 $+)+ 6+@ '7
5+$&d 0= 1/+7 $+)+! 1/+ 5+$& $+)+ %1 $()E %& +%)67 %& B" 84`: ]","d 0=
*(1! $+ /%?+ *(

1"+&)%5

/0&1()0B%6 1)%B+ (= 1/+ )%B+ '+=()+ >()+

1/%* % 1/(.&%*@ 7+%)& 6%1+)"

((

/0%!1%23+0!+/4,/%56

(:

4%&378!9*!873&%4

>(!./0!;04-5/!5.69.0#?!-.5013<
-7!./0-6!247!426)5
2/+ ()0A0* (= 1/+ 5+$& %& % )%B+ 0& .*E*($*! '.1 1/+)+ %)+
0*@0B%10(*& 1/%1 1/+7 +%)67 '+A%* 1( +3-6(01 1/+ &.-+)&1010(*& (=
1/+ -(-.6%10(*& (* $/0B/ 1/+7 =%&1+*+@ 1/+>&+6?+&" 2/+ 5+$&
/%?+ % 1%6+ 1/%1 1/+0) %*B+&1()! *%>+@ C')%/%>! B%>+ =)(> O) 0*
J.>+)0% ^$01/ >()1A%A+& (* /%6= 1/+ J.>+)0%*&L )+%6 +&1%1+ 0* /0&
-(BE+1r_! %*@ &(>+ &B/(6%)&! *(1 /0A/67 )+A%)@+@ 1(@%7! /%?+ &.AD
A+&1+@ 1/%1 &(>+ (= 1/+ J+>010BD&-+%E0*A -+(-6+& $01/ $/(> 1/+
J.>+)0%*& =((60&/67 1)0+@ 1( B(+30&1 >+@@6+@ +31+*&0?+67 $01/ 1/+
J.>+)0%* )+60A0(* %*@ -+)/%-& +?+* /%@ %* 0*= 6.+*B+ (* 1/+
$/01+! -)+DC)7%* B0?060b%10(* (= 1/+ #*@.& [%66+7" 2/+)+ 0& % =0)>+)
'%&0& =() % B(*I+B1.)+ c '.1

-5'*

% B(*I+B1.)+! >0*@ 7(. c 1/%1

$(.6@ +3-6%0* (*+ (= 1/+ (@@010+& (= 1/+ GT+$ 2+&1%>+*1!H $/0B/

$%& %&&+>'6+@ '7 % ,/)0&10%* &+B1 1/%1 -)(=+&&+@ % )+60A0(* 1/%1
$%& ('?0(.&67 % 5.@%0b+@ =()> (= i()(%&1)0%*0&>" a?+)7(*+ /%&
*(10B+@ 1/+ B.)0(.& @+1%06 1/%1 0* 1/+ &1()7 %'(.1 1/+ '0)1/ (= 1/+
B/)0&1 *%>+@ 5+&.& $/0B/ A0?+& 1/+ +%)60+) @%1+ =() 1/+ +?+*1! 1/+
*%10?017 0& &%0@ 1( /%?+ '++* %11+*@+@ '7 i()(%&1)0%* -)0+&1&! $/(
$+)+ &%0@ 1( /%?+ '++* A.0@+@ 1( 1/+ &-(1 '7 %* ('60A0*A &1%) ()
-6%*+1 1/%1 = 6(%1+@ 0* 1/+ %1>(&-/+)+ %1 %* %6101.@+ *( A)+%1+)
1/%* 1/%1 (= B.>.6.& B6(.@& 1( &/($ 1/+> 1/+ $%7" #1 0& -(&&0'6+
1/%1 1/+ <%A0! 1/+ -)(=+&&0(*%6 /(67 >+* (= 1/+ )+60A0(* 1/%1 $%&
&-)+%@ 1/)(.A/ 1/+ (6@ Q+)&0%* a>-0)+! $+)+ 5+$&" 2/+ 5+$& /%?+
% 1)%@010(* ^#["

8"A" 84"`d 8;"88_ 1/%1 1/+)+ $+)+ B(6(*0+& (= #&)%+6D

01+& 0* <+@0% ^0* 1/+ B010+&! *%1.)%667h_! %*@ 1/+ <%A0 *(1 (*67
B6%0>+@ 1( B(>+ =)(> <+@0%! '.1 $+)+ % B6(&+@ B%&1+ )%B0%667 %*@
^60E+ 1/+ 5+$&_ -)(-%A%1+@ 1/+>&+6?+& 1/)(.A/ 1/+ =+>%6+ 60*+!
(=1+* ('1%0*0*A -.)+ (==&-)0*A '7 0>-)+A*%10*A 1/+0) &0&1+)& ()
>(1/+)&" #1 0& *($ ?0)1.%667 B+)1%0* 1/%1 %1 6+%&1 1/+ A)+%1+) -%)1 (=

(;

/0%!1%23+0!+/4,/%56

1/+

+31%*1

/(67

'((E&

(=

1/+

&.--(&+@67

GC)7%*H

)+60A0(*!

%61/(.A/ *($ 0* %* (@@ @0%6+B1 (= X6@ Q+)&0%*! $+)+ 1)%*&6%1+@

=)(> % J+>010B 6%*A.%A+" S0(A+*+& o%v)10.& ^#"9_ >+*10(*& 0*
-%&&0*A .**%>+@ P)++E A+(A)%-/+)& $/( 1/(.A/1 1/%1 1/+ <%A0
$+)+ +%)67 5+$&! '.1 &0*B+ 1/(&+ $()E& %)+ *($ 6(&1! $+ B%**(1 &%7
$/+1/+) 1/%1 (-0*0(* $%& '%&+@ (* >()+ 1/%* 1/+ =%B1 1/%1 %=1+)
1/+ =%66 (= 1/+ Q+)&0%* a>-0)+! >%*7 (= 1/+ <%A0 $/( -+@@6+@
1/+0) B.61 0* (1/+) 6%*@& $+)+ E*($* 1( '+ 5+$&" N+)(@(1.&L&
@+&B)0-10(*

^###"49_

(=

1/+

<%A(-/(*0%!

1/+

Q+)&0%*

)+%B10(*

$/+* (*+ (= 1/+ <%A0 %11+>-1+@ % -%)10B.6%)67 (.1)%A+(.& =)%.@!

&(.*@& ?+)7 >.B/ 60E+ %

+)1%)' (.1')+%E! %*@ N($ %*@ M+66& 0*

)> #"8:8_ &.AA+&1 1/%1 1/+ <%A0

1/+0) B(>>+*1%)7 (* N+)(@(1.& ^

>%7 /%?+ '++* G*(*DC)7%*"H Z)(> 1/+&+ %*@ % =+$ >0*() 1)%B+&
(*+ B%* B(*&1).B1 %* /7-(1/+&0& 1/%1 $(.6@ '+ /0A/67 &0A*0=0B%*1!
0= 1/+)+ $+)+ %*7 )+%6 -)((= (= 01"
M/%1+?+) 1/+0) ()0A0*! 1/+)+ B%**(1 '+ 1/+ &60A/1+&1 @(.'1
%'(.1 1/+ >+1/(@ 1/%1 1/+ 5+$& /%?+ %6$%7& )+A%)@+@ %& 0@+%6 0*
B%-1.)0*A B(*1)(6 (= % B(.*1)7t 01 0& &+1 =()1/ B6+%)67 %*@ +3-60B0167
0* 1/+ GX6@ 2+&1%>+*1H ^

K"5" Y4"8DV4_" 2/+ /+)( (= 1/0& 1%6+ 0& %

5+$ *%>+@ 5(&+-/! $/( 0& &%0@ 1( /%?+ '++* ')(.A/1 1( aA7-1 %& %
&6%?+! '.1 $/( B6+?+)67 $)0AA6+@ .-$%)@ 0* aA7-10%* &(B0+17 .*106
/+ $%& 0* % -(&010(* 1( -)+7 .-(* 1/+ A((@ *%1.)+ %*@ &.-+)&10D
10(*& (= 1/+ aA7-10%* E0*A! $/(> /+ =0)&1 >%*0-.6%1+@ 1( -+)>01
%* 0*= 6.3 (= 5+$&! $/( &(>+/($ 1%E+ -(&&+&&0(* (= 1/+ '+&1 6%*@
0* 1/+ *%10(*d 1/+* /+ .&+& 1/+ E0*AL& %.1/()017 1( B()*+) 1/+
A)%0* >%)E+1 %*@ 0& 1/.& %'6+ 1( 1%E+ =)(> 1/+ aA7-10%*& %66 1/+0)
>(*+7! %66 1/+0) B%116+! %*@ 1/+* %66 1/+0) 6%*@! &( 1/%1 /+ /%& %66
1/+ aA7-10%*& ^+3B+-1 1/+ aA7-10%* -)0+&1&! $01/ $/(> /+ +?0D
@+*167 >%0*1%0*& % -).@+*1 '.1 (@@ %660%*B+_ %1 /0& >+)B7! =()B+&
1/+ =%>0&/+@ $)+1B/+& 1( &+66 1/+>&+6?+& 0*1( &6%?+)7! %*@ 1/+*
&/)+$@67 1)%*&-()1& A)(.-& (= 1/+ &6%?+& =)(> (*+ +*@ (= 1/+
B(.*1)7 1( 1/+ (1/+)! >030*A .- 1/+ -(-.6%10(* &( 1/()(.A/67

(#

4%&378!9*!873&%4

1/%1 %66 /0& ?0B10>& =0*@ 1/+>&+6?+& %>(*A &1)%*A+)& $01/ $/(>
1/+7 $(.6@ &B%)B+67 @%)+ 1( B(*B+)1 %* +==+B10?+ -)(1+&1 c %*@ 1/+
5+$&! *( @(.'1 &*0BE+)0*A 0* -)0?%1+! %**+3+@ -)(-+)17 %*@ G>.6D
10-60+@ +3B++@0*A67"H 5(&+-/ .&+@ 1/+ aA7-10%* E0*A %& % B(*?+D
*0+*1 -.--+1 0* 1/0& (-+)%10(*! %*@ 1/+ 1%6+ 0>-60+&! (= B(.)&+!
1/%1 /+ +*I(7+@ 1/+ B(k-+)%10(* (= /0& 1)0'+L& &-+B0%6 A(@! %1 6+%&1
$/+* /+ $%& (-+)%10*A %& % =()1.*+D1+66+) (* /0& $%7 .-" #1 0& /%)@
1( &%7 /($ >.B/ =%B1 >%7 .*@+)60+ 1/+ &1()7! $/0B/ 0& ('?0(.&67
%* +3-(&010(* (= 1/+ 5+$&L 0@+%6 >+1/(@&" J(>+ E0*A& (= aA7-1
%--+%) 1( /%?+ '++* =++'6+D>0*@+@! %*@ 1/+)+ 0& +?+* % )+B()@
1/%1 (*+ (= 1/+> %@>011+@ &(>+ @+&+)1 *(>%@& $/( -.1 .- % -01D
+(.& -6+% 1/%1 1/+0) -%&1.)+& /%@ @)0+@ .-! '.1 1/+ -)0*B0-%6 =+%D
1.)+& (= 1/+ 1%6+ >()+ -)('%'67 )+= 6+B1 5+$0&/ %>'010(*& 1/%*
%B1.%6 +?+*1&" N($+?+) 1/%1 >%7 '+! 1/+ 1%6+ B+)1%0*67 &E+1B/+& %*
0@+%6

3->9.# -/"+)5>%

=() &.'I.A%10*A 1/+

A-*%3"

C*@ 1/+ 5+$& (=

1(@%7 $066 &.)+67 *(1 /%?+ 1/+ %.@%B017 1( B6%0> 1/%1

&!)& @+&B)0-D

10(* (= 1/+0) >+1/(@& $%& =()A+@ '7 1/+ &+B)+1 -(60B+ (= W.&&0%
.*@+) 1/+ ,b%)&h
2/+ 5+$& B6%0> 1/%1 1/+ &(DB%66+@ GQ)(1(B(6& (= 1/+ a6@+)& (=
i0(*!H

$/0B/

$+)+

B+)1%0*67

-.'60&/+@

%&

+%)67

%&

89:Y

%*@

)+-()1+@67 >.B/ +%)60+) 0* '((E& 1/%1 $+)+ @+&1)(7+@ $/+* 1/+

5+$& &+0b+@ W.&&0% 0* 8984! %)+ % G=()A+)7!H %&! 0*@++@! 1/+7 >%7
'+! %61/(.A/ 1/+7 @+&B)0'+ 0* @+1%06 %*@ $01/ B(>-6+1+ %BB.)%B7
1/+ >+1/(@& 1/%1 1/+ 5+$& /%?+ B(*&0&1+*167 .&+@ 1/)(.A/(.1 1/0&
B+*1.)7 1( &.'?+)1 (.) B0?060b%10(* %*@ @+&1)(7 (.) )%B+" ].1 C)7D
%*& $/( $0&/ 1( .*@+)&1%*@ 1/+ 5+$0&/ >+*1%6017 *++@ *(1 )+67
(* 1/%1 @(B.>+*1t 1/+7 /%?+ (*67 1( )+%@ 1/+ GX6@ 2+&1%>+*1H
$01/ >0*@& 1/%1 %)+ *(1 0>>('060b+@ 0* % =(A (= &.-+)&1010(.&
%$+" 2/+)+ 0& &B%)B+67 % B/%-1+) (= 1/%1 -&+.@(D/0&1()0B%6 *%))%10?+
1/%1 0& *(1 /0A/67 )+?+%60*Ad =() +3%>-6+! 1/+)+ *+?+) $%& % Q+)&0%*
E0*A *%>+@ C/%&.+).& ^C&&.+).&d ,/)0&10%* /(67 >+* .&.%667
B6%0> 1/%1 1/+ *%>+ 0& % G>0&1%E+H =() C)1%3+)3+&h_! '.1 1/+ =0BD

("

/0%!1%23+0!+/4,/%56

10(* %'(.1 a&1/+) 0& %* 0*&-0)%10(*%6 %-(6(A.+ 1( )+>0*@ 5+$+&&+&

1/%1 $/06+ 1/+7 >%7 =0*@ 01 +3-+@0+*1 1( >%))7 % >%6+ (= 1/+ 6($+)
)%B+&! 1/+7 >.&1 %6$%7& )+>+>'+) 1/+0) @.17 1( >%*0-.6%1+ 1/+
&1.-0@

A-* 1( +3-6(01 /0> =() 1/+ %@?%*1%A+ (= 1/+0) <%&1+) W%B+"

(<

4%&378!9*!873&%4

>-(!9!=7-B=0!807.91-.?
2/+ )%B0%6 >+*1%6017 (= 1/+ 5+$& 0& &( @0==+)+*1 =)(> (.) ($*
1/%1 $+ B%* (*67 @)%$ 0*=+)+*B+& =)(> ('&+)?%10(* (= 1/+0) B(*D
@.B1 %*@ &.B/ (= 1/+0) &1%1+>+*1& %& %--+%) >()+ () 6+&& B%*@0@

L-9# K"5@
&%'".!% T+$ e()E! 89VY_! '.1 $+ >.&1 )+>+>'+) 1/%1 %66 =()>& (=
%*@ $()1/7 (= '+60+= ^+"A"! <%.)0B+ J%>.+6L& +3B+66+*1

60=+

0*&10*B10?+67

%*@

*+B+&&%)067

>%E+

1/+

-)+&+)?%10(*

%*@

0*B)+%&+ (= 1/+0) &-+B0+& 1/+0) /0A/+&1 -.)-(&+! %*@ 0= ?%>-0)+

'%1& $+)+ B%-%'6+ (= )+%&(*! 1/+7 $(.6@ .*@(.'1+@67 @+&B)0'+
1/+0) =.)10?+ '6((@D&.BE0*A %& % )0A/1+(.& +3+)B0&+ %*@ 0@+*10=7 %&
@0%'(60B%667 +?06 1/+ ?%)0(.& %*0>%6& ^0*B6.@0*A >+*_ $/( 0* (*+
$%7 () %*(1/+) 0*1+)=+)+ $01/ 1/+0) *('6+ +3+)B0&+ (= 1/+0) A(@D
A0?+* )0A/1" T( &-+B0+& B(.6@ 1/0*E (= 01&+6= %& +?06" C& %* +3D,(>D
>.*0&1

(*B+

)+>0*@+@

>+!

Ge(.

>.&1

)+>+>'+)

1/%1

$/+*

,(>>.*0&1& '+1)%7 % *%10(* () >.)@+) 0**(B+*1 -+(-6+ '7 1/+

1/(.&%*@&! 1/+7 1/0*E (= 1/+>&+6?+& %& /0A/67 >()%6 0*@0?0@.%6&
$/( )0A/1+(.&67 ('+7 % /0A/+) -.)-(&+"H M+ >%7 '+ %'&(6.1+67
B+)1%0* 1/%1 $/%1+?+) 1/+ 5+$& @( %& % )%B+! *( >%11+) /($ ?06+
%*@ @%&1%)@67 01 >%7 &++> 1( .& $/( &.==+) 01& +==+B1&! &++>& 1(
1/+> I.&1 %*@ )0A/1+(.& c %& 0*@++@ 01 0&! 0= $+ B(*&0@+) 01 ('I+BD
10?+67 0* 1+)>& (= 1/+ '0(6(A0B%6 6%$ 1/%1 >%E+& &.)?0?%6 %*@
0*B)+%&+ 1/+ /0A/+&1 6%$ (= +?+)7 &-+B0+&"

&

2/+ A)+%1 &1)+*A1/ (= 1/+ 5+$& %*@ 1/+ '(*@ (= 1/+0) )%B0%6
B(/+&0(* 0& 1/+0) )+60A0(*! $/0B/! 0* 1/+ $0@+&1 &+*&+! 0& %* .*60>D
01+@ =%01/ 0* 1/+ %'&(6.1+ &.-+)0()017 (= 1/+0) )%B+! =()! %& <%.)0B+
J%>.+6 )+>0*@& .&! 5+$0&/ %1/+0&1&! $/( @+)0@+ % '+60+= 0* &.-+)D
*%1.)%6 '+0*A&! $()&/0- 1/+ #>>()1%6 5+$0&/ Q+(-6+" ]+7(*@ 1/0&!

:! #E30(10F1*#3(0#.25"#7,8#A9"#C/N+(*1M#C]#\=99# ^_L#*'Q!/,G`.25!

('

/0%!1%23+0!+/4,/%56

$+ B%**(1 '+ @+=0*01+! =() @(.'16+&& 1/+)+ %6$%7& /%& '++* 1/+
$0@+&1 A%>.1 (= -+)&(*%6 '+60+=! %*@ 1/+)+ 0& +?+)7 +?0@+*B+ (=
$06@

%*@

A)(1+&F.+67

+>(10(*%6

=%*%10B0&>

%>(*A

1/+

6($+)

B6%&&+&! %& %>(*A 1/+ )%''6+ 1/%1 $%& &10))+@ .- '7 1/+ *.>+)(.&

A-M&)" %*@ &+6=D%--(0*1+@ B/)0&1& 0* 1/+ =0)&1 B+*1.)7 ]"," %*@ 1/+
Z0)&1 ,+*1.)7 (= (.) +)% $01/ -+)+**0%6 (.1')+%E& (= 0*&%*+ ?0(D
6+*B+d %*@ >%*7 5+$0&/ &+B1& /%?+ '0b%))+ *(10(*& 1/%1 >.&1 '+

W! #\?*# E-Q0%&# 0-*#0%#0>>0-*%'#*8/*>'(,%"#&(%/*#*3*-Q4?*-*"#0%M#G,&'

/,%&>(/),)&1Q# (%# '?*#C%('*M#D'0'*&"# 7-('0(%"# 0%M# %,4# D,)'?# E+-(/0"
'?*Q# 0-*# *3(M*%'1Q# M-(3*%# FQ# 0# &)F/,%&/(,)&# M*0'?X4(&?!# \?*# &>*/(*&
G0Q# F*# F(,1,S(/011Q# M*S*%*-0'*# ,-"# 0&# '?*# Y*4&# F*1(*3*"# (%+*-(,-# 0%M
(%%0'*1Q#&')>(M"#*0&(1Q#?*-M*M#FQ#('&#/-*M)1('Q#0%M#/)>(M('Q!#D,G*#,>'(X
G(&'&#F*1(*3*#'?0'#'?*#&>*/(*&#/,)1M#-*/,3*-#('&#4(11X',X1(3*#0%M#F*/,G*
3(0F1*# 0S0(%"# (+# ('# 4*-*# &,G*?,4# ',# *&/0>*# '?*# /,%'-,1# ,+# ('&# Y*4(&?
?*-M&G*%!#
7*+,-*#'?*#>,1('(/01#G)-M*-#,+#H-!#a*-4,*-M"#G0%Q#-0'(,%01#EG*-(X
/0%&# &04# (%# D,)'?# E+-(/0# 0# F-(S?'# ?,>*# +,-# ,)-# (11X&'0--*M# -0/*# 0%M
-*S0-M*M#'?*#E+-(N0%*-&#0&#/,%&>(/),)&1Q#(%'*11(S*%'#0%M#)%/,--)>'*M
G*GF*-&# ,+# ('"# 0''-(F)'(%S#'?*(-#>-)M*%/*#',#'?*# +0/'#'?0'#'?*Q#4*-*
&*>0-0'*M# FQ# ,%1Q# 0# S*%*-0'(,%# +-,G# '?*# >(,%**-&# 4?,# +,)S?'# 0%
?*-,(/#40-#+,-#(%M*>*%M*%/*"#0%M#>*-?0>&#01&,#',#&,G*#>*/)1(0-#(%'*SX
-('Q#(%#'?*#H)'/?#2*+,-G*M#@?)-/?"#4?(/?#0>>*0-*M#',#?03*#-*'0(%*M
&,G*#F*1(*+#(%#'?*#'-0M('(,%01#@?-(&'(0%('Q#,+#'?*#b*&'#0'#0#'(G*#4?*%
/?)-/?*&#*1&*4?*-*#?0M#F**%#F,)S?'#0%M#/,%3*-'*M#(%',#G*-*#(%&'-)X
G*%'&#,+#&)F3*-&(,%!#
D(%/*#'?*#G)-M*-#,+#H-!#a*-4,*-M"#4?(/?#40&#G0M*#',#&**G#+,-')X
(',)&#',#>*-&,%&#4?,#M,#%,'#)%M*-&'0%M#'?*#-)1*#,+# 1.,#2%+%3"#('#?0&
F*/,G*# >0(%+)11Q# 0>>0-*%'# '?0'# '?*# E+-(N0%*-&# 0-*# 0&# S)11(F1*# 0%M
3*%01"#0&#F*+)MM1*M#0%M#&')1'(+(*M"#0&#'?*#G0c,-('Q#,+#7-('(&?#0%M#EG*-X
(/0%&L# '?0'# 4?0'# 4*# G(&'0N*%1Q# 0''-(F)'*M# ',# 0# >*,>1*# 40&# ,%1Q# '?*
S*%()&#,+#,%*#G0%"#4?,&*#0/?(*3*G*%'&#-*G(%M#,%*#,+#5?(1(>,*G*%"
4?,#1*M#'?*#[-**N&#(%#'?*(-#10&'#&'0%M#+,-#(%M*>*%M*%/*#0%M#',#4?,&*
(%+1)*%/*#,3*-#?(&#M*/0M*%'#0%M#M*G,-01(P*M#>*,>1*#70)M*10(-*#>0(M
'-(F)'*#(%#'?*#G*G,-0F1*#1(%*&#,+#?(&#*0-1(*&'#>,*Gd#

-.4#)"#4,/&+)./5#&6#&7)&#
8"#1/"6.+)#9"+,)%8:::

:>

4%&378!9*!873&%4

&0*B+)+67 +*1+)1%0*+@! %&! =() +3%>-6+! '7 1/+ Q(60&/

B).%>%3! $/(

>%1+@ 1/+0) >%6+ %*@ =+>%6+ B/06@)+* %& &((* %& 1/+7 $+)+ -.'+)D
%1+ 1( )%0&+ 1/+ '0)1/)%1+ 1( 1/+ >%30>.> =() 1/+ +3-)+&& -.)-(&+
(= +3/%.&10*A P(@L& &1(BE (= A((@ 5+$0&/ &(.6& %& &((* %& -(&&0D
'6+ %*@ 1/.& =()B0*A /0> 1( ')0*A 1/+ $()6@ 1( %* +*@ &((*+)
1/%* /+ 0*1+*@+@" ].1 &.B/ ?%A%)0+& %>(*A 1/+ +3B01%'6+ %*@ 0))%D
10(*%6 6($+) B6%&&+& /%?+ )+%667 60116+ &0A*0=0B%*B+ =() 1/+ )%B0%6
=%01/" X* 1/+ (1/+) /%*@! $/+* (*+ 1.)*& 1( 1/+ 601+)%1+ 5+$&!
(*+ B%**(1 B(*=0@+*167 @0&10*A.0&/ '+1$++* $/%1 1/+7 '+60+?+
%*@ $/%1 1/+7 @++> +3-+@0+*1 1( -)(=+&&" Z0A/10*A '+1$++* ?%)0D
(.& 5+$0&/ &+B1& /%& (=1+* '++* ?0(6+*1! '6((@7! %*@ ?0B0(.&67
0*/.>%*! '.1 &++>& *(1 1( /%?+ '++* &( >.B/ (?+) @(B1)0*%6 @0=D
=+)+*B+& %& (?+) 1/+ %>'010(*& (= 6+%@+)& $/( $+)+ ).1/6+&&67 &6.AD
A0*A 01 (.1 =() -($+) %*@ $+%61/ %*@ .&+@ % )+60A0(.& -+B.60%)017
1( )+B).01 %*@ +3B01+ 1/+0) -)0?%1+ %)>0+&" C*@ %1 1/+ 60>01! $+
/%?+ *( %&&.)%*B+ 1/%1 1/+ -&7B/(6(A0B%6 -)(B+&& 1/%1 $+ B%66
g'+60+=!L %*@ @0&10*A.0&/ =)(> /7-(B)0&7 %*@ >+*@%B017! (BB.)& 0*
1/+ 5+$0&/ >0*@! $/0B/ >%7 *(1 @0&10*A.0&/ '+1$++* 1).1/ %*@
=%6&017 0* 1+)>& (= &(>+ ('I+B10?+ )+%6017! %& C)7%*& @( +?+* $/+*
1/+ )+%6017 0& >+)+67 % -)(@.B1 (= 1/+0) 0>%A0*%10(*&d &( =%) %& $+
B%* 1+66! 0*@++@! 1/+ )%B0%6 >+*1%6017 (= 1/0& %60+* &-+B0+& >%7! '7 %
-&7B/(6(A0B%6 -)(B+&& '+7(*@ (.) .*@+)&1%*@0*A! 1/0*E (*67 0*
1+)>& (= $/%1 0& A((@ =() 1/+ 5+$0&/ Q+(-6+! 1/+ S0?0*+ W%B+! %*@
>%7 (*67 &0>.6%1+! 0* @0&B(.)&+ $01/ (.) &-+B0+&! (.) @0&10*B10(*
'+1$++* $/%1 0& ('I+B10?+67 1).+ %*@ $/%1 0& *(1! >.B/ %& $+
1)%0* %*0>%6& '7 1+%B/0*A 1/+> 6+&&(*& 0* 1+)>& (= 1/+0) >+*1%6
B(*=()>%10(*"'
X.) >0*@& '(AA6+ $/+* $+ 1)7 1( .*@+)&1%*@ &.B/ &1%1+D

.%1n 0* 1/+
m.%1n 0* 1/+

>+*1& %& W%''0 J(6(>(* P(6@>%*L& GP(@ 0& %'&()'+@ m

*%10(*%60&> (= #&)%+6""" N+ mP(@n B)+%1+& 1/+ $()6@

N+')+$ 6%*A.%A+!H S)" 5(&+-/ R%&1+0*L& G#1 $%& *(1 P(@ $/(
$066+@ 1/+&+ -+(-6+ m1/+ 5+$&n""" #1 $%& 1/0& -+(-6+ m1/+ 5+$&n $/(

:=

/0%!1%23+0!+/4,/%56

$066+@ 1/0& P(@!H () %*7 (*+ (= % /.*@)+@ B(>-%)%'6+ &1%1+D

>+*1&! $/0B/ &++> 1( .& 1( '+ 1/+ )%?0*A& (= >%@*+&&! '.1 %)+
(*67 17-0B%6 (= 1/+ 5+$0&/ >0*@! $/0B/! $+ >.&1 )+>+>'+)! /%&
)+A.6%)67! 1/)(.A/(.1 /0&1()7! (.1$011+@ (.) )%B+" M+! (= B(.)&+!
(=1+* )+>%)E 1/%1 >+* B)+%1+ P(@ 0* 1/+0) ($* 0>%A+! 1/.& &1%1D
0*A % -&7B/(6(A0B%6 %*@ %*1/)(-(6(A0B%6 1).1/! %*@ $/%1 $+ >+%*
'7 1/%1 &1%1+>+*1 0& 1/%1 A(@& @( *(1 +30&1! '.1 %)+ >+)+ =0A>+*1&
(=

1/+

0>%A0*%10(*!

%*@

0=

>%*

(=

(.)

)%B+!

/%?0*A

1/.&

%==0)>+@ /0& %1/+0&>! $+)+ 1/+* 1( -)(=+&& '+60+= 0* 1/+ @0?0*017

%*@ )+%6017 (= % A(@ () A(@&! $+ &/(.6@ )0A/167 %@I.@A+ /0>
0*&%*+d '.1 01 0& ('?0(.& 1/%1 1/+ 5+$0&/ >0*@ &++& *( 066(A0B 0*
$()&/0--0*A % A(@ 01 /%& E*($0*A67 B)+%1+@ c 0* $()&/0--0*A 01&
($* 0>%A+ 0* % >0))()" 2/%1

%. 0*&%*017 c $+ B%**(1 /(*+&167 B%66

01 %*71/0*A +6&+ 0* (.) 1+)>0*(6(A7 c '.1 01 0& 1/+ 0*&%*017 (= %

&-+B0+& 1/%1 /%& &.BB+&&=.667 -)+7+@ (* %66 (1/+)& =() >066+**0%
%*@ 0& *($ %B/0+?0*A ($*+)&/0- (= 1/+ +*10)+ +%)1/"

<! #6-#&)>*-&'('(,)&#?)G0%#F*(%S&L#$3,-#7*%&,%#S03*#0%#*80G>1*#4?*%
?*# 4-,'*d# e$%# =,-'?# E+-(/0# M)-(%S# '?*# 10&'# b,-1M# b0-"# ,%*# ,+# ,)'0&N&# 40&# ',# '*0/?# -04# =*S-,*&# +-,G# '?*# c)%S1*# ',# M-(3*# '?-**X',%
'-)/N&!#5-,F1*G#=,!# #40&#?,4#',#*8>10(%#'?*#S*0-&!#@,GG,%#&*%&*
>-,M)/*M# '?*#0%&4*-!#T%S0S(%S#'?*#+(-&'#S*0-"#'?*#-*/-)('&#4*-*#',1M"
?0-%*&&*M#f'?*#&>(-('#,+#'?*#*1*>?0%'g#h#&1,4#F)'#3*-Q#&'-,%S"#c)&'#'?*
&,-'#,+#>,4*-#%**M*M#',#>)11#0#'-)/N#)>#0#&'**>#?(11#,-#,)'#,+#G)M!#\?*
&*/,%M#S*0-#G*0%'#f'?*#&>(-('#,+#'?*#?,-&*g#h#0#>,4*-#+0&'*-#F)'#%,'#0&
&'-,%S#0&#'?0'#,+#'?*#*1*>?0%'!#E%M#G,3(%S#(%',#',>#S*0-"#('#40&#f'?*
&>(-('# ,+# '?*# 0%'*1,>*g# 4?(/?# 40&# ?0-%*&&*M# h# 3*-Q# +0&'"# F)'# %,'# ,+
G)/?#)&*#(%#?*03Q#S,(%S!
e=,4"#(%&,+0-#0&#'?(&#GQ'?,1,SQ#4,-N*M#4('?#'?*&*#710/N&#('#/0%#F*
&0(M#',#?03*#F**%#'-)*"#,-#0'#0%Q#-0'*#',#?03*#0%#*1*G*%'#,+#'?*#'-)'?
4?(/?# /,)1M# %,'# F*#/,%3*Q*M#',#'?*&*#>-(G('(3*#G(%M&#(%#0%Q#,'?*40Q!
eD,#+0-#0&#-*1(S(,)&#GQ'?&#0-*#/,%/*-%*M"#4*#0-*"#,+#/,)-&*"#011#(%#'?*
/,%M('(,%#,+#'?,&*#E+-(/0%#&030S*&!i

:$

4%&378!9*!873&%4

#= $+ %)+ 1( '+ '(1/ =%0) %*@ ('I+B10?+! $+ >.&1 '+%) 0* >0*@

1/+ @0==+)+*B+ c -+)/%-& %* +*()>(.& @0==+)+*B+ c '+1$++* 1/+
5+$0&/ >+*1%6017 %*@ (.) ($*"

M/+* $+ B(*&0@+) 1/+ 5+$&L )+60D

A0(* %*@ @+&B)0'+ 01 0* (.) 1+)>&! $+ %11)0'.1+ 1( 1/+>! +3-60B0167

() '7 0>-60B%10(*! &.B/ /7-(B)0&7 %& $+ &++ 0* (.) B6+)A7>+*
1(@%7! %*@ $+ %)+ 1+>-1+@ 1( B(*?0B1 1/+> (= % B(*&B0(.& @0&&0>D
.6%10(* 1/%1 0& (@0(.& 1( .&! '.1 $+ >.&1 )+>+>'+) 1/%1 $/%1
&++>& )+-.A*%*1 1( .& &++>& A((@ %*@ )0A/1+(.& 1( 1/+0) -+B.60%)
>+*1%6017"

K! #\?*-*#/0%#F*#%,#M,)F'"#$#'?(%N"#F)'#'?0'#Y*4&#>*-/*(3*#'?*#>?Q&(/01
4,-1M#0F,)'#)&#j)('*#M(++*-*%'1Q#+-,G#,)-#>*-/*>'(,%#,+#('!#D(%/*#Y*4&
/,GG)%(/0'*# 4('?#,)-#-0/*#(%#$%M,XT)-,>*0%# 10%S)0S*&#0%M#(%#'?*
b*&'# *3*%# )&*# '?,&*# 10%S)0S*&# ',# /,GG)%(/0'*# 4('?# *0/?# ,'?*R01'?,)S?#>-,F0F1Q#0''0/?(%S#M(++*-*%'#G*0%(%S&#',#G0%Q#N*Q#4,-M&U
,-#M(&',-'#$%M,XT)-,>*0%#10%S)0S*&#(%',#&>*/(01#M(01*/'&#,+#'?*(-#,4%"
&)/?#0&#'?*(-#30-(*'Q#,+#'?*#[-**N# ;%,+"#(%#E%'(j)('Q#0%M#I0M(%,#0%M
_(MM(&?#(%#G,-*#-*/*%'#'(G*&"#'?*#30&'#>&Q/?,1,S(/01#M(++*-*%/*#G0Q#F*
G,&'#/1*0-1Q#&**%#4?*%#,%*#*80G(%*&#.*F-*4"#0#M(01*/'#'?*Q#+,-G*M
+-,G# b*&'*-%# D*G('(/# R5?,*%(/(0%U# 0%M# (G>-*&&*M# 4('?# '?*(-# ,4%
G*%'01('Q"#&(%/*#('#?0&#G0%Q#>*/)1(0-('(*&#%,'#+,)%M#(%#,'?*-#D*G('(/
10%S)0S*&!# \?*&*# 0-*#&*'#+,-'?#FQ#H-!#\?,-1*(+#7,G0%#(%#?(&# $"2/"*
!%.9!)#-%4<&/"6#*,)!#=/"";#R5?(10M*1>?(0"#b*&'G(%&'*-#5-*&&"# <AKU"
0#4,-N#'?0'#M*&*-3*&#'?*#G,&'#/0-*+)1#&')MQ#FQ#E-Q0%&!#H-!#7,G0%#(&#0
@?-(&'(0%# 0%M# '?)&#,F1(S0'*M#?(G&*1+#',#+(%M#0#eG,-01i#301)*#(%#'?*
-0M(/011Q# M(++*-*%'# Y*4(&?# G*%'01('Q"# 0%M# 0# /,G>0-0F1*# &')MQ# FQ# 0%
)%>-*c)M(/*M#>?(1,1,S(&'#(&#S-*0'1Q#',#F*#M*&(-*M!#$'#(&#*%'(-*1Q#>,&&(F1*
'?0'#'?*#&/?(P,>?-*%(/#M0)F&#'?0'#0-*#>*MM1*M#',#'?*#F,,F&#0&#eG,MX
*-%# 0-'i# 0/')011Q# /,--*&>,%M# ',# '?*# Y*4(&?# >*-/*>'(,%# ,+# -*01('Q# 0%M
(%&'(%/'(3*#?0'-*M#,+#4?0'#&**G&#F*0)'(+)1#0%M#%,F1*#',#)&"#0%M#&?,)1M
%,'#'?*-*+,-*#F*#-*S0-M*M#0&#G*-*1Q#0#G*0%&#,+#/,--)>'(%S#,)-#/)1')-*
0%M#M(&>10Q(%S#/,%'*G>'#+,-#)&!

:(

/0%!1%23+0!+/4,/%56

::

4%&378!9*!873&%4

>--(!./0!;04-5/!601-#-27
M/06+ 01 0& &B%)B+67 -(&&0'6+ 1/%1 5+$& @( *(1 E*($ 1/+7 %)+
-)%B10B0*A @+B+01 %*@ =)%.@ $/+* 1/+7 B(b+*

A-*%3! 01 0& 60E+67 1/%1

1/+7 =++6 >.B/ %& @( >+>'+)& (= (.) )%B+ $/+* 1/+7 &/((1 @++)
() @.BE& =)(> '60*@&! '.1 $+ B%* (*67 >%E+ -)+B%)0(.& A.+&&+&
%'(.1 1/+0) ($* =++60*A& %'(.1 1/+0) )+60A0(*" M/%1 0& B6+%) 0& 01&
.&+=.6*+&& 1( 1/+> 0* 1/+0) %11%BE& (* (1/+) )%B+&"
^8_ 2/+ )+60A0(* 0& 1/+ -+)=+B1 B(?+) =() 1/+ 5+$&L )%B0%6 %))(D
A%*B+" #= 1/+7 B6%0>+@ (* %*7 (1/+) A)(.*@& 1( '+ 1/+ <%&1+)
W%B+ %*@ -)(B6%0>+@ 1/%1 1/+ >+>'+)& (= (1/+) )%B+& $+)+ &(
0*=+)0() 1/%1 1/+7 $+)+ 60116+! 0= %1 %66! '+11+) 1/%* &$0*+! 1/+ 5+$&
$(.6@ %)(.&+ )+&+*1>+*1 =)(> -+)&(*& $/( $+)+ .*$0660*A 1(
%BB+-1 1/%1 &1%1.&" ].1 -+(-6+& 1/%1 /%?+ +>+)A+@ =)(> '%)'%)D
0&>! +?+* 0= &1066 @++-67 0>'.+@ $01/ &.-+)&1010(*& 1/+>&+6?+&!
/%?+ 6+%)*+@ 1( '+ 1(6+)%*1 (= >%*7 &1)%*A+ &.-+)&1010(*& %*@
&1)%*A+ A(@& %*@ E*($ 1/%1 1/+)+ 0& ?0)1.%667 *( 60>01 1( $/%1
?(1%)0+& B%* '+60+?+" 2/+ 5+$& =.)1/+) @0&%)> )+&+*1>+*1 '7 -)(D
=+&&0*A 1( &/%)+ 1/+0) &1%1.& %& % <%&1+) W%B+ $01/ %*7 gB(*?+)1L
%*@ -)(=+&& 1( '+ +%A+) -)(&+6710b+)&! '.1 /%?+ 1%E+* 1/+ -)+B%.D
10(* 1( 0>-(&+ (* -)(&+671+& &+3.%6 >.106%10(*& 1/%1 %6(*+ &.==0B+
1( +3B6.@+ ?0)06+ >+* %*@ A)(1+&F.+67 '%)'%)(.& 1%'((& 1/%1 %)+
B+)1%0* 1( )+-+6 +?+)7

A-*

+3B+-1 % =+$ =+>%6+& $/( %)+ &( 60A/1D

/+%@+@ 1/%1 1/+7 $066 >%E+ .&+=.6 -.--+1&" 2/+0) =%01/ 0* 1/+0)

%55)&" &.-+)0()017 0& 1/.& &/)+$@67 @0&A.0&+@"

^V_ 2/+ )+60A0(* 0& % -+)=+B1 B(?+) =() B(*&-0)%B7" M/+* 1/+
5+$& 0*?%@+ % B(.*1)7! 1/+7 *()>%667 >%E+ 1/+>&+6?+& 0*B(*&-0BD
.(.& '7 0*=061)%10*A! % =+$ %1 % 10>+! %*@ -6%*10*A % =+$ (= 1/+0)
*.>'+) 0* +?+)7 B017! 1($*! () +?+* ?066%A+ $/+)+ 1/+)+ 0& >(*+7
1( '+ >%@+ '7 +3-6(010*A 1/+ &1.-0@

*%10?+&" #= 1/+ &B%11+)+@

A)(.-& (= 0*?%@+)& >%0*1%0*+@ % B6(&+ 60%0&(* $01/ (1/+) >+>D

:;

/0%!1%23+0!+/4,/%56

'+)& (= 1/+0) )%B+ '(1/ $01/0* %*@ $01/(.1 1/+ *%10(* 1/+7 %)+
%11%BE0*A %*@ B6%0>+@ 1( @( &( (* 1/+ '%&0& (= %*7 B(>>(* 0*1+)D
+&1 +3B+-1 )+60A0(*! 1/+7 $(.6@ &((* '+ 0@+*10=0+@ %& %* %60+* %*@
+*+>7 B(*&-0)%B7! '.1 '7 B6%0>0*A 1/%1 1/+7 /%?+ % B(>>(*
0*1+)+&1 0* 1/+ $()&/0- (= &(>+ A(@! 1/+7 -+)&.%@+ 1/+ B010b+*& 1(
1/0*E (= 1/+> %& >+)+67 1/+ ?(1%)0+& (= &(>+ %'&.)@! '.1 /%)>D
6+&&67 =((60&/! B.61! %*@ 1( (?+)6((E 1/+ )+%6 &(60@%)017 (= 1/+ 0*?%@D
+)&"
^U_ 2/+ )+60A0(* 0& 1/+ -+)=+B1 >+%*& c %*@ 1/0& 0& >(&1
0>-()1%*1 c 1/+ -+)=+B1 >+%*& (= >%E0*A B+)1%0* 1/%1 5+$& $066

&!"#I"7.4#.911"..#>"/"5>.#-5
&!"%+#1955%5A#%5#!);%5A#&!"3."';".#N/"+."19&">JO
'+ -+)&+B.1+@" #1 >.&1 '+ )+%60b+@ 1/%1

]7 -+)-+1.%667 $/0*0*A 1/%1 1/+7 %)+ % -(()! /+6-6+&&! -+)&+D

B.1+@ >0*()017! 1/+7 +==+B10?+67 @0&A.0&+ 1/+0) )+%6 -($+) %*@ 1/+0)
&.BB+&& 0* $)%--0*A 1/+0) 1+*1%B6+& %'(.1 1/+0) ?0B10>&! %*@ '7
+3B010*A 1/+ -017 (= &(=1D/+%)1+@ %*@ &(=1D/+%@+@
.&+ 1/(&+

A-*%3 %& $+%-(*& %A%0*&1 1/+ (1/+)&"

A-*%3! 1/+7 B%*

]7 +&1%'60&/0*A % )+-.1%10(* =() '+0*A -+)&+B.1+@ =() 1/+0)

)+60A0(* '7 %$=.667 $0BE+@ -%A%*&! 1/+7 B%* >%E+ 01 &++> 1/%1
1/+7! -(() 0**(B+*1&! %)+ &.==+)0*A =() 1/+0) -0+17 $/+*+?+) 1/+0)
@+-)+@%10(*& %*@ >%6+?(6+*B+ /%?+ &( +3%&-+)%1+@ 1/+0) ?0B10>&
1/%1 1/+ 6%11+) 1)7 '7 6+A0&6%10(* () ?0(6+*B+ 1( =)++ 1/+>&+6?+&
=)(> 1/+ %60+*& $/( %)+ +3-6(010*A %*@ (--)+&&0*A 1/+>"
^Y_ 2/+ )+60A0(* 0& -+)=+B1 B%>(.= 6%A+! $/+1/+) () *(1 01 $%&
B(*&B0(.&67 @+&0A*+@ =() 1/%1 =.*B10(*" Z0)&1 (= %66! 01 +*I(0*& (*
1/+ )%B+ -)%B10B+& &( '%)'%)(.& %*@ 1%'((& &( %'&.)@ %*@ 0*B(*D
?+*0+*1 1/%1 >+>'+)& (= (1/+) )%B+& B%* *(1 '+60+?+ 1/%1 %*7
)%10(*%6 '+0*A& $(.6@ ?(6.*1%)067 &.'>01 1/+>&+6?+& 1( $/%1 1/+
5+$& B%66 1/+0) Go%$H %*@ 1/+)+=()+ %&&.>+ 1/%1 1/+ 5+$& @( &(
(*67 =)(> % &6%?0&/ =+%) (= 1/+0) B%-)0B0(.& %*@ =+)(B0(.& @+017t
1/%1 B(*?0*B+& 1/+

A-*%3 1/%1 1/+ 5+$& *+?+) @%)+ 1( @0&('+7 1/+

:#

4%&378!9*!873&%4

&.--(&+@ $066 (= 1/+0) A(@" 2/+ 5+$& /%?+ +F.0--+@ 1/+>&+6?+&

$01/ /(67 '((E& B(*1%0*0*A &-+B0=0B )+A.6%10(*&! &.B/ %& 1/+ &(D
B%66+@

2+*

,(>>%*@>+*1&! $/0B/

$+)+! (= B(.)&+! @+&0A*+@

(*67 1( -)(>(1+ &(60@%)017 $01/0* 1/+ )%B+ %*@ 1( %--67 (*67 1(

>+>'+)& (= 01! '.1 $/0B/ B%* '+ )+-)+&+*1+@ 1( 1/+ &1.-0@ GP+*D
106+&H %& A(?+)*0*A 1/+ 5+$&L B(*@.B1 1($%)@ 1/+>" 2/.& /%?+ 1/+
5+$& +*?+6(-+@ 1/+>&+6?+& 0* % )+-.1%10(* =() &( =+%)0*A 1/+0)
@+017 1/%1 1/+7 ('+7 /0& $)011+* 0*&1).B10(*& -.*B1060(.&67! +?+* 0*
1/+0) )+6%10(*& $01/ (1/+) )%B+&" J( 1/()(.A/67 /%?+ 1/+ 5+$&
0>-6%*1+@ 1/0& *(10(* 0* (.) -+(-6+ 1/%1 >%*7 C)7%*&! +?+* 0=
1/+7 /%?+ *( )+60A0(.& -)+B(*B+-10(*&! %6>(&1 %.1(>%10B%667 +3(*D
+)%1+

5+$&

=)(>

B/%)A+& 1/%1

%)+

&.--()1+@

'7

+?0@+*B+

1/%1

$(.6@ &.==0B+ 1( B(*?0B1 >+>'+)& (= %*7 (1/+) )%B+" 2/+ 1+&10D

>(*7 (= +7+D$01*+&&+& $/( +*1+)+@ 1/+ 0**+) &%*B1.> (= 1/+ 1+>D
-6+ 0* 5+).&%6+> 0& )+I+B1+@ (.1 (= /%*@t 1/+ -0(.& 5+$& $(.6@*L1
/%?+ /%@ &.B/ % &/)0*+" J1)(*A B0)B.>&1%*10%6 +?0@+*B+ (= )01.%6
>.)@+)& 0& &0>-67 @0&)+A%)@+@t 1/+ P(@D=+%)0*A 5+$& $(.6@*L1
0*@.6A+ 0* /.>%* &%B)0=0B+" a?+)7 *%10(* (* $/0B/ 1/+ 5+$& /%?+
=%&1+*+@ 1/+>&+6?+& &0*B+ 1/+7 =0)&1 %--+%) 0* /0&1()7 /%& '++*
@+&1)(7+@ '7 0*1+)*%6 &.'?+)&0(* %*@ B()).-10(*! '.1 *( (*+
0*F.0)+& 1( $/%1 +31+*1 1/+ %60+* '(@7 6(@A+@ $01/0* 1/+ *%10(*
$%& )+&-(*&0'6+ =() 01& @0&0*1+A)%10(* %*@ =0*%6 @((>t 1/+ /0A/D
>0*@+@ 5+$& $(.6@ *(1 /%)> 1/+0) /(&1&" C*@ &( 01 A(+&" X.)
-+(-6+ /%?+ '++* B(*@010(*+@ %.1(>%10B%667 1( %BB()@ 1( 1/+ 5+$&
%* +3+>-10(* =)(> 1/+ ).6+& (= +?0@+*B+ 1/%1 $+ ('&+)?+ %>(*A
(.)&+6?+&" J( =%) %& # E*($! *( C)7%* B/%)A+@ $01/ 1/+=1 () >.)D
@+) /%& +?+* 1/(.A/1 (= -)(?0*A /0& 0**(B+*B+ '7 %&&+)10*A /+ 0& %
,/)0&10%* %*@ -)(@.B0*A /0& ]0'6+ %& -)((= 1/%1 ,/)0&10%*& B%*D
*(1 &1+%6 () >.)@+)" T( (*+ /%& +?+) B6%0>+@ 1/%1 1/+ 2/0)17
e+%)&L M%) >.&1 '+ %* 0*?+*10(* '7 -%A%* /0&1()0%*& 1( &6%*@+)
,/)0&10%*&! &0*B+ 01 0& .*1/0*E%'6+ 1/%1 1$( &+B1& (= A+*16+! 6(?0*A!

:"

/0%!1%23+0!+/4,/%56

6%>'D60E+ ,/)0&10%*& $(.6@ /%?+ &( '%)'%)(.&67 &6%.A/1+)+@ (*+

%*(1/+)"
^\_ 2/+ )+60A0(* -)(?0@+& % >+%*& (= -+*+1)%10*A +?+* 1/+
0*>(&1 B0)B6+& (= *%10(*& %*@ &(B0+10+& (= B)[email protected](.&

A-*%3" C 5+$

/%& (*67 1( B6%0> 1/%1 /+ )+I+B1& 1/+ )+60A0(* %*@ 1( /%?+ /0>&+6=
&-)0*E6+@ $01/ /(67 $%1+) 1( >%E+ ,/)0&10%*& =%*B7 1/%1 /+ /%&
'++* >0)%B.6(.&67 1)%*&=()>+@ %*@ 0& *( 6(*A+) % 5+$d *(*D
,/)0&10%*& %)+ %& A.660'6+! =() 0= % 5+$ @(+& *(1 ('&+)?+ &(>+ (=
1/+ 1%'((& %*@ 0& &++* 1( +%1 -()E! %*@ 0= /+ %==+B1& %@/+)+*B+ 1(
1/+0) B.61.)+! 1/+7 %BB+-1 /0> %& (*+ (= 1/+>&+6?+&" 2/+ 5+$0&/
)+60A0(* B(.6@ /%?+ '++* @+&0A*+@ 1( =%B0601%1+ 1/+ -6%*10*A (=
<%))%*(& 0* 1/+ /+%)1 (= 0*?%@+@ *%10(*&"
^`_ 2/+0) )+-.1%10(* %& '+0*A (* 0*10>%1+ 1+)>& $01/ &.-+)D
*%1.)%6 '+0*A& A0?+& 1/+ 5+$& % A)+%1 %@?%*1%A+ 0* -+@@60*A &()D
B+)7 %*@ &0>06%) /(E.> 0* &(B0+10+& >%)E+@ '7 % /0A/ 6+?+6 (=
0A*()%*B+" #* 1/+ <0@@6+ CA+&! =() +3%>-6+! %*@ +?+* @.)0*A 1/+
W+*%0&&%*B+ %*@ W+=()>%10(*! 1/+ -)%B10B+ (= >%A0B 1( '06E 1/+
B)[email protected](.& %*@ 1( 0>-(&+ +?+* (* 1/+ ).6+)& (= &1%1+& %*@ 6+%)*
1/+0) &+B)+1& $%& %6>(&1 %& .&+=.6 1( 1/+ 5+$& %& .&.)7 %*@ B(>D
>+)B0%6 =)%.@ 0* &.'?+)10*A a.)(-+%* &(B0+17" C F.0BE A6%*B+ %1
%*7 A)0>(0)+ (= 1/+ 10>+ () %1 1/+ &.>>%)7 0* C)1/.) a" M%01+L&

P--E# -=# ("+"3-5%)'# C)A%1

^o(*@(*! 898Vd T+$ e()E! 89`8_ $066

&.==0B+ 1( &/($ 1/%1 '(1/ 1+)>0*(6(A7 %*@ -)%B10B+& B(>+ =)(>

5+$0&/ &(.)B+&! +&-+B0%667 1/+ R%''%6%/! %@%-1+@ 1( 0>-(&+ (*
1/+

A-*%3"
^4_

2/+0)

+3-+)10&+

0*

&.-+)&1010(*

/%&

%6$%7&

A0?+*

1/+

GP(@D-+(-6+!H %& 1/+ 5+$& 60E+ 1( B%66 1/+>&+6?+&! 1/+ %'06017 1(

0*= 6.+*B+ %*@ @0?+)1 *%10?+ )+60A0(*& =() 1/+0) ($* '+*+=01" J0*B+
&.B/ $()E 0& @(*+ B(?+)167 1/)(.A/ <%))%*(& %*@ @.-+&! $+ B%*
(*67 &.&-+B1 5+$0&/ 0*= 6.+*B+ 0* >%*7 )+60A0(.& B0?06 $%)& $01/(.1
'+0*A %'6+ 1( -)(?+ 01" #1 0&! =() +3%>-6+! /0&1()0B%667 B+)1%0* 1/%1

:<

4%&378!9*!873&%4

$/+* ,7).& 1/+ P)+%1 .*@+)1((E 1/+ B(*F.+&1 (= 1/+ ]%'76(*0%*

a>-0)+! 1/+ 5+$& 0* 1/%1 *%10(* (-+)%1+@! %& 1/+7 %6$%7& @(! %&
%A+*1& (= &.'?+)&0(* 1( $+%E+* %*@ '+1)%7 1/+0) /(&1&! %*@ 1/%1
%=1+) ,7).& B%-1.)+@
=0A/10*A! /+ )+-%0@

]%'76(*

$01/(.1 % -)(6(*A+@

&0+A+ %*@

1/+ 5+$& =() 1/+0) A((@ $()E! $/0B/ /%@

&-%)+@ 1/+ 60?+& (= >%*7 (= /0& &(6@0+)&! %*@ ^%& >%*7 %*(1/+)
B(*F.+)() $%& 1( @( 6%1+)_ )+$%)@+@ 1/+> =() 1/+0) '+1)%7%6 (= /0&
+*+>0+& $01/ &-+B0%6 -)0?06+A+&" 2/+ 5+$&! %BB()@0*A 1( 1/+0) 1)%@0D
10(*&! = 6%11+)+@ 1/+ 1)0.>-/%*1

A-* '7 B%660*A /0> 1/+0) B/)0&1! %*@

-)('%'67 ).''+@ 1/+0) /%*@& 1(A+1/+) 0* A6++ %& 1/+7 -)+-%)+@ 1(

.&+ 1/(&+ -)0?06+A+& 1( +3-6(01 1/+ *%10?+& (= ?%)0(.& )+A0(*& 0* 1/+
+3-%*@0*A Q+)&0%* a>-0)+! 0*B6.@0*A +?+*1.%667 1/+ *%10?+ aA7-D
10%*&! %& $+ /%?+ 6+%)*+@ =)(> 1/+ 5+$0&/ -%-7)0 =(.*@ %1 a6+D
-/%*10*+"

M+

>%7

)+%&(*%'67

0*=+)

1/%1

1/+

5+$&

&1+%61/067

(-+*+@ 1/+ A%1+& (= ]%'76(* 1( 1/+ Q+)&0%*&! &( 1/%1 ,7).& B(.6@
1%E+ 1/+ &1)(*A67 $%66+@ B017 $01/(.1 =0A/10*A! '.1 $+ B%* (*67
B(*I+B1.)+ $/%1 B(*1)0'.10(*& 1/+7 >%@+ 1( 1/+ %A01%10(* %*@
@+>()%60b%10(* (= 1/+ ]%'76(*0%*& 1/%1 $+%E+*+@ 1/+ a>-0)+
'+=()+ 1/+ Q+)&0%*& 0*?%@+@ 01" 2/+ 1%6+ (= 1/+ =%66 (= ]%'76(* 0*
1/+ 5+$&L &1()7D'((E 0&! (= B(.)&+! %* 0>-)+&&0?+ =0B10(*! -)('%'67
B(>-(&+@ %6>(&1 =(.) /.*@)+@ 7+%)& %=1+) 1/+ +?+*1 '7 %* %.1/()
$/( @0@ *(1 +?+* E*($ 1/+ *%>+ (= 1/+ 6%&1 E0*A (= ]%'76(*!
$/( $%& T%'(*0@.& ^u T%'.D*%L0@_! %*@ +?0@+*167 % A)+%1 '+*+D
=%B1() (= 1/+ 5+$&!

$/( *%1.)%667 E*0=+@ 1/+ &.BE+) 0* 1/+ '%BE

$/+* 1/+7 /%@ % B/%*B+ 1( @( &(" 2/+)+ >%7 '+ &(>+ 1).1/! /($D
+?+)! 0* 1/+ 5+$&L 1)%@010(* 1/%1 1/+0) /%1)+@ (= 1/+ ]%'76(*0%*&
$%& A0?+* % )+60A0(.& B(6()0*A! %*@ 1/+ )%*10*A %11)0'.1+@ 1( #&%D
0%/ %& $+66 %& -%)1& (= 1/+ 1%6+ B%66+@ GS%*0+6H >%7 -)+&+)?+ %
>+>()7 (= )+60A0(.& %A01%10(* B%))0+@ (.1 '7 1/+ 5+$& 0* ]%'76(*"
T($

(*+

%>(.*1+@

>%I()
1(

B%.&+

(=

)+60A0(.&

T%'(*0@.&L&

B0?06

$%)

0*

@0==0B.610+&

/0&

@(>%0*&!

$%&

$/%1

(&1+*&0'67

'+1$++* ?(1%)0+& (= J0* %*@ 1/+ ?(1%)0+& (= <%)@.E! B%))0+@ (.1

:'

/0%!1%23+0!+/4,/%56

$01/ % =+)(B0(.& =%*%10B0&> 1/%1 &++>& &1)%*A+ %>(*A -+(-6+&

6(*A %BB.&1(>+@ 1( -(671/+0&>! +?+* 1/(.A/ &(>+ (= 1/+> %)+
J+>010B '7 )%B+" C*@ 1/+)+ 0& +?0@+*B+ 1/%1 &(>+ ^$+ E*($ *(1
$/+1/+) =+$ () >%*7_ (= 1/+ ?(1%)0+& (= <%)@.E $+)+ -+@@60*A %
E0*@ (= >(*(1/+0&>! B6%0>0*A 1/%1 /+ $%& 1/+ (*67 ^A((@r_ A(@
%*@ 1/%1 (1/+) A(@& $+)+ >+)+67 %&-+B1& (= /0>" 2/+ 5+$&! (=
B(.)&+! *+?+) /+&01%1+ 1( -)(>(1+ $/%1+?+) A(@ 0& .&+=.6 1( 1/+>
^+"A"! J+'%b0.& 0* W(>+ %*@ X&0)0& 0* aA7-1 @.)0*A 1/+ &+B(*@
B+*1.)7 ]","_ 0* >%*0-.6%10*A

A-*%3!

%*@ $+ >%7 &.&-+B1 1/%1

1/+7 $+)+ >+@@60*A $01/ 1/+ ]%'76(*0%* )+60A0(* %& $+66 %& B(*D
1)0'.10*A 0* %66 -)('%'06017 1( 1/+ +B(*(>0B @+-)+&&0(* %*@ 0*= 6%D
10(* 0* T%'(*0@.&L& )+%6> c '.1! &( =%) %& # E*($! $+ /%?+ *(
-)((=" 2/+ &%>+ 0& 1).+ (= >%*7 6%1+) +?+*1& 0* /0&1()7"
C61/(.A/ % =+$ ('&B.)010+& )+>%0*! 1/+ ()0A0* %*@ +?(6.10(*
(= ,/)0&10%*017 0& *($ $+66 E*($*! '.1 1/+ &.'I+B1 0& =%) 1(( B(>D
-6+3 =() =.66 +3-(&010(* /+)+" M+ >%7 *(1+! /($+?+)! (*+ &1%A+ 0*
1/%1 +?(6.10(*! 1/+ Q)(1+&1%*1 W+=()>%10(*! $/0B/ $%&! 0= B(*&0@D
+)+@ /0&1()0B%667! % 1+))0'6+ B%6%>017 1/%1 @)+*B/+@ 1/+ &1)++1& %*@
=0+6@& (= a.)(-+ $01/ >.B/ (= 1/+ '+&1 '6((@ (= (.) )%B+! 0>-(?D
+)0&/0*A 01 A+*+10B%667! $/06+ 1/+ 5+$& $%1B/+@ A6++=.667 %*@ -)(=D
01+@ +*()>(.&67 =)(> '(1/ &0@+& %*@! $01/ 1/+ =)%A>+*1%10(* (=
Q)(1+&1%*10&>!

)''

&0@+&" T($ >%*7 B%.&+& B(*1)0'.1+@ 1( 1/%1

! #$'#(&#3(-')011Q#/*-'0(%#'?0'#=0F,%(M)&#S03*#'?*#Y*4&#>,&&*&&(,%#,+#'?*
&'-0'*S(/#,0&*&#'?0'#/,%'-,11*M#'-0M*#-,)'*&#',#&,)'?*-%#E-0F(0#RE-0F(0
O*1(8U"#4?(/?#4*-*#&'(11#(%#Y*4(&?#?0%M&#(%#'?*#'(G*#,+#k0?,G*'#0%M
1,%S#'?*-*0+'*-L#&**"#*!S!"#@?0>'*-#a#,+#5-,+*&&,-#.!#b!#O!#D0SS&g# !"
=/"&)+"88# !&)# >&8# ?&207%+# R=*4# _,-N"# <A9L# <AWU!# T3*%# 0+'*-# '?*
5*-&(0%#/,%j)*&'"#70FQ1,%#/,%'(%)*M#',#&40-G#4('?#Y*4&"#0%M"#(%#'?*
'(G*# ,+# '?*# 2,G0%# TG>(-*"# 40&# '?*# /0>('01# ,+# '?*(-# (%'*-%0'(,%01
%0'(,%# 0%M#'?*#-*&(M*%/*#,+#'?*(-#/?(*+#R@"8!A9&7.)!&U"#4?,#G0Q#?03*
M(-*/'*M#'?*#S-*0'#Y*4(&?#@,%&>(-0/Q#,+# :!

;>

4%&378!9*!873&%4

@0&%&1+)! '.1 0= $+ 1)7 1( 0@+*10=7 (*+ &0*A6+ 0*B0@+*1 1/%1 1)0AA+)+@

1/+ +3-6(&0(*! $+ >.&1 =03 (* 1/+ B6+?+)*+&& (= 1/+ 5+$& 0* Z6(D
)+*B+! $/+*! 0* 8Y;\! 1/+7 '%>'((b6+@ %*@ +3-6(01+@ P0(?%**0
Q0B(! ,(.*1 @+66% <0)%*@(6% %*@ 101.6%) Q)0*B+ (= ,(*B()@0%!
+31)%B10*A +*()>(.& &.>& =)(> 1/+ 1(( $+%61/7 7(.*A >%* $/06+
=0660*A /0& ?0A()(.&! '.1 %@(6+&B+*1! >0*@ $01/ R%''%60&10B /(B.&D
-(B.&! 1+660*A /0> 01 $%& 1/+ 1).+ +&&+*B+ (= ,/)0&10%*017" Z)(>
Q0B( 1/+ B6.+ 6+%@& @0)+B167 1( W+.B/60*! Q=+==+)E()*! o.1/+) ^$/(
$%& 1%B1=.667 A.0@+@ '7 /0& /+6-=.6 5+$0&/ =)0+*@& .*106 6%1+ 0* /0&
60=+! $/+* /+ -+)B+0?+@ /($ 1/+7 /%@ .&+@ /0>_! O6)0B/ ?(* N.1D
1+*! %*@ 1/+ A/%&167 M%)& (= W+60A0(* 1/%1 B(*?.6&+@ a.)(-+ =()
1/)++ B+*1.)0+&" #1 $(.6@ '+ %'&.)@ 1( B6%0> 1/%1 1/+ B%1%&1)(-/+
$%& 1/+ )+&.61 (= % 5+$0&/ -6(1! '.1 01 0& 6+A010>%1+ 1( -(&+ 1/+
F.+&10(* 1( $/%1 +31+*1 5+$0&/ 0*1)0A.+& %*@ >%*0-.6%10(*& B(*D
1)0'.1+@ 1( 01" 2/%1 0& % -)('6+> 1/%1 B(.6@ '+ 1/+

B)9/&7"+E (= %

@060A+*1 %*@ ('I+B10?+ /0&1()0%* $0660*A 1( @+?(1+ /0& 60=+ 1( 1/+

)+F.0&01+ )+&+%)B/"
^;_ 2/+ 5+$&L )+60A0(*! $/0B/! %& -)+&+*1+@ 1( 1/+
&++>&

1(

?%60@%1+

1/+0)

'(%&1&

(=

-+B.60%)

A-*%3!

G)0A/1+(.&*+&&!H

>%E+& -(&&0'6+ 1/+ A)+%1+) -%)1 (= 1/+0) &+B.6%) ^0"+"! +B(*(>0B

%*@ &(B0%6_ &.'?+)&0(* %*@ +?+*1.%6 @+&1).B10(* (= 1/+ *%10(*&
1/+7 0*?%@+" #1 >.&1 '+ )+>+>'+)+@ 1/%1 1/+ 5+$& (-+)%1+ '7 @0&D
B(?+)0*A %*@ +3-6(010*A B%.&+& (= @0&&+*1 $01/0* *%10(*&! 0*B010*A
B6%&&+& %*@ B(>-%)%'6+ A)(.-& $01/0* 1/+ *%10(* 1( )+B0-)(B%6
%*1%A(*0&>! %*@ +3%B+)'%10*A 1/+ )0?%6)0+& 1( 1/+ -(0*1 (= B0?06
$%)! .*106 1/+ *%10(* 0& -%)%67b+@ %*@ )[email protected]+@ 1( >%&&+& (= 0*@0D
?0@.%6& $/( *( 6(*A+) =++6 1/+7 /%?+ %*71/0*A 0* B(>>(* +3B+-1
1/+ A+(A)%-/0B%6 1+))01()7 1/+7 0*/%'01" 2/+ 5+$0&/ 1+B/*0F.+! %&
$%& 1(( B%*@0@67 +3-6%0*+@ '7 1/+ *(1()0(.& %A01%1()! N+)'+)1
C-1/+E+)! B(*&0&1& 0* =0*@0*A 6%)A+ A)(.-& (=

A-*%3

$/( B%* '+

0&(6%1+@ =)(> 1/+ )+&1 (= 1/+ &(B0+17 (* 1/+ '%&0& (= &(>+ +B(D
*(>0B! (BB.-%10(*%6! )+A0(*%6! B.61.)%6! &+3.%6! () )%B0%6 0*1+)+&1

;=

/0%!1%23+0!+/4,/%56

1/+7 /%?+ 0* B(>>(*! -+)&.%@0*A 1/+> 1/%1 1/+7 %)+ G(--)+&&+@H

'7 1/+ $0BE+@ &(B0+17! 0*B010*A 1/+> 1( /%1)+@ (= 1/+0) G(--)+&D
&()&H %*@ >%E0*A 1/+> A)++@7 =() 1/+ -)(=01& 1/+7 1/0*E 1/+7 B%*
A%0* '7 G@+>%*@0*A 1/+0) )0A/1&!H %*@ 1/.& &+110*A +%B/ A)(.%A%0*&1 %66 (1/+)& .*106 1/+ *%10(* 0& -%)%67&+@ '7 -&+.@(D6+A%6
B(*1+*10(* 1/%1 >%7 /(-+=.667 '+ +3-+B1+@ 1( +?+*1.%1+ 0* B0?06
$%)&! >%&&0?+ >%&&%B)+&! %*@ % )+?+)&0(* 1( 1(1%6 '%)'%)0&>" 2/+
5+$&! $/( %)+ %6$%7& B%)+=.6 1( $%06 1/%1 1/+7 %)+ % G-+)&+B.1+@
>0*()017H $01/ % -%&&0(* =() A(@67 GI.&10B+!H %)+ 1/.& 0@+%667 -)+D
-%)+@ 1( 0*B01+ 1/+ G.*@+)-)0?06+A+@H 1( (.1')+%E& =() G&(B0%6 I.&D
10B+!H %*@ 01 0&! (= B(.)&+! $+66 E*($* 1/%1 %66 (= 1/+ >.610-6+
=()>& (= &.'?+)&0(* %)+ @0)+B1+@ '7 5+$&! (=1+* F.01+ (-+*67!
%61/(.A/ 1/+7 .&.%667 1)7 1( %&&(B0%1+ $01/ 1/+> &(>+ /0)+@ ()
60A/1D/+%@+@ >+>'+)& (= +%B/ A)(.- 1/+7 %)+ 0*B010*A 1( $/%1 $066
'+! 0* 1/+ +*@! &+6=D@+&1).B10(*"
^9_ 2/+ &%>+ -%)%@+ (= )+60A0(&017 =%B0601%1+& 1/+ (1/+) -)0*B0D
-%6 (==+*&0?+ %A%0*&1 1/+ (BB.-0+@ *%10(*! 0= 01 '+6(*A& 1( (.)
)%B+! $/0B/ 0& >()'0@67 &.&B+-10'6+ 1( )/+1()0B%6 %--+%6& 1( &+*10D
>+*1%6017 %*@ G0@+%6&!H 0"+"! =%*B0+@ B/%*A+& (= 1/+ )+%6 $()6@ 1(
>%E+ 01 >()+ -6+%&%*1! .&.%667 '7 &(>+ >%A0B%6 1)%*&=()>%10(* (=
/.>%* *%1.)+" C)7%*&! +&-+B0%667 =+>%6+&! %)+ +%&067 0*1(30B%1+@
'7

)/%-&(@0B

>%*!H

G$()6@

1%6E

%'(.1

-+%B+!H

G%66

>%*E0*@!H

G+F.%6017

(=

G1/+

)%B+&!H

G%66

')(1/+)/((@
>+*

%)+

(=

'()*

+F.%6!H %*@ &0>06%) *(*&+*&+" 2/%1 %@.61 C)7%*& '+60+?+ 0* &.B/

1/0*A& $01/(.1 /+6- =)(> 67&+)A0B %B0@ () +?+* %6B(/(6 0& &0>-67
-)((= (= R0-60*AL& ('&+)?%10(* 1/%1 GM()@& %)+ 1/+ >(&1 -($+)=.6
@).A& .&+@ '7 >%*E0*@"H 2/+ 5+$& B%**(1 '+ /+6@ )+&-(*&0'6+ =()
1/+ >+*1%6 $+%E*+&& 1/+7 +3-6(01! *() +?+* =() 1/+0) &.BB+&& 0*
+3-6(010*A 01" #* 1/+ O*01+@ J1%1+&! =() +3%>-6+! 1/+7 /%?+ =()
@+B%@+& '++* (-+*67 0*B010*A 1/+ ,(*A(0@& 1( -6.*@+)! '+%1!
)%-+! %*@ >.)@+) 1/+0) $/01+ G(--)+&&()&!H %*@ 1/+ $/01+ C>+)0D
B%*& %)+ *(1 (*67 &( B)%?+* %*@ >%&(B/0&10B 1/%1 1/+7 &.'>01

;$

4%&378!9*!873&%4

1/+>&+6?+& %*@ 1/+0) B/06@)+* 1( 1/+ &%?%A+&L (.1)%A+&! '.1 &( =%1D
.(.& 1/%1 1/+7 '+60+?+ 1/+ 5+$&L -)+1+*&+ 1/%1 1/+7 %)+ %B10*A (.1
(= B(*B+)* =() 1/+ G.*@+)-)0?06+A+@H &%?%A+& )%1/+) 1/%* (.1 (=
/%1)+@ =() 1/+ C)7%*& %& $+66 %& 1( -)(=01 =)(> 1/+ >0&=()1.*+& (=
1/+

>(@+)*

,%*%%*01+&!

$/(&+

B(.*1)7

1/+7

/%?+

+==+B10?+67

(BB.-0+@" 2/+ 5+$&L B(*1+>-1 =() 1/+0) '+=.@@6+@ %*@ &-0*+6+&&

?0B10>& 0& -)('%'67 I.&10=0+@! '.1 # 1/0*E 01 ('?0(.& 1/%1 1/+0) &.BD
B+&& $%& >%@+ -(&&0'6+ 0* 1/+ O*01+@ J1%1+&! %&! %BB()@0*A 1(
Q/06(! 01 $%& 0* ,%*%%*! '7 1/+ %$+ +3B01+@ '7 1/+0) )+60A0(.& -)(D
=+&&0(*& 0* 1/+ >0*@& (= 1/+ .*$0110*A +*+>0+& $/(&+ B(.*1)7
1/+7 0*?%@+@"

;(

/0%!1%23+0!+/4,/%56

;:

4%&378!9*!873&%4

>---(!:275 -69:?!26!-75.-7:.C
2/0& &.>>%)7 (= 1/+ 5+$&L >(&1 .&+=.6 @+?0B+& 6+%?+& .&! (=
B(.)&+! $01/ 1/+ F.+&10(* /($ 01 0& -(&&0'6+ =() 1/+ @0&-+)&+@ %*@
$0@+67 &B%11+)+@ >+>'+)& (= 1/+ )%B+ 1( %B1 $01/ $/%1 %>(.*1& 1(
.*%*0>017 %*@ -+)=+B1 B(k)@0*%10(*" #1 0& &B%)B+67 B)+@0'6+ 1/%1 &(
6%)A+ % *.>'+) (= 0*@0?0@.%6&! >%*7 (= 1/+> &/($0*A % 6($ ()@+)
(= 0*1+660A+*B+! B(.6@ B%))7 (.1 &.B/ (-+)%10(*& %BB()@0*A 1( %
B(*&B0(.&67

=()>+@

-6%*

(*

$/0B/

1/+7

/%?+

%66

-)+?0(.&67

%A)++@" 2/+ A)+%1 >%&& (= 5+$& &++> 1( '+! %6>(&1 $01/(.1 +3B+-D
10(*! .*@+) 1/+ 10A/1 B(*1)(6 %*@ @0&B0-60*+ (= 1/+0) =%0)67 *.>+)D
(.& 6+%@+)&! $/( B(.6@! 0* 1.)*! '+ +F.%667 &.'I+B1 1( 1/+ ()@+)&
(= % &.-)+>+ %*@ &+B)+1 @0)+B1()%1+! $/0B/ -6%*& %*@ @0)+B1& %
B(*&B0(.& &1)%1+A7 %& &+1 =()1/ 0* 1/+ =%>(.& GQ)(1(B(6&"H 2/0& 0&
-(&&0'6+! %61/(.A/ C)7%*& %)+ %-1 1( 1/0*E >(&1 .*60E+67 %* (-+)D
%10(* (= $/0B/ 1/+7 $(.6@ '+ .11+)67 0*B%-%'6+ c (= $/0B/ 1/+7
%)+! $+ >.&1 '+60+?+! A+*+10B%667 0*B%-%'6+! &0*B+ 1/+0) +%)60+&1
)+B()@&! 0* 1/+ N(>+)0B 1)%@010(*&! 1/+ T()&+ 6+A+*@&! %*@ +?+*
1/+ [+@%&! %11+&1 1/+ A)+%1 @0==0B.617 (= >%0*1%0*0*A %* +==+B10?+
B(*&+*&.& $01/0* +?+* B(>-%B1 %*@ B(>-%)%10?+67 &>%66 '%*@&
=() &-+B0=0B! 0>>+@0%1+! %*@ 60>01+@ +*@&" #1 0& % -+)*0B0(.& %*@
-+)/%-& =%1%6 +))()! B/%)%B1+)0&10B (= (.) )%B+! 1( %&&.>+ 1/%1
(1/+) )%B+& /%?+ %--)(30>%1+67 1/+ &%>+ *%1.)+ %& (.)&! &( 1/%1
%)A.>+*1 %A%0*&1 % B(*&B0(.& %*@ B(*B+)1+@ B(*&-0)%B7 >.&1 '+
@0&B%)@+@" 2/+ %61+)*%10?+ 1( 1/%1 1/+()7! &( =%) %& # B%* &++! B%*
'+ (*67 %* /7-(1/+&0& 1/%1 1/+ 5+$& %)+ @0)+B1+@ '7 0*&10*B1! %1
6+%&1 1( % 6%)A+ +31+*1" 2/+7 >%7 )+-)+&+*1 % B(>-6+3 %*@ /0A/67
%@?%*B+@ =()> (= 1/+ '0(6(A0B%6 -/+*(>+*(* (= $/0B/ % &0>-6+
>%*0=+&1%10(* 0& &++* 0* >%>>%6& 1/%1 /.*1 0* -%BE& () '%*@&"
C& 0& $+66 E*($*! $(6?+& %*@ C=)0B%* $06@ @(A&! =() +3%>-6+!
/.*1 0* ()A%*0b+@ -%BE& %*@ &1%6E %*@ ')0*A @($* 1/+0) A%>+ '7

;;

/0%!1%23+0!+/4,/%56

% E0*@ (= &1)%1+A7 1/%1 0& B%))0+@ (.1 '7 1/+ -%BE %& % .*01 '.1 $01/
+%B/ 0*@0?0@.%6 0* 01 /%?0*A % @+=0*01+ =.*B10(* %*@ %@%-10*A /0>D
&+6= 1( 1/+ *++@& (= % &-+B0=0B &01.%10(*" 2/0& %B10?017 $+ %11)0'.1+
1( 0*&10*B1& (-+)%10*A +*10)+67 '+6($ 1/+ 6+?+6 (= )+%6 B(*&B0(.&D
*+&&" C=)0B%* '%'((*& =()> '%*@& 1/%1 %)+ )+%667 &>%66 1)0'+& /%?D
0*A

%*

%@?+)&+

(60A%)B/0B

A(?+)*>+*1!

%*@

B(*@010(*& 0& -)((= 1/%1

1/+0)

&.)?0?%6

1/+7 %@%-1

.*@+)

?+)7

1/+0) -)+&.>%'67

0*&10*B10?+ >+1/(@& 1( *+$ B(*@010(*&! %*@ 1/%1 1/+7 6+%)* '7

+3-+)0+*B+ %*@ ('&+)?%10(*" #1 0& %&&.>+@! /($+?+)! -%)167 =)(>
1/+ &1).B1.)+ (= 1/+ '%'((*L& ')%0* %*@ 1/+ %'&+*B+ (= % )+%6 6%*D
A.%A+! 1/%1 1/+ &-+B0+& 0& *(1 B%-%'6+ (= B(*&B0(.& 1/(.A/1" X*
1/+ (1/+) /%*@! $+ %)+ %$%)+ 1/%1! %61/(.A/ $+ >%7! (* &1)0B167
('I+B10?+ A)(.*@&! 0@+*10=7 (.) )%B+ %& /%?0*A % -+B.60%) B%-%B017
=() ('I+B10?+ 1/(.A/1! >%*7 (= (.) %B10(*& %)+ @+1+)>0*+@ '7
0*&10*B1.%6 %*@ &.'B(*&B0(.& )+%B10(*& ^+"A"! (.) -+)B+-10(* (=
'+%.17! =+%) (= @+%1/! )+%B10(* 1( (@()& %*@ &(.*@&! +1B"_! /($D
+?+) >.B/ $+ >%7 B(*&B0(.&67 1)7 1( )%10(*%60b+ 1/+> () 1( %61+)
1/+> '7 +==()1& (= 1/+ $066 1/%1 %)+ 60E+67 1( -)(@.B+ &B/0b(-/)+D
*0%"
#1 0& +*10)+67 -(&&0'6+! 1/+)+=()+! 1/%1 % &-+B0+& B(.6@ /%?+
'++* =()>+@ '7 '0(6(A0B%6 &+6+B10(* 1/%1 %.1(>%10B%667 -)+7& (*
(.) &-+B0+& %& 0*&10*B10?+67 %& $(6?+& -)+7 (* B%)0'(.! %61/(.A/! (=
B(.)&+! $01/ >.B/ A)+%1+) B.**0*A %*@ ?+)&%106017"

;#

4%&378!9*!873&%4

-A(!0A.068-79.-27
2/0& /7-(1/+&0& 0& (-+* 1( 1/+ ('I+B10(* 1/%1! &( =%) %& $+
B%* 1+66! % @0&10*B1 B/%*A+ /%& 1%E+* -6%B+ 0* 1/+ 5+$&L %B10?017 0*
1/0& B+*1.)7 %*@ %1 %--)(30>%1+67 1/+ 10>+ (= 1/+ GQ)(1(B(6&"H
]+=()+ 1/0&! 1/+ %60+*& &++> 1( /%?+ '++* B(*1+*1 1( +3-6(01
1/+ C)7%*& %*@! 0* '0(6(A0B%6 1+)>&! =++@ (* 1/+>d 1/+ -)+&+*1
('I+B10?+ 0& ('?0(.&67 +31+)>0*%10(* (= (.) &-+B0+& 1/)(.A/ >(*D
A)+60b%10(* %*@ >%&&%B)+&! &( 1/%1 01 $(.6@ &++> 1/%1 1/+ ()A%*0b%D
10(*

%*@

@(>0*%10(*

(=

1/+

5+$0&/

B(6(*0+&

'7

1/+

i0(*0&1&

-)(@.B+@ % B/%*A+ 0* -.)-(&+ 1/%1 >.&1! 1( % 6%)A+ +31+*1 %1 6+%&1!

/%?+ '++* B(*&B0(.&67 @+1+)>0*+@ %*@ -6%**+@"
2/0& 0>-60+& &(>+ >+%&.)+ (= ).6+ '7 &(>+ E0*@ (= @0)+B1()D
%1+ 1/%1 /%& 1/+ %'06017 %*@ -($+) 1( &+1 ('I+B10?+& =() 1/+ )%B+"
2/+ %61+)*%10?+ 0& 1( +3-6%0* 1/+ B/%*A+ %& % *%1.)%6 )+&.61 (= 1/+
-)(A)+&&0?+ $+%E+*0*A (= (.) )%B+ '7 6+&& @0)+B1 %11%BE& @.)0*A 1/+
-%&1 1/(.&%*@ 7+%)& () >()+! B(>-%)%'6+ 1( 1/+ B/%*A+ 0* 1/+
%B10?017 (= % $(6= -%BE $/+* 01 &+*&+& 1/%1 1/+ /%))0+@ B%)0'(. %)+
*+%)0*A +3/%.&10(*"
M/%1+?+) 1/+ +3-6%*%10(*! 1/+ 5+$&L @+1+)>0*%10(* 1( +31+)D
>0*%1+ 1/+ C)7%*& 0& *(1 .*)+%&(*%'6+"
X*+ >%7 &++ % A((@ %*%6(A7 0* 1/+ B%116+ 1/%1 %)+ )%0&+@ 0*
1/+ &(.1/$+&1+)* -%)1 (= 1/+ O*01+@ J1%1+&" Z() % 6(*A 10>+! 1/+
=%?()01+ ')++@ $%& 1/+ g2+3%& o(*AD/()*!L $/0B/ $%& /%)@7! %'6+
1( =0A/1 (== B(7(1+& %*@ (1/+) -)+@%1()&! %*@ 1( &.)?0?+ 0* 1/+
$06@& .*106 01 $%& )(.*@+@ .- '7 1/+ B($'(7& =() % 6(*A @)0?+ 1(
1/+ >%)E+1! '.1 01 $%& %6&( % @%*A+)(.& %*0>%6 1/%1 $(.6@ %11%BE
01& ($*+)& $/+* -)(?(E+@" #1 0& *($ ?0)1.%667 +310*B1! /%?0*A '++*
)+-6%B+@ (* 1/+ )%*B/+& '7 >()+ @(B06+ ')++@&! &.B/ %& 1/+ g]6%BE
C*A.&!L &0*B+ 1/+ -)+@%1()& /%?+ '++* +31+)>0*%1+@ %*@ 1/+ B%1D
16+ *($ A)%b+ $01/0* =+*B+& () %)+ &0>-67 =%11+*+@ (* B()* -)(D

;"

/0%!1%23+0!+/4,/%56

?0@+@ =() 1/+>! %*@ 1/+ ?0A() (= 1/+ -(1+*10%667 @%*A+)(.& go(*AD
/()*L 0& *( 6(*A+) *++@+@! $/06+ 1/+ >()+ @(B06+ %*@ &6.AA0&/
%*0>%6& 70+6@ >()+ 1+*@+) >+%1"
a%)67 0* 1/+ 2$+*10+1/ ,+*1.)7! C)7%*& /%@! =() %66 -)%B10B%6
-.)-(&+&! &.'I.A%1+@ 1/+ +*10)+ $()6@ %*@ >%@+ 01 +?+)7$/+)+
'(1/ &%=+ %*@ B(*?+*0+*1 =() 1/+ 5+$&! $/+)+%& +?+*1& 0* P+)D
>%*7 0* 1/+ 89U:& -)(?+@ 1/%1 C)7%*& B(.6@ '+ @%*A+)(.& 1( 1/+
<%&1+) W%B+! 0= 1/+7 A(1 (.1 (= B(*1)(6" a60>0*%10(* (= 1/+ &-+B0+&
&++>& 1/+)+=()+ % 6(A0B%6 &1+- =() 1/+ &+6=D&176+@ gP(@D-+(-6+"L

;<

4%&378!9*!873&%4

A(!#070.-:!D-7.0#69.-27E
# &/%66 %@@ % @0&F.0+10*A B(*&0@+)%10(* 1/%1! &( =%) %& # E*($!
*( (1/+) C)7%* /%& 1%E+* 0*1( %BB(.*1" #1 0& '%&+@ (* 1/+ $()E (=
S)" C6=)+@ T(&&0A! $/(&+ >%*.%6 (= %@?0B+ 1( /0& )%B+ (* 1/+ '+&1
>+%*& (= +3-+@010(.&67 1%E0*A -(&&+&&0(* (= 1/+ +*10)+ -6%*+1!
-.'60&/+@ &0>.61%*+(.&67 0* C.&1)0%! P+)>%*7! %*@ 1/+ O*01+@
J1%1+& ^
(*B+

<5&"A+)'".#I9>"5&93d [0+**%! ]+)60*! T+$ e()E! 89VV_! >.&1

/%?+

'++*

$0@+67

@0&1)0'.1+@!

'.1

/%&

*($

'+B(>+

+31)+>+67 )%)+! &( 1/%1 # /%@ 1( &+%)B/ =() 7+%)& '+=()+ =0*@0*A
+?+* % '%11+)+@ B(-7 (= 01" <(&1 (= $/%1 /+ &%7& 0&! (= B(.)&+! >+)+
B(>>(*-6%B+ 1( %*7(*+ $/( /%& ('&+)?+@ 1/+ 5+$&L 1+B/*0F.+&!
'.1 1/+)+ 0& (*+ B6%0> $/0B/! 0= 1).+! +3-6%0*& >.B/ %*@ 6+%?+& .&
$01/ 60116+ () *( /(-+! *( >%11+) $/%1 >%7 /%--+* 0* 1/+ =.1.)+t
/+ '(%&1& (= %

A"5"&%1 0*=061)%10(* (= (.) )%B+ 1/%1 -)('%'67 )+*@+)&

.& /+6-6+&&"
CBB()@0*A 1( S)" T(&&0A! %*7 1%0*1 (= 5+$0&/ '6((@ ^G+0* +0*D
b0A+&

IK@0&B/+&

]6.11)k-=B/+*H_

$066

&(

%61+)

1/+

')%0*

B+66&

^GP+/0)*A%*A60+*H_ (= >%*7 &.'&+F.+*1 A+*+)%10(*& (= %* %--%)D

+*167 -.)+ C)7%* =%>067 1/%1 1/+ @+&B+*@%*1& $066 '+ &.&B+-10'6+
1( 5+$0&/ -)(-%A%*@% %*@ B%* )+%@067 '+ >('060b+@ %A%0*&1 1/+0)
($* )%B+" M/%1 0& >()+! S)" T(&&0A &++>& 1( )+I+B1 1/+ .&.%6 5+$D
0&/ ?0+$ 1/%1 1/+ A+*+& (= 5+$0&/*+&&! 60E+ /%+>(-/060%! %)+ 1)%*&D
>011+@

(*67

1/)(.A/

=+>%6+&!

&(

1/%1

(*67

1/+

(==&-)0*A

(=

5+$+&&+&! )+A%)@6+&& (= 1/+ )%B+ (= 1/+0) =%1/+)! %)+ )+%6 5+$&" ^2/0&!
(= B(.)&+! +3-6%0*& &.B/ ?%)0+@ -/+*(>+*% %& 1/+ @+A+*+)%10(*
(= 1/+ ])010&/ %)0&1(B)%B7! $/0B/ &(>+ ('&+)?+)& 1)%B+ -%)167 1(
1/+ B(>>(* -)%B10B+ (= B(?+1(.& () *+B+&&01(.& ])01(*& (= >%))7D
0*A 1/+0) &(*& 1( 5+$+&&+& $/( $+)+ -)(?0@+@ $01/ =%1 @($)0+& %*@
(=1+* @.*E+@ 0* /(67 $%1+) 1( >%E+ 1/+> >()+ %BB+-1%'6+! %*@
1/+ E0@*%--0*A (= >%6+ P+)>%* 0*=%*1& 0* 89YYDY\! $/( $+)+

;'

/0%!1%23+0!+/4,/%56

1%E+* 1( #&)%+6 %& ')++@0*A &1(BE 1( 0>-)(?+ 1/+ -/7&0F.+ (= 1/+

)%B+"_ S)" T(&&0A! %&1(*0&/0*A67! &++>& 1( '+60+?+ 1/%1 1/+ /+)+@017
0& 1)%*&>011+@ '7 5+$& (= +01/+) &+3" 2/0& >+%*& 1/%1! =() +3%>-6+!
0= % 5+$ 0* 8;:: &[email protected]+@ %*@ 0>-)+A*%1+@ %* C)7%* >%1)(*! /+)
@+&B+*@%*1&! +?+* 1(@%7 %=1+) >%*7 A+*+)%10(*& ^$/0B/ $(.6@
&1066 '+ 6+&& 1/%* G+0*+ 6%*A+ W+0/+ ?(* P+*+)%10(*+*H_ (= >%)D
)0%A+& 1( -.)+ C)7%* &1(BE! $(.6@

)''

/%?+ 1/+ 5+$0&/ 1.>() 0*

1/+0) ')%0*& %*@ '+ &.'I+B1 1( B(*1)(6 1/)(.A/ 01" C*@ $/+* (*+
1)0+& 1( A.+&& 0* /($ >%*7 *+&1& 1/+ 0*?%@0*A B.BE((& >%7 /%?+
6%0@ 1/+0) +AA& 1/)(.A/ 1/+ B+*1.)0+&! (*+ &/.@@+)&"
S)" T(&&0A 0& ('?0(.&67 B(*?0*B+@ 1/%1 1/+ A+*+& (= 5+$0&/D
*+&& %)+ *(1 (*67 @(>0*%*1! '.1 /%?+ % -($+) (= @(>0*%*B+
A)+%1+) 1/%* 0& %11+&1+@ =() 1/+ A+*+& (= %*7 -/7&0B%6 1)%01" 2/%1
@(+& *(1 B(*=()> 1( 1/+ 1/+()0+& /+6@ '7 >(&1 >(@+)* A+*+10D
B0&1&! '.1 # B%* =0*@ *( &B0+*10=0B B())('()%10(* () )+=.1%10(* (=
1/+ B6%0>! %*@ # *++@ *(1 -(0*1 (.1 1/+ >+1/(@(6(A0B%6 ('&1%B6+&
0* 1/+ $%7 (= @+1+)>0*%10(* (= 1/+ 0*/+)01%*B+ (= &-+B0=0B >+*1%6
1)%01& 0* 0*@0?0@.%6&! +?+* 0= )+&+%)B/ (* 1/%1 &.'I+B1 $+)+ =)++67
-+)>011+@"

#>

4%&378!9*!873&%4

A-(!601-#-25-.?
2/+

B.))+*1

0*1+*&0?+

-)(>(10(*

(=

(BB.61

/(B.&D-(B.&!

$/0B/ &( A+*+)%667 %== 60B1& 1/+ 7(.*A $/( /%?+ '++* 0*1+66+B1.%667
@0&0*/+)01+@ %*@ &%'(1%A+@ 0* 1/+ -.'60B '(('D0*B.'%1()&! &++>&
1(

0*@0B%1+

1/%1

>%*7

-+(-6+

$/(

/%?+

*(

)+60A0(*

/%?+

%*

0*&10*B10?+ %--+101+ =() &(>+ &.'&101.1+ =() 01" C =+$ /0A/67 0*1+660D
A+*1 >+>'+)& (= (.) )%B+! 0*B6.@0*A &(>+ # /%?+ ('&+)?+@ 0* 1/+
A)%@.%1+ &B/((6&! >+* %& $+66 %& >+>'+)& (= 1/+ )+60A0(.& &+3!
$/( %)+! (= B(.)&+! 1(( 0*1+660A+*1 1( -)%B10B+ $01B/B)%=1 () @).A
1/+>&+6?+& $01/ >+&B%60*+ () 67&+)A0B %B0@ 1( GA+1 0* 1(.B/ $01/
1/+ 0*=0*01+!H

7)5&

1( '+60+?+ 0* >+1+>-&7B/(&0& ^%* (6@ C)7%*

=%01/! %1 6+%&1h_ %*@ 0* &(>+ B(&>0B 0*1+660A+*B+ )(.A/67 B(>-%)%D

'6+ 1( 1/+ N0*@.

P+)!3)

^*+.1+)_ 1/%1 A(?+)*& 1/+ .*0?+)&+ 0*

B(*=()>017 $01/ &(>+ N0A/+) Q.)-(&+"

C B+)1%0* )+60A0(&017! % @+&0)+ () *++@ 1( '+60+?+ 0* >%A0B %*@
>0)%B6+& ^$/0B/! (= B(.)&+! 0>-67 1/+ +30&1+*B+ (= % -)%+1+)/.>%*
-($+) B%-%'6+ (= -)(@.B0*A 1/+>_! >%7 '+ '0(6(A0B%667 0**%1+ 0*
%66 )%B+& %*@ -+)/%-& +?+* 0* &(>+ &-+B0+& (= >%>>%6& 1/%1 %)+
*(1 %*1/)(-(0@" 2/%1! %1 6+%&1! 0& %* /7-(1/+&0& 1/%1 # /%?+ (=1+*
B(*&0@+)+@" <%*7 )+%@+)& -)('%'67 E*($ a.A+*+ <%)%0&L >%I()
$()E!

!"#?-9'#-=#&!"#2/" ^0"+"! '%'((*& c # %> 1(6@ 1/%1 1/+ >0&D

*(>+) B(>+& 0* 1/+ 1)%*&6%10(* =)(> 1/+ C=)0E%%*&! 0* $/0B/ 1/+

1016+ /%& % $()@ 1/%1 @+&0A*%1+& '(1/ %-+& %*@ 1/+ 6%)A+) >(*D
E+7&_! '.1 >%7 *(1 /%?+ &++* /0& +%)60+) %*@ >.B/ &/()1+) $()E
$/0B/ $%& 1)%*&6%1+@ %*@ -.'60&/+@ &/()167 %=1+) /0& @+%1/ .*@+)
1/+ 1016+

C*#D+%"5>.Q#&!"#P):--5." #* 01 <%)%0& )+-()1& 1/%1 $/+* /+

%*@ /0& %&&0&1%*1 $+)+ ('&+)?0*A % B(6(*7 (= '%'((*& %*@ /%@ &.BD
B++@+@ 0* +&1%'60&/0*A =)0+*@67 )+6%10(*& $01/ 1/+>! 1/+7 $+)+
%$%E+*+@ (*+ *0A/1 '7 %* .*-)+B+@+*1+@ ?0&01 =)(> 1/+ @(>0D
*%*1 >%6+& $/( $+)+ 1/+ (60A%)B/& (= 1/+ '%'((* 1)((-" 2/+7

#=

/0%!1%23+0!+/4,/%56

=0*%667 .*@+)&1((@ 1/%1 1/+7 $+)+ '+0*A 0*?01+@ 1( ?0&01 1/+ 6%0) (=
1/+ 1)((-! %*@ =(66($0*A 1/(&+ 6+%@+)& 1/+7 $+)+ B(*@.B1+@ 1( 1/+
1)((-L& &6++-0*A -6%B+! $/+)+ 1/+7 =(.*@ % *.>'+) (= =+>%6+&
>(.)*0*A (?+) (==&-)0*A 1/%1 /%@ %--%)+*167 @0+@ (= &(>+ +-0D
@+>0B @0&+%&+" J( =%) %& <%)%0& B(.6@ @+1+)>0*+! /+ /%@ '++*
0*?01+@ 0* 1/+ /(-+ 1/%1 /+ B(.6@ %*@ $(.6@ )+&.))+B1 1/+ @+%@
'%'((*DB/06@)+* %*@ )+&1()+ 1/+> 1( 60=+" 2/+)+ $%& &%@*+&& %*@
/($60*A $/+* /+ @+-%)1+@ $01/(.1 /%?0*A -+)=()>+@ 1/+ @+&0)+@
>0)%B6+" C*%1(6+ Z)%*B+ /%& $)011+* % ?+)7 -6%.&0'6+ +&&%7 (*
@(A&! $/( )+A%)@ >+* %& 1/+0) A(@& $01/ % -0+17 $/0B/! Z)%*B+
/0*1&!

@(+&

*(1

+&&+*10%667

@0==+)

=)(>

1/+

)+60A0(.&

-0+17

(=

/.>%* '+0*A& +3B+-1 1/%1 1/+ @(A& B%* &++ %*@ 1(.B/ 1/+0) @+0D
10+& %*@ &( E*($ 1/%1 1/+7 +30&1! $/+)+%& /.>%* '+0*A& /%?+ 1(
B(*1+*1 1/+>&+6?+& $01/ =0A>+*1& (= 1/+0) 0>%A0*%10(*&"
M+ >.&1 B(*&0@+) 1/+ -(&&0'06017 1/%1 (.) )%B+! 1/(.A/ @0&D
10*A.0&/+@! (= B(.)&+! =() 01& .*0F.+ %'06017 =() &B0+*10=0B )+&+%)B/!
>%7 %6&( /%?+ % -%)10B.6%) ^%*@ -(&&0'67 )+6%1+@_ 1+*@+*B7 1($%)@!
() @+&0)+ =()! )+60A0(.& '+60+=" 2/0& >%E+& .& ?.6*+)%'6+ 1( *.>+)D
(.& /(%3+& %*@ 0>-(&1.)+&! -%)10B.6%)67 1/+ E0*@& 17-0B%667! -+)D
/%-& 0*&10*B10?+67! B)+%1+@ '7 5+$&" 2/+)+ 0&! # 1/0*E! % A)+%1 @+%6
(= 1).1/ 0* J-+*A6+)L& 0@+*10=0B%10(* %*@ @+&B)0-10(* (= 1/+ Z%.&D
10%* &(.6 (= (.) B0?060b%10(* $01/ 01& 7+%)*0*A =() 1/+ 0*=0*01+ %& 01&

%>"R#3)S&+".."" #*=0*017 B%* '+ 1+>-()%6 %& $+66 %& &-%10%6! %*@ 01 0&
+%&7 1( &++ 1/%1 1/0& 1+*@+*B7 (= 1/+ )%B0%6 >+*1%6017 $(.6@ *%1.D
)%667 -)(@.B+ % ?+)7 &1)(*A %*@ 0*1+*&+ @+&0)+ =() 0>>()1%6017" C&
T0+1b&B/+

&%0@

0*

/0&

>0@*0A/1

/7>*!

a$0AE+01! c $066 10+=+! 10+=+ a$0AE+01hH

#$

GS(B/

%66+

o.&1

$066

4%&378!9*!873&%4

A--(!:/6-5.-97-.?
#* 1/+ -)+B+@0*A -%A+& # /%?+ %?(0@+@ &-+B0=0B B(*&0@+)%10(*
(= ,/)0&10%*017! %61/(.A/! &( =%) %& # B%* I.@A+ =)(> +3-+)0+*B+
$01/ >7 ($* $)010*A&! %'(.1 8\w (= 1/+ ,/)0&10%*& %)+ %6+)1
+*(.A/ 1( &++ >7 0>-60B%10(*&"
# 1/0*E # /%?+ % A)+%1+) &7>-%1/7 =() ,/)0&10%*017 1/%* >7
)+%@+)& 0>%A0*+! =() # *(1 (*67 )+B(A*0b+ 01 %& % '+60+= 1/%1 $%& =()
% 6(*A 10>+ -%)1 (= (.) B0?060b%10(* %*@ -)(@.B+@ &.B/ &-6+*@0@
>(*.>+*1& %& 1/+ A)+%1 B%1/+@)%6&! '.1 # %6&( )+A%)@ 01 %& /%?0*A
'++* % B(*&(6%10(* %*@ '((* 1( 1/+ A)+%1 >%I()017 (= (.) ($*
-+(-6+ %*@ (*+ 1/%1 # %> &())7 &( >%*7 >.&1 *($ @( $01/(.1"
^2/0& 0& &(>+1/0*A F.01+ @0==+)+*1 =)(> 1/+ &(B0%6 .106017 (= &.-+)D
*%1.)%6 &%*B10(*& 1/%1 >%7 '+ 1/+ 0*@0&-+*&%'6+ '%&0& (= % A+*+)D
%667 %BB+-1+@ %*@ ('&+)?+@ >()%6017"_ <7 =++60*A =() ,/)0&10%*017
0&! # 1/0*E! +3-)+&&+@ '7 $/%1 # B(*&0@+) (*+ (= 1/+ '+&1 -(+>& (=
J0) M0660%> M%1&(*! G2/+ ,/.)B/7%)@"H

8)UE04.$.4)3E$)%0)('.)U!24?
104)E3(.$)('.)'.E()E04)&2E$.?
8)DE6.)E()./.)(!)E)D'A$D'#E$4)!24\
:'.)#.UM($..F)F..6.4)E()"$E#.$K
104)E$!A04)6.)UEF)4AF()%0)4AF(`
104)('.)32..(%0&)2%&'(`)E04)9."!F.`
104)('.)%03%0%(.)"E('!F)!3)'A6E0)($AF(
80)E)I!4)U'!6)0!)6E0)G0!UFK
#1 0& 1/%1 0*=0*01+ -%1/(& 1/%1 1(.B/+& >+ @++-67"

3)"#+"+93! 0= 7(. )+>+>'+) 7(.) [+)A06"

#(

?95&#')1+%@

/0%!1%23+0!+/4,/%56

]+=()+ $+ B(*&0@+) ,/)0&10%*017

;%.#)#;%. 1/+ 5+$0&/ &.)?0?%6

&1)%1+A7! 6+1 >+ =0)&1 >%E+ 1$( A+*+)%60b%10(*&t

^8_ 2/+ -($+) %*@ ?%6.+ (= % )+60A0(* /%& *(1/0*A 1( @( $01/
1/+ -+)&(*%6017 () -)('017 (= 01& =(.*@+)" 2/+ '+&1 +3%>-6+ (= 1/%1
0& -)(?0@+@ '7 1/+ <()>(*&! $/( %)+ 1(@%7 1/+ >(&1 &(60@ %*@
&1%'6+ B.61 0* 1/+ O*01+@ J1%1+&! %*@ $/( &.BB+&&=.667 )+&0&1+@
6(*A+) 1/%* %*7 (1/+) 6%)A+ B/.)B/ 1/+ B(*1%A0(.& @+B%7 1/%1
F.0BE67 )[email protected]+@ %66 (1/+)&! $01/ 1/+ +3B+-10(* (= &(>+ &>%66! &B%1D
1+)+@! %*@ @0&B()@%*1 Z.*@%>+*1%60&1 B/.)B/+& %*@ &(>+ -(BED
+1& (= 2)%@010(*%60&1 ,%1/(60B&! 1( 1/+ B(*1+>-10'6+ F.%BE+)7 (= %
G&(B0%6 A(&-+6H %*@ /7-(B)010B%6 0))%10(*%6017" 2/0& )+%667 %&1(*0&/D
0*A %*@ >%&&0?+ )+60A0(.& +@0=0B+ $%& =(.*@+@ '7 (*+ 5(&+-/
J>01/! % -+117 &$0*@6+) $/( '+A%* /0& B%)++) '7 = 6++B0*A &.BE+)&
'7 >+%*& (= % >%A0B &1(*+ 1/)(.A/ $/0B/ /+ B(.6@ &++ 1)+%&.)+
'.)0+@ 0* 1/+ +%)1/! '.1 %=1+) /+ $%& %))+&1+@ %*@ A(1 (== $01/ %
-)(>0&+ *(1 1( @( 01 %A%0*! 1.)*+@ 1( 1/+ &%=+) %*@ >.B/ >()+
6.B)%10?+ )%BE+1 (= &$0*@60*A &.BE+)& $01/ )+60A0(*" N+ =(.*@+@ %
A)+%1 B/.)B/! '.1 1/+)+ 0& )+%&(* 1( '+60+?+ 1/%1 /+ @0@*L1 A0?+ %
@%>* $/%1 /%--+*+@ 1( 01 %=1+) /+ $%& @+%@ %*@ -)('%'67 @0@*L1
+3-+B1 01 1( 6%&1" J>01/! (= B(.)&+! $%& % >%* %'(.1 $/(> $+
/%?+ % A)+%1 @+%6 (= 0*=()>%10(*! '(1/ %'(.1 /0& 60=+ %*@ %'(.1
/0& @(B1)0*+&! $/+)+%& $+ E*($ *(1/0*A $/%1&(+?+) %'(.1 5+&.&
+3B+-1 1/+ >71/& %&&(B0%1+@ $01/ /0& *%>+! %*@ 1/+&+ %)+ &( ?%)0D
(.&! B(*1)%@0B1()7! %*@ 6%1+ 1/%1 /+ 0&! =() %66 -)%B10B%6 -.)-(&+&! %
>71/0B%6 =0A.)+! 60E+ C@(*0& () <01/)%! +?+* 0= 1/+)+ $%& % >%* '7
1/%1 *%>+ ^%& 0& 60E+67_ %'(.1 $/(> 1/+ >71/& $+)+ %&&+>'6+@" #=
01 $+)+ -(&&0'6+ 1( %&B+)1%0* $/( /+ $%& %*@ $/%1 /+ @0@! 01
$(.6@ *(1 0* 1/+ 6+%&1 >%11+) 0= /+ $+)+ =(.*@ 1( '+ % B/%)%B1+)
*( >()+ %@>0)%'6+ 1/%* 5(&+-/ J>01/"
^V_ 2/+ 5+&.&DB.61& 1/%1 +30&1+@ 0* 1/+ W(>%* a>-0)+ %)+
B(**+B1+@ $01/ M+&1+)* ,/)0&10%*017 (*67 0* 1/%1

.-3"

(= 1/+>

-)(?0@+@ % -&+.@(D/0&1()0B%6 &1()7 1/%1 $%& %BB+-1+@ '7 1/+ M+&1

#:

4%&378!9*!873&%4

^(.) %*B+&1()& &0>-67 0A*()+@ 1/+ -%)1& 1/%1 (.) >0*@& =(.*@ @0&D
1%&1+=.6_!

%*@

B(*=.&+@

>+1%-/7&0B%6

@(B1)0*+

+3-)+&&+@

0*

$()@& 1/%1 (.) -+(-6+ >0&.*@+)&1((@ %*@ -)(A)+&&0?+67 )+0*1+)D

-)+1+@ .*106 1/+ ()0A0*%6 >+%*0*A $%& B(>-6+1+67 =()A(11+*" 2/0&
0& 1).+ *(1 (*67 (= 1/+ )%*E I.*A6+ (= 5+&.&DB.61& 1/%1 = 6(.)0&/+@ 0*
1/+ J+B(*@ ,+*1.)7 %*@ 1/+)+%=1+)! '.1 %6&( (= 1/+ G()1/(@(3H
,/)0&10%*017 $/0B/ B%>+ 0*1( '+0*A .*@+) 1/+ &.BB+&&()& (= ,(*D
&1%*10*+" C& J-+*A6+) -(0*1& (.1 0* 1/+ &+B(*@ ?(6.>+ (= 1/+

T5&"+A)5A! +?+* 1/+ G()1/(@(3H ,/)0&10%*017 (= 1/+ 6%&1 @%7& (= 1/+

W(>%* a>-0)+ $%& &1066 +&&+*10%667 % <%A0%* B.61 %*@! %& &.B/!
$%& .*0*1+660A0'6+ 1( 1/+ Z%.&10%* >0*@! %*@ /+ ('&+)?+& 1/%1
C.A.&10*+! 1/(.A/ )+?+)+@ '7 1/+ M+&1+)* B/.)B/! $(.6@ /%?+
)+A%)@+@ 1/+ ,/)0&10%*017 (= C*&+6> () J1" 2/(>%& () o.1/+) %&
%* %'(>0*%'6+ %*@ 0*B(>-)+/+*&0'6+ /+)+&7 c %*@ &( $(.6@ 1/+
(1/+) &.--(&+@ GZ%1/+)& (= 1/+ ,/.)B/"H 2/+7 $+)+ =%1/+)& /0&D
1()0B%667! (= B(.)&+! '.1 /%@ 1/+7 E*($* 1/+ ,/)0&10%*017 (= <+@0D
%+?%6 a.)(-+! 1/+7 $(.6@ 0*@0A*%*167 /%?+ )+-.@0%1+@ 01 %& %
'%&1%)@ $01/ $/(> 1/+7 /%@ *( B(**+B10(*"
2/+)+

$%&

*(

&.B/

1/0*A

%&

%*

g()1/(@(3L

,/)0&10%*017

'+=()+ 1/+ 6%&1 1$( @+B%@+& (= 1/+ Z(.)1/ ,+*1.)7! $/+* (*+
'.*B/ (= /(67 >+* A(1 /(6@ (= 2/+(@(&0.& ^'7 +3-6%0*0*A 1( /0>
/($ %@?%*1%A+(.& 01 $(.6@ '+ =() /0> 1( B(k-+)%1+ $01/ 1/+>_
%*@ &( $+)+ %'6+ 1( .&+ 1/+ -(60B+ -($+) (= 1/+ &1%1+ 1( )+-)+&&
%*@ E066 1/+0) B(>-+101()&! 1/+ C)0%*&! $/( /%@ '++* 1/+ (==0B0%667
&%*B10(*+@ ')%*@ (= ,/)0&10%*& ^%*@ &( G()1/(@(3Hh_ '+=()+ 1/%1
10>+"

^2/+

C)0%*&!

*($

B%66+@

g/+)+10B&L

)+1)(&-+B10?+67!

$+)+

A.0617 (= '+0*A &.==0B0+*167 6(A0B%6 1( B6%0> 1/%1 % =%1/+) $%& *+B+&D

&%)067 (6@+) 1/%* /0& &(*! %*@ 1/+7 *%1.)%667 )+A%)@+@ %& ?+)7 &1.D
-0@ /+)+10B& 1/+ >7&1+)7D>(*A+)& $/( B6%0>+@ 1/%1 % =%1/+) %*@
/0& &(* /%@ '++* '()* %1 1/+ &%>+ 10>+" 2/+ 6%11+)! /($+?+)! $+)+
B6+?+) +*(.A/ 1( '%BE 2/+(@(&0.& '+=()+ /+ -.&/+@ /0& $%7 1(
1/+ 1/)(*+ %*@ 1( '%BE P)%10%* %A%0*&1 /0& =%1/+)! %*@ (*B+ 1/+7

#;

/0%!1%23+0!+/4,/%56

A(1 1/+0) /%*@& (* 1/+ 0>-+)0%6 -($+)! 1/+7 $+)+ B6+?+) +*(.A/ 1(
-)+?+*1 -(1+*10%6 B(>-+101()& =)(> >.&B60*A 1/+> (.1"_ 2/+ *+%1
1)0BE 1/%1 /(67 >+* .&+ 1(@%7 0& 1( @+&B)0'+ %& g/+)+10B&L 1/+ 0**.D
>+)%'6+ ,/)0&10%* &+B1& 1/%1 @0@ *(1 /%?+ @(B1)0*+& 1/%1 B%* B(*D
?+*0+*167

'+

1$0&1+@

0*1(

B(*=()>017

$01/

$/%1

'+B%>+

g()1/(@(3L '7 @+B)++ (= 2/+(@(&0.& 0* U;8! 1/.& 6+%@0*A 1/+

.*$%)7 6%7>%* 1( &.--(&+ 1/%1 1/+)+ $%& %* g()1/(@(3L ,/)0&D
10%*017 '+=()+ 1/%1 10>+" 2/+7 %6&( B(*B+%6 1/+ =%B1 1/%1 0= 1/+
')%*@ 1/%1 A(1 -($+) 0* U;8 0& ()1/(@(37! 1/+* %66 M+&1+)* ,/)0&D
10%*017 0& % /+)+&7! %*@ 1/+7 1/+>&+6?+& %)+! '7 1/%1 @+=0*010(*!
/+)+10B&"_
2/+ (*67 /(*+&1 1/0*A 1( @( 0& 1( %--67 1/+ 1+)> g,/)0&10%*L
1( %66 1/+ &+B1& 1/%1 B6%0>+@ 1( '+ =(66($+)& (= % 5+&.& +*1016+@
g,/)0&1.&!L $/( $%& )+%667 () &.--(&+@67 +3+B.1+@ 0* 5.@%+% 0*
1/+ 10>+ (= 20'+)0.& () 1/+)+%'(.1&" M/+* ,/)0&10%*& '+B(>+
B(*&-0B.(.&! 6%1+ 0* 1/+ J+B(*@ ,+*1.)7! >(&1 (= 1/+> $+)+
5+$&! %*@ 01 0& -)('%'6+ 1/%1 1/+ *.>+)(.& 6+11+)& (= Q%.6! 0*B6.@D
0*A '(1/ 1/(&+ 1/%1 $+)+ 0*B()-()%1+@ 0* 1/+ GT+$ 2+&1%>+*1H
%*1/(6(A7 $/+* 01 $%& -.1 1(A+1/+) %*@ 1/(&+ 1/%1 $+)+ +3B6.@+@
=() &(>+ )+%&(*! $+)+ >%*.=%B1.)+@ %1 1/0& 10>+ '7 5+$& $/(
$%*1+@ 1( 1%E+ 0*

A-*%3 (* +%&7 1+)>&" ^2/+&+ =%')0B%10(*& -)('%D

'67 0*B6.@+@ 1/+ =()A+@ B())+&-(*@+*B+ (= J+*+B% $01/ Q%.6!

$/0B/ &++>& 1( /%?+ '++* E*($* 1( 2+)1.660%*"_ 2/0& $%& % -)0*D
B0-%6 @0==+)+*B+ %>(*A 1/+ *.>+)(.& ,/)0&10%* &+B1&" 2/+ T%b%D
)+*+&!

$/(&+

/(67

'((E

$%&

GP(&-+6

CBB()@0*A

1(

1/+

N+')+$&!H (= $/0B/ =)%A>+*1& &.)?0?+! %*@ $/( &-(E+ (*67 C)%D

>%0B 0* 1/+0) )01+&! /+6@ 1/%1 (*67 5+$& '7 )%B+ B(.6@ '+ ,/)0&D
10%*&! &0*B+ ,/)0&1! $/+* /+ )+1.)*+@ 1( '.1B/+) 1/+ /%1+@

A-*%3!

*%1.)%667 $%*1+@ (*67 5+$& 1( ).6+ 1/+ $()6@" C B(>-)(>0&+ $%&

>%@+ '7 1/+ a'0(*01+&! $/( /%@!

%5&"+# )'%)!

% GP(&-+6 (= <%1D

1/+$H 1/%1 $%& B+)1%0*67 (6@+) 1/%* 1/+ @06.1+@

+%=)1%3"5&-

1/%1

A(1 0*1( 1/+ GT+$ 2+&1%>+*1!H %*@ $/( -)+%B/+@ % -+)=+B1 B(>D

##

4%&378!9*!873&%4

>.*0&>! $01/ %66 -)(-+)17 %*@ $(>+* 1( '+6(*A 1( +?+)7(*+ 0*

B(>>(*d 1/+7 /+6@ 1/%1

A-*%3! 0= 1/+7 $+)+ B0)B.>B0&+@ %*@ $+*1

1/)(.A/ B+)+>(*0+& 1( -.)A+ 1/+> (= 1/+0) *%10?+ ?06+*+&&! B(.6@

'+B(>+ ,/)0&10%*& &+B(*@DB6%&&! %& # $066 &/($ '+6($" 2/+ ,%)-(D
B)%10%*&! $/( &++> 1( /%?+ '++* % *.>+)(.& %*@ -($+)=.6 &+B1 0*
1/+0) @%7! %@>011+@

A-*%3 (* +F.%6 1+)>&! &0*B+ J%6?%10(* $%& =()

%66 1/(&+ $/( /%@ '++* g)+@++>+@ '7 ,/)0&1L =)(> &+)?01.@+ 1(
>%*D>%@+ 6%$& %*@ >%1+)0%60&>" ,/)0&1 /%@ B(>+ 1( =)++ >%*D
E0*@ =)(> (--)+&&0(* %*@ 1( '+&1($ (* 1/+ )0A/1+(.& % *+$ =)++D
@(>t $/%1 >%11+)& 0& &-0)01.%6 &%6?%10(*! %*@ $+ >.&1 &/($ (.)
+>%*B0-%10(* =)(> >%1+)0%6 1/0*A& '7 )+B(A*0b0*A

5- /.>%* 6%$

$/%1&(+?+) %*@ '7 =++60*A =)++ 1( 0*@.6A+ %*7 6.&1 %*@ -+)=()>
%*7 %B1 1( $/0B/ 1/+ &-0)01 >%7 >(?+ .&" o0E+ 1/+ a'0(*01+&! 1/+
,%)-(B)%10%*& -)+%B/+@ % 1(1%6 B(>>.*0&>! $01/ %66 -)(-+)17
%*@ $(>+* 1( '+ =() 1/+ .&+ (= +?+)7(*+" 2/+7 %@>011+@ $(>+*
=() 1/+ &%E+ (= A+*+)%6 -)(>0&B.017 0* 1/+ >(@+)* >%**+)! %*@
%61/(.A/ 1/+7 /%@ *( ('I+B10(* 1( /(>(&+3.%6017! 1/+7 1/.& @0=D
=+)+@

=)(>

&(>+

(1/+)

')%*@&

(=

,/)0&10%*&!

$/(

+3B6.@+@

=+>%6+& %& G.*$()1/7 (= 1/+ R0*A@(> (= P(@H %*@ -)%B10B+@

(*67 >%6+ /(>(&+3.%6017" 2/+)+ $+)+ >%*7 (1/+) ,/)0&10%* &+B1&!
+%B/ $01/ 01& ($* )+?+6%10(*& =)(> P(@ ?0% 5+&.&! &.B/ %& 1/+
T%%&+*+&! $/( $()&/0--+@ &*%E+& %& &7>'(6& %*@ 0*B%)*%10(*& (=
@0?0*+ -($+) '+B%.&+ &*%E+& &/+@ 1/+0) &E0*& -+)0(@0B%667 %*@ &(
%)+ '()* %A%0* %*@ 60?+ =()+?+)d 1/+ C@%>01+&! $/(&+ &-+B0%617 $%&
A(0*A *.@+ 0* -.'60B 1( &/($ 1/%1 1/+7 /%@ '++* )+@++>+@ '7
,/)0&1 =)(> ()0A0*%6 &0* %*@ $+)+ 1/+)+'7 +>%*B0-%1+@ =)(> %66
1/+ 6%$& (= &0*=.6 >%*d %*@ &B()+& (= (1/+)&"
<7 A.+&& 0& 1/%1 1/+ ,%)-(B)%10%*& %*@ &0>06%)

1)5)%''" $+)+

1/+ @(>0*%*1 &+B1& (= ,/)0&10%*017 .*106 1/+ -+)&+B.10(*& '7 1/+

$0BE+@ -%A%* +>-+)()& 0* 1/+ 2/0)@ ,+*1.)7 >%@+ 1/(&+ =()>&
(= ,/)0&10%*017 .*-(-.6%) '+B%.&+ 60E+67 1( '+ .*/+%61/7" 2/+
1%6+& (= 1/+ >%)17)& %)+ %66 =0B10(*! (= B(.)&+! ^5+)(>+! 0* % 6+11+)

#"

/0%!1%23+0!+/4,/%56

1/%1 $%& 0*B6.@+@! @(.'16+&& '7 (?+)&0A/1! 0* 1/+ (==0B0%6 B(66+BD

10(* (= /0& B())+&-(*@+*B+! '(%&1& (= /0& &E066 0* 0*?+*10*A >%)17)D
&1()0+& 1( +@0=7 1/+ =%01/=.6_! '.1 &(>+ W(>%* +>-+)()& @0@ >%E+
&7&1+>%10B %11+>-1& 1( +*=()B+ )+&-+B1 =() 6%$ %*@ %BB+-1+@ >()%6D
017 '7 1)70*A 1( +3B0&+ 1/+ ,/)0&10%* 1.>() (* 1/+ &1%1+! %*@ #
1/0*E 01 60E+67 1/%1 1/+&+ -+)&+B.10(*& $+)+ &.==0B0+*167 &.BB+&&=.6
1( 6+%?+ 1/+ P(&-+6D'.&0*+&& (-+* 1( &+B1& 1/%1 %1 6+%&1 -)(=+&&+@
1/+ )+6%10?+67 0**(B.(.& @(B1)0*+& 1/%1 =0*%667 '+B%>+ G()1/(D
@(3"H
X.) /(67 >+* 1)7 1( @(@A+ 1/+ =%B1& (= +%)67 ,/)0&10%*017 '7
B%660*A GA*(&10BH %66 1/+ &+B1& 1/%1 $+)+*L1 G()1/(@(3H '7 &1%*D
@%)@& 1/%1 $+)+ *(1 @+?0&+@ '+=()+ 1/+ Z(.)1/ ,+*1.)7" 2/0&! (=
B(.)&+! 0& &/++) @0&/(*+&17" C GP*(&10B0&>H 0& % )+60A0(.& &+B1 1/%1
B6%0>&

1(

/%?+

A5-.%.!

E*($6+@A+

(=

&.-+)*%1.)%6

1/0*A&!

)+?+%6+@ 1( 1/+> '7 &(>+ J%?0() $/( $%& +01/+) %* 0*B%)*%1+ A(@
() % @0?0*+67D0*&-0)+@ &.-+)>%*" X'?0(.&67! %66 ,/)0&10%* &+B1& %)+
P*(&10B 0* 1/%1 &+*&+! '+B%.&+ 1/+7 %66 B6%0> 1( '+ '%&+@ (* )+?+D
6%10(*& >%@+ '7 ,/)0&1! $/(! 0* 1/+ ?%)0(.& &+B1&! $%& )+A%)@+@ %&
/%?0*A '++* +01/+) %* 0*B%)*%10(* (= % A(@ () % >%* $/(> 5(/*
1/+ ]%-10&1 () &(>+ (1/+) -)(-/+1 /%@ -.>-+@ =.66 (= N(67
J-0)01" #* 1/+ =0)&1 =(.) B+*1.)0+& C"S" 1/+ $()6@ $%& =.66 (= P*(&D
10B& -+@@60*A &-+B0%6 )+?+6%10(*&! %*@! (= B(.)&+! ,/)0&1 $%& (*67
(*+ (= 1/+ J%?0()&t (1/+)& $+)+ ]%).B/! P%>%60+6! 2%1 ^u 1/+
aA7-10%* A(@ 2(1/_! J+1/ ^aA7-10%* A(@_! ]%6%%>! ab+B/0+6! C@%>
^$/(&+ '((E& /%@ I.&1 '++* @0&B(?+)+@_! <(&+&! a*(B/! <%)D
&%*+&! T0B(1/+.&! Q/(&06%>-+&! <01/)%! i()(%&1+)! i+)?%*! +1 %6"!
+1 %6" #* 1/+ +%)67 B+*1.)0+& (= (.) +)%! 1/+ T+%) a%&1 $%& % ]+@D
6%> =066+@ $01/ 1/+ 0*&%*+ )%?0*A& (= =%E0)& -+@@60*A 1/+0) J%?0()&
%*@ 1/+0) =()A+@ P(&-+6&! %*@ %1 1/0& @0&1%*B+ 01 0& 0>-(&&0'6+ 1(
1+66 1/+ @0==+)+*B+ '+1$++* >%@>+*! /%66.B0*p& $/( A(1 ?0&0(*&
(= A(@ =)(> +%10*A 1/+ &%B)+@ >.&/)((>!

23)5%&)#39.1)+%)! %*@

&/7&1+)& = 6++B0*A 1/+ 7(E+6& $01/ >7&10B A%''6+" X*+ B%**(1 )+%@

#<

4%&378!9*!873&%4

>.B/ (= 1/+ A0''+)0&/ $01/(.1 =++60*A F.+%&7 %*@ @0bb7! '.1 =() %
F.0BE &.)?+7 (= 1/+ &1.== 1/%1 (.) /(67 >+* $%*1 1( &$++- .*@+)
1/+ ).A! &++ 5+%* S()+&&+!

$".#'%;+".#."1+"&.#>".#K5-.&%U9".#>4VA*/&"!

Q%)0&! 89\9! $/0B/ &.)?+7& 1/+ '((E& =(.*@ %1 ,/+*('(&E0(* %

=+$ 7+%)& '+=()+" 2/+ (*+ &0A*0=0B%*1 1/0*A 0& 1/%1 1/+ -+@@6+)& (=
%66 =()>& (= P*(&10B0&> ^0*B6.@0*A ,/)0&10%* B.61& '+=()+ 1/+

?1%"5@
&%=%1#23"+%1)5 =() 5%*.%)7 894U! --" ;:D;4! 7(. $066 *(1+ 1/%1 1/+
2/0)@ ,+*1.)7_ $+)+ %6>(&1 %66 5+$&" #= 7(. $066 6((E 0* 7(.)

%.1/() /%& 1( %@>01 1/%1 G01 '+B(>+& 0*B)+%&0*A67 +?0@+*1 1/%1

>.B/ (= P*(&10B0&> 0& -)('%'67 (= 5+$0&/ ()0A0*"H N+ 0& *%1.)%667
B%.10(.&! $%)7 (= (==+*@0*A P(@L& Q+B.60%) Q+(-6+" C61/(.A/ #
%@>01 1/%1 (*+ B%**(1 0@+*10=7 1/+ )%B+ (= &(>+ (= 1/+ >()+
-)(>0*+*1 J%6?%10(*D/.BE&1+)&! # 1/0*E 01 &0A*0=0B%*1 1/%1 1/(&+
$/(> (*+ B%* 0@+*10=7 )%B0%667 %6$%7& 1.)* (.1 1( '+ 5+$&! %*@ #
$(.6@ @+6+1+ G>.B/ (=H %*@ G-)('%'67H 0* 1/+ %.1/()L& &1%1+D
>+*1"
2/+)+ B%* '+ *( F.+&10(* '.1 1/%1 ,/)0&10%*017 $%& ()0A0D
*%667 % 5+$0&/ -)(>(10(*! %*@ 01 0& *(1+$()1/7 1/%1 1/+ ,/)0&10%*&
$/( 1)7 1( >%E+ 1/+0) B.61 )+&-+B1%'6+ 0* 1/+ 2/0)@ ,+*1.)7
B6%0> 1/%1 1/+7 )+-.@0%1+ 1/+ 5+$&" X*+ (= 1/+ +%)60+&1 1( @( 1/0&
$%&

2+)1.660%*!

,%)1/%A0*0%*

&/7&1+)!

$/(&+

2/-'-A"&%193!

@+=+*&+ (= ,/)0&10%*017! $%& $)011+* %1 1/+ ?+)7 '+A0**0*A (= 1/+

2/0)@ ,+*1.)7" N+ %&&+)1& 1/%1 ,/)0&10%*017 0& *(1 % B(*&-0)%B7 (=
)+?(6.10(*%)0+& %*@ @+A+*+)%1+&! %& $%& B(>>(*67 '+60+?+@! %*@
B6%0>& 1/%1 01 0& %* %&&(B0%10(* (= 6(?0*A ')(1/+)& $/( /%?+ -)+D
&+)?+@ 1/+ =%01/ 1/%1 1/+ 5+$& =()&((E c $/0B/ /%& '++* 1/+ B(>D
>(*

&1()7

+?+)

&0*B+"

X.)

/(67

>+*

&%6?%A+

2+)1.660%*

'7

B6%0>0*A 1/%1 /+ $%& G()1/(@(3H 0* /0& +%)67 $)010*A&! '.1 1/+*!

%6%&h '+B%>+ % <(*1%*0&1 /+)+10B! -(() =+66($" 2+)1.660%* 0& 1/+
%.1/() (= 1/+ =%>(.& @0B1.> 1/%1 /+ '+60+?+& 1/+ 0>-(&&0'6+
'+B%.&+ 01 0& %'&.)@ ^

1+">-#U9%)#):.9+>93_! &( /+ 0& *%1.)%667 @+%)

1( 1/+ /+%)1 (= 1/+ -0(.&" N($ >.B/ 5+)(>+ %*@ (1/+) &%0*1&

#'

/0%!1%23+0!+/4,/%56

/%?+ 1%>-+)+@ $01/ 1/+ =%B1& 1( >%E+ 2+)1.660%* &++> G()1/(@(3H

0* /0& +%)67 $()E& /%& '++* >(&1 =.667 &/($* '7 20>(1/7 ]%)*+&
0* /0&

"+&9''%)5

^X3=()@! 8948_! '.1 +?+* /+ &-+*@& % /.*@)+@

-%A+& -%$0*A (?+) B/)(*(6(A0B%6 @0==0B.610+& 1/%1 B%* '+ )+B(*D

B06+@ '7 $/%1 &++>& 1( >+ 1/+ &0>-6+ %*@ ('?0(.& &(6.10(*t 2+)D
1.660%*! $/( $%& +?0@+*167 % -+110=(AA0*A 6%$7+) '+=()+ /+ A(1 0*1(
1/+ P(&-+6D'.&0*+&&! /%@ &+*&+ +*(.A/ 1( +60>0*%1+ =)(> /0&
')0+= =() 1/+

,/)0&10%*& =%B1& 1/%1

$(.6@

/%?+ @0&-6+%&+@

1/+

-%A%*& $/(> /+ $%& 1)70*A 1( B(*?0*B+ 1/%1 ,/)0&10%*& )+-)+D

&+*1+@ *( 1/)+%1 1( B0?060b+@ &(B0+17d /+ %BB()@0*A67 B(*B+%6+@ 0*
/0& %-(6(A+10B $()E& 1/+ -+B.60%) @(B1)0*+& (= 1/+ ,/)0&10%* &+B1
1( $/0B/ /+ /%@ '++* ()0A0*%667 GB(*?+)1+@!H '.1 /+ *%1.)%667
+3-(.*@+@ 1/(&+ @(B1)0*+& 0* $)010*A& 0*1+*@+@! *(1 =() 1/+ +7+&
(= $0BE+@ -%A%*&! '.1 =() (1/+) ')%*@& (= ,/)0&10%*&! $/(> /+
$0&/+@ 1( B(*?+)1 1( /0& ($* &+B1! $/0B/ $%& 1/%1 (= <(*1%*.&! %
?+)7 N(67 Q)(-/+1 ^@0?0*+67 0*&-0)+@! (= B(.)&+_ $/( $%& % Q/)7D
A0%*! *(1 % 5+$! %*@ $/( /%@ 6+%)*+@ =)(> B/%1& $01/ P(@ 1/%1
&0*B+ 1/+ 5+$& /%@ >.==+@ 1/+0) '0A (--()1.*017 %1 1/+ 10>+ (=
1/+ ,).B0=030(*! 5+&.&! $/+* /+ )+1.)*+@ *+31 7+%) () 1/+ 7+%)
%=1+) 1/%1! $%& A(0*A 1( &+1 .- /0& T+$ 5+).&%6+> 0* Q/)7A0% %=1+)
/+ /%@ )%0&+@ /+66 $01/ 1/+ -%A%*& %*@ 1()>+*1+@ %*@ '.1B/+)+@
1/+> 0* %66 (= 1/+ @+60A/1=.6 $%7& &( 6(?0*A67 @+&B)0'+@ 0* 1/+
C-(B%67-&+! 1/+ N7>* (= N%1+ 1/%1 &1066 &((1/+& 1/+ &(.6& (= G=.*D
@%>+*1%60&1H ,/)0&10%*& 1(@%7" #=! 0* /0&

2/-'-A"&%193 %*@ &0>06%)

$()E&! 2+)1.660%* /%@ 1(6@ 1/+ &1.-0@ -%A%*& 1/%1 1/+7 $+)+ A(0*A
1( '+ 1()1.)+@ %*@ +31+)>0*%1+@ 0* % 7+%) () 1$(! 1/+7 >0A/1 /%?+
@(.'1+@ 1/%1 ,/)0&10%*& $+)+ 1/+ 0**(B+*1 60116+ 6%>'& 1/%1 2+)D
1.660%* B6%0>+@ 1/+7 $+)+"
2+)1.660%* $)01+& &+>0D601+)%1+ '(>'%&1" 2/+ =0)&1 ,/)0&10%*
$/( B%* $)01+ @+B+*1 o%10* 0& <0*.B0.& Z+603! $/(&+

W1&);%9.!

$)011+* 0* 1/+ =0)&1 /%6= ^-(&&0'67 1/+ =0)&1 F.%)1+)_ (= 1/+ 2/0)@
,+*1.)7 >.&1 /%?+ @(*+ >.B/ 1( >%E+ ,/)0&10%*017 )+&-+B1%'6+"

">

4%&378!9*!873&%4

N+ B(*B+*1)%1+& (* )[email protected]*A -%A%* >71/& 1/%1 *( [email protected]%1+@

>%* '+60+?+@ %*7$%7 %*@ (* @+*70*A 1/%1 ,/)0&10%*& ^/+ >+%*&
/0& E0*@! (= B(.)&+h_ -)%B10B+ 0*B+&1 ^% =%?()01+ )+B)+%10(* (= >%*7
&+B1& 1/%1 /%@ '++* &%?+@ '7 ,/)0&1 =)(> 1/+ 17)%**7 (= /.>%*
6%$&_ () B.1 1/+ 1/)(%1& (= B/06@)+* 1( ('1%0* '6((@ =() N(67
,(>>.*0(* ^%& &(>+ A)(.-& .*@(.'1+@67 @0@_" N+ %)A.+& =() %
>(*(1/+0&> 1/%1 0& 0*@0&10*A.0&/%'6+ =)(> 1/+ J1(0B +3B+-1 1/%1
1/+ X*+ P(@ 0& 0@+*10=0+@ %& 1/+ ,/)0&10%* @+017! =)(> $/(&+
$()&/0- 1/+ &0*=.6 5+$& %)+ %-(&1%1+&! %*@ 0*&0&1& 1/%1 ,/)0&10%*&
/%?+ *(1/0*A 1( @( $01/ 1/+ 5+$&! $/(> P(@ 0& A(0*A 1( -.*0&/"
M/%1 0& 0*1+)+&10*A 0& 1/%1 <0*.B0.& /%& *(1/0*A 1( &%7 %'(.1 %*7
&-+B0=0B%667 ,/)0&10%* @(B1)0*+! %*@ 1/%1 1/+ *%>+& (= 5+&.& ()
,/)0&1 @( *(1 %--+%) 0* /0& $()E" 2/+)+ 0& I.&1 (*+ %66.&0(*t 1/+
-%A%*& &%7 1/%1 ,/)0&10%*017 $%& =(.*@+@ '7 % =+6(* ^.**%>+@_
$/( $%& B).B0=0+@" 2/%1! &%7& <0*.B0.&! 0& %'&.)@t *( B)0>0*%6
+?+) @+&+)?+@! *() @0@ % >%* (= 1/0& $()6@ /%?+ 1/+ -($+)! 1( '+

"++)&%.Q#U9%#/9&)&%.#>"93#1+">%#)9&#3"+9%.."#5-X@
%93#)9&#/-&9%.."#&"++"593_" 2/%1 %>'0A.(.& )+=+)+*B+ 0& %66 1/%1 /+
'+60+?+@ 1( '+ % A(@ ^

/%& 1( &%7 %'(.1 01d /+ 1.)*& %1 (*B+ 1( B(*@+>*0*A 1/+ aA7-10%*&

=() $()&/0--0*A % >()1%6 >%*! %*@ 1/+* /+ %)A.+& 1/%1 1/+ &0A*
(= 1/+ B)(&& )+-)+&+*1& ^%_ 1/+ >%&1 %*@ 7%)@ (= % &/0- .*@+) &%06!
%*@ ^'_ 1/+ -(&010(* (= >%* $/( 0& $()&/0--0*A P(@ -)(-+)67!
0"+" &1%*@0*A $01/ (.1&1)+1B/+@ %)>&" #= <0*.B0.& 0& *(1 >+)+67
1)70*A 1( -.66 1/+ $((6 (?+) 1/+ +7+& (= 1/+ A.660'6+ -%A%*&! 01 B+)D
1%0*67 &(.*@& %& 1/(.A/ 1/0& ,/)0&10%* $+)+ @+*70*A 1/+ @0?0*017
(= ,/)0&1! +01/+) )+A%)@0*A /0>! %& @0@ >%*7 (= 1/+ +%)67 ,/)0&D
10%*&! %& >%* $/( $%& 0*&-0)+@ '.1 $%& *(1 1( '+ 0@+*10=0+@ $01/
P(@! () B6%0>0*A! %& @0@

% *.>'+) (= 6%1+) &+B1&! 1/%1

$/%1

%--+%)+@ (* +%)1/ %*@ $%& B).B0=0+@ $%& >+)+67 % A/(&1! %*

0*&.'&1%*10%6 %--%)010(* &+*1 '7 ,/)0&1! $/( /0>&+6= -).@+*167
&1%7+@ 0* /0& /+%?+* %'(?+ 1/+ B6(.@& %*@ 6%.A/+@ %1 1/+ =((6&

"=

/0%!1%23+0!+/4,/%56

$/( 1/(.A/1 1/+7 B(.6@ E066 % -/%*1(>" X= B(.)&+! (.) /(67 >+*
%)+ F.01+ &.)+ 1/%1 /+ $%& G()1/(@(3"H
M/+1/+) 1/+ ,/)0&10%*&! (= $/(> 1/+)+ 0& *( B+)1%0* /0&1()D
0B%6 1)%B+ '+=()+ B" 88V! $+)+ &0>-67 % >(@0=0+@ () @0&A.0&+@ B(*D
10*.%10(* (= 1/+

(!+".&%)5%

^0"+"! 1/+ =(66($+)& (= % 5+$0&/ B/)0&1

$/(! .*@+) 1/+ %&&.>+@ *%>+ (= ,/)+&1.&! +?0@+*167 -+)&.%@+@

%1 6+%&1 1/+ )%''6+ (= 1/+ /.A+ 5+$0&/ B(6(*7 -6%*1+@ 0* W(>+
1/%1 1/+ 10>+ 1( &1%)1 '.1B/+)0*A 1/+

A-*%3 /%@ B(>+_ B%**(1 '+

@+1+)>0*+@" 2/+ $()@ 1/%1 2%B01.& .&+@! %& &/($* '7 1/+ ()0A0*%6
)+%@0*A (= 1/+ <+@0B+%* >%*.&B)0-1 ^$/0B/ B%* &1066 '+ &++*
'+*+%1/ 1/+ +)%&.)+ %*@ GB())+B10(*H '7 % 6%1+) /%*@_ $%&

&%)5%

(!+".@

^GF.(& -+) = 6%A010% 0*?0&(& ?.6A.& ,/)+&10%*(& %--+66%'%1H_!

%*@ 1/+ %BB.)%B7 (= 1/%1 &-+660*A 0& A.%)%*1++@ '7 1/+ =%B1 1/%1
2+)1.660%* B(>-6%0*& 0* 894 C"S" %*@ 6%1+) 1/%1 1/+ >+>'+)& (=
/0& &+B1 %)+ B%66+@

(!+".&%)5%

'7 1/+ $0BE+@ -%A%*&! $/0B/ 0&*L1

)0A/1 %1 %66! '+B%.&+ 1/+ B())+B1 $()@ 0&

2/0& 0& &0A*0=0B%*1 '+B%.&+

(!+%.&%)5%"

!"#$%& m,/)+&1.&n! g.&+=.6! &+)D

?0B+%'6+! A((@!L 0& % B(>>(* P)++E $()@ %*@ $%& % *%>+ =)+D
F.+*167 A0?+* 1( &6%?+& (= X)0+*1%6 ()0A0* ^)+1%0*+@ '7 1/+> %& %
B(A*(>+* $/+* 1/+7 $+)+ +>%*B0-%1+@_ %*@ $%& %6&( B(>>(*67
1%E+* %& % *%>+ '7 -+)&(*& (= 1/+ 6($+) B6%&&+& 0* C&0% <0*()
$/( $%*1+@ 1( '+ E*($* '7 %* 0*1+660A0'6+ P)++E *%>+ 0* -6%B+
(= 1/+ (.16%*@0&/ J+>010B () (1/+) *%10?+ *%>+ 1/%1 $%& -)(-+)67
1/+0)& ^>.B/ %& ,/0*+&+ 0* 1/0& B(.*1)7 B%66 1/+>&+6?+& g,/%)60+L
() g<0E+L_" ,0B+)(L& =)0+*@! ,.)0(! =() +3%>-6+! /%@ % &6%?+ ()
=)++@>%* *%>+@ ,/)+&1.&! $/(> /+ +>-6(7+@ %& % E0*@ (= I(.)D
*%60&1 1( @)%$ .- &.>>%)0+& (= @%067 +?+*1& 0* W(>+ =() 1)%*&>0&D
&0(* %& *+$& 1( /0& =)0+*@& $/( $+)+ (.1 (= #1%67" <%*7 -+)&(*& (=
1/%1 *%>+ %)+ E*($*" X*+ (= 1/+> $%& % 5+$0&/ )+?(6.10(*%)7
%A01%1()! ,/)+&1.&! $/( $%& )+A%)@+@ %& 1/+ 6+%@+) (= (*+ (= 1/+
'0A 5+$0&/ (.1')+%E& 0* W(>+! $/0B/! %& $+ E*($ =)(> J.+1(D

"$

4%&378!9*!873&%4

*0.& ^

(')9>"

V\"Y_! $%& %BB(>-%*0+@ '7 )0(10*A %*@ (.1)%A+& &(

A)(&& 1/%1 ,6%.@0.& )%* %66 1/+ 5+$& ^+3B+-1! (= B(.)&+! 1/(&+ $/(
/%@ '(.A/1 B010b+*&/0-_ (.1 (= 1/+ B017" ^#1 @0@ *(1 $()E! (=
B(.)&+! =() $/06+ /+ $%& /%?0*A (*+ 1/)($* (.1 (= 1/+ =)(*1 @(()!
1$( $+)+ -)('%'67 B)%$60*A 0* 1/+ '%BE $0*@($&! %*@ % =+$ 7+%)&
6%1+) W(>+ $%& >()+ B)($@+@ $01/ 5+$& 1/%* +?+)! %*@ ,6%.@0.&!
$/+* 1/+7 %A%0* >%@+ 1/+>&+6?+& >()+ ('*(30(.& 1/%* .&.%6!
@+B0@+@ 1/+7 $+)+ 1(( *.>+)(.& %*@ 1(( @++-67 +*1)+*B/+@ 0*
1/+ +B(*(>0B 60=+ (= 1/+ B017 1( '+ +3-+66+@! %*@ 1)0+@ 1( B(*1)(6

()..%9.# 0%-!

1/+> '7 &.--)+&&0*A 1/+0) &7*%A(A.+& 0* 1/+ B017 ^

ox"`";_" 2/+ @%1+ (= 1/+ -%)10B.6%) (.1')+%E (= $/0B/ ,/)+&1.&

$%& 1/+ 6+%@+) 0& .*B+)1%0*" #1 0& %&&0A*+@ 1( Y9D\: C"S" '7 R(+&D
1+)>%**! $/( /%& % A((@ %)10B6+ (* 1/0& &.'I+B1 0*

B%.&-+%)! x[#

^89`4_! Y\`DY`9! '.1 01 B(.6@ /%?+ '++* %* (.1')+%E (= 5+$& &03 ()

&+?+* 7+%)& +%)60+)" CBB+-10*A R(+&1+)>%**L& @%1+! 01 (BB.))+@
'+1$++* =(.)1++* %*@ =0=1++* 7+%)& '+=()+ 1/+ '.)*0*A (= W(>+
0* `Y C"S"! =() $/0B/ T+)( '6%>+@ 1/+

(!+".&%)5%! $/( $+)+ B+)D

1%0*67 )+A%)@+@ %& % A%*A () )%1/+) /()@+ (= 5+$& $/( $+)+ 1)70*A
1( @+&1)(7 B0?060b%10(* 0* 1/+ >%**+) (= ,/)+&1.&! $/(> 1/+7 >%7
/%?+ ?+*+)%1+@ %& 1/+0) R%)6 <%)3 () 2)(1&E7 ^])(*&1+0*_"
M/%1 /%--+*+@ 1( ,/)+&1.& 0& *(1 E*($*! '.1 01 0& *(1
0>-(&&0'6+ /+ /0@ 1( %?(0@ %))+&1! A(1 (.1 (= W(>+! %*@ $+*1
'%BE 1( 5.@%+%! 0= /+ /%@ '++* 1/+)+ '+=()+! ()! 0= /+ /%@ *(1!
B/(&+ 01 %& % A((@ -6%B+ 1( &10) .- >()+ 1)(.'6+ =() B0?060b+@ >+*"
#= &(! /+ B(.6@ /%?+ '++* %))+&1+@ %*@ +3+B.1+@ 1/+)+ '7 1/+
W(>%* %.1/()010+&" #= &(! /+ B(.6@ /%?+ '++* 1/+ '%&0& (* $/0B/
1/+ 6%1+) >71/& %'(.1 5+&.& ^% ?+)7 B(>>(* 5+$0&/ *%>+! $/0B/
B(.6@ $+66 /%?+ '++* /0&_ $+)+ B(*&1).B1+@" #1 0& % B.)0(.& =%B1
1/%1 (*+ (= 1/+ +%)60+&1 ,/)0&10%* =()A+)0+&! E*($* %6)+%@7 1( 2+)D
1.660%* %*@ %*1+@%10*A >(&1 () %66 (= 1/+ T+$ 2+&1%>+*1! 0& % &.-D
-(&+@ 6+11+) =)(> Q(*10.& Q06%1.& @+&B)0'0*A 1/+ ,).B0=030(*! %*@
+30&1& 0* 1$( ?+)&0(*& 1/%1 %)+ %@@)+&&+@ 1( ,6%.@0.& %& $+66 %& 0*

"(

/0%!1%23+0!+/4,/%56

1/+ &1%*@%)@ ?+)&0(*& 0* $/0B/ 1/+ )+0A*0*A +>-+)() 0& 20'+)0.&"

#1 0& /%)@ 1( &++ $/7 %*7 ,/)0&10%*& &/(.6@ /%?+ &++* %* %@?%*D
1%A+ 0* -6%B0*A 1/+ ,).B0=030(* &( 6%1+! '.1 01 $(.6@ '+ .*@+)D
&1%*@%'6+ 0= 1/+ &1()7 ()0A0*%667 B(*B+)*+@ ,/)+&1.& %*@ 1/+ @%1+
$%& >(?+@ =%)1/+) '%BE $/+* 01 $%& @+B0@+@ 1/%1 01 $(.6@ '+ '+1D
1+) 1( B/%*A+ 1/+ *%>+ 1( ,/)0&1.& %*@ -)+1+*@ 1/%1 1/+)+ $%& *(
B(**+B10(*" C B/%*A+ =)(> ,/)+&1.& 1( ,/)0&1.& $(.6@ /%?+
'++* +%&7 1( -.1 (?+) '7 1/+ +*@ (= 1/+ J+B(*@ ,+*1.)7! $/+*
1/+ 0*B)+%&0*A 01%B0&> 0* P)++E -)(*.*B0%10(* A%?+

"&)

%*@

%-&)

1/+ &%>+ &(.*@ 0* -(-.6%) &-++B/" 2/+)+ $(.6@ '+ 1/+ =.)1/+)
%@?%*1%A+ 1/%1 1/+ *+$ *%>+ $(.6@ '+ .*0F.+ %*@ .*-)+B+D
@+*1+@ %& % -+)&(*%6 *%>+! 0*&1+%@ (= '+0*A % ?+)7 B(>>(*
*%>+ %>(*A 1/+ 6($+) B6%&&+&"
2/+ $()@

!'#$%& m,/)0&1.&n! g&%6?+! (0*1>+*1!L $%& *%1.D

)%667 *+?+) % *%>+ A0?+* 1( -+)&(*&! '.1 0* B(*1+>-()%)7 e0@@0&/

^0"+"! 1/+ 5+$0&/ @0%6+B1 (= P)++E_ 01 $%& =() &(>+ )+%&(* .&+@ %&
%* +-01/+1 %--60+@ 1( 1/+ 5+$0&/ E0*A& $/( %--+%) 0* &1()0+& 0*
1/+ X6@ 2+&1%>+*1! 0>-670*A 1/%1 1/+7 /%@ '++* g%*(0*1+@L %*@
&(

$+)+

6+A010>%1+"

#1

@(+&

(BB.)

0*

1/+

J+-1.%A0*1"

#1

1/.&

%BF.0)+@ %>(*A 5+$& % B(**(1%10(* 1/%1 $(.6@ /%?+ >%@+ 01 %

6(A0B%6

1016+

1(

'+

%&&.>+@

'7

)+?(6.10(*%)7

%A01%1()

$/(

B6%0>+@ 1( '+ % 6+A010>%1+ E0*A (= 1/+ 5+$& %*@ %6&( 1/+ <+&&0%/
$/(> 1/+ 5+$& /%@ 6(*A '++* %$%010*A $01/ 1/+ +3-+B1%10(* 1/%1
/0& &.-+)*%1.)%6 -($+)& $(.6@ +*%'6+ 1/+> 1( '.1B/+) 1/+ /%1+@
#*@(Da.)(-+%*& $01/(.1 =+%) (= )+-)0&%6&" #1 0& +*10)+67 -(&&0'6+
1/%1 1/+)+ $%& &.B/ %* %A01%1()! @0&10*B1 =)(> ,/)+&1.&! 0* 1/+
10>+ (= 20'+)0.& %*@ 1/%1 /+ $%& +3+B.1+@ '7 1/+ W(>%* A(?+)D
*() (= 5.@%+% %1 1/%1 10>+" e(. $066 *(10B+ 1/%1 1/+ &1()0+& 0* 1/+
T+$ 2+&1%>+*1 B(*1%0* B6+%) ?+&10A+& (= % B6%0> 1( '+ 1/+ gR0*A (=
1/+ 5+$&!L $/0B/ 1/+ %.1/()& (= 1/+ &1()0+& =0*@ 01 *+B+&&%)7 1(
+3-6%0* %$%7" #* 1/+ %'&+*B+ (= %*7 /0&1()0B%6 )+B()@ (*+ B%* (*67
&-+B.6%1+! (= B(.)&+! '.1 (* 1/+ $/(6+ # 1/0*E 01 >()+ 60E+67 1/%1

":

4%&378!9*!873&%4

L".!9)4! %
L"!-.!9)4! 60E+ 5%E+ =() 5%B('_ 0* 1/+ 10>+

1/+)+ $%& %* %A01%1() () 1/%.>%1.)A0&1 *%>+@ 5+&.& ^0"+"

B(>>(* B(*1)%B10(* (=

(= 20'+)0.& 1/%* 1/%1 1/+ $/(6+ &1()7 $%& )+B(*&1).B1+@ =)(> 1/+
B%)++) (= ,/)+&1.&" Q%6+&10*+ $%& =.66 (=

A-M&)"!

=%E0)&! -+@@60*A

>0)%B6+& %*@ )+?+6%10(*& 1( 1/+ >.6101.@+! %*@ 01 $(.6@ *(1 '+ %1

%66 %&1(*0&/0*A 0= (*+ (= 1/+> 1)0+@ 1( &+1 /0>&+6= .- 0* B(>-+10D
10(* 1( 1/+ +&1%'60&/+@ 5+$0&/ -)0+&1& $01/ =%1%6 )+&.61& () +?+*
&1%)1+@ % )+?(6.10(*%)7 >(?+>+*1 (= &(>+ &()1 1/%1 1/+ W(>%*
A(?+)*>+*1 *0--+@ 0* 1/+ '.@"
2/+ =()+A(0*A $066 +3-6%0* $/7 01 0& *+%)67 B+)1%0* 1/%1 1/+

(!+".&%)5% +3+B.1+@ '7 T+)( 0* `Y C"S" $+)+ % >(' (= 5+$0&/ )+?D

(6.10(*%)0+&! =(66($+)& (= 1/+ *(1()0(.& ,/)+&1.&! $/( /%@ 6+@
1/+ @+&1).B10?+ (.1')+%E =(.)1++* () >()+ 7+%)& '+=()+" 2/+)+ 0&
1/.& *( /0&1()0B%6 +?0@+*B+ =() 1/+ +30&1+*B+ (= ,/)0&10%*& %1 &(
+%)67 % @%1+" ^2/+ 1+)> g,/)0&10%*L &/(.6@ ('?0(.&67 '+ %--60+@
(*67 1( &+B1& 1/%1 B6%0> 1( '+ @+)0?+@ =)(> % ,/)0&1.& @0&10*B1
=)(> ,/)+&1.&"_ Z() =.)1/+) 0*=()>%10(* (* 1/0& &.'I+B1! &++ 1/+
%)10B6+ '7 R(+&1+)>%** B01+@ %'(?+"
Q60*7L& 6+11+) 0& (.) +%)60+&1 /0&1()0B%6 +?0@+*B+ =() ,/)0&10%*&"
Q60*7 $%& 0* ]01/7*0% 0* 88V C"S"! %*@ %1 1/%1 10>+ 1/+ ,/)0&10%*&
-)('%'67 /%@ *(1 7+1 B(*B(B1+@ %*7 gA(&-+6&!L %61/(.A/ 01 0& -(&&0D
'6+! (= B(.)&+! 1/%1 1/+7 /%@ &(>+ 0* &+B)+1 %*@ $+)+ %'6+ 1( B(*D
B+%6 1/+> =)(> /0>" ^2/+)+ 0& % 1)%*&6%10(* $01/ 1/+ 1+31 (= 1/+
6+11+) 0* 1/+ o(+' &+)0+&"_ 2/+7 B(*?0*B+@ Q60*7 1/%1 1/+7 $+)+ I.&1
% '.*B/ (= 0A*()%*1 %*@ &.-+)&1010(.&! '.1 0**(30(.&! =%*%10B&!
%*@! %& 0& +?0@+*1 =)(> 1/+ 6+11+)! Q60*7 $%& )+%667 %&1(*0&/+@ 1(
=0*@ *( +?0@+*B+ 1/%1 1/+7 $+)+ A.0617 (= 1/+ B)0>+& ^&.B/ %& )01.%6
>.)@+)&_ %*@ %*%)B/0&10B &.'?+)&0(* 1/%1 /+ *%1.)%667 %&&(B0%1+@
$01/ 1/+ *%>+" J0*B+ /0& 0& 1/+ (*67 /0&1()0B%6 +?0@+*B+ =() ,/)0&D
10%*& %1 &( +%)67 % @%1+! $+ /%?+ *( >+%*& (= E*($0*A $/+1/+) /+
B(*=.&+@

(!+%.&%)5% $01/ (!+".&%)5% ^$/( >%7 &1066 /%?+ '++* %B10?+

%1 1/%1 10>+ c 1/+ 5+$& $+)+ %6$%7& B(*&-0)0*A %A%0*&1 B0?060b%10(*

";

/0%!1%23+0!+/4,/%56

%*@ >%7 /%?+ E+-1 1/+ *%>+_ c % B(*=.&0(* 1/%1 $%& -%)10B.6%)67
+%&7 '+B%.&+ % W(>%* $(.6@ /%?+ 1/(.A/1 01 .*60E+67 1/%1 %
A)(.- $(.6@ B%66 01&+6= g1/+ -+(-6+ (= 1/+ &%6?+!L $/0B/ 0& %66 1/+
*%>+ $(.6@ >+%* 1( %*7(*+ $/( $%& *(1 % 5+$ c () 1/+)+ $+)+
,/)0&10%*& ^0"+"! -+)&(*& $/( B6%0>+@ 1( '+ =(66($+)& (= % ,/)0&D
1.&! *(1 ,/)+&1.&_ $/( @0@ -)%B10B+ )01.%6 >.)@+)& %*@ 1/+ 60E+"
2/+)+ $+)+ &.B/ 6%1+)"
#1 0& B+)1%0* 1/%1 1/+ +%)60+&1 E*($* &+B1& (= G,/)0&10%*&!H
0"+"! =(66($+)& (= (*+ () %*(1/+) (= 1/+ %A01%1()& *%>+@ 5+&.&!
$+)+ +*+>0+& (=! %*@ -)('%'67 B(*&-0)%1()& %A%0*&1! 1/+ P)%+B(D
W(>%*&" 2/+ T%b%)+*+& %@>011+@ (*67 5+$&d 1/+ a'0(*01+&! 0*
B(*=()>017 $01/ 1/+ @(B1)0*+ &1%1+@ +3-60B0167 0* 1/+ GT+$ 2+&1%D

C)+1" 4"V4DV9_! %61/(.A/ >(&1 ,/)0&10%*& %)+ 1(( &1.-0@ 1(

.*@+)&1%*@ $/%1 1/+7 )+%@! %@>011+@ A-*%3 1( 1/+ &1%1.& (= G$/0*D
>+*1H ^

0*A @(A&!H -)(?0@+@ 1/+7 /%@ 1/+>&+6?+& B0)B.>B0&+@ %*@ ('+7+@

1/+0)

@0?0*+67D%--(0*1+@

>%&1+)&!

-)(>0&0*A

1/+>

1/%1

$/+*

5+&.& )+1.)*+@ $01/ B+6+&10%6 )+v*=()B+>+*1& %*@ 0*= 60B1+@ (* 1/+

/%1+@ P)++E& %*@ W(>%*& %66 1/+ &6%.A/1+) %*@ 1()>+*1 1/%1 0&
&( +*1/.&0%&10B%667 @+&B)0'+@ 0* 1/+ %-(B%67-&+ 1/%1 $%& 0*B6.@+@
0* 1/+ GT+$ 2+&1%>+*1!H 1/+ -)(&+671+& $(.6@ '+ -+)>011+@ 1( 60+
(* 1/+ = 6(() '+/0*@ 1/+ 1%'6+& %1 $/0B/ 1/+ 1)0.>-/%*1 5+$& '%*D
F.+1 %*@ 1( +%1 1/+ 1%'6+ &B)%-& 1/)($* 1( 1/+>" 2/0& -)(>0&+!
/($+?+)! .*@+)&1%*@%'67 =%06+@ 1( %11)%B1 6%)A+ *.>'+)& (=

A-*%3!

%*@ 1/+ &.-+)&1010(* A(1 .*@+) $%7 (*67 $/+* 01& @(B1)0*+& /%@
'++* >(@0=0+@ 1( =%B0601%1+ 1/+ GB(*?+)&0(*H (= 6%)A+ *.>'+)& (=
1/+ >(*A)+60b+@ 0*/%'01%*1& (= 1/+ (*B+DW(>%* a>-0)+" <%*7 (=
1/+ +%)67 ,/)0&10%* &+B1& @0&B6%0>+@ 0* ?%)0(.& $%7& % B(**+B10(*
$01/ 1/+ 5+$&! %*@ 01 B%* &B%)B+67 '+ @(.'1+@ 1/%1 1/+ %*10D5+$0&/
-%&&%A+& 0* 1/+ GT+$ 2+&1%>+*1H $+)+ @+&0A*+@ 1( =%B0601%1+ B(>D
-+1010(* $01/ 1/(&+ &+B1&" #1 0&! # 1/0*E! >(&1 &0A*0=0B%*1 1/%1 1/+
,/)0&10%* &+B1 $/0B/ &/)+$@67 >%@+ % @+%6 $01/ 1/+ @+&-(1& (=
1/+ @+B%70*A W(>%* a>-0)+ %*@ 1/.& %BF.0)+@ 1/+ 6+A%6 %*@ >06D

"#

4%&378!9*!873&%4

01%)7 -($+) 1( +31+)>0*%1+ 01& B(>-+101()& $%& (*+ $/0B/ /%@

%&&+>'6+@ % /%&1067 B(66+B1+@ %*@ &6(?+*67 +@01+@ %*1/(6(A7 (= %
=+$ (= 1/+ *.>+)(.& A(&-+6& %*@ B%66+@ 01 % GT+$ 2+&1%>+*1!H &(
1/%1 01 B(.6@ B%))7 $01/ 01 %* GX6@ 2+&1%>+*1H (= 5+$0&/ 1%6+& 1(
-)(?+ 1/%1 1/+ 5+$& $+)+ 1/+ ,/(&+* W%B+ (= 1/+ 1)0'%6 @+017
$/(> 1/+ 5+$& /%@ 0>-.@+*167 0@+*10=0+@ $01/ 1/+

)5%39.#395>%

(= J1(0B >(*(1/+0&> %& $+66 %& $01/ 1/+ C/.)%D<%b@% (= 1/+

i()(%&1)0%* B.61" #1 >%7 %6&( '+ &0A*0=0B%*1 1/%1 1/+ ,/)0&10%*&
/%?+ %6$%7& .&+@ 1/+ *()>%6 5+$0&/ 1+B/*0F.+& (= =)%.@ %*@ =()AD
+)7! >(&1 ('?0(.&67 $/+* 1/+7 B(*B(B1+@ A(&-+6& 1/%1 -.)-()1 1(
/%?+ '++* $)011+* '7 +7+$01*+&&+& (= >0)%B.6(.& %*@ 0>-(&&0'6+
+?+*1&" 2/+ +?0@+*B+ @(+& *(1 -+)>01 .& 1( %==0)> 1/%1 ,/)0&10%*D
017 $%& B.**0*A67 0*?+*1+@ '7 1/+ 5+$& %& % >+%*& (= -%)%67&0*A
1/+ /+%61/7 0*&10*B1& (= (1/+) )%B+&! '.1 $+ B%* %==0)> 1/%1

%= 1/+

5+$& @0@ &+1 (.1 1( @+?0&+ % >+*1%6 -(0&(* 1/%1 $(.6@ +?+*1.%667
'+ 6+1/%6 1( (.) )%B+! 1/+7 B(.6@ /%?+ B(*B(B1+@ *( @).A 1/%1 $%&
>()+ +==0B%B0(.& 0* 1/+ B0)B.>&1%*B+&"
# +>-/%10B%667 B%66 7(.) %11+*10(* 1( 1/+ ('?0(.& =%B1 1/%1 1/+
-)0>010?+ ,/)0&10%* @(B1)0*+ 0& % &-+B0=0B @+>%*@ =() 1/+ &.0B0@+
(= (.) )%B+! $/0B/ &.)?0?+@ =)(> 1/+ +*@ (= 1/+ W(>%* a>-0)+
1( 1/+ -)+&+*1 (*67 '+B%.&+ (.) %*B+&1()&! (= =)+&/ '%)'%)0%*
&1(BE! &0>-67 0A*()+@ 0* -)%B10B+ % 6%)A+ -%)1 (= 1/+ -+)*0B0(.&
@(B1)0*+! +&-+B0%667 0* *()1/+)* a.)(-+ .*@+) +&&+*10%667 %)0&1(D
B)%10B )pA0>+&" O*106 1/+ @0&0*1+A)%10(* (= Q)(1+&1%*10&> >%@+ 01
-(&&0'6+ =() %*7 %>'010(.& 1%06()! B6+?+) B(*=0@+*B+ >%*! () @0&D
A).*16+@ /(.&+$0=+ 1( /%?+ G)+?+6%10(*&H %*@ -01B/ 1/+ $(( %1
6($+) B6%&&+& 1( >%E+ 1/+>&+6?+& 0>-()1%*1 () = 6++B+ 1/+ &.BE+)&!
1/+ -)(=+&&0(*%6 /(67 >+* +01/+) B(*1+*1+@ 1/+>&+6?+& $01/ 1+66D
0*A (.) -+(-6+ 1/+7 $+)+ G&0*=.6H () .&+@ 1/+ B(>>(* @+?0B+& (=
1/+(6(A0%*& 1( B(*B+%6 1/+ 0>-()1 (= 1/+ /(67 '((E" ^a?+* &(!
/($+?+)! 1/+ ,%1/(60B @+)?0&/+& %)+ ('?0(.&67 )+&-(*&0'6+ =() 1/+

""

/0%!1%23+0!+/4,/%56

+?+*1.%6 @(>0*%*B+ (= >+&10b(& 0* Go%10*H C>+)0B%! %*@ >%*7

&0>06%) >0&=()1.*+&"_
Z() 1/+ @+-6()%'6+ %BB+-1%*B+ (= ,/)0&10%*017 '7 1/+ 0A*(D
)%*1 '%)'%)0%*& (= (.) )%B+! # /%?+ 1)0+@ 1( %BB(.*1 0* >7 '((E!

(!+%.&%)5%&*#)5>#&!"#?9+;%;)'#-=#&!"#G".&" # $(.6@ *($ B/%*A+ *(1/D

0*A 0* 1/%1 @0&B.&&0(* +3B+-1 1( >%E+ 01 >()+ +>-/%10B! =() 0* 1/+
7+%)& &0*B+ # $)(1+ 01! # /%?+ B(>+ 1( 1/+ B(*B6.&0(* 1/%1! $01/
(*67 *.>+)0B%667 0*&0A*0=0B%*1 +3B+-10(*&! 1/+ ,/)0&10%*& %)+ .&+D
6+&& 0* %*7 +==()1 1( -)+&+)?+ (.) )%B+! %*@ 1/%1 (.) @(>+&10B +*+D
>0+& %)+! =)(> 1/+0) &1%*@-(0*1! $+66 %@?0&+@ 1( &.'&0@0b+! %& 1/+7
%)+ *($ @(0*A! 1/+ )%*10*A (= +?%*A+60B%6 &/%>%*& %*@ 1/+ )+?0?%6
(= >+*10B0@%6 &.-+)&1010(*& '7 +?+)7 >+%*&! 0*B6.@0*A 1/+ /0)0*A
(= 1+B/*0B0%*& $/( B%* -(&+ %& G&B0+*10&1&H %*@ G-)(?+!H '7 &.'16+
() 0>-.@+*1 1)0BE&! 1/+ G1).1/H (= 1/+ = 60>&0+&1 /(%3+& %*@ 1/+
>(&1 -)+-(&1+)(.& *(10(*&" 2/+ @+?+6(->+*1 (= ,/)0&10%*017 0*
%66 1/+ &+B1& (= 1/+ M+&1+)* $()6@ @.)0*A 1/+ -%&1 1$( B+*1.)0+&
/%& '++* 1/+ -)(A)+&&0?+ +60>0*%10(* =)(> %66 (= 1/+> (= 1/+ +6+D
>+*1& (= (.) *%10?+67 C)7%* >()%6017 1/%1 $+)+ &.-+)0>-(&+@ (*
1/+

@(B1)0*+

%BB+-1%'6+

1(

'+=()+
(.)

%*@

)%B+

@.)0*A

%*@

&(

1/+
%

<0@@6+

)+60A0(*

CA+&

1/%1

1(

B(.6@

>%E+
*(1

01
'+

+3-()1+@ %& % $/(6+ 1( (1/+) )%B+&" M01/ 1/+ -)(A)+&&0?+ $+%E+*D

0*A (= (.) )%B0%6 0*&10*B1&! %66 1/+ B.61& /%?+ '++* )+&1()+@ 1( B(*D
=()>017 $01/ 1/+ G-)0>010?+H ,/)0&10%*017 (= 1/+ /(67 '((E! 0"+"! 1(
1/+ .*@06.1+@ -(0&(* (= 1/+ 5+$0&/ ()0A0*%6&" # &/(.6@! -+)/%-&!
/%?+ >%@+ 01 >()+ +3-60B01 0* >7 60116+ '((E 1/%1 1/+ +==+B10?+
-($+) (= 1/+ %60+* B.61 0& '7 *( >+%*& B(*=0*+@ 1( &+B1& 1/%1
%==0)> % '+60+= 0* &.-+)*%1.)%6 '+0*A&" C& # /%?+ &1)+&&+@ 0* (1/+)
$)010*A&! $/+* 1/+ ,/)0&10%* >71/& '+B%>+ .*'+60+?%'6+! 1/+7
6+=1 0* 1/+ >0*@& (= +?+* 0*1+660A+*1 %*@ [email protected]%1+@ >+* % )+&0@.+!
1/+ @+1)01.& (= 1/+ )+I+B1+@ >71/(6(A7! 0* 1/+ =()> (= &.-+)&10D
10(*& %'(.1 G%66 >%*E0*@!H G/.>%* )0A/1&!H %*@ &0>06%) =0A>+*1&
(= 1/+ 0>%A0*%10(* 1/%1 /%@ A%0*+@ B.))+*B7 (*67 (* 1/+ %&&.>-D

"<

4%&378!9*!873&%4

10(* 1/%1 1/+7 /%@ '++* @+B)++@ '7 %* (>*0-(1+*1 @+017! &( 1/%1
0* -)%B10B%6 1+)>& $+ >.&1 )+A%)@ %& '%&0B%667 ,/)0&10%* %*@ )+60D
A0(.& &.B/ 0))%10(*%6 B.61& %& ,(>>.*0&> %*@ 1/+ 1%*A6+ (= =%*D
B0+& 1/%1 0& B%66+@ Go0'+)%60&>H %*@ 0& 1/+ >(&1 $0@+67 %BB+-1+@
=%01/ %>(*A (.) -+(-6+ 1(@%7" # %> % 60116+ +*B(.)%A+@ 1/%1 1(@%7
&(>+ (= 1/+ >()+ 0*1+660A+*1 Go0'+)%6&H %)+ %1 6%&1 -+)B+0?0*A 1/%1
1/+0) &.--(&+@67 )%10(*%6 B)++@ 0& &0>-67 '%&+@ (* 1/+ ,/)0&10%*
>71/& 1/+7 /%?+ B(*&B0(.&67 )+I+B1+@" # *(1+! =() +3%>-6+! 1/%1

!"#?95@
>)*# "'"A+)/!! V4 5%*.%)7 89;:! --" ;D9_! /%& B(>+ 1( 1/+ )+%60b%D
<%)7 R+**7! $/( @+&B)0'+& /+)&+6= %& G% =()>+) )%@0B%6H ^

10(*

1/%1

G&(

>%*7

(=

1/+

mGo0'+)%6&LHn

-(6010B%6

0@+%&y

%)+

)+60A0(.& %1 )((1" 2/+ &+%)B/ =() +F.%6017 0* 1/+ &+B.6%) &+*&+ 0& %
)+-6%B+>+*1 (= 1/+ 5.@%+(D,/)0&10%* 0@+% 1/%1 P(@ 6(?+& +?+)7
0*@0?0@.%6 +F.%667" y2/+ =++60*A& (= A.061 ()! 0*@++@! -017! $/0B/
(*B+ $+*1 0*1( 1/+ )+60A0(.& @)0?+! %)+ '+0*A 1)%*&=+))+@ 1( &+B.6%)
0@+%& 1( 1/+ .610>%1+ @+&1).B10(* (= (.) B0?060&%10(*"H
J( =%) %& 1/+)+ 0& /(-+ =() .&! 01 60+&! # 1/0*E! 0* 1/0& '+6%1+@
1+*@+*B7 1( 1%E+ %BB(.*1 (= '0(6(A0B%6 )+%6010+&"

"'

/0%!1%23+0!+/4,/%56

<>

4%&378!9*!873&%4

A---(!./0!)228!23!79.-275
#* 1/+ =()+A(0*A -%A+& # /%?+ 1)0+@ (*67 1( &.AA+&1 $/%1 &++>
1( >+ 1( '+ 1/+ >(&1 0>-()1%*1 -/+*(>+*% 1/%1 >.&1 '+ 1%E+*
0*1( %BB(.*1 0* =()>0*A %* ('I+B10?+ +&10>%1+ (= 1/+ 5+$& %*@ 0*
B(*&0@+)0*A @0&-%&&0(*%1+67 1/+ -)+&+*1 -60A/1 (= (.) )%B+ %*@ 1/+
@((> 1/%1 &++>& 1( /%*A (?+) (.) B/06@)+* %*@ (?+) (.)&+6?+&!
.*6+&& $+ %)+ 0*@0?0@.%6& $/( /%?+ %6)+%@7 B(>+

"X)1&)"#)"&)&%.#&"+3%5-."

/+-/"# )># %/.-.

# @( *(1 E*($ $/%1! 0= %*71/0*A! B%* '+ @(*+ 1( -)+&+)?+ %

&-+B0+& 1/%1 &(>+ I.@0B0(.& ('&+)?+)& '+60+?+ 1( '+ @)0?+* '7 %
6%)A+67

&.'B(*&B0(.&!

'.1

0))+&0&10'6+!

@+%1/D$0&/"

#*

898Y!

%61/(.A/ $+ /%@ 1/+ 5+$& (* (.) '%BE&! $+ $+)+ 0*@.'01%'67 1/+

@(>0*%*1 )%B+ (* +%)1/d $+ %)+ *($ % @+&-0&+@ %*@ @+A)%@+@ &-+D
B0+& (= %*1/)(-(0@& (* $/(> %66 (1/+) &-+B0+&! 0*B6.@0*A 1/+ ?+)7
6($+&1 %*@ >(&1 ').10&/! I(7(.&67 =++@" M/+* # &++ 1/%1 (.) -+(D
-6+ %)+ +01/+) 1(( @(610&/ 1( -+)B+0?+ 1/+0) @+A)%@%10(* () 1(( B)%D
?+* 1( B%)+! # %> B6(&+ 1( @+&-%0)" a?+* % =+$ @+B%@+& %A(! #
&/(.6@ *(1 /%?+ '+60+?+@ 01 -(&&0'6+ 1/%1 /+)+ 0* 1/+ O*01+@
J1%1+&

C)7%*&

$(.6@

$0660*A67

&++

1/+0)

B/06@)+*

/%.6+@

1(

G&B/((6&H 1( '+ @+=06+@ '7 +*=()B+@ %&&(B0%10(* $01/ &%?%A+& %*@

1( '+ )(''+@! '+%1+*! )%-+@! %*@ >.106%1+@ '7 1/+ %*0>%6&" a?+*
1(@%7! # %> %6>(&1 0*B)[email protected](.& $/+* # /+%) B/0+=& (= -(60B+ (*
1/+ )%@0( .)A0*A 1/+ $/01+ )%''01& 1( >0*0>0b+ 1/+ B/%*B+& 1/%1
1/+7 $066 '+ >%.6+@ () E066+@ '7 1/+ &%?%A+& $/(> 1/+7 1%3 1/+>D
&+6?+& 1( *(.)0&/ %*@ $/(> 1/+7 &.'&0@0b+ 1( ')++@ =%&1+)t 0* 1/+
I.*A6+& 1/%1 $+)+ (*B+ (.) 6%)A+ B010+&! 1/+ B)0*A0*A $/01+ 0*/%'01D
%*1& %)+ 1(6@ 1/+7 &/(.6@ *(1 ?+*1.)+ (.1 (= @(()& %=1+) @%)E!
&/(.6@ $%6E (*67 0* 1/+ >0@@6+ (= &0@+$%6E& &( 1/%1 ,(*A(0@& %)+
6+&& 60E+67 1( -(.*B+ (* 1/+> =)(> @(()$%7& () =)(> %.1(>(D
'06+& 0* 1/+ &1)++1! %*@ >.&1 *(1 &/($ 1/+>&+6?+& 0* 6%)A+ %)+%& (=

<=

/0%!1%23+0!+/4,/%56

1/+0) ($* B010+&" C)+ B)+%1.)+& 1/%1 %BB+-1 &.B/ @+A)%@%10(* B%-%D
'6+ (= &.)?0?%6 () +?+* =01 1( 60?+r #& 01 (*67 1/%1 1/+7 /%?+ '++*
+*&6%?+@ '7 =(.6 &.-+)&1010(*&! () /%?+ 1/+0) ')%0*& '++* &( B6(1D
1+@ '7 B+*1.)0+& (= &7&1+>%10B -(0&(*0*A 1/%1 1/+7 /%?+ '++* )+*D
@+)+@ -+)>%*+*167 %*@ 0))+>+@0%'67 0>'+B06+r
M/+* 1/+ 5+$& 0*?%@+ % *%10(*! 1/+0) =0)&1 B(*B+)* 0&! %& -).D
@+*B+ @+>%*@&! 1( %BF.0)+ B(*1)(6 (?+) 1/+ >0*@& (= 1/+0) ?0BD
10>&" #* 1/+ >0@@6+ (= 1/+ T0*+1++*1/ ,+*1.)7! o()@ N%))0*A1(*
1(6@ Q%)60%>+*1 1/%1 1/+ 5+$& %6)+%@7 B(*1)(66+@ G% 6%)A+ -()10(*H
(= 1/+ ])010&/ -)+&&! %*@! (= B(.)&+! 0* (1/+) C)7%* B(.*1)0+& 1/+7
/%@ '++* +F.%667 () >()+ &.BB+&&=.6" o+&& 1/%* % B+*1.)7 6%1+)!
1/+0) B(*1)(6 (?+) %66 1/+ >+%*& (= B(>>.*0B%10(* $01/0* +?+)7
C)7%*

*%10(*

/%@

'+B(>+

?0)1.%667

%'&(6.1+!

%61/(.A/

=+$

&>%66 I(.)*%6& %)+ &1066 -+)>011+@ 1( -.'60&/ &(>+ %)10B6+& 1/%1 1/+
(BB.-70*A -($+) /%& *(1 %--)(?+@" #* 1/0& B(**+B10(*! 01 0& $+66
1( )+>+>'+) 1/+ @0B1.> (= Sb/.A%&/?060 ^%60%& J1%60*_ 1/%1 % -+)0D
(@0B%6 $01/ % B0)B.6%10(* (= 8:!::: () 6+&& $%& *(1 $()1/ B%-1.)D
0*A () &.--)+&&0*A" #1 0& %6&( 1).+ 1/%1 1/+ 5+$& *++@ 1( /%?+ %
60116+ (-+* (--(&010(* 1( >%0*1%0* 1/+ =0B10(* 1/%1 1/+7 %)+ G-+)&+D
B.1+@!H %*@ 01 0& -(&&0'6+ 1/%1 1/+7 /%?+ +*B(.)%A+@ (* % &>%66
&B%6+ 1/+ >()+ %'&.)@ %*@ 0>-)%B10B%6 =()>& (= G%*10DJ+>010&>H
=() -)+B0&+67 1/%1 -.)-(&+" ].1 1/+7 &++> *($ 1( =++6 1/%1 1/+7
>%7 &%=+67 +3/0'01 1/+0) %))(A%*B+ %*@ 1( /%?+ )+&(6?+@ 1/%1 *(
C)7%* B.) &/%66 '+ -+)>011+@ 1( '%)E %1 /0& ($*+)& () +?+* 1(
$/0>-+) %.@0'67"
Z() %66 -)%B10B%6 -.)-(&+&! 1/+ *%1.)%6 %)0&1(B)%B7 (= (.)
)%B+! $/0B/ (*B+ A%?+ 01 &(>+ &+*&+ (= @0)+B10(*! /%& '++* 1(1%667
@+&1)(7+@! '7 )+?(6.10(*%)7 >%&&%B)+&! '7 B(*1)0?+@ $%)& =() /%6D
6.B0*%1()7 +*@&! '7 +B(*(>0B 6((10*A .*@+) 1/+ A.0&+ (= G@+>(BD
)%B7!H '7 0*1+)*%6 B()).-10(* 1/)(.A/ 1/+ =(&1+)0*A (= 01& ?0B+&!
%*@ '7 >0&B+A+*%10(*" M+ %)+ 6+=1 $01/ $/%1 0&! (* 1/+ $/(6+! %*
C)7%* -)(6+1%)0%1! @0==+)+*10%1+@ (*67 '7 0*B(>+! %*@! +&-+B0%667

<$

4%&378!9*!873&%4

0= 1/+ 0*B(>+ 0& &(>+$/%1 %'(?+ %?+)%A+! $0660*A 1( &.'>01 1(

%*71/0*A %*@ +?+* 1( @( %*71/0*A =() % =+$ %@@010(*%6 @(66%)&!
-(.*@&! () )%*@" X.) +*10)+ -(-.6%10(*! $01/ %6>(&1 *( &0A*0=0D
B%*1 +3B+-10(*&! 0& *($ %1 1/+ >+)B7 (=! %*@ 1/+)+=()+ +*&6%?+@
'7! 1/+ +B(*(>0B -)+&&.)+& $/0B/ 1/+ 5+$& +3+)1 %1 1/+ =0)&1 &0A*&
(= @0&%==+B10(*" X.) )%B+L& 1)%@010(*%6 &.&-0B0(* (= G1)%@+&>+*H
$%& (*67 )+%60&10B" 2/+ >%* $/(&+ 0*B(>+ @+-+*@& (* ?+*@0*A 1(
1/+ >%&&+& 0& %6$%7& &.'I+B1 1( 1+>-1%10(*& 1( -)(=01 1/%1 %)+ 60E+67
1( '+ &1)(*A+) 1/%* %*7 >()%6 )+&1)%0*1& /+ >%7 1/+()+10B%667
%BE*($6+@A+! %*@ 1(@%7 /+ 0& *( >()+ 1/%* % &6%?+ %1 1/+ >+)B7
(= /0& >%&1+)&" a?+* >()+ -)+B%)0(.& 0& 1/+ &1%1.& (= 1/(&+ $/(
/%?+ *( >%1+)0%6 A((@& 1( &+66! &.B/ %& %.1/()&! I(.)*%60&1&! %B1()&!
B6+)A7>+* %*@ (1/+) &((1/&%7+)&! &%6+&>+*! %@?+)10&0*A %A+*1&!
1+%B/+)&! %*@ 1/+ 60E+! $/(&+ 60?+60/((@ @+-+*@& +*10)+67 (* 1/+
&%6+ (= $()@&! >+)+ &(.*@& $/+1/+) &-(E+* () $)011+*! 1( >%&&+&
$/(&+ 1%&1+& /%?+ '++* =()>+@ '7 1/+ =()>0@%'6+ >%B/0*+)7 1/%1
B(*1)(6& 1/+0) >0*@&" 2/+&+ =%B1& (= +B(*(>0B +*&6%?+>+*1 6+%@
>%*7

%B.1+

('&+)?+)&

1(

1/+

B(*B6.&0(*

1/%1

(.)

)%B+L&

(*67

B/%*B+ (= &.)?0?%6 60+& 0* 1/+ B/%*B+ 1/%1 1/+ 5+$&! '60*@+@ '7
1/+0) ($* %))(A%*1 B(*=0@+*B+ 0* 1/+0) %'&(6.1+ &.-+)0()017! $066
-+)>01 () -)+B0-01%1+ % 1(1%6 B(66%-&+ (= ()A%*0b+@ &(B0+17 0*1( 1/+
%*%)B/7 0* $/0B/ 1/+ &1)(*A %*@ )+&(6.1+ $066 %A%0* &.)?0?+ %1 1/+
+3-+*&+ (= 1/+ $+%E %*@ =((60&/"

<(

3?@%A

9
1C$E'E6)YB
ED(!$F)dY
14E6)Wd
14E6%(.F)WO
14!0%F)WQ
E4/.$(%F%0&)E&.0(F)dY
13$%DE0)FE/E&.F)Q+
13$%DE0)U%24)4!&F)BB
13$%GEE0F)WP
13$%GE0.$F)Q,
E3(.$)4E$G)dP
1'EFA.$AF)YO
1'A$EMcEb4E)OO
12.SE04.$)('.)I$.E()PN
12.SE04$%E)PO?)PN?)++?)
+Y
12.SE04$%E0)D%(%b.0F'%")
+,
E22)%F)3E%$)%0)UE$)+W
E22)6E0G%04)B+?)Od
31*+$2*)1!%0*($*)Wd
E6CEFFE4!$F)+Y
16.$%DE0F)+O
E0E$D'#)dY
3+*2.14).5)2&')6!2!(')O
10&2!M5ES!0F)PY
*+$1!%)1!+,$)OO
100E"!2%F)N
e100.)7$E0GfF)<%E$#g)
Y,
eE00%'%2E(%!0)!3)('.)
@.UFg)d
E0!%0(.4)OQ
10F.26)WB
E0(E&!0%F6)BP
E0(%[email protected]%F')"EFFE&.F)OW
E0(%M5.6%(.F)d
E0(%M5.6%(%F6)d+
E".F)WP
1"!DE2#"F.)O,

E"!DE2#"F.)OW
37.#.8'2$0!1)WN?)O,
1"('.G.$?)J.$C.$()BP
1$EC%E)7.2%S)B,
1$E6E%D)WW
1$%E0F)WB
E$%F(!D$E(%D)$h&%6.F)OO
1$(ES.$S.F)YO
1$#E0)+
1$#E0)6!$E2%(#)Od
1$#E0)"$!2.(E$%E()d+
1F%E)c%0!$)+Y?)O+
1F%E(%D)Y+
1F%E(%DF)YP
1FFA.$AF)YO
EFFA6.4)0E6.F)+d
E('.%F6)Q+
E('.%F(F)YN
1A&AF(%0.)WB
1A&AF(AF)Pd?)PN?)++
EA('!$F)dY
"
CEC!!0F)BW?)WP
LEC#2!0)QN
LEC#2!0%E0);6"%$.)QN
LEC#2!0%E0)$.2%&%!0)B,
LEC#2!0%E0F)QN
LE2EE6)Wd
CE$CE$%E0)F(!DG)OO
LE$C%22AF)+Y
LE$0.F?):%6!('#)O,
LE$AD')Wd
LEA4.2E%$.)Q,
C.E(.0)dP
C.2%.3)QP
L.22?)JK)84$%F)PO
L.0F!0?)8/!$)Q+
L.F'.$F?)iEA2)PP
C.($E#E2)P,?)P+
L%C2.)QO
<:

C%!2!&%DE2)%03.$%!$%(#)PB
C%!2!&%DE2)$.E2%(%.F)ON
C%!2!&%DE2)F.2.D(%!0)BW
C%!2!&%DE2)FA".$%!$%(#)B
C%!2!&%DE22#)4.&.0.$E(.)
Q,
L%('#0%E)OB
L2EDG)10&AF)BO
C2EDG)F2E/.F)YP
L!6E0?)<$K):'!$2.%3)QY
-../).5)9'('1.+$*#):*8$0)
Qd
C$E%0)D.22F)BN
C$..4%0&)F(!DG)W,
L$%(E%0)O?)PY?)PB?)+O?)Q,
L$%(%F')E$%F(!D$ED#)BN
L$%(%F');6"%$.)PY
L$%(%F')cAF.A6)PO
L$%(%F')"$.FF)d+
eC$!('.$'!!4)!3)6E0g)
B+
LA4&.?);K)1K)HE22%F)YY
LA$&?)@K)IK)O
LA$&!#0.?)I.0.$E2)+O
CA(D'.$.4)+N?)Y,
LA(b?)1$('A$)Y
:
E2%&A2E)Pd
9*1"($,8')3+0$'+2);$%2.<
(4)YP

DE6!A32E&.)QW
E0EE0)+N
E0EE0%(.F)+N?)Y,
E0E4E)+Q
DE"(A$%0&)YW
E$"!D$E(%E0F)WO
DE('.4$E2F)WY
E('!2%D)OO
DE((2.)BO
D.0FAF)+O
'E$2.FU!$('?)>K)iK)+,

3?@%A

'.0!C!FG%!0)WN
'%DE&!)Y?)PP
'%DE&!)=!+<>$1'%)+
D'%.3F)!3)"!2%D.)dP
'%0E)N
'%0.F.)O+
e '!F.0)9ED.g)OO
9&('%2$*+$)O+?)OY?)OB
'$.F(AF)O+?)OY?)OQ?)OB
'$%F()Pd?)WW?)WO?)Wd?)OP
D'$%F()YB?)QN?)O+
'$%F(?)4%/%0%(#)!3)OP
'$%F(%E0)QY?)ON
'$%F(%E0)4!D($%0.)OO
'$%F(%E0)3!$&.$%.F)OY
'$%F(%E0)'!2#)6.0)YO
'$%F(%E0)6#('F)Od?)ON
'$%F(%E0)F.D(F)WW?)WO?)
Wd?)OW
9&($%2$*+$)O+?)OB
'$%F(%E0%(#)B,?)BP?)WY?)
WB?)WW?)WO?)Wd?)WN?)OO?)
Od
9&($%2$*+$24)*+,)2&')=!(<
?$?*#).5)2&')@'%2)Od

'$%F(%E0%(#?)"$%6%(%/.)
Od
'$%F(%E0%(#?)H.F(.$0)
WQ?)WW
'$%F(%E0F)+N?)QO?)WW?)
WN?)O,?)OP?)O+?)OQ?)OB?)
OW?)OO?)Od
e '$%F(%E0F)F.D!04M
D2EFFg)WO
'$%F(6EF)($..)Y
D'$%F(F)Q,
'$%F(AF)WW?)OQ?)OB
'A$D'%22?)H%0F(!0)d?)
PB
9&!(0&4*(,A)>&')WY
%D.$!)O+
D%$DA2E(%!0)d+

D%$DA6D%F.4)OW
D%(%b.0F'%")OY
D%/%2)C.'E/%!$)+B
D%/%2)4%F(A$CE0D.F)PN
D%/%2)UE$)PN?)Y,?)BP
D%/%2)UE$F)YP?)B+
2EA4%AF)PO?)Pd?)PN?)+,?)
++?)OY
2.!"E($E)PN
D2.$&#6.0)QY?)dY
D!'.F%!0)W
D!66A0%DE(%!0)d+
!66A0%F6)ON
D!66A0%F6)WW
!66A0%F(F)YN
!0D!$4%E)BP
!0&!%4F)B+?)dP
9.+$+8%"4)PY
D!0TA.F()+N?)YP
D!0F.0FAF)BB
D!0F!2E(%!0)WY
D!0F"%$ED#)QB?)BB
!0F(E0(%0.)WB
D!0($%/.4)UE$F)d+
9.+2(.?'(%4).5)B$.+A)>&')
PY
D!0/.$F%!0)OW
D!0/.$(F)QB
D!j$4%0E(%!0)BB
D!$$A"(%!0)QO?)d+
D!F6.(E.)+Y
eD!F6%D)%0(.22%&.0D.g)WP
!A0()4.22E)c%$E04!2E)
BP
!A0(.$M9.3!$6E(%!0)
P+
D!#!(.F)BO
D$.4A2%(#)Q,
$AD%3%S%!0)O,?)OY?)OQ
DA2()QW
DA00%0&)+W
<;

A$%!)O+
#$AF)QN
#$AF)('.)I$.E()QN
bE$)YO
)
<f8F$E.2%?)L.0aE6%0)PY
<E0%.2)QN
4.E('MU%F')dP
4.D.%()+N?)QB
4.D."(%!0)Y,
4.&.0.$E(%!0)BN
4.&$E4E(%!0)d+
4.6!D$ED#)d+
C'2(.$2)D'E$%&)F'E%)+d
4%E2.D(F)QY
<%!&.0.F)kEl$(%AF)YW
<%!0#F%AF)F!0)!3):'.!0)
++
4%$.D(!$E(.)BO
4%F&A%F.)+O?)+d
4%FF.0()BP
e<%/%0.)9ED.g)QP
4!D%2.)C$..4F)BO

C.0!1'+2%)G##!%2(*2$+8)2&')
H'$8+%).5)9#*!,$!%)*+,)
F'(.)+,

4!&F)W+
4!22E$F)dY
4!6.F(%D).0.6%.F)+d
4!6%0E0()$ED.)dP
<!6%0%DE0)P,
<!$.FF.?)@.E0)WN
4!U$%.F)PQ?)BN
4A".F)Qd
4A"2%D%(#)Y+
<A(D')9.3!$6.4)
'A$D')Q,
<b'A&EF'/%2%)d+
0
;E$2)!3)L.ED!0F3%.24)PY

3?@%A

;C%!0%(.F)WW?)WO?)OW
.D!0!6%D).0F2E/.6.0()
dY
.D!0!6%D)2!!(%0&)d+
.D!0!6%D)"$.FFA$.F)dY
;&#"()PO?)PN?)+Y?)Y,?)YP?)
Y+?)YW?)YO?)B,
;&#"(%E0)&!4F)Y+?)Wd
I8472$*+):*8$0)YY
;&#"(%E0)"$%.F(F)YW
;&#"(%E0F)YP?)QN?)OP
;&#"(!2!&%F(F)YY
.2."'E0()+B
;2."'E0(%0.)Y+?)QN
e;2%6%0E(%!0)!3)('.)F".M
D%.Fg)Bd
I+,41$.+)PY
;0!D')Wd
.0/!#F)+Y
.TAE2%(#)ON
e.TAE2%(#)!3)$ED.Fg)B+
;F('.$)Yd
;A$!".)P,?)PY?)B,?)BP?)
OO
;A$!".E0F)+W
./%2)YN
.S.6"(%!0)+Y
.S(.$6%0E(.4)Y,
.S(.$6%0E(%!0)+d?)BO
;b.D'%.2)Wd
3
6*02%)3(')6*02%)PP
3E%$)3%&'()+B
3E%(')YN
3EG%$F)Wd?)OB
e7E('.$F)!3)('.) 'A$D'g)
WB
7EAF(%E0)W+?)WB
3.DA04%(#)+B
3.6E2.F?).SD2A4.4)WO
3%&6.0(F)!3)('.)%6E&%0EM

(%!0)Q+?)Od
72!$.0D.)BP
3!$.('!A&'()+W
3!$&.4)YP?)WW
3!$&.$#)P+?)Y,?)YO?)OO
7$E0D.)PB
7$E0D.?)10E(!2.)W+
3$EA4)QB?)OO
7$..46E0?)L.0aE6%0)PP
3A04E6.0(E2%F()O,
7A04E6.0(E2%F()D'A$D'M
.F)WQ
#
IE6E2%.2)Wd
&.0.(%D)%03%2($E(%!0)BN
I.0(%2.F)QO
I.$6E0)%03E0(F)BN
I.$6E0F)+?)YP
I.$6E0#)O?)PP?)PB?)Y,?)
Bd
&'.((!.F)PN
&0!F(%D)Wd
I0!F(%D%F6)Wd?)WN
I0!F(%DF)Wd
I!4)WO?)ON
eI!4)%F)ECF!$C.4g)QP
eI!4fF)9ED.g)YP
eI!4M".!"2.g)Qd?)Bd
&!4F)QB?)W+
&!4F)4!)0!().S%F()Q+
&!l(E.)Q,?)OB
I!246E0?)9ECC%)5!M
2!6!0)QP
I!F".2)1DD!$4%0&)(!)
('.)J.C$.UF)WW
I!F".2)!3)cE(('.U)WW
I!F".2F)Wd
&!F".2F)OB?)OO
I$E.D!M9!6E0F)OW
I$E(%E0)WB
J('*2+'%%)>&*2)@*%)-*"4<

<#

#.+A)>&')B,

I$..G)PO?)PN?)+,?)QY
I$..G).4ADE(%!0E2)F#FM
(.6)+,
I$..G)&.!&$E"'.$F)YW
I$..G)0E6.)O+
I$..G)0E6.F)YP
I$..G)"$!0A0D%E(%!0)
OQ
I$..GF)PN?)+W?)+N?)Q,?)
OW
&$%6!%$.)Qd
&A%2()ON
&#60EF%E)PN
&#60EF%E$D'F)+Y
/
JE%(%)+d
JEF%4%6)QP
'E($.4)B
J.C$.U)QP
J.C$.U)2E0&AE&.)QP
;'"('E)>&.!8&2)9.1<
7*(',)E$2&)J(''/)QY

'.$.F#)WB?)WW
'.$.(%D)WN
'.$.(%DF)WB?)WW
J.$!4)Pd
J.$!4!(AF)YW

;$,,'+)>4(*++4A)>&')PP

eJ%&'.$)iA$"!F.g)YN?)
WP
'%&'.F()2EU)!3)./.$#)F".M
D%.F)YN
J%04A)L$E'6E)WP
;$%2.($*)OY
J%(2.$)Y?)O
'!ES)+
;.*K).5)2&')>E'+2$'2&)
9'+2!(4A)>&')Y

'!ES.F)W+?)Od
'!2!DEAF()+?)d

3?@%A

'!2#)C!!GF)QO
J!2#) !66A0%!0)OP
J!2#)5"%$%()Wd
'!2#)UE(.$)BN
J!6.$%D)($E4%(%!0F)BB
'!6!F.SAE2%(#)WO
'!0!$)+B?)+O
J!AF.)!3)k!$4F)PY
J!U)E04)H.22F)YW
'A6E0)$%&'(F)Od
'A6E0)FED$%3%D.)QO
J#GF!F)Y,?)YP?)Y+?)YY
'#"!D$%F#)QP?)QY
8D.2E04)+B
%4.E2F)B+
%&0!$E0D.)Qd
%&0!$E0()CE$CE$%E0F)Od
%66%&$E0(F)YP?)YY
%66%&$E(%!0)Y,
%66%&$E(%!0)!33%D.$F)+Q
e866!$(E2)@.U%F')i.!M
"2.g)YN
%66!$(E2%(#)W+
%0D.F()OP
%0D!6.)d+
804%E0)($%C.F)+W
804!M;A$!".E0)2E0&AE&M
.F)QY
804!M;A$!".E0F)OQ
804AF)XE22.#)YB
%03.$%!$)QB
803%0%(#)W+
%0'.$%(E0D.)!3)F".D%3%D)
6.0(E2)($E%(F)W,
%00E(.)FA".$%!$%(#)QB
%0FE0%(#)Q+
%0F(%0D()BB?)BW
%0F(%0D(%/.)'E($.4)QY
%0FA$$.D(%!0)++

G+2'8(*#'%)D!,'+2!1)BN

%0(.$0E2)FAC/.$F%!0)QO
%0/E4.$F)QW
%0/EF%!0)+N
%$$E(%!0E2)DA2(F)ON
8FE%E')QN
8F$E.2)W,
%(ED%F6)OQ
;
@.$!6.)WO?)WN
@.$AFE2.6)W?)Y+
@.FAF)YB?)WQ?)WW?)WO?)O,?)
OP?)OY?)OB?)OW
@.FAF)C.0)5%6!0)W
@.U.FF.F)Yd?)BN
@.U%F')C2!!4)BN
@.U%F') !0F"%$ED#)!3)
PPO)B,
@.U%F')&!/.$06.0()PN
@.U%F')G%0&F)OQ
@.U%F')kEU)QW
@.U%F')6.0(E2%(#)YO?)QY
@.U%F')6%04)Q+
@.U%F')"E"#$%)QN
@.U%F')i.!"2.)QP
@.U%F')".$D."(%!0)!3)$.M
E2%(#)QY
@.U%F')F.D(F)Q,
@.UF)EF)E)$ED.)YB
@.UF)%0)9!6.)PN
D'E%):!%2)L$?')PB
@.UFf)4.(.$6%0E(%!0)(!)
.S(.$6%0E(.)('.)1$#E0F)
BO
@.UFf)%4.E2)6.('!4F)YO
@.UFf)F(!$#MC!!G)QN
@!'0)('.)LE"(%F()Wd
@!F."')YW
@!F."'AF)O?)Y,?)YP?)Y+
a!A$0E2%F(F)dY
a!A$0E2F)d+
<"

@A4E.E)Y,?)WW?)OY
@A4E.!M '$%F(%E0)ON
aA0&2.F)dP
aAF(%D.)B+
@
-ECCE2E')Qd
-ECCE2%F(%D)BP
-EF(.%0?)<$K)@!F."')QP
-.00#?)cE$#)ON
-'EbE$F)^:A$G!Mc!0&!M
2%E0F_)P+
e-%0&)!3)('.)@.UFg)OQ
-%"2%0&)B+
-2.%0?)J.0$#)P,
-!.F(.$6E00)OY?)OB
G!%0.)QY
1
kE4%0!)QY
2E$&.)D%(%.F)dP
kE(%0)PO?)O,
kE(%0)16.$%DE)Od
2EU)!3)2%3.)+B
2.&%F2E(%!0)QW
L'%)#$?('%)%'0('2%),'%)J+.%<
2$M!'%),NO8472')WN

k%C.$E2%F6)ON
k%C.$E2F)ON
2%!0)+B
k%/%E)Pd
k!.C)F.$%.F)++?)OB
k!0&)8F2E04)+Q
k!$4)IE22!UE#)PY
k!$4)JE$$%0&(!0)PY?)d+
2AF()WO
kA('.$)BP?)WB
2#F.$&%D)ED%4)WP
8
cE&%)YB?)YW
cE&%E0)WB

3?@%A

6E&%D)Qd?)WP
6E&%D)F(!0.)WQ
cE&!"'!0%E)YW
cE'!6.()B,
6E66E2F)WP
cE0.('!)YP
cE$E%F)W+
cE$E%F?);A&.0.)WP
cE$DAF)@A2%AF)1&$%""E)
Pd
cE$4AG)QN
cE$G)10(!0#)Pd
cE$$E0!F)+O?)Qd
cE$FE0.F)Wd
6E$(#$F)WO
cE$S?)-E$2)OY
6EFTA.$E4.)YP
6EFFED$.F)YP?)BO
6EFF.F)dY
6EFF%/.)6EFFED$.F)B+
ecEF(.$)9ED.g)Yd?)QB?)
Bd
c.4%E)YB
c.4%E./E2);A$!".)WB
c.4%E./E2)G0%&'(F)+B
c.4%D.E0)6E0AFD$%"()
O+
e6.0)D$.E(.)I!4)%0)
('.%$)!U0)%6E&.g)Q+
6.04ED%(#)Y+?)QP
6.0!$E')Y
6.FDE2%0.)WP
c.FF%E')OQ
6.(.6"F#D'!F%F)WP
6.('!4)YW
c%442.)1&.F)Qd?)Od
c%0AD%AF)7.2%S)O,
6%$ED2.)W+
6%$ED2.F)WP
6%FD.&.0E(%!0)d+
c%('$E)WQ?)Wd

6!4.$0)E$()QY
6!4.$0) E0EE0%(.F)BY
1.,!%).7'(*+,$)YO
6!0&$.2%bE(%!0)YP?)BO
6!0G.#F)WP
6!0!('.%F6)B,?)OP
c!0(E&A?)1F'2.#)YP
c!0(E0%F()WN
c!0(E0AF)O,
6!!0)+N
6!$E2)YN
6!$E2)$.F($E%0(F)dY
6!$E2%(#)WY
c!$6!0F)WQ
c!F.F)YY?)Wd
6A$4.$)YN
6A(%2E(.4)dP
:4)6($'+,%A)2&')-*"..+%)
WP
6#(')+N
6#('%DE2)3%&A$.)WQ
6#('!2!&#)Q+
6#('!2!&#?)$.a.D(.4)Od
6#('F)WQ
7
>EEF.0.F)WO
>EC!0%4AF)QN?)B,
0E6.F)+d?)YP
>E(%!0E2)5!D%E2%F()Y
>E(%!0E2)XE0&AE$4)
L!!GF)PP?)PB
0E(%!0E2%F6)!3)8F$E.2)QP
0E(A$E2)E$%F(!D$ED#)d+
>EbE$.0.F)WW?)OW
>.E$);EF()Wd
>.&$!.F)3$!6)('.)aA0&2.)
Q+
>.$!)OY
>.U)@.$AFE2.6)+Q?)O,
>.U):.F(E6.0()YB?)WW?)
OY?)OQ?)OW
<<

>.U)m!$G)PN
>.U)m!$G) %(#)P+?)+Q
>%D!('.AF)Wd
>%.(bFD'.)W+
0!0M '$%F(%E0F)Qd
>!$F.)2.&.04F)BB
>!$(')13$%DE)Q+
>!FF%&?)<$K)123$.4)BN
0A4%(#)WO
2
!Ca.D(%/.)dP
!Ca.D(%/.)$.E2%(#)QP
!DDA2()WP
=D(E/%AF)O,
!.DA6.0.)+Q
=24)i.$F%E0)YW
=24):.F(E6.0()+N?)Y+?)
YW?)YO?)OQ?)OO
=0%EF)W
!".0)D!0TA.F()+N
!".0)!""!F%(%!0)d+
!".0)UE$3E$.)+N
!""$.FF.4)B+
!$%&%0E2)F%0)WO
!$('!4!S)WB?)WW?)Wd?)WN?)
O,?)O+
=F%$%F)Y+?)YY?)B,
=A%4E)PQ
!A(U%((.4)!A$)$ED.)Q+
!U0.$F'%")!3)('.).0(%$.)
.E$(')Q+
"E&E0).6".$!$F)WO
"E&E0)'%F(!$%E0F)QO
"E&E0)6#('F)OP
"E&E0F)QW
iE2.F(%0.)d?)Y+?)OB
iE$2%E6.0()d+
"E('!F)WY
iEA2)WW

3?@%A

i.%M'!)N
".$D."(%!0)QY
".$F.DA(.4)6%0!$%(#)B+
".$F.DA(%!0)P,?)+,?)+Q?)
QW?)WO?)d+
i.$F%E)YW?)YO
i.$F%E0);6"%$.)YB?)YW?)
QN
i.$F%E0F)QN
i3.33.$G!$0)P,?)BP
i'%2%"!.6.0)Q,
i'%2!)Y,
i'%2!)@A4E.AF)+N
i'!.0%D%E0)QY
i'!F%2E6".F)Wd
i'$#&%E)O,
"'#F%DE2)D!A$E&.)+W
"'#F%DE22#)F($!0&)+d
"'#F%DE22#)U.EG)+d
i%D!?)I%!/E00%)BP
"%.(#)W+
"%(#)ON
"2E00%0&)+W
"2%&'()!3)!A$)$ED.)dP
i2%0#)OB
"!2#('.%F6)B,
i!0(%AF)i%2E(AF)OY
"!"A2E(%!0)+O
"!$G)Qd
.%2<;$%2.($0):*+)O
"$.4E(!$F)BO
"$.#F)!0)!A$)F".D%.F)BW
"$%6%(%/.)6%04F)Q+
"$%/%2.&.F)++?)QN
"$!&$.FF%/.)U.EG.0%0&)
!3)!A$)$ED.)BO
"$!6%FDA%(#)WO
"$!"'.(F)!3)8F$E.2)YY
"$!F.2#(.F)QB?)OW
"$!F.2#(%b.$F)QB
i$!(.F(E0()B,

i$!(.F(E0(%F6)OO

$%!(%0&)OY
$%!(F)PN?)+,
$%(AE2)6A$4.$F)QO?)OB
i(!2.6%.F)PN
$!CC.4)dP
9!6E0).6".$!$F)Wd
6
9!6E0);6"%$.)B,?)WQ?)
$ECC%)+
WB?)OW?)OO
$ED%E2)E$$!&E0D.)QB
9!6E0)&!/.$0!$)!3)
$ED%E2)D!'.F%!0)YN
@A4E.E)OQ
$ED%E2)D!0FD%!AF0.FF)W
9!6E0F)PN?)+N?)OW
$ED%E2)6.0(E2%(#)+B?)QP 9!6.)B,?)O+?)OY
$ED%E2)6.0(E2%(#)!3)('.) 9!6.?)CA$0%0&)!3)OY
@.UF)YN
9!!F./.2(?)7$E0G2%0)d?)
$ED%E2)F!2%4E$%(#)O
PB
9E6h.?)k!A%F.)PQ
9!('?)5E6A.2)PB
$E".4)dP
$A2.F)!3)./%4.0D.)QO
$E(%!0E2)D$..4)ON
9AFF%E)YO
9..4?)<!A&2EF)PY
9AFF%E0)%0(.22%&.0D.)P+
9.3!$6E(%!0)P+?)Qd?)B,
5
$.3A&..F)+d
$.2%&%!0)YN?)WP?)WQ?)Od eFED$.4)6AF'$!!6g)Wd
5E&&F?)i$!3.FF!$)JK)HK)
$.2%&%!F%(#)WP
7K)B,
$.2%&%!AF)ON
FE2.F6.0)dY
$.2%&%!AF)E&%(E(%!0)QN
5E6A.2?)cEA$%D.)YN
$.2%&%!AF)C.2%.3)W+
FE/E&.F)BY?)dP
$.2%&%!AF)D%/%2)UE$)QN
5E/%!$F)Wd
$.2%&%!AF)D%/%2)UE$F)Qd
5D'%22.$?) $E%&)YP
$.2%&%!AF)4$%/.)ON
FD'%b!"'$.0%E)BW
$.2%&%!AF)6#('F)Q+
$.2%&%!AF)"$!3.FF%!0F)BY =0&!#,)!+,)=0&$0/%*#)O
=0$'+2$5$0)31'($0*+)WN
$.2%&%!AF)(!2.$E(%!0)Y+
5.CEb%AF)B,
9.0E%FFE0D.)Qd
F.D$.()4%$.D(!$E(.)BB
$."E$E(%!0F)N
F.D$.()"!2%D.)!3)9AFF%E)
$.F.0(6.0()QB
YO
H'%&<8*#!2&*)B,
F.4%(%!0)YP
$.F%4A.)Od
5.%4.0C.$&?)9!4.$%DG)O
9.AD'2%0)BP
='#'02) *74($)++
$./.$F%!0)(!)(!(E2)CE$M
5.2.AD%4F)W
CE$%F6)B+
$./!2A(%!0E$#)6EFFED$.F) 5.6%(%D)YP?)B,?)O+
d+
5.6%(%D)2E0&AE&.F)QY
$%&'(.!AF0.FF)BP
5.0E(.)Pd
(.2.0.#%).5)2&')I#,'(%).5)
B$.+)P+?)YO?)BB?)BO

<'

3?@%A

5.0.DE)WW
F.0(%6.0(E2%(#)B+
5."(AE&%0()Y+?)OQ
5.()Y+?)YY
5.(')Y+?)Wd
F.SAE2)6A(%2E(%!0F)QB
5%0)^LEC#2!0%E0)I!4_)
QN
5%0E%)".0%0FA2E)YP
5%0!0)+W
eF%S)6%22%!0g)+?)Y?)Y,
F2E/.)dY
F2E/.F)O+
56%('?)@!F."')WQ
F0EG.F)WO
F!D%E2)&!F".2)WQ
F!D%E2)aAF(%D.)B+
F!D%E2)A(%2%(#)!3)FA".$0E(M
A$E2)FE0D(%!0F)WY
F!!('FE#.$F)dY
F!$D.$#)Qd
=.!#).5)2&')37'A)>&')WP
5!A(')13$%DE)Q,
F".D%E2)"$%/%2.&.F)PN
5".0&2.$)W+?)WB
F"%$%(AE2)FE2/E(%!0)WO
5(K):'!6EF)WB
5(E2%0)d+
5(!%D)OP
5(!%D)6!0!('.%F6)OO
F($E(.&%D)!EF.F)B,
F($E(.&#)+W
=2(*2&1.(')PQ
F($.0&(')E04)F(.E2(')+B
5(AE$(?)k#2.)YP
FACD!0FD%!AF)$.ED(%!0F)
BW
FAC/.$F%!0)Y,
5A.(!0%AF)O+
FA%D%4.)!3)!A$)$ED.)OO
5A%D%4.)!3)('.)H.F()PB

5A6.$%E)YB
5A6.$%E0)$.2%&%!0)YB
5A6.$%E0F)YB
FA0)+N
=!+,*4)>'#'8(*7&A)>&')ON
FA".$%!$%(#)P,?)YN?)dY
FA".$0E(A$E2)C.%0&F)YN
FA".$F(%(%!0)d+
FA".$F(%(%!0F)YW?)QB?)Od
FA".$F(%(%!AF)'A6E0)C.M
%0&F)Q+
FA""$.FF%0&)d+
FA$/%/E2)dY
F#0E&!&A.F)OY
5#$%E)Y+
.
(EC!!F)QB?)QW
:ED%(AF)O+
:E26A4)P,?)PP
:E()Wd
:E((0E22?)@!F%E')N
(ES.F)+Y
(.ED'.$F)dY
(.6"2.)%0)@.$AFE2.6)QO
:.0) !66E046.0(F)
QO
(.$$!$%F6)Y
:.$(A22%E0)WW?)WN?)O,?)
O+?)OY
:.SEF)k!0&M'!$0)BO
:'.!4!F%AF)WB
:'%$(#)m.E$Ff)HE$)QO
:%C.$%AF)Pd?)WW?)OQ?)OB
:%C.$%AF) 2EA4%AF)
1$D'%C%AF)+Y
(%&.$)+B
:!(')Wd
($E4.)$!A(.F)B,
($E4.F6.0)dY
($E4%(%!0E2) '$%F(%E0%(#)
!3)('.)H.F()Q,
'>

:$E4%(%!0E2%F() E('!2%DF)
WQ
($E%(!$)PY
($E0F2E(!$F)Y+
($.ED'.$#)+O
($.EF!0)d
($%CE2)4.%(#)OO
:$!aE0)J!$F.)+W
:$!aE0F)+W
:$!(FG#)OY
:UE%0?)cE$G)+O
e(#$E00#)!3)'A6E0)
2EUFg)OP
=
ZK)5K)5K)L$"'(24)W
ZK5K)>E/E2)1DE4.6#)N
ZK5K)>E/#)N
eA04.$"$%/%2.&.4g)B+?)
BY
Z0%(.4)5(E(.F)O?)N?)PB?)
+Q?)YP?)Q,?)WQ
A0%/.$FE2)"2E&A.)+Y
P+2'(8*+8)WB
A"".$)D2EFF.F)YP
Z$)YB
AFA$#)Qd
>
/E6"%$.)CE(F)YN
XE0)5.(.$F?)@!'0)YP
X.4EF)BB
X.$&%2)WY
X.$U!.$4)Q,
/%D.F)d+
X%.(0E6)N?)+d
/%!2.0D.)QW
/!0)JA((.0?)Z2$%D')BP
4
HE%(.?)1$('A$);K)Qd
HE$F)!3)9.2%&%!0)BP

3?@%A

HE(F!0?)5%$)H%22%E6)WY
H.%b6E00)d
H.F(.$0)J.6%F"'.$.)
+W
H.F(.$0)5.6%(%D)QY
U'%0%0&)4!&F)OW
U'%(.)%0'EC%(E0(F)dP
U%(D'D$E3()WP
U!23)"EDG)BO
U!2/.F)BB
U!$4F)dY
eH!$4F)E$.)('.)6!F()
"!U.$3A2)4$A&F)AF.4)C#)

6E0G%04g)B+
F
U!$24)".ED.)B+
U!$F'%""%0&)%(F)!U0)%6M n.$/E0)Wd
B$.+$%1)H!#'%)2&')@.(#,)
E&.)Q+
PP
?
n%!0%F(F)W?)O?)PP?)PY?)BO
mEf!)Y+
n!$!EF(.$)Wd
mE'U.')Y+
n!$!EF($%E0)OO
m.'!F'AEf)OB
n!$!EF($%E0%F6)YB
m.F'AEf)OB
m%44%F')QY?)OQ
Q.!)J'+2$#'%)YN

'=