Está en la página 1de 303



EVALUACINDERESERVASDEUN
YACIMIENTOGRANTICOMEDIANTE
TCNICASAVANZADASDEKRIGEADO




Autor:

EduardoGirldezPrez

Directores:

CelestinoOrdezGaln
ngelesSaavedraGonzlez

TesisDoctoral
OptaalttuloDoutorEuropeus
Junio2011


Conforme la complejidad de un sistema


aumenta, nuestra capacidad para ser
precisos y construir instrucciones sobre su
comportamiento

disminuye

hasta

un

umbral ms all del cual, la precisin y el


significado son caractersticas excluyentes
Lofti A. Zadeh


 
  
        
 
  
 
   
  
 
 
 
 
      
 
  
   
   !
" #
 $    
  %  " 
   
     
 
 

   
      
  

   &  '   (  ) 
!
*    
 
   
  &)() 
        
   +  
    
  
       
 (
 !
, -  
 
     

   
   ! )
 

 +   
     

     + 
!  

  
           

          
 
 
        !

A mis padres
A mi hermano
A Vane

 


 !

"

 !#$

.. /

0123456

89

4:;61523<42

=<63>:4<2 . . . . . . . . . . . . . . . . . . . . . . . . .
.. /

72<4:4=356

0123?54<6

@=

 6114A6 . . . . . . . . . . . . . . . . . . . . . . . . .

... 21<6 0=6/>04<6 . . . . . . . . . . . . . . . . . .

... 212<5=1?854<28 ;2154<9/21=8 . . . . . . . . . . . .



..
. 859@46 @= B12<5912<4>3 . . . . . . . . . . . . . .

.
. ;16C=<D2:4=356 :43=16 @= /2 63<=84>3 =3=@4<52 . .

.
.. E56@6 @= =F;/652<4>3 . . . . . . . . . . . . . .

  %!  


.. E56@68 @= <9G4<2<4>3 . . . . . . . . . . . . . . . . . .


&

 

.. E56@68 0=6:E514<68 . . . . . . . . . . . . . . . . . . .



... E56@6 @= /28 8=<<463=8 . . . . . . . . . . . . .



... E56@6 @= /28 486/?3=28 . . . . . . . . . . . . . .



..
. E56@6 @= 5142309/2<4>3 . . . . . . . . . . . . .

... E56@6 @= /68 ;6/?06368 . . . . . . . . . . . . .



... E56@6 @= /68 ;148:28 1=09/21=8 . . . . . . . . .



... E56@6 @=/ :6@=/6 @= G/6H9=8 . . . . . . . . . .



.
. E56@68 0=6=852@?854<68 . . . . . . . . . . . . . . . . .



.
.. 93@2:=3568 @= /2 0=6=852@?854<2 . . . . . . . .



.
.. 3I/4848 =8519<5912/ 934C214235= . . . . . . . . .



.
.
. 485=:28 @= J140=2@6 934C214235= . . . . . . . .



.
.. 286 :9/54C214235=. 6J140=2@6 . . . . . . . . .



.. 140=2@6 @4B986 . . . . . . . . . . . . . . . . . . . . . . 


... 63K93568 @4B9868 . . . . . . . . . . . . . . . . . 
... 3I/4848 =8519<5912/ <63 @2568 @4B9868 . . . . . . 
..
. 140=2@6 @4B986 61@432146. . . . . . . . . . . . . 
... 140=2@6 @4B986 934C=182/ . . . . . . . . . . . . . 
.. 140=2@6 <6:;684<4632/ . . . . . . . . . . . . . . . . . . 
... 93@2:=3568 @=/ J140=2@6 <6:;684<4632/ . . . . 

.. 6B5L21= 0=6=852@?854<6 =:;/=2@6 . . . . . . . . . . . . 


. . 12G2K68 ;1=C468 . . . . . . . . . . . . . . . . . . . . . 

& '!!!(



.. 6@=/6 0=6/>04<6 . . . . . . . . . . . . . . . . . . . . . 

... 145=1468 @= <2/4@2@ . . . . . . . . . . . . . . . . 

 

... 48514G9<4>3 @= <2/4@2@=8 . . . . . . . . . . . . . 

..
. 4;68 @= 1=<91868 . . . . . . . . . . . . . . . . . 

.. 6@=/6 0=6=852@?854<6 . . . . . . . . . . . . . . . . . . . 

.
. @4<4>3 @= /68 @2568 @= =3512@2 . . . . . . . . . . . . . 

.. E<34<28 0=6=852@?854<28 2;/4<2@28 . . . . . . . . . . . . 

... 140=2@6 @4B986 . . . . . . . . . . . . . . . . . . 

... 140=2@6 <6:;684<4632/ . . . . . . . . . . . . . 

.. 48514G9<4>3 @= <2/4@2@=8 7 <9G4<2<4>3 . . . . . . . . .  

... 6;615= @= <9G4<2<4>3 . . . . . . . . . . . . . .  

... =M34<4>3 @=/ <6356136 . . . . . . . . . . . . . . 


 )#!

&

.. 140=2@6 @4B986 . . . . . . . . . . . . . . . . . . . . . . 

... 1252:4=356 @= /68 @2568 =854:2@68 . . . . . . . 

... 1252:4=356 @= /68 1=89/52@68 =3 =/ =356136


.
<14;58 @= ;16<=86 7 1=;1=8=352<4>3 . . . . . . . 
..
. 3I/4848 @= 1=89/52@68 @=/ :E56@6 @= J140=2@6
@4B986 . . . . . . . . . . . . . . . . . . . . . . . 
... 9G4<2<4>3 @=/ 72<4:4=356 . . . . . . . . . . . . 

.. 140=2@6 <6:;684<4632/ . . . . . . . . . . . . . . . . . . 


... 1252:4=356 @= /68 1=89/52@68 =3 =/ =356136
.
<14;58 @= ;16<=86 7 1=;1=8=352<4>3 . . . . . . . 
... 3I/4848 @= 1=89/52@68 @=/ :E56@6 @= J140=2@6
<6:;684<4632/ . . . . . . . . . . . . . . . . . . . 
..
. 9G4<2<4>3 @=/ 72<4:4=356 . . . . . . . . . . . . 

 

 *$ +!!$  ' ,

 

.. 2 =F;/652<4>3 :43=12 . . . . . . . . . . . . . . . . . . 


.. 21<6 0=6/>04<6 @=/ 72<4:4=356 @= <921N6 . . . . . . . . 
... 25=142/=8 . . . . . . . . . . . . . . . . . . . . . 
... =6:=51?2 @=/ M/>3 . . . . . . . . . . . . . . . . 
.
. =<43568 @= <2/4@2@=8 @=3516 @=/ M/>3 . . . . . . . . . . 
.
.. 632 616=85=  . . . . . . . . . . . . . . . . . . 
.
.. 632 616=85=  . . . . . . . . . . . . . . . . . . 
.
.
. 632 =3512/ . . . . . . . . . . . . . . . . . . . 

.
.. 23<6  . . . . . . . . . . . . . . . . . . . . . . 
.
.. 23<6  . . . . . . . . . . . . . . . . . . . . . . 
.. 6@=/6 0=6/>04<6 . . . . . . . . . . . . . . . . . . . . . 
... /284M<2<4>3 @= <2/4@2@=8 . . . . . . . . . . . . . 
... 48514G9<4>3 @= <2/4@2@=8 . . . . . . . . . . . . . 
.. 6@=/6 0=6=852@?854<6

. . . . . . . . . . . . . . . . . . 


.. 2568 @= =3512@2 . . . . . . . . . . . . . . . . . . . . . 



. . 854:2<4>3 0=6=852@?854<2 . . . . . . . . . . . . . . . . 

. .. 140=2@6 @4B986 934C=182/ . . . . . . . . . . . . . 



. .. 1252:4=356 @= /68 @2568 =854:2@68 . . . . . . . 

. .
. 3I/4848 @= 1=89/52@68 @=/ :E56@6 @= J140=2@6
@4B986 934C=182/ . . . . . . . . . . . . . . . . . . 

 -!#!



.. =3=12/ <6::=358 . . . . . . . . . . . . . . . . . . . . 


.. @@454632/ <6::=358 . . . . . . . . . . . . . . . . . . . 

 

... =685254854<2/ 5=<D34H9=8 . . . . . . . . . . . . . 

... O=<54C=3=88 6B 5D= 5=<D34H9=8 23@ :=5D6@8 . . 


.
. 63514G954638 . . . . . . . . . . . . . . . . . . . . . . . 
.. 9591= 1=8=21<D . . . . . . . . . . . . . . . . . . . . . . 

 

  .#
.. =116<2/ B61:2@6 ;61 /2 :=5=1614N2<4>3 @= 93 :2<4N6
16<686 2 512CE8 @= @42</2828. . . . . . . . . . . . . . . .

.. =6:=51?2 <212<5=1?854<2 @= 93 G6/6 0123?54<6. . . . . .

.
. 4592<4>3 0=6/>04<2 @=/ 2<4N6 @=  6114A6. 9=35= P
 . . . . . . . . . . . . . . . . . . . . . . . . .

.. 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86 7


<6/61 1682@6P 54;6 682 6114A6 . 9=35= P  . 
.. 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86 @=
B2<4=8 682 6114A6 . 9=35= P  . . . . . .



.. 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86P 43Q


=H9401239/21=8 7 <63 =/ ;61M@48:6 :=@4232:=35= <63Q
512852@6. 2<4=8 512384<4632/ 2/ 54;6 682 6114A6 61Q
B?@4<6 . 9=35= P  . . . . . . . . . . . . . .



  

. . 61@= @= =3</2C= @= :63N601234568 ;61B?@4<68 @= <6/61
0148 <63 :=02<14852/=8 @= <6/61 1682. 2 :2514N =8 @=
<6/61 0148I<=6. 2 8=<<4>3 @=/ =3</2C= 54=3= 93 52:2A6
@=  F
: 7 =85I 43</9?@6 =3 01234568 @= 54;6 682
6114A6 . 9=35= P  . . . . . . . . . . . .

.. 3</2C= @= 0123456 ;61B?@4<6 @= 9368  : @= @4I:=516


=3 01234568 682 6114A6 . 4=3= 932 <6/2 68<912 @=
8<D/4=1=3 @= G465452 H9= ;63= @= :234M=856 =/ D93@4:4=3Q
56 @=/ =3</2C=. / 01234564@= @=/ =3</2C= =8 84:4/21 2
/68 01234564@=8 ;61B?@4<68 @= B2<4=8 148 63@214N .
9=35= P  . . . . . . . . . . . . . . . . . .



.. 8;=<56 5=F5912/ @=/ 01234564@= ;61B?@4<6 H9= <63854597=


93 =3</2C= @=  F
: =3 01234568 @= 54;6 682 6114A6 .
9=35= P  . . . . . . . . . . . . . . . . . .



.. 61@= @4B986 @= @4H9= 843;/95>34<6 @= 01234564@= ;61Q


B?@4<6 <63 5=F59128 @= @68 54=:;68 7 :2514N @= 01236
:=@46 0148I<=2P =:;/2N2@6 =3 01234568 @= B2<4=8 682
6114A6 . 9=35= P  . . . . . . . . . . . .



.. 282 ;=0:25?54<2 <921N6QB=/@=8;I54<2. / B=/@=8;256 ;65I84Q


<6 54=3= <6/61 1682@6 7 <2C4@2@=8 411=09/21=8 <63 89;=1Q
M<4=8 /4G1=8 @= <14852/=8 @= <921N6 7 B=/@=8;256 ;65I84<6.
43<4>3 @= <6/61 6<1= @=G4@6 2 /2 2/5=12<4>3 @= 89/B9168.
9=35= P  . . . . . . . . . . . . . . . . . .



  


.. 516 28;=<56 @= :282 ;=0:25?54<2 <921N6B=/@=8;I54<2


<63 0123@=8 /48563=8 @= G465452 @= <6/61 3=016. / B=/@=8;2Q
56 ;65I84<6 54=3= <6/61 1682@6. 9=35= P  .



.
. <D/4=1=3 G465?54<6 =3 01234568 43=H9401239/21=8 @= 012Q
36 :97 019=86 7 <63 =/ ;61M@48:6 :=@4232:=35= <63Q
512852@6. 6:6 1=B=1=3<42 @= =8<2/2 8= ;9=@= 954/4N21 /2
@48523<42 =351= /68 <232/=8 @= ;=1B612<4>3 H9= =8 @= 9368

 Q  <:. 9=35= P  . . . . . . . . . . .

.. 8;=<56 5=F5912/ @= 01234568 @= 54;6 682 6114A6 61Q


B?@4<6 . 4=3= 2G93@235=8 :=02<14852/=8 @= B=/@=8;256
;65I84<6 @= <6/61 1682P G4=3 <63512852@68 7 <63 52:2A68
@= D2852  <:. 9=35= P  . . . . . . . . .



.. 61B6/60?2 @= @6:68 @=/ 216 @= 9@4A6. 611=8;63@=


2 2R612:4=3568 @= :63N601234568 ;61B?@4<68 @= B2<4=8
148 63@214N . 9=35= P  . . . . . . . .



.. 123@=8 G6/68 7 ;/2<28 52G9/21=8 @= 01234568 @= 54;6


682 6114A6 61B?@4<6 . 9=35= P  . . . .



. . S =3861=8 @= =8B9=1N68! =K=8 @= =8B9=1N68       


T:IF4:6P 435=1:=@46 7 :?34:6S H9= =F;/4<23 =/ 5652/ @=
/28 @42</2828 =859@42@28. S =3861=8 @= =8B9=1N6 <2/<9Q
/2@68 ;61 =/ :E56@6 @= 30=/4=1 7 @41=<<4>3 @= :IF4Q
:6 2<6152:4=356 D614N6352/ @=/ 5652/ @= /2 ;6G/2<4>3 @=
B2//28 =859@42@28. S =3861=8 @= =8B9=1N6 ;61 51238C=1Q
82/=8. 9=35= P  . . . . . . . . . . . . . . .



  

.. /6H9= ;14:2146 235=8 @= 8=1 43@=;=3@4N2@6 =/ :2<4Q
N6 16<686. = ;9=@= 2;1=<421 H9= =85I @=M34@6 ;61 51=8
<2128 /4G1=8. . . . . . . . . . . . . . . . . . . . . . . . .

.. /6H9= ;14:2146 43@=;=3@4N2@6. = 6G8=1C2 /2 B28= @=


@4C484>3 =3 G/6H9=8 8=<93@21468 :=@4235= =/ =:;/=6 @=
<9A28 :2392/=8. . . . . . . . . . . . . . . . . . . . . . .

.. ;=12<4>3 @= C6/<2@6 @= 93 G/6H9= 8=<93@2146 86G1= /2


;/2N2 @= /2 <235=12. 9=35= P  . . . . . . .

.. 16<=86 @= =8<92@12@6 M32/ @= 93 G/6H9= <6:=1<42/ :=Q


@4235= <9A28 :2392/=8. . . . . . . . . . . . . . . . . . .

.. I/<9/6 @= 1=8=1C28 <63 8=<<463=8 C=154<2/=8. . . . . . .



.. 48514G9<4>3 @= 863@=68 86G1= /68 H9= 8= /=C23523 /28


8=<<463=8. . . . . . . . . . . . . . . . . . . . . . . . . .



.
. =<<463=8 86G1= /28 H9= 8= :4@= =/ I1=2 @= /2 :43=12/Q
4N2<4>3 ;212 =/ <I/<9/6 @= /28 1=8=1C28. . . . . . . . . . .



.. 854:2<4>3 @= 1=<91868 ;61 =/ :E56@6 @= 486/?3=28. /236


@= 486;2<28 <63 :2//2 89;=1;9=852 7 863@=68 @= =F;/6Q
12<4>3. 6G1= =/ ;=1M/ Q U 8= 1=;1=8=352 /2 B61:2 1=Q
2/ @=/ <9=1;6.   V1=2 =/=:=352/ @= /2 <=/@2P  
=H94@48523<42 =351= 486/?3=28P   2/5912 6 ;16B93@4@2@
@= /28 <W;9/28. . . . . . . . . . . . . . . . . . . . . . . .



.. =;1=8=352<4>3 01IM<2 @= /2 5142309/2<4>3 =351= 863@=68. 


.. 148:28 @= G28= 5142309/21 7 2/5912 /2 ;65=3<42 ;63@=1Q
2@2 =351= /68
863@=68 H9= @=M3=3 89 G28=. . . . . . .



  




. . =;1=8=352<4>3 01IM<2 @= /2 <1=2<4>3 @= /68 @48543568


;6/?06368. . . . . . . . . . . . . . . . . . . . . . . . . .



.. =;1=8=352<4>3 =3 ;/2352 @= /2 @48514G9<4>3 @= ;148:28


1=09/21=8. . . . . . . . . . . . . . . . . . . . . . . . . .



.. =;1=8=352<4>3 @= /68 ;148:28 @= G28= <92@12@2 1=09/21


7 <972 2/5912 =8 B93<4>3 @=/ C2/61 284032@6 2 <2@2 936
@= /68 ;93568 <=3512/=8 =3 ;/2352. . . . . . . . . . . . .



.. 6@=/6 @= G/6H9=8. . . . . . . . . . . . . . . . . . . . .

.. 21I:=5168 H9= @=M3=3 =/ :6@=/6 @= G/6H9=8! 684Q


<4>3 @=/ G/6H9= //2C= 7 @4:=38463=8 @=/ G/6H9= 93452146
   . . . . . . . . . . . . . . . . . . . . . . . . .



.. =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= /2 89;=1M<4= @=


C2146012:2 =3 B61:2 @= <92@12@6 T@ " S. . . . . . . .

.
. =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= C2146012:28 @4Q
1=<<4632/=8 T@"S. . . . . . . . . . . . . . . . . . . . . .

.. =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= C2146012:28 6:Q


34@41=<<4632/=8 T@ " S. . . . . . . . . . . . . . . . . . .

.. 215=8 @= /2 B93<4>3 C2146012:2. . . . . . . . . . . . . .

.. 286 @= 23486516;?2 0=6:E514<2. . . . . . . . . . . . . .

. . 611=<<4>3 @= 932 23486516;?2 0=6:E514<2 T@ " S. . . .

.. 6@=/68 @= C2146012:28 5=>14<68. . . . . . . . . . . . .

.. 93<463=8 @= ;=15=3=3<42 ;212:=514N2@28. . . . . . . . . 


.. #2146012:2 =F;=14:=352/ =3 /2 ;14:=12 @41=<<4>3. . . . 

.. #2146012:2 =F;=14:=352/ =3 /2 8=093@2 @41=<<4>3. . . . 




  

.. #2146012:2 =F;=14:=352/ =3 /2 5=1<=12 @41=<<4>3. . . . . 

.
. 6@=/6 @=/ C2146012:2 ;212 /2 ;14:=12 @41=<<4>3. . . . 

.. 6@=/6 @=/ C2146012:2 ;212 /2 8=093@2 @41=<<4>3 . . . 

.. 6@=/6 @=/ C2146012:2 ;212 /2 5=1<=12 @41=<<4>3. . . . . 

.. 6@=/68 7 C2146012:28 =F;=14:=352/=8 89;=1;9=8568 =3
<2@2 932 @= /28 51=8 @41=<<463=8. 3 <6/61 2N9/ 8= 1=;1=Q
8=3523 /68 :6@=/68 @= /68 C2146012:28. 3 <6/61 1682 8=
1=;1=8=3523 /68 C2146012:28 =F;=14:=352/=8. . . . . . . 

.. 2;2 @= @48514G9<4>3 @= <2/4@2@=8 =3 G28= 2 /68 2R6Q


12:4=3568 =859@42@68 =3 <2:;6. . . . . . . . . . . . . . 

.. 93<4>3 5142309/21 H9= <212<5=14N2 93 G/6H9= @= 932


86/2 <2/4@2@P 2/4@2@ . . . . . . . . . . . . . . . . . . .  

.
. 93<4>3 5142309/21 H9= <212<5=14N2 93 G/6H9= <63  $
@= 2/4@2@  7  $ @= 2/4@2@ . . . . . . . . . . . . .  

.. 14I309/6 1=;1=8=35254C6 @= 93 G/6H9= <63


<2/4@2@=8P
235=8 @= 8=1 2K9852@6. . . . . . . . . . . . . . . . . . . .  
.. =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 932
934@2@ @= <235=12. = @4854309=3 /68 G/6H9=8 =3 /68 H9=
8= 54=3= 932 W34<2 <2/4@2@ @= /68 H9= <6354=3=3 C21428P
1=;1=8=352@68 E8568 <63 @48543528 5632/4@2@=8 @= <6/61. . 
.. #=35232 @= 43B61:2<4>3 H9= :9=8512 /68 ;61<=352K=8 @=
<2/4@2@=8 ;1=8=35=8 =3 =/ G/6H9= 7 89 <9G4<2<4>3. . . . . 

  


.
. =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 932
934@2@ @= <235=12. = @4854309=3 /68 G/6H9=8 =3 /68 H9=
8= 54=3= 932 W34<2 <2/4@2@ @= /68 H9= <6354=3=3 C21428P
1=;1=8=352@68 E8568 <63 @48543528 5632/4@2@=8 @= <6/61. . 
.. #=35232 @= 43B61:2<4>3 H9= :9=8512 /68 ;61<=352K=8 @=
<2/4@2@=8 ;1=8=35=8 =3 =/ G/6H9= 7 89 <9G4<2<4>3. . . . . 
.. #4852 0=3=12/ @=/ M/>3P <63 =/ 5=<D6 2 /2 4NH94=1@2 @= /2
4:20=3 7 =/ :916 2 /2 @=1=<D2 @= /2 :48:2. = 2;1=<42
/2 0=6:=51?2 @= /68 @48543568 G23<68 @= 512G2K6. . . . . 
.. 3 /2 4:20=3 8= 2;1=<423 /68 G23<68 @= 512G2K6 7 /28
6;=12<463=8 @= =F;/652<4>3. 3 =/ G23<6 43B=1461 8= =85I
1=2/4N23@6 932 ;=1B612<4>3 86G1= :43=12/P ;212 ;685=14Q
61:=35= 8=1 C6/2@6. 3 =/ :210=3 4NH94=1@6 8= 6G8=1C2
:25=142/ B120:=352@6 @=8;9E8 @= 8=1 C6/2@6. 3 =/ G23Q
<6 435=1:=@46 8= 2;1=<423 /28 6;=12<463=8 @= <2102 7
51238;615= 2 ;/2352. . . . . . . . . . . . . . . . . . . . . 
.
. 4/>3 @4C4@4@6 =3 /68 @48543568 <9=1;68 :43=12/=8. =7=3Q
@2 @= <2/4@2@=8! B=11684/4<46 T16K6S% 84/4<46:=52/ T2N9/S%
I14@6 TC=1@=S% <26/?3 T2:214//6S. . . . . . . . . . . . . . 
.. 6@=/6 0=6/>04<6 @=/ M/>3 @= <921N6. 85I <63854594@6
;61 932 @48514G9<4>3 @= ;=1M/=8 =8;2<42@68  :=5168
7 H9= <212<5=14N23 /2 <2/4@2@ :43=12/ @=/ <921N6. =7=3Q
@2! B=11684/4<46 T16K6S% 84/4<46 :=52/ T2N9/S% I14@6 TC=1@=S%
<26/?3 T2:214//6S. . . . . . . . . . . . . . . . . . . . . . 




  

.. 48514G9<4>3 @= /68 ;=1M/=8 @=/ M/>3. /2 @=1=<D2 8=
2;1=<42 932 1=;1=8=352<4>3 @=/ M/>3 @4C4@4@6 =3 <9=1;68
:43=12/=8 @= <2/4@2@=8 B=11684/4<46P 84/4<46 :=52/P I14@6 7
<26/?3. /2 4NH94=1@2 8= 1=;1=8=3523 /68 ;=1M/=8 @=/ M/>3
932 C=N 2@14N2@6 7 1=614=352@6 2 @41=<<4>3 615=Q91 . 

.. 48514G9<4>3 @= ;=1M/=8 86G1= /68 H9= 8= ;167=<5> /2 :2/Q
/2 @=/ :6@=/6 0=6=852@?854<6. 3 2N9/ 8= 1=;1=8=352 =/
:2//2@6 H9=P 2/ =F5=3@=18= 2 /6 /2106 @= /2 512N2 @=
@48514G9<4>3 @= ;=1M/=8P @=M3= 93 ;148:2 1=<52309/21
<63854594@6 ;61 /28 <=/@28 934521428 @=/ :6@=/6 0=6=8Q
52@?854<6. . . . . . . . . . . . . . . . . . . . . . . . . . . 

. . #2146012:28 =F;=14:=352/=8 89;=1461P :6@2 = 43B=1461. . 

.. =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 56@6
=/ M/>3 =859@42@6. = @4854309=3 /68 G/6H9=8 =3 /68 H9=
8= 54=3= 932 W34<2 <2/4@2@ @= /68 H9= <6354=3=3 C21428P
1=;1=8=352@68 E8568 <63 @48543528 5632/4@2@=8 @= <6/61.
=7=3@2! B=11684/4<46 T16K6S% 84/4<46 :=52/ T2N9/S% I14@6
TC=1@=S% <26/?3 T2:214//6S. . . . . . . . . . . . . . . . . 

  
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2. . . . . 

.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6. . 

.
. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6. . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132. . . . . . 
.. 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356. . . . . 
.. 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=Q
@4235= C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6
@4B986. 63@= &P &P &
7 & @=36523 /28 <2/4@2@=8
P P
7  1=8;=<54C2:=35=% # @=3652 =/ <6=M<4=35= @=
C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2. . . . . . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2. . . . . 
.
. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6. . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6. . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132. . . . . . 
.. 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356. . . . . 




  


. . 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=Q
@4235= C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6
<6:;684<4632/. 63@= &P &P &
7 & @=36523 /28
<2/4@2@=8 P P
7  1=8;=<54C2:=35=% # @=3652 =/ <6Q
=M<4=35= @= C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2. . 

.. 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=@4Q


235= C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= <6J140=2@6.
63@= &P &P &
7 & @=36523 /28 <2/4@2@=8 P P
7 
1=8;=<54C2:=35=% # @=3652 =/ <6=M<4=35= @= C2142<4>3%
 @=3652 /2 @=8C42<4>3 5?;4<2. . . . . . . . . . . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2. . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6. . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6. . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132. . . . . . 
.
. 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356. . . . . 
.. 6@=/68 @=/ C2146012:2. 63@= T<S " 9:G12/ 7 T2S "
2/<23<=. . . . . . . . . . . . . . . . . . . . . . . . . . . 

.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 N632 23<6 . 
.
. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 N632 23<6 . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 =3512/. 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 616=85=
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
.. 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 616=85=
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

  



. . 852@4854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=Q


@4235= C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6
@4B986 934C=182/. 63@= &=4P &4P & 1 7 & 26/43
@=36523 /28 <2/4@2@=8 @= B=11684/4<46P 84/4<46 :=52/P I14@6
7 <26/?3 1=8;=<54C2:=35=% # @=3652 =/ <6=M<4=35= @=
C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2. . . . . . . . . 



  




'= <23 36L2@278 <D668= B16: :237 @4O=1=35 :=5D6@6/604=8 56
=C2/925= 5D= 1=8=1C=8 43 2 :43=12/ @=;6845. 6884G/= 2/5=13254C=8 1230=
B16: </2884< 0=6:=514< 56 </2884< 0=685254854<2/ 5=<D34H9=8.
=5D6@8 G28=@ 63 0=685254854<8 :243/7 98= 5D= J140430 2;;162<D.
D48 5=<D34H9= =32G/=8 2 8=14=8 6B ;16;=154=8 56 G= ;1=@4<5=@ B61 5D=
=3541= @=;6845 G28=@ 63 6G8=1C254638 :2@= 43 63/7 <=15243 21=28. D=
;1=@4<5463 48 <2114=@ 695 43 89<D 2 L27 28 56 :434:4N= 237 ;6884G/= =1161
23@ 45 2/L278 52J=8 4356 2<<6935 5D= 57;= 6B 434542/ @252P 5D= C2142G/=8
56 G= 98=@P 5D=41 8;2542/ @48514G95463 23@ 5D= 57;= 6B =C2/925463 5D25
3==@8 56 G= @63=.
D= 24: 6B 5D48 1=8=21<D L28 56 @=C=/6; 23 2/5=13254C= 56 5D=
</2884< :=5D6@8 6B C6/9:= <6:;9525463 B61 :43=12/ @=;68458P 43</9@430
61@43217 J140430. :2K61 23@ <D212<5=14854< H92117 L28 8=/=<5=@ 28 2
5=85 845= B61 2;;/7430 5D= 5=<D34H9=8 @=C=/6;=@P 32:=/7P 5D= =3=@4<52
:43430 <63<=88463P 2 012345= G25D6/45D /6<25=@ 43 6114A6 T635=C=@12P
' ;243S.
859@7 L28 :2@= 6B 5D= 0=685254854<2/ 5=<D34H9=8 G=85 8945=@ 56


5D= :43430 8=55430P 8;=<4M<2//7 1=8691<= H92/457 =C2/925463 23@ C6/9:=


<6:;9525463. D= 5=<D34H9=8 859@4=@ L=1= B9NN7 J140430P 934C=182/
B9NN7 J140430 23@ <6:;68454632/ J140430.
5D1==Q@4:=384632/ T
S :43= :6@=/ 5D25 566J 4356 2<<6935
0=6/604<2/P <6::=1<42/ 23@ 85254854<2/ <145=142 L28 @=M3=@ 56
2<<6::6@25= 5D= 2;;/4<25463 6B 5D=8= 0=685254854<2/ 5=<D34H9=8.
61 5D= 6114A6 012345= G25D6/45D 859@7P C6/9:= <6:;9525463 L28
B6<98=@ @41=<5/7 63 <6::=1<42/ H92/457. D48 <6::=1<42/ H92/457 L28
@=M3=@ G7 5L6 <D212<5=14854<8! 2;;=2123<= 23@ 5D= 39:G=1 6B R2L8P
23@ 5D= @=01== 6B B12<591430 43 5D= 16<J :288P 28 5D48 @=5=1:43=8 5D=
=F512<5463 6B G/6<J8 6B 2 89452G/= 84N= B61 =F;/64525463. </2884M<25463
8785=: L28 =852G/48D=@ 56 @485430948D G=5L==3 B691 H92/457 012@=8!
H92/457  TG/6<J8 L45D 36 R2L8SP H92/457  TG/6<J8 L45D D21@/7 237
R2L8SP H92/457
T<638519<5463 :25=142/SP 23@ H92/457  T2001=025=8S.
4C=3 93<=1524357 1=021@430 5D= @=M345463 6B G/285=@ 012345=
H92/454=8P 5D= 859@7 B6<98=@ 63 B9NN7 J140430. 3<= 5D= =O=<54C=3=88
6B 98430 B9NN7 J140430 43 5D= 6114A6 012345= H92117 L28 =852G/48D=@P
5D= 3=F5 85=; L28 56 2;;/7 2365D=1 :=5D6@ 56 5D=8= @252 5D25 L28
365 8;=<4M<2//7 @=8403=@ B61 L61J430 L45D B9NN7 @252. D= :=5D6@
8=/=<5=@ L28 <6:;68454632/ J140430. D= =O=<54C=3=88 6B 5D= :=5D6@8
98=@ L28 288=88=@ G7 2;;/7430 2 <1688QC2/4@25463 5=<D34H9= 98430
5D= 82:= 43;95 @252. /86 98=@P 43 2@@45463 56 <1688QC2/4@25463P
56 288=88 5D= <6:;68454632/ J140430 :=5D6@ L28 5D= <6QJ140430
0=685254854<2/ 5=<D34H9=. 5 L28 5D98 ;6884G/= 56 2<D4=C= 5D= 6GK=<54C= 6B


@=5=1:43430 LD4<D 6B 5D= 5L6 0=685254854<2/ 5=<D34H9=8 TB9NN7 J140430


61 <6:;68454632/ J140430S L28 5D= :685 89452G/= :=5D6@ B61 :2J430
1=8691<= =854:25=8 B61 2 H92117 6B 5D= 82:= 57;= 23@ 84N= 28 5D= 6114A6
G25D6/45D.
3<= L= 93@=18566@ 5D= G=D2C4691 6B G65D :=5D6@8 43 H92/457
@48514G95463 232/7848 B61 5D= 6114A6 012345= H92117P L= @=<4@=@ 56
=F5=3@ 5D= 859@7 56 5D= <28= 6B 51=3@ @252 23@ 86 2;;/4=@ 934C=182/
B9NN7 J140430 56 2 8=<63@ :43=12/ @=;6845P 32:=/7 5D= =112G2/
H9215N :43430 <63<=88463 /6<25=@ 43 5D= :934<4;2/454=8 6B #=@12 23@
6H9=4F>3 T3=21 619A2P ' ;243S.
3 5D= =112G2/ H9215N @=;6845P 5D= <145=1463 98=@ 56 <D212<5=14N=
H92/457 L28 5D= /=C=/ 6B ;91457 6B 5D= 84/4<63 43 5D= H9215NP 28 5D48
<635=35 2O=<58 458 43@985142/ =F;/64525463 ;6884G4/454=8. (8430 5D48
<145=1463P B691 H92/454=8 L=1= @=M3=@! B=11684/4<63 T=4SP :=52/ 84/4<63
T4=SP 2001=025=8 23@ J26/43.
28=@ 63 ;1461 M=/@L61JP 2 0=6/604<2/ H92/457 @48514G95463 :6@=/
L28 <1=25=@ B61 G65D :43=8P G94/5 63 5D= G2848 6B 0=61=B=1=3<=@
0=6/604<2/ ;16M/=8 23@ 695<16; :2;8. 6 610234N= 5D= 43;95 @252 5D25
L69/@ B==@ 5D= J140430 ;16<=88P 2 0=685254854<2/ :6@=/ L28 @=M3=@P
G28=@ 63 2 5D1==Q@4:=384632/ 014@ B61:=@ 6B  F  F  :=51= G/6<J8.
D= 0=6:=517 6B 5D=8= <=//8 L28 2@2;5=@ 56 5D= ;16;6154638 6B 5D=
8430/= G/6<J =F512<5=@ B16: 5D= H92117 43 5D= 434542/ =F;/64525463 ;D28=.
D48 =32G/=@ 5D= 434542/ @252 56 G= 6102348=@ 43 89<D 2 L27 5D25 5D=
0=685254854<2/ 2/06145D:8 56 G= 859@4=@ <69/@ G= 2;;/4=@ 56 5D=:.


(8430 B9NN7 J140430 5D=617 23@ 2;;/7430 5142309/21 :=:G=18D4;


B93<54638 1=C=2/=@ 5D= @48514G95463 6B 5D= H92/454=8 L45D43 5D= @=;6845
23@ 74=/@=@ ;=1<=3520=8 B61 5D= B691 @4O=1=35 H92/454=8 43 =2<D 6B 5D=
G/6<J8 43 5D= :6@=/. D= <=35164@ 6B =2<D G/6<J L28 <D212<5=14N=@
G7 458 8;2542/ <661@4325=8 23@ 2/86 G7 5D= B691 H92/457 ;=1<=3520=8
1=;1=8=35430 5D= G/6<J. ;;/7430 5D= 5142309/21 B93<54638 1=H941=@
5D= 43;95 @252 56 G= ;21542//7 :6@4M=@P LD4<DP 325912//7P <63854595=@
2 8691<= 6B =1161. (3:6@4M=@ 43;95 @252 L28 98=@ @41=<5/7 B61 5D=
<6:;68454632/ J140430 ;16<=88. )6L=C=1P 5D48 2;;162<D @6=8 365 ;=1:45
93<=1524357 43 5D= @=M345463 6B 5D= @252 56 G= 52J=3 4356 2<<6935.
3 5D= M32/ 1=89/58 =C2/925463 23@ C6/9:= <6:;9525463 ;D28=P 5D=
;64358 1=89/5430 B16: 5D= 2;;/4<25463 6B 5D= J140430 :=5D6@6/607 L=1=
=35=1=@ 4356 2 @252G28= /43J=@ 56 5D= 0=685254854<2/ :6@=/ G7 :=238 6B
2 <6@= 288403=@ 56 =2<D G/6<J. 3 5D48 L27 8;2542/ 23@ 5D=:254< H9=14=8
<23 G= :2@= 43 LD25 <63854595=8 2
 0=6012;D4<2/ 43B61:25463 8785=:
2;;/4<25463P @=8403=@ 56 288485 =3043==18 43 610234N430 H92117430 23@
:43430 528J8.



 !
/ ;1=8=35= 512G2K6 @= 43C=85402<4>3 8= <=3512 =3 /2 @=M34<4>3P
2K985= 7 6;54:4N2<4>3 @= 93 :E56@6 @= =C2/92<4>3 @= 1=8=1C28 7
<9G4<2<4>3 @=/ G256/456 0123?54<6 @= /2 63<=84>3 @= F;/652<4>3
=3=@4<52. 85= :E56@6 D2 @= 5=3=1 =3 <9=352 /2 43<=154@9:G1=
286<42@2 2 /2 284032<4>3 @= <2/4@2@=8 2 <2@2 G/6H9= 7 ;=1:4541
=854:21P ;212 <2@2 936 @= =8568 G/6H9=8P /2 @48514G9<4>3 ;61<=3592/
@= <2/4@2@=8 @= 0123456 H9= <6354=3=. 52/ M3P 8= ;1=5=3@= @48<1=54N21
=/ G256/456 =3 G/6H9=8 H9=P ;61 @4:=38463=8P 8= 2K98523 2 /68 <145=1468 @=
=F;/652<4>3 =3 <235=12 T2/5912 @= G23<6P 52:2A6 @= G/6H9= ;14:2146
43@=;=3@4N2@6P =5<.S. / G/6H9= 28? @=M34@6 8=1I /2 934@2@ ;14:2142
86G1= /2 H9= 2K98521 /2 @48514G9<4>3 @= <2/4@2@=8.
(32 C=N <636<4@2 /2 @48514G9<4>3 @= <2/4@2@=8 =3 56@6 =/ 72<4:4=356
=F;/652@6P 8= ;/235=2 @=82116//21 932 D=112:4=352 43B61:I54<2
@=85432@2 2 1=;1=8=3521 =8;2<42/:=35= =/ <63K9356 @= G/6H9=8 H9=
:6@=/4N23 =85= 72<4:4=356. 852 D=112:4=352P G282@2 =3 93 =356136 @=
1=;1=8=352<4>3 P ;=1:4541I ;61 932 ;215=P <9G4<21 =/ 72<4:4=356
7P ;61 6512P 8=1C41 @= D=112:4=352 @= 2;676 2 /2 56:2 @= @=<48463=8 =3


/2 0=854>3 12<4632/ @= /2 =F;/652<4>3 2 /6 /2106 @=/ 54=:;6.


12@4<4632/:=35= 8= D23 =:;/=2@6 :E56@68 @= <9G4<2<4>3
0=6:E514<68 ;212 /2 =C2/92<4>3 @= 1=8=1C28 :43=128. 2@2 /2
;2154<9/214@2@ @=/ 72<4:4=356 2 <9G4<21 7 5=34=3@6 =3 <9=352 H9= /2
;16;4=@2@ 86G1= /2 H9= ;4C6521I 56@2 /2 =C2/92<4>3 8=1I /2 <2/4@2@
<6:=1<42/ @=/ 0123456 =F;/652@6P =/ 6GK=54C6 =8 =:;/=21 93 :E56@6 @=
<9G4<2<4>3 G282@6 =3 /2 0=6=852@?854<2. 28 C=352K28 @= 93 :E56@6
0=6=852@?854<6P @= G28= ;912:=35= :25=:I54<2P 863 84034M<254C28
<923@6 8= ;1=5=3@= ;16<=821 93 C6/9:=3 @= @2568 4:;615235=P 84=3@6
E85= =/ <286. 2154=3@6 @= /2 G28= @= 512G2K68 ;1=C468 @=82116//2@68
86G1= =/ 72<4:4=356 =3 =859@46P =3 /68 H9= 8= D2 2;/4<2@6 /2 5E<34<2
0=6=852@?854<2 @=/ J140=2@6 7 =3 /68 H9= D2 ;2154<4;2@6 =/ 29561 @= =85=
512G2K6 @= 43C=85402<4>3P 8= ;1=5=3@= @21 93 ;286 :I8 =3 =/ =:;/=6
@= /2 0=6=852@?854<2 =3 =/ <2:;6 @= /2 :43=1?2. 212 =//6 8= =:;/=21I3
@68 5E<34<28 0=6=852@?854<28P ;61 93 /2@6 /2 5=61?2 @=/ J140=2@6 @4B986
7 ;61 6516 /2 5=61?2 @=/ J140=2@6 <6:;684<4632/P 2<63@4<46323@6 89
B93@2:=356 2 /28 <212<5=1?854<28 @=/ 72<4:4=356 2 =C2/921.
35=0123@6 93 :6@=/6 0=6/>04<6 514@4:=384632/ @= <2/4@2@=8P =3
G28= 2 <145=1468 <6:=1<42/=8 7 @= B12<5912<4>3 @=/ :2<4N6 16<686P
<63 93 :6@=/6 0=6=852@?854<6 514@4:=384632/P =/ <92/ 286<42 2 ;93568
0=61=B=1=3<42@68 /2 <212<5=14N2<4>3 @= <2/4@2@=8 =3 932 :2//2 @=  F
 F  :=5168P 8= 6G5=3@1I /2 @48514G9<4>3 @= <2/4@2@=8 =3 56@6 =/
72<4:4=356. ;/4<23@6 2 =852 @48514G9<4>3 @= <2/4@2@=8 /68 /?:45=8 @=
<2/4@2@=8 /68 /?:45=8 325912/=8 7 2@:434851254C68 8= ;6@1I D2<=1 932


435=1;1=52<4>3 @= /2 @48514G9<4>3 @= <2/4@2@=8 =3 56@6 =/ 72<4:4=356P


2@=:I8 @= <636<=1 /2 84592<4>3 2<592/ @= /68 @48543568 B1=35=8 @=
=F;/652<4>3. X85= =8 =/ ;9356 @= ;2154@2 ;212 =852G/=<=1 /28 2<592<463=8
2 1=2/4N21 =3 93 <6:;/=K6 ;16<=86 @= 1=61@=32<4>3 @= /28 2<54C4@2@=8
@= =F512<<4>3 @=/ 0123456 Y682 6114A6Y =F512?@6 =3 /2 63<=84>3
@= F;/652<4>3 =3=@4<52. = =852 B61:2 8= ;6@1I @=M341 =/ 16/ H9=
5=3@1I <2@2 932 @= /28 <235=128 @= /2 <63<=84>3 =3 /28 B959128 B28=8 @=
2C23<=. 8? 8= ;6@1I3 @48=A21 B1=35=8 @= =F;/652<4>3 :I8 D6:60E3=68
7 =M<4=35=8 @=8@= =/ ;9356 @= C4852 6;=1254C6P H9= =8 =/ M3 W/54:6 @=
56@6 :E56@6 @= <9G4<2<4>3 7 =C2/92<4>3 @= 1=8=1C28 :43=128.
(3 6GK=54C6 8=<93@2146 8=1I 232/4N21 /2 C=18254/4@2@ @= /2
:=56@6/60?2 ;/235=2@2 2/ 2;/4<21/2 2 93 8=093@6 72<4:4=356P <6:6 =8
=/ 72<4:4=356 @= <921N6 @= 432 =112G2/. = 51252 @= 93 72<4:4=356
@= <212<5=1?854<28 @4B=1=35=8 2 /28 @=/ G256/456 0123?54<6 @=  6114A6P
;61 89 0=6:=51?2 7 1=<91868 :43=12/=8 =F;/652@68. / 72<4:4=356 @=
432 =112G2/ ;1=8=352 932 0=6:=51?2 @= M/>3P <63 89 @4:=384>3
/630459@432/ :9<D6 :2761 H9= 89 @4:=384>3 5128C=182/. 9 </284M<2<4>3
;61 <2/4@2@ 8= D2<= =3 <925168 019;68P ;=16 =3 =85= <286 /68 <145=1468
H9= @=M3=3 <2@2 936 @= =868 123068 @= <2/4@2@ 8= B93@2:=3523 =3 /2
<6:;684<4>3 H9?:4<2 @= /68 :43=12/=8. 4094=3@6 =852 :=56@6/60?2P
8= @=M341I ;212 =85= 8=093@6 72<4:4=356 93 :6@=/6 0=6/>04<6 @=
<2/4@2@=8 7 93 :6@=/6 0=6=852@?854<6 H9= ;=1:4523 =854:21 =3 56@6
=/ 72<4:4=356 /2 @48514G9<4>3 @= <2/4@2@=8 ;61 2;/4<2<4>3 @= /28
5E<34<28 0=6=852@?854<28 =859@42@28. @=:I8P @2@28 /28 <212<5=1?854<28


;2154<9/21=8 @=/ 72<4:4=356 @= 432 =112G2/P /6 D2<=3 ;16;4<46 ;212


2;/4<21 /2 5E<34<2 @= J140=2@6 @4B986 934C=182/ =3 /2 =854:2<4>3 @=
<2/4@2@=8.



-*(#! 
!#$


%

!

#

+*!

!$+
3 8;2A2P 2 ;21541 @= /68 2A68  <6:=3N> 2 @=82116//218= =/
2;16C=<D2:4=356 @=/ 0123456 <6:6 2<54C4@2@ 43@985142/P <63C4154E3@68=
E85= =3 93 4:;615235= 8=<561 @= /2 43@985142 :43=12. ;21541 @=
  7 D2852 M32/=8 @=/ 840/6 ** =/ 8=<561 =F;=14:=35> 93 B9=15=
4:;9/86P @=G4@6 2 /2 <1=<4=35= @=:23@2 @= :25=142/=8 @= <638519<<4>3
@= <63512852@2 <2/4@2@P /2 ;1601=84C2 5=<34M<2<4>3 7 :=<234N2<4>3
52356 =3 /68 ;16<=868 @= =F512<<4>3 =3 <235=12 <6:6 @= =/2G612<4>3 =3
;/2352P 7 86G1= 56@6 2/ 29:=356 @= /28 =F;6152<463=8. 3 /2 2<592/4@2@
=F485=3 =3 8;2A2 9328  =:;1=828 =F512<56128 @= 0123456 7 :I8
@=/ @6G/= @= =:;1=828 51238B61:2@6128. = 2<9=1@6 <63 =/ 3W:=16


      ! " 

@= =F;/652<463=8 7 89 4:;61523<42P 8= ;9=@=3 @=M341 51=8 0123@=8


N6328 ;16@9<56128 =3 /2 =3?389/2 GE14<2! 2/4<42P /2 N632 <=3516 7
F51=:2@912.
2/4<42 <9=352 <63 932 :25=142 ;14:2 @= <2/4@2@ 1=<636<4@2
435=132<4632/:=35=. @=:I8P /2 43@985142 02//=02 51238B61:2@612 @=
0123456 =8 5=<36/>04<2:=35= /2 :I8 2C23N2@2 @=/ :93@6. 3 C6/9:=3P
=85= 8=<561 43@985142/ 02//=06 =8 =/  :I8 4:;615235= @= 916;2
T5128 52/42S 7 =/  @=/ :93@6. 6:;45= <63 0123@=8 ;2?8=8 <6:6
D432P 3@42 6 1284/. 61 6512 ;215=P =/ 8=<561 <9=352 <63 932
C=352K2 <6:;=5454C2 /60?854<2P H9= =8 =/ 9=156 @= #406. 19=G2 @=
/2 4:;61523<42 =3 2/4<42 @= =852 2<54C4@2@ =8 H9= =/ 0123456 8=
D2 <63C=154@6P =3 /68 W/54:68 2A68P =3 /2 8=093@2 :=1<23<?2 ;61
:6C4:4=3568 =3 =/ 9=156 @= #406. 4 =3 /2 W/54:2 @E<2@2 @=/ 840/6
** =/ C6/9:=3 @= =F;6152<4>3 @= G/6H9= =3 G1956 =12 :2761 H9= =/
@= 4:;6152<4>3P =3 /68 ;14:=168 2A68 @=/ 840/6 ** 8= D2 43C=154@6
=852 5=3@=3<42 7 2<592/:=35= /2 1=/2<4>3 @= C6/9:=3 @= G/6H9= G1956
=F;6152@6 B1=35= 2 C6/9:=3 @= G/6H9= G1956 4:;6152@6 =8 @= +.
/ G/6H9= @= 0123456 =3 G1956 =8 =/ ;143<4;2/ 43;95 @= /28 ;/23528 @=
51238B61:2<4>3 7 89 ;16@9<56 M32/ =/2G612@6 =8 2/52:=35= @=:23@2@6
=3 :=1<2@68 =F5=1461=8P 52/ <6:6 /6 43@4<23 /68 @2568 @= =F;6152<463=8
02//=028 @= 0123456. /  $ @=/ 0123456 =F;6152@6P =3 C6/9:=3 @=
B2<5912<4>3P =8 0123456 =/2G612@6P 8=0W3 B9=35=  * T P ,I909=14
 SP 43<1=:=3523@6 =/ C2/61 =<63>:4<6 @=/ 0123456 =/2G612@6 D2852
<92516 C=<=8 =/ H9= 54=3= =8= :48:6 0123456 <6:6 G/6H9= =3 G1956. 85=

@256 1=C=/2 H9= =/ 8=<561 @=/ 0123456 =85I <2@2 C=N :I8 5=<34M<2@6 7
<=3512 898 2<54C4@2@=8 =3 /68 ;16<=868 @= 51238B61:2<4>3. 85= =8 93
8=<561 <2@2 C=N :I8 =F40=35= =3 <145=1468 @= <2/4@2@ 7 /60?854<2 @= /28
:25=1428 ;14:28 H9= ;16<=82P ;61 /6 H9= /28 =:;1=828 @= =F512<<4>3
/6<2/=8 @=G=3 :=K6121 898 ;16<=868 =F512<54C68 7 @= <6:=1<42/4N2<4>3
84 H94=1=3 8=1 <6:;=5454C28 B1=35= 2 /28 @= ;2?8=8 =:=10=35=8.
3  6114A6 =F485= /2 <235=12 @= 0123456 :I8 0123@= @=/ :93@6
@= /2 H9= <2@2 2A6 8= =F512=3 :I8 @=  563=/2@28 @= /2 C214=@2@
<6:=1<42/ Y682 6114A6Y. 2/ =8 89 4:;61523<42 H9=P =8 =3 =852
/6<2/4@2@ @= /2 ;16C43<42 @= 635=C=@12 @63@= 32<4> /2 43@985142
012345=12 02//=02 =3 /68 2A68 . I8 @= 93 840/6 251I8P =/ 0123456
;16<=@=35= @= =8528 <235=128 D2G?2 84@6 =:;/=2@6 @= :23=12 568<2
;212 /2 <638519<<4>3 @= C4C4=3@28P 02/;63=8P <4=11=8 @= M3<28P ;685=8
@= C4A=@68P :2:;685=1?2 6 =:;=@12@6 @= <2:4368 7 <211=5=128. =0W3

P 12WK6 P =/ <6:4=3N6 @= /2 =F;/652<4>3 @= /28 <235=128 @=
6114A6 @= 932 B61:2 :I8 61@=32@2 36 //=021?2 D2852 /2 :452@ @=/ 840/6
**P <923@6 :2=85168 <235=168 8= <63C4154=163 =3 /68 ;463=168 @= =852
2<54C4@2@. 3 898 434<468P /28 2<54C4@2@=8 @= =F512<<4>3 @= /28 934@2@=8
@= <235=12 9G4<2@28 =3 =85= 72<4:4=356 =852G23 =3<2:432@28 2 /2
;16@9<<4>3 @= 2@6H943=8 ;212 =/ =:;=@12@6 @= <2//=8. 2 :2H9432142
43@985142/ ;=82@2 36 8= 4:;/235> =3 =8528 <235=128 D2852 =/ 2A6 P
:6:=356 =3 =/ H9= =/ ;16<=86 @= =F512<<4>3 8= =3B6<> 2 /2 6G5=3<4>3 @=
0123@=8 G/6H9=8 @= 0123456 @=85432@68 2 /28 ;/23528 @= 51238B61:2<4>3
H9= =/2G6123 ;16@9<568 M32/=8 =:;/=2@68 =3 /2 <638519<<4>3. 63

      ! " 

=/ @=C=341 @= /68 2A68P 52356 B9= =/ 1=<636<4:4=356 H9= 2/<23N> =852


:25=142 ;14:2P H9= 43</986 D432 <6:=1<42/4N2 932 C214=@2@ ;16;42
H9= /2 4:452 7 2 /2 H9= D23 @=36:432@6 Y43J 6114A6YP =3 </212
1=B=1=3<42 2/ Y682 6114A6Y.
/ 0123456P 7 =3 89 @=B=<56 /2 C214=@2@ Y682 6114A6YP =8 932 @= /28
16<28 :I8 =:;/=2@28 =3 /2 43@985142 @= /2 <638519<<4>3P 86G1= 56@6 =3
B61:2 @= ;/2<28 ;9/4@28 ;212 1=C=854:4=356 @= =F5=1461=8 = 435=1461=8.
2:G4E3 =3 0123@=8 G/6H9=8 8= 954/4N2 <6:6 =/=:=356 21H945=<5>34<6
@= 54;6 84//=1?2P :4=35128 H9= 5145912@2P 6 <923@6 =85I 72 5145912@2
@= B61:2 325912/ ;61 /2 5=<5>34<2P 8= =:;/=2 <6:6 I14@6P = 43</986
@41=<52:=35= <6:6 G2/2856 ;212 /?3=28 BE11=28. 3</986 /28 21=328 H9=
8= B61:23 ;61 2/5=12<4>3 86G1= 898 2R612:4=3568 8= ;9=@=3 2;16C=<D21
;212 /2 <638519<<4>3. 2 6G5=3<4>3 @= 0123@=8 G/6H9=8 <6:=1<42/=8P @=
C21468 :=5168 <WG4<68P ;212 =/ ;685=1461 8=112@6 7 ;9/4@6 @= /28 ;/2<28
36 84=:;1= =8 ;684G/=P @=G4@6 2 @4C=1868 B2<561=8 H9= 8= <6:=3521I3
2 <6354392<4>3P /6 H9= D2<= H9= =F48523 2/09328P 293H9= =8<2828P
=F;/652<463=8 @= 0123456 ;212 65168 M3=8.
68 B2<561=8 H9= @=M3=3 /2 =F;/652G4/4@2@ @=/ 0123456 <6:6 16<2 @=
<638519<<4>3 863P B93@2:=352/:=35= @68!
/ 012@6 @= B12<5912<4>3 @=/ :2<4N6 16<686. 8 93 B2<561 @=<484C6P
72 H9= 84 =85I 2B=<52@6 ;61 932 B12<5912<4>3 :97 435=382
8=1I 2;16C=<D2G/= <6:6 I14@6P :4=35128 H9= /68 2B=<52@68 ;61
B12<5912<4>3 :97 =8;2<42@2 8=1C41I3 ;212 89 =F;/652<4>3 =3
G/6H9=8.


/ 012@6 @= 2/5=12<4>3 H9= 2B=<52 2 /68 :43=12/=8 H9= <6:;63=3 /2
16<2. 8 @= 4:;61523<42 ;14:61@42/ ;212 ;6@=1 954/4N21/2P ;9=856
H9= 84 =85I :97 2/5=12@2 5=3@=1I 2 89B141 ;16<=868 @= @=801232@6P
6 36 2@:4541I 93 ;9/4:=356 2@=<92@6.



%

/+!

(!



 0!1!


'! !$!

2 N632 @= =859@46 8= /6<2/4N2 =3 /2 ;215= 3616<<4@=352/ @=/ 2<4N6


0123?54<6 @=  6114A6P H9= @=852<2 ;61 89 435=1E8 :43=16 <6:6 16<2
6132:=352/. 3 =85= 72<4:4=356 8= =F;/652 93 0123456 @= 01236 019=86
2 :97 019=86P 2;1=<42@6 ;61 /2 =85E54<2 @= 898 5632/4@2@=8 7 ;61 898
;16;4=@2@=8 B?84<6 :=<I34<28
/ 0123456 =8 /2 16<2 ;/95>34<2 ;61 1=B=1=3<42P D2852 =/ ;9356
@= H9= =3 =/ :93@6 43@985142/ 8= @=36:4323 01234568 2 56@28 /28
16<28 ;/95>34<28P 43@=;=3@4=35=:=35= @= 89 <6:;684<4>3 1=2/. 3 898
5E1:4368 :I8 ;1=<4868P =/ 0123456 =8 932 16<2 1=/254C2:=35= =8<282P
293H9= @4B?<4/ @= @4B=1=3<421 =3 =/ <2:;6 @= 898 5E1:4368 :I8 ;1>F4:68P
86G1= 56@6 @= /2 01236@461452P ;61 /6 H9= 2 :=39@6 =8528 16<28
;/95>34<28 @= 5632/4@2@=8 </2128 8= @=8<14G=3 <63 =/ 36:G1= 0=3E14<6 @=
01234564@=8. =8@= =/ ;9356 @= C4852 @= 89 <6:;684<4>3 :43=12/>04<2P
/6 :I8 <212<5=1?854<6 @= /68 01234564@=8 =8 89 2/56 <635=34@6 =3

   ! #  $! % &'

<921N6. 68 B=/@=8;2568 863 52:G4E3 <6:;63=35=8 :27614521468 @=


=8528 16<28P 7 89=/=3 8=1 ;/2046</2828 T6/406</282S 7+6 B=/@=8;256
;65I84<6P 0=3=12/:=35= 6156</282 7+6 :4<16</432. @=:I8P =8 B1=<9=35=
H9= <635=3023 G465452 7+6 23B?G6/P 7 =3 6<28463=8 :68<6C452 T01234568
@= @68 :4<28S. 6:6 :43=12/=8 2<<=861468 89=/=3 43</941 <41<>3P 2;25456
7 :43=12/=8 :=5I/4<68P =351= /68 H9= ;1=@6:4323 /2 :203=5452P /2
4/:=3452 7 /2 ;41452. 2 5=F5912 0123?54<2P ;16;42 @= =8528 16<28P =8 932
@= /2 :I8 <212<5=1?854<28 @= /28 H9= ;1=8=3523 /2 16<28 ?03=28! 5=F5912
D6/6<14852/432P D4;4@46:61B2P 01239/21 @= 01236 :=@46P =3 /2 H9= /2
;/2046</282 7 /2 G465452 6 23B?G6/ 89=/=3 8=1 4@46:61B68P 7 =/ <921N6 7
B=/@=8;256 F=36:61B68 = 435=101239/21=8P @=G4@6 2 /2 8=<9=3<42 @= @=
<14852/4N2<4>3P 52/ <6:6 8= 1=<60= =3 /2 8=14= @= 6L=3 T  P 6L=3
S
3 =/ <2:;6P =/ 0123456 2;21=<= B61:23@6 :2<4N68 16<6868 H9=
;9=@=3 //=021 2 8=1 @= :4/=8 @= J4/>:=5168 <92@12@68P <63 <63561368 =3
0=3=12/ <91C4/?3=68P 2 :=39@6 B=8563=2@68 ;61 /2 @=36:432@2 291=6/2
@= :=52:61M8:6 @= <6352<56. 8 B1=<9=35= H9= 2 0123 =8<2/2 =8568
:2<4N68 =85E3 2B=<52@68 ;61 932 1=@ @= B12<59128 H9= ;9=@= 36 8=1
@=B61:2<4632/P @= D=<D6P =3 6<28463=8 8= 6140432 84:;/=:=35= ;61
/2 <63512<<4>3 /402@2 2/ =3B142:4=356 @=/ :2<4N6 T@42</282@6S. 85=
;16<=86 89=/= @21 6140=3 2 932 B12<5912<4>3 <63<E3514<2 T54;6 <2;28 @=
<=G6//2SP H9= 89=/= 8=1 ;212/=/2 2 /68 <6352<568 =F5=1368 @=/ :2<4N6 T7
2 :=39@6 52:G4E3 2 /2 89;=1M<4= 56;601IM<2SP 7 2 932 B12<5912<4>3
0168=12:=35= 12@42/.


34C=/ @= 2R612:4=356P 89=/= @21 6140=3 2 93 1=/4=C= <212<5=1?854<6P
=/ @=36:432@6 G=116<2/ TM0912 .SP B61:2@6 <6:6 <638=<9=3<42 @=/
@=82116//6 @=/ ;16<=86 @= :=5=614N2<4>3 B2C61=<4@6 ;61 /2 B12<5912<4>3
H9= 89=/= 2B=<521 2 =85= 54;6 @= 16<28P H9= 89=/= 43@4C4@92/4N21
;212/=/=;?;=@68 @= 16<2 2 ;21541 @= /68 <92/=8P ;61 =1684>3 @4B=1=3<42/
@= CE154<=8 7 2148528P 8= B61:23 /68 G6/68 TM0912 .S.

40912 .! =116<2/ B61:2@6 ;61 /2 :=5=1614N2<4>3 @= 93 :2<4N6


16<686 2 512CE8 @= @42</2828.
/ 2<4N6 @6  6114A6 TM0912 .
S 8= 9G4<2 =3 93 8=<561
@=/ D=1<?34<6 @=/  @= /2 ;=3?389/2 4GE14<2P H9= <63854597= =/
G61@=  @=/ @=36:432@6 1<6 G=16Q 1:614<236P 6140432@6 =3
93 2:G4=35= 0=65=<5>34<6 =8=3<42/:=35= <6:;1=84C6 T<6/484>3 @= /68
<63543=35=8 63@L232 7 291=3542Q I/54<2S @91235= =/ =C>34<6
:=@46 Q 21G63?B=16 89;=1461P <6:6 ;215= @= /2 2@=32 )=1<?34<2
6 #2148<2. / ;=1?6@6 21@4D=1<?34<6 B93@2:=352/:=35= @485=384C6

   ! #  $! % &'

40912 .! =6:=51?2 <212<5=1?854<2 @= 93 G6/6 0123?54<6.

8= @=82116//> @91235= =/ E1:4<6 7 D2852 =/ 14I84<6 3B=1461. 63


;685=14614@2@P @91235= =/ ,91I84<6 7 1=5I<4<6 3B=1461P 8= ;16@9K6 /2
8=;212<4>3 =351= /28 ;/2<28 GE14<2 7 615=2:=14<232 =3 93 1E04:=3
@485=384C6. = 39=C6 863 /68 =8B9=1N68 <6:;1=84C68 /68 H9= 0=3=123
/28 ;143<4;2/=8 =8519<59128 H9= <63M09123 /2 61@4//=12 41=324<2Q
235IG14<2 6140432@2 ;61 /2 160=342 /;432 @91235= =/ =1<42146P
1=89/523@6 @=/ =:;9K= @= /2 ;/2<2 B14<232 D2<42 =/ 3615= 86G1= /2
;/2<2 GE14<2P =8B9=1N68 H9= <63543W23 2<592/:=35=.
6G1= /2 G28= @= <145=1468 =85125401IM<68P 5=<5>34<68P :=52:>1M<68
7 :20:I54<68 C21468 29561=8 D23 @4B=1=3<42@6 =3 =/ 2<4N6 GE14<6
@48543528 N6328 7 @6:43468 0=6/>04<68 H9= 1=8;63@=3 2 /2 N632<4>3
@=/ 61>0=36 C2148<6 51238C=182/:=35= 2 89 =8519<5912. 2/4<42 H9=@2
43</94@2 =3 C21428 N6328 H9= @= =85= 2 6=85=P 8=354@6 =3 =/ H9= 29:=352
/2 435=384@2@ @= /2 @=B61:2<4>3 7 :=52:61M8:6 D=1<?34<6P 28? <6:6

40912 .
! 4592<4>3 0=6/>04<2 @=/ 2<4N6 @=  6114A6. 9=35= P
 .

/2 ;1=8=3<42 @= :20:2548:6P 863 /28 84094=35=8 T 


P ,9/4C=15 =5 2/
 % P 21428 =5 2/  S! 632 85916<<4@=352/Q=63=82 T SP
632 @= 2/4<42 Q 1I8Q68 635=8 TSP 7 632 =3516QGE14<2
T S H9= 2R612 =3 /2 ;215= <=3512/ 7 =3 =/ G61@= 6<<4@=352/ @=
2/4<42. 3 =8528 N6328 8= D23 @4B=1=3<42@6 86G1= /2 G28= @= <145=1468
/456=85125401IM<68 7 =8519<5912/=8 @48543568 @6:43468 0=6/>04<68. 3 /2
632 @= 2/4<42 Q 1I8Q68Q635=8P =3 /2 H9= 8= 9G4<2 =/ 2<4N6 @= 
6114A6P 8= @4B=1=3<423 =/ 6:4346 @= 2/4<42 Q 1I8Q68Q635=8 7 =/
6:4346 @= /28 16<28 :IM<28 7 1=/2<4632@28 T S T P 21428 =5
2/  P 
P 1=328 =5 2/ P P 211=12 =5 2/ SP 1=;1=8=352@6
2H9? ;61 /2 (34@2@ @= 2/;4<2Q94 T(S T P 4163=8 =5 2/ S.
28 16<28 H9= <63854597=3 =8528 934@2@=8 =85I3 435194@28 ;61



   ! #  $! % &'

@4B=1=35=8 54;68 @= 01234564@=8 843<43=:I54<68 7 ;685<43=:I54<68. 3


=/ /?:45= 6<<4@=352/ @= /2 ( 8= /6<2/4N2 93 G256/456 @= 01234564@=8
G465?54<68 @= 325912/=N2 <2/<62/<2/432P H9= <63854597=3 =/ @=36:432@6
2<4N6 @= 246Q#406. 8 93 <9=1;6 2/2102@6 8=0W3 /2 @41=<<4>3 Q
 H9= 54=3= 93 <21I<5=1 843<43=:I54<6 T43519?@6 =351= /28 B28=8  7 
@= @=B61:2<4>3 D=1<?34<2S. 68 54;68 /456/>04<68 :I8 B1=<9=35=8 863
01236@4614528 7 :63N601234568 @= <21I<5=1 ;61B?@4<6P 2 /68 H9= 8=
286<423 16<28 GI84<28 = 435=1:=@428P = 43</97= 0123@=8 F=36/4568 @=
16<28 :=52:>1M<28. 2 @=B61:2<4>3 @= /28 16<28 @= =85= 2<4N6 =8
D=5=160E3=2 ;61 <4N2//2P <63 N6328 @= @=B61:2<4>3 @EG4/ D2852 N6328
:4/63?54<28.
3 =/ I:G456 0=6/>04<6 <6384@=12@6P 863 2G93@235=8 /68
2R612:4=3568 @= 01234568 @= @68 :4<28 @2 /2 8=14= 2/<2/432 T P
2;@=C4//2 7 /661  S. / 2<4N6 @=  6114A6 435197= =3
01234564@=8 @= @68 :4<28 ;=12/9:?34<68 @= /28 /43=2<463=8 @= 2:;6
2:=416Q 61GE3 2/ P 7 @= 63>3Q6:4A6 2/ P H9= <63854597=3
93 <63K9356 0123?54<6 843<43=:I54<6 H9= 8= 2/2102 8=0W3 @41=<<463=8
D=1<?34<28 1=04632/=8. 611=8;63@=3 2 01234564@=8 @=8<14568 ;61 P
G14/ )9152@6 P <6:6 Y123456 @= @68 :4<28Y

7 Y123456

@= B=/@=8;256 2/<2/436 <63 0123@=8 G4654528 T2/2 @= :68<2SY. 3 /2


/43=2<4>3 @= 2:;6 2:=416Q 61GE3 7 =3 =/ =356136 <6384@=12@6 8=
D23 @=8<1456 T  P   S B2<4=8 <63 ;1=@6:4346 @= 0123456 @=
@68 :4<28 6 :68<6C?54<6 @= 01236 :=@46QM36 T2<4=8 28516C=S% 0123456
@= @68 :4<28 <63 361:2/ ;1=@6:4346 @= :68<6C452P @= 01236 :=@46


6 019=86P 7 =8=3<42/:=35= 43=H9401239/21 T2<4=8 12<D2S% 01234568
@= 01236 :=@46 <63 5=F5912 /40=12:=35= ;61B?@4<2 T2<4=8 23@=S% 7
01234568 @= 01236 :=@46 2 019=86 <63 0123@=8 G4654528 Y2/2 @= :68<2Y
T2<4=8 =1@9<4@6S. 2 @=B61:2<4>3 @= =8568 01234564@=8 @= @68 :4<28
=85I :21<2@2 ;61 N6328 <63 932 <4=152 03=484M<2<4>3 T=8519<59128
;/236/43=21=8S <63 <921N68 =85412@68P /6 H9= =8 :I8 ;25=35= 2/  @=
/2 1?2 @= 635=C=@12 T  P   S.
3</94@68 =3 /2 2/43=2<4>3 @= 63>3Q6:4A6P 8= <6384@=123 /68
2R612:4=3568 84592@68 2/ 6=85= @=/ 2<4N6 @=  6114A6 <63854594@68
;61 01234568 @= @68 :4<28 @= 01236 :=@46Q019=86P 019=86 6 :97
019=86P =8=3<42/:=35= =H9401239/21 T2<4=8 /642S =3 =/ 8=<561 @=
94Q63@6:21P =8523@6 2H9? =852 B2<4=8 2;21=35=:=35= ;6<6 6 32@2
@=B61:2@2 T  P   S.
351= /68 01234564@=8 ;685<43=:I54<68 @=852<2 =/ :2<4N6 @= 
6114A6P 6GK=56 @= =859@46 =3 =85= 512G2K6 @= 43C=85402<4>3.



-( *#

2 N632 @=/ :2<4N6 H9= =F;/652 /2 63<=84>3 =3=@4<52 8= 845W2


2/  @= /2 ;6G/2<4>3 @=  6114A6P =3 /2 ;215= 3616<<4@=352/ @= 93
=F5=386 :2<4N6 ;/95>34<6 ;685<43=:I54<6QD=1<?34<6 H9= 2R612 2 /6 /2106
@= 9368  J: =3 @41=<<4>3 Q =3 /2 N632 /4:?516B= =351= /28 ;16C43<428
@= 91=38=P 635=C=@12 7 =/ 615= @= 615902/ T:2<4N6 @=  6114A6
Q 63Z26S. / 36:G1= 2<592/ 8= 2@6;52 @=  P   P <63 /2
:6@4M<2<4>3 6G/402@2 ;61 =/ 2K985= 2/ 56;>34:6 Y 6114A6YP =3 =/



   ! #  $! % &'

H9= G282 /2 @=36:432<4>3. 98 2R612:4=3568 =3 /2 N632 =8;2A6/2 8=


@48514G97=3 =351= /28 D6K28 3 
T#406SP 3  T9=35=21=28SP 3 
T97S 7 3  T2/C254=112 @= 4A6S @=/  2 =8<2/2 !.. 3
=852 N632P /68 =859@468 @= 0=6/60?2 1=04632/ T2;2 =6/>04<6 @= 8;2A2
!. 7 !.S 1=2/4N2@68 ;61 =/  T 
P /4=06 63=8
 7 P G14/ )9152@6 S @=/4:4523P 2 34C=/ <215601IM<6P @68
B2<4=8 ;143<4;2/=8 @= 01234564@=8. (32 84592@2 =3 =/ G61@= @=/ :2<4N6
7 <63854594@2 ;61 01234568 G465?54<68 =H9401239/21=8 @= 01236 019=86P
H9= 2 0123@=8 128068 <643<4@= <63 /28 B2<4=8 Y682 6114A6Y 7 6512 @=
:63N601234568 G465?54<68 <63 23B?G6/P ;61B?@4<68 H9= =3 G9=32 ;215=
863 4@=354M<2G/=8 <63 /2 C214=@2@ Y148 63@214NY.
28 6G8=1C2<463=8 1=2/4N2@28 =3 /28 <2:;2A28 @= <2:;6 1=2/4N2@28
;61 =/ =H94;6 @= 0=>/6068 @=/  P  P D23 ;=1:454@6
@=5=1:4321 H9= =/ <6352<56 =351= /68 01234564@=8 @= 54;6 Y148
63@214NY 7 /68 Y682 6114A6 ;61B?@4<6Y =8 =3 =852 I1=2 @= <21I<5=1
:=<I34<6P 2 B2C61 @= 932 N632 @= B2//2 <63 @41=<514N Q H9= ;282 2
9368
Q : 2/ 6=85= @=/ 216 @= 9@4A6. = :4@4=163 ;/2368 @=
B2//2 <63 @41=<<4>3  7 G9N2:4=356   7 =851?28 @= :6C4:4=356
361:2/P   = 43:=184>3   7 65168 <63 @41=<<4>3  7
G9N2:4=356  P <63 =851?28 @= @=80211= <63 @41=<<463=8  2
  = 43:=18463=8 H9= C21?23 =351=  7 

2/ . 85= 8485=:2

@= B12<5912 D2 5=34@6 93 B93<4632:4=356 <6:;/=K6 7 :9/54=;48>@4<6


<63 :6C4:4=3568 @= B2//2 361:2/ 7 @= @=80211=P 28? <6:6 :6C4:4=3568
521@?68 @= <21I<5=1 :I8 B1I04/ H9= ;16@9<=3 G1=<D28 7 D214328 @= B2//2

T16<2 @= 01236 :97 M36 @= @4B?<4/ ;=1<=;<4>3 2 84:;/= C4852S.


3 1=/2<4>3 <63 /28 =52;28 ;143<4;2/=8 @= B93<4632:4=356 @= =85=
8485=:2 @= B12<5912 8= D23 ;16@9<4@6 ;16<=868 @= <41<9/2<4>3 @=
R94@68 D4@165=1:2/=8 H9= 8= 286<423 2 =;484=3454N2<463=8 T;16<=868 @=
@486/9<4>3 @=/ <921N6 
P =167  SP =;4@654N2<463=8 T;16<=868 @=
2/5=12<4>3 @= B=/@=8;2568P :4<28 7 ;416F=368 P )=3/=7 =5 2/ 
S
7 :6C4/4N2<4>3 @= <921N6P H9= 8= =3<9=3512 <6:6 ;=H9=A68 M/63=8 7
1=//=368 =3 /68 ;/2368 @= B2//2.
2! 3)! 0!1!3 / 3)! 0!1! 0!4(!3
=3516 @= /68 2R612:4=3568 @=/4:452@68 <6:6 01234568 @= 01236
019=86 =H9401239/21=8 =3 /2 <2156012B?2   2 =8<2/2 !.
=3 /2 D6K2 3  T97S T 
P /4=06 63=8 SP /68 =859@468 @=
<2:;6 P   D23 ;=1:454@6 @4B=1=3<421 @68 C214=@2@=8 =351=
/28 H9= =F485= 93 <6352<56 @4B986 @= <21I<5=1 012@92/. (32 @= =//28
<611=8;63@= 2 /68 01234568 @=/ 54;6 Y682 6114A6Y TM0912 .SP H9=
;1=8=3523 932 5=F5912 43=H9401239/21 D6:60E3=2P @= 01236 :97 019=86
7 93 <6/61 1682@6 :I8 6 :=368 435=386P 7 8= /6<2/4N2 =3 /2 ;215= =F5=132
@=/ :2<4N6. 2 6512 ;1=8=352 93 ;61M@48:6 :I8 6 :=368 2<=3592@6
@=G4@6 2 H9= =/ B=/@=8;256 ;65I84<6 54=3@= 2 B61:21 :=02<14852/=8
89G2956:61B68 H9= 8= =3<9=35123 C2142G/=:=35= <63512852@68 B1=35=
2 932 :2514N @= 01236 019=86 2 :97 019=86P H9= 8= @=36:432 Y682
6114A6 61B?@4<6Y.
2 C214=@2@ 43=H9401239/21 D6:60E3=2P B2<4=8 Y682 6114A6Y



   ! #  $! % &'

40912 .! 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86 7 <6/61


1682@6P 54;6 682 6114A6 . 9=35= P  .

TM0912 .SP <611=8;63@= 2 01234568 G465?54<68 H9= 54=3=3 93 52:2A6 @=


01236 019=86 2 :97 019=86 TQ ::S 7 863 :97 14<68 =3 B=/@=8;256
;65I84<6P H9= =8 :9<D6 :I8 2G93@235= H9= /2 ;/2046</282.
/ B=/@=8;256 ;65I84<6 B61:2 <14852/=8 2/65146:61B68 6 C202:=35=
89G2956:61B68 H9= =85I3 :2/ 43@4C4@92/4N2@68 7 54=3=3 <6/61=8
1682Q82/:>3 6 1682Q<1=:2 :I8 6 :=368 435=3868. 68 <14852/=8 @=
;/2046</2828 54=3=3 <6/612<463=8 G/23H9=<4328P 2 C=<=8 <63 5435= C=1@686
5=39= ;61 =;4@654N2<4>3 7 ;9=@= 5=3=1 DIG4568 2/65146:61B68 6 2/06
89G@46:61B68% 898 52:2A68 68<4/23 =3 0=3=12/ =351=
7  ::. / W34<6
:43=12/ B=116:203=84236 H9= <6354=3=3 =8568 01234568 =8 G465452P <976
<635=34@6 36 89=/= 89;=121 =/  $. 8 @= <6/61 :97 3=016 7 /68 <14852/=8
863 @= 52:2A6 G285235= C2142G/= TD2852  ::SP =3<6351I3@68= <63
B1=<9=3<42 2019;2@68.



40912 .! 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86 @= B2<4=8


682 6114A6 . 9=35= P  .

3 2/09368 <2868P /68 :=02<14852/=8 @= B=/@=8;256 ;65I84<6 54=3@=3


<63 <21I<5=1 0=3=12/4N2@6 2 B61:21 <14852/=8 89G2956:61B68 @= 52:2A68
:=361=8 H9= . <: 7 ;1=8=3523 93 :2761 <6351285=P 1=;1=8=3523@6
=8528 16<28 54;68 512384<4632/=8 2 /2 89GB2<4=8 ;61B?@4<2 TM0912 .S.
3 0=3=12/ =8568 01234568 863 :97 D6:60E3=68 2 =8<2/2 @=
2R612:4=356 7 :97 ;6G1=8 =3 =3</2C=8 H9= 89=/=3 8=1 @= 54;6
:4<1601239@6 7 <6/61 0148 :=@46 9 68<916 T01236@461?54<68 2
<921N6@461?54<68S. 8568 =3</2C=8 54=3=3 =3 /2 :2761?2 @= /68
<2868 52:2A68 <=354:E514<68 2 @=<4:E514<68 7 ;1=8=3523 8=<<463=8
89G1=@63@=2@28 6 =/?;54<28. 3 2/09368 <2868 ;9=@=3 <635=3=1
:=02<14852/=8 @= B=/@=8;256 ;65I84<6 @= <6/61 1682 6 ;1=8=3521 G61@=8
C2142G/=:=35= =301232@68 <63 /68 <14852/=8 @=/ 0123456 D9E8;=@ TM0912
. S.



   ! #  $! % &'

40912 .! 8;=<56 5=F5912/ @= 01234568 @= 01236 :97 019=86P


43=H9401239/21=8 7 <63 =/ ;61M@48:6 :=@4232:=35= <63512852@6.
2<4=8 512384<4632/ 2/ 54;6 682 6114A6 61B?@4<6 . 9=35= P 
.

63 <21I<5=1 =8;61I@4<6 8= ;9=@=3 =3<635121 2/09368 :4<16=3</2C=8


3=019N<68 <63 B61:28 2309/6828 7 BIG14<28 B6/42@28P H9= <611=8;63@=3
2 B120:=3568 @= 16<28 :=52:>1M<28 ;16B93@28 @= 2/56 012@6 7 =3
2/09368 2R612:4=3568 @= N6328 ;1>F4:28 2 /68 <6352<568 8= ;9=@=3
=3<635121 F=36/4568 @= /68 :=528=@4:=3568 7 03=48=8 =3<2K235=8P @=
52:2A68 :E514<68 7 B61:28 2309/6828.
2:G4E3 <63 <21I<5=1 6<284632/ 8= =3<9=35123 =3</2C=8 @=
:63N601234568 G465?54<68 ;61B?@4<68 H9= 863 G285235= 84:4/21=8 2 /68
01234564@=8 @= /2 B2<4=8 Y148 63@214NY. 8568 =3</2C=8 ;9=@=3
;1=8=3521 8=<<463=8 89G1=@63@=2@28 7 2/<23N21 52:2A68 89;=1461=8 2
/68  : TM0912 .S

40912 . ! 61@= @= =3</2C= @= :63N601234568 ;61B?@4<68 @= <6/61 0148


<63 :=02<14852/=8 @= <6/61 1682. 2 :2514N =8 @= <6/61 0148I<=6. 2
8=<<4>3 @=/ =3</2C= 54=3= 93 52:2A6 @=  F
: 7 =85I 43</9?@6 =3
01234568 @= 54;6 682 6114A6 . 9=35= P  .

2 2<54C4@2@ M/634232 286<42@2 =8 =8<282 7 =3 /2 :2761?2 @= /68


<2868 =85I 1=;1=8=352@2 ;61 @4H9=8 @= 2;/452 @= <6/61 1682@6 7 ;65=3<428
<=354:E514<28 2 @=<4:E514<28 H9= 54=3=3 9368 <6352<568 :97 3=568 7
86/@2@68 <63 /68 01234568 TM0912 .S.
2:G4E3 8= =3<9=35123 @4H9=8 @= 2;/452 <63 /=35=K63=8 ;=0:25?54<68
=3 /68 3W</=68. <284632/:=35= 8= =3<9=3512 2/0W3 @4H9= @= 01234568
G465?54<68 ;61B?@4<68 <63 :=02<14852/=8 @= B=/@=8;256 ;65I84<6 @= <6/61
1682 @= D2852
<: =3 932 :2514N <63 52:2A6 @= 01236 M36Q:=@46P
<63 B=36<14852/=8 @= <921N6 7 @= <6/61 0148 TM0912 .S.
28 :234B=852<463=8 ;=0:25?54<28 36 863 :97 B1=<9=35=8 ;=16



   ! #  $! % &'

40912 .! 3</2C= @= 0123456 ;61B?@4<6 @= 9368  : @= @4I:=516 =3


01234568 682 6114A6 . 4=3= 932 <6/2 68<912 @= 8<D/4=1=3 @= G465452
H9= ;63= @= :234M=856 =/ D93@4:4=356 @=/ =3</2C=. / 01234564@=
@=/ =3</2C= =8 84:4/21 2 /68 01234564@=8 ;61B?@4<68 @= B2<4=8

148

63@214N . 9=35= P  .

;9=@=3 =3<6351218= 2/09328 :2828 6 G6/82@28 411=09/21=8 @= 52:2A6


89;=1461 2  : <63 B=/@=8;256 ;65I84<6 1682P <921N6P ;/2046</282 I<4@2
89G61@432@2 7 G465452 TM0912 .S.
2

G465452

;9=@=

B61:21

0123@=8

<14852/=8 2/485632@68 7 8= =3<9=35123 @6:43468 <63 435=1<1=<4:4=3568


01IM<68 <921N6B=/@=8;I54<68% =3 =//28 8= =3<9=35123 2/09328 <2C4@2@=8
411=09/21=8 =3 /28 H9= 8= 6G8=1C23 <1=<4:4=3568 @= 89;=1M<4=8 /4G1=8 @=
<14852/=8 @= <921N6 7 B=/@=8;256 ;65I84<6 TM0912 .S.
61@=23@6 2 =8528 :2828 ;=0:25?54<28 8= =3<9=35123 <63 B1=<9=3<42



40912 .! 8;=<56 5=F5912/ @=/ 01234564@= ;61B?@4<6 H9= <63854597= 93


=3</2C= @=  F
: =3 01234568 @= 54;6 682 6114A6 . 9=35= P 
.

8<D/4=1=3 G465?54<68 TM0912 .


S. 3 2/0W3 <286 8= =3<9=35123 =3 /28
N6328 435=1328 @= 2/09328 :2828 ;=0:25?54<28 1=//=368 @= ;41452 :284C2
6 3W</=68 @= <921N6 :284C6. 6<2/:=35= ;9=@=3 =3<6351218= G23@28 @=
<63<=3512<4>3 @= G465452 @= <6/61 0148 :I8 6 :=368 68<916.
2 89GB2<4=8 @= 01234568 54;6 Y682 6114A6 61B?@4<6YP <6:6
72 8= D2 1=B=14@6P 8= /6<2/4N2 =3 /2 ;215= 435=132 @=/ 2R612:4=356
<2156012M2@6 <6:6 01234568 =H9401239/21=8 =3 =/ :2;2 0=6/>04<6 2
=8<2/2 !. 3  T97SP =351= /68 01234568 @= 54;6 Y682 6114A6Y
7 /68 01234564@=8 @= 54;6 Y148 63@214NYP 84=3@6 =/ <6352<56 <63 /68
;14:=168 @= <21I<5=1 012@92/ 7 <6:;/=52:=35= 512384<4632/P :4=35128
H9= =/ <6352<56 <63 /68 8=093@68 =8 @= <21I<5=1 :=<I34<6P 2 B2C61 @=
93 8485=:2 @= B12<5912<4>3 B1I04/.



   ! #  $! % &'

40912 .! 61@= @4B986 @= @4H9= 843;/95>34<6 @= 01234564@= ;61B?@4<6


<63 5=F59128 @= @68 54=:;68 7 :2514N @= 01236 :=@46 0148I<=2P
=:;/2N2@6 =3 01234568 @= B2<4=8 682 6114A6 . 9=35= P 
.

34C=/ :2<168<>;4<6 8= 51252 @= 9368 01234564@=8 <63 ;61M@48:6


:97 @=386 TM0912 .SP @=G4@6 2 /2 ;1=8=3<42 @= 2G93@235=8
:=02<14852/=8 89G4@46:61B68 @= B=/@=8;256 ;65I84<6 @= <6/61 1682@6 H9=
@=852<23 =3 932 :2514N @= 01236 019=86Q:97 019=86P 1=/254C2:=35=
;6G1= =3 G465452.
68 :=02<14852/=8 54=3=3 52:2A68 <6:;1=3@4@68 =351=  7  <:
7 2/09368 @= =//68 ;9=@=3 5=3=1 G61@=8 2/G?54<68 @= <6/61 G/23<6% /2
@48523<42 =351= =8568 :=02<14852/=8 =85I <6:;1=3@4@2 =3 0=3=12/ =351=
 7  <: 7 =85I3 C2142G/=:=35= <63512852@68 <63 1=8;=<56 2 /2 :2514N.
2 ;/2046</282 8= =3<9=3512 =3 932 ;16;61<4>3 G285235= 89G61@432@2
2 /2 @=/ B=/@=8;256 ;65I84<6 ;=16 =8 2/06 :I8 2G93@235= H9= =3 /68



40912 .! 282 ;=0:25?54<2 <921N6QB=/@=8;I54<2. / B=/@=8;256


;65I84<6 54=3= <6/61 1682@6 7 <2C4@2@=8 411=09/21=8 <63 89;=1M<4=8 /4G1=8
@= <14852/=8 @= <921N6 7 B=/@=8;256 ;65I84<6. 43<4>3 @= <6/61 6<1=
@=G4@6 2 /2 2/5=12<4>3 @= 89/B9168. 9=35= P  .

01234568 Y682 6114A6Y 7 2;21=<= <6:6 <14852/=8 2/65146:61B68 6


89G4@46:61B68 @= <6/61 G/23<6P <63 52:2A68 <6:;1=3@4@68 =351=
7 
::. / <921N6 B61:2 =3 ;215= <14852/=8 =H94@4:=384632/=8 H9= ;9=@=3
2/<23N21 52:2A68 G285235= 0123@=8 TD2852  ::S.
3 2/09368 <2868 8= 6G8=1C23 2<9:9/2<463=8 @= :=02<14852/=8
:97 @=3828P =3 /28 H9= ;9=@=3 =3<6351218= 019:68 :4<1601239@68
<63854594@68 ;61 ;/2046</282P G465452 7 <921N6 H9= 54=3=3 =3 0=3=12/
52:2A68 43B=1461=8 2 . <:. 6<2/:=35= 8= 6G8=1C23 614=352<463=8
@= R9K6 @= /68 :=02<14852/=8 H9= 8= @48;63=3 @= B61:2 89G;212/=/2.
2:G4E3P 293H9= 36 863 :97 B1=<9=35=8P 8= =3<9=35123 =3 2/09328
N6328 G23@28 @= <63<=3512<4>3 @= G465452 7 8<D/4=1=3. 6 6G85235=P



   ! #  $! % &'

40912 .! 516 28;=<56 @= :282 ;=0:25?54<2 <921N6B=/@=8;I54<2 <63


0123@=8 /48563=8 @= G465452 @= <6/61 3=016. / B=/@=8;256 ;65I84<6 54=3=
<6/61 1682@6. 9=35= P  .

/68 2R612:4=3568 @= =8568 01234568 ;61B?@4<68 863 =3 0=3=12/ G285235=


D6:60E3=68.
3 =/ I1=2 @= 2R612:4=356 @= =85= 54;6 @= 01234564@=8P 7 86G1=
56@6 =3 /28 N6328 /4:?516B=8 =351= =852 B2<4=8 ;61B?@4<2 7 /68 01234568
=H9401239/21=8P 54;6 Y682 6114A6YP 8= =3<9=35123 @6:43468 <63 =/
;61M@48:6 :=368 <63512852@6 =3 /68 H9= /68 <14852/=8 @= B=/@=8;256
;65I84<6 863 :=368 2956:61B68 = 43@4C4@92/4N2@68.
68 =3</2C=8 @= =8568 01234568 ;61B?@4<68 863 =3 0=3=12/ ;6<6
2G93@235=8 7 89 ;16;61<4>3P 325912/=N2P 52:2A6 7 :61B6/60?2 863
G285235= 84:4/21=8 2 /28 =3<63512@28 =3 /68 01234568 @= 54;6 Y682
6114A6Y. 8568 =3</2C=8 863 B93@2:=352/:=35= @= 54;6 :4<1601239@6
7 @= <6:;684<4>3 01236@461?54<2Q<921N6@461?54<2.

40912 .
! <D/4=1=3 G465?54<6 =3 01234568 43=H9401239/21=8 @= 01236
:97 019=86 7 <63 =/ ;61M@48:6 :=@4232:=35= <63512852@6. 6:6
1=B=1=3<42 @= =8<2/2 8= ;9=@= 954/4N21 /2 @48523<42 =351= /68 <232/=8
@= ;=1B612<4>3 H9= =8 @= 9368
 Q  <:. 9=35= P  .

2 :61B6/60?2 @= /68 2R612:4=3568 =85I @6:432@2 ;61 =/ @=82116//6


@= 2:;/468 /23<D21=8 7 @6:68 TM0912 .SP 28? <6:6 @= G=116<2/=8 <63
0123@=8 G6/68 0123?54<68 :97 1=@63@=2@68 TM0912 .S.
/ 859@46 =6/>04<6Q43=16 @= /2 63<=84>3 @= F;/652<4>3
=3=@4<52 T3 SP  6114A6 T635=C=@12SP =/2G612@6 ;61 =/ 
P  P 1=<60= 93 @=52//2@6 =859@46 ;=51601IM<6 @= /28
:9=85128 @= @48543528 B2<4=8 ;1=8=35=8 =3 =/ 72<4:4=356.
$ !   4#$
2 2/5=12<4>3 @= /2 16<2 =85I 286<42@2 2 /2 B12<5912<4>3P 84=3@6 39/2
6 :97 ;6<6 84034M<254C2 B9=12 @= =//2P =8523@6 1=/2<4632@2 =3563<=8



   ! #  $! % &'

40912 .! 8;=<56 5=F5912/ @= 01234568 @= 54;6 682 6114A6


61B?@4<6 . 4=3= 2G93@235=8 :=02<14852/=8 @= B=/@=8;256 ;65I84<6 @=
<6/61 1682P G4=3 <63512852@68 7 <63 52:2A68 @= D2852  <:. 9=35= P
 .

<63 N6328 :97 89;=1M<42/=8 6 2R61235=8. 28 2/5=12<463=8 89;=10E34<28P


;61 <41<9/2<4>3 89;=1M<42/ @= 2092 2 B2C61 @= /2 B12<5912<4>3 863 ;6<6
4:;615235=8 2 ;21541 @= <4=152 ;16B93@4@2@ =3 =/ :2<4N6 0123?54<6P
H9=@23@6 /4:452@28 2 ;16<=868 @= 6F4@2<4>3 @= G4654528 <63 /4G=12<4>3
@= 6F4QD4@1>F4@68 @= D4=116 7 =:;21@=<4:4=356 2@=:I8 @= <4=152
21<4/4M<2<4>3 T<26/434N2<4>3 43<4;4=35=S @= B=/@=8;2568P 84=:;1= <63
93 <21I<5=1 :97 /6<2/ 7 ;6<6 435=386.
2 2/5=12<4>3 D4@165=1:2/ 54=3= <4=156 @=82116//6 @=3516 @= /68
8485=:28 @= B12<59128 H9= 2B=<523 2/ :2<4N6 0123?54<6 @=  6114A6.
2/09368 @= =8568 8485=:28 =85I3 286<42@68 ;16<=868 @= =;484=3454N2<4>3
H9= 8= :234M=8523 ;143<4;2/:=35= 2 =8<2/2 @= 2R612:4=356 ;61 =/



40912 .! 61B6/60?2 @= @6:68 @=/ 216 @= 9@4A6. 611=8;63@= 2


2R612:4=3568 @= :63N601234568 ;61B?@4<68 @= B2<4=8 148 63@214N .
9=35= P  .

@=82116//6 =3 /28 N6328 @= B12<5912 @= G23@28 =3 /28 H9= /68 01234568


2@H94=1=3 <6/61=8 1682@68 :I8 435=3868 H9= /68 ;16;468 @= /68 01234568.
8528 G23@28 89=/=3 ;1=8=3521 ;65=3<428 H9= C21?23 =351= 2/09368
<=35?:=5168 7 2/06 :I8 @=  :. 68 ;/2368 @= B2//2 89=/=3 ;1=8=3521
=8;=K68 @= <6/612<463=8 C=1@6828 68<9128 6 G/23H9=<4328 <63 :=361
B1=<9=3<42 @=G4@6 2 /2 ;1=8=3<42 @= ;16@9<568 @= 2/5=12<4>3 @= /28 :4<28
7 /68 B=/@=8;2568P 52/=8 <6:6 =;4@652 7 </61452.
8568 ;16<=868 @= =;484=3454N2<4>3 =85I3 ;16@9<4@68 ;61 /2
<41<9/2<4>3 @= R94@68 D4@165=1:2/=8 2 B2C61 @= /28 B12<59128 H9= 89=/=3
;16@9<41 ;E1@4@28 @= <921N6P @=012@2<4>3 @= /2 G465452 7 2/G454N2<463=8
@= 435=384@2@ C2142G/= =3 /68 01234568 2B=<52@68 H9= ;9=@=3 //=021 2
@=82116//21 932 ;61684@2@ 411=09/21 @=G4@2 2 /2 <611684>3 @= 2/09368 @=



   ! #  $! % &'

40912 .! 123@=8 G6/68 7 ;/2<28 52G9/21=8 @= 01234568 @= 54;6 682


6114A6 61B?@4<6 . 9=35= P  .

/68 <6:;63=35=8 :43=12/=8. / <921N6 1=:6C4/4N2@6 ;9=@= =3<6351218=


=3 ;215= =3 B61:2 @= M/63=8 7 C=328 H9= 1=//=323 /28 B12<59128.
8568 8485=:28 =85I3 ;684G/=:=35= /402@68 2 ;16<=868 5=<5>34<68 ;685Q
D=1<?34<68 7 =3 :9<D28 6<28463=8 D23 5=34@6 1=K9=068 ;685=1461=8 :I8
B1I04/=8 =3 1=/2<4>3 <63 /68 H9= 8= ;16@9<=3 G1=<D28 7 D214328 @=
B2//2. 2:G4E3 =3 :9<D28 @= =8528 B12<59128 8= ;9=@=3 =3<635121
1=//=368 ;685=1461=8 @= <21G632568 6 @= ;16@9<568 @= 2/5=12<4>3 @=
G2K2 5=:;=125912.
/ ;143<4;2/ 8485=:2 @= B12<59128 <63 =;484=3454N2<4>3 H9= 8= 6G8=1C2
=3 /2 N632 =859@42@2 54=3= 932 @41=<514N :97 3615=2@2 H9= C21?2 =351=
 7  <63 G9N2:4=3568 <6:;1=3@4@68 =3 /2 :2761?2 @= /68 <2868
=351=  7  P ;1=@6:4323@6 /68 :I8 C=154<2/4N2@68% 36 6G85235= 8=
D23 6G8=1C2@6 2/09368 G9N2:4=3568 :97 =/=C2@68 <63 <6:;63=35= .


85= 8485=:2 @= B2//28 ;1=8=352 :6C4:4=3568 361:2/=8P 43C=1868 7 @=
@=80211=P ;9=8568 @= :234M=856 ;61 /28 =851?28 =3 /68 ;/2368.
3 :=361 ;16;61<4>3 ;=16 <63 1=/254C2 B1=<9=3<42 8= D23 6G8=1C2@6
52:G4E3 =;484=3454N2<463=8 =3 B12<59128 <9728 @41=<514<=8 C21?23 =351=
 7  P <63 G9N2:4=3568 :97 C=154<2/4N2@68 H9= 68<4/23 =351=
 7  <63 <6:;63=35= 2/  6 2/ . 68 :6C4:4=3568 6G8=1C2@68
=3 =//28 863 C=154<2/=8 7 @= @=80211=.
432/:=35=P 8= D23 6G8=1C2@6 =3 2/09368 <2868 =;484=3454N2<463=8
=3 1=/2<4>3 <63 B12<59128 <63 @41=<<4>3  7  7 G9N2:4=3568 @=
 7  2/ P <63 B93<4632:4=3568 361:2/=8 6 43C=1868. 3 2/0932
@= =8528 B12<59128 8= D2 6G8=1C2@6 =/ @=82116//6 @= 9/512<252</284528 @=
<6/61 C=1@686 3=019N<6.
2 @=5=<<4>3 @= N6328 =;484=3454N2@28 ;1=8=352 435=1E8 =3 <92356 2
/2 ;9=852 =3 =C4@=3<42 @= N6328 @= B12<5912 @= <4=152 4:;61523<42 =3
2/09368 <2868 7 2@=:I8P /68 01234568 2B=<52@68 ;61 =//28 =85I3 2B=<52@68
;61 ;16<=868 @= 2/5=12<4>3 :43=12/ H9= 89=/=3 8=1 ;=1K9@4<42/=8 ;212 /2
<2/4@2@ 6132:=352/ @= /68 01234564@=8.

&

%#!  4#$

/ 859@46 =6/>04<6Q43=16 @= /2 63<=84>3 @= F;/652<4>3


=3=@4<52 T3 SP  6114A6 T635=C=@12SP =/2G612@6 ;61 =/ 
P  P 1=<60= /2 :=@4<4>3 @=
 @42</2828 7  8=0:=3568
@= B2//28P <63 614=352<463=8 7 G9N2:4=3568 @= /68 ;/2368 @= B2//2 7
<63 898 =851?28 @= B14<<4>3 <611=8;63@4=35=8. =0W3 8= 6G8=1C2 =3



   ! #  $! % &'

/2 <2156012B?2 @= @=52//= @= /28 512N28 @= B12<59128P /2 @48514G9<4>3


@= B2//28 7 @42</2828 8409= ;29528 G4=3 @=M34@28 <63 8=0:=3568
:97 1=<54/?3=68 7 <63 2G93@235=8 435=18=<<463=8. 63 B1=<9=35=8 /28
B12<59128 84:;/=8 7 52:G4E3 D27 2G93@235=8 YG23@28 @= B12<5912<4>3Y
H9= 863 2H9=//28 H9= 54=3=3 932 :2761 @=384@2@ @= B12<5912.
2 :2761?2 @= /28 B2//28 863 361:2/Q@41=<<4632/=8 7 @41=<<4632/=8
T@=80211=8S @= 614=352<463=8 ;143<4;2/=8 QP <6:;1=3@4@28 =351=
Q 7 Q T;16G2G/=:=35= 8485=:28 <63K902@68SP Q
 7 Q. / @=82116//6 :2761452146 @= 93 019;6 9 6516 @=
B12<59128 C2 2 @=;=3@=1P <6:6 8= C=1I ;685=1461:=35=P @= /2 614=352<4>3
@= /28 B12<59128 <63 1=8;=<56 2 /68 5=3861=8 @= =8B9=1N6 H9= /28 D23
0=3=12@6 7 @=/ <21I<5=1 @= 1=2<54C2<4>3 6 3=6B61:2<4>3 @= /28 :48:28.
/ =859@46 =6/>04<6Q43=16 =/2G612@6 ;61 =/  P 
 1=<60= 93 23I/4848 @= @42</282@6P ;212 =/ <92/ 8= :4@4=163

B12<59128 T@42</2828S 1=;2154@28 =3  1238C=182/=8 TQ 2 QS =3
@4C=1828 N6328 @= /28 <235=128 @= Y123456 6114A6Y. 212 //=C21 2
<2G6 =/ =859@46 @= /2 @=B61:2<4>3 B1I04/ 8= 2;/4<2163 @4C=1868 :E56@68
@= =859@46 @= /2 @=B61:2<4>3P =351= 65168P =/ @= /68 @4=@168 1=<568 T P
30=/4=1  S 7 =/ :E56@6 @= @=8/4N2:4=356 T P =<D=8 
 7 P
= #4<=35= S. 8528 N6328 @= =859@46 B9=163 =85125E04<2:=35=
8=/=<<4632@28 ;212 6G5=3=1 93 012@6 @= 1=;1=8=35254C4@2@ =852@?854<2
>;54:2 @= /68 @4B=1=35=8 8485=:28 @= @42</2828 =F485=35=8 =3 /2 N632 @=
/28 <235=128.
3 /2 5  5  ;1=@6:4323 /28 @42</2828 @= 614=352<4>3


Q TQ 2  P :IF4:6 . $S 7 /= 8409=3 =3 4:;61523<42
/28  Q 7  Q .
3 /2 5  5  ;1=@6:4323 /28 @42</2828 @= 614=352<4>3
Q T Q :IF4:6 
. $S 7 /= 8409=3 =3 4:;61523<42 /28
 Q P  Q 7 Q 2  .
3 /2 5  5 & ;1=@6:4323 /28 @42</2828 @= 614=352<4>3
Q T Q :IF4:6 . $S 7 /= 8409=3 =3 4:;61523<42 /28
 Q P  Q 7 :I8 2<<=861428 /28  Q 7  Q
 .
3 /2 5  5  ;1=@6:4323 /28 @42</2828 @= 614=352<4>3
Q TQ 2  P :IF4:6  $S 7 /= 8409=3 =3 4:;61523<42 /28
 Q 7 /28  Q . 68 ;/2368 @= G9N2:4=356 @= /28 @42</2828
=3 =852 51238C=182/P 2 @4B=1=3<42 @= /28 235=1461=8 H9= 68<4/23 =351= 
7  P 863 :I8 C2142G/=8 7 G9N23 =351=  7  .
3 /2 5  5  ;1=@6:4323 /28 @42</2828 @= 614=352<4>3
Q T Q :IF4:6

.
$S 7 /= 8409=3 =3 4:;61523<42 /28
 Q 7 :I8 2<<=861428 /28  Q 7  Q .
3 /2 5  5
D27 :97 ;6<28 @42</2828 7 ;1=@6:4323 @68
B2:4/428P 932 @= 614=352<4>3 Q TQ 2  P :IF4:6

.
$S 7
6512 @= 614=352<4>3 Q T Q P :IF4:6

.
$S. = 8409=3
=3 4:;61523<42 /28  Q 7 :I8 2<<=861428 /28  Q .
3 /2 5  5 ;1=@6:4323 /28 @42</2828 @= 614=352<4>3
Q T Q :IF4:6
. $S 7 /= 8409=3 =3 4:;61523<42 /28
 Q 7 :I8 2<<=861428 /28 Q 7 Q.


(! )! ! $!   !" !!$ 
3 /2 5  5  ;1=@6:4323 /28 @42</2828 @= 614=352<4>3

Q T Q :IF4:6


. $S 7 /= 8409=3 =3 4:;61523<42 /28
3615=2@28 TQ 2  S. 63 :I8 2<<=861428 /28  Q 7 /28 Q.
6384@=123@6 =/ 5652/ @= /2 ;6G/2<4>3 @= @42</2828 =859@42@28P /28
;143<4;2/=8 863 /28 @= 614=352<4>3 Q 2  T:IF4:6 
. $S 7 /=
8409=3 /28  Q . 68 1=85235=8 019;68 @= @42</2828 TQP
Q 7  Q S 863 :I8 2<<=861428.

&

*! 6+!

+!





-!$ 7
/ 72<4:4=356 @= 0123456 =3 =859@46 =8 936 @= /68 :I8 4:;615235=8
@=/ :93@6P 52356 ;61 /28 @4:=38463=8 @=/ ;/95>3 H9= 8= =F;/652P <6:6
;61 /2 <2/4@2@ =8519<5912/ 7 =85E54<2 @=/ ;16@9<56 M32/P H9= 8= =F;6152
2 56@6 =/ :93@6 7 =8 1=<636<4@6 435=132<4632/:=35=.
2 63<=84>3 @= F;/652<4>3 43=12 =3=@4<52 T3 SP 8=
=3<9=3512 84592@2 =3 =/ 5E1:436 :934<4;2/ @=  6114A6P 2/ 891 @=
/2 ;16C43<42 @= 635=C=@12. 3 <63<1=56 /2 <63<=84>3 ;=15=3=<= =3
<284 89 5652/4@2@ 2 /2 ;2116H942 @= 5468 7 =3 89 =F51=:6 891 2 /2
;2116H942 @= 23 2/C2@61 @= 9@4A6. = D2 @= @=852<21 2H9? H9=P =3
=/ =F51=:6 891=85= @=/ 72<4:4=356P 2@:434851254C2:=35= /2 =F;/652<4>3
8= <63<=@= 2 /2 63<=84>3 @= F;/652<4>3 6132 T3 
SP H9= 52:G4E3
8= =30/6G21I =3 =/ =859@46 @= <9G4<2<4>3 7 =C2/92<4>3 @= 1=8=1C28. /
I1=2 =F;/652@2 =3 /2 2<592/4@2@ 6<9;2  : @=/ 5652/ @= P :

40912 . ! S =3861=8 @= =8B9=1N68! =K=8 @= =8B9=1N68       


T:IF4:6P 435=1:=@46 7 :?34:6S H9= =F;/4<23 =/ 5652/ @= /28 @42</2828
=859@42@28. S =3861=8 @= =8B9=1N6 <2/<9/2@68 ;61 =/ :E56@6 @=
30=/4=1 7 @41=<<4>3 @= :IF4:6 2<6152:4=356 D614N6352/ @=/ 5652/
@= /2 ;6G/2<4>3 @= B2//28 =859@42@28. S =3861=8 @= =8B9=1N6 ;61
51238C=182/=8. 9=35= P  .


(! )! ! $!   !" !!$ 

H9= <6:;1=3@= 56@2 /2 <63<=84>3. 2 :61B6/60?2 @=/ 72<4:4=356 =8 @=


@48514G9<4>3 1=<52309/21 86G1= /2@=12 @=8@= /2 <652  D2852 /2 <652
.
2 ;2154<9/214@2@ @= =85= 72<4:4=356 =8 H9= /2 <63<=84>3 8= @4C4@=
=3 93 3W:=16 @= D2852
 ;=H9=A28 <235=128 T934@2@=8 @= <235=12SP
<2@2 932 @= =//28 <63 @4B=1=35=8 0=6:=51?28 @= G23<6 7 @4854352
8=<9=3<42 @= =F;/652<4>3P /6 H9= 2;6152 932 <6:;/=K2 411=09/214@2@
2/ 72<4:4=356.
2 43R9=3<42 :I8 4:;615235= H9= 5=3@1I /2 =F485=3<42 @= 523528
<235=128 =3 =85= 512G2K6 =85I =3 /2 56:2 434<42/ @= @2568. 3 =85= <286P
/2 0123 256:4N2<4>3 @= /2 <63<=84>3P 523528 <235=128 <63 @4B=1=35=8
B1=35=8 2G4=1568P B2<4/4521I =/ <636<4:4=356 @= @2568 =3 ;16B93@4@2@P
H9= 8=1I3 :97 W54/=8 ;212 =314H9=<=1 /68 @2568 @= =3512@2 @=/ ;16<=86
@= <9G4<2<4>3.
2

:61B6/60?2

@=/

5=11=36

=8

G285235=

411=09/21P

84=3@6

<63@4<4632@2 ;61 /2 /456/60?2 0123?54<2 7 /2 1=@ @= B12<5912<4>3. =


56@28 :23=128P 8= @=G= ;93592/4N21 H9= /2 :61B6/60?2 2<592/ 1=R=K2
/28 :6@4M<2<463=8 0=3=12@28 =3 =/ 5=11=36 ;61 /28 =F;/652<463=8P H9=
;1=8=3523 =3 89 <652 C2142<463=8 H9= C23 @=8@= /68  2 /68  :=5168.
61 W/54:6P =3 <92356 2 /2 :61B6/60?2P @=<41 H9= 93 0123 3W:=16 @= /68
52/9@=8 @= =F;/652<4>3 863 89GC=154<2/=8 <63 B1=35=8 @= D2852  :=5168
@= 2/5912. 9 =852G4/4@2@ C4=3= <63@4<4632@2 B93@2:=352/:=35= ;61 /28
B12<59128 7P @2@28 /28 <63@4<463=8 =8519<5912/=8 @=/ 0123456P /28 W34<28
<2?@28 @= :25=142/ 8=1I3 @=G4@28 2 /2 B61:2<4>3 @= ;684G/=8 <9A28.

432/:=35= =8 @= @=852<21 H9= 56@2 /2 N632 /4:?516B= 2 /2


=F;/652<4>3 8= D2 C4856 <63@4<4632@2 ;61 E852% @= D=<D6P =3 56136
2 /28 <235=128 8= D2 =852G/=<4@6 93 ;21H9= 43@985142/ <976 0=1:=3
B9= /2 3=<=84@2@ @= 6G5=3=1 93 C2/61 2A2@4@6 @=/ 0123456 6132:=352/
=F;/652@6 =3 =85= 72<4:4=356P :=@4235= =/ ;16<=82@6 @= /68 @4B=1=35=8
;16@9<568 @=14C2@68 @=/ G/6H9= =F512?@6 =3 <235=12.

&

'8!!  9*!$

/ :E56@6 @= =F512<<4>3 @= 0123456 =:;/=2@6 =3 /28 <235=128 @= =85=


8=<561 @= /2 :43=1?2 <63852 @= <92516 B28=8 @= <615= 7 :234;9/2<4>3!
 
    P  
    
   P     
      
     7        . 61
89 ;215=P /28 D=112:4=3528 =:;/=2@28 =3 =8528 B28=8 863! <615= <63 D4/6
@42:2352@6P =F;/684C68 7 <9A28 T52356 :2392/=8 <6:6 D4@1I9/4<28S.
2  
    TM0912 .SP @=
@4:=38463=8  F  F  :=5168P 8= <638409= <1=23@6 434<42/:=35=
2/ :=368 @68 <2128 /4G1=8 @=/ B1=35= @= =F;/652<4>3P =:;/=23@6 ;212
=//6 <615= <63 D4/6 @42:2352@6 6 ;=1B612<4>3 7 C6/2@912. 3 B93<4>3
@= H9= 8= 5=3023 @68 6 51=8 <2128 /4G1=8 @=/ G/6H9= 2 43@=;=3@4N21P
/68 ;/2368 C=154<2/=8 @= 43@=;=3@4N2<4>3 8= 1=2/4N23 <6:G4323@6 6 36
/28 @68 5E<34<28 :=3<4632@28. 923@6 8= @48;63= @= @68 <2128 /4G1=8P
=/ <615= <63 D4/6 8= =:;/=2 ;212 @=M341 @68 ;/2368 ;212/=/68 =351= 8?
7 ;=1;=3@4<9/21=8 2 /28 <2128 /4G1=8P :4=35128 H9= =/ ;/236 C=154<2/


(! )! ! $!   !" !!$ 

H9= @=/4:452 =/ G/6H9= =3 89 <212 ;685=1461 8= <1=2 <63 ;=1B612<4>3


7 C6/2@912. 923@6 8= @48;63= @= 51=8 <2128 /4G1=8 ;212 @=/4:4521 =/
G/6H9= ;14:2146P /68 @68 ;/2368 C=154<2/=8 H9= 43@=;=3@4N21I3 =/ G/6H9=
@=/ :2<4N6 16<686 8= 1=2/4N23 :=@4235= <615= <63 D4/6. 3 2:G68 <2868P
=/ ;/236 D614N6352/ H9= @=/4:452 =/ G/6H9= ;14:2146 ;61 89 <212 43B=1461
8= <1=2 :=@4235= ;=1B612<4>3 7 C6/2@912 954/4N23@6 /2 5E<34<2 <636<4@2
<6:6   .

40912 .! /6H9= ;14:2146 235=8 @= 8=1 43@=;=3@4N2@6 =/ :2<4N6


16<686. = ;9=@= 2;1=<421 H9= =85I @=M34@6 ;61 51=8 <2128 /4G1=8.

/ 6GK=54C6 @= /2 B28= @=  


      =8
6G5=3=1 G/6H9=8 @= 9368 
 :I8 :23=K2G/=8. 212 89 @4C484>3
8= =:;/=23 /28 5E<34<28 @= <615= <63 D4/6 @42:2352@6P ;=1B612<4>3 7
C6/2@912 6 52:G4E3 =/ 986 @= <9A28P 52356 :2392/=8 <6:6 D4@1I9/4<28



<63 /28 H9= 8= <638409= <1=21 932 G1=<D2 8=0W3 93 ;/236 @= @=G4/4@2@
@=/ 0123456 TM0912 .S.

40912 .! /6H9= ;14:2146 43@=;=3@4N2@6. = 6G8=1C2 /2 B28= @=


@4C484>3 =3 G/6H9=8 8=<93@21468 :=@4235= =/ =:;/=6 @= <9A28 :2392/=8.

/         8= 1=2/4N2 86G1= 93 /=<D6 @=


54=112 6 21=32 ;212 =C4521 89 B12<5912<4>3 43<63516/2@2 TM0912 .S.
(32 C=N C6/<2@6 8= ;16<=@= 2 89 @4C484>3 8=0W3 =/ ;/236 @= /=C235= =3
G/6H9=8 @= 9368

 @= C6/9:=3.
432/:=35=P <63 /2 954/4N2<4>3 @= <9A28 8= =8<92@123 /68 G/6H9=8
M32/=8 @= 
 @= C6/9:=3 TM0912 .S.
68 52:2A68 @= G/6H9= H9= 8= ;9=@=3 6G5=3=1 =3 =/ 52K6 @=
=F512<<4>3 @= 932 <235=12 863 93 B2<561 =8=3<42/ =3 /2 1=352G4/4@2@
@= /28 6;=12<463=8P 84=3@6 4:;615235= <212<5=14N21 <63C=34=35=:=35=


(! )! ! $!   !" !!$ 

40912 .! ;=12<4>3 @= C6/<2@6 @= 93 G/6H9= 8=<93@2146 86G1= /2


;/2N2 @= /2 <235=12. 9=35= P  .

/68 G/6H9=8 2 21123<21 235=8 @= ;/234M<21 =/ <615= 43@4C4@92/. 6:6


=8 6GC46P /2 ;16;42 <63<=;<4>3 @=/ <615= @=;=3@= @= /2 B12<5912<4>3
325912/ @=/ :2<4N6 @= @63@= 863 =F512?@68P ;61 /6 H9= 1=89/52 C=352K686
<636<=1 2354<4;2@2:=35= 89 G/6<6:=51?2. P 1688:23   1=2/4N>
=859@468 B93@2:=352@68 =3 /28 @48<6354394@2@=8 ;1=8=35=8 =3 :2<4N68
16<6868 TB12<59128 7 @42</282@68S <63 =/ 6GK=54C6 @= @=M341 =/ 52:2A6
@= G/6H9= H9= ;16;61<463= 93 1=3@4:4=356 >;54:6 =3 =F;/652<463=8
@= 16<2 6132:=352/. / C6/9:=3 @= G/6H9= >;54:6 @=M34@6 ;61 P
1688:23   54=3= =3 <9=352 /68 =8;2<42:4=3568 :=@468 @= /28
51=8 B2:4/428 @= @48<6354394@2@=8 ;1=8=35=8 =3 =/ :2<4N6 7 /68 I309/68
@4=@168 @= /28 89;=1M<4=8 H9= @=M3=3 =828 @48<6354394@2@=8.

40912 .! 16<=86 @= =8<92@12@6 M32/ @= 93 G/6H9= <6:=1<42/


:=@4235= <9A28 :2392/=8.
/ 52:2A6 @= G/6H9= ;14:2146 H9= 8= =F512= =3 =8528 <235=128P @=
@4:=38463=8  F  F  :=5168P =8 </2C= =3 =85= 512G2K6 @= <9G4<2<4>3P
@2@6 H9= C2 2 <63@4<46321 /2 =/=<<4>3 @= /2 934@2@ H9= 8= MK21I <6:6
<=/@2 ;14:2142 2 /2 D612 @= @=M341 /2 ;/252B61:2 86G1= /2 H9= 8=
<9G4<21I. = D=<D6P 8= C2 2 <6384@=121 H9= <2@2 G/6H9= @=  F 
F  :=5168 =8 93 ;9356P @=M34@6 <6:6 =/ <=35164@= @= @4<D6 G/6H9=P
=/ <92/ 8= <212<5=14N21I <63 /68 ;61<=352K=8 @= <2/4@2@ ;1=8=35=8 =3 =/
C6/9:=3 @=  : 438<1456 =3 89 <6356136. = K9854M<2 28? /2 8=/=<<4>3
@= /28 @4:=38463=8 @= /2 <=/@2 93452142 @= <212<5=14N2<4>3 7 <9G4<2<4>3
2/ 2K985218= 2 /28 @4:=38463=8 @=/ G/6H9= @= 43@=;=3@4N2<4>3 ;14:2146.


(! )! ! $!   !" !!$ 

-*(#! 
 %! 



'8!!  #$

= ;9=@=3 @485430941 @68 019;68 @= :E56@68 512@4<4632/=8


=:;/=2@68 ;212 /2 <9G4<2<4>3 @= 72<4:4=3568. 61 93 /2@6P 8= 54=3=3 /68
:E56@68 0=6:E514<68 :I8 2112402@68 ;61 89 8=3<4//=N @= =:;/=6 7 ;61
5125218= @= 932 :=56@6/60?2 @= 2:;/46 <636<4:4=356. X8568 2 89 C=N 8=
@4C4@=3 =3 /68 :E56@68 @= G/6H9=8! 5142309/21=8P 1=09/21=8P <92@12@68P
1=<52309/21=8P ;6/40632/=8 = 411=09/21=8 6 @= G/6H9=8 0=6/>04<68% =3 /68
:E56@68 @= 8=<<463=8! C=154<2/=8P D614N6352/=8P 43</432@28% :E56@6 @=
/28 486/?3=28% :E56@6 @= 5142309/2<4>3% :E56@6 @= ;6/?06368% 7 :E56@6
@= ;148:28 1=09/21=8. 61 6516 /2@6P 8= 54=3=3 /68 :E56@68 =8;2<42/=8 @=



* +,$ !, 

B93@2:=356 0=6=852@?854<6P <9768 ;143<4;468 B9=163 =/2G612@68 ;61 


P
25D=163 
 =3 89 [5=61?2 @= C2142G/=8 1=04632/4N2@28YP 52:G4E3
//2:2@2 0=6=852@?854<2.



'8!! !+8!



'8!!   !

43 @9@2 =8 =/ :=K61 :E56@6 0=6:E514<6P 84=:;1= 7 <923@6 8=


@=M323 G4=3 /28 8=<<463=8 H9= <212<5=14N23 =/ 72<4:4=356 7 =/ =8;2<42@6
=351= <2@2 932 @= =//28 36 8=2 :97 0123@= =3 1=/2<4>3 <63 898
@4:=38463=8 TM0912 .S.

40912 .! I/<9/6 @= 1=8=1C28 <63 8=<<463=8 C=154<2/=8.


@=:I8P @=G=1I D2G=18= D=<D6 932 G9=32 @48514G9<4>3 @= /68
863@=68 2 /2 D612 @= ;/234M<21 @4<D28 8=<<463=8 TM0912 .S. 85=
:E56@6 1=H94=1= 93 =859@46 93452146 @= <2@2 932 @= =//28P =3 /28 <92/=8P
7 @=;=3@4=3@6 @= /68 ;21I:=5168 @= <I/<9/6 T/=7 @= <615=P ;65=3<42
:?34:2P @48523<428 @= 43R9=3<42P =5<.SP 8= @=M3=3 /28 I1=28 7 /=7=8 ;212
<2@2 932 @= /28 <25=061?28 TM0912 .
S. 16:=@423@6 =351= 8=<<463=8
8= <2/<9/23 /68 C6/W:=3=8 7 /=7=8 5652/=8.

40912 .! 48514G9<4>3 @= 863@=68 86G1= /68 H9= 8= /=C23523 /28


8=<<463=8.



* +,$ !, 
/ ;143<4;2/ 43<63C=34=35= H9= 54=3= =85= :E56@6 =8 H9= 1=H94=1=

93 2/56 012@6 @= 512G2K6 :2392/ 7 36 43B61:254N2G/=% 7 H9= <92/H94=1


<2:G46 @= /68 ;21I:=5168 @= <I/<9/6P <6:6 ;9=@= 8=1 /2 /=7 @= <615=
6 43</986 =/ 2A2@41 932 39=C2 43B61:2<4>3P <6:6 ;9=@= 8=1 93 863@=6
39=C6P //=C2 2 1=;=541 56@6 =/ ;16<=86. 2:G4E3 54=3= 93 43<63C=34=35=
4:;615235=P 84 8= H94=1= 2;/4<21 =/ 012@6 @= <636<4:4=356 8=0W3 /2
43B61:2<4>3 H9= 8= 54=3= 2 @48543528 @48523<428% 7 2W3 ;=61 84 8= C23
2 <6384@=121 =/4;864@=8 @= <I/<9/6P H9= ;1=5=3@=3 =3B254N21 /2 :2761 6
:=361 <6354394@2@ @= /28 /=7=8 =3 <4=1528 @41=<<463=8.

40912 .
! =<<463=8 86G1= /28 H9= 8= :4@= =/ I1=2 @= /2 :43=12/4N2<4>3
;212 =/ <I/<9/6 @= /28 1=8=1C28.

3 /2 ;1I<54<2P 8= @4G9K23 8=<<463=8 0=6/>04<28 C=154<2/=8 =3 /28 H9=


2 435=1C2/68 1=09/21=8 8= 1=;1=8=352 /2 B61:2 @=/ @=;>8456 7 =/ I1=2
6<9;2@2 ;61 =/ :48:6 =3 <2@2 8=<<4>3 7 @=3516 @=/ D9=<6 ;167=<52@6.
28 1=8=1C28 8= ;9=@=3 <2/<9/21 :9/54;/4<23@6 =/ I1=2 @= <2@2 8=<<4>3
;61 /2 =H94@48523<42 =351= E8528P 89:23@6 2 <6354392<4>3 /68 C6/W:=3=8
6G5=34@68!
 




  



63@=

  #6/9:=3 5652/ @= :25=142/ 


 
  V1=2 @=/ @=;>8456 =3 /2 8=<<4>3  
 
  8;=861 @=/ G/6H9= 1=;1=8=352@6 ;61 /2 8=<<4>3  

  3@4<2@61 @= <2@2 8=<<4>3 :=@4@2P H9= C2 @=8@=  D2852 
8=<<463=8 3=<=821428 ;212 <9G141 56@6 =/ 72<4:4=356
923@6 8= ;1=5=3@= <2/<9/21 =/ C6/9:=3 @= @4B=1=35=8 <9=1;68
:43=12/4N2@68P ;1=8=35=8 =3 =/ ;=1M/P 8= =:;/=23 /28 84094=35=8
=F;1=8463=8!
 


  
 



      
 





* +,$ !, 






      

    



63@=

  #6/9:=3 @=/ G/6H9= =351= /28 8=<<463=8  7  


 
    V1=28 @=/ :25=142/ 2 =F512=1 =3 /28 8=<<463=8  7  
 
    =1?:=5168 @=/ :25=142/ 2 =F512=1 =3 /28 8=<<463=8  7 
  48523<42 =351= 8=<<463=8 

   630459@ @= /28 :2828 @= :25=142/ =F;/652G/= 

    8;=861=8 @= /28 :2828 @= :25=142/ =F;/652G/= 

   9G?3@4<=8 @= 8=<<463=8 <63540928 H9= @=/4:4523 <2@2 936
@= /68 C6/W:=3=8



'8!!   !(

2 =854:2<4>3 @= 1=<91868 ;61 =/ :E56@6 @= /28 486/?3=28 ;1=89;63=


H9= /68 C2/61=8 @= /2 C2142G/= @= 435=1E8 C21?23 012@92/:=35= 8=0W3
/28 @41=<<463=8 ;143<4;2/=8 H9= 8= =852G/=<=3 86G1= /2 0=6:=51?2 @=/
72<4:4=356. 852 0=6:=51?2 8= 89854597= ;61 93 <9=1;6 @= C6/9:=3
4092/ 2/ <9=1;6 325912/P ;=16 @=/4:452@6 =3 89 G28= ;61 93 ;/236 1=<56
TM0912 .S. 3 =85= :E56@6 8= <6:4=3N2 <63 =/ 512N2@6 @= /68 :2;28
@= 486/43=28 @= /28 C2142G/=8 @= 435=1E8 T=8;=861P /=7 7 :282 C6/9:E514<2
6 1=8=1C28 /43=2/=8S. 28 486/?3=28 =351= /68 /2G61=68 @= =F;/612<4>3 8=


<6385197=3 =:;/=23@6 =/ :E56@6 @= 5142309/2<4>3 <63 435=1;6/2<4>3
/43=2/.

40912 .! 854:2<4>3 @= 1=<91868 ;61 =/ :E56@6 @= 486/?3=28. /236


@= 486;2<28 <63 :2//2 89;=1;9=852 7 863@=68 @= =F;/612<4>3. 6G1=
=/ ;=1M/ Q U 8= 1=;1=8=352 /2 B61:2 1=2/ @=/ <9=1;6.   V1=2
=/=:=352/ @= /2 <=/@2P   =H94@48523<42 =351= 486/?3=28P   2/5912
6 ;16B93@4@2@ @= /28 <W;9/28.

212 <2/<9/21 =/ C6/9:=3 @=/ <9=1;6 1=;1=8=352@6 ;61 /2 486/?3=28


@= ;65=3<42 T486;2<28S 8= 512N23 /68 :2;28 @= 486;2<28P /=7 @= /68
<6:;63=35=8 W54/=8 T@=M34@6 ;61 93 ;=1M/ H9= <6152 2/ 72<4:4=356 =3
932 @= 898 @41=<<463=8 ;143<4;2/=8S 7 :282 C6/9:E514<2 T8=<<4>3 @=/



* +,$ !, 

72<4:4=356 8=0W3 =/ ;=1M/ <452@6S. 685=1461:=35= 8= 89;=1;63= 932


:2//2 6 :2514N @= G/6H9=8P <976 52:2A6 =85I =3 <611=8;63@=3<42 <63 /2
=8<2/2 @= /68 512G2K68 7 /2 @=384@2@ @= /2 1=@ @= =F;/652<4>3. 2 :2514N
@4C4@= 56@2 =/ I1=2 @=/ 72<4:4=356 =3 ;=H9=A68 G/6H9=8 <92@12@68.
685=1461:=35=P 2 ;21541 @=/ :2;2 @= 486;2<28P 8= 435=1;6/2 =/ C2/61 @=
/2 ;65=3<42 =3 =/ <=3516 @= <2@2 G/6H9=P /6 <92/ ;=1:45= @=5=1:4321
=/ C6/9:=3 @= <2@2 <=/@2 =/=:=352/. 61 2@4<4>3 @= =8568 C6/W:=3=8
=/=:=352/=8   8= @=5=1:432 =/ C6/9:=3 5652/ @=/ 72<4:4=356.
   

63@=

C6/9:=3 =/=:=352/ @= /2 <=/@2 6 G/6H9=.

  =8;=861 @=/ 72<4:4=356 =3 =/ <=3516 @=/ I1=2 ;21<42/P


8= @=5=1:432 ;61 435=1;6/2<4>3.
  I1=2 @= /2 <=/@2 93452142 TC2/61 <6385235=S

4 8= <6384@=128= 3=<=82146 :=K6121 /2 ;1=<484>3 =3 /68 G/6H9=8


/4:?516B=8P 8= ;9=@= =854:21 /2 ;16;61<4>3 @=/ G/6H9= H9= 8= /6<2/4N2
@=3516 @= /68 <63561368 @=/ 72<4:4=356.


/ C6/9:=3 5652/ @=/ <9=1;6 8= <2/<9/2!






 




 
  








= =852 =F;1=84>3 H9=@2 </216 H9= =/ C6/9:=3 @= 93 72<4:4=356 8=


@=5=1:432 <6:6 =/ ;16@9<56 @=/ I1=2 =/=:=352/ @=/ G/6H9= <63 /2 89:2
@= /68 =8;=861=8 ;21<42/=8 H9= 8= @=5=1:4323 ;61 435=1;6/2<4>3 /43=2/ 2
;21541 @= /28 486/?3=28.
(32 @= /28 C=352K28 @=/ :E56@6 @= /28 486/?3=28 =8 89 </214@2@P ;9=8
/28 <91C28 @= 486;2<28 6B1=<=3 932 4@=2 </212 86G1= /2 :61B6/60?2 @=/
72<4:4=356. 212 512N21 /28 486;2<28 36 =8 3=<=82146 =:;/=21 =8;=861=8
1=2/=8P 8436 H9= 8= ;9=@= 9821 /2 <6:;63=35= C=154<2/ 9 D614N6352/ @=
/2 ;65=3<42P 56@6 @=;=3@= @=/ ;/236 =3 =/ H9= 8= ;167=<5= =/ <9=1;6.
/ :E56@6 ;=1:45= 1=2/4N21 =854:2@61=8 /6<2/=8 TG/6H9= 2 G/6H9=S /6
<92/ B2<4/452 /2 954/4N2<4>3 @= /68 1=89/52@68 ;212 M3=8 @= ;/234M<2<4>3
:43=12. / ;143<4;2/ ;16G/=:2 @=/ :E56@6 =85I =3 /2 3=<=84@2@ @=
<63521 <63 93 012@6 @= =F;/612<4>3 2/56P ;9=8 /2 <638519<<4>3 @= /28
486/?3=28 86G1= /2 G28= @= 932 1=@ @= =F;/652<4>3 ;6<6 @=382 36 =8
M2G/=.

&

'8!!  #$

= G282 =3 9341 /68 ;93568 0=61=B=1=3<42@68 @=/ =:G6H94//= @=


863@=68 H9= <6354=3=3 43B61:2<4>3 CI/4@2 ;212 /2 <212<5=14N2<4>3
@=/ 72<4:4=356P 52/ <6:6! ;21I:=5168 @= <2/4@2@P ;65=3<42 1=2/P =5<.



* +,$ !, 

8528 93463=8 01IM<28 8= 1=2/4N23 :=@4235= 1=<528P B61:23@6 93


:2//2@6 5142309/21 TM0912 .S. 2@2 514I309/6 =8 /2 G28= @= 93
;148:2 4:20432146 <63 932 ;65=3<42 @=5=1:432@2 H9= <212<5=14N2 /2
43B61:2<4>3 1=/=C235= @=/ 72<4:4=356 TM0912 .S. 68 @2568 @= <2/4@2@
@=/ ;148:2 8= 6G54=3=3 <6:6 :=@42 2145:E54<2 6 :=@42 ;63@=12@2
;212 /28 ;65=3<428 @= <2@2 936 @= /68 51=8 863@=68. 9 :2761 C=352K2
=8 89 84:;/4<4@2@ 7 H9= <6384@=12 =/ 2019;2:4=356 @= /68 @2568. 6:6
@=8C=352K2 8= 54=3= H9= /68 ;=868 @= /28 :9=85128 863 <6384@=12@68 2
;21541 @= <145=1468 0=6:E514<68 7 2@=:I8 8= 54=3=3 @48<6354394@2@=8
=351= /68 514I309/68.

40912 .! =;1=8=352<4>3 01IM<2 @= /2 5142309/2<4>3 =351= 863@=68.



40912 .! 148:28 @= G28= 5142309/21 7 2/5912 /2 ;65=3<42 ;63@=12@2


=351= /68
863@=68 H9= @=M3=3 89 G28=.



'8!!  ! *!(!!

2154=3@6 @= /2 1=;1=8=352<4>3 =3 ;/236 @= /68 ;93568


0=61=B=1=3<42@68 H9= 1=;1=8=3523 /68 =:G6H94//=8 @= /68 863@=68P 8=
@4C4@= =/ 72<4:4=356 =3 ;6/?06368 @=5=1:432@68 ;61 /28 :=@42514<=8
@= /68 8=0:=3568 H9= 93=3 @4<D68 ;93568 TM0912 . S. =3516 @=
<2@2 ;6/?0636 8= 89;63= H9= 8= :2354=3= <6385235= /2 ;65=3<42 @2@2
;61 <2@2 863@=6P ;61 /6 H9= =/ C6/9:=3 <611=8;63@4=35= 2 <2@2
@256 8= <2/<9/2 :9/54;/4<23@6 =/ I1=2 @=/ ;6/?0636 ;61 =/ =8;=861
435=18=<2@6 ;61 =/ 863@=6. 85= :E56@6 ;1=8=352 /2 C=352K2 @= 932



* +,$ !, 

BI<4/ 4:;/=:=352<4>3 7 @= <6384@=121 =/ 2019;2:4=356 @= /68 @2568. 61


<63512P 8= ;1=8=3523 @48<6354394@2@=8 =351= ;6/?06368 7 8= 1=H94=1= 932
0123 <2354@2@ @= @2568.

40912 . ! =;1=8=352<4>3 01IM<2 @= /2 <1=2<4>3 @= /68 @48543568


;6/?06368.



'8!!  ! *+ #

/ @=;>8456 8= @4C4@= =3 ;/2352 8=0W3 932 :2//2 1=09/21 TM0912


.SP @= B61:2 H9= ;282 2 =8521 <63854594@6 ;61 ;148:28 1=<568 @=
8=<<4>3 1=09/21 <976 C6/9:=3 C4=3= @2@6 2/ :9/54;/4<21 /2 2/5912 @=
<2@2 936 @= =//68 ;61 =/ I1=2 @= /2 8=<<4>3 TM0912 .S. 2 2/5912


@=/ ;148:2 43@4<2 /2 ;65=3<42 @=/ =851256 =3 =/ ;9356 <=3512/ @= /2
:2//2 1=09/21 :=3<4632@2. 9:23@6 /68 C6/W:=3=8 @= <2@2 936 @= /68
;148:28 1=09/21=8 8= 6G54=3= /2 <9G4<2<4>3 M32/ @=/ 72<4:4=356.

40912 .! =;1=8=352<4>3 =3 ;/2352 @= /2 @48514G9<4>3 @= ;148:28


1=09/21=8.



* +,$ !, 

40912 .! =;1=8=352<4>3 @= /68 ;148:28 @= G28= <92@12@2 1=09/21


7 <972 2/5912 =8 B93<4>3 @=/ C2/61 284032@6 2 <2@2 936 @= /68 ;93568
<=3512/=8 =3 ;/2352.




'8!!  +!!  !:#

638485= =3 /2 @48<1=54N2<4>3 @=/ =8;2<46


 =3 G/6H9=8 6 <=/@28
514@4:=384632/=8P <636<4@68 <6:6 C6F=/8 TM0912 .S. 2@2 <=/@2
<6354=3= /68 2514G9568 T/456/60?2P 54;6 @= :43=12/4N2<4>3P =5<.S 7 /28
:=@4<463=8 T/=7P ;16;4=@2@=8 B?84<28 7 :=<I34<28P =5<.S @=/ @6:4346
0=6/>04<6 =3 H9= 8= =3<9=3512. 68 2514G9568 @= /68 G/6H9=8 8=

@=5=1:4323 86G1= /2 G28= @= /2 435=18=<<4>3 <63 =/ :6@=/6 0=6/>04<6


6 89 ;684<4>3 1=8;=<56 2 932 89;=1M<4= 5142309/2@2P 7 /28 /=7=8 2 512CE8
@= /2 =854:2<4>3 <63 5E<34<28 @= 435=1;6/2<4>3 =8;2<42/.

40912 .! 6@=/6 @= G/6H9=8.

2@2 G/6H9= @=G= <635=3=1 56@2 /2 43B61:2<4>3 @48;634G/= =3 /28


B28=8 @= @=82116//6 @= 93 ;167=<56! /456/60?2Q:43=12/60?2P <635=34@68 @=
:=52/=8P <2/4@2@=8 =3 =/ <286 @=/ <21G>3 7 16<28 43@985142/=8P <635=34@68
@= <6352:43235=8P ;21I:=5168 0=6:=<I34<68P @2568 D4@160=6/>04<68P
=5<.



* +,$ !, 
212 @=M341 =/ :6@=/6 @= G/6H9= 8=1I 3=<=82146 =852G/=<=1 /68

84094=35=8 ;21I:=5168 TM0912 .S!


684<4>3 @=/ :6@=/6! 8= =8;=<4M<2 2 ;21541 @= /28 <661@=32@28 @=
<=35164@= @=/ G/6H9= //2C=.
F5=384>3 @=/ :6@=/6 =3 /28 @48543528 @41=<<463=8   T@=G= 8=1
/6 89M<4=35=:=35= 0123@= ;212 =3:21<21 /2 1=04>3 @= 435=1E8S.
4:=38463=8 @= /28 <=/@28 6 G/6H9=8 86G1= /28 @41=<<463=8   7

14=352<4>3 @=/ :6@=/6 @=M34@6 TI309/6 @= 43</432<4>3 7 2N4:95S
63K9356 @= C2142G/=8 2 2/:2<=321 =3 =/ :6@=/6 <63 898
<611=8;63@4=35=8 B61:2568! /=7 @= /68 @48543568 :=52/=8P ;=86
C6/9:E514<6P /456/60?2P =5<.
63 =/ 6GK=56 @= 2/<23N21 932 :2761 1=86/9<4>3 @=/ :6@=/6 @=
G/6H9= =3 /68 /?:45=8 @= /68 <9=1;68 :43=12/=8 8= 954/4N23 G/6H9=8
<63 @4:=38463=8 :=361=8 H9= /68 6140432/=8 T89GG/6H9=8S. 2:G4E3
8= ;9=@=3 954/4N21 C6F=/8 <63 52:2A68 C2142G/=8 =3 @48543528 ;215=8
@=/ @=;>8456P <63 =/ 6GK=56 @= <9G141 N6328 <63 @4B=1=35= 012@6 @=
=859@46 6 <6354394@2@ =8;2<42/. / :6@=/6 @= G/6H9=8 ;9=@= 8=1 1652@6
7 614=352@6 @= :23=12 H9= 8= 2K985= 2 /2 =8519<5912 0=6/>04<2.
(3 28;=<56 @= 89:2 4:;61523<42 =3 =/ :6@=/6 @= G/6H9=8 /68
<63854597= /2 8=/=<<4>3 @= /28 @4:=38463=8 @=/ G/6H9=. 6 4@=2/ =3 =85=



40912 .! 21I:=5168 H9= @=M3=3 =/ :6@=/6 @= G/6H9=8! 684<4>3


@=/ G/6H9= //2C= 7 @4:=38463=8 @=/ G/6H9= 93452146    .

<286 =8 H9= =/ 52:2A6 @=/ :48:6 <643<4@2 <63 /2 934@2@ @= 8=/=<<4>3


:43=12 H9= 8=1I =:;/=2@2 @91235= /2 =F;/652<4>3 @=/ 72<4:4=356P 843
=:G2106P =3 :9<D28 6<28463=8 =856 36 =8 ;684G/=P ;9=8 36 8= <9=352
<63 /2 @=384@2@ 89M<4=35= @= 43B61:2<4>3. / @48:43941 =/ 52:2A6 @=
G/6H9= 8= 29:=352 =/ =1161 @= =854:2<4>3P =8 @=<41P 89 /=7 8= @=5=1:432
<63 93 2/56 012@6 @= 43<=154@9:G1=. D612 G4=3P 2/ 29:=3521 =/ 52:2A6
@=/ G/6H9= /28 /=7=8 863 2K9852@28 2154M<42/:=35=. =0W3 /2 5=61?2
0=6=852@?854<2P ;61 /6 :=368 93 512:6 @=/ ;6N6 @=G= H9=@21 @=3516



* +,$ !!$# 

@= <2@2 G/6H9= 7 =8568 512:68 @=G=1I3 =8521 =8;2<42@68 932 @48523<42


:=361 H9= =/ 2/<23<= @=/ C2146012:2P =8 @=<41P @=3516 @= /2 @48523<42
H9= 8= =854:2 H9= 932 :9=8512 54=3= 43R9=3<42 86G1= /2 6512.
85= =3B6H9= 5=>14<6P =3 :9<D68 <2868P 36 =8 ;1I<54<6 @=8@= =/ ;9356
@= C4852 5E<34<6P 72 H9= 8= :23=K21I3 @=:2842@68 89GG/6H9=8 ;212
;6@=1 2K985218= 2 /68 /?:45=8 @=/ :6@=/6 0=6/>04<6 7 /60121 932 G9=32
;1=<484>3 =3 =/ <I/<9/6 @=/ C6/9:=3. =G4@6 2 =856P 0=3=12/:=35= 8=
89=/= =F2:4321 =/ 72<4:4=356 =3 934@2@=8 @= 8=/=<<4>3 :I8 ;=H9=A28.
2 @=5=1:432<4>3 @= /28 @4:=38463=8 >;54:28 @=/ G/6H9= @=;=3@=
;143<4;2/:=35= @=!
#2142G4/4@2@ @= /28 /=7=8.
6354394@2@ 0=6/>04<2 @= /2 :43=12/4N2<4>3.
2:2A6 @= /28 :9=85128 7 =8;2<42:4=3568 =351= =//28.
2;2<4@2@=8 @= /68 =H94;68 :43=168.
2/9@=8 @= @48=A6 @= /2 =F;/652<4>3.

&

'8!! !(!

2 5=61?2 @= /28 C2142G/=8 1=04632/4N2@28 54=3= =3 <9=352 /2


<611=/2<4>3 =8;2<42/ @= /28 C2142G/=8 0=6/>04<28. =@4235= =/ =:;/=6
@= C2146012:28P /28 1=0463=8 @= 43R9=3<42 @= /28 C2142G/=8 ;9=@=3 8=1
@=M34@28 =3 932P @68 6 51=8 @4:=38463=8 7 /28 ;1=@4<<463=8 ;9=@=3


D2<=18= ;212 56@2 /2 <6354394@2@ =8;2<42/ @=/ 72<4:4=356. 3 G28= 2
=856P 7 954/4N23@6 93 8485=:2 /43=2/ @= =<92<463=8P /2 0=6=852@?854<2
;=1:45= =/2G6121 93 ;16<=@4:4=356 =8;2<42/ @= ;1=@4<<4>3 G282@6 =3
;93568 6 =3 G/6H9=8 <6:6 934@2@=8 GI84<28 @= <I/<9/6P <636<4@6
<6:6 J140=2@6. 852 5=61?2 1=;1=8=35> 93 4:;615235= 2C23<= ;212 /2
=854:2<4>3 @= 1=8=1C28.
/ =:;/=6 @= =852 :=56@6/60?2 ;212 @=5=1:4321 @=;>84568 :43=12/=8
B9= ;463=16 =3 =859@468 @= =C2/92<4>3 @= @=;>84568 @= G29F452 =3
123<42 T 
P 21E<D2/ 7 69//4=1  S 7 =3 )9301?2 T P 21@6887 =5
2/ S. 685=1461:=35=P 2/ :E56@6 434<42/ 8= /= 2;/4<> 93 @=82116//6
:25=:I54<6 H9= ;=1:454> =F5=3@=1 89 986 2 56@68 /68 <2:;68 @= /2
=F;/612<4>3 :43=12/.
68 @48543568 :E56@68 @= J140=2@6 954/4N23 =/ <63<=;56 @= C21423N2
;212 =F;1=821 =/ 012@6 @= 43<=154@9:G1= @= /68 1=89/52@68 6G5=34@68
<63 /2 2;/4<2<4>3 @=/ J140=2@6. (32 :=K612 86G1= =852 :=56@6/60?2
B9= /2 ;16;9=852 ;61 P -2:2:656 P 2;/4<23@6 C21423N28
435=1;6/2@28P 93 ;21I:=516 52356 @=;=3@4=35= @= /68 C2/61=8 @= =3512@2
<6:6 @= /2 0=6:=51?2 H9= @=M3=3 E8568. 85= ;21I:=516 =F;1=82 8>/6
/2 C2142G4/4@2@ 325912/ @= /28 C2142G/=8 954/4N2@28P ;=16 36 <638409=
<212<5=14N21 /2 43<=154@9:G1= 5652/.
28 /4:452<463=8 @= /2 0=6=852@?854<2 B9=163 1=82/52@28 ;61 P
4=D/  P H94E3 <6:;16G> H9= 2/ @48:43941 =/ 3W:=16 @= 863@=68
=:;/=2@68 ;212 6G5=3=1 @2568 @= ;2154@2P =/ <I/<9/6 @= /68 C2146012:28
;1=8=352G2 :9<D2 43<=154@9:G1=P //=02@6 =/ ;9356 @= 8=1 4:;684G/=



* +,$ !!$# 

1=2/4N21/68. 856 89;63= 932 8=142 /4:452<4>3 =3 =/ <286 @= 72<4:4=3568


@= ;=H9=A6 52:2A6. 5128 43<=154@9:G1=8 =85I3 1=/2<4632@28 <63 /2
=/=<<4>3 @=/ :6@=/6 @= C2146012:2 2;16;42@6. @=:I8P <923@6 =8 :97
2<982@6 =/ =B=<56 ;=;452 =/ :6@=/6 @=/ C2146012:2 1=89/52 43<4=156.
68 1=89/52@68 @= /68 :E56@68 0=6=852@?854<68 512@4<4632/=8 ;9=@=3
8=1 =F;1=82@68 @= @68 B61:28!
1=8=352<4>3 @=5=1:434852. 3 =85= <286 8>/6 8= 6B1=<=3 /28 :=@428
;63@=12@28 @= /2 ;1=@4<<4>3P G282@6 =3 =/ G9=3 <636<4:4=356
@= /2 @48514G9<4>3 @= <2/4@2@=8 @=3516 @=/ 72<4:4=356. =8@= =/
;9356 @= C4852 :25=:I54<6P 8>/6 8= 51252 @= ;1=@4<<4>3 @= ;93568
843 <636<=1 =/ =1161 286<42@6 2 /2 ;1=@4<<4>3.
=5=1:432<4>3

;16G2G4/?854<2.

2:G4E3 <636<4@2 <6:6 =856<I854<2P 6B1=<= 2@=:I8 /2 ;1=@4<<4>3


@= /68 C2/61=8 @= /2 @=8C42<4>3 =85I3@21. =16 /2 @4B=1=3<42 :I8
4:;615235= H9= 2;6152 =852 B61:2 @= 6B1=<=1 /68 1=89/52@68 =8
H9=P 2@=:I8 @= ;1=@=<41 =3 ;93568P <2/<9/2 435=1C2/68 =3 G28= 2
34C=/=8 @= <63M23N2 =8<604@68 ;61 /68 =F;=1568 <636<=@61=8 @=/
<6:;6152:4=356 1=2/ @=/ 72<4:4=356.
6@68 =8568 :E56@68 512@4<4632/=8 =85I3 G282@68 =3 /2 5=61?2 @=
/2 ;16G2G4/4@2@ 7P <638=<9=35=:=35=P =3 898 2F46:28 B93@2:=352/=8P
=/2G612@68 ;61 
P 6/:60616C 

P 
P 6/:60616C . 2@6
93 <63K9356 @= 89<=868 =/=:=352/=8P  86G1= =/ H9= 8= D2 @=M34@6 932
Q2/0=G12P P @= 89G<63K93568 @= P 7 932 B93<4>3  H9= 284032 C2/61=8


1=2/=8 2 /68 :4=:G168 @= P 2 /68 H9= 8= @=36:432 89<=868P 8= @4<= H9=
 =8 932 ;16G2G4/4@2@ 86G1=    84 8= <9:;/=3 /68 84094=35=8 51=8
2F46:28!
/ ;14:=1 2F46:2 @4<= H9= /2 ;16G2G4/4@2@ @= 93 89<=86 =8 93
3W:=16 1=2/ :2761 6 4092/ H9= .
   

/ 8=093@6 2F46:2 @4<= H9= /2 ;16G2G4/4@2@ 5652/ =8 4092/ 2 P =856


=8!
   
/ 5=1<=1 2F46:2P <636<4@6 <6:6    P =852G/=<=
H9= 84      863 =C=3568 :9592:=35= =F</97=35=8P =856 =8!
   
;212   P =3563<=8!






               
   





=0W3 =85= 2F46:2 8= ;9=@= <2/<9/21 /2 ;16G2G4/4@2@ @= 93 89<=86


<6:;9=856 @= C21428 2/5=13254C28 :9592:=35= =F</97=35=8 89:23@6
/28 ;16G2G4/4@2@=8 @= 898 <6:;63=35=8. = =856 8= ;9=@= <63</941 H9=
56@68 /68 89<=868 @=G=3 =8521 G4=3 @=M34@68 7P //=C23@6 89 2;/4<2<4>3
;1I<54<2 =/ =859@46 @= 72<4:4=3568P 56@68 /68 :E56@68 ;16G2G4/?854<68
512@4<4632/=8 8>/6 8=1I3 @= 2;/4<2<4>3 <63 <9=1;68 0=6/>04<68 G4=3
<212<5=14N2@68 7 <63 898 /?:45=8 </212:=35= @=M34@68. 856 84034M<2



* +,$ !!$# 

H9= 36 8= 2@:45=3 512384<463=8 =351= /68 @48543568 <9=1;68 =C2/92@68.


43 =:G2106P =3 0=6/60?2 7 86G1= 56@6 <923@6 8= 51252 @= 72<4:4=3568
@= :25=142/=8 @48=:432@68P /68 /?:45=8 @= /68 <9=1;68 8= 845W23 =3 N6328
@= 512384<4>3 :I8 6 :=368 @4B9828P <63 932 512384<4>3 012@92/ =351=
/68 @48543568 <9=1;68 0=6/>04<68. 61 =86P =85= 2F46:2 ;1=8=352 932
/4:452<4>3 :I8 6 :=368 4:;615235= 2 /2 D612 @= =:;/=21 =8568 :E56@68
=852@?854<68 512@4<4632/=8.
3

6<28463=8P

2/09328

<212<5=1?854<28 0=6/>04<28 36 ;9=@=3 8=1 @=5=1:432@28 <63 =F2<5459@P


84=3@6 @=M34@28 @= B61:2 8=:4<923545254C2. 8568 :E56@68 =852@?854<68
512@4<4632/=8 @= ;1=@4<<4>3 @= 1=<91868 36 863 BI<4/:=35= 2K9852G/=8 2
/2 =C2/92<4>3 :25=:I54<2 @= =85= 54;6 @= 43B61:2<4>3P ;61 /6 H9= @=G=3
8=1 =F</94@68 @=/ ;16<=86 @= ;1=@4<<4>3. 3 =8568 <2868 8= ;9=@= //=021 2
;=1@=1 43B61:2<4>3 :97 4:;615235= ;212 1=2/4N21 932 <212<5=14N2<4>3
;1=<482 @=/ 72<4:4=356.
68 1=<91868 Y43 8459Y @= 93 72<4:4=356 863 @48543568 @= /28 1=8=1C28
1=<9;=12G/=8P /28 <9I/=8 ;9=@=3 8=1 =F;/652@28 8>/6 =3 93 <635=F56
5E<34<6Q=<63>:4<6 @=5=1:432@6. / J140=2@6 54=3= <6:6 6GK=54C6 /2
;1=@4<<4>3 @= /28 1=8=1C28 Y43 8459Y.
2 5E<34<2 @=/ J140=2@6 ;16;61<4632 93 ;1=@4<561 /43=2/ 438=802@6
H9= :434:4N2 /2 C21423N2 =3 =/ <I/<9/6 @= 932 @=5=1:432@2 ;16;4=@2@P
/2 <92/ 8= =859@42 =3 93 G/6H9= @= 932 @=5=1:432@2 0=6:=51?2.
3 B93<4>3 @= /2 =852<463214=@2@ 6 36 =852<463214=@2@ @= /68 @2568P
8= D2G/21I @= ;! +* 6 ;! # . / <286 :I8


84:;/= @= J140=2@6 8= @=36:432 ;! +* 7 =3 E/ 8= 289:=
H9= /2 :=@42 @= /2 B93<4>3 2/=256142 =8 <636<4@2. 923@6 =/ C2/61 @=
/2 :=@42 =8 @=8<636<4@6P 8= =85I =3 =/ <286 @= ;! # .
4 @4<D2 :=@42 @=8<636<4@2 =8 <6385235=P =3563<=8 8= 54=3= =/ <286 @=
;! !!.
923@6 93 019;6 @= C2142G/=8 =85I3 <611=/2<4632@28P =/ <6J140=2@6
;9=@= 98218= ;212 ;1=@=<41 932 C2142G/= =351= 56@28 /28 H9= 0921@23
1=/2<4>3.

&

<#+!   !(

/ =3B1=3521 =/ ;16G/=:2 @= ;1=@=<41 =/ C2/61 @= 932 C2142G/= =3 932


/6<2/4N2<4>3 @=/ =8;2<46 36 :9=851=2@6P 8= @=G= <6:=3N21 ;61 2K98521
93 :6@=/6. 85= :6@=/6 ;9=@= 8=1 @=5=1:43?854<6P <6:6 =/ :6@=/6
982@6 ;212 ;1=@=<41 /2 ;684<4>3 @= /2 4=112 <923@6 0412 2/1=@=@61
@=/ 6/ =3 93 54=:;6 B95916P 6 ;9=@= 8=1 =856<I854<6P <6:6 =/ :6@=/6
H9= @2 /2 ;16G2G4/4@2@ @= /68 1=89/52@68 <212 6 <19N 2/ 2116K21 932
:63=@2 2/ 241=. / :6@=/6 @= B93<4>3 2/=256142 8= 982 =3 0=6=852@?854<2
=3 =/ 54;6 @= B=3>:=368 @=8<14568 235=1461:=35=. 2K6 =/ :6@=/6 @=
B93<4>3 2/=256142P /2 =F485=3<42P ;=16 8>/6 ;21<42/:=35= <636<4@2P @= /2
@48514G9<4>3 =8;2<42/ @= /2 C2142G/= G2K6 =859@46 =8 <6384@=12@2 <6:6
932 86/2 1=2/4N2<4>3 @= 93 43M3456 <2:;6 @= ;684G4/4@2@=8. 2 B93<4>3
2/=256142 =8;=<4M<2 <9I/ =8 =/ 12306 @= C2/61=8 H9= /2 C2142G/= ;9=@=
56:21 =3 <92/H94=1 ;9356P 7 =/ 012@6 @= <611=/2<4>3 H9= =85= C2/61 D2 @=
:235=3=1 <63 /68 @2568 :I8 <=1<2368. / 986 @= 93 :6@=/6 @= B93<4>3



* +,$ !!$# 

2/=256142 =8 932 D=112:4=352 <63C=34=35= ;212 :6@=/21 /2 C2142G4/4@2@


=8;2<42/ @=/ B=3>:=36 G2K6 =859@46.
/ C2146012:2 =8 /2 ;4=@12 2309/21 @= /2 0=6=852@?854<2P :6@=/2 =/
012@6 @= <611=/2<4>3 =8;2<42/ @= /2 C2142G/=.
2 4@=2 GI84<2 @= /2 0=6=852@?854<2 <638485= =3P 2 ;21541 @= @2568 H9=
<212<5=14N23 932 6 C21428 ;16;4=@2@=8P 6G5=34@68 =3 <2:;6P ;1=@=<41 =/
C2/61 @= =828 ;16;4=@2@=8 =3 =/ =356136 ;1>F4:6 @= /2 N632 =859@42@2.
128 93 =859@46 @=/ 54;6 @= @48514G9<4>3 H9= ;1=8=3523 =868 @2568 @=
;2154@2P 8= //=C2 2 <2G6 =/ <I/<9/6 @= C2146012:28 =F;=14:=352/=8.
E8568 8= /=8 2K9852 93 :6@=/6 5=>14<6 @= C2146012:2P /6 H9= ;=1:45=P 2
512CE8 @= /2 5E<34<2 @=/ J140=2@6P 1=2/4N21 932 ;1=@4<<4>3P G4=3 ;93592/
TJ140=2@6 ;93592/S 6 G4=3 ;61 G/6H9=8 TJ140=2@6 @= G/6H9=8SP @= /28
C2142G/=8 43C6/9<12@28P 361:2/:=35= /=7 6 ;65=3<42P 7 =3 =/ <286 =3 =/
H9= 8= <=351> =85= =859@46P /2 <2/4@2@.
2 5E<34<2 @=/ J140=2@6 ;16;61<4632 932 ;1=@4<<4>3 /43=2/ <6:6
B93<4>3 @= /68 C2/61=8 @= /2 C2142G/= =3 /28 /6<2/4N2<463=8 <=1<2328. /
J140=2@6 54=3= @68 C=352K28 ;143<4;2/=8 <63 1=8;=<56 2 65168 ;1=@4<561=8
/43=2/=8!
2S /68 ;=868 982@68 =3 /2 ;1=@4<<4>3 863 @=5=1:432@68 <6:6 932
B93<4>3 @= /2 @48523<42 =8519<5912/ T=/ C2146012:2S @= <92/H94=1 6516
;21 @= @2568P 7
GS /2 ;1=@4<<4>3 8= 2<6:;2A2 ;61 932 <92354M<2<4>3 @=
43<=154@9:G1=8P =8 @=<41 /2 C21423N2 @=/ J140=2@6.
63 /2 5E<34<2 @=/ J140=2@6 36 8>/6 8= <638409= 932 ;1=@4<<4>3 H9=

54=3= =3 <9=352 /2 ;684G/= 23486516;?2 @= /2 <6354394@2@ =8;2<42/ @=/


2514G956P 8436 H9= 2@=:I8 8= ;9=@= :=@41 /2 <63M23N2 H9= 8= @=;68452
=3 /2 ;1=@4<<4>3.
/ C2146012:2 =8 932 D=112:4=352 ;6@=1682 ;212 232/4N21 /68
:6@=/68 @= C2142G4/4@2@ =8;2<42/ @= 93 B=3>:=36. 35=1;1=5I3@6/6
<6:6 932 :=@4@2 C=<56142/ @= @48523<42 =8519<5912/P =8 ;684G/= 9821/6
;212 @=8<9G141 @41=<<463=8 @= :IF4:2 7 :?34:2 <6354394@2@. 3
=/ 23I/4848 :9/54C214235=P =/ C2146012:2 <19N2@6 T932 =F5=384>3 @=/
C2146012:2 ;212 @68 C2142G/=8S ;9=@= 98218= ;212 <92354M<21 /2
435=11=/2<4>3 =351= C21428 C2142G/=8 7 89 012@6 @= 435=1@=;=3@=3<42
=8;2<42/. 3 1=89:=3P /2 C2146012B?2 279@2 =3 =/ 23I/4848 =F;/61256146
@= /68 @2568.
61 W/54:6P 8= @=G= @=<41 H9= 8= ;9=@= 6G5=3=1 93 ;1=@4<561 0/6G2/
<6:G4323@6 C21468 ;1=@4<561=8 /6<2/=8 ;16<=@=35=8 @= 93 :6@=/6 @=
G/6H9=8 @= 932 N632 @=5=1:432@2. 923@6 8= <2/<9/2 /2 C21423N2 0/6G2/
@= /2 ;1=@4<<4>3P D27 H9= D2<=1 932 @48543<4>3 =351= =/ =1161 0=6:E514<6
;16<=@=35= @= /2 =C2/92<4>3 @= /68 /?:45=8 @= /2 89;=1M<4= 6 =/ C6/9:=3
:43=12/4N2@6 7 =/ =1161 <92/45254C6 @=G4@6 2 /2 ;1=@4<<4>3 @= /2 C2142G/=
6 C2142G/=8 =3 932 N632 @=5=1:432@2. 8568 @68 C2/61=8 8= <6:G4323
;212 <2/<9/21 /2 C21423N2 @= /2 ;1=@4<<4>3 M32/.
/ ;16G/=:2 @= /2 ;1=@4<<4>3 /6<2/ =8 =3<635121 =/ :=K61
;1=@4<561 @=/ C2/61 ;143<4;2/ @= 932 C2142G/= 1=04632/ =3 93 @6:4346
@=5=1:432@6. 28 @4:=38463=8 @= =85= @6:4346 863 0=3=12/:=35=
;=H9=A28 <6:;212@28 <63 /28 @4:=38463=8 @= /28 <9284=852<46321428



* +,$ !!$# 

TD6:60E3=28SP N6328 @=/ @=;>8456 ;=1B=<52:=35= <212<5=14N2@28 7


<636<4@28. 2 ;1=@4<<4>3 /6<2/ @4M=1= @= /2 0/6G2/ =3 =/ D=<D6 @=
H9= /2 0/6G2/ <6384@=12 @48523<428 :2761=8 H9= /68 /?:45=8 @= /2 N632
<9284=852<4632142 7P ;61 /6 52356P 2/09328 C=<=8 =30/6G2 C21428 N6328
@= :43=12/4N2<4>3 D=5=160E3=2.
2 43B61:2<4>3 @48;634G/= 982@2 ;212 /2 ;1=@4<<4>3 /6<2/ =3 932
N632 <9284=852<4632142 ;16C4=3= @= 93 ;2H9=5= @= @2568 T<2/4@2@S
= 43B61:2<4>3 =8519<5912/ T:6@=/6 @= C2146012:2 H9= <212<5=14N2 /2
C2142G4/4@2@ =8;2<42/ @= /2 C2142G/= =3 /2 N632 @= =859@46S.
/ J140=2@6 =8 932 5E<34<2 ;212 /2 ;1=@4<<4>3 /6<2/P /2 <92/
;16;61<4632 =/ :=K61 ;1=@4<561 438=802@6 ;684G/= ;212 =/ =859@46 @=
932 C2142G/= @=8<636<4@2.
923@6 /2 43B61:2<4>3 =8519<5912/ =8 :I8 <6:;/=52P /68 ;1=@4<561=8
36 /43=2/=8P :I8 ;1=<4868 H9= =/ J140=2@6 84:;/=P ;9=@=3 8=1 954/4N2@68.
4:45I3@68= 2 /68 ;1=@4<561=8 /6<2/=8 7 84 =/ 23I/4848 =8519<5912/
=8 89M<4=35= ;212 43B=141 <611=<52:=35= /2 B93<4>3 =8519<5912/ G2K6
=859@46 T<6C21423N2 7 C2146012:2SP =3563<=8P ;61 @=M34<4>3P =/ J140=2@6
;16;61<4632 =/ :=K61 ;1=@4<561 438=802@6 T=3 =/ 8=354@6 @= :434:4N21 /2
C21423N2 @= /2 ;1=@4<<4>3S. 852 ;16;4=@2@ =8 411=B952G/=P 7 =8 /2 C=352K2
B93@2:=352/ @=/ J140=2@6 B1=35= 2 65168 :E56@68 @= ;1=@4<<4>3 </I84<68P
<6:6 ;6/?06368 @= 43R9=3<42P 43C=186 @= /2 @48523<42 7 ;6/436:468
<92@12@68P ;61 <4521 2/09368 @= /68 :E56@68 :I8 <6:93=8 982@68 =3
:43=1?2.
28 @68 <1?54<28 :I8 D2G4592/=8 H9= 8= /= 89=/= D2<=1 2/ ;16<=86 @=


J140=2@6 863!
2 02323<42 =3 5E1:4368 @= ;1=@4<<4>3 @= /2 C21423N2
;16;61<4632@2 ;61 =/ J140=2@6 =8 43898523<42/ =3 /2 ;1I<54<2
<923@6 8= <6:;212 <63 65168 ;16<=@4:4=3568 @= =854:2<4>3 :I8
<6:93=8.
2 2;/4<2<4>3 @=/ J140=2@6P 2/ 4092/ H9= /2 @= /2 0=6=852@?854<2
=3 0=3=12/P =8 @4B?<4/ 7 <685682 =3 5E1:4368 @= :9=851=6 7 54=:;6
@= <6:;952<4>3.
2 @=B=382 2 =8528 <1?54<28 8= ;9=@= B93@2:=3521 =3 /68 84094=35=8
12N632:4=3568!
3 ;14:=1 /9021P =/ J140=2@6 ;16;61<4632 43B61:2<4>3 2<=1<2 @=
/2 4:;61523<42 @= /2 43<=154@9:G1= @= /68 C2/61=8 ;1=@4<D68P =856 8=
6G54=3= 2 ;21541 @= 93 C2/61 ;93592/ @= /2 C21423N2 6 @= /2 @=8C42<4>3
5?;4<2P =3 <2@2 ;9356 ;1=@4<D6 ;61 =/ J140=2@6. 92/H94=12 @= =//68
43B61:2 86G1= /2 ;1=<484>3 @= /28 ;1=@4<<463=8 =3 =/ I1=2 @= =859@46
<6384@=12@2. 3 8=093@6 /9021P /2 2;/4<2<4>3 @= 93 23I/4848 =8519<5912/
8=094@6 @= 93 J140=2@6 =8 843 /9021 2 @9@28P :I8 <6:;/=52 7 8=0912
H9= /2 =/=<<4>3 21G4512142 H9= D2<=3 /68 :E56@68 512@4<4632/=8 @=
;63@=12<4>3% =/ J140=2@6 6;54:4N2 /2 435=1;6/2<4>3.
9=@= <6389/5218= D4/E8 7 =/M3=1 TS 7 4C64121@ TS ;212
932 =F;/4<2<4>3 :I8 @=52//2@2 @= =8568 :E56@68 @= ;1=@4<<4>3 </I84<68.



* +,$ !!$# 

&

= ## # 

-!!  !
=36523@6  93 ;16<=86 2/=256146P    932 /6<2/4N2<4>3 =3
93 =8;2<46 =9</?@=6 @Q@4:=384632/P <63      7    =8 93
<63K9356 M3456P 36 2/=256146P B61:2@6 ;61 93 435=1C2/6.  8= 89;63=
;16<=86 43M3456Q@4:=384632/ @= B61:2 H9= /28 6G8=1C2<463=8 :9=8512/=8
        
  863 932 1=2/4N2<4>3 @48<1=52 @=/ ;16<=86.
     8= <6384@=123 1=2/4N2<463=8 @= 932 :48:2 C2142G/=
2/=256142. 8 /2 :210432/ @=/ ;16<=86 2/=256146.
4 8>/6 8= @48;63= @= /2 C2142G/= 1=04632/4N2@2 P =8 43=C452G/=
H9= D272 H9= 289:41 <4=1528 D4;>5=848 ;212 ;6@=1 //=C21 2 <2G6 2/0W3
54;6 @= =859@46 =852@?854<6. / 54;6 @= =852<463214=@2@ 289:4@6 43@4<2
H9E 54;6 @= 43B=1=3<42 =852@?854<2 ;9=@= 1=2/4N218= <63 =/ :6@=/6
;16G2G4/?854<6.
(32 B93<4>3 2/=256142 =8 =8514<52:=35= =852<4632142 84 7 8>/6 84 /2
/=7 =8;2<42/ =8 43C214235= 2 5128/2<463=8P =8 @=<41!

  

             

        
      
%!  #! !
3 =/ 512G2K6 <63 @2568 1=2/=8P ;6<28 C=<=8 8= ;6@1I <6:;16G21
/2 =852<463214=@2@ =8514<52P <63 /6 H9= 8= 2;/4<2 932 <63@4<4>3


=852<4632142 @= 8=093@6 61@=3P @=M34@2 =3 /2 B61:2!
F485=   
 7 =8 932 B93<4>3 <636<4@2.
F485= /2 B93<4>3 <6C2146012:2     7   

      


  
   
  

      
       
63@=    

6:6 <638=<9=3<42 @= /2 @=M34<4>3 @= /2 B93<4>3 <6C2146012:2 
P
25D=163 P 8= 54=3= H9=!
.    
   
.  =8 932 B93<4>3 84:E514<2!    

. ;/4<23@6 /2 @=84092/@2@ @= 29<D7Q<DL21N ;9=@= @=:6851218=


H9=
  

.  =8 932 B93<4>3 @=M34@2 ;68454C2.
. (32 B93<4>3 1=/2<4632@2 =8 =/ <611=/6012:2!  
C=14M<23@6 H9=
  
 

 
P
 



* +,$ !!$# 

>*$ ( % !+


9<D68 B=3>:=368 B?84<68 ;68==3 932 <2;2<4@2@ 43M3452 @=
@48;=184>3P /6 H9= H94=1= @=<41 H9= 36 =F485= /2 C21423N2 @= /2
<611=8;63@4=35= C2142G/= 1=04632/4N2@2. 212 2K985218= 2 =852 84592<4>3
8= 89854597=3 /28 <63@4<463=8 @= =852<463214=@2@ @= 8=093@6 61@=3
235=1461=8 ;61 /28 84094=35=8!
F485=      
P    7   
F485=           7   
 =8 /2 B93<4>3 C2146012:2 7 <9:;/= /28 84094=35=8
;16;4=@2@=8.
.

=8 932 B93<4>3 84:E514<2!    

.   
 

. #2146012:2 =8523@214N2@6!
/ =859@46 @=/

 

 

 

 


C2146012:2 =8 :I8 D2G4592/ H9= =/ =859@46 @=/

<6C2146012:2P ;61 @68 12N63=8. 61 932 ;215=P /2 <63@4<4>3 @=


=852<463214=@2@ @= 8=093@6 61@=3 4:;/4<2 H9= 8=2 4351?38=<2:=35=
=852<4632142. 61 6516 /2@6P ;212 =/ <I/<9/6 @=/ C2146012:2 36 =8
3=<=82146 <636<=1 /2 :=@42 @= /2 C2142G/=. 4 /2 C2142G/= =8 =852<4632142
@= 8=093@6 61@=3P 84=:;1= ;9=@= 6G5=3=18= /2 B93<4>3 @= <6C2146012:2
2 ;21541 @= /2 B93<4>3 @= C2146012:2P =8 @=<41!
    


2@2 932 C2142G/= 1=04632/4N2@2  !  
@= /2 <92/
5=3=:68P =3  ;93568 6 /6<2/4N2<463=8 @4B=1=35=8P 932 :9=8512
      

932

1=2/4N2<4>3

:9=8512/

      


435=1=82 2;16F4:21 =/ C2146012:2 5=>14<6 =3
932 @41=<<4>3 @=5=1:432@2 " "  !

         "

89:4=3@6 H9=      
P =3563<=8


      

212 2;16F4:21 =852 B93<4>3P ;212 93  MK6P 89=/= 954/4N218= =/
C2146012:2 =F;=14:=352/ 6 :9=8512/ G282@6 =3 =/ :E56@6 @= /68
:6:=3568!

 


#

   

   

63@= # =8 =/ 3W:=16 @= ;21=8     C=14M<23@6    


4 /68 @2568 8409=3 932 @48514G9<4>3 361:2/P =/ :E56@6 @= /68
:6:=3568 <643<4@= <63 =/ @= :IF4:2 C=1684:4/459@P 84=3@6 E852 /2
2;16F4:2<4>3 >;54:2. 3 =8= <286 8= 5=3@1I 932 G9=32 2;16F4:2<4>3
@= /2 B93<4>3

. 4 /68 @2568 36 ;1=8=3523 93 <6:;6152:4=356

<=1<236 2 /2 @48514G9<4>3 361:2/P ;9=@= 8=1 2<638=K2G/= /2 954/4N2<4>3


@= 93 =854:2@61 16G9856 @= /2 B93<4>3 C2146012:2. 2 :2761?2 @= =8568
=854:2@61=8 =85I3 G282@68 =3 =/ <I/<9/6 @= /28 :=@42328.

* +,$ !!$# 
212 =/ <I/<9/6 @=/ C2146012:2 =F;=14:=352/P
P 36 =8

1=<6:=3@2G/= 1=851430418= 2 /2 =/=<<4>3 @= /68 ;21=8 @= /6<2/4N2<463=8


H9= C=14MH9=3 @= B61:2 =8514<52 /2 <63@4<4>3    . 852
<63@4<4>3 89=/= 1=/2K218= ;=1:454=3@6 1=0463=8 @= 56/=123<42.
212 =/ <I/<9/6 @= /2 89;=1M<4= @= C2146012:2 8= 954/4N23 1=0463=8
@= 56/=123<42 =3 B61:2 @= 8=0:=356 T  SP <92@12@6 T  S 6 <9G6
T  S 52/ <6:6 8= :9=8512 =3 /2 M0912 ..

40912 .! =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= /2 89;=1M<4= @=


C2146012:2 =3 B61:2 @= <92@12@6 T@ " S.
= @=M3= =/ C2146012:2 @41=<<4632/ <6:6 2H9E/ C2146012:2
=F;=14:=352/ <2/<9/2@6 =3 932 @41=<<4>3 " @=5=1:432@2. 2 M0912
.
1=;1=8=352 /2 1=04>3 @= 56/=123<42 H9= 8= 954/4N2 ;212 <2/<9/21
93 C2146012:2 =F;=14:=352/ =3 932 @41=<<4>3 @=5=1:432@2   .
3 =8568 <2868 @=G=3 =/=0418= 93 I309/6 $ 7 932 @48523<42  @=
56/=123<42P H9= @=M3=3 93 435=1C2/6 =356136 2 . 2 =/=<<4>3 @=/ C2/61
@= =852 56/=123<42 @=;=3@= @= /2 @48514G9<4>3 =8;2<42/ @= /68 @2568 7 @=


/2 ;1I<54<2. /09368 29561=8P P /B216 P 1=<6:4=3@23 954/4N21
=3 /2 ;1I<54<2 C2/61=8 @= $   7  
P 84=3@6  /2 @48523<42
=351= @2568 2;16F4:2@2:=35= <63540968 =3 /2 @41=<<4>3 =859@42@2.

40912 .
! =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= C2146012:28
@41=<<4632/=8 T@"S.

= @=M3= =/ C2146012:2 6:34@41=<<4632/ <6:6 2H9E/ <2/<9/2@6


56:23@6 ;21=8     @= /6<2/4N2<463=8 H9= @48523    
43@=;=3@4=35=:=35= @= /2 @41=<<4>3. 2 M0912 . 1=;1=8=352 /2 1=04>3
@= 56/=123<42 H9= 8= 954/4N2 ;212 <2/<9/21 93 C2146012:2 =F;=14:=352/
6:34@41=<<4632/   .
8 @= @=852<21 /2 4:;61523<42 @= /28 1=0463=8 @= 56/=123<42
;9=856 H9=P 84 8= 56:23 :97 2:;/428P Y892C4N23Y /2 B93<4>3
.
6:6 <638=<9=3<42 @= =8528 1=0463=8 6<911= H9=P 2W3 MK23@6 93 
@=5=1:432@6P 8= 954/4<=3 C=<561=8 2;16F4:2@68    

* +,$ !!$# 

40912 .! =04>3 @= 56/=123<42 ;212 =/ <I/<9/6 @= C2146012:28


6:34@41=<<4632/=8 T@ " S.

3 93 C2146012:2 8= 4@=354M<23 /28 84094=35=8 ;215=8 TM0912 .S!


=8=52. 4 =/ C2146012:2 2/<23N2 93 C2/61 /?:45=P =8 @=<41
   P E85= 1=<4G= =/ 36:G1= @= :=8=52. 6 84=:;1=
=F485= :=8=52 =3 93 C2146012:2. 4 /2 C2142G/=  =8
=852<4632142 @= 8=093@6 61@=3P /2 :=8=52 <643<4@= <63 /2 C21423N2
  .
2306 6 2/<23<=. 8 93 C2/61 1=2/ @= B61:2 H9= 84   2/<23<=P
=3563<=8

  :=8=52. 8 =H94C2/=35= 2 @=<41 H9=P =3 =8568

<2868P  7  863 43<611=/2@28. 6 84=:;1= =F485= 2/<23<=


=3 93 C2146012:2. 923@6 =/ 12306 36 =F485= ;=16 /2 C2142G/=
 =8 =852<4632142 @= 8=093@6 61@=3P ;9=@= <2/<9/218= =/ 12306

=B=<54C6. 85= =8 =/ C2/61 1=2/ 2 ;21541 @=/ <92/ 8= C=14M<2 H9= 84


  2/<23<= =B=<54C6P =3563<=8  
 
%&%'.
=;452. 4=:;1= 8= C=14M<2 H9= 
 
P ;=16 ;9=@= 6<91141 H9=
   
. =852 @=84092/@2@ @= 82/56 8= /= @=36:432
;=;452 7 ;9=@= @=G=18= 2 @4C=1828 12N63=8.
=8=52 ;21<42/. 923@6 =/ C2146012:2 54=3= ;=;452P 8= @=36:432
:=8=52 ;21<42/ 2 /2 @4B=1=3<42 =351= /2 :=8=52 7 /2 ;=;452.

40912 .! 215=8 @= /2 B93<4>3 C2146012:2.

68 :6@=/68 @= 512384<4>3 6 :6@=/68 <63 :=8=52 863 2H9=//68 =3 /68


H9= /2 C2142G/= 1=04632/4N2@2  =8 =852<4632142 @= 8=093@6 61@=3.
3 =85= <286


 

     


* +,$ !!$# 
7 =/ C2146012:2 =85I 2<652@6 89;=1461:=35=.
/ 61@=3 @=/ C2146012:2 =3 =/ 6140=3 8= :4@= :=@4235= =/ ;21I:=516

$  P @63@=

  (
  


=0W3 =856 8= 5=3@1I!


6:;6152:4=356 ;212G>/4<6! $ ) P /6 H9= H94=1= @=<41 H9=
 

 
3@4<2 93 <6:;6152:4=356 1=09/21 @= /2

C2142G/= 1=04632/4N2@2 .


6:;6152:4=356 /43=2/! $  P /6 H9= H94=1= @=<41 H9=
 

 
 3@4<2 93 <6:;6152:4=356 411=09/21 @= /2

C2142G/= 1=04632/4N2@2.
6:;6152:4=356 =B=<56 ;=;452. 48<6354394@2@ =3 =/ 6140=3. 68
@2568 863 43<611=/2@68.
!!*(
4 /2 @=;=3@=3<42 =8;2<42/ 8>/6 @=;=3@= @=  7 36 @= 89 @41=<<4>3P
8= @4<= H9= /2 C2142G/=  54=3= 93 <6:;6152:4=356 48651>;4<6.
GC42:=35=P <63   /2 C2142G/= 8>/6 ;9=@= 8=1 48651>;4<2.
63  ) ;9=@=3 ;1=8=35218= C21468 54;68 @= 23486516;?2.
8568 <6:;6152:4=3568 @=G=3 @=5=<5218= <2/<9/23@6 7 =859@423@6 /68
C2146012:28 =F;=14:=352/=8 @41=<<4632/=8. 8? 8= 5=3@1I!


3486516;?2 N632/. / C21421 /2 @41=<<4>3 C21?2 =/ C2/61 @= /2
:=8=52. 9 51252:4=356 89=/= 8=1 <6:;/4<2@6.
3486516;?2 =/?;54<2 6 0=6:E514<2. / C21421 /2 @41=<<4>3 C21?2 =/
C2/61 @=/ 12306P 52/ <6:6 ;9=@= C=18= =3 /2 M0912 ..

40912 .! 286 @= 23486516;?2 0=6:E514<2.

= <61140= :=@4235= 93 <2:G46 @= <661@=32@28. 63 @ "  =/


<2:G46 =8!

* +,$ !!$# 




 +

 +

 +  +

63@= + =8 /2 @41=<<4>3 @= :IF4:6 12306 7 * =8 =/ 12546 @=


23486516;?2P H9= 8= <2/<9/2 <6:6 =/ <6<4=35= @=/ 12306 :?34:6
=351= =/ 12306 :IF4:6. 852 51238B61:2<4>3 8= :9=8512 =3 /2
M0912 . .

40912 . ! 611=<<4>3 @= 932 23486516;?2 0=6:E514<2 T@ " S.


#  +!!  !+
68 C2146012:28 @=G=3 <9:;/41 932 8=14= @= ;16;4=@2@=8 H9=
D2G4592/:=35=
 36 <9:;/=. 61 =852 12N>3 8= 954/4N23 B2:4/428
@= C2146012:28 5=>14<68 CI/4@68 ;212 2K98521 /68 C2146012:28
=F;=14:=352/=8. 63 C2146012:28 5=>14<68 CI/4@68 TM0912 .S!
6@=/6 =8BE14<6P $  


 (        &  
 

 
 
 

( &  ) 
6@=/6 =F;63=3<42/P $ 




  ( 
 &  


6@=/6 =B=<56 ;=;452.

  ( &  )

6@=/6 029884236P $  


 
  (  



 &  








* +,$ !!$# 
6@=/6 =B=<56 209K=16P $ ) 


  
  (



 <63  =3 12@423=8

6@=/68 ;65=3<42/=8P $  +
  (    +  
  &  

40912 .! 6@=/68 @= C2146012:28 5=>14<68.


2@6 =/ C2146012:2 :9=8512/
P 8= 8=/=<<4632 93 :6@=/6 
CI/4@6 7 8= 2K98523 /28 @68 B93<463=8 D2<4=3@6 C21421 /68 ;21I:=5168
@=/ :6@=/6 5=>14<6.


K985= :2392/
284 56@68 /68 ;16012:28 @= =6=852@?854<2P <6:6 =/ #2146L43
6 =/  TC=1 =/ 2;2152@6 .SP ;=1:45=3 =/ 2K985= :2392/ @= /28
B93<463=8.
K985= 2956:I54<6
(36 @= /68 :E56@68 :I8 954/4N2@68 =8 =/ @= :?34:68 <92@12@68
;63@=12@68P 4:;/=:=352@6 =3 . 68 ;21I:=5168 @=/ :6@=/6
5=>14<6 863 =8<604@68 @= :23=12 H9= :434:4N23 932 =F;1=84>3
@=/ 54;6!



,
    



63@= /68 ;=868 , @=5=1:4323 ;212 H9E C2/61=8 @=  P =3 /68


<92/=8 8= <2/<9/2 =/ C2146012:2 =F;=14:=352/P 8= @=8=2 93 2K985=
:I8 M36 7 - =8 =/ 3W:=16 @= 82/568 954/4N2@68.
923@6 ,  =/ :E56@6 =8 @= :?34:68 <92@12@68 61@4321468.
923@6 /68 @2568 8409=3 932 @48514G9<4>3 361:2/ =/ :E56@6
:IF4:6QC=168?:4/ <643<4@= <63 =/ @= :?34:68 <92@12@68
0=3=12/4N2@68. 85= W/54:6 <6385197= /68 ;=868 , 2 ;21541 @=
/2 :2514N @= C21423N28Q<6C21423N28 @=
 . 61 56@6 =856P G2K6
361:2/4@2@P 7 @=3516 @= /68 :?34:68 <92@12@68 ;63@=12@68P 932
G9=32 =/=<<4>3 @= /68 ;=868 =8!



* +,$ !!$# 

, 
 
 

#  
  

/ ;16012:2  954/4N2 ;61 @=B=<56 /68 ;=868 , 


;=1:45= /2 6;<4>3 @= =8<60=1 65168.

&&




P ;=16

,+  ;! # 

5!(  ;!


4 8= <6384@=12   <63       ;93568 =3 /68 <92/=8 8= 54=3=
43B61:2<4>3 @= 932 @=5=1:432@2 ;16;4=@2@ 7     /2 ;1=@4<<4>3
@=   2 ;21541 @= /68 ;93568  P =F485=3 @48543568 :E56@68
;212 6G5=3=1 @4<D2 ;1=@4<<4>3P =351= /68 <92/=8 =85I =/ J140=2@6. /
;/235=2:4=356 GI84<6 @=/ J140=2@6 =8 <6384@=121 /2 ;1=@4<<4>3 @=  
<6:6 932 <6:G432<4>3 /43=2/ @= /28 6G8=1C2<463=8 @48;634G/=8!


   




*    *



7 =8<60=1 /68 ;=868P * G2K6 93 <145=146 =3 =/ <92/ 8= <6384@=12 H9= @4<D2


;1=@4<<4>3 =8 >;54:2. 85= =8 H9= =/ ;1=@4<561 8=2 438=802@6 7 H9= /2
C21423N2        8=2 :?34:2.
?! +*
3 =/ J140=2@6 84:;/= /2 D4;>5=848 GI84<2 =8 /2 =852<463214=@2@ @=
8=093@6 61@=3 K9356 <63 =/ D=<D6 @= H9= 8= 289:= H9= /2 :=@42 @= /2


B93<4>3 2/=256142 =8 <636<4@2.
2 C2142G/= @= 435=1E8  
 P           
@63@=
 =8 /2 <6:;63=35= @=5=1:434852P 36 2/=256142P 7 1=;1=8=352
/68 <2:G468 6 =C6/9<4>3 2 0123 =8<2/2P =   =8 /2 <6:;63=35=
2/=256142 T=11I54<2S 7 1=;1=8=352 =/ <6:;6152:4=356 /6<2/ 6 =C6/9<4>3
2 ;=H9=A2 =8<2/2.
= @=8=2 ;1=@=<41   2 ;21541 @= 932 :9=8512 @= 52:2A6
 @= /2 :48:2 C2142G/= ;=16 :=@4@2 =3 /6<2/4N2<463=8 @48543528
      
954/4N23@6 93 ;1=@4<561 /43=2/ ;93592/!


   




*    *



28 <63@4<463=8 H9= @=G= C=14M<21 =85= ;1=@4<561 863 @68!


. 63@4<4>3 @= 438=802@=N!


   
   * 
 
. 63@4<4>3 @= C21423N2 :?34:2!




*
 



= @=G= =3<635121 93 C=<561 @= ;=868 *  *  *  *  H9=


:434:4<= /2 C21423N2 @= /2 ;1=@4<<4>3P @63@= ' 43@4<2 5128;9=856.


              

 





*                 


      



* +,$ !!$# 
8 4:;615235= 8=A2/21 H9=!
. 61 /2 ;14:=12 <63@4<4>3 ;6@=:68 1==8<14G41 =/ ;1=@4<561

<6:6!


   




*   



. 2 8=093@2 <63@4<4>3 <643<4@= <63 :434:4N21 =/ =1161


<92@1I54<6 :=@46P :=@4@2 @= =1161 D2G4592/ =3 852@?854<2. / :=K61
;1=@4<561 /43=2/ 438=802@6 ;1=8=352 ;16;4=@2@=8 >;54:28 =3 =/ 8=354@6
@= :434:4N21 =/ =1161 <92@1I54<6 :=@46 @= /2 ;1=@4<<4>3 @=3516 @=/
<63K9356 @= /68 ;1=@4<561=8 438=802@68 P 6G43863 .
212 <2/<9/21 =/ C=<561 @= ;=868 * 8= <2/<9/23 /28 @=14C2@28 ;21<42/=8
@= /2 C21423N2 @= ;1=@4<<4>3 @23@6 /9021 2 93 8485=:2 :2514<42/!



  


   








*



     


   
* 








.. 




. 


        
*


  


    




*  
 
.
..




  

4=:;1= H9=
8=2 =8514<52:=35= @=M34@2 ;68454C2P =F485= 932
W34<2 86/9<4>3 @2@2 ;61

*



@=:I8 @= 6G5=3=1 /2 ;1=@4<<4>3 =3 /2 /6<2/4N2<4>3  P ;6@=:68


<2/<9/21 /2 C21423N2 @= /2 ;1=@4<<4>3.


                 

 


*       
 





* *    






*     




9=856 H9= 
    7 H9=P 52/ <6:6 ;9=@= <6:;16G218= =3 =/
8485=:2 :2514<42/P



*       



8= 6G54=3= H9=

 

 




*   




   * 
2K6 361:2/4@2@P 8= ;9=@=3 6G5=3=1 =3563<=8 435=1C2/68 @=
;1=@4<<4>3!



* +,$ !!$# 

                  
?! # 
=3=12/:=35= =/ C2/61 @= /2 :=@42
 =8 @=8<636<4@6 7 ;61 /6
52356 36 8= ;9=@= 954/4N21 =/ J140=2@6 84:;/=. 4K23@6 <4=1528 D4;>5=848
;212 =852 B93<4>3P /68 8485=:28 @= J140=2@6 6B1=<=3 93 ;1=@4<561 >;54:6
=3 =/ 8=354@6 H9= :434:4N23 /2 C21423N2 @= ;1=@4<<4>3.
2@2 /2 C2142G/= 1=04632/4N2@2  
 P 8= 89;63= H9=!
.
  
 





 .  P @63@= .  863 B93<463=8 <636<4@28 7 

863 ;21I:=5168 1=2/=8 @=8<636<4@68. 9=/= 89;63=18= .  P <63 /6 H9=


8= 28=0912 H9= =/ <286 @= :=@42 <6385235= =85I 43</9?@6 =3 =/ :6@=/6.
.   =8 =852<4632142 @= 8=093@6 61@=3.
2@6 93 ;9356    8= @=8=2 <63851941 =/ :=K61 ;1=@4<561 /43=2/
438=802@6 T =85 43=21 (3G428=@ 1=@4<561P ( P 6/@G=10=1
S @= /2 C2142G/=  .


   




*    *



. 63@4<4>3 @= 438=802@=N
212 H9= =/ ;1=@4<561 8=2 438=802@6P 863 <63@4<463=8 3=<=821428

* 
7 .    
* .   % / 
   . 4 2:G28 8= C=14M<23P


=3563<=8!


    




 .       



. 63@4<4>3 @= C21423N2 :?34:2.


= 51252 @= 93 ;16G/=:2 @= :434:4N2<4>3 @= C21423N2 @=
;1=@4<<4>3 89K=56 2 /28  1=8514<<463=8 3=<=821428 ;212 28=09121 /2
438=802@=N @=/ ;1=@4<561. 2 B93<4>3 2 :434:4N21 8= ;/235=2 954/4N23@6
 :9/54;/4<2@61=8 @= 201230= 0 !

       




0





* .    .   





/ ;16G/=:2 8= 1=@9<= 2 =3<635121 93 C=<561 1   * 0 


 * *   *  0  0  0  H9= :434:4<= /2 =F;1=84>3 235=1461P /2 <92/
;9=@= 1==8<14G418= @= /2 84094=35= B61:2!

       




0







         





* .    .   



0





* .    .   














*          0
* .    .   
 








* +,$ !!$# 
2/<9/23@6 /28 @=14C2@28 ;21<42/=8 @= =852 W/54:2 =F;1=84>3 <63

1=8;=<56 2 * 7 2 0 8= 6G54=3= =/ 8485=:2 :2514<42/ @=/ <92/ 8= @=@9<=


=/ C=<561 1  . / 8485=:2 :2514<42/ C4=3= @2@6 ;61!



         .  

   


      .  









        


.  


 .  
.  

.  









.   

.   

.   
 

  

*


 1  2



0
.















 
.   
 
.    
 
 
  
 


.  
 
 

 
 

 
 


0

0
..
.

*

*
..
.

*


  

 
    
 
 
..
 
.
 
 
     
 
  .  

 
 
.
..
 
 
.   









 









* +,$ !!$# 
4=:;1= H9= 8=2 36 84309/21P =F485= 932 W34<2 86/9<4>3 @2@2 ;61
1   2
(54/4N23@6 /2 =F;1=84>3 6G5=34@2 ;212 1 ;9=@= 6G5=3=18= =/ C2/61

=F2<56 @= /2 C21423N2 @= /2 ;1=@4<<4>3.

 


 


         
*       





* *    






*      




9=856 H9= 
    7 H9=P 52/ <6:6 ;9=@= <6:;16G218= =3 =/
8485=:2 :2514<42/P



*       






0 .   



8= 6G54=3= H9=
    




*   



432/:=35=P ;9=856 H9=





* 0 .   








* .     .   P 8= ;9=@= <63</941 H9=

     1  2


4 =/ ;16<=86  36 =8 =852<4632146 @= 8=093@6 61@=3P ;=16 ;61
/6 :=368 C=14M<2 /2 D4;>5=848 4351?38=<2 ;9=@=3 ;/235=218= /68 8485=:28
@= =<92<463=8 @=/ J140=2@6 ;212 6G5=3=1 93 ;1=@4<561 /43=2/ ;93592/.
=23 /28 D4;>5=848 434<42/=8!
.   





 .  @63@= .  863 B93<463=8 <636<4@28

7  863 ;21I:=5168 1=2/=8 @=8<636<4@68


.   C=14M<2 /2 D4;>5=848 4351?38=<2.
2@6 93 ;9356 

  8= @=8=2 <63851941 =/ :=K61

;1=@4<561 /43=2/ 438=802@6 T =85 43=21 (3G428=@ 1=@4<561P ( P


6/@G=10=1 S @= /2 C2142G/=  .

    




*    



28 <63@4<463=8 @= 438=802@=N 7 @= C21423N2 :?34:2 4:;/4<23


H9=  
7 H9= 8= @=G= =3<635121 93 C=<561 1   * 0 
 *  *   *  0  0   0  H9= :434:4<=



* +,$ !!$# 

      






       

0









* .    .   



0





* .    .   






 




* *      *   
 





0







* .   .  



28 @=14C2@28 ;21<42/=8 @= =852 W/54:2 =F;1=84>3 @23 /9021 2 93


8485=:2 :2514<42/ @=/ <92/ 8= @=@9<= =/ C=<561 1  . 212 93 =859@46 :I8
@=52//2@6P =/ @=82116//6 @= =8528 @=14C2@28 ;21<42/=8 8= 1=<60= =3 P
D4/=8 7 =/M3=1 .
/ 8485=:2 :2514<42/ C4=3= @2@6 ;61!



  

   








      


 .  
.  





.   
.   

  
 
*



















 1  2


   .      .   

   .      .    





 






.      .   



.  








 


.   



0

0
..
.

*

*
..
.

*


  

 
    
 
 
..
 
.
 
 
     
 
  .  

 
 
.
..
 
 
.   









 











* +,$ !!$# 
4=:;1= H9= 8=2 36 84309/21P =F485= 932 W34<2 86/9<4>3 @2@2 ;61

1   2

(54/4N23@6 /2 =F;1=84>3 @= 1 ;9=@= 6G5=3=18= =/ C2/61 =F2<56 @= /2


C21423N2 @= /2 ;1=@4<<4>3.



                  1  2

?! !!
85= =8 93 <286 ;2154<9/21 @=/ J140=2@6 934C=182/P =3 =/ <92/ 
.
212 /28 C2142G/=8 =852<46321428 @= 8=093@6 61@=3P /28 D4;>5=848
434<42/=8 863!
.   
   P <63
<6385235= @=8<636<4@2.
.   =8 =852<4632142 @= 8=093@6 61@=3.
2K6 =8528 <63@4<463=8 =/ 8485=:2 :2514<42/ 2 1=86/C=1 =8!















 





 1  2










     

        


   








      







 
  

*





  

*
..
.

 
    
 
 
..

.
 


*     

0

*




 




4=:;1= H9= 8=2 =8514<52:=35= @=M34@2 ;68454C2P =F485= 932 W34<2



* +,$ !!$# 

86/9<4>3 @2@2 ;61


1   2
#21423N2 @= /2 ;1=@4<<4>3


                    1  2
212 C2142G/=8 4351?38=<28P /28 D4;>5=848 434<42/=8 863!
.   
   P <63
<6385235= @=8<636<4@2.
.   C=14M<2 /2 D4;>5=848 4351?38=<2.
3 =85= <286 =/ 8485=:2 :2514<42/ C4=3= @2@6 ;61






   





   




     

  






  







     







  


   


..

.

   










 











 





*







* 

0
*
..
.







*
0




 1  2

4=:;1= H9= 8=2 =8514<52:=35= @=M34@2 3=0254C2P =F485= 932 W34<2


86/9<4>3 @2@2 ;61
1   2
2 C21423N2 @= /2 ;1=@4<<4>3 8= =F;1=82 =3 /2 B61:2


                  1  2

&

-! +#  -!;!

/ <6J140=2@6 =8 93 :E56@6 72 </I84<6 =3 /2 0=6=852@?854<2. = 51252


@= 93 :E56@6 :9/54C214235= @= ;1=@4<<4>3 =8;2<42/ 1=8514304@6 2 932
N632 @= 435=1E8P =3 B93<4>3 @= /2 <611=/2<4>3 =8;2<42/ =351= /68 C2/61=8
6G8=1C2@68 2 @4B=1=35=8 @48523<428 7 @41=<<463=8 H9= ;=1:45= 435=1;6/21
93 C2/61 ;212 /68 ;93568 @63@=

36 8= @48;63= @= 43B61:2<4>3.

85= :E56@6 ;=1:45= =F;/4<21 932 C2142G/= =3 B93<4>3 @= 65128


C2142G/=8 29F4/421=8 <611=/2<4632@28 =8;2<42/:=35= <63 =//2 :=@4235=
93 C2146012:2 <19N2@6.
= <6384@=123 ;16<=868 =8;2<42/=8 :9/54C214235=8!



         !3    



* +,$ !!$# 
= B61:2 H9=!
8568

;16<=868

=8;2<42/=8

934C214235=8

8=

89;63=3

435=1<611=/2<4632@68.
2@2   8= 6G8=1C2 =3 93 <63K9356  "     
@=
 )
/6<2/4N2<463=8. 68 <63K93568  7  863P =3 0=3=12/P
@4B=1=35=8 ;212   .
  
          4 @63@=
  =8 /2
<6:;63=35= @=5=1:434852 7 1=;1=8=352 /68 <2:G468 6 =C6/9<4>3
2 0123 =8<2/2 =   =8 /2 <6:;63=35= 2/=256142 T=11I54<2S 7
1=;1=8=352 =/ <6:;6152:4=356 /6<2/ 6 =C6/9<4>3 2 ;=H9=A2 =8<2/2.
43 ;E1@4@2 @= 0=3=12/4@2@P 89=/= 89;63=18= H9= /2 C2142G/= @=
435=1E8 TC2142G/= 2 ;1=@=<41S =8  :4=35128 H9= /28 1=85235=8 8=
@=36:4323 C2142G/=8 8=<93@21428.
= ##
/ 4092/ H9= =3 =/ <286 934C214235=P 8>/6 8= @48;63= @= 932
1=2/4N2<4>3 @=/ ;16<=86 :9/54C214235= 7 ;61 =86 =8 3=<=82146 289:41
<4=1528 D4;>5=848 @= =852<463214=@2@ 86G1=  
16<=86 :9/54C214235= =852<4632146 @= 8=093@6 61@=3
F485=    
       4   
F485=                4   
7    .


28 B93<463=8   1=<4G=3 =/ 36:G1= @= <6C2146012:28 <19N2@68.
3 0=3=12/ /68 <6C2146012:28 <19N2@68P 2/ <63512146 H9= =3 =/
<286 934@4:=384632/P 36 863 84:E514<68!

   (                


= C=14M<2 H9=      
61 /2 @=84092/@2@ @= 29<D7Q<DL21N
          
 

;61 /6 H9= /68 <6C2146012:28 <19N2@68 =85I3 84=:;1= 2<652@68
89;=1461:=35=.
16<=86 :9/54C214235= 4351?38=<2:=35= =852<4632146
F485=        
       4   
F485=               
28 B93<463=8

 

1=<4G=3 =/ 36:G1= @= C2146012:28 <19N2@68.

68 C2146012:28 <19N2@68 863 84:E514<68!


 

 

  



* +,$ !!$# 
68 C2146012:28 <19N2@68 863 39/68 =3 =/ 6140=3!
 


3 =/ <286 @= C2142G/=8 =852<46321428 @= 8=093@6 61@=3P =F485=


932 1=/2<4>3 =351= C2146012:2 7 <6C2146012:2 <19N2@68!
 

  
       

/ C2146012:2 <19N2@6 =8 =854:2G/= 8>/6 84   


8 4:;615235= 8=A2/21 H9= E852 36 =8 /2 W34<2 @=M34<4>3 @=
C2146012:2 <19N2@6 H9= ;9=@= =3<6351218= =3 /2 G4G/46012B?2P
72 H9= =F485=3 @4C=1828 B61:28 @= 0=3=12/4N21 /68 C2146012:28
934@41=<<4632/=8 2/ <286 :9/54@4:=384632/. 8?P ;61 =K=:;/6P 932
8=093@2 @=M34<4>3 :97 =F5=3@4@2 =8!

      


   

    4

     

=852

8=093@2

=F;1=84>3

8=

/=

89=/=

@=36:4321

;8=9@6C2146012:2 <19N2@6
61 /6 0=3=12/P /68 ;8=9@6C2146012:28 <19N2@68 36 863 84:E514<68!
 

  



  

68 ;8=9@6C2146012:28 <19N2@68 ;9=@=3 8=1 36 39/68 =3 =/


6140=3!

 



3 =/ <286 @= C2142G/=8 =852<46321428 @= 8=093@6 61@=3P 36 =F485=
932 1=/2<4>3 =351= ;8=9@6C2146012:2 7 <6C2146012:2 <19N2@68.
/ ;8=9@6C2146012:2 <19N2@6 84=:;1= =8 =854:2G/=P 2W3 <923@6
  
3 56@6 <286P 84 /68 <6C2146012:28P 6 /68 C2146012:28P 6 /68
;8=9@6C2146012:28 <19N2@68 863 8>/6 B93<4>3 @= /2 @48523<42 
7 36 @= /2 @41=<<4>3 @=/ C=<561P 8= @=36:4323 48651>;4<68. 3 <286
<63512146 8= D2G/2 @= 23486516;?2.
-!;! # 
=;1=8=3523@6 ;61        4     
/2 :9=8512 2
;21541 @= /2 <92/ 8= ;1=5=3@= ;1=@=<41      . / 4092/ H9= =3 =/
<286 934C214235=P @=;=3@4=3@6 @= /28 89;684<463=8 86G1= /28 B93<463=8
86G1= /28 B93<463=8 @= 5=3@=3<42
  
  8= @4854309=3 51=8
54;68 @= ;1=@4<<4>3 /43=2/ >;54:2 :9/54C214235=!
. 6J140=2@6 84:;/=. 4 /28 B93<463=8 @= 5=3@=3<42 863 <636<4@28.
. 6J140=2@6 934C=182/. 4 /28 B93<463=8 @= 5=3@=3<42 863
@=8<636<4@28. =34E3@68= <6:6 <286 ;2154<9/21 =/ <6J140=2@6 61@432146
<923@6 =8528 B93<463=8 @= 5=3@=3<42 @=8<636<4@28 863 <6385235=8
C4@=35=:=35=P =/ <286 @= <6J140=2@6 934C=182/ =8 =/ :I8 0=3=12/
7P ;61 =//6 =/ :I8 954/4N2@6. 3 =85= <286 8= 289:= H9= <2@2
5=3@=3<42
  ;9=@= =F;1=8218= <6:6 <6:G432<4>3 /43=2/ @=
B93<463=8 1=01=86128 <636<4@28!



* +,$ !!$# 

  





 .       4

/ ;1=@4<561 <6J140=2@6 8= @=M3= <6:6 =/ :=K61 ;1=@4<561 /43=2/


438=802@6 <2/<9/2@6 <63 56@28 /28 C2142G/=8 6G8=1C2@28!
  

 



*   

 

63@4<4>3 @= 438=802@=N
212 H9= =/ ;1=@4<561 8=2 438=802@6 863 <63@4<463=8 3=<=821428!







* .    .   / 


       
* .   
 / 
             4

4 2:G28 8= C=14M<23P =3563<=8!

  




 .       



-!$  @ +(+


/ 4092/ H9= =3 =/ <286 934@4:=384632/P 8= 51252 @= 93 ;16G/=:2
@= :434:4N2<4>3 @= C21423N2 @= ;1=@4<<4>3 89K=56 2 /28 1=8514<<463=8
3=<=821428 ;212 28=09121 /2 438=802@=N @=/ ;1=@4<561. 2 B93<4>3 2
:434:4N21 8= ;/235=2 954/4N23@6       4 :9/54;/4<2@61=8 @=
201230=P 1=89/523@6 /2 =F;1=84>3!



       



 

0








 







* .   .  





"

0
* .  "
#


=@4235= @=14C2@28 ;21<42/=8 @= /2 =F;1=84>3 235=1461 8= 6G54=3= /2


=F;1=84>3 :2514<42/ @= /2 <92/ 8= @=@9<= =/ C=<561 @= ;=868 >;54:6 7 /2
C21423N2 @= ;1=@4<<4>3.

212 =/ <286 @= 4   C2142G/=8 =852<46321428 @= 8=093@6 61@=3 7 <63


5=3@=3<428
 7
 @=8<636<4@28 ;=16 <6385235=8 TJ140=2@6 61@432146S
8= ;/235=2 =/ 84094=35= 8485=:2 :2514<42/!

   



.


.

.

 



  

    
"

.

.


.

 


  





   



.


.

.

 

   

    


.

.


.

 
   































   





   



   




   

.
.
.

.
.
.

   

   

   

.
.
.

   

   

.
.
.

   







   





   



   

.
.
.

   

   

.
.
.

   

.
.
.

.
.
.

.
.
.

.
.
.


 
.
 
 
.
 
.
 
 

 

 
 


 
.
 
.
 
 
.
 
 


 
 
 


 





















* +,$ !!$# 



-!! *=
923@6 8= 512G2K2 <63 93 ;16<=86 =8;2<42/ :9/54C214235= @=G=3
<2/<9/218= 7 2K985218= 4 C2146012:28  6 <6C2146012:28  7 44
 C2146012:28

 

6 <6C2146012:28   <19N2@68. 68 :6@=/68

5=>14<68 =8<604@68 ;212 :6@=/4N21 /68 C2146012:28 =F;=14:=352/=8


@=G=3 C=14M<21 H9= /2 C21423N2 @= <92/H94=1 <6:G432<4>3 /43=2/ @=
=8528 C2142G/=8 8=2 84=:;1= 36 3=0254C2. 4<D6 @= 6512 B61:2P @=G=
0212354N218= H9= /2 C21423N2 @= ;1=@4<<4>3 8=2 84=:;1= 36 3=0254C2.
212 86/9<46321 =85= ;16G/=:2 @= =/=<<4>3 @= :6@=/68 89=/= 1=<911418=
2/ :6@=/6 /43=2/ @= <611=04632/4N2<4>3P H9= =85I 4:;/=:=352@6 =3
/=3092K= P 7 H9= 8= ;9=@= @=8<14G41 @= /2 84094=35= B61:2!
= 89;63= H9= =F485=3 5 C2142G/=8 43<611=/2@28 @68 2 @68!
      P @= B61:2 H9= /28 C2142G/=8 =8;2<42/=8 ;9=@=3
=F;1=8218= <6:6 <6:G432<4>3 /43=2/ @= =//28!
  
  

$        4



= /2 =F;1=84>3 235=1461P 8= @=@9<= H9= 93 C2146012:2 T<19N2@6 84


   6 36 <19N2@6 84   S ;9=@= =F;1=8218= 8=0W3!
 

 $ $    $ $        $ $


 6 

 

 6 

 

     6 



 



* +,$ !!$# 

<63 6   $ $


68

C2146012:28



863

:6@=/68

234@2@68

@=

/68

C2146012:28 H9= :6@=/4N23 /2 @=;=3@=3<42 =8;2<42/ @= /28 C2142G/=8


      . @=:I8 /68 <6=M<4=35=8 6  <611=8;63@=3 2 /68
C2/61=8 @= ;=;452 7 :=8=52 @= /28 B93<463=8

 .

212 28=09121 H9= /2 C21423N2 @= <92/H94=1 <6:G432<4>3 /43=2/ @= /28


C2142G/=8   8=2 84=:;1= 36 3=0254C2 @=G= C=14M<218= H9= /2 :2514N
@= <6=M<4=35=8!

6     6 

 .
...
 ..
... 




6     6 


8=2 8=:4@=M34@2 ;68454C2 ;212 56@68 /68 ?3@4<=8      4


6:6 8= 51252 @= 932 :2514N 84:E514<2P /2 <63@4<4>3 235=1461
=8 =H94C2/=35= 2 <6:;16G21 H9= 56@68 /68 @=5=1:43235=8 @= /28
89G:2514<=8 <92@12@28 8=23 36 3=0254C28P =8 @=<41!



 
6   
  6  6 
 6  6 




 
   



 6    6
 

 .
..
.
..
  ..
.


 6     6 











2 B93<4>3 C2146012: @= /2 /4G1=1?2 08525 @=/ ;16012:2 


P  =C=/6;:=35 =2:  <2/<9/2 <6C2146012:28 <19N2@68 7
C2146012:28 <19N2@68. 4 8= 6;52 ;61 =/ <I/<9/6 @= C2146012:28P


 954/4N2 /2 =F;1=84>3 @= C2146012:2 =3 =/ <286 @= H9= /28 @68
C2142G/=8 5=3023 =/ :48:6 3W:=16 @= 6G8=1C2<463=8 7 =3 /28 :48:28
<661@=32@28. 3 <286 <63512146 <2/<9/2 =/ ;8=9@6C2146012:2. 852
6;<4>3 8= 56:2 @= B61:2 2956:I54<2P 843 <6389/521 2/ 9892146.
2 43</984>3 @= C2142G/=8 8=<93@21428 84=:;1= @2 /9021 2
;1=@4<<463=8 ;212 /2 C2142G/= ;143<4;2/ <63 932 C21423N2 @= ;1=@4<<4>3
:=361. 43 =:G2106P =/ G=3=M<46 6G5=34@6 ;9=@= 36 8=1 84034M<254C6
=3 :9<D68 <2868. 3 /2 ;1I<54<2 8= D2 <6:;16G2@6 H9= /68 8485=:28 @=
<6J140=2@6 :=K6123 @= B61:2 84034M<254C2 /68 1=89/52@68 @= /68 8485=:28
@= J140=2@6 <923@6 D27 93 89G:9=851=6 @= /2 C2142G/= ;143<4;2/ =3
<6:;212<4>3 <63 /28 8=<93@21428P  77     P 7 2@=:I8 /28
C2142G/=8 8=<93@21428 =85I3 B9=15=:=35= <611=/2@28 <63 /2 ;143<4;2/.
3 =/ <286 @= H9= /28 C2142G/=8 8=23 43<611=/2@28 @68 2 @68P /68
8485=:28 @= <6J140=2@6 <643<4@=3 <63 /68 8485=:28 @= J140=2@6.
=G4@6 2 /28 1=8514<<463=8 4:;9=8528 86G1= /28 C2142G/=8 8=<93@21428!



* .   


 / 
         4



;9=@= @=:6851218= H9= /68 ;=868 @= /28 C2142G/=8 8=<93@21428 863


39/68P * 
;212 93  MK6P 84 =/ 3W:=16 @= 6G8=1C2<463=8 ;212 =82
C2142G/= 4QE84:2 36 =8 89;=1461 2/ 3W:=16 @= B93<463=8 1=01=86128P =8
@=<41! 84    .
35=8 @= <2/<9/21 /2 ;1=@4<<4>3 <6J140=2@6 =8 2<638=K2G/= 54;4M<21
/28 C2142G/=8P ;212 =C4521 =/ =B=<56 H9= ;16@9<= 512G2K21 <63 =8<2/28



* -!$ $.

@4B=1=35=8.



?! 4#!

2 ;16;42 325912/=N2 @=/ 8=1 D9:236P 8=0W3 P 097=3 7 '2/5=1


P <63@4<4632 =/ D=<D6 @= H9= E85= ;68== :=352/:=35= 9328
<25=061?28 H9=P 843 8=1 :=@4<463=8 =F2<528P =F;1=823 93 K94<46 @=
C2/61 86G1= @4C=1868 5=:28. 856 D2<= H9= /2 />04<2 </I84<2 1=89/5= @=
2;/4<2<4>3 432@=<92@2 ;61 954/4N21 <63<=;568 7 <25=061?28 :97 1?04@28.
8568 29561=8 2;93523 /2 3=<=84@2@ @= 954/4N21 93 <9=1;6 5=>14<6
<636<4@6 <6:6 /2 />04<2 @4B982 H9= ;=1:4541I 2G61@21 /2 C209=@2@P
4:;1=<484>3 6 43<=154@9:G1= H9= 8= ;1=8=352 2/ :6:=356 @= 1=2/4N21
=854:2<463=8 6 K94<468 @= C2/61.
3 P =3 89 ;14:=1 215?<9/6 86G1= /2 5=61?2 @4B982P P 2@=D
 43516@9<= =/ <63<=;56 @= <63K93568 @4B9868 ;212 1=;1=8=3521
7 :234;9/21 43B61:2<4>3 H9= 36 =8 ;1=<482. 2 <6:;/=K4@2@ @=/
:93@6 1=2/ D2<= :97 @4B?<4/ /2 954/4N2<4>3 @= /68 ;16<=@4:4=3568 7
5E<34<28 @= 23I/4848P :6@=/2@6 7 <63516/ <923545254C68 ;212 <212<5=14N21
8485=:28 1=2/=8 =3 /68 H9= /2 512384<4>3 =351= G/23<6 7 3=016 6 =351=
C=1@2@=16 7 B2/86 36 8= 2K9852 2 /?:45=8 </212:=35= @=M34@68P 8436
H9= =F485= 932 N632 @= 512384<4>3 @4B982. P 2@=D  1=89:4>
=85= ;16G/=:2 :=@4235= =/ <636<4@6 ;143<4;46 @= 43<6:;254G4/4@2@ H9=
=852G/=<= H9= [:4=35128 /2 <6:;/=K4@2@ @= 93 8485=:2 29:=352P /2
D2G4/4@2@ ;212 //=021 2 8=35=3<428 ;1=<4828 7 84034M<254C28 2<=1<2 @= 89


<6:;6152:4=356 @48:4397=P D2852 //=021 2 93 /?:45= :I8 2//I @=/ <92/ /2
;1=<484>3 7 /2 1=/=C23<42 8= <63C4=15=3 =3 <212<5=1?854<28 :9592:=35=
=F</97=35=8Y.



-!#! 4#!

212 43516@9<41 =/ <63<=;56 @= <63K93568 @4B9868 8= @=G= 2</2121


;1=C42:=35= H9= /68 <63K93568 @=M34@68 @= :23=12 </I84<2 7 H9=
954/4N23 56@2 /2 />04<2 </I84<2 @= <63K93568 8= /=8 @=36:432 <63K93568
<148; <63 =/ W34<6 ;16;>8456 @= @4B=1=3<421/68 @= /68 <63K93568 @4B9868.
(3 <63K9356 <148; 8= @=M3= @= 52/ :23=12 H9= @4C4@= 2/ 934C=186 @=
;684G4/4@2@=8P //2:2@6 934C=186 @=/ @48<9186 =3 /2 />04<2 @4B982P =3 @68
019;68! /68 H9= ;=15=3=<=3 2/ <63K9356 7 /68 H9= 36 ;=15=3=<=3 2/
<63K9356.
=2 * 93 89G<63K9356 @= . (3 <63K9356 @4B986 86G1= * H9=@2
@=M34@6 ;61 :=@46 @= 932 B93<4>3 @= ;=15=3=3<42.
0!  1 

4   1P /2 B93<4>3 0!  8= 435=1;1=52 <6:6 =/ 012@6 @=
;=15=3=3<42 @=/ =/=:=356  2 93 <63K9356 @4B986 . / <63K9356 1
=8 //2:2@6 @6:4346 @= 7 8= @=3652 
   1.
212 84:;/4M<21 /2 3652<4>3P 8= ;9=@= =8<14G41  =3 /9021 @=
0! . @=:I8P 84 =/ <63K9356 1     
=8 M3456P 8= ;9=@=
<212<5=14N21 2/ <63K9356 @4B986 @= /2 84094=35= :23=12!



* -!$ $.
$


63@= =/ 5E1:436

"


0
0
  



=F;1=82 H9=    0 . 852 3652<4>3 ;9=@=

=:;/=218= 52:G4E3 <923@6 =/ <63K9356 1 8=2 43M3456 ;=16 ;68=2


93 3W:=16 M3456 @= =/=:=3568 <63 ;=15=3=3<42 36 39/2. 68 <63K93568
@4B9868 ;=1:45=3 @=8<14G41 <63<=;568 =3 /68 H9= =/ /?:45= =351= 5=3=1
932 ;16;4=@2@ 7 36 5=3=1/2 36 =8 <6:;/=52:=35= 3?54@6.
(3 3W:=16 @4B986 =8 932 =F5=384>3 @= 93 3W:=16 1=09/21 =3
=/ 8=354@6 H9= 36 8= 1=M=1= 2 93 W34<6 C2/61 8436 2 93 <63K9356
@= ;684G/=8 C2/61=8P H9= C21?23 <63 93 ;=86 =351=  7 P //2:2@6
B93<4>3 @= ;=15=3=3<42. (3 3W:=16 @4B986 =8 28? 93 <286 =8;=<42/
@= <63K9356 @4B986 <63C=F6. 8? <6:6 /2 />04<2 @4B982 =8 932
=F5=384>3 @= /2 />04<2 G66/=232P 52:G4E3 <636<4@2 <6:6 />04<2 </I84<2
7 H9= 954/4N2 C2/61=8  7  =F</984C2:=35=P /68 3W:=168 @4B9868
863 932 =F5=384>3 @= /68 3W:=168 1=2/=8. 68 <I/<9/68 <63 3W:=168
@4B9868 ;=1:45=3 /2 43<61;612<4>3 @= 43<=154@9:G1= =3 ;21I:=5168P
;16;4=@2@=8P 0=6:=51?2P <63@4<463=8 434<42/=8P =5<. 93H9= =3 ;143<4;46
<92/H94=1 B93<4>3 @= ;=15=3=3<42 =8 CI/4@2P =F485=3 B2:4/428 @= 3W:=168
@4B9868 <63 @4<D28 B93<463=8 ;212:=514N2@28 TM0912 .SP 84=3@6
2/09368 =K=:;/68 @= =//28!
93<463=8 5142309/21=8P <63 ;21I:=5168   (
P @63@=
'

&
$
14230#$ 
   



# $#
93<463=8 512;=N64@2/=8P <63 ;21I:=5168   ( 
P @63@=


'

&



12;#$    




#
$
93<463=8 029842328P <63 ;21I:=5168  (
P @63@=
 
2988 
 % 
$

93<463=8 <2:;232P <63 ;21I:=5168   (


P @63@=
=//#$ 




 


40912 .! 93<463=8 @= ;=15=3=3<42 ;212:=514N2@28.

(3 <63K9356 @4B986 86G1= 1 =8 361:2/ 84 =F485= 2/ :=368 93



* -!$ $.

=/=:=356   1 52/ H9=   P =8 @=<41P =/ :2761 C2/61 H9= ;9=@=


2/<23N21 /2 B93<4>3 @= ;=15=3=3<42 =8 P ;=16 8>/6 /6 ;9=@= 6G5=3=1 93
=/=:=356 @=/ <63K9356. = 6512 B61:2 =8 89G361:2/.
2 2/5912 @= 93 <63K9356 @4B986 86G1= 1 8= @=M3= <6:6!
2/5912    % 1
=2 93 <63K9356 @4B986 86G1= 1. / 86;615= @= P @=3652@6
4   =8 =/ 89G<63K9356 <148; @= 1 <9768 =/=:=3568 54=3=3
;=15=3=3<42 36 39/2 =3 
4      1   \

=2 93 <63K9356 @4B986 86G1= 1. / 3W</=6 @= P @=3652@6


# "  P =8 =/ 89G<63K9356 (&4 @= 1 <9768 =/=:=3568 54=3=3
;=15=3=3<42 93452142.
# "      1  1 

=23 7 2 <63K93568 @4B9868 86G1= 1. = @4<= H9= =8 93


89G<63K9356 @= 2P
 2  1  2 1   1
=23 7 2 89G<63K93568 @4B9868 86G1= 1. = @4<= H9= 7 2 863
4092/=8.



 2   2  2 

/ <63K9356 @4B986 39/6 86G1= 1P 8= @=3652 % 6 84:;/=:=35= .


9 B93<4>3 @= ;=15=3=3<42 =8 % 1 
P   1. 61 6516 /2@6P =/
<63K9356 @4B986 934C=182/ 86G1= * 8= @=3652 % > G4=3 1P 7 H9=@2
<212<5=14N2@6 ;61 /2 B93<4>3 @= ;=15=3=3<42 %   P   1.



= ## ! ! 4#!

 P 42:63@  =852G/=<= H9= 932 B93<4>3 @4B982 5142309/21


2/=256142  
         @63@=
 =8 /2
B93<4>3 @= 5=3@=3<42 7  =8 /2 @=8C42<4>3 2/=256142 @= =82 5=3@=3<42P
<63 :6@2  &  7 86;615=       P =8 =852<4632142 @= 8=093@6
61@=3 84 8= <9:;/=!
F485=   
 
&   P  7 =8 43@=;=3@4=35= @= P
@63@=
 
&  
 
&    84=3@6
& 
  
3W:=168 1=2/=8 ;68454C68
F485=3 B93<463=8 @= <6C2146012:2 :6@2/P 43B=1461 7 89;=1461
 &       P 43@=;=3@4=35=8 @= P 52/=8 H9=!



* -!$ $.

  &    &  


&    & 


        
     


        
     

&

?! 4#! !!

/ J140=2@6P H9= ;=15=3=<= 2/ 019;6 @= ;1=@4<561=8 =8;2<42/=8P =8


512@4<4632/:=35= 2;/4<2@6 2 @2568 36 @4B9868. 9561=8 @=852<2@68 H9=
D23 ;16B93@4N2@6 86G1= =8528 5E<34<28 863 P 1=884= 
P P
,693=/ 7 )94KG1=058   7 P D4/E8 7 =/M3=1 . / ;16G/=:2
@= :434:4N2<4>3 <63 1=8514<<463=8 D2 84@6 2:;/42:=35= =859@42@6P ;61
=K=:;/6 =3 /68 512G2K68 1=2/4N2@68 ;61 
P '48:=1 7 D255=107  
2 5E<34<2 @= J140=2@6 @4B986 =8 932 0=3=12/4N2<4>3 @= /68 :E56@68 @=
J140=2@6 H9= 954/4N23 <6:6 G28= @= 512G2K6 43B61:2<4>3 @4B982 7 36
@4B982. P 21@6887 =5 2/  @4854309= =351= 51=8 54;68 @= J140=2@6
@4B986P =3 1=/2<4>3 2 /2 54;6/60?2 @= @2568 @= =3512@2 7 /68 C2146012:28
=:;/=2@68!
J140=2@6 @4B986 54;6 P <63 @2568 @4B9868 7 36 @4B9868 7
C2146012:2 36 @4B986P
J140=2@6 @4B986 54;6 P <63 @2568 36 @4B9868 7 C2146012:2 @4B986P
J140=2@6 @4B986 54;6
P <63 @2568 @4B9868 7 36 @4B9868 7
C2146012:2 @4B986.



 P 42:63@  @=82116//> 932 :=56@6/60?2 ;212 ;1=@=<41


3W:=168 @4B9868 =8;2<42/:=35= @48514G94@68 7 <2/<9/21 /2 C21423N2
@= @4<D2 ;1=@4<<4>3. 85= =8 =/ :E56@6 954/4N2@6 =3 =85= 512G2K6 @=
43C=85402<4>3 ;212 ;1=@=<41 /68 ;61<=352K=8 @= <2/4@2@ @= /68 G/6H9=8
@= 0123456 @48514G94@68 =8;2<42/:=35=.
2 @=;=3@=3<42 =8;2<42/ @= /68 3W:=168 @4B9868 <63 B93<4>3
5142309/21 8= :6@=/2 <63 B93<463=8 @= C2146012:28 36 @4B9868. 68
C2146012:28 43B=1461P :6@2/ 7 89;=1461 8= @=5=1:4323 954/4N23@6
/68 C2/61=8 4NH94=1@68P :6@2/=8 7 @=1=<D68 @= /68 514I309/68P
1=8;=<54C2:=35=. / 8485=:2 @= J140=2@6 :I8 2;16;42@6P <6:G4323@6
/28 51=8 B93<463=8P @=G= 1=86/C=18= ;212 <2@2 39=C2 ;684<4>3 . 2
1=86/9<4>3 @=/ 8485=:2P G2K6 /28 <63@4<463=8 @= =852<463214=@2@P =8 93
C=<561 @= ;=868 *  *   *  H9= :434:4N23 /2 C21423N2 @=
93 ;1=@4<561 @=/ J140=2@6.
= <6384@=12 /2 84094=35= =F;1=84>3!
   




*  




63@=  =8 =/ C2/61 @4B986 ;1=@4<D6 ;212 /2 ;684<4>3 FP * TFS 863 /68
;=868P 36 @4B9868P H9= D23 @= 8=1 =854:2@68 ;212 6G5=3=1 /2 ;1=@4<<4>3
/43=2/ @= J140=2@6 7   863 /68 C2/61=8 @4B9868 @= =3512@2 ;212 /28
<661@=32@28  .
=0W3 =852G/=<=  P 42:63@ P ;212 H9= =/ ;1=@4<561 /43=2/
8=2 438=802@6 7 @= C21423N2 :?34:2P @=G=3 C=14M<218= /28 84094=35=8
<63@4<463=8!



* -!$ $.
     
P =856 @=5=1:432 H9=



* 

T.S



#21423N2 :?34:2P @=5632@2 ;61


     

  &   &              
T.S

     








* *  &               


*  &               


&

               
63@=   P    1=;1=8=3523 /28 435=012/=8 @= /28
B93<463=8 <6C21423N2  & P  P  P B93<463=8 <2/<9/2@28 2 ;21541 @= /68


C2146012:28. 6:6 8= ;9=@= @=@9<41 @= =852 =<92<4>3P /28 C21423N28
@= J140=2@6 863 C2/61=8 36 @4B9868 86G1= =/ C6/9:=3 
212 :235=3=1 =/ ;1=@4<561    =3 =/ <636 0=3=12@6 ;61 /28
C2142G/=8 2/=2561428 @4B9828        
P 8= 289:= /2
<63@4<4>3
* 
      

T.
S

212 =854:21 =/ C=<561 @= ;=868 H9= 0212354<= C21423N2 :?34:2 8=


6G54=3=3 /28 @=14C2@28 ;21<42/=8 @= /2 =F;1=84>3 .. @=:I8P <63 =/ M3
@= 28=09121 /2 <63@4<4>3 .P 8= 43516@9<= 93 :9/54;/4<2@61 @= 201230=
0 ;=15=3=<4=35= 2 /2 <63@4<4>3    
 7  :9/54;/4<2@61=8 @=
201230=      P <611=8;63@4=35=8 2 /28 @=84092/@2@=8 * 
  
   . 43@4<2@28 =3 .

=2    93 ;1=@4<561 @=   






(
'

 <63    

*  . = 89;63= H9= 8= 82548B2<=3 /28 <63@4<463=8 .P . 7 .


P

7 8= 89;63= /2 :2514N   ( P @=M34@2 ;61!


(   &                     

84=3@6  932 :2514N =8514<52:=35= @=M34@2 ;68454C2. 3563<=8 =F485=


93 W34<6 ;1=@4<561 @4B986


  




*
  



=/ <92/ :434:4N2      . 68 ;=868 *


 82548B2<=3 =/ 8485=:2



* -!$ $.




 *  0   &               






* 






 * 



  * 
     
/ =1161 8= =F;1=82 =3 /2 B61:2!
    &                 0


&


*
              




?! 4#! # 

= 289:= H9= /2 B93<4>3 @= 5=3@=3<42


 8= ;9=@= =F;1=821 <6:6
932 <6:G432<4>3 /43=2/ @= B93<463=8 <636<4@28 6  7 <6=M<4=35=8 @4B9868
@=8<636<4@68 $ . ;/4<23@6 /2 5=61?2 @= J140=2@6 @=82116//2@2 ;61 P
2@=D P 8= 54=3=!

 





$ 6   





$
 6  





$&
 6  






$
 6  



212 H9= =852 =F;1=84>3 8=2 <6D=1=35= <63 /2 @=M34<4>3 @= 3W:=16


@4B986 5142309/21 8= @=G= <9:;/41 H9=!
6   
     -   
= /6 <63512146P ;212 C2/61=8 3=0254C68 @= 6   7 ;212 2/0W3 $ 8=
;6@1?2 D2<=1 ;684G/= /2 1=/2<4>3 84094=35=!



$
 6  






$
 6  



852 <63@4<4>3 36 =8 :97 1=8514<54C2 84 8= 54=3= =3 <9=352 H9= =8528


B93<463=8 54=3@=3 2 8=1 MK2@28 2/ ;/235=21 =/ :E56@6 7 /68 ;93568 @=
6G8=1C2<4>3  84=:;1= ;9=@=3 =F;1=8218= <6:6 C2/61=8 ;68454C68.
= 89;63= H9= /2 B93<4>3 @4B982  =8 =852<4632142 @= 8=093@6
61@=3. 2@68 932 8=14= @=  C2/61=8     
;212 /68
;93568    
  8= G98<2 /2 ;1=@4<<4>3 @=/ C2/61     
;212 /2 C2142G/=  . / ;1=@4<561 /43=2/ @= J140=2@6 8=1I @= /2 B61:2


   




*  



63@= /68 ;=868 *       8= =854:23 @= 52/ B61:2 H9= /2


;1=@4<<4>3 8=2 438=802@2 7 :434:4<=3 89 C21423N2



* -!$ $.

      
G2K6 <4=1528 <63@4<463=8.
2 <63@4<4>3 @= 438=802@=N 8= @=M3= =3 /2 B61:2!



*
  
 










*
  
* $ 6    



 


* $ 
 6   

 







 




* $ &
 6   

 

$
 6   







$&
 6   


 



* $ 
 6   

 





$
 6   


 



856 H9=@2 0212354N2@6 84 8= =F40= 2/ <63K9356 @= ;=868 H9=


C=14MH9= /28 -  1=8514<<463=8 84094=35=8!




* 6     6     
   -

T.S



(54/4N23@6 /2 <63@4<4>3 . 8= C=14M<2 H9=!

     




*     






*    



- =3563<=8 /2 C21423N2 @= ;1=@4<<4>3 ;9=@= 8=1 =F;1=82@2 <6:6!



        





*     




 



*     


89:4=3@6 H9= /2 C2142G/= 2/=256142 @4B982  =8 =852<4632142 @=


8=093@6 61@=3 7 /68 ;=868 C=14M<23 /2 <63@4<4>3!
* 
     

T.S

4094=3@6 =/ :48:6 ;16<=@4:4=356 @=82116//2@6 ;61  P 42:63@


P 8= C=14M<2 H9=!
       



* -!$ $.






* *        &         








*        &          



&

 
   
   
 





* *  




*   



63@=


            
 &     &    &  


           

)    )     & )      )  

T.S


2 8=/=<<4>3 @= /68 ;=868 *   *
H9= :434:4N23 /2 C21423N2
@= /2 ;1=@4<<4>3 .P 89K=52 2 /28 1=8514<<463=8 . 7 .P ;9=@= 8=1
;/235=2@6 <6:6 93 ;16G/=:2 @= :434:4N2<4>3 <63 1=8514<<463=8!
)

*




* *  






*   







0






*
* 6    6   



T. S

* 
     

63@= 0  0   0 863 :9/54;/4<2@61=8 @= 201230=.


/ ;16G/=:2 @= :434:4N2<4>3 <63 1=8514<<463=8 B9= 1=89=/56
2;/4<23@6 /68 1=89/52@68 @=/ 5=61=:2 @= 9D3Q9<J=1 

P 9D3
7 9<J=1 . ;67I3@68= =3 =85= 5=61=:2 7 <6:G4323@6 932
:=56@6/60?2 6;54:4N2@2 <63 /2 5=61?2 </I84<2 @= J140=2@6P 8= 6G59C6
932 :2514N B61:2@2 ;61 /68 =/=:=3568  =8514<52:=35= @=M34@2
;68454C2. 2 86/9<4>3 @= ;16G/=:2 @= :434:4N2<4>3 . @2 <6:6
1=89/52@6 /2 8=/=<<4>3 @= ;=868 H9= C=14M<23 =/ 84094=35= 8485=:2 @=
=<92<463=8!




*  





0 6           



* -!$  





* 6     6     
  -

T.S






 * 



  * 
     
63@=     863 :9/54;/4<2@61=8 @= 201230=.
2 C21423N2 @= ;1=@4<<4>3 ;212 =/ J140=2@6 @4B986 934C=182/ 8=
=F;1=82 =3 /2 B61:2!
 +    







0 6   




* 

T.S



?! !+*!!

3 =85= 512G2K6 @= 43C=85402<4>3 8= =:;/=> =/ J140=2@6


<6:;684<4632/P 932 0=3=12/4N2<4>3 @=/ J140=2@6 @4879354C6 H9=
<6384@=12 C2142G/=8 36 3=<=82142:=35= G4321428. 2 C=352K2 @= =852
5E<34<2 =852@?854<2 B1=35= 2 /28 5E<34<28 </I84<28 @= <6J140=2@6 =8 H9=
56@28 /28 <2/4@2@=8 863 <6384@=12@28 C2142G/=8 @= /2 :48:2 4:;61523<42



7 H9= 8= 28=0912 H9= /2 89:2 @= /28 ;16;61<463=8 @= /28 <2/4@2@=8 =3


93 G/6H9= =8 /2 934@2@.



<#+!  ;! !+*!!

= =354=3@= ;61 @2568 <6:;684<4632/=8 93 <63K9356 @= C=<561=8 36


3=0254C68 @= B61:2 H9= /2 89:2 @= 898 <6:;63=35=8 =8 932 <6385235=
. 61:2/:=35= =852 <6385235= 89=/= 8=1  

<923@6 8= 512G2K2
<63 ;61<=352K=8P 6   <923@6 /68 @2568 C4=3=3 @2@68 =3 52356 ;61
936. =36523@6 ;61      2/ <=35164@= @= 93 G/6H9= ;14:2146
=3 93 @6:4346  @=/ =8;2<46 1=2/  P     P 8= ;9=@= @=M341 ;61
         2 /2 B93<4>3 2/=256142 <6:;684<4632/P @=
B61:2 H9= /28 C2142G/=8 934@4:=384632/=8  P     4 1=<60=3 /2
KQE84:2 <6:;63=35= @= /2 <6:;684<4>3. = @=G= :254N21 H9=   



         .
7


2@2 932 1=2/4N2<4>3 :9=8512/         


@= /2

B93<4>3 2/=256142 <6:;684<4632/ P =/ 6GK=54C6 =8 43B=141P ;212 932


39=C2 /6<2/4N2<4>3 @= 435=1E8  P =/ C2/61 @=   .
68 :E56@68 </I84<68 @= =852@?854<2 =8;2<42/ ;=1:45=3 ;1=@=<41
;61 J140=2@6 2 ;21541 @= /28 C2142G/=8   P     %


    *   % 6 ;61 <6J140=2@6 2 ;21541 @= 56@6 =/ <63K9356


@= C2142G/=8   P     %     4%  

 




*   .

=16 =8 93 D=<D6 <6:;16G2@6 H9= <63 3430936 @= =8568 @68 :E56@68


@= ;1=@4<<4>3 =85I 28=0912@6 H9= 8= <638=1C=3 /28 ;2154<9/214@2@=8 @=



* -!$  

/68 @2568 <6:;684<4632/=8.


P '2/C6615 7 = 194K5=1  ;16;63=3 93 :E56@6 @=
;1=@4<<4>3 G282@6 =3 /68 :E56@68 </I84<68. 8568 29561=8 43</97=3 =3 =/
8485=:2 :2514<42/ /28 1=8514<<463=8 3=<=821428 ;212 H9= /28 ;1=@4<<463=8
56:=3 C2/61=8 2@:484G/=8 ;212 /2 B93<4>3 2/=256142 <6:;684<4632/.
5168 29561=8P <6:6 P 2L/6L8J7Q/2D3 7 /=2  ;16;63=3 932
51238B61:2<4>3 @= /68 @2568 :9=8512/=8   .   %      
235=8 @= 2;/4<21 2/0936 @= /68 :E56@68 @= ;1=@4<<4>3 =8;2<42/ ;212
6G5=3=1   . 4 /2 B93<4>3 . D2 84@6 =8<604@2 <63C=34=35=:=35=P
;9=@= 6G5=3=18= 93 @256 <6:;684<4632/ 2@:484G/= 43C4154=3@6 /2
51238B61:2<4>3     .     .
3 =/ ;1=8=35= 512G2K6 8= D2 4:;/=:=352@6 93 :E56@6 @= J140=2@6
<6:;684<4632/ G282@6 =3 /2 :=56@6/60?2 @=82116//2@2 =3 P 6/68232Q
=/02@6 . 85= ;16<=@4:4=356 8= 1=89:= =3 /68 84094=35=8 ;2868!
14:=16P =/ =8;2<46 :9=8512/ @= /68 @2568 <6:;684<4632/=8 8=
51238B61:2P :=@4235= 93 <2:G46 @= <661@=32@28P =3 93 39=C6
=8;2<46 @= @4:=384>3 4 !


    
  



.
..
2

..
.



  
    







63@=      P 2 =8 932 :2514N @= <2:G46 @= <661@=32@28


@= @4:=384>3 4   4 <9728 M/28 89:23 <=16P =8 @=<41!





2 
      4



7 82548B2<= /28 <63@4<463=8 @= 6156361:2/4@2@

2  2   8

2   2  8  
4

8 1=;1=8=352 /2 :2514N 4@=354@2@ 7 =/ C=<561 <9768 =/=:=3568 863


56@68 4092/=8 2 .
=093@6P :=@4235= 5E<34<28 @= <6J140=2@6 512@4<4632/=8P 8=
6G54=3= /2 ;1=@4<<4>3   .
=1<=16P =/ C2/61 @= ;1=@4<<4>3    C4=3= @2@6 ;61


 
  
  



 
..
..
    2  
    
.
.





  
  


!!
""
"" T.S
##

84=3@6  93 6;=12@61 @= 361:2/4N2<4>3P H9= 8= =F;1=82 =3 /2 B61:2!



* -!$  


9
 .  
.  

 . 


9

,


,



..
.

,


,











2 4:;/=:=352<4>3 @= =852 :=56@6/60?2 0212354N2 ;1=@4<<463=8


<6:;684<4632/=8 2@:484G/=8.
212 6G5=3=1 /2 ;1=@4<<4>3   P @=G=3 <2/<9/218= 7 2K985218=
4 C2146012:28P
<19N2@68P

 



P 7 4   4  C2146012:28

. 68 :E56@68 5=>14<68 =8<604@68 ;212 :6@=/4N21

/68 C2146012:28 =F;=14:=352/=8 @=G=3 C=14M<21 H9= /2 C21423N2 @=


<92/H94=1 <6:G432<4>3 /43=2/ @= =8528 C2142G/=8 8=2 84=:;1= 36
3=0254C2. 856 =8P H9= /2 C21423N2 @= ;1=@4<<4>3 8=2 84=:;1= 36
3=0254C2. 212 86/9<46321 =85= ;16G/=:2 @= =/=<<4>3 @= :6@=/68 8=
1=<9114> 2/ :6@=/6 /43=2/ @= <611=04632/4N2<4>3 @=8<1456 =3 =/ 2;2152@6
.
..
128 =854:21 /68 C2146012:28 =F;=14:=352/=8P 8= ;/235=23 /68
8485=:28 @= <6J140=2@6 TC=1 .
.S <63 =/ 6GK=54C6 @= ;1=@=<41 /2 B93<4>3
2/=256142  

  


   

 

 





  
 
 

*     



    4
516 ;684G/= ;/235=2:4=356 2/ ;16G/=:2 @= /2 ;1=@4<<4>3 @= /2
C2142G/= 2/=256142 :9/54@4:=384632/   8=1?2 2H9E/ =3 =/ <92/ 8=
<6384@=1= 93 =8;2<46 =9</?@=6 ;16;46 @= C=<561=8 <6:;684<4632/=8 =3
=/ <92/ ;/235=21 =<92<463=8 @= <6J140=2@6. 8?P @=3652:68 2D612 ;61
  2/ 89G<63K9356 @=  <63854594@6 ;61 /68 C=<561=8 <6:;684<4632/=8


       H9= C=14M<23  
     4 7   . / <63K9356


  P <63 /2 6;=12<4>3 435=132 @2@2 ;61!

                 
<63  6;=12@61 @= 361:2/4N2<4>3 @=M34@6 235=1461:=35=P 7 =/
;16@9<56 =F5=136!
*    *   *  *      
54=3= =8519<5912 @= =8;2<46 C=<56142/. 4 2D612 8= @=M3=3 /28
6;=12<463=8 ;16@9<56 =8<2/21!

7   )










     









    


     



* ./! !!$#  !!$

7 @48523<42 @= 45<D4863!
+
, 

 
,  




 
  7      
!    4  


=3563<=8   <63854597= =/ @=36:432@6 =8;2<46 =9</?@=6 @=/ 84:;/=F.
6G1= =85= =8;2<46 =9</?@=6 ;9=@=3 ;/235=218= =<92<463=8 84:4/21=8
2 /28 @=82116//2@28 =3 /2 8=<<4>3 .
.P ;=16 2D612 <63 /28
6;=12<463=8 @=M34@28 86G1= =/ 84:;/=F. 8568 @=82116//68 0212354N23
/2 @=5=1:432<4>3 @= 93 C=<561 @=   H9= =8 2@=:I8 ;1=@4<561 >;54:6
;212   @=3516 @= =85= =8;2<46 =9</?@=6. 910= =3563<=8 /2 <9=854>3
4:;615235= @= <9I/ =8 /2 1=/2<4>3 =351= =/ ;1=@4<561 @=M34@6 =3 . 7
=/ ;1=@4<561 >;54:6 @=3516 @=/ =8;2<46 =9</?@=6 @=/ 84:;/=F.
P 6/68232Q=/02@6  @=:6851> H9= =/ ;1=@4<561 @=M34@6
=3 .P     <643<4@= <63 =/ ;1=@4<561 >;54:6 =3 =/ =8;2<46
=9</?@=6   P =8 @=<41P :434:4N2 /2 @48523<42 @= 45<D4863 =351= =/
C=1@2@=16 C2/61   7 89 ;1=@4<561P 84=3@6 =3563<=8 =H94C2/=35=8
2:G68 ;/235=2:4=3568.




,!4A !(! +*!

F485=3 C21468 ;2H9=5=8 <6:=1<42/=8 @= 86B5L21= ;212 /2 1=2/4N2<4>3


@= <I/<9/68 0=6=852@?854<68P H9= B2<4/4523 /2 4:;/2352<4>3 @=/ :E56@6


0=6=852@?854<6 =8<604@6. /6 /2106 @= C21468 2A68P /2 523B61@
(34C=18457 D2 @=82116//2@6 93 ;2H9=5= @=36:432@6  P
=958<D 7 ,6913=/ . 85= ;2H9=5= 8= ;1=8=352 <6:6 932 <6/=<<4>3
@= 1954328 H9= B93<46323 43@=;=3@4=35=:=35= 7 863 954/4N2@28 ;61
:>@9/68. / ;2H9=5= 8= @48514G97= <63 =/ <>@406 B9=35= =3 615123
P D4C=18 7 /=40D5D6/:=  H9= D2 @= 8=1 <6:;4/2@6. /
986 @=/ ;16012:2 1=H94=1= 93 2/56 34C=/ @= B2:4/4214@2@ <63 /68
<63<=;568 0=6=852@?854<68.  P =958<D 7 ,6913=/  B2<4/452
=/ 23I/4848 @= C2146012:28 7 /28 5E<34<28 @= J140=2@6. 68 @= /28
C=352K28 ;143<4;2/=8 @= =85= ;16012:2 <63 1=8;=<56 2 65168 @=/ :48:6
I:G456 863 898 <2;2<4@2@=8 =3 /28 5E<34<28 @= 84:9/2<4>3 7 86G1=
56@6 89 <2;2<4@2@ ;212 232/4N21 @2568 =3 51=8 @4:=38463=8. 2@2
89 84:;/4<4@2@ 7 R=F4G4/4@2@ /2 C214235= @=  ;212 '43@6L8P
@=36:432@2 '438/4G P =958<D 7 ,6913=/ P B9= /2 =8<604@2
;212 =/ =859@46.
2 R=F4G4/4@2@ @= =85= ;16012:2 8= @=G= 2 H9= 898 <1=2@61=8
B2<4/4523 <63 =/ :48:6 =/ <>@406 B9=35= =3 /=3092K= @= ;16012:2<4>3
615123 P D4C=18 7 /=40D5D6/:=  ;212 H9= =/ ;16;46
9892146 ;9=@2 D2<=1 39=C28 2;6152<463=8 2/ 8485=:2. 3 <92356 2 /2
84:;/4<4@2@P E852 @=8<2382 =3 /2 39=C2 435=1B2N @=/ ;16012:2 ;212 =/
=356136 '43@6L8.
516 86B5L21= =:;/=2@6 =3 =/ 51252:4=356 0=6=852@?854<6 =8 =/
;16012:2 @= @48514G9<4>3 /4G1= . = 51252 @= 93 <63K9356 435=012@6 @=
;16012:28 ;212 :234;9/2<4>3 @= @2568P <I/<9/6 7 01IM<68. 351= 65128




* ./! !!$#  !!$

<212<5=1?854<28 @48;63= @=! 2/:2<=32:4=356 7 :234;9/2<4>3 =B=<54C2


@= @2568P 932 2:;/42P <6D=1=35= = 435=012@2 <6/=<<4>3 @= D=112:4=3528
;212 23I/4848 @= @2568P ;684G4/4@2@=8 01IM<28 ;212 23I/4848 @= @2568P
H9= B93<46323 @41=<52:=35= 86G1= ;2352//2 6 4:;1=8612 7 93 /=3092K=
@= ;16012:2<4>3 G4=3 @=82116//2@6P 84:;/= 7 =B=<54C6 H9= 43</97=
<63@4<4632/=8P <4</68P B93<463=8 1=<9184C28 7 ;684G4/4@2@ @= =3512@28 7
82/4@28. 2 C=352K2 H9= ;68== =85= /=3092K= =8 H9= ;=1:45= ;16012:21P
;61 /6 52356 =8 ;684G/= 1=2/4N21 @=8@= /68 <I/<9/68 :I8 GI84<68 D2852 /68
:I8 <6:;/=K68P /6 H9= 2 89 C=NP ;=1:45= 89 2;/4<2<4>3 =3 =852@?854<2
</I84<2 6 /2 :6@=132 =852@?854<2 G27=84232.
512 C=352K2 H9= ;1=8=352 P =8 H9= /28 438519<<463=8 T<I/<9/68P
B61:2568 @= 01IM<68P =5<.SP 8= ;9=@=3 2/:2<=321 ;212 1=2/4N21 B959128
6;=12<463=8 =3 21<D4C68 @=36:432@68 ;2H9=5=8P H9= ;=1:45=3 1=2/4N21
84:4/21=8 6;=12<463=8 843 3=<=84@2@ @= C6/C=1 2 =8<14G41 @= 39=C6 /28
B>1:9/28 6 B93<463=8. / =356136 @=/ 86B5L21=  P  =C=/6;:=35
=2:  8= <212<5214N2 ;61!
2102 7 2/:2<=32:4=356 =M<4=35= @= /68 @2568.
(3 <63K9356 @= 6;=12@61=8 7 B93<463=8 =8;=<42/:=35= 2;16;42@68
;212 512G2K21 <63 :2514<=8.
(3 ;2H9=5= 2:;/46 @= D=112:4=3528 @=85432@28 2/ ;16<=82:4=356
@= @2568.
93<463=8 7 D=112:4=3528 =8;=<?M<28 ;212 0=3=121 01IM<68 2
;21541 @= /68 1=89/52@68 @=/ 51252:4=356 =852@?854<6.



(3 /=3092K= @= ;16012:2<4>3 =852G/= 7 <6:;2<56 H9= ;=1:45=
@=82116//21 B93<463=8 ;212 =/ 51252:4=356 @= =3512@2 7 82/4@2 @=
@2568.

 

5! * !

3 =/ 2A6 P =3 =/ :21<6 @=/ 167=<56 @= 1>11602 @= /2


63<=84>3 @= F;/652<4>3 =3=@4<52P B9= 1=2/4N2@6 93 =859@46 @=
<9G4<2<4>3 7 =C2/92<4>3 @= <2/4@2@ @=/ 0123456 @= /2 63<=84>3
=3=@4<52. 85= =859@46 1=<6;4/2 /2 @6<9:=352<4>3 H9= <212<5=14N2
0=6/>04<2:=35= @4<D6 72<4:4=356 7 H9= 841C= @= G28= @6<9:=352/ ;212
/2 =/2G612<4>3 @= =85= 512G2K6 @= 43C=85402<4>3. 2154=3@6 @= /68 @2568
@= <2:;6 1=<604@68 =3 =/ 859@46 =6/>04<6Q43=16 @= /2 63<=84>3 @=
F;/652<4>3 =3=@4<52 T3 SP  6114A6 T635=C=@12SP =/2G612@6
;61 =/  P 8= @48;986 @= 93 :2;2 @= 2R612:4=3568 @= 89;=1M<4=P
28? <6:6 @= 8=48 ;=1M/=8 T<43<6 51238C=182/=8 7 936 /630459@432/S 7
6<D6 863@=68. / <145=146 ;212 /2 <1=2<4>3 @= E8568 B9= ;912:=35= =/
@= <2/4@2@ =3 G28= 2 89 2;16C=<D2:4=356 <6:=1<42/. 8568 @2568 @=
<2:;6 ;16;61<46323 932 @48514G9<4>3 @= /28 <2/4@2@=8 =3  123068P 
<2/4@2@=8 ;143<4;2/=8 T@= 2/4@2@  2 2/4@2@ S 7  123068 435=1:=@468.
/ ;/236 @= 2R612:4=3568 7 /68 ;=1M/=8 B9=163 @40452/4N2@68 = 435=012@68
=3 93 =356136 @= @48=A6 7 =@4<4>3
 TD436<=168
. P D=30

SP /6 <92/ 841C4> ;212 2K98521 86G1= =//68 932 :2//2 D614N6352/
7 6512 C=154<2/ H9= @=M3=3 =/ :6@=/6 0=6=852@?854<6 G28= @=/ 23I/4848 7




* 01 !(

;685=1461 <9G4<2<4>3. 2 :2//2 @= <9G4<2<4>3 =:;/=2@2 B9= @=M34@2 <63


G/6H9=8 <WG4<68 @=  F  F  :=5168. / 5=1<=1 @256 @= <2:;6P /68
863@=68P ;=1:454> 5=3=1 93 <636<4:4=356 @= /2 @48514G9<4>3 @= <2/4@2@=8
=3 ;16B93@4@2@. 63 =/ 2K985= @= /2 :2//2 @= <9G4<2<4>3 2/ :2;2 @=
2R612:4=3568P ;=1M/=8 7 863@=68P =/ :=3<4632@6 =859@46 ;16;61<4632
932 39G= @= ;93568 <9728 <661@=32@28 ;=15=3=<=3 2 /28 @=/ <=35164@=
@= C6/9:=3 @= <2@2 936 @= /68 <9G68 H9= 1=89/523 @= /2 435=18=<<4>3
@= /2 :2//2 D614N6352/ <63 /2 C=154<2/. 2@2 936 @= =8568 ;93568 //=C2
286<42@2 /2 <2/4@2@ ;1=@6:43235= =3 =/ =356136 514@4:=384632/ 2/ H9=
=85I <41<938<1456 TG/6H9= @=  F  F  :=5168S.

212 /2 1=2/4N2<4>3 @= /2 <9G4<2<4>3 7 =C2/92<4>3 @= /28 1=8=1C28


@=/ 72<4:4=356 G256/?54<6 @= /2 .. =3=@4<52 =/ ;14:=1 ;286 B9=
@=M341 93 :E56@6 @= <9G4<2<4>3 H9= 36 8>/6 B9=8= =B=<54C6 =3 89
<63<=;<4>3 :I8 5=>14<2P 8436 H9= 2@=:I8 8= 2K98528= 2 /2 :61B6/60?2 @=/
72<4:4=356 7 2 /68 @2568 @= <2:;6 @= /68 H9= 8= @48;63?2. C2/92@68 /68
:E56@68 @= <9G4<2<4>3 2<592/:=35= 954/4N2@68 =3 512G2K68 84:4/21=8P =/
<452@6 859@46 @= 2/4@2@ @=/ 123456 @= /2 63<=84>3 =3=@4<52 6;5>
;61 /2 954/4N2<4>3 @= /2 5E<34<2 0=6=852@?854<2 @= J140=2@6 61@432146
TC=1 2;2152@6 .
.
S. 2 :2761 <2/4@2@ @= /68 1=89/52@68 M32/=8 H9=
;16;61<4632 =/ ;16<=86P 2@=:I8 @= /2 C=352K2 H9= 89;63= 5=3=1 /68
1=89/52@68 @= /2 <9G4<2<4>3 =3 932 ;/252B61:2 43B61:I54<2 ;212 8=1
51252@68 ;685=1461:=35= 8=0W3 @48543568 <145=1468P D2<=3 @= =852 5E<34<2
4@>3=2 ;212 /60121 /68 6GK=54C68 :21<2@68 =3 @4<D6 =859@46.

*$   8  ;! !!  #! 


/+!   -% 7
(32 C=N 610234N2@2 514@4:=384632/:=35= 56@2 /2 43B61:2<4>3 @=
<2:;6 7 2K9852@6 =/ :6@=/6 0=6=852@?854<6P =85= =859@46 2;/4<> /2
5E<34<2 @=/ J140=2@6 86G1= /68 @2568 @= =3512@2. 212 =//6 B9=163
@=5=1:432@68 @68 ;21I:=5168 B93@2:=352/=8 =3 =85= ;16<=86P <6:6
863! /2 23486516;?2 7 =/ C2146012:2. 2 23486516;?2 B9= 6G5=34@2 =3 =/
=859@46 @= <2:;6 7 H9=@> @=5=1:432@2 ;61 /28 @41=<<463=8   7
 =3 ;16B93@4@2@. / :6@=/6 @= C2146012:2 =8<604@6 B9= 2H9=/ H9=
:=K61 1=;1=8=352G2 /2 B61:2 =3 /2 H9= C21?23 /68 @2568 514@4:=384632/=8
@= ;2154@2 <63 1=8;=<56 2 /2 @48523<42. 212 <212<5=14N21 =85=
C2146012:2 B9= 3=<=82146 =/=041 932 N632 @=/ 72<4:4=356 <63 932
C2142G4/4@2@ 1=;1=8=35254C2 @=/ 72<4:4=356 <6:;/=56 = 43516@9<41 898
@2568 =3 =/ 86B5L21= H9= <2/<9/21I =/ :6@=/6. 2 N632 =8<604@2 B9= /2
3616=85= @= /2 <63<=84>3 ;61 8=1 E852 /2 :I8 1=;1=8=35254C2P =8 @=<41P
8= 51252 @= 932 N632 =3 /2 H9= =85I3 ;1=8=35=8 56@68 /68 C2/61=8 @=
<2/4@2@ @=/ 72<4:4=356P /6 <92/ B2<4/45> /2 =/=<<4>3 @= 93 C2146012:2
>;54:6.
(32 C=N H9= =/ M<D=16 @= @2568 6G5=34@68 =3 =/ <2:;6 B9=
2<63@4<4632@6 7 /2 23486516;?2 0=6/>04<2 43516@9<4@2P 8= 6G59C6 =/
C2146012:2 =F;=14:=352/ =3 /28 51=8 @41=<<463=8 @=/ =8;2<46. 63 =852
43B61:2<4>3 7 /68 @2568 @= ;2154@2P H9=@> @=M34@2 /2 B61:2 =3 H9=
C21?23 /68 @2568 =3 =/ =8;2<46. 3 =/ C2146012:2 =F;=14:=352/ =3 /2
;14:=12 @41=<<4>3 TM0912 .S 8= ;9=@= C=1 <6:6 =/ 2/<23<= =8 =/=C2@6P




* 01 !(

;9@4=3@6 //=021 43</986 D2852 /68  :=5168.

40912 .! #2146012:2 =F;=14:=352/ =3 /2 ;14:=12 @41=<<4>3.


3 =/ C2146012:2 =F;=14:=352/ H9= 1=;1=8=352 /2 @41=<<4>3 =3 /2
H9= G9N2 ;=1;=3@4<9/21:=35= D2<42 2G2K6 TM0912 .SP =/ 2/<23<= =8
:=361 H9= =3 =/ C2146012:2 8=0W3 /2 ;14:=12 @41=<<4>3.
/ C2146012:2 =F;=14:=352/ =3 /2 @41=<<4>3  TM0912 .S
;1=8=352 93 2/<23<= :2761P 89;=123@6 H94NI8 /68
 :=5168P 84=3@6
=3 =85= <286 =/ :2761 @= /68 2/<23<=8 ;212 /28 51=8 @41=<<463=8.
G8=1C23@6 /68 51=8 C2146012:28 =F;=14:=352/=8P 8= C= H9= /68
2/<23<=8 =3 /28 51=8 @41=<<463=8 863 =/=C2@68P =856 B2<4/4521I /2
=F512;6/2<4>3 @= 43B61:2<4>3 /=K232 =3 =/ =8;2<46. (32 C=N 232/4N2@68
=8568 C2146012:28P =/ <452@6 =859@46 G98<> /68 :6@=/68 5=>14<68 H9=
:I8 8= 2@=<W23 2 /68 =F;=14:=352/=8. / 86B5L21= =:;/=2@6 6B1=<= 932




40912 .! #2146012:2 =F;=14:=352/ =3 /2 8=093@2 @41=<<4>3.

0123 C214=@2@ @= <91C28 ;684G/=8 ;212 <1=21 =/ :6@=/6. 32/4N23@6 /68


C2146012:28 @= ;2154@2 7 5=34=3@6 =3 <9=352 H9= =/ :6@=/6 D2 @= 8=1
=/ :48:6 ;212 /28 51=8 @41=<<463=8 @=/ =8;2<46P =85= =859@46 ;16;986
954/4N21 93 :6@=/6 =8BE14<6 7 932 02984232. 68 2/<23<=8 7 :=8=528
@= =8528 <91C28 B9=163 6G5=34@68 ;61 5235=6P @2@6 H9= /2 :=8=52 =8 /2
:48:2 ;212 /28 51=8 @41=<<463=8 @= <2@2 :6@=/6 @= <91C2. = ;1=8=3523
2 <6354392<4>3 /68 :6@=/68 =/=04@68 =3 <2@2 932 @= /28 51=8 @41=<<463=8.
212 ;6@=1 2;1=<421 :=K61 /2 <2/4@2@ @=/ 2K985=P =3 /2 M0912 .
8= 1=;1=8=3523 /68 51=8 :6@=/68 86/2;2@68 =3<4:2 @= /68 C2146012:28
=F;=14:=352/=8. 6:6 8= ;9=@= 2;1=<421P =/ 2K985= @= /2 :=8=52 36
=8 :97 ;1=<486 =3 /68 51=8 :6@=/68P @2@6 H9= E852 D2 @= 8=1 @=M34@2
934/25=12/:=35=P @= B61:2 H9= 2/ 2K98521/2 ;212 932 @41=<<4>3 8= =85I3




* 01 !(

40912 .! #2146012:2 =F;=14:=352/ =3 /2 5=1<=12 @41=<<4>3.


MK23@6 /28 65128 @68. 8568 :6@=/68 28? 2K9852@68 8= =:;/=23 =3 =/
;16<=86 @= J140=2@6.
(32 C=N @=M34@68 /68 C2146012:28 5=>14<68 7 <63 /68 @2568
@= ;2154@2 @= 56@6 =/ 72<4:4=356P 2K9852@68 2 /2 :2//2 86;615=
@= <9G4<2<4>3 7 2/ B61:256 1=H9=14@6P B9= 1=2/4N2@6 =/ ;16<=86 @=
J140=2@6. / 3W:=16 @= @2568 @= =3512@2 H9= 2/4:=35> =/ ;16<=86 @=
=F512;6/2<4>3 B9= @=
  .
/2 D612 @= <63M09121 =/ ;16<=86 @= J140=2@6P /68 @68 ;93568 :I8
4:;615235=8 B9=163!
3 ;14:=1 /9021P @=M341 =/ 2/<23<= @=/ 89;=1G/6H9= H9= 8= C2 2
954/4N21 <6:6 86;615=P =856 =8P =/ 52:2A6 @= =8B=12 =3 =/ H9= 8=
C2 2 =F512;6/21 /2 43B61:2<4>3.

40912 .
! 6@=/6 @=/ C2146012:2 ;212 /2 ;14:=12 @41=<<4>3.

3 8=093@6 /9021P =852G/=<=1 <923568 ;93568 @= ;1=@4<<4>3 D2


@= <635=3=1 <6:6 :IF4:6 7 <6:6 :?34:6 =/ 89;=1G/6H9= ;212
;6@=1 1=2/4N21 /2 ;1=@4<<4>3.
6:6

;21I:=5168

@=

=3512@2

2/

86B5L21=

@=

;16<=82@6

0=6=852@?854<6 8= 43516@9K=163 /28 <212<5=1?854<28 @= /28 <=/@28 T89


52:2A6 7 <661@=32@28 434<42/=8SP <2/<9/23@6 =/ ;16012:2 @= J140=2@6
=/ C6/9:=3 7 =/ I1=2 @= /2 N632 @= =859@46. 32/4N23@6 =/ 1=89/52@6 @=
/68 C2146012:28 =:;/=2@68 7 5=34=3@6 =3 <9=352 /68 2/<23<=8 =B=<54C68
@= <2@2 :6@=/6P 8= //=0> 2 /2 <63</984>3 @= 954/4N21 93 2/<23<= =B=<54C6
@=
 :=5168 <63 93 3W:=16 @= ;93568 ;212 /2 ;1=@4<<4>3 H9= 68<4/>
=351=  7 .




* 01 !(

40912 .! 6@=/6 @=/ C2146012:2 ;212 /2 8=093@2 @41=<<4>3

)27 H9= 5=3=1 =3 <9=352 H9= /68 1=89/52@68 H9= 6B1=<= =/ 86B5L21=
0=6=852@?854<6 =:;/=2@6 B9=163 =3 B61:2 @= /4852@6P @63@= 8= 43@4<2
/2 <2/4@2@ @= <2@2 ;9356 7 89 C21423N2. 85= /4852@6 36 2;6152 @2568
@= /28 <661@=32@28 @=/ ;9356P 293H9= 84 8= <636<= /2 8=<9=3<42 8=0W3
/2 H9= 8= 61@=323 /68 ;93568. 2 39G= @= ;93568 8= 2K9852 2/ :6@=/6
0=6=852@?854<6 514@4:=384632/P 7 8= 82G= H9= /2 B61:2 @= 61@=321/68
=8 G2114=3@6 ;14:=16 =/ =K= @= /28 P ;685=1461:=35= =/ @= /28 P ;212
5=1:4321 G2114=3@6 =/ =K= . = =852 B61:2P <636<4@68 =/ ;9356 6140=3
@=/ ;148:2 514@4:=384632/P /2 @48523<42 =351= /68 <=35168 @= /68 G/6H9=8
7 =/ 3W:=16 @= <=/@28 =3 <2@2 936 @= /68
=K=8P =8 ;684G/= @=5=1:4321
/28 <661@=32@28 @= /68 ;93568 1=89/5235=8 @=/ J140=2@6. 61 6512 ;215=
/2 ;1=@4<<4>3 =B=<592@2 <63 =852 5E<34<2 @= J140=2@6 =C2/W2 93 ;148:2




40912 .! 6@=/6 @=/ C2146012:2 ;212 /2 5=1<=12 @41=<<4>3.

1=09/21 @63@= =85I <635=34@2 /2 39G= @= ;93568P =856 84034M<2 H9=


;1=@4<= 52:G4E3 ;93568 ;61 =3<4:2 @= /2 89;=1M<4= @=/ 5=11=36P 2/06
43<6D=1=35= @=8@= =/ ;9356 @= C4852 5E<34<6.
63 6GK=56 @= 2K98521 7 M/5121 /68 1=89/52@68 @=/ J140=2@6P B9=
@=82116//2@6 93 86B5L21=P =3 /=3092K= @= ;16012:2<4>3 #4892/ 284<
.P H9= ;=1:45= =@4521 =/ /4852@6 @= ;93568 1=89/5235=8 @=/ J140=2@6P
6G5=34=3@6 898 <661@=32@28 7 2@=:I8 @48<14:4323@6 /68 ;93568 H9=
8= =3<9=35123 ;61 =3<4:2 @= /2 89;=1M<4= @=/ 5=11=36. 6:23@6 <6:6
;2154@2 /2 :2//2 D614N6352/ @=/ :6@=/6 0=6=852@?854<6P /68 ;93568
<=3512/=8 @= <2@2 932 @= 898 <=/@28 8= ;167=<52163 =3 89;=1M<4= 7
@= =852 B61:2 B9= 6G5=34@2 932 39G= @= ;93568P =H94=8;2<42@68 
:=5168 =3 ;/2352P <972 <661@=32@2 =852G/=<= =/ /?:45= 89;=1461



* 01 !(

40912 .! 6@=/68 7 C2146012:28 =F;=14:=352/=8 89;=1;9=8568


=3 <2@2 932 @= /28 51=8 @41=<<463=8. 3 <6/61 2N9/ 8= 1=;1=8=3523
/68 :6@=/68 @= /68 C2146012:28. 3 <6/61 1682 8= 1=;1=8=3523 /68
C2146012:28 =F;=14:=352/=8.

=8;2<42/:=35= ;212 <2@2 ;9356 @= <661@=32@28  . 852 2;/4<2<4>3


<6:;21> /2 G28= @= @2568 =854:2@68 <63 /2 5E<34<2 @= J140=2@6
61@432146 <63 /2 G28= @= @2568 @= ;93568 ;167=<52@68 =3 89;=1M<4=. =
=852 B61:2P =/ =859@46 ;16;61<4632 M32/:=35= 932 G28= @= @2568 H9=
<6354=3= 8>/6 ;93568 0=61=B=1=3<42@68 G2K6 /2 89;=1M<4= @=/ 5=11=36 =3
=/ =356136 @=/ 72<4:4=356. :;/=23@6 =852 D=112:4=352 @= @=82116//6
;16;46P 8= 6G59C4=163 21<D4C68 61@=32@68 ;61 <6528 @=  =3 
:=5168P <611=8;63@4E3@68= <2@2 932 @= =//28 <63 /2 <661@=32@2
@=/ <=35164@= @= C6/9:=3 @= /68 G/6H9=8 H9= B61:23 =/ :6@=/6


0=6=852@?854<6 =:;/=2@6. 8? =/ <452@6 =859@46 1=;1=8=352 7 232/4N2 @=
B61:2 43@=;=3@4=35= <2@2 936 @= /68 ;4868 @= G/6H9=8 @=  F  F 
:=5168 H9= B61:23 =/ :6@=/6 514@4:=384632/ 6 =3 <63K9356P 89:23@6
56@68 /68 21<D4C68.
6:6 1=89/52@6 ;1I<54<6 @= =85= =859@46 @= <2/4@2@ 954/4N23@6
J140=2@6 61@432146 <2G= @=<41 H9= /2 39G= @= ;93568 M32/=8P
;=1B=<52:=35= 0=61=B=1=3<42@68P 8= ;9=@= 4:;61521 =3 =/ =356136
@= @48=A6 7 =@4<4>3
 954/4N23@6 =3 ;2868 235=1461=8 ;212 =/
2<63@4<4632:4=356 @= /68 @2568 @= =3512@2. 8? /6 D4N6 <63 6GK=56
@= 1=2/4N21 932 <9G4<2<4>3 @41=<52 @=/ 72<4:4=356P =3 G28= 2 @48543568
<145=1468 @= <I/<9/6!
9G4<2<4>3 ;61 <2/4@2@=8.
9G4<2<4>3 ;61 <6528 @=  =3  :=5168.
9G4<2<4>3 8=0W3 /28 @48543528 N6328 =F;/652@28 @= /2 <63<=84>3.
9G4<2<4>3 5652/.
-!#!   8  ;! !!
2 2;/4<2<4>3 @= /2 5E<34<2 @= J140=2@6 61@432146 2/ 72<4:4=356 @=
/2 . . =3=@4<52 ;=1:454> D2<=1 932 =C2/92<4>3 @= /2 @48514G9<4>3
@= <2/4@2@=8. 9= 1=2/4N2@2 932 1=;1=8=352<4>3 01IM<2 =3 ;/2368
D614N6352/=8 H9= <212<5=14N23 /2 @48514G9<4>3 @= <2/4@2@=8 =3 <6528 <2@2



* 01 !(

 :=5168. 8568 ;/2368 D614N6352/=8 <9G4<23 =/ 72<4:4=356 =351= /28


<6528 Q 7 .
3 =8568 ;/2368P 2 =8<2/2 ! 7 B61:256 P B9=163
1=;1=8=352@68 /68 /?:45=8 ;1=8=35=8 =3 /2 <9G4<2<4>3! /?:45=8
2@:434851254C68P /?:45=8 5E<34<68 7 /?:45=8 @= <63<=84>3. 2
1=;1=8=352<4>3 01IM<2P 1=2/4N2@2 <63 932 512:2 @= :2//2 <92@12@2
@= <6/61P <212<5=14N2 I1=28 @=/ 72<4:4=356 @= 
 . 2 =8<2/2 @= <6/61
MK2@2 ;212 =852 1=;1=8=352<4>3 01IM<2 B9= /2 84094=35=! <2/4@2@  =3
<6/61 16K6P <2/4@2@  =3 <6/61 2N9/P <2/4@2@
=3 <6/61 C=1@= 7 <2/4@2@ 
=3 <6/61 2:214//6. 2:G4E3 B9=163 435=012@68 =3 =8568 ;/2368 /68 /?:45=8
@= /28 @48543528 934@2@=8 @= <235=12 ;1=8=35=8 =3 /2 <63<=84>3P /6 H9=
B2<4/45> =C2/921 01IM<2:=35= =/ ;65=3<42/P =3 61@=3 @= <2/4@2@P @= <2@2
932 @= /28 <235=128.
212 /2 ;1=8=352<4>3 @= /68 1=89/52@68 M32/=8P 7 5=34=3@6 =3 <9=352
/2 54;6/60?2 @= /2 <63<=84>3P B9=163 @=M34@28  N6328 @=3516 @=/
72<4:4=356! #4/2B1?2P 6N6 @6 4A6P 912<6 7 6132.
3 /2 N632 @=36:432@2 #4/2B1?2 =/ =859@46 @=852<2 H9= ;1=@6:432
/2 <2/4@2@  7 /2 <2/4@2@ P :4=35128 H9= /2 <2/4@2@  8= 1=;215= =356136
2 /28 N6328 @= :2761 <2/4@2@ 8459I3@68= =3 /28 <2;28 :I8 89;=1M<42/=8
@=/ :2<4N6. 6G1= 93 5652/ @=    
 @= 0123456 =C2/92@68P /2
N632 @= #4/2B1?2 ;1=8=35> /2 @48514G9<4>3 @= <2/4@2@=8 H9= 8= :9=8512
=3 /2 52G/2 ..
3 /2 N632 @=36:432@2 6N6 @6 4A6P :I8 2:;/42 H9= /2 N632
#4/2B1?2P /2 =C2/92<4>3 @= /68 1=89/52@68 @=8C=/> H9= /28 ;=61=8 <2/4@2@=8



B! "4(
-

0!

2/4@2@ 

. $

2/4@2@ 

. $

2/4@2@

. $

2/4@2@ 

.
 $

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2.


8= @48514G97=3 =3 N6328 89;=1M<42/=8 @=/ :2<4N6. 6G1= 93 5652/ @=
  .

 @= 0123456 =C2/92@68P /2 N632 @= 6N6 @6 4A6 ;1=8=35>
/2 @48514G9<4>3 @= <2/4@2@=8 H9= 1=<60= /2 52G/2 ..
B! 0!@! ! C1!
-

0!

2/4@2@ 

.  $

2/4@2@ 

 . $

2/4@2@

. $

2/4@2@ 

. $

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6.


2 N632 @=36:432@2 912<6 @=852<> ;61 ;1=8=3521 93 3W</=6
<=3512/ @= <2/4@2@ P @63@= 8= =852G/=<=3 /68 B1=35=8 @= =F;/652<4>3
@= :2761 @4:=384>3P 16@=2@68 @= B1=35=8 :I8 ;=H9=A68 28=352@68



* 01 !(

86G1= 1=0463=8 @= <2/4@2@


7 <2/4@2@ . 3 =852 N632 /2 @48;=184>3
@= <2/4@2@=8 =8 :I8 G2K2P =8523@6 @48514G94@28 =3 3W</=68 @= <2/4@2@
 7 <2/4@2@ P R23H9=2@68 ;61 G23@28 @= <2/4@2@
7 <2/4@2@ . 6G1=
93 5652/ @= 

 .
 @= 0123456 =C2/92@68P /2 N632 @= 912<6
;1=8=35> /2 @48514G9<4>3 @= <2/4@2@=8 H9= :9=8512 /2 52G/2 .
.
B! 7#!
-

0!

2/4@2@ 

. $

2/4@2@ 

. $

2/4@2@

.  $

2/4@2@ 

. $

2G/2 .
! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6.
3 /2 N632 @=36:432@2 6132 @=852<> 93 G/6H9= <6:;2<56 @=
<2/4@2@ P R23H9=2@6 ;61 1=0463=8 @48;=1828 @= <2/4@2@  7 <2/4@2@
P
84=3@6 @= =852<21 /2 ;1=8=3<42 @= <2/4@2@  =3 56@2 /2 1=04>3 89;=1M<42/
@=/ :2<4N6. 6G1= 93 5652/ @=   .
 @= 0123456 =C2/92@68P
/2 N632 @= 6132 ;1=8=35> /2 @48514G9<4>3 @= <2/4@2@=8 H9= 8= 1=<60=3
=3 /2 52G/2 ..


B! <!
-

0!

2/4@2@ 

.
 $

2/4@2@ 

.
$

2/4@2@

. $

2/4@2@ 

. $

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132.

3 <92356 2 /68 1=89/52@68 @= <9G4<2<4>3 5652/ =3 56@6 =/ 72<4:4=356


T52G/2 .SP =85= =859@46 1=<60= H9= 93 . $ @= /6 <9G4<2@6 =8 0123456
@= ;14:=12 <2/4@2@P =856 =8 =/ 52:2A6 :IF4:6 <6:=1<42/4N2G/=. 61 6516
/2@6P =/ ;61<=352K= @= 0123456 @= 8=093@2 <2/4@2@ =8 @=/ . $. 4 8=
89:23 =8568 @68 ;61<=352K=8P 8= 54=3= H9= 93
 $ @= 56@6 =/ 0123456
<9G4<2@6 =8 2;56 ;212 /2 43@985142 @= 51238B61:2<4>3. 5=3@4=3@6 2 /68
<636<4:4=3568 H9= 2;61523 /68 =F;=1568P <63 1=8;=<56 2/ ;61<=352K= @=
0123456 2;56 ;212 /2 43@985142 @= 51238B61:2<4>3 6G5=34@6 =3 <235=12P
E85= 8= MK2 =3 93  $. 2 @4B=1=3<42 39:E14<2 =351= =/ ;61<=352K=
=854:2@6 =3 /2 <9G4<2<4>3 7 =/ 1=2/ 8= K9854M<2 =3 G28= 2/ :25=142/
;=1@4@6 =3 /68 ;16<=868 @= =F512<<4>3 =3 <235=12 T<615=P @4C484>3P
=8<92@12@6P =5<.S.
68 1=89/52@68 6G5=34@68 ;61 =/ =859@46 @= <9G4<2<4>3 =:;/=23@6
/2 5E<34<2 0=6=852@?854<2 @=/ J140=2@6 61@432146 B9=163 82548B2<561468.
6 6G85235=P 56@2 =C2/92<4>3 @= 1=<91868 H9= 954/4<= :E56@68



* 01 !(
-#$ !
-

#6/9:=3 T
 S

0!

2/4@2@ 

   .

. $

2/4@2@ 

 
.

. $

2/4@2@

  .

 . $

2/4@2@ 

  .

.
 $

652/

   .

 $

2G/2 .! 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356.


0=6=852@?854<68 8= C= <63@4<4632@2 ;61 /2 43B61:2<4>3 @= ;2154@2. 852
43B61:2<4>3 @= ;2154@2 =8521I 43R9=3<42@2 ;61 =/ 3W:=16 @= @2568
56:2@68 =3 <2:;6P /2 =@4<4>3 @= /68 :48:68 7 =/ B2<561 D9:236P
=35=3@4@6 E85= <6:6 2H9E/ H94=3P <63 <4=152 89GK=54C4@2@P =852G/=<= /2
</284M<2<4>3 434<42/ @= <2/4@2@=8P ;61 /6 H9= =3 6<28463=8 /2 284032<4>3
2 932 9 6512 <2/4@2@ ;1=8=3521I 932 B1635=12 93 52356 @4B982.
2:G4E3 8= @=G= 2;93521 H9= =3 =85= 512G2K6 @= @=5=1:432<4>3
@= <2/4@2@ 2;/4<23@6 =/ :E56@6 @= J140=2@6 61@432146 8= 284032G2 2
<2@2 G/6H9= @=/ :6@=/6 0=6=852@?854<6 93 W34<6 C2/61 @= <2/4@2@. 85=
D=<D6 <63@4<4632 /2 ;1=<484>3 =3 /2 <212<5=14N2<4>3 @= /2 @48514G9<4>3
@= <2/4@2@=8 72 H9= =3 93 G/6H9= @=  F  F  :=5168 ;9=@=3
=F48541 :I8 @= 932 <2/4@2@ @4B=1=35=8. 43 @9@2P ;/235=21 93 :6@=/6
0=6=852@?854<6 H9= <212<5=14<= <2@2 936 @= 898 G/6H9=8 <63 D2852 
<2/4@2@=8 @4B=1=35=8 ;1=8=35=8 84:9/5I3=2:=35= 8=1I 932 C=352K2 2 /2


D612 @= 2M321 /2 ;1=<484>3 @=/ :E56@6 0=6=852@?854<6 2;/4<2@6.



* 01 !(

-*(#! &
'!!!(
/ ;14:=1 ;286 =3 =/ @=82116//6 @= /68 :E56@68 @= =C2/92<4>3
@= 1=8=1C28P 86G1= =/ H9= 8= <=3512 =85= 512G2K6 @= 43C=85402<4>3P
D2 <6384854@6 =3 93 ;16<=86 @= @6<9:=352<4>3 2 6GK=56 @= <636<=1
/68 :E56@68 0=6=852@?854<68 :I8 954/4N2@68. = 232/4N2163 56@28 /28
5E<34<28 @= =C2/92<4>3 @= 1=<91868 H9= =8568 :E56@68 ;=1:45=3 =:;/=21
<923@6 8= ;1=5=3@= <212<5=14N21 93 3W:=16 4:;615235= @= ;93568P
;2154=3@6 2 89 C=N @= 932 43B61:2<4>3 @= =3512@2 =F5=382 7 =3 G28= 2
932 6 C21428 @= 898 ;16;4=@2@=8 286<42@28. 32/4N2@28 898 2;/4<2<463=8
;1I<54<28 7 /2 @48;634G4/4@2@ @= /28 D=112:4=3528 43B61:I54<28 H9=
;=1:45=3 2/<23N21 =/ 6GK=54C6 MK2@6P 8= =859C6 =3 @48;684<4>3 @=
=852G/=<=1 /2 /?3=2 :=56@6/>04<2.
3 93 8=093@6 ;286P 8= 1=<6;4/> /2 43B61:2<4>3 @48;634G/= 86G1=
/2 <212<5=14N2<4>3 0=6/>04<2 7 @= <2/4@2@ @=/ 72<4:4=356 =C2/92@6.




2 +!$#

= 59C6 2<<=86 2 93 =859@46 0=6/>04<6 @=52//2@6 86G1= =/ G256/456


0123?54<6 @=  6114A6 P  . 4<D6 =859@46 8= B93@2:=352
=3 93 :439<4686 512G2K6 @= <2:;6 <638485=35= =3 435=1;1=52<4>3 @=
B656012B?2 2E1=2 @= /2 N632 @= /2 <63<=84>3 =3=@4<52 T4@=354M<23@6
/28 @48543528 934@2@=8 0=6/>04<28 7 /6<2/4N2<4>3

@= =8519<59128

;143<4;2/=8SP 1=<636<4:4=3568 @= /28 @48543528 B2<4=8 0123?54<28P 28? <6:6


6G8=1C2<463=8 @= 21=34N2<4>3 7 B12<5912<4>3. 8568 =859@468 @= <2:;6
8= 1=B9=1N23 <63 93 23I/4848 ;=516/>04<6 @= /28 @48543528 B2<4=8 ;1=8=35=8
=3 /2 <63<=84>3 =3=@4<52. 6:6 1=89/52@6 @= 89 =859@46P =/ =H94;6 @=
0=>/6068 @=/  =/2G61> 932 <2156012B?2 0=6/>04<2 2 =8<2/2 !
 =3
/2 H9= 8= 1=;1=8=3523 /28 @48543528 G23@28 @= B12<5912<4>3 7 @6:43468
D6:60E3=68 @= <2/4@2@=8. 68 <145=1468 86G1= /68 H9= 8= B93@2:=352 /2
4@=354M<2<4>3 @= /68 @48543568 @6:43468 @= <2/4@2@ 863 =F</984C2:=35=
<6:=1<42/=8P =856 =8P 8= <212<5=14N2 =/ 0123456 @=/ 72<4:4=356 =3 G28=
2 89 C485684@2@ 7 2 /2 6G5=3<4>3 @= G/6H9= =3 <235=12 <63 9328
@4:=38463=8 H9= ;=1:4523 6G5=3=1 @= E/ ;/23<D28 @= 9368  : =3
=/ ;16<=86 @= =/2G612<4>3. ,9356 <63 =852 <2156012B?2P =/ <452@6 =859@46
;16;61<43> =/ /=C2352:4=356 @=  ;=1M/=8 @= /2 N632 @= =F;/652<4>3 @=
/2 <63<=84>3 =3=@4<52P 936 @= =//68 8=0W3 /2 :2761 @4:=384>3 @= /2
=F;/652<4>3 7 /68 65168 <43<6 51238C=182/=8 2 E852.
2356 /2 <2156012B?2 0=6/>04<2 <6:6 /68 ;=1M/=8 B9=163 @40452/4N2@68P
=:;/=23@6 =/ 86B5L21= =6:=@42 16B=84632/ 
P 4:; 7 )21:63
P <63 =/ 6GK=54C6 @48<1=54N21 /68 @6:43468 @= <2/4@2@ H9=
1=;1=8=3523P 2K98523@6 898 C2/61=8 2 932 :2//2 1=09/21 H9= ;=1:452


512G2K21 <63 =//68 @= B61:2 :I8 =M<4=35=. = ;2154> @= 932 @48514G9<4>3
@= <2/4@2@=8 @4C4@4@2 =3  123068 6 34C=/=8P  123068 ;143<4;2/=8P
@= <2/4@2@  2 <2/4@2@ P 7  123068 435=1:=@468P  =351= <2@2 936
@= /68 <92516 ;143<4;2/=8. 8568 @2568 @= <2:;6 @=M34=163 =/ :6@=/6
0=6/>04<6 2 =:;/=21.
(32 C=N <212<5=14N2@6 0=6/>04<2:=35= =/ 72<4:4=356 2 512CE8 @=/
:6@=/6 0=6/>04<6P 8= @=M34> 93 :6@=/6 0=6=852@?854<6. 2 M32/4@2@ @=/
:6@=/6 0=6=852@?854<6 =8 /2 @= =852G/=<=1 93 ;251>3 =85I3@21 ;212 /2
@48514G9<4>3 =8;2<42/ @= /68 @2568 232/4N2@68. / :6@=/6 0=6=852@?854<6
@=M3= 932 :2//2 514@4:=384632/P 2840323@6 2/ <=35164@= @= <2@2 932 @=
/28 <=/@28 <WG4<28 H9= <6:;63=3 /2 :2//2 /68 C2/61=8 H9= <212<5=14N23
89 =356136 <=1<236 @=3516 @=/ :6@=/6 0=6/>04<6.
2 43B61:2<4>3 @= @48514G9<4>3 @= <2/4@2@=8 H9= ;16;61<4632
=/ :6@=/6 0=6/>04<6 8= 2K985> 2 /2 :2//2 @=M34@2 =3 =/ :6@=/6
0=6=852@?854<6. = =852 B61:2 8= 435=01> =3 93 =356136 @=
1=;1=8=352<4>3 514@4:=384632/ H9= ;=1:454> 512521 7 2<63@4<46321
52356 /68 @2568 @= =3512@2P 86G1= /68 H9= 8= 2;/4<21I3 /28 5E<34<28
@= =854:2<4>3 0=6=852@?854<2P <6:6 /68 @2568 ;16@9<56 @= @4<D2
=854:2<4>3. 6:6 86B5L21= @= 1=;1=8=352<4>3 514@4:=384632/ 8= 954/4N>
=/ ;16012:2 D436<=168 P D=30 
. 852 =8 932 D=112:4=352
43B61:I54<2 @43I:4<2 7 C=18I54/ H9= 2@=:I8 @= 89 B93<4632/4@2@
=3 =/ <2:;6 @= @48=A6 7 =@4<4>3
 ;9=@= 512G2K21 <63 G28=8 @=
@2568 2:;/428. 6:G4323@6 898 B93<4632/4@2@=8 @= 1=;1=8=352<4>3

P /=<5912 @= G28=8 @= @2568 7 0=854>3 @= /68 :48:68 :=@4235=



2 +!$#

/2 ;16012:2<4>3 @= 8<14;58 6 1954328P 8= @=82116//> 93 =356136


@= 512G2K6 H9= ;=1:45= /2 0=854>3 @= /68 1=89/52@68 @=/ 23I/4848
0=6=852@?854<6. (32 C=N 0=61=B=1=3<42@2 7 <2102@2 =3 =/ 86B5L21= @=
@48=A6 7 =@4<4>3
 D436<=168 /2 <2156012B?2 0=6/>04<2 @=/ 72<4:4=356
@40452/4N2@2P 8= ;167=<5> 86G1= =//2 932 :2//2 D614N6352/ <63 <=/@2
93452142 @= @4:=38463=8  F  :=5168. = =852 B61:2 8= 6G59C6 /2
@48514G9<4>3 @= <2/4@2@=8 <635=34@28 =3 <2@2 <=/@2P 5125I3@68= E852
@= 932 <212<5=14N2<4>3 @= <2/4@2@=8 @= /2 89;=1M<4=. 89 C=NP /68
;=1M/=8 @40452/4N2@68 52:G4E3 8= 0=61=B=1=3<42163 7 8= 435=012163 =3
=/ :48:6 =356136 84094=3@6 =/ ;16<=86 1=2/4N2@6 <63 /2 <2156012B?2
@= 2R612:4=3568. = ;167=<5> /2 :2//2 C=154<2/ 86G1= /68 ;=1M/=8 7
8= 6G59C6 /2 @48514G9<4>3 @= <2/4@2@=8P =F;1=82@2 <6:6 ;61<=352K=8
@= <2@2 932 @= /28 <2/4@2@=8 <635=34@28 =3 <2@2 :2//2 93452142P
286<4I3@6/2 2 /68 ;93568 <=3512/=8 @= /28 <=/@28 @= @4<D2 :2//2.
=34=3@6 =3 <9=352 H9= @=/ 2K985= @= /2 :2//2 D614N6352/ 86G1= /2
<2156012B?2 @= 2R612:4=3568 1=89/52 /2 ;167=<<4>3 @= /68 ;93568 @= /2
89;=1M<4=P 8= 1=2/4N> 932 <611=<<4>3 @= /2 <661@=32@2 . 852 <611=<<4>3
B9= @6G/=P =3 ;14:=1 /9021 8= 6G59C6 =/ C2/61 @= /2 <661@=32@2
;=15=3=<4=35= 2 /2 89;=1M<4= @=/ 5=11=36P ;212 /9=06 2K98521/2 2
/2 <661@=32@2 @=/ <=35164@= @= C6/9:=3 @=/ G/6H9= :I8 <=1<236
@= /68 H9= <63854597=3 =/ :6@=/6 0=6=852@?854<6 514@4:=384632/. 2
;167=<<4>3 @= /2 :2//2 C=154<2/ 86G1= /68 ;=1M/=8 ;=1:454> =852G/=<=1
/28 <661@=32@28   @= /68 ;93568 <=3512/=8 @= 898 <=/@28P 72 H9=
=852 ;167=<<4>3 8= D2<= 86G1= 93 ;/236  . 9=C2:=35= 8= 1=2/4N>



932 <611=<<4>3 @= <661@=32@28P =3 =85= <286 86G1= =/ =K= . 212 =//6


8= 2K985> /2 <661@=32@2  @= <2@2 936 @= /68 ;93568P 6G5=34@68 2
;21541 @= /68 ;=1M/=8P 2 /2 <661@=32@2 @=/ <=35164@= @= C6/9:=3 @=/
G/6H9= :I8 <=1<236 @= /68 H9= <63854597=3 =/ :6@=/6 0=6=852@?854<6
514@4:=384632/. (32 C=N @40452/4N2@2 56@2 =852 43B61:2<4>3 8= @48;986
@= 932 ;/252B61:2
 <63 <=/@28 <WG4<28P @= @4:=38463=8  F  F 
:=5168P >;54:2 ;212 /2 <9G4<2<4>3.
= =852 B61:2 8= 59C6 932 39G= @= ;93568 @48514G94@68
514@4:=384632/:=35= 7 @=M34@68 ;61 /68 <=35164@=8 @= <2@2 936 @=
/68 <9G68 H9= 1=89/523 @= /2 435=18=<<4>3 @= /2 :2//2 D614N6352/ <63 /2
C=154<2/. 2@2 936 @= =8568 ;93568 //=C21I 286<42@2 /2 @48514G9<4>3 @=
<2/4@2@=8 ;1=8=35=8 =3 89 =356136 514@4:=384632/ <WG4<6 TG/6H9= @= 
F  F  :=5168SP @=/ <92/ =8 <=35164@= @= C6/9:=3. 68 C2/61=8 @=
=852 @48514G9<4>3 @= <2/4@2@=8 =85I3 =F;1=82@68 =3 ;61<=352K=8 @= <2@2
932 @= /28 <2/4@2@=8.

P 25D=163 
P =/2G61> /2 5=61?2 @=/ J140=2@6 7 ;6<6 @=8;9E8P
P 2@=D  =/2G61> /2 5=61?2 @= @4B9868. 685=1461:=35=P  P
42:63@ P =3 G28= 2 /28 5=61?28 @= J140=2@6 7 @4B9868 @=82116//>
/2 :=56@6/60?2 @= J140=2@6 @4B986. / @=82116//6 :25=:I54<6 ;9G/4<2@6
;61  P 42:63@ P K9356 <63 /2 5=61?2 @=/ J140=2@6 <6:;684<4632/P
G282@6 =3 /68 =859@468 @= P 6/68232Q=/02@6 P 863 /28 @68
:=56@6/60?28 H9= 8= 2;/4<2163 2/ =859@46 @= @48514G9<4>3 @= <2/4@2@=8
=3 =/ 72<4:4=356 0123?54<6 @=  6114A6 7 H9= 8= 1=<60=3 =3 =852 5=848.



&

2 +$! !" 

'!! !$!

/ 859@46 =6/>04<6Q43=16 @= /2 63<=84>3 @= F;/652<4>3


=3=@4<52 T3 SP  6114A6 T635=C=@12S =/2G612@6 ;61 =/ 
;=1:454> 6G5=3=1 932 @48514G9<4>3 @= /2 <2/4@2@ 43@985142/ @= /2
16<2 86G1= /2 G28= @= /2 435=012<4>3 <923545254C2 @= 89 <2/4@2@ 7 /2
;684G4/4@2@ @= =F512<<4>3 @= ;16@9<568 <6:=1<42/=8. 852 @48514G9<4>3
@= <2/4@2@=8 8= @48;63= =3 @4<D6 =859@46 =3 B61:2 @= 93 :2;2
@= 2R612:4=3568 H9= <212<5=14N2 /68 54;68 @= 1=<91868 ;1=8=35=8 =3
=/ 72<4:4=356 =3 B93<4>3 @= /28 <63@4<463=8 @= 2;16C=<D2:4=356 6
<2/4@2@=8 <6:=1<42/=8. 852 :48:2 <212<5=14N2<4>3 8= =:;/=> ;212 =/
/=C2352:4=356 @= <43<6 ;=1M/=8 51238C=182/=8 2 /2 :2761 @4:=384>3 @=/
72<4:4=356P 7 6516 /630459@432/. 8568 ;=1M/=8 ;=1:4541I3P 2@=:I8 @=
6G5=3=1 C2/61=8 @= <2/4@2@ =3 ;93568 @= /2 89;=1M<4=P 6G5=3=1 C2/61=8
@= <2/4@2@ =3 ;16B93@4@2@ =3 /28 @48543528 N6328 @=/ 72<4:4=356.
89 C=NP 932 @48514G9<4>3 2/=256142 @= 6<D6 863@=68 =3 56@2 =/ I1=2
@= =859@46 ;=1:45= <63M1:21 /2 43B61:2<4>3 2;6152@2 ;61 =/ :2;2
@= 2R612:4=3568 7 ;=1M/=8 2 /2 C=N H9= =852G/=<=1 /28 ;/252B61:28
/?:45=8 @= /2 =F;/652<4>3. &9=@2 @=852<21 H9= =/ :21<6 0=6/>04<6
8= @=M3= =3 G28= 2 9368 <145=1468 @= <2/4@2@ H9= <63@4<46323 89
2;16C=<D2:4=356 <6:=1<42/. @=:I8P 1=2/4N23@6 932 <212<5=14N2<4>3
@= =852 0=6/60?2 8=0W3 /68 @48543568 2;16C=<D2:4=3568 @=/ 0123456P 8=
54=3= 932 @48514G9<4>3 =8;2<42/ @= 2H9=//68 @2568 H9= 2/4:=3521I3 =/
=859@46 @= <2/4@2@ @=/ 72<4:4=356.



&

-!  

68 <145=1468 ;212 /2 @=5=1:432<4>3 @= /28 @4B=1=35=8 <2/4@2@=8 8=


2019;23 =3 @68. 61 93 /2@6 /68 <145=1468 H9= @=M3=3 /2 <2/4@2@
43@985142/P =856 =8P 2H9=//68 H9= <63@4<46323 =/ 52:2A6 @= /2 16<2
=F512?@2 ;212 H9= ;9=@2 8=1 51252@2 <6:6 G/6H9= ;212 5=/21=8P G/6H9=
;212 84//=1?2 7 <638519<<4>3 6 G/6H9= ;212 I14@68. 61 6516 /2@6 /68
<145=1468 H9= <212<5=14N23 /2 16<2 <63 :2761 6 :=361 012@6 @= C2/61
6132:=352/. 68 B2<561=8 H9= C23 2 <63@4<46321 /2 <2/4@2@ 43@985142/
=85I3 1=/2<4632@68 <63 =/ 012@6 @= B12<5912<4>3 @=/ :2<4N6P =3 B93<4>3
GI84<2:=35= @= H9= =/ =8;2<42@6 @= /28 B2:4/428 @= B12<59128 8=2 :2761
6 :=361 2  :=5168. 61 89 ;215=P /68 B2<561=8 H9= C23 2 <63@4<46321 /2
<2/4@2@ 6132:=352/ 8= D23 <63<1=52@6 =3 /2 :43=12/60?2P 2/5=12<463=8P
<6/61P 52:2A6 @= 01236P 5=F5912P =8519<5912P M8912<4>3P C=328P =3</2C=8P
G6/82@28P =8519<59128 @= R9K6 7 89 @48514G9<4>3 @=3516 @= /2 16<2P 28?
<6:6 /2 @48514G9<4>3 D6:60E3=2 @=/ 52:2A6 @= 01236 @=3516 @= /2
16<2.
3 =/ =859@46 <452@6 8= =852G/=<4=163
 =852<463=8 @= 6G8=1C2<4>3
@48514G94@28 ;61 56@2 /2 =F;/652<4>3. 2 6G8=1C2<4>3 <6354392 @= /68
B1=35=8 @= =F;/652<4>3 =3 898 N6328 2<<=84G/=8 <63 6GK=56 @= 8435=54N21
/28 C2142<463=8 C=154<2/=8 @=/ :2<4N6P /2 5=854M<2<4>3 @= /68 863@=68
1=2/4N2@68P 7 /2 435=012<4>3 @= /2 =F;=14=3<42 51238:454@2 ;61 /68
<235=168 B9=163 /68 438519:=3568 954/4N2@68 ;212 <63</941 932 <2/4@2@
<6:=1<42/ @48514G94@2 =3 56@6 =/ I:G456 @= /2 =F;/652<4>3. / :E56@6P
293H9= 1=89/52 <92/45254C6P 8= 2;67> =3 /2 =F485=3<42 @= =382768



2 +$! !" 

5=<36/>04<68 H9= 43@4<23 =3 56@68 /68 <2868 /2 2/52 <2/4@2@ 43@985142/


@= =8568 :25=142/=8 <923@6 36 ;1=8=3523 2/5=12<4>3.
2 <2/4@2@ <6:=1<42/ 8= <63<1=5> =3 5E1:4368 @=/ 2;16C=<D2:4=356
M32/ H9= 5=3@1I3 /68 @48543568 1=<43568 =F;/652@68P 954/4NI3@68= /28
@=36:432<463=8 84094=35=8!
/6H9= @= ;14:=12 <2/4@2@ TS
/6H9= @= 8=093@2 <2/4@2@ TS
25=142/ @= <638519<<4>3 T
S
V14@68 TS
3 2@=/235=P /68 @48543568 34C=/=8 @= <2/4@2@ 8=1I3 1=B=14@68 ;61
89 C2/61 39:E14<6. 3 /2 B28= @= </284M<2<4>3 @= /28 <2/4@2@=8 =3
<2:;6P 8= =:;/=2163 123068 @= <2/4@2@ 435=1:=@468P <63 =/ 6GK=54C6
@= <212<5=14N21 <63 :I8 ;1=<484>3 2H9=//68 1=<43568 =3 /68 H9= =85I3
;1=8=35=8 @68 34C=/=8 @= <2/4@2@P ;1=@6:4323@6 936 @= =//68. = =852
B61:2P 2 :6@6 @= =K=:;/6P 93 1=<4356 <212<5=14N2@6 <63 <2/4@2@ T
Q
S 4:;/4<2 H9= =3 E/ 8= 54=3=3 :25=142/ @= <638519<<4>3 T
S 7 I14@68
TS 84=3@6 :2761 /2 ;1=8=3<42 @= :25=142/ @= <638519<<4>3 T
S. 61 =/
<63512146P 84 93 1=<4356 8= <212<5=14N2 <6:6 @= <2/4@2@ TQ
S 4:;/4<2
H9= =3 E/ 8= 54=3=3 I14@68 TS 7 :25=142/ @= <638519<<4>3 T
SP 84=3@6
:2761 /2 ;1=8=3<42 @= I14@68 TS.
/ G/6H9= @= ;14:=12 <2/4@2@ TS 8= 1=M=1= 2 932 16<2 @= <2/4@2@ 2/52
6 C2/61 6132:=352/ 2/56P 843 2/5=12<4>3 84034M<254C2P G9=3 28;=<56 7 843


6 <63 =8<2828 D=5=160=3=4@2@=8 7 39/2 M8912<4>3. @=:I8 8= 51252 @=
932 16<2 H9= ;9=@= =F512=18= =3 G/6H9=8 0123@=8 ;212 /2 6G5=3<4>3 @=
52G/=16 =3 5=/21. 63 G/6H9=8 @= <2/4@2@ 2/52 7 @48514G9<4>3 D6:60E3=2
@=  : 2  : 6 :2761=8.
/ G/6H9= @= 8=093@2 <2/4@2@ TS =8 2H9=/ =3 =/ H9= 6 G4=3
/2 <2/4@2@ 6132:=352/ @= /2 16<2 36 =8 /2 :=K61P ;61 ;1=8=3<42 @=
D=5=160=3=4@2@=8P @=<6/612<463=8P ;1=8=3<42 @= C=328 H9= /= <63M=1=3
93 28;=<56 36 523 G9=36% 6 G4=3 /2 @48514G9<4>3 @= /68 G/6H9=8
=F512?G/=8 =8 :I8 D=5=16:E514<2 <63 /6 H9= 89 <2/4@2@ 43@985142/ =8
:2/2. 3 56@6 <286P ;212 H9= 93 1=<4356 8= </284MH9= <6:6 @= <2/4@2@
TSP /68 =8;2<42@68 =351= /28 B12<59128 8485=:I54<28 D23 @= 89;=121 ;61
/6 0=3=12/ /68  :=5168.
2 <2/4@2@ 4@=354M<2@2 <6:6 :25=142/ @= <638519<<4>3 T
SP ;4=@12
@= <638519<<4>3P 8= 1=M=1= 2 1=<43568 =3 /68 H9=P 293H9= 6<284632/:=35=
8= ;9=@23 6G5=3=1 G/6H9=8 H9= ;9=@23 43</9418= =3 /28 <2/4@2@=8
235=1461=8P /2 B12<5912<4>3 <63@4<4632 932 =F512<<4>3 @= 8=:4G/6H9=8P
84=3@6 E8568 G/6H9=8 ;=H9=A68P 43B=1461=8 2  : . 9=@=3 5125218=
43</986 @= ;4=N28 :=361=8P <63 =8;2<42@68 =351= B12<59128 43B=1461=8 2
 :=5168P 43@=;=3@4=35=:=35= @= /2 <2/4@2@ @= /2 16<2P 84=:;1= H9= 36
=85E 84034M<254C2:=35= 2/5=12@2 7 36 ;1=8=35= 932 G2K2 1=8485=3<42. =
=8568 1=<43568 @= <2/4@2@ T
S 8= =F512=3 ;16@9<568 52/=8 <6:6 ;=1;42A6
7 :2:;685=1?2.
= </284M<23 <6:6 I14@68 TS 2H9=//68 1=<43568 =3 /68 H9= /2
B12<5912<4>3 @=/ :2<4N6 =8 52/P H9= 34 84H94=12 =8 2;16C=<D2G/= <6:6



2 +$! !" 

:25=142/ @= <638519<<4>3 T
S. =3516 @= =85= 34C=/ @= </284M<2<4>3
8= ;9=@=3 @485430941 @68 019;68! /68 I14@68 @= :2<D2H9=6 TS 7
/68 :25=142/=8 14;2G/=8 T3S. 63 I14@68 @= :2<D2H9=6 2H9=//68 H9=
;1=8=3523 932 2/52 @=384@2@ @= B12<5912<4>3 =3 16<2 2/5=12@2 6 B1=8<2
7 36 863 14;2G/=8. 68 :25=142/=8 14;2G/=8 =85I3 <63854594@68 ;61 21=328
7 012C28 M328 <921N6QB=/@=8;I54<28.

&

D#$  

61 /6 H9= 8= 1=M=1= 2 /2 @48514G9<4>3 @= /2 <2/4@2@ <6:=1<42/P


=3 /2 ;215= =85= 7 891 7 =3 /28 N6328 843 =F;/6521 8= 54=3=3 I1=28
@= <2/4@2@ TQ
SP ;1=@6:43235=:=35= I14@68 @= :2<D2H9=6P 293H9=
=3 2/09368 1=<43568 ;9=@=3 =F512=18= I14@68 325912/=8 @= 54;6 K2G1=
T<636<4@6 /6<2/:=35= <6:6 YF2G1=YS 72 H9= /2 :61B6/60?2 0123?54<2 =3
G6/=1?6 4:;/4<2 N6328 @= 21=34N2<4>3 :I8 6 :=368 @=82116//2@28. 2
@=36:432<4>3 K2G1= D2<= 1=B=1=3<42 2 2/5=14528 0123?54<28 <63854594@28
;61 <921N6 7 B=/@=8;256 =3 01239/6:=51?2 @= 21=32.
/ 891 7 2/ 6=85= @= /2 N632 @= =F;/652<4>3 2<592/ 8= 54=3= 93
1=<9G14:4=356 @= K2G1= H9= ;6@1?2 8=1 954/4N2@6 =3 <6:6 I14@6 325912/.
3 /68 ;=1M/=8 =/2G612@68 ;212 @=5=1:4321 /2 @48514G9<4>3 @= <2/4@2@=8
8= D23 435=1;1=52@6P 86G1= /2 G28= @= /28 6G8=1C2<463=8 @= <2:;6P 9368
=8;=861=8 @= K2G1= H9= C21?23 @=8@= ;6<68 <=35?:=5168 2 36 :9<D6
:I8 @= 932 @=<=32 @= :=5168 TC2092@28S 84=3@6 :I8 B1=<9=35=:=35=
43B=1461 2 /68  :=5168. 3 =8568 ;=1M/=8P ;9=@= 6G8=1C218= <6:6 2 ;21541
@= 932 <4=152 ;16B93@4@2@ G2K6 =/ K2G1=P 8= 845W2 /2 16<2 36 14;2G/=


B12<5912@2 7 2/5=12@2 <63 <2/4@2@ TS 6 <63 ;684G4/4@2@ @= 6G5=3<4>3
@= :25=142/ @= <638519<<4>3 TQ
S <63 =8;=861=8 :97 C2142G/=8P @=8@=
;6<68 :=5168 D2852 9368 Q
 :=5168.
3 =/ I1=2 @= =F;/652<4>3P /28 <2/4@2@=8 8=A2/2@28 <6:6 I14@68
TS 6 I14@68 :25=142/ @= <638519<<4>3 TQ
S <611=8;63@=3 2 G23@28
@= B12<5912<4>3 6 2 I1=28 2W3 :97 89;=1M<42/=8 =3 /2 =F;/652<4>3. 9
@48514G9<4>3 8= 2K9852 2 /28 <452@28 G23@28 @= B12<59128 7 2 1=<43568 @=
/68 G61@=8 3615= 7 891 @=/ I1=2 @= =F;/652<4>3.
3 /68 @6:43468 D6:60E3=68 @=/4:452@68 ;61 G23@28 @= B12<59128P
/68 =8;2<42@68 =351= /28 B12<59128 8485=:I54<28 =3 /2 @41=<<4>3 Q
 863 89;=1461=8 =3 0=3=12/ 2 /68  :=5168% 8=0W3 Q 863 :2761=8
@=
:=5168P 7 =3 /2 @41=<<4>3 Q 89;=123 /68  :=5168P //=023@6
2 8=1P =3 2/09368 <2868P :2761=8 @=  :=5168. 61 52356P =3 =8568
@6:43468 7 1=8;=<56 2 /68 52:2A68 @= G/6H9=8 /2 <2/4@2@ TS 36
;1=8=352 1=8514<<463=8 84034M<254C28. 93H9= 2/09328 D=5=160=3=4@2@=8
;1=8=35=8 =3 =8528 N6328 D23 //=C2@6 2 </284M<21 ;684G/=8 <2/4@2@=8 TS
=3 <2/4@2@=8 TS 6 43</986 <2/4@2@=8 T
S.
)27 H9= 8=A2/21 H9= /28 D=5=160=3=4@2@=8 863 =3 0=3=12/ =8<2828
=3 =/ I1=2 @= =F;/652<4>3. 68 <2:G468 :I8 4:;615235=8 @= <6/61 8=
;16@9<=3 =3 /2 ;16F4:4@2@ @= /28 G23@28 @= B12<59128 T=;484=3454N2<4>3S
2 93 1682 :I8 435=386 = 43</986 2 16K6. 9<=@= =856 =3 :9<D28 ;215=8
@=/ 72<4:4=356. 6/61=8 :I8 </2168 H9= =/ 1682 :=@46P <284 G/23<68P 8=
/6<2/4N23 =3 /2 1=04>3 @= #4/2B1?2P =3 =/ =356136 @=/ 863@=6 . 3
=85= 863@=6 8= ;282 @= 93 <6/61 </216 2 93 1682 5=39= =3 ;16B93@4@2@P



2 +$! !" 

H9= 8= <6:=1<42/4N> <63 /2 @=36:432<4>3 @= [123456 #4/2B1?2YP 7 =3


/2 ;215= 891 @=/ I1=2 @= =F;/652<4>3P @63@= 8= D2 @=36:432@6 [ /23<6
6114A6Y 7 52:G4E3 [682 6114A6 =<6/612@6Y.
68 ;935=2@68 @= 5435=8 C=1@6868 T=;4@652S 8= ;1=8=3523 @= B61:2
G285235= 0=3=12/4N2@2P 84 G4=3 863 :97 =8<2868 =3 /2 ;215=  7
=3 /2 N632 @= #4/2B1?2. 3 <92/H94=1 <286 36 863 :97 2G93@235=8P
84034M<23@6 =3 2/09368 <2868 =/ ;286 @= <2/4@2@ TS 2 <2/4@2@ TS.
2 M8912<4>3 8= ;1=8=352 =3 2/09368 1=<43568 <63 G285235= @=384@2@.
8? =3 =/ 863@=6 P /2 M8912<4>3 =8 4:;615235=. 2:G4E3 =8 2/06
:2761 =3 =/ 863@=6  H9= =3 65168 863@=68 9G4<2@68 =3 =/ B63@6 @=
<6152 @= /2 =F;/652<4>3. 852 :2761 M8912<4>3 @48:4397= =/ G14//6 @=
/2 16<2 7 D2<= H9= 5=302 93 ;=61 ;9/4@6 @=G4@6 2 89 :2761 ;61684@2@P
28? <6:6 932 :2761 B2<4/4@2@ ;212 /2 2/5=12<4>3.
=/ <452@6 =859@46 8= @=@9<= H9= /2 <2/4@2@ @= /2 16<2 =8 :=K61 7
;1=8=352 :=368 C2142<463=8 =3 ;16B93@4@2@ 7 D2<42 =/ 6=85=.

&&

5*!  #!

28 </284M<2<463=8 ;61 <2/4@2@=8 1=2/4N2@28 ;61 =/ =H94;6 @=


0=>/6068 @=/  =85I3 G282@28 =35=12:=35= <145=1468 0=6/>04<68 52/=8
<6:6! B12<5912<4>3P @=B=<568 =8519<5912/=8P @4H9=8P N6328 @= 6F4@2<4>3P
52:2A6 @= 01236P 5=F5912P C=328P <6/61P =5<.
3 G28= 2 =85= <145=146P 8= =852G/=<4=163  123068 @= </284M<2<4>3
@= <2/4@2@P H9= @=M341I3 [1=<43568 0=6/>04<68Y @=3516 @=/ ;/236 @=
2R612:4=3568 TM0912
.S 7 @= /68 ;=1M/=8P 84=3@6 /68 84094=35=8!



40912
.! 2;2 @= @48514G9<4>3 @= <2/4@2@=8 =3 G28= 2 /68
2R612:4=3568 =859@42@68 =3 <2:;6.



2 +$! !" 
       = @=36:4323 28? 2H9=//68 1=<43568 =3 /68
H9= 8= ;9=@23 =F;/6521 G/6H9=8 H9= 36 ;1=8=35=3 3430W3 54;6 @=
@=B=<56 =85E54<6P 7 =3 /68 H9= /2 ;684G/= ;1=8=3<42 @= B12<59128 36
;=1K9@4<2 /2 6G5=3<4>3 @= C6/W:=3=8 @= G/6H9= <63 932 <2/4@2@
2/52. 3 =8568 1=<43568 8= 6G54=3=3 /68 G/6H9=8 <6:=1<42/4N2G/=8
<6:6 @= ;14:=12 <2/4@2@.
      . =1I3 2H9=//68 =3 /68 H9= 2;=328 =F485=3
@=B=<568 6 B12<5912<463=8P ;1=@6:4323@6 932 ;4=@12 @= 2/52
<2/4@2@P <284 56@2 /2 <92/ 8=1I @41404@2 2 /2 ;16@9<<4>3 @= G/6H9=8
@= ;14:=12 <2/4@2@.
      . 63 2H9=//28 N6328 =3 /28 H9= <6:4=3N23
2 5=3=1 932 ;1=8=3<42 4:;615235= /68 @=B=<568 =85E54<68 7
=8519<5912/=8. 284 56@6 =/ 0123456 =F;/652G/= =8 @= <2/4@2@
43B=1461 2 .
      . = @=36:4323 28? 2H9=//28 @=:21<2<463=8
=3 /28 <92/=8 2;21=<= 93 2/56 3W:=16 @= @=B=<568 =85E54<68P 52/=8
<6:6 02G21168P <43528P =5<. 28 <212<5=1?854<28 5E<34<28 @= =8568
G/6H9=8 52/=8 <6:6 1=8485=3<42 6 @91=N2P 863 84:4/21=8 2 /28 @=
/68 G/6H9=8 @= ;14:=12% 843 =:G2106P /6 H9= 84 C21?23 863 /28
;2154<9/214@2@=8 =85E54<28 52/=8 <6:6 =/ <6/61 6 =/ 52:2A6 @=
01236.
      . 1=8=3523 <212<5=1?854<28 84:4/21=8 2 /68
@= <2/4@2@ P 293H9= 29:=352 685=384G/=:=35= /2 ;1=8=3<42 @=



B12<5912<4>3.
      . 2 B12<5912<4>3 29:=352 @= B61:2
4:;615235=P 4:;4@4=3@6 =F512=1 52:2A68 @= G/6H9= 2;16C=<D2G/=
<6:6 52/. = =:;4=N23 2 @=8=<D21 G/6H9=8P @=G4@6 2 898 /?3=28
@= B12<5912.
      . 63 N6328 =3 /28 H9= /2 <2354@2@ @=
B12<59128 ;1=8=35=8 D2<= H9= /68 G/6H9=8 H9= 8= 6G5=3023 8=23 @=
@4:=38463=8 :=361=8 2 /68 @= <2/4@2@=8 235=1461=8. = 6G54=3=3
9368 8=:4G/6H9=8 @= 9328 <2/4@2@=8 B?84<28 2<=;52G/=8P ;=16 <63
9328 @4:=38463=8 @=:2842@6 ;=H9=A28 ;212 =3C421/6 2 /68 5=/21=8.
41C=3 <6:6 :25=142/ @= <638519<<4>3 T;=1;42A68 6 84//21=8S.
      . 2 ;1=8=3<42 @= B12<59128 C2 84=3@6
:2761P 4:;/4<2 ;61 =//6 H9= =/ 52:2A6 @= G/6H9= =F512?@6 8=1I
:97 1=@9<4@6.
      . 2 B12<5912<4>3 ;1=8=35= =8 523
4:;615235= H9= ;1I<54<2:=35= 56@2 /2 <2354@2@ @= ;4=@12
=F512?G/= 841C= W34<2:=35= ;212 I14@68P 8>/6 932 ;=H9=A2
<2354@2@ 8= 954/4N21I <6:6 :25=142/ @= <638519<<4>3.
      . 28 014=528 @=/ :2<4N6 @=G4@28 2 B12<59128P
B2//28P G23@28 @= B12<5912<4>3P =5<.P 36 ;=1:45=3 6G5=3=1 93
52:2A6 @= 16<2 H9= 841C2 2/06 :I8 H9= ;212 I14@68.



2 +$! !!$# 

212 =314H9=<=1 /2 43B61:2<4>3 89:4348512@2 2/ ;16012:2 @=


;16<=82@6 @= @2568 8= 954/4N> =852 </284M<2<4>3 @= <2/4@2@=8% 84 G4=3P 932
C=N 6G5=34@68 /68 1=89/52@68 8= 1=61@=3> /2 </284M<2<4>3 ;212 2@2;521/2
2 /68 <145=1468 <6:=1<42/=8. /2 D612 @= /2 <6:=1<42/4N2<4>3 8>/6 54=3=
435=1E8 @4B=1=3<421 =351= G/6H9=8 @= ;14:=12 <2/4@2@ TSP G/6H9=8 @=
8=093@2 <2/4@2@ TSP :25=142/ @= <638519<<4>3 T
S 7 I14@68 TS.
@=:I8

@= =8568

<92516 019;68

<452@68

7 6GC423@6 =/

1=<9G14:4=356P =85I3 ;1=8=35=8 @=;>84568 2/9C42/=8 <63854594@68 ;61


012C28 7 21=328 =3 ;16;61<463=8 C2142G/=8. 8568 @=;>84568 8=
=3<9=35123 =3 N6328 @= 56;6012B?28 G2K28. = 56@28 B61:28P =/ =8;=861
@= =8568 @=;>84568 =3 0=3=12/ 36 89;=12 /68  :=5168.
61 6516 /2@6 52:G4E3 =85I3 ;1=8=35=8 =3 N6328 @= /2@=12 21=328
@=51?54<28 6 [F2G1=8YP <63 =F5=38463=8 1=@9<4@28P 36 <2156012M2G/=8
7 <63 =8;=861=8 H9= C21?23 @=8@= ;6<68 <=35?:=5168 2 9368 <923568
:=5168. 3 /28 N6328 @63@= =F485=3 C2//=8 @= B12<5912P /2 =C4@=3<42 @=
=8568 ;16<=868 @= 21=34N2<4>3 @=/ 0123456 =8 :2761. 3 =85= 512G2K6
@= 43C=85402<4>3 8= @46 ;14614@2@ 2 /2 <9G4<2<4>3 @= /68 <92516 54;68
<6:=1<42/4N2G/=8 @= 16<2.

&

'!! !(!

/ ;16<=82@6 0=6=852@?854<6 1=H94=1= /2 @=M34<4>3 @= 93 :2//2@6


=8;2<42/ @= /68 ;93568 =H94=8;2<42@68 2 /68 H9= 8= 2840321I3
/68 @2568 @= =3512@2 ;16@9<56 @= /2 =@4<4>3 @= /2 43B61:2<4>3


H9=P 86G1= /2 @48514G9<4>3 @= <2/4@2@=8 ;16;61<463> =/ =859@46
0=6/>04<6. 685=1461:=35=P 86G1= =82 39G= @= ;93568 8= 2K9852163
1=89/52@68 52356 @=/ ;16<=86 @= J140=2@6 @4B986 <6:6 @=/ J140=2@6
<6:;684<4632/P 8=0W3 /28 5E<34<28 =859@42@28 232/4N2@28 =3 =85= 512G2K6
@= 43C=85402<4>3. =85= :2//2@6 =8;2<42/ 8= /= 89:21I /2 @=M34<4>3 @=
<6356136P =35=3@4=3@6 <6:6 52/ /2 B1635=12 @=M34@2 ;61 /68 /?:45=8
2@:434851254C68 T/?:45= 1W854<6 = 43@985142/SP ;61 /2 ;16;42 89;=1M<4=
@=/ 5=11=36P 52356 325912/ <6:6 2/5=12@6 ;61 /2 2<54C4@2@ =F512<54C2P 7
52:G4E3 ;61 /28 ;/252B61:28 M32/=8 @= 2G23@636 @= /2 =F;/652<4>3. 63
56@6 =856 8= @=M3= =/ :6@=/6 0=6=852@?854<6 7 ;=1:45= /2 <9G4<2<4>3
M32/ ;61 <I/<9/6 @41=<56 @= /28 1=8=1C28 @=/ 72<4:4=356.
2154=3@6 @= H9= =/ 435=1E8 ;143<4;2/ =3 ;16@9<<4>3 @= 0123456 8=
<=3512 =3 /2 @=M34<4>3 @= /2 <2/4@2@ @=/ G/6H9= ;14:2146P 84=3@6 E85= =/
;14:=1 G/6H9= 43@=;=3@4N2@6 @=/ :2<4N6 =3 =/ ;16<=86 @= =F512<<4>3
7 H9= ;1=8=352 9328 @4:=38463=8 @=  F  F  :=5168P 8= @=<4@4>
954/4N21 =8528 @4:=38463=8 <6:6 ;/252B61:2 ;212 /2 <9G4<2<4>3.
52/ =B=<56P =/ :2//2@6 @=/ :6@=/6 0=6=852@?854<6 8= @=M34> <63
=82 934@2@ ;14:2142P H9= <9G1= 56@2 /2 <63<=84>3. 212 =//6 8= ;2154>
@=/ ;/236 @= 2R612:4=3568 @=M34@6 <63 235=14614@2@P H9= ;16;61<4632
/68 ;93568 @= <2/4@2@ 2 @48543528 <6528P @2@2 /2 C2142G4/4@2@ @=
/2 =F;/652<4>3 =3 2/5912. 63 279@2 @=/ =356136 @= 1=;1=8=352<4>3
514@4:=384632/P =3 =/ H9= 8= 0=61=B=1=3<42163 =/ ;/236 @= 2R612:4=3568
7 /68 ;=1M/=8P 8= <1=> /2 :2//2 86G1= =/ ;/236 D614N6352/ *- 56:23@6
<6:6 6140=3 @= <661@=32@28 T* " 
 P - "  
S. 852 :2//2



2 $ " $!  $ $! !$

8= @=M3= <63 <=/@28 @=  F  :=5168P <63 /6 H9= =/ ;9356 <=3512/ @=


/2 ;14:=12 <=/@2 5=3@1I <661@=32@28 T* " 
 P - "  
S.
89 C=N 8= <1=> 6512 :2//2 =3 =/ ;/236 C=154<2/ * 56:23@6 <6:6 6140=3
@= <661@=32@28 T* " 
 P  " QS. 852 8=093@2 :2//2 8= @=M3=
52:G4E3 <63 <=/@28 @=  F  :=5168 7 =/ ;9356 <=3512/ @= 89 ;14:=12
<=/@2 54=3= <661@=32@28 T* " 
 P  " QS. 2 <6:;684<4>3 @=
=8528 @68 :2//28 @=M3= M32/:=35= =3 =/ =8;2<46 *- 932 @48514G9<4>3
@= <9G68 1=09/21=8P ;2154=3@6 @= /28 <661@=32@28 T* " 
 P - "
 
P  " Q S. = =852 B61:2P /68 <=35164@=8 @= C6/9:=3 @=
<2@2 936 @= =8568 <9G68 @=M3=3 =/ :2//2@6 @=/ :6@=/6 0=6=852@?854<6
=:;/=2@6 =3 =/ J140=2@6P 84=3@6 /28 <661@=32@28 @=/ ;14:=16 @= =8568
;93568 T* " 
 P - "  
P  " QS <63 93 =8;2<42@6 @=
 :=5168 =3 <2@2 932 @= /28 51=8 @41=<<463=8 @=/ =8;2<46.
63 6GK=56 @= <9G141 56@2 /2 =F;/652<4>3 8= =852G/=<4=163 
<=/@28 =3 =/ =K= *P  <=/@28 =3 =/ =K= - 7
 <=/@28 =3 =/ =K=
P /6 H9= <63854597= 93 5652/ @=    <=/@28 514@4:=384632/=8P
<212<5=14N23@6 <2@2 932 @= =//28 93 C6/9:=3 @=  : @= 0123456.

&&

%$  ! !  

(32 C=N @=M34@2 /2 :2//2 86;615= @=/ :6@=/6 0=6=852@?854<6P


/2 :2//2 D614N6352/ 8= 2;/4<> 86G1= /2 <2156012B?2 0=6/>04<2 @=
2R612:4=3568. 28I3@68= =3 /68 C2/61=8 @=/ I1=2 @= /68 @48543568
@6:43468 @= <2/4@2@ <635=34@2 =3 /2 ;167=<<4>3 @= <2@2 932 @=


/28 :2//28P 8= @=5=1:43> /2 @48514G9<4>3 @= <2/4@2@P =3 ;61<=352K=8P
286<42@2 2/ ;9356 <=3512/ @= <2@2 932 @= =8528 :2//28. 28 <661@=32@28
@= =8568 ;93568 <=3512/=8 @= :2//2 8= 2K9852163P 1=B=1=3<423@6 89
<661@=32@2 2

/2 89;=1M<4= @=/ 5=11=36 7P =3 93 8=093@6 ;286P

2K98523@6 E852 2/ ;9356 @=/ :2//2@6 0=6=852@?854<6 :I8 <=1<236.


/ :48:6 ;16<=86 8= =B=<59> ;212 2K98521 /68 C2/61=8 @= /2 C2142G/=
<2/4@2@ H9= 8= 6G54=3=3 @= /68 ;=1M/=8. 2 :2//2 C=154<2/ 8= ;167=<5>
86G1= /68 ;=1M/=8 H9= @=M3=3 =/ :6@=/6 0=6/>04<6 TC=1 2;2152@6
.S.
68 C2/61=8 @=/ I1=2 @= /68 @48543568 @6:43468 <635=34@2 @=3516 @=
<2@2 <=/@2 934@2@ ;167=<52@2P @=5=1:43> /2 @48514G9<4>3 @= <2/4@2@%
=3 ;61<=352K=8P 286<42@2 2/ ;9356 <=3512/ @= <2@2 932 @= /28 :2//28
C=154<2/=8. 28 <661@=32@28 @= =8568 ;93568 <=3512/=8 @= :2//2 8=
2K9852163P <611404=3@6 89 <661@=32@2  ;212 2840321/2 2/ ;9356 @=/
:2//2@6 0=6=852@?854<6 :I8 <=1<236.
(32 C=N 2K9852@28 =8528 ;167=<<463=8 D614N6352/ 7 C=154<2/ 8= 59C6
/2 @48514G9<4>3 @= @2568 @= =3512@2P <212<5=14N23@6 /68 <=35164@=8 @= /2
:2//2 <63 /68 C2/61=8 @= @48514G9<4>3 @= <2/4@2@ ;1=8=35= =3 /28 <=/@28
C6/9:E514<28 H9= 1=;1=8=352 <2@2 936 @= =//68.

&

58 !( *

212 1=2/4N21 /2 =854:2<4>3 @= <2/4@2@=8 =3 56@6 =/ 72<4:4=356 8=


;/235=2163 @68 :E56@68 0=6=852@?854<68! J140=2@6 @4B986 7 J140=2@6
<6:;684<4632/.



2 ,   !!$#   $

/ J140=2@6 @4B986 =8 93 :E56@6 H9= 8= 2@2;52 G4=3 2/ 51252:4=356


@= @2568 <972 C2142G/= @= =859@46 8= ;/235=2 4:;1=<482 =3 /2 284032<4>3
@= 93 G/6H9= 2 93 W34<6 019;6 @= <2/4@2@.
=34=3@6 =3 <9=352 H9= 8= @=G=3 C2/6121 56@28 /28 <2/4@2@=8
<63 /2 :48:2 4:;61523<42P =/ :E56@6 @= J140=2@6 <6:;684<4632/
=C2/W2 28? /28 C2142G/=8 =3 =859@46. 85= :E56@6 =354=3@= <6:6 @2568
<6:;684<4632/=8 93 <63K9356 @= C=<561=8 36 3=0254C68P @= B61:2 H9=
/2 89:2 @= 898 <6:;63=35=8 =8 <6385235= = 4092/ 2 . 35=3@4=3@6
H9= <2@2 932 @= /28 <2/4@2@=8 ;1=8=35=8 =3 /68 G/6H9=8 H9= <63854597=3
/2 :2//2 0=6=852@?854<2 8= =C2/W23 =3 52356 ;61 <4=356P 8= 0212354N2 28?
H9= /2 89:2 @= /2 @48514G9<4>3 @= <2/4@2@=8 =854:2@2 =3 <2@2 G/6H9=
8= 2K985= 2/ C6/9:=3 <6:;/=56 @=/ :48:6.

&

?! 4#!

/ <63<=;56 4336C2@61 H9= ;/235=2 =85= 512G2K6 @= 43C=85402<4>3


=8 /2 2;/4<2<4>3 @= /2 5=61?2 @= <63K93568 @4B9868 T9NN7 =5
D=617S 2/ J140=2@6 <63C=3<4632/ =:;/=2@6 =3 512G2K68 ;1=<=@=35=8.
/ 72<4:4=356 0123?54<6 =859@42@6 ;1=8=352 <4=152 43<=154@9:G1= =3 /2
@=M34<4>3 @= /28 @48543528 <2/4@2@=8 ;/235=2@28. =34=3@6 =3 <9=352
/68 <145=1468 @= <2/4@2@ @= /2 16<2P 52356 ;61 89 C2/612<4>3 6132:=352/
<6:6 ;61 89 2;16C=<D2:4=356 43@985142/P /2 @=/4:452<4>3 @= <2/4@2@=8
=351= /68 @4B=1=35=8 1=<43568 ;/235=2@68 =3 =/ :6@=/6 0=6/>04<6 =8 52/
H9= 1=89/52 4:;684G/= =852G/=<=1 /?:45=8 140916868 =351= =//68P =F4854=3@6
932 N632 @= 512384<4>3 @4B982. 856 8= @=G= =3 ;215= 2 H9= /68


<145=1468 H9= @=M3=3 /2 <2/4@2@ 6132:=352/ @=/ 0123456 54=3=3 932
<6:;63=35= 89GK=54C2P 84=3@6 =3 =85= <286 @4B982 /2 B1635=12 =351=
93 G/6H9= @= ;14:=12 <2/4@2@ TS 7 93 G/6H9= @= 8=093@2 <2/4@2@
TS. 6 6G85235=P 36 8= @=G= <63B93@41 =852 N632 @= 512384<4>3 @4B982
<63 932 N632 =3 /2 H9= /2 </284M<2<4>3 @= <2/4@2@=8 C272 C21423@6 @=
B61:2 ;1601=84C2 =351= /68 <92516 34C=/=8 @= <2/4@2@. 3 =8528 N6328P
8= @23 <2868 @= /2 =F485=3<42 @= G/6H9=8 H9=P /4:4523@6 <63 1=<43568
@= 2/4@2@  TC2/61 6132:=352/ 2/56 7 39/2 M8912<4>3S 8= =3<9=35123
;21<42/:=35= 43</94@68 =3 93 1=<4356 <63@4<4632@6 ;61 932 G23@2 @=
B12<5912<4>3P 93 1=<4356 @= 2/4@2@ . 3 =85= =K=:;/6P 8=1I <6:;/4<2@6
</284M<21 @4<D6 G/6H9= <6:6 2/4@2@  6 G4=3 2/4@2@  ;61 /6 H9=P
@2@6 =/ <21I<5=1 89GK=54C6 @=/ 8485=:2 @= </284M<2<4>3 ;/235=2@6P 8=1I
</284M<2@6 <63 ;61<=352K=8 84:4/21=8 @= 2/4@2@  7 2/4@2@  T  $
2/4@2@ P  $ 2/4@2@ S. 8528 N6328 @= 512384<4>3 4:;/4<23 93
012@6 @= 43<=15=N2 2 /2 D612 @= @=M341 /28 <2/4@2@=8P ;61 /6 H9= 8=
54=3= 93 ;65=3<42/ =1161 @= =854:2<4>3. 43 =:G2106P 2;/4<23@6 5=61?2
@= J140=2@6 @4B986P @4<D6 =1161 8=1I :=361 H9= =/ H9= 8= 6G54=3= <63
5E<34<28 @= J140=2@6 61@432146 =3 /28 H9= 8= 284032 93 86/6 C2/61 @=
<2/4@2@ 2 <2@2 G/6H9= @=/ :6@=/6 0=6=852@?854<6. 852 <63@4<4>3 @=
43<=154@9:G1= //=C2 2 ;/235=21 =3 =85= 512G2K6 @= 43C=85402<4>3 H9= /2
5=61?2 @4B982P 7 =3 ;2154<9/21 /2 5=61?2 @= 3W:=168 @4B9868P 8= 2@2;52 2/
:6@=/6 0=6=852@?854<6 ;16;9=856 =3 =/ H9= 8= =C2/W23 G/6H9=8 @= 
: .
(54/4N23@6 93 ;16<=@4:4=356 G282@6 =3 /2 5=61?2 @4B982P 8=

 

2 ,   !!$#   $

=8<604> 932 B93<4>3 5142309/21 ;212 <212<5=14N21 /28 <2/4@2@=8

@=

/68 G/6H9=8 @= =3512@2. = =852 B61:2P 8= 954/4N2163 3W:=168 @4B9868


286<42@68 2 B93<463=8 5142309/21=8 ;61 89 B2<4/4@2@ @= @=82116//6P @2@6
H9= 863 BI<4/:=35= 4:;/=:=352G/=8 =3 2/06145:68P 7 ;61H9= 863 /6
89M<4=35=:=35= R=F4G/=8 <6:6 ;212 :6@=/4N21 /68 @2568 @= =3512@2.
-$   4#! #
28 B93<463=8 5142309/21=8 H9= <212<5=14N23 /68 G/6H9=8 @= =3512@2
8= @=M3=3 =3 93 =K= @= <661@=32@28 8=0W3 =/ <92/P /2 G28= @=/ 514I309/6
8= @48;63= 86G1= =/ =K= @= 2G8<4828 7 86G1= =/ =K= @= 61@=32@28 8=
1=;1=8=352 =/ CE154<= @=/ 514I309/6 286<42@6 2 /2 <2/4@2@ ;1=@6:43235=
7 <976 C2/61 =8 /2 934@2@.
212 =/ <286 @= 93 G/6H9= <212<5=14N2@6 <63 932 W34<2 <2/4@2@P
;61 =K=:;/6 2/4@2@  TM0912
.SP 8= @=M3= =/ CE154<= 86G1= =/ C2/61
 =3 =/ =K= @= 2G8<4828 7 28403I3@6/= C2/61  =3 =/ @= 61@=32@28. 212
@=M341 /2 G28= @= =85= 514I309/6 8= @=M3=3 898 CE154<=8 2 .
934@2@=8
@=/ C2/61 @= <2/4@2@ TC2/61 S.
212 =/ <286 @= 93 G/6H9= <212<5=14N2@6 <63 @68 <2/4@2@=8
@4B=1=35=8P ;61 =K=:;/6  $ 2/4@2@  7  $ 2/4@2@  TM0912
.
SP =3
=/ =K= @= 61@=32@28 8= 236523 /68 ;61<=352K=8 @= <2@2 <2/4@2@ =3 52356
;61 936. / ;9356 @= <615= @= /2 D614N6352/ @= <2@2 936 @= =8568 C2/61=8
;61<=3592/=8 <63 /2 C=154<2/ @= 898 1=8;=<54C68 C2/61=8 @= <2/4@2@ =3
2G8<4828 1=;1=8=3521I @68 ;93568 H9= 8= =3<9=35123 86G1= /68 <25=568
@=/ 514I309/6. 212 @=5=1:4321 =/ CE154<= @=/ 514I309/6P 82G4=3@6 H9=

 

40912
.! 93<4>3 5142309/21 H9= <212<5=14N2 93 G/6H9= @= 932 86/2
<2/4@2@P 2/4@2@ .

89 61@=32@2 54=3= 93 C2/61 @= P 8>/6 B2/52 @=5=1:4321 =/ C2/61 @=


/2 2G8<482. 2 <661@=32@2  @=/ CE154<= =8 /2 :6@2 @= /28 <2/4@2@=8
1=;1=8=352@28 =3 =/ 514I309/6 T: S. 212 <2/<9/21 /2 :6@2 8= 56:23
/68 ;61<=352K=8 @= 2:G28 <2/4@2@=8 =3 52356 ;61 936. / 89:256146 @=
@4<D6 C2/61 ;61 =/ C2/61 39:E14<6 @= /2 <2/4@2@ H9= 1=;1=8=3523 =8 /2
:6@2.
: 





!;  ;

 

2 ,   !!$#   $

4=3@6 !; =/ ;61<=352K= =3 52356 ;61 936 @= <2@2 <2/4@2@ 7 ;


=/ C2/61 39:E14<6 @= /2 <2/4@2@ <611=8;63@4=35=. 61 52356P ;212 =85=
=K=:;/6 <63<1=56P =/ C2/61 @= /2 <661@=32@2  @=/ CE154<= =8!
: 
"  
#    #

40912
.
! 93<4>3 5142309/21 H9= <212<5=14N2 93 G/6H9= <63  $ @=
2/4@2@  7  $ @= 2/4@2@ .

212 =/ <286 @= 93 G/6H9= <212<5=14N2@6 <63 51=8 <2/4@2@=8


@4B=1=35=8P ;61 =K=:;/6  $ @= 2/4@2@ P  $ @= 2/4@2@  7  $ @=
2/4@2@
TM0912
.SP /2 :6@2 T: S 54=3= 93 C2/61 @= .. /=C23@6

86G1= =/ =K= @= 61@=32@28 /68 C2/61=8 <611=8;63@4=35=8 2 2/4@2@ 


T.S 7 2/4@2@  T. SP 8= <6:;19=G2 H9= =/ CE154<= @=/ 514I309/6P 7
/68 ;93568 1=;1=8=35254C68 @= 2/4@2@  7 2/4@2@  36 8= =3<9=35123
86G1= 932 :48:2 1=<52. = @=G= 2;16F4:21 =3563<=8 932 1=<52 2 =8568
51=8 ;93568P 84=3@6 /2 =F;1=84>3 0=3=12/ @= 932 1=<52
  
   
= 56:2 <6:6 ;9356 6140=3     =/ H9= 1=;1=8=352 93  $ @= /2
2/4@2@ P <63 /6 H9=       
$
    

$. 212 6G5=3=1
/2 =<92<4>3 @= /2 1=<52 8= 56:2 <6:6 8=093@6 ;9356 =/ <611=8;63@4=35=
2/ @=/ CE154<= @=/ 514I309/6      :      . 2 ;=3@4=35=
@= /2 1=<52 C4=3= @2@2 ;61
  
 
@= /6 H9= 8= 6G54=3= /2 =<92<4>3 0=3=12/ @= /2 1=<52

 

$ 



$
  


 

$ 
%"
   
= 1=;1=8=352 =3563<=8 =/ 514I309/6 <212<5=1?854<6P @63@= 936 @=
/68 <25=568 =85I @=M34@6 ;61 /2 =<92<4>3 @= /2 1=<52 235=1461 7 =/ 6516

 

2 ,   !!$#   $

;61 /2 1=<52 H9= ;282 ;61 =/ CE154<= 7 ;61 =/ ;9356 H9= 1=;1=8=352 =/
;61<=352K= @= 2/4@2@
T $S.

40912
.! 14I309/6 1=;1=8=35254C6 @= 93 G/6H9= <63
<2/4@2@=8P
235=8 @= 8=1 2K9852@6.

4 86G1= =85= 514I309/6 8= /==3 /68 C2/61=8 @= ;61<=352K=8 286<42@68


2 <2@2 <2/4@2@ 8= 54=3= /6 84094=35=! 2/4@2@  T . $SP 2/4@2@ 
T. $SP 2/4@2@
T $S. 2 89:2 @= /28 51=8 <2/4@2@=8 1=89/52
89;=1461 2/  $P 7 =8 <63@4<4>3 @=/ J140=2@6 H9= /2 89:2 @= 56@68
/68 ;61<=352K=8 @= <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9= 8=2 @=/  $.
212 1=86/C=1 =856 8= 1=2/4N2 932 ;63@=12<4>3 @= <2/4@2@=8P 5=34=3@6
=3 <9=352 /2 =F;1=84>3

 

$  .-   #  .-  
 .- 

.- 
%#
;/4<23@6 .- P B2<561 @= =8<2/2P 2 /28 @48543528 <2/4@2@=8 8=
54=3= M32/:=35=! 2/4@2@  T.
$SP 2/4@2@  T . $SP 2/4@2@

T.  $S. 8568 C2/61=8 @= <2/4@2@=8 863 /68 H9= 8= 6G54=3=3


<6:6 1=89/52@6P <212<5=14N23@6 =/ G/6H9= @=/ :6@=/6 0=6=852@?854<6
<611=8;63@4=35=.
%+$ !( !  8  ;! 4#!
6:G4323@6 =8;2<42/:=35= /68 :6@=/68 0=6/>04<6 7 0=6=852@?854<6P
8= @48;986 @= 93 M<D=16 @= @2568 @= =3512@2 <63
 
;93568
@= 43B61:2<4>3 <636<4@2. 8568 ;93568 =85I3 4@=354M<2@68 ;61 898
<661@=32@28 =8;2<42/=8 TFP7PNS H9= <643<4@=3 <63 /28 <661@=32@28
@=/ <=35164@= @= /68 G/6H9=8 934521468 ;/235=2@68 =3 /2 @=M34<4>3
@=/ :6@=/6 0=6=852@?854<6. 2/ <6:6 8= @=8<14G= =3 =/ 2;2152@6
.
P
;61 435=18=<<4>3 @= @4<D68 G/6H9=8 514@4:=384632/=8 <63 /68 1=<43568
@= @48514G9<4>3 @= <2/4@2@=8 ;/235=2@68 =3 =/ :6@=/6 0=6/>04<6P 8=
<212<5=14N> /2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8 =3 <2@2 936 @= /68
G/6H9=8 212 <2@2 936 @= =//68 8= 2K985> =/ 514I309/6 =H94C2/=35= 2/
3W:=16 @4B986 H9= 1=;1=8=352 /2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8P

 

2 ,   !!$#   $

84094=3@6 =/ ;16<=@4:4=356 @= <1=2<4>3 @= B93<463=8 5142309/21=8


235=1461:=35= @=8<1456 T2;2152@6
..S.
6:;/=52@6 =/ ;16<=86 @= 2K985= @= /28 B93<463=8 5142309/21=8
@4B9828 2 /68 @2568 @= =3512@2P 8= <6:;16G> H9= 93  . $ @= /68
G/6H9=8 @= =3512@2 8= <212<5=14N23 <63 932 W34<2 <2/4@2@P 93 . $
@= /68 G/6H9=8 @= =3512@2 8= <212<5=14N23 <63 @68 <2/4@2@=8 7 523 8>/6
93 .

$ @= /68 G/6H9=8 @= =3512@2 8= <212<5=14N23 <63 51=8 <2/4@2@=8.


4094=3@6 /2 :=56@6/60?2 @=82116//2@2 ;61  P 42:63@ P
8= 2K9852163 51=8 C2146012:28 2 /68 514I309/68! 936 2 /68 =F51=:68
43B=1461=8P 6516 2 /2 :6@2 7 93 5=1<=16 2 /68 =F51=:68 89;=1461=8. /
:6@=/6 5=>14<6 H9= :=K61 8= 2K985> 2 /68 C2146012:28 =F;=14:=352/=8
B9= =/ C2146012:2 =8BE14<6 843 ;=;452. 6:6 8= <6:=35> 235=1461:=35=P
=8 3=<=82146 5=3=1 =3 <9=352 /2 @41=<<4>3 @= B12<5912<4>3 =3 =/
72<4:4=356P ;212 /6 H9= 8= ;/235=> 93 =/4;864@=P <976 =K= ;143<4;2/ 8=
614=352 8=0W3 /2 @41=<<4>3 ;1=@6:43235= @= B12<5912<4>3P 84=3@6 E852
Q. 61 89 ;215=P =/ G9N2:4=356 @= =8528 B12<59128 C21?2 =351=
 7  . =34=3@6 =3 <9=352 E856P 8= 43</97> =/ <6:;6152:4=356 @=
/2 23486516;?2 =3 =/ :6@=/2@6 @= /68 C2146012:28P /6 H9= 1=;1=8=352 93
2C23<= 4336C2@61 86G1= /2 :=56@6/60?2 @=82116//2@2 ;61  P 42:63@
.
(32 C=N :6@=/2@68 /68 C2146012:28P 8= ;/235=2163 /68 8485=:28
@= =<92<463=8 H9= 1=89=/C=3 /2 =854:2<4>3 @= <2/4@2@ 2 ;21541 @= /68
3W:=168 @4B9868 @= =3512@2. 212 /2 1=86/9<4>3 @= =8568 8485=:28 @=
=<92<463=8 8= ;/235=2163 9368 2/06145:68 @= <I/<9/6 @=82116//2@68 <63


=/ ;2H9=5= @= 86B5L21= /4G1=  P =958<D 7 ,6913=/ P 72
H9= =8528 D=112:4=3528 @= ;16012:2<4>3 ;=1:45=3 :6@4M<21 =/ <>@406
G28= 7 2@2;521/6 ;212 43</941 =/ <6:;6152:4=356 @= /2 23486516;?2 2 /2
D612 @= 512521 /68 3W:=168 @4B9868 5142309/21=8.
(32 C=N 6G5=34@68 /68 C2/61=8 =854:2@68 =3 56@2 /2 1=04>3 @=
=859@46P 86G1= <2@2 ;9356 @= 82/4@2 <661@=32@6 8= 2K9852163 39=C68
3W:=168 @4B9868P =:;/=23@6 932 B93<4>3 5142309/21P H9= <212<5=14N23
/2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9=P 286<42@2 2 /28
<661@=32@28 @= 89 <=35164@=. = =852 B61:2P 8= 6G59C4=163 93 5652/ @=
  
 ;93568 <661@=32@68 H9= 1=;1=8=3523 2 65168 523568 G/6H9=8P
<212<5=14N23@6 /28 <2/4@2@=8 ;1=8=35=8 =3 /68 :48:68.

&

?! !+*!!

;21541 @= /2 <6:G432<4>3 =8;2<42/ @= /68 :6@=/68 0=6/>04<6 7


0=6=852@?854<6P 8= 6G59C4=163 /68 @2568 @= =3512@2P H9= <63854597=3
932 G28= @=

1=0485168 H9= <212<5=14N23 /2 @48514G9<4>3 @= <2/4@2@
@= 65168 523568 G/6H9=8 514@4:=384632/=8P 8=0W3  123068 @= <2/4@2@
4  ". 6:23@6 932 G28= 6156361:2/ ;212 93 C=<561 =8;2<42/ @=
@4:=384>3 ;Q"
P %  %  %
P 8= <6385197> /2 :2514N @= <2:G46 @=
<661@=32@28 5128;634=3@6 =852 G28= =3 <6/9:32! 2  %  %  % 
859@423@6 /2 23486516;?2 2 ;21541 @=/ =859@46 @= <2:;6 1=2/4N2@6 ;61
=/  7 1=<604@6 =3 =/ =859@46 0=6/>04<6Q:43=16 @= /2 <63<=84>3
@= =F;/652<4>3 Y =3=@4<52Y P   8= 6G59C6 /2 G28=
61560632/ H9= @=5=1:432 /28 @41=<<463=8 ;143<4;2/=8 @= C2142G4/4@2@ @=

 

2 ,   !!$#   $

/28 6G8=1C2<463=8. 852 G28=P ;1=C42:=35= 361:2/4N2@2 @2 /9021 2 /2


:2514N 2. 2 G28= 6156361:2/ 8= <63854597> <63 /68 84094=35=8 C=<561=8!

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

"

%

= 2A2@4> 932 <6385235= ;68454C2 <63 =/ 6GK=54C6 @= <1=21 93 <2:G46


@= <661@=32@28 H9= =C4528= <63 93 3W:=16 =/=C2@6 @= <6:;63=35=8 @=
C2/61 <=16!
  1   2 1      
=G= 5=3=18= =3 <9=352 H9= =/ 43516@9<41 =852 <6385235= ;68454C2
2;6152 <4=152 89GK=54C4@2@ 2 /68 1=89/52@68P 43<1=:=3523@6 =/ =1161 @=/
J140=2@6.
63 =/ 6GK=56 @= 2K98521 =/ :6@=/6 /43=2/ @= <611=04632/4N2<4>3P
8= 954/4N2163    C2142G/=8 43<611=/2@28P H9= 54=3=3 /28 84094=35=8
<212<5=1?854<28!
 

C2146012:2 <63 =B=<56 ;=;452 7 :=8=52 ;21<42/ @= C2/61 .

 

C2146012:2 =8BE14<6 <63 2/<23<=  :=5168 7 :=8=52

;21<42/ @= C2/61 .

 
68 <6=M<4=35=8 6 )            P 8= 2K9852163 <63 =/
;2H9=5= 43B61:I54<6  P  =C=/6;:=35 61= =2: 
;212 <6:;/=521 =/ :6@=/6.
432/:=35=P 954/4N23@6 5E<34<28 @= <6J140=2@6 8= 6G59C4=163 /28
;1=@4<<463=8 
 1  7P 5128 @=8D2<=1 /28 51238B61:2<463=8P /28


;1=@4<<463=8 @=/ <6:;684<4632/ 1

&

D#$





#$
&

,!*!  #$

2154=3@6 @= H9= =/ 435=1E8 ;143<4;2/ =3 ;16@9<<4>3 @= 0123456 8=


<=3512 =3 /2 @=M34<4>3 @= /2 <2/4@2@ @=/ G/6H9= ;14:2146P H9= ;1=8=352
9328 @4:=38463=8 @=  F  F  :=5168P 8= @=<4@4> 954/4N21 932
;/252B61:2 514@4:=384632/ @= <9G4<2<4>3 G282@2 =3 =8528 @4:=38463=8.
2G= 1=<61@21 H9= =8528 863 /2 0=6:=51?2 7 @4:=38463=8 =8<604@28 ;212
@=M341 =/ :6@=/6 0=6=852@?854<6 86G1= =/ H9= 8= 1=2/4N23 /28 =854:2<463=8
@= <2/4@2@. 52/ =B=<56 8= <1=> 93 :2//2@6 <63 =82 934@2@ ;14:2142
T F  F  :=5168SP H9= <9G12 56@2 =/ I1=2 @= =F;/652<4>3. = <9G14>
56@2 /2 =F;/652<4>3 =852G/=<4=3@6  <=/@28 =3 =/ =K= 1P  <=/@28 =3
=/ =K=  7
 <=/@28 =3 =/ =K= P /6 H9= <63854597= 93 5652/ @=  
 <=/@28 514@4:=384632/=8 <2@2 932 @= =//28 <63 93 C6/9:=3 @= 
: .



2 0 " $! $$!  0  "

63 279@2 @=/ =356136 


P =3 =/ H9= 8= D23 0=61=B=1=3<42@6
52356 =/ :6@=/6 0=6/>04<6 @=/ 72<4:4=356 <6:6 =/ :6@=/6
0=6=852@?854<6P 8= <1=> 932 :2514N 514@4:=384632/ @= <=35164@=8 @=
<2@2 932 @= /28 <=/@28 <WG4<28. =8568 <=35164@=8P @= <661@=32@28
<636<4@28P 8= /=8 286<42163 /68 C2/61=8 H9= <212<5=14N23 /2 <2/4@2@ @=/
72<4:4=356. = @48;986 28? @= 932 G28= @= @2568 @= =3512@2P 86G1=
/68 H9= 2;/4<21 /28 5E<34<28 0=6=852@?854<28P H9= 1=<60= /68 C2/61=8 @=
@48514G9<4>3 @= <2/4@2@ <636<4@2 =3 <2@2 936 @= /68 G/6H9=8. (32
C=N 2;/4<2@28 /28 5E<34<28 0=6=852@?854<28P 52:G4E3 8= 286<42163 2
=8568 <=35164@=8 /68 C2/61=8 @= /68 514I309/68 @4B9868 6G5=34@68 <6:6
1=89/52@6 @=/ ;16<=86 @= J140=2@6 T@4B986 7 <6:;684<4632/S. = 6G59C6
M32/:=35= 932 G28= @= @2568 <63 /68 C2/61=8 1=89/52@6 @= /2 =854:2<4>3
@= <2/4@2@=8 2 56@6 @=/ C6/9:=3 @=/ 72<4:4=356.

&

D.$  !!!

2 :61B6/60?2 @=/ 72<4:4=356 =3 =859@46 H9=@2 @=M34@2 ;61 9368


/?:45=8 H9= C=3@1I3 @=5=1:432@68 ;61 <63@4<463235=8 2@:434851254C68P
;16@9<54C68 7 /2 ;16;42 89;=1M<4= 2<592/ @=/ 5=11=36. 3 =/ :21<6 @= /68
<63@4<463235=8 2@:434851254C68 8= =3<92@123 ;61 93 /2@6 /68 1=/254C68
2 /68 @=1=<D68 :43=168P <6:6 863 /28 63<=8463=8 @= F;/652<4>3
=3=@4<52 7 6132% 7 ;61 6516 /68 1=89/5235=8 @= /2 2;/4<2<4>3 @= /2
361:254C2 91G23?854<2 7 @=/ 89=/6P 52/=8 <6:6 =/ /?:45= @= 89=/6 1W854<6
7 =/ /?:45= @= 89=/6 43@985142/. 3 <92356 2 /68 /?:45=8 @=14C2@68 @=
/2 2;/4<2<4>3 @= <63@4<463235=8 ;16@9<54C68P 8= 59C4=163 =3 <9=352 /2


8=;212<4>3 @= B2<4=8 =351= =/ 0123456 Y682 6114A6Y 7 =/ Y682 235=YP
28? <6:6 /2 ;1=C484>3 @= C6/9:=3 @= 0123456 2 =F;/6521 =3 93 D614N635=
MK2@6 2
 2A68P H9= @=M341I /28 ;/252B61:28 M32/=8 @= =F;/652<4>3.
&9=@2163 28? =852G/=<4@68 /68 /?:45=8 43B=1461 7 ;=14:=512/P 2 /68 H9= 8=
89:> /2 89;=1M<4= 2<592/ @= 5=11=36P <6:6 /?:45= 89;=1461P ;212 @=M341
=/ <6356136 @=/ C6/9:=3 @=/ 72<4:4=356 <9G4<2G/=.
852 @=M34<4>3 @= <6356136 B9= 5128/2@2@2 2/ =356136 01IM<6 @=
=@4<4>3
P H9= 841C4> @= ;/252B61:2 ;212 /2 <9G4<2<4>3. / M/512@6
@= /68 1=89/52@68P 2K9852@6 2 /68 /?:45=8 @= <9G4<2<4>3P 8= 1=2/4N> 932
C=N 6G5=34@68 /68 1=89/52@68 @=/ ;16<=86 @= =854:2<4>3 0=6=852@?854<2.
212 =//6 8= <63<4G4=163 7 @=82116//2163 D=112:4=3528 43B61:I54<28P
H9= 36 8>/6 ;=1:45=3 1=;1=8=3521 =3 =/ =356136
 93 <63K9356 @=
G/6H9=8 934521468 2 <9G4<21P 8436 H9= 52:G4E3 B2<4/4523 932 0=854>3 @=
/2 @48514G9<4>3 @= <2/4@2@=8 =3 G28= 2 <6389/528 86G1= 932 G28= @= @2568
286<42@2. 3 =/ 2;2152@6 ..P <611=8;63@4=35= 2 /28 D=112:4=3528
43B61:I54<28 @= =@4<4>3 7 0=854>3P 8= <6:=3523 :I8 =3 @=52//= =8568
@=82116//68.



2 0 " $! $$!  0  "

-*(#! 
)#!



?! 4#!
5+!  ! ! +!

/ ;16<=86 @= 2;/4<2<4>3 @=/ J140=2@6 @4B986 @46 <6:6 1=89/52@6


93 <63K9356 @= ;93568 <661@=32@68P <212<5=14N23@6 /2 <2/4@2@ @=
89 =356136 <=1<236 7 86G1= =/ H9= 8= 2K9852163 39=C68 3W:=168
@4B9868P 8=0W3 932 B93<4>3 @= ;=15=3=3<42 5142309/21P H9= <212<5=14N23
/2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9=P 286<42@2 2
/28 <661@=32@28 @= 89 <=35164@=. ;/4<23@6 =/ ;16<=86 43C=186 2/
@= <1=2<4>3 @= 514I309/68 TC=1 2;2152@6
..S 8= 6G59C4=163 /28
;16;61<463=8 @= <2@2 932 @= /28 <92516 <2/4@2@=8 =854:2@28. 2G= @=<41
2H9? H9= ;215= @= /68 ;93568 =854:2@68 =85I3 0=61=B=1=3<42@68 B9=12
@= /68 /?:45=8 @= <9G4<2<4>3 = 43</986 86G1= /2 ;16;42 56;6012B?2 @=/




3 -!$ $.

5=11=36. 212 86/9<46321 =856P =3 512G2K68 ;1=C468P 8= D2G?2 ;/235=2@6


932 86/9<4>3 @= @=82116//6 43B61:I54<6 TC=1 2;2152@6 . S. X852
1=89/52G2 93 52356 1?04@2 =3 89 2;/4<2<4>3P 72 H9= ;1=<482G2 @= 932
/2G614682 :=56@6/60?2 @= 2K985= 7 51252:4=356 @= /68 @2568P 84094=3@6
93 ;16<=86 @= C21428 =52;28. 61 =//6P 1=89/52G2 932 D=112:4=352
=M<2NP 72 H9= 8= <638=09?2 932 82/4@2 @= 1=89/52@68 2<61@= <63 /68
1=H9=14:4=3568P ;=16 36 =M<4=35=P ;61 /6 63=1686 @= 89 2;/4<2<4>3.
/ 6GK=54C6 @= =85= 512G2K6 @= 43C=85402<4>3 36 =8 8>/6 @=82116//21
932 :=56@6/60?2 @= 2;/4<2<4>3 @= 5E<34<28 2C23N2@28 @= J140=2@6 2/
=859@46 @= <2/4@2@ @= 72<4:4=3568 :43=168P 8436 52:G4E3 =/ @=82116//6
@= D=112:4=3528 =M<2<=8 7 =M<4=35=8 H9= ;=1:4523 B2<4/4521 /2 0=854>3 @=
/68 @2568 1=89/5235=8 @= /2 2;/4<2<4>3 @= @4<D28 5E<34<28 0=6=852@?854<28
=3 93 =356136 @= 1=;1=8=352<4>3 514@4:=384632/. 68 @2568 1=89/5235=8
@= /2 2;/4<2<4>3 @= /2 5E<34<2 @=/ J140=2@6 8= 435=012163 =3 =/ =356136
@= 1=;1=8=352<4>3
 D436<=168 . P D=30  . 85= =356136 @=
1=;1=8=352<4>3P =351= 898 :9<D28 C=352K28P 54=3= /2 @= ;6@=1 @=82116//21
8<14;58 @= ;16012:2<4>3 H9= ;=1:45=3 1=2/4N21 93 51252:4=356 7
1=;1=8=352<4>3 @= @4<D68 @2568. 6G1= /2 <6386/2 @= ;16012:2<4>3
@= =85= ;16012:2P =3 /=3092K= #4892/ 284< <14;5P 8= @=82116//2163
932 8=14= @= 8<14;58 H9= ;=1:45=3 1=;1=8=3521 5652/ 6 ;21<42/:=35= /2
43B61:2<4>3 6G5=34@2 =3 =/ ;16<=86 @= =854:2<4>3 @= J140=2@6P 28? <6:6
1=2/4N21 <6389/528 7 <6:;212<463=8 =351= /68 1=89/52@68 @= /28 @48543528
5E<34<28 0=6=852@?854<28 2;/4<2@28.





5+!  ! #!   !!


&D ,*  *!! / *$

68 @2568 1=89/5235=8 @=/ ;16<=86 @= J140=2@6 @4B986 8= 2/:2<=323


=3 932 G28= @= @2568 =3 B61:256 2<<=88 @= =F5=384>3 ].:@G. 63
<2:;68 @= =852 G28= @= @2568P 2@=:I8 @= /68 H9= 1=<60=3 /28
<661@=32@28 ( @=/ <=35164@= @= <2@2 G/6H9= =854:2@6P 93 <2:;6
H9= 1=<60= /2 C21423N2 @= /2 =854:2<4>3 @= <2@2 G/6H9=P 51=8 <2:;68
H9= 4@=354M<23 =/ C2/61 =3 2G8<4828 @= /68 CE154<=8 @=/ 514I309/6 @4B986
<212<5=1?854<6 7 65168 <92516 <2:;68 :I8 @63@= 8= ;1=8=3523 /68 C2/61=8
@= <2@2 932 @= /28 <92516 <2/4@2@=8 =F;1=82@28 =3 52356 ;61 936.
/ /=3092K= @= ;16012:2<4>3 #4892/ 284< <14;5 <6:;4/2@6 =3
=/ =@4561 @= 8<14;58 @= /2 2;/4<2<4>3
 D436<=168 . P D=30
 P ;=1:45= @=82116//21 :434 2;/4<2<463=8 H9=P 2 :6@6 @= :2<168P
863 =M<4=35=8 D=112:4=3528 2 /2 D612 @= 1=2/4N21 <6389/528 2 G28=8
@= @2568P M/5121 C2/61=8 7 1=2/4N21 @4C=1828 1=;1=8=352<463=8P 56@6
=//6 86G1= 93 =356136 
. 856 ;=1:45= 1=2/4N21 6;=12<463=8 @=
1=;1=8=352<4>3 52/=8 <6:6 2840321 93 <6/61 <212<5=1?854<6 2 <2@2 G/6H9=
1=;1=8=352@6P B93<4>3 @= /28 <2/4@2@=8 ;1=8=35=8 =3 =/ :48:6. 512
6;<4>3 435=1=8235= H9= 8= ;/235=> <63 =85= 54;6 @= :2<168 =8 1=2/4N21
/2 1=;1=8=352<4>3 8>/6 @= /68 G/6H9=8 <635=34@68 @=3516 @= 93 I1=2
=8;=<?M<2 @= 435=1E8. 2 ;14:=12 M32/4@2@ @= =852 6;<4>3 =8 1=;1=8=3521
8>/6 2H9=//68 G/6H9=8 H9= 8= =3<9=35123 @=3516 @= /68 /?:45=8 @=
<9G4<2<4>3 ;/235=2@68 =3 =/ :6@=/6 0=6=852@?854<6. =16P <636<4@28
/28 <212<5=1?854<28 ;2154<9/21=8P =3 <92356 2 :E56@68 7 <145=1468 @=



3 -!$ $.

=F;/652<4>3P @=/ 72<4:4=356 =859@42@6P 8910=3 65128 2;/4<2<463=8 ;212


=852 6;<4>3. 28 @48543528 2;/4<2<463=8 H9= 8= /= ;9=@=3 @21 2 =852
D=112:4=352 863 232/4N21 /2 @48514G9<4>3 @= <2/4@2@=8 @= /28 @48543528
934@2@=8 @= <235=12 ;61 8=;212@6 6 G4=3 I1=28 @=3516 @=/ 72<4:4=356
@= :2761 435=1E8.
= @=8<14G=3 2 <6354392<4>3 7 @= B61:2 G1=C=P /28 B93<4632/4@2@=8
435=012@28 =3 <2@2 936 @= /68 :>@9/68 8<14;5 @=82116//2@68 ;212
232/4N21 /68 1=89/52@68 6G5=34@68 <63 /2 :=56@6/60?2 @= J140=2@6 @4B986
=:;/=2@2.
,* )*D4#! 
85= 8<14;5 /== /2 G28= @= 1=89/52@68 @= /2 5E<34<2 @= J140=2@6 @4B986P
4@=354M<23@6 /28 <661@=32@28 @=/ <=35164@= @= <2@2 G/6H9= 7 /68 C2/61=8
@= /28 <92516 <2/4@2@=8 ;1=8=35=8 =3 =/ :48:6. 3 =/ @=82116//6 @= =85=
8<14;5 8= 435=01> /2 6;=12<4>3 @= M/512@6 @= ;93568 H9= H9=@23 86G1=
/2 89;=1M<4=. 2 ;684G4/4@2@ @= 435=0121 932 89;=1M<4= 514@4:=384632/
=3 =/ =356136 @= 1=;1=8=352<4>3P ;=1:45= @=5=1:4321 84 =/ G/6H9= H9= 8=
=85I /=7=3@6 =3 /2 G28= @= @2568 =85I ;61 =3<4:2 6 ;61 @=G2K6 @= @4<D2
89;=1M<4=. 856 ;=1:45= @=8<21521 /68 G/6H9=8 H9= 8= =854:2163 ;61
=3<4:2 @= /2 89;=1M<4= @=/ 5=11=36. -=3@6 93 ;286 :I8 2//IP 8= =:;/=2
=852 :48:2 B93<4>3 @= M/512@6 8=0W3 932 89;=1M<4= ;212 @=8<21521
G/6H9=8 H9= 8= =3<9=35123 ;61 @=G2K6 @= 6512 89;=1M<4= @2@2. =0W3
=856P 2 /2 D612 @= =K=<9521 =85= 8<14;5 8= 1=H94=1=3 @68 89;=1M<4=8P 932
89;=1461 7 6512 43B=1461. 68 G/6H9=8 1=;1=8=352@68 7 232/4N2@68 8=1I3


2H9=//68 <976 <=35164@= 8= =3<9=351= ;684<4632@6 =8;2<42/:=35= =351=
/28 @68 89;=1M<4=8 =852G/=<4@28. 856 ;=1:4541I 232/4N21P ;61 =K=:;/6P
/68 G/6H9=8 =854:2@68 =351= /2 89;=1M<4= 2<592/ @=/ 5=11=36 7 /2 ;1=C4852
2 2/<23N21 =3 93 B95916 8=0W3 /2 ;/234M<2<4>3 @= =F;/652<4>3. ;21541
@= /28 <661@=32@28 @=/ <=35164@=P 82G4=3@6 H9= 8= 51252 @= G/6H9=8 @=
 F  F  :=5168P 1=2/4N2 932 1=;1=8=352<4>3 @= /68 :48:68 =3 =/
=356136
 7 /= 284032 93 36:G1= 4@=354M<254C6 0=3=12@6 2 ;21541 @=
/28 <661@=32@28 @= =8= <=35164@= 8=0W3 /2 84094=35= 8=<9=3<42!
# 
%  *-

63@= *P - 7  863 /28 <661@=32@28 @=/ <=35164@=.


852 1=;1=8=352<4>3 514@4:=384632/ 8= C= 4:;/=:=352@2 ;61 /2
284032<4>3 @= 93 <6/61 @= 1=;1=8=352<4>3P B93<4>3 @= /68 ;61<=352K=8
@= /28 @48543528 <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9=. / B93@2:=356
@= =852 5E<34<2 @= 1=;1=8=352<4>3 ;61 <6/61=8 8= G282 =3 /2 B93<4>3
 @= 1=;1=8=352<4>3 01IM<2P 8=0W3 /2 <92/ 8= ;9=@= 2840321 @48543568
<6/61=8 @= 1=;1=8=352<4>3 <6:G4323@6 /68 C2/61=8 @= /28 <6:;63=35=8
6K6P #=1@= 7 N9/. =0W3 /68 <145=1468 @= </284M<2<4>3 =3 <92516
<2/4@2@=8 =:;/=2@68 =3 512G2K68 ;1=C468 TCE28= 2;2152@6 . S 8= 2;/4<2
/2 84094=35= =8<2/2 @= <6/61=8 ;212 1=;1=8=3521 <2@2 <2/4@2@! 6K6 ;212
2/4@2@ P N9/ ;212 2/4@2@ P #=1@= ;212 2/4@2@
7 :214//6 ;212
2/4@2@ .
2@2 932 @= /28 51=8 <6:;63=35=8 @= /2 B93<4>3  2/:2<=32



3 -!$ $.

93 C2/61 H9= C21?2 =351=  7 P 84=3@6  <923@6 =F485= 298=3<42 @=


@4<D2 <6:;63=35= 7  <923@6 89 ;1=8=3<42 =8 2G86/952. =34=3@6 =3
<9=352 H9= /68 C2/61=8 @= <2/4@2@ ;212 <2@2 932 @= /28 <92516 <2/4@2@=8
C21?23 =351=  7 P ;212 6G5=3=1 /68 C2/61=8  @= 1=;1=8=352<4>3 @=
/28 ;14:=128 51=8 <2/4@2@=8 8= 2;/4<21?23 /28 84094=35=8 =F;1=8463=8!

<  ;  
=  ;  
2  ;  

63@= < = 2 863 /28 <6:;63=35=8 @= /2 B93<4>3  7


;  ; ; 863 /68 C2/61=8 =3 52356 ;61 936 @= /28 <2/4@2@=8 2/4@2@
P 2/4@2@  7 2/4@2@
1=8;=<54C2:=35=.
=16P 8=0W3 =8528 =F;1=8463=8P 36 <2G1?2 6;<4>3 2 2;/4<21 =/ <6/61
@= 1=;1=8=352<4>3 <212<5=1?854<6 @= /2 2/4@2@ P =/ 2:2114//6. 212
1=;1=8=3521 =/ <6/61 2:214//6 =:;/=23@6 /2 B93<4>3 @= <6/61 
8= @=G=3 @21 :2761=8 C2/61=8 2 /28 <6:;63=35=8 6K6 < 7 #=1@=
= 7 @21 C2/61=8 :?34:68 2 /2 <6:;63=35= N9/ 2. 4=3@6 28?P
8= :6@4M<2163 /28 =F;1=8463=8 @= <I/<9/6 @= /68 C2/61=8 < = 7 2
43</97=3@6 =/ ;=86 @= /2 2/4@2@  =3 =/ <I/<9/6 @= /28 <6:;63=35=8
< 7 =. 28 =F;1=8463=8 954/4N2@28 M32/:=35= =3 =85= 8<14;5 863 /28
84094=35=8!



<  ;  ;"  


=  ;  ;"  
2  ;  

63@= ;" =8 =/ C2/61 =3 52356 ;61 936 @= /2 2/4@2@ .


432/:=35= /2 B93<4>3  284032@2 2 <2@2 936 @= /68 G/6H9=8
1=;1=8=352@68 8=1I @= /2 B61:2!
<=2  ;  ;"   ;  ;"   ;  
= =852 B61:2 8= <638409= H9= 2H9=//68 G/6H9=8 <63 2/4@2@  8=23
1=;1=8=352@68 =3 <6/61 2:214//6 7 /68 H9= 5=3023 932 <4=152 ;16;61<4>3
@= 2/4@2@  =351= 65128 8=1I3 1=;1=8=352@68 <63 932 <4=152 5632/4@2@
2:214//=352. 2 =K=<9<4>3 @= =85= 8<14;5 =3 =/ =356136
 D436<=168
;=1:45= 932 BI<4/ C4892/4N2<4>3 @= /2 @48514G9<4>3 @= <2/4@2@=8 52/ <6:6
8= :9=8512 =3 /2 M0912 ..
,* -!#7!:#<#@@/ 
@=354M<2 93 G/6H9= 8=/=<<4632@6 @=/ H9= 8= @=8=2 <636<=1 /2
@48514G9<4>3 @= <2/4@2@=8 H9= ;1=8=352. ;21541 @= 89 36:G1=
4@=354M<2@61 6G54=3= /28 <661@=32@28 @=/ <=35164@= 7 <63 =852
43B61:2<4>3P /23N23@6 932 <6389/52 2 /2 G28= @= @2568 @= 1=89/52@68 @=



3 -!$ $.

40912 .! =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 932


934@2@ @= <235=12. = @4854309=3 /68 G/6H9=8 =3 /68 H9= 8= 54=3= 932
W34<2 <2/4@2@ @= /68 H9= <6354=3=3 C21428P 1=;1=8=352@68 E8568 <63
@48543528 5632/4@2@=8 @= <6/61.

@4B9868P 6G54=3= /68 C2/61=8 @= /28 <92516 <2/4@2@=8 ;1=8=35=8 =3 52356


;61 936. 9/54;/4<23@6 @4<D68 C2/61=8 ;61  =85I =3 @48;684<4>3 @=
6B1=<=1 =82 43B61:2<4>3 =3 ;61<=352K=8. 89 C=NP 52:G4E3 :9/54;/4<2
/68 C2/61=8 @= /28 <92516 <2/4@2@=8 ;61  ;212 6B1=<=1 /2 43B61:2<4>3
@= <9G4<2<4>3 =3
 @= <2@2 <2/4@2@ 1=;1=8=352@2 <6:6 8= :9=8512 =3
/2 M0912 .



40912 .! #=35232 @= 43B61:2<4>3 H9= :9=8512 /68 ;61<=352K=8 @=


<2/4@2@=8 ;1=8=35=8 =3 =/ G/6H9= 7 89 <9G4<2<4>3.

&

=  #!  +8!! 


;! 4#!

"$ #@
2 C2/4@2<4>3 <19N2@2 6 [<1688QC2/4@25463Y =3 /2 /45=125912 430/=82
=8;=<42/4N2@2 P 9@2 =5 2/  89;63= 8=;2121 93 C2/61 @=
:9=851=6P D2<=1 /2 435=1;6/2<4>3 <63 =/ 1=856 @= @2568 7 <2/<9/21 =/
1=84@96 T@4B=1=3<42 =351= =/ C2/61 =854:2@6 7 =/ 1=2/S ;212 =/ ;9356
;1=C42:=35= 8=;212@6% =852 6;=12<4>3 8= 1=;45= ;212 <2@2 C2/61 @=/
<63K9356 @= ;93568. 212 =/ 23I/4848 @=/ :E56@6 @= J140=2@6 @4B986
=:;/=23@6 C2/4@2<4>3 <19N2@2 8= =/4:43> 936 @= /68 C2/61=8 @= =3512@2



3 -!$ $.


1      "P <2/<9/23@6 2 <6354392<4>3 /2 ;1=@4<<4>3 1
<63 /68 C2/61=8 1=85235=8 @= =3512@2. = 6G59C6 28? =/ =1161 <92@1I54<6
;212 <2@2 932 @= /28 <25=061?28 @= <2/4@2@
     
        "
6:23@6 <6:6 G28= /2 @48514G9<4>3 @= /68 =1161=8 <92@1I54<68 ;212
/28 <92516 <2/4@2@=8 T52G/2 .SP 8= =859@4> /2 =B=<54C4@2@ @=/ :E56@6.
1161 &

1161 &

1161 &

1161 &

?34:6

.

.

.

.

-) <92154/

.

.

.

.

=@4232

.

.

.

.

-) <92154/

.

.

.

.

.

.

.

.

.

. 

.


.

.

.

.

.



.

.


 . 

. 

IF4:6
=@42

2G/2 .! 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=@4235=


C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6 @4B986. 63@= &P &P
&
7 & @=36523 /28 <2/4@2@=8 P P
7  1=8;=<54C2:=35=% # @=3652
=/ <6=M<4=35= @= C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2.
/ :?34:6P ;14:=1 <92154/P :=@4232 7 5=1<=1 <92154/ @= /68 =1161=8



<92@1I54<68 863 39/68P /6 H9= ?3@4<2 H9= /28 @48514G9<463=8 @= =8568


=1161=8 <92@1I54<68 863 284:E514<28. / D=<D6 @= H9= =/ 5=1<=1 <92154/
56:= C2/61  43@4<2 H9= :I8 @=/  $ @= /68 C2/61=8 @= =1161 <92@1I54<6
863 39/68P /6 <92/ =8 43@4<254C6 @=/ G9=3 <6:;6152:4=356P @=8@= =/
;9356 @= C4852 @= /2 ;1=@4<<4>3P @=/ J140=2@6 @4B986. 2 :=@42 @= =1161
=8 @= C2/61 2/56 ;212 <2@2 932 @= /28 <92516 <2/4@2@=8. @=:I8P =/ C2/61
@= /2 :=@42 @= =1161 =8 :2761 =3 =/ <286 @= /2 <2/4@2@  7 /2 <2/4@2@

. 856 =8 43@4<254C6 @= H9= =/ 2/06145:6 ;/235=2@6 54=3@= 2 892C4N21


/68 C2/61=8 84592@68 =3 /68 =F51=:68 @= /68 514I309/68 @4B9868 <1=2@68
T<2/4@2@  7 <2/4@2@ S. / 5125218= @= 932 B93<4>3 @= 54;6 5142309/21
/68 ;61<=352K=8 @= <2/4@2@ =3 /28 ;1=@4<<463=8 54=3@=3 2 1=;215418=
=3 /68 019;68 @= <2/4@2@ 2@72<=35=8P =856 8= 1=82/52 =3 /68 C2/61=8
<=3512/=8P 72 H9= =3 /68 =F51=:68 8= 54=3= 93 =B=<56 B1635=12 H9= @2
/9021 2/ 2<652:4=356 @=/ =1161. :;/=23@6 932 B93<4>3 @= ;=15=3=3<42
36 5142309/21 ;212 :6@=/4N21 /68 @2568 =3 =859@46 8= ;6@1?2 =C4521 =8=
=B=<56 @= 892C4N2@6 86G1= /28 <2/4@2@=8 =F51=:28P /6 H9= :=K6121?2 =/
<6:;6152:4=356 @=/ :E56@6 7 :434:4N21?2 /68 =1161=8.



-#$  /+!

63 /68 @2568 6G5=34@68 @= /2 2;/4<2<4>3 @=/ :E56@6 @= J140=2@6


@4B986 8= 1=2/4N> 932 <9G4<2<4>3 @=/ 72<4:4=356 8=0W3 /28  <2/4@2@=8
=859@42@28. 212 =//6P 84094=3@6 /28 ;29528 @= 512G2K68 ;1=C468P 8=
@4C4@4> =/ 72<4:4=356 =3 <92516 N6328! #4/2B1?2P 6N6 @6 4A6P 912<6
7 6132. @=:I8 @= /68 /?:45=8 :21<2@68 ;61 =8528 <92516 N6328P



3 -!$ $.

8= 56:2163 <6:6 /?:45=8 @= <9G4<2<4>3 /2 89;=1M<4= @=/ 5=11=36 7 /2


89;=1M<4= M32/ 2 2/<23N21 ;61 /2 =F;/652<4>3 =3
 2A68.
3 /2 N632 @=36:432@2 #4/2B1?2 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D6:60E3=2P @=852<23@6 /40=12:=35= /28 <2/4@2@=8  7
. 6G1= 93 5652/
@=   
 P /2 @48514G9<>3 ;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3
/2 52G/2 ..
B! "4(
-

2/4@2@ 

.

2/4@2@ 

.

2/4@2@

2/4@2@ 

.

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2.


3 /2 N632 @=36:432@2 6N6 @6 4A6 /2 @48514G9<4>3 @= <2/4@2@=8
=8 D=5=160E3=2P ;1=@6:4323@6 /2 <2/4@2@ . 6G1= 93 5652/ @=



 P /2 @48514G9<>3 ;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2
.
.
3 /2 N632 @=36:432@2 912<6 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D=5=160E3=2P @=852<23@6 ;61<=3592/:=35= /2 <2/4@2@ . 856 8= @=G=
2 H9= 8= 51252 @= 932 N632 ;21<42/:=35= =F;/652@2 ;61 /6 H9= 8= =85I
<9G4<23@6 0123456 @= /2 <2;2 89;=1M<42/ @=/ 72<4:4=356P 84=3@6 E85=
@= ;=61 <2/4@2@. 6G1= 93 5652/ @=   
 P /2 @48514G9<>3


B! 0!@! ! C1!
-

2/4@2@ 

.

2/4@2@ 

. 

2/4@2@

.

2/4@2@ 

.

2G/2 .
! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6.
;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 .
B! 7#!
-

2/4@2@ 

. 

2/4@2@ 

 .

2/4@2@

.

2/4@2@ 

.

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6.


3 /2 N632 @=36:432@2 6132 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D=5=160E3=2P @=852<23@6 ;61<=3592/:=35= /28 <2/4@2@=8  7
P ;=16
86G1= 56@6 /2 <2/4@2@ . = 51252 @= 932 N632 <63 :97 G9=32 <2/4@2@ @=
0123456P ;=16 ;21<42/:=35= =F;/652@2. 856 4:;/4<2 H9= =85I3 ;1=8=35=8
=3 /2 <9G4<2<4>3P ;61 932 ;215=P 0123456 @= G9=32 <2/4@2@ T<2/4@2@



3 -!$  

S 286<42@6 2 /68 B1=35=8 @= =F;/652<4>3 7P ;61 /2 6512P 01234568


89;=1M<42/=8 @= :2/2 <2/4@2@ T<2/4@2@=8
7 S 286<42@68 2 /2 N632 36
=F;/652@2. 6G1= 93 5652/ @=  

 P /2 @48514G9<>3 ;61<=3592/
@= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 ..
B! <!
-

2/4@2@ 

.

2/4@2@ 

.


2/4@2@

.

2/4@2@ 

 .

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132.


2 <9G4<2<4>3 5652/ @=/ 72<4:4=356 7 /2 <611=8;63@4=35= @48514G9<4>3
;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 ..



?! !+*!!

6:6 1=89/52@6 @= /2 =854:2<4>3 8= 6G59C6 93 /4852@6 @= ;93568


2K9852@68 2/ :6@=/6 0=6=852@?854<6. 85= /4852@6 @= ;93568 ;16;61<4632
/2 43B61:2<4>3 286<42@2 2 /2 =854:2<4>3 8=0W3 <2:;68. 3 E8568
8= 1=<60=3 /28 <661@=32@28    @=/ <=35164@= @= <2@2 936 @=
/68 G/6H9=8 <WG4<68 =854:2@68P 28? <6:6 /2 @48514G9<4>3 @= <2/4@2@=8
;1=8=35= =3 /68 :48:68P 6B1=<4@28 E8528 =3 52356 ;61 <4=356. 2154=3@6


-#$ !
-

2/4@2@ 

 



 P

2/4@2@ 

   

P

2/4@2@

  

P

2/4@2@ 

  

P 

652/


  



2G/2 .! 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356.


@=/ /4852@6 @= ;93568 =854:2@6P 8= <1=> 932 G28= @= @2568 =3
B61:256 ].:@G @63@= <2@2 1=048516 <212<5=14N2 93 ;9356 =854:2@6
<63 /28 <661@=32@28 @=/ <=35164@= <611=8;63@4=35= 7 /2 @48514G9<4>3
@= <2/4@2@=8 <635=34@28 =3 =/ <9G6 H9= 4@=354M<2.



5+!  ! #!   !!


&D ,*  *!! / *$

63 =/ M3 @= 1=;1=8=3521 /68 1=89/52@68 @= /2 =854:2<4>3


=8;2<42/:=35= 7 1=2/4N21 932 <9G4<2<4>3 ;61 <2/4@2@=8 @=/ 72<4:4=356P
8= @=82116//2163 8<14;58 =3 <>@406 #4892/ 284< <14;5 ;212 D436<=168
. T P D=30  SP 2/ 4092/ H9= =3 =/ <286 @=/ :E56@6 @= J140=2@6
@4B986 TC=1 ..S. (54/4N23@6 /2 G28= @= @2568 <9768 1=0485168 1=<60=3
/68 ;93568 =854:2@68 ;61 =/ :E56@6 @= J140=2@6 <6:;684<4632/P 8=
@=82116//2163 8<14;58 @= 1=;1=8=352<4>3 7 <6389/52. = @=8<14G=3 2



3 -!$  

<6354392<4>3 7 @= B61:2 G1=C= /28 B93<4632/4@2@=8 435=012@28 =3 <2@2


936 @= /68 :>@9/68 8<14;5 @=82116//2@68 ;212 232/4N21 /68 1=89/52@68
6G5=34@68 <63 /2 :=56@6/60?2 @= J140=2@6 <6:;684<4632/ =:;/=2@2.
,* )*-!+*!! 
85= 8<14;5 /== /2 G28= @= 1=89/52@68 @= /2 5E<34<2 @= J140=2@6
<6:;684<4632/P 4@=354M<23@6 /28 <661@=32@28 @=/ <=35164@= @= <2@2
G/6H9= 7 /68 C2/61=8 @= /28 <92516 <2/4@2@=8 ;1=8=35=8 =3 =/ :48:6. 3 =/
@=82116//6 @= =85= 8<14;5 8= 435=01> /2 6;=12<4>3 @= M/512@6 @= ;93568
H9= H9=@23 =351= @68 89;=1M<4=8P 84094=3@6 =/ :48:6 ;16<=@4:4=356
H9= =/ =:;/=2@6 =3 =/ 8<14;5 @= 1=;1=8=352<4>3 @= /28 =854:2<463=8
1=2/4N2@28 =3 =/ J140=2@6 @4B986 TC=1 2;2152@6 ..S. 68 G/6H9=8 @=
 F  F  :=5168 8= 1=;1=8=3523 =3 =/ =356136
 2 ;21541 @= /28
<661@=32@28 <636<4@28 @= 898 <=35164@=8 7 8= /=8 284032 93 36:G1=
4@=354M<254C6 0=3=12@6 2 ;21541 @= =828 <661@=32@28 8=0W3 /2 84094=35=
8=<9=3<42!
# 
%  *-
63@= *P - 7  863 /28 <661@=32@28 @=/ <=35164@=.
852 1=;1=8=352<4>3 514@4:=384632/ 8= C= 4:;/=:=352@2 ;61 /2
284032<4>3 @= 93 <6/61 @= 1=;1=8=352<4>3P =:;/=23@6 ;212 =//6 2 /2
B93<4>3  @= 1=;1=8=352<4>3 01IM<2 TC=1 2;2152@6 ..S. =0W3
/68 <145=1468 @= </284M<2<4>3 =3 <92516 <2/4@2@=8 =:;/=2@68 =3 512G2K68


;1=C468 TCE28= 2;2152@6 . S 8= 2;/4<2 /2 84094=35= =8<2/2 @= <6/61=8 ;212
1=;1=8=3521 <2@2 <2/4@2@! 6K6 ;212 2/4@2@ P N9/ ;212 2/4@2@ P
#=1@= ;212 2/4@2@
7 :214//6 ;212 2/4@2@ .
2@2 932 @= /28 51=8 <6:;63=35=8 @= /2 B93<4>3  2/:2<=32 93
C2/61 H9= C21?2 =351=  7 P 84=3@6  <923@6 =F485= 298=3<42 @= @4<D2
<6:;63=35= 7  <923@6 89 ;1=8=3<42 =8 2G86/952. 63 6GK=56 5=3=1
=3 <9=352 =3 /2 1=;1=8=352<4>3 =/ <6/61 2:214//6 =:;/=23@6 /2 B93<4>3
@= <6/61  8= 2840323 :2761=8 C2/61=8 2 /28 <6:;63=35=8 6K6 <
7 #=1@= = 7 C2/61=8 :?34:68 2 /2 <6:;63=35= N9/ 2. =34=3@6 =3
<9=352 H9= /68 C2/61=8 @= <2/4@2@ ;212 <2@2 932 @= /28 <92516 <2/4@2@=8
C21?23 =351=  7 P 8= ;/235=2163 /28 84094=35=8 =F;1=8463=8!



;
;"
< 

 



;
;"
= 

 

;
2 
 

63@= < = 2 863 /28 <6:;63=35=8 @= /2 B93<4>3  7


;  ; ; 7 ;" 863 /68 C2/61=8 =3 52356 ;61 <4=356 @= /28 <2/4@2@=8
2/4@2@ P 2/4@2@  7 2/4@2@
7 2/4@2@  1=8;=<54C2:=35=.
432/:=35= /2 B93<4>3  284032@2 2 <2@2 936 @= /68 G/6H9=8
1=;1=8=352@68 8=1I @= /2 B61:2!



3 -!$  


<=2 

;
;"



 

;
;"


;
 
 

= =852 B61:2 8= <638409= H9= 2H9=//68 G/6H9=8 <63 2/4@2@  8=23


1=;1=8=352@68 =3 <6/61 2:214//6 7 /68 H9= 5=3023 932 <4=152 ;16;61<4>3
@= 2/4@2@  =351= 65128 8=1I3 1=;1=8=352@68 <63 932 <4=152 5632/4@2@
2:214//=352. 2 =K=<9<4>3 @= =85= 8<14;5 =3 =/ =356136
 D436<=168
;=1:45= 932 BI<4/ C4892/4N2<4>3 @= /2 @48514G9<4>3 @= <2/4@2@=8 52/ <6:6
8= :9=8512 =3 /2 M0912 .
.

40912 .
! =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 932
934@2@ @= <235=12. = @4854309=3 /68 G/6H9=8 =3 /68 H9= 8= 54=3= 932
W34<2 <2/4@2@ @= /68 H9= <6354=3=3 C21428P 1=;1=8=352@68 E8568 <63
@48543528 5632/4@2@=8 @= <6/61.


,* -!#7!:#-!+*!! 
@=354M<2 93 G/6H9= 8=/=<<4632@6 @=/ H9= 8= @=8=2 <636<=1 /2
@48514G9<4>3 @= <2/4@2@=8 H9= ;1=8=352. ;21541 @= 89 36:G1=
4@=354M<2@61 6G54=3= /28 <661@=32@28 @=/ <=35164@= 7 <63 =852
43B61:2<4>3P /23N23@6 932 <6389/52 2 /2 G28= @= @2568 @= 1=89/52@68
@=/ J140=2@6 <6:;684<4632/P 6G54=3= /68 C2/61=8 @= /28 <92516 <2/4@2@=8
;1=8=35=8 =3 52356 ;61 <4=356. =34=3@6 =3 <9=352 H9= /2 @48514G9<4>3
;61<=3592/ @= <2/4@2@=8 8= D2<= =3 G28= 2 93 G/6H9= @= 
 P 8=
6;=12 <63 /2 B12<<4>3 ;61<=3592/ @= <2@2 932 @= /28 <2/4@2@=8 ;1=8=35=8
86G1= 
 . = 6G54=3= 28? /2 <9G4<2<4>3 @=/ G/6H9= <6389/52@6P
4@=354M<23@6 /28 ;16;61<463=8 @= <2@2 932 @= /28 <2/4@2@=8 ;1=8=35=8
=3 =/ :48:6. 852 43B61:2<4>3 8= 1=<60= =3 932 C=35232 =:=10=35=P
52/ <6:6 8= :9=8512 =3 /2 M0912 ..



=  #!  +8!! 


;! !+*!!

"$ #@
= C2/4@2163 /68 1=89/52@68 @=/ J140=2@6 <6:;684<4632/ 954/4N23@6
93 ;16<=86 @= C2/4@2<4>3 <19N2@2 P 9@2 =5 2/  TC=1 2;2152@6
..
S. 68 1=89/52@68 @= /2 C2/4@2<4>3 <19N2@2 T52G/2 . S 863 93 G9=3
43@4<2@61 @= /2 =M<2<42 @=/ :E56@6 @= ;1=@4<<4>3 =:;/=2@6.
/ :?34:6P ;14:=1 <92154/ 7 :=@4232 @= /68 =1161=8 <92@1I54<68 @=
/28 <92516 <2/4@2@=8 863 39/68P /6 H9= ?3@4<2 H9= /2 @48514G9<4>3 @= /68



3 -!$  

40912 .! #=35232 @= 43B61:2<4>3 H9= :9=8512 /68 ;61<=352K=8 @=


<2/4@2@=8 ;1=8=35=8 =3 =/ G/6H9= 7 89 <9G4<2<4>3.

=1161=8 <92@1I54<68 =8 284:E514<2 =3 /68 <92516 <2868. @=:I8 =/ D=<D6


@= H9= /2 :=@4232 8=2 39/2 43@4<2 H9= :I8 @=/  $ @= /28 ;1=@4<<463=8
<2/<9/2@28 :=@4235= /2 C2/4@2<4>3 <19N2@2 <643<4@=3 =F2<52:=35= <63
=/ C2/61 1=2/ H9= D2G?2 84@6 ;1=C42:=35= =F</94@6.
212 ;6@=1 <6:;2121 =/ :E56@6 @=/ J140=2@6 <6:;684<4632/ <63
93

:E56@6 </I84<6 @=3516 @= /2 0=6=852@?854<2P 8= <2/<9/2163 /28

;1=@4<<463=8 :=@4235= <6J140=2@6 86G1= /68 :48:68 ;93568. 68


=852@?854<68 @=8<14;54C68 @= /68 =1161=8 <92@1I54<68 6G5=34@68 ;61
C2/4@2<4>3 <19N2@2 8= :9=85123 =3 /2 84094=35= 52G/2 ..
=G4@6 2 /2 B2/52 @= 84:=51?2 @= /2 @48514G9<4>3 =3 =/ :E56@6
@= J140=2@6 <6:;684<4632/P 7 5=34=3@6 =3 <9=352 2@=:I8 H9= /28



1161 &

1161 &

1161 &

1161 &

.

.

.

.

.

.

.

.

=@4232

.

.

.

.

-) <92154/

.

.

.


.

.

.

.

.

 .


. 

.

.


.

.

. 

. 



.



.

.


.


?34:6
-)

<92154/

IF4:6
=@42

2G/2 . ! 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=@4235=


C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6 <6:;684<4632/. 63@=
&P &P &
7 & @=36523 /28 <2/4@2@=8 P P
7  1=8;=<54C2:=35=%
# @=3652 =/ <6=M<4=35= @= C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2.

@=8C42<463=8 5?;4<28 36 863 :97 G2K28P ;212 ;6@=1 <6:;2121/6 <63


=/ :E56@6 @= <6J140=2@6 =/ C2/61 4@>3=6 =8 =/ @= /2 :=@4232.
(32 <6:;212<4>3 @= /68 C2/61=8 :=@42368 6G5=34@68 43@4<2 H9= =/
J140=2@6 <6:;684<4632/ <6:=5= :=361=8 =1161=8 =3 /2 ;1=@4<<4>3P
43@=;=3@4=35=:=35= @= /2 <2/4@2@ H9= 8= @=8== <6:;2121. 6:;2123@6
65168 <6=M<4=35=8P 8= C= H9= /68 C2/61=8 @= /2 :=@42 863 84:4/21=8P
@=5=<5I3@68= 932 <4=152 :=K61?2 =3 =/ <286 @=/ J140=2@6 <6:;684<4632/.
2:G4E3 863 84:4/21=8 /68 <6=M<4=35=8 @= C2142<4>3 72 H9= =85I3
G282@68 =3 /2 :=@42.



3 -!$  


1161 &

1161 &

1161 &

1161 &

. Q

.Q

. Q

.Q

.

.

.


.

=@4232

.

.

.

.

-) <92154/

. 

.

.

 .


.

 .

 . 



.

. 


.


.

.


.

.

.


.



.

.

.

.

?34:6
-)

<92154/

IF4:6
=@42

2G/2 .! 852@?854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=@4235=


C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= <6J140=2@6. 63@= &P &P &

7 & @=36523 /28 <2/4@2@=8 P P


7  1=8;=<54C2:=35=% # @=3652 =/
<6=M<4=35= @= C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2.
3 =/ <286 @=/ <6J140=2@6P =/ :E56@6 8= :9=8512 =M<2N 72 H9= /68
=1161=8 ;212 /28 <92516 <2/4@2@=8 863 G2K68P 84=3@6 :2761 =/ =1161
<92@1I54<6 :=@46 @= /2 <2/4@2@  @=G4@6 2/ :2761 3W:=16 @= @2568
H9= ;1=8=3523 =8= C2/61 @= <2/4@2@.
= ;9=@= <63</941 H9= =/ :E56@6 @= J140=2@6 <6:;684<4632/ ;1=@4<=
/68 ;61<=352K=8 @= <2/4@2@ <6:=54=3@6 =1161=8 93 ;6<6 :=361=8 H9= =3
=/ <286 @=/ :E56@6 @= <6J140=2@6P 2@=:I8 =/ J140=2@6 <6:;684<4632/
;1=8=352 /2 C=352K2 @= H9= =/ 2/06145:6 =:;/=2@6 </284M<2 =3 8>/6 932
=K=<9<4>3 /28 <92516 <2/4@2@=8P :4=35128 H9= =/ :E56@6 @= <6J140=2@6
3=<=8452 =K=<95218= 43@=;=3@4=35=:=35= 932 C=N ;212 <2@2 932 @= =828


<2/4@2@=8.

&

-#$  /+!

63 /68 @2568 6G5=34@68 @= /2 2;/4<2<4>3 @=/ :E56@6 @= J140=2@6


<6:;684<4632/ 8= 1=2/4N> 932 <9G4<2<4>3 @=/ 72<4:4=356 8=0W3 /28
 <2/4@2@=8 =859@42@28. 212 =//6P 84094=3@6 /28 ;29528 @= 512G2K68
;1=C468P 8= @4C4@4> =/ 72<4:4=356 =3 <92516 N6328! #4/2B1?2P 6N6 @6
4A6P 912<6 7 6132. @=:I8 @= /68 /?:45=8 :21<2@68 ;61 =8528 <92516
N6328P 8= 56:2163 <6:6 /?:45=8 @= <9G4<2<4>3 /2 89;=1M<4= @=/ 5=11=36
7 /2 89;=1M<4= M32/ 2 2/<23N21 ;61 /2 =F;/652<4>3 =3
 2A68.
3 /2 N632 @=36:432@2 #4/2B1?2 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D=5=160E3=2P 84=3@6 ;61<=3592/:=35= G2K2 /2 <2/4@2@
7 @=852<23@6
/40=12:=35= /2 <2/4@2@ . 6G1= 93 5652/ @=   
 P /2
@48514G9<>3 ;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 ..
B! "4(
-

2/4@2@ 

.

2/4@2@ 

 .

2/4@2@

. 

2/4@2@ 

.

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 #4/2B1?2.


3 /2 N632 @=36:432@2 6N6 @6 4A6 /2 @48514G9<4>3 @= <2/4@2@=8



3 -!$  

=8 D=5=160E3=2P ;1=@6:4323@6 /2 <2/4@2@ . 6G1= 93 5652/ @=


 
 P /2 @48514G9<>3 ;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3
/2 52G/2 ..
B! 0!@! ! C1!
-

2/4@2@ 

.

2/4@2@ 


.

2/4@2@

.

2/4@2@ 

 .

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6N6 @6 4A6.


3 /2 N632 @=36:432@2 912<6 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D=5=160E3=2P @=852<23@6 <63 :I8 @=/  $ /2 <2/4@2@ . 856 8= @=G=
2 H9= 8= 51252 @= 932 N632 ;21<42/:=35= =F;/652@2 ;61 /6 H9= 8= =85I
<9G4<23@6 0123456 @= /2 <2;2 89;=1M<42/ @=/ 72<4:4=356P 84=3@6 E85=
@= ;=61 <2/4@2@. 6G1= 93 5652/ @=   
 P /2 @48514G9<>3
;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 ..
3 /2 N632 @=36:432@2 6132 /2 @48514G9<4>3 @= <2/4@2@=8 =8
D=5=160E3=2P @=852<23@6 ;61<=3592/:=35= /28 <2/4@2@=8  7 . 85=
1=89/52@6 8= =F;/4<2 @=G4@6 2 H9= 8= 51252 @= 932 N632 <63 :97
G9=32 <2/4@2@ @= 0123456P ;=16 ;21<42/:=35= =F;/652@2. 856 4:;/4<2
H9= =85I3 ;1=8=35=8 =3 /2 <9G4<2<4>3P ;61 932 ;215=P 0123456 @= G9=32
<2/4@2@ T<2/4@2@ S 286<42@6 2 /68 B1=35=8 @= =F;/652<4>3 7P ;61 /2 6512P


B! 7#!
-

2/4@2@ 

.

2/4@2@ 

. 

2/4@2@


.

2/4@2@ 

.

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 912<6.


01234568 89;=1M<42/=8 @= :2/2 <2/4@2@ T<2/4@2@ S 286<42@6 2 /2 N632 36
=F;/652@2. 6G1= 93 5652/ @=  

 P /2 @48514G9<>3 ;61<=3592/
@= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 ..
B! <!
-

2/4@2@ 

.

2/4@2@ 

.

2/4@2@

.

2/4@2@ 

. 

2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 6132.


2 <9G4<2<4>3 5652/ @=/ 72<4:4=356 7 /2 <611=8;63@4=35= @48514G9<4>3
;61<=3592/ @= <2/4@2@=8 8= 1=<60= =3 /2 52G/2 .
.



3 -!$  

-#$ !
-

2/4@2@ 

  P

P

2/4@2@ 

  
P

P

2/4@2@

   P

P

2/4@2@ 

  P

P

652/


 



2G/2 .
! 48514G9<4>3 5652/ @= <2/4@2@=8 =3 =/ 72<4:4=356.

-*(#! 
*$ +!!$ 
' ,


C 9*!$ +

432 =112G2/ 8= =3<9=3512 =3 /2 /6<2/4@2@ @= #=@12 T 619A2SP


9368  J: 2/ 85= @= 2354206 @= 6:;685=/2 7 ;1>F4:2 2 /2 <211=5=12
Q T2354206 @= 6:;685=/2Q91=38=S. 852 <63<=84>3 :43=12
=F;/652 93 M/>3 @= <921N6 @= 614=352<4>3 Q 7 G9N2:4=356 Q
 D2<42 =/ P <63 932 <6114@2 @= C21468 J4/>:=5168 7 932 ;65=3<42
:=@42 @= 9368 Q :. / 2;16C=<D2:4=356 43@985142/ @=/ <921N6
H9= 8= =F;/652 =3 =85= M/>3 8= D2<= =3 G28= 2/ 012@6 @= ;91=N2
@=/ 84/4<46 <635=34@6 =3 =/ :48:6. =0W3 =85= <145=146P =3 =/ ;16<=86
@= =F512<<4>3 7 ;685=1461 ;16<=82@6 =3 /2 ;/2352 :43=12/W104<2 8=




4  !5 " !

=852G/=<=3 51=8 019;68 @= </284M<2<4>3 @=/ ;16@9<56 G=3=M<42@6! 84/4<46


:=52/ T4=SP B=11684/4<46 T=4S 7 I14@6 T 1S. @=:I8P <6:6 ;16@9<56
2<<=86146 72 H9= 8= =3<9=3512 2 5=<D6 @=/ M/>3P 8= =F512= <26/?3P 84=3@6
<6:=1<42/4N2@6 <6:6 89G;16@9<56 ;212 89 2;16C=<D2:4=356 43@985142/
=3 ;16<=868 <=1I:4<68.
/ :E56@6 @= =F;/652<4>3 =:;/=2@6 =8 @= G23H9=6 <63 2C23<=
8=0W3 /2 @41=<<4>3 51238C=182/ 2/ M/>3P @= 5=<D6 2 :916 @=/ :48:6.
2 ;/234M<2<4>3 @= =F;/652<4>3 @4C4@= =/ M/>3 /630459@432/:=35= =3 
I1=28P @= 91 2 615=P @= 9368  :=5168 @= <6114@2 <2@2 932! 23<6
P 23<6 P 632 =3512/P 632 616=85=  7 632 616=85= . 2
=F;/652<4>3 @= /28 @48543528 I1=28 8= 1=2/4N2 2C23N23@6 ;1601=84C2:=35=
@= 891 2 3615=P 8=0W3 /2 @41=<<4>3 @=/ M/>3 7 =:;=N23@6 ;61 =/ 23<6
.
2 0=6:=51?2 @=/ 52/9@ @= 2C23<= 8= <212<5=14N2 ;61 G23<68 @=
512G2K6 @= . :=5168 <63 932 43</432<4>3 @= /2 <212 @=/ G23<6 @= 
TM0912 .S. 2 2/5912 @=/ 52/9@ M32/ 2 :916 @=/ M/>3 =8 @=  :=5168
<63 G=1:28 @= 23<D912 C2142G/= =351=  7  :=5168 7 93 I309/6 @=
52/9@ 0=3=12/ @=  .
2 5E<34<2 @= 21123H9= @= :43=12/ =:;/=2@2 =8 :=@4235=
;=1B612<4>3 7 C6/2@912. 685=1461:=35=P =/ :25=142/ B120:=352@6 8=
<2102 =3 C6/H9=5=8 2154<9/2@68 @=  563=/2@28 ;212 89 51238;615= =3
;/2352 TM0912 .S. 3 /2 ;/2352 :43=12/W104<2P 84592@2 =3 /2 <2G=<=12
@=/ M/>3P 8= 1=2/4N2 =/ ;16<=86 @= 5145912@6 @=/ :43=12/ 7 </284M<2<4>3
8=0W3 <2/4@2@=8P 01239/6:=51?28 7 @=85436 M32/ @= <6:=1<42/4N2<4>3.



40912 .! #4852 0=3=12/ @=/ M/>3P <63 =/ 5=<D6 2 /2 4NH94=1@2 @= /2


4:20=3 7 =/ :916 2 /2 @=1=<D2 @= /2 :48:2. = 2;1=<42 /2 0=6:=51?2
@= /68 @48543568 G23<68 @= 512G2K6.



'! !$!  /+! 


#@!

6:6 8= :=3<463> =3 =/ 2;2152@6 ..P C21468 29561=8 D23


@4B=1=3<42@6 =3 =/ 2<4N6 GE14<6 @48543528 N6328 7 @6:43468 0=6/>04<68
H9= 1=8;63@=3 2 /2 N632<4>3 @=/ 61>0=36 C2148<6 51238C=182/:=35= 2
89 =8519<5912. 2/4<42 H9=@2 43</94@2 =3 C21428 N6328 H9= @= =85= 2



4 +  !"  $!  ! $! 6

40912 .! 3 /2 4:20=3 8= 2;1=<423 /68 G23<68 @= 512G2K6 7 /28


6;=12<463=8 @= =F;/652<4>3. 3 =/ G23<6 43B=1461 8= =85I 1=2/4N23@6
932 ;=1B612<4>3 86G1= :43=12/P ;212 ;685=1461:=35= 8=1 C6/2@6. 3
=/ :210=3 4NH94=1@6 8= 6G8=1C2 :25=142/ B120:=352@6 @=8;9E8 @= 8=1
C6/2@6. 3 =/ G23<6 435=1:=@46 8= 2;1=<423 /28 6;=12<463=8 @= <2102 7
51238;615= 2 ;/2352.

6=85=P 8=354@6 =3 =/ H9= 29:=352 /2 435=384@2@ @= /2 @=B61:2<4>3 7


:=52:61M8:6 D=1<?34<6P 28? <6:6 /2 ;1=8=3<42 @= :20:2548:6P 863
/28 84094=35=8 T 
P ,9/4C=15 =5 2/  % P 21428 =5 2/  S!
632 85916<<4@=352/Q=63=82 T SP 632 @= 2/4<42 Q 1I8Q68
635=8 TSP 7 632 =3516QGE14<2 T S H9= 2R612 =3 /2 ;215=
<=3512/ 7 =3 =/ G61@= 6<<4@=352/ @= 2/4<42. 3 =8528 N6328 8= D23



@4B=1=3<42@6 86G1= /2 G28= @= <145=1468 /456=85125401IM<68 7 =8519<5912/=8


@48543568 @6:43468 0=6/>04<68. 3 /2 632 @= 2/4<42 Q 1I8Q68Q635=8P
8= @4B=1=3<423 =/ 6:4346 @= 2/4<42 Q 1I8Q68Q635=8 7 =/ 6:4346 @=
/28 16<28 :IM<28 7 1=/2<4632@28 T S T P 21428 =5 2/  P

P 1=328 =5 2/ P P 211=12 =5 2/ SP 1=;1=8=352@6 2H9?
;61 /2 (34@2@ @= 2/;4<2Q94 T(S T P 4163=8 =5 2/ S.
8 =3 =852 934@2@ @63@= 8= 435=012 =/ @=36:432@6 6:;/=K6 @=
1@=3=8 
P 215?3=N 252/I3 =5 2/ . / 6:;/=K6 @= 1@=3=8P
=/ :2761 @= /68 :2<4N68 2/><56368 <63 16<28 :IM<28 7 9/512:IM<28
@= 2/4<42 7 =/ 615= @= 615902/P 8= 89G@4C4@= =3 <43<6 934@2@=8
=3 G28=P B93@2:=352/:=35=P 2 /28 286<42<463=8 /456/>04<28! (34@2@ @=
2354206P (34@2@ @= #4//2 @= 19<=8P (34@2@ @= /2 4=112 @=/ 21=>3Q
2N21P (34@2@ @= 6G12@6Q=/4@=

7 (34@2@ @= =523N68Q 1NW2.

6@28 =//28 =85I3 8=;212@28 =351= 8? ;61 <2G2/02:4=3568 7 89;=1;9=8528


5=<5>34<2:=35=. / 891 @=/ 6:;/=K6 @= 1@=3=8 =F485= 93 <6352<56
5=<3>34<6 @= 1=/=C23<42P @=36:432@6 2//2 210432/. 2/ <6:6 8=
1=<60= =3 P  P =85= <6352<56 =3 89 8=<561 :=14@4632/
8=;212 N6328 H9= 8= <212<5=14N23 ;61 /2 ;1=8=3<42P 2 =8<2/2 :I8 6 :=368
1=04632/P @= 43@4<468 @= @48543568 54;68 GI14<68 @= :=52:61M8:6. 351=
/28 K93528 @= =852 B2//2 =85I 43519?@6 93 M/>3 @= <921N6 @= 0=6:=51?2
2/2102@2 H9= <9/:432 =3 89 <652 :I8 2/52 =3 =/ <636<4@6 <6:6 4<6
2<16P @63@= 5=1:432 89 =F51=:4@2@ 6<<4@=352/.
85= @4H9= @= <921N6 43519?@6 =3 /2 2//2 210432/ =8 =/ H9=
8= =F;/652 =3 432 =112G2/. = <212<5=14N2 ;61 =8521 =3<2K2@6 =3



4 +  !"  $!  ! $! 6

B61:2<463=8 :=52:>1M<28P <6:6 863 03=48=8 7 ;21203=48=8 2 :916 7P


;143<4;2/:=35=P 23MG6/4528 7 =8H948568 2 5=<D6P 56@68 =//68 @= =@2@=8
<6:;1=3@4@28 =351= =/ 1=<I:G14<6 7 =/ 4/W14<6. 2356 /2 =@2@ @=
/2 2//2 210432/ <6:6 /2 @=/ M/>3 @= <921N6 286<42@6 36 8= ;9=@=3
=852G/=<=1 <63 ;1=<484>3. 43 =:G2106P ;21=<= H9= =/ M/>3 8= D2//2
2B=<52@6 ;61 @=B61:2<463=8 284032@28 2 /2 8=093@2 B28= @=/ 4</6
)=1<?34<6P ;61 /6 H9= 8= 51252 @= 932 =8519<5912 ;685QD=1<?34<2 7
:9/54BI84<2 H9= :21<2 /2 8=;212<4>3 =351= =/ 6:4346 @=/ 6:;/=K6
@= ^1@=3=8P 2/ 615= 7 =/ 6:4346 F5=136P 2/ 91.

3 =85= 8=354@6P =/ @4H9= @= <921N6 8= @48;63= 2 B2C61 @= 932


=8519<5912 0=3=12/:=35= @= <21I<5=1 43C=186P 293H9= =3 2/09328 N6328
;1=8=352 93 <21I<5=1 361:2/ 6 <4=152 <6:;63=35= @= @=80211=P H9=
@=M3= /2 2//2 210432/. 852 =8519<5912 <63854597= =/ <6352<56
:=14@4632/ <2G2/0235= =351= =/ 2/><5636 6:;/=K6 @= ^1@=3=8 7 =/
295><5636P 1=;1=8=352@6 ;61 =/ @=36:432@6 6:4346 F5=136.

/ 6:4346 @=/ 6:;/=K6 @= ^1@=3=8P /6<2/4N2@6 2 5=<D6 @=/ M/>3P


=85I 1=;1=8=352@6 =3 =/ =356136 ;1>F4:6 2 /2 :432 ;61 23MG6/4528P =3 =/
=F51=:6 P 7 =8H948568 7 ;21203=48=8 @= 01236 M36 =3 =/ =F51=:6 
@=/ M/>3. 61 6512 ;215=P 2 :916 @=/ M/>3 /68 :25=142/=8 8= D23 284032@6
2/ 6:4346 F5=136P @63@= /68 5E1:4368 /456/>04<68 @6:43235=8 =3 /28
;16F4:4@2@=8 @= /2 =F;/652<4>3 863 /68 =8H948568 7 ;21203=48=8 @= 01236
:=@46QM36.





'

= :916 2 5=<D6P /68 :25=142/=8 =F485=35=8 =3 =/ =356136 @=/


72<4:4=356 @= 432 =112G2/ 8= @=8<14G=3 2 <6354392<4>3.

%:#! / *  +#! ED!+! %9!


63854597=3 93 <63K9356 @= =8H948568 7 ;21203=48=8 @= 01236 :=@46
2 M36 7 <63 932 :21<2@2 B6/42<4>3P 86G1= /68 H9= @=8<2382 =/ M/>3
@= <921N6 8=0W3 <6352<56 5=<5>34<6. 8568 =8H948568 7 ;21203=48=8
:9=85123 932 @=M34@2 610234N2<4>3 =3 <2;28 7P ;93592/:=35=P
8=01=02<463=8 @= :43=12/=8 /=9<6<1I54<68 T<921N6 7+6 B=/@=8;256S.
3 /28 ;16F4:4@2@=8 @=/ M/>3 @= <921N6 =8568 :25=142/=8 :9=85123
<6/612<463=8 16K4N28P :4=35128 H9= 2/ 2/=K218= @= /2 N632 @= <6352<56
2@6;523 <6/612<463=8 0148I<=28 = 43</986 C=1@6828P ;61 /2 ;1=8=3<42 @=
:43=12/=8 @= 2/5=12<4>3.
3 /2 N632 @= <6352<56 <63 =/ M/>3 7 =3 /68 :=5168 :I8 89;=1M<42/=8
=8528 /456/60?28 ;9=@=3 ;1=8=3521 93 4:;615235= 012@6 @= 2/5=12<4>3P
H9= //=02 2 ;16/630218= D2852 @=<=328 @= :=5168 @= ;16B93@4@2@
84094=3@6 =/ <6352<56 7 <63 =8;=861=8 52:G4E3 84034M<254C68. 6328
@= =8;=<42/ 2/5=12<4>3P 934@28 2 @=/02@68 :2<4N68 @= <921N6 =3 /2 G28=
@=/ 52/9@P ;9=@=3 0=3=121 ;16G/=:28 @= =852G4/4@2@ 0=3=12/ =3 =/ 52/9@.



4 +  !"  $!  ! $! 6

<$  #@! E< '

=3516 @=/ 1=//=36 D4@165=1:2/ <921<?B=16 H9= 2<6:;2A2 2 /2 2//2


210432/ 8= ;9=@= 1=2/4N21 932 @48543<4>3 @= C214=@2@=8 :43=12/=8
=3 <92356 2 89 2;16C=<D2:4=356 :43=16. 852 C214=@2@ @=;=3@=
@41=<52:=35= @=/ <635=34@6 =3 2/W:432P D4=116 7 <2/<46 H9= ;1=8=35=
=/ <921N6. = <212 2 89 4@=354M<2<4>3 =3 <2:;6P =8 ;143<4;2/:=35= /2
C2142<4>3 @=/ <635=34@6 =3 2/W:432 =/ ;21I:=516 H9= :=K61 ;=1:45=
@4B=1=3<421 /28 @4B=1=35=8 C214=@2@=8 :43=128.
2 <2156012B?2 0=6/>04<2 1=2/4N2@2 86G1= =/ M/>3 @= =112G2/
<635=:;/2 ;1=<482:=35= /2 @48543<4>3 @= <9=1;68 :43=12/=8 =3 B93<4>3
@= /2 C214=@2@ :43=12 2 /2 H9= 863 284032G/=8 7P ;61 52356P 1=R=K2 =/
;61<=352K= 7 C2142<4>3 @= /68 =/=:=3568 <6384@=12@68 <6:6 4:;91=N28.
8528 C214=@2@=8 :43=128 8= ;9=@=3 2019;21 =3 <92516 0123@=8
<63K93568 T4/4<46 :=52/P =11684/4<46P V14@6 7 26/?3SP =F4854=3@6
93 H94356 5E1:436 @4B=1=3<42@6 H9= 8=1?2 =/ <611=8;63@4=35= 2 /28
5=<5634528 6 16<28 <9728 <212<5=1?854<28 ;63=3 @= :234M=856 /2
=F485=3<42 @= =8519<59128 5=<5>34<28 TB2//28 7 <2G2/02:4=3568S. =8@=
=/ ;9356 @= C4852 @= /2 ;16@9<<4>3P =8528 5=<5634528 <611=8;63@=1?23 2
93 I14@6 = 43</986P =3 2/0W3 <286P ;9=@=3 <6384@=1218= <6:6 =85E14/.
61 W/54:6P =F485= 932 C214=@2@ 36 @=5=<52G/= @= C489 H9= 8=
<212<5=14N2 ;61 93 =8<286 <635=34@6 =3 5452346P 8= 51252 @= /2 C214=@2@
2K6 452346.


.!F :#! / *  6! E-!+*! 
G
/ =F51=:6 616=85= @=/ M/>3 ;1=8=352 <6:6 16<2 @= <2K2P 2 5=<D6P
9328 23MG6/4528P 0=3=12/:=35= @= 01236 M36 7 =3 6<28463=8 :=@46P H9=
:9=85123 932 0123 C214=@2@ /456/>04<2. 9=/=3 ;1=8=3521 <6/612<463=8
0148I<=28 7 932 M32 /2:432<4>3 =351= /2 H9= 2;21=<=3 /=35=8 6 34C=/=8
/=9<6<1I54<68 TB=/@=8;256 7 <921N6S. 3 /28 N6328 @= 2/5=12<4>3 ;9=@=
@21 /9021 2 <6/612<463=8 0148QC=1@6828.
43 =:G2106P D2<42 =/ 91=85=P /2 16<2 @= 5=<D6 @=/ M/>3 ;282 2
=8521 <6:;9=852 ;61 =8H948568 7 ;21203=48=8P =3 B2<4=8 @= 01236 M36P
=3 /68 H9= 8= @4854309= 93 M36 G23@=2@6. 852 934@2@ :9=8512 0123
C2142G4/4@2@ /456/>04<2 T=8H948568 <921<?54<68P :4<I<=68P B=/@=8;I54<68 7
;21203=48=8 =8H94856868S.
-#!
=3516 @=/ <63K9356 @= :25=142/=8 <925=1321468P 8= ;9=@=3
@4B=1=3<421 @68 019;68 ;143<4;2/=8. 61 93 /2@6 =85I3 /68 :25=142/=8 @=
6140=3 2351>;4<6P ;143<4;2/:=35= =8<6:G1=128 7 1=//=368 @= /2 2<54C4@2@
:43=12P 7 ;61 6512 ;215= =85I3 /68 <6/9C463=8 7 89=/68 @= 2/5=12<4>3P
H9= ;9=@=3 //=021 2 ;1=8=3521 =8;=861=8 :97 4:;615235=8P //=023@6 2
89;=121 =3 6<28463=8 /68  :.
2 4@=354M<2<4>3 @= =8568 1=//=368 325912/=8 =8 4:;615235=P ;9=856
H9= ;9=@=3 =8521 1=<9G14=3@6 N6328 @=/ M/>3 @= <921N6 7 6<9/523@6
=/ 295E354<6 <6352<56 @= 5=<D6 @=/ M/>3P @23@6 /2 4:;1=84>3 @= H9= /2



4 +  !"  $!  ! $! 6

;65=3<42 @=/ :48:6 =8 :=361 @= /2 H9= =8 =3 1=2/4@2@. 8 ;61 =//6 H9=


=/ :=@46 :I8 M2G/= ;212 /6<2/4N21 <63 021235?28 =/ <6352<56 @= 5=<D6
8=2 :=@4235= 89 @=8<9G4=152 6 :=@4235= 863@=68.



2!+(  .$

/ <9=1;6 M/634236 8= =F54=3@= 2 /6 /2106 @= 9368  J:P <63 932


@41=<<4>3 2;16F4:2@2 QP 7 ;1=8=352 93 G9N2:4=356 :=@46
@= 9368 Q D2<42 =/ 61=85=. 68 =8;=861=8 @= <921N6 89=/=3
=8521 <6:;1=3@4@68 =351= /68  7  :P ;9@4E3@68= =3<635121
=301682:4=3568 /6<2/=8 @=G4@68 2 /2 ;1=8=3<42 @= B12<59128 H9= 0=3=123
1=;=54<463=8 ;21<42/=8 @=/ M/>3 6 @=G4@6 2 R=F463=8 @=/ ;16;46 M/>3.
/ :916 7 =/ 5=<D6 @=/ M/>3 :9=85123 G9N2:4=3568 @4B=1=35=8P
0=3=12/:=35= :I8 =/=C2@68 =3 =/ <286 @=/ 5=<D6. 28 :61B6/60?28
H9= :9=85123 2:G68 <6352<568 52:G4E3 863 @4B=1=35=8. / :916 8=
28=:=K2 :I8 2 93 ;/236 1=09/21 7 @=M34@6P ;684G/=:=35= 5=<5>34<6P
:4=35128 H9= =/ 5=<D6 89=/= :685121 39:=16828 411=09/214@2@=8 <63
1=82/5=8 7 @=;1=8463=8 H9=P 0=3=12/:=35=P =85I3 1=//=328 ;61 :25=142/=8
@= 2/5=12<4>3 6 @= 16<2 @= <2K2.
28 :2828 H9= <63B61:23 /28 @4B=1=35=8 C214=@2@=8 :43=12/>04<28
:9=85123 :61B6/60?28 :I8 6 :=368 /=354<9/21=8 7 8= @48;63=3
2/6302@28 8=0W3 932 @41=<<4>3 ;1>F4:2 2 /2 @=/ M/>3P 7 <63 <4=152
6G/4<94@2@ 1=8;=<56 2/ 5=<D6 7 :916 @=/ :48:6. = /2 :48:2 B61:2
6<911= <63 =/ G9N2:4=356P H9= ;9=@= @4B=141 =3 9368 <923568 012@68
=351= /68 H9= :21<23 :916 7 /68 @= 5=<D6.


=B=1=35= 2 /2 =8519<5912 @=/ 72<4:4=356P /68 <9=1;68 @= /28
@48543528 <2/4@2@=8 0=3=12/:=35= ;1=8=3523 :61B6/60?28 /=354<9/21=8P
2/06 6G/4<928 2 /68 D28542/=8 @=/ M/>3 7 <6152@28 ;61 B12<59128. 68
<6352<568 =351= /28 @4B=1=35=8 <2/4@2@=8 36 89=/=3 8=1 @=M34@68. 43
=:G2106P /68 @= @4B=1=35= <2/4@2@ 8= ;9=@=3 4@=354M<21 <63 G285235=
</214@2@ 293H9= 89=/= 8=1 <6:;/4<2@6 4@=354M<21 932 /?3=2 @= <6352<56
3=56 =351= =//68.
61 =/ <63512146P /68 <6352<568 =351= =/ <921N6 7 65128 /456/60?28P
<6:6 =/ <26/?3 6 /28 5=<5634528P 8? 54=3@=3 2 8=1 3=568 7 G4=3 @=M34@68P
293H9= G285235= 411=09/21=8 7 @48/6<2@68 ;61 B12<59128 51238C=182/=8
2/ M/>3P ;61 /6 H9= 89 ;16/6302<4>3 =3 ;16B93@4@2@ =85I 89K=52 2 93
:2761 012@6 @= 43<=154@9:G1=.
/ M/>3 :9=8512 93 <6352<56 @= :916 :97 @=M34@6 7P 2 0123@=8
128068P <63 932 :61B6/60?2 ;/2321. 61 =/ <63512146P =/ <6352<56 @=
5=<D6 89=/= 8=1 :97 411=09/21P <63 ;1=8=3<42 @= G6/82@28 6 ;21<D=8
@= 16<2 @= <2K2 6<9;23@6 N6328 @=;14:4@28 86G1= =/ 5=<D6 @= <921N6.
856 D2<= H9= 36 8= ;9=@2 =852G/=<=1 93 C2/61 MK6 ;212 =/ G9N2:4=356
@=/ 5=<D6. W3 28?P /28 89;=1M<4=8 =8519<5912/=8 H9= C23 H9=@23@6 2/
@=8<9G141 =/ 5=<D6 @=/ M/>3 ;=1:45=3 6G5=3=1 C2/61=8 @= G9N2:4=356
H9= 36 89=/=3 <643<4@41 <63 /68 H9= ;1=8=352 =/ :916. 3 6<28463=8 D27
43@4<468 @= 932 @4C=10=3<42 =3 ;16B93@4@2@ =351= 2:G28 89;=1M<4=8P
:4=35128 H9= =3 N6328 8= 2;1=<42 =/ =B=<56 <63512146P 932 @48:439<4>3
@= /2 ;65=3<42 =3 ;16B93@4@2@.
3 ;143<4;46P 36 8= 2;1=<42 3430W3 ;251>3 MK6 =3 /2 @48514G9<4>3 @=



4 +  !"  $!  ! $! 6

<2/4@2@=8 @= :43=12/ 2 /6 /2106 @=/ M/>3 7P ;61 52356P <92/H94=1 ;251>3


@= @48514G9<4>3 4@=354M<2@6 =3 93 I1=2 @=/ M/>3 36 ;9=@= =F512;6/218=
<63 021235?28 2/ 1=856 @= I1=28 @=/ M/>3. 16G2G/=:=35=P =856 =8 @=G4@6
2 89 0E3=848 :9/54BI84<2 7 2 /2 0123 B12<5912<4>3 H9= 2B=<52 2 =852 0123
=8519<5912 M/634232.
2 B12<5912<4>3 H9= 2B=<52 2/ M/>3 8= ;9=@= 2019;21 =3 @68 </28=8P
=3 B93<4>3 @= 89 614=352<4>3P 54;6 7 =3C=102@912. = =852 :23=12
8= 6G8=1C2 932 B12<5912<4>3 51238C=182/ 7 6512 /630459@432/P 293H9=
;1=8=35= <4=152 6G/4<94@2@ 1=8;=<56 2 /68 D28542/=8 @=/ M/>3.
<#$  
2/C6 <6352@28 B12<59128 84309/21=8P /2 :2761 ;215= @= =852
B12<5912<4>3 =85I 1=;1=8=352@2 ;61 93 @=386 7 ;=3=51254C6 @42</282@6
H9= 2 016886 :6@6 2;21=<= ;=1;=3@4<9/21 2 /68 D28542/=8 @=/ M/>3. 2
/630459@ @= =8528 @42</2828 =8 @= 61@=3 :E514<6 2 @=<2:E514<6P <63 93
;286 H9= =3 :9<D28 I1=28 @=/ M/>3 =8 @=<4:E514<6.
<#$ !#
=3=12/:=35= =85I ;1=8=352@2 ;61 =8519<59128 @= 0123 :203459@
H9= :9=85123 932 @48;684<4>3 /40=12:=35= 6G/4<92 2 /2 @41=<<4>3
@=/ M/>3 7 :61B6/60?28 /=C=:=35= 840:64@2/=8 <63 //2:254C68 840368
@= <4N2//2 @W<54/. 8528 =8519<59128 52:G4E3 89=/=3 41 2<6:;2A2@28
@= 5=<5634528 = 43@4C4@92/4N23 I:G4568 @=/ M/>3 <63 <212<5=1?854<28
;16;428 H9= 8= @=8<14G41I3 8=094@2:=35=. 8528 =8519<59128 ;1=8=3523


/630459@=8 J4/6:E514<28 7 2 /6 /2106 @= 89 512N2@6 :9=85123 28;=<568
:97 C2142G/=8P @=8@= 93 84:;/= ;/236 @= @48<6354394@2@P D2852 ;65=35=8
<9=1;68 @= 5=<5634528.

&

)!   ! 


.$

/6 /2106 @=/ M/>3 8= D23 4@=354M<2@6 C21428 B12<59128 84309/21=8 7


@= :2761 =3C=102@912 H9= =/ 1=856P H9= 8= @48;63=3 <63 :2761 6 :=361
012@6 @= 6G/4<94@2@ 1=8;=<56 2 /68 D28542/=8 @=/ M/>3. 8528 =8519<59128
<6:;2154:=3523 =/ M/>3 =3 C21468 1=<43568 H9= :9=85123 @4B=1=35=8
@48514G9<463=8 @= <2/4@2@=8 @= :43=12/. 28 I1=28 @4B=1=3<42@28 D23
84@6P @= =85= 2 85=!
632 616=85= 
632 616=85= 
632 =3512/
23<6 
23<6 

&

B! H!! 

852 I1=2 8= 845W2 =351= /68 ;=1M/=8  7 P ;1=8=3523@6 932
:61B6/60?2 2/6302@2P <63  : @= /630459@ 7 932 23<D912 :=@42 @=
Q :P <63 93 :IF4:6 @=  :. 9 /?:45= 8=;5=3514632/ /6 <63854597=



4 !  $! $$! $! $! 7"

=/ D28542/ @= 5=<D6 @=/ M/>3 7 =/ :=14@4632/ /2 B12<5912 . )2<42 =/


91=85=P =852 I1=2 8= C2 2<9A23@6 =351= =/ D28542/ @= 5=<D6 7 /2 ;16;42
B12<5912 P H9= @48<911= <63 93 512N2@6 G285235= 6G/4<96 =351= =/
D28542/ @= :916 7 =/ @= 5=<D6P <63C=104=3@6 7 <63543923@6 ;61 2:G68.
6:6 8= D2 43@4<2@6P /2 B12<5912  8= @=8/402 @= /2 N632
5=<5634N2@2 @=/ :916 @=/ M/>3 7 @48<911= 2 /6 /2106 @= 9368  :
;61 =/ 8=36 @=/ :48:6. 3 /68 ;14:=168  : 8= :9=8512 <6:6 93
;/236 :97 @=M34@6 7 3=56 T +
 SP H9= ;63= =3 <6352<56 932 :282
@= =4 @= /2 632 616=85=  <63 =/ I14@6 @= /2 632 616=85= .
68 84094=35=8  : /2  C2 2<6:;2A2@2 @= 93 ;65=35= 2R612:4=356
@= 16<2 @= B2//2 T5=<5634528P 21<4//28P G1=<D28P <921N6 <63 =3</2C=8 @=
16<28 @= 5=<D6S H9= //=02 2 2/<23N21 /68  : @= ;65=3<42 =3 =/ 512:6
<=3512/.
3 =852 N632 /2 8=<9=3<42 @= :25=142/=8 =8 G285235= 84:;/= 7 =85I
<6:;9=852 ;61 93 512:6 @= <921N6 <2/4@2@ V14@6P H9= 2R612 @= B61:2
@48<6354392 K9356 2 /2 B12<5912 . 6G1= =/ I14@6 8= @48;63= 93 ;65=35=
<9=1;6 @= B=11684/4<46 H9=P 8>/6 =3 /68 :=5168 :I8 ;1>F4:68 2/ <6352<56
@= 5=<D6P @2 ;286 2 932 G23@2 @= I14@6 <63 932 ;65=3<42 @= Q :.

&

B! H!! 

852 I1=2 8= 845W2 =351= /68 ;=1M/=8  7 P H9=@23@6


<6:;1=3@4@6 =351= /2 B12<5912  7 /2 B12<5912 P 84592@2 2 /2 2/5912
@= /2 ;4852 0=3=12/ @= 89G4@2 2 /2 ;/2352. = 51252 E852 @= 932 @= /28
I1=28 :I8 =F5=3828 @= /2 :432P @=82116//I3@68= 2 /6 /2106 @= 
 :



<63 23<D9128 H9= 2/<23N23 93 :IF4:6 @= 


 : =3 89 =F51=:6 91=85=
7 93 :?34:6 =3 =/ =F51=:6 616=85=P @63@= H9=@2 2<9A2@6 =351= /2
B12<5912  7 =/ :916 @=/ M/>3. 68 G9N2:4=3568 :=@468 6G8=1C2@68
863 =3 56136 2 /68  ;212 =/ D28542/ @= :916P  ;212 =/ 5=<D6 7
=351=  7  ;212 /68 <6352<568 43512M/6342368P =351= /28 @4B=1=35=8
<2/4@2@=8 @= <921N6.
852 I1=2 @=/ M/>3 ;1=8=352 :I8 D=5=160=3=4@2@ =3 /2 @48514G9<4>3
@= <2/4@2@=8 @= :43=12/ H9= /2 6G8=1C2@2 =3 /2 632 616=85= P 36
;9@4=3@6 =852G/=<=18= 932 8=<9=3<42 @= :25=142/=8 H9= 5=302 C2/4@=N
;212 56@6 =/ I1=2. 43 =:G2106P 8? 8= 2;1=<42 H9= =/ ;61<=352K= @= I14@6
B1=35= 2 <921N6 :=52/W104<6 8= C2 43<1=:=3523@6 D2<42 =/ 616=85=P
@63@= 1212:=35= 8= 6G8=1C23 :2828 4:;615235=8 @= =8528 C214=@2@=8
:I8 ;9128. 61 6512 ;215=P 8= 6G8=1C2 H9= =3 56@2 =852 I1=2 =/ M/>3 8=
D2 4@6 =:;6G1=<4=3@6 =3 ;16B93@4@2@ 7 @= B61:2 :I8 2<982@2 D2<42
=/ 616=85=P =351= /68 ;=1M/=8  7 .
>/6 =351= /68 ;=1M/=8  7  8= D23 4@=354M<2@6 4:;615235=8
:2828 @= 84/4<46 7 B=11684/4<46P ;21<42/:=35= =F;/652@28 7 <63 0123@=8
;684G4/4@2@=8 @= H9= 8= ;16/6309=3 =3 ;16B93@4@2@.

&&

B! -

852 N632 8= @=M3= =351= /68 ;=1M/=8  7 P 5125I3@68= @= 932
@= /28 I1=28 :I8 =F5=3828 @=3516 @=/ =859@46P @=82116//I3@68= 2 /6 /2106
@=  :P 7 @63@= 8= 4@=354M<23 /28 :2761=8 23<D9128 @=/ M/>3P D2852
 :. 68 G9N2:4=3568 :=@468 6G8=1C2@68 863 =3 56136 2 /68 



4 !  $! $$! $! $! 7"

;212 =/ D28542/ @= :916P  ;212 =/ @= 5=<D6 7 =351=  7  ;212 /68
<6352<568 43512M/6342368 =351= /28 @4B=1=35=8 <2/4@2@=8 @= <921N6.
4 G4=3 /2 8=<9=3<42 @= :25=142/=8 =3 =852 I1=2 =8 @4B?<4/ @=
=852G/=<=1P 84 8= 2;1=<42 H9= /2 :2761 14H9=N2 @= <921N6 :=52/W104<6P
54;6 4=P 8= /6<2/4N2 K9356 2/ :916 @=/ M/>3. 3 /2 N632 435=132 7 =3
=/ D28542/ @= 5=<D6 /2 ;1=8=3<42 @= <921N6 :=52/W104<6 =8 :I8 =8<282P
8= ;1=8=352 =3 :2828 @= :=361 52:2A6 7 <63 ;1=@6:4346 @= /2 <2/4@2@
=4 B1=35= 2 /2 =8<282 ;1=8=3<42 @= 4=.
43 =:G2106P /2 :2761 ;2154<9/214@2@ @= =852 I1=2 =8 /2 ;1=8=3<42 @=
93 ;65=35= <9=1;6 @= 21<4//28 T<26/43452SP H9= 8= @=82116//2 =3 /2 N632
<=3512/ @=/ M/>3 2 ;21541 @=/ ;=1M/  //=023@6 D2852 =/ /?:45= 6<<4@=352/
@=/ 23<6 P 2 /2 2/5912 @=/ ;=1M/ . 85= <9=1;6 @= <26/?3 //=02
2 2/<23N21 /68  : @= 23<D912P :685123@6 932 :61B6/60?2 52G9/21P
293H9= D2<42 =/ =85= 8= 2<9A2 @= B61:2 G198<2P ;684G/=:=35= 2/ 8=1
/2:432@6 ;61 /2 B12<5912 
. 9 <6:;684<4>3 36 =8 D6:60E3=2P 72
H9= 8= ;9=@=3 6G8=1C21 @4C=1828 B2<4=8 435=1:=@428 =3 B93<4>3 @= /28
@4B=1=35=8 ;16;61<463=8 @= <26/?3Q<921N6. 8528 B2<4=8 435=1:=@428 8=
610234N23 =3 G23@28 H9= =3C9=/C=3 =/ <9=1;6 ;143<4;2/ @= <26/?3 7
:21<23 /2 512384<4>3 =351= E85= 7 /28 :2828 @= <921N6. =G4@6 2 /2
411=09/21 @48514G9<4>3 7 D=5=160=3=4@2@ @= @4<D28 B2<4=8P /2 <2156012B?2
0=6/>04<2 36 1=R=K2 =852 @4B=1=3<42<4>3P 2;21=<4=3@6 56@6 =/ <63K9356
<63 ;1=8=3<42 @= <26/?3 435=012@6 =3 93 8>/6 <9=1;6 @=36:432@6 @=
B61:2 0=3=12/ Y<26/?3Y.
/ <9=1;6 @= <26/?3 54=3= <6354394@2@ =3 ;16B93@4@2@ D2852 <652


 7 843 :9=85128 @= H9= @48:43972 89 ;65=3<42. 3 =852 I1=2 @=/
M/>3 =/ G9N2:4=356 @=/ <9=1;6 @= <26/?3 =8 /=C=:=35= :2761 H9= =/
@=/ <6352<56 @= :916 @=/ M/>3P /6 H9= 4:;/4<2 932 <4=152 5=3@=3<42
2/ 2<9A2:4=356 =3 ;16B93@4@2@ @= /2 :282 @= 4= ;1=8=35= =351= =/
<26/?3 7 =/ :916. 43 =:G2106P /2 =8<282 @4B=1=3<42 =351= G9N2:4=3568
T
Q  S 7 /2 411=09/214@2@ @= /68 @4B=1=35=8 <6352<568 0=6/>04<68 4:;4@=
<6384@=121 =82 5=3@=3<42 <6:6 2/06 =F512;6/2G/= 2/ 1=856 @=/ M/>3 @63@=
=85I ;1=8=35= =/ <9=1;6 @= <26/?3.

&

7! 

852 I1=2 =30/6G2 52356 /2 N632 @= /2G61=6 <636<4@2 <63 =/ :48:6


36:G1= =3 /2 :432 <6:6 /28 N6328 :I8 6<<4@=352/=8 @=/ M/>3 D2852 /2
B12<5912 
P <635=34@6 =351= /68 ;=1M/=8  7 . / G9N2:4=356 :=@46
@=/ <6352<56 @= :916 @=/ M/>3 8= 845W2 =3 56136 2 /68  P :4=35128 H9=
=/ @= 5=<D6P ;=8= 2 8=1 :9<D6 :I8 411=09/21P :9=8512 93 G9N2:4=356
0=3=12/ @= Q . 3 56136 2 /68 ;=1M/=8  7  =/ <9=1;6 @= <26/?3
8= @48;63= K9356 2/ <6352<56 @= :916 @=/ M/>3P ;61 /6 H9= 36 2;21=<= =/
5?;4<6 1=82/5= 6 <1=85>3 =8519<5912/ H9= 2<6:;2A2 56@6 =/ 2R612:4=356
@=/ M/>3.
/ <9=1;6 @= <26/?3 ;1=8=35= =3 =/ I1=2 <=3512/ @=/ M/>3 <63543W2
2 /6 /2106 @= 56@6 =/ G23<6 P =351= /68 ;=1M/=8  7 . @=:I8P
=3 =/ =F51=:6 6<<4@=352/ @= =852 I1=2P =/ <9=1;6 @= <26/?3 :9=8512
932 ;=H9=A2 43R=F4>3 ;684G/=:=35= :654C2@2 ;61 93 :6C4:4=356 @=
2112851= @= /2 B12<5912 
. 856 @2 /9021 2 H9= 8= 2;1=<4= 93 /40=16



4 !  $! $$! $! $! 7"

=301682:4=356 /6<2/ @= /2 G23@2 @= <26/?3 K9356 2 /2 :=3<4632@2


B12<5912. 61 6512 ;215=P /68 863@=68 1=2/4N2@68 <63M1:23 /2 ;1=8=3<42
@= <26/?3 D2852 <652  7 ;65=3<428 /6<2/=8 @= D2852  : =356136 2
/68 ;=1M/=8  7 .
/ 4092/ H9= =3 =/ I1=2 <=3512/P /2 <6:;684<4>3 @= /2 934@2@ @= <26/?3
36 =8 D6:60E3=2P 72 H9= 8= ;9=@=3 6G8=1C21 @4C=1828 B2<4=8 435=1:=@428
=3 B93<4>3 @= /28 @4B=1=35=8 ;16;61<463=8 @= <26/?3Q<921N6. 8528 B2<4=8
435=1:=@428 8= 610234N23 =3 G23@28 H9= =3C9=/C=3 =/ <9=1;6 ;143<4;2/
@= <26/?3 7 :21<23 /2 512384<4>3 =351= E85= 7 /28 :2828 @= <921N6.
3 <92356 2 /2 8=<9=3<42 @= :25=142/=8P 52:G4E3 8= :2354=3= /2
:48:2 @48514G9<4>3 6G8=1C2@2 =3 /2 632 =3512/. 8? 8= 6G8=1C2 <6:6
=/ :43=12/ @= :=K61 <2/4@2@ 8= /6<2/4N2 2 :916 @=/ M/>3P ;61 =3<4:2
8= =3<9=3512 =/ <9=1;6 @= <26/?3 7P 2 5=<D6 @=/ :48:6P 6512 :282 @=
<921N6 H9= ;1=8=352 932 </212 5=3@=3<42 2/ =314H9=<4:4=356 @=/ <921N6
D2<42 =/ =85=.

&

7!

4592@6 =351= /68 ;=1M/=8  7 Q


P 8= <611=8;63@= <63 /2
<6354392<4>3 614=352/ @=/ M/>3 D2852 ;1I<54<2:=35= /2 /?3=2 @=
B=116<2114/. 3 =852 I1=2 =/ <9=1;6 @= <26/?3 8= 2<9A2 D2<42 =/ 85=
2 /2 2/5912 @=/ ;=1M/ P @23@6 ;286 2 932 B2<4=8 G1=<D64@= =3 /2 H9=
/2 :2514N =85I <6:;9=852 ;61 93 <921N6 5128/W<4@6 H9= =3C9=/C= </28568
411=09/21=8 7 <=354:E514<68 @= <26/?3P C4E3@68= 435=119:;4@2 =852 B2<4=8
;61 932 B12<5912 Q.


/2 2/5912 @=/ ;=1M/ Q
2;21=<= 932 N632 :97 5145912@2 7 <63
/28 @48<6354394@2@=8 @= /2 16<2 1=//=328 ;61 21<4//28 16K4N28. / 85= @=
/2 B2//2 Q /2 <2/4@2@ 0=3=12/ @=/ <921N6 :=K612P 6G8=1CI3@68=
2/09368 2R612:4=3568 @= <921N6 <63 ;6<28 4:;91=N28 7 28;=<56 :97
<6:;2<56P H9= ;6@1?23 <611=8;63@=1 2 <921N6 :=52/W104<6.




'!! !$!
-.$  

2/ <6:6 8= D2 <6:=352@6P =3 =/ M/>3 @= <921N6 =859@42@6 =85I3


;1=8=35=8 @48543528 <2/4@2@=8 @= :43=12/. 8528 C214=@2@=8 8= ;9=@=3
1=<60=1 =3 51=8 0123@=8 <63K93568! 84/4<46 :=52/ T4=SP B=11684/4<46
T=4S 7 I14@6 T 1SP 2 /68 H9= D27 H9= 2A2@41 =/ <26/?3 H9=P 843 8=1 932
C214=@2@ 6GK=56 @= ;16@9<<4>3 =3 /2 2<592/4@2@P 2;21=<= <63854597=3@6
@68 ;65=35=8 <9=1;68 =3 =/ 8=36 @=/ M/>3P =3 89 =F51=:6 :=14@4632/.
@=:I8P =8568 <9=1;68 @= <26/?3 8= D2//23 =3 932 ;684<4>3 G285235=
<=3512@2 @=3516 @=/ <9=1;6 M/634236P ;61 /6 H9= =8 3=<=82142 89 1=5412@2
;212 ;6@=1 2<<=@=1 2/ :43=12/ H9= 8= D2//2 G2K6 89 :916P 0=3=12/:=35=
4=. 2G= @=<41 H9= =/ <26/?3 H9= 8= =F512= =3 432 =112G2/ 8=
<6:=1<42/4N2 <6:6 89G;16@9<56 @=85432@6 2 /2 43@985142 <=1I:4<2
TM0912 .
S.
=0W3 
P 12G4O688= =5 2/  /68 ;143<4;2/=8 ;16G/=:28 ;212 /2
954/4N2<4>3 @=/ <921N6 =F;/652@6 =3 2/4<42 <6:6 ;16@9<56 @= <2/4@2@
863P =3 0=3=12/P =/ =F<=86 @= D4=116 7 2/W:432 28? <6:6 =/ @EM<45



4 +$! !" 

40912 .
! 4/>3 @4C4@4@6 =3 /68 @48543568 <9=1;68 :43=12/=8. =7=3@2
@= <2/4@2@=8! B=11684/4<46 T16K6S% 84/4<46:=52/ T2N9/S% I14@6 TC=1@=S% <26/?3
T2:214//6S.

@= 8?/4<=. 3 /?3=28 0=3=12/=8 7 ;212 =/ 72<4:4=356 =3 =859@46P /28


@4B=1=35=8 C214=@2@=8 :43=128 @= <921N6 C4=3=3 @2@28 ;61 =/ <635=34@6
=3 2/W:432 @=/ :43=12/. 8?P 8= =852G/=<=3 9328 /=7=8 @= <615= 6 ;91=N2
H9= C23 2 :21<21 /2 C214=@2@ 6 <2/4@2@ @=/ <921N6. = =852 B61:2
=/ 4= 36 @=G= 1=G2821 =/ .
Q.
 $ @= <635=34@6 =3 2/W:432P =/
=4 H9=@2 =3<92@12@6 =351= .
 7 . $P :4=35128 H9= ;61 =3<4:2
@= =868 ;61<=352K=8 =/ <921N6 72 36 ;1=8=352 <2/4@2@=8 :=52/W104<28 7
=8 <6384@=12@6 <6:6 I14@6.





D#$  

2 <1=2<4>3 @=/ :6@=/6 0=6/>04<6 @= =85= 72<4:4=356 8= G28> =3


@=M341 /2 @48514G9<4>3 @= /28 <92516 <2/4@2@=8 =3 =859@46 2 /6 /2106
@=/ M/>3. 212 =//6 8= =852G/=<4=163  ;=1M/=8 51238C=182/=8 2 /2
@41=<<4>3 @=/ M/>3 =H94=8;2<42@68  :=5168. 2@2 936 @= =8568
;=1M/=8 1=<60= /2 43B61:2<4>3 56:2@2 =3 <2:;6 86G1= /68 2R612:4=3568
7 /68 1=89/52@68 @= /2 5=854M<2<4>3 @= 863@=68 1=2/4N2@68 =3 =859@468
235=1461=8 TM0912 .S. 3 =/ 2A6  8= 1=2/4N2163 93 5652/ @=
 863@=68 7 8= 56:2163 :9=85128 ;16<=@=35=8 @=  C6/2@9128
1=2/4N2@28 =3 6;=12<463=8 @= ;16@9<<4>3. 685=1461:=35=P =3 =/ 2A6

8= 1=2/4N> 932 39=C2 <2:;2A2 @= 
863@=68 7 52:G4E3 8= 56:2163
:9=85128 ;16<=@=35=8 @= 
 C6/2@9128.
8568 ;=1M/=8 1=;1=8=3523 /2 @48514G9<4>3 @= <2/4@2@=8 =3 1=<43568
H9= <212<5=14N23 =/ ;1=@6:4346 @= <2@2 932 @= /28 <92516 <2/4@2@=8 =3
=/ :48:6. 93H9= /2 43B61:2<4>3 H9= :9=8512 28? <2@2 ;=1M/ 8= ;/28:2
=3 @68 @4:=38463=8P 86G1= =8568 1=<43568 @= <2/4@2@ =85I 43B=14@2 /2
@48514G9<4>3 514@4:=384632/ @= <2/4@2@=8P ;1=8=35= 8=0W3 /2 @41=<<4>3
/630459@432/ @=/ M/>3  : ;61 @=/235= 7  : ;61 @=51I8 @=/ ;=1M/
43@4<2@6. = /2 43B61:2<4>3 6G5=34@2 2 ;21541 @= =8568 ;=1M/=8 <2G=
@=852<21 =/ G9N2:4=356  H9= ;1=8=352 =/ M/>3 7 H9= 8=1I </2C= 2 /2
D612 @= @=M341 =/ :6@=/6 0=6=852@?854<6. = 56:> <6:6 G9N2:4=356
:=@46 @=/ :48:6   .
&9=@2 @=M34@6 28? =/ :6@=/6 0=6/>04<6 @=/ M/>3P 1=;1=8=352@6 ;61
/68 @48543568 1=<43568 @= <2/4@2@ 7 86G1= /68 H9= ;685=1461:=35= 8=




4 +$! !!$# 

40912 .! 6@=/6 0=6/>04<6 @=/ M/>3 @= <921N6. 85I <63854594@6 ;61
932 @48514G9<4>3 @= ;=1M/=8 =8;2<42@68  :=5168 7 H9= <212<5=14N23
/2 <2/4@2@ :43=12/ @=/ <921N6. =7=3@2! B=11684/4<46 T16K6S% 84/4<46 :=52/
T2N9/S% I14@6 TC=1@=S% <26/?3 T2:214//6S.

2;/4<21I =/ :6@=/6 0=6=852@?854<6 <63 =/ M3 @= 6G5=3=1 932 @48514G9<4>3


=8;2<42/ 1=09/21 @= @2568 @= =3512@2.



'!! !(!

2@2 /2 614=352<4>3 @=/ M/>3 T


.S 7 89 G9N2:4=356 @=   P
8= ;/235=2 <6:;/4<2@6 2K98521 93 :2//2@6 @= <=/@28 2 =82 @48;684<4>3
=8;2<42/P 72 H9= /2 :=56@6/>0?2 =:;/=2@2 54=3@= 2 @=M341 93 ;148:2
1=<52309/21 H9= =30/6G2 56@6 =/ M/>3. 4 8= 6;528= ;61 =82 @48514G9<4>3



=8;2<42/ @=/ :2//2@6 0=6=852@?854<6P 8= @48;63@1?2 =3 /2 82/4@2 @=
1=89/52@68 @= 932 39G= @= ;93568 ;61 B9=12 @= /68 /?:45=8 @=/ M/>3
H9= 36 2;61523 43B61:2<4>3 2/0932P 2;215= @= 1=89/521 ;=82@2 ;212 89
51252:4=356 43B61:I54<6.
212 @21 86/9<4>3 2 =85= ;16G/=:2 7 ;6@=1 @=M341 93 :6@=/6
0=6=852@?854<6 /6 :I8 2K9852@6 ;684G/= 2 /68 /?:45=8 @=/ M/>3 8= 6;5> ;61
1=614=3521 =/ M/>3. 2 614=352<4>3 ;/235=2@2 B9= @= @41=<<4>3 615=Q91
7 G9N2:4=356 C=154<2/ ;212 /6 H9= 8= 1=2/4N> 93 0416 7 93 2@14N2@6 @=/
M/>3. = =852 B61:2P 56:23@6 <6:6 1=B=1=3<42 /2 /?3=2 /630459@432/
:=@42 @=/ M/>3 8= 041> E85= . P H9=@23@6 28? <63 932 614=352<4>3
615=Q91. 89 C=NP =/ M/>3P H9= @= :=@42 G9N2   P 8= 2@14N>

 86G1=
/2 C=154<2/P H9=@23@6 28? 898 ;/2368 /?:45= T:916 7 5=<D6S @48;9=8568
C=154<2/:=35= TM0912 .S.
(32 C=N @48;9=852 =8521 1=614=352<4>3 @=/ M/>3 8= ;9@6 2K98521
86G1= /= :48:6 =/ :6@=/6 0=6=852@?854<6. 6G1= /2 /?3=2 615=Q91 8=
@=M34> 93 ;148:2 1=<52309/21 B61:2@6 ;61 <=/@28 1=09/21=8 @=  F
 F  :P H9= =30/6G2 56@6 =/ M/>3 1=614=352@6. = ;9=@= @=<41 H9=
=8528 <=/@28 1=09/21=8 863 =/ 1=89/52@6 @= /2 435=18=<<4>3 @= 932 :2//2
C=154<2/ G4@4:=384632/ @= <=/@28  F  : 7 932 :2//2 D614N6352/
52:G4E3 G4@4:=384632/ @= <=/@28  F  :.
68 <=35164@=8 @= <2@2 932 @= =828 <=/@28 <WG4<28 <212<5=14N21I3
/2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8 =3 =/ C6/9:=3 H9= =30/6G23. 2
;167=<<4>3 @= /2 :2//2 C=154<2/ 86G1= /68 1=<43568 @= <2/4@2@=8 @= <2@2
;=1M/ ;=1:45= 2840321 2 /2 <=/@2 <WG4<2 :I8 ;1>F4:2 /2 @48514G9<4>3




4  $! !$

@= <2/4@2@=8 ;1=8=35=8 =3 /2 :48:2.

40912 .! 48514G9<4>3 @= /68 ;=1M/=8 @=/ M/>3. /2 @=1=<D2 8= 2;1=<42


932 1=;1=8=352<4>3 @=/ M/>3 @4C4@4@6 =3 <9=1;68 :43=12/=8 @= <2/4@2@=8
B=11684/4<46P 84/4<46 :=52/P I14@6 7 <26/?3. /2 4NH94=1@2 8= 1=;1=8=3523
/68 ;=1M/=8 @=/ M/>3 932 C=N 2@14N2@6 7 1=614=352@6 2 @41=<<4>3 615=Q
91




D!  

68 1=<43568 @= <2/4@2@ ;1=8=35=8 =3 /68  ;=1M/=8 1=<6;4/2@68


;16;61<46323 /2 43B61:2<4>3 @= ;2154@2 H9= 2/4:=3521I =/ ;16<=86
@= =854:2<4>3 0=6=852@?854<2. 6:6 8= <6:=35>P =/ ;14:=1 ;286 ;212
2<63@4<46321 /68 @2568 @= =3512@2 B9= ;167=<521 /2 :2//2 C=154<2/ @=/

:6@=/6 0=6=852@?854<6 86G1= <2@2 936 @= /68 ;=1M/=8 TM0912 .S.


;/4<23@6 @41=<52:=35= =/ 1=;2156 ;61<=3592/ @= I1=28 @= <2@2 936 @=
/68 1=<43568 @= <2/4@2@ ;1=8=35=8 =3 <2@2 932 @= /28 <=/@28 ;167=<52@28P
8= @48;986 @= 932 @48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 H9= 8= 28403>
2/ <=35164@= @= /2 <=/@2 <WG4<2 :I8 ;1>F4:2. = =852 B61:2 8= <1=>
932 G28= @= @2568 @= =3512@2 =3 /2 H9= 8= 4@=354M<23 <2@2 936 @=
/68 <=35164@=8 ;61 898 <661@=32@28 ( TFP7PNS 7 H9= 1=<60=3 /2
@48514G9<4>3 @= /28 <92516 <2/4@2@=8 =C2/92@28 ;1=8=35=8 =3 /2 <=/@2
<WG4<2 H9= <212<5=14N2.
8568 @2568 8= 51252163 2<61@= <63 /2 5E<34<2 0=6=852@?854<2
=:;/=2@2 <63 =/ M3 @= @48;63=1 @= 932 =3512@2 @= @2568 2K9852@2
2/ :E56@6 =:;/=2@6 =3 <2@2 <286.

 

%+$ !(

63 =/ ;16;>8456 @= =C2/921 /2 2;/4<2G4/4@2@ @= /28 5E<34<28 @=


J140=2@6 2 6512 54;6/60?2 @= 72<4:4=3568 :43=168P 8= =859@4> /2 5E<34<2
@= J140=2@6 2;/4<2@2 2 /2 C2/612<4>3 @= <2/4@2@=8 @=/ 72<4:4=356 @=
432 =112G2/. 2 5E<34<2 0=6=852@?854<2 2;/4<2@2 =3 =/ =859@46 @=
<2/4@2@ @= =85= 72<4:4=356 B9= /2 @= J140=2@6 @4B986 934C=182/. 2
;2154<9/214@2@ H9= 54=3= =85= 72<4:4=356P =3 <6351285= <63 =/ @= 0123456
@=  6114A6P =8 H9= 2H9? /2 </284M<2<4>3 @= <2/4@2@=8 8= =852G/=<= =3
G28= 2/ <635=34@6 @= 8?/4<= 7 2/W:432 ;1=8=35=8 =3 =/ :43=12/. =<61@21
TC=1 2;2152@6
..S H9= /2 </284M<2<4>3 @= <2/4@2@=8 @=/ 0123456 8=




4  " !!$# 

40912 .! 48514G9<4>3 @= ;=1M/=8 86G1= /68 H9= 8= ;167=<5> /2 :2//2


@=/ :6@=/6 0=6=852@?854<6. 3 2N9/ 8= 1=;1=8=352 =/ :2//2@6 H9=P 2/
=F5=3@=18= 2 /6 /2106 @= /2 512N2 @= @48514G9<4>3 @= ;=1M/=8P @=M3=
93 ;148:2 1=<52309/21 <63854594@6 ;61 /28 <=/@28 934521428 @=/ :6@=/6
0=6=852@?854<6.

=852G/=<?2 =3 G28= 2 <2/4@2@ =85E54<2 7 B12<5912<4>3 @=/ :2<4N6.

 

?! 4#! # 

2154=3@6 @= /68 @2568 @= =3512@2P 8= <1=2163 /28 B93<463=8


5142309/21=8 H9= <212<5=14N23 /2 @48514G9<4>3 @= <2/4@2@=8 286<42@28
2 89 =356136 <WG4<6 @=  F  F  :=5168. 63 =85= 51252:4=356 8=
@48;986 @= 932 39=C2 G28= @= @2568 @= 2/4:=352<4>3 ;212 /2 =854:2<4>3
:=@4235= 5E<34<28 @= J140=2@6 @4B986. 3 2/09368 <2868 B9= 3=<=82146



2K98521 /68 ;61<=352K=8 ;212 H9= /2 89:2 5652/ 1=89/528= @=/  $P
/6 H9= 89;63= 43516@9<41 93 =1161 286<42@6 2 /2 @48514G9<4>3 @= /28
@4B=1=35=8 </28=8.
= <1=2163 
3W:=168 5142309/21=8 @4B9868 286<42@68 2 65168
523568 <=35164@=8P H9= <63854597=3 /2 G28= @= @2568 @= =3512@2.
4094=3@6 /2 :=56@6/60?2 ;/235=2@2 =3 =85= 512G2K6 @= 43C=85402<4>3P
8= 2K9852163
C2146012:28P 936 2/ =F51=:6 89;=1461P 6516 2 /2 :6@2 7
=/ 5=1<=16 2/ =F51=:6 43B=1461. / :6@=/6 @= C2146012:2 H9= :=K61 8=
2K985> 2 =852 @48514G9<4>3 @= @2568 B9= /2 <6:G432<4>3 @= 93 :6@=/6
=8BE14<6 <63 936 =F;63=3<42/. :G68 :6@=/68 ;1=8=3523 93 <4=156
<6:;6152:4=356 28435>54<6 <923@6   P ;9@4=3@6 =F;1=8218=
=85= 54;6 @= B93<4>3 8=0W3!
  ( 
63@=

 =8 =/ C2146012:2 7 (   =8 =/ ;21I:=516 @=36:432@6

9:G12/
212 =/ :6@=/6 =8BE14<6 8= 54=3=
 





 
 
63@=    7

  <63  ) 

212 =/ :6@=/6 =F;63=3<42/ 8= 54=3=



  







4  " !!$# 

63@=    =8 =/ ;21I:=516 @41=<52:=35= 1=/2<4632@6 <63 /2


@=;=3@=3<42 =8;2<42/.
3 /2 2;16F4:2<4>3 @= /68 C2146012:28P /68 <?1<9/68 1=;1=8=352@68
=3 /2 M0912 . B9=163 <2/<9/2@68 G2K6 /2 D4;>5=848 @= H9= /2 B93<4>3
@= 5=3@=3<42 =8 <6385235= 8=0W3 /2 =F;1=84>3!

 
 >

= ;9=@= 6G8=1C21 H9= /2 B93<4>3 =F;=14:=352/ 36 54=3@= 2


=852G4/4N218= ;212 932 <4=152 @48523<42  =351= ;93568 43<1=:=352/=8P
/6 H9= ;6@1?2 435=1;1=5218= <6:6 43@4<254C6 @= H9= /2 D4;>5=848 434<42/
;6@1?2 8=1 B2/82. 3 /2 M0912 . 8= :9=85123P 1=;1=8=352@68 :=@4235=
285=148<68P /68 C2146012:28 =F;=14:=352/=8 <2/<9/2@68 G2K6 /2 D4;>5=848
@= H9= /2 5=3@=3<42 36 =8 <6385235=. 9=@= <6:;16G218= <6:6P G2K6
=852 D4;>5=848 :I8 0=3=12P /68 C2146012:28 54=3@=3 2 =852G4/4N218= 2
932 @48523<42 =8;=<?M<2P 43@4<23@6 H9= 8= =85I G2K6 <63@4<463=8 @=
J140=2@6 @4B986 934C=182/
6384@=123@6

 





$ 6   




$
 6  



<63 /28 B93<463=8 @= 1=01=84>3





$&
 6  






$
 6  

6    6      6      6               

/68 C2146012:28 8= 2K9852163 :=@4235= 93 2/06145:6 45=1254C6.

40912 . ! #2146012:28 =F;=14:=352/=8 89;=1461P :6@2 = 43B=1461.


68 ;21I:=5168 ;212 MK21 <2@2 C2146012:2 6 89 =H94C2/=35=
<6C2146012:2 8= :9=85123 =3 /2 52G/2 .. 68 @4B=1=35=8 C2/61=8 9:G12/
H9= 8= 1=<60=3 =3 /2 52G/2 8= 1=/2<46323 <63 /68 @4B=1=35=8 C2/61=8 @=
/2 C21423N2 @=/ =F51=:6 43B=1461P /2 :6@2 7 =/ =F51=:6 89;=1461. 28
:6@28 @= /68 3W:=168 @4B9868 5142309/21=8 8= <2/<9/23 <6:6 :=@428
@= /28 @4B=1=35=8 <2/4@2@=8P /6 H9= =F;/4<2 ;61 H9E =/ 9:G12/ @=  & =8




4  " !!$# 




&

T<S

T2S

T<S

T2S

T<S

T2S

6@=/6 =F;63=3<42/

.

.

.

.

.


.

6@=/6 =8BE14<6

.

.

.


.

.

.

2G/2 .! 6@=/68 @=/ C2146012:2. 63@= T<S " 9:G12/ 7 T2S "
2/<23<=.

:=361 H9= /68 65168. 61 6512 ;215=P /2 B61:2 =3 /2 H9= 8= <2/<9/23 /68
=F51=:68 89;=1461 = 43B=1461 4:;/4<2 93 43<1=:=356 4:;615235= =3 /2
C2142G4/4@2@ @= 898 =F51=:68. 85= D=<D6 8= ;63= @= 1=/=C23<42 =3 /68
=/=C2@68 9:G12/=8 @= /68 <6C2146012:28   7   .
212 <2@2 ;9356 =854:2@6  =/ ;1=@4<561 @= J140=2@6    8=
<2/<9/> <6:6 932 <6:G432<4>3 /43=2/ @= @2568 @4B9868 =356136 2  .

  




*   



63@= /68 ;=868 *  8= 6G54=3=3 1=86/C4=3@6 =/ 8485=:2 @=


=<92<463=8 @=/ J140=2@6 934C=182/. 85= 8485=:2 @= =<92<463=8 8=
;16012:> 954/4N23@6 =/ ;2H9=5= @= 86B5L21= /4G1=  P =958<D
7 ,6913=/ .




 

5+!  ! ! +!

/ ;16<=86 @= 2;/4<2<4>3 @=/ J140=2@6 @4B986 934C=182/ @46 <6:6


1=89/52@6 93 <63K9356 @= ;93568 <661@=32@68P H9= 1=;1=8=3523 =/
<=35164@= @= /68 G/6H9=8 H9= @=M3=3 =/ :6@=/6 0=6=852@?854<6P 7 86G1=
/68 H9= 8= 2K9852163 39=C68 3W:=168 @4B9868 8=0W3 B93<4>3 5142309/21P
H9= <212<5=14N23 /2 @48514G9<4>3 @= <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9=.
6:6 8= @=8<14G4> =3 =/ 2;2152@6 .P ;212 /2 @=M34<4>3 @=/ :6@=/6
0=6=852@?854<6 8= 1=614=35> =8;2<42/:=35= /2 :2//2 H9= @=M3= @4<D6
:6@=/6. 852 1=614=352<4>3 89;986 @48;63=1 =/ M/>3 <63 614=352<4>3
615=Q91 7 G9N2:4=356 C=154<2/P ;212 /6 H9= 8= 2;/4<> 93 0416 7 93
2@14N2@6 86G1= /2 @48514G9<4>3 @= @2568 6140432/=8 @=/ :48:6. 6G1=
/2 @48514G9<4>3 =8;2<42/ @= /68 1=89/52@68 M32/=8 8= 2<59> 39=C2:=35=
<63 6GK=56 @= @=8D2<=1 =/ 0416 7 =/ 2@14N2@6 2;/4<2@68 =3 /2 B28=
@= 2<63@4<4632:4=356 @= /68 @2568 @= =3512@2. 852 5E<34<2 ;=1:454>
0=61=B=1=3<421 /68 C2/61=8 =854:2@68 2 89 ;684<4>3 6140432/P 2K9852@2 2
/2 0=6:=51?2 1=2/ @=/ M/>3. (32 ;=H9=A2 ;215= @= =8568 @2568 =854:2@68
8= 845W23 86G1= /2 89;=1M<4= @=/ 5=11=36P <63 /6 H9= @=G=1I3 8=1
=/4:432@68 @=/ 3W:=16 5652/ @= =854:2<463=8. 68 @2568 1=89/5235=8
@= /2 2;/4<2<4>3 @= /2 5E<34<2 @=/ J140=2@6 8= 435=012163 =3 =/ =356136
@= 1=;1=8=352<4>3
 D436<=168 . P D=30  . 6G1= /2 <6386/2
@= ;16012:2<4>3 @= =85= ;16012:2P =3 /=3092K= #4892/ 284< <14;5P
8= @=82116//2163 932 8=14= @= 8<14;58 H9= ;=1:45=3 1=;1=8=3521 5652/
6 ;21<42/:=35= /2 43B61:2<4>3 6G5=34@2 =3 =/ ;16<=86 @= =854:2<4>3
@= J140=2@6 7 H9= 2 89 C=N =/4:4323 /68 C2/61=8 =854:2@68 86G1= /2



4  " !!$# 

89;=1M<4= @=/ 5=11=36. = @=8<14G=3 2 <6354392<4>3 7 @= B61:2 G1=C=


/28 B93<4632/4@2@=8 435=012@28 =3 <2@2 936 @= /68 :>@9/68 8<14;5
@=82116//2@68 ;212 232/4N21 /68 1=89/52@68 6G5=34@68 <63 /2 :=56@6/60?2
@= J140=2@6 @4B986 61@432146 =:;/=2@2.
,*



*!!

*$

)*,D4#! 
85= 8<14;5 /== /2 G28= @= 1=89/52@68 @= /2 5E<34<2 @= J140=2@6
@4B986 934C=182/ 4@=354M<23@6 /28 <661@=32@28 @=/ <=35164@= @= <2@2
G/6H9= 7 /68 C2/61=8 @= /28 <92516 <2/4@2@=8 ;1=8=35=8 =3 =/ :48:6.
3 =/ @=82116//6 @= =85= 8<14;5 8= 435=01> /2 6;=12<4>3 @= M/512@6 @=
;93568 H9= H9=@23 86G1= /2 89;=1M<4= @= 52/ B61:2 H9=P 435=0123@6
932 89;=1M<4= 514@4:=384632/ =3 =/ =356136 @= 1=;1=8=352<4>3P 8=
@48<14:4323 2H9=//68 G/6H9=8 @= /2 G28= @= @2568 H9= =85I3 ;61 =3<4:2
6 ;61 @=G2K6 @= @4<D2 89;=1M<4=P =3 B93<4>3 @=/ <145=146 @= 84592<4>3
=852G/=<4@6. =0W3 =856P 2 /2 D612 @= =K=<9521 =85= 8<14;5 8= 1=H94=1=3
@68 89;=1M<4=8P 932 89;=1461 7 6512 43B=1461. 68 G/6H9=8 1=;1=8=352@68
7 232/4N2@68 8=1I3 2H9=//68 <976 <=35164@= 8= =3<9=351= ;684<4632@6
=8;2<42/:=35= =351= /28 @68 89;=1M<4=8 =852G/=<4@28. 856 ;=1:4541I
232/4N21P ;61 =K=:;/6P /68 G/6H9=8 =854:2@68 =351= /2 89;=1M<4= 2<592/
@=/ 5=11=36 7 932 <652 43B=1461 H9= 8= ;1=CE 2/<23N21 =3 =/ 51238<9186 @=
/2 =F;/652<4>3. ;21541 @= /28 <661@=32@28 @=/ <=35164@=P 82G4=3@6 H9=
8= 51252 @= G/6H9=8 @=  F  F  :=5168P 1=2/4N2 932 1=;1=8=352<4>3
@= /68 :48:68 =3 =/ =356136
 7 /= 284032 93 36:G1= 4@=354M<254C6


H9= 0=3=12 56:23@6 /28 <661@=32@28 @= =8= <=35164@= 8=0W3 /2 84094=35=
8=<9=3<42!
# 
% *-
63@= *P - 7  863 /28 <661@=32@28 @=/ <=35164@=.
=34=3@6 =3 <9=352 H9= =3 /2 ;1=;212<4>3 @= /68 @2568 H9=
2/4:=3523 =/ ;16<=86 @= =854:2<4>3 ;61 2;/4<2<4>3 @=/ :E56@6 @=
J140=2@6 @4B986 934C=182/ 8= D2G?23 1=2/4N2@6 93 0416 7 93 2@14N2@6 @=
/2 @48514G9<4>3 @= /68 G/6H9=8 H9= <63854597=3 =/ :6@=/6 0=6=852@?854<6
8= @=8D2<=3 =3 =85= 8<14;5 =868 <2:G468. 636<4@28 /28 <661@=32@28
@=/ ;9356 86G1= =/ H9= 8= D2<= ;4C6521 =/ 0416 7 =/ C2/61 @=/ :48:6P
28? <6:6 =/ I309/6 @= 2@14N2@6 2;/4<2@6P 8= 0=61=B=1=3<42 <2@2 G/6H9=
2 89 ;684<4>3 1=2/ @=3516 @=/ 72<4:4=356P 52/ <6:6 8= :9=8512 =3 =/
84094=35= B120:=356 @= <>@406.
2116435 " 1127 T*P -P S
851GK=<5 " D436. @@6435T2116435S
B 8 1127T2116435S D=3
D436.6525=GK=<5 851GK=<5P 6140=30416P 23014=352P PCG2/8=
2115215 " D436.851;5T . P
 .P S
5 " 1127T. P
 .PS
5 " 1127T.P
.
PS
2113@ " D436.#=<561 1=25= T5P 5S
D436.6525=6GK=<5 8516GK=<5P 21185215P 230 @14N2P2113@P CG2/8=
3@ B



4  " !!$# 

852 1=;1=8=352<4>3 514@4:=384632/ 8= C= 4:;/=:=352@2 ;61 /2


284032<4>3 @= 93 <6/61 @= 1=;1=8=352<4>3P B93<4>3 @= /68 ;61<=352K=8
@= /28 @48543528 <2/4@2@=8 ;1=8=35=8 =3 <2@2 G/6H9=. / B93@2:=356
@= =852 5E<34<2 @= 1=;1=8=352<4>3 ;61 <6/61=8 8= G282 =3 /2 B93<4>3
 @= 1=;1=8=352<4>3 01IM<2P 8=0W3 /2 <92/ 8= ;9=@= 2840321 @48543568
<6/61=8 @= 1=;1=8=352<4>3 <6:G4323@6 /68 C2/61=8 @= /28 <6:;63=35=8
6K6P #=1@= 7 N9/ 1=8;=<54C28. = 2;/4<> /2 84094=35= =8<2/2 @= <6/61=8
;212 1=;1=8=3521 <2@2 <2/4@2@! 6K6 ;212 B=11684/4<=6P N9/ ;212 84/4<=6
:=52/P #=1@= ;212 I14@6 7 :214//6 ;212 <26/?3.
/ 4092/ H9= 8= ;16<=@4> =3 /2 1=;1=8=352<4>3 @= /28 =854:2<463=8
1=2/4N2@28 86G1= =/ 72<4:4=356 @= 0123456 TC=1 2;2152@6 ..S <63
6GK=56 @= 5=3=1 =3 <9=352 =/ <6/61 2:214//6 =3 /2 1=;1=8=352<4>3P =3
=/ =:;/=6 @= /2 B93<4>3 @= <6/61  8= 2840323 :2761=8 C2/61=8 2 /28
<6:;63=35=8 6K6 < 7 #=1@= = 7 C2/61=8 :?34:68 2 /2 <6:;63=35=
N9/ 2. =34=3@6 =3 <9=352 H9= /68 C2/61=8 @= <2/4@2@ ;212 <2@2 932
@= /28 <92516 <2/4@2@=8 C21?23 =351=  7 P 8= ;/235=2163 /28 84094=35=8
=F;1=8463=8!

<  ; %  ;/  


=  ;   ;/  
2  ;:  

63@= < = 2 863 /28 <6:;63=35=8 @= /2 B93<4>3  7



; % ;: ;  7 ;/ 863 /68 C2/61=8 =3 52356 ;61 <4=356 @=


/28 <2/4@2@=8 B=11684/4<=6P 84/4<46 :=52/P I14@6 7 <26/?3 1=8;=<54C2:=35=.
432/:=35= /2 B93<4>3  284032@2 2 <2@2 936 @= /68 G/6H9=8
1=;1=8=352@68 8=1I @= /2 B61:2!

<=2 ; %;/  ;   ;/  ;: 

= =852 B61:2 8= <638409= H9= 2H9=//68 G/6H9=8 <63 2/4@2@  8=23


1=;1=8=352@68 =3 <6/61 2:214//6 7 /68 H9= 5=3023 932 <4=152 ;16;61<4>3
@= 2/4@2@  =351= 65128 8=1I3 1=;1=8=352@68 <63 932 <4=152 5632/4@2@
2:214//=352. 2 =K=<9<4>3 @= =85= 8<14;5 =3 =/ =356136
 D436<=168
;=1:45= 932 BI<4/ C4892/4N2<4>3 @= /2 @48514G9<4>3 @= <2/4@2@=8 52/ <6:6
8= :9=8512 =3 /2 M0912 .



4  " !!$# 

40912 .! =;1=8=352<4>3 514@4:=384632/ @= /68 1=89/52@68 =3 56@6 =/


M/>3 =859@42@6. = @4854309=3 /68 G/6H9=8 =3 /68 H9= 8= 54=3= 932 W34<2
<2/4@2@ @= /68 H9= <6354=3=3 C21428P 1=;1=8=352@68 E8568 <63 @48543528
5632/4@2@=8 @= <6/61. =7=3@2! B=11684/4<46 T16K6S% 84/4<46 :=52/ T2N9/S%
I14@6 TC=1@=S% <26/?3 T2:214//6S.

 &

=  #!  +8!! 


;! 4#! # 

/ 8<14;5    !"  ;=1:45= <2/<9/21 932


<9G4<2<4>3 @= /68 G/6H9=8 1=;1=8=352@68. / 435=1B2N @= 1=89/52@68
@= <9G4<2<4>3 6B1=<= 43B61:2<4>3 8=;212@2 =3 /68 <925168 123068 @=
<2/4@2@. = =852 B61:2 8= 6G54=3=3 /68 1=89/52@68 =3
 @= <2@2 932
@= /28 <2/4@2@=8 7 898 ;61<=352K=8 B1=35= 2/ C6/9:=3 5652/ <9G4<2@6.
3 /28 52G/28 .P .
P .P . 7 . 8= 1=<60=3 /68 1=89/52@68 @= /2
<9G4<2<4>3.


23<6 

4=

  P 

P

=4


 P

P

V14@6


P

P

26/?3


P

P


652/

P



2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 N632 23<6 .


"$ #@
= C2/4@2163 /68 1=89/52@68 @=/ J140=2@6 @4B986 934C=182/ 954/4N23@6
93 ;16<=86 @= C2/4@2<4>3 <19N2@2 P 9@2 =5 2/  TC=1 2;2152@6
..
S. 68 1=89/52@68 @= /2 C2/4@2<4>3 <19N2@2 T52G/2 . S 863 93 G9=3
43@4<2@61 @= /2 =M<2<42 @=/ :E56@6 @= ;1=@4<<4>3 =:;/=2@6.
/ :?34:6 7 =/ ;14:=1 <92154/ @= /68 =1161=8 <92@1I54<68 @= /28
<92516 <2/4@2@=8 863 39/68P 84=3@6 /2 :=@42 @= /68 <92516 =1161=8
;1I<54<2:=35= 39/2P /6 H9= ?3@4<2 H9= /2 @48514G9<4>3 @= /68 =1161=8
<92@1I54<68 =8 284:E514<2 =3 /68 <92516 <2868.
2 :=@42 @= =1161 =8 @= C2/61 2/56 ;212 <2@2 932 @= /28 <92516
<2/4@2@=8. 85= C2/61 =/=C2@6 =8 @=852<2G/= 86G1= 56@6 ;212 /28
<2/4@2@=8 84/4<46 :=52/ 7 I14@6. 856 =8 43@4<254C6 @= H9= =/ 2/06145:6
;/235=2@6 54=3@= 2 892C4N21 /68 C2/61=8 84592@68 =3 /68 =F51=:68
@= /68 514I309/68 @4B9868 <1=2@68 T<2/4@2@=8 B=11684/4<46 7 <26/?3S.



4  " !!$# 


23<6 

4=


P 

P

=4



P 


P

V14@6



P 

P

26/?3


 P

P

652/

P



2G/2 .
! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 N632 23<6 .
:;/=23@6 932 B93<4>3 @= ;=15=3=3<42 36 5142309/21 ;212 :6@=/4N21
/68 @2568 =3 =859@46 8= ;6@1?2 =C4521 =8= =B=<56 @= 892C4N2@6 86G1= /28
<2/4@2@=8 =F51=:28P /6 H9= :=K6121?2 =/ <6:;6152:4=356 @=/ :E56@6 7
:434:4N21?2 /68 =1161=8.



632 =3512/

4=

P


P

=4

 P

P

V14@6

P 

P

26/?3

 P

P

652/

 P



2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 =3512/.

632 616=85= 

4=

P

P


=4


P

P

V14@6

P

P

26/?3

 P

P

652/

P



2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 616=85=


.



4  " !!$# 

632 616=85= 

4=

 P

P

=4

P

P

V14@6

  P

P

26/?3

P

P

652/


P




2G/2 .! 48514G9<4>3 ;61<=3592/ @= <2/4@2@=8 =3 /2 632 616=85=


.



1161

1161

1161

1161

&=4

&4

& 1

& 26/43

#2/61=8 954/4N2@68









?34:6

.

.

.

.

.

.

.

.

=@4232

.

.

.

.

-) <92154/

.

.

.

.

.

.

.

.

P 


P


P 

P


P

P 

P

P



P 

 P

P


P

-)

<92154/

IF4:6
=@42

2G/2 . ! 852@4854<68 @=8<14;54C68 @= /68 =1161=8 6G5=34@68 :=@4235=


C2/4@2<4>3 <19N2@2 ;212 =/ :E56@6 @= J140=2@6 @4B986 934C=182/. 63@=
&=4P &4P & 1 7 & 26/43 @=36523 /28 <2/4@2@=8 @= B=11684/4<46P
84/4<46 :=52/P I14@6 7 <26/?3 1=8;=<54C2:=35=% # @=3652 =/ <6=M<4=35=
@= C2142<4>3%  @=3652 /2 @=8C42<4>3 5?;4<2.



4  " !!$# 

-*(#!

-!#!



2 !++

D48

8=<5463

;1=8=358 <63</984638 @12L3 2B5=1 859@7430 @6<9:=3525463 1=021@430


5D= 8525=Q6BQ5D=Q215 23@ 232/78430 ;1=C4698 L61J <2114=@ 695 63 5D=
859@4=@ @=;6845.
D= <6::63 5D1=2@ 43 2// 5D= 0=6:=514< :=5D6@8 98=@ 56 =C2/925=
:43=12/ 1=8=1C=8 48 5D25 5D=7 8;2542//7 :6@=/ 5D= @48514G95463 6B
J36L3 43B61:25463. 36L3 C2/9=8 25 8;=<4M< ;64358 61 21=28 6B 5D=
:43= 21= =F512;6/25=@P 98430 @4O=1=35 5=<D34H9=8P 56 5D= 4::=@425=
8911693@4308P 5D=1=G7 =32G/430 5D= @=;6845 43 458 =3541=57 56 G=
:6@=//=@ T8== 8=<5463 .S.
1=C4698 L61J <2114=@ 695 63 5D= 859@4=@ @=;6845 T8== 8=<5463 . SP




8 !! !

43 LD4<D 5D= 295D61 6B 5D= ;1=8=35 859@7 ;2154<4;25=@P B6<98=@ 63


<6:;95430 5D= C6/9:= 6B 5D= 6114A6 012345= :43=. 59@7 6B 5D48
L61J ;6435=@ 56 D6L L= 8D69/@ ;16<==@ L45D 691 :=5D6@6/607. 6
@=C=/6; 2 :=5D6@6/607 5D25 <69/@ <6D=1=35/7 ;1=@4<5 5D= @48514G95463
6B H92/454=8P 45 L28 M185 3=<=88217 56 @=M3= 2 :=238 6B </2884M<25463
43 /=C=/8 61 123J8 T43 5D48 859@7P B691 /=C=/8 L=1= @=M3=@S. 'D=5D=1
61 365 5D48 H92/457 </2884M<25463 48 B9NN7 61 365 @=5=1:43=8 5D= <D64<=
G=5L==3 B9NN7 J140430 61 <6:;68454632/ J140430. 3 2@@454632/ 859@7
6B 5D= ;6884G/= =F485=3<= 6B @14B5 23@ 23486516;4< G=D2C4691 43 5D= @252
<6:;/=5=@ 5D= 43B61:25463 3=<=88217 56 8=/=<5 5D= :685 2;;16;1425=
:6@=/. D=1=B61=P 45 :27 G= <63</9@=@ 5D25 #  "  
 # $ " %    #     
 .

D= 2G6C=Q:=35463=@ L61J 2/86 @=M3=@ 2 0=6/604<2/ :6@=/ 6B


5D= @=;6845P <1=25=@ B16: 0=6/607 ;16M/=8 23@ :2;8P 23@ 2

0=685254854<2/ :6@=/ <6:;68=@ 6B <9G=@ <=//8. 432//7P 691 859@7 24:=@
25 C6/9:= <6:;9525463 23@ =C2/925463 6B 012345= H92/457 43 5D=
=3=@4<52 <63<=88463 L211235=@ 5D= 98= 6B  ! %    
&#  % " ' ( ' ( '    63 LD4<D 56 @=;4<5 5D=
@48514G95463 6B 434542/ 23@ ;1=@4<5=@ @252 T8== ;20=
S.





! !++

D48 8=<5463 @=8<14G=8 <63</984638 @12L3 63<= 5D= 0=685254854<2/


:=5D6@8 L=1= 2;;/4=@ 56 5D= 859@7 6B 5D= @=;68458.



2! 6:#

9NN7 J140430 5D=617 48 G28=@ 63 B9NN7 /604< 5D=617P LD4<D =32G/=8


4:;1=<48463 61 93<=1524357 43 @252 56 G= 52<J/=@ LD=3 :2J430
;1=@4<54638. =<298= 6B 5D= 32591= 6B @252 63 012345= G/6<J H92/457
23@ G=<298= 5D= @=M345463 6B H92/457 48 4:;1=<48=P 45 48 C=17 @4_<9/5
56 2;;/7 </2884< 232/7848 23@ :6@=//430 ;16<=@91=8 23@ 5=<D34H9=8
56 5D= <D212<5=14N25463 6B H92/457 @48514G95463. 3 B9NN7 J140430 5D48
4:;1=<48463 48 52J=3 4356 2<<6935 LD=3 0=3=125430 ;1=@4<54638.
3 2@@=@ ;16G/=: 43 B9NN7 J140430 5=<D34H9=8 48 5D= <D64<=
6B H92/457 0169; :=:G=18D4; B93<54638. 3 5D48 1=8=21<DP L= <D68=
5142309/21 :=:G=18D4; B93<54638P 28 G=430 =287 56 4:;/=:=35 23@
<6::63/7 98=@. )# #   "  # "   #   
 # % "    #   * #"  #     
  
B 5D=   "       "  +
#    $%%  #    . /5D690D
<6:;68454632/ J140430 <23365 52J= 4356 2<<6935 /2<J 6B ;1=<48463 43
5D= @252P   $    # "  #  $  
  #     &    # #  " 



8
$$ !

   %  '' ,. D48 1=;1=8=358 23 2@C23520= 6C=1 <6Q
J140430P LD=1= <6:;68454632/ @252 ;2154<9/21454=8 21= 365 ;1=8=1C=@. -
   $%%+  #        "
#    
3 5D48 1=8=21<DP <6:;68454632/ J140430 T8== 8=<5463 .
.S L28 98=@P
 %          .
3 5D= H92/457 @48514G95463 859@7 6B 5D= =112G2/ :43= 98430 5D=
934C=182/ B9NN7 J140430 :=5D6@ 23@ 5142309/21 B9NN7 B93<54638P @252
@14B5 L28 :6@=//=@ 98430 B9NN7 <6=_<4=358 23@ ;68454C= 1=2/ B93<54638.
)# %    " $%%  #+ #  %
     #  #
7 2;;/7430 934C=182/ B9NN7 J140430P L= 1=86/C=@ 2 ;16G/=: 6B
:434:4N430 C21423<= L45D 1=8514<54638P 2;;/7430 5D= 1=89/58 6B 5D=
9D3Q9<J=1 5D=61=:. D= 6;54:2/ 86/95463 56 5D= :434:4N25463
;16G/=: 74=/@=@ B9NN7 H92/457 C2/9= ;1=@4<54638P 560=5D=1 L45D 363Q
B9NN7 ;1=@4<5463 C21423<=8 5D25 H92354M=@ 5D= 2<<912<7 6B 5D=
;1=@4<54638 T8== 8=<5463 ..S.
=5=<5=@ 43 5D=    #  " #    &
#   " ". (8430 5D=8= @252P " $%% & % 
  " $%% % %  "  





%I 

!4

6

6:#



+6!
D= =O=<54C=3=88 6B 5D= :=5D6@8 ;16;68=@ B61 2@@1=88430 5D=
;16G/=: 6B =C2/925430 23@ <6:;95430 5D= C6/9:= 6B :43=12/
1=8691<=8 L28 859@4=@ 98430 <1688QC2/4@25463. D= B9NN7 J140430 23@
<6:;68454632/ J140430 :=5D6@8 2;;/4=@ 56 5D= 6114A6 012345= H92117
23@ 5D= 934C=182/ B9NN7 J140430 :=5D6@ 2;;/4=@ 56 5D= =112G2/ :43=
1=89/5=@ 43 82548B2<5617 ;1=@4<5463 G=D2C4691.
5 <23 G= <63</9@=@ 5D25 :=23 =1161P 6G5243=@ G7 <1688QC2/4@25463
2;;/4=@ 56 5D= B9NN7 J140430 23@ 934C=182/ B9NN7 J140430 :=5D6@8P
L28 01=25=1 B61 5D= 435=1:=@425= H92/457 G23@8P 5D25 48P B61 5D= 5L6
H92/457 G23@8 5D25 @=M3= 5D= <=3512/ 21=2 6B 5D= 5142309/21 :=:G=18D4;
B93<5463. 43<= 5D= B93<5463 48 5142309/21 43 32591=P 5D= ;1=@4<5=@
H92/457 ;=1<=3520=8 5=3@=@ 56 G= @48514G95=@ 2<1688 2@K2<=35 H92/457
0169;8% 5D48 L28 ;2154<9/21/7 3654<=2G/= 43 5D= <=3512/ C2/9=8P 28 5D=
=F51=:= C2/9=8 21= 2O=<5=@ G7 2 G693@217 =O=<5 5D25 @=:21<25=8 5D=
=1161.
3 <6:;68454632/ J140430P 5D= @4O=1=3<= 43 5D= :=23 C2/9=8 B61
5D= B691 H92/457 G23@8 L28 365 86 :21J=@. 1161 L28 01=25=85 43 5D=
;1=@4<5463 6B H92/457 P ;6884G/7 @9= 56 5D= B2<5 5D25 C2/9=8 B61 5D48
H92/457 L=1= :685 ;1=C2/=35 43 5D= 8=5 6B 43;95 @252. D= <6:;68454632/
J140430 :=5D6@ L28 =C2/925=@ G7 2;;/7430 5D= <6QJ140430 :=5D6@ 56
5D= 859@7 @252. 5 L28 <63</9@=@ 5D25 <6:;68454632/ J140430 ;1=@4<58
5D= @48514G95463 6B H92/454=8 LD4/= <6::455430 8:2//=1 =11618 5D23 43



8 0

5D= <28= 6B 5D= <6QJ140430 :=5D6@.

&

-!#!

D48 1=8=21<D ;2;=1 @=8<14G=8 2 :=5D6@6/607 B61 =C2/925430


:43=+H92117 H92/457 98430 0=685254854<2/ 5=<D34H9=8 LD=3 5D=1= 48
93<=1524357 43 5D= 43;95 @252 23@+61 LD=3 5D= @252 21= <6:;68454632/P
5D25 48P LD=3 5D= 89: 6B 5D= H92/457 ;=1<=3520=8 61 :25=142/8 43 2 G/6<J
48 MF=@.
3 5D= <28= 6B " $%%P L=       "  %
%   # "     # .  
% "     "     $
3

5D=

<28=

6B    $%%P L=    #  %   


) ! %   # #     "  
% %   
3

5D=

<28=

6B



"

$%%P

 %      " " $%% % %  "  
& .
D=8= <63514G954638 21= 1=R=<5=@ 43 5D1== 2154</=8 ;9G/48D=@ G7 5D=
1=8=21<D 5=2: 56 LD4<D 5D= 295D61 6B 5D48 1=8=21<D G=/6308!
P 2G62@2 =5 2/  @=C=/6;=@ 23@ 2;;/4=@ 5D= B9NN7
J140430 :=5D6@6/607 2;;/4=@ 56 5D= =C2/925463 6B H92/457 43 5D=
=3=@4<52 012345= H92117.


P 22C=@12 =5 2/  @=8<14G=@ 5D= @=C=/6;:=35 23@
4:;/=:=3525463 6B <6:;68454632/ J140430 98430 5D= 82:= H92/457
=C2/925463 @252 B61 5D= =3=@4<52 012345= H92117P L45D 2 C4=L 56
<6:;21430 5D= =O=<54C=3=88 6B 2/5=13254C= 5=<D34H9=8.
 P 22C=@12 =5 2/ P 98430 5D= :=5D6@6/607 6B ;1=C4698
859@4=8P 2;;/4=@ 5D= 934C=182/ B9NN7 J140430 5=<D34H9= 56
=C2/925430 5D= H92/457 6B 5D= =112G2/ :43=.



<## 6

8 <63</9@=@ 43 5D48 1=8=21<DP G65D 5D= B9NN7 J140430 23@ 5D=


934C=182/ B9NN7 J140430 :=5D6@8 1=89/5 43 D40D=1 =1161 C2/9=8 43 5D=
;1=@4<5463 6B 435=1:=@425= H92/457 /=C=/8. D48 48 @9= 56 5D= :=:G=18D4;
B93<54638 98=@ 43 @=C=/6;430 5D= B9NN7 J140430 :=5D6@8. 3 B9591=
1=8=21<D L= ;16;68= 98430 :=:G=18D4; B93<54638 65D=1 5D23 5142309/21
63=8 56 =3891= 5D25 H92/457 @48514G95463 48 :61= 2<<9125=/7 :6@=//=@.
=021@430 5D= 1=8=21<D 4356 =112G2/ 8=2:P 5D= </2884M<25463 43
5=1:8 6B B691 H92/457 /=C=/8 L28 G28=@ 63 5D= :43=12/604<2/ <6:;6845463
6B H9215N. 4F :43=12/ <6:;693@8 T % ?  / ?  > ?  ? @ ? 
#  ? 23@ ? S 3==@ 56 G= <6384@=1=@ LD=3 </2884B7430 2 82:;/=
6B H9215N 28 6B "     +        %%%
 . B 5D=8= 84F <6:;693@8P 45 48 <635=35 43 2/9:4349: 6F4@=P 4163
6F4@=P <2/<49: 6F4@= 23@ 84/4<63 6F4@= LD4<D 2O=<5 D6L 82:;/=8 21=
288403=@ 56 63= 61 2365D=1 H92/457 /=C=/. 8 2 /43= 6B B9591= 1=8=21<DP



8 ! !! )

L= ;16;68= 56 859@7 H9215N 1=8691<=8P =852G/48D430 2   (


G28=@ 63 23 =C2/925463 6B 5D= 84F :43=12/ <6:;693@8 23@ @=C=/6;430
2 J140430 :=5D6@ 56 =C2/925= 5D48   (. 3 5D48 <28= L= L69/@
6;=125= 43 2 <=1524357 <635=F5 23@ 5D= 435=1C=35463 6B 23 =F;=15 43 5D=
434542/ </2884M<25463 6B 5D= @4O=1=35 N63=8 6B 5D= @=;6845 2<<61@430 56
;1=@=5=1:43=@ H92/457 /=C=/8 L69/@ G= J=;5 56 2 :434:9:.

7!4(


G14/ )9152@6P ,. 7 0/=8428P .! `2;2 =6/>04<6 @= 8;2A2


!.P )6K2 + T635=C=@12Q2 921@42SaP .

30=/4=1P ,. 7 =<D/=1P .! `91 93 E5D6@= 12;D4H9= @=


=<D=1<D= =8 6351243=8 143<4;2/=8 X02/=:=35 (54/482G/= 3
=<5634H9= =5 3 E48:6/604=! 2 E5D6@ =8 4E@1=8 16458a. 3
/   01  2 P 56:6 P ;I08. 
b
P  .

1=328P .P 4/ G2109<D4P ,. .P 63NI/=N 6@=416P .P /=43P .P
215?3=N 252/I3P ,. .P 15=02 4163=8P .P 2G/6 2<?2P ,..
7 =432@6P .! )   %# 3  # 4  ( &#
5     $ " # 67 " # -  5"P 56:6 
@= . )=1<734<2P .

21@6887P .P 6021@4P . 7 9<J85=43P .! ` 6:;6845= 16012::430


28 23 F5=38463 6B 6:;16:48= 16012::430a. 3 8

+

9 + 5#  " 5   : ;  :  <+


=P ;I08.
b.P .





 %


21@6887P .P 6021@4P . 7 =//7P '.! `=685254854<8 (54/4N430


:;1=<48= T9NN7S 3B61:25463a.

3 2

 

P

56:6
P ;I08.
b
 .P .


211=12 6125=P ,..P 21428 1H9=1P .P 63NI/=N 6@=416P .P


21H9?3=N 21<?2P ,.P 215?3 2112P ..P 215?3=N 252/I3P ,..P
=/ /:6 23NP .P 2G/6 2<4IP ,..P 2//285=094P .P =2P . 7
#4//28235= 4356P .! `2;2 =6/>04<6 @= 8;2A2 8<2/2 !.P
cN!  + T91=38=+#=1?3SaP .

6L=3P . .! )# 9   " -%   $. 6C=1 9GP .

2;@=C4//2P . 7 /661P .! `=8 4OE1=358 7;=8 @= 12345=8


)=1<734=38 =5 =91 48514G95463 238 = 61@ 9=85 @= /U8;203=a.
3 /  0   5P 56:6 ***QQP ;I08. bP  .

D=30P .! - #   >>. 3'61@ 1=88P 


.



D=30P .! - #   >>. 3'61@ 1=88P  .



D4/E8P ,.. 7 =/M3=1P .! 0  ? 5  %



3 + @ # 7   + 6& A $+ BBB =L -61JP


.


D4C=18P . 7 /=40D5D6:=P ,.! -     8 %% &#


2 ? 7# 4 % " 2  B'+ BC+ ''  DD. ;1430=1Q
#=1/20 63@63 4:45=@P .

 %




12G4O688=P .P =11=16P . 7 630=P .! ` ;6152<4>3 2/


636<4:4=356 =/ 921N6 3 2/4<42a. 3 4  E  
F
(  E(P ;I08. b
P .



1=884=P 6=/ . .!   "   !  9 . =L


-61J. ,6D3 '4/=7 638P 3<.P 
.



= #4<=35=P .! =G  8    ! 2  9     9  


 4 4   - 1 .

=848 6<5612/P (34C=184@2@

6:;/95=38=. 2@14@P .




=958<DP .#. 7 ..P ,6913=/! 0 E-/? 0  


E   3> 0 H=  0  

"&

I. FB61@

(34C=18457 1=88. =L -61J. FB61@.P .




42:63@P .! `9NN7 140430. 9NN7 =58 23@ 785=:8a. 3 2


   6 # J P 56:6

P ;I08.
b

P .



4=D/P .! `&92354M<25463 6B 5D= =1: 0=6/604<2/ 8891123<= 43


62/

/2884M<25463

(8430

=685254854<2/

=5D6@8a.

3

##  0!5/ K $    E%LP 56:6 P


;I08.  b
P  .


9@2P ..P )215P .. 7 561JP ..! 8 4   . =L
-61J. '4/=7 638P .



@= 8;2A2P 38545956 =6/>04<6 - 43=16! `2;2 =6/>04<6 @=


8;2A2. . !.. )6K2 ! 2 8512@2aP .




 %


21428P .P 2//285=094P .P 63NI/=NQ6@=1416P P 21H943=NP ,.P


215?3 2112P . .P 215?3=NQ 252/I3P ,. .P 2G/6Q2<?2P ,. .
7 6@1?09=NQ=13I3@=NP . .! =     4    
E %"M A 9   0   4  33. 2<. 4=3<.
(34C. 6156P  .



6/@G=10=1P . .! / E 3  8    #


0  E %  5  . ,. :=1. 525485. 886<.P .

63NI/=N 12WK6P ,.! 9 0  0   A  J . =854>3


7 1252:4=356 @= :20=3 @=/ 5/I354<6P .



1688:23P

.

.!

4  NL

8

9

! 4 NL !  5 N   #  . =848 6<5612/P =8=


2;1=8=352@2 26 <63<9186 ;212 =8;=<42/4852 @6 2G61256146 2<4632/
@= 30=3D2142 4C4/. 48G62P  .


)=3/=7P .'. 7 //48P .,.! `=65D=1:2/ 785=:8 3<4=35 23@


6@=13! =6<D=:4<2/ =C4=La. 3 9   8 #%
4 + =P ;I08. bP 
.



! 9 0
% 5   4  
  9(  

/ H 6O CI+ : 8  H8 I. 38545956
0=6:43=16 @= 8;2A2P .

! 9 A 4  


 8
%  A 0 M   E
  0M  !   0  + P 2.

6<9:=3568 @=/

38545956 =6/>04<6 7 43=16 @= 8;2A2. 2@14@P  .

 %






,I91=094P .! 6      9 5    8 6 9


 3 .

38545956 8;2A6/ @= 6:=1<46 F5=1461 T *S.

8;2A2P  .


,6913=/P . . 7 )94KG1=058P . ,.! 5% 0  . P <2@=:4<


1=88P =L -61JP  .

,9/4C=15P .P 635G65EP ,..P 4G=416P . 7 63@=P ..! 5


) 
   8M  - 1  A /  9   ?''''''P
56:6 2;2 7 :=:6142. 9G/4<2<463=8 @=/ 38545956 =6/>04<6 7
43=16 @= 8;2A2. =1C4<46 @= 9G/4<2<463=8 @=/ 43485=146 @=
3@985142. 2@14@.P  .

6/:60616CP .d.! 2   " # )#  " 8   .


D=/8=2 9G/48D430 6. =L -61JP ( P . 140432//7 ;9G/48D=@
43 

6/:60616CP ..! 0 %.  7# #  #$ #%.


. ;1430=1P =1/43P 

. 12@9<<4>3 2/ 430/E8 TS! 693@254638


6B 5D= 5D=617 6B ;16G2G4/457. D=/8=2P =L -61J.

9D3P ). '. 7 9<J=1P . '.! `63/43=21 16012::430a. 3


8 % "  /$   P ;I08. b.P .

=167P ,..! 5 %1Q ! 0 !>   ! 


  4  4:095=. E:. <4. =11=P
. . 4:69843. 123<=P
 .



 %


4:;P '.. 7 )21:63P .! - 0 . 3'61@ 1=88P .

21E<D2/P . 7 69//4=1P ,..! R 01  ! 0


 /( 2 P 56:6 . =C. 3@98514= 43E12/=P  .

21543=N 252/I3P ,..P /=43P .P = 2G/6 2<4IP ,. 7


63N2/=N 6@=416P .! 9 4  ;  :?

 
+

!  
 A ! 
   :%P 56:6 P ;I08. 
b.
=14=8 2@=1368 @6 2G61256146 @= 2F=P .

25D=163P .! )1  01  = 1. 6:= . X@454638P



.

25D=163P .! )#1  ! 9  = 1 P 56:6 .

=8

2D4=18 @9 =351= @= 61;D6/604= 25DE:254H9=. 2148P .




25D=163P . 7 /B216P ! E ) M  E < 


%   A

 =    P 56:6 .

=3516 @=

=6=852@?854<2 @= /2 8<9=/2 @= 4328 @= 21?8P .




097=3P ).. 7 '2/J=1P . .! = 2 4   2 E % .


D2;:23 )2//. =L -61JP .



15=02 4163E8P . 7 4/ G2109<D4P ,..! `=516/607P 519<591=


23@ =65=<5634< :;/4<254638 6B /29<6;D23=Q =21430 </6045=8 23
=/25=@ 6<J8 B16: 5D= 2/;4<2Q97 TS (345P 2/4<42P 615DL=85
;243a. 3 4#  0 %P 56:6 P ;I08. bP .

 %




/4=06 63=8P .#.P 9G46d2C28P ,.P G14/ )9152@6P ,.P 611=50=P


..P .P /661P 6/21P ,. . 7 21<?2 2/4328P .! `2;2 =6/>04<6
@= 8;2A2P 8<2/2 !.P )6K2  T97SaP .



=<D=8P .! `29/5430 6B 6<J8 43 D1==Q4:=384632/ 51243 4=/@8


. D=61=54<2/ 32/7848a. 3 )   #P 56:6 P ;I08. 

b
P 
.



6G43863P ..! `D25 ( 48 2 66@ D430! D= 854:25463 6B


23@6: O=<58a. 3    + SP ;I08.  bP .



22C=@12P

.P

1@>A=NP

.P

2G62@2P

,.

7 1:=856P

,.!

` 6:;68454632/ 140430 ;;/4=@ 56 5D= =8=1C= 854:25463 6B 2


12345= =;6845a. 3 !A6=P 56:6 TSP ;I08. 
bP .


22C=@12P .P 1@>A=NP .P 2G62@2P ,.P 41I/@=NP . 7 4C28P .!


`;2542/ 35=1;6/25463 (8430 (34C=182/ 9NN7 140430. ;;/4<25463
56 5D= 854:25463 6B &9215N =;6845 =8=1C=8aP . 3 1=C484>3.



2G62@2P ,.P 4C28P .P 22C=@12P .P 1@>A=NP .P 285235=P . 7


41I/@=NP .! `C2/925463 6B 5D= =8=1C= 6B 2 12345= =;6845 G7
9NN7 140430a. 3 9%% 0 %P 56:6 P 36 QP ;I08.

b
P .



=2:P  =C=/6;:=35 61=! ? = E%%  9  " 


  4 %  2   " 

  4 %+.

#4=332P 985142. C24/2G/=! )55;!++LLL.;16K=<5. 10P .




 %


6/68232Q=/02@6P .! 0   "  4  < ?


8  !+ 4     8    =    
9  J 5  %.  ! QQQP .



#.P 2L/6L8J7Q/2D3 7 /=2P . .! 0   =  "


4    !. FB61@ (34C 1P .



'2/C6615P .,.,. 7 = 194K5=1P ,.,.! ` 6:;68454632/ 140430!


;2542/ 35=1;6/25463 =5D6@ B61 6:;68454632/ 252a.

3

5#  0 %P 56:6

P ;I08. b.P .




'48:=1P . . 7 D255=107P .! -     6  


: . . ;16G/=: 86/C430 2;;162<D! /8=C4=1 615DQ)6//23@P
:85=1@2:P D= =5D=1/23@8P  .



-2:2:656P .! `&92354M<25463 6B (3<=1524357 43 1= =8=1C=


854:25463! ;;/4<254638 56 D2;2@2 6;;=1 =;6845P 525= 6B
6/I8P 12N4/a. 3 6     #P 56:6 P 36 P ;I08.

b
P .



2@=DP . .! `9NN7 =58a. 3 -"      < T+ 


P ;I08.

b

P .

También podría gustarte