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G>HFJ:CI A:JG K>: 9gIGJ>H:O A: HNHIfB:
9: ;:GB:IJG: 9J =J7ADI DJ G:I>G:O 8:
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-C JH6<: 9DB:HI>FJ:
JC>FJ:B:CI
$6K:G 9:H I:MI>A:H A6K67A:H :C
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b A:BEAD> :C A6K:sA>C<:
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EGD9J>I A:HH>K>:A FJ>A 8DCHDBB:
BgC6<:6CI 6>CH> b A6 ;D>H
A:CK>GDCC:B:CI :I A: 7J9<:I 9: KDIG:
BgC6<:
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:;;>868: :I G:HE:8IJ:JH: 9:
A:CK>GDCC:B:CI
K>I:O 9: B:IIG: IGDE 9: EGD9J>I
A:HH>K>:A
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EDJG D7I:C>G JC: :;;868>Ig gA:Kg:
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B6CFJ:CI EGgK:C:O >BBg9>6I:B:CI
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1
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HEg8>6A>Hg
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FJ:A8DCFJ: :I H> A:H EG:HI6I>DCH
G:eJ:H C: KDJH DCI E6H H6I>H;6>I
q DBB:C8:O HKE E6G 8DCI68I:G
KDIG: >CHI6AA6I:JG DJ A:CIG:EG>H: 9:
+. 6<Ggg: H>IJg: 96CH KDIG:
Gg<>DC :I :MEA>FJ:OsAJ> A:H G6>HDCH
9: KDIG: Bg8DCI:CI:B:CI :8>
HJ;;>G6 CDGB6A:B:CI b GgHDJ9G: A:
EGD7AfB:
q +> A: EGD7AfB: E:GH>HI: 6EGfH 6KD>G
8DAA67DGg 6K:8 KDIG: >CHI6AA6I:JG DJ
6K:8 A: I:8=C>8>:C 9J +.
;6>I:HsA: CDJH H6KD>G HD>I :C CDJH
g8G>K6CI b A69G:HH: HJ>K6CI:
+ DB: EEA>6C8:H
%8 699:C K:
JCI>C<IDC :68=
-+
HD>I :C CDJH 6EE:A6CI 6J CJBgGD
HJ>K6CI
ss
+> KDJH CDJH g8G>K:O CDJ7A>:O E6H 9:
?D>C9G: +> KDJH CDJH 6EE:A:O
CDJ7A>:O E6H 9: EGgE6G:G A:H
>C;DGB6I>DCH HJ>K6CI:H
$: CJBgGD 9J BD9fA:
$: CJBgGD 9: HgG>:
$6 96I: 968=6I 9DG><>C:
$6 96I: 96EE6G>I>DC 9J EGD7AfB:
-C: 9:H8G>EI>DC 9J EGD7AfB:
+> KDJH CDJH g8G>K:O K:J>AA:O ?D>C9G:
JC: 8DE>: 9: A6 ;68IJG: :I CDJH >C9>FJ:G
JC: CJBgGD 9: IgAgE=DC: Dn CDJH
EDJKDCH KDJH ?D>C9G: 96CH A6 ?DJGCg:
.DJH IGDJK:G:O A: CJBgGD 9J BD9fA: :I
A: CJBgGD 9: HgG>: HJG A6 EA6FJ:
H><C6AgI>FJ: :II: EA6FJ: H: IGDJK: HJG
A6 E6GI>: 9J 86EDI 9J A6K:sA>C<: K>H>7A:
JC: ;D>H A: =J7ADI DJK:GI
$%$ ($* "$#* ) &(%+*)
5 AE5 3?EFB5 35DD5 71B1>D95 5D W
AE9 5<<5 C1@@<9AE5
$6 <6G6CI>: A>B>Ig: ;DJGC>: E6G +
DB: EEA>6C8:H 3DH8=4 96CH A:
EGgH:CI gCDJC8g 9: <6G6CI>: A>B>Ig:
9:H EGD9J>IH H6EEA>FJ: JC>FJ:B:CI
b6JM DH8= &:MMI L6H=:G A:EGD9J>I
FJ> KDJH :HI K:C9J HD>I A: EG:B>:G
68=:I:JG b AJI>A>H:G b A6 8DC9>I>DC FJ:
A: EGD9J>I 6>I A: EGD9J>I 6>I gIg 68=:Ig
EDJG KDIG: JH6<: 9DB:HI>FJ: CDGB6A
CDC 8DBB:G8>6A :I FJ>A 6>I
:;;:8I>K:B:CI :C IDJI I:BEH gIg JI>A>Hg
JC>FJ:B:CI b 9:H ;>CH 9DB:HI>FJ:H
CDGB6A:H b AgI6I C:J; 6J 9gI6>A :I
CDC 8DBB: JC BD9gA: 9:MEDH>I>DC
PI: FJ:A DJ 6N6CI 9g?b gIg G:IDJGCg HI
CDC b 9:H ;>CH 9: G:K:CI: DJ
9JI>A>H6I>DC 8DBB:G8>6A: :I 6JM
I6IH-C>H DJ 6J 6C696 :I FJ>A HD>I
:C IDJI I:BEH 9:B:JGg 96CH A: E6NH
9: Ab8=6I >C>I>6A $:H <6G6CI>:H
gCDC8:gH 96CH A:H EGgH:CI:H
H6EEA>FJ:CI JC>FJ:B:CI b A68=:I:JG
>C>I>6A 9J EGD9J>I :I C: HDCI E6H
8:HH>7A:H
i
HHJG:OKDJH 9: G:IDJGC:G KDIG:
86GI: 9:CG:<:HIG6B:CI 7:>C FJ:
8: C: HD>I E6H Cg8:HH6>G: 9: A:
;6>G: EDJG FJ: A6 <J6G6CI>: HD>I
K6A>9: 8:HI A6 B:>A:JG: ;6eDC 9:
E:GB:II: b DH8= 9: KDJH
>C;DGB:G 96CH AgK:CIJ6A>Ig
>BEGD67A: 9JC 6K>H 9: Hg8J>GIg DJ
9JC G6EE:A 9: EGD9J>I
EB\5 45 <1 71B1>D95 DH8= <6G6CI>I
FJ: A: EGD9J>I :HI :M:BEI 9: K>8: 9:
B6IgG>:A DJ 9: B6A;6eDC E:C96CI JC:
EgG>D9: 9: ?DJGH b 8DBEI:G 9: A6
96I: A68=6I :II: 9JGg: 8DBB:C8: b
8DJG>G b A6 96I: 9: A68=6I HI C: 9D>I E6H
EDJG FJ:AFJ: G6>HDC FJ: 8: HD>I hIG:
9>;;gGg: ;6>G: AD7?:I 9: 9GD>IH hIG:
EGDA>C<g: DJ >CI:GGDBEJ:
,?DB5 B53?EBC 5H3<EC596 C5 <9>9D5 W <1
B[@1B1D9?> ?E 1E B5=@<135=5>D
(:C96CI A6 EgG>D9: 9: A6 EGgH:CI:
<6G6CI>: DH8= DJ AJC 9: H:H
;DJGC>HH:JGH 9: H:GK>8: 6EGgHK:CI:
6<GggH GgE6G:G6 KDIG: EGD9J>I H6CH ;G6>H
HDJH GgH:GK: 9: 8:GI6>C:H G:HIG>8I>DCH
EGg8>Hg:H 96CH A:H EGgH:CI:H H>A
9gBDCIGg FJ: A6 ;67G>86I>DC 9: KDIG:
EGD9J>I EGgH:CI: JC K>8: 9: B6IgG:>A DJ
9: B6A;6eDC +> 9:H I:CI6I>K:H
G6>HDCC67A:H 9: GgE6G6I>DC 9J EGD9J>I
DCI gIg ;6>I:H H6CH HJ88gH 6ADGH DH8=
G:BEA68:G6 KDIG: EGD9J>I 9:H BD9gA:H
6BgA>DGgH E:JK:CI KDJH hIG: D;;:GIH 6J
<Gg 67HDAJ 9: DH8= BDN:CC6CI 9:H
;G6>H HJEEAgB:CI6>G:H ,DJI:H A:H
E>g8:H :I IDJH A:H 8DBEDH6CIH :CA:KgH
9:K>:CC:CI A6 EGDEG>gIg 9: DH8= 6 HDC
<G: 67HDAJ ,DJI:H A:H E>g8:H
G:BEA68g:H :IDJ GgE6Gg:H HDCI
6HH>B>A67A:H b A6 E>g8: 9DG><>C: 6JM
;>CH 9: A6 EGgH:CI: <6G6CI>: 8:II:
9:GC>gG: CgI6CI E6H EGDA>C<g: :C 8:
FJ> 8DC8:GC: 9: I:AA:H E>g8:H
$JC>FJ: G:HEDCH>7>A>Ig 9: DH8=
EGgKJ: 6JM EGgH:CI:H 8DCH>HI: b
GgE6G:G JC EGD9J>I 8DBEDGI6CI JC K>8:
9: ;67G>86I>DC JC>FJ:B:CI :C 6N6CI
G:8DJGH b JC ;DJGC>HH:JG 9: H:GK>8:
6EGgHK:CI: 6<Ggg 9: DH8= E:C96CI
A:H =:JG:H CDGB6A:H 9DJK:GIJG: (DJG
9:H FJ:HI>DCH 9: Hg8JG>Ig :I EDJG gK>I:G
IDJI 9DBB6<: B6IgG>:A DH8= KDJH
G:88DB6C9: ;DGI:B:CI 9: C: E6H
I:CI:G 9: GgE6G:G KDJHBhB: A:
EGD9J>I DJ 96K>DG G:8DJGH 6 JC
GgE6G6I:JG CDC 6<Ggg DH8= C: H:G6
E6H G:HEDCH67A: 9:H GgE6G6I>DCH DJ 9J
IG6K>6A :;;:8IJfH E6G JC ;DJGC>HH:JG 9:
H:GK>8: CDC 6<Ggg +> KDJH 8=D>H>HH:O
9: 9:B6C9:Gb JC: E:GHDCC: FJ> C:HI
E6H JC ;DJGC>HH:JG 9: H:GK>8:
6EGgHK:CI: 9: IG6K6>AA:G HJG KDIG:
EGD9J>I $ (*\+&, *&,!
.!&* -,'%,!)-%&,
&-$$ , +&+, $:H
;DJGC>HH:JGH 9: H:GK>8: 6EGgHK:CI:
6<GggH HDCI 9:H E:GHDCC:H DJ 9:H
HD8>gIgH 6N6CI G:eJ JC: ;DGB6I>DC
HEg8>6A: EDJG A:H EGD9J>IH 9: DH8= :I
FJ> ?DJ>HH:CI 9: A6K>H 9: DH8= 9JC:
GgEJI6I>DC HJEgG>:JG: :C B6I>gG: 9:
H:GK>8: b A6 8A>:CIgA: :I 9:
8DBEgI:C8:H I:8=C>FJ:H K:J>AA:O CDI:G
FJ>A H6<>I 9:CI>IgH >C9gE:C96CIH :I
CDC 9: B6C96I>6G:H 96HHD8>fH 9:
B:B7G:H 9J <GDJE: DJ 9:
G:EGgH:CI6CIH 9: DH8= %6A<Gg 8: FJ>
EGg8g9: DH8= C6HHJB:G6 6J8JC:
G:HEDCH67>A>If b A:<6G9 9J EGD9J>I H>A
H: IGDJK: 96CH JC: Gg<>DC gAD><Cg b
EAJH 9: B>A:H 9JC ;DJGC>HH:JG 9:
H:GK>8: 6EGgHK:CI: 6<Ggg DJ H>A :HI
G6>HDCC67A:B:CI >C688:HH>7A: H>A H:
IGDJK: 96CH JC A>:J JC B>A>:J DJ JC
:CK>GDCB:CI 96C<:G:JM DJ IG6jIG:
6JFJ:A 86H H> KDJH A: 9:B6C9:O
DH8= E6>:G6 FJ6C9 BhB: A6
B6>C9D:JKG: :I A:H E>f8:H :I :M
Eg9>:G6 A:H E>f8:H 6J ;DJGC>HH:JG 9:
H:GK>8: 6EGgHK:CI: 6<Ggg A: EAJH
EGD8=: B6>H KDJH 9:B:JG:GO FJ6C9
BhB: 6CI>fG:B:CI G:HEDCH67A: 9:H
;G6>H 9: 9gEA68:B:CI DJ 6JIG:H ;G6>H
HEg8>6JM 9:B6C9gH E6G A6 HD8>gIg FJ>
;DJGB>I A: H:GK>8: 6EGgHK:CI: 96CH
A=NEDI=fH: Dn :AA: 688:EI: 9: ;6>G: JC
9gEA68:B:CI EDJG :;;:8IJ:G A6
GgE6G6I>DC
&B?49ED AE9 >5CD @<EC 3?EF5BD @1B <1
71B1>D95 DH8= C:HI E6H I:CJ: :C
9GD>I DJ 6JIG:B:CI 9: KDJH 8DCH:CI>G
FJD> FJ: 8: HD>I N 8DBEG>H 9:H
GgE6G6I>DCH 9:H I6G>;H EGDEDGI>DCC:AH
DJ JC G:BEA68:B:CI 9: EGD9J>I 6EGgH
A:ME>G6I>DC 9: A6 EGgH:CI: <6G6CI>:
H3<EC9?>C 45 <1 71B1>D95 $6
<6G6CI>: 9g8G>I: 6JM EGgH:CI:H :M8AJI
IDJH A:H 9g;6JIH DJ 9DBB6<:H FJ> C:
GgHJAI:CI E6H 9: A6 ;6JI: 9>G:8I: 9:
DH8= N 8DBEG>H CDI6BB:CI JC DJ
EAJH>:JGH 9:H gAgB:CIH HJ>K6CIH
JI>A>H6I>DC 9J EGD9J>I b IDJI: 6JIG: ;>C
FJ: HDC JH6<: CDGB6A =67>IJ:A :I
EGgKJ N 8DBEG>H CDI6BB:CI IDJI:
;DGB: 9JH6<: 8DBB:G8>6A AJH6<: DJ
A:CIG:EDH6<: b A:MIgG>:JG 9: EGD9J>IH
9:K6CI hIG: JI>A>HgH b A>CIgG>:JG
AJI>A>H6I>DC 9J EGD9J>I 8DC?D>CI:B:CI
6K:8 9:H 6gGDC:;H DJ 9:H 76I:6JM
A>C8DC9J>I: KDADCI6>G: A6 Cg<A><:C8: A6
B6JK6>H: HI>A>H6I>DC AJI>A>H6I>DC
67JH>K: A:H 688>9:CI:H A6 Cg<A><:C8:
A: ;DC8I>DCC:B:CI >C6EEGDEG>g A:
9g;6JI 9:CIG:I:C>G A>CHI6AA6I>DC
>C6EEGDEG>g: DJ Cg<A><:CI: A6AIgG6I>DC
A: 9g;DJI 9: HJ>KG: A:H 9>G:8I>K:H
9JI>A>H6I>DC A6 B6C>EJA6I>DC H6CH
EGg86JI>DC A: H:GK>8: CDC 6JIDG>Hg N
8DBEG>H A6 GgE6G6I>DC :;;:8IJg:
HD>BhB: DJ A:MEADG6I>DC 9:H
Bg86C>HB:H >CI:GC:H 9: A6EE6G:>A 9:
A6 E6GI 9: IDJI E6GI>: A6?JHI:B:CI DJ
A6 BD9>;>86I>DC 9: IDJI HDGI: A:
CDCG:HE:8I 9:H 8D9:H Gg<A:B:CIH DJ
AD>H gI6I>FJ:H AD86JM BJC>8>E6JM DJ
9: 8DBIg Gg<>HH6CI AgA:8IG>If A6
EADB7:G>: :IDJ A: 7dI>B:CI N 8DBEG>H
A: 9g;6JI 9>CHI6AA:G A: EGD9J>I 96CH A:
G:HE:8I A: EAJH HIG>8I 9:H 8D9:H HI
Gf<A:B:CIH :C B6I>fG: 9>C8:C9>: :I 9:
7dI>B:CI AJHJG: CDGB6A: A:
G:CK:GH:B:CI 96A>B:CIH 9: A>FJ>9:H
A:H 688JBJA6I>DCH 9: <G6>HH: DJ A:H
6JIG:H HJHI6C8:H FJ> H688JBJA:CI HJG
A: EGD9J>I b A>CIgG>:JG DJ 6JIDJG 9:
8:AJ>8> A:H ;DG8:H HI ;68I:JGH
:MI:GC:H 9:H gAgB:CIH :IDJ 9:
A:CK>GDCB:CI N 8DBEG>H CDI6BB:CI
A6 EAJ>: A: K:CI A: H67A: A>CDC96I>DC
A>C8:C9>: A:H <A>HH:B:CIH 9: I:GG>6C
A:H I:BEgG6IJG:H 6J9:HHDJH 9J ED>CI
9: 8DC<gA6I>DC A=JB>9>Ig :M8:HH>K: DJ
A:MDH>I>DC EGDADC<g: b =JB>9>Ig A6
;DJC9G: A6 HJGI:CH>DC gA:8IG><J: A:H
9g;6JIH 9:H HIGJ8IJG:H FJ> :CIDJG:CI
A6EE6G:>A :I A:H 86H 9: ;DG8: B6?:JG:
DH8= C: H:G6 :C 6J8JC 86H
G:HEDCH67A: 9: FJ:AFJ: B6C>fG: FJ:
8: HD>I 9:H 9DBB6<:H D886H>DCCgH
6JM 7>:CH :CK>GDCC6CIH N 8DBEG>H A:H
6GBD>G:H 9: G6C<:B:CI A:H EA6C8=:GH
A:H EA6;DC9H HI A:H 6JIG:H HIGJ8IJG:H DJ
D7?:IH FJ> H: IGDJK:CI 6JIDJG 9J
EGD9J>I +DCI g<6@:B:CI :M8AJH 9: A6
EGgH:CI: <6G6CI>: A:H g<G6I><CJG:H A:H
:C8D8=:H A:H 7DHH:AJG:H :I A:H
9DBB6<:H IDJ8=6CI A6EE6G:C8: 9:H
HJG;68:H :MI:GC:H HI 9:H E>f8:H
:MEDHg:H A:H EGD9J>IH 9DCI A:H
CJBgGDH 9: HgG>: DCI gIg BD9>;>gH
G:C9JH >AA>H>7A:H DJ :CA:KgH A:H
9gEA68:B:CIH 9J E:GHDCC:A 9: H:GK>8:
6EGgHK:CIH EDJG KDJH :CH:><C:G
8DBB:CI JI>A>H:G A: EGD9J>I DJ A:H
9gEA68:B:CIH ADGHFJ: A: EGD9J>I C:
EGgH:CI: 6J8JC EGD7AfsB:H
9>CHI6AA6I>DC KDJH gI:H H:JA
G:HEDCH67A: 9: IDJI: HIGJ8IJG: :I 9: A6
B>H: :C EA68: 9J EGD9J>I N 8DBEG>H A:H
>CHI6AA6I>DCH gA:8IG>FJ:H 9: EADB7:G>:
DJ 6JIG:H >CHI6AA6I>DCH 9:
G688DG9:B:CI 9: A6 B>H: :C EA68: 9:
;DC96I>DCH DJ 9JC E6GFJ:I 6EEGDEG>gH
:I 9: IDJI: BD9>;>86I>DC 9:K6CI
8DI6BB:CI hIG: 6EEDGIg: 6JM 6GBD>G:H
9: G6C<:B:CI BJGH EA6C8=:GH
G6NDCC6<:H :I8 6>C>H> FJ: A: Gg<A6<:
9:H 9>H?DC8I:JGH DJ 9:H ;JH>7A:H
$) " #)+( %U " "%
"+*%() " &(Q)$*
($* $'+ ,%)
(%+() ."+)) $ '+
%$($ " &(%+* &+
$&%(* ) " (Q"#*%$ )*
$*+( %$*(*+"" %+
Q"*+"" / %#&() "
()&%$)"*Q )%"+ %+ "
$Q"$ %+ +*( "
&(Q)$* ($* (#&"
*%+*) ") +*() ($*)
.&())) %+ #&"*)
*%+* ($* #&"* $
,(*+ " "% '+ )%* O
) $) '+"*Q
#($ %+ &**%$ O
+$ +* &(*+"( %+
+*(#$* )* $ ,++(
+$'+#$* &$$* "
&Q(% + %+()
"'+"" " &(Q)$*
($* "#*Q .&())
)* $ ,++( " ($*
$ )( $ ++$ $
()&%$)" ) %##)
&(*) %+ () %$)Q+*)
&(*+"() ))%()
$(*) *%+ &+$*) )
K&(*) %##(") /
%#&() $%*##$* "
*#&) )$ + *(,"
"Q(#$* *%+ ")
(&) + ()*+($* ")
() (#%" $
.Q$* ) %##)
(*) '+ )%$* +)Q)
Q$*,#$* * ."+),
&( %) %+ +*(#$*
(*$) Q** $
&(#**$* &) "."+)%$
%+ " "#**%$ )
%##) ))%() %+
%$)Q+*)
* (*$) Q**) $
&(#**$* &) '+ )
"$*) )%$* #&%)Q) O "
+(Q +$ ($*
#&"* )%(* '+ ")
"#**%$) $'+Q) &"+)
+*) &+,$* $ &)
)&&"'+( O ,%+) "
&(Q)$* ($* ,%+)
%$$ ) (%*) +('+)
&(*+"() * ,%+) &%+,0
+)) ,%( +*() (%*)
'+ ,($* +$ Q** O
"+*( J8JC: I:CI6I>K: 9:
BD9>;>:G A6 EGgH:CI: <6G6I>: C6 9:;;:I b
BD>CH 9hIG: 6JIDG>Hg: E6G g8G>I E6G JC
9>G><:6CI 9: +
?==5>D ?2D5>9B E> C5BF935 1E D9DB5
45 <1 71B1D95 (DJG D7I:C>G JC H:GK>8:
6J I>IG: 9: A6 <6G6CI>: EDJG KDIG:
EGD9J>I KDJH 9:KG>:O 8DBBJC>FJ:G
6K:8 A: 8:CIG: 9: H:GK>8: 6EGgHK:CI:
6<Ggg A: EAJH EGD8=: 9: DH8=
+ DB: EEA>6C8:H
%8699:C K:CJ: JCI>C<IDC
:68= 6A>;DGC>6
"(*%$ ) ($*) ",d"$ %)
$:H <6G6CI>:H ;DJGC>:H E6G + DB:
EEA>6C8:H 8>s6EGfH 9gCDBBg
RDH8=U 96CH A6 EGgH:CI: 9g8A6G6I>DC
H6EEA>FJ:CI :M8AJH>K:B:CI 6JM
A6K:sA>C<: DH8= K:C9JH 6J
8DCHDBB6I:JG :C ;>C 9: 8=6jC: E6G
DH8= DJ E6G H:H G:K:C9:JGH 6<GggH
H:H 9gI6>AA6CIH DJ 8:CIG:H 9: H:GK>8:
6EGfHsK:CI: 6JM I6IHs-C>H DJ 6J
6C696 $:H<6G6CI>:H ;><JG6CI 96CH
8:II: 9g8A6G6I>DC C: HDCI E6H
IG6CH;gG67A:H
/< 23 5/@/<B73 :7;7BR3 1=;>:QB3
M 1=;>B3@ 23 :/ 2/B3 27<AB/::/B7=<
=A16 @R>/@3@/ =C @3;>:/13@/ 5@/BC7B3;3<B B=CB3 >7Q13 A/DR@/<B 2R4/7::/<B3 2/<A :3A 1=<27B7=<A
<=@;/:3A 2CB7:7A/B7=< 2=;3AB7?C3 4@/7A 23F>R27B7=< 7<1:CA "3A @R>/@/B7=<A A=CA 5/@/<B73 23D@=<B
SB@3 34431BCR3A >/@ C< 3<B@3 =A16 2C )3@D713 >@QA\,3<B3 ), >7Q13A AC>3@47173::3A 3F1:C3A
/<A 23 5/@/<B73 :7;7BR3
M 1=;>B3@ 23 :/ 2/B3 27<AB/::/B7=<
=A16 4=C@<7@/ 5@/BC7B3;3<B :3A >7Q13A 23 @316/<53 23 B=CB3 >7Q13 A/DR@/<B 2R4/7::/<B3 2/<A :3A
1=<27B7=<A <=@;/:3A 2CB7:7A/B7=< 2=;3AB7?C3A 4@/7A 23F>R27B7=<A 7<1:CA
/<A 23 5/@/<B73 :7;7BR3 AC@ :R:31B@=<7?C3
M 1=;>B3@ 23 :/ 2/B3 27<AB/::/B7=<
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